GAIN ON EARTHQUAKE INSURANCE RECOVERY (Notes)

9 Months Ended

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.