INCOME TAXES (Tables)
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12 Months Ended |
Dec. 31, 2014
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INCOME TAXES [Abstract] |
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Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block] |
Income (loss) before income taxes, consisted of the following (amounts in thousands): | | | | | | | | | | | | | | 2014 | | 2013 | | 2012 | Domestic | $ | (47,730 | ) | | $ | 27,023 |
| | $ | 178,686 |
| Foreign | (104,514 | ) | | 27,711 |
| | 13,565 |
| | $ | (152,244 | ) | | $ | 54,734 |
| | $ | 192,251 |
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Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] |
The income tax provision (benefit) was as follows (amounts in thousands): | | | | | | | | | | | | | | 2014 | | 2013 | | 2012 | Current | | | | | | Federal | $ | (2,753 | ) | | $ | 11,853 |
| | $ | 47,616 |
| State | 258 |
| | 5,398 |
| | 13,537 |
| Foreign | 5,476 |
| | 11,800 |
| | 8,290 |
| | 2,981 |
| | 29,051 |
| | 69,443 |
| Deferred | |
| | |
| | |
| Federal | (11,670 | ) | | (8,473 | ) | | 14,179 |
| State | (1,205 | ) | | (316 | ) | | 1,235 |
| Foreign | (11,925 | ) | | 4,785 |
| | 1,756 |
| | (24,800 | ) | | (4,004 | ) | | 17,170 |
| Income tax provision (benefit) | $ | (21,819 | ) | | $ | 25,047 |
| | $ | 86,613 |
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Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] |
The income tax provision differs from the amount of income tax determined by applying the statutory U.S. federal income tax rate to pre-tax income (loss) as a result of the following: | | | | | | | | | | | 2014 | | 2013 | | 2012 | Statutory U.S. federal tax rate | 35.0 | % | | 35.0 | % | | 35.0 | % | Unrecognized tax positions | 0.7 |
| | 6.2 |
| | 3.5 |
| Impact of foreign income | (0.4 | ) | | 4.5 |
| | 6.1 |
| Italian law change | — |
| | (14.2 | ) | | — |
| Goodwill impairment | (10.6 | ) | | — |
| | — |
| Valuation allowance | (11.3 | ) | | 19.0 |
| | — |
| State taxes, net | 0.8 |
| | 1.9 |
| | 2.5 |
| Domestic production exemption | — |
| | (3.2 | ) | | (3.1 | ) | Debt conversion (benefit) expense | 1.5 |
| | (1.0 | ) | | — |
| Section 162m limitation | — |
| | — |
| | 2.5 |
| Write off of Titan Europe deferred tax asset | — |
| | — |
| | 2.0 |
| Bargain purchase gain | — |
| | — |
| | (2.0 | ) | Other, net | (1.4 | ) | | (2.4 | ) | | (1.4 | ) | Effective tax rate | 14.3 | % | | 45.8 | % | | 45.1 | % |
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Schedule of Deferred Tax Assets and Liabilities [Table Text Block] |
Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Significant components of the Company’s deferred tax assets and liabilities at December 31, 2014 and 2013, are as follows (amounts in thousands): | | | | | | | | | | 2014 | | 2013 | Deferred tax assets: | | | | Net operating loss carryforwards | $ | 55,590 |
| | $ | 41,933 |
| Pension | 8,590 |
| | 6,269 |
| Inventory | 7,807 |
| | 3,564 |
| Warranty | 9,945 |
| | 11,460 |
| Employee benefits and related costs | 15,967 |
| | 13,146 |
| Allowance for bad debts | 1,254 |
| | 3,773 |
| Prepaid royalties | 7,960 |
| | 8,464 |
| Other | 14,551 |
| | 14,929 |
| Deferred tax assets | 121,664 |
| | 103,538 |
| Deferred tax liabilities: | |
| | |
| Fixed assets | (50,009 | ) | | (71,749 | ) | Intangible Assets | (6,043 | ) | | (8,454 | ) | Other | (3,027 | ) | | (5,957 | ) | Deferred tax liabilities | (59,079 | ) | | (86,160 | ) | Subtotal | 62,585 |
| | 17,378 |
| Valuation allowance | (45,241 | ) | | (37,185 | ) | Net deferred tax asset (liability) | $ | 17,344 |
| | $ | (19,807 | ) |
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Schedule of Unrecognized Tax Benefits Roll Forward [Table Text Block] |
A reconciliation of the total amounts of unrecognized tax benefits at December 31 were as follows (amounts in thousands): | | | | | | | | | | | 2014 | | 2013 | | 2012 | Balance at January 1 | 15,363 |
| | 11,872 |
| | — |
| Increases to tax positions taken during the current year | 190 |
| | 4,256 |
| | 6,050 |
| Increases to tax positions taken during the prior years | 3,131 |
| | 433 |
| | 5,822 |
| Decreases to tax positions taken during prior years | (1,806 | ) | | (250 | ) | | — |
| Decreases due to lapse of statutes of limitations | (802 | ) | | (272 | ) | | — |
| Settlements | (656 | ) | | (721 | ) | | — |
| Foreign exchange | (100 | ) | | 45 |
| | — |
| Balance at December 31 | 15,320 |
| | 15,363 |
| | 11,872 |
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