XML 34 R29.htm IDEA: XBRL DOCUMENT
v2.4.1.9

SUBSIDIARY GUARANTOR FINANCIAL INFORMATION | 3 Months Ended
--- | ---
Mar. 31, 2015
SUBSIDIARY GUARANTOR FINANCIAL INFORMATION [Abstract] |
Condensed Financial Information of Parent Company Only Disclosure [Text Block] | SUBSIDIARY GUARANTOR FINANCIAL INFORMATION The Company's 6.875% senior secured notes due 2020 and 5.625% convertible senior subordinated notes are guaranteed by the following 100% owned subsidiaries of the Company: Titan Tire Corporation, Titan Tire Corporation of Bryan, Titan Tire Corporation of Freeport, and Titan Wheel Corporation of Illinois. The note guarantees are full and unconditional, joint and several obligations of the guarantors. The guarantees of the guarantor subsidiaries are subject to release in limited circumstances only upon the occurrence of certain customary conditions. The following condensed consolidating financial statements are presented using the equity method of accounting. Certain sales & marketing expenses recorded by non-guarantor subsidiaries have not been allocated to the guarantor subsidiaries.
(Amounts in thousands) | Consolidating Condensed Statements of Operations For the Three Months Ended March 31, 2015
| Titan Intl., Inc. (Parent) |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Eliminations |  | Consolidated
Net sales | $ | — |  |  | $ | 193,973 |  |  | $ | 208,086 |  |  | $ | — |  |  | $ | 402,059 |
Cost of sales | 231 |  |  | 167,951 |  |  | 191,083 |  |  | — |  |  | 359,265 |
Gross profit (loss) | (231 | ) |  | 26,022 |  |  | 17,003 |  |  | — |  |  | 42,794 |
Selling, general and administrative expenses | 2,634 |  |  | 15,379 |  |  | 17,661 |  |  | — |  |  | 35,674 |
Research and development expenses | — |  |  | 1,000 |  |  | 2,086 |  |  | — |  |  | 3,086 |
Royalty expense | — |  |  | 1,924 |  |  | 1,301 |  |  | — |  |  | 3,225 |
Income (loss) from operations | (2,865 | ) |  | 7,719 |  |  | (4,045 | ) |  | — |  |  | 809 |
Interest expense | (8,115 | ) |  | — |  |  | (641 | ) |  | — |  |  | (8,756 | )
Intercompany interest income (expense) | 142 |  |  | — |  |  | (142 | ) |  | — |  |  | — |
Other income (expense) | 5,397 |  |  | (379 | ) |  | 3,265 |  |  | — |  |  | 8,283 |
Income (loss) before income taxes | (5,441 | ) |  | 7,340 |  |  | (1,563 | ) |  | — |  |  | 336 |
Provision (benefit) for income taxes | 2,389 |  |  | 2,693 |  |  | (3,686 | ) |  | — |  |  | 1,396 |
Equity in earnings of subsidiaries | 6,770 |  |  | — |  |  | (163 | ) |  | (6,607 | ) |  | — |
Net income (loss) | (1,060 | ) |  | 4,647 |  |  | 1,960 |  |  | (6,607 | ) |  | (1,060 | )
Net loss noncontrolling interests | — |  |  | — |  |  | (1,292 | ) |  | — |  |  | (1,292 | )
Net income (loss) attributable to Titan | $ | (1,060 | ) |  | $ | 4,647 |  |  | $ | 3,252 |  |  | $ | (6,607 | ) |  | $ | 232 |
(Amounts in thousands) | Consolidating Condensed Statements of Operations For the Three Months Ended March 31, 2014
| Titan Intl., Inc. (Parent) |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Eliminations |  | Consolidated
Net sales | $ | — |  |  | $ | 263,958 |  |  | $ | 274,982 |  |  | $ | — |  |  | $ | 538,940 |
Cost of sales | 210 |  |  | 228,239 |  |  | 255,941 |  |  | — |  |  | 484,390 |
Gross profit (loss) | (210 | ) |  | 35,719 |  |  | 19,041 |  |  | — |  |  | 54,550 |
Selling, general and administrative expenses | 1,644 |  |  | 18,990 |  |  | 26,201 |  |  | — |  |  | 46,835 |
Research and development expenses | — |  |  | 2,153 |  |  | 1,557 |  |  | — |  |  | 3,710 |
Royalty expense | — |  |  | 1,848 |  |  | 1,893 |  |  | — |  |  | 3,741 |
Income (loss) from operations | (1,854 | ) |  | 12,728 |  |  | (10,610 | ) |  | — |  |  | 264 |
Interest expense | (8,262 | ) |  | — |  |  | (997 | ) |  | — |  |  | (9,259 | )
