XML 26 R15.htm IDEA: XBRL DOCUMENT
v3.5.0.2

REVOLVING CREDIT FACILITY AND LONG-TERM DEBT | 6 Months Ended
--- | ---
Jun. 30, 2016
REVOLVING CREDIT FACILITY AND LONG-TERM DEBT [Abstract] |
REVOLVING CREDIT FACILITY AND LONG-TERM DEBT | REVOLVING CREDIT FACILITY AND LONG-TERM DEBT Long-term debt consisted of the following (amounts in thousands):
| June 30, 2016
| Principal Balance |  | Unamortized Discount |  | Net Carrying Amount
6.875% senior secured notes due 2020 | $ | 400,000 |  |  | $ | (4,623 | ) |  | $ | 395,377 |
5.625% convertible senior subordinated notes due 2017 | 60,161 |  |  | (167 | ) |  | 59,994 |
Titan Europe credit facilities | 38,818 |  |  | — |  |  | 38,818 |
Other debt | 8,017 |  |  | — |  |  | 8,017 |
Capital leases | 1,402 |  |  | — |  |  | 1,402 |
Total debt | 508,398 |  |  | (4,790 | ) |  | 503,608 |
Less amounts due within one year | 89,205 |  |  | (167 | ) |  | 89,038 |
Total long-term debt | $ | 419,193 |  |  | $ | (4,623 | ) |  | $ | 414,570 |
| December 31, 2015
| Principal Balance |  | Unamortized Discount |  | Net Carrying Amount
6.875% senior secured notes due 2020 | $ | 400,000 |  |  | $ | (4,640 | ) |  | $ | 395,360 |
5.625% convertible senior subordinated notes due 2017 | 60,161 |  |  | (321 | ) |  | 59,840 |
Titan Europe credit facilities | 38,059 |  |  | — |  |  | 38,059 |
Other debt | 11,531 |  |  | — |  |  | 11,531 |
Capital leases | 1,875 |  |  | — |  |  | 1,875 |
Total debt | 511,626 |  |  | (4,961 | ) |  | 506,665 |
Less amounts due within one year | 31,222 |  |  | — |  |  | 31,222 |
Total long-term debt | $ | 480,404 |  |  | $ | (4,961 | ) |  | $ | 475,443 |
Aggregate maturities of long-term debt at June 30, 2016, were as follows (amounts in thousands):
July 1 - December 31, 2016 | $ | 28,801 |
2017 | 71,082 |
2018 | 4,952 |
2019 | 1,978 |
2020 | 401,499 |
Thereafter | 86 |
| $ | 508,398 |
6.875% senior secured notes due 2020 The Company’s 6.875% senior secured notes (senior secured notes) are due October 2020. These notes are secured by the land and buildings of the following subsidiaries of the Company: Titan Tire Corporation, Titan Tire Corporation of Bryan, Titan Tire Corporation of Freeport, and Titan Wheel Corporation of Illinois. 5.625% convertible senior subordinated notes due 2017 The Company’s 5.625% convertible senior subordinated notes (convertible notes) are due January 2017. The initial base conversion rate for the convertible notes is 93.0016 shares of Titan common stock per $1,000 principal amount of convertible notes, equivalent to an initial base conversion price of approximately $10.75 per share of Titan common stock. If the price of Titan common stock at the time of determination exceeds the base conversion price, the base conversion rate will be increased by an additional number of shares (up to 9.3002 shares of Titan common stock per $1,000 principal amount of convertible notes) as determined pursuant to a formula described in the indenture. The base conversion rate will be subject to adjustment in certain events. See the indenture incorporated by reference to the Company's most recent Form 10-K for additional information. Titan Europe credit facilities The Titan Europe credit facilities contain borrowings from various institutions totaling $38.8 million at June 30, 2016. Maturity dates on this debt range from less than one year to nine years and interest rates range from 5% to 6.9%. The Titan Europe facilities are secured by the assets of its subsidiaries in Italy, Spain, Germany and Brazil. Revolving credit facility The Company’s $150 million revolving credit facility (credit facility) with agent Bank of America, N.A. has a December 2017 termination date and is collateralized by the accounts receivable and inventory of certain Titan domestic subsidiaries. Titan's availability under this domestic facility may be less than $150 million as a result of eligible accounts receivable and inventory balances at certain of its domestic subsidiaries. At June 30, 2016, the amount available was $47.4 million as a result of the outstanding letters of credit and the Company's decrease in sales, which impacted both accounts receivable and inventory balances. During the first six months of 2016 and at June 30, 2016, there were no borrowings under the credit facility. Other debt Titan Brazil has working capital loans for the Sao Paulo, Brazil manufacturing facility totaling $6.9 million at June 30, 2016. Maturity dates on this debt range from less than one year to two years and interest rates range from 5.5% to 8%.

X
- Definition REVOLVING CREDIT FACILITY AND LONG-TERM DEBT [Abstract] + References No definition available. + Details
Name: | twi_RevolvingCreditFacilityAndLongTermDebtAbstract
Namespace Prefix: | twi_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.19,20,22) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 + Details
Name: | us-gaap_DebtDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration