Document and Entitiy Informatio
Document and Entitiy Information - shares | 6 Months Ended | |
Jun. 30, 2018 | Jul. 25, 2018 | |
Document Information [Line Items] | ||
Entity Registrant Name | TITAN INTERNATIONAL INC | |
Entity Central Index Key | 899,751 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Document Type | 10-Q | |
Document Period End Date | Jun. 30, 2018 | |
Document Fiscal Year Focus | 2,018 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false | |
Entity Common Stock, Shares Outstanding | 59,897,619 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Net sales | $ 428,904 | $ 364,399 | $ 854,286 | $ 721,900 |
Cost of sales | 370,592 | 320,379 | 736,413 | 637,679 |
Gross profit | 58,312 | 44,020 | 117,873 | 84,221 |
Selling, general and administrative expenses | 36,699 | 34,463 | 72,620 | 75,801 |
Research and development expenses | 2,754 | 2,608 | 5,631 | 5,451 |
Royalty expense | 2,634 | 2,533 | 5,297 | 5,142 |
Income (loss) from operations | 16,225 | 4,416 | 34,325 | (2,173) |
Interest expense | (7,672) | (7,320) | (15,190) | (15,041) |
Foreign exchange loss | (3,610) | (5,257) | (8,042) | (767) |
Other income | 2,477 | 1,750 | 10,227 | 4,427 |
Income (loss) before income taxes | 7,420 | (6,411) | 21,320 | (13,554) |
Provision for income taxes | 1,683 | 126 | 897 | 3,568 |
Net income (loss) | 5,737 | (6,537) | 20,423 | (17,122) |
Net income (loss) attributable to noncontrolling interests | 40 | (244) | (1,639) | 624 |
Net income (loss) attributable to Titan | 5,697 | (6,293) | 22,062 | (17,746) |
Redemption value adjustment | 4,678 | 4,040 | 7,021 | 3,099 |
Net income (loss) applicable to common shareholders | $ 1,019 | $ (10,333) | $ 15,041 | $ (20,845) |
Earnings per common share: | ||||
Basic | $ 0.02 | $ (0.17) | $ 0.25 | $ (0.35) |
Diluted | $ 0.02 | $ (0.17) | $ 0.25 | $ (0.35) |
Average common shares and equivalents outstanding: | ||||
Basic | 59,750 | 59,577 | 59,731 | 59,067 |
Diluted | 59,878 | 59,577 | 59,877 | 59,067 |
Dividends declared per common share: | $ 0.005 | $ 0.005 | $ 0.010 | $ 0.010 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Net income (loss) | $ 5,737 | $ (6,537) | $ 20,423 | $ (17,122) |
Currency translation adjustment | (38,338) | 8,006 | (30,276) | 19,025 |
Other Comprehensive (Income) Loss, Defined Benefit Plan, Prior Service Cost (Credit), after Tax | 690 | 1,573 | ||
Pension liability adjustments, net of tax of $166, $(126), $55, and $(430), respectively | 690 | 989 | 1,573 | 1,722 |
Comprehensive (loss) income | (31,911) | 2,458 | (8,280) | 3,625 |
Net comprehensive loss attributable to redeemable and noncontrolling interests | (2,185) | (1,562) | (3,225) | 1,221 |
Comprehensive (loss) income attributable to Titan | $ (29,726) | $ 4,020 | $ (5,055) | $ 2,404 |
CONSOLIDATED STATEMENTS OF COM4
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Statement of Comprehensive Income [Abstract] | ||||
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, Tax | $ 10 | $ (97) | $ (44) | $ (111) |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Current assets | ||
Cash and cash equivalents | $ 106,491 | $ 143,570 |
Accounts receivable, net | 282,400 | 226,703 |
Inventories | 372,732 | 339,836 |
Prepaid and other current assets | 74,629 | 73,084 |
Total current assets | 836,252 | 783,193 |
Property, plant and equipment, net | 393,264 | 421,248 |
Deferred income taxes | 2,325 | 3,779 |
Other assets | 78,529 | 81,892 |
Total assets | 1,310,370 | 1,290,112 |
Current liabilities | ||
Short-term debt | 52,358 | 43,651 |
Accounts payable | 226,041 | 195,497 |
Other current liabilities | 129,057 | 133,774 |
Total current liabilities | 407,456 | 372,922 |
Long-term debt | 409,613 | 407,171 |
Deferred income taxes | 11,765 | 13,545 |
Other long-term liabilities | 66,032 | 73,197 |
Total liabilities | 894,866 | 866,835 |
Redeemable noncontrolling interest | 117,546 | 113,193 |
Titan stockholders' equity | ||
Common stock ($0.0001 par value, 120,000,000 shares authorized, 60,715,356 issued, 59,852,781 outstanding at June 30, 2018 and 59,800,559 outstanding at December 31, 2017) | 0 | 0 |
Additional paid-in capital | 524,466 | 531,708 |
Retained deficit | (22,471) | (44,022) |
Treasury stock (at cost, 862,575 and 914,797 shares, respectively) | (8,407) | (8,606) |
Stock reserved for deferred compensation | 0 | (1,075) |
Accumulated other comprehensive loss | (188,518) | (157,076) |
Total Titan shareholders’ equity | 305,070 | 320,929 |
Noncontrolling interests | (7,112) | (10,845) |
Total equity | 297,958 | 310,084 |
Total liabilities and equity | $ 1,310,370 | $ 1,290,112 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Jun. 30, 2018 | Dec. 31, 2017 |
Liabilities and Equity [Abstract] | ||
Common Stock, par value | $ 0.0001 | $ 0 |
Common Stock, shares authorized (in shares) | 120,000,000 | 120,000,000 |
Common Stock, shares issued (in shares) | 60,715,336 | |
Common Stock, shares, outstanding (in shares) | 59,810,770 | |
Treasury Stock, shares (in shares) | 862,575 | 914,797 |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - 6 months ended Jun. 30, 2018 - USD ($) $ in Thousands | Total | Common Stock [Member] | Additional paid-in capital [Member] | Retained earnings [Member] | Treasury stock [Member] | Deferred Compensation, Share-based Payments [Member] | Accumulated other comprehensive income (loss) [Member] | Parent [Member] | Noncontrolling interest [Member] |
Balance, Beginning (in shares) at Dec. 31, 2017 | 59,800,559 | ||||||||
Balance, Beginning at Dec. 31, 2017 | $ 310,084 | $ 531,708 | $ (44,022) | $ (8,606) | $ 1,075 | $ (157,076) | $ 320,929 | $ (10,845) | |
Net income (loss) | 20,423 | 22,062 | 22,062 | ||||||
Currency translation adjustment, net | (30,276) | (28,690) | (28,690) | 621 | |||||
Temporary Equity, Foreign Currency Translation Adjustments | (28,069) | ||||||||
Pension liability adjustments, net of tax | 1,573 | 1,573 | 1,573 | ||||||
Dividends declared | (599) | (599) | (599) | ||||||
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification | 123 | 88 | 88 | 35 | |||||
Stock Issued During Period, Value, Restricted Stock Award, Gross | 0 | 0 | |||||||
Noncontrolling Interest, Period Increase (Decrease) | (1,032) | (4,325) | (5,357) | 5,208 | |||||
Stock Issued During Period, Value, Acquisitions | 149 | ||||||||
Redemption value adjustment | 7,021 | (7,021) | (7,021) | ||||||
Stock-based compensation | 618 | 618 | 618 | ||||||
VIE distributions | (953) | 0 | (953) | ||||||
Change During Period Common Stock Shares Held In Employee Trust | 113 | 1,075 | 1,188 | ||||||
Issuance of treasury stock under 401(k) plan | 22,222 | ||||||||
Issuance of treasury stock under 401(k) plan | (279) | (80) | (199) | (279) | |||||
Net Income (Loss) Attributable to Nonredeemable Noncontrolling Interest | $ 20,884 | (1,178) | |||||||
Balance, Ending (in shares) at Jun. 30, 2018 | 59,810,770 | 59,852,781 | |||||||
Stock Issued During Period, Shares, Restricted Stock Award, Gross | 30,000 | ||||||||
Balance, Ending at Jun. 30, 2018 | $ 297,958 | $ 524,466 | $ (22,471) | $ (8,407) | $ 0 | $ (188,518) | $ 305,070 | $ (7,112) | |
Net Income (Loss) Attributable to Redeemable Noncontrolling Interest | (461) | ||||||||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, before Tax, Portion Attributable to Noncontrolling Interest | $ (2,207) |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2017 | |
Cash flows from operating activities: | ||
Net income (loss) | $ 20,423 | $ (17,122) |
Adjustments to reconcile net income (loss) to net cash used for operating activities: | ||
Depreciation and amortization | 30,175 | 29,486 |
Deferred income tax provision | 287 | 1,324 |
Stock-based compensation | 618 | 956 |
Issuance of treasury stock under 401(k) plan | 279 | 270 |
Foreign currency translation loss | 8,034 | 2,467 |
(Increase) decrease in assets: | ||
Accounts receivable | (70,633) | (34,879) |
Inventories | (47,612) | (43,722) |
Prepaid and other current assets | (4,555) | 2,877 |
Other assets | (621) | 3,620 |
Increase (decrease) in liabilities: | ||
Accounts payable | 39,550 | 33,149 |
Other current liabilities | (660) | (4,922) |
Other liabilities | (5,212) | (4,057) |
Net cash used for operating activities | (29,927) | (30,553) |
Cash flows from investing activities: | ||
Capital expenditures | (18,416) | (15,152) |
Proceeds from Sale and Maturity of Marketable Securities | 0 | 40,000 |
Other | 884 | 1,038 |
Net cash (used for) provided by investing activities | (17,532) | 25,886 |
Cash flows from financing activities: | ||
Proceeds from borrowings | 40,078 | 27,742 |
Payment on debt | (24,527) | (29,077) |
Dividends paid | (598) | (570) |
Net cash provided by (used for) financing activities | 14,953 | (1,905) |
Effect of exchange rate changes on cash | (4,573) | 1,981 |
Net decrease in cash and cash equivalents | (37,079) | (4,591) |
Cash and cash equivalents, beginning of period | 143,570 | 147,827 |
Cash and cash equivalents, end of period | 106,491 | 143,236 |
Supplemental information: | ||
Interest paid | 15,801 | 17,916 |
Income taxes paid, net of refunds received | 5,025 | 3,221 |
Stock Issued During Period, Value, Conversion of Convertible Securities | $ 0 | $ 58,460 |
ACCOUNTING POLICIES
ACCOUNTING POLICIES | 6 Months Ended |
Jun. 30, 2018 | |
Accounting Policies [Abstract] | |
ACCOUNTING POLICIES | BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES The accompanying unaudited condensed consolidated interim financial statements include the accounts of Titan International, Inc. and its subsidiaries (Titan or the Company) and have been prepared in accordance with accounting principles generally accepted in the United States of America (US GAAP) for interim financial information and in accordance with the rules and regulations of the United States Securities and Exchange Commission (the SEC). Accordingly, they do not include all of the information and footnotes required by US GAAP for complete financial statements. These unaudited condensed consolidated interim financial statements reflect all normal, and recurring adjustments that are, in the opinion of management, necessary for a fair presentation of the Company's financial position as of June 30, 2018 , and the results of operations and cash flows for the three and six months ended June 30, 2018 and 2017 , and should be read in conjunction with the consolidated financial statements and the related notes thereto included in the Company’s latest Annual Report on Form 10-K for the year ended December 31, 2017, filed with the SEC on February 23, 2018. All significant intercompany transactions have been eliminated in consolidation. These unaudited condensed consolidated interim financial statements include estimates and assumptions of management that affect the amounts reported in the condensed consolidated financial statements. Actual results could differ from these estimates. Fair value of financial instruments The Company records all financial instruments, including cash and cash equivalents, accounts receivable, notes receivable, accounts payable, other accruals, and notes payable at cost, which approximates fair value due to their short term or stated rates. Investments in marketable equity securities are recorded at fair value. The 6.50% senior secured notes due 2023 (senior secured notes) were carried at cost of $394.7 million at June 30, 2018 . The fair value of the senior secured notes at June 30, 2018 , as obtained through an independent pricing source, was approximately $397.0 million . Cash dividends The Company declared cash dividends of $0.005 and $0.010 per share of common stock for each of the three and six months ended June 30, 2018 and 2017 . The second quarter 2018 cash dividend of $0.005 per share of common stock was paid on July 16, 2018, to shareholders of record on June 29, 2018. New accounting standards: Adoption of new accounting standards The Company adopted the Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) Topic 606, "Revenue from Contracts with Customers" (the New Revenue Standard), effective January 1, 2018, using the modified retrospective approach. ASC 606 prescribes 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. The guidance provides a five-step process to achieve that core principle: • Identify the contract(s) with a customer • Identify the performance obligations • Determine the transaction price • Allocate the transaction price • Recognize revenue when the performance obligations are met The Company compared its current revenue recognition policies to the requirements of the New Revenue Standard. Titan recognizes revenue when the performance obligations specified in the Company's contracts have been satisfied. Titan's contracts typically contain a single performance obligation that is fulfilled on the date of delivery based on shipping terms stipulated in the contract. As of January 1, 2018, none of the Company's contracts contained a financing option and Titan did not have any contract assets or liabilities. The table below presents the cumulative effect of the adoption of the New Revenue Standard on select accounts of Titan's Condensed Consolidated Balance Sheet at January 1, 2018 (amounts in thousands): Balance at December 31, 2017 New Revenue Standard Adjustments Balance at January 1, 2018 Assets Inventories $ 339,836 $ (390 ) $ 339,446 Liabilities Other current liabilities 133,774 (513 ) 133,261 Equity Retained (deficit) earnings (44,022 ) 88 (43,934 ) Noncontrolling interests (10,845 ) 35 (10,810 ) Disaggregated Revenues The following table presents revenues disaggregated by the major markets Titan serves (amounts in thousands): Three months ended Six months ended June 30, June 30, 2018 2017 2018 2017 Net sales Agricultural $ 186,870 $ 172,923 $ 381,037 $ 353,439 Earthmoving/construction 198,963 150,970 387,696 286,589 Consumer 43,071 40,506 85,553 81,872 $ 428,904 $ 364,399 $ 854,286 $ 721,900 The Company adopted Accounting Standards Update (ASU) No. 2017-07, “Compensation - Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost" on January 1, 2018, using the retrospective transition method. This standard changed the presentation of net periodic pension and postretirement benefit cost (net benefit cost) within the Statement of Operations. Under the previous guidance, net benefit cost was reported as an employee cost within operating income. The amendment requires the bifurcation of net benefit cost, with the service cost component to be presented with other employee compensation costs in operating income, while the other components will be reported separately outside of income from operations. The adoption of this accounting standard resulted in a change in certain previously reported amounts, whereby the Company reclassed $0.4 million and $0.9 million of non-service cost from cost of sales to other income on the Condensed Consolidated Statement of Operations for the three and six months ended June 30, 2017, respectively. See Note 11 - Employee Benefit Plans in Part I, Item 1 of this Form 10-Q for further discussion. In March 2018, the FASB issued ASU No. 2018-05, "Income Taxes (Topic 740): Amendments to SEC Paragraphs Pursuant to SEC Staff Accounting Bulletin No. 118." This ASU updates the income tax accounting in US GAAP to reflect the SEC's interpretive guidance released on December 22, 2017, when the 2017 Tax Cuts and Jobs Act (2017 TCJA) was enacted. See Note 15 for more information regarding the impact of the 2017 TCJA. In May 2017, the FASB issued ASU No. 2017-09, "Stock Compensation (Topic 718): 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. Disclosure requirements under Topic 718 remain unchanged. The Company adopted ASU 2017-09 effective January 1, 2018. The adoption of this guidance did not have a material effect on the Company's consolidated financial statements; no changes were made to the terms or conditions of share-based payments. In August 2016, the FASB issued ASU No. 2016-15, "Statement of Cash Flows (Topic 230): 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 Company adopted this guidance effective January 1, 2018, with no resulting changes to the Company's consolidated financial statements. Accounting standards issued but not yet adopted 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 primary effect of adopting the new standard will be to record assets and obligations for the Company's operating leases. 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 evaluating the impact of ASU 2016-02. |
ACCOUNTS RECEIVABLE
ACCOUNTS RECEIVABLE | 6 Months Ended |
Jun. 30, 2018 | |
Receivables [Abstract] | |
ACCOUNTS RECEIVABLE | ACCOUNTS RECEIVABLE Accounts receivable consisted of the following as of the dates set forth below (amounts in thousands): June 30, December 31, Accounts receivable $ 285,712 $ 229,677 Allowance for doubtful accounts (3,312 ) (2,974 ) Accounts receivable, net $ 282,400 $ 226,703 |
INVENTORIES
INVENTORIES | 6 Months Ended |
Jun. 30, 2018 | |
Inventory Disclosure [Abstract] | |
Inventory Disclosure [Text Block] | INVENTORIES Inventories consisted of the following as of the dates set forth below (amounts in thousands): June 30, December 31, Raw material $ 99,198 $ 83,541 Work-in-process 45,069 40,525 Finished goods 228,465 215,770 $ 372,732 $ 339,836 |
PROPERTY, PLANT AND EQUIPMENT,
PROPERTY, PLANT AND EQUIPMENT, NET | 6 Months Ended |
Jun. 30, 2018 | |
Property, Plant and Equipment [Abstract] | |
PROPERTY, PLANT AND EQUIPMENT | PROPERTY, PLANT AND EQUIPMENT, NET Property, plant and equipment, net consisted of the following as of the dates set forth below (amounts in thousands): June 30, December 31, Land and improvements $ 44,145 $ 46,998 Buildings and improvements 255,716 264,078 Machinery and equipment 592,557 598,411 Tools, dies and molds 108,987 108,649 Construction-in-process 15,179 15,349 1,016,584 1,033,485 Less accumulated depreciation (623,320 ) (612,237 ) $ 393,264 $ 421,248 Depreciation on property, plant and equipment for the six months ended June 30, 2018 and 2017 , totaled $28.3 million and $27.4 million , respectively. Capital leases included in property, plant, and equipment consisted of the following as of the dates set forth below (amounts in thousands): June 30, December 31, Buildings and improvements $ 3,897 $ 4,056 Less accumulated amortization (2,257 ) (2,294 ) $ 1,640 $ 1,762 Machinery and equipment $ 31,633 $ 32,379 Less accumulated amortization (26,694 ) (27,260 ) $ 4,939 $ 5,119 |
INTANGIBLE ASSETS
INTANGIBLE ASSETS | 6 Months Ended |
Jun. 30, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets Disclosure [Text Block] | INTANGIBLE ASSETS The components of intangible assets consisted of the following as of the dates set forth below (amounts in thousands): Weighted Average Useful Lives (in years) June 30, 2018 June 30, December 31, Amortizable intangible assets: Customer relationships 9.2 $ 13,609 $ 13,922 Patents, trademarks and other 7.6 14,328 15,208 Total at cost 27,937 29,130 Less accumulated amortization (14,614 ) (13,855 ) $ 13,323 $ 15,275 Amortization related to intangible assets for the six months ended June 30, 2018 and 2017 , totaled $1.3 million and $1.5 million , respectively. Intangible assets are included as a component of other assets in the Condensed Consolidated Balance Sheet. The estimated aggregate amortization expense at June 30, 2018 , for each of the years (or other periods) set forth below was as follows (amounts in thousands): July 1 - December 31, 2018 $ 1,203 2019 2,306 2020 2,285 2021 1,164 2022 1,067 Thereafter 5,298 $ 13,323 |
WARRANTY
WARRANTY | 6 Months Ended |
Jun. 30, 2018 | |
Product Warranties Disclosures [Abstract] | |
WARRANTY COSTS | WARRANTY Changes in the warranty liability consisted of the following (amounts in thousands): 2018 2017 Warranty liability, January 1 $ 18,612 $ 17,926 Provision for warranty liabilities 4,213 3,112 Warranty payments made (3,818 ) (3,378 ) Warranty liability, June 30 $ 19,007 $ 17,660 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 |
REVOLVING CREDIT FACILITY AND L
REVOLVING CREDIT FACILITY AND LONG-TERM DEBT | 6 Months Ended |
Jun. 30, 2018 | |
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): June 30, 2018 Principal Balance Unamortized Debt Issuance Net Carrying Amount 6.50% senior secured notes due 2023 $ 400,000 $ (5,304 ) $ 394,696 Titan Europe credit facilities 34,186 — 34,186 Other debt 32,569 — 32,569 Capital leases 520 — 520 Total debt 467,275 (5,304 ) 461,971 Less amounts due within one year 52,358 — 52,358 Total long-term debt $ 414,917 $ (5,304 ) $ 409,613 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 Aggregate principal maturities of long-term debt at June 30, 2018 , for each of the years (or other periods) set forth below were as follows (amounts in thousands): July 1 - December 31, 2018 $ 25,358 2019 29,832 2020 8,535 2021 2,921 2022 254 Thereafter 400,375 $ 467,275 6.50% senior secured notes due 2023 The senior secured notes are due November 2023. Including the impact of debt issuance costs, these notes had an effective yield of 6.79% at issuance. These notes are secured by the land and buildings of the following subsidiaries of the Company: Titan Tire Corporation, Titan Tire Corporation of Bryan, Titan Tire Corporation of Freeport, and Titan Wheel Corporation of Illinois. Titan Europe credit facilities The Titan Europe credit facilities contain borrowings from various institutions totaling $34.2 million in aggregate principal amount at June 30, 2018 . Maturity dates on this debt range from less than one year to nine years and interest rates range from 5% to 6.9% . The Titan Europe facilities are secured by the assets of Titan's subsidiaries in Italy, Spain, Germany, and Brazil. Revolving credit facility The Company has a $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 June 30, 2018 , an outstanding letter of credit under the credit facility totaled $12.3 million and the amount available under the facility totaled $62.7 million based upon eligible accounts receivable and inventory balances. During the first six months of 2018 and at June 30, 2018 , there were no borrowings under the credit facility. Other debt The Company has working capital loans at Titan Pneus do Brasil Ltda and Voltyre-Prom at various interest rates, which totaled $8.7 million and $23.8 million at June 30, 2018 |
DERIVATIVE FINANCIAL INSTRUMENT
DERIVATIVE FINANCIAL INSTRUMENTS (Notes) | 6 Months Ended |
Jun. 30, 2018 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments and Hedging Activities Disclosure [Text Block] | DERIVATIVE FINANCIAL INSTRUMENTS The Company uses financial derivatives to mitigate its exposure to volatility in foreign currency exchange rates. These derivative financial instruments are recognized at fair value. The Company has not designated these financial instruments as hedging instruments. Any gain or loss on the re-measurement of the fair value is recorded as an offset to currency exchange gain/loss. For the three and six months ended June 30, 2018 , the Company recorded currency exchange gain related to these derivatives of $0.4 million and $0.2 million |
REDEEMABLE NONCONTROLLING INTER
REDEEMABLE NONCONTROLLING INTEREST (Notes) | 6 Months Ended |
Jun. 30, 2018 | |
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 the 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 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 multiplied by 5.5 less net debt times the selling party's ownership percentage. As of June 30, 2018 , the value of the redeemable noncontrolling interest held by OEP and RDIF was recorded at the aggregate of the investment of the selling party and an amount representing an internal rate of return of 8%. The redemption features of the settlement put option are not solely within the Company’s control and the noncontrolling interest is presented as a redeemable noncontrolling interest separately from total equity in the Condensed 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. The following is a reconciliation of redeemable noncontrolling interest as of June 30, 2018 and 2017 (amounts in thousands): 2018 2017 Balance at January 1 $ 113,193 $ 104,809 Loss attributable to redeemable noncontrolling interest (461 ) (190 ) Currency translation (2,207 ) 1,121 Redemption value adjustment 7,021 3,099 Balance at June 30 $ 117,546 $ 108,839 This obligation approximates the cost to the Company if all remaining equity interests in the consortium were purchased by the Company on June 30, 2018 |
LEASE COMMITMENTS
LEASE COMMITMENTS | 6 Months Ended |
Jun. 30, 2018 | |
Leases [Abstract] | |
LEASE COMMITMENTS | LEASE COMMITMENTS The Company leases certain buildings and equipment under operating leases. Certain lease agreements provide for renewal options, fair value purchase options, and payment of property taxes, maintenance, and insurance by the Company. At June 30, 2018 , future minimum rental commitments under noncancellable operating leases with initial terms of at least one year were as follows (amounts in thousands): July 1 - December 31, 2018 $ 4,177 2019 7,185 2020 5,050 2021 4,006 2022 3,034 Thereafter 6,831 Total future minimum lease payments $ 30,283 At June 30, 2018 , the Company had assets held as capital leases with a net book value of $6.6 million included in property, plant and equipment. At June 30, 2018 , total future capital lease obligations relating to these leases were as follows (amounts in thousands): July 1 - December 31, 2018 $ 168 2019 159 2020 55 2021 41 2022 43 Thereafter 53 Total future capital lease obligation payments 519 Less amount representing interest (4 ) Present value of future capital lease obligation payments $ 515 |
EMPLOYEE BENEFIT PLANS
EMPLOYEE BENEFIT PLANS | 6 Months Ended |
Jun. 30, 2018 | |
Retirement Benefits [Abstract] | |
Pension and Other Postretirement Benefits Disclosure [Text Block] | EMPLOYEE BENEFIT PLANS The Company has three frozen defined benefit pension plans covering certain employees or former employees of three U.S. subsidiaries. The Company also has pension plans covering certain employees of several foreign subsidiaries. The Company also sponsors a number of defined contribution plans in the U.S. and at foreign subsidiaries. The Company contributed approximately $1.7 million to the pension plans during the six months ended June 30, 2018 , and expects to contribute approximately $3.7 million to the pension plans during the remainder of 2018. The components of net periodic pension cost consisted of the following for the periods set forth below (amounts in thousands): Three months ended Six months ended June 30, June 30, 2018 2017 2018 2017 Service cost $ 141 $ 128 $ 278 $ 353 Interest cost 1,098 1,163 2,181 2,334 Expected return on assets (1,491 ) (1,368 ) (2,983 ) (2,737 ) Amortization of unrecognized prior service cost 50 34 100 68 Amortization of net unrecognized loss 690 655 1,366 1,329 Net periodic pension cost $ 488 $ 612 $ 942 $ 1,347 |
VARIABLE INTEREST ENTITIES (Not
VARIABLE INTEREST ENTITIES (Notes) | 6 Months Ended |
Jun. 30, 2018 | |
Variable Interest Entity, Consolidated, Carrying Amount, Assets and Liabilities, Net [Abstract] | |
Variable Interest Entities Disclosure [Text Block] | VARIABLE INTEREST ENTITIES The Company holds a variable interest in three joint ventures for which the Company is the primary beneficiary. Two of the joint ventures operate distribution facilities which primarily distribute mining products. 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. 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 9 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 entities’ assets, liabilities, and results of operations are included in the Company’s consolidated financial statements. The other equity holders’ interests are reflected in “Net income (loss) attributable to noncontrolling interests” in the Condensed Consolidated Statements of Operations and “Noncontrolling interests” in the Condensed Consolidated Balance Sheets. The following table summarizes the carrying amount of the entities’ assets and liabilities included in the Company’s Condensed Consolidated Balance Sheets at June 30, 2018 , and December 31, 2017 (amounts in thousands): June 30, December 31, 2017 Cash and cash equivalents $ 8,911 $ 10,621 Inventory 12,599 13,494 Other current assets 39,244 36,334 Property, plant and equipment, net 31,262 33,717 Other noncurrent assets 3,880 4,250 Total assets $ 95,896 $ 98,416 Current liabilities $ 36,749 $ 32,172 Noncurrent liabilities 7,613 8,291 Total liabilities $ 44,362 $ 40,463 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 variable interests 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 Condensed 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 as of the dates set forth below were as follows (amounts in thousands): June 30, December 31, 2017 Investments $ 4,034 $ 3,823 Other current assets 1,267 1,261 Total VIE assets 5,301 5,084 Accounts payable 1,972 1,413 Maximum exposure to loss $ 7,273 $ 6,497 |
ROYALTY EXPENSE
ROYALTY EXPENSE | 6 Months Ended |
Jun. 30, 2018 | |
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 Company also has a trademark license agreement with Goodyear to manufacture and sell certain non-farm tire products in Latin America which expires in June 2019. Royalty expenses recorded were $2.6 million and $2.5 million for the three months ended June 30, 2018 and 2017 , respectively. Royalty expenses recorded were $5.3 million and $5.1 million for the six months ended June 30, 2018 and 2017 |
OTHER INCOME
OTHER INCOME | 6 Months Ended |
Jun. 30, 2018 | |
Other Income and Expenses [Abstract] | |
OTHER INCOME, NET | OTHER INCOME Other income consisted of the following for the periods set forth below (amounts in thousands): Three months ended Six months ended June 30, June 30, 2018 2017 2018 2017 Equity investment income $ 1,067 $ 530 $ 2,183 $ 1,350 Interest income 532 801 1,149 1,774 Building rental income 410 595 988 1,195 Investment gain related to investments for deferred compensation 567 497 688 1,347 Other (expense) income (99 ) (673 ) 5,219 (1,239 ) $ 2,477 $ 1,750 $ 10,227 $ 4,427 |
INCOME TAXES
INCOME TAXES | 6 Months Ended |
Jun. 30, 2018 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | INCOME TAXES The Company recorded income tax expense of $1.7 million and $0.1 million for the quarters ended June 30, 2018 and 2017 , respectively. For the six months ended June 30, 2018 and 2017 , the Company recorded income tax expense of $0.9 million and $3.6 million , respectively. The Company's effective income tax rate was 23% and (2)% for the quarters ended June 30, 2018 and 2017 , and 4% and (26)% for the six months ended June 30, 2018 and 2017 , respectively. The Company’s 2018 income tax expense and rate differed from the amount of income tax determined by applying the U.S. Federal income tax rate to pre-tax income primarily as a result of a reduction of the liability for unrecognized tax positions and U.S. and certain foreign jurisdictions that incurred a full valuation allowance on deferred tax assets created by current year projected losses. In addition, there were non-deductible royalty expenses and statutorily required income adjustments made in certain foreign jurisdictions that negatively impacted the tax rate for the six months ended June 30, 2018 . The Company’s 2017 income tax expense and rate differed from the amount of income tax determined by applying the U.S. Federal income tax rate to pre-tax income primarily as a result of U.S. and certain foreign jurisdictions that incurred a full valuation allowance on deferred tax assets created by current year projected losses. In addition, there were non-deductible royalty expenses and statutorily required income adjustments made in certain foreign jurisdictions that negatively impacted the tax rate for the period. During the second quarter of 2017, the IRS income tax audit for tax years 2010 through 2014 was settled, which did not result in any material change to the Company's income tax expense. The Company continues to monitor the realization of its deferred tax assets and assesses the need for a valuation allowance. The Company analyzes available positive and negative evidence to determine if a valuation allowance is needed based on the weight of the evidence. This objectively verifiable evidence primarily includes the past three years' profit and loss positions. This process requires management to make estimates, assumptions, and judgments that are uncertain in nature. The Company has established valuation allowances with respect to deferred tax assets in U.S. and certain foreign jurisdictions and continues to monitor and assess potential valuation allowances in all its jurisdictions. The 2017 TCJA was enacted on December 22, 2017, and includes a number of changes to the Internal Revenue Code including a one-time transition tax on the mandatory deemed repatriation of cumulative undistributed foreign earnings and a permanent reduction in the U.S. federal statutory income tax rate from 35% to 21% |
