Document and Entitiy Informatio
Document and Entitiy Information - shares | 9 Months Ended | |
Sep. 30, 2021 | Oct. 29, 2021 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 2021 | |
Document Transition Report | false | |
Entity File Number | 1-12936 | |
Entity Registrant Name | TITAN INTERNATIONAL, INC. | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 36-3228472 | |
Entity Address, Address Line One | 1525 Kautz Road, Suite 600 | |
Entity Address, City or Town | West Chicago | |
Entity Address, State or Province | IL | |
Entity Address, Postal Zip Code | 60185 | |
City Area Code | 217 | |
Local Phone Number | 228-6011 | |
Title of 12(b) Security | Common stock, $0.0001 par value | |
Trading Symbol | TWI | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Central Index Key | 0000899751 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false | |
Entity Common Stock, Shares Outstanding | 62,379,525 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Revenue from Contract with Customer, Excluding Assessed Tax | $ 450,382 | $ 304,772 | $ 1,292,539 | $ 932,405 |
Cost of sales | 390,090 | 273,455 | 1,117,512 | 840,391 |
Asset Impairment Cost | 0 | 0 | 0 | 3,586 |
Gross profit | 60,292 | 31,317 | 175,027 | 88,428 |
Selling, general and administrative expenses | 32,217 | 33,451 | 98,811 | 93,849 |
Research and development expenses | 2,370 | 2,240 | 7,451 | 6,782 |
Royalty expense | 2,805 | 2,434 | 7,915 | 7,309 |
Income (loss) from operations | 22,900 | (6,808) | 60,850 | (19,512) |
Interest expense | (7,818) | (7,251) | (23,939) | (23,076) |
Gain (Loss) on Repurchase of Debt Instrument | 0 | 0 | (16,020) | 0 |
Foreign exchange gain (loss) | 416 | (1,336) | 9,125 | (9,742) |
Other income | 648 | 2,283 | 1,512 | 9,111 |
Income (loss) before income taxes | 16,146 | (13,112) | 31,528 | (43,219) |
Provision for income taxes | 5,342 | 342 | 9,927 | 2,377 |
Net income (loss) | 10,804 | (13,454) | 21,601 | (45,596) |
Net loss attributable to noncontrolling interests | (383) | (811) | (387) | (2,422) |
Net income (loss) attributable to Titan and applicable to common shareholders | 11,187 | (12,643) | 21,988 | (43,174) |
Net income (loss) applicable to common shareholders | $ 11,187 | $ (12,643) | $ 21,988 | $ (43,174) |
Earnings per common share: | ||||
Basic | $ 0.18 | $ (0.21) | $ 0.36 | $ (0.71) |
Diluted | $ 0.18 | $ (0.21) | $ 0.35 | $ (0.71) |
Average common shares and equivalents outstanding: | ||||
Basic | 62,340 | 60,926 | 61,844 | 60,630 |
Diluted | 62,601 | 60,926 | 62,523 | 60,630 |
Dividends declared per common share: | $ 0 | $ 0 | $ 0 | $ 0.005 |
Other Nonoperating Income | $ 243 | $ 1,222 | $ 2,046 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Net income (loss) | $ 10,804 | $ (13,454) | $ 21,601 | $ (45,596) | ||||
Other Comprehensive Income (Loss), Derivative, Excluded Component, Increase (Decrease), after Adjustments, Tax | 54 | (17) | 319 | (215) | ||||
Currency translation adjustment | (16,243) | 4,275 | (28,991) | (28,498) | ||||
Pension liability adjustments, net of tax of $110, $10, $232, and $(44), respectively | 797 | $ 692 | $ 873 | 575 | $ 40 | $ 1,308 | 2,362 | 1,923 |
Comprehensive loss | (4,588) | (8,621) | (4,709) | (72,386) | ||||
Net comprehensive loss attributable to redeemable and noncontrolling interests | 51 | (1,912) | (323) | (4,814) | ||||
Comprehensive loss attributable to Titan | $ (4,639) | $ (6,709) | $ (4,386) | $ (67,572) |
CONSOLIDATED STATEMENTS OF CO_2
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Statement of Comprehensive Income [Abstract] | ||||
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, Tax | $ (42) | $ 45 | $ (83) | $ 65 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Current assets | ||
Cash and cash equivalents | $ 94,640 | $ 117,431 |
Accounts receivable, net | 261,447 | 193,014 |
Inventories | 373,012 | 293,679 |
Prepaid and other current assets | 67,144 | 54,475 |
Total current assets | 796,243 | 658,599 |
Property, plant and equipment, net | 302,590 | 319,854 |
Operating Lease, Right-of-Use Asset | 20,709 | 24,356 |
Deferred income taxes | 2,502 | 2,591 |
Other assets | 22,215 | 26,484 |
Total assets | 1,144,259 | 1,031,884 |
Current liabilities | ||
Short-term debt | 30,867 | 31,119 |
Accounts payable | 253,819 | 167,210 |
Other current liabilities | 152,226 | 131,382 |
Total current liabilities | 436,912 | 329,711 |
Long-term debt | 450,999 | 433,584 |
Deferred income taxes | 3,142 | 3,895 |
Other long-term liabilities | 53,612 | 63,429 |
Total liabilities | 944,665 | 830,619 |
Redeemable noncontrolling interest | 25,000 | 25,000 |
Titan stockholders' equity | ||
Common stock ($0.0001 par value, 120,000,000 shares authorized, 62,427,660 issued at September 30, 2021 and 61,466,593 at December 31, 2020) | 0 | 0 |
Additional paid-in capital | 535,702 | 532,742 |
Retained deficit | (113,037) | (135,025) |
Treasury stock (at cost, 80,876 shares at September 30, 2021 and 89,612 shares at December 31, 2020) | (1,121) | (1,199) |
Accumulated other comprehensive loss | (243,628) | (217,254) |
Total Titan shareholders’ equity | 177,916 | 179,264 |
Noncontrolling interests | (3,322) | (2,999) |
Total equity | 174,594 | 176,265 |
Total liabilities and equity | $ 1,144,259 | $ 1,031,884 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Statement of Financial Position [Abstract] | ||
Accounts Receivable, Allowance for Credit Loss, Current | $ 3,568 | $ 3,714 |
Liabilities and Equity [Abstract] | ||
Common Stock, par value | $ 0 | $ 0 |
Common Stock, shares authorized (in shares) | 120,000,000 | 120,000,000 |
Common Stock, shares issued (in shares) | 62,427,660 | 61,466,593 |
Treasury Stock, shares (in shares) | 80,876 | 89,612 |
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] | Accumulated other comprehensive income (loss) [Member] | Parent [Member] | Noncontrolling interest [Member] |
Balance, Beginning (in shares) at Dec. 31, 2019 | 60,283,212 | |||||||
Balance, Beginning at Dec. 31, 2019 | $ (238,988) | $ (532,070) | $ 74,334 | $ 4,234 | $ 218,651 | $ (234,851) | $ (4,137) | |
Net income (loss) | (25,486) | (25,486) | ||||||
Currency translation adjustment, net | (32,004) | (32,004) | (1,782) | |||||
Temporary Equity, Foreign Currency Translation Adjustments | (33,786) | |||||||
Pension liability adjustments, net of tax | 1,308 | (1,308) | 1,308 | |||||
Dividends declared | (302) | (302) | (302) | |||||
Stock Issued During Period, Shares, Restricted Stock Award, Gross | 2,500 | |||||||
Stock-based compensation | 490 | 468 | 22 | 490 | ||||
VIE distributions | 559 | 0 | 559 | |||||
Issuance of common stock under 401(k) plan | 76,280 | |||||||
Issuance of common stock under 401(k) plan | (282) | (282) | (282) | |||||
Net Income (Loss) Attributable to Nonredeemable Noncontrolling Interest | (27,499) | (2,013) | ||||||
Balance, Ending (in shares) at Mar. 31, 2020 | 60,361,992 | |||||||
Balance, Ending at Mar. 31, 2020 | (178,922) | (532,820) | 100,122 | 4,212 | 249,347 | (179,139) | 217 | |
Balance, Beginning (in shares) at Dec. 31, 2019 | 60,283,212 | |||||||
Balance, Beginning at Dec. 31, 2019 | (238,988) | (532,070) | 74,334 | 4,234 | 218,651 | (234,851) | (4,137) | |
Net income (loss) | (45,596) | |||||||
Currency translation adjustment, net | (28,498) | |||||||
Pension liability adjustments, net of tax | 1,923 | |||||||
Balance, Ending (in shares) at Sep. 30, 2020 | 61,263,978 | |||||||
Balance, Ending at Sep. 30, 2020 | (169,210) | (531,895) | 117,810 | 1,199 | 243,048 | (169,838) | 628 | |
Balance, Beginning (in shares) at Mar. 31, 2020 | 60,361,992 | |||||||
Balance, Beginning at Mar. 31, 2020 | (178,922) | (532,820) | 100,122 | 4,212 | 249,347 | (179,139) | 217 | |
Net income (loss) | (5,045) | (5,045) | ||||||
Currency translation adjustment, net | 523 | 523 | 491 | |||||
Temporary Equity, Foreign Currency Translation Adjustments | 1,014 | |||||||
Pension liability adjustments, net of tax | 40 | (40) | 40 | |||||
Other Comprehensive Income (Loss), Securities, Available-for-Sale, Unrealized Holding Gain (Loss) Arising During Period, after Tax | (198) | (198) | (198) | |||||
Stock Issued During Period, Shares, Restricted Stock Award, Gross | 2,500 | |||||||
Stock-based compensation | 581 | 559 | 22 | 581 | ||||
VIE distributions | 608 | 608 | ||||||
Issuance of common stock under 401(k) plan | 237,802 | |||||||
Issuance of common stock under 401(k) plan | (333) | 1,802 | (2,135) | (333) | ||||
Net Income (Loss) Attributable to Nonredeemable Noncontrolling Interest | (4,643) | 402 | ||||||
Balance, Ending (in shares) at Jun. 30, 2020 | 60,602,294 | |||||||
Balance, Ending at Jun. 30, 2020 | (176,657) | (531,577) | 105,167 | 2,055 | 248,982 | (175,373) | (1,284) | |
Net income (loss) | (13,454) | (12,643) | (12,643) | |||||
Currency translation adjustment, net | 4,275 | 5,376 | 5,376 | (1,101) | ||||
Temporary Equity, Foreign Currency Translation Adjustments | 4,275 | |||||||
Pension liability adjustments, net of tax | 575 | (575) | 575 | |||||
Other Comprehensive Income (Loss), Securities, Available-for-Sale, Unrealized Holding Gain (Loss) Arising During Period, after Tax | (17) | (17) | (17) | |||||
Stock Issued During Period, Shares, Restricted Stock Award, Gross | 435,558 | |||||||
Stock-based compensation | 864 | 8 | 856 | 864 | ||||
Issuance of common stock under 401(k) plan | 226,126 | |||||||
Issuance of common stock under 401(k) plan | (310) | (310) | (310) | |||||
Net Income (Loss) Attributable to Nonredeemable Noncontrolling Interest | (13,454) | (811) | ||||||
Balance, Ending (in shares) at Sep. 30, 2020 | 61,263,978 | |||||||
Balance, Ending at Sep. 30, 2020 | (169,210) | (531,895) | 117,810 | 1,199 | 243,048 | (169,838) | 628 | |
Balance, Beginning (in shares) at Dec. 31, 2020 | 61,376,981 | |||||||
Balance, Beginning at Dec. 31, 2020 | (176,265) | (532,742) | 135,025 | 1,199 | 217,254 | (179,264) | 2,999 | |
Net income (loss) | 13,574 | 13,574 | ||||||
Currency translation adjustment, net | (26,665) | (26,665) | (513) | |||||
Temporary Equity, Foreign Currency Translation Adjustments | (27,178) | |||||||
Pension liability adjustments, net of tax | 873 | 873 | 873 | |||||
Derivative, Gain on Derivative | 40 | 40 | 40 | |||||
Stock Issued During Period, Shares, Restricted Stock Award, Gross | 146,322 | |||||||
Stock-based compensation | 569 | 487 | 82 | 569 | ||||
Issuance of common stock under 401(k) plan | 70,416 | |||||||
Issuance of common stock under 401(k) plan | (340) | (340) | (340) | |||||
Net Income (Loss) Attributable to Nonredeemable Noncontrolling Interest | 13,223 | (351) | ||||||
Balance, Ending (in shares) at Mar. 31, 2021 | 61,593,719 | |||||||
Balance, Ending at Mar. 31, 2021 | (164,132) | (533,569) | 121,451 | 1,117 | 243,006 | (167,995) | 3,863 | |
Balance, Beginning (in shares) at Dec. 31, 2020 | 61,376,981 | |||||||
Balance, Beginning at Dec. 31, 2020 | (176,265) | (532,742) | 135,025 | 1,199 | 217,254 | (179,264) | 2,999 | |
Net income (loss) | 21,601 | |||||||
Currency translation adjustment, net | (28,991) | |||||||
Pension liability adjustments, net of tax | 2,362 | |||||||
Balance, Ending (in shares) at Sep. 30, 2021 | 62,346,784 | |||||||
Balance, Ending at Sep. 30, 2021 | (174,594) | (535,702) | 113,037 | 1,121 | 243,628 | (177,916) | 3,322 | |
Balance, Beginning (in shares) at Mar. 31, 2021 | 61,593,719 | |||||||
Balance, Beginning at Mar. 31, 2021 | (164,132) | (533,569) | 121,451 | 1,117 | 243,006 | (167,995) | 3,863 | |
Net income (loss) | (2,773) | (2,773) | ||||||
Currency translation adjustment, net | 14,287 | 14,287 | 143 | |||||
Temporary Equity, Foreign Currency Translation Adjustments | 14,430 | |||||||
Pension liability adjustments, net of tax | 692 | 692 | 692 | |||||
Derivative, Gain on Derivative | 225 | 225 | 225 | |||||
Stock Issued During Period, Shares, Restricted Stock Award, Gross | 578,516 | |||||||
Stock-based compensation | 783 | 787 | (4) | 783 | ||||
Issuance of common stock under 401(k) plan | 35,526 | |||||||
Issuance of common stock under 401(k) plan | (341) | (341) | (341) | |||||
Net Income (Loss) Attributable to Nonredeemable Noncontrolling Interest | (2,426) | 347 | ||||||
Balance, Ending (in shares) at Jun. 30, 2021 | 62,207,761 | |||||||
Balance, Ending at Jun. 30, 2021 | (178,177) | (534,697) | 124,224 | 1,121 | 227,802 | (181,550) | 3,373 | |
Net income (loss) | 10,804 | 11,187 | 11,187 | |||||
Currency translation adjustment, net | (16,243) | (16,677) | 434 | |||||
Temporary Equity, Foreign Currency Translation Adjustments | (16,243) | |||||||
Pension liability adjustments, net of tax | 797 | 797 | 797 | |||||
Other Comprehensive Income (Loss), Securities, Available-for-Sale, Unrealized Holding Gain (Loss) Arising During Period, after Tax | 54 | 54 | 54 | |||||
Stock Issued During Period, Shares, Restricted Stock Award, Gross | 97,439 | |||||||
Stock-based compensation | 650 | 650 | 650 | |||||
Issuance of common stock under 401(k) plan | 41,584 | |||||||
Issuance of common stock under 401(k) plan | (355) | (355) | (355) | |||||
Net Income (Loss) Attributable to Nonredeemable Noncontrolling Interest | 10,804 | (383) | ||||||
Balance, Ending (in shares) at Sep. 30, 2021 | 62,346,784 | |||||||
Balance, Ending at Sep. 30, 2021 | $ (174,594) | $ (535,702) | $ 113,037 | $ 1,121 | $ 243,628 | $ (177,916) | $ 3,322 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Cash flows from operating activities: | ||
Net income (loss) | $ 21,601 | $ (45,596) |
Adjustments to reconcile net income (loss) to net cash (used for) provided by operating activities: | ||
Depreciation and amortization | 36,345 | 40,376 |
Asset Impairment Charges | 0 | 3,586 |
Deferred income tax provision | (743) | (3,616) |
Unrealized Gain (Loss) on Investments | (569) | 703 |
Gain on property insurance settlement | 0 | (4,936) |
Stock-based compensation | 2,029 | 1,931 |
Issuance of stock under 401(k) plan | 1,036 | 925 |
Foreign currency translation (gain) loss | (12,042) | 9,812 |
(Increase) decrease in assets: | ||
Accounts receivable | (75,456) | (22,909) |
Inventories | (89,496) | 36,664 |
Prepaid and other current assets | (14,249) | (1,133) |
Other assets | 3,175 | 1,198 |
Increase (decrease) in liabilities: | ||
Accounts payable | 92,384 | 2,351 |
Other current liabilities | 24,207 | 28,753 |
Other liabilities | (6,532) | (678) |
Net cash (used for) provided by operating activities | (2,290) | 47,431 |
Cash flows from investing activities: | ||
Capital expenditures | (24,250) | (13,350) |
Payments for (Proceeds from) Investments | 0 | 32,852 |
Proceeds from Insurance Settlement, Investing Activities | 0 | 4,936 |
Proceeds from Sales of Assets, Investing Activities | 1,139 | (558) |
Other | 0 | 1,484 |
Net cash (used for) provided by investing activities | (23,111) | 25,364 |
Cash flows from financing activities: | ||
Proceeds from borrowings | 482,293 | 85,991 |
Repayments of Senior Debt | (413,000) | 0 |
Payment on debt | (59,949) | (116,601) |
Dividends paid | 0 | (603) |
Proceeds from (Payments for) Other Financing Activities | (2,069) | |
Payments of Financing Costs | (2,723) | |
Net cash provided by (used for) financing activities | 7,275 | (33,936) |
Effect of exchange rate changes on cash | (4,665) | (6,886) |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | (22,791) | 31,973 |
Cash and cash equivalents, beginning of period | 117,431 | 66,799 |
Cash and cash equivalents, end of period | 94,640 | 98,772 |
Supplemental information: | ||
Interest paid | 24,985 | 16,070 |
Income taxes paid, net of refunds received | 10,766 | 6,861 |
Gain (Loss) on Repurchase of Debt Instrument | $ 16,020 | $ 0 |
ACCOUNTING POLICIES
ACCOUNTING POLICIES | 9 Months Ended |
Sep. 30, 2021 | |
Accounting Policies [Abstract] | |
ACCOUNTING POLICIES | BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES Basis of presentation The accompanying unaudited condensed consolidated interim financial statements include the accounts of Titan International, Inc. and its subsidiaries (Titan or the Company) and have been prepared in accordance with accounting principles generally accepted in the United States of America (US GAAP) for interim financial information and in accordance with the rules and regulations of the United States Securities and Exchange Commission (the SEC). Accordingly, they do not include all of the information and footnotes required by US GAAP for complete financial statements. These unaudited condensed consolidated interim financial statements reflect all normal and recurring adjustments that are, in the opinion of management, necessary for a fair presentation of the Company's financial position as of September 30, 2021, and the results of operations and cash flows for the three and nine months ended September 30, 2021 and 2020, and should be read in conjunction with the consolidated financial statements and the related notes thereto included in the Company’s latest Annual Report on Form 10-K for the year ended December 31, 2020, filed with the SEC on March 4, 2021 (the 2020 Form 10-K). All significant intercompany transactions have been eliminated in consolidation. These unaudited condensed consolidated interim financial statements include estimates and assumptions of management that affect the amounts reported in the condensed consolidated financial statements. Actual results could differ from these estimates. COVID-19 pandemic The COVID-19 pandemic continued to have an impact on the Company in the third quarter. The Company’s operations continued with additional sanitary and other protective health measures which have increased operating costs. While the business conditions improved during the third quarter of 2021, certain geographies (particularly Australia, Europe and Latin America) continue to remain significantly impacted by the COVID-19 pandemic including new strains of the virus. Further, global supply chains are experiencing significant constraints as a result of the ongoing COVID-19 pandemic, including availability and pricing of raw materials, transportation and labor. The current constraints on the global supply chains are adding further complexity in the accelerated pace of recovery and improvement to growth expectations in the near term.We expect that the Company's operations will continue to be impacted by the pandemic, though the nature and extent of the impact will depend on the duration and severity of the COVID-19 pandemic, the length of time it takes for more normal economic and operating conditions to resume, additional governmental actions that may be taken and/or extensions of time for restrictions that have been imposed to date and numerous other uncertainties. Fair value of financial instruments The Company records all financial instruments, including cash and cash equivalents, accounts receivable, notes receivable, accounts payable, other accruals, and notes payable at cost, which approximates fair value due to their short term or stated rates. Investments in marketable equity securities are recorded at fair value. Our 7.00% senior secured notes due 2028 (the senior secured notes due 2028) were carried at a cost of $394.3 million at September 30, 2021. The fair value of the senior secured notes due 2028 at September 30, 2021, as obtained through an independent pricing source, was approximately $421.5 million. Reclassifications Certain reclassifications have been made to prior year financial statements to conform to classifications used in the current year. These reclassifications had no impact on net loss, shareholders’ equity or cash flows as previously reported. Adoption of new accounting standards In December 2019, the Financial Accounting Standards Board (the FASB) issued Accounting Standards Update (ASU) 2019-12, Simplifying the Accounting for Income Taxes, as part of its simplification initiative to reduce the cost and complexity in accounting for income taxes. ASU 2019-12 removes certain exceptions related to the approach for intraperiod tax allocation, the methodology for calculating income taxes in an interim period, and the recognition of deferred tax liabilities for outside basis differences. ASU 2019-12 also amends other aspects of the guidance to help simplify and promote consistent application of GAAP. The Company adopted this guidance on January 1, 2021 and it did not have a material impact on our condensed consolidated financial statements. |
ACCOUNTS RECEIVABLE
ACCOUNTS RECEIVABLE | 9 Months Ended |
Sep. 30, 2021 | |
Receivables [Abstract] | |
ACCOUNTS RECEIVABLE | ACCOUNTS RECEIVABLE, NET Accounts receivable consisted of the following (amounts in thousands): September 30, December 31, Accounts receivable $ 265,015 $ 196,796 Allowance for doubtful accounts (3,568) (3,782) Accounts receivable, net $ 261,447 $ 193,014 Accounts receivable are reduced by an allowance for doubtful accounts for estimated uncollectible accounts receivable, which is based upon historical experience and specific customer collection issues. Accounts are written off against the allowance account when they are determined to no longer be collectible. |
INVENTORIES
INVENTORIES | 9 Months Ended |
Sep. 30, 2021 | |
Inventory Disclosure [Abstract] | |
Inventory Disclosure [Text Block] | INVENTORIES Inventories consisted of the following (amounts in thousands): September 30, December 31, Raw material $ 116,572 $ 78,733 Work-in-process 46,297 36,485 Finished goods 210,143 178,461 $ 373,012 $ 293,679 Inventories are valued at the lower of cost or net realizable value. Net realizable value is estimated based on current selling prices. Inventory costs are calculated using the first-in, first-out (FIFO) method or average cost method. Estimated provisions are established for slow-moving and obsolete inventory. |
PROPERTY, PLANT AND EQUIPMENT,
PROPERTY, PLANT AND EQUIPMENT, NET | 9 Months Ended |
Sep. 30, 2021 | |
Property, Plant and Equipment [Abstract] | |
PROPERTY, PLANT AND EQUIPMENT | PROPERTY, PLANT AND EQUIPMENT, NET Property, plant and equipment, net consisted of the following (amounts in thousands): September 30, December 31, Land and improvements $ 41,680 $ 43,943 Buildings and improvements 240,276 245,619 Machinery and equipment 582,457 583,847 Tools, dies and molds 112,015 111,189 Construction-in-process 16,444 11,282 992,872 995,880 Less accumulated depreciation (690,282) (676,026) $ 302,590 $ 319,854 Depreciation on property, plant and equipment for the nine months ended September 30, 2021 and 2020 totaled $35.1 million and $37.7 million, respectively. The Company recorded a $2.6 million asset impairment charge during the nine months ended September 30, 2020 related to certain machinery and equipment located at Titan Tire Reclamation Corporation (TTRC) in Canada as a result of market declines, which indicated the remaining book value of the equipment is more than the fair market value. |
INTANGIBLE ASSETS
INTANGIBLE ASSETS | 9 Months Ended |
Sep. 30, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets Disclosure [Text Block] | INTANGIBLE ASSETS, NET The components of intangible assets, net consisted of the following (amounts in thousands): Weighted Average Useful Lives September 30, December 31, Amortizable intangible assets: Patents, trademarks and other 11.68 $ 10,062 $ 10,181 Less accumulated amortization (8,527) (8,206) $ 1,535 $ 1,975 Amortization related to intangible assets for the nine months ended September 30, 2021 and 2020 totaled $0.6 million and $1.6 million, respectively. Intangible assets are included as a component of other assets in the Condensed Consolidated Balance Sheets. The estimated aggregate amortization expense at September 30, 2021 for each of the years (or other periods) set forth below was as follows (amounts in thousands): October 1 - December 31, 2021 $ 37 2022 145 2023 145 2024 134 2025 123 Thereafter 951 $ 1,535 |
WARRANTY
WARRANTY | 9 Months Ended |
Sep. 30, 2021 | |
Product Warranties Disclosures [Abstract] | |
WARRANTY COSTS | WARRANTY Changes in the warranty liability during the nine months ended September 30, 2021 and 2020, respectively, consisted of the following (amounts in thousands): 2021 2020 Warranty liability, January 1 $ 15,040 $ 14,334 Provision for warranty liabilities 7,397 4,060 Warranty payments made (6,039) (4,346) Warranty liability, September 30 $ 16,398 $ 14,048 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 years, with certain product warranties being prorated after the first year. The Company calculates a provision for warranty expense based on past warranty experience. Warranty accruals are included as a component of other current liabilities on the Condensed Consolidated Balance Sheets. |
REVOLVING CREDIT FACILITY AND L
REVOLVING CREDIT FACILITY AND LONG-TERM DEBT | 9 Months Ended |
Sep. 30, 2021 | |
Debt Disclosure [Abstract] | |
REVOLVING CREDIT FACILITY AND LONG-TERM DEBT | DEBT Long-term debt consisted of the following (amounts in thousands): September 30, 2021 Principal Balance Unamortized Debt Issuance Net Carrying Amount 7.00% senior secured notes due 2028 $ 400,000 $ (5,695) $ 394,305 Titan Europe credit facilities 40,690 — 40,690 Revolving credit facility 30,000 — 30,000 Other debt 16,871 — 16,871 Total debt 487,561 (5,695) 481,866 Less amounts due within one year 30,867 — 30,867 Total long-term debt $ 456,694 $ (5,695) $ 450,999 December 31, 2020 Principal Balance Unamortized Debt Issuance Net Carrying Amount 6.50% senior secured notes due 2023 $ 400,000 $ (3,124) $ 396,876 Titan Europe credit facilities 49,583 — 49,583 Other debt 18,244 — 18,244 Total debt 467,827 (3,124) 464,703 Less amounts due within one year 31,119 — 31,119 Total long-term debt $ 436,708 $ (3,124) $ 433,584 Aggregate principal maturities of long-term debt at September 30, 2021 for each of the years (or other periods) set forth below were as follows (amounts in thousands): October 1 - December 31, 2021 $ 15,841 2022 24,616 2023 37,328 2024 3,995 2025 1,395 Thereafter 404,386 $ 487,561 7.00% senior secured notes due 2028 On April 22, 2021, the Company issued $400.0 million aggregate principal amount of 7.00% senior secured notes due April 2028 (the senior secured notes due 2028), guaranteed by certain of the Company's subsidiaries. Including the impact of debt issuance costs, these notes had an effective yield of 7.27% at issuance. These notes are secured by the land and buildings of the following subsidiaries of the Company: Titan Wheel Corporation of Illinois; Titan Tire Corporation, Titan Tire Corporation of Freeport, and Titan Tire Corporation of Bryan. 6.50% senior secured noted due 2023 In connection with the issuance of the senior secured notes due 2028, the Company satisfied and discharged the indenture related to the 6.50% senior secured notes due 2023 (senior secured notes due 2023) by completing a call and redemption of all of its outstanding $400.0 million principal amount of the senior secured notes due 2023. In connection with this call and redemption, the Company recorded $16.0 million of expenses included within the loss on senior note repurchase line item within the Condensed Consolidated Financial Statements. Titan Europe credit facilities The Titan Europe credit facilities include borrowings from various institutions totaling $40.7 million in aggregate principal amount at September 30, 2021. Maturity dates on this debt range from less than one year to nine years. The Titan Europe facilities are secured by the assets of Titan's subsidiaries in Italy, Spain, Germany, and Brazil. Revolving credit facility The Company has a $100 million revolving credit facility with BMO Harris Bank N.A., as agent, 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 16, 2023. See Note 22 for additional information related to the amendment to this credit facility. From time to time Titan's availability under this credit facility may be less than $100 million as a result of outstanding letters of credit and eligible accounts receivable and inventory balances at certain of its domestic subsidiaries. At September 30, 2021, under the Company's $100 million credit facility there were $30.0 million in borrowings and $10.7 million in outstanding letters of credit, and the amount available for borrowing totaled $59.3 million. Other debt The Company has working capital loans at Titan Pneus do Brasil Ltda and Voltyre-Prom at various interest rates, which totaled $11.3 million and $3.9 million at September 30, 2021, respectively. Maturity dates on this debt range from less than one year to two years. |
REDEEMABLE NONCONTROLLING INTER
REDEEMABLE NONCONTROLLING INTEREST (Notes) | 9 Months Ended |
Sep. 30, 2021 | |
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), owned 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 (Shareholders' Agreement) which was entered into in connection with the 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 required Titan to purchase the equity interests from OEP and RDIF in Voltyre-Prom with cash or Titan common stock, at a value set by the agreement. The value set by the agreement was the greater of: the aggregate of the investment of the selling party and an amount representing an internal rate of return of 8%, or the last twelve months of EBITDA multiplied by 5.5 less net debt times the selling party's ownership percentage. On November 14, 2018, the Company received notification of exercise of the put option from RDIF. 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. The transactions contemplated by the Agreement closed on February 22, 2019. Under the terms of the Agreement, in full satisfaction of the settlement put option that was exercised by RDIF, Titan paid $25 million in cash to RDIF at the closing of the transaction, and agreed, subject to the completion of regulatory approval, to issue 4,032,259 shares of restricted Titan common stock to RDIF in a private placement. Due to pending regulatory approval, the issuance of the shares of restricted Titan common stock pursuant to the Agreement was not completed as of September 30, 2021 and the shares remain in an escrow account. Immediately following the closing, RDIF continued 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 until February 12, 2022. If the escrowed shares are not released to RDIF by December 31, 2021, then Titan and RDIF may seek alternative settlement terms, which could include the payment by Titan to RDIF of $25 million in cash (which is the approximate value of the escrowed shares when issued in February 2019) and return the escrowed shares to Titan. On January 8, 2019, the Company received notification of the exercise of the put option from OEP and made full satisfaction of the settlement of the put option exercised by OEP on July 31, 2019. As of September 30, 2021 and December 31, 2020, the value of the redeemable noncontrolling interest held by RDIF was recorded at $25 million, the value of the shares of restricted stock to be issued pursuant to the terms of the agreement. This obligation represents the value of the restricted common stock due to RDIF on September 30, 2021, and is presented in the Condensed Consolidated Balance Sheets in redeemable noncontrolling interest, which is treated as mezzanine equity. |
LEASE COMMITMENTS (Notes)
LEASE COMMITMENTS (Notes) | 9 Months Ended |
Sep. 30, 2021 | |
Leases [Abstract] | |
