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SUBSIDIARY GUARANTOR FINANCIAL INFORMATION
3 Months Ended
Mar. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Condensed Financial Information of Parent Company Only Disclosure [Text Block] SUBSIDIARY GUARANTOR FINANCIAL INFORMATION
Our senior secured notes due 2023 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 the full and unconditional, joint and several obligations of the guarantors. The guarantees of the guarantor subsidiaries are subject to release in limited circumstances upon the occurrence of certain customary conditions. See the indenture governing the senior secured notes due 2023 incorporated by reference to Exhibit 4.2 to the 2020 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, 2021
 Titan
 Intl., Inc. (Parent)
Guarantor SubsidiariesNon-Guarantor SubsidiariesEliminationsConsolidated
Net sales$— $168,765 $403,631 $(168,878)$403,518 
Cost of sales(1,215)146,482 373,864 (168,878)350,253 
Asset impairment— — — — — 
Gross profit1,215 22,283 29,767 — 53,265 
Selling, general and administrative expenses3,013 12,648 18,367 — 34,028 
Research and development expenses229 784 1,540 — 2,553 
Royalty expense360 1,050 1,043 — 2,453 
(Loss) income from operations(2,387)7,801 8,817 — 14,231 
Interest expense(6,964)(4)(555)— (7,523)
Intercompany interest income (expense)446 510 (956)— — 
Foreign exchange loss (gain)— (158)9,635 — 9,477 
Other (expense) income(598)(107)337 — (368)
(Loss) income before income taxes(9,503)8,042 17,278 — 15,817 
Provision for income taxes158 76 2,360 — 2,594 
Equity in earnings (loss) of subsidiaries22,884 — (532)(22,352)— 
Net income (loss)13,223 7,966 14,386 (22,352)13,223 
Net loss attributable to noncontrolling interests— — (351)— (351)
Net income (loss) attributable to Titan$13,223 $7,966 $14,737 $(22,352)$13,574 



(Amounts in thousands)
(Amounts in thousands)Condensed Consolidating Statements of Comprehensive (Loss) Income
For the Three Months Ended March 31, 2021
 Titan
 Intl., Inc. (Parent)
Guarantor SubsidiariesNon-Guarantor SubsidiariesEliminationsConsolidated
Net income (loss)$13,223 $7,966 $14,386 $(22,352)$13,223 
Derivative gain (loss)40 — 40 (40)40 
Currency translation adjustment(27,178)— (27,178)27,178 (27,178)
Pension liability adjustments, net of tax873 667 206 (873)873 
Comprehensive (loss) income (13,042)8,633 (12,546)3,913 (13,042)
Net comprehensive loss attributable to redeemable and noncontrolling interests— — (864)— (864)
Comprehensive (loss) income attributable to Titan$(13,042)$8,633 $(11,682)$3,913 $(12,178)


(Amounts in thousands)Condensed Consolidating Balance Sheets
March 31, 2021
 Titan
 Intl., Inc. (Parent)
Guarantor SubsidiariesNon-Guarantor SubsidiariesEliminationsConsolidated
Assets     
Cash and cash equivalents$9,810 $(20)$86,164 $— $95,954 
Accounts receivable, net382 249,519 — 249,904 
Inventories— 41,959 271,513 — 313,472 
Prepaid and other current assets1,257 17,413 37,565 — 56,235 
Total current assets11,449 59,355 644,761 — 715,565 
Property, plant and equipment, net2,032 82,275 223,313 — 307,620 
Investment in subsidiaries591,048 — 49,098 (640,146)— 
Other assets1,877 5,018 41,368 — 48,263 
Total assets$606,406 $146,648 $958,540 $(640,146)$1,071,448 
Liabilities and Equity     
Short-term debt$— $— $31,076 $— $31,076 
Accounts payable3,702 37,147 180,764 — 221,613 
Other current liabilities25,217 25,451 78,889 — 129,557 
Total current liabilities28,919 62,598 290,729 — 382,246 
Long-term debt406,115 — 34,461 — 440,576 
Other long-term liabilities953 12,342 46,199 — 59,494 
Intercompany accounts(38,544)(432,240)470,784 — — 
Redeemable noncontrolling interest— — 25,000 — 25,000 
Titan shareholders' equity208,963 503,948 95,230 (640,146)167,995 
Noncontrolling interests— — (3,863)— (3,863)
Total liabilities and equity$606,406 $146,648 $958,540 $(640,146)$1,071,448 
(Amounts in thousands)Condensed Consolidating Statements of Cash Flows
For the Three Months Ended March 31, 2021
 Titan
 Intl., Inc. (Parent)
Guarantor SubsidiariesNon-Guarantor SubsidiariesConsolidated
Net cash (used for) provided by operating activities$(10,426)$2,524 $(8,060)$(15,962)
Cash flows from investing activities:    
Capital expenditures— (2,544)(6,317)(8,861)
Proceeds from sale of fixed assets— 542 545 
Net cash provided used for investing activities— (2,541)(5,775)(8,316)
Cash flows from financing activities:    
Proceeds from borrowings11,239 — 10,642 21,881 
Payment on debt(2,000)— (10,398)(12,398)
Other financing activities(1)(7)(2,401)(2,409)
Net cash provided by (used for) financing activities9,238 (7)(2,157)7,074 
Effect of exchange rate change on cash— — (4,273)(4,273)
Net decrease in cash and cash equivalents(1,188)(24)(20,265)(21,477)
Cash and cash equivalents, beginning of period10,998 106,429 117,431 
Cash and cash equivalents, end of period$9,810 $(20)$86,164 $95,954