XML 80 R65.htm IDEA: XBRL DOCUMENT v3.20.4
SUBSIDIARY GUARANTOR FINANCIAL INFORMATION (Tables)
 12 Months Ended
Dec. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Condensed Income Statement [Table Text Block]
(Amounts in thousands)Consolidating Condensed Statements of Operations
Year Ended December 31, 2020
 Titan
Intl., Inc. (Parent)		Guarantor SubsidiariesNon-Guarantor SubsidiariesEliminationsConsolidated
Net sales$— $526,499 $1,261,019 $(528,205)$1,259,313 
Cost of sales821 474,191 1,183,387 (528,205)1,130,194 
Asset impairment1,007 — 13,793 — 14,800 
Gross (loss) profit(1,828)52,308 63,839 — 114,319 
Selling, general, and administrative expenses24,291 10,682 95,969 — 130,942 
Research and development expenses859 2,885 5,269 — 9,013 
Royalty expense2,844 3,473 3,398 — 9,715 
(Loss) income from operations(29,822)35,268 (40,797)— (35,351)
Interest expense(28,144)(12)(2,398)— (30,554)
Intercompany interest income (expense)2,071 2,225 (4,296)— — 
Foreign exchange loss— (905)(10,120)— (11,025)
Other income (expense)865 (248)18,182 — 18,799 
(Loss) income before income taxes(55,030)36,328 (39,429)— (58,131)
(Benefit) provision for income taxes(3,509)334 10,121 — 6,946 
Equity in (loss) earnings of subsidiaries(13,556)— 18,097 (4,541)— 
Net (loss) income(65,077)35,994 (31,453)(4,541)(65,077)
Net loss attributable to noncontrolling interests— — (4,689)— (4,689)
Net (loss) income attributable to Titan$(65,077)$35,994 $(26,764)$(4,541)$(60,388)
Condensed Statement of Comprehensive Income [Table Text Block]
(Amounts in thousands)Consolidating Condensed Statements of Comprehensive Income (Loss)
For the Year Ended December 31, 2020
 Titan
Intl., Inc. (Parent)		Guarantor SubsidiariesNon-Guarantor SubsidiariesEliminationsConsolidated
Net (loss) income$(65,077)$35,994 $(31,453)$(4,541)$(65,077)
Derivative loss(413)— (413)413 (413)
Currency translation adjustment, net(4,140)— (4,140)4,140 (4,140)
Pension liability adjustments, net of tax3,454 2,668 786 (3,454)3,454 
Comprehensive (loss) income(66,176)38,662 (35,220)(3,442)(66,176)
Net comprehensive loss attributable to noncontrolling interests— — (7,185)— (7,185)
Comprehensive (loss) income attributable to Titan$(66,176)$38,662 $(28,035)$(3,442)$(58,991)
Condensed Balance Sheet [Table Text Block]
(Amounts in thousands)Consolidating Condensed Balance Sheets
December 31, 2020
 Titan
Intl., Inc. (Parent)		Guarantor SubsidiariesNon-Guarantor SubsidiariesEliminationsConsolidated
Assets     
Cash and cash equivalents$10,998 $4 $106,429 $— $117,431 
Accounts receivable— 1 193,013 — 193,014 
Inventories— 31,927 261,752 — 293,679 
Prepaid and other current assets3,955 16,842 33,678 — 54,475 
Total current assets14,953 48,774 594,872 — 658,599 
Property, plant, and equipment, net2,117 83,321 234,416 — 319,854 
Investment in subsidiaries610,405 — 71,326 (681,731)— 
Other long-term assets1,865 5,503 46,063 — 53,431 
Total assets$629,340 $137,598 $946,677 $(681,731)$1,031,884 
Liabilities and Stockholders’ Equity     
Short-term debt$— $— $31,119 $— $31,119 
Accounts payable3,409 19,584 144,217 — 167,210 
Other current liabilities21,158 23,091 87,133 — 131,382 
Total current liabilities24,567 42,675 262,469 — 329,711 
Long-term debt396,876 — 36,708 — 433,584 
Other long-term liabilities791 14,359 52,174 — 67,324 
Intercompany accounts(13,127)(447,970)461,097 — — 
Redeemable noncontrolling interest— — 25,000 — 25,000 
Titan stockholders' equity220,233 528,534 112,228 (681,731)179,264 
Noncontrolling interests— — (2,999)— (2,999)
Total liabilities and stockholders’ equity$629,340 $137,598 $946,677 $(681,731)$1,031,884 
Condensed Cash Flow Statement [Table Text Block]
(Amounts in thousands)Consolidating Condensed Statements of Cash Flows
Year Ended December 31, 2020
 Titan
Intl., Inc. (Parent)		Guarantor SubsidiariesNon-Guarantor SubsidiariesConsolidated
Net cash provided by operating activities$46,306 $5,866 $5,057 $57,229 
Cash flows from investing activities:    
Capital expenditures(183)(6,050)(15,447)(21,680)
Sale of Wheels India shares— — 32,852 32,852 
Insurance proceeds— — 8,657 8,657 
Other, net283 — 13,109 13,392 
Net cash provided by (used for) investing activities100 (6,050)39,171 33,221 
Cash flows from financing activities:    
Proceeds from borrowings32,264 300 59,075 91,639 
Payment on debt(67,348)(98)(58,947)(126,393)
Dividends paid(603)— — (603)
Other financing activities(2,564)(18)(626)(3,208)
Net cash (used for) provided by financing activities(38,251)184 (498)(38,565)
Effect of exchange rate change on cash— — (1,253)(1,253)
Net increase in cash and cash equivalents8,155 — 42,477 50,632 
Cash and cash equivalents, beginning of period2,843 4 63,952 66,799 
Cash and cash equivalents, end of period$10,998 $4 $106,429 $117,431