Document and Entitiy Informatio
Document and Entitiy Information - shares | 3 Months Ended | |
Mar. 31, 2015 | Apr. 20, 2015 | |
Document Information [Line Items] | ||
Entity Registrant Name | TITAN INTERNATIONAL INC | |
Entity Central Index Key | 899,751 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2015 | |
Document Fiscal Year Focus | 2,015 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false | |
Entity Common Stock, Shares Outstanding | 53,779,842 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Net sales | $ 402,059 | $ 538,940 |
Cost of sales | 359,265 | 484,390 |
Gross profit | 42,794 | 54,550 |
Selling, general & administrative expenses | 35,674 | 46,835 |
Research and development expenses | 3,086 | 3,710 |
Royalty expense | 3,225 | 3,741 |
Income from operations | 809 | 264 |
Interest expense | (8,756) | (9,259) |
Other income | 8,283 | 516 |
Income (loss) before income taxes | 336 | (8,479) |
Provision (benefit) for income taxes | 1,396 | (3,351) |
Net loss | (1,060) | (5,128) |
Net loss attributable to noncontrolling interests | (1,292) | (7,291) |
Net income attributable to Titan | $ 232 | $ 2,163 |
Earnings (loss) per common share: | ||
Basic (in dollars per share) | $ (0.05) | $ 0.02 |
Diluted (in dollars per share) | $ (0.05) | $ 0.02 |
Average common shares outstanding: | ||
Basic (in shares) | 53,663 | 53,470 |
Diluted (in shares) | 53,663 | 53,774 |
Dividends declared per common share: | $ 0.005 | $ 0.005 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Net loss | $ (1,060) | $ (5,128) |
Currency translation adjustment, net | (45,386) | 388 |
Pension liability adjustments, net of tax of $(100) and $(383), respectively | 9 | 717 |
Comprehensive income (loss) | (46,437) | (4,023) |
Net comprehensive (loss), attributable to noncontrolling interests | (3,013) | (12,183) |
Comprehensive income (loss) attributable to Titan | $ (43,424) | $ 8,160 |
CONSOLIDATED STATEMENTS OF COM4
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Statement of Comprehensive Income [Abstract] | ||
Unrealized gain (loss) on investments, tax | $ 0 | $ 0 |
Pension liability adjustments, tax | $ 100 | $ 383 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Dec. 31, 2012 |
Current assets | ||||||
Cash and cash equivalents | $ 190,551 | $ 201,451 | $ 200,094 | $ 189,360 | $ 200,094 | $ 189,360 |
Accounts receivable, net | 239,468 | 199,378 | ||||
Inventories | 307,318 | 331,432 | ||||
Deferred income taxes | 22,175 | 23,435 | ||||
Prepaid and other current assets | 74,092 | 80,234 | ||||
Total current assets | 833,604 | 835,930 | ||||
Property, plant and equipment, net | 482,593 | 527,414 | ||||
Goodwill | 0 | 0 | 41,269 | 42,075 | ||
Deferred income taxes | 14,497 | 15,623 | ||||
Other assets | 111,781 | 116,757 | ||||
Total assets | 1,442,475 | 1,495,724 | ||||
Current liabilities | ||||||
Short-term debt | 29,753 | 26,233 | ||||
Accounts payable | 152,923 | 146,305 | ||||
Other current liabilities | 134,409 | 129,018 | ||||
Total current liabilities | 317,085 | 301,556 | ||||
Long-term debt | 493,768 | 496,503 | ||||
Deferred income taxes | 5,148 | 18,582 | ||||
Other long-term liabilities | 83,089 | 89,025 | ||||
Total liabilities | 899,090 | 905,666 | ||||
Redeemable Noncontrolling Interest, Equity, Carrying Amount | 72,630 | 71,192 | 67,067 | $ 89,155 | ||
Titan stockholders' equity | ||||||
Common stock (no par, 120,000,000 shares authorized, 55,253,092 issued) | 0 | 0 | ||||
Additional paid-in capital | 510,110 | 513,090 | ||||
Retained earnings | 125,970 | 126,007 | ||||
Treasury stock (at cost, 1,490,076 and 1,504,064 shares, respectively) | (13,772) | (13,897) | ||||
Treasury stock reserved for deferred compensation | (1,075) | (1,075) | ||||
Accumulated other comprehensive loss | (156,260) | (112,630) | $ (112,630) | |||
Total Titan stockholders' equity | 464,973 | 511,495 | ||||
Noncontrolling interests | 5,782 | 7,371 | ||||
Total equity | 470,755 | 518,866 | ||||
Total liabilities and equity | $ 1,442,475 | $ 1,495,724 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Mar. 31, 2015 | Dec. 31, 2014 |
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) | 1,490,076 | 1,504,064 |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - 3 months ended Mar. 31, 2015 - USD ($) $ in Thousands | 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] |
Balance, Beginning at Dec. 31, 2014 | $ 518,866 | $ 513,090 | $ 126,007 | $ (13,897) | $ (1,075) | $ (112,630) | $ 511,495 | $ 7,371 | |
Balance, Beginning (in shares) at Dec. 31, 2014 | 53,749,028 | ||||||||
Net loss | (1,060) | 232 | 232 | ||||||
Net Income (Loss), Including Portion Attributable to Nonredeemable Noncontrolling Interest | (1,209) | (1,441) | |||||||
Currency translation adjustment | (45,386) | (43,665) | (43,665) | ||||||
Temporary Equity, Foreign Currency Translation Adjustments | (43,745) | (80) | |||||||
Pension liability adjustments, net of tax | 9 | 9 | 9 | ||||||
Dividends on common stock | (269) | (269) | (269) | ||||||
Dissolution of subsidiary | (42) | 26 | 26 | (68) | |||||
Stock-based compensation | 312 | 312 | 312 | ||||||
Tax benefit related to stock-based compensation | (388) | (388) | (388) | ||||||
Issuance of treasury stock under 401(k) plan | 151 | 26 | 125 | 151 | |||||
Issuance of treasury stock under 401(k) plan (in shares) | 13,988 | ||||||||
Balance, Ending at Mar. 31, 2015 | 470,755 | $ 510,110 | $ 125,970 | $ (13,772) | $ (1,075) | $ (156,260) | $ 464,973 | 5,782 | |
Balance, Ending (in shares) at Mar. 31, 2015 | 53,763,016 | ||||||||
Noncontrolling Interest, Increase from Equity Issuance or Sale of Parent Equity Interest (Deprecated 2013-01-31) | $ 0 | ||||||||
Noncontrolling Interest, Increase from Subsidiary Equity Issuance | $ (2,930) |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Cash flows from operating activities: | ||
Net loss | $ (1,060) | $ (5,128) |
Adjustments to reconcile net income to net cash provided by (used for) operating activities: | ||
Depreciation and amortization | 18,480 | 23,275 |
Deferred income tax provision | (3,901) | (4,912) |
Stock-based compensation | 312 | 877 |
Excess tax benefit from stock-based compensation | 388 | 2 |
Issuance of treasury stock under 401(k) plan | 151 | 160 |
(Increase) decrease in assets: | ||
Accounts receivable | (56,153) | (61,482) |
Inventories | 5,958 | (7,009) |
Prepaid and other current assets | 4,374 | 28,601 |
Other assets | 2,516 | (4,856) |
Increase (decrease) in liabilities: | ||
Accounts payable | 24,066 | 34,038 |
Other current liabilities | 5,736 | 16,141 |
Other liabilities | (7,834) | (1,716) |
Net cash provided by (used for) operating activities | (6,967) | 17,991 |
Cash flows from investing activities: | ||
Capital expenditures | (11,419) | (16,754) |
Acquisition of additional interest | 0 | (12,676) |
Additional equity investment in Wheels India | 14,188 | |
Decrease in restricted cash deposits | 0 | 14,188 |
Other | 2,334 | 3,278 |
Net cash used for investing activities | (9,085) | (11,964) |
Cash flows from financing activities: | ||
Proceeds from borrowings | 11,102 | 6,945 |
Payment on debt | (1,456) | (4,248) |
Proceeds from exercise of stock options | 0 | 20 |
Excess tax benefit from stock-based compensation | (388) | (2) |
Payment of financing fees | 0 | (33) |
Dividends paid | (269) | (268) |
Net cash provided by financing activities | 8,989 | 2,414 |
Effect of exchange rate changes on cash | (3,837) | 2,293 |
Net increase (decrease) in cash and cash equivalents | (10,900) | 10,734 |
Cash and cash equivalents, beginning of period | 201,451 | 189,360 |
Cash and cash equivalents, end of period | 190,551 | 200,094 |
Supplemental Cash Flow Information [Abstract] | ||
Interest paid | 4,589 | 2,553 |
Income taxes paid | $ (3,763) | $ 4,508 |
ACCOUNTING POLICIES
ACCOUNTING POLICIES | 3 Months Ended |
Mar. 31, 2015 | |
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 March 31, 2015 , and the results of operations and cash flows for the three months ended March 31, 2015 and 2014. Accounting policies have continued without significant change and are described in the Description of Business and Significant Accounting Policies contained in the Company's 2014 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 2014 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 March 31, 2015 , respectively. The fair value of the senior secured notes due 2020 at March 31, 2015 , as obtained through an independent pricing source, was approximately $340.0 million . Cash dividends The Company declared cash dividends of $.005 per share of common stock for each of the three months ended March 31, 2015 , and 2014. The first quarter 2015 cash dividend of $.005 per share of common stock was paid April 15, 2015, to stockholders of record on March 31, 2015. 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. Recently Issued Accounting Standards In April 2015, the FASB issued ASU No. 2015-03, "Simplifying the Presentation of Debt Issuance Costs." This update amends existing guidance to require that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The amendments in this update are effective for financial statements issued for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. The Company is currently assessing the impact that adopting this new accounting guidance will have on the Company's consolidated financial statements. |
ACCOUNTS RECEIVABLE
ACCOUNTS RECEIVABLE | 3 Months Ended |
Mar. 31, 2015 | |
Receivables [Abstract] | |
ACCOUNTS RECEIVABLE | ACCOUNTS RECEIVABLE Accounts receivable consisted of the following (amounts in thousands): March 31, December 31, Accounts receivable $ 243,467 $ 205,084 Allowance for doubtful accounts (3,999 ) (5,706 ) Accounts receivable, net $ 239,468 $ 199,378 Accounts receivable are reduced by an allowance for doubtful accounts which is based on historical losses. |
INVENTORIES
INVENTORIES | 3 Months Ended |
Mar. 31, 2015 | |
Inventory Disclosure [Abstract] | |
Inventory Disclosure [Text Block] | INVENTORIES Inventories consisted of the following (amounts in thousands): March 31, December 31, Raw material $ 98,833 $ 119,989 Work-in-process 41,218 41,073 Finished goods 177,563 179,998 317,614 341,060 Adjustment to LIFO basis (10,296 ) (9,628 ) $ 307,318 $ 331,432 At March 31, 2015 , approximately 10% of the Company's inventories were valued under the last-in, first-out (LIFO) method. At December 31, 2014 , approximately 11% 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. |
PROPERTY, PLANT AND EQUIPMENT,
PROPERTY, PLANT AND EQUIPMENT, NET | 3 Months Ended |
Mar. 31, 2015 | |
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): March 31, December 31, 2014 Land and improvements $ 52,382 $ 60,012 Buildings and improvements 214,929 223,989 Machinery and equipment 575,342 585,318 Tools, dies and molds 98,022 103,353 Construction-in-process 33,299 38,653 973,974 1,011,325 Less accumulated depreciation (491,381 ) (483,911 ) $ 482,593 $ 527,414 Depreciation on fixed assets for the three months ended March 31, 2015 and 2014, totaled $17.2 million and $21.8 million , respectively. Included in the total building and improvements are capital leases of $3.7 million and $4.1 million at March 31, 2015 , and December 31, 2014, respectively. Included in the total of machinery and equipment are capital leases of $33.7 million and $37.7 million at March 31, 2015 , and December 31, 2014, respectively. |
GOODWILL
GOODWILL | 3 Months Ended |
Mar. 31, 2015 | |
GOODWILL [Abstract] | |
Goodwill Disclosure [Text Block] | GOODWILL AND INTANGIBLE ASSETS Changes in goodwill consisted of the following (amounts in thousands): 2015 2014 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 Foreign currency translation — — — — (983 ) 314 (137 ) (806 ) Goodwill, March 31 $ — $ — $ — $ — $ 23,557 $ 15,212 $ 2,500 $ 41,269 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 fourth quarter of 2014, the recoverability of all goodwill was evaluated by estimating future discounted cash flows. The Company recorded a noncash charge for the impairment of goodwill in the amount of $36.6 million on both a pre-tax and after-tax basis. The charge included $11.4 million of earthmoving/construction goodwill related to the acquisition of Titan Australia; $9.6 million of agricultural goodwill related to the acquisition of the Latin America farm tire business; and $15.6 million of goodwill related to the acquisition of Voltyre-Prom. The Voltyre-Prom goodwill included $11.0 million in the agricultural segment, $2.6 million in the earthmoving/construction segment, and $2.0 million in the consumer segment. The components of intangible assets consisted of the following (amounts in thousands): Weighted- Average Useful Lives (in Years) March 31, December 31, 2014 Amortizable intangible assets: Customer relationships 12.3 14,118 14,958 Patents, trademarks and other 8.6 15,580 15,907 Total at cost 29,698 30,865 Less accumulated amortization (7,776 ) (7,176 ) 21,922 23,689 Amortization related to intangible assets for the three months ended March 31, 2015 and 2014, totaled $0.9 million and $1.1 million , respectively. Intangible assets are included as a component of other assets in the consolidated condensed balance sheet. The estimated aggregate amortization expense at March 31, 2015 , is as follows (amounts in thousands): April 1 - December 31, 2015 $ 2,242 2016 2,411 2017 2,284 2018 2,272 2019 2,272 Thereafter 10,441 $ 21,922 |
WARRANTY
WARRANTY | 3 Months Ended |
Mar. 31, 2015 | |
Product Warranties Disclosures [Abstract] | |
WARRANTY COSTS | WARRANTY Changes in the warranty liability consisted of the following (amounts in thousands): 2015 2014 Warranty liability, January 1 $ 28,144 $ 33,134 Provision for warranty liabilities 2,526 5,320 Warranty payments made (3,914 ) (5,604 ) Warranty liability, March 31 $ 26,756 $ 32,850 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 L
REVOLVING CREDIT FACILITY AND LONG-TERM DEBT | 3 Months Ended |
Mar. 31, 2015 | |
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): March 31, December 31, 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 46,697 42,291 Other debt 14,015 17,013 Capital leases 2,648 3,271 523,521 522,736 Less amounts due within one year 29,753 26,233 $ 493,768 $ 496,503 Aggregate maturities of long-term debt at March 31, 2015 , were as follows (amounts in thousands): April 1 - December 31, 2015 $ 29,702 2016 27,361 2017 62,115 2018 1,070 2019 1,037 Thereafter 402,236 $ 523,521 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 March 31, 2015 . 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 March 31, 2015 . Titan Europe credit facilities The Titan Europe credit facilities contain borrowings from various institutions totaling $46.7 million at March 31, 2015 . Maturity dates on this debt range from less than one year to nine years and interest rates range from 5% to 6.9% . The Titan Europe facilities are secured by the assets of its subsidiaries in Italy, Spain, Germany and Brazil. 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. Titan's availability under this domestic facility may be less than $150 million as a result of eligible accounts receivable and inventory balances at certain of its domestic subsidiaries. At March 31, 2015 , the amount available was $106.0 million as a result of the Company's decrease in sales which impacted both accounts receivable and inventory balances. During the first three months of 2015 and at March 31, 2015 , there were no borrowings under the credit facility. Other Debt Other debt is comprised of working capital loans for the Sao Paulo, Brazil manufacturing facility totaling $14.0 million at March 31, 2015 . |
DERIVATIVE FINANCIAL INSTRUMENT
DERIVATIVE FINANCIAL INSTRUMENTS (Notes) | 3 Months Ended |
Mar. 31, 2015 | |
DERIVATIVE FINANCIAL INSTRUMENTS [Abstract] | |
Derivative Instruments and Hedging Activities Disclosure [Text Block] | DERIVATIVE FINANCIAL INSTRUMENTS The Company uses financial derivatives to mitigate its exposure to volatility in foreign currency exchange rates. These derivative financial instruments are recognized at fair value. The Company has not designated these financial instruments as hedging instruments. Any gain or loss on the re-measurement of the fair value is recorded as an offset to currency exchange gain/loss. For the three months ended March 31, 2015 , the Company recorded currency exchange gain of $4.5 million related to these derivatives. |
LEASE COMMITMENTS
LEASE COMMITMENTS | 3 Months Ended |
Mar. 31, 2015 | |
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 March 31, 2015 , future minimum rental commitments under noncancellable operating leases with initial terms of at least one year were as follows (amounts in thousands): April 1 - December 31, 2015 $ 5,079 2016 5,863 2017 2,846 2018 2,108 2019 1,513 Thereafter 926 Total future minimum lease payments $ 18,335 At March 31, 2015 , the Company had assets held as capital leases with a net book value of $9.5 million included in property, plant and equipment. Total future capital lease obligations relating to these leases are as follows (amounts in thousands): April 1 - December 31, 2015 $ 1,094 2016 878 2017 436 2018 135 2019 101 Thereafter 4 Total future capital lease obligation payments 2,648 Less amount representing interest (49 ) Present value of future capital lease obligation payments $ 2,599 |
EMPLOYEE BENEFIT PLANS
EMPLOYEE BENEFIT PLANS | 3 Months Ended |
Mar. 31, 2015 | |
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 $1.1 million to the pension plans during the three months ended March 31, 2015 and expects to contribute approximately $3.6 million to the pension plans during the remainder of 2015. The components of net periodic pension cost consisted of the following (amounts in thousands): Three months ended March 31, 2015 2014 Service cost $ 172 $ 197 Interest cost 1,224 1,408 Expected return on assets (1,519 ) (1,517 ) Amortization of unrecognized prior service cost 34 34 Amortization of net unrecognized loss 729 758 Net periodic pension cost $ 640 $ 880 |
VARIABLE INTEREST ENTITIES (Not
VARIABLE INTEREST ENTITIES (Notes) | 3 Months Ended |
Mar. 31, 2015 | |
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 and redeemable 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 March 31, 2015 and December 31, 2014 (amounts in thousands): March 31, December 31, 2014 Cash and cash equivalents $ 1,100 $ 8,861 Inventory 9,064 9,645 Other current assets 25,376 18,115 Property, plant and equipment, net 33,660 36,353 Other noncurrent assets 7,513 8,016 Total assets 76,713 80,990 Current liabilities 13,365 11,659 Noncurrent liabilities 2,518 7,448 Total liabilities 15,883 19,107 All assets in the above table can only be used to settle obligations of the consolidated VIE, to which the respective assets relate. Liabilities are nonrecourse obligations. Amounts presented in the table above are adjusted for intercompany eliminations. |
ROYALTY EXPENSE
ROYALTY EXPENSE | 3 Months Ended |
Mar. 31, 2015 | |
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 $3.2 million and $3.7 million for the three months ended March 31, 2015 and 2014, respectively. |
OTHER INCOME
OTHER INCOME | 3 Months Ended |
Mar. 31, 2015 | |
Other Income and Expenses [Abstract] | |
OTHER INCOME, NET | OTHER INCOME Other income consisted of the following (amounts in thousands): Three months ended March 31, 2015 2014 Currency exchange gain (loss) $ 5,966 $ (1,697 ) Other income 865 463 Discount amortization on prepaid royalty 611 774 Interest income 608 352 Building rental income 240 206 Wheels India Limited equity income (loss) (7 ) 418 $ 8,283 $ 516 |
INCOME TAXES
INCOME TAXES | 3 Months Ended |
Mar. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | INCOME TAXES The Company recorded income tax expense / (benefit) of $1.4 million and $(3.4) million for the quarters ended March 31, 2015 and March 31, 2014. The Company's effective income tax rate was 415% and 40% for the three months ended March 31, 2015 and 2014, respectively. The Company's 2015 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 certain foreign jurisdictions that incurred a full valuation allowance on deferred tax assets created by current year projected losses and foreign income taxed in the U.S. offset by net discrete benefits related to a U.S. check the box election and tax law enactments. In addition, the Company's high effective tax rate is driven by a modest or almost break even consolidated pre-tax accounting income for the period. 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. |
EARNINGS PER SHARE
EARNINGS PER SHARE | 3 Months Ended |
Mar. 31, 2015 | |
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 March 31, 2015 2014 (As restated) (As restated) Net income attributable to Titan $ 232 $ 2,163 Redemption value adjustment (2,930 ) (1,018 ) Net income (loss) applicable to common shareholders $ (2,698 ) $ 1,145 Determination of Shares: Weighted average shares outstanding (basic) 53,663 53,470 Effect of stock options/trusts — 304 Weighted average shares outstanding (diluted) 53,663 53,774 Earnings per share: Basic (0.05 ) 0.02 Diluted (0.05 ) 0.02 The effect of convertible notes has been excluded for both of the three months ended March 31, 2015 and 2014, as the effect would have been antidilutive. The weighted average share amount excluded for convertible notes totaled 5.6 million shares and 5.8 million shares for the three months ended March 31, 2015 and 2014, respectively. |
LITIGATION
LITIGATION | 3 Months Ended |
Mar. 31, 2015 | |
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 | 3 Months Ended |
Mar. 31, 2015 | |
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 months ended March 31, 2015 and 2014 (amounts in thousands): Three months ended March 31, 2015 2014 Revenues from external customers Agricultural $ 213,001 $ 317,166 Earthmoving/construction 142,484 152,940 Consumer 46,574 68,834 $ 402,059 $ 538,940 Gross profit Agricultural $ 28,274 $ 47,265 Earthmoving/construction 10,645 3,798 Consumer 4,148 4,082 Unallocated corporate (273 ) (595 ) $ 42,794 $ 54,550 Income (loss) from operations Agricultural $ 18,904 $ 30,541 Earthmoving/construction (1,862 ) (11,094 ) Consumer (244 ) (1,560 ) Unallocated corporate (15,989 ) (17,623 ) Income from operations 809 264 Interest expense (8,756 ) (9,259 ) Other income, net 8,283 516 Income (loss) before income taxes $ 336 $ (8,479 ) Assets by segment were as follows (amounts in thousands): March 31, December 31, Total assets Agricultural $ 524,287 $ 508,741 Earthmoving/construction 564,017 591,553 Consumer 147,619 175,475 Unallocated corporate 206,552 219,955 $ 1,442,475 $ 1,495,724 |
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS | 3 Months Ended |
Mar. 31, 2015 | |
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): March 31, 2015 December 31, 2014 Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Contractual obligation investments $ 10,087 $ 10,087 $ — $ — $ 9,840 $ 9,840 $ — $ — Derivative financial instruments asset 5,583 — 5,583 — 1,068 — 1,068 — Preferred stock 250 — — 250 250 — — 250 Derivative financial instruments liability (30 ) — (30 ) — (43 ) — (43 ) — Total $ 15,890 $ 10,087 $ 5,553 $ 250 $ 11,115 $ 9,840 $ 1,025 $ 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, 2014 $ 250 Total realized and unrealized gains and losses — Balance as of March 31, 2015 $ 250 |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 3 Months Ended |
Mar. 31, 2015 | |
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, 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 $0.7 million and $0.6 million for the first quarter of 2015 and 2014, respectively. Titan had trade receivables due from these companies of approximately $0.4 million at March 31, 2015 , and approximately $0.2 million at December 31, 2014 . On other sales referred to Titan from the above manufacturing representative companies, commissions were approximately $0.6 million and $0.7 million during the first quarter of 2015 and 2014, respectively. Titan had purchases from these companies of approximately $0.7 million for the three months ended March 31 2014. In July 2013, the Company entered into a Shareholders’ Agreement between One Equity Partners (OEP) and the Russian Direct Investment Fund (RDIF) to acquire Voltyre-Prom, a leading producer of agricultural and industrial tires located in Volgograd, Russia. Mr. Richard M. Cashin, a director of the Company, is President of OEP which owns 26.1% of the joint venture. The Shareholder’s agreement contains a settlement put option which may require the Company to purchase shares from OEP and RDIF at a value set by the agreement. See note 22 for additional information. 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 $0.1 million at March 31, 2015 , and December 31, 2014 , respectively. |
ACCUMULATED OTHER COMPREHENSIVE
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Notes) | 3 Months Ended |
Mar. 31, 2015 | |
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) [Abstract] | |
