SUBSIDIARY GUARANTOR FINANCIAL INFORMATION (Tables)

9 Months Ended

Sep. 30, 2014

SUBSIDIARY GUARANTOR FINANCIAL INFORMATION [Abstract]

Condensed Financial Information, Condensed Statement of Operations [Table Text Block]



(Amounts in thousands)	Consolidating Condensed Statements of Operations For the Three Months Ended September 30, 2014
	Titan Intl., Inc. (Parent)			Guarantor Subsidiaries		Non-Guarantor Subsidiaries			Eliminations		Consolidated
Net sales	$	—		$	204,222	$	245,357		$	—	$	449,579
Cost of sales	206			180,643		223,431			—		404,280
Gross profit (loss)	(206		)	23,579		21,926			—		45,299
Selling, general and administrative expenses	2,032			15,364		23,880			—		41,276
Research and development expenses	—			1,024		1,838			—		2,862
Royalty expense	—			1,924		1,751			—		3,675
Income (loss) from operations	(2,238		)	5,267		(5,543		)	—		(2,514		)
Interest expense	(8,128		)	—		(823		)	—		(8,951		)
Intercompany interest income (expense)	1,661			—		(1,661		)	—		—
Other income (expense)	810			1		(11,490		)	—		(10,679		)
Income (loss) before income taxes	(7,895		)	5,268		(19,517		)	—		(22,144		)
Provision (benefit) for income taxes	(5,050		)	2,115		(2,192		)	—		(5,127		)
Equity in earnings of subsidiaries	(14,172		)	—		(1,659		)	15,831		—
Net income (loss)	(17,017		)	3,153		(18,984		)	15,831		(17,017		)
Net loss noncontrolling interests	—			—		(7,950		)	—		(7,950		)
Net income (loss) attributable to Titan	$	(17,017	)	$	3,153	$	(11,034	)	$	15,831	$	(9,067	)



(Amounts in thousands)	Consolidating Condensed Statements of Operations For the Three Months Ended September 30, 2013
	Titan Intl., Inc. (Parent)			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Consolidated
Net sales	$	—		$	256,252		$	241,258		$	—		$	497,510
Cost of sales	241			216,445			218,318			—			435,004
Gross profit (loss)	(241		)	39,807			22,940			—			62,506
Selling, general and administrative expenses	3,561			16,513			18,657			—			38,731
Research and development expenses	(17		)	1,423			1,372			—			2,778
Royalty expense	—			1,850			2,092			—			3,942
Income (loss) from operations	(3,785		)	20,021			819			—			17,055
Interest expense	(10,945		)	—			(1,469		)	—			(12,414		)
Intercompany interest income (expense)	2,469			—			(2,469		)	—			—
Other income (expense)	1,182			(117		)	7,657			—			8,722
Income (loss) before income taxes	(11,079		)	19,904			4,538			—			13,363
Provision (benefit) for income taxes	(4,717		)	7,435			2,993			—			5,711
Equity in earnings of subsidiaries	14,014			—			4,827			(18,841		)	—
Net income (loss)	7,652			12,469			6,372			(18,841		)	7,652
Net loss noncontrolling interests	—			—			(441		)	—			(441		)
Net income (loss) attributable to Titan	$	7,652		$	12,469		$	6,813		$	(18,841	)	$	8,093



(Amounts in thousands)	Consolidating Condensed Statements of Operations For the Nine Months Ended September 30, 2014
	Titan Intl., Inc. (Parent)			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations		Consolidated
Net sales	$	—		$	712,844		$	799,406		$	—	$	1,512,250
Cost of sales	719			650,797			738,325			—		1,389,841
Gross profit (loss)	(719		)	62,047			61,081			—		122,409
Selling, general and administrative expenses	6,064			51,965			75,090			—		133,119
Research and development expenses	72			4,391			5,298			—		9,761
Royalty expense	—			5,698			5,548			—		11,246
Loss from operations	(6,855		)	(7		)	(24,855		)	—		(31,717		)
Interest expense	(24,645		)	—			(2,491		)	—		(27,136		)
Intercompany interest income (expense)	4,963			—			(4,963		)	—		—
Other income (expense)	2,344			49			(6,221		)	—		(3,828		)
Income (loss) before income taxes	(24,193		)	42			(38,530		)	—		(62,681		)
Provision (benefit) for income taxes	(11,021		)	488			(5,112		)	—		(15,645		)
Equity in earnings of subsidiaries	(33,864		)	—			(20,540		)	54,404		—
Net income (loss)	(47,036		)	(446		)	(53,958		)	54,404		(47,036		)
Net loss noncontrolling interests	—			—			(19,621		)	—		(19,621		)
Net income (loss) attributable to Titan	$	(47,036	)	$	(446	)	$	(34,337	)	$	54,404	$	(27,415	)




