XML 80 R67.htm IDEA: XBRL DOCUMENT v3.6.0.2
SUBSIDIARY GUARANTOR FINANCIAL INFORMATION (Tables)
12 Months Ended
Dec. 31, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Condensed Income Statement [Table Text Block]
(Amounts in thousands)
Consolidating Condensed Statements of Operations
Year Ended December 31, 2016
 
Titan
 Intl., Inc. (Parent)
 
Guarantor Subsidiaries
 
Non-Guarantor Subsidiaries
 
Eliminations
 
Consolidated
Net sales
$
—

 
$
498,390

 
$
767,107

 
$
—

 
$
1,265,497

Cost of sales
759

 
429,087

 
693,169

 
—

 
1,123,015

Gross profit (loss)
(759
)
 
69,303

 
73,938

 
—

 
142,482

Selling, general, and administrative expenses
11,394

 
66,815

 
66,779

 
—

 
144,988

Research and development expenses
—

 
2,876

 
7,095

 
—

 
9,971

Royalty expense
667

 
4,866

 
3,323

 
—

 
8,856

Loss from operations
(12,820
)
 
(5,254
)
 
(3,259
)
 
—

 
(21,333
)
Interest expense
(32,208
)
 
—

 
(331
)
 
—

 
(32,539
)
Intercompany interest income (expense)
1,781

 
3,525

 
(5,306
)
 
—

 
—

Foreign exchange gain
—

 
298

 
8,252

 
—

 
8,550

Other income
2,503

 
180

 
9,783

 
—

 
12,466

Income (loss) before income taxes
(40,744
)
 
(1,251
)
 
9,139

 
—

 
(32,856
)
Provision (benefit) for income taxes
(64
)
 
30

 
3,315

 
—

 
3,281

Equity in earnings of subsidiaries
4,542

 
—

 
(10,307
)
 
5,765

 
—

Net income (loss)
(36,138
)
 
(1,281
)
 
(4,483
)
 
5,765

 
(36,137
)
Net loss noncontrolling interests
—

 
—

 
(2,150
)
 
—

 
(2,150
)
Net income (loss) attributable to Titan
$
(36,138
)
 
$
(1,281
)
 
$
(2,333
)
 
$
5,765

 
$
(33,987
)
 
(Amounts in thousands)
Consolidating Condensed Statements of Operations
Year Ended December 31, 2015
 
Titan
 Intl., Inc. (Parent)
 
Guarantor Subsidiaries
 
Non-Guarantor Subsidiaries
 
Eliminations
 
Consolidated
Net sales
$
—

 
$
640,785

 
$
753,986

 
$
—

 
$
1,394,771

Cost of sales
2,826

 
558,363

 
695,773

 
—

 
1,256,962

Gross profit (loss)
(2,826
)
 
82,422

 
58,213

 
—

 
137,809

Selling, general, and administrative expenses
7,513

 
69,686

 
63,194

 
—

 
140,393

Research and development expenses
—

 
3,505

 
7,657

 
—

 
11,162

Royalty expense
—

 
6,711

 
3,822

 
—

 
10,533

Income (loss) from operations
(10,339
)
 
2,520

 
(16,460
)
 
—

 
(24,279
)
Interest expense
(32,291
)
 
—

 
(1,741
)
 
—

 
(34,032
)
Intercompany interest income (expense)
825

 
2,361

 
(3,186
)
 
—

 
—

Foreign exchange gain (loss)
4,296

 
(462
)
 
(8,592
)
 
—

 
(4,758
)
Other income
2,327

 
2,572

 
6,164

 
—

 
11,063

Income (loss) before income taxes
(35,182
)
 
6,991

 
(23,815
)
 
—

 
(52,006
)
Provision for income taxes
34,341

 
2,007

 
1,933

 
—

 
38,281

Equity in earnings of subsidiaries
(20,764
)
 
—

 
(5,755
)
 
26,519

 
—

Net income (loss)
(90,287
)
 
4,984

 
(31,503
)
 
26,519

 
(90,287
)
Net loss noncontrolling interests
—

 
—

 
(14,654
)
 
—

 
(14,654
)
Net income (loss) attributable to Titan
$
(90,287
)
 
$
4,984

 
$
(16,849
)
 
$
26,519

 
$
(75,633
)


(Amounts in thousands)
Consolidating Condensed Statements of Operations
Year Ended December 31, 2014
 
Titan
 Intl., Inc. (Parent)
 
Guarantor Subsidiaries
 
Non-Guarantor Subsidiaries
 
Eliminations
 
Consolidated
Net sales
$
—

 
$
879,982

 
$
1,015,545

 
$
—

 
$
1,895,527

Cost of sales
927

 
800,310

 
953,647

 
—

 
1,754,884

Gross profit (loss)
(927
)
 
79,672

 
61,898

 
—

 
140,643

Selling, general, and administrative expenses
12,887

 
71,548

 
89,179

 
—

 
173,614

Research and development expenses
72

 
5,309

 
8,624

 
—

 
14,005

Royalty expense
—

 
7,620

 
6,458

 
—

 
14,078

Noncash goodwill impairment charge
—

 
—

 
36,571

 
—

 
36,571

Loss from operations
(13,886
)
 
(4,805
)
 
(78,934
)
 
—

 
(97,625
)
Interest expense
(32,783
)
 
—

 
(3,781
)
 
—

 
(36,564
)
Intercompany interest income (expense)
6,416

 
2,346

 
(8,762
)
 
—

 
—

Foreign exchange gain (loss)
1,056

 
13

 
(32,782
)
 
—

 
(31,713
)
Other income
3,202

 
1

 
10,455

 
—

 
13,658

Loss before income taxes
(35,995
)
 
(2,445
)
 
(113,804
)
 
—

 
(152,244
)
Benefit for income taxes
(12,765
)
 
(374
)
 
(8,680
)
 
—

 
(21,819
)
Equity in earnings of subsidiaries
(107,195
)
 
—

 
(26,213
)
 
133,408

 
—

Net income (loss)
(130,425
)
 
(2,071
)
 
(131,337
)
 
133,408

 
(130,425
)
Net loss noncontrolling interests
—

 
—

 
(49,964
)
 
—

 
(49,964
)
Net income (loss) attributable to Titan
$
(130,425
)
 
$
(2,071
)
 
$
(81,373
)
 
$
133,408

 
$
(80,461
)
Condensed Statement of Comprehensive Income [Table Text Block]
(Amounts in thousands)
Consolidating Condensed Statements of Comprehensive Income (Loss)
For the Year Ended December 31, 2016
 
Titan
 Intl., Inc. (Parent)
 
Guarantor Subsidiaries
 
Non-Guarantor Subsidiaries
 
Eliminations
 
Consolidated
Net income (loss)
$
(36,138
)
 
$
(1,281
)
 
$
(4,483
)
 
$
5,765

 
$
(36,137
)
Currency translation adjustment, net
5,857

 
—

 
5,857

 
(5,857
)
 
5,857

Pension liability adjustments, net of tax
1,071

 
1,680

 
(609
)
 
(1,071
)
 
1,071

Comprehensive income (loss)
(29,210
)
 
399

 
765

 
(1,163
)
 
(29,209
)
Net comprehensive income attributable to noncontrolling interests
—

 
—

 
5,305

 
—

 
5,305

Comprehensive income (loss) attributable to Titan
$
(29,210
)
 
$
399

 
$
(4,540
)
 
$
(1,163
)
 
$
(34,514
)


(Amounts in thousands)
Consolidating Condensed Statements of Comprehensive Income (Loss)
For the Year Ended December 31, 2015
 
Titan
 Intl., Inc. (Parent)
 
Guarantor Subsidiaries
 
Non-Guarantor Subsidiaries
 
Eliminations
 
Consolidated
Net income (loss)
$
(90,287
)
 
$
4,984

 
$
(31,503
)
 
$
26,519

 
$
(90,287
)
Currency translation adjustment, net
(79,196
)
 
—

 
(79,196
)
 
79,196

 
(79,196
)
Pension liability adjustments, net of tax
(662
)
 
(1,557
)
 
895

 
662

 
(662
)
Comprehensive income (loss)
(170,145
)
 
3,427

 
(109,804
)
 
106,377

 
(170,145
)
Net comprehensive loss attributable to noncontrolling interests
—

 
—

 
(19,391
)
 
—

 
(19,391
)
Comprehensive income (loss) attributable to Titan
$
(170,145
)
 
$
3,427

 
$
(90,413
)
 
$
106,377

 
$
(150,754
)


(Amounts in thousands)
Consolidating Condensed Statements of Comprehensive Income (Loss)
For the Year Ended December 31, 2014
 
Titan
 Intl., Inc. (Parent)
 
