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LEASE COMMITMENTS (Notes) | 3 Months Ended
--- | ---
Mar. 31, 2023
Leases [Abstract] |
Lessee, Operating Leases [Text Block] | LEASES The Company leases certain buildings and equipment under both operating and finance leases. Certain lease agreements provide for renewal options, fair value purchase options, and payment of property taxes, maintenance, and insurance by the Company. Under FASB Accounting Standards Codification Topic 842 "Leases," the Company made an accounting policy election, by class of underlying asset, not to separate non-lease components such as those previously stated from lease components and instead will treat the lease agreement as a single lease component for all asset classes. Operating right-of-use (ROU) assets represent the Company's right to use an underlying asset for the lease term and lease liabilities represent Titan's obligations to make lease payments arising from the lease. The majority of Titan's leases are operating leases. Operating lease ROU assets and liabilities are recognized at the lease commencement date based on the present value of lease payments over the lease term. As most of Titan's leases do not provide an implicit interest rate, the Company used its incremental borrowing rate (7.27%), based on the information available at the lease commencement date, in determining the present value of lease payments. Operating lease expense is recognized on a straight-line basis over the lease term and is included in cost of sales and selling, general and administrative expenses on the Condensed Consolidated Statements of Operations. Amortization expense associated with finance leases is included in cost of sales and selling, general and administrative expenses, and interest expense associated with finance leases is included in interest expense in the Condensed Consolidated Statements of Operations. Supplemental balance sheet information related to leases was as follows (amounts in thousands):
| Balance Sheet Classification |  | March 31, 2023 |  | December 31, 2022
Operating lease ROU assets | Operating lease assets |  | $ | 7,805 |  |  | $ | 8,932 |
Operating lease current liabilities | Other current liabilities |  | $ | 3,131 |  |  | $ | 3,850 |
Operating lease long-term liabilities | Other long-term liabilities |  | 2,119 |  |  | 2,409 |
Total operating lease liabilities |  |  | $ | 5,250 |  |  | $ | 6,259 |
Finance lease, gross | Property, plant & equipment, net |  | $ | 6,940 |  |  | $ | 6,994 |
Finance lease accumulated depreciation | Property, plant & equipment, net |  | (4,244) |  |  | (3,820) |
Finance lease, net |  |  | $ | 2,696 |  |  | $ | 3,174 |
Finance lease current liabilities | Other current liabilities |  | $ | 2,451 |  |  | $ | 2,562 |
Finance lease long-term liabilities | Other long-term liabilities |  | 2,970 |  |  | 3,444 |
Total finance lease liabilities |  |  | $ | 5,421 |  |  | $ | 6,006 |
At March 31, 2023, maturities of lease liabilities were as follows (amounts in thousands):
| Operating Leases |  | Finance Leases
April 1 - December 31, 2023 | $ | 2,767 |  |  | $ | 2,089 |
2024 | 1,874 |  |  | 1,763 |
2025 | 609 |  |  | 1,114 |
2026 | 237 |  |  | 702 |
2027 | 181 |  |  | 45 |
Thereafter | 216 |  |  | 3 |
Total lease payments | $ | 5,884 |  |  | $ | 5,716 |
Less imputed interest | 634 |  |  | 295 |
| $ | 5,250 |  |  | $ | 5,421 |
Weighted average remaining lease term (in years) | 2.37 |  | 2.56
Supplemental cash flow information related to leases for the three months ended March 31, 2023 were as follows: operating cash flows from operating leases were $1.8 million.
Lessee, Finance Leases [Text Block] | LEASES The Company leases certain buildings and equipment under both operating and finance leases. Certain lease agreements provide for renewal options, fair value purchase options, and payment of property taxes, maintenance, and insurance by the Company. Under FASB Accounting Standards Codification Topic 842 "Leases," the Company made an accounting policy election, by class of underlying asset, not to separate non-lease components such as those previously stated from lease components and instead will treat the lease agreement as a single lease component for all asset classes. Operating right-of-use (ROU) assets represent the Company's right to use an underlying asset for the lease term and lease liabilities represent Titan's obligations to make lease payments arising from the lease. The majority of Titan's leases are operating leases. Operating lease ROU assets and liabilities are recognized at the lease commencement date based on the present value of lease payments over the lease term. As most of Titan's leases do not provide an implicit interest rate, the Company used its incremental borrowing rate (7.27%), based on the information available at the lease commencement date, in determining the present value of lease payments. Operating lease expense is recognized on a straight-line basis over the lease term and is included in cost of sales and selling, general and administrative expenses on the Condensed Consolidated Statements of Operations. Amortization expense associated with finance leases is included in cost of sales and selling, general and administrative expenses, and interest expense associated with finance leases is included in interest expense in the Condensed Consolidated Statements of Operations. Supplemental balance sheet information related to leases was as follows (amounts in thousands):
| Balance Sheet Classification |  | March 31, 2023 |  | December 31, 2022
Operating lease ROU assets | Operating lease assets |  | $ | 7,805 |  |  | $ | 8,932 |
Operating lease current liabilities | Other current liabilities |  | $ | 3,131 |  |  | $ | 3,850 |
Operating lease long-term liabilities | Other long-term liabilities |  | 2,119 |  |  | 2,409 |
Total operating lease liabilities |  |  | $ | 5,250 |  |  | $ | 6,259 |
Finance lease, gross | Property, plant & equipment, net |  | $ | 6,940 |  |  | $ | 6,994 |
Finance lease accumulated depreciation | Property, plant & equipment, net |  | (4,244) |  |  | (3,820) |
Finance lease, net |  |  | $ | 2,696 |  |  | $ | 3,174 |
Finance lease current liabilities | Other current liabilities |  | $ | 2,451 |  |  | $ | 2,562 |
Finance lease long-term liabilities | Other long-term liabilities |  | 2,970 |  |  | 3,444 |
Total finance lease liabilities |  |  | $ | 5,421 |  |  | $ | 6,006 |
At March 31, 2023, maturities of lease liabilities were as follows (amounts in thousands):
| Operating Leases |  | Finance Leases
April 1 - December 31, 2023 | $ | 2,767 |  |  | $ | 2,089 |
2024 | 1,874 |  |  | 1,763 |
2025 | 609 |  |  | 1,114 |
2026 | 237 |  |  | 702 |
2027 | 181 |  |  | 45 |
Thereafter | 216 |  |  | 3 |
Total lease payments | $ | 5,884 |  |  | $ | 5,716 |
Less imputed interest | 634 |  |  | 295 |
| $ | 5,250 |  |  | $ | 5,421 |
Weighted average remaining lease term (in years) | 2.37 |  | 2.56
Supplemental cash flow information related to leases for the three months ended March 31, 2023 were as follows: operating cash flows from operating leases were $1.8 million.

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- Definition The entire disclosure for finance leases of lessee. Includes, but is not limited to, description of lessee's finance lease and maturity analysis of finance lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -URI https://asc.fasb.org/subtopic&trid=77888251 + Details
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- Definition The entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -URI https://asc.fasb.org/subtopic&trid=77888251 + Details
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