Comprehensive Income (Loss) Note [Text Block] | ACCUMULATED OTHER COMPREHENSIVE LOSS Accumulated other comprehensive loss consisted of the following (amounts in thousands): Currency Translation Adjustments Unrecognized Losses and Prior Service Cost Total Balance at January 1, 2015 $ (86,571 ) $ (26,059 ) $ (112,630 ) Currency translation adjustments (43,639 ) — (43,639 ) Defined benefit pension plan entries: Amortization of unrecognized losses and prior service cost, net of tax of $(100) — 9 9 Balance at March 31, 2015 $ (130,210 ) $ (26,050 ) $ (156,260 ) |
SUBSIDIARY GUARANTOR FINANCIAL
SUBSIDIARY GUARANTOR FINANCIAL INFORMATION | 3 Months Ended |
Mar. 31, 2015 | |
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 March 31, 2015 Titan Intl., Inc. (Parent) Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Net sales $ — $ 193,973 $ 208,086 $ — $ 402,059 Cost of sales 231 167,951 191,083 — 359,265 Gross profit (loss) (231 ) 26,022 17,003 — 42,794 Selling, general and administrative expenses 2,634 15,379 17,661 — 35,674 Research and development expenses — 1,000 2,086 — 3,086 Royalty expense — 1,924 1,301 — 3,225 Income (loss) from operations (2,865 ) 7,719 (4,045 ) — 809 Interest expense (8,115 ) — (641 ) — (8,756 ) Intercompany interest income (expense) 142 — (142 ) — — Other income (expense) 5,397 (379 ) 3,265 — 8,283 Income (loss) before income taxes (5,441 ) 7,340 (1,563 ) — 336 Provision (benefit) for income taxes 2,389 2,693 (3,686 ) — 1,396 Equity in earnings of subsidiaries 6,770 — (163 ) (6,607 ) — Net income (loss) (1,060 ) 4,647 1,960 (6,607 ) (1,060 ) Net loss noncontrolling interests — — (1,292 ) — (1,292 ) Net income (loss) attributable to Titan $ (1,060 ) $ 4,647 $ 3,252 $ (6,607 ) $ 232 (Amounts in thousands) Consolidating Condensed Statements of Operations For the Three Months Ended March 31, 2014 Titan Intl., Inc. (Parent) Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Net sales $ — $ 263,958 $ 274,982 $ — $ 538,940 Cost of sales 210 228,239 255,941 — 484,390 Gross profit (loss) (210 ) 35,719 19,041 — 54,550 Selling, general and administrative expenses 1,644 18,990 26,201 — 46,835 Research and development expenses — 2,153 1,557 — 3,710 Royalty expense — 1,848 1,893 — 3,741 Income (loss) from operations (1,854 ) 12,728 (10,610 ) — 264 Interest expense (8,262 ) — (997 ) — (9,259 ) Intercompany interest income (expense) 1,684 — (1,684 ) — — Other income (expense) 342 (55 ) 229 — 516 Income (loss) before income taxes (8,090 ) 12,673 (13,062 ) — (8,479 ) Provision (benefit) for income taxes (6,040 ) 4,810 (2,121 ) — (3,351 ) Equity in earnings of subsidiaries (3,078 ) — (877 ) 3,955 — Net income (loss) (5,128 ) 7,863 (11,818 ) 3,955 (5,128 ) Net loss noncontrolling interests — — (7,291 ) — (7,291 ) Net income (loss) attributable to Titan $ (5,128 ) $ 7,863 $ (4,527 ) $ 3,955 $ 2,163 (Amounts in thousands) Consolidating Condensed Statements of Comprehensive Income (Loss) For the Three Months Ended March 31, 2015 Titan Intl., Inc. (Parent) Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Net income (loss) $ (1,060 ) $ 4,647 $ 1,960 $ (6,607 ) $ (1,060 ) Currency translation adjustment, net (45,386 ) — (45,386 ) 45,386 (45,386 ) Pension liability adjustments, net of tax 9 427 (418 ) (9 ) 9 Comprehensive income (loss) (46,437 ) 5,074 (43,844 ) 38,770 (46,437 ) Net comprehensive loss attributable to redeemable and noncontrolling interests — — (3,013 ) — (3,013 ) Comprehensive income (loss) attributable to Titan $ (46,437 ) $ 5,074 $ (40,831 ) $ 38,770 $ (43,424 ) (Amounts in thousands) Consolidating Condensed Statements of Comprehensive Income (Loss) For the Three Months Ended March 31, 2014 Titan Intl., Inc. (Parent) Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Net income (loss) $ (5,128 ) $ 7,863 $ (11,818 ) $ 3,955 $ (5,128 ) Currency translation adjustment, net 388 — 388 (388 ) 388 Pension liability adjustments, net of tax 717 450 267 (717 ) 717 Comprehensive income (loss) (4,023 ) 8,313 (11,163 ) 2,850 (4,023 ) Net comprehensive loss attributable to redeemable and noncontrolling interests — — (12,183 ) — (12,183 ) Comprehensive income (loss) attributable to Titan $ (4,023 ) $ 8,313 $ 1,020 $ 2,850 $ 8,160 (Amounts in thousands) Consolidating Condensed Balance Sheets March 31, 2015 Titan Intl., Inc. (Parent) Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated (As restated) (As restated) (As restated) Assets Cash and cash equivalents $ 138,935 $ 45 $ 51,571 $ — $ 190,551 Accounts receivable, net — 87,364 152,104 — 239,468 Inventories — 102,542 204,776 — 307,318 Prepaid and other current assets 22,889 18,082 55,296 — 96,267 Total current assets 161,824 208,033 463,747 — 833,604 Property, plant and equipment, net 7,403 153,916 321,274 — 482,593 Investment in subsidiaries 705,156 — 110,226 (815,382 ) — Other assets 50,522 1,227 74,529 — 126,278 Total assets $ 924,905 $ 363,176 $ 969,776 $ (815,382 ) $ 1,442,475 Liabilities and Stockholders’ Equity Short-term debt $ — $ — $ 29,753 $ — $ 29,753 Accounts payable 1,381 18,674 132,868 — 152,923 Other current liabilities 35,622 45,250 53,537 — 134,409 Total current liabilities 37,003 63,924 216,158 — 317,085 Long-term debt 460,161 — 33,607 — 493,768 Other long-term liabilities 11,765 19,892 56,580 — 88,237 Intercompany accounts (48,997 ) (226,046 ) 275,043 — — Redeemable noncontrolling interest — — 72,630 — 72,630 Titan stockholders' equity 464,973 505,406 309,976 (815,382 ) 464,973 Noncontrolling interests — — 5,782 — 5,782 Total liabilities and stockholders’ equity $ 924,905 $ 363,176 $ 969,776 $ (815,382 ) $ 1,442,475 (Amounts in thousands) Consolidating Condensed Balance Sheets December 31, 2014 Titan Intl., Inc. (Parent) Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated (As restated) (As restated) (As restated) Assets Cash and cash equivalents $ 129,985 $ 4 $ 71,462 $ — $ 201,451 Accounts receivable, net (55 ) 63,645 135,788 — 199,378 Inventories — 103,230 228,202 — 331,432 Prepaid and other current assets 26,803 21,105 55,761 — 103,669 Total current assets 156,733 187,984 491,213 — 835,930 Property, plant and equipment, net 7,590 160,318 359,506 — 527,414 Investment in subsidiaries 745,084 — 109,768 (854,852 ) — Other assets 51,381 827 80,172 — 132,380 Total assets $ 960,788 $ 349,129 $ 1,040,659 $ (854,852 ) $ 1,495,724 Liabilities and Stockholders’ Equity Short-term debt $ — $ — $ 26,233 $ — $ 26,233 Accounts payable 1,795 10,876 133,634 — 146,305 Other current liabilities 28,519 45,291 55,208 — 129,018 Total current liabilities 30,314 56,167 215,075 — 301,556 Long-term debt 460,161 — 36,342 — 496,503 Other long-term liabilities 15,244 20,867 71,496 — 107,607 Intercompany accounts (56,426 ) (228,307 ) 284,733 — — Redeemable noncontrolling interest — — 71,192 — 71,192 Titan stockholders' equity 511,495 500,402 354,450 (854,852 ) 511,495 Noncontrolling interests — — 7,371 — 7,371 Total liabilities and stockholders’ equity $ 960,788 $ 349,129 $ 1,040,659 $ (854,852 ) $ 1,495,724 (Amounts in thousands) Consolidating Condensed Statements of Cash Flows For the Three Months Ended March 31, 2015 Titan Intl., Inc. (Parent) Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidated Net cash provided by (used for) operating activities $ 9,788 $ 1,481 $ (18,236 ) $ (6,967 ) Cash flows from investing activities: Capital expenditures (181 ) (1,456 ) (9,782 ) (11,419 ) Other, net — 16 2,318 2,334 Net cash used for investing activities (181 ) (1,440 ) (7,464 ) (9,085 ) Cash flows from financing activities: Proceeds from borrowings — — 11,102 11,102 Payment on debt — — (1,456 ) (1,456 ) Excess tax benefit from stock-based compensation (388 ) — — (388 ) Dividends paid (269 ) — — (269 ) Net cash provided by (used for) financing activities (657 ) — 9,646 8,989 Effect of exchange rate change on cash — — (3,837 ) (3,837 ) Net increase (decrease) in cash and cash equivalents 8,950 41 (19,891 ) (10,900 ) Cash and cash equivalents, beginning of period 129,985 4 71,462 201,451 Cash and cash equivalents, end of period $ 138,935 $ 45 $ 51,571 $ 190,551 (Amounts in thousands) Consolidating Condensed Statements of Cash Flows For the Three Months Ended March 31, 2014 Titan Intl., Inc. (Parent) Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidated Net cash provided by operating activities $ 9,782 $ 737 $ 7,472 $ 17,991 Cash flows from investing activities: Capital expenditures (120 ) (3,486 ) (13,148 ) (16,754 ) Acquisition of additional interest (25 ) — (12,651 ) (12,676 ) Decrease in restricted cash deposits — — 14,188 14,188 Other, net — 2,754 524 3,278 Net cash used for investing activities (145 ) (732 ) (11,087 ) (11,964 ) Cash flows from financing activities: Proceeds from borrowings — — 6,945 6,945 Payment on debt — — (4,248 ) (4,248 ) Proceeds from exercise of stock options 20 — — 20 Excess tax benefit from stock-based compensation (2 ) — — (2 ) Payment of financing fees (33 ) — — (33 ) Dividends paid (268 ) — — (268 ) Net cash provided by (used for) financing activities (283 ) — 2,697 2,414 Effect of exchange rate change on cash — — 2,293 2,293 Net increase in cash and cash equivalents 9,354 5 1,375 10,734 Cash and cash equivalents, beginning of period 81,472 4 107,884 189,360 Cash and cash equivalents, end of period $ 90,826 $ 9 $ 109,259 $ 200,094 |
REDEEMABLE NONCONTROLLING INTER
REDEEMABLE NONCONTROLLING INTEREST (Notes) | 3 Months Ended |
Mar. 31, 2015 | |
REDEEMABLE NONCONTROLLING INTEREST [Abstract] | |
Noncontrolling Interest Disclosure [Text Block] | REDEEMABLE NONCONTROLLING INTEREST T he Company has a shareholders’ agreement with One Equity Partners (OEP) and the Russian Direct Investment Fund (RDIF) which was used for the acquisition of Voltyre-Prom, a leading producer of agricultural and industrial tires in Volgograd, Russia. The agreement contains a settlement put option which is exercisable beginning in July of 2018 and may require Titan to purchase the shares of OEP and RDIF at a value set by the agreement. The redemption features of the settlement put option are not solely within the Company’s control and the noncontrolling interest is presented as redeemable noncontrolling interest separately from Total equity in the Consolidated Balance Sheet at the redemption value of the settlement put option. If the redemption value is greater than carrying value of the noncontrolling interest, the increase is adjusted directly to retained earnings, or additional paid-in capital if there are no available retained earnings applicable to the redeemable noncontrolling interest. The following is a reconciliation of redeemable noncontrolling interest as of March 31, 2015 and 2014 (amounts in thousands): 2015 2014 Balance at January 1 $ 71,192 $ 89,155 Purchase of subsidiary shares — (11,557 ) Income (loss) attributable to redeemable noncontrolling interest 149 (7,079 ) Currency translation (1,641 ) (4,470 ) Redemption value adjustment 2,930 1,018 Balance at March 31 $ 72,630 $ 67,067 This obligation approximates the cost if all remaining shares were purchased by the Company on March 31, 2015, and is presented in the Consolidated Condensed Balance Sheet in redeemable noncontrolling interest, which is treated as mezzanine equity. |
RESTATEMENT (Notes)
RESTATEMENT (Notes) | 3 Months Ended |
Mar. 31, 2015 | |
RESTATEMENT [Abstract] | |
Accounting Changes and Error Corrections [Text Block] | RESTATEMENT In November 2015, the Company identified errors in the accounting for the shareholders' agreement and related redeemable noncontrolling interest in the Company’s investment in Voltyre-Prom. The Company did not correctly classify redeemable noncontrolling interest on the balance sheet as mezzanine equity, which is presented below liabilities and above equity. As the redeemable noncontrolling interest balance exceeds the carrying value of the investment, there is a reclassification of additional paid-in capital to mezzanine equity and a correction in the earnings per share calculation. Accordingly, the Company is restating its earnings per share for the three months ended March 31, 2015 and 2014, and its consolidated balance sheet as of March 31, 2015, and December 31, 2014. The corrections had no other effect on the Consolidated Statement of Operations. The following table (unaudited) summarizes the restatement adjustments of the Company’s earnings per share for the three months ended March 31, 2015 and 2014: Three months ended March 31, March 31, 2015 2014 Basic income (loss) per common share - as reported $ — 0.04 Basic income (loss) per common share - as restated $ (0.05 ) $ 0.02 Adjustment $ (0.05 ) $ (0.02 ) Diluted income (loss) per common share - as reported $ — 0.04 Diluted income (loss) per common share - as restated $ (0.05 ) $ 0.02 Adjustment $ (0.05 ) $ (0.02 ) The following table summarizes the restatement adjustments on the Company’s Consolidated Condensed Balance Sheet (unaudited) as of March 31, 2015 (amounts in thousands): Consolidated Balance Sheet March 31, 2015 As reported Adjustment As restated Assets Current Assets Cash and cash equivalents 190,551 — 190,551 Accounts receivable 239,468 — 239,468 Inventories 307,318 — 307,318 Deferred income taxes 22,175 — 22,175 Prepaid and other current assets 74,092 — 74,092 Total current assets 833,604 — 833,604 Property, plant and equipment, net 482,593 — 482,593 Deferred income taxes 14,497 — 14,497 Other assets 111,781 — 111,781 Total assets $ 1,442,475 $ — $ 1,442,475 Liabilities Current Liabilities Short-term debt $ 29,753 $ — $ 29,753 Accounts payable 152,923 — 152,923 Other current liabilities 134,409 — 134,409 Total current liabilities 317,085 — 317,085 Long-term debt 493,768 — 493,768 Deferred income taxes 5,148 — 5,148 Other long-term liabilities 83,089 — 83,089 Total liabilities 899,090 — 899,090 Redeemable noncontrolling interest — 72,630 72,630 Equity Titan stockholders' equity Common stock — — — Additional paid-in capital 562,317 (52,207 ) 510,110 Retained earnings 125,970 — 125,970 Treasury stock (13,772 ) — (13,772 ) Treasury stock reserved for deferred comp (1,075 ) — (1,075 ) Accumulated other comprehensive loss (156,260 ) — (156,260 ) Total Titan stockholders' equity 517,180 (52,207 ) 464,973 Noncontrolling interests 26,205 (20,423 ) 5,782 Total equity 543,385 (72,630 ) 470,755 Total liabilities and equity $ 1,442,475 $ — $ 1,442,475 The following table summarizes the restatement adjustments on the Company’s Consolidated Balance Sheet as of December 31, 2014 (amounts in thousands): Consolidated Balance Sheet December 31, 2014 As reported Adjustment As restated Assets Current Assets Cash and cash equivalents $ 201,451 $ — $ 201,451 Accounts receivable 199,378 — 199,378 Inventories 331,432 — 331,432 Deferred income taxes 23,435 — 23,435 Prepaid and other current assets 80,234 — 80,234 Total current assets 835,930 — 835,930 Property, plant and equipment, net 527,414 — 527,414 Deferred income taxes 15,623 — 15,623 Other assets 116,757 — 116,757 Total assets $ 1,495,724 $ — $ 1,495,724 Liabilities Current Liabilities Short-term debt $ 26,233 $ — $ 26,233 Accounts payable 146,305 — 146,305 Other current liabilities 129,018 — 129,018 Total current liabilities 301,556 — 301,556 Long-term debt 496,503 — 496,503 Deferred income taxes 18,582 — 18,582 Other long-term liabilities 89,025 — 89,025 Total liabilities 905,666 — 905,666 Redeemable noncontrolling interest — 71,192 71,192 Equity Titan stockholders' equity Common stock — — — Additional paid-in capital 562,367 (49,277 ) 513,090 Retained earnings 126,007 — 126,007 Treasury stock (13,897 ) — (13,897 ) Treasury stock reserved for deferred comp (1,075 ) — (1,075 ) Accumulated other comprehensive loss (112,630 ) — (112,630 ) Total Titan stockholders' equity 560,772 (49,277 ) 511,495 Noncontrolling interests 29,286 (21,915 ) 7,371 Total equity 590,058 (71,192 ) 518,866 Total liabilities and equity $ 1,495,724 $ — $ 1,495,724 |
ACCOUNTING POLICIES (Policies)
ACCOUNTING POLICIES (Policies) | 3 Months Ended |
Mar. 31, 2015 | |
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 March 31, 2015 , respectively. The fair value of the senior secured notes due 2020 at March 31, 2015 , as obtained through an independent pricing source, was approximately $340.0 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. |
New Accounting Pronouncements, Policy [Policy Text Block] | Recently Issued Accounting Standards In April 2015, the FASB issued ASU No. 2015-03, "Simplifying the Presentation of Debt Issuance Costs." This update amends existing guidance to require that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The amendments in this update are effective for financial statements issued for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. The Company is currently assessing the impact that adopting this new accounting guidance will have on the Company's consolidated financial statements. |
ACCOUNTS RECEIVABLE (Tables)
ACCOUNTS RECEIVABLE (Tables) | 3 Months Ended |
Mar. 31, 2015 | |
Receivables [Abstract] | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | Accounts receivable consisted of the following (amounts in thousands): March 31, December 31, Accounts receivable $ 243,467 $ 205,084 Allowance for doubtful accounts (3,999 ) (5,706 ) Accounts receivable, net $ 239,468 $ 199,378 |
INVENTORIES (Tables)
INVENTORIES (Tables) | 3 Months Ended |
Mar. 31, 2015 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventory, Current [Table Text Block] | Inventories consisted of the following (amounts in thousands): March 31, December 31, Raw material $ 98,833 $ 119,989 Work-in-process 41,218 41,073 Finished goods 177,563 179,998 317,614 341,060 Adjustment to LIFO basis (10,296 ) (9,628 ) $ 307,318 $ 331,432 |
PROPERTY, PLANT AND EQUIPMENT35
PROPERTY, PLANT AND EQUIPMENT, NET (Tables) | 3 Months Ended |
Mar. 31, 2015 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment [Table Text Block] | Property, plant and equipment, net consisted of the following (amounts in thousands): March 31, December 31, 2014 Land and improvements $ 52,382 $ 60,012 Buildings and improvements 214,929 223,989 Machinery and equipment 575,342 585,318 Tools, dies and molds 98,022 103,353 Construction-in-process 33,299 38,653 973,974 1,011,325 Less accumulated depreciation (491,381 ) (483,911 ) $ 482,593 $ 527,414 |
GOODWILL AND INTANGIBLE ASSETS
GOODWILL AND INTANGIBLE ASSETS (Tables) | 3 Months Ended |
Mar. 31, 2015 | |
GOODWILL [Abstract] | |
Schedule of Goodwill [Table Text Block] | Changes in goodwill consisted of the following (amounts in thousands): 2015 2014 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 Foreign currency translation — — — — (983 ) 314 (137 ) (806 ) Goodwill, March 31 $ — $ — $ — $ — $ 23,557 $ 15,212 $ 2,500 $ 41,269 |
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) March 31, December 31, 2014 Amortizable intangible assets: Customer relationships 12.3 14,118 14,958 Patents, trademarks and other 8.6 15,580 15,907 Total at cost 29,698 30,865 Less accumulated amortization (7,776 ) (7,176 ) 21,922 23,689 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | The estimated aggregate amortization expense at March 31, 2015 , is as follows (amounts in thousands): April 1 - December 31, 2015 $ 2,242 2016 2,411 2017 2,284 2018 2,272 2019 2,272 Thereafter 10,441 $ 21,922 |
WARRANTY (Tables)
WARRANTY (Tables) | 3 Months Ended |
Mar. 31, 2015 | |
WARRANTY COSTS [Abstract] | |
Schedule of Product Warranty Liability [Table Text Block] | Changes in the warranty liability consisted of the following (amounts in thousands): 2015 2014 Warranty liability, January 1 $ 28,144 $ 33,134 Provision for warranty liabilities 2,526 5,320 Warranty payments made (3,914 ) (5,604 ) Warranty liability, March 31 $ 26,756 $ 32,850 |
REVOLVING CREDIT FACILITY AND38
REVOLVING CREDIT FACILITY AND LONG-TERM DEBT (Tables) | 3 Months Ended |
Mar. 31, 2015 | |
Debt Instrument [Line Items] | |
Schedule of Long-term Debt Instruments [Table Text Block] | Long-term debt consisted of the following (amounts in thousands): March 31, December 31, 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 46,697 42,291 Other debt 14,015 17,013 Capital leases 2,648 3,271 523,521 522,736 Less amounts due within one year 29,753 26,233 $ 493,768 $ 496,503 |
Schedule of Maturities of Long-term Debt [Table Text Block] | Aggregate maturities of long-term debt at March 31, 2015 , were as follows (amounts in thousands): April 1 - December 31, 2015 $ 29,702 2016 27,361 2017 62,115 2018 1,070 2019 1,037 Thereafter 402,236 $ 523,521 |
LEASE COMMITMENTS (Tables)
LEASE COMMITMENTS (Tables) | 3 Months Ended |
Mar. 31, 2015 | |
LEASE COMMITMENTS [Abstract] | |
Operating Leases of Lessee Disclosure [Table Text Block] | At March 31, 2015 , future minimum rental commitments under noncancellable operating leases with initial terms of at least one year were as follows (amounts in thousands): April 1 - December 31, 2015 $ 5,079 2016 5,863 2017 2,846 2018 2,108 2019 1,513 Thereafter 926 Total future minimum lease payments $ 18,335 |
Schedule of Future Minimum Lease Payments for Capital Leases [Table Text Block] | At March 31, 2015 , the Company had assets held as capital leases with a net book value of $9.5 million included in property, plant and equipment. Total future capital lease obligations relating to these leases are as follows (amounts in thousands): April 1 - December 31, 2015 $ 1,094 2016 878 2017 436 2018 135 2019 101 Thereafter 4 Total future capital lease obligation payments 2,648 Less amount representing interest (49 ) Present value of future capital lease obligation payments $ 2,599 |
EMPLOYEE BENEFIT PLANS (Tables)
EMPLOYEE BENEFIT PLANS (Tables) | 3 Months Ended |
Mar. 31, 2015 | |
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 March 31, 2015 2014 Service cost $ 172 $ 197 Interest cost 1,224 1,408 Expected return on assets (1,519 ) (1,517 ) Amortization of unrecognized prior service cost 34 34 Amortization of net unrecognized loss 729 758 Net periodic pension cost $ 640 $ 880 |
VARIABLE INTEREST ENTITIES (Tab
VARIABLE INTEREST ENTITIES (Tables) | 3 Months Ended |
Mar. 31, 2015 | |
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 March 31, 2015 and December 31, 2014 (amounts in thousands): March 31, December 31, 2014 Cash and cash equivalents $ 1,100 $ 8,861 Inventory 9,064 9,645 Other current assets 25,376 18,115 Property, plant and equipment, net 33,660 36,353 Other noncurrent assets 7,513 8,016 Total assets 76,713 80,990 Current liabilities 13,365 11,659 Noncurrent liabilities 2,518 7,448 Total liabilities 15,883 19,107 |
OTHER INCOME (Tables)
OTHER INCOME (Tables) | 3 Months Ended |
Mar. 31, 2015 | |
OTHER INCOME, NET [Abstract] | |
Interest and Other Income [Table Text Block] | Other income consisted of the following (amounts in thousands): Three months ended March 31, 2015 2014 Currency exchange gain (loss) $ 5,966 $ (1,697 ) Other income 865 463 Discount amortization on prepaid royalty 611 774 Interest income 608 352 Building rental income 240 206 Wheels India Limited equity income (loss) (7 ) 418 $ 8,283 $ 516 |
EARNINGS PER SHARE (Tables)
EARNINGS PER SHARE (Tables) | 3 Months Ended |
Mar. 31, 2015 | |
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 March 31, 2015 2014 (As restated) (As restated) Net income attributable to Titan $ 232 $ 2,163 Redemption value adjustment (2,930 ) (1,018 ) Net income (loss) applicable to common shareholders $ (2,698 ) $ 1,145 Determination of Shares: Weighted average shares outstanding (basic) 53,663 53,470 Effect of stock options/trusts — 304 Weighted average shares outstanding (diluted) 53,663 53,774 Earnings per share: Basic (0.05 ) 0.02 Diluted (0.05 ) 0.02 |
SEGMENT INFORMATION (Tables)
SEGMENT INFORMATION (Tables) | 3 Months Ended |
Mar. 31, 2015 | |
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 months ended March 31, 2015 and 2014 (amounts in thousands): Three months ended March 31, 2015 2014 Revenues from external customers Agricultural $ 213,001 $ 317,166 Earthmoving/construction 142,484 152,940 Consumer 46,574 68,834 $ 402,059 $ 538,940 Gross profit Agricultural $ 28,274 $ 47,265 Earthmoving/construction 10,645 3,798 Consumer 4,148 4,082 Unallocated corporate (273 ) (595 ) $ 42,794 $ 54,550 Income (loss) from operations Agricultural $ 18,904 $ 30,541 Earthmoving/construction (1,862 ) (11,094 ) Consumer (244 ) (1,560 ) Unallocated corporate (15,989 ) (17,623 ) Income from operations 809 264 Interest expense (8,756 ) (9,259 ) Other income, net 8,283 516 Income (loss) before income taxes $ 336 $ (8,479 ) Assets by segment were as follows (amounts in thousands): March 31, December 31, Total assets Agricultural $ 524,287 $ 508,741 Earthmoving/construction 564,017 591,553 Consumer 147,619 175,475 Unallocated corporate 206,552 219,955 $ 1,442,475 $ 1,495,724 |
FAIR VALUE MEASUREMENTS (Tables
FAIR VALUE MEASUREMENTS (Tables) | 3 Months Ended |
Mar. 31, 2015 | |
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): March 31, 2015 December 31, 2014 Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Contractual obligation investments $ 10,087 $ 10,087 $ — $ — $ 9,840 $ 9,840 $ — $ — Derivative financial instruments asset 5,583 — 5,583 — 1,068 — 1,068 — Preferred stock 250 — — 250 250 — — 250 Derivative financial instruments liability (30 ) — (30 ) — (43 ) — (43 ) — Total $ 15,890 $ 10,087 $ 5,553 $ 250 $ 11,115 $ 9,840 $ 1,025 $ 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, 2014 $ 250 Total realized and unrealized gains and losses — Balance as of March 31, 2015 $ 250 |
