XML 36 R28.htm IDEA: XBRL DOCUMENT v3.3.0.814
RELATED PARTY TRANSACTIONS - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2015
Sep. 30, 2015
Related Party Transactions [Abstract]    
Related Party Transactions Disclosure [Text Block]  
RELATED PARTY TRANSACTIONS

The Company sells products and pays commissions to companies controlled by persons related to the chief executive officer of the Company.  The related party is Mr. Fred Taylor, Mr. Maurice Taylor’s brother.  The companies which Mr. Fred Taylor is associated with that do business with Titan include the following:  Blackstone OTR, LLC; FBT Enterprises; Green Carbon, INC; and OTR Wheel Engineering.  Sales of Titan products to these companies were approximately $0.7 million and $2.6 million for the three and nine months ended September 30, 2015, respectively, as compared to $1.1 million and $3.3 million for the three and nine months ended September 30, 2014. Titan had trade receivables due from these companies of approximately $0.3 million at September 30, 2015, and approximately $0.2 million at December 31, 2014.  Sales commissions paid to above companies were approximately $0.4 million and $1.5 million for the three and nine months ended September 30, 2015, respectively, as compared to $0.6 million and $1.9 million for the three and nine months ended September 30, 2014. Titan had purchases from these companies of approximately $2.5 million and $4.7 million for the three and nine months ended September 30, 2015, respectively.




In July 2013, the Company entered into a Shareholders’ Agreement between One Equity Partners (OEP) and the Russian Direct Investment Fund (RDIF) to acquire Voltyre-Prom, a leading producer of agricultural and industrial tires located in Volgograd, Russia.  Mr. Richard M. Cashin, a director of the Company, is President of OEP which owns 26.1% of the joint venture.  The Shareholder’s agreement contains a settlement put option which may require the Company to purchase shares from OEP and RDIF at a value set by the agreement.  See note 23 for additional information.

The Company has a 34.2% equity stake in Wheels India Limited, a company incorporated in India and listed on the National Stock Exchange in India. The Company had trade payables due to Wheels India of approximately $0.0 million and $0.1 million at September 30, 2015, and December 31, 2014, respectively.
Related Party Transactions Disclosure [Text Block] $ 2.5 $ 4.7