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SUBSIDIARY GUARANTOR FINANCIAL INFORMATION
6 Months Ended
Jun. 30, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Condensed Financial Information of Parent Company Only Disclosure [Text Block] SUBSIDIARY GUARANTOR FINANCIAL INFORMATION

The senior secured notes 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 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 governing the senior secured notes 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)
Condensed Consolidating Statements of Operations
For the Three Months Ended June 30, 2018
 
Titan
 Intl., Inc. (Parent)
 
Guarantor Subsidiaries
 
Non-Guarantor Subsidiaries
 
Eliminations
 
Consolidated
Net sales
$
—

 
$
166,757

 
$
262,147

 
$
—

 
$
428,904

Cost of sales
138

 
140,208

 
230,246

 
—

 
370,592

Gross (loss) profit
(138
)
 
26,549

 
31,901

 
—

 
58,312

Selling, general and administrative expenses
1,678

 
16,985

 
18,036

 
—

 
36,699

Research and development expenses
253

 
983

 
1,518

 
—

 
2,754

Royalty expense
628

 
940

 
1,066

 
—

 
2,634

(Loss) income from operations
(2,697
)
 
7,641

 
11,281

 
—

 
16,225

Interest expense
(6,826
)
 
—

 
(846
)
 
—

 
(7,672
)
Intercompany interest income (expense)
628

 
909

 
(1,537
)
 
—

 
—

Foreign exchange loss
—

 
(662
)
 
(2,948
)
 
—

 
(3,610
)
Other income (expense)
959

 
(147
)
 
1,665

 
—

 
2,477

(Loss) income before income taxes
(7,936
)
 
7,741

 
7,615

 
—

 
7,420

(Benefit) provision for income taxes
(2,390
)
 
3,044

 
1,029

 
—

 
1,683

Equity in earnings of subsidiaries
11,283

 
—

 
209

 
(11,492
)
 
—

Net income (loss)
5,737

 
4,697

 
6,795

 
(11,492
)
 
5,737

Net income attributable to noncontrolling interests
—

 
—

 
40

 
—

 
40

Net income (loss) attributable to Titan
$
5,737

 
$
4,697

 
$
6,755

 
$
(11,492
)
 
$
5,697



(Amounts in thousands)
Condensed Consolidating Statements of Operations
For the Three Months Ended June 30, 2017
 
Titan
 Intl., Inc. (Parent)
 
Guarantor Subsidiaries
 
Non-Guarantor Subsidiaries
 
Eliminations
 
Consolidated
Net sales
$
—

 
$
147,244

 
$
217,155

 
$
—

 
$
364,399

Cost of sales
87

 
129,743

 
190,549

 
—

 
320,379

Gross (loss) profit
(87
)
 
17,501

 
26,606

 
—

 
44,020

Selling, general and administrative expenses
3,066

 
14,043

 
17,354

 
—

 
34,463

Research and development expenses
—

 
950

 
1,658

 
—

 
2,608

Royalty expense
250

 
1,410

 
873

 
—

 
2,533

(Loss) income from operations
(3,403
)
 
1,098

 
6,721

 
—

 
4,416

Interest expense
(7,234
)
 
—

 
(86
)
 
—

 
(7,320
)
Intercompany interest income (expense)
588

 
1,947

 
(2,535
)
 
—

 
—

Foreign exchange loss
—

 
(41
)
 
(5,216
)
 
—

 
(5,257
)
Other income (loss)
931

 
(317
)
 
1,136

 
—

 
1,750

(Loss) income before income taxes
(9,118
)
 
2,687

 
20

 
—

 
(6,411
)
(Benefit) provision for income taxes
(3,185
)
 
1,321

 
1,990

 
—

 
126

Equity in earnings of subsidiaries
(603
)
 
—

 
(3,686
)
 
4,289

 
—

Net (loss) income
(6,536
)
 
1,366

 
(5,656
)
 
4,289

 
(6,537
)
Net loss attributable to noncontrolling interests
—

 
—

 
(244
)
 
—

 
(244
)
Net (loss) income attributable to Titan
$
(6,536
)
 
$
1,366

 
$
(5,412
)
 
$
4,289

 
$
(6,293
)
(Amounts in thousands)
Condensed Consolidating Statements of Operations
For the Six Months Ended June 30, 2018
 
Titan
 Intl., Inc. (Parent)
 
Guarantor Subsidiaries
 
Non-Guarantor Subsidiaries
 
Eliminations
 
Consolidated
Net sales
$
—

 
$
337,517

 
$
516,769

 
$
—

 
$
854,286

Cost of sales
246

 
281,738

 
454,429

 
—

 
736,413

Gross (loss) profit
(246
)
 
55,779

 
62,340

 
—

 
117,873

Selling, general and administrative expenses
2,873

 
32,260

 
37,487

 
—

 
72,620

Research and development expenses
493

 
1,969

 
3,169

 
—

 
5,631

Royalty expense
881

 
2,453

 
1,963

 
—

 
5,297

(Loss) income from operations
(4,493
)
 
19,097

 
19,721

 
—

 
34,325

Interest expense
(13,639
)
 
—

 
(1,551
)
 
—

 
(15,190
)
Intercompany interest income (expense)
1,251

 
1,922

 
(3,173
)
 
—

 
—

Foreign exchange loss
—

 
(670
)
 
(7,372
)
 
—

 
(8,042
)
Other income (expense)
6,628

 
(313
)
 
3,912

 
—

 
10,227

(Loss) income before income taxes
(10,253
)
 
20,036

 
11,537

 
—

 
21,320

(Benefit) provision for income taxes
(12,456
)
 
7,304

 
6,049

 
—

 
897

Equity in earnings of subsidiaries
18,220

 
—

 
4,546

 
(22,766
)
 
—

Net income (loss)
20,423

 
12,732

 
10,034

 
(22,766
)
 
20,423

Net loss attributable to noncontrolling interests
—

 
—

 
(1,639
)
 
—

 
(1,639
)
Net income (loss) attributable to Titan
$
20,423

 
$
12,732

 
$
11,673

 
$
(22,766
)
 
$
22,062




(Amounts in thousands)
Condensed Consolidating Statements of Operations
For the Six Months Ended June 30, 2017
 
Titan
 Intl., Inc. (Parent)
 
Guarantor Subsidiaries
 
Non-Guarantor Subsidiaries
 
Eliminations
 
Consolidated
Net sales
$
—

 
$
291,080

 
$
430,820

 
$
—

 
$
721,900

Cost of sales
156

 
256,163

 
381,360

 
—

 
637,679

Gross (loss) profit
(156
)
 
34,917

 
49,460

 
—

 
84,221

Selling, general and administrative expenses
7,938

 
31,313

 
36,550

 
—

 
75,801

Research and development expenses
—

 
1,853

 
3,598

 
—

 
5,451

Royalty expense
667

 
2,704

 
1,771

 
—

 
5,142

(Loss) income from operations
(8,761
)
 
(953
)
 
7,541

 
—

 
(2,173
)
Interest expense
(14,679
)
 
—

 
(362
)
 
—

 
(15,041
)
Intercompany interest income (expense)
1,169

 
1,946

 
(3,115
)
 
—

 
—

Foreign exchange loss
—

 
(41
)
 
(726
)
 
—

 
(767
)
Other income (expense)
2,212

 
(753
)
 
2,968

 
—

 
4,427

(Loss) income before income taxes
(20,059
)
 
199

 
6,306

 
—

 
(13,554
)
(Benefit) provision for income taxes
(1,510
)
 
1,495

 
3,583

 
—

 
3,568

Equity in earnings of subsidiaries
4,372

 
—

 
(8,409
)
 
4,037

 
—

Net (loss) income
(14,177
)
 
(1,296
)
 
(5,686
)
 
4,037

 
(17,122
)
Net income attributable to noncontrolling interests
—

 
—

 
624

 
—

 
624

Net (loss) income attributable to Titan
$
(14,177
)
 
$
(1,296
)
 
$
(6,310
)
 
$
4,037

 
$
(17,746
)

(Amounts in thousands)
Condensed Consolidating Statements of Comprehensive Income (Loss)
For the Three Months Ended June 30, 2018
 
Titan
 Intl., Inc. (Parent)
 
Guarantor Subsidiaries
 
Non-Guarantor Subsidiaries
 
Eliminations
 
Consolidated
Net income (loss)
$
5,737

 
$
4,697

 
$
6,795

 
$
(11,492
)
 
$
5,737

Currency translation adjustment
(38,338
)
 
—

 
(38,338
)
 
38,338

 
(38,338
)
Pension liability adjustments, net of tax
690

 
646

 
44

 
(690
)
 
690

Comprehensive (loss) income
(31,911
)
 
5,343

 
(31,499
)
 
26,156

 
(31,911
)
Net comprehensive loss attributable to redeemable and noncontrolling interests
—

 
—

 
(2,185
)
 
—

 
(2,185
)
Comprehensive (loss) income attributable to Titan
$
(31,911
)
 
$
5,343

 
$
(29,314
)
 
$
26,156

 
$
(29,726
)


(Amounts in thousands)
Condensed Consolidating Statements of Comprehensive Income (Loss)
For the Three Months Ended June 30, 2017
 
Titan
 Intl., Inc. (Parent)
 
Guarantor Subsidiaries
 
Non-Guarantor Subsidiaries
 
Eliminations
 
Consolidated
Net (loss) income
$
(6,536
)
 
$
1,366

 
$
(5,656
)
 
$
4,289

 
$
(6,537
)
Currency translation adjustment
8,006

 
—

 
8,006

 
(8,006
)
 
8,006

Pension liability adjustments, net of tax
989

 
625

 
364

 
(989
)
 
989

Comprehensive income (loss)
2,459

 
1,991

 
2,714

 
(4,706
)
 
2,458

Net comprehensive loss attributable to redeemable and noncontrolling interests
—

 
—

 
(1,562
)
 
—

 
(1,562
)
Comprehensive income (loss) attributable to Titan
$
2,459

 
$
1,991

 
$
4,276

 
$
(4,706
)
 
$
4,020




(Amounts in thousands)
Condensed Consolidating Statements of Comprehensive Income (Loss)
For the Six Months Ended June 30, 2018
 
Titan
 Intl., Inc. (Parent)
 
Guarantor Subsidiaries
 
Non-Guarantor Subsidiaries
 
Eliminations
 
Consolidated
Net income (loss)
$
20,423

 
$
12,732

 
$
10,034

 
$
(22,766
)
 
$
20,423

Currency translation adjustment
(30,276
)
 
—

 
(30,276
)
 
30,276

 
(30,276
)
Pension liability adjustments, net of tax
1,573

 
1,292

 
281

 
(1,573
)
 
1,573

Comprehensive (loss) income
(8,280
)
 
14,024

 
(19,961
)
 
5,937

 
(8,280
)
Net comprehensive loss attributable to redeemable and noncontrolling interests
—

 
—

 
(3,225
)
 
—

 
(3,225
)
Comprehensive (loss) income attributable to Titan
$
(8,280
)
 
$
14,024

 
$
(16,736
)
 
$
5,937

 
$
(5,055
)
 
 
 
 
 
 
 
 
 
 

(Amounts in thousands)
Condensed Consolidating Statements of Comprehensive Income (Loss)
For the Six Months Ended June 30, 2017
 
Titan
 Intl., Inc. (Parent)
 
Guarantor Subsidiaries
 
Non-Guarantor Subsidiaries
 
Eliminations
 
Consolidated
Net (loss) income
$
(14,177
)
 
$
(1,296
)
 
$
(5,686
)
 
$
4,037

 
$
(17,122
)
Currency translation adjustment
19,025

 
—

 
(19,025
)
 
19,025

 
19,025

Pension liability adjustments, net of tax
1,722

 
1,250

 
472

 
(1,722
)
 
1,722

Comprehensive income (loss)
6,570

 
(46
)
 
(24,239
)
 
21,340

 
3,625

Net comprehensive income attributable to redeemable and noncontrolling interests
—

 
—

 
1,221

 
—

 
1,221

Comprehensive income (loss) attributable to Titan
$
6,570

 
$
(46
)
 
$
(25,460
)
 
$
21,340

 
$
2,404

 
 
 
 
 
 
 
 
 
 



(Amounts in thousands)
Condensed Consolidating Balance Sheets
June 30, 2018
 
Titan
 Intl., Inc. (Parent)
 
Guarantor Subsidiaries
 
Non-Guarantor Subsidiaries
 
Eliminations
 
Consolidated
Assets
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
$
34,694

 
$
5

 
$
71,792

 
$
—

 
$
106,491

Accounts receivable, net
—

 
79,909

 
202,491

 
—

 
282,400

Inventories
—

 
112,238

 
260,494

 
—

 
372,732

Prepaid and other current assets
18,042

 
19,948

 
36,639

 
—

 
74,629

Total current assets
52,736

 
212,100

 
571,416

 
—

 
836,252

Property, plant and equipment, net
9,510

 
103,374

 
280,380

 
—

 
393,264

Investment in subsidiaries
764,208

 
—

 
78,920

 
(843,128
)
 
—

Other assets
6,310

 
958

 
73,586

 
—

 
80,854

Total assets
$
832,764

 
$
316,432

 
$
1,004,302

 
$
(843,128
)
 
$
1,310,370

Liabilities and Equity
 

 
 

 
 

 
 

 
 

Short-term debt
$
—

 
$
—

 
$
52,358

 
$
—

 
$
52,358

Accounts payable
2,212

 
30,349

 
193,480

 
—

 
226,041

Other current liabilities
30,169

 
31,717

 
67,171

 
—

 
129,057

Total current liabilities
32,381

 
62,066

 
313,009

 
—

 
407,456

Long-term debt
394,696

 
—

 
14,917

 
—

 
409,613

Other long-term liabilities
9,087

 
14,387

 
54,323

 
—

 
77,797

Intercompany accounts
81,949

 
(275,567
)
 
193,618

 
—

 
—

Redeemable noncontrolling interest
—

 
—

 
117,546

 
—

 
117,546

Titan shareholders' equity
314,651

 
515,546

 
318,001

 
(843,128
)
 
305,070

Noncontrolling interests
—

 
—

 
(7,112
)
 
—

 
(7,112
)
Total liabilities and equity
$
832,764

 
$
316,432

 
$
1,004,302

 
$
(843,128
)
 
$
1,310,370

(Amounts in thousands)
Condensed Consolidating Balance Sheets
December 31, 2017
 
Titan
 Intl., Inc. (Parent)
 
Guarantor Subsidiaries
 
Non-Guarantor Subsidiaries
 
Eliminations
 
Consolidated
Assets
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
$
59,740

 
$
13

 
$
83,817

 
$
—

 
$
143,570

Accounts receivable, net
—

 
54,009

 
172,694

 
—

 
226,703

Inventories
—

 
96,036

 
243,800

 
—

 
339,836

Prepaid and other current assets
17,789

 
20,917

 
34,378

 
—

 
73,084

Total current assets
77,529

 
170,975

 
534,689

 
—

 
783,193

Property, plant and equipment, net
2,466

 
110,470

 
308,312

 
—

 
421,248

Investment in subsidiaries
766,777

 
—

 
74,003

 
(840,780
)
 
—

Other assets
6,389

 
967

 
78,315

 
—

 
85,671

Total assets
$
853,161

 
$
282,412

 
$
995,319

 
$
(840,780
)
 
$
1,290,112

Liabilities and Equity
 

 
 

 
 

 
 

 
 