ACCUMULATED OTHER COMPREHENSI46
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Tables) | 3 Months Ended |
Mar. 31, 2015 | |
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) [Abstract] | |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | Accumulated other comprehensive loss consisted of the following (amounts in thousands): Currency Translation Adjustments Unrecognized Losses and Prior Service Cost Total Balance at January 1, 2015 $ (86,571 ) $ (26,059 ) $ (112,630 ) Currency translation adjustments (43,639 ) — (43,639 ) Defined benefit pension plan entries: Amortization of unrecognized losses and prior service cost, net of tax of $(100) — 9 9 Balance at March 31, 2015 $ (130,210 ) $ (26,050 ) $ (156,260 ) |
SUBSIDIARY GUARANTOR FINANCIA47
SUBSIDIARY GUARANTOR FINANCIAL INFORMATION (Tables) | 3 Months Ended |
Mar. 31, 2015 | |
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 March 31, 2015 Titan Intl., Inc. (Parent) Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Net sales $ — $ 193,973 $ 208,086 $ — $ 402,059 Cost of sales 231 167,951 191,083 — 359,265 Gross profit (loss) (231 ) 26,022 17,003 — 42,794 Selling, general and administrative expenses 2,634 15,379 17,661 — 35,674 Research and development expenses — 1,000 2,086 — 3,086 Royalty expense — 1,924 1,301 — 3,225 Income (loss) from operations (2,865 ) 7,719 (4,045 ) — 809 Interest expense (8,115 ) — (641 ) — (8,756 ) Intercompany interest income (expense) 142 — (142 ) — — Other income (expense) 5,397 (379 ) 3,265 — 8,283 Income (loss) before income taxes (5,441 ) 7,340 (1,563 ) — 336 Provision (benefit) for income taxes 2,389 2,693 (3,686 ) — 1,396 Equity in earnings of subsidiaries 6,770 — (163 ) (6,607 ) — Net income (loss) (1,060 ) 4,647 1,960 (6,607 ) (1,060 ) Net loss noncontrolling interests — — (1,292 ) — (1,292 ) Net income (loss) attributable to Titan $ (1,060 ) $ 4,647 $ 3,252 $ (6,607 ) $ 232 (Amounts in thousands) Consolidating Condensed Statements of Operations For the Three Months Ended March 31, 2014 Titan Intl., Inc. (Parent) Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Net sales $ — $ 263,958 $ 274,982 $ — $ 538,940 Cost of sales 210 228,239 255,941 — 484,390 Gross profit (loss) (210 ) 35,719 19,041 — 54,550 Selling, general and administrative expenses 1,644 18,990 26,201 — 46,835 Research and development expenses — 2,153 1,557 — 3,710 Royalty expense — 1,848 1,893 — 3,741 Income (loss) from operations (1,854 ) 12,728 (10,610 ) — 264 Interest expense (8,262 ) — (997 ) — (9,259 ) Intercompany interest income (expense) 1,684 — (1,684 ) — — Other income (expense) 342 (55 ) 229 — 516 Income (loss) before income taxes (8,090 ) 12,673 (13,062 ) — (8,479 ) Provision (benefit) for income taxes (6,040 ) 4,810 (2,121 ) — (3,351 ) Equity in earnings of subsidiaries (3,078 ) — (877 ) 3,955 — Net income (loss) (5,128 ) 7,863 (11,818 ) 3,955 (5,128 ) Net loss noncontrolling interests — — (7,291 ) — (7,291 ) Net income (loss) attributable to Titan $ (5,128 ) $ 7,863 $ (4,527 ) $ 3,955 $ 2,163 |
Condensed Financial Information, Condensed Statement of Comprehensive Income [Table Text Block] | (Amounts in thousands) Consolidating Condensed Statements of Comprehensive Income (Loss) For the Three Months Ended March 31, 2015 Titan Intl., Inc. (Parent) Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Net income (loss) $ (1,060 ) $ 4,647 $ 1,960 $ (6,607 ) $ (1,060 ) Currency translation adjustment, net (45,386 ) — (45,386 ) 45,386 (45,386 ) Pension liability adjustments, net of tax 9 427 (418 ) (9 ) 9 Comprehensive income (loss) (46,437 ) 5,074 (43,844 ) 38,770 (46,437 ) Net comprehensive loss attributable to redeemable and noncontrolling interests — — (3,013 ) — (3,013 ) Comprehensive income (loss) attributable to Titan $ (46,437 ) $ 5,074 $ (40,831 ) $ 38,770 $ (43,424 ) (Amounts in thousands) Consolidating Condensed Statements of Comprehensive Income (Loss) For the Three Months Ended March 31, 2014 Titan Intl., Inc. (Parent) Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Net income (loss) $ (5,128 ) $ 7,863 $ (11,818 ) $ 3,955 $ (5,128 ) Currency translation adjustment, net 388 — 388 (388 ) 388 Pension liability adjustments, net of tax 717 450 267 (717 ) 717 Comprehensive income (loss) (4,023 ) 8,313 (11,163 ) 2,850 (4,023 ) Net comprehensive loss attributable to redeemable and noncontrolling interests — — (12,183 ) — (12,183 ) Comprehensive income (loss) attributable to Titan $ (4,023 ) $ 8,313 $ 1,020 $ 2,850 $ 8,160 |
Condensed Financial Information, Condensed Balance Sheet [Table Text Block] | (Amounts in thousands) Consolidating Condensed Balance Sheets March 31, 2015 Titan Intl., Inc. (Parent) Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated (As restated) (As restated) (As restated) Assets Cash and cash equivalents $ 138,935 $ 45 $ 51,571 $ — $ 190,551 Accounts receivable, net — 87,364 152,104 — 239,468 Inventories — 102,542 204,776 — 307,318 Prepaid and other current assets 22,889 18,082 55,296 — 96,267 Total current assets 161,824 208,033 463,747 — 833,604 Property, plant and equipment, net 7,403 153,916 321,274 — 482,593 Investment in subsidiaries 705,156 — 110,226 (815,382 ) — Other assets 50,522 1,227 74,529 — 126,278 Total assets $ 924,905 $ 363,176 $ 969,776 $ (815,382 ) $ 1,442,475 Liabilities and Stockholders’ Equity Short-term debt $ — $ — $ 29,753 $ — $ 29,753 Accounts payable 1,381 18,674 132,868 — 152,923 Other current liabilities 35,622 45,250 53,537 — 134,409 Total current liabilities 37,003 63,924 216,158 — 317,085 Long-term debt 460,161 — 33,607 — 493,768 Other long-term liabilities 11,765 19,892 56,580 — 88,237 Intercompany accounts (48,997 ) (226,046 ) 275,043 — — Redeemable noncontrolling interest — — 72,630 — 72,630 Titan stockholders' equity 464,973 505,406 309,976 (815,382 ) 464,973 Noncontrolling interests — — 5,782 — 5,782 Total liabilities and stockholders’ equity $ 924,905 $ 363,176 $ 969,776 $ (815,382 ) $ 1,442,475 (Amounts in thousands) Consolidating Condensed Balance Sheets December 31, 2014 Titan Intl., Inc. (Parent) Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated (As restated) (As restated) (As restated) Assets Cash and cash equivalents $ 129,985 $ 4 $ 71,462 $ — $ 201,451 Accounts receivable, net (55 ) 63,645 135,788 — 199,378 Inventories — 103,230 228,202 — 331,432 Prepaid and other current assets 26,803 21,105 55,761 — 103,669 Total current assets 156,733 187,984 491,213 — 835,930 Property, plant and equipment, net 7,590 160,318 359,506 — 527,414 Investment in subsidiaries 745,084 — 109,768 (854,852 ) — Other assets 51,381 827 80,172 — 132,380 Total assets $ 960,788 $ 349,129 $ 1,040,659 $ (854,852 ) $ 1,495,724 Liabilities and Stockholders’ Equity Short-term debt $ — $ — $ 26,233 $ — $ 26,233 Accounts payable 1,795 10,876 133,634 — 146,305 Other current liabilities 28,519 45,291 55,208 — 129,018 Total current liabilities 30,314 56,167 215,075 — 301,556 Long-term debt 460,161 — 36,342 — 496,503 Other long-term liabilities 15,244 20,867 71,496 — 107,607 Intercompany accounts (56,426 ) (228,307 ) 284,733 — — Redeemable noncontrolling interest — — 71,192 — 71,192 Titan stockholders' equity 511,495 500,402 354,450 (854,852 ) 511,495 Noncontrolling interests — — 7,371 — 7,371 Total liabilities and stockholders’ equity $ 960,788 $ 349,129 $ 1,040,659 $ (854,852 ) $ 1,495,724 |
Condensed Financial Information, Condensed Statement of Cash Flows [Table Text Block] | (Amounts in thousands) Consolidating Condensed Statements of Cash Flows For the Three Months Ended March 31, 2015 Titan Intl., Inc. (Parent) Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidated Net cash provided by (used for) operating activities $ 9,788 $ 1,481 $ (18,236 ) $ (6,967 ) Cash flows from investing activities: Capital expenditures (181 ) (1,456 ) (9,782 ) (11,419 ) Other, net — 16 2,318 2,334 Net cash used for investing activities (181 ) (1,440 ) (7,464 ) (9,085 ) Cash flows from financing activities: Proceeds from borrowings — — 11,102 11,102 Payment on debt — — (1,456 ) (1,456 ) Excess tax benefit from stock-based compensation (388 ) — — (388 ) Dividends paid (269 ) — — (269 ) Net cash provided by (used for) financing activities (657 ) — 9,646 8,989 Effect of exchange rate change on cash — — (3,837 ) (3,837 ) Net increase (decrease) in cash and cash equivalents 8,950 41 (19,891 ) (10,900 ) Cash and cash equivalents, beginning of period 129,985 4 71,462 201,451 Cash and cash equivalents, end of period $ 138,935 $ 45 $ 51,571 $ 190,551 (Amounts in thousands) Consolidating Condensed Statements of Cash Flows For the Three Months Ended March 31, 2014 Titan Intl., Inc. (Parent) Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidated Net cash provided by operating activities $ 9,782 $ 737 $ 7,472 $ 17,991 Cash flows from investing activities: Capital expenditures (120 ) (3,486 ) (13,148 ) (16,754 ) Acquisition of additional interest (25 ) — (12,651 ) (12,676 ) Decrease in restricted cash deposits — — 14,188 14,188 Other, net — 2,754 524 3,278 Net cash used for investing activities (145 ) (732 ) (11,087 ) (11,964 ) Cash flows from financing activities: Proceeds from borrowings — — 6,945 6,945 Payment on debt — — (4,248 ) (4,248 ) Proceeds from exercise of stock options 20 — — 20 Excess tax benefit from stock-based compensation (2 ) — — (2 ) Payment of financing fees (33 ) — — (33 ) Dividends paid (268 ) — — (268 ) Net cash provided by (used for) financing activities (283 ) — 2,697 2,414 Effect of exchange rate change on cash — — 2,293 2,293 Net increase in cash and cash equivalents 9,354 5 1,375 10,734 Cash and cash equivalents, beginning of period 81,472 4 107,884 189,360 Cash and cash equivalents, end of period $ 90,826 $ 9 $ 109,259 $ 200,094 |
ACCOUNTING POLICIES (Details)
ACCOUNTING POLICIES (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 | |
Organization And Accounting Policies [Line Items] | |||
Senior Notes | $ 400,000 | ||
Convertible Debt | 60,200 | ||
Debt Instrument, Fair Value Disclosure | $ 340,000 | ||
Common Stock, Dividends, Per Share, Declared | $ 0.005 | $ 0.005 | |
Senior Secured Notes 6.875 Percent [Member] | |||
Organization And Accounting Policies [Line Items] | |||
Debt Instrument, Interest Rate, Stated Percentage | 6.875% | ||
Senior Notes | $ 400,000 | $ 400,000 | |
5.625% convertible senior subordinated notes [Member] | |||
Organization And Accounting Policies [Line Items] | |||
Debt Instrument, Interest Rate, Stated Percentage | 5.625% | ||
Convertible Debt | $ 60,161 | $ 60,161 |
ACQUISITIONS (Details)
ACQUISITIONS (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Business Combination, Recognized Identifiable and Liabilities Assumed [Abstract] | ||
Payments to Acquire Businesses, Gross | $ 0 | $ 12,676 |
ACCOUNTS RECEIVABLE (Details)
ACCOUNTS RECEIVABLE (Details) - USD ($) $ in Thousands | Mar. 31, 2015 | Dec. 31, 2014 |
Receivables [Abstract] | ||
Accounts receivable | $ 243,467 | $ 205,084 |
Allowance for doubtful accounts | (3,999) | (5,706) |
Accounts receivable, net | $ 239,468 | $ 199,378 |
INVENTORIES (Details)
INVENTORIES (Details) - USD ($) $ in Thousands | Mar. 31, 2015 | Dec. 31, 2014 |
Inventory Disclosure [Abstract] | ||
Raw material | $ 98,833 | $ 119,989 |
Work-in-process | 41,218 | 41,073 |
Finished goods | 177,563 | 179,998 |
Inventory, Gross | 317,614 | 341,060 |
Adjustment to LIFO basis | (10,296) | (9,628) |
Inventory, Net | $ 307,318 | $ 331,432 |
Percentage of LIFO Inventory | 10.00% | 11.00% |
PROPERTY, PLANT AND EQUIPMENT52
PROPERTY, PLANT AND EQUIPMENT, NET (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 | |
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Gross | $ 973,974 | $ 1,011,325 | |
Less accumulated depreciation | (491,381) | (483,911) | |
Property, Plant and Equipment, Net | 482,593 | 527,414 | |
Depreciation | 17,200 | $ 21,800 | |
Capital Leased Assets, Gross | 9,500 | ||
Land and Land Improvements [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Gross | 52,382 | 60,012 | |
Building and Building Improvements [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Gross | 214,929 | 223,989 | |
Capital Leased Assets, Gross | 3,700 | 4,100 | |
Machinery and Equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Gross | 575,342 | 585,318 | |
Capital Leased Assets, Gross | 33,700 | 37,700 | |
Tools, Dies and Molds [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Gross | 98,022 | 103,353 | |