Intercompany interest income (expense) | 1,684 |  |  | — |  |  | (1,684 | ) |  | — |  |  | — |
Other income (expense) | 342 |  |  | (55 | ) |  | 229 |  |  | — |  |  | 516 |
Income (loss) before income taxes | (8,090 | ) |  | 12,673 |  |  | (13,062 | ) |  | — |  |  | (8,479 | )
Provision (benefit) for income taxes | (6,040 | ) |  | 4,810 |  |  | (2,121 | ) |  | — |  |  | (3,351 | )
Equity in earnings of subsidiaries | (3,078 | ) |  | — |  |  | (877 | ) |  | 3,955 |  |  | — |
Net income (loss) | (5,128 | ) |  | 7,863 |  |  | (11,818 | ) |  | 3,955 |  |  | (5,128 | )
Net loss noncontrolling interests | — |  |  | — |  |  | (7,291 | ) |  | — |  |  | (7,291 | )
Net income (loss) attributable to Titan | $ | (5,128 | ) |  | $ | 7,863 |  |  | $ | (4,527 | ) |  | $ | 3,955 |  |  | $ | 2,163 |
(Amounts in thousands) | Consolidating Condensed Statements of Comprehensive Income (Loss) For the Three Months Ended March 31, 2015
| Titan Intl., Inc. (Parent) |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Eliminations |  | Consolidated
Net income (loss) | $ | (1,060 | ) |  | $ | 4,647 |  |  | $ | 1,960 |  |  | $ | (6,607 | ) |  | $ | (1,060 | )
Currency translation adjustment, net | (45,386 | ) |  | — |  |  | (45,386 | ) |  | 45,386 |  |  | (45,386 | )
Pension liability adjustments, net of tax | 9 |  |  | 427 |  |  | (418 | ) |  | (9 | ) |  | 9 |
Comprehensive income (loss) | (46,437 | ) |  | 5,074 |  |  | (43,844 | ) |  | 38,770 |  |  | (46,437 | )
Net comprehensive loss attributable to noncontrolling interests | — |  |  | — |  |  | (3,013 | ) |  | — |  |  | (3,013 | )
Comprehensive income (loss) attributable to Titan | $ | (46,437 | ) |  | $ | 5,074 |  |  | $ | (40,831 | ) |  | $ | 38,770 |  |  | $ | (43,424 | )
(Amounts in thousands) | Consolidating Condensed Statements of Comprehensive Income (Loss) For the Three Months Ended March 31, 2014
| Titan Intl., Inc. (Parent) |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Eliminations |  | Consolidated
Net income (loss) | $ | (5,128 | ) |  | $ | 7,863 |  |  | $ | (11,818 | ) |  | $ | 3,955 |  |  | $ | (5,128 | )
Currency translation adjustment, net | 388 |  |  | — |  |  | 388 |  |  | (388 | ) |  | 388 |
Pension liability adjustments, net of tax | 717 |  |  | 450 |  |  | 267 |  |  | (717 | ) |  | 717 |
Comprehensive income (loss) | (4,023 | ) |  | 8,313 |  |  | (11,163 | ) |  | 2,850 |  |  | (4,023 | )
Net comprehensive loss attributable to noncontrolling interests | — |  |  | — |  |  | (12,183 | ) |  | — |  |  | (12,183 | )
Comprehensive income (loss) attributable to Titan | $ | (4,023 | ) |  | $ | 8,313 |  |  | $ | 1,020 |  |  | $ | 2,850 |  |  | $ | 8,160 |
(Amounts in thousands) | Consolidating Condensed Balance Sheets March 31, 2015
| Titan Intl., Inc. (Parent) |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Eliminations |  | Consolidated
Assets |  |  |  |  |  |  |  |  |
Cash and cash equivalents | $ | 138,935 |  |  | $ | 45 |  |  | $ | 51,571 |  |  | $ | — |  |  | $ | 190,551 |
Accounts receivable, net | — |  |  | 87,364 |  |  | 152,104 |  |  | — |  |  | 239,468 |
Inventories | — |  |  | 102,542 |  |  | 204,776 |  |  | — |  |  | 307,318 |
Prepaid and other current assets | 22,889 |  |  | 18,082 |  |  | 55,296 |  |  | — |  |  | 96,267 |
Total current assets | 161,824 |  |  | 208,033 |  |  | 463,747 |  |  | — |  |  | 833,604 |
Property, plant and equipment, net | 7,403 |  |  | 153,916 |  |  | 321,274 |  |  | — |  |  | 482,593 |
Investment in subsidiaries | 705,156 |  |  | — |  |  | 110,226 |  |  | (815,382 | ) |  | — |
Other assets | 50,522 |  |  | 1,227 |  |  | 74,529 |  |  | — |  |  | 126,278 |
Total assets | $ | 924,905 |  |  | $ | 363,176 |  |  | $ | 969,776 |  |  | $ | (815,382 | ) |  | $ | 1,442,475 |
Liabilities and Stockholders’ Equity |  |  |  |  |  |  |  |  |  |  |  |  |  |
Short-term debt | $ | — |  |  | $ | — |  |  | $ | 29,753 |  |  | $ | — |  |  | $ | 29,753 |
Accounts payable | 1,381 |  |  | 18,674 |  |  | 132,868 |  |  | — |  |  | 152,923 |
Other current liabilities | 35,622 |  |  | 45,250 |  |  | 53,537 |  |  | — |  |  | 134,409 |
Total current liabilities | 37,003 |  |  | 63,924 |  |  | 216,158 |  |  | — |  |  | 317,085 |
Long-term debt | 460,161 |  |  | — |  |  | 33,607 |  |  | — |  |  | 493,768 |
Other long-term liabilities | 11,765 |  |  | 19,892 |  |  | 56,580 |  |  | — |  |  | 88,237 |
Intercompany accounts | (101,204 | ) |  | (226,046 | ) |  | 327,250 |  |  | — |  |  | — |
Titan stockholders' equity | 517,180 |  |  | 505,406 |  |  | 309,976 |  |  | (815,382 | ) |  | 517,180 |
Noncontrolling interests | — |  |  | — |  |  | 26,205 |  |  | — |  |  | 26,205 |
Total liabilities and stockholders’ equity | $ | 924,905 |  |  | $ | 363,176 |  |  | $ | 969,776 |  |  | $ | (815,382 | ) |  | $ | 1,442,475 |
(Amounts in thousands) | Consolidating Condensed Balance Sheets December 31, 2014
| Titan Intl., Inc. (Parent) |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Eliminations |  | Consolidated
Assets |  |  |  |  |  |  |  |  |
Cash and cash equivalents | $ | 129,985 |  |  | $ | 4 |  |  | $ | 71,462 |  |  | $ | — |  |  | $ | 201,451 |
Accounts receivable, net | (55 | ) |  | 63,645 |  |  | 135,788 |  |  | — |  |  | 199,378 |
Inventories | — |  |  | 103,230 |  |  | 228,202 |  |  | — |  |  | 331,432 |
Prepaid and other current assets | 26,803 |  |  | 21,105 |  |  | 55,761 |  |  | — |  |  | 103,669 |
Total current assets | 156,733 |  |  | 187,984 |  |  | 491,213 |  |  | — |  |  | 835,930 |
Property, plant and equipment, net | 7,590 |  |  | 160,318 |  |  | 359,506 |  |  | — |  |  | 527,414 |
Investment in subsidiaries | 745,084 |  |  | — |  |  | 109,768 |  |  | (854,852 | ) |  | — |
Other assets | 51,381 |  |  | 827 |  |  | 80,172 |  |  | — |  |  | 132,380 |
Total assets | $ | 960,788 |  |  | $ | 349,129 |  |  | $ | 1,040,659 |  |  | $ | (854,852 | ) |  | $ | 1,495,724 |
Liabilities and Stockholders’ Equity |  |  |  |  |  |  |  |  |  |  |  |  |  |
Short-term debt | $ | — |  |  | $ | — |  |  | $ | 26,233 |  |  | $ | — |  |  | $ | 26,233 |
Accounts payable | 1,795 |  |  | 10,876 |  |  | 133,634 |  |  | — |  |  | 146,305 |
Other current liabilities | 28,519 |  |  | 45,291 |  |  | 55,208 |  |  | — |  |  | 129,018 |
Total current liabilities | 30,314 |  |  | 56,167 |  |  | 215,075 |  |  | — |  |  | 301,556 |
Long-term debt | 460,161 |  |  | — |  |  | 36,342 |  |  | — |  |  | 496,503 |
Other long-term liabilities | 15,244 |  |  | 20,867 |  |  | 71,496 |  |  | — |  |  | 107,607 |
Intercompany accounts | (105,703 | ) |  | (228,307 | ) |  | 334,010 |  |  | — |  |  | — |
Titan stockholders' equity | 560,772 |  |  | 500,402 |  |  | 354,450 |  |  | (854,852 | ) |  | 560,772 |
Noncontrolling interests | — |  |  | — |  |  | 29,286 |  |  | — |  |  | 29,286 |
Total liabilities and stockholders’ equity | $ | 960,788 |  |  | $ | 349,129 |  |  | $ | 1,040,659 |  |  | $ | (854,852 | ) |  | $ | 1,495,724 |
(Amounts in thousands) | Consolidating Condensed Statements of Cash Flows For the Three Months Ended March 31, 2015
| Titan Intl., Inc. (Parent) |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Consolidated
Net cash provided by (used for) operating activities | $ | 9,788 |  |  | $ | 1,481 |  |  | $ | (18,236 | ) |  | $ | (6,967 | )
Cash flows from investing activities: |  |  |  |  |  |  |  |  |  |  |
Capital expenditures | (181 | ) |  | (1,456 | ) |  | (9,782 | ) |  | (11,419 | )
Other, net | — |  |  | 16 |  |  | 2,318 |  |  | 2,334 |
Net cash used for investing activities | (181 | ) |  | (1,440 | ) |  | (7,464 | ) |  | (9,085 | )
Cash flows from financing activities: |  |  |  |  |  |  |  |  |  |  |
Proceeds from borrowings | — |  |  | — |  |  | 11,102 |  |  | 11,102 |
Payment on debt | — |  |  | — |  |  | (1,456 | ) |  | (1,456 | )
Excess tax benefit from stock-based compensation | (388 | ) |  | — |  |  | — |  |  | (388 | )
Dividends paid | (269 | ) |  | — |  |  | — |  |  | (269 | )
Net cash provided by (used for) financing activities | (657 | ) |  | — |  |  | 9,646 |  |  | 8,989 |
Effect of exchange rate change on cash | — |  |  | — |  |  | (3,837 | ) |  | (3,837 | )
Net increase (decrease) in cash and cash equivalents | 8,950 |  |  | 41 |  |  | (19,891 | ) |  | (10,900 | )
Cash and cash equivalents, beginning of period | 129,985 |  |  | 4 |  |  | 71,462 |  |  | 201,451 |
Cash and cash equivalents, end of period | $ | 138,935 |  |  | $ | 45 |  |  | $ | 51,571 |  |  | $ | 190,551 |
(Amounts in thousands) | Consolidating Condensed Statements of Cash Flows For the Three Months Ended March 31, 2014
| Titan Intl., Inc. (Parent) |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Consolidated
Net cash provided by operating activities | $ | 9,782 |  |  | $ | 737 |  |  | $ | 7,472 |  |  | $ | 17,991 |
Cash flows from investing activities: |  |  |  |  |  |  |  |  |  |  |
Capital expenditures | (120 | ) |  | (3,486 | ) |  | (13,148 | ) |  | (16,754 | )
Acquisition of additional interest | (25 | ) |  | — |  |  | (12,651 | ) |  | (12,676 | )
Decrease in restricted cash deposits | — |  |  | — |  |  | 14,188 |  |  | 14,188 |
Other, net | — |  |  | 2,754 |  |  | 524 |  |  | 3,278 |
Net cash used for investing activities | (145 | ) |  | (732 | ) |  | (11,087 | ) |  | (11,964 | )
Cash flows from financing activities: |  |  |  |  |  |  |  |  |  |  |
Proceeds from borrowings | — |  |  | — |  |  | 6,945 |  |  | 6,945 |
Payment on debt | — |  |  | — |  |  | (4,248 | ) |  | (4,248 | )
Proceeds from exercise of stock options | 20 |  |  | — |  |  | — |  |  | 20 |
Excess tax benefit from stock-based compensation | (2 | ) |  | — |  |  | — |  |  | (2 | )
Payment of financing fees | (33 | ) |  | — |  |  | — |  |  | (33 | )
Dividends paid | (268 | ) |  | — |  |  | — |  |  | (268 | )
Net cash provided by (used for) financing activities | (283 | ) |  | — |  |  | 2,697 |  |  | 2,414 |
Effect of exchange rate change on cash | — |  |  | — |  |  | 2,293 |  |  | 2,293 |
Net increase in cash and cash equivalents | 9,354 |  |  | 5 |  |  | 1,375 |  |  | 10,734 |
Cash and cash equivalents, beginning of period | 81,472 |  |  | 4 |  |  | 107,884 |  |  | 189,360 |
Cash and cash equivalents, end of period | $ | 90,826 |  |  | $ | 9 |  |  | $ | 109,259 |  |  | $ | 200,094 |

X
- Details
Name: | twi_SubsidiaryGuarantorFinancialInformationAbstract
Namespace Prefix: | twi_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for condensed financial information, including the financial position, cash flows, and the results of operations of the registrant (parent company) as of the same dates or for the same periods for which audited consolidated financial statements are being presented. Alternatively, the details of this disclosure can be reported by the specific parent company taxonomy elements, indicating the appropriate date and period contexts in an instance document. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-04) -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e24072-122690 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 45 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=51664549&loc=d3e5283-111683 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 05 -Paragraph c -Article 7 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 06 -Article 9 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 04 -Paragraph c -Article 5 + Details
Name: | us-gaap_CondensedFinancialInformationOfParentCompanyOnlyDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration