Document and Entitiy Informatio
Document and Entitiy Information - shares | 6 Months Ended | |
Jun. 30, 2015 | Jul. 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 | Jun. 30, 2015 | |
Document Fiscal Year Focus | 2,015 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false | |
Entity Common Stock, Shares Outstanding | 53,807,043 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Net sales | $ 376,067 | $ 523,731 | $ 778,126 | $ 1,062,671 |
Cost of sales | 325,014 | 468,161 | 684,279 | 955,124 |
Mining asset impairment and inventory writedown | 0 | 34,797 | 0 | 34,797 |
Gross profit | 51,053 | 20,773 | 93,847 | 72,750 |
Selling, general & administrative expenses | 37,848 | 42,835 | 73,522 | 86,711 |
Research and development expenses | 2,779 | 3,575 | 5,865 | 7,671 |
Royalty expense | 2,895 | 3,830 | 6,120 | 7,571 |
Income from operations | 7,531 | (29,467) | 8,340 | (29,203) |
Interest expense | (8,642) | (8,926) | (17,398) | (18,185) |
Other income | 6,906 | 6,335 | 15,189 | 6,851 |
Income (loss) before income taxes | 5,795 | (32,058) | 6,131 | (40,537) |
Provision (benefit) for income taxes | 1,515 | (7,167) | 2,911 | (10,518) |
Net income (loss) | 4,280 | (24,891) | 3,220 | (30,019) |
Net loss attributable to noncontrolling interests | (2,491) | (4,380) | (3,783) | (11,671) |
Net income attributable to Titan | $ 6,771 | $ (20,511) | $ 7,003 | $ (18,348) |
Earnings (loss) per common share: | ||||
Basic (in dollars per share) | $ 0.17 | $ (0.40) | $ 0.12 | $ (0.37) |
Diluted (in dollars per share) | $ 0.17 | $ (0.40) | $ 0.12 | $ (0.37) |
Average common shares outstanding: | ||||
Basic (in shares) | 53,686 | 53,486 | 53,674 | 53,478 |
Diluted (in shares) | 59,489 | 53,486 | 53,858 | 53,478 |
Dividends declared per common share: | $ 0.005 | $ 0.005 | $ 0.010 | $ 0.010 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Net income (loss) | $ 4,280 | $ (24,891) | $ 3,220 | $ (30,019) |
Currency translation adjustment, net | 4,436 | 7,826 | (40,950) | 8,214 |
Pension liability adjustments, net of tax of $(706), $(123), $(806), and $(506), respectively | 1,488 | 28 | 1,497 | 745 |
Comprehensive income (loss) | 10,204 | (17,037) | (36,233) | (21,060) |
Net comprehensive (loss), attributable to noncontrolling interests | (1,904) | (1,062) | (4,917) | (13,245) |
Comprehensive income (loss) attributable to Titan | $ 12,108 | $ (15,975) | $ (31,316) | $ (7,815) |
CONSOLIDATED STATEMENTS OF COM4
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Statement of Comprehensive Income [Abstract] | ||||
Unrealized gain (loss) on investments, tax | $ 0 | $ 0 | $ 0 | $ 0 |
Pension liability adjustments, tax | $ 706 | $ 123 | $ 806 | $ 506 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Dec. 31, 2012 |
Current assets | |||||||
Cash and cash equivalents | $ 187,484 | $ 201,451 | $ 162,954 | $ 189,360 | $ 162,954 | $ 189,360 | |
Accounts receivable, net | 224,689 | 199,378 | |||||
Inventories | 306,087 | 331,432 | |||||
Deferred income taxes | 13,972 | 23,435 | |||||
Prepaid and other current assets | 74,786 | 80,234 | |||||
Total current assets | 807,018 | 835,930 | |||||
Property, plant and equipment, net | 483,407 | 527,414 | |||||
Deferred income taxes | 18,303 | 15,623 | |||||
Other assets | 111,686 | 116,757 | |||||
Total assets | 1,420,414 | 1,495,724 | |||||
Current liabilities | |||||||
Short-term debt | 25,068 | 26,233 | |||||
Accounts payable | 135,758 | 146,305 | |||||
Other current liabilities | 121,967 | 129,018 | |||||
Total current liabilities | 282,793 | 301,556 | |||||
Long-term debt | 495,273 | 496,503 | |||||
Deferred income taxes | 3,524 | 18,582 | |||||
Other long-term liabilities | 84,330 | 89,025 | |||||
Total liabilities | 865,920 | 905,666 | |||||
Redeemable Noncontrolling Interest, Equity, Carrying Amount | 70,511 | 71,192 | $ 68,367 | $ 89,155 | |||
Titan stockholders' equity | |||||||
Common stock ($0.0001 par value, 120,000,000 shares authorized, 55,253,092 issued, 53,792,342 outstanding) | 0 | 0 | |||||
Additional paid-in capital | 513,600 | 513,090 | |||||
Retained earnings | 132,472 | 126,007 | |||||
Treasury stock (at cost, 1,460,750 and 1,504,064 shares, respectively) | (13,508) | (13,897) | |||||
Treasury stock reserved for deferred compensation | (1,075) | (1,075) | |||||
Accumulated other comprehensive loss | (150,923) | $ (156,260) | (112,630) | ||||
Total Titan stockholders' equity | 480,566 | 511,495 | |||||
Noncontrolling interests | 3,417 | 7,371 | |||||
Total equity | 483,983 | 518,866 | |||||
Total liabilities and equity | $ 1,420,414 | $ 1,495,724 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Jun. 30, 2015 | Dec. 31, 2014 |
Liabilities and Equity [Abstract] | ||
Common Stock, par value | $ 0.0001 | $ 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 |
Common Stock, shares, outstanding (in shares) | 53,792,342 | |
Treasury Stock, shares (in shares) | 1,460,750 | 1,504,064 |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - 6 months ended Jun. 30, 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 income (loss) | 3,220 | 7,003 | 7,003 | ||||||
Noncontrolling Interest in Net Income (Loss) Other Noncontrolling Interests, Nonredeemable | 3,183 | (3,820) | |||||||
Currency translation adjustment | (40,950) | (39,816) | (39,816) | ||||||
Temporary Equity, Foreign Currency Translation Adjustments | (39,882) | (66) | |||||||
Pension liability adjustments, net of tax | 1,497 | 1,497 | 1,497 | ||||||
Dividends on common stock | (538) | (538) | (538) | ||||||
Exercise of stock options | 144 | 32 | 112 | 144 | |||||
Exercise of stock options (in shares) | 12,500 | ||||||||
Dissolution of subsidiary | (42) | 26 | 26 | (68) | |||||
Noncontrolling Interest, Increase from Subsidiary Equity Issuance | (350) | 0 | |||||||
Stock-based compensation | 1,339 | 1,339 | 1,339 | ||||||
Tax benefit related to stock-based compensation | (538) | (538) | (538) | ||||||
Issuance of treasury stock under 401(k) plan | 304 | 27 | 277 | 304 | |||||
Issuance of treasury stock under 401(k) plan (in shares) | 30,814 | ||||||||
Balance, Ending at Jun. 30, 2015 | $ 483,983 | $ 513,600 | $ 132,472 | $ (13,508) | $ (1,075) | $ (150,923) | $ 480,566 | $ 3,417 | |
Balance, Ending (in shares) at Jun. 30, 2015 | 53,792,342 | 53,792,342 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Cash flows from operating activities: | ||
Net loss | $ 3,220 | $ (30,019) |
Adjustments to reconcile net income to net cash provided by (used for) operating activities: | ||
Depreciation and amortization | 36,604 | 46,815 |
Mining asset impairment | 0 | 23,242 |
Mining inventory writedown | 0 | 11,555 |
Deferred income tax provision | (5,602) | (18,269) |
Stock-based compensation | 1,339 | 2,143 |
Excess tax benefit from stock-based compensation | 538 | 45 |
Issuance of treasury stock under 401(k) plan | 304 | 332 |
(Increase) decrease in assets: | ||
Accounts receivable | (37,149) | (28,989) |
Inventories | 8,721 | (3,046) |
Prepaid and other current assets | 2,868 | 36,061 |
Other assets | (688) | (4,050) |
Increase (decrease) in liabilities: | ||
Accounts payable | 4,423 | 15,017 |
Other current liabilities | (1,988) | 4,937 |
Other liabilities | (4,748) | (12,719) |
Net cash provided by (used for) operating activities | 7,842 | 43,055 |
Cash flows from investing activities: | ||
Capital expenditures | (22,505) | (30,883) |
Acquisition of additional interest | 0 | (13,395) |
Decrease in restricted cash deposits | 0 | 14,268 |
Other | 2,708 | 3,241 |
Net cash used for investing activities | (19,797) | (26,769) |
Cash flows from financing activities: | ||
Proceeds from borrowings | 13,239 | 6,217 |
Payment on debt | (8,517) | (53,393) |
Proceeds from exercise of stock options | 144 | 141 |
Excess tax benefit from stock-based compensation | (538) | (45) |
Payment of financing fees | 0 | (33) |
Dividends paid | (538) | (536) |
Net cash provided by financing activities | 3,790 | (47,649) |
Effect of exchange rate changes on cash | (5,802) | 4,957 |
Net increase (decrease) in cash and cash equivalents | (13,967) | (26,406) |
Cash and cash equivalents, beginning of period | 201,451 | 189,360 |
Cash and cash equivalents, end of period | 187,484 | 162,954 |
Supplemental Cash Flow Information [Abstract] | ||
Interest paid | 20,063 | 20,695 |
Income taxes paid | $ (884) | $ 6,454 |
ACCOUNTING POLICIES
ACCOUNTING POLICIES | 6 Months Ended |
Jun. 30, 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 June 30, 2015 , and the results of operations and cash flows for the three and six months ended June 30, 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 June 30, 2015 , respectively. The fair value of the senior secured notes due 2020 at June 30, 2015 , as obtained through an independent pricing source, was approximately $367.0 million . Cash dividends The Company declared cash dividends of $.005 and $0.010 per share of common stock for each of the three and six months ended June 30, 2015 , and 2014. The second quarter 2015 cash dividend of $.005 per share of common stock was paid July 15, 2015, to stockholders of record on June 30, 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. Reclassifications included changes in classification from selling, general and administrative to cost of sales of $1.8 million and $4.4 million for the three and six months ended June 30, 2014, respectively. Recently Issued Accounting Standards In April 2015, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (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. |
MINING ASSET IMPAIRMENT AND INV
MINING ASSET IMPAIRMENT AND INVENTORY WRITEDOWN (Notes) | 6 Months Ended |
Jun. 30, 2015 | |
MINING ASSET IMPAIRMENT AND INVENTORY WRITEDOWN [Abstract] | |
Property, Plant and Equipment, Impairment [Policy Text Block] | MINING ASSET IMPAIRMENT AND INVENTORY WRITEDOWN In the second quarter of 2014, the Company recorded an asset impairment and inventory writedown of $23.2 million and $11.6 million , respectively. The impairment was recorded on machinery, equipment and molds used to produce giant mining tires. Mining products are included in the Company's earthmoving/construction segment. In the second quarter of 2014, several large mining equipment manufacturers significantly decreased their sales forecast for mining equipment. The Company's sales of mining product were deteriorating at an accelerated pace. Therefore, the company tested mining related assets for impairment in the second quarter of 2014. The fair value of the mining equipment was determined using a cost and market approach. The inventory writedown was to adjust the value of mining product inventory to estimated market value. |
ACCOUNTS RECEIVABLE
ACCOUNTS RECEIVABLE | 6 Months Ended |
Jun. 30, 2015 | |
Receivables [Abstract] | |
ACCOUNTS RECEIVABLE | ACCOUNTS RECEIVABLE Accounts receivable consisted of the following (amounts in thousands): June 30, December 31, Accounts receivable $ 228,672 $ 205,084 Allowance for doubtful accounts (3,983 ) (5,706 ) Accounts receivable, net $ 224,689 $ 199,378 Accounts receivable are reduced by an allowance for doubtful accounts which is based on historical losses. |
INVENTORIES
INVENTORIES | 6 Months Ended |
Jun. 30, 2015 | |
Inventory Disclosure [Abstract] | |
Inventory Disclosure [Text Block] | INVENTORIES Inventories consisted of the following (amounts in thousands): June 30, December 31, Raw material $ 93,612 $ 119,989 Work-in-process 39,904 41,073 Finished goods 179,758 179,998 313,274 341,060 Adjustment to LIFO basis (7,187 ) (9,628 ) $ 306,087 $ 331,432 At June 30, 2015 , approximately 9% 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 | 6 Months Ended |
Jun. 30, 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): June 30, December 31, 2014 Land and improvements $ 53,584 $ 60,012 Buildings and improvements 218,628 223,989 Machinery and equipment 582,573 585,318 Tools, dies and molds 99,625 103,353 Construction-in-process 35,868 38,653 990,278 1,011,325 Less accumulated depreciation (506,871 ) (483,911 ) $ 483,407 $ 527,414 Depreciation on fixed assets for the six months ended June 30, 2015 and 2014, totaled $34.0 million and $43.8 million , respectively. Included in the total building and improvements are capital leases of $3.8 million and $4.1 million at June 30, 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 June 30, 2015 , and December 31, 2014, respectively. |
GOODWILL
GOODWILL | 6 Months Ended |
Jun. 30, 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 — — — — 252 642 (70 ) 824 Goodwill, June 30 $ — $ — $ — $ — $ 24,792 $ 15,540 $ 2,567 $ 42,899 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) June 30, December 31, 2014 Amortizable intangible assets: Customer relationships 12.0 14,057 14,958 Patents, trademarks and other 8.5 16,047 15,907 Total at cost 30,104 30,865 Less accumulated amortization (8,779 ) (7,176 ) 21,325 23,689 Amortization related to intangible assets for the six months ended June 30, 2015 and 2014, totaled $1.8 million and $2.3 million , respectively. Intangible assets are included as a component of other assets in the consolidated condensed balance sheet. The estimated aggregate amortization expense at June 30, 2015 , is as follows (amounts in thousands): July 1 - December 31, 2015 $ 1,468 2016 2,443 2017 2,324 2018 2,324 2019 2,324 Thereafter 10,442 $ 21,325 |
WARRANTY
WARRANTY | 6 Months Ended |
Jun. 30, 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 5,558 9,422 Warranty payments made (7,171 ) (9,975 ) Warranty liability, June 30 $ 26,531 $ 32,581 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 | 6 Months Ended |
