XML 56 R45.htm IDEA: XBRL DOCUMENT
v3.20.2

SUBSIDIARY GUARANTOR FINANCIAL INFORMATION (Tables) | 9 Months Ended
--- | ---
Sep. 30, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
Condensed Income Statement [Table Text Block] |
(Amounts in thousands) | Condensed Consolidating Statements of Operations For the Three Months Ended September 30, 2020
| Titan Intl., Inc. (Parent) |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Eliminations |  | Consolidated
Net sales | $ | — |  |  | $ | 119,850 |  |  | $ | 305,097 |  |  | $ | (120,175) |  |  | $ | 304,772 |
Cost of sales | 202 |  |  | 108,642 |  |  | 284,786 |  |  | (120,175) |  |  | 273,455 |
Asset impairment | — |  |  | — |  |  | — |  |  | — |  |  | — |
Gross (loss) profit | (202) |  |  | 11,208 |  |  | 20,311 |  |  | — |  |  | 31,317 |
Selling, general and administrative expenses | 5,180 |  |  | 2,593 |  |  | 25,678 |  |  | — |  |  | 33,451 |
Research and development expenses | 209 |  |  | 769 |  |  | 1,262 |  |  | — |  |  | 2,240 |
Royalty expense | 654 |  |  | 855 |  |  | 925 |  |  | — |  |  | 2,434 |
(Loss) income from operations | (6,245) |  |  | 6,991 |  |  | (7,554) |  |  | — |  |  | (6,808) |
Interest (expense) income | (6,986) |  |  | 96 |  |  | (361) |  |  | — |  |  | (7,251) |
Intercompany interest income (expense) | 527 |  |  | 530 |  |  | (1,057) |  |  | — |  |  | — |
Foreign exchange loss | — |  |  | (99) |  |  | (1,237) |  |  | — |  |  | (1,336) |
Other income | 322 |  |  | 119 |  |  | 1,842 |  |  | — |  |  | 2,283 |
(Loss) income before income taxes | (12,382) |  |  | 7,637 |  |  | (8,367) |  |  | — |  |  | (13,112) |
Provision for income taxes | (1,851) |  |  | 79 |  |  | 2,114 |  |  | — |  |  | 342 |
Equity in earnings of subsidiaries | (2,923) |  |  | — |  |  | 3,315 |  |  | (392) |  |  | — |
Net (loss) income | (13,454) |  |  | 7,558 |  |  | (7,166) |  |  | (392) |  |  | (13,454) |
Net loss attributable to noncontrolling interests | — |  |  | — |  |  | (811) |  |  | — |  |  | (811) |
Net (loss) income attributable to Titan | $ | (13,454) |  |  | $ | 7,558 |  |  | $ | (6,355) |  |  | $ | (392) |  |  | $ | (12,643) |
(Amounts in thousands) | Condensed Consolidating Statements of Operations For the Three Months Ended September 30, 2019
| Titan Intl., Inc. (Parent) |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Eliminations |  | Consolidated
Net sales | $ | — |  |  | $ | 141,133 |  |  | $ | 345,992 |  |  | $ | (141,220) |  |  | $ | 345,905 |
Cost of sales | 107 |  |  | 134,169 |  |  | 325,749 |  |  | (141,220) |  |  | 318,805 |
Gross (loss) profit | (107) |  |  | 6,964 |  |  | 20,243 |  |  | — |  |  | 27,100 |
Selling, general and administrative expenses | 1,513 |  |  | 12,094 |  |  | 21,347 |  |  | — |  |  | 34,954 |
Research and development expenses | 276 |  |  | 678 |  |  | 1,355 |  |  | — |  |  | 2,309 |
Royalty expense | 679 |  |  | 860 |  |  | 914 |  |  | — |  |  | 2,453 |
Loss from operations | (2,575) |  |  | (6,668) |  |  | (3,373) |  |  | — |  |  | (12,616) |
Interest (expense) income | (7,281) |  |  | 5 |  |  | (888) |  |  | — |  |  | (8,164) |
Intercompany interest income (expense) | 884 |  |  | 841 |  |  | (1,725) |  |  | — |  |  | — |
Foreign exchange loss | (47) |  |  | (152) |  |  | (2,067) |  |  | — |  |  | (2,266) |
Other income (expense) | 358 |  |  | (528) |  |  | 5,236 |  |  | — |  |  | 5,066 |
Loss before income taxes | (8,661) |  |  | (6,502) |  |  | (2,817) |  |  | — |  |  | (17,980) |
Provision for income taxes | 635 |  |  | 126 |  |  | 1,303 |  |  | — |  |  | 2,064 |
