XML 61 R8.htm IDEA: XBRL DOCUMENT v2.4.0.8
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)
In Thousands, unless otherwise specified
12 Months Ended
Dec. 31, 2013
Dec. 31, 2012
Dec. 31, 2011
Cash flows from operating activities:      
Net Income $ 29,687 $ 105,638 $ 58,136
Adjustments to reconcile net income to net cash used for operating activities:      
Depreciation and amortization 80,622 54,095 44,908
Amortization of debt premium (2,369) 0 0
Deferred income tax provision (4,004) 17,170 (449)
Realized gain on investments 0 0 (1,588)
Convertible debt conversion charge 7,273 0 16,135
Loss on senior note repurchase 22,734 0 0
Gain on earthquake insurance recovery (22,451) 0 0
Noncash Titan Europe gain 0 (26,700) 0
Supply agreement termination income 0 (26,134) 0
Stock-based compensation 4,815 4,087 2,392
Excess tax benefit from stock options exercised 68 (184) (706)
Proceeds from Insurance Settlement, Operating Activities 35,808 0 0
Issuance of treasury stock under 401(k) plan 646 588 536
Gain on acquisition 0 (11,678) (285)
(Increase) decrease in assets:      
Accounts receivable 26,417 35,839 (105,619)
Inventories (30,280) 23,917 (55,607)
Prepaid and other current assets (39,825) (25,229) (2,214)
Other assets 1,960 6,987 1,134
Increase (decrease) in liabilities:      
Accounts payable 9,479 (44,542) 44,991
Other current liabilities (556) 7,839 9,192
Other liabilities (3,375) 8,475 (6,530)
Net cash provided by operating activities 116,649 130,168 4,426
Cash flows from investing activities:      
Capital expenditures (80,131) (65,740) (35,744)
Acquisitions, net of cash acquired (95,681) 780 (99,118)
Additional equity investment in Wheels India (8,017) 0 0
Purchases of marketable securities 0 0 (30,000)
Sales of marketable securities 0 0 31,586
Increase in restricted cash 14,473 0 0
Insurance proceeds 2,879 0 0
Other 2,344 1,066 2,473
Net cash used for investing activities (193,079) (63,894) (130,803)
Cash flows from financing activities:      
Proceeds from borrowings 745,313 8,838 0
Repurchase of senior unsecured notes (558,360) 0 (1,064)
Payment on debt (200,721) (20,811) (8,856)
Term loan borrowing 43,391 8,333 25,879
Convertible note conversion (14,090) 0 0
Capital contribution from noncontrolling interest 79,592 0 0
Proceeds from exercise of stock options 1,001 934 524
Excess of tax benefit from stock options exercised (68) 184 706
Payment of financing fees (12,332) (1,275) 0
Dividends paid (1,046) (845) (809)
Net cash provided by (used for) financing activities 82,680 (4,642) 16,380
Effect of exchange rate changes on cash (6,004) (1,688) (333)
Net increase (decrease) in cash and cash equivalents 246 59,944 (110,330)
Cash and cash equivalents at beginning of period 189,114 129,170 239,500
Cash and cash equivalents at end of period 189,360 189,114 129,170
Supplemental Cash Flow Information [Abstract]      
Interest paid 41,875 27,192 24,818
Income taxes paid 59,360 86,587 30,807
Cash Flow, Noncash Investing and Financing Activities Disclosure [Abstract]      
Issuance of common stock for Titan Europe Plc acquisition 14,710 148,154 4,491
Issuance of common stock for convertible debt payment 45,903 0 73,909
Titan Europe [Member]
     
Cash Flow, Noncash Investing and Financing Activities Disclosure [Abstract]      
Issuance of common stock for Titan Europe Plc acquisition   $ 121,813 $ 0