Document and Entitiy Informatio
Document and Entitiy Information - shares | 3 Months Ended | |
Mar. 31, 2022 | Apr. 25, 2022 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2022 | |
Document Transition Report | false | |
Entity File Number | 1-12936 | |
Entity Registrant Name | TITAN INTERNATIONAL, INC. | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 36-3228472 | |
Entity Address, Address Line One | 1525 Kautz Road, Suite 600 | |
Entity Address, City or Town | West Chicago | |
Entity Address, State or Province | IL | |
Entity Address, Postal Zip Code | 60185 | |
City Area Code | 217 | |
Local Phone Number | 228-6011 | |
Title of 12(b) Security | Common stock, $0.0001 par value | |
Trading Symbol | TWI | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Central Index Key | 0000899751 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false | |
Entity Common Stock, Shares Outstanding | 62,656,877 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Revenue from Contract with Customer, Excluding Assessed Tax | $ 555,997 | $ 403,518 |
Cost of sales | 469,268 | 350,253 |
Gross profit | 86,729 | 53,265 |
Selling, general and administrative expenses | 36,227 | 34,028 |
Research and development expenses | 2,920 | 2,553 |
Royalty expense | 2,874 | 2,453 |
Income (loss) from operations | 44,708 | 14,231 |
Interest expense | (7,907) | (7,523) |
Foreign exchange gain | 5,317 | 9,477 |
Other income | (8,859) | (368) |
Income before income taxes | 33,259 | 15,817 |
Provision for income taxes | 8,681 | 2,594 |
Net income | 24,578 | 13,223 |
Net income (loss) attributable to noncontrolling interests | 656 | (351) |
Net income attributable to Titan and applicable to common shareholders | 23,922 | 13,574 |
Net income (loss) applicable to common shareholders | $ 23,922 | $ 13,574 |
Earnings per common share: | ||
Basic | $ 0.37 | $ 0.22 |
Diluted | $ 0.37 | $ 0.22 |
Average common shares and equivalents outstanding: | ||
Basic | 63,860 | 61,466 |
Diluted | 64,350 | 62,414 |
Other Nonoperating Income | $ 349 | $ (1,223) |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Net income | $ 24,578 | $ 13,223 |
Other Comprehensive Income (Loss), Derivative, Excluded Component, Increase (Decrease), after Adjustments, Tax | 303 | 40 |
Currency translation adjustment | 17,275 | (27,178) |
Pension liability adjustments, net of tax of $110, $10, $232, and $(44), respectively | (544) | 873 |
Comprehensive loss | 42,700 | (13,042) |
Net comprehensive loss attributable to redeemable and noncontrolling interests | (526) | (864) |
Comprehensive loss attributable to Titan | $ 43,226 | $ (12,178) |
CONSOLIDATED STATEMENTS OF CO_2
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Statement of Comprehensive Income [Abstract] | ||
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, Tax | $ (182) | $ (44) |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Current assets | ||
Cash and cash equivalents | $ 98,144 | $ 98,108 |
Accounts receivable, net | 309,411 | 255,180 |
Inventories | 424,200 | 392,615 |
Prepaid and other current assets | 79,715 | 67,401 |
Total current assets | 911,470 | 813,304 |
Property, plant and equipment, net | 298,285 | 301,109 |
Operating Lease, Right-of-Use Asset | 12,526 | 20,945 |
Deferred income taxes | 15,888 | 16,831 |
Other long-term assets | 31,132 | 30,496 |
Total assets | 1,269,301 | 1,182,685 |
Current liabilities | ||
Short-term debt | 37,853 | 32,500 |
Accounts payable | 302,382 | 278,099 |
Other current liabilities | 151,660 | 140,214 |
Total current liabilities | 491,895 | 450,813 |
Long-term debt | 484,600 | 452,451 |
Deferred income taxes | 4,124 | 3,978 |
Other long-term liabilities | 42,962 | 48,271 |
Total liabilities | 1,023,581 | 955,513 |
Redeemable noncontrolling interest | 0 | |
Titan stockholders' equity | ||
Common stock ($0.0001 par value, 120,000,000 shares authorized, 66,525,269 issued at March 31, 2022 and 66,492,660 at December 31, 2021) | 0 | 0 |
Additional paid-in capital | 561,849 | 562,340 |
Retained deficit | (61,517) | (85,439) |
Treasury stock (at cost, 3,900,695 shares at March 31, 2022 and 80,876 shares at December 31, 2021) | (24,782) | (1,121) |
Accumulated other comprehensive loss | (227,176) | (246,480) |
Total Titan shareholders’ equity | 248,374 | 229,300 |
Noncontrolling interests | (2,654) | (2,128) |
Total equity | 245,720 | 227,172 |
Total liabilities and equity | $ 1,269,301 | $ 1,182,685 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Statement of Financial Position [Abstract] | ||
Accounts Receivable, Allowance for Credit Loss, Current | $ 3,568 | $ 3,714 |
Liabilities and Equity [Abstract] | ||
Common Stock, par value | $ 0 | $ 0 |
Common Stock, shares authorized (in shares) | 120,000,000 | 120,000,000 |
Common Stock, shares issued (in shares) | 62,427,660 | 61,466,593 |
Treasury Stock, shares (in shares) | 80,876 | 89,612 |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($) $ in Thousands | Total | Common Stock [Member] | Additional paid-in capital [Member] | Retained earnings [Member] | Treasury stock [Member] | Accumulated other comprehensive income (loss) [Member] | Parent [Member] | Noncontrolling interest [Member] |
Balance, Beginning (in shares) at Dec. 31, 2020 | 61,376,981 | |||||||
Balance, Beginning at Dec. 31, 2020 | $ (176,265) | $ (532,742) | $ 135,025 | $ 1,199 | $ 217,254 | $ (179,264) | $ 2,999 | |
Net income | 13,223 | 13,574 | 13,574 | |||||
Currency translation adjustment | (27,178) | (26,665) | 26,665 | (513) | ||||
Temporary Equity, Foreign Currency Translation Adjustments | 27,178 | |||||||
Pension liability adjustments, net of tax | (873) | (873) | (873) | |||||
Derivative, Gain on Derivative | (40) | 40 | (40) | |||||
Stock Issued During Period, Shares, Restricted Stock Award, Gross | 146,322 | |||||||
Stock-based compensation | 569 | 487 | 82 | 569 | ||||
Issuance of common stock under 401(k) plan | 70,416 | |||||||
Issuance of common stock under 401(k) plan | (340) | (340) | (340) | |||||
Balance, Ending (in shares) at Mar. 31, 2021 | 61,593,719 | |||||||
Balance, Ending at Mar. 31, 2021 | (164,132) | (533,569) | 121,451 | 1,117 | 243,006 | (167,995) | 3,863 | |
Net Income (Loss), Including Portion Attributable to Nonredeemable Noncontrolling Interest | 13,223 | |||||||
Net Income (Loss) Attributable to Redeemable Noncontrolling Interest | (351) | |||||||
Balance, Beginning (in shares) at Dec. 31, 2021 | 66,411,784 | |||||||
Balance, Beginning at Dec. 31, 2021 | (227,172) | (562,340) | 85,439 | 1,121 | 246,480 | (229,300) | 2,128 | |
Net income | 24,578 | 23,922 | 23,922 | |||||
Currency translation adjustment | 17,275 | 18,457 | 18,457 | (1,182) | ||||
Temporary Equity, Foreign Currency Translation Adjustments | 17,275 | |||||||
Pension liability adjustments, net of tax | 544 | 544 | 544 | |||||
Derivative, Gain on Derivative | 303 | 303 | 303 | |||||
Stock Issued During Period, Shares, Restricted Stock Award, Gross | 212,440 | |||||||
Stock-based compensation | 488 | (851) | 1,339 | 488 | ||||
Issuance of common stock under 401(k) plan | 32,609 | |||||||
Issuance of common stock under 401(k) plan | (360) | (360) | (360) | |||||
Treasury Stock, Value, Acquired, Par Value Method | (25,000) | (25,000) | (25,000) | |||||
Stock Repurchased During Period, Shares | (4,032,259) | |||||||
Net Income (Loss) Attributable to Nonredeemable Noncontrolling Interest | 24,578 | 656 | ||||||
Balance, Ending (in shares) at Mar. 31, 2022 | 62,624,574 | |||||||
Balance, Ending at Mar. 31, 2022 | $ (245,720) | $ (561,849) | $ 61,517 | $ 24,782 | $ 227,176 | $ (248,374) | $ 2,654 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Cash flows from operating activities: | ||
Net income | $ 24,578 | $ 13,223 |
Adjustments to reconcile net income to net cash used for operating activities: | ||
Depreciation and amortization | 11,348 | 12,560 |
Asset Impairment Charges | 10,890 | 0 |
Deferred income tax provision (benefit) | 995 | (402) |
Unrealized Gain (Loss) on Investments | (110) | (485) |
Stock-based compensation | 488 | 570 |
Issuance of stock under 401(k) plan | 360 | 339 |
Foreign currency gain | (5,448) | (9,571) |
(Increase) decrease in assets: | ||
Accounts receivable | (57,332) | (63,803) |
Inventories | (34,240) | (27,313) |
Prepaid and other current assets | (9,606) | (3,297) |
Other assets | (330) | 337 |
Increase (decrease) in liabilities: | ||
Accounts payable | 23,918 | 60,581 |
Other current liabilities | 13,728 | 401 |
Other liabilities | 2,244 | 898 |
Net cash used for operating activities | (18,517) | (15,962) |
Cash flows from investing activities: | ||
Capital expenditures | (7,637) | (8,861) |
Payments for (Proceeds from) Investments | (9,293) | 0 |
Proceeds from Sales of Assets, Investing Activities | 756 | 545 |
Net cash provided by (used for) investing activities | 2,412 | (8,316) |
Cash flows from financing activities: | ||
Proceeds from borrowings | 76,782 | 21,881 |
Payments for Repurchase of Common Stock | (25,000) | |
Repayments of Senior Debt | 0 | |
Payment on debt | (39,483) | (12,398) |
Proceeds from (Payments for) Other Financing Activities | (586) | |
Payments of Financing Costs | (2,409) | |
Net cash provided by financing activities | 11,713 | 7,074 |
Effect of exchange rate changes on cash | 4,428 | (4,273) |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | 36 | (21,477) |
Cash and cash equivalents, beginning of period | 98,108 | 117,431 |
Cash and cash equivalents, end of period | 98,144 | 95,954 |
Supplemental information: | ||
Interest paid | 869 | 1,059 |
Income taxes paid, net of refunds received | $ 2,083 | $ 3,703 |
ACCOUNTING POLICIES
ACCOUNTING POLICIES | 3 Months Ended |
Mar. 31, 2022 | |
Accounting Policies [Abstract] | |
ACCOUNTING POLICIES | BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES Basis of presentation The accompanying unaudited condensed consolidated interim financial statements include the accounts of Titan International, Inc. and its subsidiaries (Titan or the Company) and have been prepared in accordance with accounting principles generally accepted in the United States of America (US GAAP) for interim financial information and in accordance with the rules and regulations of the United States Securities and Exchange Commission (the SEC). Accordingly, they do not include all of the information and footnotes required by US GAAP for complete financial statements. These unaudited condensed consolidated interim financial statements reflect all normal and recurring adjustments that are, in the opinion of management, necessary for a fair presentation of the Company's financial position as of March 31, 2022, and the results of operations and cash flows for the three months ended March 31, 2022 and 2021, and should be read in conjunction with the consolidated financial statements and the related notes thereto included in the Company’s latest Annual Report on Form 10-K for the year ended December 31, 2021, filed with the SEC on March 3, 2022 (the 2021 Form 10-K). All significant intercompany transactions have been eliminated in consolidation. These unaudited condensed consolidated interim financial statements include estimates and assumptions of management that affect the amounts reported in the condensed consolidated financial statements. Actual results could differ from these estimates. COVID-19 pandemic The COVID-19 pandemic impact on the Company was less during the first quarter of 2022. The Company’s operations continued with additional sanitary and other protective health measures which have increased operating costs. While the Company's operations began to return to historical levels during 2021 and continuing into the first quarter of 2022, certain geographies (particularly China) continue to remain impacted by the COVID-19 pandemic due to new and emerging variants of COVID-19 resulting in higher employee absenteeism. Further, global supply chains are experiencing constraints as a result of the ongoing COVID-19 pandemic, including availability and pricing of raw materials, transportation and labor. The current constraints on the global supply chains are adding complexity to growth expectations in the near term. We expect that the pandemic will continue to have some impact on the Company's operations, though the nature and extent of the