(Amounts in thousands)	Consolidating Condensed Statements of Operations For the Nine Months Ended September 30, 2013
	Titan Intl., Inc. (Parent)			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Consolidated
Net sales	$	—		$	903,628		$	765,560		$	—		$	1,669,188
Cost of sales	908			734,460			687,908			—			1,423,276
Gross profit (loss)	(908		)	169,168			77,652			—			245,912
Selling, general and administrative expenses	8,008			54,637			62,182			—			124,827
Research and development expenses	(35		)	4,136			4,180			—			8,281
Royalty expense	—			5,478			5,482			—			10,960
Income (loss) from operations	(8,881		)	104,917			5,808			—			101,844
Interest expense	(29,509		)	—			(6,415		)	—			(35,924		)
Convertible debt conversion charge	(7,273		)	—			—			—			(7,273		)
Gain on earthquake insurance recovery	—			—			22,451			—			22,451
Intercompany interest income (expense)	5,158			—			(5,158		)	—			—
Other income (expense)	2,741			(91		)	5,062			—			7,712
Income (loss) before income taxes	(37,764		)	104,826			21,748			—			88,810
Provision (benefit) for income taxes	(6,561		)	38,025			7,449			—			38,913
Equity in earnings of subsidiaries	81,100			—			38,351			(119,451		)	—
Net income (loss)	49,897			66,801			52,650			(119,451		)	49,897
Net loss noncontrolling interests	—			—			(888		)	—			(888		)
Net income (loss) attributable to Titan	$	49,897		$	66,801		$	53,538		$	(119,451	)	$	50,785

Condensed Financial Information, Condensed Statement of Comprehensive Income [Table Text Block]



(Amounts in thousands)	Consolidating Condensed Statements of Comprehensive Income (Loss) For the Three Months Ended September 30, 2014
	Titan Intl., Inc. (Parent)			Guarantor Subsidiaries		Non-Guarantor Subsidiaries			Eliminations			Consolidated
Net income (loss)	$	(17,017	)	$	3,153	$	(18,984	)	$	15,831		$	(17,017	)
Currency translation adjustment, net	(40,174		)	—		(40,174		)	40,174			(40,174		)
Pension liability adjustments, net of tax	42			450		(408		)	(42		)	42
Comprehensive income (loss)	(57,149		)	3,603		(59,566		)	55,963			(57,149		)
Net comprehensive loss attributable to noncontrolling interests	—			—		(17,002		)	—			(17,002		)
Comprehensive income (loss) attributable to Titan	$	(57,149	)	$	3,603	$	(42,564	)	$	55,963		$	(40,147	)



(Amounts in thousands)	Consolidating Condensed Statements of Comprehensive Income (Loss) For the Three Months Ended September 30, 2013
	Titan Intl., Inc. (Parent)		Guarantor Subsidiaries		Non-Guarantor Subsidiaries			Eliminations			Consolidated
Net income (loss)	$	7,652	$	12,469	$	6,372		$	(18,841	)	$	7,652
Currency translation adjustment, net	854		—		854			(854		)	854
Pension liability adjustments, net of tax	969		781		188			(969		)	969
Comprehensive income (loss)	9,475		13,250		7,414			(20,664		)	9,475
Net comprehensive income attributable to noncontrolling interests	—		—		(85		)	—			(85		)
Comprehensive income (loss) attributable to Titan	$	9,475	$	13,250	$	7,499		$	(20,664	)	$	9,560




(Amounts in thousands)	Consolidating Condensed Statements of Comprehensive Income (Loss) For the Nine Months Ended September 30, 2014
	Titan Intl., Inc. (Parent)			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Consolidated
Net income (loss)	$	(47,036	)	$	(446	)	$	(53,958	)	$	54,404		$	(47,036	)
Currency translation adjustment, net	(31,960		)	—			(31,960		)	31,960			(31,960		)
Pension liability adjustments, net of tax	787			1,350			(563		)	(787		)	787
Comprehensive income (loss)	(78,209		)	904			(86,481		)	85,577			(78,209		)
Net comprehensive loss attributable to noncontrolling interests	—			—			(30,247		)	—			(30,247		)
Comprehensive income (loss) attributable to Titan	$	(78,209	)	$	904		$	(56,234	)	$	85,577		$	(47,962	)




(Amounts in thousands)	Consolidating Condensed Statements of Comprehensive Income (Loss) For the Nine Months Ended September 30, 2013
	Titan Intl., Inc. (Parent)			Guarantor Subsidiaries		Non-Guarantor Subsidiaries			Eliminations			Consolidated
Net income (loss)	$	49,897		$	66,801	$	52,650		$	(119,451	)	$	49,897
Unrealized gain (loss) on investments, net of tax	(3		)	—		(3		)	3			(3		)
Currency translation adjustment, net	(24,513		)	—		(24,513		)	24,513			(24,513		)
Pension liability adjustments, net of tax	2,990			2,343		647			(2,990		)	2,990
Comprehensive income (loss)	28,371			69,144		28,781			(97,925		)	28,371
Net comprehensive loss attributable to noncontrolling interests	—			—		(3,243		)	—			(3,243		)
Comprehensive income (loss) attributable to Titan	$	28,371		$	69,144	$	32,024		$	(97,925	)	$	31,614

Condensed Financial Information, Condensed Balance Sheet [Table Text Block]



(Amounts in thousands)	Consolidating Condensed Balance Sheets September 30, 2014
	Titan Intl., Inc. (Parent)			Guarantor Subsidiaries			Non-Guarantor Subsidiaries		Eliminations			Consolidated
Assets
Cash and cash equivalents	$	107,923		$	4		$	72,344	$	—		$	180,271
Accounts receivable, net	—			98,003			150,328		—			248,331
Inventories	—			118,924			256,343		—			375,267
Prepaid and other current assets	54,608			19,248			59,404		—			133,260
Total current assets	162,531			236,179			538,419		—			937,129
Property, plant and equipment, net	7,834			166,403			392,406		—			566,643
Investment in subsidiaries	881,479			—			120,676		(1,002,155		)	—
Other assets	35,352			344			133,484		—			169,180
Total assets	$	1,087,196		$	402,926		$	1,184,985	$	(1,002,155	)	$	1,672,952
Liabilities and Stockholders’ Equity
Short-term debt	$	—		$	—		$	24,768	$	—		$	24,768
Accounts payable	724			15,889			152,826		—			169,439
Other current liabilities	30,306			47,837			63,464		—			141,607
Total current liabilities	31,030			63,726			241,058		—			335,814
Long-term debt	460,161			—			41,115		—			501,276
Other long-term liabilities	33,221			12,895			80,359		—			126,475
Intercompany accounts	(78,730		)	(181,496		)	260,226		—			—
Titan stockholders' equity	641,514			507,801			494,354		(1,002,155		)	641,514
Noncontrolling interests	—			—			67,873		—			67,873
Total liabilities and stockholders’ equity	$	1,087,196		$	402,926		$	1,184,985	$	(1,002,155	)	$	1,672,952



(Amounts in thousands)	Consolidating Condensed Balance Sheets December 31, 2013
	Titan Intl., Inc. (Parent)			Guarantor Subsidiaries			Non-Guarantor Subsidiaries		Eliminations			Consolidated
Assets
Cash and cash equivalents	$	81,472		$	4		$	107,884	$	—		$	189,360
Restricted cash	—			—			14,268		—			14,268
Accounts receivable, net	—			89,259			173,794		—			263,053
Inventories	—			129,113			255,807		—			384,920
Prepaid and other current assets	80,876			20,416			54,985		—			156,277
Total current assets	162,348			238,792			606,738		—			1,007,878
Property, plant and equipment, net	9,885			206,928			421,994		—			638,807
Investment in subsidiaries	884,222			—			141,752		(1,025,974		)	—
Other assets	34,259			387			139,900		—			174,546
Total assets	$	1,090,714		$	446,107		$	1,310,384	$	(1,025,974	)	$	1,821,231
Liabilities and Stockholders’ Equity
Short-term debt	$	—		$	—		$	75,061	$	—		$	75,061
Accounts payable	368			12,525			163,826		—			176,719
Other current liabilities	15,278			58,001			61,512		—			134,791
Total current liabilities	15,646			70,526			300,399		—			386,571
Long-term debt	460,161			—			37,533		—			497,694
Other long-term liabilities	40,658			15,571			82,701		—			138,930
Intercompany accounts	(113,474		)	(147,529		)	261,003		—			—
Titan stockholders' equity	687,723			507,539			518,435		(1,025,974		)	687,723
Noncontrolling interests	—			—			110,313		—			110,313
Total liabilities and stockholders’ equity	$	1,090,714		$	446,107		$	1,310,384	$	(1,025,974	)	$	1,821,231

Condensed Financial Information, Condensed Statement of Cash Flows [Table Text Block]



(Amounts in thousands)	Consolidating Condensed Statements of Cash Flows For the Nine Months Ended September 30, 2014
	Titan Intl., Inc. (Parent)			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Consolidated
Net cash provided by operating activities	$	28,013		$	6,481		$	42,853		$	77,347
Cash flows from investing activities:
Capital expenditures	(766		)	(6,841		)	(38,722		)	(46,329		)
Acquisition of additional interest	(49		)	—			(13,346		)	(13,395		)
Decrease in restricted cash deposits	—			—			14,268			14,268
Other, net	—			360			4,250			4,610
Net cash used for investing activities	(815		)	(6,481		)	(33,550		)	(40,846		)
Cash flows from financing activities:
Payment on debt	—			—			(60,359		)	(60,359		)
Term loan borrowing	—			—			14,914			14,914
Proceeds from exercise of stock options	141			—			—			141
Excess tax benefit from stock options exercised	(51		)	—			—			(51		)
Payment of financing fees	(33		)	—			—			(33		)
Dividends paid	(804		)	—			—			(804		)
Net cash used for financing activities	(747		)	—			(45,445		)	(46,192		)
Effect of exchange rate change on cash	—			—			602			602
Net increase (decrease) in cash and cash equivalents	26,451			—			(35,540		)	(9,089		)
Cash and cash equivalents, beginning of period	81,472			4			107,884			189,360
Cash and cash equivalents, end of period	$	107,923		$	4		$	72,344		$	180,271



(Amounts in thousands)	Consolidating Condensed Statements of Cash Flows For the Nine Months Ended September 30, 2013
	Titan Intl., Inc. (Parent)			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Consolidated
Net cash provided by (used for) operating activities	$	(72,306	)	$	21,528		$	182,967		$	132,189
Cash flows from investing activities:
Capital expenditures	(5,979		)	(21,763		)	(27,214		)	(54,956		)
Acquisitions, net of cash acquired	—			—			(1,670		)	(1,670		)
Additional equity investment in Wheels India	—			—			(8,017		)	(8,017		)
Insurance Proceeds	—			—			2,879			2,879
Other, net	—			235			1,107			1,342
Net cash used for investing activities	(5,979		)	(21,528		)	(32,915		)	(60,422		)
Cash flows from financing activities:
Proceeds from borrowings	345,313			—			—			345,313
Payment on debt	—			—			(162,040		)	(162,040		)
Term loan borrowing	—			—			25,880			25,880
Convertible note conversion	(14,090		)	—			—			(14,090		)
Proceeds from exercise of stock options	863			—			—			863
Excess tax benefit from stock options exercised	(46		)	—			—			(46		)
Payment of financing fees	(5,520		)	—			—			(5,520		)
Dividends paid	(778		)	—			—			(778		)
Net cash provided by (used for) financing activities	325,742			—			(136,160		)	189,582
Effect of exchange rate change on cash	—			—			(3,007		)	(3,007		)
Net increase in cash and cash equivalents	247,457			—			10,885			258,342
Cash and cash equivalents, beginning of period	103,154			4			85,956			189,114
Cash and cash equivalents, end of period	$	350,611		$	4		$	96,841		$	447,456