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GAIN ON EARTHQUAKE INSURANCE RECOVERY (Notes) | 6 Months Ended
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Jun. 30, 2013
GAIN ON EARTHQUAKE INSURANCE RECOVERY [Abstract] |
Business Insurance Recoveries [Text Block] | GAIN ON EARTHQUAKE INSURANCE RECOVERY Gain on earthquake insurance recovery consisted of the following (amounts in thousands):
| Three months ended |  | Six months ended
| June 30, |  | June 30,
| 2013 |  | 2012 |  | 2013 |  | 2012
Gain on earthquake insurance recovery | $ | 22,451 |  |  | $ | — |  |  | $ | 22,451 |  |  | $ | — |
Titan Europe's wheel manufacturing facility in Finale Emilia, Italy experienced damage from an earthquake in May 2012, prior to Titan's acquisition of Titan Europe. The plant was closed for production during initial remedial work. This resulted in a limited transfer of production to other facilities within Titan Europe as well as sourcing product from facilities in the US owned by Titan and competitors. In the second quarter of 2013, Titan received a final insurance settlement payment of $38.7 million, which offset the earthquake insurance receivable and resulted in a gain of $22.5 million.

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- Definition The entire disclosure for business interruption insurance recoveries. Includes, but is not limited to, the nature of the event resulting in business interruption losses, the aggregate amount of business interruption insurance recoveries recognized, and the line item in the statement of operations in which those recoveries are classified (including amounts reported as an extraordinary item). + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 225 -SubTopic 30 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6365675&loc=d3e16285-107787 + Details
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