Document and Entitiy Informatio
Document and Entitiy Information - shares | 9 Months Ended | |
Sep. 30, 2016 | Oct. 19, 2016 | |
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 | Accelerated Filer | |
Document Type | 10-Q | |
Document Period End Date | Sep. 30, 2016 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false | |
Entity Common Stock, Shares Outstanding | 54,046,512 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Net sales | $ 306,195 | $ 308,836 | $ 958,203 | $ 1,086,962 |
Cost of sales | 273,219 | 282,683 | 848,264 | 966,962 |
Gross profit (loss) | 32,976 | 26,153 | 109,939 | 120,000 |
Selling, general & administrative expenses | 36,348 | 35,512 | 107,712 | 109,034 |
Research and development expenses | 2,597 | 2,982 | 7,790 | 8,847 |
Royalty expense | 2,285 | 2,121 | 6,688 | 8,241 |
Operating Income (Loss) | (8,254) | (14,462) | (12,251) | (6,122) |
Interest expense | (8,714) | (8,289) | (25,208) | (25,687) |
Foreign exchange loss | 398 | (15,333) | 7,403 | (5,720) |
Other income | 3,578 | 755 | 10,532 | 6,331 |
Income (loss) before income taxes | (12,992) | (37,329) | (19,524) | (31,198) |
Provision (benefit) for income taxes | (2,074) | 283 | 2,578 | 3,194 |
Net income (loss) | (10,918) | (37,612) | (22,102) | (34,392) |
Net loss attributable to noncontrolling interests | (966) | (6,136) | (1,099) | (9,919) |
Net income (loss) attributable to Titan | (9,952) | (31,476) | (21,003) | (24,473) |
Noncontrolling Interest, Change in Redemption Value | 1,367 | 11,051 | 8,475 | 11,401 |
Net Income (Loss) Available to Common Stockholders, Basic | $ (11,319) | $ (42,527) | $ (29,478) | $ (35,874) |
Earnings (loss) per common share: | ||||
Basic (in dollars per share) | $ (0.21) | $ (0.79) | $ (0.55) | $ (0.67) |
Diluted (in dollars per share) | $ (0.21) | $ (0.79) | $ (0.55) | $ (0.67) |
Average common shares outstanding: | ||||
Basic (in shares) | 53,946 | 53,707 | 53,895 | 53,685 |
Diluted (in shares) | 53,946 | 53,707 | 53,895 | 53,685 |
Dividends declared per common share: | $ 0.005 | $ 0.005 | $ 0.015 | $ 0.015 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Net loss | $ (10,918) | $ (37,612) | $ (22,102) | $ (34,392) |
Currency translation adjustment, net | (386) | (28,444) | 21,545 | (69,394) |
Pension liability adjustments, net of tax of $(706), $(123), $(806), and $(506), respectively | 465 | 472 | 1,200 | 1,969 |
Comprehensive income (loss) | (10,839) | (65,584) | 643 | (101,817) |
Net comprehensive (loss), attributable to noncontrolling interests | (679) | (8,233) | 5,427 | (13,150) |
Comprehensive income (loss) attributable to Titan | $ (10,160) | $ (57,351) | $ (4,784) | $ (88,667) |
CONSOLIDATED STATEMENTS OF COM4
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Statement of Comprehensive Income [Abstract] | ||||
Unrealized gain (loss) on investments, tax | $ 0 | $ 0 | $ 0 | $ 0 |
Pension liability adjustments, tax | $ (126) | $ (291) | $ (430) | $ (645) |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Current assets | ||
Cash and cash equivalents | $ 215,509 | $ 200,188 |
Accounts receivable, net | 184,352 | 177,389 |
Inventories | 278,083 | 269,791 |
Prepaid and other current assets | 76,972 | 62,633 |
Total current assets | 754,916 | 710,001 |
Property, plant and equipment, net | 447,082 | 450,020 |
Deferred Income Taxes | 7,424 | 5,967 |
Investments and Other Noncurrent Assets | 98,634 | 104,242 |
Total assets | 1,308,056 | 1,270,230 |
Current liabilities | ||
Short-term debt | 91,030 | 31,222 |
Long-term Debt, Current Maturities | 91,030 | 31,222 |
Accounts payable | 152,387 | 123,154 |
Other current liabilities | 130,238 | 115,721 |
Total current liabilities | 373,655 | 270,097 |
Long-term debt | 410,089 | 475,443 |
Deferred income taxes | 16,627 | 14,509 |
Other long-term liabilities | 84,409 | 88,324 |
Total liabilities | 884,780 | 848,373 |
Redeemable Noncontrolling Interest, Equity, Carrying Amount | 102,793 | 77,174 |
Titan stockholders' equity | ||
Common stock ($0.0001 par value, 120,000,000 shares authorized, 55,253,092 issued, 53,984,344 outstanding) | 0 | 0 |
Additional paid-in capital | 480,377 | 497,008 |
Retained earnings | 27,524 | 49,297 |
Treasury stock (at cost, 1,268,748 and 1,339,583 shares, respectively) | (11,226) | (12,420) |
Deferred Compensation Equity | (1,075) | (1,075) |
Accumulated other comprehensive loss | (171,532) | (187,751) |
Total Titan stockholders' equity | 324,068 | 345,059 |
Noncontrolling interests | (3,585) | (376) |
Total equity | 320,483 | 344,683 |
Total liabilities and equity | $ 1,308,056 | $ 1,270,230 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Sep. 30, 2016 | Dec. 31, 2015 |
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) | 54,046,512 | |
Treasury Stock, shares (in shares) | 1,206,580 | 1,339,583 |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - 9 months ended Sep. 30, 2016 - USD ($) $ in Thousands | Total | Common Stock [Member] | Additional paid-in capital [Member] | Retained earnings [Member] | Treasury stock [Member] | Deferred Compensation, Share-based Payments [Member] | Accumulated other comprehensive income (loss) [Member] | Parent [Member] | Noncontrolling interest [Member] |
Balance, Beginning (in shares) at Dec. 31, 2015 | 53,913,509 | ||||||||
Balance, Beginning at Dec. 31, 2015 | $ 344,683 | $ 497,008 | $ 49,297 | $ (12,420) | $ (1,075) | $ (187,751) | $ 345,059 | $ (376) | |
Net loss | (22,102) | (21,003) | (21,003) | ||||||
Currency translation adjustment | 21,545 | 18,510 | 18,510 | ||||||
Pension liability adjustments, net of tax | 1,200 | 1,200 | 1,200 | ||||||
Dividends | (810) | (810) | (810) | ||||||
Stock Issued During Period, Shares, Restricted Stock Award, Gross | 49,380 | ||||||||
Stock Issued During Period, Value, Restricted Stock Award, Gross | 0 | (444) | 444 | 0 | |||||
Noncontrolling Interest, Period Increase (Decrease) | 12,039 | (8,548) | 40 | (3,491) | (11,999) | (40) | |||
Noncontrolling Interest, Change in Redemption Value | 8,475 | (8,475) | (8,475) | ||||||
Stock-based compensation | 1,164 | 1,164 | 1,164 | ||||||
Issuance of treasury stock under 401(k) plan (in shares) | 83,623 | ||||||||
Issuance of treasury stock under 401(k) plan | 422 | (328) | 750 | 422 | |||||
Net Income (Loss) Attributable to Nonredeemable Noncontrolling Interest | (23,877) | (2,874) | |||||||
Temporary Equity, Foreign Currency Translation Adjustments | 18,215 | (295) | |||||||
Stock Issued During Period, Value, Acquisitions | $ (12,039) | ||||||||
Balance, Ending (in shares) at Sep. 30, 2016 | 54,046,512 | 54,046,512 | |||||||
Balance, Ending at Sep. 30, 2016 | $ 320,483 | $ 480,377 | $ 27,524 | $ (11,226) | $ (1,075) | $ (171,532) | $ 324,068 | $ (3,585) | |
Net Income (Loss) Attributable to Redeemable Noncontrolling Interest | 1,775 | ||||||||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, before Tax, Portion Attributable to Noncontrolling Interest | $ 3,330 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
Cash flows from operating activities: | ||
Net loss | $ (22,102) | $ (34,392) |
Adjustments to reconcile net income to net cash provided by (used for) operating activities: | ||
Depreciation and amortization | 44,889 | 52,981 |
Deferred income tax provision | 172 | (8,578) |
Stock-based compensation | 1,164 | 1,754 |
Excess tax benefit from stock-based compensation | 0 | 758 |
Issuance of treasury stock under 401(k) plan | 422 | 455 |
Non-cash foreign currency translation loss | 9,822 | 18,742 |
(Increase) decrease in assets: | ||
Accounts receivable | 2,788 | (8,531) |
Inventories | 1,801 | 13,486 |
Prepaid and other current assets | (12,314) | 4,397 |
Other assets | 25 | 1,340 |
Increase (decrease) in liabilities: | ||
Accounts payable | 21,344 | 4,646 |
Other current liabilities | 11,315 | (750) |
Other liabilities | (5,342) | (15,772) |
Net cash provided by operating activities | 53,984 | 30,536 |
Cash flows from investing activities: | ||
Capital expenditures | (30,846) | (35,213) |
Other | 1,687 | 4,317 |
Net cash used for investing activities | (29,159) | (30,896) |
Cash flows from financing activities: | ||
Proceeds from borrowings | 2,390 | 14,566 |
Payment on debt | (14,042) | (11,382) |
Proceeds from Stock Options Exercised | 0 | 144 |
Excess tax benefit from stock-based compensation | 0 | 758 |
Dividends paid | (810) | (807) |
Net cash provided by (used for) financing activities | (12,462) | 1,763 |
Effect of exchange rate changes on cash | 2,958 | (9,042) |
Net increase (decrease) in cash and cash equivalents | 15,321 | (7,639) |
Cash and cash equivalents, beginning of period | 200,188 | 201,451 |
Cash and cash equivalents, end of period | 215,509 | 193,812 |
Supplemental Cash Flow Information [Abstract] | ||
Interest paid | 19,827 | 19,521 |
Income taxes paid | $ 4,316 | $ 395 |
ACCOUNTING POLICIES
ACCOUNTING POLICIES | 9 Months Ended |
Sep. 30, 2016 | |
Accounting Policies [Abstract] | |
ACCOUNTING POLICIES | ACCOUNTING POLICIES In the opinion of Titan International, Inc. (Titan or the Company), the accompanying unaudited consolidated condensed financial statements contain all adjustments which are normal and recurring in nature and necessary for a fair statement of the Company's financial position as of September 30, 2016 , and the results of operations and cash flows for the three and nine months ended September 30, 2016 and 2015 . Accounting policies have continued without significant change and are described in the Description of Business and Significant Accounting Policies contained in the Company's 2015 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 2015 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, and other accruals 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) and 5.625% convertible senior subordinated notes due 2017 (convertible notes) are carried at cost of $395.6 million and $60.1 million at September 30, 2016 , respectively. The fair value of the senior secured notes at September 30, 2016 , as obtained through an independent pricing source, was approximately $380.0 million . Cash dividends The Company declared cash dividends of $0.005 and $0.015 per share of common stock for each of the three and nine months ended September 30, 2016 and 2015 . The third quarter 2016 cash dividend of $0.005 per share of common stock was paid October 14, 2016, to shareholders of record on September 30, 2016. 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. Recently issued accounting standards In May 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2014-09, "Revenue from Contracts with Customers (Topic 606)." This update supersedes the revenue recognition requirements in "Topic 605, Revenue Recognition". The core principle of this guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. This guidance also requires disclosure about the nature, timing, and uncertainty of revenue and cash flows arising from contracts with customers. The amendments in this update were deferred by ASU No. 2015-14, "Revenue from Contracts with Customers (Topic 606) Deferral of Effective Date", and are now effective for annual reporting periods beginning after December 15, 2017, including interim reporting periods within that reporting period. The Company will adopt the guidance in the year beginning on January 1, 2018, and is currently assessing the impact that adopting this new accounting guidance will have on the Company's consolidated financial statements. In April 2015, the FASB issued ASU No. 2015-03, "Simplifying the Presentation of Debt Issuance Costs." This update amends existing guidance to require that debt issuance costs related to a recognized debt liability be presented on the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The amendments in this update were effective for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. As a result of adopting this update, $5 million of debt issuance cost was reclassified from other long-term assets to long-term debt as of December 31, 2015. In February 2016, the FASB issued ASU No. 2016-02, "Leases (Topic 842)." This update was issued to increase transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements. The amendments in this update are effective for fiscal years beginning after December 15, 2018, including 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. In March 2016, the FASB issued ASU No. 2016-07, "Simplifying the Transition to Equity Method of Accounting." This update eliminates the requirement to retroactively adopt the equity method of accounting when an investment qualifies for use of the equity method as a result of the increase in the level of ownership. The amendments in this update are effective for fiscal years, including interim periods within those years, beginning after December 15, 2016. Early application is permitted. The Company is currently assessing the impact that adopting this new accounting guidance will have on the Company's consolidated financial statements. In March 2016, the FASB issued ASU No. 2016-09, "Improvements to Employee Share-Based Payment Accounting." This update involves several aspects of the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. The amendments in this update are effective for annual periods beginning after December 15, 2016, and interim periods within those annual periods. Early adoption is permitted in any interim or annual period. The Company is currently assessing the impact that adopting this new accounting guidance will have on the Company's consolidated financial statements. In April 2016, the FASB issued ASU No. 2016-10, "Identifying Performance Obligations and Licensing." This ASU clarifies the following aspects of Topic 606: identifying performance obligations and the licensing implementation guidance. In May 2016, the FASB issued ASU No. 2016-12, "Narrow-Scope Improvements and Practical Expedients." This ASU affects only narrow aspects of Topic 606 related to: assessing the collectability criterion; presentation of sales tax; noncash consideration; and contract modifications and completed contracts at transition. The amendments in these updates affect the guidance in ASU 2014-09, and the effective dates are the same as those for ASU No. 2014-09. In August 2016, the FASB issued ASU No. 2016-15, "Classification of Certain Cash Receipts and Cash Payments." This update addresses eight specific cash flow issues with the objective of reducing the existing diversity in practice. The amendments in this update are effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. Early adoption is permitted in any interim or annual period. The adoption of this guidance is not expected to have a material effect on the Company's consolidated financial statements. Reclassification Certain amounts from prior years have been reclassified to conform to the current year's presentation. The Company has implemented new technology resources which allow for more accurate segregation of sales and profit by segment. The previous year segment information has been updated to be consistent. |
ACCOUNTS RECEIVABLE
ACCOUNTS RECEIVABLE | 9 Months Ended |
Sep. 30, 2016 | |
Receivables [Abstract] | |
