10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C.  20549

FORM 10-Q

þ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For Quarterly Period Ended: September 30, 2013

or

o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Commission file number 1-12936

TITAN INTERNATIONAL, INC.

(Exact name of registrant as specified in its charter)

Illinois	36-3228472
(State of Incorporation)	(I.R.S. Employer Identification No.)

2701 Spruce Street, Quincy, IL 62301

(Address of principal executive offices, including Zip Code)

(217) 228-6011

(Registrant’s telephone number, including area code)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or such shorter period that the registrant was required to file such reports) and (2) has been subject to such filing requirements for the past 90 days.  Yes  þ No o

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).  Yes þ  No o

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, or a non-accelerated filer, or a smaller reporting company.  See definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer þ	Accelerated filer ¨
Non-accelerated filer o (Do not check if a smaller reporting company)	Smaller reporting company o

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).  Yes o  No þ

Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practicable date.

	Shares Outstanding at
Class	October 21, 2013
Common stock, no par value per share	53,550,422

TITAN INTERNATIONAL, INC.

TABLE OF CONTENTS

		Page
Part I.	Financial Information
Item 1.	Financial Statements (Unaudited)
	Consolidated Condensed Statements of Operations for the Three and Nine Months Ended September 30, 2013 and 2012	1
	Consolidated Condensed Statements of Comprehensive Income for the Three and Nine Months Ended September 30, 2013 and 2012	2
	Consolidated Condensed Balance Sheets as of September 30, 2013, and December 31, 2012	3
	Consolidated Condensed Statement of Changes in Equity for the Nine Months Ended September 30, 2013	4
	Consolidated Condensed Statements of Cash Flows for the Nine Months Ended September 30, 2013 and 2012	5
	Notes to Consolidated Condensed Financial Statements	6
Item 2.	Management's Discussion and Analysis of Financial Condition and Results of Operations	28
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	44
Item 4.	Controls and Procedures	44
Part II.	Other Information
Item 1.	Legal Proceedings	45
Item 1A.	Risk Factors	45
Item 6.	Exhibits	45
	Signatures	45

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements

TITAN INTERNATIONAL, INC.

CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS (UNAUDITED)

(All amounts in thousands, except per share data)

	Three months ended						Nine months ended
	September 30,						September 30,
	2013			2012			2013			2012
Net sales	$	497,510		$	404,719		$	1,669,188		$	1,327,040
Cost of sales	435,004			337,558			1,423,276			1,084,430
Gross profit	62,506			67,161			245,912			242,610
Selling, general and administrative expenses	38,731			25,497			124,827			79,742
Research and development expenses	2,778			1,759			8,281			4,456
Royalty expense	3,942			3,739			10,960			8,740
Supply agreement termination income	—			—			—			(26,134		)
Income from operations	17,055			36,166			101,844			175,806
Interest expense	(12,414		)	(6,187		)	(35,924		)	(18,699		)
Convertible debt conversion charge	—			—			(7,273		)	—
Gain on earthquake insurance recovery	—			—			22,451			—
Other income	8,722			2,439			7,712			6,163
Income before income taxes	13,363			32,418			88,810			163,270
Provision for income taxes	5,711			13,589			38,913			64,722
Net income	7,652			18,829			49,897			98,548
Net loss attributable to noncontrolling interests	(441		)	(750		)	(888		)	(506		)
Net income attributable to Titan	$	8,093		$	19,579		$	50,785		$	99,054
Earnings per common share:
Basic	$	.15		$	.46		$	.96		$	2.35
Diluted	$	.15		$	.39		$	.89		$	1.92
Average common shares and equivalents outstanding:
Basic	53,440			42,180			52,900			42,148
Diluted	59,391			53,326			59,444			53,315
Dividends declared per common share:	$	.005		$	.005		$	.015		$	.015

See accompanying Notes to Consolidated Financial Statements.

1

TITAN INTERNATIONAL, INC.

CONSOLIDATED CONDENSED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED)

(All amounts in thousands)

	Three months ended
	September 30,
	2013			2012
Net income	$	7,652		$	18,829
Unrealized loss on investments, net of tax of $0 and $208, respectively	—			(353		)
Currency translation adjustment, net	854			(1,247		)
Pension liability adjustments, net of tax of $557 and $491, respectively	969			836
Comprehensive income	9,475			18,065
Net comprehensive loss attributable to noncontrolling interests	(85		)	(1,104		)
Comprehensive income attributable to Titan	$	9,560		$	19,169

	Nine months ended
	September 30,
	2013			2012
Net income	$	49,897		$	98,548
Unrealized loss on investments, net of tax of $0 and $9, respectively	(3		)	(16		)
Currency translation adjustment, net	(24,513		)	(5,816		)
Pension liability adjustments, net of tax of $1,670 and $1,473, respectively	2,990			2,508
Comprehensive income	28,371			95,224
Net comprehensive loss attributable to noncontrolling interests	(3,243		)	(859		)
Comprehensive income attributable to Titan	$	31,614		$	96,083

See accompanying Notes to Consolidated Financial Statements.

2

TITAN INTERNATIONAL, INC.

CONSOLIDATED CONDENSED BALANCE SHEETS (UNAUDITED)

(All amounts in thousands, except share data)

	September 30,			December 31,
Assets	2013			2012
Current assets
Cash and cash equivalents	$	447,456		$	189,114
Accounts receivable, net	290,247			297,798
Inventories	375,893			366,385
Deferred income taxes	33,133			50,558
Prepaid and other current assets	97,292			92,268
Total current assets	1,244,021			996,123
Property, plant and equipment, net	561,706			568,344
Goodwill	22,534			24,941
Deferred income taxes	7,241			8,383
Other assets	112,259			112,444
Total assets	$	1,947,761		$	1,710,235
Liabilities and Equity
Current liabilities
Short-term debt	$	104,884		$	145,801
Accounts payable	195,123			180,065
Other current liabilities	153,476			141,214
Total current liabilities	453,483			467,080
Long-term debt	637,388			441,438
Deferred income taxes	47,216			62,259
Other long-term liabilities	98,632			107,096
Total liabilities	1,236,719			1,077,873
Equity
Titan stockholders' equity
Common stock (no par, 120,000,000 shares authorized, 55,253,092 and 50,350,048 issued,   respectively)	—			—
Additional paid-in capital	557,467			507,199
Retained earnings	223,389			173,407
Treasury stock (at cost, 1,712,557 and 1,787,844 shares, respectively)	(15,769		)	(16,445		)
Treasury stock reserved for deferred compensation	(1,075		)	(1,075		)
Accumulated other comprehensive loss	(75,640		)	(56,469		)
Total Titan stockholders’ equity	688,372			606,617
Noncontrolling interests	22,670			25,745
Total equity	711,042			632,362
Total liabilities and equity	$	1,947,761		$	1,710,235

See accompanying Notes to Consolidated Financial Statements.

3

TITAN INTERNATIONAL, INC.

CONSOLIDATED CONDENSED STATEMENT OF CHANGES IN EQUITY (UNAUDITED)

(All amounts in thousands, except share data)

	Number of common shares	Additional paid-in capital			Retained earnings			Treasury stock			Treasury stock  reserved for deferred compensation			Accumulated other comprehensive income (loss)			Total Titan Equity			Noncontrolling interest			Total Equity
Balance January 1, 2013	48,562,204	$	507,199		$	173,407		$	(16,445	)	$	(1,075	)	$	(56,469	)	$	606,617		$	25,745		$	632,362
Net income					50,785												50,785			(888		)	49,897
Currency translation adjustment														(22,158		)	(22,158		)	(2,355		)	(24,513		)
Pension liability adjustments, net of tax														2,990			2,990						2,990
Unrealized loss on investment														(3		)	(3		)				(3		)
Dividends on common stock					(803		)										(803		)				(803		)
Note conversion	4,903,044	45,903															45,903						45,903
Exercise of stock options	49,967	414						449									863						863
Acquisition																	—			168			168
Stock-based compensation		3,727															3,727						3,727
Tax benefit related to stock-based compensation		(46		)													(46		)				(46		)
Issuance of treasury stock under 401(k) plan	25,320	270						227									497						497
Balance September 30, 2013	53,540,535	$	557,467		$	223,389		$	(15,769	)	$	(1,075	)	$	(75,640	)	$	688,372		$	22,670		$	711,042

See accompanying Notes to Consolidated Financial Statements.

4

TITAN INTERNATIONAL, INC.

CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS (UNAUDITED)

(All amounts in thousands)

	Nine months ended September 30,
Cash flows from operating activities:	2013			2012
Net income	$	49,897		$	98,548
Adjustments to reconcile net income to net cash
provided by operating activities:
Depreciation and amortization	56,333			35,865
Amortization of debt premium	(2,185		)	—
Deferred income tax provision	(6,860		)	6,906
Convertible debt conversion charge	7,273			—
Gain on earthquake insurance recovery	(22,451		)	—
Supply agreement termination income	—			(26,134		)
Stock-based compensation	3,727			2,959
Excess tax benefit from stock options exercised	46			(185		)
Insurance proceeds	35,808			—
Issuance of treasury stock under 401(k) plan	497			453
(Increase) decrease in assets:
Accounts receivable	(1,022		)	(24,099		)
Inventories	(18,599		)	(36,921		)
Prepaid and other current assets	(24,687		)	(17,619		)
Other assets	5,924			3,699
Increase (decrease) in liabilities:
Accounts payable	23,302			25,893
Other current liabilities	23,218			4,786
Other liabilities	1,968			10,937
Net cash provided by operating activities	132,189			85,088
Cash flows from investing activities:
Capital expenditures	(54,956		)	(36,319		)
Acquisitions, net of cash acquired	(1,670		)	(32,760		)
Additional equity investment in Wheels India	(8,017		)	—
Insurance proceeds	2,879			—
Other	1,342			636
Net cash used for investing activities	(60,422		)	(68,443		)
Cash flows from financing activities:
Proceeds from borrowings	345,313			—
Payment on debt	(162,040		)	(14,434		)
Term loan borrowing	25,880			4,378
Convertible note conversion	(14,090		)	—
Proceeds from exercise of stock options	863			925
Excess tax benefit from stock options exercised	(46		)	185
Payment of financing fees	(5,520		)	—
Dividends paid	(778		)	(634		)
Net cash provided by (used for) financing activities	189,582			(9,580		)
Effect of exchange rate changes on cash	(3,007		)	(1,345		)
Net increase in cash and cash equivalents	258,342			5,720
Cash and cash equivalents, beginning of period	189,114			129,170
Cash and cash equivalents, end of period	$	447,456		$	134,890
Supplemental information:
Interest paid	$	18,484		$	15,330
Income taxes paid	$	56,523		$	63,669
Noncash investing and financing information:
Issuance of common stock for convertible debt payment	$	45,903		$	—

 See accompanying Notes to Consolidated Financial Statements.

5

TITAN INTERNATIONAL, INC.

Notes to Consolidated Condensed Financial Statements

(Unaudited)

1. ACCOUNTING POLICIES

In the opinion of Titan International, Inc. (Titan or the Company), the accompanying unaudited consolidated condensed financial statements contain all adjustments, which are normal and recurring in nature and necessary for a fair statement of the Company's financial position as of September 30, 2013, and the results of operations and cash flows for the three and nine months ended September 30, 2013 and 2012.

Accounting policies have continued without significant change and are described in the Description of Business and Significant Accounting Policies contained in the Company's 2012 Annual Report on Form 10-K. These interim financial statements have been prepared pursuant to the Securities and Exchange Commission's rules for Form 10-Q's and, therefore, certain information and footnote disclosures normally included in annual financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Company's 2012 Annual Report on Form 10-K.

Sales

Sales and revenues are presented net of sales taxes and other related taxes.

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.  The 7.875% senior secured notes due 2017 (senior secured notes) and 5.625% convertible senior subordinated notes due 2017 (convertible notes) are carried at cost of $543.1 million and $60.2 million at September 30, 2013, respectively. The fair value of the senior secured notes at September 30, 2013, as obtained through an independent pricing source, was approximately $577.1 million.

Cash dividends

The Company declared cash dividends of $.005 and $.015 per share of common stock for each of the three and nine months ended September 30, 2013, and 2012. The third quarter 2013 cash dividend of $.005 per share of common stock was paid October 15, 2013, to stockholders of record on September 30, 2013.

Interest paid

Titan paid $2.1 million and $3.5 million for interest for the quarters ended September 30, 2013 and 2012, respectively, and $18.5 million and $15.3 million for interest for the nine months ended September 30, 2013 and 2012, respectively.

Income taxes paid

Titan paid $18.5 million and $16.7 million for income taxes for the quarters ended September 30, 2013 and 2012, respectively, and $56.5 million and $63.7 million for income taxes for the nine months ended September 30, 2013 and 2012, respectively.

Use of estimates

The policies utilized by the Company in the preparation of the financial statements conform to accounting principles generally accepted in the United States of America and require management to make estimates, assumptions and judgments that affect the reported amount of assets and liabilities, and disclosure of contingent assets and liabilities, at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period.  Actual amounts could differ from these estimates and assumptions.

Reclassification

Certain amounts from prior years have been reclassified to conform to the current year's presentation.

Subsequent Events

The Company has evaluated subsequent events and transactions for potential recognition or disclosure in the financial statements through the date of issuance of the financial statements.

6

TITAN INTERNATIONAL, INC.

Notes to Consolidated Condensed Financial Statements

(Unaudited)

2. ACQUISITIONS

Acquisition of Titan Europe Plc.

On October 31, 2012, Titan acquired over 97% of the outstanding stock of Titan Europe Plc (Titan Europe) and in December 2012, the remaining 3% interest was acquired. Titan Europe is an international engineering group which designs and manufactures wheels, undercarriage components and assemblies for tracked and wheeled "off-road vehicles". The Titan Europe acquisition allowed the Company to expand its global presence and expand its product line. Prior to the acquisition, Titan held a 21.8% ownership percentage in Titan Europe. Titan Europe shareholders received one share of new Titan common stock for every 11 Titan Europe shares held. A total of 6,257,051 new shares of Titan were issued with a value of $121.8 million. In addition, Titan paid cash of $5.6 million for option payouts and partial shares. Titan's previous investment in Titan Europe had a fair value on the acquisition date of $31.7 million based on Titan Europe's stock price on the AIM market in London. Total consideration including the value of stock issued, cash payments, and the fair value of previously held Titan Europe shares totaled $159.1 million. A gain of $26.7 million was recorded on Titan's previously held interest in Titan Europe which was recorded as Noncash Titan Europe Plc gain in the consolidated statement of operations. This gain was previously recorded in other comprehensive income.

The purchase price was allocated to the assets acquired and liabilities assumed based on their fair values. Inventory was valued using the comparative sales method. Real and personal property was valued at fair value. The Company continues to evaluate the preliminary purchase price allocation, primarily the value of certain deferred taxes and property, plant & equipment, and may revise the purchase price allocation in future periods as these estimates are finalized.

The purchase price allocation of the Titan Europe acquisition consisted of the following (amounts in thousands):

Cash	$	39,122
Accounts receivable	128,585
Inventories	178,407
Deferred income taxes - current asset	22,068
Prepaid & other current assets	21,745
Earthquake insurance receivable	17,024
Property, plant & equipment	217,309
Investment in Wheels India Limited	36,804
Other assets	8,414
Short term debt	(96,822		)
Accounts payable	(142,752		)
Other current liabilities	(56,391		)
Long term debt	(158,183		)
Deferred income taxes - noncurrent liability	(12,636		)
Other noncurrent liabilities	(31,874		)
Net assets acquired	$	170,820

The purchase price allocation has changed from that reported in the Form 10-K for the year ended December 31, 2012, and the 10-Q for the quarter ended March 31, 2013. Titan Europe's wheel manufacturing facility in Finale Emilia, Italy experienced damage from an earthquake in May 2012, prior to Titan's acquisition of Titan Europe.  The plant was closed for production during initial remedial work. This resulted in a limited transfer of production to other facilities within Titan Europe as well as sourcing product from facilities in the US owned by Titan and competitors.  In the second quarter of 2013, Titan received a final insurance settlement payment of $38.7 million. As a result of this information, Titan has recorded an earthquake insurance receivable of $17.0 million, decreased the current deferred income taxes by $5.3 million, and recorded a bargain purchase gain of $11.7 million for the year ended December 31, 2012.

7

TITAN INTERNATIONAL, INC.

Notes to Consolidated Condensed Financial Statements

(Unaudited)

Pro forma financial information

The following unaudited pro forma financial information gives effect to the acquisition of Titan Europe Plc as if the acquisition had taken place on January 1, 2012. The pro forma financial information for Titan Europe Plc was derived from the historical accounting records of Titan Europe. The Titan Europe results were adjusted to reflect additional depreciation.

Pro forma financial information is as follows (in thousands, except per share data):

	Nine Months ended September 30, 2012
Net sales	$	1,876,691
Net income	101,801
Net income attributable to Titan	102,307
Basic earnings per share	$	2.11
Diluted earnings per share	1.77

The pro forma information is presented for illustrative purposes only and may not be indicative of the results that would have been obtained had the acquisition actually occurred on January 1, 2012, nor is it necessarily indicative of Titan's future consolidated results of operations or financial position.

3. ACCOUNTS RECEIVABLE

Accounts receivable consisted of the following (amounts in thousands):

	September 30, 2013			December 31, 2012
Accounts receivable	$	299,063		$	302,928
Allowance for doubtful accounts	(8,816		)	(5,130		)
Accounts receivable, net	$	290,247		$	297,798

Accounts receivable are reduced by an allowance for doubtful accounts which is based on historical losses.

4. INVENTORIES

Inventories consisted of the following (amounts in thousands):

	September 30, 2013			December 31, 2012
Raw material	$	134,229		$	153,308
Work-in-process	59,214			69,030
Finished goods	189,566			154,785
	383,009			377,123
Adjustment to LIFO basis	(7,116		)	(10,738		)
	$	375,893		$	366,385

At September 30, 2013, approximately 12% of the Company's inventories were valued under the last-in, first-out (LIFO) method. At December 31, 2012, approximately 16% of the Company's inventories were valued under the LIFO method. The remaining inventories were valued under the first-in, first-out (FIFO) method or average cost method. All inventories are valued at lower of cost or market. The LIFO reserve decreased primarily as a result of the composition of inventory. An overall increase in raw material relative to total inventory resulted in a greater decrease in the FIFO cost versus the LIFO cost.

8

TITAN INTERNATIONAL, INC.

Notes to Consolidated Condensed Financial Statements

(Unaudited)

5. PROPERTY, PLANT AND EQUIPMENT

Property, plant and equipment, net consisted of the following (amounts in thousands):

	September 30, 2013			December 31, 2012
Land and improvements	$	66,511		$	66,012
Buildings and improvements	193,393			192,135
Machinery and equipment	581,591			555,261
Tools, dies and molds	106,094			117,341
Construction-in-process	47,776			49,136
	995,365			979,885
Less accumulated depreciation	(433,659		)	(411,541		)
	$	561,706		$	568,344

Depreciation on fixed assets for the nine months ended September 30, 2013 and 2012, totaled $53.0 million and $34.1 million, respectively.

Included in the total building and improvements are capital leases of $4.6 million and $4.5 million at September 30, 2013, and December 31, 2012, respectively. Included in the total of machinery and equipment are capital leases of $39.7 million and $36.0 million at September 30, 2013, and December 31, 2012, respectively.

6. GOODWILL AND INTANGIBLE ASSETS

Changes in goodwill consisted of the following (amounts in thousands):

	2013									2012
				Earthmoving/									Earthmoving/
	Agricultural			Construction						Agricultural			Construction
	Segment			Segment			Total			Segment			Segment			Total
Goodwill balance, January 1	$	11,522		$	13,419		$	24,941		$	19,841		$	—		$	19,841
Acquisitions	—			—			—			—			13,982			13,982
Acquisition adjustment	—			—			—			(7,289		)	—			(7,289		)
Foreign currency translation	(1,040		)	(1,367		)	(2,407		)	(957		)	(193		)	(1,150		)
Goodwill balance, September 30	$	10,482		$	12,052		$	22,534		$	11,595		$	13,789		$	25,384

The Company's agricultural segment goodwill balance is related to the acquisition of Goodyear's Latin American farm tire business which included the Sao Paulo, Brazil manufacturing facility. The Company's earthmoving/construction goodwill balance is related to the acquisition of Planet Group in August 2012. The Company reviews goodwill for impairment during the fourth quarter of each annual reporting period, and whenever events and circumstances indicate that the carrying values may not be recoverable. The Company's consumer segment does not have any recorded goodwill.

9

TITAN INTERNATIONAL, INC.

Notes to Consolidated Condensed Financial Statements

(Unaudited)

The components of intangible assets consisted of the following (amounts in thousands):

	Weighted- Average Useful Lives (in Years)	September 30, 2013		December 31, 2012
Amortizable intangible assets:
Customer relationships	13.8	17,457		19,357
Patents, trademarks and other	2.0	3,466		3,658
Total at cost		20,923		23,015
Less accumulated amortization		(3,470	)	(1,807	)
		17,453		21,208

Amortization related to intangible assets for the nine months ended September 30, 2013 and 2012, totaled $1.7 million and $0.5 million, respectively. Intangible assets are included as a component of other assets in the consolidated condensed balance sheet.

The estimated aggregate amortization expense at September 30, 2013, is as follows (amounts in thousands):

October 1 - December 31, 2013	$	534
2014	2,143
2015	1,764
2016	1,180
2017	1,118
Thereafter	10,714
	$	17,453

7. WARRANTY

Changes in the warranty liability consisted of the following (amounts in thousands):

	2013			2012
Warranty liability, January 1	$	27,482		$	17,659
Provision for warranty liabilities	35,134			23,036
Warranty payments made	(28,049		)	(18,282		)
Warranty liability, September 30	$	34,567		$	22,413

The Company provides limited warranties on workmanship on its products in all market segments.  The majority of the Company’s products have a limited warranty that ranges from zero to ten years, with certain products being prorated after the first year.  The Company calculates a provision for warranty expense based on past warranty experience.  Warranty accruals are included as a component of other current liabilities on the Consolidated Condensed Balance Sheets.

10

TITAN INTERNATIONAL, INC.

Notes to Consolidated Condensed Financial Statements

(Unaudited)

8. REVOLVING CREDIT FACILITY AND LONG-TERM DEBT

Long-term debt consisted of the following (amounts in thousands):

	September 30, 2013		December 31, 2012
7.875% senior secured notes due 2017 - Issued 2013	$	325,000	$	—
Unamortized premium based on 7.875% senior secured notes issued 2013	18,128		—
7.875% senior secured notes due 2017 - Issued 2010	200,000		200,000
European credit facilities	78,301		202,097
5.625% convertible senior subordinated notes due 2017	60,161		112,881
Other debt	58,082		69,151
Capital leases	2,600		3,110
	742,272		587,239
Less amounts due within one year	104,884		145,801
	$	637,388	$	441,438

Aggregate maturities of long-term debt at September 30, 2013, were as follows (amounts in thousands):

September 1 - December 31, 2013	$	101,397
2014	19,753
2015	10,041
2016	18,963
2017	589,621
Thereafter	2,497
	$	742,272

7.875% senior secured notes due 2017

The Company’s 7.875% senior secured notes (senior secured notes) are due October 2017.  These notes are secured by the land and buildings of the following subsidiaries of the Company:  Titan Tire Corporation, Titan Tire Corporation of Bryan, Titan Tire Corporation of Freeport and Titan Wheel Corporation of Illinois.  The Company’s senior secured notes outstanding balance was $525.0 million at September 30, 2013 including $200.0 million issued in 2010 and $325.0 million issued in 2013. The 2013 amount was issued at a premium. Otherwise, all the notes have the same terms. The senior secured notes issued in 2013 have an imputed interest rate of 6.277% and an unamortized premium balance of $18.1 million at September 30, 2013. See Note 23 for additional information.

Titan Europe credit facilities

The Titan Europe credit facilities contain borrowings from various institutions totaling $78.3 million at September 30, 2013. Maturity dates on this debt range from less than one year to eleven years and interest rates range from 2% to 6.9%. The European facilities are secured by the assets of select European subsidiaries.

11

TITAN INTERNATIONAL, INC.

Notes to Consolidated Condensed Financial Statements

(Unaudited)

5.625% convertible senior subordinated notes due 2017

The Company’s 5.625% convertible senior subordinated notes (convertible notes) are due January 2017.   The initial base conversion rate for the convertible notes is 93.0016 shares of Titan common stock per $1,000 principal amount of convertible notes, equivalent to an initial base conversion price of approximately $10.75 per share of Titan common stock.  If the price of Titan common stock at the time of determination exceeds the base conversion price, the base conversion rate will be increased by an additional number of shares (up to 9.3002 shares of Titan common stock per $1,000 principal amount of convertible notes) as determined pursuant to a formula described in the indenture.  The base conversion rate will be subject to adjustment in certain events.  The Company’s convertible notes balance was $60.2 million at September 30, 2013.

In the first quarter of 2013, the Company closed an Exchange Agreement with a note holder of the convertible notes. The two parties privately negotiated an agreement to exchange approximately $52.7 million in aggregate principal amount of the convertible notes for approximately 4.9 million shares of the Company's common stock plus a cash payment totaling $14.2 million. In connection with this exchange, the Company recognized a charge of $7.3 million in accordance with accounting standards related to debt conversions.

Revolving credit facility

The Company’s $150 million revolving credit facility (credit facility) with agent Bank of America, N.A. has a December 2017 termination date and is collateralized by the accounts receivable and inventory of certain Titan domestic subsidiaries.  During the first nine months of 2013 and at September 30, 2013, there were no borrowings under the credit facility.

Other debt

Brazil Revolving Line of Credit

The Company's wholly-owned Brazilian subsidiary, Titan Pneus Do Brasil Ltda (Titan Brazil), has a revolving line of credit (Brazil line of credit) established with Bank of America Merrill Lynch Banco Multiplo S.A. in May 2011. Titan Brazil could borrow up to 16.0 million Brazilian Reais, which equates to approximately $7.1 million dollars as of September 30, 2013, for working capital purposes. Under the terms of the Brazil line of credit, borrowings, if any, bear interest at a rate of 1 month LIBOR plus 247 basis points. During the first nine months of 2013 and at September 30, 2013 there were no borrowings outstanding on this line of credit.

Brazil Other Debt

Titan Brazil has working capital loans for the Sao Paulo, Brazil manufacturing facility totaling $9.2 million at September 30, 2013.

Australia Other Debt

Titan National Australia Holdings has capital leases totaling $1.1 million at September 30, 2013.

Titan Europe Other Debt

Titan Europe has overdraft facilities totaling $47.7 million at September 30, 2013.

Titan Europe Capital Leases

Titan Europe has capital lease obligations totaling $2.6 million at September 30, 2013.

12

TITAN INTERNATIONAL, INC.

Notes to Consolidated Condensed Financial Statements

(Unaudited)

9. DERIVATIVE FINANCIAL INSTRUMENTS

Prior to the April 2013 payoff of the Brazil Term Loan with Bank of America, N.A. (BoA Term Loan), the Company used financial derivatives to mitigate its exposure to volatility in the interest rate and foreign currency exchange rate in Brazil. The Company used these derivative instruments to hedge exposure in the ordinary course of business and did not invest in derivative instruments for speculative purposes. In order to reduce interest rate and foreign currency risk on the BoA Term Loan, the Company entered into an interest rate swap agreement and cross currency swap transactions with Bank of America Merrill Lynch Banco Multiplo S.A. that was designed to convert the outstanding $5.0 million US Dollar based LIBOR loan to a Brazilian Reais based CDI loan. The Company did not designate these agreements as a hedging instrument. Changes in the fair value of the cross currency swap were recorded in other income/expense and changes in the fair value of the interest rate swap agreement were recorded as interest expense (or gain as an offset to interest expense). For the nine months ended September 30, 2013, the Company recorded $0.6 million of other expense and $0.1 million of interest expense related to these derivatives.

The Company also used derivative financial instruments to manage its exposure to market risks from changes in interest rates in Europe. These derivative financial instruments are recognized at fair value. The Company has not designated these financial instruments as hedging instruments. Any gain or loss on the re-measurement of the fair value is taken to interest expense. For the three months ended September 30, 2013, the Company recorded interest expense of $0.1 million related to these derivatives. For the nine months ended September 30, 2013, the Company recorded an offset to interest expense of $1.0 million related to these derivatives.

10. LEASE COMMITMENTS

The Company leases certain buildings and equipment under operating leases.  Certain lease agreements provide for renewal options, fair value purchase options, and payment of property taxes, maintenance and insurance by the Company. 

At September 30, 2013, future minimum rental commitments under noncancellable operating leases with initial terms of at least one year were as follows (amounts in thousands):

October 1 - December 31, 2013	$	1,302
2014	7,429
2015	4,801
2016	3,814
2017	2,368
Thereafter	3,943
Total future minimum lease payments	$	23,657

At September 30, 2013, the Company had assets held as capital leases with a net book value of $9.1 million included in property, plant and equipment. Total future capital lease obligations relating to these leases are as follows (amounts in thousands):

October 1 - December 31, 2013	$	679
2014	1,374
2015	892
2016	480
2017	200
Thereafter	103
Total future capital lease obligation payments	3,728
Less amount representing interest	(174		)
Present value of future capital lease obligation payments	$	3,554

13

TITAN INTERNATIONAL, INC.

Notes to Consolidated Condensed Financial Statements

(Unaudited)

11. 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 four 401(k) retirement savings plans in the U.S. and a number of defined contribution plans at foreign subsidiaries. The Company contributed approximately $3.8 million to the pension plans during the nine months ended September 30, 2013 and expects to contribute approximately $1.7 million to the pension plans during the remainder of 2013.

The components of net periodic pension cost consisted of the following (amounts in thousands):

	Three months ended						Nine months ended
	September 30,						September 30,
	2013			2012			2013			2012
Service cost	$	275		$	—		$	665		$	—
Interest cost	1,352			1,133			4,031			3,399
Expected return on assets	(1,381		)	(1,252		)	(4,143		)	(3,756		)
Amortization of unrecognized prior service cost	34			34			103			102
Amortization of net unrecognized loss	1,314			1,293			3,942			3,879
Net periodic pension cost	$	1,594		$	1,208		$	4,598		$	3,624

12. ROYALTY EXPENSE

The Company has a trademark license agreement with Goodyear to manufacture and sell certain tires in North America and Latin America under the Goodyear name.  The North American and Latin American farm tire royalties were prepaid for seven years as part of the 2011 Goodyear Latin American farm tire acquisition. In May 2012, the Company and Goodyear entered into an agreement under which Titan will sell certain non-farm tire products directly to third party customers and pay a royalty to Goodyear. Royalty expenses recorded were $3.9 million and $3.7 million for the quarters ended September 30, 2013 and 2012, respectively. Royalty expenses were $11.0 million and $8.7 million for the nine months ended September 30, 2013 and 2012, respectively.

13. SUPPLY AGREEMENT TERMINATION INCOME

Supply agreement termination income consisted of the following (amounts in thousands):

	Three months ended				Nine months ended
	September 30,				September 30,
	2013		2012		2013		2012
Supply agreement termination income	$	—	$	—	$	—	$	26,134

The Company's April 2011 acquisition of Goodyear's farm tire business included a three year supply agreement with Goodyear for certain non-farm tire products. A liability was recorded as the supply agreement was for sales at below market prices. In May 2012, the Company and Goodyear terminated this supply agreement and entered into an agreement under which Titan will sell these products directly to third party customers and pay a royalty to Goodyear. The remaining balance of the supply agreement liability was recorded as income as the Company is no longer obligated to sell the products at below market prices.

14

TITAN INTERNATIONAL, INC.

Notes to Consolidated Condensed Financial Statements

(Unaudited)

14. GAIN ON EARTHQUAKE INSURANCE RECOVERY

Gain on earthquake insurance recovery consisted of the following (amounts in thousands):

	Three months ended				Nine months ended
	September 30,				September 30,
	2013		2012		2013		2012
Gain on earthquake insurance recovery	$	—	$	—	$	22,451	$	—

Titan Europe's wheel manufacturing facility in Finale Emilia, Italy experienced damage from an earthquake in May 2012, prior to Titan's acquisition of Titan Europe.  The plant was closed for production during initial remedial work. This resulted in a limited transfer of production to other facilities within Titan Europe as well as sourcing product from facilities in the US owned by Titan and competitors.  In the second quarter of 2013, Titan received a final insurance settlement payment of $38.7 million, which offset the earthquake insurance receivable and resulted in a gain of $22.5 million.

15. OTHER INCOME

Other income consisted of the following (amounts in thousands):

	Three months ended				Nine months ended
	September 30,				September 30,
	2013		2012		2013			2012
Currency exchange gain (loss)	$	5,678	$	250	$	(976	)	$	(206	)
Wheels India Limited equity gain	826		—		1,101			—
Discount amortization on prepaid royalty	780		910		2,483			2,882
Interest income	594		372		2,525			757
Investment gain (loss) related to contractual obligation investments	497		492		590			1,287
Other income	180		224		1,418			889
Building rental income	167		191		571			554
	$	8,722	$	2,439	$	7,712		$	6,163

The Company's investment in Wheels India Limited increased from 35.9% to 41.7% during the second quarter of 2013.

16. INCOME TAXES

The Company recorded income tax expense of $5.7 million and $38.9 million for the three and nine months ended September 30, 2013, respectively, as compared to $13.6 million and $64.7 million for the three and nine months ended September 30, 2012. The Company's effective income tax rate was 44% and 40% for the nine months ended September 30, 2013 and 2012, respectively.

The Company's 2013 income tax expense and rate differs 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 a change in Italian law making the insurance proceeds from the earthquake non-taxable. In addition, as a result of the reassessment of the realizability of the deferred tax assets due to the Italian law change, a valuation allowance was established on the Italy net deferred tax assets. Other items contributing to the rate difference are state income tax expense, unrecognized tax benefits, foreign earnings, domestic production activities deduction, and tax deductible expenses related to the convertible bond repurchase.

15

TITAN INTERNATIONAL, INC.

Notes to Consolidated Condensed Financial Statements

(Unaudited)

Accounting standards for income taxes provide that a tax benefit from an uncertain tax position may be recognized when it is more likely than not that the position will be sustained upon examination. The Company's unrecognized tax benefits were $20.0 million and $14.3 million as of September 30, 2013 and December 31, 2012, respectively. As of September 30, 2013, $16.0 million would affect income tax expense if recognized. The majority of the increase in unrecognized tax benefits relates to potential state tax exposures. The Company recognizes accrued interest and penalties related to unrecognized tax benefits as a component of income tax expense. The amount of accrued interest and penalties included in the unrecognized tax benefits at September 30, 2013 and December 31, 2012 was $3.3 million and $2.4 million, respectively.

17. EARNINGS PER SHARE

Earnings per share (EPS) were as follows (amounts in thousands, except per share data):

	Three months ended
	September 30, 2013					September 30, 2012
	Titan Net income		Weighted- average shares	Per share  amount		Titan Net income		Weighted- average shares	Per share  amount
Basic earnings per share	$	8,093	53,440	$	0.15	$	19,579	42,180	$	0.46
Effect of stock options/trusts	—		207			—		237
Effect of convertible notes	610		5,744			1,143		10,909
Diluted earnings per share	$	8,703	59,391	$	0.15	$	20,722	53,326	$	0.39

	Nine months ended
	September 30, 2013					September 30, 2012
	Titan Net income		Weighted- average shares	Per share  amount		Titan Net income		Weighted- average shares	Per share  amount
Basic earnings per share	$	50,785	52,900	$	0.96	$	99,054	42,148	$	2.35
Effect of stock options/trusts	—		265			—		258
Effect of convertible notes	1,991		6,279			3,429		10,909
Diluted earnings per share	$	52,776	59,444	$	0.89	$	102,483	53,315	$	1.92

There were no stock options/trusts or convertible notes that were antidilutive for the periods presented.

18. LITIGATION

The Company is a party to routine legal proceedings arising out of the normal course of business.  Although it is not possible to predict with certainty the outcome of these unresolved legal actions or the range of possible loss, the Company believes at this time that none of these actions, individually or in the aggregate, will have a material adverse effect on the consolidated financial condition, results of operations or cash flows of the Company.  However, 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 its liabilities pertaining to legal judgments.

16

TITAN INTERNATIONAL, INC.

Notes to Consolidated Condensed Financial Statements

(Unaudited)

19. SEGMENT INFORMATION

The table below presents information about certain revenues and income from operations used by the chief executive officer of the Company for the three and nine months ended September 30, 2013 and 2012 (amounts in thousands):

	Three months ended						Nine months ended
	September 30,						September 30,
	2013			2012			2013			2012
Revenues from external customers
Agricultural	$	273,301		$	246,578		$	907,797		$	831,376
Earthmoving/construction	168,964			103,135			586,806			318,244
Consumer	55,245			55,006			174,585			177,420
	$	497,510		$	404,719		$	1,669,188		$	1,327,040
Gross profit
Agricultural	$	48,346		$	48,091		$	158,566		$	173,684
Earthmoving/construction	11,283			18,689			75,598			60,598
Consumer	3,363			1,016			13,841			10,488
Unallocated corporate	(486		)	(635		)	(2,093		)	(2,160		)
	$	62,506		$	67,161		$	245,912		$	242,610
Income from operations
Agricultural	$	37,762		$	41,740		$	125,063		$	156,965
Earthmoving/construction	(1,833		)	13,468			27,365			51,385
Consumer	55			(234		)	4,224			30,284
Unallocated corporate	(18,929		)	(18,808		)	(54,808		)	(62,828		)
Income from operations	17,055			36,166			101,844			175,806
Interest expense	(12,414		)	(6,187		)	(35,924		)	(18,699		)
Convertible debt conversion charge	—			—			(7,273		)	—
Gain on earthquake insurance recovery	—			—			22,451			—
Other income, net	8,722			2,439			7,712			6,163
Income before income taxes	$	13,363		$	32,418		$	88,810		$	163,270

Assets by segment were as follows (amounts in thousands):

	September 30, 2013		December 31, 2012
Total assets
Agricultural	$	698,905	$	630,222
Earthmoving/construction	788,578		851,995
Consumer	143,559		142,341
Unallocated corporate	316,719		85,677
	$	1,947,761	$	1,710,235

17

TITAN INTERNATIONAL, INC.

Notes to Consolidated Condensed Financial Statements

(Unaudited)

20. FAIR VALUE MEASUREMENTS

Accounting standards for fair value measurements establish a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value.  These tiers are defined as:

Level 1 – Quoted prices in active markets for identical instruments.

Level 2 – Inputs other than quoted prices in active markets that are either directly or indirectly observable.

Level 3 – Unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions.

Assets and liabilities measured at fair value on a recurring basis consisted of the following (amounts in thousands):

	September 30, 2013										December 31, 2012
	Total			Level 1		Level 2			Level 3		Total			Level 1		Level 2			Level 3
Contractual obligation investments	$	7,998		$	7,998	$	—		$	—	$	7,408		$	7,408	$	—		$	—
Interest rate swap	—			—		—			—		1,048			—		1,048			—
Preferred stock	250			—		—			250		250			—		—			250
Derivative financial instruments liability	(135		)	—		(135		)	—		(7,376		)	—		(7,376		)	—
Total	$	8,113		$	7,998	$	(135	)	$	250	$	1,330		$	7,408	$	(6,328	)	$	250

The following table presents the changes during the periods presented in Titan's Level 3 investments that are measured at fair value on a recurring basis (amounts in thousands):

	Preferred stock
Balance at December 31, 2012	$	250
Total realized and unrealized gains and losses	—
Balance as of September 30, 2013	$	250

21. RELATED PARTY TRANSACTIONS

The Company sells products and pays commissions to companies controlled by persons related to the chief executive officer of the Company.  The related party is Mr. Fred Taylor and is Mr. Maurice Taylor’s brother.  The companies which Mr. Fred Taylor is associated with that do business with Titan include the following:  Blackstone OTR, LLC; FBT Enterprises; and OTR Wheel Engineering.  Sales of Titan products to these companies were approximately $0.9 million and $2.2 million for the three and nine months ended September 30, 2013, respectively, as compared to $0.6 million and $1.7 million for the three and nine months ended September 30, 2012. Titan had trade receivables due from these companies of approximately $0.4 million at September 30, 2013, and approximately $0.2 million at December 31, 2012.  On other sales referred to Titan from the above manufacturing representative companies, commissions were approximately $0.6 million and $1.9 million for the three and nine months ended September 30, 2013, respectively as compared to $0.6 million and $2.1 million for the three and nine months ended September 30, 2012.

The Company has a 41.7% equity stake in Wheels India Limited, a company incorporated in India and listed on the National Stock Exchange in India. The Company had trade payables due to Wheels India of approximately $0.4 million at December 31, 2012.

18

TITAN INTERNATIONAL, INC.

Notes to Consolidated Condensed Financial Statements

(Unaudited)

In the second quarter of 2013, the Company sold Titan Wheels Australia, a 100% owned subsidiary, to Titan National Australia Holdings, a 56% owned subsidiary operating as the Planet Corporation Group. The Company maintained financial control over Titan Wheels Australia and no gain or loss was recognized for the transaction.

22. ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)

Accumulated other comprehensive income (loss) consisted of the following (amounts in thousands):

	Currency Translation Adjustments			Unrealized Gain (Loss) on Investments		Unrecognized Losses and Prior Service Cost			Total
Balance at July 1, 2013	$	(43,449	)	$	—	$	(33,658	)	$	(77,107	)
Other comprehensive income (loss) before
reclassifications	498			—		—			498
Reclassification adjustments:
Amortization of unrecognized losses and prior
service cost, net of tax of $(557)	—			—		969			969
Balance at September 30, 2013	$	(42,951	)	$	—	$	(32,689	)	$	(75,640	)

	Currency Translation Adjustments			Unrealized Gain (Loss) on Investments			Unrecognized Losses and Prior Service Cost			Total
Balance at January 1, 2013	$	(20,793	)	$	3		$	(35,679	)	$	(56,469	)
Other comprehensive income (loss) before
reclassifications	(22,158		)	(3		)	—			(22,161		)
Reclassification adjustments:
Amortization of unrecognized losses and prior
service cost, net of tax of $(1,670)	—			—			2,990			2,990
Balance at September 30, 2013	$	(42,951	)	$	—		$	(32,689	)	$	(75,640	)

23. SUBSEQUENT EVENTS

Voltyre-Prom Purchase

On October 4, 2013, Titan in partnership with One Equity Partners and the Russian Direct Investment Fund closed the acquisition of an 85% interest in Voltyre-Prom, a leading producer of agricultural and industrial tires in Volgograd, Russia, for approximately $94.0 million. Titan will act as operating partner with responsibility for Voltyre-Prom's daily operations on behalf of the consortium of which Titan holds a 30% interest.

6.875% Senior Secured Notes due 2020

On October 7, 2013, the Company closed on an offering of $400.0 million6.875% senior secured notes due 2020. Titan used the net proceeds from the offering towards financing the repurchase of the Company's 7.875% senior secured notes due 2017 including tender and consent payments, accrued interest and expenses associated therewith.

19

TITAN INTERNATIONAL, INC.

Notes to Consolidated Condensed Financial Statements

(Unaudited)

7.875% Senior Secured Notes due 2017 Tender Offer Settlement

On October 7, 2013, the Company elected to exercise its early settlement election in connection with a tender offer to purchase all of its 7.875% senior secured notes due 2017, and purchased $387.3 million, or approximately 73.8% of such notes. In connection with this transaction, Titan will record expenses of approximately $18 million in the fourth quarter of 2013. These expenses relate primarily to a tender and consent premium of $64.50 per $1,000 principal amount of the notes and unamortized deferred financing fees offset by unamortized premium on the notes. The tender offer expired October 21, 2013, with no additional notes tendered.

7.875% Senior Secured Notes due 2017 Redemption Call

On October 7, 2013, the Company announced a call for redemption for all 7.875% senior secured notes due 2017 that were not validly tendered by the expiration of the tender offer on October 21, 2013. The remaining notes will be redeemed on November 6, 2013. In connection with this transaction, Titan will record expenses of approximately $4 million in the fourth quarter of 2013. These expenses relate primarily to a redemption premium of $59.06 per $1,000 principal amount of the notes and unamortized deferred financing fees offset by unamortized premium on the notes.

24. SUBSIDIARY GUARANTOR FINANCIAL INFORMATION

The Company's 7.875% senior secured notes and 5.625% convertible senior subordinated notes are guaranteed by the following 100% owned subsidiaries of the Company: Titan Tire Corporation, Titan Tire Corporation of Bryan, Titan Tire Corporation of Freeport, and Titan Wheel Corporation of Illinois. The note guarantees are full and unconditional, joint and several obligations of the guarantors. The guarantees of the guarantor subsidiaries are subject to release in limited circumstances only upon the occurrence of certain customary conditions. The following condensed consolidating financial statements are presented using the equity method of accounting. Certain sales & marketing expenses recorded by non-guarantor subsidiaries have not been allocated to the guarantor subsidiaries.

(Amounts in thousands)	Consolidating Condensed Statements of Operations For the Three Months Ended September 30, 2013
	Titan  Intl., Inc. (Parent)			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Consolidated
Net sales	$	—		$	256,252		$	241,258		$	—		$	497,510
Cost of sales	241			216,445			218,318			—			435,004
Gross profit (loss)	(241		)	39,807			22,940			—			62,506
Selling, general and administrative expenses	3,561			16,513			18,657			—			38,731
Research and development expenses	(17		)	1,423			1,372			—			2,778
Royalty expense	—			1,850			2,092			—			3,942
Income (loss) from operations	(3,785		)	20,021			819			—			17,055
Interest expense	(10,945		)	—			(1,469		)	—			(12,414		)
Intercompany interest income (expense)	2,469			—			(2,469		)	—			—
Other income	1,182			(117		)	7,657			—			8,722
Income (loss) before income taxes	(11,079		)	19,904			4,538			—			13,363
Provision for income taxes	(4,717		)	7,435			2,993			—			5,711
Equity in earnings of subsidiaries	14,014			—			4,827			(18,841		)	—
Net income (loss)	7,652			12,469			6,372			(18,841		)	7,652
Net loss noncontrolling interests	—			—			(441		)	—			(441		)
Net income (loss) attributable to Titan	$	7,652		$	12,469		$	6,813		$	(18,841	)	$	8,093

20

TITAN INTERNATIONAL, INC.

Notes to Consolidated Condensed Financial Statements

(Unaudited)

(Amounts in thousands)	Consolidating Condensed Statements of Operations For the Three Months Ended September 30, 2012
	Titan  Intl., Inc. (Parent)			Guarantor Subsidiaries		Non-Guarantor Subsidiaries			Eliminations			Consolidated
Net sales	$	—		$	311,422	$	93,297		$	—		$	404,719
Cost of sales	253			246,275		91,030			—			337,558
Gross profit (loss)	(253		)	65,147		2,267			—			67,161
Selling, general and administrative expenses	(9,013		)	40,635		(6,125		)	—			25,497
Research and development expenses	155			1,604		—			—			1,759
Royalty expense	—			1,778		1,961			—			3,739
Income (loss) from operations	8,605			21,130		6,431			—			36,166
Interest expense	(6,012		)	—		(175		)	—			(6,187		)
Other income	1,163			364		912			—			2,439
Income (loss) before income taxes	3,756			21,494		7,168			—			32,418
Provision for income taxes	6,329			7,398		(138		)	—			13,589
Equity in earnings of subsidiaries	21,402			—		5,420			(26,822		)	—
Net income (loss)	18,829			14,096		12,726			(26,822		)	18,829
Net loss noncontrolling interests	—			—		(750		)	—			(750		)
Net income (loss) attributable to Titan	$	18,829		$	14,096	$	13,476		$	(26,822	)	$	19,579

(Amounts in thousands)	Consolidating Condensed Statements of Operations For the Nine Months Ended September 30, 2013
	Titan  Intl., Inc. (Parent)			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Consolidated
Net sales	$	—		$	903,628		$	765,560		$	—		$	1,669,188
Cost of sales	908			734,460			687,908			—			1,423,276
Gross profit (loss)	(908		)	169,168			77,652			—			245,912
Selling, general and administrative expenses	8,008			54,637			62,182			—			124,827
Research and development expenses	(35		)	4,136			4,180			—			8,281
Royalty expense	—			5,478			5,482			—			10,960
Income (loss) from operations	(8,881		)	104,917			5,808			—			101,844
Interest expense	(29,509		)	—			(6,415		)	—			(35,924		)
Convertible debt conversion charge	(7,273		)	—			—			—			(7,273		)
Gain on earthquake insurance recovery	—			—			22,451			—			22,451
Intercompany interest income (expense)	5,158			—			(5,158		)	—			—
Other income (expense)	2,741			(91		)	5,062			—			7,712
Income (loss) before income taxes	(37,764		)	104,826			21,748			—			88,810
Provision (benefit) for income taxes	(6,561		)	38,025			7,449			—			38,913
Equity in earnings of subsidiaries	81,100			—			38,351			(119,451		)	—
Net income (loss)	49,897			66,801			52,650			(119,451		)	49,897
Net loss noncontrolling interests	—			—			(888		)	—			(888		)
Net income (loss) attributable to Titan	$	49,897		$	66,801		$	53,538		$	(119,451	)	$	50,785

21

TITAN INTERNATIONAL, INC.

Notes to Consolidated Condensed Financial Statements

(Unaudited)

(Amounts in thousands)	Consolidating Condensed Statements of Operations For the Nine Months Ended September 30, 2012
	Titan  Intl., Inc. (Parent)			Guarantor Subsidiaries		Non-Guarantor Subsidiaries			Eliminations			Consolidated
Net sales	$	—		$	1,055,586	$	271,454		$	—		$	1,327,040
Cost of sales	812			828,935		254,683			—			1,084,430
Gross profit (loss)	(812		)	226,651		16,771			—			242,610
Selling, general and administrative expenses	4,970			71,372		3,400			—			79,742
Research and development expenses	327			3,983		146			—			4,456
Royalty expense	—			5,250		3,490			—			8,740
Supply agreement termination income	—			—		(26,134		)	—			(26,134		)
Income (loss) from operations	(6,109		)	146,046		35,869			—			175,806
Interest expense	(18,119		)	—		(580		)	—			(18,699		)
Other income	3,620			1,174		1,369			—			6,163
Income (loss) before income taxes	(20,608		)	147,220		36,658			—			163,270
Provision (benefit) for income taxes	1,261			51,311		12,150			—			64,722
Equity in earnings of subsidiaries	120,417			—		24,242			(144,659		)	—
Net income (loss)	98,548			95,909		48,750			(144,659		)	98,548
Net loss noncontrolling interests	—			—		(506		)	—			(506		)
Net income (loss) attributable to Titan	$	98,548		$	95,909	$	49,256		$	(144,659	)	$	99,054

(Amounts in thousands)	Consolidating Condensed Statements of Comprehensive Income For the Three Months Ended September 30, 2013
	Titan  Intl., Inc. (Parent)		Guarantor Subsidiaries		Non-Guarantor Subsidiaries			Eliminations			Consolidated
Net income (loss)	$	7,652	$	12,469	$	6,372		$	(18,841	)	$	7,652
Currency translation adjustment, net	854		—		854			(854		)	854
Pension liability adjustments, net of tax	969		781		188			(969		)	969
Comprehensive income (loss)	9,475		13,250		7,414			(20,664		)	9,475
Net comprehensive loss attributable to noncontrolling interests	—		—		(85		)	—			(85		)
Comprehensive income (loss) attributable to Titan	$	9,475	$	13,250	$	7,499		$	(20,664	)	$	9,560

22

TITAN INTERNATIONAL, INC.

Notes to Consolidated Condensed Financial Statements

(Unaudited)

(Amounts in thousands)	Consolidating Condensed Statements of Comprehensive Income For the Three Months Ended September 30, 2012
	Titan  Intl., Inc. (Parent)			Guarantor Subsidiaries		Non-Guarantor Subsidiaries			Eliminations			Consolidated
Net income (loss)	$	18,829		$	14,096	$	12,726		$	(26,822	)	$	18,829
Unrealized gain (loss) on investments, net of tax	(353		)	—		(353		)	353			(353		)
Currency translation adjustment, net	(1,247		)	—		(1,247		)	1,247			(1,247		)
Pension liability adjustments, net of tax	836			790		46			(836		)	836
Comprehensive income (loss)	18,065			14,886		11,172			(26,058		)	18,065
Net comprehensive loss attributable to noncontrolling interests	—			—		(1,104		)	—			(1,104		)
Comprehensive income (loss) attributable to Titan	$	18,065		$	14,886	$	12,276		$	(26,058	)	$	19,169

(Amounts in thousands)	Consolidating Condensed Statements of Comprehensive Income For the Nine Months Ended September 30, 2013
	Titan  Intl., Inc. (Parent)			Guarantor Subsidiaries		Non-Guarantor Subsidiaries			Eliminations			Consolidated
Net income (loss)	$	49,897		$	66,801	$	52,650		$	(119,451	)	$	49,897
Unrealized gain (loss) on investments, net of tax	(3		)	—		(3		)	3			(3		)
Currency translation adjustment, net	(24,513		)	—		(24,513		)	24,513			(24,513		)
Pension liability adjustments, net of tax	2,990			2,343		647			(2,990		)	2,990
Comprehensive income (loss)	28,371			69,144		28,781			(97,925		)	28,371
Net comprehensive loss attributable to noncontrolling interests	—			—		(3,243		)	—			(3,243		)
Comprehensive income (loss) attributable to Titan	$	28,371		$	69,144	$	32,024		$	(97,925	)	$	31,614

(Amounts in thousands)	Consolidating Condensed Statements of Comprehensive Income For the Nine Months Ended September 30, 2012
	Titan  Intl., Inc. (Parent)			Guarantor Subsidiaries		Non-Guarantor Subsidiaries			Eliminations			Consolidated
Net income (loss)	$	98,548		$	95,909	$	48,750		$	(144,659	)	$	98,548
Unrealized gain (loss) on investments, net of tax	(16		)	—		(16		)	16			(16		)
Currency translation adjustment, net	(5,816		)	—		(5,816		)	5,816			(5,816		)
Pension liability adjustments, net of tax	2,508			2,370		138			(2,508		)	2,508
Comprehensive income (loss)	95,224			98,279		43,056			(141,335		)	95,224
Net comprehensive loss attributable to noncontrolling interests	—			—		(859		)	—			(859		)
Comprehensive income (loss) attributable to Titan	$	95,224		$	98,279	$	43,915		$	(141,335	)	$	96,083

23

TITAN INTERNATIONAL, INC.

Notes to Consolidated Condensed Financial Statements

(Unaudited)

(Amounts in thousands)	Consolidating Condensed Balance Sheets September 30, 2013
	Titan  Intl., Inc. (Parent)			Guarantor Subsidiaries			Non-Guarantor Subsidiaries		Eliminations			Consolidated
Assets
Cash and cash equivalents	$	350,611		$	4		$	96,841	$	—		$	447,456
Accounts receivable	—			125,048			165,199		—			290,247
Inventories	—			129,672			246,221		—			375,893
Prepaid and other current assets	63,335			13,634			53,456		—			130,425
Total current assets	413,946			268,358			561,717		—			1,244,021
Property, plant and equipment, net	16,393			205,666			339,647		—			561,706
Investment in subsidiaries	631,910			—			127,384		(759,294		)	—
Other assets	35,590			403			106,041		—			142,034
Total assets	$	1,097,839		$	474,427		$	1,134,789	$	(759,294	)	$	1,947,761
Liabilities and Stockholders’ Equity
Short-term debt	$	4,121		$	—		$	100,763	$	—		$	104,884
Accounts payable	1,219			20,899			173,005		—			195,123
Other current liabilities	30,222			59,921			63,333		—			153,476
Total current liabilities	35,562			80,820			337,101		—			453,483
Long-term debt	599,168			—			38,220		—			637,388
Other long-term liabilities	38,396			31,532			75,920		—			145,848
Intercompany accounts	(263,659		)	(126,589		)	390,248		—			—
Titan stockholders' equity	688,372			488,664			270,630		(759,294		)	688,372
Noncontrolling interests	—			—			22,670		—			22,670
Total liabilities and stockholders’ equity	$	1,097,839		$	474,427		$	1,134,789	$	(759,294	)	$	1,947,761

24

TITAN INTERNATIONAL, INC.

Notes to Consolidated Condensed Financial Statements

(Unaudited)

(Amounts in thousands)	Consolidating Condensed Balance Sheets December 31, 2012
	Titan  Intl., Inc. (Parent)			Guarantor Subsidiaries			Non-Guarantor Subsidiaries		Eliminations			Consolidated
Assets
Cash and cash equivalents	$	103,154		$	4		$	85,956	$	—		$	189,114
Accounts receivable	(72		)	128,917			168,953		—			297,798
Inventories	—			142,070			224,315		—			366,385
Prepaid and other current assets	49,438			17,021			76,367		—			142,826
Total current assets	152,520			288,012			555,591		—			996,123
Property, plant and equipment, net	11,497			208,734			348,113		—			568,344
Investment in subsidiaries	565,811			—			86,189		(652,000		)	—
Other assets	35,564			499			109,705		—			145,768
Total assets	$	765,392		$	497,245		$	1,099,598	$	(652,000	)	$	1,710,235
Liabilities and Stockholders’ Equity
Short-term debt	$	—		$	—		$	145,801	$	—		$	145,801
Accounts payable	1,000			21,222			157,843		—			180,065
Other current liabilities	13,911			55,290			72,013		—			141,214
Total current liabilities	14,911			76,512			375,657		—			467,080
Long-term debt	312,881			—			128,557		—			441,438
Other long-term liabilities	44,512			35,482			89,361		—			169,355
Intercompany accounts	(213,529		)	(34,272		)	247,801		—			—
Titan stockholders' equity	606,617			419,523			232,477		(652,000		)	606,617
Noncontrolling interests	—			—			25,745		—			25,745
Total liabilities and stockholders’ equity	$	765,392		$	497,245		$	1,099,598	$	(652,000	)	$	1,710,235

25

TITAN INTERNATIONAL, INC.

Notes to Consolidated Condensed Financial Statements

(Unaudited)

(Amounts in thousands)	Consolidating Condensed Statements of Cash Flows For the Nine Months Ended September 30, 2013
	Titan  Intl., Inc. (Parent)			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Consolidated
Net cash provided by (used for) operating activities	$	(72,306	)	$	21,528		$	182,967		$	132,189
Cash flows from investing activities:
Capital expenditures	(5,979		)	(21,763		)	(27,214		)	(54,956		)
Acquisitions, net of cash acquired	—			—			(1,670		)	(1,670		)
Additional equity investment in Wheels India	—			—			(8,017		)	(8,017		)
Insurance proceeds	—			—			2,879			2,879
Other, net	—			235			1,107			1,342
Net cash used for investing activities	(5,979		)	(21,528		)	(32,915		)	(60,422		)
Cash flows from financing activities:
Proceeds from borrowings	345,313			—			—			345,313
Payment on debt	—			—			(162,040		)	(162,040		)
Term loan borrowing	—			—			25,880			25,880
Convertible note conversion	(14,090		)	—			—			(14,090		)
Proceeds from exercise of stock options	863			—			—			863
Excess tax benefit from stock options exercised	(46		)	—			—			(46		)
Payment of financing fees	(5,520		)	—			—			(5,520		)
Dividends paid	(778		)	—			—			(778		)
Net cash provided by (used for) financing activities	325,742			—			(136,160		)	189,582
Effect of exchange rate change on cash	—			—			(3,007		)	(3,007		)
Net increase in cash and cash equivalents	247,457			—			10,885			258,342
Cash and cash equivalents, beginning of period	103,154			4			85,956			189,114
Cash and cash equivalents, end of period	$	350,611		$	4		$	96,841		$	447,456

26

TITAN INTERNATIONAL, INC.

Notes to Consolidated Condensed Financial Statements

(Unaudited)

(Amounts in thousands)	Consolidating Condensed Statements of Cash Flows For the Nine Months Ended September 30, 2012
	Titan  Intl., Inc. (Parent)			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Consolidated
Net cash provided by operating activities	$	20,502		$	21,736		$	42,850		$	85,088
Cash flows from investing activities:
Capital expenditures	(3,571		)	(22,076		)	(10,672		)	(36,319		)
Acquisitions, net of cash acquired	(32,760		)	—			—			(32,760		)
Other, net	—			355			281			636
Net cash used for investing activities	(36,331		)	(21,721		)	(10,391		)	(68,443		)
Cash flows from financing activities:
Payment on debt	—			—			(14,434		)	(14,434		)
Term loan borrowing	—			—			4,378			4,378
Proceeds from exercise of stock options	925			—			—			925
Excess tax benefit from stock options exercised	185			—			—			185
Dividends paid	(634		)	—			—			(634		)
Net cash provided by (used for) financing activities	476			—			(10,056		)	(9,580		)
Effect of exchange rate change on cash	—			—			(1,345		)	(1,345		)
Net increase (decrease) in cash and cash equivalents	(15,353		)	15			21,058			5,720
Cash and cash equivalents, beginning of period	125,266			4			3,900			129,170
Cash and cash equivalents, end of period	$	109,913		$	19		$	24,958		$	134,890

27

TITAN INTERNATIONAL, INC.

Management's Discussion and Analysis of

Financial Condition and Results of Operations

Item 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Management's discussion and analysis of financial condition and results of operations (MD&A) is designed to provide a reader of these financial statements with a narrative from the perspective of the management of Titan International, Inc. (Titan or the Company) on Titan's financial condition, results of operations, liquidity and other factors which may affect the Company's future results. The MD&A in this quarterly report should be read in conjunction with the MD&A in Titan's 2012 annual report on Form 10-K filed with the Securities and Exchange Commission on February 27, 2013.

FORWARD-LOOKING STATEMENTS

This Form 10-Q contains forward-looking statements, including statements regarding, among other items:

• Anticipated trends in the Company’s business

• Future expenditures for capital projects

• The Company’s ability to continue to control costs and maintain quality

• Ability to meet conditions of loan agreements

• The Company’s business strategies, including its intention to introduce new products

• Expectations concerning the performance and success of the Company’s existing and new products

• The Company’s intention to consider and pursue acquisition and divestiture opportunities

Readers of this Form 10-Q should understand that these forward-looking statements are based on the Company’s expectations and are subject to a number of risks and uncertainties (including, but not limited to, the factors discussed in Item 1A, Risk Factors of the Company's most recent annual report on Form 10-K), certain of which are beyond the Company’s control.

Actual results could differ materially from these forward-looking statements as a result of certain factors, including:

• The effect of a recession on the Company and its customers and suppliers

• Changes in the Company’s end-user markets as a result of world economic or regulatory influences

• Changes in the marketplace, including new products and pricing changes by the Company’s competitors

• Ability to maintain satisfactory labor relations

• Unfavorable outcomes of legal proceedings

• Availability and price of raw materials

• Levels of operating efficiencies

• Unfavorable product liability and warranty claims

• Actions of domestic and foreign governments

• Results of investments

• Fluctuations in currency translations

• Climate change and related laws and regulations

• Risks associated with environmental laws and regulations

Any changes in such factors could lead to significantly different results.  The Company cannot provide any assurance that the assumptions referred to in the forward-looking statements or otherwise are accurate or will prove to transpire.  Any assumptions that are inaccurate or do not prove to be correct could have a material adverse effect on the Company’s ability to achieve the results as indicated in forward-looking statements.  The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.  In light of these risks and uncertainties, there can be no assurance that the forward-looking information contained in this document will in fact transpire.

28

TITAN INTERNATIONAL, INC.

Management's Discussion and Analysis of

Financial Condition and Results of Operations

OVERVIEW

Titan International, Inc. and its subsidiaries are leading manufacturers of wheels, tires, wheel and tire assemblies, and undercarriage systems and components for off-highway vehicles used in the agricultural, earthmoving/construction and consumer markets.  Titan manufactures both wheels and tires for the majority of these market applications, allowing the Company to provide the value-added service of delivering complete wheel and tire assemblies.  The Company offers a broad range of products that are manufactured in relatively short production runs to meet the specifications of original equipment manufacturers (OEMs) and/or the requirements of aftermarket customers.

Agricultural Market: Titan's agricultural rims, wheels, tires and undercarriage systems and components are manufactured for use on various agricultural and forestry equipment, including tractors, combines, skidders, plows, planters and irrigation equipment, and are sold directly to OEMs and to the aftermarket through independent distributors, equipment dealers and Titan's own distribution centers.

Earthmoving/Construction Market: The Company manufactures rims, wheels, tires and undercarriage systems and components for various types of off-the-road (OTR) earthmoving, mining, military and construction equipment, including skid steers, aerial lifts, cranes, graders and levelers, scrapers, self-propelled shovel loaders, articulated dump trucks, load transporters, haul trucks and backhoe loaders.

Consumer Market: Titan manufactures bias truck tires in Latin America, provides wheels and tires and assembles brakes, actuators and components for the domestic boat, recreational and utility trailer markets. Titan also offers select products for ATVs, turf, and golf cart applications. Likewise, Titan produces a variety of tires for the consumer market.

The Company’s major OEM customers include large manufacturers of off-highway equipment such as AGCO Corporation, CNH Global N.V., Deere & Company, Hitachi Construction Machinery, Kubota Corporation and Liebherr Group, in addition to many other off-highway equipment manufacturers.  The Company distributes products to OEMs, independent and OEM-affiliated dealers, and through a network of distribution facilities.

The table provides highlights for the quarter ended September 30, 2013, compared to 2012 (amounts in thousands):

	2013		2012		% Increase (Decrease)
Net sales	$	497,510	$	404,719	23	%
Gross profit	62,506		67,161		(7	)%
Income from operations	17,055		36,166		(53	)%
Net income	7,652		18,829		(59	)%

Quarter: The Company recorded sales of $497.5 million for the third quarter of 2013, which were approximately 23% higher than the third quarter 2012 sales of $404.7 million. The higher sales levels were primarily the result of recent acquisitions including the October 2012 acquisition of Titan Europe, offset by a price/mix reduction which resulted largely from decreased raw material prices that were generally passed on to customers, weakened demand in the earthmoving/construction market, and unfavorable currency translation.

The Company's gross profit was $62.5 million, or 12.6% of net sales, for the third quarter of 2013, compared to $67.2 million, or 16.6%, of net sales, in 2012. Income from operations was $17.1 million for the third quarter of 2013, compared to $36.2 million in 2012. Net income was $7.7 million for the third quarter of 2013, compared to net income of $18.8 million in 2012. Basic income per share was $.15 in the third quarter of 2013, compared to $.46 in 2012. Increased SG&A expense from recently acquired entities contributed to a decline in income from operations. This increased SG&A expense as well as higher interest expense from additional debt contributed to a decline in net income.

29

TITAN INTERNATIONAL, INC.

Management's Discussion and Analysis of

Financial Condition and Results of Operations

The table provides highlights for the nine months ended September 30, 2013, compared to 2012 (amounts in thousands):

	2013		2012		% Increase (Decrease)
Net sales	$	1,669,188	$	1,327,040	26	%
Gross profit	245,912		242,610		1	%
Income from operations	101,844		175,806		(42	)%
Net income	49,897		98,548		(49	)%

Year-to-date: The Company recorded sales of $1,669.2 million for the nine months ended September 30, 2013, which were approximately 26% higher than the nine months ended September 30, 2012 sales of $1,327.0 million. The higher sales levels were primarily the result of recent acquisitions including the August 2012 acquisition of the Planet Group of companies based in Perth, Australia, and the October 2012 acquisition of Titan Europe, as well as increased demand in the Company's agricultural segment, offset by a price/mix reduction which resulted largely from decreased raw material prices that were generally passed on to customers, and unfavorable currency translation.

The Company's gross profit was $245.9 million, or 14.7% of net sales, for the nine months ended September 30, 2013, compared to $242.6 million, or 18.3% of net sales, in 2012. Income from operations was $101.8 million for the nine months ended September 30, 2013, compared to $175.8 million in 2012. Net income was $49.9 million for the nine months ended September 30, 2013, compared to net income of $98.5 million in 2012. Basic income per share was $0.96 for the nine months ended September 30, 2013, compared to $2.35 in 2012. Increased SG&A expense from recently acquired entities contributed to a decline in income from operations. This increased SG&A expense as well as higher interest expense from additional debt contributed to a decline in net income. Net income and earnings per share for the nine months ended September 30, 2013 were positively affected by the gain on earthquake insurance recovery of $22.5 million. Income from operations, net income and earnings per share for the nine months ended September 30, 2012 were positively affected by the supply agreement termination income of $26.1 million.

CRITICAL ACCOUNTING ESTIMATES

Preparation of the financial statements and related disclosures in compliance with accounting principles generally accepted in the United States of America requires the application of appropriate technical accounting rules and guidance, as well as the use of estimates. The Company's application of these policies involves assumptions that require difficult subjective judgments regarding many factors, which, in and of themselves, could materially impact the financial statements and disclosures. A future change in the estimates, assumptions or judgments applied in determining the following matters, among others, could have a material impact on future financial statements and disclosures.

Asset and Business Acquisitions

The allocation of purchase price for asset and business acquisitions requires management estimates and judgment as to expectations for future cash flows of the acquired assets and business and the allocation of those cash flows to identifiable intangible assets in determining the estimated fair value for purchase price allocations. If the actual results differ from the estimates and judgments used in determining the purchase price allocations, impairment losses could occur. To aid in establishing the value of any intangible assets at the time of acquisition, the Company typically engages a professional appraisal firm.

Inventories

Inventories are valued at lower of cost or market. At September 30, 2013, approximately 12% of the Company's inventories were valued under the last-in, first-out (LIFO) method. The majority of steel material inventory and related work-in-process and finished goods are accounted for under the LIFO method. The remaining inventories were valued under the first-in, first-out (FIFO) method or average cost method. Market value is estimated based on current selling prices. Estimated provisions are established for slow-moving and obsolete inventory.

Income Taxes

Deferred income tax provisions are determined using the liability method whereby deferred tax assets and liabilities are recognized based upon temporary differences between the financial statement and income tax basis of assets and liabilities.

30

TITAN INTERNATIONAL, INC.

Management's Discussion and Analysis of

Financial Condition and Results of Operations

The Company assesses the realizability of its deferred tax asset positions and recognizes and measures uncertain tax positions in accordance with accounting standards for income taxes.

Retirement Benefit Obligations

Pension benefit obligations are based on various assumptions used by third-party actuaries in calculating these amounts. These assumptions include discount rates, expected return on plan assets, mortality rates and other factors. Revisions in assumptions and actual results that differ from the assumptions affect future expenses, cash funding requirements and obligations. The Company has three frozen defined benefit pension plans in the United States and pension plans in several foreign countries. During the first nine months of 2013, the Company contributed cash funds of $3.8 million to its pension plans. Titan expects to contribute approximately $1.7 million to these pension plans during the remainder of 2013. For more information concerning these costs and obligations, see the discussion of the “Pensions” and Note 25 to the Company's financial statements on Form 10-K for the fiscal year ended December 31, 2012.

Product Warranties

The Company provides limited warranties on workmanship on its products in all market segments. The majority of the Company's products have a limited warranty that ranges from zero to ten years, with certain products being prorated after the first year. The Company calculates a provision for warranty expense based on past warranty experience. Actual warranty expense may differ from historical experience. The Company's warranty accrual was $34.6 million at September 30, 2013, and $27.5 million at December 31, 2012. The Company's warranty accrual increased primarily as a result of increased provisions related to earthmoving tires.

SUBSEQUENT EVENTS

Voltyre-Prom Purchase

On October 4, 2013, Titan in partnership with One Equity Partners and the Russian Direct Investment Fund closed the acquisition of an 85% interest in Voltyre-Prom, a leading producer of agricultural and industrial tires in Volgograd, Russia, for approximately $94.0 million. Titan will act as operating partner with responsibility for Voltyre-Prom's daily operations on behalf of the consortium of which Titan holds a 30% interest.

6.875% Senior Secured Notes due 2020

On October 7, 2013, the Company closed on an offering of $400.0 million 6.875% senior secured notes due 2020. Titan used the net proceeds from the offering towards financing the repurchase of the Company's 7.875% senior secured notes due 2017 including tender and consent payments, accrued interest and expenses associated therewith.

7.875% Senior Secured Notes due 2017 Tender Offer Settlement

On October 7, 2013, the Company elected to exercise its early settlement election in connection with a tender offer to purchase all of its 7.875% senior secured notes due 2017, and purchased $387.3 million, or approximately 73.8% of such notes. In connection with this transaction, Titan will record expenses of approximately $18 million in the fourth quarter of 2013. These expenses relate primarily to a tender and consent premium of $64.50 per $1,000 principal amount of the notes and unamortized deferred financing fees offset by unamortized premium on the notes. The tender offer expired October 21, 2013, with no additional notes tendered.

7.875% Senior Secured Notes due 2017 Redemption Call

On October 7, 2013, the Company announced a call for redemption for all 7.875% senior secured notes due 2017 that were not validly tendered by the expiration of the tender offer on October 21, 2013. The remaining notes will be redeemed on November 6, 2013. In connection with this transaction, Titan will record expenses of approximately $4 million in the fourth quarter of 2013. These expenses relate primarily to a redemption premium of $59.06 per $1,000 principal amount of the notes and unamortized deferred financing fees offset by unamortized premium on the notes.

31

TITAN INTERNATIONAL, INC.

Management's Discussion and Analysis of

Financial Condition and Results of Operations

RESULTS OF OPERATIONS

Highlights for the three and nine months ended September 30, 2013, compared to 2012(amounts in thousands):

	Three months ended						Nine months ended
	September 30,						September 30,
	2013			2012			2013			2012
Net sales	$	497,510		$	404,719		$	1,669,188		$	1,327,040
Cost of sales	435,004			337,558			1,423,276			1,084,430
Gross profit	62,506			67,161			245,912			242,610
Gross profit percentage	12.6		%	16.6		%	14.7		%	18.3		%

Net Sales

Quarter: Net sales for the quarter ended September 30, 2013, were $497.5 million compared to $404.7 million in 2012, an increase of 23%. Sales increased approximately 35% from the inclusion of recently acquired entities including $128.9 million at Titan Europe. The increase in net sales was partially offset by a price/mix reduction which resulted largely from decreased raw material prices that were generally passed on to customers and decreased sales approximately 5%, weakened demand in the earthmoving/construction market which contributed to a 4% decrease in sales volume, and unfavorable currency translation which decreased sales by approximately 3%.

Year-to-date: Net sales for the nine months ended September 30, 2013, were $1,669.2 million compared to $1,327.0 million in 2012, an increase of 26%. Sales increased approximately 35% from the inclusion of recently acquired entities including $432.0 million at Titan Europe. Overall sales volume was flat compared to the prior year.  The increase in net sales was partially offset by a price/mix reduction which resulted largely from decreased raw material prices that were generally passed on to customers and decreased sales approximately 7%, and unfavorable currency translation which decreased sales by approximately 2%.

Cost of Sales and Gross Profit

Quarter: Cost of sales was $435.0 million for the quarter ended September 30, 2013, compared to $337.6 million in 2012. The higher cost of sales resulted primarily from the increase in sales levels. The cost of sales increased by approximately 29%, as compared to an approximate 23% increase in net sales.

Gross profit for the third quarter of 2013 was $62.5 million, or 12.6% of net sales, compared to $67.2 million, or 16.6% of net sales for the third quarter of 2012. Gross profit, as a percentage of net sales, decreased as a result of lower raw material costs that were passed on to customers before being fully realized by the Company. Increased warranty provisions relating to earthmoving tires also contributed to the decreased gross profit. Titan Europe provided gross profit of $16.2 million, or 12.6% of net sales. Titan Europe margins were negatively affected by decreased earthmoving/construction demand.

Year-to-date: Cost of sales was $1,423.3 million for the nine months ended September 30, 2013, compared to $1,084.4 million in 2012. The higher cost of sales resulted primarily from the increase in sales levels. The cost of sales increased by approximately 31%, as compared to an approximate 26% increase in net sales.

Gross profit for the nine months ended September 30, 2013, was $245.9 million, or 14.7% of net sales, compared to $242.6 million, or 18.3% of net sales in 2012. Gross profit, as a percentage of net sales, decreased as a result of the Titan Europe acquisition and lower raw material costs that were passed on to customers before being fully realized by the Company. Increased warranty provisions relating to earthmoving tires also contributed to the decreased gross profit. Titan Europe provided gross profit of $50.5 million, or 11.7% of net sales. Titan Europe margins were negatively affected by decreased earthmoving/construction demand.

32

TITAN INTERNATIONAL, INC.

Management's Discussion and Analysis of

Financial Condition and Results of Operations

Selling, General and Administrative Expenses

Selling, general and administrative expenses were as follows(amounts in thousands):

	Three months ended						Nine months ended
	September 30,						September 30,
	2013			2012			2013			2012
Selling, general and administrative	$	38,731		$	25,497		$	124,827		$	79,742
Percentage of net sales	7.8		%	6.3		%	7.5		%	6.0		%

Quarter: Selling, general and administrative (SG&A) expenses for the third quarter of 2013 were $38.7 million, or 7.8% of net sales, compared to $25.5 million, or 6.3% of net sales, for 2012.  The higher SG&A expenses were primarily the result of approximately $10 million of SG&A expenses at recently acquired facilities. The increase in SG&A as a percentage of sales was primarily the result of higher SG&A percentages at recently acquired facilities.

Year-to-date: Selling, general and administrative (SG&A) expenses for the nine months ended September 30, 2013 were $124.8 million, or 7.5% of net sales, compared to $79.7 million, or 6.0% of net sales, for 2012.  The higher SG&A expenses were primarily the result of approximately $45 million of SG&A expenses at recently acquired facilities. The increase in SG&A as a percentage of sales was primarily the result of higher SG&A percentages at recently acquired facilities.

Research and Development Expenses

Research and development expenses were as follows(amounts in thousands):

	Three months ended						Nine months ended
	September 30,						September 30,
	2013			2012			2013			2012
Research and development	$	2,778		$	1,759		$	8,281		$	4,456
Percentage of net sales	0.6		%	0.4		%	0.5		%	0.3		%

Quarter: Research and development (R&D) expenses for the third quarter of 2013 were $2.8 million, or 0.6% of net sales, compared to $1.8 million, or 0.4% of net sales, for 2012. Approximately $1 million of R&D expenses of recently acquired facilities contributed to the increase.

Year-to-date: Expenses for R&D were $8.3 million, or 0.5% of net sales for the nine months ended September 30, 2013, compared to $4.5 million, or 0.3% of net sales, for 2012. Approximately $4 million of R&D expenses of recently acquired facilities contributed to the increase.

Royalty Expense

Royalty expense was as follows(amounts in thousands):

	Three months ended				Nine months ended
	September 30,				September 30,
	2013		2012		2013		2012
Royalty expense	$	3,942	$	3,739	$	10,960	$	8,740

The Company has a trademark license agreement with The Goodyear Tire & Rubber Company to manufacture and sell certain tires in North America and Latin America under the Goodyear name.  The North American and Latin American farm tire royalties were prepaid through March 2018 as a part of the 2011 Goodyear Latin American farm tire acquisition. In May 2012, the Company and Goodyear entered into an agreement under which Titan will sell certain non-farm tire products directly to third party customers and pay a royalty to Goodyear.

Quarter: Royalty expenses were $3.9 million and $3.7 million for the quarters ended September 30, 2013 and 2012, respectively.

33

TITAN INTERNATIONAL, INC.

Management's Discussion and Analysis of

Financial Condition and Results of Operations

Year-to-date: Year-to-date royalty expenses recorded were $11.0 million and $8.7 million for the nine months ended September 30, 2013 and 2012, respectively. As sales subject to the license agreement increased in the first nine months of 2013, the Company's royalty expense increased accordingly.

Supply agreement termination income

Supply agreement termination income was as follows(amounts in thousands):

	Three months ended				Nine months ended
	September 30,				September 30,
	2013		2012		2013		2012
Supply agreement termination income	$	—	$	—	$	—	$	26,134

The Company's April 2011 acquisition of Goodyear's farm tire business included a three year supply agreement with Goodyear for certain non-farm tire products. A liability was recorded as the supply agreement was for sales at below market prices. In May 2012, the Company and Goodyear terminated this supply agreement and entered into an agreement under which Titan will sell these products directly to third party customers and pay a royalty to Goodyear. The remaining balance of the supply agreement liability was recorded as income as the Company is no longer obligated to sell the products at below market prices.

Income from Operations

Income from operations was as follows(amounts in thousands):

	Three months ended						Nine months ended
	September 30,						September 30,
	2013			2012			2013			2012
Income from operations	$	17,055		$	36,166		$	101,844		$	175,806
Percentage of net sales	3.4		%	8.9		%	6.1		%	13.2		%

Quarter: Income from operations for the third quarter of 2013, was $17.1 million, or 3.4% of net sales, compared to $36.2 million, or 8.9% of net sales, in 2012.  This decrease was the net result of the items previously discussed.

Year-to-date: Income from operations for the nine months ended September 30, 2013, was $101.8 million, or 6.1% of net sales, compared to $175.8 million, or 13.2% of net sales, in 2012.  This decrease was the net result of the items previously discussed.

Interest Expense

Interest expense was as follows(amounts in thousands):

	Three months ended				Nine months ended
	September 30,				September 30,
	2013		2012		2013		2012
Interest expense	$	12,414	$	6,187	$	35,924	$	18,699

Quarter: Interest expense was $12.4 million and $6.2 million for the quarters ended September 30, 2013, and 2012, respectively. Interest expense for the third quarter of 2013 increased primarily as a result of approximately $5 million of interest recorded for the additional 7.875% senior secured notes issued in the first quarter of 2013. Interest expense at the recently acquired Titan Europe Plc of approximately $1 million also contributed to the increase.

Year-to-date: Year-to-date interest expense was $35.9 million and $18.7 million for the nine months ended September 30, 2013, and 2012, respectively. Interest expense for the first nine months of 2013 increased primarily as a result of approximately $12 million of interest recorded for the additional 7.875% senior secured notes issued in the first quarter of 2013. Interest expense at the recently acquired Titan Europe Plc of approximately $6 million also contributed to the increase.

34

TITAN INTERNATIONAL, INC.

Management's Discussion and Analysis of

Financial Condition and Results of Operations

Convertible Debt Conversion Charge

Convertible debt conversion charge was as follows(amounts in thousands):

	Three months ended				Nine months ended
	September 30,				September 30,
	2013		2012		2013	2012
Convertible debt conversion charge	$	—	$	—	7,273	$	—

In the first quarter of 2013, the Company closed an Exchange Agreement with a note holder of the convertible notes. The two parties privately negotiated an agreement to exchange approximately $52.7 million in aggregate principal amount of the convertible notes for approximately 4.9 million shares of the Company's common stock plus a cash payment totaling $14.2 million. In connection with this exchange, the Company recognized a charge of $7.3 million in accordance with accounting standards for debt conversion.

Gain on Earthquake Insurance Recovery

Gain on earthquake insurance recovery(amounts in thousands):

	Three months ended				Nine months ended
	September 30,				September 30,
	2013		2012		2013	2012
Gain on earthquake insurance recovery	$	—	$	—	22,451	$	—

Titan Europe's wheel manufacturing facility in Finale Emilia, Italy experienced damage from an earthquake in May of 2012 prior to Titan's acquisition of Titan Europe.  The plant was closed for production during initial remedial work. This resulted in a limited transfer of production to other facilities within Titan Europe as well as sourcing product from facilities in the US owned by Titan and competitors.  In the second quarter of 2013, Titan received a final insurance settlement payment of $38.7 million, which offset the earthquake insurance receivable and resulted in a gain of $22.5 million.

Other Income

Other income was as follows(amounts in thousands):

	Three months ended				Nine months ended
	September 30,				September 30,
	2013		2012		2013		2012
Other income	$	8,722	$	2,439	$	7,712	$	6,163

Quarter: Other income was $8.7 million for the quarter ended September 30, 2013, as compared to other income of $2.4 million in 2012.  The Company recorded currency exchange gain of $5.7 million, $0.8 million in discount amortization on prepaid royalty and interest income of $0.6 million for the quarter ended September 30, 2013. The Company recorded $0.9 million in discount amortization on prepaid royalty and a $0.5 million gain on contractual obligation investments for the quarter ended September 30, 2012.

Year-to-date: Other income was $7.7 million and $6.2 million for the nine months ended September 30, 2013 and 2012, respectively.  For the first nine months of 2013, the Company recorded interest income of $2.5 million and $2.5 million in discount amortization on prepaid royalty, offset by currency exchange loss of $1.0 million. The Company recorded $2.9 million in discount amortization on prepaid royalty and a $1.3 million gain on contractual obligation investments for the nine months ended September 30, 2012.

35

TITAN INTERNATIONAL, INC.

Management's Discussion and Analysis of

Financial Condition and Results of Operations

Income Taxes

Income taxes were as follows(amounts in thousands):

	Three months ended				Nine months ended
	September 30,				September 30,
	2013		2012		2013		2012
Income tax expense	$	5,711	$	13,589	$	38,913	$	64,722

Quarter: The Company recorded income tax expense of $5.7 million for the quarter ended September 30, 2013, as compared to $13.6 million in 2012.   The Company's effective income tax rate was 43% and 42% for the three months ended September 30, 2013 and 2012, respectively.

Year-to-date: Income tax expense for the nine months ended September 30, 2013 and 2012, was $38.9 million and $64.7 million, respectively. The Company's effective income tax rate was 44% and 40% for the nine months ended September 30, 2013 and 2012, respectively.

The Company's 2013 income tax expense and rate differs 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 a change in Italian law making the insurance proceeds from the earthquake non-taxable. In addition, as a result of the reassessment of the realizability of the deferred tax assets due to the Italian law change, a valuation allowance was established on the Italy net deferred tax assets. Other items contributing to the rate difference are state income tax expense, unrecognized tax benefits, foreign earnings, domestic production activities deduction, and tax deductible expenses related to the convertible bond repurchase.

The Company's 2012 income tax expense and rate differs 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 the supply agreement termination income and related income tax effects and the liability for unrecognized tax benefits recorded during the three months ended June 30, 2012.

Net Income

Net income was as follows(amounts in thousands):

	Three months ended				Nine months ended
	September 30,				September 30,
	2013		2012		2013		2012
Net income	$	7,652	$	18,829	$	49,897	$	98,548

Quarter: Net income for the third quarter of September 30, 2013, was $7.7 million, compared to $18.8 million in 2012. For the quarters ended September 30, 2013 and 2012, basic earnings per share were $.15 and $.46, respectively, and diluted earnings per share were $.15 and $.39, respectively. The Company's net income and earnings per share were lower due to the items previously discussed.

Year-to-date: Net income for the nine months ended September 30, 2013 and 2012, was $49.9 million and $98.5 million, respectively. For the nine months ended September 30, 2013 and 2012, basic earnings per share were $0.96 and $2.35, respectively, and diluted earnings per share were $0.89 and $1.92, respectively. The Company's net income and earnings per share were lower due to the items previously discussed.

36

TITAN INTERNATIONAL, INC.

Management's Discussion and Analysis of

Financial Condition and Results of Operations

Agricultural Segment Results

Agricultural segment results were as follows(amounts in thousands):

	Three months ended				Nine months ended
	September 30,				September 30,
	2013		2012		2013		2012
Net sales	$	273,301	$	246,578	$	907,797	$	831,376
Gross profit	48,346		48,091		158,566		173,684
Income from operations	37,762		41,740		125,063		156,965

Quarter: Net sales in the agricultural market were $273.3 million for the quarter ended September 30, 2013, as compared to $246.6 million in 2012, an increase of 11% . Sales increased approximately 16% from the inclusion of recently acquired entities. Sales volume was approximately 8% higher as the result of increased demand in the Company's agricultural segment. The increase in net sales was partially offset by a price/mix reduction which resulted largely from decreased raw material costs passed through to customers that decreased sales approximately 11%, and unfavorable currency translation which decreased sales by approximately 2%.

Gross profit in the agricultural market was $48.3 million for the quarter ended September 30, 2013, as compared to $48.1 million in 2012.  Income from operations in the agricultural market was $37.8 million for the quarter ended September 30, 2013, as compared to $41.7 million in 2012.  The Company's gross profit, as a percentage of net sales, and income from operations decreased as a result of the Titan Europe acquisition and lower raw material costs that were passed on to customers before being fully realized by the Company. Titan Europe provided gross profit of $4.4 million, or 12.3% of net sales. Titan Europe margins were negatively affected by decreased agriculture demand.

Year-to-date: Net sales in the agricultural market were $907.8 million for the nine months ended September 30, 2013, as compared to $831.4 million in 2012, an increase of 9% . Sales increased approximately 16% from the inclusion of recently acquired entities. Sales volume was approximately 6% higher as the result of increased demand in the Company's agricultural segment.  The increase in net sales was partially offset by a price/mix reduction which resulted largely from decreased raw material costs passed through to customers that decreased sales approximately 11%, and unfavorable currency translation which decreased sales by approximately 2%.

Gross profit in the agricultural market was $158.6 million for the nine months ended September 30, 2013, as compared to $173.7 million in 2012.  Income from operations in the agricultural market was $125.1 million for the nine months ended September 30, 2013, as compared to $157.0 million in 2012.  The Company's gross profit, as a percentage of net sales, and income from operations decreased as a result of the Titan Europe acquisition and lower raw material costs that were passed on to customers before being fully realized by the Company. Titan Europe provided gross profit of $14.8 million, or 11.5% of net sales. Titan Europe margins were negatively affected by decreased agriculture demand.

Earthmoving/Construction Segment Results

Earthmoving/construction segment results were as follows(amounts in thousands):

	Three months ended					Nine months ended
	September 30,					September 30,
	2013			2012		2013		2012
Net sales	$	168,964		$	103,135	$	586,806	$	318,244
Gross profit	11,283			18,689		75,598		60,598
Income (loss) from operations	(1,833		)	13,468		27,365		51,385

37

TITAN INTERNATIONAL, INC.

Management's Discussion and Analysis of

Financial Condition and Results of Operations

Quarter: The Company's earthmoving/construction market net sales were $169.0 million for the quarter ended September 30, 2013, as compared to $103.1 million in 2012, an increase of 64%. Sales increased approximately 96% from the inclusion of recently acquired entities, primarily Titan Europe which recorded earthmoving/construction sales of $91.2 million. The increase in net sales was partially offset by a price/mix reduction which resulted largely from decreased demand for larger products used in the mining industry that decreased sales approximately 25%, decreased volume of 6%, and unfavorable currency translation which decreased sales by approximately 2%.

Gross profit in the earthmoving/construction market was $11.3 million for the quarter ended September 30, 2013, as compared to $18.7 million in 2012. The Company's earthmoving/construction market loss from operations was $1.8 million for the quarter ended September 30, 2013, as compared to income from operations of $13.5 million in 2012. Gross profit and income from operations were negatively affected by decreased demand in the earthmoving/construction market and increased warranty provisions relating to earthmoving tires.

Year-to-date: The Company's earthmoving/construction market net sales were $586.8 million for the nine months ended September 30, 2013, as compared to $318.2 million in 2012, an increase of 84%. Sales increased approximately 103% from the inclusion of recently acquired entities, primarily Titan Europe which recorded earthmoving/construction sales of $295.6 million. Sales increased approximately 3% as the result of price/mix improvements. The increase in net sales was partially offset by decreased volume of 22%.

Gross profit in the earthmoving/construction market was $75.6 million for the nine months ended September 30, 2013, as compared to $60.6 million in 2012. The Company's earthmoving/construction market income from operations was $27.4 million for the nine months ended September 30, 2013, as compared to $51.4 million in 2012. The Company's gross profit and income from operations increased from recently acquired facilities. Gross profit and income from operations were negatively affected by decreased demand in the earthmoving/construction market and increased warranty provisions relating to earthmoving tires.

Consumer Segment Results

Consumer segment results were as follows(amounts in thousands):

	Three months ended					Nine months ended
	September 30,					September 30,
	2013		2012			2013		2012
Net sales	$	55,245	$	55,006		$	174,585	$	177,420
Gross profit	3,363		1,016			13,841		10,488
Income (loss) from operations	55		(234		)	4,224		30,284

Quarter: Consumer market net sales were $55.2 million for quarter ended September 30, 2013, as compared to $55.0 million in 2012.

Gross profit from the consumer market was $3.4 million for the quarter ended September 30, 2013, as compared to $1.0 million in 2012. Consumer market income from operations was $0.1 million for the quarter ended September 30, 2013, as compared to loss from operations of $(0.2) million in 2012.

Year-to-date: Consumer market net sales were $174.6 million for the nine months ended September 30, 2013, as compared to $177.4 million in 2012, a decrease of 2%.

Gross profit from the consumer market was $13.8 million for the nine months ended September 30, 2013, as compared to $10.5 million in 2012. Consumer market income from operations was $4.2 million for the nine months ended September 30, 2013, as compared to income from operations of $30.3 million in 2012. The Company's decrease in income from operations was primarily the result of the supply agreement termination income of $26.1 million recorded in the second quarter of 2012.

38

TITAN INTERNATIONAL, INC.

Management's Discussion and Analysis of

Financial Condition and Results of Operations

Segment Summary (Amounts in thousands)

Quarter

Three months ended September 30, 2013	Agricultural		Earthmoving/ Construction			Consumer			Corporate  Expenses			Consolidated  Totals
Net sales	$	273,301	$	168,964		$	55,245		$	—		$	497,510
Gross profit (loss)	48,346		11,283			3,363			(486		)	62,506
Income (loss) from operations	37,762		(1,833		)	55			(18,929		)	17,055
Three months ended September 30, 2012
Net sales	$	246,578	103,135			$	55,006		$	—		$	404,719
Gross profit (loss)	48,091		18,689			1,016			(635		)	67,161
Income (loss) from operations	41,740		13,468			(234		)	(18,808		)	36,166

Year-to-Date

Nine months ended September 30, 2013	Agricultural		Earthmoving/ Construction		Consumer		Corporate  Expenses			Consolidated  Totals
Net sales	$	907,797	$	586,806	$	174,585	$	—		$	1,669,188
Gross profit (loss)	158,566		75,598		13,841		(2,093		)	245,912
Income (loss) from operations	125,063		27,365		4,224		(54,808		)	101,844
Nine months ended September 30, 2012
Net sales	$	831,376	318,244		$	177,420	$	—		$	1,327,040
Gross profit (loss)	173,684		60,598		10,488		(2,160		)	242,610
Income (loss) from operations	156,965		51,385		30,284		(62,828		)	175,806

Corporate Expenses

Quarter: Income from operations on a segment basis does not include corporate expenses totaling $18.9 million for the quarter ended September 30, 2013, as compared to $18.8 million for 2012.

Corporate expenses for the quarter ended September 30, 2013 were composed of selling and marketing expenses of approximately $8 million and administrative expenses of approximately $11 million.

Corporate expenses for the quarter ended September 30, 2012 were composed of selling and marketing expenses of approximately $7 million and administrative expenses of approximately $12 million.

Year-to-date: Income from operations on a segment basis does not include corporate expenses totaling $54.8 million for the nine months ended September 30, 2013, as compared to $62.8 million for 2012.

Corporate expenses for the nine months ended September 30, 2013 were composed of selling and marketing expenses of approximately $24 million and administrative expenses of approximately $31 million.

Corporate expenses for the nine months ended September 30, 2012 were composed of selling and marketing expenses of approximately $24 million and administrative expenses of approximately $39 million.

Corporate administrative expenses were approximately $8 million lower for the nine months ended September 30, 2013 primarily due to a decrease in incentive compensation of approximately $9 million.

39

TITAN INTERNATIONAL, INC.

Management's Discussion and Analysis of

Financial Condition and Results of Operations

MARKET RISK SENSITIVE INSTRUMENTS

The Company's risks related to foreign currencies, commodity prices and interest rates are consistent with those for 2012. For more information, see the “Market Risk Sensitive Instruments” discussion in the Company's Form 10-K for the fiscal year ended December 31, 2012.

PENSIONS

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. These plans are described in Note 25 of the Company's Notes to Consolidated Financial Statements in the 2012 Annual Report on Form 10-K.

The Company's recorded liability for pensions is based on a number of assumptions, including discount rates, rates of return on investments, mortality rates and other factors. Certain of these assumptions are determined by the Company with the assistance of outside actuaries. Assumptions are based on past experience and anticipated future trends. These assumptions are reviewed on a regular basis and revised when appropriate. Revisions in assumptions and actual results that differ from the assumptions affect future expenses, cash funding requirements and the carrying value of the related obligations. Titan expects to contribute approximately $1.7 million to these pension plans during the remainder of 2013.

LIQUIDITY AND CAPITAL RESOURCES

Cash Flows

As of September 30, 2013, the Company had $447.5 million of cash within various bank accounts.  

(amounts in thousands)	September 30,		December 31,
	2013		2012		Change
Cash	$	447,456	$	189,114	$	258,342

The cash balance increased by $258.3 million from December 31, 2012, due to the following items.

Operating Cash Flows

Summary of cash flows from operating activities:

(Amounts in thousands)	Nine months ended September 30,
	2013			2012			Change
Net income	$	49,897		$	98,548		$	(48,651	)
Depreciation and amortization	56,333			35,865			20,468
Convertible debt conversion charge	7,273			—			7,273
Gain on earthquake insurance recovery	(22,451		)	—			(22,451		)
Insurance proceeds	35,808			—			35,808
Deferred income tax provision	(6,860		)	6,906			(13,766		)
Supply agreement termination income	—			(26,134		)	26,134
Accounts receivable	(1,022		)	(24,099		)	23,077
Inventories	(18,599		)	(36,921		)	18,322
Accounts payable	23,302			25,893			(2,591		)
Other current liabilities	23,218			4,786			18,432
Other liabilities	1,968			10,937			(8,969		)
Other operating activities	(16,678		)	(10,693		)	(5,985		)
Cash provided by operating activities	$	132,189		$	85,088		$	47,101

40

TITAN INTERNATIONAL, INC.

Management's Discussion and Analysis of

Financial Condition and Results of Operations

In the first nine months of 2013, operating activities provided cash of $132.2 million, which included net income of $49.9 million and an increase in accounts payable of $23.3 million and other current liabilities of $23.2 million. Net income included $56.3 million of noncash charges for depreciation and amortization. Insurance proceeds less gain on earthquake insurance recovery provided cash of $13.4 million. Positive cash inflows were offset by an increase in inventory of $18.6 million.

In the first nine months of 2012, operating activities provided cash of $85.1 million, which included net income of $98.5 million and an increase in accounts payable and other liabilities of $25.9 million and $10.9 million, respectively. Net income included $35.9 million of noncash charges for depreciation and amortization. Positive cash inflows were offset by increases in accounts receivable and inventory of $24.1 million and $36.9 million, respectively, and noncash supply agreement income of $26.1 million.

Operating cash flows increased $47.1 million when comparing the nine months ended September 30, 2013, to the nine months ended September 30, 2012. Net income in the first nine months of 2013 was $48.7 million lower than the net income in the first nine months of 2012. Partially contributing to this was increased depreciation and amortization of $20.5 million and a convertible debt conversion charge of $7.3 million. When comparing the first nine months of 2013 to the first nine months of 2012, cash flows from inventories and other current liabilities increased $18.3 million and $18.4 million, respectively, which was partially offset by decreased cash flows from other liabilities of $9.0 million.

The Company's inventory balance was higher at September 30, 2013, as compared to December 31, 2012. The Company's accounts receivable balance was lower at September 30, 2013, as compared to December 31, 2012. Days sales in inventory decreased to 73 days at September 30, 2013, compared to 86 days at December 31, 2012. Days sales outstanding decreased to 53 days at September 30, 2013, from 54 days at December 31, 2012.

Investing Cash Flows

Summary of cash flows from investing activities:

(Amounts in thousands)	Nine months ended September 30,
	2013			2012			Change
Acquisitions, net of cash acquired	$	(1,670	)	$	(32,760	)	$	31,090
Additional equity investment in Wheels India	(8,017		)	—			(8,017		)
Capital expenditures	(54,956		)	(36,319		)	(18,637		)
Other investing activities	4,221			636			3,585
Cash used for investing activities	$	(60,422	)	$	(68,443	)	$	8,021

Net cash used for investing activities was $60.4 million in the first nine months of 2013, as compared to $68.4 million in the first nine months of 2012. The Company invested a total of $55.0 million in capital expenditures in the first nine months of 2013, compared to $36.3 million in 2012. The 2013 and 2012 expenditures represent various equipment purchases and improvements to enhance production capabilities of Titan's existing business and maintaining existing equipment. The Company invested a total of $1.7 million in acquisitions in the first nine months of 2013, as compared to $32.8 million in the first nine months of 2012. The Company also used $8.0 million for additional equity investment in Wheels India in the first nine months of 2013.

41

TITAN INTERNATIONAL, INC.

Management's Discussion and Analysis of

Financial Condition and Results of Operations

Financing Cash Flows

Summary of cash flows from financing activities:

(Amounts in thousands)	Nine months ended September 30,
	2013			2012			Change
Proceeds from borrowings	$	345,313		$	—		$	345,313
Term loan borrowing	25,880			4,378			21,502
Proceeds from exercise of stock options	863			925			(62		)
Convertible note conversion	(14,090		)	—			(14,090		)
Payment of financing fees	(5,520		)	—			(5,520		)
Payment on debt	(162,040		)	(14,434		)	(147,606		)
Excess tax benefit from stock options exercised	(46		)	185			(231		)
Dividends paid	(778		)	(634		)	(144		)
Cash provided by (used for) financing activities	$	189,582		$	(9,580	)	$	199,162

In the first nine months of 2013, $189.6 million of cash was provided by financing activities. This cash was primarily provided by proceeds from the issuance of $345.3 million of additional 7.875% senior secured notes due 2017. This was partially offset by payment on debt of $162.0 million, primarily at the Company's European facilities.

In the first nine months of 2012, $9.6 million of cash was used for financing activities. This cash was primarily used for the payment on term loan borrowings of $14.4 million that was originally borrowed to provide working capital for Titan's Latin American operations. This was partially offset by $4.4 million of additional term loan borrowings for Titan's Latin American operations.

Financing cash flows increased by $199.2 million when comparing the first nine months of 2013 to 2012. This increase was primarily the result of the additional issuance of 7.875% senior secured notes due 2017.

Other Issues

The Company’s business is subject to seasonal variations in sales that affect inventory levels and accounts receivable balances.  Historically, Titan tends to have higher production levels in the first and second quarters. 

Debt Restrictions

The Company’s revolving credit facility (credit facility) contains various restrictions, including:

• Limits on dividends and repurchases of the Company’s stock.

• Restrictions on the ability of the Company to make additional borrowings, or to consolidate, merge or otherwise fundamentally change the ownership of the Company.

• Limitations on investments, dispositions of assets and guarantees of indebtedness.

• Other customary affirmative and negative covenants.

These restrictions could limit the Company’s ability to respond to market conditions, to provide for unanticipated capital investments, to raise additional debt or equity capital, to pay dividends or to take advantage of business opportunities, including future acquisitions.

Liquidity Outlook

At September 30, 2013, the Company had $447.5 million of cash and cash equivalents and no outstanding borrowings on the Company's $150 million credit facility. The cash and cash equivalents balance of $447.5 million includes $96.7 million held in foreign countries. The Company's current plans do not demonstrate a need to repatriate the foreign amounts to fund U.S. operations, with the exception of intercompany loans to foreign subsidiaries totaling $149.3 million at September 30, 2013. However, if foreign funds were needed for U.S. operations, the Company would be required to accrue and pay taxes to repatriate the funds.

42

TITAN INTERNATIONAL, INC.

Management's Discussion and Analysis of

Financial Condition and Results of Operations

In October 2013, Titan paid approximately $19 million in connection with the tender offer for the Company's 7.875% senior secured notes due 2017. This amount represents payments for principal, tender and consent payments, and accrued interest which were not covered by the net proceeds of the offering of 6.875% senior secured notes due 2020. In November 2013, the Company expects to pay approximately $147 million for the redemption of the remaining 7.875% senior secured notes due 2017. This amount represents principal, redemption premium and interest.

Capital expenditures for the remainder of 2013 are forecasted to be approximately $15 million to $20 million.  Cash payments for interest are currently forecasted to be approximately $23 million for the remainder of 2013 based on September 30, 2013 debt balances. The forecasted interest payments are comprised primarily of a semi-annual payment of $20.7 million for the 7.875% senior secured notes paid on October 1.

In the future, Titan may seek to grow by making acquisitions which will depend on the ability to identify suitable acquisition candidates, to negotiate acceptable terms for their acquisition and to finance those acquisitions.

Subject to the terms of indebtedness, the Company may finance future acquisitions with cash on hand, cash from operations, additional indebtedness and/or by issuing additional equity securities.

Cash on hand, anticipated internal cash flows from operations and utilization of remaining available borrowings are expected to provide sufficient liquidity for working capital needs, capital expenditures and potential acquisitions.

MARKET CONDITIONS AND OUTLOOK

In the first nine months of 2013, Titan experienced higher sales when compared to the sales levels in the first nine months of 2012.  The higher sales were primarily the result of increased demand in the Company's agricultural segment, as well as recent acquisitions including the August 2012 acquisition of the Planet Group of companies based in Perth, Australia, and the October 2012 acquisition of Titan Europe. For the remainder of 2013, the Company expects demand to remain weak in the earthmoving/construction market.

Energy, raw material and petroleum-based product costs have been volatile and may negatively impact the Company’s margins.  Many of Titan’s overhead expenses are fixed; therefore, lower seasonal trends may cause negative fluctuations in quarterly profit margins and affect the financial condition of the Company.

AGRICULTURAL MARKET OUTLOOK

Agricultural market sales were higher in the first nine months of 2013 when compared to the first nine months of 2012.  The Titan Europe acquisition and continued strong demand contributed to the higher sales levels. The increase in the global population may help grow future demand.  The gradual increase in the use of biofuels may help sustain future production.  Many variables, including weather, grain prices, export markets and future government policies and payments can greatly influence the overall health of the agricultural economy.

EARTHMOVING/CONSTRUCTION MARKET OUTLOOK

Earthmoving and mining sales were significantly higher in the first nine months of 2013 when compared to the first nine months of 2012. Recent acquisitions contributed to the higher sales levels. Although metals, oil and gas prices may fluctuate in the short-term, in the long-term, these prices are expected to remain at levels that are attractive for continued investment, which should help support future earthmoving and mining sales.  The earthmoving/construction segment is affected by many variables, including commodity prices, road construction, infrastructure, government appropriations, housing starts and the on-going banking and credit issues.  For the remainder of 2013, the Company expects earthmoving/construction market demand to remain weak.

CONSUMER MARKET OUTLOOK

Consumer market sales were slightly lower in the first nine months of 2013, when compared to the first nine months of 2012. The decrease in net sales was primarily the result of unfavorable currency translation on consumer product sales in Latin America, partially offset by the inclusion of recently acquired entities. Consumer market sales may fluctuate from period to period.

43

TITAN INTERNATIONAL, INC.

PART I. FINANCIAL INFORMATION

Item 3. Quantitative and Qualitative Disclosures About Market Risk

See the Company's 2012 Annual Report filed on Form 10-K (Item 7A). There has been no material change in this information.

Item 4. Controls and Procedures

Evaluation of Disclosure Controls and Procedures

The Company’s principal executive officer and principal financial officer have concluded the Company’s disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e) of the Securities Exchange Act of 1934 (the Exchange Act)) are effective as of the end of the period covered by this Form 10-Q based on an evaluation of the effectiveness of disclosure controls and procedures.

Changes in Internal Controls

There were no material changes in internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) that occurred during the third quarter that have materially affected, or are reasonably likely to materially affect, the Company's internal control over financial reporting.

Because of its inherent limitations, internal controls over financial reporting may not prevent or detect misstatements. Also, projections of any evaluations of the effectiveness to future periods are subject to the risk that the controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

44

TITAN INTERNATIONAL, INC.

PART II. OTHER INFORMATION

Item 1. Legal Proceedings

The Company is a party to routine legal proceedings arising out of the normal course of business. Although it is not possible to predict with certainty the outcome of these unresolved legal actions or the range of possible loss, the Company believes at this time that none of these actions, individually or in the aggregate, will have a material adverse effect on the consolidated financial condition, results of operations or cash flows of the Company. However, 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 its liabilities pertaining to legal judgments.

Item 1A. Risk Factors

See the Company's 2012 Annual Report filed on Form 10-K (Item 1A). There has been no material change in this information.

Item 6. Exhibits

31.1    Certification of the Principal Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

31.2    Certification of the Principal Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

32    Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

TITAN INTERNATIONAL, INC.

(Registrant)

Date:	October 29, 2013	By:	/s/ MAURICE M. TAYLOR JR.
			Maurice M. Taylor Jr.
			Chairman and Chief Executive Officer (Principal Executive Officer)

By:	/s/ PAUL G. REITZ
	Paul G. Reitz
	Chief Financial Officer
	(Principal Financial Officer)

45

EX-31.1

Exhibit 31.1

CERTIFICATION

I, Maurice M. Taylor Jr., certify that:

1. I have reviewed this quarterly report on Form 10-Q of Titan International, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b. Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c. Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d. Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of registrant’s board of directors (or persons performing the equivalent function):

a. All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date:	October 29, 2013	By:	/s/ MAURICE M. TAYLOR JR.
			Maurice M. Taylor Jr.
			Chief Executive Officer and Chairman
			(Principal Executive Officer)

EX-31.2

Exhibit 31.2

CERTIFICATION

I, Paul G. Reitz, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Titan International, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b. Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c. Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d. Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of registrant’s board of directors (or persons performing the equivalent function):

a. All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date:	October 29, 2013	By:	/s/ PAUL G. REITZ
			Paul G. Reitz
			Chief Financial Officer
			(Principal Financial Officer)

EX-32

Exhibit 32

CERTIFICATION

In connection with the Quarterly Report of Titan International, Inc. on Form 10-Q for the period ended September 30, 2013, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), each of the undersigned hereby certifies that, to the best of their knowledge, this Report fully complies with the requirements of Section 13(a) of the Securities Exchange Act of 1934 and that information contained in this report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

TITAN INTERNATIONAL, INC.

(Registrant)

Date:	October 29, 2013	By:	/s/ MAURICE M. TAYLOR JR.
			Maurice M. Taylor Jr.
			Chairman and Chief Executive Officer
			(Principal Executive Officer)

By:	/s/ PAUL G. REITZ
	Paul G. Reitz
	Chief Financial Officer
	(Principal Financial Officer)

XML

DERIVATIVE FINANCIAL INSTRUMENTS

9 Months Ended

Sep. 30, 2013

Derivative Instruments and Hedging Activities Disclosure [Abstract]

DERIVATIVE FINANCIAL INSTRUMENTS

DERIVATIVE FINANCIAL INSTRUMENTS

Prior to the April 2013 payoff of the Brazil Term Loan with Bank of America, N.A. (BoA Term Loan), the Company used financial derivatives to mitigate its exposure to volatility in the interest rate and foreign currency exchange rate in Brazil. The Company used these derivative instruments to hedge exposure in the ordinary course of business and did not invest in derivative instruments for speculative purposes. In order to reduce interest rate and foreign currency risk on the BoA Term Loan, the Company entered into an interest rate swap agreement and cross currency swap transactions with Bank of America Merrill Lynch Banco Multiplo S.A. that was designed to convert the outstanding $5.0 million US Dollar based LIBOR loan to a Brazilian Reais based CDI loan. The Company did not designate these agreements as a hedging instrument. Changes in the fair value of the cross currency swap were recorded in other income/expense and changes in the fair value of the interest rate swap agreement were recorded as interest expense (or gain as an offset to interest expense). For the nine months ended September 30, 2013, the Company recorded $0.6 million of other expense and $0.1 million of interest expense related to these derivatives.

The Company also used derivative financial instruments to manage its exposure to market risks from changes in interest rates in Europe. These derivative financial instruments are recognized at fair value. The Company has not designated these financial instruments as hedging instruments. Any gain or loss on the re-measurement of the fair value is taken to interest expense. For the three months ended September 30, 2013, the Company recorded interest expense of $0.1 million related to these derivatives. For the nine months ended September 30, 2013, the Company recorded an offset to interest expense of $1.0 million related to these derivatives.

XML

ACCOUNTS RECEIVABLE (Details) (USD $) In Thousands, unless otherwise specified	Sep. 30, 2013	Dec. 31, 2012
Receivables [Abstract]
Accounts receivable	$ 299,063	$ 302,928
Allowance for doubtful accounts	(8,816)	(5,130)
Accounts receivable, net	$ 290,247	$ 297,798

XML

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) (USD $) In Thousands, unless otherwise specified	3 Months Ended		9 Months Ended
	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012
Statement of Comprehensive Income [Abstract]
Unrealized gain (loss) on investments, tax	$ 0	$ 208	$ 0	$ 9
Pension liability adjustments, tax	$ 557	$ 491	$ 1,670	$ 1,473

XML

ACQUISITIONS

9 Months Ended

Sep. 30, 2013

Business Combinations [Abstract]

ACQUISITIONS

ACQUISITIONS

Acquisition of Titan Europe Plc.

On October 31, 2012, Titan acquired over 97% of the outstanding stock of Titan Europe Plc (Titan Europe) and in December 2012, the remaining 3% interest was acquired. Titan Europe is an international engineering group which designs and manufactures wheels, undercarriage components and assemblies for tracked and wheeled "off-road vehicles". The Titan Europe acquisition allowed the Company to expand its global presence and expand its product line. Prior to the acquisition, Titan held a 21.8% ownership percentage in Titan Europe. Titan Europe shareholders received one share of new Titan common stock for every 11 Titan Europe shares held. A total of 6,257,051 new shares of Titan were issued with a value of $121.8 million. In addition, Titan paid cash of $5.6 million for option payouts and partial shares. Titan's previous investment in Titan Europe had a fair value on the acquisition date of $31.7 million based on Titan Europe's stock price on the AIM market in London. Total consideration including the value of stock issued, cash payments, and the fair value of previously held Titan Europe shares totaled $159.1 million. A gain of $26.7 million was recorded on Titan's previously held interest in Titan Europe which was recorded as Noncash Titan Europe Plc gain in the consolidated statement of operations. This gain was previously recorded in other comprehensive income.

The purchase price was allocated to the assets acquired and liabilities assumed based on their fair values. Inventory was valued using the comparative sales method. Real and personal property was valued at fair value. The Company continues to evaluate the preliminary purchase price allocation, primarily the value of certain deferred taxes and property, plant & equipment, and may revise the purchase price allocation in future periods as these estimates are finalized.

The purchase price allocation of the Titan Europe acquisition consisted of the following (amounts in thousands):

Cash	$	39,122
Accounts receivable	128,585
Inventories	178,407
Deferred income taxes - current asset	22,068
Prepaid & other current assets	21,745
Earthquake insurance receivable	17,024
Property, plant & equipment	217,309
Investment in Wheels India Limited	36,804
Other assets	8,414
Short term debt	(96,822		)
Accounts payable	(142,752		)
Other current liabilities	(56,391		)
Long term debt	(158,183		)
Deferred income taxes - noncurrent liability	(12,636		)
Other noncurrent liabilities	(31,874		)
Net assets acquired	$	170,820

The purchase price allocation has changed from that reported in the Form 10-K for the year ended December 31, 2012, and the 10-Q for the quarter ended March 31, 2013. Titan Europe's wheel manufacturing facility in Finale Emilia, Italy experienced damage from an earthquake in May 2012, prior to Titan's acquisition of Titan Europe.  The plant was closed for production during initial remedial work. This resulted in a limited transfer of production to other facilities within Titan Europe as well as sourcing product from facilities in the US owned by Titan and competitors.  In the second quarter of 2013, Titan received a final insurance settlement payment of $38.7 million. As a result of this information, Titan has recorded an earthquake insurance receivable of $17.0 million, decreased the current deferred income taxes by $5.3 million, and recorded a bargain purchase gain of $11.7 million for the year ended December 31, 2012.

Pro forma financial information

The following unaudited pro forma financial information gives effect to the acquisition of Titan Europe Plc as if the acquisition had taken place on January 1, 2012. The pro forma financial information for Titan Europe Plc was derived from the historical accounting records of Titan Europe. The Titan Europe results were adjusted to reflect additional depreciation.

Pro forma financial information is as follows (in thousands, except per share data):

	Nine Months ended September 30, 2012
Net sales	$	1,876,691
Net income	101,801
Net income attributable to Titan	102,307
Basic earnings per share	$	2.11
Diluted earnings per share	1.77

The pro forma information is presented for illustrative purposes only and may not be indicative of the results that would have been obtained had the acquisition actually occurred on January 1, 2012, nor is it necessarily indicative of Titan's future consolidated results of operations or financial position.

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INCOME TAXES

9 Months Ended

Sep. 30, 2013

Income Tax Disclosure [Abstract]

INCOME TAXES

INCOME TAXES

The Company recorded income tax expense of $5.7 million and $38.9 million for the three and nine months ended September 30, 2013, respectively, as compared to $13.6 million and $64.7 million for the three and nine months ended September 30, 2012. The Company's effective income tax rate was 44% and 40% for the nine months ended September 30, 2013 and 2012, respectively.

The Company's 2013 income tax expense and rate differs 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 a change in Italian law making the insurance proceeds from the earthquake non-taxable. In addition, as a result of the reassessment of the realizability of the deferred tax assets due to the Italian law change, a valuation allowance was established on the Italy net deferred tax assets. Other items contributing to the rate difference are state income tax expense, unrecognized tax benefits, foreign earnings, domestic production activities deduction, and tax deductible expenses related to the convertible bond repurchase.

Accounting standards for income taxes provide that a tax benefit from an uncertain tax position may be recognized when it is more likely than not that the position will be sustained upon examination. The Company's unrecognized tax benefits were $20.0 million and $14.3 million as of September 30, 2013 and December 31, 2012, respectively. As of September 30, 2013, $16.0 million would affect income tax expense if recognized. The majority of the increase in unrecognized tax benefits relates to potential state tax exposures. The Company recognizes accrued interest and penalties related to unrecognized tax benefits as a component of income tax expense. The amount of accrued interest and penalties included in the unrecognized tax benefits at September 30, 2013 and December 31, 2012 was $3.3 million and $2.4 million, respectively.

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EARNINGS PER SHARE (Details) (USD $) In Thousands, except Per Share data, unless otherwise specified	3 Months Ended		9 Months Ended
	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Net income attributable to Titan	$ 8,093	$ 19,579	$ 50,785	$ 99,054
Dilutive Securities, Effect on Basic Earnings Per Share, Including Options and Restrictive Stock Units	0	0	0	0
Dilutive Securities, Effect on Basic Earnings Per Share	610	1,143	1,991	3,429
Titan Net income (loss)	$ 8,703	$ 20,722	$ 52,776	$ 102,483
Weighted Average Number of Shares Outstanding, Basic	53,440	42,180	52,900	42,148
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	207	237	265	258
Incremental Common Shares Attributable to Conversion of Debt Securities	5,744	10,909	6,279	10,909
Weighted-average shares	59,391	53,326	59,444	53,315
Earnings Per Share, Basic	$ 0.15	$ 0.46	$ 0.96	$ 2.35
Earnings Per Share, Diluted	$ 0.15	$ 0.39	$ 0.89	$ 1.92

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GOODWILL AND INTANGIBLE ASSETS (Details) (USD $)	9 Months Ended
	Sep. 30, 2013	Sep. 30, 2012	Dec. 31, 2012
Goodwill [Roll Forward]
Goodwill at beginning of period	$ 24,941,000	$ 19,841,000
Goodwill, Acquired During Period	0	13,982,000
Goodwill, Translation and Purchase Accounting Adjustments	0	(7,289,000)
Foreign currency translation	(2,407,000)	(1,150,000)
Goodwill at end of period	22,534,000	25,384,000
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life	13 years 9 months
Finite-Lived Customer Relationships, Gross	17,457,000		19,357,000
Finite-Lived Intangible Asset, Useful Life	2 years 0 months
Finite-Lived Trademarks, Gross	3,466,000		3,658,000
Finite-Lived Intangible Assets, Gross	20,923,000		23,015,000
Finite-Lived Intangible Assets, Accumulated Amortization	(3,470,000)		(1,807,000)
Intangible Assets, Net (Excluding Goodwill)	17,453,000		21,208,000
Amortization of Intangible Assets	1,700,000	500,000
Finite-Lived Intangible Assets, Amortization Expense, Maturity Schedule [Abstract]
Finite-Lived Intangible Assets, Amortization Expense, Remainder of Fiscal Year	534,000
Finite-Lived Intangible Assets, Amortization Expense, Year Two	2,143,000
Finite-Lived Intangible Assets, Amortization Expense, Year Three	1,764,000
Finite-Lived Intangible Assets, Amortization Expense, Year Four	1,180,000
Finite-Lived Intangible Assets, Amortization Expense, Year Five	1,118,000
Finite-Lived Intangible Assets, Amortization Expense, after Year Five	10,714,000
Intangible Assets, Net (Excluding Goodwill)	17,453,000		21,208,000
Agricultural [Member]
Goodwill [Roll Forward]
Goodwill at beginning of period	11,522,000	19,841,000
Goodwill, Acquired During Period	0	0
Goodwill, Translation and Purchase Accounting Adjustments	0	(7,289,000)
Foreign currency translation	(1,040,000)	(957,000)
Goodwill at end of period	10,482,000	11,595,000
Earthmoving/construction [Member]
Goodwill [Roll Forward]
Goodwill at beginning of period	13,419,000	0
Goodwill, Acquired During Period	0	13,982,000
Goodwill, Translation and Purchase Accounting Adjustments	0	0
Foreign currency translation	(1,367,000)	(193,000)
Goodwill at end of period	$ 12,052,000	$ 13,789,000

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LEASE COMMITMENTS

9 Months Ended

Sep. 30, 2013

Leases, Operating [Abstract]

LEASE COMMITMENTS

LEASE COMMITMENTS

The Company leases certain buildings and equipment under operating leases.  Certain lease agreements provide for renewal options, fair value purchase options, and payment of property taxes, maintenance and insurance by the Company. 

At September 30, 2013, future minimum rental commitments under noncancellable operating leases with initial terms of at least one year were as follows (amounts in thousands):

October 1 - December 31, 2013	$	1,302
2014	7,429
2015	4,801
2016	3,814
2017	2,368
Thereafter	3,943
Total future minimum lease payments	$	23,657

At September 30, 2013, the Company had assets held as capital leases with a net book value of $9.1 million included in property, plant and equipment. Total future capital lease obligations relating to these leases are as follows (amounts in thousands):

October 1 - December 31, 2013	$	679
2014	1,374
2015	892
2016	480
2017	200
Thereafter	103
Total future capital lease obligation payments	3,728
Less amount representing interest	(174		)
Present value of future capital lease obligation payments	$	3,554

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FAIR VALUE MEASUREMENTS (Tables)

9 Months Ended

Sep. 30, 2013

Fair Value Disclosures [Abstract]

Fair Value, Measurement Inputs, Disclosure [Table Text Block]

Assets and liabilities measured at fair value on a recurring basis consisted of the following (amounts in thousands):

	September 30, 2013										December 31, 2012
	Total			Level 1		Level 2			Level 3		Total			Level 1		Level 2			Level 3
Contractual obligation investments	$	7,998		$	7,998	$	—		$	—	$	7,408		$	7,408	$	—		$	—
Interest rate swap	—			—		—			—		1,048			—		1,048			—
Preferred stock	250			—		—			250		250			—		—			250
Derivative financial instruments liability	(135		)	—		(135		)	—		(7,376		)	—		(7,376		)	—
Total	$	8,113		$	7,998	$	(135	)	$	250	$	1,330		$	7,408	$	(6,328	)	$	250

Fair Value, Assets and Liabilities Measured on Recurring Basis, Gain (Loss) Included in Earnings [Table Text Block]

The following table presents the changes during the periods presented in Titan's Level 3 investments that are measured at fair value on a recurring basis (amounts in thousands):

	Preferred stock
Balance at December 31, 2012	$	250
Total realized and unrealized gains and losses	—
Balance as of September 30, 2013	$	250

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WARRANTY (Details) (USD $) In Thousands, unless otherwise specified	9 Months Ended		3 Months Ended
	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013 Minimum [Member]	Sep. 30, 2013 Maximum [Member]
Movement in Standard and Extended Product Warranty, Increase (Decrease) [Roll Forward]
Warranty liability at January 1	$ 27,482	$ 17,659
Provision for warranty liabilities	35,134	23,036
Warranty payments made	(28,049)	(18,282)
Warranty liability at September 30	$ 34,567	$ 22,413
Length of Limited Warranty, Term			0 years	10 years

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GOODWILL AND INTANGIBLE ASSETS (Tables)

9 Months Ended

Sep. 30, 2013

GOODWILL [Abstract]

Schedule of Goodwill [Table Text Block]

Changes in goodwill consisted of the following (amounts in thousands):

	2013									2012
				Earthmoving/									Earthmoving/
	Agricultural			Construction						Agricultural			Construction
	Segment			Segment			Total			Segment			Segment			Total
Goodwill balance, January 1	$	11,522		$	13,419		$	24,941		$	19,841		$	—		$	19,841
Acquisitions	—			—			—			—			13,982			13,982
Acquisition adjustment	—			—			—			(7,289		)	—			(7,289		)
Foreign currency translation	(1,040		)	(1,367		)	(2,407		)	(957		)	(193		)	(1,150		)
Goodwill balance, September 30	$	10,482		$	12,052		$	22,534		$	11,595		$	13,789		$	25,384

Schedule of Intangible Assets and Goodwill [Table Text Block]

The components of intangible assets consisted of the following (amounts in thousands):

	Weighted- Average Useful Lives (in Years)	September 30, 2013		December 31, 2012
Amortizable intangible assets:
Customer relationships	13.8	17,457		19,357
Patents, trademarks and other	2.0	3,466		3,658
Total at cost		20,923		23,015
Less accumulated amortization		(3,470	)	(1,807	)
		17,453		21,208

Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block]

The estimated aggregate amortization expense at September 30, 2013, is as follows (amounts in thousands):

October 1 - December 31, 2013	$	534
2014	2,143
2015	1,764
2016	1,180
2017	1,118
Thereafter	10,714
	$	17,453

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SEGMENT INFORMATION

9 Months Ended

Sep. 30, 2013

Segment Reporting [Abstract]

Segment information

SEGMENT INFORMATION

The table below presents information about certain revenues and income from operations used by the chief executive officer of the Company for the three and nine months ended September 30, 2013 and 2012 (amounts in thousands):

	Three months ended						Nine months ended
	September 30,						September 30,
	2013			2012			2013			2012
Revenues from external customers
Agricultural	$	273,301		$	246,578		$	907,797		$	831,376
Earthmoving/construction	168,964			103,135			586,806			318,244
Consumer	55,245			55,006			174,585			177,420
	$	497,510		$	404,719		$	1,669,188		$	1,327,040
Gross profit
Agricultural	$	48,346		$	48,091		$	158,566		$	173,684
Earthmoving/construction	11,283			18,689			75,598			60,598
Consumer	3,363			1,016			13,841			10,488
Unallocated corporate	(486		)	(635		)	(2,093		)	(2,160		)
	$	62,506		$	67,161		$	245,912		$	242,610
Income from operations
Agricultural	$	37,762		$	41,740		$	125,063		$	156,965
Earthmoving/construction	(1,833		)	13,468			27,365			51,385
Consumer	55			(234		)	4,224			30,284
Unallocated corporate	(18,929		)	(18,808		)	(54,808		)	(62,828		)
Income from operations	17,055			36,166			101,844			175,806
Interest expense	(12,414		)	(6,187		)	(35,924		)	(18,699		)
Convertible debt conversion charge	—			—			(7,273		)	—
Gain on earthquake insurance recovery	—			—			22,451			—
Other income, net	8,722			2,439			7,712			6,163
Income before income taxes	$	13,363		$	32,418		$	88,810		$	163,270

Assets by segment were as follows (amounts in thousands):

	September 30, 2013		December 31, 2012
Total assets
Agricultural	$	698,905	$	630,222
Earthmoving/construction	788,578		851,995
Consumer	143,559		142,341
Unallocated corporate	316,719		85,677
	$	1,947,761	$	1,710,235

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LITIGATION

9 Months Ended

Sep. 30, 2013

Commitments and Contingencies Disclosure [Abstract]

LITIGATION

LITIGATION

The Company is a party to routine legal proceedings arising out of the normal course of business.  Although it is not possible to predict with certainty the outcome of these unresolved legal actions or the range of possible loss, the Company believes at this time that none of these actions, individually or in the aggregate, will have a material adverse effect on the consolidated financial condition, results of operations or cash flows of the Company.  However, 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 its liabilities pertaining to legal judgments.

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EARNINGS PER SHARE (Tables)

9 Months Ended

Sep. 30, 2013

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
	September 30, 2013					September 30, 2012
	Titan Net income		Weighted- average shares	Per share  amount		Titan Net income		Weighted- average shares	Per share  amount
Basic earnings per share	$	8,093	53,440	$	0.15	$	19,579	42,180	$	0.46
Effect of stock options/trusts	—		207			—		237
Effect of convertible notes	610		5,744			1,143		10,909
Diluted earnings per share	$	8,703	59,391	$	0.15	$	20,722	53,326	$	0.39

	Nine months ended
	September 30, 2013					September 30, 2012
	Titan Net income		Weighted- average shares	Per share  amount		Titan Net income		Weighted- average shares	Per share  amount
Basic earnings per share	$	50,785	52,900	$	0.96	$	99,054	42,148	$	2.35
Effect of stock options/trusts	—		265			—		258
Effect of convertible notes	1,991		6,279			3,429		10,909
Diluted earnings per share	$	52,776	59,444	$	0.89	$	102,483	53,315	$	1.92

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ACQUISITIONS (Tables) (Titan Europe [Member])

9 Months Ended

Sep. 30, 2013

Titan Europe [Member]

Business Acquisition [Line Items]

Schedule of Business Acquisitions, by Acquisitions [Table Text Block]

The purchase price allocation of the Titan Europe acquisition consisted of the following (amounts in thousands):

Cash	$	39,122
Accounts receivable	128,585
Inventories	178,407
Deferred income taxes - current asset	22,068
Prepaid & other current assets	21,745
Earthquake insurance receivable	17,024
Property, plant & equipment	217,309
Investment in Wheels India Limited	36,804
Other assets	8,414
Short term debt	(96,822		)
Accounts payable	(142,752		)
Other current liabilities	(56,391		)
Long term debt	(158,183		)
Deferred income taxes - noncurrent liability	(12,636		)
Other noncurrent liabilities	(31,874		)
Net assets acquired	$	170,820

Business Acquisition, Pro Forma Information [Table Text Block]

Pro forma financial information is as follows (in thousands, except per share data):

	Nine Months ended September 30, 2012
Net sales	$	1,876,691
Net income	101,801
Net income attributable to Titan	102,307
Basic earnings per share	$	2.11
Diluted earnings per share	1.77

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REVOLVING CREDIT FACILITY AND LONG-TERM DEBT (Tables)

9 Months Ended

Sep. 30, 2013

Debt Instrument [Line Items]

Schedule of Long-term Debt Instruments [Table Text Block]

Long-term debt consisted of the following (amounts in thousands):

	September 30, 2013		December 31, 2012
7.875% senior secured notes due 2017 - Issued 2013	$	325,000	$	—
Unamortized premium based on 7.875% senior secured notes issued 2013	18,128		—
7.875% senior secured notes due 2017 - Issued 2010	200,000		200,000
European credit facilities	78,301		202,097
5.625% convertible senior subordinated notes due 2017	60,161		112,881
Other debt	58,082		69,151
Capital leases	2,600		3,110
	742,272		587,239
Less amounts due within one year	104,884		145,801
	$	637,388	$	441,438

Schedule of Maturities of Long-term Debt [Table Text Block]

Aggregate maturities of long-term debt at September 30, 2013, were as follows (amounts in thousands):

September 1 - December 31, 2013	$	101,397
2014	19,753
2015	10,041
2016	18,963
2017	589,621
Thereafter	2,497
	$	742,272

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ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Tables)

9 Months Ended

Sep. 30, 2013

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) [Abstract]

Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block]

Accumulated other comprehensive income (loss) consisted of the following (amounts in thousands):

	Currency Translation Adjustments			Unrealized Gain (Loss) on Investments		Unrecognized Losses and Prior Service Cost			Total
Balance at July 1, 2013	$	(43,449	)	$	—	$	(33,658	)	$	(77,107	)
Other comprehensive income (loss) before
reclassifications	498			—		—			498
Reclassification adjustments:
Amortization of unrecognized losses and prior
service cost, net of tax of $(557)	—			—		969			969
Balance at September 30, 2013	$	(42,951	)	$	—	$	(32,689	)	$	(75,640	)

	Currency Translation Adjustments			Unrealized Gain (Loss) on Investments			Unrecognized Losses and Prior Service Cost			Total
Balance at January 1, 2013	$	(20,793	)	$	3		$	(35,679	)	$	(56,469	)
Other comprehensive income (loss) before
reclassifications	(22,158		)	(3		)	—			(22,161		)
Reclassification adjustments:
Amortization of unrecognized losses and prior
service cost, net of tax of $(1,670)	—			—			2,990			2,990
Balance at September 30, 2013	$	(42,951	)	$	—		$	(32,689	)	$	(75,640	)

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SUBSIDIARY GUARANTOR FINANCIAL INFORMATION

3 Months Ended

Sep. 30, 2013

Condensed Financial Statements, Captions [Line Items]

Condensed Financial Information of Parent Company Only Disclosure [Text Block]

SUBSIDIARY GUARANTOR FINANCIAL INFORMATION

The Company's 7.875% senior secured notes and 5.625% convertible senior subordinated notes are guaranteed by the following 100% owned subsidiaries of the Company: Titan Tire Corporation, Titan Tire Corporation of Bryan, Titan Tire Corporation of Freeport, and Titan Wheel Corporation of Illinois. The note guarantees are full and unconditional, joint and several obligations of the guarantors. The guarantees of the guarantor subsidiaries are subject to release in limited circumstances only upon the occurrence of certain customary conditions. The following condensed consolidating financial statements are presented using the equity method of accounting. Certain sales & marketing expenses recorded by non-guarantor subsidiaries have not been allocated to the guarantor subsidiaries.

(Amounts in thousands)	Consolidating Condensed Statements of Operations For the Three Months Ended September 30, 2013
	Titan  Intl., Inc. (Parent)			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Consolidated
Net sales	$	—		$	256,252		$	241,258		$	—		$	497,510
Cost of sales	241			216,445			218,318			—			435,004
Gross profit (loss)	(241		)	39,807			22,940			—			62,506
Selling, general and administrative expenses	3,561			16,513			18,657			—			38,731
Research and development expenses	(17		)	1,423			1,372			—			2,778
Royalty expense	—			1,850			2,092			—			3,942
Income (loss) from operations	(3,785		)	20,021			819			—			17,055
Interest expense	(10,945		)	—			(1,469		)	—			(12,414		)
Intercompany interest income (expense)	2,469			—			(2,469		)	—			—
Other income	1,182			(117		)	7,657			—			8,722
Income (loss) before income taxes	(11,079		)	19,904			4,538			—			13,363
Provision for income taxes	(4,717		)	7,435			2,993			—			5,711
Equity in earnings of subsidiaries	14,014			—			4,827			(18,841		)	—
Net income (loss)	7,652			12,469			6,372			(18,841		)	7,652
Net loss noncontrolling interests	—			—			(441		)	—			(441		)
Net income (loss) attributable to Titan	$	7,652		$	12,469		$	6,813		$	(18,841	)	$	8,093

(Amounts in thousands)	Consolidating Condensed Statements of Operations For the Three Months Ended September 30, 2012
	Titan  Intl., Inc. (Parent)			Guarantor Subsidiaries		Non-Guarantor Subsidiaries			Eliminations			Consolidated
Net sales	$	—		$	311,422	$	93,297		$	—		$	404,719
Cost of sales	253			246,275		91,030			—			337,558
Gross profit (loss)	(253		)	65,147		2,267			—			67,161
Selling, general and administrative expenses	(9,013		)	40,635		(6,125		)	—			25,497
Research and development expenses	155			1,604		—			—			1,759
Royalty expense	—			1,778		1,961			—			3,739
Income (loss) from operations	8,605			21,130		6,431			—			36,166
Interest expense	(6,012		)	—		(175		)	—			(6,187		)
Other income	1,163			364		912			—			2,439
Income (loss) before income taxes	3,756			21,494		7,168			—			32,418
Provision for income taxes	6,329			7,398		(138		)	—			13,589
Equity in earnings of subsidiaries	21,402			—		5,420			(26,822		)	—
Net income (loss)	18,829			14,096		12,726			(26,822		)	18,829
Net loss noncontrolling interests	—			—		(750		)	—			(750		)
Net income (loss) attributable to Titan	$	18,829		$	14,096	$	13,476		$	(26,822	)	$	19,579

(Amounts in thousands)	Consolidating Condensed Statements of Operations For the Nine Months Ended September 30, 2013
	Titan  Intl., Inc. (Parent)			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Consolidated
Net sales	$	—		$	903,628		$	765,560		$	—		$	1,669,188
Cost of sales	908			734,460			687,908			—			1,423,276
Gross profit (loss)	(908		)	169,168			77,652			—			245,912
Selling, general and administrative expenses	8,008			54,637			62,182			—			124,827
Research and development expenses	(35		)	4,136			4,180			—			8,281
Royalty expense	—			5,478			5,482			—			10,960
Income (loss) from operations	(8,881		)	104,917			5,808			—			101,844
Interest expense	(29,509		)	—			(6,415		)	—			(35,924		)
Convertible debt conversion charge	(7,273		)	—			—			—			(7,273		)
Gain on earthquake insurance recovery	—			—			22,451			—			22,451
Intercompany interest income (expense)	5,158			—			(5,158		)	—			—
Other income (expense)	2,741			(91		)	5,062			—			7,712
Income (loss) before income taxes	(37,764		)	104,826			21,748			—			88,810
Provision (benefit) for income taxes	(6,561		)	38,025			7,449			—			38,913
Equity in earnings of subsidiaries	81,100			—			38,351			(119,451		)	—
Net income (loss)	49,897			66,801			52,650			(119,451		)	49,897
Net loss noncontrolling interests	—			—			(888		)	—			(888		)
Net income (loss) attributable to Titan	$	49,897		$	66,801		$	53,538		$	(119,451	)	$	50,785

(Amounts in thousands)	Consolidating Condensed Statements of Operations For the Nine Months Ended September 30, 2012
	Titan  Intl., Inc. (Parent)			Guarantor Subsidiaries		Non-Guarantor Subsidiaries			Eliminations			Consolidated
Net sales	$	—		$	1,055,586	$	271,454		$	—		$	1,327,040
Cost of sales	812			828,935		254,683			—			1,084,430
Gross profit (loss)	(812		)	226,651		16,771			—			242,610
Selling, general and administrative expenses	4,970			71,372		3,400			—			79,742
Research and development expenses	327			3,983		146			—			4,456
Royalty expense	—			5,250		3,490			—			8,740
Supply agreement termination income	—			—		(26,134		)	—			(26,134		)
Income (loss) from operations	(6,109		)	146,046		35,869			—			175,806
Interest expense	(18,119		)	—		(580		)	—			(18,699		)
Other income	3,620			1,174		1,369			—			6,163
Income (loss) before income taxes	(20,608		)	147,220		36,658			—			163,270
Provision (benefit) for income taxes	1,261			51,311		12,150			—			64,722
Equity in earnings of subsidiaries	120,417			—		24,242			(144,659		)	—
Net income (loss)	98,548			95,909		48,750			(144,659		)	98,548
Net loss noncontrolling interests	—			—		(506		)	—			(506		)
Net income (loss) attributable to Titan	$	98,548		$	95,909	$	49,256		$	(144,659	)	$	99,054

(Amounts in thousands)	Consolidating Condensed Statements of Comprehensive Income For the Three Months Ended September 30, 2013
	Titan  Intl., Inc. (Parent)		Guarantor Subsidiaries		Non-Guarantor Subsidiaries			Eliminations			Consolidated
Net income (loss)	$	7,652	$	12,469	$	6,372		$	(18,841	)	$	7,652
Currency translation adjustment, net	854		—		854			(854		)	854
Pension liability adjustments, net of tax	969		781		188			(969		)	969
Comprehensive income (loss)	9,475		13,250		7,414			(20,664		)	9,475
Net comprehensive loss attributable to noncontrolling interests	—		—		(85		)	—			(85		)
Comprehensive income (loss) attributable to Titan	$	9,475	$	13,250	$	7,499		$	(20,664	)	$	9,560

(Amounts in thousands)	Consolidating Condensed Statements of Comprehensive Income For the Three Months Ended September 30, 2012
	Titan  Intl., Inc. (Parent)			Guarantor Subsidiaries		Non-Guarantor Subsidiaries			Eliminations			Consolidated
Net income (loss)	$	18,829		$	14,096	$	12,726		$	(26,822	)	$	18,829
Unrealized gain (loss) on investments, net of tax	(353		)	—		(353		)	353			(353		)
Currency translation adjustment, net	(1,247		)	—		(1,247		)	1,247			(1,247		)
Pension liability adjustments, net of tax	836			790		46			(836		)	836
Comprehensive income (loss)	18,065			14,886		11,172			(26,058		)	18,065
Net comprehensive loss attributable to noncontrolling interests	—			—		(1,104		)	—			(1,104		)
Comprehensive income (loss) attributable to Titan	$	18,065		$	14,886	$	12,276		$	(26,058	)	$	19,169

(Amounts in thousands)	Consolidating Condensed Statements of Comprehensive Income For the Nine Months Ended September 30, 2013
	Titan  Intl., Inc. (Parent)			Guarantor Subsidiaries		Non-Guarantor Subsidiaries			Eliminations			Consolidated
Net income (loss)	$	49,897		$	66,801	$	52,650		$	(119,451	)	$	49,897
Unrealized gain (loss) on investments, net of tax	(3		)	—		(3		)	3			(3		)
Currency translation adjustment, net	(24,513		)	—		(24,513		)	24,513			(24,513		)
Pension liability adjustments, net of tax	2,990			2,343		647			(2,990		)	2,990
Comprehensive income (loss)	28,371			69,144		28,781			(97,925		)	28,371
Net comprehensive loss attributable to noncontrolling interests	—			—		(3,243		)	—			(3,243		)
Comprehensive income (loss) attributable to Titan	$	28,371		$	69,144	$	32,024		$	(97,925	)	$	31,614

(Amounts in thousands)	Consolidating Condensed Statements of Comprehensive Income For the Nine Months Ended September 30, 2012
	Titan  Intl., Inc. (Parent)			Guarantor Subsidiaries		Non-Guarantor Subsidiaries			Eliminations			Consolidated
Net income (loss)	$	98,548		$	95,909	$	48,750		$	(144,659	)	$	98,548
Unrealized gain (loss) on investments, net of tax	(16		)	—		(16		)	16			(16		)
Currency translation adjustment, net	(5,816		)	—		(5,816		)	5,816			(5,816		)
Pension liability adjustments, net of tax	2,508			2,370		138			(2,508		)	2,508
Comprehensive income (loss)	95,224			98,279		43,056			(141,335		)	95,224
Net comprehensive loss attributable to noncontrolling interests	—			—		(859		)	—			(859		)
Comprehensive income (loss) attributable to Titan	$	95,224		$	98,279	$	43,915		$	(141,335	)	$	96,083

(Amounts in thousands)	Consolidating Condensed Balance Sheets September 30, 2013
	Titan  Intl., Inc. (Parent)			Guarantor Subsidiaries			Non-Guarantor Subsidiaries		Eliminations			Consolidated
Assets
Cash and cash equivalents	$	350,611		$	4		$	96,841	$	—		$	447,456
Accounts receivable	—			125,048			165,199		—			290,247
Inventories	—			129,672			246,221		—			375,893
Prepaid and other current assets	63,335			13,634			53,456		—			130,425
Total current assets	413,946			268,358			561,717		—			1,244,021
Property, plant and equipment, net	16,393			205,666			339,647		—			561,706
Investment in subsidiaries	631,910			—			127,384		(759,294		)	—
Other assets	35,590			403			106,041		—			142,034
Total assets	$	1,097,839		$	474,427		$	1,134,789	$	(759,294	)	$	1,947,761
Liabilities and Stockholders’ Equity
Short-term debt	$	4,121		$	—		$	100,763	$	—		$	104,884
Accounts payable	1,219			20,899			173,005		—			195,123
Other current liabilities	30,222			59,921			63,333		—			153,476
Total current liabilities	35,562			80,820			337,101		—			453,483
Long-term debt	599,168			—			38,220		—			637,388
Other long-term liabilities	38,396			31,532			75,920		—			145,848
Intercompany accounts	(263,659		)	(126,589		)	390,248		—			—
Titan stockholders' equity	688,372			488,664			270,630		(759,294		)	688,372
Noncontrolling interests	—			—			22,670		—			22,670
Total liabilities and stockholders’ equity	$	1,097,839		$	474,427		$	1,134,789	$	(759,294	)	$	1,947,761

(Amounts in thousands)	Consolidating Condensed Balance Sheets December 31, 2012
	Titan  Intl., Inc. (Parent)			Guarantor Subsidiaries			Non-Guarantor Subsidiaries		Eliminations			Consolidated
Assets
Cash and cash equivalents	$	103,154		$	4		$	85,956	$	—		$	189,114
Accounts receivable	(72		)	128,917			168,953		—			297,798
Inventories	—			142,070			224,315		—			366,385
Prepaid and other current assets	49,438			17,021			76,367		—			142,826
Total current assets	152,520			288,012			555,591		—			996,123
Property, plant and equipment, net	11,497			208,734			348,113		—			568,344
Investment in subsidiaries	565,811			—			86,189		(652,000		)	—
Other assets	35,564			499			109,705		—			145,768
Total assets	$	765,392		$	497,245		$	1,099,598	$	(652,000	)	$	1,710,235
Liabilities and Stockholders’ Equity
Short-term debt	$	—		$	—		$	145,801	$	—		$	145,801
Accounts payable	1,000			21,222			157,843		—			180,065
Other current liabilities	13,911			55,290			72,013		—			141,214
Total current liabilities	14,911			76,512			375,657		—			467,080
Long-term debt	312,881			—			128,557		—			441,438
Other long-term liabilities	44,512			35,482			89,361		—			169,355
Intercompany accounts	(213,529		)	(34,272		)	247,801		—			—
Titan stockholders' equity	606,617			419,523			232,477		(652,000		)	606,617
Noncontrolling interests	—			—			25,745		—			25,745
Total liabilities and stockholders’ equity	$	765,392		$	497,245		$	1,099,598	$	(652,000	)	$	1,710,235

(Amounts in thousands)	Consolidating Condensed Statements of Cash Flows For the Nine Months Ended September 30, 2013
	Titan  Intl., Inc. (Parent)			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Consolidated
Net cash provided by (used for) operating activities	$	(72,306	)	$	21,528		$	182,967		$	132,189
Cash flows from investing activities:
Capital expenditures	(5,979		)	(21,763		)	(27,214		)	(54,956		)
Acquisitions, net of cash acquired	—			—			(1,670		)	(1,670		)
Additional equity investment in Wheels India	—			—			(8,017		)	(8,017		)
Insurance proceeds	—			—			2,879			2,879
Other, net	—			235			1,107			1,342
Net cash used for investing activities	(5,979		)	(21,528		)	(32,915		)	(60,422		)
Cash flows from financing activities:
Proceeds from borrowings	345,313			—			—			345,313
Payment on debt	—			—			(162,040		)	(162,040		)
Term loan borrowing	—			—			25,880			25,880
Convertible note conversion	(14,090		)	—			—			(14,090		)
Proceeds from exercise of stock options	863			—			—			863
Excess tax benefit from stock options exercised	(46		)	—			—			(46		)
Payment of financing fees	(5,520		)	—			—			(5,520		)
Dividends paid	(778		)	—			—			(778		)
Net cash provided by (used for) financing activities	325,742			—			(136,160		)	189,582
Effect of exchange rate change on cash	—			—			(3,007		)	(3,007		)
Net increase in cash and cash equivalents	247,457			—			10,885			258,342
Cash and cash equivalents, beginning of period	103,154			4			85,956			189,114
Cash and cash equivalents, end of period	$	350,611		$	4		$	96,841		$	447,456

(Amounts in thousands)	Consolidating Condensed Statements of Cash Flows For the Nine Months Ended September 30, 2012
	Titan  Intl., Inc. (Parent)			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Consolidated
Net cash provided by operating activities	$	20,502		$	21,736		$	42,850		$	85,088
Cash flows from investing activities:
Capital expenditures	(3,571		)	(22,076		)	(10,672		)	(36,319		)
Acquisitions, net of cash acquired	(32,760		)	—			—			(32,760		)
Other, net	—			355			281			636
Net cash used for investing activities	(36,331		)	(21,721		)	(10,391		)	(68,443		)
Cash flows from financing activities:
Payment on debt	—			—			(14,434		)	(14,434		)
Term loan borrowing	—			—			4,378			4,378
Proceeds from exercise of stock options	925			—			—			925
Excess tax benefit from stock options exercised	185			—			—			185
Dividends paid	(634		)	—			—			(634		)
Net cash provided by (used for) financing activities	476			—			(10,056		)	(9,580		)
Effect of exchange rate change on cash	—			—			(1,345		)	(1,345		)
Net increase (decrease) in cash and cash equivalents	(15,353		)	15			21,058			5,720
Cash and cash equivalents, beginning of period	125,266			4			3,900			129,170
Cash and cash equivalents, end of period	$	109,913		$	19		$	24,958		$	134,890

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GAIN ON EARTHQUAKE INSURANCE RECOVERY (Details) (USD $) In Millions, unless otherwise specified	3 Months Ended
	Sep. 30, 2013
GAIN ON EARTHQUAKE INSURANCE RECOVERY [Abstract]
Insurance Recoveries	$ 38.7

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ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended		9 Months Ended
	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012	Mar. 31, 2013	Dec. 31, 2012
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) [Abstract]
Accumulated Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Net of Tax	$ (42,951)		$ (42,951)		$ (43,449)	$ (20,793)
Accumulated Other Comprehensive Income (Loss), Available-for-sale Securities Adjustment, Net of Tax	0		0		0	3
Accumulated Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net of Tax	(32,689)		(32,689)		(33,658)	(35,679)
Accumulated other comprehensive loss	(75,640)		(75,640)		(77,107)	(56,469)
Currency translation adjustment, net	854	(1,247)	(24,513)	(5,816)
Unrealized gain (loss) on investments, net of tax	0	(353)	(3)	(16)
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax, Portion Attributable to Parent	498		(22,161)
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Adjustment, Net of Tax	$ (969)	$ (836)	$ (2,990)	$ (2,508)

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SUPPLY AGREEMENT TERMINATION INCOME (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended		9 Months Ended
	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012
SUPPLY AGREEMENT TERMINATION INCOME [Abstract]
Supply agreement termination income	$ 0	$ 0	$ 0	$ 26,134

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SUPPLY AGREEMENT TERMINATION INCOME (Tables)

9 Months Ended

Sep. 30, 2013

SUPPLY AGREEMENT TERMINATION INCOME [Abstract]

Supply Commitment [Table Text Block]

Supply agreement termination income consisted of the following (amounts in thousands):

	Three months ended				Nine months ended
	September 30,				September 30,
	2013		2012		2013		2012
Supply agreement termination income	$	—	$	—	$	—	$	26,134

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SEGMENT INFORMATION ASSETS (details) (USD $) In Thousands, unless otherwise specified	Sep. 30, 2013	Dec. 31, 2012
Segment Reporting Information [Line Items]
Assets	$ 1,947,761	$ 1,710,235
Agricultural [Member]
Segment Reporting Information [Line Items]
Assets	698,905	630,222
Earthmoving/construction [Member]
Segment Reporting Information [Line Items]
Assets	788,578	851,995
Consumer [Member]
Segment Reporting Information [Line Items]
Assets	143,559	142,341
Unallocated Amount to Segment [Member]
Segment Reporting Information [Line Items]
Assets	$ 316,719	$ 85,677

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EARNINGS PER SHARE

9 Months Ended

Sep. 30, 2013

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
	September 30, 2013					September 30, 2012
	Titan Net income		Weighted- average shares	Per share  amount		Titan Net income		Weighted- average shares	Per share  amount
Basic earnings per share	$	8,093	53,440	$	0.15	$	19,579	42,180	$	0.46
Effect of stock options/trusts	—		207			—		237
Effect of convertible notes	610		5,744			1,143		10,909
Diluted earnings per share	$	8,703	59,391	$	0.15	$	20,722	53,326	$	0.39

	Nine months ended
	September 30, 2013					September 30, 2012
	Titan Net income		Weighted- average shares	Per share  amount		Titan Net income		Weighted- average shares	Per share  amount
Basic earnings per share	$	50,785	52,900	$	0.96	$	99,054	42,148	$	2.35
Effect of stock options/trusts	—		265			—		258
Effect of convertible notes	1,991		6,279			3,429		10,909
Diluted earnings per share	$	52,776	59,444	$	0.89	$	102,483	53,315	$	1.92

There were no stock options/trusts or convertible notes that were antidilutive for the periods presented.

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CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $)	Sep. 30, 2013	Dec. 31, 2012
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)	55,253,092	50,350,048
Treasury Stock, shares (in shares)	1,712,557	1,787,844

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CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) In Thousands, unless otherwise specified	9 Months Ended
	Sep. 30, 2013	Sep. 30, 2012
Cash flows from operating activities:
Net income	$ 49,897	$ 98,548
Adjustments to reconcile net income to net cash provided by (used for) operating activities:
Depreciation and amortization	56,333	35,865
Amortization of debt premium	(2,185)	0
Deferred income tax provision	(6,860)	6,906
Convertible debt conversion charge	7,273	0
Gain on Business Interruption Insurance Recovery	(22,451)	0
Supply agreement termination income	0	(26,134)
Stock-based compensation	3,727	2,959
Excess tax benefit from stock options exercised	46	(185)
Insurance proceeds	35,808	0
Issuance of treasury stock under 401(k) plan	497	453
(Increase) decrease in assets:
Accounts receivable	(1,022)	(24,099)
Inventories	(18,599)	(36,921)
Prepaid and other current assets	(24,687)	(17,619)
Other assets	5,924	3,699
Increase (decrease) in liabilities:
Accounts payable	23,302	25,893
Other current liabilities	23,218	4,786
Other liabilities	1,968	10,937
Net cash provided by operating activities	132,189	85,088
Cash flows from investing activities:
Capital expenditures	(54,956)	(36,319)
Acquisitions, net of cash acquired	(1,670)	(32,760)
Additional equity investment in Wheels India	(8,017)	0
Proceeds from Insurance Settlement, Investing Activities	(2,879)	0
Other	1,342	636
Net cash used for investing activities	(60,422)	(68,443)
Cash flows from financing activities:
Proceeds from borrowings	345,313	0
Payment on debt	(162,040)	(14,434)
Term loan borrowing	25,880	4,378
Convertible note conversion	(14,090)	0
Proceeds from exercise of stock options	863	925
Excess tax benefit from stock options exercised	(46)	185
Payment of financing fees	(5,520)	0
Dividends paid	(778)	(634)
Net cash provided by (used for) financing activities	189,582	(9,580)
Effect of exchange rate changes on cash	(3,007)	(1,345)
Net increase (decrease) in cash and cash equivalents	258,342	5,720
Cash and cash equivalents, beginning of period	189,114	129,170
Cash and cash equivalents, end of period	447,456	134,890
Supplemental Cash Flow Information [Abstract]
Interest paid	18,484	15,330
Income taxes paid	56,523	63,669
Cash Flow, Noncash Investing and Financing Activities Disclosure [Abstract]
Issuance of common stock for convertible debt payment	$ 45,903	$ 0

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ACCOUNTS RECEIVABLE

9 Months Ended

Sep. 30, 2013

Receivables [Abstract]

ACCOUNTS RECEIVABLE

ACCOUNTS RECEIVABLE

Accounts receivable consisted of the following (amounts in thousands):

	September 30, 2013			December 31, 2012
Accounts receivable	$	299,063		$	302,928
Allowance for doubtful accounts	(8,816		)	(5,130		)
Accounts receivable, net	$	290,247		$	297,798

Accounts receivable are reduced by an allowance for doubtful accounts which is based on historical losses.

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SUBSIDIARY GUARANTOR FINANCIAL INFORMATION (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended		9 Months Ended
	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012	Dec. 31, 2012	Dec. 31, 2011	Mar. 31, 2011	Dec. 31, 2010
Condensed Financial Statements, Captions [Line Items]
Net Income (Loss) Attributable to Noncontrolling Interest	$ (441)	$ (750)	$ (888)	$ (506)
Income Statement [Abstract]
Net sales	497,510	404,719	1,669,188	1,327,040
Cost of Goods Sold	435,004	337,558	1,423,276	1,084,430
Gross Profit	62,506	67,161	245,912	242,610
Selling, General and Administrative Expense	38,731	25,497	124,827	79,742
Research and Development Expense	2,778	1,759	8,281	4,456
Royalty Expense	3,942	3,739	10,960	8,740
Supply agreement termination income	0	0	0	(26,134)
Operating Income (Loss)	17,055	36,166	101,844	175,806
Interest expense	(12,414)	(6,187)	(35,924)	(18,699)
Convertible debt conversion charge	0	0	(7,273)	0
Gain on earthquake insurance recovery	0	0	22,451	0
Interest Expense, Related Party	0		0
Other income	8,722	2,439	7,712	6,163
Income (loss) before income taxes	13,363	32,418	88,810	163,270
Income Tax Expense (Benefit)	5,711	13,589	38,913	64,722
Income (Loss) from Equity Method Investments	0	0	0	0
Net income (loss)	7,652	18,829	49,897	98,548
Net Income (Loss) Attributable to Noncontrolling Interest	(441)	(750)	(888)	(506)
Net income attributable to Titan	8,093	19,579	50,785	99,054
Comprehensive Income Statement [Abstract]
Net income (loss)	7,652	18,829	49,897	98,548
Unrealized gain (loss) on investments, net of tax	0	(353)	(3)	(16)
Currency translation adjustment, net	854	(1,247)	(24,513)	(5,816)
Pension liability adjustments, net of tax	969	836	2,990	2,508
Comprehensive Income (Loss)	9,475	18,065	28,371	95,224
Comprehensive Income (Loss), Net of Tax, Attributable to Noncontrolling Interest	(85)	(1,104)	(3,243)	(859)
Comprehensive income (loss) attributable to Titan	9,560	19,169	31,614	96,083
Statement of Financial Position [Abstract]
Cash and Cash Equivalents, at Carrying Value	447,456	134,890	447,456	134,890	189,114	129,170	134,890	129,170
Accounts Receivable, Net, Current	290,247		290,247		297,798
Inventory, Net	375,893		375,893		366,385
Prepaid Expense, Deffered Income Taxes and Other Assets, Current	130,425		130,425		142,826
Assets, Current	1,244,021		1,244,021		996,123
Property, Plant and Equipment, Net	561,706		561,706		568,344
Equity Method Investments	0		0		0
Other Assets, Goodwill, Deferred Income Tax Asset, Noncurrent	142,034		142,034		145,768
Assets	1,947,761		1,947,761		1,710,235
Short-term debt	104,884		104,884		145,801
Accounts Payable, Current	195,123		195,123		180,065
Other current liabilities	153,476		153,476		141,214
Liabilities, Current	453,483		453,483		467,080
Long-term debt	637,388		637,388		441,438
Liabilities, Other than Long-term Debt, Noncurrent	145,848		145,848		169,355
Due to Related Parties	0		0		0
Stockholders' Equity Attributable to Parent	688,372		688,372		606,617
Stockholders' Equity Attributable to Noncontrolling Interest	22,670		22,670		25,745
Liabilities and Equity	1,947,761		1,947,761		1,710,235
Statement of Cash Flows [Abstract]
Net Cash Provided by (Used in) Operating Activities			132,189	85,088
Capital expenditures			(54,956)	(36,319)
Acquisitions, net of cash acquired	1,670		1,670	32,760
Payments to Acquire Equity Method Investments			8,017	0
Proceeds from Insurance Settlement, Investing Activities			2,879	0
Payments for (Proceeds from) Other Investing Activities			1,342	636
Net Cash Provided by (Used in) Investing Activities			(60,422)	(68,443)
Proceeds from borrowings	345,313		345,313	0
Repayments of Other Debt			(162,040)	(14,434)
Term loan borrowing			25,880	4,378
Debt Conversion, Converted Instrument, Amount			(14,090)	0
Proceeds from Stock Options Exercised			863	925
Excess Tax Benefit from Share-based Compensation, Financing Activities			(46)	185
Payment of financing fees			(5,520)	0
Payments of Dividends, Common Stock			(778)	(634)
Net Cash Provided by (Used in) Financing Activities			189,582	(9,580)
Effect of Exchange Rate on Cash and Cash Equivalents			(3,007)	(1,345)
Cash and Cash Equivalents, Period Increase (Decrease)			258,342	5,720
Cash and Cash Equivalents, at Carrying Value	447,456	134,890	447,456	134,890	189,114	129,170	134,890	129,170
Parent [Member]
Condensed Financial Statements, Captions [Line Items]
Net Income (Loss) Attributable to Noncontrolling Interest	0	0
Income Statement [Abstract]
Net sales	0	0
Cost of Goods Sold	241	253
Gross Profit	(241)	(253)
Selling, General and Administrative Expense	3,561	(9,013)
Research and Development Expense	(17)	155
Royalty Expense	0	0
Operating Income (Loss)	(3,785)	8,605
Interest expense	(10,945)	(6,012)
Interest Expense, Related Party	2,469		5,158
Other income	1,182	1,163
Income (loss) before income taxes	(11,079)	3,756
Income Tax Expense (Benefit)	(4,717)	6,329
Income (Loss) from Equity Method Investments	14,014	21,402
Net income (loss)	7,652	18,829
Net Income (Loss) Attributable to Noncontrolling Interest	0	0
Net income attributable to Titan	7,652	18,829
Comprehensive Income Statement [Abstract]
Net income (loss)	7,652	18,829
Unrealized gain (loss) on investments, net of tax		(353)
Currency translation adjustment, net	854	(1,247)
Pension liability adjustments, net of tax	969	836
Comprehensive Income (Loss)	9,475	18,065
Comprehensive Income (Loss), Net of Tax, Attributable to Noncontrolling Interest	0	0
Comprehensive income (loss) attributable to Titan	9,475	18,065
Statement of Financial Position [Abstract]
Cash and Cash Equivalents, at Carrying Value	350,611		350,611		103,154		109,913	125,266
Accounts Receivable, Net, Current	0		0		(72)
Inventory, Net	0		0		0
Prepaid Expense, Deffered Income Taxes and Other Assets, Current	63,335		63,335		49,438
Assets, Current	413,946		413,946		152,520
Property, Plant and Equipment, Net	16,393		16,393		11,497
Equity Method Investments	631,910		631,910		565,811
Other Assets, Goodwill, Deferred Income Tax Asset, Noncurrent	35,590		35,590		35,564
Assets	1,097,839		1,097,839		765,392
Short-term debt	4,121		4,121		0
Accounts Payable, Current	1,219		1,219		1,000
Other current liabilities	30,222		30,222		13,911
Liabilities, Current	35,562		35,562		14,911
Long-term debt	599,168		599,168		312,881
Liabilities, Other than Long-term Debt, Noncurrent	38,396		38,396		44,512
Due to Related Parties	(263,659)		(263,659)		(213,529)
Stockholders' Equity Attributable to Parent	688,372		688,372		606,617
Stockholders' Equity Attributable to Noncontrolling Interest	0		0		0
Liabilities and Equity	1,097,839		1,097,839		765,392
Statement of Cash Flows [Abstract]
Net Cash Provided by (Used in) Operating Activities			(72,306)	20,502
Capital expenditures			(5,979)	(3,571)
Payments for (Proceeds from) Other Investing Activities			0	0
Net Cash Provided by (Used in) Investing Activities			(5,979)	(36,331)
Proceeds from borrowings	(345,313)
Repayments of Other Debt			0	0
Term loan borrowing			0
Debt Conversion, Converted Instrument, Amount			14,090
Proceeds from Stock Options Exercised			863	925
Excess Tax Benefit from Share-based Compensation, Financing Activities			(46)	185
Payment of financing fees			5,520
Payments of Dividends, Common Stock			(778)	(634)
Net Cash Provided by (Used in) Financing Activities			325,742	476
Effect of Exchange Rate on Cash and Cash Equivalents			0	0
Cash and Cash Equivalents, Period Increase (Decrease)			247,457	(15,353)
Cash and Cash Equivalents, at Carrying Value	350,611		350,611		103,154		109,913	125,266
Parent [Member] | 7.875% senior secured notes [Member]
Condensed Financial Statements, Captions [Line Items]
Net Income (Loss) Attributable to Noncontrolling Interest			0	0
Income Statement [Abstract]
Net sales			0	0
Cost of Goods Sold			908	812
Gross Profit			(908)	(812)
Selling, General and Administrative Expense			8,008	4,970
Research and Development Expense			(35)	327
Royalty Expense			0	0
Supply agreement termination income				0
Operating Income (Loss)			(8,881)	(6,109)
Interest expense			(29,509)	(18,119)
Convertible debt conversion charge			(7,273)
Gain on earthquake insurance recovery			0
Other income			2,741	3,620
Income (loss) before income taxes			(37,764)	(20,608)
Income Tax Expense (Benefit)			(6,561)	1,261
Income (Loss) from Equity Method Investments			81,100	120,417
Net income (loss)			49,897	98,548
Net Income (Loss) Attributable to Noncontrolling Interest			0	0
Net income attributable to Titan			49,897	98,548
Comprehensive Income Statement [Abstract]
Net income (loss)			49,897	98,548
Unrealized gain (loss) on investments, net of tax			(3)	(16)
Currency translation adjustment, net			(24,513)	(5,816)
Pension liability adjustments, net of tax			2,990	2,508
Comprehensive Income (Loss)			28,371	95,224
Comprehensive Income (Loss), Net of Tax, Attributable to Noncontrolling Interest			0	0
Comprehensive income (loss) attributable to Titan			28,371	95,224
Statement of Cash Flows [Abstract]
Acquisitions, net of cash acquired	0			32,760
Payments to Acquire Equity Method Investments			0
Proceeds from Insurance Settlement, Investing Activities			0
Term loan borrowing				0
Guarantor Subsidiaries [Member]
Condensed Financial Statements, Captions [Line Items]
Net Income (Loss) Attributable to Noncontrolling Interest	0	0
Income Statement [Abstract]
Net sales	256,252	311,422
Cost of Goods Sold	216,445	246,275
Gross Profit	39,807	65,147
Selling, General and Administrative Expense	16,513	40,635
Research and Development Expense	1,423	1,604
Royalty Expense	1,850	1,778
Operating Income (Loss)	20,021	21,130
Interest expense	0	0
Interest Expense, Related Party	0		0
Other income	(117)	364
Income (loss) before income taxes	19,904	21,494
Income Tax Expense (Benefit)	7,435	7,398
Income (Loss) from Equity Method Investments	0	0
Net income (loss)	12,469	14,096
Net Income (Loss) Attributable to Noncontrolling Interest	0	0
Net income attributable to Titan	12,469	14,096
Comprehensive Income Statement [Abstract]
Net income (loss)	12,469	14,096
Unrealized gain (loss) on investments, net of tax		0
Currency translation adjustment, net	0	0
Pension liability adjustments, net of tax	781	790
Comprehensive Income (Loss)	13,250	14,886
Comprehensive Income (Loss), Net of Tax, Attributable to Noncontrolling Interest	0	0
Comprehensive income (loss) attributable to Titan	13,250	14,886
Statement of Financial Position [Abstract]
Cash and Cash Equivalents, at Carrying Value	4		4		4		19	4
Accounts Receivable, Net, Current	125,048		125,048		128,917
Inventory, Net	129,672		129,672		142,070
Prepaid Expense, Deffered Income Taxes and Other Assets, Current	13,634		13,634		17,021
Assets, Current	268,358		268,358		288,012
Property, Plant and Equipment, Net	205,666		205,666		208,734
Equity Method Investments	0		0		0
Other Assets, Goodwill, Deferred Income Tax Asset, Noncurrent	403		403		499
Assets	474,427		474,427		497,245
Short-term debt	0		0		0
Accounts Payable, Current	20,899		20,899		21,222
Other current liabilities	59,921		59,921		55,290
Liabilities, Current	80,820		80,820		76,512
Long-term debt	0		0		0
Liabilities, Other than Long-term Debt, Noncurrent	31,532		31,532		35,482
Due to Related Parties	(126,589)		(126,589)		(34,272)
Stockholders' Equity Attributable to Parent	488,664		488,664		419,523
Stockholders' Equity Attributable to Noncontrolling Interest	0		0		0
Liabilities and Equity	474,427		474,427		497,245
Statement of Cash Flows [Abstract]
Net Cash Provided by (Used in) Operating Activities			21,528	21,736
Capital expenditures			(21,763)	(22,076)
Payments for (Proceeds from) Other Investing Activities			235	355
Net Cash Provided by (Used in) Investing Activities			(21,528)	(21,721)
Proceeds from borrowings	0
Repayments of Other Debt			0	0
Term loan borrowing			0
Debt Conversion, Converted Instrument, Amount			0
Proceeds from Stock Options Exercised			0	0
Excess Tax Benefit from Share-based Compensation, Financing Activities			0	0
Payment of financing fees			0
Payments of Dividends, Common Stock			0	0
Net Cash Provided by (Used in) Financing Activities			0	0
Effect of Exchange Rate on Cash and Cash Equivalents			0	0
Cash and Cash Equivalents, Period Increase (Decrease)			0	15
Cash and Cash Equivalents, at Carrying Value	4		4		4		19	4
Guarantor Subsidiaries [Member] | 7.875% senior secured notes [Member]
Condensed Financial Statements, Captions [Line Items]
Net Income (Loss) Attributable to Noncontrolling Interest			0	0
Income Statement [Abstract]
Net sales			903,628	1,055,586
Cost of Goods Sold			734,460	828,935
Gross Profit			169,168	226,651
Selling, General and Administrative Expense			54,637	71,372
Research and Development Expense			4,136	3,983
Royalty Expense			5,478	5,250
Supply agreement termination income				0
Operating Income (Loss)			104,917	146,046
Interest expense			0	0
Convertible debt conversion charge			0
Gain on earthquake insurance recovery			0
Other income			(91)	1,174
Income (loss) before income taxes			104,826	147,220
Income Tax Expense (Benefit)			38,025	51,311
Income (Loss) from Equity Method Investments			0	0
Net income (loss)			66,801	95,909
Net Income (Loss) Attributable to Noncontrolling Interest			0	0
Net income attributable to Titan			66,801	95,909
Comprehensive Income Statement [Abstract]
Net income (loss)			66,801	95,909
Unrealized gain (loss) on investments, net of tax			0	0
Currency translation adjustment, net			0	0
Pension liability adjustments, net of tax			2,343	2,370
Comprehensive Income (Loss)			69,144	98,279
Comprehensive Income (Loss), Net of Tax, Attributable to Noncontrolling Interest			0	0
Comprehensive income (loss) attributable to Titan			69,144	98,279
Statement of Cash Flows [Abstract]
Acquisitions, net of cash acquired	0			0
Payments to Acquire Equity Method Investments			0
Proceeds from Insurance Settlement, Investing Activities			0
Term loan borrowing				0
Non-Guarantor Subsidiaries [Member]
Condensed Financial Statements, Captions [Line Items]
Net Income (Loss) Attributable to Noncontrolling Interest	(441)	(750)
Income Statement [Abstract]
Net sales	241,258	93,297
Cost of Goods Sold	218,318	91,030
Gross Profit	22,940	2,267
Selling, General and Administrative Expense	18,657	(6,125)
Research and Development Expense	1,372	0
Royalty Expense	2,092	1,961
Operating Income (Loss)	819	6,431
Interest expense	(1,469)	(175)
Interest Expense, Related Party	(2,469)		(5,158)
Other income	7,657	912
Income (loss) before income taxes	4,538	7,168
Income Tax Expense (Benefit)	2,993	(138)
Income (Loss) from Equity Method Investments	4,827	5,420
Net income (loss)	6,372	12,726
Net Income (Loss) Attributable to Noncontrolling Interest	(441)	(750)
Net income attributable to Titan	6,813	13,476
Comprehensive Income Statement [Abstract]
Net income (loss)	6,372	12,726
Unrealized gain (loss) on investments, net of tax		(353)
Currency translation adjustment, net	854	(1,247)
Pension liability adjustments, net of tax	188	46
Comprehensive Income (Loss)	7,414	11,172
Comprehensive Income (Loss), Net of Tax, Attributable to Noncontrolling Interest	(85)	(1,104)
Comprehensive income (loss) attributable to Titan	7,499	12,276
Statement of Financial Position [Abstract]
Cash and Cash Equivalents, at Carrying Value	96,841		96,841		85,956		24,958	3,900
Accounts Receivable, Net, Current	165,199		165,199		168,953
Inventory, Net	246,221		246,221		224,315
Prepaid Expense, Deffered Income Taxes and Other Assets, Current	53,456		53,456		76,367
Assets, Current	561,717		561,717		555,591
Property, Plant and Equipment, Net	339,647		339,647		348,113
Equity Method Investments	127,384		127,384		86,189
Other Assets, Goodwill, Deferred Income Tax Asset, Noncurrent	106,041		106,041		109,705
Assets	1,134,789		1,134,789		1,099,598
Short-term debt	100,763		100,763		145,801
Accounts Payable, Current	173,005		173,005		157,843
Other current liabilities	63,333		63,333		72,013
Liabilities, Current	337,101		337,101		375,657
Long-term debt	38,220		38,220		128,557
Liabilities, Other than Long-term Debt, Noncurrent	75,920		75,920		89,361
Due to Related Parties	390,248		390,248		247,801
Stockholders' Equity Attributable to Parent	270,630		270,630		232,477
Stockholders' Equity Attributable to Noncontrolling Interest	22,670		22,670		25,745
Liabilities and Equity	1,134,789		1,134,789		1,099,598
Statement of Cash Flows [Abstract]
Net Cash Provided by (Used in) Operating Activities			182,967	42,850
Capital expenditures			(27,214)	(10,672)
Payments for (Proceeds from) Other Investing Activities			1,107	281
Net Cash Provided by (Used in) Investing Activities			(32,915)	(10,391)
Proceeds from borrowings	0
Repayments of Other Debt			(162,040)	(14,434)
Term loan borrowing			25,880
Debt Conversion, Converted Instrument, Amount			0
Proceeds from Stock Options Exercised			0	0
Excess Tax Benefit from Share-based Compensation, Financing Activities			0	0
Payment of financing fees			0
Payments of Dividends, Common Stock			0	0
Net Cash Provided by (Used in) Financing Activities			(136,160)	(10,056)
Effect of Exchange Rate on Cash and Cash Equivalents			(3,007)	(1,345)
Cash and Cash Equivalents, Period Increase (Decrease)			10,885	21,058
Cash and Cash Equivalents, at Carrying Value	96,841		96,841		85,956		24,958	3,900
Non-Guarantor Subsidiaries [Member] | 7.875% senior secured notes [Member]
Condensed Financial Statements, Captions [Line Items]
Net Income (Loss) Attributable to Noncontrolling Interest			(888)	(506)
Income Statement [Abstract]
Net sales			765,560	271,454
Cost of Goods Sold			687,908	254,683
Gross Profit			77,652	16,771
Selling, General and Administrative Expense			62,182	3,400
Research and Development Expense			4,180	146
Royalty Expense			5,482	3,490
Supply agreement termination income				(26,134)
Operating Income (Loss)			5,808	35,869
Interest expense			(6,415)	(580)
Convertible debt conversion charge			0
Gain on earthquake insurance recovery			22,451
Other income			5,062	1,369
Income (loss) before income taxes			21,748	36,658
Income Tax Expense (Benefit)			7,449	12,150
Income (Loss) from Equity Method Investments			38,351	24,242
Net income (loss)			52,650	48,750
Net Income (Loss) Attributable to Noncontrolling Interest			(888)	(506)
Net income attributable to Titan			53,538	49,256
Comprehensive Income Statement [Abstract]
Net income (loss)			52,650	48,750
Unrealized gain (loss) on investments, net of tax			(3)	(16)
Currency translation adjustment, net			(24,513)	(5,816)
Pension liability adjustments, net of tax			647	138
Comprehensive Income (Loss)			28,781	43,056
Comprehensive Income (Loss), Net of Tax, Attributable to Noncontrolling Interest			(3,243)	(859)
Comprehensive income (loss) attributable to Titan			32,024	43,915
Statement of Cash Flows [Abstract]
Acquisitions, net of cash acquired	1,670			0
Payments to Acquire Equity Method Investments			8,017
Proceeds from Insurance Settlement, Investing Activities			2,879
Term loan borrowing				(4,378)
Consolidation, Eliminations [Member]
Condensed Financial Statements, Captions [Line Items]
Net Income (Loss) Attributable to Noncontrolling Interest	0	0
Income Statement [Abstract]
Net sales	0	0
Cost of Goods Sold	0	0
Gross Profit	0	0
Selling, General and Administrative Expense	0	0
Research and Development Expense	0	0
Royalty Expense	0	0
Operating Income (Loss)	0	0
Interest expense	0	0
Interest Expense, Related Party	0		0
Other income	0	0
Income (loss) before income taxes	0	0
Income Tax Expense (Benefit)	0	0
Income (Loss) from Equity Method Investments	(18,841)	(26,822)
Net income (loss)	(18,841)	(26,822)
Net Income (Loss) Attributable to Noncontrolling Interest	0	0
Net income attributable to Titan	(18,841)	(26,822)
Comprehensive Income Statement [Abstract]
Net income (loss)	(18,841)	(26,822)
Unrealized gain (loss) on investments, net of tax		353
Currency translation adjustment, net	(854)	1,247
Pension liability adjustments, net of tax	(969)	(836)
Comprehensive Income (Loss)	(20,664)	(26,058)
Comprehensive Income (Loss), Net of Tax, Attributable to Noncontrolling Interest	0	0
Comprehensive income (loss) attributable to Titan	(20,664)	(26,058)
Statement of Financial Position [Abstract]
Cash and Cash Equivalents, at Carrying Value	0		0		0
Accounts Receivable, Net, Current	0		0		0
Inventory, Net	0		0		0
Prepaid Expense, Deffered Income Taxes and Other Assets, Current	0		0		0
Assets, Current	0		0		0
Property, Plant and Equipment, Net	0		0		0
Equity Method Investments	(759,294)		(759,294)		(652,000)
Other Assets, Goodwill, Deferred Income Tax Asset, Noncurrent	0		0		0
Assets	(759,294)		(759,294)		(652,000)
Short-term debt	0		0		0
Accounts Payable, Current	0		0		0
Other current liabilities	0		0		0
Liabilities, Current	0		0		0
Long-term debt	0		0		0
Liabilities, Other than Long-term Debt, Noncurrent	0		0		0
Due to Related Parties	0		0		0
Stockholders' Equity Attributable to Parent	(759,294)		(759,294)		(652,000)
Stockholders' Equity Attributable to Noncontrolling Interest	0		0		0
Liabilities and Equity	(759,294)		(759,294)		(652,000)
Statement of Cash Flows [Abstract]
Cash and Cash Equivalents, at Carrying Value	0		0		0
Consolidation, Eliminations [Member] | 7.875% senior secured notes [Member]
Condensed Financial Statements, Captions [Line Items]
Net Income (Loss) Attributable to Noncontrolling Interest			0	0
Income Statement [Abstract]
Net sales			0	0
Cost of Goods Sold			0	0
Gross Profit			0	0
Selling, General and Administrative Expense			0	0
Research and Development Expense			0	0
Royalty Expense			0	0
Supply agreement termination income				0
Operating Income (Loss)			0	0
Interest expense			0	0
Convertible debt conversion charge			0
Gain on earthquake insurance recovery			0
Other income			0	0
Income (loss) before income taxes			0	0
Income Tax Expense (Benefit)			0	0
Income (Loss) from Equity Method Investments			(119,451)	(144,659)
Net income (loss)			(119,451)	(144,659)
Net Income (Loss) Attributable to Noncontrolling Interest			0	0
Net income attributable to Titan			(119,451)	(144,659)
Comprehensive Income Statement [Abstract]
Net income (loss)			(119,451)	(144,659)
Unrealized gain (loss) on investments, net of tax			3	16
Currency translation adjustment, net			24,513	5,816
Pension liability adjustments, net of tax			(2,990)	(2,508)
Comprehensive Income (Loss)			(97,925)	(141,335)
Comprehensive Income (Loss), Net of Tax, Attributable to Noncontrolling Interest			0	0
Comprehensive income (loss) attributable to Titan			$ (97,925)	$ (141,335)

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ACCOUNTING POLICIES

9 Months Ended

Sep. 30, 2013

DESCRIPTION OF BUSINESS AND SIGNIFICANT ACCOUNTING POLICIES [Abstract]

ACCOUNTING POLICIES

ACCOUNTING POLICIES

In the opinion of Titan International, Inc. (Titan or the Company), the accompanying unaudited consolidated condensed financial statements contain all adjustments, which are normal and recurring in nature and necessary for a fair statement of the Company's financial position as of September 30, 2013, and the results of operations and cash flows for the three and nine months ended September 30, 2013 and 2012.

Accounting policies have continued without significant change and are described in the Description of Business and Significant Accounting Policies contained in the Company's 2012 Annual Report on Form 10-K. These interim financial statements have been prepared pursuant to the Securities and Exchange Commission's rules for Form 10-Q's and, therefore, certain information and footnote disclosures normally included in annual financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Company's 2012 Annual Report on Form 10-K.

Sales

Sales and revenues are presented net of sales taxes and other related taxes.

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.  The 7.875% senior secured notes due 2017 (senior secured notes) and 5.625% convertible senior subordinated notes due 2017 (convertible notes) are carried at cost of $543.1 million and $60.2 million at September 30, 2013, respectively. The fair value of the senior secured notes at September 30, 2013, as obtained through an independent pricing source, was approximately $577.1 million.

Cash dividends

The Company declared cash dividends of $.005 and $.015 per share of common stock for each of the three and nine months ended September 30, 2013, and 2012. The third quarter 2013 cash dividend of $.005 per share of common stock was paid October 15, 2013, to stockholders of record on September 30, 2013.

Interest paid

Titan paid $2.1 million and $3.5 million for interest for the quarters ended September 30, 2013 and 2012, respectively, and $18.5 million and $15.3 million for interest for the nine months ended September 30, 2013 and 2012, respectively.

Income taxes paid

Titan paid $18.5 million and $16.7 million for income taxes for the quarters ended September 30, 2013 and 2012, respectively, and $56.5 million and $63.7 million for income taxes for the nine months ended September 30, 2013 and 2012, respectively.

Use of estimates

The policies utilized by the Company in the preparation of the financial statements conform to accounting principles generally accepted in the United States of America and require management to make estimates, assumptions and judgments that affect the reported amount of assets and liabilities, and disclosure of contingent assets and liabilities, at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period.  Actual amounts could differ from these estimates and assumptions.

Reclassification

Certain amounts from prior years have been reclassified to conform to the current year's presentation.

Subsequent Events

The Company has evaluated subsequent events and transactions for potential recognition or disclosure in the financial statements through the date of issuance of the financial statements.

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LEASE COMMITMENTS (Tables)

9 Months Ended

Sep. 30, 2013

LEASE COMMITMENTS [Abstract]

Operating Leases of Lessee Disclosure [Table Text Block]

At September 30, 2013, future minimum rental commitments under noncancellable operating leases with initial terms of at least one year were as follows (amounts in thousands):

October 1 - December 31, 2013	$	1,302
2014	7,429
2015	4,801
2016	3,814
2017	2,368
Thereafter	3,943
Total future minimum lease payments	$	23,657

Schedule of Future Minimum Lease Payments for Capital Leases [Table Text Block]

At September 30, 2013, the Company had assets held as capital leases with a net book value of $9.1 million included in property, plant and equipment. Total future capital lease obligations relating to these leases are as follows (amounts in thousands):

October 1 - December 31, 2013	$	679
2014	1,374
2015	892
2016	480
2017	200
Thereafter	103
Total future capital lease obligation payments	3,728
Less amount representing interest	(174		)
Present value of future capital lease obligation payments	$	3,554

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FAIR VALUE MEASUREMENTS

9 Months Ended

Sep. 30, 2013

Fair Value Disclosures [Abstract]

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS

Accounting standards for fair value measurements establish a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value.  These tiers are defined as:

Level 1 – Quoted prices in active markets for identical instruments.

Level 2 – Inputs other than quoted prices in active markets that are either directly or indirectly observable.

Level 3 – Unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions.

Assets and liabilities measured at fair value on a recurring basis consisted of the following (amounts in thousands):

	September 30, 2013										December 31, 2012
	Total			Level 1		Level 2			Level 3		Total			Level 1		Level 2			Level 3
Contractual obligation investments	$	7,998		$	7,998	$	—		$	—	$	7,408		$	7,408	$	—		$	—
Interest rate swap	—			—		—			—		1,048			—		1,048			—
Preferred stock	250			—		—			250		250			—		—			250
Derivative financial instruments liability	(135		)	—		(135		)	—		(7,376		)	—		(7,376		)	—
Total	$	8,113		$	7,998	$	(135	)	$	250	$	1,330		$	7,408	$	(6,328	)	$	250

The following table presents the changes during the periods presented in Titan's Level 3 investments that are measured at fair value on a recurring basis (amounts in thousands):

	Preferred stock
Balance at December 31, 2012	$	250
Total realized and unrealized gains and losses	—
Balance as of September 30, 2013	$	250

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SUBSEQUENT EVENT (Notes)

3 Months Ended

Sep. 30, 2013

Subsequent Event [Line Items]

Subsequent Events [Text Block]

SUBSEQUENT EVENTS

Voltyre-Prom Purchase

On October 4, 2013, Titan in partnership with One Equity Partners and the Russian Direct Investment Fund closed the acquisition of an 85% interest in Voltyre-Prom, a leading producer of agricultural and industrial tires in Volgograd, Russia, for approximately $94.0 million. Titan will act as operating partner with responsibility for Voltyre-Prom's daily operations on behalf of the consortium of which Titan holds a 30% interest.

6.875% Senior Secured Notes due 2020

On October 7, 2013, the Company closed on an offering of $400.0 million6.875% senior secured notes due 2020. Titan used the net proceeds from the offering towards financing the repurchase of the Company's 7.875% senior secured notes due 2017 including tender and consent payments, accrued interest and expenses associated therewith.

7.875% Senior Secured Notes due 2017 Tender Offer Settlement

On October 7, 2013, the Company elected to exercise its early settlement election in connection with a tender offer to purchase all of its 7.875% senior secured notes due 2017, and purchased $387.3 million, or approximately 73.8% of such notes. In connection with this transaction, Titan will record expenses of approximately $18 million in the fourth quarter of 2013. These expenses relate primarily to a tender and consent premium of $64.50 per $1,000 principal amount of the notes and unamortized deferred financing fees offset by unamortized premium on the notes. The tender offer expired October 21, 2013, with no additional notes tendered.

7.875% Senior Secured Notes due 2017 Redemption Call

On October 7, 2013, the Company announced a call for redemption for all 7.875% senior secured notes due 2017 that were not validly tendered by the expiration of the tender offer on October 21, 2013. The remaining notes will be redeemed on November 6, 2013. In connection with this transaction, Titan will record expenses of approximately $4 million in the fourth quarter of 2013. These expenses relate primarily to a redemption premium of $59.06 per $1,000 principal amount of the notes and unamortized deferred financing fees offset by unamortized premium on the notes.

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RELATED PARTY TRANSACTIONS (Details) (USD $) In Millions, unless otherwise specified	3 Months Ended		9 Months Ended
	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012	Dec. 31, 2012
Related Party Transaction [Line Items]
Related Party Transaction, Revenues from Transactions with Related Party	$ 0.9	$ 0.6	$ 2.2	$ 1.7
Related Party Transaction, Due from (to) Related Party	0.4		0.4		0.2
Related Party Transaction, Expenses from Transactions with Related Party	0.6	0.6	1.9	2.1
Accounts Payable, Related Parties, Current					$ 0.4
Wheels India [Member]
Related Party Transaction [Line Items]
Equity Method Investment, Ownership Percentage	41.73%		41.73%
Titan Wheels Australia [Member]
Related Party Transaction [Line Items]
Equity Method Investment, Ownership Percentage	100.00%		100.00%
Titan National Australia Holdings [Member]
Related Party Transaction [Line Items]
Equity Method Investment, Ownership Percentage	56.00%		56.00%

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PROPERTY, PLANT AND EQUIPMENT, NET (Tables)

9 Months Ended

Sep. 30, 2013

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment [Table Text Block]

Property, plant and equipment, net consisted of the following (amounts in thousands):

	September 30, 2013			December 31, 2012
Land and improvements	$	66,511		$	66,012
Buildings and improvements	193,393			192,135
Machinery and equipment	581,591			555,261
Tools, dies and molds	106,094			117,341
Construction-in-process	47,776			49,136
	995,365			979,885
Less accumulated depreciation	(433,659		)	(411,541		)
	$	561,706		$	568,344

XML

FAIR VALUE MEASUREMENTS (Details) (Fair Value, Measurements, Recurring [Member], USD $) In Thousands, unless otherwise specified	9 Months Ended
	Sep. 30, 2013	Dec. 31, 2012
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Investments for contractual obligations	$ 7,998	$ 7,408
Interest Rate Derivative Assets, at Fair Value	0	1,048
Other Assets, Fair Value Disclosure	250	250
Derivative Financial Instruments, Liabilities, Fair Value Disclosure	(135)	(7,376)
Assets, Fair Value Disclosure	8,113	1,330
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Preferred stock at beginning of period		250
Preferred stock at end of period	250	250
Fair Value, Inputs, Level 1 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Investments for contractual obligations	7,998	7,408
Interest Rate Derivative Assets, at Fair Value	0	0
Other Assets, Fair Value Disclosure	0	0
Derivative Financial Instruments, Liabilities, Fair Value Disclosure	0	0
Assets, Fair Value Disclosure	7,998	7,408
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Preferred stock at beginning of period		0
Preferred stock at end of period	0	0
Fair Value, Inputs, Level 2 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Investments for contractual obligations	0	0
Interest Rate Derivative Assets, at Fair Value	0	1,048
Other Assets, Fair Value Disclosure	0	0
Derivative Financial Instruments, Liabilities, Fair Value Disclosure	(135)	(7,376)
Assets, Fair Value Disclosure	(135)	(6,328)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Preferred stock at beginning of period		0
Preferred stock at end of period	0	0
Fair Value, Inputs, Level 3 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Investments for contractual obligations	0	0
Interest Rate Derivative Assets, at Fair Value	0	0
Other Assets, Fair Value Disclosure	250
Derivative Financial Instruments, Liabilities, Fair Value Disclosure	0	0
Assets, Fair Value Disclosure	250	250
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Preferred stock at beginning of period	250
Gain (Loss) on Investments	0
Preferred stock at end of period	$ 250

XML

PROPERTY, PLANT AND EQUIPMENT, NET (Details) (USD $)	9 Months Ended
	Sep. 30, 2013	Sep. 30, 2012	Dec. 31, 2012
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	$ 995,365,000		$ 979,885,000
Less accumulated depreciation	(433,659,000)		(411,541,000)
Property, Plant and Equipment, Net	561,706,000		568,344,000
Depreciation	53,000,000	34,100,000
Capital Leased Assets, Gross	9,100,000
Land and Land Improvements [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	66,511,000		66,012,000
Building and Building Improvements [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	193,393,000		192,135,000
Capital Leased Assets, Gross	4,600,000		4,500,000
Machinery and Equipment [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	581,591,000		555,261,000
Capital Leased Assets, Gross	39,700,000		36,000,000
Tools, Dies and Molds [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	106,094,000		117,341,000
Construction in Progress [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	$ 47,776,000		$ 49,136,000

XML

SUBSIDIARY GUARANTOR FINANCIAL INFORMATION (Tables)

3 Months Ended

9 Months Ended

Sep. 30, 2013

Sep. 30, 2013

Condensed Financial Statements, Captions [Line Items]

Condensed Financial Information, Condensed Statement of Operations [Table Text Block]

(Amounts in thousands)	Consolidating Condensed Statements of Operations For the Three Months Ended September 30, 2013
	Titan  Intl., Inc. (Parent)			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Consolidated
Net sales	$	—		$	256,252		$	241,258		$	—		$	497,510
Cost of sales	241			216,445			218,318			—			435,004
Gross profit (loss)	(241		)	39,807			22,940			—			62,506
Selling, general and administrative expenses	3,561			16,513			18,657			—			38,731
Research and development expenses	(17		)	1,423			1,372			—			2,778
Royalty expense	—			1,850			2,092			—			3,942
Income (loss) from operations	(3,785		)	20,021			819			—			17,055
Interest expense	(10,945		)	—			(1,469		)	—			(12,414		)
Intercompany interest income (expense)	2,469			—			(2,469		)	—			—
Other income	1,182			(117		)	7,657			—			8,722
Income (loss) before income taxes	(11,079		)	19,904			4,538			—			13,363
Provision for income taxes	(4,717		)	7,435			2,993			—			5,711
Equity in earnings of subsidiaries	14,014			—			4,827			(18,841		)	—
Net income (loss)	7,652			12,469			6,372			(18,841		)	7,652
Net loss noncontrolling interests	—			—			(441		)	—			(441		)
Net income (loss) attributable to Titan	$	7,652		$	12,469		$	6,813		$	(18,841	)	$	8,093

(Amounts in thousands)	Consolidating Condensed Statements of Operations For the Three Months Ended September 30, 2012
	Titan  Intl., Inc. (Parent)			Guarantor Subsidiaries		Non-Guarantor Subsidiaries			Eliminations			Consolidated
Net sales	$	—		$	311,422	$	93,297		$	—		$	404,719
Cost of sales	253			246,275		91,030			—			337,558
Gross profit (loss)	(253		)	65,147		2,267			—			67,161
Selling, general and administrative expenses	(9,013		)	40,635		(6,125		)	—			25,497
Research and development expenses	155			1,604		—			—			1,759
Royalty expense	—			1,778		1,961			—			3,739
Income (loss) from operations	8,605			21,130		6,431			—			36,166
Interest expense	(6,012		)	—		(175		)	—			(6,187		)
Other income	1,163			364		912			—			2,439
Income (loss) before income taxes	3,756			21,494		7,168			—			32,418
Provision for income taxes	6,329			7,398		(138		)	—			13,589
Equity in earnings of subsidiaries	21,402			—		5,420			(26,822		)	—
Net income (loss)	18,829			14,096		12,726			(26,822		)	18,829
Net loss noncontrolling interests	—			—		(750		)	—			(750		)
Net income (loss) attributable to Titan	$	18,829		$	14,096	$	13,476		$	(26,822	)	$	19,579

(Amounts in thousands)	Consolidating Condensed Statements of Operations For the Nine Months Ended September 30, 2013
	Titan  Intl., Inc. (Parent)			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Consolidated
Net sales	$	—		$	903,628		$	765,560		$	—		$	1,669,188
Cost of sales	908			734,460			687,908			—			1,423,276
Gross profit (loss)	(908		)	169,168			77,652			—			245,912
Selling, general and administrative expenses	8,008			54,637			62,182			—			124,827
Research and development expenses	(35		)	4,136			4,180			—			8,281
Royalty expense	—			5,478			5,482			—			10,960
Income (loss) from operations	(8,881		)	104,917			5,808			—			101,844
Interest expense	(29,509		)	—			(6,415		)	—			(35,924		)
Convertible debt conversion charge	(7,273		)	—			—			—			(7,273		)
Gain on earthquake insurance recovery	—			—			22,451			—			22,451
Intercompany interest income (expense)	5,158			—			(5,158		)	—			—
Other income (expense)	2,741			(91		)	5,062			—			7,712
Income (loss) before income taxes	(37,764		)	104,826			21,748			—			88,810
Provision (benefit) for income taxes	(6,561		)	38,025			7,449			—			38,913
Equity in earnings of subsidiaries	81,100			—			38,351			(119,451		)	—
Net income (loss)	49,897			66,801			52,650			(119,451		)	49,897
Net loss noncontrolling interests	—			—			(888		)	—			(888		)
Net income (loss) attributable to Titan	$	49,897		$	66,801		$	53,538		$	(119,451	)	$	50,785

(Amounts in thousands)	Consolidating Condensed Statements of Operations For the Nine Months Ended September 30, 2012
	Titan  Intl., Inc. (Parent)			Guarantor Subsidiaries		Non-Guarantor Subsidiaries			Eliminations			Consolidated
Net sales	$	—		$	1,055,586	$	271,454		$	—		$	1,327,040
Cost of sales	812			828,935		254,683			—			1,084,430
Gross profit (loss)	(812		)	226,651		16,771			—			242,610
Selling, general and administrative expenses	4,970			71,372		3,400			—			79,742
Research and development expenses	327			3,983		146			—			4,456
Royalty expense	—			5,250		3,490			—			8,740
Supply agreement termination income	—			—		(26,134		)	—			(26,134		)
Income (loss) from operations	(6,109		)	146,046		35,869			—			175,806
Interest expense	(18,119		)	—		(580		)	—			(18,699		)
Other income	3,620			1,174		1,369			—			6,163
Income (loss) before income taxes	(20,608		)	147,220		36,658			—			163,270
Provision (benefit) for income taxes	1,261			51,311		12,150			—			64,722
Equity in earnings of subsidiaries	120,417			—		24,242			(144,659		)	—
Net income (loss)	98,548			95,909		48,750			(144,659		)	98,548
Net loss noncontrolling interests	—			—		(506		)	—			(506		)
Net income (loss) attributable to Titan	$	98,548		$	95,909	$	49,256		$	(144,659	)	$	99,054

Condensed Financial Information, Condensed Statement of Comprehensive Income [Table Text Block]

(Amounts in thousands)	Consolidating Condensed Statements of Comprehensive Income For the Three Months Ended September 30, 2013
	Titan  Intl., Inc. (Parent)		Guarantor Subsidiaries		Non-Guarantor Subsidiaries			Eliminations			Consolidated
Net income (loss)	$	7,652	$	12,469	$	6,372		$	(18,841	)	$	7,652
Currency translation adjustment, net	854		—		854			(854		)	854
Pension liability adjustments, net of tax	969		781		188			(969		)	969
Comprehensive income (loss)	9,475		13,250		7,414			(20,664		)	9,475
Net comprehensive loss attributable to noncontrolling interests	—		—		(85		)	—			(85		)
Comprehensive income (loss) attributable to Titan	$	9,475	$	13,250	$	7,499		$	(20,664	)	$	9,560

(Amounts in thousands)	Consolidating Condensed Statements of Comprehensive Income For the Three Months Ended September 30, 2012
	Titan  Intl., Inc. (Parent)			Guarantor Subsidiaries		Non-Guarantor Subsidiaries			Eliminations			Consolidated
Net income (loss)	$	18,829		$	14,096	$	12,726		$	(26,822	)	$	18,829
Unrealized gain (loss) on investments, net of tax	(353		)	—		(353		)	353			(353		)
Currency translation adjustment, net	(1,247		)	—		(1,247		)	1,247			(1,247		)
Pension liability adjustments, net of tax	836			790		46			(836		)	836
Comprehensive income (loss)	18,065			14,886		11,172			(26,058		)	18,065
Net comprehensive loss attributable to noncontrolling interests	—			—		(1,104		)	—			(1,104		)
Comprehensive income (loss) attributable to Titan	$	18,065		$	14,886	$	12,276		$	(26,058	)	$	19,169

(Amounts in thousands)	Consolidating Condensed Statements of Comprehensive Income For the Nine Months Ended September 30, 2013
	Titan  Intl., Inc. (Parent)			Guarantor Subsidiaries		Non-Guarantor Subsidiaries			Eliminations			Consolidated
Net income (loss)	$	49,897		$	66,801	$	52,650		$	(119,451	)	$	49,897
Unrealized gain (loss) on investments, net of tax	(3		)	—		(3		)	3			(3		)
Currency translation adjustment, net	(24,513		)	—		(24,513		)	24,513			(24,513		)
Pension liability adjustments, net of tax	2,990			2,343		647			(2,990		)	2,990
Comprehensive income (loss)	28,371			69,144		28,781			(97,925		)	28,371
Net comprehensive loss attributable to noncontrolling interests	—			—		(3,243		)	—			(3,243		)
Comprehensive income (loss) attributable to Titan	$	28,371		$	69,144	$	32,024		$	(97,925	)	$	31,614

(Amounts in thousands)	Consolidating Condensed Statements of Comprehensive Income For the Nine Months Ended September 30, 2012
	Titan  Intl., Inc. (Parent)			Guarantor Subsidiaries		Non-Guarantor Subsidiaries			Eliminations			Consolidated
Net income (loss)	$	98,548		$	95,909	$	48,750		$	(144,659	)	$	98,548
Unrealized gain (loss) on investments, net of tax	(16		)	—		(16		)	16			(16		)
Currency translation adjustment, net	(5,816		)	—		(5,816		)	5,816			(5,816		)
Pension liability adjustments, net of tax	2,508			2,370		138			(2,508		)	2,508
Comprehensive income (loss)	95,224			98,279		43,056			(141,335		)	95,224
Net comprehensive loss attributable to noncontrolling interests	—			—		(859		)	—			(859		)
Comprehensive income (loss) attributable to Titan	$	95,224		$	98,279	$	43,915		$	(141,335	)	$	96,083

Condensed Financial Information, Condensed Balance Sheet [Table Text Block]

(Amounts in thousands)	Consolidating Condensed Balance Sheets September 30, 2013
	Titan  Intl., Inc. (Parent)			Guarantor Subsidiaries			Non-Guarantor Subsidiaries		Eliminations			Consolidated
Assets
Cash and cash equivalents	$	350,611		$	4		$	96,841	$	—		$	447,456
Accounts receivable	—			125,048			165,199		—			290,247
Inventories	—			129,672			246,221		—			375,893
Prepaid and other current assets	63,335			13,634			53,456		—			130,425
Total current assets	413,946			268,358			561,717		—			1,244,021
Property, plant and equipment, net	16,393			205,666			339,647		—			561,706
Investment in subsidiaries	631,910			—			127,384		(759,294		)	—
Other assets	35,590			403			106,041		—			142,034
Total assets	$	1,097,839		$	474,427		$	1,134,789	$	(759,294	)	$	1,947,761
Liabilities and Stockholders’ Equity
Short-term debt	$	4,121		$	—		$	100,763	$	—		$	104,884
Accounts payable	1,219			20,899			173,005		—			195,123
Other current liabilities	30,222			59,921			63,333		—			153,476
Total current liabilities	35,562			80,820			337,101		—			453,483
Long-term debt	599,168			—			38,220		—			637,388
Other long-term liabilities	38,396			31,532			75,920		—			145,848
Intercompany accounts	(263,659		)	(126,589		)	390,248		—			—
Titan stockholders' equity	688,372			488,664			270,630		(759,294		)	688,372
Noncontrolling interests	—			—			22,670		—			22,670
Total liabilities and stockholders’ equity	$	1,097,839		$	474,427		$	1,134,789	$	(759,294	)	$	1,947,761

(Amounts in thousands)	Consolidating Condensed Balance Sheets December 31, 2012
	Titan  Intl., Inc. (Parent)			Guarantor Subsidiaries			Non-Guarantor Subsidiaries		Eliminations			Consolidated
Assets
Cash and cash equivalents	$	103,154		$	4		$	85,956	$	—		$	189,114
Accounts receivable	(72		)	128,917			168,953		—			297,798
Inventories	—			142,070			224,315		—			366,385
Prepaid and other current assets	49,438			17,021			76,367		—			142,826
Total current assets	152,520			288,012			555,591		—			996,123
Property, plant and equipment, net	11,497			208,734			348,113		—			568,344
Investment in subsidiaries	565,811			—			86,189		(652,000		)	—
Other assets	35,564			499			109,705		—			145,768
Total assets	$	765,392		$	497,245		$	1,099,598	$	(652,000	)	$	1,710,235
Liabilities and Stockholders’ Equity
Short-term debt	$	—		$	—		$	145,801	$	—		$	145,801
Accounts payable	1,000			21,222			157,843		—			180,065
Other current liabilities	13,911			55,290			72,013		—			141,214
Total current liabilities	14,911			76,512			375,657		—			467,080
Long-term debt	312,881			—			128,557		—			441,438
Other long-term liabilities	44,512			35,482			89,361		—			169,355
Intercompany accounts	(213,529		)	(34,272		)	247,801		—			—
Titan stockholders' equity	606,617			419,523			232,477		(652,000		)	606,617
Noncontrolling interests	—			—			25,745		—			25,745
Total liabilities and stockholders’ equity	$	765,392		$	497,245		$	1,099,598	$	(652,000	)	$	1,710,235

Condensed Financial Information, Condensed Statement of Cash Flows [Table Text Block]

(Amounts in thousands)	Consolidating Condensed Statements of Cash Flows For the Nine Months Ended September 30, 2013
	Titan  Intl., Inc. (Parent)			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Consolidated
Net cash provided by (used for) operating activities	$	(72,306	)	$	21,528		$	182,967		$	132,189
Cash flows from investing activities:
Capital expenditures	(5,979		)	(21,763		)	(27,214		)	(54,956		)
Acquisitions, net of cash acquired	—			—			(1,670		)	(1,670		)
Additional equity investment in Wheels India	—			—			(8,017		)	(8,017		)
Insurance proceeds	—			—			2,879			2,879
Other, net	—			235			1,107			1,342
Net cash used for investing activities	(5,979		)	(21,528		)	(32,915		)	(60,422		)
Cash flows from financing activities:
Proceeds from borrowings	345,313			—			—			345,313
Payment on debt	—			—			(162,040		)	(162,040		)
Term loan borrowing	—			—			25,880			25,880
Convertible note conversion	(14,090		)	—			—			(14,090		)
Proceeds from exercise of stock options	863			—			—			863
Excess tax benefit from stock options exercised	(46		)	—			—			(46		)
Payment of financing fees	(5,520		)	—			—			(5,520		)
Dividends paid	(778		)	—			—			(778		)
Net cash provided by (used for) financing activities	325,742			—			(136,160		)	189,582
Effect of exchange rate change on cash	—			—			(3,007		)	(3,007		)
Net increase in cash and cash equivalents	247,457			—			10,885			258,342
Cash and cash equivalents, beginning of period	103,154			4			85,956			189,114
Cash and cash equivalents, end of period	$	350,611		$	4		$	96,841		$	447,456

(Amounts in thousands)	Consolidating Condensed Statements of Cash Flows For the Nine Months Ended September 30, 2012
	Titan  Intl., Inc. (Parent)			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Consolidated
Net cash provided by operating activities	$	20,502		$	21,736		$	42,850		$	85,088
Cash flows from investing activities:
Capital expenditures	(3,571		)	(22,076		)	(10,672		)	(36,319		)
Acquisitions, net of cash acquired	(32,760		)	—			—			(32,760		)
Other, net	—			355			281			636
Net cash used for investing activities	(36,331		)	(21,721		)	(10,391		)	(68,443		)
Cash flows from financing activities:
Payment on debt	—			—			(14,434		)	(14,434		)
Term loan borrowing	—			—			4,378			4,378
Proceeds from exercise of stock options	925			—			—			925
Excess tax benefit from stock options exercised	185			—			—			185
Dividends paid	(634		)	—			—			(634		)
Net cash provided by (used for) financing activities	476			—			(10,056		)	(9,580		)
Effect of exchange rate change on cash	—			—			(1,345		)	(1,345		)
Net increase (decrease) in cash and cash equivalents	(15,353		)	15			21,058			5,720
Cash and cash equivalents, beginning of period	125,266			4			3,900			129,170
Cash and cash equivalents, end of period	$	109,913		$	19		$	24,958		$	134,890

XML

OTHER INCOME (Tables)

9 Months Ended

Sep. 30, 2013

OTHER INCOME, NET [Abstract]

Interest and Other Income [Table Text Block]

Other income consisted of the following (amounts in thousands):

	Three months ended				Nine months ended
	September 30,				September 30,
	2013		2012		2013			2012
Currency exchange gain (loss)	$	5,678	$	250	$	(976	)	$	(206	)
Wheels India Limited equity gain	826		—		1,101			—
Discount amortization on prepaid royalty	780		910		2,483			2,882
Interest income	594		372		2,525			757
Investment gain (loss) related to contractual obligation investments	497		492		590			1,287
Other income	180		224		1,418			889
Building rental income	167		191		571			554
	$	8,722	$	2,439	$	7,712		$	6,163

XML

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (USD $) In Thousands, unless otherwise specified	3 Months Ended		9 Months Ended
	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012
Net income	$ 7,652	$ 18,829	$ 49,897	$ 98,548
Unrealized gain (loss) on investments, net of tax of $0, $208, $0 and $9, respectively	0	(353)	(3)	(16)
Currency translation adjustment, net	854	(1,247)	(24,513)	(5,816)
Pension liability adjustments, net of tax of $557, $491, $1,670, and $1,473, respectively	969	836	2,990	2,508
Comprehensive income	9,475	18,065	28,371	95,224
Comprehensive Income (Loss), Net of Tax, Attributable to Noncontrolling Interest	(85)	(1,104)	(3,243)	(859)
Comprehensive income attributable to Titan	$ 9,560	$ 19,169	$ 31,614	$ 96,083

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GOODWILL

9 Months Ended

Sep. 30, 2013

GOODWILL [Abstract]

Goodwill Disclosure [Text Block]

GOODWILL AND INTANGIBLE ASSETS

Changes in goodwill consisted of the following (amounts in thousands):

	2013									2012
				Earthmoving/									Earthmoving/
	Agricultural			Construction						Agricultural			Construction
	Segment			Segment			Total			Segment			Segment			Total
Goodwill balance, January 1	$	11,522		$	13,419		$	24,941		$	19,841		$	—		$	19,841
Acquisitions	—			—			—			—			13,982			13,982
Acquisition adjustment	—			—			—			(7,289		)	—			(7,289		)
Foreign currency translation	(1,040		)	(1,367		)	(2,407		)	(957		)	(193		)	(1,150		)
Goodwill balance, September 30	$	10,482		$	12,052		$	22,534		$	11,595		$	13,789		$	25,384

The Company's agricultural segment goodwill balance is related to the acquisition of Goodyear's Latin American farm tire business which included the Sao Paulo, Brazil manufacturing facility. The Company's earthmoving/construction goodwill balance is related to the acquisition of Planet Group in August 2012. The Company reviews goodwill for impairment during the fourth quarter of each annual reporting period, and whenever events and circumstances indicate that the carrying values may not be recoverable. The Company's consumer segment does not have any recorded goodwill.

The components of intangible assets consisted of the following (amounts in thousands):

	Weighted- Average Useful Lives (in Years)	September 30, 2013		December 31, 2012
Amortizable intangible assets:
Customer relationships	13.8	17,457		19,357
Patents, trademarks and other	2.0	3,466		3,658
Total at cost		20,923		23,015
Less accumulated amortization		(3,470	)	(1,807	)
		17,453		21,208

Amortization related to intangible assets for the nine months ended September 30, 2013 and 2012, totaled $1.7 million and $0.5 million, respectively. Intangible assets are included as a component of other assets in the consolidated condensed balance sheet.

The estimated aggregate amortization expense at September 30, 2013, is as follows (amounts in thousands):

October 1 - December 31, 2013	$	534
2014	2,143
2015	1,764
2016	1,180
2017	1,118
Thereafter	10,714
	$	17,453

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CONSOLIDATED BALANCE SHEETS (USD $) In Thousands, unless otherwise specified	Sep. 30, 2013	Dec. 31, 2012
Current assets
Cash and cash equivalents	$ 447,456	$ 189,114
Accounts receivable, net	290,247	297,798
Inventories	375,893	366,385
Deferred income taxes	33,133	50,558
Prepaid and other current assets	97,292	92,268
Total current assets	1,244,021	996,123
Property, plant and equipment, net	561,706	568,344
Goodwill	22,534	24,941
Deferred income taxes	7,241	8,383
Other assets	112,259	112,444
Total assets	1,947,761	1,710,235
Current liabilities
Short-term debt	104,884	145,801
Accounts payable	195,123	180,065
Other current liabilities	153,476	141,214
Total current liabilities	453,483	467,080
Long-term debt	637,388	441,438
Deferred income taxes	47,216	62,259
Other long-term liabilities	98,632	107,096
Total liabilities	1,236,719	1,077,873
Titan stockholders' equity
Common stock (no par, 120,000,000 shares authorized, 55,253,092 and 50,350,048 issued, respectively)	0	0
Additional paid-in capital	557,467	507,199
Retained earnings	223,389	173,407
Treasury stock (at cost, 1,712,557 and 1,787,844 shares, respectively)	(15,769)	(16,445)
Treasury stock reserved for deferred compensation	(1,075)	(1,075)
Accumulated other comprehensive loss	(75,640)	(56,469)
Total Titan stockholders' equity	688,372	606,617
Noncontrolling interests	22,670	25,745
Total equity	711,042	632,362
Total liabilities and equity	$ 1,947,761	$ 1,710,235

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REVOLVING CREDIT FACILITY AND LONG-TERM DEBT (Details)	3 Months Ended		9 Months Ended											3 Months Ended								3 Months Ended
	Sep. 30, 2013 USD ($)	Sep. 30, 2012 USD ($)	Sep. 30, 2013 USD ($)	Sep. 30, 2012 USD ($)	Oct. 07, 2013 USD ($)	Dec. 31, 2012 USD ($)	Sep. 30, 2013 Senior Secured Notes 7.875 Percent Total [Member] USD ($)	Sep. 30, 2013 Titan Europe [Member] USD ($)	Dec. 31, 2012 Titan Europe [Member] USD ($)	Sep. 30, 2013 Senior Secured Notes 7.875 Percent Issued 2010 [Member] USD ($)	Dec. 31, 2012 Senior Secured Notes 7.875 Percent Issued 2010 [Member] USD ($)	Sep. 30, 2013 Senior Secured Notes 7.875 Percent Issued 2013 [Member] USD ($)	Dec. 31, 2012 Senior Secured Notes 7.875 Percent Issued 2013 [Member] USD ($)	Sep. 30, 2013 5.625% convertible senior subordinated notes [Member] USD ($)	Dec. 31, 2012 5.625% convertible senior subordinated notes [Member] USD ($)	Sep. 30, 2013 Other Debt Obligations [Member] USD ($)	Dec. 31, 2012 Other Debt Obligations [Member] USD ($)	Sep. 30, 2013 Titan Brazil [Member] USD ($)	Sep. 30, 2013 Minimum [Member]	Sep. 30, 2013 Maximum [Member]	Sep. 30, 2013 Bank of America [Member] Line of Credit [Member] USD ($)	Sep. 30, 2013 Titan Brazil [Member] Brazil Line of Credit [Member] USD ($)	Sep. 30, 2013 Titan Brazil [Member] Brazil Line of Credit [Member] BRL	Sep. 30, 2013 Titan National Australia Holdings [Member] Australia Other Debt [Member] USD ($)	Sep. 30, 2013 Titan Europe [Member] USD ($)
Debt Instrument [Line Items]
Line of Credit Facility, Increase, Additional Borrowings			$ 0
Line of Credit Facility, Amount Outstanding	0		0
Debt Instruments [Abstract]
7.875% senior secured notes due 2017	543,100,000		543,100,000		400,000,000		525,000,000			200,000,000	200,000,000	325,000,000	0
Debt Instrument, Unamortized Premium												18,128,000	0
Other Borrowings								78,301,000	202,097,000
5.625% convertible senior subordinated notes due 2017	60,200,000		60,200,000											60,161,000	112,881,000
Other debt																58,082,000	69,151,000
Capital leases								2,600,000	3,110,000
Total Long-term debt	742,272,000		742,272,000			587,239,000
Less amounts due within one year	104,884,000		104,884,000			145,801,000												9,200,000						1,100,000	47,700,000
Long-term debt	637,388,000		637,388,000			441,438,000
Maturities of Long-term Debt [Abstract]
2013	101,397,000		101,397,000
2014	19,753,000		19,753,000
2015	10,041,000		10,041,000
2016	18,963,000		18,963,000
2017	589,621,000		589,621,000
Thereafter	2,497,000		2,497,000
Debt Instrument, Interest Rate, Stated Percentage					6.875%									5.625%					2.00%	6.90%
Debt Instrument, Interest Rate, Effective Percentage	6.277%		6.277%
Debt Conversion, Initial Base Conversion Rate, Shares														0
Debt Conversion, Initial Base Conversion, Amount														1,000
Debt Instrument, Convertible, Conversion Price														$ 10.75
Debt Conversion, Additional Base Conversion Rate, Shares														9.3002
Debt Conversion, Original Debt, Amount														52,700,000
Debt Conversion, Converted Instrument, Shares Issued	4,900,000
Debt Extinguishment Costs, Early Tender Premium	18,000,000													14,200,000
Induced Conversion of Convertible Debt Expense	0	0	7,273,000	0										7,300,000
Line of Credit Facility, Maximum Borrowing Capacity																					$ 150,000,000	$ 7,100,000	16,000,000
Debt Instrument, Basis Spread on Variable Rate																						24700.00%	24700.00%

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CONSOLIDATED STATEMENTS OF OPERATIONS (USD $) In Thousands, except Per Share data, unless otherwise specified	3 Months Ended		9 Months Ended
	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012
Net sales	$ 497,510	$ 404,719	$ 1,669,188	$ 1,327,040
Cost of sales	435,004	337,558	1,423,276	1,084,430
Gross profit	62,506	67,161	245,912	242,610
Selling, general & administrative expenses	38,731	25,497	124,827	79,742
Research and development expenses	2,778	1,759	8,281	4,456
Royalty expense	3,942	3,739	10,960	8,740
Supply agreement termination income	0	0	0	(26,134)
Income from operations	17,055	36,166	101,844	175,806
Interest expense	(12,414)	(6,187)	(35,924)	(18,699)
Convertible debt conversion charge	0	0	(7,273)	0
Gain on earthquake insurance recovery	0	0	22,451	0
Other income	8,722	2,439	7,712	6,163
Income before income taxes	13,363	32,418	88,810	163,270
Provision for income taxes	5,711	13,589	38,913	64,722
Net income	7,652	18,829	49,897	98,548
Net loss attributable to noncontrolling interests	(441)	(750)	(888)	(506)
Net income attributable to Titan	$ 8,093	$ 19,579	$ 50,785	$ 99,054
Earnings per common share:
Basic (in dollars per share)	$ 0.15	$ 0.46	$ 0.96	$ 2.35
Diluted (in dollars per share)	$ 0.15	$ 0.39	$ 0.89	$ 1.92
Average common shares outstanding:
Basic (in shares)	53,440	42,180	52,900	42,148
Diluted (in shares)	59,391	53,326	59,444	53,315
Dividends declared per common share:	$ 0.005	$ 0.005	$ 0.015	$ 0.015

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ACCOUNTING POLICIES (Details) (USD $)	3 Months Ended		9 Months Ended
	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012	Oct. 07, 2013	Sep. 30, 2013 7.875% senior secured notes [Member]	Sep. 30, 2013 5.625% convertible senior subordinated notes [Member]	Dec. 31, 2012 5.625% convertible senior subordinated notes [Member]
Organization And Accounting Policies [Line Items]
Debt Instrument, Interest Rate, Stated Percentage					6.875%	7.875%	5.625%
Senior Notes	$ 543,100,000		$ 543,100,000		$ 400,000,000
Convertible Debt	60,200,000		60,200,000				60,161,000	112,881,000
Debt Instrument, Fair Value Disclosure	577,100,000		577,100,000
Common Stock, Dividends, Per Share, Declared	$ 0.005	$ 0.005	$ 0.015	$ 0.015
Interest paid	2,100,000	3,500,000	18,484,000	15,330,000
Income taxes paid	$ 18,500,000	$ 16,700,000	$ 56,523,000	$ 63,669,000

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RELATED PARTY TRANSACTIONS

9 Months Ended

Sep. 30, 2013

Related Party Transactions [Abstract]

Related Party Transactions Disclosure [Text Block]

RELATED PARTY TRANSACTIONS

The Company sells products and pays commissions to companies controlled by persons related to the chief executive officer of the Company.  The related party is Mr. Fred Taylor and is Mr. Maurice Taylor’s brother.  The companies which Mr. Fred Taylor is associated with that do business with Titan include the following:  Blackstone OTR, LLC; FBT Enterprises; and OTR Wheel Engineering.  Sales of Titan products to these companies were approximately $0.9 million and $2.2 million for the three and nine months ended September 30, 2013, respectively, as compared to $0.6 million and $1.7 million for the three and nine months ended September 30, 2012. Titan had trade receivables due from these companies of approximately $0.4 million at September 30, 2013, and approximately $0.2 million at December 31, 2012.  On other sales referred to Titan from the above manufacturing representative companies, commissions were approximately $0.6 million and $1.9 million for the three and nine months ended September 30, 2013, respectively as compared to $0.6 million and $2.1 million for the three and nine months ended September 30, 2012.

The Company has a 41.7% equity stake in Wheels India Limited, a company incorporated in India and listed on the National Stock Exchange in India. The Company had trade payables due to Wheels India of approximately $0.4 million at December 31, 2012.

In the second quarter of 2013, the Company sold Titan Wheels Australia, a 100% owned subsidiary, to Titan National Australia Holdings, a 56% owned subsidiary operating as the Planet Corporation Group. The Company maintained financial control over Titan Wheels Australia and no gain or loss was recognized for the transaction.

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OTHER INCOME

9 Months Ended

Sep. 30, 2013

Other Income and Expenses [Abstract]

OTHER INCOME, NET

OTHER INCOME

Other income consisted of the following (amounts in thousands):

	Three months ended				Nine months ended
	September 30,				September 30,
	2013		2012		2013			2012
Currency exchange gain (loss)	$	5,678	$	250	$	(976	)	$	(206	)
Wheels India Limited equity gain	826		—		1,101			—
Discount amortization on prepaid royalty	780		910		2,483			2,882
Interest income	594		372		2,525			757
Investment gain (loss) related to contractual obligation investments	497		492		590			1,287
Other income	180		224		1,418			889
Building rental income	167		191		571			554
	$	8,722	$	2,439	$	7,712		$	6,163

The Company's investment in Wheels India Limited increased from 35.9% to 41.7% during the second quarter of 2013.

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GAIN ON EARTHQUAKE INSURANCE RECOVERY (Tables) (USD $)
In Thousands, unless otherwise specified

3 Months Ended

9 Months Ended

Sep. 30, 2013

Sep. 30, 2012

Sep. 30, 2013

Sep. 30, 2012

GAIN ON EARTHQUAKE INSURANCE RECOVERY [Abstract]

Schedule of Business Insurance Recoveries [Table Text Block]

Gain on earthquake insurance recovery consisted of the following (amounts in thousands):

	Three months ended				Nine months ended
	September 30,				September 30,
	2013		2012		2013		2012
Gain on earthquake insurance recovery	$	—	$	—	$	22,451	$	—

Gain on earthquake insurance recovery

$ 0

$ 0

$ 22,451

$ 0

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INVENTORIES (Details) (USD $) In Thousands, unless otherwise specified	Sep. 30, 2013	Dec. 31, 2012
Inventory Disclosure [Abstract]
Raw material	$ 134,229	$ 153,308
Work-in-process	59,214	69,030
Finished goods	189,566	154,785
Inventory, Gross	383,009	377,123
Adjustment to LIFO basis	(7,116)	(10,738)
Inventory, Net	$ 375,893	$ 366,385
Percentage of LIFO Inventory	12.00%	16.00%

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OTHER INCOME (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended		9 Months Ended
	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012
Component of Other Income, Nonoperating [Line Items]
Foreign Currency Transaction Gain (Loss), before Tax	$ 5,678	$ 250	$ (976)	$ (206)
Income (Loss) from Equity Method Investments	0	0	0	0
Discount amortization on prepaid royalty	780	910	2,483	2,882
Interest income	594	372	2,525	757
Gain (loss) related to contractual obligation investments	497	492	590	1,287
Other income (expense)	180	224	1,418	889
Building rental income	167	191	571	554
Nonoperating Income (Expense)	8,722	2,439	7,712	6,163
Wheels India [Member]
Component of Other Income, Nonoperating [Line Items]
Income (Loss) from Equity Method Investments	$ 826	$ 0	$ 1,101	$ 0

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WARRANTY (Tables)

9 Months Ended

Sep. 30, 2013

WARRANTY COSTS [Abstract]

Schedule of Product Warranty Liability [Table Text Block]

Changes in the warranty liability consisted of the following (amounts in thousands):

	2013			2012
Warranty liability, January 1	$	27,482		$	17,659
Provision for warranty liabilities	35,134			23,036
Warranty payments made	(28,049		)	(18,282		)
Warranty liability, September 30	$	34,567		$	22,413

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ACCOUNTS RECEIVABLE (Tables)

9 Months Ended

Sep. 30, 2013

Receivables [Abstract]

Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block]

Accounts receivable consisted of the following (amounts in thousands):

	September 30, 2013			December 31, 2012
Accounts receivable	$	299,063		$	302,928
Allowance for doubtful accounts	(8,816		)	(5,130		)
Accounts receivable, net	$	290,247		$	297,798

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INVENTORIES (Tables)

9 Months Ended

Sep. 30, 2013

Inventory Disclosure [Abstract]

Schedule of Inventory, Current [Table Text Block]

Inventories consisted of the following (amounts in thousands):

	September 30, 2013			December 31, 2012
Raw material	$	134,229		$	153,308
Work-in-process	59,214			69,030
Finished goods	189,566			154,785
	383,009			377,123
Adjustment to LIFO basis	(7,116		)	(10,738		)
	$	375,893		$	366,385

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PROPERTY, PLANT AND EQUIPMENT, NET

9 Months Ended

Sep. 30, 2013

Property, Plant and Equipment [Abstract]

PROPERTY, PLANT AND EQUIPMENT

PROPERTY, PLANT AND EQUIPMENT

Property, plant and equipment, net consisted of the following (amounts in thousands):

	September 30, 2013			December 31, 2012
Land and improvements	$	66,511		$	66,012
Buildings and improvements	193,393			192,135
Machinery and equipment	581,591			555,261
Tools, dies and molds	106,094			117,341
Construction-in-process	47,776			49,136
	995,365			979,885
Less accumulated depreciation	(433,659		)	(411,541		)
	$	561,706		$	568,344

Depreciation on fixed assets for the nine months ended September 30, 2013 and 2012, totaled $53.0 million and $34.1 million, respectively.

Included in the total building and improvements are capital leases of $4.6 million and $4.5 million at September 30, 2013, and December 31, 2012, respectively. Included in the total of machinery and equipment are capital leases of $39.7 million and $36.0 million at September 30, 2013, and December 31, 2012, respectively.

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ROYALTY EXPENSE (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended		9 Months Ended
	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012
Royalty Expense [Abstract]
Royalty Expense	$ 3,942	$ 3,739	$ 10,960	$ 8,740

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ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Notes)

9 Months Ended

Sep. 30, 2013

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) [Abstract]

Comprehensive Income (Loss) Note [Text Block]

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)

Accumulated other comprehensive income (loss) consisted of the following (amounts in thousands):

	Currency Translation Adjustments			Unrealized Gain (Loss) on Investments		Unrecognized Losses and Prior Service Cost			Total
Balance at July 1, 2013	$	(43,449	)	$	—	$	(33,658	)	$	(77,107	)
Other comprehensive income (loss) before
reclassifications	498			—		—			498
Reclassification adjustments:
Amortization of unrecognized losses and prior
service cost, net of tax of $(557)	—			—		969			969
Balance at September 30, 2013	$	(42,951	)	$	—	$	(32,689	)	$	(75,640	)

	Currency Translation Adjustments			Unrealized Gain (Loss) on Investments			Unrecognized Losses and Prior Service Cost			Total
Balance at January 1, 2013	$	(20,793	)	$	3		$	(35,679	)	$	(56,469	)
Other comprehensive income (loss) before
reclassifications	(22,158		)	(3		)	—			(22,161		)
Reclassification adjustments:
Amortization of unrecognized losses and prior
service cost, net of tax of $(1,670)	—			—			2,990			2,990
Balance at September 30, 2013	$	(42,951	)	$	—		$	(32,689	)	$	(75,640	)

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EMPLOYEE BENEFIT PLANS (Tables)

9 Months Ended

Sep. 30, 2013

EMPLOYEE BENEFIT PLANS [Abstract]

Schedule of Net Benefit Costs [Table Text Block]

The components of net periodic pension cost consisted of the following (amounts in thousands):

	Three months ended						Nine months ended
	September 30,						September 30,
	2013			2012			2013			2012
Service cost	$	275		$	—		$	665		$	—
Interest cost	1,352			1,133			4,031			3,399
Expected return on assets	(1,381		)	(1,252		)	(4,143		)	(3,756		)
Amortization of unrecognized prior service cost	34			34			103			102
Amortization of net unrecognized loss	1,314			1,293			3,942			3,879
Net periodic pension cost	$	1,594		$	1,208		$	4,598		$	3,624

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REVOLVING CREDIT FACILITY AND LONG-TERM DEBT

9 Months Ended

Sep. 30, 2013

Debt Disclosure [Abstract]

REVOLVING CREDIT FACILITY AND LONG-TERM DEBT

REVOLVING CREDIT FACILITY AND LONG-TERM DEBT

Long-term debt consisted of the following (amounts in thousands):

	September 30, 2013		December 31, 2012
7.875% senior secured notes due 2017 - Issued 2013	$	325,000	$	—
Unamortized premium based on 7.875% senior secured notes issued 2013	18,128		—
7.875% senior secured notes due 2017 - Issued 2010	200,000		200,000
European credit facilities	78,301		202,097
5.625% convertible senior subordinated notes due 2017	60,161		112,881
Other debt	58,082		69,151
Capital leases	2,600		3,110
	742,272		587,239
Less amounts due within one year	104,884		145,801
	$	637,388	$	441,438

Aggregate maturities of long-term debt at September 30, 2013, were as follows (amounts in thousands):

September 1 - December 31, 2013	$	101,397
2014	19,753
2015	10,041
2016	18,963
2017	589,621
Thereafter	2,497
	$	742,272

7.875% senior secured notes due 2017

The Company’s 7.875% senior secured notes (senior secured notes) are due October 2017.  These notes are secured by the land and buildings of the following subsidiaries of the Company:  Titan Tire Corporation, Titan Tire Corporation of Bryan, Titan Tire Corporation of Freeport and Titan Wheel Corporation of Illinois.  The Company’s senior secured notes outstanding balance was $525.0 million at September 30, 2013 including $200.0 million issued in 2010 and $325.0 million issued in 2013. The 2013 amount was issued at a premium. Otherwise, all the notes have the same terms. The senior secured notes issued in 2013 have an imputed interest rate of 6.277% and an unamortized premium balance of $18.1 million at September 30, 2013. See Note 23 for additional information.

Titan Europe credit facilities

The Titan Europe credit facilities contain borrowings from various institutions totaling $78.3 million at September 30, 2013. Maturity dates on this debt range from less than one year to eleven years and interest rates range from 2% to 6.9%. The European facilities are secured by the assets of select European subsidiaries.

5.625% convertible senior subordinated notes due 2017

The Company’s 5.625% convertible senior subordinated notes (convertible notes) are due January 2017.   The initial base conversion rate for the convertible notes is 93.0016 shares of Titan common stock per $1,000 principal amount of convertible notes, equivalent to an initial base conversion price of approximately $10.75 per share of Titan common stock.  If the price of Titan common stock at the time of determination exceeds the base conversion price, the base conversion rate will be increased by an additional number of shares (up to 9.3002 shares of Titan common stock per $1,000 principal amount of convertible notes) as determined pursuant to a formula described in the indenture.  The base conversion rate will be subject to adjustment in certain events.  The Company’s convertible notes balance was $60.2 million at September 30, 2013.

In the first quarter of 2013, the Company closed an Exchange Agreement with a note holder of the convertible notes. The two parties privately negotiated an agreement to exchange approximately $52.7 million in aggregate principal amount of the convertible notes for approximately 4.9 million shares of the Company's common stock plus a cash payment totaling $14.2 million. In connection with this exchange, the Company recognized a charge of $7.3 million in accordance with accounting standards related to debt conversions.

Revolving credit facility

The Company’s $150 million revolving credit facility (credit facility) with agent Bank of America, N.A. has a December 2017 termination date and is collateralized by the accounts receivable and inventory of certain Titan domestic subsidiaries.  During the first nine months of 2013 and at September 30, 2013, there were no borrowings under the credit facility.

Other debt

Brazil Revolving Line of Credit

The Company's wholly-owned Brazilian subsidiary, Titan Pneus Do Brasil Ltda (Titan Brazil), has a revolving line of credit (Brazil line of credit) established with Bank of America Merrill Lynch Banco Multiplo S.A. in May 2011. Titan Brazil could borrow up to 16.0 million Brazilian Reais, which equates to approximately $7.1 million dollars as of September 30, 2013, for working capital purposes. Under the terms of the Brazil line of credit, borrowings, if any, bear interest at a rate of 1 month LIBOR plus 247 basis points. During the first nine months of 2013 and at September 30, 2013 there were no borrowings outstanding on this line of credit.

Brazil Other Debt

Titan Brazil has working capital loans for the Sao Paulo, Brazil manufacturing facility totaling $9.2 million at September 30, 2013.

Australia Other Debt

Titan National Australia Holdings has capital leases totaling $1.1 million at September 30, 2013.

Titan Europe Other Debt

Titan Europe has overdraft facilities totaling $47.7 million at September 30, 2013.

Titan Europe Capital Leases

Titan Europe has capital lease obligations totaling $2.6 million at September 30, 2013.

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SUBSEQUENT EVENT (Details) (USD $)	3 Months Ended
	Sep. 30, 2013	Oct. 07, 2013	Oct. 04, 2013
Subsequent Event [Line Items]
Business Acquisition, Percentage of Voting Interests Acquired			85.00%
Payments to Acquire Businesses, Net of Cash Acquired	$ 94,000,000
Noncontrolling Interest, Ownership Percentage by Parent			30.00%
Senior Notes	543,100,000	400,000,000
Debt Instrument, Interest Rate, Stated Percentage		6.875%
Early Repayment of Subordinated Debt	387,300,000
Percentage of Early Settlement of Senior Secured Notes	73.78%
Debt Extinguishment Costs, Early Tender Premium	18,000,000
Tender and Consent Premium	64.50
Tender and Consent Premium, Base Principal, Amount	1,000
Payments of Debt Extinguishment Costs	4,000,000
Redemption Premium	59.06
Redemption Premium, Base Principal, Amount	$ 1,000
7.875% senior secured notes [Member]
Subsequent Event [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	7.875%

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INVENTORIES

9 Months Ended

Sep. 30, 2013

Inventory Disclosure [Abstract]

Inventory Disclosure [Text Block]

INVENTORIES

Inventories consisted of the following (amounts in thousands):

	September 30, 2013			December 31, 2012
Raw material	$	134,229		$	153,308
Work-in-process	59,214			69,030
Finished goods	189,566			154,785
	383,009			377,123
Adjustment to LIFO basis	(7,116		)	(10,738		)
	$	375,893		$	366,385

At September 30, 2013, approximately 12% of the Company's inventories were valued under the last-in, first-out (LIFO) method. At December 31, 2012, approximately 16% of the Company's inventories were valued under the LIFO method. The remaining inventories were valued under the first-in, first-out (FIFO) method or average cost method. All inventories are valued at lower of cost or market. The LIFO reserve decreased primarily as a result of the composition of inventory. An overall increase in raw material relative to total inventory resulted in a greater decrease in the FIFO cost versus the LIFO cost.

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CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (USD $) In Thousands, except Share data	Total USD ($)	Common Stock [Member]	Additional paid-in capital [Member] USD ($)	Retained earnings [Member] USD ($)	Treasury stock [Member] USD ($)	Treasury stock reserved for deferred compensation [Member] USD ($)	Accumulated other comprehensive income (loss) [Member] USD ($)	Parent [Member] USD ($)	Noncontrolling interest [Member] USD ($)
Balance, Beginning at Dec. 31, 2012	$ 632,362		$ 507,199	$ 173,407	$ (16,445)	$ (1,075)	$ (56,469)	$ 606,617	$ 25,745
Balance, Beginning (in shares) at Dec. 31, 2012		48,562,204
Net income	49,897			50,785				50,785	(888)
Currency translation adjustment	(24,513)						(22,158)	(22,158)	(2,355)
Pension liability adjustments, net of tax	2,990						2,990	2,990
Unrealized loss on investments, net of tax	(3)						(3)	(3)
Dividends on common stock	(803)			(803)				(803)
Note conversion	45,903		45,903					45,903
Note conversion (in shares)		4,903,044
Exercise of stock options	863		414		449			863
Exercise of stock options (in shares)		49,967
Acquisitions	168							0	168
Stock-based compensation	3,727		3,727					3,727
Tax benefit related to stock-based compensation	(46)		(46)					(46)
Issuance of treasury stock under 401(k) plan	497		270		227			497
Issuance of treasury stock under 401(k) plan (in shares)		25,320
Balance, Ending at Sep. 30, 2013	$ 711,042		$ 557,467	$ 223,389	$ (15,769)	$ (1,075)	$ (75,640)	$ 688,372	$ 22,670
Balance, Ending (in shares) at Sep. 30, 2013		53,540,535

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ACQUISITIONS (Details) (USD $)	3 Months Ended	9 Months Ended		12 Months Ended		3 Months Ended	9 Months Ended	12 Months Ended
	Sep. 30, 2013	Sep. 30, 2013	Sep. 30, 2012	Dec. 31, 2012	Oct. 04, 2013	Dec. 31, 2012 Titan Europe [Member]	Sep. 30, 2012 Titan Europe [Member]	Dec. 31, 2012 Titan Europe [Member]	Dec. 15, 2012 Titan Europe [Member]	Oct. 31, 2012 Titan Europe [Member]	Oct. 19, 2012 Titan Europe [Member]	Oct. 31, 2012 Titan Europe [Member]
Business Acquisition [Line Items]
Business Acquisition, Percentage of Voting Interests Acquired					85.00%				3.00%	97.00%
Available for Sale Security, Ownership Percentage												21.80%
Business Acquisition Exchanged Shares of Acquiree's Ordinary Stock				11
Stock Issued During Period, Shares, Acquisitions								6,257,051
Stock Issued During Period, Value, Acquisitions								$ 121,800,000
Payments to Acquire Businesses, Gross	1,670,000	1,670,000	32,760,000			5,600,000
Available-for-sale Securities												31,700,000
Business Acquisition, Transaction Costs												159,100,000
Available-for-sale Securities, Gross Realized Gains				26,700,000
Business Combination, Recognized Identifiable and Liabilities Assumed [Abstract]
Business Combination, Recognized Identifiable Assets Acquired and Liabilites Assumed, Current Assets, Cash and Cash Equivalents											39,122,000
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Receivables											128,585,000
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Inventory											178,407,000
Business Acquisition, Purchase Price Allocation, Deferred Income Taxes, Assets											22,068,000
Business Combination, Recognized Identifiable Assets and Liabilites Assusmed, Current Assets, Prepaid Expense and Other Assets											21,745,000
Business Acquisition, Preacquisition Contingency, Amount of Settlement											17,024,000
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant and Equipment											217,309,000
Business Combinatioin, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Assets											36,804,000
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Noncurrent Assets											8,414,000
Business Combination, Recognized Identifiable Assets and Liabilities Assumed, Current Liabilities, Long-term Debt											(96,822,000)
Business Combination, Recognized Identifiable Assets and Liabilities Assumed, Current Liabilities, Accounts Payable											(142,752,000)
Business Combination, Recognized Identifiable Assets Acquired and Liabilities, Current Liabilities											56,391,000
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Long-term Debt											(158,183,000)
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities Noncurrent											(12,636,000)
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Noncurrent Liabilities											31,874,000
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed , Net											170,820,000
Business Acquisition, Purchase Price Allocation, Current Liabilities, Other Liabilities											5,300,000
Business Combination, Bargain Purchase, Gain Recognized, Amount								11,700,000
Business Acquisition, Pro Forma Information [Abstract]
Net sales							1,876,691,000
Net income							101,801,000
Net income attributable to Titan							$ 102,307,000
Basic earnings per share							$ 2.11
Diluted earnings per share							$ 1.77

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SEGMENT INFORMATION (Tables)

9 Months Ended

Sep. 30, 2013

Segment Reporting Information [Line Items]

Schedule of Segment Reporting Information, by Segment [Table Text Block]

The table below presents information about certain revenues and income from operations used by the chief executive officer of the Company for the three and nine months ended September 30, 2013 and 2012 (amounts in thousands):

	Three months ended						Nine months ended
	September 30,						September 30,
	2013			2012			2013			2012
Revenues from external customers
Agricultural	$	273,301		$	246,578		$	907,797		$	831,376
Earthmoving/construction	168,964			103,135			586,806			318,244
Consumer	55,245			55,006			174,585			177,420
	$	497,510		$	404,719		$	1,669,188		$	1,327,040
Gross profit
Agricultural	$	48,346		$	48,091		$	158,566		$	173,684
Earthmoving/construction	11,283			18,689			75,598			60,598
Consumer	3,363			1,016			13,841			10,488
Unallocated corporate	(486		)	(635		)	(2,093		)	(2,160		)
	$	62,506		$	67,161		$	245,912		$	242,610
Income from operations
Agricultural	$	37,762		$	41,740		$	125,063		$	156,965
Earthmoving/construction	(1,833		)	13,468			27,365			51,385
Consumer	55			(234		)	4,224			30,284
Unallocated corporate	(18,929		)	(18,808		)	(54,808		)	(62,828		)
Income from operations	17,055			36,166			101,844			175,806
Interest expense	(12,414		)	(6,187		)	(35,924		)	(18,699		)
Convertible debt conversion charge	—			—			(7,273		)	—
Gain on earthquake insurance recovery	—			—			22,451			—
Other income, net	8,722			2,439			7,712			6,163
Income before income taxes	$	13,363		$	32,418		$	88,810		$	163,270

Assets by segment were as follows (amounts in thousands):

	September 30, 2013		December 31, 2012
Total assets
Agricultural	$	698,905	$	630,222
Earthmoving/construction	788,578		851,995
Consumer	143,559		142,341
Unallocated corporate	316,719		85,677
	$	1,947,761	$	1,710,235

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ACCOUNTING POLICIES (Policies)

9 Months Ended

Sep. 30, 2013

DESCRIPTION OF BUSINESS AND SIGNIFICANT ACCOUNTING POLICIES [Abstract]

Revenue Recognition, Sales of Goods [Policy Text Block]

Sales

Sales and revenues are presented net of sales taxes and other related taxes.

Fair value of financial instruments

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.  The 7.875% senior secured notes due 2017 (senior secured notes) and 5.625% convertible senior subordinated notes due 2017 (convertible notes) are carried at cost of $543.1 million and $60.2 million at September 30, 2013, respectively. The fair value of the senior secured notes at September 30, 2013, as obtained through an independent pricing source, was approximately $577.1 million.

Use of Estimates, Policy [Policy Text Block]

Use of estimates

The policies utilized by the Company in the preparation of the financial statements conform to accounting principles generally accepted in the United States of America and require management to make estimates, assumptions and judgments that affect the reported amount of assets and liabilities, and disclosure of contingent assets and liabilities, at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period.  Actual amounts could differ from these estimates and assumptions.

Comparability of Prior Year Financial Data, Policy [Policy Text Block]

Reclassification

Certain amounts from prior years have been reclassified to conform to the current year's presentation.

Subsequent Events, Policy [Policy Text Block]

Subsequent Events

The Company has evaluated subsequent events and transactions for potential recognition or disclosure in the financial statements through the date of issuance of the financial statements.

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INCOME TAXES (Details) (USD $)	3 Months Ended		9 Months Ended
	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012	Dec. 31, 2012
INCOME TAXES [Abstract]
Income Tax Expense (Benefit)	$ 5,711,000	$ 13,589,000	$ 38,913,000	$ 64,722,000
Effective Income Tax Rate, Continuing Operations			43.81601%	39.64109%
Unrecognized Tax Benefits	20,000,000		20,000,000		14,300,000
Unrecognized Tax Benefits that Would Impact Effective Tax Rate	16,000,000		16,000,000
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued	$ 3,300,000		$ 3,300,000		$ 2,400,000

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DERIVATIVE FINANCIAL INSTRUMENTS (Details) (USD $) In Millions, unless otherwise specified	3 Months Ended	9 Months Ended
	Sep. 30, 2013	Sep. 30, 2013
Derivative [Line Items]
Derivative Instruments, Gain (Loss) Recognized in Income, Net		$ (0.6)
Interest Expense, Other		0.1
Brazil Term Loan [Member]
Derivative [Line Items]
Unsecured Debt, Amount Outstanding	5.0	5.0
Titan Europe [Member] | Derivative [Member]
Derivative [Line Items]
Derivative Instruments, Gain (Loss) Recognized in Income, Net	$ (0.1)	$ 1.0

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EMPLOYEE BENEFIT PLANS

9 Months Ended

Sep. 30, 2013

EMPLOYEE BENEFIT PLANS [Abstract]

Compensation and Retirement Disclosure [Abstract]

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 four 401(k) retirement savings plans in the U.S. and a number of defined contribution plans at foreign subsidiaries. The Company contributed approximately $3.8 million to the pension plans during the nine months ended September 30, 2013 and expects to contribute approximately $1.7 million to the pension plans during the remainder of 2013.

The components of net periodic pension cost consisted of the following (amounts in thousands):

	Three months ended						Nine months ended
	September 30,						September 30,
	2013			2012			2013			2012
Service cost	$	275		$	—		$	665		$	—
Interest cost	1,352			1,133			4,031			3,399
Expected return on assets	(1,381		)	(1,252		)	(4,143		)	(3,756		)
Amortization of unrecognized prior service cost	34			34			103			102
Amortization of net unrecognized loss	1,314			1,293			3,942			3,879
Net periodic pension cost	$	1,594		$	1,208		$	4,598		$	3,624

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WARRANTY

9 Months Ended

Sep. 30, 2013

Product Warranties Disclosures [Abstract]

WARRANTY COSTS

WARRANTY

Changes in the warranty liability consisted of the following (amounts in thousands):

	2013			2012
Warranty liability, January 1	$	27,482		$	17,659
Provision for warranty liabilities	35,134			23,036
Warranty payments made	(28,049		)	(18,282		)
Warranty liability, September 30	$	34,567		$	22,413

The Company provides limited warranties on workmanship on its products in all market segments.  The majority of the Company’s products have a limited warranty that ranges from zero to ten years, with certain products being prorated after the first year.  The Company calculates a provision for warranty expense based on past warranty experience.  Warranty accruals are included as a component of other current liabilities on the Consolidated Condensed Balance Sheets.

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SEGMENT INFORMATION (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended		9 Months Ended
	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012
Segment Reporting Information [Line Items]
Net sales	$ 497,510	$ 404,719	$ 1,669,188	$ 1,327,040
Gross profit (loss)	62,506	67,161	245,912	242,610
Income (loss) from operations	17,055	36,166	101,844	175,806
Interest expense	(12,414)	(6,187)	(35,924)	(18,699)
Convertible debt conversion charge	0	0	(7,273)	0
Gain on earthquake insurance recovery	0	0	22,451	0
Other income, net	8,722	2,439	7,712	6,163
Income (loss) before income taxes	13,363	32,418	88,810	163,270
Agricultural [Member]
Segment Reporting Information [Line Items]
Net sales	273,301	246,578	907,797	831,376
Gross profit (loss)	48,346	48,091	158,566	173,684
Income (loss) from operations	37,762	41,740	125,063	156,965
Earthmoving/construction [Member]
Segment Reporting Information [Line Items]
Net sales	168,964	103,135	586,806	318,244
Gross profit (loss)	11,283	18,689	75,598	60,598
Income (loss) from operations	(1,833)	13,468	27,365	51,385
Consumer [Member]
Segment Reporting Information [Line Items]
Net sales	55,245	55,006	174,585	177,420
Gross profit (loss)	3,363	1,016	13,841	10,488
Income (loss) from operations	55	(234)	4,224	30,284
Unallocated Amount to Segment [Member]
Segment Reporting Information [Line Items]
Gross profit (loss)	(486)	(635)	(2,093)	(2,160)
Income (loss) from operations	$ (18,929)	$ (18,808)	$ (54,808)	$ (62,828)

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GAIN ON EARTHQUAKE INSURANCE RECOVERY (Notes)

9 Months Ended

Sep. 30, 2013

GAIN ON EARTHQUAKE INSURANCE RECOVERY [Abstract]

Business Insurance Recoveries [Text Block]

GAIN ON EARTHQUAKE INSURANCE RECOVERY

Gain on earthquake insurance recovery consisted of the following (amounts in thousands):

	Three months ended				Nine months ended
	September 30,				September 30,
	2013		2012		2013		2012
Gain on earthquake insurance recovery	$	—	$	—	$	22,451	$	—

Titan Europe's wheel manufacturing facility in Finale Emilia, Italy experienced damage from an earthquake in May 2012, prior to Titan's acquisition of Titan Europe.  The plant was closed for production during initial remedial work. This resulted in a limited transfer of production to other facilities within Titan Europe as well as sourcing product from facilities in the US owned by Titan and competitors.  In the second quarter of 2013, Titan received a final insurance settlement payment of $38.7 million, which offset the earthquake insurance receivable and resulted in a gain of $22.5 million.

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ROYALTY EXPENSE

9 Months Ended

Sep. 30, 2013

Royalty Expense [Abstract]

ROYALTY EXPENSE

ROYALTY EXPENSE

The Company has a trademark license agreement with Goodyear to manufacture and sell certain tires in North America and Latin America under the Goodyear name.  The North American and Latin American farm tire royalties were prepaid for seven years as part of the 2011 Goodyear Latin American farm tire acquisition. In May 2012, the Company and Goodyear entered into an agreement under which Titan will sell certain non-farm tire products directly to third party customers and pay a royalty to Goodyear. Royalty expenses recorded were $3.9 million and $3.7 million for the quarters ended September 30, 2013 and 2012, respectively. Royalty expenses were $11.0 million and $8.7 million for the nine months ended September 30, 2013 and 2012, respectively.

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Document and Entitiy Information	9 Months Ended
	Sep. 30, 2013	Oct. 21, 2013
Document Information [Line Items]
Entity Registrant Name	TITAN INTERNATIONAL INC
Entity Central Index Key	0000899751
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Document Type	10-Q
Document Period End Date	Sep. 30, 2013
Document Fiscal Year Focus	2013
Document Fiscal Period Focus	Q3
Amendment Flag	false
Entity Common Stock, Shares Outstanding		53,550,422

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SUPPLY AGREEMENT TERMINATION INCOME (Notes)

9 Months Ended

Sep. 30, 2013

SUPPLY AGREEMENT TERMINATION INCOME [Abstract]

Purchase and Supply Commitment, Excluding Long-term Commitment [Text Block]

13. SUPPLY AGREEMENT TERMINATION INCOME

Supply agreement termination income consisted of the following (amounts in thousands):

	Three months ended				Nine months ended
	September 30,				September 30,
	2013		2012		2013		2012
Supply agreement termination income	$	—	$	—	$	—	$	26,134

The Company's April 2011 acquisition of Goodyear's farm tire business included a three year supply agreement with Goodyear for certain non-farm tire products. A liability was recorded as the supply agreement was for sales at below market prices. In May 2012, the Company and Goodyear terminated this supply agreement and entered into an agreement under which Titan will sell these products directly to third party customers and pay a royalty to Goodyear. The remaining balance of the supply agreement liability was recorded as income as the Company is no longer obligated to sell the products at below market prices.

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EMPLOYEE BENEFIT PLANS (Details) (USD $)	3 Months Ended			9 Months Ended
	Dec. 31, 2013	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012
EMPLOYEE BENEFIT PLANS [Abstract]
Defined Benefit Plan, Contributions by Employer				$ 3,800,000
Defined Benefit Plan, Estimated Future Employer Contributions in Current Fiscal Year	1,700,000
Defined Benefit Plan, Service Cost		275,000	0	665,000	0
Defined Benefit Plan, Interest Cost		1,352,000	1,133,000	4,031,000	3,399,000
Defined Benefit Plan, Expected Return on Plan Assets		(1,381,000)	(1,252,000)	(4,143,000)	(3,756,000)
Other Comprehensive Income (Loss), Amortization, Pension and Other Postretirement Benefit Plans, Net Prior Service Cost (Credit) Recognized in Net Periodic Benefit Cost, before Tax		34,000	34,000	103,000	102,000
Defined Benefit Plan, Amortization of Gains (Losses)		1,314,000	1,293,000	3,942,000	3,879,000
Defined Benefit Plan, Net Periodic Benefit Cost		$ 1,594,000	$ 1,208,000	$ 4,598,000	$ 3,624,000

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LEASE COMMITMENTS (Details) (USD $)	Sep. 30, 2013
Operating Leases, Future Minimum Payments Due [Abstract]
2013	$ 1,302,000
2014	7,429,000
2015	4,801,000
2016	3,814,000
2017	2,368,000
Thereafter	3,943,000
Total future minimum lease payments	23,657,000
Capital Leased Assets, Gross	9,100,000
Capital Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract]
2013	679,000
2014	1,374,000
2015	892,000
2016	480,000
2017	200,000
Thereafter	103,000
Total future capital lease obligation payments	3,728,000
Less amount representing interest	(174,000)
Present value of future capital lease obligation payments	$ 3,554,000