Equity in earnings of subsidiaries | (10,748) |  |  | — |  |  | (1,851) |  |  | 12,599 |  |  | — |
Net (loss) income | (20,044) |  |  | (6,628) |  |  | (5,971) |  |  | 12,599 |  |  | (20,044) |
Net loss attributable to noncontrolling interests | — |  |  | — |  |  | (900) |  |  | — |  |  | (900) |
Net (loss) income attributable to Titan | $ | (20,044) |  |  | $ | (6,628) |  |  | $ | (5,071) |  |  | $ | 12,599 |  |  | $ | (19,144) |
(Amounts in thousands) | Condensed Consolidating Statements of Operations For the Nine Months Ended September 30, 2020
| Titan Intl., Inc. (Parent) |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Eliminations |  | Consolidated
Net sales | $ | — |  |  | $ | 406,810 |  |  | $ | 933,657 |  |  | $ | (408,062) |  |  | $ | 932,405 |
Cost of sales | 525 |  |  | 367,998 |  |  | 879,930 |  |  | (408,062) |  |  | 840,391 |
Asset impairment | 1,007 |  |  | — |  |  | 2,579 |  |  | — |  |  | 3,586 |
Gross (loss) profit | (1,532) |  |  | 38,812 |  |  | 51,148 |  |  | — |  |  | 88,428 |
Selling, general and administrative expenses | 16,519 |  |  | 6,738 |  |  | 70,592 |  |  | — |  |  | 93,849 |
Research and development expenses | 664 |  |  | 2,239 |  |  | 3,879 |  |  | — |  |  | 6,782 |
Royalty expense | 2,147 |  |  | 2,694 |  |  | 2,468 |  |  | — |  |  | 7,309 |
(Loss) income from operations | (20,862) |  |  | 27,141 |  |  | (25,791) |  |  | — |  |  | (19,512) |
Interest (expense) income | (21,241) |  |  | 81 |  |  | (1,916) |  |  | — |  |  | (23,076) |
Intercompany interest income (expense) | 1,586 |  |  | 1,709 |  |  | (3,295) |  |  | — |  |  | — |
Foreign exchange loss | — |  |  | (981) |  |  | (8,761) |  |  | — |  |  | (9,742) |
Other income (expense) | 1,330 |  |  | (142) |  |  | 7,923 |  |  | — |  |  | 9,111 |
(Loss) income before income taxes | (39,187) |  |  | 27,808 |  |  | (31,840) |  |  | — |  |  | (43,219) |
Provision for income taxes | (3,764) |  |  | 256 |  |  | 5,885 |  |  | — |  |  | 2,377 |
Equity in earnings of subsidiaries | (10,173) |  |  | — |  |  | 17,384 |  |  | (7,211) |  |  | — |
Net (loss) income | (45,596) |  |  | 27,552 |  |  | (20,341) |  |  | (7,211) |  |  | (45,596) |
Net loss attributable to noncontrolling interests | — |  |  | — |  |  | (2,422) |  |  | — |  |  | (2,422) |
Net (loss) income attributable to Titan | $ | (45,596) |  |  | $ | 27,552 |  |  | $ | (17,919) |  |  | $ | (7,211) |  |  | $ | (43,174) |
(Amounts in thousands) | Condensed Consolidating Statements of Operations For the Nine Months Ended September 30, 2019
| Titan Intl., Inc. (Parent) |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Eliminations |  | Consolidated
Net sales | $ | — |  |  | $ | 475,652 |  |  | $ | 1,147,568 |  |  | $ | (476,344) |  |  | $ | 1,146,876 |
Cost of sales | 248 |  |  | 438,535 |  |  | 1,073,765 |  |  | (476,344) |  |  | 1,036,204 |
Gross (loss) profit | (248) |  |  | 37,117 |  |  | 73,803 |  |  | — |  |  | 110,672 |
Selling, general and administrative expenses | 4,694 |  |  | 35,299 |  |  | 66,612 |  |  | — |  |  | 106,605 |
Research and development expenses | 768 |  |  | 2,263 |  |  | 4,439 |  |  | — |  |  | 7,470 |
Royalty expense | 1,743 |  |  | 3,005 |  |  | 2,759 |  |  | — |  |  | 7,507 |
(Loss) income from operations | (7,453) |  |  | (3,450) |  |  | (7) |  |  | — |  |  | (10,910) |
Interest (expense) income | (21,311) |  |  | 5 |  |  | (2,445) |  |  | — |  |  | (23,751) |
Intercompany interest income (expense) | 2,158 |  |  | 2,731 |  |  | (4,889) |  |  | — |  |  | — |
