Document_and_Entitiy_Informati
Document and Entitiy Information | 9 Months Ended | |
Sep. 30, 2013 | Oct. 21, 2013 | |
Document Information [Line Items] | ||
Entity Registrant Name | TITAN INTERNATIONAL INC | |
Entity Central Index Key | 899751 | |
Current Fiscal Year End Date | -19 | |
Entity Filer Category | Large Accelerated Filer | |
Document Type | 10-Q | |
Document Period End Date | 30-Sep-13 | |
Document Fiscal Year Focus | 2013 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | FALSE | |
Entity Common Stock, Shares Outstanding | 53,550,422 |
CONSOLIDATED_STATEMENTS_OF_OPE
CONSOLIDATED STATEMENTS OF OPERATIONS (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Net sales | $497,510 | $404,719 | $1,669,188 | $1,327,040 |
Cost of sales | 435,004 | 337,558 | 1,423,276 | 1,084,430 |
Gross profit | 62,506 | 67,161 | 245,912 | 242,610 |
Selling, general & administrative expenses | 38,731 | 25,497 | 124,827 | 79,742 |
Research and development expenses | 2,778 | 1,759 | 8,281 | 4,456 |
Royalty expense | 3,942 | 3,739 | 10,960 | 8,740 |
Supply agreement termination income | 0 | 0 | 0 | -26,134 |
Income from operations | 17,055 | 36,166 | 101,844 | 175,806 |
Interest expense | -12,414 | -6,187 | -35,924 | -18,699 |
Convertible debt conversion charge | 0 | 0 | -7,273 | 0 |
Gain on earthquake insurance recovery | 0 | 0 | 22,451 | 0 |
Other income | 8,722 | 2,439 | 7,712 | 6,163 |
Income before income taxes | 13,363 | 32,418 | 88,810 | 163,270 |
Provision for income taxes | 5,711 | 13,589 | 38,913 | 64,722 |
Net income | 7,652 | 18,829 | 49,897 | 98,548 |
Net loss attributable to noncontrolling interests | -441 | -750 | -888 | -506 |
Net income attributable to Titan | $8,093 | $19,579 | $50,785 | $99,054 |
Earnings per common share: | ||||
Basic (in dollars per share) | $0.15 | $0.46 | $0.96 | $2.35 |
Diluted (in dollars per share) | $0.15 | $0.39 | $0.89 | $1.92 |
Average common shares outstanding: | ||||
Basic (in shares) | 53,440 | 42,180 | 52,900 | 42,148 |
Diluted (in shares) | 59,391 | 53,326 | 59,444 | 53,315 |
Dividends declared per common share: | $0.01 | $0.01 | $0.02 | $0.02 |
CONSOLIDATED_STATEMENTS_OF_COM
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Net income | $7,652 | $18,829 | $49,897 | $98,548 |
Unrealized gain (loss) on investments, net of tax of $0, $208, $0 and $9, respectively | 0 | -353 | -3 | -16 |
Currency translation adjustment, net | 854 | -1,247 | -24,513 | -5,816 |
Pension liability adjustments, net of tax of $557, $491, $1,670, and $1,473, respectively | 969 | 836 | 2,990 | 2,508 |
Comprehensive income | 9,475 | 18,065 | 28,371 | 95,224 |
Comprehensive Income (Loss), Net of Tax, Attributable to Noncontrolling Interest | -85 | -1,104 | -3,243 | -859 |
Comprehensive income attributable to Titan | $9,560 | $19,169 | $31,614 | $96,083 |
CONSOLIDATED_STATEMENTS_OF_COM1
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Statement of Comprehensive Income [Abstract] | ||||
Unrealized gain (loss) on investments, tax | $0 | $208 | $0 | $9 |
Pension liability adjustments, tax | $557 | $491 | $1,670 | $1,473 |
CONSOLIDATED_BALANCE_SHEETS
CONSOLIDATED BALANCE SHEETS (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Current assets | ||
Cash and cash equivalents | $447,456 | $189,114 |
Accounts receivable, net | 290,247 | 297,798 |
Inventories | 375,893 | 366,385 |
Deferred income taxes | 33,133 | 50,558 |
Prepaid and other current assets | 97,292 | 92,268 |
Total current assets | 1,244,021 | 996,123 |
Property, plant and equipment, net | 561,706 | 568,344 |
Goodwill | 22,534 | 24,941 |
Deferred income taxes | 7,241 | 8,383 |
Other assets | 112,259 | 112,444 |
Total assets | 1,947,761 | 1,710,235 |
Current liabilities | ||
Short-term debt | 104,884 | 145,801 |
Accounts payable | 195,123 | 180,065 |
Other current liabilities | 153,476 | 141,214 |
Total current liabilities | 453,483 | 467,080 |
Long-term debt | 637,388 | 441,438 |
Deferred income taxes | 47,216 | 62,259 |
Other long-term liabilities | 98,632 | 107,096 |
Total liabilities | 1,236,719 | 1,077,873 |
Titan stockholders' equity | ||
Common stock (no par, 120,000,000 shares authorized, 55,253,092 and 50,350,048 issued, respectively) | 0 | 0 |
Additional paid-in capital | 557,467 | 507,199 |
Retained earnings | 223,389 | 173,407 |
Treasury stock (at cost, 1,712,557 and 1,787,844 shares, respectively) | -15,769 | -16,445 |
Treasury stock reserved for deferred compensation | -1,075 | -1,075 |
Accumulated other comprehensive loss | -75,640 | -56,469 |
Total Titan stockholders' equity | 688,372 | 606,617 |
Noncontrolling interests | 22,670 | 25,745 |
Total equity | 711,042 | 632,362 |
Total liabilities and equity | $1,947,761 | $1,710,235 |
CONSOLIDATED_BALANCE_SHEETS_Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
Liabilities and Equity [Abstract] | ||
Common Stock, par value | $0 | $0 |
Common Stock, shares authorized (in shares) | 120,000,000 | 120,000,000 |
Common Stock, shares issued (in shares) | 55,253,092 | 50,350,048 |
Treasury Stock, shares (in shares) | 1,712,557 | 1,787,844 |
CONSOLIDATED_STATEMENTS_OF_CHA
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (USD $) | Total | Common Stock [Member] | Additional paid-in capital [Member] | Retained earnings [Member] | Treasury stock [Member] | Treasury stock reserved for deferred compensation [Member] | Accumulated other comprehensive income (loss) [Member] | Parent [Member] | Noncontrolling interest [Member] |
In Thousands, except Share data | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | |
Balance, Beginning at Dec. 31, 2012 | $632,362 | $507,199 | $173,407 | ($16,445) | ($1,075) | ($56,469) | $606,617 | $25,745 | |
Balance, Beginning (in shares) at Dec. 31, 2012 | 48,562,204 | ||||||||
Net income | 49,897 | 50,785 | 50,785 | -888 | |||||
Currency translation adjustment | -24,513 | -22,158 | -22,158 | -2,355 | |||||
Pension liability adjustments, net of tax | 2,990 | 2,990 | 2,990 | ||||||
Unrealized loss on investments, net of tax | -3 | -3 | -3 | ||||||
Dividends on common stock | -803 | -803 | -803 | ||||||
Note conversion | 45,903 | 45,903 | 45,903 | ||||||
Note conversion (in shares) | 4,903,044 | ||||||||
Exercise of stock options | 863 | 414 | 449 | 863 | |||||
Exercise of stock options (in shares) | 49,967 | ||||||||
Acquisitions | 168 | 0 | 168 | ||||||
Stock-based compensation | 3,727 | 3,727 | 3,727 | ||||||
Tax benefit related to stock-based compensation | -46 | -46 | -46 | ||||||
Issuance of treasury stock under 401(k) plan | 497 | 270 | 227 | 497 | |||||
Issuance of treasury stock under 401(k) plan (in shares) | 25,320 | ||||||||
Balance, Ending at Sep. 30, 2013 | $711,042 | $557,467 | $223,389 | ($15,769) | ($1,075) | ($75,640) | $688,372 | $22,670 | |
Balance, Ending (in shares) at Sep. 30, 2013 | 53,540,535 |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Cash flows from operating activities: | ||
Net income | $49,897 | $98,548 |
Adjustments to reconcile net income to net cash provided by (used for) operating activities: | ||
Depreciation and amortization | 56,333 | 35,865 |
Amortization of debt premium | -2,185 | 0 |
Deferred income tax provision | -6,860 | 6,906 |
Convertible debt conversion charge | 7,273 | 0 |
Gain on Business Interruption Insurance Recovery | -22,451 | 0 |
Supply agreement termination income | 0 | -26,134 |
Stock-based compensation | 3,727 | 2,959 |
Excess tax benefit from stock options exercised | 46 | -185 |
Insurance proceeds | 35,808 | 0 |
Issuance of treasury stock under 401(k) plan | 497 | 453 |
(Increase) decrease in assets: | ||
Accounts receivable | -1,022 | -24,099 |
Inventories | -18,599 | -36,921 |
Prepaid and other current assets | -24,687 | -17,619 |
Other assets | 5,924 | 3,699 |
Increase (decrease) in liabilities: | ||
Accounts payable | 23,302 | 25,893 |
Other current liabilities | 23,218 | 4,786 |
Other liabilities | 1,968 | 10,937 |
Net cash provided by operating activities | 132,189 | 85,088 |
Cash flows from investing activities: | ||
Capital expenditures | -54,956 | -36,319 |
Acquisitions, net of cash acquired | -1,670 | -32,760 |
Additional equity investment in Wheels India | -8,017 | 0 |
Proceeds from Insurance Settlement, Investing Activities | -2,879 | 0 |
Other | 1,342 | 636 |
Net cash used for investing activities | -60,422 | -68,443 |
Cash flows from financing activities: | ||
Proceeds from borrowings | 345,313 | 0 |
Payment on debt | -162,040 | -14,434 |
Term loan borrowing | 25,880 | 4,378 |
Convertible note conversion | -14,090 | 0 |
Proceeds from exercise of stock options | 863 | 925 |
Excess tax benefit from stock options exercised | -46 | 185 |
Payment of financing fees | -5,520 | 0 |
Dividends paid | -778 | -634 |
Net cash provided by (used for) financing activities | 189,582 | -9,580 |
Effect of exchange rate changes on cash | -3,007 | -1,345 |
Net increase (decrease) in cash and cash equivalents | 258,342 | 5,720 |
Cash and cash equivalents, beginning of period | 189,114 | 129,170 |
Cash and cash equivalents, end of period | 447,456 | 134,890 |
Supplemental Cash Flow Information [Abstract] | ||
Interest paid | 18,484 | 15,330 |
Income taxes paid | 56,523 | 63,669 |
Cash Flow, Noncash Investing and Financing Activities Disclosure [Abstract] | ||
Issuance of common stock for convertible debt payment | $45,903 | $0 |
ACCOUNTING_POLICIES
ACCOUNTING POLICIES | 9 Months Ended |
Sep. 30, 2013 | |
DESCRIPTION OF BUSINESS AND SIGNIFICANT ACCOUNTING POLICIES [Abstract] | |
ACCOUNTING POLICIES | ACCOUNTING POLICIES |
In the opinion of Titan International, Inc. (Titan or the Company), the accompanying unaudited consolidated condensed financial statements contain all adjustments, which are normal and recurring in nature and necessary for a fair statement of the Company's financial position as of September 30, 2013, and the results of operations and cash flows for the three and nine months ended September 30, 2013 and 2012. | |
Accounting policies have continued without significant change and are described in the Description of Business and Significant Accounting Policies contained in the Company's 2012 Annual Report on Form 10-K. These interim financial statements have been prepared pursuant to the Securities and Exchange Commission's rules for Form 10-Q's and, therefore, certain information and footnote disclosures normally included in annual financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Company's 2012 Annual Report on Form 10-K. | |
Sales | |
Sales and revenues are presented net of sales taxes and other related taxes. | |
Fair value of financial instruments | |
The Company records all financial instruments, including cash and cash equivalents, accounts receivable, notes receivable, accounts payable, other accruals and notes payable at cost, which approximates fair value due to their short term or stated rates.  Investments in marketable equity securities are recorded at fair value.  The 7.875% senior secured notes due 2017 (senior secured notes) and 5.625% convertible senior subordinated notes due 2017 (convertible notes) are carried at cost of $543.1 million and $60.2 million at September 30, 2013, respectively. The fair value of the senior secured notes at September 30, 2013, as obtained through an independent pricing source, was approximately $577.1 million. | |
Cash dividends | |
The Company declared cash dividends of $.005 and $.015 per share of common stock for each of the three and nine months ended September 30, 2013, and 2012. The third quarter 2013 cash dividend of $.005 per share of common stock was paid October 15, 2013, to stockholders of record on September 30, 2013. | |
Interest paid | |
Titan paid $2.1 million and $3.5 million for interest for the quarters ended September 30, 2013 and 2012, respectively, and $18.5 million and $15.3 million for interest for the nine months ended September 30, 2013 and 2012, respectively. | |
Income taxes paid | |
Titan paid $18.5 million and $16.7 million for income taxes for the quarters ended September 30, 2013 and 2012, respectively, and $56.5 million and $63.7 million for income taxes for the nine months ended September 30, 2013 and 2012, respectively. | |
Use of estimates | |
The policies utilized by the Company in the preparation of the financial statements conform to accounting principles generally accepted in the United States of America and require management to make estimates, assumptions and judgments that affect the reported amount of assets and liabilities, and disclosure of contingent assets and liabilities, at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period.  Actual amounts could differ from these estimates and assumptions. | |
Reclassification | |
Certain amounts from prior years have been reclassified to conform to the current year's presentation. | |
Subsequent Events | |
The Company has evaluated subsequent events and transactions for potential recognition or disclosure in the financial statements through the date of issuance of the financial statements. |
ACQUISITIONS
ACQUISITIONS | 9 Months Ended | ||||
Sep. 30, 2013 | |||||
Business Combinations [Abstract] | |||||
ACQUISITIONS | ACQUISITIONS | ||||
Acquisition of Titan Europe Plc. | |||||
On October 31, 2012, Titan acquired over 97% of the outstanding stock of Titan Europe Plc (Titan Europe) and in December 2012, the remaining 3% interest was acquired. Titan Europe is an international engineering group which designs and manufactures wheels, undercarriage components and assemblies for tracked and wheeled "off-road vehicles". The Titan Europe acquisition allowed the Company to expand its global presence and expand its product line. Prior to the acquisition, Titan held a 21.8% ownership percentage in Titan Europe. Titan Europe shareholders received one share of new Titan common stock for every 11 Titan Europe shares held. A total of 6,257,051 new shares of Titan were issued with a value of $121.8 million. In addition, Titan paid cash of $5.6 million for option payouts and partial shares. Titan's previous investment in Titan Europe had a fair value on the acquisition date of $31.7 million based on Titan Europe's stock price on the AIM market in London. Total consideration including the value of stock issued, cash payments, and the fair value of previously held Titan Europe shares totaled $159.1 million. A gain of $26.7 million was recorded on Titan's previously held interest in Titan Europe which was recorded as Noncash Titan Europe Plc gain in the consolidated statement of operations. This gain was previously recorded in other comprehensive income. | |||||
The purchase price was allocated to the assets acquired and liabilities assumed based on their fair values. Inventory was valued using the comparative sales method. Real and personal property was valued at fair value. The Company continues to evaluate the preliminary purchase price allocation, primarily the value of certain deferred taxes and property, plant & equipment, and may revise the purchase price allocation in future periods as these estimates are finalized. | |||||
The purchase price allocation of the Titan Europe acquisition consisted of the following (amounts in thousands): | |||||
Cash | $ | 39,122 | |||
Accounts receivable | 128,585 | ||||
Inventories | 178,407 | ||||
Deferred income taxes - current asset | 22,068 | ||||
Prepaid & other current assets | 21,745 | ||||
Earthquake insurance receivable | 17,024 | ||||
Property, plant & equipment | 217,309 | ||||
Investment in Wheels India Limited | 36,804 | ||||
Other assets | 8,414 | ||||
Short term debt | (96,822 | ) | |||
Accounts payable | (142,752 | ) | |||
Other current liabilities | (56,391 | ) | |||
Long term debt | (158,183 | ) | |||
Deferred income taxes - noncurrent liability | (12,636 | ) | |||
Other noncurrent liabilities | (31,874 | ) | |||
Net assets acquired | $ | 170,820 | |||
The purchase price allocation has changed from that reported in the Form 10-K for the year ended December 31, 2012, and the 10-Q for the quarter ended March 31, 2013. Titan Europe's wheel manufacturing facility in Finale Emilia, Italy experienced damage from an earthquake in May 2012, prior to Titan's acquisition of Titan Europe. The plant was closed for production during initial remedial work. This resulted in a limited transfer of production to other facilities within Titan Europe as well as sourcing product from facilities in the US owned by Titan and competitors. In the second quarter of 2013, Titan received a final insurance settlement payment of $38.7 million. As a result of this information, Titan has recorded an earthquake insurance receivable of $17.0 million, decreased the current deferred income taxes by $5.3 million, and recorded a bargain purchase gain of $11.7 million for the year ended December 31, 2012. | |||||
Pro forma financial information | |||||
The following unaudited pro forma financial information gives effect to the acquisition of Titan Europe Plc as if the acquisition had taken place on January 1, 2012. The pro forma financial information for Titan Europe Plc was derived from the historical accounting records of Titan Europe. The Titan Europe results were adjusted to reflect additional depreciation. | |||||
Pro forma financial information is as follows (in thousands, except per share data): | |||||
Nine Months ended September 30, 2012 | |||||
Net sales | $ | 1,876,691 | |||
Net income | 101,801 | ||||
Net income attributable to Titan | 102,307 | ||||
Basic earnings per share | $ | 2.11 | |||
Diluted earnings per share | 1.77 | ||||
The pro forma information is presented for illustrative purposes only and may not be indicative of the results that would have been obtained had the acquisition actually occurred on January 1, 2012, nor is it necessarily indicative of Titan's future consolidated results of operations or financial position. |
ACCOUNTS_RECEIVABLE
ACCOUNTS RECEIVABLE | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Receivables [Abstract] | ||||||||
ACCOUNTS RECEIVABLE | ACCOUNTS RECEIVABLE | |||||||
Accounts receivable consisted of the following (amounts in thousands): | ||||||||
September 30, | December 31, | |||||||
2013 | 2012 | |||||||
Accounts receivable | $ | 299,063 | $ | 302,928 | ||||
Allowance for doubtful accounts | (8,816 | ) | (5,130 | ) | ||||
Accounts receivable, net | $ | 290,247 | $ | 297,798 | ||||
Accounts receivable are reduced by an allowance for doubtful accounts which is based on historical losses. |
INVENTORIES
INVENTORIES | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Inventory Disclosure [Abstract] | ||||||||
Inventory Disclosure [Text Block] | INVENTORIES | |||||||
Inventories consisted of the following (amounts in thousands): | ||||||||
September 30, | December 31, | |||||||
2013 | 2012 | |||||||
Raw material | $ | 134,229 | $ | 153,308 | ||||
Work-in-process | 59,214 | 69,030 | ||||||
Finished goods | 189,566 | 154,785 | ||||||
383,009 | 377,123 | |||||||
Adjustment to LIFO basis | (7,116 | ) | (10,738 | ) | ||||
$ | 375,893 | $ | 366,385 | |||||
At September 30, 2013, approximately 12% of the Company's inventories were valued under the last-in, first-out (LIFO) method. At December 31, 2012, approximately 16% of the Company's inventories were valued under the LIFO method. The remaining inventories were valued under the first-in, first-out (FIFO) method or average cost method. All inventories are valued at lower of cost or market. The LIFO reserve decreased primarily as a result of the composition of inventory. An overall increase in raw material relative to total inventory resulted in a greater decrease in the FIFO cost versus the LIFO cost. |
PROPERTY_PLANT_AND_EQUIPMENT_N
PROPERTY, PLANT AND EQUIPMENT, NET | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Property, Plant and Equipment [Abstract] | ||||||||
PROPERTY, PLANT AND EQUIPMENT | PROPERTY, PLANT AND EQUIPMENT | |||||||
Property, plant and equipment, net consisted of the following (amounts in thousands): | ||||||||
September 30, | 31-Dec-12 | |||||||
2013 | ||||||||
Land and improvements | $ | 66,511 | $ | 66,012 | ||||
Buildings and improvements | 193,393 | 192,135 | ||||||
Machinery and equipment | 581,591 | 555,261 | ||||||
Tools, dies and molds | 106,094 | 117,341 | ||||||
Construction-in-process | 47,776 | 49,136 | ||||||
995,365 | 979,885 | |||||||
Less accumulated depreciation | (433,659 | ) | (411,541 | ) | ||||
$ | 561,706 | $ | 568,344 | |||||
Depreciation on fixed assets for the nine months ended September 30, 2013 and 2012, totaled $53.0 million and $34.1 million, respectively. | ||||||||
Included in the total building and improvements are capital leases of $4.6 million and $4.5 million at September 30, 2013, and December 31, 2012, respectively. Included in the total of machinery and equipment are capital leases of $39.7 million and $36.0 million at September 30, 2013, and December 31, 2012, respectively. |
GOODWILL
GOODWILL | 9 Months Ended | |||||||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||||||
GOODWILL [Abstract] | ||||||||||||||||||||||||
Goodwill Disclosure [Text Block] | GOODWILL AND INTANGIBLE ASSETS | |||||||||||||||||||||||
Changes in goodwill consisted of the following (amounts in thousands): | ||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||
Earthmoving/ | Earthmoving/ | |||||||||||||||||||||||
Agricultural | Construction | Agricultural | Construction | |||||||||||||||||||||
Segment | Segment | Total | Segment | Segment | Total | |||||||||||||||||||
Goodwill balance, January 1 | $ | 11,522 | $ | 13,419 | $ | 24,941 | $ | 19,841 | $ | — | $ | 19,841 | ||||||||||||
   Acquisitions | — | — | — | — | 13,982 | 13,982 | ||||||||||||||||||
   Acquisition adjustment | — | — | — | (7,289 | ) | — | (7,289 | ) | ||||||||||||||||
