XML 42 R30.htm IDEA: XBRL DOCUMENT
v3.10.0.1

SUBSIDIARY GUARANTOR FINANCIAL INFORMATION | 6 Months Ended
--- | ---
Jun. 30, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
Condensed Financial Information of Parent Company Only Disclosure [Text Block] | SUBSIDIARY GUARANTOR FINANCIAL INFORMATION The senior secured notes are guaranteed by the following wholly-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. See the indenture governing the senior secured notes incorporated by reference to the Company's most recent Form 10-K for additional information. The following condensed consolidating financial statements are presented using the equity method of accounting. Certain sales and marketing expenses recorded by non-guarantor subsidiaries have not been allocated to the guarantor subsidiaries.
(Amounts in thousands) | Condensed Consolidating Statements of Operations For the Three Months Ended June 30, 2018
| Titan Intl., Inc. (Parent) |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Eliminations |  | Consolidated
Net sales | $ | — |  |  | $ | 166,757 |  |  | $ | 262,147 |  |  | $ | — |  |  | $ | 428,904 |
Cost of sales | 138 |  |  | 140,208 |  |  | 230,246 |  |  | — |  |  | 370,592 |
Gross (loss) profit | (138 | ) |  | 26,549 |  |  | 31,901 |  |  | — |  |  | 58,312 |
Selling, general and administrative expenses | 1,678 |  |  | 16,985 |  |  | 18,036 |  |  | — |  |  | 36,699 |
Research and development expenses | 253 |  |  | 983 |  |  | 1,518 |  |  | — |  |  | 2,754 |
Royalty expense | 628 |  |  | 940 |  |  | 1,066 |  |  | — |  |  | 2,634 |
(Loss) income from operations | (2,697 | ) |  | 7,641 |  |  | 11,281 |  |  | — |  |  | 16,225 |
Interest expense | (6,826 | ) |  | — |  |  | (846 | ) |  | — |  |  | (7,672 | )
Intercompany interest income (expense) | 628 |  |  | 909 |  |  | (1,537 | ) |  | — |  |  | — |
Foreign exchange loss | — |  |  | (662 | ) |  | (2,948 | ) |  | — |  |  | (3,610 | )
Other income (expense) | 959 |  |  | (147 | ) |  | 1,665 |  |  | — |  |  | 2,477 |
(Loss) income before income taxes | (7,936 | ) |  | 7,741 |  |  | 7,615 |  |  | — |  |  | 7,420 |
(Benefit) provision for income taxes | (2,390 | ) |  | 3,044 |  |  | 1,029 |  |  | — |  |  | 1,683 |
Equity in earnings of subsidiaries | 11,283 |  |  | — |  |  | 209 |  |  | (11,492 | ) |  | — |
Net income (loss) | 5,737 |  |  | 4,697 |  |  | 6,795 |  |  | (11,492 | ) |  | 5,737 |
Net income attributable to noncontrolling interests | — |  |  | — |  |  | 40 |  |  | — |  |  | 40 |
Net income (loss) attributable to Titan | $ | 5,737 |  |  | $ | 4,697 |  |  | $ | 6,755 |  |  | $ | (11,492 | ) |  | $ | 5,697 |
(Amounts in thousands) | Condensed Consolidating Statements of Operations For the Three Months Ended June 30, 2017
| Titan Intl., Inc. (Parent) |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Eliminations |  | Consolidated
Net sales | $ | — |  |  | $ | 147,244 |  |  | $ | 217,155 |  |  | $ | — |  |  | $ | 364,399 |
Cost of sales | 87 |  |  | 129,743 |  |  | 190,549 |  |  | — |  |  | 320,379 |
Gross (loss) profit | (87 | ) |  | 17,501 |  |  | 26,606 |  |  | — |  |  | 44,020 |
Selling, general and administrative expenses | 3,066 |  |  | 14,043 |  |  | 17,354 |  |  | — |  |  | 34,463 |
Research and development expenses | — |  |  | 950 |  |  | 1,658 |  |  | — |  |  | 2,608 |