ACCOUNTS RECEIVABLE | ACCOUNTS RECEIVABLE Accounts receivable consisted of the following (amounts in thousands): September 30, December 31, Accounts receivable $ 188,369 $ 181,916 Allowance for doubtful accounts (4,017 ) (4,527 ) Accounts receivable, net $ 184,352 $ 177,389 Accounts receivable are reduced by an allowance for doubtful accounts which is based on historical losses. |
INVENTORIES
INVENTORIES | 9 Months Ended |
Sep. 30, 2016 | |
Inventory Disclosure [Abstract] | |
Inventory Disclosure [Text Block] | INVENTORIES Inventories consisted of the following (amounts in thousands): September 30, December 31, Raw material $ 78,046 $ 85,490 Work-in-process 33,174 31,866 Finished goods 170,422 158,997 281,642 276,353 Adjustment to LIFO (3,559 ) (6,562 ) $ 278,083 $ 269,791 Inventories are valued at lower of cost or market. The majority of inventories are valued under the first-in, first-out (FIFO) method or average cost method. At September 30, 2016 , approximately 7% of the Company's inventories were valued under the last-in, first-out (LIFO) method compared to 8% at December 31, 2015 . |
PROPERTY, PLANT AND EQUIPMENT,
PROPERTY, PLANT AND EQUIPMENT, NET | 9 Months Ended |
Sep. 30, 2016 | |
Property, Plant and Equipment [Abstract] | |
PROPERTY, PLANT AND EQUIPMENT | PROPERTY, PLANT AND EQUIPMENT Property, plant and equipment, net consisted of the following (amounts in thousands): September 30, December 31, Land and improvements $ 46,103 $ 46,776 Buildings and improvements 238,236 241,666 Machinery and equipment 572,959 540,549 Tools, dies and molds 107,328 102,723 Construction-in-process 42,306 36,500 1,006,932 968,214 Less accumulated depreciation (559,850 ) (518,194 ) $ 447,082 $ 450,020 Depreciation on fixed assets for the nine months ended September 30, 2016 and 2015 , totaled $42.1 million and $49.3 million , respectively. Included in the total building and improvements are capital leases of $3.8 million and $3.7 million at September 30, 2016 , and December 31, 2015 , respectively. Included in the total of machinery and equipment are capital leases of $33.6 million and $33.0 million at September 30, 2016 , and December 31, 2015 , respectively. |
INTANGIBLE ASSETS
INTANGIBLE ASSETS | 9 Months Ended |
Sep. 30, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets Disclosure [Text Block] | INTANGIBLE ASSETS The components of intangible assets consisted of the following (amounts in thousands): Weighted Average Useful Lives (in Years) September 30, December 31, Amortizable intangible assets: Customer relationships 10.9 $ 14,019 $ 13,413 Patents, trademarks and other 8.5 14,531 13,237 Total at cost 28,550 26,650 Less accumulated amortization (11,199 ) (8,852 ) $ 17,351 $ 17,798 Amortization related to intangible assets for the nine months ended September 30, 2016 and 2015 , totaled $2.1 million and $2.5 million , respectively. Intangible assets are included as a component of other assets in the Consolidated Condensed Balance Sheet. The estimated aggregate amortization expense at September 30, 2016 , is as follows (amounts in thousands): October 1 - December 31, 2016 $ 974 2017 2,170 2018 2,170 2019 2,170 2020 2,170 Thereafter 7,697 $ 17,351 |
WARRANTY
WARRANTY | 9 Months Ended |
Sep. 30, 2016 | |
Product Warranties Disclosures [Abstract] | |
WARRANTY COSTS | WARRANTY Changes in the warranty liability consisted of the following (amounts in thousands): 2016 2015 Warranty liability, January 1 $ 23,120 $ 28,144 Provision for warranty liabilities 4,950 7,230 Warranty payments made (8,882 ) (9,797 ) Warranty liability, September 30 $ 19,188 $ 25,577 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 Sheet. |
REVOLVING CREDIT FACILITY AND L
REVOLVING CREDIT FACILITY AND LONG-TERM DEBT | 9 Months Ended |
Sep. 30, 2016 | |
Debt Disclosure [Abstract] | |
REVOLVING CREDIT FACILITY AND LONG-TERM DEBT | REVOLVING CREDIT FACILITY AND LONG-TERM DEBT Long-term debt consisted of the following (amounts in thousands): September 30, 2016 Principal Balance Unamortized Discount Net Carrying Amount 6.875% senior secured notes due 2020 $ 400,000 $ (4,390 ) $ 395,610 5.625% convertible senior subordinated notes due 2017 60,161 (90 ) 60,071 Titan Europe credit facilities 36,604 — 36,604 Other debt 7,644 — 7,644 Capital leases 1,190 — 1,190 Total debt 505,599 (4,480 ) 501,119 Less amounts due within one year 91,120 (90 ) 91,030 Total long-term debt $ 414,479 $ (4,390 ) $ 410,089 December 31, 2015 Principal Balance Unamortized Discount Net Carrying Amount 6.875% senior secured notes due 2020 $ 400,000 $ (4,640 ) $ 395,360 5.625% convertible senior subordinated notes due 2017 60,161 (321 ) 59,840 Titan Europe credit facilities 38,059 — 38,059 Other debt 11,531 — 11,531 Capital leases 1,875 — 1,875 Total debt 511,626 (4,961 ) 506,665 Less amounts due within one year 31,222 — 31,222 Total long-term debt $ 480,404 $ (4,961 ) $ 475,443 Aggregate maturities of long-term debt at September 30, 2016 , were as follows (amounts in thousands): October 1 - December 31, 2016 $ 30,359 2017 66,278 2018 5,148 2019 1,632 2020 402,105 Thereafter 77 $ 505,599 6.875% senior secured notes due 2020 The Company’s 6.875% senior secured notes (senior secured notes) 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. 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. See the indenture incorporated by reference to the Company's most recent Form 10-K for additional information. Titan Europe credit facilities The Titan Europe credit facilities contain borrowings from various institutions totaling $36.6 million at September 30, 2016 . 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 September 30, 2016 , an outstanding letter of credit totaled $11.6 million and the amount available under the facility totaled $43.4 million based upon eligible accounts receivable and inventory balances. During the first nine months of 2016 and at September 30, 2016 , there were no borrowings under the credit facility. Other debt Titan Brazil has working capital loans for the Sao Paulo, Brazil manufacturing facility totaling $7.6 million at September 30, 2016 . Maturity dates on this debt range from less than one year to two years and interest rates range from 5.5% to 8% . |
DERIVATIVE FINANCIAL INSTRUMENT
DERIVATIVE FINANCIAL INSTRUMENTS (Notes) | 9 Months Ended |
Sep. 30, 2016 | |
Derivative Instruments and Hedging Activities Disclosure [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 September 30, 2016 , the Company recorded currency exchange gain of $0.1 million related to these derivatives. For the nine months ended September 30, 2016 , the Company recorded currency exchange gain of $0.7 million related to these derivatives. |
REDEEMABLE NONCONTROLLING INTER
REDEEMABLE NONCONTROLLING INTEREST (Notes) | 9 Months Ended |
Sep. 30, 2016 | |
Noncontrolling Interest [Abstract] | |
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 July through December of 2018 and may require Titan to purchase the shares of OEP and RDIF, with cash or Titan common stock, at a value set by the agreement. The value set by the agreement is the greater of: the aggregate of the investment of the selling party and an amount representing an internal rate of return of 8%; or the last twelve months of EBITDA times 5.5 less net debt times the ownership percentage. The value of the redeemable noncontrolling interest has been recorded at the aggregate of the investment of the selling party and an amount representing an internal rate of return of 8%, which is currently greater. 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 the carrying value of the noncontrolling interest, the increase is adjusted directly to retained earnings of the affected entity, or additional paid-in capital if there are no available retained earnings applicable to the redeemable noncontrolling interest. In the first quarter of 2016, the Company acquired $25 million of additional shares in the consortium owning Voltyre-Prom, increasing Titan's ownership to 43% from 30% . The acquisition of shares was transacted through the conversion of an intercompany note previously held by Titan. As a result of the ownership change, the balance of the redeemable noncontrolling interest increased by $12 million which is comprised of a $3.5 million reclassification of currency translation and an $8.5 million reclassification of other equity. The following is a reconciliation of redeemable noncontrolling interest as of September 30, 2016 and 2015 (amounts in thousands): 2016 2015 Balance at January 1 $ 77,174 $ 71,192 Reclassification as a result of ownership change 12,039 — Income attributable to redeemable noncontrolling interest 1,775 (3,690 ) Currency translation 3,330 (3,288 ) Redemption value adjustment 8,475 11,401 Balance at September 30 $ 102,793 $ 75,615 This obligation approximates the cost if all remaining shares were purchased by the Company on September 30, 2016 , and is presented in the Consolidated Condensed Balance Sheet in redeemable noncontrolling interest, which is treated as mezzanine equity. |
LEASE COMMITMENTS
LEASE COMMITMENTS | 9 Months Ended |
Sep. 30, 2016 | |
Leases [Abstract] | |
LEASE COMMITMENTS | LEASE COMMITMENTS The Company leases certain buildings and equipment under operating leases. Certain lease agreements provide for renewal options, fair value purchase options, and payment of property taxes, maintenance and insurance by the Company. At September 30, 2016 , future minimum rental commitments under noncancellable operating leases with initial terms of at least one year were as follows (amounts in thousands): October 1 - December 31, 2016 $ 1,656 2017 3,536 2018 2,042 2019 1,349 2020 954 Thereafter 955 Total future minimum lease payments $ 10,492 At September 30, 2016 , the Company had assets held as capital leases with a net book value of $7.5 million included in property, plant and equipment. Total future capital lease obligations relating to these leases are as follows (amounts in thousands): October 1 - December 31, 2016 $ 722 2017 260 2018 159 2019 43 2020 6 Thereafter — Total future capital lease obligation payments 1,190 Less amount representing interest (24 ) Present value of future capital lease obligation payments $ 1,166 |
EMPLOYEE BENEFIT PLANS
EMPLOYEE BENEFIT PLANS | 9 Months Ended |
Sep. 30, 2016 | |
Compensation and Retirement Disclosure [Abstract] | |
Pension and Other Postretirement Benefits Disclosure [Text Block] | 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 a number of defined contribution plans in the U.S. and at foreign subsidiaries. The Company contributed approximately $2.9 million to the pension plans during the nine months ended September 30, 2016 , and expects to contribute approximately $0.8 million to the pension plans during the remainder of 2016. The components of net periodic pension cost consisted of the following (amounts in thousands): Three months ended Nine months ended September 30, September 30, 2016 2015 2016 2015 Service cost $ 74 $ 83 $ 386 $ 326 Interest cost 1,230 1,167 3,700 3,601 Expected return on assets (1,396 ) (1,512 ) (4,184 ) (4,549 ) Amortization of unrecognized prior service cost 35 34 103 103 Amortization of net unrecognized loss 762 729 2,289 2,187 Net periodic pension cost $ 705 $ 501 $ 2,294 $ 1,668 |
VARIABLE INTEREST ENTITIES (Not
VARIABLE INTEREST ENTITIES (Notes) | 9 Months Ended |
Sep. 30, 2016 | |
VARIABLE INTEREST ENTITIES [Abstract] | |
Variable Interest Entities Disclosure [Text Block] | VARIABLE INTEREST ENTITIES The Company holds a variable interest in three joint ventures for which the Company is the primary beneficiary. Two of the joint ventures operate distribution facilities which primarily distribute mining products. One of these facilities is located in Canada and the other is located in Australia. The Company’s variable interest in these joint ventures relates to sales of Titan product to these entities, consigned inventory and working capital loans. The third joint venture is the consortium which owns Voltyre-Prom, a leading producer of agricultural and industrial tires in Volgograd, Russia. Titan is acting as operating partner with responsibility for Voltyre-Prom’s daily operations. The Company has also provided working capital loans to Voltyre-Prom. As the primary beneficiary of these variable interest entities (VIEs), the entities’ assets, liabilities and results of operations are included in the Company’s consolidated financial statements. The other equity holders’ interests are reflected in “Net loss attributable to noncontrolling interests” in the Consolidated Condensed Statements of Operations and “Noncontrolling interests” in the Consolidated Condensed Balance Sheets. The following table summarizes the carrying amount of the entities’ assets and liabilities included in the Company’s Consolidated Condensed Balance Sheets at September 30, 2016 and December 31, 2015 (amounts in thousands): September 30, December 31, 2015 Cash and cash equivalents $ 12,805 $ 9,245 Inventory 9,300 7,993 Other current assets 12,093 13,763 Property, plant and equipment, net 29,813 25,181 Other noncurrent assets 5,113 5,179 Total assets $ 69,124 $ 61,361 Current liabilities $ 14,411 $ 12,850 Noncurrent liabilities 4,738 2,865 Total liabilities $ 19,149 $ 15,715 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 | 9 Months Ended |
Sep. 30, 2016 | |
Other Income and Expenses [Abstract] | |
ROYALTY EXPENSE | ROYALTY EXPENSE The Company has trademark license agreements with Goodyear to manufacture and sell certain farm tires under the Goodyear name. These agreements cover sales in North America, Latin America, Europe, the Middle East, Africa, Russia and other Commonwealth of Independent States countries. The North American and Latin American farm tire royalties were prepaid through March 2018 as a part of the 2011 Goodyear Latin American farm tire acquisition. The Company also has a trademark license agreement with Goodyear to manufacture and sell certain non-farm tire products in Latin America. Royalty expenses recorded were $2.3 million and $2.1 million for the quarters ended September 30, 2016 and 2015 , respectively. Royalty expenses were $6.7 million and $8.2 million for the nine months ended September 30, 2016 and 2015 , respectively. |
OTHER INCOME
OTHER INCOME | 9 Months Ended |
Sep. 30, 2016 | |
Other Income and Expenses [Abstract] | |
OTHER INCOME, NET | OTHER INCOME Other income consisted of the following (amounts in thousands): Three months ended Nine months ended September 30, September 30, 2016 2015 2016 2015 Wheels India Limited equity income $ 800 $ 515 $ 2,449 $ 1,375 Gain on sale of assets — 255 2,342 312 Interest income 929 452 2,182 2,016 Building rental income 557 253 1,528 751 Discount amortization on prepaid royalty 389 458 1,168 1,541 Investment gain (loss) related to contractual obligation investments 560 (973 ) 52 (639 ) Other income (expense) 343 (205 ) 811 975 $ 3,578 $ 755 $ 10,532 $ 6,331 |
INCOME TAXES
INCOME TAXES | 9 Months Ended |
Sep. 30, 2016 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | INCOME TAXES The Company recorded income tax benefit of $(2.1) million and expense of $0.3 million for the quarters ended September 30, 2016 and 2015 , respectively. For the nine months ended September 30, 2016 and 2015 , the Company recorded income tax expense of $2.6 million and $3.2 million . The Company's effective income tax rate was 16% and (1)% for the quarters ended September 30, 2016 and 2015, and (13%) and (10)% for the nine months ended September 30, 2016 and 2015 , respectively. The Company’s 2016 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 U.S. and certain foreign jurisdictions that incurred a full valuation allowance on deferred tax assets created by current year projected losses. In addition, the Company adjusted its net uncertain tax positions which resulted in a tax benefit of $2.5 million . 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 continues to monitor the realization of its deferred tax assets and assess the need for a valuation allowance. The Company analyzes available positive and negative evidence to determine if a valuation allowance is needed based on the weight of the evidence. This objectively verifiable evidence includes profit and loss positions and the Company weighs this analysis to determine if a valuation allowance is needed. This process requires management to make estimates, assumptions and judgments that are uncertain in nature. The Company has established valuation allowances on U.S. and certain foreign jurisdictions and continues to monitor and assess potential valuation allowances in all its jurisdictions. The Company is involved in various tax matters, some of which the outcome is uncertain. The IRS issued a final audit report in August 2016 for the tax years 2010 through 2014 and issued a notice of proposed adjustment for $6.5 million . The Company does not agree with certain proposed adjustments and responded by filing a formal protest letter with the IRS Office of Appeals. As a result of this process, the Company adjusted its uncertain tax positions to properly reflect the effectively settled positions and certain IRS proposed items which are being sent to Appeals. The Company believes that it has adequate tax reserves to address these tax matters acknowledging that the outcome and timing of these events are uncertain. |
EARNINGS PER SHARE
EARNINGS PER SHARE | 9 Months Ended |
Sep. 30, 2016 | |
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 Nine months ended September 30, September 30, 2016 2015 2016 2015 Net loss attributable to Titan $ (9,952 ) $ (31,476 ) $ (21,003 ) $ (24,473 ) Redemption value adjustment (1,367 ) (11,051 ) (8,475 ) (11,401 ) Net loss applicable to common shareholders $ (11,319 ) $ (42,527 ) $ (29,478 ) $ (35,874 ) Determination of shares: Weighted average shares outstanding (basic and diluted) 53,946 53,707 53,895 53,685 Earnings per share: Basic and diluted (0.21 ) (0.79 ) (0.55 ) (0.67 ) The effect of stock options/trusts has been excluded for the three and nine months ended September 30, 2016 and 2015, as the effect would have been antidilutive. The weighted average share amount excluded was 0.3 million for the three months ended September 30, 2016 and 0.2 million for the nine months ended September 30, 2016 . For the three and nine months ended September 30, 2015 the weighted average share amount excluded was 0.2 million . The effect of convertible notes has been excluded for the three months and nine months ended September 30, 2016 and 2015 , as the effect would have been antidilutive. The weighted average share amount excluded for convertible notes totaled 5.6 million shares for the three months and nine months ended September 30, 2016 and 2015 . |
LITIGATION
LITIGATION | 9 Months Ended |
Sep. 30, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
LITIGATION | LITIGATION The Company is a party to routine legal proceedings arising out of the normal course of business. Although it is not possible to predict with certainty the outcome of these unresolved legal actions or the range of possible loss, the Company believes at this time that none of these actions, individually or in the aggregate, will have a material adverse effect on the consolidated financial condition, results of operations or cash flows of the Company. However, due to the difficult nature of predicting unresolved and future legal claims, the Company cannot anticipate or predict the material adverse effect on its consolidated financial condition, results of operations or cash flows as a result of efforts to comply with or its liabilities pertaining to legal judgments. |
SEGMENT INFORMATION
SEGMENT INFORMATION | 9 Months Ended |
Sep. 30, 2016 | |
Segment Reporting [Abstract] | |
Segment information | SEGMENT INFORMATION The table below presents information about certain operating results of segments for the three and nine months ended September 30, 2016 and 2015 (amounts in thousands): Three months ended Nine months ended September 30, September 30, 2016 2015 2016 2015 Revenues from external customers Agricultural $ 138,568 $ 140,318 $ 438,108 $ 509,197 Earthmoving/construction 128,917 125,754 401,649 437,557 Consumer 38,710 42,764 118,446 140,208 $ 306,195 $ 308,836 $ 958,203 $ 1,086,962 Gross profit Agricultural $ 16,968 $ 13,905 $ 60,296 $ 65,522 Earthmoving/construction 11,276 8,004 36,644 36,726 Consumer 4,732 4,244 12,999 17,752 $ 32,976 $ 26,153 $ 109,939 $ 120,000 Income (loss) from operations Agricultural $ 8,267 $ 5,421 $ 35,330 $ 38,435 Earthmoving/construction 530 (2,928 ) 4,350 1,778 Consumer 1,289 698 2,174 6,663 Corporate & Unallocated (18,340 ) (17,653 ) (54,105 ) (52,998 ) Loss from operations (8,254 ) (14,462 ) (12,251 ) (6,122 ) Interest expense (8,714 ) (8,289 ) (25,208 ) (25,687 ) Foreign exchange gain (loss) 398 (15,333 ) 7,403 (5,720 ) Other income, net 3,578 755 10,532 6,331 Loss before income taxes $ (12,992 ) $ (37,329 ) $ (19,524 ) $ (31,198 ) Assets by segment were as follows (amounts in thousands): September 30, December 31, Total assets Agricultural $ 417,498 $ 426,498 Earthmoving/construction 464,930 432,616 Consumer 144,132 137,227 Corporate & Unallocated 281,496 273,889 $ 1,308,056 $ 1,270,230 |
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS | 9 Months Ended |
Sep. 30, 2016 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE MEASUREMENTS | FAIR VALUE MEASUREMENTS Accounting standards for fair value measurements establish a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value. These tiers are defined as: Level 1 – Quoted prices in active markets for identical instruments. Level 2 – Inputs other than quoted prices in active markets that are either directly or indirectly observable. Level 3 – Unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions. Assets and liabilities measured at fair value on a recurring basis consisted of the following (amounts in thousands): September 30, 2016 December 31, 2015 Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Contractual obligation investments $ 9,530 $ 9,530 $ — $ — $ 9,480 $ 9,480 $ — $ — Derivative financial instruments asset 767 — 767 — 66 — 66 — Preferred stock 250 — — 250 250 — — 250 Derivative financial instruments liability — — — — (8 ) — (8 ) — Total $ 10,547 $ 9,530 $ 767 $ 250 $ 9,788 $ 9,480 $ 58 $ 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, 2015 $ 250 Total realized and unrealized gains and losses — Balance as of September 30, 2016 $ 250 |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 9 Months Ended |
Sep. 30, 2016 | |
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; and OTR Wheel Engineering. Sales of Titan products to these companies were approximately $0.2 million and $0.6 million for the three and nine months ended September 30, 2016 , respectively, as compared to $0.7 million and $2.6 million for the three and nine months ended September 30, 2015 , respectively. Titan had trade receivables due from these companies of approximately $0.1 million at September 30, 2016 , and approximately $0.4 million at December 31, 2015 . Titan had purchases from these companies of approximately $0.1 million and $0.3 million for the three and nine months ended September 30, 2016 , respectively, as compared to $0.0 million and $0.2 million for the three and nine months ended September 30, 2015 , respectively. Sales commissions paid to the above companies were approximately $0.4 million and $1.4 million for the three and nine months ended September 30, 2016 , respectively, as compared to $0.4 million and $1.5 million for the three and nine months ended September 30, 2015 , respectively. Mr. Fred Taylor is also associated with Green Carbon, Inc. Titan owns 60.0% and Green Carbon, Inc. owns 10.0% in Titan Tire Reclamation Corporation, which is located in Alberta Canada. Titan had purchases from Green Carbon, Inc. of $2.5 million for the three and nine months ended September 30, 2015. Titan has made no purchases in 2016. 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 21.4% 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 9 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 has a 19.5% equity stake in Titan-Yuxiang Wheel (Liuzhou) Co., Ltd, a company incorporated in China. The Company has a 49.0% equity stake in Central Iowa Training and Enrichment Center, LLC, a commercial building located in Boone, IA. |
ACCUMULATED OTHER COMPREHENSIVE
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Notes) | 9 Months Ended |
Sep. 30, 2016 | |
Stockholders' Equity Note [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 July 1, 2016 $ (145,338 ) $ (25,986 ) $ (171,324 ) Currency translation adjustments (673 ) — (673 ) Defined benefit pension plan entries: Amortization of unrecognized losses and prior service cost, net of tax of $(126) — 465 465 Balance at September 30, 2016 $ (146,011 ) $ (25,521 ) $ (171,532 ) Currency Translation Adjustments Unrecognized Losses and Prior Service Cost Total Balance at January 1, 2016 $ (161,030 ) $ (26,721 ) $ (187,751 ) Currency translation adjustments 18,510 — 18,510 Defined benefit pension plan entries: Amortization of unrecognized losses and prior service cost, net of tax of $(430) — 1,200 1,200 Reclassification as a result of ownership change (3,491 ) — (3,491 ) Balance at September 30, 2016 $ (146,011 ) $ (25,521 ) $ (171,532 ) |
SUBSIDIARY GUARANTOR FINANCIAL
SUBSIDIARY GUARANTOR FINANCIAL INFORMATION | 9 Months Ended |
Sep. 30, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [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. See the indenture incorporated by reference to the Company's most recent Form 10-K for additional information. 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 September 30, 2016 Titan Intl., Inc. (Parent) Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Net sales $ — $ 114,743 $ 191,452 $ — $ 306,195 Cost of sales 87 101,517 171,615 — 273,219 Gross profit (loss) (87 ) 13,226 19,837 — 32,976 Selling, general and administrative expenses 2,556 15,407 18,385 — 36,348 Research and development expenses — 776 1,821 — 2,597 Royalty expense 125 1,296 864 — 2,285 Loss from operations (2,768 ) (4,253 ) (1,233 ) — (8,254 ) Interest expense (8,288 ) — (426 ) — (8,714 ) Intercompany interest income (expense) 470 — (470 ) — — Foreign exchange gain — — 398 — 398 Other income 1,256 62 2,260 — 3,578 Income (loss) before income taxes (9,330 ) (4,191 ) 529 — (12,992 ) Provision (benefit) for income taxes (1,935 ) (1,448 ) 1,309 — (2,074 ) Equity in earnings of subsidiaries (3,523 ) — (4,037 ) 7,560 — Net income (loss) (10,918 ) (2,743 ) (4,817 ) 7,560 (10,918 ) Net loss noncontrolling interests — — (966 ) — (966 ) Net income (loss) attributable to Titan $ (10,918 ) $ (2,743 ) $ (3,851 ) $ 7,560 $ (9,952 ) (Amounts in thousands) Consolidating Condensed Statements of Operations For the Three Months Ended September 30, 2015 Titan Intl., Inc. (Parent) Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Net sales $ — $ 138,638 $ 170,198 $ — $ 308,836 Cost of sales 196 123,052 159,435 — 282,683 Gross profit (loss) (196 ) 15,586 10,763 — 26,153 Selling, general and administrative expenses 2,118 17,490 15,904 — 35,512 Research and development expenses — 854 2,128 — 2,982 Royalty expense — 1,354 767 — 2,121 Loss from operations (2,314 ) (4,112 ) (8,036 ) — (14,462 ) Interest expense (8,041 ) — (248 ) — (8,289 ) Intercompany interest income (expense) 214 — (214 ) — — Foreign exchange gain (loss) 182 (1 ) (15,514 ) (15,333 ) Other income (expense) (410 ) 42 1,123 — 755 Loss before income taxes (10,369 ) (4,071 ) (22,889 ) — (37,329 ) Provision (benefit) for income taxes 3,429 (1,571 ) (1,575 ) — 283 Equity in earnings of subsidiaries (23,814 ) — (4,353 ) 28,167 — Net income (loss) (37,612 ) (2,500 ) (25,667 ) 28,167 (37,612 ) Net loss noncontrolling interests — — (6,136 ) — (6,136 ) Net income (loss) attributable to Titan $ (37,612 ) $ (2,500 ) $ (19,531 ) $ 28,167 $ (31,476 ) (Amounts in thousands) Consolidating Condensed Statements of Operations For the Nine Months Ended September 30, 2016 Titan Intl., Inc. (Parent) Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Net sales $ — $ 384,917 $ 573,286 $ — $ 958,203 Cost of sales 659 331,040 516,565 — 848,264 Gross profit (loss) (659 ) 53,877 56,721 — 109,939 Selling, general and administrative expenses 7,907 47,879 51,926 — 107,712 Research and development expenses — 2,221 5,569 — 7,790 Royalty expense 542 3,573 2,573 — 6,688 Income (loss) from operations (9,108 ) 204 (3,347 ) — (12,251 ) Interest expense (24,382 ) — (826 ) — (25,208 ) Intercompany interest income (expense) 1,122 — (1,122 ) — — Foreign exchange gain — 202 7,201 — 7,403 Other income 1,864 220 8,448 — 10,532 Income (loss) before income taxes (30,504 ) 626 10,354 — (19,524 ) Provision (benefit) for income taxes (2,205 ) 417 4,366 — 2,578 Equity in earnings of subsidiaries 6,197 — (6,243 ) 46 — Net income (loss) (22,102 ) 209 (255 ) 46 (22,102 ) Net loss noncontrolling interests — — (1,099 ) — (1,099 ) Net income (loss) attributable to Titan $ (22,102 ) $ 209 $ 844 $ 46 $ (21,003 ) (Amounts in thousands) Consolidating Condensed Statements of Operations For the Nine Months Ended September 30, 2015 Titan Intl., Inc. (Parent) Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Net sales $ — $ 505,945 $ 581,017 $ — $ 1,086,962 Cost of sales 634 432,331 533,997 — 966,962 Gross profit (loss) (634 ) 73,614 47,020 — 120,000 Selling, general and administrative expenses 7,369 49,626 52,039 — 109,034 Research and development expenses — 2,659 6,188 — 8,847 Royalty expense — 5,110 3,131 — 8,241 Income (loss) from operations (8,003 ) 16,219 (14,338 ) — (6,122 ) Interest expense (24,250 ) (1 ) (1,436 ) — (25,687 ) Intercompany interest income (expense) 604 — (604 ) — — Foreign exchange gain (loss) 3,272 (422 ) (8,570 ) (5,720 ) Other income 1,504 87 4,740 — 6,331 Income (loss) before income taxes (26,873 ) 15,883 (20,208 ) — (31,198 ) Provision (benefit) for income taxes 31 5,918 (2,755 ) — 3,194 Equity in earnings of subsidiaries (7,488 ) — (981 ) 8,469 — Net income (loss) (34,392 ) 9,965 (18,434 ) 8,469 (34,392 ) Net loss noncontrolling interests — — (9,919 ) — (9,919 ) Net income (loss) attributable to Titan $ (34,392 ) $ 9,965 $ (8,515 ) $ 8,469 $ (24,473 ) (Amounts in thousands) Consolidating Condensed Statements of Comprehensive Income (Loss) For the Three Months Ended September 30, 2016 Titan Intl., Inc. (Parent) Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Net income (loss) $ (10,918 ) $ (2,743 ) $ (4,817 ) $ 7,560 $ (10,918 ) Currency translation adjustment (386 ) — (386 ) 386 (386 ) Pension liability adjustments, net of tax 465 734 (269 ) (465 ) 465 Comprehensive income (loss) (10,839 ) (2,009 ) (5,472 ) 7,481 (10,839 ) Net comprehensive loss attributable to redeemable and noncontrolling interests — — (679 ) — (679 ) Comprehensive income (loss) attributable to Titan $ (10,839 ) $ (2,009 ) $ (4,793 ) $ 7,481 $ (10,160 ) (Amounts in thousands) Consolidating Condensed Statements of Comprehensive Income (Loss) For the Three Months Ended September 30, 2015 Titan Intl., Inc. (Parent) Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Net income (loss) $ (37,612 ) $ (2,500 ) $ (25,667 ) $ 28,167 $ (37,612 ) Currency translation adjustment (28,444 ) — (28,444 ) 28,444 (28,444 ) Pension liability adjustments, net of tax 472 427 45 (472 ) 472 Comprehensive income (loss) (65,584 ) (2,073 ) (54,066 ) 56,139 (65,584 ) Net comprehensive loss attributable to redeemable and noncontrolling interests — — (8,233 ) — (8,233 ) Comprehensive income (loss) attributable to Titan $ (65,584 ) $ (2,073 ) $ (45,833 ) $ 56,139 $ (57,351 ) (Amounts in thousands) Consolidating Condensed Statements of Comprehensive Income (Loss) For the Nine Months Ended September 30, 2016 Titan Intl., Inc. (Parent) Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Net income (loss) $ (22,102 ) $ 209 $ (255 ) $ 46 $ (22,102 ) Currency translation adjustment 21,545 — (21,545 ) 21,545 21,545 Pension liability adjustments, net of tax 1,200 2,202 (1,002 ) (1,200 ) 1,200 Comprehensive income (loss) 643 2,411 (22,802 ) 20,391 643 Net comprehensive income attributable to redeemable and noncontrolling interests — — 5,427 — 5,427 Comprehensive income (loss) attributable to Titan $ 643 $ 2,411 $ (28,229 ) $ 20,391 $ (4,784 ) (Amounts in thousands) Consolidating Condensed Statements of Comprehensive Income (Loss) For the Nine Months Ended September 30, 2015 Titan Intl., Inc. (Parent) Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Net income (loss) $ (34,392 ) $ 9,965 $ (18,434 ) $ 8,469 $ (34,392 ) Currency translation adjustment (69,394 ) — (69,394 ) 69,394 (69,394 ) Pension liability adjustments, net of tax 1,969 1,281 688 (1,969 ) 1,969 Comprehensive income (loss) (101,817 ) 11,246 (87,140 ) 75,894 (101,817 ) Net comprehensive loss attributable to redeemable and noncontrolling interests — — (13,150 ) — (13,150 ) Comprehensive income (loss) attributable to Titan $ (101,817 ) $ 11,246 $ (73,990 ) $ 75,894 $ (88,667 ) (Amounts in thousands) Consolidating Condensed Balance Sheets September 30, 2016 Titan Intl., Inc. (Parent) Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Assets Cash and cash equivalents $ 145,088 $ 14 $ 70,407 $ — $ 215,509 Accounts receivable, net — 52,179 132,173 — 184,352 Inventories — 72,924 205,159 — 278,083 Prepaid and other current assets 9,387 21,292 46,293 — 76,972 Total current assets 154,475 146,409 454,032 — 754,916 Property, plant and equipment, net 5,728 126,342 315,012 — 447,082 Investment in subsidiaries 759,983 — 91,974 (851,957 ) — Other assets 24,835 1,118 80,105 — 106,058 Total assets $ 945,021 $ 273,869 $ 941,123 $ (851,957 ) $ 1,308,056 Liabilities and Equity Short-term debt $ 60,071 $ — $ 30,959 $ — $ 91,030 Accounts payable 1,636 17,458 133,293 — 152,387 Other current liabilities 39,451 33,372 57,415 — 130,238 Total current liabilities 101,158 50,830 221,667 — 373,655 Long-term debt 395,610 — 14,479 — 410,089 Other long-term liabilities 27,143 17,687 56,206 — 101,036 Intercompany accounts 88,495 (294,580 ) 206,085 — — Redeemable noncontrolling interest — — 102,793 — 102,793 Titan shareholders' equity 332,615 499,932 343,478 (851,957 ) 324,068 Noncontrolling interests — — (3,585 ) — (3,585 ) Total liabilities and equity $ 945,021 $ 273,869 $ 941,123 $ (851,957 ) $ 1,308,056 (Amounts in thousands) Consolidating Condensed Balance Sheets December 31, 2015 Titan Intl., Inc. (Parent) Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Assets Cash and cash equivalents $ 142,401 $ 4 $ 57,783 $ — $ 200,188 Accounts receivable, net — 59,933 117,456 — 177,389 Inventories — 81,993 187,798 — 269,791 Prepaid and other current assets 11,101 21,133 30,399 — 62,633 Total current assets 153,502 163,063 393,436 — 710,001 Property, plant and equipment, net 8,015 138,351 303,654 — 450,020 Investment in subsidiaries 724,676 — 98,660 (823,336 ) — Other assets 29,180 1,181 79,848 — 110,209 Total assets $ 915,373 $ 302,595 $ 875,598 $ (823,336 ) $ 1,270,230 Liabilities and Equity Short-term debt $ — $ — $ 31,222 $ — $ 31,222 Accounts payable 2,215 12,386 108,553 — 123,154 Other current liabilities 30,466 41,818 43,437 — 115,721 Total current liabilities 32,681 54,204 183,212 — 270,097 Long-term debt 455,200 — 20,243 — 475,443 Other long-term liabilities 29,881 20,628 52,324 — 102,833 Intercompany accounts 52,552 (271,930 ) 219,378 — — Redeemable noncontrolling interest — — 77,174 — 77,174 Titan shareholders' equity 345,059 499,693 323,643 (823,336 ) 345,059 Noncontrolling interests — — (376 ) — (376 ) Total liabilities and equity $ 915,373 $ 302,595 $ 875,598 $ (823,336 ) $ 1,270,230 (Amounts in thousands) Consolidating Condensed Statements of Cash Flows For the Nine Months Ended September 30, 2016 Titan Intl., Inc. (Parent) Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidated Net cash provided by operating activities $ 4,154 $ 5,553 $ 44,277 $ 53,984 Cash flows from investing activities: Capital expenditures (657 ) (5,616 ) (24,573 ) (30,846 ) Other, net — 73 1,614 1,687 Net cash used for investing activities (657 ) (5,543 ) (22,959 ) (29,159 ) Cash flows from financing activities: Proceeds from borrowings — — 2,390 2,390 Payment on debt — — (14,042 ) (14,042 ) Dividends paid (810 ) — — (810 ) Net cash used for financing activities (810 ) — (11,652 ) (12,462 ) Effect of exchange rate change on cash — — 2,958 2,958 Net increase in cash and cash equivalents 2,687 10 12,624 15,321 Cash and cash equivalents, beginning of period 142,401 4 57,783 200,188 Cash and cash equivalents, end of period $ 145,088 $ 14 $ 70,407 $ 215,509 (Amounts in thousands) Consolidating Condensed Statements of Cash Flows For the Nine Months Ended September 30, 2015 Titan Intl., Inc. (Parent) Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidated Net cash provided by operating activities $ 9,581 $ 4,532 $ 16,423 $ 30,536 Cash flows from investing activities: Capital expenditures (1,121 ) (4,562 ) (29,530 ) (35,213 ) Other, net — 30 4,287 4,317 Net cash used for investing activities (1,121 ) (4,532 ) (25,243 ) (30,896 ) Cash flows from financing activities: Proceeds from borrowings — — 14,566 14,566 Payment on debt — — (11,382 ) (11,382 ) Proceeds from exercise of stock options 144 — — 144 Excess tax benefit from stock-based compensation (758 ) — — (758 ) Dividends paid (807 ) — — (807 ) Net cash provided by (used for) financing activities (1,421 ) — 3,184 1,763 Effect of exchange rate change on cash — — (9,042 ) (9,042 ) Net increase (decrease) in cash and cash equivalents 7,039 — (14,678 ) (7,639 ) Cash and cash equivalents, beginning of period 129,985 4 71,462 201,451 Cash and cash equivalents, end of period $ 137,024 $ 4 $ 56,784 $ 193,812 |
ACCOUNTING POLICIES (Policies)
ACCOUNTING POLICIES (Policies) | 9 Months Ended |
Sep. 30, 2016 | |
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, and other accruals 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) and 5.625% convertible senior subordinated notes due 2017 (convertible notes) are carried at cost of $395.6 million and $60.1 million at September 30, 2016 , respectively. The fair value of the senior secured notes at September 30, 2016 , as obtained through an independent pricing source, was approximately $380.0 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. |
New Accounting Pronouncements, Policy [Policy Text Block] | Recently issued accounting standards In May 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2014-09, "Revenue from Contracts with Customers (Topic 606)." This update supersedes the revenue recognition requirements in "Topic 605, Revenue Recognition". The core principle of this guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. This guidance also requires disclosure about the nature, timing, and uncertainty of revenue and cash flows arising from contracts with customers. The amendments in this update were deferred by ASU No. 2015-14, "Revenue from Contracts with Customers (Topic 606) Deferral of Effective Date", and are now effective for annual reporting periods beginning after December 15, 2017, including interim reporting periods within that reporting period. The Company will adopt the guidance in the year beginning on January 1, 2018, and is currently assessing the impact that adopting this new accounting guidance will have on the Company's consolidated financial statements. In April 2015, the FASB issued ASU No. 2015-03, "Simplifying the Presentation of Debt Issuance Costs." This update amends existing guidance to require that debt issuance costs related to a recognized debt liability be presented on the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The amendments in this update were effective for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. As a result of adopting this update, $5 million of debt issuance cost was reclassified from other long-term assets to long-term debt as of December 31, 2015. In February 2016, the FASB issued ASU No. 2016-02, "Leases (Topic 842)." This update was issued to increase transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements. The amendments in this update are effective for fiscal years beginning after December 15, 2018, including 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. In March 2016, the FASB issued ASU No. 2016-07, "Simplifying the Transition to Equity Method of Accounting." This update eliminates the requirement to retroactively adopt the equity method of accounting when an investment qualifies for use of the equity method as a result of the increase in the level of ownership. The amendments in this update are effective for fiscal years, including interim periods within those years, beginning after December 15, 2016. Early application is permitted. The Company is currently assessing the impact that adopting this new accounting guidance will have on the Company's consolidated financial statements. In March 2016, the FASB issued ASU No. 2016-09, "Improvements to Employee Share-Based Payment Accounting." This update involves several aspects of the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. The amendments in this update are effective for annual periods beginning after December 15, 2016, and interim periods within those annual periods. Early adoption is permitted in any interim or annual period. The Company is currently assessing the impact that adopting this new accounting guidance will have on the Company's consolidated financial statements. In April 2016, the FASB issued ASU No. 2016-10, "Identifying Performance Obligations and Licensing." This ASU clarifies the following aspects of Topic 606: identifying performance obligations and the licensing implementation guidance. In May 2016, the FASB issued ASU No. 2016-12, "Narrow-Scope Improvements and Practical Expedients." This ASU affects only narrow aspects of Topic 606 related to: assessing the collectability criterion; presentation of sales tax; noncash consideration; and contract modifications and completed contracts at transition. The amendments in these updates affect the guidance in ASU 2014-09, and the effective dates are the same as those for ASU No. 2014-09. In August 2016, the FASB issued ASU No. 2016-15, "Classification of Certain Cash Receipts and Cash Payments." This update addresses eight specific cash flow issues with the objective of reducing the existing diversity in practice. The amendments in this update are effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. Early adoption is permitted in any interim or annual period. The adoption of this guidance is not expected to have a material effect on the Company's consolidated financial statements. |
Reclassification, Policy [Policy Text Block] | Reclassification Certain amounts from prior years have been reclassified to conform to the current year's presentation. The Company has implemented new technology resources which allow for more accurate segregation of sales and profit by segment. The previous year segment information has been updated to be consistent. |
ACCOUNTS RECEIVABLE (Tables)
ACCOUNTS RECEIVABLE (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Receivables [Abstract] | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | Accounts receivable consisted of the following (amounts in thousands): September 30, December 31, Accounts receivable $ 188,369 $ 181,916 Allowance for doubtful accounts (4,017 ) (4,527 ) Accounts receivable, net $ 184,352 $ 177,389 |
INVENTORIES (Tables)
INVENTORIES (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventory, Current [Table Text Block] | Inventories consisted of the following (amounts in thousands): September 30, December 31, Raw material $ 78,046 $ 85,490 Work-in-process 33,174 31,866 Finished goods 170,422 158,997 281,642 276,353 Adjustment to LIFO (3,559 ) (6,562 ) $ 278,083 $ 269,791 |
PROPERTY, PLANT AND EQUIPMENT34
PROPERTY, PLANT AND EQUIPMENT, NET (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment [Table Text Block] | Property, plant and equipment, net consisted of the following (amounts in thousands): September 30, December 31, Land and improvements $ 46,103 $ 46,776 Buildings and improvements 238,236 241,666 Machinery and equipment 572,959 540,549 Tools, dies and molds 107,328 102,723 Construction-in-process 42,306 36,500 1,006,932 968,214 Less accumulated depreciation (559,850 ) (518,194 ) $ 447,082 $ 450,020 |
INTANGIBLE ASSETS (Tables)
INTANGIBLE ASSETS (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Intangible Assets and Goodwill [Table Text Block] | The components of intangible assets consisted of the following (amounts in thousands): Weighted Average Useful Lives (in Years) September 30, December 31, Amortizable intangible assets: Customer relationships 10.9 $ 14,019 $ 13,413 Patents, trademarks and other 8.5 14,531 13,237 Total at cost 28,550 26,650 Less accumulated amortization (11,199 ) (8,852 ) $ 17,351 $ 17,798 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | The estimated aggregate amortization expense at September 30, 2016 , is as follows (amounts in thousands): October 1 - December 31, 2016 $ 974 2017 2,170 2018 2,170 2019 2,170 2020 2,170 Thereafter 7,697 $ 17,351 |
WARRANTY (Tables)
WARRANTY (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Product Warranties Disclosures [Abstract] | |
Schedule of Product Warranty Liability [Table Text Block] | Changes in the warranty liability consisted of the following (amounts in thousands): 2016 2015 Warranty liability, January 1 $ 23,120 $ 28,144 Provision for warranty liabilities 4,950 7,230 Warranty payments made (8,882 ) (9,797 ) Warranty liability, September 30 $ 19,188 $ 25,577 |
REVOLVING CREDIT FACILITY AND37
REVOLVING CREDIT FACILITY AND LONG-TERM DEBT (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Debt Instrument [Line Items] | |
Schedule of Long-term Debt Instruments [Table Text Block] | Long-term debt consisted of the following (amounts in thousands): September 30, 2016 Principal Balance Unamortized Discount Net Carrying Amount 6.875% senior secured notes due 2020 $ 400,000 $ (4,390 ) $ 395,610 5.625% convertible senior subordinated notes due 2017 60,161 (90 ) 60,071 Titan Europe credit facilities 36,604 — 36,604 Other debt 7,644 — 7,644 Capital leases 1,190 — 1,190 Total debt 505,599 (4,480 ) 501,119 Less amounts due within one year 91,120 (90 ) 91,030 Total long-term debt $ 414,479 $ (4,390 ) $ 410,089 December 31, 2015 Principal Balance Unamortized Discount Net Carrying Amount 6.875% senior secured notes due 2020 $ 400,000 $ (4,640 ) $ 395,360 5.625% convertible senior subordinated notes due 2017 60,161 (321 ) 59,840 Titan Europe credit facilities 38,059 — 38,059 Other debt 11,531 — 11,531 Capital leases 1,875 — 1,875 Total debt 511,626 (4,961 ) 506,665 Less amounts due within one year 31,222 — 31,222 Total long-term debt $ 480,404 $ (4,961 ) $ 475,443 |
Schedule of Maturities of Long-term Debt [Table Text Block] | Aggregate maturities of long-term debt at September 30, 2016 , were as follows (amounts in thousands): October 1 - December 31, 2016 $ 30,359 2017 66,278 2018 5,148 2019 1,632 2020 402,105 Thereafter 77 $ 505,599 |
REDEEMABLE NONCONTROLLING INT38
REDEEMABLE NONCONTROLLING INTEREST (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Noncontrolling Interest [Abstract] | |
Redeemable Noncontrolling Interest [Table Text Block] | The following is a reconciliation of redeemable noncontrolling interest as of September 30, 2016 and 2015 (amounts in thousands): 2016 2015 Balance at January 1 $ 77,174 $ 71,192 Reclassification as a result of ownership change 12,039 — Income attributable to redeemable noncontrolling interest 1,775 (3,690 ) Currency translation 3,330 (3,288 ) Redemption value adjustment 8,475 11,401 Balance at September 30 $ 102,793 $ 75,615 |
LEASE COMMITMENTS (Tables)
LEASE COMMITMENTS (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Leases [Abstract] | |
Operating Leases of Lessee Disclosure [Table Text Block] | At September 30, 2016 , future minimum rental commitments under noncancellable operating leases with initial terms of at least one year were as follows (amounts in thousands): October 1 - December 31, 2016 $ 1,656 2017 3,536 2018 2,042 2019 1,349 2020 954 Thereafter 955 Total future minimum lease payments $ 10,492 |
Schedule of Future Minimum Lease Payments for Capital Leases [Table Text Block] | At September 30, 2016 , the Company had assets held as capital leases with a net book value of $7.5 million included in property, plant and equipment. Total future capital lease obligations relating to these leases are as follows (amounts in thousands): October 1 - December 31, 2016 $ 722 2017 260 2018 159 2019 43 2020 6 Thereafter — Total future capital lease obligation payments 1,190 Less amount representing interest (24 ) Present value of future capital lease obligation payments $ 1,166 |
EMPLOYEE BENEFIT PLANS (Tables)
EMPLOYEE BENEFIT PLANS (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Compensation and Retirement Disclosure [Abstract] | |
Schedule of Defined Benefit Plans Disclosures [Table Text Block] | The components of net periodic pension cost consisted of the following (amounts in thousands): Three months ended Nine months ended September 30, September 30, 2016 2015 2016 2015 Service cost $ 74 $ 83 $ 386 $ 326 Interest cost 1,230 1,167 3,700 3,601 Expected return on assets (1,396 ) (1,512 ) (4,184 ) (4,549 ) Amortization of unrecognized prior service cost 35 34 103 103 Amortization of net unrecognized loss 762 729 2,289 2,187 Net periodic pension cost $ 705 $ 501 $ 2,294 $ 1,668 |
VARIABLE INTEREST ENTITIES (Tab
VARIABLE INTEREST ENTITIES (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
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 September 30, 2016 and December 31, 2015 (amounts in thousands): September 30, December 31, 2015 Cash and cash equivalents $ 12,805 $ 9,245 Inventory 9,300 7,993 Other current assets 12,093 13,763 Property, plant and equipment, net 29,813 25,181 Other noncurrent assets 5,113 5,179 Total assets $ 69,124 $ 61,361 Current liabilities $ 14,411 $ 12,850 Noncurrent liabilities 4,738 2,865 Total liabilities $ 19,149 $ 15,715 |
OTHER INCOME (Tables)
OTHER INCOME (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Other Income and Expenses [Abstract] | |
Other Income [Table Text Block] | Other income consisted of the following (amounts in thousands): Three months ended Nine months ended September 30, September 30, 2016 2015 2016 2015 Wheels India Limited equity income $ 800 $ 515 $ 2,449 $ 1,375 Gain on sale of assets — 255 2,342 312 Interest income 929 452 2,182 2,016 Building rental income 557 253 1,528 751 Discount amortization on prepaid royalty 389 458 1,168 1,541 Investment gain (loss) related to contractual obligation investments 560 (973 ) 52 (639 ) Other income (expense) 343 (205 ) 811 975 $ 3,578 $ 755 $ 10,532 $ 6,331 |
EARNINGS PER SHARE (Tables)
EARNINGS PER SHARE (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Earnings per share (EPS) were as follows (amounts in thousands, except per share data): Three months ended Nine months ended September 30, September 30, 2016 2015 2016 2015 Net loss attributable to Titan $ (9,952 ) $ (31,476 ) $ (21,003 ) $ (24,473 ) Redemption value adjustment (1,367 ) (11,051 ) (8,475 ) (11,401 ) Net loss applicable to common shareholders $ (11,319 ) $ (42,527 ) $ (29,478 ) $ (35,874 ) Determination of shares: Weighted average shares outstanding (basic and diluted) 53,946 53,707 53,895 53,685 Earnings per share: Basic and diluted (0.21 ) (0.79 ) (0.55 ) (0.67 ) |
SEGMENT INFORMATION (Tables)
SEGMENT INFORMATION (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
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 for the three and nine months ended September 30, 2016 and 2015 (amounts in thousands): Three months ended Nine months ended September 30, September 30, 2016 2015 2016 2015 Revenues from external customers Agricultural $ 138,568 $ 140,318 $ 438,108 $ 509,197 Earthmoving/construction 128,917 125,754 401,649 437,557 Consumer 38,710 42,764 118,446 140,208 $ 306,195 $ 308,836 $ 958,203 $ 1,086,962 Gross profit Agricultural $ 16,968 $ 13,905 $ 60,296 $ 65,522 Earthmoving/construction 11,276 8,004 36,644 36,726 Consumer 4,732 4,244 12,999 17,752 $ 32,976 $ 26,153 $ 109,939 $ 120,000 Income (loss) from operations Agricultural $ 8,267 $ 5,421 $ 35,330 $ 38,435 Earthmoving/construction 530 (2,928 ) 4,350 1,778 Consumer 1,289 698 2,174 6,663 Corporate & Unallocated (18,340 ) (17,653 ) (54,105 ) (52,998 ) Loss from operations (8,254 ) (14,462 ) (12,251 ) (6,122 ) Interest expense (8,714 ) (8,289 ) (25,208 ) (25,687 ) Foreign exchange gain (loss) 398 (15,333 ) 7,403 (5,720 ) Other income, net 3,578 755 10,532 6,331 Loss before income taxes $ (12,992 ) $ (37,329 ) $ (19,524 ) $ (31,198 ) Assets by segment were as follows (amounts in thousands): September 30, December 31, Total assets Agricultural $ 417,498 $ 426,498 Earthmoving/construction 464,930 432,616 Consumer 144,132 137,227 Corporate & Unallocated 281,496 273,889 $ 1,308,056 $ 1,270,230 |
FAIR VALUE MEASUREMENTS (Tables
FAIR VALUE MEASUREMENTS (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Fair Value Disclosures [Abstract] | |
Fair Value, Measurement Inputs, Disclosure [Table Text Block] | Assets and liabilities measured at fair value on a recurring basis consisted of the following (amounts in thousands): September 30, 2016 December 31, 2015 Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Contractual obligation investments $ 9,530 $ 9,530 $ — $ — $ 9,480 $ 9,480 $ — $ — Derivative financial instruments asset 767 — 767 — 66 — 66 — Preferred stock 250 — — 250 250 — — 250 Derivative financial instruments liability — — — — (8 ) — (8 ) — Total $ 10,547 $ 9,530 $ 767 $ 250 $ 9,788 $ 9,480 $ 58 $ 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, 2015 $ 250 Total realized and unrealized gains and losses — Balance as of September 30, 2016 $ 250 |
ACCUMULATED OTHER COMPREHENSI46
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Stockholders' Equity Note [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 July 1, 2016 $ (145,338 ) $ (25,986 ) $ (171,324 ) Currency translation adjustments (673 ) — (673 ) Defined benefit pension plan entries: Amortization of unrecognized losses and prior service cost, net of tax of $(126) — 465 465 Balance at September 30, 2016 $ (146,011 ) $ (25,521 ) $ (171,532 ) Currency Translation Adjustments Unrecognized Losses and Prior Service Cost Total Balance at January 1, 2016 $ (161,030 ) $ (26,721 ) $ (187,751 ) Currency translation adjustments 18,510 — 18,510 Defined benefit pension plan entries: Amortization of unrecognized losses and prior service cost, net of tax of $(430) — 1,200 1,200 Reclassification as a result of ownership change (3,491 ) — (3,491 ) Balance at September 30, 2016 $ (146,011 ) $ (25,521 ) $ (171,532 ) |
SUBSIDIARY GUARANTOR FINANCIA47
SUBSIDIARY GUARANTOR FINANCIAL INFORMATION (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Condensed Income Statement [Table Text Block] | (Amounts in thousands) Consolidating Condensed Statements of Operations For the Three Months Ended September 30, 2016 Titan Intl., Inc. (Parent) Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Net sales $ — $ 114,743 $ 191,452 $ — $ 306,195 Cost of sales 87 101,517 171,615 — 273,219 Gross profit (loss) (87 ) 13,226 19,837 — 32,976 Selling, general and administrative expenses 2,556 15,407 18,385 — 36,348 Research and development expenses — 776 1,821 — 2,597 Royalty expense 125 1,296 864 — 2,285 Loss from operations (2,768 ) (4,253 ) (1,233 ) — (8,254 ) Interest expense (8,288 ) — (426 ) — (8,714 ) Intercompany interest income (expense) 470 — (470 ) — — Foreign exchange gain — — 398 — 398 Other income 1,256 62 2,260 — 3,578 Income (loss) before income taxes (9,330 ) (4,191 ) 529 — (12,992 ) Provision (benefit) for income taxes (1,935 ) (1,448 ) 1,309 — (2,074 ) Equity in earnings of subsidiaries (3,523 ) — (4,037 ) 7,560 — Net income (loss) (10,918 ) (2,743 ) (4,817 ) 7,560 (10,918 ) Net loss noncontrolling interests — — (966 ) — (966 ) Net income (loss) attributable to Titan $ (10,918 ) $ (2,743 ) $ (3,851 ) $ 7,560 $ (9,952 ) (Amounts in thousands) Consolidating Condensed Statements of Operations For the Three Months Ended September 30, 2015 Titan Intl., Inc. (Parent) Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Net sales $ — $ 138,638 $ 170,198 $ — $ 308,836 Cost of sales 196 123,052 159,435 — 282,683 Gross profit (loss) (196 ) 15,586 10,763 — 26,153 Selling, general and administrative expenses 2,118 17,490 15,904 — 35,512 Research and development expenses — 854 2,128 — 2,982 Royalty expense — 1,354 767 — 2,121 Loss from operations (2,314 ) (4,112 ) (8,036 ) — (14,462 ) Interest expense (8,041 ) — (248 ) — (8,289 ) Intercompany interest income (expense) 214 — (214 ) — — Foreign exchange gain (loss) 182 (1 ) (15,514 ) (15,333 ) Other income (expense) (410 ) 42 1,123 — 755 Loss before income taxes (10,369 ) (4,071 ) (22,889 ) — (37,329 ) Provision (benefit) for income taxes 3,429 (1,571 ) (1,575 ) — 283 Equity in earnings of subsidiaries (23,814 ) — (4,353 ) 28,167 — Net income (loss) (37,612 ) (2,500 ) (25,667 ) 28,167 (37,612 ) Net loss noncontrolling interests — — (6,136 ) — (6,136 ) Net income (loss) attributable to Titan $ (37,612 ) $ (2,500 ) $ (19,531 ) $ 28,167 $ (31,476 ) (Amounts in thousands) Consolidating Condensed Statements of Operations For the Nine Months Ended September 30, 2016 Titan Intl., Inc. (Parent) Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Net sales $ — $ 384,917 $ 573,286 $ — $ 958,203 Cost of sales 659 331,040 516,565 — 848,264 Gross profit (loss) (659 ) 53,877 56,721 — 109,939 Selling, general and administrative expenses 7,907 47,879 51,926 — 107,712 Research and development expenses — 2,221 5,569 — 7,790 Royalty expense 542 3,573 2,573 — 6,688 Income (loss) from operations (9,108 ) 204 (3,347 ) — (12,251 ) Interest expense (24,382 ) — (826 ) — (25,208 ) Intercompany interest income (expense) 1,122 — (1,122 ) — — Foreign exchange gain — 202 7,201 — 7,403 Other income 1,864 220 8,448 — 10,532 Income (loss) before income taxes (30,504 ) 626 10,354 — (19,524 ) Provision (benefit) for income taxes (2,205 ) 417 4,366 — 2,578 Equity in earnings of subsidiaries 6,197 — (6,243 ) 46 — Net income (loss) (22,102 ) 209 (255 ) 46 (22,102 ) Net loss noncontrolling interests — — (1,099 ) — (1,099 ) Net income (loss) attributable to Titan $ (22,102 ) $ 209 $ 844 $ 46 $ (21,003 ) (Amounts in thousands) Consolidating Condensed Statements of Operations For the Nine Months Ended September 30, 2015 Titan Intl., Inc. (Parent) Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Net sales $ — $ 505,945 $ 581,017 $ — $ 1,086,962 Cost of sales 634 432,331 533,997 — 966,962 Gross profit (loss) (634 ) 73,614 47,020 — 120,000 Selling, general and administrative expenses 7,369 49,626 52,039 — 109,034 Research and development expenses — 2,659 6,188 — 8,847 Royalty expense — 5,110 3,131 — 8,241 Income (loss) from operations (8,003 ) 16,219 (14,338 ) — (6,122 ) Interest expense (24,250 ) (1 ) (1,436 ) — (25,687 ) Intercompany interest income (expense) 604 — (604 ) — — Foreign exchange gain (loss) 3,272 (422 ) (8,570 ) (5,720 ) Other income 1,504 87 4,740 — 6,331 Income (loss) before income taxes (26,873 ) 15,883 (20,208 ) — (31,198 ) Provision (benefit) for income taxes 31 5,918 (2,755 ) — 3,194 Equity in earnings of subsidiaries (7,488 ) — (981 ) 8,469 — Net income (loss) (34,392 ) 9,965 (18,434 ) 8,469 (34,392 ) Net loss noncontrolling interests — — (9,919 ) — (9,919 ) Net income (loss) attributable to Titan $ (34,392 ) $ 9,965 $ (8,515 ) $ 8,469 $ (24,473 ) |
Condensed Statement of Comprehensive Income [Table Text Block] | (Amounts in thousands) Consolidating Condensed Statements of Comprehensive Income (Loss) For the Three Months Ended September 30, 2016 Titan Intl., Inc. (Parent) Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Net income (loss) $ (10,918 ) $ (2,743 ) $ (4,817 ) $ 7,560 $ (10,918 ) Currency translation adjustment (386 ) — (386 ) 386 (386 ) Pension liability adjustments, net of tax 465 734 (269 ) (465 ) 465 Comprehensive income (loss) (10,839 ) (2,009 ) (5,472 ) 7,481 (10,839 ) Net comprehensive loss attributable to redeemable and noncontrolling interests — — (679 ) — (679 ) Comprehensive income (loss) attributable to Titan $ (10,839 ) $ (2,009 ) $ (4,793 ) $ 7,481 $ (10,160 ) (Amounts in thousands) Consolidating Condensed Statements of Comprehensive Income (Loss) For the Three Months Ended September 30, 2015 Titan Intl., Inc. (Parent) Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Net income (loss) $ (37,612 ) $ (2,500 ) $ (25,667 ) $ 28,167 $ (37,612 ) Currency translation adjustment (28,444 ) — (28,444 ) 28,444 (28,444 ) Pension liability adjustments, net of tax 472 427 45 (472 ) 472 Comprehensive income (loss) (65,584 ) (2,073 ) (54,066 ) 56,139 (65,584 ) Net comprehensive loss attributable to redeemable and noncontrolling interests — — (8,233 ) — (8,233 ) Comprehensive income (loss) attributable to Titan $ (65,584 ) $ (2,073 ) $ (45,833 ) $ 56,139 $ (57,351 ) (Amounts in thousands) Consolidating Condensed Statements of Comprehensive Income (Loss) For the Nine Months Ended September 30, 2016 Titan Intl., Inc. (Parent) Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Net income (loss) $ (22,102 ) $ 209 $ (255 ) $ 46 $ (22,102 ) Currency translation adjustment 21,545 — (21,545 ) 21,545 21,545 Pension liability adjustments, net of tax 1,200 2,202 (1,002 ) (1,200 ) 1,200 Comprehensive income (loss) 643 2,411 (22,802 ) 20,391 643 Net comprehensive income attributable to redeemable and noncontrolling interests — — 5,427 — 5,427 Comprehensive income (loss) attributable to Titan $ 643 $ 2,411 $ (28,229 ) $ 20,391 $ (4,784 ) (Amounts in thousands) Consolidating Condensed Statements of Comprehensive Income (Loss) For the Nine Months Ended September 30, 2015 Titan Intl., Inc. (Parent) Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Net income (loss) $ (34,392 ) $ 9,965 $ (18,434 ) $ 8,469 $ (34,392 ) Currency translation adjustment (69,394 ) — (69,394 ) 69,394 (69,394 ) Pension liability adjustments, net of tax 1,969 1,281 688 (1,969 ) 1,969 Comprehensive income (loss) (101,817 ) 11,246 (87,140 ) 75,894 (101,817 ) Net comprehensive loss attributable to redeemable and noncontrolling interests — — (13,150 ) — (13,150 ) Comprehensive income (loss) attributable to Titan $ (101,817 ) $ 11,246 $ (73,990 ) $ 75,894 $ (88,667 ) |
Condensed Balance Sheet [Table Text Block] | (Amounts in thousands) Consolidating Condensed Balance Sheets September 30, 2016 Titan Intl., Inc. (Parent) Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Assets Cash and cash equivalents $ 145,088 $ 14 $ 70,407 $ — $ 215,509 Accounts receivable, net — 52,179 132,173 — 184,352 Inventories — 72,924 205,159 — 278,083 Prepaid and other current assets 9,387 21,292 46,293 — 76,972 Total current assets 154,475 146,409 454,032 — 754,916 Property, plant and equipment, net 5,728 126,342 315,012 — 447,082 Investment in subsidiaries 759,983 — 91,974 (851,957 ) — Other assets 24,835 1,118 80,105 — 106,058 Total assets $ 945,021 $ 273,869 $ 941,123 $ (851,957 ) $ 1,308,056 Liabilities and Equity Short-term debt $ 60,071 $ — $ 30,959 $ — $ 91,030 Accounts payable 1,636 17,458 133,293 — 152,387 Other current liabilities 39,451 33,372 57,415 — 130,238 Total current liabilities 101,158 50,830 221,667 — 373,655 Long-term debt 395,610 — 14,479 — 410,089 Other long-term liabilities 27,143 17,687 56,206 — 101,036 Intercompany accounts 88,495 (294,580 ) 206,085 — — Redeemable noncontrolling interest — — 102,793 — 102,793 Titan shareholders' equity 332,615 499,932 343,478 (851,957 ) 324,068 Noncontrolling interests — — (3,585 ) — (3,585 ) Total liabilities and equity $ 945,021 $ 273,869 $ 941,123 $ (851,957 ) $ 1,308,056 (Amounts in thousands) Consolidating Condensed Balance Sheets December 31, 2015 Titan Intl., Inc. (Parent) Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Assets Cash and cash equivalents $ 142,401 $ 4 $ 57,783 $ — $ 200,188 Accounts receivable, net — 59,933 117,456 — 177,389 Inventories — 81,993 187,798 — 269,791 Prepaid and other current assets 11,101 21,133 30,399 — 62,633 Total current assets 153,502 163,063 393,436 — 710,001 Property, plant and equipment, net 8,015 138,351 303,654 — 450,020 Investment in subsidiaries 724,676 — 98,660 (823,336 ) — Other assets 29,180 1,181 79,848 — 110,209 Total assets $ 915,373 $ 302,595 $ 875,598 $ (823,336 ) $ 1,270,230 Liabilities and Equity Short-term debt $ — $ — $ 31,222 $ — $ 31,222 Accounts payable 2,215 12,386 108,553 — 123,154 Other current liabilities 30,466 41,818 43,437 — 115,721 Total current liabilities 32,681 54,204 183,212 — 270,097 Long-term debt 455,200 — 20,243 — 475,443 Other long-term liabilities 29,881 20,628 52,324 — 102,833 Intercompany accounts 52,552 (271,930 ) 219,378 — — Redeemable noncontrolling interest — — 77,174 — 77,174 Titan shareholders' equity 345,059 499,693 323,643 (823,336 ) 345,059 Noncontrolling interests — — (376 ) — (376 ) Total liabilities and equity $ 915,373 $ 302,595 $ 875,598 $ (823,336 ) $ 1,270,230 |
Condensed Cash Flow Statement [Table Text Block] | (Amounts in thousands) Consolidating Condensed Statements of Cash Flows For the Nine Months Ended September 30, 2016 Titan Intl., Inc. (Parent) Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidated Net cash provided by operating activities $ 4,154 $ 5,553 $ 44,277 $ 53,984 Cash flows from investing activities: Capital expenditures (657 ) (5,616 ) (24,573 ) (30,846 ) Other, net — 73 1,614 1,687 Net cash used for investing activities (657 ) (5,543 ) (22,959 ) (29,159 ) Cash flows from financing activities: Proceeds from borrowings — — 2,390 2,390 Payment on debt — — (14,042 ) (14,042 ) Dividends paid (810 ) — — (810 ) Net cash used for financing activities (810 ) — (11,652 ) (12,462 ) Effect of exchange rate change on cash — — 2,958 2,958 Net increase in cash and cash equivalents 2,687 10 12,624 15,321 Cash and cash equivalents, beginning of period 142,401 4 57,783 200,188 Cash and cash equivalents, end of period $ 145,088 $ 14 $ 70,407 $ 215,509 (Amounts in thousands) Consolidating Condensed Statements of Cash Flows For the Nine Months Ended September 30, 2015 Titan Intl., Inc. (Parent) Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidated Net cash provided by operating activities $ 9,581 $ 4,532 $ 16,423 $ 30,536 Cash flows from investing activities: Capital expenditures (1,121 ) (4,562 ) (29,530 ) (35,213 ) Other, net — 30 4,287 4,317 Net cash used for investing activities (1,121 ) (4,532 ) (25,243 ) (30,896 ) Cash flows from financing activities: Proceeds from borrowings — — 14,566 14,566 Payment on debt — — (11,382 ) (11,382 ) Proceeds from exercise of stock options 144 — — 144 Excess tax benefit from stock-based compensation (758 ) — — (758 ) Dividends paid (807 ) — — (807 ) Net cash provided by (used for) financing activities (1,421 ) — 3,184 1,763 Effect of exchange rate change on cash — — (9,042 ) (9,042 ) Net increase (decrease) in cash and cash equivalents 7,039 — (14,678 ) (7,639 ) Cash and cash equivalents, beginning of period 129,985 4 71,462 201,451 Cash and cash equivalents, end of period $ 137,024 $ 4 $ 56,784 $ 193,812 |
ACCOUNTING POLICIES (Details)
ACCOUNTING POLICIES (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | Dec. 31, 2015 | |
Organization And Accounting Policies [Line Items] | |||||
Debt Instrument, Unamortized Discount (Premium), Net | $ 4,390 | $ 4,390 | |||
Senior Notes | 395,600 | 395,600 | |||
Long-term Debt | 501,119 | 501,119 | $ 506,665 | ||
Debt Instrument, Fair Value Disclosure | $ 380,000 | $ 380,000 | |||
Common Stock, Dividends, Per Share, Declared | $ 0.005 | $ 0.005 | $ 0.015 | $ 0.015 | |
Senior Secured Notes 6.875 Percent [Member] | |||||
Organization And Accounting Policies [Line Items] | |||||
Senior Notes | $ 400,000 | $ 400,000 | 400,000 | ||
Long-term Debt | $ 395,610 | $ 395,610 | 395,360 | ||
Debt Instrument, Interest Rate, Stated Percentage | 6.875% | 6.875% | |||
5.625% convertible senior subordinated notes [Member] | |||||
Organization And Accounting Policies [Line Items] | |||||
Long-term Debt | $ 60,071 | $ 60,071 | 59,840 | ||
Debt Instrument, Interest Rate, Stated Percentage | 5.625% | 5.625% | |||
Accounting Standards Update 2015-03 [Member] | |||||
Organization And Accounting Policies [Line Items] | |||||
Debt Instrument, Unamortized Discount (Premium), Net | $ 4,961 |
ACCOUNTS RECEIVABLE (Details)
ACCOUNTS RECEIVABLE (Details) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Receivables [Abstract] | ||
Accounts Receivable, Gross | $ 188,369 | $ 181,916 |
Allowance for Doubtful Accounts Receivable | 4,017 | 4,527 |
Accounts Receivable, Net | $ 184,352 | $ 177,389 |
INVENTORIES (Details)
INVENTORIES (Details) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Inventory Disclosure [Abstract] | ||
Inventory, Raw Materials, Net of Reserves | $ 78,046 | $ 85,490 |
Inventory, Work in Process, Net of Reserves | 33,174 | 31,866 |
Inventory, Finished Goods, Net of Reserves | 170,422 | 158,997 |
Inventory, Gross | 281,642 | 276,353 |
Adjustment to LIFO basis | (3,559) | (6,562) |
Inventory, Net | $ 278,083 | $ 269,791 |
Percentage of LIFO Inventory | 7.00% | 8.00% |
PROPERTY, PLANT AND EQUIPMENT51
PROPERTY, PLANT AND EQUIPMENT, NET (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Dec. 31, 2015 | |
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Gross | $ 1,006,932 | $ 968,214 | |
Less accumulated depreciation | (559,850) | (518,194) | |
Property, Plant and Equipment, Net | 447,082 | 450,020 | |
Depreciation | 42,100 | $ 49,300 | |
Capital Leased Assets, Gross | 7,500 | ||
Land and Land Improvements [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Gross | 46,103 | 46,776 | |
Building and Building Improvements [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Gross | 238,236 | 241,666 | |
Capital Leased Assets, Gross | 3,800 | 3,700 | |
Machinery and Equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Gross | 572,959 | 540,549 | |
Capital Leased Assets, Gross | 33,600 | 33,000 | |
Tools, Dies and Molds [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Gross | 107,328 | 102,723 | |
Construction in Progress [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Gross | $ 42,306 | $ 36,500 |
INTANGIBLE ASSETS (Details)
INTANGIBLE ASSETS (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2016 | Dec. 31, 2015 | |
Intangible Assets, Net (Excluding Goodwill) [Abstract] | |||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 10 years 11 months | ||
Finite-Lived Customer Relationships, Gross | $ 14,019 | $ 13,413 | |
Finite-Lived Intangible Asset, Useful Life | 8 years 6 months | ||
Finite-Lived Trademarks, Gross | $ 14,531 | 13,237 | |
Finite-Lived Intangible Assets, Gross | 28,550 | 26,650 | |
Finite-Lived Intangible Assets, Accumulated Amortization | (11,199) | (8,852) | |
Intangible Assets, Net (Excluding Goodwill) | 17,351 | 17,798 | |
Amortization of Intangible Assets | $ 2,500 | 2,100 | |
Finite-Lived Intangible Assets, Amortization Expense, Maturity Schedule [Abstract] | |||
October 1 - December 31, 2016 | 974 | ||
2,017 | 2,170 | ||
2,018 | 2,170 | ||
2,019 | 2,170 | ||
2,020 | 2,170 | ||
Thereafter | 7,697 | ||
Intangible Assets, Net (Excluding Goodwill) | $ 17,351 | $ 17,798 |
WARRANTY (Details)
WARRANTY (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
Product Warranty Liability [Line Items] | ||
Warranty liability at January 1 | $ 23,120 | $ 28,144 |
Provision for warranty liabilities | 4,950 | 7,230 |
Warranty payments made | (8,882) | (9,797) |
Warranty liability at September 30 | $ 19,188 | $ 25,577 |
Minimum [Member] | ||
Product Warranty Liability [Line Items] | ||
Length of Limited Warranty, Term | 0 years | |
Maximum [Member] | ||
Product Warranty Liability [Line Items] | ||
Length of Limited Warranty, Term | 10 years |
REVOLVING CREDIT FACILITY AND54
REVOLVING CREDIT FACILITY AND LONG-TERM DEBT (Details) - USD ($) | 3 Months Ended | |
Sep. 30, 2016 | Dec. 31, 2015 | |
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 | 395,600,000 | |
Long-term Debt | 501,119,000 | $ 506,665,000 |
Capital leases | 1,190,000 | 1,875,000 |
Long-term Debt, Gross | 505,599,000 | 511,626,000 |
Long-term Debt, Maturities, Repayments of Principal in Next Rolling Twelve Months | 91,120,000 | 31,222,000 |
Debt Instrument, Unamortized Discount, Noncurrent | 0 | 0 |
Debt Instrument, Unamortized Discount | (4,480,000) | (4,961,000) |
Debt Instrument, Unamortized Discount, Current | (90,000) | 0 |
Debt Instrument, Unamortized Discount (Premium), Net | (4,390,000) | |
Long-term Debt, Current Maturities | 91,030,000 | 31,222,000 |
Long-term debt | 410,089,000 | 475,443,000 |
Maturities of Long-term Debt [Abstract] | ||
October 1 - December 31, 2016 | 30,359,000 | |
2,017 | 66,278,000 | |
2,018 | 5,148,000 | |
2,019 | 1,632,000 | |
2,020 | 402,105,000 | |
Thereafter | 77,000 | |
Letters of Credit Outstanding, Amount | 11,600,000 | |
Short-term Debt | 91,030,000 | 31,222,000 |
Senior Secured Notes 6.875 Percent [Member] | ||
Debt Instruments [Abstract] | ||
6.875% senior secured notes due 2020 | 400,000,000 | 400,000,000 |
Long-term Debt | 395,610,000 | 395,360,000 |
Debt Instrument, Unamortized Discount | $ (4,390,000) | (4,640,000) |
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 |
Long-term Debt | 60,071,000 | 59,840,000 |
Debt Instrument, Unamortized Discount | $ (90,000) | (321,000) |
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 | $ 36,604,000 | 38,059,000 |
Debt Instrument, Unamortized Discount, Noncurrent | 0 | 0 |
Other Debt Obligations [Member] | ||
Debt Instruments [Abstract] | ||
Other debt | 7,644,000 | 11,531,000 |
Debt Instrument, Unamortized Discount, Noncurrent | 0 | 0 |
Titan Brazil [Member] | ||
Maturities of Long-term Debt [Abstract] | ||
Short-term Debt | 7,600,000 | |
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 | $ 43,400,000 | |
Titan Brazil [Member] | Minimum [Member] | ||
Maturities of Long-term Debt [Abstract] | ||
Debt Instrument, Interest Rate, Stated Percentage | 5.50% | |
Titan Brazil [Member] | Maximum [Member] | ||
Maturities of Long-term Debt [Abstract] | ||
Debt Instrument, Interest Rate, Stated Percentage | 8.00% | |
Titan Europe [Member] | Minimum [Member] | ||
Maturities of Long-term Debt [Abstract] | ||
Debt Instrument, Interest Rate, Stated Percentage | 5.00% | |
Titan Europe [Member] | Maximum [Member] | ||
Maturities of Long-term Debt [Abstract] | ||
Debt Instrument, Interest Rate, Stated Percentage | 6.90% | |
Long-term Debt [Member] | ||
Debt Instruments [Abstract] | ||
Long-term debt | $ 414,479,000 | $ 480,404,000 |
DERIVATIVE FINANCIAL INSTRUME55
DERIVATIVE FINANCIAL INSTRUMENTS (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended |
Sep. 30, 2016 | Sep. 30, 2016 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||
Derivative, Gain (Loss) on Derivative, Net | $ 0.1 | $ 0.7 |
REDEEMABLE NONCONTROLLING INT56
REDEEMABLE NONCONTROLLING INTEREST (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||||||
Sep. 30, 2016 | Mar. 31, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | Feb. 08, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Oct. 04, 2013 | |
Redeemable Noncontrolling Interest [Line Items] | |||||||||
Payments to Acquire Additional Interest in Subsidiaries | $ 25,000 | ||||||||
Noncontrolling Interest, Ownership Percentage by Parent | 43.00% | 30.00% | |||||||
Redeemable Noncontrolling Interest, Equity, Carrying Amount | $ 102,793 | $ 75,615 | $ 102,793 | $ 75,615 | $ 77,174 | $ 71,192 | |||
Noncontrolling Interest, Period Increase (Decrease) | (12,000) | (12,039) | 0 | ||||||
Net Income (Loss) Attributable to Redeemable Noncontrolling Interest | 1,775 | (3,690) | |||||||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, before Tax, Portion Attributable to Noncontrolling Interest | 3,330 | (3,288) | |||||||
Noncontrolling Interest, Change in Redemption Value | $ 1,367 | $ 11,051 | 8,475 | $ 11,401 | |||||
AOCI Attributable to Parent [Member] | |||||||||
Redeemable Noncontrolling Interest [Line Items] | |||||||||
Noncontrolling Interest, Period Increase (Decrease) | 3,500 | 3,491 | |||||||
Additional paid-in capital [Member] | |||||||||
Redeemable Noncontrolling Interest [Line Items] | |||||||||
Noncontrolling Interest, Period Increase (Decrease) | $ 8,500 | 8,548 | |||||||
Noncontrolling Interest, Change in Redemption Value | $ (8,475) |
LEASE COMMITMENTS (Details)
LEASE COMMITMENTS (Details) $ in Thousands | Sep. 30, 2016USD ($) |
Operating Leases, Future Minimum Payments Due [Abstract] | |
October 1 - December 31, 2016 | $ 1,656 |
2,017 | 3,536 |
2,018 | 2,042 |
2,019 | 1,349 |
2,020 | 954 |
Thereafter | 955 |
Total future minimum lease payments | 10,492 |
Capital Leased Assets, Gross | 7,500 |
Capital Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | |
October 1 - December 31, 2016 | 722 |
2,017 | 260 |
2,018 | 159 |
2,019 | 43 |
2,020 | 6 |
Thereafter | 0 |
Total future capital lease obligation payments | 1,190 |
Less amount representing interest | (24) |
Present value of future capital lease obligation payments | $ 1,166 |
EMPLOYEE BENEFIT PLANS (Details
EMPLOYEE BENEFIT PLANS (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Compensation and Retirement Disclosure [Abstract] | ||||
Defined Benefit Plan, Contributions by Employer | $ 2,900 | |||
Defined Benefit Plan, Estimated Future Employer Contributions in Current Fiscal Year | 800 | |||
Defined Benefit Plan, Service Cost | 74 | $ 83 | $ 386 | $ 326 |
Defined Benefit Plan, Interest Cost | 1,230 | 1,167 | 3,700 | 3,601 |
Defined Benefit Plan, Expected Return on Plan Assets | (1,396) | (1,512) | (4,184) | (4,549) |
Defined Benefit Plan, Amortization of Prior Service Cost (Credit) | 35 | 34 | 103 | 103 |
Defined Benefit Plan, Amortization of Gains (Losses) | 762 | 729 | 2,289 | 2,187 |
Defined Benefit Plan, Net Periodic Benefit Cost | $ 705 | $ 501 | $ 2,294 | $ 1,668 |
VARIABLE INTEREST ENTITIES (Det
VARIABLE INTEREST ENTITIES (Details) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Dec. 31, 2014 |
Variable Interest Entity [Line Items] | ||||
Cash and Cash Equivalents, at Carrying Value | $ 215,509 | $ 200,188 | $ 193,812 | $ 201,451 |
Inventory, Net | 278,083 | 269,791 | ||
Property, Plant and Equipment, Net | 447,082 | 450,020 | ||
Other Assets, Noncurrent | 106,058 | 110,209 | ||
Total assets | 1,308,056 | 1,270,230 | ||
Liabilities, Current | 373,655 | 270,097 | ||
Other long-term liabilities | 84,409 | 88,324 | ||
Total liabilities | 884,780 | 848,373 | ||
Variable Interest Entity, Primary Beneficiary [Member] | ||||
Variable Interest Entity [Line Items] | ||||
Cash and Cash Equivalents, at Carrying Value | 12,805 | 9,245 | ||
Inventory, Net | 9,300 | 7,993 | ||
Other Assets, Current | 12,093 | 13,763 | ||
Property, Plant and Equipment, Net | 29,813 | 25,181 | ||
Other Assets, Noncurrent | 5,113 | 5,179 | ||
Total assets | 69,124 | 61,361 | ||
Liabilities, Current | 14,411 | 12,850 | ||
Other long-term liabilities | 4,738 | 2,865 | ||
Total liabilities | $ 19,149 | $ 15,715 |
ROYALTY EXPENSE (Details)
ROYALTY EXPENSE (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Other Income and Expenses [Abstract] | ||||
Royalty Expense | $ 2,285 | $ 2,121 | $ 6,688 | $ 8,241 |
OTHER INCOME (Details)
OTHER INCOME (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Other Income and Expenses [Abstract] | ||||
Income (Loss) from Equity Method Investments | $ 800 | $ 515 | $ 2,449 | $ 1,375 |
Gain (Loss) on Disposition of Assets | 0 | 255 | 2,342 | 312 |
Interest Income, Other | 929 | 452 | 2,182 | 2,016 |
Rental Income, Nonoperating | 557 | 253 | 1,528 | 751 |
Amortization of Prepaid Royalty Discount | 389 | 458 | 1,168 | 1,541 |
Gain (Loss) on Investments | 560 | (973) | 52 | (639) |
Other Nonoperating Income | 343 | 811 | 975 | |
Other Nonoperating Expense | (205) | |||
Nonoperating Income (Expense) | $ 3,578 | $ 755 | $ 10,532 | $ 6,331 |
INCOME TAXES (Details)
INCOME TAXES (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Income Tax Disclosure [Abstract] | ||||
Income Tax Expense (Benefit) | $ (2,074) | $ 283 | $ 2,578 | $ 3,194 |
Effective Income Tax Rate, Continuing Operations | 15.96367% | (0.75812%) | (13.20426%) | (10.23784%) |
Unrecognized Tax Benefits, Increase Resulting from Current Period Tax Positions | $ 2,500 | |||
Unrecognized Tax Benefits, Increase Resulting from Settlements with Taxing Authorities | $ 6,500 |
EARNINGS PER SHARE (Details)
EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Net loss attributable to Titan | $ (9,952) | $ (31,476) | $ (21,003) | $ (24,473) |
Noncontrolling Interest, Change in Redemption Value | (1,367) | (11,051) | (8,475) | (11,401) |
Net Income (Loss) Available to Common Stockholders, Basic | $ (11,319) | $ (42,527) | $ (29,478) | $ (35,874) |
Weighted Average Number of Shares Outstanding, Basic and Diluted | 53,946 | 53,707 | 53,895 | 53,685 |
Earnings Per Share, Basic and Diluted | $ (0.21) | $ (0.79) | $ (0.55) | $ (0.67) |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 300 | 200 | 200 | |
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 |
SEGMENT INFORMATION (Details)
SEGMENT INFORMATION (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Segment Reporting Information [Line Items] | ||||
Revenues | $ 306,195 | $ 308,836 | $ 958,203 | $ 1,086,962 |
Gross profit (loss) | 32,976 | 26,153 | 109,939 | 120,000 |
Operating Income (Loss) | (8,254) | (14,462) | (12,251) | (6,122) |
Interest expense | (8,714) | (8,289) | (25,208) | (25,687) |
Foreign Currency Transaction Gain (Loss), before Tax | 398 | (15,333) | 7,403 | (5,720) |
Other income, net | 3,578 | 755 | 10,532 | 6,331 |
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest | (12,992) | (37,329) | (19,524) | (31,198) |
Agricultural [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 138,568 | 140,318 | 438,108 | 509,197 |
Gross profit (loss) | 16,968 | 13,905 | 60,296 | 65,522 |
Operating Income (Loss) | 8,267 | 5,421 | 35,330 | 38,435 |
Earthmoving/construction [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 128,917 | 125,754 | 401,649 | 437,557 |
Gross profit (loss) | 11,276 | 8,004 | 36,644 | 36,726 |
Operating Income (Loss) | 530 | (2,928) | 4,350 | 1,778 |
Consumer [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 38,710 | 42,764 | 118,446 | 140,208 |
Gross profit (loss) | 4,732 | 4,244 | 12,999 | 17,752 |
Operating Income (Loss) | 1,289 | 698 | 2,174 | 6,663 |
Unallocated Amount to Segment [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Operating Income (Loss) | $ (18,340) | $ (17,653) | $ (54,105) | $ (52,998) |
SEGMENT INFORMATION ASSETS (det
SEGMENT INFORMATION ASSETS (details) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Segment Reporting Information [Line Items] | ||
Assets | $ 1,308,056 | $ 1,270,230 |
Agricultural [Member] | ||
Segment Reporting Information [Line Items] | ||
Assets | 417,498 | 426,498 |
Earthmoving/construction [Member] | ||
Segment Reporting Information [Line Items] | ||
Assets | 464,930 | 432,616 |
Consumer [Member] | ||
Segment Reporting Information [Line Items] | ||
Assets | 144,132 | 137,227 |
Unallocated Amount to Segment [Member] | ||
Segment Reporting Information [Line Items] | ||
Assets | $ 281,496 | $ 273,889 |
FAIR VALUE MEASUREMENTS (Detail
FAIR VALUE MEASUREMENTS (Details) - Fair Value, Measurements, Recurring [Member] - USD ($) $ in Thousands | 3 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2016 | Dec. 31, 2015 | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Investments for contractual obligations | $ 9,530 | $ 9,480 | |
Derivative Asset | 767 | 66 | |
Other Assets, Fair Value Disclosure | $ 250 | 250 | 250 |
Derivative Financial Instruments, Liabilities, Fair Value Disclosure | 0 | (8) | |
Assets, Fair Value Disclosure | 10,547 | 9,788 | |
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 | 9,530 | 9,480 | |
Derivative Asset | 0 | 0 | |
Other Assets, Fair Value Disclosure | 0 | 0 | 0 |
Derivative Financial Instruments, Liabilities, Fair Value Disclosure | 0 | 0 | |
Assets, Fair Value Disclosure | 9,530 | 9,480 | |
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 | 767 | 66 | |
Other Assets, Fair Value Disclosure | 0 | 0 | 0 |
Derivative Financial Instruments, Liabilities, Fair Value Disclosure | 0 | (8) | |
Assets, Fair Value Disclosure | 767 | 58 | |
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 | 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] | |||
Assets, Fair Value Adjustment | 0 | ||
Preferred stock at end of period | $ 250 |
RELATED PARTY TRANSACTIONS (Det
RELATED PARTY TRANSACTIONS (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | Feb. 08, 2016 | Dec. 31, 2015 | Oct. 04, 2013 | |
Related Party Transaction [Line Items] | |||||||
Related Party Transaction, Revenues from Transactions with Related Party | $ 0.2 | $ 0.7 | $ 0.6 | $ 2.6 | |||
Related Party Transaction, Due from (to) Related Party | 0.1 | 0.1 | $ 0.4 | ||||
Related Party Transaction, Expenses from Transactions with Related Party | $ 0.4 | 0.4 | $ 1.4 | 1.5 | |||
Noncontrolling Interest, Ownership Percentage by Parent | 43.00% | 30.00% | |||||
Equity Method Investment, Ownership Percentage | 21.43% | 21.43% | |||||
OTR Group [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Related Party Transaction, Purchases from Related Party | $ 0.1 | $ 0 | $ 0.3 | 0.2 | |||
Green Carbon, Inc. [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Related Party Transaction, Purchases from Related Party | $ 2.5 | ||||||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 10.00% | 10.00% | |||||
Parent Company [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Noncontrolling Interest, Ownership Percentage by Parent | 60.00% | 60.00% | |||||
Wheels India [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Equity Method Investment, Ownership Percentage | 34.23% | 34.23% | |||||
Titan-Yuxiang Wheel [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Equity Method Investment, Ownership Percentage | 19.50% | 19.50% | |||||
CITEC [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Equity Method Investment, Ownership Percentage | 49.00% | 49.00% |
ACCUMULATED OTHER COMPREHENSI68
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | Dec. 31, 2015 | |
Stockholders' Equity Note [Abstract] | |||||
Accumulated Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Net of Tax | $ (146,011) | $ (145,338) | $ (146,011) | $ (145,338) | $ (161,030) |
Accumulated Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net of Tax | (25,521) | (25,986) | (25,521) | (25,986) | (26,721) |
Accumulated other comprehensive loss | (171,532) | (171,324) | (171,532) | (171,324) | $ (187,751) |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax, Portion Attributable to Parent | (673) | 18,510 | |||
Other Comprehensive (Income) Loss, Pension and Other Postretirement Benefit Plans, Adjustment, Net of Tax | (465) | $ (472) | (1,200) | $ (1,969) | |
Other Comprehensive (Income) Loss, Amortization Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, for Net Prior Service Cost (Credit), Net of Tax | $ (465) | (1,200) | |||
Other Comprehensive (Income) Loss, Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, Net of Tax | $ (3,491) |
SUBSIDIARY GUARANTOR FINANCIA69
SUBSIDIARY GUARANTOR FINANCIAL INFORMATION (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income Statement [Abstract] | ||||||
Net sales | $ 306,195 | $ 308,836 | $ 958,203 | $ 1,086,962 | ||
Cost of Goods Sold | 273,219 | 282,683 | 848,264 | 966,962 | ||
Gross profit (loss) | 32,976 | 26,153 | 109,939 | 120,000 | ||
Selling, General and Administrative Expense | 36,348 | 35,512 | 107,712 | 109,034 | ||
Research and Development Expense | 2,597 | 2,982 | 7,790 | 8,847 | ||
Royalty Expense | 2,285 | 2,121 | 6,688 | 8,241 | ||
Operating Income (Loss) | (8,254) | (14,462) | (12,251) | (6,122) | ||
Interest expense | (8,714) | (8,289) | (25,208) | (25,687) | ||
Intercompany Interest Expense Income | 0 | 0 | 0 | 0 | ||
Foreign Currency Transaction Gain (Loss), before Tax | 398 | (15,333) | 7,403 | (5,720) | ||
Other income (expense) | (3,578) | (755) | (10,532) | (6,331) | ||
Income (loss) before income taxes | (12,992) | (37,329) | (19,524) | (31,198) | ||
Income Tax Expense (Benefit) | (2,074) | 283 | 2,578 | 3,194 | ||
Income (Loss) from Subsidiaries, Net of Tax | 0 | 0 | 0 | 0 | ||
Net income (loss) | (10,918) | (37,612) | (22,102) | (34,392) | ||
Net loss attributable to noncontrolling interests | (966) | (6,136) | (1,099) | (9,919) | ||
Net income (loss) attributable to Titan | (9,952) | (31,476) | (21,003) | (24,473) | ||
Comprehensive Income Statement [Abstract] | ||||||
Net income (loss) | (10,918) | (37,612) | (22,102) | (34,392) | ||
Currency translation adjustment, net | (386) | (28,444) | 21,545 | (69,394) | ||
Pension liability adjustments, net of tax | 465 | 472 | 1,200 | 1,969 | ||
Comprehensive income (loss) | (10,839) | (65,584) | 643 | (101,817) | ||
Net comprehensive (loss), attributable to noncontrolling interests | (679) | (8,233) | 5,427 | (13,150) | ||
Comprehensive income (loss) attributable to Titan | (10,160) | (57,351) | (4,784) | (88,667) | ||
Statement of Financial Position [Abstract] | ||||||
Cash and Cash Equivalents, at Carrying Value | 215,509 | 193,812 | 215,509 | 193,812 | $ 200,188 | $ 201,451 |
Accounts Receivable, Net, Current | 184,352 | 184,352 | 177,389 | |||
Inventory, Net | 278,083 | 278,083 | 269,791 | |||
Prepaid Expense and Other Assets, Current | 76,972 | 76,972 | 62,633 | |||
Total current assets | 754,916 | 754,916 | 710,001 | |||
Property, Plant and Equipment, Net | 447,082 | 447,082 | 450,020 | |||
Equity Method Investments | 0 | 0 | 0 | |||
Other Assets, Noncurrent | 106,058 | 106,058 | 110,209 | |||
Total assets | 1,308,056 | 1,308,056 | 1,270,230 | |||
Short-term debt | 91,030 | 91,030 | 31,222 | |||
Accounts Payable, Current | 152,387 | 152,387 | 123,154 | |||
Other Liabilities | 130,238 | 130,238 | 115,721 | |||
Total current liabilities | 373,655 | 373,655 | 270,097 | |||
Long-term debt | 410,089 | 410,089 | 475,443 | |||
Liabilities, Other than Long-term Debt, Noncurrent | 101,036 | 101,036 | 102,833 | |||
Due to Related Parties | 0 | 0 | 0 | |||
Redeemable Noncontrolling Interest, Equity, Carrying Amount | 102,793 | 75,615 | 102,793 | 75,615 | 77,174 | 71,192 |
Stockholders' Equity Attributable to Parent | 324,068 | 324,068 | 345,059 | |||
Stockholders' Equity Attributable to Noncontrolling Interest | (3,585) | (3,585) | (376) | |||
Total liabilities and equity | 1,308,056 | 1,308,056 | 1,270,230 | |||
Statement of Cash Flows [Abstract] | ||||||
Net cash provided by operating activities | 53,984 | 30,536 | ||||
Capital expenditures | (30,846) | (35,213) | ||||
Payments for (Proceeds from) Other Investing Activities | 1,687 | 4,317 | ||||
Net cash used for investing activities | (29,159) | (30,896) | ||||
Proceeds from borrowings | 2,390 | 14,566 | ||||
Repayments of Other Debt | (14,042) | (11,382) | ||||
Proceeds from Stock Options Exercised | 0 | 144 | ||||
Excess Tax Benefit from Share-based Compensation, Financing Activities | 0 | (758) | ||||
Payments of Dividends, Common Stock | (810) | (807) | ||||
Net cash provided by (used for) financing activities | (12,462) | 1,763 | ||||
Effect of Exchange Rate on Cash and Cash Equivalents | 2,958 | (9,042) | ||||
Cash and Cash Equivalents, Period Increase (Decrease) | 15,321 | (7,639) | ||||
Cash and Cash Equivalents, at Carrying Value | 215,509 | 193,812 | 215,509 | 193,812 | 200,188 | 201,451 |
Parent Company [Member] | ||||||
Income Statement [Abstract] | ||||||
Net sales | 0 | 0 | 0 | 0 | ||
Cost of Goods Sold | 87 | 196 | 659 | 634 | ||
Gross profit (loss) | (87) | (196) | (659) | (634) | ||
Selling, General and Administrative Expense | 2,556 | 2,118 | 7,907 | 7,369 | ||
Research and Development Expense | 0 | 0 | 0 | 0 | ||
Royalty Expense | 125 | 0 | 542 | 0 | ||
Operating Income (Loss) | (2,768) | (2,314) | (9,108) | (8,003) | ||
Interest expense | (8,288) | (8,041) | (24,382) | (24,250) | ||
Intercompany Interest Expense Income | 470 | 214 | 1,122 | 604 | ||
Foreign Currency Transaction Gain (Loss), before Tax | 0 | 182 | 0 | 3,272 | ||
Other income (expense) | (1,256) | 410 | (1,864) | (1,504) | ||
Income (loss) before income taxes | (9,330) | (10,369) | (30,504) | (26,873) | ||
Income Tax Expense (Benefit) | (1,935) | 3,429 | (2,205) | 31 | ||
Income (Loss) from Subsidiaries, Net of Tax | (3,523) | (23,814) | 6,197 | (7,488) | ||
Net income (loss) | (10,918) | (37,612) | (22,102) | (34,392) | ||
Net loss attributable to noncontrolling interests | 0 | 0 | 0 | 0 | ||
Net income (loss) attributable to Titan | (10,918) | (37,612) | (22,102) | (34,392) | ||
Comprehensive Income Statement [Abstract] | ||||||
Net income (loss) | (10,918) | (37,612) | (22,102) | (34,392) | ||
Currency translation adjustment, net | (386) | (28,444) | 21,545 | (69,394) | ||
Pension liability adjustments, net of tax | 465 | 472 | 1,200 | 1,969 | ||
Comprehensive income (loss) | (10,839) | (65,584) | 643 | (101,817) | ||
Net comprehensive (loss), attributable to noncontrolling interests | 0 | 0 | 0 | 0 | ||
Comprehensive income (loss) attributable to Titan | (10,839) | (65,584) | 643 | (101,817) | ||
Statement of Financial Position [Abstract] | ||||||
Cash and Cash Equivalents, at Carrying Value | 145,088 | 137,024 | 145,088 | 137,024 | 142,401 | 129,985 |
Accounts Receivable, Net, Current | 0 | 0 | 0 | |||
Inventory, Net | 0 | 0 | 0 | |||
Prepaid Expense and Other Assets, Current | 9,387 | 9,387 | 11,101 | |||
Total current assets | 154,475 | 154,475 | 153,502 | |||
Property, Plant and Equipment, Net | 5,728 | 5,728 | 8,015 | |||
Equity Method Investments | 759,983 | 759,983 | 724,676 | |||
Other Assets, Noncurrent | 24,835 | 24,835 | 29,180 | |||
Total assets | 945,021 | 945,021 | 915,373 | |||
Short-term debt | 60,071 | 60,071 | 0 | |||
Accounts Payable, Current | 1,636 | 1,636 | 2,215 | |||
Other Liabilities | 39,451 | 39,451 | 30,466 | |||
Total current liabilities | 101,158 | 101,158 | 32,681 | |||
Long-term debt | 395,610 | 395,610 | 455,200 | |||
Liabilities, Other than Long-term Debt, Noncurrent | 27,143 | 27,143 | 29,881 | |||
Due to Related Parties | 88,495 | 88,495 | 52,552 | |||
Redeemable Noncontrolling Interest, Equity, Carrying Amount | 0 | 0 | 0 | |||
Stockholders' Equity Attributable to Parent | 332,615 | 332,615 | 345,059 | |||
Stockholders' Equity Attributable to Noncontrolling Interest | 0 | 0 | 0 | |||
Total liabilities and equity | 945,021 | 945,021 | 915,373 | |||
Statement of Cash Flows [Abstract] | ||||||
Net cash provided by operating activities | 4,154 | 9,581 | ||||
Capital expenditures | (657) | (1,121) | ||||
Payments for (Proceeds from) Other Investing Activities | 0 | 0 | ||||
Net cash used for investing activities | (657) | (1,121) | ||||
Proceeds from borrowings | 0 | 0 | ||||
Repayments of Other Debt | 0 | 0 | ||||
Proceeds from Stock Options Exercised | 144 | |||||
Excess Tax Benefit from Share-based Compensation, Financing Activities | (758) | |||||
Payments of Dividends, Common Stock | (810) | (807) | ||||
Net cash provided by (used for) financing activities | (810) | (1,421) | ||||
Effect of Exchange Rate on Cash and Cash Equivalents | 0 | 0 | ||||
Cash and Cash Equivalents, Period Increase (Decrease) | 2,687 | 7,039 | ||||
Cash and Cash Equivalents, at Carrying Value | 145,088 | 137,024 | 145,088 | 137,024 | 142,401 | 129,985 |
Guarantor Subsidiaries [Member] | ||||||
Income Statement [Abstract] | ||||||
Net sales | 114,743 | 138,638 | 384,917 | 505,945 | ||
Cost of Goods Sold | 101,517 | 123,052 | 331,040 | 432,331 | ||
Gross profit (loss) | 13,226 | 15,586 | 53,877 | 73,614 | ||
Selling, General and Administrative Expense | 15,407 | 17,490 | 47,879 | 49,626 | ||
Research and Development Expense | 776 | 854 | 2,221 | 2,659 | ||
Royalty Expense | 1,296 | 1,354 | 3,573 | 5,110 | ||
Operating Income (Loss) | (4,253) | (4,112) | 204 | 16,219 | ||
Interest expense | 0 | 0 | 0 | (1) | ||
Intercompany Interest Expense Income | 0 | 0 | 0 | 0 | ||
Foreign Currency Transaction Gain (Loss), before Tax | 0 | (1) | 202 | (422) | ||
Other income (expense) | (62) | (42) | (220) | (87) | ||
Income (loss) before income taxes | (4,191) | (4,071) | 626 | 15,883 | ||
Income Tax Expense (Benefit) | (1,448) | (1,571) | 417 | 5,918 | ||
Income (Loss) from Subsidiaries, Net of Tax | 0 | 0 | 0 | 0 | ||
Net income (loss) | (2,743) | (2,500) | 209 | 9,965 | ||
Net loss attributable to noncontrolling interests | 0 | 0 | 0 | 0 | ||
Net income (loss) attributable to Titan | (2,743) | (2,500) | 209 | 9,965 | ||
Comprehensive Income Statement [Abstract] | ||||||
Net income (loss) | (2,743) | (2,500) | 209 | 9,965 | ||
Currency translation adjustment, net | 0 | 0 | 0 | 0 | ||
Pension liability adjustments, net of tax | 734 | 427 | 2,202 | 1,281 | ||
Comprehensive income (loss) | (2,009) | (2,073) | 2,411 | 11,246 | ||
Net comprehensive (loss), attributable to noncontrolling interests | 0 | 0 | 0 | 0 | ||
Comprehensive income (loss) attributable to Titan | (2,009) | (2,073) | 2,411 | 11,246 | ||
Statement of Financial Position [Abstract] | ||||||
Cash and Cash Equivalents, at Carrying Value | 14 | 4 | 14 | 4 | 4 | 4 |
Accounts Receivable, Net, Current | 52,179 | 52,179 | 59,933 | |||
Inventory, Net | 72,924 | 72,924 | 81,993 | |||
Prepaid Expense and Other Assets, Current | 21,292 | 21,292 | 21,133 | |||
Total current assets | 146,409 | 146,409 | 163,063 | |||
Property, Plant and Equipment, Net | 126,342 | 126,342 | 138,351 | |||
Equity Method Investments | 0 | 0 | 0 | |||
Other Assets, Noncurrent | 1,118 | 1,118 | 1,181 | |||
Total assets | 273,869 | 273,869 | 302,595 | |||
Short-term debt | 0 | 0 | 0 | |||
Accounts Payable, Current | 17,458 | 17,458 | 12,386 | |||
Other Liabilities | 33,372 | 33,372 | 41,818 | |||
Total current liabilities | 50,830 | 50,830 | 54,204 | |||
Long-term debt | 0 | 0 | 0 | |||
Liabilities, Other than Long-term Debt, Noncurrent | 17,687 | 17,687 | 20,628 | |||
Due to Related Parties | (294,580) | (294,580) | (271,930) | |||
Redeemable Noncontrolling Interest, Equity, Carrying Amount | 0 | 0 | 0 | |||
Stockholders' Equity Attributable to Parent | 499,932 | 499,932 | 499,693 | |||
Stockholders' Equity Attributable to Noncontrolling Interest | 0 | 0 | 0 | |||
Total liabilities and equity | 273,869 | 273,869 | 302,595 | |||
Statement of Cash Flows [Abstract] | ||||||
Net cash provided by operating activities | 5,553 | 4,532 | ||||
Capital expenditures | (5,616) | (4,562) | ||||
Payments for (Proceeds from) Other Investing Activities | 73 | 30 | ||||
Net cash used for investing activities | (5,543) | (4,532) | ||||
Proceeds from borrowings | 0 | 0 | ||||
Repayments of Other Debt | 0 | 0 | ||||
Proceeds from Stock Options Exercised | 0 | |||||
Excess Tax Benefit from Share-based Compensation, Financing Activities | 0 | |||||
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) | 10 | 0 | ||||
Cash and Cash Equivalents, at Carrying Value | 14 | 4 | 14 | 4 | 4 | 4 |
Non-Guarantor Subsidiaries [Member] | ||||||
Income Statement [Abstract] | ||||||
Net sales | 191,452 | 170,198 | 573,286 | 581,017 | ||
Cost of Goods Sold | 171,615 | 159,435 | 516,565 | 533,997 | ||
Gross profit (loss) | 19,837 | 10,763 | 56,721 | 47,020 | ||
Selling, General and Administrative Expense | 18,385 | 15,904 | 51,926 | 52,039 | ||
Research and Development Expense | 1,821 | 2,128 | 5,569 | 6,188 | ||
Royalty Expense | 864 | 767 | 2,573 | 3,131 | ||
Operating Income (Loss) | (1,233) | (8,036) | (3,347) | (14,338) | ||
Interest expense | (426) | (248) | (826) | (1,436) | ||
Intercompany Interest Expense Income | (470) | (214) | (1,122) | (604) | ||
Foreign Currency Transaction Gain (Loss), before Tax | 398 | (15,514) | 7,201 | (8,570) | ||
Other income (expense) | (2,260) | (1,123) | (8,448) | (4,740) | ||
Income (loss) before income taxes | 529 | (22,889) | 10,354 | (20,208) | ||
Income Tax Expense (Benefit) | 1,309 | (1,575) | 4,366 | (2,755) | ||
Income (Loss) from Subsidiaries, Net of Tax | (4,037) | (4,353) | (6,243) | (981) | ||
Net income (loss) | (4,817) | (25,667) | (255) | (18,434) | ||
Net loss attributable to noncontrolling interests | (966) | (6,136) | (1,099) | (9,919) | ||
Net income (loss) attributable to Titan | (3,851) | (19,531) | 844 | (8,515) | ||
Comprehensive Income Statement [Abstract] | ||||||
Net income (loss) | (4,817) | (25,667) | (255) | (18,434) | ||
Currency translation adjustment, net | (386) | (28,444) | (21,545) | (69,394) | ||
Pension liability adjustments, net of tax | (269) | 45 | (1,002) | 688 | ||
Comprehensive income (loss) | (5,472) | (54,066) | (22,802) | (87,140) | ||
Net comprehensive (loss), attributable to noncontrolling interests | (679) | (8,233) | 5,427 | (13,150) | ||
Comprehensive income (loss) attributable to Titan | (4,793) | (45,833) | (28,229) | (73,990) | ||
Statement of Financial Position [Abstract] | ||||||
Cash and Cash Equivalents, at Carrying Value | 70,407 | 56,784 | 70,407 | 56,784 | 57,783 | 71,462 |
Accounts Receivable, Net, Current | 132,173 | 132,173 | 117,456 | |||
Inventory, Net | 205,159 | 205,159 | 187,798 | |||
Prepaid Expense and Other Assets, Current | 46,293 | 46,293 | 30,399 | |||
Total current assets | 454,032 | 454,032 | 393,436 | |||
Property, Plant and Equipment, Net | 315,012 | 315,012 | 303,654 | |||
Equity Method Investments | 91,974 | 91,974 | 98,660 | |||
Other Assets, Noncurrent | 80,105 | 80,105 | 79,848 | |||
Total assets | 941,123 | 941,123 | 875,598 | |||
Short-term debt | 30,959 | 30,959 | 31,222 | |||
Accounts Payable, Current | 133,293 | 133,293 | 108,553 | |||
Other Liabilities | 57,415 | 57,415 | 43,437 | |||
Total current liabilities | 221,667 | 221,667 | 183,212 | |||
Long-term debt | 14,479 | 14,479 | 20,243 | |||
Liabilities, Other than Long-term Debt, Noncurrent | 56,206 | 56,206 | 52,324 | |||
Due to Related Parties | 206,085 | 206,085 | 219,378 | |||
Redeemable Noncontrolling Interest, Equity, Carrying Amount | 102,793 | 102,793 | 77,174 | |||
Stockholders' Equity Attributable to Parent | 343,478 | 343,478 | 323,643 | |||
Stockholders' Equity Attributable to Noncontrolling Interest | (3,585) | (3,585) | (376) | |||
Total liabilities and equity | 941,123 | 941,123 | 875,598 | |||
Statement of Cash Flows [Abstract] | ||||||
Net cash provided by operating activities | 44,277 | 16,423 | ||||
Capital expenditures | (24,573) | (29,530) | ||||
Payments for (Proceeds from) Other Investing Activities | 1,614 | 4,287 | ||||
Net cash used for investing activities | (22,959) | (25,243) | ||||
Proceeds from borrowings | 2,390 | 14,566 | ||||
Repayments of Other Debt | (14,042) | (11,382) | ||||
Proceeds from Stock Options Exercised | 0 | |||||
Excess Tax Benefit from Share-based Compensation, Financing Activities | 0 | |||||
Payments of Dividends, Common Stock | 0 | 0 | ||||
Net cash provided by (used for) financing activities | (11,652) | 3,184 | ||||
Effect of Exchange Rate on Cash and Cash Equivalents | 2,958 | (9,042) | ||||
Cash and Cash Equivalents, Period Increase (Decrease) | 12,624 | (14,678) | ||||
Cash and Cash Equivalents, at Carrying Value | 70,407 | 56,784 | 70,407 | 56,784 | 57,783 | $ 71,462 |
Consolidation, Eliminations [Member] | ||||||
Income Statement [Abstract] | ||||||
Net sales | 0 | 0 | 0 | 0 | ||
Cost of Goods Sold | 0 | 0 | 0 | 0 | ||
Gross profit (loss) | 0 | 0 | 0 | 0 | ||
Selling, General and Administrative Expense | 0 | 0 | 0 | 0 | ||
Research and Development Expense | 0 | 0 | 0 | 0 | ||
Royalty Expense | 0 | 0 | 0 | 0 | ||
Operating Income (Loss) | 0 | 0 | 0 | 0 | ||
Interest expense | 0 | 0 | 0 | 0 | ||
Intercompany Interest Expense Income | 0 | 0 | 0 | 0 | ||
Foreign Currency Transaction Gain (Loss), before Tax | 0 | 0 | ||||
Other income (expense) | 0 | 0 | 0 | 0 | ||
Income (loss) before income taxes | 0 | 0 | 0 | 0 | ||
Income Tax Expense (Benefit) | 0 | 0 | 0 | 0 | ||
Income (Loss) from Subsidiaries, Net of Tax | 7,560 | 28,167 | 46 | 8,469 | ||
Net income (loss) | 7,560 | 28,167 | 46 | 8,469 | ||
Net loss attributable to noncontrolling interests | 0 | 0 | 0 | 0 | ||
Net income (loss) attributable to Titan | 7,560 | 28,167 | 46 | 8,469 | ||
Comprehensive Income Statement [Abstract] | ||||||
Net income (loss) | 7,560 | 28,167 | 46 | 8,469 | ||
Currency translation adjustment, net | 386 | 28,444 | 21,545 | 69,394 | ||
Pension liability adjustments, net of tax | (465) | (472) | (1,200) | (1,969) | ||
Comprehensive income (loss) | 7,481 | 56,139 | 20,391 | 75,894 | ||
Net comprehensive (loss), attributable to noncontrolling interests | 0 | 0 | 0 | 0 | ||
Comprehensive income (loss) attributable to Titan | 7,481 | $ 56,139 | 20,391 | $ 75,894 | ||
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 and Other Assets, Current | 0 | 0 | 0 | |||
Total current assets | 0 | 0 | 0 | |||
Property, Plant and Equipment, Net | 0 | 0 | 0 | |||
Equity Method Investments | (851,957) | (851,957) | (823,336) | |||
Other Assets, Noncurrent | 0 | 0 | 0 | |||
Total assets | (851,957) | (851,957) | (823,336) | |||
Short-term debt | 0 | 0 | 0 | |||
Accounts Payable, Current | 0 | 0 | 0 | |||
Other Liabilities | 0 | 0 | 0 | |||
Total current liabilities | 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 | (851,957) | (851,957) | (823,336) | |||
Stockholders' Equity Attributable to Noncontrolling Interest | 0 | 0 | 0 | |||
Total liabilities and equity | (851,957) | (851,957) | (823,336) | |||
Statement of Cash Flows [Abstract] | ||||||
Cash and Cash Equivalents, at Carrying Value | $ 0 | $ 0 | $ 0 |