Lessee, Operating Leases [Text Block] | LEASESThe Company leases certain buildings and equipment under both operating and finance leases. Certain lease agreements provide for renewal options, fair value purchase options, and payment of property taxes, maintenance, and insurance by the Company. Under FASB Accounting Standards Codification Topic 842 "Leases," the Company made an accounting policy election, by class of underlying asset, not to separate non-lease components such as those previously stated from lease components and instead will treat the lease agreement as a single lease component for all asset classes. Operating right-of-use (ROU) assets represent the Company's right to use an underlying asset for the lease term and lease liabilities represent Titan's obligations to make lease payments arising from the lease. The majority of Titan's leases are operating leases. Operating lease ROU assets and liabilities are recognized at the lease commencement date based on the present value of lease payments over the lease term. As most of Titan's leases do not provide an implicit interest rate, the Company used its incremental borrowing rate (7.27%), based on the information available at the lease commencement date, in determining the present value of lease payments. Operating lease expense is recognized on a straight-line basis over the lease term and is included in cost of sales and selling, general and administrative expenses on the Condensed Consolidated Statements of Operations. Amortization expense associated with finance leases is included in cost of sales and selling, general and administrative expenses, and interest expense associated with finance leases is included in interest expense in the Condensed Consolidated Statements of Operations. Supplemental balance sheet information related to leases was as follows (amounts in thousands): Balance Sheet Classification September 30, 2021 December 31, 2020 Operating lease ROU assets Operating lease assets $ 20,709 $ 24,356 Operating lease current liabilities Other current liabilities $ 6,595 $ 7,533 Operating lease long-term liabilities Other long-term liabilities 13,245 17,137 Total operating lease liabilities $ 19,840 $ 24,670 Finance lease, gross Property, plant & equipment, net $ 7,163 $ 6,785 Finance lease accumulated depreciation Property, plant & equipment, net (3,566) (3,279) Finance lease, net $ 3,597 $ 3,506 Finance lease current liabilities Other current liabilities $ 2,029 $ 608 Finance lease long-term liabilities Other long-term liabilities 2,966 2,072 Total finance lease liabilities $ 4,995 $ 2,680 At September 30, 2021, maturities of lease liabilities were as follows (amounts in thousands): Operating Leases Finance Leases October 1 - December 31, 2021 $ 2,224 $ 564 2022 7,857 2,262 2023 5,694 1,708 2024 3,246 561 2025 2,018 222 Thereafter 3,855 96 Total lease payments $ 24,894 $ 5,413 Less imputed interest 5,054 418 $ 19,840 $ 4,995 Weighted average remaining lease term (in years) 4.16 2.68 Supplemental cash flow information related to leases for the nine months ended September 30, 2021 were as follows: operating cash flows from operating leases were $2.4 million and operating cash flows from finance leases were $0.2 million. |
Lessee, Finance Leases [Text Block] | LEASESThe Company leases certain buildings and equipment under both operating and finance leases. Certain lease agreements provide for renewal options, fair value purchase options, and payment of property taxes, maintenance, and insurance by the Company. Under FASB Accounting Standards Codification Topic 842 "Leases," the Company made an accounting policy election, by class of underlying asset, not to separate non-lease components such as those previously stated from lease components and instead will treat the lease agreement as a single lease component for all asset classes. Operating right-of-use (ROU) assets represent the Company's right to use an underlying asset for the lease term and lease liabilities represent Titan's obligations to make lease payments arising from the lease. The majority of Titan's leases are operating leases. Operating lease ROU assets and liabilities are recognized at the lease commencement date based on the present value of lease payments over the lease term. As most of Titan's leases do not provide an implicit interest rate, the Company used its incremental borrowing rate (7.27%), based on the information available at the lease commencement date, in determining the present value of lease payments. Operating lease expense is recognized on a straight-line basis over the lease term and is included in cost of sales and selling, general and administrative expenses on the Condensed Consolidated Statements of Operations. Amortization expense associated with finance leases is included in cost of sales and selling, general and administrative expenses, and interest expense associated with finance leases is included in interest expense in the Condensed Consolidated Statements of Operations. Supplemental balance sheet information related to leases was as follows (amounts in thousands): Balance Sheet Classification September 30, 2021 December 31, 2020 Operating lease ROU assets Operating lease assets $ 20,709 $ 24,356 Operating lease current liabilities Other current liabilities $ 6,595 $ 7,533 Operating lease long-term liabilities Other long-term liabilities 13,245 17,137 Total operating lease liabilities $ 19,840 $ 24,670 Finance lease, gross Property, plant & equipment, net $ 7,163 $ 6,785 Finance lease accumulated depreciation Property, plant & equipment, net (3,566) (3,279) Finance lease, net $ 3,597 $ 3,506 Finance lease current liabilities Other current liabilities $ 2,029 $ 608 Finance lease long-term liabilities Other long-term liabilities 2,966 2,072 Total finance lease liabilities $ 4,995 $ 2,680 At September 30, 2021, maturities of lease liabilities were as follows (amounts in thousands): Operating Leases Finance Leases October 1 - December 31, 2021 $ 2,224 $ 564 2022 7,857 2,262 2023 5,694 1,708 2024 3,246 561 2025 2,018 222 Thereafter 3,855 96 Total lease payments $ 24,894 $ 5,413 Less imputed interest 5,054 418 $ 19,840 $ 4,995 Weighted average remaining lease term (in years) 4.16 2.68 Supplemental cash flow information related to leases for the nine months ended September 30, 2021 were as follows: operating cash flows from operating leases were $2.4 million and operating cash flows from finance leases were $0.2 million. |
EMPLOYEE BENEFIT PLANS
EMPLOYEE BENEFIT PLANS | 9 Months Ended |
Sep. 30, 2021 | |
Retirement Benefits [Abstract] | |
Pension and Other Postretirement Benefits Disclosure [Text Block] | EMPLOYEE BENEFIT PLANS The Company has three frozen defined benefit pension plans covering certain employees or former employees of three U.S. subsidiaries. The Company also has pension plans covering certain employees of several foreign subsidiaries. The Company also sponsors a number of defined contribution plans in the U.S. and at foreign subsidiaries. The Company contributed approximately $0.8 million to the pension plans during the nine months ended September 30, 2021, and expects to contribute approximately $0.4 million to the pension plans during the remainder of 2021. The components of net periodic pension cost consisted of the following for the periods set forth below (amounts in thousands): Three months ended Nine months ended September 30, September 30, 2021 2020 2021 2020 Service cost $ 168 $ 200 $ 506 $ 728 Interest cost 702 857 2,115 2,595 Expected return on assets (1,505) (1,360) (4,519) (4,078) Amortization of unrecognized prior service cost (14) — (46) — Amortization of net unrecognized loss 697 696 2,090 2,088 Net periodic pension cost $ 48 $ 393 $ 146 $ 1,333 Service cost is recorded as cost of sales in the Condensed Consolidated Statements of Operations while all other components are recorded in other income. |
VARIABLE INTEREST ENTITIES (Not
VARIABLE INTEREST ENTITIES (Notes) | 9 Months Ended |
Sep. 30, 2021 | |
Variable Interest Entity, Measure of Activity [Abstract] | |
Variable Interest Entities Disclosure [Text Block] | VARIABLE INTEREST ENTITIES The Company holds a variable interest in two joint ventures for which the Company is the primary beneficiary. One of these joint ventures operate distribution facilities that primarily distribute mining products. Titan is the 50% owner of the distribution facility located in Canada. Titan is also a 50% owner of a manufacturer of undercarriage components and complete track systems for earthmoving machines in India. The Company’s variable interests in these joint ventures relate to sales of Titan products to these entities, consigned inventory, and working capital loans. As the primary beneficiary of these variable interest entities (VIEs), the VIEs’ assets, liabilities, and results of operations are included in the Company’s condensed consolidated financial statements. The other equity holders’ interests are reflected in “Net income (loss) attributable to noncontrolling interests” in the Condensed Consolidated Statements of Operations and “Noncontrolling interests” in the Condensed Consolidated Balance Sheets. The Company also held a variable interest in three other entities for which Titan was the primary beneficiary. Two of these entities provided 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. In March 2020, the Company delivered a notice of termination of the supply agreement with these entities and the Company no longer holds a variable interest in them. Titan was also a 40% owner in a Australian distribution facility, which primarily distributed mining products. Effective during the second quarter of 2021, the Company is no longer an owner of the facility located in Australia. The following table summarizes the carrying amount of the VIEs’ assets and liabilities included in the Company’s Condensed Consolidated Balance Sheets: September 30, December 31, 2020 Cash and cash equivalents $ 826 $ 1,585 Inventory 3,511 1,751 Other current assets 3,772 4,276 Property, plant and equipment, net 3,438 2,656 Other non-current assets 664 1,671 Total assets $ 12,211 $ 11,939 Current liabilities $ 1,654 $ 1,152 Other long-term liabilities 682 2,591 Total liabilities $ 2,336 $ 3,743 All assets in the above table can only be used to settle obligations of the consolidated VIE to which the respective assets relate. Liabilities are nonrecourse obligations. Amounts presented in the table above are adjusted for intercompany eliminations. The Company holds variable interests in certain VIEs that 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 related to purchases of materials. The maximum exposure to loss as reflected in the table below represents the loss of assets recognized by Titan relating to non-consolidated entities and amounts due to the non-consolidated assets. The assets and liabilities recognized in Titan's Condensed Consolidated Balance Sheets related to Titan's interest in these non-consolidated VIEs and the Company's maximum exposure to loss related to non-consolidated VIEs as of the dates set forth below were as follows (amounts in thousands): September 30, 2021 December 31, 2020 Investments $ 6,002 $ 5,623 Total VIE assets 6,002 5,623 Accounts payable 3,233 3,377 Maximum exposure to loss $ 9,235 $ 9,000 |
Asset Impairment
Asset Impairment | 9 Months Ended |
Sep. 30, 2021 | |
Text Block [Abstract] | |
Asset Impairment Charges | ASSET IMPAIRMENTThe Company recorded no asset impairment charge for the three and the nine months ended September 30, 2021 and the three months ended September 30, 2020. For the nine months ended September 30, 2020, the Company recorded $3.6 million asset impairment related to an inventory impairment charge of $1.0 million as part of the closure of the Saltville, Virginia wheel operations, and an impairment charge of $2.6 million for certain machinery and equipment located at TTRC as a result of market declines that indicated the remaining book value of the equipment is more than the fair market value. The inventory impairment charge and the TTRC asset impairment charge is recorded in "cost of sales" line item in the Condensed Consolidated Statements of Operations. |
ROYALTY EXPENSE
ROYALTY EXPENSE | 9 Months Ended |
Sep. 30, 2021 | |
Other Income and Expenses [Abstract] | |
ROYALTY EXPENSE | ROYALTY EXPENSEThe Company has trademark license agreements with The Goodyear Tire & Rubber Company to manufacture and sell certain farm tires under the Goodyear brand. 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. Royalty expenses were $2.8 million and $2.4 million for the three months ended September 30, 2021 and 2020, respectively, and $7.9 million and $7.3 million for the nine months ended September 30, 2021 and 2020, respectively. |
OTHER INCOME
OTHER INCOME | 9 Months Ended |
Sep. 30, 2021 | |
Other Income and Expenses [Abstract] | |
OTHER INCOME, NET | OTHER INCOME Other income (expense) consisted of the following (amounts in thousands): Three months ended Nine months ended September 30, September 30, 2021 2020 2021 2020 Equity investment income $ 273 $ 227 $ 397 $ 596 Gain (loss) sale of assets 132 (58) 297 834 Government subsidies — 892 — 1,402 Gain on property insurance settlement (1) — — — 4,936 Loss on sale of Wheels India shares — — — (703) Gain on legal settlement (2) — — 1,750 — Other income (expense) (3) 243 1,222 (932) 2,046 $ 648 $ 2,283 $ 1,512 $ 9,111 (1) The gain on property insurance settlement relates to the receipt of insurance proceeds during the three months ended March 31, 2020 for a 2017 fire that occurred at a facility of TTRC, a subsidiary of the Company, located in Fort McMurray in Alberta, Canada. (2) The gain on legal settlement relates to proceeds received from a steel supplier during the three months ended June 30, 2021. (3) Other income (expense) includes rental income for our Brownsville, Texas facility of $0.5 million and $1.2 million for the three and nine months ended September 30, 2020 , respectively. |
INCOME TAXES
INCOME TAXES | 9 Months Ended |
Sep. 30, 2021 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | INCOME TAXES The Company recorded income tax expense of $5.3 million and $0.3 million for the three months ended September 30, 2021 and 2020, respectively. For the nine months ended September 30, 2021 and 2020, the Company recorded income tax expense of $9.9 million and $2.4 million, respectively. The Company's effective income tax rate was 33.1% and (2.6)% for the three months ended September 30, 2021 and 2020, respectively, and 31.5% and (5.5)% for the nine months ended September 30, 2021 and 2020. For the three months ended September 30, 2021 and 2020, the income tax expense for each period differed due to an overall pre-tax income increase which resulted in the significant fluctuation in the effective tax rate. The year-to-date increase in income tax expense for the nine months ended September 30, 2021 is due to improved profitability in foreign jurisdictions. For the nine months ended September 30, 2021 and 2020, the Company reversed unrecognized tax benefit accruals of $0.7 million and $3.7 million, related to the expiration of statute of limitations on previously recorded tax contingencies. The Company’s 2021 and 2020 income tax expense and rates differed from the amount of income tax determined by applying the U.S. Federal income tax rate to pre-tax income primarily as a result of U.S. and certain foreign jurisdictions that incurred a full valuation allowance on deferred tax assets created by current year projected losses and partially offset by a reduction of the liability for unrecognized tax positions. In addition, there were non-deductible royalty expenses and statutorily required income adjustments made in certain foreign jurisdictions that negatively impacted the tax rate for the nine months ended September 30, 2021 and 2020. The Company continues to monitor the realization of its deferred tax assets and assesses the need for a valuation allowance. The Company analyzes available positive and negative evidence to determine if a valuation allowance is needed based on the weight of the evidence. This objectively verifiable evidence primarily includes the past three years' profit and loss positions. This process requires management to make estimates, assumptions, and judgments that are uncertain in nature. The Company has established valuation allowances with respect to deferred tax assets in the U.S. and certain foreign jurisdictions and continues to monitor and assess potential valuation allowances in all its jurisdictions. On March 27, 2020, the U.S. government passed the CARES Act (the CARES Act), which provides tax relief to assist companies dealing with the effects of the novel strain of the coronavirus (COVID-19). The CARES Act did not have a material impact to the Company’s financial position or results of operations, except for the deferral of Social Security payroll taxes, which benefited the Company's operating cash flows during calendar year 2020. On December 27, 2020 the Consolidated Appropriations Act of 2021 (the Appropriations Act) was signed into law. The |