Royalty expense | 250 |  |  | 1,410 |  |  | 873 |  |  | — |  |  | 2,533 |
(Loss) income from operations | (3,403 | ) |  | 1,098 |  |  | 6,721 |  |  | — |  |  | 4,416 |
Interest expense | (7,234 | ) |  | — |  |  | (86 | ) |  | — |  |  | (7,320 | )
Intercompany interest income (expense) | 588 |  |  | 1,947 |  |  | (2,535 | ) |  | — |  |  | — |
Foreign exchange loss | — |  |  | (41 | ) |  | (5,216 | ) |  | — |  |  | (5,257 | )
Other income (loss) | 931 |  |  | (317 | ) |  | 1,136 |  |  | — |  |  | 1,750 |
(Loss) income before income taxes | (9,118 | ) |  | 2,687 |  |  | 20 |  |  | — |  |  | (6,411 | )
(Benefit) provision for income taxes | (3,185 | ) |  | 1,321 |  |  | 1,990 |  |  | — |  |  | 126 |
Equity in earnings of subsidiaries | (603 | ) |  | — |  |  | (3,686 | ) |  | 4,289 |  |  | — |
Net (loss) income | (6,536 | ) |  | 1,366 |  |  | (5,656 | ) |  | 4,289 |  |  | (6,537 | )
Net loss attributable to noncontrolling interests | — |  |  | — |  |  | (244 | ) |  | — |  |  | (244 | )
Net (loss) income attributable to Titan | $ | (6,536 | ) |  | $ | 1,366 |  |  | $ | (5,412 | ) |  | $ | 4,289 |  |  | $ | (6,293 | )
(Amounts in thousands) | Condensed Consolidating Statements of Operations For the Six Months Ended June 30, 2018
| Titan Intl., Inc. (Parent) |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Eliminations |  | Consolidated
Net sales | $ | — |  |  | $ | 337,517 |  |  | $ | 516,769 |  |  | $ | — |  |  | $ | 854,286 |
Cost of sales | 246 |  |  | 281,738 |  |  | 454,429 |  |  | — |  |  | 736,413 |
Gross (loss) profit | (246 | ) |  | 55,779 |  |  | 62,340 |  |  | — |  |  | 117,873 |
Selling, general and administrative expenses | 2,873 |  |  | 32,260 |  |  | 37,487 |  |  | — |  |  | 72,620 |
Research and development expenses | 493 |  |  | 1,969 |  |  | 3,169 |  |  | — |  |  | 5,631 |
Royalty expense | 881 |  |  | 2,453 |  |  | 1,963 |  |  | — |  |  | 5,297 |
(Loss) income from operations | (4,493 | ) |  | 19,097 |  |  | 19,721 |  |  | — |  |  | 34,325 |
Interest expense | (13,639 | ) |  | — |  |  | (1,551 | ) |  | — |  |  | (15,190 | )
Intercompany interest income (expense) | 1,251 |  |  | 1,922 |  |  | (3,173 | ) |  | — |  |  | — |
Foreign exchange loss | — |  |  | (670 | ) |  | (7,372 | ) |  | — |  |  | (8,042 | )
Other income (expense) | 6,628 |  |  | (313 | ) |  | 3,912 |  |  | — |  |  | 10,227 |
(Loss) income before income taxes | (10,253 | ) |  | 20,036 |  |  | 11,537 |  |  | — |  |  | 21,320 |
(Benefit) provision for income taxes | (12,456 | ) |  | 7,304 |  |  | 6,049 |  |  | — |  |  | 897 |
Equity in earnings of subsidiaries | 18,220 |  |  | — |  |  | 4,546 |  |  | (22,766 | ) |  | — |
Net income (loss) | 20,423 |  |  | 12,732 |  |  | 10,034 |  |  | (22,766 | ) |  | 20,423 |
Net loss attributable to noncontrolling interests | — |  |  | — |  |  | (1,639 | ) |  | — |  |  | (1,639 | )
Net income (loss) attributable to Titan | $ | 20,423 |  |  | $ | 12,732 |  |  | $ | 11,673 |  |  | $ | (22,766 | ) |  | $ | 22,062 |
(Amounts in thousands) | Condensed Consolidating Statements of Operations For the Six Months Ended June 30, 2017
| Titan Intl., Inc. (Parent) |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Eliminations |  | Consolidated
