| Segment Reporting |
The tables below present information about certain operating results, separated by market segments, for the three months ended March 31, 2026 and 2025 (amounts in thousands):
| | | | | | | | | | | | | | | | | | | | | | | | | Three months ended March 31, 2026 | | Agriculture | | Earthmoving/Construction | | Consumer | | Total | | Net sales | $ | 198,345 | | | $ | 159,514 | | | $ | 147,214 | | | $ | 505,073 | | | Cost of sales | 174,330 | | | 141,425 | | | 117,869 | | | 433,624 | | | Gross profit | $ | 24,015 | | | $ | 18,089 | | | $ | 29,345 | | | $ | 71,449 | | | Selling, general and administrative expenses | 13,486 | | | 13,056 | | | 18,673 | | | 45,215 | | | Research and development expenses | 1,486 | | | 2,259 | | | 1,006 | | | 4,751 | | | Royalty expense | 1,550 | | | 384 | | | 476 | | | 2,410 | | | Restructuring and impairment expenses | — | | | — | | | 25,142 | | | 25,142 | | | Segment profit (loss) | $ | 7,493 | | | $ | 2,390 | | | $ | (15,952) | | | $ | (6,069) | | | Corporate & unallocated expenses | | | | | | | (7,716) | | | Interest expense | | | | | | | (9,887) | | | Interest income | | | | | | | 2,199 | | | Foreign exchange gain | | | | | | | 910 | | | Other income | | | | | | | 946 | | | Loss before income taxes | | | | | | | $ | (19,617) | |
| | | | | | | | | | | | | | | | | | | | | | | | | Three months ended March 31, 2025 | | Agriculture | | Earthmoving/Construction | | Consumer | | Total | | Net sales | $ | 197,746 | | | $ | 143,290 | | | $ | 149,672 | | | $ | 490,708 | | | Cost of sales | 173,259 | | | 128,397 | | | 120,408 | | | 422,064 | | | Gross profit | $ | 24,487 | | | $ | 14,893 | | | $ | 29,264 | | | $ | 68,644 | | | Selling, general and administrative expenses | 12,074 | | | 11,021 | | | 19,087 | | | 42,182 | | | | | | | | | | | Research and development expenses | 1,354 | | | 1,849 | | | 888 | | | 4,091 | | | Royalty expense | 1,617 | | | 347 | | | 482 | | | 2,446 | | | Segment profit | $ | 9,442 | | | $ | 1,676 | | | $ | 8,807 | | | $ | 19,925 | | | Corporate & unallocated expenses | | | | | | | (8,126) | | | Interest expense | | | | | | | (9,535) | | | Interest income | | | | | | | 2,239 | | | Foreign exchange loss | | | | | | | (1,385) | | | Other income | | | | | | | 1,134 | | | Income before income taxes | | | | | | | $ | 4,252 | |
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| Schedule of Reconciliation of Revenue from Segments to Consolidated |
The tables below present net sales by products and reportable segments for the three months ended March 31, 2026 and 2025 (amounts in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Agricultural | | Earthmoving/Construction | | Consumer | | Total | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three months ended March 31, 2026 | | | | | | | | | Wheels and Tires [including assemblies] | $ | 187,239 | | | $ | 69,675 | | | $ | 138,239 | | | $ | 395,153 | | | Undercarriage systems and components | 11,106 | | | 89,839 | | | 8,975 | | | 109,920 | | | Total | $ | 198,345 | | | $ | 159,514 | | | $ | 147,214 | | | $ | 505,073 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | Agricultural | | Earthmoving/Construction | | Consumer | | Total | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three months ended March 31, 2025 | | | | | | | | | Wheels and Tires [including assemblies] | $ | 188,367 | | | $ | 54,413 | | | $ | 142,175 | | | $ | 384,955 | | | Undercarriage systems and components | 9,379 | | | 88,877 | | | 7,497 | | | 105,753 | | | Total | $ | 197,746 | | | $ | 143,290 | | | $ | 149,672 | | | $ | 490,708 | |
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| Segment Reporting, Reconciliation of Other Item by Segment to Consolidated |
Depreciation and amortization expense by segment were as follows as of the periods set forth below (amounts in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Agricultural | | Earthmoving/Construction | | Consumer | | Corporate & Unallocated | | Total | | | | | | | | | | | | Three months ended March 31, 2026 | $ | 6,513 | | | $ | 5,239 | | | $ | 4,835 | | | $ | 486 | | | $ | 17,073 | | | | | | | | | | | | | | | | | | | | | | | Three months ended March 31, 2025 | 6,158 | | | 4,463 | | | 4,661 | | | 589 | | | 15,871 | |
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