Foreign exchange loss (gain) | (69) |  |  | (156) |  |  | 2,443 |  |  | — |  |  | 2,218 |
Other income (expense) | 1,162 |  |  | (1,606) |  |  | 7,934 |  |  | — |  |  | 7,490 |
(Loss) income before income taxes | (25,513) |  |  | (2,476) |  |  | 3,036 |  |  | — |  |  | (24,953) |
Provision for income taxes | (6,390) |  |  | 410 |  |  | 6,741 |  |  | — |  |  | 761 |
Equity in earnings of subsidiaries | (6,591) |  |  | — |  |  | (1,320) |  |  | 7,911 |  |  | — |
Net (loss) income | (25,714) |  |  | (2,886) |  |  | (5,025) |  |  | 7,911 |  |  | (25,714) |
Net loss attributable to noncontrolling interests | — |  |  | — |  |  | (2,124) |  |  | — |  |  | (2,124) |
Net (loss) income attributable to Titan | $ | (25,714) |  |  | $ | (2,886) |  |  | $ | (2,901) |  |  | $ | 7,911 |  |  | $ | (23,590) |
Condensed Statement of Comprehensive Income [Table Text Block] |
(Amounts in thousands) | Condensed Consolidating Statements of Comprehensive Loss For the Three Months Ended September 30, 2020
| Titan Intl., Inc. (Parent) |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Eliminations |  | Consolidated
Net (loss) income | $ | (13,454) |  |  | $ | 7,558 |  |  | $ | (7,166) |  |  | $ | (392) |  |  | $ | (13,454) |
Derivative (loss) gain | (17) |  |  | — |  |  | (17) |  |  | 17 |  |  | (17) |
Currency translation adjustment | 4,275 |  |  | — |  |  | 4,275 |  |  | (4,275) |  |  | 4,275 |
Pension liability adjustments, net of tax | 575 |  |  | 667 |  |  | (92) |  |  | (575) |  |  | 575 |
Comprehensive (loss) income | (8,621) |  |  | 8,225 |  |  | (3,000) |  |  | (5,225) |  |  | (8,621) |
Net comprehensive loss attributable to redeemable and noncontrolling interests | — |  |  | — |  |  | (1,912) |  |  | — |  |  | (1,912) |
Comprehensive (loss) income attributable to Titan | $ | (8,621) |  |  | $ | 8,225 |  |  | $ | (1,088) |  |  | $ | (5,225) |  |  | $ | (6,709) |
(Amounts in thousands) | Condensed Consolidating Statements of Comprehensive Loss For the Three Months Ended September 30, 2019
| Titan Intl., Inc. (Parent) |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Eliminations |  | Consolidated
Net (loss) income | $ | (20,044) |  |  | $ | (6,628) |  |  | $ | (5,971) |  |  | $ | 12,599 |  |  | $ | (20,044) |
Currency translation adjustment | (20,324) |  |  | — |  |  | (20,324) |  |  | 20,324 |  |  | (20,324) |
Pension liability adjustments, net of tax | 590 |  |  | 753 |  |  | (163) |  |  | (590) |  |  | 590 |
Comprehensive (loss) income | (39,778) |  |  | (5,875) |  |  | (26,458) |  |  | 32,333 |  |  | (39,778) |
Net comprehensive loss attributable to redeemable and noncontrolling interests | — |  |  | — |  |  | (1,213) |  |  | — |  |  | (1,213) |
Comprehensive (loss) income attributable to Titan | $ | (39,778) |  |  | $ | (5,875) |  |  | $ | (25,245) |  |  | $ | 32,333 |  |  | $ | (38,565) |
(Amounts in thousands) | Condensed Consolidating Statements of Comprehensive Loss For the Nine Months Ended September 30, 2020
| Titan Intl., Inc. (Parent) |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Eliminations |  | Consolidated
Net (loss) income | $ | (45,596) |  |  | $ | 27,552 |  |  | $ | (20,341) |  |  | $ | (7,211) |  |  | $ | (45,596) |
Derivative (loss) gain | (215) |  |  | — |  |  | (215) |  |  | 215 |  |  | (215) |
Currency translation adjustment | (28,498) |  |  | — |  |  | (28,498) |  |  | 28,498 |  |  | (28,498) |
Pension liability adjustments, net of tax | 1,923 |  |  | 2,001 |  |  | (78) |  |  | (1,923) |  |  | 1,923 |
