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SUBSIDIARY GUARANTOR FINANCIAL INFORMATION | 6 Months Ended
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Jun. 30, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
Condensed Financial Information of Parent Company Only Disclosure [Text Block] | SUBSIDIARY GUARANTOR FINANCIAL INFORMATION Our senior secured notes due 2028 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 the full and unconditional, joint and several obligations of the guarantors. The guarantees of the guarantor subsidiaries are subject to release in limited circumstances upon the occurrence of certain customary conditions. See the indenture governing the senior secured notes due 2028 filed as Exhibit 4.1 to the Form 8-K filed by the Company on April 22, 2021 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 June 30, 2021
| Titan Intl., Inc. (Parent) |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Eliminations |  | Consolidated
Net sales | $ | — |  |  | $ | 56,315 |  |  | $ | 438,663 |  |  | $ | (56,339) |  |  | $ | 438,639 |
Cost of sales | 1,716 |  |  | 28,093 |  |  | 403,699 |  |  | (56,339) |  |  | 377,169 |
Gross (loss) profit | (1,716) |  |  | 28,222 |  |  | 34,964 |  |  | — |  |  | 61,470 |
Selling, general and administrative expenses | 2,586 |  |  | 11,211 |  |  | 18,769 |  |  | — |  |  | 32,566 |
Research and development expenses | 227 |  |  | 724 |  |  | 1,577 |  |  | — |  |  | 2,528 |
Royalty expense | 475 |  |  | 1,077 |  |  | 1,105 |  |  | — |  |  | 2,657 |
(Loss) income from operations | (5,004) |  |  | 15,210 |  |  | 13,513 |  |  | — |  |  | 23,719 |
Interest expense | (8,170) |  |  | (7) |  |  | (421) |  |  | — |  |  | (8,598) |
Loss on senior note repurchase | (16,020) |  |  | — |  |  | — |  |  | — |  |  | (16,020) |
Intercompany interest income (expense) | 417 |  |  | 537 |  |  | (954) |  |  | — |  |  | — |
Foreign exchange (loss) gain | (6) |  |  | 293 |  |  | (1,055) |  |  | — |  |  | (768) |
Other (expense) income | (628) |  |  | 2,135 |  |  | (275) |  |  | — |  |  | 1,232 |
(Loss) income before income taxes | (29,411) |  |  | 18,168 |  |  | 10,808 |  |  | — |  |  | (435) |
(Benefit) provision for income taxes | (2,114) |  |  | 81 |  |  | 4,024 |  |  | — |  |  | 1,991 |
Equity in earnings (loss) of subsidiaries | 24,871 |  |  | — |  |  | 4,131 |  |  | (29,002) |  |  | — |
Net (loss) income | (2,426) |  |  | 18,087 |  |  | 10,915 |  |  | (29,002) |  |  | (2,426) |
Net income attributable to noncontrolling interests | — |  |  | — |  |  | 347 |  |  | — |  |  | 347 |
Net (loss) income attributable to Titan | $ | (2,426) |  |  | $ | 18,087 |  |  | $ | 10,568 |  |  | $ | (29,002) |  |  | $ | (2,773) |
(Amounts in thousands) | Condensed Consolidating Statements of Operations For the Six Months Ended June 30, 2021
| Titan Intl., Inc. (Parent) |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Eliminations |  | Consolidated
Net sales | $ | — |  |  | $ | 225,080 |  |  | $ | 842,294 |  |  | $ | (225,217) |  |  | $ | 842,157 |
Cost of sales | 501 |  |  | 174,575 |  |  | 777,563 |  |  | (225,217) |  |  | 727,422 |
Gross (loss) profit | (501) |  |  | 50,505 |  |  | 64,731 |  |  | — |  |  | 114,735 |
Selling, general and administrative expenses | 5,599 |  |  | 23,859 |  |  | 37,136 |  |  | — |  |  | 66,594 |
Research and development expenses | 456 |  |  | 1,508 |  |  | 3,117 |  |  | — |  |  | 5,081 |
Royalty expense | 835 |  |  | 2,127 |  |  | 2,148 |  |  | — |  |  | 5,110 |