impact will depend on the duration and severity of the COVID-19 pandemic, the length of time it takes for more normal economic and operating conditions to resume, additional governmental actions that may be taken and/or extensions of time for restrictions that have been imposed to date and other uncertainties. Fair value of financial instruments The Company records all financial instruments, including cash and cash equivalents, accounts receivable, notes receivable, accounts payable, other accruals, and notes payable at cost, which approximates fair value due to their short term or stated rates. Investments in marketable equity securities are recorded at fair value. Our 7.00% senior secured notes due 2028 (the senior secured notes due 2028) were carried at a cost of $394.7 million at March 31, 2022. The fair value of the senior secured notes due 2028 at March 31, 2022, as obtained through an independent pricing source, was approximately $402.0 million. Russia-Ukraine Military Conflict In February 2022, in response to the military conflict between Russia and Ukraine, the United States, other North Atlantic Treaty Organization member states, as well as non-member states, have announced targeted economic sanctions on Russia, certain Russian citizens and enterprises. The continuation of the conflict has triggered additional economic and other sanctions enacted by the United States, other North Atlantic Treaty Organization member states, and other countries. The Company currently owns 64.3% of the Russian entity, which represents approximately 6% and 7% of consolidated assets of Titan as of March 31, 2022 and December 31, 2021, respectively. The Russian operation represents approximately 5% of consolidated global sales for both the three months ended March 31, 2022 and March 31, 2021, respectively. The impact of the military conflict between Russia and Ukraine has not had a significant impact on global operations. The Company continues to monitor the potential impacts on the business and the ancillary impacts that the military conflict could have on other global operations. Sale of Australian wheel business On March 29, 2022, the Company entered into a definitive agreement (the Agreement) for the sale of its Australian wheel business, to OTR Tyres, a local leading national tire, wheel and service provider. The closing date of the transaction was March 31, 2022. The Agreement contains customary representations, warranties and covenants for transactions of this type. The sale includes gross proceeds and cash to be repatriated of approximately $17.5 million, and the assumption of all liabilities, including employee and lease obligations. Refer to footnote 13 for additional information on the loss on sale of the Australian wheel. Adoption of new accounting standards In November 2021, the FASB issued ASU No. 2021-10 Government Assistance (Topic 832), which requires annual disclosures of transactions with a government that are accounted for by applying a grant or contribution accounting model by analogy. These required disclosures include information on the nature of transactions and related accounting policies used to account for transactions, detail on the line items on the balance sheet and income statement affected by these transactions including amounts applicable to each line, and significant terms and conditions of the transactions including commitments and contingencies. The ASU is effective for fiscal years beginning after December 15, 2021. The Company receives various forms of government assistance, primarily through grants associated with continued infrastructure development in certain foreign locations. The Company adopted the impact of this ASU effective January 1, 2022 and incorporated the required disclosures within the notes to condensed consolidated financial statements. The adoption did not have a material impact on our condensed consolidated financial statements. |
ACCOUNTS RECEIVABLE
ACCOUNTS RECEIVABLE | 3 Months Ended |
Mar. 31, 2022 | |
Receivables [Abstract] | |
ACCOUNTS RECEIVABLE | ACCOUNTS RECEIVABLE, NET Accounts receivable consisted of the following (amounts in thousands): March 31, December 31, Accounts receivable $ 316,354 $ 259,730 Allowance for doubtful accounts (6,943) (4,550) Accounts receivable, net $ 309,411 $ 255,180 |
INVENTORIES
INVENTORIES | 3 Months Ended |
Mar. 31, 2022 | |
Inventory Disclosure [Abstract] | |
Inventory Disclosure [Text Block] | INVENTORIES Inventories consisted of the following (amounts in thousands): March 31, December 31, Raw material $ 138,589 $ 135,241 Work-in-process 46,948 44,694 Finished goods 238,663 212,680 $ 424,200 $ 392,615 |
PROPERTY, PLANT AND EQUIPMENT,
PROPERTY, PLANT AND EQUIPMENT, NET | 3 Months Ended |
Mar. 31, 2022 | |
Property, Plant and Equipment [Abstract] | |
PROPERTY, PLANT AND EQUIPMENT | PROPERTY, PLANT AND EQUIPMENT, NET Property, plant and equipment, net consisted of the following (amounts in thousands): March 31, December 31, Land and improvements $ 41,299 $ 41,010 Buildings and improvements 235,502 236,367 Machinery and equipment 579,072 578,816 Tools, dies and molds 110,732 111,169 Construction-in-process 24,059 20,288 990,664 987,650 Less accumulated depreciation (692,379) (686,541) $ 298,285 $ 301,109 Depreciation on property, plant and equipment for the three months ended March 31, 2022 and 2021 totaled $11.1 million and $11.9 million, respectively. |
INTANGIBLE ASSETS
INTANGIBLE ASSETS | 3 Months Ended |
Mar. 31, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets Disclosure [Text Block] | INTANGIBLE ASSETS, NET The components of intangible assets, net consisted of the following (amounts in thousands): Weighted Average Useful Lives March 31, December 31, Amortizable intangible assets: Patents, trademarks and other 11.20 $ 9,457 $ 10,084 Less accumulated amortization (7,998) (8,586) $ 1,459 $ 1,498 Amortization related to intangible assets for the three months ended March 31, 2022 and 2021 totaled $0.1 million and $0.3 million, respectively. Intangible assets are included as a component of other long-term assets in the Condensed Consolidated Balance Sheets. The estimated aggregate amortization expense at March 31, 2022 for each of the years (or other periods) set forth below was as follows (amounts in thousands): April 1 - December 31, 2022 $ 106 2023 145 2024 132 2025 123 2026 123 Thereafter 830 $ 1,459 |
WARRANTY
WARRANTY | 3 Months Ended |
Mar. 31, 2022 | |
Product Warranties Disclosures [Abstract] | |
WARRANTY COSTS | WARRANTY Changes in the warranty liability during the three months ended March 31, 2022 and 2021, respectively, consisted of the following (amounts in thousands): 2022 2021 Warranty liability, January 1 $ 16,628 $ 15,040 Provision for warranty liabilities 5,071 2,196 Warranty payments made (3,441) (1,869) Warranty liability, March 31 $ 18,258 $ 15,367 Warranty accruals are included as a component of other current liabilities on the Condensed Consolidated Balance Sheets. |
REVOLVING CREDIT FACILITY AND L
REVOLVING CREDIT FACILITY AND LONG-TERM DEBT | 3 Months Ended |
Mar. 31, 2022 | |
Debt Disclosure [Abstract] | |
REVOLVING CREDIT FACILITY AND LONG-TERM DEBT | DEBT Long-term debt consisted of the following (amounts in thousands): March 31, 2022 Principal Balance Unamortized Debt Issuance Net Carrying Amount 7.00% senior secured notes due 2028 $ 400,000 $ (5,257) $ 394,743 Titan Europe credit facilities 50,215 — 50,215 Revolving credit facility 63,000 — 63,000 Other debt 14,495 — 14,495 Total debt 527,710 (5,257) 522,453 Less amounts due within one year 37,853 — 37,853 Total long-term debt $ 489,857 $ (5,257) $ 484,600 December 31, 2021 Principal Balance Unamortized Debt Issuance Net Carrying Amount 7.00% senior secured notes due 2028 $ 400,000 $ (5,476) $ 394,524 Titan Europe credit facilities 44,993 — 44,993 Revolving credit facility 30,000 — 30,000 Other debt 15,434 — 15,434 Total debt 490,427 (5,476) 484,951 Less amounts due within one year 32,500 — 32,500 Total long-term debt $ 457,927 $ (5,476) $ 452,451 Aggregate principal maturities of long-term debt at March 31, 2022 for each of the years (or other periods) set forth below were as follows (amounts in thousands): April 1 - December 31, 2022 $ 34,085 2023 12,172 2024 7,584 2025 3,927 2026 65,523 Thereafter 404,419 $ 527,710 7.00% senior secured notes due 2028 On April 22, 2021, the Company issued $400.0 million aggregate principal amount of 7.00% senior secured notes due April 2028 (the senior secured notes due 2028), guaranteed by certain of the Company's subsidiaries. Including the impact of debt issuance costs, these notes had an effective yield of 7.27% at issuance. These notes are secured by the land and buildings of the following subsidiaries of the Company: Titan Wheel Corporation of Illinois, Titan Tire Corporation, Titan Tire Corporation of Freeport, and Titan Tire Corporation of Bryan. Titan Europe credit facilities The Titan Europe credit facilities include borrowings from various institutions totaling $50.2 million in aggregate principal amount at March 31, 2022. Maturity dates on this debt range from less than one year to five years. Revolving credit facility The Company has a $125 million revolving credit facility with BMO Harris Bank N.A., as agent, and other financial institutions party thereto. The credit facility is collateralized by accounts receivable and inventory of certain of the Company’s domestic subsidiaries and is scheduled to mature in October 28, 2026. The credit facility can be expanded by up to $50 million through an accordion provision within the agreement. From time to time Titan's availability under this credit facility may be less than $125 million as a result of outstanding letters of credit and eligible accounts receivable and inventory balances at certain of its domestic subsidiaries. At March 31, 2022, under the Company's $125 million credit facility there were $63.0 million in borrowings and $9.1 million in outstanding letters of credit, and the amount available for borrowing totaled $52.9 million. Other debt The Company has working capital loans at Titan Pneus do Brasil Ltda and Voltyre-Prom at various interest rates, which totaled $12.0 million and $2.5 million at March 31, 2022, respectively. Maturity dates on these loans are one year or less. The Company expects to negotiate an extension of the maturity dates on these loans with the respective financial institutions. |
REDEEMABLE NONCONTROLLING INTER
REDEEMABLE NONCONTROLLING INTEREST (Notes) | 3 Months Ended |
Mar. 31, 2022 | |
Noncontrolling Interest [Abstract] | |
Noncontrolling Interest Disclosure [Text Block] | REDEEMABLE NONCONTROLLING INTEREST The Company and the Russian Direct Investment Fund (RDIF) own all of the equity interests in Voltyre Prom, a leading producer of agricultural and industrial tires in Volgograd, Russia. On February 11, 2019, the Company entered into a definitive agreement (the Agreement) with an affiliate of the RDIF relating to the put option included in the Voltyre-Prom Shareholders' Agreement that was exercised by RDIF. Under the terms of the Agreement, in full satisfaction of the settlement put option that was exercised by RDIF, Titan paid $25 million in cash to RDIF at the closing of the transaction, and agreed, subject to the completion of regulatory approval, to issue 4,032,259 shares of restricted Titan common stock to RDIF in a private placement. In November 2021, Titan received regulatory approval for the issuance of restricted stock to RDIF. On December 17, 2021, the Company issued 4,032,259 shares of restricted Titan common stock to the RDIF equity holders subject to the Company's right to repurchase the shares for $25 million until February 12, 2022. On February 1, 2022, the Company entered into a Stock Purchase Agreement with the RDIF equity holders to buy back the restricted Titan common stock for the previously agreed amount of $25 million. The transaction was completed on February 1, 2022. Following the transaction, the Company and RDIF's ownership remained at 64.3% and 35.7%, respectively, of Voltyre-Prom. |
LEASE COMMITMENTS (Notes)
LEASE COMMITMENTS (Notes) | 3 Months Ended |
Mar. 31, 2022 | |