EARNINGS PER SHARE
EARNINGS PER SHARE | 6 Months Ended |
Jun. 30, 2018 | |
Earnings Per Share [Abstract] | |
EARNINGS PER SHARE | EARNINGS PER SHARE Earnings per share (EPS) were as follows for the periods presented below (amounts in thousands, except per share data): Three months ended Six months ended June 30, June 30, 2018 2017 2018 2017 Net income (loss) attributable to Titan $ 5,697 $ (6,293 ) $ 22,062 $ (17,746 ) Redemption value adjustment (4,678 ) (4,040 ) (7,021 ) (3,099 ) Net income (loss) applicable to common shareholders $ 1,019 $ (10,333 ) $ 15,041 $ (20,845 ) Determination of shares: Weighted average shares outstanding (basic) 59,750 59,577 59,731 59,067 Effect of stock options/trusts 128 — 146 — Weighted average shares outstanding (diluted) 59,878 59,577 59,877 59,067 Earnings per share: Basic and diluted 0.02 (0.17 ) 0.25 (0.35 ) The effect of stock options, shares held by certain trusts, and convertible notes has been excluded from the calculation of EPS for the three and six months ended June 30, 2017 , as the effect would have been antidilutive. The weighted average share amount excluded for stock options and shares held by certain trusts was 0.2 million for each of the three and six months ended June 30, 2017 . The weighted average share amount excluded for convertible notes totaled 0.5 million shares for the six months ended June 30, 2017 |
LITIGATION
LITIGATION | 6 Months Ended |
Jun. 30, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
LITIGATION | LITIGATION The Company is a party to routine legal proceedings arising out of the normal course of business. 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 liabilities pertaining to, legal judgments. At June 30, 2018, two of Titan’s subsidiaries were involved in litigation concerning environmental laws and regulations. In June 2015, Titan Tire Corporation (Titan Tire) and Dico, Inc. (Dico) appealed a U.S. District Court order granting the U.S. motion for summary judgment that found Dico liable for violating the Comprehensive Environmental Response, Compensation, and Liability Act of 1980 (CERCLA) and an Environmental Protection Agency (EPA) Administrative Order and awarded response costs, civil penalties, and punitive damages. In December 2015, the United States Court of Appeals for the Eighth Circuit 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. 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 in the quarter ended September 30, 2017. |
SEGMENT INFORMATION
SEGMENT INFORMATION | 6 Months Ended |
Jun. 30, 2018 | |
Segment Reporting [Abstract] | |
Segment information | SEGMENT 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. Segment external sales, expenses, and income from operations are determined based on the results of operations for the operating units of the Company's manufacturing facilities. Expenses and income from operations are allocated to appropriate segments based on the sales 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’ property, plant and equipment balances are carried at the corporate level. Titan is organized primarily on the basis of products being included in three market 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, separated by market segments, for each of the three and six months ended June 30, 2018 and 2017 (amounts in thousands): Three months ended Six months ended June 30, June 30, 2018 2017 2018 2017 Net sales Agricultural $ 186,870 $ 172,923 $ 381,037 $ 353,439 Earthmoving/construction 198,963 150,970 387,696 286,589 Consumer 43,071 40,506 85,553 81,872 $ 428,904 $ 364,399 $ 854,286 $ 721,900 Gross profit Agricultural $ 27,270 $ 23,037 $ 57,231 $ 44,916 Earthmoving/construction 24,260 14,254 46,722 27,152 Consumer 6,782 6,729 13,920 12,153 $ 58,312 $ 44,020 $ 117,873 $ 84,221 Income (loss) from operations Agricultural $ 19,002 $ 14,224 $ 40,323 $ 26,969 Earthmoving/construction 11,575 2,322 21,528 3,384 Consumer 3,651 3,536 7,598 5,051 Corporate & Unallocated (18,003 ) (15,666 ) (35,124 ) (37,577 ) Income (loss) from operations 16,225 4,416 34,325 (2,173 ) Interest expense (7,672 ) (7,320 ) (15,190 ) (15,041 ) Foreign exchange loss (3,610 ) (5,257 ) (8,042 ) (767 ) Other income, net 2,477 1,750 10,227 4,427 Income (loss) before income taxes $ 7,420 $ (6,411 ) $ 21,320 $ (13,554 ) Assets by segment were as follows as of the dates set forth below (amounts in thousands): June 30, December 31, Total assets Agricultural $ 470,466 $ 444,783 Earthmoving/construction 576,842 537,855 Consumer 131,943 157,133 Corporate & Unallocated 131,119 150,341 $ 1,310,370 $ 1,290,112 |
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS | 6 Months Ended |
Jun. 30, 2018 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE MEASUREMENTS | FAIR VALUE MEASUREMENTS Accounting standards for fair value measurements establish a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value. These tiers are defined as: Level 1 – Quoted prices in active markets for identical instruments. Level 2 – Inputs other than quoted prices in active markets that are either directly or indirectly observable. Level 3 – Unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions. Assets and liabilities measured at fair value on a recurring basis consisted of the following as of the dates set forth below (amounts in thousands): June 30, 2018 December 31, 2017 Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Contractual obligation investments $ 14,268 $ 14,268 $ — $ — $ 12,393 $ 12,393 $ — $ — Derivative financial instruments asset 600 — 600 — 458 — 458 — Preferred stock 111 — — 111 154 — — 154 Total $ 14,979 $ 14,268 $ 600 $ 111 $ 13,005 $ 12,393 $ 458 $ 154 The following table presents the changes, during the six months ended June 30, 2018, 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, 2017 $ 154 Total unrealized losses (43 ) Balance as of June 30, 2018 $ 111 |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 6 Months Ended |
Jun. 30, 2018 | |
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 Board of Directors of the Company, Mr. Maurice Taylor. The related party is Mr. Fred Taylor, who is Mr. Maurice Taylor’s brother. The companies with which Mr. Fred Taylor is associated that do business with Titan include the following: Blackstone OTR, LLC; F.B.T. Enterprises, Inc.; Green Carbon, Inc.; Silverstone, Inc.; and OTR Wheel Engineering, Inc. Sales of Titan products to these companies were approximately $0.3 million and $0.6 million for the three and six months ended June 30, 2018 , respectively, as compared to $0.5 million and $1.0 million for the three and six months ended June 30, 2017 , respectively. Titan had trade receivables due from these companies of approximately $0.2 million at June 30, 2018 , and approximately $0.4 million at December 31, 2017 . Titan had product purchases from these companies of approximately $0.0 million and $0.3 million for the three and six months ended June 30, 2018 , respectively, as compared to purchases of approximately $0.1 million for the each of the three and six months ended June 30, 2017 . Sales commissions paid to the above companies were approximately $0.5 million and $1.0 million for the three and six months ended June 30, 2018 , respectively, as compared to $0.3 million and $0.7 million for the three and six months ended June 30, 2017 , 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 $0.1 million and $0.2 million for the three and six months ended June 30, 2018 , respectively. In July 2013, the Company entered into a Shareholders’ Agreement between OEP and RDIF to acquire Voltyre-Prom. Mr. Richard M. Cashin Jr., a director of the Company, is the President of OEP, which owns 21.4% |
ACCUMULATED OTHER COMPREHENSIVE
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Notes) | 6 Months Ended |
Jun. 30, 2018 | |
Stockholders' Equity Note [Abstract] | |
Comprehensive Loss Note | ACCUMULATED OTHER COMPREHENSIVE LOSS Accumulated other comprehensive loss consisted of the following for the periods presented below (amounts in thousands): Currency Translation Adjustments Unrecognized Losses and Prior Service Cost Total Balance at April 1, 2018 $ (125,526 ) $ (23,244 ) $ (148,770 ) Currency translation adjustments (36,113 ) — (36,113 ) Defined benefit pension plan entries: Amortization of unrecognized losses and prior service cost, net of tax of $10 — 690 690 Reclassification as a result of ownership change (4,325 ) — (4,325 ) Balance at June 30, 2018 $ (165,964 ) $ (22,554 ) $ (188,518 ) Currency Translation Adjustments Unrecognized Losses and Prior Service Cost Total Balance at January 1, 2018 $ (132,949 ) $ (24,127 ) $ (157,076 ) Currency translation adjustments (28,690 ) — (28,690 ) Defined benefit pension plan entries: Amortization of unrecognized losses and prior service cost, net of tax of $(44) — 1,573 1,573 Reclassification as a result of ownership change (4,325 ) — (4,325 ) Balance at June 30, 2018 $ (165,964 ) $ (22,554 ) $ (188,518 ) |
SUBSIDIARY GUARANTOR FINANCIAL
SUBSIDIARY GUARANTOR FINANCIAL INFORMATION | 6 Months Ended |
Jun. 30, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Condensed Financial Information of Parent Company Only Disclosure [Text Block] | SUBSIDIARY GUARANTOR FINANCIAL INFORMATION The senior secured notes are guaranteed by the following wholly-owned subsidiaries of the Company: Titan Tire Corporation, Titan Tire Corporation of Bryan, Titan Tire Corporation of Freeport, and Titan Wheel Corporation of Illinois. The note guarantees are full and unconditional, joint and several obligations of the guarantors. The guarantees of the guarantor subsidiaries are subject to release in limited circumstances only upon the occurrence of certain customary conditions. See the indenture governing the senior secured notes incorporated by reference to the Company's most recent Form 10-K for additional information. The following condensed consolidating financial statements are presented using the equity method of accounting. Certain sales and marketing expenses recorded by non-guarantor subsidiaries have not been allocated to the guarantor subsidiaries. (Amounts in thousands) Condensed Consolidating Statements of Operations For the Three Months Ended June 30, 2018 Titan Intl., Inc. (Parent) Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Net sales $ — $ 166,757 $ 262,147 $ — $ 428,904 Cost of sales 138 140,208 230,246 — 370,592 Gross (loss) profit (138 ) 26,549 31,901 — 58,312 Selling, general and administrative expenses 1,678 16,985 18,036 — 36,699 Research and development expenses 253 983 1,518 — 2,754 Royalty expense 628 940 1,066 — 2,634 (Loss) income from operations (2,697 ) 7,641 11,281 — 16,225 Interest expense (6,826 ) — (846 ) — (7,672 ) Intercompany interest income (expense) 628 909 (1,537 ) — — Foreign exchange loss — (662 ) (2,948 ) — (3,610 ) Other income (expense) 959 (147 ) 1,665 — 2,477 (Loss) income before income taxes (7,936 ) 7,741 7,615 — 7,420 (Benefit) provision for income taxes (2,390 ) 3,044 1,029 — 1,683 Equity in earnings of subsidiaries 11,283 — 209 (11,492 ) — Net income (loss) 5,737 4,697 6,795 (11,492 ) 5,737 Net income attributable to noncontrolling interests — — 40 — 40 Net income (loss) attributable to Titan $ 5,737 $ 4,697 $ 6,755 $ (11,492 ) $ 5,697 (Amounts in thousands) Condensed Consolidating Statements of Operations For the Three Months Ended June 30, 2017 Titan Intl., Inc. (Parent) Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Net sales $ — $ 147,244 $ 217,155 $ — $ 364,399 Cost of sales 87 129,743 190,549 — 320,379 Gross (loss) profit (87 ) 17,501 26,606 — 44,020 Selling, general and administrative expenses 3,066 14,043 17,354 — 34,463 Research and development expenses — 950 1,658 — 2,608 Royalty expense 250 1,410 873 — 2,533 (Loss) income from operations (3,403 ) 1,098 6,721 — 4,416 Interest expense (7,234 ) — (86 ) — (7,320 ) Intercompany interest income (expense) 588 1,947 (2,535 ) — — Foreign exchange loss — (41 ) (5,216 ) — (5,257 ) Other income (loss) 931 (317 ) 1,136 — 1,750 (Loss) income before income taxes (9,118 ) 2,687 20 — (6,411 ) (Benefit) provision for income taxes (3,185 ) 1,321 1,990 — 126 Equity in earnings of subsidiaries (603 ) — (3,686 ) 4,289 — Net (loss) income (6,536 ) 1,366 (5,656 ) 4,289 (6,537 ) Net loss attributable to noncontrolling interests — — (244 ) — (244 ) Net (loss) income attributable to Titan $ (6,536 ) $ 1,366 $ (5,412 ) $ 4,289 $ (6,293 ) (Amounts in thousands) Condensed Consolidating Statements of Operations For the Six Months Ended June 30, 2018 Titan Intl., Inc. (Parent) Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Net sales $ — $ 337,517 $ 516,769 $ — $ 854,286 Cost of sales 246 281,738 454,429 — 736,413 Gross (loss) profit (246 ) 55,779 62,340 — 117,873 Selling, general and administrative expenses 2,873 32,260 37,487 — 72,620 Research and development expenses 493 1,969 3,169 — 5,631 Royalty expense 881 2,453 1,963 — 5,297 (Loss) income from operations (4,493 ) 19,097 19,721 — 34,325 Interest expense (13,639 ) — (1,551 ) — (15,190 ) Intercompany interest income (expense) 1,251 1,922 (3,173 ) — — Foreign exchange loss — (670 ) (7,372 ) — (8,042 ) Other income (expense) 6,628 (313 ) 3,912 — 10,227 (Loss) income before income taxes (10,253 ) 20,036 11,537 — 21,320 (Benefit) provision for income taxes (12,456 ) 7,304 6,049 — 897 Equity in earnings of subsidiaries 18,220 — 4,546 (22,766 ) — Net income (loss) 20,423 12,732 10,034 (22,766 ) 20,423 Net loss attributable to noncontrolling interests — — (1,639 ) — (1,639 ) Net income (loss) attributable to Titan $ 20,423 $ 12,732 $ 11,673 $ (22,766 ) $ 22,062 (Amounts in thousands) Condensed Consolidating Statements of Operations For the Six Months Ended June 30, 2017 Titan Intl., Inc. (Parent) Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Net sales $ — $ 291,080 $ 430,820 $ — $ 721,900 Cost of sales 156 256,163 381,360 — 637,679 Gross (loss) profit (156 ) 34,917 49,460 — 84,221 Selling, general and administrative expenses 7,938 31,313 36,550 — 75,801 Research and development expenses — 1,853 3,598 — 5,451 Royalty expense 667 2,704 1,771 — 5,142 (Loss) income from operations (8,761 ) (953 ) 7,541 — (2,173 ) Interest expense (14,679 ) — (362 ) — (15,041 ) Intercompany interest income (expense) 1,169 1,946 (3,115 ) — — Foreign exchange loss — (41 ) (726 ) — (767 ) Other income (expense) 2,212 (753 ) 2,968 — 4,427 (Loss) income before income taxes (20,059 ) 199 6,306 — (13,554 ) (Benefit) provision for income taxes (1,510 ) 1,495 3,583 — 3,568 Equity in earnings of subsidiaries 4,372 — (8,409 ) 4,037 — Net (loss) income (14,177 ) (1,296 ) (5,686 ) 4,037 (17,122 ) Net income attributable to noncontrolling interests — — 624 — 624 Net (loss) income attributable to Titan $ (14,177 ) $ (1,296 ) $ (6,310 ) $ 4,037 $ (17,746 ) (Amounts in thousands) Condensed Consolidating Statements of Comprehensive Income (Loss) For the Three Months Ended June 30, 2018 Titan Intl., Inc. (Parent) Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Net income (loss) $ 5,737 $ 4,697 $ 6,795 $ (11,492 ) $ 5,737 Currency translation adjustment (38,338 ) — (38,338 ) 38,338 (38,338 ) Pension liability adjustments, net of tax 690 646 44 (690 ) 690 Comprehensive (loss) income (31,911 ) 5,343 (31,499 ) 26,156 (31,911 ) Net comprehensive loss attributable to redeemable and noncontrolling interests — — (2,185 ) — (2,185 ) Comprehensive (loss) income attributable to Titan $ (31,911 ) $ 5,343 $ (29,314 ) $ 26,156 $ (29,726 ) (Amounts in thousands) Condensed Consolidating Statements of Comprehensive Income (Loss) For the Three Months Ended June 30, 2017 Titan Intl., Inc. (Parent) Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Net (loss) income $ (6,536 ) $ 1,366 $ (5,656 ) $ 4,289 $ (6,537 ) Currency translation adjustment 8,006 — 8,006 (8,006 ) 8,006 Pension liability adjustments, net of tax 989 625 364 (989 ) 989 Comprehensive income (loss) 2,459 1,991 2,714 (4,706 ) 2,458 Net comprehensive loss attributable to redeemable and noncontrolling interests — — (1,562 ) — (1,562 ) Comprehensive income (loss) attributable to Titan $ 2,459 $ 1,991 $ 4,276 $ (4,706 ) $ 4,020 (Amounts in thousands) Condensed Consolidating Statements of Comprehensive Income (Loss) For the Six Months Ended June 30, 2018 Titan Intl., Inc. (Parent) Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Net income (loss) $ 20,423 $ 12,732 $ 10,034 $ (22,766 ) $ 20,423 Currency translation adjustment (30,276 ) — (30,276 ) 30,276 (30,276 ) Pension liability adjustments, net of tax 1,573 1,292 281 (1,573 ) 1,573 Comprehensive (loss) income (8,280 ) 14,024 (19,961 ) 5,937 (8,280 ) Net comprehensive loss attributable to redeemable and noncontrolling interests — — (3,225 ) — (3,225 ) Comprehensive (loss) income attributable to Titan $ (8,280 ) $ 14,024 $ (16,736 ) $ 5,937 $ (5,055 ) (Amounts in thousands) Condensed Consolidating Statements of Comprehensive Income (Loss) For the Six Months Ended June 30, 2017 Titan Intl., Inc. (Parent) Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Net (loss) income $ (14,177 ) $ (1,296 ) $ (5,686 ) $ 4,037 $ (17,122 ) Currency translation adjustment 19,025 — (19,025 ) 19,025 19,025 Pension liability adjustments, net of tax 1,722 1,250 472 (1,722 ) 1,722 Comprehensive income (loss) 6,570 (46 ) (24,239 ) 21,340 3,625 Net comprehensive income attributable to redeemable and noncontrolling interests — — 1,221 — 1,221 Comprehensive income (loss) attributable to Titan $ 6,570 $ (46 ) $ (25,460 ) $ 21,340 $ 2,404 (Amounts in thousands) Condensed Consolidating Balance Sheets June 30, 2018 Titan Intl., Inc. (Parent) Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Assets Cash and cash equivalents $ 34,694 $ 5 $ 71,792 $ — $ 106,491 Accounts receivable, net — 79,909 202,491 — 282,400 Inventories — 112,238 260,494 — 372,732 Prepaid and other current assets 18,042 19,948 36,639 — 74,629 Total current assets 52,736 212,100 571,416 — 836,252 Property, plant and equipment, net 9,510 103,374 280,380 — 393,264 Investment in subsidiaries 764,208 — 78,920 (843,128 ) — Other assets 6,310 958 73,586 — 80,854 Total assets $ 832,764 $ 316,432 $ 1,004,302 $ (843,128 ) $ 1,310,370 Liabilities and Equity Short-term debt $ — $ — $ 52,358 $ — $ 52,358 Accounts payable 2,212 30,349 193,480 — 226,041 Other current liabilities 30,169 31,717 67,171 — 129,057 Total current liabilities 32,381 62,066 313,009 — 407,456 Long-term debt 394,696 — 14,917 — 409,613 Other long-term liabilities 9,087 14,387 54,323 — 77,797 Intercompany accounts 81,949 (275,567 ) 193,618 — — Redeemable noncontrolling interest — — 117,546 — 117,546 Titan shareholders' equity 314,651 515,546 318,001 (843,128 ) 305,070 Noncontrolling interests — — (7,112 ) — (7,112 ) Total liabilities and equity $ 832,764 $ 316,432 $ 1,004,302 $ (843,128 ) $ 1,310,370 (Amounts in thousands) Condensed Consolidating 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, net — 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 assets 6,389 967 78,315 — 85,671 Total assets $ 853,161 $ 282,412 $ 995,319 $ (840,780 ) $ 1,290,112 Liabilities and 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 shareholders' equity 329,477 501,522 330,710 (840,780 ) 320,929 Noncontrolling interests — — (10,845 ) — (10,845 ) Total liabilities and equity $ 853,161 $ 282,412 $ 995,319 $ (840,780 ) $ 1,290,112 (Amounts in thousands) Condensed Consolidating Statements of Cash Flows For the Six Months Ended June 30, 2018 Titan Intl., Inc. (Parent) Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidated Net cash (used for) provided by operating activities $ (24,585 ) $ 3,265 $ (8,607 ) $ (29,927 ) Cash flows from investing activities: Capital expenditures (83 ) (3,274 ) (15,059 ) (18,416 ) Other, net 220 1 663 884 Net cash provided by (used for) investing activities 137 (3,273 ) (14,396 ) (17,532 ) Cash flows from financing activities: Proceeds from borrowings — — 40,078 40,078 Payment on debt — — (24,527 ) (24,527 ) Dividends paid (598 ) — — (598 ) Net cash (used for) provided by financing activities (598 ) — 15,551 14,953 Effect of exchange rate change on cash — — (4,573 ) (4,573 ) Net decrease in cash and cash equivalents (25,046 ) (8 ) (12,025 ) (37,079 ) Cash and cash equivalents, beginning of period 59,740 13 83,817 143,570 Cash and cash equivalents, end of period $ 34,694 $ 5 $ 71,792 $ 106,491 (Amounts in thousands) Condensed Consolidating Statements of Cash Flows For the Six Months Ended June 30, 2017 Titan Intl., Inc. (Parent) Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidated Net cash (used for) provided by operating activities $ (43,700 ) $ 2,191 $ 10,956 $ (30,553 ) Cash flows from investing activities: Capital expenditures (716 ) (2,534 ) (11,902 ) (15,152 ) Certificates of deposit 40,000 — — 40,000 Other, net — 344 694 1,038 Net cash provided by (used for) investing activities 39,284 (2,190 ) (11,208 ) 25,886 Cash flows from financing activities: Proceeds from borrowings — — 27,742 27,742 Payment on debt (3,393 ) — (25,684 ) (29,077 ) Dividends paid (570 ) — — (570 ) Net cash (used for) provided by financing activities (3,963 ) — 2,058 (1,905 ) Effect of exchange rate change on cash — — 1,981 1,981 Net (decrease) increase in cash and cash equivalents (8,379 ) 1 3,787 (4,591 ) Cash and cash equivalents, beginning of period 86,190 9 61,628 147,827 Cash and cash equivalents, end of period $ 77,811 $ 10 $ 65,415 $ 143,236 |
ACCOUNTING POLICIES (Policies)
ACCOUNTING POLICIES (Policies) | 6 Months Ended |
Jun. 30, 2018 | |
Accounting Policies [Abstract] | |
Fair value of financial instruments | Fair value of financial instruments The Company records all financial instruments, including cash and cash equivalents, accounts receivable, notes receivable, accounts payable, other accruals, and notes payable at cost, which approximates fair value due to their short term or stated rates. Investments in marketable equity securities are recorded at fair value. The 6.50% senior secured notes due 2023 (senior secured notes) were carried at cost of $394.7 million at June 30, 2018 . The fair value of the senior secured notes at June 30, 2018 , as obtained through an independent pricing source, was approximately $397.0 million |
New Accounting Pronouncements and Changes in Accounting Principles [Text Block] | Adoption of new accounting standards The Company adopted the Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) Topic 606, "Revenue from Contracts with Customers" (the New Revenue Standard), effective January 1, 2018, using the modified retrospective approach. ASC 606 prescribes 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. The guidance provides a five-step process to achieve that core principle: • Identify the contract(s) with a customer • Identify the performance obligations • Determine the transaction price • Allocate the transaction price • Recognize revenue when the performance obligations are met The Company compared its current revenue recognition policies to the requirements of the New Revenue Standard. Titan recognizes revenue when the performance obligations specified in the Company's contracts have been satisfied. Titan's contracts typically contain a single performance obligation that is fulfilled on the date of delivery based on shipping terms stipulated in the contract. As of January 1, 2018, none of the Company's contracts contained a financing option and Titan did not have any contract assets or liabilities. The table below presents the cumulative effect of the adoption of the New Revenue Standard on select accounts of Titan's Condensed Consolidated Balance Sheet at January 1, 2018 (amounts in thousands): Balance at December 31, 2017 New Revenue Standard Adjustments Balance at January 1, 2018 Assets Inventories $ 339,836 $ (390 ) $ 339,446 Liabilities Other current liabilities 133,774 (513 ) 133,261 Equity Retained (deficit) earnings (44,022 ) 88 (43,934 ) Noncontrolling interests (10,845 ) 35 (10,810 ) Disaggregated Revenues The following table presents revenues disaggregated by the major markets Titan serves (amounts in thousands): Three months ended Six months ended June 30, June 30, 2018 2017 2018 2017 Net sales Agricultural $ 186,870 $ 172,923 $ 381,037 $ 353,439 Earthmoving/construction 198,963 150,970 387,696 286,589 Consumer 43,071 40,506 85,553 81,872 $ 428,904 $ 364,399 $ 854,286 $ 721,900 The Company adopted Accounting Standards Update (ASU) No. 2017-07, “Compensation - Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost" on January 1, 2018, using the retrospective transition method. This standard changed the presentation of net periodic pension and postretirement benefit cost (net benefit cost) within the Statement of Operations. Under the previous guidance, net benefit cost was reported as an employee cost within operating income. The amendment requires the bifurcation of net benefit cost, with the service cost component to be presented with other employee compensation costs in operating income, while the other components will be reported separately outside of income from operations. The adoption of this accounting standard resulted in a change in certain previously reported amounts, whereby the Company reclassed $0.4 million and $0.9 million of non-service cost from cost of sales to other income on the Condensed Consolidated Statement of Operations for the three and six months ended June 30, 2017, respectively. See Note 11 - Employee Benefit Plans in Part I, Item 1 of this Form 10-Q for further discussion. In March 2018, the FASB issued ASU No. 2018-05, "Income Taxes (Topic 740): Amendments to SEC Paragraphs Pursuant to SEC Staff Accounting Bulletin No. 118." This ASU updates the income tax accounting in US GAAP to reflect the SEC's interpretive guidance released on December 22, 2017, when the 2017 Tax Cuts and Jobs Act (2017 TCJA) was enacted. See Note 15 for more information regarding the impact of the 2017 TCJA. In May 2017, the FASB issued ASU No. 2017-09, "Stock Compensation (Topic 718): 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. Disclosure requirements under Topic 718 remain unchanged. The Company adopted ASU 2017-09 effective January 1, 2018. The adoption of this guidance did not have a material effect on the Company's consolidated financial statements; no changes were made to the terms or conditions of share-based payments. |
New Accounting Pronouncements, Policy [Policy Text Block] | Accounting standards issued but not yet adopted 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 primary effect of adopting the new standard will be to record assets and obligations for the Company's operating leases. 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 evaluating the impact of ASU 2016-02. |
ACCOUNTING POLICIES (Tables)
ACCOUNTING POLICIES (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Accounting Policies [Abstract] | |
Schedule of New Accounting Pronouncements and Changes in Accounting Principles [Table Text Block] | The Company adopted the Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) Topic 606, "Revenue from Contracts with Customers" (the New Revenue Standard), effective January 1, 2018, using the modified retrospective approach. ASC 606 prescribes 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. The guidance provides a five-step process to achieve that core principle: • Identify the contract(s) with a customer • Identify the performance obligations • Determine the transaction price • Allocate the transaction price • Recognize revenue when the performance obligations are met The Company compared its current revenue recognition policies to the requirements of the New Revenue Standard. Titan recognizes revenue when the performance obligations specified in the Company's contracts have been satisfied. Titan's contracts typically contain a single performance obligation that is fulfilled on the date of delivery based on shipping terms stipulated in the contract. As of January 1, 2018, none of the Company's contracts contained a financing option and Titan did not have any contract assets or liabilities. The table below presents the cumulative effect of the adoption of the New Revenue Standard on select accounts of Titan's Condensed Consolidated Balance Sheet at January 1, 2018 (amounts in thousands): Balance at December 31, 2017 New Revenue Standard Adjustments Balance at January 1, 2018 Assets Inventories $ 339,836 $ (390 ) $ 339,446 Liabilities Other current liabilities 133,774 (513 ) 133,261 Equity Retained (deficit) earnings (44,022 ) 88 (43,934 ) Noncontrolling interests (10,845 ) 35 (10,810 ) |
Disaggregation of Revenue [Table Text Block] | Disaggregated Revenues The following table presents revenues disaggregated by the major markets Titan serves (amounts in thousands): Three months ended Six months ended June 30, June 30, 2018 2017 2018 2017 Net sales Agricultural $ 186,870 $ 172,923 $ 381,037 $ 353,439 Earthmoving/construction 198,963 150,970 387,696 286,589 Consumer 43,071 40,506 85,553 81,872 $ 428,904 $ 364,399 $ 854,286 $ 721,900 |
ACCOUNTS RECEIVABLE (Tables)
ACCOUNTS RECEIVABLE (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Receivables [Abstract] | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | Accounts receivable consisted of the following as of the dates set forth below (amounts in thousands): June 30, December 31, Accounts receivable $ 285,712 $ 229,677 Allowance for doubtful accounts (3,312 ) (2,974 ) Accounts receivable, net $ 282,400 $ 226,703 |
INVENTORIES (Tables)
INVENTORIES (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventory, Current [Table Text Block] | Inventories consisted of the following as of the dates set forth below (amounts in thousands): June 30, December 31, Raw material $ 99,198 $ 83,541 Work-in-process 45,069 40,525 Finished goods 228,465 215,770 $ 372,732 $ 339,836 |
PROPERTY, PLANT AND EQUIPMENT35
PROPERTY, PLANT AND EQUIPMENT, NET (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment [Table Text Block] | Property, plant and equipment, net consisted of the following as of the dates set forth below (amounts in thousands): June 30, December 31, Land and improvements $ 44,145 $ 46,998 Buildings and improvements 255,716 264,078 Machinery and equipment 592,557 598,411 Tools, dies and molds 108,987 108,649 Construction-in-process 15,179 15,349 1,016,584 1,033,485 Less accumulated depreciation (623,320 ) (612,237 ) $ 393,264 $ 421,248 Depreciation on property, plant and equipment for the six months ended June 30, 2018 and 2017 , totaled $28.3 million and $27.4 million , respectively. Capital leases included in property, plant, and equipment consisted of the following as of the dates set forth below (amounts in thousands): June 30, December 31, Buildings and improvements $ 3,897 $ 4,056 Less accumulated amortization (2,257 ) (2,294 ) $ 1,640 $ 1,762 Machinery and equipment $ 31,633 $ 32,379 Less accumulated amortization (26,694 ) (27,260 ) $ 4,939 $ 5,119 |
INTANGIBLE ASSETS (Tables)
INTANGIBLE ASSETS (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Intangible Assets and Goodwill [Table Text Block] | The components of intangible assets consisted of the following as of the dates set forth below (amounts in thousands): Weighted Average Useful Lives (in years) June 30, 2018 June 30, December 31, Amortizable intangible assets: Customer relationships 9.2 $ 13,609 $ 13,922 Patents, trademarks and other 7.6 14,328 15,208 Total at cost 27,937 29,130 Less accumulated amortization (14,614 ) (13,855 ) $ 13,323 $ 15,275 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | The estimated aggregate amortization expense at June 30, 2018 , for each of the years (or other periods) set forth below was as follows (amounts in thousands): July 1 - December 31, 2018 $ 1,203 2019 2,306 2020 2,285 2021 1,164 2022 1,067 Thereafter 5,298 $ 13,323 |
WARRANTY (Tables)
WARRANTY (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Product Warranties Disclosures [Abstract] | |
Schedule of Product Warranty Liability [Table Text Block] | Changes in the warranty liability consisted of the following (amounts in thousands): 2018 2017 Warranty liability, January 1 $ 18,612 $ 17,926 Provision for warranty liabilities 4,213 3,112 Warranty payments made (3,818 ) (3,378 ) Warranty liability, June 30 $ 19,007 $ 17,660 |
REVOLVING CREDIT FACILITY AND38
REVOLVING CREDIT FACILITY AND LONG-TERM DEBT (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
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): June 30, 2018 Principal Balance Unamortized Debt Issuance Net Carrying Amount 6.50% senior secured notes due 2023 $ 400,000 $ (5,304 ) $ 394,696 Titan Europe credit facilities 34,186 — 34,186 Other debt 32,569 — 32,569 Capital leases 520 — 520 Total debt 467,275 (5,304 ) 461,971 Less amounts due within one year 52,358 — 52,358 Total long-term debt $ 414,917 $ (5,304 ) $ 409,613 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 |
Schedule of Maturities of Long-term Debt [Table Text Block] | Aggregate principal maturities of long-term debt at June 30, 2018 , for each of the years (or other periods) set forth below were as follows (amounts in thousands): July 1 - December 31, 2018 $ 25,358 2019 29,832 2020 8,535 2021 2,921 2022 254 Thereafter 400,375 $ 467,275 |
REDEEMABLE NONCONTROLLING INT39
REDEEMABLE NONCONTROLLING INTEREST (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Noncontrolling Interest [Abstract] | |
Redeemable Noncontrolling Interest [Table Text Block] | The following is a reconciliation of redeemable noncontrolling interest as of June 30, 2018 and 2017 (amounts in thousands): 2018 2017 Balance at January 1 $ 113,193 $ 104,809 Loss attributable to redeemable noncontrolling interest (461 ) (190 ) Currency translation (2,207 ) 1,121 Redemption value adjustment 7,021 3,099 Balance at June 30 $ 117,546 $ 108,839 |
LEASE COMMITMENTS (Tables)
LEASE COMMITMENTS (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Leases [Abstract] | |
Lessee, Operating Lease, Disclosure [Table Text Block] | At June 30, 2018 , future minimum rental commitments under noncancellable operating leases with initial terms of at least one year were as follows (amounts in thousands): July 1 - December 31, 2018 $ 4,177 2019 7,185 2020 5,050 2021 4,006 2022 3,034 Thereafter 6,831 Total future minimum lease payments $ 30,283 |
Schedule of Future Minimum Lease Payments for Capital Leases [Table Text Block] | At June 30, 2018 , the Company had assets held as capital leases with a net book value of $6.6 million included in property, plant and equipment. At June 30, 2018 , total future capital lease obligations relating to these leases were as follows (amounts in thousands): July 1 - December 31, 2018 $ 168 2019 159 2020 55 2021 41 2022 43 Thereafter 53 Total future capital lease obligation payments 519 Less amount representing interest (4 ) Present value of future capital lease obligation payments $ 515 |
EMPLOYEE BENEFIT PLANS (Tables)
EMPLOYEE BENEFIT PLANS (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Retirement Benefits [Abstract] | |
Schedule of Defined Benefit Plans Disclosures [Table Text Block] | The components of net periodic pension cost consisted of the following for the periods set forth below (amounts in thousands): Three months ended Six months ended June 30, June 30, 2018 2017 2018 2017 Service cost $ 141 $ 128 $ 278 $ 353 Interest cost 1,098 1,163 2,181 2,334 Expected return on assets (1,491 ) (1,368 ) (2,983 ) (2,737 ) Amortization of unrecognized prior service cost 50 34 100 68 Amortization of net unrecognized loss 690 655 1,366 1,329 Net periodic pension cost $ 488 $ 612 $ 942 $ 1,347 |
VARIABLE INTEREST ENTITIES (Tab
VARIABLE INTEREST ENTITIES (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
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 entities’ assets and liabilities included in the Company’s Condensed Consolidated Balance Sheets at June 30, 2018 , and December 31, 2017 (amounts in thousands): June 30, December 31, 2017 Cash and cash equivalents $ 8,911 $ 10,621 Inventory 12,599 13,494 Other current assets 39,244 36,334 Property, plant and equipment, net 31,262 33,717 Other noncurrent assets 3,880 4,250 Total assets $ 95,896 $ 98,416 Current liabilities $ 36,749 $ 32,172 Noncurrent liabilities 7,613 8,291 Total liabilities $ 44,362 $ 40,463 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 variable interests 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 Condensed 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 as of the dates set forth below were as follows (amounts in thousands): June 30, December 31, 2017 Investments $ 4,034 $ 3,823 Other current assets 1,267 1,261 Total VIE assets 5,301 5,084 Accounts payable 1,972 1,413 Maximum exposure to loss $ 7,273 $ 6,497 |
OTHER INCOME (Tables)
OTHER INCOME (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Other Income and Expenses [Abstract] | |
Other Income [Table Text Block] | Other income consisted of the following for the periods set forth below (amounts in thousands): Three months ended Six months ended June 30, June 30, 2018 2017 2018 2017 Equity investment income $ 1,067 $ 530 $ 2,183 $ 1,350 Interest income 532 801 1,149 1,774 Building rental income 410 595 988 1,195 Investment gain related to investments for deferred compensation 567 497 688 1,347 Other (expense) income (99 ) (673 ) 5,219 (1,239 ) $ 2,477 $ 1,750 $ 10,227 $ 4,427 |
EARNINGS PER SHARE (Tables)
EARNINGS PER SHARE (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Earnings per share (EPS) were as follows for the periods presented below (amounts in thousands, except per share data): Three months ended Six months ended June 30, June 30, 2018 2017 2018 2017 Net income (loss) attributable to Titan $ 5,697 $ (6,293 ) $ 22,062 $ (17,746 ) Redemption value adjustment (4,678 ) (4,040 ) (7,021 ) (3,099 ) Net income (loss) applicable to common shareholders $ 1,019 $ (10,333 ) $ 15,041 $ (20,845 ) Determination of shares: Weighted average shares outstanding (basic) 59,750 59,577 59,731 59,067 Effect of stock options/trusts 128 — 146 — Weighted average shares outstanding (diluted) 59,878 59,577 59,877 59,067 Earnings per share: Basic and diluted 0.02 (0.17 ) 0.25 (0.35 ) |
SEGMENT INFORMATION (Tables)
SEGMENT INFORMATION (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Segment Reporting Information [Line Items] | |
Reconciliation of Revenue from Segments to Consolidated [Table Text Block] | he table below presents information about certain operating results, separated by market segments, for each of the three and six months ended June 30, 2018 and 2017 (amounts in thousands): Three months ended Six months ended June 30, June 30, 2018 2017 2018 2017 Net sales Agricultural $ 186,870 $ 172,923 $ 381,037 $ 353,439 Earthmoving/construction 198,963 150,970 387,696 286,589 Consumer 43,071 40,506 85,553 81,872 $ 428,904 $ 364,399 $ 854,286 $ 721,900 Gross profit Agricultural $ 27,270 $ 23,037 $ 57,231 $ 44,916 Earthmoving/construction 24,260 14,254 46,722 27,152 Consumer 6,782 6,729 13,920 12,153 $ 58,312 $ 44,020 $ 117,873 $ 84,221 Income (loss) from operations Agricultural $ 19,002 $ 14,224 $ 40,323 $ 26,969 Earthmoving/construction 11,575 2,322 21,528 3,384 Consumer 3,651 3,536 7,598 5,051 Corporate & Unallocated (18,003 ) (15,666 ) (35,124 ) (37,577 ) Income (loss) from operations 16,225 4,416 34,325 (2,173 ) Interest expense (7,672 ) (7,320 ) (15,190 ) (15,041 ) Foreign exchange loss (3,610 ) (5,257 ) (8,042 ) (767 ) Other income, net 2,477 1,750 10,227 4,427 Income (loss) before income taxes $ 7,420 $ (6,411 ) $ 21,320 $ (13,554 ) |
Reconciliation of Assets from Segment to Consolidated [Table Text Block] | Assets by segment were as follows as of the dates set forth below (amounts in thousands): June 30, December 31, Total assets Agricultural $ 470,466 $ 444,783 Earthmoving/construction 576,842 537,855 Consumer 131,943 157,133 Corporate & Unallocated 131,119 150,341 $ 1,310,370 $ 1,290,112 |
FAIR VALUE MEASUREMENTS (Tables
FAIR VALUE MEASUREMENTS (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
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 as of the dates set forth below (amounts in thousands): June 30, 2018 December 31, 2017 Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Contractual obligation investments $ 14,268 $ 14,268 $ — $ — $ 12,393 $ 12,393 $ — $ — Derivative financial instruments asset 600 — 600 — 458 — 458 — Preferred stock 111 — — 111 154 — — 154 Total $ 14,979 $ 14,268 $ 600 $ 111 $ 13,005 $ 12,393 $ 458 $ 154 |
Fair Value, Assets and Liabilities Measured on Recurring Basis, Gain (Loss) Included in Earnings [Table Text Block] | The following table presents the changes, during the six months ended June 30, 2018, 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, 2017 $ 154 Total unrealized losses (43 ) Balance as of June 30, 2018 $ 111 |
ACCUMULATED OTHER COMPREHENSI47
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Stockholders' Equity Note [Abstract] | |
Schedule of Accumulated Other Comprehensive Loss | Accumulated other comprehensive loss consisted of the following for the periods presented below (amounts in thousands): Currency Translation Adjustments Unrecognized Losses and Prior Service Cost Total Balance at April 1, 2018 $ (125,526 ) $ (23,244 ) $ (148,770 ) Currency translation adjustments (36,113 ) — (36,113 ) Defined benefit pension plan entries: Amortization of unrecognized losses and prior service cost, net of tax of $10 — 690 690 Reclassification as a result of ownership change (4,325 ) — (4,325 ) Balance at June 30, 2018 $ (165,964 ) $ (22,554 ) $ (188,518 ) Currency Translation Adjustments Unrecognized Losses and Prior Service Cost Total Balance at January 1, 2018 $ (132,949 ) $ (24,127 ) $ (157,076 ) Currency translation adjustments (28,690 ) — (28,690 ) Defined benefit pension plan entries: Amortization of unrecognized losses and prior service cost, net of tax of $(44) — 1,573 1,573 Reclassification as a result of ownership change (4,325 ) — (4,325 ) Balance at June 30, 2018 $ (165,964 ) $ (22,554 ) $ (188,518 ) |
SUBSIDIARY GUARANTOR FINANCIA48
SUBSIDIARY GUARANTOR FINANCIAL INFORMATION (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Condensed Income Statement [Table Text Block] | (Amounts in thousands) Condensed Consolidating Statements of Operations For the Three Months Ended June 30, 2018 Titan Intl., Inc. (Parent) Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Net sales $ — $ 166,757 $ 262,147 $ — $ 428,904 Cost of sales 138 140,208 230,246 — 370,592 Gross (loss) profit (138 ) 26,549 31,901 — 58,312 Selling, general and administrative expenses 1,678 16,985 18,036 — 36,699 Research and development expenses 253 983 1,518 — 2,754 Royalty expense 628 940 1,066 — 2,634 (Loss) income from operations (2,697 ) 7,641 11,281 — 16,225 Interest expense (6,826 ) — (846 ) — (7,672 ) Intercompany interest income (expense) 628 909 (1,537 ) — — Foreign exchange loss — (662 ) (2,948 ) — (3,610 ) Other income (expense) 959 (147 ) 1,665 — 2,477 (Loss) income before income taxes (7,936 ) 7,741 7,615 — 7,420 (Benefit) provision for income taxes (2,390 ) 3,044 1,029 — 1,683 Equity in earnings of subsidiaries 11,283 — 209 (11,492 ) — Net income (loss) 5,737 4,697 6,795 (11,492 ) 5,737 Net income attributable to noncontrolling interests — — 40 — 40 Net income (loss) attributable to Titan $ 5,737 $ 4,697 $ 6,755 $ (11,492 ) $ 5,697 (Amounts in thousands) Condensed Consolidating Statements of Operations For the Three Months Ended June 30, 2017 Titan Intl., Inc. (Parent) Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Net sales $ — $ 147,244 $ 217,155 $ — $ 364,399 Cost of sales 87 129,743 190,549 — 320,379 Gross (loss) profit (87 ) 17,501 26,606 — 44,020 Selling, general and administrative expenses 3,066 14,043 17,354 — 34,463 Research and development expenses — 950 1,658 — 2,608 Royalty expense 250 1,410 873 — 2,533 (Loss) income from operations (3,403 ) 1,098 6,721 — 4,416 Interest expense (7,234 ) — (86 ) — (7,320 ) Intercompany interest income (expense) 588 1,947 (2,535 ) — — Foreign exchange loss — (41 ) (5,216 ) — (5,257 ) Other income (loss) 931 (317 ) 1,136 — 1,750 (Loss) income before income taxes (9,118 ) 2,687 20 — (6,411 ) (Benefit) provision for income taxes (3,185 ) 1,321 1,990 — 126 Equity in earnings of subsidiaries (603 ) — (3,686 ) 4,289 — Net (loss) income (6,536 ) 1,366 (5,656 ) 4,289 (6,537 ) Net loss attributable to noncontrolling interests — — (244 ) — (244 ) Net (loss) income attributable to Titan $ (6,536 ) $ 1,366 $ (5,412 ) $ 4,289 $ (6,293 ) (Amounts in thousands) Condensed Consolidating Statements of Operations For the Six Months Ended June 30, 2018 Titan Intl., Inc. (Parent) Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Net sales $ — $ 337,517 $ 516,769 $ — $ 854,286 Cost of sales 246 281,738 454,429 — 736,413 Gross (loss) profit (246 ) 55,779 62,340 — 117,873 Selling, general and administrative expenses 2,873 32,260 37,487 — 72,620 Research and development expenses 493 1,969 3,169 — 5,631 Royalty expense 881 2,453 1,963 — 5,297 (Loss) income from operations (4,493 ) 19,097 19,721 — 34,325 Interest expense (13,639 ) — (1,551 ) — (15,190 ) Intercompany interest income (expense) 1,251 1,922 (3,173 ) — — Foreign exchange loss — (670 ) (7,372 ) — (8,042 ) Other income (expense) 6,628 (313 ) 3,912 — 10,227 (Loss) income before income taxes (10,253 ) 20,036 11,537 — 21,320 (Benefit) provision for income taxes (12,456 ) 7,304 6,049 — 897 Equity in earnings of subsidiaries 18,220 — 4,546 (22,766 ) — Net income (loss) 20,423 12,732 10,034 (22,766 ) 20,423 Net loss attributable to noncontrolling interests — — (1,639 ) — (1,639 ) Net income (loss) attributable to Titan $ 20,423 $ 12,732 $ 11,673 $ (22,766 ) $ 22,062 (Amounts in thousands) Condensed Consolidating Statements of Operations For the Six Months Ended June 30, 2017 Titan Intl., Inc. (Parent) Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Net sales $ — $ 291,080 $ 430,820 $ — $ 721,900 Cost of sales 156 256,163 381,360 — 637,679 Gross (loss) profit (156 ) 34,917 49,460 — 84,221 Selling, general and administrative expenses 7,938 31,313 36,550 — 75,801 Research and development expenses — 1,853 3,598 — 5,451 Royalty expense 667 2,704 1,771 — 5,142 (Loss) income from operations (8,761 ) (953 ) 7,541 — (2,173 ) Interest expense (14,679 ) — (362 ) — (15,041 ) Intercompany interest income (expense) 1,169 1,946 (3,115 ) — — Foreign exchange loss — (41 ) (726 ) — (767 ) Other income (expense) 2,212 (753 ) 2,968 — 4,427 (Loss) income before income taxes (20,059 ) 199 6,306 — (13,554 ) (Benefit) provision for income taxes (1,510 ) 1,495 3,583 — 3,568 Equity in earnings of subsidiaries 4,372 — (8,409 ) 4,037 — Net (loss) income (14,177 ) (1,296 ) (5,686 ) 4,037 (17,122 ) Net income attributable to noncontrolling interests — — 624 — 624 Net (loss) income attributable to Titan $ (14,177 ) $ (1,296 ) $ (6,310 ) $ 4,037 $ (17,746 ) |
Condensed Statement of Comprehensive Income [Table Text Block] | (Amounts in thousands) Condensed Consolidating Statements of Comprehensive Income (Loss) For the Three Months Ended June 30, 2018 Titan Intl., Inc. (Parent) Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Net income (loss) $ 5,737 $ 4,697 $ 6,795 $ (11,492 ) $ 5,737 Currency translation adjustment (38,338 ) — (38,338 ) 38,338 (38,338 ) Pension liability adjustments, net of tax 690 646 44 (690 ) 690 Comprehensive (loss) income (31,911 ) 5,343 (31,499 ) 26,156 (31,911 ) Net comprehensive loss attributable to redeemable and noncontrolling interests — — (2,185 ) — (2,185 ) Comprehensive (loss) income attributable to Titan $ (31,911 ) $ 5,343 $ (29,314 ) $ 26,156 $ (29,726 ) (Amounts in thousands) Condensed Consolidating Statements of Comprehensive Income (Loss) For the Three Months Ended June 30, 2017 Titan Intl., Inc. (Parent) Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Net (loss) income $ (6,536 ) $ 1,366 $ (5,656 ) $ 4,289 $ (6,537 ) Currency translation adjustment 8,006 — 8,006 (8,006 ) 8,006 Pension liability adjustments, net of tax 989 625 364 (989 ) 989 Comprehensive income (loss) 2,459 1,991 2,714 (4,706 ) 2,458 Net comprehensive loss attributable to redeemable and noncontrolling interests — — (1,562 ) — (1,562 ) Comprehensive income (loss) attributable to Titan $ 2,459 $ 1,991 $ 4,276 $ (4,706 ) $ 4,020 (Amounts in thousands) Condensed Consolidating Statements of Comprehensive Income (Loss) For the Six Months Ended June 30, 2018 Titan Intl., Inc. (Parent) Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Net income (loss) $ 20,423 $ 12,732 $ 10,034 $ (22,766 ) $ 20,423 Currency translation adjustment (30,276 ) — (30,276 ) 30,276 (30,276 ) Pension liability adjustments, net of tax 1,573 1,292 281 (1,573 ) 1,573 Comprehensive (loss) income (8,280 ) 14,024 (19,961 ) 5,937 (8,280 ) Net comprehensive loss attributable to redeemable and noncontrolling interests — — (3,225 ) — (3,225 ) Comprehensive (loss) income attributable to Titan $ (8,280 ) $ 14,024 $ (16,736 ) $ 5,937 $ (5,055 ) (Amounts in thousands) Condensed Consolidating Statements of Comprehensive Income (Loss) For the Six Months Ended June 30, 2017 Titan Intl., Inc. (Parent) Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Net (loss) income $ (14,177 ) $ (1,296 ) $ (5,686 ) $ 4,037 $ (17,122 ) Currency translation adjustment 19,025 — (19,025 ) 19,025 19,025 Pension liability adjustments, net of tax 1,722 1,250 472 (1,722 ) 1,722 Comprehensive income (loss) 6,570 (46 ) (24,239 ) 21,340 3,625 Net comprehensive income attributable to redeemable and noncontrolling interests — — 1,221 — 1,221 Comprehensive income (loss) attributable to Titan $ 6,570 $ (46 ) $ (25,460 ) $ 21,340 $ 2,404 |
Condensed Balance Sheet [Table Text Block] | (Amounts in thousands) Condensed Consolidating Balance Sheets June 30, 2018 Titan Intl., Inc. (Parent) Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Assets Cash and cash equivalents $ 34,694 $ 5 $ 71,792 $ — $ 106,491 Accounts receivable, net — 79,909 202,491 — 282,400 Inventories — 112,238 260,494 — 372,732 Prepaid and other current assets 18,042 19,948 36,639 — 74,629 Total current assets 52,736 212,100 571,416 — 836,252 Property, plant and equipment, net 9,510 103,374 280,380 — 393,264 Investment in subsidiaries 764,208 — 78,920 (843,128 ) — Other assets 6,310 958 73,586 — 80,854 Total assets $ 832,764 $ 316,432 $ 1,004,302 $ (843,128 ) $ 1,310,370 Liabilities and Equity Short-term debt $ — $ — $ 52,358 $ — $ 52,358 Accounts payable 2,212 30,349 193,480 — 226,041 Other current liabilities 30,169 31,717 67,171 — 129,057 Total current liabilities 32,381 62,066 313,009 — 407,456 Long-term debt 394,696 — 14,917 — 409,613 Other long-term liabilities 9,087 14,387 54,323 — 77,797 Intercompany accounts 81,949 (275,567 ) 193,618 — — Redeemable noncontrolling interest — — 117,546 — 117,546 Titan shareholders' equity 314,651 515,546 318,001 (843,128 ) 305,070 Noncontrolling interests — — (7,112 ) — (7,112 ) Total liabilities and equity $ 832,764 $ 316,432 $ 1,004,302 $ (843,128 ) $ 1,310,370 (Amounts in thousands) Condensed Consolidating 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, net — 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 assets 6,389 967 78,315 — 85,671 Total assets $ 853,161 $ 282,412 $ 995,319 $ (840,780 ) $ 1,290,112 Liabilities and 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 shareholders' equity 329,477 501,522 330,710 (840,780 ) 320,929 Noncontrolling interests — — (10,845 ) — (10,845 ) Total liabilities and equity $ 853,161 $ 282,412 $ 995,319 $ (840,780 ) $ 1,290,112 |
Condensed Cash Flow Statement [Table Text Block] | (Amounts in thousands) Condensed Consolidating Statements of Cash Flows For the Six Months Ended June 30, 2018 Titan Intl., Inc. (Parent) Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidated Net cash (used for) provided by operating activities $ (24,585 ) $ 3,265 $ (8,607 ) $ (29,927 ) Cash flows from investing activities: Capital expenditures (83 ) (3,274 ) (15,059 ) (18,416 ) Other, net 220 1 663 884 Net cash provided by (used for) investing activities 137 (3,273 ) (14,396 ) (17,532 ) Cash flows from financing activities: Proceeds from borrowings — — 40,078 40,078 Payment on debt — — (24,527 ) (24,527 ) Dividends paid (598 ) — — (598 ) Net cash (used for) provided by financing activities (598 ) — 15,551 14,953 Effect of exchange rate change on cash — — (4,573 ) (4,573 ) Net decrease in cash and cash equivalents (25,046 ) (8 ) (12,025 ) (37,079 ) Cash and cash equivalents, beginning of period 59,740 13 83,817 143,570 Cash and cash equivalents, end of period $ 34,694 $ 5 $ 71,792 $ 106,491 (Amounts in thousands) Condensed Consolidating Statements of Cash Flows For the Six Months Ended June 30, 2017 Titan Intl., Inc. (Parent) Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidated Net cash (used for) provided by operating activities $ (43,700 ) $ 2,191 $ 10,956 $ (30,553 ) Cash flows from investing activities: Capital expenditures (716 ) (2,534 ) (11,902 ) (15,152 ) Certificates of deposit 40,000 — — 40,000 Other, net — 344 694 1,038 Net cash provided by (used for) investing activities 39,284 (2,190 ) (11,208 ) 25,886 Cash flows from financing activities: Proceeds from borrowings — — 27,742 27,742 Payment on debt (3,393 ) — (25,684 ) (29,077 ) Dividends paid (570 ) — — (570 ) Net cash (used for) provided by financing activities (3,963 ) — 2,058 (1,905 ) Effect of exchange rate change on cash — — 1,981 1,981 Net (decrease) increase in cash and cash equivalents (8,379 ) 1 3,787 (4,591 ) Cash and cash equivalents, beginning of period 86,190 9 61,628 147,827 Cash and cash equivalents, end of period $ 77,811 $ 10 $ 65,415 $ 143,236 |
ACCOUNTING POLICIES (Details)
ACCOUNTING POLICIES (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | Jan. 01, 2018 | Dec. 31, 2017 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification | $ 123 | |||||
Long-term Debt | $ 394,700 | $ 394,700 | ||||
Common Stock, Dividends, Per Share, Declared | $ 0.005 | $ 0.005 | $ 0.010 | $ 0.010 | ||
Inventory, Net | $ 372,732 | $ 372,732 | $ 339,446 | $ 339,836 | ||
Other current liabilities | 129,057 | 129,057 | 133,261 | 133,774 | ||
Retained Earnings (Accumulated Deficit) | (22,471) | (22,471) | (43,934) | (44,022) | ||
Stockholders' Equity Attributable to Noncontrolling Interest | (7,112) | (7,112) | $ (10,810) | (10,845) | ||
Debt Instrument, Fair Value Disclosure | $ 397,000 | $ 397,000 | ||||
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% | ||||
Operating Segments [Member] | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Revenues | $ 428,904 | $ 364,399 | $ 854,286 | $ 721,900 | ||
Operating Segments [Member] | Agricultural [Member] | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Revenues | 186,870 | 172,923 | 381,037 | 353,439 | ||
Operating Segments [Member] | Earthmoving/construction [Member] | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Revenues | 198,963 | 150,970 | 387,696 | 286,589 | ||
Operating Segments [Member] | Consumer [Member] | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Revenues | 43,071 | $ 40,506 | 85,553 | $ 81,872 | ||
Adjustments for New Accounting Pronouncement [Member] | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification | $ 400 | $ 900 | ||||
Accounting Standards Update 2014-09 [Member] | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Inventory, Net | (390) | |||||
Other current liabilities | (513) | |||||
Retained Earnings (Accumulated Deficit) | 88 | |||||
Stockholders' Equity Attributable to Noncontrolling Interest | $ 35 |
ACCOUNTS RECEIVABLE (Details)
ACCOUNTS RECEIVABLE (Details) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Receivables [Abstract] | ||
Accounts receivable | $ 285,712 | $ 229,677 |
Allowance for doubtful accounts | 3,312 | 2,974 |
Accounts receivable, net | $ 282,400 | $ 226,703 |
INVENTORIES (Details)
INVENTORIES (Details) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Inventory Disclosure [Abstract] | ||
Raw material | $ 99,198 | $ 83,541 |
Work-in-process | 45,069 | 40,525 |
Finished goods | 228,465 | 215,770 |
Inventory, Gross | $ 372,732 | $ 339,836 |
PROPERTY, PLANT AND EQUIPMENT52
PROPERTY, PLANT AND EQUIPMENT, NET (Details) - USD ($) $ in Thousands | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Dec. 31, 2017 | |
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Gross | $ 1,016,584 | $ 1,033,485 | |
Less accumulated depreciation | (623,320) | (612,237) | |
Property, Plant and Equipment, Net | 393,264 | 421,248 | |
Depreciation | 28,300 | $ 27,400 | |
Capital Leases, Balance Sheet, Assets by Major Class, Net | 6,600 | ||
Land and Land Improvements [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Gross | 44,145 | 46,998 | |
Building and Building Improvements [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Gross | 255,716 | 264,078 | |
Capital Leased Assets, Gross | 3,897 | 4,056 | |
Capital Leases, Lessee Balance Sheet, Assets by Major Class, Accumulated Depreciation | (2,257) | (2,294) | |
Capital Leases, Balance Sheet, Assets by Major Class, Net | 1,640 | 1,762 | |
Machinery and Equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Gross | 592,557 | 598,411 | |
Capital Leased Assets, Gross | 31,633 | 32,379 | |
Capital Leases, Lessee Balance Sheet, Assets by Major Class, Accumulated Depreciation | (26,694) | (27,260) | |
Capital Leases, Balance Sheet, Assets by Major Class, Net | 4,939 | 5,119 | |
Tools, Dies and Molds [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Gross | 108,987 | 108,649 | |
Construction in Progress [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Gross | $ 15,179 | $ 15,349 |
INTANGIBLE ASSETS (Details)
INTANGIBLE ASSETS (Details) - USD ($) $ in Thousands | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Dec. 31, 2017 | |
Intangible Assets, Net (Excluding Goodwill) [Abstract] | |||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 9 years 2 months 12 days | ||
Finite-Lived Customer Relationships, Gross | $ 13,609 | $ 13,922 | |
Finite-Lived Intangible Asset, Useful Life | 7 years 7 months 6 days | ||
Finite-Lived Trademarks, Gross | $ 14,328 | 15,208 | |
Finite-Lived Intangible Assets, Gross | 27,937 | 29,130 | |
Finite-Lived Intangible Assets, Accumulated Amortization | (14,614) | (13,855) | |
Intangible Assets, Net (Excluding Goodwill) | 13,323 | $ 15,275 | |
Amortization of Intangible Assets | 1,300 | $ 1,500 | |
Finite-Lived Intangible Assets, Amortization Expense, Maturity Schedule [Abstract] | |||
July 1 - December 31, 2018 | 1,203 | ||
2,019 | 2,306 | ||
2,020 | 2,285 | ||
2,021 | 1,164 | ||
2,022 | 1,067 | ||
Thereafter | $ 5,298 |
WARRANTY (Details)
WARRANTY (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2017 | |
Product Warranty Liability [Line Items] | ||
Warranty liability at January 1 | $ 18,612 | $ 17,926 |
Provision for warranty liabilities | 4,213 | 3,112 |
Warranty payments made | (3,818) | (3,378) |
Warranty liability at June 30 | $ 19,007 | $ 17,660 |
REVOLVING CREDIT FACILITY AND55
REVOLVING CREDIT FACILITY AND LONG-TERM DEBT (Details) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Debt Instruments [Abstract] | ||
6.50% senior secured notes due 2023 | $ 394,700 | |
Capital leases | 520 | $ 489 |
Long-term Debt and Capital Lease Obligations, Including Current Maturities | 461,971 | 450,822 |
Short-term debt | 52,358 | 43,651 |
Long-term debt | 409,613 | 407,171 |
Debt Instrument, Unamortized Discount | (5,304) | (5,716) |
Debt Instrument, Unamortized Discount, Noncurrent | 0 | 0 |
Debt Instrument, Unamortized Discount, Current | 0 | 0 |
Debt Instrument, Unamortized Discount (Premium), Net | (5,304) | |
Maturities of Long-term Debt [Abstract] | ||
July 1 - December 31, 2018 | 25,358 | |
2,019 | 29,832 | |
2,020 | 8,535 | |
2,021 | 2,921 | |
2,022 | 254 | |
Thereafter | 400,375 | |
Line of Credit Facility, Maximum Borrowing Capacity | 75,000 | |
Letters of Credit Outstanding, Amount | 12,300 | |
Line of Credit Facility, Current Borrowing Capacity | $ 62,700 | |
Senior Secured Notes 6.50 Percent [Member] [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Interest Rate, Effective Percentage | 6.79% | |
Maturities of Long-term Debt [Abstract] | ||
Debt Instrument, Interest Rate, Stated Percentage | 6.50% | |
Senior Secured Notes 6.875 Percent [Member] | ||
Debt Instruments [Abstract] | ||
6.50% senior secured notes due 2023 | $ 400,000 | 400,000 |
Long-term Debt | 394,696 | 394,284 |
Debt Instrument, Unamortized Discount | (5,304) | (5,716) |
Titan Europe [Member] | ||
Debt Instruments [Abstract] | ||
Other Borrowings | 34,186 | 33,485 |
Debt Instrument, Unamortized Discount, Noncurrent | $ 0 | 0 |
Titan Europe [Member] | Minimum [Member] | ||
Maturities of Long-term Debt [Abstract] | ||
Debt Instrument, Interest Rate, Stated Percentage | 5.00% | |
Titan Europe [Member] | Maximum [Member] | ||
Maturities of Long-term Debt [Abstract] | ||
Debt Instrument, Interest Rate, Stated Percentage | 6.90% | |
Other Debt Obligations [Member] | ||
Debt Instruments [Abstract] | ||
Other debt | $ 32,569 | 22,564 |
Debt Instrument, Unamortized Discount, Noncurrent | 0 | 0 |
Titan Brazil [Member] | ||
Debt Instruments [Abstract] | ||
Other debt | 8,700 | |
Voltyre-Prom [Member] | ||
Debt Instruments [Abstract] | ||
Other debt | 23,800 | |
Long-term Debt [Member] | ||
Debt Instruments [Abstract] | ||
Long-term Debt and Capital Lease Obligations, Including Current Maturities | 467,275 | 456,538 |
Long-term debt | $ 414,917 | 412,887 |
Accounting Standards Update 2015-03 [Member] | ||
Debt Instruments [Abstract] | ||
Debt Instrument, Unamortized Discount (Premium), Net | $ (5,716) |
DERIVATIVE FINANCIAL INSTRUME56
DERIVATIVE FINANCIAL INSTRUMENTS (Details) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2017 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||
Derivative, Gain (Loss) on Derivative, Net | $ 0.4 | $ 0.2 |
REDEEMABLE NONCONTROLLING INT57
REDEEMABLE NONCONTROLLING INTEREST (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Redeemable Noncontrolling Interest [Line Items] | ||||
Balance at January 1 | $ 113,193 | $ 104,809 | ||
Net Income (Loss) Attributable to Redeemable Noncontrolling Interest | (461) | (190) | ||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, before Tax, Portion Attributable to Noncontrolling Interest | (2,207) | 1,121 | ||
Redemption value adjustment | $ 4,678 | $ 4,040 | 7,021 | 3,099 |
Balance at June 30 | $ 117,546 | $ 108,839 | 117,546 | $ 108,839 |
Additional paid-in capital [Member] | ||||
Redeemable Noncontrolling Interest [Line Items] | ||||
Redemption value adjustment | $ (7,021) |
LEASE COMMITMENTS (Details)
LEASE COMMITMENTS (Details) $ in Thousands | Jun. 30, 2018USD ($) |
Operating Leases, Future Minimum Payments Due [Abstract] | |
July 1 - December 31, 2018 | $ 4,177 |
2,019 | 7,185 |
2,020 | 5,050 |
2,021 | 4,006 |
2,022 | 3,034 |
Thereafter | 6,831 |
Total future minimum lease payments | 30,283 |
Capital Leases, Balance Sheet, Assets by Major Class, Net | 6,600 |
Capital Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | |
July 1 - December 31, 2018 | 168 |
2,019 | 159 |
2,020 | 55 |
2,021 | 41 |
2,022 | 43 |
Thereafter | 53 |
Total future capital lease obligation payments | 519 |
Less amount representing interest | (4) |
Present value of future capital lease obligation payments | $ 515 |
EMPLOYEE BENEFIT PLANS (Details
EMPLOYEE BENEFIT PLANS (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Plan Assets, Contributions by Employer | $ 1,700 | |||
Defined Benefit Plan, Estimated Future Employer Contributions in Current Fiscal Year | 3,700 | $ 3,700 | ||
Pension Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | 141 | $ 128 | 278 | $ 353 |
Interest cost | 1,098 | 1,163 | 2,181 | 2,334 |
Expected return on assets | (1,491) | (1,368) | (2,983) | (2,737) |
Amortization of unrecognized prior service cost | 50 | 34 | 100 | 68 |
Amortization of net unrecognized loss | 690 | 655 | 1,366 | 1,329 |
Net periodic pension cost | $ 488 | $ 612 | $ 942 | $ 1,347 |
VARIABLE INTEREST ENTITIES (Det
VARIABLE INTEREST ENTITIES (Details) - USD ($) $ in Thousands | 6 Months Ended | |||||
Jun. 30, 2018 | Jan. 01, 2018 | Dec. 31, 2017 | Jun. 30, 2017 | Dec. 31, 2016 | Feb. 08, 2016 | |
Variable Interest Entity [Line Items] | ||||||
Cash and Cash Equivalents, at Carrying Value | $ 106,491 | $ 143,570 | $ 143,236 | $ 147,827 | ||
Inventories | 372,732 | $ 339,446 | 339,836 | |||
Property, Plant and Equipment, Net | 393,264 | 421,248 | ||||
Other Assets, Noncurrent | 80,854 | 85,671 | ||||
Total assets | 1,310,370 | 1,290,112 | ||||
Total current liabilities | 407,456 | 372,922 | ||||
Total liabilities | 894,866 | 866,835 | ||||
Accounts payable | 226,041 | 195,497 | ||||
Variable Interest Entity, Primary Beneficiary [Member] | ||||||
Variable Interest Entity [Line Items] | ||||||
Cash and Cash Equivalents, at Carrying Value | 8,911 | 10,621 | ||||
Inventories | 12,599 | 13,494 | ||||
Other Assets, Current | 39,244 | 36,334 | ||||
Property, Plant and Equipment, Net | 31,262 | 33,717 | ||||
Other Assets, Noncurrent | 3,880 | 4,250 | ||||
Total assets | 95,896 | 98,416 | ||||
Total current liabilities | 36,749 | 32,172 | ||||
Liabilities, Noncurrent | 7,613 | 8,291 | ||||
Total liabilities | 44,362 | 40,463 | ||||
Variable Interest Entity, Not Primary Beneficiary [Member] | ||||||
Variable Interest Entity [Line Items] | ||||||
Other Assets, Current | 1,267 | 1,261 | ||||
Investments | 4,034 | 3,823 | ||||
Total VIE assets | 5,301 | 5,084 | ||||
Accounts payable | 1,972 | 1,413 | ||||
Maximum exposure to loss | $ 7,273 | $ 6,497 | ||||
Titan Tire Reclamation Corporation [Member] | ||||||
Variable Interest Entity [Line Items] | ||||||
Variable Interest Entity, Qualitative or Quantitative Information, Ownership Percentage | 50.00% | |||||
Titan National Australia Holdings [Member] | ||||||
Variable Interest Entity [Line Items] | ||||||
Variable Interest Entity, Qualitative or Quantitative Information, Ownership Percentage | 40.00% | |||||
Titan Tire Russia B.V. [Member] | ||||||
Variable Interest Entity [Line Items] | ||||||
Noncontrolling Interest, Ownership Percentage by Parent | 43.00% |
ROYALTY EXPENSE (Details)
ROYALTY EXPENSE (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Other Income and Expenses [Abstract] | ||||
Royalty expense | $ 2,634 | $ 2,533 | $ 5,297 | $ 5,142 |
OTHER INCOME (Details)
OTHER INCOME (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Other Income and Expenses [Abstract] | ||||
Equity investment income | $ 1,067 | $ 530 | $ 2,183 | $ 1,350 |
Interest income | 532 | 801 | 1,149 | 1,774 |
Building rental income | 410 | 595 | 988 | 1,195 |
Investment gain related to investments for deferred compensation | 567 | 497 | 688 | 1,347 |
Other (expense) income | (99) | (673) | 5,219 | (1,239) |
Nonoperating Income (Expense) | $ 2,477 | $ 1,750 | $ 10,227 | $ 4,427 |
INCOME TAXES (Details)
INCOME TAXES (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |||||
Provision for income taxes | $ 1,683 | $ 126 | $ 897 | $ 3,568 | |
Effective Income Tax Rate, Continuing Operations | 23.00% | (2.00%) | 4.00% | (26.00%) | |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% | 35.00% |
EARNINGS PER SHARE (Details)
EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Net income (loss) attributable to Titan | $ 5,697 | $ (6,293) | $ 22,062 | $ (17,746) |
Redemption value adjustment | (4,678) | (4,040) | (7,021) | (3,099) |
Net income (loss) applicable to common shareholders | $ 1,019 | $ (10,333) | $ 15,041 | $ (20,845) |
Weighted Average Number of Shares Outstanding, Basic | 59,750 | 59,577 | 59,731 | 59,067 |
Effect of stock options/trusts | 128 | 0 | 146 | 0 |
Weighted average shares outstanding (diluted) | 59,878 | 59,577 | 59,877 | 59,067 |
Earnings Per Share, Basic and Diluted | $ 0.02 | $ (0.17) | $ 0.25 | $ (0.35) |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 200 | |||
5.625% convertible senior subordinated notes [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 500 |
LITIGATION (Details)
LITIGATION (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2018 | Dec. 31, 2016 | |
Loss Contingencies [Line Items] | ||
Accrual for Environmental Loss Contingencies | $ 6,500 | |
Accrual for Environmental Loss Contingencies, Revision in Estimates | 1,050 | |
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 |
SEGMENT INFORMATION (Details)
SEGMENT INFORMATION (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | Dec. 31, 2017 | |
Segment Reporting Information [Line Items] | |||||
Gross profit (loss) | $ 58,312 | $ 44,020 | $ 117,873 | $ 84,221 | |
Income (loss) from operations | 16,225 | 4,416 | 34,325 | (2,173) | |
Interest expense | (7,672) | (7,320) | (15,190) | (15,041) | |
Foreign Currency Transaction Gain (Loss), before Tax | (3,610) | (5,257) | (8,042) | (767) | |
Other income, net | 2,477 | 1,750 | 10,227 | 4,427 | |
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest | 7,420 | (6,411) | 21,320 | (13,554) | |
Assets | 1,310,370 | 1,310,370 | $ 1,290,112 | ||
Operating Segments [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 428,904 | 364,399 | 854,286 | 721,900 | |
Gross profit (loss) | 58,312 | 44,020 | 117,873 | 84,221 | |
Income (loss) from operations | 16,225 | 4,416 | 34,325 | (2,173) | |
Operating Segments [Member] | Agricultural [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 186,870 | 172,923 | 381,037 | 353,439 | |
Gross profit (loss) | 27,270 | 23,037 | 57,231 | 44,916 | |
Income (loss) from operations | 19,002 | 14,224 | 40,323 | 26,969 | |
Assets | 470,466 | 470,466 | 444,783 | ||
Operating Segments [Member] | Earthmoving/construction [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 198,963 | 150,970 | 387,696 | 286,589 | |
Gross profit (loss) | 24,260 | 14,254 | 46,722 | 27,152 | |
Income (loss) from operations | 11,575 | 2,322 | 21,528 | 3,384 | |
Assets | 576,842 | 576,842 | 537,855 | ||
Operating Segments [Member] | Consumer [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 43,071 | 40,506 | 85,553 | 81,872 | |
Gross profit (loss) | 6,782 | 6,729 | 13,920 | 12,153 | |
Income (loss) from operations | 3,651 | 3,536 | 7,598 | 5,051 | |
Assets | 131,943 | 131,943 | 157,133 | ||
Operating Segments [Member] | Unallocated Amount to Segment [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Income (loss) from operations | (18,003) | (15,666) | (35,124) | (37,577) | |
Assets | 131,119 | 131,119 | $ 150,341 | ||
Unallocated Amount to Segment [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Interest expense | (7,672) | (7,320) | (15,190) | (15,041) | |
Foreign Currency Transaction Gain (Loss), before Tax | (3,610) | (5,257) | (8,042) | (767) | |
Other income, net | $ 2,477 | $ 1,750 | $ 10,227 | $ 4,427 |
SEGMENT INFORMATION ASSETS (det
SEGMENT INFORMATION ASSETS (details) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Segment Reporting Information [Line Items] | ||
Assets | $ 1,310,370 | $ 1,290,112 |
Operating Segments [Member] | Agricultural [Member] | ||
Segment Reporting Information [Line Items] | ||
Assets | 470,466 | 444,783 |
Operating Segments [Member] | Earthmoving/construction [Member] | ||
Segment Reporting Information [Line Items] | ||
Assets | 576,842 | 537,855 |
Operating Segments [Member] | Consumer [Member] | ||
Segment Reporting Information [Line Items] | ||
Assets | 131,943 | 157,133 |
Operating Segments [Member] | Unallocated Amount to Segment [Member] | ||
Segment Reporting Information [Line Items] | ||
Assets | $ 131,119 | $ 150,341 |
FAIR VALUE MEASUREMENTS (Detail
FAIR VALUE MEASUREMENTS (Details) - Fair Value, Measurements, Recurring [Member] - USD ($) $ in Thousands | 3 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2018 | Dec. 31, 2017 | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Investments for contractual obligations | $ 14,268 | $ 12,393 | |
Derivative Asset | 600 | 458 | |
Other Assets, Fair Value Disclosure | $ 111 | 111 | 154 |
Assets, Fair Value Disclosure | 14,979 | 13,005 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Preferred stock at end of period | 111 | ||
Fair Value, Inputs, Level 1 [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Investments for contractual obligations | 14,268 | 12,393 | |
Derivative Asset | 0 | 0 | |
Other Assets, Fair Value Disclosure | 0 | 0 | 0 |
Assets, Fair Value Disclosure | 14,268 | 12,393 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Preferred stock at end of period | 0 | ||
Fair Value, Inputs, Level 2 [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Investments for contractual obligations | 0 | 0 | |
Derivative Asset | 600 | 458 | |
Other Assets, Fair Value Disclosure | 0 | 0 | 0 |
Assets, Fair Value Disclosure | 600 | 458 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Preferred stock at end of period | 0 | ||
Fair Value, Inputs, Level 3 [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Investments for contractual obligations | 0 | 0 | |
Derivative Asset | 0 | 0 | |
Other Assets, Fair Value Disclosure | 111 | 111 | 154 |
Assets, Fair Value Disclosure | $ 111 | $ 154 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Assets, Fair Value Adjustment | (43) | ||
Preferred stock at end of period | $ 111 |
RELATED PARTY TRANSACTIONS (Det
RELATED PARTY TRANSACTIONS (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | Dec. 31, 2017 | |
Related Party Transaction [Line Items] | |||||
Related Party Transaction, Revenues from Transactions with Related Party | $ 0.3 | $ 0.5 | $ 0.6 | $ 1 | |
Related Party Transaction, Due from (to) Related Party | 0.2 | 0.2 | $ 0.4 | ||
Related Party Transaction, Expenses from Transactions with Related Party | $ 0.5 | 0.3 | $ 1 | $ 0.7 | |
Equity Method Investment, Ownership Percentage | 21.40% | 21.40% | |||
OTR Group [Member] | |||||
Related Party Transaction [Line Items] | |||||
Related Party Transaction, Purchases from Related Party | $ 0 | $ 0.1 | $ 0.3 | ||
Valuepart and Track Solutions PTY Ltd. [Member] | |||||
Related Party Transaction [Line Items] | |||||
Related Party Transaction, Revenues from Transactions with Related Party | $ 0.1 | $ 0.2 |
ACCUMULATED OTHER COMPREHENSI70
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | |
Stockholders' Equity Note [Abstract] | ||||
Accumulated Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Net of Tax | $ (165,964) | $ (165,964) | $ (125,526) | $ (132,949) |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax, Portion Attributable to Parent | (36,113) | (28,690) | ||
Other Comprehensive (Income) Loss, Defined Benefit Plan, Reclassification Adjustment from AOCI, after Tax | (4,325) | (4,325) | ||
Accumulated Other Comprehensive (Income) Loss, Defined Benefit Plan, after Tax | (22,554) | (22,554) | (23,244) | (24,127) |
Other Comprehensive (Income) Loss, Defined Benefit Plan, Prior Service Cost (Credit), after Tax | 690 | 1,573 | ||
Accumulated other comprehensive loss | $ (188,518) | $ (188,518) | $ (148,770) | $ (157,076) |
SUBSIDIARY GUARANTOR FINANCIA71
SUBSIDIARY GUARANTOR FINANCIAL INFORMATION (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | Jan. 01, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Income Statement [Abstract] | |||||||
Net sales | $ 428,904 | $ 364,399 | $ 854,286 | $ 721,900 | |||
Cost of sales | 370,592 | 320,379 | 736,413 | 637,679 | |||
Gross profit (loss) | 58,312 | 44,020 | 117,873 | 84,221 | |||
Selling, General and Administrative Expense | 36,699 | 34,463 | 72,620 | 75,801 | |||
Research and Development Expense | 2,754 | 2,608 | 5,631 | 5,451 | |||
Royalty expense | 2,634 | 2,533 | 5,297 | 5,142 | |||
Income (loss) from operations | 16,225 | 4,416 | 34,325 | (2,173) | |||
Interest expense | (7,672) | (7,320) | (15,190) | (15,041) | |||
Intercompany Interest Expense Income | 0 | 0 | 0 | 0 | |||
Foreign Currency Transaction Gain (Loss), before Tax | (3,610) | (5,257) | (8,042) | (767) | |||
Other income (expense) | (2,477) | (1,750) | (10,227) | (4,427) | |||
Income (loss) before income taxes | 7,420 | (6,411) | 21,320 | (13,554) | |||
Provision for income taxes | 1,683 | 126 | 897 | 3,568 | |||
Equity in Net Earnings (Loss) of Subsidiaries | 0 | 0 | 0 | 0 | |||
Net income (loss) | 5,737 | (6,537) | 20,423 | (17,122) | |||
Net income (loss) attributable to noncontrolling interests | 40 | (244) | (1,639) | 624 | |||
Net income (loss) attributable to Titan | 5,697 | (6,293) | 22,062 | (17,746) | |||
Comprehensive Income Statement [Abstract] | |||||||
Net income (loss) | 5,737 | (6,537) | 20,423 | (17,122) | |||
Currency translation adjustment | (38,338) | 8,006 | (30,276) | 19,025 | |||
Pension liability adjustments, net of tax | 690 | 989 | 1,573 | 1,722 | |||
Comprehensive income (loss) | (31,911) | 2,458 | (8,280) | 3,625 | |||
Net comprehensive loss attributable to redeemable and noncontrolling interests | (2,185) | (1,562) | (3,225) | 1,221 | |||
Comprehensive income (loss) attributable to Titan | (29,726) | 4,020 | (5,055) | 2,404 | |||
Statement of Financial Position [Abstract] | |||||||
Cash and cash equivalents | 106,491 | 143,236 | 106,491 | 143,236 | $ 143,570 | $ 147,827 | |
Accounts Receivable, Net, Current | 282,400 | 282,400 | 226,703 | ||||
Inventory, Net | 372,732 | 372,732 | $ 339,446 | 339,836 | |||
Prepaid Expense and Other Assets, Current | 74,629 | 74,629 | 73,084 | ||||
Total current assets | 836,252 | 836,252 | 783,193 | ||||
Property, Plant and Equipment, Net | 393,264 | 393,264 | 421,248 | ||||
Equity Method Investments | 0 | 0 | 0 | ||||
Other Assets, Noncurrent | 80,854 | 80,854 | 85,671 | ||||
Total assets | 1,310,370 | 1,310,370 | 1,290,112 | ||||
Short-term debt | 52,358 | 52,358 | 43,651 | ||||
Accounts payable | 226,041 | 226,041 | 195,497 | ||||
Other current liabilities | 129,057 | 129,057 | 133,261 | 133,774 | |||
Total current liabilities | 407,456 | 407,456 | 372,922 | ||||
Long-term debt | 409,613 | 409,613 | 407,171 | ||||
Liabilities, Other than Long-term Debt, Noncurrent | 77,797 | 77,797 | 86,742 | ||||
