XML 16 R46.htm IDEA: XBRL DOCUMENT v2.4.0.6
SUBSIDIARY GUARANTOR FINANCIAL INFORMATION-5.625% CONVERTIBLE NOTES (Tables) (Convertible Senior Subordinated Notes 5.625 Percent [Member])
3 Months Ended
Mar. 31, 2012
Convertible Senior Subordinated Notes 5.625 Percent [Member]
 
Condensed Financial Statements, Captions [Line Items]  
Condensed Financial Information, Condensed Statement of Operations [Table Text Block]
(Amounts in thousands)
Consolidating Condensed Statements of Operations
For the Three Months Ended March 31, 2012
 
Titan
 Intl., Inc. (Parent)
 
Guarantor Subsidiaries
 
Non-Guarantor Subsidiaries
 
Eliminations
 
Consolidated
Net sales
$

 
$
371,129

 
$
91,959

 
$

 
$
463,088

Cost of sales
302

 
285,024

 
84,399

 

 
369,725

Gross profit (loss)
(302
)
 
86,105

 
7,560

 

 
93,363

Selling, general and administrative expenses
10,587

 
15,675

 
4,573

 

 
30,835

Research and development expenses
124

 
1,298

 
86

 

 
1,508

Royalty expense

 
1,693

 
656

 

 
2,349

Income (loss) from operations
(11,013
)
 
67,439

 
2,245

 

 
58,671

Interest expense
(6,062
)
 

 
(233
)
 

 
(6,295
)
Other income
2,174

 
497

 
440

 

 
3,111

Income (loss) before income taxes
(14,901
)
 
67,936

 
2,452

 

 
55,487

Provision (benefit) for income taxes
(6,952
)
 
25,041

 
2,004

 

 
20,093

Equity in earnings of subsidiaries
43,343

 

 

 
(43,343
)
 

Net income (loss)
35,394

 
42,895

 
448

 
(43,343
)
 
35,394

Net loss noncontrolling interests

 

 

 
(25
)
 
(25
)
Net income (loss) attributable to Titan
$
35,394

 
$
42,895

 
$
448

 
$
(43,318
)
 
$
35,419



(Amounts in thousands)
Consolidating Condensed Statements of Operations
For the Three Months Ended March 31, 2011
 
Titan
 Intl., Inc. (Parent)
 
Guarantor Subsidiaries
 
Non-Guarantor Subsidiaries
 
Eliminations
 
Consolidated
Net sales
$

 
$
280,829

 
$

 
$

 
$
280,829

Cost of sales
361

 
223,754

 
442

 

 
224,557

Gross profit (loss)
(361
)
 
57,075

 
(442
)
 

 
56,272

Selling, general and administrative expenses
15,405

 
2,725

 
7,163

 

 
25,293

Research and development expenses

 
1,183

 

 

 
1,183

Royalty expense

 
2,917

 

 

 
2,917

Income (loss) from operations
(15,766
)
 
50,250

 
(7,605
)
 

 
26,879

Interest expense
(6,280
)
 

 

 

 
(6,280
)
Noncash convertible debt conversion charge
(16,135
)
 

 

 

 
(16,135
)
Other income (expense)
317

 
(202
)
 
78

 

 
193

Income (loss) before income taxes
(37,864
)
 
50,048

 
(7,527
)
 

 
4,657

Provision (benefit) for income taxes
(8,039
)
 
18,518

 
(2,786
)
 

 
7,693

Equity in earnings of subsidiaries
26,789

 

 

 
(26,789
)
 

Net income (loss)
$
(3,036
)
 
$
31,530

 
$
(4,741
)
 
$
(26,789
)
 
$
(3,036
)


Condensed Financial Information, Condensed Statement of Comprehensive Income [Table Text Block]
(Amounts in thousands)
Consolidating Condensed Statements of Comprehensive Income
For the Three Months Ended March 31, 2012
 
Titan
 Intl., Inc. (Parent)
 
Guarantor Subsidiaries
 
Non-Guarantor Subsidiaries
 
Eliminations
 
Consolidated
Net income (loss)
$
35,394

 
$
42,895

 
$
448

 
$
(43,343
)
 
$
35,394

Unrealized gain (loss) on investments, net of tax
5,917

 

 
5,917

 
(5,917
)
 
5,917

Currency translation adjustment
3,567

 

 
3,567

 
(3,567
)
 
3,567

Pension liability adjustments, net of tax
836

 
790

 
46

 
(836
)
 
836

Comprehensive income (loss)
45,714

 
43,685

 
9,978

 
(53,663
)
 
45,714

Net comprehensive loss attributable to noncontrolling interests

 

 

 
(25
)
 
(25
)
Comprehensive income (loss) attributable to Titan
$
45,714

 
$
43,685

 
$
9,978

 
$
(53,638
)
 
$
45,739



(Amounts in thousands)
Consolidating Condensed Statements of Comprehensive Income
For the Three Months Ended March 31, 2011
 
Titan
 Intl., Inc. (Parent)
 
Guarantor Subsidiaries
 
Non-Guarantor Subsidiaries
 
Eliminations
 
Consolidated
Net income (loss)
$
(3,036
)
 
$
31,530

 
$
(4,741
)
 
$
(26,789
)
 
$
(3,036
)
Unrealized gain (loss) on investments, net of tax
(993
)
 

 
(993
)
 
993

 
(993
)
Currency translation adjustment

 

 

 

 

Pension liability adjustments, net of tax
593

 
553

 
40

 
(593
)
 
593

Comprehensive income (loss)
(3,436
)
 
32,083

 
(5,694
)
 
(26,389
)
 
(3,436
)
Net comprehensive loss attributable to noncontrolling interests

 

 

 

 

Comprehensive income (loss) attributable to Titan
$
(3,436
)
 
$
32,083

 
$
(5,694
)
 
$
(26,389
)
 
$
(3,436
)
Condensed Financial Information, Condensed Balance Sheet [Table Text Block]
(Amounts in thousands)
Consolidating Condensed Balance Sheets
March 31, 2012
 
Titan
 Intl., Inc. (Parent)
 
Guarantor Subsidiaries
 
Non-Guarantor Subsidiaries
 
Eliminations
 
Consolidated
Assets
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
$
116,518

 
$
6

 
$
12,784

 
$

 
$
129,308

Accounts receivable

 
192,351

 
53,597

 

 
245,948

Inventories

 
184,114

 
30,040

 

 
214,154

Prepaid and other current assets
33,400

 
17,325

 
14,901

 

 
65,626

Total current assets
149,918

 
393,796

 
111,322

 

 
655,036

Property, plant and equipment, net
8,805

 
217,232

 
107,881

 

 
333,918

Investment in subsidiaries
220,693

 

 

 
(220,693
)
 

Other assets
44,910

 
1,403

 
63,932

 

 
110,245

Total assets
$
424,326

 
$
612,431

 
$
283,135

 
$
(220,693
)
 
$
1,099,199

Liabilities and Stockholders’ Equity
 

 
 

 
 

 
 

 
 

Accounts payable
$
1,084

 
$
52,185

 
$
59,397

 
$

 
$
112,666

Other current liabilities
1,893

 
69,570

 
28,018

 

 
99,481

Total current liabilities
2,977

 
121,755

 
87,415

 

 
212,147

Long-term debt
312,881

 

 
5,000

 

 
317,881

Other long-term liabilities
37,072

 
37,522

 
50,889

 

 
125,483

Intercompany accounts
(370,677
)
 
141,897

 
228,780

 

 

Titan stockholders' equity
442,073

 
311,257

 
(88,949
)
 
(222,308
)
 
442,073

Noncontrolling interests

 

 

 
1,615

 
1,615

Total liabilities and stockholders’ equity
$
424,326

 
$
612,431

 
$
283,135

 
$
(220,693
)
 
$
1,099,199


(Amounts in thousands)
Consolidating Condensed Balance Sheets
December 31, 2011
 
Titan
Intl., Inc. (Parent)
 
Guarantor Subsidiaries
 
Non-Guarantor Subsidiaries
 
Eliminations
 
Consolidated
Assets
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
$
125,266

 
$
6

 
$
3,898

 
$

 
$
129,170

Accounts receivable

 
137,226

 
52,301

 

 
189,527

Inventories

 
162,134

 
28,738

 

 
190,872

Prepaid and other current assets
27,251

 
15,490

 
12,283

 

 
55,024

Total current assets
152,517

 
314,856

 
97,220

 

 
564,593

Property, plant and equipment, net
9,562

 
219,734

 
105,446

 

 
334,742

Investment in subsidiaries
184,317

 

 

 
(184,317
)
 

Other assets
44,918

 
1,454

 
64,579

 

 
110,951

Total assets
$
391,314

 
$
536,044

 
$
267,245

 
$
(184,317
)
 
$
1,010,286

Liabilities and Stockholders’ Equity
 

 
 

 
 

 
 

 
 

Short-term debt
$

 
$

 
$
11,723

 
$

 
$
11,723

Accounts payable
930

 
33,563

 
42,081

 

 
76,574

Other current liabilities
22,687

 
39,457

 
25,325

 

 
87,469

Total current liabilities
23,617

 
73,020

 
79,129

 

 
175,766

Long-term debt
312,881

 

 
5,000

 

 
317,881

Other long-term liabilities
29,267

 
38,187

 
52,306

 

 
119,760

Intercompany accounts
(369,690
)
 
157,264

 
212,426

 

 

Titan stockholders' equity
395,239

 
267,573

 
(81,616
)
 
(185,957
)
 
395,239

Noncontrolling interests

 

 

 
1,640

 
1,640

Total liabilities and stockholders’ equity
$
391,314

 
$
536,044

 
$
267,245

 
$
(184,317
)
 
$
1,010,286

Condensed Financial Information, Condensed Statement of Cash Flows [Table Text Block]
(Amounts in thousands)
Consolidating Condensed Statements of Cash Flows
For the Three Months Ended March 31, 2012
 
Titan
 Intl., Inc. (Parent)
 
Guarantor Subsidiaries
 
Non-Guarantor Subsidiaries
 
Consolidated
Net cash provided by (used for) operating activities
$
(7,535
)
 
$
6,204

 
$
21,979

 
$
20,648

Cash flows from investing activities:
 

 
 

 
 

 
 

Capital expenditures
(1,378
)
 
(6,225
)
 
(552
)
 
(8,155
)
Other, net

 
21

 
87

 
108

Net cash used for investing activities
(1,378
)
 
(6,204
)
 
(465
)
 
(8,047
)
Cash flows from financing activities:
 

 
 

 
 

 
 

Payment on debt

 

 
(12,444
)
 
(12,444
)
Proceeds from exercise of stock options
370

 

 

 
370

Excess tax benefit from stock options exercised
6

 

 

 
6

Dividends paid
(211
)
 

 

 
(211
)
Net cash provided by (used for) financing activities
165

 

 
(12,444
)
 
(12,279
)
Effect of exchange rate change on cash

 

 
(184
)
 
(184
)
Net increase (decrease) in cash and cash equivalents
(8,748
)
 

 
8,886

 
138

Cash and cash equivalents, beginning of period
125,266

 
6

 
3,898

 
129,170

Cash and cash equivalents, end of period
$
116,518

 
$
6

 
$
12,784

 
$
129,308



(Amounts in thousands)
Consolidating Condensed Statements of Cash Flows
For the Three Months Ended March 31, 2011
 
Titan
 Intl., Inc. (Parent)
 
Guarantor Subsidiaries
 
Non-Guarantor Subsidiaries
 
Consolidated
Net cash provided by (used for) operating activities
$
(8,115
)
 
$
2,487

 
$
33

 
$
(5,595
)
Cash flows from investing activities:
 

 
 

 
 

 
 

Capital expenditures
(312
)
 
(3,100
)
 
(57
)
 
(3,469
)
Other, net

 
614

 
9

 
623

Net cash used for investing activities
(312
)
 
(2,486
)
 
(48
)
 
(2,846
)
Cash flows from financing activities:
 

 
 

 
 

 
 

Repurchase of senior unsecured notes
(1,064
)
 

 

 
(1,064
)
Proceeds from exercise of stock options
230

 

 

 
230

Dividends paid
(177
)
 

 

 
(177
)
Net cash used for financing activities
(1,011
)
 

 

 
(1,011
)
Net increase (decrease) in cash and cash equivalents
(9,438
)
 
1

 
(15
)
 
(9,452
)
Cash and cash equivalents, beginning of period
239,362

 
6

 
132

 
239,500

Cash and cash equivalents, end of period
$
229,924

 
$
7

 
$
117

 
$
230,048