Titan International Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Titan International Inc. has submitted its annual 10-K filing for the fiscal year ended December 31, 2023.</b>

AI Summary

TITAN INTERNATIONAL INC (TWI) filed a Annual Report (10-K) with the SEC on February 29, 2024. Titan International Inc. filed its 2023 Form 10-K on February 29, 2024. The filing covers the fiscal year ending December 31, 2023. The company's principal business address is 2701 Spruce St, Quincy, IL 62301. Titan International Inc. was formerly known as Titan Wheel International Inc. The company's IRS number is 363228472.

Why It Matters

For investors and stakeholders tracking TITAN INTERNATIONAL INC, this filing contains several important signals. This 10-K filing provides a comprehensive overview of Titan International Inc.'s financial performance, operations, and risk factors for the fiscal year 2023, which is crucial for investors to assess the company's health and future prospects. The detailed financial statements and disclosures within the 10-K allow stakeholders to understand the company's revenue, net income, assets, liabilities, and other key financial metrics, enabling informed investment decisions.

Risk Assessment

Risk Level: medium — TITAN INTERNATIONAL INC shows moderate risk based on this filing. The company operates in the steel works and rolling mills industry, which is subject to cyclical demand and commodity price fluctuations, as indicated by its SIC code 3312.

Analyst Insight

Investors should review the detailed financial statements and risk factors in the 10-K to understand the company's performance and potential challenges in the upcoming fiscal year.

Key Numbers

• 2023-12-31 — Fiscal Year End (Conformed period of report)
• 2024-02-29 — Filing Date (As of date)
• 363228472 — IRS Number (Company IRS number)
• 3312 — SIC Code (Standard Industrial Classification)

Key Players & Entities

• TITAN INTERNATIONAL INC (company) — Filer name
• 2023 (date) — Fiscal year end
• 2024-02-29 (date) — Filing date
• 2701 SPRUCE ST (address) — Business address
• QUINCY (city) — Business address city
• IL (state) — Business address state
• 62301 (zip_code) — Business address zip
• TITAN WHEEL INTERNATIONAL INC (company) — Former company name

FAQ

Risk Factors

• Market Conditions and Demand Fluctuations [medium — market]: The company's business is subject to fluctuations in demand for its products, which are influenced by various factors including general economic conditions, agricultural and construction markets, and commodity prices.
• Interest Rate Risk [medium — financial]: Changes in interest rates can affect the company's borrowing costs and the fair value of its financial instruments.
• Supply Chain Disruptions [medium — operational]: The company relies on a global supply chain for raw materials and components, making it vulnerable to disruptions that could impact production and costs.
• Environmental Regulations [low — regulatory]: The company's manufacturing operations are subject to various environmental laws and regulations, which may require significant capital expenditures and compliance efforts.

Key Dates

• 2023-12-31: Fiscal Year End — Marks the end of the reporting period for the 10-K.
• 2024-02-29: 10-K Filing Date — Date Titan International Inc. filed its annual report.

Key Financial Figures

• $0.0001 — ange on which registered Common stock, $0.0001 par value TWI New York Stock Exchange
• $17.5 m — s and cash repatriated of approximately $17.5 million, and the assumption by OTR Tyres

Filing Documents

• twi-20231231.htm (10-K) — 1983KB
• twi12312023ex41.htm (EX-4.1) — 6KB
• twi12312023ex21.htm (EX-21) — 17KB
• twi12312023ex22.htm (EX-22) — 2KB
• twi12312023ex23.htm (EX-23) — 2KB
• twi12312023ex311.htm (EX-31.1) — 11KB
• twi12312023ex312.htm (EX-31.2) — 11KB
• twi12312023ex32.htm (EX-32) — 8KB
• twi12312023ex97.htm (EX-97) — 25KB
• twi-20231231_g1.jpg (GRAPHIC) — 9KB
• twi-20231231_g2.jpg (GRAPHIC) — 91KB
• 0000899751-24-000018.txt (&nbsp;) — 11707KB
• twi-20231231.xsd (EX-101.SCH) — 50KB
• twi-20231231_cal.xml (EX-101.CAL) — 113KB
• twi-20231231_def.xml (EX-101.DEF) — 425KB
• twi-20231231_lab.xml (EX-101.LAB) — 992KB
• twi-20231231_pre.xml (EX-101.PRE) — 632KB
• twi-20231231_htm.xml (XML) — 1883KB

Business

Business 4 Item 1A.

