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SUBSIDIARY GUARANTOR FINANCIAL INFORMATION
6 Months Ended
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 SubsidiariesNon-Guarantor SubsidiariesEliminationsConsolidated
Net sales$— $56,315 $438,663 $(56,339)$438,639 
Cost of sales1,716 28,093 403,699 (56,339)377,169 
Gross (loss) profit(1,716)28,222 34,964 — 61,470 
Selling, general and administrative expenses2,586 11,211 18,769 — 32,566 
Research and development expenses227 724 1,577 — 2,528 
Royalty expense475 1,077 1,105 — 2,657 
(Loss) income from operations(5,004)15,210 13,513 — 23,719 
Interest expense(8,170)(7)(421)— (8,598)
Loss on senior note repurchase(16,020)— — — (16,020)
Intercompany interest income (expense)417 537 (954)— — 
Foreign exchange (loss) gain(6)293 (1,055)— (768)
Other (expense) income(628)2,135 (275)— 1,232 
(Loss) income before income taxes(29,411)18,168 10,808 — (435)
(Benefit) provision for income taxes(2,114)81 4,024 — 1,991 
Equity in earnings (loss) of subsidiaries24,871 — 4,131 (29,002)— 
Net (loss) income(2,426)18,087 10,915 (29,002)(2,426)
Net income attributable to noncontrolling interests— — 347 — 347 
Net (loss) income attributable to Titan$(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 SubsidiariesNon-Guarantor SubsidiariesEliminationsConsolidated
Net sales$— $225,080 $842,294 $(225,217)$842,157 
Cost of sales501 174,575 777,563 (225,217)727,422 
Gross (loss) profit(501)50,505 64,731 — 114,735 
Selling, general and administrative expenses5,599 23,859 37,136 — 66,594 
Research and development expenses456 1,508 3,117 — 5,081 
Royalty expense835 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 subsidiaries47,755 — 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 SubsidiariesNon-Guarantor SubsidiariesEliminationsConsolidated
Net (loss) income$(2,426)$18,087 $10,915 $(29,002)$(2,426)
Derivative gain (loss)225 — 225 (225)225 
Currency translation adjustment14,430 — 14,430 (14,430)14,430 
Pension liability adjustments, net of tax692 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 SubsidiariesNon-Guarantor SubsidiariesEliminationsConsolidated
Net income (loss)$10,797 $26,053 $25,301 $(51,354)$10,797 
Derivative gain (loss)265 — 265 (265)265 
Currency translation adjustment(12,748)— (12,748)12,748 (12,748)
Pension liability adjustments, net of tax1,565 1,334 231 (1,565)1,565 
Comprehensive (loss) income (121)27,387 13,049 (40,436)(121)
Net comprehensive loss attributable to redeemable and noncontrolling interests— — (374)— (374)
Comprehensive (loss) income attributable to Titan$(121)$27,387 $13,423 $(40,436)$253 

(Amounts in thousands)Condensed Consolidating Balance Sheets
June 30, 2021
 Titan
 Intl., Inc. (Parent)
Guarantor SubsidiariesNon-Guarantor SubsidiariesEliminationsConsolidated
Assets     
Cash and cash equivalents$8,361 $(45)$87,488 $— $95,804 
Accounts receivable, net170 265,556 — 265,729 
Inventories— 47,533 297,806 — 345,339 
Prepaid and other current assets884 19,086 45,398 — 65,368 
Total current assets9,415 66,577 696,248 — 772,240 
Property, plant and equipment, net1,963 80,530 227,717 — 310,210 
Investment in subsidiaries631,952 — 53,229 (685,181)— 
Other assets1,318 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 payable2,122 41,035 195,844 — 239,001 
Other current liabilities25,028 22,297 92,991 — 140,316 
Total current liabilities27,150 63,332 323,131 — 413,613 
Long-term debt423,215 — 29,515 — 452,730 
Other long-term liabilities247 11,196 46,475 — 57,918 
Intercompany accounts(28,483)(444,894)473,377 — — 
Redeemable noncontrolling interest— — 25,000 — 25,000 
Titan shareholders' equity222,519 522,033 122,179 (685,181)181,550 
Noncontrolling interests— — (3,373)— (3,373)
Total liabilities and equity$644,648 $151,667 $1,016,304 $(685,181)$1,127,438 
(Amounts in thousands)Condensed Consolidating Statements of Cash Flows
For the Six Months Ended June 30, 2021
 Titan
 Intl., Inc. (Parent)
Guarantor SubsidiariesNon-Guarantor SubsidiariesConsolidated
Net cash (used for) provided by operating activities$(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— 746 749 
Net cash used for investing activities(16)(4,196)(9,676)(13,888)
Cash flows from financing activities:    
Proceeds from borrowings450,383 — 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 activities10,317 (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 period10,998 106,429 117,431 
Cash and cash equivalents, end of period$8,361 $(45)$87,488 $95,804