XML 42 R32.htm IDEA: XBRL DOCUMENT v3.3.0.814
RESTATEMENT (Notes)
6 Months Ended
Jun. 30, 2015
Error Corrections and Prior Period Adjustments Restatement [Line Items]  
Accounting Changes and Error Corrections [Text Block]
RESTATEMENT

In November 2015, the Company identified errors in the accounting for the shareholders' and related redeemable noncontrolling interest in the Company’s investment in Voltyre-Prom. The Company did not correctly classify redeemable noncontrolling interest on the balance sheet as mezzanine equity, which is presented below liabilities and above equity. As the redeemable noncontrolling interest balance exceeds the carrying value of the investment, there is a reclassification of additional paid-in capital to mezzanine equity and a correction in the earnings per share calculation. Accordingly, the Company is restating its earnings per share for the three and six months ended June 30, 2015 and 2014, and its consolidated balance sheet as of June 30, 2015, and December 31, 2014. The corrections had no other effect on the Consolidated Statement of Operations.
The following table (unaudited) summarizes the restatement adjustments of the Company’s earnings per share for the three months and six months ended June 30, 2015 and 2014:
 
Three months ended
 
Six months ended
 
June 30,
 
June 30,
 
June 30,
 
June 30,
 
2015
 
2014
 
2015
 
2014
Basic income (loss) per common share - as reported
$
0.13

 
$
(0.38
)
 
$
0.13

 
(0.34
)
Basic income (loss) per common share - as restated
$
0.17

 
$
(0.40
)
 
$
0.12

 
$
(0.37
)
Adjustment
$
0.04

 
$
(0.02
)
 
$
(0.01
)
 
$
(0.03
)
 
 
 
 
 
 
 
 
Diluted income (loss) per common share - as reported
$
0.12

 
$
(0.38
)
 
$
0.13

 
(0.34
)
Diluted income (loss) per common share - as restated
$
0.17

 
$
(0.40
)
 
$
0.12

 
$
(0.37
)
Adjustment
$
0.05

 
$
(0.02
)
 
$
(0.01
)
 
$
(0.03
)
The following table summarizes the restatement adjustments on the Company’s Consolidated Condensed Balance Sheet (unaudited) as of June 30, 2015 (amounts in thousands):
 
Consolidated Balance Sheet
 
June 30, 2015
 
As reported
 
Adjustment
 
As restated
Assets
 
 
 
 
 
Current Assets
 
 
 
 
 
   Cash and cash equivalents
187,484

 
—

 
187,484

   Accounts receivable
224,689

 
—

 
224,689

   Inventories
306,087

 
—

 
306,087

   Deferred income taxes
13,972

 
—

 
13,972

   Prepaid and other current assets
74,786

 
—

 
74,786

     Total current assets
807,018

 
—

 
807,018

   Property, plant and equipment, net
483,407

 
—

 
483,407

   Deferred income taxes
18,303

 
—

 
18,303

   Other assets
111,686

 
—

 
111,686

Total assets
$
1,420,414

 
$
—

 
$
1,420,414

Liabilities
 
 
 
 
 
Current Liabilities
 
 
 
 
 
   Short-term debt
$
25,068

 
$
—

 
$
25,068

   Accounts payable
135,758

 
—

 
135,758

   Other current liabilities
121,967

 
—

 
121,967

     Total current liabilities
282,793

 
—

 
282,793

   Long-term debt
495,273

 
—

 
495,273

   Deferred income taxes
3,524

 
—

 
3,524

   Other long-term liabilities
84,330

 
—

 
84,330

Total liabilities
865,920

 
—

 
865,920

Redeemable noncontrolling interest
—

 
70,511

 
70,511

Equity
 
 
 
 
 
Titan stockholders' equity
 
 
 
 
 
   Common stock
—

 
—

 
—

   Additional paid-in capital
563,227

 
(49,627
)
 
513,600

   Retained earnings
132,472

 
—

 
132,472

   Treasury stock
(13,508
)
 
—

 
(13,508
)
   Treasury stock reserved for deferred comp
(1,075
)
 
—

 
(1,075
)
   Accumulated other comprehensive loss
(150,923
)
 
—

 
(150,923
)
Total Titan stockholders' equity
530,193

 
(49,627
)
 
480,566

   Noncontrolling interests
24,301

 
(20,884
)
 
3,417

Total equity
554,494

 
(70,511
)
 
483,983

Total liabilities and equity
$
1,420,414

 
$
—

 
$
1,420,414


The following table summarizes the restatement adjustments on the Company’s Consolidated Balance Sheet as of December 31, 2014 (amounts in thousands):
 
Consolidated Balance Sheet
 
December 31, 2014
 
As reported
 
Adjustment
 
As restated
Assets
 
 
 
 
 
Current Assets
 
 
 
 
 
   Cash and cash equivalents
$
201,451

 
$
—

 
$
201,451

   Accounts receivable
199,378

 
—

 
199,378

   Inventories
331,432

 
—

 
331,432

   Deferred income taxes
23,435

 
—

 
23,435

   Prepaid and other current assets
80,234

 
—

 
80,234

     Total current assets
835,930

 
—

 
835,930

   Property, plant and equipment, net
527,414

 
—

 
527,414

   Deferred income taxes
15,623

 
—

 
15,623

   Other assets
116,757

 
—

 
116,757

Total assets
$
1,495,724

 
$
—

 
$
1,495,724

Liabilities
 
 
 
 
 
Current Liabilities
 
 
 
 
 
   Short-term debt
$
26,233

 
$
—

 
$
26,233

   Accounts payable
146,305

 
—

 
146,305

   Other current liabilities
129,018

 
—

 
129,018

     Total current liabilities
301,556

 
—

 
301,556

   Long-term debt
496,503

 
—

 
496,503

   Deferred income taxes
18,582

 
—

 
18,582

   Other long-term liabilities
89,025

 
—

 
89,025

Total liabilities
905,666

 
—

 
905,666

Redeemable noncontrolling interest
—

 
71,192

 
71,192

Equity
 
 
 
 
 
Titan stockholders' equity
 
 
 
 
 
   Common stock
—

 
—

 
—

   Additional paid-in capital
562,367

 
(49,277
)
 
513,090

   Retained earnings
126,007

 
—

 
126,007

   Treasury stock
(13,897
)
 
—

 
(13,897
)
   Treasury stock reserved for deferred comp
(1,075
)
 
—

 
(1,075
)
   Accumulated other comprehensive loss
(112,630
)
 
—

 
(112,630
)
Total Titan stockholders' equity
560,772

 
(49,277
)
 
511,495

   Noncontrolling interests
29,286

 
(21,915
)
 
7,371

Total equity
590,058

 
(71,192
)
 
518,866

Total liabilities and equity
$
1,495,724

 
$
—

 
$
1,495,724