Document and Entity Information
Document and Entity Information Document - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Feb. 15, 2018 | Jun. 30, 2017 | |
Document Information [Line Items] | |||
Entity Registrant Name | TITAN INTERNATIONAL INC | ||
Entity Central Index Key | 899,751 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Filer Category | Accelerated Filer | ||
Entity Public Float | $ 513,000,000 | ||
Entity Common Stock, Shares Outstanding | 59,810,770 | ||
Document Fiscal Year Focus | 2,017 | ||
Document Period End Date | Dec. 31, 2017 | ||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Fiscal Period Focus | FY |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Net sales | $ 1,468,922 | $ 1,265,497 | $ 1,394,771 |
Cost of sales | 1,300,727 | 1,126,633 | 1,260,028 |
Asset impairment | 9,917 | 0 | 0 |
Gross profit | 158,278 | 138,864 | 134,743 |
Selling, general and administrative expenses | 150,676 | 144,988 | 140,393 |
Research and development expenses | 10,302 | 9,971 | 11,162 |
Royalty expense | 10,484 | 8,856 | 10,533 |
Loss from operations | (13,184) | (24,951) | (27,345) |
Interest expense | (30,229) | (32,539) | (34,032) |
Loss on senior note repurchase | (18,646) | 0 | 0 |
Foreign exchange gain (loss) | (1,958) | 8,550 | (4,758) |
Other income | 11,141 | 12,466 | 11,063 |
Loss before income taxes | (52,876) | (36,474) | (55,072) |
Provision for income taxes | 11,203 | 3,281 | 34,756 |
Net loss | (64,079) | (39,755) | (89,828) |
Net loss attributable to noncontrolling interests | 4,037 | 2,150 | 14,654 |
Net loss attributable to Titan | (60,042) | (37,605) | (75,174) |
Redemption value adjustment | (6,393) | (9,556) | (17,668) |
Net loss applicable to common shareholders | $ (66,435) | $ (47,161) | $ (92,842) |
Earnings (loss) per common share: | |||
Earnings Per Share, Basic | $ (1.12) | $ (0.87) | $ (1.73) |
Earnings Per Share, Diluted | $ (1.12) | $ (0.87) | $ (1.73) |
Average common shares outstanding: | |||
Basic | 59,340 | 53,916 | 53,696 |
Diluted | 59,340 | 53,916 | 53,696 |
Dividends declared per common share: | $ 0.02 | $ 0.02 | $ 0.02 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Net loss | $ (35,739) | $ (11,218) | $ (6,537) | $ (10,585) | $ (14,649) | $ (8,974) | $ (3,806) | $ (12,326) | $ (64,079) | $ (39,755) | $ (89,828) |
Currency translation adjustment | 30,818 | 5,857 | (79,196) | ||||||||
Pension liability adjustments, net of tax of $151, $215, and $(439), respectively | 1,523 | 1,071 | (662) | ||||||||
Comprehensive loss | (31,738) | (32,827) | (169,686) | ||||||||
Net comprehensive income (loss) attributable to redeemable and noncontrolling interests | (2,898) | 5,305 | (19,391) | ||||||||
Comprehensive loss attributable to Titan | $ (28,840) | $ (38,132) | $ (150,295) |
(Parenthetical)
(Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Statement of Comprehensive Income [Abstract] | |||
Unrealized gain (loss) on investments, tax | $ 0 | $ 0 | $ 0 |
Noncash Titan Europe Plc gain, tax | 0 | 0 | 0 |
Pension liaiblity adjustments, tax | $ 151 | $ 215 | $ (439) |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Current assets | ||
Cash and cash equivalents | $ 143,570 | $ 147,827 |
Certificates of deposit | 0 | 50,000 |
Accounts receivable (net of allowance of $2,974 and $3,344, respectively) | 226,703 | 179,384 |
Inventories | 339,836 | 272,236 |
Prepaid and other current assets | 73,084 | 79,734 |
Total current assets | 783,193 | 729,181 |
Property, plant and equipment, net | 421,248 | 437,201 |
Deferred income taxes | 3,779 | 4,663 |
Other long-term assets | 81,892 | 94,851 |
Total assets | 1,290,112 | 1,265,896 |
Current liabilities | ||
Short-term debt | 43,651 | 97,412 |
Accounts payable | 195,497 | 148,255 |
Other current liabilities | 133,774 | 120,437 |
Total current liabilities | 372,922 | 366,104 |
Long-term debt | 407,171 | 408,760 |
Deferred income taxes | 13,545 | 13,183 |
Other long-term liabilities | 73,197 | 80,161 |
Total liabilities | 866,835 | 868,208 |
Redeemable noncontrolling interest | 113,193 | 104,809 |
Titan stockholders' equity | ||
Common stock ($0.0001 par, 120,000,000 shares authorized, 60,715,356 issued at December 2017 and 55,253,092 shares issued at December 2016) | 0 | 0 |
Additional paid-in capital | 531,708 | 479,075 |
Retained earnings (deficit) | (44,022) | 17,214 |
Treasury stock (at cost, 914,797 shares at December 2017 and 1,083,212 shares at December 2016) | (8,606) | (10,119) |
Stock reserved for deferred compensation | (1,075) | (1,075) |
Accumulated other comprehensive loss | (157,076) | (188,278) |
Total Titan stockholders’ equity | 320,929 | 296,817 |
Noncontrolling interests | (10,845) | (3,938) |
Total equity | 310,084 | 292,879 |
Total liabilities and equity | $ 1,290,112 | $ 1,265,896 |
(Parentheticals)
(Parentheticals) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Assets [Abstract] | ||
Allowance for Doubtful Accounts Receivable, Current | $ 2,974 | $ 3,344 |
Liabilities and Equity [Abstract] | ||
Common Stock, No Par Value | $ 0 | $ 0 |
Common Stock, Shares Authorized | 120,000,000 | 120,000,000 |
Treasury Stock, Shares | 914,797 | 1,083,212 |
Common Stock, Shares, Issued | 60,715,356 | 55,253,092 |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($) $ in Thousands | Total | Common Stock [Member] | Additional paid-in capital [Member] | Retained earnings [Member] | Treasury stock [Member] | Treasury stock reserved for contractual obligations | Accumulated other comprehensive income (loss) [Member] | Parent [Member] | Noncontrolling interest [Member] |
Balance, Beginning at Dec. 31, 2014 | $ 524,970 | $ 0 | $ 513,090 | $ 132,111 | $ (13,897) | $ (1,075) | $ (112,630) | $ 517,599 | $ 7,371 |
Balance, Beginning (in shares) at Dec. 31, 2014 | 53,749,028 | ||||||||
Net loss | (89,828) | (75,174) | (75,174) | (7,640) | |||||
Net Income (Loss) Attributable to Nonredeemable Noncontrolling Interest | (82,814) | ||||||||
CTA, net of tax | (79,196) | (74,459) | (74,459) | (65) | |||||
Temporary Equity, Foreign Currency Translation Adjustments | (74,524) | ||||||||
Pension liability adjustments, net of tax | (662) | (662) | (662) | ||||||
Dividends declared | (1,077) | (1,077) | (1,077) | ||||||
Note conversion | 0 | ||||||||
Restricted stock awards | 0 | (777) | 777 | 0 | |||||
Restricted stock awards (in shares) | 86,500 | ||||||||
Exercise of stock options | 145 | 33 | 112 | 145 | |||||
Exercise of stock options (in shares) | 12,500 | ||||||||
Dissolution of subsidiary | (42) | 0 | (42) | ||||||
Redemption value adjustment | (17,668) | (17,668) | (17,668) | ||||||
Stock-based compensation | 2,335 | 2,335 | 2,335 | ||||||
Issuance of treasury stock under 401(k) plan | 583 | (5) | 588 | 583 | |||||
Issuance of treasury stock under 401(k) plan (in shares) | 65,481 | ||||||||
Balance, Ending at Dec. 31, 2015 | 351,246 | 497,008 | 55,860 | (12,420) | (1,075) | (187,751) | 351,622 | (376) | |
Balance, Ending (in shares) at Dec. 31, 2015 | 53,913,509 | ||||||||
Income attributable to redeemable noncontrolling interest | (7,014) | ||||||||
Currency translation | (4,672) | ||||||||
Net loss | (39,755) | (37,605) | (37,605) | (4,346) | |||||
Net Income (Loss) Attributable to Nonredeemable Noncontrolling Interest | (41,951) | ||||||||
CTA, net of tax | 5,857 | 1,893 | 1,893 | 119 | |||||
Temporary Equity, Foreign Currency Translation Adjustments | 2,012 | ||||||||
Pension liability adjustments, net of tax | 1,071 | 1,071 | 1,071 | ||||||
Dividends declared | (1,081) | (1,081) | (1,081) | ||||||
Note conversion | 0 | ||||||||
Restricted stock awards | 0 | (1,463) | 1,463 | 0 | |||||
Restricted stock awards (in shares) | 162,880 | ||||||||
Stock Issued During Period, Value, Acquisitions | (12,039) | (8,548) | 40 | (3,491) | (11,999) | (40) | |||
Redemption value adjustment | (9,556) | (9,556) | (9,556) | ||||||
Stock-based compensation | 1,954 | 1,954 | 1,954 | ||||||
Variable Interest Entity, Members Draw | 705 | 0 | 705 | ||||||
Issuance of treasury stock under 401(k) plan | 518 | (320) | 838 | 518 | |||||
Issuance of treasury stock under 401(k) plan (in shares) | 93,491 | ||||||||
Balance, Ending at Dec. 31, 2016 | 292,879 | $ 0 | 479,075 | 17,214 | (10,119) | (1,075) | (188,278) | 296,817 | (3,938) |
Balance, Ending (in shares) at Dec. 31, 2016 | 54,169,880 | ||||||||
Income attributable to redeemable noncontrolling interest | 2,196 | ||||||||
Currency translation | 3,844 | ||||||||
Net loss | (64,079) | (60,042) | (60,042) | (4,121) | |||||
Net Income (Loss) Attributable to Nonredeemable Noncontrolling Interest | (64,163) | ||||||||
CTA, net of tax | 30,818 | 29,679 | 29,679 | (768) | |||||
Temporary Equity, Foreign Currency Translation Adjustments | 28,911 | ||||||||
Pension liability adjustments, net of tax | 1,523 | 1,523 | 1,523 | ||||||
Dividends declared | (1,194) | (1,194) | (1,194) | ||||||
Note conversion, Shares | 5,462,264 | ||||||||
Note conversion | 58,460 | 58,460 | 58,460 | ||||||
Restricted stock awards | $ 0 | (1,071) | 1,071 | 0 | |||||
Restricted stock awards (in shares) | 119,173 | ||||||||
Exercise of stock options (in shares) | 0 | ||||||||
Redemption value adjustment | $ (6,393) | (6,393) | (6,393) | ||||||
Stock-based compensation | 1,539 | 1,539 | 1,539 | ||||||
Variable Interest Entity, Members Draw | (2,018) | 0 | (2,018) | ||||||
Issuance of treasury stock under 401(k) plan | 540 | 98 | 442 | 540 | |||||
Issuance of treasury stock under 401(k) plan (in shares) | 49,242 | ||||||||
Balance, Ending at Dec. 31, 2017 | 310,084 | $ 0 | $ 531,708 | $ (44,022) | $ (8,606) | $ (1,075) | $ (157,076) | $ 320,929 | $ (10,845) |
Balance, Ending (in shares) at Dec. 31, 2017 | 59,800,559 | ||||||||
Income attributable to redeemable noncontrolling interest | 84 | ||||||||
Currency translation | $ 1,907 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Cash flows from operating activities: | |||
Net loss | $ (64,079,000) | $ (39,755,000) | $ (89,828,000) |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 58,444,000 | 59,768,000 | 69,618,000 |
Asset impairment | 9,917,000 | 0 | 0 |
Deferred income tax provision | 785,000 | (680,000) | 24,444,000 |
Loss on senior note repurchase | (18,646,000) | 0 | 0 |
Stock-based compensation | 1,539,000 | 1,993,000 | 2,335,000 |
Issuance of treasury stock under 401(k) plan | 540,000 | 518,000 | 583,000 |
Foreign currency translation loss | 5,258,000 | 9,734,000 | 12,058,000 |
(Increase) decrease in assets: | |||
Accounts receivable | (38,478,000) | 4,007,000 | 497,000 |
Inventories | (55,562,000) | 7,992,000 | 34,399,000 |
Prepaid and other current assets | 9,277,000 | (16,718,000) | 9,946,000 |
Other long-term assets | 15,134,000 | (109,000) | (4,780,000) |
Increase (decrease) in liabilities: | |||
Accounts payable | 37,584,000 | 20,953,000 | 1,402,000 |
Other current liabilities | 9,522,000 | 3,635,000 | (172,000) |
Other liabilities | (9,816,000) | (7,838,000) | 3,428,000 |
Net cash provided by (used for) operating activities | (1,289,000) | 43,500,000 | 63,930,000 |
Cash flows from investing activities: | |||
Capital expenditures | (32,626,000) | (41,948,000) | (48,429,000) |
Proceeds from Sale and Maturity of Marketable Securities | 50,000,000 | ||
Payments to Acquire Restricted Certificates of Deposit | 50,000,000 | 0 | |
Other | 993,000 | 2,222,000 | (1,508,000) |
Net cash provided by (used for) investing activities | 18,367,000 | (89,726,000) | (49,937,000) |
Cash flows from financing activities: | |||
Proceeds from borrowings | 447,639,000 | 17,285,000 | 5,727,000 |
Repurchase of senior secured notes | 415,395,000 | 0 | 0 |
Payment on debt | (55,160,000) | (22,634,000) | (5,521,000) |
Proceeds from exercise of stock options | 0 | 0 | 145,000 |
Dividends paid | (1,167,000) | (1,081,000) | (1,077,000) |
Net cash used for financing activities | (24,083,000) | (6,430,000) | (726,000) |
Effect of exchange rate changes on cash | 2,748,000 | 295,000 | (14,530,000) |
Net decrease in cash and cash equivalents | (4,257,000) | (52,361,000) | (1,263,000) |
Cash and cash equivalents, beginning of year | 147,827,000 | 200,188,000 | 201,451,000 |
Cash and cash equivalents, end of year | 143,570,000 | 147,827,000 | 200,188,000 |
Supplemental Cash Flow Information [Abstract] | |||
Interest paid | 38,164,000 | 34,380,000 | 34,072,000 |
Income taxes paid, net of refunds received | 4,594,000 | 5,463,000 | (195,000) |
Cash Flow, Noncash Investing and Financing Activities Disclosure [Abstract] | |||
Issuance of common stock for convertible debt payment | $ 58,460,000 | $ 0 | $ 0 |
DESCRIPTION OF BUSINESS AND SIG
DESCRIPTION OF BUSINESS AND SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Dec. 31, 2017 | |
Accounting Policies [Abstract] | |
DESCRIPTION OF BUSINESS AND SIGNIFICANT ACCOUNTING POLICIES | DESCRIPTION OF BUSINESS AND SIGNIFICANT ACCOUNTING POLICIES Business Titan International, Inc. and its subsidiaries (Titan or the Company) are leading manufacturers of wheels, tires, and undercarriage systems and components for off-highway vehicles used in the agricultural, earthmoving/construction, and consumer segments. Titan manufactures both wheels and tires for the majority of these market applications, allowing the Company to provide the value-added service of delivering complete wheel and tire assemblies. The Company offers a broad range of products that are manufactured to meet the specifications of original equipment manufacturers (OEMs) and/or the requirements of aftermarket customers. Principles of consolidation The consolidated financial statements include the accounts of all majority-owned subsidiaries and variable interest entities in which Titan is the primary beneficiary. Investments in companies in which Titan does not own a majority interest and Titan has the ability to exercise significant influence over operating and financial policies are accounted for using the equity method. Investments in other companies are carried at cost. All significant intercompany accounts and transactions have been eliminated. The Company consolidates the Voltyre-Prom subsidiary for which it acts as operating partner. See Note 13 for additional information. Cash and cash equivalents The Company considers short-term debt securities with an original maturity of three months or less to be cash equivalents. The cash in the Company's U.S. banks is not fully insured by the Federal Deposit Insurance Corporation. The Company had $80.2 million and $61.1 million of cash in foreign bank accounts at December 31, 2017 and 2016 , respectively. The Company's cash in its foreign bank accounts is not fully insured. Certificates of deposit The certificates of deposit financial line item includes certificates of deposit with an original maturity of more than three months but less than one year. Accounts receivable and allowance for doubtful accounts The Company carries its accounts receivable at their face amounts less an allowance for doubtful accounts. An allowance for uncollectible receivables is recorded based upon known bad debt risks and past loss history. Actual collection experience may differ from the current estimate of net receivables. Inventories Inventories are valued at the lower of cost or net realizable value. The Company’s inventories are valued under the first in, first out (FIFO) method or average cost method. Net realizable value is estimated based on current selling prices. Estimated provisions are established for slow-moving and obsolete inventory. Prior to 2017, the Company used the last in, first out (LIFO) inventory cost method at its Titan Wheel Corporation of Illinois subsidiary. Effective January 1, 2017, the Company elected to change its method of inventory accounting at this subsidiary to the FIFO method. The Company believes that the FIFO method is preferable as it results in increased uniformity across the Company’s global operations with respect to the method of inventory accounting, as none of Titan's other subsidiaries use the LIFO method. The Company also believes that the switch to FIFO at Titan Wheel Corporation of Illinois will improve financial reporting by better reflecting the current value of inventory, more closely aligning the flow of physical inventory with the accounting for the inventory, and providing better matching of revenues and expenses. The Company applied this change in method of inventory accounting by retrospectively adjusting the prior period financial statements. The cumulative effect of this accounting change resulted in a $6.6 million increase in retained earnings as of January 1, 2016. As a result of the retrospective adjustment of the change in accounting principle, certain amounts in the Company's Condensed Consolidated Statements of Operations for the years ended December 31, 2016 and 2015, were adjusted as follows: Year Ended December 31, 2016 As originally reported Effect of change As adjusted Cost of sales $ 1,123,015 $ 3,618 $ 1,126,633 Loss from operations (21,333 ) (3,618 ) (24,951 ) Net loss (36,137 ) (3,618 ) (39,755 ) Basic and diluted earnings per share $ (0.81 ) $ (0.06 ) $ (0.87 ) Year Ended December 31, 2015 As originally reported Effect of change As adjusted Cost of sales $ 1,256,962 $ 3,066 $ 1,260,028 Loss from operations (24,279 ) (3,066 ) (27,345 ) Provision (benefit) for income tax 38,281 (3,525 ) 34,756 Net income (loss) (90,287 ) 459 (89,828 ) Basic and diluted earnings per share $ (1.74 ) $ 0.01 $ (1.73 ) The Consolidated Balance Sheet at December 31, 2016, was adjusted as follows: December 31, 2016 As originally reported Effect of change As adjusted Inventories $ 269,291 $ 2,945 $ 272,236 Retained earnings 14,269 2,945 17,214 Fixed assets Property, plant, and equipment have been recorded at cost. Depreciation is provided using the straight-line method over the following estimated useful lives of the related assets: Years Building and improvements 25 - 40 Machinery and equipment 7 - 20 Tools, dies, and molds 2 - 9 Maintenance and repairs are expensed as incurred. When property, plant, and equipment are retired or otherwise disposed of, the related cost and accumulated depreciation are eliminated, and any gain or loss on disposition is included in the accompanying Consolidated Statements of Operations. Interest is capitalized on fixed asset projects which are constructed over a period of time. The amount of interest capitalized is determined by applying a weighted average interest rate to the average amount of accumulated expenditures for the asset during the period. The interest rate used is based on the rates applicable to borrowings outstanding during the period. Interest capitalized was $0.3 million , $1.2 million , and $0.8 million for the years ended December 31, 2017, 2016, and 2015, respectively. Fair value of financial instruments The Company records all financial instruments, including cash and cash equivalents, certificates of deposit, accounts receivable, notes receivable, accounts payable, other accruals, and notes payable at cost, which approximates fair value due to their short term or stated rates. Investments in marketable equity securities are recorded at fair value. The 6.50% senior secured notes due 2023, issued on November 20, 2017 (senior secured notes) were carried at cost of $394.3 million at December 31, 2017 . The fair value of the senior secured notes due 2023 at December 31, 2017 , as obtained through an independent pricing source, was approximately $406.5 million . Investments The Company had an equity method investment of $47.3 million in Wheels India Limited as of December 31, 2017 , representing a 34.2% ownership. This equity method investment is included in other long-term assets in the Consolidated Balance Sheets. The value of this investment based on the December 31, 2017 , market price was $141.4 million . The Company assesses the carrying value of its equity method investments whenever events and circumstances indicate that the carrying values may not be recoverable. Investment write-downs, if necessary, are recognized in operating results when expected undiscounted future cash flows are less than the carrying value of the asset. These write-downs, if any, are measured as the excess of the carrying value of the asset over the discounted expected future cash flows or the estimated fair value of the asset. The Company uses the cost method to account for investments in entities that are not consolidated or accounted for under the equity method. Under the cost method, investments are reported at cost in other long-term assets on the Consolidated Balance Sheets. The fair values of cost method investments are not estimated if there are no identified events or changes in circumstances that may have a significant adverse effect on the fair values of the investments. Foreign currency translation The financial statements of the Company’s foreign subsidiaries are translated to United States currency. Assets and liabilities are translated to United States dollars at period-end exchange rates. Income and expense items are translated at average rates of exchange prevailing during the period. Translation adjustments are included in “Accumulated other comprehensive loss” in stockholders’ equity. Gains and losses that result from foreign currency transactions are included in the accompanying Consolidated Statements of Operations. Revenue recognition The Company records sales revenue when products are shipped to customers and both title and the risks and rewards of ownership are transferred. Provisions are established for sales returns and uncollectible accounts based on historical experience. Should trends change, adjustments would be necessary to the estimated provisions. Cost of sales Cost of sales is comprised primarily of direct materials and supplies consumed in the manufacturing of the Company’s products, as well as manufacturing labor, depreciation expense, and overhead expense necessary to acquire and convert the purchased materials and supplies into a finished product. Cost of sales also includes all purchasing, receiving, inspection, internal transfers, and related distribution costs. Selling, general, and administrative expense Selling, general, and administrative (SG&A) expense is comprised primarily of sales commissions, marketing expense, selling, and administrative wages, information system costs, legal fees, bank charges, professional fees, depreciation and amortization expense on non-manufacturing assets, and other administrative items. Research and development expense Research and development (R&D) expenses are expensed as incurred. R&D costs were $10.3 million , $10.0 million , and $11.2 million for the years ended December 31, 2017, 2016, and 2015, respectively. Advertising Advertising expenses are included in SG&A expense and are expensed as incurred. Advertising costs were approximately $3.9 million for the year ended December 31, 2017, and approximately $4.8 million and $3.8 million for the years ended December 31, 2016 and 2015, respectively. Warranty costs The Company provides limited warranties on workmanship on its products in all market segments. The provision for estimated warranty costs is made in the period when such costs become probable and is based on past warranty experience. See Note 9 for additional information. Income taxes Deferred income tax provisions are determined using the liability method to recognize deferred tax assets and liabilities. This method is based upon differences between the financial statement carrying amounts and the respective tax basis of assets and liabilities using enacted tax rates that are expected to apply in the years the temporary differences are expected to be settled or realized. Valuation allowances are recorded where it is considered more likely than not that some portion or all of the deferred tax assets will not be realized. Tax benefits are recognized only for tax positions that are more likely than not to be sustained upon examination by tax authorities. Earnings per share Basic earnings per share (EPS) is computed by dividing consolidated net earnings applicable to common shareholders by the weighted average number of common shares outstanding. Diluted EPS is computed by dividing adjusted consolidated net earnings applicable to common shareholders by the sum of the weighted average number of common shares outstanding and the weighted average number of potential common shares outstanding. Potential common shares consist of outstanding options under the Company’s stock compensation plans and shares issuable upon conversion of the Company’s convertible notes. Environmental liabilities Environmental expenditures that relate to current operations are expensed or capitalized as appropriate. Expenditures that relate to an existing condition caused by past operations and that do not contribute to current or future revenue are expensed. Liabilities are recorded when environmental assessments and/or remedial efforts are probable and can be reasonably estimated. Stock-based compensation The Company has one stock-based compensation plan, which is described in Note 23. Compensation expense for stock-based compensation is recognized over the requisite service period at the estimated fair value of the award at the grant date. The Company granted 89,200 ; 60,000 ; and 60,000 stock options in 2017, 2016, and 2015, respectively. The Company did not grant any restricted stock awards in 2017 or 2016. The Company granted 123,500 restricted stock awards in 2015. Use of estimates The policies utilized by the Company in the preparation of the financial statements conform to accounting principles generally accepted in the United States of America and require management to make estimates, assumptions, and judgments that affect the reported amount of assets and liabilities, and disclosure of contingent assets and liabilities, at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual amounts could differ from these estimates and assumptions. Recently Issued Accounting Standards In May 2014, the Financial Accounting Standards Board (FASB) issued 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 form 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 has compared its current revenue recognition policies to the requirements of ASU No. 2014-09. For the majority of Titan’s revenue arrangements, no significant impacts were identified as these transactions are not accounted for under industry-specific guidance that will be superseded by ASU No. 2014-09 and generally consist of a single performance obligation to transfer promised goods or services. The Company did not identify any material differences in the amount and timing of revenue recognition related to ASU No. 2014-09. The Company identified some immaterial differences in the timing of revenue recognition related to a small subsidiary of Titan. The Company will adopt the new revenue guidance effective January 1, 2018, on a modified retrospective basis by recognizing the cumulative effect of initially applying the new standard as an adjustment to the opening balance of retained earnings. This adjustment is expected to be less than $1 million, with an immaterial impact to the Company's net income (loss) on an ongoing basis. In accordance with the guidance, the Company will include any additional required disclosure beginning with the Form 10-Q for the first quarter of 2018. 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 No. 2014-09, as previously discussed above, and the effective dates are the same as those for ASU No. 2014-09. In December 2016, the FASB issued ASU No. 2016-20, "Technical Corrections and Improvements to Topic 606, Revenue from Contracts with Customers." The amendments in this update affect narrow aspects of the guidance issued in ASU No. 2014-09, as discussed above, and the effective dates are the same as those for ASU No. 2014-09. In January 2016, the FASB issued ASU No. 2016-01, "Recognition and Measurement of Financial Assets and Financial Liabilities." This update addresses certain aspects of recognition, measurement, presentation, and disclosure of financial instruments. This guidance is effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. The adoption of this guidance is not expected to have a material effect on the Company's consolidated financial statements. 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 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 reporting period. The adoption of this guidance is not expected to have a material effect on the Company's consolidated financial statements. In October 2016, the FASB issued ASU No. 2016-16, "Intra-Entity Transfers of Assets other than Inventory." This update requires the recognition of income tax consequences of an intra-entity transfer of an asset other than inventory when the transfer occurs. The amendments in this update are effective for fiscal years beginning after December 15, 2017, including interim reporting periods within those annual reporting periods. The Company adopted this guidance early, effective January 1, 2017. The adoption of this guidance did not have a material effect on the Company's consolidated financial statements. In March 2017, the FASB issued ASU No. 2017-07, "Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost." This update requires an employer to report the service cost component of defined benefit pension cost and postretirement benefit cost in the same line item of the income statement as other compensation costs arising from services rendered by the pertinent employees during the period. The amendments in this update are effective for annual reporting periods beginning after December 15, 2017, including interim periods within those annual reporting periods. The adoption of this guidance is not expected to have a material effect on the Company's consolidated financial statements. In May 2017, the FASB issued ASU No. 2017-09, "Scope of Modification Accounting." This update provides guidance about which changes to the terms or conditions of a share-based payment award require an entity to apply modification accounting in accordance with Topic 718, Compensation-Stock Compensation. The amendments in this update are effective for annual reporting periods, and interim periods within those annual reporting periods, beginning after December 15, 2017. The adoption of this guidance is not expected to have a material effect on the Company's consolidated financial statements. |
ACCOUNTS RECEIVABLE
ACCOUNTS RECEIVABLE | 12 Months Ended |
Dec. 31, 2017 | |
Receivables [Abstract] | |
ACCOUNTS RECEIVABLE | ACCOUNTS RECEIVABLE Accounts receivable at December 31, 2017 and 2016 , consisted of the following (amounts in thousands): 2017 2016 Accounts receivable $ 229,677 $ 182,728 Allowance for doubtful accounts (2,974 ) (3,344 ) Accounts receivable, net $ 226,703 $ 179,384 |
INVENTORIES
INVENTORIES | 12 Months Ended |
Dec. 31, 2017 | |
Inventory Disclosure [Abstract] | |
INVENTORIES | INVENTORIES Inventories at December 31, 2017 and 2016 , consisted of the following (amounts in thousands): 2017 2016 Raw material $ 83,541 $ 75,806 Work-in-process 40,525 32,394 Finished goods 215,770 164,036 339,836 272,236 |
PREPAID AND OTHER CURRENT ASSET
PREPAID AND OTHER CURRENT ASSETS | 12 Months Ended |
Dec. 31, 2017 | |
Prepaid Expense and Other Assets, Current [Abstract] | |
PREPAID AND OTHER CURRENT ASSETS | PREPAID AND OTHER CURRENT ASSETS Prepaid and other current assets at December 31, 2017 and 2016 , consisted of the following (amounts in thousands): 2017 2016 Factory supplies $ 26,346 $ 25,177 Investments for deferred compensation 12,393 — Value added tax 8,528 6,258 Prepaid expense 5,290 8,320 Deposits 3,785 2,640 Prepaid taxes 3,726 7,360 Prepaid insurance 2,384 3,124 Volume rebate 2,072 1,430 Prepaid royalty 1,953 6,973 Duty receivable 672 899 Derivative financial instruments 458 988 Assets held for sale — 8,843 Other 5,477 7,722 $ 73,084 $ 79,734 |
PROPERTY, PLANT AND EQUIPMENT,
PROPERTY, PLANT AND EQUIPMENT, NET | 12 Months Ended |
Dec. 31, 2017 | |
Property, Plant and Equipment [Abstract] | |
PROPERTY, PLANT AND EQUIPMENT | PROPERTY, PLANT, AND EQUIPMENT Property, plant, and equipment at December 31, 2017 and 2016 , consisted of the following (amounts in thousands): 2017 2016 Land and improvements $ 46,998 $ 43,871 Buildings and improvements 264,078 239,036 Machinery and equipment 598,411 573,717 Tools, dies, and molds 108,649 106,695 Construction-in-process 15,349 43,080 1,033,485 1,006,399 Less accumulated depreciation (612,237 ) (569,198 ) $ 421,248 $ 437,201 Depreciation, including depreciation on capital leases, related to property, plant, and equipment for the years 2017, 2016, and 2015 totaled $54.3 million , $55.8 million , and $64.5 million , respectively. Capital leases included in property, plant, and equipment at December 31, 2017 and 2016 , consisted of the following (amounts in thousands): 2017 2016 Buildings and improvements $ 4,056 $ 3,565 Less accumulated amortization (2,294 ) (1,923 ) $ 1,762 $ 1,642 Machinery and equipment $ 32,379 $ 31,331 Less accumulated amortization (27,260 ) (26,502 ) $ 5,119 $ 4,829 |
OTHER ASSETS
OTHER ASSETS | 12 Months Ended |
Dec. 31, 2017 | |
Other Assets, Noncurrent Disclosure [Abstract] | |
OTHER ASSETS | OTHER LONG-TERM ASSETS Other long-term assets at December 31, 2017 and 2016 , consisted of the following (amounts in thousands): 2017 2016 Investment in Wheels India Limited $ 47,267 $ 40,766 Amortizable intangibles 15,275 16,401 Notes receivable 6,000 6,000 Other equity investments 4,637 3,149 Manufacturing spares 3,448 2,386 Prepaid software 691 3,807 Deferred financing costs 352 273 Investments for deferred compensation — 9,668 Income tax receivable — 5,668 Prepaid royalty — 1,702 Other 4,222 5,031 $ 81,892 $ 94,851 |
GOODWILL AND INTANGIBLE ASSETS
GOODWILL AND INTANGIBLE ASSETS | 12 Months Ended |
Dec. 31, 2017 | |
Intangible Assets, Net (Excluding Goodwill) [Abstract] | |
Intangible Assets | INTANGIBLE ASSETS The components of intangible assets for each of the years ended December 31, 2017 and 2016 , were as follows (amounts in thousands): Weighted- Average Useful Lives (in Years) 2017 2016 Amortizable intangible assets: Customer relationships 9.7 $ 13,922 $ 13,171 Patents, trademarks, and other 7.4 15,208 14,629 Total at cost 29,130 27,800 Less accumulated amortization (13,855 ) (11,399 ) $ 15,275 $ 16,401 Amortization related to intangible assets for the years 2017, 2016, and 2015 totaled $3.0 million , $2.2 million , and $3.0 million , respectively. The estimated aggregate amortization expense at December 31, 2017 , for each of the years (or other periods) set forth below was as follows (amounts in thousands): 2018 $ 2,397 2019 2,237 2020 2,237 2021 1,543 2022 1,053 Thereafter 5,808 $ 15,275 |
OTHER CURRENT LIABILITIES
OTHER CURRENT LIABILITIES | 12 Months Ended |
Dec. 31, 2017 | |
Other Liabilities, Current [Abstract] | |
OTHER CURRENT LIABILITIES | OTHER CURRENT LIABILITIES Other current liabilities at December 31, 2017 and 2016 , consisted of the following (amounts in thousands): 2017 2016 Wages and benefits $ 27,532 $ 23,989 Warranty 18,612 17,926 Accrued employment liabilities 16,892 6,388 Insurance 15,068 15,504 Accrued other taxes 8,370 5,831 Incentive compensation 7,863 8,278 Customer rebates 6,534 4,641 Customer deposits 4,960 1,996 Italian government grant 4,689 5,791 Accrued interest 3,049 8,680 Accounts receivable credits 1,455 7,618 Other 18,750 13,795 $ 133,774 $ 120,437 |
WARRANTY
WARRANTY | 12 Months Ended |
Dec. 31, 2017 | |
Product Warranties Disclosures [Abstract] | |
WARRANTY COSTS | WARRANTY Changes in the warranty liability for the periods set forth below consisted of the following (amounts in thousands): 2017 2016 Warranty liability, January 1 $ 17,926 $ 23,121 Provision for warranty liabilities 9,012 7,459 Warranty payments made (8,326 ) (12,654 ) Warranty liability, December 31 $ 18,612 $ 17,926 The Company provides limited warranties on workmanship on its products in all market segments. The majority of the Company’s products are subject to a limited warranty that ranges between less than one year and ten |
OTHER LONG-TERM LIABILITIES
OTHER LONG-TERM LIABILITIES | 12 Months Ended |
Dec. 31, 2017 | |
Other Liabilities, Noncurrent [Abstract] | |
OTHER LONG-TERM LIABILITIES | OTHER LONG-TERM LIABILITIES Other long-term liabilities at December 31, 2017 and 2016 , consisted of the following (amounts in thousands): 2017 2016 Accrued pension liabilities $ 35,597 $ 34,919 Income tax liabilities 11,399 16,073 Italian government grant 10,272 9,423 Contingencies 6,500 — Accrued employment liabilities 4,178 15,689 Other 5,251 4,057 $ 73,197 $ 80,161 |
REVOLVING CREDIT FACILITY AND L
REVOLVING CREDIT FACILITY AND LONG-TERM DEBT | 12 Months Ended |
Dec. 31, 2017 | |
Debt Disclosure [Abstract] | |
REVOLVING CREDIT FACILITY AND LONG-TERM DEBT | REVOLVING CREDIT FACILITY AND LONG-TERM DEBT Long-term debt consisted of the following as of the dates set forth below (amounts in thousands): December 31, 2017 Principal Balance Unamortized Debt Issuance Net Carrying Amount 6.50% senior secured notes due 2023 $ 400,000 $ (5,716 ) $ 394,284 Titan Europe credit facilities 33,485 — 33,485 Other debt 22,564 — 22,564 Capital leases 489 — 489 Total debt 456,538 (5,716 ) 450,822 Less amounts due within one year 43,651 — 43,651 Total long-term debt $ 412,887 $ (5,716 ) $ 407,171 December 31, 2016 Principal Balance Unamortized Debt Issuance Net Carrying Amount 6.875% senior secured notes due 2020 $ 400,000 $ (4,148 ) $ 395,852 5.625% convertible senior subordinated notes due 2017 60,161 (13 ) 60,148 Titan Europe credit facilities 33,710 — 33,710 Other debt 15,560 — $ 15,560 Capital leases 902 — $ 902 Total debt 510,333 (4,161 ) 506,172 Less amounts due within one year 97,425 (13 ) 97,412 Total long-term debt $ 412,908 $ (4,148 ) $ 408,760 The weighted-average interest rates on total short-term borrowings, excluding current maturities of long-term debt, at December 31, 2017 and December 31, 2016 , were 5.0% and 5.3% , respectively. Aggregate maturities of long-term debt at December 31, 2017 , for each of the years (or other periods) set forth below were as follows (amounts in thousands): 2018 $ 43,651 2019 7,768 2020 4,347 2021 772 Thereafter 400,000 $ 456,538 6.50% senior secured notes due 2023 The Company’s 6.50% senior secured notes (senior secured notes due 2023) were issued on November 20, 2017, and are due November 2023. Including the impact of debt issuance costs, these notes had an effective yield of 6.79% at issuance. These notes will be secured by the land and buildings of the following subsidiaries of the Company: Titan Tire Corporation, Titan Tire Corporation of Bryan, Titan Tire Corporation of Freeport, and Titan Wheel Corporation of Illinois. The outstanding balance for the Company's senior secured notes due 2023 was $400.0 million at December 31, 2017 . 6.875% senior secured notes due 2020 In the fourth quarter of 2017, Titan satisfied and discharged the indenture relating to the 6.875% senior secured notes due 2020 (senior secured notes due 2020) by completing a tender offer settlement and redemption of all of its outstanding $400.0 million principal amount of the senior secured notes due 2020. In connection with this tender offer and redemption, the Company recorded expenses of $18.6 million . Including the impact of debt issuance costs, these notes had an effective yield of 7.20% at issuance. 5.625% convertible senior subordinated notes due 2017 In January 2017, the Company converted 97.1% of the principal balance of its 5.625% convertible senior subordinated notes (2017 Notes), which matured on January 15, 2017, into shares of Titan common stock. Immediately prior to maturity, $60.2 million in aggregate principal amount of the 2017 Notes was outstanding, of which holders of $58.5 million in aggregate principal amount of the 2017 Notes, or 97.1% , converted their 2017 Notes into shares of Titan common stock pursuant to the terms of the indenture governing the 2017 Notes. The $58.5 million in principal amount of converted 2017 Notes was converted into 5,462,264 shares of Titan common stock, representing approximately 10% of Titan’s common stock outstanding prior to conversion. Each $1,000 principal amount of the 2017 Notes was convertible into 93.436 shares of Titan common stock. The remaining $1.7 million principal amount of the 2017 Notes that was not converted was paid in cash at maturity. Titan Europe credit facilities The Titan Europe credit facilities included borrowings from various institutions totaling $33.5 million at December 31, 2017 . Maturity dates on this debt range from less than one year to three years. The Titan Europe facilities are primarily secured by the assets of Titan's subsidiaries in Italy, Spain, Germany, and Brazil. Revolving credit facility In February 2017, the Company entered into a credit and security agreement with respect to a new $75 million revolving credit facility (credit facility) with agent BMO Harris Bank N.A. and other financial institutions party thereto. The credit facility is collateralized by accounts receivable and inventory of certain of the Company’s domestic subsidiaries and is scheduled to mature in February 2022. From time to time Titan's availability under this credit facility may be less than $75 million as a result of outstanding letters of credit and eligible accounts receivable and inventory balances at certain of its domestic subsidiaries. At December 31, 2017, an outstanding letter of credit under the credit facility totaled $12.5 million and the amount available under the facility totaled $62.5 million . During 2017 and at December 31, 2017, there were no borrowings under the credit facility. Other Debt At December 31, 2017, Titan had working capital loans for the Sao Paulo, Brazil and Voltyre-Prom manufacturing facilities. At December 31, 2017 , Titan Brazil had outstanding debt totaling $5.8 million with maturity dates from less than one year up to two years. Voltyre-Prom had outstanding debt totaling $16.4 million at December 31, 2017 |
DERIVATIVE FINANCIAL INSTRUMENT
DERIVATIVE FINANCIAL INSTRUMENTS | 12 Months Ended |
Dec. 31, 2017 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
DERIVATIVE FINANCIAL INSTRUMENTS | 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 year ended December 31, 2017 , the Company recorded currency exchange loss of $0.6 million |
REDEEMABLE NONCONTROLLING INTER
REDEEMABLE NONCONTROLLING INTEREST (Notes) | 12 Months Ended |
Dec. 31, 2017 | |
Noncontrolling Interest [Abstract] | |
Noncontrolling Interest Disclosure [Text Block] | REDEEMABLE NONCONTROLLING INTEREST The Company, in partnership with One Equity Partners (OEP) and the Russian Direct Investment Fund (RDIF), owns all of the equity interests in Voltyre-Prom, a leading producer of agricultural and industrial tires in Volgograd, Russia. The Company is party to a shareholders' agreement with OEP and RDIF which was entered into in connection with acquisition of Voltyre-Prom. The agreement contains a settlement put option which is exercisable during a six month period beginning July 9, 2018, and may require Titan to purchase the indirect equity interests from OEP and RDIF in Voltyre-Prom 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 held by OEP and RDIF 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 was greater at December 31, 2017. 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 in the redemption value 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 December 31, 2017 and 2016 (amounts in thousands): Balance at January 1, 2016 $ 77,174 Reclassification as a result of ownership change 12,039 Income attributable to redeemable noncontrolling interest 2,196 Currency translation 3,844 Redemption value adjustment 9,556 Balance at December 31, 2016 $ 104,809 Income attributable to redeemable noncontrolling interest 84 Currency translation 1,907 Redemption value adjustment 6,393 Balance at December 31, 2017 $ 113,193 |
ACCUMULATED OTHER COMPREHENSIVE
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) | 12 Months Ended |
Dec. 31, 2017 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) | ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) Accumulated other comprehensive income (loss) consisted of the following at the dates set forth below (amounts in thousands): Currency Translation Adjustments Unrecognized Losses and Prior Service Cost Total Balance at January 1, 2016 $ (161,030 ) $ (26,721 ) $ (187,751 ) Currency translation adjustments (1,598 ) — (1,598 ) Defined benefit pension plan entries: Unrecognized prior service cost, net of tax of $0 — 137 137 Unrecognized net loss, net of tax of $(439) — 934 934 Balance at December 31, 2016 (162,628 ) (25,650 ) (188,278 ) Currency translation adjustments 29,679 — 29,679 Defined benefit pension plan entries: Unrecognized prior service cost, net of tax of $0 — 136 136 Unrecognized net gain, net of tax of $215 — 1,387 1,387 Balance at December 31, 2017 $ (132,949 ) $ (24,127 ) $ (157,076 ) |
STOCKHOLDERS EQUITY
STOCKHOLDERS EQUITY | 12 Months Ended |
Dec. 31, 2017 | |
Stockholders' Equity Attributable to Parent [Abstract] | |
STOCKHOLDERS’ EQUITY | STOCKHOLDERS’ EQUITY The Company did not repurchase any Titan common shares in 2017, 2016, or 2015. The Company records treasury stock using the cost method. Titan paid aggregate cash dividends of $.02 per share of common stock in each of 2017, 2016, and 2015. Dividends declared totaled $1.2 million for 2017 and $1.1 million |
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS | 12 Months Ended |
Dec. 31, 2017 | |
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 follows: 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 for 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 at the dates set forth below (amounts in thousands): December 31, 2017 December 31, 2016 Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Investments for deferred compensation $ 12,393 $ 12,393 $ — $ — $ 9,668 $ 9,668 $ — $ — Derivative financial instruments asset 458 — 458 — 988 — 988 — Preferred stock 154 — — 154 181 — — 181 Total $ 13,005 $ 12,393 $ 458 $ 154 $ 10,837 $ 9,668 $ 988 $ 181 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 unrealized losses (69 ) Balance at December 31, 2016 181 Total unrealized losses (27 ) Balance as of December 31, 2017 $ 154 |
VARIABLE INTEREST ENTITIES (Not
VARIABLE INTEREST ENTITIES (Notes) | 12 Months Ended |
Dec. 31, 2017 | |
Variable Interest Entity, Consolidated, Carrying Amount, Assets and Liabilities, Net [Abstract] | |
Variable Interest Entity 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. Titan is the 50% owner of one of these distribution facilities, which is located in Canada, and the 40% owner of the other such facility, which 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. Titan has intercompany notes and receivables used for operations of $1.6 million with the Canadian entity and $0.8 million with the Australian entity. The third joint venture is the consortium which owns Voltyre-Prom. Titan owns 43% of the consortium owning Voltyre-Prom, which is subject to a shareholder agreement containing a settlement put option which may require Titan to purchase the remaining equity interests in the consortium. See Note 13 for additional information. The Company also holds a variable interest in five other entities for which Titan is the primary beneficiary. Each of these entities provides specific manufacturing related services at the Company's Tennessee facility. Titan's variable interest in these entities relates to financial support to the entities through providing many of the assets used by these entities in their business. The Company owns no equity in these entities. As the primary beneficiary of these variable interest entities (VIEs), the VIEs’ assets, liabilities, and results of operations are included in the Company’s consolidated financial statements as of, and for the year ended, December 31, 2017. 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 VIEs’ assets and liabilities included in the Company’s Consolidated Condensed Balance Sheets at December 31, 2017 and 2016 (amounts in thousands): 2017 2016 Cash and cash equivalents $ 10,621 $ 9,396 Inventory 13,494 11,445 Other current assets 36,334 23,301 Property, plant, and equipment, net 33,717 30,448 Other noncurrent assets 4,250 4,955 Total assets $ 98,416 $ 79,545 Current liabilities 32,172 22,068 Noncurrent liabilities 8,291 5,350 Total liabilities $ 40,463 $ 27,418 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. The Company holds a variable interest in certain VIEs which are not consolidated because Titan is not the primary beneficiary. The Company's involvement with these entities is in the form of direct equity interests and prepayments and purchases of materials. The maximum exposure to loss represents the loss of assets recognized by Titan relating to non-consolidated entities and amounts due to the non-consolidated assets. The assets and liabilities recognized in Titan's Consolidated Balance Sheets related to Titan's interest in these non-consolidated VIEs and the Company's maximum exposure to loss relating to non-consolidated VIEs were as follows at December 31, 2017 and 2016 (amounts in thousands): 2017 2016 Investments $ 3,823 $ 4,738 Other current assets 1,261 1,039 Total VIE assets 5,084 5,777 Accounts payable 1,413 932 Maximum exposure to loss $ 6,497 $ 6,709 |
ASSET IMPAIRMENT (Notes)
ASSET IMPAIRMENT (Notes) | 12 Months Ended |
Dec. 31, 2017 | |
Asset Impairment Charges [Abstract] | |
Asset Impairment Charges [Text Block] | ASSET IMPAIRMENT On September 21, 2017, a fire occurred at a facility of Titan Tire Reclamation Corporation (TTRC), a subsidiary of the Company, located in Fort McMurray, AB. The TTRC facility contains six thermal vacuum recovery (TVR) units, which are large, contained capsules used to recycle large mining tires. The fire started within one of the TVR units and was contained to a building housing three of the TVR units. As a result of the damage caused by the fire, Titan recorded an asset impairment of $9.9 million . Titan carries both casualty and property insurance for its facilities and equipment, as well as business interruption insurance. The asset impairment amount was partially offset by an initial insurance advance received in the amount of $1.6 million |
ROYALTY EXPENSE
ROYALTY EXPENSE | 12 Months Ended |
Dec. 31, 2017 | |
Other Income and Expenses [Abstract] | |
ROYALTY EXPENSE | ROYALTY EXPENSE The Company has trademark license agreements with The Goodyear Tire & Rubber Company 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. Each of these agreements expire in 2025. 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 which expires June 2019. Royalty expenses recorded for the years ended December 31, 2017 , 2016 , and 2015 , were $10.5 million , $8.9 million , and $10.5 million , respectively. |
OTHER INCOME
OTHER INCOME | 12 Months Ended |
Dec. 31, 2017 | |
Other Income and Expenses [Abstract] | |
OTHER INCOME, NET | OTHER INCOME (EXPENSE) Other income (expense) consisted of the following for the years set forth below (amounts in thousands): 2017 2016 2015 Equity investment income $ 3,615 $ 2,977 $ 1,790 Interest income 3,363 3,206 2,667 Investment gain (loss) related to investments for deferred compensation 2,725 190 (361 ) Building rental income 2,372 2,109 936 Discount amortization on prepaid royalty 866 1,491 1,956 Gain (loss) on sale of assets (701 ) 2,229 2,418 Other income (expense) (1,099 ) 264 1,657 $ 11,141 $ 12,466 $ 11,063 |
INCOME TAXES
INCOME TAXES | 12 Months Ended |
Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | INCOME TAXES Income (loss) before income taxes, consisted of the following for the years set forth below (amounts in thousands): 2017 2016 2015 Domestic $ (65,422 ) $ (56,334 ) $ (34,876 ) Foreign 12,546 19,860 (20,196 ) $ (52,876 ) $ (36,474 ) $ (55,072 ) The income tax provision (benefit) was as follows for the years set forth below (amounts in thousands): 2017 2016 2015 Current Federal $ 458 $ (2,040 ) $ 3,143 State (614 ) (62 ) 55 Foreign 10,574 6,063 7,114 10,418 3,961 10,312 Deferred Federal — — 24,924 State — — 3,433 Foreign 785 (680 ) (3,913 ) 785 (680 ) 24,444 Income tax provision (benefit) $ 11,203 $ 3,281 $ 34,756 The income tax provision differs from the amount of income tax determined by applying the statutory U.S. federal income tax rate to pre-tax income (loss) as a result of the following: 2017 2016 2015 Statutory U.S. federal tax rate 35.0 % 35.0 % 35.0 % Unrecognized tax positions (2.3 ) 6.5 — Impact of foreign income (8.0 ) 26.9 12.8 Valuation allowance 16.5 (73.6 ) (131.5 ) State taxes, net 0.8 0.1 (6.6 ) Benefit from a U.S. check-the-box election — — 33.5 Debt forgiveness 0.2 — (2.1 ) Nondeductible royalty (1.4 ) (1.9 ) (1.5 ) Tax Cuts and Jobs Act (62.7 ) — — Other, net 0.7 (2.0 ) (2.7 ) Effective tax rate (21.2 )% (9.0 )% (63.1 )% The effective tax rate for the year ended December 31, 2017, was a negative 21.2% as compared to a negative 9.0% for the year ended December 31, 2016. The Company recorded a pre-tax loss in each of 2017 and 2016 and had a negative effective tax rate which represents tax expense in the consolidated financial statements. In jurisdictions where the Company operates its businesses, management analyzes the ability to utilize its deferred tax assets arising from losses in its cyclical business. The Company continues to record a valuation allowance in several jurisdictions, including the U.S., various U.S. states, Italy, Australia, and Luxembourg as these amounts remain more likely than not that the deferred tax assets would not be utilized. The Company recorded a valuation allowance of $8.7 million and $26.8 million on the net deferred tax asset in 2017 and 2016, respectively. This amount is primarily related to net operating losses generated from operations in these certain countries. The Company is involved in various tax matters, for some of which the outcome is uncertain. The IRS issued a final audit report during 2017 for the tax years 2010 through 2014. The Company recorded a net expense of $0.5 million to reflect the final audit results. The Company believes that it has adequate tax reserves to address these open tax matters acknowledging that the outcome and timing of these events are uncertain. Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Significant components of the Company’s deferred tax assets and liabilities at December 31, 2017 and 2016, were as follows (amounts in thousands): 2017 2016 Deferred tax assets: Net operating loss carryforwards $ 118,303 $ 119,748 Pension 5,462 8,236 Inventory 4,957 4,329 Warranty 4,847 6,237 Employee benefits and related costs 14,061 18,882 Prepaid royalties 4,383 5,173 Other 20,930 22,160 Deferred tax assets 172,943 184,765 Deferred tax liabilities: Fixed assets (28,769 ) (41,757 ) Intangible assets (4,301 ) (4,214 ) Other (1,396 ) (4,543 ) Deferred tax liabilities (34,466 ) (50,514 ) Subtotal 138,477 134,251 Valuation allowance (148,243 ) (142,771 ) Net deferred tax liability $ (9,766 ) $ (8,520 ) As of December 31, 2017 and 2016, certain tax loss carryforwards of $118.3 million and $119.7 million were available with $1.8 million expiring between 2017 and 2022 and $116.5 million expiring after 2022. At December 31, 2017, a valuation allowance of $148.2 million has been established. The net change in the valuation allowance was $5.5 million and $25.0 million for 2017 and 2016, respectively. The Company has $ 168.8 million of Federal net operating loss carryforward, a portion of which expires starting in 2034. Additionally, the Company has $ 205.3 million of state net operating losses and $ 273.8 million of foreign loss carryforwards. The majority of the valuation allowance is related to deferred tax assets in the U.S., Italy, Australia, and Luxembourg. The Tax Cuts and Jobs Act was enacted on December 22, 2017. The Tax Cuts and Jobs Act includes a number of changes in existing tax law impacting businesses, including a one-time deemed repatriation of cumulative undistributed foreign earnings and a permanent reduction in the U.S. federal statutory rate from 35% to 21% , effective on January 1, 2018. Under U.S. GAAP, changes in tax rates and tax law are accounted for in the period of enactment and deferred tax assets and liabilities are remeasured at the enacted tax rate. Consistent with guidance issued by the Securities Exchange Commission (“SEC”), which provides for a measurement period of one year from the enactment date to finalize the accounting for effects of the Tax Cuts and Jobs Act, the Company provisionally recorded no additional income tax expense related to the Tax Cuts and Jobs Act. The remeasured U.S. net deferred asset was fully offset by a change in the valuation allowance. Based on information available, the Company estimates the net cumulative undistributed foreign earnings to be a cumulative loss and therefore recorded no additional income tax expense related to the one-time deemed repatriation toll charge. As a result of the Tax Cuts and Jobs Act, the Company can repatriate the cumulative undistributed foreign earnings back to the U.S. when needed with minimal additional taxes other than state income and foreign withholding tax. The Company is still evaluating whether to change its indefinite reinvestment assertion in light of the Tax Cuts and Jobs Act and considers that conclusion to be incomplete under guidance issued by the SEC. If the Company subsequently changes its assertion during the measurement period, the Company will account for the change in assertion as part of the Tax Cuts and Jobs Act enactment. The Company or one of its subsidiaries files income tax returns in the U.S., Federal and State, and various foreign jurisdictions. The Company’s major locations are in the U.S., Italy, Australia, Russia, and Brazil. The IRS issued a final audit report in 2017 for the 2010-2014 U.S. Federal tax returns and the Company adjusted its uncertain tax reserves. The Company also has ongoing tax audits with non-U.S. jurisdictions. Italy has open tax years from 2012-2017. Russia has open tax years from 2016-2017. Australia has open tax years from 2013-2017 and Brazil has open tax years from 2011-2017. The Company has applied the provisions of ASC 740, “Income Taxes” related to unrecognized tax benefits. At December 31, 2017, 2016, and 2015, the unrecognized tax benefits were $11.4 million , $16.1 million , and $18.0 million , respectively. As of December 31, 2017, $ 11.4 million of unrecognized tax benefits would have affected income tax expense if the tax benefits were recognized. The majority of these recognized tax benefits would result in a net operating loss carryforward which would require a valuation allowance. The majority of the accrual in unrecognized tax benefits relates to potential state tax exposures. Although management cannot predict with any degree of certainty the timing of ultimate resolution of matters under review by various taxing jurisdictions, it is unlikely that the Company’s gross unrecognized tax benefits balance will change significantly within the next twelve months. A reconciliation of the total amounts of unrecognized tax benefits at December 31 were as follows (amounts in thousands): 2017 2016 2015 Balance at January 1 $ 12,468 $ 14,698 $ 15,320 Increases to tax positions taken during the current year 127 288 7 Increases to tax positions taken during the prior years 6,045 3,201 591 Decreases to tax positions taken during prior years (858 ) (5,257 ) (534 ) Decreases due to lapse of statutes of limitations (297 ) (4 ) (492 ) Settlements (8,095 ) (476 ) (175 ) Foreign exchange (25 ) 18 (19 ) Balance at December 31 $ 9,365 $ 12,468 $ 14,698 The Company accrues interest and penalties related to unrecognized tax benefits in income tax expense. The amount of interest and penalties related to unrecognized tax benefits recorded in income tax expense was $0.5 million , $0.4 million , and $0.5 million at December 31, 2017, 2016 and 2015. The reconciliation of unrecognized tax benefits above does not include accrued interest and penalties of $2.9 million , $3.6 million , and $3.3 million |
EMPLOYEE BENEFIT PLANS
EMPLOYEE BENEFIT PLANS | 12 Months Ended |
Dec. 31, 2017 | |
Retirement Benefits [Abstract] | |
EMPLOYEE BENEFIT PLANS | EMPLOYEE BENEFIT PLANS Pension 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’s policy is to fund pension costs as required by law, which is consistent with the funding requirements of federal laws and regulations. Certain foreign subsidiaries maintain unfunded pension plans consistent with local practices and requirements. The following table provides the change in benefit obligation, change in plan assets, funded status, and amounts recognized in the Consolidated Balance Sheet of the defined benefit pension plans as of December 31, 2017 and 2016 (amounts in thousands): Change in benefit obligation: 2017 2016 Benefit obligation at beginning of year $ 113,119 $ 115,598 Service cost 598 341 Interest cost 4,672 4,896 Actuarial (gain) loss 8,383 1,073 Benefits paid (8,866 ) (8,572 ) Foreign currency translation 1,830 (217 ) Benefit obligation at end of year $ 119,736 $ 113,119 Change in plan assets: Fair value of plan assets at beginning of year $ 77,314 $ 78,392 Actual return on plan assets 12,436 4,419 Employer contributions 914 2,399 Benefits paid (7,809 ) (7,919 ) Foreign currency translation 181 23 Fair value of plan assets at end of year $ 83,036 $ 77,314 Unfunded status at end of year $ (36,700 ) $ (35,805 ) Amounts recognized in Consolidated Balance Sheet: Noncurrent assets $ 948 $ 901 Current liabilities (2,040 ) (1,787 ) Noncurrent liabilities (35,608 ) (34,919 ) Net amount recognized in the Consolidated Balance Sheet $ (36,700 ) $ (35,805 ) The pension benefit obligation included $98.7 million of pension benefit obligation for the three frozen plans in the U.S. and $21.1 million of pension benefit obligation for plans at foreign subsidiaries. The fair value of plan assets included $81.3 million of plan assets for the three frozen plans in the U.S. and $1.7 million of plan assets for foreign plans. Amounts recognized in accumulated other comprehensive loss: 2017 2016 Unrecognized prior service cost $ (208 ) $ (344 ) Unrecognized net loss (39,775 ) (41,011 ) Deferred tax effect of unrecognized items 15,856 15,705 Net amount recognized in accumulated other comprehensive loss $ (24,127 ) $ (25,650 ) The weighted-average assumptions used in the actuarial computation that derived the benefit obligations at December 31 were as follows: 2017 2016 Discount rate 3.8 % 4.4 % Expected long-term return on plan assets 7.4 % 7.4 % The following table provides the components of net periodic pension cost for the plans, settlement cost, and the assumptions used in the measurement of the Company’s benefit obligation for the years ended December 31, 2017 , 2016 , and 2015 (amounts in thousands): Components of net periodic benefit cost and other amounts recognized in other comprehensive income (loss) Net periodic benefit cost: 2017 2016 2015 Service cost $ 598 $ 341 $ 404 Interest cost 4,672 4,896 4,837 Assumed return on assets (5,472 ) (5,600 ) (6,051 ) Amortization of unrecognized prior service cost 137 137 137 Amortization of net unrecognized loss 2,696 3,118 2,917 Net periodic pension cost $ 2,631 $ 2,892 $ 2,244 The estimated net loss and prior service cost that will be amortized from accumulated other comprehensive income (loss) into net periodic benefit cost over the next fiscal year are $2.7 million and $0.1 million , respectively. The weighted-average assumptions used in the actuarial computation that derived net periodic pension cost for the years ended December 31, 2017 , 2016 , and 2015 were as follows: 2017 2016 2015 Discount rate 5.8 % 5.8 % 5.8 % Expected long-term return on plan assets 7.4 % 7.4 % 7.4 % The allocation of the fair value of plan assets was as follows: Percentage of Plan Assets at December 31, Target Allocation Asset Category 2017 2016 2017 U.S. equities (a) 61 % 56 % 40% - 80% Fixed income 25 % 30 % 20% - 50% Cash and cash equivalents 6 % 7 % 0% - 20% International equities (a) 8 % 7 % 0% - 16% 100 % 100 % (a) Total equities may not exceed 80% of total plan assets. The majority of the Company's foreign plans do not have plan assets. The foreign plans which have plan assets holds these plan assets in an insurance or money market fund. The fair value of the plan assets by asset categories consisted of the following as of the dates set forth below (amounts in thousands): Fair Value Measurements as of December 31, 2017 Total Level 1 Level 2 Level 3 Money market funds $ 5,101 $ 5,101 $ — $ — Common stock 35,300 35,300 — — Bonds and securities 5,370 5,370 — — Mutual and insurance funds 2,074 868 1,206 — Totals $ 47,845 $ 46,639 $ 1,206 $ — Assets measured at net asset value (a) 35,191 $ 83,036 Fair Value Measurements as of December 31, 2016 Total Level 1 Level 2 Level 3 Money market funds $ 5,114 $ 5,114 $ — $ — Common stock 31,869 31,869 — — Bonds and securities 6,258 4,942 1,316 — Mutual and insurance funds 2,485 829 1,656 — Totals $ 45,726 $ 42,754 $ 2,972 $ — Assets measured at net asset value (a) 31,588 $ 77,314 (a) Assets measured at net asset value consist of common / collective trusts. The Company invests in a diversified portfolio consisting of an array of asset classes in an attempt to maximize returns while minimizing risk. These asset classes include U.S. equities, fixed income, cash and cash equivalents, and international equities. The investment objectives are to provide for the growth and preservation of plan assets on a long-term basis through investments in: investment grade securities that provide investment returns that meet or exceed the Standard & Poor’s 500 Index and investment grade fixed income securities that provide investment returns that meet or exceed the Barclays Capital Aggregate Bond Index. The U.S. equities asset category included the Company’s common stock in the amount of $2.2 million (approximately three percent of total plan assets) at December 31, 2017, and $1.9 million (approximately two percent of total plan assets) at December 31, 2016. The fair value of money market funds, stock, bonds, U.S. government securities and mutual funds is determined based on valuation for identical instruments in active markets. The long-term rate of return for plan assets is determined using a weighted-average of long-term historical approximate returns on cash and cash equivalents, fixed income securities, and equity securities considering the anticipated investment allocation within the plans. The expected return on plan assets is anticipated to be 7.4% over the long-term. This rate assumes long-term historical returns of approximately 9% for equities and approximately 4.5% for fixed income securities using the plans’ target allocation percentages. Professional investment firms, none of which are Titan employees, manage the plan assets. Although the 2018 minimum pension funding calculations are not finalized, the Company estimates those funding requirements will be approximately $5 million . Projected benefit payments from the plans as of December 31, 2017 , are estimated as follows (amounts in thousands): 2018 $ 9,398 2019 8,499 2020 8,607 2021 8,509 2022 8,522 2023-2027 39,645 401(k)/Defined contribution plans The Company sponsors two 401(k) retirement savings plans in the U.S. and a number of defined contribution plans at foreign subsidiaries. One U.S. plan is for the benefit of substantially all employees who are not covered by a collective bargaining arrangement. Titan provides a 25% matching contribution in the form of the Company’s common stock on the first 6% of the employee’s contribution in this plan. The Company issued 49,242 shares, 93,491 shares and 65,481 shares of treasury stock in connection with this 401(k) plan during 2017, 2016, and 2015, respectively. Expenses to the Company related to this common stock matching contribution were $0.5 million , $0.5 million , and $0.6 million for 2017, 2016, and 2015, respectively. The other U.S. 401(k) plan is for employees covered by collective bargaining agreements and does not include a Company matching contribution. Expenses related to foreign defined contribution plans were $3.8 million , $3.6 million , and $3.7 million for 2017, 2016, and 2015, respectively. |
STOCK COMPENSATION
STOCK COMPENSATION | 12 Months Ended |
Dec. 31, 2017 | |
STOCK OPTION PLANS [Abstract] | |
STOCK OPTION PLANS | STOCK COMPENSATION The Company recorded stock compensation of $1.5 million , $2.0 million , and $2.3 million in 2017, 2016, and 2015, respectively. Options to the Board of Directors vest immediately. All options expire 10 years from the grant date. The restricted stock awards vest over a period of three to four years . 2005 Equity Incentive Plan The Company adopted the 2005 Equity Incentive Plan to provide stock compensation as a means of attracting and retaining qualified independent directors and employees for the Company. A total of 2.0 million shares are available for future issuance under the equity incentive plan at December 31, 2017. The exercise price of stock options may not be less than the fair market value of the common stock on the date of the grant. The vesting and term of each option is set by the Board of Directors. The Company granted 89,200 stock options under this plan in 2017, 60,000 stock options under this plan in 2016, and 60,000 stock options under this plan in 2015. The Company did not grant any restricted stock awards under this plan in 2017 and 2016. The Company granted 123,500 restricted stock awards under this plan in 2015. Stock Options The following is a summary of activity in stock options during the year ended December 31, 2017: Shares Subject to Option Weighted- Average Exercise Price Weighted- Average Remaining Contractual Life (in Years) Aggregate Intrinsic Value (in thousands) Outstanding, December 31, 2016 807,520 $ 18.13 Granted 89,200 11.79 Exercised — — Forfeited/Expired (48,950 ) 19.51 Outstanding, December 31, 2017 847,770 17.39 5.05 $ 561 Exercisable, December 31, 2017 847,770 17.39 5.05 $ 561 Additional Stock Option Information (all amounts in thousands, except for per share data): 2017 2016 2015 Weighted-average fair value per share of stock options granted $ 6.10 $ 3.62 $ 5.27 Intrinsic value of stock options exercised — — (3 ) Tax expense (benefit) realized for tax deductions from stock options exercised — (1 ) Grant date fair value of stock options vested 544 217 316 Cash received from stock options exercised — — 145 No options were exercised in 2017 and 2016. The Company currently uses treasury shares to satisfy any stock option exercises. At December 31, 2017 and 2016, the Company had 0.9 million and 1.1 million shares of treasury stock, respectively. Valuation Assumptions The Company uses the Black-Scholes option pricing model to determine the fair value of its stock options. The determination of the fair value of stock option awards on the date of grant using option pricing models is affected by the Company’s stock price, as well as assumptions regarding a number of complex and subjective variables. These variables include the Company’s expected stock price volatility over the expected term of the awards, actual and projected stock option exercise behaviors, risk-free interest rates, and expected dividends. The expected term of options represents the period of time over which options are expected to be outstanding and is estimated based on historical experience. Expected volatility is based on the historical volatility of the Company’s common stock calculated over the expected term of the option. The risk-free interest rate is based on U.S. Treasury yields in effect at the date of grant. Weighted average assumptions used for stock options issued in 2017, 2016, and 2015: 2017 2016 2015 Expected life (in years) 6.0 6.0 6.0 Expected volatility 53.8 % 53.3 % 49.4 % Expected dividends 0.1 % 0.1 % 0.1 % Risk-free interest rate 1.82 % 1.33 % 1.78 % Restricted Stock Shares Weighted Average Grant Date Fair Value Unvested at December 31, 2016 153,570 14.92 Granted — — Vested (119,173 ) 16.02 Forfeited/Expired (2,500 ) 18.02 Unvested at December 31, 2017 31,897 10.56 Pre-tax unrecognized compensation expense for unvested restricted stock was $0.2 million at December 31, 2017, and will be recognized as an expense over a weighted-average period of 0.5 years. The fair value of restricted stock vested, based on the stock's fair value on the vesting date, was $1.5 million , $1.6 million , and $0.4 million |
LITIGATION
LITIGATION | 12 Months Ended |
Dec. 31, 2017 | |
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. Presently, Titan is engaged in the following material legal proceeding: In early January 2016, Titan, along with the United Steel, Paper and Forestry, Rubber, Manufacturing, Energy, Allied Industrial and Service Worker International Union, AFL-CIO, CLC of Pittsburgh, Pennsylvania, filed petitions with the DOC and the ITC alleging that imported off-the-road tires from India and Sri Lanka and wheel and tire assemblies from China were being dumped and/or subsidized and were a cause of material injury to the domestic industry. Both the DOC and the ITC initiated investigations against India and Sri Lanka, but the ITC did not recommend pursuing the investigation into wheel and tire assemblies from China. On January 4, 2017, the DOC made a final affirmative determination in both the Indian and Sri Lankan countervailing duty cases, and subsequently made an amended affirmative final determination of dumping on imports from India for all but one company. Also on January 4, 2017, the ITC conducted the final injury hearing on Titan and the United Steel Workers’ petitions. In February 2017, the ITC determined, by unanimous vote, that the domestic industry producing certain off-the-road tires was materially injured by reason of subsidized imports from India and Sri Lanka and "dumped" imports from India. On March 9, 2017, countervailing duty orders on imports of off-the-road tires from India and Sri Lanka and an anti-dumping duty order on such tires from India (with the exception of imports from one company) were published in the Federal Register by DOC. Following the ITC's February 28, 2017, determination, importers of products covered by the DOC's countervailing duty orders and antidumping order are required to post cash deposits equal to the countervailing duty amounts identified in the orders. Two of Titan’s subsidiaries are currently involved in litigation concerning environmental laws and regulations. In October 2010, the United States of America, on behalf of the Environmental Protection Agency (EPA), filed a complaint against Dico, Inc. (Dico) and Titan Tire Corporation (Titan Tire) in the U.S. District Court for the Southern District of Iowa, wherein the EPA sought civil penalties, punitive damages, and response costs against Dico and Titan Tire pursuant to the Comprehensive Environmental Response, Compensation, and Liability Act of 1980 (CERCLA). In June 2015, Titan Tire and Dico, Inc. appealed the U.S. District Court’s order granting the EPA’s motion for summary judgment that found Dico and Titan Tire liable for civil penalties and response costs for violating CERCLA and Dico liable for civil penalties and punitive damages for violating an EPA Administrative Order. In December 2015, the United States Court of Appeals reversed the District Court’s summary judgment order with respect to “arranger” liability for Titan Tire and Dico under CERCLA and the imposition of punitive damages against Dico for violating the EPA Administrative Order, but affirmed the summary judgment order imposing civil penalties in the amount of $1.62 million against Dico for violating the EPA Administrative Order violation. The case was remanded to the District Court for a new trial on the remaining issues. The trial occurred in April 2017. On September 5, 2017, the District Court issued an order: (a) concluding Titan Tire and Dico arranged for the disposal of a hazardous substance in violation of 42 U.S.C. § 9607(a); (b) holding Titan Tire and Dico jointly and severally liable for $5.45 million in response costs previously incurred and reported by the United States relating to the alleged violation, including enforcement costs and attorney’s fees; and (c) awarding a declaratory judgment holding Titan Tire and Dico jointly and severally liable for all additional response costs previously incurred but not yet reported or to be incurred in the future, including enforcement costs and attorney’s fees. The District Court also held Dico liable for $5.45 million in punitive damages under 42 U.S.C. § 9607(c)(3) for violating a unilateral administrative order. The punitive damages award does not apply to Titan Tire. The Company accrued a contingent liability of $6.5 million , representing $5.45 million in costs incurred by the United States and $1.05 million of additional response costs, for this order. |
LEASE COMMITMENTS
LEASE COMMITMENTS | 12 Months Ended |
Dec. 31, 2017 | |
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. Total rental expense was $7.6 million , $6.0 million , and $7.3 million for the years ended December 31, 2017, 2016, and 2015, respectively. At December 31, 2017 , future minimum rental commitments under noncancellable operating leases with initial terms in excess of one year were as follows for the years (or other periods) presented below (amounts in thousands): 2018 $ 6,860 2019 4,780 2020 3,526 2021 1,900 2022 1,600 Thereafter 291 Total future minimum lease payments $ 18,957 At December 31, 2017 , the Company had assets held as capital leases with a net book value of $6.9 million included in property, plant, and equipment. Total future capital lease obligations relating to these leases were as follows at December 31, 2017 for the years (or other periods) presented below (amounts in thousands): 2018 $ 590 2019 197 2020 31 2021 2 Total future capital lease obligation payments 820 Less amount representing interest (7 ) Present value of future capital lease obligation payments $ 813 |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Notes) | 12 Months Ended |
Dec. 31, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies Disclosure [Text Block] | PURCHASE OBLIGATIONS At December 31, 2017 , the Company's expected cash outflow resulting from non-cancellable purchase obligations are summarized by year in the table below (amounts in thousands): 2018 $ 22,719 2019 7,219 2020 3,638 2021 179 Thereafter — Total non-cancellable purchase obligations $ 33,755 |
CONCENTRATION OF CREDIT RISK
CONCENTRATION OF CREDIT RISK | 12 Months Ended |
Dec. 31, 2017 | |
Risks and Uncertainties [Abstract] | |
Concentration Risk Disclosure [Text Block] | CONCENTRATION OF CREDIT RISK Net sales to Deere & Company in Titan’s agricultural, earthmoving/construction, and consumer markets represented 9% of the Company’s consolidated revenues for the year ended December 31, 2017 , 9% of the Company’s consolidated revenues for the year ended December 31, 2016 , and 10% of the Company’s consolidated revenues for the year ended December 31, 2015 . |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 12 Months Ended |
Dec. 31, 2017 | |
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 Chairman of the Company, Mr. Maurice Taylor. The related party is Mr. Fred Taylor, who is Mr. Maurice Taylor’s brother. The companies which Mr. Fred Taylor is associated with that do business with Titan include the following: Blackstone OTR, LLC; FBT Enterprises; Green Carbon, Inc; Silverstone, Inc.; and OTR Wheel Engineering, Inc. During 2017, 2016, and 2015, sales of Titan product to these companies were approximately $1.5 million , $0.9 million , and $1.7 million , respectively. Titan had trade receivables due from these companies of approximately $0.0 million at December 31, 2017 , and approximately $0.1 million at December 31, 2016 . On other sales referred to Titan from these manufacturing representative companies, commissions were approximately $1.9 million , $1.8 million , and $2.0 million during 2017, 2016, and 2015, respectively. Titan had purchases from these companies of approximately $0.6 million , $0.7 million , and $4.7 million during 2017, 2016, and 2015, respectively. The Company sells products to Valuepart and Track Solutions Pty Ltd., which is controlled by relatives of a member of management of a Titan subsidiary. Sales of Titan products to this company were approximately $0.3 million during 2017. In 2013, the Company entered into a Shareholders’ Agreement between OEP and RDIF to acquire Voltyre-Prom, a leading producer of agricultural and industrial tires located in Volgograd, Russia. Mr. Richard M. Cashin Jr., a director of the Company, is the 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 equity interests in the joint venture from OEP and RDIF at a value set by the agreement. See Note 13 for additional information. The Company has a 34.2% equity stake in Wheels India Limited, a company incorporated in India and listed on the National Stock Exchange in India. The Company had trade payables due to Wheels India Limited of approximately $0.0 million at December 31, 2017 , and approximately $0.1 million at December 31, 2016 . The Company has a 19.5% equity stake in Titan-Yuxiang Wheel (Liuzhou) Co., Ltd, a company incorporated in China. The Company had trade payables due to Titan-Yuxiang Wheel (Liuzhou) Co., Ltd of approximately $1.4 million at December 31, 2017 . The Company has a 49.0% equity stake in Central Iowa Training and Enrichment Center, LLC, a commercial building located in Boone, IA. |
SEGMENT INFORMATION
SEGMENT INFORMATION | 12 Months Ended |
Dec. 31, 2017 | |
Segment Reporting [Abstract] | |
Segment Information | SEGMENT AND GEOGRAPHICAL INFORMATION The Company has aggregated its operating units into reportable segments based on its three customer markets: agricultural, earthmoving/construction, and consumer. These segments are based on the information used by the chief executive officer to make certain operating decisions, allocate portions of capital expenditures and assess segment performance. The accounting policies of the segments are the same as those described in Note 1, “Description of Business and Significant Accounting Policies.” Segment external revenues, expenses, and income from operations are determined on the basis of the results of operations of operating units of manufacturing facilities. Segment assets are generally determined on the basis of the tangible assets located at such operating units’ manufacturing facilities and the intangible assets associated with the acquisitions of such operating units. However, certain operating units’ goodwill and property, plant, and equipment balances are carried at the corporate level. Titan is organized primarily on the basis of products being included in three marketing segments, with each reportable segment including wheels, tires, wheel/tire assemblies, and undercarriage systems and components. The table below presents information about certain operating results of segments as reviewed by the chief operating decision maker of the Company as of and for the years ended December 31, 2017 , 2016 , and 2015 (amounts in thousands): 2017 2016 2015 Revenues from external customers Agricultural $ 690,238 $ 583,324 $ 651,804 Earthmoving/construction 608,894 524,289 566,988 Consumer 169,790 157,884 175,979 $ 1,468,922 $ 1,265,497 $ 1,394,771 Gross profit Agricultural $ 84,907 $ 75,485 $ 73,198 Earthmoving/construction 48,331 45,885 42,300 Consumer 25,040 17,494 19,245 $ 158,278 $ 138,864 $ 134,743 Income (loss) from operations Agricultural $ 49,612 $ 41,153 $ 37,643 Earthmoving/construction 803 3,232 (2,572 ) Consumer 11,231 2,762 4,639 Corporate & Unallocated (74,830 ) (72,098 ) (67,055 ) Loss from operations (13,184 ) (24,951 ) (27,345 ) Interest expense (30,229 ) (32,539 ) (34,032 ) Loss on senior note repurchase (18,646 ) — — Foreign exchange gain (loss) (1,958 ) 8,550 (4,758 ) Other income, net 11,141 12,466 11,063 Loss before income taxes $ (52,876 ) $ (36,474 ) $ (55,072 ) Capital expenditures Agricultural $ 15,392 $ 16,260 $ 14,819 Earthmoving/construction 15,282 22,028 18,116 Consumer 2,453 2,483 3,061 Corporate & Unallocated (501 ) 1,177 12,433 $ 32,626 $ 41,948 $ 48,429 Depreciation & amortization Agricultural $ 27,623 $ 27,888 $ 32,274 Earthmoving/construction 20,307 20,566 24,124 Consumer 5,559 6,145 7,469 Corporate & Unallocated 4,955 5,169 5,751 $ 58,444 $ 59,768 $ 69,618 Total assets Agricultural $ 444,783 $ 439,371 $ 432,150 Earthmoving/construction 537,855 443,879 433,394 Consumer 157,133 140,293 137,359 Corporate & Unallocated (a) 150,341 242,353 278,851 $ 1,290,112 $ 1,265,896 $ 1,281,754 (a) Unallocated assets included cash of approximately $72 million , $96 million , and $143 million at year-end 2017, 2016, and 2015, respectively. Unallocated assets included certificates of deposit of $50 million in 2016. The table below presents information by geographic area. Revenues from external customers were determined based on the location of the selling subsidiary. Geographic information as of and for the years ended December 31, 2017 , 2016 , and 2015 was as follows (amounts in thousands): 2017 2016 2015 Net Sales United States $ 642,743 $ 558,278 $ 702,855 Europe 411,570 354,117 369,280 Latin America 282,692 248,019 236,281 Other international 131,917 105,083 86,355 $ 1,468,922 $ 1,265,497 $ 1,394,771 Long-Lived Assets United States $ 151,841 $ 171,587 $ 189,993 Europe 176,923 156,505 167,829 Latin America 62,543 68,187 59,671 Other international 29,941 40,922 32,527 $ 421,248 $ 437,201 $ 450,020 |
EARNINGS PER SHARE
EARNINGS PER SHARE | 12 Months Ended |
Dec. 31, 2017 | |
Earnings Per Share [Abstract] | |
EARNINGS PER SHARE | EARNINGS PER SHARE Earnings per share for 2017 , 2016 , and 2015 were as follows (amounts in thousands, except per share data): 2017 2016 2015 Net loss attributable to Titan $ (60,042 ) $ (37,605 ) $ (75,174 ) Redemption value adjustment (6,393 ) (9,556 ) (17,668 ) Net loss applicable to common shareholders $ (66,435 ) $ (47,161 ) $ (92,842 ) Determination of Shares: Weighted average shares outstanding (basic) 59,340 53,916 53,696 Earnings per share: Basic and Diluted $ (1.12 ) $ (0.87 ) $ (1.73 ) The effect of stock options/trusts and convertible notes has been excluded for 2017, 2016, and 2015, as the effect would have been antidilutive. The weighted average share amount excluded for stock options/trusts was 0.2 million , 0.3 million , and 0.2 million for 2017, 2016, and 2015, respectively. The effect of convertible notes has been excluded for 2017, 2016, and 2015, as the effect would have been antidilutive. The weighted average share amount excluded for convertible notes was 0.2 million for 2017 and 5.6 million for each of 2016 and 2015. |
SUPPLEMENTARY DATA - QUARTERLY
SUPPLEMENTARY DATA - QUARTERLY FINANCIAL INFORMATION (UNAUDITED) | 12 Months Ended |
Dec. 31, 2017 | |
Quarterly Financial Information Disclosure [Abstract] | |
SUPPLEMENTARY DATA – QUARTERLY FINANCIAL INFORMATION (UNAUDITED) | SUPPLEMENTARY DATA – QUARTERLY FINANCIAL INFORMATION (UNAUDITED) (All amounts in thousands, except per share data) Quarter ended March 31 June 30 September 30 December 31 Year ended December 31 2017 Net sales $ 357,501 $ 364,399 $ 370,988 $ 376,034 $ 1,468,922 Gross profit 39,729 43,562 39,665 35,322 158,278 Net loss (10,585 ) (6,537 ) (11,218 ) (35,739 ) (64,079 ) Net loss attributable to Titan (11,453 ) (6,293 ) (12,018 ) (30,278 ) (60,042 ) Per share amounts: Basic (.18 ) (.17 ) (.22 ) (.55 ) (1.12 ) Diluted (.18 ) (.17 ) (.22 ) (.55 ) (1.12 ) 2016 Net sales $ 321,794 $ 330,214 $ 306,195 $ 307,294 $ 1,265,497 Gross profit 28,297 43,718 34,920 31,929 138,864 Net loss (12,326 ) (3,806 ) (8,974 ) (14,649 ) (39,755 ) Net loss attributable to Titan (12,743 ) (3,256 ) (8,008 ) (13,598 ) (37,605 ) Per share amounts: Basic (.33 ) (.10 ) (.17 ) (.27 ) (.87 ) Diluted (.33 ) (.10 ) (.17 ) (.27 ) (.87 ) |
SUBSIDIARY GUARANTOR FINANCIAL
