Document and Entity Information
Document and Entity Information Document - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Feb. 25, 2019 | Jun. 30, 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 Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Filer Category | Accelerated Filer | ||
Entity Public Float | $ 450,000,000 | ||
Entity Common Stock, Shares Outstanding | 59,946,387 | ||
Document Fiscal Year Focus | 2,018 | ||
Document Period End Date | Dec. 31, 2018 | ||
Document Type | 10-K | ||
Amendment Flag | false | ||
Entity Emerging Growth Company | false | ||
Entity Small Business | false | ||
Entity Shell Company | false | ||
Document Fiscal Period Focus | FY |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Revenue from Contract with Customer, Excluding Assessed Tax | $ 1,602,408 | $ 1,468,922 | $ 1,265,497 |
Cost of Goods and Services Sold | 1,404,142 | 1,298,694 | 1,124,082 |
Asset impairment | 0 | 9,917 | 0 |
Gross profit | 198,266 | 160,311 | 141,415 |
Selling, general and administrative expenses | 134,789 | 150,676 | 144,988 |
Research and development expenses | 11,146 | 10,302 | 9,971 |
Royalty expense | 10,087 | 10,484 | 8,856 |
Loss from operations | 42,244 | (11,151) | (22,400) |
Interest expense | (30,456) | (30,229) | (32,539) |
Loss on senior note repurchase | 0 | (18,646) | 0 |
Foreign exchange (loss) gain | (11,179) | (1,958) | 8,550 |
Other income | 19,198 | 9,108 | 9,915 |
Income (loss) before income taxes | 19,807 | (52,876) | (36,474) |
Provision for income taxes | 6,762 | 11,203 | 3,281 |
Net loss | 13,045 | (64,079) | (39,755) |
Net loss attributable to noncontrolling interests | 3,042 | 4,037 | 2,150 |
Net income (loss) attributable to Titan | 16,087 | (60,042) | (37,605) |
Redemption value adjustment | (12,207) | (6,393) | (9,556) |
Net income (loss) applicable to common shareholders | $ 3,880 | $ (66,435) | $ (47,161) |
Earnings (loss) per common share: | |||
Earnings Per Share, Basic | $ 0.06 | $ (1.12) | $ (0.87) |
Earnings Per Share, Diluted | $ 0.06 | $ (1.12) | $ (0.87) |
Average common shares outstanding: | |||
Basic | 59,820 | 59,340 | 53,916 |
Diluted | 59,909 | 59,340 | 53,916 |
Dividends declared per common share: | $ 0.02 | $ 0.02 | $ 0.02 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Net income (loss) | $ (14,077) | $ 2,678 | $ 8,476 | $ 15,968 | $ (35,739) | $ (11,218) | $ (6,537) | $ (10,585) | $ 13,045 | $ (64,079) | $ (39,755) |
Currency translation adjustment | (41,966) | 30,818 | 5,857 | ||||||||
Pension liability adjustments, net of tax of $, $151, and $215, respectively | (3,650) | 1,523 | 1,071 | ||||||||
Comprehensive loss | (32,571) | (31,738) | (32,827) | ||||||||
Net comprehensive (loss) income attributable to redeemable and noncontrolling interests | (6,488) | (2,898) | 5,305 | ||||||||
Comprehensive loss attributable to Titan | $ (26,083) | $ (28,840) | $ (38,132) |
(Parenthetical)
(Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Statement of Comprehensive Income [Abstract] | |||
Unrealized gain (loss) on investments, tax | $ 0 | $ 0 | $ 0 |
Noncash Titan Europe Plc gain, tax | 0 | 0 | 0 |
Pension liaiblity adjustments, tax | $ (104) | $ 151 | $ 215 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Current assets | ||
Cash and cash equivalents | $ 81,685 | $ 143,570 |
Certificates of deposit | 0 | |
Accounts receivable (net of allowance of $3,404 and $2,974, respectively) | 241,832 | 226,703 |
Inventories | 395,735 | 339,836 |
Prepaid and other current assets | 60,229 | 73,084 |
Total current assets | 779,481 | 783,193 |
Property, plant and equipment, net | 384,872 | 421,248 |
Deferred income taxes | 2,874 | 3,779 |
Other long-term assets | 84,029 | 81,892 |
Total assets | 1,251,256 | 1,290,112 |
Current liabilities | ||
Short-term debt | 51,885 | 43,651 |
Accounts payable | 212,129 | 195,497 |
Other current liabilities | 111,054 | 133,774 |
Total current liabilities | 375,068 | 372,922 |
Long-term debt | 409,572 | 407,171 |
Deferred income taxes | 9,416 | 13,545 |
Other long-term liabilities | 67,290 | 73,197 |
Total liabilities | 861,346 | 866,835 |
Redeemable noncontrolling interest | 119,813 | 113,193 |
Titan stockholders' equity | ||
Common stock ($0.0001 par, 120,000,000 shares authorized, 60,715,356 issued at December 2018 and December 2017) | 0 | 0 |
Additional paid-in capital | 519,498 | 531,708 |
Retained earnings (deficit) | (29,048) | (44,022) |
Treasury stock (at cost, 798,383 shares at December 2018 and 914,797 shares at December 2017) | (7,831) | (8,606) |
Stock reserved for deferred compensation | 0 | (1,075) |
Accumulated other comprehensive loss | (203,571) | (157,076) |
Total Titan stockholders’ equity | 279,048 | 320,929 |
Noncontrolling interests | (8,951) | (10,845) |
Total equity | 270,097 | 310,084 |
Total liabilities and equity | $ 1,251,256 | $ 1,290,112 |
(Parentheticals)
(Parentheticals) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Assets [Abstract] | ||
Allowance for Doubtful Accounts Receivable, Current | $ 3,404 | $ 2,974 |
Liabilities and Equity [Abstract] | ||
Common Stock, No Par Value | $ 0 | $ 0 |
Common Stock, Shares Authorized | 120,000,000 | 120,000,000 |
Treasury Stock, Shares | 798,383 | 914,797 |
Common Stock, Shares, Issued | 60,715,356 | 60,715,356 |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($) $ in Thousands | Total | Common Stock [Member] | Additional paid-in capital [Member] | Retained earnings [Member] | Treasury stock [Member] | Treasury stock reserved for contractual obligations | Accumulated other comprehensive income (loss) [Member] | Parent [Member] | Noncontrolling interest [Member] |
Change During Period Common Stock Shares Held In Employee Trust | $ 705 | $ 0 | $ 0 | $ 0 | $ 705 | ||||
Balance, Beginning at Dec. 31, 2015 | 351,246 | $ 0 | 497,008 | $ 55,860 | $ (12,420) | (1,075) | $ (187,751) | 351,622 | (376) |
Balance, Beginning (in shares) at Dec. 31, 2015 | 53,913,509 | ||||||||
Net income (loss) | (39,755) | (37,605) | (37,605) | (4,346) | |||||
Net Income (Loss) Attributable to Nonredeemable Noncontrolling Interest | (41,951) | ||||||||
CTA, net of tax | 5,857 | 1,893 | 1,893 | 119 | |||||
Temporary Equity, Foreign Currency Translation Adjustments | 2,012 | ||||||||
Pension liability adjustments, net of tax | 1,071 | 1,071 | 1,071 | ||||||
Dividends declared | (1,081) | (1,081) | (1,081) | ||||||
Note conversion | 0 | ||||||||
Restricted stock awards | 0 | (1,463) | 1,463 | 0 | |||||
Restricted stock awards (in shares) | 162,880 | ||||||||
Noncontrolling Interest, Decrease from Redemptions or Purchase of Interests | 12,039 | 8,548 | 40 | 3,491 | 11,999 | 40 | |||
Redemption value adjustment | (9,556) | (9,556) | (9,556) | ||||||
Stock-based compensation | 1,954 | 1,954 | 1,954 | ||||||
Issuance of treasury stock under 401(k) plan | 518 | (320) | 838 | 518 | |||||
Issuance of treasury stock under 401(k) plan (in shares) | 93,491 | ||||||||
Balance, Ending at Dec. 31, 2016 | 292,879 | 479,075 | 17,214 | (10,119) | (1,075) | (188,278) | 296,817 | (3,938) | |
Balance, Ending (in shares) at Dec. 31, 2016 | 54,169,880 | ||||||||
Income attributable to redeemable noncontrolling interest | 2,196 | ||||||||
Currency translation | 3,844 | ||||||||
Net income (loss) | (64,079) | (60,042) | (60,042) | (4,121) | |||||
Net Income (Loss) Attributable to Nonredeemable Noncontrolling Interest | (64,163) | ||||||||
CTA, net of tax | 30,818 | 29,679 | 29,679 | (768) | |||||
Temporary Equity, Foreign Currency Translation Adjustments | 28,911 | ||||||||
Pension liability adjustments, net of tax | 1,523 | 1,523 | 1,523 | ||||||
Dividends declared | (1,194) | (1,194) | (1,194) | ||||||
Note conversion, Shares | 5,462,264 | ||||||||
Note conversion | 58,460 | 58,460 | 58,460 | ||||||
Restricted stock awards | 0 | (1,071) | 1,071 | 0 | |||||
Restricted stock awards (in shares) | 119,173 | ||||||||
Redemption value adjustment | (6,393) | (6,393) | (6,393) | ||||||
Stock-based compensation | 1,539 | 1,539 | 1,539 | ||||||
Variable Interest Entity, Members Draw | (2,018) | 0 | 0 | 0 | (2,018) | ||||
Issuance of treasury stock under 401(k) plan | 540 | 98 | 442 | 540 | |||||
Issuance of treasury stock under 401(k) plan (in shares) | 49,242 | ||||||||
Balance, Ending at Dec. 31, 2017 | 310,084 | $ 0 | 531,708 | (44,022) | (8,606) | (1,075) | (157,076) | 320,929 | (10,845) |
Balance, Ending (in shares) at Dec. 31, 2017 | 59,800,559 | ||||||||
Income attributable to redeemable noncontrolling interest | 84 | ||||||||
Currency translation | 1,907 | ||||||||
Change During Period Common Stock Shares Held In Employee Trust | 1,188 | 113 | 1,075 | 1,188 | |||||
Net income (loss) | 13,045 | 16,087 | 16,087 | (1,951) | |||||
Net Income (Loss) Attributable to Nonredeemable Noncontrolling Interest | 14,136 | ||||||||
CTA, net of tax | (41,966) | (38,520) | (38,520) | 1,050 | |||||
Temporary Equity, Foreign Currency Translation Adjustments | (37,470) | ||||||||
Pension liability adjustments, net of tax | (3,650) | (3,650) | (3,650) | ||||||
Dividends declared | (1,201) | (1,201) | (1,201) | ||||||
Note conversion, Shares | 0 | ||||||||
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification | 123 | 0 | 88 | 88 | 35 | ||||
Note conversion | 0 | ||||||||
Restricted stock awards | $ 0 | (286) | 286 | 0 | |||||
Restricted stock awards (in shares) | 376,500 | 61,897 | |||||||
Noncontrolling Interest, Decrease from Redemptions or Purchase of Interests | $ 149 | 1,032 | 4,325 | 5,357 | (5,208) | ||||
Exercise of stock options (in shares) | 0 | ||||||||
Redemption value adjustment | $ (12,207) | (12,207) | (12,207) | ||||||
Stock-based compensation | 1,130 | 1,130 | 1,130 | ||||||
Variable Interest Entity, Members Draw | (2,448) | 0 | (2,448) | ||||||
Issuance of treasury stock under 401(k) plan | 561 | 72 | 489 | 561 | |||||
Issuance of treasury stock under 401(k) plan (in shares) | 54,517 | ||||||||
Balance, Ending at Dec. 31, 2018 | 270,097 | $ 0 | $ 519,498 | $ (29,048) | $ (7,831) | $ 0 | $ (203,571) | $ 279,048 | $ (8,951) |
Balance, Ending (in shares) at Dec. 31, 2018 | 59,916,973 | ||||||||
Income attributable to redeemable noncontrolling interest | (1,091) | ||||||||
Currency translation | $ (4,496) |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Cash flows from operating activities: | |||
Net income (loss) | $ 13,045 | $ (64,079) | $ (39,755) |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 57,618 | 58,444 | 59,768 |
Asset impairment | 0 | 9,917 | 0 |
Deferred income tax provision | (2,291) | 785 | (680) |
Loss on senior note repurchase | 0 | 18,646 | 0 |
Stock-based compensation | 1,130 | 1,539 | 1,993 |
Issuance of treasury stock under 401(k) plan | 561 | 540 | 518 |
Foreign currency translation loss | 3,149 | 5,258 | 9,734 |
(Increase) decrease in assets: | |||
Accounts receivable | (36,092) | (38,478) | 4,007 |
Inventories | (77,919) | (55,562) | 7,992 |
Prepaid and other current assets | (5,377) | 9,277 | (16,718) |
Other long-term assets | (13,054) | 15,134 | (109) |
Increase (decrease) in liabilities: | |||
Accounts payable | 29,364 | 37,584 | 20,953 |
Other current liabilities | (2,866) | 9,522 | 3,635 |
Other liabilities | (3,444) | (9,816) | (7,838) |
Net cash provided by (used for) operating activities | (36,176) | (1,289) | 43,500 |
Cash flows from investing activities: | |||
Capital expenditures | (39,000) | (32,626) | (41,948) |
Proceeds from Sale and Maturity of Marketable Securities | 0 | 50,000 | |
Payments to Acquire Restricted Certificates of Deposit | (50,000) | ||
Other | 2,069 | 993 | 2,222 |
Net cash provided by (used for) investing activities | (36,931) | 18,367 | (89,726) |
Cash flows from financing activities: | |||
Proceeds from borrowings | 57,294 | 447,639 | 17,285 |
Repurchase of senior secured notes | 0 | 415,395 | 0 |
Payment on debt | (38,557) | (55,160) | (22,634) |
Dividends paid | (1,201) | (1,167) | (1,081) |
Net cash used for financing activities | 17,536 | (24,083) | (6,430) |
Effect of exchange rate changes on cash | (6,314) | 2,748 | 295 |
Net decrease in cash and cash equivalents | (61,885) | (4,257) | (52,361) |
Cash and cash equivalents, beginning of year | 143,570 | 147,827 | 200,188 |
Cash and cash equivalents, end of year | 81,685 | 143,570 | 147,827 |
Supplemental Cash Flow Information [Abstract] | |||
Interest paid | 30,800 | 38,164 | 34,380 |
Income taxes paid, net of refunds received | 12,435 | 4,594 | 5,463 |
Transfer from Investments | 14,268 | 0 | 0 |
Cash Flow, Noncash Investing and Financing Activities Disclosure [Abstract] | |||
Issuance of common stock for convertible debt payment | $ 0 | $ 58,460 | $ 0 |
DESCRIPTION OF BUSINESS AND SIG
DESCRIPTION OF BUSINESS AND SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Dec. 31, 2018 | |
Accounting Policies [Abstract] | |
DESCRIPTION OF BUSINESS AND SIGNIFICANT ACCOUNTING POLICIES | DESCRIPTION OF BUSINESS AND SIGNIFICANT ACCOUNTING POLICIES Business Titan International, Inc. and its subsidiaries (Titan or the Company) are leading manufacturers of wheels, tires, and undercarriage systems and components for off-highway vehicles used in the agricultural, earthmoving/construction, and consumer segments. Titan manufactures both wheels and tires for the majority of these market applications, allowing the Company to provide the value-added service of delivering complete wheel and tire assemblies. The Company offers a broad range of products that are manufactured to meet the specifications of original equipment manufacturers (OEMs) and/or the requirements of aftermarket customers. Principles of consolidation The consolidated financial statements include the accounts of all majority-owned subsidiaries and variable interest entities in which Titan is the primary beneficiary. Investments in companies in which Titan does not own a majority interest, but which Titan has the ability to exercise significant influence over operating and financial policies are accounted for using the equity method. Investments in other companies are carried at cost. All significant intercompany accounts and transactions have been eliminated. The Company consolidates the Voltyre-Prom subsidiary for which it acts as operating partner. See Note 13 for additional information. Cash and cash equivalents The Company considers short-term debt securities with an original maturity of three months or less to be cash equivalents. The cash in the Company's U.S. banks is not fully insured by the Federal Deposit Insurance Corporation. The Company had $55.6 million and $80.2 million of cash in foreign bank accounts at December 31, 2018 and 2017 , respectively. The Company's cash in its foreign bank accounts is not fully insured. Accounts receivable and allowance for doubtful accounts The Company carries its accounts receivable at their face amounts less an allowance for doubtful accounts. An allowance for uncollectible receivables is recorded based upon known bad debt risks and past loss history. Actual collection experience may differ from the current estimate of net receivables. Inventories Inventories are valued at the lower of cost or net realizable value. The Company’s inventories are valued under the first in, first out (FIFO) method or average cost method. Net realizable value is estimated based on current selling prices. Estimated provisions are established for slow-moving and obsolete inventory. Prior to 2017, the Company used the last in, first out (LIFO) inventory cost method at its Titan Wheel Corporation of Illinois subsidiary. Effective January 1, 2017, the Company elected to change its method of inventory accounting at this subsidiary to the FIFO method. The Company believes that the FIFO method is preferable as it results in increased uniformity across the Company's global operations with respect to the method of inventory accounting, as none of Titan's other subsidiaries use the LIFO method. The Company applied this change in method of inventory accounting by retrospectively adjusting the financial statements for the year ended December 31, 2016. Fixed assets Property, plant, and equipment have been recorded at cost. Depreciation is provided using the straight-line method over the following estimated useful lives of the related assets: Years Building and improvements 25 - 40 Machinery and equipment 7 - 20 Tools, dies, and molds 2 - 9 Maintenance and repairs are expensed as incurred. When property, plant, and equipment are retired or otherwise disposed of, the related cost and accumulated depreciation are eliminated, and any gain or loss on disposition is included in the accompanying Consolidated Statements of Operations. Interest is capitalized on fixed asset projects which are constructed over a period of time. The amount of interest capitalized is determined by applying a weighted average interest rate to the average amount of accumulated expenditures for the asset during the period. The interest rate used is based on the rates applicable to borrowings outstanding during the period. No interest was capitalized in 2018. Interest capitalized was $0.3 million and $1.2 million for the years ended December 31, 2017 and 2016, respectively. Fair value of financial instruments The Company records all financial instruments, including cash and cash equivalents, accounts receivable, notes receivable, accounts payable, and notes payable at cost, which approximates fair value due to their short term or stated rates. Investments in marketable equity securities are recorded at fair value. The 6.50% senior secured notes due 2023, issued on November 20, 2017 (senior secured notes) were carried at cost of $395.1 million at December 31, 2018 . The fair value of the senior secured notes due 2023 at December 31, 2018 , as obtained through an independent pricing source, was approximately $360.0 million . Investments The Company had an equity method investment of $47.2 million in Wheels India Limited as of December 31, 2018 , representing a 34.2% ownership. This equity method investment is included in other long-term assets in the Consolidated Balance Sheets. The value of this investment based on the December 31, 2018 , market price was $53.8 million . The Company assesses the carrying value of its equity method investments whenever events and circumstances indicate that the carrying values may not be recoverable. Investment write-downs, if necessary, are recognized in operating results when expected undiscounted future cash flows are less than the carrying value of the asset. These write-downs, if any, are measured as the excess of the carrying value of the asset over the discounted expected future cash flows or the estimated fair value of the asset. The Company uses the cost method to account for investments in entities that are not consolidated or accounted for under the equity method. Under the cost method, investments are reported at cost in other long-term assets on the Consolidated Balance Sheets. The fair values of cost method investments are not estimated if there are no identified events or changes in circumstances that may have a significant adverse effect on the fair values of the investments. Foreign currency translation The financial statements of the Company’s foreign subsidiaries are translated to United States currency. Assets and liabilities are translated to United States dollars at period-end exchange rates. Income and expense items are translated at average rates of exchange prevailing during the period. Translation adjustments are included in “Accumulated other comprehensive loss” in stockholders’ equity. Gains and losses that result from foreign currency transactions are included in the accompanying Consolidated Statements of Operations. Revenue recognition The Company records sales revenue when products are shipped to customers and both title and the risks and rewards of ownership are transferred. Provisions are established for sales returns and uncollectible accounts based on historical experience. Should trends change, adjustments would be necessary to the estimated provisions. Cost of sales Cost of sales is comprised primarily of direct materials and supplies consumed in the manufacturing of the Company’s products, as well as manufacturing labor, depreciation expense, and overhead expense necessary to acquire and convert the purchased materials and supplies into a finished product. Cost of sales also includes all purchasing, receiving, inspection, internal transfers, and related distribution costs. Selling, general, and administrative expense Selling, general, and administrative (SG&A) expense is comprised primarily of sales commissions, marketing expense, selling, and administrative wages, information system costs, legal fees, bank charges, professional fees, depreciation and amortization expense on non-manufacturing assets, and other administrative items. Research and development expense Research and development (R&D) expenses are expensed as incurred. R&D costs were $11.1 million , $10.3 million , and $10.0 million for the years ended December 31, 2018, 2017, and 2016, respectively. Advertising Advertising expenses are included in SG&A expense and are expensed as incurred. Advertising costs were approximately $3.1 million , $3.9 million and $4.8 million for the years ended December 31, 2018, 2017 and 2016, respectively. Warranty costs The Company provides limited warranties on workmanship on its products in all market segments. The provision for estimated warranty costs is made in the period when such costs become probable and is based on past warranty experience. See Note 9 for additional information. Income taxes Deferred income tax provisions are determined using the liability method to recognize deferred tax assets and liabilities. This method is based upon differences between the financial statement carrying amounts and the respective tax basis of assets and liabilities using enacted tax rates that are expected to apply in the years the temporary differences are expected to be settled or realized. Valuation allowances are recorded where it is considered more likely than not that some portion or all of the deferred tax assets will not be realized. Tax benefits are recognized only for tax positions that are more likely than not to be sustained upon examination by tax authorities. Earnings per share Basic earnings per share (EPS) is computed by dividing consolidated net earnings applicable to common shareholders by the weighted average number of common shares outstanding. Diluted EPS is computed by dividing adjusted consolidated net earnings applicable to common shareholders by the sum of the weighted average number of common shares outstanding and the weighted average number of potential common shares outstanding. Potential common shares consist of outstanding options under the Company’s stock compensation plans. Environmental liabilities Environmental expenditures that relate to current operations are expensed or capitalized as appropriate. Expenditures that relate to an existing condition caused by past operations and that do not contribute to current or future revenue are expensed. Liabilities are recorded when environmental assessments and/or remedial efforts are probable and can be reasonably estimated. Stock-based compensation The Company has one stock-based compensation plan, which is described in Note 23. Compensation expense for stock-based compensation is recognized over the requisite service period at the estimated fair value of the award at the grant date. The Company granted 80,000 ; 89,200 ; and 60,000 stock options in 2018, 2017, and 2016, respectively. The Company granted 376,500 restricted stock awards in 2018; none were granted in 2017 or 2016. Use of estimates The policies utilized by the Company in the preparation of the financial statements conform to United States generally accepted accounting principles (US GAAP or GAAP) and require management to make estimates, assumptions, and judgments that affect the reported amount of assets and liabilities, and disclosure of contingent assets and liabilities, at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual amounts could differ from these estimates and assumptions. Adoption of new accounting standards The Company adopted 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. None of the Company's contracts contained a financing option and Titan did not have any contract assets or liabilities. For the majority of Titan’s revenue arrangements, there was no significant impact as these transactions generally consist of a single performance obligation to transfer promised goods or services. The impact on the net sales was immaterial and the disaggregation of revenues, which is according to major markets the Company serves, has not changed from how it is presented in Note 28, Segment and Geographical Information, in Part IV of the Form 10-K. The table below presents the cumulative effect of the adoption of the New Revenue Standard on select accounts of Titan's consolidated balance sheet: (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 ) 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 $2.0 million and $2.6 million of non-service cost from cost of sales to other income on the Consolidated Statement of Operations for the years ended December 31, 2017, and December 31, 2016, respectively. See Note 22, Employee Benefit Plans, in Part IV of this Form 10-K for further discussion. The Company early-adopted ASU No. 2018-15, "Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Customer's Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract," effective September 30, 2018, using the retrospective approach. ASU 2018-15 requires a customer in a hosting arrangement that is a service contract to apply the guidance on internal-use software to determine which implementation costs to recognize as an asset and which costs to expense. Costs to develop or obtain internal-use software that cannot be capitalized under Subtopic 350-40, such as training costs and certain data conversion costs, also cannot be capitalized for a hosting arrangement that is a service contract. The amendments in this update require a customer in a hosting arrangement that is a service contract to determine whether an implementation activity relates to the preliminary project stage, the application development stage, or the post-implementation stage. Costs for implementation activities in the application development stage will be capitalized depending on the nature of the costs, while costs incurred during the preliminary project and post-implementation stages will be expensed. As a result of the adoption of this accounting standard, the Company capitalized an aggregate of $7.4 million of implementation costs for the year ended December 31, 2018, from selling, general and administration in the Consolidated Statement of Operations to other assets in the Consolidated Balance Sheets. 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 21, Income Taxes, in Part IV of this Form 10-K 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 regarding 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)" (the New Lease Standard). 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 has a significant number of leases for both property and equipment. The Company has elected the modified retrospective with cumulative-effect transition approach to adopting ASC 842 and thus will not restate its comparative periods presented in the year of transition. The Company plans to elect the package of practical expedients available under the transition provisions of the New Lease Standard, including (i) not reassessing whether expired or existing contracts contain leases, (ii) lease classification, and (iii) not revaluing initial direct costs for existing leases. Under this new transition method, the Company can apply the new lease standard at the adoption date and recognize a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption and present the accounting on a prospective or go-forward basis instead of applying to the earliest comparative period presented in the financial statements. The new lease standard will be effective for the Company beginning January 1, 2019. Adoption of the New Lease Standard will result in the Company recording additional net lease assets and lease liabilities of approximately $24.6 million and $25.1 million , respectively, as of January 1, 2019. The difference between the additional lease assets and lease liabilities will be recorded as an adjustment to retained earnings. In February 2018, the FASB issued ASU No. 2018-02, "Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income." The amendments in this update allow a reclassification from accumulated other comprehensive income to retained earnings for stranded tax effects resulting from the 2017 TCJA. Consequently, the amendments eliminate the stranded tax effects resulting from the 2017 TCJA and will improve the usefulness of information reported to financial statement users. The amendments in this update are effective for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years. Adoption of ASU No. 2018-02 will result in reclassification of approximately $5 million of stranded tax effects from accumulated other comprehensive income to retained earnings. In August 2018, the FASB issued ASU No. 2018-13, "Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement." The amendments in this update modify the disclosure requirements on fair value measurements in Topic 820, Fair Value Measurement. The amendments in this update are effective for fiscal years beginning after December 15, 2019. The adoption of this guidance is not expected to have a material effect on the Company's consolidated financial statements. In August 2018, the FASB issued ASU No. 2018-14, "Disclosure Framework - Changes to the Disclosure Requirements for Defined Benefit Plans." The amendments in this update modify the disclosure requirements for employers that sponsor defined benefit pension or other postretirement plans. The amendments in this update are effective for fiscal years ending after December 15, 2020. The adoption of this guidance is not expected to have a material effect on the Company's consolidated financial statements. In October 2018, FASB issued ASU No. 2018-17, “Consolidations (Topic 810) - Targeted Improvements to Related Party Guidance for Variable Interest Entities.” The amendments in the update affect reporting entities that are required to determine whether they should consolidate a legal entity under the guidance within the Variable Interest Entities Subsections of Subtopic 810-10, Consolidation-Overall and employee benefit plans within the scope of Topics 960, 962, and 965 on plan accounting. The amendments in this update are effective for fiscal years ending after December 15, 2019. The adoption of this guidance is not expected to have a material effect on the Company's consolidated financial statements. In November 2018, FASB issued ASU No. 2018-18, “Collaborative Arrangements (Topic 808) - Clarifying the Interaction between Topic 808 and Topic 606.” A collaborative arrangement, as defined by the guidance in Topic 808, is a contractual arrangement under which two or more parties actively participate in a joint operating activity and are exposed to significant risks and rewards that depend on the activity’s commercial success. The amendments in this update are effective for fiscal years ending after December 15, 2019. The adoption of this guidance is not expected to have a material effect on the Company's consolidated financial statements. |
