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RESTATEMENT (Notes)
 12 Months Ended
Dec. 31, 2014
RESTATEMENT [Abstract]  
Accounting Changes and Error Corrections [Text Block]
RESTATEMENT

In November 2015, the Company identified errors in the accounting for the shareholders' agreement and related redeemable noncontrolling interest in the Company’s investment in Voltyre-Prom. The Company's Russian shareholders' agreement contains a settlement put option which may require Titan to purchase the shares of the minority shareholders at a value set by the agreement. The Company did not correctly classify redeemable noncontrolling interest on the balance sheet as mezzanine equity, which is presented below liabilities and above equity. As the redeemable noncontrolling interest balance exceeds the carrying value of the investment, there is a reclassification of additional paid-in capital to mezzanine equity and a correction in the earnings per share calculation. Accordingly, the Company is restating its earnings per share for the year ended December 31, 2014, and its consolidated balance sheet and consolidated statement of changes in equity as of December 31, 2014 and 2013. The corrections had no other effect on the Consolidated Statement of Operations.
The following table summarizes the restatement adjustments of the Company’s earnings per share for the year ended December 31, 2014:
 
Year ended December 31, 2014
 
As reported
 
Adjustment
 
As restated
Loss per common share:
 
 
 
 
 
   Basic
$
(1.50
)
 
$
(0.93
)
 
$
(2.43
)
   Diluted
$
(1.50
)
 
$
(0.93
)
 
$
(2.43
)



The following table (unaudited) summarizes the restatement adjustments of the Company’s earnings per share for the quarters in the year ended December 31, 2014:
 
Quarter ended
 
Year ended
 
March 31
 
June 30
 
September 30
 
December 31
 
December 31
 
Unaudited
 
Unaudited
 
Unaudited
 
Unaudited
 
 
Basic income (loss) per common share - as reported
$
0.04

 
$
(0.38
)
 
$
(0.17
)
 
$
(0.99
)
 
$
(1.50
)
Basic income (loss) per common share - as restated
$
0.02

 
$
(0.40
)
 
$
(0.47
)
 
$
(1.58
)
 
$
(2.43
)
Adjustment
$
(0.02
)
 
$
(0.02
)
 
$
(0.30
)
 
$
(0.59
)
 
$
(0.93
)
 
 
 
 
 
 
 
 
 
 
Diluted income (loss) per common share - as reported
$
0.04

 
$
(0.38
)
 
$
(0.17
)
 
$
(0.99
)
 
$
(1.50
)
Diluted income (loss) per common share - as restated
$
0.02

 
$
(0.40
)
 
$
(0.47
)
 
$
(1.58
)
 
$
(2.43
)
Adjustment
$
(0.02
)
 
$
(0.02
)
 
$
(0.30
)
 
$
(0.59
)
 
$
(0.93
)




The following table summarizes the restatement adjustments on the Company’s Consolidated Balance Sheet as of December 31, 2014 (amounts in thousands):
 
Consolidated Balance Sheet
 
December 31, 2014
 
As reported
 
Adjustment
 
As restated
Assets
 
 
 
 
 
Current Assets
 
 
 
 
 
   Cash and cash equivalents
$
201,451

 
$
—

 
$
201,451

   Accounts receivable
199,378

 
—

 
199,378

   Inventories
331,432

 
—

 
331,432

   Deferred income taxes
23,435

 
—

 
23,435

   Prepaid and other current assets
80,234

 
—

 
80,234

     Total current assets
835,930

 
—

 
835,930

   Property, plant and equipment, net
527,414

 
—

 
527,414

   Deferred income taxes
15,623

 
—

 
15,623

   Other assets
116,757

 
—

 
116,757

Total assets
$
1,495,724

 
$
—

 
$
1,495,724

Liabilities
 
 
 
 
 
Current Liabilities
 
 
 
 
 
   Short-term debt
$
26,233

 
$
—

 
$
26,233

   Accounts payable
146,305

 
—

 
146,305

   Other current liabilities
129,018

 
—

 
129,018

     Total current liabilities
301,556

 
—

 
301,556

   Long-term debt
496,503

 
—

 
496,503

   Deferred income taxes
18,582

 
—

 
18,582

   Other long-term liabilities
89,025

 
—

 
89,025

Total liabilities
905,666

 
—

 
905,666

Redeemable noncontrolling interest
—

 
71,192

 
71,192

Equity
 
 
 
 
 
Titan stockholders' equity
 
 
 
 
 
   Common stock
—

 
—

 
—

   Additional paid-in capital
562,367

 
(49,277
)
 
513,090

   Retained earnings
126,007

 
—

 
126,007

   Treasury stock
(13,897
)
 
—

 
(13,897
)
   Treasury stock reserved for deferred comp
(1,075
)
 
—

 
(1,075
)
   Accumulated other comprehensive loss
(112,630
)
 
—

 
(112,630
)
Total Titan stockholders' equity
560,772

 
(49,277
)
 
511,495

   Noncontrolling interests
29,286

 
(21,915
)
 
7,371

Total equity
590,058

 
(71,192
)
 
518,866

Total liabilities and equity
$
1,495,724

 
$
—

 
$
1,495,724




The following table summarizes the restatement adjustments on the Company’s Consolidated Balance Sheet as of December 31, 2013 (amounts in thousands):
 
Consolidated Balance Sheet
 
December 31, 2013
 
As reported
 
Adjustment
 
As restated
Assets
 
 
 
 
 
Current Assets
 
 
 
 
 
   Cash and cash equivalents
$
189,360

 
$
—

 
$
189,360

   Restricted cash
14,268

 
—

 
14,268

   Accounts receivable
263,053

 
—

 
263,053

   Inventories
384,920

 
—

 
384,920

   Deferred income taxes
41,931

 
—

 
41,931

   Prepaid and other current assets
114,346

 
—

 
114,346

     Total current assets
1,007,878

 
—

 
1,007,878

   Property, plant and equipment, net
638,807

 
—

 
638,807

   Goodwill
42,075

 
—

 
42,075

   Deferred income taxes
2,772

 
—

 
2,772

   Other assets
129,699

 
—

 
129,699

Total assets
$
1,821,231

 
$
—

 
$
1,821,231

Liabilities
 
 
 
 
 
Current Liabilities
 
 
 
 
 
   Short-term debt
$
75,061

 
$
—

 
$
75,061

   Accounts payable
176,719

 
—

 
176,719

   Other current liabilities
134,791

 
—

 
134,791

     Total current liabilities
386,571

 
—

 
386,571

   Long-term debt
497,694

 
—

 
497,694

   Deferred income taxes
60,985

 
—

 
60,985

   Other long-term liabilities
77,945

 
—

 
77,945

Total liabilities
1,023,195

 
—

 
1,023,195

Redeemable noncontrolling interest
—

 
89,155

 
89,155

Equity
 
 
 
 
 
Titan stockholders' equity
 
 
 
 
 
   Common stock
—

 
—

 
—

   Additional paid-in capital
558,637

 
—

 
558,637

   Retained earnings
207,541

 
—

 
207,541

   Treasury stock
(15,586
)
 
—

 
(15,586
)
   Treasury stock reserved for deferred comp
(1,075
)
 
—

 
(1,075
)
   Accumulated other comprehensive loss
(61,794
)
 
—

 
(61,794
)
Total Titan stockholders' equity
687,723

 
—

 
687,723

   Noncontrolling interests
110,313

 
(89,155
)
 
21,158

Total equity
798,036

 
(89,155
)
 
708,881

Total liabilities and equity
$
1,821,231

 
$
—

 
$
1,821,231
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]
Earnings per share for 2014, 2013 and 2012, are (amounts in thousands, except per share data):
 
2014 (As restated)
 
2013
 
2012
Net income (loss) attributable to Titan
$
(80,461
)
 
$
35,205

 
$
107,231

   Redemption value adjustment
(49,277
)
 
—

 
—

Net income (loss) applicable to common shareholders
(129,738
)
 
35,205

 
107,231

   Effect of convertible notes
—

 
2,600

 
4,572

Net income (loss) applicable to common shareholders and assumed conversions
$
(129,738
)
 
$
37,805

 
$
111,803

Determination of Shares:
 
 
 
 
 
   Weighted average shares outstanding (basic)
53,497

 
53,039

 
43,380

   Effect of stock options/trusts
—

 
258

 
254

   Effect of convertible notes
—

 
6,225

 
11,028

   Weighted average shares outstanding (diluted)
53,497

 
59,522

 
54,662

Earnings per share:
 
 
 
 
 
   Basic
$
(2.43
)
 
$
0.66

 
$
2.47

   Diluted
$
(2.43
)
 
$
0.64

 
$
2.05


The effect of stock options/trusts has been excluded for 2014, as the effect would have been antidilutive. The weighted average share amount excluded was 0.2 million. The effect of convertible notes has been excluded for 2014, as the effect would have been antidilutive. The weighted average share amount excluded was 5.6 million shares.

 
Year ended December 31, 2014
 
As reported
 
Adjustment
 
As restated
Loss per common share:
 
 
 
 
 
   Basic
$
(1.50
)
 
$
(0.93
)
 
$
(2.43
)
   Diluted
$
(1.50
)
 
$
(0.93
)
 
$
(2.43
)



The following table (unaudited) summarizes the restatement adjustments of the Company’s earnings per share for the quarters in the year ended December 31, 2014:
 
Quarter ended
 
Year ended
 
March 31
 
June 30
 
September 30
 
December 31
 
December 31
 
Unaudited
 
Unaudited
 
Unaudited
 
Unaudited
 
 
Basic income (loss) per common share - as reported
$
0.04

 
$
(0.38
)
 
$
(0.17
)
 
$
(0.99
)
 
$
(1.50
)
Basic income (loss) per common share - as restated
$
0.02

 
$
(0.40
)
 
$
(0.47
)
 
$
(1.58
)
 
$
(2.43
)
Adjustment
$
(0.02
)
 
$
(0.02
)
 
$
(0.30
)
 
$
(0.59
)
 
$
(0.93
)
 
 
 
 
 
 
 
 
 
 
Diluted income (loss) per common share - as reported
$
0.04

 
$
(0.38
)
 
$
(0.17
)
 
$
(0.99
)
 
$
(1.50
)
Diluted income (loss) per common share - as restated
$
0.02

 
$
(0.40
)
 
$
(0.47
)
 
$
(1.58
)
 
$
(2.43
)
Adjustment
$
(0.02
)
 
$
(0.02
)
 
$
(0.30
)
 
$
(0.59
)
 
$
(0.93
)