Jun. 30, 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): June 30, 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 43,140 42,291 Other debt 14,563 17,013 Capital leases 2,477 3,271 520,341 522,736 Less amounts due within one year 25,068 26,233 $ 495,273 $ 496,503 Aggregate maturities of long-term debt at June 30, 2015 , were as follows (amounts in thousands): July 1 - December 31, 2015 $ 17,803 2016 31,271 2017 66,849 2018 1,134 2019 1,066 Thereafter 402,218 $ 520,341 6.875% senior secured notes due 2020 The Company’s 6.875% senior secured notes (senior secured notes due 2020) are due October 2020. These notes are secured by the land and buildings of the following subsidiaries of the Company: Titan Tire Corporation, Titan Tire Corporation of Bryan, Titan Tire Corporation of Freeport and Titan Wheel Corporation of Illinois. The Company's senior secured notes due 2020 outstanding balance was $400.0 million at June 30, 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 June 30, 2015 . Titan Europe credit facilities The Titan Europe credit facilities contain borrowings from various institutions totaling $43.1 million at June 30, 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 June 30, 2015 , the amount available was $97.5 million as a result of the Company's decrease in sales which impacted both accounts receivable and inventory balances. During the first six months of 2015 and at June 30, 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 $14.6 million at June 30, 2015 . |
DERIVATIVE FINANCIAL INSTRUMENT
DERIVATIVE FINANCIAL INSTRUMENTS (Notes) | 6 Months Ended |
Jun. 30, 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 June 30, 2015 , the Company recorded currency exchange loss of $1.4 million related to these derivatives. For the six months ended June 30, 2015 , the Company recorded currency exchange gain of $3.1 million related to these derivatives. |
LEASE COMMITMENTS
LEASE COMMITMENTS | 6 Months Ended |
Jun. 30, 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 June 30, 2015 , future minimum rental commitments under noncancellable operating leases with initial terms of at least one year were as follows (amounts in thousands): July 1 - December 31, 2015 $ 3,925 2016 6,035 2017 3,000 2018 2,259 2019 1,666 Thereafter 1,044 Total future minimum lease payments $ 17,929 At June 30, 2015 , the Company had assets held as capital leases with a net book value of $9.2 million included in property, plant and equipment. Total future capital lease obligations relating to these leases are as follows (amounts in thousands): July 1 - December 31, 2015 $ 771 2016 942 2017 464 2018 177 2019 107 Thereafter 9 Total future capital lease obligation payments 2,470 Less amount representing interest (55 ) Present value of future capital lease obligation payments $ 2,415 |
EMPLOYEE BENEFIT PLANS
EMPLOYEE BENEFIT PLANS | 6 Months Ended |
Jun. 30, 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 $2.2 million to the pension plans during the six months ended June 30, 2015 and expects to contribute approximately $2.6 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 Six months ended June 30, June 30, 2015 2014 2015 2014 Service cost $ 179 $ 193 $ 351 $ 402 Interest cost 1,306 1,426 2,530 2,847 Expected return on assets (1,531 ) (1,501 ) (3,050 ) (3,003 ) Amortization of unrecognized prior service cost 34 34 68 68 Amortization of net unrecognized loss 729 758 1,458 1,516 Net periodic pension cost $ 717 $ 910 $ 1,357 $ 1,830 |
VARIABLE INTEREST ENTITIES (Not
VARIABLE INTEREST ENTITIES (Notes) | 6 Months Ended |
Jun. 30, 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 June 30, 2015 and December 31, 2014 (amounts in thousands): June 30, December 31, 2014 Cash and cash equivalents $ 11,297 $ 8,861 Inventory 10,103 9,645 Other current assets 17,183 18,115 Property, plant and equipment, net 34,229 36,353 Other noncurrent assets 7,490 8,016 Total assets 80,302 80,990 Current liabilities 11,379 11,659 Noncurrent liabilities 3,114 7,448 Total liabilities 14,493 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 | 6 Months Ended |
Jun. 30, 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 $2.9 million and $3.8 million for the quarters ended June 30, 2015 and 2014, respectively. Royalty expenses were $6.1 million and $7.6 million for the six months ended June 30, 2015 and 2014, respectively. |
OTHER INCOME
OTHER INCOME | 6 Months Ended |
Jun. 30, 2015 | |
Other Income and Expenses [Abstract] | |
OTHER INCOME, NET | OTHER INCOME Other income consisted of the following (amounts in thousands): Three months ended Six months ended June 30, June 30, 2015 2014 2015 2014 Currency exchange gain $ 3,647 $ 3,747 $ 9,613 $ 2,050 Interest income 956 288 1,564 640 Wheels India Limited equity income 867 532 860 950 Other income 706 787 1,571 1,250 Discount amortization on prepaid royalty 472 756 1,083 1,530 Building rental income 258 225 498 431 $ 6,906 $ 6,335 $ 15,189 $ 6,851 During the second quarter of 2015, the Company identified a subsidiary investment which was improperly classified as an intercompany liability. As a result of the correction of this item, the Company reclassified currency translation in other comprehensive income to currency exchange gain in other income. The three and six months ended June 30, 2015, included $5.7 million and $3.1 million, respectively, in currency exchange gain related to this correction. Titan concluded that these amounts are immaterial to the consolidated financial statements for the three and six months ended June 30, 2015. |
INCOME TAXES
INCOME TAXES | 6 Months Ended |
Jun. 30, 2015 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | INCOME TAXES The Company recorded income tax expense of $1.5 million and $2.9 million for the three and six months ended June 30, 2015 , respectively, as compared to a benefit from income taxes of $(7.2) million and $(10.5) million for the three and six months ended June 30, 2014 . The Company's effective income tax rate was 47% and 26% for the six months ended June 30, 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. 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 | 6 Months Ended |
Jun. 30, 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 Six months ended June 30, June 30, 2015 2014 2015 2014 (As restated) (As restated) (As restated) (As restated) Net income (loss) attributable to Titan $ 6,771 $ (20,511 ) $ 7,003 $ (18,348 ) Redemption value adjustment 2,580 (659 ) (350 ) (1,677 ) Net income (loss) applicable to common shareholders 9,351 (21,170 ) 6,653 (20,025 ) Effect of convertible notes 609 — — — Net income (loss) applicable to common shareholders and assumed conversions $ 9,960 $ (21,170 ) $ 6,653 $ (20,025 ) Determination of Shares: Weighted average shares outstanding (basic) 53,686 53,486 53,674 53,478 Effect of stock options/trusts 208 — 184 — Effect of convertible notes 5,595 — — — Weighted average shares outstanding (diluted) 59,489 53,486 53,858 53,478 Earnings per share: Basic $ 0.17 $ (0.40 ) $ 0.12 $ (0.37 ) Diluted $ 0.17 $ (0.40 ) $ 0.12 $ (0.37 ) The effect of stock options/trusts has been excluded for the three and six months ended June 30, 2014, as the effect would have been antidilutive. The weighted average share amount excluded was 0.3 million shares. The effect of convertible notes has been excluded for the three months ended June 30, 2014, and the six months ended June 30, 2015 and 2014, as the effect would have been antidilutive. The weighted average share amount excluded for convertible notes totaled 5.8 million shares for the three and six months ended June 30, 2014, and 5.6 million shares for the six months ended June 30, 2015 . |
LITIGATION
LITIGATION | 6 Months Ended |
Jun. 30, 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 | 6 Months Ended |
Jun. 30, 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 and six months ended June 30, 2015 and 2014 (amounts in thousands): Three months ended Six months ended June 30, June 30, 2015 2014 2015 2014 Revenues from external customers Agricultural $ 194,998 $ 285,274 $ 407,999 $ 602,440 Earthmoving/construction 135,658 163,961 278,142 316,901 Consumer 45,411 74,496 91,985 143,330 $ 376,067 $ 523,731 $ 778,126 $ 1,062,671 Gross profit Agricultural $ 34,989 $ 41,338 $ 63,263 $ 86,493 Earthmoving/construction 12,853 (23,559 ) 23,498 (20,018 ) Consumer 3,748 3,810 7,896 7,686 Unallocated corporate (537 ) (816 ) (810 ) (1,411 ) $ 51,053 $ 20,773 $ 93,847 $ 72,750 Income (loss) from operations Agricultural $ 25,652 $ 28,078 $ 44,556 $ 58,619 Earthmoving/construction 124 (38,235 ) (1,738 ) (49,329 ) Consumer (848 ) (1,814 ) (1,092 ) (3,374 ) Unallocated corporate (17,397 ) (17,496 ) (33,386 ) (35,119 ) Income from operations 7,531 (29,467 ) 8,340 (29,203 ) Interest expense (8,642 ) (8,926 ) (17,398 ) (18,185 ) Other income, net 6,906 6,335 15,189 6,851 Income (loss) before income taxes $ 5,795 $ (32,058 ) $ 6,131 $ (40,537 ) Assets by segment were as follows (amounts in thousands): June 30, December 31, Total assets Agricultural $ 500,918 $ 508,741 Earthmoving/construction 557,037 591,553 Consumer 162,922 175,475 Unallocated corporate 199,537 219,955 $ 1,420,414 $ 1,495,724 |
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS | 6 Months Ended |
Jun. 30, 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): June 30, 2015 December 31, 2014 Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Contractual obligation investments $ 10,174 $ 10,174 $ — $ — $ 9,840 $ 9,840 $ — $ — Derivative financial instruments asset 3,689 — 3,689 — 1,068 — 1,068 — Preferred stock 250 — — 250 250 — — 250 Derivative financial instruments liability (20 ) — (20 ) — (43 ) — (43 ) — Total $ 14,093 $ 10,174 $ 3,669 $ 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 June 30, 2015 $ 250 |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 6 Months Ended |
Jun. 30, 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 $0.8 million and $1.5 million for the three and six months ended June 30, 2015 , respectively, as compared to $0.8 million and $1.4 million for the three and six months ended June 30, 2014. Titan had trade receivables due from these companies of approximately $0.3 million at June 30, 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 $0.5 million and $1.1 million for the three and six months ended June 30, 2015 , respectively, as compared to $0.6 million and $1.3 million for the three and six months ended June 30, 2014. Titan had purchases from these companies of approximately $2.1 million for the three and six months ended June 30, 2015 . 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 23 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 June 30, 2015 , and December 31, 2014 , respectively. |
ACCUMULATED OTHER COMPREHENSIVE
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Notes) | 6 Months Ended |
Jun. 30, 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 April 1, 2015 $ (130,210 ) $ (26,050 ) $ (156,260 ) Currency translation adjustments 3,849 — 3,849 Defined benefit pension plan entries: Amortization of unrecognized losses and prior service cost, net of tax of $(706) — 1,488 1,488 Balance at June 30, 2015 $ (126,361 ) $ (24,562 ) $ (150,923 ) Currency Translation Adjustments Unrecognized Losses and Prior Service Cost Total Balance at January 1, 2015 $ (86,571 ) $ (26,059 ) $ (112,630 ) Currency translation adjustments (39,790 ) — (39,790 ) Defined benefit pension plan entries: Amortization of unrecognized losses and prior service cost, net of tax of $(806) — 1,497 1,497 Balance at June 30, 2015 $ (126,361 ) $ (24,562 ) $ (150,923 ) |
SUBSIDIARY GUARANTOR FINANCIAL
SUBSIDIARY GUARANTOR FINANCIAL INFORMATION | 6 Months Ended |
Jun. 30, 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 and marketing expenses recorded by non-guarantor subsidiaries have not been allocated to the guarantor subsidiaries. (Amounts in thousands) Consolidating Condensed Statements of Operations For the Three Months Ended June 30, 2015 Titan Intl., Inc. (Parent) Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Net sales $ — $ 173,334 $ 202,733 $ — $ 376,067 Cost of sales 207 141,328 183,479 — 325,014 Gross profit (loss) (207 ) 32,006 19,254 — 51,053 Selling, general and administrative expenses 2,617 16,757 18,474 — 37,848 Research and development expenses — 805 1,974 — 2,779 Royalty expense — 1,832 1,063 — 2,895 Income (loss) from operations (2,824 ) 12,612 (2,257 ) — 7,531 Interest expense (8,094 ) (1 ) (547 ) — (8,642 ) Intercompany interest income (expense) 248 — (248 ) — — Other income (expense) (393 ) 3 7,296 — 6,906 Income (loss) before income taxes (11,063 ) 12,614 4,244 — 5,795 Provision (benefit) for income taxes (5,787 ) 4,796 2,506 — 1,515 Equity in earnings of subsidiaries 9,556 — 3,535 (13,091 ) — Net income (loss) 4,280 7,818 5,273 (13,091 ) 4,280 Net loss noncontrolling interests — — (2,491 ) — (2,491 ) Net income (loss) attributable to Titan $ 4,280 $ 7,818 $ 7,764 $ (13,091 ) $ 6,771 (Amounts in thousands) Consolidating Condensed Statements of Operations For the Three Months Ended June 30, 2014 Titan Intl., Inc. (Parent) Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Net sales $ — $ 244,664 $ 279,067 $ — $ 523,731 Cost of sales 303 241,915 260,740 — 502,958 Gross profit (loss) (303 ) 2,749 18,327 — 20,773 Selling, general and administrative expenses 2,388 17,611 22,836 — 42,835 Research and development expenses 72 1,214 2,289 — 3,575 Royalty expense — 1,926 1,904 — 3,830 Income (loss) from operations (2,763 ) (18,002 ) (8,702 ) — (29,467 ) Interest expense (8,255 ) — (671 ) — (8,926 ) Intercompany interest income (expense) 1,618 — (1,618 ) — — Other income (expense) 1,192 103 5,040 — 6,335 Income (loss) before income taxes (8,208 ) (17,899 ) (5,951 ) — (32,058 ) Provision (benefit) for income taxes 69 (6,437 ) (799 ) — (7,167 ) Equity in earnings of subsidiaries (16,614 ) — (18,004 ) 34,618 — Net income (loss) (24,891 ) (11,462 ) (23,156 ) 34,618 (24,891 ) Net loss noncontrolling interests — — (4,380 ) — (4,380 ) Net income (loss) attributable to Titan $ (24,891 ) $ (11,462 ) $ (18,776 ) $ 34,618 $ (20,511 ) (Amounts in thousands) Consolidating Condensed Statements of Operations For the Six Months Ended June 30, 2015 Titan Intl., Inc. (Parent) Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Net sales $ — $ 367,307 $ 410,819 $ — $ 778,126 Cost of sales 438 309,279 374,562 — 684,279 Gross profit (loss) (438 ) 58,028 36,257 — 93,847 Selling, general and administrative expenses 5,251 32,136 36,135 — 73,522 Research and development expenses — 1,805 4,060 — 5,865 Royalty expense — 3,756 2,364 — 6,120 Loss from operations (5,689 ) 20,331 (6,302 ) — 8,340 Interest expense (16,209 ) (1 ) (1,188 ) — (17,398 ) Intercompany interest income (expense) 390 — (390 ) — — Other income (expense) 5,004 (376 ) 10,561 — 15,189 Income (loss) before income taxes (16,504 ) 19,954 2,681 — 6,131 Provision (benefit) for income taxes (3,398 ) 7,489 (1,180 ) — 2,911 Equity in earnings of subsidiaries 16,326 — 3,372 (19,698 ) — Net income (loss) 3,220 12,465 7,233 (19,698 ) 3,220 Net loss noncontrolling interests — — (3,783 ) — (3,783 ) Net income (loss) attributable to Titan $ 3,220 $ 12,465 $ 11,016 $ (19,698 ) $ 7,003 (Amounts in thousands) Consolidating Condensed Statements of Operations For the Six Months Ended June 30, 2014 Titan Intl., Inc. (Parent) Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Net sales $ — $ 508,622 $ 554,049 $ — $ 1,062,671 Cost of sales 513 470,154 519,254 — 989,921 Gross profit (loss) (513 ) 38,468 34,795 — 72,750 Selling, general and administrative expenses 4,032 36,601 46,078 — 86,711 Research and development expenses 72 3,367 4,232 — 7,671 Royalty expense — 3,774 3,797 — 7,571 Income (loss) from operations (4,617 ) (5,274 ) (19,312 ) — (29,203 ) Interest expense (16,517 ) — (1,668 ) — (18,185 ) Intercompany interest income (expense) 3,302 — (3,302 ) — — Other income (expense) 1,534 48 5,269 — 6,851 Income (loss) before income taxes (16,298 ) (5,226 ) (19,013 ) — (40,537 ) Provision (benefit) for income taxes (5,971 ) (1,627 ) (2,920 ) — (10,518 ) Equity in earnings of subsidiaries (19,692 ) — (18,881 ) 38,573 — Net income (loss) (30,019 ) (3,599 ) (34,974 ) 38,573 (30,019 ) Net loss noncontrolling interests — — (11,671 ) — (11,671 ) Net income (loss) attributable to Titan $ (30,019 ) $ (3,599 ) $ (23,303 ) $ 38,573 $ (18,348 ) (Amounts in thousands) Consolidating Condensed Statements of Comprehensive Income (Loss) For the Three Months Ended June 30, 2015 Titan Intl., Inc. (Parent) Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Net income (loss) $ 4,280 $ 7,818 $ 5,273 $ (13,091 ) $ 4,280 Currency translation adjustment, net 4,436 — 4,436 (4,436 ) 4,436 Pension liability adjustments, net of tax 1,488 427 1,061 (1,488 ) 1,488 Comprehensive income (loss) 10,204 8,245 10,770 (19,015 ) 10,204 Net comprehensive loss attributable to redeemable and noncontrolling interests — — (1,904 ) — (1,904 ) Comprehensive income (loss) attributable to Titan $ 10,204 $ 8,245 $ 12,674 $ (19,015 ) $ 12,108 (Amounts in thousands) Consolidating Condensed Statements of Comprehensive Income (Loss) For the Three Months Ended June 30, 2014 Titan Intl., Inc. (Parent) Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Net income (loss) $ (24,891 ) $ (11,462 ) $ (23,156 ) $ 34,618 $ (24,891 ) Currency translation adjustment, net 7,826 — 7,826 (7,826 ) 7,826 Pension liability adjustments, net of tax 28 450 (422 ) (28 ) 28 Comprehensive income (loss) (17,037 ) (11,012 ) (15,752 ) 26,764 (17,037 ) Net comprehensive loss attributable to redeemable and noncontrolling interests — — (1,062 ) — (1,062 ) Comprehensive income (loss) attributable to Titan $ (17,037 ) $ (11,012 ) $ (14,690 ) $ 26,764 $ (15,975 ) (Amounts in thousands) Consolidating Condensed Statements of Comprehensive Income (Loss) For the Six Months Ended June 30, 2015 Titan Intl., Inc. (Parent) Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Net income (loss) $ 3,220 $ 12,465 $ 7,233 $ (19,698 ) $ 3,220 Currency translation adjustment, net (40,950 ) — (40,950 ) 40,950 (40,950 ) Pension liability adjustments, net of tax 1,497 854 643 (1,497 ) 1,497 Comprehensive income (loss) (36,233 ) 13,319 (33,074 ) 19,755 (36,233 ) Net comprehensive loss attributable to redeemable and noncontrolling interests — — (4,917 ) — (4,917 ) Comprehensive income (loss) attributable to Titan $ (36,233 ) $ 13,319 $ (28,157 ) $ 19,755 $ (31,316 ) (Amounts in thousands) Consolidating Condensed Statements of Comprehensive Income (Loss) For the Six Months Ended June 30, 2014 Titan Intl., Inc. (Parent) Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Net income (loss) $ (30,019 ) $ (3,599 ) $ (34,974 ) $ 38,573 $ (30,019 ) Currency translation adjustment, net 8,214 — 8,214 (8,214 ) 8,214 Pension liability adjustments, net of tax 745 900 (155 ) (745 ) 745 Comprehensive income (loss) (21,060 ) (2,699 ) (26,915 ) 29,614 (21,060 ) Net comprehensive loss attributable to redeemable and noncontrolling interests — — (13,245 ) — (13,245 ) Comprehensive income (loss) attributable to Titan $ (21,060 ) $ (2,699 ) $ (13,670 ) $ 29,614 $ (7,815 ) (Amounts in thousands) Consolidating Condensed Balance Sheets June 30, 2015 Titan Intl., Inc. (Parent) Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated (As restated) (As restated) (As restated) Assets Cash and cash equivalents $ 128,163 $ 4 $ 59,317 $ — $ 187,484 Accounts receivable, net — 77,191 147,498 — 224,689 Inventories — 96,405 209,682 — 306,087 Prepaid and other current assets 21,516 16,603 50,639 — 88,758 Total current assets 149,679 190,203 467,136 — 807,018 Property, plant and equipment, net 7,408 148,053 327,946 — 483,407 Investment in subsidiaries 789,267 — 114,165 (903,432 ) — Other assets 48,886 1,212 79,891 — 129,989 Total assets $ 995,240 $ 339,468 $ 989,138 $ (903,432 ) $ 1,420,414 Liabilities and Stockholders’ Equity Short-term debt $ — $ — $ 25,068 $ — $ 25,068 Accounts payable 1,559 12,862 121,337 — 135,758 Other current liabilities 29,513 41,812 50,642 — 121,967 Total current liabilities 31,072 54,674 197,047 — 282,793 Long-term debt 460,161 — 35,112 — 495,273 Other long-term liabilities 8,339 18,967 60,548 — 87,854 Intercompany accounts 15,102 (247,824 ) 232,722 — — Redeemable noncontrolling interest — — 70,511 — 70,511 Titan stockholders' equity 480,566 513,651 389,781 (903,432 ) 480,566 Noncontrolling interests — — 3,417 — 3,417 Total liabilities and stockholders’ equity $ 995,240 $ 339,468 $ 989,138 $ (903,432 ) $ 1,420,414 (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 Six Months Ended June 30, 2015 Titan Intl., Inc. (Parent) Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidated Net cash provided by (used for) operating activities $ (478 ) $ 2,769 $ 5,551 $ 7,842 Cash flows from investing activities: Capital expenditures (412 ) (2,799 ) (19,294 ) (22,505 ) Other, net — 30 2,678 2,708 Net cash used for investing activities (412 ) (2,769 ) (16,616 ) (19,797 ) Cash flows from financing activities: Proceeds from borrowings — — 13,239 13,239 Payment on debt — — (8,517 ) (8,517 ) Proceeds from exercise of stock options 144 — — 144 Excess tax benefit from stock-based compensation (538 ) — — (538 ) Dividends paid (538 ) — — (538 ) Net cash provided by (used for) financing activities (932 ) — 4,722 3,790 Effect of exchange rate change on cash — — (5,802 ) (5,802 ) Net decrease in cash and cash equivalents (1,822 ) — (12,145 ) (13,967 ) Cash and cash equivalents, beginning of period 129,985 4 71,462 201,451 Cash and cash equivalents, end of period $ 128,163 $ 4 $ 59,317 $ 187,484 (Amounts in thousands) Consolidating Condensed Statements of Cash Flows For the Six Months Ended June 30, 2014 Titan Intl., Inc. (Parent) Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidated Net cash provided by operating activities $ 11,495 $ 4,430 $ 27,130 $ 43,055 Cash flows from investing activities: Capital expenditures (667 ) (4,770 ) (25,446 ) (30,883 ) Acquisition of additional interest (49 ) — (13,346 ) (13,395 ) Decrease in restricted cash deposits — — 14,268 14,268 Other, net — 341 2,900 3,241 Net cash used for investing activities (716 ) (4,429 ) (21,624 ) (26,769 ) Cash flows from financing activities: Proceeds from borrowings — — 6,217 6,217 Payment on debt — — (53,393 ) (53,393 ) Proceeds from exercise of stock options 141 — — 141 Excess tax benefit from stock-based compensation (45 ) — — (45 ) Payment of financing fees (33 ) — — (33 ) Dividends paid (536 ) — — (536 ) Net cash provided by (used for) financing activities (473 ) — (47,176 ) (47,649 ) Effect of exchange rate change on cash — — 4,957 4,957 Net increase (decrease) in cash and cash equivalents 10,306 1 (36,713 ) (26,406 ) Cash and cash equivalents, beginning of period 81,472 4 107,884 189,360 Cash and cash equivalents, end of period $ 91,778 $ 5 $ 71,171 $ 162,954 |
REDEEMABLE NONCONTROLLING INTER
REDEEMABLE NONCONTROLLING INTEREST (Notes) | 6 Months Ended |
Jun. 30, 2015 | |
Redeemable Noncontrolling Interest [Line Items] | |
Redeemable Noncontrolling Interest Disclosure [Text Block] | REDEEMABLE NONCONTROLLING INTEREST The 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 June 30, 2015 and 2014 (amounts in thousands): 2015 2014 Balance at January 1 $ 71,192 $ 89,155 Purchase of subsidiary shares — (12,193 ) Income (loss) attributable to redeemable noncontrolling interest 37 (8,852 ) Currency translation (1,068 ) (1,420 ) Redemption value adjustment 350 1,677 Balance at June 30 $ 70,511 $ 68,367 This obligation approximates the cost if all remaining shares were purchased by the Company on June 30, 2015, and is presented in the Consolidated Condensed Balance Sheet in redeemable noncontrolling interest, which is treated as mezzanine equity. |
RESTATEMENT (Notes)
RESTATEMENT (Notes) | 6 Months Ended |
Jun. 30, 2015 | |
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |
Accounting Changes and Error Corrections [Text Block] | RESTATEMENT In November 2015, the Company identified errors in the accounting for the shareholders' 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 and six months ended June 30, 2015 and 2014, and its consolidated balance sheet as of June 30, 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 and six months ended June 30, 2015 and 2014: Three months ended Six months ended June 30, June 30, June 30, June 30, 2015 2014 2015 2014 Basic income (loss) per common share - as reported $ 0.13 $ (0.38 ) $ 0.13 (0.34 ) Basic income (loss) per common share - as restated $ 0.17 $ (0.40 ) $ 0.12 $ (0.37 ) Adjustment $ 0.04 $ (0.02 ) $ (0.01 ) $ (0.03 ) Diluted income (loss) per common share - as reported $ 0.12 $ (0.38 ) $ 0.13 (0.34 ) Diluted income (loss) per common share - as restated $ 0.17 $ (0.40 ) $ 0.12 $ (0.37 ) Adjustment $ 0.05 $ (0.02 ) $ (0.01 ) $ (0.03 ) The following table summarizes the restatement adjustments on the Company’s Consolidated Condensed Balance Sheet (unaudited) as of June 30, 2015 (amounts in thousands): Consolidated Balance Sheet June 30, 2015 As reported Adjustment As restated Assets Current Assets Cash and cash equivalents 187,484 — 187,484 Accounts receivable 224,689 — 224,689 Inventories 306,087 — 306,087 Deferred income taxes 13,972 — 13,972 Prepaid and other current assets 74,786 — 74,786 Total current assets 807,018 — 807,018 Property, plant and equipment, net 483,407 — 483,407 Deferred income taxes 18,303 — 18,303 Other assets 111,686 — 111,686 Total assets $ 1,420,414 $ — $ 1,420,414 Liabilities Current Liabilities Short-term debt $ 25,068 $ — $ 25,068 Accounts payable 135,758 — 135,758 Other current liabilities 121,967 — 121,967 Total current liabilities 282,793 — 282,793 Long-term debt 495,273 — 495,273 Deferred income taxes 3,524 — 3,524 Other long-term liabilities 84,330 — 84,330 Total liabilities 865,920 — 865,920 Redeemable noncontrolling interest — 70,511 70,511 Equity Titan stockholders' equity Common stock — — — Additional paid-in capital 563,227 (49,627 ) 513,600 Retained earnings 132,472 — 132,472 Treasury stock (13,508 ) — (13,508 ) Treasury stock reserved for deferred comp (1,075 ) — (1,075 ) Accumulated other comprehensive loss (150,923 ) — (150,923 ) Total Titan stockholders' equity 530,193 (49,627 ) 480,566 Noncontrolling interests 24,301 (20,884 ) 3,417 Total equity 554,494 (70,511 ) 483,983 Total liabilities and equity $ 1,420,414 $ — $ 1,420,414 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) | 6 Months Ended |
Jun. 30, 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 June 30, 2015 , respectively. The fair value of the senior secured notes due 2020 at June 30, 2015 , as obtained through an independent pricing source, was approximately $367.0 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. Reclassifications included changes in classification from selling, general and administrative to cost of sales of $1.8 million and $4.4 million for the three and six months ended June 30, 2014, respectively. |
New Accounting Pronouncements, Policy [Policy Text Block] | Recently Issued Accounting Standards In April 2015, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (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) | 6 Months Ended |
Jun. 30, 2015 | |
Receivables [Abstract] | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | Accounts receivable consisted of the following (amounts in thousands): June 30, December 31, Accounts receivable $ 228,672 $ 205,084 Allowance for doubtful accounts (3,983 ) (5,706 ) Accounts receivable, net $ 224,689 $ 199,378 |
INVENTORIES (Tables)
INVENTORIES (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventory, Current [Table Text Block] | Inventories consisted of the following (amounts in thousands): June 30, December 31, Raw material $ 93,612 $ 119,989 Work-in-process 39,904 41,073 Finished goods 179,758 179,998 313,274 341,060 Adjustment to LIFO basis (7,187 ) (9,628 ) $ 306,087 $ 331,432 |
PROPERTY, PLANT AND EQUIPMENT36
PROPERTY, PLANT AND EQUIPMENT, NET (Tables) | 6 Months Ended |
Jun. 30, 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): June 30, December 31, 2014 Land and improvements $ 53,584 $ 60,012 Buildings and improvements 218,628 223,989 Machinery and equipment 582,573 585,318 Tools, dies and molds 99,625 103,353 Construction-in-process 35,868 38,653 990,278 1,011,325 Less accumulated depreciation (506,871 ) (483,911 ) $ 483,407 $ 527,414 |
GOODWILL AND INTANGIBLE ASSETS
GOODWILL AND INTANGIBLE ASSETS (Tables) | 6 Months Ended |
Jun. 30, 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 — — — — 252 642 (70 ) 824 Goodwill, June 30 $ — $ — $ — $ — $ 24,792 $ 15,540 $ 2,567 $ 42,899 |
Schedule of Intangible Assets and Goodwill [Table Text Block] | The components of intangible assets consisted of the following (amounts in thousands): Weighted- Average Useful Lives (in Years) June 30, December 31, 2014 Amortizable intangible assets: Customer relationships 12.0 14,057 14,958 Patents, trademarks and other 8.5 16,047 15,907 Total at cost 30,104 30,865 Less accumulated amortization (8,779 ) (7,176 ) 21,325 23,689 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | The estimated aggregate amortization expense at June 30, 2015 , is as follows (amounts in thousands): July 1 - December 31, 2015 $ 1,468 2016 2,443 2017 2,324 2018 2,324 2019 2,324 Thereafter 10,442 $ 21,325 |
WARRANTY (Tables)
WARRANTY (Tables) | 6 Months Ended |
Jun. 30, 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 5,558 9,422 Warranty payments made (7,171 ) (9,975 ) Warranty liability, June 30 $ 26,531 $ 32,581 |
REVOLVING CREDIT FACILITY AND39
REVOLVING CREDIT FACILITY AND LONG-TERM DEBT (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Debt Instrument [Line Items] | |
Schedule of Long-term Debt Instruments [Table Text Block] | Long-term debt consisted of the following (amounts in thousands): June 30, December 31, 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 43,140 42,291 Other debt 14,563 17,013 Capital leases 2,477 3,271 520,341 522,736 Less amounts due within one year 25,068 26,233 $ 495,273 $ 496,503 |
Schedule of Maturities of Long-term Debt [Table Text Block] | Aggregate maturities of long-term debt at June 30, 2015 , were as follows (amounts in thousands): July 1 - December 31, 2015 $ 17,803 2016 31,271 2017 66,849 2018 1,134 2019 1,066 Thereafter 402,218 $ 520,341 |
LEASE COMMITMENTS (Tables)
LEASE COMMITMENTS (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
LEASE COMMITMENTS [Abstract] | |
Operating Leases of Lessee Disclosure [Table Text Block] | At June 30, 2015 , future minimum rental commitments under noncancellable operating leases with initial terms of at least one year were as follows (amounts in thousands): July 1 - December 31, 2015 $ 3,925 2016 6,035 2017 3,000 2018 2,259 2019 1,666 Thereafter 1,044 Total future minimum lease payments $ 17,929 |
Schedule of Future Minimum Lease Payments for Capital Leases [Table Text Block] | At June 30, 2015 , the Company had assets held as capital leases with a net book value of $9.2 million included in property, plant and equipment. Total future capital lease obligations relating to these leases are as follows (amounts in thousands): July 1 - December 31, 2015 $ 771 2016 942 2017 464 2018 177 2019 107 Thereafter 9 Total future capital lease obligation payments 2,470 Less amount representing interest (55 ) Present value of future capital lease obligation payments $ 2,415 |
EMPLOYEE BENEFIT PLANS (Tables)
EMPLOYEE BENEFIT PLANS (Tables) | 6 Months Ended |
Jun. 30, 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 Six months ended June 30, June 30, 2015 2014 2015 2014 Service cost $ 179 $ 193 $ 351 $ 402 Interest cost 1,306 1,426 2,530 2,847 Expected return on assets (1,531 ) (1,501 ) (3,050 ) (3,003 ) Amortization of unrecognized prior service cost 34 34 68 68 Amortization of net unrecognized loss 729 758 1,458 1,516 Net periodic pension cost $ 717 $ 910 $ 1,357 $ 1,830 |
VARIABLE INTEREST ENTITIES (Tab
VARIABLE INTEREST ENTITIES (Tables) | 6 Months Ended |
Jun. 30, 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 June 30, 2015 and December 31, 2014 (amounts in thousands): June 30, December 31, 2014 Cash and cash equivalents $ 11,297 $ 8,861 Inventory 10,103 9,645 Other current assets 17,183 18,115 Property, plant and equipment, net 34,229 36,353 Other noncurrent assets 7,490 8,016 Total assets 80,302 80,990 Current liabilities 11,379 11,659 Noncurrent liabilities 3,114 7,448 Total liabilities 14,493 19,107 |
OTHER INCOME (Tables)
OTHER INCOME (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
OTHER INCOME, NET [Abstract] | |
Interest and Other Income [Table Text Block] | Other income consisted of the following (amounts in thousands): Three months ended Six months ended June 30, June 30, 2015 2014 2015 2014 Currency exchange gain $ 3,647 $ 3,747 $ 9,613 $ 2,050 Interest income 956 288 1,564 640 Wheels India Limited equity income 867 532 860 950 Other income 706 787 1,571 1,250 Discount amortization on prepaid royalty 472 756 1,083 1,530 Building rental income 258 225 498 431 $ 6,906 $ 6,335 $ 15,189 $ 6,851 |
EARNINGS PER SHARE (Tables)
EARNINGS PER SHARE (Tables) | 6 Months Ended |
Jun. 30, 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): |
SEGMENT INFORMATION (Tables)
SEGMENT INFORMATION (Tables) | 6 Months Ended |
Jun. 30, 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 and six months ended June 30, 2015 and 2014 (amounts in thousands): Three months ended Six months ended June 30, June 30, 2015 2014 2015 2014 Revenues from external customers Agricultural $ 194,998 $ 285,274 $ 407,999 $ 602,440 Earthmoving/construction 135,658 163,961 278,142 316,901 Consumer 45,411 74,496 91,985 143,330 $ 376,067 $ 523,731 $ 778,126 $ 1,062,671 Gross profit Agricultural $ 34,989 $ 41,338 $ 63,263 $ 86,493 Earthmoving/construction 12,853 (23,559 ) 23,498 (20,018 ) Consumer 3,748 3,810 7,896 7,686 Unallocated corporate (537 ) (816 ) (810 ) (1,411 ) $ 51,053 $ 20,773 $ 93,847 $ 72,750 Income (loss) from operations Agricultural $ 25,652 $ 28,078 $ 44,556 $ 58,619 Earthmoving/construction 124 (38,235 ) (1,738 ) (49,329 ) Consumer (848 ) (1,814 ) (1,092 ) (3,374 ) Unallocated corporate (17,397 ) (17,496 ) (33,386 ) (35,119 ) Income from operations 7,531 (29,467 ) 8,340 (29,203 ) Interest expense (8,642 ) (8,926 ) (17,398 ) (18,185 ) Other income, net 6,906 6,335 15,189 6,851 Income (loss) before income taxes $ 5,795 $ (32,058 ) $ 6,131 $ (40,537 ) Assets by segment were as follows (amounts in thousands): June 30, December 31, Total assets Agricultural $ 500,918 $ 508,741 Earthmoving/construction 557,037 591,553 Consumer 162,922 175,475 Unallocated corporate 199,537 219,955 $ 1,420,414 $ 1,495,724 |
FAIR VALUE MEASUREMENTS (Tables
FAIR VALUE MEASUREMENTS (Tables) | 6 Months Ended |
Jun. 30, 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): June 30, 2015 December 31, 2014 Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Contractual obligation investments $ 10,174 $ 10,174 $ — $ — $ 9,840 $ 9,840 $ — $ — Derivative financial instruments asset 3,689 — 3,689 — 1,068 — 1,068 — Preferred stock 250 — — 250 250 — — 250 Derivative financial instruments liability (20 ) — (20 ) — (43 ) — (43 ) — Total $ 14,093 $ 10,174 $ 3,669 $ 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 June 30, 2015 $ 250 |
ACCUMULATED OTHER COMPREHENSI47
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Tables) | 6 Months Ended |
Jun. 30, 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 April 1, 2015 $ (130,210 ) $ (26,050 ) $ (156,260 ) Currency translation adjustments 3,849 — 3,849 Defined benefit pension plan entries: Amortization of unrecognized losses and prior service cost, net of tax of $(706) — 1,488 1,488 Balance at June 30, 2015 $ (126,361 ) $ (24,562 ) $ (150,923 ) Currency Translation Adjustments Unrecognized Losses and Prior Service Cost Total Balance at January 1, 2015 $ (86,571 ) $ (26,059 ) $ (112,630 ) Currency translation adjustments (39,790 ) — (39,790 ) Defined benefit pension plan entries: Amortization of unrecognized losses and prior service cost, net of tax of $(806) — 1,497 1,497 Balance at June 30, 2015 $ (126,361 ) $ (24,562 ) $ (150,923 ) |
SUBSIDIARY GUARANTOR FINANCIA48
SUBSIDIARY GUARANTOR FINANCIAL INFORMATION (Tables) | 6 Months Ended |
Jun. 30, 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 June 30, 2015 Titan Intl., Inc. (Parent) Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Net sales $ — $ 173,334 $ 202,733 $ — $ 376,067 Cost of sales 207 141,328 183,479 — 325,014 Gross profit (loss) (207 ) 32,006 19,254 — 51,053 Selling, general and administrative expenses 2,617 16,757 18,474 — 37,848 Research and development expenses — 805 1,974 — 2,779 Royalty expense — 1,832 1,063 — 2,895 Income (loss) from operations (2,824 ) 12,612 (2,257 ) — 7,531 Interest expense (8,094 ) (1 ) (547 ) — (8,642 ) Intercompany interest income (expense) 248 — (248 ) — — Other income (expense) (393 ) 3 7,296 — 6,906 Income (loss) before income taxes (11,063 ) 12,614 4,244 — 5,795 Provision (benefit) for income taxes (5,787 ) 4,796 2,506 — 1,515 Equity in earnings of subsidiaries 9,556 — 3,535 (13,091 ) — Net income (loss) 4,280 7,818 5,273 (13,091 ) 4,280 Net loss noncontrolling interests — — (2,491 ) — (2,491 ) Net income (loss) attributable to Titan $ 4,280 $ 7,818 $ 7,764 $ (13,091 ) $ 6,771 (Amounts in thousands) Consolidating Condensed Statements of Operations For the Three Months Ended June 30, 2014 Titan Intl., Inc. (Parent) Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Net sales $ — $ 244,664 $ 279,067 $ — $ 523,731 Cost of sales 303 241,915 260,740 — 502,958 Gross profit (loss) (303 ) 2,749 18,327 — 20,773 Selling, general and administrative expenses 2,388 17,611 22,836 — 42,835 Research and development expenses 72 1,214 2,289 — 3,575 Royalty expense — 1,926 1,904 — 3,830 Income (loss) from operations (2,763 ) (18,002 ) (8,702 ) — (29,467 ) Interest expense (8,255 ) — (671 ) — (8,926 ) Intercompany interest income (expense) 1,618 — (1,618 ) — — Other income (expense) 1,192 103 5,040 — 6,335 Income (loss) before income taxes (8,208 ) (17,899 ) (5,951 ) — (32,058 ) Provision (benefit) for income taxes 69 (6,437 ) (799 ) — (7,167 ) Equity in earnings of subsidiaries (16,614 ) — (18,004 ) 34,618 — Net income (loss) (24,891 ) (11,462 ) (23,156 ) 34,618 (24,891 ) Net loss noncontrolling interests — — (4,380 ) — (4,380 ) Net income (loss) attributable to Titan $ (24,891 ) $ (11,462 ) $ (18,776 ) $ 34,618 $ (20,511 ) (Amounts in thousands) Consolidating Condensed Statements of Operations For the Six Months Ended June 30, 2015 Titan Intl., Inc. (Parent) Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Net sales $ — $ 367,307 $ 410,819 $ — $ 778,126 Cost of sales 438 309,279 374,562 — 684,279 Gross profit (loss) (438 ) 58,028 36,257 — 93,847 Selling, general and administrative expenses 5,251 32,136 36,135 — 73,522 Research and development expenses — 1,805 4,060 — 5,865 Royalty expense — 3,756 2,364 — 6,120 Loss from operations (5,689 ) 20,331 (6,302 ) — 8,340 Interest expense (16,209 ) (1 ) (1,188 ) — (17,398 ) Intercompany interest income (expense) 390 — (390 ) — — Other income (expense) 5,004 (376 ) 10,561 — 15,189 Income (loss) before income taxes (16,504 ) 19,954 2,681 — 6,131 Provision (benefit) for income taxes (3,398 ) 7,489 (1,180 ) — 2,911 Equity in earnings of subsidiaries 16,326 — 3,372 (19,698 ) — Net income (loss) 3,220 12,465 7,233 (19,698 ) 3,220 Net loss noncontrolling interests — — (3,783 ) — (3,783 ) Net income (loss) attributable to Titan $ 3,220 $ 12,465 $ 11,016 $ (19,698 ) $ 7,003 (Amounts in thousands) Consolidating Condensed Statements of Operations For the Six Months Ended June 30, 2014 Titan Intl., Inc. (Parent) Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Net sales $ — $ 508,622 $ 554,049 $ — $ 1,062,671 Cost of sales 513 470,154 519,254 — 989,921 Gross profit (loss) (513 ) 38,468 34,795 — 72,750 Selling, general and administrative expenses 4,032 36,601 46,078 — 86,711 Research and development expenses 72 3,367 4,232 — 7,671 Royalty expense — 3,774 3,797 — 7,571 Income (loss) from operations (4,617 ) (5,274 ) (19,312 ) — (29,203 ) Interest expense (16,517 ) — (1,668 ) — (18,185 ) Intercompany interest income (expense) 3,302 — (3,302 ) — — Other income (expense) 1,534 48 5,269 — 6,851 Income (loss) before income taxes (16,298 ) (5,226 ) (19,013 ) — (40,537 ) Provision (benefit) for income taxes (5,971 ) (1,627 ) (2,920 ) — (10,518 ) Equity in earnings of subsidiaries (19,692 ) — (18,881 ) 38,573 — Net income (loss) (30,019 ) (3,599 ) (34,974 ) 38,573 (30,019 ) Net loss noncontrolling interests — — (11,671 ) — (11,671 ) Net income (loss) attributable to Titan $ (30,019 ) $ (3,599 ) $ (23,303 ) $ 38,573 $ (18,348 ) |
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 June 30, 2015 Titan Intl., Inc. (Parent) Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Net income (loss) $ 4,280 $ 7,818 $ 5,273 $ (13,091 ) $ 4,280 Currency translation adjustment, net 4,436 — 4,436 (4,436 ) 4,436 Pension liability adjustments, net of tax 1,488 427 1,061 (1,488 ) 1,488 Comprehensive income (loss) 10,204 8,245 10,770 (19,015 ) 10,204 Net comprehensive loss attributable to redeemable and noncontrolling interests — — (1,904 ) — (1,904 ) Comprehensive income (loss) attributable to Titan $ 10,204 $ 8,245 $ 12,674 $ (19,015 ) $ 12,108 (Amounts in thousands) Consolidating Condensed Statements of Comprehensive Income (Loss) For the Three Months Ended June 30, 2014 Titan Intl., Inc. (Parent) Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Net income (loss) $ (24,891 ) $ (11,462 ) $ (23,156 ) $ 34,618 $ (24,891 ) Currency translation adjustment, net 7,826 — 7,826 (7,826 ) 7,826 Pension liability adjustments, net of tax 28 450 (422 ) (28 ) 28 Comprehensive income (loss) (17,037 ) (11,012 ) (15,752 ) 26,764 (17,037 ) Net comprehensive loss attributable to redeemable and noncontrolling interests — — (1,062 ) — (1,062 ) Comprehensive income (loss) attributable to Titan $ (17,037 ) $ (11,012 ) $ (14,690 ) $ 26,764 $ (15,975 ) (Amounts in thousands) Consolidating Condensed Statements of Comprehensive Income (Loss) For the Six Months Ended June 30, 2015 Titan Intl., Inc. (Parent) Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Net income (loss) $ 3,220 $ 12,465 $ 7,233 $ (19,698 ) $ 3,220 Currency translation adjustment, net (40,950 ) — (40,950 ) 40,950 (40,950 ) Pension liability adjustments, net of tax 1,497 854 643 (1,497 ) 1,497 Comprehensive income (loss) (36,233 ) 13,319 (33,074 ) 19,755 (36,233 ) Net comprehensive loss attributable to redeemable and noncontrolling interests — — (4,917 ) — (4,917 ) Comprehensive income (loss) attributable to Titan $ (36,233 ) $ 13,319 $ (28,157 ) $ 19,755 $ (31,316 ) (Amounts in thousands) Consolidating Condensed Statements of Comprehensive Income (Loss) For the Six Months Ended June 30, 2014 Titan Intl., Inc. (Parent) Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Net income (loss) $ (30,019 ) $ (3,599 ) $ (34,974 ) $ 38,573 $ (30,019 ) Currency translation adjustment, net 8,214 — 8,214 (8,214 ) 8,214 Pension liability adjustments, net of tax 745 900 (155 ) (745 ) 745 Comprehensive income (loss) (21,060 ) (2,699 ) (26,915 ) 29,614 (21,060 ) Net comprehensive loss attributable to redeemable and noncontrolling interests — — (13,245 ) — (13,245 ) Comprehensive income (loss) attributable to Titan $ (21,060 ) $ (2,699 ) $ (13,670 ) $ 29,614 $ (7,815 ) |
Condensed Financial Information, Condensed Balance Sheet [Table Text Block] | (Amounts in thousands) Consolidating Condensed Balance Sheets June 30, 2015 Titan Intl., Inc. (Parent) Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated (As restated) (As restated) (As restated) Assets Cash and cash equivalents $ 128,163 $ 4 $ 59,317 $ — $ 187,484 Accounts receivable, net — 77,191 147,498 — 224,689 Inventories — 96,405 209,682 — 306,087 Prepaid and other current assets 21,516 16,603 50,639 — 88,758 Total current assets 149,679 190,203 467,136 — 807,018 Property, plant and equipment, net 7,408 148,053 327,946 — 483,407 Investment in subsidiaries 789,267 — 114,165 (903,432 ) — Other assets 48,886 1,212 79,891 — 129,989 Total assets $ 995,240 $ 339,468 $ 989,138 $ (903,432 ) $ 1,420,414 Liabilities and Stockholders’ Equity Short-term debt $ — $ — $ 25,068 $ — $ 25,068 Accounts payable 1,559 12,862 121,337 — 135,758 Other current liabilities 29,513 41,812 50,642 — 121,967 Total current liabilities 31,072 54,674 197,047 — 282,793 Long-term debt 460,161 — 35,112 — 495,273 Other long-term liabilities 8,339 18,967 60,548 — 87,854 Intercompany accounts 15,102 (247,824 ) 232,722 — — Redeemable noncontrolling interest — — 70,511 — 70,511 Titan stockholders' equity 480,566 513,651 389,781 (903,432 ) 480,566 Noncontrolling interests — — 3,417 — 3,417 Total liabilities and stockholders’ equity $ 995,240 $ 339,468 $ 989,138 $ (903,432 ) $ 1,420,414 (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 Six Months Ended June 30, 2015 Titan Intl., Inc. (Parent) Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidated Net cash provided by (used for) operating activities $ (478 ) $ 2,769 $ 5,551 $ 7,842 Cash flows from investing activities: Capital expenditures (412 ) (2,799 ) (19,294 ) (22,505 ) Other, net — 30 2,678 2,708 Net cash used for investing activities (412 ) (2,769 ) (16,616 ) (19,797 ) Cash flows from financing activities: Proceeds from borrowings — — 13,239 13,239 Payment on debt — — (8,517 ) (8,517 ) Proceeds from exercise of stock options 144 — — 144 Excess tax benefit from stock-based compensation (538 ) — — (538 ) Dividends paid (538 ) — — (538 ) Net cash provided by (used for) financing activities (932 ) — 4,722 3,790 Effect of exchange rate change on cash — — (5,802 ) (5,802 ) Net decrease in cash and cash equivalents (1,822 ) — (12,145 ) (13,967 ) Cash and cash equivalents, beginning of period 129,985 4 71,462 201,451 Cash and cash equivalents, end of period $ 128,163 $ 4 $ 59,317 $ 187,484 (Amounts in thousands) Consolidating Condensed Statements of Cash Flows For the Six Months Ended June 30, 2014 Titan Intl., Inc. (Parent) Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidated Net cash provided by operating activities $ 11,495 $ 4,430 $ 27,130 $ 43,055 Cash flows from investing activities: Capital expenditures (667 ) (4,770 ) (25,446 ) (30,883 ) Acquisition of additional interest (49 ) — (13,346 ) (13,395 ) Decrease in restricted cash deposits — — 14,268 14,268 Other, net — 341 2,900 3,241 Net cash used for investing activities (716 ) (4,429 ) (21,624 ) (26,769 ) Cash flows from financing activities: Proceeds from borrowings — — 6,217 6,217 Payment on debt — — (53,393 ) (53,393 ) Proceeds from exercise of stock options 141 — — 141 Excess tax benefit from stock-based compensation (45 ) — — (45 ) Payment of financing fees (33 ) — — (33 ) Dividends paid (536 ) — — (536 ) Net cash provided by (used for) financing activities (473 ) — (47,176 ) (47,649 ) Effect of exchange rate change on cash — — 4,957 4,957 Net increase (decrease) in cash and cash equivalents 10,306 1 (36,713 ) (26,406 ) Cash and cash equivalents, beginning of period 81,472 4 107,884 189,360 Cash and cash equivalents, end of period $ 91,778 $ 5 $ 71,171 $ 162,954 |
ACCOUNTING POLICIES (Details)
ACCOUNTING POLICIES (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 | |
Organization And Accounting Policies [Line Items] | |||||
Senior Notes | $ 400,000 | $ 400,000 | |||
Convertible Debt | 60,200 | 60,200 | |||
Debt Instrument, Fair Value Disclosure | $ 367,000 | $ 367,000 | |||
Common Stock, Dividends, Per Share, Declared | $ 0.005 | $ 0.005 | $ 0.010 | $ 0.010 | |
Senior Secured Notes 6.875 Percent [Member] | |||||
Organization And Accounting Policies [Line Items] | |||||
Debt Instrument, Interest Rate, Stated Percentage | 6.875% | 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% | 5.625% | |||
Convertible Debt | $ 60,161 | $ 60,161 | $ 60,161 |
MINING ASSET IMPAIRMENT AND I50
MINING ASSET IMPAIRMENT AND INVENTORY WRITEDOWN (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
MINING ASSET IMPAIRMENT AND INVENTORY WRITEDOWN [Abstract] | ||
Mining asset impairment | $ 0 | $ 23,242 |
Mining inventory writedown | $ 0 | $ 11,555 |
ACQUISITIONS (Details)
ACQUISITIONS (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |
Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Business Combination, Recognized Identifiable and Liabilities Assumed [Abstract] | |||
Payments to Acquire Businesses, Gross | $ 13,395 | $ 0 | $ 13,395 |
ACCOUNTS RECEIVABLE (Details)
ACCOUNTS RECEIVABLE (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Receivables [Abstract] | ||
Accounts receivable | $ 228,672 | $ 205,084 |
Allowance for doubtful accounts | (3,983) | (5,706) |
Accounts receivable, net | $ 224,689 | $ 199,378 |
INVENTORIES (Details)
INVENTORIES (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Inventory Disclosure [Abstract] | ||
Raw material | $ 93,612 | $ 119,989 |
Work-in-process | 39,904 | 41,073 |
Finished goods | 179,758 | 179,998 |
Inventory, Gross | 313,274 | 341,060 |
Adjustment to LIFO basis | (7,187) | (9,628) |
Inventory, Net | $ 306,087 | $ 331,432 |
Percentage of LIFO Inventory | 9.00% | 11.00% |
PROPERTY, PLANT AND EQUIPMENT54
PROPERTY, PLANT AND EQUIPMENT, NET (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 | |
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Gross | $ 990,278 | $ 1,011,325 | |
Less accumulated depreciation | (506,871) | (483,911) | |
Property, Plant and Equipment, Net | 483,407 | 527,414 | |
Depreciation | 34,000 | $ 43,800 | |
Capital Leased Assets, Gross | 9,200 | ||
Land and Land Improvements [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Gross | 53,584 | 60,012 | |
Building and Building Improvements [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Gross | 218,628 | 223,989 | |
Capital Leased Assets, Gross | 3,800 | 4,100 | |
Machinery and Equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Gross | 582,573 | 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 | 99,625 | 103,353 | |
Construction in Progress [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Gross | $ 35,868 | $ 38,653 |
GOODWILL AND INTANGIBLE ASSET55
GOODWILL AND INTANGIBLE ASSETS (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 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 | 824 | |||
Goodwill at end of period | $ 0 | $ 42,899 | 0 | 42,899 | 0 |
Intangible Assets, Net (Excluding Goodwill) [Abstract] | |||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 12 years | ||||
Finite-Lived Customer Relationships, Gross | $ 14,057 | 14,057 | 14,958 | ||
Finite-Lived Intangible Asset, Useful Life | 8 years 6 months | ||||
Finite-Lived Trademarks, Gross | $ 16,047 | 16,047 | 15,907 | ||
Finite-Lived Intangible Assets, Gross | 30,104 | 30,104 | 30,865 | ||
Finite-Lived Intangible Assets, Accumulated Amortization | (8,779) | (8,779) | (7,176) | ||
Intangible Assets, Net (Excluding Goodwill) | 21,325 | 21,325 | 23,689 | ||
Amortization of Intangible Assets | 1,800 | 2,300 | |||
Finite-Lived Intangible Assets, Amortization Expense, Maturity Schedule [Abstract] | |||||
July 1 - December 31, 2015 | 1,468 | 1,468 | |||
2,016 | 2,443 | 2,443 | |||
2,017 | 2,324 | 2,324 | |||
2,018 | 2,324 | 2,324 | |||
2,019 | 2,324 | 2,324 | |||
Thereafter | 10,442 | 10,442 | |||
Intangible Assets, Net (Excluding Goodwill) | 21,325 | 21,325 | 23,689 | ||
Agricultural [Member] | |||||
Goodwill [Roll Forward] | |||||
Goodwill at beginning of period | 0 | 24,540 | 24,540 | ||
Foreign currency translation | 0 | 252 | |||
Goodwill at end of period | 0 | 24,792 | 0 | 24,792 | 0 |
Earthmoving/construction [Member] | |||||
Goodwill [Roll Forward] | |||||
Goodwill at beginning of period | 0 | 14,898 | 14,898 | ||
Foreign currency translation | 0 | 642 | |||
Goodwill at end of period | 0 | 15,540 | 0 | 15,540 | 0 |
Consumer [Member] | |||||
Goodwill [Roll Forward] | |||||
Goodwill at beginning of period | 0 | 2,637 | 2,637 | ||
Foreign currency translation | 0 | (70) | |||
Goodwill at end of period | $ 0 | $ 2,567 | $ 0 | $ 2,567 | 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 | 6 Months Ended | |
Jun. 30, 2015 | Jun. 30, 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 | 5,558 | 9,422 |
Warranty payments made | (7,171) | (9,975) |
Warranty liability at June 30 | $ 26,531 | $ 32,581 |
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 AND57
REVOLVING CREDIT FACILITY AND LONG-TERM DEBT (Details) - USD ($) | 3 Months Ended | |
Jun. 30, 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 | 2,477,000 | $ 3,271,000 |
Total Long-term debt | 520,341,000 | 522,736,000 |
Short-term debt | 25,068,000 | 26,233,000 |
Long-term debt | 495,273,000 | 496,503,000 |
Maturities of Long-term Debt [Abstract] | ||
July 1 - December 31, 2015 | 17,803,000 | |
2,016 | 31,271,000 | |
2,017 | 66,849,000 | |
2,018 | 1,134,000 | |
2,019 | 1,066,000 | |
Thereafter | $ 402,218,000 | |
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 | |
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 | $ 43,140,000 | 42,291,000 |
Other Debt Obligations [Member] | ||
Debt Instruments [Abstract] | ||
Other debt | 14,563,000 | $ 17,013,000 |
Titan Brazil [Member] | ||
Debt Instruments [Abstract] | ||
Short-term debt | 14,600,000 | |
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 | $ 97,500,000 |
DERIVATIVE FINANCIAL INSTRUME58
DERIVATIVE FINANCIAL INSTRUMENTS (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended |
Jun. 30, 2015 | Jun. 30, 2015 | |
DERIVATIVE FINANCIAL INSTRUMENTS [Abstract] | ||
Derivative, Gain (Loss) on Derivative, Net | $ (1.4) | $ 3.1 |
LEASE COMMITMENTS (Details)
LEASE COMMITMENTS (Details) $ in Thousands | Jun. 30, 2015USD ($) |
Operating Leases, Future Minimum Payments Due [Abstract] | |
July 1 - December 31, 2015 | $ 3,925 |
2,016 | 6,035 |
2,017 | 3,000 |
2,018 | 2,259 |
2,019 | 1,666 |
Thereafter | 1,044 |
Total future minimum lease payments | 17,929 |
Capital Leased Assets, Gross | 9,200 |
Capital Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | |
July 1 - December 31, 2015 | 771 |
2,016 | 942 |
2,017 | 464 |
2,018 | 177 |
2,019 | 107 |
Thereafter | 9 |
Total future capital lease obligation payments | 2,470 |
Less amount representing interest | (55) |
Present value of future capital lease obligation payments | $ 2,415 |
EMPLOYEE BENEFIT PLANS (Details
EMPLOYEE BENEFIT PLANS (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2015 | Jun. 30, 2014 | |
EMPLOYEE BENEFIT PLANS [Abstract] | |||||
Defined Benefit Plan, Contributions by Employer | $ 2,200 | ||||
Defined Benefit Plan, Estimated Future Employer Contributions in Current Fiscal Year | $ 2,600 | ||||
Defined Benefit Plan, Service Cost | 179 | $ 193 | $ 351 | $ 402 | |
Defined Benefit Plan, Interest Cost | 1,306 | 1,426 | 2,530 | 2,847 | |
Defined Benefit Plan, Expected Return on Plan Assets | (1,531) | (1,501) | (3,050) | (3,003) | |
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 | 68 | 68 | |
Defined Benefit Plan, Amortization of Gains (Losses) | 729 | 758 | 1,458 | 1,516 | |
Defined Benefit Plan, Net Periodic Benefit Cost | $ 717 | $ 910 | $ 1,357 | $ 1,830 |
