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GAIN ON EARTHQUAKE INSURANCE RECOVERY (Notes) | 9 Months Ended
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Sep. 30, 2014
GAIN ON EARTHQUAKE INSURANCE RECOVERY [Abstract] |
Business Insurance Recoveries [Text Block] | EARTHQUAKE INSURANCE RECOVERY AND GOVERNMENT GRANT Gain on earthquake insurance recovery consisted of the following (amounts in thousands):
| Three months ended |  | Nine months ended
| September 30, |  | September 30,
| 2014 |  | 2013 |  | 2014 |  | 2013
Gain on earthquake insurance recovery | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 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 U.S. 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. In August of 2014, the Company received an $11.3 million capital grant from the Italian government for asset damages related to the earthquake. The grant was recorded as a deferred income in noncurrent liabilities which will be amortized over the life of the reconstructed building.

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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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