10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C.  20549

FORM 10-Q

☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the Quarterly Period Ended: September 30, 2022

or

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Commission file number 1-12936

TITAN INTERNATIONAL, INC.

(Exact name of registrant as specified in its charter)

Delaware

(State or other jurisdiction of incorporation or organization)

1525 Kautz Road, Suite 600, West Chicago, IL

(Address of principal executive offices)

36-3228472

(I.R.S. Employer Identification No.)

60185

(Zip Code)

(217) 228-6011

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol	Name of each exchange on which registered
Common stock, $0.0001 par value	TWI	New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  Yes  ☑ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).  Yes ☑  No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company.  See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer	☐	Accelerated filer	☑
Non-accelerated filer	☐	Smaller reporting company	☐
		Emerging growth company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐ 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).  Yes ☐  No ☑

Indicate the number of shares of Titan International, Inc. outstanding: 62,843,961 shares of common stock, $0.0001 par value, as of October 31, 2022.

TITAN INTERNATIONAL, INC.

TABLE OF CONTENTS

		Page
Part I.	Financial Information
Item 1.	Financial Statements (Unaudited)
	Condensed Consolidated Statements of Operations for the Three and Nine Months Ended September 30, 2022 and 2021	1
	Condensed Consolidated Statements of Comprehensive Income (Loss) for the Three and Nine Months Ended September 30, 2022 and 2021	2
	Condensed Consolidated Balance Sheets as of September 30, 2022 and December 31, 2021	3
	Condensed Consolidated Statements of Changes in Equity for the Three and Nine Months Ended September 30, 2022 and 2021	4
	Condensed Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2022 and 2021	6
	Notes to Condensed Consolidated Financial Statements	7
Item 2.	Management's Discussion and Analysis of Financial Condition and Results of Operations	25
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	38
Item 4.	Controls and Procedures	39
Part II.	Other Information
Item 1.	Legal Proceedings	40
Item 1A.	Risk Factors	40
Item 6.	Exhibits	41
	Signatures	42

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements

TITAN INTERNATIONAL, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)

(All amounts in thousands, except per share data)

	Three months ended				Nine months ended
	September 30,				September 30,
	2022		2021		2022		2021
Net sales	$	530,722	$	450,382	$	1,659,614	$	1,292,539
Cost of sales	443,089		390,090		1,375,599		1,117,512
Gross profit	87,633		60,292		284,015		175,027
Selling, general and administrative expenses	31,410		32,217		102,306		98,811
Research and development expenses	2,434		2,370		7,592		7,451
Royalty expense	3,298		2,805		9,217		7,915
Income from operations	50,491		22,900		164,900		60,850
Interest expense	(7,221)		(7,818)		(22,835)		(23,939)
Loss on senior note repurchase	—		—		—		(16,020)
Foreign exchange gain	1,198		416		8,749		9,125
Other income	9,691		648		24,526		1,512
Income before income taxes	54,159		16,146		175,340		31,528
Provision for income taxes	11,446		5,342		39,128		9,927
Net income	42,713		10,804		136,212		21,601
Net (loss) income attributable to noncontrolling interests	(456)		(383)		1,950		(387)
Net income attributable to Titan and applicable to common shareholders	$	43,169	$	11,187	$	134,262	$	21,988
Income per common share:
Basic	$	0.69	$	0.18	$	2.13	$	0.36
Diluted	$	0.68	$	0.18	$	2.11	$	0.35
Average common shares and equivalents outstanding:
Basic	62,803		62,340		63,107		61,844
Diluted	63,229		62,601		63,587		62,523

See accompanying Notes to Condensed Consolidated Financial Statements.

1

TITAN INTERNATIONAL, INC.

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (UNAUDITED)

(All amounts in thousands)

	Three months ended
	September 30,
	2022		2021
Net income	$	42,713	$	10,804
Derivative gain	287		54
Currency translation adjustment, net	(29,517)		(16,243)
Pension liability adjustments, net of tax of $(107) and $(42), respectively	241		797
Comprehensive income (loss)	13,724		(4,588)
Net comprehensive (loss) income attributable to redeemable and noncontrolling interests	(1,101)		51
Comprehensive income (loss) attributable to Titan	$	14,825	$	(4,639)

	Nine months ended
	September 30,
	2022		2021
Net income	$	136,212	$	21,601
Derivative gain	865		319
Currency translation adjustment, net	(23,778)		(28,991)
Pension liability adjustments, net of tax of $(451) and $(83), respectively	1,216		2,362
Comprehensive income (loss)	114,515		(4,709)
Net comprehensive income (loss) attributable to redeemable and noncontrolling interests	7,352		(323)
Comprehensive income (loss) attributable to Titan	$	107,163	$	(4,386)

See accompanying Notes to Condensed Consolidated Financial Statements.

2

TITAN INTERNATIONAL, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(All amounts in thousands, except share data)

	September 30, 2022		December 31, 2021
	(unaudited)
Assets
Current assets
Cash and cash equivalents	$	116,581	$	98,108
Accounts receivable, net	282,145		255,180
Inventories	412,967		392,615
Prepaid and other current assets	88,954		67,401
Total current assets	900,647		813,304
Property, plant and equipment, net	287,618		301,109
Operating lease assets	9,528		20,945
Deferred income taxes	16,416		16,831
Other long-term assets	33,270		30,496
Total assets	$	1,247,479	$	1,182,685
Liabilities
Current liabilities
Short-term debt	$	32,300	$	32,500
Accounts payable	256,715		278,099
Other current liabilities	181,937		140,214
Total current liabilities	470,952		450,813
Long-term debt	414,566		452,451
Deferred income taxes	4,242		3,978
Other long-term liabilities	36,732		48,271
Total liabilities	926,492		955,513
Equity
Titan shareholders' equity
Common stock ($0.0001 par value, 120,000,000 shares authorized, 66,525,269 issued at September 30, 2022 and 66,492,660 at December 31, 2021)	—		—
Additional paid-in capital	564,181		562,340
Retained earnings (deficit)	48,823		(85,439)
Treasury stock (at cost, 3,720,609 shares at September 30, 2022 and 80,876 shares at December 31, 2021)	(23,662)		(1,121)
Accumulated other comprehensive loss	(273,579)		(246,480)
Total Titan shareholders’ equity	315,763		229,300
Noncontrolling interests	5,224		(2,128)
Total equity	320,987		227,172
Total liabilities and equity	$	1,247,479	$	1,182,685

See accompanying Notes to Condensed Consolidated Financial Statements.

3

TITAN INTERNATIONAL, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (UNAUDITED)

(All amounts in thousands, except share data)

	Number of common shares	Additional paid-in capital		Retained (deficit) earnings		Treasury stock		Accumulated other comprehensive (loss) income		Total Titan Equity		Non-controlling interest		Total Equity
Balance January 1, 2022	66,411,784	$	562,340	$	(85,439)	$	(1,121)	$	(246,480)	$	229,300	$	(2,128)	$	227,172
Net income				23,922						23,922		656		24,578
Currency translation adjustment, net								18,457		18,457		(1,182)		17,275
Pension liability adjustments, net of tax								544		544				544
Derivative gain								303		303				303
Stock-based compensation	212,440	(851)				1,339				488				488
Issuance of common stock under 401(k) plan	32,609	360								360				360
Common stock repurchase	(4,032,259)					(25,000)				(25,000)				(25,000)
Balance March 31, 2022	62,624,574	$	561,849	$	(61,517)	$	(24,782)	$	(227,176)	$	248,374	$	(2,654)	$	245,720
Net income				67,171						67,171		1,750		68,921
Currency translation adjustment, net								(18,765)		(18,765)		7,229		(11,536)
Pension liability adjustments, net of tax								431		431				431
Derivative gain								275		275				275
Stock-based compensation	122,351	695				761				1,456				1,456
Issuance of treasury stock under 401(k) plan	27,852	230				173				403				403
Balance June 30, 2022	62,774,777	$	562,774	$	5,654	$	(23,848)	$	(245,235)	$	299,345	$	6,325	$	305,670
Net income (loss)				43,169						43,169		(456)		42,713
Currency translation adjustment, net								(28,872)		(28,872)		(645)		(29,517)
Pension liability adjustments, net of tax								241		241				241
Derivative gain								287		287				287
Stock-based compensation		1,169								1,169				1,169
Issuance of treasury stock under 401(k) plan	29,883	238				186				424				424
Balance September 30, 2022	62,804,660	$	564,181	$	48,823	$	(23,662)	$	(273,579)	$	315,763	$	5,224	$	320,987

4

	Number of common shares	Additional paid-in capital		Retained (deficit) earnings		Treasury stock		Accumulated other comprehensive (loss) income		Total Titan Equity		Non-controlling interest		Total Equity
Balance January 1, 2021	61,376,981	$	532,742	$	(135,025)	$	(1,199)	$	(217,254)	$	179,264	$	(2,999)	$	176,265
Net income (loss)				13,574						13,574		(351)		13,223
Currency translation adjustment, net								(26,665)		(26,665)		(513)		(27,178)
Pension liability adjustments, net of tax								873		873				873
Derivative gain								40		40				40
Stock-based compensation	146,322	487				82				569				569
Issuance of common stock under 401(k) plan	70,416	340								340				340
Balance March 31, 2021	61,593,719	$	533,569	$	(121,451)	$	(1,117)	$	(243,006)	$	167,995	$	(3,863)	$	164,132
Net (loss) income				(2,773)						(2,773)		347		(2,426)
Currency translation adjustment, net								14,287		14,287		143		14,430
Pension liability adjustments, net of tax								692		692				692
Derivative gain								225		225				225
Stock-based compensation	578,516	787				(4)				783				783
Issuance of common stock under 401(k) plan	35,526	341								341				341
Balance June 30, 2021	62,207,761	$	534,697	$	(124,224)	$	(1,121)	$	(227,802)	$	181,550	$	(3,373)	$	178,177
Net income (loss)				11,187						11,187		(383)		10,804
Currency translation adjustment, net								(16,677)		(16,677)		434		(16,243)
Pension liability adjustments, net of tax								797		797				797
Derivative gain								54		54				54
Stock-based compensation	97,439	650								650				650
Issuance of common stock under 401(k) plan	41,584	355								355				355
Balance September 30, 2021	62,346,784	$	535,702	$	(113,037)	$	(1,121)	$	(243,628)	$	177,916	$	(3,322)	$	174,594

See accompanying Notes to Condensed Consolidated Financial Statements.

5

TITAN INTERNATIONAL, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

(All amounts in thousands)

	Nine months ended September 30,
Cash flows from operating activities:	2022		2021
Net income	$	136,212	$	21,601
Adjustments to reconcile net income to net cash provided by (used for) operating activities:
Depreciation and amortization	32,283		36,345
Loss on sale of the Australian wheel business	10,890		—
Deferred income tax provision	(1,631)		(743)
Income on indirect taxes	(32,043)		—
Gain on fixed asset and investment sale	(256)		(569)
Loss on senior note repurchase	—		16,020
Stock-based compensation	3,113		2,029
Issuance of stock under 401(k) plan	1,186		1,036
Foreign currency gain	(4,176)		(12,042)
(Increase) decrease in assets:
Accounts receivable	(43,499)		(75,456)
Inventories	(44,180)		(89,496)
Prepaid and other current assets	6,361		(14,249)
Other assets	(4,352)		3,175
Increase (decrease) in liabilities:
Accounts payable	(9,516)		92,384
Other current liabilities	49,885		24,207
Other liabilities	1,963		(6,532)
Net cash provided by (used for) operating activities	102,240		(2,290)
Cash flows from investing activities:
Capital expenditures	(32,755)		(24,250)
Proceeds from the sale of the Australian wheel business	9,293		—
Proceeds from sale of fixed assets	680		1,139
Net cash used for investing activities	(22,782)		(23,111)
Cash flows from financing activities:
Proceeds from borrowings	88,907		482,293
Repurchase of senior secured notes	—		(413,000)
Payment on debt	(120,728)		(59,949)
Repurchase of common stock	(25,000)		—
Other financing activities	(720)		(2,069)
Net cash (used for) provided by financing activities	(57,541)		7,275
Effect of exchange rate changes on cash	(3,444)		(4,665)
Net increase (decrease) in cash and cash equivalents	18,473		(22,791)
Cash and cash equivalents, beginning of period	98,108		117,431
Cash and cash equivalents, end of period	$	116,581	$	94,640
Supplemental information:
Interest paid	$	16,813	$	15,035
Income taxes paid, net of refunds received	$	27,723	$	10,766

See accompanying Notes to Condensed Consolidated Financial Statements.

6

TITAN INTERNATIONAL, INC.

Notes to Condensed Consolidated Financial Statements

(Unaudited)

1. BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES

Basis of presentation

The accompanying unaudited condensed consolidated interim financial statements include the accounts of Titan International, Inc. and its subsidiaries (Titan or the Company) and have been prepared in accordance with accounting principles generally accepted in the United States of America (US GAAP) for interim financial information and in accordance with the rules and regulations of the United States Securities and Exchange Commission (the SEC). Accordingly, they do not include all of the information and footnotes required by US GAAP for complete financial statements. The accompanying unaudited condensed consolidated interim financial statements reflect all normal and recurring adjustments that are, in the opinion of management, necessary for a fair presentation of the Company's financial position and the results of operations and cash flows for the periods presented, and should be read in conjunction with the consolidated financial statements and the related notes thereto included in the Company’s latest Annual Report on Form 10-K for the year ended December 31, 2021, filed with the SEC on March 3, 2022 (the 2021 Form 10-K). All significant intercompany transactions have been eliminated in consolidation. These unaudited condensed consolidated interim financial statements include estimates and assumptions of management that affect the amounts reported in the condensed consolidated financial statements. Actual results could differ from these estimates.

COVID-19 pandemic

The COVID-19 pandemic impact on the Company was less during the first three quarters of 2022 than in the comparable period in 2021. The Company’s operations continued with additional sanitary and other protective health measures which have increased operating costs. While the Company's operations began to return to historical levels during 2021 and continuing into the first three quarters of 2022, certain geographies (particularly China) continue to remain impacted due to new and emerging variants of COVID-19 resulting in employee absenteeism. Further, global supply chains are experiencing constraints following the COVID-19 pandemic, including availability and pricing of raw materials, transportation and labor. We expect that the post COVID-19 pandemic will continue to have some impact on the Company's operations, though the nature and extent of the impact will depend on the duration and severity of emerging variants of COVID-19.

Fair value of financial instruments

The Company records all financial instruments, including cash and cash equivalents, accounts receivable, notes receivable, accounts payable, other accruals, and notes payable at cost, which approximates fair value due to their short term or stated rates.  Investments in marketable equity securities are recorded at fair value.  Our 7.00% senior secured notes due 2028 were carried at a cost of $395.2 million at September 30, 2022. The fair value of the senior secured notes due 2028 at September 30, 2022, as obtained through an independent pricing source, was approximately $362.8 million.

Russia-Ukraine Military Conflict

In February 2022, in response to the military conflict between Russia and Ukraine, the United States, other North Atlantic Treaty Organization member states, as well as non-member states, have announced targeted economic sanctions on Russia, certain Russian citizens and enterprises. The continuation of the conflict has triggered additional economic and other sanctions enacted by the United States and other countries throughout the world.

The Company currently owns 64.3% of the Voltyre-Prom, a leading producer of agricultural and industrial tires in Volgograd, Russia, which represents approximately 8% and 7% of consolidated assets of Titan as of September 30, 2022 and December 31, 2021, respectively. The asset increase in the Russian entity was due to foreign currency translation. The Russian operations represent approximately 5% of consolidated global sales for both the three months ended September 30, 2022 and 2021 while representing 6% and 5% of consolidated global sales for the nine months ended September 30, 2022 and 2021, respectively. The impact of the military conflict between Russia and Ukraine has not had a significant impact on global operations. The Company continues to monitor the potential impacts on the business including the increased cost of energy in Europe and the ancillary impacts that the military conflict could have on other global operations.

Sale of Australian wheel business

On March 29, 2022, the Company entered into a definitive agreement (the Agreement) for the sale of its Australian wheel business, to OTR Tyres, a leading Australian tire, wheel and service provider. The closing date of the transaction was March 31, 2022. The Agreement contains customary representations, warranties and covenants for transactions of this type. The sale included gross proceeds and cash repatriated of approximately $17.5 million, and the assumption by OTR Tyres of all liabilities, including employee and lease obligations. Refer to footnote 13 for additional information on the loss on sale of the Australian wheel business.

7

TITAN INTERNATIONAL, INC.

Notes to Condensed Consolidated Financial Statements

(Unaudited)

Interest Paid Revision

An error was identified in the disclosure of interest paid within the supplemental information of the condensed consolidated statements of cash flow for the nine months ended September 30, 2021.

We evaluated the revision in accordance with Accounting Standards Codification (ASC) 250, Accounting Changes and Error Corrections and evaluated the materiality of the revision on prior periods' financial statements in accordance with the Securities and Exchange Commission Staff Accounting Bulletin No. 108, Quantifying Financial Statement Errors. We concluded that the revision was not material to any prior period and therefore, amendments of previously filed reports are not required. In accordance with ASC 250, we have corrected the error in the prior period presented. The revision did not have an impact on net income or earnings per share data for the year ended December 31, 2021.

Adoption of new accounting standards

In November 2021, the FASB issued ASU No. 2021-10 Government Assistance (Topic 832), which requires annual disclosures

of transactions with a government that are accounted for by applying a grant or contribution accounting model by analogy.

These required disclosures include information on the nature of transactions and related accounting policies used to account for

transactions, detail on the line items on the balance sheet and income statement affected by these transactions including

amounts applicable to each line, and significant terms and conditions of the transactions including commitments and

contingencies. The ASU is effective for fiscal years beginning after December 15, 2021. The Company receives various forms

of government assistance, primarily through grants associated with continued infrastructure development in certain foreign locations. The Company adopted the impact of this ASU effective January 1, 2022 and incorporated the required disclosures within the notes to condensed consolidated financial statements. The adoption did not have a material impact on our condensed consolidated financial statements.

2. ACCOUNTS RECEIVABLE, NET

Accounts receivable consisted of the following (amounts in thousands):

	September 30, 2022		December 31, 2021
Accounts receivable	$	289,600	$	259,730
Allowance for doubtful accounts	(7,455)		(4,550)
Accounts receivable, net	$	282,145	$	255,180

3. INVENTORIES

Inventories consisted of the following (amounts in thousands):

	September 30, 2022		December 31, 2021
Raw material	$	138,907	$	135,241
Work-in-process	46,245		44,694
Finished goods	227,815		212,680
	$	412,967	$	392,615

8

TITAN INTERNATIONAL, INC.

Notes to Condensed Consolidated Financial Statements

(Unaudited)

4. PROPERTY, PLANT AND EQUIPMENT, NET

Property, plant and equipment, net consisted of the following (amounts in thousands):

	September 30, 2022		December 31, 2021
Land and improvements	$	37,996	$	41,010
Buildings and improvements	230,389		236,367
Machinery and equipment	584,861		578,816
Tools, dies and molds	111,162		111,169
Construction-in-process	29,936		20,288
	994,344		987,650
Less accumulated depreciation	(706,726)		(686,541)
	$	287,618	$	301,109

Depreciation on property, plant and equipment for the nine months ended September 30, 2022 and 2021 totaled $31.3 million and $35.1 million, respectively.

5. INTANGIBLE ASSETS, NET

The components of intangible assets, net consisted of the following (amounts in thousands):

	Weighted Average Useful Lives (in years) September 30, 2022	September 30, 2022		December 31, 2021
Amortizable intangible assets:
Patents, trademarks and other	10.77	$	10,084	$	10,084
Less accumulated amortization		(8,699)		(8,586)
		$	1,385	$	1,498

Amortization related to intangible assets for the nine months ended September 30, 2022 and 2021 totaled $0.3 million and $0.6 million, respectively. Intangible assets are included as a component of other long-term assets in the Condensed Consolidated Balance Sheets.

The estimated aggregate amortization expense at September 30, 2022 for each of the years (or other periods) set forth below was as follows (amounts in thousands):

October 1 - December 31, 2022	$	32
2023	145
2024	132
2025	123
2026	123
Thereafter	830
	$	1,385

9

TITAN INTERNATIONAL, INC.

Notes to Condensed Consolidated Financial Statements

(Unaudited)

6. WARRANTY

Changes in the warranty liability during the nine months ended September 30, 2022 and 2021, respectively, consisted of the following (amounts in thousands):

	2022		2021
Warranty liability at beginning of the period	$	16,628	$	15,040
Provision for warranty liabilities	11,297		7,397
Warranty payments made	(8,419)		(6,039)
Warranty liability at end of the period	$	19,506	$	16,398

Warranty accruals are included as a component of other current liabilities on the Condensed Consolidated Balance Sheets.

7. DEBT

Long-term debt consisted of the following (amounts in thousands):

	September 30, 2022
	Principal Balance		Unamortized Debt Issuance		Net Carrying Amount
7.00% senior secured notes due 2028	$	400,000	$	(4,818)	$	395,182
Titan Europe credit facilities	38,287		—		38,287
Other debt	13,397		—		13,397
Total debt	451,684		(4,818)		446,866
Less amounts due within one year	32,300		—		32,300
Total long-term debt	$	419,384	$	(4,818)	$	414,566

	December 31, 2021
	Principal Balance		Unamortized Debt Issuance		Net Carrying Amount
7.00% senior secured notes due 2028	$	400,000	$	(5,476)	$	394,524
Titan Europe credit facilities	44,993		—		44,993
Revolving credit facility	30,000		—		30,000
Other debt	15,434		—		15,434
Total debt	490,427		(5,476)		484,951
Less amounts due within one year	32,500		—		32,500
Total long-term debt	$	457,927	$	(5,476)	$	452,451

Aggregate principal maturities of long-term debt at September 30, 2022 for each of the years (or other periods) set forth below were as follows (amounts in thousands):

October 1 - December 31, 2022	$	13,847
2023	20,903
2024	6,733
2025	2,838
2026	2,190
Thereafter	405,173
	$	451,684

10

TITAN INTERNATIONAL, INC.

Notes to Condensed Consolidated Financial Statements

(Unaudited)

7.00% senior secured notes due 2028

On April 22, 2021, the Company issued $400.0 million aggregate principal amount of 7.00% senior secured notes due April 2028 (the senior secured notes due 2028), guaranteed by certain of the Company's subsidiaries. Including the impact of debt issuance costs, these notes had an effective yield of 7.27% at issuance. These notes are secured by the land and buildings of the following subsidiaries of the Company: Titan Wheel Corporation of Illinois, Titan Tire Corporation, Titan Tire Corporation of Freeport, and Titan Tire Corporation of Bryan. The Company is subject to certain covenants associated with the senior secured notes due 2028 and remained in compliance with these debt covenants at September 30, 2022.

Titan Europe credit facilities

The Titan Europe credit facilities include borrowings from various institutions totaling $38.3 million in aggregate principal amount at September 30, 2022. Maturity dates on this debt range from less than one year to five years.

Revolving credit facility

The Company has a $125 million revolving credit facility with BMO Harris Bank N.A., as agent, and other financial institutions party thereto. The credit facility is collateralized by accounts receivable and inventory of certain of the Company’s domestic subsidiaries and is scheduled to mature in October 2026. The credit facility can be expanded by up to $50 million through an accordion provision within the agreement. From time to time Titan's availability under this credit facility may be less than $125 million as a result of outstanding letters of credit and eligible accounts receivable and inventory balances at certain of its domestic subsidiaries. At September 30, 2022, under the Company's $125 million credit facility there were no borrowings and $7.2 million in outstanding letters of credit, and the amount available for borrowing totaled $117.8 million.

Other debt

The Company has working capital loans at Titan Pneus do Brasil Ltda and Voltyre-Prom at various interest rates, which totaled $10.1 million and $3.3 million at September 30, 2022, respectively. Maturity dates on these loans are one year or less. The Company expects to negotiate an extension of the maturity dates on these loans with the respective financial institutions, as needed.

8. REDEEMABLE NONCONTROLLING INTEREST

The Company and the Russian Direct Investment Fund (RDIF) own all of the equity interests in Voltyre-Prom, a leading producer of agricultural and industrial tires in Volgograd, Russia. On February 11, 2019, the Company entered into a definitive agreement (the Agreement) with an affiliate of the RDIF relating to the put option included in the Voltyre-Prom Shareholders' Agreement that was exercised by RDIF. Under the terms of the Agreement, in full satisfaction of the settlement put option that was exercised by RDIF, Titan paid $25 million in cash to RDIF at the closing of the transaction, and agreed, subject to the completion of regulatory approval, to issue 4,032,259 shares of restricted Titan common stock to RDIF in a private placement.

In November 2021, Titan received regulatory approval for the issuance of restricted Titan common stock to RDIF. On December 17, 2021, the Company issued 4,032,259 shares of restricted Titan common stock to the RDIF equity holders subject to the Company's right to repurchase the shares for $25 million until February 12, 2022.

On February 1, 2022, the Company entered into a Stock Purchase Agreement with the RDIF equity holders to buy back the restricted Titan common stock for the previously agreed amount of $25 million. The transaction was completed on February 1, 2022. Following the transaction, the Company and RDIF's ownership remained at 64.3% and 35.7%, respectively, of Voltyre-Prom.

11

TITAN INTERNATIONAL, INC.

Notes to Condensed Consolidated Financial Statements

(Unaudited)

9. LEASES

The Company leases certain buildings and equipment under both operating and finance leases.  Certain lease agreements provide for renewal options, fair value purchase options, and payment of property taxes, maintenance, and insurance by the Company. Under FASB Accounting Standards Codification Topic 842 "Leases," the Company made an accounting policy election, by class of underlying asset, not to separate non-lease components such as those previously stated from lease components and instead will treat the lease agreement as a single lease component for all asset classes. Operating right-of-use (ROU) assets represent the Company's right to use an underlying asset for the lease term and lease liabilities represent Titan's obligations to make lease payments arising from the lease. The majority of Titan's leases are operating leases. Operating lease ROU assets and liabilities are recognized at the lease commencement date based on the present value of lease payments over the lease term. As most of Titan's leases do not provide an implicit interest rate, the Company used its incremental borrowing rate (7.27%), based on the information available at the lease commencement date, in determining the present value of lease payments. Operating lease expense is recognized on a straight-line basis over the lease term and is included in cost of sales and selling, general and administrative expenses on the Condensed Consolidated Statements of Operations. Amortization expense associated with finance leases is included in cost of sales and selling, general and administrative expenses, and interest expense associated with finance leases is included in interest expense in the Condensed Consolidated Statements of Operations.

Supplemental balance sheet information related to leases was as follows (amounts in thousands):

	Balance Sheet Classification	September 30, 2022		December 31, 2021
Operating lease ROU assets	Operating lease assets	$	9,528	$	20,945
Operating lease current liabilities	Other current liabilities	$	4,462	$	6,180
Operating lease long-term liabilities	Other long-term liabilities	2,825		11,352
Total operating lease liabilities		$	7,287	$	17,532
Finance lease, gross	Property, plant & equipment, net	$	6,920	$	5,305
Finance lease accumulated depreciation	Property, plant & equipment, net	(3,446)		(2,801)
Finance lease, net		$	3,474	$	2,504
Finance lease current liabilities	Other current liabilities	$	2,507	$	2,384
Finance lease long-term liabilities	Other long-term liabilities	3,413		3,878
Total finance lease liabilities		$	5,920	$	6,262

At September 30, 2022, maturities of lease liabilities were as follows (amounts in thousands):

	Operating Leases		Finance Leases
October 1 - December 31, 2022	$	1,750	$	1,030
2023	4,054		2,527
2024	1,597		1,472
2025	475		896
2026	263		553
Thereafter	496		5
Total lease payments	$	8,635	$	6,483
Less imputed interest	1,348		563
	$	7,287	$	5,920
Weighted average remaining lease term (in years)	2.48		2.71

12

TITAN INTERNATIONAL, INC.

Notes to Condensed Consolidated Financial Statements

(Unaudited)

Supplemental cash flow information related to leases for the nine months ended September 30, 2022 were as follows: operating cash flows from operating leases were $2.0 million.

10. EMPLOYEE BENEFIT PLANS

The Company has three frozen defined benefit pension plans covering certain employees or former employees of three U.S. subsidiaries. The Company also has pension plans covering certain employees of several foreign subsidiaries. The Company also sponsors a number of defined contribution plans in the U.S. and at foreign subsidiaries. The Company contributed approximately $0.4 million to the pension plans during the nine months ended September 30, 2022 and no amounts are expected to be contributed to the pension plans during the remainder of 2022.

The components of net periodic pension (benefit) cost consisted of the following for the periods set forth below (amounts in thousands):

	Three months ended				Nine months ended
	September 30,				September 30,
	2022		2021		2022		2021
Service cost	$	43	$	168	$	1,215	$	506
Interest cost	714		702		2,148		2,115
Expected return on assets	(1,518)		(1,505)		(4,554)		(4,519)
Amortization of unrecognized prior service cost	(15)		(14)		(47)		(46)
Amortization of net unrecognized (gain) loss	(5)		697		(18)		2,090
Net periodic pension (benefit) cost	$	(781)	$	48	$	(1,256)	$	146

Service cost is recorded as cost of sales in the Condensed Consolidated Statements of Operations while all other components are recorded in other income. The change in the net periodic pension (benefit) cost from 2021 to 2022 is due to the disposal of the Australian wheel business.

11. VARIABLE INTEREST ENTITIES

The Company holds a variable interest in two joint ventures for which the Titan is the primary beneficiary. One of these joint ventures operate distribution facilities that primarily distribute mining products. Titan is the 50% owner of the distribution facility located in Canada. Titan is also a 50% owner of a manufacturer of undercarriage components and complete track systems for earthmoving machines in India. The Company’s variable interests in these joint ventures relate to sales of Titan products to these entities, consigned inventory, and working capital loans. As the primary beneficiary of these variable interest entities (VIEs), the VIEs’ assets, liabilities, and results of operations are included in the Company’s condensed consolidated financial statements. The other equity holders’ interests are reflected in “Net loss (income) attributable to noncontrolling interests” in the Condensed Consolidated Statements of Operations and “Noncontrolling interests” in the Condensed Consolidated Balance Sheets.

13

TITAN INTERNATIONAL, INC.

Notes to Condensed Consolidated Financial Statements

(Unaudited)

The following table summarizes the carrying amount of the VIEs’ assets and liabilities included in the Company’s Condensed Consolidated Balance Sheets (amounts in thousands):

	September 30, 2022		December 31, 2021
Cash and cash equivalents	$	1,473	$	714
Inventory	2,569		2,459
Other current assets	4,714		5,135
Property, plant and equipment, net	4,602		3,414
Other non-current assets	481		626
Total assets	$	13,839	$	12,348
Current liabilities	$	2,272	$	1,687
Other long-term liabilities	1,187		669
Total liabilities	$	3,459	$	2,356

All assets in the above table can only be used to settle obligations of the consolidated VIE to which the respective assets relate. Liabilities are nonrecourse obligations. Amounts presented in the table above are adjusted for intercompany eliminations.

The Company holds variable interests in certain VIEs that are not consolidated because Titan is not the primary beneficiary. The Company's involvement with these entities is in the form of direct equity interests and prepayments related to purchases of materials. The maximum exposure to loss represents the loss of assets recognized by Titan relating to non-consolidated entities and amounts due to the non-consolidated assets. The assets and liabilities recognized in Titan's Condensed Consolidated Balance Sheets related to Titan's interest in these non-consolidated VIEs and the Company's maximum exposure to loss relating to non-consolidated VIEs as of the dates set forth below were as follows (amounts in thousands):

	September 30, 2022		December 31, 2021
Investments	$	6,316	$	6,402
Total VIE assets	6,316		6,402
Accounts payable	2,762		4,296
Maximum exposure to loss	$	9,078	$	10,698

12. ROYALTY EXPENSE

The Company has trademark license agreements with The Goodyear Tire & Rubber Company to manufacture and sell certain farm tires under the Goodyear brand. These agreements cover sales in North America, Latin America, Europe, the Middle East, Africa, Russia, and other Commonwealth of Independent States countries. Each of these agreements is scheduled to expire in 2025. Royalty expenses were $3.3 million and $2.8 million for the three months ended September 30, 2022 and 2021, respectively, and $9.2 million and $7.9 million for the nine months ended September 30, 2022 and 2021, respectively.

14

TITAN INTERNATIONAL, INC.

Notes to Condensed Consolidated Financial Statements

(Unaudited)

13. OTHER INCOME

Other income consisted of the following (amounts in thousands):

	Three months ended				Nine months ended
	September 30,				September 30,
	2022		2021		2022		2021
Income on indirect taxes (1)	$	9,593	$	—	$	32,043	$	—
Loss on sale of Australian wheel business (2)	—		—		(10,890)		—
Proceeds from government grant (3)	—		—		1,324		—
Gain on legal settlement (4)	—		—		—		1,750
Equity investment income	—		273		570		397
Gain on sale of assets	74		132		256		297
Other income (expense)	24		243		1,223		(932)
	$	9,691	$	648	$	24,526	$	1,512

(1) In May 2022 and September 2022, the Brazilian tax authorities approved indirect tax credits to be applied against future tax obligations. Refer to Footnote 14 for additional information.

(2) The loss on sale of the Australian wheel business is comprised primarily of the release of the cumulative translation adjustment of approximately $10.0 million and closing costs associated with the completion of the transaction of approximately $0.9 million. Refer to Footnote 1 for additional information.

(3) In August 2014, the Company received an approximately $17.0 million capital grant from the Italian government for asset damages related to the earthquake that occurred in May 2012 at one of our Italian subsidiaries. The grant was recorded as deferred income in non-current liabilities which is being amortized over the life of the reconstructed building. The Company received proceeds of an additional $1.9 million from the grant during the nine months ended September 30, 2022, of which $1.3 million was recorded as other income to match to the historical depreciation recorded on the underlying assets.

(4) The gain on legal settlement relates to proceeds received from a steel supplier for the nine months ended September 30, 2021.

14. INCOME TAXES

The Company recorded income tax expense of $11.4 million and $5.3 million for the three months ended September 30, 2022 and 2021, respectively. For the nine months ended September 30, 2022 and 2021, the Company recorded income tax expense of $39.1 million and $9.9 million, respectively. The Company's effective income tax rate was 21.1% and 33.1% for the three months ended September 30, 2022 and 2021, respectively, and 22.3% and 31.5% for the nine months ended September 30, 2022 and 2021. For the nine months ended September 30, 2022 and 2021, the income tax expense each period differed due to an overall pre-tax income increase which resulted in the significant fluctuation in the effective tax rate. The year-to-date increase in income tax expense for the nine months ended September 30, 2022 is due to improved profitability in foreign jurisdictions.

The Company’s 2022 and 2021 income tax expense and rates differed from the amount of income tax determined by applying the U.S. Federal income tax rate to pre-tax income primarily as a result of U.S. and certain foreign jurisdictions that have a full valuation allowance on deferred tax assets. In addition, there were non-deductible royalty expenses and statutorily required income adjustments made in certain foreign jurisdictions that negatively impacted the tax rate for the nine months ended September 30, 2022 and 2021.

The Company continues to monitor the realization of its deferred tax assets and assesses the need for a valuation allowance. The Company analyzes available positive and negative evidence to determine if a valuation allowance is needed based on the weight of the evidence. This objectively verifiable evidence primarily includes the past three years' profit and loss positions. This process requires management to make estimates, assumptions, and judgments that are uncertain in nature. The Company has established valuation allowances with respect to deferred tax assets in the U.S. and certain foreign jurisdictions and continues to monitor and assess potential valuation allowances in all its jurisdictions.

15

TITAN INTERNATIONAL, INC.

Notes to Condensed Consolidated Financial Statements

(Unaudited)

Given the Company’s recent history of earnings, management believes that there is a reasonable possibility that, within the next twelve months, sufficient positive evidence may become available to allow management to anticipate the reversal of valuation allowance recorded against the US deferred tax assets. The reversal would result in an income tax benefit for the quarterly and annual fiscal period in which the Company releases the valuation allowance. However, the exact timing and amount of the valuation allowance release are subject to change on the basis of the level of profitability that the Company actually achieves.

On August 16, 2022, the U.S. government enacted the Inflation Reduction Act of 2022 that includes, among other provisions, changes to the U.S. corporate income tax system, including a fifteen percent minimum tax based on "adjusted financial statement income," which is effective for tax years beginning after December 31, 2022, and a one percent excise tax on net repurchases of stock after December 31, 2022. Titan is continuing to evaluate the Inflation Reduction Act and its requirements, as well as the application to our business, but at this time does not expect the Inflation Reduction Act to have a material impact on our financial results.

The Company recorded income tax and other taxes payable of $30.9 million and $9.3 million as of September 30, 2022 and December 31, 2021, which are included in the other current liabilities line of the condensed consolidated balance sheets. The change in the balance is primarily due to accruals associated with the taxable income for the Brazilian indirect tax credits received and the overall increase in profitability for the Company.

Brazilian Tax Credits

In June 2021, the Company’s Brazilian subsidiaries received a notice that they had prevailed on an existing legal claim in regards to certain non-income (indirect) taxes that had been previously charged and paid. The matter specifically relates to companies’ rights to exclude the state tax on goods circulation (a value-added-tax or VAT equivalent, known in Brazil as “ICMS”) from the calculation of certain additional indirect taxes (specifically the program of social integration (“PIS”) and contribution for financing of social security (“COFINS”) levied by the Brazilian States on the sale of goods.

During the second and third quarter of 2022, the Company submitted the related supporting documentation and received the approval from the Brazilian tax authorities for two of its Brazilian subsidiaries. For the three and nine months ended September 30, 2022, the Company recorded $9.5 million and $32.0 million within other income in the condensed consolidated statements of operations. The Company also recorded $1.6 million and $9.4 million of income tax expense associated with the recognition of these indirect tax credits for the three and nine months ended September 30, 2022.

The Company expects to be able to apply the tax credits received to settle the income tax liability that was incurred as a result of the credit. The Company also expects to utilize the majority of the credit against future PIS/COFINS and income tax obligations over the next twelve months. For the nine month period ended September 30, 2022, the company has utilized approximately $10.0 million of the tax credits, which is included within income taxes paid of $27.7 million on the supplemental information of the condensed consolidated statement of cash flow. Excluding the utilization of $10.0 million of tax credits, the company paid approximately $17.7 million of income taxes for the nine month period ended September 30, 2022.

16

TITAN INTERNATIONAL, INC.

Notes to Condensed Consolidated Financial Statements

(Unaudited)

15. EARNINGS PER SHARE

Earnings per share (EPS) were as follows (amounts in thousands, except per share data):

	Three months ended				Nine months ended
	September 30,				September 30,
	2022		2021		2022		2021
Net income attributable to Titan and applicable to common shareholders	$	43,169	$	11,187	$	134,262	$	21,988
Determination of shares:
Weighted average shares outstanding (basic)	62,803		62,340		63,107		61,844
Effect of equity awards	426		261		480		679
Weighted average shares outstanding (diluted)	63,229		62,601		63,587		62,523
Income per common share:
Basic	$	0.69	$	0.18	$	2.13	$	0.36
Diluted	$	0.68	$	0.18	$	2.11	$	0.35

16. LITIGATION

The Company is a party to routine legal proceedings arising out of the normal course of business. Due to the difficult nature of predicting unresolved and future legal claims, the Company cannot anticipate or predict the material adverse effect on its consolidated financial condition, results of operations, or cash flows as a result of efforts to comply with, or liabilities pertaining to, legal judgments. In the opinion of management, the Company is not currently involved in any legal proceedings which, individually or in the aggregate, could have a material effect on its financial position, results of operations, or cash flows.

17. SEGMENT INFORMATION

The Company has aggregated its operating units into reportable segments based on its three customer markets: agricultural, earthmoving/construction, and consumer. Each reportable segment includes wheels, tires, wheel/tire assemblies, and undercarriage systems and components. These segments are based on the information used by the Chief Executive Officer to make certain operating decisions, allocate portions of capital expenditures, and assess segment performance. Segment external sales, expenses, and income from operations are determined based on the results of operations for the operating units of the Company's manufacturing facilities. Segment assets are generally determined on the basis of the tangible assets located at such operating units’ manufacturing facilities and the intangible assets associated with the acquisitions of such operating units. However, certain operating units’ property, plant and equipment balances are carried at the corporate level.

The table below presents information about certain operating results, separated by market segments, for the three and nine months ended September 30, 2022 and 2021 (amounts in thousands):

17

TITAN INTERNATIONAL, INC.

Notes to Condensed Consolidated Financial Statements

(Unaudited)

	Three months ended				Nine months ended
	September 30,				September 30,
	2022		2021		2022		2021
Net sales
Agricultural	$	289,259	$	244,373	$	917,443	$	684,636
Earthmoving/construction	199,921		168,408		611,550		509,930
Consumer	41,542		37,601		130,621		97,973
	$	530,722	$	450,382	$	1,659,614	$	1,292,539
Gross profit
Agricultural	$	45,949	$	33,214	$	155,794	$	98,294
Earthmoving/construction	34,959		21,263		102,651		63,333
Consumer	6,725		5,815		25,570		13,400
	$	87,633	$	60,292	$	284,015	$	175,027
Income from operations
Agricultural	$	31,125	$	18,156	$	106,126	$	54,228
Earthmoving/construction	21,836		7,913		59,952		20,950
Consumer	4,856		3,519		18,976		7,067
Corporate & Unallocated	(7,326)		(6,688)		(20,154)		(21,395)
Income from operations	50,491		22,900		164,900		60,850
Interest expense	(7,221)		(7,818)		(22,835)		(23,939)
Loss on senior note repurchase	—		—		—		(16,020)
Foreign exchange gain	1,198		416		8,749		9,125
Other income	9,691		648		24,526		1,512
Income before income taxes	$	54,159	$	16,146	$	175,340	$	31,528

Assets by segment were as follows as of the dates set forth below (amounts in thousands):

	September 30, 2022		December 31, 2021
Total assets
Agricultural	$	553,326	$	517,528
Earthmoving/construction	514,296		502,373
Consumer	137,967		133,906
Corporate & Unallocated	41,890		28,878
	$	1,247,479	$	1,182,685

18

TITAN INTERNATIONAL, INC.

Notes to Condensed Consolidated Financial Statements

(Unaudited)

18. RELATED PARTY TRANSACTIONS

The Company sells products and pays commissions to companies controlled by persons related to the Chairman of the Board of Directors of the Company, Mr. Maurice Taylor. The related party is Mr. Fred Taylor, who was Mr. Maurice Taylor’s brother. Mr. Fred Taylor passed away on December 13, 2021. The companies with which Mr. Fred Taylor is associated that do business with Titan include the following: Blacksmith OTR, LLC; F.B.T. Enterprises, Inc.; Green Carbon, Inc.; Silverstone, Inc.; and OTR Wheel Engineering, Inc. Sales of Titan products to these companies were approximately $1.2 million and $3.5 million for the three and nine months ended September 30, 2022, and approximately $0.7 million and $2.0 million for the three and nine months ended September 30, 2021. Titan had purchases from these companies of approximately $0.5 million and $1.0 million for the three and nine months ended September 30, 2022, and approximately $0.1 million and $1.0 million for the three and nine months ended September 30, 2021. Titan had trade receivables due from these companies of approximately $0.4 million at September 30, 2022, and approximately $0.2 million at December 31, 2021.  Sales commissions accrued to the above companies were approximately $0.4 million and $1.3 million for the three and nine months ended September 30, 2022 as compared to $0.5 million and $1.5 million paid for the three and nine months ended September 30, 2021.

19. ACCUMULATED OTHER COMPREHENSIVE LOSS

Accumulated other comprehensive loss consisted of the following (amounts in thousands):

	Currency Translation Adjustments		Gain (Loss) on Derivatives		Unrecognized Losses and Prior Service Cost		Total
Balance at July 1, 2022	$	(236,367)	$	539	$	(9,407)	$	(245,235)
Currency translation adjustments, net	(28,872)		—		—		(28,872)
Defined benefit pension plans:
Amortization of unrecognized losses and prior service cost, net of tax of $(107)	—		—		241		241
Derivative gain	—		287		—		287
Balance at September 30, 2022	$	(265,239)	$	826	$	(9,166)	$	(273,579)

	Currency Translation Adjustments		Gain (Loss) on Derivatives		Unrecognized Losses and Prior Service Cost		Total
Balance at January 1, 2022	$	(236,059)	$	(39)	$	(10,382)	$	(246,480)
Currency translation adjustments, net (1)	(29,180)		—		—		(29,180)
Defined benefit pension plans:
Amortization of unrecognized losses and prior service cost, net of tax of $(451)	—		—		1,216		1,216
Derivative gain	—		865		—		865
Balance at September 30, 2022	$	(265,239)	$	826	$	(9,166)	$	(273,579)

(1) The currency translation adjustments, net includes currency translation on amounts reclassified into other expense within the Condensed Consolidated Statements of Operations of approximately $10 million for the nine months ended September 30, 2022 related to the sale of the Australian wheel business. Refer to Note 13 for additional information.

19

TITAN INTERNATIONAL, INC.

Notes to Condensed Consolidated Financial Statements

(Unaudited)

	Currency Translation Adjustments		Gain (Loss) on Derivatives		Unrecognized Losses and Prior Service Cost		Total
Balance at July 1, 2021	$	(206,529)	$	(148)	$	(21,125)	$	(227,802)
Currency translation adjustments, net	(16,677)		—		—		(16,677)
Defined benefit pension plans:
Amortization of unrecognized losses and prior service cost, net of tax of $(42)	—		—		797		797
Derivative gain	—		54		—		54
Balance at September 30, 2021	$	(223,206)	$	(94)	$	(20,328)	$	(243,628)

	Currency Translation Adjustments		Gain (Loss) on Derivatives		Unrecognized Losses and Prior Service Cost		Total
Balance at January 1, 2021	$	(194,151)	$	(413)	$	(22,690)	$	(217,254)
Currency translation adjustments, net (1)	(29,055)		—		—		(29,055)
Defined benefit pension plans:
Amortization of unrecognized losses and prior service cost, net of tax of $(83)	—		—		2,362		2,362
Derivative gain	—		319		—		319
Balance at September 30, 2021	$	(223,206)	$	(94)	$	(20,328)	$	(243,628)

(1) The increase in currency translation adjustments for the nine months ended September 30, 2021 was due to foreign currency rate fluctuations, the ongoing initiative to rationalize the Company's legal entity structure, and the ongoing management of the intercompany capital structure during the year.

20

TITAN INTERNATIONAL, INC.

Notes to Condensed Consolidated Financial Statements

(Unaudited)

20. SUBSIDIARY GUARANTOR FINANCIAL INFORMATION

Our senior secured notes due 2028 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. 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 September 30, 2022
	Titan  Intl., Inc. (Parent)		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Eliminations		Consolidated
Net sales	$	—	$	39,472	$	530,722	$	(39,472)	$	530,722
Cost of sales	—		5,177		477,384		(39,472)		443,089
Gross profit	—		34,295		53,338		—		87,633
Selling, general and administrative expenses	2,100		12,277		17,033		—		31,410
Research and development expenses	275		817		1,342		—		2,434
Royalty expense	—		1,596		1,702		—		3,298
(Loss) income from operations	(2,375)		19,605		33,261		—		50,491
Interest (expense) income	(7,373)		(3)		155		—		(7,221)
Intercompany interest income (expense)	373		1,102		(1,475)		—		—
Foreign exchange (loss) gain	—		(155)		1,353		—		1,198
Other (expense) income	(22)		528		9,185		—		9,691
(Loss) income before income taxes	(9,397)		21,077		42,479		—		54,159
Provision for income taxes	941		50		10,455		—		11,446
Equity in earnings (loss) of subsidiaries	54,403		—		17,700		(72,103)		—
Net income (loss)	44,065		21,027		49,724		(72,103)		42,713
Net loss attributable to noncontrolling interests	—		—		(456)		—		(456)
Net income (loss) attributable to Titan	$	44,065	$	21,027	$	50,180	$	(72,103)	$	43,169

21

TITAN INTERNATIONAL, INC.

Notes to Condensed Consolidated Financial Statements

(Unaudited)

(Amounts in thousands)	Condensed Consolidating Statements of Operations For the Nine Months Ended September 30, 2022
	Titan  Intl., Inc. (Parent)		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Eliminations		Consolidated
Net sales	$	—	$	205,015	$	1,659,614	$	(205,015)	$	1,659,614
Cost of sales	—		83,090		1,497,524		(205,015)		1,375,599
Gross profit	—		121,925		162,090		—		284,015
Selling, general and administrative expenses	6,911		37,802		57,593		—		102,306
Research and development expenses	784		2,486		4,322		—		7,592
Royalty expense	230		4,461		4,526		—		9,217
(Loss) income from operations	(7,925)		77,176		95,649		—		164,900
Interest expense	(22,499)		(11)		(325)		—		(22,835)
Intercompany interest income (expense)	1,107		2,815		(3,922)		—		—
Foreign exchange gain	—		135		8,614		—		8,749
Other (loss) income	(10)		1,568		22,968		—		24,526
(Loss) income before income taxes	(29,327)		81,683		122,984		—		175,340
Provision for income taxes	3,301		346		35,481		—		39,128
Equity in earnings (loss) of subsidiaries	171,420		—		56,343		(227,763)		—
Net income (loss)	138,792		81,337		143,846		(227,763)		136,212
Net income attributable to noncontrolling interests	—		—		1,950		—		1,950
Net income (loss) attributable to Titan	$	138,792	$	81,337	$	141,896	$	(227,763)	$	134,262

(Amounts in thousands)	Condensed Consolidating Statements of Comprehensive Income (Loss) For the Three Months Ended September 30, 2022
	Titan  Intl., Inc. (Parent)		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Eliminations		Consolidated
Net income (loss)	$	44,065	$	21,027	$	49,724	$	(72,103)	$	42,713
Derivative gain	—		—		287		—		287
Currency translation adjustment, net	—		—		(29,517)		—		(29,517)
Pension liability adjustments, net of tax	—		—		241		—		241
Comprehensive income (loss)	44,065		21,027		20,735		(72,103)		13,724
Net comprehensive loss attributable to noncontrolling interests	—		—		(1,101)		—		(1,101)
Comprehensive income (loss) attributable to Titan	$	44,065	$	21,027	$	21,836	$	(72,103)	$	14,825

22

TITAN INTERNATIONAL, INC.

Notes to Condensed Consolidated Financial Statements

(Unaudited)

(Amounts in thousands)	Condensed Consolidating Statements of Comprehensive Income (Loss) For the Nine Months Ended September 30, 2022
	Titan  Intl., Inc. (Parent)		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Eliminations		Consolidated
Net income (loss)	$	138,792	$	81,337	$	143,846	$	(227,763)	$	136,212
Derivative gain	—		—		865		—		865
Currency translation adjustment, net	—		—		(23,778)		—		(23,778)
Pension liability adjustments, net of tax	—		—		1,216		—		1,216
Comprehensive income (loss)	138,792		81,337		122,149		(227,763)		114,515
Net comprehensive income attributable to noncontrolling interests	—		—		7,352		—		7,352
Comprehensive income (loss) attributable to Titan	$	138,792	$	81,337	$	114,797	$	(227,763)	$	107,163

(Amounts in thousands)	Condensed Consolidating Balance Sheets September 30, 2022
	Titan  Intl., Inc. (Parent)		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Eliminations		Consolidated
Assets
Cash and cash equivalents	$	22,130	$	2	$	94,449	$	—	$	116,581
Accounts receivable, net	—		26		282,119		—		282,145
Inventories	—		80,745		332,222		—		412,967
Prepaid and other current assets	712		16,536		71,706		—		88,954
Total current assets	22,842		97,309		780,496		—		900,647
Property, plant and equipment, net	543		78,787		208,288		—		287,618
Investment in subsidiaries	852,976		—		176,461		(1,029,437)		—
Other assets	1,035		13,443		44,736		—		59,214
Total assets	$	877,396	$	189,539	$	1,209,981	$	(1,029,437)	$	1,247,479
Liabilities and Equity
Short-term debt	$	—	$	—	$	32,300	$	—	$	32,300
Accounts payable	1,294		53,399		202,022		—		256,715
Other current liabilities	47,296		29,517		105,124		—		181,937
Total current liabilities	48,590		82,916		339,446		—		470,952
Long-term debt	395,182		—		19,384		—		414,566
Other long-term liabilities	170		4,023		36,781		—		40,974
Intercompany accounts	76,722		(536,568)		459,846		—		—
Titan shareholders' equity	356,732		639,168		349,300		(1,029,437)		315,763
Noncontrolling interests	—		—		5,224		—		5,224
Total liabilities and equity	$	877,396	$	189,539	$	1,209,981	$	(1,029,437)	$	1,247,479

23

TITAN INTERNATIONAL, INC.

Notes to Condensed Consolidated Financial Statements

(Unaudited)

(Amounts in thousands)	Condensed Consolidating Statements of Cash Flows For the Nine Months Ended September 30, 2022
	Titan  Intl., Inc. (Parent)		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Consolidated
Net cash provided by operating activities	$	69,433	$	9,634	$	23,173	$	102,240
Cash flows from investing activities:
Capital expenditures	—		(9,620)		(23,135)		(32,755)
Proceeds from the sale of the Australian wheel business	—		—		9,293		9,293
Proceeds from sale of fixed assets	—		3		677		680
Net cash used for investing activities	—		(9,617)		(13,165)		(22,782)
Cash flows from financing activities:
Proceeds from borrowings	65,657		—		23,250		88,907
Payment on debt	(95,000)		—		(25,728)		(120,728)
Repurchase of common stock	(25,000)		—		—		(25,000)
Other financing activities	—		(32)		(688)		(720)
Net cash used for financing activities	(54,343)		(32)		(3,166)		(57,541)
Effect of exchange rate change on cash	—		—		(3,444)		(3,444)
Net increase (decrease) in cash and cash equivalents	15,090		(15)		3,398		18,473
Cash and cash equivalents, beginning of period	7,040		17		91,051		98,108
Cash and cash equivalents, end of period	$	22,130	$	2	$	94,449	$	116,581

21. SUBSEQUENT EVENTS

The Company has evaluated subsequent events through the filing of this Form 10-Q and determined that there have been no subsequent events that have occurred that would require adjustments to our disclosures in the consolidated financial statements.

24

TITAN INTERNATIONAL, INC.

Management's Discussion and Analysis of

Financial Condition and Results of Operations

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's discussion and analysis of financial condition and results of operations (MD&A) is designed to provide a reader of the financial statements included in this quarterly report with a narrative from the perspective of the management of Titan International, Inc. (Titan or the Company) on Titan's financial condition, results of operations, liquidity, and other factors that may affect the Company's future results. The MD&A in this quarterly report should be read in conjunction with the condensed consolidated financial statements and other financial information included elsewhere in this quarterly report and the MD&A and audited consolidated financial statements and related notes in the Company's Annual Report on Form 10-K for the year ended December 31, 2021, filed with the SEC on March 3, 2022 (the 2021 Form 10-K).

COVID-19 Pandemic

The COVID-19 pandemic impact on the Company was less during the first three quarters of 2022 than in the comparable period in 2021. The Company’s operations continued with additional sanitary and other protective health measures which have increased operating costs. While the Company's operations began to return to historical levels during 2021 and continuing into the first three quarters of 2022, certain geographies (particularly China) continue to remain impacted due to new and emerging variants of COVID-19 resulting in employee absenteeism. Further, global supply chains are experiencing constraints following the COVID-19 pandemic, including availability and pricing of raw materials, transportation and labor.

Due to the above circumstances as described generally in this Form 10-Q, the Company’s results of operations for the three and nine months ended September 30, 2022 are not necessarily indicative of the results to be expected in the future. Management cannot predict the full impact of the COVID-19 pandemic on the economic conditions generally, on the Company’s customers and, ultimately, on the Company. We expect that the post COVID-19 pandemic will continue to have some impact on the Company's operations, though the nature and extent of the impact will depend on the duration and severity of emerging variants of COVID-19.

Russia-Ukraine Military Conflict

In February 2022, in response to the military conflict between Russia and Ukraine, the United States, other North Atlantic Treaty Organization member states, as well as non-member states, have announced targeted economic sanctions on Russia, certain Russian citizens and enterprises. The continuation of the conflict has triggered additional economic and other sanctions enacted by the United States and other countries throughout the world. The scope of potential additional sanctions is unknown.

The Company maintains operations in Russia and any such economic sanctions may result in an adverse effect on its Russian operations. The Company currently owns 64.3% of Voltyre-Prom, a producer of agricultural and industrial tires in Volgograd, Russia, which represents approximately 8% and 7% of consolidated assets of Titan as of September 30, 2022 and December 31, 2021, respectively. The asset increase in the Russian entity was due to currency translation. The Russian operations represent approximately 5% of consolidated global sales for both the three months ended September 30, 2022 and 2021 while representing 6% and 5% of consolidated global sales for the nine months ended September 30, 2022 and 2021, respectively. The impact of the military conflict between Russia and Ukraine has not had a significant impact on global operations.

As the military conflict in Ukraine exacerbates the global food crisis, Titan remains committed to the role it plays in the continuity of food supply and keeping essential goods moving, including its tire operation in Volgograd, Russia. Tires produced in the Voltyre-Prom facility are primarily sold into Commonwealth of Independent States (CIS) countries, located in Europe and Asia. This facility is operating at lower levels in full compliance with all international sanctions on Russia. Titan has stopped any additional investments into this joint project and emphasizes that neither this operation, nor any other Titan operations, sells any products to the Russian military or other government agencies.

The potential impact of bans, sanction programs, and boycotts on our business is uncertain at the current time due to the fluid nature of the military conflict as it is unfolding. The potential impacts include supply chain and logistics disruptions, financial impacts including disruptions to the execution of banking transactions with certain Russian financial institutions, volatility in foreign exchange rates and interest rates, inflationary pressures on raw materials and energy, loss of operational control and/or assets, heightened cybersecurity threats and other restrictions. The Company continues to monitor the potential impacts on the business including the increased cost of energy in Europe and the ancillary impacts that the military conflict could have on other global operations.

25

TITAN INTERNATIONAL, INC.

Management's Discussion and Analysis of

Financial Condition and Results of Operations

Brazilian Tax Credits

In June 2021, the Company’s Brazilian subsidiaries received a notice that they had prevailed on an existing legal claim in regards to certain non-income (indirect) taxes that had been previously charged and paid. The matter specifically relates to companies’ rights to exclude the state tax on goods circulation (a value-added-tax or VAT equivalent, known in Brazil as “ICMS”) from the calculation of certain additional indirect taxes (specifically the program of social integration (“PIS”) and contribution for financing of social security (“COFINS”) levied by the Brazilian States on the sale of goods.

During the second and third quarter of 2022, the Company submitted the related supporting documentation and received the approval from the Brazilian tax authorities for two of its Brazilian subsidiaries. For the three and nine months ended September 30, 2022, the Company recorded $9.5 million and $32.0 million within other income in the condensed consolidated statements of operations. The Company also recorded $1.6 million and $9.4 million of income tax expense associated with the recognition of these indirect tax credits for the three and nine months ended September 30, 2022.

The Company expects to be able to apply the tax credits received to settle the income tax liability that was incurred as a result of the credit. The Company also expects to utilize the majority of the credit against future PIS/COFINS and income tax obligations over the next twelve months. For the nine month period ended September 30, 2022, the company has utilized approximately $10.0 million of the tax credits, which is included within income taxes paid of $27.7 million on the supplemental information of the condensed consolidated statement of cash flow. Excluding the utilization of $10.0 million of tax credits, the company paid approximately $17.7 million of income taxes for the nine month period ended September 30, 2022.

FORWARD-LOOKING STATEMENTS

This Form 10-Q contains forward-looking statements, which are covered by the safe harbor for "forward-looking statements" provided by the Private Securities Litigation Reform Act of 1995. Readers can identify these statements by the fact that they do not relate strictly to historical or current facts. The Company tried to identify forward-looking statements in this quarterly report by using words such as “anticipates,” “estimates,” “expects,” “intends,” “plans,” and “believes,” and similar expressions or future or conditional verbs such as “will,” “should,” “would,” “may,” and “could.” These forward-looking statements include, among other items, information concerning:

•The Company's financial performance;

•Anticipated trends in the Company’s business;

•Expectations with respect to the end-user markets into which the Company sells its products (including agricultural equipment, earthmoving/construction equipment, and consumer products);

•Future expenditures for capital projects;

•The Company’s ability to continue to control costs and maintain quality;

•The Company's ability to meet conditions of loan agreements, indentures and other financing documents;

•The Company’s business strategies, including its intention to introduce new products;

•Expectations concerning the performance and success of the Company’s existing and new products; and

•The Company’s intention to consider and pursue acquisition and divestiture opportunities.

Readers of this Form 10-Q should understand that these forward-looking statements are based on the Company’s current expectations and assumptions about future events and are subject to a number of risks, uncertainties, and changes in circumstances that are difficult to predict, including, but not limited to, the factors discussed in Part I, Item 1A, Risk Factors, of the 2021 Form 10-K and Part II, Item 1A, Risk Factors, of this quarterly report on Form 10-Q, certain of which are beyond the Company’s control.

Actual results could differ materially from these forward-looking statements as a result of certain factors, including:

•The effect of the COVID-19 pandemic on our operations and financial performance;

•The effect of the military conflict between Russia and Ukraine on our Russian and global operations;

•The effect of a recession on the Company and its customers and suppliers;

26

TITAN INTERNATIONAL, INC.

Management's Discussion and Analysis of

Financial Condition and Results of Operations

•Changes in the Company’s end-user markets into which the Company sells its products as a result of world economic or regulatory influences or otherwise;

•Changes in the marketplace, including new products and pricing changes by the Company’s competitors;

•The Company's ability to maintain satisfactory labor relations;

•Unfavorable outcomes of legal proceedings;

•The Company's ability to comply with current or future regulations applicable to the Company's business and the industry in which it competes or any actions taken or orders issued by regulatory authorities;

•Availability and price of raw materials;

•Levels of operating efficiencies;

•The effects of the Company's indebtedness and its compliance with the terms thereof;

•Changes in the interest rate environment and their effects on the Company's outstanding indebtedness;

•Unfavorable product liability and warranty claims;

•Actions of domestic and foreign governments, including the imposition of additional tariffs and approval of tax credits or other incentives;

•Geopolitical and economic uncertainties relating to the countries in which the Company operates or does business;

•Risks associated with acquisitions, including difficulty in integrating operations and personnel, disruption of ongoing business, and increased expenses;

•Results of investments;

•The effects of potential processes to explore various strategic transactions, including potential dispositions;

•Fluctuations in currency translations;

•Climate change and related laws and regulations;

•Risks associated with environmental laws and regulations;

•Risks relating to our manufacturing facilities, including that any of our material facilities may become inoperable; and

•Risks related to financial reporting, internal controls, tax accounting, and information systems.

Any changes in such factors could lead to significantly different results.  Any assumptions that are inaccurate or do not prove to be correct could have a material adverse effect on the Company’s ability to achieve the results as indicated in the forward-looking statements.  Forward-looking statements included in this report speak only as of the date of this report. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.  In light of these risks and uncertainties, there can be no assurance that the forward-looking information and assumptions contained in this report will in fact transpire. The reader should not place undue reliance on the forward-looking statements included in this report or that may be made elsewhere from time to time by the Company, or on its behalf. All forward-looking statements attributable to Titan are expressly qualified by these cautionary statements.

OVERVIEW

Titan International, Inc., together with its subsidiaries, is a global manufacturer of off-highway wheels, tires, assemblies and undercarriage products. As a leading manufacturer in the off-highway industry, Titan produces a broad range of products to meet the specifications of original equipment manufacturers (OEMs) and aftermarket customers in the agricultural, earthmoving/construction, and consumer markets. Titan manufactures and sells certain tires under the Goodyear Farm Tire and Titan Tire brands and has complete research and development test facilities to validate tire and wheel designs.

Agricultural Segment: Titan’s agricultural wheels, tires, and undercarriage systems and components are manufactured for use on various agricultural equipment, including tractors, combines, skidders, plows, planters, and irrigation equipment, and are sold directly to OEMs and to the aftermarket through independent distributors, equipment dealers, and Titan’s distribution centers. The wheels range in diameter from nine inches to 54 inches, with the 54-inch diameter being the largest agricultural wheel manufactured in North America. Basic configurations are combined with distinct variations (such as different centers

27

TITAN INTERNATIONAL, INC.

Management's Discussion and Analysis of

Financial Condition and Results of Operations

and a wide range of material thickness) allowing the Company to offer a broad line of products to meet customer specifications. Titan’s agricultural tires range from approximately one foot to approximately seven feet in outside diameter and from five inches to 55 inches in width. The Company offers the added value of delivering a complete wheel and tire assembly to OEM and aftermarket customers.

Earthmoving/Construction Segment: The Company manufactures wheels, tires, and undercarriage systems and components for various types of OTR earthmoving, mining, military, construction, and forestry equipment, including skid steers, aerial lifts, cranes, graders and levelers, scrapers, self-propelled shovel loaders, articulated dump trucks, load transporters, haul trucks, backhoe loaders, crawler tractors, lattice cranes, shovels, and hydraulic excavators. The Company provides OEM and aftermarket customers with a broad range of earthmoving/construction wheels ranging in diameter from 15 inches to 63 inches and in weight from 125 pounds to 7,000 pounds. The 63-inch diameter wheel is the largest manufactured in North America for the earthmoving/construction market. Titan’s earthmoving/construction tires range from approximately three feet to approximately 13 feet in outside diameter and in weight from 50 pounds to 12,500 pounds. The Company also offers the added value of wheel and tire assembly for certain applications in the earthmoving/construction segment.

Consumer Segment: Titan manufactures bias truck tires in Latin America and light truck tires in Russia. Titan also offers select products for ATVs, turf, and golf cart applications. This segment also includes sales that do not readily fall into the Company's other segments.

The Company’s top customers include global leaders in agricultural and construction equipment manufacturing and include AGCO Corporation, Caterpillar Inc., CNH Global N.V., Deere & Company, Hitachi, Ltd., Kubota Corporation, Liebherr, and Volvo, in addition to many other off-highway equipment manufacturers.  The Company distributes products to OEMs, independent and OEM-affiliated dealers, and through a network of distribution facilities.

MARKET CONDITIONS AND OUTLOOK

AGRICULTURAL MARKET OUTLOOK

Agriculture-related commodity prices continued to remain at historically high levels during the first three quarters of 2022. Improved farmer income, replacement of an aging large equipment fleet and replenishment of lower equipment inventory levels are all factors which are anticipated to support continued strong demand for our products. Many of our customers are forecasting growth into 2023, providing further optimism of sustained stability in the market, despite current global recession concerns. Many more variables, including weather, volatility in the price of commodities, grain prices, export markets, foreign currency exchange rates, government policies, subsidies, and the demand for used equipment can greatly affect the Company's performance in the agricultural market in a given period.

EARTHMOVING/CONSTRUCTION MARKET OUTLOOK

The earthmoving/construction segment is affected by many variables, including commodity prices, road construction, infrastructure, government appropriations, housing starts, and other macroeconomic drivers. The construction market is primarily driven by GDP by country and the need for infrastructure developments. The earthmoving/construction markets experienced signs of growth during the first three quarters of 2022 and the momentum is expected to continue given the low equipment inventory levels throughout the global construction industry and increased mining capital budgets. Mineral commodity prices are at relatively high levels that also currently support growth, while global recession concerns could impact demand in various parts of the world.

CONSUMER MARKET OUTLOOK

The consumer market consists of several distinct product lines within different regions. These products include light truck tires, turf equipment, specialty products, including custom mixing of rubber stock, and train brakes. Overall, the markets stabilized during 2021 and remained stable through the first three quarters of 2022. However, the pace of growth can vary period to period. There are strong initiatives underway to bolster opportunities in various specialty products including mixing of rubber stock in the United States. The consumer segment is affected by many variables including inflationary impacts, consumer spending, interest rates, government policies, and other macroeconomic drivers.

28

TITAN INTERNATIONAL, INC.

Management's Discussion and Analysis of

Financial Condition and Results of Operations

RESULTS OF OPERATIONS

	Three months ended								Nine months ended
(amounts in thousands)	September 30,								September 30,
	2022			2021			% Increase/(Decrease)		2022			2021			% Increase
Net sales	$	530,722		$	450,382		18	%	$	1,659,614		$	1,292,539		28	%
Gross profit	87,633			60,292			45	%	284,015			175,027			62	%
Gross profit %	17		%	13		%			17		%	14		%
Selling, general and administrative expenses	31,410			32,217			(3)	%	102,306			98,811			4	%
Research and development expenses	2,434			2,370			3	%	7,592			7,451			2	%
Royalty expense	3,298			2,805			18	%	9,217			7,915			16	%
Income from operations	50,491			22,900			120	%	164,900			60,850			171	%

Net Sales

Net sales for the three months ended September 30, 2022 were $530.7 million, compared to $450.4 million in the comparable period of 2021, an increase of 18%. The net sales increase was across all segments and driven by price/product mix and volume, with price having a greater impact in the most recent quarter. The increase in net sales was unfavorably impacted by foreign currency translation of 4.7% or $21.0 million, primarily due to the weakening euro and Turkish lira.

Net sales for the nine months ended September 30, 2022 were $1,659.6 million, compared to $1,292.5 million in the comparable period of 2021, an increase of 28%. The net sales increase was across all segments and driven by price/product mix and volume. The increase in net sales was unfavorably impacted by foreign currency translation of 3.9% or $50.5 million, primarily due to the weakening euro and Turkish lira.

Overall net sales price/product mix and volume improved for both the three and nine months ended September 30, 2022 as compared to the prior year periods due to market growth in all segments. The price increase was due to rising raw material costs and other inflationary impacts in the markets, including freight and energy costs. The volume increase was driven by increased customer demand which is reflective of higher commodity prices, improved farmer income, and replacement of an aging large equipment fleet in the global agricultural markets. Construction and mining markets are also improved in 2022, reflective of recovery after depressed markets during the pandemic and stronger mining commodity prices. Global supply chains are experiencing constraints and volatility, including availability and pricing of raw materials, transportation and labor. Titan is also experiencing similar supply chain challenges and has been able to manage the situation effectively through each of the periods.

Gross Profit

Gross profit for the three months ended September 30, 2022 was $87.6 million, or 17% of net sales, an increase of $27.3 million compared to $60.3 million, or 13% of net sales, for the three months ended September 30, 2021.

Gross profit for the nine months ended September 30, 2022 was $284.0 million, or 17% of net sales, an increase of $109.0 million compared to $175.0 million, or 14% of net sales, for the nine months ended September 30, 2021.

The solid growth in gross profit and margin for both the three and nine months ended September 30, 2022 as compared to the prior year periods was across all segments and was driven by the impact of increases in net sales, as described previously, and improved operating leverage in our production facilities. In addition, cost reduction and productivity initiatives continue to be executed across global production facilities.

29

TITAN INTERNATIONAL, INC.

Management's Discussion and Analysis of

Financial Condition and Results of Operations

Selling, General and Administrative Expenses

Selling, general and administrative (SG&A) expenses for the three months ended September 30, 2022 were $31.4 million, or 6% of net sales, compared to $32.2 million, or 7% of net sales, for the three months ended September 30, 2021.  

The decrease in SG&A for the three months ended September 30, 2022 as compared to the prior year periods was driven primarily by a decrease in legal fees, and variable expenses associated with Australian wheel business that was sold in the first quarter of 2022.

Selling, general and administrative expenses for the nine months ended September 30, 2022 were $102.3 million, or 6% of net sales, compared to $98.8 million, or 8% of net sales, for the nine months ended September 30, 2021. 

The increase in SG&A for the nine months ended September 30, 2022 as compared to the prior year periods was driven primarily by an increase in variable costs associated with improved operating performance and growth in sales.

Research and Development Expenses

Research and development (R&D) expenses for the three months ended September 30, 2022 were $2.4 million, or less than 1% of net sales, compared to $2.4 million, or 1% of net sales, for the comparable period in 2021. R&D expenses for the nine months ended September 30, 2022 were $7.6 million, or less than 1% of net sales, compared to $7.5 million, or 1% of net sales, for the comparable period in 2021. R&D spending reflects initiatives to improve product designs and an ongoing focus on quality and innovation.

Royalty Expense

The Company has trademark license agreements with The Goodyear Tire & Rubber Company to manufacture and sell certain farm tires under the Goodyear brand. These agreements cover sales in North America, Latin America, Europe, the Middle East, Africa, Russia, and other Commonwealth of Independent States countries.

Royalty expenses for the three months ended September 30, 2022 were $3.3 million, or 1% of net sales, compared to $2.8 million, or 1% of net sales, for the three months ended September 30, 2021. Royalty expenses for the nine months ended September 30, 2022 were $9.2 million, or 1% of net sales, compared to $7.9 million, or 1% of net sales, for the nine months ended September 30, 2021. The increase in royalty expenses are due to the increase in sales, as described previously, resulting in an increase in the amount of royalty expense incurred.

Income from Operations

Income from operations for the third quarter of 2022 was $50.5 million, compared to income from operations of $22.9 million for the third quarter of 2021. Income from operations for the nine months ended September 30, 2022 was $164.9 million, compared to income from operations of $60.9 million for the nine months ended September 30, 2021. The increase in income from operations for both the three and nine months ended September 30, 2022 as compared to the prior year periods was primarily driven by higher sales and improvements in gross profit margins.

OTHER PROFIT/LOSS ITEMS

Interest Expense

Interest expense was $7.2 million and $7.8 million for the three months ended September 30, 2022 and 2021, respectively, and $22.8 million and $23.9 million for the nine months ended September 30, 2022 and 2021. The decrease in interest expense for the three months ended September 30, 2022 was due to the reduced borrowing under the Company's credit facility in the third quarter of 2022. The decrease in interest expense for the nine months ended September 30, 2022 was due to the reduced borrowing under the Company's global credit facilities and the refinancing of the senior secured notes during the second quarter of 2021 resulting in an additional interest expense in 2021 which did not occur in 2022.

Loss on Senior Note Repurchase

Loss on senior note repurchase was $16.0 million for the nine months ended September 30, 2021. The loss was in connection to the Company completing a call and redemption of all of its outstanding $400.0 million principal amount of Titan's 6.50% senior secured notes due 2023 during the second quarter of 2021.

30

TITAN INTERNATIONAL, INC.

Management's Discussion and Analysis of

Financial Condition and Results of Operations

Foreign Exchange Gain

Foreign exchange gain was $1.2 million for the three months ended September 30, 2022, compared to a gain of $0.4 million for the three months ended September 30, 2021. Foreign exchange gain was $8.7 million for the nine months ended September 30, 2022, compared to a gain of $9.1 million for the nine months ended September 30, 2021.

The foreign exchange gain experienced during the three and nine months ended September 30, 2022 is primarily the result of a favorable impact of the movement of exchange rates in certain geographies in which we conduct business. The foreign exchange gain experienced during the three and nine months ended September 30, 2021 is primarily the result of the closeout of certain legal entities as part of the ongoing initiative to rationalize Titan's legal entity structure and ongoing management of the intercompany capital structure as well as a favorable impact of the movement of exchange rates.

Other Income

Other income was $9.7 million for the three months ended September 30, 2022, as compared to other income of $0.6 million in the comparable period of 2021.  The increase in other income for the three months ended September 30, 2022, as compared to the same period in 2021, was primarily attributable to $9.5 million income on indirect tax credits related to Brazilian operations as mentioned previously.

Other income was $24.5 million for the nine months ended September 30, 2022, as compared to other income of $1.5 million in the comparable period of 2021.  The increase in other income for the nine months ended September 30, 2022, as compared to the same period in 2021, was primarily attributable to $32.0 million income on indirect tax credits, and a gain of $1.3 million from a government grant associated with an earthquake that affected one of our Italian subsidiaries in May 2012. The increase in other income was partially offset by $10.9 million loss on sale of the Australian wheel business which was comprised primarily of the release of the cumulative translation adjustment of approximately $10.0 million and closing costs associated with the completion of the transaction of approximately $0.9 million.

Provision for Income Taxes

The Company recorded income tax expense of $11.4 million and $5.3 million for the three months ended September 30, 2022 and 2021, respectively. For the nine months ended September 30, 2022 and 2021, the Company recorded income tax expense of $39.1 million and $9.9 million, respectively. The Company's effective income tax rate was 21.1% and 33.1% for the three months ended September 30, 2022 and 2021, respectively, and 22.3% and 31.5% for the nine months ended September 30, 2022 and 2021, respectively. For the three months ended September 30, 2022 and 2021, the income tax expense each period differed due to an overall pre-tax income increase which resulted in the significant fluctuation in the effective tax rate. The year-to-date increase in income tax expense for the nine months ended September 30, 2022 is due to improved profitability in foreign jurisdictions.

The Company’s 2022 and 2021 income tax expense and rates differed from the amount of income tax determined by applying the U.S. Federal income tax rate to pre-tax income primarily as a result of U.S. and certain foreign jurisdictions that have a full valuation allowance on deferred tax assets. In addition, there were non-deductible royalty expenses and statutorily required income adjustments made in certain foreign jurisdictions that negatively impacted the tax rate for nine months ended September 30, 2022 and 2021.

Given the Company’s recent history of earnings, management believes that there is a reasonable possibility that, within the next twelve months, sufficient positive evidence may become available to allow management to anticipate the reversal of valuation allowance recorded against the US deferred tax assets. The reversal would result in an income tax benefit for the quarterly and annual fiscal period in which the Company releases the valuation allowance. However, the exact timing and amount of the valuation allowance release are subject to change on the basis of the level of profitability that the Company actually achieves.

On August 16, 2022, the Inflation Reduction Act (H.R. 5376) was signed into law in the United States. Titan is continuing to evaluate the Inflation Reduction Act and its requirements, as well as the application to our business, but at this time does not expect the Inflation Reduction Act to have a material impact on our financial results, including on the Company's annual estimated effective tax rate.

31

TITAN INTERNATIONAL, INC.

Management's Discussion and Analysis of

Financial Condition and Results of Operations

Net Income and Income per Share

Net income for the third quarter of 2022 was $42.7 million, compared to net income of $10.8 million in the comparable quarter of 2021, an improvement of $31.9 million. For the quarter ended September 30, 2022 and 2021, basic income per share were $0.69 and $0.18, respectively, and diluted income per share were $0.68 and $0.18, respectively. The Company's net income and income per share increases were due to the items previously discussed.

Net income for the nine months ended September 30, 2022 was $136.2 million, compared to net income of $21.6 million in the comparable period of 2021, an improvement of $114.6 million. For the nine months ended September 30, 2022 and 2021, basic income per share were $2.13 and $0.36, respectively, and diluted income per share were $2.11 and $0.35, respectively. The Company's net income and income per share increases were due to the items previously discussed.

SEGMENT INFORMATION

Segment Summary (amounts in thousands):

Three months ended September 30, 2022	Agricultural			Earthmoving/ Construction			Consumer			Corporate/ Unallocated  Expenses		Consolidated  Totals
Net sales	$	289,259		$	199,921		$	41,542		$	—	$	530,722
Gross profit	45,949			34,959			6,725			—		87,633
Profit margin	16		%	17		%	16		%	—		17		%
Income (loss) from operations	31,125			21,836			4,856			(7,326)		50,491
Three months ended September 30, 2021
Net sales	$	244,373		$	168,408		$	37,601		$	—	$	450,382
Gross profit	33,214			21,263			5,815			—		60,292
Profit margin	14		%	13		%	15		%	—		13		%
Income (loss) from operations	18,156			7,913			3,519			(6,688)		22,900

Nine months ended September 30, 2022	Agricultural			Earthmoving/ Construction			Consumer			Corporate/ Unallocated  Expenses		Consolidated  Totals
Net sales	$	917,443		$	611,550		$	130,621		$	—	$	1,659,614
Gross profit	155,794			102,651			25,570			—		284,015
Profit margin	17		%	17		%	20		%	—		17		%
Income (loss) from operations	106,126			59,952			18,976			(20,154)		164,900
Nine months ended September 30, 2021
Net sales	$	684,636		$	509,930		$	97,973		$	—	$	1,292,539
Gross profit	98,294			63,333			13,400			—		175,027
Profit margin	14		%	12		%	14		%	—		14		%
Income (loss) from operations	54,228			20,950			7,067			(21,395)		60,850

32

TITAN INTERNATIONAL, INC.

Management's Discussion and Analysis of

Financial Condition and Results of Operations

Agricultural Segment Results

Agricultural segment results for the periods presented below were as follows:

(Amounts in thousands)	Three months ended								Nine months ended
	September 30,								September 30,
	2022			2021			% Increase		2022			2021			% Increase
Net sales	$	289,259		$	244,373		18	%	$	917,443		$	684,636		34	%
Gross profit	45,949			33,214			38	%	155,794			98,294			58	%
Profit margin	16		%	14		%	17	%	17		%	14		%	18	%
Income from operations	31,125			18,156			71	%	106,126			54,228			96	%

Net sales in the agricultural segment were $289.3 million for the three months ended September 30, 2022, as compared to $244.4 million for the comparable period in 2021, an increase of 18%. Net sales was driven by price/product mix and volume, with price having a greater impact. Pricing is primarily reflective of increases in raw material and other inflationary cost increases in the markets, including freight and energy costs. The volume increase was due to increased demand in the global agricultural market, reflective of high farm commodity prices and increased farmer income, the need for replacement of an aging large equipment fleet and the need to replenish equipment inventory levels within the equipment dealer channels. The overall increase in net sales was partially offset by unfavorable currency translation, primarily in Europe, of 3.0%.

Gross profit in the agricultural segment was $45.9 million for the three months ended September 30, 2022, as compared to $33.2 million in the comparable quarter of 2021.  The increase in gross profit and margin is primarily attributable to the impact of increases in net sales as described previously and cost reduction and productivity initiatives executed across global production facilities. The Company balanced the increases of related raw materials and other inflationary cost impacts with corresponding price increases to protect profitability.

Income from operations in Titan's agricultural segment was $31.1 million for the three months ended September 30, 2022, as compared to income of $18.2 million for the three months ended September 30, 2021. The overall increase in income from operations is attributable to higher gross profit, described previously.

Net sales in the agricultural segment were $917.4 million for the nine months ended September 30, 2022, as compared to $684.6 million for the comparable period in 2021, an increase of 34%. Net sales was driven by price/product mix and volume. Pricing is primarily reflective of increases in raw material and other inflationary cost increases in the markets, including freight and energy costs. The overall increase in net sales was partially offset by unfavorable currency translation, primarily in Europe, of 3.4%.

Gross profit in the agricultural segment was $155.8 million for the nine months ended September 30, 2022, as compared to $98.3 million in the comparable period in 2021.  The increase in gross profit and margin is primarily attributable to the impact of increases in net sales as described previously and cost reduction and productivity initiatives executed across global production facilities.

Income from operations in Titan's agricultural segment was $106.1 million for the nine months ended September 30, 2022, as compared to income of $54.2 million for the nine months ended September 30, 2021. The overall increase in income from operations is attributable to higher gross profit.

33

TITAN INTERNATIONAL, INC.

Management's Discussion and Analysis of

Financial Condition and Results of Operations

Earthmoving/Construction Segment Results

Earthmoving/construction segment results for the periods presented below were as follows:

(Amounts in thousands)	Three months ended								Nine months ended
	September 30,								September 30,
	2022			2021			% Increase		2022			2021			% Increase
Net sales	$	199,921		$	168,408		19	%	$	611,550		$	509,930		20	%
Gross profit	34,959			21,263			64	%	102,651			63,333			62	%
Profit margin	17		%	13		%	38	%	17		%	12		%	35	%
Income from operations	21,836			7,913			176	%	59,952			20,950			186	%

The Company's earthmoving/construction segment net sales were $199.9 million for the three months ended September 30, 2022, as compared to $168.4 million in the comparable quarter of 2021, an increase of 19%. The increase in earthmoving/construction net sales was driven by increased price/product mix and volume, with price having a greater impact. Pricing increases were implemented because of inflationary input costs, primarily energy and freight costs, along with fluctuations in the price of steel. Net sales were unfavorably impacted by foreign currency translation in Europe, which decreased net sales by 8.0%.

Gross profit in the earthmoving/construction segment was $35.0 million for the three months ended September 30, 2022, as compared to $21.3 million for the three months ended September 30, 2021. The increase in gross profit and margin was primarily driven by better price realization and continued improved production efficiencies stemming from the strong management actions taken to improve profitability for the long-term. The Company balanced the increases related to raw materials and other inflationary cost impacts with corresponding price increases to maintain profitability.

The Company's earthmoving/construction segment income from operations was $21.8 million for the three months ended September 30, 2022, as compared to income of $7.9 million for the three months ended September 30, 2021. This improvement was due to increases in sales price, volume, and continued execution of cost containment measures taken to manage profitability.

The Company's earthmoving/construction segment net sales were $611.6 million for the nine months ended September 30, 2022, as compared to $509.9 million in the comparable period in 2021, an increase of 20%. The increase in earthmoving/construction net sales was driven by increased price/product mix and volume. Pricing increases were implemented because of inflationary input costs. Net sales was unfavorably impacted by foreign currency translation in Europe, which decreased net sales by 5.3%.

Gross profit in the earthmoving/construction segment was $102.7 million for the nine months ended September 30, 2022, as compared to $63.3 million for the nine months ended September 30, 2021. The increase in gross profit and margin was primarily driven by the impact of net sales as described previously and the continued improved production efficiencies stemming from the strong management actions taken to improve profitability for the long-term. The Company balanced the increases related to raw materials and other inflationary cost impacts with corresponding price increases to protect profitability.

The Company's earthmoving/construction segment income from operations was $60.0 million for the nine months ended September 30, 2022, as compared to income of $21.0 million for the nine months ended September 30, 2021. This improvement was due to increases in sales price, volume, and continued execution of cost containment measures taken to manage profitability.

34

TITAN INTERNATIONAL, INC.

Management's Discussion and Analysis of

Financial Condition and Results of Operations

Consumer Segment Results

Consumer segment results for the periods presented below were as follows:

(Amounts in thousands)	Three months ended								Nine months ended
	September 30,								September 30,
	2022			2021			% Increase		2022			2021			% Increase
Net sales	$	41,542		$	37,601		10	%	$	130,621		$	97,973		33	%
Gross profit	6,725			5,815			16	%	25,570			13,400			91	%
Profit margin	16		%	15		%	5	%	20		%	14		%	43	%
Income from operations	4,856			3,519			38	%	18,976			7,067			169	%

Consumer segment net sales were $41.5 million for the three months ended September 30, 2022, as compared to $37.6 million for the three months ended September 30, 2021, an increase of approximately 10%. The increase was driven by favorable price/product mix and volume impact to net sales. The increase in demand is primarily related to specialty products in the United States, primarily custom mixing of rubber stock to third parties, which was partially offset by softness in the utility truck business in Latin America. Net sales were unfavorably impacted by foreign currency translation, primarily in Europe, which decreased net sales by 0.6%.

Gross profit from the consumer segment was $6.7 million for the three months ended September 30, 2022, as compared to $5.8 million for the three months ended September 30, 2021 due primarily to sales growth, increased price/product mix and the positive impact of sales volume increases on improved operating leverage.

Consumer segment income from operations was $4.9 million for the three months ended September 30, 2022, as compared to an income of $3.5 million for the three months ended September 30, 2021 due to increase in gross profit as mentioned previously.

Consumer segment net sales were $130.6 million for the nine months ended September 30, 2022, as compared to $98.0 million for the nine months ended September 30, 2021, an increase of approximately 33%. The increase was driven by favorable price/product mix and volume impact to net sales. The increase in demand primarily related to specialty products in the United States, primarily custom mixing of rubber stock to third parties. Net sales were unfavorably impacted by foreign currency translation, primarily in Europe, which decreased net sales by 0.3%.

Gross profit from the consumer segment was $25.6 million for the nine months ended September 30, 2022, as compared to $13.4 million for the nine months ended September 30, 2021 due primarily to sales growth, increased price/product mix and the positive impact of sales volume increase on operating leverage. Margins related to the growth initiatives in specialty products in the United States are stronger than the average margins for other products in the segment.

Consumer segment income from operations was $19.0 million for the nine months ended September 30, 2022, as compared to an income of $7.1 million for the nine months ended September 30, 2021 due to increase in gross profit as mentioned previously.

Corporate & Unallocated Expenses

Income from operations on a segment basis did not include unallocated costs of $7.3 million for the three months ended September 30, 2022, and $20.2 million for the nine months ended September 30, 2022, as compared to $6.7 million for the three months ended September 30, 2021, and $21.4 million for the nine months ended September 30, 2021. Unallocated expenses are primarily comprised of corporate selling, general and administrative expenses. The year over year change is related to reductions in certain SG&A expenses primarily associated with investments to improve our supply chain and logistics processes in 2021 which did not occur in 2022.

35

TITAN INTERNATIONAL, INC.

Management's Discussion and Analysis of

Financial Condition and Results of Operations

LIQUIDITY AND CAPITAL RESOURCES

Cash Flows

As of September 30, 2022, the Company had $116.6 million of cash, which increased as compared to the December 31, 2021 ending balance of $98.1 million, due to the following items:

Operating Cash Flows

Summary of cash flows from operating activities:

(Amounts in thousands)	Nine months ended September 30,
	2022		2021		Change
Net income	$	136,212	$	21,601	$	114,611
Depreciation and amortization	32,283		36,345		(4,062)
Loss on sale of the Australian wheel business	10,890		—		10,890
Deferred income tax (benefit) provision	(1,631)		(743)		(888)
Income on indirect taxes	(32,043)		—		(32,043)
Foreign currency gain	(4,176)		(12,042)		7,866
Accounts receivable	(43,499)		(75,456)		31,957
Inventories	(44,180)		(89,496)		45,316
Prepaid and other current assets	6,361		(14,249)		20,610
Other assets	(4,352)		3,175		(7,527)
Accounts payable	(9,516)		92,384		(101,900)
Other current liabilities	49,885		24,207		25,678
Other liabilities	1,963		(6,532)		8,495
Other operating activities	4,043		18,516		(14,473)
Cash provided by (used for) operating activities	$	102,240	$	(2,290)	$	104,530

In the first nine months of 2022, cash flows provided by operating activities was $102.2 million, driven primarily by the improved net income. Increases in other current liabilities of $49.9 million which includes $21.1 million income tax payable increase in foreign jurisdictions was offset by increases in accounts receivable of $43.5 million and increases in inventory of $44.2 million. Growth in these liquid working capital balances relates to the significant increase in sales activity during the period. Included in net income of $136.2 million was a non-cash charge for depreciation and amortization expense of $32.3 million, income on indirect taxes of $32.0 million, and loss on sale of the Australian wheel business of $10.9 million.

Operating cash flows increased by $104.5 million when comparing the first nine months of 2022 to the comparable period in 2021, which is due to the impact of higher profitability in 2022 and the managed investments in working capital to support the business growth.

Summary of the components of cash conversion cycle:

	September 30,	December 31,	September 30,
	2022	2021	2021
Days sales outstanding	49	48	53
Days inventory outstanding	87	86	89
Days payable outstanding	(55)	(61)	(61)
Cash conversion cycle	81	73	81

Cash conversion cycle remained fairly consistent when comparing the quarter ended September 30, 2022 to September 30, 2021. The Company continues to focus on strategic improvement in working capital management, specifically continued focus on customer cash collections and inventory management.

36

TITAN INTERNATIONAL, INC.

Management's Discussion and Analysis of

Financial Condition and Results of Operations

Investing Cash Flows

Summary of cash flows from investing activities:

(Amounts in thousands)	Nine months ended September 30,
	2022		2021		Change
Capital expenditures	$	(32,755)	$	(24,250)	$	(8,505)
Proceeds from the sale of the Australian wheel business	9,293		—		9,293
Proceeds from sale of fixed assets	680		1,139		(459)
Cash used for investing activities	$	(22,782)	(23,111)		$	329

Net cash used for investing activities was $22.8 million in the first nine months of 2022, as compared to net cash used for investing activities of $23.1 million in the first nine months of 2021. The Company invested a total of $32.8 million in capital expenditures in the first nine months of 2022, compared to $24.3 million in the comparable period of 2021. Capital expenditures during the first nine months of 2022 and 2021 are mainly equipment replacement and improvements, along with new tools, dies and molds related to new product development, as the Company seeks to enhance the Company’s manufacturing capabilities and drive productivity gains. Cash provided by investing activities for the first nine months of 2022 includes $9.3 million from proceeds for the sale of the Australian wheel business.

Financing Cash Flows

Summary of cash flows from financing activities:

(Amounts in thousands)	Nine months ended September 30,
	2022		2021		Change
Proceeds from borrowings	$	88,907	$	482,293	$	(393,386)
Repurchase of senior secured notes	—		(413,000)		413,000
Payment on debt	(120,728)		(59,949)		(60,779)
Repurchase of common stock	(25,000)		—		(25,000)
Other financing activities	(720)		(2,069)		1,349
Cash (used for) provided by financing activities	$	(57,541)	$	7,275	$	(64,816)

During the first nine months of 2022, $57.5 million of cash was used for financing activities. Payment on debt of $120.7 million and repurchase of common stock of $25.0 million was offset partially by proceeds from borrowings of $88.9 million. The Company borrowed on the domestic revolving credit facility during the first quarter of 2022 primarily to facilitate the repurchasing of the Company's common stock from RDIF, and subsequently repaid during the second quarter of 2022 as cash flow improved. The Company reduced its domestic credit facility outstanding balance to zero at September 30, 2022 with cash provided from operations as compared to domestic credit facility outstanding balance of $30.0 million at September 30, 2021.

37

TITAN INTERNATIONAL, INC.

Management's Discussion and Analysis of

Financial Condition and Results of Operations

Debt Restrictions

The Company’s $125 million revolving credit facility (credit facility) and indenture relating to the 7.00% senior secured notes due 2028 contain various restrictions, including:

•When remaining availability under the credit facility is less than 10% of the total commitment under the credit facility ($12.5 million as of September 30, 2022), the Company is required to maintain a minimum fixed charge coverage ratio of not less than 1.0 to 1.0 (calculated quarterly on a trailing four quarter basis);

•Limits on dividends and repurchases of the Company’s stock;

•Restrictions on the ability of the Company to make additional borrowings, or to consolidate, merge, or otherwise fundamentally change the ownership of the Company;

•Limitations on investments, dispositions of assets, and guarantees of indebtedness; and

•Other customary affirmative and negative covenants.

These restrictions could limit the Company’s ability to respond to market conditions, provide for unanticipated capital investments, raise additional debt or equity capital, pay dividends, or take advantage of business opportunities, including future acquisitions. The Company is in compliance with these debt covenants at September 30, 2022.

Liquidity Outlook

At September 30, 2022, the Company had $116.6 million of cash and cash equivalents. At September 30, 2022, under the Company's $125 million credit facility, there were no borrowings, $7.2 million in outstanding letters of credit, and the amount available totaled $117.8 million. Titan's availability under this credit facility may be less than $125 million as a result of outstanding letters of credit and eligible accounts receivable and inventory balances at certain domestic subsidiaries. The cash and cash equivalents balance of $116.6 million included $88.1 million held in foreign countries.

The Company is expecting full year capital expenditures to be around $45 million to $50 million. Cash payments for interest are currently forecasted to be approximately $15 million for the remainder of 2022 based on September 30, 2022 debt balances. The forecasted interest payments are comprised primarily of the semi-annual payments totaling $28 million (paid in April and October) for the 7.00% senior secured notes.

Cash and cash equivalents along with anticipated internal cash flows from operations and utilization of availability on global credit facilities, are expected to provide sufficient liquidity for working capital needs, debt maturities, and capital expenditures. Potential divestitures and unencumbered assets are also a means to provide for future liquidity needs.

During June 2022, Moody’s Investors Service upgraded its credit rating for the Company, including its senior secured notes. The rating upgrade reflected Moody's expectation that favorable demand growth in Titan's end markets, primarily agricultural equipment, will support continued strength in the Company's credit metrics into 2023.

CRITICAL ACCOUNTING ESTIMATES

There were no material changes in the Company’s Critical Accounting Estimates since the filing of the 2021 Form 10-K. As discussed in the 2021 Form 10-K, the preparation of the condensed consolidated financial statements in conformity with US GAAP requires management to make estimates, assumptions, and judgments that affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results may differ from those estimates and assumptions.  Refer to Note 1. Basis of Presentation and Significant Accounting Policies in Part I, Item 1, Notes to Condensed Consolidated Financial Statements of this Form 10-Q for a discussion of the Company’s updated accounting policies.

Item 3. Quantitative and Qualitative Disclosures About Market Risk

Titan is exposed to market risks, including changes in foreign currency exchange rates and interest rates, and commodity price fluctuations. Our exposure to market risk has not changed materially since December 31, 2021. For quantitative and qualitative disclosures about market risk, see Item 7A - Quantitative and Qualitative Disclosures About Market Risk included in the 2021 Form 10-K.

38

TITAN INTERNATIONAL, INC.

Item 4. Controls and Procedures

Evaluation of Disclosure Controls and Procedures

Titan management, including the Chief Executive Officer and Chief Financial Officer, evaluated the effectiveness of the design and operation of the Company's disclosure controls and procedures (as defined under Rules 13a-15(e) and 15d-15(e) promulgated under the Securities Exchange Act of 1934 (the Exchange Act)) as of September 30, 2022. Based on that evaluation, the Chief Executive Officer and Chief Financial Officer concluded that, as of September 30, 2022, Titan's disclosure controls and procedures were effective to provide reasonable assurance that information required to be disclosed by Titan in the reports that it files or submits under the Exchange Act is recorded, processed, summarized, and reported accurately and within the time frames specified in the SEC's rules and forms and accumulated and communicated to Titan management, including the Chief Executive Officer and the Chief Financial Officer, as appropriate to allow timely decisions regarding required disclosure.

Changes in Internal Controls

There were no changes in internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) that occurred during the third quarter of fiscal year 2022 that have materially affected, or are reasonably likely to materially affect, the Company's internal control over financial reporting.

Inherent Limitations on the Effectiveness of Controls

Because of its inherent limitations, the Company's disclosure controls and procedures or internal control over financial reporting may not prevent or detect all misstatements or fraud. A control system, no matter how well conceived and operated, can provide only reasonable, not absolute, assurance that the objectives of the control system are met. Further, the design of a control system must reflect the fact that there are resource constraints, and the benefits of controls must be considered relative to their costs. Due to the inherent limitations in a cost-effective control system, no evaluation of controls can provide absolute assurance that misstatements due to error or fraud will not occur or that all control issues and instances of fraud, if any, within the Company have been detected.

These inherent limitations include the realities that judgments in decision-making can be faulty and that breakdowns can occur due to simple error or mistake. Controls can also be circumvented by the individual acts of some persons, by collusion of two or more people, or by management override of the controls. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

39

TITAN INTERNATIONAL, INC.

PART II. OTHER INFORMATION

Item 1. Legal Proceedings

The Company is subject, from time to time, to certain legal proceedings and claims arising out of the normal course of its business, which cover a wide range of matters, including environmental issues, product liability, contracts, and labor and employment matters. See Note 16 Litigation in Part I, Item 1, Notes to Condensed Consolidated Financial Statements of this Form 10-Q for further discussion, which is incorporated herein by reference.

Item 1A. Risk Factors

There have been no material changes from the risk factors disclosed in Item 1A. Risk Factors to the 2021 Form 10-K.

40

TITAN INTERNATIONAL, INC.

Item 6. Exhibits

31.1	Certification of the Principal Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
31.2	Certification of the Principal Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
32	Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
101.SCH	Inline XBRL Taxonomy Extension Schema Document
101.CAL	Inline XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF	Inline XBRL Taxonomy Extension Definition Linkbase Document
101.LAB	Inline XBRL Taxonomy Extension Label Linkbase Document
101.PRE	Inline XBRL Taxonomy Extension Presentation Linkbase Document
104	The cover page from this Current Report on Form 10-Q formatted as inline XBRL

41

TITAN INTERNATIONAL, INC.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

TITAN INTERNATIONAL, INC.

(Registrant)

Date:	November 7, 2022	By:	/s/  PAUL G. REITZ
			Paul G. Reitz
			President and Chief Executive Officer
			(Principal Executive Officer)

By:	/s/ DAVID A. MARTIN
	David A. Martin
	SVP and Chief Financial Officer
	(Principal Financial Officer)

42

EX-31.1

Exhibit 31.1

CERTIFICATION

I, Paul G. Reitz, certify that:

1.I have reviewed this quarterly report on Form 10-Q of Titan International, Inc.;

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a.Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b.Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c.Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d.Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of registrant’s board of directors (or persons performing the equivalent function):

a.All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b.Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date:	November 7, 2022	By:	/s/ PAUL G. REITZ
			Paul G. Reitz
			President and Chief Executive Officer
			(Principal Executive Officer)

EX-31.2

Exhibit 31.2

CERTIFICATION

I, David A. Martin, certify that:

1.I have reviewed this quarterly report on Form 10-Q of Titan International, Inc.;

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a.Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b.Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c.Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d.Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of registrant’s board of directors (or persons performing the equivalent function):

a.All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b.Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date:	November 7, 2022	By:	/s/ DAVID A. MARTIN
			David A. Martin
			SVP and Chief Financial Officer
			(Principal Financial Officer)

EX-32

Exhibit 32

CERTIFICATION

In connection with the Quarterly Report of Titan International, Inc. on Form 10-Q for the period ended September 30, 2022, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), each of the undersigned hereby certifies that, to the best of their knowledge, this Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 and that information contained in this report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

TITAN INTERNATIONAL, INC.

(Registrant)

Date:	November 7, 2022	By:	/s/ PAUL G. REITZ
			Paul G. Reitz
			President and Chief Executive Officer
			(Principal Executive Officer)

Date:	November 7, 2022	By:	/s/ DAVID A. MARTIN
			David A. Martin
			SVP and Chief Financial Officer
			(Principal Financial Officer)

XML

Document and Entitiy Information - shares	9 Months Ended
	Sep. 30, 2022	Oct. 31, 2022
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2022
Document Transition Report	false
Entity File Number	1-12936
Entity Registrant Name	TITAN INTERNATIONAL, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	36-3228472
Entity Address, Address Line One	1525 Kautz Road, Suite 600
Entity Address, City or Town	West Chicago
Entity Address, State or Province	IL
Entity Address, Postal Zip Code	60185
City Area Code	217
Local Phone Number	228-6011
Title of 12(b) Security	Common stock, $0.0001 par value
Trading Symbol	TWI
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Central Index Key	0000899751
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q3
Amendment Flag	false
Entity Common Stock, Shares Outstanding		62,843,961

XML

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Revenue from Contract with Customer, Excluding Assessed Tax	$ 530,722	$ 450,382	$ 1,659,614	$ 1,292,539
Cost of sales	443,089	390,090	1,375,599	1,117,512
Gross profit	87,633	60,292	284,015	175,027
Selling, general and administrative expenses	31,410	32,217	102,306	98,811
Research and development expenses	2,434	2,370	7,592	7,451
Royalty expense	3,298	2,805	9,217	7,915
Income (loss) from operations	50,491	22,900	164,900	60,850
Interest expense	(7,221)	(7,818)	(22,835)	(23,939)
Gain (Loss) on Repurchase of Debt Instrument	0	0	0	(16,020)
Foreign exchange gain	1,198	416	8,749	9,125
Other income	9,691	648	24,526	1,512
Income before income taxes	54,159	16,146	175,340	31,528
Provision for income taxes	11,446	5,342	39,128	9,927
Net income	42,713	10,804	136,212	21,601
Net (loss) income attributable to noncontrolling interests	(456)	(383)	1,950	(387)
Net income attributable to Titan and applicable to common shareholders	$ 43,169	$ 11,187	$ 134,262	$ 21,988
Earnings per common share:
Basic	$ 0.69	$ 0.18	$ 2.13	$ 0.36
Diluted	$ 0.68	$ 0.18	$ 2.11	$ 0.35
Average common shares and equivalents outstanding:
Basic	62,803	62,340	63,107	61,844
Diluted	63,229	62,601	63,587	62,523

XML

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2022	Sep. 30, 2021
Net income	$ 42,713			$ 10,804			$ 136,212	$ 21,601
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification and Tax	287			54			865	319
Currency translation adjustment	(29,517)			(16,243)			(23,778)	(28,991)
Pension liability adjustments, net of tax of $(107), $(42), $(451), and $(83), respectively	241	$ 431	$ 544	797	$ 692	$ 873	1,216	2,362
Comprehensive income (loss)	13,724			(4,588)			114,515	(4,709)
Net comprehensive (loss) income attributable to redeemable and noncontrolling interests	(1,101)			51			7,352	(323)
Comprehensive income (loss) attributable to Titan	$ 14,825			$ (4,639)			$ 107,163	$ (4,386)

XML

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Statement of Comprehensive Income [Abstract]
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, Tax	$ (107)	$ (42)	$ (451)	$ (83)

XML

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Current assets
Cash and cash equivalents	$ 116,581	$ 98,108
Accounts receivable, net	282,145	255,180
Inventories	412,967	392,615
Prepaid and other current assets	88,954	67,401
Total current assets	900,647	813,304
Property, plant and equipment, net	287,618	301,109
Operating Lease, Right-of-Use Asset	9,528	20,945
Deferred income taxes	16,416	16,831
Other long-term assets	33,270	30,496
Total assets	1,247,479	1,182,685
Current liabilities
Short-term debt	32,300	32,500
Accounts payable	256,715	278,099
Other current liabilities	181,937	140,214
Total current liabilities	470,952	450,813
Long-term debt	414,566	452,451
Deferred income taxes	4,242	3,978
Other long-term liabilities	36,732	48,271
Total liabilities	926,492	955,513
Titan stockholders' equity
Common stock ($0.0001 par value, 120,000,000 shares authorized, 66,525,269 issued at September 30, 2022 and 66,492,660 at December 31, 2021)	0	0
Additional paid-in capital	564,181	562,340
Retained earnings (deficit)	48,823	(85,439)
Treasury stock (at cost, 3,720,609 shares at September 30, 2022 and 80,876 shares at December 31, 2021)	(23,662)	(1,121)
Accumulated other comprehensive loss	(273,579)	(246,480)
Total Titan shareholders’ equity	315,763	229,300
Noncontrolling interests	5,224	(2,128)
Total equity	320,987	227,172
Total liabilities and equity	$ 1,247,479	$ 1,182,685

XML

CONSOLIDATED BALANCE SHEETS (Parenthetical) - shares	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022
Liabilities and Equity [Abstract]
Common Stock, shares, outstanding (in shares)	62,804,660	62,774,777	62,624,574

XML

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($) $ in Thousands	Total	Common Stock [Member]	Additional paid-in capital [Member]	Retained earnings [Member]	Treasury stock [Member]	Accumulated other comprehensive income (loss) [Member]	Parent [Member]	Noncontrolling interest [Member]
Balance, Beginning (in shares) at Dec. 31, 2020		61,376,981
Balance, Beginning at Dec. 31, 2020	$ (176,265)		$ (532,742)	$ 135,025	$ 1,199	$ 217,254	$ (179,264)	$ 2,999
Net income				13,574			13,574
Currency translation adjustment, net						(26,665)	26,665	(513)
Temporary Equity, Foreign Currency Translation Adjustments	27,178
Pension liability adjustments, net of tax	873					873	873
Derivative, Gain on Derivative	40					40	40
Stock Issued During Period, Shares, Restricted Stock Award, Gross		146,322
Stock-based compensation	569		487		82		569
Issuance of common stock under 401(k) plan		70,416
Issuance of common stock under 401(k) plan	(340)		(340)				(340)
Balance, Ending (in shares) at Mar. 31, 2021		61,593,719
Balance, Ending at Mar. 31, 2021	(164,132)		(533,569)	121,451	1,117	243,006	(167,995)	3,863
Net Income (Loss), Including Portion Attributable to Nonredeemable Noncontrolling Interest	13,223
Net Income (Loss) Attributable to Redeemable Noncontrolling Interest								(351)
Balance, Beginning (in shares) at Dec. 31, 2020		61,376,981
Balance, Beginning at Dec. 31, 2020	(176,265)		(532,742)	135,025	1,199	217,254	(179,264)	2,999
Net income	21,601
Currency translation adjustment, net	(28,991)
Pension liability adjustments, net of tax	2,362
Balance, Ending (in shares) at Sep. 30, 2021		62,346,784
Balance, Ending at Sep. 30, 2021	(174,594)		(535,702)	113,037	1,121	243,628	(177,916)	3,322
Balance, Beginning (in shares) at Mar. 31, 2021		61,593,719
Balance, Beginning at Mar. 31, 2021	(164,132)		(533,569)	121,451	1,117	243,006	(167,995)	3,863
Net income				(2,773)			(2,773)
Currency translation adjustment, net						14,287	14,287	143
Temporary Equity, Foreign Currency Translation Adjustments	14,430
Pension liability adjustments, net of tax	692					692	(692)
Other Comprehensive Income (Loss), Securities, Available-for-Sale, Unrealized Holding Gain (Loss) Arising During Period, after Tax	225					225	225
Stock Issued During Period, Shares, Restricted Stock Award, Gross		578,516
Stock-based compensation	783		787		(4)		783
Issuance of common stock under 401(k) plan		35,526
Issuance of common stock under 401(k) plan	(341)		(341)				(341)
Net Income (Loss) Attributable to Nonredeemable Noncontrolling Interest	(2,426)							347
Balance, Ending (in shares) at Jun. 30, 2021		62,207,761
Balance, Ending at Jun. 30, 2021	(178,177)		(534,697)	124,224	1,121	227,802	(181,550)	3,373
Net income	10,804			11,187			11,187
Currency translation adjustment, net	(16,243)					(16,677)	(16,677)	434
Temporary Equity, Foreign Currency Translation Adjustments	(16,243)
Pension liability adjustments, net of tax	797					797	(797)
Other Comprehensive Income (Loss), Securities, Available-for-Sale, Unrealized Holding Gain (Loss) Arising During Period, after Tax	54					54	54
Stock Issued During Period, Shares, Restricted Stock Award, Gross		97,439
Stock-based compensation	650		650				650
Issuance of common stock under 401(k) plan		41,584
Issuance of common stock under 401(k) plan	(355)		(355)				(355)
Net Income (Loss) Attributable to Nonredeemable Noncontrolling Interest	10,804							(383)
Balance, Ending (in shares) at Sep. 30, 2021		62,346,784
Balance, Ending at Sep. 30, 2021	(174,594)		(535,702)	113,037	1,121	243,628	(177,916)	3,322
Balance, Beginning (in shares) at Dec. 31, 2021		66,411,784
Balance, Beginning at Dec. 31, 2021	(227,172)		(562,340)	85,439	1,121	246,480	(229,300)	2,128
Net income				23,922			23,922
Currency translation adjustment, net						18,457	18,457	(1,182)
Temporary Equity, Foreign Currency Translation Adjustments	17,275
Pension liability adjustments, net of tax	544					(544)	(544)
Derivative, Gain on Derivative	303					303	303
Stock Issued During Period, Shares, Restricted Stock Award, Gross		212,440
Stock-based compensation	488		(851)		1,339		488
Issuance of common stock under 401(k) plan		32,609
Issuance of common stock under 401(k) plan	(360)		(360)				(360)
Treasury Stock, Value, Acquired, Par Value Method	$ (25,000)				(25,000)		(25,000)
Stock Repurchased During Period, Shares		(4,032,259)
Net Income (Loss) Attributable to Nonredeemable Noncontrolling Interest								656
Balance, Ending (in shares) at Mar. 31, 2022	62,624,574
Balance, Ending at Mar. 31, 2022	$ (245,720)		(561,849)	61,517	24,782	227,176	(248,374)	2,654
Net Income (Loss), Including Portion Attributable to Nonredeemable Noncontrolling Interest	24,578
Balance, Beginning (in shares) at Dec. 31, 2021		66,411,784
Balance, Beginning at Dec. 31, 2021	(227,172)		(562,340)	85,439	1,121	246,480	(229,300)	2,128
Net income	136,212
Currency translation adjustment, net	(23,778)
Pension liability adjustments, net of tax	$ 1,216
Balance, Ending (in shares) at Sep. 30, 2022	62,804,660
Balance, Ending at Sep. 30, 2022	$ (320,987)		(564,181)	(48,823)	23,662	273,579	(315,763)	(5,224)
Balance, Beginning (in shares) at Mar. 31, 2022	62,624,574
Balance, Beginning at Mar. 31, 2022	$ (245,720)		(561,849)	61,517	24,782	227,176	(248,374)	2,654
Net income				67,171			67,171
Currency translation adjustment, net						(18,765)	(18,765)	7,229
Temporary Equity, Foreign Currency Translation Adjustments	(11,536)
Pension liability adjustments, net of tax	431					(431)	(431)
Derivative, Gain on Derivative	275					275	275
Stock Issued During Period, Shares, Restricted Stock Award, Gross		122,351
Stock-based compensation	1,456		695		761		1,456
Issuance of common stock under 401(k) plan		27,852
Issuance of common stock under 401(k) plan	$ (403)		(230)		(173)		(403)
Net Income (Loss) Attributable to Nonredeemable Noncontrolling Interest								1,750
Balance, Ending (in shares) at Jun. 30, 2022	62,774,777
Balance, Ending at Jun. 30, 2022	$ (305,670)		(562,774)	(5,654)	23,848	245,235	(299,345)	(6,325)
Net Income (Loss), Including Portion Attributable to Nonredeemable Noncontrolling Interest	68,921
Net income	42,713			43,169			43,169
Currency translation adjustment, net	(29,517)					(28,872)	(28,872)	(645)
Temporary Equity, Foreign Currency Translation Adjustments	(29,517)
Pension liability adjustments, net of tax	241					(241)	(241)
Derivative, Gain on Derivative	287					287	287
Stock-based compensation	1,169		1,169				1,169
Issuance of common stock under 401(k) plan		29,883
Issuance of common stock under 401(k) plan	$ (424)		(238)		(186)		(424)
Net Income (Loss) Attributable to Nonredeemable Noncontrolling Interest								(456)
Balance, Ending (in shares) at Sep. 30, 2022	62,804,660
Balance, Ending at Sep. 30, 2022	$ (320,987)		$ (564,181)	$ (48,823)	$ 23,662	$ 273,579	$ (315,763)	$ (5,224)
Net Income (Loss), Including Portion Attributable to Nonredeemable Noncontrolling Interest	$ 42,713

XML

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Cash flows from operating activities:
Net income	$ 136,212	$ 21,601
Adjustments to reconcile net income to net cash provided by (used for) operating activities:
Depreciation and amortization	32,283	36,345
Gain (Loss) on Disposition of Business	(10,890)	0
Deferred income tax provision	(1,631)	(743)
Deferred Income Taxes and Tax Credits	(32,043)	0
Unrealized Gain (Loss) on Investments	(256)	(569)
Gain (Loss) on Repurchase of Debt Instrument	0	16,020
Stock-based compensation	3,113	2,029
Issuance of stock under 401(k) plan	1,186	1,036
Foreign currency gain	(4,176)	(12,042)
(Increase) decrease in assets:
Accounts receivable	(43,499)	(75,456)
Inventories	(44,180)	(89,496)
Prepaid and other current assets	6,361	(14,249)
Other assets	(4,352)	3,175
Increase (decrease) in liabilities:
Accounts payable	(9,516)	92,384
Other current liabilities	49,885	24,207
Other liabilities	1,963	(6,532)
Net cash provided by (used for) operating activities	102,240	(2,290)
Cash flows from investing activities:
Capital expenditures	(32,755)	(24,250)
Payments for (Proceeds from) Investments	(9,293)	0
Proceeds from Sales of Assets, Investing Activities	680	1,139
Net cash used for investing activities	(22,782)	(23,111)
Cash flows from financing activities:
Proceeds from borrowings	88,907	482,293
Early Repayment of Senior Debt	0	(413,000)
Payments for Repurchase of Common Stock	(25,000)	0
Payment on debt	(120,728)	(59,949)
Proceeds from (Payments for) Other Financing Activities	(720)	(2,069)
Net cash (used for) provided by financing activities	(57,541)	7,275
Effect of Exchange Rate on Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents, Continuing Operations	(3,444)	(4,665)
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect	18,473	(22,791)
Cash and cash equivalents, beginning of period	98,108	117,431
Cash and cash equivalents, end of period	116,581	94,640
Supplemental information:
Interest paid	16,813	15,035
Income taxes paid, net of refunds received	$ 27,723	$ 10,766

XML

ACCOUNTING POLICIES

9 Months Ended

Sep. 30, 2022

Accounting Policies [Abstract]

ACCOUNTING POLICIES

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES

Basis of presentation

The accompanying unaudited condensed consolidated interim financial statements include the accounts of Titan International, Inc. and its subsidiaries (Titan or the Company) and have been prepared in accordance with accounting principles generally accepted in the United States of America (US GAAP) for interim financial information and in accordance with the rules and regulations of the United States Securities and Exchange Commission (the SEC). Accordingly, they do not include all of the information and footnotes required by US GAAP for complete financial statements. The accompanying unaudited condensed consolidated interim financial statements reflect all normal and recurring adjustments that are, in the opinion of management, necessary for a fair presentation of the Company's financial position and the results of operations and cash flows for the periods presented, and should be read in conjunction with the consolidated financial statements and the related notes thereto included in the Company’s latest Annual Report on Form 10-K for the year ended December 31, 2021, filed with the SEC on March 3, 2022 (the 2021 Form 10-K). All significant intercompany transactions have been eliminated in consolidation. These unaudited condensed consolidated interim financial statements include estimates and assumptions of management that affect the amounts reported in the condensed consolidated financial statements. Actual results could differ from these estimates.

COVID-19 pandemic

The COVID-19 pandemic impact on the Company was less during the first three quarters of 2022 than in the comparable period in 2021. The Company’s operations continued with additional sanitary and other protective health measures which have increased operating costs. While the Company's operations began to return to historical levels during 2021 and continuing into the first three quarters of 2022, certain geographies (particularly China) continue to remain impacted due to new and emerging variants of COVID-19 resulting in employee absenteeism. Further, global supply chains are experiencing constraints following the COVID-19 pandemic, including availability and pricing of raw materials, transportation and labor. We expect that the post COVID-19 pandemic will continue to have some impact on the Company's operations, though the nature and extent of the impact will depend on the duration and severity of emerging variants of COVID-19.

Fair value of financial instruments

The Company records all financial instruments, including cash and cash equivalents, accounts receivable, notes receivable, accounts payable, other accruals, and notes payable at cost, which approximates fair value due to their short term or stated rates.  Investments in marketable equity securities are recorded at fair value.  Our 7.00% senior secured notes due 2028 were carried at a cost of $395.2 million at September 30, 2022. The fair value of the senior secured notes due 2028 at September 30, 2022, as obtained through an independent pricing source, was approximately $362.8 million.

Russia-Ukraine Military Conflict

In February 2022, in response to the military conflict between Russia and Ukraine, the United States, other North Atlantic Treaty Organization member states, as well as non-member states, have announced targeted economic sanctions on Russia, certain Russian citizens and enterprises. The continuation of the conflict has triggered additional economic and other sanctions enacted by the United States and other countries throughout the world.

The Company currently owns 64.3% of the Voltyre-Prom, a leading producer of agricultural and industrial tires in Volgograd, Russia, which represents approximately 8% and 7% of consolidated assets of Titan as of September 30, 2022 and December 31, 2021, respectively. The asset increase in the Russian entity was due to foreign currency translation. The Russian operations represent approximately 5% of consolidated global sales for both the three months ended September 30, 2022 and 2021 while representing 6% and 5% of consolidated global sales for the nine months ended September 30, 2022 and 2021, respectively. The impact of the military conflict between Russia and Ukraine has not had a significant impact on global operations. The Company continues to monitor the potential impacts on the business including the increased cost of energy in Europe and the ancillary impacts that the military conflict could have on other global operations.

Sale of Australian wheel business

On March 29, 2022, the Company entered into a definitive agreement (the Agreement) for the sale of its Australian wheel business, to OTR Tyres, a leading Australian tire, wheel and service provider. The closing date of the transaction was March 31, 2022. The Agreement contains customary representations, warranties and covenants for transactions of this type. The sale included gross proceeds and cash repatriated of approximately $17.5 million, and the assumption by OTR Tyres of all liabilities, including employee and lease obligations. Refer to footnote 13 for additional information on the loss on sale of the Australian wheel business.

Interest Paid Revision

An error was identified in the disclosure of interest paid within the supplemental information of the condensed consolidated statements of cash flow for the nine months ended September 30, 2021.

We evaluated the revision in accordance with Accounting Standards Codification (ASC) 250, Accounting Changes and Error Corrections and evaluated the materiality of the revision on prior periods' financial statements in accordance with the Securities and Exchange Commission Staff Accounting Bulletin No. 108, Quantifying Financial Statement Errors. We concluded that the revision was not material to any prior period and therefore, amendments of previously filed reports are not required. In accordance with ASC 250, we have corrected the error in the prior period presented. The revision did not have an impact on net income or earnings per share data for the year ended December 31, 2021.

Adoption of new accounting standards

In November 2021, the FASB issued ASU No. 2021-10 Government Assistance (Topic 832), which requires annual disclosures

of transactions with a government that are accounted for by applying a grant or contribution accounting model by analogy.

These required disclosures include information on the nature of transactions and related accounting policies used to account for

transactions, detail on the line items on the balance sheet and income statement affected by these transactions including

amounts applicable to each line, and significant terms and conditions of the transactions including commitments and

contingencies. The ASU is effective for fiscal years beginning after December 15, 2021. The Company receives various forms

of government assistance, primarily through grants associated with continued infrastructure development in certain foreign locations. The Company adopted the impact of this ASU effective January 1, 2022 and incorporated the required disclosures within the notes to condensed consolidated financial statements. The adoption did not have a material impact on our condensed consolidated financial statements.

XML

ACCOUNTS RECEIVABLE

9 Months Ended

Sep. 30, 2022

Receivables [Abstract]

ACCOUNTS RECEIVABLE

ACCOUNTS RECEIVABLE, NET

Accounts receivable consisted of the following (amounts in thousands):

	September 30, 2022		December 31, 2021
Accounts receivable	$	289,600	$	259,730
Allowance for doubtful accounts	(7,455)		(4,550)
Accounts receivable, net	$	282,145	$	255,180

XML

INVENTORIES

9 Months Ended

Sep. 30, 2022

Inventory Disclosure [Abstract]

Inventory Disclosure [Text Block]

INVENTORIES

Inventories consisted of the following (amounts in thousands):

	September 30, 2022		December 31, 2021
Raw material	$	138,907	$	135,241
Work-in-process	46,245		44,694
Finished goods	227,815		212,680
	$	412,967	$	392,615

XML

PROPERTY, PLANT AND EQUIPMENT, NET

9 Months Ended

Sep. 30, 2022

Property, Plant and Equipment [Abstract]

PROPERTY, PLANT AND EQUIPMENT

PROPERTY, PLANT AND EQUIPMENT, NET

Property, plant and equipment, net consisted of the following (amounts in thousands):

	September 30, 2022		December 31, 2021
Land and improvements	$	37,996	$	41,010
Buildings and improvements	230,389		236,367
Machinery and equipment	584,861		578,816
Tools, dies and molds	111,162		111,169
Construction-in-process	29,936		20,288
	994,344		987,650
Less accumulated depreciation	(706,726)		(686,541)
	$	287,618	$	301,109

Depreciation on property, plant and equipment for the nine months ended September 30, 2022 and 2021 totaled $31.3 million and $35.1 million, respectively.

XML

INTANGIBLE ASSETS

9 Months Ended

Sep. 30, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets Disclosure [Text Block]

INTANGIBLE ASSETS, NET

The components of intangible assets, net consisted of the following (amounts in thousands):

	Weighted Average Useful Lives (in years) September 30, 2022	September 30, 2022		December 31, 2021
Amortizable intangible assets:
Patents, trademarks and other	10.77	$	10,084	$	10,084
Less accumulated amortization		(8,699)		(8,586)
		$	1,385	$	1,498

Amortization related to intangible assets for the nine months ended September 30, 2022 and 2021 totaled $0.3 million and $0.6 million, respectively. Intangible assets are included as a component of other long-term assets in the Condensed Consolidated Balance Sheets.

The estimated aggregate amortization expense at September 30, 2022 for each of the years (or other periods) set forth below was as follows (amounts in thousands):

October 1 - December 31, 2022	$	32
2023	145
2024	132
2025	123
2026	123
Thereafter	830
	$	1,385

XML

WARRANTY

9 Months Ended

Sep. 30, 2022

Product Warranties Disclosures [Abstract]

WARRANTY COSTS

WARRANTY

Changes in the warranty liability during the nine months ended September 30, 2022 and 2021, respectively, consisted of the following (amounts in thousands):

	2022		2021
Warranty liability at beginning of the period	$	16,628	$	15,040
Provision for warranty liabilities	11,297		7,397
Warranty payments made	(8,419)		(6,039)
Warranty liability at end of the period	$	19,506	$	16,398

Warranty accruals are included as a component of other current liabilities on the Condensed Consolidated Balance Sheets.

XML

REVOLVING CREDIT FACILITY AND LONG-TERM DEBT

9 Months Ended

Sep. 30, 2022

Debt Disclosure [Abstract]

REVOLVING CREDIT FACILITY AND LONG-TERM DEBT

DEBT

Long-term debt consisted of the following (amounts in thousands):

	September 30, 2022
	Principal Balance		Unamortized Debt Issuance		Net Carrying Amount
7.00% senior secured notes due 2028	$	400,000	$	(4,818)	$	395,182
Titan Europe credit facilities	38,287		—		38,287
Other debt	13,397		—		13,397
Total debt	451,684		(4,818)		446,866
Less amounts due within one year	32,300		—		32,300
Total long-term debt	$	419,384	$	(4,818)	$	414,566

	December 31, 2021
	Principal Balance		Unamortized Debt Issuance		Net Carrying Amount
7.00% senior secured notes due 2028	$	400,000	$	(5,476)	$	394,524
Titan Europe credit facilities	44,993		—		44,993
Revolving credit facility	30,000		—		30,000
Other debt	15,434		—		15,434
Total debt	490,427		(5,476)		484,951
Less amounts due within one year	32,500		—		32,500
Total long-term debt	$	457,927	$	(5,476)	$	452,451

Aggregate principal maturities of long-term debt at September 30, 2022 for each of the years (or other periods) set forth below were as follows (amounts in thousands):

October 1 - December 31, 2022	$	13,847
2023	20,903
2024	6,733
2025	2,838
2026	2,190
Thereafter	405,173
	$	451,684

7.00% senior secured notes due 2028

On April 22, 2021, the Company issued $400.0 million aggregate principal amount of 7.00% senior secured notes due April 2028 (the senior secured notes due 2028), guaranteed by certain of the Company's subsidiaries. Including the impact of debt issuance costs, these notes had an effective yield of 7.27% at issuance. These notes are secured by the land and buildings of the following subsidiaries of the Company: Titan Wheel Corporation of Illinois, Titan Tire Corporation, Titan Tire Corporation of Freeport, and Titan Tire Corporation of Bryan. The Company is subject to certain covenants associated with the senior secured notes due 2028 and remained in compliance with these debt covenants at September 30, 2022.

Titan Europe credit facilities

The Titan Europe credit facilities include borrowings from various institutions totaling $38.3 million in aggregate principal amount at September 30, 2022. Maturity dates on this debt range from less than one year to five years.

Revolving credit facility

The Company has a $125 million revolving credit facility with BMO Harris Bank N.A., as agent, and other financial institutions party thereto. The credit facility is collateralized by accounts receivable and inventory of certain of the Company’s domestic subsidiaries and is scheduled to mature in October 2026. The credit facility can be expanded by up to $50 million through an accordion provision within the agreement. From time to time Titan's availability under this credit facility may be less than $125 million as a result of outstanding letters of credit and eligible accounts receivable and inventory balances at certain of its domestic subsidiaries. At September 30, 2022, under the Company's $125 million credit facility there were no borrowings and $7.2 million in outstanding letters of credit, and the amount available for borrowing totaled $117.8 million.

Other debt

The Company has working capital loans at Titan Pneus do Brasil Ltda and Voltyre-Prom at various interest rates, which totaled $10.1 million and $3.3 million at September 30, 2022, respectively. Maturity dates on these loans are one year or less. The Company expects to negotiate an extension of the maturity dates on these loans with the respective financial institutions, as needed.

XML

REDEEMABLE NONCONTROLLING INTEREST (Notes)

9 Months Ended

Sep. 30, 2022

Noncontrolling Interest [Abstract]

Noncontrolling Interest Disclosure [Text Block]

REDEEMABLE NONCONTROLLING INTEREST

The Company and the Russian Direct Investment Fund (RDIF) own all of the equity interests in Voltyre-Prom, a leading producer of agricultural and industrial tires in Volgograd, Russia. On February 11, 2019, the Company entered into a definitive agreement (the Agreement) with an affiliate of the RDIF relating to the put option included in the Voltyre-Prom Shareholders' Agreement that was exercised by RDIF. Under the terms of the Agreement, in full satisfaction of the settlement put option that was exercised by RDIF, Titan paid $25 million in cash to RDIF at the closing of the transaction, and agreed, subject to the completion of regulatory approval, to issue 4,032,259 shares of restricted Titan common stock to RDIF in a private placement.

In November 2021, Titan received regulatory approval for the issuance of restricted Titan common stock to RDIF. On December 17, 2021, the Company issued 4,032,259 shares of restricted Titan common stock to the RDIF equity holders subject to the Company's right to repurchase the shares for $25 million until February 12, 2022.

On February 1, 2022, the Company entered into a Stock Purchase Agreement with the RDIF equity holders to buy back the restricted Titan common stock for the previously agreed amount of $25 million. The transaction was completed on February 1, 2022. Following the transaction, the Company and RDIF's ownership remained at 64.3% and 35.7%, respectively, of Voltyre-Prom.

XML

LEASE COMMITMENTS (Notes)

9 Months Ended

Sep. 30, 2022

Leases [Abstract]

Lessee, Operating Leases [Text Block]

LEASES

The Company leases certain buildings and equipment under both operating and finance leases.  Certain lease agreements provide for renewal options, fair value purchase options, and payment of property taxes, maintenance, and insurance by the Company. Under FASB Accounting Standards Codification Topic 842 "Leases," the Company made an accounting policy election, by class of underlying asset, not to separate non-lease components such as those previously stated from lease components and instead will treat the lease agreement as a single lease component for all asset classes. Operating right-of-use (ROU) assets represent the Company's right to use an underlying asset for the lease term and lease liabilities represent Titan's obligations to make lease payments arising from the lease. The majority of Titan's leases are operating leases. Operating lease ROU assets and liabilities are recognized at the lease commencement date based on the present value of lease payments over the lease term. As most of Titan's leases do not provide an implicit interest rate, the Company used its incremental borrowing rate (7.27%), based on the information available at the lease commencement date, in determining the present value of lease payments. Operating lease expense is recognized on a straight-line basis over the lease term and is included in cost of sales and selling, general and administrative expenses on the Condensed Consolidated Statements of Operations. Amortization expense associated with finance leases is included in cost of sales and selling, general and administrative expenses, and interest expense associated with finance leases is included in interest expense in the Condensed Consolidated Statements of Operations.

Supplemental balance sheet information related to leases was as follows (amounts in thousands):

	Balance Sheet Classification	September 30, 2022		December 31, 2021
Operating lease ROU assets	Operating lease assets	$	9,528	$	20,945
Operating lease current liabilities	Other current liabilities	$	4,462	$	6,180
Operating lease long-term liabilities	Other long-term liabilities	2,825		11,352
Total operating lease liabilities		$	7,287	$	17,532
Finance lease, gross	Property, plant & equipment, net	$	6,920	$	5,305
Finance lease accumulated depreciation	Property, plant & equipment, net	(3,446)		(2,801)
Finance lease, net		$	3,474	$	2,504
Finance lease current liabilities	Other current liabilities	$	2,507	$	2,384
Finance lease long-term liabilities	Other long-term liabilities	3,413		3,878
Total finance lease liabilities		$	5,920	$	6,262

At September 30, 2022, maturities of lease liabilities were as follows (amounts in thousands):

	Operating Leases		Finance Leases
October 1 - December 31, 2022	$	1,750	$	1,030
2023	4,054		2,527
2024	1,597		1,472
2025	475		896
2026	263		553
Thereafter	496		5
Total lease payments	$	8,635	$	6,483
Less imputed interest	1,348		563
	$	7,287	$	5,920
Weighted average remaining lease term (in years)	2.48		2.71

Supplemental cash flow information related to leases for the nine months ended September 30, 2022 were as follows: operating cash flows from operating leases were $2.0 million.

Lessee, Finance Leases [Text Block]

LEASES

The Company leases certain buildings and equipment under both operating and finance leases.  Certain lease agreements provide for renewal options, fair value purchase options, and payment of property taxes, maintenance, and insurance by the Company. Under FASB Accounting Standards Codification Topic 842 "Leases," the Company made an accounting policy election, by class of underlying asset, not to separate non-lease components such as those previously stated from lease components and instead will treat the lease agreement as a single lease component for all asset classes. Operating right-of-use (ROU) assets represent the Company's right to use an underlying asset for the lease term and lease liabilities represent Titan's obligations to make lease payments arising from the lease. The majority of Titan's leases are operating leases. Operating lease ROU assets and liabilities are recognized at the lease commencement date based on the present value of lease payments over the lease term. As most of Titan's leases do not provide an implicit interest rate, the Company used its incremental borrowing rate (7.27%), based on the information available at the lease commencement date, in determining the present value of lease payments. Operating lease expense is recognized on a straight-line basis over the lease term and is included in cost of sales and selling, general and administrative expenses on the Condensed Consolidated Statements of Operations. Amortization expense associated with finance leases is included in cost of sales and selling, general and administrative expenses, and interest expense associated with finance leases is included in interest expense in the Condensed Consolidated Statements of Operations.

Supplemental balance sheet information related to leases was as follows (amounts in thousands):

	Balance Sheet Classification	September 30, 2022		December 31, 2021
Operating lease ROU assets	Operating lease assets	$	9,528	$	20,945
Operating lease current liabilities	Other current liabilities	$	4,462	$	6,180
Operating lease long-term liabilities	Other long-term liabilities	2,825		11,352
Total operating lease liabilities		$	7,287	$	17,532
Finance lease, gross	Property, plant & equipment, net	$	6,920	$	5,305
Finance lease accumulated depreciation	Property, plant & equipment, net	(3,446)		(2,801)
Finance lease, net		$	3,474	$	2,504
Finance lease current liabilities	Other current liabilities	$	2,507	$	2,384
Finance lease long-term liabilities	Other long-term liabilities	3,413		3,878
Total finance lease liabilities		$	5,920	$	6,262

At September 30, 2022, maturities of lease liabilities were as follows (amounts in thousands):

	Operating Leases		Finance Leases
October 1 - December 31, 2022	$	1,750	$	1,030
2023	4,054		2,527
2024	1,597		1,472
2025	475		896
2026	263		553
Thereafter	496		5
Total lease payments	$	8,635	$	6,483
Less imputed interest	1,348		563
	$	7,287	$	5,920
Weighted average remaining lease term (in years)	2.48		2.71

Supplemental cash flow information related to leases for the nine months ended September 30, 2022 were as follows: operating cash flows from operating leases were $2.0 million.

XML

EMPLOYEE BENEFIT PLANS

9 Months Ended

Sep. 30, 2022

Retirement Benefits [Abstract]

Pension and Other Postretirement Benefits Disclosure [Text Block]

EMPLOYEE BENEFIT PLANS

The Company has three frozen defined benefit pension plans covering certain employees or former employees of three U.S. subsidiaries. The Company also has pension plans covering certain employees of several foreign subsidiaries. The Company also sponsors a number of defined contribution plans in the U.S. and at foreign subsidiaries. The Company contributed approximately $0.4 million to the pension plans during the nine months ended September 30, 2022 and no amounts are expected to be contributed to the pension plans during the remainder of 2022.

The components of net periodic pension (benefit) cost consisted of the following for the periods set forth below (amounts in thousands):

	Three months ended				Nine months ended
	September 30,				September 30,
	2022		2021		2022		2021
Service cost	$	43	$	168	$	1,215	$	506
Interest cost	714		702		2,148		2,115
Expected return on assets	(1,518)		(1,505)		(4,554)		(4,519)
Amortization of unrecognized prior service cost	(15)		(14)		(47)		(46)
Amortization of net unrecognized (gain) loss	(5)		697		(18)		2,090
Net periodic pension (benefit) cost	$	(781)	$	48	$	(1,256)	$	146

Service cost is recorded as cost of sales in the Condensed Consolidated Statements of Operations while all other components are recorded in other income. The change in the net periodic pension (benefit) cost from 2021 to 2022 is due to the disposal of the Australian wheel business.

XML

VARIABLE INTEREST ENTITIES (Notes)

9 Months Ended

Sep. 30, 2022

Variable Interest Entity, Measure of Activity [Abstract]

Variable Interest Entities Disclosure [Text Block]

VARIABLE INTEREST ENTITIESThe Company holds a variable interest in two joint ventures for which the Titan is the primary beneficiary. One of these joint ventures operate distribution facilities that primarily distribute mining products. Titan is the 50% owner of the distribution facility located in Canada. Titan is also a 50% owner of a manufacturer of undercarriage components and complete track systems for earthmoving machines in India. The Company’s variable interests in these joint ventures relate to sales of Titan products to these entities, consigned inventory, and working capital loans. As the primary beneficiary of these variable interest entities (VIEs), the VIEs’ assets, liabilities, and results of operations are included in the Company’s condensed consolidated financial statements. The other equity holders’ interests are reflected in “Net loss (income) attributable to noncontrolling interests” in the Condensed Consolidated Statements of Operations and “Noncontrolling interests” in the Condensed Consolidated Balance Sheets.

The following table summarizes the carrying amount of the VIEs’ assets and liabilities included in the Company’s Condensed Consolidated Balance Sheets (amounts in thousands):

	September 30, 2022		December 31, 2021
Cash and cash equivalents	$	1,473	$	714
Inventory	2,569		2,459
Other current assets	4,714		5,135
Property, plant and equipment, net	4,602		3,414
Other non-current assets	481		626
Total assets	$	13,839	$	12,348
Current liabilities	$	2,272	$	1,687
Other long-term liabilities	1,187		669
Total liabilities	$	3,459	$	2,356

All assets in the above table can only be used to settle obligations of the consolidated VIE to which the respective assets relate. Liabilities are nonrecourse obligations. Amounts presented in the table above are adjusted for intercompany eliminations.

The Company holds variable interests in certain VIEs that are not consolidated because Titan is not the primary beneficiary. The Company's involvement with these entities is in the form of direct equity interests and prepayments related to purchases of materials. The maximum exposure to loss represents the loss of assets recognized by Titan relating to non-consolidated entities and amounts due to the non-consolidated assets. The assets and liabilities recognized in Titan's Condensed Consolidated Balance Sheets related to Titan's interest in these non-consolidated VIEs and the Company's maximum exposure to loss relating to non-consolidated VIEs as of the dates set forth below were as follows (amounts in thousands):

	September 30, 2022		December 31, 2021
Investments	$	6,316	$	6,402
Total VIE assets	6,316		6,402
Accounts payable	2,762		4,296
Maximum exposure to loss	$	9,078	$	10,698

XML

ROYALTY EXPENSE	9 Months Ended
	Sep. 30, 2022
Other Income and Expenses [Abstract]
ROYALTY EXPENSE	ROYALTY EXPENSEThe Company has trademark license agreements with The Goodyear Tire & Rubber Company to manufacture and sell certain farm tires under the Goodyear brand. These agreements cover sales in North America, Latin America, Europe, the Middle East, Africa, Russia, and other Commonwealth of Independent States countries. Each of these agreements is scheduled to expire in 2025. Royalty expenses were $3.3 million and $2.8 million for the three months ended September 30, 2022 and 2021, respectively, and $9.2 million and $7.9 million for the nine months ended September 30, 2022 and 2021, respectively.

XML

OTHER INCOME

9 Months Ended

Sep. 30, 2022

Other Income and Expenses [Abstract]

OTHER INCOME, NET

OTHER INCOME

Other income consisted of the following (amounts in thousands):

	Three months ended				Nine months ended
	September 30,				September 30,
	2022		2021		2022		2021
Income on indirect taxes (1)	$	9,593	$	—	$	32,043	$	—
Loss on sale of Australian wheel business (2)	—		—		(10,890)		—
Proceeds from government grant (3)	—		—		1,324		—
Gain on legal settlement (4)	—		—		—		1,750
Equity investment income	—		273		570		397
Gain on sale of assets	74		132		256		297
Other income (expense)	24		243		1,223		(932)
	$	9,691	$	648	$	24,526	$	1,512

(1) In May 2022 and September 2022, the Brazilian tax authorities approved indirect tax credits to be applied against future tax obligations. Refer to Footnote 14 for additional information.

(2) The loss on sale of the Australian wheel business is comprised primarily of the release of the cumulative translation adjustment of approximately $10.0 million and closing costs associated with the completion of the transaction of approximately $0.9 million. Refer to Footnote 1 for additional information.

(3) In August 2014, the Company received an approximately $17.0 million capital grant from the Italian government for asset damages related to the earthquake that occurred in May 2012 at one of our Italian subsidiaries. The grant was recorded as deferred income in non-current liabilities which is being amortized over the life of the reconstructed building. The Company received proceeds of an additional $1.9 million from the grant during the nine months ended September 30, 2022, of which $1.3 million was recorded as other income to match to the historical depreciation recorded on the underlying assets.

(4) The gain on legal settlement relates to proceeds received from a steel supplier for the nine months ended September 30, 2021.

XML

INCOME TAXES

9 Months Ended

Sep. 30, 2022

Income Tax Disclosure [Abstract]

INCOME TAXES

INCOME TAXES

The Company recorded income tax expense of $11.4 million and $5.3 million for the three months ended September 30, 2022 and 2021, respectively. For the nine months ended September 30, 2022 and 2021, the Company recorded income tax expense of $39.1 million and $9.9 million, respectively. The Company's effective income tax rate was 21.1% and 33.1% for the three months ended September 30, 2022 and 2021, respectively, and 22.3% and 31.5% for the nine months ended September 30, 2022 and 2021. For the nine months ended September 30, 2022 and 2021, the income tax expense each period differed due to an overall pre-tax income increase which resulted in the significant fluctuation in the effective tax rate. The year-to-date increase in income tax expense for the nine months ended September 30, 2022 is due to improved profitability in foreign jurisdictions.

The Company’s 2022 and 2021 income tax expense and rates differed from the amount of income tax determined by applying the U.S. Federal income tax rate to pre-tax income primarily as a result of U.S. and certain foreign jurisdictions that have a full valuation allowance on deferred tax assets. In addition, there were non-deductible royalty expenses and statutorily required income adjustments made in certain foreign jurisdictions that negatively impacted the tax rate for the nine months ended September 30, 2022 and 2021.

The Company continues to monitor the realization of its deferred tax assets and assesses the need for a valuation allowance. The Company analyzes available positive and negative evidence to determine if a valuation allowance is needed based on the weight of the evidence. This objectively verifiable evidence primarily includes the past three years' profit and loss positions. This process requires management to make estimates, assumptions, and judgments that are uncertain in nature. The Company has established valuation allowances with respect to deferred tax assets in the U.S. and certain foreign jurisdictions and continues to monitor and assess potential valuation allowances in all its jurisdictions.

Given the Company’s recent history of earnings, management believes that there is a reasonable possibility that, within the next twelve months, sufficient positive evidence may become available to allow management to anticipate the reversal of valuation allowance recorded against the US deferred tax assets. The reversal would result in an income tax benefit for the quarterly and annual fiscal period in which the Company releases the valuation allowance. However, the exact timing and amount of the valuation allowance release are subject to change on the basis of the level of profitability that the Company actually achieves.

On August 16, 2022, the U.S. government enacted the Inflation Reduction Act of 2022 that includes, among other provisions, changes to the U.S. corporate income tax system, including a fifteen percent minimum tax based on "adjusted financial statement income," which is effective for tax years beginning after December 31, 2022, and a one percent excise tax on net repurchases of stock after December 31, 2022. Titan is continuing to evaluate the Inflation Reduction Act and its requirements, as well as the application to our business, but at this time does not expect the Inflation Reduction Act to have a material impact on our financial results.

The Company recorded income tax and other taxes payable of $30.9 million and $9.3 million as of September 30, 2022 and December 31, 2021, which are included in the other current liabilities line of the condensed consolidated balance sheets. The change in the balance is primarily due to accruals associated with the taxable income for the Brazilian indirect tax credits received and the overall increase in profitability for the Company.

Brazilian Tax Credits

In June 2021, the Company’s Brazilian subsidiaries received a notice that they had prevailed on an existing legal claim in regards to certain non-income (indirect) taxes that had been previously charged and paid. The matter specifically relates to companies’ rights to exclude the state tax on goods circulation (a value-added-tax or VAT equivalent, known in Brazil as “ICMS”) from the calculation of certain additional indirect taxes (specifically the program of social integration (“PIS”) and contribution for financing of social security (“COFINS”) levied by the Brazilian States on the sale of goods.

During the second and third quarter of 2022, the Company submitted the related supporting documentation and received the approval from the Brazilian tax authorities for two of its Brazilian subsidiaries. For the three and nine months ended September 30, 2022, the Company recorded $9.5 million and $32.0 million within other income in the condensed consolidated statements of operations. The Company also recorded $1.6 million and $9.4 million of income tax expense associated with the recognition of these indirect tax credits for the three and nine months ended September 30, 2022.

The Company expects to be able to apply the tax credits received to settle the income tax liability that was incurred as a result of the credit. The Company also expects to utilize the majority of the credit against future PIS/COFINS and income tax obligations over the next twelve months. For the nine month period ended September 30, 2022, the company has utilized approximately $10.0 million of the tax credits, which is included within income taxes paid of $27.7 million on the supplemental information of the condensed consolidated statement of cash flow. Excluding the utilization of $10.0 million of tax credits, the company paid approximately $17.7 million of income taxes for the nine month period ended September 30, 2022.

XML

EARNINGS PER SHARE

9 Months Ended

Sep. 30, 2022

Earnings Per Share [Abstract]

EARNINGS PER SHARE

EARNINGS PER SHARE

Earnings per share (EPS) were as follows (amounts in thousands, except per share data):

	Three months ended				Nine months ended
	September 30,				September 30,
	2022		2021		2022		2021
Net income attributable to Titan and applicable to common shareholders	$	43,169	$	11,187	$	134,262	$	21,988
Determination of shares:
Weighted average shares outstanding (basic)	62,803		62,340		63,107		61,844
Effect of equity awards	426		261		480		679
Weighted average shares outstanding (diluted)	63,229		62,601		63,587		62,523
Income per common share:
Basic	$	0.69	$	0.18	$	2.13	$	0.36
Diluted	$	0.68	$	0.18	$	2.11	$	0.35

XML

LITIGATION	9 Months Ended
	Sep. 30, 2022
Commitments and Contingencies Disclosure [Abstract]
LITIGATION	LITIGATIONThe Company is a party to routine legal proceedings arising out of the normal course of business. Due to the difficult nature of predicting unresolved and future legal claims, the Company cannot anticipate or predict the material adverse effect on its consolidated financial condition, results of operations, or cash flows as a result of efforts to comply with, or liabilities pertaining to, legal judgments. In the opinion of management, the Company is not currently involved in any legal proceedings which, individually or in the aggregate, could have a material effect on its financial position, results of operations, or cash flows.

XML

SEGMENT INFORMATION

9 Months Ended

Sep. 30, 2022

Segment Reporting [Abstract]

Segment information

SEGMENT INFORMATION

The Company has aggregated its operating units into reportable segments based on its three customer markets: agricultural, earthmoving/construction, and consumer. Each reportable segment includes wheels, tires, wheel/tire assemblies, and undercarriage systems and components. These segments are based on the information used by the Chief Executive Officer to make certain operating decisions, allocate portions of capital expenditures, and assess segment performance. Segment external sales, expenses, and income from operations are determined based on the results of operations for the operating units of the Company's manufacturing facilities. Segment assets are generally determined on the basis of the tangible assets located at such operating units’ manufacturing facilities and the intangible assets associated with the acquisitions of such operating units. However, certain operating units’ property, plant and equipment balances are carried at the corporate level.

The table below presents information about certain operating results, separated by market segments, for the three and nine months ended September 30, 2022 and 2021 (amounts in thousands):

	Three months ended				Nine months ended
	September 30,				September 30,
	2022		2021		2022		2021
Net sales
Agricultural	$	289,259	$	244,373	$	917,443	$	684,636
Earthmoving/construction	199,921		168,408		611,550		509,930
Consumer	41,542		37,601		130,621		97,973
	$	530,722	$	450,382	$	1,659,614	$	1,292,539
Gross profit
Agricultural	$	45,949	$	33,214	$	155,794	$	98,294
Earthmoving/construction	34,959		21,263		102,651		63,333
Consumer	6,725		5,815		25,570		13,400
	$	87,633	$	60,292	$	284,015	$	175,027
Income from operations
Agricultural	$	31,125	$	18,156	$	106,126	$	54,228
Earthmoving/construction	21,836		7,913		59,952		20,950
Consumer	4,856		3,519		18,976		7,067
Corporate & Unallocated	(7,326)		(6,688)		(20,154)		(21,395)
Income from operations	50,491		22,900		164,900		60,850
Interest expense	(7,221)		(7,818)		(22,835)		(23,939)
Loss on senior note repurchase	—		—		—		(16,020)
Foreign exchange gain	1,198		416		8,749		9,125
Other income	9,691		648		24,526		1,512
Income before income taxes	$	54,159	$	16,146	$	175,340	$	31,528

Assets by segment were as follows as of the dates set forth below (amounts in thousands):

	September 30, 2022		December 31, 2021
Total assets
Agricultural	$	553,326	$	517,528
Earthmoving/construction	514,296		502,373
Consumer	137,967		133,906
Corporate & Unallocated	41,890		28,878
	$	1,247,479	$	1,182,685

XML

RELATED PARTY TRANSACTIONS	9 Months Ended
	Sep. 30, 2022
Related Party Transactions [Abstract]
Related Party Transactions Disclosure [Text Block]	RELATED PARTY TRANSACTIONSThe Company sells products and pays commissions to companies controlled by persons related to the Chairman of the Board of Directors of the Company, Mr. Maurice Taylor. The related party is Mr. Fred Taylor, who was Mr. Maurice Taylor’s brother. Mr. Fred Taylor passed away on December 13, 2021. The companies with which Mr. Fred Taylor is associated that do business with Titan include the following: Blacksmith OTR, LLC; F.B.T. Enterprises, Inc.; Green Carbon, Inc.; Silverstone, Inc.; and OTR Wheel Engineering, Inc. Sales of Titan products to these companies were approximately $1.2 million and $3.5 million for the three and nine months ended September 30, 2022, and approximately $0.7 million and $2.0 million for the three and nine months ended September 30, 2021. Titan had purchases from these companies of approximately $0.5 million and $1.0 million for the three and nine months ended September 30, 2022, and approximately $0.1 million and $1.0 million for the three and nine months ended September 30, 2021. Titan had trade receivables due from these companies of approximately $0.4 million at September 30, 2022, and approximately $0.2 million at December 31, 2021.  Sales commissions accrued to the above companies were approximately $0.4 million and $1.3 million for the three and nine months ended September 30, 2022 as compared to $0.5 million and $1.5 million paid for the three and nine months ended September 30, 2021.

XML

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Notes)

9 Months Ended

Sep. 30, 2022

Stockholders' Equity Note [Abstract]

Comprehensive Loss Note

ACCUMULATED OTHER COMPREHENSIVE LOSS

Accumulated other comprehensive loss consisted of the following (amounts in thousands):

	Currency Translation Adjustments		Gain (Loss) on Derivatives		Unrecognized Losses and Prior Service Cost		Total
Balance at July 1, 2022	$	(236,367)	$	539	$	(9,407)	$	(245,235)
Currency translation adjustments, net	(28,872)		—		—		(28,872)
Defined benefit pension plans:
Amortization of unrecognized losses and prior service cost, net of tax of $(107)	—		—		241		241
Derivative gain	—		287		—		287
Balance at September 30, 2022	$	(265,239)	$	826	$	(9,166)	$	(273,579)

	Currency Translation Adjustments		Gain (Loss) on Derivatives		Unrecognized Losses and Prior Service Cost		Total
Balance at January 1, 2022	$	(236,059)	$	(39)	$	(10,382)	$	(246,480)
Currency translation adjustments, net (1)	(29,180)		—		—		(29,180)
Defined benefit pension plans:
Amortization of unrecognized losses and prior service cost, net of tax of $(451)	—		—		1,216		1,216
Derivative gain	—		865		—		865
Balance at September 30, 2022	$	(265,239)	$	826	$	(9,166)	$	(273,579)

(1) The currency translation adjustments, net includes currency translation on amounts reclassified into other expense within the Condensed Consolidated Statements of Operations of approximately $10 million for the nine months ended September 30, 2022 related to the sale of the Australian wheel business. Refer to Note 13 for additional information.

	Currency Translation Adjustments		Gain (Loss) on Derivatives		Unrecognized Losses and Prior Service Cost		Total
Balance at July 1, 2021	$	(206,529)	$	(148)	$	(21,125)	$	(227,802)
Currency translation adjustments, net	(16,677)		—		—		(16,677)
Defined benefit pension plans:
Amortization of unrecognized losses and prior service cost, net of tax of $(42)	—		—		797		797
Derivative gain	—		54		—		54
Balance at September 30, 2021	$	(223,206)	$	(94)	$	(20,328)	$	(243,628)

	Currency Translation Adjustments		Gain (Loss) on Derivatives		Unrecognized Losses and Prior Service Cost		Total
Balance at January 1, 2021	$	(194,151)	$	(413)	$	(22,690)	$	(217,254)
Currency translation adjustments, net (1)	(29,055)		—		—		(29,055)
Defined benefit pension plans:
Amortization of unrecognized losses and prior service cost, net of tax of $(83)	—		—		2,362		2,362
Derivative gain	—		319		—		319
Balance at September 30, 2021	$	(223,206)	$	(94)	$	(20,328)	$	(243,628)

(1) The increase in currency translation adjustments for the nine months ended September 30, 2021 was due to foreign currency rate fluctuations, the ongoing initiative to rationalize the Company's legal entity structure, and the ongoing management of the intercompany capital structure during the year.

XML

SUBSIDIARY GUARANTOR FINANCIAL INFORMATION

9 Months Ended

Sep. 30, 2022

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 2028 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. 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 September 30, 2022
	Titan  Intl., Inc. (Parent)		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Eliminations		Consolidated
Net sales	$	—	$	39,472	$	530,722	$	(39,472)	$	530,722
Cost of sales	—		5,177		477,384		(39,472)		443,089
Gross profit	—		34,295		53,338		—		87,633
Selling, general and administrative expenses	2,100		12,277		17,033		—		31,410
Research and development expenses	275		817		1,342		—		2,434
Royalty expense	—		1,596		1,702		—		3,298
(Loss) income from operations	(2,375)		19,605		33,261		—		50,491
Interest (expense) income	(7,373)		(3)		155		—		(7,221)
Intercompany interest income (expense)	373		1,102		(1,475)		—		—
Foreign exchange (loss) gain	—		(155)		1,353		—		1,198
Other (expense) income	(22)		528		9,185		—		9,691
(Loss) income before income taxes	(9,397)		21,077		42,479		—		54,159
Provision for income taxes	941		50		10,455		—		11,446
Equity in earnings (loss) of subsidiaries	54,403		—		17,700		(72,103)		—
Net income (loss)	44,065		21,027		49,724		(72,103)		42,713
Net loss attributable to noncontrolling interests	—		—		(456)		—		(456)
Net income (loss) attributable to Titan	$	44,065	$	21,027	$	50,180	$	(72,103)	$	43,169

(Amounts in thousands)	Condensed Consolidating Statements of Operations For the Nine Months Ended September 30, 2022
	Titan  Intl., Inc. (Parent)		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Eliminations		Consolidated
Net sales	$	—	$	205,015	$	1,659,614	$	(205,015)	$	1,659,614
Cost of sales	—		83,090		1,497,524		(205,015)		1,375,599
Gross profit	—		121,925		162,090		—		284,015
Selling, general and administrative expenses	6,911		37,802		57,593		—		102,306
Research and development expenses	784		2,486		4,322		—		7,592
Royalty expense	230		4,461		4,526		—		9,217
(Loss) income from operations	(7,925)		77,176		95,649		—		164,900
Interest expense	(22,499)		(11)		(325)		—		(22,835)
Intercompany interest income (expense)	1,107		2,815		(3,922)		—		—
Foreign exchange gain	—		135		8,614		—		8,749
Other (loss) income	(10)		1,568		22,968		—		24,526
(Loss) income before income taxes	(29,327)		81,683		122,984		—		175,340
Provision for income taxes	3,301		346		35,481		—		39,128
Equity in earnings (loss) of subsidiaries	171,420		—		56,343		(227,763)		—
Net income (loss)	138,792		81,337		143,846		(227,763)		136,212
Net income attributable to noncontrolling interests	—		—		1,950		—		1,950
Net income (loss) attributable to Titan	$	138,792	$	81,337	$	141,896	$	(227,763)	$	134,262

(Amounts in thousands)	Condensed Consolidating Statements of Comprehensive Income (Loss) For the Three Months Ended September 30, 2022
	Titan  Intl., Inc. (Parent)		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Eliminations		Consolidated
Net income (loss)	$	44,065	$	21,027	$	49,724	$	(72,103)	$	42,713
Derivative gain	—		—		287		—		287
Currency translation adjustment, net	—		—		(29,517)		—		(29,517)
Pension liability adjustments, net of tax	—		—		241		—		241
Comprehensive income (loss)	44,065		21,027		20,735		(72,103)		13,724
Net comprehensive loss attributable to noncontrolling interests	—		—		(1,101)		—		(1,101)
Comprehensive income (loss) attributable to Titan	$	44,065	$	21,027	$	21,836	$	(72,103)	$	14,825

(Amounts in thousands)	Condensed Consolidating Statements of Comprehensive Income (Loss) For the Nine Months Ended September 30, 2022
	Titan  Intl., Inc. (Parent)		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Eliminations		Consolidated
Net income (loss)	$	138,792	$	81,337	$	143,846	$	(227,763)	$	136,212
Derivative gain	—		—		865		—		865
Currency translation adjustment, net	—		—		(23,778)		—		(23,778)
Pension liability adjustments, net of tax	—		—		1,216		—		1,216
Comprehensive income (loss)	138,792		81,337		122,149		(227,763)		114,515
Net comprehensive income attributable to noncontrolling interests	—		—		7,352		—		7,352
Comprehensive income (loss) attributable to Titan	$	138,792	$	81,337	$	114,797	$	(227,763)	$	107,163

(Amounts in thousands)	Condensed Consolidating Balance Sheets September 30, 2022
	Titan  Intl., Inc. (Parent)		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Eliminations		Consolidated
Assets
Cash and cash equivalents	$	22,130	$	2	$	94,449	$	—	$	116,581
Accounts receivable, net	—		26		282,119		—		282,145
Inventories	—		80,745		332,222		—		412,967
Prepaid and other current assets	712		16,536		71,706		—		88,954
Total current assets	22,842		97,309		780,496		—		900,647
Property, plant and equipment, net	543		78,787		208,288		—		287,618
Investment in subsidiaries	852,976		—		176,461		(1,029,437)		—
Other assets	1,035		13,443		44,736		—		59,214
Total assets	$	877,396	$	189,539	$	1,209,981	$	(1,029,437)	$	1,247,479
Liabilities and Equity
Short-term debt	$	—	$	—	$	32,300	$	—	$	32,300
Accounts payable	1,294		53,399		202,022		—		256,715
Other current liabilities	47,296		29,517		105,124		—		181,937
Total current liabilities	48,590		82,916		339,446		—		470,952
Long-term debt	395,182		—		19,384		—		414,566
Other long-term liabilities	170		4,023		36,781		—		40,974
Intercompany accounts	76,722		(536,568)		459,846		—		—
Titan shareholders' equity	356,732		639,168		349,300		(1,029,437)		315,763
Noncontrolling interests	—		—		5,224		—		5,224
Total liabilities and equity	$	877,396	$	189,539	$	1,209,981	$	(1,029,437)	$	1,247,479

(Amounts in thousands)	Condensed Consolidating Statements of Cash Flows For the Nine Months Ended September 30, 2022
	Titan  Intl., Inc. (Parent)		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Consolidated
Net cash provided by operating activities	$	69,433	$	9,634	$	23,173	$	102,240
Cash flows from investing activities:
Capital expenditures	—		(9,620)		(23,135)		(32,755)
Proceeds from the sale of the Australian wheel business	—		—		9,293		9,293
Proceeds from sale of fixed assets	—		3		677		680
Net cash used for investing activities	—		(9,617)		(13,165)		(22,782)
Cash flows from financing activities:
Proceeds from borrowings	65,657		—		23,250		88,907
Payment on debt	(95,000)		—		(25,728)		(120,728)
Repurchase of common stock	(25,000)		—		—		(25,000)
Other financing activities	—		(32)		(688)		(720)
Net cash used for financing activities	(54,343)		(32)		(3,166)		(57,541)
Effect of exchange rate change on cash	—		—		(3,444)		(3,444)
Net increase (decrease) in cash and cash equivalents	15,090		(15)		3,398		18,473
Cash and cash equivalents, beginning of period	7,040		17		91,051		98,108
Cash and cash equivalents, end of period	$	22,130	$	2	$	94,449	$	116,581

XML

Subsequent Events	3 Months Ended
	Sep. 30, 2022
Subsequent Events [Abstract]
Subsequent Events	SUBSEQUENT EVENTSThe Company has evaluated subsequent events through the filing of this Form 10-Q and determined that there have been no subsequent events that have occurred that would require adjustments to our disclosures in the consolidated financial statements.

XML

ACCOUNTING POLICIES (Policies)

9 Months Ended

Sep. 30, 2022

Accounting Policies [Abstract]

Fair value of financial instruments

Fair value of financial instrumentsThe Company records all financial instruments, including cash and cash equivalents, accounts receivable, notes receivable, accounts payable, other accruals, and notes payable at cost, which approximates fair value due to their short term or stated rates.  Investments in marketable equity securities are recorded at fair value.  Our 7.00% senior secured notes due 2028 were carried at a cost of $395.2 million at September 30, 2022. The fair value of the senior secured notes due 2028 at September 30, 2022, as obtained through an independent pricing source, was approximately $362.8 million.

New Accounting Pronouncements, Policy

Adoption of new accounting standards

In November 2021, the FASB issued ASU No. 2021-10 Government Assistance (Topic 832), which requires annual disclosures

of transactions with a government that are accounted for by applying a grant or contribution accounting model by analogy.

These required disclosures include information on the nature of transactions and related accounting policies used to account for

transactions, detail on the line items on the balance sheet and income statement affected by these transactions including

amounts applicable to each line, and significant terms and conditions of the transactions including commitments and

contingencies. The ASU is effective for fiscal years beginning after December 15, 2021. The Company receives various forms

of government assistance, primarily through grants associated with continued infrastructure development in certain foreign locations. The Company adopted the impact of this ASU effective January 1, 2022 and incorporated the required disclosures within the notes to condensed consolidated financial statements. The adoption did not have a material impact on our condensed consolidated financial statements.