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, 2022 December 31, 2021 Operating lease ROU assets Operating lease assets $ 12,526 $ 20,945 Operating lease current liabilities Other current liabilities $ 4,968 $ 6,180 Operating lease long-term liabilities Other long-term liabilities 4,866 11,352 Total operating lease liabilities $ 9,834 $ 17,532 Finance lease, gross Property, plant & equipment, net $ 5,724 $ 5,305 Finance lease accumulated depreciation Property, plant & equipment, net (2,773) (2,801) Finance lease, net $ 2,951 $ 2,504 Finance lease current liabilities Other current liabilities $ 2,476 $ 2,384 Finance lease long-term liabilities Other long-term liabilities 3,655 3,878 Total finance lease liabilities $ 6,131 $ 6,262 At March 31, 2022, maturities of lease liabilities were as follows (amounts in thousands): Operating Leases Finance Leases April 1 - December 31, 2022 $ 4,247 $ 2,166 2023 4,375 2,179 2024 1,472 892 2025 369 737 2026 152 559 Thereafter 345 6 Total lease payments $ 10,960 $ 6,539 Less imputed interest 1,126 408 $ 9,834 $ 6,131 Weighted average remaining lease term (in years) 3.60 2.95 Supplemental cash flow information related to leases for the three months ended March 31, 2022 were as follows: operating cash flows from operating leases were $2.2 million and operating cash flows from finance leases were $0.1 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, 2022 December 31, 2021 Operating lease ROU assets Operating lease assets $ 12,526 $ 20,945 Operating lease current liabilities Other current liabilities $ 4,968 $ 6,180 Operating lease long-term liabilities Other long-term liabilities 4,866 11,352 Total operating lease liabilities $ 9,834 $ 17,532 Finance lease, gross Property, plant & equipment, net $ 5,724 $ 5,305 Finance lease accumulated depreciation Property, plant & equipment, net (2,773) (2,801) Finance lease, net $ 2,951 $ 2,504 Finance lease current liabilities Other current liabilities $ 2,476 $ 2,384 Finance lease long-term liabilities Other long-term liabilities 3,655 3,878 Total finance lease liabilities $ 6,131 $ 6,262 At March 31, 2022, maturities of lease liabilities were as follows (amounts in thousands): Operating Leases Finance Leases April 1 - December 31, 2022 $ 4,247 $ 2,166 2023 4,375 2,179 2024 1,472 892 2025 369 737 2026 152 559 Thereafter 345 6 Total lease payments $ 10,960 $ 6,539 Less imputed interest 1,126 408 $ 9,834 $ 6,131 Weighted average remaining lease term (in years) 3.60 2.95 Supplemental cash flow information related to leases for the three months ended March 31, 2022 were as follows: operating cash flows from operating leases were $2.2 million and operating cash flows from finance leases were $0.1 million. |
EMPLOYEE BENEFIT PLANS
EMPLOYEE BENEFIT PLANS | 3 Months Ended |
Mar. 31, 2022 | |
Retirement Benefits [Abstract] | |
Pension and Other Postretirement Benefits Disclosure [Text Block] | EMPLOYEE BENEFIT PLANS The Company has three frozen defined benefit pension plans covering certain employees or former employees of three U.S. subsidiaries. The Company also has pension plans covering certain employees of several foreign subsidiaries. The Company also sponsors a number of defined contribution plans in the U.S. and at foreign subsidiaries. The Company contributed approximately $0.1 million to the pension plans during the three months ended March 31, 2022, and expects to contribute approximately $0.2 million to the pension plans during the remainder of 2022. The components of net periodic pension (benefit) cost consisted of the following for the periods set forth below (amounts in thousands): Three months ended March 31, 2022 2021 Service cost $ 928 $ 157 Interest cost 717 700 Expected return on assets (1,518) (1,506) Amortization of unrecognized prior service cost (16) — Amortization of net unrecognized loss (6) 697 Net periodic pension (benefit) cost $ 105 $ 48 Service cost is recorded as cost of sales in the Condensed Consolidated Statements of Operations while all other components are recorded in other income. |
VARIABLE INTEREST ENTITIES (Not
VARIABLE INTEREST ENTITIES (Notes) | 3 Months Ended |
Mar. 31, 2022 | |
Variable Interest Entity, Measure of Activity [Abstract] | |
Variable Interest Entities Disclosure [Text Block] | VARIABLE INTEREST ENTITIES The Company holds a variable interest in two joint ventures for which the Titan is the primary beneficiary. One of these joint ventures operate distribution facilities that primarily distribute mining products. Titan is the 50% owner of the distribution facility located in Canada. Titan is also a 50% owner of a manufacturer of undercarriage components and complete track systems for earthmoving machines in India. The Company’s variable interests in these joint ventures relate to sales of Titan products to these entities, consigned inventory, and working capital loans. As the primary beneficiary of these variable interest entities (VIEs), the VIEs’ assets, liabilities, and results of operations are included in the Company’s condensed consolidated financial statements. The other equity holders’ interests are reflected in “Net income (loss) attributable to noncontrolling interests” in the Condensed Consolidated Statements of Operations and “Noncontrolling interests” in the Condensed Consolidated Balance Sheets. The following table summarizes the carrying amount of the VIEs’ assets and liabilities included in the Company’s Condensed Consolidated Balance Sheets (amounts in thousands): March 31, December 31, 2021 Cash and cash equivalents $ 1,963 $ 714 Inventory 3,366 2,459 Other current assets 5,607 5,135 Property, plant and equipment, net 3,299 3,414 Other non-current assets 624 626 Total assets $ 14,859 $ 12,348 Current liabilities $ 2,616 $ 1,687 Other long-term liabilities 643 669 Total liabilities $ 3,259 $ 2,356 All assets in the above table can only be used to settle obligations of the consolidated VIE to which the respective assets relate. Liabilities are nonrecourse obligations. Amounts presented in the table above are adjusted for intercompany eliminations. The Company holds variable interests in certain VIEs that are not consolidated because Titan is not the primary beneficiary. The Company's involvement with these entities is in the form of direct equity interests and prepayments related to purchases of materials. The maximum exposure to loss represents the loss of assets recognized by Titan relating to non-consolidated entities and amounts due to the non-consolidated assets. The assets and liabilities recognized in Titan's Condensed Consolidated Balance Sheets related to Titan's interest in these non-consolidated VIEs and the Company's maximum exposure to loss relating to non-consolidated VIEs as of the dates set forth below were as follows (amounts in thousands): March 31, 2022 December 31, 2021 Investments $ 6,818 $ 6,402 Total VIE assets 6,818 6,402 Accounts payable 3,078 4,296 Maximum exposure to loss $ 9,896 $ 10,698 |
ROYALTY EXPENSE
ROYALTY EXPENSE | 3 Months Ended |
Mar. 31, 2022 | |
Other Income and Expenses [Abstract] | |
ROYALTY EXPENSE | ROYALTY EXPENSEThe Company has trademark license agreements with The Goodyear Tire & Rubber Company to manufacture and sell certain farm tires under the Goodyear brand. These agreements cover sales in North America, Latin America, Europe, the Middle East, Africa, Russia, and other Commonwealth of Independent States countries. Each of these agreements is scheduled to expire in 2025. Royalty expenses were $2.9 million and $2.5 million for the three months ended March 31, 2022 and 2021, respectively. |
OTHER INCOME
OTHER INCOME | 3 Months Ended |
Mar. 31, 2022 | |
Other Income and Expenses [Abstract] | |
OTHER INCOME, NET | OTHER EXPENSE Other expense consisted of the following (amounts in thousands): Three months ended March 31, 2022 2021 Loss on sale of Australian wheel business (1) $ (10,890) $ — Proceeds from government grant (2) 1,324 — Equity investment income 248 64 Gain on sale of assets 110 791 Other income (expense) 349 (1,223) $ (8,859) $ (368) (1) The loss on sale of the Australian wheel business is comprised primarily of the release of the cumulative translation adjustment of approximately $10.0 million and closing costs associated with the completion of the transaction of approximately $0.9 million. Refer to Footnote 1 for additional information. (2) In August 2014, the Company received an approximately $17.0 million capital grant from the Italian government for asset damages related to the earthquake that occurred in May 2012 at one of our Italian subsidiaries. The grant was recorded as deferred income in non-current liabilities which is being amortized over the life of the reconstructed building. The Company received proceeds of an additional $1.9 million from the grant during the three months ended March 31, 2022 and recorded as other income of $1.3 million to match to the historical depreciation recorded on the underlying assets. |
INCOME TAXES
INCOME TAXES | 3 Months Ended |
Mar. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | INCOME TAXES The Company recorded income tax expense of $8.7 million and $2.6 million for the three months ended March 31, 2022 and 2021, respectively. The Company's effective income tax rate was 26.1% and 16.4% for the three months ended March 31, 2022 and 2021, respectively. The Company’s 2022 and 2021 income tax expense and rates differed from the amount of income tax determined by applying the U.S. Federal income tax rate to pre-tax income primarily as a result of U.S. and certain foreign jurisdictions that incurred a full valuation allowance on deferred tax assets. In addition, there were non-deductible royalty expenses and statutorily required income adjustments made in certain foreign jurisdictions that negatively impacted the tax rate for the three months ended March 31, 2022 and 2021. The Company continues to monitor the realization of its deferred tax assets and assesses the need for a valuation allowance. The Company analyzes available positive and negative evidence to determine if a valuation allowance is needed based on the weight of the evidence. This objectively verifiable evidence primarily includes the past three years' profit and loss positions. This process requires management to make estimates, assumptions, and judgments that are uncertain in nature. The Company has established valuation allowances with respect to deferred tax assets in the U.S. and certain foreign jurisdictions and continues to monitor and assess potential valuation allowances in all its jurisdictions. Brazilian Tax Credits In June 2021, the Company’s Brazilian subsidiaries received a notice that it had prevailed on an existing legal claim in regards to certain non-income (indirect) taxes that had been previously charged and paid. The matter specifically relates to companies’ rights to exclude the state tax on goods circulation (a value-added-tax or VAT equivalent, known in Brazil as “ICMS”) from the calculation of certain additional indirect taxes (specifically the program of social integration (“PIS”) and contribution for financing of social security (“COFINS”) levied by the Brazilian States on the sale of goods. The Company is in the process of submitting the related supporting documentation to the Brazilian tax authorities during the first half of 2022. After review by the Brazilian tax authorities, the Company could receive approximately $34 million of non-income tax credits to be applied as credits against future PIS/COFINS tax obligations. The Company plans to recognize the full benefit of the non-income tax credits, contingent upon successful approval and verification from the Brazilian tax authorities. |
EARNINGS PER SHARE
EARNINGS PER SHARE | 3 Months Ended |
Mar. 31, 2022 | |
Earnings Per Share [Abstract] | |
EARNINGS PER SHARE | EARNINGS PER SHARE Earnings per share (EPS) were as follows (amounts in thousands, except per share data): Three months ended March 31, 2022 2021 Net income attributable to Titan and applicable to common shareholders $ 23,922 $ 13,574 Determination of shares: Weighted average shares outstanding (basic) 63,860 61,466 Effect of equity awards 490 948 Weighted average shares outstanding (diluted) 64,350 62,414 Income per common share: Basic $ 0.37 $ 0.22 Diluted $ 0.37 $ 0.22 |
LITIGATION
LITIGATION | 3 Months Ended |
Mar. 31, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
LITIGATION | LITIGATIONThe Company is a party to routine legal proceedings arising out of the normal course of business. Due to the difficult nature of predicting unresolved and future legal claims, the Company cannot anticipate or predict the material adverse effect on its consolidated financial condition, results of operations, or cash flows as a result of efforts to comply with, or liabilities pertaining to, legal judgments. In the opinion of management, the Company is not currently involved in any legal proceedings which, individually or in the aggregate, could have a material effect on its financial position, results of operations, or cash flows. |
SEGMENT INFORMATION
SEGMENT INFORMATION | 3 Months Ended |
Mar. 31, 2022 | |
Segment Reporting [Abstract] | |
Segment information | SEGMENT INFORMATION The Company has aggregated its operating units into reportable segments based on its three customer markets: agricultural, earthmoving/construction, and consumer. Each reportable segment includes wheels, tires, wheel/tire assemblies, and undercarriage systems and components. These segments are based on the information used by the Chief Executive Officer to make certain operating decisions, allocate portions of capital expenditures, and assess segment performance. Segment external sales, expenses, and income from operations are determined based on the results of operations for the operating units of the Company's manufacturing facilities. Segment assets are generally determined on the basis of the tangible assets located at such operating units’ manufacturing facilities and the intangible assets associated with the acquisitions of such operating units. However, certain operating units’ property, plant and equipment balances are carried at the corporate level. The table below presents information about certain operating results, separated by market segments, for the three months ended March 31, 2022 and 2021 (amounts in thousands): Three months ended March 31, 2022 2021 Net sales Agricultural $ 309,600 $ 208,759 Earthmoving/construction 201,259 164,807 Consumer 45,138 29,952 $ 555,997 $ 403,518 Gross profit Agricultural $ 47,924 $ 29,789 Earthmoving/construction 31,375 19,742 Consumer 7,430 3,734 $ 86,729 $ 53,265 Income from operations Agricultural $ 30,117 $ 15,283 Earthmoving/construction 15,840 5,575 Consumer 4,882 1,667 Corporate & Unallocated (6,131) (8,294) Income from operations 44,708 14,231 Interest expense (7,907) (7,523) Foreign exchange gain 5,317 9,477 Other expense (8,859) (368) Income before income taxes $ 33,259 $ 15,817 Assets by segment were as follows as of the dates set forth below (amounts in thousands): March 31, December 31, Total assets Agricultural $ 555,528 $ 517,528 Earthmoving/construction 523,335 502,373 Consumer 142,407 133,906 Corporate & Unallocated 48,031 28,878 $ 1,269,301 $ 1,182,685 |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 3 Months Ended |
Mar. 31, 2022 | |
Related Party Transactions [Abstract] | |
Related Party Transactions Disclosure [Text Block] | RELATED PARTY TRANSACTIONSThe Company sells products and pays commissions to companies controlled by persons related to the Chairman of the Board of Directors of the Company, Mr. Maurice Taylor. The related party is Mr. Fred Taylor, who is Mr. Maurice Taylor’s brother. Mr. Fred Taylor passed away on December 13, 2021. The companies with which Mr. Fred Taylor is associated that do business with Titan include the following: Blacksmith OTR, LLC; F.B.T. Enterprises, Inc.; Green Carbon, Inc.; Silverstone, Inc.; and OTR Wheel Engineering, Inc. Sales of Titan products to these companies were approximately $1.3 million for the three months ended March 31, 2022, and approximately $0.5 million for the three months ended March 31, 2021. Titan had purchases from these companies of approximately $0.3 million for the three months ended March 31, 2022, and had no purchases from these companies for the three months ended March 31, 2021. Titan had trade receivables due from these companies of approximately $0.5 million at March 31, 2022, and approximately $0.2 million at December 31, 2021. Sales commissions paid to the above companies were approximately $0.5 million for both the three months ended March 31, 2022 and March 31, 2021. |
ACCUMULATED OTHER COMPREHENSIVE
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Notes) | 3 Months Ended |
Mar. 31, 2022 | |
Stockholders' Equity Note [Abstract] | |
Comprehensive Loss Note | ACCUMULATED OTHER COMPREHENSIVE LOSS Accumulated other comprehensive loss consisted of the following (amounts in thousands): Currency Gain (Loss) on Unrecognized Total Balance at January 1, 2022 $ (236,059) $ (39) $ (10,382) $ (246,480) Currency translation adjustments, net (1) 18,457 — — 18,457 Defined benefit pension plans: Amortization of unrecognized losses and prior service cost, net of tax of $(182) — — 544 544 Derivative gain — 303 — 303 Balance at March 31, 2022 $ (217,602) $ 264 $ (9,838) $ (227,176) (1) The currency translation adjustments, net includes amounts reclassified into other expense within the Condensed Consolidated Statements of Operations of approximately $10 million for the three months ended March 31, 2022 related to the sale of the Australian wheel business. Refer to Note 1 for additional information. Currency Gain (Loss) on Unrecognized Total Balance at January 1, 2021 $ (194,151) $ (413) $ (22,690) $ (217,254) Currency translation adjustments, net (26,665) — — (26,665) Defined benefit pension plans: Amortization of unrecognized losses and prior service cost, net of tax of $(44) — — 873 873 Derivative gain — 40 — 40 Balance at March 31, 2021 $ (220,816) $ (373) $ (21,817) $ (243,006) The change in currency translation adjustments for the three months ended March 31, 2022 as compared to the three months ended March 31, 2021 was due to foreign currency rate fluctuations, the ongoing initiative to rationalize the Company's legal entity structure, and the ongoing management of the intercompany capital structure during the year. |
SUBSIDIARY GUARANTOR FINANCIAL
SUBSIDIARY GUARANTOR FINANCIAL INFORMATION | 3 Months Ended |
Mar. 31, 2022 | |
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. 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 Titan Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Net sales $ — $ 85,799 $ 555,997 $ (85,799) $ 555,997 Cost of sales — 46,816 508,251 (85,799) 469,268 Gross profit — 38,983 47,746 — 86,729 Selling, general and administrative expenses 2,321 12,472 21,434 — 36,227 Research and development expenses 270 840 1,810 — 2,920 Royalty expense 230 1,305 1,339 — 2,874 (Loss) income from operations (2,821) 24,366 23,163 — 44,708 Interest expense (7,586) (5) (316) — (7,907) Intercompany interest income (expense) 363 633 (996) — — Foreign exchange gain — 655 4,662 — 5,317 Other income (expense) — 507 (9,366) — (8,859) (Loss) income before income taxes (10,044) 26,156 17,147 — 33,259 Provision for income taxes 1,242 134 7,305 — 8,681 Equity in earnings (loss) of subsidiaries 35,979 — 17,851 (53,830) — Net income (loss) 24,693 26,022 27,693 (53,830) 24,578 Net income attributable to noncontrolling interests — — 656 — 656 Net income (loss) attributable to Titan $ 24,693 $ 26,022 $ 27,037 $ (53,830) $ 23,922 (Amounts in thousands) Condensed Consolidating Statements of Comprehensive Income (Loss) Titan Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Net income (loss) $ 24,693 $ 26,022 $ 27,693 $ (53,830) $ 24,578 Derivative gain — — 303 — 303 Currency translation adjustment — — 17,275 — 17,275 Pension liability adjustments, net of tax — — 544 — 544 Comprehensive income (loss) 24,693 26,022 45,815 (53,830) 42,700 Net comprehensive loss attributable to noncontrolling interests — — (526) — (526) Comprehensive income (loss) attributable to Titan $ 24,693 $ 26,022 $ 46,341 $ (53,830) $ 43,226 (Amounts in thousands) Condensed Consolidating Balance Sheets Titan Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Assets Cash and cash equivalents $ 10,829 $ (4) $ 87,319 $ — $ 98,144 Accounts receivable, net 150 7 309,254 — 309,411 Inventories — 75,593 348,607 — 424,200 Prepaid and other current assets 1,254 15,605 62,856 — 79,715 Total current assets 12,233 91,201 808,036 — 911,470 Property, plant and equipment, net 1,610 79,032 217,643 — 298,285 Investment in subsidiaries 765,364 — 84,463 (849,827) — Other assets 1,260 13,953 44,333 — 59,546 Total assets $ 780,467 $ 184,186 $ 1,154,475 $ (849,827) $ 1,269,301 Liabilities and Equity Short-term debt $ — $ — $ 37,853 $ — $ 37,853 Accounts payable 2,079 63,683 236,620 — 302,382 Other current liabilities 40,794 24,632 86,234 — 151,660 Total current liabilities 42,873 88,315 360,707 — 491,895 Long-term debt 457,743 — 26,857 — 484,600 Other long-term liabilities 212 5,561 41,313 — 47,086 Intercompany accounts (9,705) (496,495) 506,200 — — Redeemable noncontrolling interest — — — — — Titan shareholders' equity 289,344 586,805 222,052 (849,827) 248,374 Noncontrolling interests — — (2,654) — (2,654) Total liabilities and equity $ 780,467 $ 184,186 $ 1,154,475 $ (849,827) $ 1,269,301 (Amounts in thousands) Condensed Consolidating Statements of Cash Flows Titan Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidated Net cash (used for) provided by operating activities $ (4,430) $ 2,052 $ (16,139) $ (18,517) Cash flows from investing activities: Capital expenditures — (2,063) (5,574) (7,637) Proceeds from the sale of the Australian wheel business — — 9,293 9,293 Proceeds from sale of fixed assets — — 756 756 Net cash (used for) provided by investing activities — (2,063) 4,475 2,412 Cash flows from financing activities: Proceeds from borrowings 62,219 — 14,563 76,782 Payment on debt (29,000) — (10,483) (39,483) Repurchase of common stock (25,000) — — (25,000) Other financing activities — (10) (576) (586) Net cash provided by (used for) financing activities 8,219 (10) 3,504 11,713 Effect of exchange rate change on cash — — 4,428 4,428 Net increase (decrease) in cash and cash equivalents 3,789 (21) (3,732) 36 Cash and cash equivalents, beginning of period 7,040 17 91,051 98,108 Cash and cash equivalents, end of period $ 10,829 $ (4) $ 87,319 $ 98,144 |
Subsequent Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2022 | |
Subsequent Events [Abstract] | |
Subsequent Events | SUBSEQUENT EVENTSThe Company has evaluated subsequent events through the filing of this Form 10-Q and determined that there have been no subsequent events that have occurred that would require adjustments to our disclosures in the consolidated financial statements. |
ACCOUNTING POLICIES (Policies)
ACCOUNTING POLICIES (Policies) | 3 Months Ended |
Mar. 31, 2022 | |
Accounting Policies [Abstract] | |
Fair value of financial instruments | Fair value of financial instrumentsThe Company records all financial instruments, including cash and cash equivalents, accounts receivable, notes receivable, accounts payable, other accruals, and notes payable at cost, which approximates fair value due to their short term or stated rates. Investments in marketable equity securities are recorded at fair value. Our 7.00% senior secured notes due 2028 (the senior secured notes due 2028) were carried at a cost of $394.7 million at March 31, 2022. The fair value of the senior secured notes due 2028 at March 31, 2022, as obtained through an independent pricing source, was approximately $402.0 million. |
New Accounting Pronouncements, Policy | Adoption of new accounting standards In November 2021, the FASB issued ASU No. 2021-10 Government Assistance (Topic 832), which requires annual disclosures of transactions with a government that are accounted for by applying a grant or contribution accounting model by analogy. These required disclosures include information on the nature of transactions and related accounting policies used to account for transactions, detail on the line items on the balance sheet and income statement affected by these transactions including amounts applicable to each line, and significant terms and conditions of the transactions including commitments and contingencies. The ASU is effective for fiscal years beginning after December 15, 2021. The Company receives various forms of government assistance, primarily through grants associated with continued infrastructure development in certain foreign locations. The Company adopted the impact of this ASU effective January 1, 2022 and incorporated the required disclosures within the notes to condensed consolidated financial statements. The adoption did not have a material impact on our condensed consolidated financial statements. |
ACCOUNTS RECEIVABLE (Tables)
ACCOUNTS RECEIVABLE (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Receivables [Abstract] | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | Accounts receivable consisted of the following (amounts in thousands): March 31, December 31, Accounts receivable $ 316,354 $ 259,730 Allowance for doubtful accounts (6,943) (4,550) Accounts receivable, net $ 309,411 $ 255,180 |
INVENTORIES (Tables)
INVENTORIES (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventory, Current [Table Text Block] | Inventories consisted of the following (amounts in thousands): March 31, December 31, Raw material $ 138,589 $ 135,241 Work-in-process 46,948 44,694 Finished goods 238,663 212,680 $ 424,200 $ 392,615 |
PROPERTY, PLANT AND EQUIPMENT_2
PROPERTY, PLANT AND EQUIPMENT, NET (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment [Table Text Block] | Property, plant and equipment, net consisted of the following (amounts in thousands): March 31, December 31, Land and improvements $ 41,299 $ 41,010 Buildings and improvements 235,502 236,367 Machinery and equipment 579,072 578,816 Tools, dies and molds 110,732 111,169 Construction-in-process 24,059 20,288 990,664 987,650 Less accumulated depreciation (692,379) (686,541) $ 298,285 $ 301,109 |
INTANGIBLE ASSETS (Tables)
INTANGIBLE ASSETS (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Intangible Assets and Goodwill [Table Text Block] | The components of intangible assets, net consisted of the following (amounts in thousands): Weighted Average Useful Lives March 31, December 31, Amortizable intangible assets: Patents, trademarks and other 11.20 $ 9,457 $ 10,084 Less accumulated amortization (7,998) (8,586) $ 1,459 $ 1,498 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | The estimated aggregate amortization expense at March 31, 2022 for each of the years (or other periods) set forth below was as follows (amounts in thousands): April 1 - December 31, 2022 $ 106 2023 145 2024 132 2025 123 2026 123 Thereafter 830 $ 1,459 |
WARRANTY (Tables)
WARRANTY (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Product Warranties Disclosures [Abstract] | |
Schedule of Product Warranty Liability [Table Text Block] | Changes in the warranty liability during the three months ended March 31, 2022 and 2021, respectively, consisted of the following (amounts in thousands): 2022 2021 Warranty liability, January 1 $ 16,628 $ 15,040 Provision for warranty liabilities 5,071 2,196 Warranty payments made (3,441) (1,869) Warranty liability, March 31 $ 18,258 $ 15,367 |
REVOLVING CREDIT FACILITY AND_2
REVOLVING CREDIT FACILITY AND LONG-TERM DEBT (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Debt Instrument [Line Items] | |
Schedule of Long-term Debt Instruments [Table Text Block] | Long-term debt consisted of the following (amounts in thousands): March 31, 2022 Principal Balance Unamortized Debt Issuance Net Carrying Amount 7.00% senior secured notes due 2028 $ 400,000 $ (5,257) $ 394,743 Titan Europe credit facilities 50,215 — 50,215 Revolving credit facility 63,000 — 63,000 Other debt 14,495 — 14,495 Total debt 527,710 (5,257) 522,453 Less amounts due within one year 37,853 — 37,853 Total long-term debt $ 489,857 $ (5,257) $ 484,600 December 31, 2021 Principal Balance Unamortized Debt Issuance Net Carrying Amount 7.00% senior secured notes due 2028 $ 400,000 $ (5,476) $ 394,524 Titan Europe credit facilities 44,993 — 44,993 Revolving credit facility 30,000 — 30,000 Other debt 15,434 — 15,434 Total debt 490,427 (5,476) 484,951 Less amounts due within one year 32,500 — 32,500 Total long-term debt $ 457,927 $ (5,476) $ 452,451 |
Schedule of Maturities of Long-term Debt [Table Text Block] | Aggregate principal maturities of long-term debt at March 31, 2022 for each of the years (or other periods) set forth below were as follows (amounts in thousands): April 1 - December 31, 2022 $ 34,085 2023 12,172 2024 7,584 2025 3,927 2026 65,523 Thereafter 404,419 $ 527,710 |
LEASE COMMITMENTS (Tables)
LEASE COMMITMENTS (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Leases [Abstract] | |
Lease, Cost [Table Text Block] | Supplemental balance sheet information related to leases was as follows (amounts in thousands): Balance Sheet Classification March 31, 2022 December 31, 2021 Operating lease ROU assets Operating lease assets $ 12,526 $ 20,945 Operating lease current liabilities Other current liabilities $ 4,968 $ 6,180 Operating lease long-term liabilities Other long-term liabilities 4,866 11,352 Total operating lease liabilities $ 9,834 $ 17,532 Finance lease, gross Property, plant & equipment, net $ 5,724 $ 5,305 Finance lease accumulated depreciation Property, plant & equipment, net (2,773) (2,801) Finance lease, net $ 2,951 $ 2,504 Finance lease current liabilities Other current liabilities $ 2,476 $ 2,384 Finance lease long-term liabilities Other long-term liabilities 3,655 3,878 Total finance lease liabilities $ 6,131 $ 6,262 |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | At March 31, 2022, maturities of lease liabilities were as follows (amounts in thousands): Operating Leases Finance Leases April 1 - December 31, 2022 $ 4,247 $ 2,166 2023 4,375 2,179 2024 1,472 892 2025 369 737 2026 152 559 Thereafter 345 6 Total lease payments $ 10,960 $ 6,539 Less imputed interest 1,126 408 $ 9,834 $ 6,131 Weighted average remaining lease term (in years) 3.60 2.95 |
Finance Lease, Liability, Maturity [Table Text Block] | Operating Leases Finance Leases April 1 - December 31, 2022 $ 4,247 $ 2,166 2023 4,375 2,179 2024 1,472 892 2025 369 737 2026 152 559 Thereafter 345 6 Total lease payments $ 10,960 $ 6,539 Less imputed interest 1,126 408 $ 9,834 $ 6,131 Weighted average remaining lease term (in years) 3.60 2.95 |
EMPLOYEE BENEFIT PLANS (Tables)
EMPLOYEE BENEFIT PLANS (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Retirement Benefits [Abstract] | |
Schedule of Defined Benefit Plans Disclosures [Table Text Block] | The components of net periodic pension (benefit) cost consisted of the following for the periods set forth below (amounts in thousands): Three months ended March 31, 2022 2021 Service cost $ 928 $ 157 Interest cost 717 700 Expected return on assets (1,518) (1,506) Amortization of unrecognized prior service cost (16) — Amortization of net unrecognized loss (6) 697 Net periodic pension (benefit) cost $ 105 $ 48 |
VARIABLE INTEREST ENTITIES (Tab
VARIABLE INTEREST ENTITIES (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Variable Interest Entity, Measure of Activity [Abstract] | |
Schedule of Variable Interest Entities [Table Text Block] | The following table summarizes the carrying amount of the VIEs’ assets and liabilities included in the Company’s Condensed Consolidated Balance Sheets (amounts in thousands): March 31, December 31, 2021 Cash and cash equivalents $ 1,963 $ 714 Inventory 3,366 2,459 Other current assets 5,607 5,135 Property, plant and equipment, net 3,299 3,414 Other non-current assets 624 626 Total assets $ 14,859 $ 12,348 Current liabilities $ 2,616 $ 1,687 Other long-term liabilities 643 669 Total liabilities $ 3,259 $ 2,356 |
Schedule of Non Consolidated Variable Interest Entities [Table Text Block] | The assets and liabilities recognized in Titan's Condensed Consolidated Balance Sheets related to Titan's interest in these non-consolidated VIEs and the Company's maximum exposure to loss relating to non-consolidated VIEs as of the dates set forth below were as follows (amounts in thousands): March 31, 2022 December 31, 2021 Investments $ 6,818 $ 6,402 Total VIE assets 6,818 6,402 Accounts payable 3,078 4,296 Maximum exposure to loss $ 9,896 $ 10,698 |
OTHER INCOME (Tables)
OTHER INCOME (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Other Income and Expenses [Abstract] | |
Other Income [Table Text Block] | Other expense consisted of the following (amounts in thousands): Three months ended March 31, 2022 2021 Loss on sale of Australian wheel business (1) $ (10,890) $ — Proceeds from government grant (2) 1,324 — Equity investment income 248 64 Gain on sale of assets 110 791 Other income (expense) 349 (1,223) $ (8,859) $ (368) (1) The loss on sale of the Australian wheel business is comprised primarily of the release of the cumulative translation adjustment of approximately $10.0 million and closing costs associated with the completion of the transaction of approximately $0.9 million. Refer to Footnote 1 for additional information. (2) In August 2014, the Company received an approximately $17.0 million capital grant from the Italian government for asset damages related to the earthquake that occurred in May 2012 at one of our Italian subsidiaries. The grant was recorded as deferred income in non-current liabilities which is being amortized over the life of the reconstructed building. The Company received proceeds of an additional $1.9 million from the grant during the three months ended March 31, 2022 and recorded as other income of $1.3 million to match to the historical depreciation recorded on the underlying assets. |
EARNINGS PER SHARE (Tables)
EARNINGS PER SHARE (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Earnings per share (EPS) were as follows (amounts in thousands, except per share data): Three months ended March 31, 2022 2021 Net income attributable to Titan and applicable to common shareholders $ 23,922 $ 13,574 Determination of shares: Weighted average shares outstanding (basic) 63,860 61,466 Effect of equity awards 490 948 Weighted average shares outstanding (diluted) 64,350 62,414 Income per common share: Basic $ 0.37 $ 0.22 Diluted $ 0.37 $ 0.22 |
SEGMENT INFORMATION (Tables)
SEGMENT INFORMATION (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Segment Reporting Information [Line Items] | |
Reconciliation of Revenue from Segments to Consolidated [Table Text Block] | The table below presents information about certain operating results, separated by market segments, for the three months ended March 31, 2022 and 2021 (amounts in thousands): Three months ended March 31, 2022 2021 Net sales Agricultural $ 309,600 $ 208,759 Earthmoving/construction 201,259 164,807 Consumer 45,138 29,952 $ 555,997 $ 403,518 Gross profit Agricultural $ 47,924 $ 29,789 Earthmoving/construction 31,375 19,742 Consumer 7,430 3,734 $ 86,729 $ 53,265 Income from operations Agricultural $ 30,117 $ 15,283 Earthmoving/construction 15,840 5,575 Consumer 4,882 1,667 Corporate & Unallocated (6,131) (8,294) Income from operations 44,708 14,231 Interest expense (7,907) (7,523) Foreign exchange gain 5,317 9,477 Other expense (8,859) (368) Income before income taxes $ 33,259 $ 15,817 |
Reconciliation of Assets from Segment to Consolidated [Table Text Block] | Assets by segment were as follows as of the dates set forth below (amounts in thousands): March 31, December 31, Total assets Agricultural $ 555,528 $ 517,528 Earthmoving/construction 523,335 502,373 Consumer 142,407 133,906 Corporate & Unallocated 48,031 28,878 $ 1,269,301 $ 1,182,685 |
ACCUMULATED OTHER COMPREHENSI_2
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Stockholders' Equity Note [Abstract] | |
Schedule of Accumulated Other Comprehensive Loss | Accumulated other comprehensive loss consisted of the following (amounts in thousands): Currency Gain (Loss) on Unrecognized Total Balance at January 1, 2022 $ (236,059) $ (39) $ (10,382) $ (246,480) Currency translation adjustments, net (1) 18,457 — — 18,457 Defined benefit pension plans: Amortization of unrecognized losses and prior service cost, net of tax of $(182) — — 544 544 Derivative gain — 303 — 303 Balance at March 31, 2022 $ (217,602) $ 264 $ (9,838) $ (227,176) (1) The currency translation adjustments, net includes amounts reclassified into other expense within the Condensed Consolidated Statements of Operations of approximately $10 million for the three months ended March 31, 2022 related to the sale of the Australian wheel business. Refer to Note 1 for additional information. Currency Gain (Loss) on Unrecognized Total Balance at January 1, 2021 $ (194,151) $ (413) $ (22,690) $ (217,254) Currency translation adjustments, net (26,665) — — (26,665) Defined benefit pension plans: Amortization of unrecognized losses and prior service cost, net of tax of $(44) — — 873 873 Derivative gain — 40 — 40 Balance at March 31, 2021 $ (220,816) $ (373) $ (21,817) $ (243,006) The change in currency translation adjustments for the three months ended March 31, 2022 as compared to the three months ended March 31, 2021 was due to foreign currency rate fluctuations, the ongoing initiative to rationalize the Company's legal entity structure, and the ongoing management of the intercompany capital structure during the year. |
SUBSIDIARY GUARANTOR FINANCIA_2
SUBSIDIARY GUARANTOR FINANCIAL INFORMATION (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Condensed Income Statement [Table Text Block] | (Amounts in thousands) Condensed Consolidating Statements of Operations Titan Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Net sales $ — $ 85,799 $ 555,997 $ (85,799) $ 555,997 Cost of sales — 46,816 508,251 (85,799) 469,268 Gross profit — 38,983 47,746 — 86,729 Selling, general and administrative expenses 2,321 12,472 21,434 — 36,227 Research and development expenses 270 840 1,810 — 2,920 Royalty expense 230 1,305 1,339 — 2,874 (Loss) income from operations (2,821) 24,366 23,163 — 44,708 Interest expense (7,586) (5) (316) — (7,907) Intercompany interest income (expense) 363 633 (996) — — Foreign exchange gain — 655 4,662 — 5,317 Other income (expense) — 507 (9,366) — (8,859) (Loss) income before income taxes (10,044) 26,156 17,147 — 33,259 Provision for income taxes 1,242 134 7,305 — 8,681 Equity in earnings (loss) of subsidiaries 35,979 — 17,851 (53,830) — Net income (loss) 24,693 26,022 27,693 (53,830) 24,578 Net income attributable to noncontrolling interests — — 656 — 656 Net income (loss) attributable to Titan $ 24,693 $ 26,022 $ 27,037 $ (53,830) $ 23,922 |
Condensed Statement of Comprehensive Income [Table Text Block] | (Amounts in thousands) Condensed Consolidating Statements of Comprehensive Income (Loss) Titan Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Net income (loss) $ 24,693 $ 26,022 $ 27,693 $ (53,830) $ 24,578 Derivative gain — — 303 — 303 Currency translation adjustment — — 17,275 — 17,275 Pension liability adjustments, net of tax — — 544 — 544 Comprehensive income (loss) 24,693 26,022 45,815 (53,830) 42,700 Net comprehensive loss attributable to noncontrolling interests — — (526) — (526) Comprehensive income (loss) attributable to Titan $ 24,693 $ 26,022 $ 46,341 $ (53,830) $ 43,226 |
Condensed Balance Sheet [Table Text Block] | (Amounts in thousands) Condensed Consolidating Balance Sheets Titan Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Assets Cash and cash equivalents $ 10,829 $ (4) $ 87,319 $ — $ 98,144 Accounts receivable, net 150 7 309,254 — 309,411 Inventories — 75,593 348,607 — 424,200 Prepaid and other current assets 1,254 15,605 62,856 — 79,715 Total current assets 12,233 91,201 808,036 — 911,470 Property, plant and equipment, net 1,610 79,032 217,643 — 298,285 Investment in subsidiaries 765,364 — 84,463 (849,827) — Other assets 1,260 13,953 44,333 — 59,546 Total assets $ 780,467 $ 184,186 $ 1,154,475 $ (849,827) $ 1,269,301 Liabilities and Equity Short-term debt $ — $ — $ 37,853 $ — $ 37,853 Accounts payable 2,079 63,683 236,620 — 302,382 Other current liabilities 40,794 24,632 86,234 — 151,660 Total current liabilities 42,873 88,315 360,707 — 491,895 Long-term debt 457,743 — 26,857 — 484,600 Other long-term liabilities 212 5,561 41,313 — 47,086 Intercompany accounts (9,705) (496,495) 506,200 — — Redeemable noncontrolling interest — — — — — Titan shareholders' equity 289,344 586,805 222,052 (849,827) 248,374 Noncontrolling interests — — (2,654) — (2,654) Total liabilities and equity $ 780,467 $ 184,186 $ 1,154,475 $ (849,827) $ 1,269,301 |
Condensed Cash Flow Statement [Table Text Block] | (Amounts in thousands) Condensed Consolidating Statements of Cash Flows Titan Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidated Net cash (used for) provided by operating activities $ (4,430) $ 2,052 $ (16,139) $ (18,517) Cash flows from investing activities: Capital expenditures — (2,063) (5,574) (7,637) Proceeds from the sale of the Australian wheel business — — 9,293 9,293 Proceeds from sale of fixed assets — — 756 756 Net cash (used for) provided by investing activities — (2,063) 4,475 2,412 Cash flows from financing activities: Proceeds from borrowings 62,219 — 14,563 76,782 Payment on debt (29,000) — (10,483) (39,483) Repurchase of common stock (25,000) — — (25,000) Other financing activities — (10) (576) (586) Net cash provided by (used for) financing activities 8,219 (10) 3,504 11,713 Effect of exchange rate change on cash — — 4,428 4,428 Net increase (decrease) in cash and cash equivalents 3,789 (21) (3,732) 36 Cash and cash equivalents, beginning of period 7,040 17 91,051 98,108 Cash and cash equivalents, end of period $ 10,829 $ (4) $ 87,319 $ 98,144 |
ACCOUNTING POLICIES (Details)
ACCOUNTING POLICIES (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Feb. 01, 2022 | Dec. 31, 2021 |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Long-term Debt | $ 394,700 | ||
Debt Instrument, Fair Value Disclosure | $ 402,000 | ||
Equity Method Investment, Ownership Percentage | 64.30% | ||
Senior Secured Notes 6.50 Percent [Member] [Member] | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Debt Instrument, Interest Rate, Stated Percentage | 7.00% | ||
Long-term Debt | $ 400,000 | $ 400,000 |
ACCOUNTS RECEIVABLE (Details)
ACCOUNTS RECEIVABLE (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Receivables [Abstract] | ||
Accounts receivable | $ 316,354 | $ 259,730 |
Allowance for doubtful accounts | 6,943 | 4,550 |
Accounts receivable, net | $ 309,411 | $ 255,180 |
INVENTORIES (Details)
INVENTORIES (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Inventory Disclosure [Abstract] | ||
Raw material | $ 138,589 | $ 135,241 |
Work-in-process | 46,948 | 44,694 |
Finished goods | 238,663 | 212,680 |
Inventory, Net | $ 424,200 | $ 392,615 |
PROPERTY, PLANT AND EQUIPMENT_3
PROPERTY, PLANT AND EQUIPMENT, NET (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | |
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Gross | $ 990,664 | $ 987,650 | |
Less accumulated depreciation | (692,379) | (686,541) | |
Property, Plant and Equipment, Net | 298,285 | 301,109 | |
Depreciation | 11,100 | $ 11,900 | |
Assets | 1,269,301 | 1,182,685 | |
Land and Land Improvements [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Gross | 41,299 | 41,010 | |
Building and Building Improvements [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Gross | 235,502 | 236,367 | |
Machinery and Equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Gross | 579,072 | 578,816 | |
Tools, Dies and Molds [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Gross | 110,732 | 111,169 | |
Construction in Progress [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Gross | $ 24,059 | $ 20,288 |
INTANGIBLE ASSETS (Details)
INTANGIBLE ASSETS (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | |
Intangible Assets, Net (Excluding Goodwill) [Abstract] | |||
Finite-Lived Intangible Asset, Useful Life | 11 years 2 months 12 days | ||
Finite-Lived Trademarks, Gross | $ 9,457 | $ 10,084 | |
Finite-Lived Intangible Assets, Accumulated Amortization | (7,998) | (8,586) | |
Intangible Assets, Net (Excluding Goodwill) | 1,459 | $ 1,498 | |
Amortization of Intangible Assets | 100 | $ 300 | |
Finite-Lived Intangible Assets, Amortization Expense, Maturity Schedule [Abstract] | |||
April 1 - December 31, 2022 | 106 | ||
2021 | 145 | ||
2022 | 132 | ||
2023 | 123 | ||
2024 | 123 | ||
Thereafter | $ 830 |
WARRANTY (Details)
WARRANTY (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Product Warranty Liability [Line Items] | ||
Warranty liability at January 1 | $ 16,628 | $ 15,040 |
Provision for warranty liabilities | 5,071 | 2,196 |
Warranty payments made | (3,441) | (1,869) |
Warranty liability at June 30 | $ 18,258 | $ 15,367 |
REVOLVING CREDIT FACILITY AND_3
REVOLVING CREDIT FACILITY AND LONG-TERM DEBT (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Debt Instrument [Line Items] | ||
Debt Instrument, Interest Rate, Effective Percentage | 727.00% | |
Debt Instruments [Abstract] | ||
7.00% senior secured notes due 2028 | $ 394,700 | |
Long-term Line of Credit, Noncurrent | 63,000 | $ 30,000 |
Long-term Debt and Lease Obligation, Including Current Maturities | 522,453 | 484,951 |
Short-term debt | 37,853 | 32,500 |
Long-term debt | 484,600 | 452,451 |
Debt Instrument, Unamortized Discount | (5,257) | (5,476) |
Debt Instrument, Unamortized Discount, Current | 0 | 0 |
Debt Instrument, Unamortized Discount (Premium), Net | (5,257) | (5,476) |
Maturities of Long-term Debt [Abstract] | ||
April 1 - December 31, 2022 | 34,085 | |
2021 | 12,172 | |
2022 | 7,584 | |
2023 | 3,927 | |
2024 | 65,523 | |
Thereafter | 404,419 | |
Long-term Debt, Gross | 527,710 | |
Line of Credit Facility, Maximum Borrowing Capacity | 125,000 | |
Letters of Credit Outstanding, Amount | 9,100 | |
Line of Credit Facility, Current Borrowing Capacity | 52,900 | |
Senior Secured Notes 6.50 Percent [Member] [Member] | ||
Debt Instruments [Abstract] | ||
7.00% senior secured notes due 2028 | 400,000 | 400,000 |
Long-term Debt | 394,743 | 394,524 |
Debt Instrument, Unamortized Discount | $ (5,257) | (5,476) |
Maturities of Long-term Debt [Abstract] | ||
Debt Instrument, Interest Rate, Stated Percentage | 7.00% | |
Titan Europe [Member] | ||
Debt Instruments [Abstract] | ||
Other Borrowings | $ 50,215 | 44,993 |
Debt Instrument, Unamortized Discount, Noncurrent | 0 | 0 |
Other Debt Obligations [Member] | ||
Debt Instruments [Abstract] | ||
Other debt | 14,495 | 15,434 |
Debt Instrument, Unamortized Discount, Noncurrent | 0 | 0 |
Titan Brazil [Member] | ||
Debt Instruments [Abstract] | ||
Other debt | 12,000 | |
Voltyre-Prom [Member] | ||
Debt Instruments [Abstract] | ||
Other debt | 2,500 | |
Long-term Debt [Member] | ||
Debt Instruments [Abstract] | ||
Long-term Debt and Lease Obligation, Including Current Maturities | 527,710 | 490,427 |
Long-term debt | $ 489,857 | $ 457,927 |
REDEEMABLE NONCONTROLLING INT_2
REDEEMABLE NONCONTROLLING INTEREST (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2022 | Dec. 31, 2021 | Feb. 01, 2022 | |
Redeemable Noncontrolling Interest [Line Items] | |||
Equity Method Investment, Ownership Percentage | 64.30% | ||
Balance at June 30 | $ 0 | ||
Payments for Repurchase of Redeemable Noncontrolling Interest | $ (25,000) | ||
Stock Issued During Period, Shares, Other | 4,032,259 | ||
RDIF [Member] | |||
Redeemable Noncontrolling Interest [Line Items] | |||
Equity Method Investment, Ownership Percentage | 35.70% |
LEASE COMMITMENTS (Details)
LEASE COMMITMENTS (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Dec. 31, 2021 | |
Leases [Abstract] | ||
Operating Lease, Right-of-Use Asset | $ 12,526 | $ 20,945 |
Operating Lease, Liability, Current | 4,968 | 6,180 |
Operating Lease, Liability, Noncurrent | 4,866 | 11,352 |
Operating Lease, Liability | 9,834 | 17,532 |
Finance Lease, Gross | 5,724 | 5,305 |
Finance Lease Accumulated Depreciation | (2,773) | (2,801) |
Finance Lease, Right-of-Use Asset | 2,951 | 2,504 |
Finance Lease, Liability, Current | 2,476 | 2,384 |
Finance Lease, Liability, Noncurrent | 3,655 | 3,878 |
Finance Lease, Liability | 6,131 | $ 6,262 |
Lessee, Operating Lease, Liability, Payment, Due [Abstract] | ||
July 1 - December 31, 2020 | 4,247 | |
2021 | 4,375 | |
2022 | 1,472 | |
2023 | 369 | |
2024 | 152 | |
Thereafter | 345 | |
Total lease payments | 10,960 | |
Less imputed interest | 1,126 | |
Finance Lease, Liability, Payment, Due [Abstract] | ||
April 1 - December 31, 2020 | 2,166 | |
2021 | 2,179 | |
2022 | 892 | |
2023 | 737 | |
2024 | 559 | |
Thereafter | 6 | |
Total lease payment | 6,539 | |
Lease imputed interest | $ 408 | |
Operating Lease, Weighted Average Remaining Lease Term | 3 years 7 months 6 days | |
Finance Lease, Weighted Average Remaining Lease Term | 2 years 11 months 12 days | |
Operating Lease, Payments | $ 2,200 | |
Finance Lease, Interest Payment on Liability | $ 100 |
EMPLOYEE BENEFIT PLANS (Details
EMPLOYEE BENEFIT PLANS (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Plan Assets, Contributions by Employer | $ 100 | |
Defined Benefit Plan, Estimated Future Employer Contributions in Current Fiscal Year | 200 | |
Pension Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost | 928 | $ 157 |
Interest cost | 717 | 700 |
Expected return on assets | (1,518) | (1,506) |
Amortization of unrecognized prior service cost | (16) | 0 |
Amortization of net unrecognized loss | (6) | 697 |
Net periodic pension (benefit) cost | $ 105 | $ 48 |
VARIABLE INTEREST ENTITIES (Det
VARIABLE INTEREST ENTITIES (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 | Mar. 31, 2021 | Dec. 31, 2020 |
Variable Interest Entity [Line Items] | ||||
Cash and Cash Equivalents, at Carrying Value | $ 98,144 | $ 98,108 | $ 95,954 | $ 117,431 |
Inventories | 424,200 | 392,615 | ||
Property, Plant and Equipment, Net | 298,285 | 301,109 | ||
Other Assets, Noncurrent | 59,546 | |||
Total assets | 1,269,301 | 1,182,685 | ||
Total current liabilities | 491,895 | 450,813 | ||
Total liabilities | 1,023,581 | 955,513 | ||
Accounts payable | 302,382 | 278,099 | ||
Variable Interest Entity, Not Primary Beneficiary [Member] | ||||
Variable Interest Entity [Line Items] | ||||
Total assets | 6,818 | 6,402 | ||
Investments | 6,818 | 6,402 | ||
Accounts payable | 3,078 | 4,296 | ||
Maximum exposure to loss | 9,896 | 10,698 | ||
Variable Interest Entity, Primary Beneficiary [Member] | ||||
Variable Interest Entity [Line Items] | ||||
Cash and Cash Equivalents, at Carrying Value | 1,963 | 714 | ||
Inventories | 3,366 | 2,459 | ||
Other Assets, Current | 5,607 | 5,135 | ||
Property, Plant and Equipment, Net | 3,299 | 3,414 | ||
Other Assets, Noncurrent | 624 | 626 | ||
Total assets | 14,859 | 12,348 | ||
Total current liabilities | 2,616 | 1,687 | ||
Liabilities, Noncurrent | 643 | 669 | ||
Total liabilities | $ 3,259 | $ 2,356 |
ROYALTY EXPENSE (Details)
ROYALTY EXPENSE (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Other Income and Expenses [Abstract] | ||
Royalty expense | $ 2,874 | $ 2,453 |
OTHER INCOME (Details)
OTHER INCOME (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Other Income and Expenses [Abstract] | ||
Income (Loss) from Equity Method Investments | $ 248 | $ 64 |
Gain (Loss) on Disposition of Assets | 110 | 791 |
Other Nonrecurring Income | 1,324 | 0 |
Other Nonoperating Income | 349 | (1,223) |
Other Nonoperating Income (Expense), Total | (8,859) | (368) |
Gain (Loss) on Disposition of Business | (10,890) | $ 0 |
Disposal Group, Including Discontinued Operation, Foreign Currency Translation Gains (Losses) | 10,000 | |
Unusual or Infrequent Item, or Both, Insurance Proceeds | $ 1,900 |
INCOME TAXES (Details)
INCOME TAXES (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Income Tax Disclosure [Abstract] | ||
Provision for income taxes | $ 8,681 | $ 2,594 |
Effective Income Tax Rate, Continuing Operations | 26.10% | 16.40% |
EARNINGS PER SHARE (Details)
EARNINGS PER SHARE (Details) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Net income attributable to Titan and applicable to common shareholders | $ 23,922 | $ 13,574 |
Net income (loss) applicable to common shareholders | $ 23,922 | $ 13,574 |
Weighted Average Number of Shares Outstanding, Basic | 63,860 | 61,466 |
Effect of equity awards | 490 | 948 |
Weighted average shares outstanding (diluted) | 64,350 | 62,414 |
LITIGATION (Details)
LITIGATION (Details) - USD ($) $ in Thousands | 3 Months Ended | |||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | |
Loss Contingencies [Line Items] | ||||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax, Portion Attributable to Parent | $ 18,457 | $ (26,665) | ||
Other Comprehensive (Income) Loss, Defined Benefit Plan, Prior Service Cost (Credit), after Tax | 544 | 873 | ||
Accumulated Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Net of Tax | (217,602) | (220,816) | $ (236,059) | $ (194,151) |
AOCI, Derivative Qualifying as Hedge, Excluded Component, after Tax | 264 | (373) | (39) | (413) |
Accumulated Other Comprehensive (Income) Loss, Defined Benefit Plan, after Tax | (9,838) | 21,817 | 10,382 | 22,690 |
Accumulated other comprehensive loss | (227,176) | (243,006) | $ (246,480) | $ (217,254) |
Other Comprehensive Income (Loss), Derivative, Excluded Component, Increase (Decrease), after Adjustments, Tax | 303 | 40 | ||
Other Comprehensive Income (Loss), Derivative, Excluded Component, Increase (Decrease), after Adjustments, before Tax, Parent | $ 303 | $ 40 |
SEGMENT INFORMATION (Details)
SEGMENT INFORMATION (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | |
Segment Reporting Information [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 555,997 | $ 403,518 | |
Gross profit (loss) | 86,729 | 53,265 | |
Income (loss) from operations | 44,708 | 14,231 | |
Interest expense | (7,907) | (7,523) | |
Foreign Currency Transaction Gain (Loss), before Tax | 5,317 | 9,477 | |
Other Nonoperating Income (Expense) | (8,859) | (368) | |
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest | 33,259 | 15,817 | |
Assets | 1,269,301 | $ 1,182,685 | |
Operating Segments [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 555,997 | 403,518 | |
Gross profit (loss) | 86,729 | 53,265 | |
Income (loss) from operations | 44,708 | 14,231 | |
Operating Segments [Member] | Agricultural [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 309,600 | 208,759 | |
Gross profit (loss) | 47,924 | 29,789 | |
Income (loss) from operations | 30,117 | 15,283 | |
Assets | 555,528 | 517,528 | |
Operating Segments [Member] | Earthmoving/construction [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 201,259 | 164,807 | |
Gross profit (loss) | 31,375 | 19,742 | |
Income (loss) from operations | 15,840 | 5,575 | |
Assets | 523,335 | 502,373 | |
Operating Segments [Member] | Consumer [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 45,138 | 29,952 | |
Gross profit (loss) | 7,430 | 3,734 | |
Income (loss) from operations | 4,882 | 1,667 | |
Assets | 142,407 | 133,906 | |
Operating Segments [Member] | Unallocated Amount to Segment [Member] | |||
Segment Reporting Information [Line Items] | |||
Income (loss) from operations | (6,131) | $ (8,294) | |
Assets | $ 48,031 | $ 28,878 |
SEGMENT INFORMATION ASSETS (Det
SEGMENT INFORMATION ASSETS (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Segment Reporting Information [Line Items] | ||
Assets | $ 1,269,301 | $ 1,182,685 |
Operating Segments [Member] | Agricultural [Member] | ||
Segment Reporting Information [Line Items] | ||
Assets | 555,528 | 517,528 |
Operating Segments [Member] | Earthmoving/construction [Member] | ||
Segment Reporting Information [Line Items] | ||
Assets | 523,335 | 502,373 |
Operating Segments [Member] | Consumer [Member] | ||
Segment Reporting Information [Line Items] | ||
Assets | 142,407 | 133,906 |
Operating Segments [Member] | Unallocated Amount to Segment [Member] | ||
Segment Reporting Information [Line Items] | ||
Assets | $ 48,031 | $ 28,878 |
RELATED PARTY TRANSACTIONS (Det
RELATED PARTY TRANSACTIONS (Details) - USD ($) $ in Millions | 3 Months Ended | |||
Mar. 31, 2022 | Mar. 31, 2021 | Feb. 01, 2022 | Dec. 31, 2021 | |
Related Party Transaction [Line Items] | ||||
Related Party Transaction, Revenues from Transactions with Related Party | $ 1.3 | $ 0.5 | ||
Related Party Transaction, Due from (to) Related Party | 0.5 | $ 0.2 | ||
Related Party Transaction, Expenses from Transactions with Related Party | $ 0.5 | |||
Equity Method Investment, Ownership Percentage | 64.30% |
ACCUMULATED OTHER COMPREHENSI_3
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Details) - USD ($) $ in Thousands | 3 Months Ended | |||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | |
Stockholders' Equity Note [Abstract] | ||||
Accumulated Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Net of Tax | $ (217,602) | $ (220,816) | $ (236,059) | $ (194,151) |
Other Comprehensive Income (Loss), Derivative, Excluded Component, Increase (Decrease), after Adjustments, before Tax, Parent | 303 | 40 | ||
AOCI, Derivative Qualifying as Hedge, Excluded Component, after Tax | 264 | (373) | (39) | (413) |
Currency translation adjustments | 18,457 | (26,665) | ||
Accumulated Other Comprehensive (Income) Loss, Defined Benefit Plan, after Tax | (9,838) | 21,817 | 10,382 | 22,690 |
Amortization of unrecognized losses and prior service cost, net of tax | (544) | (873) | ||
Accumulated other comprehensive loss | (227,176) | (243,006) | $ (246,480) | $ (217,254) |
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, Tax | $ (182) | $ (44) |
SUBSIDIARY GUARANTOR FINANCIA_3
SUBSIDIARY GUARANTOR FINANCIAL INFORMATION (Details) - USD ($) $ in Thousands | 3 Months Ended | |||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | |
Condensed Financial Statements, Captions [Line Items] | ||||
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Net of Tax | $ 303 | $ 40 | ||
Income Statement [Abstract] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 555,997 | 403,518 | ||
Cost of sales | 469,268 | 350,253 | ||
Gross profit (loss) | 86,729 | 53,265 | ||
Selling, General and Administrative Expense | 36,227 | 34,028 | ||
Research and Development Expense | 2,920 | 2,553 | ||
Royalty expense | 2,874 | 2,453 | ||
Income (loss) from operations | 44,708 | 14,231 | ||
Interest expense | (7,907) | (7,523) | ||
Intercompany Interest Expense Income | 0 | |||
Foreign Currency Transaction Gain (Loss), before Tax | 5,317 | 9,477 | ||
Other Nonoperating Income (Expense) | (8,859) | (368) | ||
Income before income taxes | 33,259 | 15,817 | ||
Provision for income taxes | 8,681 | 2,594 | ||
Equity in Net Earnings (Loss) of Subsidiaries | 0 | |||
Net income (loss) | 24,578 | 13,223 | ||
Net income (loss) attributable to noncontrolling interests | 656 | (351) | ||
Net income (loss) attributable to Titan | 23,922 | 13,574 | ||
Comprehensive Income Statement [Abstract] | ||||
Net income (loss) | 24,578 | 13,223 | ||
Currency translation adjustment | 17,275 | (27,178) | ||
Pension liability adjustments, net of tax | 544 | (873) | ||
Comprehensive income (loss) | 42,700 | (13,042) | ||
Net comprehensive loss attributable to redeemable and noncontrolling interests | (526) | (864) | ||
Comprehensive income (loss) attributable to Titan | 43,226 | (12,178) | ||
Statement of Financial Position [Abstract] | ||||
Cash and cash equivalents | 98,144 | 95,954 | $ 98,108 | $ 117,431 |
Accounts Receivable, after Allowance for Credit Loss, Current | 309,411 | 255,180 | ||
Inventory, Net | 424,200 | 392,615 | ||
Prepaid Expense and Other Assets, Current | 79,715 | 67,401 | ||
Total current assets | 911,470 | 813,304 | ||
Property, Plant and Equipment, Net | 298,285 | 301,109 | ||
Equity Method Investments | 0 | |||
Other Assets, Noncurrent | 59,546 | |||
Total assets | 1,269,301 | 1,182,685 | ||
Short-term debt | 37,853 | 32,500 | ||
Accounts payable | 302,382 | 278,099 | ||
Other current liabilities | 151,660 | 140,214 | ||
Total current liabilities | 491,895 | 450,813 | ||
Long-term debt | 484,600 | 452,451 | ||
Liabilities, Other than Long-term Debt, Noncurrent | 47,086 | |||
Intercompany Accounts, Net | 0 | |||
Redeemable noncontrolling interest | 0 | |||
Stockholders' Equity Attributable to Parent | 248,374 | 229,300 | ||
Stockholders' Equity Attributable to Noncontrolling Interest | (2,654) | (2,128) | ||
Total liabilities and equity | 1,269,301 | 1,182,685 | ||
Statement of Cash Flows [Abstract] | ||||
Net cash provided by (used for) operating activities | (18,517) | (15,962) | ||
Capital expenditures | (7,637) | (8,861) | ||
Payments for (Proceeds from) Investments | (9,293) | 0 | ||
Net cash provided by (used for) investing activities | 2,412 | (8,316) | ||
Proceeds from borrowings | 76,782 | 21,881 | ||
Repayments of Other Debt | (39,483) | (12,398) | ||
Proceeds from (Payments for) Other Financing Activities | (586) | |||
Net cash provided by (used for) financing activities | 11,713 | 7,074 | ||
Effect of Exchange Rate on Cash and Cash Equivalents | 4,428 | (4,273) | ||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | 36 | (21,477) | ||
Cash and cash equivalents | 98,144 | 95,954 | 98,108 | $ 117,431 |
Proceeds from Sales of Assets, Investing Activities | 756 | 545 | ||
Repayments of Senior Debt | $ 0 | |||
Payments for Repurchase of Common Stock | 25,000 | |||
Parent Company [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Net of Tax | 0 | |||
Income Statement [Abstract] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | |||
Cost of sales | 0 | |||
Gross profit (loss) | 0 | |||
Selling, General and Administrative Expense | 2,321 | |||
Research and Development Expense | 270 | |||
Royalty expense | 230 | |||
Income (loss) from operations | (2,821) | |||
Interest expense | (7,586) | |||
Intercompany Interest Expense Income | 363 | |||
Foreign Currency Transaction Gain (Loss), before Tax | 0 | |||
Other Nonoperating Income (Expense) | 0 | |||
Income before income taxes | (10,044) | |||
Provision for income taxes | 1,242 | |||
Equity in Net Earnings (Loss) of Subsidiaries | 35,979 | |||
Net income (loss) | 24,693 | |||
Net income (loss) attributable to noncontrolling interests | 0 | |||
Net income (loss) attributable to Titan | 24,693 | |||
Comprehensive Income Statement [Abstract] | ||||
Net income (loss) | 24,693 | |||
Currency translation adjustment | 0 | |||
Pension liability adjustments, net of tax | 0 | |||
Comprehensive income (loss) | 24,693 | |||
Net comprehensive loss attributable to redeemable and noncontrolling interests | 0 | |||
Comprehensive income (loss) attributable to Titan | 24,693 | |||
Statement of Financial Position [Abstract] | ||||
Cash and cash equivalents | 10,829 | 7,040 | ||
Accounts Receivable, after Allowance for Credit Loss, Current | (150) | |||
Inventory, Net | 0 | |||
Prepaid Expense and Other Assets, Current | 1,254 | |||
Total current assets | 12,233 | |||
Property, Plant and Equipment, Net | 1,610 | |||
Equity Method Investments | 765,364 | |||
Other Assets, Noncurrent | 1,260 | |||
Total assets | 780,467 | |||
Short-term debt | 0 | |||
Accounts payable | 2,079 | |||
Other current liabilities | 40,794 | |||
Total current liabilities | 42,873 | |||
Long-term debt | 457,743 | |||
Liabilities, Other than Long-term Debt, Noncurrent | 212 | |||
Intercompany Accounts, Net | (9,705) | |||
Redeemable noncontrolling interest | 0 | |||
Stockholders' Equity Attributable to Parent | 289,344 | |||
Stockholders' Equity Attributable to Noncontrolling Interest | 0 | |||
Total liabilities and equity | 780,467 | |||
Statement of Cash Flows [Abstract] | ||||
Net cash provided by (used for) operating activities | (4,430) | |||
Capital expenditures | 0 | |||
Payments for (Proceeds from) Investments | 0 | |||
Net cash provided by (used for) investing activities | 0 | |||
Proceeds from borrowings | (62,219) | |||
Repayments of Other Debt | (29,000) | |||
Proceeds from (Payments for) Other Financing Activities | 0 | |||
Net cash provided by (used for) financing activities | 8,219 | |||
Effect of Exchange Rate on Cash and Cash Equivalents | 0 | |||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | 3,789 | |||
Cash and cash equivalents | 10,829 | 7,040 | ||
Proceeds from Sales of Assets, Investing Activities | 0 | |||
Payments for Repurchase of Common Stock | 25,000 | |||
Guarantor Subsidiaries [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Net of Tax | 0 | |||
Income Statement [Abstract] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 85,799 | |||
Cost of sales | 46,816 | |||
Gross profit (loss) | 38,983 | |||
Selling, General and Administrative Expense | 12,472 | |||
Research and Development Expense | 840 | |||
Royalty expense | 1,305 | |||
Income (loss) from operations | 24,366 | |||
Interest expense | (5) | |||
Intercompany Interest Expense Income | 633 | |||
Foreign Currency Transaction Gain (Loss), before Tax | 655 | |||
Other Nonoperating Income (Expense) | 507 | |||
Income before income taxes | 26,156 | |||
Provision for income taxes | 134 | |||
Equity in Net Earnings (Loss) of Subsidiaries | 0 | |||
Net income (loss) | 26,022 | |||
Net income (loss) attributable to noncontrolling interests | 0 | |||
Net income (loss) attributable to Titan | 26,022 | |||
Comprehensive Income Statement [Abstract] | ||||
Net income (loss) | 26,022 | |||
Currency translation adjustment | 0 | |||
Pension liability adjustments, net of tax | 0 | |||
Comprehensive income (loss) | 26,022 | |||
Net comprehensive loss attributable to redeemable and noncontrolling interests | 0 | |||
Comprehensive income (loss) attributable to Titan | 26,022 | |||
Statement of Financial Position [Abstract] | ||||
Cash and cash equivalents | (4) | 17 | ||
Accounts Receivable, after Allowance for Credit Loss, Current | 7 | |||
Inventory, Net | 75,593 | |||
Prepaid Expense and Other Assets, Current | 15,605 | |||
Total current assets | 91,201 | |||
Property, Plant and Equipment, Net | 79,032 | |||
Equity Method Investments | 0 | |||
Other Assets, Noncurrent | 13,953 | |||
Total assets | 184,186 | |||
Short-term debt | 0 | |||
Accounts payable | 63,683 | |||
Other current liabilities | 24,632 | |||
Total current liabilities | 88,315 | |||
Long-term debt | 0 | |||
Liabilities, Other than Long-term Debt, Noncurrent | 5,561 | |||
Intercompany Accounts, Net | (496,495) | |||
Redeemable noncontrolling interest | 0 | |||
Stockholders' Equity Attributable to Parent | 586,805 | |||
Stockholders' Equity Attributable to Noncontrolling Interest | 0 | |||
Total liabilities and equity | 184,186 | |||
Statement of Cash Flows [Abstract] | ||||
Net cash provided by (used for) operating activities | 2,052 | |||
Capital expenditures | (2,063) | |||
Payments for (Proceeds from) Investments | 0 | |||
Net cash provided by (used for) investing activities | (2,063) | |||
Proceeds from borrowings | 0 | |||
Repayments of Other Debt | 0 | |||
Proceeds from (Payments for) Other Financing Activities | (10) | |||
Net cash provided by (used for) financing activities | (10) | |||
Effect of Exchange Rate on Cash and Cash Equivalents | 0 | |||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | (21) | |||
Cash and cash equivalents | (4) | 17 | ||
Proceeds from Sales of Assets, Investing Activities | 0 | |||
Payments for Repurchase of Common Stock | 0 | |||
Non-Guarantor Subsidiaries [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Net of Tax | 303 | |||
Income Statement [Abstract] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 555,997 | |||
Cost of sales | 508,251 | |||
Gross profit (loss) | 47,746 | |||
Selling, General and Administrative Expense | 21,434 | |||
Research and Development Expense | 1,810 | |||
Royalty expense | 1,339 | |||
Income (loss) from operations | 23,163 | |||
Interest expense | (316) | |||
Intercompany Interest Expense Income | (996) | |||
Foreign Currency Transaction Gain (Loss), before Tax | 4,662 | |||
Other Nonoperating Income (Expense) | (9,366) | |||
Income before income taxes | 17,147 | |||
Provision for income taxes | 7,305 | |||
Equity in Net Earnings (Loss) of Subsidiaries | 17,851 | |||
Net income (loss) | 27,693 | |||
Net income (loss) attributable to noncontrolling interests | 656 | |||
Net income (loss) attributable to Titan | 27,037 | |||
Comprehensive Income Statement [Abstract] | ||||
Net income (loss) | 27,693 | |||
Currency translation adjustment | 17,275 | |||
Pension liability adjustments, net of tax | 544 | |||
Comprehensive income (loss) | 45,815 | |||
Net comprehensive loss attributable to redeemable and noncontrolling interests | (526) | |||
Comprehensive income (loss) attributable to Titan | 46,341 | |||
Statement of Financial Position [Abstract] | ||||
Cash and cash equivalents | 87,319 | 91,051 | ||
Accounts Receivable, after Allowance for Credit Loss, Current | 309,254 | |||
Inventory, Net | 348,607 | |||
Prepaid Expense and Other Assets, Current | 62,856 | |||
Total current assets | 808,036 | |||
Property, Plant and Equipment, Net | 217,643 | |||
Equity Method Investments | 84,463 | |||
Other Assets, Noncurrent | 44,333 | |||
Total assets | 1,154,475 | |||
Short-term debt | 37,853 | |||
Accounts payable | 236,620 | |||
Other current liabilities | 86,234 | |||
Total current liabilities | 360,707 | |||
Long-term debt | 26,857 | |||
Liabilities, Other than Long-term Debt, Noncurrent | 41,313 | |||
Intercompany Accounts, Net | 506,200 | |||
Redeemable noncontrolling interest | 0 | |||
Stockholders' Equity Attributable to Parent | 222,052 | |||
Stockholders' Equity Attributable to Noncontrolling Interest | (2,654) | |||
Total liabilities and equity | 1,154,475 | |||
Statement of Cash Flows [Abstract] | ||||
Net cash provided by (used for) operating activities | (16,139) | |||
Capital expenditures | (5,574) | |||
Payments for (Proceeds from) Investments | (9,293) | |||
Net cash provided by (used for) investing activities | 4,475 | |||
Proceeds from borrowings | 14,563 | |||
Repayments of Other Debt | (10,483) | |||
Proceeds from (Payments for) Other Financing Activities | (576) | |||
Net cash provided by (used for) financing activities | 3,504 | |||
Effect of Exchange Rate on Cash and Cash Equivalents | 4,428 | |||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | (3,732) | |||
Cash and cash equivalents | 87,319 | $ 91,051 | ||
Proceeds from Sales of Assets, Investing Activities | (756) | |||
Payments for Repurchase of Common Stock | 0 | |||
Consolidation, Eliminations [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Net of Tax | 0 | |||
Income Statement [Abstract] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | (85,799) | |||
Cost of sales | (85,799) | |||
Gross profit (loss) | 0 | |||
Selling, General and Administrative Expense | 0 | |||
Research and Development Expense | 0 | |||
Royalty expense | 0 | |||
Income (loss) from operations | 0 | |||
Interest expense | 0 | |||
Intercompany Interest Expense Income | 0 | |||
Foreign Currency Transaction Gain (Loss), before Tax | 0 | |||
Other Nonoperating Income (Expense) | 0 | |||
Income before income taxes | 0 | |||
Provision for income taxes | 0 | |||
Equity in Net Earnings (Loss) of Subsidiaries | (53,830) | |||
Net income (loss) | (53,830) | |||
Net income (loss) attributable to noncontrolling interests | 0 | |||
Net income (loss) attributable to Titan | (53,830) | |||
Comprehensive Income Statement [Abstract] | ||||
Net income (loss) | (53,830) | |||
Currency translation adjustment | 0 | |||
Pension liability adjustments, net of tax | 0 | |||
Comprehensive income (loss) | (53,830) | |||
Net comprehensive loss attributable to redeemable and noncontrolling interests | 0 | |||
Comprehensive income (loss) attributable to Titan | (53,830) | |||
Statement of Financial Position [Abstract] | ||||
Cash and cash equivalents | 0 | |||
Accounts Receivable, after Allowance for Credit Loss, Current | 0 | |||
Inventory, Net | 0 | |||
Prepaid Expense and Other Assets, Current | 0 | |||
Total current assets | 0 | |||
Property, Plant and Equipment, Net | 0 | |||
Equity Method Investments | (849,827) | |||
Other Assets, Noncurrent | 0 | |||
Total assets | (849,827) | |||
Short-term debt | 0 | |||
Accounts payable | 0 | |||
Other current liabilities | 0 | |||
Total current liabilities | 0 | |||
Long-term debt | 0 | |||
Liabilities, Other than Long-term Debt, Noncurrent | 0 | |||
Intercompany Accounts, Net | 0 | |||
Redeemable noncontrolling interest | 0 | |||
Stockholders' Equity Attributable to Parent | (849,827) | |||
Stockholders' Equity Attributable to Noncontrolling Interest | 0 | |||
Total liabilities and equity | (849,827) | |||
Statement of Cash Flows [Abstract] | ||||
Cash and cash equivalents | $ 0 |
Subsequent Events (Details)
Subsequent Events (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 | Apr. 22, 2021 |
Subsequent Events [Abstract] | |||
Long-term Debt | $ 394,700 | ||
Subsequent Event [Line Items] | |||
Long-term Debt | 394,700 | ||
Senior Secured Notes 6.50 Percent [Member] [Member] | |||
Subsequent Events [Abstract] | |||
Long-term Debt | 400,000 | $ 400,000 | |
Subsequent Event [Line Items] | |||
Long-term Debt | $ 400,000 | $ 400,000 | |
Debt Instrument, Interest Rate, Stated Percentage | 7.00% | ||
Senior Secured Notes 7.00 Percent | |||
Subsequent Events [Abstract] | |||
Long-term Debt | $ 400,000 | ||
Subsequent Event [Line Items] | |||
Long-term Debt | $ 400,000 | ||
Debt Instrument, Interest Rate, Stated Percentage | 7.00% |