Intercompany Accounts, Net | 0 | 0 | 0 | ||||
Redeemable noncontrolling interest | 117,546 | 108,839 | 117,546 | 108,839 | 113,193 | 104,809 | |
Stockholders' Equity Attributable to Parent | 305,070 | 305,070 | 320,929 | ||||
Stockholders' Equity Attributable to Noncontrolling Interest | (7,112) | (7,112) | $ (10,810) | (10,845) | |||
Total liabilities and equity | 1,310,370 | 1,310,370 | 1,290,112 | ||||
Statement of Cash Flows [Abstract] | |||||||
Net cash provided by (used for) operating activities | (29,927) | (30,553) | |||||
Capital expenditures | (18,416) | (15,152) | |||||
Proceeds from Sale and Maturity of Marketable Securities | 0 | 40,000 | |||||
Payments for (Proceeds from) Other Investing Activities | 884 | 1,038 | |||||
Net cash provided by (used for) investing activities | (17,532) | 25,886 | |||||
Proceeds from borrowings | 40,078 | 27,742 | |||||
Repayments of Other Debt | (24,527) | (29,077) | |||||
Payments of Dividends, Common Stock | (598) | (570) | |||||
Net cash provided by (used for) financing activities | 14,953 | (1,905) | |||||
Effect of Exchange Rate on Cash and Cash Equivalents | (4,573) | 1,981 | |||||
Cash and Cash Equivalents, Period Increase (Decrease) | (37,079) | (4,591) | |||||
Cash and cash equivalents | 106,491 | 143,236 | 106,491 | 143,236 | 143,570 | 147,827 | |
Parent Company [Member] | |||||||
Income Statement [Abstract] | |||||||
Net sales | 0 | 0 | 0 | 0 | |||
Cost of sales | 138 | 87 | 246 | 156 | |||
Gross profit (loss) | (138) | (87) | (246) | (156) | |||
Selling, General and Administrative Expense | 1,678 | 3,066 | 2,873 | 7,938 | |||
Research and Development Expense | 253 | 0 | 493 | 0 | |||
Royalty expense | 628 | 250 | 881 | 667 | |||
Income (loss) from operations | (2,697) | (3,403) | (4,493) | (8,761) | |||
Interest expense | (6,826) | (7,234) | (13,639) | (14,679) | |||
Intercompany Interest Expense Income | 628 | 588 | 1,251 | 1,169 | |||
Foreign Currency Transaction Gain (Loss), before Tax | 0 | 0 | 0 | 0 | |||
Other income (expense) | (959) | (931) | (6,628) | (2,212) | |||
Income (loss) before income taxes | (7,936) | (9,118) | (10,253) | (20,059) | |||
Provision for income taxes | (2,390) | (3,185) | (12,456) | (1,510) | |||
Equity in Net Earnings (Loss) of Subsidiaries | 11,283 | (603) | 18,220 | 4,372 | |||
Net income (loss) | 5,737 | (6,536) | 20,423 | (14,177) | |||
Net income (loss) attributable to noncontrolling interests | 0 | 0 | 0 | 0 | |||
Net income (loss) attributable to Titan | 5,737 | (6,536) | 20,423 | (14,177) | |||
Comprehensive Income Statement [Abstract] | |||||||
Net income (loss) | 5,737 | (6,536) | 20,423 | (14,177) | |||
Currency translation adjustment | (38,338) | 8,006 | (30,276) | 19,025 | |||
Pension liability adjustments, net of tax | 690 | 989 | 1,573 | 1,722 | |||
Comprehensive income (loss) | (31,911) | 2,459 | (8,280) | 6,570 | |||
Net comprehensive loss attributable to redeemable and noncontrolling interests | 0 | 0 | 0 | 0 | |||
Comprehensive income (loss) attributable to Titan | (31,911) | 2,459 | (8,280) | 6,570 | |||
Statement of Financial Position [Abstract] | |||||||
Cash and cash equivalents | 34,694 | 77,811 | 34,694 | 77,811 | 59,740 | 86,190 | |
Accounts Receivable, Net, Current | 0 | 0 | 0 | ||||
Inventory, Net | 0 | 0 | 0 | ||||
Prepaid Expense and Other Assets, Current | 18,042 | 18,042 | 17,789 | ||||
Total current assets | 52,736 | 52,736 | 77,529 | ||||
Property, Plant and Equipment, Net | 9,510 | 9,510 | 2,466 | ||||
Equity Method Investments | 764,208 | 764,208 | 766,777 | ||||
Other Assets, Noncurrent | 6,310 | 6,310 | 6,389 | ||||
Total assets | 832,764 | 832,764 | 853,161 | ||||
Short-term debt | 0 | 0 | 0 | ||||
Accounts payable | 2,212 | 2,212 | 4,258 | ||||
Other current liabilities | 30,169 | 30,169 | 38,495 | ||||
Total current liabilities | 32,381 | 32,381 | 42,753 | ||||
Long-term debt | 394,696 | 394,696 | 394,284 | ||||
Liabilities, Other than Long-term Debt, Noncurrent | 9,087 | 9,087 | 11,544 | ||||
Intercompany Accounts, Net | 81,949 | 81,949 | 75,103 | ||||
Redeemable noncontrolling interest | 0 | 0 | 0 | ||||
Stockholders' Equity Attributable to Parent | 314,651 | 314,651 | 329,477 | ||||
Stockholders' Equity Attributable to Noncontrolling Interest | 0 | 0 | 0 | ||||
Total liabilities and equity | 832,764 | 832,764 | 853,161 | ||||
Statement of Cash Flows [Abstract] | |||||||
Net cash provided by (used for) operating activities | (24,585) | (43,700) | |||||
Capital expenditures | (83) | (716) | |||||
Proceeds from Sale and Maturity of Marketable Securities | 40,000 | ||||||
Payments for (Proceeds from) Other Investing Activities | 220 | 0 | |||||
Net cash provided by (used for) investing activities | 137 | 39,284 | |||||
Proceeds from borrowings | 0 | 0 | |||||
Repayments of Other Debt | 0 | (3,393) | |||||
Payments of Dividends, Common Stock | (598) | (570) | |||||
Net cash provided by (used for) financing activities | (598) | (3,963) | |||||
Effect of Exchange Rate on Cash and Cash Equivalents | 0 | 0 | |||||
Cash and Cash Equivalents, Period Increase (Decrease) | (25,046) | (8,379) | |||||
Cash and cash equivalents | 34,694 | 77,811 | 34,694 | 77,811 | 59,740 | 86,190 | |
Guarantor Subsidiaries [Member] | |||||||
Income Statement [Abstract] | |||||||
Net sales | 166,757 | 147,244 | 337,517 | 291,080 | |||
Cost of sales | 140,208 | 129,743 | 281,738 | 256,163 | |||
Gross profit (loss) | 26,549 | 17,501 | 55,779 | 34,917 | |||
Selling, General and Administrative Expense | 16,985 | 14,043 | 32,260 | 31,313 | |||
Research and Development Expense | 983 | 950 | 1,969 | 1,853 | |||
Royalty expense | 940 | 1,410 | 2,453 | 2,704 | |||
Income (loss) from operations | 7,641 | 1,098 | 19,097 | (953) | |||
Interest expense | 0 | 0 | 0 | 0 | |||
Intercompany Interest Expense Income | 909 | 1,947 | 1,922 | 1,946 | |||
Foreign Currency Transaction Gain (Loss), before Tax | (662) | (41) | (670) | (41) | |||
Other income (expense) | 147 | 317 | 313 | 753 | |||
Income (loss) before income taxes | 7,741 | 2,687 | 20,036 | 199 | |||
Provision for income taxes | 3,044 | 1,321 | 7,304 | 1,495 | |||
Equity in Net Earnings (Loss) of Subsidiaries | 0 | 0 | 0 | 0 | |||
Net income (loss) | 4,697 | 1,366 | 12,732 | (1,296) | |||
Net income (loss) attributable to noncontrolling interests | 0 | 0 | 0 | 0 | |||
Net income (loss) attributable to Titan | 4,697 | 1,366 | 12,732 | (1,296) | |||
Comprehensive Income Statement [Abstract] | |||||||
Net income (loss) | 4,697 | 1,366 | 12,732 | (1,296) | |||
Currency translation adjustment | 0 | 0 | 0 | 0 | |||
Pension liability adjustments, net of tax | 646 | 625 | 1,292 | 1,250 | |||
Comprehensive income (loss) | 5,343 | 1,991 | 14,024 | (46) | |||
Net comprehensive loss attributable to redeemable and noncontrolling interests | 0 | 0 | 0 | 0 | |||
Comprehensive income (loss) attributable to Titan | 5,343 | 1,991 | 14,024 | (46) | |||
Statement of Financial Position [Abstract] | |||||||
Cash and cash equivalents | 5 | 10 | 5 | 10 | 13 | 9 | |
Accounts Receivable, Net, Current | 79,909 | 79,909 | 54,009 | ||||
Inventory, Net | 112,238 | 112,238 | 96,036 | ||||
Prepaid Expense and Other Assets, Current | 19,948 | 19,948 | 20,917 | ||||
Total current assets | 212,100 | 212,100 | 170,975 | ||||
Property, Plant and Equipment, Net | 103,374 | 103,374 | 110,470 | ||||
Equity Method Investments | 0 | 0 | 0 | ||||
Other Assets, Noncurrent | 958 | 958 | 967 | ||||
Total assets | 316,432 | 316,432 | 282,412 | ||||
Short-term debt | 0 | 0 | 0 | ||||
Accounts payable | 30,349 | 30,349 | 20,787 | ||||
Other current liabilities | 31,717 | 31,717 | 30,170 | ||||
Total current liabilities | 62,066 | 62,066 | 50,957 | ||||
Long-term debt | 0 | 0 | 0 | ||||
Liabilities, Other than Long-term Debt, Noncurrent | 14,387 | 14,387 | 16,458 | ||||
Intercompany Accounts, Net | (275,567) | (275,567) | (286,525) | ||||
Redeemable noncontrolling interest | 0 | 0 | 0 | ||||
Stockholders' Equity Attributable to Parent | 515,546 | 515,546 | 501,522 | ||||
Stockholders' Equity Attributable to Noncontrolling Interest | 0 | 0 | 0 | ||||
Total liabilities and equity | 316,432 | 316,432 | 282,412 | ||||
Statement of Cash Flows [Abstract] | |||||||
Net cash provided by (used for) operating activities | 3,265 | 2,191 | |||||
Capital expenditures | (3,274) | (2,534) | |||||
Proceeds from Sale and Maturity of Marketable Securities | 0 | ||||||
Payments for (Proceeds from) Other Investing Activities | 1 | 344 | |||||
Net cash provided by (used for) investing activities | (3,273) | (2,190) | |||||
Proceeds from borrowings | 0 | 0 | |||||
Repayments of Other Debt | 0 | 0 | |||||
Payments of Dividends, Common Stock | 0 | 0 | |||||
Net cash provided by (used for) financing activities | 0 | 0 | |||||
Effect of Exchange Rate on Cash and Cash Equivalents | 0 | 0 | |||||
Cash and Cash Equivalents, Period Increase (Decrease) | (8) | 1 | |||||
Cash and cash equivalents | 5 | 10 | 5 | 10 | 13 | 9 | |
Non-Guarantor Subsidiaries [Member] | |||||||
Income Statement [Abstract] | |||||||
Net sales | 262,147 | 217,155 | 516,769 | 430,820 | |||
Cost of sales | 230,246 | 190,549 | 454,429 | 381,360 | |||
Gross profit (loss) | 31,901 | 26,606 | 62,340 | 49,460 | |||
Selling, General and Administrative Expense | 18,036 | 17,354 | 37,487 | 36,550 | |||
Research and Development Expense | 1,518 | 1,658 | 3,169 | 3,598 | |||
Royalty expense | 1,066 | 873 | 1,963 | 1,771 | |||
Income (loss) from operations | 11,281 | 6,721 | 19,721 | 7,541 | |||
Interest expense | (846) | (86) | (1,551) | (362) | |||
Intercompany Interest Expense Income | (1,537) | (2,535) | (3,173) | (3,115) | |||
Foreign Currency Transaction Gain (Loss), before Tax | (2,948) | (5,216) | (7,372) | (726) | |||
Other income (expense) | (1,665) | (1,136) | (3,912) | (2,968) | |||
Income (loss) before income taxes | 7,615 | 20 | 11,537 | 6,306 | |||
Provision for income taxes | 1,029 | 1,990 | 6,049 | 3,583 | |||
Equity in Net Earnings (Loss) of Subsidiaries | 209 | (3,686) | 4,546 | (8,409) | |||
Net income (loss) | 6,795 | (5,656) | 10,034 | (5,686) | |||
Net income (loss) attributable to noncontrolling interests | 40 | (244) | (1,639) | 624 | |||
Net income (loss) attributable to Titan | 6,755 | (5,412) | 11,673 | (6,310) | |||
Comprehensive Income Statement [Abstract] | |||||||
Net income (loss) | 6,795 | (5,656) | 10,034 | (5,686) | |||
Currency translation adjustment | (38,338) | 8,006 | (30,276) | (19,025) | |||
Pension liability adjustments, net of tax | 44 | 364 | 281 | 472 | |||
Comprehensive income (loss) | (31,499) | 2,714 | (19,961) | (24,239) | |||
Net comprehensive loss attributable to redeemable and noncontrolling interests | (2,185) | (1,562) | (3,225) | 1,221 | |||
Comprehensive income (loss) attributable to Titan | (29,314) | 4,276 | (16,736) | (25,460) | |||
Statement of Financial Position [Abstract] | |||||||
Cash and cash equivalents | 71,792 | 65,415 | 71,792 | 65,415 | 83,817 | 61,628 | |
Accounts Receivable, Net, Current | 202,491 | 202,491 | 172,694 | ||||
Inventory, Net | 260,494 | 260,494 | 243,800 | ||||
Prepaid Expense and Other Assets, Current | 36,639 | 36,639 | 34,378 | ||||
Total current assets | 571,416 | 571,416 | 534,689 | ||||
Property, Plant and Equipment, Net | 280,380 | 280,380 | 308,312 | ||||
Equity Method Investments | 78,920 | 78,920 | 74,003 | ||||
Other Assets, Noncurrent | 73,586 | 73,586 | 78,315 | ||||
Total assets | 1,004,302 | 1,004,302 | 995,319 | ||||
Short-term debt | 52,358 | 52,358 | 43,651 | ||||
Accounts payable | 193,480 | 193,480 | 170,452 | ||||
Other current liabilities | 67,171 | 67,171 | 65,109 | ||||
Total current liabilities | 313,009 | 313,009 | 279,212 | ||||
Long-term debt | 14,917 | 14,917 | 12,887 | ||||
Liabilities, Other than Long-term Debt, Noncurrent | 54,323 | 54,323 | 58,740 | ||||
Intercompany Accounts, Net | 193,618 | 193,618 | 211,422 | ||||
Redeemable noncontrolling interest | 117,546 | 117,546 | 113,193 | ||||
Stockholders' Equity Attributable to Parent | 318,001 | 318,001 | 330,710 | ||||
Stockholders' Equity Attributable to Noncontrolling Interest | (7,112) | (7,112) | (10,845) | ||||
Total liabilities and equity | 1,004,302 | 1,004,302 | 995,319 | ||||
Statement of Cash Flows [Abstract] | |||||||
Net cash provided by (used for) operating activities | (8,607) | 10,956 | |||||
Capital expenditures | (15,059) | (11,902) | |||||
Proceeds from Sale and Maturity of Marketable Securities | 0 | ||||||
Payments for (Proceeds from) Other Investing Activities | 663 | 694 | |||||
Net cash provided by (used for) investing activities | (14,396) | (11,208) | |||||
Proceeds from borrowings | 40,078 | 27,742 | |||||
Repayments of Other Debt | (24,527) | (25,684) | |||||
Payments of Dividends, Common Stock | 0 | 0 | |||||
Net cash provided by (used for) financing activities | 15,551 | 2,058 | |||||
Effect of Exchange Rate on Cash and Cash Equivalents | (4,573) | 1,981 | |||||
Cash and Cash Equivalents, Period Increase (Decrease) | (12,025) | 3,787 | |||||
Cash and cash equivalents | 71,792 | 65,415 | 71,792 | 65,415 | 83,817 | $ 61,628 | |
Consolidation, Eliminations [Member] | |||||||
Income Statement [Abstract] | |||||||
Net sales | 0 | 0 | 0 | 0 | |||
Cost of sales | 0 | 0 | 0 | 0 | |||
Gross profit (loss) | 0 | 0 | 0 | 0 | |||
Selling, General and Administrative Expense | 0 | 0 | 0 | 0 | |||
Research and Development Expense | 0 | 0 | 0 | 0 | |||
Royalty expense | 0 | 0 | 0 | 0 | |||
Income (loss) from operations | 0 | 0 | 0 | 0 | |||
Interest expense | 0 | 0 | 0 | 0 | |||
Intercompany Interest Expense Income | 0 | 0 | 0 | 0 | |||
Foreign Currency Transaction Gain (Loss), before Tax | 0 | 0 | 0 | 0 | |||
Other income (expense) | 0 | 0 | 0 | 0 | |||
Income (loss) before income taxes | 0 | 0 | 0 | 0 | |||
Provision for income taxes | 0 | 0 | 0 | 0 | |||
Equity in Net Earnings (Loss) of Subsidiaries | (11,492) | 4,289 | (22,766) | 4,037 | |||
Net income (loss) | (11,492) | 4,289 | (22,766) | 4,037 | |||
Net income (loss) attributable to noncontrolling interests | 0 | 0 | 0 | 0 | |||
Net income (loss) attributable to Titan | (11,492) | 4,289 | (22,766) | 4,037 | |||
Comprehensive Income Statement [Abstract] | |||||||
Net income (loss) | (11,492) | 4,289 | (22,766) | 4,037 | |||
Currency translation adjustment | 38,338 | (8,006) | 30,276 | 19,025 | |||
Pension liability adjustments, net of tax | (690) | (989) | (1,573) | (1,722) | |||
Comprehensive income (loss) | 26,156 | (4,706) | 5,937 | 21,340 | |||
Net comprehensive loss attributable to redeemable and noncontrolling interests | 0 | 0 | 0 | 0 | |||
Comprehensive income (loss) attributable to Titan | 26,156 | $ (4,706) | 5,937 | $ 21,340 | |||
Statement of Financial Position [Abstract] | |||||||
Cash and cash equivalents | 0 | 0 | 0 | ||||
Accounts Receivable, Net, Current | 0 | 0 | 0 | ||||
Inventory, Net | 0 | 0 | 0 | ||||
Prepaid Expense and Other Assets, Current | 0 | 0 | 0 | ||||
Total current assets | 0 | 0 | 0 | ||||
Property, Plant and Equipment, Net | 0 | 0 | 0 | ||||
Equity Method Investments | (843,128) | (843,128) | (840,780) | ||||
Other Assets, Noncurrent | 0 | 0 | 0 | ||||
Total assets | (843,128) | (843,128) | (840,780) | ||||
Short-term debt | 0 | 0 | 0 | ||||
Accounts payable | 0 | 0 | 0 | ||||
Other current liabilities | 0 | 0 | 0 | ||||
Total current liabilities | 0 | 0 | 0 | ||||
Long-term debt | 0 | 0 | 0 | ||||
Liabilities, Other than Long-term Debt, Noncurrent | 0 | 0 | 0 | ||||
Intercompany Accounts, Net | 0 | 0 | 0 | ||||
Redeemable noncontrolling interest | 0 | 0 | 0 | ||||
Stockholders' Equity Attributable to Parent | (843,128) | (843,128) | (840,780) | ||||
Stockholders' Equity Attributable to Noncontrolling Interest | 0 | 0 | 0 | ||||
Total liabilities and equity | (843,128) | (843,128) | (840,780) | ||||
Statement of Cash Flows [Abstract] | |||||||
Cash and cash equivalents | $ 0 | $ 0 | $ 0 |