QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Delaware | ||
Title of each class | Trading Symbol | Name of each exchange on which registered | ||||||
Common stock, $0.0001 par value | TWI | New York Stock Exchange |
Large accelerated filer | ☐ | Accelerated filer | ☑ | |||||||||||
Non-accelerated filer | ☐ | Smaller reporting company | ☐ | |||||||||||
Emerging growth company | ☐ |
Page | ||||||||
Three months ended | Nine months ended | Three months ended | Six months ended | |||||||||||||||||||||||||||||||||||
September 30, | September 30, | June 30, | June 30, | |||||||||||||||||||||||||||||||||||
2017 | 2016 | 2017 | 2016 | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||||||||||
Net sales | $ | 370,988 | $ | 306,195 | $ | 1,092,888 | $ | 958,203 | Net sales | $ | 572,895 | $ | 438,639 | $ | 1,128,892 | $ | 842,157 | |||||||||||||||||||||
Cost of sales | 331,323 | 271,275 | 969,932 | 851,268 | Cost of sales | 463,242 | 377,169 | 932,510 | 727,422 | |||||||||||||||||||||||||||||
Gross profit | 39,665 | 34,920 | 122,956 | 106,935 | Gross profit | 109,653 | 61,470 | 196,382 | 114,735 | |||||||||||||||||||||||||||||
Selling, general and administrative expenses | 39,753 | 36,348 | 115,553 | 107,712 | Selling, general and administrative expenses | 34,669 | 32,566 | 70,896 | 66,594 | |||||||||||||||||||||||||||||
Research and development expenses | 2,457 | 2,597 | 7,908 | 7,790 | Research and development expenses | 2,238 | 2,528 | 5,158 | 5,081 | |||||||||||||||||||||||||||||
Royalty expense | 2,596 | 2,285 | 7,739 | 6,688 | Royalty expense | 3,045 | 2,657 | 5,919 | 5,110 | |||||||||||||||||||||||||||||
Loss from operations | (5,141 | ) | (6,310 | ) | (8,244 | ) | (15,255 | ) | ||||||||||||||||||||||||||||||
Income from operations | Income from operations | 69,701 | 23,719 | 114,409 | 37,950 | |||||||||||||||||||||||||||||||||
Interest expense | (7,537 | ) | (8,714 | ) | (22,578 | ) | (25,208 | ) | Interest expense | (7,707) | (8,598) | (15,614) | (16,121) | |||||||||||||||||||||||||
Foreign exchange gain | 815 | 398 | 48 | 7,403 | ||||||||||||||||||||||||||||||||||
Loss on senior note repurchase | Loss on senior note repurchase | — | (16,020) | — | (16,020) | |||||||||||||||||||||||||||||||||
Foreign exchange gain (loss) | Foreign exchange gain (loss) | 2,234 | (768) | 7,551 | 8,709 | |||||||||||||||||||||||||||||||||
Other income | 3,041 | 3,578 | 8,398 | 10,532 | Other income | 23,694 | 1,232 | 14,835 | 864 | |||||||||||||||||||||||||||||
Loss before income taxes | (8,822 | ) | (11,048 | ) | (22,376 | ) | (22,528 | ) | ||||||||||||||||||||||||||||||
Provision (benefit) for income taxes | 2,396 | (2,074 | ) | 5,964 | 2,578 | |||||||||||||||||||||||||||||||||
Net loss | (11,218 | ) | (8,974 | ) | (28,340 | ) | (25,106 | ) | ||||||||||||||||||||||||||||||
Income (loss) before income taxes | Income (loss) before income taxes | 87,922 | (435) | 121,181 | 15,382 | |||||||||||||||||||||||||||||||||
Provision for income taxes | Provision for income taxes | 19,001 | 1,991 | 27,682 | 4,585 | |||||||||||||||||||||||||||||||||
Net income (loss) | Net income (loss) | 68,921 | (2,426) | 93,499 | 10,797 | |||||||||||||||||||||||||||||||||
Net income (loss) attributable to noncontrolling interests | 800 | (966 | ) | 1,424 | (1,099 | ) | Net income (loss) attributable to noncontrolling interests | 1,750 | 347 | 2,406 | (4) | |||||||||||||||||||||||||||
Net loss attributable to Titan | (12,018 | ) | (8,008 | ) | (29,764 | ) | (24,007 | ) | ||||||||||||||||||||||||||||||
Redemption value adjustment | (882 | ) | (1,367 | ) | (3,981 | ) | (8,475 | ) | ||||||||||||||||||||||||||||||
Net loss applicable to common shareholders | $ | (12,900 | ) | $ | (9,375 | ) | $ | (33,745 | ) | $ | (32,482 | ) | ||||||||||||||||||||||||||
Net income (loss) attributable to Titan and applicable to common shareholders | Net income (loss) attributable to Titan and applicable to common shareholders | $ | 67,171 | $ | (2,773) | $ | 91,093 | $ | 10,801 | |||||||||||||||||||||||||||||
Earnings per common share: | ||||||||||||||||||||||||||||||||||||||
Income (loss) per common share: | Income (loss) per common share: | |||||||||||||||||||||||||||||||||||||
Basic | $ | (0.22 | ) | $ | (0.17 | ) | $ | (0.57 | ) | $ | (0.60 | ) | Basic | $ | 1.07 | $ | (0.04) | $ | 1.44 | $ | 0.18 | |||||||||||||||||
Diluted | $ | (0.22 | ) | $ | (0.17 | ) | $ | (0.57 | ) | $ | (0.60 | ) | Diluted | $ | 1.06 | $ | (0.04) | $ | 1.43 | $ | 0.17 | |||||||||||||||||
Average common shares and equivalents outstanding: | Average common shares and equivalents outstanding: | |||||||||||||||||||||||||||||||||||||
Basic | 59,600 | 53,946 | 59,247 | 53,895 | Basic | 62,671 | 61,717 | 63,262 | 61,592 | |||||||||||||||||||||||||||||
Diluted | 59,600 | 53,946 | 59,247 | 53,895 | Diluted | 63,221 | 61,717 | 63,773 | 62,480 | |||||||||||||||||||||||||||||
Dividends declared per common share: | $ | 0.005 | $ | 0.005 | $ | 0.015 | $ | 0.015 |
Three months ended | |||||||||||
June 30, | |||||||||||
2022 | 2021 | ||||||||||
Net income (loss) | $ | 68,921 | $ | (2,426) | |||||||
Derivative gain | 275 | 225 | |||||||||
Currency translation adjustment, net | (11,536) | 14,430 | |||||||||
Pension liability adjustments, net of tax of $(162) and $3, respectively | 431 | 692 | |||||||||
Comprehensive income | 58,091 | 12,921 | |||||||||
Net comprehensive income attributable to redeemable and noncontrolling interests | 8,979 | 490 | |||||||||
Comprehensive income attributable to Titan | $ | 49,112 | $ | 12,431 |
Three months ended | |||||||
September 30, | |||||||
2017 | 2016 | ||||||
Net loss | $ | (11,218 | ) | $ | (8,974 | ) | |
Currency translation adjustment | 14,015 | (386 | ) | ||||
Pension liability adjustments, net of tax of $166 and $(126), respectively | 180 | 465 | |||||
Comprehensive income (loss) | 2,977 | (8,895 | ) | ||||
Net comprehensive income (loss) attributable to redeemable and noncontrolling interests | 1,436 | (679 | ) | ||||
Comprehensive income (loss) attributable to Titan | $ | 1,541 | $ | (8,216 | ) |
Six months ended | |||||||||||
June 30, | |||||||||||
2022 | 2021 | ||||||||||
Net income | $ | 93,499 | $ | 10,797 | |||||||
Derivative gain | 578 | 265 | |||||||||
Currency translation adjustment, net | 5,739 | (12,748) | |||||||||
Pension liability adjustments, net of tax of $(344) and $(41), respectively | 975 | 1,565 | |||||||||
Comprehensive income (loss) | 100,791 | (121) | |||||||||
Net comprehensive income (loss) attributable to redeemable and noncontrolling interests | 8,453 | (374) | |||||||||
Comprehensive income attributable to Titan | $ | 92,338 | $ | 253 |
Nine months ended | |||||||
September 30, | |||||||
2017 | 2016 | ||||||
Net loss | $ | (28,340 | ) | $ | (25,106 | ) | |
Currency translation adjustment | 33,040 | 21,545 | |||||
Pension liability adjustments, net of tax of $55 and $(430), respectively | 1,902 | 1,200 | |||||
Comprehensive income (loss) | 6,602 | (2,361 | ) | ||||
Net comprehensive income attributable to redeemable and noncontrolling interests | 2,657 | 5,427 | |||||
Comprehensive income (loss) attributable to Titan | $ | 3,945 | $ | (7,788 | ) |
September 30, 2017 | December 31, 2016 | ||||||
(unaudited) | |||||||
Assets | |||||||
Current assets | |||||||
Cash and cash equivalents | $ | 155,675 | $ | 147,827 | |||
Certificates of deposit | — | 50,000 | |||||
Accounts receivable, net | 236,216 | 179,384 | |||||
Inventories | 331,378 | 272,236 | |||||
Prepaid and other current assets | 62,632 | 79,734 | |||||
Total current assets | 785,901 | 729,181 | |||||
Property, plant and equipment, net | 440,078 | 437,201 | |||||
Deferred income taxes | 9,259 | 4,663 | |||||
Other assets | 94,672 | 94,851 | |||||
Total assets | $ | 1,329,910 | $ | 1,265,896 | |||
Liabilities | |||||||
Current liabilities | |||||||
Short-term debt | $ | 36,174 | $ | 97,412 | |||
Accounts payable | 184,330 | 148,255 | |||||
Other current liabilities | 133,631 | 120,437 | |||||
Total current liabilities | 354,135 | 366,104 | |||||
Long-term debt | 411,230 | 408,760 | |||||
Deferred income taxes | 17,807 | 13,183 | |||||
Other long-term liabilities | 84,611 | 80,161 | |||||
Total liabilities | 867,783 | 868,208 | |||||
Redeemable noncontrolling interest | 111,016 | 104,809 | |||||
Equity | |||||||
Titan shareholders' equity | |||||||
Common stock ($0.0001 par value, 120,000,000 shares authorized, 60,715,356 issued, 59,700,839 outstanding) | — | — | |||||
Additional paid-in capital | 534,522 | 479,075 | |||||
Retained earnings (deficit) | (13,445 | ) | 17,214 | ||||
Treasury stock (at cost, 1,014,517 and 1,083,212 shares, respectively) | (9,502 | ) | (10,119 | ) | |||
Stock reserved for deferred compensation | (1,075 | ) | (1,075 | ) | |||
Accumulated other comprehensive loss | (154,569 | ) | (188,278 | ) | |||
Total Titan shareholders’ equity | 355,931 | 296,817 | |||||
Noncontrolling interests | (4,820 | ) | (3,938 | ) | |||
Total equity | 351,111 | 292,879 | |||||
Total liabilities and equity | $ | 1,329,910 | $ | 1,265,896 |
June 30, 2022 | December 31, 2021 | ||||||||||
(unaudited) | |||||||||||
Assets | |||||||||||
Current assets | |||||||||||
Cash and cash equivalents | $ | 116,703 | $ | 98,108 | |||||||
Accounts receivable, net | 299,070 | 255,180 | |||||||||
Inventories | 422,764 | 392,615 | |||||||||
Prepaid and other current assets | 90,844 | 67,401 | |||||||||
Total current assets | 929,381 | 813,304 | |||||||||
Property, plant and equipment, net | 296,832 | 301,109 | |||||||||
Operating lease assets | 11,845 | 20,945 | |||||||||
Deferred income taxes | 16,395 | 16,831 | |||||||||
Other long-term assets | 34,731 | 30,496 | |||||||||
Total assets | $ | 1,289,184 | $ | 1,182,685 | |||||||
Liabilities | |||||||||||
Current liabilities | |||||||||||
Short-term debt | $ | 44,059 | $ | 32,500 | |||||||
Accounts payable | 284,802 | 278,099 | |||||||||
Other current liabilities | 168,398 | 140,214 | |||||||||
Total current liabilities | 497,259 | 450,813 | |||||||||
Long-term debt | 441,121 | 452,451 | |||||||||
Deferred income taxes | 4,892 | 3,978 | |||||||||
Other long-term liabilities | 40,242 | 48,271 | |||||||||
Total liabilities | 983,514 | 955,513 | |||||||||
Equity | |||||||||||
Titan shareholders' equity | |||||||||||
Common stock ($0.0001 par value, 120,000,000 shares authorized, 66,525,269 issued at June 30, 2022 and 66,492,660 at December 31, 2021) | — | — | |||||||||
Additional paid-in capital | 562,774 | 562,340 | |||||||||
Retained earnings (deficit) | 5,654 | (85,439) | |||||||||
Treasury stock (at cost, 3,750,492 shares at June 30, 2022 and 80,876 shares at December 31, 2021) | (23,848) | (1,121) | |||||||||
Accumulated other comprehensive loss | (245,235) | (246,480) | |||||||||
Total Titan shareholders’ equity | 299,345 | 229,300 | |||||||||
Noncontrolling interests | 6,325 | (2,128) | |||||||||
Total equity | 305,670 | 227,172 | |||||||||
Total liabilities and equity | $ | 1,289,184 | $ | 1,182,685 |
Number of common shares | Additional paid-in capital | Retained (deficit) earnings | Treasury stock | Accumulated other comprehensive (loss) income | Total Titan Equity | Non-controlling interest | Total Equity | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance January 1, 2022 | 66,411,784 | $ | 562,340 | $ | (85,439) | $ | (1,121) | $ | (246,480) | $ | 229,300 | $ | (2,128) | $ | 227,172 | ||||||||||||||||||||||||||||||||||||||||||||
Net income | 23,922 | 23,922 | 656 | 24,578 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Currency translation adjustment | 18,457 | 18,457 | (1,182) | 17,275 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pension liability adjustments, net of tax | 544 | 544 | 544 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative gain | 303 | 303 | 303 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation | 212,440 | (851) | 1,339 | 488 | 488 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock under 401(k) plan | 32,609 | 360 | 360 | 360 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common stock repurchase | (4,032,259) | (25,000) | (25,000) | (25,000) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance March 31, 2022 | 62,624,574 | $ | 561,849 | $ | (61,517) | $ | (24,782) | $ | (227,176) | $ | 248,374 | $ | (2,654) | $ | 245,720 | ||||||||||||||||||||||||||||||||||||||||||||
Net income | 67,171 | 67,171 | 1,750 | 68,921 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Currency translation adjustment | (18,765) | (18,765) | 7,229 | (11,536) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pension liability adjustments, net of tax | 431 | 431 | 431 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative gain | 275 | 275 | 275 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation | 122,351 | 695 | 761 | 1,456 | 1,456 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of treasury stock under 401(k) plan | 27,852 | 230 | 173 | 403 | 403 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance June 30, 2022 | 62,774,777 | $ | 562,774 | $ | 5,654 | $ | (23,848) | $ | (245,235) | $ | 299,345 | $ | 6,325 | $ | 305,670 | ||||||||||||||||||||||||||||||||||||||||||||
Number of common shares | Additional paid-in capital | Retained earnings (deficit) | Treasury stock | Treasury stock reserved for deferred compensation | Accumulated other comprehensive income (loss) | Total Titan Equity | Noncontrolling interest | Total Equity | ||||||||||||||||||||||||||
Balance January 1, 2017 | 54,169,880 | $ | 479,075 | $ | 17,214 | $ | (10,119 | ) | $ | (1,075 | ) | $ | (188,278 | ) | $ | 296,817 | $ | (3,938 | ) | $ | 292,879 | |||||||||||||
Net income (loss) * | (29,764 | ) | (29,764 | ) | 1,153 | (28,611 | ) | |||||||||||||||||||||||||||
Currency translation adjustment, net * | 31,807 | 31,807 | (722 | ) | 31,085 | |||||||||||||||||||||||||||||
Pension liability adjustments, net of tax | 1,902 | 1,902 | 1,902 | |||||||||||||||||||||||||||||||
Dividends declared | (895 | ) | (895 | ) | (895 | ) | ||||||||||||||||||||||||||||
Note conversion | 5,462,264 | 58,460 | 58,460 | 58,460 | ||||||||||||||||||||||||||||||
Restricted stock awards | 31,798 | (286 | ) | 286 | — | — | ||||||||||||||||||||||||||||
Redemption value adjustment | (3,981 | ) | (3,981 | ) | (3,981 | ) | ||||||||||||||||||||||||||||
Stock-based compensation | 1,173 | 1,173 | 1,173 | |||||||||||||||||||||||||||||||
VIE distributions | — | (1,313 | ) | (1,313 | ) | |||||||||||||||||||||||||||||
Issuance of treasury stock under 401(k) plan | 36,897 | 81 | 331 | 412 | 412 | |||||||||||||||||||||||||||||
Balance September 30, 2017 | 59,700,839 | $ | 534,522 | $ | (13,445 | ) | $ | (9,502 | ) | $ | (1,075 | ) | $ | (154,569 | ) | $ | 355,931 | $ | (4,820 | ) | $ | 351,111 |
Number of common shares | Additional paid-in capital | Retained (deficit) earnings | Treasury stock | Accumulated other comprehensive (loss) income | Total Titan Equity | Non-controlling interest | Total Equity | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance January 1, 2021 | 61,376,981 | $ | 532,742 | $ | (135,025) | $ | (1,199) | $ | (217,254) | $ | 179,264 | $ | (2,999) | $ | 176,265 | ||||||||||||||||||||||||||||||||||||||||||||
Net income (loss) | 13,574 | 13,574 | (351) | 13,223 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Currency translation adjustment | (26,665) | (26,665) | (513) | (27,178) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pension liability adjustments, net of tax | 873 | 873 | 873 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative gain | 40 | 40 | 40 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation | 146,322 | 487 | 82 | 569 | 569 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock under 401(k) plan | 70,416 | 340 | 340 | 340 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance March 31, 2021 | 61,593,719 | $ | 533,569 | $ | (121,451) | $ | (1,117) | $ | (243,006) | $ | 167,995 | $ | (3,863) | $ | 164,132 | ||||||||||||||||||||||||||||||||||||||||||||
Net (loss) income | (2,773) | (2,773) | 347 | (2,426) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Currency translation adjustment | 14,287 | 14,287 | 143 | 14,430 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pension liability adjustments, net of tax | 692 | 692 | 692 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative gain | 225 | 225 | 225 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation | 578,516 | 787 | (4) | 783 | 783 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock under 401(k) plan | 35,526 | 341 | 0 | 341 | 341 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance June 30, 2021 | 62,207,761 | $ | 534,697 | $ | (124,224) | $ | (1,121) | $ | (227,802) | $ | 181,550 | $ | (3,373) | $ | 178,177 | ||||||||||||||||||||||||||||||||||||||||||||
Nine months ended September 30, | Six months ended June 30, | |||||||||||||||||
Cash flows from operating activities: | 2017 | 2016 | Cash flows from operating activities: | 2022 | 2021 | |||||||||||||
Net loss | $ | (28,340 | ) | $ | (25,106 | ) | ||||||||||||
Adjustments to reconcile net loss to net cash provided by (used for) operating activities: | ||||||||||||||||||
Net income | Net income | $ | 93,499 | $ | 10,797 | |||||||||||||
Adjustments to reconcile net income to net cash provided by (used for) operating activities: | Adjustments to reconcile net income to net cash provided by (used for) operating activities: | |||||||||||||||||
Depreciation and amortization | 44,029 | 44,889 | Depreciation and amortization | 22,245 | 24,918 | |||||||||||||
Deferred income tax provision | (476 | ) | 172 | |||||||||||||||
Loss on sale of the Australian wheel business | Loss on sale of the Australian wheel business | 10,890 | — | |||||||||||||||
Deferred income tax (benefit) provision | Deferred income tax (benefit) provision | (292) | 198 | |||||||||||||||
Income on indirect taxes | Income on indirect taxes | (22,450) | — | |||||||||||||||
Gain on fixed asset and investment sale | Gain on fixed asset and investment sale | (182) | (485) | |||||||||||||||
Loss on senior note repurchase | Loss on senior note repurchase | — | 16,020 | |||||||||||||||
Stock-based compensation | 1,173 | 1,164 | Stock-based compensation | 1,944 | 1,380 | |||||||||||||
Issuance of treasury stock under 401(k) plan | 413 | 422 | ||||||||||||||||
Foreign currency translation loss | 1,061 | 9,822 | ||||||||||||||||
Issuance of stock under 401(k) plan | Issuance of stock under 401(k) plan | 763 | 681 | |||||||||||||||
Foreign currency gain | Foreign currency gain | (4,314) | (9,665) | |||||||||||||||
(Increase) decrease in assets: | (Increase) decrease in assets: | |||||||||||||||||
Accounts receivable | (46,715 | ) | 2,788 | Accounts receivable | (49,527) | (72,765) | ||||||||||||
Inventories | (46,083 | ) | 4,805 | Inventories | (38,884) | (53,080) | ||||||||||||
Prepaid and other current assets | 20,046 | (12,314 | ) | Prepaid and other current assets | (1,817) | (10,350) | ||||||||||||
Other assets | 2,948 | 25 | Other assets | (5,044) | 3,154 | |||||||||||||
Increase (decrease) in liabilities: | Increase (decrease) in liabilities: | |||||||||||||||||
Accounts payable | 26,372 | 21,344 | Accounts payable | 7,480 | 71,051 | |||||||||||||
Other current liabilities | 8,821 | 11,315 | Other current liabilities | 32,162 | 7,993 | |||||||||||||
Other liabilities | 1,539 | (5,342 | ) | Other liabilities | 2,445 | (7,334) | ||||||||||||
Net cash provided by (used for) operating activities | (15,212 | ) | 53,984 | Net cash provided by (used for) operating activities | 48,918 | (17,487) | ||||||||||||
Cash flows from investing activities: | Cash flows from investing activities: | |||||||||||||||||
Capital expenditures | (23,580 | ) | (30,846 | ) | Capital expenditures | (19,464) | (14,637) | |||||||||||
Certificates of deposit | 50,000 | — | ||||||||||||||||
Other | 1,293 | 1,687 | ||||||||||||||||
Net cash provided by (used for) investing activities | 27,713 | (29,159 | ) | |||||||||||||||
Proceeds from the sale of the Australian wheel business | Proceeds from the sale of the Australian wheel business | 9,293 | — | |||||||||||||||
Proceeds from sale of fixed assets | Proceeds from sale of fixed assets | 297 | 749 | |||||||||||||||
Net cash used for investing activities | Net cash used for investing activities | (9,874) | (13,888) | |||||||||||||||
Cash flows from financing activities: | Cash flows from financing activities: | |||||||||||||||||
Proceeds from borrowings | 33,540 | 2,390 | Proceeds from borrowings | 89,015 | 459,929 | |||||||||||||
Repurchase of senior secured notes | Repurchase of senior secured notes | — | (413,000) | |||||||||||||||
Payment on debt | (41,003 | ) | (14,042 | ) | Payment on debt | (86,004) | (34,040) | |||||||||||
Dividends paid | (868 | ) | (810 | ) | ||||||||||||||
Net cash used for financing activities | (8,331 | ) | (12,462 | ) | ||||||||||||||
Repurchase of common stock | Repurchase of common stock | (25,000) | — | |||||||||||||||
Other financing activities | Other financing activities | (628) | (2,040) | |||||||||||||||
Net cash (used for) provided by financing activities | Net cash (used for) provided by financing activities | (22,617) | 10,849 | |||||||||||||||
Effect of exchange rate changes on cash | 3,678 | 2,958 | Effect of exchange rate changes on cash | 2,168 | (1,101) | |||||||||||||
Net increase in cash and cash equivalents | 7,848 | 15,321 | ||||||||||||||||
Net increase (decrease) in cash and cash equivalents | Net increase (decrease) in cash and cash equivalents | 18,595 | (21,627) | |||||||||||||||
Cash and cash equivalents, beginning of period | 147,827 | 200,188 | Cash and cash equivalents, beginning of period | 98,108 | 117,431 | |||||||||||||
Cash and cash equivalents, end of period | $ | 155,675 | $ | 215,509 | Cash and cash equivalents, end of period | $ | 116,703 | $ | 95,804 | |||||||||
Supplemental information: | Supplemental information: | |||||||||||||||||
Interest paid | $ | 18,360 | $ | 19,827 | Interest paid | $ | 16,027 | $ | 16,422 | |||||||||
Income taxes paid, net of refunds received | $ | 550 | $ | 4,316 | Income taxes paid, net of refunds received | $ | 8,813 | $ | 7,101 | |||||||||
Noncash investing and financing information: | ||||||||||||||||||
Issuance of common stock for convertible debt payment | $ | 58,460 | $ | — |
Three Months Ended September 30, 2016 | |||||||||||
As originally reported | Effect of change | As adjusted | |||||||||
Cost of sales | $ | 273,219 | $ | (1,944 | ) | $ | 271,275 | ||||
Income (loss) from operations | (8,254 | ) | 1,944 | (6,310 | ) | ||||||
Net income (loss) | (10,918 | ) | 1,944 | (8,974 | ) | ||||||
Basic and diluted loss per share | $ | (0.21 | ) | $ | 0.04 | $ | (0.17 | ) |
Nine Months Ended September 30, 2016 | |||||||||||
As originally reported | Effect of change | As adjusted | |||||||||
Cost of sales | $ | 848,264 | $ | 3,004 | $ | 851,268 | |||||
Loss from operations | (12,251 | ) | (3,004 | ) | (15,255 | ) | |||||
Net loss | (22,102 | ) | (3,004 | ) | (25,106 | ) | |||||
Basic and diluted loss per share | $ | (0.55 | ) | $ | (0.05 | ) | $ | (0.60 | ) |
December 31, 2016 | |||||||||||
As originally reported | Effect of change | As adjusted | |||||||||
Inventories | $ | 269,291 | $ | 2,945 | $ | 272,236 | |||||
Retained earnings | 14,269 | 2,945 | 17,214 |
June 30, 2022 | December 31, 2021 | ||||||||||
Accounts receivable | $ | 306,969 | $ | 259,730 | |||||||
Allowance for doubtful accounts | (7,899) | (4,550) | |||||||||
Accounts receivable, net | $ | 299,070 | $ | 255,180 |
June 30, 2022 | December 31, 2021 | ||||||||||
Raw material | $ | 134,781 | $ | 135,241 | |||||||
Work-in-process | 48,646 | 44,694 | |||||||||
Finished goods | 239,337 | 212,680 | |||||||||
$ | 422,764 | $ | 392,615 |
June 30, 2022 | December 31, 2021 | ||||||||||
Land and improvements | $ | 38,976 | $ | 41,010 | |||||||
Buildings and improvements | 237,281 | 236,367 | |||||||||
Machinery and equipment | 587,357 | 578,816 | |||||||||
Tools, dies and molds | 113,214 | 111,169 | |||||||||
Construction-in-process | 28,182 | 20,288 | |||||||||
1,005,010 | 987,650 | ||||||||||
Less accumulated depreciation | (708,178) | (686,541) | |||||||||
$ | 296,832 | $ | 301,109 |
September 30, 2017 | December 31, 2016 | ||||||
Accounts receivable | $ | 239,095 | $ | 182,728 | |||
Allowance for doubtful accounts | (2,879 | ) | (3,344 | ) | |||
Accounts receivable, net | $ | 236,216 | $ | 179,384 |
September 30, 2017 | December 31, 2016 | ||||||
Raw material | $ | 88,036 | $ | 76,380 | |||
Work-in-process | 41,960 | 32,395 | |||||
Finished goods | 201,382 | 163,461 | |||||
$ | 331,378 | $ | 272,236 |
September 30, 2017 | December 31, 2016 | ||||||
Land and improvements | $ | 47,215 | $ | 43,871 | |||
Buildings and improvements | 259,087 | 239,036 | |||||
Machinery and equipment | 604,617 | 573,717 | |||||
Tools, dies and molds | 112,650 | 106,695 | |||||
Construction-in-process | 16,956 | 43,080 | |||||
1,040,525 | 1,006,399 | ||||||
Less accumulated depreciation | (600,447 | ) | (569,198 | ) | |||
$ | 440,078 | $ | 437,201 |
September 30, 2017 | December 31, 2016 | ||||||
Buildings and improvements | $ | 4,002 | $ | 3,565 | |||
Less accumulated amortization | (2,213 | ) | (1,923 | ) | |||
$ | 1,789 | $ | 1,642 | ||||
Machinery and equipment | $ | 34,230 | $ | 31,331 | |||
Less accumulated amortization | (29,091 | ) | (26,502 | ) | |||
$ | 5,139 | $ | 4,829 |
Weighted Average Useful Lives (in Years) September 30, 2017 | September 30, 2017 | December 31, 2016 | |||||||
Amortizable intangible assets: | |||||||||
Customer relationships | 9.9 | $ | 13,956 | $ | 13,171 | ||||
Patents, trademarks and other | 7.5 | 15,180 | 14,629 | ||||||
Total at cost | 29,136 | 27,800 | |||||||
Less accumulated amortization | (13,338 | ) | (11,399 | ) | |||||
$ | 15,798 | $ | 16,401 |
Weighted Average Useful Lives (in years) June 30, 2022 | June 30, 2022 | December 31, 2021 | |||||||||||||||
Amortizable intangible assets: | |||||||||||||||||
Patents, trademarks and other | 10.98 | $ | 10,084 | $ | 10,084 | ||||||||||||
Less accumulated amortization | (8,661) | (8,586) | |||||||||||||||
$ | 1,423 | $ | 1,498 |
July 1 - December 31, 2022 | $ | 70 | |||
2023 | 145 | ||||
2024 | 132 | ||||
2025 | 123 | ||||
2026 | 123 | ||||
Thereafter | 830 | ||||
$ | 1,423 |
October 1 - December 31, 2017 | $ | 604 | |
2018 | 2,257 | ||
2019 | 2,237 | ||
2020 | 2,237 | ||
2021 | 1,563 | ||
Thereafter | 6,900 | ||
$ | 15,798 |
2022 | 2021 | ||||||||||
Warranty liability at beginning of the period | $ | 16,628 | $ | 15,040 | |||||||
Provision for warranty liabilities | 8,317 | 5,747 | |||||||||
Warranty payments made | (5,690) | (4,795) | |||||||||
Warranty liability at end of the period | $ | 19,255 | $ | 15,992 |
2017 | 2016 | ||||||
Warranty liability, January 1 | $ | 17,926 | $ | 23,120 | |||
Provision for warranty liabilities | 5,377 | 4,950 | |||||
Warranty payments made | (5,693 | ) | (8,882 | ) | |||
Warranty liability, September 30 | $ | 17,610 | $ | 19,188 |
September 30, 2017 | |||||||||||
Principal Balance | Unamortized Discount | Net Carrying Amount | |||||||||
6.875% senior secured notes due 2020 | $ | 400,000 | $ | (3,406 | ) | $ | 396,594 | ||||
Titan Europe credit facilities | 33,541 | — | 33,541 | ||||||||
Other debt | 16,296 | — | 16,296 | ||||||||
Capital leases | 973 | — | 973 | ||||||||
Total debt | 450,810 | (3,406 | ) | 447,404 | |||||||
Less amounts due within one year | 36,174 | — | 36,174 | ||||||||
Total long-term debt | $ | 414,636 | $ | (3,406 | ) | $ | 411,230 |
December 31, 2016 | |||||||||||
Principal Balance | Unamortized Discount | Net Carrying Amount | |||||||||
6.875% senior secured notes due 2020 | $ | 400,000 | $ | (4,148 | ) | $ | 395,852 | ||||
5.625% convertible senior subordinated notes due 2017 | 60,161 | (13 | ) | 60,148 | |||||||
Titan Europe credit facilities | 33,710 | — | 33,710 | ||||||||
Other debt | 15,560 | — | 15,560 | ||||||||
Capital leases | 902 | — | 902 | ||||||||
Total debt | 510,333 | (4,161 | ) | 506,172 | |||||||
Less amounts due within one year | 97,425 | (13 | ) | 97,412 | |||||||
Total long-term debt | $ | 412,908 | $ | (4,148 | ) | $ | 408,760 |
June 30, 2022 | |||||||||||||||||
Principal Balance | Unamortized Debt Issuance | Net Carrying Amount | |||||||||||||||
7.00% senior secured notes due 2028 | $ | 400,000 | $ | (5,046) | $ | 394,954 | |||||||||||
Titan Europe credit facilities | 45,049 | — | 45,049 | ||||||||||||||
Revolving credit facility | 23,000 | — | 23,000 | ||||||||||||||
Other debt | 22,177 | — | 22,177 | ||||||||||||||
Total debt | 490,226 | (5,046) | 485,180 | ||||||||||||||
Less amounts due within one year | 44,059 | — | 44,059 | ||||||||||||||
Total long-term debt | $ | 446,167 | $ | (5,046) | $ | 441,121 |
December 31, 2021 | |||||||||||||||||
Principal Balance | Unamortized Debt Issuance | Net Carrying Amount | |||||||||||||||
7.00% senior secured notes due 2028 | $ | 400,000 | $ | (5,476) | $ | 394,524 | |||||||||||
Titan Europe credit facilities | 44,993 | — | 44,993 | ||||||||||||||
Revolving credit facility | 30,000 | — | 30,000 | ||||||||||||||
Other debt | 15,434 | — | 15,434 | ||||||||||||||
Total debt | 490,427 | (5,476) | 484,951 | ||||||||||||||
Less amounts due within one year | 32,500 | — | 32,500 | ||||||||||||||
Total long-term debt | $ | 457,927 | $ | (5,476) | $ | 452,451 |
October 1 - December 31, 2017 | $ | 22,169 | |
2018 | 11,704 | ||
2019 | 14,082 | ||
2020 | 402,259 | ||
2021 | 455 | ||
Thereafter | 141 | ||
$ | 450,810 |
July 1 - December 31, 2022 | $ | 37,363 | |||
2023 | 14,215 | ||||
2024 | 6,285 | ||||
2025 | 3,285 | ||||
2026 | 25,202 | ||||
Thereafter | 403,876 | ||||
$ | 490,226 |
2017 | 2016 | ||||||
Balance at January 1 | $ | 104,809 | $ | 77,174 | |||
Reclassification as a result of ownership change | — | 12,039 | |||||
Income attributable to redeemable noncontrolling interest | 271 | 1,775 | |||||
Currency translation | 1,955 | 3,330 | |||||
Redemption value adjustment | 3,981 | 8,475 | |||||
Balance at September 30 | $ | 111,016 | $ | 102,793 |
Balance Sheet Classification | June 30, 2022 | December 31, 2021 | |||||||||||||||
Operating lease ROU assets | Operating lease assets | $ | 11,845 | $ | 20,945 | ||||||||||||
Operating lease current liabilities | Other current liabilities | $ | 4,993 | $ | 6,180 | ||||||||||||
Operating lease long-term liabilities | Other long-term liabilities | 4,503 | 11,352 | ||||||||||||||
Total operating lease liabilities | $ | 9,496 | $ | 17,532 | |||||||||||||
Finance lease, gross | Property, plant & equipment, net | $ | 5,825 | $ | 5,305 | ||||||||||||
Finance lease accumulated depreciation | Property, plant & equipment, net | (3,005) | (2,801) | ||||||||||||||
Finance lease, net | $ | 2,820 | $ | 2,504 | |||||||||||||
Finance lease current liabilities | Other current liabilities | $ | 2,343 | $ | 2,384 | ||||||||||||
Finance lease long-term liabilities | Other long-term liabilities | 3,188 | 3,878 | ||||||||||||||
Total finance lease liabilities | $ | 5,531 | $ | 6,262 |
Operating Leases | Finance Leases | ||||||||||
July 1 - December 31, 2022 | $ | 3,584 | $ | 1,546 | |||||||
2023 | 4,496 | 2,233 | |||||||||
2024 | 1,737 | 1,457 | |||||||||
2025 | 518 | 669 | |||||||||
2026 | 254 | 357 | |||||||||
Thereafter | 520 | 3 | |||||||||
Total lease payments | $ | 11,109 | $ | 6,265 | |||||||
Less imputed interest | 1,613 | 734 | |||||||||
$ | 9,496 | $ | 5,531 | ||||||||
Weighted average remaining lease term (in years) | 3.55 | 2.79 |
October 1 - December 31, 2017 | $ | 1,960 | |
2018 | 5,489 | ||
2019 | 4,478 | ||
2020 | 2,599 | ||
2021 | 1,908 | ||
Thereafter | 1,952 | ||
Total future minimum lease payments | $ | 18,386 |
October 1 - December 31, 2017 | $ | 139 | |
2018 | 662 | ||
2019 | 150 | ||
2020 | 20 | ||
2021 | 2 | ||
Total future capital lease obligation payments | 973 | ||
Less amount representing interest | (12 | ) | |
Present value of future capital lease obligation payments | $ | 961 |
Three months ended | Nine months ended | ||||||||||||||
September 30, | September 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
Service cost | $ | 129 | $ | 74 | $ | 482 | $ | 386 | |||||||
Interest cost | 1,197 | 1,230 | 3,531 | 3,700 | |||||||||||
Expected return on assets | (1,372 | ) | (1,396 | ) | (4,109 | ) | (4,184 | ) | |||||||
Amortization of unrecognized prior service cost | 34 | 35 | 102 | 103 | |||||||||||
Amortization of net unrecognized loss | 663 | 762 | 1,992 | 2,289 | |||||||||||
Net periodic pension cost | $ | 651 | $ | 705 | $ | 1,998 | $ | 2,294 |
Three months ended | Six months ended | ||||||||||||||||||||||
June 30, | June 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Service cost | $ | 244 | $ | 181 | $ | 1,172 | $ | 338 | |||||||||||||||
Interest cost | 717 | 713 | 1,434 | 1,413 | |||||||||||||||||||
Expected return on assets | (1,518) | (1,508) | (3,036) | (3,014) | |||||||||||||||||||
Amortization of unrecognized prior service cost | (16) | (32) | (32) | (32) | |||||||||||||||||||
Amortization of net unrecognized loss | (7) | 696 | (13) | 1,393 | |||||||||||||||||||
Net periodic pension (benefit) cost | $ | (580) | $ | 50 | $ | (475) | $ | 98 |
June 30, 2022 | December 31, 2021 | ||||||||||
Cash and cash equivalents | $ | 757 | $ | 714 | |||||||
Inventory | 2,325 | 2,459 | |||||||||
Other current assets | 4,111 | 5,135 | |||||||||
Property, plant and equipment, net | 3,441 | 3,414 | |||||||||
Other non-current assets | 522 | 626 | |||||||||
Total assets | $ | 11,156 | $ | 12,348 | |||||||
Current liabilities | $ | 1,385 | $ | 1,687 | |||||||
Other long-term liabilities | 583 | 669 | |||||||||
Total liabilities | $ | 1,968 | $ | 2,356 |
September 30, 2017 | December 31, 2016 | ||||||
Cash and cash equivalents | $ | 12,251 | $ | 9,396 | |||
Inventory | 13,862 | 11,445 | |||||
Other current assets | 22,099 | 23,301 | |||||
Property, plant and equipment, net | 34,131 | 30,448 | |||||
Other noncurrent assets | 8,431 | 4,955 | |||||
Total assets | $ | 90,774 | $ | 79,545 | |||
Current liabilities | $ | 23,744 | $ | 22,068 | |||
Noncurrent liabilities | 9,759 | 5,350 | |||||
Total liabilities | $ | 33,503 | $ | 27,418 |
September 30, 2017 | December 31, 2016 | ||||||
Investments | $ | 3,505 | $ | 4,738 | |||
Other current assets | 1,224 | 1,039 | |||||
Total VIE assets | 4,729 | 5,777 | |||||
Accounts payable | 1,706 | 932 | |||||
Maximum exposure to loss | $ | 6,435 | $ | 6,709 |
June 30, 2022 | December 31, 2021 | ||||||||||
Investments | $ | 6,736 | $ | 6,402 | |||||||
Total VIE assets | 6,736 | 6,402 | |||||||||
Accounts payable | 3,051 | 4,296 | |||||||||
Maximum exposure to loss | $ | 9,787 | $ | 10,698 |
Three months ended | Six months ended | ||||||||||||||||||||||
June 30, | June 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Income on indirect taxes (1) | $ | 22,450 | $ | — | $ | 22,450 | $ | — | |||||||||||||||
Loss on sale of Australian wheel business (2) | — | — | (10,890) | — | |||||||||||||||||||
Proceeds from government grant (3) | — | — | 1,324 | — | |||||||||||||||||||
Gain on legal settlement (4) | — | 1,750 | — | 1,750 | |||||||||||||||||||
Equity investment income | 322 | 60 | 570 | 124 | |||||||||||||||||||
Gain (loss) on sale of assets | 72 | (626) | 182 | 165 | |||||||||||||||||||
Other income (expense) | 850 | 48 | 1,199 | (1,175) | |||||||||||||||||||
$ | 23,694 | $ | 1,232 | $ | 14,835 | $ | 864 |
Three months ended | Nine months ended | ||||||||||||||
September 30, | September 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
Equity investment income | $ | 1,391 | $ | 840 | $ | 2,741 | $ | 2,423 | |||||||
Interest income | 872 | 929 | 2,646 | 2,182 | |||||||||||
Investment gain related to investments for deferred compensation | 480 | 560 | 1,827 | 52 | |||||||||||
Building rental income | 594 | 557 | 1,789 | 1,528 | |||||||||||
Discount amortization on prepaid royalty | 180 | 389 | 689 | 1,168 | |||||||||||
Gain (loss) on sale of assets | (542 | ) | (71 | ) | (734 | ) | 2,271 | ||||||||
Other income (expense) | 66 | 374 | (560 | ) | 908 | ||||||||||
$ | 3,041 | $ | 3,578 | $ | 8,398 | $ | 10,532 |
Three months ended | Six months ended | ||||||||||||||||||||||
June 30, | June 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Net income (loss) attributable to Titan and applicable to common shareholders | $ | 67,171 | $ | (2,773) | $ | 91,093 | $ | 10,801 | |||||||||||||||
Determination of shares: | |||||||||||||||||||||||
Weighted average shares outstanding (basic) | 62,671 | 61,717 | 63,262 | 61,592 | |||||||||||||||||||
Effect of equity awards | 550 | — | 511 | 888 | |||||||||||||||||||
Weighted average shares outstanding (diluted) | 63,221 | 61,717 | 63,773 | 62,480 | |||||||||||||||||||
Income (loss) per common share: | |||||||||||||||||||||||
Basic | $ | 1.07 | $ | (0.04) | $ | 1.44 | $ | 0.18 | |||||||||||||||
Diluted | $ | 1.06 | $ | (0.04) | $ | 1.43 | $ | 0.17 |
Three months ended | Nine months ended | ||||||||||||||
September 30, | September 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
Net loss attributable to Titan | $ | (12,018 | ) | $ | (8,008 | ) | $ | (29,764 | ) | $ | (24,007 | ) | |||
Redemption value adjustment | (882 | ) | (1,367 | ) | (3,981 | ) | (8,475 | ) | |||||||
Net loss applicable to common shareholders | $ | (12,900 | ) | $ | (9,375 | ) | $ | (33,745 | ) | $ | (32,482 | ) | |||
Determination of shares: | |||||||||||||||
Weighted average shares outstanding (basic and diluted) | 59,600 | 53,946 | 59,247 | 53,895 | |||||||||||
Earnings per share: | |||||||||||||||
Basic and diluted | (0.22 | ) | (0.17 | ) | (0.57 | ) | (0.60 | ) |
Three months ended | Nine months ended | ||||||||||||||
September 30, | September 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
Net sales | |||||||||||||||
Agricultural | $ | 170,895 | $ | 138,568 | $ | 524,335 | $ | 438,108 | |||||||
Earthmoving/construction | 156,442 | 128,917 | 443,030 | 401,649 | |||||||||||
Consumer | 43,651 | 38,710 | 125,523 | 118,446 | |||||||||||
$ | 370,988 | $ | 306,195 | $ | 1,092,888 | $ | 958,203 | ||||||||
Gross profit | |||||||||||||||
Agricultural | $ | 18,930 | $ | 18,592 | $ | 63,542 | $ | 57,684 | |||||||
Earthmoving/construction | 14,534 | 11,553 | 41,170 | 36,354 | |||||||||||
Consumer | 6,201 | 4,775 | 18,244 | 12,897 | |||||||||||
$ | 39,665 | $ | 34,920 | $ | 122,956 | $ | 106,935 | ||||||||
Income (loss) from operations | |||||||||||||||
Agricultural | $ | 10,056 | $ | 9,891 | $ | 36,721 | $ | 32,718 | |||||||
Earthmoving/construction | 2,985 | 807 | 5,853 | 4,060 | |||||||||||
Consumer | 3,060 | 1,331 | 8,001 | 2,072 | |||||||||||
Corporate & Unallocated | (21,242 | ) | (18,339 | ) | (58,819 | ) | (54,105 | ) | |||||||
Loss from operations | (5,141 | ) | (6,310 | ) | (8,244 | ) | (15,255 | ) | |||||||
Interest expense | (7,537 | ) | (8,714 | ) | (22,578 | ) | (25,208 | ) | |||||||
Foreign exchange gain | 815 | 398 | 48 | 7,403 | |||||||||||
Other income, net | 3,041 | 3,578 | 8,398 | 10,532 | |||||||||||
Loss before income taxes | $ | (8,822 | ) | $ | (11,048 | ) | $ | (22,376 | ) | $ | (22,528 | ) |
Three months ended | Six months ended | ||||||||||||||||||||||
June 30, | June 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Net sales | |||||||||||||||||||||||
Agricultural | $ | 318,585 | $ | 231,504 | $ | 628,184 | $ | 440,263 | |||||||||||||||
Earthmoving/construction | 210,370 | 176,715 | 411,629 | 341,522 | |||||||||||||||||||
Consumer | 43,940 | 30,420 | 89,079 | 60,372 | |||||||||||||||||||
$ | 572,895 | $ | 438,639 | $ | 1,128,892 | $ | 842,157 | ||||||||||||||||
Gross profit | |||||||||||||||||||||||
Agricultural | $ | 61,921 | $ | 35,291 | $ | 109,845 | $ | 65,080 | |||||||||||||||
Earthmoving/construction | 36,317 | 22,328 | 67,692 | 42,070 | |||||||||||||||||||
Consumer | 11,415 | 3,851 | 18,845 | 7,585 | |||||||||||||||||||
$ | 109,653 | $ | 61,470 | $ | 196,382 | $ | 114,735 | ||||||||||||||||
Income from operations | |||||||||||||||||||||||
Agricultural | $ | 44,884 | $ | 20,789 | $ | 75,001 | $ | 36,072 | |||||||||||||||
Earthmoving/construction | 22,276 | 7,462 | 38,116 | 13,037 | |||||||||||||||||||
Consumer | 9,238 | 1,881 | 14,120 | 3,548 | |||||||||||||||||||
Corporate & Unallocated | (6,697) | (6,413) | (12,828) | (14,707) | |||||||||||||||||||
Income from operations | 69,701 | 23,719 | 114,409 | 37,950 | |||||||||||||||||||
Interest expense | (7,707) | (8,598) | (15,614) | (16,121) | |||||||||||||||||||
Loss on senior note repurchase | — | (16,020) | — | (16,020) | |||||||||||||||||||
Foreign exchange gain (loss) | 2,234 | (768) | 7,551 | 8,709 | |||||||||||||||||||
Other income | 23,694 | 1,232 | 14,835 | 864 | |||||||||||||||||||
Income (loss) before income taxes | $ | 87,922 | $ | (435) | $ | 121,181 | $ | 15,382 |
June 30, 2022 | December 31, 2021 | ||||||||||
Total assets | |||||||||||
Agricultural | $ | 578,913 | $ | 517,528 | |||||||
Earthmoving/construction | 523,883 | 502,373 | |||||||||
Consumer | 142,829 | 133,906 | |||||||||
Corporate & Unallocated | 43,559 | 28,878 | |||||||||
$ | 1,289,184 | $ | 1,182,685 |
September 30, 2017 | December 31, 2016 | ||||||
Total assets | |||||||
Agricultural | $ | 482,958 | $ | 439,371 | |||
Earthmoving/construction | 533,112 | 443,879 | |||||
Consumer | 141,496 | 140,293 | |||||
Corporate & Unallocated | 172,344 | 242,353 | |||||
$ | 1,329,910 | $ | 1,265,896 |
September 30, 2017 | December 31, 2016 | ||||||||||||||||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||||||
Contractual obligation investments | $ | 11,494 | $ | 11,494 | $ | — | $ | — | $ | 9,668 | $ | 9,668 | $ | — | $ | — | |||||||||||||||
Derivative financial instruments asset | 566 | — | 566 | — | 988 | — | 988 | — | |||||||||||||||||||||||
Preferred stock | 145 | — | — | 145 | 181 | — | — | 181 | |||||||||||||||||||||||
Total | $ | 12,205 | $ | 11,494 | $ | 566 | $ | 145 | $ | 10,837 | $ | 9,668 | $ | 988 | $ | 181 |
Preferred stock | |||
Balance at December 31, 2016 | $ | 181 | |
Total unrealized losses | (36 | ) | |
Balance as of September 30, 2017 | $ | 145 |
Currency Translation Adjustments | Gain (Loss) on Derivatives | Unrecognized Losses and Prior Service Cost | Total | ||||||||||||||||||||
Balance at April 1, 2022 | $ | (217,602) | $ | 264 | $ | (9,838) | $ | (227,176) | |||||||||||||||
Currency translation adjustments, net | (18,765) | — | — | (18,765) | |||||||||||||||||||
Defined benefit pension plans: | |||||||||||||||||||||||
Amortization of unrecognized losses and prior service cost, net of tax of $(162) | — | — | 431 | 431 | |||||||||||||||||||
Derivative gain | — | 275 | — | 275 | |||||||||||||||||||
Balance at June 30, 2022 | $ | (236,367) | $ | 539 | $ | (9,407) | $ | (245,235) |
Currency Translation Adjustments | Gain (Loss) on Derivatives | Unrecognized Losses and Prior Service Cost | Total | ||||||||||||||||||||
Balance at January 1, 2022 | $ | (236,059) | $ | (39) | $ | (10,382) | $ | (246,480) | |||||||||||||||
Currency translation adjustments, net (1) | (308) | — | — | (308) | |||||||||||||||||||
Defined benefit pension plans: | |||||||||||||||||||||||
Amortization of unrecognized losses and prior service cost, net of tax of $(344) | — | — | 975 | 975 | |||||||||||||||||||
Derivative gain | — | 578 | — | 578 | |||||||||||||||||||
Balance at June 30, 2022 | $ | (236,367) | $ | 539 | $ | (9,407) | $ | (245,235) |
Currency Translation Adjustments | Gain (Loss) on Derivatives | Unrecognized Losses and Prior Service Cost | Total | ||||||||||||||||||||
Balance at April 1, 2021 | $ | (220,816) | $ | (373) | $ | (21,817) | $ | (243,006) | |||||||||||||||
Currency translation adjustments, net | 14,287 | — | — | 14,287 | |||||||||||||||||||
Defined benefit pension plans: | |||||||||||||||||||||||
Amortization of unrecognized losses and prior service cost, net of tax of $3 | — | — | 692 | 692 | |||||||||||||||||||
Derivative gain | — | 225 | — | 225 | |||||||||||||||||||
Balance at June 30, 2021 | $ | (206,529) | $ | (148) | $ | (21,125) | $ | (227,802) |
Currency Translation Adjustments | Unrecognized Losses and Prior Service Cost | Total | |||||||||
Balance at July 1, 2017 | $ | (144,200 | ) | $ | (23,928 | ) | $ | (168,128 | ) | ||
Currency translation adjustments | 13,379 | — | 13,379 | ||||||||
Defined benefit pension plan entries: | |||||||||||
Amortization of unrecognized losses and prior service cost, net of tax of $166 | — | 180 | 180 | ||||||||
Balance at September 30, 2017 | $ | (130,821 | ) | $ | (23,748 | ) | $ | (154,569 | ) |
Currency Translation Adjustments | Unrecognized Losses and Prior Service Cost | Total | |||||||||
Balance at January 1, 2017 | $ | (162,628 | ) | $ | (25,650 | ) | $ | (188,278 | ) | ||
Currency translation adjustments | 31,807 | — | 31,807 | ||||||||
Defined benefit pension plan entries: | |||||||||||
Amortization of unrecognized losses and prior service cost, net of tax of $55 | — | 1,902 | 1,902 | ||||||||
Balance at September 30, 2017 | $ | (130,821 | ) | $ | (23,748 | ) | $ | (154,569 | ) |
Currency Translation Adjustments | Gain (Loss) on Derivatives | Unrecognized Losses and Prior Service Cost | Total | ||||||||||||||||||||
Balance at January 1, 2021 | $ | (194,151) | $ | (413) | $ | (22,690) | $ | (217,254) | |||||||||||||||
Currency translation adjustments, net | (12,378) | — | — | (12,378) | |||||||||||||||||||
Defined benefit pension plans: | |||||||||||||||||||||||
Amortization of unrecognized losses and prior service cost, net of tax of $(41) | — | — | 1,565 | 1,565 | |||||||||||||||||||
Derivative gain | — | 265 | — | 265 | |||||||||||||||||||
Balance at June 30, 2021 | $ | (206,529) | $ | (148) | $ | (21,125) | $ | (227,802) |
(Amounts in thousands) | Condensed Consolidating Statements of Operations For the Three Months Ended June 30, 2022 | ||||||||||||||||||||||||||||
Titan Intl., Inc. (Parent) | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Consolidated | |||||||||||||||||||||||||
Net sales | $ | — | $ | 79,744 | $ | 572,895 | $ | (79,744) | $ | 572,895 | |||||||||||||||||||
Cost of sales | — | 31,097 | 511,889 | (79,744) | 463,242 | ||||||||||||||||||||||||
Gross profit | — | 48,647 | 61,006 | — | 109,653 | ||||||||||||||||||||||||
Selling, general and administrative expenses | 2,490 | 13,053 | 19,126 | — | 34,669 | ||||||||||||||||||||||||
Research and development expenses | 239 | 829 | 1,170 | — | 2,238 | ||||||||||||||||||||||||
Royalty expense | — | 1,560 | 1,485 | — | 3,045 | ||||||||||||||||||||||||
(Loss) income from operations | (2,729) | 33,205 | 39,225 | — | 69,701 | ||||||||||||||||||||||||
Interest expense | (7,540) | (3) | (164) | — | (7,707) | ||||||||||||||||||||||||
Intercompany interest income (expense) | 371 | 1,080 | (1,451) | — | — | ||||||||||||||||||||||||
Foreign exchange (loss) gain | — | (365) | 2,599 | — | 2,234 | ||||||||||||||||||||||||
Other income | 12 | 533 | 23,149 | — | 23,694 | ||||||||||||||||||||||||
(Loss) income before income taxes | (9,886) | 34,450 | 63,358 | — | 87,922 | ||||||||||||||||||||||||
Provision for income taxes | 1,118 | 162 | 17,721 | — | 19,001 | ||||||||||||||||||||||||
Equity in earnings (loss) of subsidiaries | 81,038 | — | 20,792 | (101,830) | — | ||||||||||||||||||||||||
Net income (loss) | 70,034 | 34,288 | 66,429 | (101,830) | 68,921 | ||||||||||||||||||||||||
Net income attributable to noncontrolling interests | — | — | 1,750 | — | 1,750 | ||||||||||||||||||||||||
Net income (loss) attributable to Titan | $ | 70,034 | $ | 34,288 | $ | 64,679 | $ | (101,830) | $ | 67,171 |
(Amounts in thousands) | Condensed Consolidating Statements of Operations For the Six Months Ended June 30, 2022 | ||||||||||||||||||||||||||||
Titan Intl., Inc. (Parent) | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Consolidated | |||||||||||||||||||||||||
Net sales | $ | — | $ | 165,543 | $ | 1,128,892 | $ | (165,543) | $ | 1,128,892 | |||||||||||||||||||
Cost of sales | — | 77,913 | 1,020,140 | (165,543) | 932,510 | ||||||||||||||||||||||||
Gross profit | — | 87,630 | 108,752 | — | 196,382 | ||||||||||||||||||||||||
Selling, general and administrative expenses | 4,811 | 25,525 | 40,560 | — | 70,896 | ||||||||||||||||||||||||
Research and development expenses | 509 | 1,669 | 2,980 | — | 5,158 | ||||||||||||||||||||||||
Royalty expense | 230 | 2,865 | 2,824 | — | 5,919 | ||||||||||||||||||||||||
(Loss) income from operations | (5,550) | 57,571 | 62,388 | — | 114,409 | ||||||||||||||||||||||||
Interest expense | (15,126) | (8) | (480) | — | (15,614) | ||||||||||||||||||||||||
Intercompany interest income (expense) | 734 | 1,713 | (2,447) | — | — | ||||||||||||||||||||||||
Foreign exchange gain | — | 290 | 7,261 | — | 7,551 | ||||||||||||||||||||||||
Other income | 12 | 1,040 | 13,783 | — | 14,835 | ||||||||||||||||||||||||
(Loss) income before income taxes | (19,930) | 60,606 | 80,505 | — | 121,181 | ||||||||||||||||||||||||
Provision for income taxes | 2,360 | 296 | 25,026 | — | 27,682 | ||||||||||||||||||||||||
Equity in earnings (loss) of subsidiaries | 117,017 | — | 38,643 | (155,660) | — | ||||||||||||||||||||||||
Net income (loss) | 94,727 | 60,310 | 94,122 | (155,660) | 93,499 | ||||||||||||||||||||||||
Net income attributable to noncontrolling interests | — | — | 2,406 | — | 2,406 | ||||||||||||||||||||||||
Net income (loss) attributable to Titan | $ | 94,727 | $ | 60,310 | $ | 91,716 | $ | (155,660) | $ | 91,093 |
(Amounts in thousands) | Condensed Consolidating Statements of Comprehensive Income (Loss) For the Three Months Ended June 30, 2022 | ||||||||||||||||||||||||||||
Titan Intl., Inc. (Parent) | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Consolidated | |||||||||||||||||||||||||
Net income (loss) | $ | 70,034 | $ | 34,288 | $ | 66,429 | $ | (101,830) | $ | 68,921 | |||||||||||||||||||
Derivative gain | — | — | 275 | — | 275 | ||||||||||||||||||||||||
Currency translation adjustment | — | — | (11,536) | — | (11,536) | ||||||||||||||||||||||||
Pension liability adjustments, net of tax | — | — | 431 | — | 431 | ||||||||||||||||||||||||
Comprehensive income (loss) | 70,034 | 34,288 | 55,599 | (101,830) | 58,091 | ||||||||||||||||||||||||
Net comprehensive income attributable to noncontrolling interests | — | — | 8,979 | — | 8,979 | ||||||||||||||||||||||||
Comprehensive income (loss) attributable to Titan | $ | 70,034 | $ | 34,288 | $ | 46,620 | $ | (101,830) | $ | 49,112 |
(Amounts in thousands) | Condensed Consolidating Statements of Operations For the Three Months Ended September 30, 2017 | ||||||||||||||||||
Titan Intl., Inc. (Parent) | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Consolidated | |||||||||||||||
Net sales | $ | — | $ | 138,557 | $ | 232,431 | $ | — | $ | 370,988 | |||||||||
Cost of sales | 99 | 122,129 | 209,095 | — | 331,323 | ||||||||||||||
Gross profit (loss) | (99 | ) | 16,428 | 23,336 | — | 39,665 | |||||||||||||
Selling, general and administrative expenses | 2,100 | 12,594 | 25,059 | — | 39,753 | ||||||||||||||
Research and development expenses | — | 972 | 1,485 | — | 2,457 | ||||||||||||||
Royalty expense | 217 | 1,435 | 944 | — | 2,596 | ||||||||||||||
Income (loss) from operations | (2,416 | ) | 1,427 | (4,152 | ) | — | (5,141 | ) | |||||||||||
Interest expense | (7,231 | ) | — | (306 | ) | — | (7,537 | ) | |||||||||||
Intercompany interest income (expense) | 606 | 983 | (1,589 | ) | — | — | |||||||||||||
Foreign exchange gain (loss) | (2 | ) | 71 | 746 | — | 815 | |||||||||||||
Other income (expense) | 968 | (33 | ) | 2,106 | — | 3,041 | |||||||||||||
Income (loss) before income taxes | (8,075 | ) | 2,448 | (3,195 | ) | — | (8,822 | ) | |||||||||||
Provision for income taxes | 889 | 994 | 513 | — | 2,396 | ||||||||||||||
Equity in earnings of subsidiaries | (2,252 | ) | — | (2,306 | ) | 4,558 | — | ||||||||||||
Net income (loss) | (11,216 | ) | 1,454 | (6,014 | ) | 4,558 | (11,218 | ) | |||||||||||
Net income noncontrolling interests | — | — | 800 | — | 800 | ||||||||||||||
Net income (loss) attributable to Titan | $ | (11,216 | ) | $ | 1,454 | $ | (6,814 | ) | $ | 4,558 | $ | (12,018 | ) |
(Amounts in thousands) | Condensed Consolidating Statements of Operations For the Three Months Ended September 30, 2016 | ||||||||||||||||||
Titan Intl., Inc. (Parent) | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Consolidated | |||||||||||||||
Net sales | $ | — | $ | 114,743 | $ | 191,452 | $ | — | $ | 306,195 | |||||||||
Cost of sales | 87 | 99,573 | 171,615 | — | 271,275 | ||||||||||||||
Gross profit (loss) | (87 | ) | 15,170 | 19,837 | — | 34,920 | |||||||||||||
Selling, general and administrative expenses | 2,556 | 15,407 | 18,385 | — | 36,348 | ||||||||||||||
Research and development expenses | — | 776 | 1,821 | — | 2,597 | ||||||||||||||
Royalty expense | 125 | 1,296 | 864 | — | 2,285 | ||||||||||||||
Loss from operations | (2,768 | ) | (2,309 | ) | (1,233 | ) | — | (6,310 | ) | ||||||||||
Interest expense | (8,288 | ) | — | (426 | ) | — | (8,714 | ) | |||||||||||
Intercompany interest income (expense) | 470 | — | (470 | ) | — | — | |||||||||||||
Foreign exchange gain | — | — | 398 | 398 | |||||||||||||||
Other income | 1,256 | 62 | 2,260 | — | 3,578 | ||||||||||||||
Income (loss) before income taxes | (9,330 | ) | (2,247 | ) | 529 | — | (11,048 | ) | |||||||||||
Provision (benefit) for income taxes | (1,935 | ) | (1,448 | ) | 1,309 | — | (2,074 | ) | |||||||||||
Equity in earnings of subsidiaries | (3,523 | ) | — | (4,037 | ) | 7,560 | — | ||||||||||||
Net income (loss) | (10,918 | ) | (799 | ) | (4,817 | ) | 7,560 | (8,974 | ) | ||||||||||
Net loss noncontrolling interests | — | — | (966 | ) | — | (966 | ) | ||||||||||||
Net income (loss) attributable to Titan | $ | (10,918 | ) | $ | (799 | ) | $ | (3,851 | ) | $ | 7,560 | $ | (8,008 | ) |
(Amounts in thousands) | Condensed Consolidating Statements of Comprehensive (Loss) Income For the Six Months Ended June 30, 2022 | ||||||||||||||||||||||||||||
Titan Intl., Inc. (Parent) | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Consolidated | |||||||||||||||||||||||||
Net income (loss) | $ | 94,727 | $ | 60,310 | $ | 94,122 | $ | (155,660) | $ | 93,499 | |||||||||||||||||||
Derivative gain | — | — | 578 | — | 578 | ||||||||||||||||||||||||
Currency translation adjustment | — | — | 5,739 | — | 5,739 | ||||||||||||||||||||||||
Pension liability adjustments, net of tax | — | — | 975 | — | 975 | ||||||||||||||||||||||||
Comprehensive income (loss) | 94,727 | 60,310 | 101,414 | (155,660) | 100,791 | ||||||||||||||||||||||||
Net comprehensive income attributable to noncontrolling interests | — | — | 8,453 | — | 8,453 | ||||||||||||||||||||||||
Comprehensive income (loss) attributable to Titan | $ | 94,727 | $ | 60,310 | $ | 92,961 | $ | (155,660) | $ | 92,338 |
(Amounts in thousands) | Condensed Consolidating Statements of Operations For the Nine Months Ended September 30, 2017 | ||||||||||||||||||
Titan Intl., Inc. (Parent) | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Consolidated | |||||||||||||||
Net sales | $ | — | $ | 429,636 | $ | 663,252 | $ | — | $ | 1,092,888 | |||||||||
Cost of sales | 256 | 378,875 | 590,801 | — | 969,932 | ||||||||||||||
Gross profit (loss) | (256 | ) | 50,761 | 72,451 | — | 122,956 | |||||||||||||
Selling, general and administrative expenses | 10,038 | 43,906 | 61,609 | — | 115,553 | ||||||||||||||
Research and development expenses | — | 2,825 | 5,083 | — | 7,908 | ||||||||||||||
Royalty expense | 883 | 4,140 | 2,716 | — | 7,739 | ||||||||||||||
Income (loss) from operations | (11,177 | ) | (110 | ) | 3,043 | — | (8,244 | ) | |||||||||||
Interest expense | (21,909 | ) | — | (669 | ) | — | (22,578 | ) | |||||||||||
Intercompany interest income (expense) | 1,775 | 2,930 | (4,705 | ) | — | — | |||||||||||||
Foreign exchange gain (loss) | (2 | ) | 30 | 20 | — | 48 | |||||||||||||
Other income (expense) | 3,179 | (203 | ) | 5,422 | — | 8,398 | |||||||||||||
Income (loss) before income taxes | (28,134 | ) | 2,647 | 3,111 | — | (22,376 | ) | ||||||||||||
Provision (benefit) for income taxes | (620 | ) | 2,489 | 4,095 | — | 5,964 | |||||||||||||
Equity in earnings of subsidiaries | 2,120 | — | (10,715 | ) | 8,595 | — | |||||||||||||
Net income (loss) | (25,394 | ) | 158 | (11,699 | ) | 8,595 | (28,340 | ) | |||||||||||
Net income noncontrolling interests | — | — | 1,424 | — | 1,424 | ||||||||||||||
Net income (loss) attributable to Titan | $ | (25,394 | ) | $ | 158 | $ | (13,123 | ) | $ | 8,595 | $ | (29,764 | ) |
(Amounts in thousands) | Condensed Consolidating Statements of Operations For the Nine Months Ended September 30, 2016 | ||||||||||||||||||
Titan Intl., Inc. (Parent) | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Consolidated | |||||||||||||||
Net sales | $ | — | $ | 384,917 | $ | 573,286 | $ | — | $ | 958,203 | |||||||||
Cost of sales | 659 | 334,044 | 516,565 | — | 851,268 | ||||||||||||||
Gross profit (loss) | (659 | ) | 50,873 | 56,721 | — | 106,935 | |||||||||||||
Selling, general and administrative expenses | 7,907 | 47,879 | 51,926 | — | 107,712 | ||||||||||||||
Research and development expenses | — | 2,221 | 5,569 | — | 7,790 | ||||||||||||||
Royalty expense | 542 | 3,573 | 2,573 | — | 6,688 | ||||||||||||||
Loss from operations | (9,108 | ) | (2,800 | ) | (3,347 | ) | — | (15,255 | ) | ||||||||||
Interest expense | (24,382 | ) | — | (826 | ) | — | (25,208 | ) | |||||||||||
Intercompany interest income (expense) | 1,122 | — | (1,122 | ) | — | — | |||||||||||||
Foreign exchange gain | — | 202 | 7,201 | 7,403 | |||||||||||||||
Other income | 1,864 | 220 | 8,448 | — | 10,532 | ||||||||||||||
Income (loss) before income taxes | (30,504 | ) | (2,378 | ) | 10,354 | — | (22,528 | ) | |||||||||||
Provision (benefit) for income taxes | (2,205 | ) | 417 | 4,366 | — | 2,578 | |||||||||||||
Equity in earnings of subsidiaries | 6,197 | — | (6,243 | ) | 46 | — | |||||||||||||
Net income (loss) | (22,102 | ) | (2,795 | ) | (255 | ) | 46 | (25,106 | ) | ||||||||||
Net loss noncontrolling interests | — | — | (1,099 | ) | — | (1,099 | ) | ||||||||||||
Net income (loss) attributable to Titan | $ | (22,102 | ) | $ | (2,795 | ) | $ | 844 | $ | 46 | $ | (24,007 | ) |
(Amounts in thousands) | Condensed Consolidating Balance Sheets June 30, 2022 | ||||||||||||||||||||||||||||
Titan Intl., Inc. (Parent) | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Consolidated | |||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 22,539 | $ | 4 | $ | 94,160 | $ | — | $ | 116,703 | |||||||||||||||||||
Accounts receivable, net | — | 40 | 299,030 | — | 299,070 | ||||||||||||||||||||||||
Inventories | — | 74,981 | 347,783 | — | 422,764 | ||||||||||||||||||||||||
Prepaid and other current assets | 988 | 16,196 | 73,660 | — | 90,844 | ||||||||||||||||||||||||
Total current assets | 23,527 | 91,221 | 814,633 | — | 929,381 | ||||||||||||||||||||||||
Property, plant and equipment, net | 592 | 80,042 | 216,198 | — | 296,832 | ||||||||||||||||||||||||
Investment in subsidiaries | 826,594 | — | 104,455 | (931,049) | — | ||||||||||||||||||||||||
Other assets | 1,148 | 13,910 | 47,913 | — | 62,971 | ||||||||||||||||||||||||
Total assets | $ | 851,861 | $ | 185,173 | $ | 1,183,199 | $ | (931,049) | $ | 1,289,184 | |||||||||||||||||||
Liabilities and Equity | |||||||||||||||||||||||||||||
Short-term debt | $ | — | $ | — | $ | 44,059 | $ | — | $ | 44,059 | |||||||||||||||||||
Accounts payable | 1,521 | 53,946 | 229,335 | — | 284,802 | ||||||||||||||||||||||||
Other current liabilities | 37,121 | 28,899 | 102,378 | — | 168,398 | ||||||||||||||||||||||||
Total current liabilities | 38,642 | 82,845 | 375,772 | — | 497,259 | ||||||||||||||||||||||||
Long-term debt | 417,954 | — | 23,167 | — | 441,121 | ||||||||||||||||||||||||
Other long-term liabilities | 192 | 4,978 | 39,964 | — | 45,134 | ||||||||||||||||||||||||
Intercompany accounts | 54,759 | (522,829) | 468,070 | — | — | ||||||||||||||||||||||||
Titan shareholders' equity | 340,314 | 620,179 | 269,901 | (931,049) | 299,345 | ||||||||||||||||||||||||
Noncontrolling interests | — | — | 6,325 | — | 6,325 | ||||||||||||||||||||||||
Total liabilities and equity | $ | 851,861 | $ | 185,173 | $ | 1,183,199 | $ | (931,049) | $ | 1,289,184 |
(Amounts in thousands) | Condensed Consolidating Statements of Cash Flows For the Six Months Ended June 30, 2022 | ||||||||||||||||||||||||||||
Titan Intl., Inc. (Parent) | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Consolidated | ||||||||||||||||||||||||||
Net cash provided by (used for) operating activities | $ | 47,069 | $ | 6,585 | $ | (4,736) | $ | 48,918 | |||||||||||||||||||||
Cash flows from investing activities: | |||||||||||||||||||||||||||||
Capital expenditures | — | (6,578) | (12,886) | (19,464) | |||||||||||||||||||||||||
Proceeds from the sale of the Australian wheel business | — | — | 9,293 | 9,293 | |||||||||||||||||||||||||
Proceeds from sale of fixed assets | — | — | 297 | 297 | |||||||||||||||||||||||||
Net cash used for investing activities | — | (6,578) | (3,296) | (9,874) | |||||||||||||||||||||||||
Cash flows from financing activities: | |||||||||||||||||||||||||||||
Proceeds from borrowings | 65,430 | — | 23,585 | 89,015 | |||||||||||||||||||||||||
Repurchase of common stock | (25,000) | — | — | (25,000) | |||||||||||||||||||||||||
Payment on debt | (72,000) | — | (14,004) | (86,004) | |||||||||||||||||||||||||
Other financing activities | — | (20) | (608) | (628) | |||||||||||||||||||||||||
Net cash (used for) provided by financing activities | (31,570) | (20) | 8,973 | (22,617) | |||||||||||||||||||||||||
Effect of exchange rate change on cash | — | — | 2,168 | 2,168 | |||||||||||||||||||||||||
Net increase (decrease) in cash and cash equivalents | 15,499 | (13) | 3,109 | 18,595 | |||||||||||||||||||||||||
Cash and cash equivalents, beginning of period | 7,040 | 17 | 91,051 | 98,108 | |||||||||||||||||||||||||
Cash and cash equivalents, end of period | $ | 22,539 | $ | 4 | $ | 94,160 | $ | 116,703 |
(Amounts in thousands) | Condensed Consolidating Statements of Comprehensive Income (Loss) For the Three Months Ended September 30, 2017 | ||||||||||||||||||
Titan Intl., Inc. (Parent) | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Consolidated | |||||||||||||||
Net income (loss) | $ | (11,216 | ) | $ | 1,454 | $ | (6,014 | ) | $ | 4,558 | $ | (11,218 | ) | ||||||
Currency translation adjustment | 14,015 | — | 14,015 | (14,015 | ) | 14,015 | |||||||||||||
Pension liability adjustments, net of tax | 180 | 625 | (445 | ) | (180 | ) | 180 | ||||||||||||
Comprehensive income (loss) | 2,979 | 2,079 | 7,556 | (9,637 | ) | 2,977 | |||||||||||||
Net comprehensive income attributable to redeemable and noncontrolling interests | — | — | 1,436 | — | 1,436 | ||||||||||||||
Comprehensive income (loss) attributable to Titan | $ | 2,979 | $ | 2,079 | $ | 6,120 | $ | (9,637 | ) | $ | 1,541 |
(Amounts in thousands) | Condensed Consolidating Statements of Comprehensive Income (Loss) For the Three Months Ended September 30, 2016 | ||||||||||||||||||
Titan Intl., Inc. (Parent) | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Consolidated | |||||||||||||||
Net income (loss) | $ | (10,918 | ) | $ | (799 | ) | $ | (4,817 | ) | $ | 7,560 | $ | (8,974 | ) | |||||
Currency translation adjustment | (386 | ) | — | (386 | ) | 386 | (386 | ) | |||||||||||
Pension liability adjustments, net of tax | 465 | 734 | (269 | ) | (465 | ) | 465 | ||||||||||||
Comprehensive income (loss) | (10,839 | ) | (65 | ) | (5,472 | ) | 7,481 | (8,895 | ) | ||||||||||
Net comprehensive loss attributable to redeemable and noncontrolling interests | — | — | (679 | ) | — | (679 | ) | ||||||||||||
Comprehensive income (loss) attributable to Titan | $ | (10,839 | ) | $ | (65 | ) | $ | (4,793 | ) | $ | 7,481 | $ | (8,216 | ) |
(Amounts in thousands) | Condensed Consolidating Statements of Comprehensive Income (Loss) For the Nine Months Ended September 30, 2017 | ||||||||||||||||||
Titan Intl., Inc. (Parent) | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Consolidated | |||||||||||||||
Net income (loss) | $ | (25,394 | ) | $ | 158 | $ | (11,699 | ) | $ | 8,595 | $ | (28,340 | ) | ||||||
Currency translation adjustment | 33,040 | — | 33,040 | (33,040 | ) | 33,040 | |||||||||||||
Pension liability adjustments, net of tax | 1,902 | 1,875 | 27 | (1,902 | ) | 1,902 | |||||||||||||
Comprehensive income (loss) | 9,548 | 2,033 | 21,368 | (26,347 | ) | 6,602 | |||||||||||||
Net comprehensive income attributable to redeemable and noncontrolling interests | — | — | 2,657 | — | 2,657 | ||||||||||||||
Comprehensive income (loss) attributable to Titan | $ | 9,548 | $ | 2,033 | $ | 18,711 | $ | (26,347 | ) | $ | 3,945 | ||||||||
(Amounts in thousands) | Condensed Consolidating Statements of Comprehensive Income (Loss) For the Nine Months Ended September 30, 2016 | ||||||||||||||||||
Titan Intl., Inc. (Parent) | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Consolidated | |||||||||||||||
Net income (loss) | $ | (22,102 | ) | $ | (2,795 | ) | $ | (255 | ) | $ | 46 | $ | (25,106 | ) | |||||
Currency translation adjustment | 21,545 | — | (21,545 | ) | 21,545 | 21,545 | |||||||||||||
Pension liability adjustments, net of tax | 1,200 | 2,202 | (1,002 | ) | (1,200 | ) | 1,200 | ||||||||||||
Comprehensive income (loss) | 643 | (593 | ) | (22,802 | ) | 20,391 | (2,361 | ) | |||||||||||
Net comprehensive income attributable to redeemable and noncontrolling interests | — | — | 5,427 | — | 5,427 | ||||||||||||||
Comprehensive income (loss) attributable to Titan | $ | 643 | $ | (593 | ) | $ | (28,229 | ) | $ | 20,391 | $ | (7,788 | ) | ||||||
(Amounts in thousands) | Condensed Consolidating Balance Sheets September 30, 2017 | ||||||||||||||||||
Titan Intl., Inc. (Parent) | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Consolidated | |||||||||||||||
Assets | |||||||||||||||||||
Cash and cash equivalents | $ | 77,903 | $ | 10 | $ | 77,762 | $ | — | $ | 155,675 | |||||||||
Accounts receivable, net | — | 65,141 | 171,075 | — | 236,216 | ||||||||||||||
Inventories | — | 90,857 | 240,521 | — | 331,378 | ||||||||||||||
Prepaid and other current assets | 6,652 | 21,131 | 34,849 | — | 62,632 | ||||||||||||||
Total current assets | 84,555 | 177,139 | 524,207 | — | 785,901 | ||||||||||||||
Property, plant and equipment, net | 2,771 | 112,878 | 324,429 | — | 440,078 | ||||||||||||||
Investment in subsidiaries | 772,243 | — | 75,145 | (847,388 | ) | — | |||||||||||||
Other assets | 19,155 | 969 | 83,807 | — | 103,931 | ||||||||||||||
Total assets | $ | 878,724 | $ | 290,986 | $ | 1,007,588 | $ | (847,388 | ) | $ | 1,329,910 | ||||||||
Liabilities and Equity | |||||||||||||||||||
Short-term debt | $ | — | $ | — | $ | 36,174 | $ | — | $ | 36,174 | |||||||||
Accounts payable | (973 | ) | 21,547 | 163,756 | — | 184,330 | |||||||||||||
Other current liabilities | 33,431 | 31,579 | 68,621 | — | 133,631 | ||||||||||||||
Total current liabilities | 32,458 | 53,126 | 268,551 | — | 354,135 | ||||||||||||||
Long-term debt | 396,594 | — | 14,636 | — | 411,230 | ||||||||||||||
Other long-term liabilities | 23,524 | 16,516 | 62,378 | — | 102,418 | ||||||||||||||
Intercompany accounts | 61,666 | (278,187 | ) | 216,521 | — | — | |||||||||||||
Redeemable noncontrolling interest | — | — | 111,016 | — | 111,016 | ||||||||||||||
Titan shareholders' equity | 364,482 | 499,531 | 339,306 | (847,388 | ) | 355,931 | |||||||||||||
Noncontrolling interests | — | — | (4,820 | ) | — | (4,820 | ) | ||||||||||||
Total liabilities and equity | $ | 878,724 | $ | 290,986 | $ | 1,007,588 | $ | (847,388 | ) | $ | 1,329,910 |
(Amounts in thousands) | Condensed Consolidating Balance Sheets December 31, 2016 | ||||||||||||||||||
Titan Intl., Inc. (Parent) | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Consolidated | |||||||||||||||
Assets | |||||||||||||||||||
Cash and cash equivalents | $ | 86,190 | $ | 9 | $ | 61,628 | $ | — | $ | 147,827 | |||||||||
Certificates of deposit | 50,000 | — | — | — | 50,000 | ||||||||||||||
Accounts receivable, net | — | 43,485 | 135,899 | — | 179,384 | ||||||||||||||
Inventories | — | 76,823 | 195,413 | — | 272,236 | ||||||||||||||
Prepaid and other current assets | 11,965 | 21,901 | 45,868 | — | 79,734 | ||||||||||||||
Total current assets | 148,155 | 142,218 | 438,808 | — | 729,181 | ||||||||||||||
Property, plant and equipment, net | 4,898 | 124,049 | 308,254 | — | 437,201 | ||||||||||||||
Investment in subsidiaries | 742,679 | — | 87,385 | (830,064 | ) | — | |||||||||||||
Other assets | 23,627 | 1,118 | 74,769 | — | 99,514 | ||||||||||||||
Total assets | $ | 919,359 | $ | 267,385 | $ | 909,216 | $ | (830,064 | ) | $ | 1,265,896 | ||||||||
Liabilities and Equity | |||||||||||||||||||
Short-term debt | $ | 60,148 | $ | — | $ | 37,264 | $ | — | $ | 97,412 | |||||||||
Accounts payable | 4,187 | 14,398 | 129,670 | — | 148,255 | ||||||||||||||
Other current liabilities | 34,140 | 34,475 | 51,822 | — | 120,437 | ||||||||||||||
Total current liabilities | 98,475 | 48,873 | 218,756 | — | 366,104 | ||||||||||||||
Long-term debt | 395,852 | — | 12,908 | — | 408,760 | ||||||||||||||
Other long-term liabilities | 27,636 | 18,473 | 47,235 | — | 93,344 | ||||||||||||||
Intercompany accounts | 94,977 | (300,823 | ) | 205,846 | — | — | |||||||||||||
Redeemable noncontrolling interest | — | — | 104,809 | — | 104,809 | ||||||||||||||
Titan shareholders' equity | 302,419 | 500,862 | 323,600 | (830,064 | ) | 296,817 | |||||||||||||
Noncontrolling interests | — | — | (3,938 | ) | — | (3,938 | ) | ||||||||||||
Total liabilities and equity | $ | 919,359 | $ | 267,385 | $ | 909,216 | $ | (830,064 | ) | $ | 1,265,896 |
(Amounts in thousands) | Condensed Consolidating Statements of Cash Flows For the Nine Months Ended September 30, 2017 | ||||||||||||||
Titan Intl., Inc. (Parent) | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Consolidated | ||||||||||||
Net cash provided by (used for) operating activities | $ | (53,211 | ) | $ | 4,107 | $ | 33,892 | $ | (15,212 | ) | |||||
Cash flows from investing activities: | |||||||||||||||
Capital expenditures | (815 | ) | (4,472 | ) | (18,293 | ) | (23,580 | ) | |||||||
Certificates of deposit | 50,000 | — | — | 50,000 | |||||||||||
Other, net | — | 366 | 927 | 1,293 | |||||||||||
Net cash provided by (used for) investing activities | 49,185 | (4,106 | ) | (17,366 | ) | 27,713 | |||||||||
Cash flows from financing activities: | |||||||||||||||
Proceeds from borrowings | — | — | 33,540 | 33,540 | |||||||||||
Payment on debt | (3,393 | ) | — | (37,610 | ) | (41,003 | ) | ||||||||
Dividends paid | (868 | ) | — | — | (868 | ) | |||||||||
Net cash used for financing activities | (4,261 | ) | — | (4,070 | ) | (8,331 | ) | ||||||||
Effect of exchange rate change on cash | — | — | 3,678 | 3,678 | |||||||||||
Net increase (decrease) in cash and cash equivalents | (8,287 | ) | 1 | 16,134 | 7,848 | ||||||||||
Cash and cash equivalents, beginning of period | 86,190 | 9 | 61,628 | 147,827 | |||||||||||
Cash and cash equivalents, end of period | $ | 77,903 | $ | 10 | $ | 77,762 | $ | 155,675 |
(Amounts in thousands) | Condensed Consolidating Statements of Cash Flows For the Nine Months Ended September 30, 2016 | ||||||||||||||
Titan Intl., Inc. (Parent) | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Consolidated | ||||||||||||
Net cash provided by operating activities | $ | 4,154 | $ | 5,553 | $ | 44,277 | $ | 53,984 | |||||||
Cash flows from investing activities: | |||||||||||||||
Capital expenditures | (657 | ) | (5,616 | ) | (24,573 | ) | (30,846 | ) | |||||||
Other, net | — | 73 | 1,614 | 1,687 | |||||||||||
Net cash used for investing activities | (657 | ) | (5,543 | ) | (22,959 | ) | (29,159 | ) | |||||||
Cash flows from financing activities: | |||||||||||||||
Proceeds from borrowings | — | — | 2,390 | 2,390 | |||||||||||
Payment on debt | — | — | (14,042 | ) | (14,042 | ) | |||||||||
Dividends paid | (810 | ) | — | — | (810 | ) | |||||||||
Net cash used for financing activities | (810 | ) | — | (11,652 | ) | (12,462 | ) | ||||||||
Effect of exchange rate change on cash | — | — | 2,958 | 2,958 | |||||||||||
Net increase in cash and cash equivalents | 2,687 | 10 | 12,624 | 15,321 | |||||||||||
Cash and cash equivalents, beginning of period | 142,401 | 4 | 57,783 | 200,188 | |||||||||||
Cash and cash equivalents, end of period | $ | 145,088 | $ | 14 | $ | 70,407 | $ | 215,509 |
Three months ended | Six months ended | ||||||||||||||||||||||||||||||||||
(amounts in thousands) | June 30, | June 30, | |||||||||||||||||||||||||||||||||
2022 | 2021 | % Increase/(Decrease) | 2022 | 2021 | % Increase | ||||||||||||||||||||||||||||||
Net sales | $ | 572,895 | $ | 438,639 | 30.6 | % | $ | 1,128,892 | $ | 842,157 | 34.0 | % | |||||||||||||||||||||||
Gross profit | 109,653 | 61,470 | 78.4 | % | 196,382 | 114,735 | 71.2 | % | |||||||||||||||||||||||||||
Gross profit % | 19.1 | % | 14.0 | % | 17.4 | % | 13.6 | % | |||||||||||||||||||||||||||
Selling, general and administrative expenses | 34,669 | 32,566 | 6.5 | % | 70,896 | 66,594 | 6.5 | % | |||||||||||||||||||||||||||
Research and development expenses | 2,238 | 2,528 | (11.5) | % | 5,158 | 5,081 | 1.5 | % | |||||||||||||||||||||||||||
Royalty expense | 3,045 | 2,657 | 14.6 | % | 5,919 | 5,110 | 15.8 | % | |||||||||||||||||||||||||||
Income from operations | 69,701 | 23,719 | 193.9 | % | 114,409 | 37,950 | 201.5 | % |
Three months ended | Nine months ended | ||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||
2017 | 2016 | % Increase (Decrease) | 2017 | 2016 | % Increase (Decrease) | ||||||||||||||||
Net sales | $ | 370,988 | $ | 306,195 | 21 | % | $ | 1,092,888 | $ | 958,203 | 14 | % | |||||||||
Gross profit | 39,665 | 34,920 | 14 | % | 122,956 | 106,935 | 15 | % | |||||||||||||
Loss from operations | (5,141 | ) | (6,310 | ) | 19 | % | (8,244 | ) | (15,255 | ) | 46 | % | |||||||||
Net loss | (11,218 | ) | (8,974 | ) | (25 | )% | (28,340 | ) | (25,106 | ) | (13 | )% | |||||||||
Basic earnings per share | (0.22 | ) | (0.17 | ) | (29 | )% | (0.57 | ) | (0.60 | ) | 5 | % |
Three months ended | Nine months ended | ||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||
2017 | 2016 | % Increase | 2017 | 2016 | % Increase | ||||||||||||||
Net sales | $ | 370,988 | $ | 306,195 | 21 | % | $ | 1,092,888 | $ | 958,203 | 14 | % | |||||||
Cost of sales | 331,323 | 271,275 | 22 | % | 969,932 | 851,268 | 14 | % | |||||||||||
Gross profit | $ | 39,665 | $ | 34,920 | 14 | % | $ | 122,956 | $ | 106,935 | 15 | % | |||||||
Gross profit as percentage of net sales | 10.7 | % | 11.4 | % | 11.3 | % | 11.2 | % |
Three months ended June 30, 2022 | Agricultural | Earthmoving/ Construction | Consumer | Corporate/ Unallocated Expenses | Consolidated Totals | |||||||||||||||||||||||||||
Net sales | $ | 318,585 | $ | 210,370 | $ | 43,940 | $ | — | $ | 572,895 | ||||||||||||||||||||||
Gross profit | 61,921 | 36,317 | 11,415 | — | 109,653 | |||||||||||||||||||||||||||
Profit margin | 19.4 | % | 17.3 | % | 26.0 | % | — | 19.1 | % | |||||||||||||||||||||||
Income (loss) from operations | 44,884 | 22,276 | 9,238 | (6,697) | 69,701 | |||||||||||||||||||||||||||
Three months ended June 30, 2021 | ||||||||||||||||||||||||||||||||
Net sales | $ | 231,504 | $ | 176,715 | $ | 30,420 | $ | — | $ | 438,639 | ||||||||||||||||||||||
Gross profit | 35,291 | 22,328 | 3,851 | — | 61,470 | |||||||||||||||||||||||||||
Profit margin | 15.2 | % | 12.6 | % | 12.7 | % | — | 14.0 | % | |||||||||||||||||||||||
Income (loss) from operations | 20,789 | 7,462 | 1,881 | (6,413) | 23,719 |
Six months ended June 30, 2022 | Agricultural | Earthmoving/ Construction | Consumer | Corporate/ Unallocated Expenses | Consolidated Totals | |||||||||||||||||||||||||||
Net sales | $ | 628,184 | $ | 411,629 | $ | 89,079 | $ | — | $ | 1,128,892 | ||||||||||||||||||||||
Gross profit | 109,845 | 67,692 | 18,845 | — | 196,382 | |||||||||||||||||||||||||||
Profit margin | 17.5 | % | 16.4 | % | 21.2 | % | — | 17.4 | % | |||||||||||||||||||||||
Income (loss) from operations | 75,001 | 38,116 | 14,120 | (12,828) | 114,409 | |||||||||||||||||||||||||||
Six months ended June 30, 2021 | ||||||||||||||||||||||||||||||||
Net sales | $ | 440,263 | $ | 341,522 | $ | 60,372 | $ | — | $ | 842,157 | ||||||||||||||||||||||
Gross profit | 65,080 | 42,070 | 7,585 | — | 114,735 | |||||||||||||||||||||||||||
Profit margin | 14.8 | % | 12.3 | % | 12.6 | % | — | 13.6 | % | |||||||||||||||||||||||
Income (loss) from operations | 36,072 | 13,037 | 3,548 | (14,707) | 37,950 |
Three months ended | �� | Nine months ended | |||||||||||||||||
September 30, | September 30, | ||||||||||||||||||
2017 | 2016 | % Increase | 2017 | 2016 | % Increase | ||||||||||||||
Net sales | $ | 170,895 | $ | 138,568 | 23 | % | $ | 524,335 | $ | 438,108 | 20 | % | |||||||
Gross profit | 18,930 | 18,592 | 2 | % | 63,542 | 57,684 | 10 | % | |||||||||||
Income from operations | 10,056 | 9,891 | 2 | % | 36,721 | 32,718 | 12 | % |
(Amounts in thousands) | Three months ended | Six months ended | |||||||||||||||||||||||||||||||||
June 30, | June 30, | ||||||||||||||||||||||||||||||||||
2022 | 2021 | % Increase | 2022 | 2021 | % Increase | ||||||||||||||||||||||||||||||
Net sales | $ | 318,585 | $ | 231,504 | 37.6 | % | $ | 628,184 | $ | 440,263 | 42.7 | % | |||||||||||||||||||||||
Gross profit | 61,921 | 35,291 | 75.5 | % | 109,845 | 65,080 | 68.8 | % | |||||||||||||||||||||||||||
Profit margin | 19.4 | % | 15.2 | % | 27.6 | % | 17.5 | % | 14.8 | % | 18.2 | % | |||||||||||||||||||||||
Income from operations | 44,884 | 20,789 | 115.9 | % | 75,001 | 36,072 | 107.9 | % |
Three months ended | Nine months ended | ||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||
2017 | 2016 | % Increase | 2017 | 2016 | % Increase | ||||||||||||||
Net sales | $ | 156,442 | $ | 128,917 | 21 | % | $ | 443,030 | $ | 401,649 | 10 | % | |||||||
Gross profit | 14,534 | 11,553 | 26 | % | 41,170 | 36,354 | 13 | % | |||||||||||
Income from operations | 2,985 | 807 | 270 | % | 5,853 | 4,060 | 44 | % |
(Amounts in thousands) | Three months ended | Six months ended | |||||||||||||||||||||||||||||||||
June 30, | June 30, | ||||||||||||||||||||||||||||||||||
2022 | 2021 | % Increase | 2022 | 2021 | % Increase | ||||||||||||||||||||||||||||||
Net sales | $ | 210,370 | $ | 176,715 | 19.0 | % | $ | 411,629 | $ | 341,522 | 20.5 | % | |||||||||||||||||||||||
Gross profit | 36,317 | 22,328 | 62.7 | % | 67,692 | 42,070 | 60.9 | % | |||||||||||||||||||||||||||
Profit margin | 17.3 | % | 12.6 | % | 37.3 | % | 16.4 | % | 12.3 | % | 33.3 | % | |||||||||||||||||||||||
Income from operations | 22,276 | 7,462 | 198.5 | % | 38,116 | 13,037 | 192.4 | % |
Three months ended | Nine months ended | ||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||
2017 | 2016 | % Increase | 2017 | 2016 | % Increase | ||||||||||||||
Net sales | $ | 43,651 | $ | 38,710 | 13 | % | $ | 125,523 | $ | 118,446 | 6 | % | |||||||
Gross profit | 6,201 | 4,775 | 30 | % | 18,244 | 12,897 | 41 | % | |||||||||||
Income from operations | 3,060 | 1,331 | 130 | % | 8,001 | 2,072 | 286 | % |
Three months ended September 30, 2017 | Agricultural | Earthmoving/ Construction | Consumer | Corporate/ Unallocated Expenses | Consolidated Totals | |||||||||||||||
Net sales | $ | 170,895 | $ | 156,442 | $ | 43,651 | $ | — | $ | 370,988 | ||||||||||
Gross profit | 18,930 | 14,534 | 6,201 | — | 39,665 | |||||||||||||||
Income (loss) from operations | 10,056 | 2,985 | 3,060 | (21,242 | ) | (5,141 | ) | |||||||||||||
Three months ended September 30, 2016 | ||||||||||||||||||||
Net sales | $ | 138,568 | $ | 128,917 | $ | 38,710 | $ | — | $ | 306,195 | ||||||||||
Gross profit | 18,592 | 11,553 | 4,775 | — | 34,920 | |||||||||||||||
Income (loss) from operations | 9,891 | 807 | 1,331 | (18,339 | ) | (6,310 | ) |
Nine months ended September 30, 2017 | Agricultural | Earthmoving/ Construction | Consumer | Corporate/ Unallocated Expenses | Consolidated Totals | |||||||||||||||
Net sales | $ | 524,335 | $ | 443,030 | $ | 125,523 | $ | — | $ | 1,092,888 | ||||||||||
Gross profit | 63,542 | 41,170 | 18,244 | — | 122,956 | |||||||||||||||
Income (loss) from operations | 36,721 | 5,853 | 8,001 | (58,819 | ) | (8,244 | ) | |||||||||||||
Nine months ended September 30, 2016 | ||||||||||||||||||||
Net sales | $ | 438,108 | $ | 401,649 | $ | 118,446 | $ | — | $ | 958,203 | ||||||||||
Gross profit | 57,684 | 36,354 | 12,897 | — | 106,935 | |||||||||||||||
Income (loss) from operations | 32,718 | 4,060 | 2,072 | (54,105 | ) | (15,255 | ) | |||||||||||||
(Amounts in thousands) | Three months ended | Six months ended | |||||||||||||||||||||||||||||||||
June 30, | June 30, | ||||||||||||||||||||||||||||||||||
2022 | 2021 | % Increase | 2022 | 2021 | % Increase | ||||||||||||||||||||||||||||||
Net sales | $ | 43,940 | $ | 30,420 | 44.4 | % | $ | 89,079 | $ | 60,372 | 47.6 | % | |||||||||||||||||||||||
Gross profit | 11,415 | 3,851 | 196.4 | % | 18,845 | 7,585 | 148.5 | % | |||||||||||||||||||||||||||
Profit margin | 26.0 | % | 12.7 | % | 104.7 | % | 21.2 | % | 12.6 | % | 68.3 | % | |||||||||||||||||||||||
Income from operations | 9,238 | 1,881 | 391.1 | % | 14,120 | 3,548 | 298.0 | % |
(Amounts in thousands) | September 30, | December 31, | |||||||||
2017 | 2016 | Change | |||||||||
Cash | $ | 155,675 | $ | 147,827 | $ | 7,848 |
(Amounts in thousands) | Nine months ended September 30, | ||||||||||
2017 | 2016 | Change | |||||||||
Net loss | $ | (28,340 | ) | $ | (25,106 | ) | $ | (3,234 | ) | ||
Depreciation and amortization | 44,029 | 44,889 | (860 | ) | |||||||
Deferred income tax provision | (476 | ) | 172 | (648 | ) | ||||||
Foreign currency translation loss | 1,061 | 9,822 | (8,761 | ) | |||||||
Accounts receivable | (46,715 | ) | 2,788 | (49,503 | ) | ||||||
Inventories | (46,083 | ) | 4,805 | (50,888 | ) | ||||||
Prepaid and other current assets | 20,046 | (12,314 | ) | 32,360 | |||||||
Accounts payable | 26,372 | 21,344 | 5,028 | ||||||||
Other current liabilities | 8,821 | 11,315 | (2,494 | ) | |||||||
Other liabilities | 1,539 | (5,342 | ) | 6,881 | |||||||
Other operating activities | 4,534 | 1,611 | 2,923 | ||||||||
Cash provided by (used for) operating activities | $ | (15,212 | ) | $ | 53,984 | $ | (69,196 | ) |
(Amounts in thousands) | Six months ended June 30, | ||||||||||||||||
2022 | 2021 | Change | |||||||||||||||
Net income | $ | 93,499 | $ | 10,797 | $ | 82,702 | |||||||||||
Depreciation and amortization | 22,245 | 24,918 | (2,673) | ||||||||||||||
Deferred income tax provision | (292) | 198 | (490) | ||||||||||||||
Income on indirect taxes | (22,450) | — | (22,450) | ||||||||||||||
Loss on sale of the Australian wheel business | 10,890 | — | 10,890 | ||||||||||||||
Foreign currency translation gain | (4,314) | (9,665) | 5,351 | ||||||||||||||
Accounts receivable | (49,527) | (72,765) | 23,238 | ||||||||||||||
Inventories | (38,884) | (53,080) | 14,196 | ||||||||||||||
Prepaid and other current assets | (1,817) | (10,350) | 8,533 | ||||||||||||||
Accounts payable | 7,480 | 71,051 | (63,571) | ||||||||||||||
Other current liabilities | 32,162 | 7,993 | 24,169 | ||||||||||||||
Other liabilities | 2,445 | (7,334) | 9,779 | ||||||||||||||
Other operating activities | (2,519) | 20,750 | (23,269) | ||||||||||||||
Cash provided by (used for) operating activities | $ | 48,918 | $ | (17,487) | $ | 66,405 |
June 30, | December 31, | June 30, | |||||||||||||||
2022 | 2021 | 2021 | |||||||||||||||
Days sales outstanding | 48 | 48 | 55 | ||||||||||||||
Days inventory outstanding | 85 | 86 | 86 | ||||||||||||||
Days payable outstanding | (57) | (61) | (59) | ||||||||||||||
Cash conversion cycle | 76 | 73 | 82 |
September 30, | December 31, | September 30, | ||||||
2017 | 2016 | 2016 | ||||||
Days sales outstanding | 58 | 53 | 55 | |||||
Days inventory outstanding | 95 | 95 | 100 | |||||
Days payable outstanding | (53 | ) | (52 | ) | (54 | ) | ||
Cash conversion cycle | 100 | 96 | 101 |
(Amounts in thousands) | Nine months ended September 30, | ||||||||||
2017 | 2016 | Change | |||||||||
Capital expenditures | $ | (23,580 | ) | $ | (30,846 | ) | $ | 7,266 | |||
Certificates of deposit | 50,000 | — | 50,000 | ||||||||
Other investing activities | 1,293 | 1,687 | (394 | ) | |||||||
Cash provided by (used for) investing activities | $ | 27,713 | $ | (29,159 | ) | $ | 56,872 |
(Amounts in thousands) | Nine months ended September 30, | ||||||||||
2017 | 2016 | Change | |||||||||
Proceeds from borrowings | $ | 33,540 | $ | 2,390 | $ | 31,150 | |||||
Payment on debt | (41,003 | ) | (14,042 | ) | (26,961 | ) | |||||
Dividends paid | (868 | ) | (810 | ) | (58 | ) | |||||
Cash used for financing activities | $ | (8,331 | ) | $ | (12,462 | ) | $ | 4,131 |
(Amounts in thousands) | Six months ended June 30, | ||||||||||||||||
2022 | 2021 | Change | |||||||||||||||
Capital expenditures | $ | (19,464) | $ | (14,637) | $ | (4,827) | |||||||||||
Proceeds from the sale of the Australian wheel business | 9,293 | — | 9,293 | ||||||||||||||
Proceeds from sale of fixed assets | 297 | 749 | (452) | ||||||||||||||
Cash used for investing activities | $ | (9,874) | (13,888) | $ | 4,014 |
(Amounts in thousands) | Six months ended June 30, | ||||||||||||||||
2022 | 2021 | Change | |||||||||||||||
Proceeds from borrowings | $ | 89,015 | $ | 459,929 | $ | (370,914) | |||||||||||
Repurchase of senior secured notes | — | (413,000) | 413,000 | ||||||||||||||
Payment on debt | (86,004) | (34,040) | (51,964) | ||||||||||||||
Repurchase of common stock | (25,000) | — | (25,000) | ||||||||||||||
Other financing activities | (628) | (2,040) | 1,412 | ||||||||||||||
Cash (used for) provided by financing activities | $ | (22,617) | $ | 10,849 | $ | (33,466) |
31.1 | |||||
31.2 | |||||
32 | |||||
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 |
(Registrant) |
Date: | August 1, | By: | /s/ PAUL G. REITZ | ||||||||
Paul G. Reitz | |||||||||||
President and Chief Executive Officer |
(Principal Executive Officer) |
By: | /s/ | |||||||
SVP and Chief Financial Officer | ||||||||
(Principal Financial Officer) |