ACCOUNTS RECEIVABLE
ACCOUNTS RECEIVABLE | 12 Months Ended |
Dec. 31, 2018 | |
Receivables [Abstract] | |
ACCOUNTS RECEIVABLE | ACCOUNTS RECEIVABLE Accounts receivable at December 31, 2018 and 2017 , consisted of the following (amounts in thousands): 2018 2017 Accounts receivable $ 245,236 $ 229,677 Allowance for doubtful accounts (3,404 ) (2,974 ) Accounts receivable, net $ 241,832 $ 226,703 |
INVENTORIES
INVENTORIES | 12 Months Ended |
Dec. 31, 2018 | |
Inventory Disclosure [Abstract] | |
INVENTORIES | INVENTORIES Inventories at December 31, 2018 and 2017 , consisted of the following (amounts in thousands): 2018 2017 Raw material $ 110,806 $ 83,541 Work-in-process 55,543 49,139 Finished goods 229,386 207,156 $ 395,735 $ 339,836 The 2017 numbers include a reclassification of $8.6 million |
PREPAID AND OTHER CURRENT ASSET
PREPAID AND OTHER CURRENT ASSETS | 12 Months Ended |
Dec. 31, 2018 | |
Prepaid Expense and Other Assets, Current [Abstract] | |
PREPAID AND OTHER CURRENT ASSETS | PREPAID AND OTHER CURRENT ASSETS Prepaid and other current assets at December 31, 2018 and 2017 , consisted of the following (amounts in thousands): 2018 2017 Factory supplies $ 26,014 $ 26,346 Value added tax 10,407 8,528 Prepaid expense 5,760 5,290 Deposits 4,237 3,785 Prepaid taxes 3,731 3,726 Prepaid insurance 2,315 2,384 Derivative financial instruments 902 458 Duty receivable 744 672 Volume rebate 487 2,072 Investments for deferred compensation — 12,393 Prepaid royalty — 1,953 Other 5,632 5,477 $ 60,229 $ 73,084 |
PROPERTY, PLANT AND EQUIPMENT,
PROPERTY, PLANT AND EQUIPMENT, NET | 12 Months Ended |
Dec. 31, 2018 | |
Property, Plant and Equipment [Abstract] | |
PROPERTY, PLANT AND EQUIPMENT | PROPERTY, PLANT, AND EQUIPMENT Property, plant, and equipment at December 31, 2018 and 2017 , consisted of the following (amounts in thousands): 2018 2017 Land and improvements $ 43,562 $ 46,998 Buildings and improvements 255,451 264,078 Machinery and equipment 592,932 598,411 Tools, dies, and molds 109,537 108,649 Construction-in-process 18,867 15,349 1,020,349 1,033,485 Less accumulated depreciation (635,477 ) (612,237 ) $ 384,872 $ 421,248 Depreciation, including depreciation on capital leases, related to property, plant, and equipment for the years 2018, 2017, and 2016 totaled $53.9 million , $54.3 million , and $55.8 million , respectively. Capital leases included in property, plant, and equipment at December 31, 2018 and 2017 , consisted of the following (amounts in thousands): 2018 2017 Buildings and improvements $ 3,823 $ 4,056 Less accumulated amortization (2,261 ) (2,294 ) $ 1,562 $ 1,762 Machinery and equipment $ 33,438 $ 32,379 Less accumulated amortization (26,748 ) (27,260 ) $ 6,690 $ 5,119 |
OTHER ASSETS
OTHER ASSETS | 12 Months Ended |
Dec. 31, 2018 | |
Other Assets, Noncurrent Disclosure [Abstract] | |
OTHER ASSETS | OTHER LONG-TERM ASSETS Other long-term assets at December 31, 2018 and 2017 , consisted of the following (amounts in thousands): 2018 2017 Investment in Wheels India Limited $ 47,230 $ 47,267 Amortizable intangibles 11,647 15,275 Prepaid software 7,711 691 Notes receivable 6,000 6,000 Other equity investments 3,986 4,637 Manufacturing spares 2,825 3,448 Deferred financing costs 267 352 Other 4,363 4,222 $ 84,029 $ 81,892 |
GOODWILL AND INTANGIBLE ASSETS
GOODWILL AND INTANGIBLE ASSETS | 12 Months Ended |
Dec. 31, 2018 | |
Intangible Assets, Net (Excluding Goodwill) [Abstract] | |
Intangible Assets | INTANGIBLE ASSETS The components of intangible assets for each of the years ended December 31, 2018 and 2017 , were as follows (amounts in thousands): Weighted- Average Useful Lives (in Years) 2018 2017 Amortizable intangible assets: Customer relationships 8.7 $ 12,967 $ 13,922 Patents, trademarks, and other 7.7 11,356 15,208 Total at cost 24,323 29,130 Less accumulated amortization (12,676 ) (13,855 ) $ 11,647 $ 15,275 Amortization related to intangible assets for the years 2018, 2017, and 2016 totaled $2.3 million , $3.0 million , and $2.2 million , respectively. The estimated aggregate amortization expense at December 31, 2018 , for each of the years (or other periods) set forth below was as follows (amounts in thousands): 2019 $ 2,123 2020 2,049 2021 1,393 2022 1,042 2023 1,042 Thereafter 3,998 $ 11,647 |
OTHER CURRENT LIABILITIES
OTHER CURRENT LIABILITIES | 12 Months Ended |
Dec. 31, 2018 | |
Other Liabilities, Current [Abstract] | |
OTHER CURRENT LIABILITIES | OTHER CURRENT LIABILITIES Other current liabilities at December 31, 2018 and 2017 , consisted of the following (amounts in thousands): 2018 2017 Wages and benefits $ 27,520 $ 27,532 Warranty 16,328 18,612 Insurance 13,655 15,068 Incentive compensation 8,506 7,863 Customer deposits 8,399 4,960 Customer rebates 6,794 6,534 Accrued other taxes 5,535 8,370 Accrued interest 2,399 3,049 Italian government grant 691 4,689 Accrued employment liabilities — 16,892 Other 21,227 20,205 $ 111,054 $ 133,774 |
WARRANTY
WARRANTY | 12 Months Ended |
Dec. 31, 2018 | |
Product Warranties Disclosures [Abstract] | |
WARRANTY COSTS | WARRANTY Changes in the warranty liability for the periods set forth below consisted of the following (amounts in thousands): 2018 2017 Warranty liability, January 1 $ 18,612 $ 17,926 Provision for warranty liabilities 5,231 9,012 Warranty payments made (6,516 ) (8,326 ) Warranty liability, December 31 $ 17,327 $ 18,612 The Company provides limited warranties on workmanship on its products in all market segments. The majority of the Company’s products are subject to a limited warranty that ranges between less than one year and ten |
OTHER LONG-TERM LIABILITIES
OTHER LONG-TERM LIABILITIES | 12 Months Ended |
Dec. 31, 2018 | |
Other Liabilities, Noncurrent [Abstract] | |
OTHER LONG-TERM LIABILITIES | OTHER LONG-TERM LIABILITIES Other long-term liabilities at December 31, 2018 and 2017 , consisted of the following (amounts in thousands): 2018 2017 Accrued pension liabilities $ 35,062 $ 35,597 Italian government grant 9,365 10,272 Income tax liabilities 8,943 11,399 Contingencies 6,500 6,500 Other 7,420 9,429 $ 67,290 $ 73,197 |
REVOLVING CREDIT FACILITY AND L
REVOLVING CREDIT FACILITY AND LONG-TERM DEBT | 12 Months Ended |
Dec. 31, 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): December 31, 2018 Principal Balance Unamortized Debt Issuance Net Carrying Amount 6.50% senior secured notes due 2023 $ 400,000 $ (4,897 ) $ 395,103 Titan Europe credit facilities 35,115 — 35,115 Other debt 28,429 — 28,429 Capital leases 2,810 — 2,810 Total debt 466,354 (4,897 ) 461,457 Less amounts due within one year 51,885 — 51,885 Total long-term debt $ 414,469 $ (4,897 ) $ 409,572 December 31, 2017 Principal Balance Unamortized Debt Issuance Net Carrying Amount 6.875% senior secured notes due 2020 $ 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 The weighted-average interest rates on total short-term borrowings, excluding current maturities of long-term debt, at December 31, 2018 and December 31, 2017 , were 6.9% and 5.0% , respectively. Aggregate maturities of long-term debt at December 31, 2018 , for each of the years (or other periods) set forth below were as follows (amounts in thousands): 2019 $ 51,885 2020 9,130 2021 2,581 2022 1,049 2023 400,248 Thereafter 1,461 $ 466,354 6.50% senior secured notes due 2023 The Company’s 6.50% senior secured notes (senior secured notes due 2023) were issued on November 20, 2017, and are due November 2023. Including the impact of debt issuance costs, these notes had an effective yield of 6.79% at issuance. These notes 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 included borrowings from various institutions totaling $35.1 million in aggregate principal amount at December 31, 2018 . Maturity dates on this debt range from less than one year to three years. The Titan Europe facilities are primarily secured by the assets of Titan's subsidiaries in Italy, Spain, Germany, and Brazil. Revolving credit facility 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 December 31, 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 on eligible accounts receivable and inventory balances. During 2018 and at December 31, 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 $5.8 million and $18.4 million at December 31, 2018 |
DERIVATIVE FINANCIAL INSTRUMENT
DERIVATIVE FINANCIAL INSTRUMENTS | 12 Months Ended |
Dec. 31, 2018 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
DERIVATIVE FINANCIAL INSTRUMENTS | DERIVATIVE FINANCIAL INSTRUMENTS The Company uses financial derivatives to mitigate its exposure to volatility in foreign currency exchange rates. These derivative financial instruments are recognized at fair value. The Company has not designated these financial instruments as hedging instruments. Any gain or loss on the re-measurement of the fair value is recorded as an offset to currency exchange gain/loss. For the year ended December 31, 2018 , the Company recorded currency exchange gain of $0.5 million related to these derivatives. For the year ended December 31, 2017 , the Company recorded currency exchange loss of $0.6 million |
REDEEMABLE NONCONTROLLING INTER
REDEEMABLE NONCONTROLLING INTEREST (Notes) | 12 Months Ended |
Dec. 31, 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 acquisition of Voltyre-Prom. The agreement contains a settlement put option which was exercisable during a six-month period beginning July 9, 2018. The settlement put option would require Titan to purchase the indirect equity interests from OEP and RDIF in Voltyre-Prom with cash or Titan common stock, at a value set by the agreement. The value set by the agreement is the greater of: the aggregate of the investment of the selling party and an amount representing an internal rate of return of 8%; or the last twelve months of EBITDA times 5.5 less net debt times the ownership percentage. As of December 31, 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 were not solely within the Company’s control and the noncontrolling interest is presented as redeemable noncontrolling interest separately from total equity in the Consolidated Balance Sheet at the redemption value of the settlement put option. If the redemption value is greater than the carrying value of the noncontrolling interest, the increase in the redemption value is adjusted directly to retained earnings of the affected entity, or additional paid-in capital if there are no available retained earnings applicable to the redeemable noncontrolling interest. The following is a reconciliation of redeemable noncontrolling interest as of December 31, 2018 and 2017 (amounts in thousands): Balance at January 1, 2017 $ 104,809 Income attributable to redeemable noncontrolling interest 84 Currency translation 1,907 Redemption value adjustment 6,393 Balance at December 31, 2017 $ 113,193 Income attributable to redeemable noncontrolling interest (1,091 ) Currency translation (4,496 ) Redemption value adjustment 12,207 Balance at December 31, 2018 $ 119,813 This obligation approximates the cost if all remaining equity interests in the consortium were purchased by the Company on December 31, 2018, and is presented in the Consolidated Balance Sheet in redeemable noncontrolling interest, which is treated as mezzanine equity. |
ACCUMULATED OTHER COMPREHENSIVE
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) | 12 Months Ended |
Dec. 31, 2018 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) | ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) Accumulated other comprehensive income (loss) consisted of the following at the dates set forth below (amounts in thousands): Currency Translation Adjustments Unrecognized Losses and Prior Service Cost Total Balance at January 1, 2017 $ (162,628 ) $ (25,650 ) $ (188,278 ) Currency translation adjustments 29,679 — 29,679 Defined benefit pension plan entries: Amortization of unrecognized losses and prior service cost, net of tax of $151 — 1,523 1,523 Balance at December 31, 2017 (132,949 ) (24,127 ) (157,076 ) Currency translation adjustments (38,520 ) — (38,520 ) Defined benefit pension plan entries: Amortization of unrecognized losses and prior service cost, net of tax of $(104) — (3,650 ) (3,650 ) Reclassification as result of ownership change (4,325 ) — (4,325 ) Balance at December 31, 2018 $ (175,794 ) $ (27,777 ) $ (203,571 ) |
STOCKHOLDERS EQUITY
STOCKHOLDERS EQUITY | 12 Months Ended |
Dec. 31, 2018 | |
Stockholders' Equity Attributable to Parent [Abstract] | |
STOCKHOLDERS’ EQUITY | STOCKHOLDERS’ EQUITY The Company did not repurchase any Titan common shares in 2018, 2017, or 2016. The Company records treasury stock using the cost method. Titan paid aggregate cash dividends of $.02 per share of common stock in each of 2018, 2017, and 2016. Dividends declared totaled $1.2 million for each of 2018 and 2017 and $1.1 million |
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS | 12 Months Ended |
Dec. 31, 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 follows: Level 1 – Quoted prices in active markets for identical instruments. Level 2 – Inputs other than quoted prices in active markets that are either directly or indirectly observable. Level 3 – Unobservable inputs for which little or no market data exists, therefore requiring an entity to develop its own assumptions. Assets and liabilities measured at fair value on a recurring basis consisted of the following at the dates set forth below (amounts in thousands): December 31, 2018 December 31, 2017 Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Investments for deferred compensation $ — $ — $ — $ — $ 12,393 $ 12,393 $ — $ — Derivative financial instruments asset 902 — 902 — 458 — 458 — Preferred stock 106 — — 106 154 — — 154 Total $ 1,008 $ — $ 902 $ 106 $ 13,005 $ 12,393 $ 458 $ 154 The following table presents the changes during the periods presented in Titan's Level 3 investments that are measured at fair value on a recurring basis (amounts in thousands): Preferred stock Balance at December 31, 2016 $ 181 Total unrealized losses (27 ) Balance at December 31, 2017 154 Total unrealized losses (48 ) Balance as of December 31, 2018 $ 106 The preferred stock was valued based on the book value of the common stock into which it can be converted. Fair value, nonrecurring, Level 2 and 3 measurements from impairments consisted of the following (amounts in thousands): Fair Value Level 2 Level 3 Impairment Charges December 31, 2017 2017 Property, plant and equipment $ — $ — $ 9,917 |
VARIABLE INTEREST ENTITIES (Not
VARIABLE INTEREST ENTITIES (Notes) | 12 Months Ended |
Dec. 31, 2018 | |
Variable Interest Entity, Consolidated, Carrying Amount, Assets and Liabilities, Net [Abstract] | |
Variable Interest Entity Disclosure [Text Block] | VARIABLE INTEREST ENTITIES The Company holds a variable interest in three joint ventures for which the Company is the primary beneficiary. Two of the joint ventures operate distribution facilities that 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 interests in these two joint ventures relate to sales of Titan product to these entities, consigned inventory, and working capital loans. The third joint venture is the consortium that owns Voltyre-Prom. Titan owns 43% of the consortium owning Voltyre-Prom, which is subject to a shareholders' agreement containing a settlement put option that may require Titan to purchase the remaining equity interests in the consortium. See Note 13 and Note 31 for additional information. The Company also holds a variable interest in five other entities for which Titan is the primary beneficiary. Each of these entities provides specific manufacturing related services at the Company's Tennessee facility. Titan's variable interest in these entities relates to financial support to the entities through providing many of the assets used by these entities in their business. The Company owns no equity in these entities. As the primary beneficiary of these variable interest entities (VIEs), the VIEs’ assets, liabilities, and results of operations are included in the Company’s consolidated financial statements as of, and for the year ended, December 31, 2018. The other equity holders’ interests are reflected in “Net loss attributable to noncontrolling interests” in the Consolidated Statements of Operations and “Noncontrolling interests” in the Consolidated Balance Sheets. The following table summarizes the carrying amount of the VIEs’ assets and liabilities included in the Company’s Consolidated Balance Sheets at December 31, 2018 and 2017 (amounts in thousands): 2018 2017 Cash and cash equivalents $ 9,064 $ 10,621 Inventory 12,987 13,494 Other current assets 38,533 36,334 Property, plant, and equipment, net 28,057 33,717 Other noncurrent assets 2,971 4,250 Total assets $ 91,612 $ 98,416 Current liabilities 36,246 32,172 Noncurrent liabilities 6,353 8,291 Total liabilities $ 42,599 $ 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 a variable interest in certain VIEs which are not consolidated because Titan is not the primary beneficiary. The Company's involvement with these entities is in the form of direct equity interests and prepayments and purchases of materials. The maximum exposure to loss represents the loss of assets recognized by Titan relating to non-consolidated entities and amounts due to the non-consolidated assets. The assets and liabilities recognized in Titan's Consolidated Balance Sheets related to Titan's interest in these non-consolidated VIEs and the Company's maximum exposure to loss relating to non-consolidated VIEs were as follows at December 31, 2018 and 2017 (amounts in thousands): 2018 2017 Investments $ 3,985 $ 3,823 Other current assets 1,200 1,261 Total VIE assets 5,185 5,084 Accounts payable 2,350 1,413 Maximum exposure to loss $ 7,535 $ 6,497 |
ASSET IMPAIRMENT (Notes)
ASSET IMPAIRMENT (Notes) | 12 Months Ended |
Dec. 31, 2018 | |
Asset Impairment Charges [Abstract] | |
Asset Impairment Charges [Text Block] | ASSET IMPAIRMENT On September 21, 2017, a fire occurred at a facility of Titan Tire Reclamation Corporation (TTRC), a subsidiary of the Company, located in Fort McMurray, AB. The TTRC facility contains six thermal vacuum recovery (TVR) units, which are large, contained capsules used to recycle large mining tires. The fire started within one of the TVR units and was contained to a building housing three of the TVR units. As a result of the damage caused by the fire, Titan recorded an asset impairment of $9.9 million . Titan carries both casualty and property insurance for its facilities and equipment, as well as business interruption insurance. The asset impairment amount was partially offset by an initial insurance advance received in the amount of $1.6 million |
ROYALTY EXPENSE
ROYALTY EXPENSE | 12 Months Ended |
Dec. 31, 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 is scheduled to 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 is scheduled to expire in June 2019. Royalty expenses recorded for the years ended December 31, 2018 , 2017 , and 2016 , were $10.1 million , $10.5 million , and $8.9 million , respectively. |
OTHER INCOME
OTHER INCOME | 12 Months Ended |
Dec. 31, 2018 | |
Other Income and Expenses [Abstract] | |
OTHER INCOME, NET | OTHER INCOME (EXPENSE) Other income (expense) consisted of the following for the years set forth below (amounts in thousands): 2018 2017 2016 Equity investment income $ 3,993 $ 3,615 $ 2,977 Interest income 2,107 3,363 3,206 Building rental income 1,804 2,372 2,109 Investment gain related to investments for deferred compensation 687 2,725 190 Other income (expense) 10,607 (2,967 ) 1,433 $ 19,198 $ 9,108 $ 9,915 |
INCOME TAXES
INCOME TAXES | 12 Months Ended |
Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | INCOME TAXES Income (loss) before income taxes, consisted of the following for the years set forth below (amounts in thousands): 2018 2017 2016 Domestic $ (298 ) $ (65,422 ) $ (56,334 ) Foreign 20,105 12,546 19,860 $ 19,807 $ (52,876 ) $ (36,474 ) The income tax provision was as follows for the years set forth below (amounts in thousands): 2018 2017 2016 Current Federal $ (2,379 ) $ 458 $ (2,040 ) State (65 ) (614 ) (62 ) Foreign 11,497 10,574 6,063 9,053 10,418 3,961 Deferred Federal — — — State — — — Foreign (2,291 ) 785 (680 ) (2,291 ) 785 (680 ) Income tax provision $ 6,762 $ 11,203 $ 3,281 The income tax provision differs from the amount of income tax determined by applying the statutory U.S. federal income tax rate to pre-tax income (loss) as a result of the following: 2018 2017 2016 Statutory U.S. federal tax rate 21.0 % 35.0 % 35.0 % Unrecognized tax positions (12.4 ) (2.3 ) 6.5 Impact of foreign income (8.8 ) (8.0 ) 26.9 Valuation allowance (0.2 ) 16.5 (73.6 ) State taxes, net 0.3 0.8 0.1 Nondeductible royalty 3.8 (1.4 ) (1.9 ) Tax Cuts and Jobs Act 26.6 (62.7 ) — Other, net 3.8 0.9 (2.0 ) Effective tax rate 34.1 % (21.2 )% (9.0 )% The effective tax rate for the year ended December 31, 2018, was 34.1% as compared to a negative 21.2% for the year ended December 31, 2017. The Company recorded a pre-tax loss in 2017 and had a negative effective tax rate which represents tax expense in the consolidated financial statements. In jurisdictions where the Company operates its businesses, management analyzes the ability to utilize its deferred tax assets arising from losses in its cyclical business. The Company continues to record a valuation allowance in several jurisdictions, including the U.S., various U.S. states, Italy, Australia, and Luxembourg as these amounts remain more likely than not that the deferred tax assets would not be utilized. The Company recorded a valuation allowance of $(0.1) million and $8.7 million on the net deferred tax asset in 2018 and 2017, respectively. This amount is primarily related to net operating losses generated from operations in these certain countries. The Company is involved in various tax matters, for some of which the outcome is uncertain. The IRS issued a final audit report during 2017 for the tax years 2010 through 2014. The Company recorded a net expense of $0.5 million to reflect the final audit results. The Company believes that it has adequate tax reserves to address these open tax matters acknowledging that the outcome and timing of these events are uncertain. Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Significant components of the Company’s deferred tax assets and liabilities at December 31, 2018 and 2017, were as follows (amounts in thousands): 2018 2017 Deferred tax assets: Net operating loss carryforwards $ 121,804 $ 118,303 Pension 5,718 5,462 Inventory 4,863 4,957 Warranty 4,376 4,847 Employee benefits and related costs 10,006 14,061 Prepaid royalties 4,780 4,383 Interest limitation 4,606 — Other 19,360 20,930 Deferred tax assets 175,513 172,943 Deferred tax liabilities: Fixed assets (25,207 ) (28,769 ) Intangible assets (3,474 ) (4,301 ) Other (1,820 ) (1,396 ) Deferred tax liabilities (30,501 ) (34,466 ) Subtotal 145,012 138,477 Valuation allowance (151,554 ) (148,243 ) Net deferred tax liability $ (6,542 ) $ (9,766 ) As of December 31, 2018 and 2017, certain tax loss carryforwards of $121.8 million and $118.3 million were available with $2.4 million expiring between 2018 and 2023 and $119.4 million expiring after 2023. At December 31, 2018, a valuation allowance of $151.6 million has been established. The net change in the valuation allowance was $3.3 million and $5.5 million for 2018 and 2017, respectively. The majority of the valuation allowance is related to deferred tax assets in the U.S., Italy, Australia, and Luxembourg. The Company has $ 158.1 million of Federal net operating loss carryforward, a portion of which expires starting in 2034. Additionally, the Company has $ 239.5 million of state net operating losses and $ 293.7 million of foreign loss carryforwards. The Tax Cuts and Jobs Act was enacted on December 22, 2017. The Tax Cuts and Jobs Act includes a number of changes in existing tax law impacting businesses, including a one-time deemed repatriation of cumulative undistributed foreign earnings and a permanent reduction in the U.S. federal statutory rate from 35% to 21% , effective on January 1, 2018. Under U.S. GAAP, changes in tax rates and tax law are accounted for in the period of enactment and deferred tax assets and liabilities are re-measured at the enacted tax rate. The re-measured U.S. net deferred asset was fully offset by a change in the valuation allowance. The Company’s net cumulative undistributed foreign earnings were a cumulative loss and therefore no additional income tax expense related to the one-time deemed repatriation toll charge was recorded in 2017. As a result of the Tax Cuts and Jobs Act, the Company can repatriate future foreign earnings back to the U.S. when needed with minimal additional taxes other than state income and foreign withholding tax. The Company has not changed its indefinite reinvestment assertion in light of the Tax Cuts and Jobs Act and has not accrued any potential incremental taxes which could be incurred if any foreign earnings are repatriated. The Company has not calculated the potential foreign withholding taxes as the Company does not expect to repatriate those earnings. The Company or one of its subsidiaries files income tax returns in the U.S., Federal and State, and various foreign jurisdictions. The Company’s major locations are in the U.S., Italy, Australia, Russia, and Brazil. The IRS issued a final audit report in 2017 for the 2010-2014 U.S. Federal tax returns and the Company adjusted its uncertain tax reserves. The Company also has ongoing tax audits with non-U.S. jurisdictions. Italy has open tax years from 2013-2018. Russia has open tax years from 2016-2018. Australia has open tax years from 2014-2018 and Brazil has open tax years from 2011-2018. The Company has applied the provisions of ASC 740, “Income Taxes” related to unrecognized tax benefits. At December 31, 2018, 2017, and 2016, the unrecognized tax benefits were $8.9 million , $11.4 million , and $16.1 million , respectively. As of December 31, 2018, $ 8.9 million of unrecognized tax benefits would have affected income tax expense if the tax benefits were recognized. The majority of the accrual in unrecognized tax benefits relates to potential state tax exposures. Although management cannot predict with any degree of certainty the timing of ultimate resolution of matters under review by various taxing jurisdictions, it is possible that the Company’s gross unrecognized tax benefits balance will decrease by approximately $3 million within the next twelve months. A reconciliation of the total amounts of unrecognized tax benefits at December 31 were as follows (amounts in thousands): 2018 2017 2016 Balance at January 1 $ 9,365 $ 12,468 $ 14,698 Increases to tax positions taken during the current year 19 127 288 Increases to tax positions taken during the prior years — 6,045 3,201 Decreases to tax positions taken during prior years (1,336 ) (858 ) (5,257 ) Decreases due to lapse of statutes of limitations (637 ) (297 ) (4 ) Settlements — (8,095 ) (476 ) Foreign exchange (5 ) (25 ) 18 Balance at December 31 $ 7,406 $ 9,365 $ 12,468 The Company accrues interest and penalties related to unrecognized tax benefits in income tax expense. The amount of interest and penalties related to unrecognized tax benefits recorded in income tax expense was $(0.5) million , $0.5 million , and $0.4 million at December 31, 2018, 2017 and 2016. The reconciliation of unrecognized tax benefits above does not include accrued interest and penalties of $2.4 million , $2.9 million , and $3.6 million |