Risk Factors

Risk Factors 12 Item 1B. Unresolved Staff Comments 19

C

Item 1 C . Cybersecurity 19 Item 2.

Properties

Properties 19 Item 3.

Legal Proceedings

Legal Proceedings 20 Item 4. Mine Safety Disclosures 20 Part II. Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 21 Item 6. [RESERVED] 22 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 22 Item 7A.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 33 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 33 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 33 Item 9A.

Controls and Procedures

Controls and Procedures 33 Item 9B. Other Information 34 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 34 Part III. Item 10. Directors, Executive Officers and Corporate Governance 35 Item 11.

Executive Compensation

Executive Compensation 35 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 35 Item 13. Certain Relationships, Related Transactions, and Director Independence 35 Item 14. Principal Accounting Fees and Services 35 Part IV. Item 15. Exhibits and Financial Statement Schedules 36 Exhibit Index 37 Item 16. Form 10-K Summary 38

Signatures

Signatures 39 2 Table of Contents NOTE ON FORWARD-LOOKING STATEMENTS This Form 10-K contains forward-looking statements, which are covered by the "Safe Harbor for Forward-Looking Statements" provided by the Private Securities Litigation Reform Act of 1995. Readers can identify these statements by the fact that they do not relate strictly to historical or current facts. The Company tried to identify forward-looking statements in this report by using words such as "anticipates," "estimates," "expects," "intends," "plans," and "believes," and similar expressions or future or conditional verbs such as "will," "should," "would," "may," and "could." These forward-looking statements include, among other items, statements relating to the following: the Company's future financial performance; anticipated trends in the Company's business; expectations with respect to the end-user markets into which the Company sells its products (including agricultural equipment, earthmoving/construction equipment, and consumer products); future expenditures for capital projects and future stock repurchases; the Company's ability to continue to control costs and maintain quality; the Company's ability to meet conditions of loan agreements, indentures and other financing documents; 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; and the Company's intention to consider and pursue acquisition and divestiture opportunities. Readers of this Form 10-K should understand that these forward-looking statements are based on the Company's current expectations and assumptions about future events and are subject to a number of risks, uncertainties, and changes in circumstances that are difficult to predict, including those in Part 1, Item 1A of this report, "Risk Factors," certain of which are beyond the Company's control. Actual results could differ mate

– BUSINESS

ITEM 1 – BUSINESS OVERVIEW Titan International, Inc., together with its subsidiaries (Titan or the Company), is a global wheel, tire, and undercarriage industrial manufacturer and supplier that services customers across the globe. Titan traces its roots to the Electric Wheel Company in Quincy, Illinois, which was founded in 1890. Titan was originally incorporated in 1983 and has increased its global footprint and enhanced product offerings through major acquisitions which include the following: 2005 - The Goodyear Tire & Rubber Company's North American farm tire assets 2006 - Off-the-road ("OTR") tire assets of Continental Tire North America 2011 - The Goodyear Tire & Rubber Company's Latin American farm tire business 2013/2014 - A noncontrolling interest in Voltyre-Prom, a leading producer of agricultural and industrial tires, which owns and operates an over two million square foot manufacturing facility located in Volgograd, Russia 2019 - An additional 21.4% interest in Voltyre-Prom (from 42.9% to 64.3%) resulting in controlling interest As a leading manufacturer in the off-highway industry, Titan produces a broad range of products to meet the specifications of original equipment manufacturers ("OEMs") and aftermarket customers in the agricultural, earthmoving/construction, and consumer markets. Titan manufactures and sells certain tires under the Goodyear Farm Tire, Titan Tire and Voltyre-Prom Tire brands and has complete research and development facilities to validate tire and wheel designs. BUSINESS SEGMENTS Titan designs and manufactures products for OEMs and aftermarket customers in the agricultural, earthmoving/construction, and consumer markets. For additional information concerning the revenues, expenses, income from operations, and assets attributable to each of the segments in which the Company operates, see Note 23 of the Notes to Consolidated Financial Statements. 4 Table of Contents AGRICULTURAL SEGMENT Titan's agricultural wheels,

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View this 10-K filing on SEC EDGAR