XML 53 R39.htm IDEA: XBRL DOCUMENT
v3.22.0.1

SUBSIDIARY GUARANTOR FINANCIAL INFORMATION | 12 Months Ended
--- | ---
Dec. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
Condensed Financial Information of Parent Company Only Disclosure [Text Block] | SUBSIDIARY GUARANTOR FINANCIAL INFORMATIONThe Company's 7.00% senior secured notes due 2028 are guaranteed by the following 100% 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 full and unconditional, joint and several obligations of the guarantors. The guarantees of the guarantor subsidiaries are subject to release in limited circumstances only upon the occurrence of certain customary conditions. The following condensed consolidating financial statements are presented using the equity method of accounting. Certain sales & marketing expenses recorded by non-guarantor subsidiaries have not been allocated to the guarantor subsidiaries.
(Amounts in thousands) | Consolidating Condensed Statements of Operations Year Ended December 31, 2021
| Titan Intl., Inc. (Parent) |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Eliminations |  | Consolidated
Net sales | $ | — |  |  | $ | 374,727 |  |  | $ | 1,780,494 |  |  | $ | (375,006) |  |  | $ | 1,780,215 |
Cost of sales | 3,153 |  |  | 270,347 |  |  | 1,644,179 |  |  | (375,006) |  |  | 1,542,673 |
Gross profit | (3,153) |  |  | 104,380 |  |  | 136,315 |  |  | — |  |  | 237,542 |
Selling, general, and administrative expenses | 10,174 |  |  | 46,736 |  |  | 74,862 |  |  | — |  |  | 131,772 |
Research and development expenses | 1,023 |  |  | 3,110 |  |  | 5,971 |  |  | — |  |  | 10,104 |
Royalty expense | 1,291 |  |  | 4,368 |  |  | 4,832 |  |  | — |  |  | 10,491 |
(Loss) income from operations | (15,641) |  |  | 50,166 |  |  | 50,650 |  |  | — |  |  | 85,175 |
Interest expense | (30,298) |  |  | (23) |  |  | (1,900) |  |  | — |  |  | (32,221) |
Loss on note repurchase | (16,020) |  |  | — |  |  | — |  |  | — |  |  | (16,020) |
Intercompany interest (expense) income | (2,037) |  |  | 2,314 |  |  | (277) |  |  | — |  |  | — |
Foreign exchange (loss) income | (6) |  |  | (194) |  |  | 12,220 |  |  | — |  |  | 12,020 |
Other (expense) income | (1,732) |  |  | 2,564 |  |  | 1,254 |  |  | — |  |  | 2,086 |
(Loss) income before income taxes | (65,734) |  |  | 54,827 |  |  | 61,947 |  |  | — |  |  | 51,040 |
(Benefit) provision for income taxes | (1,007) |  |  | 347 |  |  | 1,809 |  |  | — |  |  | 1,149 |
Equity in earnings (loss) of subsidiaries | 114,618 |  |  | — |  |  | 6,773 |  |  | (121,391) |  |  | — |
Net income (loss) | 49,891 |  |  | 54,480 |  |  | 66,911 |  |  | (121,391) |  |  | 49,891 |
Net income attributable to noncontrolling interests | — |  |  | — |  |  | 305 |  |  | — |  |  | 305 |
Net income (loss) attributable to Titan | $ | 49,891 |  |  | $ | 54,480 |  |  | $ | 66,606 |  |  | $ | (121,391) |  |  | $ | 49,586 |
(Amounts in thousands) | Consolidating Condensed Statements of Comprehensive Income (Loss) For the Year Ended December 31, 2021
| Titan Intl., Inc. (Parent) |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Eliminations |  | Consolidated
Net income (loss) | $ | 49,891 |  |  | $ | 54,480 |  |  | $ | 66,911 |  |  | $ | (121,391) |  |  | $ | 49,891 |
Derivative gain (loss) | — |  |  | — |  |  | 374 |  |  | — |  |  | 374 |
Currency translation adjustment, net | — |  |  | — |  |  | (42,338) |  |  | — |  |  | (42,338) |
Pension liability adjustments, net of tax | — |  |  | 11,909 |  |  | 399 |  |  | — |  |  | 12,308 |
Comprehensive income (loss) | 49,891 |  |  | 66,389 |  |  | 25,346 |  |  | (121,391) |  |  | 20,235 |
Net comprehensive loss attributable to noncontrolling interests | — |  |  | — |  |  | (125) |  |  | — |  |  | (125) |
Comprehensive income (loss) attributable to Titan | $ | 49,891 |  |  | $ | 66,389 |  |  | $ | 25,471 |  |  | $ | (121,391) |  |  | $ | 20,360 |
(Amounts in thousands) | Consolidating Condensed Balance Sheets December 31, 2021
| Titan Intl., Inc. (Parent) |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Eliminations |  | Consolidated
Assets |  |  |  |  |  |  |  |  |
Cash and cash equivalents | $ | 7,040 |  |  | $ | 17 |  |  | $ | 91,051 |  |  | $ | — |  |  | $ | 98,108 |
Accounts receivable | 170 |  |  | 3 |  |  | 255,007 |  |  | — |  |  | 255,180 |
Inventories | — |  |  | 67,100 |  |  | 325,515 |  |  | — |  |  | 392,615 |
Prepaid and other current assets | 1,234 |  |  | 16,182 |  |  | 49,985 |  |  | — |  |  | 67,401 |
Total current assets | 8,444 |  |  | 83,302 |  |  | 721,558 |  |  | — |  |  | 813,304 |
Property, plant, and equipment, net | 1,667 |  |  | 80,219 |  |  | 219,223 |  |  | — |  |  | 301,109 |
Investment in subsidiaries | 710,736 |  |  | — |  |  | 66,612 |  |  | (777,348) |  |  | — |
Other long-term assets | 1,373 |  |  | 13,998 |  |  | 52,901 |  |  | — |  |  | 68,272 |
Total assets | $ | 722,220 |  |  | $ | 177,519 |  |  | $ | 1,060,294 |  |  | $ | (777,348) |  |  | $ | 1,182,685 |
Liabilities and Stockholders’ Equity |  |  |  |  |  |  |  |  |
Short-term debt | $ | — |  |  | $ | — |  |  | $ | 32,500 |  |  | $ | — |  |  | $ | 32,500 |
Accounts payable | 2,557 |  |  | 51,416 |  |  | 224,126 |  |  | — |  |  | 278,099 |
Other current liabilities | 28,064 |  |  | 30,706 |  |  | 81,444 |  |  | — |  |  | 140,214 |
Total current liabilities | 30,621 |  |  | 82,122 |  |  | 338,070 |  |  | — |  |  | 450,813 |
Long-term debt | 424,524 |  |  | — |  |  | 27,927 |  |  | — |  |  | 452,451 |
Other long-term liabilities | 233 |  |  | 6,179 |  |  | 45,837 |  |  | — |  |  | 52,249 |
Intercompany accounts | (3,427) |  |  | (471,450) |  |  | 474,877 |  |  | — |  |  | — |
Titan stockholders' equity | 270,269 |  |  | 560,668 |  |  | 175,711 |  |  | (777,348) |  |  | 229,300 |
Noncontrolling interests | — |  |  | — |  |  | (2,128) |  |  | — |  |  | (2,128) |
Total liabilities and stockholders’ equity | $ | 722,220 |  |  | $ | 177,519 |  |  | $ | 1,060,294 |  |  | $ | (777,348) |  |  | $ | 1,182,685 |
(Amounts in thousands) | Consolidating Condensed Statements of Cash Flows Year Ended December 31, 2021
| Titan Intl., Inc. (Parent) |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Consolidated
Net cash (used for) provided by operating activities | $ | (15,512) |  |  | $ | 10,911 |  |  | $ | 15,327 |  |  | $ | 10,726 |
Cash flows from investing activities: |  |  |  |  |  |  |
Capital expenditures | (67) |  |  | (10,911) |  |  | (27,824) |  |  | (38,802) |
Other, net | — |  |  | 45 |  |  | 1,158 |  |  | 1,203 |
Net cash (used for) provided by investing activities | (67) |  |  | (10,866) |  |  | (26,666) |  |  | (37,599) |
Cash flows from financing activities: |  |  |  |  |  |  |
Proceeds from borrowings | 471,692 |  |  | — |  |  | 25,457 |  |  | 497,149 |
Payment on debt | (41,357) |  |  | — |  |  | (27,825) |  |  | (69,182) |
Repurchase of senior secured notes | (413,000) |  |  | — |  |  | — |  |  | (413,000) |
Dividends paid | — |  |  | — |  |  | — |  |  | — |
Other financing activities | (5,714) |  |  | (32) |  |  | 4,725 |  |  | (1,021) |
Net cash provided by (used for) financing activities | 11,621 |  |  | (32) |  |  | 2,357 |  |  | 13,946 |
Effect of exchange rate change on cash | — |  |  | — |  |  | (6,396) |  |  | (6,396) |
Net (decrease) increase in cash and cash equivalents | (3,958) |  |  | 13 |  |  | (15,378) |  |  | (19,323) |
Cash and cash equivalents, beginning of period | 10,998 |  |  | 4 |  |  | 106,429 |  |  | 117,431 |
Cash and cash equivalents, end of period | $ | 7,040 |  |  | $ | 17 |  |  | $ | 91,051 |  |  | $ | 98,108 |

X
- Definition The entire disclosure for condensed financial statements. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 3 -Paragraph d -Subparagraph 4 -Subsection 10 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 3 -Paragraph c -Subparagraph 4 -Subsection 10 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 3 -Paragraph e -Subparagraph 4 -Subsection 10 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 12 -Paragraph a -Subsection 04 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 3 -Paragraph f -Subparagraph 4 -Subsection 10 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-04(a)) -URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e24072-122690 + Details
Name: | srt_CondensedFinancialStatementsTextBlock
Namespace Prefix: | srt_
Data Type: | dtr-types: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