EMPLOYEE BENEFIT PLANS
EMPLOYEE BENEFIT PLANS | 12 Months Ended |
Dec. 31, 2018 | |
Retirement Benefits [Abstract] | |
EMPLOYEE BENEFIT PLANS | EMPLOYEE BENEFIT PLANS Pension plans The Company has three frozen defined benefit pension plans covering certain employees or former employees of three U.S. subsidiaries. The Company also has pension plans covering certain employees of several foreign subsidiaries. The Company’s policy is to fund pension costs as required by law, which is consistent with the funding requirements of federal laws and regulations. Certain foreign subsidiaries maintain unfunded pension plans consistent with local practices and requirements. The Company’s recorded liability for pensions is based on a number of assumptions, including discount rates, rates of return on investments, mortality rates, and other factors. Certain of these assumptions are determined by the Company with the assistance of outside actuaries. Assumptions are based on past experience and anticipated future trends. These assumptions are reviewed on a regular basis and revised when appropriate. The following table provides the change in benefit obligation, change in plan assets, funded status, and amounts recognized in the Consolidated Balance Sheet of the defined benefit pension plans as of December 31, 2018 and 2017 (amounts in thousands): Change in benefit obligation: 2018 2017 Benefit obligation at beginning of year $ 119,736 $ 113,119 Service cost 626 598 Interest cost 4,330 4,672 Actuarial (gain) loss (5,404 ) 8,383 Benefits paid (9,376 ) (8,866 ) Foreign currency translation (1,399 ) 1,830 Benefit obligation at end of year $ 108,513 $ 119,736 Change in plan assets: Fair value of plan assets at beginning of year $ 83,036 $ 77,314 Actual return on plan assets (5,669 ) 12,436 Employer contributions 4,634 914 Benefits paid (9,376 ) (7,809 ) Foreign currency translation (129 ) 181 Fair value of plan assets at end of year $ 72,496 $ 83,036 Unfunded status at end of year $ (36,017 ) $ (36,700 ) Amounts recognized in Consolidated Balance Sheet: Noncurrent assets $ 930 $ 948 Current liabilities (1,885 ) (2,040 ) Noncurrent liabilities (35,062 ) (35,608 ) Net amount recognized in the Consolidated Balance Sheet $ (36,017 ) $ (36,700 ) The pension benefit obligation included $89.5 million of pension benefit obligation for the three frozen plans in the U.S. and $19.0 million of pension benefit obligation for plans at foreign subsidiaries. The fair value of plan assets included $70.9 million of plan assets for the three frozen plans in the U.S. and $1.6 million of plan assets for foreign plans. Amounts recognized in accumulated other comprehensive loss: 2018 2017 Unrecognized prior service cost $ (71 ) $ (208 ) Unrecognized net loss (43,458 ) (39,775 ) Deferred tax effect of unrecognized items 15,752 15,856 Net amount recognized in accumulated other comprehensive loss $ (27,777 ) $ (24,127 ) The weighted-average assumptions used in the actuarial computation that derived the benefit obligations at December 31 were as follows: 2018 2017 Discount rate 4.3 % 3.8 % Expected long-term return on plan assets 6.9 % 7.4 % The following table provides the components of net periodic pension cost for the plans, settlement cost, and the assumptions used in the measurement of the Company’s benefit obligation for the years ended December 31, 2018 , 2017 , and 2016 (amounts in thousands): Components of net periodic benefit cost and other amounts recognized in other comprehensive income (loss) Net periodic benefit cost: 2018 2017 2016 Service cost $ 626 $ 598 $ 341 Interest cost 4,330 4,672 4,896 Assumed return on assets (5,959 ) (5,472 ) (5,600 ) Amortization of unrecognized prior service cost 137 137 137 Amortization of net unrecognized loss 2,784 2,696 3,118 Net periodic pension cost $ 1,918 $ 2,631 $ 2,892 The estimated net loss and prior service cost that will be amortized from accumulated other comprehensive income (loss) into net periodic benefit cost over the next fiscal year are $3.2 million and $0.1 million , respectively. The weighted-average assumptions used in the actuarial computation that derived net periodic pension cost for the years ended December 31, 2018 , 2017 , and 2016 were as follows: 2018 2017 2016 Discount rate 5.3 % 5.8 % 5.8 % Expected long-term return on plan assets 7.4 % 7.4 % 7.4 % The allocation of the fair value of plan assets was as follows: Percentage of Plan Assets at December 31, Target Allocation Asset Category 2018 2017 2018 U.S. equities (a) 60 % 61 % 40% - 80% Fixed income 30 % 25 % 20% - 50% Cash and cash equivalents 6 % 6 % 0% - 20% International equities (a) 4 % 8 % 0% - 16% 100 % 100 % (a) Total equities may not exceed 80% of total plan assets. The majority of the Company's foreign plans do not have plan assets. The foreign plans which have plan assets holds these plan assets in an insurance or money market fund. The fair value of the plan assets by asset categories consisted of the following as of the dates set forth below (amounts in thousands): Fair Value Measurements as of December 31, 2018 Total Level 1 Level 2 Level 3 Money market funds $ 4,725 $ 4,725 $ — $ — Common stock 28,581 28,581 — — Bonds and securities 5,958 5,958 — — Mutual and insurance funds 1,871 773 1,098 — Totals $ 41,135 $ 40,037 $ 1,098 $ — Assets measured at net asset value (a) 31,361 $ 72,496 Fair Value Measurements as of December 31, 2017 Total Level 1 Level 2 Level 3 Money market funds $ 5,101 $ 5,101 $ — $ — Common stock 35,300 35,300 — — Bonds and securities 5,370 5,370 — — Mutual and insurance funds 2,074 868 1,206 — Totals $ 47,845 $ 46,639 $ 1,206 $ — Assets measured at net asset value (a) 35,191 $ 83,036 (a) Assets measured at net asset value consist of common / collective trusts. The Company invests in a diversified portfolio consisting of an array of asset classes in an attempt to maximize returns while minimizing risk. These asset classes include U.S. equities, fixed income, cash and cash equivalents, and international equities. The investment objectives are to provide for the growth and preservation of plan assets on a long-term basis through investments in: investment grade securities that provide investment returns that meet or exceed the Standard & Poor’s 500 Index and investment grade fixed income securities that provide investment returns that meet or exceed the Barclays Capital Aggregate Bond Index. The U.S. equities asset category included the Company’s common stock in the amount of $0.8 million (approximately one percent of total plan assets) at December 31, 2018, and $2.2 million (approximately three percent of total plan assets) at December 31, 2017. The fair value of money market funds, stock, bonds, U.S. government securities and mutual funds is determined based on valuation for identical instruments in active markets. The long-term rate of return for plan assets is determined using a weighted-average of long-term historical approximate returns on cash and cash equivalents, fixed income securities, and equity securities considering the anticipated investment allocation within the plans. The expected return on plan assets is anticipated to be 7.0% over the long-term. This rate assumes long-term historical returns of approximately 8.5% for equities and approximately 4.0% for fixed income securities using the plans’ target allocation percentages. Professional investment firms, none of which are Titan employees, manage the plan assets. Although the 2019 minimum pension funding calculations are not finalized, the Company estimates those funding requirements will be approximately $2.6 million . Projected benefit payments from the plans as of December 31, 2018 , are estimated as follows (amounts in thousands): 2019 $ 9,422 2020 8,610 2021 8,498 2022 8,509 2023 8,252 2024-2028 36,112 401(k)/Defined contribution plans The Company sponsors two 401(k) retirement savings plans in the U.S. and a number of defined contribution plans at foreign subsidiaries. One U.S. plan is for the benefit of substantially all employees who are not covered by a collective bargaining arrangement. Titan provides a 25% matching contribution in the form of the Company’s common stock on the first 6% of the employee’s contribution in this plan. The Company issued 54,517 shares, 49,242 shares and 93,491 shares of treasury stock in connection with this 401(k) plan during 2018, 2017, and 2016, respectively. Expenses to the Company related to this common stock matching contribution were $0.6 million , $0.5 million , and $0.5 million for 2018, 2017, and 2016, respectively. The other U.S. 401(k) plan is for employees covered by collective bargaining agreements and does not include a Company matching contribution. Expenses related to foreign defined contribution plans were $4.1 million , $3.8 million , and $3.6 million for 2018, 2017, and 2016, respectively. |
STOCK COMPENSATION
STOCK COMPENSATION | 12 Months Ended |
Dec. 31, 2018 | |
STOCK OPTION PLANS [Abstract] | |
STOCK OPTION PLANS | STOCK COMPENSATION The Company recorded stock compensation of $1.1 million , $1.5 million , and $2.0 million in 2018, 2017, and 2016, respectively. Options to the Board of Directors vest immediately. All options expire 10 years from the grant date. The restricted stock awards vest over a period of three years. 2005 Equity Incentive Plan The Company adopted the 2005 Equity Incentive Plan to provide stock compensation as a means of attracting and retaining qualified independent directors and employees for the Company. A total of 1.6 million shares are available for future issuance under the equity incentive plan at December 31, 2018. The exercise price of stock options may not be less than the fair market value of the common stock on the date of the grant. The vesting and term of each option is set by the Board of Directors. The Company granted 80,000 stock options under this plan in 2018, 89,200 stock options under this plan in 2017, and 60,000 stock options under this plan in 2016. The Company granted 376,500 restricted stock awards under this plan in 2018. The Company did not grant any restricted stock awards under this plan in 2017 and 2016. Stock Options The following is a summary of activity in stock options during the year ended December 31, 2018: Shares Subject to Option Weighted- Average Exercise Price Weighted- Average Remaining Contractual Life (in Years) Aggregate Intrinsic Value (in thousands) Outstanding, December 31, 2017 847,770 $ 17.39 Granted 80,000 11.85 Exercised — — Forfeited/Expired (39,082 ) 18.37 Outstanding, December 31, 2018 888,688 16.84 4.63 $ — Exercisable, December 31, 2018 888,688 16.84 4.63 $ — Additional Stock Option Information (all amounts in thousands, except for per share data): 2018 2017 2016 Weighted-average fair value per share of stock options granted $ 5.85 $ 6.10 $ 3.62 Grant date fair value of stock options vested 468 544 217 No options were exercised in 2018, 2017 and 2016. The Company currently uses treasury shares to satisfy any stock option exercises. At December 31, 2018 and 2017, the Company had 0.8 million and 0.9 million shares of treasury stock, respectively. Valuation Assumptions The Company uses the Black-Scholes option pricing model to determine the fair value of its stock options. The determination of the fair value of stock option awards on the date of grant using option pricing models is affected by the Company’s stock price, as well as assumptions regarding a number of complex and subjective variables. These variables include the Company’s expected stock price volatility over the expected term of the awards, actual and projected stock option exercise behaviors, risk-free interest rates, and expected dividends. The expected term of options represents the period of time over which options are expected to be outstanding and is estimated based on historical experience. Expected volatility is based on the historical volatility of the Company’s common stock calculated over the expected term of the option. The risk-free interest rate is based on U.S. Treasury yields in effect at the date of grant. Weighted average assumptions used for stock options issued in 2018, 2017, and 2016: 2018 2017 2016 Expected life (in years) 6.0 6.0 6.0 Expected volatility 50.7 % 53.8 % 53.3 % Expected dividends 0.2 % 0.1 % 0.1 % Risk-free interest rate 2.88 % 1.82 % 1.33 % Restricted Stock Shares Weighted Average Grant Date Fair Value Unvested at December 31, 2017 31,897 10.56 Granted 376,500 9.23 Vested (31,897 ) 10.56 Unvested at December 31, 2018 376,500 9.23 Pre-tax unrecognized compensation expense for unvested restricted stock was $2.8 million at December 31, 2018, and will be recognized as an expense over a weighted-average period of 2.5 years. The fair value of restricted stock vested, based on the stock's fair value on the vesting date, was $0.3 million , $1.5 million , and $1.6 million |
LITIGATION
LITIGATION | 12 Months Ended |
Dec. 31, 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 December 31, 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. As of December 31, 2018, the $6.5 million remains outstanding. |
LEASE COMMITMENTS
LEASE COMMITMENTS | 12 Months Ended |
Dec. 31, 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. Total rental expense was $7.8 million , $7.6 million , and $6.0 million for the years ended December 31, 2018, 2017, and 2016, respectively. At December 31, 2018 , future minimum rental commitments under noncancellable operating leases with initial terms in excess of one year were as follows for the years (or other periods) presented below (amounts in thousands): 2019 $ 7,759 2020 5,606 2021 4,430 2022 3,330 2023 2,710 Thereafter 5,398 Total future minimum lease payments $ 29,233 At December 31, 2018 , the Company had assets held as capital leases with a net book value of $8.3 million included in property, plant, and equipment. Total future capital lease obligations relating to these leases were as follows at December 31, 2018 for the years (or other periods) presented below (amounts in thousands): 2019 $ 811 2020 689 2021 757 2022 594 2023 294 Total future capital lease obligation payments 3,145 Less amount representing interest (335 ) Present value of future capital lease obligation payments $ 2,810 |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Notes) | 12 Months Ended |
Dec. 31, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies Disclosure [Text Block] | PURCHASE OBLIGATIONS At December 31, 2018 , the Company's expected cash outflow resulting from non-cancellable purchase obligations are summarized by year in the table below (amounts in thousands): 2019 $ 20,623 2020 3,674 2021 330 2022 18 Thereafter 37 Total non-cancellable purchase obligations $ 24,682 |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 12 Months Ended |
Dec. 31, 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 Company, Mr. Maurice Taylor. The related party is Mr. Fred Taylor, who is Mr. Maurice Taylor’s brother. The companies which Mr. Fred Taylor is associated with that do business with Titan include the following: Blacksmith OTR, LLC; F.B.T. Enterprises; Green Carbon, Inc; Silverstone, Inc.; and OTR Wheel Engineering, Inc. During 2018, 2017, and 2016, sales of Titan product to these companies were approximately $1.2 million , $1.5 million , and $0.9 million , respectively. Titan had trade receivables due from these companies of approximately $0.1 million at December 31, 2018 , and approximately $0.0 million at December 31, 2017 . On other sales referred to Titan from these manufacturing representative companies, commissions were approximately $1.7 million , $1.9 million , and $1.8 million during 2018, 2017, and 2016, respectively. Titan had purchases from these companies of approximately $0.4 million , $0.6 million , and $0.7 million during 2018, 2017, and 2016, respectively. In 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% of the joint venture. The Shareholder’s agreement contained a settlement put option which potentially required the Company to purchase equity interests in the joint venture from OEP and RDIF at a value set by the agreement. On January 8, 2019, the Company received notification of exercise of the put option from OEP. See Note 13 for additional information. |
SEGMENT INFORMATION
SEGMENT INFORMATION | 12 Months Ended |
Dec. 31, 2018 | |
Segment Reporting [Abstract] | |
Segment Information | SEGMENT AND GEOGRAPHICAL INFORMATION The Company has aggregated its operating units into reportable segments based on its three customer markets: agricultural, earthmoving/construction, and consumer. These segments are based on the information used by the chief executive officer to make certain operating decisions, allocate portions of capital expenditures and assess segment performance. The accounting policies of the segments are the same as those described in Note 1, “Description of Business and Significant Accounting Policies.” Segment external revenues, expenses, and income from operations are determined on the basis of the results of operations of operating units of manufacturing facilities. Segment assets are generally determined on the basis of the tangible assets located at such operating units’ manufacturing facilities and the intangible assets associated with the acquisitions of such operating units. However, certain operating units’ goodwill and property, plant, and equipment balances are carried at the corporate level. Titan is organized primarily on the basis of products being included in three marketing segments, with each reportable segment including wheels, tires, wheel/tire assemblies, and undercarriage systems and components. The table below presents information about certain operating results of segments as reviewed by the chief operating decision maker of the Company as of and for the years ended December 31, 2018 , 2017 , and 2016 (amounts in thousands): 2018 2017 2016 Revenues from external customers Agricultural $ 694,268 $ 690,238 $ 583,324 Earthmoving/construction 741,733 608,894 524,289 Consumer 166,407 169,790 157,884 $ 1,602,408 $ 1,468,922 $ 1,265,497 Gross profit Agricultural $ 94,217 $ 85,482 $ 76,330 Earthmoving/construction 80,056 49,556 47,355 Consumer 23,993 25,273 17,730 $ 198,266 $ 160,311 $ 141,415 Income (loss) from operations Agricultural $ 62,065 $ 50,188 $ 41,999 Earthmoving/construction 31,141 2,028 4,701 Consumer 11,994 11,463 2,998 Corporate & Unallocated (62,956 ) (74,830 ) (72,098 ) Loss from operations 42,244 (11,151 ) (22,400 ) Interest expense (30,456 ) (30,229 ) (32,539 ) Loss on senior note repurchase — (18,646 ) — Foreign exchange gain (loss) (11,179 ) (1,958 ) 8,550 Other income, net 19,198 9,108 9,915 Income (loss) before income taxes $ 19,807 $ (52,876 ) $ (36,474 ) Capital expenditures Agricultural $ 15,770 $ 15,392 $ 16,260 Earthmoving/construction 19,889 15,282 22,028 Consumer 3,334 2,453 2,483 Corporate & Unallocated 7 (501 ) 1,177 $ 39,000 $ 32,626 $ 41,948 Depreciation & amortization Agricultural $ 26,299 $ 27,623 $ 27,888 Earthmoving/construction 23,823 20,307 20,566 Consumer 5,129 5,559 6,145 Corporate & Unallocated 2,367 4,955 5,169 $ 57,618 $ 58,444 $ 59,768 Total assets Agricultural $ 464,828 $ 444,783 $ 439,371 Earthmoving/construction 543,927 537,855 443,879 Consumer 129,994 157,133 140,293 Corporate & Unallocated (a) 112,507 150,341 242,353 $ 1,251,256 $ 1,290,112 $ 1,265,896 (a) Unallocated assets included cash of approximately $32 million , $72 million , and $96 million at year-end 2018, 2017, and 2016, respectively. The table below presents information by geographic area. Revenues from external customers were determined based on the location of the selling subsidiary. Geographic information as of and for the years ended December 31, 2018 , 2017 , and 2016 was as follows (amounts in thousands): 2018 2017 2016 Net Sales United States $ 711,887 $ 642,743 $ 558,278 Europe / CIS 469,322 411,570 354,117 Latin America 271,374 282,692 248,019 Other international 149,825 131,917 105,083 $ 1,602,408 $ 1,468,922 $ 1,265,497 Long-Lived Assets United States $ 137,410 $ 151,841 $ 171,587 Europe / CIS 165,827 176,923 156,505 Latin America 52,393 62,543 68,187 Other international 29,242 29,941 40,922 $ 384,872 $ 421,248 $ 437,201 |
EARNINGS PER SHARE
EARNINGS PER SHARE | 12 Months Ended |
Dec. 31, 2018 | |
Earnings Per Share [Abstract] | |
EARNINGS PER SHARE | EARNINGS PER SHARE Earnings per share for 2018 , 2017 , and 2016 were as follows (amounts in thousands, except per share data): 2018 2017 2016 Net income (loss) attributable to Titan $ 16,087 $ (60,042 ) $ (37,605 ) Redemption value adjustment (12,207 ) (6,393 ) (9,556 ) Net loss applicable to common shareholders $ 3,880 $ (66,435 ) $ (47,161 ) Determination of Shares: Weighted average shares outstanding (basic) 59,820 59,340 53,916 Effect of stock options/trusts 89 — — Weighted average shares outstanding (diluted) 59,909 59,340 53,916 Earnings per share: Basic and Diluted $ 0.06 $ (1.12 ) $ (0.87 ) The effect of stock options/trusts and convertible notes has been excluded for 2017, and 2016, as the effect would have been antidilutive. The weighted average share amount excluded for stock options/trusts was 0.2 million , and 0.3 million for 2017 and 2016, respectively. The effect of convertible notes has been excluded for 2017 and 2016, as the effect would have been antidilutive. The weighted average share amount excluded for convertible notes was 0.0 million for 2017 and 5.6 million for 2016. |
SUPPLEMENTARY DATA - QUARTERLY
SUPPLEMENTARY DATA - QUARTERLY FINANCIAL INFORMATION (UNAUDITED) | 12 Months Ended |
Dec. 31, 2018 | |
Quarterly Financial Information Disclosure [Abstract] | |
SUPPLEMENTARY DATA – QUARTERLY FINANCIAL INFORMATION (UNAUDITED) | SUPPLEMENTARY DATA – QUARTERLY FINANCIAL INFORMATION (UNAUDITED) (All amounts in thousands, except per share data) Quarter ended March 31 June 30 September 30 December 31 Year ended December 31 2018 Net sales $ 425,382 $ 428,904 $ 384,719 $ 363,403 $ 1,602,408 Gross profit 59,561 58,312 43,704 36,689 198,266 Net income (loss) 15,968 8,476 2,678 (14,077 ) 13,045 Net income (loss) attributable to Titan 17,647 8,436 2,295 (12,291 ) 16,087 Per share amounts: Basic .26 .06 (.03 ) (.23 ) .06 Diluted .26 .06 (.03 ) (.23 ) .06 2017 Net sales $ 357,501 $ 364,399 $ 370,988 $ 376,034 $ 1,468,922 Gross profit 40,201 44,020 40,137 35,953 160,311 Net loss (10,585 ) (6,537 ) (11,218 ) (35,739 ) (64,079 ) Net loss attributable to Titan (11,453 ) (6,293 ) (12,018 ) (30,278 ) (60,042 ) Per share amounts: Basic (.18 ) (.17 ) (.22 ) (.55 ) (1.12 ) Diluted (.18 ) (.17 ) (.22 ) (.55 ) (1.12 ) |
SUBSEQUENT EVENTS (Notes)
SUBSEQUENT EVENTS (Notes) | 12 Months Ended |
Dec. 31, 2018 | |
Subsequent Events [Abstract] | |
Subsequent Events [Text Block] | SUBSEQUENT EVENTS On February 11, 2019, the Company entered into a definitive agreement (the "Agreement") with an affiliate of RDIF relating to the put option that was exercised by RDIF in November of 2018. The Agreement provides, among other things, that in full satisfaction of the put option, within ten business days following the date of the Agreement, Titan will pay to RDIF $25 million in cash and, subject to the completion of regulatory approval, will issue to RDIF in a private placement $25 million in shares of restricted Titan common stock, with RDIF being required to hold such shares for three years from the date of the definitive agreement. Immediately following the closing, RDIF will continue to own the same interest in Voltyre-Prom, subject to the terms of the Agreement and the Shareholders’ Agreement. Titan has retained the right to buy back the Titan shares from RDIF for $25 million during such three-year period and, if the stock buyback is consummated within one year, at the time of such buyback RDIF would be required to convey to Titan, based on current ownership, a 10.71% interest in Voltyre-Prom, resulting in RDIF reducing its interest in Voltyre-Prom from 35.71% to 25% . The transaction closed on February 22, 2019. Under the terms of the definitive agreement, in full satisfaction of the previously announced settlement put option that was exercised by RDIF, Titan paid to RDIF $25 million in cash at the closing of the transaction, and agreed, subject to the completion of regulatory approval, to issue to RDIF in a private placement 4,032,259 shares of restricted Titan common stock. On February 26, 2019, the Company announced that it is evaluating strategic alternatives with respect to Italtractor ITM S.p.A. (“ITM”), one of the Company’s subsidiaries that designs and produces steel track and undercarriages for the construction, mining and agricultural markets. Titan’s Board of Directors has engaged advisors to assist in carrying out this evaluation. |
SUBSIDIARY GUARANTOR FINANCIAL
SUBSIDIARY GUARANTOR FINANCIAL INFORMATION | 12 Months Ended |
Dec. 31, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Condensed Financial Information of Parent Company Only Disclosure [Text Block] | SUBSIDIARY GUARANTOR FINANCIAL INFORMATION The Company's 6.50% senior secured notes due 2023 are guaranteed by the following 100% owned subsidiaries of the Company: Titan Tire Corporation, Titan Tire Corporation of Bryan, Titan Tire Corporation of Freeport, and Titan Wheel Corporation of Illinois. The note guarantees are full and unconditional, joint and several obligations of the guarantors. The guarantees of the guarantor subsidiaries are subject to release in limited circumstances only upon the occurrence of certain customary conditions. The following condensed consolidating financial statements are presented using the equity method of accounting. Certain sales & marketing expenses recorded by non-guarantor subsidiaries have not been allocated to the guarantor subsidiaries. (Amounts in thousands) Consolidating Condensed Statements of Operations Year Ended December 31, 2018 Titan Intl., Inc. (Parent) Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Net sales $ — $ 588,080 $ 1,263,589 $ (249,261 ) $ 1,602,408 Cost of sales (512 ) 505,883 1,148,032 (249,261 ) 1,404,142 Gross profit 512 82,197 115,557 — 198,266 Selling, general, and administrative expenses 4,957 54,612 75,220 — 134,789 Research and development expenses 1,113 3,733 6,300 — 11,146 Royalty expense 2,128 4,026 3,933 — 10,087 (Loss) income from operations (7,686 ) 19,826 30,104 — 42,244 Interest expense (27,299 ) — (3,157 ) — (30,456 ) Intercompany interest income (expense) 2,517 3,695 (6,212 ) — — Foreign exchange loss — (653 ) (10,526 ) — (11,179 ) Other income (expense) 12,720 (476 ) 6,954 — 19,198 (Loss) income before income taxes (19,748 ) 22,392 17,163 — 19,807 (Benefit) provision for income taxes (10,802 ) 9,754 7,810 — 6,762 Equity in earnings (loss) of subsidiaries 21,994 — (2,008 ) (19,986 ) — Net income (loss) 13,048 12,638 7,345 (19,986 ) 13,045 Net loss noncontrolling interests — — (3,042 ) — (3,042 ) Net income (loss) attributable to Titan $ 13,048 $ 12,638 $ 10,387 $ (19,986 ) $ 16,087 (Amounts in thousands) Consolidating Condensed Statements of Operations Year Ended December 31, 2017 Titan Intl., Inc. (Parent) Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Net sales $ — $ 567,830 $ 901,092 $ — $ 1,468,922 Cost of sales 362 494,775 803,557 — 1,298,694 Asset impairment — — 9,917 — 9,917 Gross (loss) profit (362 ) 73,055 87,618 — 160,311 Selling, general, and administrative expenses 14,218 59,769 76,689 — 150,676 Research and development expenses — 3,685 6,617 — 10,302 Royalty expense 1,178 5,703 3,603 — 10,484 (Loss) income from operations (15,758 ) 3,898 709 — (11,151 ) Interest expense (29,182 ) — (1,047 ) — (30,229 ) Loss on note repurchase (18,646 ) — — — (18,646 ) Intercompany interest income (expense) 2,412 3,937 (6,349 ) — — Foreign exchange loss (2 ) (100 ) (1,856 ) — (1,958 ) Other income (loss) 4,623 (1,342 ) 5,827 — 9,108 (Loss) income before income taxes (56,553 ) 6,393 (2,716 ) — (52,876 ) (Benefit) provision for income taxes (1,446 ) 4,173 8,476 — 11,203 Equity in (loss) earnings of subsidiaries (8,972 ) — (8,400 ) 17,372 — Net (loss) income (64,079 ) 2,220 (19,592 ) 17,372 (64,079 ) Net loss noncontrolling interests — — (4,037 ) — (4,037 ) Net (loss) income attributable to Titan $ (64,079 ) $ 2,220 $ (15,555 ) $ 17,372 $ (60,042 ) (Amounts in thousands) Consolidating Condensed Statements of Operations Year Ended December 31, 2016 Titan Intl., Inc. (Parent) Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Net sales $ — $ 498,390 $ 767,107 $ — $ 1,265,497 Cost of sales 759 430,935 692,388 — 1,124,082 Gross (loss) profit (759 ) 67,455 74,719 — 141,415 Selling, general, and administrative expenses 11,394 66,815 66,779 — 144,988 Research and development expenses — 2,876 7,095 — 9,971 Royalty expense 667 4,866 3,323 — 8,856 Loss from operations (12,820 ) (7,102 ) (2,478 ) — (22,400 ) Interest expense (32,208 ) — (331 ) — (32,539 ) Intercompany interest income (expense) 1,781 3,525 (5,306 ) — — Foreign exchange gain — 298 8,252 — 8,550 Other income (loss) 2,503 (1,590 ) 9,002 — 9,915 (Loss) income before income taxes (40,744 ) (4,869 ) 9,139 — (36,474 ) (Benefit) provision for income taxes (64 ) 30 3,315 — 3,281 Equity in earnings (loss) of subsidiaries 924 — (6,689 ) 5,765 — Net (loss) income (39,756 ) (4,899 ) (865 ) 5,765 (39,755 ) Net loss noncontrolling interests — — (2,150 ) — (2,150 ) Net (loss) income attributable to Titan $ (39,756 ) $ (4,899 ) $ 1,285 $ 5,765 $ (37,605 ) (Amounts in thousands) Consolidating Condensed Statements of Comprehensive Income (Loss) For the Year Ended December 31, 2018 Titan Intl., Inc. (Parent) Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Net income (loss) $ 13,048 $ 12,638 $ 7,345 $ (19,986 ) $ 13,045 Currency translation adjustment, net (41,966 ) — (41,966 ) 41,966 (41,966 ) Pension liability adjustments, net of tax (3,650 ) (3,765 ) 115 3,650 (3,650 ) Comprehensive (loss) income (32,568 ) 8,873 (34,506 ) 25,630 (32,571 ) Net comprehensive loss attributable to noncontrolling interests — — (6,488 ) — (6,488 ) Comprehensive (loss) income attributable to Titan $ (32,568 ) $ 8,873 $ (28,018 ) $ 25,630 $ (26,083 ) (Amounts in thousands) Consolidating Condensed Statements of Comprehensive Income (Loss) For the Year Ended December 31, 2017 Titan Intl., Inc. (Parent) Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Net (loss) income $ (64,079 ) $ 2,220 $ (19,592 ) $ 17,372 $ (64,079 ) Currency translation adjustment, net 30,818 — 30,818 (30,818 ) 30,818 Pension liability adjustments, net of tax 1,523 1,807 (284 ) (1,523 ) 1,523 Comprehensive (loss) income (31,738 ) 4,027 10,942 (14,969 ) (31,738 ) Net comprehensive loss attributable to noncontrolling interests — — (2,898 ) — (2,898 ) Comprehensive (loss) income attributable to Titan $ (31,738 ) $ 4,027 $ 13,840 $ (14,969 ) $ (28,840 ) (Amounts in thousands) Consolidating Condensed Statements of Comprehensive Income (Loss) For the Year Ended December 31, 2016 Titan Intl., Inc. (Parent) Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Net (loss) income $ (39,756 ) $ (4,899 ) $ (865 ) $ 5,765 $ (39,755 ) Currency translation adjustment, net 5,857 — 5,857 (5,857 ) 5,857 Pension liability adjustments, net of tax 1,071 1,680 (609 ) (1,071 ) 1,071 Comprehensive (loss) income (32,828 ) (3,219 ) 4,383 (1,163 ) (32,827 ) Net comprehensive income attributable to noncontrolling interests — — 5,305 — 5,305 Comprehensive (loss) income attributable to Titan $ (32,828 ) $ (3,219 ) $ (922 ) $ (1,163 ) $ (38,132 ) (Amounts in thousands) Consolidating Condensed Balance Sheets December 31, 2018 Titan Intl., Inc. (Parent) Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Assets Cash and cash equivalents $ 23,630 $ 4 $ 58,051 $ — $ 81,685 Accounts receivable — — 241,832 — 241,832 Inventories — 68,858 326,877 — 395,735 Prepaid and other current assets 3,853 18,845 37,531 — 60,229 Total current assets 27,483 87,707 664,291 — 779,481 Property, plant, and equipment, net 12,493 98,856 273,523 — 384,872 Investment in subsidiaries 749,645 — 66,308 (815,953 ) — Other long-term assets 6,268 944 79,691 — 86,903 Total assets $ 795,889 $ 187,507 $ 1,083,813 $ (815,953 ) $ 1,251,256 Liabilities and Stockholders’ Equity Short-term debt $ 419 $ — $ 51,466 $ — $ 51,885 Accounts payable 1,447 29,922 180,760 — 212,129 Other current liabilities 22,065 20,051 68,938 — 111,054 Total current liabilities 23,931 49,973 301,164 — 375,068 Long-term debt 396,700 — 12,872 — 409,572 Other long-term liabilities 9,268 17,521 49,917 — 76,706 Intercompany accounts 77,363 (390,382 ) 313,019 — — Redeemable noncontrolling interest — — 119,813 — 119,813 Titan stockholders' equity 288,627 510,395 295,979 (815,953 ) 279,048 Noncontrolling interests — — (8,951 ) — (8,951 ) Total liabilities and stockholders’ equity $ 795,889 $ 187,507 $ 1,083,813 $ (815,953 ) $ 1,251,256 (Amounts in thousands) Consolidating Condensed Balance Sheets December 31, 2017 Titan Intl., Inc. (Parent) Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Assets Cash and cash equivalents $ 59,740 $ 13 $ 83,817 $ — $ 143,570 Accounts receivable — 54,009 172,694 — 226,703 Inventories — 96,036 243,800 — 339,836 Prepaid and other current assets 17,789 20,917 34,378 — 73,084 Total current assets 77,529 170,975 534,689 — 783,193 Property, plant, and equipment, net 2,466 110,470 308,312 — 421,248 Investment in subsidiaries 766,777 — 74,003 (840,780 ) — Other long-term assets 6,389 967 78,315 — 85,671 Total assets $ 853,161 $ 282,412 $ 995,319 $ (840,780 ) $ 1,290,112 Liabilities and Stockholders’ Equity Short-term debt $ — $ — $ 43,651 $ — $ 43,651 Accounts payable 4,258 20,787 170,452 — 195,497 Other current liabilities 38,495 30,170 65,109 — 133,774 Total current liabilities 42,753 50,957 279,212 — 372,922 Long-term debt 394,284 — 12,887 — 407,171 Other long-term liabilities 11,544 16,458 58,740 — 86,742 Intercompany accounts 75,103 (286,525 ) 211,422 — — Redeemable noncontrolling interest — — 113,193 — 113,193 Titan stockholders’ equity 329,477 501,522 330,710 (840,780 ) 320,929 Noncontrolling interests — — (10,845 ) — (10,845 ) Total liabilities and stockholders’ equity $ 853,161 $ 282,412 $ 995,319 $ (840,780 ) $ 1,290,112 (Amounts in thousands) Consolidating Condensed Statements of Cash Flows Year Ended December 31, 2018 Titan Intl., Inc. (Parent) Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidated Net cash provided by (used for) operating activities $ (34,764 ) $ 6,143 $ (7,555 ) $ (36,176 ) Cash flows from investing activities: Capital expenditures (939 ) (6,174 ) (31,887 ) (39,000 ) Other, net 794 22 1,253 2,069 Net cash provided by (used for) investing activities (145 ) (6,152 ) (30,634 ) (36,931 ) Cash flows from financing activities: Proceeds from borrowings — — 57,294 57,294 Payment on debt — — (38,557 ) (38,557 ) Dividends paid (1,201 ) — — (1,201 ) Net cash provided by (used for) financing activities (1,201 ) — 18,737 17,536 Effect of exchange rate change on cash — — (6,314 ) (6,314 ) Net increase (decrease) in cash and cash equivalents (36,110 ) (9 ) (25,766 ) (61,885 ) Cash and cash equivalents, beginning of period 59,740 13 83,817 143,570 Cash and cash equivalents, end of period $ 23,630 $ 4 $ 58,051 $ 81,685 (Amounts in thousands) Consolidating Condensed Statements of Cash Flows Year Ended December 31, 2017 Titan Intl., Inc. (Parent) Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidated Net cash provided by (used for) operating activities $ (49,856 ) $ 7,235 $ 41,332 $ (1,289 ) Cash flows from investing activities: Capital expenditures (830 ) (7,620 ) (24,176 ) (32,626 ) Certificates of deposit 50,000 — — 50,000 Other, net — 389 604 993 Net cash provided by (used for) investing activities 49,170 (7,231 ) (23,572 ) 18,367 Cash flows from financing activities: Proceeds from borrowings 394,191 — 53,448 447,639 Repurchase of senior notes (415,395 ) — — (415,395 ) Payment on debt (3,393 ) — (51,767 ) (55,160 ) Dividends paid (1,167 ) — — (1,167 ) Net cash provided by (used for) financing activities (25,764 ) — 1,681 (24,083 ) Effect of exchange rate change on cash — — 2,748 2,748 Net increase (decrease) in cash and cash equivalents (26,450 ) 4 22,189 (4,257 ) Cash and cash equivalents, beginning of period 86,190 9 61,628 147,827 Cash and cash equivalents, end of period $ 59,740 $ 13 $ 83,817 $ 143,570 (Amounts in thousands) Consolidating Condensed Statements of Cash Flows Year Ended December 31, 2016 Titan Intl., Inc. (Parent) Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidated Net cash provided by (used for) operating activities $ (3,193 ) $ 8,035 $ 38,658 $ 43,500 Cash flows from investing activities: Capital expenditures (1,937 ) (8,444 ) (31,567 ) (41,948 ) Increase in restricted cash deposits (50,000 ) — — (50,000 ) Other, net — 414 1,808 2,222 Net cash used for investing activities (51,937 ) (8,030 ) (29,759 ) (89,726 ) Cash flows from financing activities: Proceeds from borrowings — — 17,285 17,285 Payment on debt — — (22,634 ) (22,634 ) Dividends paid (1,081 ) — — (1,081 ) Net cash used for financing activities (1,081 ) — (5,349 ) (6,430 ) Effect of exchange rate change on cash — — 295 295 Net increase (decrease) in cash and cash equivalents (56,211 ) 5 3,845 (52,361 ) Cash and cash equivalents, beginning of period 142,401 4 57,783 200,188 Cash and cash equivalents, end of period $ 86,190 $ 9 $ 61,628 $ 147,827 |
SCHEDULE II - VALUATION RESERVE
SCHEDULE II - VALUATION RESERVES | 12 Months Ended |
Dec. 31, 2018 | |
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract] | |
SCHEDULE II – VALUATION RESERVES | Description Balance at beginning of year Additions to costs and expenses Deductions Balance at end of year Year ended December 31, 2018 Reserve deducted in the balance sheet from the assets to which it applies Allowance for doubtful accounts $ 2,974 $ 541 $ (111 ) $ 3,404 Year ended December 31, 2017 Reserve deducted in the balance sheet from the assets to which it applies Allowance for doubtful accounts $ 3,344 $ (362 ) $ (8 ) $ 2,974 Year ended December 31, 2016 Reserve deducted in the balance sheet from the assets to which it applies Allowance for doubtful accounts $ 4,527 $ 224 $ (1,407 ) $ 3,344 |
DESCRIPTION OF BUSINESS AND S_2
DESCRIPTION OF BUSINESS AND SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Dec. 31, 2018 | |
Accounting Policies [Abstract] | |
Principles of consolidation | Principles of consolidation The consolidated financial statements include the accounts of all majority-owned subsidiaries and variable interest entities in which Titan is the primary beneficiary. Investments in companies in which Titan does not own a majority interest, but which Titan has the ability to exercise significant influence over operating and financial policies are accounted for using the equity method. Investments in other companies are carried at cost. All significant intercompany accounts and transactions have been eliminated. The Company consolidates the Voltyre-Prom subsidiary for which it acts as operating partner. See Note 13 for additional information. |
Cash equivalents | Cash and cash equivalents The Company considers short-term debt securities with an original maturity of three months or less to be cash equivalents. The cash in the Company's U.S. banks is not fully insured by the Federal Deposit Insurance Corporation. The Company had $55.6 million and $80.2 million of cash in foreign bank accounts at December 31, 2018 and 2017 , respectively. The Company's cash in its foreign bank accounts is not fully insured. |
Accounts Receivable and Allowance for Doubtful Accounts | Accounts receivable and allowance for doubtful accountsThe Company carries its accounts receivable at their face amounts less an allowance for doubtful accounts. An allowance for uncollectible receivables is recorded based upon known bad debt risks and past loss history. Actual collection experience may differ from the current estimate of net receivables. |
Inventories | Inventories Inventories are valued at the lower of cost or net realizable value. The Company’s inventories are valued under the first in, first out (FIFO) method or average cost method. Net realizable value is estimated based on current selling prices. Estimated provisions are established for slow-moving and obsolete inventory. Prior to 2017, the Company used the last in, first out (LIFO) inventory cost method at its Titan Wheel Corporation of Illinois subsidiary. Effective January 1, 2017, the Company elected to change its method of inventory accounting at this subsidiary to the FIFO method. The Company believes that the FIFO method is preferable as it results in increased uniformity across the Company's global operations with respect to the method of inventory accounting, as none of Titan's other subsidiaries use the LIFO method. The Company applied this change in method of inventory accounting by retrospectively adjusting the financial statements for the year ended December 31, 2016. |
Fixed assets | Fixed assets Property, plant, and equipment have been recorded at cost. Depreciation is provided using the straight-line method over the following estimated useful lives of the related assets: Years Building and improvements 25 - 40 Machinery and equipment 7 - 20 Tools, dies, and molds 2 - 9 Maintenance and repairs are expensed as incurred. When property, plant, and equipment are retired or otherwise disposed of, the related cost and accumulated depreciation are eliminated, and any gain or loss on disposition is included in the accompanying Consolidated Statements of Operations. Interest is capitalized on fixed asset projects which are constructed over a period of time. The amount of interest capitalized is determined by applying a weighted average interest rate to the average amount of accumulated expenditures for the asset during the period. The interest rate used is based on the rates applicable to borrowings outstanding during the period. No interest was capitalized in 2018. Interest capitalized was $0.3 million and $1.2 million for the years ended December 31, 2017 and 2016, respectively. |
Fair value of financial instruments | Fair value of financial instruments The Company records all financial instruments, including cash and cash equivalents, accounts receivable, notes receivable, accounts payable, and notes payable at cost, which approximates fair value due to their short term or stated rates. Investments in marketable equity securities are recorded at fair value. The 6.50% senior secured notes due 2023, issued on November 20, 2017 (senior secured notes) were carried at cost of $395.1 million at December 31, 2018 . The fair value of the senior secured notes due 2023 at December 31, 2018 , as obtained through an independent pricing source, was approximately $360.0 million |
Equity Method Investments [Policy Text Block] | nvestments The Company had an equity method investment of $47.2 million in Wheels India Limited as of December 31, 2018 , representing a 34.2% ownership. This equity method investment is included in other long-term assets in the Consolidated Balance Sheets. The value of this investment based on the December 31, 2018 , market price was $53.8 million . The Company assesses the carrying value of its equity method investments whenever events and circumstances indicate that the carrying values may not be recoverable. Investment write-downs, if necessary, are recognized in operating results when expected undiscounted future cash flows are less than the carrying value of the asset. These write-downs, if any, are measured as the excess of the carrying value of the asset over the discounted expected future cash flows or the estimated fair value of the asset. The Company uses the cost method to account for investments in entities that are not consolidated or accounted for under the equity method. Under the cost method, investments are reported at cost in other long-term assets on the Consolidated Balance Sheets. The fair values of cost method investments are not estimated if there are no identified events or changes in circumstances that may have a significant adverse effect on the fair values of the investments. |
Foreign currency translation | Foreign currency translationThe financial statements of the Company’s foreign subsidiaries are translated to United States currency.  Assets and liabilities are translated to United States dollars at period-end exchange rates.  Income and expense items are translated at average rates of exchange prevailing during the period.  Translation adjustments are included in “Accumulated other comprehensive loss” in stockholders’ equity.  Gains and losses that result from foreign currency transactions are included in the accompanying Consolidated Statements of Operations. |
Revenue recognition | Revenue recognitionThe Company records sales revenue when products are shipped to customers and both title and the risks and rewards of ownership are transferred.  Provisions are established for sales returns and uncollectible accounts based on historical experience.  Should trends change, adjustments would be necessary to the estimated provisions. |
Cost of sales | Cost of sales |
Selling, general and administrative expense | Selling, general, and administrative expenseSelling, general, and administrative (SG&A) expense is comprised primarily of sales commissions, marketing expense, selling, and administrative wages, information system costs, legal fees, bank charges, professional fees, depreciation and amortization expense on non-manufacturing assets, and other administrative items |
Research and development expense | Research and development expense Research and development (R&D) expenses are expensed as incurred. R&D costs were $11.1 million , $10.3 million , and $10.0 million |
Advertising | Advertising Advertising expenses are included in SG&A expense and are expensed as incurred. Advertising costs were approximately $3.1 million , $3.9 million and $4.8 million |
Warranty costs | Warranty costs |
Income taxes | Income taxesDeferred income tax provisions are determined using the liability method to recognize deferred tax assets and liabilities. This method is based upon differences between the financial statement carrying amounts and the respective tax basis of assets and liabilities using enacted tax rates that are expected to apply in the years the temporary differences are expected to be settled or realized.  Valuation allowances are recorded where it is considered more likely than not that some portion or all of the deferred tax assets will not be realized. Tax benefits are recognized only for tax positions that are more likely than not to be sustained upon examination by tax authorities. |
Earnings per share | Earnings per share |
Environmental liabilities | Environmental liabilitiesEnvironmental expenditures that relate to current operations are expensed or capitalized as appropriate.  Expenditures that relate to an existing condition caused by past operations and that do not contribute to current or future revenue are expensed. Liabilities are recorded when environmental assessments and/or remedial efforts are probable and can be reasonably estimated |
Stock-based compensation | Stock-based compensation The Company has one stock-based compensation plan, which is described in Note 23. Compensation expense for stock-based compensation is recognized over the requisite service period at the estimated fair value of the award at the grant date. The Company granted 80,000 ; 89,200 ; and 60,000 |
Use of estimates | Use of estimatesThe policies utilized by the Company in the preparation of the financial statements conform to United States generally accepted accounting principles (US GAAP or GAAP) and require management to make estimates, assumptions, and judgments that affect the reported amount of assets and liabilities, and disclosure of contingent assets and liabilities, at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period.  Actual amounts could differ from these estimates and assumptions |
New Accounting Pronouncements, Policy [Policy Text Block] | Adoption of new accounting standards The Company adopted 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. None of the Company's contracts contained a financing option and Titan did not have any contract assets or liabilities. For the majority of Titan’s revenue arrangements, there was no significant impact as these transactions generally consist of a single performance obligation to transfer promised goods or services. The impact on the net sales was immaterial and the disaggregation of revenues, which is according to major markets the Company serves, has not changed from how it is presented in Note 28, Segment and Geographical Information, in Part IV of the Form 10-K. The table below presents the cumulative effect of the adoption of the New Revenue Standard on select accounts of Titan's consolidated balance sheet: (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 ) 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 $2.0 million and $2.6 million of non-service cost from cost of sales to other income on the Consolidated Statement of Operations for the years ended December 31, 2017, and December 31, 2016, respectively. See Note 22, Employee Benefit Plans, in Part IV of this Form 10-K for further discussion. The Company early-adopted ASU No. 2018-15, "Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Customer's Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract," effective September 30, 2018, using the retrospective approach. ASU 2018-15 requires a customer in a hosting arrangement that is a service contract to apply the guidance on internal-use software to determine which implementation costs to recognize as an asset and which costs to expense. Costs to develop or obtain internal-use software that cannot be capitalized under Subtopic 350-40, such as training costs and certain data conversion costs, also cannot be capitalized for a hosting arrangement that is a service contract. The amendments in this update require a customer in a hosting arrangement that is a service contract to determine whether an implementation activity relates to the preliminary project stage, the application development stage, or the post-implementation stage. Costs for implementation activities in the application development stage will be capitalized depending on the nature of the costs, while costs incurred during the preliminary project and post-implementation stages will be expensed. As a result of the adoption of this accounting standard, the Company capitalized an aggregate of $7.4 million of implementation costs for the year ended December 31, 2018, from selling, general and administration in the Consolidated Statement of Operations to other assets in the Consolidated Balance Sheets. 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 21, Income Taxes, in Part IV of this Form 10-K 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 regarding 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)" (the New Lease Standard). 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 has a significant number of leases for both property and equipment. The Company has elected the modified retrospective with cumulative-effect transition approach to adopting ASC 842 and thus will not restate its comparative periods presented in the year of transition. The Company plans to elect the package of practical expedients available under the transition provisions of the New Lease Standard, including (i) not reassessing whether expired or existing contracts contain leases, (ii) lease classification, and (iii) not revaluing initial direct costs for existing leases. Under this new transition method, the Company can apply the new lease standard at the adoption date and recognize a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption and present the accounting on a prospective or go-forward basis instead of applying to the earliest comparative period presented in the financial statements. The new lease standard will be effective for the Company beginning January 1, 2019. Adoption of the New Lease Standard will result in the Company recording additional net lease assets and lease liabilities of approximately $24.6 million and $25.1 million , respectively, as of January 1, 2019. The difference between the additional lease assets and lease liabilities will be recorded as an adjustment to retained earnings. In February 2018, the FASB issued ASU No. 2018-02, "Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income." The amendments in this update allow a reclassification from accumulated other comprehensive income to retained earnings for stranded tax effects resulting from the 2017 TCJA. Consequently, the amendments eliminate the stranded tax effects resulting from the 2017 TCJA and will improve the usefulness of information reported to financial statement users. The amendments in this update are effective for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years. Adoption of ASU No. 2018-02 will result in reclassification of approximately $5 million of stranded tax effects from accumulated other comprehensive income to retained earnings. In August 2018, the FASB issued ASU No. 2018-13, "Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement." The amendments in this update modify the disclosure requirements on fair value measurements in Topic 820, Fair Value Measurement. The amendments in this update are effective for fiscal years beginning after December 15, 2019. The adoption of this guidance is not expected to have a material effect on the Company's consolidated financial statements. In August 2018, the FASB issued ASU No. 2018-14, "Disclosure Framework - Changes to the Disclosure Requirements for Defined Benefit Plans." The amendments in this update modify the disclosure requirements for employers that sponsor defined benefit pension or other postretirement plans. The amendments in this update are effective for fiscal years ending after December 15, 2020. The adoption of this guidance is not expected to have a material effect on the Company's consolidated financial statements. In October 2018, FASB issued ASU No. 2018-17, “Consolidations (Topic 810) - Targeted Improvements to Related Party Guidance for Variable Interest Entities.” The amendments in the update affect reporting entities that are required to determine whether they should consolidate a legal entity under the guidance within the Variable Interest Entities Subsections of Subtopic 810-10, Consolidation-Overall and employee benefit plans within the scope of Topics 960, 962, and 965 on plan accounting. The amendments in this update are effective for fiscal years ending after December 15, 2019. The adoption of this guidance is not expected to have a material effect on the Company's consolidated financial statements. In November 2018, FASB issued ASU No. 2018-18, “Collaborative Arrangements (Topic 808) - Clarifying the Interaction between Topic 808 and Topic 606.” A collaborative arrangement, as defined by the guidance in Topic 808, is a contractual arrangement under which two or more parties actively participate in a joint operating activity and are exposed to significant risks and rewards that depend on the activity’s commercial success. The amendments in this update are effective for fiscal years ending after December 15, 2019. The adoption of this guidance is not expected to have a material effect on the Company's consolidated financial statements. |
