0000899751False00008997512024-02-292024-02-29


    
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 8-K/A

(Amendment No. 2)
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): February 29, 2024

TITAN INTERNATIONAL, INC.
(Exact name of Registrant as specified in its Charter)

Delaware1-1293636-3228472
(State of Incorporation)(Commission File Number)(I.R.S. Employer Identification No.)
1525 Kautz Road, Suite 600, West Chicago, IL 60185
(Address of principal executive offices, including Zip Code)
(630) 377-0486
(Registrant's telephone number, including area code)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

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 ☐

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading
Symbol		Name of each exchange on which registered
Common stock, $0.0001 par valueTWINew York Stock Exchange



EXPLANATORY NOTE

This Amendment No. 2 on Form 8-K/A amends and supplements the Current Report on Form 8-K filed by Titan International Inc. (the “Company”) on February 29, 2024 (the “Initial Report”), in order to provide certain pro forma financial information required under Item 9.01(b) of Form 8-K, with respect to the Company’s acquisition of The Carlstar Group, LLC (“Carlstar”) as described in the Initial Report and Amendment No. 1 as filed with the Securities and Exchange Commission on May 16, 2024.


Item 9.01    Financial Statements and Exhibits

(b) Pro Forma Financial Information.

The unaudited pro forma condensed combined statement of operations for the year ended December 31, 2023 and for the nine months ended September 30, 2024 and the notes related thereto, are filed as Exhibit 99.1 to this report and incorporated herein by reference.

(d) Exhibits.







































SIGNATURE

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 hereunto duly authorized.



TITAN INTERNATIONAL, INC.
(Registrant)

Date:November 1, 2024
By:
/s/ DAVID A. MARTIN
David A. Martin
SVP, Chief Financial Officer



UNAUDITED PRO FORMA CONDENSED COMBINED FINANCIAL INFORMATION
(Dollar amounts presented in thousands, except per share amounts)


On February 29, 2024, Titan International, Inc., a Delaware corporation (the “Company”) entered into a Membership Interest Purchase Agreement (the “Purchase Agreement”) by and among the Company, Titan Tire Holdings, Inc., a Delaware corporation and wholly-owned subsidiary of the Company (“Holdings”), Carlstar Intermediate Holdings I, LLC (“Carlstar Intermediate”), AIPCF V Feeder (Cayman), LP (“AIPCF Cayman”), AIPCF V Feeder CTP Tire, LLC (together with Carlstar Intermediate and AIPCF Cayman, the “Sellers”) and The Carlstar Group, LLC (“Carlstar”) under which Holdings acquired all of the equity interest of Carlstar (the “Transaction”) for a total purchase price of approximately $296.2 million, consisting of $127.5 million of cash (the “Cash Consideration”) and $168.7 million of the Company’s common stock, subject to certain customary adjustments, including a working capital adjustment based on an agreed working capital target. See Note 1 to this unaudited pro forma condensed combined financial information for additional information on the Transaction. The unaudited pro forma condensed combined financial information is presented to illustrate the effects of the acquisition (the “Acquisition”) of Carlstar by the Company and certain contemporaneous financing transactions (collectively, the “Transaction”) as if the Transaction has occurred on January 1, 2023, the beginning of the most recently completed fiscal year preceding the Transaction.

The unaudited pro forma condensed combined balance sheet as of December 31, 2023 was filed on the Form 8-K/A (Amendment No. 1) as filed with the Securities and Exchange Commission (the “SEC”) on May 16, 2024. An unaudited pro forma condensed combined balance sheet has been omitted from this filing since the acquisition is already reflected in the Company's historical balance sheet as of December 31, 2023 and included in the Form 8-K/A (Amendment No. 1) and reflected in the Company's historical balance sheet as of September 30, 2024 and included in the Company's Form 10-Q filed with the SEC on October 30, 2024.

The unaudited pro forma condensed combined statement of operations for the year ended December 31, 2023 and for the nine months ended September 30, 2024 are based upon, derived from and should be read in conjunction with the historical audited consolidated financial statements of the Company for the year ended December 31, 2023 (which are available in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023, as filed with the SEC on February 29, 2024 and the Company's Form 10-Q for the nine months ended September 30, 2024, as filed with the SEC on October 30, 2024), and the historical financial statements of Carlstar included in the Form 8-K/A (Amendment No. 1) filed with the SEC on May 16, 2024.

For purposes of the pro forma condensed combined statement of operations, results for Carlstar are presented for the twelve-month period ended December 31, 2023 and for the nine-month period ended September 30, 2024. This information was derived from the historical audited statement of operations of Carlstar for the year ended December 31, 2023, which was included in the Form 8-K/A as Exhibit 99.1 filed with the SEC on May 16, 2024.

The unaudited pro forma condensed combined statement of operations for the year ended December 31, 2023 and for the nine months ended September 30, 2024 assumes that the Transaction occurred on January 1, 2023. The historical condensed combined financial information has been adjusted to give pro forma effect to reflect the accounting for the Transaction in accordance with U.S. GAAP. In the opinion of management, all adjustments necessary to present fairly the unaudited pro forma condensed combined financial information have been made. The assumptions underlying the pro forma adjustments are described more fully in the accompanying notes, which should be read in conjunction with the unaudited pro forma condensed combined financial information.

The Acquisition is being accounted for as a business combination using the acquisition method of accounting under the provisions of Accounting Standards Codification ("ASC") Topic 805, "Business Combinations" ("ASC 805"), and using the fair value concepts defined in ASC Topic 820, "Fair Value Measurements" ("ASC 820"). ASC 820 defines the term "fair value" and sets forth the valuation requirements for any asset or liability measured at fair value, expands related disclosure requirements and specifies a hierarchy of valuation techniques based on the nature of the inputs used to develop fair value measures. Fair value is defined in ASC 820 as "the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date". This is an exit price concept for the valuation of the asset or liability. In addition, market participants are assumed to be buyers and sellers in the principal (or the most advantageous) market for the asset or liability. Many of these fair value measurements can be highly subjective, and it is
1

possible that other professionals, applying reasonable judgment to the same facts and circumstances, could develop and support a range of alternative estimated amounts. Under ASC 805, all assets acquired and liabilities assumed are recorded at their acquisition date fair value. The allocation of the purchase price as reflected in the unaudited pro forma condensed combined financial information is based upon management's internally developed preliminary estimates of the fair market value of the assets acquired and liabilities assumed, as if the Acquisition had occurred on the above dates. This allocation of the purchase price depends upon certain estimates and assumptions, all of which are preliminary and, in some instances, are incomplete and have been made solely for the purpose of developing the unaudited pro forma condensed combined financial information. Any adjustments to the preliminary estimated fair value amounts could have a significant impact on the unaudited pro forma condensed combined financial information contained herein, and our future results of operations and financial position.

The unaudited pro forma condensed combined financial information is not necessarily indicative of the combined financial position or results of operations that would have been realized had the Transaction occurred as of the dates indicated, nor is it meant to be indicative of any anticipated combined financial position or future results of operations that the Company will experience after the Transaction.
2

TITAN INTERNATIONAL, INC.
Unaudited Pro Forma Condensed Combined Statement of Operations
(All amounts in thousands, except per share data)

For the year ended December 31, 2023
 Historical TitanHistorical Carlstar Business Transaction AdjustmentsNote ReferencesPro Forma Combined
 
Net sales$1,821,800 $615,200 $— $2,437,000 
Cost of sales1,515,951 470,100 8,943 4(a)1,994,994 
Gross profit305,849 145,100 (8,943)442,006 
Selling, general and administrative expenses134,938 84,300 (597)4(b)218,641 
Research and development expenses12,539 3,200 — 15,739 
Royalty expense9,645 — — 9,645 
Income from operations148,727 57,600 (8,346)197,981 
Interest expense(29,157)(35,100)17,287 4(c)(46,970)
Interest income10,372 1,300 — 11,672 
Foreign exchange (loss) gain(22,822)1,700 — (21,122)
Other income 2,628 56,100 — 58,728 
Income before income taxes109,748 81,600 8,941 200,289 
Provision for income taxes26,042 6,000 15,484 4(d)47,526 
Net income83,706 75,600 (6,543)152,763 
Net income attributable to noncontrolling interests4,946 — — 4,946 
Net income attributable to Titan and applicable to common shareholders$78,760 $75,600 $(6,543)$147,817 
Earnings per common share: 
Basic$1.26 $1.99 
Diluted$1.25 $1.97 
Average common shares and equivalents outstanding:
Basic62,452 11,922 4(e)74,374 
Diluted62,961 11,922 4(e)74,883 
 

See accompanying Notes to Condensed Consolidated Financial Statements.











3


For the nine months ended September 30, 2024
 Historical TitanHistorical Carlstar Business (January and February 2024)Transaction AdjustmentsNote ReferencesPro Forma Combined
 
Net sales$1,462,364 $101,818 $— $1,564,182 
Cost of sales1,245,747 82,978 (11,500)5(a)1,317,225 
Gross profit216,617 18,840 11,500 246,957 
Selling, general and administrative expenses140,536 14,605 — 155,141 
Acquisition related expenses6,196 170 — 6,366 
Research and development expenses12,071 590 — 12,661 
Royalty expense7,613 — — 7,613 
Income from operations50,201 3,475 11,500 65,176 
Interest expense(27,103)(1,615)— (28,718)
Interest income8,483 — — 8,483 
Foreign exchange loss(2,338)— — (2,338)
Other income (expense)4,057 (216)— 3,841 
Income before income taxes33,300 1,644 11,500 46,444 
Provision for income taxes38,103 1,128 2,875 5(c)42,106 
Net (loss) income(4,803)516 8,625 4,338 
Net income attributable to noncontrolling interests2,096 — — 2,096 
Net (loss) income attributable to Titan and applicable to common shareholders$(6,899)$516 $8,625 $2,242 
Loss (earnings) per common share: 
Basic$(0.10)$0.03 
Diluted$(0.10)$0.03 
Average common shares and equivalents outstanding:
Basic69,900 2,567 5(b)72,467 
Diluted69,900 3,025 5(b)72,925 
4


TITAN INTERNATIONAL, INC.
Notes to Unaudited Condensed Combined Financial Statements
Amounts in thousands (except per share data)
(Unaudited)

1. DESCRIPTION OF TRANSACTION

On February 29, 2024, Titan International, Inc., a Delaware corporation (the “Company”) entered into a Membership Interest Purchase Agreement (the “Purchase Agreement”) by and among the Company, Titan Tire Holdings, Inc., a Delaware corporation and wholly-owned subsidiary of the Company (“Holdings”), Carlstar Intermediate Holdings I, LLC (“Carlstar Intermediate”), AIPCF V Feeder (Cayman), LP (“AIPCF Cayman”), AIPCF V Feeder CTP Tire, LLC (together with Carlstar Intermediate and AIPCF Cayman, the “Sellers”) and The Carlstar Group, LLC (“Carlstar”) under which Holdings acquired all of the equity interest of Carlstar (the “Transaction”) for a total purchase price of approximately $296.2 million, consisting of $127.5 million of cash (the “Cash Consideration”) and $168.7 million of the Company’s common stock (11,921,766 shares at $14.15 per share) (the “Stock Consideration”), subject to certain customary adjustments including a working capital adjustment based on an agreed working capital target.

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.


2. BASIS OF PRESENTATION

The unaudited pro forma condensed combined statement of operations for the year ended December 31, 2023 was derived from the audited consolidated financial statements included in the Company’s Annual Report on Form 10-K ("the 2023 Form 10-K") for the year ended December 31, 2023, and the audited historical financial information of Carlstar for the year ended December 31, 2023, and has been prepared as if the Transaction had occurred on January 1, 2023.

The unaudited pro forma condensed combined statement of operations for the nine months ended September 30, 2024 was derived from the unaudited consolidated financial statements included in the Company’s Form 10-Q ("the 2024 Form 10-Q") for the nine months ended September 30, 2024, and the unaudited historical financial information of Carlstar for the nine months ended September 30, 2024, and has been prepared as if the Transaction had occurred on January 1, 2023.

The Carlstar audited historical consolidated financial statements as of and for the year ended December 31, 2023 was included in the Form 8-K/A (Amendment No. 1) filed with the SEC on May 16, 2024. These statements should be read in conjunction with such historical financial statements. The historical consolidated financial information has been adjusted to give pro forma effect to reflect the accounting for the Transaction in accordance with U.S. GAAP. The historical Carlstar financial statements as of and for the year ended December 31, 2023 have been adjusted to reflect certain reclassifications to conform to the Company’s financial statement presentation in the unaudited pro forma condensed combined financial statements.

The Company has accounted for the Transaction under the acquisition method of accounting in accordance with the authoritative guidance on business combinations under the provisions of ASC 805. The allocation of the purchase price as reflected in the unaudited pro forma condensed combined financial information was based on a preliminary valuation of the assets acquired and liabilities assumed, and the accounting is subject to revision as more detailed analyses are completed and additional information about the fair value of assets acquired and liabilities assumed becomes available. The final purchase price allocation may include changes to the amount of intangible assets, goodwill, and deferred taxes, as well as other items. Accordingly, the pro forma adjustments are preliminary and have been made solely for the purpose of providing unaudited pro forma condensed combined financial information. Differences between these preliminary estimates and the final purchase accounting may occur, and these differences could be material.

Assets acquired and liabilities assumed in a business combination that arise from contingencies must be recognized at fair value if the fair value can be reasonably estimated. If the fair value of an asset or liability that arises from a contingency cannot be determined, the asset or liability would be recognized in accordance with ASC 450, “Disclosure of Certain Loss Contingencies” (“ASC 450”). If the fair value is not determinable and the ASC 450 criteria are not met, no asset or liability would be recognized. Management is not aware of any material contingencies related to Carlstar.

5


TITAN INTERNATIONAL, INC.
Notes to Unaudited Condensed Combined Financial Statements
Amounts in thousands (except per share data)
(Unaudited)
The unaudited pro forma condensed combined financial information is presented solely for informational purposes and is not necessarily indicative of the combined results of operations or financial position that might have been achieved for the periods presented, nor is it necessarily indicative of the future results of the combined company. The unaudited pro forma condensed combined financial information does not reflect any cost savings from future operating synergies or integration activities, if any, or any revenue, tax, or other synergies, if any, that could result from the Acquisition.

3. ACCOUNTING POLICIES

Acquisition accounting rules require evaluation of certain assumptions and estimates, as well as determination of financial statement classifications which are completed during the measurement period as defined in current accounting standards. The Company has completed a review of accounting policies for purposes of the unaudited pro forma combined financial information and did not identify any material differences in accounting policies.




6


TITAN INTERNATIONAL, INC.
Notes to Unaudited Condensed Combined Financial Statements
Amounts in thousands (except per share data)
(Unaudited)
4. UNAUDITED PRO FORMA CONDENSED COMBINED STATEMENT OF OPERATIONS ADJUSTMENTS RELATED TO THE ACQUISITION FOR THE YEAR ENDED DECEMBER 31, 2023

4(a) Represents the following adjustments:

NoteAdjustment amount, in thousands
(i)$(2,557)
(ii)11,500 
$8,943 

(i) elimination of historic Carlstar fixed asset depreciation of $13,960 and the addition of recorded pro forma depreciation expense of $11,403 on the portion of purchase price allocated to fixed assets as follows:

 Preliminary Fair ValueEstimated Useful Life (years)Total Depreciation ExpenseCost of Goods SoldSelling, General and Administrative
Land and improvements$4,260 N/A$— $— $— 
Buildings and improvements18,820 17.11,101 991 110 
Machinery and equipment77,404 7.211,569 10,412 1,157 
Construction-in-progress11,096 N/A— — — 
Total$111,580 $12,670 $11,403 $1,267 
Less: Carlstar Historical Depreciation for the year ended December 31, 2023$15,488 $13,960 $1,528 
Pro Forma adjustment to depreciation expense$(2,818)$(2,557)$(261)
The Pro Forma adjustment to depreciation expense is reduced compared to the historical depreciation recorded due to reset of estimated useful lives following the acquisition.

(ii) Reflects $11,500 for the amortization of the fair value adjustment of Carlstar’s inventories related to the increase from its book value to preliminary estimated fair value. The fair value of finished goods and work-in-process inventory represents the estimated selling price less estimate of cost to complete and sell.

4(b) Represents the following adjustments:

NoteAdjustment amount, in thousands
(i)$(336)
(ii)(261)
$(597)


(i) Elimination of historic Carlstar intangible asset amortization of $1,367 and the addition of recorded pro forma amortization expense of $1,031 on the portion of the purchase price allocated to definite-lived intangible assets as follows:

7


TITAN INTERNATIONAL, INC.
Notes to Unaudited Condensed Combined Financial Statements
Amounts in thousands (except per share data)
(Unaudited)
 Carrying ValueWeighted Average Amortization (in Years)Amortization Expense
Customer lists/relationships$6,500 13.50$481 
Trade names5,500 10.00550 
Total$12,000 11.90$1,031 
Less: Carlstar Historical Amortization for the year ended December 31, 2023$1,367 
Pro Forma adjustment to amortization$(336)

(ii) Elimination of historic Carlstar fixed asset depreciation of $1,528 and the addition of recorded pro forma depreciation expense of $1,267 as presented in 4(a) above.

4(c) The Company borrowed an additional $147,000 under a revolving credit facility to finance the acquisition of Carlstar. The proceeds were partially used to pay the term debt of $90,800 at Carlstar. This adjustment represents a reduction in interest expense of $17,287 based on the prevailing SOFR rate less the impact of commitment fees that would be owed on the unused portion of the facility, in accordance with the terms of the credit agreement.

4(d) Represents an increase in income tax expense associated with the change in the ownership structure of Carlstar following the Transaction using the weighted average tax rate of approximately 25%. The weighted average tax rate was based upon the jurisdictions of the net assets acquired. This estimate of the income tax expense is preliminary and is subject to change.

4(e) Titan issued common stock then valued at $168.7 million (11,921,766 shares at $14.15 per share) to the Sellers in connection with the acquisition of Carlstar.

8


TITAN INTERNATIONAL, INC.
Notes to Unaudited Condensed Combined Financial Statements
Amounts in thousands (except per share data)
(Unaudited)
5. UNAUDITED PRO FORMA CONDENSED COMBINED STATEMENT OF OPERATIONS ADJUSTMENTS RELATED TO THE ACQUISITION FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2024

5(a) Reflects $11,500 for the amortization of the fair value adjustment of Carlstar’s inventories related to the increase from its book value to preliminary estimated fair value. The fair value of finished goods and work-in-process inventory represents the estimated selling price less estimate of cost to complete and sell.

5(b) Titan issued common stock valued at $168.7 million (11,921,766 shares at $14.15 per share) to the Sellers in connection with the acquisition of Carlstar. The adjustment is to reflect the common stock issuance as of January 1, 2023 and its resulting impact on the first nine months ended September 30, 2024.

5(c) Represents an increase in income tax expense associated with the impact of the pro forma adjustments using the weighted average tax rate of 25%.

6. UNADJUSTED PRO FORMA BALANCES

For the year ended December 31, 2023

Accounting for Carlstar's Sale-Leaseback Transaction (6a)
During November 2023, Carlstar executed a sale-leaseback transaction for the manufacturing facilities located at Aiken, South Carolina, Clinton, Tennessee and Jackson, Tennessee, as well as the distribution center in Slinger, Wisconsin for net sales proceeds of $76.2 million. The transaction qualified for sale-leaseback accounting in accordance with ASC 842. Carlstar recorded a $56.2 million gain associated with this sale-leaseback transaction, which is included within other income within the unaudited pro forma condensed combined statement of operations.

If Carlstar had executed the sale-leaseback transaction as of January 1, 2023, the Company would have incurred incremental net expense of $4,969 comprised of additional lease expense, depreciation expense on the right of use asset, and offset by the reversal of depreciation expense on the buildings prior to the sale-leaseback. A pro forma adjustment has not been included as a part of the income statement.

Accounting for Carlstar's Transaction Costs (6b)
Carlstar incurred $5,498 of direct, incremental transaction costs related to costs incurred to sell the business that are reflected in the historical statement of operations for the year ended December 31, 2023. These charges include financial advisory fees, legal, accounting, other professional fees incurred by the Carlstar that are related to costs incurred to sell the business. A pro forma adjustment has not been included as a part of the pro forma income statement.

Provision for Income Taxes (6c)
Represents a decrease in income tax expense associated with the impact of the management adjustments using the weighted average tax rate of 25%.
The following table depicts the pro forma income statement as if the management adjustments above were included within the unaudited pro forma consolidated statement of operations for the year ended December 31, 2023.
9


TITAN INTERNATIONAL, INC.
Notes to Unaudited Condensed Combined Financial Statements
Amounts in thousands (except per share data)
(Unaudited)
For the year ended December 31, 2023
 Pro Forma CombinedManagement AdjustmentsNote ReferencesAdjusted Pro Forma Combined
Net sales$2,437,000 $— $2,437,000 
Cost of sales1,994,994 4,969 6(a)1,999,963 
Gross profit442,006 (4,969)437,037 
Selling, general and administrative expenses218,641 (5,498)6(b)213,143 
Research and development expenses15,739 — 15,739 
Royalty expense9,645 — 9,645 
Income from operations197,981 529 198,510 
Interest expense(46,970)— (46,970)
Interest income11,672 — 11,672 
Foreign exchange loss(21,122)— (21,122)
Other income (loss)58,728 (56,200)6(a)2,528 
Income before income taxes200,289 (55,671)144,618 
Provision for income taxes47,526 (13,918)6(c)33,608 
Net income152,763 (41,753)111,010 
Net income attributable to noncontrolling interests4,946 — 4,946 
Net income attributable to Titan and applicable to common shareholders$147,817 $(41,753)$106,064 
Earnings per common share:
Basic$1.99 $1.43 
Diluted$1.97 $1.42 
Average common shares and equivalents outstanding:
Basic74,374 74,374 
Diluted74,883 74,883 
`

For the nine months ended September 30, 2024
Accounting for Transaction Costs (6d)
The Company incurred $6,366 of transaction-related expenses incurred by the Company associated with the Carlstar Transaction in the historical statement of operations for the nine months ended September 30, 2024. These charges include financial advisory fees, legal, accounting, other professional fees incurred by the Company that are related to costs incurred to purchase Carlstar. A pro forma adjustment has not been included as a part of the pro forma income statement.

Provision for Income Taxes (6e)
Represents an increase in income tax expense associated with the impact of the management adjustments using the weighted average tax rate of 25%.

The following table depicts the pro forma income statement as if the management adjustments above were included within the unaudited pro forma consolidated statement of operations for the nine months ended September 30, 2024.
10


TITAN INTERNATIONAL, INC.
Notes to Unaudited Condensed Combined Financial Statements
Amounts in thousands (except per share data)
(Unaudited)
For the Nine Months Ended September 30, 2024
 Pro Forma CombinedManagement AdjustmentsNote ReferencesAdjusted Pro Forma Combined
Net sales$1,564,182 $— $1,564,182 
Cost of sales1,317,225 — 1,317,225 
Gross profit246,957 — 246,957 
Selling, general and administrative expenses155,141 — 155,141 
Acquisition related expenses6,366 (6,366)6(d)— 
Research and development expenses12,661 — 12,661 
Royalty expense7,613 — 7,613 
Income from operations65,176 6,366 71,542 
Interest expense(28,718)— (28,718)
Interest income8,483 — 8,483 
Foreign exchange loss(2,338)— (2,338)
Other income3,841 — 3,841 
Income before income taxes46,444 6,366 52,810 
Provision for income taxes42,106 1,592 6(e)43,698 
Net income4,338 4,774 9,112 
Net income attributable to noncontrolling interests2,096 — 2,096 
Net income attributable to Titan and applicable to common shareholders$2,242 $4,774 $7,016 
Earnings per common share:
Basic$0.03 $0.10 
Diluted$0.03 $0.10 
Average common shares and equivalents outstanding:
Basic72,467 72,467 
Diluted72,925 72,925 
11
v3.24.3
8-K Document and Entity Information Document
Feb. 29, 2024
Document Information [Line Items]  
Document Type 8-K/A
Document Period End Date Feb. 29, 2024
Entity Registrant Name TITAN INTERNATIONAL, INC.
Entity Incorporation, State or Country Code DE
Entity File Number 1-12936
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
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Entity Emerging Growth Company false
Title of 12(b) Security Common stock, $0.0001 par value
Trading Symbol TWI
Security Exchange Name NYSE
Entity Central Index Key 0000899751
Amendment Flag false
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