SUBSIDIARY GUARANTOR FINANCIAL INFORMATION | 12 Months Ended |
Dec. 31, 2017 | |
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 6.50% senior secured notes due 2023 are guaranteed by the following 100% owned subsidiaries of the Company: Titan Tire Corporation, Titan Tire Corporation of Bryan, Titan Tire Corporation of Freeport, and Titan Wheel Corporation of Illinois. The note guarantees are full and unconditional, joint and several obligations of the guarantors. The guarantees of the guarantor subsidiaries are subject to release in limited circumstances only upon the occurrence of certain customary conditions. The following condensed consolidating financial statements are presented using the equity method of accounting. Certain sales & marketing expenses recorded by non-guarantor subsidiaries have not been allocated to the guarantor subsidiaries. (Amounts in thousands) Consolidating Condensed Statements of Operations Year Ended December 31, 2017 Titan Intl., Inc. (Parent) Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Net sales $ — $ 567,830 $ 901,092 $ — $ 1,468,922 Cost of sales 362 495,939 804,426 — 1,300,727 Asset impairment — — 9,917 — 9,917 Gross profit (loss) (362 ) 71,891 86,749 — 158,278 Selling, general, and administrative expenses 14,218 59,769 76,689 — 150,676 Research and development expenses — 3,685 6,617 — 10,302 Royalty expense 1,178 5,703 3,603 — 10,484 Income (loss) from operations (15,758 ) 2,734 (160 ) — (13,184 ) Interest expense (29,182 ) — (1,047 ) — (30,229 ) Loss on note repurchase (18,646 ) — — — (18,646 ) Intercompany interest income (expense) 2,412 3,937 (6,349 ) — — Foreign exchange loss (2 ) (100 ) (1,856 ) — (1,958 ) Other income (expense) 4,623 (178 ) 6,696 — 11,141 Income (loss) before income taxes (56,553 ) 6,393 (2,716 ) — (52,876 ) Provision (benefit) for income taxes (1,446 ) 4,173 8,476 — 11,203 Equity in earnings of subsidiaries (8,972 ) — (8,400 ) 17,372 — Net income (loss) (64,079 ) 2,220 (19,592 ) 17,372 (64,079 ) Net loss noncontrolling interests — — (4,037 ) — (4,037 ) Net income (loss) attributable to Titan $ (64,079 ) $ 2,220 $ (15,555 ) $ 17,372 $ (60,042 ) (Amounts in thousands) Consolidating Condensed Statements of Operations Year Ended December 31, 2016 Titan Intl., Inc. (Parent) Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Net sales $ — $ 498,390 $ 767,107 $ — $ 1,265,497 Cost of sales 759 432,705 693,169 — 1,126,633 Gross profit (loss) (759 ) 65,685 73,938 — 138,864 Selling, general, and administrative expenses 11,394 66,815 66,779 — 144,988 Research and development expenses — 2,876 7,095 — 9,971 Royalty expense 667 4,866 3,323 — 8,856 Loss from operations (12,820 ) (8,872 ) (3,259 ) — (24,951 ) Interest expense (32,208 ) — (331 ) — (32,539 ) Intercompany interest income (expense) 1,781 3,525 (5,306 ) — — Foreign exchange gain — 298 8,252 — 8,550 Other income 2,503 180 9,783 — 12,466 Income (loss) before income taxes (40,744 ) (4,869 ) 9,139 — (36,474 ) Provision (benefit) for income taxes (64 ) 30 3,315 — 3,281 Equity in earnings of subsidiaries 924 — (6,689 ) 5,765 — Net income (loss) (39,756 ) (4,899 ) (865 ) 5,765 (39,755 ) Net loss noncontrolling interests — — (2,150 ) — (2,150 ) Net income (loss) attributable to Titan $ (39,756 ) $ (4,899 ) $ 1,285 $ 5,765 $ (37,605 ) (Amounts in thousands) Consolidating Condensed Statements of Operations Year Ended December 31, 2015 Titan Intl., Inc. (Parent) Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Net sales $ — $ 640,785 $ 753,986 $ — $ 1,394,771 Cost of sales 2,826 561,429 695,773 — 1,260,028 Gross profit (loss) (2,826 ) 79,356 58,213 — 134,743 Selling, general, and administrative expenses 7,513 69,686 63,194 — 140,393 Research and development expenses — 3,505 7,657 — 11,162 Royalty expense — 6,711 3,822 — 10,533 Loss from operations (10,339 ) (546 ) (16,460 ) — (27,345 ) Interest expense (32,291 ) — (1,741 ) — (34,032 ) Intercompany interest income (expense) 825 2,361 (3,186 ) — — Foreign exchange gain (loss) 4,296 (462 ) (8,592 ) — (4,758 ) Other income 2,327 2,572 6,164 — 11,063 Income (loss) before income taxes (35,182 ) 3,925 (23,815 ) — (55,072 ) Provision (benefit) for income taxes 34,341 (1,518 ) 1,933 — 34,756 Equity in earnings of subsidiaries (23,830 ) — (2,689 ) 26,519 — Net income (loss) (93,353 ) 5,443 (28,437 ) 26,519 (89,828 ) Net loss noncontrolling interests — — (14,654 ) — (14,654 ) Net income (loss) attributable to Titan $ (93,353 ) $ 5,443 $ (13,783 ) $ 26,519 $ (75,174 ) (Amounts in thousands) Consolidating Condensed Statements of Comprehensive Income (Loss) For the Year Ended December 31, 2017 Titan Intl., Inc. (Parent) Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Net income (loss) $ (64,079 ) $ 2,220 $ (19,592 ) $ 17,372 $ (64,079 ) Currency translation adjustment, net 30,818 — 30,818 (30,818 ) 30,818 Pension liability adjustments, net of tax 1,523 1,807 (284 ) (1,523 ) 1,523 Comprehensive income (loss) (31,738 ) 4,027 10,942 (14,969 ) (31,738 ) Net comprehensive income attributable to noncontrolling interests — — (2,898 ) — (2,898 ) Comprehensive income (loss) attributable to Titan $ (31,738 ) $ 4,027 $ 13,840 $ (14,969 ) $ (28,840 ) (Amounts in thousands) Consolidating Condensed Statements of Comprehensive Income (Loss) For the Year Ended December 31, 2016 Titan Intl., Inc. (Parent) Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Net income (loss) $ (39,756 ) $ (4,899 ) $ (865 ) $ 5,765 $ (39,755 ) Currency translation adjustment, net 5,857 — 5,857 (5,857 ) 5,857 Pension liability adjustments, net of tax 1,071 1,680 (609 ) (1,071 ) 1,071 Comprehensive income (loss) (32,828 ) (3,219 ) 4,383 (1,163 ) (32,827 ) Net comprehensive income attributable to noncontrolling interests — — 5,305 — 5,305 Comprehensive loss attributable to Titan $ (32,828 ) $ (3,219 ) $ (922 ) $ (1,163 ) $ (38,132 ) (Amounts in thousands) Consolidating Condensed Statements of Comprehensive Income (Loss) For the Year Ended December 31, 2015 Titan Intl., Inc. (Parent) Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Net income (loss) $ (93,353 ) $ 5,443 $ (28,437 ) $ 26,519 $ (89,828 ) Currency translation adjustment, net (79,196 ) — (79,196 ) 79,196 (79,196 ) Pension liability adjustments, net of tax (662 ) (1,557 ) 895 662 (662 ) Comprehensive income (loss) (173,211 ) 3,886 (106,738 ) 106,377 (169,686 ) Net comprehensive loss attributable to noncontrolling interests — — (19,391 ) — (19,391 ) Comprehensive income (loss) attributable to Titan $ (173,211 ) $ 3,886 $ (87,347 ) $ 106,377 $ (150,295 ) (Amounts in thousands) Consolidating Condensed Balance Sheets December 31, 2017 Titan Intl., Inc. (Parent) Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Assets Cash and cash equivalents $ 59,740 $ 13 $ 83,817 $ — $ 143,570 Accounts receivable — 54,009 172,694 — 226,703 Inventories — 96,036 243,800 — 339,836 Prepaid and other current assets 17,789 20,917 34,378 — 73,084 Total current assets 77,529 170,975 534,689 — 783,193 Property, plant, and equipment, net 2,466 110,470 308,312 — 421,248 Investment in subsidiaries 766,777 — 74,003 (840,780 ) — Other long-term assets 6,389 967 78,315 — 85,671 Total assets $ 853,161 $ 282,412 $ 995,319 $ (840,780 ) $ 1,290,112 Liabilities and Stockholders’ Equity Short-term debt $ — $ — $ 43,651 $ — $ 43,651 Accounts payable 4,258 20,787 170,452 — 195,497 Other current liabilities 38,495 30,170 65,109 — 133,774 Total current liabilities 42,753 50,957 279,212 — 372,922 Long-term debt 394,284 — 12,887 — 407,171 Other long-term liabilities 11,544 16,458 58,740 — 86,742 Intercompany accounts 75,103 (286,525 ) 211,422 — — Redeemable noncontrolling interest — — 113,193 — 113,193 Titan stockholders' equity 329,477 501,522 330,710 (840,780 ) 320,929 Noncontrolling interests — — (10,845 ) — (10,845 ) Total liabilities and stockholders’ equity $ 853,161 $ 282,412 $ 995,319 $ (840,780 ) $ 1,290,112 (Amounts in thousands) Consolidating Condensed Balance Sheets December 31, 2016 Titan Intl., Inc. (Parent) Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Assets Cash and cash equivalents $ 86,190 $ 9 $ 61,628 $ — $ 147,827 Certificates of deposit 50,000 — — — 50,000 Accounts receivable — 43,485 135,899 — 179,384 Inventories — 76,823 195,413 — 272,236 Prepaid and other current assets 11,965 21,901 45,868 — 79,734 Total current assets 148,155 142,218 438,808 — 729,181 Property, plant, and equipment, net 4,898 124,049 308,254 — 437,201 Investment in subsidiaries 742,679 — 87,385 (830,064 ) — Other long-term assets 23,627 1,118 74,769 — 99,514 Total assets $ 919,359 $ 267,385 $ 909,216 $ (830,064 ) $ 1,265,896 Liabilities and Stockholders’ Equity Short-term debt $ 60,148 $ — $ 37,264 $ — $ 97,412 Accounts payable 4,187 14,398 129,670 — 148,255 Other current liabilities 34,140 34,475 51,822 — 120,437 Total current liabilities 98,475 48,873 218,756 — 366,104 Long-term debt 395,852 — 12,908 — 408,760 Other long-term liabilities 27,636 18,473 47,235 — 93,344 Intercompany accounts 94,977 (300,823 ) 205,846 — — Redeemable noncontrolling interest — — 104,809 — 104,809 Titan stockholders’ equity 302,419 500,862 323,600 (830,064 ) 296,817 Noncontrolling interests — — (3,938 ) — (3,938 ) Total liabilities and stockholders’ equity $ 919,359 $ 267,385 $ 909,216 $ (830,064 ) $ 1,265,896 (Amounts in thousands) Consolidating Condensed Statements of Cash Flows Year Ended December 31, 2017 Titan Intl., Inc. (Parent) Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidated Net cash provided by (used for) operating activities $ (49,856 ) $ 7,235 $ 41,332 $ (1,289 ) Cash flows from investing activities: Capital expenditures (830 ) (7,620 ) (24,176 ) (32,626 ) Certificates of deposit 50,000 — — 50,000 Other, net — 389 604 993 Net cash provided by (used for) investing activities 49,170 (7,231 ) (23,572 ) 18,367 Cash flows from financing activities: Proceeds from borrowings 394,191 — 53,448 447,639 Repurchase of senior secured notes (415,395 ) — — (415,395 ) Payment on debt (3,393 ) — (51,767 ) (55,160 ) Dividends paid (1,167 ) — — (1,167 ) Net cash provided by (used for) financing activities (25,764 ) — 1,681 (24,083 ) Effect of exchange rate change on cash — — 2,748 2,748 Net increase (decrease) in cash and cash equivalents (26,450 ) 4 22,189 (4,257 ) Cash and cash equivalents, beginning of period 86,190 9 61,628 147,827 Cash and cash equivalents, end of period $ 59,740 $ 13 $ 83,817 $ 143,570 (Amounts in thousands) Consolidating Condensed Statements of Cash Flows Year Ended December 31, 2016 Titan Intl., Inc. (Parent) Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidated Net cash provided by (used for) operating activities $ (3,193 ) $ 8,035 $ 38,658 $ 43,500 Cash flows from investing activities: Capital expenditures (1,937 ) (8,444 ) (31,567 ) (41,948 ) Certificates of deposit (50,000 ) — — (50,000 ) Other, net — 414 1,808 2,222 Net cash used for investing activities (51,937 ) (8,030 ) (29,759 ) (89,726 ) Cash flows from financing activities: Proceeds from borrowings — — 17,285 17,285 Payment on debt — — (22,634 ) (22,634 ) Proceeds from exercise of stock options — — — — Dividends paid (1,081 ) — — (1,081 ) Net cash used for financing activities (1,081 ) — (5,349 ) (6,430 ) Effect of exchange rate change on cash — — 295 295 Net increase (decrease) in cash and cash equivalents (56,211 ) 5 3,845 (52,361 ) Cash and cash equivalents, beginning of period 142,401 4 57,783 200,188 Cash and cash equivalents, end of period $ 86,190 $ 9 $ 61,628 $ 147,827 (Amounts in thousands) Consolidating Condensed Statements of Cash Flows Year Ended December 31, 2015 Titan Intl., Inc. (Parent) Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidated Net cash provided by operating activities $ 15,933 $ 6,441 $ 41,556 $ 63,930 Cash flows from investing activities: Capital expenditures (2,585 ) (6,254 ) (39,590 ) (48,429 ) Other, net — (187 ) (1,321 ) (1,508 ) Net cash used for investing activities (2,585 ) (6,441 ) (40,911 ) (49,937 ) Cash flows from financing activities: Proceeds from borrowings — — 5,727 5,727 Payment on debt — — (5,521 ) (5,521 ) Proceeds from exercise of stock options 145 — — 145 Dividends paid (1,077 ) — — (1,077 ) Net cash provided by (used for) financing activities (932 ) — 206 (726 ) Effect of exchange rate change on cash — — (14,530 ) (14,530 ) Net increase (decrease) in cash and cash equivalents 12,416 — (13,679 ) (1,263 ) Cash and cash equivalents, beginning of period 129,985 4 71,462 201,451 Cash and cash equivalents, end of period $ 142,401 $ 4 $ 57,783 $ 200,188 |
SCHEDULE II - VALUATION RESERVE
SCHEDULE II - VALUATION RESERVES | 12 Months Ended |
Dec. 31, 2017 | |
Valuation and Qualifying Accounts [Abstract] | |
SCHEDULE II – VALUATION RESERVES | Description Balance at beginning of year Additions to costs and expenses Deductions Balance at end of year Year ended December 31, 2017 Reserve deducted in the balance sheet from the assets to which it applies Allowance for doubtful accounts $ 3,344 $ (362 ) $ (8 ) $ 2,974 Year ended December 31, 2016 Reserve deducted in the balance sheet from the assets to which it applies Allowance for doubtful accounts $ 4,527 $ 224 $ (1,407 ) $ 3,344 Year ended December 31, 2015 Reserve deducted in the balance sheet from the assets to which it applies Allowance for doubtful accounts $ 5,706 $ 1,414 $ (2,593 ) $ 4,527 |
DESCRIPTION OF BUSINESS AND S42
DESCRIPTION OF BUSINESS AND SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Dec. 31, 2017 | |
Accounting Policies [Abstract] | |
Principles of consolidation | Principles of consolidation The consolidated financial statements include the accounts of all majority-owned subsidiaries and variable interest entities in which Titan is the primary beneficiary. Investments in companies in which Titan does not own a majority interest and Titan has the ability to exercise significant influence over operating and financial policies are accounted for using the equity method. Investments in other companies are carried at cost. All significant intercompany accounts and transactions have been eliminated. The Company consolidates the Voltyre-Prom subsidiary for which it acts as operating partner. See Note 13 for additional information. |
Cash equivalents | Cash and cash equivalents The Company considers short-term debt securities with an original maturity of three months or less to be cash equivalents. The cash in the Company's U.S. banks is not fully insured by the Federal Deposit Insurance Corporation. The Company had $80.2 million and $61.1 million of cash in foreign bank accounts at December 31, 2017 and 2016 , respectively. The Company's cash in its foreign bank accounts is not fully insured. |
Accounts Receivable and Allowance for Doubtful Accounts | Accounts receivable and allowance for doubtful accountsThe Company carries its accounts receivable at their face amounts less an allowance for doubtful accounts. An allowance for uncollectible receivables is recorded based upon known bad debt risks and past loss history. Actual collection experience may differ from the current estimate of net receivables. |
Inventories | Inventories Inventories are valued at the lower of cost or net realizable value. The Company’s inventories are valued under the first in, first out (FIFO) method or average cost method. Net realizable value is estimated based on current selling prices. Estimated provisions are established for slow-moving and obsolete inventory. Prior to 2017, the Company used the last in, first out (LIFO) inventory cost method at its Titan Wheel Corporation of Illinois subsidiary. Effective January 1, 2017, the Company elected to change its method of inventory accounting at this subsidiary to the FIFO method. The Company believes that the FIFO method is preferable as it results in increased uniformity across the Company’s global operations with respect to the method of inventory accounting, as none of Titan's other subsidiaries use the LIFO method. The Company also believes that the switch to FIFO at Titan Wheel Corporation of Illinois will improve financial reporting by better reflecting the current value of inventory, more closely aligning the flow of physical inventory with the accounting for the inventory, and providing better matching of revenues and expenses. The Company applied this change in method of inventory accounting by retrospectively adjusting the prior period financial statements. The cumulative effect of this accounting change resulted in a $6.6 million increase in retained earnings as of January 1, 2016. As a result of the retrospective adjustment of the change in accounting principle, certain amounts in the Company's Condensed Consolidated Statements of Operations for the years ended December 31, 2016 and 2015, were adjusted as follows: Year Ended December 31, 2016 As originally reported Effect of change As adjusted Cost of sales $ 1,123,015 $ 3,618 $ 1,126,633 Loss from operations (21,333 ) (3,618 ) (24,951 ) Net loss (36,137 ) (3,618 ) (39,755 ) Basic and diluted earnings per share $ (0.81 ) $ (0.06 ) $ (0.87 ) Year Ended December 31, 2015 As originally reported Effect of change As adjusted Cost of sales $ 1,256,962 $ 3,066 $ 1,260,028 Loss from operations (24,279 ) (3,066 ) (27,345 ) Provision (benefit) for income tax 38,281 (3,525 ) 34,756 Net income (loss) (90,287 ) 459 (89,828 ) Basic and diluted earnings per share $ (1.74 ) $ 0.01 $ (1.73 ) The Consolidated Balance Sheet at December 31, 2016, was adjusted as follows: December 31, 2016 As originally reported Effect of change As adjusted Inventories $ 269,291 $ 2,945 $ 272,236 Retained earnings 14,269 2,945 17,214 |
Fixed assets | Fixed assets Property, plant, and equipment have been recorded at cost. Depreciation is provided using the straight-line method over the following estimated useful lives of the related assets: Years Building and improvements 25 - 40 Machinery and equipment 7 - 20 Tools, dies, and molds 2 - 9 Maintenance and repairs are expensed as incurred. When property, plant, and equipment are retired or otherwise disposed of, the related cost and accumulated depreciation are eliminated, and any gain or loss on disposition is included in the accompanying Consolidated Statements of Operations. Interest is capitalized on fixed asset projects which are constructed over a period of time. The amount of interest capitalized is determined by applying a weighted average interest rate to the average amount of accumulated expenditures for the asset during the period. The interest rate used is based on the rates applicable to borrowings outstanding during the period. Interest capitalized was $0.3 million , $1.2 million , and $0.8 million for the years ended December 31, 2017, 2016, and 2015, respectively. |
Fair value of financial instruments | Fair value of financial instruments The Company records all financial instruments, including cash and cash equivalents, certificates of deposit, accounts receivable, notes receivable, accounts payable, other accruals, and notes payable at cost, which approximates fair value due to their short term or stated rates. Investments in marketable equity securities are recorded at fair value. The 6.50% senior secured notes due 2023, issued on November 20, 2017 (senior secured notes) were carried at cost of $394.3 million at December 31, 2017 . The fair value of the senior secured notes due 2023 at December 31, 2017 , as obtained through an independent pricing source, was approximately $406.5 million |
Equity Method Investments [Policy Text Block] | nvestments The Company had an equity method investment of $47.3 million in Wheels India Limited as of December 31, 2017 , representing a 34.2% ownership. This equity method investment is included in other long-term assets in the Consolidated Balance Sheets. The value of this investment based on the December 31, 2017 , market price was $141.4 million . The Company assesses the carrying value of its equity method investments whenever events and circumstances indicate that the carrying values may not be recoverable. Investment write-downs, if necessary, are recognized in operating results when expected undiscounted future cash flows are less than the carrying value of the asset. These write-downs, if any, are measured as the excess of the carrying value of the asset over the discounted expected future cash flows or the estimated fair value of the asset. The Company uses the cost method to account for investments in entities that are not consolidated or accounted for under the equity method. Under the cost method, investments are reported at cost in other long-term assets on the Consolidated Balance Sheets. The fair values of cost method investments are not estimated if there are no identified events or changes in circumstances that may have a significant adverse effect on the fair values of the investments. |
Foreign currency translation | Foreign currency translationThe financial statements of the Company’s foreign subsidiaries are translated to United States currency.  Assets and liabilities are translated to United States dollars at period-end exchange rates.  Income and expense items are translated at average rates of exchange prevailing during the period.  Translation adjustments are included in “Accumulated other comprehensive loss” in stockholders’ equity.  Gains and losses that result from foreign currency transactions are included in the accompanying Consolidated Statements of Operations. |
Revenue recognition | Revenue recognitionThe Company records sales revenue when products are shipped to customers and both title and the risks and rewards of ownership are transferred.  Provisions are established for sales returns and uncollectible accounts based on historical experience.  Should trends change, adjustments would be necessary to the estimated provisions. |
Cost of sales | Cost of sales |
Selling, general and administrative expense | Selling, general, and administrative expenseSelling, general, and administrative (SG&A) expense is comprised primarily of sales commissions, marketing expense, selling, and administrative wages, information system costs, legal fees, bank charges, professional fees, depreciation and amortization expense on non-manufacturing assets, and other administrative items |
Research and development expense | Research and development expense Research and development (R&D) expenses are expensed as incurred. R&D costs were $10.3 million , $10.0 million , and $11.2 million |
Advertising | Advertising Advertising expenses are included in SG&A expense and are expensed as incurred. Advertising costs were approximately $3.9 million for the year ended December 31, 2017, and approximately $4.8 million and $3.8 million |
Warranty costs | Warranty costs |
Income taxes | Income taxesDeferred income tax provisions are determined using the liability method to recognize deferred tax assets and liabilities. This method is based upon differences between the financial statement carrying amounts and the respective tax basis of assets and liabilities using enacted tax rates that are expected to apply in the years the temporary differences are expected to be settled or realized.  Valuation allowances are recorded where it is considered more likely than not that some portion or all of the deferred tax assets will not be realized. Tax benefits are recognized only for tax positions that are more likely than not to be sustained upon examination by tax authorities. |
Earnings per share | Earnings per share |
Environmental liabilities | Environmental liabilitiesEnvironmental expenditures that relate to current operations are expensed or capitalized as appropriate.  Expenditures that relate to an existing condition caused by past operations and that do not contribute to current or future revenue are expensed. Liabilities are recorded when environmental assessments and/or remedial efforts are probable and can be reasonably estimated |
Stock-based compensation | Stock-based compensation The Company has one stock-based compensation plan, which is described in Note 23. Compensation expense for stock-based compensation is recognized over the requisite service period at the estimated fair value of the award at the grant date. The Company granted 89,200 ; 60,000 ; and 60,000 stock options in 2017, 2016, and 2015, respectively. The Company did not grant any restricted stock awards in 2017 or 2016. The Company granted 123,500 |
Use of estimates | Use of estimatesThe 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 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 form 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 has compared its current revenue recognition policies to the requirements of ASU No. 2014-09. For the majority of Titan’s revenue arrangements, no significant impacts were identified as these transactions are not accounted for under industry-specific guidance that will be superseded by ASU No. 2014-09 and generally consist of a single performance obligation to transfer promised goods or services. The Company did not identify any material differences in the amount and timing of revenue recognition related to ASU No. 2014-09. The Company identified some immaterial differences in the timing of revenue recognition related to a small subsidiary of Titan. The Company will adopt the new revenue guidance effective January 1, 2018, on a modified retrospective basis by recognizing the cumulative effect of initially applying the new standard as an adjustment to the opening balance of retained earnings. This adjustment is expected to be less than $1 million, with an immaterial impact to the Company's net income (loss) on an ongoing basis. In accordance with the guidance, the Company will include any additional required disclosure beginning with the Form 10-Q for the first quarter of 2018. 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 No. 2014-09, as previously discussed above, and the effective dates are the same as those for ASU No. 2014-09. In December 2016, the FASB issued ASU No. 2016-20, "Technical Corrections and Improvements to Topic 606, Revenue from Contracts with Customers." The amendments in this update affect narrow aspects of the guidance issued in ASU No. 2014-09, as discussed above, and the effective dates are the same as those for ASU No. 2014-09. In January 2016, the FASB issued ASU No. 2016-01, "Recognition and Measurement of Financial Assets and Financial Liabilities." This update addresses certain aspects of recognition, measurement, presentation, and disclosure of financial instruments. This guidance is effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. The adoption of this guidance is not expected to have a material effect on the Company's consolidated financial statements. 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 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 reporting period. The adoption of this guidance is not expected to have a material effect on the Company's consolidated financial statements. In October 2016, the FASB issued ASU No. 2016-16, "Intra-Entity Transfers of Assets other than Inventory." This update requires the recognition of income tax consequences of an intra-entity transfer of an asset other than inventory when the transfer occurs. The amendments in this update are effective for fiscal years beginning after December 15, 2017, including interim reporting periods within those annual reporting periods. The Company adopted this guidance early, effective January 1, 2017. The adoption of this guidance did not have a material effect on the Company's consolidated financial statements. In March 2017, the FASB issued ASU No. 2017-07, "Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost." This update requires an employer to report the service cost component of defined benefit pension cost and postretirement benefit cost in the same line item of the income statement as other compensation costs arising from services rendered by the pertinent employees during the period. The amendments in this update are effective for annual reporting periods beginning after December 15, 2017, including interim periods within those annual reporting periods. The adoption of this guidance is not expected to have a material effect on the Company's consolidated financial statements. In May 2017, the FASB issued ASU No. 2017-09, "Scope of Modification Accounting." This update provides guidance about which changes to the terms or conditions of a share-based payment award require an entity to apply modification accounting in accordance with Topic 718, Compensation-Stock Compensation. The amendments in this update are effective for annual reporting periods, and interim periods within those annual reporting periods, beginning after December 15, 2017. The adoption of this guidance is not expected to have a material effect on the Company's consolidated financial statements. In February 2018, the FASB issued ASU No. 2018-02, "Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income." The amendments in this Update allow a reclassification from accumulated other comprehensive income to retained earnings for stranded tax effects resulting from the Tax Cuts and Jobs Act. Consequently, the amendments eliminate the stranded tax effects resulting from the Tax Cuts and Jobs Act and will improve the usefulness of information reported to financial statement users. The amendments in this update are effective for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years. The Company is currently assessing the impact that adopting this new accounting guidance will have on the Company's consolidated financial statements. |
DESCRIPTION OF BUSINESS AND S43
DESCRIPTION OF BUSINESS AND SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Accounting Policies [Abstract] | |
Schedule of New Accounting Pronouncements and Changes in Accounting Principles [Table Text Block] | As a result of the retrospective adjustment of the change in accounting principle, certain amounts in the Company's Condensed Consolidated Statements of Operations for the years ended December 31, 2016 and 2015, were adjusted as follows: Year Ended December 31, 2016 As originally reported Effect of change As adjusted Cost of sales $ 1,123,015 $ 3,618 $ 1,126,633 Loss from operations (21,333 ) (3,618 ) (24,951 ) Net loss (36,137 ) (3,618 ) (39,755 ) Basic and diluted earnings per share $ (0.81 ) $ (0.06 ) $ (0.87 ) Year Ended December 31, 2015 As originally reported Effect of change As adjusted Cost of sales $ 1,256,962 $ 3,066 $ 1,260,028 Loss from operations (24,279 ) (3,066 ) (27,345 ) Provision (benefit) for income tax 38,281 (3,525 ) 34,756 Net income (loss) (90,287 ) 459 (89,828 ) Basic and diluted earnings per share $ (1.74 ) $ 0.01 $ (1.73 ) The Consolidated Balance Sheet at December 31, 2016, was adjusted as follows: December 31, 2016 As originally reported Effect of change As adjusted Inventories $ 269,291 $ 2,945 $ 272,236 Retained earnings 14,269 2,945 17,214 |
Property, Plant and Equipment [Table Text Block] | Property, plant, and equipment have been recorded at cost. Depreciation is provided using the straight-line method over the following estimated useful lives of the related assets: Years Building and improvements 25 - 40 Machinery and equipment 7 - 20 Tools, dies, and molds 2 - 9 December 31, 2017 and 2016 , consisted of the following (amounts in thousands): 2017 2016 Land and improvements $ 46,998 $ 43,871 Buildings and improvements 264,078 239,036 Machinery and equipment 598,411 573,717 Tools, dies, and molds 108,649 106,695 Construction-in-process 15,349 43,080 1,033,485 1,006,399 Less accumulated depreciation (612,237 ) (569,198 ) $ 421,248 $ 437,201 |
ACCOUNTS RECEIVABLE (Tables)
ACCOUNTS RECEIVABLE (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Receivables [Abstract] | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | Accounts receivable at December 31, 2017 and 2016 , consisted of the following (amounts in thousands): 2017 2016 Accounts receivable $ 229,677 $ 182,728 Allowance for doubtful accounts (2,974 ) (3,344 ) Accounts receivable, net $ 226,703 $ 179,384 |
INVENTORIES (Tables)
INVENTORIES (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventory, Current [Table Text Block] | Inventories at December 31, 2017 and 2016 , consisted of the following (amounts in thousands): 2017 2016 Raw material $ 83,541 $ 75,806 Work-in-process 40,525 32,394 Finished goods 215,770 164,036 339,836 272,236 |
PREPAID AND OTHER CURRENT ASS46
PREPAID AND OTHER CURRENT ASSETS (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Prepaid Expense and Other Assets, Current [Abstract] | |
Schedule of Other Assets [Table Text Block] | Prepaid and other current assets at December 31, 2017 and 2016 , consisted of the following (amounts in thousands): 2017 2016 Factory supplies $ 26,346 $ 25,177 Investments for deferred compensation 12,393 — Value added tax 8,528 6,258 Prepaid expense 5,290 8,320 Deposits 3,785 2,640 Prepaid taxes 3,726 7,360 Prepaid insurance 2,384 3,124 Volume rebate 2,072 1,430 Prepaid royalty 1,953 6,973 Duty receivable 672 899 Derivative financial instruments 458 988 Assets held for sale — 8,843 Other 5,477 7,722 $ 73,084 $ 79,734 |
PROPERTY, PLANT AND EQUIPMENT47
PROPERTY, PLANT AND EQUIPMENT, NET (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment [Table Text Block] | Property, plant, and equipment have been recorded at cost. Depreciation is provided using the straight-line method over the following estimated useful lives of the related assets: Years Building and improvements 25 - 40 Machinery and equipment 7 - 20 Tools, dies, and molds 2 - 9 December 31, 2017 and 2016 , consisted of the following (amounts in thousands): 2017 2016 Land and improvements $ 46,998 $ 43,871 Buildings and improvements 264,078 239,036 Machinery and equipment 598,411 573,717 Tools, dies, and molds 108,649 106,695 Construction-in-process 15,349 43,080 1,033,485 1,006,399 Less accumulated depreciation (612,237 ) (569,198 ) $ 421,248 $ 437,201 |
Schedule of Capital Leased Assets [Table Text Block] | Capital leases included in property, plant, and equipment at December 31, 2017 and 2016 , consisted of the following (amounts in thousands): 2017 2016 Buildings and improvements $ 4,056 $ 3,565 Less accumulated amortization (2,294 ) (1,923 ) $ 1,762 $ 1,642 Machinery and equipment $ 32,379 $ 31,331 Less accumulated amortization (27,260 ) (26,502 ) $ 5,119 $ 4,829 |
OTHER ASSETS (Tables)
OTHER ASSETS (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Other Assets, Noncurrent Disclosure [Abstract] | |
Schedule of Other Assets, Noncurrent [Table Text Block] | Other long-term assets at December 31, 2017 and 2016 , consisted of the following (amounts in thousands): 2017 2016 Investment in Wheels India Limited $ 47,267 $ 40,766 Amortizable intangibles 15,275 16,401 Notes receivable 6,000 6,000 Other equity investments 4,637 3,149 Manufacturing spares 3,448 2,386 Prepaid software 691 3,807 Deferred financing costs 352 273 Investments for deferred compensation — 9,668 Income tax receivable — 5,668 Prepaid royalty — 1,702 Other 4,222 5,031 $ 81,892 $ 94,851 |
INTANGIBLE ASSETS (Tables)
INTANGIBLE ASSETS (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Intangible Assets, Net (Excluding Goodwill) [Abstract] | |
Schedule of Intangible Assets and Goodwill [Table Text Block] | The components of intangible assets for each of the years ended December 31, 2017 and 2016 , were as follows (amounts in thousands): Weighted- Average Useful Lives (in Years) 2017 2016 Amortizable intangible assets: Customer relationships 9.7 $ 13,922 $ 13,171 Patents, trademarks, and other 7.4 15,208 14,629 Total at cost 29,130 27,800 Less accumulated amortization (13,855 ) (11,399 ) $ 15,275 $ 16,401 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | The estimated aggregate amortization expense at December 31, 2017 , for each of the years (or other periods) set forth below was as follows (amounts in thousands): 2018 $ 2,397 2019 2,237 2020 2,237 2021 1,543 2022 1,053 Thereafter 5,808 $ 15,275 |
OTHER CURRENT LIABILITIES (Tabl
OTHER CURRENT LIABILITIES (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Other Liabilities, Current [Abstract] | |
Schedule of Accrued Liabilities [Table Text Block] | Other current liabilities at December 31, 2017 and 2016 , consisted of the following (amounts in thousands): 2017 2016 Wages and benefits $ 27,532 $ 23,989 Warranty 18,612 17,926 Accrued employment liabilities 16,892 6,388 Insurance 15,068 15,504 Accrued other taxes 8,370 5,831 Incentive compensation 7,863 8,278 Customer rebates 6,534 4,641 Customer deposits 4,960 1,996 Italian government grant 4,689 5,791 Accrued interest 3,049 8,680 Accounts receivable credits 1,455 7,618 Other 18,750 13,795 $ 133,774 $ 120,437 |
WARRANTY (Tables)
WARRANTY (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Product Warranties Disclosures [Abstract] | |
Schedule of Product Warranty Liability [Table Text Block] | Changes in the warranty liability for the periods set forth below consisted of the following (amounts in thousands): 2017 2016 Warranty liability, January 1 $ 17,926 $ 23,121 Provision for warranty liabilities 9,012 7,459 Warranty payments made (8,326 ) (12,654 ) Warranty liability, December 31 $ 18,612 $ 17,926 |
OTHER LONG-TERM LIABILITIES (Ta
OTHER LONG-TERM LIABILITIES (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Other Liabilities, Noncurrent [Abstract] | |
Schedule of Other Assets and Other Liabilities [Table Text Block] | Other long-term liabilities at December 31, 2017 and 2016 , consisted of the following (amounts in thousands): 2017 2016 Accrued pension liabilities $ 35,597 $ 34,919 Income tax liabilities 11,399 16,073 Italian government grant 10,272 9,423 Contingencies 6,500 — Accrued employment liabilities 4,178 15,689 Other 5,251 4,057 $ 73,197 $ 80,161 |
REVOLVING CREDIT FACILITY AND53
REVOLVING CREDIT FACILITY AND LONG-TERM DEBT (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Debt Instrument [Line Items] | |
Schedule of Long-term Debt Instruments [Table Text Block] | Long-term debt consisted of the following as of the dates set forth below (amounts in thousands): December 31, 2017 Principal Balance Unamortized Debt Issuance Net Carrying Amount 6.50% senior secured notes due 2023 $ 400,000 $ (5,716 ) $ 394,284 Titan Europe credit facilities 33,485 — 33,485 Other debt 22,564 — 22,564 Capital leases 489 — 489 Total debt 456,538 (5,716 ) 450,822 Less amounts due within one year 43,651 — 43,651 Total long-term debt $ 412,887 $ (5,716 ) $ 407,171 December 31, 2016 Principal Balance Unamortized Debt Issuance Net Carrying Amount 6.875% senior secured notes due 2020 $ 400,000 $ (4,148 ) $ 395,852 5.625% convertible senior subordinated notes due 2017 60,161 (13 ) 60,148 Titan Europe credit facilities 33,710 — 33,710 Other debt 15,560 — $ 15,560 Capital leases 902 — $ 902 Total debt 510,333 (4,161 ) 506,172 Less amounts due within one year 97,425 (13 ) 97,412 Total long-term debt $ 412,908 $ (4,148 ) $ 408,760 |
Schedule of Maturities of Long-term Debt [Table Text Block] | Aggregate maturities of long-term debt at December 31, 2017 , for each of the years (or other periods) set forth below were as follows (amounts in thousands): 2018 $ 43,651 2019 7,768 2020 4,347 2021 772 Thereafter 400,000 $ 456,538 |
REDEEMABLE NONCONTROLLING INT54
REDEEMABLE NONCONTROLLING INTEREST (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Noncontrolling Interest [Abstract] | |
Redeemable Noncontrolling Interest [Table Text Block] | The following is a reconciliation of redeemable noncontrolling interest as of December 31, 2017 and 2016 (amounts in thousands): Balance at January 1, 2016 $ 77,174 Reclassification as a result of ownership change 12,039 Income attributable to redeemable noncontrolling interest 2,196 Currency translation 3,844 Redemption value adjustment 9,556 Balance at December 31, 2016 $ 104,809 Income attributable to redeemable noncontrolling interest 84 Currency translation 1,907 Redemption value adjustment 6,393 Balance at December 31, 2017 $ 113,193 |
ACCUMULATED OTHER COMPREHENSI55
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | Accumulated other comprehensive income (loss) consisted of the following at the dates set forth below (amounts in thousands): Currency Translation Adjustments Unrecognized Losses and Prior Service Cost Total Balance at January 1, 2016 $ (161,030 ) $ (26,721 ) $ (187,751 ) Currency translation adjustments (1,598 ) — (1,598 ) Defined benefit pension plan entries: Unrecognized prior service cost, net of tax of $0 — 137 137 Unrecognized net loss, net of tax of $(439) — 934 934 Balance at December 31, 2016 (162,628 ) (25,650 ) (188,278 ) Currency translation adjustments 29,679 — 29,679 Defined benefit pension plan entries: Unrecognized prior service cost, net of tax of $0 — 136 136 Unrecognized net gain, net of tax of $215 — 1,387 1,387 Balance at December 31, 2017 $ (132,949 ) $ (24,127 ) $ (157,076 ) |
FAIR VALUE MEASUREMENTS (Tables
FAIR VALUE MEASUREMENTS (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
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 at the dates set forth below (amounts in thousands): December 31, 2017 December 31, 2016 Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Investments for deferred compensation $ 12,393 $ 12,393 $ — $ — $ 9,668 $ 9,668 $ — $ — Derivative financial instruments asset 458 — 458 — 988 — 988 — Preferred stock 154 — — 154 181 — — 181 Total $ 13,005 $ 12,393 $ 458 $ 154 $ 10,837 $ 9,668 $ 988 $ 181 |
Fair Value, 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 unrealized losses (69 ) Balance at December 31, 2016 181 Total unrealized losses (27 ) Balance as of December 31, 2017 $ 154 |
VARIABLE INTEREST ENTITIES (Tab
VARIABLE INTEREST ENTITIES (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Variable Interest Entity, Consolidated, Carrying Amount, Assets and Liabilities, Net [Abstract] | |
Schedule of Variable Interest Entities [Table Text Block] | The following table summarizes the carrying amount of the VIEs’ assets and liabilities included in the Company’s Consolidated Condensed Balance Sheets at December 31, 2017 and 2016 (amounts in thousands): 2017 2016 Cash and cash equivalents $ 10,621 $ 9,396 Inventory 13,494 11,445 Other current assets 36,334 23,301 Property, plant, and equipment, net 33,717 30,448 Other noncurrent assets 4,250 4,955 Total assets $ 98,416 $ 79,545 Current liabilities 32,172 22,068 Noncurrent liabilities 8,291 5,350 Total liabilities $ 40,463 $ 27,418 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. The Company holds a variable interest in certain VIEs which are not consolidated because Titan is not the primary beneficiary. The Company's involvement with these entities is in the form of direct equity interests and prepayments and purchases of materials. The maximum exposure to loss represents the loss of assets recognized by Titan relating to non-consolidated entities and amounts due to the non-consolidated assets. The assets and liabilities recognized in Titan's Consolidated Balance Sheets related to Titan's interest in these non-consolidated VIEs and the Company's maximum exposure to loss relating to non-consolidated VIEs were as follows at December 31, 2017 and 2016 (amounts in thousands): 2017 2016 Investments $ 3,823 $ 4,738 Other current assets 1,261 1,039 Total VIE assets 5,084 5,777 Accounts payable 1,413 932 Maximum exposure to loss $ 6,497 $ 6,709 |
OTHER INCOME (EXPENSE) (Tables)
OTHER INCOME (EXPENSE) (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Other Income and Expenses [Abstract] | |
Interest and Other Income [Table Text Block] | Other income (expense) consisted of the following for the years set forth below (amounts in thousands): 2017 2016 2015 Equity investment income $ 3,615 $ 2,977 $ 1,790 Interest income 3,363 3,206 2,667 Investment gain (loss) related to investments for deferred compensation 2,725 190 (361 ) Building rental income 2,372 2,109 936 Discount amortization on prepaid royalty 866 1,491 1,956 Gain (loss) on sale of assets (701 ) 2,229 2,418 Other income (expense) (1,099 ) 264 1,657 $ 11,141 $ 12,466 $ 11,063 |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |
Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block] | Income (loss) before income taxes, consisted of the following for the years set forth below (amounts in thousands): 2017 2016 2015 Domestic $ (65,422 ) $ (56,334 ) $ (34,876 ) Foreign 12,546 19,860 (20,196 ) $ (52,876 ) $ (36,474 ) $ (55,072 ) |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | The income tax provision (benefit) was as follows for the years set forth below (amounts in thousands): 2017 2016 2015 Current Federal $ 458 $ (2,040 ) $ 3,143 State (614 ) (62 ) 55 Foreign 10,574 6,063 7,114 10,418 3,961 10,312 Deferred Federal — — 24,924 State — — 3,433 Foreign 785 (680 ) (3,913 ) 785 (680 ) 24,444 Income tax provision (benefit) $ 11,203 $ 3,281 $ 34,756 |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | The income tax provision differs from the amount of income tax determined by applying the statutory U.S. federal income tax rate to pre-tax income (loss) as a result of the following: 2017 2016 2015 Statutory U.S. federal tax rate 35.0 % 35.0 % 35.0 % Unrecognized tax positions (2.3 ) 6.5 — Impact of foreign income (8.0 ) 26.9 12.8 Valuation allowance 16.5 (73.6 ) (131.5 ) State taxes, net 0.8 0.1 (6.6 ) Benefit from a U.S. check-the-box election — — 33.5 Debt forgiveness 0.2 — (2.1 ) Nondeductible royalty (1.4 ) (1.9 ) (1.5 ) Tax Cuts and Jobs Act (62.7 ) — — Other, net 0.7 (2.0 ) (2.7 ) Effective tax rate (21.2 )% (9.0 )% (63.1 )% |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Significant components of the Company’s deferred tax assets and liabilities at December 31, 2017 and 2016, were as follows (amounts in thousands): 2017 2016 Deferred tax assets: Net operating loss carryforwards $ 118,303 $ 119,748 Pension 5,462 8,236 Inventory 4,957 4,329 Warranty 4,847 6,237 Employee benefits and related costs 14,061 18,882 Prepaid royalties 4,383 5,173 Other 20,930 22,160 Deferred tax assets 172,943 184,765 Deferred tax liabilities: Fixed assets (28,769 ) (41,757 ) Intangible assets (4,301 ) (4,214 ) Other (1,396 ) (4,543 ) Deferred tax liabilities (34,466 ) (50,514 ) Subtotal 138,477 134,251 Valuation allowance (148,243 ) (142,771 ) Net deferred tax liability $ (9,766 ) $ (8,520 ) |
Schedule of Unrecognized Tax Benefits Roll Forward [Table Text Block] | A reconciliation of the total amounts of unrecognized tax benefits at December 31 were as follows (amounts in thousands): 2017 2016 2015 Balance at January 1 $ 12,468 $ 14,698 $ 15,320 Increases to tax positions taken during the current year 127 288 7 Increases to tax positions taken during the prior years 6,045 3,201 591 Decreases to tax positions taken during prior years (858 ) (5,257 ) (534 ) Decreases due to lapse of statutes of limitations (297 ) (4 ) (492 ) Settlements (8,095 ) (476 ) (175 ) Foreign exchange (25 ) 18 (19 ) Balance at December 31 $ 9,365 $ 12,468 $ 14,698 |
EMPLOYEE BENEFIT PLANS (Tables)
EMPLOYEE BENEFIT PLANS (Tables) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Retirement Benefits [Abstract] | ||
Schedule of Changes in Accumulated Postemployment Benefit Obligations [Table Text Block] | The following table provides the change in benefit obligation, change in plan assets, funded status, and amounts recognized in the Consolidated Balance Sheet of the defined benefit pension plans as of December 31, 2017 and 2016 (amounts in thousands): Change in benefit obligation: 2017 2016 Benefit obligation at beginning of year $ 113,119 $ 115,598 Service cost 598 341 Interest cost 4,672 4,896 Actuarial (gain) loss 8,383 1,073 Benefits paid (8,866 ) (8,572 ) Foreign currency translation 1,830 (217 ) Benefit obligation at end of year $ 119,736 $ 113,119 Change in plan assets: Fair value of plan assets at beginning of year $ 77,314 $ 78,392 Actual return on plan assets 12,436 4,419 Employer contributions 914 2,399 Benefits paid (7,809 ) (7,919 ) Foreign currency translation 181 23 Fair value of plan assets at end of year $ 83,036 $ 77,314 Unfunded status at end of year $ (36,700 ) $ (35,805 ) Amounts recognized in Consolidated Balance Sheet: Noncurrent assets $ 948 $ 901 Current liabilities (2,040 ) (1,787 ) Noncurrent liabilities (35,608 ) (34,919 ) Net amount recognized in the Consolidated Balance Sheet $ (36,700 ) $ (35,805 ) | |
Schedule of Amounts in Accumulated Other Comprehensive Income (Loss) to be Recognized over Next Fiscal Year [Table Text Block] | Amounts recognized in accumulated other comprehensive loss: 2017 2016 Unrecognized prior service cost $ (208 ) $ (344 ) Unrecognized net loss (39,775 ) (41,011 ) Deferred tax effect of unrecognized items 15,856 15,705 Net amount recognized in accumulated other comprehensive loss $ (24,127 ) $ (25,650 ) | |
Schedule of Assumptions Used [Table Text Block] | The weighted-average assumptions used in the actuarial computation that derived net periodic pension cost for the years ended December 31, 2017 , 2016 , and 2015 were as follows: 2017 2016 2015 Discount rate 5.8 % 5.8 % 5.8 % Expected long-term return on plan assets 7.4 % 7.4 % 7.4 % The weighted-average assumptions used in the actuarial computation that derived the benefit obligations at December 31 were as follows: 2017 2016 Discount rate 3.8 % 4.4 % Expected long-term return on plan assets 7.4 % 7.4 % | |
Schedule of Net Benefit Costs [Table Text Block] | The following table provides the components of net periodic pension cost for the plans, settlement cost, and the assumptions used in the measurement of the Company’s benefit obligation for the years ended December 31, 2017 , 2016 , and 2015 (amounts in thousands): Components of net periodic benefit cost and other amounts recognized in other comprehensive income (loss) Net periodic benefit cost: 2017 2016 2015 Service cost $ 598 $ 341 $ 404 Interest cost 4,672 4,896 4,837 Assumed return on assets (5,472 ) (5,600 ) (6,051 ) Amortization of unrecognized prior service cost 137 137 137 Amortization of net unrecognized loss 2,696 3,118 2,917 Net periodic pension cost $ 2,631 $ 2,892 $ 2,244 | |
Schedule of Allocation of Plan Assets [Table Text Block] | The fair value of the plan assets by asset categories consisted of the following as of the dates set forth below (amounts in thousands): Fair Value Measurements as of December 31, 2017 Total Level 1 Level 2 Level 3 Money market funds $ 5,101 $ 5,101 $ — $ — Common stock 35,300 35,300 — — Bonds and securities 5,370 5,370 — — Mutual and insurance funds 2,074 868 1,206 — Totals $ 47,845 $ 46,639 $ 1,206 $ — Assets measured at net asset value (a) 35,191 $ 83,036 Percentage of Plan Assets at December 31, Target Allocation Asset Category 2017 2016 2017 U.S. equities (a) 61 % 56 % 40% - 80% Fixed income 25 % 30 % 20% - 50% Cash and cash equivalents 6 % 7 % 0% - 20% International equities (a) 8 % 7 % 0% - 16% 100 % 100 % (a) Total equities may not exceed 80% | Fair Value Measurements as of December 31, 2016 Total Level 1 Level 2 Level 3 Money market funds $ 5,114 $ 5,114 $ — $ — Common stock 31,869 31,869 — — Bonds and securities 6,258 4,942 1,316 — Mutual and insurance funds 2,485 829 1,656 — Totals $ 45,726 $ 42,754 $ 2,972 $ — Assets measured at net asset value (a) 31,588 $ 77,314 |
Schedule of Expected Benefit Payments [Table Text Block] | Projected benefit payments from the plans as of December 31, 2017 , are estimated as follows (amounts in thousands): 2018 $ 9,398 2019 8,499 2020 8,607 2021 8,509 2022 8,522 2023-2027 39,645 |
STOCK COMPENSATION (Tables)
STOCK COMPENSATION (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
STOCK OPTION PLANS [Abstract] | |
Share-based Compensation, Stock Options, Activity [Table Text Block] | The following is a summary of activity in stock options during the year ended December 31, 2017: Shares Subject to Option Weighted- Average Exercise Price Weighted- Average Remaining Contractual Life (in Years) Aggregate Intrinsic Value (in thousands) Outstanding, December 31, 2016 807,520 $ 18.13 Granted 89,200 11.79 Exercised — — Forfeited/Expired (48,950 ) 19.51 Outstanding, December 31, 2017 847,770 17.39 5.05 $ 561 Exercisable, December 31, 2017 847,770 17.39 5.05 $ 561 Additional Stock Option Information (all amounts in thousands, except for per share data): 2017 2016 2015 Weighted-average fair value per share of stock options granted $ 6.10 $ 3.62 $ 5.27 Intrinsic value of stock options exercised — — (3 ) Tax expense (benefit) realized for tax deductions from stock options exercised — (1 ) Grant date fair value of stock options vested 544 217 316 Cash received from stock options exercised — — 145 |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | Weighted average assumptions used for stock options issued in 2017, 2016, and 2015: 2017 2016 2015 Expected life (in years) 6.0 6.0 6.0 Expected volatility 53.8 % 53.3 % 49.4 % Expected dividends 0.1 % 0.1 % 0.1 % Risk-free interest rate 1.82 % 1.33 % 1.78 % |
Schedule of Share-based Compensation, Restricted Stock Units Award Activity [Table Text Block] | Restricted Stock Shares Weighted Average Grant Date Fair Value Unvested at December 31, 2016 153,570 14.92 Granted — — Vested (119,173 ) 16.02 Forfeited/Expired (2,500 ) 18.02 Unvested at December 31, 2017 31,897 10.56 |
LEASE COMMITMENTS (Tables)
LEASE COMMITMENTS (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Leases [Abstract] | |
Lessee, Operating Lease, Disclosure [Table Text Block] | At December 31, 2017 , future minimum rental commitments under noncancellable operating leases with initial terms in excess of one year were as follows for the years (or other periods) presented below (amounts in thousands): 2018 $ 6,860 2019 4,780 2020 3,526 2021 1,900 2022 1,600 Thereafter 291 Total future minimum lease payments $ 18,957 |
Schedule of Future Minimum Lease Payments for Capital Leases [Table Text Block] | At December 31, 2017 , the Company had assets held as capital leases with a net book value of $6.9 million included in property, plant, and equipment. Total future capital lease obligations relating to these leases were as follows at December 31, 2017 for the years (or other periods) presented below (amounts in thousands): 2018 $ 590 2019 197 2020 31 2021 2 Total future capital lease obligation payments 820 Less amount representing interest (7 ) Present value of future capital lease obligation payments $ 813 |
COMMITMENTS AND CONTINGENCIES63
COMMITMENTS AND CONTINGENCIES (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Other Commitments [Line Items] | |
Other Commitments [Table Text Block] | At December 31, 2017 , the Company's expected cash outflow resulting from non-cancellable purchase obligations are summarized by year in the table below (amounts in thousands): 2018 $ 22,719 2019 7,219 2020 3,638 2021 179 Thereafter — Total non-cancellable purchase obligations $ 33,755 |
SEGMENT INFORMATION (Tables)
SEGMENT INFORMATION (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Segment Reporting Information [Line Items] | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | The table below presents information about certain operating results of segments as reviewed by the chief operating decision maker of the Company as of and for the years ended December 31, 2017 , 2016 , and 2015 (amounts in thousands): 2017 2016 2015 Revenues from external customers Agricultural $ 690,238 $ 583,324 $ 651,804 Earthmoving/construction 608,894 524,289 566,988 Consumer 169,790 157,884 175,979 $ 1,468,922 $ 1,265,497 $ 1,394,771 Gross profit Agricultural $ 84,907 $ 75,485 $ 73,198 Earthmoving/construction 48,331 45,885 42,300 Consumer 25,040 17,494 19,245 $ 158,278 $ 138,864 $ 134,743 Income (loss) from operations Agricultural $ 49,612 $ 41,153 $ 37,643 Earthmoving/construction 803 3,232 (2,572 ) Consumer 11,231 2,762 4,639 Corporate & Unallocated (74,830 ) (72,098 ) (67,055 ) Loss from operations (13,184 ) (24,951 ) (27,345 ) Interest expense (30,229 ) (32,539 ) (34,032 ) Loss on senior note repurchase (18,646 ) — — Foreign exchange gain (loss) (1,958 ) 8,550 (4,758 ) Other income, net 11,141 12,466 11,063 Loss before income taxes $ (52,876 ) $ (36,474 ) $ (55,072 ) Capital expenditures Agricultural $ 15,392 $ 16,260 $ 14,819 Earthmoving/construction 15,282 22,028 18,116 Consumer 2,453 2,483 3,061 Corporate & Unallocated (501 ) 1,177 12,433 $ 32,626 $ 41,948 $ 48,429 Depreciation & amortization Agricultural $ 27,623 $ 27,888 $ 32,274 Earthmoving/construction 20,307 20,566 24,124 Consumer 5,559 6,145 7,469 Corporate & Unallocated 4,955 5,169 5,751 $ 58,444 $ 59,768 $ 69,618 Total assets Agricultural $ 444,783 $ 439,371 $ 432,150 Earthmoving/construction 537,855 443,879 433,394 Consumer 157,133 140,293 137,359 Corporate & Unallocated (a) 150,341 242,353 278,851 $ 1,290,112 $ 1,265,896 $ 1,281,754 (a) Unallocated assets included cash of approximately $72 million , $96 million , and $143 million at year-end 2017, 2016, and 2015, respectively. Unallocated assets included certificates of deposit of $50 million in 2016. |
Schedule of Revenue from External Customers Attributed to Foreign Countries by Geographic Area [Table Text Block] | The table below presents information by geographic area. Revenues from external customers were determined based on the location of the selling subsidiary. Geographic information as of and for the years ended December 31, 2017 , 2016 , and 2015 was as follows (amounts in thousands): 2017 2016 2015 Net Sales United States $ 642,743 $ 558,278 $ 702,855 Europe 411,570 354,117 369,280 Latin America 282,692 248,019 236,281 Other international 131,917 105,083 86,355 $ 1,468,922 $ 1,265,497 $ 1,394,771 Long-Lived Assets United States $ 151,841 $ 171,587 $ 189,993 Europe 176,923 156,505 167,829 Latin America 62,543 68,187 59,671 Other international 29,941 40,922 32,527 $ 421,248 $ 437,201 $ 450,020 |
EARNINGS PER SHARE (Tables)
EARNINGS PER SHARE (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Earnings per share for 2017 , 2016 , and 2015 were as follows (amounts in thousands, except per share data): 2017 2016 2015 Net loss attributable to Titan $ (60,042 ) $ (37,605 ) $ (75,174 ) Redemption value adjustment (6,393 ) (9,556 ) (17,668 ) Net loss applicable to common shareholders $ (66,435 ) $ (47,161 ) $ (92,842 ) Determination of Shares: Weighted average shares outstanding (basic) 59,340 53,916 53,696 Earnings per share: Basic and Diluted $ (1.12 ) $ (0.87 ) $ (1.73 ) The effect of stock options/trusts and convertible notes has been excluded for 2017, 2016, and 2015, as the effect would have been antidilutive. The weighted average share amount excluded for stock options/trusts was 0.2 million , 0.3 million , and 0.2 million for 2017, 2016, and 2015, respectively. The effect of convertible notes has been excluded for 2017, 2016, and 2015, as the effect would have been antidilutive. The weighted average share amount excluded for convertible notes was 0.2 million for 2017 and 5.6 million for each of 2016 and 2015. |
SUPPLEMENTARY DATA - QUARTERL66
SUPPLEMENTARY DATA - QUARTERLY FINANCIAL INFORMATION (UNAUDITED) (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of Quarterly Financial Information [Table Text Block] | (All amounts in thousands, except per share data) Quarter ended March 31 June 30 September 30 December 31 Year ended December 31 2017 Net sales $ 357,501 $ 364,399 $ 370,988 $ 376,034 $ 1,468,922 Gross profit 39,729 43,562 39,665 35,322 158,278 Net loss (10,585 ) (6,537 ) (11,218 ) (35,739 ) (64,079 ) Net loss attributable to Titan (11,453 ) (6,293 ) (12,018 ) (30,278 ) (60,042 ) Per share amounts: Basic (.18 ) (.17 ) (.22 ) (.55 ) (1.12 ) Diluted (.18 ) (.17 ) (.22 ) (.55 ) (1.12 ) 2016 Net sales $ 321,794 $ 330,214 $ 306,195 $ 307,294 $ 1,265,497 Gross profit 28,297 43,718 34,920 31,929 138,864 Net loss (12,326 ) (3,806 ) (8,974 ) (14,649 ) (39,755 ) Net loss attributable to Titan (12,743 ) (3,256 ) (8,008 ) (13,598 ) (37,605 ) Per share amounts: Basic (.33 ) (.10 ) (.17 ) (.27 ) (.87 ) Diluted (.33 ) (.10 ) (.17 ) (.27 ) (.87 ) |
SUBSIDIARY GUARANTOR FINANCIA67
SUBSIDIARY GUARANTOR FINANCIAL INFORMATION (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Condensed Income Statement [Table Text Block] | (Amounts in thousands) Consolidating Condensed Statements of Operations Year Ended December 31, 2017 Titan Intl., Inc. (Parent) Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Net sales $ — $ 567,830 $ 901,092 $ — $ 1,468,922 Cost of sales 362 495,939 804,426 — 1,300,727 Asset impairment — — 9,917 — 9,917 Gross profit (loss) (362 ) 71,891 86,749 — 158,278 Selling, general, and administrative expenses 14,218 59,769 76,689 — 150,676 Research and development expenses — 3,685 6,617 — 10,302 Royalty expense 1,178 5,703 3,603 — 10,484 Income (loss) from operations (15,758 ) 2,734 (160 ) — (13,184 ) Interest expense (29,182 ) — (1,047 ) — (30,229 ) Loss on note repurchase (18,646 ) — — — (18,646 ) Intercompany interest income (expense) 2,412 3,937 (6,349 ) — — Foreign exchange loss (2 ) (100 ) (1,856 ) — (1,958 ) Other income (expense) 4,623 (178 ) 6,696 — 11,141 Income (loss) before income taxes (56,553 ) 6,393 (2,716 ) — (52,876 ) Provision (benefit) for income taxes (1,446 ) 4,173 8,476 — 11,203 Equity in earnings of subsidiaries (8,972 ) — (8,400 ) 17,372 — Net income (loss) (64,079 ) 2,220 (19,592 ) 17,372 (64,079 ) Net loss noncontrolling interests — — (4,037 ) — (4,037 ) Net income (loss) attributable to Titan $ (64,079 ) $ 2,220 $ (15,555 ) $ 17,372 $ (60,042 ) (Amounts in thousands) Consolidating Condensed Statements of Operations Year Ended December 31, 2016 Titan Intl., Inc. (Parent) Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Net sales $ — $ 498,390 $ 767,107 $ — $ 1,265,497 Cost of sales 759 432,705 693,169 — 1,126,633 Gross profit (loss) (759 ) 65,685 73,938 — 138,864 Selling, general, and administrative expenses 11,394 66,815 66,779 — 144,988 Research and development expenses — 2,876 7,095 — 9,971 Royalty expense 667 4,866 3,323 — 8,856 Loss from operations (12,820 ) (8,872 ) (3,259 ) — (24,951 ) Interest expense (32,208 ) — (331 ) — (32,539 ) Intercompany interest income (expense) 1,781 3,525 (5,306 ) — — Foreign exchange gain — 298 8,252 — 8,550 Other income 2,503 180 9,783 — 12,466 Income (loss) before income taxes (40,744 ) (4,869 ) 9,139 — (36,474 ) Provision (benefit) for income taxes (64 ) 30 3,315 — 3,281 Equity in earnings of subsidiaries 924 — (6,689 ) 5,765 — Net income (loss) (39,756 ) (4,899 ) (865 ) 5,765 (39,755 ) Net loss noncontrolling interests — — (2,150 ) — (2,150 ) Net income (loss) attributable to Titan $ (39,756 ) $ (4,899 ) $ 1,285 $ 5,765 $ (37,605 ) (Amounts in thousands) Consolidating Condensed Statements of Operations Year Ended December 31, 2015 Titan Intl., Inc. (Parent) Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Net sales $ — $ 640,785 $ 753,986 $ — $ 1,394,771 Cost of sales 2,826 561,429 695,773 — 1,260,028 Gross profit (loss) (2,826 ) 79,356 58,213 — 134,743 Selling, general, and administrative expenses 7,513 69,686 63,194 — 140,393 Research and development expenses — 3,505 7,657 — 11,162 Royalty expense — 6,711 3,822 — 10,533 Loss from operations (10,339 ) (546 ) (16,460 ) — (27,345 ) Interest expense (32,291 ) — (1,741 ) — (34,032 ) Intercompany interest income (expense) 825 2,361 (3,186 ) — — Foreign exchange gain (loss) 4,296 (462 ) (8,592 ) — (4,758 ) Other income 2,327 2,572 6,164 — 11,063 Income (loss) before income taxes (35,182 ) 3,925 (23,815 ) — (55,072 ) Provision (benefit) for income taxes 34,341 (1,518 ) 1,933 — 34,756 Equity in earnings of subsidiaries (23,830 ) — (2,689 ) 26,519 — Net income (loss) (93,353 ) 5,443 (28,437 ) 26,519 (89,828 ) Net loss noncontrolling interests — — (14,654 ) — (14,654 ) Net income (loss) attributable to Titan $ (93,353 ) $ 5,443 $ (13,783 ) $ 26,519 $ (75,174 ) |
Condensed Statement of Comprehensive Income [Table Text Block] | (Amounts in thousands) Consolidating Condensed Statements of Comprehensive Income (Loss) For the Year Ended December 31, 2017 Titan Intl., Inc. (Parent) Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Net income (loss) $ (64,079 ) $ 2,220 $ (19,592 ) $ 17,372 $ (64,079 ) Currency translation adjustment, net 30,818 — 30,818 (30,818 ) 30,818 Pension liability adjustments, net of tax 1,523 1,807 (284 ) (1,523 ) 1,523 Comprehensive income (loss) (31,738 ) 4,027 10,942 (14,969 ) (31,738 ) Net comprehensive income attributable to noncontrolling interests — — (2,898 ) — (2,898 ) Comprehensive income (loss) attributable to Titan $ (31,738 ) $ 4,027 $ 13,840 $ (14,969 ) $ (28,840 ) (Amounts in thousands) Consolidating Condensed Statements of Comprehensive Income (Loss) For the Year Ended December 31, 2016 Titan Intl., Inc. (Parent) Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Net income (loss) $ (39,756 ) $ (4,899 ) $ (865 ) $ 5,765 $ (39,755 ) Currency translation adjustment, net 5,857 — 5,857 (5,857 ) 5,857 Pension liability adjustments, net of tax 1,071 1,680 (609 ) (1,071 ) 1,071 Comprehensive income (loss) (32,828 ) (3,219 ) 4,383 (1,163 ) (32,827 ) Net comprehensive income attributable to noncontrolling interests — — 5,305 — 5,305 Comprehensive loss attributable to Titan $ (32,828 ) $ (3,219 ) $ (922 ) $ (1,163 ) $ (38,132 ) (Amounts in thousands) Consolidating Condensed Statements of Comprehensive Income (Loss) For the Year Ended December 31, 2015 Titan Intl., Inc. (Parent) Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Net income (loss) $ (93,353 ) $ 5,443 $ (28,437 ) $ 26,519 $ (89,828 ) Currency translation adjustment, net (79,196 ) — (79,196 ) 79,196 (79,196 ) Pension liability adjustments, net of tax (662 ) (1,557 ) 895 662 (662 ) Comprehensive income (loss) (173,211 ) 3,886 (106,738 ) 106,377 (169,686 ) Net comprehensive loss attributable to noncontrolling interests — — (19,391 ) — (19,391 ) Comprehensive income (loss) attributable to Titan $ (173,211 ) $ 3,886 $ (87,347 ) $ 106,377 $ (150,295 ) |
Condensed Balance Sheet [Table Text Block] | (Amounts in thousands) Consolidating Condensed Balance Sheets December 31, 2017 Titan Intl., Inc. (Parent) Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Assets Cash and cash equivalents $ 59,740 $ 13 $ 83,817 $ — $ 143,570 Accounts receivable — 54,009 172,694 — 226,703 Inventories — 96,036 243,800 — 339,836 Prepaid and other current assets 17,789 20,917 34,378 — 73,084 Total current assets 77,529 170,975 534,689 — 783,193 Property, plant, and equipment, net 2,466 110,470 308,312 — 421,248 Investment in subsidiaries 766,777 — 74,003 (840,780 ) — Other long-term assets 6,389 967 78,315 — 85,671 Total assets $ 853,161 $ 282,412 $ 995,319 $ (840,780 ) $ 1,290,112 Liabilities and Stockholders’ Equity Short-term debt $ — $ — $ 43,651 $ — $ 43,651 Accounts payable 4,258 20,787 170,452 — 195,497 Other current liabilities 38,495 30,170 65,109 — 133,774 Total current liabilities 42,753 50,957 279,212 — 372,922 Long-term debt 394,284 — 12,887 — 407,171 Other long-term liabilities 11,544 16,458 58,740 — 86,742 Intercompany accounts 75,103 (286,525 ) 211,422 — — Redeemable noncontrolling interest — — 113,193 — 113,193 Titan stockholders' equity 329,477 501,522 330,710 (840,780 ) 320,929 Noncontrolling interests — — (10,845 ) — (10,845 ) Total liabilities and stockholders’ equity $ 853,161 $ 282,412 $ 995,319 $ (840,780 ) $ 1,290,112 (Amounts in thousands) Consolidating Condensed Balance Sheets December 31, 2016 Titan Intl., Inc. (Parent) Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Assets Cash and cash equivalents $ 86,190 $ 9 $ 61,628 $ — $ 147,827 Certificates of deposit 50,000 — — — 50,000 Accounts receivable — 43,485 135,899 — 179,384 Inventories — 76,823 195,413 — 272,236 Prepaid and other current assets 11,965 21,901 45,868 — 79,734 Total current assets 148,155 142,218 438,808 — 729,181 Property, plant, and equipment, net 4,898 124,049 308,254 — 437,201 Investment in subsidiaries 742,679 — 87,385 (830,064 ) — Other long-term assets 23,627 1,118 74,769 — 99,514 Total assets $ 919,359 $ 267,385 $ 909,216 $ (830,064 ) $ 1,265,896 Liabilities and Stockholders’ Equity Short-term debt $ 60,148 $ — $ 37,264 $ — $ 97,412 Accounts payable 4,187 14,398 129,670 — 148,255 Other current liabilities 34,140 34,475 51,822 — 120,437 Total current liabilities 98,475 48,873 218,756 — 366,104 Long-term debt 395,852 — 12,908 — 408,760 Other long-term liabilities 27,636 18,473 47,235 — 93,344 Intercompany accounts 94,977 (300,823 ) 205,846 — — Redeemable noncontrolling interest — — 104,809 — 104,809 Titan stockholders’ equity 302,419 500,862 323,600 (830,064 ) 296,817 Noncontrolling interests — — (3,938 ) — (3,938 ) Total liabilities and stockholders’ equity $ 919,359 $ 267,385 $ 909,216 $ (830,064 ) $ 1,265,896 |
Condensed Cash Flow Statement [Table Text Block] | (Amounts in thousands) Consolidating Condensed Statements of Cash Flows Year Ended December 31, 2017 Titan Intl., Inc. (Parent) Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidated Net cash provided by (used for) operating activities $ (49,856 ) $ 7,235 $ 41,332 $ (1,289 ) Cash flows from investing activities: Capital expenditures (830 ) (7,620 ) (24,176 ) (32,626 ) Certificates of deposit 50,000 — — 50,000 Other, net — 389 604 993 Net cash provided by (used for) investing activities 49,170 (7,231 ) (23,572 ) 18,367 Cash flows from financing activities: Proceeds from borrowings 394,191 — 53,448 447,639 Repurchase of senior secured notes (415,395 ) — — (415,395 ) Payment on debt (3,393 ) — (51,767 ) (55,160 ) Dividends paid (1,167 ) — — (1,167 ) Net cash provided by (used for) financing activities (25,764 ) — 1,681 (24,083 ) Effect of exchange rate change on cash — — 2,748 2,748 Net increase (decrease) in cash and cash equivalents (26,450 ) 4 22,189 (4,257 ) Cash and cash equivalents, beginning of period 86,190 9 61,628 147,827 Cash and cash equivalents, end of period $ 59,740 $ 13 $ 83,817 $ 143,570 (Amounts in thousands) Consolidating Condensed Statements of Cash Flows Year Ended December 31, 2016 Titan Intl., Inc. (Parent) Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidated Net cash provided by (used for) operating activities $ (3,193 ) $ 8,035 $ 38,658 $ 43,500 Cash flows from investing activities: Capital expenditures (1,937 ) (8,444 ) (31,567 ) (41,948 ) Certificates of deposit (50,000 ) — — (50,000 ) Other, net — 414 1,808 2,222 Net cash used for investing activities (51,937 ) (8,030 ) (29,759 ) (89,726 ) Cash flows from financing activities: Proceeds from borrowings — — 17,285 17,285 Payment on debt — — (22,634 ) (22,634 ) Proceeds from exercise of stock options — — — — Dividends paid (1,081 ) — — (1,081 ) Net cash used for financing activities (1,081 ) — (5,349 ) (6,430 ) Effect of exchange rate change on cash — — 295 295 Net increase (decrease) in cash and cash equivalents (56,211 ) 5 3,845 (52,361 ) Cash and cash equivalents, beginning of period 142,401 4 57,783 200,188 Cash and cash equivalents, end of period $ 86,190 $ 9 $ 61,628 $ 147,827 (Amounts in thousands) Consolidating Condensed Statements of Cash Flows Year Ended December 31, 2015 Titan Intl., Inc. (Parent) Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidated Net cash provided by operating activities $ 15,933 $ 6,441 $ 41,556 $ 63,930 Cash flows from investing activities: Capital expenditures (2,585 ) (6,254 ) (39,590 ) (48,429 ) Other, net — (187 ) (1,321 ) (1,508 ) Net cash used for investing activities (2,585 ) (6,441 ) (40,911 ) (49,937 ) Cash flows from financing activities: Proceeds from borrowings — — 5,727 5,727 Payment on debt — — (5,521 ) (5,521 ) Proceeds from exercise of stock options 145 — — 145 Dividends paid (1,077 ) — — (1,077 ) Net cash provided by (used for) financing activities (932 ) — 206 (726 ) Effect of exchange rate change on cash — — (14,530 ) (14,530 ) Net increase (decrease) in cash and cash equivalents 12,416 — (13,679 ) (1,263 ) Cash and cash equivalents, beginning of period 129,985 4 71,462 201,451 Cash and cash equivalents, end of period $ 142,401 $ 4 $ 57,783 $ 200,188 |
DESCRIPTION OF BUSINESS AND S68
DESCRIPTION OF BUSINESS AND SIGNIFICANT ACCOUNTING POLICIES (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||||||||
Deposits, Foreign | $ 80,200 | $ 61,100 | $ 80,200 | $ 61,100 | ||||||||||
Retained earnings (deficit) | (44,022) | 17,214 | (44,022) | 17,214 | ||||||||||
Cost of sales | 1,300,727 | 1,126,633 | $ 1,260,028 | |||||||||||
Loss from operations | (13,184) | (24,951) | (27,345) | |||||||||||
Provision (benefit) for income tax | 11,203 | 3,281 | 34,756 | |||||||||||
Net income (loss) | $ (35,739) | $ (11,218) | $ (6,537) | $ (10,585) | $ (14,649) | $ (8,974) | $ (3,806) | $ (12,326) | $ (64,079) | $ (39,755) | $ (89,828) | |||
Earnings Per Share, Basic | $ (0.55) | [1] | $ (0.22) | $ (0.17) | [2] | $ (0.18) | [3] | $ (0.27) | $ (0.17) | $ (0.10) | $ (0.33) | $ (1.12) | $ (0.87) | $ (1.73) |
Inventory | $ 339,836 | $ 272,236 | $ 339,836 | $ 272,236 | ||||||||||
Interest Costs Capitalized | 300 | 1,200 | $ 800 | |||||||||||
Senior Notes | 394,300 | 394,300 | ||||||||||||
Debt Instrument, Fair Value Disclosure | 406,500 | 406,500 | ||||||||||||
Investment in subsidiaries | $ 0 | 0 | 0 | 0 | ||||||||||
Research and development expenses | 10,302 | 9,971 | 11,162 | |||||||||||
Advertising Expense | $ 3,900 | $ 4,800 | $ 3,800 | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Net of Forfeitures | 89,200 | 60,000 | 60,000 | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 123,500 | |||||||||||||
Senior Secured Notes 6.50 Percent [Member] [Member] | ||||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 6.50% | 6.50% | ||||||||||||
Senior Notes | $ 400,000 | $ 400,000 | ||||||||||||
Wheels India [Member] | ||||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||||||||
Investment in subsidiaries | $ 47,267 | 40,766 | $ 47,267 | $ 40,766 | ||||||||||
Equity Method Investment, Ownership Percentage | 34.20% | 34.20% | ||||||||||||
Equity Method Investment, Quoted Market Value | $ 141,400 | $ 141,400 | ||||||||||||
Minimum [Member] | Building and Building Improvements [Member] | ||||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||||||||
Property, Plant and Equipment, Useful Life, Maximum | 25 years | |||||||||||||
Minimum [Member] | Machinery and Equipment [Member] | ||||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||||||||
Property, Plant and Equipment, Useful Life, Maximum | 7 years | |||||||||||||
Minimum [Member] | Tools, Dies and Molds [Member] | ||||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||||||||
Property, Plant and Equipment, Useful Life, Maximum | 2 years | |||||||||||||
Maximum [Member] | Building and Building Improvements [Member] | ||||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||||||||
Property, Plant and Equipment, Useful Life, Maximum | 25 years | |||||||||||||
Maximum [Member] | Machinery and Equipment [Member] | ||||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||||||||
Property, Plant and Equipment, Useful Life, Maximum | 7 years | |||||||||||||
Maximum [Member] | Tools, Dies and Molds [Member] | ||||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||||||||
Property, Plant and Equipment, Useful Life, Maximum | 2 years | |||||||||||||
Scenario, Previously Reported [Member] | ||||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||||||||
Retained earnings (deficit) | 14,269 | 14,269 | ||||||||||||
Cost of sales | 1,123,015 | $ 1,256,962 | ||||||||||||
Loss from operations | (21,333) | (24,279) | ||||||||||||
Provision (benefit) for income tax | 38,281 | |||||||||||||
Net income (loss) | $ (36,137) | $ (90,287) | ||||||||||||
Earnings Per Share, Basic | $ (0.81) | $ (1.74) | ||||||||||||
Inventory | 269,291 | $ 269,291 | ||||||||||||
Restatement Adjustment [Member] | ||||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||||||||
Retained earnings (deficit) | 2,945 | 2,945 | $ 6,600 | |||||||||||
Cost of sales | 3,618 | 3,066 | ||||||||||||
Loss from operations | (3,618) | (3,066) | ||||||||||||
Provision (benefit) for income tax | (3,525) | |||||||||||||
Net income (loss) | $ (3,618) | $ 459 | ||||||||||||
Earnings Per Share, Basic | $ (0.06) | $ 0.01 | ||||||||||||
Inventory | $ 2,945 | $ 2,945 | ||||||||||||
[1] | ||||||||||||||
[2] | ||||||||||||||
[3] |
ACCOUNTS RECEIVABLE (Details)
ACCOUNTS RECEIVABLE (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Receivables [Abstract] | ||||
Accounts receivable | $ 229,677 | $ 182,728 | ||
Allowance for doubtful accounts | (2,974) | (3,344) | $ (4,527) | $ (5,706) |
Accounts receivable, net | $ 226,703 | $ 179,384 |
INVENTORIES (Details)
INVENTORIES (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Inventory Disclosure [Abstract] | ||
Raw material | $ 83,541 | $ 75,806 |
Work-in-process | 40,525 | 32,394 |
Finished goods | 215,770 | 164,036 |
Inventory, Net | $ 339,836 | $ 272,236 |
PREPAID AND OTHER CURRENT ASS71
PREPAID AND OTHER CURRENT ASSETS (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Prepaid Expense and Other Assets, Current [Abstract] | ||
Factory supplies | $ 26,346 | $ 25,177 |
Investments for deferred compensation | 12,393 | 0 |
Value added tax | 8,528 | 6,258 |
Prepaid expense | 5,290 | 8,320 |
Deposits | 3,785 | 2,640 |
Prepaid taxes | 3,726 | 7,360 |
Prepaid insurance | 2,384 | 3,124 |
Volume rebate | 2,072 | 1,430 |
Prepaid royalty | 1,953 | 6,973 |
Duty receivable | 672 | 899 |
Derivative financial instruments | 458 | 988 |
Assets held for sale | 0 | 8,843 |
Other | 5,477 | 7,722 |
Prepaid and other current assets | $ 73,084 | $ 79,734 |
PROPERTY, PLANT AND EQUIPMENT72
PROPERTY, PLANT AND EQUIPMENT, NET (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Gross | $ 1,033,485 | $ 1,006,399 | |
Less accumulated depreciation | (612,237) | (569,198) | |
Property, Plant and Equipment, Net | 421,248 | 437,201 | |
Depreciation | 54,300 | 55,800 | $ 64,500 |
Capital Leased Assets, Gross | 6,900 | ||
Land and Land Improvements [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Gross | 46,998 | 43,871 | |
Building and Building Improvements [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Gross | 264,078 | 239,036 | |
Capital Leased Assets, Gross | 4,056 | 3,565 | |
Capital Leases, Lessee Balance Sheet, Assets by Major Class, Accumulated Depreciation | (2,294) | (1,923) | |
Capital Leases, Balance Sheet, Assets by Major Class, Net | 1,762 | 1,642 | |
Machinery and Equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Gross | 598,411 | 573,717 | |
Capital Leased Assets, Gross | 32,379 | 31,331 | |
Capital Leases, Lessee Balance Sheet, Assets by Major Class, Accumulated Depreciation | (27,260) | (26,502) | |
Capital Leases, Balance Sheet, Assets by Major Class, Net | 5,119 | 4,829 | |
Tools, Dies and Molds [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Gross | 108,649 | 106,695 | |
Construction in Progress [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Gross | $ 15,349 | $ 43,080 |
OTHER ASSETS (Details)
OTHER ASSETS (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Other Assets, Noncurrent [Abstract] | ||
Equity Method Investments | $ 0 | $ 0 |
Amortizable intangibles | 15,275 | 16,401 |
Notes receivable | 6,000 | 6,000 |
Manufacturing spares | 3,448 | 2,386 |
Prepaid software | 691 | 3,807 |
Deferred financing costs | 352 | 273 |
Investments for deferred compensation | 0 | 9,668 |
Income tax receivable | 0 | 5,668 |
Prepaid royalty | 0 | 1,702 |
Other | 4,222 | 5,031 |
Other noncurrent assets | 81,892 | 94,851 |
Equity Method Investments [Member] | ||
Other Assets, Noncurrent [Abstract] | ||
Equity Method Investments | 4,637 | 3,149 |
Wheels India [Member] | ||
Other Assets, Noncurrent [Abstract] | ||
Equity Method Investments | $ 47,267 | $ 40,766 |
INTANGIBLE ASSETS (Details)
INTANGIBLE ASSETS (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Intangible Assets, Net (Excluding Goodwill) [Abstract] | |||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 9 years 8 months 12 days | ||
Finite-Lived Intangible Asset, Useful Life | 7 years 4 months 24 days | ||
Finite-Lived Customer Relationships, Gross | $ 13,922 | $ 13,171 | |
Finite-Lived Trademarks, Gross | 15,208 | 14,629 | |
Finite-Lived Intangible Assets, Gross | 29,130 | 27,800 | |
Finite-Lived Intangible Assets, Accumulated Amortization | (13,855) | (11,399) | |
Intangible Assets, Net (Excluding Goodwill) | 15,275 | 16,401 | |
Amortization of Intangible Assets | 3,000 | $ 2,200 | $ 3,000 |
2,018 | 2,397 | ||
2,019 | 2,237 | ||
2,020 | 2,237 | ||
2,021 | 1,543 | ||
2,022 | 1,053 | ||
Thereafter | $ 5,808 |
OTHER CURRENT LIABILITIES (Deta
OTHER CURRENT LIABILITIES (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Other Liabilities, Current [Abstract] | ||
Wages and benefits | $ 27,532 | $ 23,989 |
Warranty | 18,612 | 17,926 |
Accrued employment liabilities | 16,892 | 6,388 |
Insurance | 15,068 | 15,504 |
Accrued other taxes | 8,370 | 5,831 |
Incentive compensation | 7,863 | 8,278 |
Customer rebates | 6,534 | 4,641 |
Customer deposits | 4,960 | 1,996 |
Italian government grant | 4,689 | 5,791 |
Accrued interest | 3,049 | 8,680 |
Accounts receivable credits | 1,455 | 7,618 |
Other | 18,750 | 13,795 |
Other current liabilities | $ 133,774 | $ 120,437 |
WARRANTY (Details)
WARRANTY (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Product Warranties Disclosures [Abstract] | ||
Warranty liability, January 1 | $ 17,926 | $ 23,121 |
Provision for warranty liabilities | 9,012 | 7,459 |
Warranty payments made | (8,326) | (12,654) |
Warranty liability, December 31 | $ 18,612 | $ 17,926 |
OTHER LONG-TERM LIABILITIES (De
OTHER LONG-TERM LIABILITIES (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Other Liabilities, Noncurrent [Abstract] | ||
Accrued pension liabilities | $ 35,597 | $ 34,919 |
Income tax liabilities | 11,399 | 16,073 |
Italian government grant | 10,272 | 9,423 |
Contingencies | 6,500 | 0 |
Accrued employment liabilities | 4,178 | 15,689 |
Other | 5,251 | 4,057 |
Other Liabilities, Noncurrent | $ 73,197 | $ 80,161 |
REVOLVING CREDIT FACILITY AND78
REVOLVING CREDIT FACILITY AND LONG-TERM DEBT (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Debt Instruments [Abstract] | |||
Senior Notes | $ 394,300,000 | ||
Debt Instrument, Unamortized Discount | (5,716,000) | $ (4,161,000) | |
Long-term Debt | 450,822,000 | 506,172,000 | |
Long-term debt | $ 407,171,000 | $ 408,760,000 | |
Short-term Debt, Weighted Average Interest Rate, at Point in Time | 5.00% | 5.30% | |
Loss on senior note repurchase | $ (18,646,000) | $ 0 | $ 0 |
Conversion of Stock, Shares Converted | 5,462,264 | ||
Maturities of Long-term Debt [Abstract] | |||
2,018 | $ 43,651,000 | ||
2,019 | 7,768,000 | ||
2,020 | 4,347,000 | ||
2,021 | 772,000 | ||
Thereafter | 400,000,000 | ||
Repayments of Other Debt | 55,160,000 | 22,634,000 | $ 5,521,000 |
Letters of Credit Outstanding, Amount | 12,500,000 | ||
Line of Credit Facility, Current Borrowing Capacity | 62,500,000 | ||
Capital Lease Obligations | 489,000 | 902,000 | |
Debt Instrument, Unamortized Discount, Noncurrent | 0 | 0 | |
Long-term Debt, Gross | 456,538,000 | 510,333,000 | |
Long-term Debt, Maturities, Repayments of Principal in Next Rolling Twelve Months | 43,651,000 | 97,425,000 | |
Debt Instrument, Unamortized Discount, Current | 0 | (13,000) | |
Long-term Debt, Current Maturities | 43,651,000 | 97,412,000 | |
Debt Instrument, Unamortized Discount (Premium), Net | (5,716,000) | (4,148,000) | |
Senior Secured Notes 6.875 Percent [Member] | |||
Debt Instruments [Abstract] | |||
Senior Notes | $ 400,000,000 | ||
Debt Instrument, Unamortized Discount | (4,148,000) | ||
Long-term Debt | 395,852,000 | ||
Debt Instrument, Interest Rate, Effective Percentage | 7.20% | ||
Maturities of Long-term Debt [Abstract] | |||
Debt Instrument, Interest Rate, Stated Percentage | 6.875% | ||
Senior Secured Notes 6.50 Percent [Member] [Member] | |||
Debt Instruments [Abstract] | |||
Senior Notes | $ 400,000,000 | ||
Debt Instrument, Unamortized Discount | (5,716,000) | ||
Long-term Debt | $ 394,284,000 | ||
Debt Instrument, Interest Rate, Effective Percentage | 6.79% | ||
Maturities of Long-term Debt [Abstract] | |||
Debt Instrument, Interest Rate, Stated Percentage | 6.50% | ||
Other Debt Obligations [Member] | |||
Debt Instruments [Abstract] | |||
Debt Instrument, Unamortized Discount | $ 0 | 0 | |
Maturities of Long-term Debt [Abstract] | |||
Other Long-term Debt | 22,564,000 | 15,560,000 | |
Voltyre-Prom [Member] | |||
Maturities of Long-term Debt [Abstract] | |||
Other Long-term Debt | 16,400,000 | ||
5.625% convertible senior subordinated notes [Member] | |||
Debt Instruments [Abstract] | |||
Debt Instrument, Unamortized Discount | (13,000) | ||
Long-term Debt | 60,148,000 | ||
5.625% convertible senior subordinated notes due 2017 | 60,161,000 | ||
Debt Conversion, Converted Instrument, Amount | 58,500,000 | ||
Debt Conversion, Initial Base Conversion, Amount | $ 1,000 | ||
Maturities of Long-term Debt [Abstract] | |||
Debt Instrument, Interest Rate, Stated Percentage | 5.625% | ||
Debt Conversion, Original Debt, Amount | $ 60,200,000 | ||
Debt Conversion, Initial Base Conversion Rate, Shares | 93.436 | ||
Repayments of Other Debt | $ 1,700,000 | ||
Titan Europe [Member] | |||
Debt Instruments [Abstract] | |||
Debt Instrument, Unamortized Discount | 0 | 0 | |
Other Borrowings | 33,485,000 | 33,710,000 | |
Titan Brazil [Member] | |||
Maturities of Long-term Debt [Abstract] | |||
Other Long-term Debt | 5,800,000 | ||
BMO Harris Bank N.A. [Member] | Line of Credit [Member] | |||
Maturities of Long-term Debt [Abstract] | |||
Line of Credit Facility, Maximum Borrowing Capacity | 75,000,000 | ||
Long-term Debt [Member] | |||
Debt Instruments [Abstract] | |||
Long-term debt | $ 412,887,000 | $ 412,908,000 |
DERIVATIVE FINANCIAL INSTRUME79
DERIVATIVE FINANCIAL INSTRUMENTS (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2017USD ($) | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative, Gain (Loss) on Derivative, Net | $ 0.6 |
REDEEMABLE NONCONTROLLING INT80
REDEEMABLE NONCONTROLLING INTEREST (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||
Mar. 31, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Feb. 08, 2016 | Oct. 04, 2013 | |
Noncontrolling Interest [Line Items] | ||||||
Payments to Acquire Additional Interest in Subsidiaries | $ 25,000 | |||||
Noncontrolling Interest, Ownership Percentage by Parent | 43.00% | 30.00% | ||||
Noncontrolling Interest, Period Increase (Decrease) | 12,000 | |||||
Redeemable noncontrolling interest | $ 113,193 | $ 104,809 | $ 77,174 | |||
Reclassification as a result of ownership change | 12,039 | |||||
Income attributable to redeemable noncontrolling interest | 84 | 2,196 | (7,014) | |||
Currency translation | 1,907 | 3,844 | (4,672) | |||
Redemption value adjustment | 6,393 | 9,556 | 17,668 | |||
Accumulated other comprehensive income (loss) [Member] | ||||||
Noncontrolling Interest [Line Items] | ||||||
Noncontrolling Interest, Period Increase (Decrease) | (3,500) | |||||
Additional paid-in capital [Member] | ||||||
Noncontrolling Interest [Line Items] | ||||||
Noncontrolling Interest, Period Increase (Decrease) | $ (8,500) | |||||
Redemption value adjustment | $ 6,393 | $ 9,556 | $ 17,668 |
ACCUMULATED OTHER COMPREHENSI81
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |||
Currency Translation Adjustments beginning of year | $ (162,628) | $ (161,030) | |
Accumulated Other Comprehensive (Income) Loss, Defined Benefit Plan, after Tax | (25,650) | (26,721) | |
Accumulated Other Comprehensive Income (Loss), Net of Tax | (188,278) | (187,751) | |
Currency translation adjustments | 29,679 | (1,598) | |
Unrecognized prior service cost, net of tax of $0 | 136 | 137 | |
Unrecognized net loss, net of tax of $(439), $215 | 1,387 | 934 | |
Currency Translation Adjustments end of year | (132,949) | (162,628) | $ (161,030) |
Other Comprehensive Income (Loss), Available-for-sale Securities, Tax | 0 | 0 | $ 0 |
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss), Reclassification Adjustment from AOCI, Tax | 0 | 0 | |
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss) Arising During Period, Tax | $ 215 | $ (439) |
STOCKHOLDERS EQUITY (Details)
STOCKHOLDERS EQUITY (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Stockholders' Equity Attributable to Parent [Abstract] | |||
Common Stock, Dividends, Per Share, Cash Paid | $ 0.02 | ||
Dividends on common stock | $ 1,194 | $ 1,081 | $ 1,077 |
FAIR VALUE MEASUREMENTS (Detail
FAIR VALUE MEASUREMENTS (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative financial instruments | $ 458 | $ 988 |
Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Investments for deferred compensation | 12,393 | 9,668 |
Derivative financial instruments | 458 | 988 |
Preferred stock | 154 | 181 |
Assets, Fair Value Disclosure | 13,005 | 10,837 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Preferred stock | 154 | 181 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Investments for deferred compensation | 12,393 | 9,668 |
Derivative financial instruments | 0 | 0 |
Preferred stock | 0 | 0 |
Assets, Fair Value Disclosure | 12,393 | 9,668 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Preferred stock | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Investments for deferred compensation | 0 | 0 |
Derivative financial instruments | 458 | 988 |
Preferred stock | 0 | 0 |
Assets, Fair Value Disclosure | 458 | 988 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Preferred stock | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Investments for deferred compensation | 0 | 0 |
Derivative financial instruments | 0 | 0 |
Preferred stock | 154 | 181 |
Assets, Fair Value Disclosure | 154 | 181 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Preferred stock | 154 | 181 |
Total unrealized losses | $ (27) | $ (69) |
VARIABLE INTEREST ENTITIES (Det
VARIABLE INTEREST ENTITIES (Details) - USD ($) $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2017 | Dec. 31, 2016 | Feb. 08, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Oct. 04, 2013 | |
Variable Interest Entity [Line Items] | ||||||
Noncontrolling Interest, Ownership Percentage by Parent | 43.00% | 30.00% | ||||
Cash and cash equivalents | $ 143,570 | $ 147,827 | $ 200,188 | $ 201,451 | ||
Inventory | 339,836 | 272,236 | ||||
Other current assets | 5,477 | 7,722 | ||||
Property, plant, and equipment, net | 421,248 | 437,201 | ||||
Other noncurrent assets | 81,892 | 94,851 | ||||
Current liabilities | 372,922 | 366,104 | ||||
Accounts payable | 195,497 | 148,255 | ||||
Variable Interest Entity, Primary Beneficiary [Member] | ||||||
Variable Interest Entity [Line Items] | ||||||
Cash and cash equivalents | 10,621 | 9,396 | ||||
Inventory | 13,494 | 11,445 | ||||
Other current assets | 36,334 | 23,301 | ||||
Property, plant, and equipment, net | 33,717 | 30,448 | ||||
Other noncurrent assets | 4,250 | 4,955 | ||||
Total assets | 98,416 | 79,545 | ||||
Current liabilities | 32,172 | 22,068 | ||||
Noncurrent liabilities | 8,291 | 5,350 | ||||
Total liabilities | 40,463 | 27,418 | ||||
Variable Interest Entity, Not Primary Beneficiary [Member] | ||||||
Variable Interest Entity [Line Items] | ||||||
Other current assets | 1,261 | 1,039 | ||||
Investments | 3,823 | 4,738 | ||||
Total VIE assets | 5,084 | 5,777 | ||||
Accounts payable | 1,413 | 932 | ||||
Maximum exposure to loss | $ 6,497 | $ 6,709 | ||||
Titan National Australia Holdings [Member] | ||||||
Variable Interest Entity [Line Items] | ||||||
Variable Interest Entity, Qualitative or Quantitative Information, Ownership Percentage | 40.00% | |||||
Variable Interest Entity, Financial or Other Support, Amount | $ 800 | |||||
Titan Tire Reclamation Corporation [Member] | ||||||
Variable Interest Entity [Line Items] | ||||||
Variable Interest Entity, Qualitative or Quantitative Information, Ownership Percentage | 50.00% | |||||
Variable Interest Entity, Financial or Other Support, Amount | $ 1,600 | |||||
Titan Tire Russia B.V. [Member] | ||||||
Variable Interest Entity [Line Items] | ||||||
Noncontrolling Interest, Ownership Percentage by Parent | 43.00% |
ASSET IMPAIRMENT (Details)
ASSET IMPAIRMENT (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Asset Impairment Charges [Abstract] | |||
Asset impairment | $ 9,917 | $ 0 | $ 0 |
Unusual or Infrequent Item, or Both, Insurance Proceeds | $ 1,600 |
ROYALTY EXPENSE (Details)
ROYALTY EXPENSE (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Other Income and Expenses [Abstract] | |||
Royalty Expense | $ 10,484 | $ 8,856 | $ 10,533 |
OTHER INCOME (EXPENSE) (Details
OTHER INCOME (EXPENSE) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Other Income and Expenses [Abstract] | |||
Equity investment income | $ 3,615 | $ 2,977 | $ 1,790 |
Interest income | 3,363 | 3,206 | 2,667 |
Investment gain (loss) related to investments for deferred compensation | 2,725 | 190 | (361) |
Building rental income | 2,372 | 2,109 | 936 |
Discount amortization on prepaid royalty | 866 | 1,491 | 1,956 |
Gain (Loss) on Disposition of Assets | (701) | 2,229 | 2,418 |
Other income (expense) | (1,099) | 264 | 1,657 |
Other income | $ 11,141 | $ 12,466 | $ 11,063 |
INCOME TAXES (Details)
INCOME TAXES (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Mar. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Extraordinary Items, Noncontrolling Interest [Abstract] | |||||
Domestic | $ (65,422) | $ (56,334) | $ (34,876) | ||
Foreign | 12,546 | 19,860 | (20,196) | ||
Loss before income taxes | (52,876) | (36,474) | (55,072) | ||
Income Tax Expense (Benefit), Continuing Operations [Abstract] | |||||
Current Federal Tax Expense (Benefit) | 458 | (2,040) | 3,143 | ||
Current State and Local Tax Expense (Benefit) | (614) | (62) | 55 | ||
Current Foreign Tax Expense (Benefit) | 10,574 | 6,063 | 7,114 | ||
Current Income Tax Expense (Benefit) | 10,418 | 3,961 | 10,312 | ||
Deferred Federal Income Tax Expense (Benefit) | 0 | 0 | 24,924 | ||
Deferred State and Local Income Tax Expense (Benefit) | 0 | 0 | 3,433 | ||
Deferred Foreign Income Tax Expense (Benefit) | 785 | (680) | (3,913) | ||
Deferred Income Tax Expense (Benefit) | 785 | (680) | 24,444 | ||
Income Tax Expense (Benefit) | $ 11,203 | $ 3,281 | $ 34,756 | ||
Effective Income Tax Rate, Continuing Operations, Tax Rate Reconciliation [Abstract] | |||||
Statutory U.S. federal tax rate | 21.00% | 35.00% | 35.00% | 35.00% | |
Unrecognized tax positions | (2.30%) | 6.50% | 0.00% | ||
Impact of foreign income | (8.00%) | 26.90% | 12.80% | ||
Valuation allowance | 16.50% | (73.60%) | (131.50%) | ||
State taxes, net | 0.80% | 0.10% | (6.60%) | ||
Benefit from a U.S. check-the-box election | 0.00% | 0.00% | 33.50% | ||
Debt forgiveness | 0.20% | 0.00% | (2.10%) | ||
Nondeductible royalty | (1.40%) | (1.90%) | (1.50%) | ||
Tax Cuts and Jobs Act | (62.70%) | 0.00% | 0.00% | ||
Other, net | 0.70% | (2.00%) | (2.70%) | ||
Effective tax rate | (21.20%) | (9.00%) | (63.10%) | ||
Valuation Allowances and Reserves, Period Increase (Decrease) | $ 8,700 | $ 26,800 | |||
Components of Deferred Tax Assets and Liabilities [Abstract] | |||||
Net operating loss carryforwards | 118,303 | 119,748 | |||
Pension | 5,462 | 8,236 | |||
Inventory | 4,957 | 4,329 | |||
Warranty | 4,847 | 6,237 | |||
Employee benefits and related costs | 14,061 | 18,882 | |||
Prepaid royalties | 4,383 | 5,173 | |||
Other | 20,930 | 22,160 | |||
Deferred tax assets | 172,943 | 184,765 | |||
Fixed assets | (28,769) | (41,757) | |||
Intangible assets | (4,301) | (4,214) | |||
Other | (1,396) | (4,543) | |||
Deferred tax liabilities | 34,466 | 50,514 | |||
Subtotal | 138,477 | 134,251 | |||
Valuation allowance | (148,243) | (142,771) | |||
Net deferred tax liability | (9,766) | (8,520) | |||
Deferred Tax Assets, Operating Loss Carryforwards, Not Subject to Expiration | 116,500 | ||||
Deferred Tax Assets, Operating Loss Carryforwards, Subject to Expiration | 1,800 | ||||
Valuation Allowances and Reserves, Additions for Adjustments | 5,500 | 25,000 | |||
Deferred Tax Assets, Operating Loss Carryforwards, Domestic | 168,800 | ||||
Deferred Tax Assets, Operating Loss Carryforwards, State and Local | 205,300 | ||||
Deferred Tax Assets, Operating Loss Carryforwards, Foreign | 273,800 | ||||
Unrecognized Tax Benefits, Gross | 11,400 | 16,100 | $ 18,000 | ||
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | 11,400 | ||||
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||||
Balance at January 1 | 9,365 | 12,468 | 14,698 | $ 15,320 | |
Increases to tax positions taken during the current year | 127 | 288 | 7 | ||
Increases to tax positions taken during the prior years | 6,045 | 3,201 | 591 | ||
Decreases to tax positions taken during prior years | (858) | (5,257) | (534) | ||
Decreases due to lapse of statutes of limitations | (297) | (4) | (492) | ||
Settlements | (8,095) | (476) | (175) | ||
Unrecognized Tax Benefits, Decrease Resulting from Foreign Currency Translation | (25) | (19) | |||
Unrecognized Tax Benefits, Increase Resulting from Foreign Currency Translation | 18 | ||||
Unrecognized Tax Benefits, Income Tax Penalties and Interest Expense | 500 | 400 | 500 | ||
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued | 2,900 | $ 3,600 | $ 3,300 | ||
Internal Revenue Service (IRS) [Member] | |||||
Effective Income Tax Rate, Continuing Operations, Tax Rate Reconciliation [Abstract] | |||||
Unrecognized Tax Benefits, Increase Resulting from Settlements with Taxing Authorities | $ 500 |
EMPLOYEE BENEFIT PLANS (Details
EMPLOYEE BENEFIT PLANS (Details) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2017USD ($)shares | Dec. 31, 2016USD ($)shares | Dec. 31, 2015USD ($)shares | ||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Fair Value of Plan Assets | $ 47,845 | $ 45,726 | ||
Liability, Defined Benefit Pension Plan, Noncurrent | (35,597) | (34,919) | ||
Defined Benefit Plan, Amortization of Net Prior Service Cost (Credit) | 100 | |||
Accumulated Other Comprehensive (Income) Loss, Defined Benefit Plan, after Tax | $ 24,127 | $ 25,650 | $ 26,721 | |
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-term Rate of Return on Plan Assets | 7.40% | |||
Defined Benefit Plan, Equity Securities | 100.00% | 100.00% | ||
Defined Benefit Plan, Amount of Employer and Related Party Securities Included in Plan Assets | $ 2,200 | $ 1,900 | ||
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Historical Rate of Return, Equities | 9.00% | |||
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Historical Rate of Return, Fixed Income Securities | 4.50% | |||
Defined Benefit Plan, Estimated Future Employer Contributions in Next Fiscal Year | $ 5,000 | |||
Defined Benefit Plan, Expected Future Benefit Payments in Year One | 9,398 | |||
Defined Benefit Plan, Expected Future Benefit Payments in Year Two | 8,499 | |||
Defined Benefit Plan, Expected Future Benefit Payments in Year Three | 8,607 | |||
Defined Benefit Plan, Expected Future Benefit Payments in Year Four | 8,509 | |||
Defined Benefit Plan, Expected Future Benefit Payments in Year Five | 8,522 | |||
Defined Benefit Plan, Expected Future Benefit Payments in Five Fiscal Years Thereafter | $ 39,645 | |||
Defined Contribution Plan, Employer Matching Contribution, Percent | 6.00% | |||
Defined Contribution Plan, Employer's Matching Contribution of Employee's Gross Pay Allowed to be Matched, Percent | 25.00% | |||
Stock Issued During Period, Shares, Employee Benefit Plan | shares | 49,242 | 93,491 | 65,481 | |
Defined Contribution Plan, Cost | $ 500 | $ 500 | $ 600 | |
Defined Benefit Plan, Amortization of Net Gains (Losses) | 2,700 | |||
Money Market Funds [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Fair Value of Plan Assets | $ 5,101 | $ 5,114 | ||
Equity Securities, U.S. [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Equity Securities | [1] | 61.00% | 56.00% | |
Fixed Income Funds [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Equity Securities | 25.00% | 30.00% | ||
Cash and Cash Equivalents [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Equity Securities | 6.00% | 7.00% | ||
Equity Securites, International [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Equity Securities | [1] | 8.00% | 7.00% | |
Domestic Common Stock [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Fair Value of Plan Assets | $ 35,300 | $ 31,869 | ||
Domestic Corporate Debt Securities [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Fair Value of Plan Assets | 5,370 | 6,258 | ||
525190 Other Insurance Funds [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Fair Value of Plan Assets | 2,074 | 2,485 | ||
Common Collective Trusts [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Fair Value of Plan Assets | $ 35,191 | $ 31,588 | ||
Parent Common Stock [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Equity Securities | 3.00% | 2.00% | ||
Maximum [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Equity Securities | 80.00% | |||
Maximum [Member] | Equity Securities, U.S. [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Target Allocation Percentage of Assets, Equity Securities | 80.00% | |||
Maximum [Member] | Fixed Income Funds [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Target Allocation Percentage of Assets, Equity Securities | 50.00% | |||
Maximum [Member] | Cash and Cash Equivalents [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Target Allocation Percentage of Assets, Equity Securities | 20.00% | |||
Maximum [Member] | Equity Securites, International [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Target Allocation Percentage of Assets, Equity Securities | [1] | 16.00% | ||
Minimum [Member] | Equity Securities, U.S. [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Target Allocation Percentage of Assets, Equity Securities | [1] | 40.00% | ||
Minimum [Member] | Fixed Income Funds [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Target Allocation Percentage of Assets, Equity Securities | 20.00% | |||
Minimum [Member] | Cash and Cash Equivalents [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Target Allocation Percentage of Assets, Equity Securities | 0.00% | |||
Minimum [Member] | Equity Securites, International [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Target Allocation Percentage of Assets, Equity Securities | [1] | 0.00% | ||
Fair Value, Inputs, Level 1 [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Fair Value of Plan Assets | $ 46,639 | $ 42,754 | ||
Fair Value, Inputs, Level 1 [Member] | Money Market Funds [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Fair Value of Plan Assets | 5,101 | 5,114 | ||
Fair Value, Inputs, Level 1 [Member] | Domestic Common Stock [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Fair Value of Plan Assets | 35,300 | 31,869 | ||
Fair Value, Inputs, Level 1 [Member] | Domestic Corporate Debt Securities [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Fair Value of Plan Assets | 5,370 | 4,942 | ||
Fair Value, Inputs, Level 1 [Member] | 525190 Other Insurance Funds [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Fair Value of Plan Assets | 868 | 829 | ||
Fair Value, Inputs, Level 2 [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Fair Value of Plan Assets | 1,206 | 2,972 | ||
Fair Value, Inputs, Level 2 [Member] | Money Market Funds [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | ||
Fair Value, Inputs, Level 2 [Member] | Domestic Common Stock [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | ||
Fair Value, Inputs, Level 2 [Member] | Domestic Corporate Debt Securities [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 1,316 | ||
Fair Value, Inputs, Level 2 [Member] | 525190 Other Insurance Funds [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Fair Value of Plan Assets | 1,206 | 1,656 | ||
Fair Value, Inputs, Level 3 [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | ||
Fair Value, Inputs, Level 3 [Member] | Money Market Funds [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | ||
Fair Value, Inputs, Level 3 [Member] | Domestic Common Stock [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | ||
Fair Value, Inputs, Level 3 [Member] | Domestic Corporate Debt Securities [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | ||
Fair Value, Inputs, Level 3 [Member] | 525190 Other Insurance Funds [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | ||
Titan Tire, Bryan and Walcott Plans [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Benefit Obligation | 98,700 | |||
Defined Benefit Plan, Fair Value of Plan Assets | 81,300 | |||
Dico Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Fair Value of Plan Assets | $ 500 | |||
Defined Contribution/401k Plans, Total [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Contribution/401k Plans, Number Sponsored by the Company | 2 | |||
Pension Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Benefit Obligation | $ 119,736 | 113,119 | 115,598 | |
Defined Benefit Plan, Service Cost | 598 | 341 | 404 | |
Defined Benefit Plan, Interest Cost | 4,672 | 4,896 | 4,837 | |
Defined Benefit Plan, Actuarial Net (Gains) Losses | 8,383 | 1,073 | ||
Defined Benefit Plan, Benefit Obligation, Benefits Paid | 8,866 | 8,572 | ||
Defined Benefit Plan, Foreign Currency Exchange Rate Changes, Benefit Obligation | 1,830 | (217) | ||
Defined Benefit Plan, Fair Value of Plan Assets | 83,036 | 77,314 | 78,392 | |
Defined Benefit Plan, Plan Assets, Increase (Decrease) for Actual Return (Loss) | 12,436 | 4,419 | ||
Defined Benefit Plan, Plan Assets, Contributions by Employer | 914 | 2,399 | ||
Defined Benefit Plan, Benefits Paid (Deprecated 2017-01-31) | (7,809) | (7,919) | ||
Defined Benefit Plan, Plan Assets, Foreign Currency Translation Gain (Loss) | 181 | 23 | ||
Defined Benefit Plan, Funded (Unfunded) Status of Plan | (36,700) | (35,805) | ||
Assets for Plan Benefits, Defined Benefit Plan | 948 | 901 | ||
Liability, Defined Benefit Pension Plan, Current | (2,040) | (1,787) | ||
Liability, Defined Benefit Pension Plan, Noncurrent | (35,608) | (34,919) | ||
Defined Benefit Plan, Amounts for Asset (Liability) Recognized in Statement of Financial Position | (36,700) | (35,805) | ||
Defined Benefit Plan, Accumulated Other Comprehensive (Income) Loss, Prior Service Cost (Credit), before Tax | (208) | (344) | ||
Defined Benefit Plan, Accumulated Other Comprehensive Income (Loss), Gain (Loss), before Tax | (39,775) | (41,011) | ||
Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits, Postretirement Benefits | 15,856 | 15,705 | ||
Accumulated Other Comprehensive (Income) Loss, Defined Benefit Plan, after Tax | $ (24,127) | $ (25,650) | ||
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate | 3.80% | 4.40% | ||
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Benefit Obligations | 7.40% | 7.40% | ||
Defined Benefit Plan, Expected Return (Loss) on Plan Assets | $ (5,472) | $ (5,600) | (6,051) | |
Other Comprehensive Income (Loss), Amortization, Pension and Other Postretirement Benefit Plans, Net Prior Service Cost (Credit) Recognized in Net Periodic Benefit Cost, before Tax | 137 | 137 | 137 | |
Defined Benefit Plan, Amortization of Gain (Loss) | 2,696 | 3,118 | 2,917 | |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) | $ 2,631 | $ 2,892 | $ 2,244 | |
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate | 5.80% | 5.80% | 5.80% | |
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-term Rate of Return on Plan Assets | 7.40% | 7.40% | 7.40% | |
Foreign Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Benefit Obligation | $ 21,100 | |||
Defined Benefit Plan, Fair Value of Plan Assets | 1,700 | |||
Non-US [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Contribution Plan, Cost | $ 3,800 | $ 3,600 | $ 3,700 | |
Defined Contribution/401k Plans, Employees Covered by Collective Bargaining Arrangements [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Contribution/401k Plans, Number Sponsored by the Company | 3 | |||
[1] | Total equities may not exceed 80% |
STOCK COMPENSATION (Details)
STOCK COMPENSATION (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation | $ 1,500,000 | $ 2,000,000 | $ 2,300,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 123,500 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |||
Shares Subject to Option, beginning of year | 807,520 | ||
Granted | 89,200 | 60,000 | 60,000 |
Exercised | 0 | ||
Forfeited/Expired | (48,950) | ||
Shares Subject to Option, end of year | 847,770 | 807,520 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number | 847,770 | ||
Weighted-Average Exercise Price, beginning of year | $ 18.13 | ||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | 11.79 | ||
Exercised | 0 | ||
Forfeited/Expired | $ 19.51 | ||
Weighted-Average Exercise Price, end of year | 17.39 | $ 18.13 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price | $ 17.39 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term | 5 years 18 days | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term | 5 years 18 days | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value | $ 561,000 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Intrinsic Value | $ 561,000 | ||
Granted | $ 6.10 | $ 3.62 | $ 5.27 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Total Intrinsic Value | $ 0 | $ 0 | $ (3,000) |
Deferred Tax Expense from Stock Options Exercised | 0 | (1,000) | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Granted in Period, Grant Date Fair Value | 544,000 | 217,000 | 316,000 |
Proceeds from Stock Options Exercised | $ 0 | $ 0 | $ 145,000 |
Treasury Stock, Shares | 914,797 | 1,083,212 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Weighted Average Remaining Contractual Term | 6 years | 6 years | 6 years |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 53.80% | 53.30% | 49.40% |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate | 0.10% | 0.10% | 0.10% |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 1.82% | 1.33% | 1.78% |
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Intrinsic Value | $ 14.92 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | 0 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value | 16.02 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value | 18.02 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Intrinsic Value | $ 10.56 | $ 14.92 | |
Deferred Compensation Share-based Arrangements, Liability, Current | $ 200,000 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested in Period, Fair Value | $ 1,500,000 | $ 1,600,000 | $ 400,000 |
Equity Incentive Plan 2005 [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 2,000,000 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |||
Granted | 89,200 | 60,000 | 60,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 153,570 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Granted | 0 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | (119,173) | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | (2,500) | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 31,897 | 153,570 |
LITIGATION (Details)
LITIGATION (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2017USD ($) | |
Loss Contingencies [Line Items] | |
Accrual for Environmental Loss Contingencies, Revision in Estimates | $ 1,050 |
Accrual for Environmental Loss Contingencies | 6,500 |
Judicial Ruling [Member] | |
Loss Contingencies [Line Items] | |
Loss Contingency Accrual | 1,620 |
Accrual for Environmental Loss Contingencies, Revision in Estimates | 5,450 |
Unfavorable Regulatory Action [Member] | |
Loss Contingencies [Line Items] | |
Loss Contingency Accrual | $ 5,450 |
LEASE COMMITMENTS (Details)
LEASE COMMITMENTS (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Leases [Abstract] | |||
Operating Leases, Rent Expense | $ 7,600 | $ 6,000 | $ 7,300 |
Operating Leases, Future Minimum Payments Due [Abstract] | |||
2,018 | 6,860 | ||
2,019 | 4,780 | ||
2,020 | 3,526 | ||
2,021 | 1,900 | ||
2,022 | 1,600 | ||
Thereafter | 291 | ||
Total future minimum lease payments | 18,957 | ||
Capital Leased Assets, Gross | 6,900 | ||
Capital Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | |||
2,018 | 590 | ||
2,019 | 197 | ||
2,020 | 31 | ||
2,021 | 2 | ||
Total future capital lease obligation payments | 820 | ||
Less amount representing interest | 7 | ||
Present value of future capital lease obligation payments | $ 813 |
COMMITMENTS AND CONTINGENCIES93
COMMITMENTS AND CONTINGENCIES (Details) $ in Thousands | Dec. 31, 2017USD ($) |
Other Commitments [Line Items] | |
2,018 | $ 22,719 |
2,019 | 7,219 |
2,020 | 3,638 |
2,021 | 179 |
Thereafter | 0 |
Total non-cancellable purchase obligations | $ 33,755 |
CONCENTRATION OF CREDIT RISK (D
CONCENTRATION OF CREDIT RISK (Details) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Sales Revenue, Goods, Net [Member] | Deere & Company [Member] | |||
Concentration Risk [Line Items] | |||
Concentration Risk, Percentage | 9.00% | 9.00% | 10.00% |
RELATED PARTY TRANSACTIONS (Det
RELATED PARTY TRANSACTIONS (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Related Party Transaction [Line Items] | |||
Related Party Transaction, Revenues from Transactions with Related Party | $ 1.5 | $ 0.9 | $ 1.7 |
Related Party Transaction, Due from (to) Related Party | 0 | 0.1 | |
Related Party Transaction, Expenses from Transactions with Related Party | 1.9 | 1.8 | 2 |
Related Party Transaction, Purchases from Related Party | $ 0.6 | 0.7 | $ 4.7 |
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 21.40% | ||
Accounts Payable, Related Parties, Current | $ 0 | $ 0.1 | |
Valuepart and Track Solutions PTY Ltd. [Member] | |||
Related Party Transaction [Line Items] | |||
Related Party Transaction, Revenues from Transactions with Related Party | $ 0.3 | ||
Wheels India [Member] | |||
Related Party Transaction [Line Items] | |||
Equity Method Investment, Ownership Percentage | 34.20% | ||
Titan-Yuxiang Wheel [Member] | |||
Related Party Transaction [Line Items] | |||
Equity Method Investment, Ownership Percentage | 19.50% | ||
Accounts Payable, Related Parties, Current | $ 1.4 | ||
CITEC [Member] | |||
Related Party Transaction [Line Items] | |||
Equity Method Investment, Ownership Percentage | 49.00% |
SEGMENT INFORMATION (Details)
SEGMENT INFORMATION (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | ||
Segment Reporting Information [Line Items] | |||||||||||||
Revenues from external customers | $ 376,034 | $ 370,988 | $ 364,399 | $ 357,501 | $ 307,294 | $ 306,195 | $ 330,214 | $ 321,794 | $ 1,468,922 | $ 1,265,497 | $ 1,394,771 | ||
Gross profit | 35,322 | $ 39,665 | $ 43,562 | $ 39,729 | 31,929 | $ 34,920 | $ 43,718 | $ 28,297 | 158,278 | 138,864 | 134,743 | ||
Income (loss) from operations | (13,184) | (24,951) | (27,345) | ||||||||||
Interest expense | (30,229) | (32,539) | (34,032) | ||||||||||
Loss on senior note repurchase | (18,646) | 0 | 0 | ||||||||||
Foreign exchange gain (loss) | (1,958) | 8,550 | (4,758) | ||||||||||
Other income | 11,141 | 12,466 | 11,063 | ||||||||||
Loss before income taxes | (52,876) | (36,474) | (55,072) | ||||||||||
Payments to Acquire Property, Plant, and Equipment | 32,626 | 41,948 | 48,429 | ||||||||||
Depreciation & amortization | 58,444 | 59,768 | 69,618 | ||||||||||
Total assets | 1,290,112 | 1,265,896 | 1,290,112 | 1,265,896 | 1,281,754 | ||||||||
Cash and cash equivalents | 143,570 | 147,827 | 143,570 | 147,827 | 200,188 | $ 201,451 | |||||||
Certificates of deposit | 0 | 50,000 | 0 | 50,000 | |||||||||
Operating Segments [Member] | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Revenues from external customers | 1,468,922 | 1,265,497 | 1,394,771 | ||||||||||
Gross profit | 158,278 | 138,864 | 134,743 | ||||||||||
Operating Segments [Member] | Agricultural [Member] | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Revenues from external customers | 690,238 | 583,324 | 651,804 | ||||||||||
Gross profit | 84,907 | 75,485 | 73,198 | ||||||||||
Income (loss) from operations | 49,612 | 41,153 | 37,643 | ||||||||||
Payments to Acquire Property, Plant, and Equipment | 15,392 | 16,260 | 14,819 | ||||||||||
Depreciation & amortization | 27,623 | 27,888 | 32,274 | ||||||||||
Total assets | 444,783 | 439,371 | 444,783 | 439,371 | 432,150 | ||||||||
Operating Segments [Member] | Earthmoving/construction [Member] | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Revenues from external customers | 608,894 | 524,289 | 566,988 | ||||||||||
Gross profit | 48,331 | 45,885 | 42,300 | ||||||||||
Income (loss) from operations | 803 | 3,232 | (2,572) | ||||||||||
Payments to Acquire Property, Plant, and Equipment | 15,282 | 22,028 | 18,116 | ||||||||||
Depreciation & amortization | 20,307 | 20,566 | 24,124 | ||||||||||
Total assets | 537,855 | 443,879 | 537,855 | 443,879 | 433,394 | ||||||||
Operating Segments [Member] | Consumer [Member] | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Revenues from external customers | 169,790 | 157,884 | 175,979 | ||||||||||
Gross profit | 25,040 | 17,494 | 19,245 | ||||||||||
Income (loss) from operations | 11,231 | 2,762 | 4,639 | ||||||||||
Payments to Acquire Property, Plant, and Equipment | 2,453 | 2,483 | 3,061 | ||||||||||
Depreciation & amortization | 5,559 | 6,145 | 7,469 | ||||||||||
Total assets | 157,133 | 140,293 | 157,133 | 140,293 | 137,359 | ||||||||
Operating Segments [Member] | Unallocated Amount to Segment [Member] | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Income (loss) from operations | (74,830) | (72,098) | (67,055) | ||||||||||
Payments to Acquire Property, Plant, and Equipment | (501) | 1,177 | 12,433 | ||||||||||
Depreciation & amortization | 4,955 | 5,169 | 5,751 | ||||||||||
Total assets | [1] | 150,341 | 242,353 | 150,341 | 242,353 | 278,851 | |||||||
Cash and cash equivalents | $ 72,000 | 96,000 | 72,000 | 96,000 | 143,000 | ||||||||
Certificates of deposit | $ 50,000 | 50,000 | |||||||||||
Unallocated Amount to Segment [Member] | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Interest expense | (30,229) | (32,539) | (34,032) | ||||||||||
Loss on senior note repurchase | (18,646) | 0 | 0 | ||||||||||
Foreign exchange gain (loss) | (1,958) | 8,550 | (4,758) | ||||||||||
Other income | 11,141 | 12,466 | 11,063 | ||||||||||
Loss before income taxes | $ (52,876) | $ (36,474) | $ (55,072) | ||||||||||
[1] | Unallocated assets included cash of approximately $72 million , $96 million , and $143 million |
SEGMENT INFORMATION GEOGRAPHIC
SEGMENT INFORMATION GEOGRAPHIC INFORMATION (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Mar. 31, 2014 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||||||||
Revenues from external customers | $ 376,034 | $ 370,988 | $ 364,399 | $ 357,501 | $ 307,294 | $ 306,195 | $ 330,214 | $ 321,794 | $ 1,468,922 | $ 1,265,497 | $ 1,394,771 | |
Long-lived Assets | 421,248 | 437,201 | 421,248 | 437,201 | 450,020 | |||||||
Latin America [Member] | ||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||||||||
Revenues from external customers | $ 236,281 | 282,692 | 248,019 | |||||||||
Long-lived Assets | 62,543 | 68,187 | 62,543 | 68,187 | 59,671 | |||||||
Europe [Member] | ||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||||||||
Revenues from external customers | 369,280 | 411,570 | 354,117 | |||||||||
Long-lived Assets | 176,923 | 156,505 | 176,923 | 156,505 | 167,829 | |||||||
UNITED STATES | ||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||||||||
Revenues from external customers | 702,855 | 642,743 | 558,278 | |||||||||
Long-lived Assets | 151,841 | 171,587 | 151,841 | 171,587 | 189,993 | |||||||
Other Countries [Domain] | ||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||||||||
Revenues from external customers | $ 86,355 | 131,917 | 105,083 | |||||||||
Long-lived Assets | $ 29,941 | $ 40,922 | $ 29,941 | $ 40,922 | $ 32,527 |
EARNINGS PER SHARE (Details)
EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | [1] | Mar. 31, 2017 | [2] | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||||||||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 300 | 200 | 200 | |||||||||||
Net loss attributable to Titan | $ (30,278) | $ (12,018) | $ (6,293) | $ (11,453) | $ (13,598) | $ (8,008) | $ (3,256) | $ (12,743) | $ (60,042) | $ (37,605) | $ (75,174) | |||
Redemption value adjustment | (6,393) | (9,556) | (17,668) | |||||||||||
Net loss applicable to common shareholders | $ (66,435) | $ (47,161) | $ (92,842) | |||||||||||
Weighted Average Number of Shares Outstanding, Basic | 59,340 | 53,916 | 53,696 | |||||||||||
Earnings Per Share, Basic and Diluted | $ (0.55) | [3] | $ (0.22) | $ (0.17) | $ (0.18) | $ (0.27) | $ (0.17) | $ (0.10) | $ (0.33) | $ (1.12) | $ (0.87) | $ (1.73) | ||
5.625% convertible senior subordinated notes [Member] | ||||||||||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||||||||||||
Incremental Common Shares Attributable to Dilutive Effect of Conversion of Debt Securities | 5,600 | 200 | ||||||||||||
[1] | ||||||||||||||
[2] | ||||||||||||||
[3] |
SUPPLEMENTARY DATA - QUARTERL99
SUPPLEMENTARY DATA - QUARTERLY FINANCIAL INFORMATION (UNAUDITED) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | ||||
Selected Quarterly Financial Information [Abstract] | ||||||||||||||
Net sales | $ 376,034 | $ 370,988 | $ 364,399 | $ 357,501 | $ 307,294 | $ 306,195 | $ 330,214 | $ 321,794 | $ 1,468,922 | $ 1,265,497 | $ 1,394,771 | |||
Gross profit | 35,322 | 39,665 | 43,562 | 39,729 | 31,929 | 34,920 | 43,718 | 28,297 | 158,278 | 138,864 | 134,743 | |||
Net loss | (35,739) | (11,218) | (6,537) | (10,585) | (14,649) | (8,974) | (3,806) | (12,326) | (64,079) | (39,755) | (89,828) | |||
Net loss attributable to Titan | $ (30,278) | $ (12,018) | $ (6,293) | [1] | $ (11,453) | [2] | $ (13,598) | $ (8,008) | $ (3,256) | $ (12,743) | $ (60,042) | $ (37,605) | $ (75,174) | |
Earnings Per Share [Abstract] | ||||||||||||||
Earnings Per Share, Basic | $ (0.55) | [3] | $ (0.22) | $ (0.17) | [1] | $ (0.18) | [2] | $ (0.27) | $ (0.17) | $ (0.10) | $ (0.33) | $ (1.12) | $ (0.87) | $ (1.73) |
Earnings Per Share, Diluted | $ (0.55) | [3] | $ (0.22) | $ (0.17) | [1] | $ (0.18) | [2] | $ (0.27) | $ (0.17) | $ (0.10) | $ (0.33) | $ (1.12) | $ (0.87) | $ (1.73) |
[1] | ||||||||||||||
[2] | ||||||||||||||
[3] |
SUBSIDIARY GUARANTOR FINANCI100
SUBSIDIARY GUARANTOR FINANCIAL INFORMATION (Details) - USD ($) | 3 Months Ended | 12 Months Ended | ||||||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |||
Income Statement [Abstract] | ||||||||||||||
Net sales | $ 376,034,000 | $ 370,988,000 | $ 364,399,000 | $ 357,501,000 | $ 307,294,000 | $ 306,195,000 | $ 330,214,000 | $ 321,794,000 | $ 1,468,922,000 | $ 1,265,497,000 | $ 1,394,771,000 | |||
Cost of sales | 1,300,727,000 | 1,126,633,000 | 1,260,028,000 | |||||||||||
Asset impairment | 9,917,000 | 0 | 0 | |||||||||||
Gross profit (loss) | 35,322,000 | 39,665,000 | 43,562,000 | 39,729,000 | 31,929,000 | 34,920,000 | 43,718,000 | 28,297,000 | 158,278,000 | 138,864,000 | 134,743,000 | |||
Selling, general, and administrative expenses | 150,676,000 | 144,988,000 | 140,393,000 | |||||||||||
Research and development expenses | 10,302,000 | 9,971,000 | 11,162,000 | |||||||||||
Royalty Expense | 10,484,000 | 8,856,000 | 10,533,000 | |||||||||||
Income (loss) from operations | (13,184,000) | (24,951,000) | (27,345,000) | |||||||||||
Interest expense | (30,229,000) | (32,539,000) | (34,032,000) | |||||||||||
Loss on senior note repurchase | (18,646,000) | 0 | 0 | |||||||||||
Intercompany interest income (expense) | 0 | 0 | 0 | |||||||||||
Foreign exchange gain (loss) | (1,958,000) | 8,550,000 | (4,758,000) | |||||||||||
Other income (expense) | 11,141,000 | 12,466,000 | 11,063,000 | |||||||||||
Loss before income taxes | (52,876,000) | (36,474,000) | (55,072,000) | |||||||||||
Provision (benefit) for income tax | 11,203,000 | 3,281,000 | 34,756,000 | |||||||||||
Equity in earnings of subsidiaries | 0 | 0 | 0 | |||||||||||
Net income (loss) | (35,739,000) | (11,218,000) | (6,537,000) | (10,585,000) | (14,649,000) | (8,974,000) | (3,806,000) | (12,326,000) | (64,079,000) | (39,755,000) | (89,828,000) | |||
Net loss noncontrolling interests | (4,037,000) | (2,150,000) | (14,654,000) | |||||||||||
Net income (loss) attributable to Titan | (30,278,000) | (12,018,000) | (6,293,000) | [1] | (11,453,000) | [2] | (13,598,000) | (8,008,000) | (3,256,000) | (12,743,000) | (60,042,000) | (37,605,000) | (75,174,000) | |
Comprehensive Income Statement [Abstract] | ||||||||||||||
Net income (loss) | (35,739,000) | $ (11,218,000) | $ (6,537,000) | $ (10,585,000) | (14,649,000) | $ (8,974,000) | $ (3,806,000) | $ (12,326,000) | (64,079,000) | (39,755,000) | (89,828,000) | |||
Currency translation adjustment | 30,818,000 | 5,857,000 | (79,196,000) | |||||||||||
Pension liability adjustments, net of tax | 1,523,000 | 1,071,000 | (662,000) | |||||||||||
Comprehensive income (loss) | (31,738,000) | (32,827,000) | (169,686,000) | |||||||||||
Net comprehensive income (loss) attributable to noncontrolling interests | (2,898,000) | 5,305,000 | (19,391,000) | |||||||||||
Comprehensive income (loss) attributable to Titan | (28,840,000) | (38,132,000) | (150,295,000) | |||||||||||
Statement of Financial Position [Abstract] | ||||||||||||||
Cash and cash equivalents | 143,570,000 | 147,827,000 | 143,570,000 | 147,827,000 | 200,188,000 | $ 201,451,000 | ||||||||
Certificates of deposit | 0 | 50,000,000 | 0 | 50,000,000 | ||||||||||
Accounts Receivable | 226,703,000 | 179,384,000 | 226,703,000 | 179,384,000 | ||||||||||
Inventory | 339,836,000 | 272,236,000 | 339,836,000 | 272,236,000 | ||||||||||
Prepaid and other current assets | 73,084,000 | 79,734,000 | 73,084,000 | 79,734,000 | ||||||||||
Total current assets | 783,193,000 | 729,181,000 | 783,193,000 | 729,181,000 | ||||||||||
Property, plant, and equipment, net | 421,248,000 | 437,201,000 | 421,248,000 | 437,201,000 | ||||||||||
Investment in subsidiaries | 0 | 0 | 0 | 0 | ||||||||||
Other long-term assets | 81,892,000 | 94,851,000 | 81,892,000 | 94,851,000 | ||||||||||
Assets, Noncurrent | 85,671,000 | 99,514,000 | 85,671,000 | 99,514,000 | ||||||||||
Assets | 1,290,112,000 | 1,265,896,000 | 1,290,112,000 | 1,265,896,000 | 1,281,754,000 | |||||||||
Short-term debt | 43,651,000 | 97,412,000 | 43,651,000 | 97,412,000 | ||||||||||
Accounts payable | 195,497,000 | 148,255,000 | 195,497,000 | 148,255,000 | ||||||||||
Other current liabilities | 133,774,000 | 120,437,000 | 133,774,000 | 120,437,000 | ||||||||||
Current liabilities | 372,922,000 | 366,104,000 | 372,922,000 | 366,104,000 | ||||||||||
Long-term debt | 407,171,000 | 408,760,000 | 407,171,000 | 408,760,000 | ||||||||||
Other long-term liabilities | 86,742,000 | 93,344,000 | 86,742,000 | 93,344,000 | ||||||||||
Intercompany accounts | 0 | 0 | 0 | 0 | ||||||||||
Redeemable noncontrolling interest | 113,193,000 | 104,809,000 | 113,193,000 | 104,809,000 | 77,174,000 | |||||||||
Titan stockholders' equity | 320,929,000 | 296,817,000 | 320,929,000 | 296,817,000 | ||||||||||
Noncontrolling interests | (10,845,000) | (3,938,000) | (10,845,000) | (3,938,000) | ||||||||||
Liabilities and Equity | 1,290,112,000 | 1,265,896,000 | 1,290,112,000 | 1,265,896,000 | ||||||||||
Statement of Cash Flows [Abstract] | ||||||||||||||
Net Cash provided by (used for) operating Activities | (1,289,000) | 43,500,000 | 63,930,000 | |||||||||||
Capital expenditures | (32,626,000) | (41,948,000) | (48,429,000) | |||||||||||
Proceeds from Sale and Maturity of Marketable Securities | 50,000,000 | |||||||||||||
Payments to Acquire Restricted Certificates of Deposit | 50,000,000 | 0 | ||||||||||||
Other, net | (993,000) | (2,222,000) | 1,508,000 | |||||||||||
Net Cash provided by (used for) investing Activities | 18,367,000 | (89,726,000) | (49,937,000) | |||||||||||
Proceeds from borrowings | 447,639,000 | 17,285,000 | 5,727,000 | |||||||||||
Repurchase of senior secured notes | 415,395,000 | 0 | 0 | |||||||||||
Payment on debt | (55,160,000) | (22,634,000) | (5,521,000) | |||||||||||
Proceeds from Stock Options Exercised | 0 | 0 | 145,000 | |||||||||||
Dividends paid | (1,167,000) | (1,081,000) | (1,077,000) | |||||||||||
Net Cash provided by (used for) financing Activities | (24,083,000) | (6,430,000) | (726,000) | |||||||||||
Effect of Exchange Rate on Cash and Cash Equivalents | 2,748,000 | 295,000 | (14,530,000) | |||||||||||
Net increase (decrease) in cash and cash equivalents | (4,257,000) | (52,361,000) | (1,263,000) | |||||||||||
Parent Company [Member] | ||||||||||||||
Income Statement [Abstract] | ||||||||||||||
Net sales | 0 | 0 | 0 | |||||||||||
Cost of sales | 362,000 | 759,000 | 2,826,000 | |||||||||||
Asset impairment | 0 | |||||||||||||
Gross profit (loss) | (362,000) | (759,000) | (2,826,000) | |||||||||||
Selling, general, and administrative expenses | 14,218,000 | 11,394,000 | 7,513,000 | |||||||||||
Research and development expenses | 0 | 0 | 0 | |||||||||||
Royalty Expense | 1,178,000 | 667,000 | 0 | |||||||||||
Income (loss) from operations | (15,758,000) | (12,820,000) | (10,339,000) | |||||||||||
Interest expense | (29,182,000) | (32,208,000) | (32,291,000) | |||||||||||
Loss on senior note repurchase | (18,646,000) | |||||||||||||
Intercompany interest income (expense) | 2,412,000 | 1,781,000 | 825,000 | |||||||||||
Foreign exchange gain (loss) | (2,000) | 0 | 4,296,000 | |||||||||||
Other income (expense) | 4,623,000 | 2,503,000 | 2,327,000 | |||||||||||
Loss before income taxes | (56,553,000) | (40,744,000) | (35,182,000) | |||||||||||
Provision (benefit) for income tax | (1,446,000) | (64,000) | 34,341,000 | |||||||||||
Equity in earnings of subsidiaries | (8,972,000) | 924,000 | (23,830,000) | |||||||||||
Net income (loss) | (64,079,000) | (39,756,000) | (93,353,000) | |||||||||||
Net loss noncontrolling interests | 0 | 0 | 0 | |||||||||||
Net income (loss) attributable to Titan | (64,079,000) | (39,756,000) | (93,353,000) | |||||||||||
Comprehensive Income Statement [Abstract] | ||||||||||||||
Net income (loss) | (64,079,000) | (39,756,000) | (93,353,000) | |||||||||||
Currency translation adjustment | 30,818,000 | 5,857,000 | (79,196,000) | |||||||||||
Pension liability adjustments, net of tax | 1,523,000 | 1,071,000 | (662,000) | |||||||||||
Comprehensive income (loss) | (31,738,000) | (32,828,000) | (173,211,000) | |||||||||||
Net comprehensive income (loss) attributable to noncontrolling interests | 0 | 0 | 0 | |||||||||||
Comprehensive income (loss) attributable to Titan | (31,738,000) | (32,828,000) | (173,211,000) | |||||||||||
Statement of Financial Position [Abstract] | ||||||||||||||
Cash and cash equivalents | 59,740,000 | 86,190,000 | 59,740,000 | 86,190,000 | 142,401,000 | 129,985,000 | ||||||||
Certificates of deposit | 50,000,000 | 50,000,000 | ||||||||||||
Accounts Receivable | 0 | 0 | 0 | 0 | ||||||||||
Inventory | 0 | 0 | 0 | 0 | ||||||||||
Prepaid and other current assets | 17,789,000 | 11,965,000 | 17,789,000 | 11,965,000 | ||||||||||
Total current assets | 77,529,000 | 148,155,000 | 77,529,000 | 148,155,000 | ||||||||||
Property, plant, and equipment, net | 2,466,000 | 4,898,000 | 2,466,000 | 4,898,000 | ||||||||||
Investment in subsidiaries | 766,777,000 | 742,679,000 | 766,777,000 | 742,679,000 | ||||||||||
Other long-term assets | 6,389,000 | 23,627,000 | 6,389,000 | 23,627,000 | ||||||||||
Assets | 853,161,000 | 919,359,000 | 853,161,000 | 919,359,000 | ||||||||||
Short-term debt | 0 | 60,148,000 | 0 | 60,148,000 | ||||||||||
Accounts payable | 4,258,000 | 4,187,000 | 4,258,000 | 4,187,000 | ||||||||||
Other current liabilities | 38,495,000 | 34,140,000 | 38,495,000 | 34,140,000 | ||||||||||
Current liabilities | 42,753,000 | 98,475,000 | 42,753,000 | 98,475,000 | ||||||||||
Long-term debt | 394,284,000 | 395,852,000 | 394,284,000 | 395,852,000 | ||||||||||
Other long-term liabilities | 11,544,000 | 27,636,000 | 11,544,000 | 27,636,000 | ||||||||||
Intercompany accounts | 75,103,000 | 94,977,000 | 75,103,000 | 94,977,000 | ||||||||||
Redeemable noncontrolling interest | 0 | 0 | 0 | 0 | ||||||||||
Titan stockholders' equity | 329,477,000 | 302,419,000 | 329,477,000 | 302,419,000 | ||||||||||
Noncontrolling interests | 0 | 0 | 0 | 0 | ||||||||||
Liabilities and Equity | 853,161,000 | 919,359,000 | 853,161,000 | 919,359,000 | ||||||||||
Statement of Cash Flows [Abstract] | ||||||||||||||
Net Cash provided by (used for) operating Activities | (49,856,000) | (3,193,000) | 15,933,000 | |||||||||||
Capital expenditures | (830,000) | (1,937,000) | (2,585,000) | |||||||||||
Proceeds from Sale and Maturity of Marketable Securities | 50,000,000 | |||||||||||||
Payments to Acquire Restricted Certificates of Deposit | 50,000,000 | |||||||||||||
Other, net | 0 | 0 | 0 | |||||||||||
Net Cash provided by (used for) investing Activities | 49,170,000 | (51,937,000) | (2,585,000) | |||||||||||
Proceeds from borrowings | (394,191,000) | 0 | 0 | |||||||||||
Repurchase of senior secured notes | 415,395,000 | |||||||||||||
Payment on debt | (3,393,000) | 0 | 0 | |||||||||||
Proceeds from Stock Options Exercised | 0 | 145,000 | ||||||||||||
Dividends paid | (1,167,000) | (1,081,000) | (1,077,000) | |||||||||||
Net Cash provided by (used for) financing Activities | (25,764,000) | (1,081,000) | (932,000) | |||||||||||
Effect of Exchange Rate on Cash and Cash Equivalents | 0 | 0 | 0 | |||||||||||
Net increase (decrease) in cash and cash equivalents | (26,450,000) | (56,211,000) | 12,416,000 | |||||||||||
Guarantor Subsidiaries [Member] | ||||||||||||||
Income Statement [Abstract] | ||||||||||||||
Net sales | 567,830,000 | 498,390,000 | 640,785,000 | |||||||||||
Cost of sales | 495,939,000 | 432,705,000 | 561,429,000 | |||||||||||
Asset impairment | 0 | |||||||||||||
Gross profit (loss) | 71,891,000 | 65,685,000 | 79,356,000 | |||||||||||
Selling, general, and administrative expenses | 59,769,000 | 66,815,000 | 69,686,000 | |||||||||||
Research and development expenses | 3,685,000 | 2,876,000 | 3,505,000 | |||||||||||
Royalty Expense | 5,703,000 | 4,866,000 | 6,711,000 | |||||||||||
Income (loss) from operations | 2,734,000 | (8,872,000) | (546,000) | |||||||||||
Interest expense | 0 | 0 | 0 | |||||||||||
Loss on senior note repurchase | 0 | |||||||||||||
Intercompany interest income (expense) | 3,937,000 | 3,525,000 | 2,361,000 | |||||||||||
Foreign exchange gain (loss) | (100,000) | 298,000 | (462,000) | |||||||||||
Other income (expense) | (178,000) | 180,000 | 2,572,000 | |||||||||||
Loss before income taxes | 6,393,000 | (4,869,000) | 3,925,000 | |||||||||||
Provision (benefit) for income tax | 4,173,000 | 30,000 | (1,518,000) | |||||||||||
Equity in earnings of subsidiaries | 0 | 0 | 0 | |||||||||||
Net income (loss) | 2,220,000 | (4,899,000) | 5,443,000 | |||||||||||
Net loss noncontrolling interests | 0 | 0 | 0 | |||||||||||
Net income (loss) attributable to Titan | 2,220,000 | (4,899,000) | 5,443,000 | |||||||||||
Comprehensive Income Statement [Abstract] | ||||||||||||||
Net income (loss) | 2,220,000 | (4,899,000) | 5,443,000 | |||||||||||
Currency translation adjustment | 0 | 0 | 0 | |||||||||||
Pension liability adjustments, net of tax | 1,807,000 | 1,680,000 | (1,557,000) | |||||||||||
Comprehensive income (loss) | 4,027,000 | (3,219,000) | 3,886,000 | |||||||||||
Net comprehensive income (loss) attributable to noncontrolling interests | 0 | 0 | 0 | |||||||||||
Comprehensive income (loss) attributable to Titan | 4,027,000 | (3,219,000) | 3,886,000 | |||||||||||
Statement of Financial Position [Abstract] | ||||||||||||||
Cash and cash equivalents | 13,000 | 9,000 | 13,000 | 9,000 | 4,000 | 4,000 | ||||||||
Certificates of deposit | 0 | 0 | ||||||||||||
Accounts Receivable | 54,009,000 | 43,485,000 | 54,009,000 | 43,485,000 | ||||||||||
Inventory | 96,036,000 | 76,823,000 | 96,036,000 | 76,823,000 | ||||||||||
Prepaid and other current assets | 20,917,000 | 21,901,000 | 20,917,000 | 21,901,000 | ||||||||||
Total current assets | 170,975,000 | 142,218,000 | 170,975,000 | 142,218,000 | ||||||||||
Property, plant, and equipment, net | 110,470,000 | 124,049,000 | 110,470,000 | 124,049,000 | ||||||||||
Investment in subsidiaries | 0 | 0 | 0 | 0 | ||||||||||
Other long-term assets | 967,000 | 1,118,000 | 967,000 | 1,118,000 | ||||||||||
Assets | 282,412,000 | 267,385,000 | 282,412,000 | 267,385,000 | ||||||||||
Short-term debt | 0 | 0 | 0 | 0 | ||||||||||
Accounts payable | 20,787,000 | 14,398,000 | 20,787,000 | 14,398,000 | ||||||||||
Other current liabilities | 30,170,000 | 34,475,000 | 30,170,000 | 34,475,000 | ||||||||||
Current liabilities | 50,957,000 | 48,873,000 | 50,957,000 | 48,873,000 | ||||||||||
Long-term debt | 0 | 0 | 0 | 0 | ||||||||||
Other long-term liabilities | 16,458,000 | 18,473,000 | 16,458,000 | 18,473,000 | ||||||||||
Intercompany accounts | (286,525,000) | (300,823,000) | (286,525,000) | (300,823,000) | ||||||||||
Redeemable noncontrolling interest | 0 | 0 | 0 | 0 | ||||||||||
Titan stockholders' equity | 501,522,000 | 500,862,000 | 501,522,000 | 500,862,000 | ||||||||||
Noncontrolling interests | 0 | 0 | 0 | 0 | ||||||||||
Liabilities and Equity | 282,412,000 | 267,385,000 | 282,412,000 | 267,385,000 | ||||||||||
Statement of Cash Flows [Abstract] | ||||||||||||||
Net Cash provided by (used for) operating Activities | 7,235,000 | 8,035,000 | 6,441,000 | |||||||||||
Capital expenditures | (7,620,000) | (8,444,000) | (6,254,000) | |||||||||||
Proceeds from Sale and Maturity of Marketable Securities | 0 | |||||||||||||
Payments to Acquire Restricted Certificates of Deposit | 0 | |||||||||||||
Other, net | (389,000) | (414,000) | 187,000 | |||||||||||
Net Cash provided by (used for) investing Activities | (7,231,000) | (8,030,000) | (6,441,000) | |||||||||||
Proceeds from borrowings | 0 | 0 | 0 | |||||||||||
Repurchase of senior secured notes | 0 | |||||||||||||
Payment on debt | 0 | 0 | 0 | |||||||||||
Proceeds from Stock Options Exercised | 0 | 0 | ||||||||||||
Dividends paid | 0 | 0 | 0 | |||||||||||
Net Cash provided by (used for) financing Activities | 0 | 0 | 0 | |||||||||||
Effect of Exchange Rate on Cash and Cash Equivalents | 0 | 0 | 0 | |||||||||||
Net increase (decrease) in cash and cash equivalents | 4,000 | 5,000 | 0 | |||||||||||
Non-Guarantor Subsidiaries [Member] | ||||||||||||||
Income Statement [Abstract] | ||||||||||||||
Net sales | 901,092,000 | 767,107,000 | 753,986,000 | |||||||||||
Cost of sales | 804,426,000 | 693,169,000 | 695,773,000 | |||||||||||
Asset impairment | 9,917,000 | |||||||||||||
Gross profit (loss) | 86,749,000 | 73,938,000 | 58,213,000 | |||||||||||
Selling, general, and administrative expenses | 76,689,000 | 66,779,000 | 63,194,000 | |||||||||||
Research and development expenses | 6,617,000 | 7,095,000 | 7,657,000 | |||||||||||
Royalty Expense | 3,603,000 | 3,323,000 | 3,822,000 | |||||||||||
Income (loss) from operations | (160,000) | (3,259,000) | (16,460,000) | |||||||||||
Interest expense | (1,047,000) | (331,000) | (1,741,000) | |||||||||||
Loss on senior note repurchase | 0 | |||||||||||||
Intercompany interest income (expense) | (6,349,000) | (5,306,000) | (3,186,000) | |||||||||||
Foreign exchange gain (loss) | (1,856,000) | 8,252,000 | (8,592,000) | |||||||||||
Other income (expense) | 6,696,000 | 9,783,000 | 6,164,000 | |||||||||||
Loss before income taxes | (2,716,000) | 9,139,000 | (23,815,000) | |||||||||||
Provision (benefit) for income tax | 8,476,000 | 3,315,000 | 1,933,000 | |||||||||||
Equity in earnings of subsidiaries | (8,400,000) | (6,689,000) | (2,689,000) | |||||||||||
Net income (loss) | (19,592,000) | (865,000) | (28,437,000) | |||||||||||
Net loss noncontrolling interests | (4,037,000) | (2,150,000) | (14,654,000) | |||||||||||
Net income (loss) attributable to Titan | (15,555,000) | 1,285,000 | (13,783,000) | |||||||||||
Comprehensive Income Statement [Abstract] | ||||||||||||||
Net income (loss) | (19,592,000) | (865,000) | (28,437,000) | |||||||||||
Currency translation adjustment | 30,818,000 | 5,857,000 | (79,196,000) | |||||||||||
Pension liability adjustments, net of tax | (284,000) | (609,000) | 895,000 | |||||||||||
Comprehensive income (loss) | 10,942,000 | 4,383,000 | (106,738,000) | |||||||||||
Net comprehensive income (loss) attributable to noncontrolling interests | (2,898,000) | 5,305,000 | (19,391,000) | |||||||||||
Comprehensive income (loss) attributable to Titan | 13,840,000 | (922,000) | (87,347,000) | |||||||||||
Statement of Financial Position [Abstract] | ||||||||||||||
Cash and cash equivalents | 83,817,000 | 61,628,000 | 83,817,000 | 61,628,000 | 57,783,000 | $ 71,462,000 | ||||||||
Certificates of deposit | 0 | 0 | ||||||||||||
Accounts Receivable | 172,694,000 | 135,899,000 | 172,694,000 | 135,899,000 | ||||||||||
Inventory | 243,800,000 | 195,413,000 | 243,800,000 | 195,413,000 | ||||||||||
Prepaid and other current assets | 34,378,000 | 45,868,000 | 34,378,000 | 45,868,000 | ||||||||||
Total current assets | 534,689,000 | 438,808,000 | 534,689,000 | 438,808,000 | ||||||||||
Property, plant, and equipment, net | 308,312,000 | 308,254,000 | 308,312,000 | 308,254,000 | ||||||||||
Investment in subsidiaries | 74,003,000 | 87,385,000 | 74,003,000 | 87,385,000 | ||||||||||
Other long-term assets | 78,315,000 | 74,769,000 | 78,315,000 | 74,769,000 | ||||||||||
Assets | 995,319,000 | 909,216,000 | 995,319,000 | 909,216,000 | ||||||||||
Short-term debt | 43,651,000 | 37,264,000 | 43,651,000 | 37,264,000 | ||||||||||
Accounts payable | 170,452,000 | 129,670,000 | 170,452,000 | 129,670,000 | ||||||||||
Other current liabilities | 65,109,000 | 51,822,000 | 65,109,000 | 51,822,000 | ||||||||||
Current liabilities | 279,212,000 | 218,756,000 | 279,212,000 | 218,756,000 | ||||||||||
Long-term debt | 12,887,000 | 12,908,000 | 12,887,000 | 12,908,000 | ||||||||||
Other long-term liabilities | 58,740,000 | 47,235,000 | 58,740,000 | 47,235,000 | ||||||||||
Intercompany accounts | 211,422,000 | 205,846,000 | 211,422,000 | 205,846,000 | ||||||||||
Redeemable noncontrolling interest | 113,193,000 | 104,809,000 | 113,193,000 | 104,809,000 | ||||||||||
Titan stockholders' equity | 330,710,000 | 323,600,000 | 330,710,000 | 323,600,000 | ||||||||||
Noncontrolling interests | (10,845,000) | (3,938,000) | (10,845,000) | (3,938,000) | ||||||||||
Liabilities and Equity | 995,319,000 | 909,216,000 | 995,319,000 | 909,216,000 | ||||||||||
Statement of Cash Flows [Abstract] | ||||||||||||||
Net Cash provided by (used for) operating Activities | 41,332,000 | 38,658,000 | 41,556,000 | |||||||||||
Capital expenditures | (24,176,000) | (31,567,000) | (39,590,000) | |||||||||||
Proceeds from Sale and Maturity of Marketable Securities | 0 | |||||||||||||
Payments to Acquire Restricted Certificates of Deposit | 0 | |||||||||||||
Other, net | (604,000) | (1,808,000) | 1,321,000 | |||||||||||
Net Cash provided by (used for) investing Activities | (23,572,000) | (29,759,000) | (40,911,000) | |||||||||||
Proceeds from borrowings | 53,448,000 | 17,285,000 | 5,727,000 | |||||||||||
Repurchase of senior secured notes | 0 | |||||||||||||
Payment on debt | (51,767,000) | (22,634,000) | (5,521,000) | |||||||||||
Proceeds from Stock Options Exercised | 0 | 0 | ||||||||||||
Dividends paid | 0 | 0 | 0 | |||||||||||
Net Cash provided by (used for) financing Activities | 1,681,000 | (5,349,000) | 206,000 | |||||||||||
Effect of Exchange Rate on Cash and Cash Equivalents | 2,748,000 | 295,000 | (14,530,000) | |||||||||||
Net increase (decrease) in cash and cash equivalents | 22,189,000 | 3,845,000 | (13,679,000) | |||||||||||
Consolidation, Eliminations [Member] | ||||||||||||||
Income Statement [Abstract] | ||||||||||||||
Net sales | 0 | 0 | 0 | |||||||||||
Cost of sales | 0 | 0 | 0 | |||||||||||
Asset impairment | 0 | |||||||||||||
Gross profit (loss) | 0 | 0 | 0 | |||||||||||
Selling, general, and administrative expenses | 0 | 0 | 0 | |||||||||||
Research and development expenses | 0 | 0 | 0 | |||||||||||
Royalty Expense | 0 | 0 | 0 | |||||||||||
Income (loss) from operations | 0 | 0 | 0 | |||||||||||
Interest expense | 0 | 0 | 0 | |||||||||||
Loss on senior note repurchase | 0 | |||||||||||||
Intercompany interest income (expense) | 0 | 0 | 0 | |||||||||||
Foreign exchange gain (loss) | 0 | 0 | 0 | |||||||||||
Other income (expense) | 0 | 0 | 0 | |||||||||||
Loss before income taxes | 0 | 0 | 0 | |||||||||||
Provision (benefit) for income tax | 0 | 0 | 0 | |||||||||||
Equity in earnings of subsidiaries | 17,372,000 | 5,765,000 | 26,519,000 | |||||||||||
Net income (loss) | 17,372,000 | 5,765,000 | 26,519,000 | |||||||||||
Net loss noncontrolling interests | 0 | 0 | 0 | |||||||||||
Net income (loss) attributable to Titan | 17,372,000 | 5,765,000 | 26,519,000 | |||||||||||
Comprehensive Income Statement [Abstract] | ||||||||||||||
Net income (loss) | 17,372,000 | 5,765,000 | 26,519,000 | |||||||||||
Currency translation adjustment | (30,818,000) | (5,857,000) | 79,196,000 | |||||||||||
Pension liability adjustments, net of tax | (1,523,000) | (1,071,000) | 662,000 | |||||||||||
Comprehensive income (loss) | (14,969,000) | (1,163,000) | 106,377,000 | |||||||||||
Net comprehensive income (loss) attributable to noncontrolling interests | 0 | 0 | 0 | |||||||||||
Comprehensive income (loss) attributable to Titan | (14,969,000) | (1,163,000) | $ 106,377,000 | |||||||||||
Statement of Financial Position [Abstract] | ||||||||||||||
Cash and cash equivalents | 0 | 0 | 0 | 0 | ||||||||||
Certificates of deposit | 0 | 0 | ||||||||||||
Accounts Receivable | 0 | 0 | 0 | 0 | ||||||||||
Inventory | 0 | 0 | 0 | 0 | ||||||||||
Prepaid and other current assets | 0 | 0 | 0 | 0 | ||||||||||
Total current assets | 0 | 0 | 0 | 0 | ||||||||||
Property, plant, and equipment, net | 0 | 0 | 0 | 0 | ||||||||||
Investment in subsidiaries | (840,780,000) | (830,064,000) | (840,780,000) | (830,064,000) | ||||||||||
Other long-term assets | 0 | 0 | 0 | 0 | ||||||||||
Assets | (840,780,000) | (830,064,000) | (840,780,000) | (830,064,000) | ||||||||||
Short-term debt | 0 | 0 | 0 | 0 | ||||||||||
Accounts payable | 0 | 0 | 0 | 0 | ||||||||||
Other current liabilities | 0 | 0 | 0 | 0 | ||||||||||
Current liabilities | 0 | 0 | 0 | 0 | ||||||||||
Long-term debt | 0 | 0 | 0 | 0 | ||||||||||
Other long-term liabilities | 0 | 0 | 0 | 0 | ||||||||||
Intercompany accounts | 0 | 0 | 0 | 0 | ||||||||||
Redeemable noncontrolling interest | 0 | 0 | 0 | 0 | ||||||||||
Titan stockholders' equity | (840,780,000) | (830,064,000) | (840,780,000) | (830,064,000) | ||||||||||
Noncontrolling interests | 0 | 0 | 0 | 0 | ||||||||||
Liabilities and Equity | $ (840,780,000) | $ (830,064,000) | $ (840,780,000) | $ (830,064,000) | ||||||||||
[1] | ||||||||||||||
[2] |
SCHEDULE II - VALUATION RESE101
SCHEDULE II - VALUATION RESERVES (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Valuation and Qualifying Accounts [Abstract] | |||
Balance at beginning of year | $ 3,344 | $ 4,527 | $ 5,706 |
Provision for Doubtful Accounts | (362) | 224 | 1,414 |
Valuation Allowances and Reserves, Deductions | (8) | (1,407) | (2,593) |
Balance at end of year | $ 2,974 | $ 3,344 | $ 4,527 |
Uncategorized Items - twi123120
Label | Element | Value |
Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | ||
Other Assets, Fair Value Disclosure | us-gaap_OtherAssetsFairValueDisclosure | $ 250,000 |