Comprehensive (loss) income | (72,386) |  |  | 29,553 |  |  | (49,132) |  |  | 19,579 |  |  | (72,386) |
Net comprehensive loss attributable to redeemable and noncontrolling interests | — |  |  | — |  |  | (4,814) |  |  | — |  |  | (4,814) |
Comprehensive (loss) income attributable to Titan | $ | (72,386) |  |  | $ | 29,553 |  |  | $ | (44,318) |  |  | $ | 19,579 |  |  | $ | (67,572) |
(Amounts in thousands) | Condensed Consolidating Statements of Comprehensive Loss For the Nine Months Ended September 30, 2019
| Titan Intl., Inc. (Parent) |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Eliminations |  | Consolidated
Net (loss) income | $ | (25,714) |  |  | $ | (2,886) |  |  | $ | (5,025) |  |  | $ | 7,911 |  |  | $ | (25,714) |
Currency translation adjustment | (19,280) |  |  | — |  |  | (19,280) |  |  | 19,280 |  |  | (19,280) |
Pension liability adjustments, net of tax | 1,594 |  |  | 2,256 |  |  | (662) |  |  | (1,594) |  |  | 1,594 |
Comprehensive (loss) income | (43,400) |  |  | (630) |  |  | (24,967) |  |  | 25,597 |  |  | (43,400) |
Net comprehensive loss attributable to redeemable and noncontrolling interests | — |  |  | — |  |  | (897) |  |  | — |  |  | (897) |
Comprehensive (loss) income attributable to Titan | $ | (43,400) |  |  | $ | (630) |  |  | $ | (24,070) |  |  | $ | 25,597 |  |  | $ | (42,503) |
Condensed Balance Sheet [Table Text Block] |
(Amounts in thousands) | Condensed Consolidating Balance Sheets September 30, 2020
| Titan Intl., Inc. (Parent) |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Eliminations |  | Consolidated
Assets |  |  |  |  |  |  |  |  |
Cash and cash equivalents | $ | 5,002 |  |  | $ | 3 |  |  | $ | 93,767 |  |  | $ | — |  |  | $ | 98,772 |
Accounts receivable, net | — |  |  | — |  |  | 192,764 |  |  | — |  |  | 192,764 |
Inventories | — |  |  | 31,763 |  |  | 252,468 |  |  | — |  |  | 284,231 |
Assets held for sale | 6,640 |  |  | — |  |  | — |  |  | — |  |  | 6,640 |
Prepaid and other current assets | 4,756 |  |  | 16,655 |  |  | 34,597 |  |  | — |  |  | 56,008 |
Total current assets | 16,398 |  |  | 48,421 |  |  | 573,596 |  |  | — |  |  | 638,415 |
Property, plant and equipment, net | 3,784 |  |  | 84,724 |  |  | 236,451 |  |  | — |  |  | 324,959 |
Investment in subsidiaries | 585,724 |  |  | — |  |  | 70,501 |  |  | (656,225) |  |  | — |
Other assets | 2,259 |  |  | 5,056 |  |  | 45,658 |  |  | — |  |  | 52,973 |
Total assets | $ | 608,165 |  |  | $ | 138,201 |  |  | $ | 926,206 |  |  | $ | (656,225) |  |  | $ | 1,016,347 |
Liabilities and Equity |  |  |  |  |  |  |  |  |
Short-term debt | $ | — |  |  | $ | — |  |  | $ | 32,641 |  |  | $ | — |  |  | $ | 32,641 |
Accounts payable | 2,343 |  |  | 23,542 |  |  | 124,994 |  |  | — |  |  | 150,879 |
Other current liabilities | 28,465 |  |  | 22,854 |  |  | 80,415 |  |  | — |  |  | 131,734 |
Total current liabilities | 30,808 |  |  | 46,396 |  |  | 238,050 |  |  | — |  |  | 315,254 |
Long-term debt | 396,642 |  |  | — |  |  | 35,147 |  |  | — |  |  | 431,789 |
Other long-term liabilities | 2,231 |  |  | 18,037 |  |  | 54,826 |  |  | — |  |  | 75,094 |
Intercompany accounts | (32,322) |  |  | (446,212) |  |  | 478,534 |  |  | — |  |  | — |
Redeemable noncontrolling interest | — |  |  | — |  |  | 25,000 |  |  | — |  |  | 25,000 |
Titan shareholders' equity | 210,806 |  |  | 519,980 |  |  | 95,277 |  |  | (656,225) |  |  | 169,838 |
Noncontrolling interests | — |  |  | — |  |  | (628) |  |  | — |  |  | (628) |
Total liabilities and equity | $ | 608,165 |  |  | $ | 138,201 |  |  | $ | 926,206 |  |  | $ | (656,225) |  |  | $ | 1,016,347 |
(Amounts in thousands) | Condensed Consolidating Balance Sheets December 31, 2019
| Titan Intl., Inc. (Parent) |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Eliminations |  | Consolidated
Assets |  |  |  |  |  |  |  |  |
Cash and cash equivalents | $ | 2,843 |  |  | $ | 4 |  |  | $ | 63,952 |  |  | $ | — |  |  | $ | 66,799 |
Accounts receivable, net | — |  |  | 2 |  |  | 185,236 |  |  | — |  |  | 185,238 |
Inventories | — |  |  | 41,088 |  |  | 292,268 |  |  | — |  |  | 333,356 |
Assets held for sale | 7,203 |  |  | — |  |  | — |  |  | — |  |  | 7,203 |
Prepaid and other current assets | 3,217 |  |  | 17,352 |  |  | 38,300 |  |  | — |  |  | 58,869 |
Total current assets | 13,263 |  |  | 58,446 |  |  | 579,756 |  |  | — |  |  | 651,465 |
Property, plant and equipment, net | 3,443 |  |  | 91,734 |  |  | 272,418 |  |  | — |  |  | 367,595 |
Investment in subsidiaries | 763,336 |  |  | — |  |  | 61,019 |  |  | (824,355) |  |  | — |
Other assets | 3,405 |  |  | 4,211 |  |  | 87,631 |  |  | — |  |  | 95,247 |
Total assets | $ | 783,447 |  |  | $ | 154,391 |  |  | $ | 1,000,824 |  |  | $ | (824,355) |  |  | $ | 1,114,307 |
Liabilities and Equity |  |  |  |  |  |  |  |  |
Short-term debt | $ | 514 |  |  | $ | 69 |  |  | $ | 60,670 |  |  | $ | — |  |  | $ | 61,253 |
Accounts payable | 4,951 |  |  | 18,455 |  |  | 135,241 |  |  | — |  |  | 158,647 |
Other current liabilities | 20,912 |  |  | 17,941 |  |  | 68,400 |  |  | — |  |  | 107,253 |
Total current liabilities | 26,377 |  |  | 36,465 |  |  | 264,311 |  |  | — |  |  | 327,153 |
Long-term debt | 431,960 |  |  | — |  |  | 6,509 |  |  | — |  |  | 438,469 |
Other long-term liabilities | 6,493 |  |  | 15,443 |  |  | 62,761 |  |  | — |  |  | 84,697 |
Intercompany accounts | 42,798 |  |  | (397,847) |  |  | 355,049 |  |  | — |  |  | — |
Redeemable noncontrolling interest | — |  |  | — |  |  | 25,000 |  |  | — |  |  | 25,000 |
Titan shareholders' equity | 275,819 |  |  | 500,330 |  |  | 283,057 |  |  | (824,355) |  |  | 234,851 |
Noncontrolling interests | — |  |  | — |  |  | 4,137 |  |  | — |  |  | 4,137 |
Total liabilities and equity | $ | 783,447 |  |  | $ | 154,391 |  |  | $ | 1,000,824 |  |  | $ | (824,355) |  |  | $ | 1,114,307 |
Condensed Cash Flow Statement [Table Text Block] |
(Amounts in thousands) | Condensed Consolidating Statements of Cash Flows For the Nine Months Ended September 30, 2020
| Titan Intl., Inc. (Parent) |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Consolidated
Net cash provided by operating activities | $ | 19,179 |  |  | $ | 3,631 |  |  | $ | 24,621 |  |  | $ | 47,431 |
Cash flows from investing activities: |  |  |  |  |  |  |
Capital expenditures | (92) |  |  | (3,884) |  |  | (9,374) |  |  | (13,350) |
Sale of Wheels India Limited shares | — |  |  | — |  |  | 32,852 |  |  | 32,852 |
Insurance proceeds | — |  |  | — |  |  | 4,936 |  |  | 4,936 |
Other, net | 191 |  |  | (8) |  |  | 743 |  |  | 926 |
Net cash provided by (used for) investing activities | 99 |  |  | (3,892) |  |  | 29,157 |  |  | 25,364 |
Cash flows from financing activities: |  |  |  |  |  |  |
Proceeds from borrowings | 31,334 |  |  | 333 |  |  | 54,324 |  |  | 85,991 |
Payment on debt | (45,348) |  |  | (61) |  |  | (71,192) |  |  | (116,601) |
Dividends paid | (603) |  |  | — |  |  | — |  |  | (603) |
Other financing activities | (2,502) |  |  | (12) |  |  | (209) |  |  | (2,723) |
Net cash (used for) provided by financing activities | (17,119) |  |  | 260 |  |  | (17,077) |  |  | (33,936) |
Effect of exchange rate change on cash | — |  |  | — |  |  | (6,886) |  |  | (6,886) |
Net increase (decrease) in cash and cash equivalents | 2,159 |  |  | (1) |  |  | 29,815 |  |  | 31,973 |
Cash and cash equivalents, beginning of period | 2,843 |  |  | 4 |  |  | 63,952 |  |  | 66,799 |
Cash and cash equivalents, end of period | $ | 5,002 |  |  | $ | 3 |  |  | $ | 93,767 |  |  | $ | 98,772 |
(Amounts in thousands) | Condensed Consolidating Statements of Cash Flows For the Nine Months Ended September 30, 2019
| Titan Intl., Inc. (Parent) |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Consolidated
Net cash provided by operating activities | $ | 2,683 |  |  | $ | 5,742 |  |  | $ | 22,787 |  |  | $ | 31,212 |
Cash flows from investing activities: |  |  |  |  |  |  |
Capital expenditures | (21) |  |  | (6,207) |  |  | (20,026) |  |  | (26,254) |
Payment related to redeemable noncontrolling interest agreement | (71,722) |  |  | — |  |  | — |  |  | (71,722) |
Other, net | — |  |  | 181 |  |  | 1,173 |  |  | 1,354 |
Net cash used for investing activities | (71,743) |  |  | (6,026) |  |  | (18,853) |  |  | (96,622) |
Cash flows from financing activities: |  |  |  |  |  |  |
Proceeds from borrowings | 73,000 |  |  | 287 |  |  | 50,866 |  |  | 124,153 |
Payment on debt | (14,000) |  |  | — |  |  | (45,296) |  |  | (59,296) |
Dividends paid | (901) |  |  | — |  |  | — |  |  | (901) |
Net cash provided by financing activities | 58,099 |  |  | 287 |  |  | 5,570 |  |  | 63,956 |
Effect of exchange rate change on cash | — |  |  | — |  |  | (1,628) |  |  | (1,628) |
Net (decrease) increase in cash and cash equivalents | (10,961) |  |  | 3 |  |  | 7,876 |  |  | (3,082) |
Cash and cash equivalents, beginning of period | 23,630 |  |  | 4 |  |  | 58,051 |  |  | 81,685 |
Cash and cash equivalents, end of period | $ | 12,669 |  |  | $ | 7 |  |  | $ | 65,927 |  |  | $ | 78,603 |

X
- Definition Tabular disclosure of condensed statement of comprehensive income (loss) including, but not limited to, statements of comprehensive income (loss) of consolidated entities and consolidation eliminations. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 3 -Paragraph i -Subsection 10 + Details
Name: | srt_CondensedStatementOfComprehensiveIncomeTableTextBlock
Namespace Prefix: | srt_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of condensed balance sheet, including, but not limited to, balance sheets of consolidated entities and consolidation eliminations. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 3 -Paragraph i -Subsection 10 + Details
Name: | srt_ScheduleOfCondensedBalanceSheetTableTextBlock
Namespace Prefix: | srt_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of condensed cash flow statement, including, but not limited to, cash flow statements of consolidated entities and consolidation eliminations. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 3 -Paragraph i -Subsection 10 + Details
Name: | srt_ScheduleOfCondensedCashFlowStatementTableTextBlock
Namespace Prefix: | srt_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of condensed income statement, including, but not limited to, income statements of consolidated entities and consolidation eliminations. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 3 -Paragraph i -Subsection 10 + Details
Name: | srt_ScheduleOfCondensedIncomeStatementTableTextBlock
Namespace Prefix: | srt_
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