Construction in Progress [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Gross | $ 33,299 | $ 38,653 |
GOODWILL AND INTANGIBLE ASSET53
GOODWILL AND INTANGIBLE ASSETS (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 | |
Goodwill [Line Items] | |||
Goodwill, Impairment Loss | $ 36,600 | ||
Goodwill [Roll Forward] | |||
Goodwill at beginning of period | $ 0 | $ 42,075 | 42,075 |
Foreign currency translation | 0 | (806) | |
Goodwill at end of period | $ 0 | 41,269 | 0 |
Intangible Assets, Net (Excluding Goodwill) [Abstract] | |||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 12 years 3 months | ||
Finite-Lived Customer Relationships, Gross | $ 14,118 | 14,958 | |
Finite-Lived Intangible Asset, Useful Life | 8 years 7 months | ||
Finite-Lived Trademarks, Gross | $ 15,580 | 15,907 | |
Finite-Lived Intangible Assets, Gross | 29,698 | 30,865 | |
Finite-Lived Intangible Assets, Accumulated Amortization | (7,776) | (7,176) | |
Intangible Assets, Net (Excluding Goodwill) | 21,922 | 23,689 | |
Amortization of Intangible Assets | 900 | 1,100 | |
Finite-Lived Intangible Assets, Amortization Expense, Maturity Schedule [Abstract] | |||
April 1 - December 31, 2015 | 2,242 | ||
2,016 | 2,411 | ||
2,017 | 2,284 | ||
2,018 | 2,272 | ||
2,019 | 2,272 | ||
Thereafter | 10,441 | ||
Intangible Assets, Net (Excluding Goodwill) | 21,922 | 23,689 | |
Agricultural [Member] | |||
Goodwill [Roll Forward] | |||
Goodwill at beginning of period | 0 | 24,540 | 24,540 |
Foreign currency translation | 0 | (983) | |
Goodwill at end of period | 0 | 23,557 | 0 |
Earthmoving/construction [Member] | |||
Goodwill [Roll Forward] | |||
Goodwill at beginning of period | 0 | 14,898 | 14,898 |
Foreign currency translation | 0 | 314 | |
Goodwill at end of period | 0 | 15,212 | 0 |
Consumer [Member] | |||
Goodwill [Roll Forward] | |||
Goodwill at beginning of period | 0 | 2,637 | 2,637 |
Foreign currency translation | 0 | (137) | |
Goodwill at end of period | $ 0 | $ 2,500 | 0 |
Titan National Australia Holdings [Member] | Earthmoving/construction [Member] | |||
Goodwill [Line Items] | |||
Goodwill, Impairment Loss | 11,400 | ||
Titan Brazil [Member] | Agricultural [Member] | |||
Goodwill [Line Items] | |||
Goodwill, Impairment Loss | 9,600 | ||
Voltyre-Prom [Member] | |||
Goodwill [Line Items] | |||
Goodwill, Impairment Loss | 15,600 | ||
Voltyre-Prom [Member] | Agricultural [Member] | |||
Goodwill [Line Items] | |||
Goodwill, Impairment Loss | 11,000 | ||
Voltyre-Prom [Member] | Earthmoving/construction [Member] | |||
Goodwill [Line Items] | |||
Goodwill, Impairment Loss | 2,600 | ||
Voltyre-Prom [Member] | Consumer [Member] | |||
Goodwill [Line Items] | |||
Goodwill, Impairment Loss | $ 2,000 |
WARRANTY (Details)
WARRANTY (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Movement in Standard and Extended Product Warranty, Increase (Decrease) [Roll Forward] | ||
Warranty liability at January 1 | $ 28,144 | $ 33,134 |
Provision for warranty liabilities | 2,526 | 5,320 |
Warranty payments made | (3,914) | (5,604) |
Warranty liability at June 30 | $ 26,756 | $ 32,850 |
Minimum [Member] | ||
Movement in Standard and Extended Product Warranty, Increase (Decrease) [Roll Forward] | ||
Length of Limited Warranty, Term | 0 years | |
Maximum [Member] | ||
Movement in Standard and Extended Product Warranty, Increase (Decrease) [Roll Forward] | ||
Length of Limited Warranty, Term | 10 years |
REVOLVING CREDIT FACILITY AND55
REVOLVING CREDIT FACILITY AND LONG-TERM DEBT (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2015 | Dec. 31, 2014 | |
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 | 2,648,000 | $ 3,271,000 |
Total Long-term debt | 523,521,000 | 522,736,000 |
Less amounts due within one year | 29,753,000 | 26,233,000 |
Long-term debt | 493,768,000 | 496,503,000 |
Maturities of Long-term Debt [Abstract] | ||
April 1 - December 31, 2015 | 29,702,000 | |
2,016 | 27,361,000 | |
2,017 | 62,115,000 | |
2,018 | 1,070,000 | |
2,019 | 1,037,000 | |
Thereafter | $ 402,236,000 | |
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 | 6.875% | |
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 | 5.625% | |
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 | $ 46,697,000 | 42,291,000 |
Other Debt Obligations [Member] | ||
Debt Instruments [Abstract] | ||
Other debt | 14,015,000 | $ 17,013,000 |
Titan Brazil [Member] | ||
Debt Instruments [Abstract] | ||
Less amounts due within one year | 14,000,000 | |
Bank of America [Member] | Line of Credit [Member] | ||
Maturities of Long-term Debt [Abstract] | ||
Line of Credit Facility, Maximum Borrowing Capacity | 150,000,000 | |
Line of Credit Facility, Current Borrowing Capacity | $ 106,000,000 |
DERIVATIVE FINANCIAL INSTRUME56
DERIVATIVE FINANCIAL INSTRUMENTS (Details) $ in Millions | 3 Months Ended |
Mar. 31, 2015USD ($) | |
DERIVATIVE FINANCIAL INSTRUMENTS [Abstract] | |
Derivative, Gain (Loss) on Derivative, Net | $ 4.5 |
LEASE COMMITMENTS (Details)
LEASE COMMITMENTS (Details) $ in Thousands | Mar. 31, 2015USD ($) |
Operating Leases, Future Minimum Payments Due [Abstract] | |
April 1 - December 31, 2015 | $ 5,079 |
2,016 | 5,863 |
2,017 | 2,846 |
2,018 | 2,108 |
2,019 | 1,513 |
Thereafter | 926 |
Total future minimum lease payments | 18,335 |
Capital Leased Assets, Gross | 9,500 |
Capital Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | |
April 1 - December 31, 2015 | 1,094 |
2,016 | 878 |
2,017 | 436 |
2,018 | 135 |
2,019 | 101 |
Thereafter | 4 |
Total future capital lease obligation payments | 2,648 |
Less amount representing interest | (49) |
Present value of future capital lease obligation payments | $ 2,599 |
EMPLOYEE BENEFIT PLANS (Details
EMPLOYEE BENEFIT PLANS (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2013 | |
EMPLOYEE BENEFIT PLANS [Abstract] | |||
Defined Benefit Plan, Contributions by Employer | $ 1,100 | ||
Defined Benefit Plan, Estimated Future Employer Contributions in Current Fiscal Year | $ 3,600 | ||
Defined Benefit Plan, Service Cost | 172 | $ 197 | |
Defined Benefit Plan, Interest Cost | 1,224 | 1,408 | |
Defined Benefit Plan, Expected Return on Plan Assets | (1,519) | (1,517) | |
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 | 34 | |
Defined Benefit Plan, Amortization of Gains (Losses) | 729 | 758 | |
Defined Benefit Plan, Net Periodic Benefit Cost | $ 640 | $ 880 |
VARIABLE INTEREST ENTITIES (Det
VARIABLE INTEREST ENTITIES (Details) - USD ($) $ in Thousands | Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Dec. 31, 2012 |
Variable Interest Entity [Line Items] | ||||||
Cash and Cash Equivalents, at Carrying Value | $ 190,551 | $ 201,451 | $ 200,094 | $ 189,360 | $ 200,094 | $ 189,360 |
Inventory, Net | 307,318 | 331,432 | ||||
Property, Plant and Equipment, Net | 482,593 | 527,414 | ||||
Other Assets, Noncurrent | 111,781 | 116,757 | ||||
Assets | 1,442,475 | 1,495,724 | ||||
Liabilities, Current | 317,085 | 301,556 | ||||
Liabilities | 899,090 | 905,666 | ||||
Variable Interest Entity, Primary Beneficiary [Member] | ||||||
Variable Interest Entity [Line Items] | ||||||
Cash and Cash Equivalents, at Carrying Value | 1,100 | 8,861 | ||||
Inventory, Net | 9,064 | 9,645 | ||||
Other Assets, Current | 25,376 | 18,115 | ||||
Property, Plant and Equipment, Net | 33,660 | 36,353 | ||||
Other Assets, Noncurrent | 7,513 | 8,016 | ||||
Assets | 76,713 | 80,990 | ||||
Liabilities, Current | 13,365 | 11,659 | ||||
Liabilities, Noncurrent | 2,518 | 7,448 | ||||
Liabilities | $ 15,883 | $ 19,107 |
ROYALTY EXPENSE (Details)
ROYALTY EXPENSE (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Royalty Expense [Abstract] | ||
Royalty Expense | $ 3,225 | $ 3,741 |
OTHER INCOME (Details)
OTHER INCOME (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Foreign Currency Transaction Gain (Loss), before Tax | $ 5,966 | $ (1,697) |
Other income (expense) | 865 | 463 |
Income (Loss) from Equity Method Investments | 0 | 0 |
Amortization of Prepaid Royalty Discount | 611 | 774 |
Interest income | 608 | 352 |
Building rental income | 240 | 206 |
Nonoperating Income (Expense) | $ 8,283 | 516 |
Equity Method Investment, Ownership Percentage | 26.09% | |
Wheels India [Member] | ||
Income (Loss) from Equity Method Investments | $ (7) | $ 418 |
Equity Method Investment, Ownership Percentage | 34.23% |
INCOME TAXES (Details)
INCOME TAXES (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
INCOME TAXES [Abstract] | ||
Income Tax Expense (Benefit) | $ 1,396 | $ (3,351) |
Effective Income Tax Rate, Continuing Operations | 415.47619% | 39.52117% |
EARNINGS PER SHARE (Details)
EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Net income attributable to Titan | $ 232 | $ 2,163 |
Weighted Average Number of Shares Outstanding, Basic | 53,663 | 53,470 |
Weighted Average Number Diluted Shares Outstanding Adjustment | 0 | 304 |
Weighted-average shares | 53,663 | 53,774 |
Earnings Per Share, Basic | $ (0.05) | $ 0.02 |
Earnings Per Share, Diluted | $ (0.05) | $ 0.02 |
Noncontrolling Interest, Change in Redemption Value | $ (2,930) | $ (1,018) |
Net Income (Loss) Available to Common Stockholders, Basic | $ (2,698) | $ 1,145 |
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 | 5,600 | 5,800 |
SEGMENT INFORMATION (Details)
SEGMENT INFORMATION (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Segment Reporting Information [Line Items] | ||
Net sales | $ 402,059 | $ 538,940 |
Gross profit (loss) | 42,794 | 54,550 |
Income (loss) from operations | 809 | 264 |
Interest expense | (8,756) | (9,259) |
Other income, net | 8,283 | 516 |
Income (loss) before income taxes | 336 | (8,479) |
Agricultural [Member] | ||
Segment Reporting Information [Line Items] | ||
Net sales | 213,001 | 317,166 |
Gross profit (loss) | 28,274 | 47,265 |
Income (loss) from operations | 18,904 | 30,541 |
Earthmoving/construction [Member] | ||
Segment Reporting Information [Line Items] | ||
Net sales | 142,484 | 152,940 |
Gross profit (loss) | 10,645 | 3,798 |
Income (loss) from operations | (1,862) | (11,094) |
Consumer [Member] | ||
Segment Reporting Information [Line Items] | ||
Net sales | 46,574 | 68,834 |
Gross profit (loss) | 4,148 | 4,082 |
Income (loss) from operations | (244) | (1,560) |
Unallocated Amount to Segment [Member] | ||
Segment Reporting Information [Line Items] | ||
Gross profit (loss) | (273) | (595) |
Income (loss) from operations | $ (15,989) | $ (17,623) |
SEGMENT INFORMATION ASSETS (det
SEGMENT INFORMATION ASSETS (details) - USD ($) $ in Thousands | Mar. 31, 2015 | Dec. 31, 2014 |
Segment Reporting Information [Line Items] | ||
Assets | $ 1,442,475 | $ 1,495,724 |
Agricultural [Member] | ||
Segment Reporting Information [Line Items] | ||
Assets | 524,287 | 508,741 |
Earthmoving/construction [Member] | ||
Segment Reporting Information [Line Items] | ||
Assets | 564,017 | 591,553 |
Consumer [Member] | ||
Segment Reporting Information [Line Items] | ||
Assets | 147,619 | 175,475 |
Unallocated Amount to Segment [Member] | ||
Segment Reporting Information [Line Items] | ||
Assets | $ 206,552 | $ 219,955 |
FAIR VALUE MEASUREMENTS (Detail
FAIR VALUE MEASUREMENTS (Details) - Fair Value, Measurements, Recurring [Member] - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Investments for contractual obligations | $ 10,087 | $ 9,840 | |
Derivative Asset, Current | 5,583 | 1,068 | |
Other Assets, Fair Value Disclosure | $ 250 | 250 | 250 |
Derivative Financial Instruments, Liabilities, Fair Value Disclosure | (30) | (43) | |
Assets, Fair Value Disclosure | 15,890 | 11,115 | |
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 | ||
Fair Value, Inputs, Level 1 [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Investments for contractual obligations | 10,087 | 9,840 | |
Derivative Asset, Current | 0 | 0 | |
Other Assets, Fair Value Disclosure | 0 | 0 | 0 |
Derivative Financial Instruments, Liabilities, Fair Value Disclosure | 0 | 0 | |
Assets, Fair Value Disclosure | 10,087 | 9,840 | |
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 | ||
Fair Value, Inputs, Level 2 [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Investments for contractual obligations | 0 | 0 | |
Derivative Asset, Current | 5,583 | 1,068 | |
Other Assets, Fair Value Disclosure | 0 | 0 | 0 |
Derivative Financial Instruments, Liabilities, Fair Value Disclosure | (30) | (43) | |
Assets, Fair Value Disclosure | 5,553 | 1,025 | |
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 | ||
Fair Value, Inputs, Level 3 [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Investments for contractual obligations | 0 | 0 | |
Derivative Asset, Current | 0 | 0 | |
Other Assets, Fair Value Disclosure | 250 | 250 | 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 ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 | |
Related Party Transaction [Line Items] | |||
Related Party Transaction, Revenues from Transactions with Related Party | $ 0.7 | $ 0.6 | |
Related Party Transaction, Due from (to) Related Party | 0.4 | $ 0.2 | |
Related Party Transaction, Expenses from Transactions with Related Party | $ 0.6 | 0.7 | |
Related Party Transaction, Purchases from Related Party | $ 0.7 | ||
Equity Method Investment, Ownership Percentage | 26.09% | ||
Accounts Payable, Related Parties, Current | $ 0 | $ 0.1 | |
Wheels India [Member] | |||
Related Party Transaction [Line Items] | |||
Equity Method Investment, Ownership Percentage | 34.23% |
ACCUMULATED OTHER COMPREHENSI68
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 | |
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) [Abstract] | |||
Accumulated Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Net of Tax | $ (130,210) | $ (86,571) | |
Accumulated Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net of Tax | (26,050) | (26,059) | |
Accumulated other comprehensive loss | (156,260) | (112,630) | $ (112,630) |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax, Portion Attributable to Parent | (43,639) | ||
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Adjustment, Net of Tax | $ (9) | $ (717) |
SUBSIDIARY GUARANTOR FINANCIA69
SUBSIDIARY GUARANTOR FINANCIAL INFORMATION (Details) - USD ($) $ in Thousands | 3 Months Ended | |||||
Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | |
Income Statement [Abstract] | ||||||
Net sales | $ 402,059 | $ 538,940 | ||||
Cost of Goods Sold | 359,265 | 484,390 | ||||
Gross Profit | 42,794 | 54,550 | ||||
Selling, General and Administrative Expense | 35,674 | 46,835 | ||||
Research and Development Expense | 3,086 | 3,710 | ||||
Royalty Expense | 3,225 | 3,741 | ||||
Operating Income (Loss) | 809 | 264 | ||||
Interest expense | (8,756) | (9,259) | ||||
Interest Expense, Related Party | 0 | 0 | ||||
Other income (expense) | (8,283) | (516) | ||||
Income (loss) before income taxes | 336 | (8,479) | ||||
Income Tax Expense (Benefit) | 1,396 | (3,351) | ||||
Income (Loss) from Equity Method Investments | 0 | 0 | ||||
Net income (loss) | (1,060) | (5,128) | ||||
Net Income (Loss) Attributable to Noncontrolling Interest | (1,292) | (7,291) | ||||
Net income attributable to Titan | 232 | 2,163 | ||||
Comprehensive Income Statement [Abstract] | ||||||
Net income (loss) | (1,060) | (5,128) | ||||
Currency translation adjustment, net | (45,386) | 388 | ||||
Pension liability adjustments, net of tax | 9 | 717 | ||||
Comprehensive Income (Loss) | (46,437) | (4,023) | ||||
Net comprehensive (loss), attributable to noncontrolling interests | (3,013) | (12,183) | ||||
Comprehensive income (loss) attributable to Titan | (43,424) | 8,160 | ||||
Statement of Financial Position [Abstract] | ||||||
Cash and Cash Equivalents, at Carrying Value | 190,551 | 200,094 | $ 201,451 | $ 189,360 | $ 200,094 | $ 189,360 |
Accounts Receivable, Net, Current | 239,468 | 199,378 | ||||
Inventory, Net | 307,318 | 331,432 | ||||
Prepaid Expense, Deffered Income Taxes and Other Assets, Current | 96,267 | 103,669 | ||||
Assets, Current | 833,604 | 835,930 | ||||
Property, Plant and Equipment, Net | 482,593 | 527,414 | ||||
Equity Method Investments | 0 | 0 | ||||
Other Assets, Goodwill, Deferred Income Tax Asset, Noncurrent | 126,278 | 132,380 | ||||
Assets | 1,442,475 | 1,495,724 | ||||
Short-term debt | 29,753 | 26,233 | ||||
Accounts Payable, Current | 152,923 | 146,305 | ||||
Deferred Income Taxes and Other Liabilities, Current | 134,409 | 129,018 | ||||
Liabilities, Current | 317,085 | 301,556 | ||||
Long-term debt | 493,768 | 496,503 | ||||
Liabilities, Other than Long-term Debt, Noncurrent | 88,237 | 107,607 | ||||
Due to Related Parties | 0 | 0 | ||||
Redeemable Noncontrolling Interest, Equity, Carrying Amount | 72,630 | 67,067 | 71,192 | 89,155 | ||
Stockholders' Equity Attributable to Parent | 464,973 | 511,495 | ||||
Stockholders' Equity Attributable to Noncontrolling Interest | 5,782 | 7,371 | ||||
Liabilities and Equity | 1,442,475 | 1,495,724 | ||||
Statement of Cash Flows [Abstract] | ||||||
Net cash provided by (used for) operating activities | (6,967) | 17,991 | ||||
Capital expenditures | (11,419) | (16,754) | ||||
Acquisitions, net of cash acquired | 0 | 12,676 | ||||
Decrease in restricted cash deposits | 0 | 14,188 | ||||
Additional equity investment in Wheels India | 14,188 | |||||
Payments for (Proceeds from) Other Investing Activities | 2,334 | 3,278 | ||||
Net cash used for investing activities | (9,085) | (11,964) | ||||
Proceeds from borrowings | 11,102 | 6,945 | ||||
Repayments of Other Debt | (1,456) | (4,248) | ||||
Proceeds from Stock Options Exercised | 0 | 20 | ||||
Excess Tax Benefit from Share-based Compensation, Financing Activities | (388) | (2) | ||||
Payment of financing fees | 0 | (33) | ||||
Payments of Dividends, Common Stock | (269) | (268) | ||||
Net cash provided by (used for) financing activities | 8,989 | 2,414 | ||||
Effect of Exchange Rate on Cash and Cash Equivalents | (3,837) | 2,293 | ||||
Cash and Cash Equivalents, Period Increase (Decrease) | (10,900) | 10,734 | ||||
Cash and Cash Equivalents, at Carrying Value | 190,551 | 200,094 | 201,451 | $ 189,360 | 200,094 | 189,360 |
Parent [Member] | ||||||
Income Statement [Abstract] | ||||||
Net sales | 0 | 0 | ||||
Cost of Goods Sold | 231 | 210 | ||||
Gross Profit | (231) | (210) | ||||
Selling, General and Administrative Expense | 2,634 | 1,644 | ||||
Research and Development Expense | 0 | 0 | ||||
Royalty Expense | 0 | 0 | ||||
Operating Income (Loss) | (2,865) | (1,854) | ||||
Interest expense | (8,115) | (8,262) | ||||
Interest Expense, Related Party | 142 | 1,684 | ||||
Other income (expense) | (5,397) | (342) | ||||
Income (loss) before income taxes | (5,441) | (8,090) | ||||
Income Tax Expense (Benefit) | 2,389 | (6,040) | ||||
Income (Loss) from Equity Method Investments | 6,770 | (3,078) | ||||
Net income (loss) | (1,060) | (5,128) | ||||
Net Income (Loss) Attributable to Noncontrolling Interest | 0 | 0 | ||||
Net income attributable to Titan | (1,060) | (5,128) | ||||
Comprehensive Income Statement [Abstract] | ||||||
Net income (loss) | (1,060) | (5,128) | ||||
Currency translation adjustment, net | (45,386) | 388 | ||||
Pension liability adjustments, net of tax | 9 | 717 | ||||
Comprehensive Income (Loss) | (46,437) | (4,023) | ||||
Net comprehensive (loss), attributable to noncontrolling interests | 0 | 0 | ||||
Comprehensive income (loss) attributable to Titan | (46,437) | (4,023) | ||||
Statement of Financial Position [Abstract] | ||||||
Cash and Cash Equivalents, at Carrying Value | 138,935 | 129,985 | 90,826 | 81,472 | ||
Accounts Receivable, Net, Current | 0 | (55) | ||||
Inventory, Net | 0 | 0 | ||||
Prepaid Expense, Deffered Income Taxes and Other Assets, Current | 22,889 | 26,803 | ||||
Assets, Current | 161,824 | 156,733 | ||||
Property, Plant and Equipment, Net | 7,403 | 7,590 | ||||
Equity Method Investments | 705,156 | 745,084 | ||||
Other Assets, Goodwill, Deferred Income Tax Asset, Noncurrent | 50,522 | 51,381 | ||||
Assets | 924,905 | 960,788 | ||||
Short-term debt | 0 | 0 | ||||
Accounts Payable, Current | 1,381 | 1,795 | ||||
Deferred Income Taxes and Other Liabilities, Current | 35,622 | 28,519 | ||||
Liabilities, Current | 37,003 | 30,314 | ||||
Long-term debt | 460,161 | 460,161 | ||||
Liabilities, Other than Long-term Debt, Noncurrent | 11,765 | 15,244 | ||||
Due to Related Parties | (48,997) | (56,426) | ||||
Redeemable Noncontrolling Interest, Equity, Carrying Amount | 0 | 0 | ||||
Stockholders' Equity Attributable to Parent | 464,973 | 511,495 | ||||
Stockholders' Equity Attributable to Noncontrolling Interest | 0 | 0 | ||||
Liabilities and Equity | 924,905 | 960,788 | ||||
Statement of Cash Flows [Abstract] | ||||||
Net cash provided by (used for) operating activities | 9,788 | 9,782 | ||||
Capital expenditures | (181) | (120) | ||||
Acquisitions, net of cash acquired | 25 | |||||
Additional equity investment in Wheels India | 0 | |||||
Payments for (Proceeds from) Other Investing Activities | 0 | 0 | ||||
Net cash used for investing activities | (181) | (145) | ||||
Proceeds from borrowings | 0 | 0 | ||||
Repayments of Other Debt | 0 | 0 | ||||
Proceeds from Stock Options Exercised | 20 | |||||
Excess Tax Benefit from Share-based Compensation, Financing Activities | (388) | (2) | ||||
Payment of financing fees | (33) | |||||
Payments of Dividends, Common Stock | (269) | (268) | ||||
Net cash provided by (used for) financing activities | (657) | (283) | ||||
Effect of Exchange Rate on Cash and Cash Equivalents | 0 | 0 | ||||
Cash and Cash Equivalents, Period Increase (Decrease) | 8,950 | 9,354 | ||||
Cash and Cash Equivalents, at Carrying Value | 138,935 | 129,985 | 90,826 | 81,472 | ||
Guarantor Subsidiaries [Member] | ||||||
Income Statement [Abstract] | ||||||
Net sales | 193,973 | 263,958 | ||||
Cost of Goods Sold | 167,951 | 228,239 | ||||
Gross Profit | 26,022 | 35,719 | ||||
Selling, General and Administrative Expense | 15,379 | 18,990 | ||||
Research and Development Expense | 1,000 | 2,153 | ||||
Royalty Expense | 1,924 | 1,848 | ||||
Operating Income (Loss) | 7,719 | 12,728 | ||||
Interest expense | 0 | 0 | ||||
Interest Expense, Related Party | 0 | 0 | ||||
Other income (expense) | 379 | 55 | ||||
Income (loss) before income taxes | 7,340 | 12,673 | ||||
Income Tax Expense (Benefit) | 2,693 | 4,810 | ||||
Income (Loss) from Equity Method Investments | 0 | 0 | ||||
Net income (loss) | 4,647 | 7,863 | ||||
Net Income (Loss) Attributable to Noncontrolling Interest | 0 | 0 | ||||
Net income attributable to Titan | 4,647 | 7,863 | ||||
Comprehensive Income Statement [Abstract] | ||||||
Net income (loss) | 4,647 | 7,863 | ||||
Currency translation adjustment, net | 0 | 0 | ||||
Pension liability adjustments, net of tax | 427 | 450 | ||||
Comprehensive Income (Loss) | 5,074 | 8,313 | ||||
Net comprehensive (loss), attributable to noncontrolling interests | 0 | 0 | ||||
Comprehensive income (loss) attributable to Titan | 5,074 | 8,313 | ||||
Statement of Financial Position [Abstract] | ||||||
Cash and Cash Equivalents, at Carrying Value | 45 | 4 | 9 | 4 | ||
Accounts Receivable, Net, Current | 87,364 | 63,645 | ||||
Inventory, Net | 102,542 | 103,230 | ||||
Prepaid Expense, Deffered Income Taxes and Other Assets, Current | 18,082 | 21,105 | ||||
Assets, Current | 208,033 | 187,984 | ||||
Property, Plant and Equipment, Net | 153,916 | 160,318 | ||||
Equity Method Investments | 0 | 0 | ||||
Other Assets, Goodwill, Deferred Income Tax Asset, Noncurrent | 1,227 | 827 | ||||
Assets | 363,176 | 349,129 | ||||
Short-term debt | 0 | 0 | ||||
Accounts Payable, Current | 18,674 | 10,876 | ||||
Deferred Income Taxes and Other Liabilities, Current | 45,250 | 45,291 | ||||
Liabilities, Current | 63,924 | 56,167 | ||||
Long-term debt | 0 | 0 | ||||
Liabilities, Other than Long-term Debt, Noncurrent | 19,892 | 20,867 | ||||
Due to Related Parties | (226,046) | (228,307) | ||||
Redeemable Noncontrolling Interest, Equity, Carrying Amount | 0 | 0 | ||||
Stockholders' Equity Attributable to Parent | 505,406 | 500,402 | ||||
Stockholders' Equity Attributable to Noncontrolling Interest | 0 | 0 | ||||
Liabilities and Equity | 363,176 | 349,129 | ||||
Statement of Cash Flows [Abstract] | ||||||
Net cash provided by (used for) operating activities | 1,481 | 737 | ||||
Capital expenditures | (1,456) | (3,486) | ||||
Acquisitions, net of cash acquired | 0 | |||||
Additional equity investment in Wheels India | 0 | |||||
Payments for (Proceeds from) Other Investing Activities | 16 | 2,754 | ||||
Net cash used for investing activities | (1,440) | (732) | ||||
Proceeds from borrowings | 0 | 0 | ||||
Repayments of Other Debt | 0 | 0 | ||||
Proceeds from Stock Options Exercised | 0 | |||||
Excess Tax Benefit from Share-based Compensation, Financing Activities | 0 | 0 | ||||
Payment of financing fees | 0 | |||||
Payments of Dividends, Common Stock | 0 | 0 | ||||
Net cash provided by (used for) financing activities | 0 | 0 | ||||
Effect of Exchange Rate on Cash and Cash Equivalents | 0 | 0 | ||||
Cash and Cash Equivalents, Period Increase (Decrease) | 41 | 5 | ||||
Cash and Cash Equivalents, at Carrying Value | 45 | 4 | 9 | 4 | ||
Non-Guarantor Subsidiaries [Member] | ||||||
Income Statement [Abstract] | ||||||
Net sales | 208,086 | 274,982 | ||||
Cost of Goods Sold | 191,083 | 255,941 | ||||
Gross Profit | 17,003 | 19,041 | ||||
Selling, General and Administrative Expense | 17,661 | 26,201 | ||||
Research and Development Expense | 2,086 | 1,557 | ||||
Royalty Expense | 1,301 | 1,893 | ||||
Operating Income (Loss) | (4,045) | (10,610) | ||||
Interest expense | (641) | (997) | ||||
Interest Expense, Related Party | (142) | (1,684) | ||||
Other income (expense) | (3,265) | (229) | ||||
Income (loss) before income taxes | (1,563) | (13,062) | ||||
Income Tax Expense (Benefit) | (3,686) | (2,121) | ||||
Income (Loss) from Equity Method Investments | (163) | (877) | ||||
Net income (loss) | 1,960 | (11,818) | ||||
Net Income (Loss) Attributable to Noncontrolling Interest | (1,292) | (7,291) | ||||
Net income attributable to Titan | 3,252 | (4,527) | ||||
Comprehensive Income Statement [Abstract] | ||||||
Net income (loss) | 1,960 | (11,818) | ||||
Currency translation adjustment, net | (45,386) | 388 | ||||
Pension liability adjustments, net of tax | (418) | 267 | ||||
Comprehensive Income (Loss) | (43,844) | (11,163) | ||||
Net comprehensive (loss), attributable to noncontrolling interests | (3,013) | (12,183) | ||||
Comprehensive income (loss) attributable to Titan | (40,831) | 1,020 | ||||
Statement of Financial Position [Abstract] | ||||||
Cash and Cash Equivalents, at Carrying Value | 51,571 | 71,462 | 109,259 | 107,884 | ||
Accounts Receivable, Net, Current | 152,104 | 135,788 | ||||
Inventory, Net | 204,776 | 228,202 | ||||
Prepaid Expense, Deffered Income Taxes and Other Assets, Current | 55,296 | 55,761 | ||||
Assets, Current | 463,747 | 491,213 | ||||
Property, Plant and Equipment, Net | 321,274 | 359,506 | ||||
Equity Method Investments | 110,226 | 109,768 | ||||
Other Assets, Goodwill, Deferred Income Tax Asset, Noncurrent | 74,529 | 80,172 | ||||
Assets | 969,776 | 1,040,659 | ||||
Short-term debt | 29,753 | 26,233 | ||||
Accounts Payable, Current | 132,868 | 133,634 | ||||
Deferred Income Taxes and Other Liabilities, Current | 53,537 | 55,208 | ||||
Liabilities, Current | 216,158 | 215,075 | ||||
Long-term debt | 33,607 | 36,342 | ||||
Liabilities, Other than Long-term Debt, Noncurrent | 56,580 | 71,496 | ||||
Due to Related Parties | 275,043 | 284,733 | ||||
Redeemable Noncontrolling Interest, Equity, Carrying Amount | 72,630 | 71,192 | ||||
Stockholders' Equity Attributable to Parent | 309,976 | 354,450 | ||||
Stockholders' Equity Attributable to Noncontrolling Interest | 5,782 | 7,371 | ||||
Liabilities and Equity | 969,776 | 1,040,659 | ||||
Statement of Cash Flows [Abstract] | ||||||
Net cash provided by (used for) operating activities | (18,236) | 7,472 | ||||
Capital expenditures | (9,782) | (13,148) | ||||
Acquisitions, net of cash acquired | 12,651 | |||||
Additional equity investment in Wheels India | 14,188 | |||||
Payments for (Proceeds from) Other Investing Activities | 2,318 | 524 | ||||
Net cash used for investing activities | (7,464) | (11,087) | ||||
Proceeds from borrowings | (11,102) | (6,945) | ||||
Repayments of Other Debt | (1,456) | (4,248) | ||||
Proceeds from Stock Options Exercised | 0 | |||||
Excess Tax Benefit from Share-based Compensation, Financing Activities | 0 | 0 | ||||
Payment of financing fees | 0 | |||||
Payments of Dividends, Common Stock | 0 | 0 | ||||
Net cash provided by (used for) financing activities | 9,646 | 2,697 | ||||
Effect of Exchange Rate on Cash and Cash Equivalents | (3,837) | 2,293 | ||||
Cash and Cash Equivalents, Period Increase (Decrease) | (19,891) | 1,375 | ||||
Cash and Cash Equivalents, at Carrying Value | 51,571 | 71,462 | $ 109,259 | $ 107,884 | ||
Consolidation, Eliminations [Member] | ||||||
Income Statement [Abstract] | ||||||
Net sales | 0 | 0 | ||||
Cost of Goods Sold | 0 | 0 | ||||
Gross Profit | 0 | 0 | ||||
Selling, General and Administrative Expense | 0 | 0 | ||||
Research and Development Expense | 0 | 0 | ||||
Royalty Expense | 0 | 0 | ||||
Operating Income (Loss) | 0 | 0 | ||||
Interest expense | 0 | 0 | ||||
Interest Expense, Related Party | 0 | 0 | ||||
Other income (expense) | 0 | 0 | ||||
Income (loss) before income taxes | 0 | 0 | ||||
Income Tax Expense (Benefit) | 0 | 0 | ||||
Income (Loss) from Equity Method Investments | (6,607) | 3,955 | ||||
Net income (loss) | (6,607) | 3,955 | ||||
Net Income (Loss) Attributable to Noncontrolling Interest | 0 | 0 | ||||
Net income attributable to Titan | (6,607) | 3,955 | ||||
Comprehensive Income Statement [Abstract] | ||||||
Net income (loss) | (6,607) | 3,955 | ||||
Currency translation adjustment, net | 45,386 | (388) | ||||
Pension liability adjustments, net of tax | (9) | (717) | ||||
Comprehensive Income (Loss) | 38,770 | 2,850 | ||||
Net comprehensive (loss), attributable to noncontrolling interests | 0 | 0 | ||||
Comprehensive income (loss) attributable to Titan | 38,770 | $ 2,850 | ||||
Statement of Financial Position [Abstract] | ||||||
Cash and Cash Equivalents, at Carrying Value | 0 | 0 | ||||
Accounts Receivable, Net, Current | 0 | 0 | ||||
Inventory, Net | 0 | 0 | ||||
Prepaid Expense, Deffered Income Taxes and Other Assets, Current | 0 | 0 | ||||
Assets, Current | 0 | 0 | ||||
Property, Plant and Equipment, Net | 0 | 0 | ||||
Equity Method Investments | (815,382) | (854,852) | ||||
Other Assets, Goodwill, Deferred Income Tax Asset, Noncurrent | 0 | 0 | ||||
Assets | (815,382) | (854,852) | ||||
Short-term debt | 0 | 0 | ||||
Accounts Payable, Current | 0 | 0 | ||||
Deferred Income Taxes and Other Liabilities, Current | 0 | 0 | ||||
Liabilities, Current | 0 | 0 | ||||
Long-term debt | 0 | 0 | ||||
Liabilities, Other than Long-term Debt, Noncurrent | 0 | 0 | ||||
Due to Related Parties | 0 | 0 | ||||
Redeemable Noncontrolling Interest, Equity, Carrying Amount | 0 | 0 | ||||
Stockholders' Equity Attributable to Parent | (815,382) | (854,852) | ||||
Stockholders' Equity Attributable to Noncontrolling Interest | 0 | 0 | ||||
Liabilities and Equity | (815,382) | (854,852) | ||||
Statement of Cash Flows [Abstract] | ||||||
Cash and Cash Equivalents, at Carrying Value | 0 | $ 0 | ||||
Cost of Goods, Total [Member] | ||||||
Income Statement [Abstract] | ||||||
Cost of Goods Sold | $ 359,265 |
REDEEMABLE NONCONTROLLING INT70
REDEEMABLE NONCONTROLLING INTEREST (Details) - USD ($) $ in Thousands | 3 Months Ended | |||
Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | |
Redeemable Noncontrolling Interest [Line Items] | ||||
Noncontrolling Interest, Decrease from Redemptions or Purchase of Interests | $ 0 | $ (11,557) | ||
Net Income (Loss) Attributable to Redeemable Noncontrolling Interest | 149 | (7,079) | ||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, before Tax, Portion Attributable to Noncontrolling Interest | (1,641) | (4,470) | ||
Noncontrolling Interest, Change in Redemption Value | 2,930 | 1,018 | ||
Redeemable Noncontrolling Interest, Equity, Carrying Amount | $ 72,630 | $ 67,067 | $ 71,192 | $ 89,155 |
RESTATEMENT (Details)
RESTATEMENT (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |||||
Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | |
Earnings Per Share [Abstract] | ||||||
Diluted (in dollars per share) | $ (0.05) | $ 0.02 | ||||
Basic (in dollars per share) | $ (0.05) | $ 0.02 | ||||
Statement of Financial Position [Abstract] | ||||||
Cash and Cash Equivalents, at Carrying Value | $ 190,551 | $ 200,094 | $ 201,451 | $ 189,360 | $ 200,094 | $ 189,360 |
Accounts Receivable, Net, Current | 239,468 | 199,378 | ||||
Inventory, Net | 307,318 | 331,432 | ||||
Deferred Tax Assets, Net of Valuation Allowance, Current | 22,175 | 23,435 | ||||
Prepaid Expense and Other Assets, Current | 74,092 | 80,234 | ||||
Assets, Current | 833,604 | 835,930 | ||||
Property, Plant and Equipment, Net | 482,593 | 527,414 | ||||
Other Assets, Noncurrent | 111,781 | 116,757 | ||||
Assets | 1,442,475 | 1,495,724 | ||||
Deferred income taxes | 14,497 | 15,623 | ||||
Short-term debt | 29,753 | 26,233 | ||||
Accounts Payable, Current | 152,923 | 146,305 | ||||
Other Liabilities, Current | 134,409 | 129,018 | ||||
Liabilities, Current | 317,085 | 301,556 | ||||
Long-term debt | 493,768 | 496,503 | ||||
Deferred income taxes | 5,148 | 18,582 | ||||
Other long-term liabilities | 83,089 | 89,025 | ||||
Liabilities | 899,090 | 905,666 | ||||
Redeemable Noncontrolling Interest, Equity, Carrying Amount | 72,630 | 67,067 | 71,192 | $ 89,155 | ||
Common stock (no par, 120,000,000 shares authorized, 55,253,092 issued) | 0 | 0 | ||||
Additional paid-in capital | 510,110 | 513,090 | ||||
Retained earnings | 125,970 | 126,007 | ||||
Treasury Stock, Value | (13,772) | (13,897) | ||||
Common Stock, Shares Held in Employee Trust | (1,075) | (1,075) | ||||
Accumulated other comprehensive loss | (156,260) | $ (112,630) | (112,630) | |||
Stockholders' Equity Attributable to Parent | 464,973 | 511,495 | ||||
Stockholders' Equity Attributable to Noncontrolling Interest | 5,782 | 7,371 | ||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 470,755 | 518,866 | ||||
Liabilities and Equity | 1,442,475 | 1,495,724 | ||||
Restatement Adjustment [Member] | ||||||
Statement of Financial Position [Abstract] | ||||||
Cash and Cash Equivalents, at Carrying Value | 0 | 0 | ||||
Accounts Receivable, Net, Current | 0 | 0 | ||||
Inventory, Net | 0 | 0 | ||||
Deferred Tax Assets, Net of Valuation Allowance, Current | 0 | 0 | ||||
Prepaid Expense and Other Assets, Current | 0 | 0 | ||||
Assets, Current | 0 | 0 | ||||
Property, Plant and Equipment, Net | 0 | 0 | ||||
Other Assets, Noncurrent | 0 | 0 | ||||
Assets | 0 | 0 | ||||
Deferred income taxes | 0 | 0 | ||||
Short-term debt | 0 | 0 | ||||
Accounts Payable, Current | 0 | 0 | ||||
Other Liabilities, Current | 0 | 0 | ||||
Liabilities, Current | 0 | 0 | ||||
Long-term debt | 0 | 0 | ||||
Deferred income taxes | 0 | 0 | ||||
Other long-term liabilities | 0 | 0 | ||||
Liabilities | 0 | 0 | ||||
Redeemable Noncontrolling Interest, Equity, Carrying Amount | 72,630 | 71,192 | ||||
Common stock (no par, 120,000,000 shares authorized, 55,253,092 issued) | 0 | 0 | ||||
Additional paid-in capital | (52,207) | (49,277) | ||||
Retained earnings | 0 | 0 | ||||
Treasury Stock, Value | 0 | 0 | ||||
Common Stock, Shares Held in Employee Trust | 0 | 0 | ||||
Accumulated other comprehensive loss | 0 | 0 | ||||
Stockholders' Equity Attributable to Parent | (52,207) | (49,277) | ||||
Stockholders' Equity Attributable to Noncontrolling Interest | (20,423) | (21,915) | ||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | (72,630) | (71,192) | ||||
Liabilities and Equity | $ 0 | 0 | ||||
Scenario, Previously Reported [Member] | ||||||
Earnings Per Share [Abstract] | ||||||
Impact of Restatement on Earnings Per Share, Basic | $ 0 | $ 0 | ||||
Diluted (in dollars per share) | 0 | 0 | ||||
Basic (in dollars per share) | 0 | 0 | ||||
Impact of Restatement on Earnings Per Share, Diluted | $ 0 | $ 0 | ||||
Statement of Financial Position [Abstract] | ||||||
Cash and Cash Equivalents, at Carrying Value | $ 190,551 | 201,451 | ||||
Accounts Receivable, Net, Current | 239,468 | 199,378 | ||||
Inventory, Net | 307,318 | 331,432 | ||||
Deferred Tax Assets, Net of Valuation Allowance, Current | 22,175 | 23,435 | ||||
Prepaid Expense and Other Assets, Current | 74,092 | 80,234 | ||||
Assets, Current | 833,604 | 835,930 | ||||
Property, Plant and Equipment, Net | 482,593 | 527,414 | ||||
Other Assets, Noncurrent | 111,781 | 116,757 | ||||
Assets | 1,442,475 | 1,495,724 | ||||
Deferred income taxes | 14,497 | 15,623 | ||||
Short-term debt | 29,753 | 26,233 | ||||
Accounts Payable, Current | 152,923 | 146,305 | ||||
Other Liabilities, Current | 134,409 | 129,018 | ||||
Liabilities, Current | 317,085 | 301,556 | ||||
Long-term debt | 493,768 | 496,503 | ||||
Deferred income taxes | 5,148 | 18,582 | ||||
Other long-term liabilities | 83,089 | 89,025 | ||||
Liabilities | 899,090 | 905,666 | ||||
Redeemable Noncontrolling Interest, Equity, Carrying Amount | 0 | 0 | ||||
Common stock (no par, 120,000,000 shares authorized, 55,253,092 issued) | 0 | 0 | ||||
Additional paid-in capital | 562,317 | 562,367 | ||||
Retained earnings | 125,970 | 126,007 | ||||
Treasury Stock, Value | (13,772) | (13,897) | ||||
Common Stock, Shares Held in Employee Trust | (1,075) | (1,075) | ||||
Accumulated other comprehensive loss | (156,260) | (112,630) | ||||
Stockholders' Equity Attributable to Parent | 517,180 | 560,772 | ||||
Stockholders' Equity Attributable to Noncontrolling Interest | 26,205 | 29,286 | ||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 543,385 | 590,058 | ||||
Liabilities and Equity | $ 1,442,475 | $ 1,495,724 |