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SUBSIDIARY GUARANTOR FINANCIAL INFORMATION
3 Months Ended
Mar. 31, 2016
SUBSIDIARY GUARANTOR FINANCIAL INFORMATION [Abstract]  
Condensed Financial Information of Parent Company Only Disclosure [Text Block]
SUBSIDIARY GUARANTOR FINANCIAL INFORMATION

The Company's 6.875% senior secured notes due 2020 and 5.625% convertible senior subordinated notes are guaranteed by the following 100% owned subsidiaries of the Company: Titan Tire Corporation, Titan Tire Corporation of Bryan, Titan Tire Corporation of Freeport, and Titan Wheel Corporation of Illinois. The note guarantees are full and unconditional, joint and several obligations of the guarantors. The guarantees of the guarantor subsidiaries are subject to release in limited circumstances only upon the occurrence of certain customary conditions. See the indenture incorporated by reference to the Company's most recent Form 10-K for additional information. The following condensed consolidating financial statements are presented using the equity method of accounting. Certain sales and marketing expenses recorded by non-guarantor subsidiaries have not been allocated to the guarantor subsidiaries.

(Amounts in thousands)
Consolidating Condensed Statements of Operations
For the Three Months Ended March 31, 2016
 
Titan
 Intl., Inc. (Parent)
 
Guarantor Subsidiaries
 
Non-Guarantor Subsidiaries
 
Eliminations
 
Consolidated
Net sales
$
—

 
$
144,034

 
$
177,760

 
$
—

 
$
321,794

Cost of sales
494

 
125,146

 
164,266

 
—

 
289,906

Gross profit (loss)
(494
)
 
18,888

 
13,494

 
—

 
31,888

Selling, general and administrative expenses
2,382

 
16,685

 
15,995

 
—

 
35,062

Research and development expenses
—

 
768

 
1,711

 
—

 
2,479

Royalty expense
292

 
1,196

 
806

 
—

 
2,294

Income (loss) from operations
(3,168
)
 
239

 
(5,018
)
 
—

 
(7,947
)
Interest expense
(8,283
)
 
—

 
(229
)
 
—

 
(8,512
)
Intercompany interest income (expense)
290

 
—

 
(290
)
 
—

 
—

Foreign exchange gain (loss)
—

 
(2
)
 
4,825

 
—

 
4,823

Other income
362

 
85

 
3,458

 
—

 
3,905

Income (loss) before income taxes
(10,799
)
 
322

 
2,746

 
—

 
(7,731
)
Provision for income taxes
379

 
191

 
434

 
—

 
1,004

Equity in earnings of subsidiaries
2,443

 
—

 
(2,005
)
 
(438
)
 
—

Net income (loss)
(8,735
)
 
131

 
307

 
(438
)
 
(8,735
)
Net income noncontrolling interests
—

 
—

 
417

 
—

 
417

Net income (loss) attributable to Titan
$
(8,735
)
 
$
131

 
$
(110
)
 
$
(438
)
 
$
(9,152
)


(Amounts in thousands)
Consolidating Condensed Statements of Operations
For the Three Months Ended March 31, 2015
 
Titan
 Intl., Inc. (Parent)
 
Guarantor Subsidiaries
 
Non-Guarantor Subsidiaries
 
Eliminations
 
Consolidated
Net sales
$
—

 
$
193,973

 
$
208,086

 
$
—

 
$
402,059

Cost of sales
231

 
167,951

 
191,083

 
—

 
359,265

Gross profit (loss)
(231
)
 
26,022

 
17,003

 
—

 
42,794

Selling, general and administrative expenses
2,634

 
15,379

 
17,661

 
—

 
35,674

Research and development expenses
—

 
1,000

 
2,086

 
—

 
3,086

Royalty expense
—

 
1,924

 
1,301

 
—

 
3,225

Income (loss) from operations
(2,865
)
 
7,719

 
(4,045
)
 
—

 
809

Interest expense
(8,115
)
 
—

 
(641
)
 
—

 
(8,756
)
Intercompany interest income (expense)
142

 
—

 
(142
)
 
—

 
—

Foreign exchange gain (loss)
4,515

 
(341
)
 
1,792

 


 
5,966

Other income (expense)
882

 
(38
)
 
1,473

 
—

 
2,317

Income (loss) before income taxes
(5,441
)
 
7,340

 
(1,563
)
 
—

 
336

Provision (benefit) for income taxes
2,389

 
2,693

 
(3,686
)
 
—

 
1,396

Equity in earnings of subsidiaries
6,770

 
—

 
(163
)
 
(6,607
)
 
—

Net income (loss)
(1,060
)
 
4,647

 
1,960

 
(6,607
)
 
(1,060
)
Net loss noncontrolling interests
—

 
—

 
(1,292
)
 
—

 
(1,292
)
Net income (loss) attributable to Titan
$
(1,060
)
 