(Loss) income from operations | (7,391) |  |  | 23,011 |  |  | 22,330 |  |  | — |  |  | 37,950 |
Interest (expense) | (15,134) |  |  | (11) |  |  | (976) |  |  | — |  |  | (16,121) |
Loss on senior note repurchase | (16,020) |  |  | — |  |  | — |  |  | — |  |  | (16,020) |
Intercompany interest income (expense) | 863 |  |  | 1,047 |  |  | (1,910) |  |  | — |  |  | — |
Foreign exchange (loss) gain | (6) |  |  | 135 |  |  | 8,580 |  |  | — |  |  | 8,709 |
Other (expense) income | (1,226) |  |  | 2,028 |  |  | 62 |  |  | — |  |  | 864 |
(Loss) income before income taxes | (38,914) |  |  | 26,210 |  |  | 28,086 |  |  | — |  |  | 15,382 |
(Benefit) provision for income taxes | (1,956) |  |  | 157 |  |  | 6,384 |  |  | — |  |  | 4,585 |
Equity in earnings (loss) of subsidiaries | 47,755 |  |  | — |  |  | 3,599 |  |  | (51,354) |  |  | — |
Net income (loss) | 10,797 |  |  | 26,053 |  |  | 25,301 |  |  | (51,354) |  |  | 10,797 |
Net loss attributable to noncontrolling interests | — |  |  | — |  |  | (4) |  |  | — |  |  | (4) |
Net income (loss) attributable to Titan | $ | 10,797 |  |  | $ | 26,053 |  |  | $ | 25,305 |  |  | $ | (51,354) |  |  | $ | 10,801 |
(Amounts in thousands) | Condensed Consolidating Statements of Comprehensive Income (Loss) For the Three Months Ended June 30, 2021
| Titan Intl., Inc. (Parent) |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Eliminations |  | Consolidated
Net (loss) income | $ | (2,426) |  |  | $ | 18,087 |  |  | $ | 10,915 |  |  | $ | (29,002) |  |  | $ | (2,426) |
Derivative gain (loss) | 225 |  |  | — |  |  | 225 |  |  | (225) |  |  | 225 |
Currency translation adjustment | 14,430 |  |  | — |  |  | 14,430 |  |  | (14,430) |  |  | 14,430 |
Pension liability adjustments, net of tax | 692 |  |  | 667 |  |  | 25 |  |  | (692) |  |  | 692 |
Comprehensive income (loss) | 12,921 |  |  | 18,754 |  |  | 25,595 |  |  | (44,349) |  |  | 12,921 |
Net comprehensive income attributable to redeemable and noncontrolling interests | — |  |  | — |  |  | 490 |  |  | — |  |  | 490 |
Comprehensive income (loss) attributable to Titan | $ | 12,921 |  |  | $ | 18,754 |  |  | $ | 25,105 |  |  | $ | (44,349) |  |  | $ | 12,431 |
(Amounts in thousands) | Condensed Consolidating Statements of Comprehensive Income (Loss) For the Six Months Ended June 30, 2021
| Titan Intl., Inc. (Parent) |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Eliminations |  | Consolidated
Net income (loss) | $ | 10,797 |  |  | $ | 26,053 |  |  | $ | 25,301 |  |  | $ | (51,354) |  |  | $ | 10,797 |
Derivative gain (loss) | 265 |  |  | — |  |  | 265 |  |  | (265) |  |  | 265 |
Currency translation adjustment | (12,748) |  |  | — |  |  | (12,748) |  |  | 12,748 |  |  | (12,748) |
Pension liability adjustments, net of tax | 1,565 |  |  | 1,334 |  |  | 231 |  |  | (1,565) |  |  | 1,565 |
Comprehensive (loss) income | (121) |  |  | 27,387 |  |  | 13,049 |  |  | (40,436) |  |  | (121) |
Net comprehensive loss attributable to redeemable and noncontrolling interests | — |  |  | — |  |  | (374) |  |  | — |  |  | (374) |
Comprehensive (loss) income attributable to Titan | $ | (121) |  |  | $ | 27,387 |  |  | $ | 13,423 |  |  | $ | (40,436) |  |  | $ | 253 |
(Amounts in thousands) | Condensed Consolidating Balance Sheets June 30, 2021
| Titan Intl., Inc. (Parent) |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Eliminations |  | Consolidated
Assets |  |  |  |  |  |  |  |  |
Cash and cash equivalents | $ | 8,361 |  |  | $ | (45) |  |  | $ | 87,488 |  |  | $ | — |  |  | $ | 95,804 |
Accounts receivable, net | 170 |  |  | 3 |  |  | 265,556 |  |  | — |  |  | 265,729 |
Inventories | — |  |  | 47,533 |  |  | 297,806 |  |  | — |  |  | 345,339 |
Prepaid and other current assets | 884 |  |  | 19,086 |  |  | 45,398 |  |  | — |  |  | 65,368 |
Total current assets | 9,415 |  |  | 66,577 |  |  | 696,248 |  |  | — |  |  | 772,240 |
Property, plant and equipment, net | 1,963 |  |  | 80,530 |  |  | 227,717 |  |  | — |  |  | 310,210 |
Investment in subsidiaries | 631,952 |  |  | — |  |  | 53,229 |  |  | (685,181) |  |  | — |
Other assets | 1,318 |  |  | 4,560 |  |  | 39,110 |  |  | — |  |  | 44,988 |
Total assets | $ | 644,648 |  |  | $ | 151,667 |  |  | $ | 1,016,304 |  |  | $ | (685,181) |  |  | $ | 1,127,438 |
Liabilities and Equity |  |  |  |  |  |  |  |  |
Short-term debt | $ | — |  |  | $ | — |  |  | $ | 34,296 |  |  | $ | — |  |  | $ | 34,296 |
Accounts payable | 2,122 |  |  | 41,035 |  |  | 195,844 |  |  | — |  |  | 239,001 |
Other current liabilities | 25,028 |  |  | 22,297 |  |  | 92,991 |  |  | — |  |  | 140,316 |
Total current liabilities | 27,150 |  |  | 63,332 |  |  | 323,131 |  |  | — |  |  | 413,613 |
Long-term debt | 423,215 |  |  | — |  |  | 29,515 |  |  | — |  |  | 452,730 |
Other long-term liabilities | 247 |  |  | 11,196 |  |  | 46,475 |  |  | — |  |  | 57,918 |
Intercompany accounts | (28,483) |  |  | (444,894) |  |  | 473,377 |  |  | — |  |  | — |
Redeemable noncontrolling interest | — |  |  | — |  |  | 25,000 |  |  | — |  |  | 25,000 |
Titan shareholders' equity | 222,519 |  |  | 522,033 |  |  | 122,179 |  |  | (685,181) |  |  | 181,550 |
Noncontrolling interests | — |  |  | — |  |  | (3,373) |  |  | — |  |  | (3,373) |
Total liabilities and equity | $ | 644,648 |  |  | $ | 151,667 |  |  | $ | 1,016,304 |  |  | $ | (685,181) |  |  | $ | 1,127,438 |
(Amounts in thousands) | Condensed Consolidating Statements of Cash Flows For the Six Months Ended June 30, 2021 |  |
| Titan Intl., Inc. (Parent) |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Consolidated |  |
Net cash (used for) provided by operating activities | $ | (12,938) |  |  | $ | 4,161 |  |  | $ | (8,710) |  |  | $ | (17,487) |  |  |
Cash flows from investing activities: |  |  |  |  |  |  |  |  |
Capital expenditures | (16) |  |  | (4,199) |  |  | (10,422) |  |  | (14,637) |  |  |
Proceeds from sale of fixed assets | — |  |  | 3 |  |  | 746 |  |  | 749 |  |  |
Net cash used for investing activities | (16) |  |  | (4,196) |  |  | (9,676) |  |  | (13,888) |  |  |
Cash flows from financing activities: |  |  |  |  |  |  |  |  |
Proceeds from borrowings | 450,383 |  |  | — |  |  | 9,546 |  |  | 459,929 |  |  |
Payment on debt | (21,357) |  |  | — |  |  | (12,683) |  |  | (34,040) |  |  |
Repurchase of senior secured notes | (413,000) |  |  | — |  |  | — |  |  | (413,000) |  |  |
Other financing activities | (5,709) |  |  | (14) |  |  | 3,683 |  |  | (2,040) |  |  |
Net cash provided by financing activities | 10,317 |  |  | (14) |  |  | 546 |  |  | 10,849 |  |  |
Effect of exchange rate change on cash | — |  |  | — |  |  | (1,101) |  |  | (1,101) |  |  |
Net decrease in cash and cash equivalents | (2,637) |  |  | (49) |  |  | (18,941) |  |  | (21,627) |  |  |
Cash and cash equivalents, beginning of period | 10,998 |  |  | 4 |  |  | 106,429 |  |  | 117,431 |  |  |
Cash and cash equivalents, end of period | $ | 8,361 |  |  | $ | (45) |  |  | $ | 87,488 |  |  | $ | 95,804 |  |  |

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