EARNINGS PER SHARE
EARNINGS PER SHARE | 9 Months Ended |
Sep. 30, 2021 | |
Earnings Per Share [Abstract] | |
EARNINGS PER SHARE | EARNINGS PER SHARE Earnings per share (EPS) were as follows (amounts in thousands, except per share data): Three months ended Nine months ended September 30, September 30, 2021 2020 2021 2020 Net income (loss) attributable to Titan and applicable to common shareholders $ 11,187 $ (12,643) $ 21,988 $ (43,174) Determination of shares: Weighted average shares outstanding (basic) 62,340 60,926 61,844 60,630 Effect of equity awards 261 — 679 — Weighted average shares outstanding (diluted) 62,601 60,926 62,523 60,630 Income (loss) per common share: Basic $ 0.18 $ (0.21) $ 0.36 $ (0.71) Diluted $ 0.18 $ (0.21) $ 0.35 $ (0.71) |
LITIGATION
LITIGATION | 9 Months Ended |
Sep. 30, 2021 | |
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. In June 2015, Titan Tire Corporation (Titan Tire) and Dico, Inc. (Dico) appealed an order from the U.S. District Court for the South District of Iowa granting the federal government’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 U.S. 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. Titan Tire and Dico appealed the case to the United States Court of Appeals for the Eighth Circuit. On April 11, 2019, the U.S. Court of Appeals for the Eighth Circuit affirmed the District Court’s September 5, 2017, order. Thereafter, Dico and Titan Tire filed a petition for rehearing with the U.S. Court of Appeals for the Eighth Circuit, which was denied in August 2019. Following settlement negotiations with the U.S. federal government and the City of Des Moines, an agreement was reached in September 2020 which has been reduced to a Consent Decree that was executed by all parties on February 1, 2021. The Consent Decree prescribes total cash payments by Titan Tire to the federal government in the amount of $11.5 million, with $9.0 million due and payable within 30 days of the settlement becoming final, $1.5 million (plus interest at a rate of 2.22% per annum) due and payable within one year of the settlement becoming final and $1.0 million (plus interest at a rate of 2.22% per annum) due and payable within two years of the settlement becoming final. The Company paid $11.5 million, including accrued interest, to the federal government on February 25, 2021. The remaining amounts of $1.6 million and $1.2, including accrued interest, are accounted for within the Company's other accrued liabilities and other long-term liabilities line items, respectively, within the Company's Condensed Consolidated Balance Sheets as of September 30, 2021. On May 27, 2021, the Company transferred ownership of the Dico land to the City of Des Moines, in accordance with the agreement. |
SEGMENT INFORMATION
SEGMENT INFORMATION | 9 Months Ended |
Sep. 30, 2021 | |
Segment Reporting [Abstract] | |
Segment information | SEGMENT INFORMATION The Company has aggregated its operating units into reportable segments based on its three customer markets: agricultural, earthmoving/construction, and consumer. Each reportable segment includes wheels, tires, wheel/tire assemblies, and undercarriage systems and components. These segments are based on the information used by the Chief Executive Officer to make certain operating decisions, allocate portions of capital expenditures, and assess segment performance. Segment external sales, expenses, and income from operations are determined based on the results of operations for the operating units of the Company's manufacturing facilities. Segment assets are generally determined on the basis of the tangible assets located at such operating units’ manufacturing facilities and the intangible assets associated with the acquisitions of such operating units. However, certain operating units’ property, plant and equipment balances are carried at the corporate level. The table below presents information about certain operating results, separated by market segments, for each of the three and nine months ended September 30, 2021 and 2020 (amounts in thousands): Three months ended Nine months ended September 30, September 30, 2021 2020 2021 2020 Net sales Agricultural $ 244,373 $ 153,067 $ 684,636 $ 473,272 Earthmoving/construction 168,408 123,227 509,930 372,606 Consumer 37,601 28,478 97,973 86,527 $ 450,382 $ 304,772 $ 1,292,539 $ 932,405 Gross profit Agricultural $ 33,214 $ 16,191 $ 98,294 $ 45,830 Earthmoving/construction 21,263 12,409 63,333 34,777 Consumer 5,815 2,717 13,400 7,821 $ 60,292 $ 31,317 $ 175,027 $ 88,428 Income (loss) from operations Agricultural $ 18,156 $ 3,091 $ 54,228 $ 11,958 Earthmoving/construction 7,913 656 20,950 (5,161) Consumer 3,519 (88) 7,067 912 Corporate & Unallocated (6,688) (10,467) (21,395) (27,221) Income (loss) from operations 22,900 (6,808) 60,850 (19,512) Interest expense (7,818) (7,251) (23,939) (23,076) Loss on senior note repurchase — — (16,020) — Foreign exchange gain (loss) 416 (1,336) 9,125 (9,742) Other income 648 2,283 1,512 9,111 Income (loss) before income taxes $ 16,146 $ (13,112) $ 31,528 $ (43,219) Assets by segment were as follows as of the dates set forth below (amounts in thousands): September 30, December 31, Total assets Agricultural $ 494,117 $ 420,993 Earthmoving/construction 489,076 473,873 Consumer 142,093 114,993 Corporate & Unallocated 18,973 22,025 $ 1,144,259 $ 1,031,884 |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 9 Months Ended |
Sep. 30, 2021 | |
Related Party Transactions [Abstract] | |
Related Party Transactions Disclosure [Text Block] | RELATED PARTY TRANSACTIONSThe Company sells products and pays commissions to companies controlled by persons related to the Chairman of the Board of Directors of the Company, Mr. Maurice Taylor. The related party is Mr. Fred Taylor, who is Mr. Maurice Taylor’s brother. The companies with which Mr. Fred Taylor is associated that do business with Titan include the following: Blacksmith OTR, LLC; F.B.T. Enterprises, Inc.; Green Carbon, Inc.; Silverstone, Inc.; and OTR Wheel Engineering, Inc. Sales of Titan products to these companies were approximately $0.7 million and $2.0 million for the three and nine months ended September 30, 2021, and approximately $0.1 million and $0.6 million for the three and nine months ended September 30, 2020. Titan had purchases from these companies of approximately $0.1 million and $1.0 million for the three and nine months ended September 30, 2021, and had no purchases from these companies for the three and nine months ended September 30, 2020. Titan had trade receivables due from these companies of approximately $0.3 million at September 30, 2021, and approximately $0.1 million at December 31, 2020. Sales commissions paid to the above companies were approximately $0.5 million and $1.5 million for the three and nine months ended September 30, 2021 as compared to $0.3 million and $1.0 million for the three and nine months ended September 30, 2020. |
ACCUMULATED OTHER COMPREHENSIVE
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Notes) | 9 Months Ended |
Sep. 30, 2021 | |
Stockholders' Equity Note [Abstract] | |
Comprehensive Loss Note | ACCUMULATED OTHER COMPREHENSIVE LOSS Accumulated other comprehensive loss consisted of the following (amounts in thousands): Currency Gain (Loss) on Unrecognized Total Balance at July 1, 2021 $ (206,529) $ (148) $ (21,125) $ (227,802) Currency translation adjustments, net (16,677) — — (16,677) Defined benefit pension plans: Amortization of unrecognized losses and prior service cost, net of tax of $(42) — — 797 797 Derivative gain — 54 — 54 Balance at September 30, 2021 $ (223,206) $ (94) $ (20,328) $ (243,628) Currency Gain (Loss) on Unrecognized Total Balance at January 1, 2021 $ (194,151) $ (413) $ (22,690) $ (217,254) Currency translation adjustments, net (1) (29,055) — — (29,055) Defined benefit pension plans: Amortization of unrecognized losses and prior service cost, net of tax of $(83) — — 2,362 2,362 Derivative gain — 319 — 319 Balance at September 30, 2021 $ (223,206) $ (94) $ (20,328) $ (243,628) (1) The increase in currency translation adjustments for the nine months ended September 30, 2021 was due to foreign currency rate fluctuations, the ongoing initiative to rationalize the Company's legal entity structure, and the ongoing management of the intercompany capital structure during the year. Currency Gain (Loss) on Unrecognized Total Balance at July 1, 2020 $ (223,988) $ (198) $ (24,796) $ (248,982) Currency translation adjustments, net 5,376 — — 5,376 Defined benefit pension plans: Amortization of unrecognized losses and prior service cost, net of tax of $45 — — 575 575 Derivative loss — (17) — (17) Balance at September 30, 2020 $ (218,612) $ (215) $ (24,221) $ (243,048) Currency Gain (Loss) on Unrecognized Total Balance at January 1, 2020 $ (192,507) $ — $ (26,144) $ (218,651) Currency translation adjustments, net (1) (26,105) — — (26,105) Defined benefit pension plans: Amortization of unrecognized losses and prior service cost, net of tax of $65 — — 1,923 1,923 Derivative loss — (215) — (215) Balance at September 30, 2020 $ (218,612) $ (215) $ (24,221) $ (243,048) (1) The increase in currency translation adjustments for the nine months ended September 30, 2020 was due to foreign currency rate fluctuations and also due to the settlement of certain intercompany loans during the year. |
SUBSIDIARY GUARANTOR FINANCIAL
SUBSIDIARY GUARANTOR FINANCIAL INFORMATION | 9 Months Ended |
Sep. 30, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Condensed Financial Information of Parent Company Only Disclosure [Text Block] | SUBSIDIARY GUARANTOR FINANCIAL INFORMATION Our senior secured notes due 2028 are guaranteed by the following wholly-owned subsidiaries of the Company: Titan Tire Corporation, Titan Tire Corporation of Bryan, Titan Tire Corporation of Freeport, and Titan Wheel Corporation of Illinois. The note guarantees are the full and unconditional, joint and several obligations of the guarantors. The guarantees of the guarantor subsidiaries are subject to release in limited circumstances upon the occurrence of certain customary conditions. See the indenture governing the senior secured notes due 2028 filed as Exhibit 4.1 to the Form 8-K filed by the Company on April 22, 2021 for additional information. The following condensed consolidating financial statements are presented using the equity method of accounting. Certain sales and marketing expenses recorded by non-guarantor subsidiaries have not been allocated to the guarantor subsidiaries. (Amounts in thousands) Condensed Consolidating Statements of Operations Titan Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Net sales $ — $ 72,169 $ 450,441 $ (72,228) $ 450,382 Cost of sales 267 48,318 413,733 (72,228) 390,090 Gross (loss) profit (267) 23,851 36,708 — 60,292 Selling, general and administrative expenses 2,020 11,288 18,909 — 32,217 Research and development expenses 301 732 1,337 — 2,370 Royalty expense 198 1,155 1,452 — 2,805 (Loss) income from operations (2,786) 10,676 15,010 — 22,900 Interest expense (7,637) (7) (174) — (7,818) Intercompany interest income (expense) 400 620 (1,020) — — Foreign exchange (loss) gain — (248) 664 — 416 Other (expense) income (5) 117 536 — 648 (Loss) income before income taxes (10,028) 11,158 15,016 — 16,146 Provision for income taxes 507 93 4,742 — 5,342 Equity in earnings (loss) of subsidiaries 21,340 — 2,920 (24,260) — Net income (loss) 10,805 11,065 13,194 (24,260) 10,804 Net loss attributable to noncontrolling interests — — (383) — (383) Net income (loss) attributable to Titan $ 10,805 $ 11,065 $ 13,577 $ (24,260) $ 11,187 (Amounts in thousands) Condensed Consolidating Statements of Operations Titan Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Net sales $ — $ 297,249 $ 1,292,735 $ (297,445) $ 1,292,539 Cost of sales 768 222,893 1,191,296 (297,445) 1,117,512 Gross (loss) profit (768) 74,356 101,439 — 175,027 Selling, general and administrative expenses 7,619 35,147 56,045 — 98,811 Research and development expenses 757 2,240 4,454 — 7,451 Royalty expense 1,033 3,282 3,600 — 7,915 (Loss) income from operations (10,177) 33,687 37,340 — 60,850 Interest expense (22,771) (18) (1,150) — (23,939) Loss on senior note repurchase (16,020) — — — (16,020) Intercompany interest income (expense) 1,263 1,667 (2,930) — — Foreign exchange (loss) gain (6) (113) 9,244 — 9,125 Other (expense) income (1,231) 2,145 598 — 1,512 (Loss) income before income taxes (48,942) 37,368 43,102 — 31,528 (Benefit) provision for income taxes (1,449) 250 11,126 — 9,927 Equity in earnings (loss) of subsidiaries 69,095 — 6,519 (75,614) — Net income (loss) 21,602 37,118 38,495 (75,614) 21,601 Net loss attributable to noncontrolling interests — — (387) — (387) Net income (loss) attributable to Titan $ 21,602 $ 37,118 $ 38,882 $ (75,614) $ 21,988 (Amounts in thousands) Condensed Consolidating Statements of Comprehensive (Loss) Income Titan Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Net income (loss) $ 10,805 $ 11,065 $ 13,194 $ (24,260) $ 10,804 Derivative gain (loss) 54 — 54 (54) 54 Currency translation adjustment (16,243) — (16,243) 16,243 (16,243) Pension liability adjustments, net of tax 797 667 130 (797) 797 Comprehensive (loss) income (4,587) 11,732 (2,865) (8,868) (4,588) Net comprehensive income attributable to redeemable and noncontrolling interests — — 51 — 51 Comprehensive (loss) income attributable to Titan $ (4,587) $ 11,732 $ (2,916) $ (8,868) $ (4,639) (Amounts in thousands) Condensed Consolidating Statements of Comprehensive (Loss) Income Titan Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Net income (loss) $ 21,602 $ 37,118 $ 38,495 $ (75,614) $ 21,601 Derivative gain (loss) 319 — 319 (319) 319 Currency translation adjustment (28,991) — (28,991) 28,991 (28,991) Pension liability adjustments, net of tax 2,362 2,001 361 (2,362) 2,362 Comprehensive (loss) income (4,708) 39,119 10,184 (49,304) (4,709) Net comprehensive loss attributable to redeemable and noncontrolling interests — — (323) — (323) Comprehensive (loss) income attributable to Titan $ (4,708) $ 39,119 $ 10,507 $ (49,304) $ (4,386) (Amounts in thousands) Condensed Consolidating Balance Sheets Titan Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Assets Cash and cash equivalents $ 11,594 $ (9) $ 83,055 $ — $ 94,640 Accounts receivable, net 185 5 261,257 — 261,447 Inventories — 54,536 318,476 — 373,012 Prepaid and other current assets 1,384 17,974 47,786 — 67,144 Total current assets 13,163 72,506 710,574 — 796,243 Property, plant and equipment, net 1,679 79,548 221,363 — 302,590 Investment in subsidiaries 639,992 — 56,149 (696,141) — Other assets 1,185 4,111 40,130 — 45,426 Total assets $ 656,019 $ 156,165 $ 1,028,216 $ (696,141) $ 1,144,259 Liabilities and Equity Short-term debt $ — $ — $ 30,867 $ — $ 30,867 Accounts payable 3,318 48,948 201,553 — 253,819 Other current liabilities 30,284 28,870 93,072 — 152,226 Total current liabilities 33,602 77,818 325,492 — 436,912 Long-term debt 424,305 — 26,694 — 450,999 Other long-term liabilities 250 11,447 45,057 — 56,754 Intercompany accounts (21,023) (466,198) 487,221 — — Redeemable noncontrolling interest — — 25,000 — 25,000 Titan shareholders' equity 218,885 533,098 122,074 (696,141) 177,916 Noncontrolling interests — — (3,322) — (3,322) Total liabilities and equity $ 656,019 $ 156,165 $ 1,028,216 $ (696,141) $ 1,144,259 (Amounts in thousands) Condensed Consolidating Statements of Cash Flows Titan Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidated Net cash (used for) provided by operating activities $ (10,790) $ 6,347 $ 2,153 $ (2,290) Cash flows from investing activities: Capital expenditures (17) (6,363) (17,870) (24,250) Proceeds from sale of fixed assets — 26 1,113 1,139 Net cash used for investing activities (17) (6,337) (16,757) (23,111) Cash flows from financing activities: Proceeds from borrowings 465,473 — 16,820 482,293 Repurchase of senior secured notes (413,000) — — (413,000) Payment on debt (35,357) — (24,592) (59,949) Other financing activities (5,713) (23) 3,667 (2,069) Net cash provided by (used for) financing activities 11,403 (23) (4,105) 7,275 Effect of exchange rate change on cash — — (4,665) (4,665) Net increase (decrease) in cash and cash equivalents 596 (13) (23,374) (22,791) Cash and cash equivalents, beginning of period 10,998 4 106,429 117,431 Cash and cash equivalents, end of period $ 11,594 $ (9) $ 83,055 $ 94,640 |
Subsequent Events
Subsequent Events | 3 Months Ended |
Sep. 30, 2021 | |
Subsequent Events [Abstract] | |
Subsequent Events | SUBSEQUENT EVENTSOn October 28, 2021, the Company amended and extended the credit and security agreement with respect to the $100 million revolving credit facility (credit facility) with agent BMO Harris Bank N.A. and other financial institutions party thereto. The credit facility was increased to $125 million with the amount available under the credit facility determined based upon eligible accounts receivable and inventory balances at certain of its domestic subsidiaries. The amended credit facility has a five-year term with the new maturity occurring on October 28, 2026. The amended credit facility can be expanded by up to $50 million through an accordion provision within the agreement. The amended agreement has terms substantially similar to those contained in the agreement prior to the amendment earlier this year on February 25, 2021 and also includes other enhancements to further improve the availability within the borrowing base. |
ACCOUNTING POLICIES (Policies)
ACCOUNTING POLICIES (Policies) | 9 Months Ended |
Sep. 30, 2021 | |
Accounting Policies [Abstract] | |
Fair value of financial instruments | Fair value of financial instrumentsThe Company records all financial instruments, including cash and cash equivalents, accounts receivable, notes receivable, accounts payable, other accruals, and notes payable at cost, which approximates fair value due to their short term or stated rates. Investments in marketable equity securities are recorded at fair value. Our 7.00% senior secured notes due 2028 (the senior secured notes due 2028) were carried at a cost of $394.3 million at September 30, 2021. The fair value of the senior secured notes due 2028 at September 30, 2021, as obtained through an independent pricing source, was approximately $421.5 million. |
New Accounting Pronouncements and Changes in Accounting Principles [Text Block] | Adoption of new accounting standards In December 2019, the Financial Accounting Standards Board (the FASB) issued Accounting Standards Update (ASU) 2019-12, Simplifying the Accounting for Income Taxes, as part of its simplification initiative to reduce the cost and complexity in accounting for income taxes. ASU 2019-12 removes certain exceptions related to the approach for intraperiod tax allocation, the methodology for calculating income taxes in an interim period, and the recognition of deferred tax liabilities for outside basis differences. ASU 2019-12 also amends other aspects of the guidance to help simplify and promote consistent application of GAAP. The Company adopted this guidance on January 1, 2021 and it did not have a material impact on our condensed consolidated financial statements. |
ACCOUNTS RECEIVABLE (Tables)
ACCOUNTS RECEIVABLE (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Receivables [Abstract] | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | Accounts receivable consisted of the following (amounts in thousands): September 30, December 31, Accounts receivable $ 265,015 $ 196,796 Allowance for doubtful accounts (3,568) (3,782) Accounts receivable, net $ 261,447 $ 193,014 |
INVENTORIES (Tables)
INVENTORIES (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventory, Current [Table Text Block] | Inventories consisted of the following (amounts in thousands): September 30, December 31, Raw material $ 116,572 $ 78,733 Work-in-process 46,297 36,485 Finished goods 210,143 178,461 $ 373,012 $ 293,679 |
PROPERTY, PLANT AND EQUIPMENT_2
PROPERTY, PLANT AND EQUIPMENT, NET (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment [Table Text Block] | Property, plant and equipment, net consisted of the following (amounts in thousands): September 30, December 31, Land and improvements $ 41,680 $ 43,943 Buildings and improvements 240,276 245,619 Machinery and equipment 582,457 583,847 Tools, dies and molds 112,015 111,189 Construction-in-process 16,444 11,282 992,872 995,880 Less accumulated depreciation (690,282) (676,026) $ 302,590 $ 319,854 |
INTANGIBLE ASSETS (Tables)
INTANGIBLE ASSETS (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Intangible Assets and Goodwill [Table Text Block] | The components of intangible assets, net consisted of the following (amounts in thousands): Weighted Average Useful Lives September 30, December 31, Amortizable intangible assets: Patents, trademarks and other 11.68 $ 10,062 $ 10,181 Less accumulated amortization (8,527) (8,206) $ 1,535 $ 1,975 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | The estimated aggregate amortization expense at September 30, 2021 for each of the years (or other periods) set forth below was as follows (amounts in thousands): October 1 - December 31, 2021 $ 37 2022 145 2023 145 2024 134 2025 123 Thereafter 951 $ 1,535 |
WARRANTY (Tables)
WARRANTY (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Product Warranties Disclosures [Abstract] | |
Schedule of Product Warranty Liability [Table Text Block] | Changes in the warranty liability during the nine months ended September 30, 2021 and 2020, respectively, consisted of the following (amounts in thousands): 2021 2020 Warranty liability, January 1 $ 15,040 $ 14,334 Provision for warranty liabilities 7,397 4,060 Warranty payments made (6,039) (4,346) Warranty liability, September 30 $ 16,398 $ 14,048 |
REVOLVING CREDIT FACILITY AND_2
REVOLVING CREDIT FACILITY AND LONG-TERM DEBT (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Debt Instrument [Line Items] | |
Schedule of Long-term Debt Instruments [Table Text Block] | Long-term debt consisted of the following (amounts in thousands): September 30, 2021 Principal Balance Unamortized Debt Issuance Net Carrying Amount 7.00% senior secured notes due 2028 $ 400,000 $ (5,695) $ 394,305 Titan Europe credit facilities 40,690 — 40,690 Revolving credit facility 30,000 — 30,000 Other debt 16,871 — 16,871 Total debt 487,561 (5,695) 481,866 Less amounts due within one year 30,867 — 30,867 Total long-term debt $ 456,694 $ (5,695) $ 450,999 December 31, 2020 Principal Balance Unamortized Debt Issuance Net Carrying Amount 6.50% senior secured notes due 2023 $ 400,000 $ (3,124) $ 396,876 Titan Europe credit facilities 49,583 — 49,583 Other debt 18,244 — 18,244 Total debt 467,827 (3,124) 464,703 Less amounts due within one year 31,119 — 31,119 Total long-term debt $ 436,708 $ (3,124) $ 433,584 |
Schedule of Maturities of Long-term Debt [Table Text Block] | Aggregate principal maturities of long-term debt at September 30, 2021 for each of the years (or other periods) set forth below were as follows (amounts in thousands): October 1 - December 31, 2021 $ 15,841 2022 24,616 2023 37,328 2024 3,995 2025 1,395 Thereafter 404,386 $ 487,561 |
LEASE COMMITMENTS (Tables)
LEASE COMMITMENTS (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Leases [Abstract] | |
Lease, Cost [Table Text Block] | Supplemental balance sheet information related to leases was as follows (amounts in thousands): Balance Sheet Classification September 30, 2021 December 31, 2020 Operating lease ROU assets Operating lease assets $ 20,709 $ 24,356 Operating lease current liabilities Other current liabilities $ 6,595 $ 7,533 Operating lease long-term liabilities Other long-term liabilities 13,245 17,137 Total operating lease liabilities $ 19,840 $ 24,670 Finance lease, gross Property, plant & equipment, net $ 7,163 $ 6,785 Finance lease accumulated depreciation Property, plant & equipment, net (3,566) (3,279) Finance lease, net $ 3,597 $ 3,506 Finance lease current liabilities Other current liabilities $ 2,029 $ 608 Finance lease long-term liabilities Other long-term liabilities 2,966 2,072 Total finance lease liabilities $ 4,995 $ 2,680 |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | At September 30, 2021, maturities of lease liabilities were as follows (amounts in thousands): Operating Leases Finance Leases October 1 - December 31, 2021 $ 2,224 $ 564 2022 7,857 2,262 2023 5,694 1,708 2024 3,246 561 2025 2,018 222 Thereafter 3,855 96 Total lease payments $ 24,894 $ 5,413 Less imputed interest 5,054 418 $ 19,840 $ 4,995 Weighted average remaining lease term (in years) 4.16 2.68 |
Finance Lease, Liability, Maturity [Table Text Block] | Operating Leases Finance Leases October 1 - December 31, 2021 $ 2,224 $ 564 2022 7,857 2,262 2023 5,694 1,708 2024 3,246 561 2025 2,018 222 Thereafter 3,855 96 Total lease payments $ 24,894 $ 5,413 Less imputed interest 5,054 418 $ 19,840 $ 4,995 Weighted average remaining lease term (in years) 4.16 2.68 |
EMPLOYEE BENEFIT PLANS (Tables)
EMPLOYEE BENEFIT PLANS (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Retirement Benefits [Abstract] | |
Schedule of Defined Benefit Plans Disclosures [Table Text Block] | The components of net periodic pension cost consisted of the following for the periods set forth below (amounts in thousands): Three months ended Nine months ended September 30, September 30, 2021 2020 2021 2020 Service cost $ 168 $ 200 $ 506 $ 728 Interest cost 702 857 2,115 2,595 Expected return on assets (1,505) (1,360) (4,519) (4,078) Amortization of unrecognized prior service cost (14) — (46) — Amortization of net unrecognized loss 697 696 2,090 2,088 Net periodic pension cost $ 48 $ 393 $ 146 $ 1,333 |
VARIABLE INTEREST ENTITIES (Tab
VARIABLE INTEREST ENTITIES (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Variable Interest Entity, Measure of Activity [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 Condensed Consolidated Balance Sheets: September 30, December 31, 2020 Cash and cash equivalents $ 826 $ 1,585 Inventory 3,511 1,751 Other current assets 3,772 4,276 Property, plant and equipment, net 3,438 2,656 Other non-current assets 664 1,671 Total assets $ 12,211 $ 11,939 Current liabilities $ 1,654 $ 1,152 Other long-term liabilities 682 2,591 Total liabilities $ 2,336 $ 3,743 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. |
Schedule of Non Consolidated Variable Interest Entities [Table Text Block] | The assets and liabilities recognized in Titan's Condensed Consolidated Balance Sheets related to Titan's interest in these non-consolidated VIEs and the Company's maximum exposure to loss related to non-consolidated VIEs as of the dates set forth below were as follows (amounts in thousands): September 30, 2021 December 31, 2020 Investments $ 6,002 $ 5,623 Total VIE assets 6,002 5,623 Accounts payable 3,233 3,377 Maximum exposure to loss $ 9,235 $ 9,000 |
OTHER INCOME (Tables)
OTHER INCOME (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Other Income and Expenses [Abstract] | |
Other Income [Table Text Block] | Other income (expense) consisted of the following (amounts in thousands): Three months ended Nine months ended September 30, September 30, 2021 2020 2021 2020 Equity investment income $ 273 $ 227 $ 397 $ 596 Gain (loss) sale of assets 132 (58) 297 834 Government subsidies — 892 — 1,402 Gain on property insurance settlement (1) — — — 4,936 Loss on sale of Wheels India shares — — — (703) Gain on legal settlement (2) — — 1,750 — Other income (expense) (3) 243 1,222 (932) 2,046 $ 648 $ 2,283 $ 1,512 $ 9,111 (1) The gain on property insurance settlement relates to the receipt of insurance proceeds during the three months ended March 31, 2020 for a 2017 fire that occurred at a facility of TTRC, a subsidiary of the Company, located in Fort McMurray in Alberta, Canada. (2) The gain on legal settlement relates to proceeds received from a steel supplier during the three months ended June 30, 2021. (3) Other income (expense) includes rental income for our Brownsville, Texas facility of $0.5 million and $1.2 million for the three and nine months ended September 30, 2020 , respectively. |
EARNINGS PER SHARE (Tables)
EARNINGS PER SHARE (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Earnings per share (EPS) were as follows (amounts in thousands, except per share data): Three months ended Nine months ended September 30, September 30, 2021 2020 2021 2020 Net income (loss) attributable to Titan and applicable to common shareholders $ 11,187 $ (12,643) $ 21,988 $ (43,174) Determination of shares: Weighted average shares outstanding (basic) 62,340 60,926 61,844 60,630 Effect of equity awards 261 — 679 — Weighted average shares outstanding (diluted) 62,601 60,926 62,523 60,630 Income (loss) per common share: Basic $ 0.18 $ (0.21) $ 0.36 $ (0.71) Diluted $ 0.18 $ (0.21) $ 0.35 $ (0.71) |
SEGMENT INFORMATION (Tables)
SEGMENT INFORMATION (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Segment Reporting Information [Line Items] | |
Reconciliation of Revenue from Segments to Consolidated [Table Text Block] | The table below presents information about certain operating results, separated by market segments, for each of the three and nine months ended September 30, 2021 and 2020 (amounts in thousands): Three months ended Nine months ended September 30, September 30, 2021 2020 2021 2020 Net sales Agricultural $ 244,373 $ 153,067 $ 684,636 $ 473,272 Earthmoving/construction 168,408 123,227 509,930 372,606 Consumer 37,601 28,478 97,973 86,527 $ 450,382 $ 304,772 $ 1,292,539 $ 932,405 Gross profit Agricultural $ 33,214 $ 16,191 $ 98,294 $ 45,830 Earthmoving/construction 21,263 12,409 63,333 34,777 Consumer 5,815 2,717 13,400 7,821 $ 60,292 $ 31,317 $ 175,027 $ 88,428 Income (loss) from operations Agricultural $ 18,156 $ 3,091 $ 54,228 $ 11,958 Earthmoving/construction 7,913 656 20,950 (5,161) Consumer 3,519 (88) 7,067 912 Corporate & Unallocated (6,688) (10,467) (21,395) (27,221) Income (loss) from operations 22,900 (6,808) 60,850 (19,512) Interest expense (7,818) (7,251) (23,939) (23,076) Loss on senior note repurchase — — (16,020) — Foreign exchange gain (loss) 416 (1,336) 9,125 (9,742) Other income 648 2,283 1,512 9,111 Income (loss) before income taxes $ 16,146 $ (13,112) $ 31,528 $ (43,219) |
Reconciliation of Assets from Segment to Consolidated [Table Text Block] | Assets by segment were as follows as of the dates set forth below (amounts in thousands): September 30, December 31, Total assets Agricultural $ 494,117 $ 420,993 Earthmoving/construction 489,076 473,873 Consumer 142,093 114,993 Corporate & Unallocated 18,973 22,025 $ 1,144,259 $ 1,031,884 |
ACCUMULATED OTHER COMPREHENSI_2
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Stockholders' Equity Note [Abstract] | |