Guarantor Subsidiaries
 
Non-Guarantor Subsidiaries
 
Eliminations
 
Consolidated
Net income (loss)
$
(130,425
)
 
$
(2,071
)
 
$
(131,337
)
 
$
133,408

 
$
(130,425
)
Currency translation adjustment, net
(63,424
)
 
—

 
(63,424
)
 
63,424

 
(63,424
)
Pension liability adjustments, net of tax
(5,129
)
 
(4,557
)
 
(572
)
 
5,129

 
(5,129
)
Comprehensive income (loss)
(198,978
)
 
(6,628
)
 
(195,333
)
 
201,961

 
(198,978
)
Net comprehensive loss attributable to noncontrolling interests
—

 
—

 
(68,856
)
 
—

 
(68,856
)
Comprehensive income (loss) attributable to Titan
$
(198,978
)
 
$
(6,628
)
 
$
(126,477
)
 
$
201,961

 
$
(130,122
)
Condensed Balance Sheet [Table Text Block]
(Amounts in thousands)
Consolidating Condensed Balance Sheets
December 31, 2016
 
Titan
 Intl., Inc. (Parent)
 
Guarantor Subsidiaries
 
Non-Guarantor Subsidiaries
 
Eliminations
 
Consolidated
Assets
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
$
86,190

 
$
9

 
$
61,628

 
$
—

 
$
147,827

Certificates of deposit
50,000

 
—

 
—

 
—

 
50,000

Accounts receivable
—

 
43,485

 
135,899

 
—

 
179,384

Inventories
—

 
73,878

 
195,413

 
—

 
269,291

Prepaid and other current assets
11,965

 
21,901

 
45,868

 
—

 
79,734

Total current assets
148,155

 
139,273

 
438,808

 
—

 
726,236

Property, plant, and equipment, net
4,898

 
124,049

 
308,254

 
—

 
437,201

Investment in subsidiaries
742,679

 
—

 
87,385

 
(830,064
)
 
—

Other long-term assets
23,627

 
1,118

 
74,769

 
—

 
99,514

Total assets
$
919,359

 
$
264,440

 
$
909,216

 
$
(830,064
)
 
$
1,262,951

Liabilities and Stockholders’ Equity
 

 
 

 
 

 
 

 
 

Short-term debt
$
60,148

 
$
—

 
$
37,264

 
$
—

 
$
97,412

Accounts payable
4,187

 
14,398

 
129,670

 
—

 
148,255

Other current liabilities
34,140

 
34,475

 
51,822

 
—

 
120,437

Total current liabilities
98,475

 
48,873

 
218,756

 
—

 
366,104

Long-term debt
395,852

 
—

 
12,908

 
—

 
408,760

Other long-term liabilities
27,636

 
18,473

 
47,235

 
—

 
93,344

Intercompany accounts
94,977

 
(300,823
)
 
205,846

 
—

 
—

Redeemable noncontrolling interest
—

 
—

 
104,809

 
—

 
104,809

Titan stockholders' equity
302,419

 
497,917

 
323,600

 
(830,064
)
 
293,872

Noncontrolling interests
—

 
—

 
(3,938
)
 
—

 
(3,938
)
Total liabilities and stockholders’ equity
$
919,359

 
$
264,440

 
$
909,216

 
$
(830,064
)
 
$
1,262,951


(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
—

 
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 long-term assets
29,180

 
1,181

 
79,848

 
—

 
110,209

Total assets
$
915,373

 
$
302,595

 
$
875,598

 
$
(823,336
)
 
$
1,270,230

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
455,200

 
—

 
20,243

 
—

 
475,443

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
$
915,373

 
$
302,595

 
$
875,598

 
$
(823,336
)
 
$
1,270,230

Condensed Cash Flow Statement [Table Text Block]
(Amounts in thousands)
Consolidating Condensed Statements of Cash Flows
Year Ended December 31, 2016
 
Titan
 Intl., Inc. (Parent)
 
Guarantor Subsidiaries
 
Non-Guarantor Subsidiaries
 
Consolidated
Net cash provided by (used for) operating activities
$
(3,193
)
 
$
8,035

 
$
38,658

 
$
43,500

Cash flows from investing activities:
 

 
 

 
 

 
 

Capital expenditures
(1,937
)
 
(8,444
)
 
(31,567
)
 
(41,948
)
Certificates of deposit
(50,000
)
 
—

 
—

 
(50,000
)
Other, net
—

 
414

 
1,808

 
2,222

Net cash used for investing activities
(51,937
)
 
(8,030
)
 
(29,759
)
 
(89,726
)
Cash flows from financing activities:
 

 
 

 
 

 
 

Proceeds from borrowings
—

 
—

 
17,285

 
17,285

Payment on debt
—

 
—

 
(22,634
)
 
(22,634
)
Dividends paid
(1,081
)
 
—

 
—

 
(1,081
)
Net cash used for financing activities
(1,081
)
 
—

 
(5,349
)
 
(6,430
)
Effect of exchange rate change on cash
—

 
—

 
295

 
295

Net increase (decrease) in cash and cash equivalents
(56,211
)
 
5

 
3,845

 
(52,361
)
Cash and cash equivalents, beginning of period
142,401

 
4

 
57,783

 
200,188

Cash and cash equivalents, end of period
$
86,190

 
$
9

 
$
61,628

 
$
147,827

 
(Amounts in thousands)
Consolidating Condensed Statements of Cash Flows
Year Ended December 31, 2015
 
Titan
 Intl., Inc. (Parent)
 
Guarantor Subsidiaries
 
Non-Guarantor Subsidiaries
 
Consolidated
Net cash provided by operating activities
$
15,933

 
$
6,441

 
$
41,556

 
$
63,930

Cash flows from investing activities:
 

 
 

 
 

 
 

Capital expenditures
(2,585
)
 
(6,254
)
 
(39,590
)
 
(48,429
)
Other, net
—

 
(187
)
 
(1,321
)
 
(1,508
)
Net cash used for investing activities
(2,585
)
 
(6,441
)
 
(40,911
)
 
(49,937
)
Cash flows from financing activities:
 

 
 

 
 

 
 

Proceeds from borrowings
—

 
—

 
5,727

 
5,727

Payment on debt
—

 
—

 
(5,521
)
 
(5,521
)
Proceeds from exercise of stock options
145

 
—

 
—

 
145

Dividends paid
(1,077
)
 
—

 
—

 
(1,077
)
Net cash provided by (used for) financing activities
(932
)
 
—

 
206

 
(726
)
Effect of exchange rate change on cash
—

 
—

 
(14,530
)
 
(14,530
)
Net increase (decrease) in cash and cash equivalents
12,416

 
—

 
(13,679
)
 
(1,263
)
Cash and cash equivalents, beginning of period
129,985

 
4

 
71,462

 
201,451

Cash and cash equivalents, end of period
$
142,401

 
$
4

 
$
57,783

 
$
200,188

 
(Amounts in thousands)
Consolidating Condensed Statements of Cash Flows
Year Ended December 31, 2014
 
Titan
 Intl., Inc. (Parent)
 
Guarantor Subsidiaries
 
Non-Guarantor Subsidiaries
 
Consolidated
Net cash provided by operating activities
$
51,113

 
$
8,584

 
$
58,123

 
$
117,820

Cash flows from investing activities:
 

 
 

 
 

 
 

Capital expenditures
(914
)
 
(8,584
)
 
(48,941
)
 
(58,439
)
Acquisitions, net of cash acquired
(49
)
 
—

 
(13,346
)
 
(13,395
)
Increase in restricted cash deposits
—

 
—

 
14,268

 
14,268

Other, net
—

 
—

 
1,296

 
1,296

Net cash used for investing activities
(963
)
 
(8,584
)
 
(46,723
)
 
(56,270
)
Cash flows from financing activities:
 

 
 

 
 

 
 

Proceeds from borrowings
—

 
—

 
15,708

 
15,708

Payment on debt
—

 
—

 
(60,345
)
 
(60,345
)
Proceeds from exercise of stock options
141

 
—

 
—

 
141

Excess tax benefit from stock options
(672
)
 
—

 
—

 
(672
)
Payment of financing fees
(33
)
 
—

 
—

 
(33
)
Dividends paid
(1,073
)
 
—

 
—

 
(1,073
)
Net cash used for financing activities
(1,637
)
 
—

 
(44,637
)
 
(46,274
)
Effect of exchange rate change on cash
—

 
—

 
(3,185
)
 
(3,185
)
Net increase (decrease) in cash and cash equivalents
48,513

 
—

 
(36,422
)
 
12,091

Cash and cash equivalents, beginning of period
81,472

 
4

 
107,884

 
189,360

Cash and cash equivalents, end of period
$
129,985

 
$
4

 
$
71,462

 
$
201,451