DESCRIPTION OF BUSINESS AND S_3
DESCRIPTION OF BUSINESS AND SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Accounting Policies [Abstract] | |
Schedule of New Accounting Pronouncements and Changes in Accounting Principles [Table Text Block] | |
Property, Plant and Equipment [Table Text Block] | Property, plant, and equipment have been recorded at cost. Depreciation is provided using the straight-line method over the following estimated useful lives of the related assets: Years Building and improvements 25 - 40 Machinery and equipment 7 - 20 Tools, dies, and molds 2 - 9 December 31, 2018 and 2017 , consisted of the following (amounts in thousands): 2018 2017 Land and improvements $ 43,562 $ 46,998 Buildings and improvements 255,451 264,078 Machinery and equipment 592,932 598,411 Tools, dies, and molds 109,537 108,649 Construction-in-process 18,867 15,349 1,020,349 1,033,485 Less accumulated depreciation (635,477 ) (612,237 ) $ 384,872 $ 421,248 |
ACCOUNTS RECEIVABLE (Tables)
ACCOUNTS RECEIVABLE (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Receivables [Abstract] | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | Accounts receivable at December 31, 2018 and 2017 , consisted of the following (amounts in thousands): 2018 2017 Accounts receivable $ 245,236 $ 229,677 Allowance for doubtful accounts (3,404 ) (2,974 ) Accounts receivable, net $ 241,832 $ 226,703 |
INVENTORIES (Tables)
INVENTORIES (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventory, Current [Table Text Block] | Inventories at December 31, 2018 and 2017 , consisted of the following (amounts in thousands): 2018 2017 Raw material $ 110,806 $ 83,541 Work-in-process 55,543 49,139 Finished goods 229,386 207,156 $ 395,735 $ 339,836 |
PREPAID AND OTHER CURRENT ASS_2
PREPAID AND OTHER CURRENT ASSETS (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Prepaid Expense and Other Assets, Current [Abstract] | |
Schedule of Other Assets [Table Text Block] | Prepaid and other current assets at December 31, 2018 and 2017 , consisted of the following (amounts in thousands): 2018 2017 Factory supplies $ 26,014 $ 26,346 Value added tax 10,407 8,528 Prepaid expense 5,760 5,290 Deposits 4,237 3,785 Prepaid taxes 3,731 3,726 Prepaid insurance 2,315 2,384 Derivative financial instruments 902 458 Duty receivable 744 672 Volume rebate 487 2,072 Investments for deferred compensation — 12,393 Prepaid royalty — 1,953 Other 5,632 5,477 $ 60,229 $ 73,084 |
PROPERTY, PLANT AND EQUIPMENT_2
PROPERTY, PLANT AND EQUIPMENT, NET (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment [Table Text Block] | Property, plant, and equipment have been recorded at cost. Depreciation is provided using the straight-line method over the following estimated useful lives of the related assets: Years Building and improvements 25 - 40 Machinery and equipment 7 - 20 Tools, dies, and molds 2 - 9 December 31, 2018 and 2017 , consisted of the following (amounts in thousands): 2018 2017 Land and improvements $ 43,562 $ 46,998 Buildings and improvements 255,451 264,078 Machinery and equipment 592,932 598,411 Tools, dies, and molds 109,537 108,649 Construction-in-process 18,867 15,349 1,020,349 1,033,485 Less accumulated depreciation (635,477 ) (612,237 ) $ 384,872 $ 421,248 |
Schedule of Capital Leased Assets [Table Text Block] | Capital leases included in property, plant, and equipment at December 31, 2018 and 2017 , consisted of the following (amounts in thousands): 2018 2017 Buildings and improvements $ 3,823 $ 4,056 Less accumulated amortization (2,261 ) (2,294 ) $ 1,562 $ 1,762 Machinery and equipment $ 33,438 $ 32,379 Less accumulated amortization (26,748 ) (27,260 ) $ 6,690 $ 5,119 |
OTHER ASSETS (Tables)
OTHER ASSETS (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Other Assets, Noncurrent Disclosure [Abstract] | |
Schedule of Other Assets, Noncurrent [Table Text Block] | Other long-term assets at December 31, 2018 and 2017 , consisted of the following (amounts in thousands): 2018 2017 Investment in Wheels India Limited $ 47,230 $ 47,267 Amortizable intangibles 11,647 15,275 Prepaid software 7,711 691 Notes receivable 6,000 6,000 Other equity investments 3,986 4,637 Manufacturing spares 2,825 3,448 Deferred financing costs 267 352 Other 4,363 4,222 $ 84,029 $ 81,892 |
INTANGIBLE ASSETS (Tables)
INTANGIBLE ASSETS (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Intangible Assets, Net (Excluding Goodwill) [Abstract] | |
Schedule of Intangible Assets and Goodwill [Table Text Block] | The components of intangible assets for each of the years ended December 31, 2018 and 2017 , were as follows (amounts in thousands): Weighted- Average Useful Lives (in Years) 2018 2017 Amortizable intangible assets: Customer relationships 8.7 $ 12,967 $ 13,922 Patents, trademarks, and other 7.7 11,356 15,208 Total at cost 24,323 29,130 Less accumulated amortization (12,676 ) (13,855 ) $ 11,647 $ 15,275 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | The estimated aggregate amortization expense at December 31, 2018 , for each of the years (or other periods) set forth below was as follows (amounts in thousands): 2019 $ 2,123 2020 2,049 2021 1,393 2022 1,042 2023 1,042 Thereafter 3,998 $ 11,647 |
OTHER CURRENT LIABILITIES (Tabl
OTHER CURRENT LIABILITIES (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Other Liabilities, Current [Abstract] | |
Schedule of Accrued Liabilities [Table Text Block] | Other current liabilities at December 31, 2018 and 2017 , consisted of the following (amounts in thousands): 2018 2017 Wages and benefits $ 27,520 $ 27,532 Warranty 16,328 18,612 Insurance 13,655 15,068 Incentive compensation 8,506 7,863 Customer deposits 8,399 4,960 Customer rebates 6,794 6,534 Accrued other taxes 5,535 8,370 Accrued interest 2,399 3,049 Italian government grant 691 4,689 Accrued employment liabilities — 16,892 Other 21,227 20,205 $ 111,054 $ 133,774 |
WARRANTY (Tables)
WARRANTY (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Product Warranties Disclosures [Abstract] | |
Schedule of Product Warranty Liability [Table Text Block] | Changes in the warranty liability for the periods set forth below consisted of the following (amounts in thousands): 2018 2017 Warranty liability, January 1 $ 18,612 $ 17,926 Provision for warranty liabilities 5,231 9,012 Warranty payments made (6,516 ) (8,326 ) Warranty liability, December 31 $ 17,327 $ 18,612 |
OTHER LONG-TERM LIABILITIES (Ta
OTHER LONG-TERM LIABILITIES (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Other Liabilities, Noncurrent [Abstract] | |
Schedule of Other Assets and Other Liabilities [Table Text Block] | Other long-term liabilities at December 31, 2018 and 2017 , consisted of the following (amounts in thousands): 2018 2017 Accrued pension liabilities $ 35,062 $ 35,597 Italian government grant 9,365 10,272 Income tax liabilities 8,943 11,399 Contingencies 6,500 6,500 Other 7,420 9,429 $ 67,290 $ 73,197 |
REVOLVING CREDIT FACILITY AND_2
REVOLVING CREDIT FACILITY AND LONG-TERM DEBT (Tables) | 12 Months Ended |
Dec. 31, 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): December 31, 2018 Principal Balance Unamortized Debt Issuance Net Carrying Amount 6.50% senior secured notes due 2023 $ 400,000 $ (4,897 ) $ 395,103 Titan Europe credit facilities 35,115 — 35,115 Other debt 28,429 — 28,429 Capital leases 2,810 — 2,810 Total debt 466,354 (4,897 ) 461,457 Less amounts due within one year 51,885 — 51,885 Total long-term debt $ 414,469 $ (4,897 ) $ 409,572 December 31, 2017 Principal Balance Unamortized Debt Issuance Net Carrying Amount 6.875% senior secured notes due 2020 $ 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 maturities of long-term debt at December 31, 2018 , for each of the years (or other periods) set forth below were as follows (amounts in thousands): 2019 $ 51,885 2020 9,130 2021 2,581 2022 1,049 2023 400,248 Thereafter 1,461 $ 466,354 |
REDEEMABLE NONCONTROLLING INT_2
REDEEMABLE NONCONTROLLING INTEREST (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Noncontrolling Interest [Abstract] | |
Redeemable Noncontrolling Interest [Table Text Block] | The following is a reconciliation of redeemable noncontrolling interest as of December 31, 2018 and 2017 (amounts in thousands): Balance at January 1, 2017 $ 104,809 Income attributable to redeemable noncontrolling interest 84 Currency translation 1,907 Redemption value adjustment 6,393 Balance at December 31, 2017 $ 113,193 Income attributable to redeemable noncontrolling interest (1,091 ) Currency translation (4,496 ) Redemption value adjustment 12,207 Balance at December 31, 2018 $ 119,813 |
ACCUMULATED OTHER COMPREHENSI_2
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | Accumulated other comprehensive income (loss) consisted of the following at the dates set forth below (amounts in thousands): Currency Translation Adjustments Unrecognized Losses and Prior Service Cost Total Balance at January 1, 2017 $ (162,628 ) $ (25,650 ) $ (188,278 ) Currency translation adjustments 29,679 — 29,679 Defined benefit pension plan entries: Amortization of unrecognized losses and prior service cost, net of tax of $151 — 1,523 1,523 Balance at December 31, 2017 (132,949 ) (24,127 ) (157,076 ) Currency translation adjustments (38,520 ) — (38,520 ) Defined benefit pension plan entries: Amortization of unrecognized losses and prior service cost, net of tax of $(104) — (3,650 ) (3,650 ) Reclassification as result of ownership change (4,325 ) — (4,325 ) Balance at December 31, 2018 $ (175,794 ) $ (27,777 ) $ (203,571 ) |
FAIR VALUE MEASUREMENTS (Tables
FAIR VALUE MEASUREMENTS (Tables) | 12 Months Ended |
Dec. 31, 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 at the dates set forth below (amounts in thousands): December 31, 2018 December 31, 2017 Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Investments for deferred compensation $ — $ — $ — $ — $ 12,393 $ 12,393 $ — $ — Derivative financial instruments asset 902 — 902 — 458 — 458 — Preferred stock 106 — — 106 154 — — 154 Total $ 1,008 $ — $ 902 $ 106 $ 13,005 $ 12,393 $ 458 $ 154 |
Fair Value, Measured on Recurring Basis, Gain (Loss) Included in Earnings [Table Text Block] | The following table presents the changes during the periods presented in Titan's Level 3 investments that are measured at fair value on a recurring basis (amounts in thousands): Preferred stock Balance at December 31, 2016 $ 181 Total unrealized losses (27 ) Balance at December 31, 2017 154 Total unrealized losses (48 ) Balance as of December 31, 2018 $ 106 |
VARIABLE INTEREST ENTITIES (Tab
VARIABLE INTEREST ENTITIES (Tables) | 12 Months Ended |
Dec. 31, 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 VIEs’ assets and liabilities included in the Company’s Consolidated Balance Sheets at December 31, 2018 and 2017 (amounts in thousands): 2018 2017 Cash and cash equivalents $ 9,064 $ 10,621 Inventory 12,987 13,494 Other current assets 38,533 36,334 Property, plant, and equipment, net 28,057 33,717 Other noncurrent assets 2,971 4,250 Total assets $ 91,612 $ 98,416 Current liabilities 36,246 32,172 Noncurrent liabilities 6,353 8,291 Total liabilities $ 42,599 $ 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 a variable interest in certain VIEs which are not consolidated because Titan is not the primary beneficiary. The Company's involvement with these entities is in the form of direct equity interests and prepayments and purchases of materials. The maximum exposure to loss represents the loss of assets recognized by Titan relating to non-consolidated entities and amounts due to the non-consolidated assets. The assets and liabilities recognized in Titan's Consolidated Balance Sheets related to Titan's interest in these non-consolidated VIEs and the Company's maximum exposure to loss relating to non-consolidated VIEs were as follows at December 31, 2018 and 2017 (amounts in thousands): 2018 2017 Investments $ 3,985 $ 3,823 Other current assets 1,200 1,261 Total VIE assets 5,185 5,084 Accounts payable 2,350 1,413 Maximum exposure to loss $ 7,535 $ 6,497 |
OTHER INCOME (EXPENSE) (Tables)
OTHER INCOME (EXPENSE) (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Other Income and Expenses [Abstract] | |
Interest and Other Income [Table Text Block] | Other income (expense) consisted of the following for the years set forth below (amounts in thousands): 2018 2017 2016 Equity investment income $ 3,993 $ 3,615 $ 2,977 Interest income 2,107 3,363 3,206 Building rental income 1,804 2,372 2,109 Investment gain related to investments for deferred compensation 687 2,725 190 Other income (expense) 10,607 (2,967 ) 1,433 $ 19,198 $ 9,108 $ 9,915 |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |
Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block] | Income (loss) before income taxes, consisted of the following for the years set forth below (amounts in thousands): 2018 2017 2016 Domestic $ (298 ) $ (65,422 ) $ (56,334 ) Foreign 20,105 12,546 19,860 $ 19,807 $ (52,876 ) $ (36,474 ) |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | The income tax provision was as follows for the years set forth below (amounts in thousands): 2018 2017 2016 Current Federal $ (2,379 ) $ 458 $ (2,040 ) State (65 ) (614 ) (62 ) Foreign 11,497 10,574 6,063 9,053 10,418 3,961 Deferred Federal — — — State — — — Foreign (2,291 ) 785 (680 ) (2,291 ) 785 (680 ) Income tax provision $ 6,762 $ 11,203 $ 3,281 |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | The income tax provision differs from the amount of income tax determined by applying the statutory U.S. federal income tax rate to pre-tax income (loss) as a result of the following: 2018 2017 2016 Statutory U.S. federal tax rate 21.0 % 35.0 % 35.0 % Unrecognized tax positions (12.4 ) (2.3 ) 6.5 Impact of foreign income (8.8 ) (8.0 ) 26.9 Valuation allowance (0.2 ) 16.5 (73.6 ) State taxes, net 0.3 0.8 0.1 Nondeductible royalty 3.8 (1.4 ) (1.9 ) Tax Cuts and Jobs Act 26.6 (62.7 ) — Other, net 3.8 0.9 (2.0 ) Effective tax rate 34.1 % (21.2 )% (9.0 )% |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Significant components of the Company’s deferred tax assets and liabilities at December 31, 2018 and 2017, were as follows (amounts in thousands): 2018 2017 Deferred tax assets: Net operating loss carryforwards $ 121,804 $ 118,303 Pension 5,718 5,462 Inventory 4,863 4,957 Warranty 4,376 4,847 Employee benefits and related costs 10,006 14,061 Prepaid royalties 4,780 4,383 Interest limitation 4,606 — Other 19,360 20,930 Deferred tax assets 175,513 172,943 Deferred tax liabilities: Fixed assets (25,207 ) (28,769 ) Intangible assets (3,474 ) (4,301 ) Other (1,820 ) (1,396 ) Deferred tax liabilities (30,501 ) (34,466 ) Subtotal 145,012 138,477 Valuation allowance (151,554 ) (148,243 ) Net deferred tax liability $ (6,542 ) $ (9,766 ) |
Schedule of Unrecognized Tax Benefits Roll Forward [Table Text Block] | A reconciliation of the total amounts of unrecognized tax benefits at December 31 were as follows (amounts in thousands): 2018 2017 2016 Balance at January 1 $ 9,365 $ 12,468 $ 14,698 Increases to tax positions taken during the current year 19 127 288 Increases to tax positions taken during the prior years — 6,045 3,201 Decreases to tax positions taken during prior years (1,336 ) (858 ) (5,257 ) Decreases due to lapse of statutes of limitations (637 ) (297 ) (4 ) Settlements — (8,095 ) (476 ) Foreign exchange (5 ) (25 ) 18 Balance at December 31 $ 7,406 $ 9,365 $ 12,468 |
EMPLOYEE BENEFIT PLANS (Tables)
EMPLOYEE BENEFIT PLANS (Tables) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Retirement Benefits [Abstract] | ||
Schedule of Changes in Accumulated Postemployment Benefit Obligations [Table Text Block] | The following table provides the change in benefit obligation, change in plan assets, funded status, and amounts recognized in the Consolidated Balance Sheet of the defined benefit pension plans as of December 31, 2018 and 2017 (amounts in thousands): Change in benefit obligation: 2018 2017 Benefit obligation at beginning of year $ 119,736 $ 113,119 Service cost 626 598 Interest cost 4,330 4,672 Actuarial (gain) loss (5,404 ) 8,383 Benefits paid (9,376 ) (8,866 ) Foreign currency translation (1,399 ) 1,830 Benefit obligation at end of year $ 108,513 $ 119,736 Change in plan assets: Fair value of plan assets at beginning of year $ 83,036 $ 77,314 Actual return on plan assets (5,669 ) 12,436 Employer contributions 4,634 914 Benefits paid (9,376 ) (7,809 ) Foreign currency translation (129 ) 181 Fair value of plan assets at end of year $ 72,496 $ 83,036 Unfunded status at end of year $ (36,017 ) $ (36,700 ) Amounts recognized in Consolidated Balance Sheet: Noncurrent assets $ 930 $ 948 Current liabilities (1,885 ) (2,040 ) Noncurrent liabilities (35,062 ) (35,608 ) Net amount recognized in the Consolidated Balance Sheet $ (36,017 ) $ (36,700 ) | |
Schedule of Amounts in Accumulated Other Comprehensive Income (Loss) to be Recognized over Next Fiscal Year [Table Text Block] | Amounts recognized in accumulated other comprehensive loss: 2018 2017 Unrecognized prior service cost $ (71 ) $ (208 ) Unrecognized net loss (43,458 ) (39,775 ) Deferred tax effect of unrecognized items 15,752 15,856 Net amount recognized in accumulated other comprehensive loss $ (27,777 ) $ (24,127 ) | |
Schedule of Assumptions Used [Table Text Block] | The weighted-average assumptions used in the actuarial computation that derived net periodic pension cost for the years ended December 31, 2018 , 2017 , and 2016 were as follows: 2018 2017 2016 Discount rate 5.3 % 5.8 % 5.8 % Expected long-term return on plan assets 7.4 % 7.4 % 7.4 % The weighted-average assumptions used in the actuarial computation that derived the benefit obligations at December 31 were as follows: 2018 2017 Discount rate 4.3 % 3.8 % Expected long-term return on plan assets 6.9 % 7.4 % | |
Schedule of Net Benefit Costs [Table Text Block] | The following table provides the components of net periodic pension cost for the plans, settlement cost, and the assumptions used in the measurement of the Company’s benefit obligation for the years ended December 31, 2018 , 2017 , and 2016 (amounts in thousands): Components of net periodic benefit cost and other amounts recognized in other comprehensive income (loss) Net periodic benefit cost: 2018 2017 2016 Service cost $ 626 $ 598 $ 341 Interest cost 4,330 4,672 4,896 Assumed return on assets (5,959 ) (5,472 ) (5,600 ) Amortization of unrecognized prior service cost 137 137 137 Amortization of net unrecognized loss 2,784 2,696 3,118 Net periodic pension cost $ 1,918 $ 2,631 $ 2,892 | |
Schedule of Allocation of Plan Assets [Table Text Block] | The fair value of the plan assets by asset categories consisted of the following as of the dates set forth below (amounts in thousands): Fair Value Measurements as of December 31, 2018 Total Level 1 Level 2 Level 3 Money market funds $ 4,725 $ 4,725 $ — $ — Common stock 28,581 28,581 — — Bonds and securities 5,958 5,958 — — Mutual and insurance funds 1,871 773 1,098 — Totals $ 41,135 $ 40,037 $ 1,098 $ — Assets measured at net asset value (a) 31,361 $ 72,496 Percentage of Plan Assets at December 31, Target Allocation Asset Category 2018 2017 2018 U.S. equities (a) 60 % 61 % 40% - 80% Fixed income 30 % 25 % 20% - 50% Cash and cash equivalents 6 % 6 % 0% - 20% International equities (a) 4 % 8 % 0% - 16% 100 % 100 % (a) Total equities may not exceed 80% | Fair Value Measurements as of December 31, 2017 Total Level 1 Level 2 Level 3 Money market funds $ 5,101 $ 5,101 $ — $ — Common stock 35,300 35,300 — — Bonds and securities 5,370 5,370 — — Mutual and insurance funds 2,074 868 1,206 — Totals $ 47,845 $ 46,639 $ 1,206 $ — Assets measured at net asset value (a) 35,191 $ 83,036 |
Schedule of Expected Benefit Payments [Table Text Block] | Projected benefit payments from the plans as of December 31, 2018 , are estimated as follows (amounts in thousands): 2019 $ 9,422 2020 8,610 2021 8,498 2022 8,509 2023 8,252 2024-2028 36,112 |
STOCK COMPENSATION (Tables)
STOCK COMPENSATION (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
STOCK OPTION PLANS [Abstract] | |
Share-based Compensation, Stock Options, Activity [Table Text Block] | The following is a summary of activity in stock options during the year ended December 31, 2018: Shares Subject to Option Weighted- Average Exercise Price Weighted- Average Remaining Contractual Life (in Years) Aggregate Intrinsic Value (in thousands) Outstanding, December 31, 2017 847,770 $ 17.39 Granted 80,000 11.85 Exercised — — Forfeited/Expired (39,082 ) 18.37 Outstanding, December 31, 2018 888,688 16.84 4.63 $ — Exercisable, December 31, 2018 888,688 16.84 4.63 $ — Additional Stock Option Information (all amounts in thousands, except for per share data): 2018 2017 2016 Weighted-average fair value per share of stock options granted $ 5.85 $ 6.10 $ 3.62 Grant date fair value of stock options vested 468 544 217 |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | Weighted average assumptions used for stock options issued in 2018, 2017, and 2016: 2018 2017 2016 Expected life (in years) 6.0 6.0 6.0 Expected volatility 50.7 % 53.8 % 53.3 % Expected dividends 0.2 % 0.1 % 0.1 % Risk-free interest rate 2.88 % 1.82 % 1.33 % |
Schedule of Share-based Compensation, Restricted Stock Units Award Activity [Table Text Block] | Restricted Stock Shares Weighted Average Grant Date Fair Value Unvested at December 31, 2017 31,897 10.56 Granted 376,500 9.23 Vested (31,897 ) 10.56 Unvested at December 31, 2018 376,500 9.23 |
LEASE COMMITMENTS (Tables)
LEASE COMMITMENTS (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Leases [Abstract] | |
Lessee, Operating Lease, Disclosure [Table Text Block] | At December 31, 2018 , future minimum rental commitments under noncancellable operating leases with initial terms in excess of one year were as follows for the years (or other periods) presented below (amounts in thousands): 2019 $ 7,759 2020 5,606 2021 4,430 2022 3,330 2023 2,710 Thereafter 5,398 Total future minimum lease payments $ 29,233 |
Schedule of Future Minimum Lease Payments for Capital Leases [Table Text Block] | At December 31, 2018 , the Company had assets held as capital leases with a net book value of $8.3 million included in property, plant, and equipment. Total future capital lease obligations relating to these leases were as follows at December 31, 2018 for the years (or other periods) presented below (amounts in thousands): 2019 $ 811 2020 689 2021 757 2022 594 2023 294 Total future capital lease obligation payments 3,145 Less amount representing interest (335 ) Present value of future capital lease obligation payments $ 2,810 |
COMMITMENTS AND CONTINGENCIES_2
COMMITMENTS AND CONTINGENCIES (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Other Commitments [Line Items] | |
Other Commitments [Table Text Block] | At December 31, 2018 , the Company's expected cash outflow resulting from non-cancellable purchase obligations are summarized by year in the table below (amounts in thousands): 2019 $ 20,623 2020 3,674 2021 330 2022 18 Thereafter 37 Total non-cancellable purchase obligations $ 24,682 |
SEGMENT INFORMATION (Tables)
SEGMENT INFORMATION (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Segment Reporting Information [Line Items] | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | The table below presents information about certain operating results of segments as reviewed by the chief operating decision maker of the Company as of and for the years ended December 31, 2018 , 2017 , and 2016 (amounts in thousands): 2018 2017 2016 Revenues from external customers Agricultural $ 694,268 $ 690,238 $ 583,324 Earthmoving/construction 741,733 608,894 524,289 Consumer 166,407 169,790 157,884 $ 1,602,408 $ 1,468,922 $ 1,265,497 Gross profit Agricultural $ 94,217 $ 85,482 $ 76,330 Earthmoving/construction 80,056 49,556 47,355 Consumer 23,993 25,273 17,730 $ 198,266 $ 160,311 $ 141,415 Income (loss) from operations Agricultural $ 62,065 $ 50,188 $ 41,999 Earthmoving/construction 31,141 2,028 4,701 Consumer 11,994 11,463 2,998 Corporate & Unallocated (62,956 ) (74,830 ) (72,098 ) Loss from operations 42,244 (11,151 ) (22,400 ) Interest expense (30,456 ) (30,229 ) (32,539 ) Loss on senior note repurchase — (18,646 ) — Foreign exchange gain (loss) (11,179 ) (1,958 ) 8,550 Other income, net 19,198 9,108 9,915 Income (loss) before income taxes $ 19,807 $ (52,876 ) $ (36,474 ) Capital expenditures Agricultural $ 15,770 $ 15,392 $ 16,260 Earthmoving/construction 19,889 15,282 22,028 Consumer 3,334 2,453 2,483 Corporate & Unallocated 7 (501 ) 1,177 $ 39,000 $ 32,626 $ 41,948 Depreciation & amortization Agricultural $ 26,299 $ 27,623 $ 27,888 Earthmoving/construction 23,823 20,307 20,566 Consumer 5,129 5,559 6,145 Corporate & Unallocated 2,367 4,955 5,169 $ 57,618 $ 58,444 $ 59,768 Total assets Agricultural $ 464,828 $ 444,783 $ 439,371 Earthmoving/construction 543,927 537,855 443,879 Consumer 129,994 157,133 140,293 Corporate & Unallocated (a) 112,507 150,341 242,353 $ 1,251,256 $ 1,290,112 $ 1,265,896 (a) Unallocated assets included cash of approximately $32 million , $72 million , and $96 million |
Schedule of Revenue from External Customers Attributed to Foreign Countries by Geographic Area [Table Text Block] | The table below presents information by geographic area. Revenues from external customers were determined based on the location of the selling subsidiary. Geographic information as of and for the years ended December 31, 2018 , 2017 , and 2016 was as follows (amounts in thousands): 2018 2017 2016 Net Sales United States $ 711,887 $ 642,743 $ 558,278 Europe / CIS 469,322 411,570 354,117 Latin America 271,374 282,692 248,019 Other international 149,825 131,917 105,083 $ 1,602,408 $ 1,468,922 $ 1,265,497 Long-Lived Assets United States $ 137,410 $ 151,841 $ 171,587 Europe / CIS 165,827 176,923 156,505 Latin America 52,393 62,543 68,187 Other international 29,242 29,941 40,922 $ 384,872 $ 421,248 $ 437,201 |