Schedule of Accumulated Other Comprehensive Loss | Accumulated other comprehensive loss consisted of the following (amounts in thousands): Currency Gain (Loss) on Unrecognized Total Balance at July 1, 2021 $ (206,529) $ (148) $ (21,125) $ (227,802) Currency translation adjustments, net (16,677) — — (16,677) Defined benefit pension plans: Amortization of unrecognized losses and prior service cost, net of tax of $(42) — — 797 797 Derivative gain — 54 — 54 Balance at September 30, 2021 $ (223,206) $ (94) $ (20,328) $ (243,628) Currency Gain (Loss) on Unrecognized Total Balance at January 1, 2021 $ (194,151) $ (413) $ (22,690) $ (217,254) Currency translation adjustments, net (1) (29,055) — — (29,055) Defined benefit pension plans: Amortization of unrecognized losses and prior service cost, net of tax of $(83) — — 2,362 2,362 Derivative gain — 319 — 319 Balance at September 30, 2021 $ (223,206) $ (94) $ (20,328) $ (243,628) (1) The increase in currency translation adjustments for the nine months ended September 30, 2021 was due to foreign currency rate fluctuations, the ongoing initiative to rationalize the Company's legal entity structure, and the ongoing management of the intercompany capital structure during the year. Currency Gain (Loss) on Unrecognized Total Balance at July 1, 2020 $ (223,988) $ (198) $ (24,796) $ (248,982) Currency translation adjustments, net 5,376 — — 5,376 Defined benefit pension plans: Amortization of unrecognized losses and prior service cost, net of tax of $45 — — 575 575 Derivative loss — (17) — (17) Balance at September 30, 2020 $ (218,612) $ (215) $ (24,221) $ (243,048) Currency Gain (Loss) on Unrecognized Total Balance at January 1, 2020 $ (192,507) $ — $ (26,144) $ (218,651) Currency translation adjustments, net (1) (26,105) — — (26,105) Defined benefit pension plans: Amortization of unrecognized losses and prior service cost, net of tax of $65 — — 1,923 1,923 Derivative loss — (215) — (215) Balance at September 30, 2020 $ (218,612) $ (215) $ (24,221) $ (243,048) (1) The increase in currency translation adjustments for the nine months ended September 30, 2020 was due to foreign currency rate fluctuations and also due to the settlement of certain intercompany loans during the year. |
SUBSIDIARY GUARANTOR FINANCIA_2
SUBSIDIARY GUARANTOR FINANCIAL INFORMATION (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Condensed Income Statement [Table Text Block] | (Amounts in thousands) Condensed Consolidating Statements of Operations Titan Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Net sales $ — $ 72,169 $ 450,441 $ (72,228) $ 450,382 Cost of sales 267 48,318 413,733 (72,228) 390,090 Gross (loss) profit (267) 23,851 36,708 — 60,292 Selling, general and administrative expenses 2,020 11,288 18,909 — 32,217 Research and development expenses 301 732 1,337 — 2,370 Royalty expense 198 1,155 1,452 — 2,805 (Loss) income from operations (2,786) 10,676 15,010 — 22,900 Interest expense (7,637) (7) (174) — (7,818) Intercompany interest income (expense) 400 620 (1,020) — — Foreign exchange (loss) gain — (248) 664 — 416 Other (expense) income (5) 117 536 — 648 (Loss) income before income taxes (10,028) 11,158 15,016 — 16,146 Provision for income taxes 507 93 4,742 — 5,342 Equity in earnings (loss) of subsidiaries 21,340 — 2,920 (24,260) — Net income (loss) 10,805 11,065 13,194 (24,260) 10,804 Net loss attributable to noncontrolling interests — — (383) — (383) Net income (loss) attributable to Titan $ 10,805 $ 11,065 $ 13,577 $ (24,260) $ 11,187 (Amounts in thousands) Condensed Consolidating Statements of Operations Titan Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Net sales $ — $ 297,249 $ 1,292,735 $ (297,445) $ 1,292,539 Cost of sales 768 222,893 1,191,296 (297,445) 1,117,512 Gross (loss) profit (768) 74,356 101,439 — 175,027 Selling, general and administrative expenses 7,619 35,147 56,045 — 98,811 Research and development expenses 757 2,240 4,454 — 7,451 Royalty expense 1,033 3,282 3,600 — 7,915 (Loss) income from operations (10,177) 33,687 37,340 — 60,850 Interest expense (22,771) (18) (1,150) — (23,939) Loss on senior note repurchase (16,020) — — — (16,020) Intercompany interest income (expense) 1,263 1,667 (2,930) — — Foreign exchange (loss) gain (6) (113) 9,244 — 9,125 Other (expense) income (1,231) 2,145 598 — 1,512 (Loss) income before income taxes (48,942) 37,368 43,102 — 31,528 (Benefit) provision for income taxes (1,449) 250 11,126 — 9,927 Equity in earnings (loss) of subsidiaries 69,095 — 6,519 (75,614) — Net income (loss) 21,602 37,118 38,495 (75,614) 21,601 Net loss attributable to noncontrolling interests — — (387) — (387) Net income (loss) attributable to Titan $ 21,602 $ 37,118 $ 38,882 $ (75,614) $ 21,988 |
Condensed Statement of Comprehensive Income [Table Text Block] | (Amounts in thousands) Condensed Consolidating Statements of Comprehensive (Loss) Income Titan Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Net income (loss) $ 10,805 $ 11,065 $ 13,194 $ (24,260) $ 10,804 Derivative gain (loss) 54 — 54 (54) 54 Currency translation adjustment (16,243) — (16,243) 16,243 (16,243) Pension liability adjustments, net of tax 797 667 130 (797) 797 Comprehensive (loss) income (4,587) 11,732 (2,865) (8,868) (4,588) Net comprehensive income attributable to redeemable and noncontrolling interests — — 51 — 51 Comprehensive (loss) income attributable to Titan $ (4,587) $ 11,732 $ (2,916) $ (8,868) $ (4,639) (Amounts in thousands) Condensed Consolidating Statements of Comprehensive (Loss) Income Titan Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Net income (loss) $ 21,602 $ 37,118 $ 38,495 $ (75,614) $ 21,601 Derivative gain (loss) 319 — 319 (319) 319 Currency translation adjustment (28,991) — (28,991) 28,991 (28,991) Pension liability adjustments, net of tax 2,362 2,001 361 (2,362) 2,362 Comprehensive (loss) income (4,708) 39,119 10,184 (49,304) (4,709) Net comprehensive loss attributable to redeemable and noncontrolling interests — — (323) — (323) Comprehensive (loss) income attributable to Titan $ (4,708) $ 39,119 $ 10,507 $ (49,304) $ (4,386) |
Condensed Balance Sheet [Table Text Block] | (Amounts in thousands) Condensed Consolidating Balance Sheets Titan Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Assets Cash and cash equivalents $ 11,594 $ (9) $ 83,055 $ — $ 94,640 Accounts receivable, net 185 5 261,257 — 261,447 Inventories — 54,536 318,476 — 373,012 Prepaid and other current assets 1,384 17,974 47,786 — 67,144 Total current assets 13,163 72,506 710,574 — 796,243 Property, plant and equipment, net 1,679 79,548 221,363 — 302,590 Investment in subsidiaries 639,992 — 56,149 (696,141) — Other assets 1,185 4,111 40,130 — 45,426 Total assets $ 656,019 $ 156,165 $ 1,028,216 $ (696,141) $ 1,144,259 Liabilities and Equity Short-term debt $ — $ — $ 30,867 $ — $ 30,867 Accounts payable 3,318 48,948 201,553 — 253,819 Other current liabilities 30,284 28,870 93,072 — 152,226 Total current liabilities 33,602 77,818 325,492 — 436,912 Long-term debt 424,305 — 26,694 — 450,999 Other long-term liabilities 250 11,447 45,057 — 56,754 Intercompany accounts (21,023) (466,198) 487,221 — — Redeemable noncontrolling interest — — 25,000 — 25,000 Titan shareholders' equity 218,885 533,098 122,074 (696,141) 177,916 Noncontrolling interests — — (3,322) — (3,322) Total liabilities and equity $ 656,019 $ 156,165 $ 1,028,216 $ (696,141) $ 1,144,259 |
Condensed Cash Flow Statement [Table Text Block] | (Amounts in thousands) Condensed Consolidating Statements of Cash Flows Titan Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidated Net cash (used for) provided by operating activities $ (10,790) $ 6,347 $ 2,153 $ (2,290) Cash flows from investing activities: Capital expenditures (17) (6,363) (17,870) (24,250) Proceeds from sale of fixed assets — 26 1,113 1,139 Net cash used for investing activities (17) (6,337) (16,757) (23,111) Cash flows from financing activities: Proceeds from borrowings 465,473 — 16,820 482,293 Repurchase of senior secured notes (413,000) — — (413,000) Payment on debt (35,357) — (24,592) (59,949) Other financing activities (5,713) (23) 3,667 (2,069) Net cash provided by (used for) financing activities 11,403 (23) (4,105) 7,275 Effect of exchange rate change on cash — — (4,665) (4,665) Net increase (decrease) in cash and cash equivalents 596 (13) (23,374) (22,791) Cash and cash equivalents, beginning of period 10,998 4 106,429 117,431 Cash and cash equivalents, end of period $ 11,594 $ (9) $ 83,055 $ 94,640 |
ACCOUNTING POLICIES (Details)
ACCOUNTING POLICIES (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Long-term Debt | $ 394,300 | $ 394,300 | |||
Debt Instrument, Fair Value Disclosure | $ 421,500 | $ 421,500 | |||
Common Stock, Dividends, Per Share, Declared | $ 0 | $ 0 | $ 0 | $ 0.005 | |
Senior Secured Notes 6.50 Percent [Member] [Member] | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Debt Instrument, Interest Rate, Stated Percentage | 7.00% | 7.00% | |||
Long-term Debt | $ 400,000 | $ 400,000 | $ 400,000 |
ACCOUNTS RECEIVABLE (Details)
ACCOUNTS RECEIVABLE (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Receivables [Abstract] | ||
Accounts receivable | $ 265,015 | $ 196,796 |
Allowance for doubtful accounts | 3,568 | 3,782 |
Accounts receivable, net | $ 261,447 | $ 193,014 |
INVENTORIES (Details)
INVENTORIES (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Inventory Disclosure [Abstract] | ||
Raw material | $ 116,572 | $ 78,733 |
Work-in-process | 46,297 | 36,485 |
Finished goods | 210,143 | 178,461 |
Inventory, Gross | $ 373,012 | $ 293,679 |
PROPERTY, PLANT AND EQUIPMENT_3
PROPERTY, PLANT AND EQUIPMENT, NET (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | |
Property, Plant and Equipment [Line Items] | |||||
Property, Plant and Equipment, Gross | $ 992,872 | $ 992,872 | $ 995,880 | ||
Less accumulated depreciation | (690,282) | (690,282) | (676,026) | ||
Property, Plant and Equipment, Net | 302,590 | 302,590 | 319,854 | ||
Depreciation | 35,100 | $ 37,700 | |||
Asset Impairment Cost | 0 | $ 0 | 0 | 3,586 | |
Assets | 1,144,259 | 1,144,259 | 1,031,884 | ||
Land and Land Improvements [Member] | |||||
Property, Plant and Equipment [Line Items] | |||||
Property, Plant and Equipment, Gross | 41,680 | 41,680 | 43,943 | ||
Building and Building Improvements [Member] | |||||
Property, Plant and Equipment [Line Items] | |||||
Property, Plant and Equipment, Gross | 240,276 | 240,276 | 245,619 | ||
Machinery and Equipment [Member] | |||||
Property, Plant and Equipment [Line Items] | |||||
Property, Plant and Equipment, Gross | 582,457 | 582,457 | 583,847 | ||
Tools, Dies and Molds [Member] | |||||
Property, Plant and Equipment [Line Items] | |||||
Property, Plant and Equipment, Gross | 112,015 | 112,015 | 111,189 | ||
Construction in Progress [Member] | |||||
Property, Plant and Equipment [Line Items] | |||||
Property, Plant and Equipment, Gross | $ 16,444 | $ 16,444 | $ 11,282 | ||
Titan Tire Reclamation Corporation [Member] | |||||
Property, Plant and Equipment [Line Items] | |||||
Asset Impairment Cost | $ 2,600 |
INTANGIBLE ASSETS (Details)
INTANGIBLE ASSETS (Details) - USD ($) $ in Thousands | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | |
Intangible Assets, Net (Excluding Goodwill) [Abstract] | |||
Finite-Lived Intangible Asset, Useful Life | 11 years 8 months 4 days | ||
Finite-Lived Trademarks, Gross | $ 10,062 | $ 10,181 | |
Finite-Lived Intangible Assets, Accumulated Amortization | (8,527) | (8,206) | |
Intangible Assets, Net (Excluding Goodwill) | 1,535 | $ 1,975 | |
Amortization of Intangible Assets | 600 | $ 1,600 | |
Finite-Lived Intangible Assets, Amortization Expense, Maturity Schedule [Abstract] | |||
October 1 - December 31, 2021 | 37 | ||
2021 | 145 | ||
2022 | 145 | ||
2023 | 134 | ||
2024 | 123 | ||
Thereafter | $ 951 |
WARRANTY (Details)
WARRANTY (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Product Warranty Liability [Line Items] | ||
Warranty liability at January 1 | $ 15,040 | $ 14,334 |
Provision for warranty liabilities | 7,397 | 4,060 |
Warranty payments made | (6,039) | (4,346) |
Warranty liability at June 30 | $ 16,398 | $ 14,048 |
REVOLVING CREDIT FACILITY AND_3
REVOLVING CREDIT FACILITY AND LONG-TERM DEBT (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2021 | Jun. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | |
Debt Instrument [Line Items] | ||||||
Debt Instrument, Interest Rate, Effective Percentage | 727.00% | 727.00% | ||||
Debt Instruments [Abstract] | ||||||
7.00% senior secured notes due 2028 | $ 394,300 | $ 394,300 | ||||
Long-term Line of Credit, Noncurrent | 30,000 | 30,000 | ||||
Long-term Debt and Lease Obligation, Including Current Maturities | 481,866 | 481,866 | $ 464,703 | |||
Short-term debt | 30,867 | 30,867 | 31,119 | |||
Long-term debt | 450,999 | 450,999 | 433,584 | |||
Debt Instrument, Unamortized Discount | (5,695) | (5,695) | (3,124) | |||
Debt Instrument, Unamortized Discount, Current | 0 | 0 | 0 | |||
Debt Instrument, Unamortized Discount (Premium), Net | (5,695) | (5,695) | (3,124) | |||
Maturities of Long-term Debt [Abstract] | ||||||
October 1 - December 31, 2021 | 15,841 | 15,841 | ||||
2021 | 24,616 | 24,616 | ||||
2022 | 37,328 | 37,328 | ||||
2023 | 3,995 | 3,995 | ||||
2024 | 1,395 | 1,395 | ||||
Thereafter | 404,386 | 404,386 | ||||
Long-term Debt, Gross | 487,561 | 487,561 | ||||
Line of Credit Facility, Maximum Borrowing Capacity | 100,000 | 100,000 | ||||
Letters of Credit Outstanding, Amount | 10,700 | 10,700 | ||||
Line of Credit Facility, Current Borrowing Capacity | 59,300 | 59,300 | ||||
Gain (Loss) on Repurchase of Debt Instrument | 0 | $ 16,000 | $ 0 | (16,020) | $ 0 | |
Senior Secured Notes 6.50 Percent [Member] [Member] | ||||||
Debt Instruments [Abstract] | ||||||
7.00% senior secured notes due 2028 | 400,000 | 400,000 | 400,000 | |||
Long-term Debt | 394,305 | 394,305 | 396,876 | |||
Debt Instrument, Unamortized Discount | $ (5,695) | $ (5,695) | (3,124) | |||
Maturities of Long-term Debt [Abstract] | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 7.00% | 7.00% | ||||
Titan Europe [Member] | ||||||
Debt Instruments [Abstract] | ||||||
Other Borrowings | $ 40,690 | $ 40,690 | 49,583 | |||
Debt Instrument, Unamortized Discount, Noncurrent | 0 | 0 | 0 | |||
Other Debt Obligations [Member] | ||||||
Debt Instruments [Abstract] | ||||||
Other debt | 16,871 | 16,871 | 18,244 | |||
Debt Instrument, Unamortized Discount, Noncurrent | 0 | 0 | 0 | |||
Titan Brazil [Member] | ||||||
Debt Instruments [Abstract] | ||||||
Other debt | 11,300 | 11,300 | ||||
Voltyre-Prom [Member] | ||||||
Debt Instruments [Abstract] | ||||||
Other debt | 3,900 | 3,900 | ||||
Long-term Debt [Member] | ||||||
Debt Instruments [Abstract] | ||||||
Long-term Debt and Lease Obligation, Including Current Maturities | 487,561 | 487,561 | 467,827 | |||
Long-term debt | $ 456,694 | $ 456,694 | $ 436,708 |
REDEEMABLE NONCONTROLLING INT_2
REDEEMABLE NONCONTROLLING INTEREST (Details) $ in Thousands | Sep. 30, 2021USD ($) |
Redeemable Noncontrolling Interest [Line Items] | |
Balance at January 1 | $ 25,000 |
Balance at June 30 | $ 25,000 |
LEASE COMMITMENTS (Details)
LEASE COMMITMENTS (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2021 | Dec. 31, 2020 | |
Leases [Abstract] | ||
Operating Lease, Right-of-Use Asset | $ 20,709 | $ 24,356 |
Operating Lease, Liability, Current | 6,595 | 7,533 |
Operating Lease, Liability, Noncurrent | 13,245 | 17,137 |
Operating Lease, Liability | 19,840 | 24,670 |
Finance Lease, Gross | 7,163 | 6,785 |
Finance Lease Accumulated Depreciation | (3,566) | (3,279) |
Finance Lease, Right-of-Use Asset | 3,597 | 3,506 |
Finance Lease, Liability, Current | 2,029 | 608 |
Finance Lease, Liability, Noncurrent | 2,966 | 2,072 |
Finance Lease, Liability | 4,995 | $ 2,680 |
Lessee, Operating Lease, Liability, Payment, Due [Abstract] | ||
July 1 - December 31, 2020 | 2,224 | |
2021 | 7,857 | |
2022 | 5,694 | |
2023 | 3,246 | |
2024 | 2,018 | |
Thereafter | 3,855 | |
Total lease payments | 24,894 | |
Less imputed interest | 5,054 | |
Finance Lease, Liability, Payment, Due [Abstract] | ||
April 1 - December 31, 2020 | 564 | |
2021 | 2,262 | |
2022 | 1,708 | |
2023 | 561 | |
2024 | 222 | |
Thereafter | 96 | |
Total lease payment | 5,413 | |
Lease imputed interest | $ 418 | |
Operating Lease, Weighted Average Remaining Lease Term | 4 years 1 month 28 days | |
Finance Lease, Weighted Average Remaining Lease Term | 2 years 8 months 4 days | |
Operating Lease, Payments | $ 2,400 | |
Finance Lease, Interest Payment on Liability | $ 200 |
EMPLOYEE BENEFIT PLANS (Details
EMPLOYEE BENEFIT PLANS (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Plan Assets, Contributions by Employer | $ 800 | |||
Defined Benefit Plan, Estimated Future Employer Contributions in Current Fiscal Year | $ 400 | 400 | ||
Pension Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | 168 | $ 200 | 506 | $ 728 |
Interest cost | 702 | 857 | 2,115 | 2,595 |
Expected return on assets | (1,505) | (1,360) | (4,519) | (4,078) |
Amortization of unrecognized prior service cost | (14) | 0 | (46) | 0 |
Amortization of net unrecognized loss | 697 | 696 | 2,090 | 2,088 |
Net periodic pension cost | $ 48 | $ 393 | $ 146 | $ 1,333 |
VARIABLE INTEREST ENTITIES (Det
VARIABLE INTEREST ENTITIES (Details) - USD ($) $ in Thousands | 9 Months Ended | |||
Sep. 30, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Dec. 31, 2019 | |
Variable Interest Entity [Line Items] | ||||
Cash and Cash Equivalents, at Carrying Value | $ 94,640 | $ 117,431 | $ 98,772 | $ 66,799 |
Inventories | 373,012 | 293,679 | ||
Property, Plant and Equipment, Net | 302,590 | 319,854 | ||
Other Assets, Noncurrent | 45,426 | |||
Total assets | 1,144,259 | 1,031,884 | ||
Total current liabilities | 436,912 | 329,711 | ||
Total liabilities | 944,665 | 830,619 | ||
Accounts payable | 253,819 | 167,210 | ||
Variable Interest Entity, Not Primary Beneficiary [Member] | ||||
Variable Interest Entity [Line Items] | ||||
Total assets | 6,002 | 5,623 | ||
Investments | 6,002 | 5,623 | ||
Accounts payable | 3,233 | 3,377 | ||
Maximum exposure to loss | 9,235 | 9,000 | ||
Variable Interest Entity, Primary Beneficiary [Member] | ||||
Variable Interest Entity [Line Items] | ||||
Cash and Cash Equivalents, at Carrying Value | 826 | 1,585 | ||
Inventories | 3,511 | 1,751 | ||
Other Assets, Current | 3,772 | 4,276 | ||
Property, Plant and Equipment, Net | 3,438 | 2,656 | ||
Other Assets, Noncurrent | 664 | 1,671 | ||
Total assets | 12,211 | 11,939 | ||
Total current liabilities | 1,654 | 1,152 | ||
Liabilities, Noncurrent | 682 | 2,591 | ||
Total liabilities | $ 2,336 | $ 3,743 | ||
Titan Tire Reclamation Corporation [Member] | ||||
Variable Interest Entity [Line Items] | ||||
Variable Interest Entity, Qualitative or Quantitative Information, Ownership Percentage | 50.00% |
Asset Impairment (Details)
Asset Impairment (Details) $ in Thousands | 9 Months Ended |
Sep. 30, 2020USD ($) | |
Text Block [Abstract] | |
Production Related Impairments or Charges | $ 3,600 |
ROYALTY EXPENSE (Details)
ROYALTY EXPENSE (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Other Income and Expenses [Abstract] | ||||
Royalty expense | $ 2,805 | $ 2,434 | $ 7,915 | $ 7,309 |
OTHER INCOME (Details)
OTHER INCOME (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Other Income and Expenses [Abstract] | ||||
Insurance Recoveries | $ 0 | $ 0 | $ 0 | $ 4,936 |
Gain (Loss) on Investments | 0 | 0 | 0 | 703 |
Income (Loss) from Equity Method Investments | 273 | 227 | 397 | 596 |
Gain (Loss) Related to Litigation Settlement | 0 | 0 | 1,750 | 0 |
Other Nonoperating Expense | 932 | |||
Gain (Loss) on Disposition of Assets | 132 | (58) | 297 | 834 |
Other Nonrecurring Income | 0 | 892 | 0 | 1,402 |
Building rental income | 500 | 1,200 | ||
Other Nonoperating Income | 243 | 1,222 | 2,046 | |
Other Nonoperating Income (Expense), Total | $ 648 | $ 2,283 | $ 1,512 | $ 9,111 |
INCOME TAXES (Details)
INCOME TAXES (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Income Tax Disclosure [Abstract] | ||||
Provision for income taxes | $ 5,342 | $ 342 | $ 9,927 | $ 2,377 |
Effective Income Tax Rate, Continuing Operations | 33.10% | (2.60%) | 31.50% | (5.50%) |
Deferred Tax Assets, Tax Deferred Expense, Reserves and Accruals, Reserves | $ 700 | $ 3,700 | $ 700 | $ 3,700 |
EARNINGS PER SHARE (Details)
EARNINGS PER SHARE (Details) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Net income (loss) attributable to Titan and applicable to common shareholders | $ 11,187 | $ (12,643) | $ 21,988 | $ (43,174) |
Net income (loss) applicable to common shareholders | $ 11,187 | $ (12,643) | $ 21,988 | $ (43,174) |
Weighted Average Number of Shares Outstanding, Basic | 62,340 | 60,926 | 61,844 | 60,630 |
Effect of equity awards | 261 | 0 | 679 | 0 |
Weighted average shares outstanding (diluted) | 62,601 | 60,926 | 62,523 | 60,630 |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 500 | 300 |
LITIGATION (Details)
LITIGATION (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||||||||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2017 | Sep. 30, 2021 | Sep. 30, 2020 | Jun. 30, 2021 | Dec. 31, 2020 | Jun. 30, 2020 | Dec. 31, 2019 | Dec. 31, 2015 | |
Loss Contingencies [Line Items] | ||||||||||
Accrual for Environmental Loss Contingencies, Revision in Estimates | $ 1,050,000 | |||||||||
Accrual for Environmental Loss Contingencies | $ 1,600,000 | $ 1,600,000 | ||||||||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax, Portion Attributable to Parent | (16,677,000) | $ 5,376,000 | (29,055,000) | $ (26,105,000) | ||||||
Other Comprehensive (Income) Loss, Defined Benefit Plan, Prior Service Cost (Credit), after Tax | 797,000 | 575,000 | (2,362,000) | 1,923,000 | ||||||
Accumulated Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Net of Tax | (223,206,000) | (218,612,000) | (223,206,000) | (218,612,000) | $ (206,529,000) | $ (194,151,000) | $ (223,988,000) | $ (192,507,000) | ||
AOCI, Derivative Qualifying as Hedge, Excluded Component, after Tax | (94,000) | (215,000) | (94,000) | (215,000) | (148,000) | (413,000) | (198,000) | 0 | ||
Accumulated Other Comprehensive (Income) Loss, Defined Benefit Plan, after Tax | (20,328,000) | 24,221,000 | (20,328,000) | 24,221,000 | 21,125,000 | (22,690,000) | 24,796,000 | 26,144,000 | ||
Accumulated other comprehensive loss | (243,628,000) | (243,048,000) | (243,628,000) | (243,048,000) | $ (227,802,000) | $ (217,254,000) | $ (248,982,000) | $ (218,651,000) | ||
Other Comprehensive Income (Loss), Derivative, Excluded Component, Increase (Decrease), after Adjustments, Tax | 54,000 | (17,000) | 319,000 | (215,000) | ||||||
Other Comprehensive Income (Loss), Derivative, Excluded Component, Increase (Decrease), after Adjustments, before Tax, Parent | 54,000 | $ (17,000) | 319,000 | $ (215,000) | ||||||
Accrual for Environmental Loss Contingencies, Payments | 11.5 | |||||||||
Accrual for Environmental Loss Contingencies, Gross | 11.5 | 11.5 | ||||||||
Accrued Environmental Loss Contingencies, Noncurrent | $ 1,200,000 | $ 1,200,000 | ||||||||
Judicial Ruling [Member] | ||||||||||
Loss Contingencies [Line Items] | ||||||||||
Loss Contingency Accrual | $ 1,620,000 | |||||||||
Unfavorable Regulatory Action [Member] | ||||||||||
Loss Contingencies [Line Items] | ||||||||||
Accrual for Environmental Loss Contingencies, Revision in Estimates | $ 5,450,000 |
SEGMENT INFORMATION (Details)
SEGMENT INFORMATION (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | |
Segment Reporting Information [Line Items] | |||||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 450,382 | $ 304,772 | $ 1,292,539 | $ 932,405 | |
Gross profit (loss) | 60,292 | 31,317 | 175,027 | 88,428 | |
Income (loss) from operations | 22,900 | (6,808) | 60,850 | (19,512) | |
Interest expense | (7,818) | (7,251) | (23,939) | (23,076) | |
Foreign Currency Transaction Gain (Loss), before Tax | 416 | (1,336) | 9,125 | (9,742) | |
Other Nonoperating Income (Expense) | 648 | 2,283 | 1,512 | 9,111 | |
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest | 16,146 | (13,112) | 31,528 | (43,219) | |
Assets | 1,144,259 | 1,144,259 | $ 1,031,884 | ||
Operating Segments [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenue from Contract with Customer, Excluding Assessed Tax | 450,382 | 304,772 | 1,292,539 | 932,405 | |
Gross profit (loss) | 60,292 | 31,317 | 175,027 | 88,428 | |
Income (loss) from operations | 22,900 | (6,808) | 60,850 | (19,512) | |
Operating Segments [Member] | Agricultural [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenue from Contract with Customer, Excluding Assessed Tax | 244,373 | 153,067 | 684,636 | 473,272 | |
Gross profit (loss) | 33,214 | 16,191 | 98,294 | 45,830 | |
Income (loss) from operations | 18,156 | 3,091 | 54,228 | 11,958 | |
Assets | 494,117 | 494,117 | 420,993 | ||
Operating Segments [Member] | Earthmoving/construction [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenue from Contract with Customer, Excluding Assessed Tax | 168,408 | 123,227 | 509,930 | 372,606 | |
Gross profit (loss) | 21,263 | 12,409 | 63,333 | 34,777 | |
Income (loss) from operations | 7,913 | 656 | 20,950 | (5,161) | |
Assets | 489,076 | 489,076 | 473,873 | ||
Operating Segments [Member] | Consumer [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenue from Contract with Customer, Excluding Assessed Tax | 37,601 | 28,478 | 97,973 | 86,527 | |
Gross profit (loss) | 5,815 | 2,717 | 13,400 | 7,821 | |
Income (loss) from operations | 3,519 | (88) | 7,067 | 912 | |
Assets | 142,093 | 142,093 | 114,993 | ||
Operating Segments [Member] | Unallocated Amount to Segment [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Income (loss) from operations | (6,688) | $ (10,467) | (21,395) | $ (27,221) | |
Assets | $ 18,973 | $ 18,973 | $ 22,025 |
SEGMENT INFORMATION ASSETS (Det
SEGMENT INFORMATION ASSETS (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Segment Reporting Information [Line Items] | ||
Assets | $ 1,144,259 | $ 1,031,884 |
Operating Segments [Member] | Agricultural [Member] | ||
Segment Reporting Information [Line Items] | ||
Assets | 494,117 | 420,993 |
Operating Segments [Member] | Earthmoving/construction [Member] | ||
Segment Reporting Information [Line Items] | ||
Assets | 489,076 | 473,873 |
Operating Segments [Member] | Consumer [Member] | ||
Segment Reporting Information [Line Items] | ||
Assets | 142,093 | 114,993 |
Operating Segments [Member] | Unallocated Amount to Segment [Member] | ||
Segment Reporting Information [Line Items] | ||
Assets | $ 18,973 | $ 22,025 |
RELATED PARTY TRANSACTIONS (Det
RELATED PARTY TRANSACTIONS (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | |
Related Party Transaction [Line Items] | |||||
Related Party Transaction, Revenues from Transactions with Related Party | $ 0.7 | $ 0.1 | $ 2 | $ 0.6 | |
Related Party Transaction, Due from (to) Related Party | 0.3 | 0.3 | $ 0.1 | ||
Related Party Transaction, Expenses from Transactions with Related Party | $ 0.5 | $ 0.3 | $ 1.5 | $ 1 |
ACCUMULATED OTHER COMPREHENSI_3
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Jun. 30, 2021 | Dec. 31, 2020 | Jun. 30, 2020 | Dec. 31, 2019 | |
Stockholders' Equity Note [Abstract] | ||||||||
Accumulated Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Net of Tax | $ (223,206) | $ (218,612) | $ (223,206) | $ (218,612) | $ (206,529) | $ (194,151) | $ (223,988) | $ (192,507) |
Other Comprehensive Income (Loss), Derivative, Excluded Component, Increase (Decrease), after Adjustments, before Tax, Parent | 54 | (17) | 319 | (215) | ||||
AOCI, Derivative Qualifying as Hedge, Excluded Component, after Tax | (94) | (215) | (94) | (215) | (148) | (413) | (198) | 0 |
Currency translation adjustments | (16,677) | 5,376 | (29,055) | (26,105) | ||||
Accumulated Other Comprehensive (Income) Loss, Defined Benefit Plan, after Tax | (20,328) | 24,221 | (20,328) | 24,221 | 21,125 | (22,690) | 24,796 | 26,144 |
Amortization of unrecognized losses and prior service cost, net of tax | (797) | (575) | 2,362 | (1,923) | ||||
Accumulated other comprehensive loss | (243,628) | (243,048) | (243,628) | (243,048) | $ (227,802) | $ (217,254) | $ (248,982) | $ (218,651) |
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, Tax | $ (42) | $ 45 | $ (83) | $ 65 |
SUBSIDIARY GUARANTOR FINANCIA_3
SUBSIDIARY GUARANTOR FINANCIAL INFORMATION (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||||
Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | |
Condensed Financial Statements, Captions [Line Items] | ||||||||||
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Net of Tax | $ 54 | $ (17) | $ 319 | $ (215) | ||||||
Income Statement [Abstract] | ||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 450,382 | 304,772 | 1,292,539 | 932,405 | ||||||
Cost of sales | 390,090 | 273,455 | 1,117,512 | 840,391 | ||||||
Asset Impairment Cost | 0 | 0 | 0 | 3,586 | ||||||
Gross profit (loss) | 60,292 | 31,317 | 175,027 | 88,428 | ||||||
Selling, General and Administrative Expense | 32,217 | 33,451 | 98,811 | 93,849 | ||||||
Research and Development Expense | 2,370 | 2,240 | 7,451 | 6,782 | ||||||
Royalty expense | 2,805 | 2,434 | 7,915 | 7,309 | ||||||
Income (loss) from operations | 22,900 | (6,808) | 60,850 | (19,512) | ||||||
Interest expense | (7,818) | (7,251) | (23,939) | (23,076) | ||||||
Intercompany Interest Expense Income | 0 | 0 | ||||||||
Foreign Currency Transaction Gain (Loss), before Tax | 416 | (1,336) | 9,125 | (9,742) | ||||||
Other Nonoperating Income (Expense) | 648 | 2,283 | 1,512 | 9,111 | ||||||
Income (loss) before income taxes | 16,146 | (13,112) | 31,528 | (43,219) | ||||||
Provision for income taxes | 5,342 | 342 | 9,927 | 2,377 | ||||||
Equity in Net Earnings (Loss) of Subsidiaries | 0 | 0 | ||||||||
Net income (loss) | 10,804 | (13,454) | 21,601 | (45,596) | ||||||
Net loss attributable to noncontrolling interests | (383) | (811) | (387) | (2,422) | ||||||
Net income (loss) attributable to Titan | 11,187 | (12,643) | 21,988 | (43,174) | ||||||
Comprehensive Income Statement [Abstract] | ||||||||||
Net income (loss) | 10,804 | (13,454) | 21,601 | (45,596) | ||||||
Currency translation adjustment | (16,243) | 4,275 | (28,991) | (28,498) | ||||||
Pension liability adjustments, net of tax | 797 | $ 692 | $ 873 | 575 | $ 40 | $ 1,308 | 2,362 | 1,923 | ||
Comprehensive income (loss) | (4,588) | (8,621) | (4,709) | (72,386) | ||||||
Net comprehensive loss attributable to redeemable and noncontrolling interests | 51 | (1,912) | (323) | (4,814) | ||||||
Comprehensive income (loss) attributable to Titan | (4,639) | (6,709) | (4,386) | (67,572) | ||||||
Statement of Financial Position [Abstract] | ||||||||||
Cash and cash equivalents | 94,640 | 98,772 | 94,640 | 98,772 | $ 117,431 | $ 66,799 | ||||
Accounts Receivable, after Allowance for Credit Loss, Current | 261,447 | 261,447 | 193,014 | |||||||
Inventory, Net | 373,012 | 373,012 | 293,679 | |||||||
Prepaid Expense and Other Assets, Current | 67,144 | 67,144 | 54,475 | |||||||
Total current assets | 796,243 | 796,243 | 658,599 | |||||||
Property, Plant and Equipment, Net | 302,590 | 302,590 | 319,854 | |||||||
Equity Method Investments | 0 | 0 | ||||||||
Other Assets, Noncurrent | 45,426 | 45,426 | ||||||||
Total assets | 1,144,259 | 1,144,259 | 1,031,884 | |||||||
Short-term debt | 30,867 | 30,867 | 31,119 | |||||||
Accounts payable | 253,819 | 253,819 | 167,210 | |||||||
Other current liabilities | 152,226 | 152,226 | 131,382 | |||||||
Total current liabilities | 436,912 | 436,912 | 329,711 | |||||||
Long-term debt | 450,999 | 450,999 | 433,584 | |||||||
Liabilities, Other than Long-term Debt, Noncurrent | 56,754 | 56,754 | ||||||||
Intercompany Accounts, Net | 0 | 0 | ||||||||
Redeemable noncontrolling interest | 25,000 | 25,000 | 25,000 | |||||||
Stockholders' Equity Attributable to Parent | 177,916 | 177,916 | 179,264 | |||||||
Stockholders' Equity Attributable to Noncontrolling Interest | (3,322) | (3,322) | (2,999) | |||||||
Total liabilities and equity | 1,144,259 | 1,144,259 | 1,031,884 | |||||||
Statement of Cash Flows [Abstract] | ||||||||||
Net cash provided by (used for) operating activities | (2,290) | 47,431 | ||||||||
Capital expenditures | (24,250) | (13,350) | ||||||||
Payments for (Proceeds from) Investments | 0 | 32,852 | ||||||||
Payments for (Proceeds from) Other Investing Activities | 0 | 1,484 | ||||||||
Net cash provided by (used for) investing activities | (23,111) | 25,364 | ||||||||
Proceeds from borrowings | 482,293 | 85,991 | ||||||||
Repayments of Other Debt | (59,949) | (116,601) | ||||||||
Payments of Dividends, Common Stock | 0 | (603) | ||||||||
Proceeds from (Payments for) Other Financing Activities | (2,069) | |||||||||
Net cash provided by (used for) financing activities | 7,275 | (33,936) | ||||||||
Effect of Exchange Rate on Cash and Cash Equivalents | (4,665) | (6,886) | ||||||||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | (22,791) | 31,973 | ||||||||
Cash and cash equivalents | 94,640 | 98,772 | 94,640 | 98,772 | 117,431 | $ 66,799 | ||||
Proceeds from Sales of Assets, Investing Activities | 1,139 | (558) | ||||||||
Gain (Loss) on Repurchase of Debt Instrument | 0 | $ 16,000 | $ 0 | (16,020) | 0 | |||||
Repayments of Senior Debt | (413,000) | $ 0 | ||||||||
Parent Company [Member] | ||||||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||||
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Net of Tax | 54 | 319 | ||||||||
Income Statement [Abstract] | ||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 | ||||||||
Cost of sales | 267 | 768 | ||||||||
Gross profit (loss) | (267) | (768) | ||||||||
Selling, General and Administrative Expense | 2,020 | 7,619 | ||||||||
Research and Development Expense | 301 | 757 | ||||||||
Royalty expense | 198 | 1,033 | ||||||||
Income (loss) from operations | (2,786) | (10,177) | ||||||||
Interest expense | (7,637) | (22,771) | ||||||||
Intercompany Interest Expense Income | 400 | 1,263 | ||||||||
Foreign Currency Transaction Gain (Loss), before Tax | 0 | (6) | ||||||||
Other Nonoperating Income (Expense) | (5) | (1,231) | ||||||||
Income (loss) before income taxes | (10,028) | (48,942) | ||||||||
Provision for income taxes | 507 | (1,449) | ||||||||
Equity in Net Earnings (Loss) of Subsidiaries | 21,340 | 69,095 | ||||||||
Net income (loss) | 10,805 | 21,602 | ||||||||
Net loss attributable to noncontrolling interests | 0 | 0 | ||||||||
Net income (loss) attributable to Titan | 10,805 | 21,602 | ||||||||
Comprehensive Income Statement [Abstract] | ||||||||||
Net income (loss) | 10,805 | 21,602 | ||||||||
Currency translation adjustment | (16,243) | (28,991) | ||||||||
Pension liability adjustments, net of tax | 797 | 2,362 | ||||||||
Comprehensive income (loss) | (4,587) | (4,708) | ||||||||
Net comprehensive loss attributable to redeemable and noncontrolling interests | 0 | 0 | ||||||||
Comprehensive income (loss) attributable to Titan | (4,587) | (4,708) | ||||||||
Statement of Financial Position [Abstract] | ||||||||||
Cash and cash equivalents | 11,594 | 11,594 | 10,998 | |||||||
Accounts Receivable, after Allowance for Credit Loss, Current | (185) | (185) | ||||||||
Inventory, Net | 0 | 0 | ||||||||
Prepaid Expense and Other Assets, Current | 1,384 | 1,384 | ||||||||
Total current assets | 13,163 | 13,163 | ||||||||
Property, Plant and Equipment, Net | 1,679 | 1,679 | ||||||||
Equity Method Investments | 639,992 | 639,992 | ||||||||
Other Assets, Noncurrent | 1,185 | 1,185 | ||||||||
Total assets | 656,019 | 656,019 | ||||||||
Short-term debt | 0 | 0 | ||||||||
Accounts payable | 3,318 | 3,318 | ||||||||
Other current liabilities | 30,284 | 30,284 | ||||||||
Total current liabilities | 33,602 | 33,602 | ||||||||
Long-term debt | 424,305 | 424,305 | ||||||||
Liabilities, Other than Long-term Debt, Noncurrent | 250 | 250 | ||||||||
Intercompany Accounts, Net | (21,023) | (21,023) | ||||||||
Redeemable noncontrolling interest | 0 | 0 | ||||||||
Stockholders' Equity Attributable to Parent | 218,885 | 218,885 | ||||||||
Stockholders' Equity Attributable to Noncontrolling Interest | 0 | 0 | ||||||||
Total liabilities and equity | 656,019 | 656,019 | ||||||||
Statement of Cash Flows [Abstract] | ||||||||||
Net cash provided by (used for) operating activities | (10,790) | |||||||||
Capital expenditures | (17) | |||||||||
Net cash provided by (used for) investing activities | (17) | |||||||||
Proceeds from borrowings | (465,473) | |||||||||
Repayments of Other Debt | (35,357) | |||||||||
Proceeds from (Payments for) Other Financing Activities | (5,713) | |||||||||
Net cash provided by (used for) financing activities | 11,403 | |||||||||
Effect of Exchange Rate on Cash and Cash Equivalents | 0 | |||||||||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | 596 | |||||||||
Cash and cash equivalents | 11,594 | 11,594 | 10,998 | |||||||
Proceeds from Sales of Assets, Investing Activities | 0 | |||||||||
Gain (Loss) on Repurchase of Debt Instrument | 16,020 | |||||||||
Repayments of Senior Debt | 413,000 | |||||||||
Guarantor Subsidiaries [Member] | ||||||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||||
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Net of Tax | 0 | 0 | ||||||||
Income Statement [Abstract] | ||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 72,169 | 297,249 | ||||||||
Cost of sales | 48,318 | 222,893 | ||||||||
Gross profit (loss) | 23,851 | 74,356 | ||||||||
Selling, General and Administrative Expense | 11,288 | 35,147 | ||||||||
Research and Development Expense | 732 | 2,240 | ||||||||
Royalty expense | 1,155 | 3,282 | ||||||||
Income (loss) from operations | 10,676 | 33,687 | ||||||||
Interest expense | (7) | (18) | ||||||||
Intercompany Interest Expense Income | 620 | 1,667 | ||||||||
Foreign Currency Transaction Gain (Loss), before Tax | (248) | (113) | ||||||||
Other Nonoperating Income (Expense) | 117 | 2,145 | ||||||||
Income (loss) before income taxes | 11,158 | 37,368 | ||||||||
Provision for income taxes | 93 | 250 | ||||||||
Equity in Net Earnings (Loss) of Subsidiaries | 0 | 0 | ||||||||
Net income (loss) | 11,065 | 37,118 | ||||||||
Net loss attributable to noncontrolling interests | 0 | 0 | ||||||||
Net income (loss) attributable to Titan | 11,065 | 37,118 | ||||||||
Comprehensive Income Statement [Abstract] | ||||||||||
Net income (loss) | 11,065 | 37,118 | ||||||||
Currency translation adjustment | 0 | 0 | ||||||||
Pension liability adjustments, net of tax | 667 | 2,001 | ||||||||
Comprehensive income (loss) | 11,732 | 39,119 | ||||||||
Net comprehensive loss attributable to redeemable and noncontrolling interests | 0 | 0 | ||||||||
Comprehensive income (loss) attributable to Titan | 11,732 | 39,119 | ||||||||
Statement of Financial Position [Abstract] | ||||||||||
Cash and cash equivalents | (9) | (9) | 4 | |||||||
Accounts Receivable, after Allowance for Credit Loss, Current | 5 | 5 | ||||||||
Inventory, Net | 54,536 | 54,536 | ||||||||
Prepaid Expense and Other Assets, Current | 17,974 | 17,974 | ||||||||
Total current assets | 72,506 | 72,506 | ||||||||
Property, Plant and Equipment, Net | 79,548 | 79,548 | ||||||||
Equity Method Investments | 0 | 0 | ||||||||
Other Assets, Noncurrent | 4,111 | 4,111 | ||||||||
Total assets | 156,165 | 156,165 | ||||||||
Short-term debt | 0 | 0 | ||||||||
Accounts payable | 48,948 | 48,948 | ||||||||
Other current liabilities | 28,870 | 28,870 | ||||||||
Total current liabilities | 77,818 | 77,818 | ||||||||
Long-term debt | 0 | 0 | ||||||||
Liabilities, Other than Long-term Debt, Noncurrent | 11,447 | 11,447 | ||||||||
Intercompany Accounts, Net | (466,198) | (466,198) | ||||||||
Redeemable noncontrolling interest | 0 | 0 | ||||||||
Stockholders' Equity Attributable to Parent | 533,098 | 533,098 | ||||||||
Stockholders' Equity Attributable to Noncontrolling Interest | 0 | 0 | ||||||||
Total liabilities and equity | 156,165 | 156,165 | ||||||||
Statement of Cash Flows [Abstract] | ||||||||||
Net cash provided by (used for) operating activities | 6,347 | |||||||||
Capital expenditures | (6,363) | |||||||||
Net cash provided by (used for) investing activities | (6,337) | |||||||||
Proceeds from borrowings | 0 | |||||||||
Repayments of Other Debt | 0 | |||||||||
Proceeds from (Payments for) Other Financing Activities | (23) | |||||||||
Net cash provided by (used for) financing activities | (23) | |||||||||
Effect of Exchange Rate on Cash and Cash Equivalents | 0 | |||||||||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | (13) | |||||||||
Cash and cash equivalents | (9) | (9) | 4 | |||||||
Proceeds from Sales of Assets, Investing Activities | (26) | |||||||||
Gain (Loss) on Repurchase of Debt Instrument | 0 | |||||||||
Repayments of Senior Debt | 0 | |||||||||
Non-Guarantor Subsidiaries [Member] | ||||||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||||
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Net of Tax | 54 | 319 | ||||||||
Income Statement [Abstract] | ||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 450,441 | 1,292,735 | ||||||||
Cost of sales | 413,733 | 1,191,296 | ||||||||
Gross profit (loss) | 36,708 | 101,439 | ||||||||
Selling, General and Administrative Expense | 18,909 | 56,045 | ||||||||
Research and Development Expense | 1,337 | 4,454 | ||||||||
Royalty expense | 1,452 | 3,600 | ||||||||
Income (loss) from operations | 15,010 | 37,340 | ||||||||
Interest expense | (174) | (1,150) | ||||||||
Intercompany Interest Expense Income | (1,020) | (2,930) | ||||||||
Foreign Currency Transaction Gain (Loss), before Tax | 664 | 9,244 | ||||||||
Other Nonoperating Income (Expense) | 536 | 598 | ||||||||
Income (loss) before income taxes | 15,016 | 43,102 | ||||||||
Provision for income taxes | 4,742 | 11,126 | ||||||||
Equity in Net Earnings (Loss) of Subsidiaries | 2,920 | 6,519 | ||||||||
Net income (loss) | 13,194 | 38,495 | ||||||||
Net loss attributable to noncontrolling interests | (383) | (387) | ||||||||
Net income (loss) attributable to Titan | 13,577 | 38,882 | ||||||||
Comprehensive Income Statement [Abstract] | ||||||||||
Net income (loss) | 13,194 | 38,495 | ||||||||
Currency translation adjustment | (16,243) | (28,991) | ||||||||
Pension liability adjustments, net of tax | 130 | 361 | ||||||||
Comprehensive income (loss) | (2,865) | 10,184 | ||||||||
Net comprehensive loss attributable to redeemable and noncontrolling interests | 51 | (323) | ||||||||
Comprehensive income (loss) attributable to Titan | (2,916) | 10,507 | ||||||||
Statement of Financial Position [Abstract] | ||||||||||
Cash and cash equivalents | 83,055 | 83,055 | 106,429 | |||||||
Accounts Receivable, after Allowance for Credit Loss, Current | 261,257 | 261,257 | ||||||||
Inventory, Net | 318,476 | 318,476 | ||||||||
Prepaid Expense and Other Assets, Current | 47,786 | 47,786 | ||||||||
Total current assets | 710,574 | 710,574 | ||||||||
Property, Plant and Equipment, Net | 221,363 | 221,363 | ||||||||
Equity Method Investments | 56,149 | 56,149 | ||||||||
Other Assets, Noncurrent | 40,130 | 40,130 | ||||||||
Total assets | 1,028,216 | 1,028,216 | ||||||||
Short-term debt | 30,867 | 30,867 | ||||||||
Accounts payable | 201,553 | 201,553 | ||||||||
Other current liabilities | 93,072 | 93,072 | ||||||||
Total current liabilities | 325,492 | 325,492 | ||||||||
Long-term debt | 26,694 | 26,694 | ||||||||
Liabilities, Other than Long-term Debt, Noncurrent | 45,057 | 45,057 | ||||||||
Intercompany Accounts, Net | 487,221 | 487,221 | ||||||||
Redeemable noncontrolling interest | 25,000 | 25,000 | ||||||||
Stockholders' Equity Attributable to Parent | 122,074 | 122,074 | ||||||||
Stockholders' Equity Attributable to Noncontrolling Interest | (3,322) | (3,322) | ||||||||
Total liabilities and equity | 1,028,216 | 1,028,216 | ||||||||
Statement of Cash Flows [Abstract] | ||||||||||
Net cash provided by (used for) operating activities | 2,153 | |||||||||
Capital expenditures | (17,870) | |||||||||
Net cash provided by (used for) investing activities | (16,757) | |||||||||
Proceeds from borrowings | 16,820 | |||||||||
Repayments of Other Debt | (24,592) | |||||||||
Proceeds from (Payments for) Other Financing Activities | 3,667 | |||||||||
Net cash provided by (used for) financing activities | (4,105) | |||||||||
Effect of Exchange Rate on Cash and Cash Equivalents | (4,665) | |||||||||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | (23,374) | |||||||||
Cash and cash equivalents | 83,055 | 83,055 | $ 106,429 | |||||||
Proceeds from Sales of Assets, Investing Activities | (1,113) | |||||||||
Gain (Loss) on Repurchase of Debt Instrument | 0 | |||||||||
Repayments of Senior Debt | 0 | |||||||||
Consolidation, Eliminations [Member] | ||||||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||||
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Net of Tax | (54) | (319) | ||||||||
Income Statement [Abstract] | ||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | (72,228) | (297,445) | ||||||||
Cost of sales | (72,228) | (297,445) | ||||||||
Gross profit (loss) | 0 | 0 | ||||||||
Selling, General and Administrative Expense | 0 | 0 | ||||||||
Research and Development Expense | 0 | 0 | ||||||||
Royalty expense | 0 | 0 | ||||||||
Income (loss) from operations | 0 | 0 | ||||||||
Interest expense | 0 | 0 | ||||||||
Intercompany Interest Expense Income | 0 | 0 | ||||||||
Foreign Currency Transaction Gain (Loss), before Tax | 0 | 0 | ||||||||
Other Nonoperating Income (Expense) | 0 | 0 | ||||||||
Income (loss) before income taxes | 0 | 0 | ||||||||
Provision for income taxes | 0 | 0 | ||||||||
Equity in Net Earnings (Loss) of Subsidiaries | (24,260) | (75,614) | ||||||||
Net income (loss) | (24,260) | (75,614) | ||||||||
Net loss attributable to noncontrolling interests | 0 | 0 | ||||||||
Net income (loss) attributable to Titan | (24,260) | (75,614) | ||||||||
Comprehensive Income Statement [Abstract] | ||||||||||
Net income (loss) | (24,260) | (75,614) | ||||||||
Currency translation adjustment | 16,243 | 28,991 | ||||||||
Pension liability adjustments, net of tax | (797) | (2,362) | ||||||||
Comprehensive income (loss) | (8,868) | (49,304) | ||||||||
Net comprehensive loss attributable to redeemable and noncontrolling interests | 0 | 0 | ||||||||
Comprehensive income (loss) attributable to Titan | (8,868) | (49,304) | ||||||||
Statement of Financial Position [Abstract] | ||||||||||
Cash and cash equivalents | 0 | 0 | ||||||||
Accounts Receivable, after Allowance for Credit Loss, Current | 0 | 0 | ||||||||
Inventory, Net | 0 | 0 | ||||||||
Prepaid Expense and Other Assets, Current | 0 | 0 | ||||||||
Total current assets | 0 | 0 | ||||||||
Property, Plant and Equipment, Net | 0 | 0 | ||||||||
Equity Method Investments | (696,141) | (696,141) | ||||||||
Other Assets, Noncurrent | 0 | 0 | ||||||||
Total assets | (696,141) | (696,141) | ||||||||
Short-term debt | 0 | 0 | ||||||||
Accounts payable | 0 | 0 | ||||||||
Other current liabilities | 0 | 0 | ||||||||
Total current liabilities | 0 | 0 | ||||||||
Long-term debt | 0 | 0 | ||||||||
Liabilities, Other than Long-term Debt, Noncurrent | 0 | 0 | ||||||||
Intercompany Accounts, Net | 0 | 0 | ||||||||
Redeemable noncontrolling interest | 0 | 0 | ||||||||
Stockholders' Equity Attributable to Parent | (696,141) | (696,141) | ||||||||
Stockholders' Equity Attributable to Noncontrolling Interest | 0 | 0 | ||||||||
Total liabilities and equity | (696,141) | (696,141) | ||||||||
Statement of Cash Flows [Abstract] | ||||||||||
Cash and cash equivalents | $ 0 | 0 | ||||||||
Gain (Loss) on Repurchase of Debt Instrument | $ 0 |
Subsequent Events (Details)
Subsequent Events (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Apr. 22, 2021 | Dec. 31, 2020 |
Subsequent Events [Abstract] | |||
Long-term Debt | $ 394,300 | ||
Subsequent Event [Line Items] | |||
Long-term Debt | 394,300 | ||
Senior Secured Notes 6.50 Percent [Member] [Member] | |||
Subsequent Events [Abstract] | |||
Long-term Debt | 400,000 | $ 400,000 | |
Subsequent Event [Line Items] | |||
Long-term Debt | $ 400,000 | $ 400,000 | |
Debt Instrument, Interest Rate, Stated Percentage | 7.00% | ||
Senior Secured Notes 7.00 Percent | |||
Subsequent Events [Abstract] | |||
Long-term Debt | $ 400,000 | ||
Subsequent Event [Line Items] | |||
Long-term Debt | $ 400,000 | ||
Debt Instrument, Interest Rate, Stated Percentage | 7.00% |