Form 10-Q - Quarterly report [Sections 13 or 15(d)]

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q


☑			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the Quarterly Period Ended: June 30, 2024


☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Commission file number 1-12936

TITAN INTERNATIONAL, INC.

(Exact name of registrant as specified in its charter)

Delaware

(State or other jurisdiction of incorporation or organization)

1525 Kautz Road, Suite 600, West Chicago, IL

(Address of principal executive offices)

36-3228472

(I.R.S. Employer Identification No.)

60185

(Zip Code)

(630) 377-0486

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol	Name of each exchange on which registered
Common stock, $0.0001 par value	TWI	New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☑ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☑ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer

☑

Accelerated filer

☐

Non-accelerated filer

☐

Smaller reporting company

☐

Emerging growth company

☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☑

Indicate the number of shares of Titan International, Inc. outstanding: 72,159,028 shares of common stock, $0.0001 par value, as of July 24, 2024.

TITAN INTERNATIONAL, INC.

TABLE OF CONTENTS


		Page
Part I.	Financial Information

Item 1.	Financial Statements (Unaudited)

	Condensed Consolidated Statements of Operations for the Three and Six Months Ended June 30 , 2024 and 2023	1

	Condensed Consolidated Statements of Comprehensive Income for the Three and Six Months Ended June 30 , 2024 and 2023	2

	Condensed Consolidated Balance Sheets as of June 3 0 , 2024 and December 31, 2023	3

	Condensed Consolidated Statements of Changes in Equity for the Three and Six Months Ended June 3 0 , 2024 and 2023	4

	Condensed Consolidated Statements of Cash Flows for the Six Months Ended June 30 , 2024 and 2023	6

	Notes to Condensed Consolidated Financial Statements	7

Item 2.	Management's Discussion and Analysis of Financial Condition and Results of Operations	23

Item 3.	Quantitative and Qualitative Disclosures About Market Risk	36

Item 4.	Controls and Procedures	36

Part II.	Other Information

Item 1.	Legal Proceedings	38

Item 1A.	Risk Factors	38

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	38

Item 5.	Other Information	38

Item 6.	Exhibits	39

Signatures		40

Table of Contents

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements

TITAN INTERNATIONAL, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)

(All amounts in thousands, except per share data)


	Three months ended				Six months ended
	June 30,				June 30,
	2024		2023		2024		2023

Net sales	$	532,170	$	481,176	$	1,014,379	$	1,029,820
Cost of sales	451,728		395,281		856,567		848,368

Gross profit	80,442		85,895		157,812		181,452
Selling, general and administrative expenses	51,583		34,858		91,003		69,330
Acquisition related expenses	—		—		6,196		—
Research and development expenses	4,218		3,218		7,872		6,232
Royalty expense	2,319		1,921		5,347		4,856
Income from operations	22,322		45,898		47,394		101,034
Interest expense, net	(7,187)		(5,762)		(12,679)		(12,254)

Foreign exchange gain (loss)	462		2		187		(1,758)
Other income	3,277		1,186		3,682		1,948
Income before income taxes	18,874		41,324		38,584		88,970
Provision for income taxes	15,452		9,429		25,188		23,645
Net income	3,422		31,895		13,396		65,325
Net income attributable to noncontrolling interests	1,273		1,688		2,046		3,280
Net income attributable to Titan and applicable to common shareholders	$	2,149	$	30,207	$	11,350	$	62,045

Earnings per common share:
Basic	$	0.03	$	0.48	$	0.16	$	0.99
Diluted	$	0.03	$	0.48	$	0.16	$	0.98
Average common shares and equivalents outstanding:
Basic	72,737		62,931		68,833		62,918
Diluted	73,078		63,234		69,361		63,404

See accompanying Notes to Condensed Consolidated Financial Statements.

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TITAN INTERNATIONAL, INC.

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED)

(All amounts in thousands)


	Three months ended
	June 30,
	2024		2023
Net income	$	3,422	$	31,895
Derivative loss	(74)		(39)
Currency translation adjustment, net	(16,363)		(645)
Pension liability adjustments, net of tax of $53 and $(41), respectively	(161)		123
Comprehensive (loss) income	(13,176)		31,334
Net comprehensive income (loss) attributable to noncontrolling interests	3,486		(1,169)
Comprehensive (loss) income attributable to Titan	$	(16,662)	$	32,503


	Six months ended
	June 30,
	2024		2023
Net income	$	13,396	$	65,325
Derivative loss	(72)		(150)
Currency translation adjustment, net	(30,731)		6,299
Pension liability adjustments, net of tax of $41 and $(30), respectively	(13)		93
Comprehensive (loss) income	(17,420)		71,567
Net comprehensive income (loss) attributable to noncontrolling interests	3,923		(672)
Comprehensive (loss) income attributable to Titan	$	(21,343)	$	72,239

See accompanying Notes to Condensed Consolidated Financial Statements.

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TITAN INTERNATIONAL, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(All amounts in thousands, except share data)


	June 30, 2024		December 31, 2023


Assets	(unaudited)
Current assets
Cash and cash equivalents	$	224,100	$	220,251

Accounts receivable, net	316,639		219,145
Inventories	464,650		365,156

Prepaid and other current assets	87,095		72,229
Total current assets	1,092,484		876,781
Property, plant and equipment, net	447,729		321,694
Operating lease assets	105,117		11,955
Goodwill	12,867		—
Intangible assets, net	16,510		1,431
Deferred income taxes	16,377		38,033
Other long-term assets	42,983		39,351
Total assets	$	1,734,067	$	1,289,245

Liabilities
Current liabilities
Short-term debt	$	14,588	$	16,913
Accounts payable	257,271		201,201
Operating leases	11,008		5,021
Other current liabilities	171,415		149,240
Total current liabilities	454,282		372,375
Long-term debt	535,907		409,178
Deferred income taxes	4,563		2,234
Operating leases	93,694		6,153
Other long-term liabilities	32,002		31,890
Total liabilities	1,120,448		821,830

Equity
Titan shareholders' equity
Common stock ($0.0001 par value, 120,000,000 shares authorized, 78,447,035 issued and 72,174,244 outstanding at June 30, 2024; 66,525,269 issued and 60,715,855 outstanding at December 31, 2023)	—		—
Additional paid-in capital	736,720		569,065
Retained earnings	180,973		169,623
Treasury stock (at cost, 6,272,791 shares at June 30, 2024 and 5,809,414 shares at December 31, 2023)	(56,616)		(52,585)

Accumulated other comprehensive loss	(251,736)		(219,043)
Total Titan shareholders’ equity	609,341		467,060
Noncontrolling interests	4,278		355
Total equity	613,619		467,415
Total liabilities and equity	$	1,734,067	$	1,289,245

See accompanying Notes to Condensed Consolidated Financial Statements.

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TITAN INTERNATIONAL, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (UNAUDITED)

(All amounts in thousands, except share data)


	Number of common shares	Additional paid-in capital		Retained earnings		Treasury stock		Accumulated other comprehensive (loss) income		Total Titan Equity		Non-controlling interest		Total Equity
Balance January 1, 2024	60,715,855	$	569,065	$	169,623	$	(52,585)	$	(219,043)	$	467,060	$	355	$	467,415
Net income				9,201						9,201		773		9,974
Currency translation adjustment, net								(14,032)		(14,032)		(336)		(14,368)
Pension liability adjustments, net of tax								148		148				148
Derivative gain								2		2				2
Stock-based compensation	266,817	(2,388)				2,420				32				32
Issuance of treasury stock under 401(k) plan	29,523	174				267				441				441
Common stock repurchase	(100,000)					(1,402)				(1,402)				(1,402)
Common stock issuance	11,921,766	168,693								168,693				168,693
Balance March 31, 2024	72,833,961	$	735,544	$	178,824	$	(51,300)	$	(232,925)	$	630,143	$	792	$	630,935
Net income				2,149						2,149		1,273		3,422
Currency translation adjustment, net								(18,576)		(18,576)		2,213		(16,363)
Pension liability adjustments, net of tax								(161)		(161)				(161)
Derivative loss								(74)		(74)				(74)
Stock-based compensation	78,530	1,058				711				1,769				1,769
Issuance of treasury stock under 401(k) plan	36,753	118				333				451				451
Common stock repurchase	(775,000)					(6,360)				(6,360)				(6,360)
Balance June 30, 2024	72,174,244	$	736,720	$	180,973	$	(56,616)	$	(251,736)	$	609,341	$	4,278	$	613,619

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	Number of common shares	Additional paid-in capital		Retained earnings		Treasury stock		Accumulated other comprehensive (loss) income		Total Titan Equity		Non-controlling interest		Total Equity
Balance January 1, 2023	62,843,961	$	565,546	$	90,863	$	(23,418)	$	(251,755)	$	381,236	$	1,902	$	383,138
Net income				31,838						31,838		1,592		33,430
Currency translation adjustment, net								8,039		8,039		(1,095)		6,944
Pension liability adjustments, net of tax								(30)		(30)				(30)
Derivative loss								(111)		(111)				(111)
Stock-based compensation	322,157	(1,303)				2,003				700				700
Issuance of treasury stock under 401(k) plan	28,733	250				179				429				429
Common stock repurchase	(109,789)					(1,293)				(1,293)				(1,293)
Balance March 31, 2023	63,085,062	$	564,493	$	122,701	$	(22,529)	$	(243,857)	$	420,808	$	2,399	$	423,207
Net income				30,207						30,207		1,688		31,895
Currency translation adjustment, net								2,212		2,212		(2,857)		(645)
Pension liability adjustments, net of tax								123		123				123
Derivative loss								(39)		(39)				(39)
Stock-based compensation	54,084	1,143				372				1,515				1,515
Issuance of treasury stock under 401(k) plan	42,353	178				271				449				449
Common stock repurchase	(493,279)					(5,097)				(5,097)				(5,097)
Acquisition of additional non-controlling interest		(80)								(80)		(368)		(448)
Balance June 30, 2023	62,688,220	$	565,734	$	152,908	$	(26,983)	$	(241,561)	$	450,098	$	862	$	450,960

See accompanying Notes to Condensed Consolidated Financial Statements.

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TITAN INTERNATIONAL, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

(All amounts in thousands)


	Six months ended June 30,
Cash flows from operating activities:	2024		2023
Net income	$	13,396	$	65,325
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	27,423		21,565

Deferred income tax provision	12,978		12,349
Income on indirect taxes	—		(3,096)
Gain on fixed asset and investment sale	(388)		(71)

Stock-based compensation	1,801		2,215

Issuance of stock under 401(k) plan	892		878
Proceeds from property insurance settlement	(3,537)		—
Foreign currency gain	(1,063)		(2,130)
(Increase) decrease in assets, net of acquisitions:
Accounts receivable	(8,437)		(16,322)
Inventories	34,764		24,096
Prepaid and other current assets	(3,789)		12,512
Other assets	(1,468)		1,285
Increase (decrease) in liabilities, net of acquisitions:
Accounts payable	(2,930)		(32,005)
Other current liabilities	1,773		781
Other liabilities	1,431		1,508
Net cash provided by operating activities	72,846		88,890
Cash flows from investing activities:
Capital expenditures	(34,199)		(27,567)
Business acquisition, net of cash acquired	(142,207)		—
Proceeds from property insurance settlement	3,537		—
Proceeds from sale of fixed assets	1,597		289

Net cash used for investing activities	(171,272)		(27,278)
Cash flows from financing activities:
Proceeds from borrowings	159,539		4,373

Repayments of debt	(34,095)		(21,030)
Payment of debt issuance costs	(3,115)		—


Repurchase of common stock	(7,762)		(6,390)



Other financing activities	(692)		(2,748)
Net cash provided by (used for) financing activities	113,875		(25,795)
Effect of exchange rate changes on cash	(11,600)		1,058
Net increase in cash and cash equivalents	3,849		36,875
Cash and cash equivalents, beginning of period	220,251		159,577
Cash and cash equivalents, end of period	$	224,100	$	196,452

Supplemental information:
Interest paid	$	17,956	$	15,485
Income taxes paid, net of refunds received	11,815		12,684
Non cash financing activity:
Issuance of common stock in connection with business acquisition	$	168,693	$	—

See accompanying Notes to Condensed Consolidated Financial Statements.

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TITAN INTERNATIONAL, INC.

Notes to Condensed Consolidated Financial Statements

(Unaudited)

1. BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation

The accompanying unaudited condensed consolidated interim financial statements include the accounts of Titan International, Inc. and its subsidiaries (Titan or the Company) and have been prepared in accordance with accounting principles generally accepted in the United States of America (US GAAP) for interim financial information and in accordance with the rules and regulations of the United States Securities and Exchange Commission (the SEC). Accordingly, they do not include all of the information and footnotes required by US GAAP for complete financial statements. The accompanying unaudited condensed consolidated interim financial statements reflect all normal and recurring adjustments that are, in the opinion of management, necessary for a fair presentation of the Company's financial position and the results of operations and cash flows for the periods presented, and should be read in conjunction with the consolidated financial statements and the related notes thereto included in the Company’s latest Annual Report on Form 10-K for the year ended December 31, 2023, filed with the SEC on February 29, 2024 (the 2023 Form 10-K). All intercompany transactions have been eliminated in consolidation. These unaudited condensed consolidated interim financial statements include estimates and assumptions of management that affect the amounts reported in the condensed consolidated financial statements. Actual results could differ from these estimates.

Reclassifications

The Company has reclassified certain prior period amounts in the consolidated balance sheet, primarily lease liabilities, to conform with the current period presentation.

Business Combinations

We account for business combinations under the acquisition method of accounting in accordance with Accounting Standards Codification Topic 805, Business Combinations, which requires an allocation of the consideration we paid to the identifiable assets, intangible assets and liabilities based on the estimated fair values as of the closing date of the acquisition. The excess of the fair value of the purchase price over the fair values of these identifiable assets, intangible assets and liabilities is recorded as goodwill.

Purchased intangibles other than goodwill are initially recognized at fair value and amortized over their useful lives unless those lives are determined to be indefinite. The valuation of acquired assets will impact future operating results. The fair value of identifiable intangible assets is determined using an income approach on an individual asset basis. Specifically, we use the multi-period excess earnings method to determine the fair value of customer relationships and the relief-from-royalty approach to determine the fair value of the tradename and proprietary technology. Determining the fair value of acquired intangibles involves significant estimates and assumptions, including forecasted revenue growth rates, EBIT margins, percentage of revenue attributable to the tradename, contributory asset charges, customer attrition rate, market-participant discount rates, the assumed royalty rates and income tax rates.

The determination of the useful life of an intangible asset other than goodwill is based on factors including historical tradename performance with respect to consumer name recognition, geographic market presence, market share, plans for ongoing tradename support and promotion, customer attrition rate, and other relevant factors.

Fair Value of Financial Instruments

The Company records all financial instruments, including cash and cash equivalents, accounts receivable, notes receivable, accounts payable, other accruals, revolving credit facility, and notes payable at cost, which approximates fair value due to their short term or stated rates. Investments in marketable equity securities of $12.7 million are recorded at fair value which approximates market value. Our 7.00% senior secured notes due 2028 were carried at a cost of $396.7 million at June 30, 2024. The fair value of the senior secured notes due 2028 at June 30, 2024, as determined with the assistance of an independent pricing source, was approximately $384.4 million, which was determined to be a level 2 fair value measurement.

Hyperinflation in Argentina and Turkey

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

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TITAN INTERNATIONAL, INC.

Notes to Condensed Consolidated Financial Statements

(Unaudited)

For the three and six months ended June 30, 2024, the Company recognized a net monetary loss of $0.4 million and $1.6 million recorded in foreign exchange loss in the consolidated statements of operations associated with the application of ASC 830.

Russia-Ukraine Military Conflict

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

The Company currently owns 64.3% of the Voltyre-Prom, a leading producer of agricultural and industrial tires in Volgograd, Russia, which represents approximately 6% and 7% of consolidated assets of Titan as of June 30, 2024 and December 31, 2023, respectively. The Russian operations represent 4% and 7% of consolidated global sales for the three months ended June 30, 2024 and 2023, respectively, while representing 5% and 6% of consolidated global sales for the six months ended June 30, 2024 and 2023, respectively. The impact of the military conflict between Russia and Ukraine has not had a significant impact on global operations. The Company continues to monitor the potential impacts on the business including the increased cost of energy in Europe and the ancillary impacts that the military conflict could have on other global operations.

Share Repurchase Program

On December 16, 2022, the Board of Directors authorized a share repurchase program allowing for the expenditure of up to $50.0 million (the Share Repurchase Program) for the repurchase of the Company's common stock. This authorization took effect immediately and will remain in place for up to three years. Under the Share Repurchase Program Titan repurchased 775,000 shares of its common stock totaling $6.4 million during the three months ended June 30, 2024, and 875,000 shares of its common stock totaling $7.8 million during the six months ended June 30, 2024 and 2,653,786 shares of its common stock totaling $32.6 million during 2023. As of June 30, 2024, $9.6 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 $4.3 million at June 30, 2024, and $7.4 million at December 31, 2023.

New Accounting Pronouncements to be Adopted in Future Periods

In November 2023, the Financial Accounting Standards Board issued Accounting Standards Update 2023-07, Improvements to Reportable Segment Disclosures, which expands reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. The amendments in the ASU require, among other things, disclosure of significant segment expenses that are regularly provided to an entity's chief operating decision maker (CODM) and a description of other segment items (the difference between segment revenue less the segment expenses disclosed under the significant expense principle and each reported measure of segment profit or loss) by reportable segment, as well as disclosure of the title and position of the CODM, and an explanation of how the CODM uses the reported measure(s) of segment profit or loss in assessing segment performance and deciding how to allocate resources. Annual disclosures are required for fiscal years beginning after December 15, 2023 and interim disclosures are required for periods within fiscal years beginning after December 15, 2024. Retrospective application is required, and early adoption is permitted. These requirements are not expected to have an impact on our financial statements, but will result in significantly expanded reportable segment disclosures.

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TITAN INTERNATIONAL, INC.

Notes to Condensed Consolidated Financial Statements

(Unaudited)

In December 2023, the FASB issued ASU 2023-09, Improvements to Income Tax Disclosures, which requires disclosure of disaggregated income taxes paid, prescribes standard categories for the components of the effective tax rate reconciliation, and modifies other income tax-related disclosures. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024, may be applied prospectively or retrospectively, and allows for early adoption. These requirements will impact our income tax disclosures.

2. BUSINESS COMBINATION

Acquisition of The Carlstar Group

On February 29, 2024, the Company acquired 100% of the equity interests of The Carlstar Group, LLC ("Carlstar") for the following purchase consideration and subject to a working capital adjustment based on an agreed upon working capital target (amounts in thousands):


	Purchase Consideration
Titan International, Inc. common stock	$	168,693
Base cash consideration, net of cash acquired of $10,288	127,500
	296,193
Additional cash consideration for excess net working capital acquired	18,372
Other debt-like items	(3,665)
Total purchase consideration, net of cash acquired	$	310,900

Carlstar is a global manufacturer and distributor of wheels and tires for a variety of end-market verticals including outdoor power equipment, power sports, trailers, and small to midsize agricultural and construction equipment. Carlstar has 17 manufacturing and distribution facilities located in four countries and provides solutions to customers in North America, Europe and China.

The following table summarizes the major classes of assets and liabilities to which we have preliminarily allocated the purchase price consideration (amounts in thousands). The final allocation is subject to review and agreement with the prior equity holders of Carlstar.


	Fair Values as of February 29, 2024
Accounts receivable	$	98,439
Inventories	145,988
Prepaid and other current assets	13,339
Property, plant, and equipment	128,162
Other long-term assets	96,203
Goodwill	12,867
Intangible assets	15,770
Fair value of assets acquired	$	510,768
Accounts payable	66,055
Other current liabilities	26,377
Operating leases	95,476
Deferred tax liabilities	10,451
Other long-term liabilities	1,509
Fair value of liabilities assumed	199,868
Purchase Price	$	310,900

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TITAN INTERNATIONAL, INC.

Notes to Condensed Consolidated Financial Statements

(Unaudited)

Goodwill represents value the Company expects to be created by combining the operations of the acquired business with the Company's operations, including the expansion of customer relationships, access to new customers, and potential cost savings and synergies. Goodwill related to the acquisition is expected to be deductible for tax purposes. The assignment of the acquired goodwill to the Company's reporting units has not been completed.

The purchase consideration was allocated on a provisional basis to the estimated fair value of assets acquired and liabilities assumed for Carlstar as of February 29, 2024. These fair value estimates are preliminary and subject to change as management completes further analyses and studies.

The following table summarizes the carrying amounts and weighted average lives of the acquired intangible assets as of February 29, 2024 (amounts in thousands):


	Carrying Value		Weighted Average Amortization (in Years)
Customer lists/relationships	$	10,347	10.00
Trade names	3,508		15.00
Other intangibles	1,915		6.25
Total	$	15,770	10.66

Through June 30, 2024, the actual revenue and income before taxes of Carlstar since the acquisition date of February 29, 2024 included in the Consolidated Statement of Operations is as shown below (amounts in thousands). The net income includes the effect of fair value adjustments for the amortization of inventory, intangible assets, and depreciation of property, plant and equipment.


	From Acquisition Date to June 30, 2024
Carlstar revenue	$	187,610
Carlstar income before taxes	8,084

The following is the unaudited pro forma financial information for the three and six months ended June 30, 2024 and 2023 that reflects our results of our operations as if the acquisition of Carlstar had been completed on January 1, 2023. This unaudited pro forma financial information is provided for informational purposes only and is not necessarily indicative of what the actual results of operations would have been had the transactions taken place on January 1, 2023, nor is it indicative of the future consolidated results of operations or financial position of the combined companies (amounts in thousands, except per share data).


	Three months ended				Six months ended
	June 30, 2024		June 30, 2023		June 30, 2024		June 30, 2023
Pro forma revenues	$	532,170	$	643,341	$	1,116,197	$	1,369,116
Pro forma net income	10,752		41,999		36,197		65,055
Net income per common share, basic	$	0.15	$	0.56	$	0.50	$	0.87
Net income per common share, diluted	0.14		0.55		0.49		0.86

These pro forma amounts have been calculated after applying Titan's accounting policies and making certain adjustments, which primarily relate to: (i) severance-related costs, (ii) adjustments relating to the fair value step-ups to inventory, and (iii) transaction-related costs of both Titan and Carlstar. These pro forma amounts were adjusted to be excluded from the unaudited pro forma information for the three and six months ended June 30, 2024 and were adjusted to include these amounts for the three and six months ended June 30, 2023.

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Notes to Condensed Consolidated Financial Statements

(Unaudited)

Total acquisition-related costs for the three and six months ended June 30, 2024 were $0.0 million and $6.2 million, respectively.

3. ACCOUNTS RECEIVABLE, NET

Accounts receivable consisted of the following (amounts in thousands):


	June 30, 2024		December 31, 2023
Accounts receivable	$	323,609	$	224,485
Allowance for credit losses	(6,970)		(5,340)
Accounts receivable, net	$	316,639	$	219,145

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

4. INVENTORIES

Inventories consisted of the following (amounts in thousands):


	June 30, 2024		December 31, 2023
Raw material	$	113,569	$	108,504
Work-in-process	45,182		39,921
Finished goods	305,899		216,731
	$	464,650	$	365,156

Inventories are reduced by estimated provisions for slow-moving and obsolete inventory.

5. PROPERTY, PLANT AND EQUIPMENT, NET

Property, plant and equipment, net consisted of the following (amounts in thousands):


	June 30, 2024		December 31, 2023
Land and improvements	$	44,208	$	42,140
Buildings and improvements	266,091		243,241
Machinery and equipment	709,663		628,975
Tools, dies and molds	127,187		116,328
Construction-in-process	50,537		29,744
	1,197,686		1,060,428
Less accumulated depreciation	(749,957)		(738,734)
	$	447,729	$	321,694

Depreciation on property, plant and equipment were $14.3 million and $10.4 million for the three months ended June 30, 2024 and 2023, respectively, and $25.9 million and $20.8 million for the six months ended June 30, 2024 and 2023, respectively.

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Notes to Condensed Consolidated Financial Statements

(Unaudited)

6. INTANGIBLE ASSETS, NET

The components of intangible assets, net consisted of the following (amounts in thousands):


	Weighted- Average Useful Lives (in Years)	June 30, 2024		December 31, 2023
Amortizable intangible assets:
Customer lists/relationships	10.00	$	10,347	$	—
Trade names	15.00	3,508		—
Other intangibles	14.68	5,299		3,384
Total at cost		19,154		3,384
Less accumulated amortization		(2,644)		(1,953)
		$	16,510	$	1,431

Amortization related to intangible assets were $0.9 million and $0.1 million for the three months ended June 30, 2024 and 2023, respectively, and $1.1 million and $0.3 million for the six months ended June 30, 2024 and 2023, respectively.

The estimated aggregate amortization expense at June 30, 2024, for each of the years (or other periods) set forth below was as follows (amounts in thousands):


July 1 - December 31, 2024	$	922
2025	1,844
2026	1,699
2027	1,669
2028	1,669
Thereafter	8,707
	$	16,510

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Notes to Condensed Consolidated Financial Statements

(Unaudited)

7. OTHER CURRENT LIABILITIES

Other current liabilities consisted of the following (amounts in thousands):


	June 30, 2024		December 31, 2023
Compensation and benefits	$	56,430	$	47,543
Warranty	24,125		21,710
Accrued insurance benefits	19,968		19,162
Customer rebates and deposits	18,974		15,490
Accrued other taxes	15,792		13,762
Accrued interest	6,351		4,955
Foreign government grant (1)	3,666		4,509

Other	26,109		22,109
	$	171,415	$	149,240

(1) The Company received government subsidies in 2023 associated with capital expenditure investments in technological and digital innovation in Europe. The amount of the government subsidy is used to offset existing payables to government in the future. In addition, during August 2014, the Company received an approximately $17.0 million capital grant from the Italian government for asset damages related to the earthquake that occurred in May 2012 at one of our Italian subsidiaries. The grant was recorded as deferred income in non-current liabilities which is being amortized over the life of the reconstructed building. There are no specific stipulations associated with the government grant.

8. WARRANTY

Changes in the warranty liability during the six months ended June 30, 2024 and 2023, respectively, consisted of the following (amounts in thousands):


	2024		2023
Warranty liability at beginning of the period	$	21,710	$	19,914
Provision for warranty liabilities	9,751		7,547
Warranty payments made	(9,120)		(5,467)
Other adjustments, including acquisition of Carlstar	1,784		—
Warranty liability at end of the period	$	24,125	$	21,994

The Company provides limited warranties on workmanship on its products in all market segments. The majority of the Company’s products are subject to a limited warranty that ranges between less than one year and ten years, with certain product warranties being prorated after the first year. The Company calculates a provision for warranty expense based on past warranty experience. Warranty accruals are included as a component of other current liabilities on the Condensed Consolidated Balance Sheets.

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Notes to Condensed Consolidated Financial Statements

(Unaudited)

9. DEBT

Long-term debt consisted of the following (amounts in thousands):


	June 30, 2024
	Principal Balance		Unamortized Debt Issuance		Net Carrying Amount
7.00% senior secured notes due 2028	$	400,000	$	(3,294)	$	396,706
Revolving credit facility	127,000		—		127,000
Titan Europe credit facilities	19,865		—		19,865
Other debt	6,924		—		6,924
Total debt	553,789		(3,294)		550,495
Less amounts due within one year	14,588		—		14,588
Total long-term debt	$	539,201	$	(3,294)	$	535,907


	December 31, 2023
	Principal Balance		Unamortized Debt Issuance		Net Carrying Amount
7.00% senior secured notes due 2028	$	400,000	$	(3,723)	$	396,277
Titan Europe credit facilities	22,568		—		22,568

Other debt	7,246		—		7,246
Total debt	429,814		(3,723)		426,091
Less amounts due within one year	16,913		—		16,913
Total long-term debt	$	412,901	$	(3,723)	$	409,178

The weighted-average interest rates on short-term borrowings within one year at June 30, 2024 and December 31, 2023, were approximately 2.8% and 3.1%, respectively.

Aggregate principal maturities of long-term debt at June 30, 2024 for each of the years (or other periods) set forth below were as follows (amounts in thousands):


July 1 - December 31, 2024	$	9,797
2025	4,784
2026	7,589
2027	772
2028	527,454
Thereafter	3,393
	$	553,789

7.00% senior secured notes due 2028

On April 22, 2021, the Company issued $400 million aggregate principal amount of 7.00% senior secured notes due April 2028 (the senior secured notes due 2028), guaranteed by certain of the Company's subsidiaries. Including the impact of debt issuance costs, these notes had an effective yield of 7.27% at issuance. These notes are secured by the land and buildings of the following subsidiaries of the Company: Titan Wheel Corporation of Illinois, Titan Tire Corporation, Titan Tire Corporation of Freeport, and Titan Tire Corporation of Bryan. The Company is subject to certain covenants associated with the senior secured notes due 2028 and remained in compliance with these debt covenants at June 30, 2024.

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Notes to Condensed Consolidated Financial Statements

(Unaudited)

Titan Europe Credit Facilities

The Titan Europe credit facilities include borrowings from various institutions totaling $19.9 million in aggregate principal amount at June 30, 2024. Maturity dates on this debt range from less than one year to five years. The interest rates range from 0.5% to 6.5%.

Revolving Credit Facility

In connection with the acquisition of Carlstar, Titan entered into a new domestic credit facility which was effective on February 29, 2024. The new credit facility, with Bank of America as agent, consists of a $225.0 million revolving line of credit (the previous credit facility was $125.0 million) and is collateralized by accounts receivable and inventory of certain of the Company's domestic and Canadian subsidiaries. In addition, swingline loans and letters of credit are available under the facility up to an aggregate outstanding amount of $20.0 million for swingline loans and $50.0 million for letters of credit. The credit facility has a five-year term and can be expanded by up to $50.0 million through an uncommitted accordion provision within the agreement. It is scheduled to mature on February 28, 2029 or 91 days prior to the maturity of the Company's 7.00% secured notes due in 2028. The new facility has terms similar to those contained in the previous credit facility as well as other enhancements to further improve the availability within the borrowing base. The interest rate of the credit facility is based on the prevailing SOFR rate subject to certain debt levels within each month. As of June 30, 2024, the interest rate was 7.05%.

The Company's amount available for borrowing under the new credit facility at June 30, 2024 totaled $204.2 million, based on eligible accounts receivable and inventory balances. With outstanding letters of credit totaling $9.9 million and $127.0 million in borrowings under the revolving credit facility, the net amount available for borrowing under the new credit facility totaled $67.3 million at June 30, 2024. The Company is subject to certain affirmative and negative covenants under the credit facility, including limits on dividends and repurchases of the Company’s stock, that are described in the credit and security agreement. The Company is in compliance with the debt covenants at June 30, 2024.

Prior to February 29, 2024, the Company had a $125.0 million revolving credit facility with BMO Harris Bank N.A., as agent, and other financial institutions party thereto, until the completion of the new credit facility noted above. The $125.0 million credit facility was collateralized by accounts receivable and inventory of certain of the Company’s domestic subsidiaries and was scheduled to mature in October 2026. The credit facility could have been expanded by up to $50.0 million through an accordion provision within the agreement. From time to time Titan's availability under this credit facility could have been less than $125.0 million as a result of outstanding letters of credit and eligible accounts receivable and inventory balances at certain of its domestic subsidiaries.

Other Debt

The Company has a working capital loan at Titan Pneus do Brasil Ltda at varying interest rates from approximately 7% to 7.6%, which totaled $6.9 million at June 30, 2024. The maturity dates on this loan range from one year to two years. The Company expects to negotiate an extension of the maturity date on this loan with the respective financial institution or repay, as needed.

10. 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.

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Notes to Condensed Consolidated Financial Statements

(Unaudited)

Supplemental balance sheet information related to leases was as follows (amounts in thousands):


	Balance Sheet Classification	June 30, 2024		December 31, 2023
Operating lease ROU assets	Operating lease assets	$	105,117	$	11,955

Operating lease current liabilities	Operating leases current liabilities	$	11,008	$	5,021
Operating lease long-term liabilities	Operating leases long-term liabilities	93,694		6,153
Total operating lease liabilities		$	104,702	$	11,174

Finance lease, gross	Property, plant & equipment, net	$	5,897	$	5,175
Finance lease accumulated depreciation	Property, plant & equipment, net	(3,495)		(3,489)
Finance lease, net		$	2,402	$	1,686

Finance lease current liabilities	Other current liabilities	$	1,389	$	1,093
Finance lease long-term liabilities	Other long-term liabilities	1,646		1,321
Total finance lease liabilities		$	3,035	$	2,414

At June 30, 2024, maturities of lease liabilities were as follows (amounts in thousands):


	Operating Leases		Finance Leases
July 1 - December 31, 2024	$	18,913	$	1,053
2025	17,828		1,111
2026	16,711		824
2027	14,008		402
2028	12,563		215
Thereafter	128,273		24
Total lease payments	$	208,296	$	3,629
Less imputed interest	103,594		594
	$	104,702	$	3,035

Weighted average remaining lease term (in years)	13.32		2.75

Supplemental cash flow information related to leases for the six months ended June 30, 2024 were as follows: operating cash flows from operating leases were $4.5 million.

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Notes to Condensed Consolidated Financial Statements

(Unaudited)

11. 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 $0.3 million to the pension plans during the six months ended June 30, 2024 and $0.7 million are expected to be contributed to the pension plans during the remainder of 2024.

The components of net periodic pension cost consisted of the following for the periods set forth below (amounts in thousands):


	Three months ended				Six months ended
	June 30,				June 30,
	2024		2023		2024		2023
Service cost	$	204	$	113	$	366	$	219
Interest cost	951		1,048		1,903		2,075
Expected return on assets	(1,301)		(1,167)		(2,602)		(2,334)
Amortization of unrecognized prior service cost	(14)		(18)		(30)		(33)
Amortization of net unrecognized loss	68		238		136		478
Net periodic pension (benefit) cost	$	(92)	$	214	$	(227)	$	405

Service cost is recorded as cost of sales in the Condensed Consolidated Statements of Operations while all other components are recorded in other income.

12. VARIABLE INTEREST ENTITIES

The Company holds a variable interest in one joint venture for which Titan is the primary beneficiary. Titan is a 50% owner of a manufacturer of undercarriage components and complete track systems for earthmoving machines in India. As the primary beneficiary of this variable interest entity (VIE), the VIE's assets, liabilities, and results of operations are included in the Company’s condensed consolidated financial statements. The other equity holder's interests are reflected in “Net income attributable to noncontrolling interests” in the Condensed Consolidated Statements of Operations and “Noncontrolling interests” in the Condensed Consolidated Balance Sheets.

The following table summarizes the carrying amount of the VIE's assets and liabilities included in the Company’s Condensed Consolidated Balance Sheets (amounts in thousands):


	June 30, 2024		December 31, 2023
Cash and cash equivalents	$	975	$	355
Inventory	1,587		1,431
Other current assets	2,551		2,364
Property, plant and equipment, net	1,313		2,477
Other non-current assets	154		222
Total assets	$	6,580	$	6,849

Current liabilities	$	632	$	1,117
Other long-term liabilities	868		869
Total liabilities	$	1,500	$	1,986

All assets in the above table can only be used to settle obligations of the consolidated VIE to which the respective assets relate. Liabilities are non-recourse obligations. Amounts presented in the table above are adjusted for intercompany eliminations.

The Company holds variable interests in certain VIEs that are not consolidated because Titan is not the primary beneficiary. The Company's involvement with these entities is in the form of direct equity interests and prepayments related to purchases of

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Notes to Condensed Consolidated Financial Statements

(Unaudited)

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):


	June 30, 2024		December 31, 2023
Investments	$	7,584	$	7,127
Total VIE assets	7,584		7,127
Accounts payable to the non-consolidated VIEs	3,344		3,578
Maximum exposure to loss	$	10,928	$	10,705

13. ROYALTY EXPENSE

The Company has trademark license agreements with The Goodyear Tire & Rubber Company to manufacture and sell certain farm tires under the Goodyear brand. These agreements cover sales in North America, Latin America, Europe, the Middle East, Africa, Russia, and other Commonwealth of Independent States countries. Each of these agreements is scheduled to expire in 2025. The Company also has a trademark license agreement with Carlisle Companies, Inc. to manufacture and sell certain tires under the Carlisle brand. Royalty expenses were $2.3 million and $1.9 million for the three months ended June 30, 2024 and 2023, respectively, and $5.3 million and $4.9 million for the six months ended June 30, 2024 and 2023, respectively.

14. OTHER INCOME

Other income consisted of the following (amounts in thousands):


	Three months ended				Six months ended
	June 30,				June 30,
	2024		2023		2024		2023
Income on indirect taxes (1)	$	—	$	475	$	—	$	475
Gain on property insurance settlement (2)	1,913		—		1,913		—

Equity investment income	241		277		568		732
Gain on sale of assets	413		61		388		71
Other income	710		373		813		670
	$	3,277	$	1,186	$	3,682	$	1,948

(1) In May 2022, the Brazilian tax authorities approved indirect tax credits to be applied against future tax obligations. For the three and six months ended June 30, 2023, the Company recorded indirect tax credits of $0.5 million within other income.

(2) The gain on property insurance settlement relates to the receipt of insurance proceeds of $3.5 million offset by costs to repair one of our operating facilities in Italy related to a 2023 hail storm weather event.

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TITAN INTERNATIONAL, INC.

Notes to Condensed Consolidated Financial Statements

(Unaudited)

15. INCOME TAXES

For the six months ended June 30, 2024, the rate was negatively impacted by non-deductible interest expense in the United States, foreign branch income related to the Carlstar acquisition,and one-time impacts associated with transaction costs, which were also not fully deductible for income tax purposes. Additionally the rate was impacted by the results of foreign income tax rate differential on the mix of earnings, non-deductible royalty expenses in certain jurisdictions, and certain foreign inclusion items on the domestic provision.

The Company’s 2023 income tax expense and rate differed from the amount of income tax determined by applying the U.S. Federal income tax rate to pre-tax income primarily as a result of foreign income tax rate differential on the mix of earnings, non-deductible royalty expenses in certain jurisdictions, 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 consolidated financial statements and related disclosures but does not anticipate a material impact. Titan did not record any tax associated with Pillar 2 in the June 30, 2024 financial statements.

16. EARNINGS PER SHARE

Earnings per share (EPS) were as follows (amounts in thousands, except per share data):


	Three months ended				Six months ended
	June 30,				June 30,
	2024		2023		2024		2023

Net income attributable to Titan and applicable to common shareholders	$	2,149	$	30,207	$	11,350	$	62,045


Determination of shares:
Weighted average shares outstanding (basic)	72,737		62,931		68,833		62,918
Effect of restricted stock and stock options	341		303		528		486
Weighted average shares outstanding (diluted)	73,078		63,234		69,361		63,404
Earnings per common share:
Basic	$	0.03	$	0.48	$	0.16	$	0.99
Diluted	$	0.03	$	0.48	$	0.16	$	0.98

17. 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

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TITAN INTERNATIONAL, INC.

Notes to Condensed Consolidated Financial Statements

(Unaudited)

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.

18. SEGMENT INFORMATION

The Company has aggregated its operating units into reportable segments based on its three customer markets: agricultural, earthmoving/construction, and consumer. These segments are based on the information used by the chief executive officer to make certain operating decisions, allocate portions of capital expenditures and assess segment performance. The accounting policies of the segments are the same as those described in Note 1, “Description of Business and Significant Accounting Policies.” Segment external revenues, expenses, and income from operations are determined on the basis of the results of operations of operating units of manufacturing facilities. Segment assets are generally determined on the basis of an allocation of the tangible assets located at such operating units’ manufacturing facilities and the intangible assets associated with the acquisitions of such operating units. However, certain operating units’ property, plant, and equipment balances are carried at the corporate level.

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

The table below presents information about certain operating results, separated by market segments, for the three and six months ended June 30, 2024 and 2023 (amounts in thousands):


	Three months ended				Six months ended
	June 30,				June 30,
	2024		2023		2024		2023
Net sales
Agricultural	$	216,330	$	269,148	$	456,003	$	575,006
Earthmoving/construction	165,564		174,683		330,772		373,607
Consumer	150,276		37,345		227,604		81,207
	$	532,170	$	481,176	$	1,014,379	$	1,029,820
Gross profit
Agricultural	$	32,303	$	48,736	$	72,922	$	97,986
Earthmoving/construction	21,299		29,102		44,276		66,326
Consumer	26,840		8,057		40,614		17,140

	$	80,442	$	85,895	$	157,812	$	181,452
Income from operations
Agricultural	$	15,772	$	32,119	$	39,782	$	64,688
Earthmoving/construction	7,047		14,522		15,881		38,060
Consumer	6,449		5,865		11,562		12,657
Corporate & Unallocated	(6,946)		(6,608)		(19,831)		(14,371)
Income from operations	$	22,322	$	45,898	$	47,394	$	101,034

Interest expense, net	(7,187)		(5,762)		(12,679)		(12,254)

Foreign exchange gain (loss)	462		2		187		(1,758)
Other income, net	3,277		1,186		3,682		1,948
Income before income taxes	$	18,874	$	41,324	$	38,584	$	88,970

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Notes to Condensed Consolidated Financial Statements

(Unaudited)

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


	June 30, 2024		December 31, 2023
Total assets
Agricultural	$	615,247	$	559,607
Earthmoving/construction	496,539		497,508
Consumer	559,184		155,602
Corporate & Unallocated	63,097		76,528
	$	1,734,067	$	1,289,245

The table below presents net sales by products and reportable segments for the three and six months ended June 30, 2024 and 2023 (amounts in thousands):


	Agricultural Segment		Earthmoving/Construction Segment		Consumer Segment		Total
Three months ended June 30, 2024
Wheels and Tires [including assemblies]	$	205,709	$	59,352	$	142,230	$	407,291
Undercarriage systems and components	10,621		106,212		8,046		124,879
Total	$	216,330	$	165,564	$	150,276	$	532,170

Six months ended June 30, 2024
Wheels and Tires [including assemblies]	$	434,743	$	125,597	$	213,584	$	773,924
Undercarriage systems and components	21,260		205,175		14,020		240,455
Total	$	456,003	$	330,772	$	227,604	$	1,014,379


	Agricultural Segment		Earthmoving/Construction Segment		Consumer Segment		Total
Three months ended June 30, 2023
Wheels and Tires [including assemblies]	$	259,193	$	63,838	$	31,191	$	354,222
Undercarriage systems and components	9,955		110,845		6,154		126,954
Total	$	269,148	$	174,683	$	37,345	$	481,176

Six months ended June 30, 2023
Wheels and Tires [including assemblies]	$	552,897	$	145,217	$	68,421	$	766,535
Undercarriage systems and components	22,109		228,390		12,786		263,285
Total	$	575,006	$	373,607	$	81,207	$	1,029,820

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Notes to Condensed Consolidated Financial Statements

(Unaudited)

19. ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME

Accumulated other comprehensive loss consisted of the following (amounts in thousands):


	Currency Translation Adjustments		Gain (Loss) on Derivatives		Unrecognized Losses and Prior Service Cost		Total
Balance at April 1, 2024	$	(231,487)	$	742	$	(2,180)	$	(232,925)
Currency translation adjustments, net	(18,576)		—		—		(18,576)
Defined benefit pension plans:
Amortization of unrecognized losses and prior service cost, net of tax of $53	—		—		(161)		(161)
Derivative loss	—		(74)		—		(74)
Balance at June 30, 2024	$	(250,063)	$	668	$	(2,341)	$	(251,736)


	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	(32,608)		—		—		(32,608)
Defined benefit pension plans:
Amortization of unrecognized losses and prior service cost, net of tax of $41	—		—		(13)		(13)
Derivative loss	—		(72)		—		(72)
Balance at June 30, 2024	$	(250,063)	$	668	$	(2,341)	$	(251,736)


	Currency Translation Adjustments		Gain (Loss) on Derivatives		Unrecognized Losses and Prior Service Cost		Total
Balance at April 1, 2023	$	(235,673)	$	1,113	$	(9,297)	$	(243,857)
Currency translation adjustments, net	2,212		—		—		2,212
Defined benefit pension plans:
Amortization of unrecognized losses and prior service cost, net of tax of $(41)	—		—		123		123
Derivative loss	—		(39)		—		(39)
Balance at June 30, 2023	$	(233,461)	$	1,074	$	(9,174)	$	(241,561)


	Currency Translation Adjustments		Gain (Loss) on Derivatives		Unrecognized Losses and Prior Service Cost		Total
Balance at January 1, 2023	$	(243,712)	$	1,224	$	(9,267)	$	(251,755)
Currency translation adjustments, net	10,251		—		—		10,251
Defined benefit pension plans:
Amortization of unrecognized losses and prior service cost, net of tax of $(30)	—		—		93		93
Derivative loss	—		(150)		—		(150)
Balance at June 30, 2023	$	(233,461)	$	1,074	$	(9,174)	$	(241,561)

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TITAN INTERNATIONAL, INC.

Management's Discussion and Analysis of

Financial Condition and Results of Operations

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's discussion and analysis of financial condition and results of operations (MD&A) is designed to provide a reader of the financial statements included in this quarterly report with a narrative from the perspective of the management of Titan International, Inc. (Titan or the Company) on Titan's financial condition, results of operations, liquidity, and other factors that may affect the Company's future results. The MD&A in this quarterly report should be read in conjunction with the condensed consolidated financial statements and other financial information included elsewhere in this quarterly report and the MD&A and audited consolidated financial statements and related notes in the Company's Annual Report on Form 10-K for the year ended December 31, 2023, filed with the SEC on February 29, 2024 (the 2023 Form 10-K).

Acquisition of Carlstar

On February 29, 2024, the Company acquired 100% of the equity interests of Carlstar. The agreements associated with the purchase of the equity interests of Carlstar are included in the Exhibits to our Form 10-Q for the quarter ended March 31, 2024 and the Current Report on Form 8-K filed on February 29, 2024. The results of Carlstar's operations are included in our consolidated financial statements since February 29, 2024. Total acquisition-related costs for the six months ended June 30, 2024 were $6.2 million.

FORWARD-LOOKING STATEMENTS

This Form 10-Q contains forward-looking statements, which are covered by the safe harbor for "forward-looking statements" provided by the Private Securities Litigation Reform Act of 1995. Readers can identify these statements by the fact that they do not relate strictly to historical or current facts. The Company tried to identify forward-looking statements in this quarterly report by using words such as “anticipates,” “estimates,” “expects,” “intends,” “plans,” and “believes,” and similar expressions or future or conditional verbs such as “will,” “should,” “would,” “may,” and “could.” These forward-looking statements include, among other items, information concerning:

•the Company's financial performance;

•anticipated trends in the Company’s business;

•expectations with respect to the end-user markets into which the Company sells its products (including agricultural equipment, earthmoving/construction equipment, and consumer products);

•future expenditures for capital projects and future stock repurchases

•the Company’s ability to continue to control costs and maintain quality;

•the Company's ability to meet conditions of loan agreements, indentures and other financing documents;

•the Company’s business strategies, including its intention to introduce new products;

•expectations concerning the performance and success of the Company’s existing and new products; and

•the Company’s intention to consider and pursue acquisition and divestiture opportunities. The results could differ materially if the acquisition of Carlstar does not deliver on the expected results.

Readers of this Form 10-Q should understand that these forward-looking statements are based on the Company’s current expectations and assumptions about future events and are subject to a number of risks, uncertainties, and changes in circumstances that are difficult to predict, including those in Part I, Item 1A, Risk Factors, of the 2023 Form 10-K and Part II, Item 1A, Risk Factors, of this quarterly report on Form 10-Q, certain of which are beyond the Company’s control.

Actual results could differ materially from those expressed in, or implied by, these forward-looking statements as a result of various factors, including:

•the effect of the geopolitical instability resulting from the military conflicts between Russia and Ukraine on our Russian and global operations, and between Israel and Hamas on our global operations;

•Uncertainties from political or electoral changes in the United States, Europe and elsewhere;

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TITAN INTERNATIONAL, INC.

Management's Discussion and Analysis of

Financial Condition and Results of Operations

•the effect of a recession or depression on the Company and its customers and suppliers;

•the effect of the market demand cycles on the company's sales, which may have significant fluctuations;

•changes in the Company’s end-user markets into which the Company sells its products as a result of domestic and world economic or regulatory influences or otherwise;

•changes in the marketplace, including new products and pricing changes by the Company’s competitors;

•the Company's ability to maintain satisfactory labor relations;

•the Company's ability to operate in accordance with its business plan and strategies;

•unfavorable outcomes of legal proceedings;

•the Company's ability to comply with current or future regulations applicable to the Company's business and the industry in which it competes or any actions taken or orders issued by regulatory authorities;

•availability and price of raw materials;

•availability and price of supply chain logistics and freight;

•levels of operating efficiencies;

•the effects of the Company's indebtedness and its compliance with the terms thereof;

•changes in the interest rate environment and their effects on the Company's outstanding indebtedness;

•unfavorable product liability and warranty claims;

•actions of domestic and foreign governments, including the imposition of additional tariffs and approval of tax credits or other incentives;

•geopolitical and economic uncertainties relating to the countries in which the Company operates or does business;

•risks associated with acquisitions, including difficulty in integrating operations and personnel, disruption of ongoing business, and increased expenses;

•results of investments, and the realization of projected synergies;

•the effects of potential processes to explore various strategic transactions, including potential dispositions;

•fluctuations in currency translations;

•climate change and related laws and regulations;

•risks associated with environmental laws and regulations and increased attention to ESG matters;

•risks related to the Company's previously announced intention to negotiate a possible increase in the amount of the Company's common stock that American Industrial Partners and its affiliates may acquire under the Stockholders Agreement dated February 29, 2024 among the Company, Carlstar Intermediate Holdings I LLC, AIPCF V Feeder CTP Tire, LLC and AIPCF V Feeder C (Cayman), LP;

•risks relating to our manufacturing facilities, including that any of our material facilities may become inoperable; and

•risks related to financial reporting, internal controls, tax accounting, and information systems, including cybersecurity threats.

Any changes in such factors could lead to significantly different results. Any assumptions that are inaccurate or do not prove to be correct could have a material adverse effect on the Company’s ability to achieve the results as indicated in the forward-looking statements. Forward-looking statements speak only as of the date of this report. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise. In light of these risks and uncertainties, there can be no assurance that the forward-looking information and assumptions contained in this report will in fact transpire. The reader should not place undue reliance on the forward-looking statements included in this report or that may be made elsewhere from time to time by the Company, or on its behalf. All forward-looking statements attributable to Titan are expressly qualified by these cautionary statements.

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TITAN INTERNATIONAL, INC.

Management's Discussion and Analysis of

Financial Condition and Results of Operations

OVERVIEW

Titan International, Inc., together with its subsidiaries, is a global wheel, tire, and undercarriage industrial manufacturer and supplier that services customers across the globe. As a leading manufacturer in the off-highway industry, Titan produces a broad range of products to meet the specifications of original equipment manufacturers (OEMs) and aftermarket customers in the agricultural, earthmoving/construction, and consumer markets. Titan manufactures and sells certain tires under the Goodyear Farm Tire, Titan Tire, Carlstar and Voltyre-Prom Tire brands and has complete research and development facilities to validate tire and wheel designs. Carlstar sells tire products under the Carlisle® brand under a long-term license agreement and also sells tires under other recognized brand names, including ITP®, Trail Wolf®, Links®, USA Trail® and Carlisle Radial Trail HD™ highway trailer tires.

Agricultural Segment: Titan’s agricultural wheels, tires, and components are manufactured for use on various agricultural equipment, including tractors, combines, skidders, plows, planters, and irrigation equipment, and are sold directly to OEMs and to the aftermarket through independent distributors, equipment dealers, and Titan’s distribution centers. The wheels range in diameter from nine inches to 54 inches, with the 54-inch diameter being the largest agricultural wheel manufactured in North America. Basic configurations are combined with distinct variations (such as different centers and a wide range of material thickness) allowing the Company to offer a broad line of products to meet customer specifications. Titan’s agricultural tires range from approximately one foot to approximately seven feet in outside diameter and from five inches to 55 inches in width. Agricultural tires are offered under the Goodyear Farm Tire, Titan Tire, Carlstar and Voltyre-Prom brands with a full portfolio of sizes, load carrying capabilities, and tread patterns necessary for the markets served. The Company offers the added value of delivering a complete wheel and tire assembly to OEM and aftermarket customers.

Earthmoving/Construction Segment: The Company manufactures wheels, tires, and undercarriage systems and components for various types of OTR earthmoving, mining, military, construction, and forestry equipment, including skid steers, aerial lifts, cranes, graders and levelers, scrapers, self-propelled shovel loaders, articulated dump trucks, load transporters, haul trucks, backhoe loaders, crawler tractors, lattice cranes, shovels, and hydraulic excavators. The Company provides OEM and aftermarket customers with a broad range of earthmoving/construction wheels ranging in diameter from 15 to 63 inches and in weight from 125 pounds to 7,000 pounds. The 63-inch diameter wheel is the largest manufactured for the global earthmoving/construction market. Titan’s earthmoving/construction tires are offered in the Titan brand and range from approximately three feet to approximately 13 feet in outside diameter and in weight from 50 pounds to 12,500 pounds. Earthmoving/construction tires offered by Titan serve virtually every off-road application in the industry with some of the highest load requirements in the most severe applications. The Company also offers the added value of wheel and tire assembly for certain applications in the earthmoving/construction segment.

Consumer Segment: In February 2024, Titan acquired Carlstar, which is a global manufacturer and distributor of wheels and tires for a variety of end-market verticals including outdoor power equipment, power sports, and high speed trailers. Carlstar is primarily concentrated in the consumer segment, but also manufactures and sells small to midsize agricultural tires.

Titan manufactures bias truck tires in Latin America and light truck tires in Russia. Titan also offers select products for ATVs, side-by-sides, rock climbers, turf, and have recently expanded our offering into the lawn and garden segment with a major OE customer. This segment also includes sales that do not readily fall into the Company's other segments, such as custom rubber stock mixing sales to a variety of OEMs in tangential industries.

The Company’s top customers, including global leaders in agricultural and construction equipment manufacturing, have been purchasing products from Titan or its predecessors for numerous years. Customers including AGCO Corporation, Caterpillar Inc., CNH Global N.V., Deere & Company, Hitachi, Ltd., Kubota Corporation, Liebherr, and Volvo have helped sustain Titan’s market leading position in wheel, tire, assembly, and undercarriage products.

MARKET CONDITIONS AND OUTLOOK

AGRICULTURAL MARKET OUTLOOK

Agriculture-related commodity prices have come off the recent highs reached over the last couple years, however, population growth, a shift in consumer preference towards higher protein diets, and the replacement of an aging large equipment fleet in favor of newer and higher productivity technology, are market conditions which are anticipated to support continued demand for our products in the mid- to long-term time horizon. The agricultural market is currently experiencing a significant slowdown in customer demand, however, the underlying market conditions mentioned previously provide support for the mid- to long-term demand for our products. Many more variables, including weather, volatility in the price of commodities, grain prices,

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Management's Discussion and Analysis of

Financial Condition and Results of Operations

export markets, foreign currency exchange rates, interest rates, government policies, subsidies, and the demand for used equipment can greatly affect the Company's performance in the agricultural market in a given period.

EARTHMOVING/CONSTRUCTION MARKET OUTLOOK

The earthmoving/construction segment is affected by many variables, including commodity prices, road construction, infrastructure, government appropriations, housing starts, and other macroeconomic drivers. The construction market is primarily driven by country-specific GDP and the need for infrastructure developments. The earthmoving/construction markets are currently experiencing a slowdown in OEM demand, however, we expect the market to stabilize over the mid to long term given the level of mining capital budgets and forecasted GDP growth. Mineral commodity prices are at relatively high levels, which also supports the forecasted mid- to long-term growth.

CONSUMER MARKET OUTLOOK

The consumer market consists of several distinct product lines within different regions. These products include specialty tires and products under the Carlstar brands within powersports, outdoor power equipment and high-speed trailers. The consumer market also includes light truck tires and other specialty products, including custom mixing of rubber stock, and train brakes. Some aspects of the markets are experiencing slowdown, particularly in the Americas. The consumer segment pace of growth can vary from period to period and is affected by many variables including inflationary impacts, consumer spending, interest rates, government policies, and other macroeconomic drivers.

RESULTS OF OPERATIONS


	Three months ended								Six months ended
(Amounts in thousands, except percentages)	June 30,								June 30,
	2024			2023			% Increase/(Decrease)		2024			2023			% Increase/(Decrease)
Net sales	$	532,170		$	481,176		10.6	%	$	1,014,379		$	1,029,820		(1.5)	%
Cost of sales	451,728			395,281			14.3	%	856,567			848,368			1.0	%
Gross profit	80,442			85,895			(6.3)	%	157,812			181,452			(13.0)	%
Gross profit %	15.1		%	17.9		%	(15.6)	%	15.6		%	17.6		%	(11.4)	%
Selling, general and administrative expenses	51,583			34,858			48.0	%	91,003			69,330			31.3	%
Acquisition related expenses	—			—			0.0	%	6,196			—			100.0	%
Research and development expenses	4,218			3,218			31.1	%	7,872			6,232			26.3	%
Royalty expense	2,319			1,921			20.7	%	5,347			4,856			10.1	%
Income from operations	$	22,322		$	45,898		(51.4)	%	$	47,394		$	101,034		(53.1)	%

Net Sales

Net sales for the three months ended June 30, 2024 were $532.2 million, compared to $481.2 million in the comparable period of 2023. This growth was primarily driven by higher volumes in the consumer segment, bolstered by the net sales contribution from the Carlstar acquisition completed on February 29, 2024. The sales increase was partially offset by reduced sales in the agricultural and earthmoving/construction segments, stemming from weakened global agriculture end customer demand and lower steel prices in Europe. Furthermore, the net sales increase was impacted by negative price effects and an unfavorable currency translation impact of 3.7%.

Net sales for the six months ended June 30, 2024 were $1,014.4 million, compared to $1,029.8 million in the comparable period of 2023. Net sales change was primarily attributable to lower demand for agriculture and construction equipment, the adverse impact of price, particularly lower steel prices in Europe, as well as a 3.0% unfavorable foreign currency translation effect. The decrease was partially offset by increased sales volumes, resulting from the positive contribution from the Carlstar acquisition.

Gross Profit

Gross profit for the three months ended June 30, 2024 was $80.4 million, or 15.1% of net sales, compared to $85.9 million, or 17.9% of net sales, for the three months ended June 30, 2023. The changes in gross profit and margin were attributed to

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TITAN INTERNATIONAL, INC.

Management's Discussion and Analysis of

Financial Condition and Results of Operations

negative price/mix, reduced fixed cost leverage, higher material costs and inventory revaluation step-up of $7.3 million associated with the Carlstar purchase price allocation. Excluding the inventory revaluation step-up, adjusted gross margin for the three months ended June 30, 2024 would have been 16.5% of net sales.

Gross profit for the six months ended June 30, 2024 was $157.8 million, or 15.6% of net sales, compared to $181.5 million, or 17.6% of net sales, for the six months ended June 30, 2023. The changes in gross profit and gross margin for six months ended June 30, 2024 as compared to the prior year period were primarily due to lower sales volume, negative price/mix resulting in reduced fixed cost leverage and inventory revaluation step-up of $10.7 million associated with the Carlstar purchase price allocation. Excluding the inventory revaluation step-up, adjusted gross margin for the six months ended June 30, 2024 would have been 16.6% of net sales.

Selling, General and Administrative Expenses

Selling, general and administrative expenses (SG&A) for the three months ended June 30, 2024 were $51.6 million, or 9.7% of net sales, compared to $34.9 million, or 7.2% of net sales, three months ended June 30, 2023. The change in SG&A for the three months ended June 30, 2024 as compared to the prior year period was attributable to the ongoing SG&A associated with the Carlstar operations, specifically related to the management of distribution centers.

Selling, general and administrative expenses for the six months ended June 30, 2024 were $91.0 million, or 9.0% of net sales, compared to $69.3 million, or 6.7% of net sales, for the six months ended June 30, 2023. The change in SG&A for the six months ended June 30, 2024 as compared to the prior year period was primarily driven by the continuing SG&A incurred on the Carlstar operations, which includes the management of distribution centers. Additionally, general inflationary cost impacts, such as rising personnel-related expenses, also contributed to the overall increase in SG&A during this period.

Acquisition Related Expenses

Acquisition related expenses for the six months ended June 30, 2024 were $6.2 million, associated with the one-time transaction costs for Carlstar.

Research and Development Expenses

Research and development (R&D) expenses for the three months ended June 30, 2024 were $4.2 million, or 0.8% of net sales, compared to $3.2 million, or 0.7% of net sales, for the comparable period in 2023. R&D expenses for the six months ended June 30, 2024 were $7.9 million, or 0.8% of net sales, compared to $6.2 million, or 0.6% of net sales, for the comparable period in 2023. R&D spending reflects initiatives to improve product designs and an ongoing focus on innovation and quality.

Royalty Expense

The Company has trademark license agreements with The Goodyear Tire & Rubber Company to manufacture and sell certain farm tires under the Goodyear name. These agreements cover sales in North America, Latin America, Europe, the Middle East, Africa, Russia, and other Commonwealth of Independent States countries. The Company also has a trademark license agreement with Carlisle Companies, Inc. to manufacture and sell certain tires under the Carlisle brand. Royalty expenses for the three months ended June 30, 2024 were $2.3 million, or 0.4% of net sales, compared to $1.9 million, or 0.4% of net sales, for the three months ended June 30, 2023. Royalty expenses for the six months ended June 30, 2024 were $5.3 million, or 0.5% of net sales, compared to $4.9 million, or 0.5% of net sales, for the six months ended June 30, 2023.

Income from Operations

Income from operations for the three months ended June 30, 2024 was $22.3 million, compared to income from operations of $45.9 million for the three months ended June 30, 2023. Income from operations for the six months ended June 30, 2024 was $47.4 million, compared to income from operations of $101.0 million for the six months ended June 30, 2023. The change in income from operations for the three and six months ended June 30, 2024 as compared to the prior year periods were primarily due to lower gross profit and the net result of the items previously discussed.

OTHER PROFIT/LOSS ITEMS

Interest Expense, net

Interest expense was $7.2 million and $5.8 million for the three months ended June 30, 2024 and 2023, respectively, and $12.7 million and $12.3 million for the six months ended June 30, 2024 and 2023.

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TITAN INTERNATIONAL, INC.

Management's Discussion and Analysis of

Financial Condition and Results of Operations

The increase in interest expense for the three months ended June 30, 2024 was attributable to a new domestic credit facility, which became effective on February 29, 2024, in connection with the acquisition of Carlstar. This resulted in additional interest expenses being recorded during this period. The higher interest expense for the six months ended June 30, 2024 was also primarily driven by the new domestic credit facility. However, this increase was partially offset by a rise in interest income generated from financial investments in Latin America. These changes in interest expenses reflected the Company's strategic financial decisions and its ongoing efforts to optimize its capital structure and financing activities.

Foreign Exchange Gain (Loss)

Foreign exchange gain was $0.5 million for the three months ended June 30, 2024, compared to a nominal gain for the three months ended June 30, 2023. Foreign exchange gain was $0.2 million for the six months ended June 30, 2024, compared to a loss of $1.8 million for the six months ended June 30, 2023. The increases in foreign exchange gains during the three and six months ended on June 30, 2024, as compared to the prior year periods, were attributable to the favorable impact of the translation of intercompany loans at certain foreign subsidiaries, which are denominated in local currencies rather than the reporting currency, which is the United States dollar. Since such loans are expected to be settled at some point in the future, these loans are adjusted each reporting period to reflect the current exchange rates.

Other Income

Other income was $3.3 million for the three months ended June 30, 2024, as compared to other income of $1.2 million in the comparable period of 2023. This change was primarily driven by a gain of $1.9 million from a property insurance settlement, which consisted of insurance proceeds received net of costs incurred to repair one of our operating facilities in Italy.

Other income was $3.7 million for the six months ended June 30, 2024, as compared to other income of $1.9 million in the comparable period of 2023. The increase was primarily due to a gain of $1.9 million from a property insurance settlement as discussed above.

Provision for Income Taxes

The Company recorded income tax expense of $15.5 million and $9.4 million for the three months ended June 30, 2024 and 2023, respectively. For the six months ended June 30, 2024 and 2023, the Company recorded income tax expense of $25.2 million and $23.6 million, respectively. The Company's effective income tax rate was 81.9% and 22.8% for the three months ended June 30, 2024 and 2023, respectively, and 65.3% and 26.6% for the six months ended June 30, 2024 and 2023, respectively. For the six months ended June 30, 2024 and 2023, the income tax expense differed in each period due to an overall decrease in pre-tax income. For the six months ended June 30, 2024, the rate was negatively impacted by non-deductible interest expense in the United States, foreign branch income related to the Carlstar acquisition,and one-time impacts associated with transaction costs, which were also not fully deductible for income tax purposes. Additionally the rate was impacted by the results of foreign income tax rate differential on the mix of earnings, non-deductible royalty expenses in certain jurisdictions, and certain foreign inclusion items on the domestic provision. Without these impacts, the income tax rate would have been about 36% of pre-tax income, a slightly elevated rate due to the majority of pre-tax income being derived from foreign jurisdictions.

Net Income and Earnings per Share

Net income for the three months ended June 30, 2024 was $3.4 million, compared to net income of $31.9 million in the comparable period of 2023. For the three months ended June 30, 2024 and 2023, basic earnings per share were $0.03 and $0.48, respectively, and diluted earnings per share were $0.03 and $0.48, respectively. The Company's net income and earnings per share changes were due to the items previously discussed.

Net income for the six months ended June 30, 2024 was $13.4 million, compared to net income of $65.3 million in the comparable period of 2023. For the six months ended June 30, 2024 and 2023, basic earnings per share were $0.16 and $0.99, respectively, and diluted earnings per share were $0.16 and $0.98, respectively. The Company's net income and earnings per share changes were due to the items previously discussed.

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TITAN INTERNATIONAL, INC.

Management's Discussion and Analysis of

Financial Condition and Results of Operations

SEGMENT INFORMATION

Segment Summary (amounts in thousands, except percentages):


Three months ended June 30, 2024	Agricultural			Earthmoving/ Construction			Consumer			Corporate/ Unallocated Expenses		Consolidated Totals
Net sales	$	216,330		$	165,564		$	150,276		$	—	$	532,170
Gross profit	32,303			21,299			26,840			—		80,442
Profit margin	14.9		%	12.9		%	17.9		%	—		15.1		%
Income (loss) from operations	15,772			7,047			6,449			(6,946)		22,322
Three months ended June 30, 2023
Net sales	$	269,148		$	174,683		$	37,345		$	—	$	481,176
Gross profit	48,736			29,102			8,057			—		85,895
Profit margin	18.1		%	16.7		%	21.6		%	—		17.9		%
Income (loss) from operations	32,119			14,522			5,865			(6,608)		45,898



Six months ended June 30, 2024	Agricultural			Earthmoving/ Construction			Consumer			Corporate/ Unallocated Expenses		Consolidated Totals
Net sales	$	456,003		$	330,772		$	227,604		$	—	$	1,014,379
Gross profit	72,922			44,276			40,614			—		157,812
Profit margin	16.0		%	13.4		%	17.8		%	—		15.6		%
Income (loss) from operations	39,782			15,881			11,562			(19,831)		47,394
Six months ended June 30, 2023
Net sales	$	575,006		$	373,607		$	81,207		$	—	$	1,029,820
Gross profit	97,986			66,326			17,140			—		181,452
Profit margin	17.0		%	17.8		%	21.1		%	—		17.6		%
Income (loss) from operations	64,688			38,060			12,657			(14,371)		101,034

Agricultural Segment Results

Agricultural segment results for the periods presented below were as follows (amounts in thousands, except percentages):


	Three months ended								Six months ended
	June 30,								June 30,
	2024			2023			% Decrease		2024			2023			% Decrease
Net sales	$	216,330		$	269,148		(19.6)	%	$	456,003		$	575,006		(20.7)	%
Gross profit	32,303			48,736			(33.7)	%	72,922			97,986			(25.6)	%
Profit margin	14.9		%	18.1		%	(17.7)	%	16.0		%	17.0		%	(5.9)	%
Income from operations	15,772			32,119			(50.9)	%	39,782			64,688			(38.5)	%

Net sales in the agricultural segment were $216.3 million for the three months ended June 30, 2024, as compared to $269.1 million for the comparable period in 2023. The net sales change was primarily attributed to significantly reduced global demand for agricultural equipment, most notably in North America and Brazil. Additionally, an unfavorable impact of foreign currency translation by 5.3% contributed to the change in net sales.

Gross profit in the agricultural segment was $32.3 million for the three months ended June 30, 2024, as compared to $48.7 million in the comparable period in 2023. The change in gross profit was attributed to the lower sales volume, reduced fixed

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Management's Discussion and Analysis of

Financial Condition and Results of Operations

cost leverage, negative price/mix and higher material costs and inventory revaluation step-up associated with the Carlstar purchase price allocation.

Income from operations in the Company's agricultural segment was $15.8 million for the three months ended June 30, 2024, as compared to income of $32.1 million for the three months ended June 30, 2023. The change in income from operations was mainly due to the lower gross profit resulting from the decline in net sales.

Net sales in the agricultural segment were $456.0 million for the six months ended June 30, 2024, as compared to $575.0 million for the comparable period in 2023. The net sales change was primarily attributed to lower sales volume in North and South America, reflecting the soft demand for agricultural equipment and a decline in Brazilian economic activity. The unfavorable effect of foreign currency translation by 4.8% also contributed to the change in net sales.

Gross profit in the agricultural segment was $72.9 million for the six months ended June 30, 2024, as compared to $98.0 million in the comparable period in 2023. The change in gross profit was attributed to the lower sales volume, reduced fixed cost leverage and higher material costs.

Income from operations in the Company's agricultural segment was $39.8 million for the six months ended June 30, 2024, as compared to income of $64.7 million for the six months ended June 30, 2023. The overall change in income from operations was primarily due to the lower gross profit resulting from the decrease in net sales.

Earthmoving/Construction Segment Results

Earthmoving/construction segment results for the periods presented below were as follows (amounts in thousands, except percentages):


	Three months ended								Six months ended
	June 30,								June 30,
	2024			2023			% Decrease		2024			2023			% Decrease
Net sales	$	165,564		$	174,683		(5.2)	%	$	330,772		$	373,607		(11.5)	%
Gross profit	21,299			29,102			(26.8)	%	44,276			66,326			(33.2)	%
Profit margin	12.9		%	16.7		%	(22.8)	%	13.4		%	17.8		%	(24.7)	%
Income from operations	7,047			14,522			(51.5)	%	15,881			38,060			(58.3)	%

The Company's earthmoving/construction segment net sales were $165.6 million for the three months ended June 30, 2024, as compared to $174.7 million in the comparable period in 2023. Sales volume was higher during the period driven by increased sales in the undercarriage business and the positive contribution from the Carlstar acquisition. However, this increase was more than offset by the impact of contractual price givebacks resulting from lower raw material costs, particularly lower steel prices in Europe, as well as an unfavorable impact of foreign currency translation by 1.5%.

Gross profit in the earthmoving/construction segment was $21.3 million for the three months ended June 30, 2024, as compared to $29.1 million for the three months ended June 30, 2023. The change in gross profit was primarily attributed to lower sales volume in North America, and reduced fixed cost leverage.

The Company's earthmoving/construction segment income from operations was $7.0 million for the three months ended June 30, 2024 , as compared to $14.5 million for the three months ended June 30, 2023. The change was primarily due to lower sales volume, resulting in lower fixed cost leverage, and its impact on gross margins.

The Company's earthmoving/construction segment net sales were $330.8 million for the six months ended June 30, 2024, as compared to $373.6 million in the comparable period in 2023. The change in earthmoving/construction sales was mainly due to the impact of contractual price givebacks resulting from lower raw material costs, lower sales volume in the Americas and the European business due to a slowdown in construction OEM customers, and a 0.5% negative impact from foreign currency translation.

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TITAN INTERNATIONAL, INC.

Management's Discussion and Analysis of

Financial Condition and Results of Operations

Gross profit in the earthmoving/construction segment was $44.3 million for the six months ended June 30, 2024, as compared to $66.3 million for the six months ended June 30, 2023. Similar to the three-month period, the change in gross profit was attributed to lower sales volume, negative/price mix, and reduced fixed cost leverage.

The Company's earthmoving/construction segment income from operations was $15.9 million for the six months ended June 30, 2024, as compared to $38.1 million for the six months ended June 30, 2023. The change was attributed to lower sales volume and its impact on gross margins.

Consumer Segment Results

Consumer segment results for the periods presented below were as follows (amounts in thousands, except percentages):


	Three months ended								Six months ended
	June 30,								June 30,
	2024			2023			% Increase (Decrease)		2024			2023			% Increase (Decrease)
Net sales	$	150,276		$	37,345		302.4	%	$	227,604		$	81,207		180.3	%
Gross profit	26,840			8,057			233.1	%	40,614			17,140			137.0	%
Profit margin	17.9		%	21.6		%	(17.1)	%	17.8		%	21.1		%	(15.6)	%
Income from operations	6,449			5,865			10.0	%	11,562			12,657			(8.7)	%

Consumer segment net sales were $150.3 million for the three months ended June 30, 2024, as compared to $37.3 million for the three months ended June 30, 2023. This growth was primarily driven by increased sales volumes resulting from the positive impact of the Carlstar acquisition. The increase was partially offset by negative price/product mix and reduced sales volumes in the Americas region due to weaker market conditions.

Gross profit from the consumer segment was $26.8 million for the three months ended June 30, 2024, as compared to $8.1 million for the three months ended June 30, 2023. The increase in gross profit was primarily driven by the benefits of the Carlstar acquisition. The shift in profit margin was influenced by the inventory revaluation step-up of $6.0 million associated with the Carlstar purchase price allocation and reduced fixed cost leverage resulting from lower sales volumes in the Americas.

Consumer segment income from operations was $6.4 million for the three months ended June 30, 2024, as compared to income of $5.9 million for the three months ended June 30, 2023. The increase was primarily due to increased sales volumes as mentioned above.

Consumer segment net sales were $227.6 million for the six months ended June 30, 2024, as compared to $81.2 million for the six months ended June 30, 2023. The increase in sales was driven by the positive effects of the Carlstar acquisition. However, lower sales volumes in the Americas stemming from challenging market conditions, and unfavorable foreign currency impact of 1.6% offsetting some of this increase.

Gross profit from the consumer segment was $40.6 million for the six months ended June 30, 2024, as compared to $17.1 million for the six months ended June 30, 2023. The increase in gross profit was influenced by the Carlstar acquisition. The change in profit margin from 21.1% for the six months ended June 30, 2023 to 17.8% for the six months ended June 30, 2024, was primarily due to the effect of the inventory revaluation step-up of $8.6 million associated with the Carlstar acquisition. The impact of lower sales volume in the Americas on fixed cost leverage was also a driver in the change in profit margin.

Consumer segment income from operations was $11.6 million for the six months ended June 30, 2024, as compared to income of $12.7 million for the six months ended June 30, 2023. The change was due to lower profitability stemming from the aforementioned factors.

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TITAN INTERNATIONAL, INC.

Management's Discussion and Analysis of

Financial Condition and Results of Operations

Corporate & Unallocated Expenses

Income from operations on a segment basis did not include unallocated costs of $6.9 million for the three months ended June 30, 2024, and $19.8 million for the six months ended June 30, 2024, as compared to $6.6 million for the three months ended June 30, 2023, and $14.4 million for the six months ended June 30, 2023.

Unallocated expenses are primarily comprised of corporate selling, general and administrative expenses. The increase in corporate and unallocated expenses for the three months ended June 30, 2024 as compared to the prior year period was related to the increase in certain SG&A expenses primarily associated with legal costs. The increase in corporate and unallocated expenses for the six months ended June 30, 2024 as compared to the prior year period was attributed to the transaction costs associated with the Carlstar acquisition in the first quarter of 2024 of $6.2 million.

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TITAN INTERNATIONAL, INC.

Management's Discussion and Analysis of

Financial Condition and Results of Operations

LIQUIDITY AND CAPITAL RESOURCES

Cash Flows

As of June 30, 2024, the Company had $224.1 million of cash, which increased as compared to the December 31, 2023 ending balance of $220.3 million, due to the following items:

Operating Cash Flows

Summary of cash flows from operating activities:


(Amounts in thousands)	Six months ended June 30,
	2024		2023		Change
Net income	$	13,396	$	65,325	$	(51,929)
Depreciation and amortization	27,423		21,565		5,858
Deferred income tax provision	12,978		12,349		629
Income on indirect taxes	—		(3,096)		3,096
Proceeds from property insurance settlement	(3,537)		—		(3,537)
Foreign currency gain	(1,063)		(2,130)		1,067
Accounts receivable	(8,437)		(16,322)		7,885
Inventories	34,764		24,096		10,668
Prepaid and other current assets	(3,789)		12,512		(16,301)
Accounts payable	(2,930)		(32,005)		29,075
Other current liabilities	1,773		781		992
Other liabilities	1,431		1,508		(77)
Other operating activities	837		4,307		(3,470)
Cash provided by operating activities	$	72,846	$	88,890	$	(16,044)

During the first half of 2024, cash flows provided by operating activities was $72.8 million. This was mainly driven by working capital reduction and reduction in net income to $13.4 million. The net income of $13.4 million included a non-cash charge for depreciation and amortization expense of $27.4 million. Additionally, the Company incurred $6.2 million in transaction costs associated with the Carlstar acquisition in the first quarter of 2024.

Operating cash flows decreased by $16.0 million when comparing the first half of 2024 to the comparable period in 2023. This decline was primarily attributed to lower net income, partially offset by the positive impact of focused working capital management. Key factors contributing to this management included a $29.1 million increase in accounts payable, a $7.9 million improvement due to collections efforts on accounts receivable, and a $10.7 million improvement in inventory management.

Summary of the components of cash conversion cycle:


	June 30,	December 31,	June 30,
	2024	2023	2023
Days sales outstanding	54	51	53
Days inventory outstanding	97	104	90
Days payable outstanding	(53)	(57)	(55)
Cash conversion cycle	98	98	88

Cash conversion cycle increased by 10 days when comparing June 30, 2024 to June 30, 2023. This increase was primarily due to the Carlstar acquisition, which led to additional accounts receivable and inventory at the end of the second quarter of 2024, as a result of its customer mix and use of distribution centers to have product on demand for customers. Inventory management is critical for the business in preparation for the future periods to supply customers efficiently, which was the driver of increased days in inventory at the end of June 30, 2024.

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TITAN INTERNATIONAL, INC.

Management's Discussion and Analysis of

Financial Condition and Results of Operations

Investing Cash Flows

Summary of cash flows from investing activities:


(Amounts in thousands)	Six months ended June 30,
	2024		2023		Change
Capital expenditures	$	(34,199)	$	(27,567)	$	(6,632)
Business acquisition, net of cash acquired	(142,207)		—		(142,207)
Proceeds from property insurance settlement	3,537		—		3,537
Proceeds from sale of fixed assets	1,597		289		1,308

Cash used for investing activities	$	(171,272)	$	(27,278)	$	(143,994)

During the first half of 2024, Titan reported a net cash outflow of $171.3 million from investing activities, as compared to the $27.3 million outflow recorded in the same period of 2023. This rise was primarily attributed to the acquisition of Carlstar for a cash consideration of $142.2 million, which included an additional payment of $18.4 million for excess working capital to the sellers, which has now been recovered through active working capital management during the quarter. The Company also invested a total of $34.2 million in capital expenditures in the first half of 2024, compared to $27.6 million in the corresponding period of 2023. These capital expenditures were directed toward the replacement and enhancement of plant equipment, as well as the procurement of new tools, dies, and molds to support new product development initiatives. The increased capital outlay in 2024 reflects Titan's strategic efforts to improve its existing facilities, enhance manufacturing capabilities, and drive operational efficiency and labor productivity gains. The proceeds from property insurance settlement of $3.5 million in the first half of 2024 was relate to the repair of one of our operating facilities in Italy associated with a 2023 hail storm weather event.

Financing Cash Flows

Summary of cash flows from financing activities:


(Amounts in thousands)	Six months ended June 30,
	2024		2023		Change
Proceeds from borrowings	$	159,539	$	4,373	$	155,166

Payment on debt	(34,095)		(21,030)		(13,065)
Payment of debt issuance costs	(3,115)		—		(3,115)
Repurchase of common stock	(7,762)		(6,390)		(1,372)

Other financing activities	(692)		(2,748)		2,056
Cash provided by (used for) financing activities	$	113,875	$	(25,795)	$	139,670

During the first half of 2024, $113.9 million cash was provided by financing activities. This was primarily driven by the acquisition of Carlstar on February 29, 2024, for which Titan borrowed $147.0 million under a new domestic credit facility.

During the first half of 2023, the Company made debt payments of $21.0 million and repurchased common stock of $6.4 million, partially offset by proceeds from borrowings of $4.4 million.

Additionally, Titan issued common stock worth $168.7 million in connection with the business acquisition of Carlstar. This was reflected in “Non cash financing activity” in the Condensed Consolidated Statements of Cash Flows.

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TITAN INTERNATIONAL, INC.

Management's Discussion and Analysis of

Financial Condition and Results of Operations

Debt Restrictions

The Company’s $225 million revolving credit facility (credit facility) and indenture relating to the 7.00% senior secured notes due 2028 contain various restrictions, including:

•When remaining availability under the credit facility is less than the greater of (i) $17 million and (ii) 10% of the credit facility’s line cap (the line cap being the lesser of our borrowing base or the lenders’ commitments under the credit facility), the Company will be required to maintain a minimum fixed charge coverage ratio of not less than 1.0 to 1.0 (calculated quarterly on a trailing four quarter basis);

•Limits on dividends and repurchases of the Company’s stock;

•Restrictions on the ability of the Company to make additional borrowings, or to consolidate, merge, or otherwise fundamentally change the ownership of the Company;

•Limits on investments, dispositions of assets, and guarantees of indebtedness; and

•Other customary affirmative and negative covenants.

These covenants are subject to a number of exceptions and qualifications that are described in the credit and security agreement. 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 is in compliance with these debt covenants at June 30, 2024.

Guarantor Financial Information

The Company's 7.00% senior secured notes due 2028 are guaranteed by the following 100% owned subsidiaries of the Company: Titan Tire Corporation, Titan Tire Corporation of Bryan, Titan Tire Corporation of Freeport, and Titan Wheel Corporation of Illinois (together, the "Guarantors"). The note guarantees are full and unconditional, joint and several obligations of the guarantors. The guarantees of the guarantor subsidiaries are subject to release in limited circumstances only upon the satisfaction of certain customary conditions.

The following summarized financial information of both the Company and the Guarantors is presented on a combined basis. Intercompany balances and transactions between the Company and the Guarantors have been eliminated and the summarized financial information does not reflect investments of the Company or the Guarantors in the Non-Guarantor Subsidiaries. The information is presented in accordance with the requirements of Rule 13-01 under the SEC’s Regulation S-X. The financial information may not necessarily be indicative of results of operations or financial position had the guarantor subsidiary operated as an independent entity.

Summarized Balance Sheets:


(Amounts in thousands)	June 30, 2024		December 31, 2023
Assets
Current assets	$	86,547	$	93,339
Property, plant, and equipment, net	90,740		88,739
Intercompany accounts, non-guarantor subsidiaries	447,096		486,860
Other long-term assets	62,947		72,678
Liabilities
Current liabilities	86,163		83,198
Long-term debt	523,706		396,277
Other long-term liabilities	4,198		4,626

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TITAN INTERNATIONAL, INC.

Management's Discussion and Analysis of

Financial Condition and Results of Operations

Summarized Statement of Operations:


(Amounts in thousands)	Six months ended
	June 30, 2024
Net sales	$	312,604
Gross profit	43,959
Income from operations	2,968
Net loss	(25,030)

Liquidity Outlook

At June 30, 2024, the Company had $224.1 million of cash and cash equivalents. At June 30, 2024, there were $127.0 million of borrowings under the Company's $225 million credit facility. Titan's availability under this credit facility may be less than $225 million as a result of outstanding letters of credit and eligible accounts receivable and inventory balances at certain domestic and Canadian subsidiaries. Based on eligible accounts receivable and inventory balances, the Company's amount available for borrowing totaled $204.2 million at June 30, 2024. With outstanding letters of credit totaling $9.9 million, the net amount available for borrowing under the credit facility totaled $67.3 million at June 30, 2024. The cash and cash equivalents balance of $224.1 million included $188.0 million held in foreign countries.

The Company is expecting full year capital expenditures to be approximately $55 million to $65 million. These capital expenditures are anticipated to be used primarily to continue to enhance the Company’s existing facilities and manufacturing capabilities and drive productivity gains, along with the purchase of new tools, dies and molds related to new product development.

Cash payments for interest are currently forecasted to between $22 million and $24 million for the remainder of 2024 based on June 30, 2024 debt balances. The forecasted interest payment is comprised primarily of the semi-annual payment of $14 million to be paid in October 2024 for the 7.00% senior secured notes, and between $6 million and $8 million of payments on the credit facility, which will be variable dependent upon on the prevailing SOFR rate and debt levels within each month.

Cash and cash equivalents along with anticipated internal cash flows from operations and utilization of availability on global credit facilities, are expected to provide sufficient liquidity for working capital needs, debt maturities, and capital expenditures. Potential divestitures and unencumbered assets may also be a means to provide for future liquidity needs.

CRITICAL ACCOUNTING ESTIMATES

There were no material changes in the Company’s Critical Accounting Estimates since the filing of the 2023 Form 10-K. As discussed in the 2023 Form 10-K, the preparation of the condensed consolidated financial statements in conformity with US GAAP requires management to make estimates, assumptions, and judgments that affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results may differ from those estimates and assumptions. Refer to Note 1. Basis of Presentation and Significant Accounting Policies in Part I, Item 1, Notes to Condensed Consolidated Financial Statements of this Form 10-Q for a discussion of the Company’s updated accounting policies.

Item 3. Quantitative and Qualitative Disclosures About Market Risk

Titan is exposed to market risks, including changes in foreign currency exchange rates and interest rates, and commodity price fluctuations. Our exposure to market risk has not changed materially since December 31, 2023. For quantitative and qualitative disclosures about market risk, see Item 7A - Quantitative and Qualitative Disclosures About Market Risk included in the 2023 Form 10-K.

Item 4. Controls and Procedures

Evaluation of Disclosure Controls and Procedures

Titan management, including the Chief Executive Officer and Chief Financial Officer, evaluated the effectiveness of the design and operation of the Company's disclosure controls and procedures (as defined under Rules 13a-15(e) and 15d-15(e) promulgated under the Securities Exchange Act of 1934 (the Exchange Act)) as of June 30, 2024. Based on that evaluation, the

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Chief Executive Officer and Chief Financial Officer concluded that, as of June 30, 2024, Titan's disclosure controls and procedures were effective to provide reasonable assurance that information required to be disclosed by Titan in the reports that it files or submits under the Exchange Act is recorded, processed, summarized, and reported accurately and within the time frames specified in the SEC's rules and forms and accumulated and communicated to Titan management, including the Chief Executive Officer and the Chief Financial Officer, as appropriate to allow timely decisions regarding required disclosure.

As disclosed in Note 2. Business Combination in Part I, Item 1, Notes to Condensed Consolidated Financial Statements of this Form 10-Q, Titan acquired Carlstar on February 29, 2024. The total revenues of Carlstar represented approximately 25.3% and 18.5% of the total net sales as shown on our Consolidated Financial Statements for the three months and six months ended June 30, 2024, respectively, and Carlstar’s total assets constituted approximately 11.2% of total assets as shown on our Consolidated Balance Sheet as of June 30, 2024. Titan is currently integrating Carlstar into our overall internal control over financial reporting process and, consistent with interpretive guidance issued by the Staff of the Securities and Exchange Commission, is excluding the business from our assessment of internal control over financial reporting as of June 30, 2024. In accordance with such guidance, an assessment of recent business combinations may be omitted from management’s assessment of internal control over financial reporting for up to one year following the acquisition.

Changes in Internal Controls

As noted above, we acquired Carlstar on February 29, 2024. We are integrating Carlstar into our overall internal control over

financial reporting process. At this time, we anticipate that the scope of our assessment of our internal control over financial

reporting for our fiscal year ending December 31, 2024 will exclude Carlstar’s internal control over financial reporting.

Other than as set forth above, there were no changes in internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) that occurred during the second quarter of fiscal year 2024 and that have materially affected, or are reasonably likely to materially affect, the Company's internal control over financial reporting.

Inherent Limitations on the Effectiveness of Controls

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

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PART II. OTHER INFORMATION

Item 1. Legal Proceedings

The Company is subject, from time to time, to certain legal proceedings and claims arising out of the normal course of its business, which cover a wide range of matters, including environmental issues, product liability, contracts, and labor and employment matters. See Note 17 Litigation in Part I, Item 1, Notes to Condensed Consolidated Financial Statements of this Form 10-Q for further discussion, which is incorporated herein by reference.

Item 1A. Risk Factors

There have been no material changes from the risk factors disclosed in Item 1A. Risk Factors to the 2023 Form 10-K.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

Issuer Purchases of Equity Securities

The following table is a summary of stock repurchases for the three months ended June 30, 2024:


Period	Total Number of Shares Purchased	Average Price Paid Per Share		Total number of shares purchased as part of publicly announced plan or program	Approximate dollar value of shares that may yet be purchased under the plan or program(1)(2) (in thousands)
April 1, 2024 to April 30, 2024	—	$	—	—	$	16,019
May 1, 2024 to May 31, 2024	475,000	$	8.87	475,000	$	11,791
June 1, 2024 to June 30, 2024	300,000	$	7.08	300,000	$	9,659
Total	775,000			775,000

(1) On December 16, 2022, the Board of Directors authorized a share repurchase program allowing for the expenditure of up to $50.0 million for the repurchase of the Company’s Common Stock. As of June 30, 2024, $9.6 million remains available for future share repurchases under the program. All shares in the table were purchased in the open market under the publicly announced repurchase program.

(2) The stock repurchase program is authorized through December 16, 2025, but the program may be suspended or terminated at any time at the Board of Directors' discretion.

Refer to the Item 2, Liquidity and Capital Resources section for further discussion on debt restrictions associated with payment of dividends.

Item 5. Other Information

Rule 10b5-1 Trading Plans Adopted by Officers and Directors in the Second Quarter

During the fiscal quarter ended June 30, 2024, none of our directors or officers as defined in Rule 16a-1 under the Exchange Act adopted or terminated a “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement,” as those terms are defined in Item 408 of Regulation S-K.

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Item 6. Exhibits


4.4*			Stockholders Agreement dated February 29, 2024 by and among Titan International, Inc., Carlstar Intermediate Holdings I, LLC, AIPCF V Feeder CTP Tire, LLC and AIPCF V Feeder C (Cayman), LP.

31.1			Certification of the Principal Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

31.2			Certification of the Principal Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

32			Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

101.SCH			Inline XBRL Taxonomy Extension Schema Document

101.CAL			Inline XBRL Taxonomy Extension Calculation Linkbase Document

101.DEF			Inline XBRL Taxonomy Extension Definition Linkbase Document

101.LAB			Inline XBRL Taxonomy Extension Label Linkbase Document

101.PRE			Inline XBRL Taxonomy Extension Presentation Linkbase Document

104			The cover page from this Current Report on Form 10-Q formatted as inline XBRL

*			Incorporated by reference to Exhibit 10.2 contained in the Company's Report on Form 10-Q for the quarter ended March 31, 2024.

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.


			TITAN INTERNATIONAL, INC.
			(Registrant)


Date:	July 31, 2024	By:	/s/ PAUL G. REITZ
			Paul G. Reitz
			President and Chief Executive Officer
			(Principal Executive Officer)


			By:			/s/ DAVID A. MARTIN
						David A. Martin
						SVP and Chief Financial Officer
						(Principal Financial Officer)

Exhibit 31.1

CERTIFICATION

I, Paul G. Reitz, certify that:

1.I have reviewed this quarterly report on Form 10-Q of Titan International, Inc.;

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a.Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b.Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c.Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d.Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of registrant’s board of directors (or persons performing the equivalent function):

a.All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b.Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.


Date:	July 31, 2024	By:	/s/ PAUL G. REITZ
			Paul G. Reitz
			President and Chief Executive Officer
			(Principal Executive Officer)

Exhibit 31.2

CERTIFICATION

I, David A. Martin, certify that:

1.I have reviewed this quarterly report on Form 10-Q of Titan International, Inc.;

b.Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.


Date:	July 31, 2024	By:	/s/ DAVID A. MARTIN
			David A. Martin
			SVP and Chief Financial Officer
			(Principal Financial Officer)

Exhibit 32

CERTIFICATION

In connection with the Quarterly Report of Titan International, Inc. on Form 10-Q for the period ended June 30, 2024, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), each of the undersigned hereby certifies that, to the best of their knowledge, this Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 and that information contained in this report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.


			TITAN INTERNATIONAL, INC.
			(Registrant)


Date:	July 31, 2024	By:	/s/ PAUL G. REITZ
			Paul G. Reitz
			President and Chief Executive Officer
			(Principal Executive Officer)


Date:	July 31, 2024	By:	/s/ DAVID A. MARTIN
			David A. Martin
			SVP and Chief Financial Officer
			(Principal Financial Officer)

Cover Page - shares	6 Months Ended
Cover Page - shares	Jun. 30, 2024	Jul. 24, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2024
Document Transition Report	false
Entity File Number	1-12936
Entity Registrant Name	TITAN INTERNATIONAL, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	36-3228472
Entity Address, Address Line One	1525 Kautz Road, Suite 600
Entity Address, City or Town	West Chicago
Entity Address, State or Province	IL
Entity Address, Postal Zip Code	60185
City Area Code	630
Local Phone Number	377-0486
Title of 12(b) Security	Common stock, $0.0001 par value
Trading Symbol	TWI
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		72,159,028
Entity Central Index Key	0000899751
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2
Amendment Flag	false

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Income Statement [Abstract]
Net sales	$ 532,170	$ 481,176	$ 1,014,379	$ 1,029,820
Cost of sales	451,728	395,281	856,567	848,368
Gross profit	80,442	85,895	157,812	181,452
Selling, general and administrative expenses	51,583	34,858	91,003	69,330
Acquisition related expenses	0	0	6,196	0
Research and development expenses	4,218	3,218	7,872	6,232
Royalty expense	2,319	1,921	5,347	4,856
Income from operations	22,322	45,898	47,394	101,034
Interest expense, net	(7,187)	(5,762)	(12,679)	(12,254)
Foreign exchange gain (loss)	462	2	187	(1,758)
Other income	3,277	1,186	3,682	1,948
Income before income taxes	18,874	41,324	38,584	88,970
Provision for income taxes	15,452	9,429	25,188	23,645
Net income	3,422	31,895	13,396	65,325
Net income attributable to noncontrolling interests	1,273	1,688	2,046	3,280
Net income attributable to Titan and applicable to common shareholders	$ 2,149	$ 30,207	$ 11,350	$ 62,045
Earnings per common share:
Basic (in dollars per share)	$ 0.03	$ 0.48	$ 0.16	$ 0.99
Diluted (in dollars per share)	$ 0.03	$ 0.48	$ 0.16	$ 0.98
Average common shares and equivalents outstanding:
Basic (in shares)	72,737	62,931	68,833	62,918
Diluted (in shares)	73,078	63,234	69,361	63,404

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Statement of Comprehensive Income [Abstract]
Net income	$ 3,422	$ 31,895	$ 13,396	$ 65,325
Derivative loss	(74)	(39)	(72)	(150)
Currency translation adjustment, net	(16,363)	(645)	(30,731)	6,299
Pension liability adjustments, net of tax	(161)	123	(13)	93
Comprehensive (loss) income	(13,176)	31,334	(17,420)	71,567
Net comprehensive income (loss) attributable to noncontrolling interests	3,486	(1,169)	3,923	(672)
Comprehensive (loss) income attributable to Titan	$ (16,662)	$ 32,503	$ (21,343)	$ 72,239

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Statement of Comprehensive Income [Abstract]
Pension liability adjustments	$ 53	$ (41)	$ 41	$ (30)

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Current assets
Cash and cash equivalents	$ 224,100	$ 220,251
Accounts receivable, net	316,639	219,145
Inventories	464,650	365,156
Prepaid and other current assets	87,095	72,229
Total current assets	1,092,484	876,781
Property, plant and equipment, net	447,729	321,694
Operating lease assets	105,117	11,955
Goodwill	12,867	0
Intangible assets, net	16,510	1,431
Deferred income taxes	16,377	38,033
Other long-term assets	42,983	39,351
Total assets	1,734,067	1,289,245
Current liabilities
Short-term debt	14,588	16,913
Accounts payable	257,271	201,201
Operating leases	11,008	5,021
Other current liabilities	171,415	149,240
Total current liabilities	454,282	372,375
Long-term debt	535,907	409,178
Deferred income taxes	4,563	2,234
Operating leases	93,694	6,153
Other long-term liabilities	32,002	31,890
Total liabilities	1,120,448	821,830
Titan shareholders' equity
Common stock ($0.0001 par value, 120,000,000 shares authorized, 78,447,035 issued and 72,174,244 outstanding at June 30, 2024; 66,525,269 issued and 60,715,855 outstanding at December 31, 2023)	0	0
Additional paid-in capital	736,720	569,065
Retained earnings	180,973	169,623
Treasury stock (at cost, 6,272,791 shares at June 30, 2024 and 5,809,414 shares at December 31, 2023)	(56,616)	(52,585)
Accumulated other comprehensive loss	(251,736)	(219,043)
Total Titan shareholders’ equity	609,341	467,060
Noncontrolling interests	4,278	355
Total equity	613,619	467,415
Total liabilities and equity	$ 1,734,067	$ 1,289,245

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Jun. 30, 2024	Dec. 31, 2023
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	66,525,269
Common stock, shares outstanding (in shares)	72,174,244	60,715,855
Treasury stock (in shares)	6,272,791	5,809,414

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, 2022			62,843,961
Balance, beginning at Dec. 31, 2022	$ 383,138	$ 381,236		$ 565,546	$ 90,863	$ (23,418)	$ (251,755)	$ 1,902
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	33,430	31,838			31,838			1,592
Currency translation adjustment, net	6,944	8,039					8,039	(1,095)
Pension liability adjustments, net of tax	(30)	(30)					(30)
Derivative loss	(111)	(111)					(111)
Stock-based compensation (in shares)			322,157
Stock-based compensation	700	700		(1,303)		2,003
Issuance of treasury stock under 401(k) plan (in shares)			28,733
Issuance of treasury stock under 401(k) plan	429	429		250		179
Common stock repurchase (in shares)			(109,789)
Common stock repurchase	(1,293)	(1,293)				(1,293)
Balance, ending (in shares) at Mar. 31, 2023			63,085,062
Balance, ending at Mar. 31, 2023	423,207	420,808		564,493	122,701	(22,529)	(243,857)	2,399
Balance, beginning (in shares) at Dec. 31, 2022			62,843,961
Balance, beginning at Dec. 31, 2022	383,138	381,236		565,546	90,863	(23,418)	(251,755)	1,902
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	65,325
Currency translation adjustment, net	6,299
Pension liability adjustments, net of tax	93
Balance, ending (in shares) at Jun. 30, 2023			62,688,220
Balance, ending at Jun. 30, 2023	450,960	450,098		565,734	152,908	(26,983)	(241,561)	862
Balance, beginning (in shares) at Dec. 31, 2022			62,843,961
Balance, beginning at Dec. 31, 2022	$ 383,138	381,236		565,546	90,863	(23,418)	(251,755)	1,902
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common stock repurchase (in shares)	(2,653,786)
Common stock repurchase	$ (32,600)
Balance, ending (in shares) at Dec. 31, 2023	60,715,855		60,715,855
Balance, ending at Dec. 31, 2023	$ 467,415	467,060		569,065	169,623	(52,585)	(219,043)	355
Balance, beginning (in shares) at Mar. 31, 2023			63,085,062
Balance, beginning at Mar. 31, 2023	423,207	420,808		564,493	122,701	(22,529)	(243,857)	2,399
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	31,895	30,207			30,207			1,688
Currency translation adjustment, net	(645)	2,212					2,212	(2,857)
Pension liability adjustments, net of tax	123	123					123
Derivative loss	(39)	(39)					(39)
Stock-based compensation (in shares)			54,084
Stock-based compensation	1,515	1,515		1,143		372
Issuance of treasury stock under 401(k) plan (in shares)			42,353
Issuance of treasury stock under 401(k) plan	449	449		178		271
Common stock repurchase (in shares)			(493,279)
Common stock repurchase	(5,097)	(5,097)				(5,097)
Acquisition of additional non-controlling interest	(448)	(80)		(80)				(368)
Balance, ending (in shares) at Jun. 30, 2023			62,688,220
Balance, ending at Jun. 30, 2023	$ 450,960	450,098		565,734	152,908	(26,983)	(241,561)	862
Balance, beginning (in shares) at Dec. 31, 2023	60,715,855		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)
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, 2023	60,715,855		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	13,396
Currency translation adjustment, net	(30,731)
Pension liability adjustments, net of tax	$ (13)
Common stock repurchase (in shares)	(875,000)
Common stock repurchase	$ (7,800)
Balance, ending (in shares) at Jun. 30, 2024	72,174,244		72,174,244
Balance, ending at Jun. 30, 2024	$ 613,619	609,341		736,720	180,973	(56,616)	(251,736)	4,278
Balance, beginning (in shares) at Mar. 31, 2024			72,833,961
Balance, beginning at Mar. 31, 2024	630,935	630,143		735,544	178,824	(51,300)	(232,925)	792
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	3,422	2,149			2,149			1,273
Currency translation adjustment, net	(16,363)	(18,576)					(18,576)	2,213
Pension liability adjustments, net of tax	(161)	(161)					(161)
Derivative loss	(74)	(74)					(74)
Stock-based compensation (in shares)			78,530
Stock-based compensation	1,769	1,769		1,058		711
Issuance of treasury stock under 401(k) plan (in shares)			36,753
Issuance of treasury stock under 401(k) plan	$ 451	451		118		333
Common stock repurchase (in shares)	(775,000)		(775,000)
Common stock repurchase	$ (6,360)	(6,360)				(6,360)
Balance, ending (in shares) at Jun. 30, 2024	72,174,244		72,174,244
Balance, ending at Jun. 30, 2024	$ 613,619	$ 609,341		$ 736,720	$ 180,973	$ (56,616)	$ (251,736)	$ 4,278

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Cash flows from operating activities:
Net income	$ 13,396	$ 65,325
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	27,423	21,565
Deferred income tax provision	12,978	12,349
Income on indirect taxes	0	(3,096)
Gain on fixed asset and investment sale	(388)	(71)
Stock-based compensation	1,801	2,215
Issuance of stock under 401(k) plan	892	878
Proceeds from property insurance settlement	(3,537)	0
Foreign currency gain	(1,063)	(2,130)
(Increase) decrease in assets, net of acquisitions:
Accounts receivable	(8,437)	(16,322)
Inventories	34,764	24,096
Prepaid and other current assets	(3,789)	12,512
Other assets	(1,468)	1,285
Increase (decrease) in liabilities, net of acquisitions:
Accounts payable	(2,930)	(32,005)
Other current liabilities	1,773	781
Other liabilities	1,431	1,508
Net cash provided by operating activities	72,846	88,890
Cash flows from investing activities:
Capital expenditures	(34,199)	(27,567)
Business acquisition, net of cash acquired	(142,207)	0
Proceeds from property insurance settlement	3,537	0
Proceeds from sale of fixed assets	1,597	289
Net cash used for investing activities	(171,272)	(27,278)
Cash flows from financing activities:
Proceeds from borrowings	159,539	4,373
Repayments of debt	(34,095)	(21,030)
Payment of debt issuance costs	(3,115)	0
Repurchase of common stock	(7,762)	(6,390)
Other financing activities	(692)	(2,748)
Net cash provided by (used for) financing activities	113,875	(25,795)
Effect of exchange rate changes on cash	(11,600)	1,058
Net increase in cash and cash equivalents	3,849	36,875
Cash and cash equivalents, beginning of period	220,251	159,577
Cash and cash equivalents, end of period	224,100	196,452
Supplemental information:
Interest paid	17,956	15,485
Income taxes paid, net of refunds received	11,815	12,684
Non cash financing activity:
Issuance of common stock in connection with business acquisition	$ 168,693	$ 0

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES	6 Months Ended
	Jun. 30, 2024
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, 2023, filed with the SEC on February 29, 2024 (the 2023 Form 10-K). All intercompany transactions have been eliminated in consolidation. These unaudited condensed consolidated interim financial statements include estimates and assumptions of management that affect the amounts reported in the condensed consolidated financial statements. Actual results could differ from these estimates. Reclassifications The Company has reclassified certain prior period amounts in the consolidated balance sheet, primarily lease liabilities, to conform with the current period presentation. Business Combinations We account for business combinations under the acquisition method of accounting in accordance with Accounting Standards Codification Topic 805, Business Combinations, which requires an allocation of the consideration we paid to the identifiable assets, intangible assets and liabilities based on the estimated fair values as of the closing date of the acquisition. The excess of the fair value of the purchase price over the fair values of these identifiable assets, intangible assets and liabilities is recorded as goodwill. Purchased intangibles other than goodwill are initially recognized at fair value and amortized over their useful lives unless those lives are determined to be indefinite. The valuation of acquired assets will impact future operating results. The fair value of identifiable intangible assets is determined using an income approach on an individual asset basis. Specifically, we use the multi-period excess earnings method to determine the fair value of customer relationships and the relief-from-royalty approach to determine the fair value of the tradename and proprietary technology. Determining the fair value of acquired intangibles involves significant estimates and assumptions, including forecasted revenue growth rates, EBIT margins, percentage of revenue attributable to the tradename, contributory asset charges, customer attrition rate, market-participant discount rates, the assumed royalty rates and income tax rates. The determination of the useful life of an intangible asset other than goodwill is based on factors including historical tradename performance with respect to consumer name recognition, geographic market presence, market share, plans for ongoing tradename support and promotion, customer attrition rate, and other relevant factors. Fair Value of Financial Instruments The Company records all financial instruments, including cash and cash equivalents, accounts receivable, notes receivable, accounts payable, other accruals, revolving credit facility, and notes payable at cost, which approximates fair value due to their short term or stated rates. Investments in marketable equity securities of $12.7 million are recorded at fair value which approximates market value. Our 7.00% senior secured notes due 2028 were carried at a cost of $396.7 million at June 30, 2024. The fair value of the senior secured notes due 2028 at June 30, 2024, as determined with the assistance of an independent pricing source, was approximately $384.4 million, which was determined to be a level 2 fair value measurement. Hyperinflation in Argentina and Turkey In July 2018 and March 2022, the three-year cumulative rate of inflation for consumer prices and wholesale prices reached a level in excess of 100% for Argentina and Turkey, respectively. As a result, in accordance with ASC 830, Foreign Currency Matters, Argentina and Turkey were considered hyperinflationary economies and the Company applied the standard for the year ended December 31, 2023. For the three and six months ended June 30, 2024, the Company recognized a net monetary loss of $0.4 million and $1.6 million recorded in foreign exchange loss in the consolidated statements of operations associated with the application of ASC 830. Russia-Ukraine Military Conflict In February 2022, in response to the military conflict between Russia and Ukraine, the United States, other North Atlantic Treaty Organization member states, as well as non-member states, announced targeted economic sanctions on Russia, certain Russian citizens and enterprises. The continuation of the conflict triggered additional economic and other sanctions enacted by the United States and other countries throughout the world. The scope of potential additional sanctions is unknown. The Company currently owns 64.3% of the Voltyre-Prom, a leading producer of agricultural and industrial tires in Volgograd, Russia, which represents approximately 6% and 7% of consolidated assets of Titan as of June 30, 2024 and December 31, 2023, respectively. The Russian operations represent 4% and 7% of consolidated global sales for the three months ended June 30, 2024 and 2023, respectively, while representing 5% and 6% of consolidated global sales for the six months ended June 30, 2024 and 2023, respectively. The impact of the military conflict between Russia and Ukraine has not had a significant impact on global operations. The Company continues to monitor the potential impacts on the business including the increased cost of energy in Europe and the ancillary impacts that the military conflict could have on other global operations. Share Repurchase Program On December 16, 2022, the Board of Directors authorized a share repurchase program allowing for the expenditure of up to $50.0 million (the Share Repurchase Program) for the repurchase of the Company's common stock. This authorization took effect immediately and will remain in place for up to three years. Under the Share Repurchase Program Titan repurchased 775,000 shares of its common stock totaling $6.4 million during the three months ended June 30, 2024, and 875,000 shares of its common stock totaling $7.8 million during the six months ended June 30, 2024 and 2,653,786 shares of its common stock totaling $32.6 million during 2023. As of June 30, 2024, $9.6 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 $4.3 million at June 30, 2024, and $7.4 million at December 31, 2023. New Accounting Pronouncements to be Adopted in Future Periods In November 2023, the Financial Accounting Standards Board issued Accounting Standards Update 2023-07, Improvements to Reportable Segment Disclosures, which expands reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. The amendments in the ASU require, among other things, disclosure of significant segment expenses that are regularly provided to an entity's chief operating decision maker (CODM) and a description of other segment items (the difference between segment revenue less the segment expenses disclosed under the significant expense principle and each reported measure of segment profit or loss) by reportable segment, as well as disclosure of the title and position of the CODM, and an explanation of how the CODM uses the reported measure(s) of segment profit or loss in assessing segment performance and deciding how to allocate resources. Annual disclosures are required for fiscal years beginning after December 15, 2023 and interim disclosures are required for periods within fiscal years beginning after December 15, 2024. Retrospective application is required, and early adoption is permitted. These requirements are not expected to have an impact on our financial statements, but will result in significantly expanded reportable segment disclosures. In December 2023, the FASB issued ASU 2023-09, Improvements to Income Tax Disclosures, which requires disclosure of disaggregated income taxes paid, prescribes standard categories for the components of the effective tax rate reconciliation, and modifies other income tax-related disclosures. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024, may be applied prospectively or retrospectively, and allows for early adoption. These requirements will impact our income tax disclosures.

BUSINESS COMBINATION

6 Months Ended

Jun. 30, 2024

Business Combination and Asset Acquisition [Abstract]

BUSINESS COMBINATION

Acquisition of The Carlstar Group


	Purchase Consideration
Titan International, Inc. common stock	$	168,693
Base cash consideration, net of cash acquired of $10,288	127,500
	296,193
Additional cash consideration for excess net working capital acquired	18,372
Other debt-like items	(3,665)
Total purchase consideration, net of cash acquired	$	310,900


	Fair Values as of February 29, 2024
Accounts receivable	$	98,439
Inventories	145,988
Prepaid and other current assets	13,339
Property, plant, and equipment	128,162
Other long-term assets	96,203
Goodwill	12,867
Intangible assets	15,770
Fair value of assets acquired	$	510,768
Accounts payable	66,055
Other current liabilities	26,377
Operating leases	95,476
Deferred tax liabilities	10,451
Other long-term liabilities	1,509
Fair value of liabilities assumed	199,868
Purchase Price	$	310,900

The following table summarizes the carrying amounts and weighted average lives of the acquired intangible assets as of February 29, 2024 (amounts in thousands):


	Carrying Value		Weighted Average Amortization (in Years)
Customer lists/relationships	$	10,347	10.00
Trade names	3,508		15.00
Other intangibles	1,915		6.25
Total	$	15,770	10.66


	From Acquisition Date to June 30, 2024
Carlstar revenue	$	187,610
Carlstar income before taxes	8,084


	Three months ended				Six months ended
	June 30, 2024		June 30, 2023		June 30, 2024		June 30, 2023
Pro forma revenues	$	532,170	$	643,341	$	1,116,197	$	1,369,116
Pro forma net income	10,752		41,999		36,197		65,055
Net income per common share, basic	$	0.15	$	0.56	$	0.50	$	0.87
Net income per common share, diluted	0.14		0.55		0.49		0.86

Total acquisition-related costs for the three and six months ended June 30, 2024 were $0.0 million and $6.2 million, respectively.

ACCOUNTS RECEIVABLE, NET

6 Months Ended

Jun. 30, 2024

Receivables [Abstract]

ACCOUNTS RECEIVABLE, NET

Accounts receivable consisted of the following (amounts in thousands):


	June 30, 2024		December 31, 2023
Accounts receivable	$	323,609	$	224,485
Allowance for credit losses	(6,970)		(5,340)
Accounts receivable, net	$	316,639	$	219,145

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

INVENTORIES

6 Months Ended

Jun. 30, 2024

Inventory Disclosure [Abstract]

INVENTORIES

Inventories consisted of the following (amounts in thousands):


	June 30, 2024		December 31, 2023
Raw material	$	113,569	$	108,504
Work-in-process	45,182		39,921
Finished goods	305,899		216,731
	$	464,650	$	365,156

Inventories are reduced by estimated provisions for slow-moving and obsolete inventory.

PROPERTY, PLANT AND EQUIPMENT, NET

6 Months Ended

Jun. 30, 2024

Property, Plant and Equipment [Abstract]

PROPERTY, PLANT AND EQUIPMENT, NET

Property, plant and equipment, net consisted of the following (amounts in thousands):


	June 30, 2024		December 31, 2023
Land and improvements	$	44,208	$	42,140
Buildings and improvements	266,091		243,241
Machinery and equipment	709,663		628,975
Tools, dies and molds	127,187		116,328
Construction-in-process	50,537		29,744
	1,197,686		1,060,428
Less accumulated depreciation	(749,957)		(738,734)
	$	447,729	$	321,694

INTANGIBLE ASSETS, NET

6 Months Ended

Jun. 30, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

INTANGIBLE ASSETS, NET

The components of intangible assets, net consisted of the following (amounts in thousands):


	Weighted- Average Useful Lives (in Years)	June 30, 2024		December 31, 2023
Amortizable intangible assets:
Customer lists/relationships	10.00	$	10,347	$	—
Trade names	15.00	3,508		—
Other intangibles	14.68	5,299		3,384
Total at cost		19,154		3,384
Less accumulated amortization		(2,644)		(1,953)
		$	16,510	$	1,431

The estimated aggregate amortization expense at June 30, 2024, for each of the years (or other periods) set forth below was as follows (amounts in thousands):


July 1 - December 31, 2024	$	922
2025	1,844
2026	1,699
2027	1,669
2028	1,669
Thereafter	8,707
	$	16,510

OTHER CURRENT LIABILITIES

6 Months Ended

Jun. 30, 2024

Other Liabilities, Current [Abstract]

OTHER CURRENT LIABILITIES

Other current liabilities consisted of the following (amounts in thousands):


	June 30, 2024		December 31, 2023
Compensation and benefits	$	56,430	$	47,543
Warranty	24,125		21,710
Accrued insurance benefits	19,968		19,162
Customer rebates and deposits	18,974		15,490
Accrued other taxes	15,792		13,762
Accrued interest	6,351		4,955
Foreign government grant (1)	3,666		4,509

Other	26,109		22,109
	$	171,415	$	149,240

WARRANTY

6 Months Ended

Jun. 30, 2024

Product Warranties Disclosures [Abstract]

WARRANTY

Changes in the warranty liability during the six months ended June 30, 2024 and 2023, respectively, consisted of the following (amounts in thousands):


	2024		2023
Warranty liability at beginning of the period	$	21,710	$	19,914
Provision for warranty liabilities	9,751		7,547
Warranty payments made	(9,120)		(5,467)
Other adjustments, including acquisition of Carlstar	1,784		—
Warranty liability at end of the period	$	24,125	$	21,994

DEBT

6 Months Ended

Jun. 30, 2024

Debt Disclosure [Abstract]

DEBT

Long-term debt consisted of the following (amounts in thousands):


	June 30, 2024
	Principal Balance		Unamortized Debt Issuance		Net Carrying Amount
7.00% senior secured notes due 2028	$	400,000	$	(3,294)	$	396,706
Revolving credit facility	127,000		—		127,000
Titan Europe credit facilities	19,865		—		19,865
Other debt	6,924		—		6,924
Total debt	553,789		(3,294)		550,495
Less amounts due within one year	14,588		—		14,588
Total long-term debt	$	539,201	$	(3,294)	$	535,907


	December 31, 2023
	Principal Balance		Unamortized Debt Issuance		Net Carrying Amount
7.00% senior secured notes due 2028	$	400,000	$	(3,723)	$	396,277
Titan Europe credit facilities	22,568		—		22,568

Other debt	7,246		—		7,246
Total debt	429,814		(3,723)		426,091
Less amounts due within one year	16,913		—		16,913
Total long-term debt	$	412,901	$	(3,723)	$	409,178

The weighted-average interest rates on short-term borrowings within one year at June 30, 2024 and December 31, 2023, were approximately 2.8% and 3.1%, respectively.

Aggregate principal maturities of long-term debt at June 30, 2024 for each of the years (or other periods) set forth below were as follows (amounts in thousands):


July 1 - December 31, 2024	$	9,797
2025	4,784
2026	7,589
2027	772
2028	527,454
Thereafter	3,393
	$	553,789

7.00% senior secured notes due 2028

Titan Europe Credit Facilities

Revolving Credit Facility

Other Debt

LEASES

6 Months Ended

Jun. 30, 2024

Leases [Abstract]

LEASES

Supplemental balance sheet information related to leases was as follows (amounts in thousands):


	Balance Sheet Classification	June 30, 2024		December 31, 2023
Operating lease ROU assets	Operating lease assets	$	105,117	$	11,955

Operating lease current liabilities	Operating leases current liabilities	$	11,008	$	5,021
Operating lease long-term liabilities	Operating leases long-term liabilities	93,694		6,153
Total operating lease liabilities		$	104,702	$	11,174

Finance lease, gross	Property, plant & equipment, net	$	5,897	$	5,175
Finance lease accumulated depreciation	Property, plant & equipment, net	(3,495)		(3,489)
Finance lease, net		$	2,402	$	1,686

Finance lease current liabilities	Other current liabilities	$	1,389	$	1,093
Finance lease long-term liabilities	Other long-term liabilities	1,646		1,321
Total finance lease liabilities		$	3,035	$	2,414

At June 30, 2024, maturities of lease liabilities were as follows (amounts in thousands):


	Operating Leases		Finance Leases
July 1 - December 31, 2024	$	18,913	$	1,053
2025	17,828		1,111
2026	16,711		824
2027	14,008		402
2028	12,563		215
Thereafter	128,273		24
Total lease payments	$	208,296	$	3,629
Less imputed interest	103,594		594
	$	104,702	$	3,035

Weighted average remaining lease term (in years)	13.32		2.75

Supplemental cash flow information related to leases for the six months ended June 30, 2024 were as follows: operating cash flows from operating leases were $4.5 million.

LEASES

Supplemental balance sheet information related to leases was as follows (amounts in thousands):


	Balance Sheet Classification	June 30, 2024		December 31, 2023
Operating lease ROU assets	Operating lease assets	$	105,117	$	11,955

Operating lease current liabilities	Operating leases current liabilities	$	11,008	$	5,021
Operating lease long-term liabilities	Operating leases long-term liabilities	93,694		6,153
Total operating lease liabilities		$	104,702	$	11,174

Finance lease, gross	Property, plant & equipment, net	$	5,897	$	5,175
Finance lease accumulated depreciation	Property, plant & equipment, net	(3,495)		(3,489)
Finance lease, net		$	2,402	$	1,686

Finance lease current liabilities	Other current liabilities	$	1,389	$	1,093
Finance lease long-term liabilities	Other long-term liabilities	1,646		1,321
Total finance lease liabilities		$	3,035	$	2,414

At June 30, 2024, maturities of lease liabilities were as follows (amounts in thousands):


	Operating Leases		Finance Leases
July 1 - December 31, 2024	$	18,913	$	1,053
2025	17,828		1,111
2026	16,711		824
2027	14,008		402
2028	12,563		215
Thereafter	128,273		24
Total lease payments	$	208,296	$	3,629
Less imputed interest	103,594		594
	$	104,702	$	3,035

Weighted average remaining lease term (in years)	13.32		2.75

Supplemental cash flow information related to leases for the six months ended June 30, 2024 were as follows: operating cash flows from operating leases were $4.5 million.

EMPLOYEE BENEFIT PLANS

6 Months Ended

Jun. 30, 2024

Retirement Benefits [Abstract]

EMPLOYEE BENEFIT PLANS

The components of net periodic pension cost consisted of the following for the periods set forth below (amounts in thousands):


	Three months ended				Six months ended
	June 30,				June 30,
	2024		2023		2024		2023
Service cost	$	204	$	113	$	366	$	219
Interest cost	951		1,048		1,903		2,075
Expected return on assets	(1,301)		(1,167)		(2,602)		(2,334)
Amortization of unrecognized prior service cost	(14)		(18)		(30)		(33)
Amortization of net unrecognized loss	68		238		136		478
Net periodic pension (benefit) cost	$	(92)	$	214	$	(227)	$	405

Service cost is recorded as cost of sales in the Condensed Consolidated Statements of Operations while all other components are recorded in other income.

VARIABLE INTEREST ENTITIES

6 Months Ended

Jun. 30, 2024

Variable Interest Entity, Measure of Activity [Abstract]

VARIABLE INTEREST ENTITIES

The following table summarizes the carrying amount of the VIE's assets and liabilities included in the Company’s Condensed Consolidated Balance Sheets (amounts in thousands):


	June 30, 2024		December 31, 2023
Cash and cash equivalents	$	975	$	355
Inventory	1,587		1,431
Other current assets	2,551		2,364
Property, plant and equipment, net	1,313		2,477
Other non-current assets	154		222
Total assets	$	6,580	$	6,849

Current liabilities	$	632	$	1,117
Other long-term liabilities	868		869
Total liabilities	$	1,500	$	1,986


	June 30, 2024		December 31, 2023
Investments	$	7,584	$	7,127
Total VIE assets	7,584		7,127
Accounts payable to the non-consolidated VIEs	3,344		3,578
Maximum exposure to loss	$	10,928	$	10,705

ROYALTY EXPENSE	6 Months Ended
ROYALTY EXPENSE	Jun. 30, 2024
Other Income and Expenses [Abstract]
ROYALTY EXPENSE	ROYALTY EXPENSEThe Company has trademark license agreements with The Goodyear Tire & Rubber Company to manufacture and sell certain farm tires under the Goodyear brand. These agreements cover sales in North America, Latin America, Europe, the Middle East, Africa, Russia, and other Commonwealth of Independent States countries. Each of these agreements is scheduled to expire in 2025. The Company also has a trademark license agreement with Carlisle Companies, Inc. to manufacture and sell certain tires under the Carlisle brand. Royalty expenses were $2.3 million and $1.9 million for the three months ended June 30, 2024 and 2023, respectively, and $5.3 million and $4.9 million for the six months ended June 30, 2024 and 2023, respectively.

OTHER INCOME

6 Months Ended

Jun. 30, 2024

Other Income and Expenses [Abstract]

OTHER INCOME

Other income consisted of the following (amounts in thousands):


	Three months ended				Six months ended
	June 30,				June 30,
	2024		2023		2024		2023
Income on indirect taxes (1)	$	—	$	475	$	—	$	475
Gain on property insurance settlement (2)	1,913		—		1,913		—

Equity investment income	241		277		568		732
Gain on sale of assets	413		61		388		71
Other income	710		373		813		670
	$	3,277	$	1,186	$	3,682	$	1,948

INCOME TAXES	6 Months Ended
INCOME TAXES	Jun. 30, 2024
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES The Company recorded income tax expense of $15.5 million and $9.4 million for the three months ended June 30, 2024 and 2023, respectively. For the six months ended June 30, 2024 and 2023, the Company recorded income tax expense of $25.2 million and $23.6 million, respectively. The Company's effective income tax rate was 81.9% and 22.8% for the three months ended June 30, 2024 and 2023, respectively, and 65.3% and 26.6% for the six months ended June 30, 2024 and 2023, respectively. For the six months ended June 30, 2024, the rate was negatively impacted by non-deductible interest expense in the United States, foreign branch income related to the Carlstar acquisition,and one-time impacts associated with transaction costs, which were also not fully deductible for income tax purposes. Additionally the rate was impacted by the results of foreign income tax rate differential on the mix of earnings, non-deductible royalty expenses in certain jurisdictions, and certain foreign inclusion items on the domestic provision. The Company’s 2023 income tax expense and rate differed from the amount of income tax determined by applying the U.S. Federal income tax rate to pre-tax income primarily as a result of foreign income tax rate differential on the mix of earnings, non-deductible royalty expenses in certain jurisdictions, 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 consolidated financial statements and related disclosures but does not anticipate a material impact. Titan did not record any tax associated with Pillar 2 in the June 30, 2024 financial statements.

EARNINGS PER SHARE

6 Months Ended

Jun. 30, 2024

Earnings Per Share [Abstract]

EARNINGS PER SHARE

Earnings per share (EPS) were as follows (amounts in thousands, except per share data):


	Three months ended				Six months ended
	June 30,				June 30,
	2024		2023		2024		2023

Net income attributable to Titan and applicable to common shareholders	$	2,149	$	30,207	$	11,350	$	62,045


Determination of shares:
Weighted average shares outstanding (basic)	72,737		62,931		68,833		62,918
Effect of restricted stock and stock options	341		303		528		486
Weighted average shares outstanding (diluted)	73,078		63,234		69,361		63,404
Earnings per common share:
Basic	$	0.03	$	0.48	$	0.16	$	0.99
Diluted	$	0.03	$	0.48	$	0.16	$	0.98

LITIGATION	6 Months Ended
LITIGATION	Jun. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
LITIGATION	LITIGATION The Company is a party to routine legal proceedings arising out of the normal course of business. Due to the difficult nature of predicting unresolved and future legal claims, the Company cannot anticipate or predict the material adverse effect on its consolidated financial condition, results of operations, or cash flows as a result of efforts to comply with, or liabilities pertaining to, legal judgments. In the opinion of management, the Company is not currently involved in any legal proceedings which, individually or in the aggregate, could have a material effect on its financial position, results of operations, or cash flows.

SEGMENT INFORMATION

6 Months Ended

Jun. 30, 2024

Segment Reporting [Abstract]

SEGMENT INFORMATION

The table below presents information about certain operating results, separated by market segments, for the three and six months ended June 30, 2024 and 2023 (amounts in thousands):


	Three months ended				Six months ended
	June 30,				June 30,
	2024		2023		2024		2023
Net sales
Agricultural	$	216,330	$	269,148	$	456,003	$	575,006
Earthmoving/construction	165,564		174,683		330,772		373,607
Consumer	150,276		37,345		227,604		81,207
	$	532,170	$	481,176	$	1,014,379	$	1,029,820
Gross profit
Agricultural	$	32,303	$	48,736	$	72,922	$	97,986
Earthmoving/construction	21,299		29,102		44,276		66,326
Consumer	26,840		8,057		40,614		17,140

	$	80,442	$	85,895	$	157,812	$	181,452
Income from operations
Agricultural	$	15,772	$	32,119	$	39,782	$	64,688
Earthmoving/construction	7,047		14,522		15,881		38,060
Consumer	6,449		5,865		11,562		12,657
Corporate & Unallocated	(6,946)		(6,608)		(19,831)		(14,371)
Income from operations	$	22,322	$	45,898	$	47,394	$	101,034

Interest expense, net	(7,187)		(5,762)		(12,679)		(12,254)

Foreign exchange gain (loss)	462		2		187		(1,758)
Other income, net	3,277		1,186		3,682		1,948
Income before income taxes	$	18,874	$	41,324	$	38,584	$	88,970

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


	June 30, 2024		December 31, 2023
Total assets
Agricultural	$	615,247	$	559,607
Earthmoving/construction	496,539		497,508
Consumer	559,184		155,602
Corporate & Unallocated	63,097		76,528
	$	1,734,067	$	1,289,245

The table below presents net sales by products and reportable segments for the three and six months ended June 30, 2024 and 2023 (amounts in thousands):


	Agricultural Segment		Earthmoving/Construction Segment		Consumer Segment		Total
Three months ended June 30, 2024
Wheels and Tires [including assemblies]	$	205,709	$	59,352	$	142,230	$	407,291
Undercarriage systems and components	10,621		106,212		8,046		124,879
Total	$	216,330	$	165,564	$	150,276	$	532,170

Six months ended June 30, 2024
Wheels and Tires [including assemblies]	$	434,743	$	125,597	$	213,584	$	773,924
Undercarriage systems and components	21,260		205,175		14,020		240,455
Total	$	456,003	$	330,772	$	227,604	$	1,014,379


	Agricultural Segment		Earthmoving/Construction Segment		Consumer Segment		Total
Three months ended June 30, 2023
Wheels and Tires [including assemblies]	$	259,193	$	63,838	$	31,191	$	354,222
Undercarriage systems and components	9,955		110,845		6,154		126,954
Total	$	269,148	$	174,683	$	37,345	$	481,176

Six months ended June 30, 2023
Wheels and Tires [including assemblies]	$	552,897	$	145,217	$	68,421	$	766,535
Undercarriage systems and components	22,109		228,390		12,786		263,285
Total	$	575,006	$	373,607	$	81,207	$	1,029,820

ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME

6 Months Ended

Jun. 30, 2024

Stockholders' Equity Note [Abstract]

ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME

Accumulated other comprehensive loss consisted of the following (amounts in thousands):


	Currency Translation Adjustments		Gain (Loss) on Derivatives		Unrecognized Losses and Prior Service Cost		Total
Balance at April 1, 2024	$	(231,487)	$	742	$	(2,180)	$	(232,925)
Currency translation adjustments, net	(18,576)		—		—		(18,576)
Defined benefit pension plans:
Amortization of unrecognized losses and prior service cost, net of tax of $53	—		—		(161)		(161)
Derivative loss	—		(74)		—		(74)
Balance at June 30, 2024	$	(250,063)	$	668	$	(2,341)	$	(251,736)


	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	(32,608)		—		—		(32,608)
Defined benefit pension plans:
Amortization of unrecognized losses and prior service cost, net of tax of $41	—		—		(13)		(13)
Derivative loss	—		(72)		—		(72)
Balance at June 30, 2024	$	(250,063)	$	668	$	(2,341)	$	(251,736)


	Currency Translation Adjustments		Gain (Loss) on Derivatives		Unrecognized Losses and Prior Service Cost		Total
Balance at April 1, 2023	$	(235,673)	$	1,113	$	(9,297)	$	(243,857)
Currency translation adjustments, net	2,212		—		—		2,212
Defined benefit pension plans:
Amortization of unrecognized losses and prior service cost, net of tax of $(41)	—		—		123		123
Derivative loss	—		(39)		—		(39)
Balance at June 30, 2023	$	(233,461)	$	1,074	$	(9,174)	$	(241,561)


	Currency Translation Adjustments		Gain (Loss) on Derivatives		Unrecognized Losses and Prior Service Cost		Total
Balance at January 1, 2023	$	(243,712)	$	1,224	$	(9,267)	$	(251,755)
Currency translation adjustments, net	10,251		—		—		10,251
Defined benefit pension plans:
Amortization of unrecognized losses and prior service cost, net of tax of $(30)	—		—		93		93
Derivative loss	—		(150)		—		(150)
Balance at June 30, 2023	$	(233,461)	$	1,074	$	(9,174)	$	(241,561)

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Pay vs Performance Disclosure
Net income attributable to Titan and applicable to common shareholders	$ 2,149	$ 30,207	$ 11,350	$ 62,045

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Jun. 30, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Policies)	6 Months Ended
	Jun. 30, 2024
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, 2023, filed with the SEC on February 29, 2024 (the 2023 Form 10-K). All intercompany transactions have been eliminated in consolidation. These unaudited condensed consolidated interim financial statements include estimates and assumptions of management that affect the amounts reported in the condensed consolidated financial statements. Actual results could differ from these estimates.
Reclassifications	Reclassifications The Company has reclassified certain prior period amounts in the consolidated balance sheet, primarily lease liabilities, to conform with the current period presentation.
Business Combinations	Business Combinations We account for business combinations under the acquisition method of accounting in accordance with Accounting Standards Codification Topic 805, Business Combinations, which requires an allocation of the consideration we paid to the identifiable assets, intangible assets and liabilities based on the estimated fair values as of the closing date of the acquisition. The excess of the fair value of the purchase price over the fair values of these identifiable assets, intangible assets and liabilities is recorded as goodwill. Purchased intangibles other than goodwill are initially recognized at fair value and amortized over their useful lives unless those lives are determined to be indefinite. The valuation of acquired assets will impact future operating results. The fair value of identifiable intangible assets is determined using an income approach on an individual asset basis. Specifically, we use the multi-period excess earnings method to determine the fair value of customer relationships and the relief-from-royalty approach to determine the fair value of the tradename and proprietary technology. Determining the fair value of acquired intangibles involves significant estimates and assumptions, including forecasted revenue growth rates, EBIT margins, percentage of revenue attributable to the tradename, contributory asset charges, customer attrition rate, market-participant discount rates, the assumed royalty rates and income tax rates. The determination of the useful life of an intangible asset other than goodwill is based on factors including historical tradename performance with respect to consumer name recognition, geographic market presence, market share, plans for ongoing tradename support and promotion, customer attrition rate, and other relevant factors.
Fair Value of Financial Instruments	Fair Value of Financial Instruments The Company records all financial instruments, including cash and cash equivalents, accounts receivable, notes receivable, accounts payable, other accruals, revolving credit facility, and notes payable at cost, which approximates fair value due to their short term or stated rates.
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 November 2023, the Financial Accounting Standards Board issued Accounting Standards Update 2023-07, Improvements to Reportable Segment Disclosures, which expands reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. The amendments in the ASU require, among other things, disclosure of significant segment expenses that are regularly provided to an entity's chief operating decision maker (CODM) and a description of other segment items (the difference between segment revenue less the segment expenses disclosed under the significant expense principle and each reported measure of segment profit or loss) by reportable segment, as well as disclosure of the title and position of the CODM, and an explanation of how the CODM uses the reported measure(s) of segment profit or loss in assessing segment performance and deciding how to allocate resources. Annual disclosures are required for fiscal years beginning after December 15, 2023 and interim disclosures are required for periods within fiscal years beginning after December 15, 2024. Retrospective application is required, and early adoption is permitted. These requirements are not expected to have an impact on our financial statements, but will result in significantly expanded reportable segment disclosures. In December 2023, the FASB issued ASU 2023-09, Improvements to Income Tax Disclosures, which requires disclosure of disaggregated income taxes paid, prescribes standard categories for the components of the effective tax rate reconciliation, and modifies other income tax-related disclosures. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024, may be applied prospectively or retrospectively, and allows for early adoption. These requirements will impact our income tax disclosures.

BUSINESS COMBINATION (Tables)

6 Months Ended

Jun. 30, 2024

Business Combination and Asset Acquisition [Abstract]

Schedule of Business Acquisitions, by Acquisition


	Purchase Consideration
Titan International, Inc. common stock	$	168,693
Base cash consideration, net of cash acquired of $10,288	127,500
	296,193
Additional cash consideration for excess net working capital acquired	18,372
Other debt-like items	(3,665)
Total purchase consideration, net of cash acquired	$	310,900

Schedule of Assets and Liabilities of Purchase Price Consideration


	Fair Values as of February 29, 2024
Accounts receivable	$	98,439
Inventories	145,988
Prepaid and other current assets	13,339
Property, plant, and equipment	128,162
Other long-term assets	96,203
Goodwill	12,867
Intangible assets	15,770
Fair value of assets acquired	$	510,768
Accounts payable	66,055
Other current liabilities	26,377
Operating leases	95,476
Deferred tax liabilities	10,451
Other long-term liabilities	1,509
Fair value of liabilities assumed	199,868
Purchase Price	$	310,900

Schedule of Carrying Amounts and Weighted Average Lives of the Acquired Intangible Assets

The following table summarizes the carrying amounts and weighted average lives of the acquired intangible assets as of February 29, 2024 (amounts in thousands):


	Carrying Value		Weighted Average Amortization (in Years)
Customer lists/relationships	$	10,347	10.00
Trade names	3,508		15.00
Other intangibles	1,915		6.25
Total	$	15,770	10.66

Schedule of Business Acquisition, Pro Forma Information


	From Acquisition Date to June 30, 2024
Carlstar revenue	$	187,610
Carlstar income before taxes	8,084


	Three months ended				Six months ended
	June 30, 2024		June 30, 2023		June 30, 2024		June 30, 2023
Pro forma revenues	$	532,170	$	643,341	$	1,116,197	$	1,369,116
Pro forma net income	10,752		41,999		36,197		65,055
Net income per common share, basic	$	0.15	$	0.56	$	0.50	$	0.87
Net income per common share, diluted	0.14		0.55		0.49		0.86

ACCOUNTS RECEIVABLE, NET (Tables)

6 Months Ended

Jun. 30, 2024

Receivables [Abstract]

Schedule of Accounts Receivable

Accounts receivable consisted of the following (amounts in thousands):


	June 30, 2024		December 31, 2023
Accounts receivable	$	323,609	$	224,485
Allowance for credit losses	(6,970)		(5,340)
Accounts receivable, net	$	316,639	$	219,145

INVENTORIES (Tables)

6 Months Ended

Jun. 30, 2024

Inventory Disclosure [Abstract]

Schedule of Inventory

Inventories consisted of the following (amounts in thousands):


	June 30, 2024		December 31, 2023
Raw material	$	113,569	$	108,504
Work-in-process	45,182		39,921
Finished goods	305,899		216,731
	$	464,650	$	365,156

PROPERTY, PLANT AND EQUIPMENT, NET (Tables)

6 Months Ended

Jun. 30, 2024

Property, Plant and Equipment [Abstract]

Schedule of Property, Plant and Equipment

Property, plant and equipment, net consisted of the following (amounts in thousands):


	June 30, 2024		December 31, 2023
Land and improvements	$	44,208	$	42,140
Buildings and improvements	266,091		243,241
Machinery and equipment	709,663		628,975
Tools, dies and molds	127,187		116,328
Construction-in-process	50,537		29,744
	1,197,686		1,060,428
Less accumulated depreciation	(749,957)		(738,734)
	$	447,729	$	321,694

INTANGIBLE ASSETS, NET (Tables)

6 Months Ended

Jun. 30, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Intangible Assets, Net

The components of intangible assets, net consisted of the following (amounts in thousands):


	Weighted- Average Useful Lives (in Years)	June 30, 2024		December 31, 2023
Amortizable intangible assets:
Customer lists/relationships	10.00	$	10,347	$	—
Trade names	15.00	3,508		—
Other intangibles	14.68	5,299		3,384
Total at cost		19,154		3,384
Less accumulated amortization		(2,644)		(1,953)
		$	16,510	$	1,431

Schedule of Aggregate Amortization Expense

The estimated aggregate amortization expense at June 30, 2024, for each of the years (or other periods) set forth below was as follows (amounts in thousands):


July 1 - December 31, 2024	$	922
2025	1,844
2026	1,699
2027	1,669
2028	1,669
Thereafter	8,707
	$	16,510

OTHER CURRENT LIABILITIES (Tables)

6 Months Ended

Jun. 30, 2024

Other Liabilities, Current [Abstract]

Schedule of Other Current Liabilities

Other current liabilities consisted of the following (amounts in thousands):


	June 30, 2024		December 31, 2023
Compensation and benefits	$	56,430	$	47,543
Warranty	24,125		21,710
Accrued insurance benefits	19,968		19,162
Customer rebates and deposits	18,974		15,490
Accrued other taxes	15,792		13,762
Accrued interest	6,351		4,955
Foreign government grant (1)	3,666		4,509

Other	26,109		22,109
	$	171,415	$	149,240

WARRANTY (Tables)

6 Months Ended

Jun. 30, 2024

Product Warranties Disclosures [Abstract]

Schedule of Product Warranty Liability

Changes in the warranty liability during the six months ended June 30, 2024 and 2023, respectively, consisted of the following (amounts in thousands):


	2024		2023
Warranty liability at beginning of the period	$	21,710	$	19,914
Provision for warranty liabilities	9,751		7,547
Warranty payments made	(9,120)		(5,467)
Other adjustments, including acquisition of Carlstar	1,784		—
Warranty liability at end of the period	$	24,125	$	21,994

DEBT (Tables)

6 Months Ended

Jun. 30, 2024

Debt Disclosure [Abstract]

Schedule of Long-term Debt Instruments

Long-term debt consisted of the following (amounts in thousands):


	June 30, 2024
	Principal Balance		Unamortized Debt Issuance		Net Carrying Amount
7.00% senior secured notes due 2028	$	400,000	$	(3,294)	$	396,706
Revolving credit facility	127,000		—		127,000
Titan Europe credit facilities	19,865		—		19,865
Other debt	6,924		—		6,924
Total debt	553,789		(3,294)		550,495
Less amounts due within one year	14,588		—		14,588
Total long-term debt	$	539,201	$	(3,294)	$	535,907


	December 31, 2023
	Principal Balance		Unamortized Debt Issuance		Net Carrying Amount
7.00% senior secured notes due 2028	$	400,000	$	(3,723)	$	396,277
Titan Europe credit facilities	22,568		—		22,568

Other debt	7,246		—		7,246
Total debt	429,814		(3,723)		426,091
Less amounts due within one year	16,913		—		16,913
Total long-term debt	$	412,901	$	(3,723)	$	409,178

Schedule of Maturities of Long-term Debt

Aggregate principal maturities of long-term debt at June 30, 2024 for each of the years (or other periods) set forth below were as follows (amounts in thousands):


July 1 - December 31, 2024	$	9,797
2025	4,784
2026	7,589
2027	772
2028	527,454
Thereafter	3,393
	$	553,789

LEASES (Tables)

6 Months Ended

Jun. 30, 2024

Leases [Abstract]

Schedule of Supplemental Balance Sheet Information Related to Leases

Supplemental balance sheet information related to leases was as follows (amounts in thousands):


	Balance Sheet Classification	June 30, 2024		December 31, 2023
Operating lease ROU assets	Operating lease assets	$	105,117	$	11,955

Operating lease current liabilities	Operating leases current liabilities	$	11,008	$	5,021
Operating lease long-term liabilities	Operating leases long-term liabilities	93,694		6,153
Total operating lease liabilities		$	104,702	$	11,174

Finance lease, gross	Property, plant & equipment, net	$	5,897	$	5,175
Finance lease accumulated depreciation	Property, plant & equipment, net	(3,495)		(3,489)
Finance lease, net		$	2,402	$	1,686

Finance lease current liabilities	Other current liabilities	$	1,389	$	1,093
Finance lease long-term liabilities	Other long-term liabilities	1,646		1,321
Total finance lease liabilities		$	3,035	$	2,414

Schedule of Maturities of Operating Lease Liabilities

At June 30, 2024, maturities of lease liabilities were as follows (amounts in thousands):


	Operating Leases		Finance Leases
July 1 - December 31, 2024	$	18,913	$	1,053
2025	17,828		1,111
2026	16,711		824
2027	14,008		402
2028	12,563		215
Thereafter	128,273		24
Total lease payments	$	208,296	$	3,629
Less imputed interest	103,594		594
	$	104,702	$	3,035

Weighted average remaining lease term (in years)	13.32		2.75

Schedule of Maturities of Finance Lease Liabilities

At June 30, 2024, maturities of lease liabilities were as follows (amounts in thousands):


	Operating Leases		Finance Leases
July 1 - December 31, 2024	$	18,913	$	1,053
2025	17,828		1,111
2026	16,711		824
2027	14,008		402
2028	12,563		215
Thereafter	128,273		24
Total lease payments	$	208,296	$	3,629
Less imputed interest	103,594		594
	$	104,702	$	3,035

Weighted average remaining lease term (in years)	13.32		2.75

EMPLOYEE BENEFIT PLANS (Tables)

6 Months Ended

Jun. 30, 2024

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				Six months ended
	June 30,				June 30,
	2024		2023		2024		2023
Service cost	$	204	$	113	$	366	$	219
Interest cost	951		1,048		1,903		2,075
Expected return on assets	(1,301)		(1,167)		(2,602)		(2,334)
Amortization of unrecognized prior service cost	(14)		(18)		(30)		(33)
Amortization of net unrecognized loss	68		238		136		478
Net periodic pension (benefit) cost	$	(92)	$	214	$	(227)	$	405

VARIABLE INTEREST ENTITIES (Tables)

6 Months Ended

Jun. 30, 2024

Variable Interest Entity, Measure of Activity [Abstract]

Schedule of Variable Interest Entities

The following table summarizes the carrying amount of the VIE's assets and liabilities included in the Company’s Condensed Consolidated Balance Sheets (amounts in thousands):


	June 30, 2024		December 31, 2023
Cash and cash equivalents	$	975	$	355
Inventory	1,587		1,431
Other current assets	2,551		2,364
Property, plant and equipment, net	1,313		2,477
Other non-current assets	154		222
Total assets	$	6,580	$	6,849

Current liabilities	$	632	$	1,117
Other long-term liabilities	868		869
Total liabilities	$	1,500	$	1,986

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):


	June 30, 2024		December 31, 2023
Investments	$	7,584	$	7,127
Total VIE assets	7,584		7,127
Accounts payable to the non-consolidated VIEs	3,344		3,578
Maximum exposure to loss	$	10,928	$	10,705

OTHER INCOME (Tables)

6 Months Ended

Jun. 30, 2024

Other Income and Expenses [Abstract]

Schedule of Other Income

Other income consisted of the following (amounts in thousands):


	Three months ended				Six months ended
	June 30,				June 30,
	2024		2023		2024		2023
Income on indirect taxes (1)	$	—	$	475	$	—	$	475
Gain on property insurance settlement (2)	1,913		—		1,913		—

Equity investment income	241		277		568		732
Gain on sale of assets	413		61		388		71
Other income	710		373		813		670
	$	3,277	$	1,186	$	3,682	$	1,948

EARNINGS PER SHARE (Tables)

6 Months Ended

Jun. 30, 2024

Earnings Per Share [Abstract]

Schedule of Earnings Per Share, Basic and Diluted

Earnings per share (EPS) were as follows (amounts in thousands, except per share data):


	Three months ended				Six months ended
	June 30,				June 30,
	2024		2023		2024		2023

Net income attributable to Titan and applicable to common shareholders	$	2,149	$	30,207	$	11,350	$	62,045


Determination of shares:
Weighted average shares outstanding (basic)	72,737		62,931		68,833		62,918
Effect of restricted stock and stock options	341		303		528		486
Weighted average shares outstanding (diluted)	73,078		63,234		69,361		63,404
Earnings per common share:
Basic	$	0.03	$	0.48	$	0.16	$	0.99
Diluted	$	0.03	$	0.48	$	0.16	$	0.98

SEGMENT INFORMATION (Tables)

6 Months Ended

Jun. 30, 2024

Segment Reporting [Abstract]

Schedule of Segment Reporting Information, by Segment

The table below presents information about certain operating results, separated by market segments, for the three and six months ended June 30, 2024 and 2023 (amounts in thousands):


	Three months ended				Six months ended
	June 30,				June 30,
	2024		2023		2024		2023
Net sales
Agricultural	$	216,330	$	269,148	$	456,003	$	575,006
Earthmoving/construction	165,564		174,683		330,772		373,607
Consumer	150,276		37,345		227,604		81,207
	$	532,170	$	481,176	$	1,014,379	$	1,029,820
Gross profit
Agricultural	$	32,303	$	48,736	$	72,922	$	97,986
Earthmoving/construction	21,299		29,102		44,276		66,326
Consumer	26,840		8,057		40,614		17,140

	$	80,442	$	85,895	$	157,812	$	181,452
Income from operations
Agricultural	$	15,772	$	32,119	$	39,782	$	64,688
Earthmoving/construction	7,047		14,522		15,881		38,060
Consumer	6,449		5,865		11,562		12,657
Corporate & Unallocated	(6,946)		(6,608)		(19,831)		(14,371)
Income from operations	$	22,322	$	45,898	$	47,394	$	101,034

Interest expense, net	(7,187)		(5,762)		(12,679)		(12,254)

Foreign exchange gain (loss)	462		2		187		(1,758)
Other income, net	3,277		1,186		3,682		1,948
Income before income taxes	$	18,874	$	41,324	$	38,584	$	88,970

Schedule of Reconciliation of Assets from Segment to Consolidated

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


	June 30, 2024		December 31, 2023
Total assets
Agricultural	$	615,247	$	559,607
Earthmoving/construction	496,539		497,508
Consumer	559,184		155,602
Corporate & Unallocated	63,097		76,528
	$	1,734,067	$	1,289,245

Schedule of Reconciliation of Revenue from Segments to Consolidated

The table below presents net sales by products and reportable segments for the three and six months ended June 30, 2024 and 2023 (amounts in thousands):


	Agricultural Segment		Earthmoving/Construction Segment		Consumer Segment		Total
Three months ended June 30, 2024
Wheels and Tires [including assemblies]	$	205,709	$	59,352	$	142,230	$	407,291
Undercarriage systems and components	10,621		106,212		8,046		124,879
Total	$	216,330	$	165,564	$	150,276	$	532,170

Six months ended June 30, 2024
Wheels and Tires [including assemblies]	$	434,743	$	125,597	$	213,584	$	773,924
Undercarriage systems and components	21,260		205,175		14,020		240,455
Total	$	456,003	$	330,772	$	227,604	$	1,014,379


	Agricultural Segment		Earthmoving/Construction Segment		Consumer Segment		Total
Three months ended June 30, 2023
Wheels and Tires [including assemblies]	$	259,193	$	63,838	$	31,191	$	354,222
Undercarriage systems and components	9,955		110,845		6,154		126,954
Total	$	269,148	$	174,683	$	37,345	$	481,176

Six months ended June 30, 2023
Wheels and Tires [including assemblies]	$	552,897	$	145,217	$	68,421	$	766,535
Undercarriage systems and components	22,109		228,390		12,786		263,285
Total	$	575,006	$	373,607	$	81,207	$	1,029,820

ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME (Tables)

6 Months Ended

Jun. 30, 2024

Stockholders' Equity Note [Abstract]

Schedule of Accumulated Other Comprehensive (Loss) Income

Accumulated other comprehensive loss consisted of the following (amounts in thousands):


	Currency Translation Adjustments		Gain (Loss) on Derivatives		Unrecognized Losses and Prior Service Cost		Total
Balance at April 1, 2024	$	(231,487)	$	742	$	(2,180)	$	(232,925)
Currency translation adjustments, net	(18,576)		—		—		(18,576)
Defined benefit pension plans:
Amortization of unrecognized losses and prior service cost, net of tax of $53	—		—		(161)		(161)
Derivative loss	—		(74)		—		(74)
Balance at June 30, 2024	$	(250,063)	$	668	$	(2,341)	$	(251,736)


	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	(32,608)		—		—		(32,608)
Defined benefit pension plans:
Amortization of unrecognized losses and prior service cost, net of tax of $41	—		—		(13)		(13)
Derivative loss	—		(72)		—		(72)
Balance at June 30, 2024	$	(250,063)	$	668	$	(2,341)	$	(251,736)


	Currency Translation Adjustments		Gain (Loss) on Derivatives		Unrecognized Losses and Prior Service Cost		Total
Balance at April 1, 2023	$	(235,673)	$	1,113	$	(9,297)	$	(243,857)
Currency translation adjustments, net	2,212		—		—		2,212
Defined benefit pension plans:
Amortization of unrecognized losses and prior service cost, net of tax of $(41)	—		—		123		123
Derivative loss	—		(39)		—		(39)
Balance at June 30, 2023	$	(233,461)	$	1,074	$	(9,174)	$	(241,561)


	Currency Translation Adjustments		Gain (Loss) on Derivatives		Unrecognized Losses and Prior Service Cost		Total
Balance at January 1, 2023	$	(243,712)	$	1,224	$	(9,267)	$	(251,755)
Currency translation adjustments, net	10,251		—		—		10,251
Defined benefit pension plans:
Amortization of unrecognized losses and prior service cost, net of tax of $(30)	—		—		93		93
Derivative loss	—		(150)		—		(150)
Balance at June 30, 2023	$	(233,461)	$	1,074	$	(9,174)	$	(241,561)

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Details) $ in Thousands		1 Months Ended		3 Months Ended				6 Months Ended		12 Months Ended
	Dec. 16, 2022 USD ($)	Mar. 31, 2022	Jul. 31, 2018	Jun. 30, 2024 USD ($) shares	Mar. 31, 2024 USD ($)	Jun. 30, 2023 USD ($)	Mar. 31, 2023 USD ($)	Jun. 30, 2024 USD ($) shares	Jun. 30, 2023	Dec. 31, 2023 USD ($) shares	Apr. 22, 2021
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Investments in marketable equity securities				$ 12,700				$ 12,700
Debt instrument interest rate stated percentage (in percent)				7.00%				7.00%		7.00%	7.00%
Aggregate principal amount				$ 553,789				$ 553,789
Net monetary loss				$ 400				$ 1,600
Consolidated assets (in percent)				6.00%				6.00%		7.00%
Consolidated sales (in percent)				4.00%		7.00%		5.00%	6.00%
Stock repurchase program, authorized amount	$ 50,000
Stock repurchased (in shares) \| shares				775,000				875,000		2,653,786
Stock repurchase amount				$ 6,360	$ 1,402	$ 5,097	$ 1,293	$ 7,800		$ 32,600
Stock repurchase program, remaining authorized repurchase amount				9,600				9,600
Supplier finance program obligation				$ 4,300				$ 4,300		7,400
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%				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%				7.00%
Aggregate principal amount				$ 396,706				$ 396,706		$ 396,277
Fair value of the senior secured notes				$ 384,400				$ 384,400

BUSINESS COMBINATION - Narrative (Details) $ in Thousands		3 Months Ended		6 Months Ended
BUSINESS COMBINATION - Narrative (Details) $ in Thousands	Feb. 29, 2024 country facility	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items]
Total acquisition-related costs		$ 0	$ 0	$ 6,196	$ 0
The Carlstar Group, LLC
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items]
Number of facilities \| facility	17
Number of countries facilities are located \| country	4
The Carlstar Group, LLC
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items]
Percentage of equity interests (in percent)	100.00%
Total acquisition-related costs		$ 0		$ 6,200

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	18,372
Other debt-like items	(3,665)
Total purchase consideration, net of cash acquired	310,900
Cash consideration, net of cash acquired	$ 10,288

BUSINESS COMBINATION - Assets and Liabilities of Purchase Price Consideration (Details) - USD ($) $ in Thousands	Feb. 29, 2024	Jun. 30, 2024	Dec. 31, 2023
Business Acquisition [Line Items]
Goodwill		$ 12,867	$ 0
The Carlstar Group, LLC
Business Acquisition [Line Items]
Accounts receivable	$ 98,439
Inventories	145,988
Prepaid and other current assets	13,339
Property, plant, and equipment	128,162
Other long-term assets	96,203
Goodwill	12,867
Intangible assets	15,770
Fair value of assets acquired	510,768
Accounts payable	66,055
Other current liabilities	26,377
Operating leases	95,476
Deferred tax liabilities	10,451
Other long-term liabilities	1,509
Fair value of liabilities assumed	199,868
Purchase Price	$ 310,900

BUSINESS COMBINATION - Carrying Amounts and Weighted Average Lives of the Acquired Intangible Assets (Details) - The Carlstar Group, LLC $ in Thousands	Feb. 29, 2024 USD ($)
Business Acquisition [Line Items]
Carrying Value	$ 15,770
Weighted Average Amortization (in Years)	10 years 7 months 28 days
Customer lists/relationships
Business Acquisition [Line Items]
Carrying Value	$ 10,347
Weighted Average Amortization (in Years)	10 years
Trade names
Business Acquisition [Line Items]
Carrying Value	$ 3,508
Weighted Average Amortization (in Years)	15 years
Other intangibles
Business Acquisition [Line Items]
Carrying Value	$ 1,915
Weighted Average Amortization (in Years)	6 years 3 months

BUSINESS COMBINATION - Actual Revenue and Net Income (Details) - The Carlstar Group, LLC $ in Thousands	4 Months Ended
	Jun. 30, 2024 USD ($)
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items]
Carlstar revenue	$ 187,610
Carlstar income before taxes	$ 8,084

BUSINESS COMBINATION - Proforma Financial Information (Details) - The Carlstar Group, LLC - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items]
Pro forma revenues	$ 532,170	$ 643,341	$ 1,116,197	$ 1,369,116
Pro forma net income	$ 10,752	$ 41,999	$ 36,197	$ 65,055
Net income per common share, basic (in dollars per share)	$ 0.15	$ 0.56	$ 0.50	$ 0.87
Net income per common share, diluted (in dollars per share)	$ 0.14	$ 0.55	$ 0.49	$ 0.86

ACCOUNTS RECEIVABLE, NET (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Receivables [Abstract]
Accounts receivable	$ 323,609	$ 224,485
Allowance for credit losses	(6,970)	(5,340)
Accounts receivable, net	$ 316,639	$ 219,145

INVENTORIES (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Inventory Disclosure [Abstract]
Raw material	$ 113,569	$ 108,504
Work-in-process	45,182	39,921
Finished goods	305,899	216,731
Total inventory	$ 464,650	$ 365,156

PROPERTY, PLANT AND EQUIPMENT, NET (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 1,197,686		$ 1,197,686		$ 1,060,428
Less accumulated depreciation	(749,957)		(749,957)		(738,734)
Property, plant and equipment, net	447,729		447,729		321,694
Depreciation	14,300	$ 10,400	25,900	$ 20,800
Land and improvements
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	44,208		44,208		42,140
Buildings and improvements
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	266,091		266,091		243,241
Machinery and equipment
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	709,663		709,663		628,975
Tools, dies and molds
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	127,187		127,187		116,328
Construction-in-process
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 50,537		$ 50,537		$ 29,744

INTANGIBLE ASSETS, NET - Amortizable Intangible Assets, Net (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Finite-Lived Intangible Assets [Line Items]
Amortizable intangible assets, customer lists/relationships	$ 10,347		$ 10,347		$ 0
Amortizable intangible assets, trade names	3,508		3,508		0
Amortizable intangible assets, other intangibles	5,299		5,299		3,384
Total at cost	19,154		19,154		3,384
Less accumulated amortization	(2,644)		(2,644)		(1,953)
Total	16,510		16,510		$ 1,431
Amortization related to intangible assets	$ 900	$ 100	$ 1,100	$ 300
Customer lists/relationships
Finite-Lived Intangible Assets [Line Items]
Weighted- Average Useful Lives (in Years)	10 years		10 years
Trade names
Finite-Lived Intangible Assets [Line Items]
Weighted- Average Useful Lives (in Years)	15 years		15 years
Other intangibles
Finite-Lived Intangible Assets [Line Items]
Weighted- Average Useful Lives (in Years)	14 years 8 months 4 days		14 years 8 months 4 days

INTANGIBLE ASSETS, NET - Aggregate Amortization Expense (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
July 1 - December 31, 2024	$ 922
2025	1,844
2026	1,699
2027	1,669
2028	1,669
Thereafter	8,707
Total	$ 16,510	$ 1,431

OTHER CURRENT LIABILITIES (Details) - USD ($) $ in Thousands	1 Months Ended
	Aug. 31, 2014	Jun. 30, 2024	Dec. 31, 2023
Other Liabilities, Current [Abstract]
Compensation and benefits		$ 56,430	$ 47,543
Warranty		24,125	21,710
Accrued insurance benefits		19,968	19,162
Customer rebates and deposits		18,974	15,490
Accrued other taxes		15,792	13,762
Accrued interest		6,351	4,955
Foreign government grant		3,666	4,509
Other		26,109	22,109
Total		$ 171,415	$ 149,240
Capital grant from the Italian government	$ 17,000

WARRANTY - Product Warranty Liability (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Product Warranty Liability [Roll Forward]
Warranty liability at beginning of the period	$ 21,710	$ 19,914
Provision for warranty liabilities	9,751	7,547
Warranty payments made	(9,120)	(5,467)
Other adjustments, including acquisition of Carlstar	1,784	0
Warranty liability at end of the period	$ 24,125	$ 21,994

WARRANTY - Narrative (Details)	Jun. 30, 2024
Minimum
Product Warranty Liability [Line Items]
Warranty term (in years)	1 year
Maximum
Product Warranty Liability [Line Items]
Warranty term (in years)	10 years

DEBT - Long-term Debt Instruments (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023	Apr. 22, 2021
Debt Instrument [Line Items]
Revolving credit facility	$ 127,000
Less amounts due within one year	14,588	$ 16,913
Debt instrument, unamortized discount	(3,294)	(3,723)
Debt instrument, unamortized discount, current	0	0
Debt instrument, unamortized discount (premium), net	(3,294)	(3,723)
Long-term debt	553,789
Total debt	550,495	426,091
Total long-term debt	$ 535,907	$ 409,178
Debt instrument interest rate stated percentage (in percent)	7.00%	7.00%	7.00%
Long-term Debt
Debt Instrument [Line Items]
Total debt	$ 553,789	$ 429,814
Total long-term debt	539,201	412,901
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	(3,294)	(3,723)
Long-term debt	$ 396,706	396,277
Debt instrument interest rate stated percentage (in percent)	7.00%
Line of Credit
Debt Instrument [Line Items]
Revolving credit facility	$ 127,000
Debt instrument, unamortized discount	0
Titan Europe credit facilities
Debt Instrument [Line Items]
Titan Europe credit facilities	19,865	22,568
Debt instrument, unamortized discount, noncurrent	0	0
Other debt
Debt Instrument [Line Items]
Other debt	6,924	7,246
Debt instrument, unamortized discount, noncurrent	$ 0	$ 0

DEBT - Narrative (Details) - USD ($) $ in Thousands		6 Months Ended
DEBT - Narrative (Details) - USD ($) $ in Thousands	Feb. 29, 2024	Jun. 30, 2024	Feb. 28, 2024	Dec. 31, 2023	Apr. 22, 2021
Debt Instrument [Line Items]
Weighted-average interest rates on short-term borrowings (in percent)		2.80%		3.10%
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	$ 204,200
Bridge loan	20,000
Swingline amount under line of credit facility	50,000
Line of credit facility maximum expansion	$ 50,000
Line of credit facility, interest rate (in percent)		7.05%
Outstanding letters of credit		$ 9,900
Revolving credit facility		127,000
Borrowing under the new credit facility		67,300
BMO Harris Bank N.A.
Debt Instrument [Line Items]
Line of credit facility			$ 125,000
Line of credit facility maximum expansion			$ 50,000
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%
Debt instrument term (in years)	91 days
Titan Europe credit facilities
Debt Instrument [Line Items]
Other borrowings		$ 19,865		22,568
Titan Europe credit facilities \| Minimum
Debt Instrument [Line Items]
Debt instrument interest rate stated percentage (in percent)		0.50%
Debt instrument term (in years)		1 year
Titan Europe credit facilities \| Maximum
Debt Instrument [Line Items]
Debt instrument interest rate stated percentage (in percent)		6.50%
Debt instrument term (in years)		5 years
Other debt
Debt Instrument [Line Items]
Other debt		$ 6,924		$ 7,246
Other debt \| Minimum
Debt Instrument [Line Items]
Debt instrument interest rate stated percentage (in percent)		7.00%
Debt instrument term (in years)		1 year
Other debt \| Maximum
Debt Instrument [Line Items]
Debt instrument interest rate stated percentage (in percent)		7.60%
Debt instrument term (in years)		2 years
Titan Brazil
Debt Instrument [Line Items]
Other debt		$ 6,900

DEBT - Maturities of Long-term Debt (Details) $ in Thousands	Jun. 30, 2024 USD ($)
Debt Disclosure [Abstract]
July 1 - December 31, 2024	$ 9,797
2025	4,784
2026	7,589
2027	772
2028	527,454
Thereafter	3,393
Long-term debt	$ 553,789

LEASES - Narrative (Details) - USD ($) $ in Millions	6 Months Ended
LEASES - Narrative (Details) - USD ($) $ in Millions	Jun. 30, 2024	Apr. 22, 2021
Leases [Abstract]
Debt instrument, interest rate, effective percentage (in percent)		7.27%
Operating cash flows from operating leases	$ 4.5

LEASES - Supplemental Balance Sheet Information Related to Leases (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Leases [Abstract]
Operating lease ROU assets	$ 105,117	$ 11,955
Operating lease current liabilities	11,008	5,021
Operating lease long-term liabilities	93,694	6,153
Total operating lease liabilities	104,702	11,174
Finance lease, gross	5,897	5,175
Finance lease accumulated depreciation	(3,495)	(3,489)
Finance lease, net	2,402	1,686
Finance lease current liabilities	1,389	1,093
Finance lease long-term liabilities	1,646	1,321
Total finance lease liabilities	$ 3,035	$ 2,414

LEASES - Maturities of Lease Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Operating Leases
July 1 - December 31, 2024	$ 18,913
2025	17,828
2026	16,711
2027	14,008
2028	12,563
Thereafter	128,273
Total lease payments	208,296
Less imputed interest	103,594
Operating lease liability	104,702	$ 11,174
Finance Leases
July 1 - December 31, 2024	1,053
2025	1,111
2026	824
2027	402
2028	215
Thereafter	24
Total lease payments	3,629
Less imputed interest	594
Finance lease liability	$ 3,035	$ 2,414
Operating lease, weighted average remaining lease term (in years)	13 years 3 months 25 days
Finance lease, weighted average remaining lease term (in years)	2 years 9 months

EMPLOYEE BENEFIT PLANS - Narrative (Details) $ in Millions	6 Months Ended
EMPLOYEE BENEFIT PLANS - Narrative (Details) $ in Millions	Jun. 30, 2024 USD ($) plan
Retirement Benefits [Abstract]
Number of frozen plans \| plan	3
Number of subsidiaries with frozen plans \| plan	3
Contributions by employer \| $	$ 0.3
Estimated future employer contributions \| $	$ 0.7

EMPLOYEE BENEFIT PLANS - Components of Net Periodic Pension Cost (Details) - Pension Plan - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Defined Benefit Plan Disclosure [Line Items]
Service cost	$ 204	$ 113	$ 366	$ 219
Interest cost	951	1,048	1,903	2,075
Expected return on assets	(1,301)	(1,167)	(2,602)	(2,334)
Amortization of unrecognized prior service cost	(14)	(18)	(30)	(33)
Amortization of net unrecognized loss	68	238	136	478
Net periodic pension (benefit) cost	$ (92)	$ 214	$ (227)	$ 405

VARIABLE INTEREST ENTITIES - Narrative (Details)	6 Months Ended
VARIABLE INTEREST ENTITIES - Narrative (Details)	Jun. 30, 2024 jointVenture
Variable Interest Entity, Measure of Activity [Abstract]
Number of joint ventures	1
VIE ownership percentage (in percent)	50.00%

VARIABLE INTEREST ENTITIES - Variable Interest Entities (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Variable Interest Entity [Line Items]
Cash and cash equivalents	$ 224,100	$ 220,251
Inventory	464,650	365,156
Property, plant and equipment, net	447,729	321,694
Total assets	1,734,067	1,289,245
Current liabilities	454,282	372,375
Other long-term liabilities	32,002	31,890
Total liabilities	1,120,448	821,830
Consolidated VIEs
Variable Interest Entity [Line Items]
Cash and cash equivalents	975	355
Inventory	1,587	1,431
Other current assets	2,551	2,364
Property, plant and equipment, net	1,313	2,477
Other non-current assets	154	222
Total assets	6,580	6,849
Current liabilities	632	1,117
Other long-term liabilities	868	869
Total liabilities	$ 1,500	$ 1,986

VARIABLE INTEREST ENTITIES - Non Consolidated Variable Interest Entities (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Variable Interest Entity [Line Items]
Total assets	$ 1,734,067	$ 1,289,245
Accounts payable to the non-consolidated VIEs	316,639	219,145
Non-Consolidated VIEs
Variable Interest Entity [Line Items]
Investments	7,584	7,127
Total assets	7,584	7,127
Accounts payable to the non-consolidated VIEs	3,344	3,578
Maximum exposure to loss	$ 10,928	$ 10,705

ROYALTY EXPENSE (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
ROYALTY EXPENSE (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Other Income and Expenses [Abstract]
Royalty expenses	$ 2,319	$ 1,921	$ 5,347	$ 4,856

OTHER INCOME (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
OTHER INCOME (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Other Income and Expenses [Abstract]
Income on indirect taxes	$ 0	$ 475	$ 0	$ 475
Gain on property insurance settlement	1,913	0	1,913	0
Equity investment income	241	277	568	732
Gain on sale of assets	413	61	388	71
Other income	710	373	813	670
Total other income	$ 3,277	1,186	3,682	1,948
Indirect tax credits		$ 500		$ 500
Insurance proceeds			$ (3,500)

INCOME TAXES (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
INCOME TAXES (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Income Tax Disclosure [Abstract]
Income tax expense	$ 15,452	$ 9,429	$ 25,188	$ 23,645
Effective income tax rate (in percent)	81.90%	22.80%	65.30%	26.60%
Profit and loss positions (in years)			3 years

EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Earnings Per Share [Abstract]
Net income attributable to Titan and applicable to common shareholders	$ 2,149	$ 30,207	$ 11,350	$ 62,045
Weighted average shares outstanding (basic) (in shares)	72,737	62,931	68,833	62,918
Effect of restricted stock and stock options (in shares)	341	303	528	486
Weighted average shares outstanding (diluted) (in shares)	73,078	63,234	69,361	63,404
Earnings per common share, basic (in dollars per share)	$ 0.03	$ 0.48	$ 0.16	$ 0.99
Earnings per common share, diluted (in dollars per share)	$ 0.03	$ 0.48	$ 0.16	$ 0.98

SEGMENT INFORMATION - Narrative (Details)	6 Months Ended
SEGMENT INFORMATION - Narrative (Details)	Jun. 30, 2024 segment
Segment Reporting [Abstract]
Number of reportable segments	3

SEGMENT INFORMATION - Segment Reporting Information, by Segment (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Segment Reporting Information [Line Items]
Net sales	$ 532,170	$ 481,176	$ 1,014,379	$ 1,029,820
Gross profit	80,442	85,895	157,812	181,452
Income (loss) from operations	22,322	45,898	47,394	101,034
Interest expense, net	(7,187)	(5,762)	(12,679)	(12,254)
Foreign exchange gain (loss)	462	2	187	(1,758)
Other income, net	3,277	1,186	3,682	1,948
Income before income taxes	18,874	41,324	38,584	88,970
Operating Segments
Segment Reporting Information [Line Items]
Net sales	532,170	481,176	1,014,379	1,029,820
Gross profit	80,442	85,895	157,812	181,452
Income (loss) from operations	22,322	45,898	47,394	101,034
Operating Segments \| Agricultural
Segment Reporting Information [Line Items]
Net sales	216,330	269,148	456,003	575,006
Gross profit	32,303	48,736	72,922	97,986
Income (loss) from operations	15,772	32,119	39,782	64,688
Operating Segments \| Earthmoving/construction
Segment Reporting Information [Line Items]
Net sales	165,564	174,683	330,772	373,607
Gross profit	21,299	29,102	44,276	66,326
Income (loss) from operations	7,047	14,522	15,881	38,060
Operating Segments \| Consumer
Segment Reporting Information [Line Items]
Net sales	150,276	37,345	227,604	81,207
Gross profit	26,840	8,057	40,614	17,140
Income (loss) from operations	6,449	5,865	11,562	12,657
Operating Segments \| Corporate & Unallocated
Segment Reporting Information [Line Items]
Income (loss) from operations	$ (6,946)	$ (6,608)	$ (19,831)	$ (14,371)

SEGMENT INFORMATION - Assets from Segment to Consolidated (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Segment Reporting Information [Line Items]
Assets	$ 1,734,067	$ 1,289,245
Operating Segments \| Agricultural
Segment Reporting Information [Line Items]
Assets	615,247	559,607
Operating Segments \| Earthmoving/construction
Segment Reporting Information [Line Items]
Assets	496,539	497,508
Operating Segments \| Consumer
Segment Reporting Information [Line Items]
Assets	559,184	155,602
Operating Segments \| Corporate & Unallocated
Segment Reporting Information [Line Items]
Assets	$ 63,097	$ 76,528

SEGMENT INFORMATION - Revenue from Segments to Consolidated (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Segment Reporting Information [Line Items]
Net sales	$ 532,170	$ 481,176	$ 1,014,379	$ 1,029,820
Operating Segments
Segment Reporting Information [Line Items]
Net sales	532,170	481,176	1,014,379	1,029,820
Operating Segments \| Wheels and Tires [including assemblies]
Segment Reporting Information [Line Items]
Net sales	407,291	354,222	773,924	766,535
Operating Segments \| Undercarriage systems and components
Segment Reporting Information [Line Items]
Net sales	124,879	126,954	240,455	263,285
Operating Segments \| Agricultural
Segment Reporting Information [Line Items]
Net sales	216,330	269,148	456,003	575,006
Operating Segments \| Agricultural \| Wheels and Tires [including assemblies]
Segment Reporting Information [Line Items]
Net sales	205,709	259,193	434,743	552,897
Operating Segments \| Agricultural \| Undercarriage systems and components
Segment Reporting Information [Line Items]
Net sales	10,621	9,955	21,260	22,109
Operating Segments \| Earthmoving/construction
Segment Reporting Information [Line Items]
Net sales	165,564	174,683	330,772	373,607
Operating Segments \| Earthmoving/construction \| Wheels and Tires [including assemblies]
Segment Reporting Information [Line Items]
Net sales	59,352	63,838	125,597	145,217
Operating Segments \| Earthmoving/construction \| Undercarriage systems and components
Segment Reporting Information [Line Items]
Net sales	106,212	110,845	205,175	228,390
Operating Segments \| Consumer
Segment Reporting Information [Line Items]
Net sales	150,276	37,345	227,604	81,207
Operating Segments \| Consumer \| Wheels and Tires [including assemblies]
Segment Reporting Information [Line Items]
Net sales	142,230	31,191	213,584	68,421
Operating Segments \| Consumer \| Undercarriage systems and components
Segment Reporting Information [Line Items]
Net sales	$ 8,046	$ 6,154	$ 14,020	$ 12,786

ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023	Dec. 31, 2022
Stockholders' Equity Note [Abstract]
Currency Translation Adjustments	$ (250,063)	$ (233,461)	$ (250,063)	$ (233,461)	$ (231,487)	$ (217,455)	$ (235,673)	$ (243,712)
Currency translation adjustments, net	(18,576)	2,212	(32,608)	10,251
Gain (Loss) on Derivatives	668	1,074	668	1,074	742	740	1,113	1,224
Derivative loss	(74)	(39)	(72)	(150)
Unrecognized Losses and Prior Service Cost	(2,341)	(9,174)	(2,341)	(9,174)	(2,180)	(2,328)	(9,297)	(9,267)
Amortization of unrecognized losses and prior service cost, net of tax	(161)	123	(13)	93
Accumulated other comprehensive loss	(251,736)	(241,561)	(251,736)	(241,561)	$ (232,925)	$ (219,043)	$ (243,857)	$ (251,755)
Amortization of unrecognized losses and prior service cost, tax	$ 53	$ (41)	$ 41	$ (30)

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