SUBSIDIARY GUARANTOR FINANCIAL INFORMATION

3 Months Ended

Mar. 31, 2020

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 2019 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 March 31, 2020
	Titan  Intl., Inc. (Parent)			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Consolidated
Net sales	$	—		$	159,969		$	341,685		$	(160,154	)	$	341,500
Cost of sales	166			145,550			326,115			(160,154		)	311,677
Asset impairment	—			—			2,579			—			2,579
Gross (loss) profit	(166		)	14,419			12,991			—			27,244
Selling, general and administrative expenses	5,641			1,966			24,350			—			31,957
Research and development expenses	241			709			1,460			—			2,410
Royalty expense	566			1,065			849			—			2,480
(Loss) income from operations	(6,614		)	10,679			(13,668		)	—			(9,603		)
Interest expense	(7,161		)	(6		)	(868		)	—			(8,035		)
Intercompany interest income (expense)	530			651			(1,181		)	—			—
Foreign exchange loss	—			(746		)	(16,496		)	—			(17,242		)
Other income (expense)	623			(150		)	6,963			—			7,436
(Loss) income before income taxes	(12,622		)	10,428			(25,250		)	—			(27,444		)
Provision for income taxes	(467		)	98			424			—			55
Equity in earnings of subsidiaries	(15,344		)	—			7,513			7,831			—
Net (loss) income	(27,499		)	10,330			(18,161		)	7,831			(27,499		)
Net loss attributable to noncontrolling interests	—			—			(2,013		)	—			(2,013		)
Net (loss) income attributable to Titan	$	(27,499	)	$	10,330		$	(16,148	)	$	7,831		$	(25,486	)

(Amounts in thousands)	Condensed Consolidating Statements of Operations For the Three Months Ended March 31, 2019
	Titan  Intl., Inc. (Parent)			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Consolidated
Net sales	$	—		$	124,781		$	410,275		$	(124,682	)	$	410,374
Cost of sales	152			106,516			383,124			(124,682		)	365,110
Gross (loss) profit	(152		)	18,265			27,151			—			45,264
Selling, general and administrative expenses	1,151			11,608			23,146			—			35,905
Research and development expenses	265			829			1,523			—			2,617
Royalty expense	663			1,072			871			—			2,606
(Loss) income from operations	(2,231		)	4,756			1,611			—			4,136
Interest expense	(6,927		)	—			(1,006		)	—			(7,933		)
Intercompany interest income (expense)	630			1,009			(1,639		)	—			—
Foreign exchange (loss) gain	(38		)	(60		)	5,821			—			5,723
Other income (expense)	330			(279		)	945			—			996
(Loss) income before income taxes	(8,236		)	5,426			5,732			—			2,922
Provision for income taxes	649			151			1,115			—			1,915
Equity in earnings of subsidiaries	9,891			—			736			(10,627		)	—
Net income (loss)	1,006			5,275			5,353			(10,627		)	1,007
Net loss attributable to noncontrolling interests	—			—			(970		)	—			(970		)
Net income (loss) attributable to Titan	$	1,006		$	5,275		$	6,323		$	(10,627	)	$	1,977

(Amounts in thousands)	Condensed Consolidating Statements of Comprehensive Income (Loss) For the Three Months Ended March 31, 2020
	Titan  Intl., Inc. (Parent)			Guarantor Subsidiaries		Non-Guarantor Subsidiaries			Eliminations			Consolidated
Net (loss) income	$	(27,499	)	$	10,330	$	(18,161	)	$	7,831		$	(27,499	)
Currency translation adjustment	(33,786		)	—		(33,786		)	33,786			(33,786		)
Pension liability adjustments, net of tax	1,308			667		641			(1,308		)	1,308
Comprehensive (loss) income	(59,977		)	10,997		(51,306		)	40,309			(59,977		)
Net comprehensive loss attributable to redeemable and noncontrolling interests	—			—		(3,796		)	—			(3,796		)
Comprehensive (loss) income attributable to Titan	$	(59,977	)	$	10,997	$	(47,510	)	$	40,309		$	(56,181	)

(Amounts in thousands)	Condensed Consolidating Statements of Comprehensive Income (Loss) For the Three Months Ended March 31, 2019
	Titan  Intl., Inc. (Parent)			Guarantor Subsidiaries		Non-Guarantor Subsidiaries			Eliminations			Consolidated
Net income (loss)	$	1,006		$	5,275	$	5,353		$	(10,627	)	$	1,007
Currency translation adjustment	(4,379		)	—		(4,379		)	4,379			(4,379		)
Pension liability adjustments, net of tax	466			753		(287		)	(466		)	466
Comprehensive (loss) income	(2,907		)	6,028		687			(6,714		)	(2,906		)
Net comprehensive loss attributable to redeemable and noncontrolling interests	—			—		(68		)	—			(68		)
Comprehensive (loss) income attributable to Titan	$	(2,907	)	$	6,028	$	755		$	(6,714	)	$	(2,838	)

(Amounts in thousands)	Condensed Consolidating Balance Sheets March 31, 2020
	Titan  Intl., Inc. (Parent)		Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Consolidated
Assets
Cash and cash equivalents	$	4,408	$	3		$	55,967		$	—		$	60,378
Accounts receivable, net	—		4			211,978			—			211,982
Inventories	—		38,260			267,811			—			306,071
Prepaid and other current assets	3,653		17,078			39,730			—			60,461
Total current assets	8,061		55,345			575,486			—			638,892
Property, plant and equipment, net	10,071		90,329			243,678			—			344,078
Investment in subsidiaries	719,502		—			68,965			(788,467		)	—
Other assets	1,779		3,816			71,689			—			77,284
Total assets	$	739,413	$	149,490		$	959,818		$	(788,467	)	$	1,060,254
Liabilities and Equity
Short-term debt	$	620	$	163		$	45,492		$	—		$	46,275
Accounts payable	3,124		28,647			148,162			—			179,933
Other current liabilities	29,173		21,237			65,334			—			115,744
Total current liabilities	32,917		50,047			258,988			—			341,952
Long-term debt	427,499		389			16,662			—			444,550
Other long-term liabilities	4,605		14,321			50,904			—			69,830
Intercompany accounts	54,286		(425,827		)	371,541			—			—
Redeemable noncontrolling interest	—		—			25,000			—			25,000
Titan shareholders' equity	220,106		510,560			236,940			(788,467		)	179,139
Noncontrolling interests	—		—			(217		)	—			(217		)
Total liabilities and equity	$	739,413	$	149,490		$	959,818		$	(788,467	)	$	1,060,254

(Amounts in thousands)	Condensed Consolidating Balance Sheets December 31, 2019
	Titan  Intl., Inc. (Parent)		Guarantor Subsidiaries			Non-Guarantor Subsidiaries		Eliminations			Consolidated
Assets
Cash and cash equivalents	$	2,843	$	4		$	63,952	$	—		$	66,799
Accounts receivable, net	—		2			185,236		—			185,238
Inventories	—		41,088			292,268		—			333,356
Prepaid and other current assets	3,217		17,352			38,300		—			58,869
Total current assets	6,060		58,446			579,756		—			644,262
Property, plant and equipment, net	10,646		91,734			272,418		—			374,798
Investment in subsidiaries	763,336		—			61,019		(824,355		)	—
Other assets	3,405		4,211			87,631		—			95,247
Total assets	$	783,447	$	154,391		$	1,000,824	$	(824,355	)	$	1,114,307
Liabilities and Equity
Short-term debt	$	514	$	69		$	60,670	$	—		$	61,253
Accounts payable	4,951		18,455			135,241		—			158,647
Other current liabilities	20,912		17,941			68,400		—			107,253
Total current liabilities	26,377		36,465			264,311		—			327,153
Long-term debt	433,242		201			9,906		—			443,349
Other long-term liabilities	5,211		15,242			59,364		—			79,817
Intercompany accounts	42,798		(397,847		)	355,049		—			—
Redeemable noncontrolling interest	—		—			25,000		—			25,000
Titan shareholders' equity	275,819		500,330			283,057		(824,355		)	234,851
Noncontrolling interests	—		—			4,137		—			4,137
Total liabilities and equity	$	783,447	$	154,391		$	1,000,824	$	(824,355	)	$	1,114,307

(Amounts in thousands)	Condensed Consolidating Statements of Cash Flows For the Three Months Ended March 31, 2020
	Titan  Intl., Inc. (Parent)			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Consolidated
Net cash provided by (used for) operating activities	$	7,552		$	1,901		$	(5,481	)	$	3,972
Cash flows from investing activities:
Capital expenditures	—			(2,149		)	(4,271		)	(6,420		)
Sale of Wheels India Limited shares	—			—			6,917			6,917
Insurance proceeds	—			—			4,936			4,936
Other, net	191			—			(557		)	(366		)
Net cash (used for) provided by investing activities	191			(2,149		)	7,025			5,067
Cash flows from financing activities:
Proceeds from borrowings	7,264			258			16,427			23,949
Payment on debt	(13,140		)	(11		)	(18,789		)	(31,940		)
Dividends paid	(302		)	—			—			(302		)
Net cash (used for) provided by financing activities	(6,178		)	247			(2,362		)	(8,293		)
Effect of exchange rate change on cash	—			—			(7,167		)	(7,167		)
Net increase (decrease) in cash and cash equivalents	1,565			(1		)	(7,985		)	(6,421		)
Cash and cash equivalents, beginning of period	2,843			4			63,952			66,799
Cash and cash equivalents, end of period	$	4,408		$	3		$	55,967		$	60,378

(Amounts in thousands)	Condensed Consolidating Statements of Cash Flows For the Three Months Ended March 31, 2019
	Titan  Intl., Inc. (Parent)			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Consolidated
Net cash (used for) provided by operating activities	$	(11,022	)	$	1,545		$	(6,142	)	$	(15,619	)
Cash flows from investing activities:
Capital expenditures	—			(1,700		)	(7,753		)	(9,453		)
Payment related to redeemable noncontrolling interest agreement	(25,000		)	—			—			(25,000		)
Other, net	—			154			40			194
Net cash used for investing activities	(25,000		)	(1,546		)	(7,713		)	(34,259		)
Cash flows from financing activities:
Proceeds from borrowings	25,000			—			27,398			52,398
Payment on debt	—			—			(15,357		)	(15,357		)
Dividends paid	(301		)	—			—			(301		)
Net cash provided by financing activities	24,699			—			12,041			36,740
Effect of exchange rate change on cash	—			—			(232		)	(232		)
Net increase (decrease) in cash and cash equivalents	(11,323		)	(1		)	(2,046		)	(13,370		)
Cash and cash equivalents, beginning of period	23,630			4			58,051			81,685
Cash and cash equivalents, end of period	$	12,307		$	3		$	56,005		$	68,315