XML 65 R40.htm IDEA: XBRL DOCUMENT v2.4.0.8
RELATED PARTY TRANSACTIONS
12 Months Ended
Dec. 31, 2013
Related Party Transactions [Abstract]  
Related Party Transactions Disclosure [Text Block]
RELATED PARTY TRANSACTIONS

The Company sells products and pays commissions to companies controlled by persons related to the chief executive officer of the Company.  The related party is Mr. Fred Taylor and is Mr. Maurice Taylor’s brother.  The companies which Mr. Fred Taylor is associated with that do business with Titan include the following:  Blackstone OTR, LLC; FBT Enterprises; and OTR Wheel Engineering.  During 2013, 2012 and 2011, sales of Titan product to these companies were approximately $3.0 million, $2.1 million and $2.6 million, respectively.  Titan had trade receivables due from these companies of approximately $0.2 million at December 31, 2013, and approximately $0.2 million at December 31, 2012.  On other sales referred to Titan from these manufacturing representative companies, commissions were approximately $2.5 million, $2.8 million and $2.3 million during 2013, 2012 and 2011, respectively.

The Company has a 41.73% equity stake in Wheels India Limited, a company incorporated in India and listed on the National Stock Exchange in India. The Company had trade payables due to Wheels India of approximately $0.3 million at December 31, 2013, and approximately $0.4 million at December 31, 2012.

In the second quarter of 2013, the Company sold Titan Wheels Australia, a 100% owned subsidiary, to Titan National Australia Holdings, a 56% owned subsidiary operating as the Planet Corporation Group. The Company maintained financial control over Titan Wheels Australia and no gain or loss was recognized for the transaction.