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SUBSIDIARY GUARANTOR FINANCIAL INFORMATION
12 Months Ended
Dec. 31, 2016
Organization, Consolidation and Presentation of Financial Statements [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 are, and 5.625% convertible senior subordinated notes due 2017 were, 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
Year Ended December 31, 2016
 
Titan
 Intl., Inc. (Parent)
 
Guarantor Subsidiaries
 
Non-Guarantor Subsidiaries
 
Eliminations
 
Consolidated
Net sales
$

 
$
498,390

 
$
767,107

 
$

 
$
1,265,497

Cost of sales
759

 
429,087

 
693,169

 

 
1,123,015

Gross profit (loss)
(759
)
 
69,303

 
73,938

 

 
142,482

Selling, general, and administrative expenses
11,394

 
66,815

 
66,779

 

 
144,988

Research and development expenses

 
2,876

 
7,095

 

 
9,971

Royalty expense
667

 
4,866

 
3,323

 

 
8,856

Loss from operations
(12,820
)
 
(5,254
)
 
(3,259
)
 

 
(21,333
)
Interest expense
(32,208
)
 

 
(331
)
 

 
(32,539
)
Intercompany interest income (expense)
1,781

 
3,525

 
(5,306
)
 

 

Foreign exchange gain

 
298

 
8,252

 

 
8,550

Other income
2,503

 
180

 
9,783

 

 
12,466

Income (loss) before income taxes
(40,744
)
 
(1,251
)
 
9,139

 

 
(32,856
)
Provision (benefit) for income taxes
(64
)
 
30

 
3,315

 

 
3,281

Equity in earnings of subsidiaries
4,542

 

 
(10,307
)
 
5,765

 

Net income (loss)
(36,138
)
 
(1,281
)
 
(4,483
)
 
5,765

 
(36,137
)
Net loss noncontrolling interests

 

 
(2,150
)
 

 
(2,150
)
Net income (loss) attributable to Titan
$
(36,138
)
 
$
(1,281
)
 
$
(2,333
)
 
$
5,765

 
$
(33,987
)
 
(Amounts in thousands)
Consolidating Condensed Statements of Operations
Year Ended December 31, 2015
 
Titan
 Intl., Inc. (Parent)
 
Guarantor Subsidiaries
 
Non-Guarantor Subsidiaries
 
Eliminations
 
Consolidated
Net sales
$

 
$
640,785

 
$
753,986

 
$

 
$
1,394,771

Cost of sales
2,826

 
558,363

 
695,773

 

 
1,256,962

Gross profit (loss)
(2,826
)
 
82,422

 
58,213

 

 
137,809

Selling, general, and administrative expenses
7,513

 
69,686

 
63,194

 

 
140,393

Research and development expenses

 
3,505

 
7,657

 

 
11,162

Royalty expense

 
6,711

 
3,822

 

 
10,533

Income (loss) from operations
(10,339
)
 
2,520

 
(16,460
)
 

 
(24,279
)
Interest expense
(32,291
)
 

 
(1,741
)
 

 
(34,032
)
Intercompany interest income (expense)
825

 
2,361

 
(3,186
)
 

 

Foreign exchange gain (loss)
4,296

 
(462
)
 
(8,592
)
 

 
(4,758
)
Other income
2,327

 
2,572

 
6,164

 

 
11,063

Income (loss) before income taxes
(35,182
)
 
6,991

 
(23,815
)
 

 
(52,006
)
Provision for income taxes
34,341

 
2,007

 
1,933

 

 
38,281

Equity in earnings of subsidiaries
(20,764
)
 

 
(5,755
)
 
26,519

 

Net income (loss)
(90,287
)
 
4,984

 
(31,503
)
 
26,519

 
(90,287
)
Net loss noncontrolling interests

 

 
(14,654
)
 

 
(14,654
)
Net income (loss) attributable to Titan
$
(90,287
)
 
$
4,984

 
$
(16,849
)
 
$
26,519

 
$
(75,633
)


(Amounts in thousands)
Consolidating Condensed Statements of Operations
Year Ended December 31, 2014
 
Titan
 Intl., Inc. (Parent)
 
Guarantor Subsidiaries
 
Non-Guarantor Subsidiaries
 
Eliminations
 
Consolidated
Net sales
$

 
$
879,982

 
$
1,015,545

 
$

 
$
1,895,527

Cost of sales
927

 
800,310

 
953,647

 

 
1,754,884

Gross profit (loss)
(927
)
 
79,672

 
61,898

 

 
140,643

Selling, general, and administrative expenses
12,887

 
71,548

 
89,179

 

 
173,614

Research and development expenses
72

 
5,309

 
8,624

 

 
14,005

Royalty expense

 
7,620

 
6,458

 

 
14,078

Noncash goodwill impairment charge

 

 
36,571

 

 
36,571

Loss from operations
(13,886
)
 
(4,805
)
 
(78,934
)
 

 
(97,625
)
Interest expense
(32,783
)
 

 
(3,781
)
 

 
(36,564
)
Intercompany interest income (expense)
6,416

 
2,346

 
(8,762
)
 

 

Foreign exchange gain (loss)
1,056

 
13

 
(32,782
)
 

 
(31,713
)
Other income
3,202

 
1

 
10,455

 

 
13,658

Loss before income taxes
(35,995
)
 
(2,445
)
 
(113,804
)
 

 
(152,244
)
Benefit for income taxes
(12,765
)
 
(374
)
 
(8,680
)
 

 
(21,819
)
Equity in earnings of subsidiaries
(107,195
)
 

 
(26,213
)
 
133,408

 

Net income (loss)
(130,425
)
 
(2,071
)
 
(131,337
)
 
133,408

 
(130,425
)
Net loss noncontrolling interests

 

 
(49,964
)
 

 
(49,964
)
Net income (loss) attributable to Titan
$
(130,425
)
 
$
(2,071
)
 
$
(81,373
)
 
$
133,408

 
$
(80,461
)


(Amounts in thousands)
Consolidating Condensed Statements of Comprehensive Income (Loss)
For the Year Ended December 31, 2016
 
Titan
 Intl., Inc. (Parent)
 
Guarantor Subsidiaries
 
Non-Guarantor Subsidiaries
 
Eliminations
 
Consolidated
Net income (loss)
$
(36,138
)
 
$
(1,281
)
 
$
(4,483
)
 
$
5,765

 
$
(36,137
)
Currency translation adjustment, net
5,857

 

 
5,857

 
(5,857
)
 
5,857

Pension liability adjustments, net of tax
1,071

 
1,680

 
(609
)
 
(1,071
)
 
1,071

Comprehensive income (loss)
(29,210
)
 
399

 
765

 
(1,163
)
 
(29,209
)
Net comprehensive income attributable to noncontrolling interests

 

 
5,305

 

 
5,305

Comprehensive income (loss) attributable to Titan
$
(29,210
)
 
$
399

 
$
(4,540
)
 
$
(1,163
)
 
$
(34,514
)


(Amounts in thousands)
Consolidating Condensed Statements of Comprehensive Income (Loss)
For the Year Ended December 31, 2015
 
Titan
 Intl., Inc. (Parent)
 
Guarantor Subsidiaries
 
Non-Guarantor Subsidiaries
 
Eliminations
 
Consolidated
Net income (loss)
$
(90,287
)
 
$
4,984

 
$
(31,503
)
 
$
26,519

 
$
(90,287
)
Currency translation adjustment, net
(79,196
)
 

 
(79,196
)
 
79,196

 
(79,196
)
Pension liability adjustments, net of tax
(662
)
 
(1,557
)
 
895

 
662

 
(662
)
Comprehensive income (loss)
(170,145
)
 
3,427

 
(109,804
)
 
106,377

 
(170,145
)
Net comprehensive loss attributable to noncontrolling interests

 

 
(19,391
)
 

 
(19,391
)
Comprehensive income (loss) attributable to Titan
$
(170,145
)
 
$
3,427

 
$
(90,413
)
 
$
106,377

 
$
(150,754
)


(Amounts in thousands)
Consolidating Condensed Statements of Comprehensive Income (Loss)
For the Year Ended December 31, 2014
 
Titan
 Intl., Inc. (Parent)
 
Guarantor Subsidiaries
 
Non-Guarantor Subsidiaries
 
Eliminations
 
Consolidated
Net income (loss)
$
(130,425
)
 
$
(2,071
)
 
$
(131,337
)
 
$
133,408

 
$
(130,425
)
Currency translation adjustment, net
(63,424
)
 

 
(63,424
)
 
63,424

 
(63,424
)
Pension liability adjustments, net of tax
(5,129
)
 
(4,557
)
 
(572
)
 
5,129

 
(5,129
)
Comprehensive income (loss)
(198,978
)
 
(6,628
)
 
(195,333
)
 
201,961

 
(198,978
)
Net comprehensive loss attributable to noncontrolling interests

 

 
(68,856
)
 

 
(68,856
)
Comprehensive income (loss) attributable to Titan
$
(198,978
)
 
$
(6,628
)
 
$
(126,477
)
 
$
201,961

 
$
(130,122
)


(Amounts in thousands)
Consolidating Condensed Balance Sheets
December 31, 2016
 
Titan
 Intl., Inc. (Parent)
 
Guarantor Subsidiaries
 
Non-Guarantor Subsidiaries
 
Eliminations
 
Consolidated
Assets
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
$
86,190

 
$
9

 
$
61,628

 
$

 
$
147,827

Certificates of deposit
50,000

 

 

 

 
50,000

Accounts receivable

 
43,485

 
135,899

 

 
179,384

Inventories

 
73,878

 
195,413

 

 
269,291

Prepaid and other current assets
11,965

 
21,901

 
45,868

 

 
79,734

Total current assets
148,155

 
139,273

 
438,808

 

 
726,236

Property, plant, and equipment, net
4,898

 
124,049

 
308,254

 

 
437,201

Investment in subsidiaries
742,679

 

 
87,385

 
(830,064
)
 

Other long-term assets
23,627

 
1,118

 
74,769

 

 
99,514

Total assets
$
919,359

 
$
264,440

 
$
909,216

 
$
(830,064
)
 
$
1,262,951

Liabilities and Stockholders’ Equity
 

 
 

 
 

 
 

 
 

Short-term debt
$
60,148

 
$

 
$
37,264

 
$

 
$
97,412

Accounts payable
4,187

 
14,398

 
129,670

 

 
148,255

Other current liabilities
34,140

 
34,475

 
51,822

 

 
120,437

Total current liabilities
98,475

 
48,873

 
218,756

 

 
366,104

Long-term debt
395,852

 

 
12,908

 

 
408,760

Other long-term liabilities
27,636

 
18,473

 
47,235

 

 
93,344

Intercompany accounts
94,977

 
(300,823
)
 
205,846

 

 

Redeemable noncontrolling interest

 

 
104,809

 

 
104,809

Titan stockholders' equity
302,419

 
497,917

 
323,600

 
(830,064
)
 
293,872

Noncontrolling interests

 

 
(3,938
)
 

 
(3,938
)
Total liabilities and stockholders’ equity
$
919,359

 
$
264,440

 
$
909,216

 
$
(830,064
)
 
$
1,262,951


(Amounts in thousands)
Consolidating Condensed Balance Sheets
December 31, 2015
 
Titan
 Intl., Inc. (Parent)
 
Guarantor Subsidiaries
 
Non-Guarantor Subsidiaries
 
Eliminations
 
Consolidated
Assets
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
$
142,401

 
$
4

 
$
57,783

 
$

 
$
200,188

Accounts receivable

 
59,933

 
117,456

 

 
177,389

Inventories

 
81,993

 
187,798

 

 
269,791

Prepaid and other current assets
11,101

 
21,133

 
30,399

 

 
62,633

Total current assets
153,502

 
163,063

 
393,436

 

 
710,001

Property, plant, and equipment, net
8,015

 
138,351

 
303,654

 

 
450,020

Investment in subsidiaries
724,676

 

 
98,660

 
(823,336
)
 

Other long-term assets
29,180

 
1,181

 
79,848

 

 
110,209

Total assets
$
915,373

 
$
302,595

 
$
875,598

 
$
(823,336
)
 
$
1,270,230

Liabilities and Stockholders’ Equity
 

 
 

 
 

 
 

 
 

Short-term debt
$

 
$

 
$
31,222

 
$

 
$
31,222

Accounts payable
2,215

 
12,386

 
108,553

 

 
123,154

Other current liabilities
30,466

 
41,818

 
43,437

 

 
115,721

Total current liabilities
32,681

 
54,204

 
183,212

 

 
270,097

Long-term debt
455,200

 

 
20,243

 

 
475,443

Other long-term liabilities
29,881

 
20,628

 
52,324

 

 
102,833

Intercompany accounts
52,552

 
(271,930
)
 
219,378

 

 

Redeemable noncontrolling interest

 

 
77,174

 

 
77,174

Titan stockholders’ equity
345,059

 
499,693

 
323,643

 
(823,336
)
 
345,059

Noncontrolling interests

 

 
(376
)
 

 
(376
)
Total liabilities and stockholders’ equity
$
915,373

 
$
302,595

 
$
875,598

 
$
(823,336
)
 
$
1,270,230



(Amounts in thousands)
Consolidating Condensed Statements of Cash Flows
Year Ended December 31, 2016
 
Titan
 Intl., Inc. (Parent)
 
Guarantor Subsidiaries
 
Non-Guarantor Subsidiaries
 
Consolidated
Net cash provided by (used for) operating activities
$
(3,193
)
 
$
8,035

 
$
38,658

 
$
43,500

Cash flows from investing activities:
 

 
 

 
 

 
 

Capital expenditures
(1,937
)
 
(8,444
)
 
(31,567
)
 
(41,948
)
Certificates of deposit
(50,000
)
 

 

 
(50,000
)
Other, net

 
414

 
1,808

 
2,222

Net cash used for investing activities
(51,937
)
 
(8,030
)
 
(29,759
)
 
(89,726
)
Cash flows from financing activities:
 

 
 

 
 

 
 

Proceeds from borrowings

 

 
17,285

 
17,285

Payment on debt

 

 
(22,634
)
 
(22,634
)
Dividends paid
(1,081
)
 

 

 
(1,081
)
Net cash used for financing activities
(1,081
)
 

 
(5,349
)
 
(6,430
)
Effect of exchange rate change on cash

 

 
295

 
295

Net increase (decrease) in cash and cash equivalents
(56,211
)
 
5

 
3,845

 
(52,361
)
Cash and cash equivalents, beginning of period
142,401

 
4

 
57,783

 
200,188

Cash and cash equivalents, end of period
$
86,190

 
$
9

 
$
61,628

 
$
147,827

 
(Amounts in thousands)
Consolidating Condensed Statements of Cash Flows
Year Ended December 31, 2015
 
Titan
 Intl., Inc. (Parent)
 
Guarantor Subsidiaries
 
Non-Guarantor Subsidiaries
 
Consolidated
Net cash provided by operating activities
$
15,933

 
$
6,441

 
$
41,556

 
$
63,930

Cash flows from investing activities:
 

 
 

 
 

 
 

Capital expenditures
(2,585
)
 
(6,254
)
 
(39,590
)
 
(48,429
)
Other, net

 
(187
)
 
(1,321
)
 
(1,508
)
Net cash used for investing activities
(2,585
)
 
(6,441
)
 
(40,911
)
 
(49,937
)
Cash flows from financing activities:
 

 
 

 
 

 
 

Proceeds from borrowings

 

 
5,727

 
5,727

Payment on debt

 

 
(5,521
)
 
(5,521
)
Proceeds from exercise of stock options
145

 

 

 
145

Dividends paid
(1,077
)
 

 

 
(1,077
)
Net cash provided by (used for) financing activities
(932
)
 

 
206

 
(726
)
Effect of exchange rate change on cash

 

 
(14,530
)
 
(14,530
)
Net increase (decrease) in cash and cash equivalents
12,416

 

 
(13,679
)
 
(1,263
)
Cash and cash equivalents, beginning of period
129,985

 
4

 
71,462

 
201,451

Cash and cash equivalents, end of period
$
142,401

 
$
4

 
$
57,783

 
$
200,188

 
(Amounts in thousands)
Consolidating Condensed Statements of Cash Flows
Year Ended December 31, 2014
 
Titan
 Intl., Inc. (Parent)
 
Guarantor Subsidiaries
 
Non-Guarantor Subsidiaries
 
Consolidated
Net cash provided by operating activities
$
51,113

 
$
8,584

 
$
58,123

 
$
117,820

Cash flows from investing activities:
 

 
 

 
 

 
 

Capital expenditures
(914
)
 
(8,584
)
 
(48,941
)
 
(58,439
)
Acquisitions, net of cash acquired
(49
)
 

 
(13,346
)
 
(13,395
)
Increase in restricted cash deposits

 

 
14,268

 
14,268

Other, net

 

 
1,296

 
1,296

Net cash used for investing activities
(963
)
 
(8,584
)
 
(46,723
)
 
(56,270
)
Cash flows from financing activities:
 

 
 

 
 

 
 

Proceeds from borrowings

 

 
15,708

 
15,708

Payment on debt

 

 
(60,345
)
 
(60,345
)
Proceeds from exercise of stock options
141

 

 

 
141

Excess tax benefit from stock options
(672
)
 

 

 
(672
)
Payment of financing fees
(33
)
 

 

 
(33
)
Dividends paid
(1,073
)
 

 

 
(1,073
)
Net cash used for financing activities
(1,637
)
 

 
(44,637
)
 
(46,274
)
Effect of exchange rate change on cash

 

 
(3,185
)
 
(3,185
)
Net increase (decrease) in cash and cash equivalents
48,513

 

 
(36,422
)
 
12,091

Cash and cash equivalents, beginning of period
81,472

 
4

 
107,884

 
189,360

Cash and cash equivalents, end of period
$
129,985

 
$
4

 
$
71,462

 
$
201,451