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REVOLVING CREDIT FACILITY AND LONG-TERM DEBT | 9 Months Ended
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Sep. 30, 2017
Debt Disclosure [Abstract] |
REVOLVING CREDIT FACILITY AND LONG-TERM DEBT | REVOLVING CREDIT FACILITY AND LONG-TERM DEBT Long-term debt consisted of the following as of the dates set forth below (amounts in thousands):
| September 30, 2017
| Principal Balance |  | Unamortized Discount |  | Net Carrying Amount
6.875% senior secured notes due 2020 | $ | 400,000 |  |  | $ | (3,406 | ) |  | $ | 396,594 |
Titan Europe credit facilities | 33,541 |  |  | — |  |  | 33,541 |
Other debt | 16,296 |  |  | — |  |  | 16,296 |
Capital leases | 973 |  |  | — |  |  | 973 |
Total debt | 450,810 |  |  | (3,406 | ) |  | 447,404 |
Less amounts due within one year | 36,174 |  |  | — |  |  | 36,174 |
Total long-term debt | $ | 414,636 |  |  | $ | (3,406 | ) |  | $ | 411,230 |
| December 31, 2016
| Principal Balance |  | Unamortized Discount |  | Net Carrying Amount
6.875% senior secured notes due 2020 | $ | 400,000 |  |  | $ | (4,148 | ) |  | $ | 395,852 |
5.625% convertible senior subordinated notes due 2017 | 60,161 |  |  | (13 | ) |  | 60,148 |
Titan Europe credit facilities | 33,710 |  |  | — |  |  | 33,710 |
Other debt | 15,560 |  |  | — |  |  | 15,560 |
Capital leases | 902 |  |  | — |  |  | 902 |
Total debt | 510,333 |  |  | (4,161 | ) |  | 506,172 |
Less amounts due within one year | 97,425 |  |  | (13 | ) |  | 97,412 |
Total long-term debt | $ | 412,908 |  |  | $ | (4,148 | ) |  | $ | 408,760 |
Aggregate principal maturities of long-term debt at September 30, 2017, for each of the years (or other periods) set forth below were as follows (amounts in thousands):
October 1 - December 31, 2017 | $ | 22,169 |
2018 | 11,704 |
2019 | 14,082 |
2020 | 402,259 |
2021 | 455 |
Thereafter | 141 |
| $ | 450,810 |
6.875% senior secured notes due 2020 The 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 In January 2017, the Company converted 97.1% of the principal balance of its 5.625% convertible senior subordinated notes (2017 Notes), which matured on January 15, 2017, into shares of Titan common stock. Immediately prior to maturity, $60.2 million in aggregate principal amount of the 2017 Notes was outstanding, of which holders of $58.5 million in aggregate principal amount of the 2017 Notes, or 97.1%, converted their 2017 Notes into shares of Titan common stock pursuant to the terms of the indenture governing the 2017 Notes. The $58.5 million in principal amount of converted 2017 Notes was converted into 5,462,264 shares of Titan common stock, representing approximately 10% of Titan’s common stock outstanding prior to conversion. Each $1,000 principal amount of the 2017 Notes was convertible into 93.436 shares of Titan common stock. The remaining $1.7 million principal amount of the 2017 Notes that was not converted was paid in cash at maturity. Titan Europe credit facilities The Titan Europe credit facilities contain borrowings from various institutions totaling $33.5 million at September 30, 2017. 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 In February 2017, the Company entered into a credit and security agreement with respect to a new $75 million revolving credit facility (credit facility) with agent BMO Harris Bank N.A. and other financial institutions party thereto. This credit facility replaced the Company's $150 million revolving credit facility which was previously scheduled to terminate in December 2017. The credit facility is collateralized by accounts receivable and inventory of certain of the Company’s domestic subsidiaries and includes a maturity of the earlier of five years or six months prior to the scheduled maturity of the Company’s senior secured notes. From time to time Titan's availability under this credit facility may be less than $75 million as a result of outstanding letters of credit and eligible accounts receivable and inventory balances at certain of its domestic subsidiaries. At September 30, 2017, an outstanding letter of credit under the credit facility totaled $12.5 million and the amount available under the facility totaled $62.5 million based upon eligible accounts receivable and inventory balances. During the first nine months of 2017 and at September 30, 2017, there were no borrowings under the credit facility. Other debt The Company has working capital loans at Titan Pneus do Brasil Ltda and Voltyre-Prom at various interest rates, which totaled $8.9 million and $7.4 million at September 30, 2017, respectively.

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- 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 470 -URI http://asc.fasb.org/topic&trid=2208564 + Details
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