VARIABLE INTEREST ENTITIES (Det
VARIABLE INTEREST ENTITIES (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Dec. 31, 2012 |
Variable Interest Entity [Line Items] | ||||||
Cash and Cash Equivalents, at Carrying Value | $ 187,484 | $ 201,451 | $ 162,954 | $ 189,360 | $ 162,954 | $ 189,360 |
Inventory, Net | 306,087 | 331,432 | ||||
Property, Plant and Equipment, Net | 483,407 | 527,414 | ||||
Other Assets, Noncurrent | 111,686 | 116,757 | ||||
Assets | 1,420,414 | 1,495,724 | ||||
Liabilities, Current | 282,793 | 301,556 | ||||
Liabilities | 865,920 | 905,666 | ||||
Variable Interest Entity, Primary Beneficiary [Member] | ||||||
Variable Interest Entity [Line Items] | ||||||
Cash and Cash Equivalents, at Carrying Value | 11,297 | 8,861 | ||||
Inventory, Net | 10,103 | 9,645 | ||||
Other Assets, Current | 17,183 | 18,115 | ||||
Property, Plant and Equipment, Net | 34,229 | 36,353 | ||||
Other Assets, Noncurrent | 7,490 | 8,016 | ||||
Assets | 80,302 | 80,990 | ||||
Liabilities, Current | 11,379 | 11,659 | ||||
Liabilities, Noncurrent | 3,114 | 7,448 | ||||
Liabilities | $ 14,493 | $ 19,107 |
ROYALTY EXPENSE (Details)
ROYALTY EXPENSE (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Royalty Expense [Abstract] | ||||
Royalty Expense | $ 2,895 | $ 3,830 | $ 6,120 | $ 7,571 |
OTHER INCOME (Details)
OTHER INCOME (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Foreign Currency Transaction Gain (Loss), before Tax | $ 3,647 | $ 3,747 | $ 9,613 | $ 2,050 |
Interest income | 956 | 288 | 1,564 | 640 |
Income (Loss) from Equity Method Investments | 0 | 0 | 0 | 0 |
Other income (expense) | 706 | 787 | 1,571 | 1,250 |
Amortization of Prepaid Royalty Discount | 472 | 756 | 1,083 | 1,530 |
Building rental income | 258 | 225 | 498 | 431 |
Nonoperating Income (Expense) | $ 6,906 | 6,335 | $ 15,189 | 6,851 |
Equity Method Investment, Ownership Percentage | 26.09% | 26.09% | ||
Wheels India [Member] | ||||
Income (Loss) from Equity Method Investments | $ 867 | $ 532 | $ 860 | $ 950 |
Equity Method Investment, Ownership Percentage | 34.23% | 34.23% |
GAIN ON EARTHQUAKE INSURANCE RE
GAIN ON EARTHQUAKE INSURANCE RECOVERY (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
GAIN ON EARTHQUAKE INSURANCE RECOVERY [Abstract] | ||||
Gain on earthquake insurance recovery | $ 0 | $ 0 | $ 0 | $ 0 |
INCOME TAXES (Details)
INCOME TAXES (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
INCOME TAXES [Abstract] | ||||
Income Tax Expense (Benefit) | $ 1,515 | $ (7,167) | $ 2,911 | $ (10,518) |
Effective Income Tax Rate, Continuing Operations | 47.48002% | 25.94667% |
EARNINGS PER SHARE (Details)
EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Net income attributable to Titan | $ 6,771 | $ (20,511) | $ 7,003 | $ (18,348) |
Weighted Average Number of Shares Outstanding, Basic | 53,686 | 53,486 | 53,674 | 53,478 |
Weighted Average Number Diluted Shares Outstanding Adjustment | 208 | 0 | 184 | 0 |
Dilutive Securities, Effect on Basic Earnings Per Share | $ 609 | $ 0 | $ 0 | $ 0 |
Incremental Common Shares Attributable to Conversion of Debt Securities | 5,595 | 0 | 0 | 0 |
Weighted-average shares | 59,489 | 53,486 | 53,858 | 53,478 |
Earnings Per Share, Basic | $ 0.17 | $ (0.40) | $ 0.12 | $ (0.37) |
Earnings Per Share, Diluted | $ 0.17 | $ (0.40) | $ 0.12 | $ (0.37) |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 300 | |||
Noncontrolling Interest, Change in Redemption Value | $ 2,580 | $ (659) | $ (350) | $ (1,677) |
Net Income (Loss) Available to Common Stockholders, Basic | 9,351 | (21,170) | 6,653 | (20,025) |
Net Income (Loss) Available to Common Stockholders, Diluted | $ 9,960 | $ (21,170) | $ 6,653 | $ (20,025) |
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 | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Segment Reporting Information [Line Items] | ||||
Net sales | $ 376,067 | $ 523,731 | $ 778,126 | $ 1,062,671 |
Gross profit (loss) | 51,053 | 20,773 | 93,847 | 72,750 |
Income (loss) from operations | 7,531 | (29,467) | 8,340 | (29,203) |
Interest expense | (8,642) | (8,926) | (17,398) | (18,185) |
Gain on earthquake insurance recovery | 0 | 0 | 0 | 0 |
Other income, net | 6,906 | 6,335 | 15,189 | 6,851 |
Income (loss) before income taxes | 5,795 | (32,058) | 6,131 | (40,537) |
Agricultural [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 194,998 | 285,274 | 407,999 | 602,440 |
Gross profit (loss) | 34,989 | 41,338 | 63,263 | 86,493 |
Income (loss) from operations | 25,652 | 28,078 | 44,556 | 58,619 |
Earthmoving/construction [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 135,658 | 163,961 | 278,142 | 316,901 |
Gross profit (loss) | 12,853 | (23,559) | 23,498 | (20,018) |
Income (loss) from operations | 124 | (38,235) | (1,738) | (49,329) |
Consumer [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 45,411 | 74,496 | 91,985 | 143,330 |
Gross profit (loss) | 3,748 | 3,810 | 7,896 | 7,686 |
Income (loss) from operations | (848) | (1,814) | (1,092) | (3,374) |
Unallocated Amount to Segment [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Gross profit (loss) | (537) | (816) | (810) | (1,411) |
Income (loss) from operations | $ (17,397) | $ (17,496) | $ (33,386) | $ (35,119) |
SEGMENT INFORMATION ASSETS (det
SEGMENT INFORMATION ASSETS (details) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Segment Reporting Information [Line Items] | ||
Assets | $ 1,420,414 | $ 1,495,724 |
Agricultural [Member] | ||
Segment Reporting Information [Line Items] | ||
Assets | 500,918 | 508,741 |
Earthmoving/construction [Member] | ||
Segment Reporting Information [Line Items] | ||
Assets | 557,037 | 591,553 |
Consumer [Member] | ||
Segment Reporting Information [Line Items] | ||
Assets | 162,922 | 175,475 |
Unallocated Amount to Segment [Member] | ||
Segment Reporting Information [Line Items] | ||
Assets | $ 199,537 | $ 219,955 |
FAIR VALUE MEASUREMENTS (Detail
FAIR VALUE MEASUREMENTS (Details) - Fair Value, Measurements, Recurring [Member] - USD ($) $ in Thousands | 3 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2015 | Dec. 31, 2014 | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Investments for contractual obligations | $ 10,174 | $ 9,840 | |
Derivative Asset, Current | 3,689 | 1,068 | |
Other Assets, Fair Value Disclosure | $ 250 | 250 | 250 |
Derivative Financial Instruments, Liabilities, Fair Value Disclosure | (20) | (43) | |
Assets, Fair Value Disclosure | 14,093 | 11,115 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
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 | 10,174 | 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 | 10,174 | 9,840 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
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 | 3,689 | 1,068 | |
Other Assets, Fair Value Disclosure | 0 | 0 | 0 |
Derivative Financial Instruments, Liabilities, Fair Value Disclosure | (20) | (43) | |
Assets, Fair Value Disclosure | 3,669 | 1,025 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
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] | |||
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 | 6 Months Ended | |||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 | |
Related Party Transaction [Line Items] | |||||
Related Party Transaction, Revenues from Transactions with Related Party | $ 0.8 | $ 0.8 | $ 1.5 | $ 1.4 | |
Related Party Transaction, Due from (to) Related Party | 0.3 | 0.3 | $ 0.2 | ||
Related Party Transaction, Expenses from Transactions with Related Party | $ 0.5 | $ 0.6 | 1.1 | $ 1.3 | |
Related Party Transaction, Purchases from Related Party | $ 2.1 | ||||
Equity Method Investment, Ownership Percentage | 26.09% | 26.09% | |||
Accounts Payable, Related Parties, Current | $ 0 | $ 0 | $ 0.1 | ||
Wheels India [Member] | |||||
Related Party Transaction [Line Items] | |||||
Equity Method Investment, Ownership Percentage | 34.23% | 34.23% |
ACCUMULATED OTHER COMPREHENSI71
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Mar. 31, 2015 | Dec. 31, 2014 | |
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) [Abstract] | ||||||
Accumulated Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Net of Tax | $ (126,361) | $ (126,361) | $ (130,210) | $ (86,571) | ||
Accumulated Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net of Tax | (24,562) | (24,562) | (26,050) | (26,059) | ||
Accumulated other comprehensive loss | (150,923) | (150,923) | $ (156,260) | $ (112,630) | ||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax, Portion Attributable to Parent | 3,849 | (39,790) | ||||
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Adjustment, Net of Tax | $ (1,488) | $ (28) | $ (1,497) | $ (745) |
SUBSIDIARY GUARANTOR FINANCIA72
SUBSIDIARY GUARANTOR FINANCIAL INFORMATION (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | |
Income Statement [Abstract] | ||||||||
Net sales | $ 376,067 | $ 523,731 | $ 778,126 | $ 1,062,671 | ||||
Cost of Goods Sold | 325,014 | 468,161 | 684,279 | 955,124 | ||||
Gross Profit | 51,053 | 20,773 | 93,847 | 72,750 | ||||
Selling, General and Administrative Expense | 37,848 | 42,835 | 73,522 | 86,711 | ||||
Research and Development Expense | 2,779 | 3,575 | 5,865 | 7,671 | ||||
Royalty Expense | 2,895 | 3,830 | 6,120 | 7,571 | ||||
Operating Income (Loss) | 7,531 | (29,467) | 8,340 | (29,203) | ||||
Interest expense | (8,642) | (8,926) | (17,398) | (18,185) | ||||
Gain on earthquake insurance recovery | 0 | 0 | 0 | 0 | ||||
Interest Expense, Related Party | 0 | 0 | 0 | 0 | ||||
Other income (expense) | (6,906) | (6,335) | (15,189) | (6,851) | ||||
Income (loss) before income taxes | 5,795 | (32,058) | 6,131 | (40,537) | ||||
Income Tax Expense (Benefit) | 1,515 | (7,167) | 2,911 | (10,518) | ||||
Income (Loss) from Equity Method Investments | 0 | 0 | 0 | 0 | ||||
Net income (loss) | 4,280 | (24,891) | 3,220 | (30,019) | ||||
Net Income (Loss) Attributable to Noncontrolling Interest | (2,491) | (4,380) | (3,783) | (11,671) | ||||
Net income attributable to Titan | 6,771 | (20,511) | 7,003 | (18,348) | ||||
Comprehensive Income Statement [Abstract] | ||||||||
Net income (loss) | 4,280 | (24,891) | 3,220 | (30,019) | ||||
Currency translation adjustment, net | 4,436 | 7,826 | (40,950) | 8,214 | ||||
Pension liability adjustments, net of tax | 1,488 | 28 | 1,497 | 745 | ||||
Comprehensive Income (Loss) | 10,204 | (17,037) | (36,233) | (21,060) | ||||
Net comprehensive (loss), attributable to noncontrolling interests | (1,904) | (1,062) | (4,917) | (13,245) | ||||
Comprehensive income (loss) attributable to Titan | 12,108 | (15,975) | (31,316) | (7,815) | ||||
Statement of Financial Position [Abstract] | ||||||||
Cash and Cash Equivalents, at Carrying Value | 187,484 | 162,954 | 187,484 | 162,954 | $ 201,451 | $ 189,360 | $ 162,954 | $ 189,360 |
Accounts Receivable, Net, Current | 224,689 | 224,689 | 199,378 | |||||
Inventory, Net | 306,087 | 306,087 | 331,432 | |||||
Prepaid Expense, Deffered Income Taxes and Other Assets, Current | 88,758 | 88,758 | 103,669 | |||||
Assets, Current | 807,018 | 807,018 | 835,930 | |||||
Property, Plant and Equipment, Net | 483,407 | 483,407 | 527,414 | |||||
Equity Method Investments | 0 | 0 | 0 | |||||
Other Assets, Goodwill, Deferred Income Tax Asset, Noncurrent | 129,989 | 129,989 | 132,380 | |||||
Assets | 1,420,414 | 1,420,414 | 1,495,724 | |||||
Short-term debt | 25,068 | 25,068 | 26,233 | |||||
Accounts Payable, Current | 135,758 | 135,758 | 146,305 | |||||
Deferred Income Taxes and Other Liabilities, Current | 121,967 | 121,967 | 129,018 | |||||
Liabilities, Current | 282,793 | 282,793 | 301,556 | |||||
Long-term debt | 495,273 | 495,273 | 496,503 | |||||
Liabilities, Other than Long-term Debt, Noncurrent | 87,854 | 87,854 | 107,607 | |||||
Due to Related Parties | 0 | 0 | 0 | |||||
Redeemable Noncontrolling Interest, Equity, Carrying Amount | 70,511 | 68,367 | 70,511 | 68,367 | 71,192 | 89,155 | ||
Stockholders' Equity Attributable to Parent | 480,566 | 480,566 | 511,495 | |||||
Stockholders' Equity Attributable to Noncontrolling Interest | 3,417 | 3,417 | 7,371 | |||||
Liabilities and Equity | 1,420,414 | 1,420,414 | 1,495,724 | |||||
Statement of Cash Flows [Abstract] | ||||||||
Net cash provided by (used for) operating activities | 7,842 | 43,055 | 7,842 | 43,055 | ||||
Capital expenditures | (22,505) | (30,883) | (22,505) | (30,883) | ||||
Acquisitions, net of cash acquired | 13,395 | 0 | 13,395 | |||||
Decrease in restricted cash deposits | 0 | 14,268 | ||||||
Additional equity investment in Wheels India | 14,268 | |||||||
Payments for (Proceeds from) Other Investing Activities | 2,708 | 3,241 | 2,708 | 3,241 | ||||
Net cash used for investing activities | (19,797) | (26,769) | (19,797) | (26,769) | ||||
Proceeds from borrowings | 13,239 | 6,217 | 13,239 | 6,217 | ||||
Repayments of Other Debt | (8,517) | (53,393) | (8,517) | (53,393) | ||||
Proceeds from Stock Options Exercised | 144 | 141 | 144 | 141 | ||||
Excess Tax Benefit from Share-based Compensation, Financing Activities | (538) | (45) | (538) | (45) | ||||
Payment of financing fees | (33) | 0 | (33) | |||||
Payments of Dividends, Common Stock | (538) | (536) | (538) | (536) | ||||
Net cash provided by (used for) financing activities | 3,790 | (47,649) | 3,790 | (47,649) | ||||
Effect of Exchange Rate on Cash and Cash Equivalents | (5,802) | 4,957 | (5,802) | 4,957 | ||||
Cash and Cash Equivalents, Period Increase (Decrease) | (13,967) | (26,406) | (13,967) | (26,406) | ||||
Cash and Cash Equivalents, at Carrying Value | 187,484 | 162,954 | 187,484 | 162,954 | 201,451 | $ 189,360 | 162,954 | 189,360 |
Parent [Member] | ||||||||
Income Statement [Abstract] | ||||||||
Net sales | 0 | 0 | 0 | |||||
Cost of Goods Sold | 207 | 303 | 438 | |||||
Gross Profit | (207) | (303) | (438) | |||||
Selling, General and Administrative Expense | 2,617 | 2,388 | 5,251 | |||||
Research and Development Expense | 0 | 72 | 0 | |||||
Royalty Expense | 0 | 0 | 0 | |||||
Operating Income (Loss) | (2,824) | (2,763) | (5,689) | |||||
Interest expense | (8,094) | (8,255) | (16,209) | |||||
Interest Expense, Related Party | 248 | 1,618 | 390 | |||||
Other income (expense) | 393 | (1,192) | (5,004) | |||||
Income (loss) before income taxes | (11,063) | (8,208) | (16,504) | |||||
Income Tax Expense (Benefit) | (5,787) | 69 | (3,398) | |||||
Income (Loss) from Equity Method Investments | 9,556 | (16,614) | 16,326 | |||||
Net income (loss) | 4,280 | (24,891) | 3,220 | |||||
Net Income (Loss) Attributable to Noncontrolling Interest | 0 | 0 | 0 | |||||
Net income attributable to Titan | 4,280 | (24,891) | 3,220 | |||||
Comprehensive Income Statement [Abstract] | ||||||||
Net income (loss) | 4,280 | (24,891) | 3,220 | |||||
Currency translation adjustment, net | 4,436 | 7,826 | ||||||
Pension liability adjustments, net of tax | 1,488 | 28 | ||||||
Comprehensive Income (Loss) | 10,204 | (17,037) | ||||||
Net comprehensive (loss), attributable to noncontrolling interests | 0 | 0 | ||||||
Comprehensive income (loss) attributable to Titan | 10,204 | (17,037) | ||||||
Statement of Financial Position [Abstract] | ||||||||
Cash and Cash Equivalents, at Carrying Value | 128,163 | 128,163 | 129,985 | 91,778 | 81,472 | |||
Accounts Receivable, Net, Current | 0 | 0 | (55) | |||||
Inventory, Net | 0 | 0 | 0 | |||||
Prepaid Expense, Deffered Income Taxes and Other Assets, Current | 21,516 | 21,516 | 26,803 | |||||
Assets, Current | 149,679 | 149,679 | 156,733 | |||||
Property, Plant and Equipment, Net | 7,408 | 7,408 | 7,590 | |||||
Equity Method Investments | 789,267 | 789,267 | 745,084 | |||||
Other Assets, Goodwill, Deferred Income Tax Asset, Noncurrent | 48,886 | 48,886 | 51,381 | |||||
Assets | 995,240 | 995,240 | 960,788 | |||||
Short-term debt | 0 | 0 | 0 | |||||
Accounts Payable, Current | 1,559 | 1,559 | 1,795 | |||||
Deferred Income Taxes and Other Liabilities, Current | 29,513 | 29,513 | 28,519 | |||||
Liabilities, Current | 31,072 | 31,072 | 30,314 | |||||
Long-term debt | 460,161 | 460,161 | 460,161 | |||||
Liabilities, Other than Long-term Debt, Noncurrent | 8,339 | 8,339 | 15,244 | |||||
Due to Related Parties | 15,102 | 15,102 | (56,426) | |||||
Redeemable Noncontrolling Interest, Equity, Carrying Amount | 0 | 0 | 0 | |||||
Stockholders' Equity Attributable to Parent | 480,566 | 480,566 | 511,495 | |||||
Stockholders' Equity Attributable to Noncontrolling Interest | 0 | 0 | 0 | |||||
Liabilities and Equity | 995,240 | 995,240 | 960,788 | |||||
Statement of Cash Flows [Abstract] | ||||||||
Net cash provided by (used for) operating activities | (478) | 11,495 | ||||||
Capital expenditures | (412) | (667) | ||||||
Acquisitions, net of cash acquired | 49 | |||||||
Additional equity investment in Wheels India | 0 | |||||||
Payments for (Proceeds from) Other Investing Activities | 0 | 0 | ||||||
Net cash used for investing activities | (412) | (716) | ||||||
Proceeds from borrowings | 0 | 0 | ||||||
Repayments of Other Debt | 0 | 0 | ||||||
Proceeds from Stock Options Exercised | 144 | 141 | ||||||
Excess Tax Benefit from Share-based Compensation, Financing Activities | (538) | (45) | ||||||
Payment of financing fees | (33) | |||||||
Payments of Dividends, Common Stock | (538) | (536) | ||||||
Net cash provided by (used for) financing activities | (932) | (473) | ||||||
Effect of Exchange Rate on Cash and Cash Equivalents | 0 | 0 | ||||||
Cash and Cash Equivalents, Period Increase (Decrease) | (1,822) | 10,306 | ||||||
Cash and Cash Equivalents, at Carrying Value | 128,163 | 128,163 | 129,985 | 91,778 | 81,472 | |||
Guarantor Subsidiaries [Member] | ||||||||
Income Statement [Abstract] | ||||||||
Net sales | 173,334 | 244,664 | 367,307 | |||||
Cost of Goods Sold | 141,328 | 241,915 | 309,279 | |||||
Gross Profit | 32,006 | 2,749 | 58,028 | |||||
Selling, General and Administrative Expense | 16,757 | 17,611 | 32,136 | |||||
Research and Development Expense | 805 | 1,214 | 1,805 | |||||
Royalty Expense | 1,832 | 1,926 | 3,756 | |||||
Operating Income (Loss) | 12,612 | (18,002) | 20,331 | |||||
Interest expense | (1) | 0 | (1) | |||||
Interest Expense, Related Party | 0 | 0 | 0 | |||||
Other income (expense) | (3) | (103) | 376 | |||||
Income (loss) before income taxes | 12,614 | (17,899) | 19,954 | |||||
Income Tax Expense (Benefit) | 4,796 | (6,437) | 7,489 | |||||
Income (Loss) from Equity Method Investments | 0 | 0 | 0 | |||||
Net income (loss) | 7,818 | (11,462) | 12,465 | |||||
Net Income (Loss) Attributable to Noncontrolling Interest | 0 | 0 | 0 | |||||
Net income attributable to Titan | 7,818 | (11,462) | 12,465 | |||||
Comprehensive Income Statement [Abstract] | ||||||||
Net income (loss) | 7,818 | (11,462) | 12,465 | |||||
Currency translation adjustment, net | 0 | 0 | ||||||
Pension liability adjustments, net of tax | 427 | 450 | ||||||
Comprehensive Income (Loss) | 8,245 | (11,012) | ||||||
Net comprehensive (loss), attributable to noncontrolling interests | 0 | 0 | ||||||
Comprehensive income (loss) attributable to Titan | 8,245 | (11,012) | ||||||
Statement of Financial Position [Abstract] | ||||||||
Cash and Cash Equivalents, at Carrying Value | 4 | 4 | 4 | 5 | 4 | |||
Accounts Receivable, Net, Current | 77,191 | 77,191 | 63,645 | |||||
Inventory, Net | 96,405 | 96,405 | 103,230 | |||||
Prepaid Expense, Deffered Income Taxes and Other Assets, Current | 16,603 | 16,603 | 21,105 | |||||
Assets, Current | 190,203 | 190,203 | 187,984 | |||||
Property, Plant and Equipment, Net | 148,053 | 148,053 | 160,318 | |||||
Equity Method Investments | 0 | 0 | 0 | |||||
Other Assets, Goodwill, Deferred Income Tax Asset, Noncurrent | 1,212 | 1,212 | 827 | |||||
Assets | 339,468 | 339,468 | 349,129 | |||||
Short-term debt | 0 | 0 | 0 | |||||
Accounts Payable, Current | 12,862 | 12,862 | 10,876 | |||||
Deferred Income Taxes and Other Liabilities, Current | 41,812 | 41,812 | 45,291 | |||||
Liabilities, Current | 54,674 | 54,674 | 56,167 | |||||
Long-term debt | 0 | 0 | 0 | |||||
Liabilities, Other than Long-term Debt, Noncurrent | 18,967 | 18,967 | 20,867 | |||||
Due to Related Parties | (247,824) | (247,824) | (228,307) | |||||
Redeemable Noncontrolling Interest, Equity, Carrying Amount | 0 | 0 | 0 | |||||
Stockholders' Equity Attributable to Parent | 513,651 | 513,651 | 500,402 | |||||
Stockholders' Equity Attributable to Noncontrolling Interest | 0 | 0 | 0 | |||||
Liabilities and Equity | 339,468 | 339,468 | 349,129 | |||||
Statement of Cash Flows [Abstract] | ||||||||
Net cash provided by (used for) operating activities | 2,769 | 4,430 | ||||||
Capital expenditures | (2,799) | (4,770) | ||||||
Acquisitions, net of cash acquired | 0 | |||||||
Additional equity investment in Wheels India | 0 | |||||||
Payments for (Proceeds from) Other Investing Activities | 30 | 341 | ||||||
Net cash used for investing activities | (2,769) | (4,429) | ||||||
Proceeds from borrowings | 0 | 0 | ||||||
Repayments of Other Debt | 0 | 0 | ||||||
Proceeds from Stock Options Exercised | 0 | 0 | ||||||
Excess Tax Benefit from Share-based Compensation, Financing Activities | 0 | 0 | ||||||
Payment of financing fees | 0 | |||||||
Payments of Dividends, Common Stock | 0 | 0 | ||||||
Net cash provided by (used for) financing activities | 0 | 0 | ||||||
Effect of Exchange Rate on Cash and Cash Equivalents | 0 | 0 | ||||||
Cash and Cash Equivalents, Period Increase (Decrease) | 0 | 1 | ||||||
Cash and Cash Equivalents, at Carrying Value | 4 | 4 | 4 | 5 | 4 | |||
Non-Guarantor Subsidiaries [Member] | ||||||||
Income Statement [Abstract] | ||||||||
Net sales | 202,733 | 279,067 | 410,819 | |||||
Cost of Goods Sold | 183,479 | 260,740 | 374,562 | |||||
Gross Profit | 19,254 | 18,327 | 36,257 | |||||
Selling, General and Administrative Expense | 18,474 | 22,836 | 36,135 | |||||
Research and Development Expense | 1,974 | 2,289 | 4,060 | |||||
Royalty Expense | 1,063 | 1,904 | 2,364 | |||||
Operating Income (Loss) | (2,257) | (8,702) | (6,302) | |||||
Interest expense | (547) | (671) | (1,188) | |||||
Interest Expense, Related Party | (248) | (1,618) | (390) | |||||
Other income (expense) | (7,296) | (5,040) | (10,561) | |||||
Income (loss) before income taxes | 4,244 | (5,951) | 2,681 | |||||
Income Tax Expense (Benefit) | 2,506 | (799) | (1,180) | |||||
Income (Loss) from Equity Method Investments | 3,535 | (18,004) | 3,372 | |||||
Net income (loss) | 5,273 | (23,156) | 7,233 | |||||
Net Income (Loss) Attributable to Noncontrolling Interest | (2,491) | (4,380) | (3,783) | |||||
Net income attributable to Titan | 7,764 | (18,776) | 11,016 | |||||
Comprehensive Income Statement [Abstract] | ||||||||
Net income (loss) | 5,273 | (23,156) | 7,233 | |||||
Currency translation adjustment, net | 4,436 | 7,826 | ||||||
Pension liability adjustments, net of tax | 1,061 | (422) | ||||||
Comprehensive Income (Loss) | 10,770 | (15,752) | ||||||
Net comprehensive (loss), attributable to noncontrolling interests | (1,904) | (1,062) | ||||||
Comprehensive income (loss) attributable to Titan | 12,674 | (14,690) | ||||||
Statement of Financial Position [Abstract] | ||||||||
Cash and Cash Equivalents, at Carrying Value | 59,317 | 59,317 | 71,462 | 71,171 | 107,884 | |||
Accounts Receivable, Net, Current | 147,498 | 147,498 | 135,788 | |||||
Inventory, Net | 209,682 | 209,682 | 228,202 | |||||
Prepaid Expense, Deffered Income Taxes and Other Assets, Current | 50,639 | 50,639 | 55,761 | |||||
Assets, Current | 467,136 | 467,136 | 491,213 | |||||
Property, Plant and Equipment, Net | 327,946 | 327,946 | 359,506 | |||||
Equity Method Investments | 114,165 | 114,165 | 109,768 | |||||
Other Assets, Goodwill, Deferred Income Tax Asset, Noncurrent | 79,891 | 79,891 | 80,172 | |||||
Assets | 989,138 | 989,138 | 1,040,659 | |||||
Short-term debt | 25,068 | 25,068 | 26,233 | |||||
Accounts Payable, Current | 121,337 | 121,337 | 133,634 | |||||
Deferred Income Taxes and Other Liabilities, Current | 50,642 | 50,642 | 55,208 | |||||
Liabilities, Current | 197,047 | 197,047 | 215,075 | |||||
Long-term debt | 35,112 | 35,112 | 36,342 | |||||
Liabilities, Other than Long-term Debt, Noncurrent | 60,548 | 60,548 | 71,496 | |||||
Due to Related Parties | 232,722 | 232,722 | 284,733 | |||||
Redeemable Noncontrolling Interest, Equity, Carrying Amount | 70,511 | 70,511 | 71,192 | |||||
Stockholders' Equity Attributable to Parent | 389,781 | 389,781 | 354,450 | |||||
Stockholders' Equity Attributable to Noncontrolling Interest | 3,417 | 3,417 | 7,371 | |||||
Liabilities and Equity | 989,138 | 989,138 | 1,040,659 | |||||
Statement of Cash Flows [Abstract] | ||||||||
Net cash provided by (used for) operating activities | 5,551 | 27,130 | ||||||
Capital expenditures | (19,294) | (25,446) | ||||||
Acquisitions, net of cash acquired | 13,346 | |||||||
Additional equity investment in Wheels India | 14,268 | |||||||
Payments for (Proceeds from) Other Investing Activities | 2,678 | 2,900 | ||||||
Net cash used for investing activities | (16,616) | (21,624) | ||||||
Proceeds from borrowings | (13,239) | (6,217) | ||||||
Repayments of Other Debt | (8,517) | (53,393) | ||||||
Proceeds from Stock Options Exercised | 0 | 0 | ||||||
Excess Tax Benefit from Share-based Compensation, Financing Activities | 0 | 0 | ||||||
Payment of financing fees | 0 | |||||||
Payments of Dividends, Common Stock | 0 | 0 | ||||||
Net cash provided by (used for) financing activities | 4,722 | (47,176) | ||||||
Effect of Exchange Rate on Cash and Cash Equivalents | (5,802) | 4,957 | ||||||
Cash and Cash Equivalents, Period Increase (Decrease) | (12,145) | (36,713) | ||||||
Cash and Cash Equivalents, at Carrying Value | 59,317 | 59,317 | 71,462 | $ 71,171 | $ 107,884 | |||
Consolidation, Eliminations [Member] | ||||||||
Income Statement [Abstract] | ||||||||
Net sales | 0 | 0 | 0 | |||||
Cost of Goods Sold | 0 | 0 | 0 | |||||
Gross Profit | 0 | 0 | 0 | |||||
Selling, General and Administrative Expense | 0 | 0 | 0 | |||||
Research and Development Expense | 0 | 0 | 0 | |||||
Royalty Expense | 0 | 0 | 0 | |||||
Operating Income (Loss) | 0 | 0 | 0 | |||||
Interest expense | 0 | 0 | 0 | |||||
Interest Expense, Related Party | 0 | 0 | 0 | |||||
Other income (expense) | 0 | 0 | 0 | |||||
Income (loss) before income taxes | 0 | 0 | 0 | |||||
Income Tax Expense (Benefit) | 0 | 0 | 0 | |||||
Income (Loss) from Equity Method Investments | (13,091) | 34,618 | (19,698) | |||||
Net income (loss) | (13,091) | 34,618 | (19,698) | |||||
Net Income (Loss) Attributable to Noncontrolling Interest | 0 | 0 | 0 | |||||
Net income attributable to Titan | (13,091) | 34,618 | (19,698) | |||||
Comprehensive Income Statement [Abstract] | ||||||||
Net income (loss) | (13,091) | 34,618 | (19,698) | |||||
Currency translation adjustment, net | (4,436) | (7,826) | ||||||
Pension liability adjustments, net of tax | (1,488) | (28) | ||||||
Comprehensive Income (Loss) | (19,015) | 26,764 | ||||||
Net comprehensive (loss), attributable to noncontrolling interests | 0 | 0 | ||||||
Comprehensive income (loss) attributable to Titan | (19,015) | 26,764 | ||||||
Statement of Financial Position [Abstract] | ||||||||
Cash and Cash Equivalents, at Carrying Value | 0 | 0 | 0 | |||||
Accounts Receivable, Net, Current | 0 | 0 | 0 | |||||
Inventory, Net | 0 | 0 | 0 | |||||
Prepaid Expense, Deffered Income Taxes and Other Assets, Current | 0 | 0 | 0 | |||||
Assets, Current | 0 | 0 | 0 | |||||
Property, Plant and Equipment, Net | 0 | 0 | 0 | |||||
Equity Method Investments | (903,432) | (903,432) | (854,852) | |||||
Other Assets, Goodwill, Deferred Income Tax Asset, Noncurrent | 0 | 0 | 0 | |||||
Assets | (903,432) | (903,432) | (854,852) | |||||
Short-term debt | 0 | 0 | 0 | |||||
Accounts Payable, Current | 0 | 0 | 0 | |||||
Deferred Income Taxes and Other Liabilities, Current | 0 | 0 | 0 | |||||
Liabilities, Current | 0 | 0 | 0 | |||||
Long-term debt | 0 | 0 | 0 | |||||
Liabilities, Other than Long-term Debt, Noncurrent | 0 | 0 | 0 | |||||
Due to Related Parties | 0 | 0 | 0 | |||||
Redeemable Noncontrolling Interest, Equity, Carrying Amount | 0 | 0 | 0 | |||||
Stockholders' Equity Attributable to Parent | (903,432) | (903,432) | (854,852) | |||||
Stockholders' Equity Attributable to Noncontrolling Interest | 0 | 0 | 0 | |||||
Liabilities and Equity | (903,432) | (903,432) | (854,852) | |||||
Statement of Cash Flows [Abstract] | ||||||||
Cash and Cash Equivalents, at Carrying Value | 0 | 0 | $ 0 | |||||
Cost of Goods, Total [Member] | ||||||||
Income Statement [Abstract] | ||||||||
Cost of Goods Sold | $ 325,014 | $ 502,958 | 684,279 | 989,921 | ||||
Senior Secured Notes 7.875 Percent [Member] | Parent [Member] | ||||||||
Income Statement [Abstract] | ||||||||
Net sales | 0 | |||||||
Cost of Goods Sold | 513 | |||||||
Gross Profit | (513) | |||||||
Selling, General and Administrative Expense | 4,032 | |||||||
Research and Development Expense | 72 | |||||||
Royalty Expense | 0 | |||||||
Operating Income (Loss) | (4,617) | |||||||
Interest expense | (16,517) | |||||||
Interest Expense, Related Party | (3,302) | |||||||
Other income (expense) | (1,534) | |||||||
Income (loss) before income taxes | (16,298) | |||||||
Income Tax Expense (Benefit) | (5,971) | |||||||
Income (Loss) from Equity Method Investments | (19,692) | |||||||
Net income (loss) | 3,220 | (30,019) | ||||||
Net Income (Loss) Attributable to Noncontrolling Interest | 0 | |||||||
Net income attributable to Titan | (30,019) | |||||||
Comprehensive Income Statement [Abstract] | ||||||||
Net income (loss) | 3,220 | (30,019) | ||||||
Currency translation adjustment, net | (40,950) | 8,214 | ||||||
Pension liability adjustments, net of tax | 1,497 | 745 | ||||||
Comprehensive Income (Loss) | (36,233) | (21,060) | ||||||
Net comprehensive (loss), attributable to noncontrolling interests | 0 | 0 | ||||||
Comprehensive income (loss) attributable to Titan | (36,233) | (21,060) | ||||||
Senior Secured Notes 7.875 Percent [Member] | Guarantor Subsidiaries [Member] | ||||||||
Income Statement [Abstract] | ||||||||
Net sales | 508,622 | |||||||
Cost of Goods Sold | 470,154 | |||||||
Gross Profit | 38,468 | |||||||
Selling, General and Administrative Expense | 36,601 | |||||||
Research and Development Expense | 3,367 | |||||||
Royalty Expense | 3,774 | |||||||
Operating Income (Loss) | (5,274) | |||||||
Interest expense | 0 | |||||||
Interest Expense, Related Party | 0 | |||||||
Other income (expense) | (48) | |||||||
Income (loss) before income taxes | (5,226) | |||||||
Income Tax Expense (Benefit) | (1,627) | |||||||
Income (Loss) from Equity Method Investments | 0 | |||||||
Net income (loss) | 12,465 | (3,599) | ||||||
Net Income (Loss) Attributable to Noncontrolling Interest | 0 | |||||||
Net income attributable to Titan | (3,599) | |||||||
Comprehensive Income Statement [Abstract] | ||||||||
Net income (loss) | 12,465 | (3,599) | ||||||
Currency translation adjustment, net | 0 | 0 | ||||||
Pension liability adjustments, net of tax | 854 | 900 | ||||||
Comprehensive Income (Loss) | 13,319 | (2,699) | ||||||
Net comprehensive (loss), attributable to noncontrolling interests | 0 | 0 | ||||||
Comprehensive income (loss) attributable to Titan | 13,319 | (2,699) | ||||||
Senior Secured Notes 7.875 Percent [Member] | Non-Guarantor Subsidiaries [Member] | ||||||||
Income Statement [Abstract] | ||||||||
Net sales | 554,049 | |||||||
Cost of Goods Sold | 519,254 | |||||||
Gross Profit | 34,795 | |||||||
Selling, General and Administrative Expense | 46,078 | |||||||
Research and Development Expense | 4,232 | |||||||
Royalty Expense | 3,797 | |||||||
Operating Income (Loss) | (19,312) | |||||||
Interest expense | (1,668) | |||||||
Interest Expense, Related Party | 3,302 | |||||||
Other income (expense) | (5,269) | |||||||
Income (loss) before income taxes | (19,013) | |||||||
Income Tax Expense (Benefit) | (2,920) | |||||||
Income (Loss) from Equity Method Investments | (18,881) | |||||||
Net income (loss) | 7,233 | (34,974) | ||||||
Net Income (Loss) Attributable to Noncontrolling Interest | (11,671) | |||||||
Net income attributable to Titan | (23,303) | |||||||
Comprehensive Income Statement [Abstract] | ||||||||
Net income (loss) | 7,233 | (34,974) | ||||||
Currency translation adjustment, net | (40,950) | 8,214 | ||||||
Pension liability adjustments, net of tax | 643 | (155) | ||||||
Comprehensive Income (Loss) | (33,074) | (26,915) | ||||||
Net comprehensive (loss), attributable to noncontrolling interests | (4,917) | (13,245) | ||||||
Comprehensive income (loss) attributable to Titan | (28,157) | (13,670) | ||||||
Senior Secured Notes 7.875 Percent [Member] | Consolidation, Eliminations [Member] | ||||||||
Income Statement [Abstract] | ||||||||
Net sales | 0 | |||||||
Cost of Goods Sold | 0 | |||||||
Gross Profit | 0 | |||||||
Selling, General and Administrative Expense | 0 | |||||||
Research and Development Expense | 0 | |||||||
Royalty Expense | 0 | |||||||
Operating Income (Loss) | 0 | |||||||
Interest expense | 0 | |||||||
Interest Expense, Related Party | 0 | |||||||
Other income (expense) | 0 | |||||||
Income (loss) before income taxes | 0 | |||||||
Income Tax Expense (Benefit) | 0 | |||||||
Income (Loss) from Equity Method Investments | 38,573 | |||||||
Net income (loss) | (19,698) | 38,573 | ||||||
Net Income (Loss) Attributable to Noncontrolling Interest | 0 | |||||||
Net income attributable to Titan | 38,573 | |||||||
Comprehensive Income Statement [Abstract] | ||||||||
Net income (loss) | (19,698) | 38,573 | ||||||
Currency translation adjustment, net | 40,950 | (8,214) | ||||||
Pension liability adjustments, net of tax | (1,497) | (745) | ||||||
Comprehensive Income (Loss) | 19,755 | 29,614 | ||||||
Net comprehensive (loss), attributable to noncontrolling interests | 0 | 0 | ||||||
Comprehensive income (loss) attributable to Titan | $ 19,755 | $ 29,614 |
REDEEMABLE NONCONTROLLING INT73
REDEEMABLE NONCONTROLLING INTEREST (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | |
Redeemable Noncontrolling Interest [Line Items] | ||||||
Redeemable Noncontrolling Interest, Equity, Carrying Amount | $ 70,511 | $ 68,367 | $ 70,511 | $ 68,367 | $ 71,192 | $ 89,155 |
Noncontrolling Interest, Decrease from Redemptions or Purchase of Interests | 0 | (12,193) | ||||
Net Income (Loss) Attributable to Redeemable Noncontrolling Interest | 37 | (8,852) | ||||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, before Tax, Portion Attributable to Noncontrolling Interest | (1,068) | (1,420) | ||||
Noncontrolling Interest, Change in Redemption Value | $ (2,580) | $ 659 | $ 350 | $ 1,677 |
RESTATEMENT (Details)
RESTATEMENT (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | |||||||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Mar. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | |
Earnings Per Share [Abstract] | |||||||||
Basic (in dollars per share) | $ 0.17 | $ (0.40) | $ 0.12 | $ (0.37) | |||||
Diluted (in dollars per share) | $ 0.17 | $ (0.40) | $ 0.12 | $ (0.37) | |||||
Statement of Financial Position [Abstract] | |||||||||
Cash and Cash Equivalents, at Carrying Value | $ 187,484 | $ 162,954 | $ 187,484 | $ 162,954 | $ 201,451 | $ 189,360 | $ 162,954 | $ 189,360 | |
Accounts Receivable, Net, Current | 224,689 | 224,689 | 199,378 | ||||||
Inventory, Net | 306,087 | 306,087 | 331,432 | ||||||
Deferred Tax Assets, Net of Valuation Allowance, Current | 13,972 | 13,972 | 23,435 | ||||||
Prepaid Expense and Other Assets, Current | 74,786 | 74,786 | 80,234 | ||||||
Assets, Current | 807,018 | 807,018 | 835,930 | ||||||
Property, Plant and Equipment, Net | 483,407 | 483,407 | 527,414 | ||||||
Deferred income taxes | 18,303 | 18,303 | 15,623 | ||||||
Other Assets, Noncurrent | 111,686 | 111,686 | 116,757 | ||||||
Assets | 1,420,414 | 1,420,414 | 1,495,724 | ||||||
Short-term Debt | 25,068 | 25,068 | 26,233 | ||||||
Accounts Payable, Current | 135,758 | 135,758 | 146,305 | ||||||
Other Liabilities, Current | 121,967 | 121,967 | 129,018 | ||||||
Liabilities, Current | 282,793 | 282,793 | 301,556 | ||||||
Long-term debt | 495,273 | 495,273 | 496,503 | ||||||
Deferred income taxes | 3,524 | 3,524 | 18,582 | ||||||
Other long-term liabilities | 84,330 | 84,330 | 89,025 | ||||||
Liabilities | 865,920 | 865,920 | 905,666 | ||||||
Redeemable Noncontrolling Interest, Equity, Carrying Amount | 70,511 | $ 68,367 | 70,511 | $ 68,367 | 71,192 | $ 89,155 | |||
Common stock ($0.0001 par value, 120,000,000 shares authorized, 55,253,092 issued, 53,792,342 outstanding) | 0 | 0 | 0 | ||||||
Additional paid-in capital | 513,600 | 513,600 | 513,090 | ||||||
Retained earnings | 132,472 | 132,472 | 126,007 | ||||||
Treasury Stock, Value | (13,508) | (13,508) | (13,897) | ||||||
Common Stock, Shares Held in Employee Trust | (1,075) | (1,075) | (1,075) | ||||||
Accumulated other comprehensive loss | (150,923) | (150,923) | $ (156,260) | (112,630) | |||||
Stockholders' Equity Attributable to Parent | 480,566 | 480,566 | 511,495 | ||||||
Stockholders' Equity Attributable to Noncontrolling Interest | 3,417 | 3,417 | 7,371 | ||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 483,983 | 483,983 | 518,866 | ||||||
Liabilities and Equity | $ 1,420,414 | $ 1,420,414 | 1,495,724 | ||||||
Scenario, Previously Reported [Member] | |||||||||
Earnings Per Share [Abstract] | |||||||||
Basic (in dollars per share) | $ 0 | $ 0 | $ 0 | $ 0 | |||||
Impact of Restatement on Earnings Per Share, Basic | 0 | 0 | 0 | 0 | |||||
Diluted (in dollars per share) | 0 | 0 | 0 | 0 | |||||
Impact of Restatement on Earnings Per Share, Diluted | $ 0 | $ 0 | $ 0 | $ 0 | |||||
Statement of Financial Position [Abstract] | |||||||||
Cash and Cash Equivalents, at Carrying Value | $ 187,484 | $ 187,484 | 201,451 | ||||||
Accounts Receivable, Net, Current | 224,689 | 224,689 | 199,378 | ||||||
Inventory, Net | 306,087 | 306,087 | 331,432 | ||||||
Deferred Tax Assets, Net of Valuation Allowance, Current | 13,972 | 13,972 | 23,435 | ||||||
Prepaid Expense and Other Assets, Current | 74,786 | 74,786 | 80,234 | ||||||
Assets, Current | 807,018 | 807,018 | 835,930 | ||||||
Property, Plant and Equipment, Net | 483,407 | 483,407 | 527,414 | ||||||
Deferred income taxes | 18,303 | 18,303 | 15,623 | ||||||
Other Assets, Noncurrent | 111,686 | 111,686 | 116,757 | ||||||
Assets | 1,420,414 | 1,420,414 | 1,495,724 | ||||||
Short-term Debt | 25,068 | 25,068 | 26,233 | ||||||
Accounts Payable, Current | 135,758 | 135,758 | 146,305 | ||||||
Other Liabilities, Current | 121,967 | 121,967 | 129,018 | ||||||
Liabilities, Current | 282,793 | 282,793 | 301,556 | ||||||
Long-term debt | 495,273 | 495,273 | 496,503 | ||||||
Deferred income taxes | 3,524 | 3,524 | 18,582 | ||||||
Other long-term liabilities | 84,330 | 84,330 | 89,025 | ||||||
Liabilities | 865,920 | 865,920 | 905,666 | ||||||
Redeemable Noncontrolling Interest, Equity, Carrying Amount | 0 | 0 | 0 | ||||||
Common stock ($0.0001 par value, 120,000,000 shares authorized, 55,253,092 issued, 53,792,342 outstanding) | 0 | 0 | 0 | ||||||
Additional paid-in capital | 563,227 | 563,227 | 562,367 | ||||||
Retained earnings | 132,472 | 132,472 | 126,007 | ||||||
Treasury Stock, Value | (13,508) | (13,508) | (13,897) | ||||||
Common Stock, Shares Held in Employee Trust | (1,075) | (1,075) | (1,075) | ||||||
Accumulated other comprehensive loss | (150,923) | (150,923) | (112,630) | ||||||
Stockholders' Equity Attributable to Parent | 530,193 | 530,193 | 560,772 | ||||||
Stockholders' Equity Attributable to Noncontrolling Interest | 24,301 | 24,301 | 29,286 | ||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 554,494 | 554,494 | 590,058 | ||||||
Liabilities and Equity | 1,420,414 | 1,420,414 | 1,495,724 | ||||||
Restatement Adjustment [Member] | |||||||||
Statement of Financial Position [Abstract] | |||||||||
Cash and Cash Equivalents, at Carrying Value | 0 | 0 | 0 | ||||||
Accounts Receivable, Net, Current | 0 | 0 | 0 | ||||||
Inventory, Net | 0 | 0 | 0 | ||||||
Deferred Tax Assets, Net of Valuation Allowance, Current | 0 | 0 | 0 | ||||||
Prepaid Expense and Other Assets, Current | 0 | 0 | 0 | ||||||
Assets, Current | 0 | 0 | 0 | ||||||
Property, Plant and Equipment, Net | 0 | 0 | 0 | ||||||
Deferred income taxes | 0 | 0 | 0 | ||||||
Other Assets, Noncurrent | 0 | 0 | 0 | ||||||
Assets | 0 | 0 | 0 | ||||||
Short-term Debt | 0 | 0 | 0 | ||||||
Accounts Payable, Current | 0 | 0 | 0 | ||||||
Other Liabilities, Current | 0 | 0 | 0 | ||||||
Liabilities, Current | 0 | 0 | 0 | ||||||
Long-term debt | 0 | 0 | 0 | ||||||
Deferred income taxes | 0 | 0 | 0 | ||||||
Other long-term liabilities | 0 | 0 | 0 | ||||||
Liabilities | 0 | 0 | 0 | ||||||
Redeemable Noncontrolling Interest, Equity, Carrying Amount | 70,511 | 70,511 | 71,192 | ||||||
Common stock ($0.0001 par value, 120,000,000 shares authorized, 55,253,092 issued, 53,792,342 outstanding) | 0 | 0 | 0 | ||||||
Additional paid-in capital | (49,627) | (49,627) | (49,277) | ||||||
Retained earnings | 0 | 0 | 0 | ||||||
Treasury Stock, Value | 0 | 0 | 0 | ||||||
Common Stock, Shares Held in Employee Trust | 0 | 0 | 0 | ||||||
Accumulated other comprehensive loss | 0 | 0 | 0 | ||||||
Stockholders' Equity Attributable to Parent | (49,627) | (49,627) | (49,277) | ||||||
Stockholders' Equity Attributable to Noncontrolling Interest | (20,884) | (20,884) | (21,915) | ||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | (70,511) | (70,511) | (71,192) | ||||||
Liabilities and Equity | $ 0 | $ 0 | $ 0 |