XML

ACCOUNTS RECEIVABLE (Tables)

9 Months Ended

Sep. 30, 2022

Receivables [Abstract]

Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block]

Accounts receivable consisted of the following (amounts in thousands):

	September 30, 2022		December 31, 2021
Accounts receivable	$	289,600	$	259,730
Allowance for doubtful accounts	(7,455)		(4,550)
Accounts receivable, net	$	282,145	$	255,180

XML

INVENTORIES (Tables)

9 Months Ended

Sep. 30, 2022

Inventory Disclosure [Abstract]

Schedule of Inventory, Current [Table Text Block]

Inventories consisted of the following (amounts in thousands):

	September 30, 2022		December 31, 2021
Raw material	$	138,907	$	135,241
Work-in-process	46,245		44,694
Finished goods	227,815		212,680
	$	412,967	$	392,615

XML

PROPERTY, PLANT AND EQUIPMENT, NET (Tables)

9 Months Ended

Sep. 30, 2022

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment [Table Text Block]

Property, plant and equipment, net consisted of the following (amounts in thousands):

	September 30, 2022		December 31, 2021
Land and improvements	$	37,996	$	41,010
Buildings and improvements	230,389		236,367
Machinery and equipment	584,861		578,816
Tools, dies and molds	111,162		111,169
Construction-in-process	29,936		20,288
	994,344		987,650
Less accumulated depreciation	(706,726)		(686,541)
	$	287,618	$	301,109

XML

INTANGIBLE ASSETS (Tables)

9 Months Ended

Sep. 30, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Intangible Assets and Goodwill [Table Text Block]

The components of intangible assets, net consisted of the following (amounts in thousands):

	Weighted Average Useful Lives (in years) September 30, 2022	September 30, 2022		December 31, 2021
Amortizable intangible assets:
Patents, trademarks and other	10.77	$	10,084	$	10,084
Less accumulated amortization		(8,699)		(8,586)
		$	1,385	$	1,498

Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block]

The estimated aggregate amortization expense at September 30, 2022 for each of the years (or other periods) set forth below was as follows (amounts in thousands):

October 1 - December 31, 2022	$	32
2023	145
2024	132
2025	123
2026	123
Thereafter	830
	$	1,385

XML

WARRANTY (Tables)

9 Months Ended

Sep. 30, 2022

Product Warranties Disclosures [Abstract]

Schedule of Product Warranty Liability [Table Text Block]

Changes in the warranty liability during the nine months ended September 30, 2022 and 2021, respectively, consisted of the following (amounts in thousands):

	2022		2021
Warranty liability at beginning of the period	$	16,628	$	15,040
Provision for warranty liabilities	11,297		7,397
Warranty payments made	(8,419)		(6,039)
Warranty liability at end of the period	$	19,506	$	16,398

XML

REVOLVING CREDIT FACILITY AND LONG-TERM DEBT (Tables)

9 Months Ended

Sep. 30, 2022

Debt Instrument [Line Items]

Schedule of Long-term Debt Instruments [Table Text Block]

Long-term debt consisted of the following (amounts in thousands):

	September 30, 2022
	Principal Balance		Unamortized Debt Issuance		Net Carrying Amount
7.00% senior secured notes due 2028	$	400,000	$	(4,818)	$	395,182
Titan Europe credit facilities	38,287		—		38,287
Other debt	13,397		—		13,397
Total debt	451,684		(4,818)		446,866
Less amounts due within one year	32,300		—		32,300
Total long-term debt	$	419,384	$	(4,818)	$	414,566

	December 31, 2021
	Principal Balance		Unamortized Debt Issuance		Net Carrying Amount
7.00% senior secured notes due 2028	$	400,000	$	(5,476)	$	394,524
Titan Europe credit facilities	44,993		—		44,993
Revolving credit facility	30,000		—		30,000
Other debt	15,434		—		15,434
Total debt	490,427		(5,476)		484,951
Less amounts due within one year	32,500		—		32,500
Total long-term debt	$	457,927	$	(5,476)	$	452,451

Schedule of Maturities of Long-term Debt [Table Text Block]

Aggregate principal maturities of long-term debt at September 30, 2022 for each of the years (or other periods) set forth below were as follows (amounts in thousands):

October 1 - December 31, 2022	$	13,847
2023	20,903
2024	6,733
2025	2,838
2026	2,190
Thereafter	405,173
	$	451,684

XML

LEASE COMMITMENTS (Tables)

9 Months Ended

Sep. 30, 2022

Leases [Abstract]

Lease, Cost [Table Text Block]

Supplemental balance sheet information related to leases was as follows (amounts in thousands):

	Balance Sheet Classification	September 30, 2022		December 31, 2021
Operating lease ROU assets	Operating lease assets	$	9,528	$	20,945
Operating lease current liabilities	Other current liabilities	$	4,462	$	6,180
Operating lease long-term liabilities	Other long-term liabilities	2,825		11,352
Total operating lease liabilities		$	7,287	$	17,532
Finance lease, gross	Property, plant & equipment, net	$	6,920	$	5,305
Finance lease accumulated depreciation	Property, plant & equipment, net	(3,446)		(2,801)
Finance lease, net		$	3,474	$	2,504
Finance lease current liabilities	Other current liabilities	$	2,507	$	2,384
Finance lease long-term liabilities	Other long-term liabilities	3,413		3,878
Total finance lease liabilities		$	5,920	$	6,262

Lessee, Operating Lease, Liability, Maturity [Table Text Block]

At September 30, 2022, maturities of lease liabilities were as follows (amounts in thousands):

	Operating Leases		Finance Leases
October 1 - December 31, 2022	$	1,750	$	1,030
2023	4,054		2,527
2024	1,597		1,472
2025	475		896
2026	263		553
Thereafter	496		5
Total lease payments	$	8,635	$	6,483
Less imputed interest	1,348		563
	$	7,287	$	5,920
Weighted average remaining lease term (in years)	2.48		2.71

Finance Lease, Liability, Maturity [Table Text Block]

	Operating Leases		Finance Leases
October 1 - December 31, 2022	$	1,750	$	1,030
2023	4,054		2,527
2024	1,597		1,472
2025	475		896
2026	263		553
Thereafter	496		5
Total lease payments	$	8,635	$	6,483
Less imputed interest	1,348		563
	$	7,287	$	5,920
Weighted average remaining lease term (in years)	2.48		2.71

XML

EMPLOYEE BENEFIT PLANS (Tables)

9 Months Ended

Sep. 30, 2022

Retirement Benefits [Abstract]

Schedule of Defined Benefit Plans Disclosures [Table Text Block]

The components of net periodic pension (benefit) cost consisted of the following for the periods set forth below (amounts in thousands):

	Three months ended				Nine months ended
	September 30,				September 30,
	2022		2021		2022		2021
Service cost	$	43	$	168	$	1,215	$	506
Interest cost	714		702		2,148		2,115
Expected return on assets	(1,518)		(1,505)		(4,554)		(4,519)
Amortization of unrecognized prior service cost	(15)		(14)		(47)		(46)
Amortization of net unrecognized (gain) loss	(5)		697		(18)		2,090
Net periodic pension (benefit) cost	$	(781)	$	48	$	(1,256)	$	146

XML

VARIABLE INTEREST ENTITIES (Tables)

9 Months Ended

Sep. 30, 2022

Variable Interest Entity, Measure of Activity [Abstract]

Schedule of Variable Interest Entities [Table Text Block]

The following table summarizes the carrying amount of the VIEs’ assets and liabilities included in the Company’s Condensed Consolidated Balance Sheets (amounts in thousands):

	September 30, 2022		December 31, 2021
Cash and cash equivalents	$	1,473	$	714
Inventory	2,569		2,459
Other current assets	4,714		5,135
Property, plant and equipment, net	4,602		3,414
Other non-current assets	481		626
Total assets	$	13,839	$	12,348
Current liabilities	$	2,272	$	1,687
Other long-term liabilities	1,187		669
Total liabilities	$	3,459	$	2,356

All assets in the above table can only be used to settle obligations of the consolidated VIE to which the respective assets relate. Liabilities are nonrecourse obligations. Amounts presented in the table above are adjusted for intercompany eliminations.

Schedule of Non Consolidated Variable Interest Entities [Table Text Block]

The assets and liabilities recognized in Titan's Condensed Consolidated Balance Sheets related to Titan's interest in these non-consolidated VIEs and the Company's maximum exposure to loss relating to non-consolidated VIEs as of the dates set forth below were as follows (amounts in thousands):

	September 30, 2022		December 31, 2021
Investments	$	6,316	$	6,402
Total VIE assets	6,316		6,402
Accounts payable	2,762		4,296
Maximum exposure to loss	$	9,078	$	10,698

XML

OTHER INCOME (Tables)

9 Months Ended

Sep. 30, 2022

Other Income and Expenses [Abstract]

Other Income [Table Text Block]

Other income consisted of the following (amounts in thousands):

	Three months ended				Nine months ended
	September 30,				September 30,
	2022		2021		2022		2021
Income on indirect taxes (1)	$	9,593	$	—	$	32,043	$	—
Loss on sale of Australian wheel business (2)	—		—		(10,890)		—
Proceeds from government grant (3)	—		—		1,324		—
Gain on legal settlement (4)	—		—		—		1,750
Equity investment income	—		273		570		397
Gain on sale of assets	74		132		256		297
Other income (expense)	24		243		1,223		(932)
	$	9,691	$	648	$	24,526	$	1,512

(1) In May 2022 and September 2022, the Brazilian tax authorities approved indirect tax credits to be applied against future tax obligations. Refer to Footnote 14 for additional information.

(2) The loss on sale of the Australian wheel business is comprised primarily of the release of the cumulative translation adjustment of approximately $10.0 million and closing costs associated with the completion of the transaction of approximately $0.9 million. Refer to Footnote 1 for additional information.

(3) In August 2014, the Company received an approximately $17.0 million capital grant from the Italian government for asset damages related to the earthquake that occurred in May 2012 at one of our Italian subsidiaries. The grant was recorded as deferred income in non-current liabilities which is being amortized over the life of the reconstructed building. The Company received proceeds of an additional $1.9 million from the grant during the nine months ended September 30, 2022, of which $1.3 million was recorded as other income to match to the historical depreciation recorded on the underlying assets.

(4) The gain on legal settlement relates to proceeds received from a steel supplier for the nine months ended September 30, 2021.

XML

EARNINGS PER SHARE (Tables)

9 Months Ended

Sep. 30, 2022

Earnings Per Share [Abstract]

Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]

Earnings per share (EPS) were as follows (amounts in thousands, except per share data):

	Three months ended				Nine months ended
	September 30,				September 30,
	2022		2021		2022		2021
Net income attributable to Titan and applicable to common shareholders	$	43,169	$	11,187	$	134,262	$	21,988
Determination of shares:
Weighted average shares outstanding (basic)	62,803		62,340		63,107		61,844
Effect of equity awards	426		261		480		679
Weighted average shares outstanding (diluted)	63,229		62,601		63,587		62,523
Income per common share:
Basic	$	0.69	$	0.18	$	2.13	$	0.36
Diluted	$	0.68	$	0.18	$	2.11	$	0.35

XML

SEGMENT INFORMATION (Tables)

9 Months Ended

Sep. 30, 2022

Segment Reporting Information [Line Items]

Reconciliation of Revenue from Segments to Consolidated [Table Text Block]

The table below presents information about certain operating results, separated by market segments, for the three and nine months ended September 30, 2022 and 2021 (amounts in thousands):

	Three months ended				Nine months ended
	September 30,				September 30,
	2022		2021		2022		2021
Net sales
Agricultural	$	289,259	$	244,373	$	917,443	$	684,636
Earthmoving/construction	199,921		168,408		611,550		509,930
Consumer	41,542		37,601		130,621		97,973
	$	530,722	$	450,382	$	1,659,614	$	1,292,539
Gross profit
Agricultural	$	45,949	$	33,214	$	155,794	$	98,294
Earthmoving/construction	34,959		21,263		102,651		63,333
Consumer	6,725		5,815		25,570		13,400
	$	87,633	$	60,292	$	284,015	$	175,027
Income from operations
Agricultural	$	31,125	$	18,156	$	106,126	$	54,228
Earthmoving/construction	21,836		7,913		59,952		20,950
Consumer	4,856		3,519		18,976		7,067
Corporate & Unallocated	(7,326)		(6,688)		(20,154)		(21,395)
Income from operations	50,491		22,900		164,900		60,850
Interest expense	(7,221)		(7,818)		(22,835)		(23,939)
Loss on senior note repurchase	—		—		—		(16,020)
Foreign exchange gain	1,198		416		8,749		9,125
Other income	9,691		648		24,526		1,512
Income before income taxes	$	54,159	$	16,146	$	175,340	$	31,528

Reconciliation of Assets from Segment to Consolidated [Table Text Block]

Assets by segment were as follows as of the dates set forth below (amounts in thousands):

	September 30, 2022		December 31, 2021
Total assets
Agricultural	$	553,326	$	517,528
Earthmoving/construction	514,296		502,373
Consumer	137,967		133,906
Corporate & Unallocated	41,890		28,878
	$	1,247,479	$	1,182,685

XML

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Tables)

9 Months Ended

Sep. 30, 2022

Stockholders' Equity Note [Abstract]

Schedule of Accumulated Other Comprehensive Loss

Accumulated other comprehensive loss consisted of the following (amounts in thousands):

	Currency Translation Adjustments		Gain (Loss) on Derivatives		Unrecognized Losses and Prior Service Cost		Total
Balance at July 1, 2022	$	(236,367)	$	539	$	(9,407)	$	(245,235)
Currency translation adjustments, net	(28,872)		—		—		(28,872)
Defined benefit pension plans:
Amortization of unrecognized losses and prior service cost, net of tax of $(107)	—		—		241		241
Derivative gain	—		287		—		287
Balance at September 30, 2022	$	(265,239)	$	826	$	(9,166)	$	(273,579)

	Currency Translation Adjustments		Gain (Loss) on Derivatives		Unrecognized Losses and Prior Service Cost		Total
Balance at January 1, 2022	$	(236,059)	$	(39)	$	(10,382)	$	(246,480)
Currency translation adjustments, net (1)	(29,180)		—		—		(29,180)
Defined benefit pension plans:
Amortization of unrecognized losses and prior service cost, net of tax of $(451)	—		—		1,216		1,216
Derivative gain	—		865		—		865
Balance at September 30, 2022	$	(265,239)	$	826	$	(9,166)	$	(273,579)

(1) The currency translation adjustments, net includes currency translation on amounts reclassified into other expense within the Condensed Consolidated Statements of Operations of approximately $10 million for the nine months ended September 30, 2022 related to the sale of the Australian wheel business. Refer to Note 13 for additional information.

	Currency Translation Adjustments		Gain (Loss) on Derivatives		Unrecognized Losses and Prior Service Cost		Total
Balance at July 1, 2021	$	(206,529)	$	(148)	$	(21,125)	$	(227,802)
Currency translation adjustments, net	(16,677)		—		—		(16,677)
Defined benefit pension plans:
Amortization of unrecognized losses and prior service cost, net of tax of $(42)	—		—		797		797
Derivative gain	—		54		—		54
Balance at September 30, 2021	$	(223,206)	$	(94)	$	(20,328)	$	(243,628)

	Currency Translation Adjustments		Gain (Loss) on Derivatives		Unrecognized Losses and Prior Service Cost		Total
Balance at January 1, 2021	$	(194,151)	$	(413)	$	(22,690)	$	(217,254)
Currency translation adjustments, net (1)	(29,055)		—		—		(29,055)
Defined benefit pension plans:
Amortization of unrecognized losses and prior service cost, net of tax of $(83)	—		—		2,362		2,362
Derivative gain	—		319		—		319
Balance at September 30, 2021	$	(223,206)	$	(94)	$	(20,328)	$	(243,628)

(1) The increase in currency translation adjustments for the nine months ended September 30, 2021 was due to foreign currency rate fluctuations, the ongoing initiative to rationalize the Company's legal entity structure, and the ongoing management of the intercompany capital structure during the year.

XML

SUBSIDIARY GUARANTOR FINANCIAL INFORMATION (Tables)

9 Months Ended

Sep. 30, 2022

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Condensed Income Statement [Table Text Block]

(Amounts in thousands)	Condensed Consolidating Statements of Operations For the Three Months Ended September 30, 2022
	Titan  Intl., Inc. (Parent)		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Eliminations		Consolidated
Net sales	$	—	$	39,472	$	530,722	$	(39,472)	$	530,722
Cost of sales	—		5,177		477,384		(39,472)		443,089
Gross profit	—		34,295		53,338		—		87,633
Selling, general and administrative expenses	2,100		12,277		17,033		—		31,410
Research and development expenses	275		817		1,342		—		2,434
Royalty expense	—		1,596		1,702		—		3,298
(Loss) income from operations	(2,375)		19,605		33,261		—		50,491
Interest (expense) income	(7,373)		(3)		155		—		(7,221)
Intercompany interest income (expense)	373		1,102		(1,475)		—		—
Foreign exchange (loss) gain	—		(155)		1,353		—		1,198
Other (expense) income	(22)		528		9,185		—		9,691
(Loss) income before income taxes	(9,397)		21,077		42,479		—		54,159
Provision for income taxes	941		50		10,455		—		11,446
Equity in earnings (loss) of subsidiaries	54,403		—		17,700		(72,103)		—
Net income (loss)	44,065		21,027		49,724		(72,103)		42,713
Net loss attributable to noncontrolling interests	—		—		(456)		—		(456)
Net income (loss) attributable to Titan	$	44,065	$	21,027	$	50,180	$	(72,103)	$	43,169

(Amounts in thousands)	Condensed Consolidating Statements of Operations For the Nine Months Ended September 30, 2022
	Titan  Intl., Inc. (Parent)		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Eliminations		Consolidated
Net sales	$	—	$	205,015	$	1,659,614	$	(205,015)	$	1,659,614
Cost of sales	—		83,090		1,497,524		(205,015)		1,375,599
Gross profit	—		121,925		162,090		—		284,015
Selling, general and administrative expenses	6,911		37,802		57,593		—		102,306
Research and development expenses	784		2,486		4,322		—		7,592
Royalty expense	230		4,461		4,526		—		9,217
(Loss) income from operations	(7,925)		77,176		95,649		—		164,900
Interest expense	(22,499)		(11)		(325)		—		(22,835)
Intercompany interest income (expense)	1,107		2,815		(3,922)		—		—
Foreign exchange gain	—		135		8,614		—		8,749
Other (loss) income	(10)		1,568		22,968		—		24,526
(Loss) income before income taxes	(29,327)		81,683		122,984		—		175,340
Provision for income taxes	3,301		346		35,481		—		39,128
Equity in earnings (loss) of subsidiaries	171,420		—		56,343		(227,763)		—
Net income (loss)	138,792		81,337		143,846		(227,763)		136,212
Net income attributable to noncontrolling interests	—		—		1,950		—		1,950
Net income (loss) attributable to Titan	$	138,792	$	81,337	$	141,896	$	(227,763)	$	134,262

Condensed Statement of Comprehensive Income [Table Text Block]

(Amounts in thousands)	Condensed Consolidating Statements of Comprehensive Income (Loss) For the Three Months Ended September 30, 2022
	Titan  Intl., Inc. (Parent)		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Eliminations		Consolidated
Net income (loss)	$	44,065	$	21,027	$	49,724	$	(72,103)	$	42,713
Derivative gain	—		—		287		—		287
Currency translation adjustment, net	—		—		(29,517)		—		(29,517)
Pension liability adjustments, net of tax	—		—		241		—		241
Comprehensive income (loss)	44,065		21,027		20,735		(72,103)		13,724
Net comprehensive loss attributable to noncontrolling interests	—		—		(1,101)		—		(1,101)
Comprehensive income (loss) attributable to Titan	$	44,065	$	21,027	$	21,836	$	(72,103)	$	14,825

(Amounts in thousands)	Condensed Consolidating Statements of Comprehensive Income (Loss) For the Nine Months Ended September 30, 2022
	Titan  Intl., Inc. (Parent)		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Eliminations		Consolidated
Net income (loss)	$	138,792	$	81,337	$	143,846	$	(227,763)	$	136,212
Derivative gain	—		—		865		—		865
Currency translation adjustment, net	—		—		(23,778)		—		(23,778)
Pension liability adjustments, net of tax	—		—		1,216		—		1,216
Comprehensive income (loss)	138,792		81,337		122,149		(227,763)		114,515
Net comprehensive income attributable to noncontrolling interests	—		—		7,352		—		7,352
Comprehensive income (loss) attributable to Titan	$	138,792	$	81,337	$	114,797	$	(227,763)	$	107,163

Condensed Balance Sheet [Table Text Block]

(Amounts in thousands)	Condensed Consolidating Balance Sheets September 30, 2022
	Titan  Intl., Inc. (Parent)		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Eliminations		Consolidated
Assets
Cash and cash equivalents	$	22,130	$	2	$	94,449	$	—	$	116,581
Accounts receivable, net	—		26		282,119		—		282,145
Inventories	—		80,745		332,222		—		412,967
Prepaid and other current assets	712		16,536		71,706		—		88,954
Total current assets	22,842		97,309		780,496		—		900,647
Property, plant and equipment, net	543		78,787		208,288		—		287,618
Investment in subsidiaries	852,976		—		176,461		(1,029,437)		—
Other assets	1,035		13,443		44,736		—		59,214
Total assets	$	877,396	$	189,539	$	1,209,981	$	(1,029,437)	$	1,247,479
Liabilities and Equity
Short-term debt	$	—	$	—	$	32,300	$	—	$	32,300
Accounts payable	1,294		53,399		202,022		—		256,715
Other current liabilities	47,296		29,517		105,124		—		181,937
Total current liabilities	48,590		82,916		339,446		—		470,952
Long-term debt	395,182		—		19,384		—		414,566
Other long-term liabilities	170		4,023		36,781		—		40,974
Intercompany accounts	76,722		(536,568)		459,846		—		—
Titan shareholders' equity	356,732		639,168		349,300		(1,029,437)		315,763
Noncontrolling interests	—		—		5,224		—		5,224
Total liabilities and equity	$	877,396	$	189,539	$	1,209,981	$	(1,029,437)	$	1,247,479

Condensed Cash Flow Statement [Table Text Block]

(Amounts in thousands)	Condensed Consolidating Statements of Cash Flows For the Nine Months Ended September 30, 2022
	Titan  Intl., Inc. (Parent)		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Consolidated
Net cash provided by operating activities	$	69,433	$	9,634	$	23,173	$	102,240
Cash flows from investing activities:
Capital expenditures	—		(9,620)		(23,135)		(32,755)
Proceeds from the sale of the Australian wheel business	—		—		9,293		9,293
Proceeds from sale of fixed assets	—		3		677		680
Net cash used for investing activities	—		(9,617)		(13,165)		(22,782)
Cash flows from financing activities:
Proceeds from borrowings	65,657		—		23,250		88,907
Payment on debt	(95,000)		—		(25,728)		(120,728)
Repurchase of common stock	(25,000)		—		—		(25,000)
Other financing activities	—		(32)		(688)		(720)
Net cash used for financing activities	(54,343)		(32)		(3,166)		(57,541)
Effect of exchange rate change on cash	—		—		(3,444)		(3,444)
Net increase (decrease) in cash and cash equivalents	15,090		(15)		3,398		18,473
Cash and cash equivalents, beginning of period	7,040		17		91,051		98,108
Cash and cash equivalents, end of period	$	22,130	$	2	$	94,449	$	116,581

XML

ACCOUNTING POLICIES (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Long-term Debt	$ 395,200
Debt Instrument, Fair Value Disclosure	$ 362,800
Senior Secured Notes 6.50 Percent [Member] [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	7.00%
Long-term Debt	$ 400,000	$ 400,000

XML

ACCOUNTS RECEIVABLE (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Receivables [Abstract]
Accounts receivable	$ 289,600	$ 259,730
Allowance for doubtful accounts	7,455	4,550
Accounts receivable, net	$ 282,145	$ 255,180

XML

INVENTORIES (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Inventory Disclosure [Abstract]
Raw material	$ 138,907	$ 135,241
Work-in-process	46,245	44,694
Finished goods	227,815	212,680
Inventory, Net, Total	$ 412,967	$ 392,615

XML

PROPERTY, PLANT AND EQUIPMENT, NET (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	$ 994,344		$ 987,650
Less accumulated depreciation	(706,726)		(686,541)
Property, Plant and Equipment, Net	287,618		301,109
Assets	1,247,479		1,182,685
Depreciation	31,300	$ 35,100
Land and Land Improvements [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	37,996		41,010
Building and Building Improvements [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	230,389		236,367
Machinery and Equipment [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	584,861		578,816
Tools, Dies and Molds [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	111,162		111,169
Construction in Progress [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	$ 29,936		$ 20,288

XML

INTANGIBLE ASSETS (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Finite-Lived Intangible Asset, Useful Life	10 years 9 months 7 days
Finite-Lived Trademarks, Gross	$ 10,084		$ 10,084
Finite-Lived Intangible Assets, Accumulated Amortization	(8,699)		(8,586)
Intangible Assets, Net (Excluding Goodwill)	1,385		$ 1,498
Amortization of Intangible Assets	300	$ 600
Finite-Lived Intangible Assets, Amortization Expense, Maturity Schedule [Abstract]
October 1 - December 31, 2022	32
2023	145
2024	132
2025	123
2026	123
Thereafter	$ 830

XML

WARRANTY (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Product Warranty Liability [Line Items]
Warranty liability at January 1	$ 16,628	$ 15,040
Provision for warranty liabilities	11,297	7,397
Warranty payments made	(8,419)	(6,039)
Warranty liability at June 30	$ 19,506	$ 16,398

XML

REVOLVING CREDIT FACILITY AND LONG-TERM DEBT (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021	Apr. 22, 2021
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Effective Percentage	727.00%		727.00%
Debt Instruments [Abstract]
7.00% senior secured notes due 2028	$ 395,200		$ 395,200
Long-term Line of Credit, Noncurrent					$ 30,000
Long-term Debt and Lease Obligation, Including Current Maturities	446,866		446,866		484,951
Short-term debt	32,300		32,300		32,500
Long-term debt	414,566		414,566		452,451
Debt Instrument, Unamortized Discount	(4,818)		(4,818)		(5,476)
Debt Instrument, Unamortized Discount, Current	0		0		0
Debt Instrument, Unamortized Discount (Premium), Net	(4,818)		(4,818)		(5,476)
Maturities of Long-term Debt [Abstract]
October 1 - December 31, 2022	13,847		13,847
2023	20,903		20,903
2024	6,733		6,733
2025	2,838		2,838
2026	2,190		2,190
Thereafter	405,173		405,173
Long-term Debt, Gross	451,684		451,684
Line of Credit Facility, Maximum Borrowing Capacity	125,000		125,000
Letters of Credit Outstanding, Amount	7,200		7,200
Line of Credit Facility, Current Borrowing Capacity	117,800		117,800
Gain (Loss) on Repurchase of Debt Instrument	0	$ 0	0	$ 16,020
Senior Secured Notes 6.50 Percent [Member] [Member]
Debt Instruments [Abstract]
7.00% senior secured notes due 2028	400,000		400,000		400,000
Long-term Debt	395,182		395,182		394,524
Debt Instrument, Unamortized Discount	$ (4,818)		$ (4,818)		(5,476)
Maturities of Long-term Debt [Abstract]
Debt Instrument, Interest Rate, Stated Percentage	7.00%		7.00%
Titan Europe [Member]
Debt Instruments [Abstract]
Other Borrowings	$ 38,287		$ 38,287		44,993
Debt Instrument, Unamortized Discount, Noncurrent	0		0		0
Other Debt Obligations [Member]
Debt Instruments [Abstract]
Other debt	13,397		13,397		15,434
Debt Instrument, Unamortized Discount, Noncurrent	0		0		0
Titan Brazil [Member]
Debt Instruments [Abstract]
Other debt	10,100		10,100
Voltyre-Prom [Member]
Debt Instruments [Abstract]
Other debt	3,300		3,300
Senior Secured Notes 7.00 Percent
Debt Instruments [Abstract]
7.00% senior secured notes due 2028						$ 400,000
Maturities of Long-term Debt [Abstract]
Debt Instrument, Interest Rate, Stated Percentage						7.00%
Long-term Debt [Member]
Debt Instruments [Abstract]
Debt, Long-Term and Short-Term, Combined Amount	451,684		451,684		490,427
Maturities of Long-term Debt [Abstract]
Long-term Debt, Gross	$ 419,384		$ 419,384		$ 457,927

