Document_and_Entitiy_Informati
Document and Entitiy Information | 6 Months Ended | |
Jun. 30, 2014 | Jul. 21, 2014 | |
Document Information [Line Items] | ' | ' |
Entity Registrant Name | 'TITAN INTERNATIONAL INC | ' |
Entity Central Index Key | '0000899751 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Large Accelerated Filer | ' |
Document Type | '10-Q | ' |
Document Period End Date | 30-Jun-14 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q2 | ' |
Amendment Flag | 'false | ' |
Entity Common Stock, Shares Outstanding | ' | 53,597,995 |
CONSOLIDATED_STATEMENTS_OF_OPE
CONSOLIDATED STATEMENTS OF OPERATIONS (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Net sales | $523,731 | $593,291 | $1,062,671 | $1,171,678 |
Cost of sales | 466,374 | 506,636 | 950,764 | 988,272 |
Mining asset impairment and inventory writedown | 34,797 | 0 | 34,797 | 0 |
Gross profit | 22,560 | 86,655 | 77,110 | 183,406 |
Selling, general & administrative expenses | 45,008 | 43,653 | 91,843 | 86,096 |
Research and development expenses | 3,189 | 2,801 | 6,899 | 5,503 |
Royalty expense | 3,830 | 3,295 | 7,571 | 7,018 |
Income (loss) from operations | -29,467 | 36,906 | -29,203 | 84,789 |
Interest expense | -8,926 | -13,069 | -18,185 | -23,510 |
Convertible debt conversion charge | 0 | 0 | 0 | -7,273 |
Gain on earthquake insurance recovery | 0 | 22,451 | 0 | 22,451 |
Other income (expense) | 6,335 | -2,429 | 6,851 | -1,010 |
Income (loss) before income taxes | -32,058 | 43,859 | -40,537 | 75,447 |
Provision (benefit) for income taxes | -7,167 | 21,003 | -10,518 | 33,202 |
Net income (loss) | -24,891 | 22,856 | -30,019 | 42,245 |
Net loss attributable to noncontrolling interests | -4,380 | -361 | -11,671 | -447 |
Net income (loss) attributable to Titan | ($20,511) | $23,217 | ($18,348) | $42,692 |
Earnings (loss) per common share: | ' | ' | ' | ' |
Basic (in dollars per share) | ($0.38) | $0.43 | ($0.34) | $0.81 |
Diluted (in dollars per share) | ($0.38) | $0.40 | ($0.34) | $0.74 |
Average common shares outstanding: | ' | ' | ' | ' |
Basic (in shares) | 53,486 | 53,426 | 53,478 | 52,625 |
Diluted (in shares) | 53,486 | 59,504 | 53,478 | 59,527 |
Dividends declared per common share: | $0.01 | $0.01 | $0.01 | $0.01 |
CONSOLIDATED_STATEMENTS_OF_COM
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Net income (loss) | ($24,891) | $22,856 | ($30,019) | $42,245 |
Unrealized gain (loss) on investments, net of tax of $0 and $0, respectively | ' | ' | 0 | -3 |
Currency translation adjustment, net | 7,826 | -25,171 | 8,214 | -25,367 |
Pension liability adjustments, net of tax of $123, $586, $506 and $1,113 respectively | 28 | 1,070 | 745 | 2,021 |
Comprehensive income (loss) | -17,037 | -1,245 | -21,060 | 18,896 |
Net comprehensive (loss), attributable to noncontrolling interests | -1,062 | -3,167 | -13,245 | -3,158 |
Comprehensive income (loss) attributable to Titan | ($15,975) | $1,922 | ($7,815) | $22,054 |
CONSOLIDATED_STATEMENTS_OF_COM1
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Statement of Comprehensive Income [Abstract] | ' | ' | ' | ' |
Unrealized gain (loss) on investments, tax | $0 | $0 | $0 | $0 |
Pension liability adjustments, tax | $123 | $586 | $506 | $1,113 |
CONSOLIDATED_BALANCE_SHEETS
CONSOLIDATED BALANCE SHEETS (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Current assets | ' | ' |
Cash and cash equivalents | $162,954 | $189,360 |
Restricted cash | 0 | 14,268 |
Accounts receivable, net | 302,504 | 263,053 |
Inventories | 386,700 | 384,920 |
Deferred income taxes | 41,707 | 41,931 |
Prepaid and other current assets | 80,552 | 114,346 |
Total current assets | 974,417 | 1,007,878 |
Property, plant and equipment, net | 604,017 | 638,807 |
Goodwill | 42,899 | 42,075 |
Deferred income taxes | 6,837 | 2,772 |
Other assets | 134,340 | 129,699 |
Total assets | 1,762,510 | 1,821,231 |
Current liabilities | ' | ' |
Short-term debt | 26,498 | 75,061 |
Accounts payable | 200,548 | 176,719 |
Deferred income taxes | 4,084 | 3,525 |
Other current liabilities | 139,463 | 131,266 |
Total current liabilities | 370,593 | 386,571 |
Long-term debt | 501,468 | 497,694 |
Deferred income taxes | 48,706 | 60,985 |
Other long-term liabilities | 76,127 | 77,945 |
Total liabilities | 996,894 | 1,023,195 |
Titan stockholders' equity | ' | ' |
Common stock (no par, 120,000,000 shares authorized, 55,253,092 issued) | 0 | 0 |
Additional paid-in capital | 560,916 | 558,637 |
Retained earnings | 188,657 | 207,541 |
Treasury stock (at cost, 1,665,188 and 1,692,220 shares, respectively) | -15,343 | -15,586 |
Treasury stock reserved for deferred compensation | -1,075 | -1,075 |
Accumulated other comprehensive loss | -52,414 | -61,794 |
Total Titan stockholders' equity | 680,741 | 687,723 |
Noncontrolling interests | 84,875 | 110,313 |
Total equity | 765,616 | 798,036 |
Total liabilities and equity | $1,762,510 | $1,821,231 |
CONSOLIDATED_BALANCE_SHEETS_Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
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 | 55,253,092 |
Treasury Stock, shares (in shares) | 1,665,188 | 1,692,220 |
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, 2013 | $798,036 | ' | $558,637 | $207,541 | ($15,586) | ($1,075) | ($61,794) | $687,723 | $110,313 |
Balance, Beginning (in shares) at Dec. 31, 2013 | ' | 53,560,872 | ' | ' | ' | ' | ' | ' | ' |
Net loss | -30,019 | ' | ' | -18,348 | ' | ' | ' | -18,348 | -11,671 |
Currency translation adjustment | 8,214 | ' | ' | ' | ' | ' | 9,788 | 9,788 | -1,574 |
Pension liability adjustments, net of tax | 745 | ' | ' | ' | ' | ' | 745 | 745 | ' |
Dividends on common stock | -536 | ' | ' | -536 | ' | ' | ' | -536 | ' |
Exercise of stock options | 141 | ' | 60 | ' | 81 | ' | ' | 141 | ' |
Exercise of stock options (in shares) | ' | 8,971 | ' | ' | ' | ' | ' | ' | ' |
Acquisition of additional interest | -13,395 | ' | -49 | ' | ' | ' | -1,153 | -1,202 | -12,193 |
Stock-based compensation | 2,143 | ' | 2,143 | ' | ' | ' | ' | 2,143 | ' |
Tax benefit related to stock-based compensation | -45 | ' | -45 | ' | ' | ' | ' | -45 | ' |
Issuance of treasury stock under 401(k) plan | 332 | ' | 170 | ' | 162 | ' | ' | 332 | ' |
Issuance of treasury stock under 401(k) plan (in shares) | ' | 18,061 | ' | ' | ' | ' | ' | ' | ' |
Balance, Ending at Jun. 30, 2014 | $765,616 | ' | $560,916 | $188,657 | ($15,343) | ($1,075) | ($52,414) | $680,741 | $84,875 |
Balance, Ending (in shares) at Jun. 30, 2014 | ' | 53,587,904 | ' | ' | ' | ' | ' | ' | ' |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 6 Months Ended | |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
Cash flows from operating activities: | ' | ' |
Net income (loss) | ($30,019) | $42,245 |
Adjustments to reconcile net income to net cash provided by (used for) operating activities: | ' | ' |
Depreciation and amortization | 46,815 | 40,031 |
Amortization of debt premium | 0 | -1,202 |
Mining asset impairment | 23,242 | 0 |
Mining inventory writedown | 11,555 | 0 |
Deferred income tax provision | -18,269 | 9,213 |
Convertible debt conversion charge | 0 | 7,273 |
Gain on earthquake insurance recovery | 0 | -22,451 |
Stock-based compensation | 2,143 | 2,800 |
Excess tax benefit from stock options exercised | 45 | 42 |
Insurance proceeds | 0 | 35,808 |
Issuance of treasury stock under 401(k) plan | 332 | 326 |
(Increase) decrease in assets: | ' | ' |
Accounts receivable | -28,989 | -48,349 |
Inventories | -3,046 | -14,599 |
Prepaid and other current assets | 36,061 | -15,634 |
Other assets | -4,050 | 4,818 |
Increase (decrease) in liabilities: | ' | ' |
Accounts payable | 15,017 | 42,014 |
Other current liabilities | 4,937 | -402 |
Other liabilities | -12,719 | 4,677 |
Net cash provided by operating activities | 43,055 | 86,610 |
Cash flows from investing activities: | ' | ' |
Capital expenditures | -30,883 | -36,068 |
Acquisition of additional interest | -13,395 | -1,671 |
Additional equity investment in Wheels India | 0 | -8,017 |
Decrease in restricted cash deposits | 14,268 | 0 |
Insurance proceeds | 0 | 2,879 |
Other | 3,241 | 179 |
Net cash used for investing activities | -26,769 | -42,698 |
Cash flows from financing activities: | ' | ' |
Proceeds from borrowings | 0 | 345,313 |
Payment on debt | -53,393 | -155,082 |
Term loan borrowing | 6,217 | 25,157 |
Convertible note conversion | 0 | -14,090 |
Proceeds from exercise of stock options | 141 | 841 |
Excess tax benefit from stock options exercised | -45 | -42 |
Payment of financing fees | -33 | -5,452 |
Dividends paid | -536 | -511 |
Net cash provided by (used for) financing activities | -47,649 | 196,134 |
Effect of exchange rate changes on cash | 4,957 | -4,773 |
Net increase (decrease) in cash and cash equivalents | -26,406 | 235,273 |
Cash and cash equivalents, beginning of period | 189,360 | 189,114 |
Cash and cash equivalents, end of period | 162,954 | 424,387 |
Supplemental Cash Flow Information [Abstract] | ' | ' |
Interest paid | 20,695 | 16,375 |
Income taxes paid | 6,454 | 37,207 |
Cash Flow, Noncash Investing and Financing Activities Disclosure [Abstract] | ' | ' |
Issuance of common stock for convertible debt payment | $0 | $45,903 |
ACCOUNTING_POLICIES
ACCOUNTING POLICIES | 6 Months Ended |
Jun. 30, 2014 | |
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 June 30, 2014, and the results of operations and cash flows for the three and six months ended June 30, 2014 and 2013. | |
Accounting policies have continued without significant change and are described in the Description of Business and Significant Accounting Policies contained in the Company's 2013 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 2013 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 6.875% senior secured notes due 2020 (senior secured notes due 2020) and 5.625% convertible senior subordinated notes due 2017 (convertible notes) are carried at cost of $400.0 million and $60.2 million at June 30, 2014, respectively. The fair value of the senior secured notes due 2020 at June 30, 2014, as obtained through an independent pricing source, was approximately $408.0 million. | |
Cash dividends | |
The Company declared cash dividends of $.005 and $0.010 per share of common stock for each of the three and six months ended June 30, 2014, and 2013. The second quarter 2014 cash dividend of $.005 per share of common stock was paid July 15, 2014, to stockholders of record on June 30, 2014. | |
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. |
MINING_ASSET_IMPAIRMENT_AND_IN
MINING ASSET IMPAIRMENT AND INVENTORY WRITEDOWN (Notes) | 6 Months Ended |
Jun. 30, 2013 | |
MINING ASSET IMPAIRMENT AND INVENTORY WRITEDOWN [Abstract] | ' |
Property, Plant and Equipment, Impairment [Policy Text Block] | ' |
MINING ASSET IMPAIRMENT AND INVENTORY WRITEDOWN | |
In the second quarter of 2014, the Company recorded an asset impairment and inventory writedown of $23.2 million and $11.6 million, respectively. The impairment was recorded on machinery, equipment and molds used to produce giant mining tires. Mining products are included in the Company's earthmoving/construction segment. In the second quarter of 2014, several large mining equipment manufacturers significantly decreased their sales forecast for mining equipment. The Company's sales of mining product were deteriorating at an accelerated pace. Therefore, the company tested mining related assets for impairment in the second quarter of 2014. The fair value of the mining equipment was determined using a cost and market approach. The inventory writedown was to adjust the value of mining product inventory to estimated market value. |
ACQUISITIONS
ACQUISITIONS | 6 Months Ended | |||||||||||
Jun. 30, 2014 | ||||||||||||
Business Combinations [Abstract] | ' | |||||||||||
ACQUISITIONS | ' | |||||||||||
ACQUISITIONS | ||||||||||||
Acquisition of Voltyre-Prom | ||||||||||||
On October 4, 2013, Titan in partnership with One Equity Partners (OEP) and the Russian Direct Investment Fund (RDIF) closed the acquisition of an 85% interest in Voltyre-Prom, a leading producer of agricultural and industrial tires in Volgograd, Russia, for approximately $94.1 million, which includes the assumption of debt. Titan is acting as operating partner with responsibility for Voltyre-Prom's daily operations on behalf of the consortium of which Titan holds a 30% interest. This acquisition expanded Titan's footprint into the Commonwealth of Independent States (CIS) region. The fair value of the consideration transferred and noncontrolling interests exceeded the fair value of the identified assets acquired less liabilities assumed. Therefore, goodwill of $21.0 million was recorded on the transaction, which is not expected to be deductible for tax purposes. An initial noncontrolling interest of $14.5 million, representing the 15% not owned by the partnership, was recorded at the acquisition date. In the first half of 2014, the partnership of Titan, OEP, and RDIF purchased an additional 15% to bring the total Voltyre-Prom ownership to 100%. The Company continues to evaluate the preliminary purchase price allocation, primarily the value of certain deferred taxes and goodwill, and may revise the purchase price allocation in future periods as these estimates are finalized. | ||||||||||||
The purchase price allocation of the Voltyre-Prom acquisition consisted of the following (amounts in thousands): | ||||||||||||
Acquisition | Additional | |||||||||||
Date | Purchases | Total | ||||||||||
Cash | $ | 80 | $ | — | $ | 80 | ||||||
Accounts receivable | 5,596 | — | 5,596 | |||||||||
Inventories | 3,807 | — | 3,807 | |||||||||
Deferred income taxes - current asset | 253 | — | 253 | |||||||||
Prepaid & other current assets | 1,881 | — | 1,881 | |||||||||
Goodwill | 21,002 | — | 21,002 | |||||||||
Property, plant & equipment | 79,255 | — | 79,255 | |||||||||
Other assets | 17,615 | — | 17,615 | |||||||||
Accounts payable | (715 | ) | — | (715 | ) | |||||||
Other current liabilities | (4,152 | ) | — | (4,152 | ) | |||||||
Deferred income taxes - noncurrent liability | (15,989 | ) | — | (15,989 | ) | |||||||
Noncontrolling interests | (14,542 | ) | 13,395 | (1,147 | ) | |||||||
Net assets acquired | $ | 94,091 | $ | 13,395 | $ | 107,486 | ||||||
RESTRICTED_CASH_Notes
RESTRICTED CASH (Notes) | 6 Months Ended | |||||||
Jun. 30, 2014 | ||||||||
Restricted Cash and Cash Equivalents Items [Line Items] | ' | |||||||
Restricted Assets Disclosure [Text Block] | ' | |||||||
RESTRICTED CASH | ||||||||
Restricted cash consisted of the following (amounts in thousands): | ||||||||
June 30, | 31-Dec-13 | |||||||
2014 | ||||||||
Restricted cash | $ | — | $ | 14,268 | ||||
At December 31, 2013, the Company had restricted cash of $14.3 million. This restricted cash was on deposit for the purchase of the remaining 15% of Voltyre-Prom. In the first half of 2014, the partnership of Titan, OEP, and RDIF purchased an additional 15% to bring the total Voltyre-Prom ownership to 100%. See note 3 for additional information. |
ACCOUNTS_RECEIVABLE
ACCOUNTS RECEIVABLE | 6 Months Ended | |||||||
Jun. 30, 2014 | ||||||||
Receivables [Abstract] | ' | |||||||
ACCOUNTS RECEIVABLE | ' | |||||||
ACCOUNTS RECEIVABLE | ||||||||
Accounts receivable consisted of the following (amounts in thousands): | ||||||||
June 30, | December 31, | |||||||
2014 | 2013 | |||||||
Accounts receivable | $ | 308,608 | $ | 268,340 | ||||
Allowance for doubtful accounts | (6,104 | ) | (5,287 | ) | ||||
Accounts receivable, net | $ | 302,504 | $ | 263,053 | ||||
Accounts receivable are reduced by an allowance for doubtful accounts which is based on historical losses. |
INVENTORIES
INVENTORIES | 6 Months Ended | |||||||
Jun. 30, 2014 | ||||||||
Inventory Disclosure [Abstract] | ' | |||||||
Inventory Disclosure [Text Block] | ' | |||||||
INVENTORIES | ||||||||
Inventories consisted of the following (amounts in thousands): | ||||||||
June 30, | December 31, | |||||||
2014 | 2013 | |||||||
Raw material | $ | 130,617 | $ | 130,403 | ||||
Work-in-process | 53,962 | 54,190 | ||||||
Finished goods | 211,137 | 208,821 | ||||||
395,716 | 393,414 | |||||||
Adjustment to LIFO basis | (9,016 | ) | (8,494 | ) | ||||
$ | 386,700 | $ | 384,920 | |||||
At June 30, 2014, approximately 11% of the Company's inventories were valued under the last-in, first-out (LIFO) method. At December 31, 2013, approximately 12% 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. See note 2 for additional information on the mining inventory writedown of $11.6 million recorded in the second quarter of 2014. |
PROPERTY_PLANT_AND_EQUIPMENT_N
PROPERTY, PLANT AND EQUIPMENT, NET | 6 Months Ended | |||||||
Jun. 30, 2014 | ||||||||
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): | ||||||||
June 30, | 31-Dec-13 | |||||||
2014 | ||||||||
Land and improvements | $ | 68,806 | $ | 67,243 | ||||
Buildings and improvements | 243,602 | 242,261 | ||||||
Machinery and equipment | 589,188 | 617,709 | ||||||
Tools, dies and molds | 106,816 | 112,997 | ||||||
Construction-in-process | 51,128 | 42,539 | ||||||
1,059,540 | 1,082,749 | |||||||
Less accumulated depreciation | (455,523 | ) | (443,942 | ) | ||||
$ | 604,017 | $ | 638,807 | |||||
Depreciation on fixed assets for the six months ended June 30, 2014 and 2013, totaled $43.8 million and $37.8 million, respectively. | ||||||||
Included in the total building and improvements are capital leases of $5.8 million and $4.6 million at June 30, 2014, and December 31, 2013, respectively. Included in the total of machinery and equipment are capital leases of $49.8 million and $40.6 million at June 30, 2014, and December 31, 2013, respectively. Included in total tools, dies and molds are capital leases of $0.2 million at June 30, 2014. See note 2 for additional information on the mining asset impairment of $23.2 million recorded in the second quarter of 2014. |
GOODWILL
GOODWILL | 6 Months Ended | |||||||||||||||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||||||||||||||
GOODWILL [Abstract] | ' | |||||||||||||||||||||||||||||||
Goodwill Disclosure [Text Block] | ' | |||||||||||||||||||||||||||||||
GOODWILL AND INTANGIBLE ASSETS | ||||||||||||||||||||||||||||||||
Changes in goodwill consisted of the following (amounts in thousands): | ||||||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||||||
Earthmoving/ | Earthmoving/ | |||||||||||||||||||||||||||||||
Agricultural | Construction | Consumer | Agricultural | Construction | Consumer | |||||||||||||||||||||||||||
Segment | Segment | Segment | Total | Segment | Segment | Segment | Total | |||||||||||||||||||||||||
Goodwill, January 1 | $ | 24,540 | $ | 14,898 | $ | 2,637 | $ | 42,075 | $ | 11,522 | $ | 13,419 | $ | — | $ | 24,941 | ||||||||||||||||
Foreign currency translation | 252 | 642 | (70 | ) | 824 | (993 | ) | (1,605 | ) | — | (2,598 | ) | ||||||||||||||||||||
Goodwill, June 30 | $ | 24,792 | $ | 15,540 | $ | 2,567 | $ | 42,899 | $ | 10,529 | $ | 11,814 | $ | — | $ | 22,343 | ||||||||||||||||
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. In the second quarter of 2014, several large mining equipment manufacturers significantly decreased their sales forecast for mining equipment. The Company's sales of mining product were deteriorating at an accelerated pace. Therefore, related to the earthmoving/construction segment, the Company reviewed $12.2 million of Australia goodwill for impairment in the second quarter of 2014. The recoverability of the goodwill was evaluated by estimating future discounted cash flows. In determining the estimated future cash flows, the Company considered current and projected future levels of income as well as business trends and economic conditions. Impairment was not identified. However, the calculated excess value was less than 10% and there may be potential risk of future impairment if cash flows or other estimates would change. | ||||||||||||||||||||||||||||||||
The components of intangible assets consisted of the following (amounts in thousands): | ||||||||||||||||||||||||||||||||
Weighted- Average Useful Lives (in Years) | June 30, | 31-Dec-13 | ||||||||||||||||||||||||||||||
2014 | ||||||||||||||||||||||||||||||||
Amortizable intangible assets: | ||||||||||||||||||||||||||||||||
Customer relationships | 13.1 | 17,248 | 16,659 | |||||||||||||||||||||||||||||
Patents, trademarks and other | 6.3 | 20,148 | 20,561 | |||||||||||||||||||||||||||||
Total at cost | 37,396 | 37,220 | ||||||||||||||||||||||||||||||
Less accumulated amortization | (6,544 | ) | (4,607 | ) | ||||||||||||||||||||||||||||
30,852 | 32,613 | |||||||||||||||||||||||||||||||
Amortization related to intangible assets for the six months ended June 30, 2014 and 2013, totaled $2.2 million and $1.2 million, respectively. Intangible assets are included as a component of other assets in the consolidated condensed balance sheet. | ||||||||||||||||||||||||||||||||
The estimated aggregate amortization expense at June 30, 2014, is as follows (amounts in thousands): | ||||||||||||||||||||||||||||||||
July 1 - December 31, 2014 | $ | 2,306 | ||||||||||||||||||||||||||||||
2015 | 4,219 | |||||||||||||||||||||||||||||||
2016 | 3,371 | |||||||||||||||||||||||||||||||
2017 | 3,196 | |||||||||||||||||||||||||||||||
2018 | 3,196 | |||||||||||||||||||||||||||||||
Thereafter | 14,564 | |||||||||||||||||||||||||||||||
$ | 30,852 | |||||||||||||||||||||||||||||||
WARRANTY
WARRANTY | 6 Months Ended | |||||||
Jun. 30, 2014 | ||||||||
Product Warranties Disclosures [Abstract] | ' | |||||||
WARRANTY COSTS | ' | |||||||
WARRANTY | ||||||||
Changes in the warranty liability consisted of the following (amounts in thousands): | ||||||||
2014 | 2013 | |||||||
Warranty liability, January 1 | $ | 33,134 | $ | 27,482 | ||||
Provision for warranty liabilities | 9,422 | 24,078 | ||||||
Warranty payments made | (9,975 | ) | (17,079 | ) | ||||
Warranty liability, June 30 | $ | 32,581 | $ | 34,481 | ||||
The Company provides limited warranties on workmanship of 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 | 6 Months Ended | |||||||
Jun. 30, 2014 | ||||||||
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): | ||||||||
June 30, | December 31, | |||||||
2014 | 2013 | |||||||
6.875% senior secured notes due 2020 | $ | 400,000 | $ | 400,000 | ||||
5.625% convertible senior subordinated notes due 2017 | 60,161 | 60,161 | ||||||
Titan Europe credit facilities | 38,503 | 41,687 | ||||||
Other debt | 26,279 | 67,541 | ||||||
Capital leases | 3,023 | 3,366 | ||||||
527,966 | 572,755 | |||||||
Less amounts due within one year | 26,498 | 75,061 | ||||||
$ | 501,468 | $ | 497,694 | |||||
Aggregate maturities of long-term debt at June 30, 2014, were as follows (amounts in thousands): | ||||||||
July 1 - December 31, 2014 | $ | 26,012 | ||||||
2015 | 17,123 | |||||||
2016 | 20,906 | |||||||
2017 | 61,025 | |||||||
2018 | 656 | |||||||
Thereafter | 402,244 | |||||||
$ | 527,966 | |||||||
6.875% senior secured notes due 2020 | ||||||||
The Company’s 6.875% senior secured notes (senior secured notes due 2020) are due October 2020. 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 due 2020 outstanding balance was $400.0 million at June 30, 2014. | ||||||||
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 June 30, 2014. | ||||||||
Titan Europe credit facilities | ||||||||
The Titan Europe credit facilities contain borrowings from various institutions totaling $38.5 million at June 30, 2014. Maturity dates on this debt range from less than one year to ten years and interest rates range from 5% to 6.9%. The European facilities are secured by the assets of select European subsidiaries. | ||||||||
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 six months of 2014 and at June 30, 2014, there were no borrowings under the credit facility. | ||||||||
Other debt | ||||||||
Brazil Other Debt | ||||||||
Titan Brazil has working capital loans for the Sao Paulo, Brazil manufacturing facility totaling $15.7 million at June 30, 2014. | ||||||||
Australia Capital Leases | ||||||||
Titan National Australia Holdings has capital leases totaling $1.2 million at June 30, 2014. | ||||||||
Titan Europe Other Debt | ||||||||
Titan Europe has overdraft facilities totaling $9.7 million at June 30, 2014. | ||||||||
Titan Europe Capital Leases | ||||||||
Titan Europe has capital lease obligations totaling $1.9 million at June 30, 2014. | ||||||||
Russia Other Debt | ||||||||
Voltyre-Prom has working capital loans for the Volgograd, Russia manufacturing facility totaling $0.9 million at June 30, 2014. |
LEASE_COMMITMENTS
LEASE COMMITMENTS | 6 Months Ended | |||
Jun. 30, 2014 | ||||
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 June 30, 2014, future minimum rental commitments under noncancellable operating leases with initial terms of at least one year were as follows (amounts in thousands): | ||||
July 1 - December 31, 2014 | $ | 4,786 | ||
2015 | 5,734 | |||
2016 | 5,567 | |||
2017 | 3,621 | |||
2018 | 2,355 | |||
Thereafter | 2,893 | |||
Total future minimum lease payments | $ | 24,956 | ||
At June 30, 2014, the Company had assets held as capital leases with a net book value of $10.7 million included in property, plant and equipment. Total future capital lease obligations relating to these leases are as follows (amounts in thousands): | ||||
July 1 - December 31, 2014 | $ | 797 | ||
2015 | 1,129 | |||
2016 | 693 | |||
2017 | 247 | |||
2018 | 82 | |||
Thereafter | 75 | |||
Total future capital lease obligation payments | 3,023 | |||
Less amount representing interest | (101 | ) | ||
Present value of future capital lease obligation payments | $ | 2,922 | ||
EMPLOYEE_BENEFIT_PLANS
EMPLOYEE BENEFIT PLANS | 6 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
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 $2.3 million to the pension plans during the six months ended June 30, 2014 and expects to contribute approximately $3.6 million to the pension plans during the remainder of 2014. | ||||||||||||||||
The components of net periodic pension cost consisted of the following (amounts in thousands): | ||||||||||||||||
Three months ended | Six months ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Service cost | $ | 193 | $ | 214 | $ | 402 | $ | 386 | ||||||||
Interest cost | 1,426 | 1,350 | 2,847 | 2,704 | ||||||||||||
Expected return on assets | (1,501 | ) | (1,396 | ) | (3,003 | ) | (2,792 | ) | ||||||||
Amortization of unrecognized prior service cost | 34 | 34 | 68 | 68 | ||||||||||||
Amortization of net unrecognized loss | 758 | 1,317 | 1,516 | 2,635 | ||||||||||||
Net periodic pension cost | $ | 910 | $ | 1,519 | $ | 1,830 | $ | 3,001 | ||||||||
VARIABLE_INTEREST_ENTITIES_Not
VARIABLE INTEREST ENTITIES (Notes) | 6 Months Ended | |||||||
Jun. 30, 2014 | ||||||||
VARIABLE INTEREST ENTITIES [Abstract] | ' | |||||||
Variable Interest Entities Disclosure [Text Block] | ' | |||||||
VARIABLE INTEREST ENTITIES | ||||||||
The Company holds a variable interest in three joint ventures for which the Company is the primary beneficiary. Two of the joint ventures operate distribution facilities which primarily distribute mining products. One of these facilities is located in Canada and the other is located in Australia. The Company’s variable interest in these joint ventures relates to sales of Titan product to these entities, consigned inventory and working capital loans. The third joint venture is the consortium which owns Voltyre-Prom, a leading producer of agricultural and industrial tires in Volgograd, Russia. Titan is acting as operating partner with responsibility for Voltyre-Prom’s daily operations. The Company has also provided working capital loans to Voltyre-Prom. | ||||||||
As the primary beneficiary of these variable interest entities (VIEs), the entities’ assets, liabilities and results of operations are included in the Company’s consolidated financial statements. The other equity holders’ interests are reflected in “Net loss attributable to noncontrolling interests” in the consolidated condensed statements of operations and “Noncontrolling interests” in the consolidated condensed balance sheets. | ||||||||
The following table summarizes the carrying amount of the entities’ assets and liabilities included in the Company’s consolidated condensed balance sheets at June 30, 2014 and December 31, 2013 (amounts in thousands): | ||||||||
June 30, | December 31, 2013 | |||||||
2014 | ||||||||
Cash and cash equivalents | $ | 11,784 | $ | 17,106 | ||||
Inventory | 21,958 | 33,406 | ||||||
Other current assets | 18,950 | 17,000 | ||||||
Goodwill | 20,020 | 20,601 | ||||||
Property, plant and equipment, net | 66,492 | 76,060 | ||||||
Other noncurrent assets | 15,052 | 16,673 | ||||||
Total assets | 154,256 | 180,846 | ||||||
Current liabilities | 15,663 | 23,816 | ||||||
Noncurrent liabilities | 13,576 | 15,818 | ||||||
Total liabilities | 29,239 | 39,634 | ||||||
All assets in the above table can only be used to settle obligations of the consolidated VIE. Liabilities are nonrecourse obligations. Amounts presented in the table above are adjusted for intercompany eliminations. |
ROYALTY_EXPENSE
ROYALTY EXPENSE | 6 Months Ended |
Jun. 30, 2014 | |
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 $3.8 million and $3.3 million for the quarters ended June 30, 2014 and 2013, respectively. Royalty expenses were $7.6 million and $7.0 million for the six months ended June 30, 2014 and 2013, respectively. |
OTHER_INCOME
OTHER INCOME | 6 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
Other Income and Expenses [Abstract] | ' | |||||||||||||||
OTHER INCOME, NET | ' | |||||||||||||||
OTHER INCOME (EXPENSE) | ||||||||||||||||
Other income (expense) consisted of the following (amounts in thousands): | ||||||||||||||||
Three months ended | Six months ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Currency exchange gain (loss) | $ | 3,747 | $ | (6,111 | ) | $ | 2,050 | $ | (6,654 | ) | ||||||
Other income | 787 | 681 | 1,250 | 1,331 | ||||||||||||
Discount amortization on prepaid royalty | 756 | 787 | 1,530 | 1,703 | ||||||||||||
Wheels India Limited equity income | 532 | 460 | 950 | 275 | ||||||||||||
Interest income | 288 | 1,530 | 640 | 1,931 | ||||||||||||
Building rental income | 225 | 224 | 431 | 404 | ||||||||||||
$ | 6,335 | $ | (2,429 | ) | $ | 6,851 | $ | (1,010 | ) | |||||||
The Company's investment in Wheels India Limited decreased from 41.7% to 34.2% during the first quarter of 2014 due to an equity offering by Wheels India Limited. |
GAIN_ON_EARTHQUAKE_INSURANCE_R
GAIN ON EARTHQUAKE INSURANCE RECOVERY (Notes) | 6 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
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 | Six months ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Gain on earthquake insurance recovery | $ | — | $ | 22,451 | $ | — | $ | 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 U.S. 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. |
INCOME_TAXES
INCOME TAXES | 6 Months Ended |
Jun. 30, 2014 | |
Income Tax Disclosure [Abstract] | ' |
INCOME TAXES | ' |
INCOME TAXES | |
The Company recorded income tax benefit of $(7.2) million and $(10.5) million for the three and six months ended June 30, 2014, respectively, as compared to income tax expense of $21.0 million and $33.2 million for the three and six months ended June 30, 2013. The Company's effective income tax rate was 26% and 44% for the six months ended June 30, 2014 and 2013, respectively. | |
The Company's 2014 income tax benefit 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 state income tax expense, unrecognized tax benefits, foreign earnings, and domestic production activities deduction. | |
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 state income tax expense, expense for unrecognized tax benefits, foreign earnings, domestic production activities deduction, and tax deductible expenses related to the convertible bond repurchase. |
EARNINGS_PER_SHARE
EARNINGS PER SHARE | 6 Months Ended | |||||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||||
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 | ||||||||||||||||||||||
June 30, 2014 | June 30, 2013 | |||||||||||||||||||||
Titan Net loss | Weighted- | Per share | Titan Net income | Weighted- | Per share | |||||||||||||||||
average shares | amount | average shares | amount | |||||||||||||||||||
Basic earnings per share | $ | (20,511 | ) | 53,486 | $ | (0.38 | ) | $ | 23,217 | 53,426 | $ | 0.43 | ||||||||||
Effect of stock options/trusts | — | — | — | 280 | ||||||||||||||||||
Effect of convertible notes | — | — | 609 | 5,798 | ||||||||||||||||||
Diluted earnings per share | $ | (20,511 | ) | 53,486 | $ | (0.38 | ) | $ | 23,826 | 59,504 | $ | 0.4 | ||||||||||
Six months ended | ||||||||||||||||||||||
June 30, 2014 | June 30, 2013 | |||||||||||||||||||||
Titan Net income | Weighted- | Per share | Titan Net income | Weighted- | Per share | |||||||||||||||||
average shares | amount | average shares | amount | |||||||||||||||||||
Basic earnings per share | $ | (18,348 | ) | 53,478 | $ | (0.34 | ) | $ | 42,692 | 52,625 | $ | 0.81 | ||||||||||
Effect of stock options/trusts | — | — | — | 290 | ||||||||||||||||||
Effect of convertible notes | — | — | 1,381 | 6,612 | ||||||||||||||||||
Diluted earnings per share | $ | (18,348 | ) | 53,478 | $ | (0.34 | ) | $ | 44,073 | 59,527 | $ | 0.74 | ||||||||||
The effect of stock options/trusts has been excluded for the three and six months ended June 30, 2014, as the effect would have been antidilutive. The weighted average share amount excluded was 0.3 million shares. | ||||||||||||||||||||||
The effect of convertible notes has been excluded for the three months and six months ended June 30, 2014, as the effect would have been antidilutive. The weighted average share amount excluded was 5.8 million shares. |
LITIGATION
LITIGATION | 6 Months Ended |
Jun. 30, 2014 | |
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 | 6 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||
Segment information | ' | |||||||||||||||
SEGMENT INFORMATION | ||||||||||||||||
The table below presents information about certain operating results of segments as reviewed by the chief executive officer of the Company for the three and six months ended June 30, 2014 and 2013 (amounts in thousands): | ||||||||||||||||
Three months ended | Six months ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Revenues from external customers | ||||||||||||||||
Agricultural | $ | 285,274 | $ | 323,943 | $ | 602,440 | $ | 634,496 | ||||||||
Earthmoving/construction | 163,961 | 208,226 | 316,901 | 417,842 | ||||||||||||
Consumer | 74,496 | 61,122 | 143,330 | 119,340 | ||||||||||||
$ | 523,731 | $ | 593,291 | $ | 1,062,671 | $ | 1,171,678 | |||||||||
Gross profit | ||||||||||||||||
Agricultural | $ | 42,517 | $ | 56,150 | $ | 89,782 | $ | 110,220 | ||||||||
Earthmoving/construction | (23,255 | ) | 26,820 | (19,457 | ) | 64,315 | ||||||||||
Consumer | 4,114 | 4,331 | 8,196 | 10,478 | ||||||||||||
Unallocated corporate | (816 | ) | (646 | ) | (1,411 | ) | (1,607 | ) | ||||||||
$ | 22,560 | $ | 86,655 | $ | 77,110 | $ | 183,406 | |||||||||
Income (loss) from operations | ||||||||||||||||
Agricultural | $ | 28,078 | $ | 45,686 | $ | 58,619 | $ | 87,301 | ||||||||
Earthmoving/construction | (38,235 | ) | 8,519 | (49,329 | ) | 29,198 | ||||||||||
Consumer | (1,814 | ) | 1,027 | (3,374 | ) | 4,169 | ||||||||||
Unallocated corporate | (17,496 | ) | (18,326 | ) | (35,119 | ) | (35,879 | ) | ||||||||
Income (loss) from operations | (29,467 | ) | 36,906 | (29,203 | ) | 84,789 | ||||||||||
Interest expense | (8,926 | ) | (13,069 | ) | (18,185 | ) | (23,510 | ) | ||||||||
Convertible debt conversion charge | — | — | — | (7,273 | ) | |||||||||||
Gain on earthquake insurance recovery | — | 22,451 | — | 22,451 | ||||||||||||
Other income (expense), net | 6,335 | (2,429 | ) | 6,851 | (1,010 | ) | ||||||||||
Income (loss) before income taxes | $ | (32,058 | ) | $ | 43,859 | $ | (40,537 | ) | $ | 75,447 | ||||||
Assets by segment were as follows (amounts in thousands): | ||||||||||||||||
June 30, | December 31, | |||||||||||||||
2014 | 2013 | |||||||||||||||
Total assets | ||||||||||||||||
Agricultural | $ | 698,041 | $ | 725,032 | ||||||||||||
Earthmoving/construction | 676,543 | 749,564 | ||||||||||||||
Consumer | 225,227 | 172,320 | ||||||||||||||
Unallocated corporate | 162,699 | 174,315 | ||||||||||||||
$ | 1,762,510 | $ | 1,821,231 | |||||||||||||
FAIR_VALUE_MEASUREMENTS
FAIR VALUE MEASUREMENTS | 6 Months Ended | |||||||||||||||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||||||||||||||
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): | ||||||||||||||||||||||||||||||||
June 30, 2014 | December 31, 2013 | |||||||||||||||||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||||
Contractual obligation investments | $ | 9,332 | $ | 9,332 | $ | — | $ | — | $ | 8,723 | $ | 8,723 | $ | — | $ | — | ||||||||||||||||
Preferred stock | 250 | — | — | 250 | 250 | — | — | 250 | ||||||||||||||||||||||||
Derivative financial instruments liability | (75 | ) | — | (75 | ) | — | (126 | ) | — | (126 | ) | — | ||||||||||||||||||||
Total | $ | 9,507 | $ | 9,332 | $ | (75 | ) | $ | 250 | $ | 8,847 | $ | 8,723 | $ | (126 | ) | $ | 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, 2013 | $ | 250 | ||||||||||||||||||||||||||||||
Total realized and unrealized gains and losses | — | |||||||||||||||||||||||||||||||
Balance as of June 30, 2014 | $ | 250 | ||||||||||||||||||||||||||||||
Fair value, nonrecurring, Level 2 measurements from impairments consisted of the following (amounts in thousands): | ||||||||||||||||||||||||||||||||
Fair Value | Impairment Charges | |||||||||||||||||||||||||||||||
June 30, | December 31, | Six months ended | ||||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||||||||
Property, plant and equipment | $ | 45,189 | $ | — | $ | 23,242 | $ | — | ||||||||||||||||||||||||
The fair value measurements and impairment charges shown above pertain to assets used to produce giant mining tires for the mining industry. See note 2 for additional information. |
RELATED_PARTY_TRANSACTIONS
RELATED PARTY TRANSACTIONS | 6 Months Ended |
Jun. 30, 2014 | |
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; Green Carbon, INC; and OTR Wheel Engineering. Sales of Titan products to these companies were approximately $0.8 million and $1.4 million for the three and six months ended June 30, 2014, respectively, as compared to $0.8 million and $1.4 million for the three and six months ended June 30, 2013. Titan had trade receivables due from these companies of approximately $0.2 million at June 30, 2014, and December 31, 2013, respectively. On other sales referred to Titan from the above manufacturing representative companies, commissions were approximately $0.6 million and $1.3 million for the three and six months ended June 30, 2014, respectively, as compared to $0.6 million and $1.3 million for the three and six months ended June 30, 2013. Titan had purchases from these companies of approximately $4.1 million and $4.8 million for the three and six months ended June 30, 2014, respectively. | |
The Company has a 34.2% 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 $0.0 million and $0.3 million at June 30, 2014, and December 31, 2013, respectively. |
ACCUMULATED_OTHER_COMPREHENSIV
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Notes) | 6 Months Ended | |||||||||||
Jun. 30, 2014 | ||||||||||||
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 | Unrecognized | |||||||||||
Translation | Losses and | |||||||||||
Adjustments | Prior Service | Total | ||||||||||
Cost | ||||||||||||
Balance at April 1, 2014 | $ | (36,678 | ) | $ | (20,213 | ) | $ | (56,891 | ) | |||
Other comprehensive income (loss) before | ||||||||||||
reclassifications | 4,449 | — | 4,449 | |||||||||
Reclassification adjustments: | ||||||||||||
Amortization of unrecognized losses and prior | ||||||||||||
service cost, net of tax of $(123) | — | 28 | 28 | |||||||||
Balance at June 30, 2014 | $ | (32,229 | ) | $ | (20,185 | ) | $ | (52,414 | ) | |||
Currency | Unrecognized | |||||||||||
Translation | Losses and | |||||||||||
Adjustments | Prior Service | Total | ||||||||||
Cost | ||||||||||||
Balance at January 1, 2014 | $ | (40,864 | ) | $ | (20,930 | ) | $ | (61,794 | ) | |||
Other comprehensive income (loss) before | ||||||||||||
reclassifications | 8,635 | — | 8,635 | |||||||||
Reclassification adjustments: | ||||||||||||
Amortization of unrecognized losses and prior | ||||||||||||
service cost, net of tax of $(506) | — | 745 | 745 | |||||||||
Balance at June 30, 2014 | $ | (32,229 | ) | $ | (20,185 | ) | $ | (52,414 | ) |
SUBSIDIARY_GUARANTOR_FINANCIAL
SUBSIDIARY GUARANTOR FINANCIAL INFORMATION | 6 Months Ended | |||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||
SUBSIDIARY GUARANTOR FINANCIAL INFORMATION [Abstract] | ' | |||||||||||||||||||
Condensed Financial Information of Parent Company Only Disclosure [Text Block] | ' | |||||||||||||||||||
SUBSIDIARY GUARANTOR FINANCIAL INFORMATION | ||||||||||||||||||||
The Company's 6.875% senior secured notes due 2020 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 June 30, 2014 | ||||||||||||||||||||
Titan | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Consolidated | ||||||||||||||||
Intl., Inc. (Parent) | ||||||||||||||||||||
Net sales | $ | — | $ | 244,664 | $ | 279,067 | $ | — | $ | 523,731 | ||||||||||
Cost of sales | 303 | 241,915 | 258,953 | — | 501,171 | |||||||||||||||
Gross profit (loss) | (303 | ) | 2,749 | 20,114 | — | 22,560 | ||||||||||||||
Selling, general and administrative expenses | 2,388 | 17,611 | 25,009 | — | 45,008 | |||||||||||||||
Research and development expenses | 72 | 1,214 | 1,903 | — | 3,189 | |||||||||||||||
Royalty expense | — | 1,926 | 1,904 | — | 3,830 | |||||||||||||||
Loss from operations | (2,763 | ) | (18,002 | ) | (8,702 | ) | — | (29,467 | ) | |||||||||||
Interest expense | (8,255 | ) | — | (671 | ) | — | (8,926 | ) | ||||||||||||
Intercompany interest income (expense) | 1,618 | — | (1,618 | ) | — | — | ||||||||||||||
Other income | 1,192 | 103 | 5,040 | — | 6,335 | |||||||||||||||
Loss before income taxes | (8,208 | ) | (17,899 | ) | (5,951 | ) | — | (32,058 | ) | |||||||||||
Benefit for income taxes | 69 | (6,437 | ) | (799 | ) | — | (7,167 | ) | ||||||||||||
Equity in earnings of subsidiaries | (16,614 | ) | — | (18,004 | ) | 34,618 | — | |||||||||||||
Net income (loss) | (24,891 | ) | (11,462 | ) | (23,156 | ) | 34,618 | (24,891 | ) | |||||||||||
Net loss noncontrolling interests | — | — | (4,380 | ) | — | (4,380 | ) | |||||||||||||
Net income (loss) attributable to Titan | $ | (24,891 | ) | $ | (11,462 | ) | $ | (18,776 | ) | $ | 34,618 | $ | (20,511 | ) | ||||||
(Amounts in thousands) | Consolidating Condensed Statements of Operations | |||||||||||||||||||
For the Three Months Ended June 30, 2013 | ||||||||||||||||||||
Titan | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Consolidated | ||||||||||||||||
Intl., Inc. (Parent) | ||||||||||||||||||||
Net sales | $ | — | $ | 323,482 | $ | 269,809 | $ | — | $ | 593,291 | ||||||||||
Cost of sales | 277 | 261,789 | 244,570 | — | 506,636 | |||||||||||||||
Gross profit (loss) | (277 | ) | 61,693 | 25,239 | — | 86,655 | ||||||||||||||
Selling, general and administrative expenses | 2,130 | 20,300 | 21,223 | — | 43,653 | |||||||||||||||
Research and development expenses | (28 | ) | 1,400 | 1,429 | — | 2,801 | ||||||||||||||
Royalty expense | — | 1,850 | 1,445 | — | 3,295 | |||||||||||||||
Income (loss) from operations | (2,379 | ) | 38,143 | 1,142 | — | 36,906 | ||||||||||||||
Interest expense | (10,833 | ) | — | (2,236 | ) | — | (13,069 | ) | ||||||||||||
Gain on earthquake insurance recovery | — | — | 22,451 | — | 22,451 | |||||||||||||||
Intercompany interest income (expense) | 2,192 | — | (2,192 | ) | — | — | ||||||||||||||
Other income (expense) | 904 | 2 | (3,335 | ) | — | (2,429 | ) | |||||||||||||
Income (loss) before income taxes | (10,116 | ) | 38,145 | 15,830 | — | 43,859 | ||||||||||||||
Provision for income taxes | 6,491 | 13,637 | 875 | — | 21,003 | |||||||||||||||
Equity in earnings of subsidiaries | 39,463 | — | 14,892 | (54,355 | ) | — | ||||||||||||||
Net income (loss) | 22,856 | 24,508 | 29,847 | (54,355 | ) | 22,856 | ||||||||||||||
Net loss noncontrolling interests | — | — | (361 | ) | — | (361 | ) | |||||||||||||
Net income (loss) attributable to Titan | $ | 22,856 | $ | 24,508 | $ | 30,208 | $ | (54,355 | ) | $ | 23,217 | |||||||||
(Amounts in thousands) | Consolidating Condensed Statements of Operations | |||||||||||||||||||
For the Six Months Ended June 30, 2014 | ||||||||||||||||||||
Titan | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Consolidated | ||||||||||||||||
Intl., Inc. (Parent) | ||||||||||||||||||||
Net sales | $ | — | $ | 508,622 | $ | 554,049 | $ | — | $ | 1,062,671 | ||||||||||
Cost of sales | 513 | 470,154 | 514,894 | — | 985,561 | |||||||||||||||
Gross profit (loss) | (513 | ) | 38,468 | 39,155 | — | 77,110 | ||||||||||||||
Selling, general and administrative expenses | 4,032 | 36,601 | 51,210 | — | 91,843 | |||||||||||||||
Research and development expenses | 72 | 3,367 | 3,460 | — | 6,899 | |||||||||||||||
Royalty expense | — | 3,774 | 3,797 | — | 7,571 | |||||||||||||||
Loss from operations | (4,617 | ) | (5,274 | ) | (19,312 | ) | — | (29,203 | ) | |||||||||||
Interest expense | (16,517 | ) | — | (1,668 | ) | — | (18,185 | ) | ||||||||||||
Intercompany interest income (expense) | 3,302 | — | (3,302 | ) | — | — | ||||||||||||||
Other income | 1,534 | 48 | 5,269 | — | 6,851 | |||||||||||||||
Loss before income taxes | (16,298 | ) | (5,226 | ) | (19,013 | ) | — | (40,537 | ) | |||||||||||
Benefit for income taxes | (5,971 | ) | (1,627 | ) | (2,920 | ) | — | (10,518 | ) | |||||||||||
Equity in earnings of subsidiaries | (19,692 | ) | — | (18,881 | ) | 38,573 | — | |||||||||||||
Net income (loss) | (30,019 | ) | (3,599 | ) | (34,974 | ) | 38,573 | (30,019 | ) | |||||||||||
Net loss noncontrolling interests | — | — | (11,671 | ) | — | (11,671 | ) | |||||||||||||
Net income (loss) attributable to Titan | $ | (30,019 | ) | $ | (3,599 | ) | $ | (23,303 | ) | $ | 38,573 | $ | (18,348 | ) | ||||||
(Amounts in thousands) | Consolidating Condensed Statements of Operations | |||||||||||||||||||
For the Six Months Ended June 30, 2013 | ||||||||||||||||||||
Titan | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Consolidated | ||||||||||||||||
Intl., Inc. (Parent) | ||||||||||||||||||||
Net sales | $ | — | $ | 647,376 | $ | 524,302 | $ | — | $ | 1,171,678 | ||||||||||
Cost of sales | 667 | 518,015 | 469,590 | — | 988,272 | |||||||||||||||
Gross profit (loss) | (667 | ) | 129,361 | 54,712 | — | 183,406 | ||||||||||||||
Selling, general and administrative expenses | 4,447 | 38,124 | 43,525 | — | 86,096 | |||||||||||||||
Research and development expenses | (18 | ) | 2,713 | 2,808 | — | 5,503 | ||||||||||||||
Royalty expense | — | 3,628 | 3,390 | — | 7,018 | |||||||||||||||
Income (loss) from operations | (5,096 | ) | 84,896 | 4,989 | — | 84,789 | ||||||||||||||
Interest expense | (18,564 | ) | — | (4,946 | ) | — | (23,510 | ) | ||||||||||||
Convertible debt conversion charge | (7,273 | ) | — | — | — | (7,273 | ) | |||||||||||||
Gain on earthquake insurance recovery | — | — | 22,451 | — | 22,451 | |||||||||||||||
Intercompany interest income (expense) | 2,689 | — | (2,689 | ) | — | — | ||||||||||||||
Other income (expense) | 1,548 | 26 | (2,584 | ) | — | (1,010 | ) | |||||||||||||
Income (loss) before income taxes | (26,696 | ) | 84,922 | 17,221 | — | 75,447 | ||||||||||||||
Provision (benefit) for income taxes | (1,844 | ) | 30,590 | 4,456 | — | 33,202 | ||||||||||||||
Equity in earnings of subsidiaries | 67,097 | — | 33,524 | (100,621 | ) | — | ||||||||||||||
Net income (loss) | 42,245 | 54,332 | 46,289 | (100,621 | ) | 42,245 | ||||||||||||||
Net loss noncontrolling interests | — | — | (447 | ) | — | (447 | ) | |||||||||||||
Net income (loss) attributable to Titan | $ | 42,245 | $ | 54,332 | $ | 46,736 | $ | (100,621 | ) | $ | 42,692 | |||||||||
(Amounts in thousands) | Consolidating Condensed Statements of Comprehensive Income | |||||||||||||||||||
For the Three Months Ended June 30, 2014 | ||||||||||||||||||||
Titan | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Consolidated | ||||||||||||||||
Intl., Inc. (Parent) | ||||||||||||||||||||
Net income (loss) | $ | (24,891 | ) | $ | (11,462 | ) | $ | (23,156 | ) | $ | 34,618 | $ | (24,891 | ) | ||||||
Currency translation adjustment, net | 7,826 | — | 7,826 | (7,826 | ) | 7,826 | ||||||||||||||
Pension liability adjustments, net of tax | 28 | 450 | (422 | ) | (28 | ) | 28 | |||||||||||||
Comprehensive income (loss) | (17,037 | ) | (11,012 | ) | (15,752 | ) | 26,764 | (17,037 | ) | |||||||||||
Net comprehensive loss attributable to noncontrolling interests | — | — | (1,062 | ) | — | (1,062 | ) | |||||||||||||
Comprehensive income (loss) attributable to Titan | $ | (17,037 | ) | $ | (11,012 | ) | $ | (14,690 | ) | $ | 26,764 | $ | (15,975 | ) | ||||||
(Amounts in thousands) | Consolidating Condensed Statements of Comprehensive Income | |||||||||||||||||||
For the Three Months Ended June 30, 2013 | ||||||||||||||||||||
Titan | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Consolidated | ||||||||||||||||
Intl., Inc. (Parent) | ||||||||||||||||||||
Net income (loss) | $ | 22,856 | $ | 24,508 | $ | 29,847 | $ | (54,355 | ) | $ | 22,856 | |||||||||
Currency translation adjustment, net | (25,171 | ) | — | (25,171 | ) | 25,171 | (25,171 | ) | ||||||||||||
Pension liability adjustments, net of tax | 1,070 | 781 | 289 | (1,070 | ) | 1,070 | ||||||||||||||
Comprehensive income (loss) | (1,245 | ) | 25,289 | 4,965 | (30,254 | ) | (1,245 | ) | ||||||||||||
Net comprehensive income attributable to noncontrolling interests | — | — | (3,167 | ) | — | (3,167 | ) | |||||||||||||
Comprehensive income (loss) attributable to Titan | $ | (1,245 | ) | $ | 25,289 | $ | 8,132 | $ | (30,254 | ) | $ | 1,922 | ||||||||
(Amounts in thousands) | Consolidating Condensed Statements of Comprehensive Income | |||||||||||||||||||
For the Six Months Ended June 30, 2014 | ||||||||||||||||||||
Titan | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Consolidated | ||||||||||||||||
Intl., Inc. (Parent) | ||||||||||||||||||||
Net income (loss) | $ | (30,019 | ) | $ | (3,599 | ) | $ | (34,974 | ) | $ | 38,573 | $ | (30,019 | ) | ||||||
Currency translation adjustment, net | 8,214 | — | 8,214 | (8,214 | ) | 8,214 | ||||||||||||||
Pension liability adjustments, net of tax | 745 | 900 | (155 | ) | (745 | ) | 745 | |||||||||||||
Comprehensive income (loss) | (21,060 | ) | (2,699 | ) | (26,915 | ) | 29,614 | (21,060 | ) | |||||||||||
Net comprehensive loss attributable to noncontrolling interests | — | — | (13,245 | ) | — | (13,245 | ) | |||||||||||||
Comprehensive income (loss) attributable to Titan | $ | (21,060 | ) | $ | (2,699 | ) | $ | (13,670 | ) | $ | 29,614 | $ | (7,815 | ) | ||||||
(Amounts in thousands) | Consolidating Condensed Statements of Comprehensive Income | |||||||||||||||||||
For the Six Months Ended June 30, 2013 | ||||||||||||||||||||
Titan | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Consolidated | ||||||||||||||||
Intl., Inc. (Parent) | ||||||||||||||||||||
Net income (loss) | $ | 42,245 | $ | 54,332 | $ | 46,289 | $ | (100,621 | ) | $ | 42,245 | |||||||||
Unrealized gain (loss) on investments, net of tax | (3 | ) | — | (3 | ) | 3 | (3 | ) | ||||||||||||
Currency translation adjustment, net | (25,367 | ) | — | (25,367 | ) | 25,367 | (25,367 | ) | ||||||||||||
Pension liability adjustments, net of tax | 2,021 | 1,562 | 459 | (2,021 | ) | 2,021 | ||||||||||||||
Comprehensive income (loss) | 18,896 | 55,894 | 21,378 | (77,272 | ) | 18,896 | ||||||||||||||
Net comprehensive loss attributable to noncontrolling interests | — | — | (3,158 | ) | — | (3,158 | ) | |||||||||||||
Comprehensive income (loss) attributable to Titan | $ | 18,896 | $ | 55,894 | $ | 24,536 | $ | (77,272 | ) | $ | 22,054 | |||||||||
(Amounts in thousands) | Consolidating Condensed Balance Sheets | |||||||||||||||||||
30-Jun-14 | ||||||||||||||||||||
Titan | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Consolidated | ||||||||||||||||
Intl., Inc. (Parent) | ||||||||||||||||||||
Assets | ||||||||||||||||||||
Cash and cash equivalents | $ | 91,778 | $ | 5 | $ | 71,171 | $ | — | $ | 162,954 | ||||||||||
Accounts receivable, net | — | 112,903 | 189,601 | — | 302,504 | |||||||||||||||
Inventories | — | 114,696 | 272,004 | — | 386,700 | |||||||||||||||
Prepaid and other current assets | 35,499 | 28,138 | 58,622 | — | 122,259 | |||||||||||||||
Total current assets | 127,277 | 255,742 | 591,398 | — | 974,417 | |||||||||||||||
Property, plant and equipment, net | 8,085 | 172,248 | 423,684 | — | 604,017 | |||||||||||||||
Investment in subsidiaries | 887,704 | — | 122,182 | (1,009,886 | ) | — | ||||||||||||||
Other assets | 36,778 | 357 | 146,941 | — | 184,076 | |||||||||||||||
Total assets | $ | 1,059,844 | $ | 428,347 | $ | 1,284,205 | $ | (1,009,886 | ) | $ | 1,762,510 | |||||||||
Liabilities and Stockholders’ Equity | ||||||||||||||||||||
Short-term debt | $ | — | $ | — | $ | 26,498 | $ | — | $ | 26,498 | ||||||||||
Accounts payable | 320 | 15,694 | 184,534 | — | 200,548 | |||||||||||||||
Other current liabilities | 22,860 | 50,198 | 70,489 | — | 143,547 | |||||||||||||||
Total current liabilities | 23,180 | 65,892 | 281,521 | — | 370,593 | |||||||||||||||
Long-term debt | 460,161 | — | 41,307 | — | 501,468 | |||||||||||||||
Other long-term liabilities | 31,401 | 13,841 | 79,591 | — | 124,833 | |||||||||||||||
Intercompany accounts | (135,639 | ) | (155,584 | ) | 291,223 | — | — | |||||||||||||
Titan stockholders' equity | 680,741 | 504,198 | 505,688 | (1,009,886 | ) | 680,741 | ||||||||||||||
Noncontrolling interests | — | — | 84,875 | — | 84,875 | |||||||||||||||
Total liabilities and stockholders’ equity | $ | 1,059,844 | $ | 428,347 | $ | 1,284,205 | $ | (1,009,886 | ) | $ | 1,762,510 | |||||||||
(Amounts in thousands) | Consolidating Condensed Balance Sheets | |||||||||||||||||||
31-Dec-13 | ||||||||||||||||||||
Titan | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Consolidated | ||||||||||||||||
Intl., Inc. (Parent) | ||||||||||||||||||||
Assets | ||||||||||||||||||||
Cash and cash equivalents | $ | 81,472 | $ | 4 | $ | 107,884 | $ | — | $ | 189,360 | ||||||||||
Restricted cash | — | — | 14,268 | — | 14,268 | |||||||||||||||
Accounts receivable, net | — | 89,259 | 173,794 | — | 263,053 | |||||||||||||||
Inventories | — | 129,113 | 255,807 | — | 384,920 | |||||||||||||||
Prepaid and other current assets | 80,876 | 20,416 | 54,985 | — | 156,277 | |||||||||||||||
Total current assets | 162,348 | 238,792 | 606,738 | — | 1,007,878 | |||||||||||||||
Property, plant and equipment, net | 9,885 | 206,928 | 421,994 | — | 638,807 | |||||||||||||||
Investment in subsidiaries | 884,222 | — | 141,752 | (1,025,974 | ) | — | ||||||||||||||
Other assets | 34,259 | 387 | 139,900 | — | 174,546 | |||||||||||||||
Total assets | $ | 1,090,714 | $ | 446,107 | $ | 1,310,384 | $ | (1,025,974 | ) | $ | 1,821,231 | |||||||||
Liabilities and Stockholders’ Equity | ||||||||||||||||||||
Short-term debt | $ | — | $ | — | $ | 75,061 | $ | — | $ | 75,061 | ||||||||||
Accounts payable | 368 | 12,525 | 163,826 | — | 176,719 | |||||||||||||||
Other current liabilities | 15,278 | 58,001 | 61,512 | — | 134,791 | |||||||||||||||
Total current liabilities | 15,646 | 70,526 | 300,399 | — | 386,571 | |||||||||||||||
Long-term debt | 460,161 | — | 37,533 | — | 497,694 | |||||||||||||||
Other long-term liabilities | 40,658 | 15,571 | 82,701 | — | 138,930 | |||||||||||||||
Intercompany accounts | (113,474 | ) | (147,529 | ) | 261,003 | — | — | |||||||||||||
Titan stockholders' equity | 687,723 | 507,539 | 518,435 | (1,025,974 | ) | 687,723 | ||||||||||||||
Noncontrolling interests | — | — | 110,313 | — | 110,313 | |||||||||||||||
Total liabilities and stockholders’ equity | $ | 1,090,714 | $ | 446,107 | $ | 1,310,384 | $ | (1,025,974 | ) | $ | 1,821,231 | |||||||||
(Amounts in thousands) | Consolidating Condensed Statements of Cash Flows | |||||||||||||||||||
For the Six Months Ended June 30, 2014 | ||||||||||||||||||||
Titan | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Consolidated | |||||||||||||||||
Intl., Inc. (Parent) | ||||||||||||||||||||
Net cash provided by operating activities | $ | 11,495 | $ | 4,430 | $ | 27,130 | $ | 43,055 | ||||||||||||
Cash flows from investing activities: | ||||||||||||||||||||
Capital expenditures | (667 | ) | (4,770 | ) | (25,446 | ) | (30,883 | ) | ||||||||||||
Acquisition of additional interest | (49 | ) | — | (13,346 | ) | (13,395 | ) | |||||||||||||
Decrease in restricted cash deposits | — | — | 14,268 | 14,268 | ||||||||||||||||
Other, net | — | 341 | 2,900 | 3,241 | ||||||||||||||||
Net cash used for investing activities | (716 | ) | (4,429 | ) | (21,624 | ) | (26,769 | ) | ||||||||||||
Cash flows from financing activities: | ||||||||||||||||||||
Payment on debt | — | — | (53,393 | ) | (53,393 | ) | ||||||||||||||
Term loan borrowing | — | — | 6,217 | 6,217 | ||||||||||||||||
Proceeds from exercise of stock options | 141 | — | — | 141 | ||||||||||||||||
Excess tax benefit from stock options exercised | (45 | ) | — | — | (45 | ) | ||||||||||||||
Payment of financing fees | (33 | ) | — | — | (33 | ) | ||||||||||||||
Dividends paid | (536 | ) | — | — | (536 | ) | ||||||||||||||
Net cash used for financing activities | (473 | ) | — | (47,176 | ) | (47,649 | ) | |||||||||||||
Effect of exchange rate change on cash | — | — | 4,957 | 4,957 | ||||||||||||||||
Net increase (decrease) in cash and cash equivalents | 10,306 | 1 | (36,713 | ) | (26,406 | ) | ||||||||||||||
Cash and cash equivalents, beginning of period | 81,472 | 4 | 107,884 | 189,360 | ||||||||||||||||
Cash and cash equivalents, end of period | $ | 91,778 | $ | 5 | $ | 71,171 | $ | 162,954 | ||||||||||||
(Amounts in thousands) | Consolidating Condensed Statements of Cash Flows | |||||||||||||||||||
For the Six Months Ended June 30, 2013 | ||||||||||||||||||||
Titan | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Consolidated | |||||||||||||||||
Intl., Inc. (Parent) | ||||||||||||||||||||
Net cash provided by (used for) operating activities | $ | (100,008 | ) | $ | 15,562 | $ | 171,056 | $ | 86,610 | |||||||||||
Cash flows from investing activities: | ||||||||||||||||||||
Capital expenditures | (3,189 | ) | (15,564 | ) | (17,315 | ) | (36,068 | ) | ||||||||||||
Acquisitions, net of cash acquired | — | — | (1,671 | ) | (1,671 | ) | ||||||||||||||
Additional equity investment in Wheels India | — | — | (8,017 | ) | (8,017 | ) | ||||||||||||||
Insurance Proceeds | — | — | 2,879 | 2,879 | ||||||||||||||||
Other, net | — | 2 | 177 | 179 | ||||||||||||||||
Net cash used for investing activities | (3,189 | ) | (15,562 | ) | (23,947 | ) | (42,698 | ) | ||||||||||||
Cash flows from financing activities: | ||||||||||||||||||||
Proceeds from borrowings | 345,313 | — | — | 345,313 | ||||||||||||||||
Payment on debt | — | — | (155,082 | ) | (155,082 | ) | ||||||||||||||
Term loan borrowing | — | — | 25,157 | 25,157 | ||||||||||||||||
Convertible note conversion | (14,090 | ) | — | — | (14,090 | ) | ||||||||||||||
Proceeds from exercise of stock options | 841 | — | — | 841 | ||||||||||||||||
Excess tax benefit from stock options exercised | (42 | ) | — | — | (42 | ) | ||||||||||||||
Payment of financing fees | (5,452 | ) | — | — | (5,452 | ) | ||||||||||||||
Dividends paid | (511 | ) | — | — | (511 | ) | ||||||||||||||
Net cash provided by (used for) financing activities | 326,059 | — | (129,925 | ) | 196,134 | |||||||||||||||
Effect of exchange rate change on cash | — | — | (4,773 | ) | (4,773 | ) | ||||||||||||||
Net increase in cash and cash equivalents | 222,862 | — | 12,411 | 235,273 | ||||||||||||||||
Cash and cash equivalents, beginning of period | 103,154 | 4 | 85,956 | 189,114 | ||||||||||||||||
Cash and cash equivalents, end of period | $ | 326,016 | $ | 4 | $ | 98,367 | $ | 424,387 | ||||||||||||
ACCOUNTING_POLICIES_Policies
ACCOUNTING POLICIES (Policies) | 6 Months Ended |
Jun. 30, 2014 | |
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 6.875% senior secured notes due 2020 (senior secured notes due 2020) and 5.625% convertible senior subordinated notes due 2017 (convertible notes) are carried at cost of $400.0 million and $60.2 million at June 30, 2014, respectively. The fair value of the senior secured notes due 2020 at June 30, 2014, as obtained through an independent pricing source, was approximately $408.0 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) (Voltyre-Prom [Member]) | 6 Months Ended | |||||||||||
Jun. 30, 2014 | ||||||||||||
Voltyre-Prom [Member] | ' | |||||||||||
Business Acquisition [Line Items] | ' | |||||||||||
Schedule of Business Acquisitions, by Acquisitions [Table Text Block] | ' | |||||||||||
The purchase price allocation of the Voltyre-Prom acquisition consisted of the following (amounts in thousands): | ||||||||||||
Acquisition | Additional | |||||||||||
Date | Purchases | Total | ||||||||||
Cash | $ | 80 | $ | — | $ | 80 | ||||||
Accounts receivable | 5,596 | — | 5,596 | |||||||||
Inventories | 3,807 | — | 3,807 | |||||||||
Deferred income taxes - current asset | 253 | — | 253 | |||||||||
Prepaid & other current assets | 1,881 | — | 1,881 | |||||||||
Goodwill | 21,002 | — | 21,002 | |||||||||
Property, plant & equipment | 79,255 | — | 79,255 | |||||||||
Other assets | 17,615 | — | 17,615 | |||||||||
Accounts payable | (715 | ) | — | (715 | ) | |||||||
Other current liabilities | (4,152 | ) | — | (4,152 | ) | |||||||
Deferred income taxes - noncurrent liability | (15,989 | ) | — | (15,989 | ) | |||||||
Noncontrolling interests | (14,542 | ) | 13,395 | (1,147 | ) | |||||||
Net assets acquired | $ | 94,091 | $ | 13,395 | $ | 107,486 | ||||||
RESTRICTED_CASH_Tables
RESTRICTED CASH (Tables) | 6 Months Ended | |||||||
Jun. 30, 2014 | ||||||||
RESTRICTED CASH [Abstract] | ' | |||||||
Schedule of Restricted Cash and Cash Equivalents [Table Text Block] | ' | |||||||
Restricted cash consisted of the following (amounts in thousands): | ||||||||
June 30, | 31-Dec-13 | |||||||
2014 | ||||||||
Restricted cash | $ | — | $ | 14,268 | ||||
ACCOUNTS_RECEIVABLE_Tables
ACCOUNTS RECEIVABLE (Tables) | 6 Months Ended | |||||||
Jun. 30, 2014 | ||||||||
Receivables [Abstract] | ' | |||||||
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | ' | |||||||
Accounts receivable consisted of the following (amounts in thousands): | ||||||||
June 30, | December 31, | |||||||
2014 | 2013 | |||||||
Accounts receivable | $ | 308,608 | $ | 268,340 | ||||
Allowance for doubtful accounts | (6,104 | ) | (5,287 | ) | ||||
Accounts receivable, net | $ | 302,504 | $ | 263,053 | ||||
INVENTORIES_Tables
INVENTORIES (Tables) | 6 Months Ended | |||||||
Jun. 30, 2014 | ||||||||
Inventory Disclosure [Abstract] | ' | |||||||
Schedule of Inventory, Current [Table Text Block] | ' | |||||||
Inventories consisted of the following (amounts in thousands): | ||||||||
June 30, | December 31, | |||||||
2014 | 2013 | |||||||
Raw material | $ | 130,617 | $ | 130,403 | ||||
Work-in-process | 53,962 | 54,190 | ||||||
Finished goods | 211,137 | 208,821 | ||||||
395,716 | 393,414 | |||||||
Adjustment to LIFO basis | (9,016 | ) | (8,494 | ) | ||||
$ | 386,700 | $ | 384,920 | |||||
PROPERTY_PLANT_AND_EQUIPMENT_N1
PROPERTY, PLANT AND EQUIPMENT, NET (Tables) | 6 Months Ended | |||||||
Jun. 30, 2014 | ||||||||
Property, Plant and Equipment [Abstract] | ' | |||||||
Property, Plant and Equipment [Table Text Block] | ' | |||||||
Property, plant and equipment, net consisted of the following (amounts in thousands): | ||||||||
June 30, | 31-Dec-13 | |||||||
2014 | ||||||||
Land and improvements | $ | 68,806 | $ | 67,243 | ||||
Buildings and improvements | 243,602 | 242,261 | ||||||
Machinery and equipment | 589,188 | 617,709 | ||||||
Tools, dies and molds | 106,816 | 112,997 | ||||||
Construction-in-process | 51,128 | 42,539 | ||||||
1,059,540 | 1,082,749 | |||||||
Less accumulated depreciation | (455,523 | ) | (443,942 | ) | ||||
$ | 604,017 | $ | 638,807 | |||||
GOODWILL_AND_INTANGIBLE_ASSETS
GOODWILL AND INTANGIBLE ASSETS (Tables) | 6 Months Ended | |||||||||||||||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||||||||||||||
GOODWILL [Abstract] | ' | |||||||||||||||||||||||||||||||
Schedule of Goodwill [Table Text Block] | ' | |||||||||||||||||||||||||||||||
Changes in goodwill consisted of the following (amounts in thousands): | ||||||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||||||
Earthmoving/ | Earthmoving/ | |||||||||||||||||||||||||||||||
Agricultural | Construction | Consumer | Agricultural | Construction | Consumer | |||||||||||||||||||||||||||
Segment | Segment | Segment | Total | Segment | Segment | Segment | Total | |||||||||||||||||||||||||
Goodwill, January 1 | $ | 24,540 | $ | 14,898 | $ | 2,637 | $ | 42,075 | $ | 11,522 | $ | 13,419 | $ | — | $ | 24,941 | ||||||||||||||||
Foreign currency translation | 252 | 642 | (70 | ) | 824 | (993 | ) | (1,605 | ) | — | (2,598 | ) | ||||||||||||||||||||
Goodwill, June 30 | $ | 24,792 | $ | 15,540 | $ | 2,567 | $ | 42,899 | $ | 10,529 | $ | 11,814 | $ | — | $ | 22,343 | ||||||||||||||||
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) | June 30, | 31-Dec-13 | ||||||||||||||||||||||||||||||
2014 | ||||||||||||||||||||||||||||||||
Amortizable intangible assets: | ||||||||||||||||||||||||||||||||
Customer relationships | 13.1 | 17,248 | 16,659 | |||||||||||||||||||||||||||||
Patents, trademarks and other | 6.3 | 20,148 | 20,561 | |||||||||||||||||||||||||||||
Total at cost | 37,396 | 37,220 | ||||||||||||||||||||||||||||||
Less accumulated amortization | (6,544 | ) | (4,607 | ) | ||||||||||||||||||||||||||||
30,852 | 32,613 | |||||||||||||||||||||||||||||||
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | ' | |||||||||||||||||||||||||||||||
The estimated aggregate amortization expense at June 30, 2014, is as follows (amounts in thousands): | ||||||||||||||||||||||||||||||||
July 1 - December 31, 2014 | $ | 2,306 | ||||||||||||||||||||||||||||||
2015 | 4,219 | |||||||||||||||||||||||||||||||
2016 | 3,371 | |||||||||||||||||||||||||||||||
2017 | 3,196 | |||||||||||||||||||||||||||||||
2018 | 3,196 | |||||||||||||||||||||||||||||||
Thereafter | 14,564 | |||||||||||||||||||||||||||||||
$ | 30,852 | |||||||||||||||||||||||||||||||
WARRANTY_Tables
WARRANTY (Tables) | 6 Months Ended | |||||||
Jun. 30, 2014 | ||||||||
WARRANTY COSTS [Abstract] | ' | |||||||
Schedule of Product Warranty Liability [Table Text Block] | ' | |||||||
Changes in the warranty liability consisted of the following (amounts in thousands): | ||||||||
2014 | 2013 | |||||||
Warranty liability, January 1 | $ | 33,134 | $ | 27,482 | ||||
Provision for warranty liabilities | 9,422 | 24,078 | ||||||
Warranty payments made | (9,975 | ) | (17,079 | ) | ||||
Warranty liability, June 30 | $ | 32,581 | $ | 34,481 | ||||
REVOLVING_CREDIT_FACILITY_AND_1
REVOLVING CREDIT FACILITY AND LONG-TERM DEBT (Tables) | 6 Months Ended | |||||||
Jun. 30, 2014 | ||||||||
Debt Instrument [Line Items] | ' | |||||||
Schedule of Long-term Debt Instruments [Table Text Block] | ' | |||||||
Long-term debt consisted of the following (amounts in thousands): | ||||||||
June 30, | December 31, | |||||||
2014 | 2013 | |||||||
6.875% senior secured notes due 2020 | $ | 400,000 | $ | 400,000 | ||||
5.625% convertible senior subordinated notes due 2017 | 60,161 | 60,161 | ||||||
Titan Europe credit facilities | 38,503 | 41,687 | ||||||
Other debt | 26,279 | 67,541 | ||||||
Capital leases | 3,023 | 3,366 | ||||||
527,966 | 572,755 | |||||||
Less amounts due within one year | 26,498 | 75,061 | ||||||
$ | 501,468 | $ | 497,694 | |||||
Schedule of Maturities of Long-term Debt [Table Text Block] | ' | |||||||
Aggregate maturities of long-term debt at June 30, 2014, were as follows (amounts in thousands): | ||||||||
July 1 - December 31, 2014 | $ | 26,012 | ||||||
2015 | 17,123 | |||||||
2016 | 20,906 | |||||||
2017 | 61,025 | |||||||
2018 | 656 | |||||||
Thereafter | 402,244 | |||||||
$ | 527,966 | |||||||
LEASE_COMMITMENTS_Tables
LEASE COMMITMENTS (Tables) | 6 Months Ended | |||
Jun. 30, 2014 | ||||
LEASE COMMITMENTS [Abstract] | ' | |||
Operating Leases of Lessee Disclosure [Table Text Block] | ' | |||
At June 30, 2014, future minimum rental commitments under noncancellable operating leases with initial terms of at least one year were as follows (amounts in thousands): | ||||
July 1 - December 31, 2014 | $ | 4,786 | ||
2015 | 5,734 | |||
2016 | 5,567 | |||
2017 | 3,621 | |||
2018 | 2,355 | |||
Thereafter | 2,893 | |||
Total future minimum lease payments | $ | 24,956 | ||
Schedule of Future Minimum Lease Payments for Capital Leases [Table Text Block] | ' | |||
At June 30, 2014, the Company had assets held as capital leases with a net book value of $10.7 million included in property, plant and equipment. Total future capital lease obligations relating to these leases are as follows (amounts in thousands): | ||||
July 1 - December 31, 2014 | $ | 797 | ||
2015 | 1,129 | |||
2016 | 693 | |||
2017 | 247 | |||
2018 | 82 | |||
Thereafter | 75 | |||
Total future capital lease obligation payments | 3,023 | |||
Less amount representing interest | (101 | ) | ||
Present value of future capital lease obligation payments | $ | 2,922 | ||
EMPLOYEE_BENEFIT_PLANS_Tables
EMPLOYEE BENEFIT PLANS (Tables) | 6 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
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 | Six months ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Service cost | $ | 193 | $ | 214 | $ | 402 | $ | 386 | ||||||||
Interest cost | 1,426 | 1,350 | 2,847 | 2,704 | ||||||||||||
Expected return on assets | (1,501 | ) | (1,396 | ) | (3,003 | ) | (2,792 | ) | ||||||||
Amortization of unrecognized prior service cost | 34 | 34 | 68 | 68 | ||||||||||||
Amortization of net unrecognized loss | 758 | 1,317 | 1,516 | 2,635 | ||||||||||||
Net periodic pension cost | $ | 910 | $ | 1,519 | $ | 1,830 | $ | 3,001 | ||||||||
VARIABLE_INTEREST_ENTITIES_Tab
VARIABLE INTEREST ENTITIES (Tables) | 6 Months Ended | |||||||
Jun. 30, 2014 | ||||||||
VARIABLE INTEREST ENTITIES [Abstract] | ' | |||||||
Schedule of Variable Interest Entities [Table Text Block] | ' | |||||||
The following table summarizes the carrying amount of the entities’ assets and liabilities included in the Company’s consolidated condensed balance sheets at June 30, 2014 and December 31, 2013 (amounts in thousands): | ||||||||
June 30, | December 31, 2013 | |||||||
2014 | ||||||||
Cash and cash equivalents | $ | 11,784 | $ | 17,106 | ||||
Inventory | 21,958 | 33,406 | ||||||
Other current assets | 18,950 | 17,000 | ||||||
Goodwill | 20,020 | 20,601 | ||||||
Property, plant and equipment, net | 66,492 | 76,060 | ||||||
Other noncurrent assets | 15,052 | 16,673 | ||||||
Total assets | 154,256 | 180,846 | ||||||
Current liabilities | 15,663 | 23,816 | ||||||
Noncurrent liabilities | 13,576 | 15,818 | ||||||
Total liabilities | 29,239 | 39,634 | ||||||
OTHER_INCOME_Tables
OTHER INCOME (Tables) | 6 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
OTHER INCOME, NET [Abstract] | ' | |||||||||||||||
Interest and Other Income [Table Text Block] | ' | |||||||||||||||
Other income (expense) consisted of the following (amounts in thousands): | ||||||||||||||||
Three months ended | Six months ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Currency exchange gain (loss) | $ | 3,747 | $ | (6,111 | ) | $ | 2,050 | $ | (6,654 | ) | ||||||
Other income | 787 | 681 | 1,250 | 1,331 | ||||||||||||
Discount amortization on prepaid royalty | 756 | 787 | 1,530 | 1,703 | ||||||||||||
Wheels India Limited equity income | 532 | 460 | 950 | 275 | ||||||||||||
Interest income | 288 | 1,530 | 640 | 1,931 | ||||||||||||
Building rental income | 225 | 224 | 431 | 404 | ||||||||||||
$ | 6,335 | $ | (2,429 | ) | $ | 6,851 | $ | (1,010 | ) | |||||||
GAIN_ON_EARTHQUAKE_INSURANCE_R1
GAIN ON EARTHQUAKE INSURANCE RECOVERY (Tables) | 6 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
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 | Six months ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Gain on earthquake insurance recovery | $ | — | $ | 22,451 | $ | — | $ | 22,451 | ||||||||
EARNINGS_PER_SHARE_Tables
EARNINGS PER SHARE (Tables) | 6 Months Ended | |||||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||||
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 | ||||||||||||||||||||||
June 30, 2014 | June 30, 2013 | |||||||||||||||||||||
Titan Net loss | Weighted- | Per share | Titan Net income | Weighted- | Per share | |||||||||||||||||
average shares | amount | average shares | amount | |||||||||||||||||||
Basic earnings per share | $ | (20,511 | ) | 53,486 | $ | (0.38 | ) | $ | 23,217 | 53,426 | $ | 0.43 | ||||||||||
Effect of stock options/trusts | — | — | — | 280 | ||||||||||||||||||
Effect of convertible notes | — | — | 609 | 5,798 | ||||||||||||||||||
Diluted earnings per share | $ | (20,511 | ) | 53,486 | $ | (0.38 | ) | $ | 23,826 | 59,504 | $ | 0.4 | ||||||||||
Six months ended | ||||||||||||||||||||||
June 30, 2014 | June 30, 2013 | |||||||||||||||||||||
Titan Net income | Weighted- | Per share | Titan Net income | Weighted- | Per share | |||||||||||||||||
average shares | amount | average shares | amount | |||||||||||||||||||
Basic earnings per share | $ | (18,348 | ) | 53,478 | $ | (0.34 | ) | $ | 42,692 | 52,625 | $ | 0.81 | ||||||||||
Effect of stock options/trusts | — | — | — | 290 | ||||||||||||||||||
Effect of convertible notes | — | — | 1,381 | 6,612 | ||||||||||||||||||
Diluted earnings per share | $ | (18,348 | ) | 53,478 | $ | (0.34 | ) | $ | 44,073 | 59,527 | $ | 0.74 | ||||||||||
SEGMENT_INFORMATION_Tables
SEGMENT INFORMATION (Tables) | 6 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
Segment Reporting Information [Line Items] | ' | |||||||||||||||
Schedule of Segment Reporting Information, by Segment [Table Text Block] | ' | |||||||||||||||
The table below presents information about certain operating results of segments as reviewed by the chief executive officer of the Company for the three and six months ended June 30, 2014 and 2013 (amounts in thousands): | ||||||||||||||||
Three months ended | Six months ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Revenues from external customers | ||||||||||||||||
Agricultural | $ | 285,274 | $ | 323,943 | $ | 602,440 | $ | 634,496 | ||||||||
Earthmoving/construction | 163,961 | 208,226 | 316,901 | 417,842 | ||||||||||||
Consumer | 74,496 | 61,122 | 143,330 | 119,340 | ||||||||||||
$ | 523,731 | $ | 593,291 | $ | 1,062,671 | $ | 1,171,678 | |||||||||
Gross profit | ||||||||||||||||
Agricultural | $ | 42,517 | $ | 56,150 | $ | 89,782 | $ | 110,220 | ||||||||
Earthmoving/construction | (23,255 | ) | 26,820 | (19,457 | ) | 64,315 | ||||||||||
Consumer | 4,114 | 4,331 | 8,196 | 10,478 | ||||||||||||
Unallocated corporate | (816 | ) | (646 | ) | (1,411 | ) | (1,607 | ) | ||||||||
$ | 22,560 | $ | 86,655 | $ | 77,110 | $ | 183,406 | |||||||||
Income (loss) from operations | ||||||||||||||||
Agricultural | $ | 28,078 | $ | 45,686 | $ | 58,619 | $ | 87,301 | ||||||||
Earthmoving/construction | (38,235 | ) | 8,519 | (49,329 | ) | 29,198 | ||||||||||
Consumer | (1,814 | ) | 1,027 | (3,374 | ) | 4,169 | ||||||||||
Unallocated corporate | (17,496 | ) | (18,326 | ) | (35,119 | ) | (35,879 | ) | ||||||||
Income (loss) from operations | (29,467 | ) | 36,906 | (29,203 | ) | 84,789 | ||||||||||
Interest expense | (8,926 | ) | (13,069 | ) | (18,185 | ) | (23,510 | ) | ||||||||
Convertible debt conversion charge | — | — | — | (7,273 | ) | |||||||||||
Gain on earthquake insurance recovery | — | 22,451 | — | 22,451 | ||||||||||||
Other income (expense), net | 6,335 | (2,429 | ) | 6,851 | (1,010 | ) | ||||||||||
Income (loss) before income taxes | $ | (32,058 | ) | $ | 43,859 | $ | (40,537 | ) | $ | 75,447 | ||||||
Assets by segment were as follows (amounts in thousands): | ||||||||||||||||
June 30, | December 31, | |||||||||||||||
2014 | 2013 | |||||||||||||||
Total assets | ||||||||||||||||
Agricultural | $ | 698,041 | $ | 725,032 | ||||||||||||
Earthmoving/construction | 676,543 | 749,564 | ||||||||||||||
Consumer | 225,227 | 172,320 | ||||||||||||||
Unallocated corporate | 162,699 | 174,315 | ||||||||||||||
$ | 1,762,510 | $ | 1,821,231 | |||||||||||||
FAIR_VALUE_MEASUREMENTS_Tables
FAIR VALUE MEASUREMENTS (Tables) | 6 Months Ended | |||||||||||||||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||||||||||||||
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): | ||||||||||||||||||||||||||||||||
June 30, 2014 | December 31, 2013 | |||||||||||||||||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||||
Contractual obligation investments | $ | 9,332 | $ | 9,332 | $ | — | $ | — | $ | 8,723 | $ | 8,723 | $ | — | $ | — | ||||||||||||||||
Preferred stock | 250 | — | — | 250 | 250 | — | — | 250 | ||||||||||||||||||||||||
Derivative financial instruments liability | (75 | ) | — | (75 | ) | — | (126 | ) | — | (126 | ) | — | ||||||||||||||||||||
Total | $ | 9,507 | $ | 9,332 | $ | (75 | ) | $ | 250 | $ | 8,847 | $ | 8,723 | $ | (126 | ) | $ | 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, 2013 | $ | 250 | ||||||||||||||||||||||||||||||
Total realized and unrealized gains and losses | — | |||||||||||||||||||||||||||||||
Balance as of June 30, 2014 | $ | 250 | ||||||||||||||||||||||||||||||
Fair Value Measurements, Nonrecurring [Table Text Block] | ' | |||||||||||||||||||||||||||||||
Fair value, nonrecurring, Level 2 measurements from impairments consisted of the following (amounts in thousands): | ||||||||||||||||||||||||||||||||
Fair Value | Impairment Charges | |||||||||||||||||||||||||||||||
June 30, | December 31, | Six months ended | ||||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||||||||
Property, plant and equipment | $ | 45,189 | $ | — | $ | 23,242 | $ | — | ||||||||||||||||||||||||
The fair value measurements and impairment charges shown above pertain to assets used to produce giant mining tires for the mining industry. See note 2 for additional information. |
ACCUMULATED_OTHER_COMPREHENSIV1
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Tables) | 6 Months Ended | |||||||||||
Jun. 30, 2014 | ||||||||||||
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 | Unrecognized | |||||||||||
Translation | Losses and | |||||||||||
Adjustments | Prior Service | Total | ||||||||||
Cost | ||||||||||||
Balance at April 1, 2014 | $ | (36,678 | ) | $ | (20,213 | ) | $ | (56,891 | ) | |||
Other comprehensive income (loss) before | ||||||||||||
reclassifications | 4,449 | — | 4,449 | |||||||||
Reclassification adjustments: | ||||||||||||
Amortization of unrecognized losses and prior | ||||||||||||
service cost, net of tax of $(123) | — | 28 | 28 | |||||||||
Balance at June 30, 2014 | $ | (32,229 | ) | $ | (20,185 | ) | $ | (52,414 | ) | |||
Currency | Unrecognized | |||||||||||
Translation | Losses and | |||||||||||
Adjustments | Prior Service | Total | ||||||||||
Cost | ||||||||||||
Balance at January 1, 2014 | $ | (40,864 | ) | $ | (20,930 | ) | $ | (61,794 | ) | |||
Other comprehensive income (loss) before | ||||||||||||
reclassifications | 8,635 | — | 8,635 | |||||||||
Reclassification adjustments: | ||||||||||||
Amortization of unrecognized losses and prior | ||||||||||||
service cost, net of tax of $(506) | — | 745 | 745 | |||||||||
Balance at June 30, 2014 | $ | (32,229 | ) | $ | (20,185 | ) | $ | (52,414 | ) |
SUBSIDIARY_GUARANTOR_FINANCIAL1
SUBSIDIARY GUARANTOR FINANCIAL INFORMATION (Tables) | 6 Months Ended | |||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||
SUBSIDIARY GUARANTOR FINANCIAL INFORMATION [Abstract] | ' | |||||||||||||||||||
Condensed Financial Information, Condensed Statement of Operations [Table Text Block] | ' | |||||||||||||||||||
(Amounts in thousands) | Consolidating Condensed Statements of Operations | |||||||||||||||||||
For the Three Months Ended June 30, 2014 | ||||||||||||||||||||
Titan | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Consolidated | ||||||||||||||||
Intl., Inc. (Parent) | ||||||||||||||||||||
Net sales | $ | — | $ | 244,664 | $ | 279,067 | $ | — | $ | 523,731 | ||||||||||
Cost of sales | 303 | 241,915 | 258,953 | — | 501,171 | |||||||||||||||
Gross profit (loss) | (303 | ) | 2,749 | 20,114 | — | 22,560 | ||||||||||||||
Selling, general and administrative expenses | 2,388 | 17,611 | 25,009 | — | 45,008 | |||||||||||||||
Research and development expenses | 72 | 1,214 | 1,903 | — | 3,189 | |||||||||||||||
Royalty expense | — | 1,926 | 1,904 | — | 3,830 | |||||||||||||||
Loss from operations | (2,763 | ) | (18,002 | ) | (8,702 | ) | — | (29,467 | ) | |||||||||||
Interest expense | (8,255 | ) | — | (671 | ) | — | (8,926 | ) | ||||||||||||
Intercompany interest income (expense) | 1,618 | — | (1,618 | ) | — | — | ||||||||||||||
Other income | 1,192 | 103 | 5,040 | — | 6,335 | |||||||||||||||
Loss before income taxes | (8,208 | ) | (17,899 | ) | (5,951 | ) | — | (32,058 | ) | |||||||||||
Benefit for income taxes | 69 | (6,437 | ) | (799 | ) | — | (7,167 | ) | ||||||||||||
Equity in earnings of subsidiaries | (16,614 | ) | — | (18,004 | ) | 34,618 | — | |||||||||||||
Net income (loss) | (24,891 | ) | (11,462 | ) | (23,156 | ) | 34,618 | (24,891 | ) | |||||||||||
Net loss noncontrolling interests | — | — | (4,380 | ) | — | (4,380 | ) | |||||||||||||
Net income (loss) attributable to Titan | $ | (24,891 | ) | $ | (11,462 | ) | $ | (18,776 | ) | $ | 34,618 | $ | (20,511 | ) | ||||||
(Amounts in thousands) | Consolidating Condensed Statements of Operations | |||||||||||||||||||
For the Three Months Ended June 30, 2013 | ||||||||||||||||||||
Titan | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Consolidated | ||||||||||||||||
Intl., Inc. (Parent) | ||||||||||||||||||||
Net sales | $ | — | $ | 323,482 | $ | 269,809 | $ | — | $ | 593,291 | ||||||||||
Cost of sales | 277 | 261,789 | 244,570 | — | 506,636 | |||||||||||||||
Gross profit (loss) | (277 | ) | 61,693 | 25,239 | — | 86,655 | ||||||||||||||
Selling, general and administrative expenses | 2,130 | 20,300 | 21,223 | — | 43,653 | |||||||||||||||
Research and development expenses | (28 | ) | 1,400 | 1,429 | — | 2,801 | ||||||||||||||
Royalty expense | — | 1,850 | 1,445 | — | 3,295 | |||||||||||||||
Income (loss) from operations | (2,379 | ) | 38,143 | 1,142 | — | 36,906 | ||||||||||||||
Interest expense | (10,833 | ) | — | (2,236 | ) | — | (13,069 | ) | ||||||||||||
Gain on earthquake insurance recovery | — | — | 22,451 | — | 22,451 | |||||||||||||||
Intercompany interest income (expense) | 2,192 | — | (2,192 | ) | — | — | ||||||||||||||
Other income (expense) | 904 | 2 | (3,335 | ) | — | (2,429 | ) | |||||||||||||
Income (loss) before income taxes | (10,116 | ) | 38,145 | 15,830 | — | 43,859 | ||||||||||||||
Provision for income taxes | 6,491 | 13,637 | 875 | — | 21,003 | |||||||||||||||
Equity in earnings of subsidiaries | 39,463 | — | 14,892 | (54,355 | ) | — | ||||||||||||||
Net income (loss) | 22,856 | 24,508 | 29,847 | (54,355 | ) | 22,856 | ||||||||||||||
Net loss noncontrolling interests | — | — | (361 | ) | — | (361 | ) | |||||||||||||
Net income (loss) attributable to Titan | $ | 22,856 | $ | 24,508 | $ | 30,208 | $ | (54,355 | ) | $ | 23,217 | |||||||||
(Amounts in thousands) | Consolidating Condensed Statements of Operations | |||||||||||||||||||
For the Six Months Ended June 30, 2014 | ||||||||||||||||||||
Titan | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Consolidated | ||||||||||||||||
Intl., Inc. (Parent) | ||||||||||||||||||||
Net sales | $ | — | $ | 508,622 | $ | 554,049 | $ | — | $ | 1,062,671 | ||||||||||
Cost of sales | 513 | 470,154 | 514,894 | — | 985,561 | |||||||||||||||
Gross profit (loss) | (513 | ) | 38,468 | 39,155 | — | 77,110 | ||||||||||||||
Selling, general and administrative expenses | 4,032 | 36,601 | 51,210 | — | 91,843 | |||||||||||||||
Research and development expenses | 72 | 3,367 | 3,460 | — | 6,899 | |||||||||||||||
Royalty expense | — | 3,774 | 3,797 | — | 7,571 | |||||||||||||||
Loss from operations | (4,617 | ) | (5,274 | ) | (19,312 | ) | — | (29,203 | ) | |||||||||||
Interest expense | (16,517 | ) | — | (1,668 | ) | — | (18,185 | ) | ||||||||||||
Intercompany interest income (expense) | 3,302 | — | (3,302 | ) | — | — | ||||||||||||||
Other income | 1,534 | 48 | 5,269 | — | 6,851 | |||||||||||||||
Loss before income taxes | (16,298 | ) | (5,226 | ) | (19,013 | ) | — | (40,537 | ) | |||||||||||
Benefit for income taxes | (5,971 | ) | (1,627 | ) | (2,920 | ) | — | (10,518 | ) | |||||||||||
Equity in earnings of subsidiaries | (19,692 | ) | — | (18,881 | ) | 38,573 | — | |||||||||||||
Net income (loss) | (30,019 | ) | (3,599 | ) | (34,974 | ) | 38,573 | (30,019 | ) | |||||||||||
Net loss noncontrolling interests | — | — | (11,671 | ) | — | (11,671 | ) | |||||||||||||
Net income (loss) attributable to Titan | $ | (30,019 | ) | $ | (3,599 | ) | $ | (23,303 | ) | $ | 38,573 | $ | (18,348 | ) | ||||||
(Amounts in thousands) | Consolidating Condensed Statements of Operations | |||||||||||||||||||
For the Six Months Ended June 30, 2013 | ||||||||||||||||||||
Titan | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Consolidated | ||||||||||||||||
Intl., Inc. (Parent) | ||||||||||||||||||||
Net sales | $ | — | $ | 647,376 | $ | 524,302 | $ | — | $ | 1,171,678 | ||||||||||
Cost of sales | 667 | 518,015 | 469,590 | — | 988,272 | |||||||||||||||
Gross profit (loss) | (667 | ) | 129,361 | 54,712 | — | 183,406 | ||||||||||||||
Selling, general and administrative expenses | 4,447 | 38,124 | 43,525 | — | 86,096 | |||||||||||||||
Research and development expenses | (18 | ) | 2,713 | 2,808 | — | 5,503 | ||||||||||||||
Royalty expense | — | 3,628 | 3,390 | — | 7,018 | |||||||||||||||
Income (loss) from operations | (5,096 | ) | 84,896 | 4,989 | — | 84,789 | ||||||||||||||
Interest expense | (18,564 | ) | — | (4,946 | ) | — | (23,510 | ) | ||||||||||||
Convertible debt conversion charge | (7,273 | ) | — | — | — | (7,273 | ) | |||||||||||||
Gain on earthquake insurance recovery | — | — | 22,451 | — | 22,451 | |||||||||||||||
Intercompany interest income (expense) | 2,689 | — | (2,689 | ) | — | — | ||||||||||||||
Other income (expense) | 1,548 | 26 | (2,584 | ) | — | (1,010 | ) | |||||||||||||
Income (loss) before income taxes | (26,696 | ) | 84,922 | 17,221 | — | 75,447 | ||||||||||||||
Provision (benefit) for income taxes | (1,844 | ) | 30,590 | 4,456 | — | 33,202 | ||||||||||||||
Equity in earnings of subsidiaries | 67,097 | — | 33,524 | (100,621 | ) | — | ||||||||||||||
Net income (loss) | 42,245 | 54,332 | 46,289 | (100,621 | ) | 42,245 | ||||||||||||||
Net loss noncontrolling interests | — | — | (447 | ) | — | (447 | ) | |||||||||||||
Net income (loss) attributable to Titan | $ | 42,245 | $ | 54,332 | $ | 46,736 | $ | (100,621 | ) | $ | 42,692 | |||||||||
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 June 30, 2014 | ||||||||||||||||||||
Titan | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Consolidated | ||||||||||||||||
Intl., Inc. (Parent) | ||||||||||||||||||||
Net income (loss) | $ | (24,891 | ) | $ | (11,462 | ) | $ | (23,156 | ) | $ | 34,618 | $ | (24,891 | ) | ||||||
Currency translation adjustment, net | 7,826 | — | 7,826 | (7,826 | ) | 7,826 | ||||||||||||||
Pension liability adjustments, net of tax | 28 | 450 | (422 | ) | (28 | ) | 28 | |||||||||||||
Comprehensive income (loss) | (17,037 | ) | (11,012 | ) | (15,752 | ) | 26,764 | (17,037 | ) | |||||||||||
Net comprehensive loss attributable to noncontrolling interests | — | — | (1,062 | ) | — | (1,062 | ) | |||||||||||||
Comprehensive income (loss) attributable to Titan | $ | (17,037 | ) | $ | (11,012 | ) | $ | (14,690 | ) | $ | 26,764 | $ | (15,975 | ) | ||||||
(Amounts in thousands) | Consolidating Condensed Statements of Comprehensive Income | |||||||||||||||||||
For the Three Months Ended June 30, 2013 | ||||||||||||||||||||
Titan | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Consolidated | ||||||||||||||||
Intl., Inc. (Parent) | ||||||||||||||||||||
Net income (loss) | $ | 22,856 | $ | 24,508 | $ | 29,847 | $ | (54,355 | ) | $ | 22,856 | |||||||||
Currency translation adjustment, net | (25,171 | ) | — | (25,171 | ) | 25,171 | (25,171 | ) | ||||||||||||
Pension liability adjustments, net of tax | 1,070 | 781 | 289 | (1,070 | ) | 1,070 | ||||||||||||||
Comprehensive income (loss) | (1,245 | ) | 25,289 | 4,965 | (30,254 | ) | (1,245 | ) | ||||||||||||
Net comprehensive income attributable to noncontrolling interests | — | — | (3,167 | ) | — | (3,167 | ) | |||||||||||||
Comprehensive income (loss) attributable to Titan | $ | (1,245 | ) | $ | 25,289 | $ | 8,132 | $ | (30,254 | ) | $ | 1,922 | ||||||||
(Amounts in thousands) | Consolidating Condensed Statements of Comprehensive Income | |||||||||||||||||||
For the Six Months Ended June 30, 2014 | ||||||||||||||||||||
Titan | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Consolidated | ||||||||||||||||
Intl., Inc. (Parent) | ||||||||||||||||||||
Net income (loss) | $ | (30,019 | ) | $ | (3,599 | ) | $ | (34,974 | ) | $ | 38,573 | $ | (30,019 | ) | ||||||
Currency translation adjustment, net | 8,214 | — | 8,214 | (8,214 | ) | 8,214 | ||||||||||||||
Pension liability adjustments, net of tax | 745 | 900 | (155 | ) | (745 | ) | 745 | |||||||||||||
Comprehensive income (loss) | (21,060 | ) | (2,699 | ) | (26,915 | ) | 29,614 | (21,060 | ) | |||||||||||
Net comprehensive loss attributable to noncontrolling interests | — | — | (13,245 | ) | — | (13,245 | ) | |||||||||||||
Comprehensive income (loss) attributable to Titan | $ | (21,060 | ) | $ | (2,699 | ) | $ | (13,670 | ) | $ | 29,614 | $ | (7,815 | ) | ||||||
(Amounts in thousands) | Consolidating Condensed Statements of Comprehensive Income | |||||||||||||||||||
For the Six Months Ended June 30, 2013 | ||||||||||||||||||||
Titan | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Consolidated | ||||||||||||||||
Intl., Inc. (Parent) | ||||||||||||||||||||
Net income (loss) | $ | 42,245 | $ | 54,332 | $ | 46,289 | $ | (100,621 | ) | $ | 42,245 | |||||||||
Unrealized gain (loss) on investments, net of tax | (3 | ) | — | (3 | ) | 3 | (3 | ) | ||||||||||||
Currency translation adjustment, net | (25,367 | ) | — | (25,367 | ) | 25,367 | (25,367 | ) | ||||||||||||
Pension liability adjustments, net of tax | 2,021 | 1,562 | 459 | (2,021 | ) | 2,021 | ||||||||||||||
Comprehensive income (loss) | 18,896 | 55,894 | 21,378 | (77,272 | ) | 18,896 | ||||||||||||||
Net comprehensive loss attributable to noncontrolling interests | — | — | (3,158 | ) | — | (3,158 | ) | |||||||||||||
Comprehensive income (loss) attributable to Titan | $ | 18,896 | $ | 55,894 | $ | 24,536 | $ | (77,272 | ) | $ | 22,054 | |||||||||
Condensed Financial Information, Condensed Balance Sheet [Table Text Block] | ' | |||||||||||||||||||
(Amounts in thousands) | Consolidating Condensed Balance Sheets | |||||||||||||||||||
30-Jun-14 | ||||||||||||||||||||
Titan | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Consolidated | ||||||||||||||||
Intl., Inc. (Parent) | ||||||||||||||||||||
Assets | ||||||||||||||||||||
Cash and cash equivalents | $ | 91,778 | $ | 5 | $ | 71,171 | $ | — | $ | 162,954 | ||||||||||
Accounts receivable, net | — | 112,903 | 189,601 | — | 302,504 | |||||||||||||||
Inventories | — | 114,696 | 272,004 | — | 386,700 | |||||||||||||||
Prepaid and other current assets | 35,499 | 28,138 | 58,622 | — | 122,259 | |||||||||||||||
Total current assets | 127,277 | 255,742 | 591,398 | — | 974,417 | |||||||||||||||
Property, plant and equipment, net | 8,085 | 172,248 | 423,684 | — | 604,017 | |||||||||||||||
Investment in subsidiaries | 887,704 | — | 122,182 | (1,009,886 | ) | — | ||||||||||||||
Other assets | 36,778 | 357 | 146,941 | — | 184,076 | |||||||||||||||
Total assets | $ | 1,059,844 | $ | 428,347 | $ | 1,284,205 | $ | (1,009,886 | ) | $ | 1,762,510 | |||||||||
Liabilities and Stockholders’ Equity | ||||||||||||||||||||
Short-term debt | $ | — | $ | — | $ | 26,498 | $ | — | $ | 26,498 | ||||||||||
Accounts payable | 320 | 15,694 | 184,534 | — | 200,548 | |||||||||||||||
Other current liabilities | 22,860 | 50,198 | 70,489 | — | 143,547 | |||||||||||||||
Total current liabilities | 23,180 | 65,892 | 281,521 | — | 370,593 | |||||||||||||||
Long-term debt | 460,161 | — | 41,307 | — | 501,468 | |||||||||||||||
Other long-term liabilities | 31,401 | 13,841 | 79,591 | — | 124,833 | |||||||||||||||
Intercompany accounts | (135,639 | ) | (155,584 | ) | 291,223 | — | — | |||||||||||||
Titan stockholders' equity | 680,741 | 504,198 | 505,688 | (1,009,886 | ) | 680,741 | ||||||||||||||
Noncontrolling interests | — | — | 84,875 | — | 84,875 | |||||||||||||||
Total liabilities and stockholders’ equity | $ | 1,059,844 | $ | 428,347 | $ | 1,284,205 | $ | (1,009,886 | ) | $ | 1,762,510 | |||||||||
(Amounts in thousands) | Consolidating Condensed Balance Sheets | |||||||||||||||||||
31-Dec-13 | ||||||||||||||||||||
Titan | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Consolidated | ||||||||||||||||
Intl., Inc. (Parent) | ||||||||||||||||||||
Assets | ||||||||||||||||||||
Cash and cash equivalents | $ | 81,472 | $ | 4 | $ | 107,884 | $ | — | $ | 189,360 | ||||||||||
Restricted cash | — | — | 14,268 | — | 14,268 | |||||||||||||||
Accounts receivable, net | — | 89,259 | 173,794 | — | 263,053 | |||||||||||||||
Inventories | — | 129,113 | 255,807 | — | 384,920 | |||||||||||||||
Prepaid and other current assets | 80,876 | 20,416 | 54,985 | — | 156,277 | |||||||||||||||
Total current assets | 162,348 | 238,792 | 606,738 | — | 1,007,878 | |||||||||||||||
Property, plant and equipment, net | 9,885 | 206,928 | 421,994 | — | 638,807 | |||||||||||||||
Investment in subsidiaries | 884,222 | — | 141,752 | (1,025,974 | ) | — | ||||||||||||||
Other assets | 34,259 | 387 | 139,900 | — | 174,546 | |||||||||||||||
Total assets | $ | 1,090,714 | $ | 446,107 | $ | 1,310,384 | $ | (1,025,974 | ) | $ | 1,821,231 | |||||||||
Liabilities and Stockholders’ Equity | ||||||||||||||||||||
Short-term debt | $ | — | $ | — | $ | 75,061 | $ | — | $ | 75,061 | ||||||||||
Accounts payable | 368 | 12,525 | 163,826 | — | 176,719 | |||||||||||||||
Other current liabilities | 15,278 | 58,001 | 61,512 | — | 134,791 | |||||||||||||||
Total current liabilities | 15,646 | 70,526 | 300,399 | — | 386,571 | |||||||||||||||
Long-term debt | 460,161 | — | 37,533 | — | 497,694 | |||||||||||||||
Other long-term liabilities | 40,658 | 15,571 | 82,701 | — | 138,930 | |||||||||||||||
Intercompany accounts | (113,474 | ) | (147,529 | ) | 261,003 | — | — | |||||||||||||
Titan stockholders' equity | 687,723 | 507,539 | 518,435 | (1,025,974 | ) | 687,723 | ||||||||||||||
Noncontrolling interests | — | — | 110,313 | — | 110,313 | |||||||||||||||
Total liabilities and stockholders’ equity | $ | 1,090,714 | $ | 446,107 | $ | 1,310,384 | $ | (1,025,974 | ) | $ | 1,821,231 | |||||||||
Condensed Financial Information, Condensed Statement of Cash Flows [Table Text Block] | ' | |||||||||||||||||||
(Amounts in thousands) | Consolidating Condensed Statements of Cash Flows | |||||||||||||||||||
For the Six Months Ended June 30, 2014 | ||||||||||||||||||||
Titan | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Consolidated | |||||||||||||||||
Intl., Inc. (Parent) | ||||||||||||||||||||
Net cash provided by operating activities | $ | 11,495 | $ | 4,430 | $ | 27,130 | $ | 43,055 | ||||||||||||
Cash flows from investing activities: | ||||||||||||||||||||
Capital expenditures | (667 | ) | (4,770 | ) | (25,446 | ) | (30,883 | ) | ||||||||||||
Acquisition of additional interest | (49 | ) | — | (13,346 | ) | (13,395 | ) | |||||||||||||
Decrease in restricted cash deposits | — | — | 14,268 | 14,268 | ||||||||||||||||
Other, net | — | 341 | 2,900 | 3,241 | ||||||||||||||||
Net cash used for investing activities | (716 | ) | (4,429 | ) | (21,624 | ) | (26,769 | ) | ||||||||||||
Cash flows from financing activities: | ||||||||||||||||||||
Payment on debt | — | — | (53,393 | ) | (53,393 | ) | ||||||||||||||
Term loan borrowing | — | — | 6,217 | 6,217 | ||||||||||||||||
Proceeds from exercise of stock options | 141 | — | — | 141 | ||||||||||||||||
Excess tax benefit from stock options exercised | (45 | ) | — | — | (45 | ) | ||||||||||||||
Payment of financing fees | (33 | ) | — | — | (33 | ) | ||||||||||||||
Dividends paid | (536 | ) | — | — | (536 | ) | ||||||||||||||
Net cash used for financing activities | (473 | ) | — | (47,176 | ) | (47,649 | ) | |||||||||||||
Effect of exchange rate change on cash | — | — | 4,957 | 4,957 | ||||||||||||||||
Net increase (decrease) in cash and cash equivalents | 10,306 | 1 | (36,713 | ) | (26,406 | ) | ||||||||||||||
Cash and cash equivalents, beginning of period | 81,472 | 4 | 107,884 | 189,360 | ||||||||||||||||
Cash and cash equivalents, end of period | $ | 91,778 | $ | 5 | $ | 71,171 | $ | 162,954 | ||||||||||||
(Amounts in thousands) | Consolidating Condensed Statements of Cash Flows | |||||||||||||||||||
For the Six Months Ended June 30, 2013 | ||||||||||||||||||||
Titan | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Consolidated | |||||||||||||||||
Intl., Inc. (Parent) | ||||||||||||||||||||
Net cash provided by (used for) operating activities | $ | (100,008 | ) | $ | 15,562 | $ | 171,056 | $ | 86,610 | |||||||||||
Cash flows from investing activities: | ||||||||||||||||||||
Capital expenditures | (3,189 | ) | (15,564 | ) | (17,315 | ) | (36,068 | ) | ||||||||||||
Acquisitions, net of cash acquired | — | — | (1,671 | ) | (1,671 | ) | ||||||||||||||
Additional equity investment in Wheels India | — | — | (8,017 | ) | (8,017 | ) | ||||||||||||||
Insurance Proceeds | — | — | 2,879 | 2,879 | ||||||||||||||||
Other, net | — | 2 | 177 | 179 | ||||||||||||||||
Net cash used for investing activities | (3,189 | ) | (15,562 | ) | (23,947 | ) | (42,698 | ) | ||||||||||||
Cash flows from financing activities: | ||||||||||||||||||||
Proceeds from borrowings | 345,313 | — | — | 345,313 | ||||||||||||||||
Payment on debt | — | — | (155,082 | ) | (155,082 | ) | ||||||||||||||
Term loan borrowing | — | — | 25,157 | 25,157 | ||||||||||||||||
Convertible note conversion | (14,090 | ) | — | — | (14,090 | ) | ||||||||||||||
Proceeds from exercise of stock options | 841 | — | — | 841 | ||||||||||||||||
Excess tax benefit from stock options exercised | (42 | ) | — | — | (42 | ) | ||||||||||||||
Payment of financing fees | (5,452 | ) | — | — | (5,452 | ) | ||||||||||||||
Dividends paid | (511 | ) | — | — | (511 | ) | ||||||||||||||
Net cash provided by (used for) financing activities | 326,059 | — | (129,925 | ) | 196,134 | |||||||||||||||
Effect of exchange rate change on cash | — | — | (4,773 | ) | (4,773 | ) | ||||||||||||||
Net increase in cash and cash equivalents | 222,862 | — | 12,411 | 235,273 | ||||||||||||||||
Cash and cash equivalents, beginning of period | 103,154 | 4 | 85,956 | 189,114 | ||||||||||||||||
Cash and cash equivalents, end of period | $ | 326,016 | $ | 4 | $ | 98,367 | $ | 424,387 | ||||||||||||
ACCOUNTING_POLICIES_Details
ACCOUNTING POLICIES (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||||||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | |
Senior Secured Notes 6.875 Percent [Member] | Senior Secured Notes 6.875 Percent [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% | ' | 5.63% | ' |
Senior Notes | $400,000,000 | ' | $400,000,000 | ' | $400,000,000 | $400,000,000 | ' | ' |
Convertible Debt | 60,200,000 | ' | 60,200,000 | ' | ' | ' | 60,161,000 | 60,161,000 |
Debt Instrument, Fair Value Disclosure | $408,000,000 | ' | $408,000,000 | ' | ' | ' | ' | ' |
Common Stock, Dividends, Per Share, Declared | $0.01 | $0.01 | $0.01 | $0.01 | ' | ' | ' | ' |
MINING_ASSET_IMPAIRMENT_AND_IN1
MINING ASSET IMPAIRMENT AND INVENTORY WRITEDOWN (Details) (USD $) | 6 Months Ended | |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
MINING ASSET IMPAIRMENT AND INVENTORY WRITEDOWN [Abstract] | ' | ' |
Mining asset impairment | $23,242 | $0 |
Mining inventory writedown | $11,555 | $0 |
ACQUISITIONS_Details
ACQUISITIONS (Details) (USD $) | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | Jan. 31, 2014 | Oct. 04, 2013 | |
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' |
Noncontrolling Interest, Ownership Percentage by Parent | ' | ' | ' | ' | 15.00% | ' |
Payments to Acquire Businesses, Net of Cash Acquired | ' | ' | ' | $94,100,000 | ' | ' |
Goodwill, Acquired During Period | ' | ' | ' | 21,000,000 | ' | ' |
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | ' | ' | ' | ' | ' | 15.00% |
Business Combination, Recognized Identifiable and Liabilities Assumed [Abstract] | ' | ' | ' | ' | ' | ' |
Payments to Acquire Businesses, Gross | 13,395,000 | 13,395,000 | 1,671,000 | ' | ' | ' |
Noncontrolling Interest, Increase from Business Combination | ' | -13,395,000 | ' | 14,500,000 | ' | ' |
Voltyre-Prom [Member] | ' | ' | ' | ' | ' | ' |
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' |
Noncontrolling Interest, Ownership Percentage by Parent | ' | ' | ' | ' | 100.00% | 85.00% |
Business Combination, Recognized Identifiable and Liabilities Assumed [Abstract] | ' | ' | ' | ' | ' | ' |
Cash | 80,000 | 80,000 | ' | 80,000 | ' | ' |
Accounts receivable | 5,596,000 | 5,596,000 | ' | 5,596,000 | ' | ' |
Inventories | 3,807,000 | 3,807,000 | ' | 3,807,000 | ' | ' |
Deferred income taxes - current asset | 253,000 | 253,000 | ' | 253,000 | ' | ' |
Prepaid & other current assets | 1,881,000 | 1,881,000 | ' | 1,881,000 | ' | ' |
Goodwill | 21,002,000 | 21,002,000 | ' | 21,002,000 | ' | ' |
Property, plant & equipment | 79,255,000 | 79,255,000 | ' | 79,255,000 | ' | ' |
Other assets | 17,615,000 | 17,615,000 | ' | 17,615,000 | ' | ' |
Accounts payable | -715,000 | -715,000 | ' | -715,000 | ' | ' |
Other current liabilities | 4,152,000 | 4,152,000 | ' | 4,152,000 | ' | ' |
Deferred income taxes - noncurrent liability | -15,989,000 | -15,989,000 | ' | -15,989,000 | ' | ' |
Noncontrolling interests | -1,147,000 | -1,147,000 | ' | -14,542,000 | ' | ' |
Payments to Acquire Businesses, Gross | ' | 13,395,000 | ' | ' | ' | ' |
Net assets acquired | 107,486,000 | 107,486,000 | ' | 94,091,000 | ' | ' |
Noncontrolling Interest, Increase from Business Combination | ' | $13,395,000 | ' | ' | ' | ' |
Titan Tire Russia B.V. [Member] | ' | ' | ' | ' | ' | ' |
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' |
Noncontrolling Interest, Ownership Percentage by Parent | ' | ' | ' | ' | ' | 30.00% |
RESTRICTED_CASH_Details
RESTRICTED CASH (Details) (USD $) | Jun. 30, 2014 | Jan. 31, 2014 | Dec. 31, 2013 | Oct. 04, 2013 |
In Thousands, unless otherwise specified | ||||
Restricted Cash and Cash Equivalents Items [Line Items] | ' | ' | ' | ' |
Restricted cash | $0 | ' | $14,268 | ' |
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | ' | ' | ' | 15.00% |
Noncontrolling Interest, Ownership Percentage by Parent | ' | 15.00% | ' | ' |
ACCOUNTS_RECEIVABLE_Details
ACCOUNTS RECEIVABLE (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Receivables [Abstract] | ' | ' |
Accounts receivable | $308,608 | $268,340 |
Allowance for doubtful accounts | -6,104 | -5,287 |
Accounts receivable, net | $302,504 | $263,053 |
INVENTORIES_Details
INVENTORIES (Details) (USD $) | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 |
Inventory Disclosure [Abstract] | ' | ' | ' |
Raw material | $130,617 | ' | $130,403 |
Work-in-process | 53,962 | ' | 54,190 |
Finished goods | 211,137 | ' | 208,821 |
Inventory, Gross | 395,716 | ' | 393,414 |
Adjustment to LIFO basis | -9,016 | ' | -8,494 |
Inventory, Net | 386,700 | ' | 384,920 |
Percentage of LIFO Inventory | 11.00% | ' | 12.00% |
Mining inventory writedown | $11,555 | $0 | ' |
PROPERTY_PLANT_AND_EQUIPMENT_N2
PROPERTY, PLANT AND EQUIPMENT, NET (Details) (USD $) | 6 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property, Plant and Equipment, Gross | $1,059,540,000 | ' | $1,082,749,000 |
Less accumulated depreciation | -455,523,000 | ' | -443,942,000 |
Property, Plant and Equipment, Net | 604,017,000 | ' | 638,807,000 |
Depreciation | 43,800,000 | 37,800,000 | ' |
Capital Leased Assets, Gross | 10,700,000 | ' | ' |
Mining asset impairment | 23,242,000 | 0 | ' |
Land and Land Improvements [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property, Plant and Equipment, Gross | 68,806,000 | ' | 67,243,000 |
Building and Building Improvements [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property, Plant and Equipment, Gross | 243,602,000 | ' | 242,261,000 |
Capital Leased Assets, Gross | 5,800,000 | ' | 4,600,000 |
Machinery and Equipment [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property, Plant and Equipment, Gross | 589,188,000 | ' | 617,709,000 |
Capital Leased Assets, Gross | 49,800,000 | ' | 40,600,000 |
Tools, Dies and Molds [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property, Plant and Equipment, Gross | 106,816,000 | ' | 112,997,000 |
Capital Leased Assets, Gross | 200,000 | ' | ' |
Construction in Progress [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property, Plant and Equipment, Gross | $51,128,000 | ' | $42,539,000 |
GOODWILL_AND_INTANGIBLE_ASSETS1
GOODWILL AND INTANGIBLE ASSETS (Details) (USD $) | 6 Months Ended | ||||
Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | Sep. 30, 2012 | Dec. 31, 2011 | |
Goodwill [Roll Forward] | ' | ' | ' | ' | ' |
Goodwill at beginning of period | $42,075,000 | ' | ' | $22,343,000 | $24,941,000 |
Foreign currency translation | 824,000 | -2,598,000 | ' | ' | ' |
Goodwill at end of period | 42,899,000 | ' | ' | 22,343,000 | 24,941,000 |
Intangible Assets, Net (Excluding Goodwill) [Abstract] | ' | ' | ' | ' | ' |
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | '13 years 1 month | ' | ' | ' | ' |
Finite-Lived Customer Relationships, Gross | 17,248,000 | ' | 16,659,000 | ' | ' |
Finite-Lived Intangible Asset, Useful Life | '6 years 3 months | ' | ' | ' | ' |
Finite-Lived Trademarks, Gross | 20,148,000 | ' | 20,561,000 | ' | ' |
Finite-Lived Intangible Assets, Gross | 37,396,000 | ' | 37,220,000 | ' | ' |
Finite-Lived Intangible Assets, Accumulated Amortization | -6,544,000 | ' | -4,607,000 | ' | ' |
Intangible Assets, Net (Excluding Goodwill) | 30,852,000 | ' | 32,613,000 | ' | ' |
Amortization of Intangible Assets | 2,200,000 | 1,200,000 | ' | ' | ' |
Finite-Lived Intangible Assets, Amortization Expense, Maturity Schedule [Abstract] | ' | ' | ' | ' | ' |
2014 | 2,306,000 | ' | ' | ' | ' |
2015 | 4,219,000 | ' | ' | ' | ' |
2016 | 3,371,000 | ' | ' | ' | ' |
2017 | 3,196,000 | ' | ' | ' | ' |
2018 | 3,196,000 | ' | ' | ' | ' |
Thereafter | 14,564,000 | ' | ' | ' | ' |
Intangible Assets, Net (Excluding Goodwill) | 30,852,000 | ' | 32,613,000 | ' | ' |
Agricultural [Member] | ' | ' | ' | ' | ' |
Goodwill [Roll Forward] | ' | ' | ' | ' | ' |
Goodwill at beginning of period | 24,540,000 | ' | ' | 10,529,000 | 11,522,000 |
Foreign currency translation | 252,000 | -993,000 | ' | ' | ' |
Goodwill at end of period | 24,792,000 | ' | ' | 10,529,000 | 11,522,000 |
Earthmoving/construction [Member] | ' | ' | ' | ' | ' |
Goodwill [Roll Forward] | ' | ' | ' | ' | ' |
Goodwill at beginning of period | 14,898,000 | ' | ' | 11,814,000 | 13,419,000 |
Foreign currency translation | 642,000 | -1,605,000 | ' | ' | ' |
Goodwill at end of period | 15,540,000 | ' | ' | 11,814,000 | 13,419,000 |
Consumer [Member] | ' | ' | ' | ' | ' |
Goodwill [Roll Forward] | ' | ' | ' | ' | ' |
Goodwill at beginning of period | 2,637,000 | ' | ' | 0 | 0 |
Foreign currency translation | -70,000 | 0 | ' | ' | ' |
Goodwill at end of period | 2,567,000 | ' | ' | 0 | 0 |
Titan National Australia Holdings [Member] | Earthmoving/construction [Member] | ' | ' | ' | ' | ' |
Goodwill [Roll Forward] | ' | ' | ' | ' | ' |
Goodwill at end of period | $12,200,000 | ' | ' | ' | ' |
WARRANTY_Details
WARRANTY (Details) (USD $) | 6 Months Ended | 3 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2014 |
Minimum [Member] | Maximum [Member] | |||
Movement in Standard and Extended Product Warranty, Increase (Decrease) [Roll Forward] | ' | ' | ' | ' |
Warranty liability at January 1 | $33,134 | $27,482 | ' | ' |
Provision for warranty liabilities | 9,422 | 24,078 | ' | ' |
Warranty payments made | -9,975 | -17,079 | ' | ' |
Warranty liability at June 30 | $32,581 | $34,481 | ' | ' |
Length of Limited Warranty, Term | ' | ' | '0 years | '10 years |
REVOLVING_CREDIT_FACILITY_AND_2
REVOLVING CREDIT FACILITY AND LONG-TERM DEBT (Details) (USD $) | 6 Months Ended | |
Jun. 30, 2014 | Dec. 31, 2013 | |
Debt Instrument [Line Items] | ' | ' |
Line of Credit Facility, Increase, Additional Borrowings | $0 | ' |
Line of Credit Facility, Amount Outstanding | 0 | ' |
Debt Instruments [Abstract] | ' | ' |
6.875% senior secured notes due 2020 | 400,000,000 | ' |
5.625% convertible senior subordinated notes due 2017 | 60,200,000 | ' |
Capital leases | 3,023,000 | ' |
Total Long-term debt | 527,966,000 | 572,755,000 |
Less amounts due within one year | 26,498,000 | 75,061,000 |
Long-term debt | 501,468,000 | 497,694,000 |
Maturities of Long-term Debt [Abstract] | ' | ' |
2014 | 26,012,000 | ' |
2015 | 17,123,000 | ' |
2016 | 20,906,000 | ' |
2017 | 61,025,000 | ' |
2018 | 656,000 | ' |
Thereafter | 402,244,000 | ' |
Minimum [Member] | ' | ' |
Maturities of Long-term Debt [Abstract] | ' | ' |
Debt Instrument, Interest Rate, Stated Percentage | 5.00% | ' |
Maximum [Member] | ' | ' |
Maturities of Long-term Debt [Abstract] | ' | ' |
Debt Instrument, Interest Rate, Stated Percentage | 6.90% | ' |
Senior Secured Notes 6.875 Percent [Member] | ' | ' |
Debt Instruments [Abstract] | ' | ' |
6.875% senior secured notes due 2020 | 400,000,000 | 400,000,000 |
Maturities of Long-term Debt [Abstract] | ' | ' |
Debt Instrument, Interest Rate, Stated Percentage | 6.88% | ' |
5.625% convertible senior subordinated notes [Member] | ' | ' |
Debt Instruments [Abstract] | ' | ' |
5.625% convertible senior subordinated notes due 2017 | 60,161,000 | 60,161,000 |
Maturities of Long-term Debt [Abstract] | ' | ' |
Debt Instrument, Interest Rate, Stated Percentage | 5.63% | ' |
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 | ' |
Titan Europe [Member] | ' | ' |
Debt Instruments [Abstract] | ' | ' |
Titan Europe credit facilities | 38,503,000 | 41,687,000 |
Capital leases | 1,900,000 | 3,366,000 |
Other Debt Obligations [Member] | ' | ' |
Debt Instruments [Abstract] | ' | ' |
Other debt | 26,279,000 | 67,541,000 |
Voltyre-Prom [Member] | ' | ' |
Debt Instruments [Abstract] | ' | ' |
Capital leases | 900,000 | ' |
Titan Brazil [Member] | ' | ' |
Debt Instruments [Abstract] | ' | ' |
Less amounts due within one year | 15,700,000 | ' |
Bank of America [Member] | Line of Credit [Member] | ' | ' |
Maturities of Long-term Debt [Abstract] | ' | ' |
Line of Credit Facility, Maximum Borrowing Capacity | 150,000,000 | ' |
Titan National Australia Holdings [Member] | Australia Other Debt [Member] | ' | ' |
Debt Instruments [Abstract] | ' | ' |
Capital leases | 1,200,000 | ' |
Titan Europe [Member] | ' | ' |
Debt Instruments [Abstract] | ' | ' |
Less amounts due within one year | $9,700,000 | ' |
LEASE_COMMITMENTS_Details
LEASE COMMITMENTS (Details) (USD $) | Jun. 30, 2014 |
Operating Leases, Future Minimum Payments Due [Abstract] | ' |
2014 | $4,786,000 |
2015 | 5,734,000 |
2016 | 5,567,000 |
2017 | 3,621,000 |
2018 | 2,355,000 |
Thereafter | 2,893,000 |
Total future minimum lease payments | 24,956,000 |
Capital Leased Assets, Gross | 10,700,000 |
Capital Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | ' |
2014 | 797,000 |
2015 | 1,129,000 |
2016 | 693,000 |
2017 | 247,000 |
2018 | 82,000 |
Thereafter | 75,000 |
Total future capital lease obligation payments | 3,023,000 |
Less amount representing interest | -101,000 |
Present value of future capital lease obligation payments | $2,922,000 |
EMPLOYEE_BENEFIT_PLANS_Details
EMPLOYEE BENEFIT PLANS (Details) (USD $) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | |
EMPLOYEE BENEFIT PLANS [Abstract] | ' | ' | ' | ' | ' |
Defined Benefit Plan, Contributions by Employer | ' | ' | ' | $2,300,000 | ' |
Defined Benefit Plan, Estimated Future Employer Contributions in Current Fiscal Year | ' | 3,600,000 | ' | ' | ' |
Defined Benefit Plan, Service Cost | 193,000 | ' | 214,000 | 402,000 | 386,000 |
Defined Benefit Plan, Interest Cost | 1,426,000 | ' | 1,350,000 | 2,847,000 | 2,704,000 |
Defined Benefit Plan, Expected Return on Plan Assets | -1,501,000 | ' | -1,396,000 | -3,003,000 | -2,792,000 |
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 | 68,000 | 68,000 |
Defined Benefit Plan, Amortization of Gains (Losses) | 758,000 | ' | 1,317,000 | 1,516,000 | 2,635,000 |
Defined Benefit Plan, Net Periodic Benefit Cost | $910,000 | ' | $1,519,000 | $1,830,000 | $3,001,000 |
VARIABLE_INTEREST_ENTITIES_Det
VARIABLE INTEREST ENTITIES (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | ||||||
Variable Interest Entity [Line Items] | ' | ' | ' | ' | ' | ' |
Cash and Cash Equivalents, at Carrying Value | $162,954 | $189,360 | $424,387 | $189,114 | ' | ' |
Inventory, Net | 386,700 | 384,920 | ' | ' | ' | ' |
Goodwill | 42,899 | 42,075 | ' | ' | 22,343 | 24,941 |
Property, Plant and Equipment, Net | 604,017 | 638,807 | ' | ' | ' | ' |
Other Assets, Noncurrent | 134,340 | 129,699 | ' | ' | ' | ' |
Assets | 1,762,510 | 1,821,231 | ' | ' | ' | ' |
Liabilities, Current | 370,593 | 386,571 | ' | ' | ' | ' |
Liabilities | 996,894 | 1,023,195 | ' | ' | ' | ' |
Variable Interest Entity, Primary Beneficiary [Member] | ' | ' | ' | ' | ' | ' |
Variable Interest Entity [Line Items] | ' | ' | ' | ' | ' | ' |
Cash and Cash Equivalents, at Carrying Value | 11,784 | 17,106 | ' | ' | ' | ' |
Inventory, Net | 21,958 | 33,406 | ' | ' | ' | ' |
Other Assets, Current | 18,950 | 17,000 | ' | ' | ' | ' |
Goodwill | 20,020 | 20,601 | ' | ' | ' | ' |
Property, Plant and Equipment, Net | 66,492 | 76,060 | ' | ' | ' | ' |
Other Assets, Noncurrent | 15,052 | 16,673 | ' | ' | ' | ' |
Assets | 154,256 | 180,846 | ' | ' | ' | ' |
Liabilities, Current | 15,663 | 23,816 | ' | ' | ' | ' |
Liabilities, Noncurrent | 13,576 | 15,818 | ' | ' | ' | ' |
Liabilities | $29,239 | $39,634 | ' | ' | ' | ' |
ROYALTY_EXPENSE_Details
ROYALTY EXPENSE (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Royalty Expense [Abstract] | ' | ' | ' | ' |
Royalty Expense | $3,830 | $3,295 | $7,571 | $7,018 |
OTHER_INCOME_Details
OTHER INCOME (Details) (USD $) | 3 Months Ended | 6 Months Ended | |||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 |
Foreign Currency Transaction Gain (Loss), before Tax | $3,747 | ($6,111) | $2,050 | ($6,654) | ' |
Other income (expense) | 787 | 681 | 1,250 | 1,331 | ' |
Amortization of Prepaid Royalty Discount | 756 | 787 | 1,530 | 1,703 | ' |
Income (Loss) from Equity Method Investments | 0 | 0 | 0 | 0 | ' |
Interest income | 288 | 1,530 | 640 | 1,931 | ' |
Building rental income | 225 | 224 | 431 | 404 | ' |
Nonoperating Income (Expense) | 6,335 | -2,429 | 6,851 | -1,010 | ' |
Wheels India [Member] | ' | ' | ' | ' | ' |
Income (Loss) from Equity Method Investments | $532 | $460 | $950 | $275 | ' |
Equity Method Investment, Ownership Percentage | 34.23% | ' | 34.23% | ' | 41.73% |
GAIN_ON_EARTHQUAKE_INSURANCE_R2
GAIN ON EARTHQUAKE INSURANCE RECOVERY (Details) (USD $) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2014 | Sep. 30, 2013 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | |
GAIN ON EARTHQUAKE INSURANCE RECOVERY [Abstract] | ' | ' | ' | ' | ' |
Insurance Recoveries | ' | $38,700,000 | ' | ' | ' |
Gain on earthquake insurance recovery | $0 | ' | $22,451,000 | $0 | $22,451,000 |
INCOME_TAXES_Details
INCOME TAXES (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
INCOME TAXES [Abstract] | ' | ' | ' | ' |
Income Tax Expense (Benefit) | ($7,167) | $21,003 | ($10,518) | $33,202 |
Effective Income Tax Rate, Continuing Operations | ' | ' | 25.95% | 44.01% |
EARNINGS_PER_SHARE_Details
EARNINGS PER SHARE (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | ' |
Net income attributable to Titan | ($20,511) | $23,217 | ($18,348) | $42,692 |
Weighted Average Number of Shares Outstanding, Basic | 53,486,000 | 53,426,000 | 53,478,000 | 52,625,000 |
Dilutive Securities, Effect on Basic Earnings Per Share, Including Options and Restrictive Stock Units | 0 | 0 | 0 | 0 |
Weighted Average Number Diluted Shares Outstanding Adjustment | 0 | 280,000 | 0 | 290,000 |
Dilutive Securities, Effect on Basic Earnings Per Share | 0 | 609 | 0 | 1,381 |
Incremental Common Shares Attributable to Conversion of Debt Securities | 0 | 5,798,000 | 0 | 6,612,000 |
Titan Net income (loss) | ($20,511) | $23,826 | ($18,348) | $44,073 |
Weighted-average shares | 53,486,000 | 59,504,000 | 53,478,000 | 59,527,000 |
Earnings Per Share, Basic | ($0.38) | $0.43 | ($0.34) | $0.81 |
Earnings Per Share, Diluted | ($0.38) | $0.40 | ($0.34) | $0.74 |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 300,000 | ' | ' | ' |
5.625% convertible senior subordinated notes [Member] | ' | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 5,800,000 | ' | ' | ' |
SEGMENT_INFORMATION_Details
SEGMENT INFORMATION (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Net sales | $523,731 | $593,291 | $1,062,671 | $1,171,678 |
Gross profit (loss) | 22,560 | 86,655 | 77,110 | 183,406 |
Income (loss) from operations | -29,467 | 36,906 | -29,203 | 84,789 |
Interest expense | -8,926 | -13,069 | -18,185 | -23,510 |
Convertible debt conversion charge | 0 | 0 | 0 | -7,273 |
Gain on earthquake insurance recovery | 0 | 22,451 | 0 | 22,451 |
Other income, net | 6,335 | -2,429 | 6,851 | -1,010 |
Income (loss) before income taxes | -32,058 | 43,859 | -40,537 | 75,447 |
Agricultural [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Net sales | 285,274 | 323,943 | 602,440 | 634,496 |
Gross profit (loss) | 42,517 | 56,150 | 89,782 | 110,220 |
Income (loss) from operations | 28,078 | 45,686 | 58,619 | 87,301 |
Earthmoving/construction [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Net sales | 163,961 | 208,226 | 316,901 | 417,842 |
Gross profit (loss) | -23,255 | 26,820 | -19,457 | 64,315 |
Income (loss) from operations | -38,235 | 8,519 | -49,329 | 29,198 |
Consumer [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Net sales | 74,496 | 61,122 | 143,330 | 119,340 |
Gross profit (loss) | 4,114 | 4,331 | 8,196 | 10,478 |
Income (loss) from operations | -1,814 | 1,027 | -3,374 | 4,169 |
Unallocated Amount to Segment [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Gross profit (loss) | -816 | -646 | -1,411 | -1,607 |
Income (loss) from operations | ($17,496) | ($18,326) | ($35,119) | ($35,879) |
SEGMENT_INFORMATION_ASSETS_det
SEGMENT INFORMATION ASSETS (details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Segment Reporting Information [Line Items] | ' | ' |
Assets | $1,762,510 | $1,821,231 |
Agricultural [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Assets | 698,041 | 725,032 |
Earthmoving/construction [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Assets | 676,543 | 749,564 |
Consumer [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Assets | 225,227 | 172,320 |
Unallocated Amount to Segment [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Assets | $162,699 | $174,315 |
FAIR_VALUE_MEASUREMENTS_Detail
FAIR VALUE MEASUREMENTS (Details) (USD $) | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Abstract] | ' | ' | ' |
Property, Plant, and Equipment, Fair Value Disclosure | $45,189 | ' | $0 |
Mining asset impairment | 23,242 | 0 | ' |
Fair Value, Measurements, Recurring [Member] | ' | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' |
Investments for contractual obligations | 9,332 | ' | 8,723 |
Other Assets, Fair Value Disclosure | 250 | ' | 250 |
Derivative Financial Instruments, Liabilities, Fair Value Disclosure | -75 | ' | -126 |
Assets, Fair Value Disclosure | 9,507 | ' | 8,847 |
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, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' |
Investments for contractual obligations | 9,332 | ' | 8,723 |
Other Assets, Fair Value Disclosure | 0 | ' | 0 |
Derivative Financial Instruments, Liabilities, Fair Value Disclosure | 0 | ' | 0 |
Assets, Fair Value Disclosure | 9,332 | ' | 8,723 |
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, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' |
Investments for contractual obligations | 0 | ' | 0 |
Other Assets, Fair Value Disclosure | 0 | ' | 0 |
Derivative Financial Instruments, Liabilities, Fair Value Disclosure | -75 | ' | -126 |
Assets, Fair Value Disclosure | -75 | ' | -126 |
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, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' |
Investments for contractual obligations | 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 | 6 Months Ended | |||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 |
Related Party Transaction [Line Items] | ' | ' | ' | ' | ' |
Related Party Transaction, Revenues from Transactions with Related Party | $0.80 | $0.80 | $1.40 | $1.40 | ' |
Related Party Transaction, Due from (to) Related Party | 0.2 | ' | 0.2 | ' | ' |
Related Party Transaction, Expenses from Transactions with Related Party | 0.6 | 0.6 | 1.3 | 1.3 | ' |
Related Party Transaction, Purchases from Related Party | 4.1 | ' | 4.8 | ' | ' |
Accounts Payable, Related Parties, Current | $0 | ' | $0 | ' | $0.30 |
Wheels India [Member] | ' | ' | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' | ' | ' |
Equity Method Investment, Ownership Percentage | 34.23% | ' | 34.23% | ' | 41.73% |
ACCUMULATED_OTHER_COMPREHENSIV2
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Mar. 31, 2014 | Dec. 31, 2013 |
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) [Abstract] | ' | ' | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Net of Tax | ($32,229) | ' | ($32,229) | ' | ($36,678) | ($40,864) |
Accumulated Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net of Tax | -20,185 | ' | -20,185 | ' | -20,213 | -20,930 |
Accumulated other comprehensive loss | -52,414 | ' | -52,414 | ' | -56,891 | -61,794 |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax, Portion Attributable to Parent | 4,449 | ' | 8,635 | ' | ' | ' |
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Adjustment, Net of Tax | ($28) | ($1,070) | ($745) | ($2,021) | ' | ' |
SUBSIDIARY_GUARANTOR_FINANCIAL2
SUBSIDIARY GUARANTOR FINANCIAL INFORMATION (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2012 |
Income Statement [Abstract] | ' | ' | ' | ' | ' | ' |
Net sales | $523,731 | $593,291 | $1,062,671 | $1,171,678 | ' | ' |
Cost of Goods Sold | 466,374 | 506,636 | 950,764 | 988,272 | ' | ' |
Gross Profit | 22,560 | 86,655 | 77,110 | 183,406 | ' | ' |
Selling, General and Administrative Expense | 45,008 | 43,653 | 91,843 | 86,096 | ' | ' |
Research and Development Expense | 3,189 | 2,801 | 6,899 | 5,503 | ' | ' |
Royalty Expense | 3,830 | 3,295 | 7,571 | 7,018 | ' | ' |
Operating Income (Loss) | -29,467 | 36,906 | -29,203 | 84,789 | ' | ' |
Interest expense | -8,926 | -13,069 | -18,185 | -23,510 | ' | ' |
Convertible debt conversion charge | 0 | 0 | 0 | -7,273 | ' | ' |
Gain on earthquake insurance recovery | 0 | 22,451 | 0 | 22,451 | ' | ' |
Interest Expense, Related Party | 0 | 0 | 0 | 0 | ' | ' |
Other income (expense) | 6,335 | -2,429 | 6,851 | -1,010 | ' | ' |
Income (loss) before income taxes | -32,058 | 43,859 | -40,537 | 75,447 | ' | ' |
Income Tax Expense (Benefit) | -7,167 | 21,003 | -10,518 | 33,202 | ' | ' |
Income (Loss) from Equity Method Investments | 0 | 0 | 0 | 0 | ' | ' |
Net income (loss) | -24,891 | 22,856 | -30,019 | 42,245 | ' | ' |
Net Income (Loss) Attributable to Noncontrolling Interest | -4,380 | -361 | -11,671 | -447 | ' | ' |
Net income attributable to Titan | -20,511 | 23,217 | -18,348 | 42,692 | ' | ' |
Comprehensive Income Statement [Abstract] | ' | ' | ' | ' | ' | ' |
Net income (loss) | -24,891 | 22,856 | -30,019 | 42,245 | ' | ' |
Unrealized gain (loss) on investments, net of tax | ' | ' | 0 | -3 | ' | ' |
Currency translation adjustment, net | 7,826 | -25,171 | 8,214 | -25,367 | ' | ' |
Pension liability adjustments, net of tax | 28 | 1,070 | 745 | 2,021 | ' | ' |
Comprehensive Income (Loss) | -17,037 | -1,245 | -21,060 | 18,896 | ' | ' |
Net comprehensive (loss), attributable to noncontrolling interests | -1,062 | -3,167 | -13,245 | -3,158 | ' | ' |
Comprehensive income (loss) attributable to Titan | -15,975 | 1,922 | -7,815 | 22,054 | ' | ' |
Statement of Financial Position [Abstract] | ' | ' | ' | ' | ' | ' |
Cash and Cash Equivalents, at Carrying Value | 162,954 | 424,387 | 162,954 | 424,387 | 189,360 | 189,114 |
Restricted cash | 0 | ' | 0 | ' | 14,268 | ' |
Accounts Receivable, Net, Current | 302,504 | ' | 302,504 | ' | 263,053 | ' |
Inventory, Net | 386,700 | ' | 386,700 | ' | 384,920 | ' |
Prepaid Expense, Deffered Income Taxes and Other Assets, Current | 122,259 | ' | 122,259 | ' | 156,277 | ' |
Assets, Current | 974,417 | ' | 974,417 | ' | 1,007,878 | ' |
Property, Plant and Equipment, Net | 604,017 | ' | 604,017 | ' | 638,807 | ' |
Equity Method Investments | 0 | ' | 0 | ' | 0 | ' |
Other Assets, Goodwill, Deferred Income Tax Asset, Noncurrent | 184,076 | ' | 184,076 | ' | 174,546 | ' |
Assets | 1,762,510 | ' | 1,762,510 | ' | 1,821,231 | ' |
Short-term debt | 26,498 | ' | 26,498 | ' | 75,061 | ' |
Accounts Payable, Current | 200,548 | ' | 200,548 | ' | 176,719 | ' |
Deferred Income Taxes and Other Liabilities, Current | 143,547 | ' | 143,547 | ' | 134,791 | ' |
Liabilities, Current | 370,593 | ' | 370,593 | ' | 386,571 | ' |
Long-term debt | 501,468 | ' | 501,468 | ' | 497,694 | ' |
Liabilities, Other than Long-term Debt, Noncurrent | 124,833 | ' | 124,833 | ' | 138,930 | ' |
Due to Related Parties | 0 | ' | 0 | ' | 0 | ' |
Stockholders' Equity Attributable to Parent | 680,741 | ' | 680,741 | ' | 687,723 | ' |
Stockholders' Equity Attributable to Noncontrolling Interest | 84,875 | ' | 84,875 | ' | 110,313 | ' |
Liabilities and Equity | 1,762,510 | ' | 1,762,510 | ' | 1,821,231 | ' |
Statement of Cash Flows [Abstract] | ' | ' | ' | ' | ' | ' |
Net Cash Provided by (Used in) Operating Activities | ' | ' | 43,055 | 86,610 | ' | ' |
Capital expenditures | ' | ' | -30,883 | -36,068 | ' | ' |
Acquisitions, net of cash acquired | 13,395 | ' | 13,395 | 1,671 | ' | ' |
Decrease in restricted cash deposits | 14,268 | ' | 14,268 | 0 | ' | ' |
Additional equity investment in Wheels India | ' | ' | 0 | -8,017 | ' | ' |
Insurance proceeds | ' | ' | 0 | 2,879 | ' | ' |
Payments for (Proceeds from) Other Investing Activities | ' | ' | 3,241 | 179 | ' | ' |
Net Cash Provided by (Used in) Investing Activities | ' | ' | -26,769 | -42,698 | ' | ' |
Proceeds from borrowings | ' | ' | 0 | 345,313 | ' | ' |
Repayments of Other Debt | ' | ' | -53,393 | -155,082 | ' | ' |
Proceeds from Other Debt | ' | ' | 6,217 | 25,157 | ' | ' |
Debt Conversion, Converted Instrument, Amount | ' | ' | 0 | 14,090 | ' | ' |
Proceeds from Stock Options Exercised | ' | ' | 141 | 841 | ' | ' |
Excess Tax Benefit from Share-based Compensation, Financing Activities | ' | ' | -45 | -42 | ' | ' |
Payment of financing fees | ' | ' | -33 | -5,452 | ' | ' |
Payments of Dividends, Common Stock | ' | ' | -536 | -511 | ' | ' |
Net Cash Provided by (Used in) Financing Activities | ' | ' | -47,649 | 196,134 | ' | ' |
Effect of Exchange Rate on Cash and Cash Equivalents | ' | ' | 4,957 | -4,773 | ' | ' |
Cash and Cash Equivalents, Period Increase (Decrease) | ' | ' | -26,406 | 235,273 | ' | ' |
Cash and Cash Equivalents, at Carrying Value | 162,954 | 424,387 | 162,954 | 424,387 | 189,360 | 189,114 |
Parent [Member] | ' | ' | ' | ' | ' | ' |
Income Statement [Abstract] | ' | ' | ' | ' | ' | ' |
Net sales | 0 | 0 | 0 | ' | ' | ' |
Cost of Goods Sold | 303 | 277 | 513 | ' | ' | ' |
Gross Profit | -303 | -277 | -513 | ' | ' | ' |
Selling, General and Administrative Expense | 2,388 | 2,130 | 4,032 | ' | ' | ' |
Research and Development Expense | 72 | -28 | 72 | ' | ' | ' |
Royalty Expense | 0 | 0 | 0 | ' | ' | ' |
Operating Income (Loss) | -2,763 | -2,379 | -4,617 | ' | ' | ' |
Interest expense | -8,255 | -10,833 | -16,517 | ' | ' | ' |
Gain on earthquake insurance recovery | ' | 0 | ' | ' | ' | ' |
Interest Expense, Related Party | 1,618 | 2,192 | 3,302 | ' | ' | ' |
Other income (expense) | 1,192 | 904 | 1,534 | ' | ' | ' |
Income (loss) before income taxes | -8,208 | -10,116 | -16,298 | ' | ' | ' |
Income Tax Expense (Benefit) | 69 | 6,491 | -5,971 | ' | ' | ' |
Income (Loss) from Equity Method Investments | -16,614 | 39,463 | -19,692 | ' | ' | ' |
Net income (loss) | -24,891 | 22,856 | -30,019 | ' | ' | ' |
Net Income (Loss) Attributable to Noncontrolling Interest | 0 | 0 | 0 | ' | ' | ' |
Net income attributable to Titan | -24,891 | 22,856 | -30,019 | ' | ' | ' |
Comprehensive Income Statement [Abstract] | ' | ' | ' | ' | ' | ' |
Net income (loss) | -24,891 | 22,856 | -30,019 | ' | ' | ' |
Currency translation adjustment, net | 7,826 | -25,171 | ' | ' | ' | ' |
Pension liability adjustments, net of tax | 28 | 1,070 | ' | ' | ' | ' |
Comprehensive Income (Loss) | -17,037 | -1,245 | ' | ' | ' | ' |
Net comprehensive (loss), attributable to noncontrolling interests | 0 | 0 | ' | ' | ' | ' |
Comprehensive income (loss) attributable to Titan | -17,037 | -1,245 | ' | ' | ' | ' |
Statement of Financial Position [Abstract] | ' | ' | ' | ' | ' | ' |
Cash and Cash Equivalents, at Carrying Value | 91,778 | 326,016 | 91,778 | 326,016 | 81,472 | 103,154 |
Restricted cash | ' | ' | ' | ' | 0 | ' |
Accounts Receivable, Net, Current | 0 | ' | 0 | ' | 0 | ' |
Inventory, Net | 0 | ' | 0 | ' | 0 | ' |
Prepaid Expense, Deffered Income Taxes and Other Assets, Current | 35,499 | ' | 35,499 | ' | 80,876 | ' |
Assets, Current | 127,277 | ' | 127,277 | ' | 162,348 | ' |
Property, Plant and Equipment, Net | 8,085 | ' | 8,085 | ' | 9,885 | ' |
Equity Method Investments | 887,704 | ' | 887,704 | ' | 884,222 | ' |
Other Assets, Goodwill, Deferred Income Tax Asset, Noncurrent | 36,778 | ' | 36,778 | ' | 34,259 | ' |
Assets | 1,059,844 | ' | 1,059,844 | ' | 1,090,714 | ' |
Short-term debt | 0 | ' | 0 | ' | 0 | ' |
Accounts Payable, Current | 320 | ' | 320 | ' | 368 | ' |
Deferred Income Taxes and Other Liabilities, Current | 22,860 | ' | 22,860 | ' | 15,278 | ' |
Liabilities, Current | 23,180 | ' | 23,180 | ' | 15,646 | ' |
Long-term debt | 460,161 | ' | 460,161 | ' | 460,161 | ' |
Liabilities, Other than Long-term Debt, Noncurrent | 31,401 | ' | 31,401 | ' | 40,658 | ' |
Due to Related Parties | -135,639 | ' | -135,639 | ' | -113,474 | ' |
Stockholders' Equity Attributable to Parent | 680,741 | ' | 680,741 | ' | 687,723 | ' |
Stockholders' Equity Attributable to Noncontrolling Interest | 0 | ' | 0 | ' | 0 | ' |
Liabilities and Equity | 1,059,844 | ' | 1,059,844 | ' | 1,090,714 | ' |
Statement of Cash Flows [Abstract] | ' | ' | ' | ' | ' | ' |
Net Cash Provided by (Used in) Operating Activities | ' | ' | 11,495 | -100,008 | ' | ' |
Capital expenditures | ' | ' | -667 | -3,189 | ' | ' |
Acquisitions, net of cash acquired | 49 | ' | ' | 0 | ' | ' |
Decrease in restricted cash deposits | 0 | ' | ' | ' | ' | ' |
Additional equity investment in Wheels India | ' | ' | ' | 0 | ' | ' |
Insurance proceeds | ' | ' | ' | 0 | ' | ' |
Payments for (Proceeds from) Other Investing Activities | ' | ' | 0 | 0 | ' | ' |
Net Cash Provided by (Used in) Investing Activities | ' | ' | -716 | -3,189 | ' | ' |
Proceeds from borrowings | ' | ' | ' | -345,313 | ' | ' |
Repayments of Other Debt | ' | ' | 0 | 0 | ' | ' |
Proceeds from Other Debt | ' | ' | 0 | 0 | ' | ' |
Debt Conversion, Converted Instrument, Amount | ' | ' | ' | -14,090 | ' | ' |
Proceeds from Stock Options Exercised | ' | ' | 141 | 841 | ' | ' |
Excess Tax Benefit from Share-based Compensation, Financing Activities | ' | ' | -45 | -42 | ' | ' |
Payment of financing fees | ' | ' | 33 | -5,452 | ' | ' |
Payments of Dividends, Common Stock | ' | ' | -536 | -511 | ' | ' |
Net Cash Provided by (Used in) Financing Activities | ' | ' | -473 | 326,059 | ' | ' |
Effect of Exchange Rate on Cash and Cash Equivalents | ' | ' | 0 | 0 | ' | ' |
Cash and Cash Equivalents, Period Increase (Decrease) | ' | ' | 10,306 | 222,862 | ' | ' |
Cash and Cash Equivalents, at Carrying Value | 91,778 | 326,016 | 91,778 | 326,016 | 81,472 | 103,154 |
Guarantor Subsidiaries [Member] | ' | ' | ' | ' | ' | ' |
Income Statement [Abstract] | ' | ' | ' | ' | ' | ' |
Net sales | 244,664 | 323,482 | 508,622 | ' | ' | ' |
Cost of Goods Sold | 241,915 | 261,789 | 470,154 | ' | ' | ' |
Gross Profit | 2,749 | 61,693 | 38,468 | ' | ' | ' |
Selling, General and Administrative Expense | 17,611 | 20,300 | 36,601 | ' | ' | ' |
Research and Development Expense | 1,214 | 1,400 | 3,367 | ' | ' | ' |
Royalty Expense | 1,926 | 1,850 | 3,774 | ' | ' | ' |
Operating Income (Loss) | -18,002 | 38,143 | -5,274 | ' | ' | ' |
Interest expense | 0 | 0 | 0 | ' | ' | ' |
Gain on earthquake insurance recovery | ' | 0 | ' | ' | ' | ' |
Interest Expense, Related Party | 0 | 0 | 0 | ' | ' | ' |
Other income (expense) | 103 | 2 | 48 | ' | ' | ' |
Income (loss) before income taxes | -17,899 | 38,145 | -5,226 | ' | ' | ' |
Income Tax Expense (Benefit) | -6,437 | 13,637 | -1,627 | ' | ' | ' |
Income (Loss) from Equity Method Investments | 0 | 0 | 0 | ' | ' | ' |
Net income (loss) | -11,462 | 24,508 | -3,599 | ' | ' | ' |
Net Income (Loss) Attributable to Noncontrolling Interest | 0 | 0 | 0 | ' | ' | ' |
Net income attributable to Titan | -11,462 | 24,508 | -3,599 | ' | ' | ' |
Comprehensive Income Statement [Abstract] | ' | ' | ' | ' | ' | ' |
Net income (loss) | -11,462 | 24,508 | -3,599 | ' | ' | ' |
Currency translation adjustment, net | 0 | 0 | ' | ' | ' | ' |
Pension liability adjustments, net of tax | 450 | 781 | ' | ' | ' | ' |
Comprehensive Income (Loss) | -11,012 | 25,289 | ' | ' | ' | ' |
Net comprehensive (loss), attributable to noncontrolling interests | 0 | 0 | ' | ' | ' | ' |
Comprehensive income (loss) attributable to Titan | -11,012 | 25,289 | ' | ' | ' | ' |
Statement of Financial Position [Abstract] | ' | ' | ' | ' | ' | ' |
Cash and Cash Equivalents, at Carrying Value | 5 | 4 | 5 | 4 | 4 | 4 |
Restricted cash | ' | ' | ' | ' | 0 | ' |
Accounts Receivable, Net, Current | 112,903 | ' | 112,903 | ' | 89,259 | ' |
Inventory, Net | 114,696 | ' | 114,696 | ' | 129,113 | ' |
Prepaid Expense, Deffered Income Taxes and Other Assets, Current | 28,138 | ' | 28,138 | ' | 20,416 | ' |
Assets, Current | 255,742 | ' | 255,742 | ' | 238,792 | ' |
Property, Plant and Equipment, Net | 172,248 | ' | 172,248 | ' | 206,928 | ' |
Equity Method Investments | 0 | ' | 0 | ' | 0 | ' |
Other Assets, Goodwill, Deferred Income Tax Asset, Noncurrent | 357 | ' | 357 | ' | 387 | ' |
Assets | 428,347 | ' | 428,347 | ' | 446,107 | ' |
Short-term debt | 0 | ' | 0 | ' | 0 | ' |
Accounts Payable, Current | 15,694 | ' | 15,694 | ' | 12,525 | ' |
Deferred Income Taxes and Other Liabilities, Current | 50,198 | ' | 50,198 | ' | 58,001 | ' |
Liabilities, Current | 65,892 | ' | 65,892 | ' | 70,526 | ' |
Long-term debt | 0 | ' | 0 | ' | 0 | ' |
Liabilities, Other than Long-term Debt, Noncurrent | 13,841 | ' | 13,841 | ' | 15,571 | ' |
Due to Related Parties | -155,584 | ' | -155,584 | ' | -147,529 | ' |
Stockholders' Equity Attributable to Parent | 504,198 | ' | 504,198 | ' | 507,539 | ' |
Stockholders' Equity Attributable to Noncontrolling Interest | 0 | ' | 0 | ' | 0 | ' |
Liabilities and Equity | 428,347 | ' | 428,347 | ' | 446,107 | ' |
Statement of Cash Flows [Abstract] | ' | ' | ' | ' | ' | ' |
Net Cash Provided by (Used in) Operating Activities | ' | ' | 4,430 | 15,562 | ' | ' |
Capital expenditures | ' | ' | -4,770 | -15,564 | ' | ' |
Acquisitions, net of cash acquired | 0 | ' | ' | 0 | ' | ' |
Decrease in restricted cash deposits | 0 | ' | ' | ' | ' | ' |
Additional equity investment in Wheels India | ' | ' | ' | 0 | ' | ' |
Insurance proceeds | ' | ' | ' | 0 | ' | ' |
Payments for (Proceeds from) Other Investing Activities | ' | ' | 341 | 2 | ' | ' |
Net Cash Provided by (Used in) Investing Activities | ' | ' | -4,429 | -15,562 | ' | ' |
Proceeds from borrowings | ' | ' | ' | 0 | ' | ' |
Repayments of Other Debt | ' | ' | 0 | 0 | ' | ' |
Proceeds from Other Debt | ' | ' | 0 | 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 | 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) | ' | ' | 1 | 0 | ' | ' |
Cash and Cash Equivalents, at Carrying Value | 5 | 4 | 5 | 4 | 4 | 4 |
Non-Guarantor Subsidiaries [Member] | ' | ' | ' | ' | ' | ' |
Income Statement [Abstract] | ' | ' | ' | ' | ' | ' |
Net sales | 279,067 | 269,809 | 554,049 | ' | ' | ' |
Cost of Goods Sold | 258,953 | 244,570 | 514,894 | ' | ' | ' |
Gross Profit | 20,114 | 25,239 | 39,155 | ' | ' | ' |
Selling, General and Administrative Expense | 25,009 | 21,223 | 51,210 | ' | ' | ' |
Research and Development Expense | 1,903 | 1,429 | 3,460 | ' | ' | ' |
Royalty Expense | 1,904 | 1,445 | 3,797 | ' | ' | ' |
Operating Income (Loss) | -8,702 | 1,142 | -19,312 | ' | ' | ' |
Interest expense | -671 | -2,236 | -1,668 | ' | ' | ' |
Gain on earthquake insurance recovery | ' | -22,451 | ' | ' | ' | ' |
Interest Expense, Related Party | -1,618 | -2,192 | -3,302 | ' | ' | ' |
Other income (expense) | 5,040 | -3,335 | 5,269 | ' | ' | ' |
Income (loss) before income taxes | -5,951 | 15,830 | -19,013 | ' | ' | ' |
Income Tax Expense (Benefit) | -799 | 875 | -2,920 | ' | ' | ' |
Income (Loss) from Equity Method Investments | -18,004 | 14,892 | -18,881 | ' | ' | ' |
Net income (loss) | -23,156 | 29,847 | -34,974 | ' | ' | ' |
Net Income (Loss) Attributable to Noncontrolling Interest | -4,380 | -361 | -11,671 | ' | ' | ' |
Net income attributable to Titan | -18,776 | 30,208 | -23,303 | ' | ' | ' |
Comprehensive Income Statement [Abstract] | ' | ' | ' | ' | ' | ' |
Net income (loss) | -23,156 | 29,847 | -34,974 | ' | ' | ' |
Currency translation adjustment, net | 7,826 | -25,171 | ' | ' | ' | ' |
Pension liability adjustments, net of tax | -422 | 289 | ' | ' | ' | ' |
Comprehensive Income (Loss) | -15,752 | 4,965 | ' | ' | ' | ' |
Net comprehensive (loss), attributable to noncontrolling interests | -1,062 | -3,167 | ' | ' | ' | ' |
Comprehensive income (loss) attributable to Titan | -14,690 | 8,132 | ' | ' | ' | ' |
Statement of Financial Position [Abstract] | ' | ' | ' | ' | ' | ' |
Cash and Cash Equivalents, at Carrying Value | 71,171 | 98,367 | 71,171 | 98,367 | 107,884 | 85,956 |
Restricted cash | ' | ' | ' | ' | 14,268 | ' |
Accounts Receivable, Net, Current | 189,601 | ' | 189,601 | ' | 173,794 | ' |
Inventory, Net | 272,004 | ' | 272,004 | ' | 255,807 | ' |
Prepaid Expense, Deffered Income Taxes and Other Assets, Current | 58,622 | ' | 58,622 | ' | 54,985 | ' |
Assets, Current | 591,398 | ' | 591,398 | ' | 606,738 | ' |
Property, Plant and Equipment, Net | 423,684 | ' | 423,684 | ' | 421,994 | ' |
Equity Method Investments | 122,182 | ' | 122,182 | ' | 141,752 | ' |
Other Assets, Goodwill, Deferred Income Tax Asset, Noncurrent | 146,941 | ' | 146,941 | ' | 139,900 | ' |
Assets | 1,284,205 | ' | 1,284,205 | ' | 1,310,384 | ' |
Short-term debt | 26,498 | ' | 26,498 | ' | 75,061 | ' |
Accounts Payable, Current | 184,534 | ' | 184,534 | ' | 163,826 | ' |
Deferred Income Taxes and Other Liabilities, Current | 70,489 | ' | 70,489 | ' | 61,512 | ' |
Liabilities, Current | 281,521 | ' | 281,521 | ' | 300,399 | ' |
Long-term debt | 41,307 | ' | 41,307 | ' | 37,533 | ' |
Liabilities, Other than Long-term Debt, Noncurrent | 79,591 | ' | 79,591 | ' | 82,701 | ' |
Due to Related Parties | 291,223 | ' | 291,223 | ' | 261,003 | ' |
Stockholders' Equity Attributable to Parent | 505,688 | ' | 505,688 | ' | 518,435 | ' |
Stockholders' Equity Attributable to Noncontrolling Interest | 84,875 | ' | 84,875 | ' | 110,313 | ' |
Liabilities and Equity | 1,284,205 | ' | 1,284,205 | ' | 1,310,384 | ' |
Statement of Cash Flows [Abstract] | ' | ' | ' | ' | ' | ' |
Net Cash Provided by (Used in) Operating Activities | ' | ' | 27,130 | 171,056 | ' | ' |
Capital expenditures | ' | ' | -25,446 | -17,315 | ' | ' |
Acquisitions, net of cash acquired | 13,346 | ' | ' | 1,671 | ' | ' |
Decrease in restricted cash deposits | 14,268 | ' | ' | ' | ' | ' |
Additional equity investment in Wheels India | ' | ' | ' | -8,017 | ' | ' |
Insurance proceeds | ' | ' | ' | -2,879 | ' | ' |
Payments for (Proceeds from) Other Investing Activities | ' | ' | 2,900 | 177 | ' | ' |
Net Cash Provided by (Used in) Investing Activities | ' | ' | -21,624 | -23,947 | ' | ' |
Proceeds from borrowings | ' | ' | ' | 0 | ' | ' |
Repayments of Other Debt | ' | ' | -53,393 | -155,082 | ' | ' |
Proceeds from Other Debt | ' | ' | 6,217 | -25,157 | ' | ' |
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 | 0 | ' | ' |
Payments of Dividends, Common Stock | ' | ' | 0 | 0 | ' | ' |
Net Cash Provided by (Used in) Financing Activities | ' | ' | -47,176 | -129,925 | ' | ' |
Effect of Exchange Rate on Cash and Cash Equivalents | ' | ' | 4,957 | -4,773 | ' | ' |
Cash and Cash Equivalents, Period Increase (Decrease) | ' | ' | -36,713 | 12,411 | ' | ' |
Cash and Cash Equivalents, at Carrying Value | 71,171 | 98,367 | 71,171 | 98,367 | 107,884 | 85,956 |
Consolidation, Eliminations [Member] | ' | ' | ' | ' | ' | ' |
Income Statement [Abstract] | ' | ' | ' | ' | ' | ' |
Net sales | 0 | 0 | 0 | ' | ' | ' |
Cost of Goods Sold | 0 | 0 | 0 | ' | ' | ' |
Gross Profit | 0 | 0 | 0 | ' | ' | ' |
Selling, General and Administrative Expense | 0 | 0 | 0 | ' | ' | ' |
Research and Development Expense | 0 | 0 | 0 | ' | ' | ' |
Royalty Expense | 0 | 0 | 0 | ' | ' | ' |
Operating Income (Loss) | 0 | 0 | 0 | ' | ' | ' |
Interest expense | 0 | 0 | 0 | ' | ' | ' |
Gain on earthquake insurance recovery | ' | 0 | ' | ' | ' | ' |
Interest Expense, Related Party | 0 | 0 | 0 | ' | ' | ' |
Other income (expense) | 0 | 0 | 0 | ' | ' | ' |
Income (loss) before income taxes | 0 | 0 | 0 | ' | ' | ' |
Income Tax Expense (Benefit) | 0 | 0 | 0 | ' | ' | ' |
Income (Loss) from Equity Method Investments | 34,618 | -54,355 | 38,573 | ' | ' | ' |
Net income (loss) | 34,618 | -54,355 | 38,573 | ' | ' | ' |
Net Income (Loss) Attributable to Noncontrolling Interest | 0 | 0 | 0 | ' | ' | ' |
Net income attributable to Titan | 34,618 | -54,355 | 38,573 | ' | ' | ' |
Comprehensive Income Statement [Abstract] | ' | ' | ' | ' | ' | ' |
Net income (loss) | 34,618 | -54,355 | 38,573 | ' | ' | ' |
Currency translation adjustment, net | -7,826 | 25,171 | ' | ' | ' | ' |
Pension liability adjustments, net of tax | -28 | -1,070 | ' | ' | ' | ' |
Comprehensive Income (Loss) | 26,764 | -30,254 | ' | ' | ' | ' |
Net comprehensive (loss), attributable to noncontrolling interests | 0 | 0 | ' | ' | ' | ' |
Comprehensive income (loss) attributable to Titan | 26,764 | -30,254 | ' | ' | ' | ' |
Statement of Financial Position [Abstract] | ' | ' | ' | ' | ' | ' |
Cash and Cash Equivalents, at Carrying Value | 0 | ' | 0 | ' | 0 | ' |
Restricted cash | ' | ' | ' | ' | 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 | -1,009,886 | ' | -1,009,886 | ' | -1,025,974 | ' |
Other Assets, Goodwill, Deferred Income Tax Asset, Noncurrent | 0 | ' | 0 | ' | 0 | ' |
Assets | -1,009,886 | ' | -1,009,886 | ' | -1,025,974 | ' |
Short-term debt | 0 | ' | 0 | ' | 0 | ' |
Accounts Payable, Current | 0 | ' | 0 | ' | 0 | ' |
Deferred Income Taxes and Other Liabilities, Current | 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 | -1,009,886 | ' | -1,009,886 | ' | -1,025,974 | ' |
Stockholders' Equity Attributable to Noncontrolling Interest | 0 | ' | 0 | ' | 0 | ' |
Liabilities and Equity | -1,009,886 | ' | -1,009,886 | ' | -1,025,974 | ' |
Statement of Cash Flows [Abstract] | ' | ' | ' | ' | ' | ' |
Cash and Cash Equivalents, at Carrying Value | 0 | ' | 0 | ' | 0 | ' |
Cost of Goods, Total [Member] | ' | ' | ' | ' | ' | ' |
Income Statement [Abstract] | ' | ' | ' | ' | ' | ' |
Cost of Goods Sold | 501,171 | ' | 985,561 | ' | ' | ' |
Senior Secured Notes 7.875 Percent [Member] | Parent [Member] | ' | ' | ' | ' | ' | ' |
Income Statement [Abstract] | ' | ' | ' | ' | ' | ' |
Net sales | ' | ' | ' | 0 | ' | ' |
Cost of Goods Sold | ' | ' | ' | 667 | ' | ' |
Gross Profit | ' | ' | ' | -667 | ' | ' |
Selling, General and Administrative Expense | ' | ' | ' | 4,447 | ' | ' |
Research and Development Expense | ' | ' | ' | -18 | ' | ' |
Royalty Expense | ' | ' | ' | 0 | ' | ' |
Operating Income (Loss) | ' | ' | ' | -5,096 | ' | ' |
Interest expense | ' | ' | ' | -18,564 | ' | ' |
Convertible debt conversion charge | ' | ' | ' | -7,273 | ' | ' |
Gain on earthquake insurance recovery | ' | ' | ' | 0 | ' | ' |
Interest Expense, Related Party | ' | ' | ' | -2,689 | ' | ' |
Other income (expense) | ' | ' | ' | 1,548 | ' | ' |
Income (loss) before income taxes | ' | ' | ' | -26,696 | ' | ' |
Income Tax Expense (Benefit) | ' | ' | ' | -1,844 | ' | ' |
Income (Loss) from Equity Method Investments | ' | ' | ' | 67,097 | ' | ' |
Net income (loss) | ' | ' | -30,019 | 42,245 | ' | ' |
Net Income (Loss) Attributable to Noncontrolling Interest | ' | ' | ' | 0 | ' | ' |
Net income attributable to Titan | ' | ' | ' | 42,245 | ' | ' |
Comprehensive Income Statement [Abstract] | ' | ' | ' | ' | ' | ' |
Net income (loss) | ' | ' | -30,019 | 42,245 | ' | ' |
Unrealized gain (loss) on investments, net of tax | ' | ' | ' | -3 | ' | ' |
Currency translation adjustment, net | ' | ' | 8,214 | -25,367 | ' | ' |
Pension liability adjustments, net of tax | ' | ' | 745 | 2,021 | ' | ' |
Comprehensive Income (Loss) | ' | ' | -21,060 | 18,896 | ' | ' |
Net comprehensive (loss), attributable to noncontrolling interests | ' | ' | 0 | 0 | ' | ' |
Comprehensive income (loss) attributable to Titan | ' | ' | -21,060 | 18,896 | ' | ' |
Senior Secured Notes 7.875 Percent [Member] | Guarantor Subsidiaries [Member] | ' | ' | ' | ' | ' | ' |
Income Statement [Abstract] | ' | ' | ' | ' | ' | ' |
Net sales | ' | ' | ' | 647,376 | ' | ' |
Cost of Goods Sold | ' | ' | ' | 518,015 | ' | ' |
Gross Profit | ' | ' | ' | 129,361 | ' | ' |
Selling, General and Administrative Expense | ' | ' | ' | 38,124 | ' | ' |
Research and Development Expense | ' | ' | ' | 2,713 | ' | ' |
Royalty Expense | ' | ' | ' | 3,628 | ' | ' |
Operating Income (Loss) | ' | ' | ' | 84,896 | ' | ' |
Interest expense | ' | ' | ' | 0 | ' | ' |
Convertible debt conversion charge | ' | ' | ' | 0 | ' | ' |
Gain on earthquake insurance recovery | ' | ' | ' | 0 | ' | ' |
Interest Expense, Related Party | ' | ' | ' | 0 | ' | ' |
Other income (expense) | ' | ' | ' | 26 | ' | ' |
Income (loss) before income taxes | ' | ' | ' | 84,922 | ' | ' |
Income Tax Expense (Benefit) | ' | ' | ' | 30,590 | ' | ' |
Income (Loss) from Equity Method Investments | ' | ' | ' | 0 | ' | ' |
Net income (loss) | ' | ' | -3,599 | 54,332 | ' | ' |
Net Income (Loss) Attributable to Noncontrolling Interest | ' | ' | ' | 0 | ' | ' |
Net income attributable to Titan | ' | ' | ' | 54,332 | ' | ' |
Comprehensive Income Statement [Abstract] | ' | ' | ' | ' | ' | ' |
Net income (loss) | ' | ' | -3,599 | 54,332 | ' | ' |
Unrealized gain (loss) on investments, net of tax | ' | ' | ' | 0 | ' | ' |
Currency translation adjustment, net | ' | ' | 0 | 0 | ' | ' |
Pension liability adjustments, net of tax | ' | ' | 900 | 1,562 | ' | ' |
Comprehensive Income (Loss) | ' | ' | -2,699 | 55,894 | ' | ' |
Net comprehensive (loss), attributable to noncontrolling interests | ' | ' | 0 | 0 | ' | ' |
Comprehensive income (loss) attributable to Titan | ' | ' | -2,699 | 55,894 | ' | ' |
Senior Secured Notes 7.875 Percent [Member] | Non-Guarantor Subsidiaries [Member] | ' | ' | ' | ' | ' | ' |
Income Statement [Abstract] | ' | ' | ' | ' | ' | ' |
Net sales | ' | ' | ' | 524,302 | ' | ' |
Cost of Goods Sold | ' | ' | ' | 469,590 | ' | ' |
Gross Profit | ' | ' | ' | 54,712 | ' | ' |
Selling, General and Administrative Expense | ' | ' | ' | 43,525 | ' | ' |
Research and Development Expense | ' | ' | ' | 2,808 | ' | ' |
Royalty Expense | ' | ' | ' | 3,390 | ' | ' |
Operating Income (Loss) | ' | ' | ' | 4,989 | ' | ' |
Interest expense | ' | ' | ' | -4,946 | ' | ' |
Convertible debt conversion charge | ' | ' | ' | 0 | ' | ' |
Gain on earthquake insurance recovery | ' | ' | ' | -22,451 | ' | ' |
Interest Expense, Related Party | ' | ' | ' | 2,689 | ' | ' |
Other income (expense) | ' | ' | ' | -2,584 | ' | ' |
Income (loss) before income taxes | ' | ' | ' | 17,221 | ' | ' |
Income Tax Expense (Benefit) | ' | ' | ' | 4,456 | ' | ' |
Income (Loss) from Equity Method Investments | ' | ' | ' | 33,524 | ' | ' |
Net income (loss) | ' | ' | -34,974 | 46,289 | ' | ' |
Net Income (Loss) Attributable to Noncontrolling Interest | ' | ' | ' | -447 | ' | ' |
Net income attributable to Titan | ' | ' | ' | 46,736 | ' | ' |
Comprehensive Income Statement [Abstract] | ' | ' | ' | ' | ' | ' |
Net income (loss) | ' | ' | -34,974 | 46,289 | ' | ' |
Unrealized gain (loss) on investments, net of tax | ' | ' | ' | -3 | ' | ' |
Currency translation adjustment, net | ' | ' | 8,214 | -25,367 | ' | ' |
Pension liability adjustments, net of tax | ' | ' | -155 | 459 | ' | ' |
Comprehensive Income (Loss) | ' | ' | -26,915 | 21,378 | ' | ' |
Net comprehensive (loss), attributable to noncontrolling interests | ' | ' | -13,245 | -3,158 | ' | ' |
Comprehensive income (loss) attributable to Titan | ' | ' | -13,670 | 24,536 | ' | ' |
Senior Secured Notes 7.875 Percent [Member] | Consolidation, Eliminations [Member] | ' | ' | ' | ' | ' | ' |
Income Statement [Abstract] | ' | ' | ' | ' | ' | ' |
Net sales | ' | ' | ' | 0 | ' | ' |
Cost of Goods Sold | ' | ' | ' | 0 | ' | ' |
Gross Profit | ' | ' | ' | 0 | ' | ' |
Selling, General and Administrative Expense | ' | ' | ' | 0 | ' | ' |
Research and Development Expense | ' | ' | ' | 0 | ' | ' |
Royalty Expense | ' | ' | ' | 0 | ' | ' |
Operating Income (Loss) | ' | ' | ' | 0 | ' | ' |
Interest expense | ' | ' | ' | 0 | ' | ' |
Convertible debt conversion charge | ' | ' | ' | 0 | ' | ' |
Gain on earthquake insurance recovery | ' | ' | ' | 0 | ' | ' |
Interest Expense, Related Party | ' | ' | ' | 0 | ' | ' |
Other income (expense) | ' | ' | ' | 0 | ' | ' |
Income (loss) before income taxes | ' | ' | ' | 0 | ' | ' |
Income Tax Expense (Benefit) | ' | ' | ' | 0 | ' | ' |
Income (Loss) from Equity Method Investments | ' | ' | ' | -100,621 | ' | ' |
Net income (loss) | ' | ' | 38,573 | -100,621 | ' | ' |
Net Income (Loss) Attributable to Noncontrolling Interest | ' | ' | ' | 0 | ' | ' |
Net income attributable to Titan | ' | ' | ' | -100,621 | ' | ' |
Comprehensive Income Statement [Abstract] | ' | ' | ' | ' | ' | ' |
Net income (loss) | ' | ' | 38,573 | -100,621 | ' | ' |
Unrealized gain (loss) on investments, net of tax | ' | ' | ' | 3 | ' | ' |
Currency translation adjustment, net | ' | ' | -8,214 | 25,367 | ' | ' |
Pension liability adjustments, net of tax | ' | ' | -745 | -2,021 | ' | ' |
Comprehensive Income (Loss) | ' | ' | 29,614 | -77,272 | ' | ' |
Net comprehensive (loss), attributable to noncontrolling interests | ' | ' | 0 | 0 | ' | ' |
Comprehensive income (loss) attributable to Titan | ' | ' | $29,614 | ($77,272) | ' | ' |