Net sales | $ | — |  |  | $ | 291,080 |  |  | $ | 430,820 |  |  | $ | — |  |  | $ | 721,900 |
Cost of sales | 156 |  |  | 256,163 |  |  | 381,360 |  |  | — |  |  | 637,679 |
Gross (loss) profit | (156 | ) |  | 34,917 |  |  | 49,460 |  |  | — |  |  | 84,221 |
Selling, general and administrative expenses | 7,938 |  |  | 31,313 |  |  | 36,550 |  |  | — |  |  | 75,801 |
Research and development expenses | — |  |  | 1,853 |  |  | 3,598 |  |  | — |  |  | 5,451 |
Royalty expense | 667 |  |  | 2,704 |  |  | 1,771 |  |  | — |  |  | 5,142 |
(Loss) income from operations | (8,761 | ) |  | (953 | ) |  | 7,541 |  |  | — |  |  | (2,173 | )
Interest expense | (14,679 | ) |  | — |  |  | (362 | ) |  | — |  |  | (15,041 | )
Intercompany interest income (expense) | 1,169 |  |  | 1,946 |  |  | (3,115 | ) |  | — |  |  | — |
Foreign exchange loss | — |  |  | (41 | ) |  | (726 | ) |  | — |  |  | (767 | )
Other income (expense) | 2,212 |  |  | (753 | ) |  | 2,968 |  |  | — |  |  | 4,427 |
(Loss) income before income taxes | (20,059 | ) |  | 199 |  |  | 6,306 |  |  | — |  |  | (13,554 | )
(Benefit) provision for income taxes | (1,510 | ) |  | 1,495 |  |  | 3,583 |  |  | — |  |  | 3,568 |
Equity in earnings of subsidiaries | 4,372 |  |  | — |  |  | (8,409 | ) |  | 4,037 |  |  | — |
Net (loss) income | (14,177 | ) |  | (1,296 | ) |  | (5,686 | ) |  | 4,037 |  |  | (17,122 | )
Net income attributable to noncontrolling interests | — |  |  | — |  |  | 624 |  |  | — |  |  | 624 |
Net (loss) income attributable to Titan | $ | (14,177 | ) |  | $ | (1,296 | ) |  | $ | (6,310 | ) |  | $ | 4,037 |  |  | $ | (17,746 | )
(Amounts in thousands) | Condensed Consolidating Statements of Comprehensive Income (Loss) For the Three Months Ended June 30, 2018
| Titan Intl., Inc. (Parent) |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Eliminations |  | Consolidated
Net income (loss) | $ | 5,737 |  |  | $ | 4,697 |  |  | $ | 6,795 |  |  | $ | (11,492 | ) |  | $ | 5,737 |
Currency translation adjustment | (38,338 | ) |  | — |  |  | (38,338 | ) |  | 38,338 |  |  | (38,338 | )
Pension liability adjustments, net of tax | 690 |  |  | 646 |  |  | 44 |  |  | (690 | ) |  | 690 |
Comprehensive (loss) income | (31,911 | ) |  | 5,343 |  |  | (31,499 | ) |  | 26,156 |  |  | (31,911 | )
Net comprehensive loss attributable to redeemable and noncontrolling interests | — |  |  | — |  |  | (2,185 | ) |  | — |  |  | (2,185 | )
Comprehensive (loss) income attributable to Titan | $ | (31,911 | ) |  | $ | 5,343 |  |  | $ | (29,314 | ) |  | $ | 26,156 |  |  | $ | (29,726 | )
(Amounts in thousands) | Condensed Consolidating Statements of Comprehensive Income (Loss) For the Three Months Ended June 30, 2017
| Titan Intl., Inc. (Parent) |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Eliminations |  | Consolidated
Net (loss) income | $ | (6,536 | ) |  | $ | 1,366 |  |  | $ | (5,656 | ) |  | $ | 4,289 |  |  | $ | (6,537 | )
Currency translation adjustment | 8,006 |  |  | — |  |  | 8,006 |  |  | (8,006 | ) |  | 8,006 |
Pension liability adjustments, net of tax | 989 |  |  | 625 |  |  | 364 |  |  | (989 | ) |  | 989 |
Comprehensive income (loss) | 2,459 |  |  | 1,991 |  |  | 2,714 |  |  | (4,706 | ) |  | 2,458 |
Net comprehensive loss attributable to redeemable and noncontrolling interests | — |  |  | — |  |  | (1,562 | ) |  | — |  |  | (1,562 | )