   Foreign currency translation | (1,040 | ) | (1,367 | ) | (2,407 | ) | (957 | ) | (193 | ) | (1,150 | ) | ||||||||||||
Goodwill balance, September 30 | $ | 10,482 | $ | 12,052 | $ | 22,534 | $ | 11,595 | $ | 13,789 | $ | 25,384 | ||||||||||||
The Company's agricultural segment goodwill balance is related to the acquisition of Goodyear's Latin American farm tire business which included the Sao Paulo, Brazil manufacturing facility. The Company's earthmoving/construction goodwill balance is related to the acquisition of Planet Group in August 2012. The Company reviews goodwill for impairment during the fourth quarter of each annual reporting period, and whenever events and circumstances indicate that the carrying values may not be recoverable. The Company's consumer segment does not have any recorded goodwill. | ||||||||||||||||||||||||
The components of intangible assets consisted of the following (amounts in thousands): | ||||||||||||||||||||||||
Weighted- Average Useful Lives (in Years) | September 30, | 31-Dec-12 | ||||||||||||||||||||||
2013 | ||||||||||||||||||||||||
Amortizable intangible assets: | ||||||||||||||||||||||||
     Customer relationships | 13.8 | 17,457 | 19,357 | |||||||||||||||||||||
     Patents, trademarks and other | 2 | 3,466 | 3,658 | |||||||||||||||||||||
          Total at cost | 20,923 | 23,015 | ||||||||||||||||||||||
     Less accumulated amortization | (3,470 | ) | (1,807 | ) | ||||||||||||||||||||
17,453 | 21,208 | |||||||||||||||||||||||
Amortization related to intangible assets for the nine months ended September 30, 2013 and 2012, totaled $1.7 million and $0.5 million, respectively. Intangible assets are included as a component of other assets in the consolidated condensed balance sheet. | ||||||||||||||||||||||||
The estimated aggregate amortization expense at September 30, 2013, is as follows (amounts in thousands): | ||||||||||||||||||||||||
October 1 - December 31, 2013 | $ | 534 | ||||||||||||||||||||||
2014 | 2,143 | |||||||||||||||||||||||
2015 | 1,764 | |||||||||||||||||||||||
2016 | 1,180 | |||||||||||||||||||||||
2017 | 1,118 | |||||||||||||||||||||||
Thereafter | 10,714 | |||||||||||||||||||||||
$ | 17,453 | |||||||||||||||||||||||
WARRANTY
WARRANTY | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Product Warranties Disclosures [Abstract] | ||||||||
WARRANTY COSTS | WARRANTY | |||||||
Changes in the warranty liability consisted of the following (amounts in thousands): | ||||||||
2013 | 2012 | |||||||
Warranty liability, January 1 | $ | 27,482 | $ | 17,659 | ||||
Provision for warranty liabilities | 35,134 | 23,036 | ||||||
Warranty payments made | (28,049 | ) | (18,282 | ) | ||||
Warranty liability, September 30 | $ | 34,567 | $ | 22,413 | ||||
The Company provides limited warranties on workmanship on its products in all market segments.  The majority of the Company’s products have a limited warranty that ranges from zero to ten years, with certain products being prorated after the first year.  The Company calculates a provision for warranty expense based on past warranty experience.  Warranty accruals are included as a component of other current liabilities on the Consolidated Condensed Balance Sheets. |
REVOLVING_CREDIT_FACILITY_AND_
REVOLVING CREDIT FACILITY AND LONG-TERM DEBT | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Debt Disclosure [Abstract] | ||||||||
REVOLVING CREDIT FACILITY AND LONG-TERM DEBT | REVOLVING CREDIT FACILITY AND LONG-TERM DEBT | |||||||
Long-term debt consisted of the following (amounts in thousands): | ||||||||
September 30, | December 31, | |||||||
2013 | 2012 | |||||||
7.875% senior secured notes due 2017 - Issued 2013 | $ | 325,000 | $ | — | ||||
Unamortized premium based on 7.875% senior secured notes issued 2013 | 18,128 | — | ||||||
7.875% senior secured notes due 2017 - Issued 2010 | 200,000 | 200,000 | ||||||
European credit facilities | 78,301 | 202,097 | ||||||
5.625% convertible senior subordinated notes due 2017 | 60,161 | 112,881 | ||||||
Other debt | 58,082 | 69,151 | ||||||
Capital leases | 2,600 | 3,110 | ||||||
742,272 | 587,239 | |||||||
Less amounts due within one year | 104,884 | 145,801 | ||||||
$ | 637,388 | $ | 441,438 | |||||
Aggregate maturities of long-term debt at September 30, 2013, were as follows (amounts in thousands): | ||||||||
September 1 - December 31, 2013 | $ | 101,397 | ||||||
2014 | 19,753 | |||||||
2015 | 10,041 | |||||||
2016 | 18,963 | |||||||
2017 | 589,621 | |||||||
Thereafter | 2,497 | |||||||
$ | 742,272 | |||||||
7.875% senior secured notes due 2017 | ||||||||
The Company’s 7.875% senior secured notes (senior secured notes) are due October 2017.  These notes are secured by the land and buildings of the following subsidiaries of the Company:  Titan Tire Corporation, Titan Tire Corporation of Bryan, Titan Tire Corporation of Freeport and Titan Wheel Corporation of Illinois.  The Company’s senior secured notes outstanding balance was $525.0 million at September 30, 2013 including $200.0 million issued in 2010 and $325.0 million issued in 2013. The 2013 amount was issued at a premium. Otherwise, all the notes have the same terms. The senior secured notes issued in 2013 have an imputed interest rate of 6.277% and an unamortized premium balance of $18.1 million at September 30, 2013. See Note 23 for additional information. | ||||||||
Titan Europe credit facilities | ||||||||
The Titan Europe credit facilities contain borrowings from various institutions totaling $78.3 million at September 30, 2013. Maturity dates on this debt range from less than one year to eleven years and interest rates range from 2% to 6.9%. The European facilities are secured by the assets of select European subsidiaries. | ||||||||
5.625% convertible senior subordinated notes due 2017 | ||||||||
The Company’s 5.625% convertible senior subordinated notes (convertible notes) are due January 2017.   The initial base conversion rate for the convertible notes is 93.0016 shares of Titan common stock per $1,000 principal amount of convertible notes, equivalent to an initial base conversion price of approximately $10.75 per share of Titan common stock.  If the price of Titan common stock at the time of determination exceeds the base conversion price, the base conversion rate will be increased by an additional number of shares (up to 9.3002 shares of Titan common stock per $1,000 principal amount of convertible notes) as determined pursuant to a formula described in the indenture.  The base conversion rate will be subject to adjustment in certain events.  The Company’s convertible notes balance was $60.2 million at September 30, 2013. | ||||||||
In the first quarter of 2013, the Company closed an Exchange Agreement with a note holder of the convertible notes. The two parties privately negotiated an agreement to exchange approximately $52.7 million in aggregate principal amount of the convertible notes for approximately 4.9 million shares of the Company's common stock plus a cash payment totaling $14.2 million. In connection with this exchange, the Company recognized a charge of $7.3 million in accordance with accounting standards related to debt conversions. | ||||||||
Revolving credit facility | ||||||||
The Company’s $150 million revolving credit facility (credit facility) with agent Bank of America, N.A. has a December 2017 termination date and is collateralized by the accounts receivable and inventory of certain Titan domestic subsidiaries.  During the first nine months of 2013 and at September 30, 2013, there were no borrowings under the credit facility. | ||||||||
Other debt | ||||||||
Brazil Revolving Line of Credit | ||||||||
The Company's wholly-owned Brazilian subsidiary, Titan Pneus Do Brasil Ltda (Titan Brazil), has a revolving line of credit (Brazil line of credit) established with Bank of America Merrill Lynch Banco Multiplo S.A. in May 2011. Titan Brazil could borrow up to 16.0 million Brazilian Reais, which equates to approximately $7.1 million dollars as of September 30, 2013, for working capital purposes. Under the terms of the Brazil line of credit, borrowings, if any, bear interest at a rate of 1 month LIBOR plus 247 basis points. During the first nine months of 2013 and at September 30, 2013 there were no borrowings outstanding on this line of credit. | ||||||||
Brazil Other Debt | ||||||||
Titan Brazil has working capital loans for the Sao Paulo, Brazil manufacturing facility totaling $9.2 million at September 30, 2013. | ||||||||
Australia Other Debt | ||||||||
Titan National Australia Holdings has capital leases totaling $1.1 million at September 30, 2013. | ||||||||
Titan Europe Other Debt | ||||||||
Titan Europe has overdraft facilities totaling $47.7 million at September 30, 2013. | ||||||||
Titan Europe Capital Leases | ||||||||
Titan Europe has capital lease obligations totaling $2.6 million at September 30, 2013. |
DERIVATIVE_FINANCIAL_INSTRUMEN
DERIVATIVE FINANCIAL INSTRUMENTS | 9 Months Ended |
Sep. 30, 2013 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
DERIVATIVE FINANCIAL INSTRUMENTS | DERIVATIVE FINANCIAL INSTRUMENTS |
Prior to the April 2013 payoff of the Brazil Term Loan with Bank of America, N.A. (BoA Term Loan), the Company used financial derivatives to mitigate its exposure to volatility in the interest rate and foreign currency exchange rate in Brazil. The Company used these derivative instruments to hedge exposure in the ordinary course of business and did not invest in derivative instruments for speculative purposes. In order to reduce interest rate and foreign currency risk on the BoA Term Loan, the Company entered into an interest rate swap agreement and cross currency swap transactions with Bank of America Merrill Lynch Banco Multiplo S.A. that was designed to convert the outstanding $5.0 million US Dollar based LIBOR loan to a Brazilian Reais based CDI loan. The Company did not designate these agreements as a hedging instrument. Changes in the fair value of the cross currency swap were recorded in other income/expense and changes in the fair value of the interest rate swap agreement were recorded as interest expense (or gain as an offset to interest expense). For the nine months ended September 30, 2013, the Company recorded $0.6 million of other expense and $0.1 million of interest expense related to these derivatives. | |
The Company also used derivative financial instruments to manage its exposure to market risks from changes in interest rates in Europe. These derivative financial instruments are recognized at fair value. The Company has not designated these financial instruments as hedging instruments. Any gain or loss on the re-measurement of the fair value is taken to interest expense. For the three months ended September 30, 2013, the Company recorded interest expense of $0.1 million related to these derivatives. For the nine months ended September 30, 2013, the Company recorded an offset to interest expense of $1.0 million related to these derivatives. |
LEASE_COMMITMENTS
LEASE COMMITMENTS | 9 Months Ended | |||
Sep. 30, 2013 | ||||
Leases, Operating [Abstract] | ||||
LEASE COMMITMENTS | LEASE COMMITMENTS | |||
The Company leases certain buildings and equipment under operating leases.  Certain lease agreements provide for renewal options, fair value purchase options, and payment of property taxes, maintenance and insurance by the Company. | ||||
At September 30, 2013, future minimum rental commitments under noncancellable operating leases with initial terms of at least one year were as follows (amounts in thousands): | ||||
October 1 - December 31, 2013 | $ | 1,302 | ||
2014 | 7,429 | |||
2015 | 4,801 | |||
2016 | 3,814 | |||
2017 | 2,368 | |||
Thereafter | 3,943 | |||
Total future minimum lease payments | $ | 23,657 | ||
At September 30, 2013, the Company had assets held as capital leases with a net book value of $9.1 million included in property, plant and equipment. Total future capital lease obligations relating to these leases are as follows (amounts in thousands): | ||||
October 1 - December 31, 2013 | $ | 679 | ||
2014 | 1,374 | |||
2015 | 892 | |||
2016 | 480 | |||
2017 | 200 | |||
Thereafter | 103 | |||
Total future capital lease obligation payments | 3,728 | |||
Less amount representing interest | (174 | ) | ||
Present value of future capital lease obligation payments | $ | 3,554 | ||
EMPLOYEE_BENEFIT_PLANS
EMPLOYEE BENEFIT PLANS | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
EMPLOYEE BENEFIT PLANS [Abstract] | ||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | EMPLOYEE BENEFIT PLANS | |||||||||||||||
The Company has three frozen defined benefit pension plans covering certain employees or former employees of three U.S. subsidiaries. The Company also has pension plans covering certain employees of several foreign subsidiaries. The Company also sponsors four 401(k) retirement savings plans in the U.S. and a number of defined contribution plans at foreign subsidiaries. The Company contributed approximately $3.8 million to the pension plans during the nine months ended September 30, 2013 and expects to contribute approximately $1.7 million to the pension plans during the remainder of 2013. | ||||||||||||||||
The components of net periodic pension cost consisted of the following (amounts in thousands): | ||||||||||||||||
Three months ended | Nine months ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Service cost | $ | 275 | $ | — | $ | 665 | $ | — | ||||||||
Interest cost | 1,352 | 1,133 | 4,031 | 3,399 | ||||||||||||
Expected return on assets | (1,381 | ) | (1,252 | ) | (4,143 | ) | (3,756 | ) | ||||||||
Amortization of unrecognized prior service cost | 34 | 34 | 103 | 102 | ||||||||||||
Amortization of net unrecognized loss | 1,314 | 1,293 | 3,942 | 3,879 | ||||||||||||
      Net periodic pension cost | $ | 1,594 | $ | 1,208 | $ | 4,598 | $ | 3,624 | ||||||||
ROYALTY_EXPENSE
ROYALTY EXPENSE | 9 Months Ended |
Sep. 30, 2013 | |
Royalty Expense [Abstract] | |
ROYALTY EXPENSE | ROYALTY EXPENSE |
The Company has a trademark license agreement with Goodyear to manufacture and sell certain tires in North America and Latin America under the Goodyear name.  The North American and Latin American farm tire royalties were prepaid for seven years as part of the 2011 Goodyear Latin American farm tire acquisition. In May 2012, the Company and Goodyear entered into an agreement under which Titan will sell certain non-farm tire products directly to third party customers and pay a royalty to Goodyear. Royalty expenses recorded were $3.9 million and $3.7 million for the quarters ended September 30, 2013 and 2012, respectively. Royalty expenses were $11.0 million and $8.7 million for the nine months ended September 30, 2013 and 2012, respectively. |
SUPPLY_AGREEMENT_TERMINATION_I
SUPPLY AGREEMENT TERMINATION INCOME (Notes) | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
SUPPLY AGREEMENT TERMINATION INCOME [Abstract] | ||||||||||||||||
Purchase and Supply Commitment, Excluding Long-term Commitment [Text Block] | 13. SUPPLY AGREEMENT TERMINATION INCOME | |||||||||||||||
Supply agreement termination income consisted of the following (amounts in thousands): | ||||||||||||||||
Three months ended | Nine months ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Supply agreement termination income | $ | — | $ | — | $ | — | $ | 26,134 | ||||||||
The Company's April 2011 acquisition of Goodyear's farm tire business included a three year supply agreement with Goodyear for certain non-farm tire products. A liability was recorded as the supply agreement was for sales at below market prices. In May 2012, the Company and Goodyear terminated this supply agreement and entered into an agreement under which Titan will sell these products directly to third party customers and pay a royalty to Goodyear. The remaining balance of the supply agreement liability was recorded as income as the Company is no longer obligated to sell the products at below market prices. |
GAIN_ON_EARTHQUAKE_INSURANCE_R
GAIN ON EARTHQUAKE INSURANCE RECOVERY (Notes) | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
GAIN ON EARTHQUAKE INSURANCE RECOVERY [Abstract] | ||||||||||||||||
Business Insurance Recoveries [Text Block] | GAIN ON EARTHQUAKE INSURANCE RECOVERY | |||||||||||||||
Gain on earthquake insurance recovery consisted of the following (amounts in thousands): | ||||||||||||||||
Three months ended | Nine months ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Gain on earthquake insurance recovery | $ | — | $ | — | $ | 22,451 | $ | — | ||||||||
Titan Europe's wheel manufacturing facility in Finale Emilia, Italy experienced damage from an earthquake in May 2012, prior to Titan's acquisition of Titan Europe. The plant was closed for production during initial remedial work. This resulted in a limited transfer of production to other facilities within Titan Europe as well as sourcing product from facilities in the US owned by Titan and competitors. In the second quarter of 2013, Titan received a final insurance settlement payment of $38.7 million, which offset the earthquake insurance receivable and resulted in a gain of $22.5 million. |
OTHER_INCOME
OTHER INCOME | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Other Income and Expenses [Abstract] | ||||||||||||||||
OTHER INCOME, NET | OTHER INCOME | |||||||||||||||
Other income consisted of the following (amounts in thousands): | ||||||||||||||||
Three months ended | Nine months ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Currency exchange gain (loss) | $ | 5,678 | $ | 250 | $ | (976 | ) | $ | (206 | ) | ||||||
Wheels India Limited equity gain | 826 | — | 1,101 | — | ||||||||||||
Discount amortization on prepaid royalty | 780 | 910 | 2,483 | 2,882 | ||||||||||||
Interest income | 594 | 372 | 2,525 | 757 | ||||||||||||
Investment gain (loss) related to contractual obligation investments | 497 | 492 | 590 | 1,287 | ||||||||||||
Other income | 180 | 224 | 1,418 | 889 | ||||||||||||
Building rental income | 167 | 191 | 571 | 554 | ||||||||||||
$ | 8,722 | $ | 2,439 | $ | 7,712 | $ | 6,163 | |||||||||
The Company's investment in Wheels India Limited increased from 35.9% to 41.7% during the second quarter of 2013. |
INCOME_TAXES
INCOME TAXES | 9 Months Ended |
Sep. 30, 2013 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | INCOME TAXES |
The Company recorded income tax expense of $5.7 million and $38.9 million for the three and nine months ended September 30, 2013, respectively, as compared to $13.6 million and $64.7 million for the three and nine months ended September 30, 2012. The Company's effective income tax rate was 44% and 40% for the nine months ended September 30, 2013 and 2012, respectively. | |
The Company's 2013 income tax expense and rate differs from the amount of income tax determined by applying the U.S. Federal income tax rate to pre-tax income primarily as a result of a change in Italian law making the insurance proceeds from the earthquake non-taxable. In addition, as a result of the reassessment of the realizability of the deferred tax assets due to the Italian law change, a valuation allowance was established on the Italy net deferred tax assets. Other items contributing to the rate difference are state income tax expense, unrecognized tax benefits, foreign earnings, domestic production activities deduction, and tax deductible expenses related to the convertible bond repurchase. | |
Accounting standards for income taxes provide that a tax benefit from an uncertain tax position may be recognized when it is more likely than not that the position will be sustained upon examination. The Company's unrecognized tax benefits were $20.0 million and $14.3 million as of September 30, 2013 and December 31, 2012, respectively. As of September 30, 2013, $16.0 million would affect income tax expense if recognized. The majority of the increase in unrecognized tax benefits relates to potential state tax exposures. The Company recognizes accrued interest and penalties related to unrecognized tax benefits as a component of income tax expense. The amount of accrued interest and penalties included in the unrecognized tax benefits at September 30, 2013 and December 31, 2012 was $3.3 million and $2.4 million, respectively. |
EARNINGS_PER_SHARE
EARNINGS PER SHARE | 9 Months Ended | |||||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||||
Earnings Per Share [Abstract] | ||||||||||||||||||||||
EARNINGS PER SHARE | EARNINGS PER SHARE | |||||||||||||||||||||
Earnings per share (EPS) were as follows (amounts in thousands, except per share data): | ||||||||||||||||||||||
Three months ended | ||||||||||||||||||||||
September 30, 2013 | September 30, 2012 | |||||||||||||||||||||
Titan Net income | Weighted- | Per share | Titan Net income | Weighted- | Per share | |||||||||||||||||
average shares | Â amount | average shares | Â amount | |||||||||||||||||||
Basic earnings per share | $ | 8,093 | 53,440 | $ | 0.15 | $ | 19,579 | 42,180 | $ | 0.46 | ||||||||||||
   Effect of stock options/trusts | — | 207 | — | 237 | ||||||||||||||||||
   Effect of convertible notes | 610 | 5,744 | 1,143 | 10,909 | ||||||||||||||||||
Diluted earnings per share | $ | 8,703 | 59,391 | $ | 0.15 | $ | 20,722 | 53,326 | $ | 0.39 | ||||||||||||
Nine months ended | ||||||||||||||||||||||
September 30, 2013 | September 30, 2012 | |||||||||||||||||||||
Titan Net income | Weighted- | Per share | Titan Net income | Weighted- | Per share | |||||||||||||||||
average shares | Â amount | average shares | Â amount | |||||||||||||||||||
Basic earnings per share | $ | 50,785 | 52,900 | $ | 0.96 | $ | 99,054 | 42,148 | $ | 2.35 | ||||||||||||
   Effect of stock options/trusts | — | 265 | — | 258 | ||||||||||||||||||
   Effect of convertible notes | 1,991 | 6,279 | 3,429 | 10,909 | ||||||||||||||||||
Diluted earnings per share | $ | 52,776 | 59,444 | $ | 0.89 | $ | 102,483 | 53,315 | $ | 1.92 | ||||||||||||
There were no stock options/trusts or convertible notes that were antidilutive for the periods presented. |
LITIGATION
LITIGATION | 9 Months Ended |
Sep. 30, 2013 | |
Commitments and Contingencies Disclosure [Abstract] | |
LITIGATION | LITIGATION |
The Company is a party to routine legal proceedings arising out of the normal course of business.  Although it is not possible to predict with certainty the outcome of these unresolved legal actions or the range of possible loss, the Company believes at this time that none of these actions, individually or in the aggregate, will have a material adverse effect on the consolidated financial condition, results of operations or cash flows of the Company.  However, due to the difficult nature of predicting unresolved and future legal claims, the Company cannot anticipate or predict the material adverse effect on its consolidated financial condition, results of operations or cash flows as a result of efforts to comply with or its liabilities pertaining to legal judgments. |
SEGMENT_INFORMATION
SEGMENT INFORMATION | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Segment Reporting [Abstract] | ||||||||||||||||
Segment information | SEGMENT INFORMATION | |||||||||||||||
The table below presents information about certain revenues and income from operations used by the chief executive officer of the Company for the three and nine months ended September 30, 2013 and 2012 (amounts in thousands): | ||||||||||||||||
Three months ended | Nine months ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Revenues from external customers | ||||||||||||||||
Agricultural | $ | 273,301 | $ | 246,578 | $ | 907,797 | $ | 831,376 | ||||||||
Earthmoving/construction | 168,964 | 103,135 | 586,806 | 318,244 | ||||||||||||
Consumer | 55,245 | 55,006 | 174,585 | 177,420 | ||||||||||||
$ | 497,510 | $ | 404,719 | $ | 1,669,188 | $ | 1,327,040 | |||||||||
Gross profit | ||||||||||||||||
Agricultural | $ | 48,346 | $ | 48,091 | $ | 158,566 | $ | 173,684 | ||||||||
Earthmoving/construction | 11,283 | 18,689 | 75,598 | 60,598 | ||||||||||||
Consumer | 3,363 | 1,016 | 13,841 | 10,488 | ||||||||||||
Unallocated corporate | (486 | ) | (635 | ) | (2,093 | ) | (2,160 | ) | ||||||||
$ | 62,506 | $ | 67,161 | $ | 245,912 | $ | 242,610 | |||||||||
Income from operations | ||||||||||||||||
Agricultural | $ | 37,762 | $ | 41,740 | $ | 125,063 | $ | 156,965 | ||||||||
Earthmoving/construction | (1,833 | ) | 13,468 | 27,365 | 51,385 | |||||||||||
Consumer | 55 | (234 | ) | 4,224 | 30,284 | |||||||||||
Unallocated corporate | (18,929 | ) | (18,808 | ) | (54,808 | ) | (62,828 | ) | ||||||||
      Income from operations | 17,055 | 36,166 | 101,844 | 175,806 | ||||||||||||
Interest expense | (12,414 | ) | (6,187 | ) | (35,924 | ) | (18,699 | ) | ||||||||
Convertible debt conversion charge | — | — | (7,273 | ) | — | |||||||||||
Gain on earthquake insurance recovery | — | — | 22,451 | — | ||||||||||||
Other income, net | 8,722 | 2,439 | 7,712 | 6,163 | ||||||||||||
      Income before income taxes | $ | 13,363 | $ | 32,418 | $ | 88,810 | $ | 163,270 | ||||||||
Assets by segment were as follows (amounts in thousands): | ||||||||||||||||
September 30, | December 31, | |||||||||||||||
2013 | 2012 | |||||||||||||||
Total assets | ||||||||||||||||
Agricultural | $ | 698,905 | $ | 630,222 | ||||||||||||
Earthmoving/construction | 788,578 | 851,995 | ||||||||||||||
Consumer | 143,559 | 142,341 | ||||||||||||||
Unallocated corporate | 316,719 | 85,677 | ||||||||||||||
$ | 1,947,761 | $ | 1,710,235 | |||||||||||||
FAIR_VALUE_MEASUREMENTS
FAIR VALUE MEASUREMENTS | 9 Months Ended | |||||||||||||||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | ||||||||||||||||||||||||||||||||
FAIR VALUE MEASUREMENTS | FAIR VALUE MEASUREMENTS | |||||||||||||||||||||||||||||||
Accounting standards for fair value measurements establish a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value.  These tiers are defined as: | ||||||||||||||||||||||||||||||||
Level 1 – Quoted prices in active markets for identical instruments. | ||||||||||||||||||||||||||||||||
Level 2 – Inputs other than quoted prices in active markets that are either directly or indirectly observable. | ||||||||||||||||||||||||||||||||
Level 3 – Unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions. | ||||||||||||||||||||||||||||||||
Assets and liabilities measured at fair value on a recurring basis consisted of the following (amounts in thousands): | ||||||||||||||||||||||||||||||||
September 30, 2013 | December 31, 2012 | |||||||||||||||||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||||
Contractual obligation investments | $ | 7,998 | $ | 7,998 | $ | — | $ | — | $ | 7,408 | $ | 7,408 | $ | — | $ | — | ||||||||||||||||
Interest rate swap | — | — | — | — | 1,048 | — | 1,048 | — | ||||||||||||||||||||||||
Preferred stock | 250 | — | — | 250 | 250 | — | — | 250 | ||||||||||||||||||||||||
Derivative financial instruments liability | (135 | ) | — | (135 | ) | — | (7,376 | ) | — | (7,376 | ) | — | ||||||||||||||||||||
Total | $ | 8,113 | $ | 7,998 | $ | (135 | ) | $ | 250 | $ | 1,330 | $ | 7,408 | $ | (6,328 | ) | $ | 250 | ||||||||||||||
The following table presents the changes during the periods presented in Titan's Level 3 investments that are measured at fair value on a recurring basis (amounts in thousands): | ||||||||||||||||||||||||||||||||
Preferred stock | ||||||||||||||||||||||||||||||||
Balance at December 31, 2012 | $ | 250 | ||||||||||||||||||||||||||||||
  Total realized and unrealized gains and losses | — | |||||||||||||||||||||||||||||||
Balance as of September 30, 2013 | $ | 250 | ||||||||||||||||||||||||||||||
RELATED_PARTY_TRANSACTIONS
RELATED PARTY TRANSACTIONS | 9 Months Ended |
Sep. 30, 2013 | |
Related Party Transactions [Abstract] | |
Related Party Transactions Disclosure [Text Block] | RELATED PARTY TRANSACTIONS |
The Company sells products and pays commissions to companies controlled by persons related to the chief executive officer of the Company.  The related party is Mr. Fred Taylor and is Mr. Maurice Taylor’s brother.  The companies which Mr. Fred Taylor is associated with that do business with Titan include the following:  Blackstone OTR, LLC; FBT Enterprises; and OTR Wheel Engineering.  Sales of Titan products to these companies were approximately $0.9 million and $2.2 million for the three and nine months ended September 30, 2013, respectively, as compared to $0.6 million and $1.7 million for the three and nine months ended September 30, 2012. Titan had trade receivables due from these companies of approximately $0.4 million at September 30, 2013, and approximately $0.2 million at December 31, 2012.  On other sales referred to Titan from the above manufacturing representative companies, commissions were approximately $0.6 million and $1.9 million for the three and nine months ended September 30, 2013, respectively as compared to $0.6 million and $2.1 million for the three and nine months ended September 30, 2012. | |
The Company has a 41.7% equity stake in Wheels India Limited, a company incorporated in India and listed on the National Stock Exchange in India. The Company had trade payables due to Wheels India of approximately $0.4 million at December 31, 2012. | |
In the second quarter of 2013, the Company sold Titan Wheels Australia, a 100% owned subsidiary, to Titan National Australia Holdings, a 56% owned subsidiary operating as the Planet Corporation Group. The Company maintained financial control over Titan Wheels Australia and no gain or loss was recognized for the transaction. |
ACCUMULATED_OTHER_COMPREHENSIV
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Notes) | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) [Abstract] | ||||||||||||||||
Comprehensive Income (Loss) Note [Text Block] | ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) | |||||||||||||||
Accumulated other comprehensive income (loss) consisted of the following (amounts in thousands): | ||||||||||||||||
Currency | Unrealized | Unrecognized | ||||||||||||||
Translation | Gain (Loss) on | Losses and | ||||||||||||||
Adjustments | Investments | Prior Service | Total | |||||||||||||
Cost | ||||||||||||||||
Balance at July 1, 2013 | $ | (43,449 | ) | $ | — | $ | (33,658 | ) | $ | (77,107 | ) | |||||
Other comprehensive income (loss) before | ||||||||||||||||
reclassifications | 498 | — | — | 498 | ||||||||||||
Reclassification adjustments: | ||||||||||||||||
Amortization of unrecognized losses and prior | ||||||||||||||||
  service cost, net of tax of $(557) | — | — | 969 | 969 | ||||||||||||
Balance at September 30, 2013 | $ | (42,951 | ) | $ | — | $ | (32,689 | ) | $ | (75,640 | ) | |||||
Currency | Unrealized | Unrecognized | ||||||||||||||
Translation | Gain (Loss) on | Losses and | ||||||||||||||
Adjustments | Investments | Prior Service | Total | |||||||||||||
Cost | ||||||||||||||||
Balance at January 1, 2013 | $ | (20,793 | ) | $ | 3 | $ | (35,679 | ) | $ | (56,469 | ) | |||||
Other comprehensive income (loss) before | ||||||||||||||||
reclassifications | (22,158 | ) | (3 | ) | — | (22,161 | ) | |||||||||
Reclassification adjustments: | ||||||||||||||||
Amortization of unrecognized losses and prior | ||||||||||||||||
  service cost, net of tax of $(1,670) | — | — | 2,990 | 2,990 | ||||||||||||
Balance at September 30, 2013 | $ | (42,951 | ) | $ | — | $ | (32,689 | ) | $ | (75,640 | ) | |||||
SUBSIDIARY_GUARANTOR_FINANCIAL
SUBSIDIARY GUARANTOR FINANCIAL INFORMATION | 3 Months Ended | |||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||||||||||||||
Condensed Financial Information of Parent Company Only Disclosure [Text Block] | SUBSIDIARY GUARANTOR FINANCIAL INFORMATION | |||||||||||||||||||
The Company's 7.875% senior secured notes and 5.625% convertible senior subordinated notes are guaranteed by the following 100% owned subsidiaries of the Company: Titan Tire Corporation, Titan Tire Corporation of Bryan, Titan Tire Corporation of Freeport, and Titan Wheel Corporation of Illinois. The note guarantees are full and unconditional, joint and several obligations of the guarantors. The guarantees of the guarantor subsidiaries are subject to release in limited circumstances only upon the occurrence of certain customary conditions. The following condensed consolidating financial statements are presented using the equity method of accounting. Certain sales & marketing expenses recorded by non-guarantor subsidiaries have not been allocated to the guarantor subsidiaries. | ||||||||||||||||||||
(Amounts in thousands) | Consolidating Condensed Statements of Operations | |||||||||||||||||||
For the Three Months Ended September 30, 2013 | ||||||||||||||||||||
Titan | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Consolidated | ||||||||||||||||
 Intl., Inc. (Parent) | ||||||||||||||||||||
Net sales | $ | — | $ | 256,252 | $ | 241,258 | $ | — | $ | 497,510 | ||||||||||
Cost of sales | 241 | 216,445 | 218,318 | — | 435,004 | |||||||||||||||
Gross profit (loss) | (241 | ) | 39,807 | 22,940 | — | 62,506 | ||||||||||||||
Selling, general and administrative expenses | 3,561 | 16,513 | 18,657 | — | 38,731 | |||||||||||||||
Research and development expenses | (17 | ) | 1,423 | 1,372 | — | 2,778 | ||||||||||||||
Royalty expense | — | 1,850 | 2,092 | — | 3,942 | |||||||||||||||
Income (loss) from operations | (3,785 | ) | 20,021 | 819 | — | 17,055 | ||||||||||||||
Interest expense | (10,945 | ) | — | (1,469 | ) | — | (12,414 | ) | ||||||||||||
Intercompany interest income (expense) | 2,469 | — | (2,469 | ) | — | — | ||||||||||||||
Other income | 1,182 | (117 | ) | 7,657 | — | 8,722 | ||||||||||||||
Income (loss) before income taxes | (11,079 | ) | 19,904 | 4,538 | — | 13,363 | ||||||||||||||
Provision for income taxes | (4,717 | ) | 7,435 | 2,993 | — | 5,711 | ||||||||||||||
Equity in earnings of subsidiaries | 14,014 | — | 4,827 | (18,841 | ) | — | ||||||||||||||
Net income (loss) | 7,652 | 12,469 | 6,372 | (18,841 | ) | 7,652 | ||||||||||||||
Net loss noncontrolling interests | — | — | (441 | ) | — | (441 | ) | |||||||||||||
Net income (loss) attributable to Titan | $ | 7,652 | $ | 12,469 | $ | 6,813 | $ | (18,841 | ) | $ | 8,093 | |||||||||
(Amounts in thousands) | Consolidating Condensed Statements of Operations | |||||||||||||||||||
For the Three Months Ended September 30, 2012 | ||||||||||||||||||||
Titan | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Consolidated | ||||||||||||||||
 Intl., Inc. (Parent) | ||||||||||||||||||||
Net sales | $ | — | $ | 311,422 | $ | 93,297 | $ | — | $ | 404,719 | ||||||||||
Cost of sales | 253 | 246,275 | 91,030 | — | 337,558 | |||||||||||||||
Gross profit (loss) | (253 | ) | 65,147 | 2,267 | — | 67,161 | ||||||||||||||
Selling, general and administrative expenses | (9,013 | ) | 40,635 | (6,125 | ) | — | 25,497 | |||||||||||||
Research and development expenses | 155 | 1,604 | — | — | 1,759 | |||||||||||||||
Royalty expense | — | 1,778 | 1,961 | — | 3,739 | |||||||||||||||
Income (loss) from operations | 8,605 | 21,130 | 6,431 | — | 36,166 | |||||||||||||||
Interest expense | (6,012 | ) | — | (175 | ) | — | (6,187 | ) | ||||||||||||
Other income | 1,163 | 364 | 912 | — | 2,439 | |||||||||||||||
Income (loss) before income taxes | 3,756 | 21,494 | 7,168 | — | 32,418 | |||||||||||||||
Provision for income taxes | 6,329 | 7,398 | (138 | ) | — | 13,589 | ||||||||||||||
Equity in earnings of subsidiaries | 21,402 | — | 5,420 | (26,822 | ) | — | ||||||||||||||
Net income (loss) | 18,829 | 14,096 | 12,726 | (26,822 | ) | 18,829 | ||||||||||||||
Net loss noncontrolling interests | — | — | (750 | ) | — | (750 | ) | |||||||||||||
Net income (loss) attributable to Titan | $ | 18,829 | $ | 14,096 | $ | 13,476 | $ | (26,822 | ) | $ | 19,579 | |||||||||
(Amounts in thousands) | Consolidating Condensed Statements of Operations | |||||||||||||||||||
For the Nine Months Ended September 30, 2013 | ||||||||||||||||||||
Titan | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Consolidated | ||||||||||||||||
 Intl., Inc. (Parent) | ||||||||||||||||||||
Net sales | $ | — | $ | 903,628 | $ | 765,560 | $ | — | $ | 1,669,188 | ||||||||||
Cost of sales | 908 | 734,460 | 687,908 | — | 1,423,276 | |||||||||||||||
Gross profit (loss) | (908 | ) | 169,168 | 77,652 | — | 245,912 | ||||||||||||||
Selling, general and administrative expenses | 8,008 | 54,637 | 62,182 | — | 124,827 | |||||||||||||||
Research and development expenses | (35 | ) | 4,136 | 4,180 | — | 8,281 | ||||||||||||||
Royalty expense | — | 5,478 | 5,482 | — | 10,960 | |||||||||||||||
Income (loss) from operations | (8,881 | ) | 104,917 | 5,808 | — | 101,844 | ||||||||||||||
Interest expense | (29,509 | ) | — | (6,415 | ) | — | (35,924 | ) | ||||||||||||
Convertible debt conversion charge | (7,273 | ) | — | — | — | (7,273 | ) | |||||||||||||
Gain on earthquake insurance recovery | — | — | 22,451 | — | 22,451 | |||||||||||||||
Intercompany interest income (expense) | 5,158 | — | (5,158 | ) | — | — | ||||||||||||||
Other income (expense) | 2,741 | (91 | ) | 5,062 | — | 7,712 | ||||||||||||||
Income (loss) before income taxes | (37,764 | ) | 104,826 | 21,748 | — | 88,810 | ||||||||||||||
Provision (benefit) for income taxes | (6,561 | ) | 38,025 | 7,449 | — | 38,913 | ||||||||||||||
Equity in earnings of subsidiaries | 81,100 | — | 38,351 | (119,451 | ) | — | ||||||||||||||
Net income (loss) | 49,897 | 66,801 | 52,650 | (119,451 | ) | 49,897 | ||||||||||||||
Net loss noncontrolling interests | — | — | (888 | ) | — | (888 | ) | |||||||||||||
Net income (loss) attributable to Titan | $ | 49,897 | $ | 66,801 | $ | 53,538 | $ | (119,451 | ) | $ | 50,785 | |||||||||
(Amounts in thousands) | Consolidating Condensed Statements of Operations | |||||||||||||||||||
For the Nine Months Ended September 30, 2012 | ||||||||||||||||||||
Titan | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Consolidated | ||||||||||||||||
 Intl., Inc. (Parent) | ||||||||||||||||||||
Net sales | $ | — | $ | 1,055,586 | $ | 271,454 | $ | — | $ | 1,327,040 | ||||||||||
Cost of sales | 812 | 828,935 | 254,683 | — | 1,084,430 | |||||||||||||||
Gross profit (loss) | (812 | ) | 226,651 | 16,771 | — | 242,610 | ||||||||||||||
Selling, general and administrative expenses | 4,970 | 71,372 | 3,400 | — | 79,742 | |||||||||||||||
Research and development expenses | 327 | 3,983 | 146 | — | 4,456 | |||||||||||||||
Royalty expense | — | 5,250 | 3,490 | — | 8,740 | |||||||||||||||
Supply agreement termination income | — | — | (26,134 | ) | — | (26,134 | ) | |||||||||||||
Income (loss) from operations | (6,109 | ) | 146,046 | 35,869 | — | 175,806 | ||||||||||||||
Interest expense | (18,119 | ) | — | (580 | ) | — | (18,699 | ) | ||||||||||||
Other income | 3,620 | 1,174 | 1,369 | — | 6,163 | |||||||||||||||
Income (loss) before income taxes | (20,608 | ) | 147,220 | 36,658 | — | 163,270 | ||||||||||||||
Provision (benefit) for income taxes | 1,261 | 51,311 | 12,150 | — | 64,722 | |||||||||||||||
Equity in earnings of subsidiaries | 120,417 | — | 24,242 | (144,659 | ) | — | ||||||||||||||
Net income (loss) | 98,548 | 95,909 | 48,750 | (144,659 | ) | 98,548 | ||||||||||||||
Net loss noncontrolling interests | — | — | (506 | ) | — | (506 | ) | |||||||||||||
Net income (loss) attributable to Titan | $ | 98,548 | $ | 95,909 | $ | 49,256 | $ | (144,659 | ) | $ | 99,054 | |||||||||
(Amounts in thousands) | Consolidating Condensed Statements of Comprehensive Income | |||||||||||||||||||
For the Three Months Ended September 30, 2013 | ||||||||||||||||||||
Titan | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Consolidated | ||||||||||||||||
 Intl., Inc. (Parent) | ||||||||||||||||||||
Net income (loss) | $ | 7,652 | $ | 12,469 | $ | 6,372 | $ | (18,841 | ) | $ | 7,652 | |||||||||
Currency translation adjustment, net | 854 | — | 854 | (854 | ) | 854 | ||||||||||||||
Pension liability adjustments, net of tax | 969 | 781 | 188 | (969 | ) | 969 | ||||||||||||||
Comprehensive income (loss) | 9,475 | 13,250 | 7,414 | (20,664 | ) | 9,475 | ||||||||||||||
Net comprehensive loss attributable to noncontrolling interests | — | — | (85 | ) | — | (85 | ) | |||||||||||||
Comprehensive income (loss) attributable to Titan | $ | 9,475 | $ | 13,250 | $ | 7,499 | $ | (20,664 | ) | $ | 9,560 | |||||||||
(Amounts in thousands) | Consolidating Condensed Statements of Comprehensive Income | |||||||||||||||||||
For the Three Months Ended September 30, 2012 | ||||||||||||||||||||
Titan | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Consolidated | ||||||||||||||||
 Intl., Inc. (Parent) | ||||||||||||||||||||
Net income (loss) | $ | 18,829 | $ | 14,096 | $ | 12,726 | $ | (26,822 | ) | $ | 18,829 | |||||||||
Unrealized gain (loss) on investments, net of tax | (353 | ) | — | (353 | ) | 353 | (353 | ) | ||||||||||||
Currency translation adjustment, net | (1,247 | ) | — | (1,247 | ) | 1,247 | (1,247 | ) | ||||||||||||
Pension liability adjustments, net of tax | 836 | 790 | 46 | (836 | ) | 836 | ||||||||||||||
Comprehensive income (loss) | 18,065 | 14,886 | 11,172 | (26,058 | ) | 18,065 | ||||||||||||||
Net comprehensive loss attributable to noncontrolling interests | — | — | (1,104 | ) | — | (1,104 | ) | |||||||||||||
Comprehensive income (loss) attributable to Titan | $ | 18,065 | $ | 14,886 | $ | 12,276 | $ | (26,058 | ) | $ | 19,169 | |||||||||
(Amounts in thousands) | Consolidating Condensed Statements of Comprehensive Income | |||||||||||||||||||
For the Nine Months Ended September 30, 2013 | ||||||||||||||||||||
Titan | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Consolidated | ||||||||||||||||
 Intl., Inc. (Parent) | ||||||||||||||||||||
Net income (loss) | $ | 49,897 | $ | 66,801 | $ | 52,650 | $ | (119,451 | ) | $ | 49,897 | |||||||||
Unrealized gain (loss) on investments, net of tax | (3 | ) | — | (3 | ) | 3 | (3 | ) | ||||||||||||
Currency translation adjustment, net | (24,513 | ) | — | (24,513 | ) | 24,513 | (24,513 | ) | ||||||||||||
Pension liability adjustments, net of tax | 2,990 | 2,343 | 647 | (2,990 | ) | 2,990 | ||||||||||||||
Comprehensive income (loss) | 28,371 | 69,144 | 28,781 | (97,925 | ) | 28,371 | ||||||||||||||
Net comprehensive loss attributable to noncontrolling interests | — | — | (3,243 | ) | — | (3,243 | ) | |||||||||||||
Comprehensive income (loss) attributable to Titan | $ | 28,371 | $ | 69,144 | $ | 32,024 | $ | (97,925 | ) | $ | 31,614 | |||||||||
(Amounts in thousands) | Consolidating Condensed Statements of Comprehensive Income | |||||||||||||||||||
For the Nine Months Ended September 30, 2012 | ||||||||||||||||||||
Titan | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Consolidated | ||||||||||||||||
 Intl., Inc. (Parent) | ||||||||||||||||||||
Net income (loss) | $ | 98,548 | $ | 95,909 | $ | 48,750 | $ | (144,659 | ) | $ | 98,548 | |||||||||
Unrealized gain (loss) on investments, net of tax | (16 | ) | — | (16 | ) | 16 | (16 | ) | ||||||||||||
Currency translation adjustment, net | (5,816 | ) | — | (5,816 | ) | 5,816 | (5,816 | ) | ||||||||||||
Pension liability adjustments, net of tax | 2,508 | 2,370 | 138 | (2,508 | ) | 2,508 | ||||||||||||||
Comprehensive income (loss) | 95,224 | 98,279 | 43,056 | (141,335 | ) | 95,224 | ||||||||||||||
Net comprehensive loss attributable to noncontrolling interests | — | — | (859 | ) | — | (859 | ) | |||||||||||||
Comprehensive income (loss) attributable to Titan | $ | 95,224 | $ | 98,279 | $ | 43,915 | $ | (141,335 | ) | $ | 96,083 | |||||||||
(Amounts in thousands) | Consolidating Condensed Balance Sheets | |||||||||||||||||||
30-Sep-13 | ||||||||||||||||||||
Titan | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Consolidated | ||||||||||||||||
 Intl., Inc. (Parent) | ||||||||||||||||||||
Assets | ||||||||||||||||||||
Cash and cash equivalents | $ | 350,611 | $ | 4 | $ | 96,841 | $ | — | $ | 447,456 | ||||||||||
Accounts receivable | — | 125,048 | 165,199 | — | 290,247 | |||||||||||||||
Inventories | — | 129,672 | 246,221 | — | 375,893 | |||||||||||||||
Prepaid and other current assets | 63,335 | 13,634 | 53,456 | — | 130,425 | |||||||||||||||
Total current assets | 413,946 | 268,358 | 561,717 | — | 1,244,021 | |||||||||||||||
Property, plant and equipment, net | 16,393 | 205,666 | 339,647 | — | 561,706 | |||||||||||||||
Investment in subsidiaries | 631,910 | — | 127,384 | (759,294 | ) | — | ||||||||||||||
Other assets | 35,590 | 403 | 106,041 | — | 142,034 | |||||||||||||||
Total assets | $ | 1,097,839 | $ | 474,427 | $ | 1,134,789 | $ | (759,294 | ) | $ | 1,947,761 | |||||||||
Liabilities and Stockholders’ Equity | ||||||||||||||||||||
Short-term debt | $ | 4,121 | $ | — | $ | 100,763 | $ | — | $ | 104,884 | ||||||||||
Accounts payable | 1,219 | 20,899 | 173,005 | — | 195,123 | |||||||||||||||
Other current liabilities | 30,222 | 59,921 | 63,333 | — | 153,476 | |||||||||||||||
Total current liabilities | 35,562 | 80,820 | 337,101 | — | 453,483 | |||||||||||||||
Long-term debt | 599,168 | — | 38,220 | — | 637,388 | |||||||||||||||
Other long-term liabilities | 38,396 | 31,532 | 75,920 | — | 145,848 | |||||||||||||||
Intercompany accounts | (263,659 | ) | (126,589 | ) | 390,248 | — | — | |||||||||||||
Titan stockholders' equity | 688,372 | 488,664 | 270,630 | (759,294 | ) | 688,372 | ||||||||||||||
Noncontrolling interests | — | — | 22,670 | — | 22,670 | |||||||||||||||
Total liabilities and stockholders’ equity | $ | 1,097,839 | $ | 474,427 | $ | 1,134,789 | $ | (759,294 | ) | $ | 1,947,761 | |||||||||
(Amounts in thousands) | Consolidating Condensed Balance Sheets | |||||||||||||||||||
31-Dec-12 | ||||||||||||||||||||
Titan | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Consolidated | ||||||||||||||||
 Intl., Inc. (Parent) | ||||||||||||||||||||
Assets | ||||||||||||||||||||
Cash and cash equivalents | $ | 103,154 | $ | 4 | $ | 85,956 | $ | — | $ | 189,114 | ||||||||||
Accounts receivable | (72 | ) | 128,917 | 168,953 | — | 297,798 | ||||||||||||||
Inventories | — | 142,070 | 224,315 | — | 366,385 | |||||||||||||||
Prepaid and other current assets | 49,438 | 17,021 | 76,367 | — | 142,826 | |||||||||||||||
Total current assets | 152,520 | 288,012 | 555,591 | — | 996,123 | |||||||||||||||
Property, plant and equipment, net | 11,497 | 208,734 | 348,113 | — | 568,344 | |||||||||||||||
Investment in subsidiaries | 565,811 | — | 86,189 | (652,000 | ) | — | ||||||||||||||
Other assets | 35,564 | 499 | 109,705 | — | 145,768 | |||||||||||||||
Total assets | $ | 765,392 | $ | 497,245 | $ | 1,099,598 | $ | (652,000 | ) | $ | 1,710,235 | |||||||||
Liabilities and Stockholders’ Equity | ||||||||||||||||||||
Short-term debt | $ | — | $ | — | $ | 145,801 | $ | — | $ | 145,801 | ||||||||||
Accounts payable | 1,000 | 21,222 | 157,843 | — | 180,065 | |||||||||||||||
Other current liabilities | 13,911 | 55,290 | 72,013 | — | 141,214 | |||||||||||||||
Total current liabilities | 14,911 | 76,512 | 375,657 | — | 467,080 | |||||||||||||||
Long-term debt | 312,881 | — | 128,557 | — | 441,438 | |||||||||||||||
Other long-term liabilities | 44,512 | 35,482 | 89,361 | — | 169,355 | |||||||||||||||
Intercompany accounts | (213,529 | ) | (34,272 | ) | 247,801 | — | — | |||||||||||||
Titan stockholders' equity | 606,617 | 419,523 | 232,477 | (652,000 | ) | 606,617 | ||||||||||||||
Noncontrolling interests | — | — | 25,745 | — | 25,745 | |||||||||||||||
Total liabilities and stockholders’ equity | $ | 765,392 | $ | 497,245 | $ | 1,099,598 | $ | (652,000 | ) | $ | 1,710,235 | |||||||||
(Amounts in thousands) | Consolidating Condensed Statements of Cash Flows | |||||||||||||||||||
For the Nine Months Ended September 30, 2013 | ||||||||||||||||||||
Titan | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Consolidated | |||||||||||||||||
 Intl., Inc. (Parent) | ||||||||||||||||||||
Net cash provided by (used for) operating activities | $ | (72,306 | ) | $ | 21,528 | $ | 182,967 | $ | 132,189 | |||||||||||
Cash flows from investing activities: | ||||||||||||||||||||
Capital expenditures | (5,979 | ) | (21,763 | ) | (27,214 | ) | (54,956 | ) | ||||||||||||
Acquisitions, net of cash acquired | — | — | (1,670 | ) | (1,670 | ) | ||||||||||||||
Additional equity investment in Wheels India | — | — | (8,017 | ) | (8,017 | ) | ||||||||||||||
Insurance proceeds | — | — | 2,879 | 2,879 | ||||||||||||||||
Other, net | — | 235 | 1,107 | 1,342 | ||||||||||||||||
Net cash used for investing activities | (5,979 | ) | (21,528 | ) | (32,915 | ) | (60,422 | ) | ||||||||||||
Cash flows from financing activities: | ||||||||||||||||||||
Proceeds from borrowings | 345,313 | — | — | 345,313 | ||||||||||||||||
Payment on debt | — | — | (162,040 | ) | (162,040 | ) | ||||||||||||||
Term loan borrowing | — | — | 25,880 | 25,880 | ||||||||||||||||
Convertible note conversion | (14,090 | ) | — | — | (14,090 | ) | ||||||||||||||
Proceeds from exercise of stock options | 863 | — | — | 863 | ||||||||||||||||
Excess tax benefit from stock options exercised | (46 | ) | — | — | (46 | ) | ||||||||||||||
Payment of financing fees | (5,520 | ) | — | — | (5,520 | ) | ||||||||||||||
Dividends paid | (778 | ) | — | — | (778 | ) | ||||||||||||||
Net cash provided by (used for) financing activities | 325,742 | — | (136,160 | ) | 189,582 | |||||||||||||||
Effect of exchange rate change on cash | — | — | (3,007 | ) | (3,007 | ) | ||||||||||||||
Net increase in cash and cash equivalents | 247,457 | — | 10,885 | 258,342 | ||||||||||||||||
Cash and cash equivalents, beginning of period | 103,154 | 4 | 85,956 | 189,114 | ||||||||||||||||
Cash and cash equivalents, end of period | $ | 350,611 | $ | 4 | $ | 96,841 | $ | 447,456 | ||||||||||||
(Amounts in thousands) | Consolidating Condensed Statements of Cash Flows | |||||||||||||||||||
For the Nine Months Ended September 30, 2012 | ||||||||||||||||||||
Titan | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Consolidated | |||||||||||||||||
 Intl., Inc. (Parent) | ||||||||||||||||||||
Net cash provided by operating activities | $ | 20,502 | $ | 21,736 | $ | 42,850 | $ | 85,088 | ||||||||||||
Cash flows from investing activities: | ||||||||||||||||||||
Capital expenditures | (3,571 | ) | (22,076 | ) | (10,672 | ) | (36,319 | ) | ||||||||||||
Acquisitions, net of cash acquired | (32,760 | ) | — | — | (32,760 | ) | ||||||||||||||
Other, net | — | 355 | 281 | 636 | ||||||||||||||||
Net cash used for investing activities | (36,331 | ) | (21,721 | ) | (10,391 | ) | (68,443 | ) | ||||||||||||
Cash flows from financing activities: | ||||||||||||||||||||
Payment on debt | — | — | (14,434 | ) | (14,434 | ) | ||||||||||||||
Term loan borrowing | — | — | 4,378 | 4,378 | ||||||||||||||||
Proceeds from exercise of stock options | 925 | — | — | 925 | ||||||||||||||||
Excess tax benefit from stock options exercised | 185 | — | — | 185 | ||||||||||||||||
Dividends paid | (634 | ) | — | — | (634 | ) | ||||||||||||||
Net cash provided by (used for) financing activities | 476 | — | (10,056 | ) | (9,580 | ) | ||||||||||||||
Effect of exchange rate change on cash | — | — | (1,345 | ) | (1,345 | ) | ||||||||||||||
Net increase (decrease) in cash and cash equivalents | (15,353 | ) | 15 | 21,058 | 5,720 | |||||||||||||||
Cash and cash equivalents, beginning of period | 125,266 | 4 | 3,900 | 129,170 | ||||||||||||||||
Cash and cash equivalents, end of period | $ | 109,913 | $ | 19 | $ | 24,958 | $ | 134,890 | ||||||||||||
SUBSEQUENT_EVENT_Notes
SUBSEQUENT EVENT (Notes) | 3 Months Ended |
Sep. 30, 2013 | |
Subsequent Event [Line Items] | |
Subsequent Events [Text Block] | SUBSEQUENT EVENTS |
Voltyre-Prom Purchase | |
On October 4, 2013, Titan in partnership with One Equity Partners and the Russian Direct Investment Fund closed the acquisition of an 85% interest in Voltyre-Prom, a leading producer of agricultural and industrial tires in Volgograd, Russia, for approximately $94.0 million. Titan will act as operating partner with responsibility for Voltyre-Prom's daily operations on behalf of the consortium of which Titan holds a 30% interest. | |
6.875% Senior Secured Notes due 2020 | |
On October 7, 2013, the Company closed on an offering of $400.0 million 6.875% senior secured notes due 2020. Titan used the net proceeds from the offering towards financing the repurchase of the Company's 7.875% senior secured notes due 2017 including tender and consent payments, accrued interest and expenses associated therewith. | |
7.875% Senior Secured Notes due 2017 Tender Offer Settlement | |
On October 7, 2013, the Company elected to exercise its early settlement election in connection with a tender offer to purchase all of its 7.875% senior secured notes due 2017, and purchased $387.3 million, or approximately 73.8% of such notes. In connection with this transaction, Titan will record expenses of approximately $18 million in the fourth quarter of 2013. These expenses relate primarily to a tender and consent premium of $64.50 per $1,000 principal amount of the notes and unamortized deferred financing fees offset by unamortized premium on the notes. The tender offer expired October 21, 2013, with no additional notes tendered. | |
7.875% Senior Secured Notes due 2017 Redemption Call | |
On October 7, 2013, the Company announced a call for redemption for all 7.875% senior secured notes due 2017 that were not validly tendered by the expiration of the tender offer on October 21, 2013. The remaining notes will be redeemed on November 6, 2013. In connection with this transaction, Titan will record expenses of approximately $4 million in the fourth quarter of 2013. These expenses relate primarily to a redemption premium of $59.06 per $1,000 principal amount of the notes and unamortized deferred financing fees offset by unamortized premium on the notes. |
ACCOUNTING_POLICIES_Policies
ACCOUNTING POLICIES (Policies) | 9 Months Ended |
Sep. 30, 2013 | |
DESCRIPTION OF BUSINESS AND SIGNIFICANT ACCOUNTING POLICIES [Abstract] | |
Revenue Recognition, Sales of Goods [Policy Text Block] | Sales |
Sales and revenues are presented net of sales taxes and other related taxes. | |
Fair value of financial instruments | Fair value of financial instruments |
The Company records all financial instruments, including cash and cash equivalents, accounts receivable, notes receivable, accounts payable, other accruals and notes payable at cost, which approximates fair value due to their short term or stated rates.  Investments in marketable equity securities are recorded at fair value.  The 7.875% senior secured notes due 2017 (senior secured notes) and 5.625% convertible senior subordinated notes due 2017 (convertible notes) are carried at cost of $543.1 million and $60.2 million at September 30, 2013, respectively. The fair value of the senior secured notes at September 30, 2013, as obtained through an independent pricing source, was approximately $577.1 million. | |
Use of Estimates, Policy [Policy Text Block] | Use of estimates |
The policies utilized by the Company in the preparation of the financial statements conform to accounting principles generally accepted in the United States of America and require management to make estimates, assumptions and judgments that affect the reported amount of assets and liabilities, and disclosure of contingent assets and liabilities, at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period.  Actual amounts could differ from these estimates and assumptions. | |
Comparability of Prior Year Financial Data, Policy [Policy Text Block] | Reclassification |
Certain amounts from prior years have been reclassified to conform to the current year's presentation. | |
Subsequent Events, Policy [Policy Text Block] | Subsequent Events |
The Company has evaluated subsequent events and transactions for potential recognition or disclosure in the financial statements through the date of issuance of the financial statements. |
ACQUISITIONS_Tables
ACQUISITIONS (Tables) (Titan Europe [Member]) | 9 Months Ended | ||||
Sep. 30, 2013 | |||||
Titan Europe [Member] | |||||
Business Acquisition [Line Items] | |||||
Schedule of Business Acquisitions, by Acquisitions [Table Text Block] | The purchase price allocation of the Titan Europe acquisition consisted of the following (amounts in thousands): | ||||
Cash | $ | 39,122 | |||
Accounts receivable | 128,585 | ||||
Inventories | 178,407 | ||||
Deferred income taxes - current asset | 22,068 | ||||
Prepaid & other current assets | 21,745 | ||||
Earthquake insurance receivable | 17,024 | ||||
Property, plant & equipment | 217,309 | ||||
Investment in Wheels India Limited | 36,804 | ||||
Other assets | 8,414 | ||||
Short term debt | (96,822 | ) | |||
Accounts payable | (142,752 | ) | |||
Other current liabilities | (56,391 | ) | |||
Long term debt | (158,183 | ) | |||
Deferred income taxes - noncurrent liability | (12,636 | ) | |||
Other noncurrent liabilities | (31,874 | ) | |||
Net assets acquired | $ | 170,820 | |||
Business Acquisition, Pro Forma Information [Table Text Block] | Pro forma financial information is as follows (in thousands, except per share data): | ||||
Nine Months ended September 30, 2012 | |||||
Net sales | $ | 1,876,691 | |||
Net income | 101,801 | ||||
Net income attributable to Titan | 102,307 | ||||
Basic earnings per share | $ | 2.11 | |||
Diluted earnings per share | 1.77 | ||||
ACCOUNTS_RECEIVABLE_Tables
ACCOUNTS RECEIVABLE (Tables) | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Receivables [Abstract] | ||||||||
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | Accounts receivable consisted of the following (amounts in thousands): | |||||||
September 30, | December 31, | |||||||
2013 | 2012 | |||||||
Accounts receivable | $ | 299,063 | $ | 302,928 | ||||
Allowance for doubtful accounts | (8,816 | ) | (5,130 | ) | ||||
Accounts receivable, net | $ | 290,247 | $ | 297,798 | ||||
INVENTORIES_Tables
INVENTORIES (Tables) | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Inventory Disclosure [Abstract] | ||||||||
Schedule of Inventory, Current [Table Text Block] | Inventories consisted of the following (amounts in thousands): | |||||||
September 30, | December 31, | |||||||
2013 | 2012 | |||||||
Raw material | $ | 134,229 | $ | 153,308 | ||||
Work-in-process | 59,214 | 69,030 | ||||||
Finished goods | 189,566 | 154,785 | ||||||
383,009 | 377,123 | |||||||
Adjustment to LIFO basis | (7,116 | ) | (10,738 | ) | ||||
$ | 375,893 | $ | 366,385 | |||||
PROPERTY_PLANT_AND_EQUIPMENT_N1
PROPERTY, PLANT AND EQUIPMENT, NET (Tables) | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Property, Plant and Equipment [Abstract] | ||||||||
Property, Plant and Equipment [Table Text Block] | Property, plant and equipment, net consisted of the following (amounts in thousands): | |||||||
September 30, | 31-Dec-12 | |||||||
2013 | ||||||||
Land and improvements | $ | 66,511 | $ | 66,012 | ||||
Buildings and improvements | 193,393 | 192,135 | ||||||
Machinery and equipment | 581,591 | 555,261 | ||||||
Tools, dies and molds | 106,094 | 117,341 | ||||||
Construction-in-process | 47,776 | 49,136 | ||||||
995,365 | 979,885 | |||||||
Less accumulated depreciation | (433,659 | ) | (411,541 | ) | ||||
$ | 561,706 | $ | 568,344 | |||||
GOODWILL_AND_INTANGIBLE_ASSETS
GOODWILL AND INTANGIBLE ASSETS (Tables) | 9 Months Ended | |||||||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||||||
GOODWILL [Abstract] | ||||||||||||||||||||||||
Schedule of Goodwill [Table Text Block] | Changes in goodwill consisted of the following (amounts in thousands): | |||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||
Earthmoving/ | Earthmoving/ | |||||||||||||||||||||||
Agricultural | Construction | Agricultural | Construction | |||||||||||||||||||||
Segment | Segment | Total | Segment | Segment | Total | |||||||||||||||||||
Goodwill balance, January 1 | $ | 11,522 | $ | 13,419 | $ | 24,941 | $ | 19,841 | $ | — | $ | 19,841 | ||||||||||||
   Acquisitions | — | — | — | — | 13,982 | 13,982 | ||||||||||||||||||
   Acquisition adjustment | — | — | — | (7,289 | ) | — | (7,289 | ) | ||||||||||||||||
   Foreign currency translation | (1,040 | ) | (1,367 | ) | (2,407 | ) | (957 | ) | (193 | ) | (1,150 | ) | ||||||||||||
Goodwill balance, September 30 | $ | 10,482 | $ | 12,052 | $ | 22,534 | $ | 11,595 | $ | 13,789 | $ | 25,384 | ||||||||||||
Schedule of Intangible Assets and Goodwill [Table Text Block] | The components of intangible assets consisted of the following (amounts in thousands): | |||||||||||||||||||||||
Weighted- Average Useful Lives (in Years) | September 30, | 31-Dec-12 | ||||||||||||||||||||||
2013 | ||||||||||||||||||||||||
Amortizable intangible assets: | ||||||||||||||||||||||||
     Customer relationships | 13.8 | 17,457 | 19,357 | |||||||||||||||||||||
     Patents, trademarks and other | 2 | 3,466 | 3,658 | |||||||||||||||||||||
          Total at cost | 20,923 | 23,015 | ||||||||||||||||||||||
     Less accumulated amortization | (3,470 | ) | (1,807 | ) | ||||||||||||||||||||
17,453 | 21,208 | |||||||||||||||||||||||
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | The estimated aggregate amortization expense at September 30, 2013, is as follows (amounts in thousands): | |||||||||||||||||||||||
October 1 - December 31, 2013 | $ | 534 | ||||||||||||||||||||||
2014 | 2,143 | |||||||||||||||||||||||
2015 | 1,764 | |||||||||||||||||||||||
2016 | 1,180 | |||||||||||||||||||||||
2017 | 1,118 | |||||||||||||||||||||||
Thereafter | 10,714 | |||||||||||||||||||||||
$ | 17,453 | |||||||||||||||||||||||
WARRANTY_Tables
WARRANTY (Tables) | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
WARRANTY COSTS [Abstract] | ||||||||
Schedule of Product Warranty Liability [Table Text Block] | Changes in the warranty liability consisted of the following (amounts in thousands): | |||||||
2013 | 2012 | |||||||
Warranty liability, January 1 | $ | 27,482 | $ | 17,659 | ||||
Provision for warranty liabilities | 35,134 | 23,036 | ||||||
Warranty payments made | (28,049 | ) | (18,282 | ) | ||||
Warranty liability, September 30 | $ | 34,567 | $ | 22,413 | ||||
REVOLVING_CREDIT_FACILITY_AND_1
REVOLVING CREDIT FACILITY AND LONG-TERM DEBT (Tables) | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Debt Instrument [Line Items] | ||||||||
Schedule of Long-term Debt Instruments [Table Text Block] | Long-term debt consisted of the following (amounts in thousands): | |||||||
September 30, | December 31, | |||||||
2013 | 2012 | |||||||
7.875% senior secured notes due 2017 - Issued 2013 | $ | 325,000 | $ | — | ||||
Unamortized premium based on 7.875% senior secured notes issued 2013 | 18,128 | — | ||||||
7.875% senior secured notes due 2017 - Issued 2010 | 200,000 | 200,000 | ||||||
European credit facilities | 78,301 | 202,097 | ||||||
5.625% convertible senior subordinated notes due 2017 | 60,161 | 112,881 | ||||||
Other debt | 58,082 | 69,151 | ||||||
Capital leases | 2,600 | 3,110 | ||||||
742,272 | 587,239 | |||||||
Less amounts due within one year | 104,884 | 145,801 | ||||||
$ | 637,388 | $ | 441,438 | |||||
Schedule of Maturities of Long-term Debt [Table Text Block] | Aggregate maturities of long-term debt at September 30, 2013, were as follows (amounts in thousands): | |||||||
September 1 - December 31, 2013 | $ | 101,397 | ||||||
2014 | 19,753 | |||||||
2015 | 10,041 | |||||||
2016 | 18,963 | |||||||
2017 | 589,621 | |||||||
Thereafter | 2,497 | |||||||
$ | 742,272 | |||||||
LEASE_COMMITMENTS_Tables
LEASE COMMITMENTS (Tables) | 9 Months Ended | |||
Sep. 30, 2013 | ||||
LEASE COMMITMENTS [Abstract] | ||||
Operating Leases of Lessee Disclosure [Table Text Block] | At September 30, 2013, future minimum rental commitments under noncancellable operating leases with initial terms of at least one year were as follows (amounts in thousands): | |||
October 1 - December 31, 2013 | $ | 1,302 | ||
2014 | 7,429 | |||
2015 | 4,801 | |||
2016 | 3,814 | |||
2017 | 2,368 | |||
Thereafter | 3,943 | |||
Total future minimum lease payments | $ | 23,657 | ||
Schedule of Future Minimum Lease Payments for Capital Leases [Table Text Block] | At September 30, 2013, the Company had assets held as capital leases with a net book value of $9.1 million included in property, plant and equipment. Total future capital lease obligations relating to these leases are as follows (amounts in thousands): | |||
October 1 - December 31, 2013 | $ | 679 | ||
2014 | 1,374 | |||
2015 | 892 | |||
2016 | 480 | |||
2017 | 200 | |||
Thereafter | 103 | |||
Total future capital lease obligation payments | 3,728 | |||
Less amount representing interest | (174 | ) | ||
Present value of future capital lease obligation payments | $ | 3,554 | ||
EMPLOYEE_BENEFIT_PLANS_Tables
EMPLOYEE BENEFIT PLANS (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
EMPLOYEE BENEFIT PLANS [Abstract] | ||||||||||||||||
Schedule of Net Benefit Costs [Table Text Block] | The components of net periodic pension cost consisted of the following (amounts in thousands): | |||||||||||||||
Three months ended | Nine months ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Service cost | $ | 275 | $ | — | $ | 665 | $ | — | ||||||||
Interest cost | 1,352 | 1,133 | 4,031 | 3,399 | ||||||||||||
Expected return on assets | (1,381 | ) | (1,252 | ) | (4,143 | ) | (3,756 | ) | ||||||||
Amortization of unrecognized prior service cost | 34 | 34 | 103 | 102 | ||||||||||||
Amortization of net unrecognized loss | 1,314 | 1,293 | 3,942 | 3,879 | ||||||||||||
      Net periodic pension cost | $ | 1,594 | $ | 1,208 | $ | 4,598 | $ | 3,624 | ||||||||
SUPPLY_AGREEMENT_TERMINATION_I1
SUPPLY AGREEMENT TERMINATION INCOME (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
SUPPLY AGREEMENT TERMINATION INCOME [Abstract] | ||||||||||||||||
Supply Commitment [Table Text Block] | Supply agreement termination income consisted of the following (amounts in thousands): | |||||||||||||||
Three months ended | Nine months ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Supply agreement termination income | $ | — | $ | — | $ | — | $ | 26,134 | ||||||||
GAIN_ON_EARTHQUAKE_INSURANCE_R1
GAIN ON EARTHQUAKE INSURANCE RECOVERY (Tables) (USD $) | 3 Months Ended | 9 Months Ended | |||||||||||||||||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |||||||||||||||
GAIN ON EARTHQUAKE INSURANCE RECOVERY [Abstract] | |||||||||||||||||||
Schedule of Business Insurance Recoveries [Table Text Block] | Gain on earthquake insurance recovery consisted of the following (amounts in thousands): | ||||||||||||||||||
Three months ended | Nine months ended | ||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||
Gain on earthquake insurance recovery | $ | — | $ | — | $ | 22,451 | $ | — | |||||||||||
Gain on earthquake insurance recovery | $0 | $0 | $22,451 | $0 |
OTHER_INCOME_Tables
OTHER INCOME (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
OTHER INCOME, NET [Abstract] | ||||||||||||||||
Interest and Other Income [Table Text Block] | Other income consisted of the following (amounts in thousands): | |||||||||||||||
Three months ended | Nine months ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Currency exchange gain (loss) | $ | 5,678 | $ | 250 | $ | (976 | ) | $ | (206 | ) | ||||||
Wheels India Limited equity gain | 826 | — | 1,101 | — | ||||||||||||
Discount amortization on prepaid royalty | 780 | 910 | 2,483 | 2,882 | ||||||||||||
Interest income | 594 | 372 | 2,525 | 757 | ||||||||||||
Investment gain (loss) related to contractual obligation investments | 497 | 492 | 590 | 1,287 | ||||||||||||
Other income | 180 | 224 | 1,418 | 889 | ||||||||||||
Building rental income | 167 | 191 | 571 | 554 | ||||||||||||
$ | 8,722 | $ | 2,439 | $ | 7,712 | $ | 6,163 | |||||||||
EARNINGS_PER_SHARE_Tables
EARNINGS PER SHARE (Tables) | 9 Months Ended | |||||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||||
Earnings Per Share [Abstract] | ||||||||||||||||||||||
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Earnings per share (EPS) were as follows (amounts in thousands, except per share data): | |||||||||||||||||||||
Three months ended | ||||||||||||||||||||||
September 30, 2013 | September 30, 2012 | |||||||||||||||||||||
Titan Net income | Weighted- | Per share | Titan Net income | Weighted- | Per share | |||||||||||||||||
average shares | Â amount | average shares | Â amount | |||||||||||||||||||
Basic earnings per share | $ | 8,093 | 53,440 | $ | 0.15 | $ | 19,579 | 42,180 | $ | 0.46 | ||||||||||||
   Effect of stock options/trusts | — | 207 | — | 237 | ||||||||||||||||||
   Effect of convertible notes | 610 | 5,744 | 1,143 | 10,909 | ||||||||||||||||||
Diluted earnings per share | $ | 8,703 | 59,391 | $ | 0.15 | $ | 20,722 | 53,326 | $ | 0.39 | ||||||||||||
Nine months ended | ||||||||||||||||||||||
September 30, 2013 | September 30, 2012 | |||||||||||||||||||||
Titan Net income | Weighted- | Per share | Titan Net income | Weighted- | Per share | |||||||||||||||||
average shares | Â amount | average shares | Â amount | |||||||||||||||||||
Basic earnings per share | $ | 50,785 | 52,900 | $ | 0.96 | $ | 99,054 | 42,148 | $ | 2.35 | ||||||||||||
   Effect of stock options/trusts | — | 265 | — | 258 | ||||||||||||||||||
   Effect of convertible notes | 1,991 | 6,279 | 3,429 | 10,909 | ||||||||||||||||||
Diluted earnings per share | $ | 52,776 | 59,444 | $ | 0.89 | $ | 102,483 | 53,315 | $ | 1.92 | ||||||||||||
SEGMENT_INFORMATION_Tables
SEGMENT INFORMATION (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||
Schedule of Segment Reporting Information, by Segment [Table Text Block] | The table below presents information about certain revenues and income from operations used by the chief executive officer of the Company for the three and nine months ended September 30, 2013 and 2012 (amounts in thousands): | |||||||||||||||
Three months ended | Nine months ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Revenues from external customers | ||||||||||||||||
Agricultural | $ | 273,301 | $ | 246,578 | $ | 907,797 | $ | 831,376 | ||||||||
Earthmoving/construction | 168,964 | 103,135 | 586,806 | 318,244 | ||||||||||||
Consumer | 55,245 | 55,006 | 174,585 | 177,420 | ||||||||||||
$ | 497,510 | $ | 404,719 | $ | 1,669,188 | $ | 1,327,040 | |||||||||
Gross profit | ||||||||||||||||
Agricultural | $ | 48,346 | $ | 48,091 | $ | 158,566 | $ | 173,684 | ||||||||
Earthmoving/construction | 11,283 | 18,689 | 75,598 | 60,598 | ||||||||||||
Consumer | 3,363 | 1,016 | 13,841 | 10,488 | ||||||||||||
Unallocated corporate | (486 | ) | (635 | ) | (2,093 | ) | (2,160 | ) | ||||||||
$ | 62,506 | $ | 67,161 | $ | 245,912 | $ | 242,610 | |||||||||
Income from operations | ||||||||||||||||
Agricultural | $ | 37,762 | $ | 41,740 | $ | 125,063 | $ | 156,965 | ||||||||
Earthmoving/construction | (1,833 | ) | 13,468 | 27,365 | 51,385 | |||||||||||
Consumer | 55 | (234 | ) | 4,224 | 30,284 | |||||||||||
Unallocated corporate | (18,929 | ) | (18,808 | ) | (54,808 | ) | (62,828 | ) | ||||||||
      Income from operations | 17,055 | 36,166 | 101,844 | 175,806 | ||||||||||||
Interest expense | (12,414 | ) | (6,187 | ) | (35,924 | ) | (18,699 | ) | ||||||||
Convertible debt conversion charge | — | — | (7,273 | ) | — | |||||||||||
Gain on earthquake insurance recovery | — | — | 22,451 | — | ||||||||||||
Other income, net | 8,722 | 2,439 | 7,712 | 6,163 | ||||||||||||
      Income before income taxes | $ | 13,363 | $ | 32,418 | $ | 88,810 | $ | 163,270 | ||||||||
Assets by segment were as follows (amounts in thousands): | ||||||||||||||||
September 30, | December 31, | |||||||||||||||
2013 | 2012 | |||||||||||||||
Total assets | ||||||||||||||||
Agricultural | $ | 698,905 | $ | 630,222 | ||||||||||||
Earthmoving/construction | 788,578 | 851,995 | ||||||||||||||
Consumer | 143,559 | 142,341 | ||||||||||||||
Unallocated corporate | 316,719 | 85,677 | ||||||||||||||
$ | 1,947,761 | $ | 1,710,235 | |||||||||||||
FAIR_VALUE_MEASUREMENTS_Tables
FAIR VALUE MEASUREMENTS (Tables) | 9 Months Ended | |||||||||||||||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | ||||||||||||||||||||||||||||||||
Fair Value, Measurement Inputs, Disclosure [Table Text Block] | Assets and liabilities measured at fair value on a recurring basis consisted of the following (amounts in thousands): | |||||||||||||||||||||||||||||||
September 30, 2013 | December 31, 2012 | |||||||||||||||||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||||
Contractual obligation investments | $ | 7,998 | $ | 7,998 | $ | — | $ | — | $ | 7,408 | $ | 7,408 | $ | — | $ | — | ||||||||||||||||
Interest rate swap | — | — | — | — | 1,048 | — | 1,048 | — | ||||||||||||||||||||||||
Preferred stock | 250 | — | — | 250 | 250 | — | — | 250 | ||||||||||||||||||||||||
Derivative financial instruments liability | (135 | ) | — | (135 | ) | — | (7,376 | ) | — | (7,376 | ) | — | ||||||||||||||||||||
Total | $ | 8,113 | $ | 7,998 | $ | (135 | ) | $ | 250 | $ | 1,330 | $ | 7,408 | $ | (6,328 | ) | $ | 250 | ||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Gain (Loss) Included in Earnings [Table Text Block] | The following table presents the changes during the periods presented in Titan's Level 3 investments that are measured at fair value on a recurring basis (amounts in thousands): | |||||||||||||||||||||||||||||||
Preferred stock | ||||||||||||||||||||||||||||||||
Balance at December 31, 2012 | $ | 250 | ||||||||||||||||||||||||||||||
  Total realized and unrealized gains and losses | — | |||||||||||||||||||||||||||||||
Balance as of September 30, 2013 | $ | 250 | ||||||||||||||||||||||||||||||
ACCUMULATED_OTHER_COMPREHENSIV1
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) [Abstract] | ||||||||||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | Accumulated other comprehensive income (loss) consisted of the following (amounts in thousands): | |||||||||||||||
Currency | Unrealized | Unrecognized | ||||||||||||||
Translation | Gain (Loss) on | Losses and | ||||||||||||||
Adjustments | Investments | Prior Service | Total | |||||||||||||
Cost | ||||||||||||||||
Balance at July 1, 2013 | $ | (43,449 | ) | $ | — | $ | (33,658 | ) | $ | (77,107 | ) | |||||
Other comprehensive income (loss) before | ||||||||||||||||
reclassifications | 498 | — | — | 498 | ||||||||||||
Reclassification adjustments: | ||||||||||||||||
Amortization of unrecognized losses and prior | ||||||||||||||||
  service cost, net of tax of $(557) | — | — | 969 | 969 | ||||||||||||
Balance at September 30, 2013 | $ | (42,951 | ) | $ | — | $ | (32,689 | ) | $ | (75,640 | ) | |||||
Currency | Unrealized | Unrecognized | ||||||||||||||
Translation | Gain (Loss) on | Losses and | ||||||||||||||
Adjustments | Investments | Prior Service | Total | |||||||||||||
Cost | ||||||||||||||||
Balance at January 1, 2013 | $ | (20,793 | ) | $ | 3 | $ | (35,679 | ) | $ | (56,469 | ) | |||||
Other comprehensive income (loss) before | ||||||||||||||||
reclassifications | (22,158 | ) | (3 | ) | — | (22,161 | ) | |||||||||
Reclassification adjustments: | ||||||||||||||||
Amortization of unrecognized losses and prior | ||||||||||||||||
  service cost, net of tax of $(1,670) | — | — | 2,990 | 2,990 | ||||||||||||
Balance at September 30, 2013 | $ | (42,951 | ) | $ | — | $ | (32,689 | ) | $ | (75,640 | ) | |||||
SUBSIDIARY_GUARANTOR_FINANCIAL1
SUBSIDIARY GUARANTOR FINANCIAL INFORMATION (Tables) | 3 Months Ended | 9 Months Ended | ||||||||||||||||||||||||||||||||||||||
Sep. 30, 2013 | Sep. 30, 2013 | |||||||||||||||||||||||||||||||||||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||||||||||||||||||||||||||||||||||
Condensed Financial Information, Condensed Statement of Operations [Table Text Block] | ||||||||||||||||||||||||||||||||||||||||
(Amounts in thousands) | Consolidating Condensed Statements of Operations | |||||||||||||||||||||||||||||||||||||||
For the Three Months Ended September 30, 2013 | ||||||||||||||||||||||||||||||||||||||||
Titan | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Consolidated | ||||||||||||||||||||||||||||||||||||
 Intl., Inc. (Parent) | ||||||||||||||||||||||||||||||||||||||||
Net sales | $ | — | $ | 256,252 | $ | 241,258 | $ | — | $ | 497,510 | ||||||||||||||||||||||||||||||
Cost of sales | 241 | 216,445 | 218,318 | — | 435,004 | |||||||||||||||||||||||||||||||||||
Gross profit (loss) | (241 | ) | 39,807 | 22,940 | — | 62,506 | ||||||||||||||||||||||||||||||||||
Selling, general and administrative expenses | 3,561 | 16,513 | 18,657 | — | 38,731 | |||||||||||||||||||||||||||||||||||
Research and development expenses | (17 | ) | 1,423 | 1,372 | — | 2,778 | ||||||||||||||||||||||||||||||||||
Royalty expense | — | 1,850 | 2,092 | — | 3,942 | |||||||||||||||||||||||||||||||||||
Income (loss) from operations | (3,785 | ) | 20,021 | 819 | — | 17,055 | ||||||||||||||||||||||||||||||||||
Interest expense | (10,945 | ) | — | (1,469 | ) | — | (12,414 | ) | ||||||||||||||||||||||||||||||||
Intercompany interest income (expense) | 2,469 | — | (2,469 | ) | — | — | ||||||||||||||||||||||||||||||||||
Other income | 1,182 | (117 | ) | 7,657 | — | 8,722 | ||||||||||||||||||||||||||||||||||
Income (loss) before income taxes | (11,079 | ) | 19,904 | 4,538 | — | 13,363 | ||||||||||||||||||||||||||||||||||
Provision for income taxes | (4,717 | ) | 7,435 | 2,993 | — | 5,711 | ||||||||||||||||||||||||||||||||||
Equity in earnings of subsidiaries | 14,014 | — | 4,827 | (18,841 | ) | — | ||||||||||||||||||||||||||||||||||
Net income (loss) | 7,652 | 12,469 | 6,372 | (18,841 | ) | 7,652 | ||||||||||||||||||||||||||||||||||
Net loss noncontrolling interests | — | — | (441 | ) | — | (441 | ) | |||||||||||||||||||||||||||||||||
Net income (loss) attributable to Titan | $ | 7,652 | $ | 12,469 | $ | 6,813 | $ | (18,841 | ) | $ | 8,093 | |||||||||||||||||||||||||||||
(Amounts in thousands) | Consolidating Condensed Statements of Operations | |||||||||||||||||||||||||||||||||||||||
For the Three Months Ended September 30, 2012 | ||||||||||||||||||||||||||||||||||||||||
Titan | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Consolidated | ||||||||||||||||||||||||||||||||||||
 Intl., Inc. (Parent) | ||||||||||||||||||||||||||||||||||||||||
Net sales | $ | — | $ | 311,422 | $ | 93,297 | $ | — | $ | 404,719 | ||||||||||||||||||||||||||||||
Cost of sales | 253 | 246,275 | 91,030 | — | 337,558 | |||||||||||||||||||||||||||||||||||
Gross profit (loss) | (253 | ) | 65,147 | 2,267 | — | 67,161 | ||||||||||||||||||||||||||||||||||
Selling, general and administrative expenses | (9,013 | ) | 40,635 | (6,125 | ) | — | 25,497 | |||||||||||||||||||||||||||||||||
Research and development expenses | 155 | 1,604 | — | — | 1,759 | |||||||||||||||||||||||||||||||||||
Royalty expense | — | 1,778 | 1,961 | — | 3,739 | |||||||||||||||||||||||||||||||||||
Income (loss) from operations | 8,605 | 21,130 | 6,431 | — | 36,166 | |||||||||||||||||||||||||||||||||||
Interest expense | (6,012 | ) | — | (175 | ) | — | (6,187 | ) | ||||||||||||||||||||||||||||||||
Other income | 1,163 | 364 | 912 | — | 2,439 | |||||||||||||||||||||||||||||||||||
Income (loss) before income taxes | 3,756 | 21,494 | 7,168 | — | 32,418 | |||||||||||||||||||||||||||||||||||
Provision for income taxes | 6,329 | 7,398 | (138 | ) | — | 13,589 | ||||||||||||||||||||||||||||||||||
Equity in earnings of subsidiaries | 21,402 | — | 5,420 | (26,822 | ) | — | ||||||||||||||||||||||||||||||||||
Net income (loss) | 18,829 | 14,096 | 12,726 | (26,822 | ) | 18,829 | ||||||||||||||||||||||||||||||||||
Net loss noncontrolling interests | — | — | (750 | ) | — | (750 | ) | |||||||||||||||||||||||||||||||||
Net income (loss) attributable to Titan | $ | 18,829 | $ | 14,096 | $ | 13,476 | $ | (26,822 | ) | $ | 19,579 | |||||||||||||||||||||||||||||
(Amounts in thousands) | Consolidating Condensed Statements of Operations | |||||||||||||||||||||||||||||||||||||||
For the Nine Months Ended September 30, 2013 | ||||||||||||||||||||||||||||||||||||||||
Titan | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Consolidated | ||||||||||||||||||||||||||||||||||||
 Intl., Inc. (Parent) | ||||||||||||||||||||||||||||||||||||||||
Net sales | $ | — | $ | 903,628 | $ | 765,560 | $ | — | $ | 1,669,188 | ||||||||||||||||||||||||||||||
Cost of sales | 908 | 734,460 | 687,908 | — | 1,423,276 | |||||||||||||||||||||||||||||||||||
Gross profit (loss) | (908 | ) | 169,168 | 77,652 | — | 245,912 | ||||||||||||||||||||||||||||||||||
Selling, general and administrative expenses | 8,008 | 54,637 | 62,182 | — | 124,827 | |||||||||||||||||||||||||||||||||||
Research and development expenses | (35 | ) | 4,136 | 4,180 | — | 8,281 | ||||||||||||||||||||||||||||||||||
Royalty expense | — | 5,478 | 5,482 | — | 10,960 | |||||||||||||||||||||||||||||||||||
Income (loss) from operations | (8,881 | ) | 104,917 | 5,808 | — | 101,844 | ||||||||||||||||||||||||||||||||||
Interest expense | (29,509 | ) | — | (6,415 | ) | — | (35,924 | ) | ||||||||||||||||||||||||||||||||
Convertible debt conversion charge | (7,273 | ) | — | — | — | (7,273 | ) | |||||||||||||||||||||||||||||||||
Gain on earthquake insurance recovery | — | — | 22,451 | — | 22,451 | |||||||||||||||||||||||||||||||||||
Intercompany interest income (expense) | 5,158 | — | (5,158 | ) | — | — | ||||||||||||||||||||||||||||||||||
Other income (expense) | 2,741 | (91 | ) | 5,062 | — | 7,712 | ||||||||||||||||||||||||||||||||||
Income (loss) before income taxes | (37,764 | ) | 104,826 | 21,748 | — | 88,810 | ||||||||||||||||||||||||||||||||||
Provision (benefit) for income taxes | (6,561 | ) | 38,025 | 7,449 | — | 38,913 | ||||||||||||||||||||||||||||||||||
Equity in earnings of subsidiaries | 81,100 | — | 38,351 | (119,451 | ) | — | ||||||||||||||||||||||||||||||||||
Net income (loss) | 49,897 | 66,801 | 52,650 | (119,451 | ) | 49,897 | ||||||||||||||||||||||||||||||||||
Net loss noncontrolling interests | — | — | (888 | ) | — | (888 | ) | |||||||||||||||||||||||||||||||||
Net income (loss) attributable to Titan | $ | 49,897 | $ | 66,801 | $ | 53,538 | $ | (119,451 | ) | $ | 50,785 | |||||||||||||||||||||||||||||
(Amounts in thousands) | Consolidating Condensed Statements of Operations | |||||||||||||||||||||||||||||||||||||||
For the Nine Months Ended September 30, 2012 | ||||||||||||||||||||||||||||||||||||||||
Titan | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Consolidated | ||||||||||||||||||||||||||||||||||||
 Intl., Inc. (Parent) | ||||||||||||||||||||||||||||||||||||||||
Net sales | $ | — | $ | 1,055,586 | $ | 271,454 | $ | — | $ | 1,327,040 | ||||||||||||||||||||||||||||||
Cost of sales | 812 | 828,935 | 254,683 | — | 1,084,430 | |||||||||||||||||||||||||||||||||||
Gross profit (loss) | (812 | ) | 226,651 | 16,771 | — | 242,610 | ||||||||||||||||||||||||||||||||||
Selling, general and administrative expenses | 4,970 | 71,372 | 3,400 | — | 79,742 | |||||||||||||||||||||||||||||||||||
Research and development expenses | 327 | 3,983 | 146 | — | 4,456 | |||||||||||||||||||||||||||||||||||
Royalty expense | — | 5,250 | 3,490 | — | 8,740 | |||||||||||||||||||||||||||||||||||
Supply agreement termination income | — | — | (26,134 | ) | — | (26,134 | ) | |||||||||||||||||||||||||||||||||
Income (loss) from operations | (6,109 | ) | 146,046 | 35,869 | — | 175,806 | ||||||||||||||||||||||||||||||||||
Interest expense | (18,119 | ) | — | (580 | ) | — | (18,699 | ) | ||||||||||||||||||||||||||||||||
Other income | 3,620 | 1,174 | 1,369 | — | 6,163 | |||||||||||||||||||||||||||||||||||
Income (loss) before income taxes | (20,608 | ) | 147,220 | 36,658 | — | 163,270 | ||||||||||||||||||||||||||||||||||
Provision (benefit) for income taxes | 1,261 | 51,311 | 12,150 | — | 64,722 | |||||||||||||||||||||||||||||||||||
Equity in earnings of subsidiaries | 120,417 | — | 24,242 | (144,659 | ) | — | ||||||||||||||||||||||||||||||||||
Net income (loss) | 98,548 | 95,909 | 48,750 | (144,659 | ) | 98,548 | ||||||||||||||||||||||||||||||||||
Net loss noncontrolling interests | — | — | (506 | ) | — | (506 | ) | |||||||||||||||||||||||||||||||||
Net income (loss) attributable to Titan | $ | 98,548 | $ | 95,909 | $ | 49,256 | $ | (144,659 | ) | $ | 99,054 | |||||||||||||||||||||||||||||
Condensed Financial Information, Condensed Statement of Comprehensive Income [Table Text Block] | ||||||||||||||||||||||||||||||||||||||||
(Amounts in thousands) | Consolidating Condensed Statements of Comprehensive Income | |||||||||||||||||||||||||||||||||||||||
For the Three Months Ended September 30, 2013 | ||||||||||||||||||||||||||||||||||||||||
Titan | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Consolidated | ||||||||||||||||||||||||||||||||||||
 Intl., Inc. (Parent) | ||||||||||||||||||||||||||||||||||||||||
Net income (loss) | $ | 7,652 | $ | 12,469 | $ | 6,372 | $ | (18,841 | ) | $ | 7,652 | |||||||||||||||||||||||||||||
Currency translation adjustment, net | 854 | — | 854 | (854 | ) | 854 | ||||||||||||||||||||||||||||||||||
Pension liability adjustments, net of tax | 969 | 781 | 188 | (969 | ) | 969 | ||||||||||||||||||||||||||||||||||
Comprehensive income (loss) | 9,475 | 13,250 | 7,414 | (20,664 | ) | 9,475 | ||||||||||||||||||||||||||||||||||
Net comprehensive loss attributable to noncontrolling interests | — | — | (85 | ) | — | (85 | ) | |||||||||||||||||||||||||||||||||
Comprehensive income (loss) attributable to Titan | $ | 9,475 | $ | 13,250 | $ | 7,499 | $ | (20,664 | ) | $ | 9,560 | |||||||||||||||||||||||||||||
(Amounts in thousands) | Consolidating Condensed Statements of Comprehensive Income | |||||||||||||||||||||||||||||||||||||||
For the Three Months Ended September 30, 2012 | ||||||||||||||||||||||||||||||||||||||||
Titan | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Consolidated | ||||||||||||||||||||||||||||||||||||
 Intl., Inc. (Parent) | ||||||||||||||||||||||||||||||||||||||||
Net income (loss) | $ | 18,829 | $ | 14,096 | $ | 12,726 | $ | (26,822 | ) | $ | 18,829 | |||||||||||||||||||||||||||||
Unrealized gain (loss) on investments, net of tax | (353 | ) | — | (353 | ) | 353 | (353 | ) | ||||||||||||||||||||||||||||||||
Currency translation adjustment, net | (1,247 | ) | — | (1,247 | ) | 1,247 | (1,247 | ) | ||||||||||||||||||||||||||||||||
Pension liability adjustments, net of tax | 836 | 790 | 46 | (836 | ) | 836 | ||||||||||||||||||||||||||||||||||
Comprehensive income (loss) | 18,065 | 14,886 | 11,172 | (26,058 | ) | 18,065 | ||||||||||||||||||||||||||||||||||
Net comprehensive loss attributable to noncontrolling interests | — | — | (1,104 | ) | — | (1,104 | ) | |||||||||||||||||||||||||||||||||
Comprehensive income (loss) attributable to Titan | $ | 18,065 | $ | 14,886 | $ | 12,276 | $ | (26,058 | ) | $ | 19,169 | |||||||||||||||||||||||||||||
(Amounts in thousands) | Consolidating Condensed Statements of Comprehensive Income | |||||||||||||||||||||||||||||||||||||||
For the Nine Months Ended September 30, 2013 | ||||||||||||||||||||||||||||||||||||||||
Titan | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Consolidated | ||||||||||||||||||||||||||||||||||||
 Intl., Inc. (Parent) | ||||||||||||||||||||||||||||||||||||||||
Net income (loss) | $ | 49,897 | $ | 66,801 | $ | 52,650 | $ | (119,451 | ) | $ | 49,897 | |||||||||||||||||||||||||||||
Unrealized gain (loss) on investments, net of tax | (3 | ) | — | (3 | ) | 3 | (3 | ) | ||||||||||||||||||||||||||||||||
Currency translation adjustment, net | (24,513 | ) | — | (24,513 | ) | 24,513 | (24,513 | ) | ||||||||||||||||||||||||||||||||
Pension liability adjustments, net of tax | 2,990 | 2,343 | 647 | (2,990 | ) | 2,990 | ||||||||||||||||||||||||||||||||||
Comprehensive income (loss) | 28,371 | 69,144 | 28,781 | (97,925 | ) | 28,371 | ||||||||||||||||||||||||||||||||||
Net comprehensive loss attributable to noncontrolling interests | — | — | (3,243 | ) | — | (3,243 | ) | |||||||||||||||||||||||||||||||||
Comprehensive income (loss) attributable to Titan | $ | 28,371 | $ | 69,144 | $ | 32,024 | $ | (97,925 | ) | $ | 31,614 | |||||||||||||||||||||||||||||
(Amounts in thousands) | Consolidating Condensed Statements of Comprehensive Income | |||||||||||||||||||||||||||||||||||||||
For the Nine Months Ended September 30, 2012 | ||||||||||||||||||||||||||||||||||||||||
Titan | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Consolidated | ||||||||||||||||||||||||||||||||||||
 Intl., Inc. (Parent) | ||||||||||||||||||||||||||||||||||||||||
Net income (loss) | $ | 98,548 | $ | 95,909 | $ | 48,750 | $ | (144,659 | ) | $ | 98,548 | |||||||||||||||||||||||||||||
Unrealized gain (loss) on investments, net of tax | (16 | ) | — | (16 | ) | 16 | (16 | ) | ||||||||||||||||||||||||||||||||
Currency translation adjustment, net | (5,816 | ) | — | (5,816 | ) | 5,816 | (5,816 | ) | ||||||||||||||||||||||||||||||||
Pension liability adjustments, net of tax | 2,508 | 2,370 | 138 | (2,508 | ) | 2,508 | ||||||||||||||||||||||||||||||||||
Comprehensive income (loss) | 95,224 | 98,279 | 43,056 | (141,335 | ) | 95,224 | ||||||||||||||||||||||||||||||||||
Net comprehensive loss attributable to noncontrolling interests | — | — | (859 | ) | — | (859 | ) | |||||||||||||||||||||||||||||||||
Comprehensive income (loss) attributable to Titan | $ | 95,224 | $ | 98,279 | $ | 43,915 | $ | (141,335 | ) | $ | 96,083 | |||||||||||||||||||||||||||||
Condensed Financial Information, Condensed Balance Sheet [Table Text Block] | ||||||||||||||||||||||||||||||||||||||||
(Amounts in thousands) | Consolidating Condensed Balance Sheets | |||||||||||||||||||||||||||||||||||||||
30-Sep-13 | ||||||||||||||||||||||||||||||||||||||||
Titan | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Consolidated | ||||||||||||||||||||||||||||||||||||
 Intl., Inc. (Parent) | ||||||||||||||||||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 350,611 | $ | 4 | $ | 96,841 | $ | — | $ | 447,456 | ||||||||||||||||||||||||||||||
Accounts receivable | — | 125,048 | 165,199 | — | 290,247 | |||||||||||||||||||||||||||||||||||
Inventories | — | 129,672 | 246,221 | — | 375,893 | |||||||||||||||||||||||||||||||||||
Prepaid and other current assets | 63,335 | 13,634 | 53,456 | — | 130,425 | |||||||||||||||||||||||||||||||||||
Total current assets | 413,946 | 268,358 | 561,717 | — | 1,244,021 | |||||||||||||||||||||||||||||||||||
Property, plant and equipment, net | 16,393 | 205,666 | 339,647 | — | 561,706 | |||||||||||||||||||||||||||||||||||
Investment in subsidiaries | 631,910 | — | 127,384 | (759,294 | ) | — | ||||||||||||||||||||||||||||||||||
Other assets | 35,590 | 403 | 106,041 | — | 142,034 | |||||||||||||||||||||||||||||||||||
Total assets | $ | 1,097,839 | $ | 474,427 | $ | 1,134,789 | $ | (759,294 | ) | $ | 1,947,761 | |||||||||||||||||||||||||||||
Liabilities and Stockholders’ Equity | ||||||||||||||||||||||||||||||||||||||||
Short-term debt | $ | 4,121 | $ | — | $ | 100,763 | $ | — | $ | 104,884 | ||||||||||||||||||||||||||||||
Accounts payable | 1,219 | 20,899 | 173,005 | — | 195,123 | |||||||||||||||||||||||||||||||||||
Other current liabilities | 30,222 | 59,921 | 63,333 | — | 153,476 | |||||||||||||||||||||||||||||||||||
Total current liabilities | 35,562 | 80,820 | 337,101 | — | 453,483 | |||||||||||||||||||||||||||||||||||
Long-term debt | 599,168 | — | 38,220 | — | 637,388 | |||||||||||||||||||||||||||||||||||
Other long-term liabilities | 38,396 | 31,532 | 75,920 | — | 145,848 | |||||||||||||||||||||||||||||||||||
Intercompany accounts | (263,659 | ) | (126,589 | ) | 390,248 | — | — | |||||||||||||||||||||||||||||||||
Titan stockholders' equity | 688,372 | 488,664 | 270,630 | (759,294 | ) | 688,372 | ||||||||||||||||||||||||||||||||||
Noncontrolling interests | — | — | 22,670 | — | 22,670 | |||||||||||||||||||||||||||||||||||
Total liabilities and stockholders’ equity | $ | 1,097,839 | $ | 474,427 | $ | 1,134,789 | $ | (759,294 | ) | $ | 1,947,761 | |||||||||||||||||||||||||||||
(Amounts in thousands) | Consolidating Condensed Balance Sheets | |||||||||||||||||||||||||||||||||||||||
31-Dec-12 | ||||||||||||||||||||||||||||||||||||||||
Titan | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Consolidated | ||||||||||||||||||||||||||||||||||||
 Intl., Inc. (Parent) | ||||||||||||||||||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 103,154 | $ | 4 | $ | 85,956 | $ | — | $ | 189,114 | ||||||||||||||||||||||||||||||
Accounts receivable | (72 | ) | 128,917 | 168,953 | — | 297,798 | ||||||||||||||||||||||||||||||||||
Inventories | — | 142,070 | 224,315 | — | 366,385 | |||||||||||||||||||||||||||||||||||
Prepaid and other current assets | 49,438 | 17,021 | 76,367 | — | 142,826 | |||||||||||||||||||||||||||||||||||
Total current assets | 152,520 | 288,012 | 555,591 | — | 996,123 | |||||||||||||||||||||||||||||||||||
Property, plant and equipment, net | 11,497 | 208,734 | 348,113 | — | 568,344 | |||||||||||||||||||||||||||||||||||
Investment in subsidiaries | 565,811 | — | 86,189 | (652,000 | ) | — | ||||||||||||||||||||||||||||||||||
Other assets | 35,564 | 499 | 109,705 | — | 145,768 | |||||||||||||||||||||||||||||||||||
Total assets | $ | 765,392 | $ | 497,245 | $ | 1,099,598 | $ | (652,000 | ) | $ | 1,710,235 | |||||||||||||||||||||||||||||
Liabilities and Stockholders’ Equity | ||||||||||||||||||||||||||||||||||||||||
Short-term debt | $ | — | $ | — | $ | 145,801 | $ | — | $ | 145,801 | ||||||||||||||||||||||||||||||
Accounts payable | 1,000 | 21,222 | 157,843 | — | 180,065 | |||||||||||||||||||||||||||||||||||
Other current liabilities | 13,911 | 55,290 | 72,013 | — | 141,214 | |||||||||||||||||||||||||||||||||||
Total current liabilities | 14,911 | 76,512 | 375,657 | — | 467,080 | |||||||||||||||||||||||||||||||||||
Long-term debt | 312,881 | — | 128,557 | — | 441,438 | |||||||||||||||||||||||||||||||||||
Other long-term liabilities | 44,512 | 35,482 | 89,361 | — | 169,355 | |||||||||||||||||||||||||||||||||||
Intercompany accounts | (213,529 | ) | (34,272 | ) | 247,801 | — | — | |||||||||||||||||||||||||||||||||
Titan stockholders' equity | 606,617 | 419,523 | 232,477 | (652,000 | ) | 606,617 | ||||||||||||||||||||||||||||||||||
Noncontrolling interests | — | — | 25,745 | — | 25,745 | |||||||||||||||||||||||||||||||||||
Total liabilities and stockholders’ equity | $ | 765,392 | $ | 497,245 | $ | 1,099,598 | $ | (652,000 | ) | $ | 1,710,235 | |||||||||||||||||||||||||||||
Condensed Financial Information, Condensed Statement of Cash Flows [Table Text Block] | ||||||||||||||||||||||||||||||||||||||||
(Amounts in thousands) | Consolidating Condensed Statements of Cash Flows | |||||||||||||||||||||||||||||||||||||||
For the Nine Months Ended September 30, 2013 | ||||||||||||||||||||||||||||||||||||||||
Titan | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Consolidated | |||||||||||||||||||||||||||||||||||||
 Intl., Inc. (Parent) | ||||||||||||||||||||||||||||||||||||||||
Net cash provided by (used for) operating activities | $ | (72,306 | ) | $ | 21,528 | $ | 182,967 | $ | 132,189 | |||||||||||||||||||||||||||||||
Cash flows from investing activities: | ||||||||||||||||||||||||||||||||||||||||
Capital expenditures | (5,979 | ) | (21,763 | ) | (27,214 | ) | (54,956 | ) | ||||||||||||||||||||||||||||||||
Acquisitions, net of cash acquired | — | — | (1,670 | ) | (1,670 | ) | ||||||||||||||||||||||||||||||||||
Additional equity investment in Wheels India | — | — | (8,017 | ) | (8,017 | ) | ||||||||||||||||||||||||||||||||||
Insurance proceeds | — | — | 2,879 | 2,879 | ||||||||||||||||||||||||||||||||||||
Other, net | — | 235 | 1,107 | 1,342 | ||||||||||||||||||||||||||||||||||||
Net cash used for investing activities | (5,979 | ) | (21,528 | ) | (32,915 | ) | (60,422 | ) | ||||||||||||||||||||||||||||||||
Cash flows from financing activities: | ||||||||||||||||||||||||||||||||||||||||
Proceeds from borrowings | 345,313 | — | — | 345,313 | ||||||||||||||||||||||||||||||||||||
Payment on debt | — | — | (162,040 | ) | (162,040 | ) | ||||||||||||||||||||||||||||||||||
Term loan borrowing | — | — | 25,880 | 25,880 | ||||||||||||||||||||||||||||||||||||
Convertible note conversion | (14,090 | ) | — | — | (14,090 | ) | ||||||||||||||||||||||||||||||||||
Proceeds from exercise of stock options | 863 | — | — | 863 | ||||||||||||||||||||||||||||||||||||
Excess tax benefit from stock options exercised | (46 | ) | — | — | (46 | ) | ||||||||||||||||||||||||||||||||||
Payment of financing fees | (5,520 | ) | — | — | (5,520 | ) | ||||||||||||||||||||||||||||||||||
Dividends paid | (778 | ) | — | — | (778 | ) | ||||||||||||||||||||||||||||||||||
Net cash provided by (used for) financing activities | 325,742 | — | (136,160 | ) | 189,582 | |||||||||||||||||||||||||||||||||||
Effect of exchange rate change on cash | — | — | (3,007 | ) | (3,007 | ) | ||||||||||||||||||||||||||||||||||
Net increase in cash and cash equivalents | 247,457 | — | 10,885 | 258,342 | ||||||||||||||||||||||||||||||||||||
Cash and cash equivalents, beginning of period | 103,154 | 4 | 85,956 | 189,114 | ||||||||||||||||||||||||||||||||||||
Cash and cash equivalents, end of period | $ | 350,611 | $ | 4 | $ | 96,841 | $ | 447,456 | ||||||||||||||||||||||||||||||||
(Amounts in thousands) | Consolidating Condensed Statements of Cash Flows | |||||||||||||||||||||||||||||||||||||||
For the Nine Months Ended September 30, 2012 | ||||||||||||||||||||||||||||||||||||||||
Titan | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Consolidated | |||||||||||||||||||||||||||||||||||||
 Intl., Inc. (Parent) | ||||||||||||||||||||||||||||||||||||||||
Net cash provided by operating activities | $ | 20,502 | $ | 21,736 | $ | 42,850 | $ | 85,088 | ||||||||||||||||||||||||||||||||
Cash flows from investing activities: | ||||||||||||||||||||||||||||||||||||||||
Capital expenditures | (3,571 | ) | (22,076 | ) | (10,672 | ) | (36,319 | ) | ||||||||||||||||||||||||||||||||
Acquisitions, net of cash acquired | (32,760 | ) | — | — | (32,760 | ) | ||||||||||||||||||||||||||||||||||
Other, net | — | 355 | 281 | 636 | ||||||||||||||||||||||||||||||||||||
Net cash used for investing activities | (36,331 | ) | (21,721 | ) | (10,391 | ) | (68,443 | ) | ||||||||||||||||||||||||||||||||
Cash flows from financing activities: | ||||||||||||||||||||||||||||||||||||||||
Payment on debt | — | — | (14,434 | ) | (14,434 | ) | ||||||||||||||||||||||||||||||||||
Term loan borrowing | — | — | 4,378 | 4,378 | ||||||||||||||||||||||||||||||||||||
Proceeds from exercise of stock options | 925 | — | — | 925 | ||||||||||||||||||||||||||||||||||||
Excess tax benefit from stock options exercised | 185 | — | — | 185 | ||||||||||||||||||||||||||||||||||||
Dividends paid | (634 | ) | — | — | (634 | ) | ||||||||||||||||||||||||||||||||||
Net cash provided by (used for) financing activities | 476 | — | (10,056 | ) | (9,580 | ) | ||||||||||||||||||||||||||||||||||
Effect of exchange rate change on cash | — | — | (1,345 | ) | (1,345 | ) | ||||||||||||||||||||||||||||||||||
Net increase (decrease) in cash and cash equivalents | (15,353 | ) | 15 | 21,058 | 5,720 | |||||||||||||||||||||||||||||||||||
Cash and cash equivalents, beginning of period | 125,266 | 4 | 3,900 | 129,170 | ||||||||||||||||||||||||||||||||||||
Cash and cash equivalents, end of period | $ | 109,913 | $ | 19 | $ | 24,958 | $ | 134,890 | ||||||||||||||||||||||||||||||||
ACCOUNTING_POLICIES_Details
ACCOUNTING POLICIES (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Oct. 07, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | |
7.875% senior secured notes [Member] | 5.625% convertible senior subordinated notes [Member] | 5.625% convertible senior subordinated notes [Member] | ||||||
Organization And Accounting Policies [Line Items] | ||||||||
Debt Instrument, Interest Rate, Stated Percentage | 6.88% | 7.88% | 5.63% | |||||
Senior Notes | $543,100,000 | $543,100,000 | $400,000,000 | |||||
Convertible Debt | 60,200,000 | 60,200,000 | 60,161,000 | 112,881,000 | ||||
Debt Instrument, Fair Value Disclosure | 577,100,000 | 577,100,000 | ||||||
Common Stock, Dividends, Per Share, Declared | $0.01 | $0.01 | $0.02 | $0.02 | ||||
Interest paid | 2,100,000 | 3,500,000 | 18,484,000 | 15,330,000 | ||||
Income taxes paid | $18,500,000 | $16,700,000 | $56,523,000 | $63,669,000 |
ACQUISITIONS_Details
ACQUISITIONS (Details) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||||
Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | Oct. 04, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Dec. 31, 2012 | Dec. 15, 2012 | Oct. 31, 2012 | Oct. 19, 2012 | Oct. 31, 2012 | |
Titan Europe [Member] | Titan Europe [Member] | Titan Europe [Member] | Titan Europe [Member] | Titan Europe [Member] | Titan Europe [Member] | Titan Europe [Member] | ||||||
Business Acquisition [Line Items] | ||||||||||||
Business Acquisition, Percentage of Voting Interests Acquired | 85.00% | 3.00% | 97.00% | |||||||||
Available for Sale Security, Ownership Percentage | 21.80% | |||||||||||
Business Acquisition Exchanged Shares of Acquiree's Ordinary Stock | 11 | |||||||||||
Stock Issued During Period, Shares, Acquisitions | 6,257,051 | |||||||||||
Stock Issued During Period, Value, Acquisitions | $121,800,000 | |||||||||||
Payments to Acquire Businesses, Gross | 1,670,000 | 1,670,000 | 32,760,000 | 5,600,000 | ||||||||
Available-for-sale Securities | 31,700,000 | |||||||||||
Business Acquisition, Transaction Costs | 159,100,000 | |||||||||||
Available-for-sale Securities, Gross Realized Gains | 26,700,000 | |||||||||||
Business Combination, Recognized Identifiable and Liabilities Assumed [Abstract] | ||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilites Assumed, Current Assets, Cash and Cash Equivalents | 39,122,000 | |||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Receivables | 128,585,000 | |||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Inventory | 178,407,000 | |||||||||||
Business Acquisition, Purchase Price Allocation, Deferred Income Taxes, Assets | 22,068,000 | |||||||||||
Business Combination, Recognized Identifiable Assets and Liabilites Assusmed, Current Assets, Prepaid Expense and Other Assets | 21,745,000 | |||||||||||
Business Acquisition, Preacquisition Contingency, Amount of Settlement | 17,024,000 | |||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant and Equipment | 217,309,000 | |||||||||||
Business Combinatioin, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Assets | 36,804,000 | |||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Noncurrent Assets | 8,414,000 | |||||||||||
Business Combination, Recognized Identifiable Assets and Liabilities Assumed, Current Liabilities, Long-term Debt | -96,822,000 | |||||||||||
Business Combination, Recognized Identifiable Assets and Liabilities Assumed, Current Liabilities, Accounts Payable | -142,752,000 | |||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities, Current Liabilities | 56,391,000 | |||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Long-term Debt | -158,183,000 | |||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities Noncurrent | -12,636,000 | |||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Noncurrent Liabilities | 31,874,000 | |||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed , Net | 170,820,000 | |||||||||||
Business Acquisition, Purchase Price Allocation, Current Liabilities, Other Liabilities | 5,300,000 | |||||||||||
Business Combination, Bargain Purchase, Gain Recognized, Amount | 11,700,000 | |||||||||||
Business Acquisition, Pro Forma Information [Abstract] | ||||||||||||
Net sales | 1,876,691,000 | |||||||||||
Net income | 101,801,000 | |||||||||||
Net income attributable to Titan | $102,307,000 | |||||||||||
Basic earnings per share | $2.11 | |||||||||||
Diluted earnings per share | $1.77 |
ACCOUNTS_RECEIVABLE_Details
ACCOUNTS RECEIVABLE (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Receivables [Abstract] | ||
Accounts receivable | $299,063 | $302,928 |
Allowance for doubtful accounts | -8,816 | -5,130 |
Accounts receivable, net | $290,247 | $297,798 |
INVENTORIES_Details
INVENTORIES (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Inventory Disclosure [Abstract] | ||
Raw material | $134,229 | $153,308 |
Work-in-process | 59,214 | 69,030 |
Finished goods | 189,566 | 154,785 |
Inventory, Gross | 383,009 | 377,123 |
Adjustment to LIFO basis | -7,116 | -10,738 |
Inventory, Net | $375,893 | $366,385 |
Percentage of LIFO Inventory | 12.00% | 16.00% |
PROPERTY_PLANT_AND_EQUIPMENT_N2
PROPERTY, PLANT AND EQUIPMENT, NET (Details) (USD $) | 9 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | |
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Gross | $995,365,000 | $979,885,000 | |
Less accumulated depreciation | -433,659,000 | -411,541,000 | |
Property, Plant and Equipment, Net | 561,706,000 | 568,344,000 | |
Depreciation | 53,000,000 | 34,100,000 | |
Capital Leased Assets, Gross | 9,100,000 | ||
Land and Land Improvements [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Gross | 66,511,000 | 66,012,000 | |
Building and Building Improvements [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Gross | 193,393,000 | 192,135,000 | |
Capital Leased Assets, Gross | 4,600,000 | 4,500,000 | |
Machinery and Equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Gross | 581,591,000 | 555,261,000 | |
Capital Leased Assets, Gross | 39,700,000 | 36,000,000 | |
Tools, Dies and Molds [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Gross | 106,094,000 | 117,341,000 | |
Construction in Progress [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Gross | $47,776,000 | $49,136,000 |
GOODWILL_AND_INTANGIBLE_ASSETS1
GOODWILL AND INTANGIBLE ASSETS (Details) (USD $) | 9 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | |
Goodwill [Roll Forward] | |||
Goodwill at beginning of period | $24,941,000 | $19,841,000 | |
Goodwill, Acquired During Period | 0 | 13,982,000 | |
Goodwill, Translation and Purchase Accounting Adjustments | 0 | -7,289,000 | |
Foreign currency translation | -2,407,000 | -1,150,000 | |
Goodwill at end of period | 22,534,000 | 25,384,000 | |
Intangible Assets, Net (Excluding Goodwill) [Abstract] | |||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 13 years 9 months | ||
Finite-Lived Customer Relationships, Gross | 17,457,000 | 19,357,000 | |
Finite-Lived Intangible Asset, Useful Life | 2 years 0 months | ||
Finite-Lived Trademarks, Gross | 3,466,000 | 3,658,000 | |
Finite-Lived Intangible Assets, Gross | 20,923,000 | 23,015,000 | |
Finite-Lived Intangible Assets, Accumulated Amortization | -3,470,000 | -1,807,000 | |
Intangible Assets, Net (Excluding Goodwill) | 17,453,000 | 21,208,000 | |
Amortization of Intangible Assets | 1,700,000 | 500,000 | |
Finite-Lived Intangible Assets, Amortization Expense, Maturity Schedule [Abstract] | |||
Finite-Lived Intangible Assets, Amortization Expense, Remainder of Fiscal Year | 534,000 | ||
Finite-Lived Intangible Assets, Amortization Expense, Year Two | 2,143,000 | ||
Finite-Lived Intangible Assets, Amortization Expense, Year Three | 1,764,000 | ||
Finite-Lived Intangible Assets, Amortization Expense, Year Four | 1,180,000 | ||
Finite-Lived Intangible Assets, Amortization Expense, Year Five | 1,118,000 | ||
Finite-Lived Intangible Assets, Amortization Expense, after Year Five | 10,714,000 | ||
Intangible Assets, Net (Excluding Goodwill) | 17,453,000 | 21,208,000 | |
Agricultural [Member] | |||
Goodwill [Roll Forward] | |||
Goodwill at beginning of period | 11,522,000 | 19,841,000 | |
Goodwill, Acquired During Period | 0 | 0 | |
Goodwill, Translation and Purchase Accounting Adjustments | 0 | -7,289,000 | |
Foreign currency translation | -1,040,000 | -957,000 | |
Goodwill at end of period | 10,482,000 | 11,595,000 | |
Earthmoving/construction [Member] | |||
Goodwill [Roll Forward] | |||
Goodwill at beginning of period | 13,419,000 | 0 | |
Goodwill, Acquired During Period | 0 | 13,982,000 | |
Goodwill, Translation and Purchase Accounting Adjustments | 0 | 0 | |
Foreign currency translation | -1,367,000 | -193,000 | |
Goodwill at end of period | $12,052,000 | $13,789,000 |
WARRANTY_Details
WARRANTY (Details) (USD $) | 9 Months Ended | 3 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2013 |
Minimum [Member] | Maximum [Member] | |||
Movement in Standard and Extended Product Warranty, Increase (Decrease) [Roll Forward] | ||||
Warranty liability at January 1 | $27,482 | $17,659 | ||
Provision for warranty liabilities | 35,134 | 23,036 | ||
Warranty payments made | -28,049 | -18,282 | ||
Warranty liability at September 30 | $34,567 | $22,413 | ||
Length of Limited Warranty, Term | 0 years | 10 years |
REVOLVING_CREDIT_FACILITY_AND_2
REVOLVING CREDIT FACILITY AND LONG-TERM DEBT (Details) | 3 Months Ended | 9 Months Ended | 3 Months Ended | 3 Months Ended | |||||||||||||||||||||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Oct. 07, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | |
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | Senior Secured Notes 7.875 Percent Total [Member] | Titan Europe [Member] | Titan Europe [Member] | Senior Secured Notes 7.875 Percent Issued 2010 [Member] | Senior Secured Notes 7.875 Percent Issued 2010 [Member] | Senior Secured Notes 7.875 Percent Issued 2013 [Member] | Senior Secured Notes 7.875 Percent Issued 2013 [Member] | 5.625% convertible senior subordinated notes [Member] | 5.625% convertible senior subordinated notes [Member] | Other Debt Obligations [Member] | Other Debt Obligations [Member] | Titan Brazil [Member] | Minimum [Member] | Maximum [Member] | Bank of America [Member] | Titan Brazil [Member] | Titan Brazil [Member] | Titan National Australia Holdings [Member] | Titan Europe [Member] | |
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | Line of Credit [Member] | Brazil Line of Credit [Member] | Brazil Line of Credit [Member] | Australia Other Debt [Member] | USD ($) | |||||||||
USD ($) | USD ($) | BRL | USD ($) | ||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||
Line of Credit Facility, Increase, Additional Borrowings | $0 | ||||||||||||||||||||||||
Line of Credit Facility, Amount Outstanding | 0 | 0 | |||||||||||||||||||||||
Debt Instruments [Abstract] | |||||||||||||||||||||||||
7.875% senior secured notes due 2017 | 543,100,000 | 543,100,000 | 400,000,000 | 525,000,000 | 200,000,000 | 200,000,000 | 325,000,000 | 0 | |||||||||||||||||
Debt Instrument, Unamortized Premium | 18,128,000 | 0 | |||||||||||||||||||||||
Other Borrowings | 78,301,000 | 202,097,000 | |||||||||||||||||||||||
5.625% convertible senior subordinated notes due 2017 | 60,200,000 | 60,200,000 | 60,161,000 | 112,881,000 | |||||||||||||||||||||
Other debt | 58,082,000 | 69,151,000 | |||||||||||||||||||||||
Capital leases | 2,600,000 | 3,110,000 | |||||||||||||||||||||||
Total Long-term debt | 742,272,000 | 742,272,000 | 587,239,000 | ||||||||||||||||||||||
Less amounts due within one year | 104,884,000 | 104,884,000 | 145,801,000 | 9,200,000 | 1,100,000 | 47,700,000 | |||||||||||||||||||
Long-term debt | 637,388,000 | 637,388,000 | 441,438,000 | ||||||||||||||||||||||
Maturities of Long-term Debt [Abstract] | |||||||||||||||||||||||||
2013 | 101,397,000 | 101,397,000 | |||||||||||||||||||||||
2014 | 19,753,000 | 19,753,000 | |||||||||||||||||||||||
2015 | 10,041,000 | 10,041,000 | |||||||||||||||||||||||
2016 | 18,963,000 | 18,963,000 | |||||||||||||||||||||||
2017 | 589,621,000 | 589,621,000 | |||||||||||||||||||||||
Thereafter | 2,497,000 | 2,497,000 | |||||||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 6.88% | 5.63% | 2.00% | 6.90% | |||||||||||||||||||||
Debt Instrument, Interest Rate, Effective Percentage | 6.28% | 6.28% | |||||||||||||||||||||||
Debt Conversion, Initial Base Conversion Rate, Shares | 0 | ||||||||||||||||||||||||
Debt Conversion, Initial Base Conversion, Amount | 1,000 | ||||||||||||||||||||||||
Debt Instrument, Convertible, Conversion Price | $10.75 | ||||||||||||||||||||||||
Debt Conversion, Additional Base Conversion Rate, Shares | 9.3002 | ||||||||||||||||||||||||
Debt Conversion, Original Debt, Amount | 52,700,000 | ||||||||||||||||||||||||
Debt Conversion, Converted Instrument, Shares Issued | 4,900,000 | ||||||||||||||||||||||||
Debt Extinguishment Costs, Early Tender Premium | 18,000,000 | 14,200,000 | |||||||||||||||||||||||
Induced Conversion of Convertible Debt Expense | 0 | 0 | 7,273,000 | 0 | 7,300,000 | ||||||||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $150,000,000 | $7,100,000 | 16,000,000 | ||||||||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 24700.00% | 24700.00% |
DERIVATIVE_FINANCIAL_INSTRUMEN1
DERIVATIVE FINANCIAL INSTRUMENTS (Details) (USD $) | 3 Months Ended | 9 Months Ended |
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2013 |
Derivative [Line Items] | ||
Derivative Instruments, Gain (Loss) Recognized in Income, Net | ($0.60) | |
Interest Expense, Other | 0.1 | |
Brazil Term Loan [Member] | ||
Derivative [Line Items] | ||
Unsecured Debt, Amount Outstanding | 5 | 5 |
Titan Europe [Member] | Derivative [Member] | ||
Derivative [Line Items] | ||
Derivative Instruments, Gain (Loss) Recognized in Income, Net | ($0.10) | $1 |
LEASE_COMMITMENTS_Details
LEASE COMMITMENTS (Details) (USD $) | Sep. 30, 2013 |
Operating Leases, Future Minimum Payments Due [Abstract] | |
2013 | $1,302,000 |
2014 | 7,429,000 |
2015 | 4,801,000 |
2016 | 3,814,000 |
2017 | 2,368,000 |
Thereafter | 3,943,000 |
Total future minimum lease payments | 23,657,000 |
Capital Leased Assets, Gross | 9,100,000 |
Capital Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | |
2013 | 679,000 |
2014 | 1,374,000 |
2015 | 892,000 |
2016 | 480,000 |
2017 | 200,000 |
Thereafter | 103,000 |
Total future capital lease obligation payments | 3,728,000 |
Less amount representing interest | -174,000 |
Present value of future capital lease obligation payments | $3,554,000 |
EMPLOYEE_BENEFIT_PLANS_Details
EMPLOYEE BENEFIT PLANS (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
Dec. 31, 2013 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
EMPLOYEE BENEFIT PLANS [Abstract] | |||||
Defined Benefit Plan, Contributions by Employer | $3,800,000 | ||||
Defined Benefit Plan, Estimated Future Employer Contributions in Current Fiscal Year | 1,700,000 | ||||
Defined Benefit Plan, Service Cost | 275,000 | 0 | 665,000 | 0 | |
Defined Benefit Plan, Interest Cost | 1,352,000 | 1,133,000 | 4,031,000 | 3,399,000 | |
Defined Benefit Plan, Expected Return on Plan Assets | -1,381,000 | -1,252,000 | -4,143,000 | -3,756,000 | |
Other Comprehensive Income (Loss), Amortization, Pension and Other Postretirement Benefit Plans, Net Prior Service Cost (Credit) Recognized in Net Periodic Benefit Cost, before Tax | 34,000 | 34,000 | 103,000 | 102,000 | |
Defined Benefit Plan, Amortization of Gains (Losses) | 1,314,000 | 1,293,000 | 3,942,000 | 3,879,000 | |
Defined Benefit Plan, Net Periodic Benefit Cost | $1,594,000 | $1,208,000 | $4,598,000 | $3,624,000 |
ROYALTY_EXPENSE_Details
ROYALTY EXPENSE (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Royalty Expense [Abstract] | ||||
Royalty Expense | $3,942 | $3,739 | $10,960 | $8,740 |
SUPPLY_AGREEMENT_TERMINATION_I2
SUPPLY AGREEMENT TERMINATION INCOME (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
SUPPLY AGREEMENT TERMINATION INCOME [Abstract] | ||||
Supply agreement termination income | $0 | $0 | $0 | $26,134 |
GAIN_ON_EARTHQUAKE_INSURANCE_R2
GAIN ON EARTHQUAKE INSURANCE RECOVERY (Details) (USD $) | 3 Months Ended |
In Millions, unless otherwise specified | Sep. 30, 2013 |
GAIN ON EARTHQUAKE INSURANCE RECOVERY [Abstract] | |
Insurance Recoveries | $38.70 |
OTHER_INCOME_Details
OTHER INCOME (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Component of Other Income, Nonoperating [Line Items] | ||||
Foreign Currency Transaction Gain (Loss), before Tax | $5,678 | $250 | ($976) | ($206) |
Income (Loss) from Equity Method Investments | 0 | 0 | 0 | 0 |
Discount amortization on prepaid royalty | 780 | 910 | 2,483 | 2,882 |
Interest income | 594 | 372 | 2,525 | 757 |
Gain (loss) related to contractual obligation investments | 497 | 492 | 590 | 1,287 |
Other income (expense) | 180 | 224 | 1,418 | 889 |
Building rental income | 167 | 191 | 571 | 554 |
Nonoperating Income (Expense) | 8,722 | 2,439 | 7,712 | 6,163 |
Wheels India [Member] | ||||
Component of Other Income, Nonoperating [Line Items] | ||||
Income (Loss) from Equity Method Investments | $826 | $0 | $1,101 | $0 |
INCOME_TAXES_Details
INCOME TAXES (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | |
INCOME TAXES [Abstract] | |||||
Income Tax Expense (Benefit) | $5,711,000 | $13,589,000 | $38,913,000 | $64,722,000 | |
Effective Income Tax Rate, Continuing Operations | 43.82% | 39.64% | |||
Unrecognized Tax Benefits | 20,000,000 | 20,000,000 | 14,300,000 | ||
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | 16,000,000 | 16,000,000 | |||
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued | $3,300,000 | $3,300,000 | $2,400,000 |
EARNINGS_PER_SHARE_Details
EARNINGS PER SHARE (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Net income attributable to Titan | $8,093 | $19,579 | $50,785 | $99,054 |
Dilutive Securities, Effect on Basic Earnings Per Share, Including Options and Restrictive Stock Units | 0 | 0 | 0 | 0 |
Dilutive Securities, Effect on Basic Earnings Per Share | 610 | 1,143 | 1,991 | 3,429 |
Titan Net income (loss) | $8,703 | $20,722 | $52,776 | $102,483 |
Weighted Average Number of Shares Outstanding, Basic | 53,440 | 42,180 | 52,900 | 42,148 |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 207 | 237 | 265 | 258 |
Incremental Common Shares Attributable to Conversion of Debt Securities | 5,744 | 10,909 | 6,279 | 10,909 |
Weighted-average shares | 59,391 | 53,326 | 59,444 | 53,315 |
Earnings Per Share, Basic | $0.15 | $0.46 | $0.96 | $2.35 |
Earnings Per Share, Diluted | $0.15 | $0.39 | $0.89 | $1.92 |
SEGMENT_INFORMATION_Details
SEGMENT INFORMATION (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Segment Reporting Information [Line Items] | ||||
Net sales | $497,510 | $404,719 | $1,669,188 | $1,327,040 |
Gross profit (loss) | 62,506 | 67,161 | 245,912 | 242,610 |
Income (loss) from operations | 17,055 | 36,166 | 101,844 | 175,806 |
Interest expense | -12,414 | -6,187 | -35,924 | -18,699 |
Convertible debt conversion charge | 0 | 0 | -7,273 | 0 |
Gain on earthquake insurance recovery | 0 | 0 | 22,451 | 0 |
Other income, net | 8,722 | 2,439 | 7,712 | 6,163 |
Income (loss) before income taxes | 13,363 | 32,418 | 88,810 | 163,270 |
Agricultural [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 273,301 | 246,578 | 907,797 | 831,376 |
Gross profit (loss) | 48,346 | 48,091 | 158,566 | 173,684 |
Income (loss) from operations | 37,762 | 41,740 | 125,063 | 156,965 |
Earthmoving/construction [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 168,964 | 103,135 | 586,806 | 318,244 |
Gross profit (loss) | 11,283 | 18,689 | 75,598 | 60,598 |
Income (loss) from operations | -1,833 | 13,468 | 27,365 | 51,385 |
Consumer [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 55,245 | 55,006 | 174,585 | 177,420 |
Gross profit (loss) | 3,363 | 1,016 | 13,841 | 10,488 |
Income (loss) from operations | 55 | -234 | 4,224 | 30,284 |
Unallocated Amount to Segment [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Gross profit (loss) | -486 | -635 | -2,093 | -2,160 |
Income (loss) from operations | ($18,929) | ($18,808) | ($54,808) | ($62,828) |
SEGMENT_INFORMATION_ASSETS_det
SEGMENT INFORMATION ASSETS (details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Segment Reporting Information [Line Items] | ||
Assets | $1,947,761 | $1,710,235 |
Agricultural [Member] | ||
Segment Reporting Information [Line Items] | ||
Assets | 698,905 | 630,222 |
Earthmoving/construction [Member] | ||
Segment Reporting Information [Line Items] | ||
Assets | 788,578 | 851,995 |
Consumer [Member] | ||
Segment Reporting Information [Line Items] | ||
Assets | 143,559 | 142,341 |
Unallocated Amount to Segment [Member] | ||
Segment Reporting Information [Line Items] | ||
Assets | $316,719 | $85,677 |
FAIR_VALUE_MEASUREMENTS_Detail
FAIR VALUE MEASUREMENTS (Details) (Fair Value, Measurements, Recurring [Member], USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Dec. 31, 2012 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Investments for contractual obligations | $7,998 | $7,408 |
Interest Rate Derivative Assets, at Fair Value | 0 | 1,048 |
Other Assets, Fair Value Disclosure | 250 | 250 |
Derivative Financial Instruments, Liabilities, Fair Value Disclosure | -135 | -7,376 |
Assets, Fair Value Disclosure | 8,113 | 1,330 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Preferred stock at beginning of period | 250 | |
Preferred stock at end of period | 250 | 250 |
Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Investments for contractual obligations | 7,998 | 7,408 |
Interest Rate Derivative Assets, at Fair Value | 0 | 0 |
Other Assets, Fair Value Disclosure | 0 | 0 |
Derivative Financial Instruments, Liabilities, Fair Value Disclosure | 0 | 0 |
Assets, Fair Value Disclosure | 7,998 | 7,408 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Preferred stock at beginning of period | 0 | |
Preferred stock at end of period | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Investments for contractual obligations | 0 | 0 |
Interest Rate Derivative Assets, at Fair Value | 0 | 1,048 |
Other Assets, Fair Value Disclosure | 0 | 0 |
Derivative Financial Instruments, Liabilities, Fair Value Disclosure | -135 | -7,376 |
Assets, Fair Value Disclosure | -135 | -6,328 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Preferred stock at beginning of period | 0 | |
Preferred stock at end of period | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Investments for contractual obligations | 0 | 0 |
Interest Rate Derivative Assets, at Fair Value | 0 | 0 |
Other Assets, Fair Value Disclosure | 250 | |
Derivative Financial Instruments, Liabilities, Fair Value Disclosure | 0 | 0 |
Assets, Fair Value Disclosure | 250 | 250 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Preferred stock at beginning of period | 250 | |
Gain (Loss) on Investments | 0 | |
Preferred stock at end of period | $250 |
RELATED_PARTY_TRANSACTIONS_Det
RELATED PARTY TRANSACTIONS (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 |
Related Party Transaction [Line Items] | |||||
Related Party Transaction, Revenues from Transactions with Related Party | $0.90 | $0.60 | $2.20 | $1.70 | |
Related Party Transaction, Due from (to) Related Party | 0.4 | 0.4 | 0.2 | ||
Related Party Transaction, Expenses from Transactions with Related Party | 0.6 | 0.6 | 1.9 | 2.1 | |
Accounts Payable, Related Parties, Current | $0.40 | ||||
Wheels India [Member] | |||||
Related Party Transaction [Line Items] | |||||
Equity Method Investment, Ownership Percentage | 41.73% | 41.73% | |||
Titan Wheels Australia [Member] | |||||
Related Party Transaction [Line Items] | |||||
Equity Method Investment, Ownership Percentage | 100.00% | 100.00% | |||
Titan National Australia Holdings [Member] | |||||
Related Party Transaction [Line Items] | |||||
Equity Method Investment, Ownership Percentage | 56.00% | 56.00% |
ACCUMULATED_OTHER_COMPREHENSIV2
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Mar. 31, 2013 | Dec. 31, 2012 |
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) [Abstract] | ||||||
Accumulated Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Net of Tax | ($42,951) | ($42,951) | ($43,449) | ($20,793) | ||
Accumulated Other Comprehensive Income (Loss), Available-for-sale Securities Adjustment, Net of Tax | 0 | 0 | 0 | 3 | ||
Accumulated Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net of Tax | -32,689 | -32,689 | -33,658 | -35,679 | ||
Accumulated other comprehensive loss | -75,640 | -75,640 | -77,107 | -56,469 | ||
Currency translation adjustment, net | 854 | -1,247 | -24,513 | -5,816 | ||
Unrealized gain (loss) on investments, net of tax | 0 | -353 | -3 | -16 | ||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax, Portion Attributable to Parent | 498 | -22,161 | ||||
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Adjustment, Net of Tax | ($969) | ($836) | ($2,990) | ($2,508) |
SUBSIDIARY_GUARANTOR_FINANCIAL2
SUBSIDIARY GUARANTOR FINANCIAL INFORMATION (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | Dec. 31, 2011 | Mar. 31, 2011 | Dec. 31, 2010 |
Condensed Financial Statements, Captions [Line Items] | ||||||||
Net Income (Loss) Attributable to Noncontrolling Interest | ($441) | ($750) | ($888) | ($506) | ||||
Income Statement [Abstract] | ||||||||
Net sales | 497,510 | 404,719 | 1,669,188 | 1,327,040 | ||||
Cost of Goods Sold | 435,004 | 337,558 | 1,423,276 | 1,084,430 | ||||
Gross Profit | 62,506 | 67,161 | 245,912 | 242,610 | ||||
Selling, General and Administrative Expense | 38,731 | 25,497 | 124,827 | 79,742 | ||||
Research and Development Expense | 2,778 | 1,759 | 8,281 | 4,456 | ||||
Royalty Expense | 3,942 | 3,739 | 10,960 | 8,740 | ||||
Supply agreement termination income | 0 | 0 | 0 | -26,134 | ||||
Operating Income (Loss) | 17,055 | 36,166 | 101,844 | 175,806 | ||||
Interest expense | -12,414 | -6,187 | -35,924 | -18,699 | ||||
Convertible debt conversion charge | 0 | 0 | -7,273 | 0 | ||||
Gain on earthquake insurance recovery | 0 | 0 | 22,451 | 0 | ||||
Interest Expense, Related Party | 0 | 0 | ||||||
Other income | 8,722 | 2,439 | 7,712 | 6,163 | ||||
Income (loss) before income taxes | 13,363 | 32,418 | 88,810 | 163,270 | ||||
Income Tax Expense (Benefit) | 5,711 | 13,589 | 38,913 | 64,722 | ||||
Income (Loss) from Equity Method Investments | 0 | 0 | 0 | 0 | ||||
Net income (loss) | 7,652 | 18,829 | 49,897 | 98,548 | ||||
Net Income (Loss) Attributable to Noncontrolling Interest | -441 | -750 | -888 | -506 | ||||
Net income attributable to Titan | 8,093 | 19,579 | 50,785 | 99,054 | ||||
Comprehensive Income Statement [Abstract] | ||||||||
Net income (loss) | 7,652 | 18,829 | 49,897 | 98,548 | ||||
Unrealized gain (loss) on investments, net of tax | 0 | -353 | -3 | -16 | ||||
Currency translation adjustment, net | 854 | -1,247 | -24,513 | -5,816 | ||||
Pension liability adjustments, net of tax | 969 | 836 | 2,990 | 2,508 | ||||
Comprehensive Income (Loss) | 9,475 | 18,065 | 28,371 | 95,224 | ||||
Comprehensive Income (Loss), Net of Tax, Attributable to Noncontrolling Interest | -85 | -1,104 | -3,243 | -859 | ||||
Comprehensive income (loss) attributable to Titan | 9,560 | 19,169 | 31,614 | 96,083 | ||||
Statement of Financial Position [Abstract] | ||||||||
Cash and Cash Equivalents, at Carrying Value | 447,456 | 134,890 | 447,456 | 134,890 | 189,114 | 129,170 | 134,890 | 129,170 |
Accounts Receivable, Net, Current | 290,247 | 290,247 | 297,798 | |||||
Inventory, Net | 375,893 | 375,893 | 366,385 | |||||
Prepaid Expense, Deffered Income Taxes and Other Assets, Current | 130,425 | 130,425 | 142,826 | |||||
Assets, Current | 1,244,021 | 1,244,021 | 996,123 | |||||
Property, Plant and Equipment, Net | 561,706 | 561,706 | 568,344 | |||||
Equity Method Investments | 0 | 0 | 0 | |||||
Other Assets, Goodwill, Deferred Income Tax Asset, Noncurrent | 142,034 | 142,034 | 145,768 | |||||
Assets | 1,947,761 | 1,947,761 | 1,710,235 | |||||
Short-term debt | 104,884 | 104,884 | 145,801 | |||||
Accounts Payable, Current | 195,123 | 195,123 | 180,065 | |||||
Other current liabilities | 153,476 | 153,476 | 141,214 | |||||
Liabilities, Current | 453,483 | 453,483 | 467,080 | |||||
Long-term debt | 637,388 | 637,388 | 441,438 | |||||
Liabilities, Other than Long-term Debt, Noncurrent | 145,848 | 145,848 | 169,355 | |||||
Due to Related Parties | 0 | 0 | 0 | |||||
Stockholders' Equity Attributable to Parent | 688,372 | 688,372 | 606,617 | |||||
Stockholders' Equity Attributable to Noncontrolling Interest | 22,670 | 22,670 | 25,745 | |||||
Liabilities and Equity | 1,947,761 | 1,947,761 | 1,710,235 | |||||
Statement of Cash Flows [Abstract] | ||||||||
Net Cash Provided by (Used in) Operating Activities | 132,189 | 85,088 | ||||||
Capital expenditures | -54,956 | -36,319 | ||||||
Acquisitions, net of cash acquired | 1,670 | 1,670 | 32,760 | |||||
Payments to Acquire Equity Method Investments | 8,017 | 0 | ||||||
Proceeds from Insurance Settlement, Investing Activities | 2,879 | 0 | ||||||
Payments for (Proceeds from) Other Investing Activities | 1,342 | 636 | ||||||
Net Cash Provided by (Used in) Investing Activities | -60,422 | -68,443 | ||||||
Proceeds from borrowings | 345,313 | 345,313 | 0 | |||||
Repayments of Other Debt | -162,040 | -14,434 | ||||||
Term loan borrowing | 25,880 | 4,378 | ||||||
Debt Conversion, Converted Instrument, Amount | -14,090 | 0 | ||||||
Proceeds from Stock Options Exercised | 863 | 925 | ||||||
Excess Tax Benefit from Share-based Compensation, Financing Activities | -46 | 185 | ||||||
Payment of financing fees | -5,520 | 0 | ||||||
Payments of Dividends, Common Stock | -778 | -634 | ||||||
Net Cash Provided by (Used in) Financing Activities | 189,582 | -9,580 | ||||||
Effect of Exchange Rate on Cash and Cash Equivalents | -3,007 | -1,345 | ||||||
Cash and Cash Equivalents, Period Increase (Decrease) | 258,342 | 5,720 | ||||||
Cash and Cash Equivalents, at Carrying Value | 447,456 | 134,890 | 447,456 | 134,890 | 189,114 | 129,170 | 134,890 | 129,170 |
Parent [Member] | ||||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||
Net Income (Loss) Attributable to Noncontrolling Interest | 0 | 0 | ||||||
Income Statement [Abstract] | ||||||||
Net sales | 0 | 0 | ||||||
Cost of Goods Sold | 241 | 253 | ||||||
Gross Profit | -241 | -253 | ||||||
Selling, General and Administrative Expense | 3,561 | -9,013 | ||||||
Research and Development Expense | -17 | 155 | ||||||
Royalty Expense | 0 | 0 | ||||||
Operating Income (Loss) | -3,785 | 8,605 | ||||||
Interest expense | -10,945 | -6,012 | ||||||
Interest Expense, Related Party | 2,469 | 5,158 | ||||||
Other income | 1,182 | 1,163 | ||||||
Income (loss) before income taxes | -11,079 | 3,756 | ||||||
Income Tax Expense (Benefit) | -4,717 | 6,329 | ||||||
Income (Loss) from Equity Method Investments | 14,014 | 21,402 | ||||||
Net income (loss) | 7,652 | 18,829 | ||||||
Net Income (Loss) Attributable to Noncontrolling Interest | 0 | 0 | ||||||
Net income attributable to Titan | 7,652 | 18,829 | ||||||
Comprehensive Income Statement [Abstract] | ||||||||
Net income (loss) | 7,652 | 18,829 | ||||||
Unrealized gain (loss) on investments, net of tax | -353 | |||||||
Currency translation adjustment, net | 854 | -1,247 | ||||||
Pension liability adjustments, net of tax | 969 | 836 | ||||||
Comprehensive Income (Loss) | 9,475 | 18,065 | ||||||
Comprehensive Income (Loss), Net of Tax, Attributable to Noncontrolling Interest | 0 | 0 | ||||||
Comprehensive income (loss) attributable to Titan | 9,475 | 18,065 | ||||||
Statement of Financial Position [Abstract] | ||||||||
Cash and Cash Equivalents, at Carrying Value | 350,611 | 350,611 | 103,154 | 109,913 | 125,266 | |||
Accounts Receivable, Net, Current | 0 | 0 | -72 | |||||
Inventory, Net | 0 | 0 | 0 | |||||
Prepaid Expense, Deffered Income Taxes and Other Assets, Current | 63,335 | 63,335 | 49,438 | |||||
Assets, Current | 413,946 | 413,946 | 152,520 | |||||
Property, Plant and Equipment, Net | 16,393 | 16,393 | 11,497 | |||||
Equity Method Investments | 631,910 | 631,910 | 565,811 | |||||
Other Assets, Goodwill, Deferred Income Tax Asset, Noncurrent | 35,590 | 35,590 | 35,564 | |||||
Assets | 1,097,839 | 1,097,839 | 765,392 | |||||
Short-term debt | 4,121 | 4,121 | 0 | |||||
Accounts Payable, Current | 1,219 | 1,219 | 1,000 | |||||
Other current liabilities | 30,222 | 30,222 | 13,911 | |||||
Liabilities, Current | 35,562 | 35,562 | 14,911 | |||||
Long-term debt | 599,168 | 599,168 | 312,881 | |||||
Liabilities, Other than Long-term Debt, Noncurrent | 38,396 | 38,396 | 44,512 | |||||
Due to Related Parties | -263,659 | -263,659 | -213,529 | |||||
Stockholders' Equity Attributable to Parent | 688,372 | 688,372 | 606,617 | |||||
Stockholders' Equity Attributable to Noncontrolling Interest | 0 | 0 | 0 | |||||
Liabilities and Equity | 1,097,839 | 1,097,839 | 765,392 | |||||
Statement of Cash Flows [Abstract] | ||||||||
Net Cash Provided by (Used in) Operating Activities | -72,306 | 20,502 | ||||||
Capital expenditures | -5,979 | -3,571 | ||||||
Payments for (Proceeds from) Other Investing Activities | 0 | 0 | ||||||
Net Cash Provided by (Used in) Investing Activities | -5,979 | -36,331 | ||||||
Proceeds from borrowings | -345,313 | |||||||
Repayments of Other Debt | 0 | 0 | ||||||
Term loan borrowing | 0 | |||||||
Debt Conversion, Converted Instrument, Amount | 14,090 | |||||||
Proceeds from Stock Options Exercised | 863 | 925 | ||||||
Excess Tax Benefit from Share-based Compensation, Financing Activities | -46 | 185 | ||||||
Payment of financing fees | 5,520 | |||||||
Payments of Dividends, Common Stock | -778 | -634 | ||||||
Net Cash Provided by (Used in) Financing Activities | 325,742 | 476 | ||||||
Effect of Exchange Rate on Cash and Cash Equivalents | 0 | 0 | ||||||
Cash and Cash Equivalents, Period Increase (Decrease) | 247,457 | -15,353 | ||||||
Cash and Cash Equivalents, at Carrying Value | 350,611 | 350,611 | 103,154 | 109,913 | 125,266 | |||
Parent [Member] | 7.875% senior secured notes [Member] | ||||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||
Net Income (Loss) Attributable to Noncontrolling Interest | 0 | 0 | ||||||
Income Statement [Abstract] | ||||||||
Net sales | 0 | 0 | ||||||
Cost of Goods Sold | 908 | 812 | ||||||
Gross Profit | -908 | -812 | ||||||
Selling, General and Administrative Expense | 8,008 | 4,970 | ||||||
Research and Development Expense | -35 | 327 | ||||||
Royalty Expense | 0 | 0 | ||||||
Supply agreement termination income | 0 | |||||||
Operating Income (Loss) | -8,881 | -6,109 | ||||||
Interest expense | -29,509 | -18,119 | ||||||
Convertible debt conversion charge | -7,273 | |||||||
Gain on earthquake insurance recovery | 0 | |||||||
Other income | 2,741 | 3,620 | ||||||
Income (loss) before income taxes | -37,764 | -20,608 | ||||||
Income Tax Expense (Benefit) | -6,561 | 1,261 | ||||||
Income (Loss) from Equity Method Investments | 81,100 | 120,417 | ||||||
Net income (loss) | 49,897 | 98,548 | ||||||
Net Income (Loss) Attributable to Noncontrolling Interest | 0 | 0 | ||||||
Net income attributable to Titan | 49,897 | 98,548 | ||||||
Comprehensive Income Statement [Abstract] | ||||||||
Net income (loss) | 49,897 | 98,548 | ||||||
Unrealized gain (loss) on investments, net of tax | -3 | -16 | ||||||
Currency translation adjustment, net | -24,513 | -5,816 | ||||||
Pension liability adjustments, net of tax | 2,990 | 2,508 | ||||||
Comprehensive Income (Loss) | 28,371 | 95,224 | ||||||
Comprehensive Income (Loss), Net of Tax, Attributable to Noncontrolling Interest | 0 | 0 | ||||||
Comprehensive income (loss) attributable to Titan | 28,371 | 95,224 | ||||||
Statement of Cash Flows [Abstract] | ||||||||
Acquisitions, net of cash acquired | 0 | 32,760 | ||||||
Payments to Acquire Equity Method Investments | 0 | |||||||
Proceeds from Insurance Settlement, Investing Activities | 0 | |||||||
Term loan borrowing | 0 | |||||||
Guarantor Subsidiaries [Member] | ||||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||
Net Income (Loss) Attributable to Noncontrolling Interest | 0 | 0 | ||||||
Income Statement [Abstract] | ||||||||
Net sales | 256,252 | 311,422 | ||||||
Cost of Goods Sold | 216,445 | 246,275 | ||||||
Gross Profit | 39,807 | 65,147 | ||||||
Selling, General and Administrative Expense | 16,513 | 40,635 | ||||||
Research and Development Expense | 1,423 | 1,604 | ||||||
Royalty Expense | 1,850 | 1,778 | ||||||
Operating Income (Loss) | 20,021 | 21,130 | ||||||
Interest expense | 0 | 0 | ||||||
Interest Expense, Related Party | 0 | 0 | ||||||
Other income | -117 | 364 | ||||||
Income (loss) before income taxes | 19,904 | 21,494 | ||||||
Income Tax Expense (Benefit) | 7,435 | 7,398 | ||||||
Income (Loss) from Equity Method Investments | 0 | 0 | ||||||
Net income (loss) | 12,469 | 14,096 | ||||||
Net Income (Loss) Attributable to Noncontrolling Interest | 0 | 0 | ||||||
Net income attributable to Titan | 12,469 | 14,096 | ||||||
Comprehensive Income Statement [Abstract] | ||||||||
Net income (loss) | 12,469 | 14,096 | ||||||
Unrealized gain (loss) on investments, net of tax | 0 | |||||||
Currency translation adjustment, net | 0 | 0 | ||||||
Pension liability adjustments, net of tax | 781 | 790 | ||||||
Comprehensive Income (Loss) | 13,250 | 14,886 | ||||||
Comprehensive Income (Loss), Net of Tax, Attributable to Noncontrolling Interest | 0 | 0 | ||||||
Comprehensive income (loss) attributable to Titan | 13,250 | 14,886 | ||||||
Statement of Financial Position [Abstract] | ||||||||
Cash and Cash Equivalents, at Carrying Value | 4 | 4 | 4 | 19 | 4 | |||
Accounts Receivable, Net, Current | 125,048 | 125,048 | 128,917 | |||||
Inventory, Net | 129,672 | 129,672 | 142,070 | |||||
Prepaid Expense, Deffered Income Taxes and Other Assets, Current | 13,634 | 13,634 | 17,021 | |||||
Assets, Current | 268,358 | 268,358 | 288,012 | |||||
Property, Plant and Equipment, Net | 205,666 | 205,666 | 208,734 | |||||
Equity Method Investments | 0 | 0 | 0 | |||||
Other Assets, Goodwill, Deferred Income Tax Asset, Noncurrent | 403 | 403 | 499 | |||||
Assets | 474,427 | 474,427 | 497,245 | |||||
Short-term debt | 0 | 0 | 0 | |||||
Accounts Payable, Current | 20,899 | 20,899 | 21,222 | |||||
Other current liabilities | 59,921 | 59,921 | 55,290 | |||||
Liabilities, Current | 80,820 | 80,820 | 76,512 | |||||
Long-term debt | 0 | 0 | 0 | |||||
Liabilities, Other than Long-term Debt, Noncurrent | 31,532 | 31,532 | 35,482 | |||||
Due to Related Parties | -126,589 | -126,589 | -34,272 | |||||
Stockholders' Equity Attributable to Parent | 488,664 | 488,664 | 419,523 | |||||
Stockholders' Equity Attributable to Noncontrolling Interest | 0 | 0 | 0 | |||||
Liabilities and Equity | 474,427 | 474,427 | 497,245 | |||||
Statement of Cash Flows [Abstract] | ||||||||
Net Cash Provided by (Used in) Operating Activities | 21,528 | 21,736 | ||||||
Capital expenditures | -21,763 | -22,076 | ||||||
Payments for (Proceeds from) Other Investing Activities | 235 | 355 | ||||||
Net Cash Provided by (Used in) Investing Activities | -21,528 | -21,721 | ||||||
Proceeds from borrowings | 0 | |||||||
Repayments of Other Debt | 0 | 0 | ||||||
Term loan borrowing | 0 | |||||||
Debt Conversion, Converted Instrument, Amount | 0 | |||||||
Proceeds from Stock Options Exercised | 0 | 0 | ||||||
Excess Tax Benefit from Share-based Compensation, Financing Activities | 0 | 0 | ||||||
Payment of financing fees | 0 | |||||||
Payments of Dividends, Common Stock | 0 | 0 | ||||||
Net Cash Provided by (Used in) Financing Activities | 0 | 0 | ||||||
Effect of Exchange Rate on Cash and Cash Equivalents | 0 | 0 | ||||||
Cash and Cash Equivalents, Period Increase (Decrease) | 0 | 15 | ||||||
Cash and Cash Equivalents, at Carrying Value | 4 | 4 | 4 | 19 | 4 | |||
Guarantor Subsidiaries [Member] | 7.875% senior secured notes [Member] | ||||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||
Net Income (Loss) Attributable to Noncontrolling Interest | 0 | 0 | ||||||
Income Statement [Abstract] | ||||||||
Net sales | 903,628 | 1,055,586 | ||||||
Cost of Goods Sold | 734,460 | 828,935 | ||||||
Gross Profit | 169,168 | 226,651 | ||||||
Selling, General and Administrative Expense | 54,637 | 71,372 | ||||||
Research and Development Expense | 4,136 | 3,983 | ||||||
Royalty Expense | 5,478 | 5,250 | ||||||
Supply agreement termination income | 0 | |||||||
Operating Income (Loss) | 104,917 | 146,046 | ||||||
Interest expense | 0 | 0 | ||||||
Convertible debt conversion charge | 0 | |||||||
Gain on earthquake insurance recovery | 0 | |||||||
Other income | -91 | 1,174 | ||||||
Income (loss) before income taxes | 104,826 | 147,220 | ||||||
Income Tax Expense (Benefit) | 38,025 | 51,311 | ||||||
Income (Loss) from Equity Method Investments | 0 | 0 | ||||||
Net income (loss) | 66,801 | 95,909 | ||||||
Net Income (Loss) Attributable to Noncontrolling Interest | 0 | 0 | ||||||
Net income attributable to Titan | 66,801 | 95,909 | ||||||
Comprehensive Income Statement [Abstract] | ||||||||
Net income (loss) | 66,801 | 95,909 | ||||||
Unrealized gain (loss) on investments, net of tax | 0 | 0 | ||||||
Currency translation adjustment, net | 0 | 0 | ||||||
Pension liability adjustments, net of tax | 2,343 | 2,370 | ||||||
Comprehensive Income (Loss) | 69,144 | 98,279 | ||||||
Comprehensive Income (Loss), Net of Tax, Attributable to Noncontrolling Interest | 0 | 0 | ||||||
Comprehensive income (loss) attributable to Titan | 69,144 | 98,279 | ||||||
Statement of Cash Flows [Abstract] | ||||||||
Acquisitions, net of cash acquired | 0 | 0 | ||||||
Payments to Acquire Equity Method Investments | 0 | |||||||
Proceeds from Insurance Settlement, Investing Activities | 0 | |||||||
Term loan borrowing | 0 | |||||||
Non-Guarantor Subsidiaries [Member] | ||||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||
Net Income (Loss) Attributable to Noncontrolling Interest | -441 | -750 | ||||||
Income Statement [Abstract] | ||||||||
Net sales | 241,258 | 93,297 | ||||||
Cost of Goods Sold | 218,318 | 91,030 | ||||||
Gross Profit | 22,940 | 2,267 | ||||||
Selling, General and Administrative Expense | 18,657 | -6,125 | ||||||
Research and Development Expense | 1,372 | 0 | ||||||
Royalty Expense | 2,092 | 1,961 | ||||||
Operating Income (Loss) | 819 | 6,431 | ||||||
Interest expense | -1,469 | -175 | ||||||
Interest Expense, Related Party | -2,469 | -5,158 | ||||||
Other income | 7,657 | 912 | ||||||
Income (loss) before income taxes | 4,538 | 7,168 | ||||||
Income Tax Expense (Benefit) | 2,993 | -138 | ||||||
Income (Loss) from Equity Method Investments | 4,827 | 5,420 | ||||||
Net income (loss) | 6,372 | 12,726 | ||||||
Net Income (Loss) Attributable to Noncontrolling Interest | -441 | -750 | ||||||
Net income attributable to Titan | 6,813 | 13,476 | ||||||
Comprehensive Income Statement [Abstract] | ||||||||
Net income (loss) | 6,372 | 12,726 | ||||||
Unrealized gain (loss) on investments, net of tax | -353 | |||||||
Currency translation adjustment, net | 854 | -1,247 | ||||||
Pension liability adjustments, net of tax | 188 | 46 | ||||||
Comprehensive Income (Loss) | 7,414 | 11,172 | ||||||
Comprehensive Income (Loss), Net of Tax, Attributable to Noncontrolling Interest | -85 | -1,104 | ||||||
Comprehensive income (loss) attributable to Titan | 7,499 | 12,276 | ||||||
Statement of Financial Position [Abstract] | ||||||||
Cash and Cash Equivalents, at Carrying Value | 96,841 | 96,841 | 85,956 | 24,958 | 3,900 | |||
Accounts Receivable, Net, Current | 165,199 | 165,199 | 168,953 | |||||
Inventory, Net | 246,221 | 246,221 | 224,315 | |||||
Prepaid Expense, Deffered Income Taxes and Other Assets, Current | 53,456 | 53,456 | 76,367 | |||||
Assets, Current | 561,717 | 561,717 | 555,591 | |||||
Property, Plant and Equipment, Net | 339,647 | 339,647 | 348,113 | |||||
Equity Method Investments | 127,384 | 127,384 | 86,189 | |||||
Other Assets, Goodwill, Deferred Income Tax Asset, Noncurrent | 106,041 | 106,041 | 109,705 | |||||
Assets | 1,134,789 | 1,134,789 | 1,099,598 | |||||
Short-term debt | 100,763 | 100,763 | 145,801 | |||||
Accounts Payable, Current | 173,005 | 173,005 | 157,843 | |||||
Other current liabilities | 63,333 | 63,333 | 72,013 | |||||
Liabilities, Current | 337,101 | 337,101 | 375,657 | |||||
Long-term debt | 38,220 | 38,220 | 128,557 | |||||
Liabilities, Other than Long-term Debt, Noncurrent | 75,920 | 75,920 | 89,361 | |||||
Due to Related Parties | 390,248 | 390,248 | 247,801 | |||||
Stockholders' Equity Attributable to Parent | 270,630 | 270,630 | 232,477 | |||||
Stockholders' Equity Attributable to Noncontrolling Interest | 22,670 | 22,670 | 25,745 | |||||
Liabilities and Equity | 1,134,789 | 1,134,789 | 1,099,598 | |||||
Statement of Cash Flows [Abstract] | ||||||||
Net Cash Provided by (Used in) Operating Activities | 182,967 | 42,850 | ||||||
Capital expenditures | -27,214 | -10,672 | ||||||
Payments for (Proceeds from) Other Investing Activities | 1,107 | 281 | ||||||
Net Cash Provided by (Used in) Investing Activities | -32,915 | -10,391 | ||||||
Proceeds from borrowings | 0 | |||||||
Repayments of Other Debt | -162,040 | -14,434 | ||||||
Term loan borrowing | 25,880 | |||||||
Debt Conversion, Converted Instrument, Amount | 0 | |||||||
Proceeds from Stock Options Exercised | 0 | 0 | ||||||
Excess Tax Benefit from Share-based Compensation, Financing Activities | 0 | 0 | ||||||
Payment of financing fees | 0 | |||||||
Payments of Dividends, Common Stock | 0 | 0 | ||||||
Net Cash Provided by (Used in) Financing Activities | -136,160 | -10,056 | ||||||
Effect of Exchange Rate on Cash and Cash Equivalents | -3,007 | -1,345 | ||||||
Cash and Cash Equivalents, Period Increase (Decrease) | 10,885 | 21,058 | ||||||
Cash and Cash Equivalents, at Carrying Value | 96,841 | 96,841 | 85,956 | 24,958 | 3,900 | |||
Non-Guarantor Subsidiaries [Member] | 7.875% senior secured notes [Member] | ||||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||
Net Income (Loss) Attributable to Noncontrolling Interest | -888 | -506 | ||||||
Income Statement [Abstract] | ||||||||
Net sales | 765,560 | 271,454 | ||||||
Cost of Goods Sold | 687,908 | 254,683 | ||||||
Gross Profit | 77,652 | 16,771 | ||||||
Selling, General and Administrative Expense | 62,182 | 3,400 | ||||||
Research and Development Expense | 4,180 | 146 | ||||||
Royalty Expense | 5,482 | 3,490 | ||||||
Supply agreement termination income | -26,134 | |||||||
Operating Income (Loss) | 5,808 | 35,869 | ||||||
Interest expense | -6,415 | -580 | ||||||
Convertible debt conversion charge | 0 | |||||||
Gain on earthquake insurance recovery | 22,451 | |||||||
Other income | 5,062 | 1,369 | ||||||
Income (loss) before income taxes | 21,748 | 36,658 | ||||||
Income Tax Expense (Benefit) | 7,449 | 12,150 | ||||||
Income (Loss) from Equity Method Investments | 38,351 | 24,242 | ||||||
Net income (loss) | 52,650 | 48,750 | ||||||
Net Income (Loss) Attributable to Noncontrolling Interest | -888 | -506 | ||||||
Net income attributable to Titan | 53,538 | 49,256 | ||||||
Comprehensive Income Statement [Abstract] | ||||||||
Net income (loss) | 52,650 | 48,750 | ||||||
Unrealized gain (loss) on investments, net of tax | -3 | -16 | ||||||
Currency translation adjustment, net | -24,513 | -5,816 | ||||||
Pension liability adjustments, net of tax | 647 | 138 | ||||||
Comprehensive Income (Loss) | 28,781 | 43,056 | ||||||
Comprehensive Income (Loss), Net of Tax, Attributable to Noncontrolling Interest | -3,243 | -859 | ||||||
Comprehensive income (loss) attributable to Titan | 32,024 | 43,915 | ||||||
Statement of Cash Flows [Abstract] | ||||||||
Acquisitions, net of cash acquired | 1,670 | 0 | ||||||
Payments to Acquire Equity Method Investments | 8,017 | |||||||
Proceeds from Insurance Settlement, Investing Activities | 2,879 | |||||||
Term loan borrowing | -4,378 | |||||||
Consolidation, Eliminations [Member] | ||||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||
Net Income (Loss) Attributable to Noncontrolling Interest | 0 | 0 | ||||||
Income Statement [Abstract] | ||||||||
Net sales | 0 | 0 | ||||||
Cost of Goods Sold | 0 | 0 | ||||||
Gross Profit | 0 | 0 | ||||||
Selling, General and Administrative Expense | 0 | 0 | ||||||
Research and Development Expense | 0 | 0 | ||||||
Royalty Expense | 0 | 0 | ||||||
Operating Income (Loss) | 0 | 0 | ||||||
Interest expense | 0 | 0 | ||||||
Interest Expense, Related Party | 0 | 0 | ||||||
Other income | 0 | 0 | ||||||
Income (loss) before income taxes | 0 | 0 | ||||||
Income Tax Expense (Benefit) | 0 | 0 | ||||||
Income (Loss) from Equity Method Investments | -18,841 | -26,822 | ||||||
Net income (loss) | -18,841 | -26,822 | ||||||
Net Income (Loss) Attributable to Noncontrolling Interest | 0 | 0 | ||||||
Net income attributable to Titan | -18,841 | -26,822 | ||||||
Comprehensive Income Statement [Abstract] | ||||||||
Net income (loss) | -18,841 | -26,822 | ||||||
Unrealized gain (loss) on investments, net of tax | 353 | |||||||
Currency translation adjustment, net | -854 | 1,247 | ||||||
Pension liability adjustments, net of tax | -969 | -836 | ||||||
Comprehensive Income (Loss) | -20,664 | -26,058 | ||||||
Comprehensive Income (Loss), Net of Tax, Attributable to Noncontrolling Interest | 0 | 0 | ||||||
Comprehensive income (loss) attributable to Titan | -20,664 | -26,058 | ||||||
Statement of Financial Position [Abstract] | ||||||||
Cash and Cash Equivalents, at Carrying Value | 0 | 0 | 0 | |||||
Accounts Receivable, Net, Current | 0 | 0 | 0 | |||||
Inventory, Net | 0 | 0 | 0 | |||||
Prepaid Expense, Deffered Income Taxes and Other Assets, Current | 0 | 0 | 0 | |||||
Assets, Current | 0 | 0 | 0 | |||||
Property, Plant and Equipment, Net | 0 | 0 | 0 | |||||
Equity Method Investments | -759,294 | -759,294 | -652,000 | |||||
Other Assets, Goodwill, Deferred Income Tax Asset, Noncurrent | 0 | 0 | 0 | |||||
Assets | -759,294 | -759,294 | -652,000 | |||||
Short-term debt | 0 | 0 | 0 | |||||
Accounts Payable, Current | 0 | 0 | 0 | |||||
Other current liabilities | 0 | 0 | 0 | |||||
Liabilities, Current | 0 | 0 | 0 | |||||
Long-term debt | 0 | 0 | 0 | |||||
Liabilities, Other than Long-term Debt, Noncurrent | 0 | 0 | 0 | |||||
Due to Related Parties | 0 | 0 | 0 | |||||
Stockholders' Equity Attributable to Parent | -759,294 | -759,294 | -652,000 | |||||
Stockholders' Equity Attributable to Noncontrolling Interest | 0 | 0 | 0 | |||||
Liabilities and Equity | -759,294 | -759,294 | -652,000 | |||||
Statement of Cash Flows [Abstract] | ||||||||
Cash and Cash Equivalents, at Carrying Value | 0 | 0 | 0 | |||||
Consolidation, Eliminations [Member] | 7.875% senior secured notes [Member] | ||||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||
Net Income (Loss) Attributable to Noncontrolling Interest | 0 | 0 | ||||||
Income Statement [Abstract] | ||||||||
Net sales | 0 | 0 | ||||||
Cost of Goods Sold | 0 | 0 | ||||||
Gross Profit | 0 | 0 | ||||||
Selling, General and Administrative Expense | 0 | 0 | ||||||
Research and Development Expense | 0 | 0 | ||||||
Royalty Expense | 0 | 0 | ||||||
Supply agreement termination income | 0 | |||||||
Operating Income (Loss) | 0 | 0 | ||||||
Interest expense | 0 | 0 | ||||||
Convertible debt conversion charge | 0 | |||||||
Gain on earthquake insurance recovery | 0 | |||||||
Other income | 0 | 0 | ||||||
Income (loss) before income taxes | 0 | 0 | ||||||
Income Tax Expense (Benefit) | 0 | 0 | ||||||
Income (Loss) from Equity Method Investments | -119,451 | -144,659 | ||||||
Net income (loss) | -119,451 | -144,659 | ||||||
Net Income (Loss) Attributable to Noncontrolling Interest | 0 | 0 | ||||||
Net income attributable to Titan | -119,451 | -144,659 | ||||||
Comprehensive Income Statement [Abstract] | ||||||||
Net income (loss) | -119,451 | -144,659 | ||||||
Unrealized gain (loss) on investments, net of tax | 3 | 16 | ||||||
Currency translation adjustment, net | 24,513 | 5,816 | ||||||
Pension liability adjustments, net of tax | -2,990 | -2,508 | ||||||
Comprehensive Income (Loss) | -97,925 | -141,335 | ||||||
Comprehensive Income (Loss), Net of Tax, Attributable to Noncontrolling Interest | 0 | 0 | ||||||
Comprehensive income (loss) attributable to Titan | ($97,925) | ($141,335) |
SUBSEQUENT_EVENT_Details
SUBSEQUENT EVENT (Details) (USD $) | 3 Months Ended | ||
Sep. 30, 2013 | Oct. 07, 2013 | Oct. 04, 2013 | |
Subsequent Event [Line Items] | |||
Business Acquisition, Percentage of Voting Interests Acquired | 85.00% | ||
Payments to Acquire Businesses, Net of Cash Acquired | $94,000,000 | ||
Noncontrolling Interest, Ownership Percentage by Parent | 30.00% | ||
Senior Notes | 543,100,000 | 400,000,000 | |
Debt Instrument, Interest Rate, Stated Percentage | 6.88% | ||
Early Repayment of Subordinated Debt | 387,300,000 | ||
Percentage of Early Settlement of Senior Secured Notes | 73.78% | ||
Debt Extinguishment Costs, Early Tender Premium | 18,000,000 | ||
Tender and Consent Premium | 64.5 | ||
Tender and Consent Premium, Base Principal, Amount | 1,000 | ||
Payments of Debt Extinguishment Costs | 4,000,000 | ||
Redemption Premium | 59.06 | ||
Redemption Premium, Base Principal, Amount | $1,000 | ||
7.875% senior secured notes [Member] | |||
Subsequent Event [Line Items] | |||
Debt Instrument, Interest Rate, Stated Percentage | 7.88% |