EARTHQUAKE INSURANCE RECOVERY AND GOVERNMENT GRANT (Tables)

12 Months Ended

Dec. 31, 2015

GAIN ON EARTHQUAKE INSURANCE RECOVERY [Abstract]

Schedule of Business Insurance Recoveries [Table Text Block]

EARTHQUAKE INSURANCE RECOVERY AND GOVERNMENT GRANT

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 U.S. 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.

In August of 2014, the Company received an $11.3 million capital grant from the Italian government for asset damages related to the earthquake. The grant was recorded as a deferred income in noncurrent liabilities which will be amortized over the life of the reconstructed building.