Comprehensive income (loss) attributable to Titan | $ | 2,459 |  |  | $ | 1,991 |  |  | $ | 4,276 |  |  | $ | (4,706 | ) |  | $ | 4,020 |
(Amounts in thousands) | Condensed Consolidating Statements of Comprehensive Income (Loss) For the Six Months Ended June 30, 2018
| Titan Intl., Inc. (Parent) |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Eliminations |  | Consolidated
Net income (loss) | $ | 20,423 |  |  | $ | 12,732 |  |  | $ | 10,034 |  |  | $ | (22,766 | ) |  | $ | 20,423 |
Currency translation adjustment | (30,276 | ) |  | — |  |  | (30,276 | ) |  | 30,276 |  |  | (30,276 | )
Pension liability adjustments, net of tax | 1,573 |  |  | 1,292 |  |  | 281 |  |  | (1,573 | ) |  | 1,573 |
Comprehensive (loss) income | (8,280 | ) |  | 14,024 |  |  | (19,961 | ) |  | 5,937 |  |  | (8,280 | )
Net comprehensive loss attributable to redeemable and noncontrolling interests | — |  |  | — |  |  | (3,225 | ) |  | — |  |  | (3,225 | )
Comprehensive (loss) income attributable to Titan | $ | (8,280 | ) |  | $ | 14,024 |  |  | $ | (16,736 | ) |  | $ | 5,937 |  |  | $ | (5,055 | )
(Amounts in thousands) | Condensed Consolidating Statements of Comprehensive Income (Loss) For the Six Months Ended June 30, 2017
| Titan Intl., Inc. (Parent) |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Eliminations |  | Consolidated
Net (loss) income | $ | (14,177 | ) |  | $ | (1,296 | ) |  | $ | (5,686 | ) |  | $ | 4,037 |  |  | $ | (17,122 | )
Currency translation adjustment | 19,025 |  |  | — |  |  | (19,025 | ) |  | 19,025 |  |  | 19,025 |
Pension liability adjustments, net of tax | 1,722 |  |  | 1,250 |  |  | 472 |  |  | (1,722 | ) |  | 1,722 |
Comprehensive income (loss) | 6,570 |  |  | (46 | ) |  | (24,239 | ) |  | 21,340 |  |  | 3,625 |
Net comprehensive income attributable to redeemable and noncontrolling interests | — |  |  | — |  |  | 1,221 |  |  | — |  |  | 1,221 |
Comprehensive income (loss) attributable to Titan | $ | 6,570 |  |  | $ | (46 | ) |  | $ | (25,460 | ) |  | $ | 21,340 |  |  | $ | 2,404 |
(Amounts in thousands) | Condensed Consolidating Balance Sheets June 30, 2018
| Titan Intl., Inc. (Parent) |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Eliminations |  | Consolidated
Assets |  |  |  |  |  |  |  |  |
Cash and cash equivalents | $ | 34,694 |  |  | $ | 5 |  |  | $ | 71,792 |  |  | $ | — |  |  | $ | 106,491 |
Accounts receivable, net | — |  |  | 79,909 |  |  | 202,491 |  |  | — |  |  | 282,400 |
Inventories | — |  |  | 112,238 |  |  | 260,494 |  |  | — |  |  | 372,732 |
Prepaid and other current assets | 18,042 |  |  | 19,948 |  |  | 36,639 |  |  | — |  |  | 74,629 |
Total current assets | 52,736 |  |  | 212,100 |  |  | 571,416 |  |  | — |  |  | 836,252 |
Property, plant and equipment, net | 9,510 |  |  | 103,374 |  |  | 280,380 |  |  | — |  |  | 393,264 |
Investment in subsidiaries | 764,208 |  |  | — |  |  | 78,920 |  |  | (843,128 | ) |  | — |
Other assets | 6,310 |  |  | 958 |  |  | 73,586 |  |  | — |  |  | 80,854 |
Total assets | $ | 832,764 |  |  | $ | 316,432 |  |  | $ | 1,004,302 |  |  | $ | (843,128 | ) |  | $ | 1,310,370 |
Liabilities and Equity |  |  |  |  |  |  |  |  |  |  |  |  |  |
Short-term debt | $ | — |  |  | $ | — |  |  | $ | 52,358 |  |  | $ | — |  |  | $ | 52,358 |
Accounts payable | 2,212 |  |  | 30,349 |  |  | 193,480 |  |  | — |  |  | 226,041 |
Other current liabilities | 30,169 |  |  | 31,717 |  |  | 67,171 |  |  | — |  |  | 129,057 |
Total current liabilities | 32,381 |  |  | 62,066 |  |  | 313,009 |  |  | — |  |  | 407,456 |
Long-term debt | 394,696 |  |  | — |  |  | 14,917 |  |  | — |  |  | 409,613 |
Other long-term liabilities | 9,087 |  |  | 14,387 |  |  | 54,323 |  |  | — |  |  | 77,797 |
Intercompany accounts | 81,949 |  |  | (275,567 | ) |  | 193,618 |  |  | — |  |  | — |
Redeemable noncontrolling interest | — |  |  | — |  |  | 117,546 |  |  | — |  |  | 117,546 |
Titan shareholders' equity | 314,651 |  |  | 515,546 |  |  | 318,001 |  |  | (843,128 | ) |  | 305,070 |
Noncontrolling interests | — |  |  | — |  |  | (7,112 | ) |  | — |  |  | (7,112 | )
Total liabilities and equity | $ | 832,764 |  |  | $ | 316,432 |  |  | $ | 1,004,302 |  |  | $ | (843,128 | ) |  | $ | 1,310,370 |
(Amounts in thousands) | Condensed Consolidating Balance Sheets December 31, 2017
| Titan Intl., Inc. (Parent) |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Eliminations |  | Consolidated
Assets |  |  |  |  |  |  |  |  |
Cash and cash equivalents | $ | 59,740 |  |  | $ | 13 |  |  | $ | 83,817 |  |  | $ | — |  |  | $ | 143,570 |
Accounts receivable, net | — |  |  | 54,009 |  |  | 172,694 |  |  | — |  |  | 226,703 |
Inventories | — |  |  | 96,036 |  |  | 243,800 |  |  | — |  |  | 339,836 |
Prepaid and other current assets | 17,789 |  |  | 20,917 |  |  | 34,378 |  |  | — |  |  | 73,084 |
Total current assets | 77,529 |  |  | 170,975 |  |  | 534,689 |  |  | — |  |  | 783,193 |
Property, plant and equipment, net | 2,466 |  |  | 110,470 |  |  | 308,312 |  |  | — |  |  | 421,248 |
Investment in subsidiaries | 766,777 |  |  | — |  |  | 74,003 |  |  | (840,780 | ) |  | — |
Other assets | 6,389 |  |  | 967 |  |  | 78,315 |  |  | — |  |  | 85,671 |
Total assets | $ | 853,161 |  |  | $ | 282,412 |  |  | $ | 995,319 |  |  | $ | (840,780 | ) |  | $ | 1,290,112 |
Liabilities and Equity |  |  |  |  |  |  |  |  |  |  |  |  |  |
Short-term debt | $ | — |  |  | $ | — |  |  | $ | 43,651 |  |  | $ | — |  |  | $ | 43,651 |
Accounts payable | 4,258 |  |  | 20,787 |  |  | 170,452 |  |  | — |  |  | 195,497 |
Other current liabilities | 38,495 |  |  | 30,170 |  |  | 65,109 |  |  | — |  |  | 133,774 |
Total current liabilities | 42,753 |  |  | 50,957 |  |  | 279,212 |  |  | — |  |  | 372,922 |
Long-term debt | 394,284 |  |  | — |  |  | 12,887 |  |  | — |  |  | 407,171 |
Other long-term liabilities | 11,544 |  |  | 16,458 |  |  | 58,740 |  |  | — |  |  | 86,742 |
Intercompany accounts | 75,103 |  |  | (286,525 | ) |  | 211,422 |  |  | — |  |  | — |
Redeemable noncontrolling interest | — |  |  | — |  |  | 113,193 |  |  | — |  |  | 113,193 |
Titan shareholders' equity | 329,477 |  |  | 501,522 |  |  | 330,710 |  |  | (840,780 | ) |  | 320,929 |
Noncontrolling interests | — |  |  | — |  |  | (10,845 | ) |  | — |  |  | (10,845 | )
Total liabilities and equity | $ | 853,161 |  |  | $ | 282,412 |  |  | $ | 995,319 |  |  | $ | (840,780 | ) |  | $ | 1,290,112 |
(Amounts in thousands) | Condensed Consolidating Statements of Cash Flows For the Six Months Ended June 30, 2018
| Titan Intl., Inc. (Parent) |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Consolidated
Net cash (used for) provided by operating activities | $ | (24,585 | ) |  | $ | 3,265 |  |  | $ | (8,607 | ) |  | $ | (29,927 | )
Cash flows from investing activities: |  |  |  |  |  |  |  |  |  |  |
Capital expenditures | (83 | ) |  | (3,274 | ) |  | (15,059 | ) |  | (18,416 | )
Other, net | 220 |  |  | 1 |  |  | 663 |  |  | 884 |
Net cash provided by (used for) investing activities | 137 |  |  | (3,273 | ) |  | (14,396 | ) |  | (17,532 | )
Cash flows from financing activities: |  |  |  |  |  |  |  |  |  |  |
Proceeds from borrowings | — |  |  | — |  |  | 40,078 |  |  | 40,078 |
Payment on debt | — |  |  | — |  |  | (24,527 | ) |  | (24,527 | )
Dividends paid | (598 | ) |  | — |  |  | — |  |  | (598 | )
Net cash (used for) provided by financing activities | (598 | ) |  | — |  |  | 15,551 |  |  | 14,953 |
Effect of exchange rate change on cash | — |  |  | — |  |  | (4,573 | ) |  | (4,573 | )
Net decrease in cash and cash equivalents | (25,046 | ) |  | (8 | ) |  | (12,025 | ) |  | (37,079 | )
Cash and cash equivalents, beginning of period | 59,740 |  |  | 13 |  |  | 83,817 |  |  | 143,570 |
Cash and cash equivalents, end of period | $ | 34,694 |  |  | $ | 5 |  |  | $ | 71,792 |  |  | $ | 106,491 |
(Amounts in thousands) | Condensed Consolidating Statements of Cash Flows For the Six Months Ended June 30, 2017
| Titan Intl., Inc. (Parent) |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Consolidated
Net cash (used for) provided by operating activities | $ | (43,700 | ) |  | $ | 2,191 |  |  | $ | 10,956 |  |  | $ | (30,553 | )
Cash flows from investing activities: |  |  |  |  |  |  |  |  |  |  |
Capital expenditures | (716 | ) |  | (2,534 | ) |  | (11,902 | ) |  | (15,152 | )
Certificates of deposit | 40,000 |  |  | — |  |  | — |  |  | 40,000 |
Other, net | — |  |  | 344 |  |  | 694 |  |  | 1,038 |
Net cash provided by (used for) investing activities | 39,284 |  |  | (2,190 | ) |  | (11,208 | ) |  | 25,886 |
Cash flows from financing activities: |  |  |  |  |  |  |  |  |  |  |
Proceeds from borrowings | — |  |  | — |  |  | 27,742 |  |  | 27,742 |
Payment on debt | (3,393 | ) |  | — |  |  | (25,684 | ) |  | (29,077 | )
Dividends paid | (570 | ) |  | — |  |  | — |  |  | (570 | )
Net cash (used for) provided by financing activities | (3,963 | ) |  | — |  |  | 2,058 |  |  | (1,905 | )
Effect of exchange rate change on cash | — |  |  | — |  |  | 1,981 |  |  | 1,981 |
Net (decrease) increase in cash and cash equivalents | (8,379 | ) |  | 1 |  |  | 3,787 |  |  | (4,591 | )
Cash and cash equivalents, beginning of period | 86,190 |  |  | 9 |  |  | 61,628 |  |  | 147,827 |
Cash and cash equivalents, end of period | $ | 77,811 |  |  | $ | 10 |  |  | $ | 65,415 |  |  | $ | 143,236 |

X
- Definition The entire disclosure for condensed financial statements. + 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 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=84161450&loc=d3e5614-111684 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.10-01(a)) -URI http://asc.fasb.org/extlink&oid=27015980&loc=d3e46468-122699 + Details
Name: | us-gaap_CondensedFinancialStatementsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration