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SUBSIDIARY GUARANTOR FINANCIAL INFORMATION
12 Months Ended
Dec. 31, 2018
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 6.50% senior secured notes due 2023 are 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, 2018
 
Titan
 Intl., Inc. (Parent)
 
Guarantor Subsidiaries
 
Non-Guarantor Subsidiaries
 
Eliminations
 
Consolidated
Net sales
$

 
$
588,080

 
$
1,263,589

 
$
(249,261
)
 
$
1,602,408

Cost of sales
(512
)
 
505,883

 
1,148,032

 
(249,261
)
 
1,404,142

Gross profit
512

 
82,197

 
115,557

 

 
198,266

Selling, general, and administrative expenses
4,957

 
54,612

 
75,220

 

 
134,789

Research and development expenses
1,113

 
3,733

 
6,300

 

 
11,146

Royalty expense
2,128

 
4,026

 
3,933

 

 
10,087

(Loss) income from operations
(7,686
)
 
19,826

 
30,104

 

 
42,244

Interest expense
(27,299
)
 

 
(3,157
)
 

 
(30,456
)
Intercompany interest income (expense)
2,517

 
3,695

 
(6,212
)
 

 

Foreign exchange loss

 
(653
)
 
(10,526
)
 

 
(11,179
)
Other income (expense)
12,720

 
(476
)
 
6,954

 

 
19,198

(Loss) income before income taxes
(19,748
)
 
22,392

 
17,163

 

 
19,807

(Benefit) provision for income taxes
(10,802
)
 
9,754

 
7,810

 

 
6,762

Equity in earnings (loss) of subsidiaries
21,994

 

 
(2,008
)
 
(19,986
)
 

Net income (loss)
13,048

 
12,638

 
7,345

 
(19,986
)
 
13,045

Net loss noncontrolling interests

 

 
(3,042
)
 

 
(3,042
)
Net income (loss) attributable to Titan
$
13,048

 
$
12,638

 
$
10,387

 
$
(19,986
)
 
$
16,087

 
(Amounts in thousands)
Consolidating Condensed Statements of Operations
Year Ended December 31, 2017
 
Titan
 Intl., Inc. (Parent)
 
Guarantor Subsidiaries
 
Non-Guarantor Subsidiaries
 
Eliminations
 
Consolidated
Net sales
$

 
$
567,830

 
$
901,092

 
$

 
$
1,468,922

Cost of sales
362

 
494,775

 
803,557

 

 
1,298,694

Asset impairment

 

 
9,917

 

 
9,917

Gross (loss) profit
(362
)
 
73,055

 
87,618

 

 
160,311

Selling, general, and administrative expenses
14,218

 
59,769

 
76,689

 

 
150,676

Research and development expenses

 
3,685

 
6,617

 

 
10,302

Royalty expense
1,178

 
5,703

 
3,603

 

 
10,484

(Loss) income from operations
(15,758
)
 
3,898

 
709

 

 
(11,151
)
Interest expense
(29,182
)
 

 
(1,047
)
 

 
(30,229
)
Loss on note repurchase
(18,646
)
 

 

 

 
(18,646
)
Intercompany interest income (expense)
2,412

 
3,937

 
(6,349
)
 

 

Foreign exchange loss
(2
)
 
(100
)
 
(1,856
)
 

 
(1,958
)
Other income (loss)
4,623

 
(1,342
)
 
5,827

 

 
9,108

(Loss) income before income taxes
(56,553
)
 
6,393

 
(2,716
)
 

 
(52,876
)
(Benefit) provision for income taxes
(1,446
)
 
4,173

 
8,476

 

 
11,203

Equity in (loss) earnings of subsidiaries
(8,972
)
 

 
(8,400
)
 
17,372

 

Net (loss) income
(64,079
)
 
2,220

 
(19,592
)
 
17,372

 
(64,079
)
Net loss noncontrolling interests

 

 
(4,037
)
 

 
(4,037
)
Net (loss) income attributable to Titan
$
(64,079
)
 
$
2,220

 
$
(15,555
)
 
$
17,372

 
$
(60,042
)


(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

 
430,935

 
692,388

 

 
1,124,082

Gross (loss) profit
(759
)
 
67,455

 
74,719

 

 
141,415

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
)
 
(7,102
)
 
(2,478
)
 

 
(22,400
)
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 (loss)
2,503

 
(1,590
)
 
9,002

 

 
9,915

(Loss) income before income taxes
(40,744
)
 
(4,869
)
 
9,139

 

 
(36,474
)
(Benefit) provision for income taxes
(64
)
 
30

 
3,315

 

 
3,281

Equity in earnings (loss) of subsidiaries
924

 

 
(6,689
)
 
5,765

 

Net (loss) income
(39,756
)
 
(4,899
)
 
(865
)
 
5,765

 
(39,755
)
Net loss noncontrolling interests

 

 
(2,150
)
 

 
(2,150
)
Net (loss) income attributable to Titan
$
(39,756
)
 
$
(4,899
)
 
$
1,285

 
$
5,765

 
$
(37,605
)


(Amounts in thousands)
Consolidating Condensed Statements of Comprehensive Income (Loss)
For the Year Ended December 31, 2018
 
Titan
 Intl., Inc. (Parent)
 
Guarantor Subsidiaries
 
Non-Guarantor Subsidiaries
 
Eliminations
 
Consolidated
Net income (loss)
$
13,048

 
$
12,638

 
$
7,345

 
$
(19,986
)
 
$
13,045

Currency translation adjustment, net
(41,966
)
 

 
(41,966
)
 
41,966

 
(41,966
)
Pension liability adjustments, net of tax
(3,650
)
 
(3,765
)
 
115

 
3,650

 
(3,650
)
Comprehensive (loss) income
(32,568
)
 
8,873

 
(34,506
)
 
25,630

 
(32,571
)
Net comprehensive loss attributable to noncontrolling interests

 

 
(6,488
)
 

 
(6,488
)
Comprehensive (loss) income attributable to Titan
$
(32,568
)
 
$
8,873

 
$
(28,018
)
 
$
25,630

 
$
(26,083
)


(Amounts in thousands)
Consolidating Condensed Statements of Comprehensive Income (Loss)
For the Year Ended December 31, 2017
 
Titan
 Intl., Inc. (Parent)
 
Guarantor Subsidiaries
 
Non-Guarantor Subsidiaries
 
Eliminations
 
Consolidated
Net (loss) income
$
(64,079
)
 
$
2,220

 
$
(19,592
)
 
$
17,372

 
$
(64,079
)
Currency translation adjustment, net
30,818

 

 
30,818

 
(30,818
)
 
30,818

Pension liability adjustments, net of tax
1,523

 
1,807

 
(284
)
 
(1,523
)
 
1,523

Comprehensive (loss) income
(31,738
)
 
4,027

 
10,942

 
(14,969
)
 
(31,738
)
Net comprehensive loss attributable to noncontrolling interests

 

 
(2,898
)
 

 
(2,898
)
Comprehensive (loss) income attributable to Titan
$
(31,738
)
 
$
4,027

 
$
13,840

 
$
(14,969
)
 
$
(28,840
)


(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 (loss) income
$
(39,756
)
 
$
(4,899
)
 
$
(865
)
 
$
5,765

 
$
(39,755
)
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 (loss) income
(32,828
)
 
(3,219
)
 
4,383

 
(1,163
)
 
(32,827
)
Net comprehensive income attributable to noncontrolling interests

 

 
5,305

 

 
5,305

Comprehensive (loss) income attributable to Titan
$
(32,828
)
 
$
(3,219
)
 
$
(922
)
 
$
(1,163
)
 
$
(38,132
)


(Amounts in thousands)
Consolidating Condensed Balance Sheets
December 31, 2018
 
Titan
 Intl., Inc. (Parent)
 
Guarantor Subsidiaries
 
Non-Guarantor Subsidiaries
 
Eliminations
 
Consolidated
Assets
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
$
23,630

 
$
4

 
$
58,051

 
$

 
$
81,685

Accounts receivable

 

 
241,832

 

 
241,832

Inventories

 
68,858

 
326,877

 

 
395,735

Prepaid and other current assets
3,853

 
18,845

 
37,531

 

 
60,229

Total current assets
27,483

 
87,707

 
664,291

 

 
779,481

Property, plant, and equipment, net
12,493

 
98,856

 
273,523

 

 
384,872

Investment in subsidiaries
749,645

 

 
66,308

 
(815,953
)
 

Other long-term assets
6,268

 
944

 
79,691

 

 
86,903

Total assets
$
795,889

 
$
187,507

 
$
1,083,813

 
$
(815,953
)
 
$
1,251,256

Liabilities and Stockholders’ Equity
 

 
 

 
 

 
 

 
 

Short-term debt
$
419

 
$

 
$
51,466

 
$

 
$
51,885

Accounts payable
1,447

 
29,922

 
180,760

 

 
212,129

Other current liabilities
22,065

 
20,051

 
68,938

 

 
111,054

Total current liabilities
23,931

 
49,973

 
301,164

 

 
375,068

Long-term debt
396,700

 

 
12,872

 

 
409,572

Other long-term liabilities
9,268

 
17,521

 
49,917

 

 
76,706

Intercompany accounts
77,363

 
(390,382
)
 
313,019

 

 

Redeemable noncontrolling interest

 

 
119,813

 

 
119,813

Titan stockholders' equity
288,627

 
510,395

 
295,979

 
(815,953
)
 
279,048

Noncontrolling interests

 

 
(8,951
)
 

 
(8,951
)
Total liabilities and stockholders’ equity
$
795,889

 
$
187,507

 
$
1,083,813

 
$
(815,953
)
 
$
1,251,256


(Amounts in thousands)
Consolidating Condensed 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

 
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 long-term assets
6,389

 
967

 
78,315

 

 
85,671

Total assets
$
853,161

 
$
282,412

 
$
995,319

 
$
(840,780
)
 
$
1,290,112

Liabilities and Stockholders’ 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 stockholders’ equity
329,477

 
501,522

 
330,710

 
(840,780
)
 
320,929

Noncontrolling interests

 

 
(10,845
)
 

 
(10,845
)
Total liabilities and stockholders’ equity
$
853,161

 
$
282,412

 
$
995,319

 
$
(840,780
)
 
$
1,290,112



(Amounts in thousands)
Consolidating Condensed Statements of Cash Flows
Year Ended December 31, 2018
 
Titan
 Intl., Inc. (Parent)
 
Guarantor Subsidiaries
 
Non-Guarantor Subsidiaries
 
Consolidated
Net cash provided by (used for) operating activities
$
(34,764
)
 
$
6,143

 
$
(7,555
)
 
$
(36,176
)
Cash flows from investing activities:
 

 
 

 
 

 
 

Capital expenditures
(939
)
 
(6,174
)
 
(31,887
)
 
(39,000
)
Other, net
794

 
22

 
1,253

 
2,069

Net cash provided by (used for) investing activities
(145
)
 
(6,152
)
 
(30,634
)
 
(36,931
)
Cash flows from financing activities:
 

 
 

 
 

 
 

Proceeds from borrowings

 

 
57,294

 
57,294

Payment on debt

 

 
(38,557
)
 
(38,557
)
Dividends paid
(1,201
)
 

 

 
(1,201
)
Net cash provided by (used for) financing activities
(1,201
)
 

 
18,737

 
17,536

Effect of exchange rate change on cash

 

 
(6,314
)
 
(6,314
)
Net increase (decrease) in cash and cash equivalents
(36,110
)
 
(9
)
 
(25,766
)
 
(61,885
)
Cash and cash equivalents, beginning of period
59,740

 
13

 
83,817

 
143,570

Cash and cash equivalents, end of period
$
23,630

 
$
4

 
$
58,051

 
$
81,685

 
(Amounts in thousands)
Consolidating Condensed Statements of Cash Flows
Year Ended December 31, 2017
 
Titan
 Intl., Inc. (Parent)
 
Guarantor Subsidiaries
 
Non-Guarantor Subsidiaries
 
Consolidated
Net cash provided by (used for) operating activities
$
(49,856
)
 
$
7,235

 
$
41,332

 
$
(1,289
)
Cash flows from investing activities:
 

 
 

 
 

 
 

Capital expenditures
(830
)
 
(7,620
)
 
(24,176
)
 
(32,626
)
Certificates of deposit
50,000

 

 

 
50,000

Other, net

 
389

 
604

 
993

Net cash provided by (used for) investing activities
49,170

 
(7,231
)
 
(23,572
)
 
18,367

Cash flows from financing activities:
 

 
 

 
 

 
 

Proceeds from borrowings
394,191

 

 
53,448

 
447,639

Repurchase of senior notes
(415,395
)
 

 

 
(415,395
)
Payment on debt
(3,393
)
 

 
(51,767
)
 
(55,160
)
Dividends paid
(1,167
)
 

 

 
(1,167
)
Net cash provided by (used for) financing activities
(25,764
)
 

 
1,681

 
(24,083
)
Effect of exchange rate change on cash

 

 
2,748

 
2,748

Net increase (decrease) in cash and cash equivalents
(26,450
)
 
4

 
22,189

 
(4,257
)
Cash and cash equivalents, beginning of period
86,190

 
9

 
61,628

 
147,827

Cash and cash equivalents, end of period
$
59,740

 
$
13

 
$
83,817

 
$
143,570

 
(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
)
Increase in restricted cash deposits
(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