Short-term debt
$
—

 
$
—

 
$
43,651

 
$
—

 
$
43,651

Accounts payable
4,258

 
20,787

 
170,452

 
—

 
195,497

Other current liabilities
38,495

 
30,170

 
65,109

 
—

 
133,774

Total current liabilities
42,753

 
50,957

 
279,212

 
—

 
372,922

Long-term debt
394,284

 
—

 
12,887

 
—

 
407,171

Other long-term liabilities
11,544

 
16,458

 
58,740

 
—

 
86,742

Intercompany accounts
75,103

 
(286,525
)
 
211,422

 
—

 
—

Redeemable noncontrolling interest
—

 
—

 
113,193

 
—

 
113,193

Titan shareholders' equity
329,477

 
501,522

 
330,710

 
(840,780
)
 
320,929

Noncontrolling interests
—

 
—

 
(10,845
)
 
—

 
(10,845
)
Total liabilities and equity
$
853,161

 
$
282,412

 
$
995,319

 
$
(840,780
)
 
$
1,290,112





(Amounts in thousands)
Condensed Consolidating Statements of Cash Flows
For the Six Months Ended June 30, 2018
 
Titan
 Intl., Inc. (Parent)
 
Guarantor Subsidiaries
 
Non-Guarantor Subsidiaries
 
Consolidated
Net cash (used for) provided by operating activities
$
(24,585
)
 
$
3,265

 
$
(8,607
)
 
$
(29,927
)
Cash flows from investing activities:
 

 
 

 
 

 
 

Capital expenditures
(83
)
 
(3,274
)
 
(15,059
)
 
(18,416
)
Other, net
220

 
1

 
663

 
884

Net cash provided by (used for) investing activities
137

 
(3,273
)
 
(14,396
)
 
(17,532
)
Cash flows from financing activities:
 

 
 

 
 

 
 

Proceeds from borrowings
—

 
—

 
40,078

 
40,078

Payment on debt
—

 
—

 
(24,527
)
 
(24,527
)
Dividends paid
(598
)
 
—

 
—

 
(598
)
Net cash (used for) provided by financing activities
(598
)
 
—

 
15,551

 
14,953

Effect of exchange rate change on cash
—

 
—

 
(4,573
)
 
(4,573
)
Net decrease in cash and cash equivalents
(25,046
)
 
(8
)
 
(12,025
)
 
(37,079
)
Cash and cash equivalents, beginning of period
59,740

 
13

 
83,817

 
143,570

Cash and cash equivalents, end of period
$
34,694

 
$
5

 
$
71,792

 
$
106,491

 

(Amounts in thousands)
Condensed Consolidating Statements of Cash Flows
For the Six Months Ended June 30, 2017
 
Titan
 Intl., Inc. (Parent)
 
Guarantor Subsidiaries
 
Non-Guarantor Subsidiaries
 
Consolidated
Net cash (used for) provided by operating activities
$
(43,700
)
 
$
2,191

 
$
10,956

 
$
(30,553
)
Cash flows from investing activities:
 

 
 

 
 

 
 

Capital expenditures
(716
)
 
(2,534
)
 
(11,902
)
 
(15,152
)
Certificates of deposit
40,000

 
—

 
—

 
40,000

Other, net
—

 
344

 
694

 
1,038

Net cash provided by (used for) investing activities
39,284

 
(2,190
)
 
(11,208
)
 
25,886

Cash flows from financing activities:
 

 
 

 
 

 
 

Proceeds from borrowings
—

 
—

 
27,742

 
27,742

Payment on debt
(3,393
)
 
—

 
(25,684
)
 
(29,077
)
Dividends paid
(570
)
 
—

 
—

 
(570
)
Net cash (used for) provided by financing activities
(3,963
)

—


2,058


(1,905
)
Effect of exchange rate change on cash
—

 
—

 
1,981

 
1,981

Net (decrease) increase in cash and cash equivalents
(8,379
)
 
1

 
3,787

 
(4,591
)
Cash and cash equivalents, beginning of period
86,190

 
9

 
61,628

 
147,827

Cash and cash equivalents, end of period
$
77,811

 
$
10

 
$
65,415

 
$
143,236