SUBSIDIARY GUARANTOR FINANCIAL INFORMATION

3 Months Ended

Mar. 31, 2019

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 2018 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 March 31, 2019
	Titan Intl., Inc. (Parent)			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Consolidated
Net sales	$	—		$	124,781		$	410,275		$	(124,682	)	$	410,374
Cost of sales	152			106,516			383,124			(124,682		)	365,110
Gross (loss) profit	(152		)	18,265			27,151			—			45,264
Selling, general and administrative expenses	1,151			11,608			23,146			—			35,905
Research and development expenses	265			829			1,523			—			2,617
Royalty expense	663			1,072			871			—			2,606
(Loss) income from operations	(2,231		)	4,756			1,611			—			4,136
Interest expense	(6,927		)	—			(1,006		)	—			(7,933		)
Intercompany interest income (expense)	630			1,009			(1,639		)	—			—
Foreign exchange (loss) gain	(38		)	(60		)	5,821			—			5,723
Other income (expense)	330			(279		)	945			—			996
(Loss) income before income taxes	(8,236		)	5,426			5,732			—			2,922
Provision for income taxes	649			151			1,115			—			1,915
Equity in earnings of subsidiaries	9,891			—			736			(10,627		)	—
Net income (loss)	1,006			5,275			5,353			(10,627		)	1,007
Net loss attributable to noncontrolling interests	—			—			(970		)	—			(970		)
Net income (loss) attributable to Titan	$	1,006		$	5,275		$	6,323		$	(10,627	)	$	1,977



(Amounts in thousands)	Condensed Consolidating Statements of Operations For the Three Months March 31, 2018
	Titan Intl., Inc. (Parent)			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Consolidated
Net sales	$	—		$	170,759		$	254,623		$	—		$	425,382
Cost of sales	108			141,530			224,183			—			365,821
Gross (loss) profit	(108		)	29,229			30,440			—			59,561
Selling, general and administrative expenses	1,196			15,275			18,168			—			34,639
Research and development expenses	240			986			1,651			—			2,877
Royalty expense	253			1,513			897			—			2,663
(Loss) income from operations	(1,797		)	11,455			9,724			—			19,382
Interest expense	(6,813		)	—			(705		)	—			(7,518		)
Intercompany interest income (expense)	624			1,013			(1,637		)	—			—
Foreign exchange (loss) gain	—			(8		)	(4,424		)	—			(4,432		)
Other income (loss)	5,669			(165		)	2,246			—			7,750
(Loss) income before income taxes	(2,317		)	12,295			5,204			—			15,182
Provision for income taxes	(10,066		)	4,260			5,020			—			(786		)
Equity in earnings of subsidiaries	6,938			—			4,337			(11,275		)	—
Net income (loss)	14,687			8,035			4,521			(11,275		)	15,968
Net loss attributable to noncontrolling interests	—			—			(1,679		)	—			(1,679		)
Net income (loss) attributable to Titan	$	14,687		$	8,035		$	6,200		$	(11,275	)	$	17,647



(Amounts in thousands)	Condensed Consolidating Statements of Comprehensive Income (Loss) For the Three Months Ended March 31, 2019
	Titan Intl., Inc. (Parent)			Guarantor Subsidiaries		Non-Guarantor Subsidiaries			Eliminations			Consolidated
Net income (loss)	$	1,006		$	5,275	$	5,353		$	(10,627	)	$	1,007
Currency translation adjustment	(4,379		)	—		(4,379		)	4,379			(4,379		)
Pension liability adjustments, net of tax	466			753		(287		)	(466		)	466
Comprehensive (loss) income	(2,907		)	6,028		687			(6,714		)	(2,906		)
Net comprehensive loss attributable to redeemable and noncontrolling interests	—			—		(68		)	—			(68		)
Comprehensive (loss) income attributable to Titan	$	(2,907	)	$	6,028	$	755		$	(6,714	)	$	(2,838	)



(Amounts in thousands)	Condensed Consolidating Statements of Comprehensive Income (Loss) For the Three Months Ended March 31, 2018
	Titan Intl., Inc. (Parent)		Guarantor Subsidiaries		Non-Guarantor Subsidiaries			Eliminations			Consolidated
Net (loss) income	$	14,687	$	8,035	$	4,521		$	(11,275	)	$	15,968
Currency translation adjustment	8,062		—		8,062			(8,062		)	8,062
Pension liability adjustments, net of tax	883		646		237			(883		)	883
Comprehensive income (loss)	23,632		8,681		12,820			(20,220		)	24,913
Net comprehensive income attributable to redeemable and noncontrolling interests	—		—		(1,040		)	—			(1,040		)
Comprehensive income (loss) attributable to Titan	$	23,632	$	8,681	$	13,860		$	(20,220	)	$	25,953



(Amounts in thousands)	Condensed Consolidating Balance Sheets March 31, 2019
	Titan Intl., Inc. (Parent)		Guarantor Subsidiaries			Non-Guarantor Subsidiaries		Eliminations			Consolidated
Assets
Cash and cash equivalents	$	12,307	$	3		$	56,005	$	—		$	68,315
Accounts receivable, net	—		41			295,292		—			295,333
Inventories	—		74,909			337,329		—			412,238
Prepaid and other current assets	3,012		18,892			39,683		—			61,587
Total current assets	15,319		93,845			728,309		—			837,473
Property, plant and equipment, net	12,299		95,989			270,396		—			378,684
Investment in subsidiaries	749,791		—			64,121		(813,912		)	—
Other assets	2,658		5,592			100,849		—			109,099
Total assets	$	780,067	$	195,426		$	1,163,675	$	(813,912	)	$	1,325,256
Liabilities and Equity
Short-term debt	$	425	$	—		$	65,922	$	—		$	66,347
Accounts payable	3,750		47,826			199,342		—			250,918
Other current liabilities	29,456		23,235			69,288		—			121,979
Total current liabilities	33,631		71,061			334,552		—			439,244
Long-term debt	421,831		—			10,931		—			432,762
Other long-term liabilities	8,644		20,333			63,802		—			92,779
Intercompany accounts	21,988		(408,857		)	386,869		—			—
Redeemable noncontrolling interest	—		—			70,800		—			70,800
Titan shareholders' equity	293,973		512,889			291,443		(813,912		)	284,393
Noncontrolling interests	—		—			5,278		—			5,278
Total liabilities and equity	$	780,067	$	195,426		$	1,163,675	$	(813,912	)	$	1,325,256



(Amounts in thousands)	Condensed Consolidating 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, net	—		—			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 assets	6,268		944			79,691			—			86,903
Total assets	$	795,889	$	187,507		$	1,083,813		$	(815,953	)	$	1,251,256
Liabilities and 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 shareholders' equity	288,627		510,395			295,979			(815,953		)	279,048
Noncontrolling interests	—		—			(8,951		)	—			(8,951		)
Total liabilities and equity	$	795,889	$	187,507		$	1,083,813		$	(815,953	)	$	1,251,256



(Amounts in thousands)	Condensed Consolidating Statements of Cash Flows For the Three Months Ended March 31, 2019
	Titan Intl., Inc. (Parent)			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Consolidated
Net cash (used for) provided by operating activities	$	(11,022	)	$	1,545		$	(6,142	)	$	(15,619	)
Cash flows from investing activities:
Capital expenditures	—			(1,700		)	(7,753		)	(9,453		)
Payment related to redeemable noncontrolling interest agreement	(25,000		)	—			—			(25,000		)
Other, net	—			154			40			194
Net cash used for investing activities	(25,000		)	(1,546		)	(7,713		)	(34,259		)
Cash flows from financing activities:
Proceeds from borrowings	25,000			—			27,398			52,398
Payment on debt	—			—			(15,357		)	(15,357		)
Dividends paid	(301		)	—			—			(301		)
Net cash provided by financing activities	24,699			—			12,041			36,740
Effect of exchange rate change on cash	—			—			(232		)	(232		)
Net decrease in cash and cash equivalents	(11,323		)	(1		)	(2,046		)	(13,370		)
Cash and cash equivalents, beginning of period	23,630			4			58,051			81,685
Cash and cash equivalents, end of period	$	12,307		$	3		$	56,005		$	68,315



(Amounts in thousands)	Condensed Consolidating Statements of Cash Flows For the Three Months Ended March 31, 2018
	Titan Intl., Inc. (Parent)			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Consolidated
Net cash (used for) provided by operating activities	$	(13,778	)	$	1,375		$	(23,280	)	$	(35,683	)
Cash flows from investing activities:
Capital expenditures	—			(1,380		)	(6,427		)	(7,807		)
Other, net	220			1			573			794
Net cash provided by (used for) investing activities	220			(1,379		)	(5,854		)	(7,013		)
Cash flows from financing activities:
Proceeds from borrowings	—			—			16,480			16,480
Payment on debt	—			—			(5,720		)	(5,720		)
Dividends paid	(299		)	—			—			(299		)
Net cash (used for) provided by financing activities	(299		)	—			10,760			10,461
Effect of exchange rate change on cash	—			—			1,094			1,094
Net (decrease) in cash and cash equivalents	(13,857		)	(4		)	(17,280		)	(31,141		)
Cash and cash equivalents, beginning of period	59,740			13			83,817			143,570
Cash and cash equivalents, end of period	$	45,883		$	9		$	66,537		$	112,429