EARNINGS PER SHARE (Tables)
EARNINGS PER SHARE (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Earnings per share for 2018 , 2017 , and 2016 were as follows (amounts in thousands, except per share data): 2018 2017 2016 Net income (loss) attributable to Titan $ 16,087 $ (60,042 ) $ (37,605 ) Redemption value adjustment (12,207 ) (6,393 ) (9,556 ) Net loss applicable to common shareholders $ 3,880 $ (66,435 ) $ (47,161 ) Determination of Shares: Weighted average shares outstanding (basic) 59,820 59,340 53,916 Effect of stock options/trusts 89 — — Weighted average shares outstanding (diluted) 59,909 59,340 53,916 Earnings per share: Basic and Diluted $ 0.06 $ (1.12 ) $ (0.87 ) The effect of stock options/trusts and convertible notes has been excluded for 2017, and 2016, as the effect would have been antidilutive. The weighted average share amount excluded for stock options/trusts was 0.2 million , and 0.3 million for 2017 and 2016, respectively. The effect of convertible notes has been excluded for 2017 and 2016, as the effect would have been antidilutive. The weighted average share amount excluded for convertible notes was 0.0 million for 2017 and 5.6 million for 2016. |
SUPPLEMENTARY DATA - QUARTERL_2
SUPPLEMENTARY DATA - QUARTERLY FINANCIAL INFORMATION (UNAUDITED) (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of Quarterly Financial Information [Table Text Block] | (All amounts in thousands, except per share data) Quarter ended March 31 June 30 September 30 December 31 Year ended December 31 2018 Net sales $ 425,382 $ 428,904 $ 384,719 $ 363,403 $ 1,602,408 Gross profit 59,561 58,312 43,704 36,689 198,266 Net income (loss) 15,968 8,476 2,678 (14,077 ) 13,045 Net income (loss) attributable to Titan 17,647 8,436 2,295 (12,291 ) 16,087 Per share amounts: Basic .26 .06 (.03 ) (.23 ) .06 Diluted .26 .06 (.03 ) (.23 ) .06 2017 Net sales $ 357,501 $ 364,399 $ 370,988 $ 376,034 $ 1,468,922 Gross profit 40,201 44,020 40,137 35,953 160,311 Net loss (10,585 ) (6,537 ) (11,218 ) (35,739 ) (64,079 ) Net loss attributable to Titan (11,453 ) (6,293 ) (12,018 ) (30,278 ) (60,042 ) Per share amounts: Basic (.18 ) (.17 ) (.22 ) (.55 ) (1.12 ) Diluted (.18 ) (.17 ) (.22 ) (.55 ) (1.12 ) |
SUBSIDIARY GUARANTOR FINANCIA_2
SUBSIDIARY GUARANTOR FINANCIAL INFORMATION (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Condensed Income Statement [Table Text Block] | (Amounts in thousands) Consolidating Condensed Statements of Operations Year Ended December 31, 2018 Titan Intl., Inc. (Parent) Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Net sales $ — $ 588,080 $ 1,263,589 $ (249,261 ) $ 1,602,408 Cost of sales (512 ) 505,883 1,148,032 (249,261 ) 1,404,142 Gross profit 512 82,197 115,557 — 198,266 Selling, general, and administrative expenses 4,957 54,612 75,220 — 134,789 Research and development expenses 1,113 3,733 6,300 — 11,146 Royalty expense 2,128 4,026 3,933 — 10,087 (Loss) income from operations (7,686 ) 19,826 30,104 — 42,244 Interest expense (27,299 ) — (3,157 ) — (30,456 ) Intercompany interest income (expense) 2,517 3,695 (6,212 ) — — Foreign exchange loss — (653 ) (10,526 ) — (11,179 ) Other income (expense) 12,720 (476 ) 6,954 — 19,198 (Loss) income before income taxes (19,748 ) 22,392 17,163 — 19,807 (Benefit) provision for income taxes (10,802 ) 9,754 7,810 — 6,762 Equity in earnings (loss) of subsidiaries 21,994 — (2,008 ) (19,986 ) — Net income (loss) 13,048 12,638 7,345 (19,986 ) 13,045 Net loss noncontrolling interests — — (3,042 ) — (3,042 ) Net income (loss) attributable to Titan $ 13,048 $ 12,638 $ 10,387 $ (19,986 ) $ 16,087 (Amounts in thousands) Consolidating Condensed Statements of Operations Year Ended December 31, 2017 Titan Intl., Inc. (Parent) Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Net sales $ — $ 567,830 $ 901,092 $ — $ 1,468,922 Cost of sales 362 494,775 803,557 — 1,298,694 Asset impairment — — 9,917 — 9,917 Gross (loss) profit (362 ) 73,055 87,618 — 160,311 Selling, general, and administrative expenses 14,218 59,769 76,689 — 150,676 Research and development expenses — 3,685 6,617 — 10,302 Royalty expense 1,178 5,703 3,603 — 10,484 (Loss) income from operations (15,758 ) 3,898 709 — (11,151 ) Interest expense (29,182 ) — (1,047 ) — (30,229 ) Loss on note repurchase (18,646 ) — — — (18,646 ) Intercompany interest income (expense) 2,412 3,937 (6,349 ) — — Foreign exchange loss (2 ) (100 ) (1,856 ) — (1,958 ) Other income (loss) 4,623 (1,342 ) 5,827 — 9,108 (Loss) income before income taxes (56,553 ) 6,393 (2,716 ) — (52,876 ) (Benefit) provision for income taxes (1,446 ) 4,173 8,476 — 11,203 Equity in (loss) earnings of subsidiaries (8,972 ) — (8,400 ) 17,372 — Net (loss) income (64,079 ) 2,220 (19,592 ) 17,372 (64,079 ) Net loss noncontrolling interests — — (4,037 ) — (4,037 ) Net (loss) income attributable to Titan $ (64,079 ) $ 2,220 $ (15,555 ) $ 17,372 $ (60,042 ) (Amounts in thousands) Consolidating Condensed Statements of Operations Year Ended December 31, 2016 Titan Intl., Inc. (Parent) Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Net sales $ — $ 498,390 $ 767,107 $ — $ 1,265,497 Cost of sales 759 430,935 692,388 — 1,124,082 Gross (loss) profit (759 ) 67,455 74,719 — 141,415 Selling, general, and administrative expenses 11,394 66,815 66,779 — 144,988 Research and development expenses — 2,876 7,095 — 9,971 Royalty expense 667 4,866 3,323 — 8,856 Loss from operations (12,820 ) (7,102 ) (2,478 ) — (22,400 ) Interest expense (32,208 ) — (331 ) — (32,539 ) Intercompany interest income (expense) 1,781 3,525 (5,306 ) — — Foreign exchange gain — 298 8,252 — 8,550 Other income (loss) 2,503 (1,590 ) 9,002 — 9,915 (Loss) income before income taxes (40,744 ) (4,869 ) 9,139 — (36,474 ) (Benefit) provision for income taxes (64 ) 30 3,315 — 3,281 Equity in earnings (loss) of subsidiaries 924 — (6,689 ) 5,765 — Net (loss) income (39,756 ) (4,899 ) (865 ) 5,765 (39,755 ) Net loss noncontrolling interests — — (2,150 ) — (2,150 ) Net (loss) income attributable to Titan $ (39,756 ) $ (4,899 ) $ 1,285 $ 5,765 $ (37,605 ) |
Condensed Statement of Comprehensive Income [Table Text Block] | (Amounts in thousands) Consolidating Condensed Statements of Comprehensive Income (Loss) For the Year Ended December 31, 2018 Titan Intl., Inc. (Parent) Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Net income (loss) $ 13,048 $ 12,638 $ 7,345 $ (19,986 ) $ 13,045 Currency translation adjustment, net (41,966 ) — (41,966 ) 41,966 (41,966 ) Pension liability adjustments, net of tax (3,650 ) (3,765 ) 115 3,650 (3,650 ) Comprehensive (loss) income (32,568 ) 8,873 (34,506 ) 25,630 (32,571 ) Net comprehensive loss attributable to noncontrolling interests — — (6,488 ) — (6,488 ) Comprehensive (loss) income attributable to Titan $ (32,568 ) $ 8,873 $ (28,018 ) $ 25,630 $ (26,083 ) (Amounts in thousands) Consolidating Condensed Statements of Comprehensive Income (Loss) For the Year Ended December 31, 2017 Titan Intl., Inc. (Parent) Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Net (loss) income $ (64,079 ) $ 2,220 $ (19,592 ) $ 17,372 $ (64,079 ) Currency translation adjustment, net 30,818 — 30,818 (30,818 ) 30,818 Pension liability adjustments, net of tax 1,523 1,807 (284 ) (1,523 ) 1,523 Comprehensive (loss) income (31,738 ) 4,027 10,942 (14,969 ) (31,738 ) Net comprehensive loss attributable to noncontrolling interests — — (2,898 ) — (2,898 ) Comprehensive (loss) income attributable to Titan $ (31,738 ) $ 4,027 $ 13,840 $ (14,969 ) $ (28,840 ) (Amounts in thousands) Consolidating Condensed Statements of Comprehensive Income (Loss) For the Year Ended December 31, 2016 Titan Intl., Inc. (Parent) Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Net (loss) income $ (39,756 ) $ (4,899 ) $ (865 ) $ 5,765 $ (39,755 ) Currency translation adjustment, net 5,857 — 5,857 (5,857 ) 5,857 Pension liability adjustments, net of tax 1,071 1,680 (609 ) (1,071 ) 1,071 Comprehensive (loss) income (32,828 ) (3,219 ) 4,383 (1,163 ) (32,827 ) Net comprehensive income attributable to noncontrolling interests — — 5,305 — 5,305 Comprehensive (loss) income attributable to Titan $ (32,828 ) $ (3,219 ) $ (922 ) $ (1,163 ) $ (38,132 ) |
Condensed Balance Sheet [Table Text Block] | (Amounts in thousands) Consolidating Condensed Balance Sheets December 31, 2018 Titan Intl., Inc. (Parent) Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Assets Cash and cash equivalents $ 23,630 $ 4 $ 58,051 $ — $ 81,685 Accounts receivable — — 241,832 — 241,832 Inventories — 68,858 326,877 — 395,735 Prepaid and other current assets 3,853 18,845 37,531 — 60,229 Total current assets 27,483 87,707 664,291 — 779,481 Property, plant, and equipment, net 12,493 98,856 273,523 — 384,872 Investment in subsidiaries 749,645 — 66,308 (815,953 ) — Other long-term assets 6,268 944 79,691 — 86,903 Total assets $ 795,889 $ 187,507 $ 1,083,813 $ (815,953 ) $ 1,251,256 Liabilities and Stockholders’ Equity Short-term debt $ 419 $ — $ 51,466 $ — $ 51,885 Accounts payable 1,447 29,922 180,760 — 212,129 Other current liabilities 22,065 20,051 68,938 — 111,054 Total current liabilities 23,931 49,973 301,164 — 375,068 Long-term debt 396,700 — 12,872 — 409,572 Other long-term liabilities 9,268 17,521 49,917 — 76,706 Intercompany accounts 77,363 (390,382 ) 313,019 — — Redeemable noncontrolling interest — — 119,813 — 119,813 Titan stockholders' equity 288,627 510,395 295,979 (815,953 ) 279,048 Noncontrolling interests — — (8,951 ) — (8,951 ) Total liabilities and stockholders’ equity $ 795,889 $ 187,507 $ 1,083,813 $ (815,953 ) $ 1,251,256 (Amounts in thousands) Consolidating Condensed Balance Sheets December 31, 2017 Titan Intl., Inc. (Parent) Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Assets Cash and cash equivalents $ 59,740 $ 13 $ 83,817 $ — $ 143,570 Accounts receivable — 54,009 172,694 — 226,703 Inventories — 96,036 243,800 — 339,836 Prepaid and other current assets 17,789 20,917 34,378 — 73,084 Total current assets 77,529 170,975 534,689 — 783,193 Property, plant, and equipment, net 2,466 110,470 308,312 — 421,248 Investment in subsidiaries 766,777 — 74,003 (840,780 ) — Other long-term assets 6,389 967 78,315 — 85,671 Total assets $ 853,161 $ 282,412 $ 995,319 $ (840,780 ) $ 1,290,112 Liabilities and Stockholders’ Equity Short-term debt $ — $ — $ 43,651 $ — $ 43,651 Accounts payable 4,258 20,787 170,452 — 195,497 Other current liabilities 38,495 30,170 65,109 — 133,774 Total current liabilities 42,753 50,957 279,212 — 372,922 Long-term debt 394,284 — 12,887 — 407,171 Other long-term liabilities 11,544 16,458 58,740 — 86,742 Intercompany accounts 75,103 (286,525 ) 211,422 — — Redeemable noncontrolling interest — — 113,193 — 113,193 Titan stockholders’ equity 329,477 501,522 330,710 (840,780 ) 320,929 Noncontrolling interests — — (10,845 ) — (10,845 ) Total liabilities and stockholders’ equity $ 853,161 $ 282,412 $ 995,319 $ (840,780 ) $ 1,290,112 |
Condensed Cash Flow Statement [Table Text Block] | (Amounts in thousands) Consolidating Condensed Statements of Cash Flows Year Ended December 31, 2018 Titan Intl., Inc. (Parent) Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidated Net cash provided by (used for) operating activities $ (34,764 ) $ 6,143 $ (7,555 ) $ (36,176 ) Cash flows from investing activities: Capital expenditures (939 ) (6,174 ) (31,887 ) (39,000 ) Other, net 794 22 1,253 2,069 Net cash provided by (used for) investing activities (145 ) (6,152 ) (30,634 ) (36,931 ) Cash flows from financing activities: Proceeds from borrowings — — 57,294 57,294 Payment on debt — — (38,557 ) (38,557 ) Dividends paid (1,201 ) — — (1,201 ) Net cash provided by (used for) financing activities (1,201 ) — 18,737 17,536 Effect of exchange rate change on cash — — (6,314 ) (6,314 ) Net increase (decrease) in cash and cash equivalents (36,110 ) (9 ) (25,766 ) (61,885 ) Cash and cash equivalents, beginning of period 59,740 13 83,817 143,570 Cash and cash equivalents, end of period $ 23,630 $ 4 $ 58,051 $ 81,685 (Amounts in thousands) Consolidating Condensed Statements of Cash Flows Year Ended December 31, 2017 Titan Intl., Inc. (Parent) Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidated Net cash provided by (used for) operating activities $ (49,856 ) $ 7,235 $ 41,332 $ (1,289 ) Cash flows from investing activities: Capital expenditures (830 ) (7,620 ) (24,176 ) (32,626 ) Certificates of deposit 50,000 — — 50,000 Other, net — 389 604 993 Net cash provided by (used for) investing activities 49,170 (7,231 ) (23,572 ) 18,367 Cash flows from financing activities: Proceeds from borrowings 394,191 — 53,448 447,639 Repurchase of senior notes (415,395 ) — — (415,395 ) Payment on debt (3,393 ) — (51,767 ) (55,160 ) Dividends paid (1,167 ) — — (1,167 ) Net cash provided by (used for) financing activities (25,764 ) — 1,681 (24,083 ) Effect of exchange rate change on cash — — 2,748 2,748 Net increase (decrease) in cash and cash equivalents (26,450 ) 4 22,189 (4,257 ) Cash and cash equivalents, beginning of period 86,190 9 61,628 147,827 Cash and cash equivalents, end of period $ 59,740 $ 13 $ 83,817 $ 143,570 (Amounts in thousands) Consolidating Condensed Statements of Cash Flows Year Ended December 31, 2016 Titan Intl., Inc. (Parent) Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidated Net cash provided by (used for) operating activities $ (3,193 ) $ 8,035 $ 38,658 $ 43,500 Cash flows from investing activities: Capital expenditures (1,937 ) (8,444 ) (31,567 ) (41,948 ) Increase in restricted cash deposits (50,000 ) — — (50,000 ) Other, net — 414 1,808 2,222 Net cash used for investing activities (51,937 ) (8,030 ) (29,759 ) (89,726 ) Cash flows from financing activities: Proceeds from borrowings — — 17,285 17,285 Payment on debt — — (22,634 ) (22,634 ) Dividends paid (1,081 ) — — (1,081 ) Net cash used for financing activities (1,081 ) — (5,349 ) (6,430 ) Effect of exchange rate change on cash — — 295 295 Net increase (decrease) in cash and cash equivalents (56,211 ) 5 3,845 (52,361 ) Cash and cash equivalents, beginning of period 142,401 4 57,783 200,188 Cash and cash equivalents, end of period $ 86,190 $ 9 $ 61,628 $ 147,827 |
DESCRIPTION OF BUSINESS AND S_4
DESCRIPTION OF BUSINESS AND SIGNIFICANT ACCOUNTING POLICIES (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Jan. 01, 2018 | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||||||||
Deposits, Foreign | $ 55,600 | $ 80,200 | $ 55,600 | $ 80,200 | |||||||||||
Retained earnings (deficit) | (29,048) | (44,022) | (29,048) | (44,022) | $ (43,934) | ||||||||||
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification | 123 | ||||||||||||||
Loss from operations | 42,244 | (11,151) | $ (22,400) | ||||||||||||
Provision (benefit) for income tax | 6,762 | 11,203 | 3,281 | ||||||||||||
Net income (loss) | $ (14,077) | $ 2,678 | $ 8,476 | $ 15,968 | $ (35,739) | $ (11,218) | $ (6,537) | $ (10,585) | $ 13,045 | $ (64,079) | $ (39,755) | ||||
Earnings Per Share, Basic | $ (0.23) | [1] | $ (0.03) | $ 0.06 | [2] | $ 0.26 | [3] | $ (0.55) | $ (0.22) | $ (0.17) | $ (0.18) | $ 0.06 | $ (1.12) | $ (0.87) | |
Inventory | $ 395,735 | $ 339,836 | $ 395,735 | $ 339,836 | 339,446 | ||||||||||
Interest Costs Capitalized | 300 | $ 1,200 | |||||||||||||
Senior Notes | 395,100 | 395,100 | |||||||||||||
Debt Instrument, Fair Value Disclosure | 360,000 | 360,000 | |||||||||||||
Investment in subsidiaries | 0 | 0 | 0 | 0 | |||||||||||
Research and development expenses | 11,146 | 10,302 | 9,971 | ||||||||||||
Advertising Expense | $ 3,100 | $ 3,900 | $ 4,800 | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Net of Forfeitures | 80,000 | 89,200 | 60,000 | ||||||||||||
Other current liabilities | 111,054 | 133,774 | $ 111,054 | $ 133,774 | 133,261 | ||||||||||
Noncontrolling interests | $ (8,951) | (10,845) | $ (8,951) | (10,845) | $ (10,810) | ||||||||||
Senior Secured Notes 6.50 Percent [Member] [Member] | |||||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 6.50% | 6.50% | |||||||||||||
Senior Notes | $ 400,000 | $ 400,000 | |||||||||||||
Wheels India [Member] | |||||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||||||||
Investment in subsidiaries | $ 47,230 | 47,267 | $ 47,230 | 47,267 | |||||||||||
Equity Method Investment, Ownership Percentage | 34.20% | 34.20% | |||||||||||||
Equity Method Investment, Quoted Market Value | $ 53,800 | $ 53,800 | |||||||||||||
Minimum [Member] | Building and Building Improvements [Member] | |||||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||||||||
Property, Plant and Equipment, Useful Life, Maximum | 25 years | ||||||||||||||
Minimum [Member] | Machinery and Equipment [Member] | |||||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||||||||
Property, Plant and Equipment, Useful Life, Maximum | 7 years | ||||||||||||||
Minimum [Member] | Tools, Dies and Molds [Member] | |||||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||||||||
Property, Plant and Equipment, Useful Life, Maximum | 2 years | ||||||||||||||
Maximum [Member] | Building and Building Improvements [Member] | |||||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||||||||
Property, Plant and Equipment, Useful Life, Maximum | 25 years | ||||||||||||||
Maximum [Member] | Machinery and Equipment [Member] | |||||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||||||||
Property, Plant and Equipment, Useful Life, Maximum | 7 years | ||||||||||||||
Maximum [Member] | Tools, Dies and Molds [Member] | |||||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||||||||
Property, Plant and Equipment, Useful Life, Maximum | 2 years | ||||||||||||||
Accounting Standards Update 2014-09 [Member] | |||||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||||||||
Retained earnings (deficit) | 88 | 88 | |||||||||||||
Inventory | (390) | (390) | |||||||||||||
Other current liabilities | (513) | (513) | |||||||||||||
Noncontrolling interests | $ 35 | 35 | |||||||||||||
Accounting Standards Update 2017-07 [Member] | |||||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||||||||
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification | $ 2,000 | $ 2,600 | |||||||||||||
New Accounting Pronouncement, Early Adoption, Effect [Member] | |||||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||||||||
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification | $ 7,400 | ||||||||||||||
Accounting Standards Update 2016-02 [Member] | |||||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||||||||
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification | 25,100 | ||||||||||||||
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 | 5,000 | ||||||||||||||
Assets [Member] | Accounting Standards Update 2016-02 [Member] | |||||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||||||||
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification | $ 24,600 | ||||||||||||||
[1] | |||||||||||||||
[2] | |||||||||||||||
[3] |
ACCOUNTS RECEIVABLE (Details)
ACCOUNTS RECEIVABLE (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Receivables [Abstract] | ||||
Accounts receivable | $ 245,236 | $ 229,677 | ||
Allowance for doubtful accounts | (3,404) | (2,974) | $ (3,344) | $ (4,527) |
Accounts receivable, net | $ 241,832 | $ 226,703 |
INVENTORIES (Details)
INVENTORIES (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Jan. 01, 2018 | Dec. 31, 2017 |
Inventory Disclosure [Abstract] | |||
Inventory Adjustments | $ 8,600 | ||
Raw material | 110,806 | $ 83,541 | |
Work-in-process | 55,543 | 49,139 | |
Finished goods | 229,386 | 207,156 | |
Inventory, Net | $ 395,735 | $ 339,446 | $ 339,836 |
PREPAID AND OTHER CURRENT ASS_3
PREPAID AND OTHER CURRENT ASSETS (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Prepaid Expense and Other Assets, Current [Abstract] | ||
Factory supplies | $ 26,014 | $ 26,346 |
Value added tax | 10,407 | 8,528 |
Prepaid expense | 5,760 | 5,290 |
Deposits | 4,237 | 3,785 |
Prepaid taxes | 3,731 | 3,726 |
Prepaid insurance | 2,315 | 2,384 |
Derivative financial instruments | 902 | 458 |
Duty receivable | 744 | 672 |
Volume rebate | 487 | 2,072 |
Investments for deferred compensation | 0 | 12,393 |
Prepaid royalty | 0 | 1,953 |
Other | 5,632 | 5,477 |
Prepaid and other current assets | $ 60,229 | $ 73,084 |
PROPERTY, PLANT AND EQUIPMENT_3
PROPERTY, PLANT AND EQUIPMENT, NET (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Gross | $ 1,020,349 | $ 1,033,485 | |
Less accumulated depreciation | (635,477) | (612,237) | |
Property, Plant and Equipment, Net | 384,872 | 421,248 | |
Depreciation | 53,900 | 54,300 | $ 55,800 |
Capital Leased Assets, Gross | 8,300 | ||
Land and Land Improvements [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Gross | 43,562 | 46,998 | |
Building and Building Improvements [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Gross | 255,451 | 264,078 | |
Capital Leased Assets, Gross | 3,823 | 4,056 | |
Capital Leases, Lessee Balance Sheet, Assets by Major Class, Accumulated Depreciation | (2,261) | (2,294) | |
Capital Leases, Balance Sheet, Assets by Major Class, Net | 1,562 | 1,762 | |
Machinery and Equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Gross | 592,932 | 598,411 | |
Capital Leased Assets, Gross | 33,438 | 32,379 | |
Capital Leases, Lessee Balance Sheet, Assets by Major Class, Accumulated Depreciation | (26,748) | (27,260) | |
Capital Leases, Balance Sheet, Assets by Major Class, Net | 6,690 | 5,119 | |
Tools, Dies and Molds [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Gross | 109,537 | 108,649 | |
Construction in Progress [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Gross | $ 18,867 | $ 15,349 |
OTHER ASSETS (Details)
OTHER ASSETS (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Other Assets, Noncurrent [Abstract] | ||
Equity Method Investments | $ 0 | $ 0 |
Amortizable intangibles | 11,647 | 15,275 |
Prepaid software | 7,711 | 691 |
Notes receivable | 6,000 | 6,000 |
Manufacturing spares | 2,825 | 3,448 |
Deferred financing costs | 267 | 352 |
Other | 4,363 | 4,222 |
Other noncurrent assets | 84,029 | 81,892 |
Equity Method Investments [Member] | ||
Other Assets, Noncurrent [Abstract] | ||
Equity Method Investments | 3,986 | 4,637 |
Wheels India [Member] | ||
Other Assets, Noncurrent [Abstract] | ||
Equity Method Investments | $ 47,230 | $ 47,267 |
INTANGIBLE ASSETS (Details)
INTANGIBLE ASSETS (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Intangible Assets, Net (Excluding Goodwill) [Abstract] | |||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 8 years 8 months 12 days | ||
Finite-Lived Intangible Asset, Useful Life | 7 years 8 months 12 days | ||
Finite-Lived Customer Relationships, Gross | $ 12,967 | $ 13,922 | |
Finite-Lived Trademarks, Gross | 11,356 | 15,208 | |
Finite-Lived Intangible Assets, Gross | 24,323 | 29,130 | |
Finite-Lived Intangible Assets, Accumulated Amortization | (12,676) | (13,855) | |
Intangible Assets, Net (Excluding Goodwill) | 11,647 | 15,275 | |
Amortization of Intangible Assets | 2,300 | $ 3,000 | $ 2,200 |
2,019 | 2,123 | ||
2,020 | 2,049 | ||
2,021 | 1,393 | ||
2,022 | 1,042 | ||
2,023 | 1,042 | ||
Thereafter | $ 3,998 |
OTHER CURRENT LIABILITIES (Deta
OTHER CURRENT LIABILITIES (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Jan. 01, 2018 | Dec. 31, 2017 |
Other Liabilities, Current [Abstract] | |||
Wages and benefits | $ 27,520 | $ 27,532 | |
Warranty | 16,328 | 18,612 | |
Insurance | 13,655 | 15,068 | |
Incentive compensation | 8,506 | 7,863 | |
Customer deposits | 8,399 | 4,960 | |
Customer rebates | 6,794 | 6,534 | |
Accrued other taxes | 5,535 | 8,370 | |
Accrued interest | 2,399 | 3,049 | |
Italian government grant | 691 | 4,689 | |
Accrued employment liabilities | 0 | 16,892 | |
Other | 21,227 | 20,205 | |
Other current liabilities | $ 111,054 | $ 133,261 | $ 133,774 |
WARRANTY (Details)
WARRANTY (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Product Warranties Disclosures [Abstract] | ||
Warranty liability, January 1 | $ 18,612 | $ 17,926 |
Provision for warranty liabilities | 5,231 | 9,012 |
Warranty payments made | (6,516) | (8,326) |
Warranty liability, December 31 | $ 17,327 | $ 18,612 |
OTHER LONG-TERM LIABILITIES (De
OTHER LONG-TERM LIABILITIES (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Other Liabilities, Noncurrent [Abstract] | ||
Accrued pension liabilities | $ 35,062 | $ 35,597 |
Deferred Revenue, Noncurrent | 9,365 | 10,272 |
Income tax liabilities | 8,943 | 11,399 |
Contingencies | 6,500 | 6,500 |
Other | 7,420 | 9,429 |
Other Liabilities, Noncurrent | $ 67,290 | $ 73,197 |
REVOLVING CREDIT FACILITY AND_3
REVOLVING CREDIT FACILITY AND LONG-TERM DEBT (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Debt Instruments [Abstract] | |||
Senior Notes | $ 395,100 | ||
Debt Instrument, Unamortized Discount | (4,897) | $ (5,716) | |
Long-term Debt | 461,457 | 450,822 | |
Long-term debt | $ 409,572 | $ 407,171 | |
Short-term Debt, Weighted Average Interest Rate, at Point in Time | 6.90% | 5.00% | |
Maturities of Long-term Debt [Abstract] | |||
2,019 | $ 51,885 | ||
2,020 | 9,130 | ||
2,021 | 2,581 | ||
2,022 | 1,049 | ||
2,023 | 400,248 | ||
Thereafter | 1,461 | ||
Repayments of Other Debt | 38,557 | $ 55,160 | $ 22,634 |
Letters of Credit Outstanding, Amount | 12,300 | ||
Line of Credit Facility, Current Borrowing Capacity | 62,700 | ||
Capital Lease Obligations | 2,810 | 489 | |
Debt Instrument, Unamortized Discount, Noncurrent | 0 | 0 | |
Long-term Debt, Gross | 466,354 | 456,538 | |
Long-term Debt, Maturities, Repayments of Principal in Next Rolling Twelve Months | 51,885 | 43,651 | |
Debt Instrument, Unamortized Discount, Current | 0 | 0 | |
Long-term Debt, Current Maturities | 51,885 | 43,651 | |
Debt Instrument, Unamortized Discount (Premium), Net | (4,897) | (5,716) | |
Senior Secured Notes 6.50 Percent [Member] [Member] | |||
Debt Instruments [Abstract] | |||
Senior Notes | 400,000 | ||
Debt Instrument, Unamortized Discount | (4,897) | ||
Long-term Debt | $ 395,103 | ||
Maturities of Long-term Debt [Abstract] | |||
Debt Instrument, Interest Rate, Stated Percentage | 6.50% | ||
Debt Instrument, Interest Rate, Effective Percentage | 6.79% | ||
Senior Secured Notes 6.875 Percent [Member] | |||
Debt Instruments [Abstract] | |||
Senior Notes | $ 400,000 | ||
Debt Instrument, Unamortized Discount | (5,716) | ||
Long-term Debt | 394,284 | ||
Titan Europe [Member] | |||
Debt Instruments [Abstract] | |||
Debt Instrument, Unamortized Discount | 0 | 0 | |
Other Borrowings | 35,115 | 33,485 | |
Other Debt Obligations [Member] | |||
Debt Instruments [Abstract] | |||
Debt Instrument, Unamortized Discount | 0 | 0 | |
Maturities of Long-term Debt [Abstract] | |||
Other Long-term Debt | 28,429 | 22,564 | |
Voltyre-Prom [Member] | |||
Maturities of Long-term Debt [Abstract] | |||
Other Long-term Debt | 18,400 | ||
Titan Brazil [Member] | |||
Maturities of Long-term Debt [Abstract] | |||
Other Long-term Debt | 5,800 | ||
BMO Harris Bank N.A. [Member] | Line of Credit [Member] | |||
Maturities of Long-term Debt [Abstract] | |||
Line of Credit Facility, Maximum Borrowing Capacity | 75,000 | ||
Long-term Debt [Member] | |||
Debt Instruments [Abstract] | |||
Long-term debt | $ 414,469 | $ 412,887 |
DERIVATIVE FINANCIAL INSTRUME_2
DERIVATIVE FINANCIAL INSTRUMENTS (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||
Derivative, Gain (Loss) on Derivative, Net | $ 0.5 | $ 0.6 |
REDEEMABLE NONCONTROLLING INT_3
REDEEMABLE NONCONTROLLING INTEREST (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Noncontrolling Interest [Line Items] | |||
Redeemable noncontrolling interest | $ 119,813 | $ 113,193 | $ 104,809 |
Reclassification as a result of ownership change | 149 | 12,039 | |
Income attributable to redeemable noncontrolling interest | (1,091) | 84 | 2,196 |
Currency translation | (4,496) | 1,907 | 3,844 |
Redemption value adjustment | 12,207 | 6,393 | 9,556 |
Accumulated other comprehensive income (loss) [Member] | |||
Noncontrolling Interest [Line Items] | |||
Reclassification as a result of ownership change | 4,325 | 3,491 | |
Additional paid-in capital [Member] | |||
Noncontrolling Interest [Line Items] | |||
Reclassification as a result of ownership change | 1,032 | 8,548 | |
Redemption value adjustment | $ 12,207 | $ 6,393 | $ 9,556 |
ACCUMULATED OTHER COMPREHENSI_3
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |||
Currency Translation Adjustments beginning of year | $ (132,949) | $ (162,628) | |
Accumulated Other Comprehensive (Income) Loss, Defined Benefit Plan, after Tax | (24,127) | (25,650) | |
Accumulated Other Comprehensive Income (Loss), Net of Tax | (157,076) | (188,278) | |
Currency translation adjustments | (38,520) | 29,679 | |
Unrecognized net loss, net of tax of $(439), $215 | (3,650) | 1,523 | |
Currency Translation Adjustments end of year | (175,794) | (132,949) | $ (162,628) |
Other Comprehensive Income (Loss), Securities, Available-for-sale, Tax | 0 | 0 | 0 |
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss), Reclassification Adjustment from AOCI, Tax | 0 | 0 | |
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss) Arising During Period, Tax | $ (104) | $ 151 | |
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Unrecognized Deferred Tax Liability, Net of Tax | $ (4,325) |
STOCKHOLDERS EQUITY (Details)
STOCKHOLDERS EQUITY (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Stockholders' Equity Attributable to Parent [Abstract] | |||
Common Stock, Dividends, Per Share, Cash Paid | $ 0.02 | ||
Dividends on common stock | $ 1,201 | $ 1,194 | $ 1,081 |
FAIR VALUE MEASUREMENTS (Detail
FAIR VALUE MEASUREMENTS (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Asset impairment | $ 0 | $ 9,917 | $ 0 |
Derivative financial instruments | 902 | 458 | |
Fair Value, Measurements, Recurring [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Investments for deferred compensation | 0 | 12,393 | |
Derivative financial instruments | 902 | 458 | |
Preferred stock | 106 | 154 | |
Assets, Fair Value Disclosure | 1,008 | 13,005 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Preferred stock | 106 | 154 | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Investments for deferred compensation | 0 | 12,393 | |
Derivative financial instruments | 0 | 0 | |
Preferred stock | 0 | 0 | |
Assets, Fair Value Disclosure | 0 | 12,393 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Preferred stock | 0 | 0 | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Investments for deferred compensation | 0 | 0 | |
Derivative financial instruments | 902 | 458 | |
Preferred stock | 0 | 0 | |
Assets, Fair Value Disclosure | 902 | 458 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Preferred stock | 0 | 0 | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Investments for deferred compensation | 0 | 0 | |
Derivative financial instruments | 0 | 0 | |
Preferred stock | 106 | 154 | 181 |
Assets, Fair Value Disclosure | 106 | 154 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Preferred stock | 106 | 154 | $ 181 |
Total unrealized losses | $ (48) | $ (27) |
VARIABLE INTEREST ENTITIES (Det
VARIABLE INTEREST ENTITIES (Details) - USD ($) $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2018 | Jan. 01, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Feb. 08, 2016 | Dec. 31, 2015 | |
Variable Interest Entity [Line Items] | ||||||
Cash and cash equivalents | $ 81,685 | $ 143,570 | $ 147,827 | $ 200,188 | ||
Inventory | 395,735 | $ 339,446 | 339,836 | |||
Other current assets | 5,632 | 5,477 | ||||
Property, plant, and equipment, net | 384,872 | 421,248 | ||||
Other noncurrent assets | 84,029 | 81,892 | ||||
Current liabilities | 375,068 | 372,922 | ||||
Accounts payable | 212,129 | 195,497 | ||||
Variable Interest Entity, Primary Beneficiary [Member] | ||||||
Variable Interest Entity [Line Items] | ||||||
Cash and cash equivalents | 9,064 | 10,621 | ||||
Inventory | 12,987 | 13,494 | ||||
Other current assets | 38,533 | 36,334 | ||||
Property, plant, and equipment, net | 28,057 | 33,717 | ||||
Other noncurrent assets | 2,971 | 4,250 | ||||
Total assets | 91,612 | 98,416 | ||||
Current liabilities | 36,246 | 32,172 | ||||
Noncurrent liabilities | 6,353 | 8,291 | ||||
Total liabilities | 42,599 | 40,463 | ||||
Variable Interest Entity, Not Primary Beneficiary [Member] | ||||||
Variable Interest Entity [Line Items] | ||||||
Other current assets | 1,200 | 1,261 | ||||
Investments | 3,985 | 3,823 | ||||
Total VIE assets | 5,185 | 5,084 | ||||
Accounts payable | 2,350 | 1,413 | ||||
Maximum exposure to loss | $ 7,535 | $ 6,497 | ||||
Titan National Australia Holdings [Member] | ||||||
Variable Interest Entity [Line Items] | ||||||
Variable Interest Entity, Qualitative or Quantitative Information, Ownership Percentage | 40.00% | |||||
Titan Tire Reclamation Corporation [Member] | ||||||
Variable Interest Entity [Line Items] | ||||||
Variable Interest Entity, Qualitative or Quantitative Information, Ownership Percentage | 50.00% | |||||
Titan Tire Russia B.V. [Member] | ||||||
Variable Interest Entity [Line Items] | ||||||
Noncontrolling Interest, Ownership Percentage by Parent | 43.00% |
ASSET IMPAIRMENT (Details)
ASSET IMPAIRMENT (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Asset Impairment Charges [Abstract] | |||
Asset impairment | $ 0 | $ 9,917 | $ 0 |
Unusual or Infrequent Item, or Both, Insurance Proceeds | $ 1,600 |
ROYALTY EXPENSE (Details)
ROYALTY EXPENSE (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Other Income and Expenses [Abstract] | |||
Royalty Expense | $ 10,087 | $ 10,484 | $ 8,856 |
OTHER INCOME (EXPENSE) (Details
OTHER INCOME (EXPENSE) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Other Income and Expenses [Abstract] | |||
Equity investment income | $ 3,993 | $ 3,615 | $ 2,977 |
Interest income | 2,107 | 3,363 | 3,206 |
Rental Income, Nonoperating | 1,804 | 2,372 | 2,109 |
Investment gain (loss) related to investments for deferred compensation | 687 | 2,725 | 190 |
Other income (expense) | 10,607 | (2,967) | 1,433 |
Other income | $ 19,198 | $ 9,108 | $ 9,915 |
INCOME TAXES (Details)
INCOME TAXES (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Mar. 31, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Extraordinary Items, Noncontrolling Interest [Abstract] | |||||
Domestic | $ (298) | $ (65,422) | $ (56,334) | ||
Foreign | 20,105 | 12,546 | 19,860 | ||
Income (loss) before income taxes | 19,807 | (52,876) | (36,474) | ||
Income Tax Expense (Benefit), Continuing Operations [Abstract] | |||||
Current Federal Tax Expense (Benefit) | (2,379) | 458 | (2,040) | ||
Current State and Local Tax Expense (Benefit) | (65) | (614) | (62) | ||
Current Foreign Tax Expense (Benefit) | 11,497 | 10,574 | 6,063 | ||
Current Income Tax Expense (Benefit) | 9,053 | 10,418 | 3,961 | ||
Deferred Federal Income Tax Expense (Benefit) | 0 | 0 | 0 | ||
Deferred State and Local Income Tax Expense (Benefit) | 0 | 0 | 0 | ||
Deferred Foreign Income Tax Expense (Benefit) | (2,291) | 785 | (680) | ||
Deferred Income Tax Expense (Benefit) | (2,291) | 785 | (680) | ||
Income Tax Expense (Benefit) | $ 6,762 | $ 11,203 | $ 3,281 | ||
Effective Income Tax Rate, Continuing Operations, Tax Rate Reconciliation [Abstract] | |||||
Statutory U.S. federal tax rate | 21.00% | 21.00% | 35.00% | 35.00% | |
Unrecognized tax positions | (12.40%) | (2.30%) | 6.50% | ||
Impact of foreign income | (8.80%) | (8.00%) | 26.90% | ||
Valuation allowance | (0.20%) | 16.50% | (73.60%) | ||
State taxes, net | 0.30% | 0.80% | 0.10% | ||
Nondeductible royalty | 3.80% | (1.40%) | (1.90%) | ||
Tax Cuts and Jobs Act | 26.60% | (62.70%) | 0.00% | ||
Other, net | 3.80% | 0.90% | (2.00%) | ||
Effective tax rate | 34.10% | (21.20%) | (9.00%) | ||
SEC Schedule, 12-09, Valuation Allowances and Reserves, Period Increase (Decrease) | $ (100) | $ 8,700 | |||
Components of Deferred Tax Assets and Liabilities [Abstract] | |||||
Net operating loss carryforwards | 121,804 | 118,303 | |||
Pension | 5,718 | 5,462 | |||
Inventory | 4,863 | 4,957 | |||
Warranty | 4,376 | 4,847 | |||
Employee benefits and related costs | 10,006 | 14,061 | |||
Prepaid royalties | 4,780 | 4,383 | |||
Deferred Tax Asset, Interest Limitation | 4,606 | 0 | |||
Other | 19,360 | 20,930 | |||
Deferred tax assets | 175,513 | 172,943 | |||
Fixed assets | (25,207) | (28,769) | |||
Intangible assets | (3,474) | (4,301) | |||
Other | (1,820) | (1,396) | |||
Deferred tax liabilities | 30,501 | 34,466 | |||
Subtotal | 145,012 | 138,477 | |||
Valuation allowance | (151,554) | (148,243) | |||
Net deferred tax liability | (6,542) | (9,766) | |||
Deferred Tax Assets, Operating Loss Carryforwards, Subject to Expiration | 2,400 | ||||
Deferred Tax Assets, Operating Loss Carryforwards, Not Subject to Expiration | 119,400 | ||||
SEC Schedule, 12-09, Valuation Allowances and Reserves, Increase (Decrease) Adjustment | 3,300 | 5,500 | |||
Deferred Tax Assets, Operating Loss Carryforwards, Domestic | 158,100 | ||||
Deferred Tax Assets, Operating Loss Carryforwards, State and Local | 239,500 | ||||
Deferred Tax Assets, Operating Loss Carryforwards, Foreign | 293,700 | ||||
Unrecognized Tax Benefits, Gross | 8,900 | 11,400 | $ 16,100 | ||
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | 8,900 | ||||
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||||
Balance at January 1 | 7,406 | 9,365 | 12,468 | $ 14,698 | |
Increases to tax positions taken during the current year | 19 | 127 | 288 | ||
Increases to tax positions taken during the prior years | 0 | 6,045 | 3,201 | ||
Decreases to tax positions taken during prior years | (1,336) | (858) | (5,257) | ||
Decreases due to lapse of statutes of limitations | (637) | (297) | (4) | ||
Settlements | 0 | (8,095) | (476) | ||
Unrecognized Tax Benefits, Decrease Resulting from Foreign Currency Translation | (5) | (25) | |||
Unrecognized Tax Benefits, Increase Resulting from Foreign Currency Translation | 18 | ||||
Unrecognized Tax Benefits, Income Tax Penalties and Interest Expense | (500) | 500 | 400 | ||
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued | 2,400 | $ 2,900 | $ 3,600 | ||
Internal Revenue Service (IRS) [Member] | |||||
Effective Income Tax Rate, Continuing Operations, Tax Rate Reconciliation [Abstract] | |||||
Unrecognized Tax Benefits, Increase Resulting from Settlements with Taxing Authorities | $ 500 |
EMPLOYEE BENEFIT PLANS (Details
EMPLOYEE BENEFIT PLANS (Details) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2018USD ($)shares | Dec. 31, 2017USD ($)shares | Dec. 31, 2016USD ($)shares | ||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Plan Assets, Amount | $ 41,135 | $ 47,845 | ||
Liability, Defined Benefit Pension Plan, Noncurrent | (35,062) | (35,597) | ||
Defined Benefit Plan, Amortization of Net Prior Service Cost (Credit) | 100 | |||
Accumulated Other Comprehensive (Income) Loss, Defined Benefit Plan, after Tax | $ 27,777 | $ 24,127 | $ 25,650 | |
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-term Rate of Return on Plan Assets | 7.00% | |||
Defined Benefit Plan, Equity Securities | 100.00% | 100.00% | ||
Defined Benefit Plan, Plan Assets, Employer, Related Party, Amount | $ 800 | $ 2,200 | ||
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Historical Rate of Return, Equities | 8.50% | |||
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Historical Rate of Return, Fixed Income Securities | 4.00% | |||
Defined Benefit Plan, Expected Future Benefit Payments in Year One | $ 9,422 | |||
Defined Benefit Plan, Expected Future Benefit Payments in Year Two | 8,610 | |||
Defined Benefit Plan, Expected Future Benefit Payments in Year Three | 8,498 | |||
Defined Benefit Plan, Expected Future Benefit Payments in Year Four | 8,509 | |||
Defined Benefit Plan, Expected Future Benefit Payments in Year Five | 8,252 | |||
Defined Benefit Plan, Expected Future Benefit Payments in Five Fiscal Years Thereafter | $ 36,112 | |||
Defined Contribution Plan, Employer's Matching Contribution of Employee's Gross Pay Allowed to be Matched, Percent | 25.00% | |||
Defined Contribution Plan, Employer Matching Contribution, Percent | 6.00% | |||
Stock Issued During Period, Shares, Employee Benefit Plan | shares | 54,517 | 49,242 | 93,491 | |
Defined Contribution Plan, Cost | $ 600 | $ 500 | $ 500 | |
Defined Benefit Plan, Amortization of Net Gains (Losses) | 3,200 | |||
Defined Benefit Plan, Expected Future Employer Contributions, Next Fiscal Year | 2,600 | |||
Money Market Funds [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Plan Assets, Amount | $ 4,725 | $ 5,101 | ||
Equity Securities, U.S. [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Equity Securities | [1] | 60.00% | 61.00% | |
Fixed Income Funds [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Equity Securities | 30.00% | 25.00% | ||
Cash and Cash Equivalents [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Equity Securities | 6.00% | 6.00% | ||
Equity Securites, International [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Equity Securities | [1] | 4.00% | 8.00% | |
Domestic Common Stock [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Plan Assets, Amount | $ 28,581 | $ 35,300 | ||
Debt Security, Corporate, US [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Plan Assets, Amount | 5,958 | 5,370 | ||
525190 Other Insurance Funds [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Plan Assets, Amount | 1,871 | 2,074 | ||
Common Collective Trusts [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Plan Assets, Amount | $ 31,361 | $ 35,191 | ||
Parent Common Stock [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Equity Securities | 1.00% | 3.00% | ||
Maximum [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Equity Securities | 80.00% | |||
Maximum [Member] | Equity Securities, U.S. [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Target Allocation Percentage of Assets, Equity Securities | 80.00% | |||
Maximum [Member] | Fixed Income Funds [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Target Allocation Percentage of Assets, Equity Securities | 50.00% | |||
Maximum [Member] | Cash and Cash Equivalents [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Target Allocation Percentage of Assets, Equity Securities | 20.00% | |||
Maximum [Member] | Equity Securites, International [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Target Allocation Percentage of Assets, Equity Securities | [1] | 16.00% | ||
Minimum [Member] | Equity Securities, U.S. [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Target Allocation Percentage of Assets, Equity Securities | [1] | 40.00% | ||
Minimum [Member] | Fixed Income Funds [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Target Allocation Percentage of Assets, Equity Securities | 20.00% | |||
Minimum [Member] | Cash and Cash Equivalents [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Target Allocation Percentage of Assets, Equity Securities | 0.00% | |||
Minimum [Member] | Equity Securites, International [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Target Allocation Percentage of Assets, Equity Securities | [1] | 0.00% | ||
Fair Value, Inputs, Level 1 [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Plan Assets, Amount | $ 40,037 | $ 46,639 | ||
Fair Value, Inputs, Level 1 [Member] | Money Market Funds [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Plan Assets, Amount | 4,725 | 5,101 | ||
Fair Value, Inputs, Level 1 [Member] | Domestic Common Stock [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Plan Assets, Amount | 28,581 | 35,300 | ||
Fair Value, Inputs, Level 1 [Member] | Debt Security, Corporate, US [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Plan Assets, Amount | 5,958 | 5,370 | ||
Fair Value, Inputs, Level 1 [Member] | 525190 Other Insurance Funds [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Plan Assets, Amount | 773 | 868 | ||
Fair Value, Inputs, Level 2 [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Plan Assets, Amount | 1,098 | 1,206 | ||
Fair Value, Inputs, Level 2 [Member] | Money Market Funds [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 | ||
Fair Value, Inputs, Level 2 [Member] | Domestic Common Stock [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 | ||
Fair Value, Inputs, Level 2 [Member] | Debt Security, Corporate, US [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 | ||
Fair Value, Inputs, Level 2 [Member] | 525190 Other Insurance Funds [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Plan Assets, Amount | 1,098 | 1,206 | ||
Fair Value, Inputs, Level 3 [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 | ||
Fair Value, Inputs, Level 3 [Member] | Money Market Funds [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 | ||
Fair Value, Inputs, Level 3 [Member] | Domestic Common Stock [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 | ||
Fair Value, Inputs, Level 3 [Member] | Debt Security, Corporate, US [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 | ||
Fair Value, Inputs, Level 3 [Member] | 525190 Other Insurance Funds [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 | ||
Titan Tire, Bryan and Walcott Plans [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Benefit Obligation | 89,500 | |||
Defined Benefit Plan, Plan Assets, Amount | 70,900 | |||
Dico Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Plan Assets, Amount | $ 500 | |||
Defined Contribution/401k Plans, Total [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Contribution/401k Plans, Number Sponsored by the Company | 2 | |||
Pension Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Benefit Obligation | $ 108,513 | 119,736 | 113,119 | |
Defined Benefit Plan, Service Cost | 626 | 598 | 341 | |
Defined Benefit Plan, Interest Cost | 4,330 | 4,672 | 4,896 | |
Defined Benefit Plan, Actuarial Net (Gains) Losses | (5,404) | 8,383 | ||
Defined Benefit Plan, Benefit Obligation, Benefits Paid | 9,376 | 8,866 | ||
Defined Benefit Plan, Foreign Currency Exchange Rate Changes, Benefit Obligation | (1,399) | 1,830 | ||
Defined Benefit Plan, Plan Assets, Amount | 72,496 | 83,036 | 77,314 | |
Defined Benefit Plan, Plan Assets, Increase (Decrease) for Actual Return (Loss) | (5,669) | 12,436 | ||
Defined Benefit Plan, Plan Assets, Contributions by Employer | 4,634 | 914 | ||
Defined Benefit Plan, Benefits Paid (Deprecated 2017-01-31) | (9,376) | (7,809) | ||
Defined Benefit Plan, Plan Assets, Foreign Currency Translation Gain (Loss) | (129) | 181 | ||
Defined Benefit Plan, Funded (Unfunded) Status of Plan | (36,017) | (36,700) | ||
Assets for Plan Benefits, Defined Benefit Plan | 930 | 948 | ||
Liability, Defined Benefit Pension Plan, Current | (1,885) | (2,040) | ||
Liability, Defined Benefit Pension Plan, Noncurrent | (35,062) | (35,608) | ||
Defined Benefit Plan, Amounts for Asset (Liability) Recognized in Statement of Financial Position | (36,017) | (36,700) | ||
Defined Benefit Plan, Accumulated Other Comprehensive (Income) Loss, Prior Service Cost (Credit), before Tax | (71) | (208) | ||
Defined Benefit Plan, Accumulated Other Comprehensive Income (Loss), Gain (Loss), before Tax | (43,458) | (39,775) | ||
Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits, Postretirement Benefits | 15,752 | 15,856 | ||
Accumulated Other Comprehensive (Income) Loss, Defined Benefit Plan, after Tax | $ (27,777) | $ (24,127) | ||
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate | 4.30% | 3.80% | ||
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Benefit Obligations | 6.90% | 7.40% | ||
Defined Benefit Plan, Expected Return (Loss) on Plan Assets | $ (5,959) | $ (5,472) | (5,600) | |
Other Comprehensive Income (Loss), Amortization, Pension and Other Postretirement Benefit Plans, Net Prior Service Cost (Credit) Recognized in Net Periodic Benefit Cost, before Tax | 137 | 137 | 137 | |
Defined Benefit Plan, Amortization of Gain (Loss) | 2,784 | 2,696 | 3,118 | |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) | $ 1,918 | $ 2,631 | $ 2,892 | |
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate | 5.30% | 5.80% | 5.80% | |
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-term Rate of Return on Plan Assets | 7.40% | 7.40% | 7.40% | |
Foreign Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Benefit Obligation | $ 19,000 | |||
Defined Benefit Plan, Plan Assets, Amount | 1,600 | |||
Non-US [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Contribution Plan, Cost | $ 4,100 | $ 3,800 | $ 3,600 | |
Defined Contribution/401k Plans, Employees Covered by Collective Bargaining Arrangements [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Contribution/401k Plans, Number Sponsored by the Company | 3 | |||
[1] | Total equities may not exceed 80% |
STOCK COMPENSATION (Details)
STOCK COMPENSATION (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation | $ 1,100,000 | $ 1,500,000 | $ 2,000,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |||
Shares Subject to Option, beginning of year | 847,770 | ||
Granted | 80,000 | 89,200 | 60,000 |
Exercised | 0 | ||
Forfeited/Expired | (39,082) | ||
Shares Subject to Option, end of year | 888,688 | 847,770 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number | 888,688 | ||
Weighted-Average Exercise Price, beginning of year | $ 17.39 | ||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | 11.85 | ||
Exercised | 0 | ||
Forfeited/Expired | $ 18.37 | ||
Weighted-Average Exercise Price, end of year | 16.84 | $ 17.39 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price | $ 16.84 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term | 4 years 7 months 17 days | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term | 4 years 7 months 17 days | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value | $ 0 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Intrinsic Value | $ 0 | ||
Granted | $ 5.85 | $ 6.10 | $ 3.62 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Granted in Period, Grant Date Fair Value | $ 468,000 | $ 544,000 | $ 217,000 |
Treasury Stock, Shares | 798,383 | 914,797 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Weighted Average Remaining Contractual Term | 6 years | 6 years | 6 years |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 50.70% | 53.80% | 53.30% |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate | 0.20% | 0.10% | 0.10% |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 2.88% | 1.82% | 1.33% |
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Intrinsic Value | $ 10.56 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | 9.23 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value | 10.56 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Intrinsic Value | $ 9.23 | $ 10.56 | |
Deferred Compensation Share-based Arrangements, Liability, Current | $ 2,800,000 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested in Period, Fair Value | $ 300,000 | $ 1,500,000 | $ 1,600,000 |
Restricted stock awards (in shares) | 376,500 | ||
Equity Incentive Plan 2005 [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 1,600,000 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |||
Granted | 80,000 | 89,200 | 60,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 31,897 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Granted | 376,500 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | (31,897) | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 376,500 | 31,897 |
LITIGATION (Details)
LITIGATION (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2018 | |
Loss Contingencies [Line Items] | ||
Accrual for Environmental Loss Contingencies, Revision in Estimates | $ 1,050 | |
Accrual for Environmental Loss Contingencies | 6,500 | $ 6,500 |
Judicial Ruling [Member] | ||
Loss Contingencies [Line Items] | ||
Loss Contingency Accrual | 1,620 | |
Accrual for Environmental Loss Contingencies, Revision in Estimates | 5,450 | |
Unfavorable Regulatory Action [Member] | ||
Loss Contingencies [Line Items] | ||
Loss Contingency Accrual | $ 5,450 |
LEASE COMMITMENTS (Details)
LEASE COMMITMENTS (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Leases [Abstract] | |||
Operating Leases, Rent Expense | $ 7,800 | $ 7,600 | $ 6,000 |
Operating Leases, Future Minimum Payments Due [Abstract] | |||
2,019 | 7,759 | ||
2,020 | 5,606 | ||
2,021 | 4,430 | ||
2,022 | 3,330 | ||
2,023 | 2,710 | ||
Thereafter | 5,398 | ||
Total future minimum lease payments | 29,233 | ||
Capital Leased Assets, Gross | 8,300 | ||
Capital Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | |||
2,019 | 811 | ||
2,020 | 689 | ||
2,021 | 757 | ||
2,022 | 594 | ||
2,023 | 294 | ||
Total future capital lease obligation payments | 3,145 | ||
Less amount representing interest | 335 | ||
Present value of future capital lease obligation payments | $ 2,810 |
COMMITMENTS AND CONTINGENCIES_3
COMMITMENTS AND CONTINGENCIES (Details) $ in Thousands | Dec. 31, 2018USD ($) |
Other Commitments [Line Items] | |
2,019 | $ 20,623 |
2,020 | 3,674 |
2,021 | 330 |
2,022 | 18 |
Thereafter | 37 |
Total non-cancellable purchase obligations | $ 24,682 |
RELATED PARTY TRANSACTIONS (Det
RELATED PARTY TRANSACTIONS (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Related Party Transaction [Line Items] | |||
Related Party Transaction, Revenues from Transactions with Related Party | $ 1,200 | $ 1,500 | $ 900 |
Related Party Transaction, Due from (to) Related Party | 100 | 0 | |
Related Party Transaction, Expenses from Transactions with Related Party | 1,700 | 1,900 | 1,800 |
Related Party Transaction, Purchases from Related Party | $ 400 | 600 | 700 |
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 21.40% | ||
Transfer from Investments | $ 14,268 | $ 0 | $ 0 |
Wheels India [Member] | |||
Related Party Transaction [Line Items] | |||
Equity Method Investment, Ownership Percentage | 34.20% |
SEGMENT INFORMATION (Details)
SEGMENT INFORMATION (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | ||
Segment Reporting Information [Line Items] | |||||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 363,403 | $ 384,719 | $ 428,904 | $ 425,382 | $ 376,034 | $ 370,988 | $ 364,399 | $ 357,501 | $ 1,602,408 | $ 1,468,922 | $ 1,265,497 | ||
Gross profit | 36,689 | $ 43,704 | $ 58,312 | $ 59,561 | 35,953 | $ 40,137 | $ 44,020 | $ 40,201 | 198,266 | 160,311 | 141,415 | ||
Income (loss) from operations | 42,244 | (11,151) | (22,400) | ||||||||||
Interest expense | (30,456) | (30,229) | (32,539) | ||||||||||
Loss on senior note repurchase | 0 | (18,646) | 0 | ||||||||||
Foreign exchange (loss) gain | (11,179) | (1,958) | 8,550 | ||||||||||
Other income | 19,198 | 9,108 | 9,915 | ||||||||||
Loss before income taxes | 19,807 | (52,876) | (36,474) | ||||||||||
Payments to Acquire Property, Plant, and Equipment | 39,000 | 32,626 | 41,948 | ||||||||||
Depreciation & amortization | 57,618 | 58,444 | 59,768 | ||||||||||
Total assets | 1,251,256 | 1,290,112 | 1,251,256 | 1,290,112 | 1,265,896 | ||||||||
Cash and cash equivalents | 81,685 | 143,570 | 81,685 | 143,570 | 147,827 | $ 200,188 | |||||||
Long-lived Assets | 384,872 | 421,248 | 384,872 | 421,248 | 437,201 | ||||||||
Operating Segments [Member] | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 1,602,408 | 1,468,922 | 1,265,497 | ||||||||||
Gross profit | 198,266 | 160,311 | 141,415 | ||||||||||
Operating Segments [Member] | Agricultural [Member] | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 694,268 | 690,238 | 583,324 | ||||||||||
Gross profit | 94,217 | 85,482 | 76,330 | ||||||||||
Income (loss) from operations | 62,065 | 50,188 | 41,999 | ||||||||||
Payments to Acquire Property, Plant, and Equipment | 15,770 | 15,392 | 16,260 | ||||||||||
Depreciation & amortization | 26,299 | 27,623 | 27,888 | ||||||||||
Total assets | 464,828 | 444,783 | 464,828 | 444,783 | 439,371 | ||||||||
Operating Segments [Member] | Earthmoving/construction [Member] | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 741,733 | 608,894 | 524,289 | ||||||||||
Gross profit | 80,056 | 49,556 | 47,355 | ||||||||||
Income (loss) from operations | 31,141 | 2,028 | 4,701 | ||||||||||
Payments to Acquire Property, Plant, and Equipment | 19,889 | 15,282 | 22,028 | ||||||||||
Depreciation & amortization | 23,823 | 20,307 | 20,566 | ||||||||||
Total assets | 543,927 | 537,855 | 543,927 | 537,855 | 443,879 | ||||||||
Operating Segments [Member] | Consumer [Member] | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 166,407 | 169,790 | 157,884 | ||||||||||
Gross profit | 23,993 | 25,273 | 17,730 | ||||||||||
Income (loss) from operations | 11,994 | 11,463 | 2,998 | ||||||||||
Payments to Acquire Property, Plant, and Equipment | 3,334 | 2,453 | 2,483 | ||||||||||
Depreciation & amortization | 5,129 | 5,559 | 6,145 | ||||||||||
Total assets | 129,994 | 157,133 | 129,994 | 157,133 | 140,293 | ||||||||
Operating Segments [Member] | Unallocated Amount to Segment [Member] | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Income (loss) from operations | (62,956) | (74,830) | (72,098) | ||||||||||
Payments to Acquire Property, Plant, and Equipment | 7 | (501) | 1,177 | ||||||||||
Depreciation & amortization | 2,367 | 4,955 | 5,169 | ||||||||||
Total assets | [1] | 112,507 | 150,341 | 112,507 | 150,341 | 242,353 | |||||||
Cash and cash equivalents | $ 32,000 | $ 72,000 | 32,000 | 72,000 | 96,000 | ||||||||
Unallocated Amount to Segment [Member] | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Interest expense | (30,456) | (30,229) | (32,539) | ||||||||||
Loss on senior note repurchase | 0 | (18,646) | 0 | ||||||||||
Foreign exchange (loss) gain | (11,179) | (1,958) | 8,550 | ||||||||||
Other income | 19,198 | 9,108 | 9,915 | ||||||||||
Loss before income taxes | $ 19,807 | $ (52,876) | $ (36,474) | ||||||||||
[1] | Unallocated assets included cash of approximately $32 million , $72 million , and $96 million |
SEGMENT INFORMATION GEOGRAPHIC
SEGMENT INFORMATION GEOGRAPHIC INFORMATION (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 363,403 | $ 384,719 | $ 428,904 | $ 425,382 | $ 376,034 | $ 370,988 | $ 364,399 | $ 357,501 | $ 1,602,408 | $ 1,468,922 | $ 1,265,497 |
Long-Lived Assets | 384,872 | 421,248 | 384,872 | 421,248 | 437,201 | ||||||
UNITED STATES | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 711,887 | 642,743 | 558,278 | ||||||||
Long-Lived Assets | 137,410 | 151,841 | 137,410 | 151,841 | 171,587 | ||||||
Europe [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 469,322 | 411,570 | 354,117 | ||||||||
Long-Lived Assets | 165,827 | 176,923 | 165,827 | 176,923 | 156,505 | ||||||
Latin America [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 271,374 | 282,692 | 248,019 | ||||||||
Long-Lived Assets | 52,393 | 62,543 | 52,393 | 62,543 | 68,187 | ||||||
Other Countries [Domain] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 149,825 | 131,917 | 105,083 | ||||||||
Long-Lived Assets | $ 29,242 | $ 29,941 | $ 29,242 | $ 29,941 | $ 40,922 |
EARNINGS PER SHARE (Details)
EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | [1] | Mar. 31, 2018 | [2] | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||||||||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 200 | 300 | ||||||||||||
Net loss attributable to Titan | $ (12,291) | $ 2,295 | $ 8,436 | $ 17,647 | $ (30,278) | $ (12,018) | $ (6,293) | $ (11,453) | $ 16,087 | $ (60,042) | $ (37,605) | |||
Redemption value adjustment | (12,207) | (6,393) | (9,556) | |||||||||||
Net income (loss) applicable to common shareholders | $ 3,880 | $ (66,435) | $ (47,161) | |||||||||||
Weighted Average Number of Shares Outstanding, Basic | 59,820 | 59,340 | 53,916 | |||||||||||
Incremental Common Shares Attributable to Dilutive Effect of Share-based Payment Arrangements | 89 | 0 | 0 | |||||||||||
Earnings Per Share, Basic and Diluted | $ (0.23) | [3] | $ (0.03) | $ 0.06 | $ 0.26 | $ (0.55) | $ (0.22) | $ (0.17) | $ (0.18) | $ 0.06 | $ (1.12) | $ (0.87) | ||
5.625% convertible senior subordinated notes [Member] | ||||||||||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||||||||||||
Incremental Common Shares Attributable to Dilutive Effect of Conversion of Debt Securities | 0 | 5,600 | ||||||||||||
[1] | ||||||||||||||
[2] | ||||||||||||||
[3] |
SUPPLEMENTARY DATA - QUARTERL_3
SUPPLEMENTARY DATA - QUARTERLY FINANCIAL INFORMATION (UNAUDITED) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | ||||
Selected Quarterly Financial Information [Abstract] | ||||||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 363,403 | $ 384,719 | $ 428,904 | $ 425,382 | $ 376,034 | $ 370,988 | $ 364,399 | $ 357,501 | $ 1,602,408 | $ 1,468,922 | $ 1,265,497 | |||
Gross profit | 36,689 | 43,704 | 58,312 | 59,561 | 35,953 | 40,137 | 44,020 | 40,201 | 198,266 | 160,311 | 141,415 | |||
Net income (loss) | (14,077) | 2,678 | 8,476 | 15,968 | (35,739) | (11,218) | (6,537) | (10,585) | 13,045 | (64,079) | (39,755) | |||
Net loss attributable to Titan | $ (12,291) | $ 2,295 | $ 8,436 | [1] | $ 17,647 | [2] | $ (30,278) | $ (12,018) | $ (6,293) | $ (11,453) | $ 16,087 | $ (60,042) | $ (37,605) | |
Earnings Per Share [Abstract] | ||||||||||||||
Earnings Per Share, Basic | $ (0.23) | [3] | $ (0.03) | $ 0.06 | [1] | $ 0.26 | [2] | $ (0.55) | $ (0.22) | $ (0.17) | $ (0.18) | $ 0.06 | $ (1.12) | $ (0.87) |
Earnings Per Share, Diluted | $ (0.23) | [3] | $ (0.03) | $ 0.06 | [1] | $ 0.26 | [2] | $ (0.55) | $ (0.22) | $ (0.17) | $ (0.18) | $ 0.06 | $ (1.12) | $ (0.87) |
[1] | ||||||||||||||
[2] | ||||||||||||||
[3] |
SUBSIDIARY GUARANTOR FINANCIA_3
SUBSIDIARY GUARANTOR FINANCIAL INFORMATION (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Jan. 01, 2018 | Dec. 31, 2015 | |||
Condensed Financial Statements, Captions [Line Items] | |||||||||||||||
Increase (Decrease) in Restricted Cash | $ 50,000 | ||||||||||||||
Income Statement [Abstract] | |||||||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 363,403 | $ 384,719 | $ 428,904 | $ 425,382 | $ 376,034 | $ 370,988 | $ 364,399 | $ 357,501 | $ 1,602,408 | $ 1,468,922 | 1,265,497 | ||||
Cost of Goods and Services Sold | 1,404,142 | 1,298,694 | 1,124,082 | ||||||||||||
Asset impairment | 0 | 9,917 | 0 | ||||||||||||
Gross profit (loss) | 36,689 | 43,704 | 58,312 | 59,561 | 35,953 | 40,137 | 44,020 | 40,201 | 198,266 | 160,311 | 141,415 | ||||
Selling, general, and administrative expenses | 134,789 | 150,676 | 144,988 | ||||||||||||
Research and development expenses | 11,146 | 10,302 | 9,971 | ||||||||||||
Royalty Expense | 10,087 | 10,484 | 8,856 | ||||||||||||
Income (loss) from operations | 42,244 | (11,151) | (22,400) | ||||||||||||
Interest expense | (30,456) | (30,229) | (32,539) | ||||||||||||
Loss on senior note repurchase | 0 | (18,646) | 0 | ||||||||||||
Intercompany interest income (expense) | 0 | 0 | 0 | ||||||||||||
Foreign exchange (loss) gain | (11,179) | (1,958) | 8,550 | ||||||||||||
Other income (expense) | 19,198 | 9,108 | 9,915 | ||||||||||||
Loss before income taxes | 19,807 | (52,876) | (36,474) | ||||||||||||
Provision (benefit) for income tax | 6,762 | 11,203 | 3,281 | ||||||||||||
Equity in earnings of subsidiaries | 0 | 0 | 0 | ||||||||||||
Net income (loss) | (14,077) | 2,678 | 8,476 | 15,968 | (35,739) | (11,218) | (6,537) | (10,585) | 13,045 | (64,079) | (39,755) | ||||
Net loss noncontrolling interests | (3,042) | (4,037) | (2,150) | ||||||||||||
Net income (loss) attributable to Titan | (12,291) | 2,295 | 8,436 | [1] | 17,647 | [2] | (30,278) | (12,018) | (6,293) | (11,453) | 16,087 | (60,042) | (37,605) | ||
Comprehensive Income Statement [Abstract] | |||||||||||||||
Net income (loss) | (14,077) | $ 2,678 | $ 8,476 | $ 15,968 | (35,739) | $ (11,218) | $ (6,537) | $ (10,585) | 13,045 | (64,079) | (39,755) | ||||
Currency translation adjustment | (41,966) | 30,818 | 5,857 | ||||||||||||
Pension liability adjustments, net of tax | (3,650) | 1,523 | 1,071 | ||||||||||||
Comprehensive income (loss) | (32,571) | (31,738) | (32,827) | ||||||||||||
Net comprehensive income (loss) attributable to noncontrolling interests | (6,488) | (2,898) | 5,305 | ||||||||||||
Comprehensive income (loss) attributable to Titan | (26,083) | (28,840) | (38,132) | ||||||||||||
Statement of Financial Position [Abstract] | |||||||||||||||
Cash and cash equivalents | 81,685 | 143,570 | 81,685 | 143,570 | 147,827 | $ 200,188 | |||||||||
Certificates of deposit | 0 | 0 | |||||||||||||
Accounts Receivable | 241,832 | 226,703 | 241,832 | 226,703 | |||||||||||
Inventory | 395,735 | 339,836 | 395,735 | 339,836 | $ 339,446 | ||||||||||
Prepaid and other current assets | 60,229 | 73,084 | 60,229 | 73,084 | |||||||||||
Total current assets | 779,481 | 783,193 | 779,481 | 783,193 | |||||||||||
Property, plant, and equipment, net | 384,872 | 421,248 | 384,872 | 421,248 | |||||||||||
Investment in subsidiaries | 0 | 0 | 0 | 0 | |||||||||||
Other long-term assets | 84,029 | 81,892 | 84,029 | 81,892 | |||||||||||
Assets, Noncurrent | 86,903 | 85,671 | 86,903 | 85,671 | |||||||||||
Assets | 1,251,256 | 1,290,112 | 1,251,256 | 1,290,112 | 1,265,896 | ||||||||||
Short-term debt | 51,885 | 43,651 | 51,885 | 43,651 | |||||||||||
Accounts payable | 212,129 | 195,497 | 212,129 | 195,497 | |||||||||||
Other current liabilities | 111,054 | 133,774 | 111,054 | 133,774 | 133,261 | ||||||||||
Current liabilities | 375,068 | 372,922 | 375,068 | 372,922 | |||||||||||
Long-term debt | 409,572 | 407,171 | 409,572 | 407,171 | |||||||||||
Other long-term liabilities | 76,706 | 86,742 | 76,706 | 86,742 | |||||||||||
Intercompany accounts | 0 | 0 | 0 | 0 | |||||||||||
Redeemable noncontrolling interest | 119,813 | 113,193 | 119,813 | 113,193 | 104,809 | ||||||||||
Titan stockholders' equity | 279,048 | 320,929 | 279,048 | 320,929 | |||||||||||
Noncontrolling interests | (8,951) | (10,845) | (8,951) | (10,845) | $ (10,810) | ||||||||||
Liabilities and Equity | 1,251,256 | 1,290,112 | 1,251,256 | 1,290,112 | |||||||||||
Statement of Cash Flows [Abstract] | |||||||||||||||
Net Cash provided by (used for) operating Activities | (36,176) | (1,289) | 43,500 | ||||||||||||
Capital expenditures | (39,000) | (32,626) | (41,948) | ||||||||||||
Proceeds from Sale and Maturity of Marketable Securities | 0 | 50,000 | |||||||||||||
Other, net | (2,069) | (993) | (2,222) | ||||||||||||
Net Cash provided by (used for) investing Activities | (36,931) | 18,367 | (89,726) | ||||||||||||
Proceeds from borrowings | 57,294 | 447,639 | 17,285 | ||||||||||||
Repurchase of senior secured notes | 0 | 415,395 | 0 | ||||||||||||
Payment on debt | (38,557) | (55,160) | (22,634) | ||||||||||||
Dividends paid | (1,201) | (1,167) | (1,081) | ||||||||||||
Net Cash provided by (used for) financing Activities | 17,536 | (24,083) | (6,430) | ||||||||||||
Effect of Exchange Rate on Cash and Cash Equivalents | (6,314) | 2,748 | 295 | ||||||||||||
Net increase (decrease) in cash and cash equivalents | (61,885) | (4,257) | (52,361) | ||||||||||||
Parent Company [Member] | |||||||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||||||
Increase (Decrease) in Restricted Cash | 50,000 | ||||||||||||||
Income Statement [Abstract] | |||||||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 | 0 | ||||||||||||
Cost of Goods and Services Sold | (512) | 362 | 759 | ||||||||||||
Asset impairment | 0 | ||||||||||||||
Gross profit (loss) | 512 | (362) | (759) | ||||||||||||
Selling, general, and administrative expenses | 4,957 | 14,218 | 11,394 | ||||||||||||
Research and development expenses | 1,113 | 0 | 0 | ||||||||||||
Royalty Expense | 2,128 | 1,178 | 667 | ||||||||||||
Income (loss) from operations | (7,686) | (15,758) | (12,820) | ||||||||||||
Interest expense | (27,299) | (29,182) | (32,208) | ||||||||||||
Loss on senior note repurchase | (18,646) | ||||||||||||||
Intercompany interest income (expense) | 2,517 | 2,412 | 1,781 | ||||||||||||
Foreign exchange (loss) gain | 0 | (2) | 0 | ||||||||||||
Other income (expense) | 12,720 | 4,623 | 2,503 | ||||||||||||
Loss before income taxes | (19,748) | (56,553) | (40,744) | ||||||||||||
Provision (benefit) for income tax | (10,802) | (1,446) | (64) | ||||||||||||
Equity in earnings of subsidiaries | 21,994 | (8,972) | 924 | ||||||||||||
Net income (loss) | 13,048 | (64,079) | (39,756) | ||||||||||||
Net loss noncontrolling interests | 0 | 0 | 0 | ||||||||||||
Net income (loss) attributable to Titan | 13,048 | (64,079) | (39,756) | ||||||||||||
Comprehensive Income Statement [Abstract] | |||||||||||||||
Net income (loss) | 13,048 | (64,079) | (39,756) | ||||||||||||
Currency translation adjustment | (41,966) | 30,818 | 5,857 | ||||||||||||
Pension liability adjustments, net of tax | (3,650) | 1,523 | 1,071 | ||||||||||||
Comprehensive income (loss) | (32,568) | (31,738) | (32,828) | ||||||||||||
Net comprehensive income (loss) attributable to noncontrolling interests | 0 | 0 | 0 | ||||||||||||
Comprehensive income (loss) attributable to Titan | (32,568) | (31,738) | (32,828) | ||||||||||||
Statement of Financial Position [Abstract] | |||||||||||||||
Cash and cash equivalents | 23,630 | 59,740 | 23,630 | 59,740 | 86,190 | 142,401 | |||||||||
Certificates of deposit | 0 | 0 | |||||||||||||
Accounts Receivable | 0 | 0 | 0 | 0 | |||||||||||
Inventory | 0 | 0 | 0 | 0 | |||||||||||
Prepaid and other current assets | 3,853 | 17,789 | 3,853 | 17,789 | |||||||||||
Total current assets | 27,483 | 77,529 | 27,483 | 77,529 | |||||||||||
Property, plant, and equipment, net | 12,493 | 2,466 | 12,493 | 2,466 | |||||||||||
Investment in subsidiaries | 749,645 | 766,777 | 749,645 | 766,777 | |||||||||||
Other long-term assets | 6,268 | 6,389 | 6,268 | 6,389 | |||||||||||
Assets | 795,889 | 853,161 | 795,889 | 853,161 | |||||||||||
Short-term debt | 419 | 0 | 419 | 0 | |||||||||||
Accounts payable | 1,447 | 4,258 | 1,447 | 4,258 | |||||||||||
Other current liabilities | 22,065 | 38,495 | 22,065 | 38,495 | |||||||||||
Current liabilities | 23,931 | 42,753 | 23,931 | 42,753 | |||||||||||
Long-term debt | 396,700 | 394,284 | 396,700 | 394,284 | |||||||||||
Other long-term liabilities | 9,268 | 11,544 | 9,268 | 11,544 | |||||||||||
Intercompany accounts | 77,363 | 75,103 | 77,363 | 75,103 | |||||||||||
Redeemable noncontrolling interest | 0 | 0 | 0 | 0 | |||||||||||
Titan stockholders' equity | 288,627 | 329,477 | 288,627 | 329,477 | |||||||||||
Noncontrolling interests | 0 | 0 | 0 | 0 | |||||||||||
Liabilities and Equity | 795,889 | 853,161 | 795,889 | 853,161 | |||||||||||
Statement of Cash Flows [Abstract] | |||||||||||||||
Net Cash provided by (used for) operating Activities | (34,764) | (49,856) | (3,193) | ||||||||||||
Capital expenditures | (939) | (830) | (1,937) | ||||||||||||
Proceeds from Sale and Maturity of Marketable Securities | 50,000 | ||||||||||||||
Other, net | (794) | 0 | 0 | ||||||||||||
Net Cash provided by (used for) investing Activities | (145) | 49,170 | (51,937) | ||||||||||||
Proceeds from borrowings | 0 | 394,191 | 0 | ||||||||||||
Payment on debt | 0 | (3,393) | 0 | ||||||||||||
Dividends paid | (1,201) | (1,167) | (1,081) | ||||||||||||
Net Cash provided by (used for) financing Activities | (1,201) | (25,764) | (1,081) | ||||||||||||
Effect of Exchange Rate on Cash and Cash Equivalents | 0 | 0 | 0 | ||||||||||||
Net increase (decrease) in cash and cash equivalents | (36,110) | (26,450) | (56,211) | ||||||||||||
Guarantor Subsidiaries [Member] | |||||||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||||||
Increase (Decrease) in Restricted Cash | 0 | ||||||||||||||
Income Statement [Abstract] | |||||||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 588,080 | 567,830 | 498,390 | ||||||||||||
Cost of Goods and Services Sold | 505,883 | 494,775 | 430,935 | ||||||||||||
Asset impairment | 0 | ||||||||||||||
Gross profit (loss) | 82,197 | 73,055 | 67,455 | ||||||||||||
Selling, general, and administrative expenses | 54,612 | 59,769 | 66,815 | ||||||||||||
Research and development expenses | 3,733 | 3,685 | 2,876 | ||||||||||||
Royalty Expense | 4,026 | 5,703 | 4,866 | ||||||||||||
Income (loss) from operations | 19,826 | 3,898 | (7,102) | ||||||||||||
Interest expense | 0 | 0 | 0 | ||||||||||||
Loss on senior note repurchase | 0 | ||||||||||||||
Intercompany interest income (expense) | 3,695 | 3,937 | 3,525 | ||||||||||||
Foreign exchange (loss) gain | (653) | (100) | 298 | ||||||||||||
Other income (expense) | (476) | (1,342) | (1,590) | ||||||||||||
Loss before income taxes | 22,392 | 6,393 | (4,869) | ||||||||||||
Provision (benefit) for income tax | 9,754 | 4,173 | 30 | ||||||||||||
Equity in earnings of subsidiaries | 0 | 0 | 0 | ||||||||||||
Net income (loss) | 12,638 | 2,220 | (4,899) | ||||||||||||
Net loss noncontrolling interests | 0 | 0 | 0 | ||||||||||||
Net income (loss) attributable to Titan | 12,638 | 2,220 | (4,899) | ||||||||||||
Comprehensive Income Statement [Abstract] | |||||||||||||||
Net income (loss) | 12,638 | 2,220 | (4,899) | ||||||||||||
Currency translation adjustment | 0 | 0 | 0 | ||||||||||||
Pension liability adjustments, net of tax | (3,765) | 1,807 | 1,680 | ||||||||||||
Comprehensive income (loss) | 8,873 | 4,027 | (3,219) | ||||||||||||
Net comprehensive income (loss) attributable to noncontrolling interests | 0 | 0 | 0 | ||||||||||||
Comprehensive income (loss) attributable to Titan | 8,873 | 4,027 | (3,219) | ||||||||||||
Statement of Financial Position [Abstract] | |||||||||||||||
Cash and cash equivalents | 4 | 13 | 4 | 13 | 9 | 4 | |||||||||
Certificates of deposit | 0 | 0 | |||||||||||||
Accounts Receivable | 0 | 54,009 | 0 | 54,009 | |||||||||||
Inventory | 68,858 | 96,036 | 68,858 | 96,036 | |||||||||||
Prepaid and other current assets | 18,845 | 20,917 | 18,845 | 20,917 | |||||||||||
Total current assets | 87,707 | 170,975 | 87,707 | 170,975 | |||||||||||
Property, plant, and equipment, net | 98,856 | 110,470 | 98,856 | 110,470 | |||||||||||
Investment in subsidiaries | 0 | 0 | 0 | 0 | |||||||||||
Other long-term assets | 944 | 967 | 944 | 967 | |||||||||||
Assets | 187,507 | 282,412 | 187,507 | 282,412 | |||||||||||
Short-term debt | 0 | 0 | 0 | 0 | |||||||||||
Accounts payable | 29,922 | 20,787 | 29,922 | 20,787 | |||||||||||
Other current liabilities | 20,051 | 30,170 | 20,051 | 30,170 | |||||||||||
Current liabilities | 49,973 | 50,957 | 49,973 | 50,957 | |||||||||||
Long-term debt | 0 | 0 | 0 | 0 | |||||||||||
Other long-term liabilities | 17,521 | 16,458 | 17,521 | 16,458 | |||||||||||
Intercompany accounts | (390,382) | (286,525) | (390,382) | (286,525) | |||||||||||
Redeemable noncontrolling interest | 0 | 0 | 0 | 0 | |||||||||||
Titan stockholders' equity | 510,395 | 501,522 | 510,395 | 501,522 | |||||||||||
Noncontrolling interests | 0 | 0 | 0 | 0 | |||||||||||
Liabilities and Equity | 187,507 | 282,412 | 187,507 | 282,412 | |||||||||||
Statement of Cash Flows [Abstract] | |||||||||||||||
Net Cash provided by (used for) operating Activities | 6,143 | 7,235 | 8,035 | ||||||||||||
Capital expenditures | (6,174) | (7,620) | (8,444) | ||||||||||||
Proceeds from Sale and Maturity of Marketable Securities | 0 | ||||||||||||||
Other, net | (22) | (389) | (414) | ||||||||||||
Net Cash provided by (used for) investing Activities | (6,152) | (7,231) | (8,030) | ||||||||||||
Proceeds from borrowings | 0 | 0 | 0 | ||||||||||||
Payment on debt | 0 | 0 | 0 | ||||||||||||
Dividends paid | 0 | 0 | 0 | ||||||||||||
Net Cash provided by (used for) financing Activities | 0 | 0 | 0 | ||||||||||||
Effect of Exchange Rate on Cash and Cash Equivalents | 0 | 0 | 0 | ||||||||||||
Net increase (decrease) in cash and cash equivalents | (9) | 4 | 5 | ||||||||||||
Non-Guarantor Subsidiaries [Member] | |||||||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||||||
Increase (Decrease) in Restricted Cash | 0 | ||||||||||||||
Income Statement [Abstract] | |||||||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 1,263,589 | 901,092 | 767,107 | ||||||||||||
Cost of Goods and Services Sold | 1,148,032 | 803,557 | 692,388 | ||||||||||||
Asset impairment | 9,917 | ||||||||||||||
Gross profit (loss) | 115,557 | 87,618 | 74,719 | ||||||||||||
Selling, general, and administrative expenses | 75,220 | 76,689 | 66,779 | ||||||||||||
Research and development expenses | 6,300 | 6,617 | 7,095 | ||||||||||||
Royalty Expense | 3,933 | 3,603 | 3,323 | ||||||||||||
Income (loss) from operations | 30,104 | 709 | (2,478) | ||||||||||||
Interest expense | (3,157) | (1,047) | (331) | ||||||||||||
Loss on senior note repurchase | 0 | ||||||||||||||
Intercompany interest income (expense) | (6,212) | (6,349) | (5,306) | ||||||||||||
Foreign exchange (loss) gain | (10,526) | (1,856) | 8,252 | ||||||||||||
Other income (expense) | 6,954 | 5,827 | 9,002 | ||||||||||||
Loss before income taxes | 17,163 | (2,716) | 9,139 | ||||||||||||
Provision (benefit) for income tax | 7,810 | 8,476 | 3,315 | ||||||||||||
Equity in earnings of subsidiaries | (2,008) | (8,400) | (6,689) | ||||||||||||
Net income (loss) | 7,345 | (19,592) | (865) | ||||||||||||
Net loss noncontrolling interests | (3,042) | (4,037) | (2,150) | ||||||||||||
Net income (loss) attributable to Titan | 10,387 | (15,555) | 1,285 | ||||||||||||
Comprehensive Income Statement [Abstract] | |||||||||||||||
Net income (loss) | 7,345 | (19,592) | (865) | ||||||||||||
Currency translation adjustment | (41,966) | 30,818 | 5,857 | ||||||||||||
Pension liability adjustments, net of tax | 115 | (284) | (609) | ||||||||||||
Comprehensive income (loss) | (34,506) | 10,942 | 4,383 | ||||||||||||
Net comprehensive income (loss) attributable to noncontrolling interests | (6,488) | (2,898) | 5,305 | ||||||||||||
Comprehensive income (loss) attributable to Titan | (28,018) | 13,840 | (922) | ||||||||||||
Statement of Financial Position [Abstract] | |||||||||||||||
Cash and cash equivalents | 58,051 | 83,817 | 58,051 | 83,817 | 61,628 | $ 57,783 | |||||||||
Certificates of deposit | 0 | 0 | |||||||||||||
Accounts Receivable | 241,832 | 172,694 | 241,832 | 172,694 | |||||||||||
Inventory | 326,877 | 243,800 | 326,877 | 243,800 | |||||||||||
Prepaid and other current assets | 37,531 | 34,378 | 37,531 | 34,378 | |||||||||||
Total current assets | 664,291 | 534,689 | 664,291 | 534,689 | |||||||||||
Property, plant, and equipment, net | 273,523 | 308,312 | 273,523 | 308,312 | |||||||||||
Investment in subsidiaries | 66,308 | 74,003 | 66,308 | 74,003 | |||||||||||
Other long-term assets | 79,691 | 78,315 | 79,691 | 78,315 | |||||||||||
Assets | 1,083,813 | 995,319 | 1,083,813 | 995,319 | |||||||||||
Short-term debt | 51,466 | 43,651 | 51,466 | 43,651 | |||||||||||
Accounts payable | 180,760 | 170,452 | 180,760 | 170,452 | |||||||||||
Other current liabilities | 68,938 | 65,109 | 68,938 | 65,109 | |||||||||||
Current liabilities | 301,164 | 279,212 | 301,164 | 279,212 | |||||||||||
Long-term debt | 12,872 | 12,887 | 12,872 | 12,887 | |||||||||||
Other long-term liabilities | 49,917 | 58,740 | 49,917 | 58,740 | |||||||||||
Intercompany accounts | 313,019 | 211,422 | 313,019 | 211,422 | |||||||||||
Redeemable noncontrolling interest | 119,813 | 113,193 | 119,813 | 113,193 | |||||||||||
Titan stockholders' equity | 295,979 | 330,710 | 295,979 | 330,710 | |||||||||||
Noncontrolling interests | (8,951) | (10,845) | (8,951) | (10,845) | |||||||||||
Liabilities and Equity | 1,083,813 | 995,319 | 1,083,813 | 995,319 | |||||||||||
Statement of Cash Flows [Abstract] | |||||||||||||||
Net Cash provided by (used for) operating Activities | (7,555) | 41,332 | 38,658 | ||||||||||||
Capital expenditures | (31,887) | (24,176) | (31,567) | ||||||||||||
Proceeds from Sale and Maturity of Marketable Securities | 0 | ||||||||||||||
Other, net | (1,253) | (604) | (1,808) | ||||||||||||
Net Cash provided by (used for) investing Activities | (30,634) | (23,572) | (29,759) | ||||||||||||
Proceeds from borrowings | 57,294 | 53,448 | 17,285 | ||||||||||||
Payment on debt | (38,557) | (51,767) | (22,634) | ||||||||||||
Dividends paid | 0 | 0 | 0 | ||||||||||||
Net Cash provided by (used for) financing Activities | 18,737 | 1,681 | (5,349) | ||||||||||||
Effect of Exchange Rate on Cash and Cash Equivalents | (6,314) | 2,748 | 295 | ||||||||||||
Net increase (decrease) in cash and cash equivalents | (25,766) | 22,189 | 3,845 | ||||||||||||
Consolidation, Eliminations [Member] | |||||||||||||||
Income Statement [Abstract] | |||||||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | (249,261) | 0 | 0 | ||||||||||||
Cost of Goods and Services Sold | (249,261) | 0 | 0 | ||||||||||||
Asset impairment | 0 | ||||||||||||||
Gross profit (loss) | 0 | 0 | 0 | ||||||||||||
Selling, general, and administrative expenses | 0 | 0 | 0 | ||||||||||||
Research and development expenses | 0 | 0 | 0 | ||||||||||||
Royalty Expense | 0 | 0 | 0 | ||||||||||||
Income (loss) from operations | 0 | 0 | 0 | ||||||||||||
Interest expense | 0 | 0 | 0 | ||||||||||||
Loss on senior note repurchase | 0 | ||||||||||||||
Intercompany interest income (expense) | 0 | 0 | 0 | ||||||||||||
Foreign exchange (loss) gain | 0 | 0 | 0 | ||||||||||||
Other income (expense) | 0 | 0 | 0 | ||||||||||||
Loss before income taxes | 0 | 0 | 0 | ||||||||||||
Provision (benefit) for income tax | 0 | 0 | 0 | ||||||||||||
Equity in earnings of subsidiaries | (19,986) | 17,372 | 5,765 | ||||||||||||
Net income (loss) | (19,986) | 17,372 | 5,765 | ||||||||||||
Net loss noncontrolling interests | 0 | 0 | 0 | ||||||||||||
Net income (loss) attributable to Titan | (19,986) | 17,372 | 5,765 | ||||||||||||
Comprehensive Income Statement [Abstract] | |||||||||||||||
Net income (loss) | (19,986) | 17,372 | 5,765 | ||||||||||||
Currency translation adjustment | 41,966 | (30,818) | (5,857) | ||||||||||||
Pension liability adjustments, net of tax | 3,650 | (1,523) | (1,071) | ||||||||||||
Comprehensive income (loss) | 25,630 | (14,969) | (1,163) | ||||||||||||
Net comprehensive income (loss) attributable to noncontrolling interests | 0 | 0 | 0 | ||||||||||||
Comprehensive income (loss) attributable to Titan | 25,630 | (14,969) | $ (1,163) | ||||||||||||
Statement of Financial Position [Abstract] | |||||||||||||||
Cash and cash equivalents | 0 | 0 | 0 | 0 | |||||||||||
Certificates of deposit | 0 | 0 | |||||||||||||
Accounts Receivable | 0 | 0 | 0 | 0 | |||||||||||
Inventory | 0 | 0 | 0 | 0 | |||||||||||
Prepaid and other current assets | 0 | 0 | 0 | 0 | |||||||||||
Total current assets | 0 | 0 | 0 | 0 | |||||||||||
Property, plant, and equipment, net | 0 | 0 | 0 | 0 | |||||||||||
Investment in subsidiaries | (815,953) | (840,780) | (815,953) | (840,780) | |||||||||||
Other long-term assets | 0 | 0 | 0 | 0 | |||||||||||
Assets | (815,953) | (840,780) | (815,953) | (840,780) | |||||||||||
Short-term debt | 0 | 0 | 0 | 0 | |||||||||||
Accounts payable | 0 | 0 | 0 | 0 | |||||||||||
Other current liabilities | 0 | 0 | 0 | 0 | |||||||||||
Current liabilities | 0 | 0 | 0 | 0 | |||||||||||
Long-term debt | 0 | 0 | 0 | 0 | |||||||||||
Other long-term liabilities | 0 | 0 | 0 | 0 | |||||||||||
Intercompany accounts | 0 | 0 | 0 | 0 | |||||||||||
Redeemable noncontrolling interest | 0 | 0 | 0 | 0 | |||||||||||
Titan stockholders' equity | (815,953) | (840,780) | (815,953) | (840,780) | |||||||||||
Noncontrolling interests | 0 | 0 | 0 | 0 | |||||||||||
Liabilities and Equity | $ (815,953) | $ (840,780) | $ (815,953) | (840,780) | |||||||||||
Senior Secured Notes 6.875 Percent [Member] | Guarantor Subsidiaries [Member] | |||||||||||||||
Statement of Cash Flows [Abstract] | |||||||||||||||
Repurchase of senior secured notes | 0 | ||||||||||||||
Senior Secured Notes 6.875 Percent [Member] | Non-Guarantor Subsidiaries [Member] | |||||||||||||||
Statement of Cash Flows [Abstract] | |||||||||||||||
Repurchase of senior secured notes | 0 | ||||||||||||||
Senior Secured Notes 6.875 Percent [Member] | Parent [Member] | |||||||||||||||
Statement of Cash Flows [Abstract] | |||||||||||||||
Repurchase of senior secured notes | $ 415,395 | ||||||||||||||
[1] | |||||||||||||||
[2] |
SCHEDULE II - VALUATION RESER_2
SCHEDULE II - VALUATION RESERVES (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract] | |||
Balance at beginning of year | $ 2,974 | $ 3,344 | $ 4,527 |
Provision for Doubtful Accounts | 541 | (362) | 224 |
SEC Schedule, 12-09, Valuation Allowances and Reserves, Deduction | (111) | (8) | (1,407) |
Balance at end of year | $ 3,404 | $ 2,974 | $ 3,344 |