$
4,647

 
$
3,252

 
$
(6,607
)
 
$
232

 
 
 
 
 
 
 
 
 
 


 
 
 
 
 
 
 
 
 
 

(Amounts in thousands)
Consolidating Condensed Statements of Comprehensive Income (Loss)
For the Three Months Ended March 31, 2016
 
Titan
 Intl., Inc. (Parent)
 
Guarantor Subsidiaries
 
Non-Guarantor Subsidiaries
 
Eliminations
 
Consolidated
Net income (loss)
$
(8,735
)
 
$
131

 
$
307

 
$
(438
)
 
$
(8,735
)
Currency translation adjustment, net
17,584

 
—

 
17,584

 
(17,584
)
 
17,584

Pension liability adjustments, net of tax
287

 
265

 
22

 
(287
)
 
287

Comprehensive income (loss)
9,136

 
396

 
17,913

 
(18,309
)
 
9,136

Net comprehensive income attributable to redeemable and noncontrolling interests
—

 
—

 
5,400

 
—

 
5,400

Comprehensive income (loss) attributable to Titan
$
9,136

 
$
396

 
$
12,513

 
$
(18,309
)
 
$
3,736



(Amounts in thousands)
Consolidating Condensed Statements of Comprehensive Income (Loss)
For the Three Months Ended March 31, 2015
 
Titan
 Intl., Inc. (Parent)
 
Guarantor Subsidiaries
 
Non-Guarantor Subsidiaries
 
Eliminations
 
Consolidated
Net income (loss)
$
(1,060
)
 
$
4,647

 
$
1,960

 
$
(6,607
)
 
$
(1,060
)
Currency translation adjustment, net
(45,386
)
 
—

 
(45,386
)
 
45,386

 
(45,386
)
Pension liability adjustments, net of tax
9

 
427

 
(418
)
 
(9
)
 
9

Comprehensive income (loss)
(46,437
)
 
5,074

 
(43,844
)
 
38,770

 
(46,437
)
Net comprehensive loss attributable to redeemable and noncontrolling interests
—

 
—

 
(3,013
)
 
—

 
(3,013
)
Comprehensive income (loss) attributable to Titan
$
(46,437
)
 
$
5,074

 
$
(40,831
)
 
$
38,770

 
$
(43,424
)



 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 


(Amounts in thousands)
Consolidating Condensed Balance Sheets
March 31, 2016
 
Titan
 Intl., Inc. (Parent)
 
Guarantor Subsidiaries
 
Non-Guarantor Subsidiaries
 
Eliminations
 
Consolidated
Assets
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
$
131,314

 
$
4

 
$
59,779

 
$
—

 
$
191,097

Accounts receivable, net
—

 
75,272

 
141,151

 
—

 
216,423

Inventories
—

 
75,053

 
190,120

 
—

 
265,173

Prepaid and other current assets
9,592

 
21,180

 
29,987

 
—

 
60,759

Total current assets
140,906

 
171,509

 
421,037

 
—

 
733,452

Property, plant and equipment, net
7,085

 
134,139

 
316,781

 
—

 
458,005

Investment in subsidiaries
731,081

 
—

 
97,202

 
(828,283
)
 
—

Other assets
31,364

 
1,172

 
83,972

 
—

 
116,508

Total assets
$
910,436

 
$
306,820

 
$
918,992

 
$
(828,283
)
 
$
1,307,965

Liabilities and Stockholders’ Equity
 

 
 

 
 

 
 

 
 

Short-term debt
$
60,161

 
$
—

 
$
28,622

 
$
—

 
$
88,783

Accounts payable
3,416

 
16,168

 
118,542

 
—

 
138,126

Other current liabilities
35,382

 
40,016

 
49,636

 
—

 
125,034

Total current liabilities
98,959

 
56,184

 
196,800

 
—

 
351,943

Long-term debt
400,000

 
—

 
19,509

 
—

 
419,509

Other long-term liabilities
30,031

 
19,706

 
55,549

 
—

 
105,286

Intercompany accounts
46,132

 
(269,628
)
 
223,496

 
—

 
—

Redeemable noncontrolling interest
—

 
—

 
96,774

 
—

 
96,774

Titan stockholders' equity
335,314

 
500,558

 
327,726

 
(828,283
)
 
335,315

Noncontrolling interests
—

 
—

 
(862
)
 
—

 
(862
)
Total liabilities and stockholders’ equity
$
910,436

 
$
306,820

 
$
918,992

 
$
(828,283
)
 
$
1,307,965

(Amounts in thousands)
Consolidating Condensed Balance Sheets
December 31, 2015
 
Titan
 Intl., Inc. (Parent)
 
Guarantor Subsidiaries
 
Non-Guarantor Subsidiaries
 
Eliminations
 
Consolidated
Assets
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
$
142,401

 
$
4

 
$
57,783

 
$
—

 
$
200,188

Accounts receivable, net
—

 
59,933

 
117,456

 
—

 
177,389

Inventories
—

 
81,993

 
187,798

 
—

 
269,791

Prepaid and other current assets
11,101

 
21,133

 
30,399

 
—

 
62,633

Total current assets
153,502

 
163,063

 
393,436

 
—

 
710,001

Property, plant and equipment, net
8,015

 
138,351

 
303,654

 
—

 
450,020

Investment in subsidiaries
724,676

 
—

 
98,660

 
(823,336
)
 
—

Other assets
34,141

 
1,181

 
79,848

 
—

 
115,170

Total assets
$
920,334

 
$
302,595

 
$
875,598

 
$
(823,336
)
 
$
1,275,191

Liabilities and Stockholders’ Equity
 

 
 

 
 

 
 

 
 

Short-term debt
$
—

 
$
—

 
$
31,222

 
$
—

 
$
31,222

Accounts payable
2,215

 
12,386

 
108,553

 
—

 
123,154

Other current liabilities
30,466

 
41,818

 
43,437

 
—

 
115,721

Total current liabilities
32,681

 
54,204

 
183,212

 
—

 
270,097

Long-term debt
460,161

 
—

 
20,243

 
—

 
480,404

Other long-term liabilities
29,881

 
20,628

 
52,324

 
—

 
102,833

Intercompany accounts
52,552

 
(271,930
)
 
219,378

 
—

 
—

Redeemable noncontrolling interest
—

 
—

 
77,174

 
—

 
77,174

Titan stockholders' equity
345,059

 
499,693

 
323,643

 
(823,336
)
 
345,059

Noncontrolling interests
—

 
—

 
(376
)
 
—

 
(376
)
Total liabilities and stockholders’ equity
$
920,334

 
$
302,595

 
$
875,598

 
$
(823,336
)
 
$
1,275,191





(Amounts in thousands)
Consolidating Condensed Statements of Cash Flows
For the Three Months Ended March 31, 2016
 
Titan
 Intl., Inc. (Parent)
 
Guarantor Subsidiaries
 
Non-Guarantor Subsidiaries
 
Consolidated
Net cash provided by (used for) operating activities
$
(11,182
)
 
$
1,969

 
$
11,546

 
$
2,333

Cash flows from investing activities:
 

 
 

 
 

 
 

Capital expenditures
365

 
(1,969
)
 
(5,545
)
 
(7,149
)
Other, net
—

 
—

 
771

 
771

Net cash provided by (used for) investing activities
365

 
(1,969
)
 
(4,774
)
 
(6,378
)
Cash flows from financing activities:
 

 
 

 
 

 
 

Proceeds from borrowings
—

 
—

 
110

 
110

Payment on debt
—

 
—

 
(7,288
)
 
(7,288
)
Dividends paid
(270
)
 
—

 
—

 
(270
)
Net cash used for financing activities
(270
)
 
—

 
(7,178
)
 
(7,448
)
Effect of exchange rate change on cash
—

 
—

 
2,402

 
2,402

Net increase (decrease) in cash and cash equivalents
(11,087
)
 
—

 
1,996

 
(9,091
)
Cash and cash equivalents, beginning of period
142,401

 
4

 
57,783

 
200,188

Cash and cash equivalents, end of period
$
131,314

 
$
4

 
$
59,779

 
$
191,097

 
(Amounts in thousands)
Consolidating Condensed Statements of Cash Flows
For the Three Months Ended March 31, 2015
 
Titan
 Intl., Inc. (Parent)
 
Guarantor Subsidiaries
 
Non-Guarantor Subsidiaries
 
Consolidated
Net cash provided by (used for) operating activities
$
9,788

 
$
1,481

 
$
(18,236
)
 
$
(6,967
)
Cash flows from investing activities:
 

 
 

 
 

 
 

Capital expenditures
(181
)
 
(1,456
)
 
(9,782
)
 
(11,419
)
Other, net
—

 
16

 
2,318

 
2,334

Net cash used for investing activities
(181
)
 
(1,440
)
 
(7,464
)
 
(9,085
)
Cash flows from financing activities:
 

 
 

 
 

 
 

Proceeds from borrowings
—

 
—

 
11,102

 
11,102

Payment on debt
—

 
—

 
(1,456
)
 
(1,456
)
Excess tax benefit from stock-based compensation
(388
)
 
—

 
—

 
(388
)
Dividends paid
(269
)
 
—

 
—

 
(269
)
Net cash provided by (used for) financing activities
(657
)

—


9,646


8,989

Effect of exchange rate change on cash
—

 
—

 
(3,837
)
 
(3,837
)
Net increase (decrease) in cash and cash equivalents
8,950

 
41

 
(19,891
)
 
(10,900
)
Cash and cash equivalents, beginning of period
129,985

 
4

 
71,462

 
201,451

Cash and cash equivalents, end of period
$
138,935

 
$
45

 
$
51,571

 
$
190,551