XML

REDEEMABLE NONCONTROLLING INTEREST (Details) - USD ($) $ / shares in Units, $ in Millions	9 Months Ended
	Sep. 30, 2022	Dec. 31, 2021
Redeemable Noncontrolling Interest [Line Items]
Payments for Repurchase of Redeemable Noncontrolling Interest	$ 25.0
Stock Issued During Period, Shares, Other	4,032,259
Common Stock, shares authorized (in shares)	120,000,000
Common Stock, par value	$ 0.0001
Common Stock, shares issued (in shares)	66,525,269	66,492,660
Treasury Stock, shares (in shares)	3,720,609	80,876
RDIF [Member]
Redeemable Noncontrolling Interest [Line Items]
Noncontrolling Interest, Ownership Percentage by Parent	64.30%
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners	35.70%

XML

LEASE COMMITMENTS (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2022	Dec. 31, 2021
Leases [Abstract]
Operating Lease, Right-of-Use Asset	$ 9,528	$ 20,945
Operating Lease, Liability, Current	4,462	6,180
Operating Lease, Liability, Noncurrent	2,825	11,352
Operating Lease, Liability	7,287	17,532
Finance Lease, Gross	6,920	5,305
Finance Lease Accumulated Depreciation	(3,446)	(2,801)
Finance Lease, Right-of-Use Asset	3,474	2,504
Finance Lease, Liability, Current	2,507	2,384
Finance Lease, Liability, Noncurrent	3,413	3,878
Finance Lease, Liability	5,920	$ 6,262
Lessee, Operating Lease, Liability, Payment, Due [Abstract]
July 1 - December 31, 2020	1,750
2023	4,054
2024	1,597
2025	475
2026	263
Thereafter	5
Thereafter	496
Total lease payments	8,635
Less imputed interest	1,348
Finance Lease, Liability, Payment, Due [Abstract]
April 1 - December 31, 2020	1,030
2021	2,527
2022	1,472
2023	896
2024	553
Total lease payment	6,483
Lease imputed interest	$ 563
Operating Lease, Weighted Average Remaining Lease Term	2 years 5 months 23 days
Finance Lease, Weighted Average Remaining Lease Term	2 years 8 months 15 days
Operating Lease, Payments	$ 2,000

XML

EMPLOYEE BENEFIT PLANS (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Plan Assets, Contributions by Employer			$ 400
Pension Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Service cost	$ 43	$ 168	1,215	$ 506
Interest cost	714	702	2,148	2,115
Expected return on assets	(1,518)	(1,505)	(4,554)	(4,519)
Amortization of unrecognized prior service cost	(15)	(14)	(47)	(46)
Amortization of net unrecognized (gain) loss	(5)	697	(18)	2,090
Net periodic pension (benefit) cost	$ (781)	$ 48	$ (1,256)	$ 146

XML

VARIABLE INTEREST ENTITIES (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021	Sep. 30, 2021	Dec. 31, 2020
Variable Interest Entity [Line Items]
Cash and Cash Equivalents, at Carrying Value	$ 116,581	$ 98,108	$ 94,640	$ 117,431
Inventories	412,967	392,615
Property, Plant and Equipment, Net	287,618	301,109
Other Assets, Noncurrent	59,214
Total assets	1,247,479	1,182,685
Total current liabilities	470,952	450,813
Total liabilities	926,492	955,513
Accounts payable	256,715	278,099
Variable Interest Entity, Not Primary Beneficiary [Member]
Variable Interest Entity [Line Items]
Total assets	6,316	6,402
Investments	6,316	6,402
Accounts payable	2,762	4,296
Maximum exposure to loss	9,078	10,698
Variable Interest Entity, Primary Beneficiary [Member]
Variable Interest Entity [Line Items]
Cash and Cash Equivalents, at Carrying Value	1,473	714
Inventories	2,569	2,459
Other Assets, Current	4,714	5,135
Property, Plant and Equipment, Net	4,602	3,414
Other Assets, Noncurrent	481	626
Total assets	13,839	12,348
Total current liabilities	2,272	1,687
Liabilities, Noncurrent	1,187	669
Total liabilities	$ 3,459	$ 2,356

XML

ROYALTY EXPENSE (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Other Income and Expenses [Abstract]
Royalty expense	$ 3,298	$ 2,805	$ 9,217	$ 7,915

XML

OTHER INCOME (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Other Income and Expenses [Abstract]
Deferred Income Taxes and Tax Credits	$ 9,593	$ 0	$ 32,043	$ 0
Gain (Loss) on Disposition of Business	0	0	10,890	0
Other Nonrecurring Income	0	0	1,324	0
Gain (Loss) Related to Litigation Settlement	0	0	0	1,750
Income (Loss) from Equity Method Investments	0	273	570	397
Gain (Loss) on Disposition of Assets	74	132	256	297
Other Nonoperating Income	24	243	1,223
Other Nonoperating Expense				(932)
Other Nonoperating Income (Expense), Total	$ 9,691	$ 648	24,526	$ 1,512
Disposal Group, Including Discontinued Operation, Foreign Currency Translation Gains (Losses)			10,000
Unusual or Infrequent Item, or Both, Insurance Proceeds			$ 1,900

XML

INCOME TAXES (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Provision for income taxes	$ 11,446	$ 5,342	$ 39,128	$ 9,927
Effective Income Tax Rate, Continuing Operations	21.10%	33.10%	22.30%	31.50%
Accrued Income Taxes, Current	$ 30,900		$ 30,900		$ 9,300
Brazil Income Tax Adjustment	9,500		32,000
Taxes, Other	$ 1,600		9,400
Income taxes paid, net of refunds received			$ 27,723	$ 10,766

XML

EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Net income attributable to Titan and applicable to common shareholders	$ 43,169	$ 11,187	$ 134,262	$ 21,988
Net income (loss) applicable to common shareholders	$ 43,169	$ 11,187	$ 134,262	$ 21,988
Weighted Average Number of Shares Outstanding, Basic	62,803	62,340	63,107	61,844
Effect of equity awards	426	261	480	679
Weighted average shares outstanding (diluted)	63,229	62,601	63,587	62,523
Earnings Per Share, Basic	$ 0.69	$ 0.18	$ 2.13	$ 0.36
Diluted	$ 0.68	$ 0.18	$ 2.11	$ 0.35

XML

LITIGATION (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Loss Contingencies [Line Items]
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification and Tax	$ 287	$ 54	$ 865	$ 319

XML

SEGMENT INFORMATION (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Segment Reporting Information [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	$ 530,722	$ 450,382	$ 1,659,614	$ 1,292,539
Gross profit (loss)	87,633	60,292	284,015	175,027
Income (loss) from operations	50,491	22,900	164,900	60,850
Interest expense	(7,221)	(7,818)	(22,835)	(23,939)
Foreign Currency Transaction Gain (Loss), before Tax	1,198	416	8,749	9,125
Other Nonoperating Income (Expense)	9,691	648	24,526	1,512
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest	54,159	16,146	175,340	31,528
Assets	1,247,479		1,247,479		$ 1,182,685
Operating Segments [Member]
Segment Reporting Information [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	530,722	450,382	1,659,614	1,292,539
Gross profit (loss)	87,633	60,292	284,015	175,027
Income (loss) from operations	50,491	22,900	164,900	60,850
Operating Segments [Member] | Agricultural [Member]
Segment Reporting Information [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	289,259	244,373	917,443	684,636
Gross profit (loss)	45,949	33,214	155,794	98,294
Income (loss) from operations	31,125	18,156	106,126	54,228
Assets	553,326		553,326		517,528
Operating Segments [Member] | Earthmoving/construction [Member]
Segment Reporting Information [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	199,921	168,408	611,550	509,930
Gross profit (loss)	34,959	21,263	102,651	63,333
Income (loss) from operations	21,836	7,913	59,952	20,950
Assets	514,296		514,296		502,373
Operating Segments [Member] | Consumer [Member]
Segment Reporting Information [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	41,542	37,601	130,621	97,973
Gross profit (loss)	6,725	5,815	25,570	13,400
Income (loss) from operations	4,856	3,519	18,976	7,067
Assets	137,967		137,967		133,906
Operating Segments [Member] | Corporate & Unallocated
Segment Reporting Information [Line Items]
Income (loss) from operations	(7,326)	$ (6,688)	(20,154)	$ (21,395)
Assets	$ 41,890		$ 41,890		$ 28,878

XML

SEGMENT INFORMATION ASSETS (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Segment Reporting Information [Line Items]
Assets	$ 1,247,479	$ 1,182,685
Operating Segments [Member] | Agricultural [Member]
Segment Reporting Information [Line Items]
Assets	553,326	517,528
Operating Segments [Member] | Earthmoving/construction [Member]
Segment Reporting Information [Line Items]
Assets	514,296	502,373
Operating Segments [Member] | Consumer [Member]
Segment Reporting Information [Line Items]
Assets	137,967	133,906
Operating Segments [Member] | Corporate & Unallocated
Segment Reporting Information [Line Items]
Assets	$ 41,890	$ 28,878

XML

RELATED PARTY TRANSACTIONS (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Related Party Transaction [Line Items]
Related Party Transaction, Revenues from Transactions with Related Party	$ 1.2	$ 0.7	$ 3.5	$ 2.0
Related Party Transaction, Purchases from Related Party	0.5	0.1	1.0	1.0
Related Party Transaction, Due from (to) Related Party	0.4		0.4		$ 0.2
Related Party Transaction, Expenses from Transactions with Related Party	$ 0.4	$ 0.5	$ 1.3	$ 1.5

XML

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Jun. 30, 2022	Dec. 31, 2021	Jun. 30, 2021	Dec. 31, 2020
Stockholders' Equity Note [Abstract]
Accumulated Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Net of Tax	$ (265,239)	$ (223,206)	$ (265,239)	$ (223,206)	$ (236,367)	$ (236,059)	$ (206,529)	$ (194,151)
Other Comprehensive Income (Loss), Derivative, Excluded Component, Increase (Decrease), after Adjustments, before Tax, Parent	287	54	865	319
AOCI, Derivative Qualifying as Hedge, Excluded Component, after Tax	826	(94)	826	(94)	539	(39)	(148)	(413)
Currency translation adjustments	(28,872)	(16,677)	(29,180)	(29,055)
Accumulated Other Comprehensive (Income) Loss, Defined Benefit Plan, after Tax	(9,166)	20,328	(9,166)	20,328	9,407	10,382	21,125	22,690
Amortization of unrecognized losses and prior service cost, net of tax	(241)	(797)	(1,216)	(2,362)
Accumulated other comprehensive loss	(273,579)	(243,628)	(273,579)	(243,628)	$ (245,235)	$ (246,480)	$ (227,802)	$ (217,254)
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, Tax	(107)	(42)	(451)	(83)
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification and Tax	$ 287	$ 54	$ 865	$ 319

XML

SUBSIDIARY GUARANTOR FINANCIAL INFORMATION (Details) - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021	Dec. 31, 2020
Income Statement [Abstract]
Revenue from Contract with Customer, Excluding Assessed Tax	$ 530,722			$ 450,382			$ 1,659,614	$ 1,292,539
Cost of sales	443,089			390,090			1,375,599	1,117,512
Gross profit (loss)	87,633			60,292			284,015	175,027
Selling, General and Administrative Expense	31,410			32,217			102,306	98,811
Research and Development Expense	2,434			2,370			7,592	7,451
Royalty expense	3,298			2,805			9,217	7,915
Income (loss) from operations	50,491			22,900			164,900	60,850
Interest expense	(7,221)			(7,818)			(22,835)	(23,939)
Intercompany Interest Income (Expense)	0						0
Foreign Currency Transaction Gain (Loss), before Tax	1,198			416			8,749	9,125
Other Nonoperating Income (Expense)	9,691			648			24,526	1,512
Income before income taxes	54,159			16,146			175,340	31,528
Provision for income taxes	11,446			5,342			39,128	9,927
Equity in Net Earnings (Loss) of Subsidiaries	0						0
Net income (loss)	42,713			10,804			136,212	21,601
Derivative, Gain (Loss) on Derivative, Net	287						865
Net (loss) income attributable to noncontrolling interests	(456)			(383)			1,950	(387)
Net income (loss) attributable to Titan	43,169			11,187			134,262	21,988
Comprehensive Income Statement [Abstract]
Net income (loss)	42,713			10,804			136,212	21,601
Currency translation adjustment	(29,517)			(16,243)			(23,778)	(28,991)
Pension liability adjustments, net of tax	241	$ 431	$ 544	797	$ 692	$ 873	1,216	2,362
Comprehensive income (loss)	13,724			(4,588)			114,515	(4,709)
Net comprehensive (loss) income attributable to redeemable and noncontrolling interests	(1,101)			51			7,352	(323)
Comprehensive income (loss) attributable to Titan	14,825			(4,639)			107,163	(4,386)
Statement of Financial Position [Abstract]
Cash and cash equivalents	116,581			94,640			116,581	94,640	$ 98,108	$ 117,431
Accounts Receivable, after Allowance for Credit Loss, Current	282,145						282,145		255,180
Inventory, Net	412,967						412,967		392,615
Prepaid Expense and Other Assets, Current	88,954						88,954		67,401
Total current assets	900,647						900,647		813,304
Property, Plant and Equipment, Net	287,618						287,618		301,109
Equity Method Investments	0						0
Other Assets, Noncurrent	59,214						59,214
Total assets	1,247,479						1,247,479		1,182,685
Short-term debt	32,300						32,300		32,500
Accounts payable	256,715						256,715		278,099
Other current liabilities	181,937						181,937		140,214
Total current liabilities	470,952						470,952		450,813
Long-term debt	414,566						414,566		452,451
Liabilities, Other than Long-term Debt, Noncurrent	40,974						40,974
Intercompany Accounts, Net	0						0
Stockholders' Equity Attributable to Parent	315,763						315,763		229,300
Stockholders' Equity Attributable to Noncontrolling Interest	5,224						5,224		(2,128)
Total liabilities and equity	1,247,479						1,247,479		1,182,685
Statement of Cash Flows [Abstract]
Net cash provided by (used for) operating activities							102,240	(2,290)
Capital expenditures							(32,755)	(24,250)
Payments for (Proceeds from) Investments							(9,293)	0
Proceeds from Sales of Assets, Investing Activities							680	1,139
Net cash provided by (used for) investing activities							(22,782)	(23,111)
Proceeds from borrowings							88,907	482,293
Repayments of Other Debt							(120,728)	(59,949)
Payments for Repurchase of Common Stock							(25,000)	0
Proceeds from (Payments for) Other Financing Activities							(720)	(2,069)
Net cash provided by (used for) financing activities							(57,541)	7,275
Effect of Exchange Rate on Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents, Continuing Operations							(3,444)	(4,665)
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect							18,473	(22,791)
Cash and cash equivalents	116,581			94,640			116,581	94,640	98,108	$ 117,431
Gain (Loss) on Repurchase of Debt Instrument	0			$ 0			0	$ 16,020
Parent Company [Member]
Income Statement [Abstract]
Revenue from Contract with Customer, Excluding Assessed Tax	0						0
Cost of sales	0						0
Gross profit (loss)	0						0
Selling, General and Administrative Expense	2,100						6,911
Research and Development Expense	275						784
Royalty expense	0						230
Income (loss) from operations	(2,375)						(7,925)
Interest expense	(7,373)						(22,499)
Intercompany Interest Income (Expense)	373						1,107
Foreign Currency Transaction Gain (Loss), before Tax	0						0
Other Nonoperating Income (Expense)	(22)						(10)
Income before income taxes	(9,397)						(29,327)
Provision for income taxes	941						3,301
Equity in Net Earnings (Loss) of Subsidiaries	54,403						171,420
Net income (loss)	44,065						138,792
Derivative, Gain (Loss) on Derivative, Net	0						0
Net (loss) income attributable to noncontrolling interests	0						0
Net income (loss) attributable to Titan	44,065						138,792
Comprehensive Income Statement [Abstract]
Net income (loss)	44,065						138,792
Currency translation adjustment	0						0
Pension liability adjustments, net of tax	0						0
Comprehensive income (loss)	44,065						138,792
Net comprehensive (loss) income attributable to redeemable and noncontrolling interests	0						0
Comprehensive income (loss) attributable to Titan	44,065						138,792
Statement of Financial Position [Abstract]
Cash and cash equivalents	22,130						22,130		7,040
Accounts Receivable, after Allowance for Credit Loss, Current	0						0
Inventory, Net	0						0
Prepaid Expense and Other Assets, Current	712						712
Total current assets	22,842						22,842
Property, Plant and Equipment, Net	543						543
Equity Method Investments	852,976						852,976
Other Assets, Noncurrent	1,035						1,035
Total assets	877,396						877,396
Short-term debt	0						0
Accounts payable	1,294						1,294
Other current liabilities	47,296						47,296
Total current liabilities	48,590						48,590
Long-term debt	395,182						395,182
Liabilities, Other than Long-term Debt, Noncurrent	170						170
Intercompany Accounts, Net	76,722						76,722
Stockholders' Equity Attributable to Parent	356,732						356,732
Stockholders' Equity Attributable to Noncontrolling Interest	0						0
Total liabilities and equity	877,396						877,396
Statement of Cash Flows [Abstract]
Net cash provided by (used for) operating activities							69,433
Capital expenditures							0
Payments for (Proceeds from) Investments							0
Proceeds from Sales of Assets, Investing Activities							0
Net cash provided by (used for) investing activities							0
Proceeds from borrowings							65,657
Repayments of Other Debt							(95,000)
Payments for Repurchase of Common Stock							(25,000)
Proceeds from (Payments for) Other Financing Activities							0
Net cash provided by (used for) financing activities							(54,343)
Effect of Exchange Rate on Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents, Continuing Operations							0
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect							15,090
Cash and cash equivalents	22,130						22,130		7,040
Guarantor Subsidiaries [Member]
Income Statement [Abstract]
Revenue from Contract with Customer, Excluding Assessed Tax	39,472						205,015
Cost of sales	5,177						83,090
Gross profit (loss)	34,295						121,925
Selling, General and Administrative Expense	12,277						37,802
Research and Development Expense	817						2,486
Royalty expense	1,596						4,461
Income (loss) from operations	19,605						77,176
Interest expense	(3)						(11)
Intercompany Interest Income (Expense)	1,102						2,815
Foreign Currency Transaction Gain (Loss), before Tax	(155)						135
Other Nonoperating Income (Expense)	528						1,568
Income before income taxes	21,077						81,683
Provision for income taxes	50						346
Equity in Net Earnings (Loss) of Subsidiaries	0						0
Net income (loss)	21,027						81,337
Derivative, Gain (Loss) on Derivative, Net	0						0
Net (loss) income attributable to noncontrolling interests	0						0
Net income (loss) attributable to Titan	21,027						81,337
Comprehensive Income Statement [Abstract]
Net income (loss)	21,027						81,337
Currency translation adjustment	0						0
Pension liability adjustments, net of tax	0						0
Comprehensive income (loss)	21,027						81,337
Net comprehensive (loss) income attributable to redeemable and noncontrolling interests	0						0
Comprehensive income (loss) attributable to Titan	21,027						81,337
Statement of Financial Position [Abstract]
Cash and cash equivalents	2						2		17
Accounts Receivable, after Allowance for Credit Loss, Current	26						26
Inventory, Net	80,745						80,745
Prepaid Expense and Other Assets, Current	16,536						16,536
Total current assets	97,309						97,309
Property, Plant and Equipment, Net	78,787						78,787
Equity Method Investments	0						0
Other Assets, Noncurrent	13,443						13,443
Total assets	189,539						189,539
Short-term debt	0						0
Accounts payable	53,399						53,399
Other current liabilities	29,517						29,517
Total current liabilities	82,916						82,916
Long-term debt	0						0
Liabilities, Other than Long-term Debt, Noncurrent	4,023						4,023
Intercompany Accounts, Net	(536,568)						(536,568)
Stockholders' Equity Attributable to Parent	639,168						639,168
Stockholders' Equity Attributable to Noncontrolling Interest	0						0
Total liabilities and equity	189,539						189,539
Statement of Cash Flows [Abstract]
Net cash provided by (used for) operating activities							9,634
Capital expenditures							(9,620)
Payments for (Proceeds from) Investments							0
Proceeds from Sales of Assets, Investing Activities							3
Net cash provided by (used for) investing activities							(9,617)
Proceeds from borrowings							0
Repayments of Other Debt							0
Payments for Repurchase of Common Stock							0
Proceeds from (Payments for) Other Financing Activities							(32)
Net cash provided by (used for) financing activities							(32)
Effect of Exchange Rate on Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents, Continuing Operations							0
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect							(15)
Cash and cash equivalents	2						2		17
Non-Guarantor Subsidiaries [Member]
Income Statement [Abstract]
Revenue from Contract with Customer, Excluding Assessed Tax	530,722						1,659,614
Cost of sales	477,384						1,497,524
Gross profit (loss)	53,338						162,090
Selling, General and Administrative Expense	17,033						57,593
Research and Development Expense	1,342						4,322
Royalty expense	1,702						4,526
Income (loss) from operations	33,261						95,649
Interest expense							(325)
Interest Income (Expense), Nonoperating, Net	155
Intercompany Interest Income (Expense)	(1,475)						(3,922)
Foreign Currency Transaction Gain (Loss), before Tax	1,353						8,614
Other Nonoperating Income (Expense)	9,185						22,968
Income before income taxes	42,479						122,984
Provision for income taxes	10,455						35,481
Equity in Net Earnings (Loss) of Subsidiaries	17,700						56,343
Net income (loss)	49,724						143,846
Derivative, Gain (Loss) on Derivative, Net	287						865
Net (loss) income attributable to noncontrolling interests	(456)						1,950
Net income (loss) attributable to Titan	50,180						141,896
Comprehensive Income Statement [Abstract]
Net income (loss)	49,724						143,846
Currency translation adjustment	(29,517)						(23,778)
Pension liability adjustments, net of tax	241						1,216
Comprehensive income (loss)	20,735						122,149
Net comprehensive (loss) income attributable to redeemable and noncontrolling interests	(1,101)						7,352
Comprehensive income (loss) attributable to Titan	21,836						114,797
Statement of Financial Position [Abstract]
Cash and cash equivalents	94,449						94,449		91,051
Accounts Receivable, after Allowance for Credit Loss, Current	282,119						282,119
Inventory, Net	332,222						332,222
Prepaid Expense and Other Assets, Current	71,706						71,706
Total current assets	780,496						780,496
Property, Plant and Equipment, Net	208,288						208,288
Equity Method Investments	176,461						176,461
Other Assets, Noncurrent	44,736						44,736
Total assets	1,209,981						1,209,981
Short-term debt	32,300						32,300
Accounts payable	202,022						202,022
Other current liabilities	105,124						105,124
Total current liabilities	339,446						339,446
Long-term debt	19,384						19,384
Liabilities, Other than Long-term Debt, Noncurrent	36,781						36,781
Intercompany Accounts, Net	459,846						459,846
Stockholders' Equity Attributable to Parent	349,300						349,300
Stockholders' Equity Attributable to Noncontrolling Interest	5,224						5,224
Total liabilities and equity	1,209,981						1,209,981
Statement of Cash Flows [Abstract]
Net cash provided by (used for) operating activities							23,173
Capital expenditures							(23,135)
Payments for (Proceeds from) Investments							(9,293)
Proceeds from Sales of Assets, Investing Activities							677
Net cash provided by (used for) investing activities							(13,165)
Proceeds from borrowings							23,250
Repayments of Other Debt							(25,728)
Payments for Repurchase of Common Stock							0
Proceeds from (Payments for) Other Financing Activities							(688)
Net cash provided by (used for) financing activities							(3,166)
Effect of Exchange Rate on Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents, Continuing Operations							(3,444)
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect							3,398
Cash and cash equivalents	94,449						94,449		$ 91,051
Consolidation, Eliminations [Member]
Income Statement [Abstract]
Revenue from Contract with Customer, Excluding Assessed Tax	(39,472)						(205,015)
Cost of sales	(39,472)						(205,015)
Gross profit (loss)	0						0
Selling, General and Administrative Expense	0						0
Research and Development Expense	0						0
Royalty expense	0						0
Income (loss) from operations	0						0
Interest expense	0						0
Intercompany Interest Income (Expense)	0						0
Foreign Currency Transaction Gain (Loss), before Tax	0						0
Other Nonoperating Income (Expense)	0						0
Income before income taxes	0						0
Provision for income taxes	0						0
Equity in Net Earnings (Loss) of Subsidiaries	(72,103)						(227,763)
Net income (loss)	(72,103)						(227,763)
Derivative, Gain (Loss) on Derivative, Net	0						0
Net (loss) income attributable to noncontrolling interests	0						0
Net income (loss) attributable to Titan	(72,103)						(227,763)
Comprehensive Income Statement [Abstract]
Net income (loss)	(72,103)						(227,763)
Currency translation adjustment	0						0
Pension liability adjustments, net of tax	0						0
Comprehensive income (loss)	(72,103)						(227,763)
Net comprehensive (loss) income attributable to redeemable and noncontrolling interests	0						0
Comprehensive income (loss) attributable to Titan	(72,103)						(227,763)
Statement of Financial Position [Abstract]
Cash and cash equivalents	0						0
Accounts Receivable, after Allowance for Credit Loss, Current	0						0
Inventory, Net	0						0
Prepaid Expense and Other Assets, Current	0						0
Total current assets	0						0
Property, Plant and Equipment, Net	0						0
Equity Method Investments	(1,029,437)						(1,029,437)
Other Assets, Noncurrent	0						0
Total assets	(1,029,437)						(1,029,437)
Short-term debt	0						0
Accounts payable	0						0
Other current liabilities	0						0
Total current liabilities	0						0
Long-term debt	0						0
Liabilities, Other than Long-term Debt, Noncurrent	0						0
Intercompany Accounts, Net	0						0
Stockholders' Equity Attributable to Parent	(1,029,437)						(1,029,437)
Stockholders' Equity Attributable to Noncontrolling Interest	0						0
Total liabilities and equity	(1,029,437)						(1,029,437)
Statement of Cash Flows [Abstract]
Cash and cash equivalents	$ 0						$ 0