XML 26 R15.htm IDEA: XBRL DOCUMENT
v3.19.2

REVOLVING CREDIT FACILITY AND LONG-TERM DEBT | 6 Months Ended
--- | ---
Jun. 30, 2019
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):
| June 30, 2019
| Principal Balance |  | Unamortized Debt Issuance |  | Net Carrying Amount
6.50% senior secured notes due 2023 | $ | 400,000 |  |  | $ | (4,476 | ) |  | $ | 395,524 |
Titan Europe credit facilities | 44,107 |  |  | — |  |  | 44,107 |
Revolving credit facility | 41,000 |  |  | — |  |  | 41,000 |
Other debt | 33,366 |  |  | — |  |  | 33,366 |
Capital leases | 2,757 |  |  | — |  |  | 2,757 |
Total debt | 521,230 |  |  | (4,476 | ) |  | 516,754 |
Less amounts due within one year | 71,366 |  |  | — |  |  | 71,366 |
Total long-term debt | $ | 449,864 |  |  | $ | (4,476 | ) |  | $ | 445,388 |
| December 31, 2018
| Principal Balance |  | Unamortized Debt Issuance |  | Net Carrying Amount
6.50% senior secured notes due 2023 | $ | 400,000 |  |  | $ | (4,897 | ) |  | $ | 395,103 |
Titan Europe credit facilities | 35,115 |  |  | — |  |  | 35,115 |
Other debt | 28,429 |  |  | — |  |  | 28,429 |
Capital leases | 2,810 |  |  | — |  |  | 2,810 |
Total debt | 466,354 |  |  | (4,897 | ) |  | 461,457 |
Less amounts due within one year | 51,885 |  |  | — |  |  | 51,885 |
Total long-term debt | $ | 414,469 |  |  | $ | (4,897 | ) |  | $ | 409,572 |
Aggregate principal maturities of long-term debt at June 30, 2019, for each of the years (or other periods) set forth below were as follows (amounts in thousands):
July 1 - December 31, 2019 | $ | 54,236 |
2020 | 19,031 |
2021 | 2,545 |
2022 | 43,538 |
2023 | 401,262 |
Thereafter | 618 |
| $ | 521,230 |
6.50% senior secured notes due 2023 The senior secured notes are due November 2023. Including the impact of debt issuance costs, these notes had an effective yield of 6.79% at issuance. 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. Titan Europe credit facilities The Titan Europe credit facilities include borrowings from various institutions totaling $44.1 million in aggregate principal amount at June 30, 2019. Maturity dates on this debt range from less than one year to nine years. The Titan Europe facilities are secured by the assets of Titan's subsidiaries in Italy, Spain, Germany, and Brazil. Revolving credit facility The Company has a $125 million revolving credit facility (credit facility) with agent BMO Harris Bank N.A. and other financial institutions party thereto. The credit facility is collateralized by accounts receivable and inventory of certain of the Company’s domestic subsidiaries and is scheduled to mature in February 2022. From time to time Titan's availability under this credit facility may be less than $125 million as a result of outstanding letters of credit and eligible accounts receivable and inventory balances at certain of its domestic subsidiaries. At June 30, 2019, under the credit facility there were $41.0 million in borrowings, a $10.3 million letter of credit, and the amount available totaled $57.3 million. Other debt The Company has working capital loans at Titan Pneus do Brasil Ltda and Voltyre-Prom at various interest rates, which totaled $8.7 million and $22.5 million at June 30, 2019, respectively. Maturity dates on this debt range from less than one year to three years.

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

X
- 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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -URI http://asc.fasb.org/topic&trid=2208564 + Details
Name: | us-gaap_DebtDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration