Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2014 | Jan. 31, 2015 | Jun. 30, 2014 |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | FALSE | ||
Document Period End Date | 31-Dec-14 | ||
Document Fiscal Year Focus | 2014 | ||
Document Fiscal Period Focus | FY | ||
Entity Registrant Name | RTI INTERNATIONAL METALS INC. | ||
Entity Central Index Key | 1068717 | ||
Current Fiscal Year End Date | -19 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 30,762,208 | ||
Entity Public Float | $798 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income Statement [Abstract] | |||
Net sales | $793,579 | $783,273 | $699,987 |
Cost and expenses: | |||
Cost of sales | 627,151 | 609,047 | 561,785 |
Selling, general, and administrative expenses | 91,488 | 92,921 | 86,621 |
Research, technical, and product development expenses | 4,613 | 3,931 | 4,164 |
Goodwill and other intangible asset impairment | 0 | 15,359 | 0 |
Operating income | 70,327 | 62,015 | 47,417 |
Other income (expense), net | 2,156 | 938 | -501 |
Interest income | 310 | 223 | 148 |
Interest expense | -31,055 | -40,380 | -17,926 |
Income before income taxes | 41,738 | 22,796 | 29,138 |
Provision for income taxes | 10,037 | 7,139 | 15,685 |
Net income attributable to continuing operations | 31,701 | 15,657 | 13,453 |
Net income (loss) attributable to discontinued operations | -608 | -1,584 | 1,487 |
Net income | $31,093 | $14,073 | $14,940 |
Earnings per share attributable to continuing operations: | |||
Basic (in dollars per share) | $1.03 | $0.51 | $0.44 |
Diluted (in dollars per share) | $1.03 | $0.51 | $0.44 |
Earnings (loss) per share attributable to discontinued operations: | |||
Basic (in dollars per share) | ($0.02) | ($0.05) | $0.05 |
Diluted (in dollars per share) | ($0.02) | ($0.05) | $0.05 |
Weighted-average shares outstanding: | |||
Basic (in shares) | 30,493,862 | 30,303,328 | 30,127,275 |
Diluted (in shares) | 30,618,447 | 30,530,501 | 30,257,688 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Statement of Comprehensive Income [Abstract] | |||
Net income | $31,093 | $14,073 | $14,940 |
Other comprehensive income (loss): | |||
Foreign currency translation | -9,733 | -6,928 | 1,915 |
Investment activity, net of tax of $(23), $0, and $4 | -41 | 0 | 8 |
Changes in benefit plan accounts, net of tax of $(3,285), $6,919, and $(4,920) | -5,418 | 11,535 | -8,077 |
Other comprehensive income (loss), net of tax | -15,192 | 4,607 | -6,154 |
Comprehensive income | $15,901 | $18,680 | $8,786 |
Consolidated_Statements_of_Com1
Consolidated Statements of Comprehensive Income (Parenthetical) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Statement of Comprehensive Income [Abstract] | |||
Unrealized gain (loss) on investments, tax | ($23) | $0 | $4 |
Benefit plan amortization gain (loss), tax | ($3,285) | $6,919 | ($4,920) |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Current assets: | ||
Cash and cash equivalents | $182,059 | $343,637 |
Short-term investments | 148,383 | 0 |
Receivables, less allowance for doubtful accounts of $694 and $820 | 117,745 | 105,271 |
Inventories, net | 474,306 | 430,088 |
Costs in excess of billings | 5,522 | 5,377 |
Deferred income taxes | 30,632 | 32,032 |
Assets of discontinued operations | 0 | 5,274 |
Other current assets | 19,803 | 16,947 |
Total current assets | 978,450 | 938,626 |
Property, plant, and equipment, net | 369,287 | 372,340 |
Goodwill | 145,518 | 117,578 |
Other intangible assets, net | 57,122 | 53,754 |
Other noncurrent assets | 15,317 | 23,247 |
Total assets | 1,565,694 | 1,505,545 |
Current liabilities: | ||
Current portion of long-term debt | 111,645 | 1,008 |
Accounts payable | 105,044 | 79,039 |
Accrued wages and other employee costs | 26,874 | 29,787 |
Billings in excess of costs | 9,962 | 0 |
Unearned revenues | 7,623 | 15,625 |
Liabilities of discontinued operations | 0 | 458 |
Other accrued liabilities | 18,724 | 21,566 |
Total current liabilities | 279,872 | 147,483 |
Long-term debt | 345,012 | 430,300 |
Liability for post-retirement benefits | 48,295 | 43,447 |
Liability for pension benefits | 16,986 | 13,787 |
Deferred income taxes | 60,503 | 74,078 |
Unearned revenues | 5,476 | 10,470 |
Other noncurrent liabilities | 14,070 | 12,006 |
Total liabilities | 770,214 | 731,571 |
Commitments and Contingencies (Note 13) | ||
Shareholders’ equity: | ||
Common stock, $0.01 par value; 100,000,000 and 50,000,000 shares authorized; 31,585,696 and 31,399,661 shares issued; 30,729,784 and 30,593,251 shares outstanding | 316 | 314 |
Additional paid-in capital | 538,703 | 532,249 |
Treasury stock, at cost; 855,912 and 806,410 shares | -19,649 | -18,798 |
Accumulated other comprehensive loss | -55,589 | -40,397 |
Retained earnings | 331,699 | 300,606 |
Total shareholders’ equity | 795,480 | 773,974 |
Total liabilities and shareholders’ equity | $1,565,694 | $1,505,545 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
Statement of Financial Position [Abstract] | ||
Allowance for doubtful accounts | $694 | $820 |
Common stock, par value (in dollars per share) | $0.01 | $0.01 |
Common stock, shares authorized | 100,000,000 | 50,000,000 |
Common stock, shares issued | 31,585,696 | 31,399,661 |
Common stock, shares outstanding | 30,729,784 | 30,593,251 |
Treasury stock, shares | 855,912 | 806,410 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
OPERATING ACTIVITIES: | |||
Net income | $31,093 | $14,073 | $14,940 |
Adjustment for non-cash items: | |||
Depreciation and amortization | 44,877 | 43,885 | 41,170 |
Deferred income taxes, net | -11,134 | -12,264 | 6,633 |
Stock-based compensation | 5,670 | 6,026 | 4,797 |
Excess tax benefits from stock-based compensation activity | -199 | -552 | -196 |
Gain on disposal of property, plant, and equipment, net | -104 | -547 | -4 |
Amortization of debt issuance costs | 1,890 | 1,666 | 1,403 |
Amortization of discount on long-term debt | 18,132 | 14,956 | 9,683 |
Write-off of debt issuance costs | 0 | 1,498 | 0 |
Amortization of premiums (discounts) on short-term investments and marketable securities, net | -38 | 174 | 0 |
Goodwill and other intangible asset impairment | 0 | 15,908 | 0 |
Write-down of assets of discontinued operations | 0 | 1,058 | 0 |
Other | -29 | 300 | 434 |
Changes in assets and liabilities: | |||
Receivables | -15,314 | 3,236 | -1,818 |
Inventories | -46,833 | -47,139 | -106,565 |
Accounts payable | 30,373 | -8,613 | 32,133 |
Income taxes payable | -8,826 | -13,675 | 3,767 |
Unearned revenue | -6,161 | -10,509 | 10,059 |
Costs in excess of billings | 3,730 | -3,118 | 459 |
Liability for pension and other post-employment benefits | 6,681 | -12,486 | -12,295 |
Other current assets and liabilities, net | -3,099 | 2,969 | -3,479 |
Other noncurrent assets and liabilities, net | 3,154 | 15,322 | 6,945 |
Cash provided by operating activities | 53,863 | 12,168 | 8,066 |
INVESTING ACTIVITIES: | |||
Purchase of investments | -337,081 | -128,281 | -4,037 |
Maturity/sale of investments | 188,650 | 128,107 | 180,808 |
Capital expenditures | -30,508 | -32,374 | -61,538 |
Acquisitions, net of cash acquired | -37,276 | -16,214 | -182,811 |
Divestitures | 5,157 | 10,475 | 0 |
Proceeds from disposal of property, plant, and equipment | 104 | 561 | 10 |
Cash used in investing activities | -210,954 | -37,726 | -67,568 |
FINANCING ACTIVITIES: | |||
Borrowings on long-term debt | 0 | 402,500 | 0 |
Repayments on long-term debt | -1,575 | -120,820 | -758 |
Debt issuance costs | 0 | -12,370 | -823 |
Proceeds from employee stock activity | 1,177 | 2,637 | 729 |
Excess tax benefits from stock-based compensation activity | 199 | 552 | 196 |
Purchase of common stock held in treasury | -851 | -399 | -742 |
Cash provided by (used in) financing activities | -1,050 | 272,100 | -1,398 |
Effect of exchange rate changes on cash and cash equivalents | -3,437 | -95 | 1,248 |
Increase (decrease) in cash and cash equivalents | -161,578 | 246,447 | -59,652 |
Cash and cash equivalents at beginning of period | 343,637 | 97,190 | 156,842 |
Cash and cash equivalents at end of period | 182,059 | 343,637 | 97,190 |
Supplemental cash flow information: | |||
Cash paid for interest | 10,937 | 7,223 | 7,496 |
Cash paid for income taxes | 23,069 | 4,672 | 5,333 |
Non-cash investing and financing activities: | |||
Decrease in capital expenditures accrued in accounts payable | -511 | -5,083 | -6,582 |
Issuance of common stock for restricted stock awards | 2,940 | 3,443 | 2,028 |
Capital leases | $8,513 | $7,898 | $575 |
Consolidated_Statement_of_Shar
Consolidated Statement of Shareholders` Equity (USD $) | Total | Common Stock | Additional Paid-In Capital | Treasury Stock | Retained Earnings | Accumulated Other Comprehensive Loss | ||
In Thousands, except Share data, unless otherwise specified | ||||||||
Beginning Balance at Dec. 31, 2011 | $694,640 | $309 | [1] | $479,245 | ($17,657) | $271,593 | ($38,850) | |
Beginning Balance (in shares) at Dec. 31, 2011 | [1] | 30,198,780 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income | 14,940 | 14,940 | ||||||
Other comprehensive loss | -6,154 | -6,154 | ||||||
Shares issued for directors’ compensation (in shares) | [1] | 26,153 | ||||||
Shares issued for restricted stock award plans (in shares) | [1] | 56,173 | ||||||
Shares issued for restricted stock award plans | 1 | 1 | [1] | |||||
Shares issued for performance award plans (in shares) | [1] | 54,315 | ||||||
Shares issued for performance award plans | 1 | 1 | [1] | |||||
Stock-based compensation expense recognized | 4,797 | 4,797 | ||||||
Treasury stock purchased at cost (in shares) | [1] | -29,946 | ||||||
Treasury stock purchased at cost | -742 | -742 | ||||||
Exercise of employee options (in shares) | [1] | 41,422 | ||||||
Exercise of employee options | 494 | 494 | ||||||
Forfeiture of restricted stock awards (in shares) | [1] | -3,200 | ||||||
Tax benefits from stock-based compensation activity | 27 | 27 | ||||||
Shares issued for employee stock purchase plan (in shares) | [1] | 10,627 | ||||||
Shares issued for employee stock purchase plan | 235 | 235 | ||||||
Ending Balance at Dec. 31, 2012 | 708,239 | 311 | [1] | 484,798 | -18,399 | 286,533 | -45,004 | |
Ending Balance (in shares) at Dec. 31, 2012 | [1] | 30,354,324 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income | 14,073 | 14,073 | ||||||
Other comprehensive loss | 4,607 | 4,607 | ||||||
Shares issued for directors’ compensation (in shares) | [1] | 26,455 | ||||||
Shares issued for restricted stock award plans (in shares) | [1] | 92,282 | ||||||
Shares issued for restricted stock award plans | 2 | 1 | [1] | 1 | ||||
Stock-based compensation expense recognized | 6,026 | 6,026 | ||||||
Treasury stock purchased at cost (in shares) | [1] | -14,116 | ||||||
Treasury stock purchased at cost | -399 | -399 | ||||||
Exercise of employee options (in shares) | [1] | 131,607 | ||||||
Exercise of employee options | 2,288 | 2 | [1] | 2,286 | ||||
Forfeiture of restricted stock awards (in shares) | [1] | -9,719 | ||||||
Tax benefits from stock-based compensation activity | -45 | -45 | ||||||
Shares issued for employee stock purchase plan (in shares) | [1] | 12,418 | ||||||
Shares issued for employee stock purchase plan | 350 | 350 | ||||||
Recognition of equity component of 2019 Convertible Notes, net of deferred taxes | 52,687 | 52,687 | ||||||
Derecognition of equity component of 2015 Convertible Notes, net of deferred taxes | -13,854 | -13,854 | ||||||
Ending Balance at Dec. 31, 2013 | 773,974 | 314 | [1] | 532,249 | -18,798 | 300,606 | -40,397 | |
Ending Balance (in shares) at Dec. 31, 2013 | [1] | 30,593,251 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income | 31,093 | 31,093 | ||||||
Other comprehensive loss | -15,192 | -15,192 | ||||||
Shares issued for directors’ compensation (in shares) | [1] | 24,753 | ||||||
Shares issued for restricted stock award plans (in shares) | [1] | 75,664 | ||||||
Shares issued for restricted stock award plans | 1 | 1 | [1] | 0 | ||||
Shares issued for performance award plans (in shares) | [1] | 31,313 | ||||||
Shares issued for performance award plans | 0 | 0 | ||||||
Stock-based compensation expense recognized | 5,670 | 5,670 | ||||||
Treasury stock purchased at cost (in shares) | [1] | -27,138 | ||||||
Treasury stock purchased at cost | -851 | -851 | ||||||
Exercise of employee options (in shares) | [1] | 40,431 | ||||||
Exercise of employee options | 812 | 1 | [1] | 811 | ||||
Forfeiture of restricted stock awards (in shares) | [1] | -22,364 | ||||||
Tax benefits from stock-based compensation activity | -308 | -308 | ||||||
Shares issued for employee stock purchase plan (in shares) | 49,000 | 13,874 | [1] | |||||
Shares issued for employee stock purchase plan | 366 | 366 | ||||||
New stock plan issuance costs | 85 | 85 | ||||||
Ending Balance at Dec. 31, 2014 | $795,480 | $316 | [1] | $538,703 | ($19,649) | $331,699 | ($55,589) | |
Ending Balance (in shares) at Dec. 31, 2014 | [1] | 30,729,784 | ||||||
[1] | The Company had 5 million shares of authorized, but unissued, preferred stock without par value at December 31, 2014, 2013, and 2012. |
Consolidated_Statement_of_Shar1
Consolidated Statement of Shareholders` Equity Consolidated Statement of Shareholders` Equity (Parenthetical) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Statement of Stockholders' Equity [Abstract] | |||
Preferred stock authorized (in shares) | 5,000,000 | 5,000,000 | 5,000,000 |
Organization_and_Operations
Organization and Operations | 12 Months Ended |
Dec. 31, 2014 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
ORGANIZATION AND OPERATIONS | ORGANIZATION AND OPERATIONS: |
The accompanying Consolidated Financial Statements of RTI International Metals, Inc. and its subsidiaries (the “Company” or “RTI”) include the financial position and results of operations for the Company. | |
The Company is a leading producer and global supplier of titanium mill products and a manufacturer of fabricated titanium and specialty metal components for the international aerospace, defense, energy, medical device, and other consumer and industrial markets. It is a successor to entities that have been operating in the titanium industry since 1951. The Company first became publicly traded on the New York Stock Exchange in 1990 under the name RMI Titanium Co. and the symbol “RTI,” and was reorganized into a holding company structure in 1998 under the name RTI International Metals, Inc. | |
On April 25, 2014, following shareholder approval at the Company's 2014 Annual Meeting of Shareholders (the "Annual Meeting"), the Company filed a Certificate of amendment with the Ohio Secretary of State which amended the Company's Amended and Restated Articles of Incorporation by (1) increasing the number of the Company's authorized common shares from 50,000,000 to 100,000,000 and (2) deleting the previously authorized but unissued Series A Junior Participating Preferred Stock. | |
On January 22, 2014, the Company acquired all of the issued and outstanding common stock of Directed Manufacturing, Inc. (now known as “RTI Directed Manufacturing”). RTI Directed Manufacturing additively manufactures plastic and specialty metal components using 3-D printing technology for a variety of markets, including the commercial aerospace, medical, and oil and gas markets. The acquisition provides potential solutions for the Company’s customers who seek near-net shape titanium and other specialty metal parts and components. | |
On June 3, 2014, the Company acquired all of the issued and outstanding common stock of Dynamet Technology, Inc. (now known as "RTI Advanced Powder Materials"). RTI Advanced Powder Materials is an industry innovator in titanium powder metallurgy and a supplier of near-net shape titanium and titanium alloy preforms and components to commercial aerospace, defense, biomedical, and industrial customers. Subsequent to its acquisition, RTI Advanced Powder Materials was merged with and into RMI Titanium Company, which is part of the Titanium Segment. | |
In February 2014, the Company completed its efforts to dispose of its non-core service centers Pierce Spafford Metals Company, Inc. ("RTI Pierce Spafford") and Bow Steel Corporation (“RTI Connecticut”). The results of RTI Pierce Spafford and RTI Connecticut have been presented as results from discontinued operations on the Company’s Consolidated Statements of Operations and the related assets and liabilities have been presented separately on the Company’s Consolidated Balance Sheets as assets and liabilities of discontinued operations. The Company’s Consolidated Financial Statements and the Notes thereto have been conformed to exclude amounts attributable to the aforementioned discontinued operations. | |
The Company conducts business in two segments: the Titanium Segment and the Engineered Products and Services (“EP&S”) Segment. | |
The Titanium Segment melts, processes, produces, forges, stocks, distributes, finishes, cuts-to-size, and facilitates just-in-time delivery services of a complete range of titanium mill products which are further processed by its customers for use in a variety of commercial aerospace, defense, and industrial and consumer applications. With operations in Niles and Canton, Ohio; Martinsville, Virginia; Norwalk, California; Burlington, Massachusetts; Tamworth, England; and Rosny-Sur-Seine, France, the Titanium Segment has overall responsibility for the production and distribution of primary mill products including, but not limited to bloom, billet, sheet, and plate. In addition, the Titanium Segment produces ferro titanium alloys for its steelmaking customers. The Titanium Segment also focuses on the research and development of evolving technologies relating to raw materials, melting, and other production processes, and the application of titanium in new markets. | |
The EP&S Segment is comprised of companies with significant hard and soft-metal expertise that form, extrude, fabricate, additively manufacture, machine, micro machine, and assemble titanium, aluminum, and other specialty metal parts and components. Its products, many of which are complex engineered parts and assemblies, serve the commercial aerospace, defense, medical device, oil and gas, power generation, and chemical process industries, as well as a number of other industrial and consumer markets. With operations located in Minneapolis, Minnesota; Houston, Austin, and Spring, Texas; Sullivan and Washington, Missouri; Laval, Canada; and Welwyn Garden City and Bradford, England, the EP&S Segment provides value-added products and services such as engineered tubulars and extrusions, fabricated and machined components and subassemblies, and components for the production of minimally invasive and implantable medical devices, as well as engineered systems for deepwater oil and gas exploration and production infrastructure. The EP&S Segment utilizes the Titanium Segment as its primary source of titanium mill products. |
Discontinued_Operations
Discontinued Operations | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Discontinued Operations and Disposal Groups [Abstract] | |||||||||||||
DISCONTINUED OPERATIONS | DISCONTINUED OPERATIONS: | ||||||||||||
In conjunction with the reorganization of its reportable segments in 2013, the Company evaluated its long-term growth strategy and determined it would sell or seek other strategic alternatives for its non-core service centers, RTI Connecticut and RTI Pierce Spafford. In February 2014, the Company completed the sale of the assets of RTI Connecticut for approximately $3.3 million in cash. In April 2013, the Company completed the sale of its RTI Pierce Spafford subsidiary for approximately $12.4 million in cash, of which $1.9 million was received at the expiration of the escrow period in 2014. | |||||||||||||
The results of RTI Connecticut and RTI Pierce Spafford, including all fair value adjustments and losses on the completed sale, have been presented as results from discontinued operations. The related assets and liabilities have been presented separately on the Company’s Consolidated Balance Sheets as assets and liabilities of discontinued operations. The results of RTI Connecticut were previously reported in the Titanium Segment, while the results of RTI Pierce Spafford were reported in the Titanium Group, prior to the segment reorganization in 2013. | |||||||||||||
The Company’s results from discontinued operations are summarized below: | |||||||||||||
Year Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Net sales | $ | 834 | $ | 15,464 | $ | 37,724 | |||||||
Income (loss) before income taxes | (1,012 | ) | (2,184 | ) | 2,333 | ||||||||
Provision for (benefit from) income taxes | (404 | ) | (600 | ) | 846 | ||||||||
Net income (loss) from discontinued operations | (608 | ) | (1,584 | ) | 1,487 | ||||||||
The company had no remaining assets or liabilities of discontinued operations at December 31, 2014. Assets and liabilities of discontinued operations were comprised of the following at December 31, 2013: | |||||||||||||
31-Dec-13 | |||||||||||||
ASSETS | |||||||||||||
Accounts receivable, net | $ | 594 | |||||||||||
Inventories, net | 4,555 | ||||||||||||
Property, plant and equipment, net | 105 | ||||||||||||
Goodwill | — | ||||||||||||
Other current assets | 20 | ||||||||||||
Total assets of discontinued operations | $ | 5,274 | |||||||||||
LIABILITIES | |||||||||||||
Accounts payable | $ | 326 | |||||||||||
Accrued wages | 96 | ||||||||||||
Other liabilities | 36 | ||||||||||||
Total liabilities of discontinued operations | $ | 458 | |||||||||||
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Accounting Policies [Abstract] | |||||||||||||||||
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: | ||||||||||||||||
Principles of consolidation: | |||||||||||||||||
The Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”), and include the accounts of RTI International Metals, Inc. and its wholly-owned subsidiaries. All significant intercompany accounts and transactions have been eliminated. Certain prior year amounts have been reclassified to conform to current year presentation. | |||||||||||||||||
Use of estimates: | |||||||||||||||||
U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at year-end and the reported amounts of revenues and expenses during the year. Actual results could differ from these estimates. Significant items subject to such estimates and assumptions include the carrying values of accounts receivable, inventories, property, plant, and equipment, intangible assets, goodwill, pensions, post-retirement benefits, worker’s compensation, environmental liabilities, and income taxes. | |||||||||||||||||
Fair value: | |||||||||||||||||
For certain of the Company’s financial instruments and account groupings, including cash, short-term investments, accounts receivable, accounts payable, accrued wages and other employee costs, unearned revenue, and other accrued liabilities, the carrying value of the instruments and account groupings approximates fair value. | |||||||||||||||||
The Financial Accounting Standards Board (the “FASB”) defines fair value as an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based upon assumptions that market participants would use in pricing an asset or liability. As a basis for considering such assumptions, a three-tier fair value hierarchy prioritizes the inputs utilized in measuring fair value as follows: | |||||||||||||||||
• | Level 1—quoted prices (unadjusted) in active markets for identical assets or liabilities that the reporting entity can access at the measurement date; | ||||||||||||||||
• | Level 2—inputs other than the quoted prices in active markets that are observable for the asset or liability, either directly or indirectly; and | ||||||||||||||||
• | Level 3—unobservable inputs for the asset or liability. | ||||||||||||||||
The hierarchy requires the Company to use observable market data, when available, and to minimize the use of unobservable inputs when determining fair value. On a recurring basis, the Company measures certain financial assets and liabilities at fair value, including its short-term investments and marketable securities. | |||||||||||||||||
Listed below are the Company's assets and liabilities, and their respective fair values, which were measured at fair value on a recurring basis as of December 31, 2014. The Company uses trading prices at the balance sheet date to determine the fair value of its assets measured on a recurring basis. The fair value of contingent consideration payable that was classified as Level 3 relates to probability assessments of expected future revenues related to the RTI Advanced Powder Materials acquisition. The contingent consideration is to be paid over the next ten years, and there is no limit to the potential amount of contingent consideration. The Company held no assets or liabilities measured at fair value on a recurring basis as of December 31, 2013. There were no transfers between levels during the year ended December 31, 2014. | |||||||||||||||||
Quoted Market Prices | Significant Other Observable Inputs | Significant Unobservable Inputs | Fair Value | ||||||||||||||
(Level 1) | (Level 2) | (Level 3) | |||||||||||||||
Assets measured on a recurring basis as of December 31, 2014: | |||||||||||||||||
Commercial paper | $ | — | $ | 148,383 | $ | — | $ | 148,383 | |||||||||
Total | $ | — | $ | 148,383 | $ | — | $ | 148,383 | |||||||||
Liabilities measured on a recurring basis as of December 31, 2014: | |||||||||||||||||
Contingent consideration | $ | — | $ | — | $ | 1,000 | $ | 1,000 | |||||||||
Total | $ | — | $ | — | $ | 1,000 | $ | 1,000 | |||||||||
The fair value of contingent consideration was determined using a discounted cash flow model using a discount rate of 13.0%. | |||||||||||||||||
As of both December 31, 2014 and 2013, the Company did not have any financial assets or liabilities that were measured at fair value on a non-recurring basis. Refer to discussions of intangible assets below for nonfinancial assets measured at fair value on a non-recurring basis. | |||||||||||||||||
The carrying amounts and fair values of financial instruments for which the fair value option was not elected were as follows: | |||||||||||||||||
31-Dec-14 | 31-Dec-13 | ||||||||||||||||
Carrying Amount | Fair Value | Carrying Amount | Fair Value | ||||||||||||||
Cash and cash equivalents | $ | 182,059 | $ | 182,059 | $ | 343,637 | $ | 343,637 | |||||||||
Current portion of long-term debt | $ | 111,645 | $ | 119,522 | $ | 1,914 | $ | 1,914 | |||||||||
Long-term debt | $ | 345,012 | $ | 405,886 | $ | 430,300 | $ | 559,986 | |||||||||
The fair value of the current portion of long-term debt includes the $114,381 principal outstanding on the Company's 3.00% Convertible Senior Notes due 2015 (the “2015 Notes”). The fair value of long-term debt includes $402,500 aggregate principal amount 1.625% Convertible Senior Notes due 2019 (the “2019 Notes”) and is inclusive of the conversion feature, which was originally allocated for reporting purposes at $122.5 million, and is included in the Consolidated Balance Sheets within additional paid-in capital. The fair value of long-term debt was estimated based on significant observable inputs, including recent trades and trading levels of the outstanding debt on December 31, 2014 and 2013 (Level 2). | |||||||||||||||||
Cash, cash equivalents and short-term investments: | |||||||||||||||||
Cash and cash equivalents | |||||||||||||||||
The Company considers all highly-liquid investments with an original maturity of three months or less to be cash equivalents. Cash equivalents principally consist of investments in short-term money market funds and corporate commercial paper. | |||||||||||||||||
Available-for-sale securities | |||||||||||||||||
Investments with maturities of less than one year are classified as available-for-sale, short-term investments and are recorded at fair value based on market quotes using the specific identification method, with unrealized gains and losses recorded as a component of accumulated other comprehensive loss until realized. Realized gains and losses from the sale of available-for-sale securities, if any, are determined on a specific identifications basis. The Company considers these investments to be available-for-sale as they may be sold to fund other investment opportunities as they arise. | |||||||||||||||||
The major categories of the Company's cash equivalents and available-for-sale, short-term investments are as follows: | |||||||||||||||||
Commercial paper | |||||||||||||||||
The Company invests in high-quality commercial paper issued by highly-rated corporations and governments. By definition, the stated maturity on commercial paper obligations cannot exceed 270 days. | |||||||||||||||||
Money market mutual funds | |||||||||||||||||
The Company invests in money market mutual funds that seek to maintain a stable net asset value of $1.00, while limiting overall exposure to credit, market, and liquidity risks. | |||||||||||||||||
Cash, cash equivalents, and short-term investments consisted of the following: | |||||||||||||||||
December 31, | December 31, | ||||||||||||||||
2014 | 2013 | ||||||||||||||||
Cash and cash equivalents: | |||||||||||||||||
Cash | $ | 73,495 | $ | 62,394 | |||||||||||||
Cash equivalents: | |||||||||||||||||
Commercial paper | 19,996 | 150,978 | |||||||||||||||
Money market mutual funds | 88,568 | 130,265 | |||||||||||||||
Total cash and cash equivalents | 182,059 | 343,637 | |||||||||||||||
Short-term investments: | |||||||||||||||||
Commercial paper | 148,383 | — | |||||||||||||||
Total short-term investments | 148,383 | — | |||||||||||||||
Total cash, cash equivalents, and short-term investments | $ | 330,442 | $ | 343,637 | |||||||||||||
The Company had no short- or long-term investments at December 31, 2013. The Company's short-term investments at December 31, 2014 were as follows: | |||||||||||||||||
Gross Unrealized | |||||||||||||||||
Amortized Cost | Gains | Losses | Fair Value | ||||||||||||||
Commercial paper | $ | 148,447 | $ | — | $ | 64 | $ | 148,383 | |||||||||
Total | $ | 148,447 | $ | — | $ | 64 | $ | 148,383 | |||||||||
The Company typically purchases its available-for-sale debt securities either at a premium or a discount. The premium or discount is amortized over the remaining term of each security using the effective interest method. Amortization is recorded as either a decrement to interest income for premiums or an increment to interest income for discounts. For the year ended December 31, 2014, net amortization of premiums and discounts was immaterial. | |||||||||||||||||
The Company classifies investments maturing within one year as short-term investments. Investments maturing in excess of one year are classified as noncurrent. All of the Company's investments had contractual maturities of less than one year at December 31, 2014. | |||||||||||||||||
As of December 31, 2014, no investments classified as available-for-sale had been in a continuous unrealized loss position for greater than twelve months. The Company believes that the unrealized losses on the available-for-sale portfolio as of December 31, 2014 are temporary in nature and are related to market interest rate fluctuations and not indicative of a deterioration in the creditworthiness of the issuers. | |||||||||||||||||
Receivables: | |||||||||||||||||
Receivables are carried at net realizable value. Estimates are made as to the Company’s ability to collect outstanding receivables, taking into consideration the amount, the customer’s financial condition, and the age of the debt. The Company ascertains the net realizable value of amounts owed and provides an allowance when collection becomes doubtful. Receivables are expected to be collected in the normal course of business and consisted of the following: | |||||||||||||||||
December 31, | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
Trade and commercial customers | $ | 118,439 | $ | 106,091 | |||||||||||||
Less: Allowance for doubtful accounts | (694 | ) | (820 | ) | |||||||||||||
Total receivables | $ | 117,745 | $ | 105,271 | |||||||||||||
Inventories: | |||||||||||||||||
Inventories are valued at cost as determined by the last-in, first-out (“LIFO”) method for approximately 55% and 56%, respectively, of the Company’s inventories as of December 31, 2014 and 2013. The remaining inventories are valued at cost determined by a combination of the first-in, first-out (“FIFO”) and weighted-average cost methods. Inventory costs generally include materials, labor, and manufacturing overhead (including depreciation). When market conditions indicate an excess of carrying cost over market value, a lower-of-cost-or-market provision is recorded. There were no LIFO decrements for the years ended December 31, 2014 or 2013. | |||||||||||||||||
Inventories consisted of the following: | |||||||||||||||||
December 31, | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
Raw materials and supplies | $ | 172,214 | $ | 166,359 | |||||||||||||
Work-in-process and finished goods | 332,573 | 314,438 | |||||||||||||||
LIFO reserve | (30,481 | ) | (50,709 | ) | |||||||||||||
Total inventories | $ | 474,306 | $ | 430,088 | |||||||||||||
Costs in excess of billings: | |||||||||||||||||
As of December 31, 2014 and 2013, the Company had costs in excess of billings of $5,522 and $5,377, respectively. All $5,522 of costs in excess of billings are expected to be collected within the next twelve months. The Company had no claims included in inventory or progress payments netted against inventory at December 31, 2014 or 2013, respectively. | |||||||||||||||||
Billings in excess of costs: | |||||||||||||||||
As of December 31, 2014, the Company had billings in excess of costs of $9,962. All $9,962 of billings in excess of costs are expected to be recognized as revenue within the next twelve months. The Company had no billings in excess of costs at December 31, 2013. | |||||||||||||||||
Other current assets: | |||||||||||||||||
The Company had other current assets of $19,803 and $16,947 at December 31, 2014 and 2013, respectively. Other current assets are comprised mainly of prepaid income taxes and other prepaid expenses which do not individually exceed five percent of consolidated current assets, and are expected to be realized within twelve months of the balance sheet date. The increase in other current assets in 2014 is attributable to an increase in prepaid income taxes. | |||||||||||||||||
Property, plant, and equipment: | |||||||||||||||||
The cost of property, plant, and equipment includes all direct costs of acquisition and capital improvements. Applicable amounts of interest on borrowings outstanding during the construction or acquisition period for major capital projects are capitalized. During the years ended December 31, 2014 and 2013, no interest expense was capitalized related to major capital expansion projects. | |||||||||||||||||
Property, plant, and equipment is stated at cost and consisted of the following: | |||||||||||||||||
December 31, | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
Land | $ | 18,778 | $ | 18,769 | |||||||||||||
Buildings and improvements | 117,646 | 117,225 | |||||||||||||||
Machinery and equipment | 471,691 | 446,787 | |||||||||||||||
Computer hardware and software, furniture and fixtures, and other | 70,378 | 65,622 | |||||||||||||||
Construction-in-progress | 53,566 | 52,546 | |||||||||||||||
732,059 | 700,949 | ||||||||||||||||
Less: Accumulated depreciation | (362,772 | ) | (328,609 | ) | |||||||||||||
Total property, plant, and equipment, net | $ | 369,287 | $ | 372,340 | |||||||||||||
Depreciation is determined using the straight-line method over the estimated useful lives of the various classes of assets. Depreciation expense for the years ended December 31, 2014, 2013, and 2012 was $40,041, $39,439, and $37,364, respectively. Depreciation is generally recorded over the following useful lives: | |||||||||||||||||
Buildings and improvements | 20-40 years | ||||||||||||||||
Machinery and equipment | 7-15 years | ||||||||||||||||
Furniture and fixtures | 5-10 years | ||||||||||||||||
Computer hardware and software | 3-10 years | ||||||||||||||||
The cost of properties retired or otherwise disposed of, together with the accumulated depreciation provided thereon, is eliminated from the accounts. The net gain or loss is recognized as a component of operating income. | |||||||||||||||||
Leased equipment under capital leases are amortized using the straight-line method over the term of the lease or the estimated useful life of the equipment depending on the terms of the lease contract. | |||||||||||||||||
Routine maintenance, repairs, and replacements are charged to operations. Expenditures that materially increase values, change capacities, or extend useful lives are capitalized. | |||||||||||||||||
Goodwill and intangible assets: | |||||||||||||||||
In the case of goodwill and intangible assets, if product demand or market conditions reduce management’s expectation of future cash flows from these assets, a write-down of the carrying value or acceleration of the amortization period may be required. Intangible assets were originally valued at fair value at the date of acquisition. | |||||||||||||||||
Goodwill. The Company performs its goodwill impairment testing at the reporting unit level. The Company’s four reporting units, which are one level below its operating segments, where appropriate, are as follows: 1) the Titanium reporting unit; 2) the Fabrication reporting unit; 3) the Medical Device Fabrication reporting unit; and 4) the Energy Fabrication reporting unit. As of December 31, 2014 and 2013, the Energy Fabrication reporting unit had no goodwill. | |||||||||||||||||
The carrying value of goodwill at the Company’s four reporting units as of the Company’s October 1, 2014 annual impairment test was as follows: | |||||||||||||||||
Goodwill | |||||||||||||||||
Titanium reporting unit | $ | 24,016 | |||||||||||||||
Fabrication reporting unit | 76,645 | ||||||||||||||||
Medical Device Fabrication reporting unit | 44,789 | ||||||||||||||||
Energy Fabrication reporting unit | — | ||||||||||||||||
Total Goodwill | $ | 145,450 | |||||||||||||||
Goodwill is tested annually during the fourth quarter and is assessed between annual tests if an event occurs or circumstances change that would indicate the carrying value of a reporting unit may exceed its fair value. These events and circumstances may include, but are not limited to: significant adverse changes in the business climate or legal factors; an adverse action or assessment by a regulator; unanticipated competition; a material negative change in relationships with significant customers; strategic decisions made in response to economic or competitive conditions; loss of key personnel; or a more-likely-than-not expectation that a reporting unit or a significant portion of a reporting unit will be sold or disposed. | |||||||||||||||||
The fair value of the Company’s four reporting units is calculated by averaging the fair values determined using an income approach (i.e., a discounted cash flow model) and a market approach. A discounted cash flow model is based on historical and projected financial information and provides a fair value estimate based upon each reporting unit’s long-term operating and cash flow performance. This approach also considers the impact of cyclical downturns that occur in the titanium and aerospace industries. The market valuation approach applies market multiples, such as EBITDA and revenue multiples, developed from a set of peer group companies to each reporting unit to determine its fair value. The Company considered the use of a cost approach but determined such an approach was not appropriate. | |||||||||||||||||
Utilizing a discounted cash flow model, the Company estimates its cash flow projections using business and economic data available at the time the projection is calculated. A significant number of assumptions and estimates are involved in the application of the discounted cash flow model to forecast operating cash flows, including overall business conditions, sales volumes and prices, costs of production, and working capital changes. The Company considers historical experience and available information at the time the reporting units’ fair values are estimated. Discount rates were developed using a Weighted-Average Cost of Capital (“WACC”) methodology. The WACC represents the blended average required rate of return for equity and debt capital based on observed market return data and reporting unit specific risk factors. | |||||||||||||||||
The discount rates used in the Company’s October 1, 2014 annual impairment test were as follows: | |||||||||||||||||
Titanium reporting unit | 11 | % | |||||||||||||||
Fabrication reporting unit | 11.5 | % | |||||||||||||||
Medical Device Fabrication reporting unit | 12 | % | |||||||||||||||
The Company performed a two-step impairment test for all reporting units with a goodwill balance as of the testing date. Step one of the goodwill impairment test indicated that the fair value of the Titanium and Fabrication reporting units each exceeded their respective carrying values by a significant margin, while the Medical Device Fabrication reporting unit’s fair value exceeded its carrying value by approximately 14% as of the testing date. As all reporting units' fair values exceeded their book values, step two was not required. | |||||||||||||||||
Excluding the Energy Fabrication reporting unit, whose goodwill was fully impaired in 2009, and the $13,959 impairment at the Medical Device Fabrication reporting unit in 2013, there have been no other impairments to date at the Company’s reporting units. Uncertainties or other factors that could result in a potential impairment in future periods may include any cancellation of or material modification to one of the major aerospace programs the Company currently supplies, including the Joint Strike Fighter program, the Boeing 787 program, or the Airbus family of aircraft, including the A350 XWB, A320neo, or A380 programs. In addition, the Company’s ability to maintain profitability of these programs may also impact the results of a future impairment test. Furthermore, additional pricing pressures and regulatory requirements or other impacts from the Patient Protection and Affordable Care Act could result in an additional goodwill impairment at the Medical Device Fabrication reporting unit. | |||||||||||||||||
The carrying amount of goodwill attributable to each segment at December 31, 2012, 2013, and 2014 was as follows: | |||||||||||||||||
Titanium Segment | Engineered Products and Services Segment | Total | |||||||||||||||
31-Dec-12 | $ | 9,662 | $ | 120,590 | $ | 130,252 | |||||||||||
Additions | — | 2,185 | 2,185 | ||||||||||||||
Impairments | — | (13,959 | ) | (13,959 | ) | ||||||||||||
Translation adjustment | — | (900 | ) | (900 | ) | ||||||||||||
31-Dec-13 | 9,662 | 107,916 | 117,578 | ||||||||||||||
Additions (Note 4) | 14,211 | 14,712 | 28,923 | ||||||||||||||
Purchase price allocation adjustment | — | 100 | 100 | ||||||||||||||
Translation adjustment | — | (1,083 | ) | (1,083 | ) | ||||||||||||
Balance at December 31, 2014 | $ | 23,873 | $ | 121,645 | $ | 145,518 | |||||||||||
At both December 31, 2014 and 2013, the EP&S Segment had accumulated goodwill impairment losses of $22,858, while the Titanium Segment has no accumulated impairment losses, other than those relating to discontinued operations, not included in the table above. | |||||||||||||||||
Intangible assets. Intangible assets consist primarily of customer relationships, trade names, and developed technology acquired through various business combinations. These intangible assets were valued at fair value at acquisition. In the event that long-term demand or market conditions change and the expected future cash flows associated with these assets is reduced, a write-down or acceleration of the amortization period may be required. The Company has two indefinite-lived intangible assets, the Remmele trade name and the Directed Manufacturing trade name, which it does not amortize. The Company currently intends to utilize the Remmele and Directed Manufacturing trade names indefinitely. Other intangible assets are being amortized over the following periods: | |||||||||||||||||
Customer relationships | 7-20 years | ||||||||||||||||
Developed technology | 7-20 years | ||||||||||||||||
Backlog | 0.5-2 years | ||||||||||||||||
Amortization expense was $4,835, $4,386, $3,760, for the years ended December 31, 2014, 2013, and 2012, respectively. Estimated annual amortization expense expected in each of the next five successive years is as follows: | |||||||||||||||||
Amortization | |||||||||||||||||
2015 | $ | 5,089 | |||||||||||||||
2016 | $ | 5,047 | |||||||||||||||
2017 | $ | 5,047 | |||||||||||||||
2018 | $ | 5,047 | |||||||||||||||
2019 | $ | 5,047 | |||||||||||||||
Thereafter | $ | 24,640 | |||||||||||||||
The acquisition of RTI Directed Manufacturing in January 2014 was incorporated into the EP&S Segment. The acquisition of RTI Advanced Powder Materials in June 2014 was incorporated into the Titanium Segment. The carrying amounts of intangible assets attributable to each segment at December 31, 2014, 2013, and 2012, as well as a summary of intangible assets, by class, at December 31, 2014 and 2013, are presented below: | |||||||||||||||||
Titanium Segment | Engineered Products and Services Segment | Total | |||||||||||||||
31-Dec-12 | $ | — | $ | 56,495 | $ | 56,495 | |||||||||||
Intangible assets acquired | — | 3,800 | 3,800 | ||||||||||||||
Amortization | — | (4,386 | ) | (4,386 | ) | ||||||||||||
Impairment | — | (1,400 | ) | (1,400 | ) | ||||||||||||
Translation adjustment | — | (755 | ) | (755 | ) | ||||||||||||
31-Dec-13 | — | 53,754 | 53,754 | ||||||||||||||
Intangible assets acquired (Note 4) | 4,200 | 4,900 | 9,100 | ||||||||||||||
Amortization | (400 | ) | (4,435 | ) | (4,835 | ) | |||||||||||
Translation adjustment | — | (897 | ) | (897 | ) | ||||||||||||
31-Dec-14 | $ | 3,800 | $ | 53,322 | $ | 57,122 | |||||||||||
December 31, | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
Backlog | $ | 1,300 | $ | 1,300 | |||||||||||||
Accumulated amortization | (1,258 | ) | (1,236 | ) | |||||||||||||
Backlog, net | 42 | 64 | |||||||||||||||
Customer relationships | 51,063 | 45,013 | |||||||||||||||
Effects of currency translation | 423 | 1,930 | |||||||||||||||
Accumulated amortization | (13,923 | ) | (10,961 | ) | |||||||||||||
Customer relationships, net | 37,563 | 35,982 | |||||||||||||||
Developed technology | 15,240 | 13,290 | |||||||||||||||
Accumulated amortization | (2,923 | ) | (1,782 | ) | |||||||||||||
Developed technology, net | 12,317 | 11,508 | |||||||||||||||
Trade names | 7,200 | 6,200 | |||||||||||||||
Total intangible assets, net | $ | 57,122 | $ | 53,754 | |||||||||||||
Management evaluates the recoverability of indefinite-lived intangible assets other than goodwill annually by using a discounted cash flow analysis based on historical and projected financial information, and assesses the recoverability of indefinite-lived intangible assets between annual tests if an event occurs or circumstances change that would indicate the carrying value of an indefinite-lived intangible asset may exceed its fair value. Several assumptions and estimates are involved in the application of the discounted cash flow model to forecast revenues, royalty rates, income tax rates, and discount rates. As of October 1, 2014, the Company’s only indefinite-lived intangible assets other than goodwill were the Remmele and Directed Manufacturing trade names. Two-step impairment analyses of the Remmele and Directed Manufacturing trade name intangible assets were performed. In each case, a fair value in excess of carrying value was determined in step one of the test, thus step two was not required. The fair values of the Remmele and Directed Manufacturing trade names were determined using a discounted cash flow model (Level 3) utilizing discount rates ranging from 12.5%-13.0%. | |||||||||||||||||
Other long-lived assets: | |||||||||||||||||
The Company evaluates the potential impairment of other long-lived assets including property, plant, and equipment and amortizable intangible assets when events or circumstances indicate that a change in value may have occurred. If the carrying value of the asset groupings exceeds the sum of the undiscounted expected future cash flows, the carrying value of the asset is written down to fair value. No such impairments were recorded during 2014. | |||||||||||||||||
Other non-current assets: | |||||||||||||||||
The Company had other non-current assets of $15,317 and $23,247 at December 31, 2014 and 2013, respectively. Other non-current assets are comprised mainly of deferred financing costs and deferred engineering costs, and are not expected to be realized within twelve months of the balance sheet date. The decrease in other non-current assets in 2014 is primarily attributable to the change in funded status of the Company's pension plans and the amortization of deferred financing fees of $1,890. | |||||||||||||||||
Environmental: | |||||||||||||||||
The Company expenses environmental costs related to potential liabilities arising in the course of business and the remediation of those liabilities. The Company determines its liability for remediation on a site-by-site basis and records a liability when it is probable and can be reasonably estimated. The estimated liability of the Company is not discounted or reduced for possible recoveries from insurance carriers. | |||||||||||||||||
Treasury stock: | |||||||||||||||||
The Company accounts for treasury stock under the cost method and includes such shares as a reduction of total shareholders’ equity. | |||||||||||||||||
Revenue Recognition: | |||||||||||||||||
Product and service revenues are recognized when persuasive evidence of an arrangement exists, product delivery has occurred or services have been rendered, pricing is fixed or determinable, and collection is reasonably assured. Service revenues are recognized as services are rendered. | |||||||||||||||||
Revenues under long-term construction-type contracts are recorded on a percentage-of-completion method measured on the cost-to-cost basis and the units-of-delivery basis. Prior to 2014, revenues and costs under contracts measured on the cost-to-cost method were recorded using the zero profit method under the Financial Accounting Standards Board's (the "FASB") Accounting Standards Codification ("ASC") 605-35 until the period when the Company believed it was able to estimate the total contract revenues and costs, at which point the cumulative contract gross profit earned to date was recorded. This generally occurred commensurate with the primary product under the contract being delivered. During 2014, the Company implemented a rigorous process for estimating total contract costs and revenues for all outstanding and future projects accounted for under ASC 605-35. As a result, for the majority of the Company’s contracts accounted for under ASC 605-35, the Company now recognizes costs, revenues, and related gross profit as it completes work on these projects, rather than using the zero profit method. For certain of its contracts, the full scope of work may be ill-defined at the time progress towards completion begins. For these contracts, the Company utilizes the zero profit method until such time as the full scope of the contract is defined and estimates of total costs and revenues can be determined. | |||||||||||||||||
Provisions for anticipated losses on long-term contracts are recorded in full when such losses become evident. No such losses have been recorded at December 31, 2014, 2013, or 2012. | |||||||||||||||||
Revenues from contracts with multiple element arrangements are recognized as each element is earned based on the relative fair value of each element provided the delivered elements have value to customers on a standalone basis. Amounts allocated to each element are based on its objectively determined fair value, such as the sales price for the product or service when it is sold separately. | |||||||||||||||||
Value added taxes collected on sales are excluded from revenue and recorded as a liability on the Consolidated Balance Sheet until remitted to the taxing authority. | |||||||||||||||||
Shipping and handling fees and costs: | |||||||||||||||||
All amounts billed to a customer in a sales transaction related to shipping and handling represent revenues earned and are reported as revenue. Costs incurred by the Company for shipping and handling, including transportation costs paid to third-party shippers, are reported as a component of cost of sales. Shipping and handling expenses were immaterial for the years ended December 31, 2014, 2013, and 2012, respectively. | |||||||||||||||||
Research and development: | |||||||||||||||||
Research and development costs are expensed as incurred. These costs totaled $4,613, $3,931, and $4,164, for the years ended December 31, 2014, 2013, and 2012, respectively, and typically include employment costs, material costs, contractor fees, and other administrative costs. | |||||||||||||||||
Pensions: | |||||||||||||||||
The Company provides defined benefit pension plans for certain of its salaried and represented workforce. Benefits for its salaried participants are generally based on participants’ years of service and compensation. Benefits for represented pension participants are generally determined based on an amount for years of service. Other employees participate in 401(k) plans whereby the Company may provide a match of employee contributions. A portion of the employees in the Titanium Segment are covered by defined benefit plans in which benefits are based on years of service and annual compensation. Contributions to the defined benefit plans, as determined by an independent actuary in accordance with applicable regulations, provide not only for benefits attributed to date, but also for those expected to be earned in the future. The Company’s policy is to fund pension costs at amounts equal to the minimum funding requirements of the Employee Retirement Income Security Act of 1974 (“ERISA”), as amended, for U.S. plans plus additional amounts as may be approved from time to time. | |||||||||||||||||
The Company accounts for its defined benefit pension plans in accordance with the FASB’s authoritative guidance, which requires amounts recognized in the financial statements to be determined on an actuarial basis, rather than as contributions are made to the plans, and requires recognition of the funded status of the Company’s plans in its Consolidated Balance Sheet. In addition, it also requires actuarial gains and losses, prior service costs and credits, and transition obligations that have not yet been recognized to be recorded as a component of accumulated other comprehensive loss. | |||||||||||||||||
Other post-retirement benefits: | |||||||||||||||||
The Company provides health care benefits and life insurance coverage for certain of its employees and their dependents. Under the Company’s current plans, certain of the Company’s employees will become eligible for those benefits if they reach retirement age while working with the Company. In general, employees of the Titanium Segment are covered by post-retirement health care and life insurance benefits. | |||||||||||||||||
The Company also sponsors another post-retirement plan covering certain employees. This plan provides health care benefits for eligible employees. These benefits are accounted for on an actuarial basis, rather than as benefits are paid. The Company does not pre-fund post-retirement benefit costs, but rather pays claims as billed. | |||||||||||||||||
Income taxes: | |||||||||||||||||
Deferred tax assets and liabilities are determined based on the difference between the financial statement and tax basis of assets and liabilities multiplied by the enacted tax rates which will be in effect when these differences are expected to reverse. In addition, deferred tax assets may arise from net operating losses (“NOLs”) and tax credits which may be carried back to obtain refunds or carried forward to offset future cash tax liabilities. | |||||||||||||||||
On a quarterly basis, the Company evaluates the available evidence supporting the realization of deferred tax assets and makes adjustments for a valuation allowance, as necessary. | |||||||||||||||||
Tax benefits related to uncertain tax provisions taken or expected to be taken on a tax return are recorded when such benefits meet a more-likely-than-not threshold. Otherwise, these tax benefits are recorded when a tax position has been effectively settled, which means that either the appropriate taxing authority has completed their examination even though the statute of limitations remains open, or the statute of limitation has expired. Interest and penalties related to uncertain tax positions are recognized as part of the provision for income taxes and are accrued beginning in the period that such interest and penalties would be applicable under relevant tax law until such time that the related tax benefits are recognized. | |||||||||||||||||
Foreign currencies: | |||||||||||||||||
For the Company’s foreign subsidiaries in the United Kingdom and France, whose functional currency is the U.S. dollar, monetary assets and liabilities are remeasured at current rates, non-monetary assets and liabilities are remeasured at historical rates, and revenues and expenses are translated at average rates on a monthly basis throughout the year. Resulting differences from the remeasurement process are recognized in income and reported as other income (expense). | |||||||||||||||||
The functional currency of the Company’s Canadian subsidiary is the Canadian dollar. Assets and liabilities are translated at period-end exchange rates. Income statement accounts are translated at the average rates of exchange prevailing during the year. Translation adjustments are reported as a component of accumulated other comprehensive loss in shareholders’ equity and are included in comprehensive income (loss). | |||||||||||||||||
Transactions and balances denominated in currencies other than the functional currency of the transacting entity are remeasured at current rates when the transaction occurs and at each balance sheet date. Transaction gains and losses are included in net income for the period. | |||||||||||||||||
Accumulated other comprehensive loss: | |||||||||||||||||
The components of accumulated other comprehensive loss, net of tax, on the Company’s Consolidated Balance sheet at December 31, 2014 and 2013 were as follows: | |||||||||||||||||
Foreign Currency Translation | Actuarial Losses on Benefit Plans | Investment Activity | Total | ||||||||||||||
Accumulated other comprehensive loss at December 31, 2011 | $ | 10,793 | $ | (49,635 | ) | $ | (8 | ) | $ | (38,850 | ) | ||||||
Other comprehensive loss before reclassifications, net of tax | 1,915 | (13,102 | ) | - | (11,187 | ) | |||||||||||
Amounts reclassified from other comprehensive loss, net of tax | — | 5,025 | 8 | 5,033 | |||||||||||||
Balance at December 31, 2012 | $ | 12,708 | $ | (57,712 | ) | $ | — | $ | (45,004 | ) | |||||||
Other comprehensive loss before reclassifications, net of tax | (6,928 | ) | 4,264 | 21 | (2,643 | ) | |||||||||||
Amounts reclassified from other comprehensive loss, net of tax | — | 7,271 | (21 | ) | 7,250 | ||||||||||||
Balance at December 31, 2013 | $ | 5,780 | $ | (46,177 | ) | $ | — | $ | (40,397 | ) | |||||||
Other comprehensive loss before reclassifications, net of tax | (9,733 | ) | (9,852 | ) | (41 | ) | (19,626 | ) | |||||||||
Amounts reclassified from other comprehensive loss, net of tax | — | 4,434 | — | 4,434 | |||||||||||||
Accumulated other comprehensive loss at December 31, 2014 | $ | (3,953 | ) | $ | (51,595 | ) | $ | (41 | ) | $ | (55,589 | ) | |||||
Amounts reclassified from accumulated other comprehensive loss, net of tax, for December 31, 2014 are presented below. These amounts are reclassified to Cost of sales and Selling, general, and administrative expenses within the Consolidated Statement of Operations. | |||||||||||||||||
31-Dec-14 | 31-Dec-13 | ||||||||||||||||
Impact of Defined Benefit Pension Items | |||||||||||||||||
Actuarial losses and prior service costs | $ | 7,122 | $ | 8,435 | |||||||||||||
Special termination benefits | — | 3,196 | |||||||||||||||
Tax expense | (2,688 | ) | (4,360 | ) | |||||||||||||
Total reclassifications | $ | 4,434 | $ | 7,271 | |||||||||||||
Refer to Note 8 of these Consolidated Financial Statements for further information about the Company’s benefit plans. | |||||||||||||||||
Stock-based compensation: | |||||||||||||||||
The Company utilizes a “graded vesting” approach to recognize compensation expense over the vesting period of stock awards. For employees who have reached retirement age, the Company recognizes compensation expense at the date of grant. For employees approaching retirement eligibility, the Company amortizes compensation expense over the period from the grant date through the retirement eligibility date. | |||||||||||||||||
Cash flows resulting from the windfall tax benefits from tax deductions in excess of the compensation cost recognized (“excess tax benefits”) are classified as financing cash inflows. For the years ended December 31, 2014, 2013, and 2012, operating cash flows were decreased and financing cash flows were increased by $199, $552, and $196, respectively. | |||||||||||||||||
Total compensation expense recognized in the Consolidated Statements of Operations for stock-based compensation arrangements was $5,670, $6,026, and $4,797 for the years ended December 31, 2014, 2013, and 2012, respectively. The total income tax benefit recognized in the Consolidated Statements of Operations for stock-based compensation arrangements was $1,361, $1,886, and $1,727 for the years ended December 31, 2014, 2013, and 2012, respectively. There was no stock-based compensation cost capitalized for the years ended December 31, 2014, 2013, and 2012. | |||||||||||||||||
New Accounting Standards: | |||||||||||||||||
In January 2015, the Financial Accounting Standards Board (the "FASB") issued Accounting Standards Update ("ASU") 2015-01, "Income Statement - Extraordinary and Unusual Items." This ASU eliminates from U.S. GAAP the concept of extraordinary items. This ASU is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015. Early adoption is permitted provided the guidance is applied from the beginning of the fiscal year of adoption. The Company does not expect that the adoption of the ASU will have a material impact on the Company's Consolidated Financial Statements. | |||||||||||||||||
In November 2014, the Financial Accounting Standards Board (the "FASB") issued Accounting Standards Update ("ASU") 2014-17, "Pushdown Accounting." This ASU provides an acquired entity with the option to apply pushdown accounting in its separate financial statements upon occurrence of an event in which an acquirer obtains control of the acquired entity. The election to apply pushdown accounting can be made either in the period in which the change of control occurred, or in a subsequent period. This ASU is effective as of November 18, 2014. The adoption of this ASU did not have a material impact on the Company's Consolidated Financial Statements. | |||||||||||||||||
In August 2014, the FASB issued ASU 2014-15, "Presentation of Financial Statements—Going Concern—Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern." The amendment requires management to evaluate whether there is substantial doubt about an entity’s ability to continue as a going concern and provide related footnote disclosures. The guidance is effective for the annual period ending after December 15, 2016, and for annual periods and interim periods thereafter. Early adoption is permitted. The Company does not expect that the adoption of the ASU will have a material impact on the Company's Consolidated Financial Statements. | |||||||||||||||||
In June 2014, the FASB issued ASU 2014-12, "Compensation—Stock Compensation—Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period." The amendment requires that a performance target that affects vesting and that could be achieved after the requisite service period is treated as a performance condition. The amendments in this ASU are effective for annual reporting periods beginning after December 15, 2015, including interim periods within that reporting period. Early application is permitted. The Company does not expect that the adoption of the ASU will have a material impact on the Company's Consolidated Financial Statements. | |||||||||||||||||
In May 2014, the FASB issued ASU 2014-09, "Revenue from Contracts with Customers." This ASU prescribes that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The amendments in this ASU are effective for annual reporting periods beginning after December 15, 2016, including interim periods within that reporting period, and can be adopted by the Company using either a full retrospective or modified retrospective approach. Early application is not permitted. The Company is currently evaluating the impact of the adoption of this ASU on the Company's Consolidated Financial Statements. | |||||||||||||||||
In April 2014, the FASB issued ASU 2014-08, "Presentation of Financial Statements and Property, Plant, and Equipment—Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity." This ASU amends the requirements for reporting discontinued operations to include only disposals of a component or groups of components of an entity if the disposal represents a strategic shift that has or will have a major effect on the entity’s operations and financial results. The amendment requires additional disclosure regarding disposals that meet the criteria for discontinued operations in the ASU, and is effective for all disposals within annual and interim periods beginning on or after December 15, 2014. Early adoption is permitted for disposals that have not been reported in financial statements previously issued. The Company does not expect that the adoption of the ASU will have a material impact on the Company's Consolidated Financial Statements. | |||||||||||||||||
In July 2013, the FASB issued ASU 2013-11, "Income Taxes—Presentation of an Unrecognized Tax Benefit when a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists." This ASU prescribes the Balance Sheet presentation for unrecognized tax benefits in the presence of a net operating loss carryforward, tax loss or tax credit carryforward. The amendments in the ASU do not require any new recurring disclosures, and are effective for fiscal years, and interim periods within those years, beginning after December 15, 2013. The adoption of this guidance during 2014 did not have a material impact on the Company's Consolidated Financial Statements. | |||||||||||||||||
In March 2013, the FASB issued ASU 2013-05, "Foreign Currency Matters—Parent’s Accounting for the Cumulative Translation Adjustment upon Derecognition of Certain Subsidiaries or Groups of Assets within a Foreign Entity or of an Investment in a Foreign Entity." This ASU clarifies the applicable guidance for the release of the cumulative translation adjustment under current U.S. GAAP. The amendments in this ASU are effective prospectively for annual and interim reporting periods beginning after December 15, 2013. The adoption of this guidance during 2014 did not have a material impact on the Company's Consolidated Financial Statements. | |||||||||||||||||
In February 2013, the FASB issued ASU 2013-04, "Liabilities—Obligations Resulting from Joint and Several Liability Arrangements for Which the Total Amount of the Obligation is Fixed at the Reporting Date." This ASU provides guidance for the recognition, measurement, and disclosure of obligations resulting from joint and several liability arrangements for which the total amount of the obligation within the scope of the ASU is fixed at the reporting date. The amendments in this ASU are effective prospectively for annual and interim reporting periods beginning after December 15, 2013. The adoption of this guidance during 2014 did not have a material impact on the Company's Consolidated Financial Statements. |
Acquisitions
Acquisitions | 12 Months Ended | |||
Dec. 31, 2014 | ||||
Business Combinations [Abstract] | ||||
ACQUISITIONS | ACQUISITIONS: | |||
RTI Advanced Powder Materials. On June 3, 2014, the Company purchased all of the outstanding common stock of RTI Advanced Powder Materials for total consideration of approximately $19.0 million, including $15.6 million in cash, $1.6 million in contingent consideration, and the assumption of $1.8 million in liabilities. RTI Advanced Powder Materials is an industry innovator in titanium powder metallurgy and a supplier of near-net shape titanium and titanium alloy preforms and components to commercial aerospace, defense, biomedical and industrial customers. Subsequent to its acquisition, RTI Advanced Powder Materials was merged with and into RMI Titanium Company, which is part of the Titanium Segment. From the acquisition date through December 31, 2014, RTI Advanced Powder Materials generated revenues of $0.3 million and an operating loss of $0.6 million. | ||||
The purchase price allocation, which has been finalized, is as follows: | ||||
Assets purchased: | ||||
Current assets, excluding inventory | $ | 324 | ||
Inventories | 174 | |||
Plant and equipment | 101 | |||
Intangible assets: | ||||
Customer relationships | 3,250 | |||
Developed technology | 850 | |||
Backlog | 100 | |||
Goodwill | 14,211 | |||
Liabilities assumed: | ||||
Current liabilities | (271 | ) | ||
Deferred tax liabilities | (1,572 | ) | ||
Contingent consideration | (1,600 | ) | ||
Net assets acquired | $ | 15,567 | ||
Goodwill is primarily attributable to the Company’s exposure to new materials and production methods, which is expected to enhance the Company’s existing product offerings, and is not deductible for income tax purposes. Customer relationships and developed technology intangible assets are being amortized over a seven-year useful life, while the backlog intangible asset is being amortized over a one-year useful life. | ||||
Pro forma financial information has not been prepared for the acquisition of RTI Advanced Powder Materials as the acquisition was not material to the Consolidated Financial Statements. | ||||
RTI Directed Manufacturing. On January 22, 2014, the Company purchased all of the outstanding common stock of RTI Directed Manufacturing for total consideration of approximately $22.8 million, including $22.5 million in cash, and the assumption of $0.3 million in liabilities. RTI Directed Manufacturing additively manufactures plastic and specialty metal components using 3-D printing technology for a variety of markets. The results of RTI Directed Manufacturing are reported in the EP&S Segment. From the acquisition date through December 31, 2014, RTI Directed Manufacturing generated revenues of $2.7 million and an operating loss of $1.6 million. | ||||
The purchase price allocation, which has been finalized, is as follows: | ||||
Assets purchased: | ||||
Current assets, excluding inventory | $ | 717 | ||
Inventories | 452 | |||
Plant and equipment | 1,973 | |||
Intangible assets: | ||||
Customer relationships | 2,800 | |||
Directed Manufacturing trade name | 1,000 | |||
Developed technology | 1,100 | |||
Goodwill | 14,712 | |||
Liabilities assumed: | ||||
Current liabilities | (285 | ) | ||
Net assets acquired | $ | 22,469 | ||
Goodwill is primarily attributable to RTI Directed Manufacturing’s assembled workforce and exposure to new customers for the Company’s products. Customer relationships and developed technology are being amortized over a seven-year useful life. Trade names are not amortized as the Company believes that these assets have an indefinite life and the Company intends to continue the use of the Directed Manufacturing name indefinitely. | ||||
The Company has made a 338(h)(10) election under the Internal Revenue Code (the “I.R.C.”), which allowed the Company to step-up the tax basis of acquired assets to fair value as presented in the purchase price allocation. As a result of this election, a significant portion of the purchase price, including goodwill, is deductible for U.S. tax purposes under the provisions of I.R.C. Section 197. | ||||
Pro forma financial information has not been prepared for the acquisition of RTI Directed Manufacturing as the acquisition was not material to the Consolidated Financial Statements. | ||||
RTI Extrusions Europe Limited. On October 1, 2013, the Company purchased all of the outstanding common stock of RTI Extrusions Europe for total consideration of approximately $20.4 million, including $16.2 million in cash, and the assumption of $4.2 million in liabilities. RTI Extrusions Europe manufactures extruded, hot-or-cold stretched steel and titanium parts for a number of markets including the aerospace and oil and gas markets. The results of RTI Extrusions Europe are reported in the EP&S Segment. | ||||
The purchase price allocation, which has been finalized, is as follows: | ||||
Assets purchased: | ||||
Current assets, excluding inventory | $ | 4,827 | ||
Inventories | 5,230 | |||
Plant and equipment | 4,346 | |||
Intangible assets: | ||||
Customer relationships | 3,600 | |||
Backlog | 100 | |||
Goodwill | 2,285 | |||
Liabilities assumed: | ||||
Current liabilities | (2,621 | ) | ||
Deferred tax liabilities | (1,553 | ) | ||
Net assets acquired | $ | 16,214 | ||
The customer relationship intangible asset is being amortized over a seven year life, while the backlog was amortized over six months. Goodwill is primarily attributable to the assembled workforce of RTI Extrusions Europe. Goodwill is not deductible for tax purposes. | ||||
Pro forma financial information has not been prepared for the acquisition of RTI Extrusions Europe as the acquisition was not material to the Consolidated Financial Statements. |
Earnings_Per_Share
Earnings Per Share | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Earnings Per Share [Abstract] | |||||||||||||
EARNINGS PER SHARE | EARNINGS PER SHARE: | ||||||||||||
Earnings per share (“EPS”) amounts for each period are presented in accordance with the FASB’s authoritative guidance which requires the presentation of basic and diluted EPS. Basic EPS was computed by dividing net income attributable to common shareholders by the weighted-average number of shares of Common Stock outstanding for each respective period. Diluted EPS was calculated by dividing net income attributable to common shareholders by the weighted-average of all potentially dilutive shares of Common Stock that were outstanding during the periods presented. | |||||||||||||
At December 31, 2014, the Company had $114,381 aggregate principal amount of the 2015 Notes and $402,500 aggregate principal amount the 2019 Notes outstanding. Shares underlying the 2019 Notes and the 2015 Notes and certain stock options were excluded from the calculation of EPS as their effects were antidilutive. Shares excluded from the calculation of EPS were as follows: | |||||||||||||
Year ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
2015 Notes | 3,185,213 | 3,185,213 | 6,404,902 | ||||||||||
2019 Notes | 9,885,561 | 9,885,561 | N/A | ||||||||||
Anti-dilutive options (1) | 367,925 | 238,255 | 421,700 | ||||||||||
-1 | Average option price of shares excluded from calculation of earnings per share were $40.34, $48.10, and $38.43 for the years ended December 31, 2014, 2013 and 2012, respectively. | ||||||||||||
Actual weighted-average shares of Common Stock outstanding used in the calculation of basic and diluted EPS for the years ended December 31, 2014, 2013 and 2013, were as follows: | |||||||||||||
Years ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Numerator — basic earnings per share: | |||||||||||||
Net income from continuing operations before allocation of earnings to participating securities | $ | 31,701 | $ | 15,657 | $ | 13,453 | |||||||
Less: Earnings allocated to participating securities | (201 | ) | (99 | ) | (80 | ) | |||||||
Net income from continuing operations attributable to common shareholders, after earnings allocated to participating securities used in calculation of basic earnings per share | $ | 31,500 | $ | 15,558 | $ | 13,373 | |||||||
Net income (loss) from discontinued operations before allocation of earnings to participating securities | $ | (608 | ) | $ | (1,584 | ) | $ | 1,487 | |||||
Less: Earnings allocated to participating securities | — | — | (9 | ) | |||||||||
Net income (loss) from discontinued operations attributable to common shareholders, after earnings allocated to participating securities | $ | (608 | ) | $ | (1,584 | ) | $ | 1,478 | |||||
Denominator: | |||||||||||||
Basic weighted-average shares outstanding | 30,493,862 | 30,303,328 | 30,127,275 | ||||||||||
Effect of dilutive securities | 124,585 | 227,173 | 130,413 | ||||||||||
Diluted weighted-average shares outstanding | 30,618,447 | 30,530,501 | 30,257,688 | ||||||||||
Earnings per share attributable to continuing operations: | |||||||||||||
Basic | $ | 1.03 | $ | 0.51 | $ | 0.44 | |||||||
Diluted | $ | 1.03 | $ | 0.51 | $ | 0.44 | |||||||
Earnings (loss) per share attributable to discontinued operations: | |||||||||||||
Basic | $ | (0.02 | ) | $ | (0.05 | ) | $ | 0.05 | |||||
Diluted | $ | (0.02 | ) | $ | (0.05 | ) | $ | 0.05 | |||||
Income_Taxes
Income Taxes | 12 Months Ended | ||||||||||||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||
INCOME TAXES | INCOME TAXES: | ||||||||||||||||||||||||||||||||||||
The “Provision for income taxes” caption in the Consolidated Statements of Operations includes the following income tax expense: | |||||||||||||||||||||||||||||||||||||
December 31, 2014 | 31-Dec-13 | 31-Dec-12 | |||||||||||||||||||||||||||||||||||
Current | Deferred | Total | Current | Deferred | Total | Current | Deferred | Total | |||||||||||||||||||||||||||||
Federal | $ | 15,473 | $ | (10,709 | ) | $ | 4,764 | $ | 12,875 | $ | (3,728 | ) | $ | 9,147 | $ | 2,806 | $ | 9,402 | $ | 12,208 | |||||||||||||||||
State | 1,053 | (118 | ) | 935 | 1,152 | (6,630 | ) | (5,478 | ) | 2,330 | (2,258 | ) | 72 | ||||||||||||||||||||||||
Foreign | 4,645 | (307 | ) | 4,338 | 5,376 | (1,906 | ) | 3,470 | 3,916 | (511 | ) | 3,405 | |||||||||||||||||||||||||
Total | $ | 21,171 | $ | (11,134 | ) | $ | 10,037 | $ | 19,403 | $ | (12,264 | ) | $ | 7,139 | $ | 9,052 | $ | 6,633 | $ | 15,685 | |||||||||||||||||
The following table sets forth the components of income (loss) before income taxes by jurisdiction: | |||||||||||||||||||||||||||||||||||||
Years Ended December 31, | |||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||||||||||||||
United States | $ | 18,417 | $ | 12,530 | $ | 34,583 | |||||||||||||||||||||||||||||||
Foreign | 23,321 | 10,266 | (5,445 | ) | |||||||||||||||||||||||||||||||||
Income before income taxes | $ | 41,738 | $ | 22,796 | $ | 29,138 | |||||||||||||||||||||||||||||||
A reconciliation of the expected tax at the federal statutory tax rate to the actual provision follows: | |||||||||||||||||||||||||||||||||||||
Years Ended December 31, | |||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||||||||||||||
Statutory rate of 35% applied to income before income taxes | $ | 14,608 | $ | 7,979 | $ | 10,198 | |||||||||||||||||||||||||||||||
Adjustments of tax reserves and prior years’ income taxes | 1,030 | 51 | 1,322 | ||||||||||||||||||||||||||||||||||
Officers excess compensation/Acquisition costs | — | 434 | 413 | ||||||||||||||||||||||||||||||||||
Effects of foreign operations | (3,371 | ) | (3,042 | ) | (1,399 | ) | |||||||||||||||||||||||||||||||
Change in valuation allowance | (2,066 | ) | 1,662 | 5,200 | |||||||||||||||||||||||||||||||||
State income taxes, net of federal tax effects | 554 | (3,802 | ) | 147 | |||||||||||||||||||||||||||||||||
Goodwill and other intangible asset impairment | — | 3,953 | — | ||||||||||||||||||||||||||||||||||
Section 249 bond premium disallowance | — | 925 | — | ||||||||||||||||||||||||||||||||||
Section 199 deduction | (1,186 | ) | (1,173 | ) | (335 | ) | |||||||||||||||||||||||||||||||
Other | 468 | 152 | 139 | ||||||||||||||||||||||||||||||||||
Total provision | $ | 10,037 | $ | 7,139 | $ | 15,685 | |||||||||||||||||||||||||||||||
Effective tax rate | 24 | % | 31.3 | % | 53.8 | % | |||||||||||||||||||||||||||||||
The effective tax rates in each year vary from the U.S. federal statutory rate of 35% principally due to the effects of foreign operations, changes in the valuation allowance on the Company’s Canadian net deferred tax asset, the benefit of the I.R.C. §199 domestic production activities deduction, adjustments to unrecognized tax benefits, and state taxes. The effects of foreign operations include the impact of lower foreign statutory tax rates, certain statutory allowances, foreign exchange rate movements, and modest amounts of US foreign tax credits. These factors and the mix and relative levels of domestic and foreign income or loss significantly influence each year’s overall effective tax rate. In 2014, the Company’s Canadian subsidiary was profitable, resulting in a reversal of a portion of the valuation allowance on the Canadian net deferred tax asset, while losses in 2013 and 2012 increased the valuation allowance. In 2013, the state income tax benefit related to a change in Pennsylvania state tax law to market based sourcing of revenue and the increase to the effective tax rate for goodwill impairment related to the impairment of goodwill at the Company’s Medical Device Fabrication reporting unit for which there was no corresponding tax basis. | |||||||||||||||||||||||||||||||||||||
Deferred tax assets and liabilities resulted from the following: | |||||||||||||||||||||||||||||||||||||
December 31, | |||||||||||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||||||||||
Deferred tax assets: | |||||||||||||||||||||||||||||||||||||
Canadian tax loss carryforwards (expiring 2026 through 2033) | $ | 34,346 | $ | 39,989 | |||||||||||||||||||||||||||||||||
Postretirement benefit costs | 19,301 | 17,400 | |||||||||||||||||||||||||||||||||||
Employment costs | 12,283 | 11,745 | |||||||||||||||||||||||||||||||||||
State tax loss carryforwards (expiring 2025 through 2034) | 7,123 | 8,073 | |||||||||||||||||||||||||||||||||||
Inventories | 17,423 | 14,671 | |||||||||||||||||||||||||||||||||||
Start-up costs | 2,339 | 2,988 | |||||||||||||||||||||||||||||||||||
Revenue recognition | 1,114 | 4,544 | |||||||||||||||||||||||||||||||||||
Pension costs | 6,426 | 288 | |||||||||||||||||||||||||||||||||||
Other | 3,598 | 3,829 | |||||||||||||||||||||||||||||||||||
Total deferred tax assets | 103,953 | 103,527 | |||||||||||||||||||||||||||||||||||
Valuation allowance | (32,569 | ) | (37,172 | ) | |||||||||||||||||||||||||||||||||
Deferred tax assets, net of valuation allowance | 71,384 | 66,355 | |||||||||||||||||||||||||||||||||||
Deferred tax liabilities: | |||||||||||||||||||||||||||||||||||||
Property, plant and equipment | (57,186 | ) | (58,856 | ) | |||||||||||||||||||||||||||||||||
Convertible debt | (27,325 | ) | (33,511 | ) | |||||||||||||||||||||||||||||||||
Intangible assets | (14,899 | ) | (15,063 | ) | |||||||||||||||||||||||||||||||||
Other | (1,091 | ) | (973 | ) | |||||||||||||||||||||||||||||||||
Total deferred tax liabilities | (100,501 | ) | (108,403 | ) | |||||||||||||||||||||||||||||||||
Net deferred tax liabilities | $ | (29,117 | ) | $ | (42,048 | ) | |||||||||||||||||||||||||||||||
A significant portion of the valuation allowance at December 31, 2014 and 2013 is attributable to the Company’s Canadian net deferred tax asset against which, due to the Company’s Canadian subsidiary’s cumulative losses over a number of years, the Company has recorded a full valuation allowance, net of its Canadian deferred tax liabilities. The Company has also recorded valuation allowances against certain state deferred tax assets pertaining to the related state tax loss carry-forwards that are not anticipated to generate a tax benefit. | |||||||||||||||||||||||||||||||||||||
The Company's Canadian subsidiary generated net taxable losses totaling $134.4 million from 2005 through 2014, resulting in a Canadian net deferred tax asset of $27.6 million as of December 31, 2014. The Company has recorded a full valuation allowance against its Canadian net deferred tax asset as of December 31, 2010, and for each subsequent period thereafter. The realization of the Canadian deferred tax assets is dependent upon the ability to generate future taxable income at the Company's Canadian subsidiary. Despite the utilization of some the Canadian subsidiary’s net operating loss carryforwards in 2014, there has not been an established pattern of net income earned in recent years. In addition, the lack of certainty of future earnings sufficient to utilize the remaining loss carryforwards causes the negative evidence of prior year losses to outweigh the potential for future earnings, resulting in a need to maintain the current valuation allowance against the net operating loss carryforwards. The Company will continue to review whether a valuation allowance against the Canadian net deferred tax asset is required. If it is determined that the realization of some or all of the Canadian net deferred tax assets is more likely than not, some or all of the valuation allowance will be reversed. | |||||||||||||||||||||||||||||||||||||
A reconciliation of the total amounts of unrecognized tax benefits for the years ended December 31, 2014, 2013, and 2012 is as follows: | |||||||||||||||||||||||||||||||||||||
Unrecognized Tax Benefits | |||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||||||||||||||
Gross balance at January 1 | $ | 8,427 | $ | 9,161 | $ | 6,157 | |||||||||||||||||||||||||||||||
Prior period tax positions: | |||||||||||||||||||||||||||||||||||||
Increases | 1,425 | 861 | 1,556 | ||||||||||||||||||||||||||||||||||
Decreases | (358 | ) | (2,109 | ) | (30 | ) | |||||||||||||||||||||||||||||||
Current period tax positions | 2,825 | 1,608 | 1,478 | ||||||||||||||||||||||||||||||||||
Lapse of Statute | (1,789 | ) | — | — | |||||||||||||||||||||||||||||||||
Settlements with tax authorities | — | (1,094 | ) | — | |||||||||||||||||||||||||||||||||
Gross balance at December 31 | $ | 10,530 | $ | 8,427 | $ | 9,161 | |||||||||||||||||||||||||||||||
Amount that would affect the effective tax rate if recognized | $ | 7,489 | $ | 6,168 | $ | 5,946 | |||||||||||||||||||||||||||||||
The Company’s unrecognized tax benefits principally relate to the sale of products and provision of services by the Company’s U.S. subsidiaries to its foreign subsidiaries. The decrease in prior period tax positions in 2013 resulted from an audit settlement. The settlements with tax authorities in 2013 represents tax payments to tax authorities as a result of an audit settlement. It is reasonably possible that the total amount of unrecognized tax benefits could be decreased within the next twelve months by approximately $3.4 million. | |||||||||||||||||||||||||||||||||||||
The Company classifies interest and penalties as an element of tax expense. The amount of tax-related interest and penalties recognized in the Consolidated Statement of Operations for fiscal years 2014, 2013, and 2012, and the total of such amounts accrued in the Consolidated Balance Sheets at December 31, 2014 and 2013 were not material. | |||||||||||||||||||||||||||||||||||||
The Company’s U.S. Federal income tax returns for tax years 2011, 2012 and 2013 remain open to examination. The Company’s U.S. federal income tax return for 2012 is currently under examination. The field examination of the Company’s Canadian tax returns for tax years 2006 and 2007 by the Canadian Revenue Authority (“CRA”) was completed in 2013. The Company filed an administrative appeal of the agent’s proposed adjustments which was recently decided favorably by CRA resulting in an acceptance of the returns as filed. The examination of the tax year 2008 by CRA is continuing. Tax years after 2008 are open to examination by CRA. | |||||||||||||||||||||||||||||||||||||
Undistributed earnings of certain foreign subsidiaries considered to be indefinitely reinvested or which may be remitted tax free in certain situations, amounted to $4.1 million at December 31, 2014. The Company has determined that the deferred tax liability associated with these undistributed earnings, net of embedded foreign tax credits, is not material. |
Other_Income_Expense_Net
Other Income (Expense), Net | 12 Months Ended |
Dec. 31, 2014 | |
Other Income and Expenses [Abstract] | |
OTHER INCOME (EXPENSE), NET | OTHER INCOME (EXPENSE), NET: |
Other income (expense), net, for the years ended December 31, 2014, 2013, and 2012 was $2,156, $938, and $(501), respectively. Other income (expense), net, consists primarily of foreign exchange gains and losses from the Company’s international operations. |
Emplpoyee_Benefit_Plans
Emplpoyee Benefit Plans | 12 Months Ended | ||||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | |||||||||||||||||||||||||||||
EMPLOYEE BENEFIT PLANS | EMPLOYEE BENEFIT PLANS: | ||||||||||||||||||||||||||||
The Company provides defined benefit pension plans for certain of its salaried and represented workforce. Benefits for its salaried participants are generally based on participants’ years of service and compensation. Benefits for represented pension participants are generally determined based on an amount for years of service. Other employees participate in 401(k) plans whereby the Company may provide a match of employee contributions. The policy of the Company with respect to its defined benefit plans is to contribute at least the minimum amounts required by applicable laws and regulations. For the years ended December 31, 2014, 2013, and 2012, expenses related to 401(k) plans were approximately $4,960, $4,199, and $3,390, respectively. | |||||||||||||||||||||||||||||
As of the signing of the Labor Agreement with USW at the Niles, Ohio plant on December 1, 2004, all new hourly, clerical and technical employees covered by the Labor Agreement are covered by a defined contribution pension plan rather than a defined benefit plan. Effective January 1, 2006, all new salaried non-represented employees in the Titanium Segment are covered by a defined contribution pension plan rather than a defined benefit plan. As a result of these changes, no future hires will be covered by defined benefit pension plans. During 2013, the Company offered a voluntary early retirement program to certain qualifying employees. As a result, the Company recorded expense of $3,196 in net periodic benefit cost during 2013. | |||||||||||||||||||||||||||||
The Company uses a December 31 measurement date for all benefit plans. The following table provides reconciliations of the changes in the Company’s pension and other post-employment benefit plan obligations, the values of plan assets, amounts recognized in Company’s financial statements, and principal weighted-average assumptions used: | |||||||||||||||||||||||||||||
Pension Benefit Plans | Post-Retirement | ||||||||||||||||||||||||||||
Benefit Plan | |||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||||||
Change in projected benefit obligation: | |||||||||||||||||||||||||||||
Projected benefit obligation at beginning of year | $ | 171,003 | $ | 167,482 | $ | 46,413 | $ | 47,934 | |||||||||||||||||||||
Service cost | 2,107 | 2,469 | 957 | 747 | |||||||||||||||||||||||||
Interest cost | 7,862 | 6,789 | 2,134 | 1,920 | |||||||||||||||||||||||||
Actuarial loss (gain) | 15,148 | 4,404 | 3,918 | (2,466 | ) | ||||||||||||||||||||||||
Special termination benefits | — | 2,052 | — | 162 | |||||||||||||||||||||||||
Settlements | (1,331 | ) | (2,486 | ) | — | — | |||||||||||||||||||||||
Benefits paid | (10,049 | ) | (9,707 | ) | (3,185 | ) | (2,981 | ) | |||||||||||||||||||||
Plan participants’ contributions | — | — | 944 | 933 | |||||||||||||||||||||||||
Medicare retiree drug subsidy received | — | — | 77 | 164 | |||||||||||||||||||||||||
Projected benefit obligation at end of year | $ | 184,740 | $ | 171,003 | $ | 51,258 | $ | 46,413 | |||||||||||||||||||||
Change in plan assets: | |||||||||||||||||||||||||||||
Fair value of plan assets at beginning of year | $ | 162,741 | $ | 146,722 | $ | — | $ | — | |||||||||||||||||||||
Actual return on plan assets | 13,756 | 21,406 | — | — | |||||||||||||||||||||||||
Employer contributions | 2,431 | 6,806 | 2,164 | 1,884 | |||||||||||||||||||||||||
Medicare retiree drug subsidy received | — | — | 77 | 164 | |||||||||||||||||||||||||
Settlements | (1,331 | ) | (2,486 | ) | — | — | |||||||||||||||||||||||
Plan participants’ contributions | — | — | 944 | 933 | |||||||||||||||||||||||||
Benefits paid | (10,049 | ) | (9,707 | ) | (3,185 | ) | (2,981 | ) | |||||||||||||||||||||
Fair value of plan assets at end of year | $ | 167,548 | $ | 162,741 | $ | — | $ | — | |||||||||||||||||||||
Funded status | $ | (17,192 | ) | $ | (8,262 | ) | $ | (51,258 | ) | $ | (46,413 | ) | |||||||||||||||||
Amounts recognized in the Consolidated Balance Sheets consisted of: | |||||||||||||||||||||||||||||
Noncurrent assets | $ | — | $ | 6,983 | $ | — | $ | — | |||||||||||||||||||||
Current liabilities | (95 | ) | (1,458 | ) | (2,963 | ) | (2,966 | ) | |||||||||||||||||||||
Noncurrent liabilities | (17,097 | ) | (13,787 | ) | (48,295 | ) | (43,447 | ) | |||||||||||||||||||||
Net amount recognized | $ | (17,192 | ) | $ | (8,262 | ) | $ | (51,258 | ) | $ | (46,413 | ) | |||||||||||||||||
Accumulated benefit obligation | $ | 179,411 | $ | 166,357 | N/A | N/A | |||||||||||||||||||||||
Amounts recognized in accumulated other comprehensive loss consisted of: | |||||||||||||||||||||||||||||
December 31, | December 31, | ||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||||||
Net actuarial loss | $ | 69,979 | $ | 63,496 | $ | 9,594 | $ | 5,771 | |||||||||||||||||||||
Prior service cost | 5,323 | 6,237 | — | 689 | |||||||||||||||||||||||||
Total, before tax effect | $ | 75,302 | $ | 69,733 | $ | 9,594 | $ | 6,460 | |||||||||||||||||||||
Activity related to amounts recognized in accumulated other comprehensive loss is as follows: | |||||||||||||||||||||||||||||
December 31, | 2013 | December 31, | 2014 | December 31, | |||||||||||||||||||||||||
2012 | Amortization | Activity | 2013 | Amortization | Activity | 2014 | |||||||||||||||||||||||
Pension Benefit Plans | |||||||||||||||||||||||||||||
Actuarial losses | $ | 77,032 | $ | (5,982 | ) | $ | (7,554 | ) | $ | 63,496 | $ | (5,424 | ) | $ | 11,907 | $ | 69,979 | ||||||||||||
Prior service cost | 7,227 | (990 | ) | — | 6,237 | (914 | ) | — | 5,323 | ||||||||||||||||||||
Postretirement Medical Plan | |||||||||||||||||||||||||||||
Actuarial losses | 8,486 | (248 | ) | (2,467 | ) | 5,771 | (95 | ) | 3,918 | 9,594 | |||||||||||||||||||
Prior service cost | 1,904 | (1,215 | ) | — | 689 | (689 | ) | — | — | ||||||||||||||||||||
The assumptions used to determine obligations for defined benefit pension and post-retirement medical plans are as follows: | |||||||||||||||||||||||||||||
Pension Benefit Plans | Post-Retirement | ||||||||||||||||||||||||||||
Benefit Plan | |||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||||||
Weighted-average assumptions used to determine benefit obligation at December 31: | |||||||||||||||||||||||||||||
Discount rate — qualified plan | 4.01 | % | 4.78 | % | N/A | N/A | |||||||||||||||||||||||
Discount rate — non-qualified plan | 3.06 | % | 3.71 | % | N/A | N/A | |||||||||||||||||||||||
Discount rate — post-retirement medical plan | N/A | N/A | 3.97 | % | 4.75 | % | |||||||||||||||||||||||
Rate of increase to compensation levels — qualified plans | 3.8 | % | 3.8 | % | N/A | N/A | |||||||||||||||||||||||
Rate of increase to compensation levels — non-qualified plans | 2.9 | % | 2.9 | % | N/A | N/A | |||||||||||||||||||||||
Measurement date | 31-Dec | 31-Dec | 31-Dec | 31-Dec | |||||||||||||||||||||||||
Health cost trend rate assumed for next year | N/A | N/A | 6.68 | % | 6.73 | % | |||||||||||||||||||||||
Ultimate trend rate | N/A | N/A | 4.5 | % | 4.5 | % | |||||||||||||||||||||||
Year that rate reaches ultimate trend rate | N/A | N/A | 2026 | 2026 | |||||||||||||||||||||||||
Weighted-average assumptions used to determine net periodic benefit obligation cost for the years ended December 31: | |||||||||||||||||||||||||||||
Discount rate | 4.78 | % | 4.1 | % | N/A | N/A | |||||||||||||||||||||||
Discount rate — non-qualified plan | 3.71 | % | 4.1 | % | N/A | N/A | |||||||||||||||||||||||
Discount rate — post-retirement medical plan | N/A | N/A | 4.75 | % | 4.1 | % | |||||||||||||||||||||||
Expected long-term return on plan assets | 7.5 | % | 7.5 | % | N/A | N/A | |||||||||||||||||||||||
Rate of increase to compensation levels — qualified plans | 3.8 | % | 3.8 | % | N/A | N/A | |||||||||||||||||||||||
Rate of increase to compensation levels — non-qualified plans | 2.9 | % | 2.9 | % | N/A | N/A | |||||||||||||||||||||||
The Company’s expected long-term return on plan assets assumption is based on a periodic review and modeling of each plan’s asset allocation and liability structure over a long-term horizon. Expectations of returns for each asset class are the most important of the assumptions used in the review and modeling and are based on comprehensive reviews of historical data and economic/financial market theory. The expected long-term rate of return on assets was selected from within the reasonable range of rates determined by (a) historical real returns, net of inflation, for the asset classes covered by the investment policy and (b) projections of inflation over the long-term period during which benefits are payable to plan participants. | |||||||||||||||||||||||||||||
A change of one quarter of a percentage point in the expected rate of return on plan assets would have the following effect on the defined benefit plan: | |||||||||||||||||||||||||||||
-0.25% | 0.25% | ||||||||||||||||||||||||||||
Effect on subsequent years periodic pension expense (in millions) | $ | 0.4 | $ | (0.4 | ) | ||||||||||||||||||||||||
The discount rate is used to determine the present value of future payments. In general, the Company’s liability increases as the discount rate decreases and decreases as the discount rate increases. The discount rate was determined by taking into consideration an above-mean yield curve model in order to select a discount rate that best matches the expected payment streams of the future payments. The model is developed using bonds with a Moody’s or Standard & Poor’s rating of “Aa” or better based on those bonds available as of the measurement date. The appropriate discount rate is then selected based on the resulting yield from this portfolio. | |||||||||||||||||||||||||||||
A change of one-quarter of a percentage point in the discount rates used at December 31, 2014 would have the following effect on the defined benefit plans: | |||||||||||||||||||||||||||||
-0.25% | 0.25% | ||||||||||||||||||||||||||||
Effect on total projected benefit obligation ("PBO") (in millions) | $ | 5.6 | $ | (5.3 | ) | ||||||||||||||||||||||||
Effect on subsequent years periodic pension expense (in millions) | $ | 0.3 | $ | (0.3 | ) | ||||||||||||||||||||||||
A change of one-quarter of a percentage point in the discount rate used at December 31, 2014 would have the following effect on the postretirement medical plan: | |||||||||||||||||||||||||||||
-0.25% | 0.25% | ||||||||||||||||||||||||||||
Effect on accumulated postretirement benefit obligation (in millions) | $ | 1.6 | $ | (1.5 | ) | ||||||||||||||||||||||||
Effect on total net periodic benefit cost (in millions) | $ | 0.1 | $ | (0.1 | ) | ||||||||||||||||||||||||
A change of one percentage point in the health cost trend rate of 6.68% used at December 31, 2014 would have the following effect on the postretirement medical plan: | |||||||||||||||||||||||||||||
-1.00% | 1.00% | ||||||||||||||||||||||||||||
Effect on total service cost and interest cost components (in millions) | $ | (0.2 | ) | $ | 0.2 | ||||||||||||||||||||||||
Effect on accumulated postretirement benefit obligation (in millions) | $ | (2.2 | ) | $ | 2.5 | ||||||||||||||||||||||||
The components of net periodic pension and post-retirement benefit cost were as follows: | |||||||||||||||||||||||||||||
Pension Benefit Plans | Post-Retirement Benefit Plan | ||||||||||||||||||||||||||||
2014 | 2013 | 2012 | 2014 | 2013 | 2012 | ||||||||||||||||||||||||
Service cost | $ | 2,107 | $ | 2,469 | $ | 2,450 | $ | 957 | $ | 747 | $ | 671 | |||||||||||||||||
Interest cost | 7,862 | 6,789 | 7,093 | 2,134 | 1,920 | 2,102 | |||||||||||||||||||||||
Expected return on plan assets | (11,305 | ) | (10,429 | ) | (9,707 | ) | — | — | — | ||||||||||||||||||||
Prior service cost amortization | 914 | 990 | 980 | 689 | 1,214 | 1,214 | |||||||||||||||||||||||
Amortization of actuarial loss | 5,424 | 5,982 | 5,361 | 95 | 248 | 157 | |||||||||||||||||||||||
Settlement charges | 789 | 981 | 373 | — | — | — | |||||||||||||||||||||||
Special termination benefit | — | 2,052 | — | — | 162 | — | |||||||||||||||||||||||
Net periodic benefit cost | $ | 5,791 | $ | 8,834 | $ | 6,550 | $ | 3,875 | $ | 4,291 | $ | 4,144 | |||||||||||||||||
The amounts in accumulated other comprehensive loss expected to be recognized as components of net periodic benefit cost during 2015 are as follows: | |||||||||||||||||||||||||||||
Pension Benefit Plans | Postretirement Medical Plan | ||||||||||||||||||||||||||||
2015 | 2015 | ||||||||||||||||||||||||||||
Amortization of actuarial loss | $ | 4,893 | $ | 381 | |||||||||||||||||||||||||
Amortization of prior service cost | 913 | — | |||||||||||||||||||||||||||
Total recognized from accumulated other comprehensive loss | $ | 5,806 | $ | 381 | |||||||||||||||||||||||||
The fair value of the Company’s defined benefit pension plans’ assets as of December 31, 2014 and 2013 were as follows: | |||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||
Investment category: | |||||||||||||||||||||||||||||
U.S. government securities | $ | 22,193 | $ | 24,996 | |||||||||||||||||||||||||
Corporate bonds | 45,073 | 40,633 | |||||||||||||||||||||||||||
Equities | 91,816 | 88,894 | |||||||||||||||||||||||||||
Short-term investment funds | 1,763 | 1,550 | |||||||||||||||||||||||||||
Real estate funds | 4,730 | 3,835 | |||||||||||||||||||||||||||
Timberlands | 1,973 | 1,875 | |||||||||||||||||||||||||||
Other | — | 958 | |||||||||||||||||||||||||||
Total | $ | 167,548 | $ | 162,741 | |||||||||||||||||||||||||
The Company’s target asset allocation as of December 31, 2014 by asset category is as follows: | |||||||||||||||||||||||||||||
2014 | |||||||||||||||||||||||||||||
Investment category: | |||||||||||||||||||||||||||||
Equity securities | 55 | % | |||||||||||||||||||||||||||
Debt and other short-term investments | 43 | % | |||||||||||||||||||||||||||
Cash | 2 | % | |||||||||||||||||||||||||||
Total | 100 | % | |||||||||||||||||||||||||||
The Company’s investment policy for the defined benefit pension plans includes various guidelines and procedures designed to ensure assets are invested in a manner necessary to meet expected future benefits earned by participants. The investment guidelines consider a broad range of economic conditions. Central to the policy are target allocation ranges, shown above, by major asset categories. The objectives of the target allocations are to maintain investment portfolios that diversify risk through prudent asset allocation parameters, achieve asset returns that meet or exceed the plans’ actuarial assumptions, and achieve asset returns that are competitive with like institutions employing similar investment strategies. Within these broad investment categories, the Company’s investment policy places certain restrictions on the types and amounts of plan investments. For example, no individual stock may account for more than 5% of total equities, no single corporate bond issuer rated below AA may equal more than 10% of the total bond portfolio, non-investment grade bonds may not exceed 10% of the total bond portfolio, and private equity and real estate investments may not exceed 8% of total plan assets. | |||||||||||||||||||||||||||||
The Company and a designated third-party fiduciary periodically review the investment policy. The policy is established and administered in a manner so as to comply at all times with applicable government regulations. | |||||||||||||||||||||||||||||
The Company uses appropriate valuation techniques based on the available inputs to measure the fair value of plan investments. When available, the Company measures the fair value using Level 1 inputs as they generally provide the most reliable evidence of fair value. When Level 1 and Level 2 inputs are not available, the Company uses Level 3 inputs to fair value its plan assets. A summary of the plan investments, their fair value and their level within the fair value hierarchy is presented below. | |||||||||||||||||||||||||||||
As of December 31, 2014: | |||||||||||||||||||||||||||||
Quoted Market Prices | Significant Other Observable Inputs | Significant Unobservable Inputs | Total | ||||||||||||||||||||||||||
(Level 1) | (Level 2) | (Level 3) | |||||||||||||||||||||||||||
Investment category: | |||||||||||||||||||||||||||||
U.S. government securities | $ | — | $ | 22,193 | $ | — | $ | 22,193 | |||||||||||||||||||||
Corporate bonds | — | 45,073 | — | 45,073 | |||||||||||||||||||||||||
Equities | 2,551 | 84,475 | 4,790 | 91,816 | |||||||||||||||||||||||||
Short-term investment funds | 1,763 | — | — | 1,763 | |||||||||||||||||||||||||
Real estate funds | — | — | 4,730 | 4,730 | |||||||||||||||||||||||||
Timberlands | — | — | 1,973 | 1,973 | |||||||||||||||||||||||||
Total assets | $ | 4,314 | $ | 151,741 | $ | 11,493 | $ | 167,548 | |||||||||||||||||||||
As of December 31, 2013: | |||||||||||||||||||||||||||||
Quoted Market Prices | Significant Other Observable Inputs | Significant Unobservable Inputs | Total | ||||||||||||||||||||||||||
(Level 1) | (Level 2) | (Level 3) | |||||||||||||||||||||||||||
Investment category: | |||||||||||||||||||||||||||||
U.S. government securities | $ | — | $ | 24,996 | $ | — | $ | 24,996 | |||||||||||||||||||||
Corporate bonds | — | 40,633 | — | 40,633 | |||||||||||||||||||||||||
Equities | 2,529 | 82,365 | 4,000 | 88,894 | |||||||||||||||||||||||||
Short-term investment funds | 1,072 | 478 | — | 1,550 | |||||||||||||||||||||||||
Real estate funds | — | — | 3,835 | 3,835 | |||||||||||||||||||||||||
Timberlands | — | — | 1,875 | 1,875 | |||||||||||||||||||||||||
Other | $ | 1,016 | $ | (58 | ) | $ | — | $ | 958 | ||||||||||||||||||||
Total assets | $ | 4,617 | $ | 148,414 | $ | 9,710 | $ | 162,741 | |||||||||||||||||||||
Level 1 Fair Value Measurements: | |||||||||||||||||||||||||||||
Short-term Investment Funds — Short-term Investment Funds are carried at the reported net asset values. | |||||||||||||||||||||||||||||
Equities — The fair values of equities are based upon quoted market prices. | |||||||||||||||||||||||||||||
Level 2 Fair Value Measurements: | |||||||||||||||||||||||||||||
Corporate Bonds and U.S. Government Securities — The plans hold certain U.S. government securities and corporate bonds in a limited partnership with the assets of other plan sponsors. The fair values of these securities held in the partnership are based upon quoted market prices. | |||||||||||||||||||||||||||||
Equities — The plans hold common stock in a limited partnership with the assets of other plan sponsors. | |||||||||||||||||||||||||||||
The fair values of these securities held in the partnerships are based upon quoted market prices. | |||||||||||||||||||||||||||||
Level 3 Fair Value Measurements: | |||||||||||||||||||||||||||||
Equities (Private Equity Funds) and Real Estate Funds — The fair value of private equity funds and real estate funds are determined by the fair value of the underlying investments in the funds plus working capital adjusted for liabilities, currency translation and estimated performance incentives. Various methods of determining the fair value of the underlying assets in each fund are used which may include, but are not limited to, expected cash flows, multiples of earnings, discounted cash flow models, direct capitalization analyses, third-party appraisals and other market-based information. Valuations are reviewed utilizing available market data to determine whether or not any fair value adjustments are necessary. | |||||||||||||||||||||||||||||
Timberlands — The value of the Timberlands investment is based upon the appraised value of the Timberlands plus net working capital. It is based upon inventory obtained pursuant to a review of this inventory at the time of acquisition, updated periodically based upon a cash projection model for a 50-year period using real prices and a real discount rate based upon current market activity. Valuations are reviewed utilizing industry information to determine whether or not any fair value adjustments are necessary. | |||||||||||||||||||||||||||||
The following table provides further details of the Level 3 fair value measurements using significant unobservable inputs: | |||||||||||||||||||||||||||||
Private Equity Funds | Real Estate Funds | Timberlands | Total | ||||||||||||||||||||||||||
December 31, 2012 | $ | 4,038 | $ | 3,468 | $ | 1,691 | $ | 9,197 | |||||||||||||||||||||
Realized gains/losses | 788 | 216 | — | 1,004 | |||||||||||||||||||||||||
Unrealized gain/losses relating to investments still held at December 31, 2013 | 23 | 322 | 184 | 529 | |||||||||||||||||||||||||
Purchases | 857 | 725 | — | 1,582 | |||||||||||||||||||||||||
Sales | (1,706 | ) | (896 | ) | — | (2,602 | ) | ||||||||||||||||||||||
December 31, 2013 | $ | 4,000 | $ | 3,835 | $ | 1,875 | $ | 9,710 | |||||||||||||||||||||
Realized gains/losses | 400 | 285 | — | 685 | |||||||||||||||||||||||||
Unrealized gain/losses relating to investments still held at December 31, 2014 | 259 | 166 | 98 | 523 | |||||||||||||||||||||||||
Purchases | 946 | 1,353 | — | 2,299 | |||||||||||||||||||||||||
Sales | (815 | ) | (909 | ) | — | (1,724 | ) | ||||||||||||||||||||||
December 31, 2014 | $ | 4,790 | $ | 4,730 | $ | 1,973 | $ | 11,493 | |||||||||||||||||||||
Other post-retirement benefit plans. The ultimate costs of certain of the Company’s retiree health care plans are capped at predetermined out-of-pocket spending limits. The annual rate of increase in the per capita costs for these plans is limited to the predetermined spending cap. | |||||||||||||||||||||||||||||
All of the benefit payments are expected to be paid from Company assets. These estimates are based on current benefit plan coverages and, in accordance with the Company’s rights under the plan, these coverages may be modified, reduced, or terminated in the future. | |||||||||||||||||||||||||||||
The following pension and post-retirement benefit payments, which reflect expected future service, as appropriate, are expected to be paid: | |||||||||||||||||||||||||||||
Pension Benefit Plans | Post-Retirement Benefit Plan (including Plan D subsidy) | Post-Retirement Benefit Plan (not including Plan D subsidy) | |||||||||||||||||||||||||||
2015 | $ | 10,518 | $ | 2,963 | $ | 3,078 | |||||||||||||||||||||||
2016 | 10,829 | 3,050 | 3,176 | ||||||||||||||||||||||||||
2017 | 10,909 | 2,824 | 2,962 | ||||||||||||||||||||||||||
2018 | 11,371 | 2,972 | 3,122 | ||||||||||||||||||||||||||
2019 | 11,495 | 3,149 | 3,311 | ||||||||||||||||||||||||||
2020 to 2024 | 61,382 | 19,095 | 20,122 | ||||||||||||||||||||||||||
The Company contributed $1,100 and $4,320 to its qualified defined benefit pension plans in 2014 and 2013, respectively. No additional contributions are expected to be required for the Company to maintain its desired funding status in 2015. | |||||||||||||||||||||||||||||
Supplemental pension plan. Company officers who participate in the incentive compensation plan are eligible for the Company’s supplemental pension plan which entitles participants to receive additional pension benefits based upon their annual bonuses paid under the incentive compensation plan. Participation in this plan is subject to approval by the Company’s Board of Directors. | |||||||||||||||||||||||||||||
Excess pension plan. The Company sponsors an excess pension plan for designated individuals whose salary amounts exceed IRS limits allowed in the Company’s qualified pension plans. Participation in this plan is subject to approval by the Company’s Board of Directors. | |||||||||||||||||||||||||||||
The supplemental and excess pension plans are included and disclosed within the pension benefit plan information within this Note. | |||||||||||||||||||||||||||||
Employee Stock Purchase Plan. At the Company’s 2009 Annual Meeting of Shareholders, its shareholders approved the Employee Stock Purchase Plan (the “ESPP”), which authorized the issuance of 2.0 million shares of the Company’s Common Stock for purchase by eligible employee participants through payroll deductions. Employees purchase shares in each quarterly purchase period at a 5% discount to the fair market value of the Company’s Common Stock on the valuation date. Under current accounting guidance, the ESPP qualifies as a non-compensatory plan. | |||||||||||||||||||||||||||||
Approximately 49,000 shares have been purchased under the ESPP since its inception. As of December 31, 2014, more than 1.9 million shares of the Company’s Common Stock remained available for future purchase under the ESPP. |
Leases
Leases | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Leases [Abstract] | |||||||||
LEASES | LEASES: | ||||||||
The Company and its subsidiaries have entered into various operating and capital leases for the use of certain manufacturing equipment, office and manufacturing facilities, office equipment, and vehicles. The operating leases generally contain renewal options and provide that the lessee pay insurance and maintenance costs. The total rental expense under operating leases amounted to $6,552, $6,596, and $5,587 in the years ended December 31, 2014, 2013, and 2012, respectively. Capital lease obligations are generally entered into for the use of machinery and equipment. Obligations under capital leases totaled $15,867 at December 31, 2014. Of this amount, $2,853 was recorded as a component of other current liabilities and $13,014, was recorded as a component of long term debt on the Company’s Consolidated Balance Sheet. Expense related to capital lease amortization assets is included within depreciation expense. | |||||||||
The Company's EP&S Segment entered into five capital leases during 2014 for machinery and equipment. Principal and interest payments under the leases, which expire at various times through April 2021, total $9,772. | |||||||||
The Company’s future minimum commitments under operating and capital leases for years after 2014 are as follows: | |||||||||
Operating Leases | Capital Leases | ||||||||
2015 | $ | 7,105 | $ | 3,496 | |||||
2016 | 6,522 | 3,090 | |||||||
2017 | 4,733 | 2,884 | |||||||
2018 | 4,172 | 2,313 | |||||||
2019 | 3,000 | 2,524 | |||||||
Thereafter | 1,497 | 3,781 | |||||||
Total lease payments | $ | 27,029 | $ | 18,088 | |||||
Unearned_Revenue
Unearned Revenue | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Revenue Recognition [Abstract] | |||||||||
UNEARNED REVENUE | UNEARNED REVENUE: | ||||||||
The Company reported liabilities of $13,099 and $26,095 for unearned revenue balances as of December 31, 2014 and 2013, respectively. These balances represented payments received in advance, primarily from energy market customers on long-term orders to fund working capital requirements. Amounts expected to be realized within one year, which represent the majority of the balance, are recorded as current liabilities. The remaining amount is recorded as a non-current liability. Unearned revenue balances are presented in the following table: | |||||||||
December 31, | |||||||||
2014 | 2013 | ||||||||
Current unearned revenue | $ | 7,623 | $ | 15,625 | |||||
Non-current unearned revenue | 5,476 | 10,470 | |||||||
Total unearned revenue | $ | 13,099 | $ | 26,095 | |||||
Transactions_With_Related_Part
Transactions With Related Parties | 12 Months Ended |
Dec. 31, 2014 | |
Related Party Transactions [Abstract] | |
TRANSACTIONS WITH RELATED PARTIES | TRANSACTIONS WITH RELATED PARTIES: |
The Company did not enter into any significant related-party transactions during the years ended December 31, 2014, 2013, and 2012. |
Segment_Reporting
Segment Reporting | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Segment Reporting [Abstract] | |||||||||||||
SEGMENT REPORTING | SEGMENT REPORTING: | ||||||||||||
The Company’s chief operating decision maker is the Vice Chair, President, and Chief Executive Officer. The Company conducts its operations in two reportable segments: the Titanium Segment and the EP&S Segment. Refer to Note 1 of these Consolidated Financial Statements for a description of each reportable segment. | |||||||||||||
The EP&S Segment utilizes the Titanium Segment as its primary source of titanium mill products. Intersegment sales are accounted for at prices that are generally established by reference to similar transactions with unaffiliated customers. Reportable segments are measured based on segment operating income after an allocation of certain corporate items such as general corporate overhead and expenses. Assets of general corporate activities include unallocated cash and deferred taxes. A summary of financial information by reportable segment is as follows: | |||||||||||||
Years Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Net sales: | |||||||||||||
Titanium Segment | $ | 360,614 | $ | 346,627 | $ | 352,847 | |||||||
Intersegment sales | 90,175 | 92,502 | 82,265 | ||||||||||
Total Titanium Segment sales | 450,789 | 439,129 | 435,112 | ||||||||||
Engineered Products and Services Segment | 432,965 | 436,646 | 347,140 | ||||||||||
Intersegment sales | 90,050 | 67,791 | 80,394 | ||||||||||
Total Engineered Products and Services Segment sales | 523,015 | 504,437 | 427,534 | ||||||||||
Eliminations | (180,225 | ) | (160,293 | ) | (162,659 | ) | |||||||
Total consolidated net sales | $ | 793,579 | $ | 783,273 | $ | 699,987 | |||||||
Operating income: | |||||||||||||
Titanium Segment before corporate allocations | $ | 70,302 | $ | 78,637 | $ | 58,542 | |||||||
Corporate allocations | (17,320 | ) | (19,626 | ) | (19,477 | ) | |||||||
Total Titanium Segment operating income | 52,982 | 59,011 | 39,065 | ||||||||||
Engineered Products and Services Segment before corporate allocations | 40,987 | 24,981 | 23,437 | ||||||||||
Corporate allocations | (23,642 | ) | (21,977 | ) | (15,085 | ) | |||||||
Total Engineered Products and Services Segment operating income | 17,345 | 3,004 | 8,352 | ||||||||||
Total consolidated operating income | 70,327 | 62,015 | 47,417 | ||||||||||
Other income (expense), net | 2,156 | 938 | (501 | ) | |||||||||
Interest expense, net | (30,745 | ) | (40,157 | ) | (17,778 | ) | |||||||
Total consolidated income before income taxes | $ | 41,738 | $ | 22,796 | $ | 29,138 | |||||||
Years Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Revenue by market information: | |||||||||||||
Titanium Segment | |||||||||||||
Commercial aerospace | $ | 251,572 | $ | 216,599 | $ | 217,607 | |||||||
Defense | 70,904 | 98,976 | 104,313 | ||||||||||
Energy, medical, and other | 38,138 | 31,052 | 30,927 | ||||||||||
Total Titanium Segment net sales | 360,614 | 346,627 | 352,847 | ||||||||||
Engineered Products and Services Segment | |||||||||||||
Commercial aerospace | $ | 244,964 | $ | 215,087 | $ | 168,760 | |||||||
Defense | 64,455 | 71,471 | 53,435 | ||||||||||
Energy, medical, and other | 123,546 | 150,088 | 124,945 | ||||||||||
Total Engineered Product and Services Segment net sales | 432,965 | 436,646 | 347,140 | ||||||||||
Total consolidated net sales | $ | 793,579 | $ | 783,273 | $ | 699,987 | |||||||
Geographic location of trade sales: | |||||||||||||
United States | $ | 563,937 | $ | 548,609 | $ | 450,518 | |||||||
France | 63,656 | 69,658 | 72,810 | ||||||||||
England | 47,643 | 56,658 | 52,931 | ||||||||||
Germany | 34,128 | 30,955 | 40,011 | ||||||||||
Italy | 20,062 | 14,344 | 11,575 | ||||||||||
Canada | 13,179 | 11,492 | 12,456 | ||||||||||
Japan | 13,098 | 10,660 | 9,389 | ||||||||||
Austria | 10,591 | 10,035 | 7,162 | ||||||||||
Spain | 4,757 | 12,713 | 16,285 | ||||||||||
Malaysia | — | — | 10,624 | ||||||||||
Other countries | 22,528 | 18,149 | 16,226 | ||||||||||
Total trade sales | $ | 793,579 | $ | 783,273 | $ | 699,987 | |||||||
Capital expenditures: | |||||||||||||
Titanium Segment | $ | 10,890 | $ | 15,976 | $ | 44,741 | |||||||
Engineered Products and Services Segment | 19,617 | 16,398 | 16,797 | ||||||||||
Total capital expenditures | $ | 30,507 | $ | 32,374 | $ | 61,538 | |||||||
Depreciation and amortization: | |||||||||||||
Titanium Segment | $ | 20,253 | $ | 19,973 | $ | 18,421 | |||||||
Engineered Products and Services Segment | 24,624 | 23,852 | 22,703 | ||||||||||
Total depreciation and amortization | $ | 44,877 | $ | 43,825 | $ | 41,124 | |||||||
The following geographic area information includes property, plant, and equipment based on physical location. | |||||||||||||
December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
United States | $ | 631,194 | $ | 606,369 | $ | 590,621 | |||||||
England | 25,800 | 23,036 | 16,017 | ||||||||||
France | 2,066 | 1,928 | 1,312 | ||||||||||
Canada | 72,999 | 69,616 | 64,924 | ||||||||||
Less: Accumulated depreciation | (362,772 | ) | (328,609 | ) | (297,055 | ) | |||||||
Property, plant, and equipment, net | $ | 369,287 | $ | 372,340 | $ | 375,819 | |||||||
Total assets: | |||||||||||||
Titanium Segment | $ | 685,306 | $ | 604,123 | $ | 566,359 | |||||||
Engineered Products and Services Segment | 614,309 | 585,867 | 544,928 | ||||||||||
General corporate assets | 266,079 | 310,281 | 83,637 | ||||||||||
Assets of discontinued operations | — | 5,274 | 25,168 | ||||||||||
Total consolidated assets | $ | 1,565,694 | $ | 1,505,545 | $ | 1,220,092 | |||||||
In the years ended December 31, 2014, 2013, and 2012, export sales were $229,642, $234,664, and $249,472, respectively, principally to customers in Western Europe. Geographic location of trade sales are determined based on the location of customers. | |||||||||||||
Substantially all of the Company’s sales and operating revenues are generated from its North American and European operations. A significant portion of the Company’s sales are made to customers in the aerospace industry. For the years ended December 31, 2014, 2013, and 2012, Boeing, through multiple contracts with various Company subsidiaries covering varying periods, accounted for approximately 25.2%, 21.2%, and 12.0%, respectively, of the Company’s consolidated net sales. Additionally, for each year presented, Airbus and its subcontractors together aggregate to amounts in excess of 10% of the Company’s consolidated net sales and are the ultimate consumers of a significant portion of the Company’s commercial aerospace products. |
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended | |||
Dec. 31, 2014 | ||||
Commitments and Contingencies Disclosure [Abstract] | ||||
COMMITMENTS AND CONTINGENCIES | COMMITMENTS AND CONTINGENCIES: | |||
From time to time, the Company is involved in litigation relating to claims arising out of its operations in the normal course of business. In the Company’s opinion, the ultimate liability, if any, resulting from these matters will have no significant effect on its Consolidated Financial Statements. Given the critical nature of many of the aerospace end uses for the Company’s products, including specifically their use in critical rotating parts of gas turbine engines, the Company maintains aircraft products liability insurance of $500 million, which includes grounding liability. | ||||
Environmental Matters | ||||
The Company is subject to environmental laws and regulations as well as various health and safety laws and regulations that are subject to frequent modifications and revisions. During the years ended 2014, 2013, and 2012 the Company paid approximately $47, $14, and $72, respectively, for environmental remediation, compliance, and related services. While the costs of compliance for these matters have not had a material adverse impact on the Company in the past, it is impossible to accurately predict the ultimate effect these changing laws and regulations may have on the Company in the future. The Company continues to evaluate its obligation for environmental-related costs on a quarterly basis and make adjustments as necessary. | ||||
Given the status of the proceedings at certain of the Company’s sites and the evolving nature of environmental laws, regulations, and remediation techniques, the Company’s ultimate obligation for investigative and remediation costs cannot be predicted. It is the Company’s policy to recognize environmental costs in the financial statements when an obligation becomes probable and a reasonable estimate of exposure can be determined. When a single estimate cannot be reasonably made, but a range can be reasonably estimated, the Company accrues the amount it determines to be the most likely amount within that range. | ||||
Based on available information, the Company believes that its share of possible environmental-related costs is in a range from $536 to $2,056 in the aggregate. At December 31, 2014 and 2013, the amounts accrued for future environmental-related costs were $1,216 and $1,263, respectively. Of the total amount accrued at December 31, 2014, $85 is expected to be paid out within one year and is included as a component of other accrued liabilities on the Company’s Consolidated Balance Sheet. The remaining $1,131 is recorded as a component of other noncurrent liabilities in the Company’s Consolidated Balance Sheet. | ||||
The following table summarizes the changes in the Company’s environmental liabilities for the year ended December 31, 2014: | ||||
Environmental | ||||
Liabilities | ||||
Balance at December 31, 2013 | $ | 1,263 | ||
Environmental-related expense | — | |||
Cash paid | (47 | ) | ||
Balance at December 31, 2014 | $ | 1,216 | ||
As these proceedings continue toward final resolution, amounts in excess of those already provided may be necessary to discharge the Company from its obligations for these sites. | ||||
Other Matters | ||||
The Company is also the subject of, or a party to, a number of other pending or threatened legal actions involving a variety of matters incidental to its business. The Company is of the opinion that the ultimate resolution of these matters will not have a material adverse effect on the results of the operations, cash flows or the financial position of the Company. |
LongTerm_Debt
Long-Term Debt | 12 Months Ended | ||||||||||
Dec. 31, 2014 | |||||||||||
Debt Disclosure [Abstract] | |||||||||||
LONG-TERM DEBT | LONG-TERM DEBT: | ||||||||||
Long-term debt consisted of: | |||||||||||
Effective | December 31, | ||||||||||
Interest Rate | 2014 | 2013 | |||||||||
$402.5 million in aggregate principal 1.625% Convertible Senior Notes due 2019 | 5.88% | $ | 331,998 | $ | 319,569 | ||||||
$114.4 million aggregate principal 3.000% Convertible Senior Notes due 2015 | 8.67% | 108,792 | 103,065 | ||||||||
Capital leases | Various | 15,867 | 9,580 | ||||||||
Total debt | 456,657 | 432,214 | |||||||||
Less: Current portion of long-term debt | (108,792 | ) | — | ||||||||
Less: Current portion of capital leases | (2,853 | ) | (1,914 | ) | |||||||
Total long-term debt | $ | 345,012 | $ | 430,300 | |||||||
Interest on the 2019 Notes is payable in arrears on April 15 and October 15 of each year, at a rate of 1.625% per annum. The 2019 Notes are the Company’s senior unsecured obligations. The 2019 Notes are jointly and severally, fully and unconditionally (subject to the customary exceptions discussed below) guaranteed by several 100% owned subsidiaries (the “Guarantor Subsidiaries”) of RTI International Metals, Inc. (the “Parent”). Each Guarantor Subsidiary would be automatically released from its guarantee of the 2019 Notes if either (i) it ceased to be a guarantor under the Parent’s $150 million revolving credit facility under its Second Amended and Restated Credit Agreement (the “Credit Agreement”), which expires on May 23, 2017 or (ii) it ceased to be a direct or indirect subsidiary of the Parent. Refer to Note 16 of these Consolidated Financial Statements for additional information about the Guarantor Subsidiaries. | |||||||||||
The 2019 Notes are convertible at the option of the holder prior to the close of business on the business day immediately preceding April 15, 2019 only under the following circumstances: (1) during any calendar quarter commencing after June 30, 2013 (and only during such calendar quarter), if the last reported sale price of the Company's common stock for at least 20 trading days (whether or not consecutive) during the period of 30 consecutive trading days ending on the last trading day of the immediately preceding calendar quarter is greater than or equal to 130% of the applicable conversion price of $40.72 per share on each applicable trading day; (2) during the five business day period after any five consecutive trading day period (the “measurement period”) in which, for each trading day of such measurement period, the trading price per $1,000 principal amount of notes on such trading day was less than 98% of the product of the last reported sale price of the Company's common stock on such trading day and the applicable conversion rate on such trading day; or (3) upon the occurrence of specified corporate transactions. | |||||||||||
Irrespective of the conditions above, the 2019 Notes will be convertible at the applicable conversion rate at any time on or after April 15, 2019, until the close of business on the second scheduled trading day immediately preceding the maturity date. The current conversion rate for the 2019 Notes equals 24.5604 shares of common stock per $1,000 principal amount of 2019 Notes (equivalent to a conversion price of approximately $40.72 per share of Common Stock). Upon conversion, holders of the 2019 Notes will receive, at the Company’s election, cash, shares of the Company’s Common Stock, or a combination of both. | |||||||||||
The FASB's authoritative guidance requires convertible notes that may be settled in cash to be bifurcated into a liability component and an equity component. The fair value of the liability component is determined by calculating the present value of the cash flows of the convertible note using the interest rate of a bond of similar size and rating without a conversion feature (i.e., straight-debt). The fair value of the equity component is the difference between the proceeds from the issuance and the fair value of the liability. | |||||||||||
The Company determined similar straight-debt had an interest rate of 5.875% at the time the 2019 Notes were issued. As a result, the fair value of the liability component of the 2019 Notes was calculated to be $311.2 million and was recorded as long-term debt. The conversion component of the 2019 Notes has a fair value of $91.3 million and was recorded, net of deferred taxes, as additional paid-in capital. The debt component of the 2019 Notes will accrete to the 2019 Notes’ par value of $402.5 million over the 2019 Notes’ 6.5 year term. Debt accretion is recorded in the Company’s Consolidated Statement of Operations as a component of interest expense. The Company is accreting the long-term debt balance to par value using the interest method. | |||||||||||
In conjunction with the issuance of the 2019 Notes, the Company incurred debt issuance costs totaling $12.4 million. Under the FASB’s authoritative guidance, debt issuance costs for the 2019 Notes should be allocated to the liability and equity components in proportion to their respective fair values. As such, $2.8 million of these costs were attributed to the conversion feature of the 2019 Notes and was recorded, net of deferred taxes, as additional paid-in capital. The remaining $9.6 million of debt issuance costs were attributed to the liability component of the 2019 Notes and were capitalized in the Company’s Consolidated Balance Sheet as a component of other current and noncurrent assets. The portion of the costs attributed to the debt component of the 2019 Notes is being amortized over the term of the 2019 Notes using the interest method. Amortization of these costs is included as a component of interest expense in the Company’s Consolidated Statement of Operations. | |||||||||||
Commensurate with the issuance of the 2019 Notes, the Company repurchased, through individually negotiated private transactions, $115.6 million aggregate principal amount of its 2015 Notes for cash consideration of $133.4 million, including $1.3 million of accrued interest on the repurchased 2015 Notes. The FASB’s authoritative guidance regarding repurchases of convertible notes requires that the consideration paid be separated into a component to repurchase the debt instrument and a component to derecognize the equity component. The fair value of the liability component at repurchase is determined by calculating the present value of the cash flows of the note at a similar size and rating without a conversion feature as of the repurchase date. The fair value of the equity component is the difference between the consideration paid and the fair value of the liability component. | |||||||||||
The Company determined similar straight-debt had an interest rate of 3.535% at the time the 2015 Notes were repurchased. Using this rate, the fair value of the liability component of the repurchased 2015 Notes was calculated to be $112.6 million while the equity component of the repurchased 2015 Notes was calculated to be $19.5 million. The book value of the liability component of the repurchased 2015 Notes was $100.4 million as of the repurchase date. The $12.2 million excess of consideration paid for the liability component of the repurchased 2015 Notes over their book value represents a debt extinguishment charge and was recorded as a component of interest expense in the Consolidated Statement of Operations. Unamortized debt issuance costs totaling $1.5 million related to the repurchased 2015 Notes were also expensed as a component of interest expense in conjunction with the repurchase. | |||||||||||
The Company determined similar straight-debt rates were 8.675% at the time the 2015 Notes were issued. As a result, at issuance, the fair value of the liability component of the 2015 Notes was calculated to be $177.7 million and was recorded as long-term debt. The conversion component of the 2015 Notes had a fair value of $52.3 million and was recorded, net of deferred taxes, as additional paid-in capital. The debt component of the 2015 Notes will accrete to the 2015 Notes’ remaining par value of $114.4 million over the 2015 Notes’ five-year term. Debt accretion is recorded in the Company’s Consolidated Statement of Operations as a component of interest expense. The Company is accreting the long-term debt balance to par value using the interest method. | |||||||||||
In conjunction with the issuance of the 2015 Notes, the Company incurred debt issuance costs totaling $7.2 million. Under the FASB’s authoritative guidance, debt issuance costs for the 2015 Notes should be allocated to the liability and equity pieces in proportion to the fair value. As such, $1.6 million of these costs was attributed to the conversion feature of the 2015 Notes and was recorded, net of deferred taxes, as additional paid-in capital. The remaining $5.6 million of debt issuance costs were attributed to the liability component of the 2015 Notes and were capitalized in the Company’s Consolidated Balance Sheet as a component of other noncurrent assets. The portion of the costs attributed to the debt component of the remaining $114.4 million aggregate principal 2015 Notes is being amortized over the term of the Notes using the interest method. Amortization of these costs is included as a component of interest expense in the Company’s consolidated statement of operations. | |||||||||||
Interest on the remaining $114.4 million aggregate principal 2015 Notes is payable semiannually in arrears on June 1 and December 1 of each year, at a rate of 3.00% per year. The Notes are senior unsecured obligations of the Company. The Notes are jointly and severally, fully and unconditionally (subject to the same customary exceptions as the 2019 Notes, discussed above) guaranteed by the Guarantor Subsidiaries, which are the same subsidiaries that guarantee the Company’s obligations under the 2019 Notes and the current credit facility. | |||||||||||
The 2015 Notes are convertible at the option of the holder prior to the close of business on the business day immediately preceding June 1, 2015 only under the following circumstances: (1) during any calendar quarter commencing after December 31, 2010 (and only during such calendar quarter), if the last reported sale price of the Company's common stock for at least 20 trading days (whether or not consecutive) during the period of 30 consecutive trading days ending on the last trading day of the immediately preceding calendar quarter is greater than or equal to 130% of the applicable conversion price of $35.91 per share on each applicable trading day; (2) during the five business day period after any five consecutive trading day period (the “measurement period”) in which, for each trading day of such measurement period, the trading price per $1,000 principal amount of notes on such trading day was less than 98% of the product of the last reported sale price of the Company's common stock on such trading day and the applicable conversion rate on such trading day; or (3) upon the occurrence of specified corporate transactions. | |||||||||||
Irrespective of the conditions above, the 2015 Notes will be convertible at the applicable conversion rate at any time on or after June 1, 2015, until the close of business on the second scheduled trading day immediately preceding the maturity date. The current conversion rate for the Notes equals 27.8474 shares of common stock per $1,000 principal amount of Notes (equivalent to a conversion price of $35.91 per share of Common Stock). Upon conversion, holders will receive, at the Company’s election, cash, shares of the Company’s Common Stock, or a combination of both. | |||||||||||
During the years ended December 31, 2014, 2013, and 2012, the Company recorded long-term debt discount amortization of $18,132, $14,956, and $9,683 as a component of interest expense. Interest expense from the amortization of debt issuance costs associated with the Notes was $1,890, $1,484, and $1,120 for the years ended December 31, 2014, 2013, and 2012, respectively. | |||||||||||
On May 23, 2012, the Company entered into the Credit Agreement, which provides for a revolving credit facility of $150 million and matures on May 23, 2017. Borrowings under the Credit Agreement bear interest, at the Company’s option, at a rate equal to LIBOR plus an applicable margin or the base rate plus an applicable margin. Both the applicable margin and the facility fee vary based upon the Company’s consolidated net debt to consolidated EBITDA ratio, as defined in the Credit Agreement. | |||||||||||
The Company’s leverage ratio (the ratio of Net Debt to Consolidated EBITDA, as defined in the Credit Agreement) was 2.25 to 1 at December 31, 2014. If this ratio were to exceed 3.50 to 1, the Company would be in default under the Credit Agreement. | |||||||||||
The Company’s coverage ratio (the ratio of Consolidated EBITDA to Net Interest, as defined in the Credit Agreement) was 11.66 to 1 at December 31, 2014. If this ratio were to fall below 2.0 to 1, the Company would be in default under the Credit Agreement. | |||||||||||
Consolidated EBITDA, as defined in the Credit Agreement, allows for adjustments related to unusual gains and losses, certain noncash items, and certain non-recurring charges. As of December 31, 2014, the Company was in compliance with all financial covenants under the Credit Agreement. | |||||||||||
The Company had no borrowings outstanding under the Credit Agreement at December 31, 2014 or December 31, 2013. |
StockBased_Compensation
Stock-Based Compensation | 12 Months Ended | |||||||||||||
Dec. 31, 2014 | ||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||||||||||||||
STOCK-BASED COMPENSATION | STOCK-BASED COMPENSATION: | |||||||||||||
Shares awarded under stock-based compensation plans in 2014 were awarded under the 2004 Stock Plan (the “2004 Plan”) until the Annual Meeting in April 2014, when the 2014 Stock and Incentive Plan (the “2014 Plan”) was approved by the Company’s shareholders. The majority of shares awarded under stock-based compensation plans in 2014 were issued under the 2004 Plan, under which no new grants were permissible after the ten-year anniversary of the effective date of the 2004 Plan. The 2004 Plan, which was approved by a vote of the Company’s shareholders at the 2004 Annual Meeting of Shareholders, was the successor to the 1995 Stock Plan (the “1995 Plan”) and the 2002 Non-Employee Director Stock Option Plan (the “2002 Plan”). | ||||||||||||||
The 2014 Plan limits the number of shares available for issuance to 3,500,000, plus any shares covered by stock options already outstanding under the 2004 Plan that expire or are terminated without being exercised and any shares delivered in connection with the exercise of any outstanding awards under the 2004 Plan, and limits the amount of shares for issuance upon the exercise of incentive stock options to 2,000,000. While the 2014 Plan allows for the issuance of shares from treasury, the Company currently issues authorized, unissued shares for awards under the 2014 Plan. The 2014 Plan will remain effective until terminated by the Company or until all awards issued under the 2014 Plan have been exercised, vested, satisfied, forfeited or expired, as applicable. The 2014 plan requires that the exercise price of stock options, stock appreciation rights, and other similar instruments awarded be not less than the fair market value of the Company’s stock on the date of the grant award. | ||||||||||||||
Restricted stock awards under the 2014 Plan vest with graded vesting over a period of at least three years, with the exception of up to an aggregate 5% of the total shares authorized to be issued under the plan, for which the minimum vesting period shall not apply. As determined by the Compensation Committee of the Board of Directors (the "Compensation Committee"), awards under the 2004 Plan vest with graded vesting over a period of one to five years. Restricted stock awarded under the 2014 Plan and the predecessor plans entitle the holder to all the rights of Common Stock ownership except that the shares may not be sold, transferred, pledged, exchanged, or otherwise disposed of during the forfeiture period. Restricted stock units issued under the 2014 Plan do not receive dividends or voting rights. The stock option awards issued under the 2014 Plan vest with graded vesting over a period of no less than three years, while awards under the 2004 Plan vest, as determined by the Compensation Committee, with graded vesting over a period of one to three years. Certain stock option and restricted stock awards under the 2004 Plan provide for accelerated vesting if there is a change in control. | ||||||||||||||
Stock Options | ||||||||||||||
The fair value of stock options granted over the past three years was estimated at the date of grant using the Black-Scholes option-pricing model based upon the following assumptions: | ||||||||||||||
2014 | 2013 | 2012 | ||||||||||||
Risk-free interest rate | 1.51 | % | 0.87 | % | 0.75 | % | ||||||||
Expected dividend yield | 0 | % | 0 | % | 0 | % | ||||||||
Expected lives (in years) | 5 | 5 | 5 | |||||||||||
Expected volatility | 55 | % | 65 | % | 66 | % | ||||||||
The Black-Scholes option-pricing model was developed for use in estimating the fair value of traded options that have no vesting restrictions and are fully transferable. The risk-free rate for periods over the expected term of the option is based on the U.S. Treasury yield curve in effect at the time of grant. The Company does not anticipate paying any cash dividends in the foreseeable future and therefore an expected dividend yield of zero is used. The expected life of options granted represents the period of time that options granted are expected to be outstanding. Expected volatilities are based on historical volatility of the Company’s Common Stock. Forfeiture estimates are based upon historical forfeiture rates. | ||||||||||||||
A summary of the status of the Company’s stock options as of December 31, 2014 and the activity during the year then ended is presented below: | ||||||||||||||
Stock Options | Shares | Weighted-Average Exercise Price Per Share | Weighted-Average Remaining Contractual Term (Years) | Aggregate Intrinsic Value | ||||||||||
Outstanding at December 31, 2013 | 526,736 | $ | 34.56 | |||||||||||
Granted | 103,472 | 30.59 | ||||||||||||
Forfeited | (26,100 | ) | 29.47 | |||||||||||
Expired | (34,997 | ) | 45.04 | |||||||||||
Exercised | (40,431 | ) | 20.07 | |||||||||||
Outstanding at December 31, 2014 | 528,680 | $ | 34.45 | 5.69 | $ | 414 | ||||||||
Exercisable at December 31, 2014 | 365,666 | $ | 36.73 | 4.42 | $ | 399 | ||||||||
The weighted-average grant-date fair value of stock options granted during the years ended December 31, 2014, 2013, and 2012 was $14.73, $15.80, and $13.49 per share, respectively. The total intrinsic value of stock options exercised during the years ended December 31, 2014, 2013, and 2012 was $298, $1,892, and $525, respectively. As of December 31, 2014, total unrecognized compensation cost related to nonvested stock option awards granted was $742. That cost is expected to be recognized over a weighted-average period of approximately eight months. | ||||||||||||||
Cash received from stock option exercises under all share-based payment arrangements for the years ended December 31, 2014, 2013, and 2012 was $811, $2,290, and $494, respectively. Cash used to settle equity instruments granted under all share-based arrangements for the years ended December 31, 2014, 2013, and 2012 was $851, $399, and $742, respectively. The actual tax benefit realized for the tax deductions resulting from stock option exercises and vesting of restricted stock awards for share-based payment arrangements totaled $(192), $(4), and $27 for the years ended December 31, 2014, 2013, and 2012, respectively. | ||||||||||||||
Restricted Stock | ||||||||||||||
The fair value of the nonvested restricted stock awards was calculated using the market value of Common Stock on the date of issuance. The weighted-average grant-date fair value of restricted stock awards granted during the years ended December 31, 2014, 2013, and 2012 was $29.28, $29.00, and $24.63 per share, respectively. | ||||||||||||||
A summary of the status of the Company’s non-vested restricted stock as of December 31, 2014, and the activity during the year then ended, is presented below: | ||||||||||||||
Nonvested Restricted Stock Awards | Shares | Weighted-Average Grant-Date Fair Value Per Share | ||||||||||||
Nonvested at December 31, 2013 | 213,475 | $ | 26.88 | |||||||||||
Granted | 100,417 | 29.28 | ||||||||||||
Vested | (92,459 | ) | 25.91 | |||||||||||
Forfeited | (22,364 | ) | 28.67 | |||||||||||
Nonvested at December 31, 2014 | 199,069 | $ | 28.35 | |||||||||||
As of December 31, 2014, total unrecognized compensation cost related to nonvested restricted stock awards granted was $2,141. That cost is expected to be recognized over a weighted-average period of twelve months. The total fair value of restricted stock awards vested during the years ended December 31, 2014, 2013, and 2012 was $2,808, $2,199, and $1,507, respectively. | ||||||||||||||
Performance Share Awards | ||||||||||||||
The Company also maintains performance share awards for executive officers and certain key managers. The purpose of the performance share awards is to more closely align the compensation of the Company’s executives and key managers with the interests of the Company’s shareholders. Performance share awards issued in 2014 have both market and performance vesting conditions. The payout of fifty percent of the awards is based upon the Company’s total shareholder return compared to the total shareholder return of a relative peer group over a three-year period, while the payout of the remaining fifty percent of the awards is based upon the Company’s annual diluted earnings per share growth over a three-year period. Performance share awards issued prior to 2014 will earn shares of the Company’s Common Stock in amounts ranging from 0% to 200% of the target number of shares based upon the total shareholder return of the Company compared to the total shareholder return of a designated peer group over a pre-determined performance period. | ||||||||||||||
A summary of the Company’s performance share activity during the year ended December 31, 2014 is presented below: | ||||||||||||||
Performance Share Awards | Awards Activity | Maximum Shares Eligible to Receive | ||||||||||||
Outstanding at December 31, 2013 | 154,333 | 308,666 | ||||||||||||
Granted | 70,875 | 141,750 | ||||||||||||
Vested | (42,442 | ) | (84,884 | ) | ||||||||||
Forfeited | (25,683 | ) | (51,366 | ) | ||||||||||
Outstanding at December 31, 2014 | 157,083 | 314,166 | ||||||||||||
The performance share awards issued in 2014 have both market and performance vesting conditions. The fair value of the market condition was determined using a Monte Carlo model. A Monte Carlo model uses stock price volatility and other variables to estimate the probability of satisfying market conditions and the resulting fair value of the award. The four primary inputs for the Monte Carlo model are the risk-free rate, expected dividend yield, volatility of returns, and correlation of returns within the designated peer group. The risk-free rate for periods over the expected term of the award is based on the U.S. Treasury yield curve in effect at the time of grant. The Company does not anticipate paying any cash dividends in the foreseeable future and therefore an expected dividend yield of zero is used. Expected volatility and correlation of returns are based on historical performance of the Company’s stock. | ||||||||||||||
The fair value of the performance condition was determined using the market value of the Company’s Common Stock on the date of issuance. Expense on these awards is recognized over the performance period and is determined based on the probability that the performance targets will be achieved. The weighted-average grant-date fair value of these shares awarded during the year-ended December 31, 2014 was $34.96. | ||||||||||||||
The weighted-average grant-date fair value of performance shares awarded during the years ended December 31, 2013 and 2012 was $41.02 and $35.59, respectively. |
Guarantor_Subsidiaries
Guarantor Subsidiaries | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |||||||||||||||||||||
GUARANTOR SUBSIDIARIES | GUARANTOR SUBSIDIARIES: | ||||||||||||||||||||
Each of the 2015 Notes and 2019 Notes (collectively, the "Notes”) is jointly and severally, fully and unconditionally (subject to the customary exceptions discussed below) guaranteed by the Guarantor Subsidiaries. Each Guarantor Subsidiary would be automatically released from its guarantee of the Notes if either (i) it ceases to be a guarantor of the Parent’s Credit Agreement or (ii) it ceases to be a subsidiary of the Parent. Separate financial statements of the Parent and each of the Guarantor Subsidiaries are not presented because the guarantees are full and unconditional (subject to the aforementioned customary exceptions) and the Guarantor Subsidiaries are jointly and severally liable. The Company believes separate financial statements and other disclosures concerning the Guarantor Subsidiaries would not be material to investors in the Notes. | |||||||||||||||||||||
There are no current restrictions on the ability of the Guarantor Subsidiaries to make payments under the guarantees referred to above, except, however, the obligations of each Guarantor Subsidiary under its guarantee will be limited to the maximum amount as will result in obligations of such Guarantor Subsidiary under its guarantee not constituting a fraudulent conveyance or fraudulent transfer for purposes of bankruptcy law, the Uniform Conveyance Act, the Uniform Fraudulent Transfer Act, or any similar Federal or state law. | |||||||||||||||||||||
The following tables present Condensed Consolidating Financial Statements as of December 31, 2014 and 2013 and for the three years ended December 31, 2014. | |||||||||||||||||||||
Condensed Consolidating Statement of Operations and Comprehensive Income | |||||||||||||||||||||
Year Ended December 31, 2014 | |||||||||||||||||||||
RTI International Metals, Inc. | Guarantor Subsidiaries | Non-guarantor Subsidiaries | Eliminations | Consolidated | |||||||||||||||||
Net sales | $ | — | $ | 507,935 | $ | 491,635 | $ | (205,991 | ) | $ | 793,579 | ||||||||||
Costs and expenses: | |||||||||||||||||||||
Cost of sales | — | 423,189 | 409,953 | (205,991 | ) | 627,151 | |||||||||||||||
Selling, general, and administrative expenses(1) | 158 | 43,479 | 47,851 | — | 91,488 | ||||||||||||||||
Research, technical, and product development expenses | — | 4,526 | 87 | — | 4,613 | ||||||||||||||||
Operating income (loss) | (158 | ) | 36,741 | 33,744 | — | 70,327 | |||||||||||||||
Other income (expense), net | (6 | ) | 416 | 1,746 | — | 2,156 | |||||||||||||||
Interest expense, net | (25,519 | ) | (2,288 | ) | (2,938 | ) | — | (30,745 | ) | ||||||||||||
Equity in earnings of subsidiaries | 48,698 | 1,568 | 4,894 | (55,160 | ) | — | |||||||||||||||
Income before income taxes | 23,015 | 36,437 | 37,446 | (55,160 | ) | 41,738 | |||||||||||||||
Provision for (benefit from) income taxes | (8,686 | ) | 11,966 | 6,757 | — | 10,037 | |||||||||||||||
Net income attributable to continuing operations | $ | 31,701 | $ | 24,471 | $ | 30,689 | $ | (55,160 | ) | $ | 31,701 | ||||||||||
Net loss attributable to discontinued operations, net of tax | $ | (608 | ) | $ | — | $ | (608 | ) | $ | 608 | $ | (608 | ) | ||||||||
Net income | $ | 31,093 | $ | 24,471 | $ | 30,081 | $ | (54,552 | ) | $ | 31,093 | ||||||||||
Comprehensive income | $ | 15,901 | $ | 18,238 | $ | 20,348 | $ | (38,586 | ) | $ | 15,901 | ||||||||||
-1 | The Parent allocates selling, general, and administrative expenses (“SG&A”) to the subsidiaries based upon its budgeted annual expenses. | ||||||||||||||||||||
Condensed Consolidating Statement of Operations and Comprehensive Income | |||||||||||||||||||||
Year Ended December 31, 2013 | |||||||||||||||||||||
RTI International Metals, Inc. | Guarantor Subsidiaries | Non-guarantor Subsidiaries | Eliminations | Consolidated | |||||||||||||||||
Net sales | $ | — | $ | 524,003 | $ | 465,331 | $ | (206,061 | ) | $ | 783,273 | ||||||||||
Costs and expenses: | |||||||||||||||||||||
Cost of sales | — | 426,274 | 388,834 | (206,061 | ) | 609,047 | |||||||||||||||
Selling, general, and administrative expenses (1) | 4,799 | 43,842 | 44,280 | — | 92,921 | ||||||||||||||||
Good will and other intangible asset impairment | — | 15,359 | — | — | 15,359 | ||||||||||||||||
Research, technical, and product development expenses | — | 3,925 | 6 | — | 3,931 | ||||||||||||||||
Operating income (loss) | (4,799 | ) | 34,603 | 32,211 | — | 62,015 | |||||||||||||||
Other income (expense), net | 6,318 | (5,146 | ) | (234 | ) | — | 938 | ||||||||||||||
Interest expense, net | (21,291 | ) | (11,503 | ) | (7,363 | ) | — | (40,157 | ) | ||||||||||||
Equity in earnings of subsidiaries | 21,936 | (191 | ) | 2,165 | (23,910 | ) | — | ||||||||||||||
Income before income taxes | 2,164 | 17,763 | 26,779 | (23,910 | ) | 22,796 | |||||||||||||||
Provision for (benefit from) income taxes | (13,493 | ) | 10,964 | 9,668 | — | 7,139 | |||||||||||||||
Net income attributable to continuing operations | 15,657 | 6,799 | 17,111 | (23,910 | ) | 15,657 | |||||||||||||||
Net loss attributable to discontinued operations, net of tax | (1,584 | ) | — | (1,584 | ) | 1,584 | (1,584 | ) | |||||||||||||
Net income | $ | 14,073 | $ | 6,799 | $ | 15,527 | $ | (22,326 | ) | $ | 14,073 | ||||||||||
Comprehensive income | $ | 18,680 | $ | 18,327 | $ | 8,599 | $ | (26,926 | ) | $ | 18,680 | ||||||||||
-1 | The Parent allocates SG&A to the subsidiaries based upon its budgeted annual expenses. | ||||||||||||||||||||
Condensed Consolidating Statement of Operations and Comprehensive Income | |||||||||||||||||||||
Year Ended December 31, 2012 | |||||||||||||||||||||
RTI International Metals, Inc. | Guarantor Subsidiaries | Non-guarantor Subsidiaries | Eliminations | Consolidated | |||||||||||||||||
Net sales | $ | — | $ | 503,018 | $ | 409,470 | $ | (212,501 | ) | $ | 699,987 | ||||||||||
Costs and expenses: | |||||||||||||||||||||
Cost of sales | — | 426,635 | 347,651 | $ | (212,501 | ) | 561,785 | ||||||||||||||
Selling, general, and administrative expenses (1) | (3,101 | ) | 45,316 | 44,406 | — | 86,621 | |||||||||||||||
Research, technical, and product development expenses | 95 | 4,007 | 62 | — | 4,164 | ||||||||||||||||
Operating income | 3,006 | 27,060 | 17,351 | — | 47,417 | ||||||||||||||||
Other income (expense), net | (63 | ) | 38 | (476 | ) | — | (501 | ) | |||||||||||||
Interest income (expense), net | (16,639 | ) | 205 | (1,344 | ) | — | (17,778 | ) | |||||||||||||
Equity in earnings of subsidiaries | 20,741 | 5,419 | 2,138 | (28,298 | ) | — | |||||||||||||||
Income before income taxes | 7,045 | 32,722 | 17,669 | (28,298 | ) | 29,138 | |||||||||||||||
Provision for (benefit from) income taxes | (6,408 | ) | 10,726 | 11,367 | — | 15,685 | |||||||||||||||
Net income attributable to continuing operations | 13,453 | 21,996 | 6,302 | (28,298 | ) | 13,453 | |||||||||||||||
Net income attributable to discontinued operations, net of tax | 1,487 | — | 1,487 | (1,487 | ) | 1,487 | |||||||||||||||
Net income | $ | 14,940 | $ | 21,996 | $ | 7,789 | $ | (29,785 | ) | $ | 14,940 | ||||||||||
Comprehensive income | $ | 8,786 | $ | 14,465 | $ | 9,704 | $ | (24,169 | ) | $ | 8,786 | ||||||||||
-1 | The Parent allocates SG&A to the subsidiaries based upon its budgeted annual expenses. A credit in Parent SG&A is offset by an equal debit amount in the subsidiaries SG&A. | ||||||||||||||||||||
Condensed Consolidating Balance Sheet | |||||||||||||||||||||
As of December 31, 2014 | |||||||||||||||||||||
RTI | Guarantor | Non-Guarantor | Eliminations | Consolidated | |||||||||||||||||
International | Subsidiaries | Subsidiaries | |||||||||||||||||||
Metals, Inc. | |||||||||||||||||||||
ASSETS | |||||||||||||||||||||
Current assets: | |||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | 117,086 | $ | 64,973 | $ | — | $ | 182,059 | |||||||||||
Short-term investments | — | 148,383 | — | — | 148,383 | ||||||||||||||||
Receivables, net | 928 | 78,436 | 70,911 | (32,530 | ) | 117,745 | |||||||||||||||
Inventories, net | — | 319,107 | 155,199 | — | 474,306 | ||||||||||||||||
Costs in excess of billings | — | 2,393 | 3,129 | — | 5,522 | ||||||||||||||||
Deferred income taxes | 25,591 | 2,754 | 2,287 | — | 30,632 | ||||||||||||||||
Other current assets | 1,307 | 13,345 | 5,151 | — | 19,803 | ||||||||||||||||
Total current assets | 27,826 | 681,504 | 301,650 | (32,530 | ) | 978,450 | |||||||||||||||
Property, plant, and equipment, net | 2,028 | 280,805 | 86,454 | — | 369,287 | ||||||||||||||||
Goodwill | — | 94,769 | 50,749 | — | 145,518 | ||||||||||||||||
Other intangible assets, net | — | 32,897 | 24,225 | — | 57,122 | ||||||||||||||||
Other noncurrent assets | 8,635 | 948 | 5,734 | — | 15,317 | ||||||||||||||||
Intercompany investments (1) | 1,290,173 | 148,432 | 66,101 | (1,504,706 | ) | — | |||||||||||||||
Total assets | $ | 1,328,662 | $ | 1,239,355 | $ | 534,913 | $ | (1,537,236 | ) | $ | 1,565,694 | ||||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||||||||||||||||
Current liabilities: | |||||||||||||||||||||
Current portion of long-term debt | $ | 108,767 | $ | 721 | $ | 2,157 | $ | — | $ | 111,645 | |||||||||||
Accounts payable | 1,559 | 81,055 | 54,960 | (32,530 | ) | 105,044 | |||||||||||||||
Accrued wages and other employee costs | 6,345 | 13,491 | 7,038 | — | 26,874 | ||||||||||||||||
Billings in excess of cost | — | 2,205 | 7,757 | — | 9,962 | ||||||||||||||||
Unearned revenue | — | 519 | 7,104 | — | 7,623 | ||||||||||||||||
Other accrued liabilities | 1,411 | 7,879 | 9,434 | — | 18,724 | ||||||||||||||||
Total current liabilities | 118,082 | 105,870 | 88,450 | (32,530 | ) | 279,872 | |||||||||||||||
Long-term debt | 331,998 | 572 | 12,442 | — | 345,012 | ||||||||||||||||
Intercompany debt | 9,768 | 55,486 | 238,953 | (304,207 | ) | — | |||||||||||||||
Liability for post-retirement benefits | — | 48,295 | — | — | 48,295 | ||||||||||||||||
Liability for pension benefits | 6,655 | 10,172 | 159 | — | 16,986 | ||||||||||||||||
Deferred income taxes | 57,441 | — | 3,062 | — | 60,503 | ||||||||||||||||
Unearned revenue | — | — | 5,476 | — | 5,476 | ||||||||||||||||
Other noncurrent liabilities | 9,238 | 4,549 | 283 | — | 14,070 | ||||||||||||||||
Total liabilities | 533,182 | 224,944 | 348,825 | (336,737 | ) | 770,214 | |||||||||||||||
Shareholders’ equity | 795,480 | 1,014,411 | 186,088 | (1,200,499 | ) | 795,480 | |||||||||||||||
Total liabilities and shareholders’ equity | $ | 1,328,662 | $ | 1,239,355 | $ | 534,913 | $ | (1,537,236 | ) | $ | 1,565,694 | ||||||||||
-1 | Intercompany investments include equity investments and intercompany loans receivable from legal entities not included within the same consolidation. | ||||||||||||||||||||
Condensed Consolidating Balance Sheet | |||||||||||||||||||||
As of December 31, 2013 | |||||||||||||||||||||
RTI | Guarantors | Non-Guarantors | Eliminations | Consolidated | |||||||||||||||||
International | |||||||||||||||||||||
Metals, Inc. | |||||||||||||||||||||
ASSETS | |||||||||||||||||||||
Current assets: | |||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | 312,202 | $ | 31,435 | $ | — | $ | 343,637 | |||||||||||
Receivables, net | 786 | 57,397 | 69,847 | (22,759 | ) | 105,271 | |||||||||||||||
Inventories, net | — | 265,621 | 164,467 | — | 430,088 | ||||||||||||||||
Costs in excess of billings | — | 3,800 | 1,577 | — | 5,377 | ||||||||||||||||
Deferred income taxes | 31,656 | — | 376 | — | 32,032 | ||||||||||||||||
Assets of discontinued operations | — | — | 5,274 | — | 5,274 | ||||||||||||||||
Other current assets | 9,425 | 2,984 | 4,538 | — | 16,947 | ||||||||||||||||
Total current assets | 41,867 | 642,004 | 277,514 | (22,759 | ) | 938,626 | |||||||||||||||
Property, plant, and equipment, net | 2,328 | 292,033 | 77,979 | — | 372,340 | ||||||||||||||||
Goodwill | — | 79,705 | 37,873 | — | 117,578 | ||||||||||||||||
Other intangible assets, net | — | 31,184 | 22,570 | — | 53,754 | ||||||||||||||||
Other noncurrent assets | 11,025 | 7,184 | 5,038 | — | 23,247 | ||||||||||||||||
Intercompany investments (1)(2) | 1,240,671 | 108,693 | 109,638 | (1,459,002 | ) | — | |||||||||||||||
Total assets | $ | 1,295,891 | $ | 1,160,803 | $ | 530,612 | $ | (1,481,761 | ) | $ | 1,505,545 | ||||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||||||||||||||||
Current liabilities: | |||||||||||||||||||||
Current portion of long-term debt | $ | — | $ | 1,008 | $ | — | $ | — | $ | 1,008 | |||||||||||
Accounts payable | 1,948 | 54,111 | 45,739 | (22,759 | ) | 79,039 | |||||||||||||||
Accrued wages and other employee costs | 6,598 | 14,093 | 9,096 | — | 29,787 | ||||||||||||||||
Unearned revenue | — | 288 | 15,337 | — | 15,625 | ||||||||||||||||
Liabilities of discontinued operations | — | — | 458 | — | 458 | ||||||||||||||||
Other accrued liabilities | 6,800 | 4,093 | 10,673 | — | 21,566 | ||||||||||||||||
Total current liabilities | 15,346 | 73,593 | 81,303 | (22,759 | ) | 147,483 | |||||||||||||||
Long-term debt | 422,634 | 738 | 6,928 | — | 430,300 | ||||||||||||||||
Intercompany debt | — | 402,114 | 210,550 | (612,664 | ) | — | |||||||||||||||
Liability for post-retirement benefits | — | 43,447 | — | — | 43,447 | ||||||||||||||||
Liability for pension benefits | 5,943 | 7,685 | 159 | — | 13,787 | ||||||||||||||||
Deferred income taxes | 70,006 | — | 4,072 | — | 74,078 | ||||||||||||||||
Unearned revenue | — | — | 10,470 | — | 10,470 | ||||||||||||||||
Other noncurrent liabilities | 7,988 | 3,763 | 255 | — | 12,006 | ||||||||||||||||
Total liabilities | 521,917 | 531,340 | 313,737 | (635,423 | ) | 731,571 | |||||||||||||||
Shareholders’ equity (2) | 773,974 | 629,463 | 216,875 | (846,338 | ) | 773,974 | |||||||||||||||
Total liabilities and shareholders’ equity | $ | 1,295,891 | $ | 1,160,803 | $ | 530,612 | $ | (1,481,761 | ) | $ | 1,505,545 | ||||||||||
-1 | Intercompany investments include equity investments and intercompany loans receivable from legal entities not included within the same consolidation. | ||||||||||||||||||||
-2 | The Condensed Consolidating Balance sheet has been adjusted to correct the prior presentation of intercompany debt and investment balances. Previously, certain intercompany debt and investment balances had been netted, resulting in the understatement of total assets and liabilities of both the Guarantor Subsidiaries and Non-Guarantor Subsidiaries, as well as understatement of Guarantor Subsidiaries Shareholders’ Equity. These adjustments increased (decreased) intercompany investments by $82,070, $103,917, and $(185,987); intercompany debt by $44,970, $103,917, and $(148,887); and shareholders’ equity by $37,100, $0, and $(37,100) for Guarantor Subsidiaries, Non-Guarantor Subsidiaries, and Eliminations, respectively. | ||||||||||||||||||||
Condensed Consolidating Statement of Cash Flows | |||||||||||||||||||||
Year Ended December 31, 2014 | |||||||||||||||||||||
RTI | Guarantor | Non-Guarantor | Eliminations | Consolidated | |||||||||||||||||
International | Subsidiaries | Subsidiaries | |||||||||||||||||||
Metals, Inc. | |||||||||||||||||||||
Cash provided by operating activities | $ | 36,510 | $ | 28,000 | $ | 40,246 | (50,893 | ) | $ | 53,863 | |||||||||||
Investing activities: | |||||||||||||||||||||
Investment in subsidiaries, net | (346,642 | ) | — | — | 346,642 | — | |||||||||||||||
Acquisitions, net of cash acquired | — | (15,567 | ) | (21,709 | ) | — | (37,276 | ) | |||||||||||||
Capital expenditures | (234 | ) | (19,345 | ) | (10,929 | ) | — | (30,508 | ) | ||||||||||||
Proceeds from disposal of property, plant and equipment | — | 72 | 32 | — | 104 | ||||||||||||||||
Short-term investments, net | — | (148,431 | ) | — | — | (148,431 | ) | ||||||||||||||
Divestitures | — | — | 5,157 | — | 5,157 | ||||||||||||||||
Intercompany debt activity, net | 300,073 | (39,022 | ) | 48,431 | (309,482 | ) | — | ||||||||||||||
Cash provided by (used in) investing activities | $ | (46,803 | ) | $ | (222,293 | ) | $ | 20,982 | $ | 37,160 | $ | (210,954 | ) | ||||||||
Financing activities: | |||||||||||||||||||||
Proceeds from exercise of employee stock options | 1,177 | — | — | — | 1,177 | ||||||||||||||||
Excess tax benefits from stock-based compensation activity | 199 | — | — | — | 199 | ||||||||||||||||
Parent company investments, net of distributions | — | 346,642 | (50,893 | ) | (295,749 | ) | — | ||||||||||||||
Repayments on long-term debt | — | (837 | ) | (738 | ) | — | (1,575 | ) | |||||||||||||
Intercompany debt activity, net | 9,768 | (346,628 | ) | 27,378 | 309,482 | — | |||||||||||||||
Purchase of common stock held in Treasury | (851 | ) | — | — | — | (851 | ) | ||||||||||||||
Cash provided by (used in) financing activities | $ | 10,293 | $ | (823 | ) | $ | (24,253 | ) | $ | 13,733 | $ | (1,050 | ) | ||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | (3,437 | ) | — | (3,437 | ) | ||||||||||||||
Increase (decrease) in cash and cash equivalents | — | (195,116 | ) | 33,538 | — | (161,578 | ) | ||||||||||||||
Cash and cash equivalents at beginning of period | — | 312,202 | 31,435 | — | 343,637 | ||||||||||||||||
Cash and cash equivalents at end of period | $ | — | $ | 117,086 | $ | 64,973 | $ | — | $ | 182,059 | |||||||||||
Condensed Consolidating Statement of Cash Flows | |||||||||||||||||||||
Year Ended December 31, 2013 | |||||||||||||||||||||
RTI | Guarantor | Non-Guarantor | Eliminations | Consolidated | |||||||||||||||||
International Metals, Inc. | Subsidiaries | Subsidiaries | |||||||||||||||||||
Cash provided by (used in) operating activities | $ | 5,143 | $ | 8,944 | $ | (1,919 | ) | $ | — | $ | 12,168 | ||||||||||
Investing activities: | |||||||||||||||||||||
Investment in subsidiaries, net | (36,099 | ) | — | — | 36,099 | — | |||||||||||||||
Acquisitions, net of cash acquired | — | — | (16,214 | ) | — | (16,214 | ) | ||||||||||||||
Capital expenditures | (1,192 | ) | (21,947 | ) | (9,235 | ) | — | (32,374 | ) | ||||||||||||
Short-term investments, net | — | (174 | ) | — | — | (174 | ) | ||||||||||||||
Divestitures | — | — | 10,475 | — | 10,475 | ||||||||||||||||
Proceeds from disposal of property, plant, and equipment | — | 42 | 519 | — | 561 | ||||||||||||||||
Intercompany debt activity, net (1) | (241,465 | ) | (3,009 | ) | (460 | ) | 244,934 | — | |||||||||||||
Cash used in investing activities | (278,756 | ) | (25,088 | ) | (14,915 | ) | 281,033 | (37,726 | ) | ||||||||||||
Financing activities: | |||||||||||||||||||||
Proceeds from exercise of employee stock options | 2,637 | — | — | — | 2,637 | ||||||||||||||||
Excess tax benefits from stock-based compensation activity | 552 | — | — | — | 552 | ||||||||||||||||
Parent company investments, net of distributions | 610 | 41 | 35,448 | (36,099 | ) | — | |||||||||||||||
Borrowings on long-term debt | 402,500 | — | — | — | 402,500 | ||||||||||||||||
Repayments on long-term debt | (119,917 | ) | (903 | ) | — | — | (120,820 | ) | |||||||||||||
Intercompany debt activity, net (1) | — | 241,925 | 3,009 | (244,934 | ) | — | |||||||||||||||
Purchase of common stock held in Treasury | (399 | ) | — | — | — | (399 | ) | ||||||||||||||
Financing fees | (12,370 | ) | — | — | — | (12,370 | ) | ||||||||||||||
Cash provided by financing activities | 273,613 | 241,063 | 38,457 | (281,033 | ) | 272,100 | |||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | (95 | ) | — | (95 | ) | ||||||||||||||
Increase in cash and cash equivalents | — | 224,919 | 21,528 | — | 246,447 | ||||||||||||||||
Cash and cash equivalents at beginning of period | — | 87,283 | 9,907 | — | 97,190 | ||||||||||||||||
Cash and cash equivalents at end of period | $ | — | $ | 312,202 | $ | 31,435 | $ | — | $ | 343,637 | |||||||||||
-1 | The Condensed Consolidating Statements of Cash Flows have been adjusted to revise the presentation of intercompany debt activities to present gross investing and financing activities, rather than net financing activities as previously reported. These adjustments increased (decreased) cash flows from investing activities for the Parent, Guarantor Subsidiaries, Non-Guarantor Subsidiaries, and Eliminations by $356, $(3,009), $(460) and $3,113 and increased (decreased) cash flows from financing activities for the Parent, Guarantor Subsidiaries, Non-Guarantor Subsidiaries, and Eliminations by $(356), $3,009, $460 and $(3,113), respectively. | ||||||||||||||||||||
Condensed Consolidating Statement of Cash Flows | |||||||||||||||||||||
Year Ended December 31, 2012 | |||||||||||||||||||||
RTI | Guarantor | Non-Guarantor | Eliminations | Consolidated | |||||||||||||||||
International Metals, Inc. | Subsidiaries | Subsidiaries | |||||||||||||||||||
Cash provided by (used in) operating activities | $ | 21,972 | $ | 2,957 | $ | (16,863 | ) | $ | — | $ | 8,066 | ||||||||||
Investing activities: | |||||||||||||||||||||
Investment in subsidiaries, net | 178,633 | — | — | (178,633 | ) | — | |||||||||||||||
Acquisitions, net of cash acquired | (182,811 | ) | — | — | — | (182,811 | ) | ||||||||||||||
Capital expenditures | (970 | ) | (54,715 | ) | (5,853 | ) | — | (61,538 | ) | ||||||||||||
Short-term investments and marketable securities, net | — | 176,771 | — | — | 176,771 | ||||||||||||||||
Proceeds from disposal of property, plant, and equipment | — | — | 10 | — | 10 | ||||||||||||||||
Intercompany debt activity, net (1) | (16,460 | ) | (7,363 | ) | (4,015 | ) | 27,838 | — | |||||||||||||
Cash provided by (used in) investing activities | (21,608 | ) | 114,693 | (9,858 | ) | (150,795 | ) | (67,568 | ) | ||||||||||||
Financing activities: | |||||||||||||||||||||
Proceeds from exercise of employee stock options | 729 | — | — | — | 729 | ||||||||||||||||
Excess tax benefits from stock-based compensation activity | 196 | — | — | — | 196 | ||||||||||||||||
Parent company investments, net of distributions | — | (194,783 | ) | 16,150 | 178,633 | — | |||||||||||||||
Repayments on long-term debt | — | (758 | ) | — | — | (758 | ) | ||||||||||||||
Intercompany debt activity, net (1) | — | 20,475 | 7,363 | (27,838 | ) | — | |||||||||||||||
Purchase of common stock held in Treasury | (742 | ) | — | — | — | (742 | ) | ||||||||||||||
Financing fees | (823 | ) | — | — | — | (823 | ) | ||||||||||||||
Other financing activities | 276 | 428 | (704 | ) | — | — | |||||||||||||||
Cash provided by (used in) financing activities | (364 | ) | (174,638 | ) | 22,809 | 150,795 | (1,398 | ) | |||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | 1,248 | — | 1,248 | ||||||||||||||||
Decrease in cash and cash equivalents | — | (56,988 | ) | (2,664 | ) | — | (59,652 | ) | |||||||||||||
Cash and cash equivalents at beginning of period | — | 144,271 | 12,571 | — | 156,842 | ||||||||||||||||
Cash and cash equivalents at end of period | $ | — | $ | 87,283 | $ | 9,907 | $ | — | $ | 97,190 | |||||||||||
(1) | The Condensed Consolidating Statements of Cash Flows have been adjusted to revise the presentation of intercompany debt activities to present gross investing and financing activities, rather than net financing activities as previously reported. These adjustments increased (decreased) cash flows from investing activities for the Parent, Guarantor Subsidiaries, Non-Guarantor Subsidiaries, and Eliminations by $(276), $(7,363), $(4,015) and $11,654 and increased (decreased) cash flows from financing activities for the Parent, Guarantor Subsidiaries, Non-Guarantor Subsidiaries, and Eliminations by $276, $7,363, $4,015 and $(11,654), respectively. |
Selected_Quarterly_Financial_I
Selected Quarterly Financial Information (Unaudited) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||
SELECTED QUARTERLY FINANCIAL INFORMATION (UNAUDITED) | SELECTED QUARTERLY FINANCIAL INFORMATION (UNAUDITED): | ||||||||||||||||
The following table sets forth selected quarterly financial data for 2014 and 2013. It has been derived from the Company’s unaudited Condensed Consolidated Financial Statements. | |||||||||||||||||
2014 | 1st | 2nd | 3rd | 4th | |||||||||||||
Quarter | Quarter | Quarter | Quarter | ||||||||||||||
Net Sales | $ | 174,545 | $ | 205,334 | $ | 202,258 | $ | 211,442 | |||||||||
Gross profit | 28,469 | 42,312 | 42,861 | 52,786 | |||||||||||||
Operating income | 1,617 | 17,472 | 20,048 | 31,190 | |||||||||||||
Net income attributable to continuing operations | (3,816 | ) | 7,111 | 12,255 | 16,151 | ||||||||||||
Earnings per share attributable to continuing operations | |||||||||||||||||
Basic | $ | (0.13 | ) | $ | 0.23 | $ | 0.4 | $ | 0.53 | ||||||||
Diluted | $ | (0.13 | ) | $ | 0.23 | $ | 0.38 | $ | 0.48 | ||||||||
Earnings per share attributable to discontinued operations | |||||||||||||||||
Basic | $ | (0.01 | ) | $ | — | $ | — | $ | (0.01 | ) | |||||||
Diluted | $ | (0.01 | ) | $ | — | $ | — | $ | (0.01 | ) | |||||||
2013 | 1st | 2nd | 3rd | 4th | |||||||||||||
Quarter | Quarter | Quarter | Quarter | ||||||||||||||
Net Sales | $ | 189,202 | $ | 199,123 | $ | 194,936 | $ | 200,012 | |||||||||
Gross profit | 39,253 | 43,777 | 45,139 | 46,057 | |||||||||||||
Operating income | 13,647 | 20,481 | 21,879 | 6,008 | |||||||||||||
Net income attributable to continuing operations | 4,968 | 1,059 | 12,575 | (2,945 | ) | ||||||||||||
Earnings per share attributable to continuing operations | |||||||||||||||||
Basic | $ | 0.16 | $ | 0.03 | $ | 0.41 | $ | (0.10 | ) | ||||||||
Diluted | $ | 0.16 | $ | 0.03 | $ | 0.38 | $ | (0.10 | ) | ||||||||
Earnings per share attributable to discontinued operations | |||||||||||||||||
Basic | $ | — | $ | (0.01 | ) | $ | (0.01 | ) | $ | (0.03 | ) | ||||||
Diluted | $ | — | $ | (0.01 | ) | $ | (0.01 | ) | $ | (0.03 | ) | ||||||
Schedule_IIValuation_and_Quali
Schedule II-Valuation and Qualifying Accounts | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Valuation and Qualifying Accounts [Abstract] | |||||||||||||||||
Schedule II-Valuation and Qualifying Accounts | Schedule II—Valuation and Qualifying Accounts | ||||||||||||||||
(In thousands) | |||||||||||||||||
Description | Balance at | (Charged) | (Charged) | Balance at | |||||||||||||
beginning | credited to | credited to | end | ||||||||||||||
of year | costs and | other | of year | ||||||||||||||
expenses | accounts | ||||||||||||||||
Year ended December 31, 2014: | |||||||||||||||||
Allowance for doubtful accounts | $ | (820 | ) | $ | 126 | $ | — | $ | (694 | ) | |||||||
Valuation allowance for deferred income taxes | (37,172 | ) | 1,954 | 2,649 | (32,569 | ) | |||||||||||
Year ended December 31, 2013: | |||||||||||||||||
Allowance for doubtful accounts | $ | (721 | ) | $ | (99 | ) | $ | — | $ | (820 | ) | ||||||
Valuation allowance for deferred income taxes | (37,726 | ) | (1,720 | ) | 2,274 | (37,172 | ) | ||||||||||
Year ended December 31, 2012: | |||||||||||||||||
Allowance for doubtful accounts | $ | (847 | ) | $ | 126 | $ | — | $ | (721 | ) | |||||||
Valuation allowance for deferred income taxes | (31,766 | ) | (5,326 | ) | (634 | ) | (37,726 | ) |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Accounting Policies [Abstract] | |||||||||||||||||
Principles of consolidation | Principles of consolidation: | ||||||||||||||||
The Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”), and include the accounts of RTI International Metals, Inc. and its wholly-owned subsidiaries. All significant intercompany accounts and transactions have been eliminated | |||||||||||||||||
Use of estimates | Use of estimates: | ||||||||||||||||
U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at year-end and the reported amounts of revenues and expenses during the year. Actual results could differ from these estimates. Significant items subject to such estimates and assumptions include the carrying values of accounts receivable, inventories, property, plant, and equipment, intangible assets, goodwill, pensions, post-retirement benefits, worker’s compensation, environmental liabilities, and income taxes. | |||||||||||||||||
Fair value | Fair value: | ||||||||||||||||
For certain of the Company’s financial instruments and account groupings, including cash, short-term investments, accounts receivable, accounts payable, accrued wages and other employee costs, unearned revenue, and other accrued liabilities, the carrying value of the instruments and account groupings approximates fair value. | |||||||||||||||||
The Financial Accounting Standards Board (the “FASB”) defines fair value as an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based upon assumptions that market participants would use in pricing an asset or liability. As a basis for considering such assumptions, a three-tier fair value hierarchy prioritizes the inputs utilized in measuring fair value as follows: | |||||||||||||||||
• | Level 1—quoted prices (unadjusted) in active markets for identical assets or liabilities that the reporting entity can access at the measurement date; | ||||||||||||||||
• | Level 2—inputs other than the quoted prices in active markets that are observable for the asset or liability, either directly or indirectly; and | ||||||||||||||||
• | Level 3—unobservable inputs for the asset or liability. | ||||||||||||||||
The hierarchy requires the Company to use observable market data, when available, and to minimize the use of unobservable inputs when determining fair value. On a recurring basis, the Company measures certain financial assets and liabilities at fair value, including its short-term investments and marketable securities. | |||||||||||||||||
Listed below are the Company's assets and liabilities, and their respective fair values, which were measured at fair value on a recurring basis as of December 31, 2014. The Company uses trading prices at the balance sheet date to determine the fair value of its assets measured on a recurring basis. The fair value of contingent consideration payable that was classified as Level 3 relates to probability assessments of expected future revenues related to the RTI Advanced Powder Materials acquisition. The contingent consideration is to be paid over the next ten years, and there is no limit to the potential amount of contingent consideration. The Company held no assets or liabilities measured at fair value on a recurring basis as of December 31, 2013. There were no transfers between levels during the year ended December 31, 2014. | |||||||||||||||||
Quoted Market Prices | Significant Other Observable Inputs | Significant Unobservable Inputs | Fair Value | ||||||||||||||
(Level 1) | (Level 2) | (Level 3) | |||||||||||||||
Assets measured on a recurring basis as of December 31, 2014: | |||||||||||||||||
Commercial paper | $ | — | $ | 148,383 | $ | — | $ | 148,383 | |||||||||
Total | $ | — | $ | 148,383 | $ | — | $ | 148,383 | |||||||||
Liabilities measured on a recurring basis as of December 31, 2014: | |||||||||||||||||
Contingent consideration | $ | — | $ | — | $ | 1,000 | $ | 1,000 | |||||||||
Total | $ | — | $ | — | $ | 1,000 | $ | 1,000 | |||||||||
The fair value of contingent consideration was determined using a discounted cash flow model using a discount rate of 13.0%. | |||||||||||||||||
As of both December 31, 2014 and 2013, the Company did not have any financial assets or liabilities that were measured at fair value on a non-recurring basis. Refer to discussions of intangible assets below for nonfinancial assets measured at fair value on a non-recurring basis. | |||||||||||||||||
The carrying amounts and fair values of financial instruments for which the fair value option was not elected were as follows: | |||||||||||||||||
31-Dec-14 | 31-Dec-13 | ||||||||||||||||
Carrying Amount | Fair Value | Carrying Amount | Fair Value | ||||||||||||||
Cash and cash equivalents | $ | 182,059 | $ | 182,059 | $ | 343,637 | $ | 343,637 | |||||||||
Current portion of long-term debt | $ | 111,645 | $ | 119,522 | $ | 1,914 | $ | 1,914 | |||||||||
Long-term debt | $ | 345,012 | $ | 405,886 | $ | 430,300 | $ | 559,986 | |||||||||
The fair value of the current portion of long-term debt includes the $114,381 principal outstanding on the Company's 3.00% Convertible Senior Notes due 2015 (the “2015 Notes”). The fair value of long-term debt includes $402,500 aggregate principal amount 1.625% Convertible Senior Notes due 2019 (the “2019 Notes”) and is inclusive of the conversion feature, which was originally allocated for reporting purposes at $122.5 million, and is included in the Consolidated Balance Sheets within additional paid-in capital. The fair value of long-term debt was estimated based on significant observable inputs, including recent trades and trading levels of the outstanding debt on December 31, 2014 and 2013 (Level 2). | |||||||||||||||||
Cash and cash equivalents | Cash, cash equivalents and short-term investments: | ||||||||||||||||
Cash and cash equivalents | |||||||||||||||||
The Company considers all highly-liquid investments with an original maturity of three months or less to be cash equivalents. Cash equivalents principally consist of investments in short-term money market funds and corporate commercial paper. | |||||||||||||||||
Available-for-sale securities | |||||||||||||||||
Investments with maturities of less than one year are classified as available-for-sale, short-term investments and are recorded at fair value based on market quotes using the specific identification method, with unrealized gains and losses recorded as a component of accumulated other comprehensive loss until realized. Realized gains and losses from the sale of available-for-sale securities, if any, are determined on a specific identifications basis. The Company considers these investments to be available-for-sale as they may be sold to fund other investment opportunities as they arise. | |||||||||||||||||
The major categories of the Company's cash equivalents and available-for-sale, short-term investments are as follows: | |||||||||||||||||
Commercial paper | |||||||||||||||||
The Company invests in high-quality commercial paper issued by highly-rated corporations and governments. By definition, the stated maturity on commercial paper obligations cannot exceed 270 days. | |||||||||||||||||
Money market mutual funds | |||||||||||||||||
The Company invests in money market mutual funds that seek to maintain a stable net asset value of $1.00, while limiting overall exposure to credit, market, and liquidity risks. | |||||||||||||||||
Cash, cash equivalents, and short-term investments consisted of the following: | |||||||||||||||||
December 31, | December 31, | ||||||||||||||||
2014 | 2013 | ||||||||||||||||
Cash and cash equivalents: | |||||||||||||||||
Cash | $ | 73,495 | $ | 62,394 | |||||||||||||
Cash equivalents: | |||||||||||||||||
Commercial paper | 19,996 | 150,978 | |||||||||||||||
Money market mutual funds | 88,568 | 130,265 | |||||||||||||||
Total cash and cash equivalents | 182,059 | 343,637 | |||||||||||||||
Short-term investments: | |||||||||||||||||
Commercial paper | 148,383 | — | |||||||||||||||
Total short-term investments | 148,383 | — | |||||||||||||||
Total cash, cash equivalents, and short-term investments | $ | 330,442 | $ | 343,637 | |||||||||||||
The Company had no short- or long-term investments at December 31, 2013. The Company's short-term investments at December 31, 2014 were as follows: | |||||||||||||||||
Gross Unrealized | |||||||||||||||||
Amortized Cost | Gains | Losses | Fair Value | ||||||||||||||
Commercial paper | $ | 148,447 | $ | — | $ | 64 | $ | 148,383 | |||||||||
Total | $ | 148,447 | $ | — | $ | 64 | $ | 148,383 | |||||||||
The Company typically purchases its available-for-sale debt securities either at a premium or a discount. The premium or discount is amortized over the remaining term of each security using the effective interest method. Amortization is recorded as either a decrement to interest income for premiums or an increment to interest income for discounts. For the year ended December 31, 2014, net amortization of premiums and discounts was immaterial. | |||||||||||||||||
The Company classifies investments maturing within one year as short-term investments. Investments maturing in excess of one year are classified as noncurrent. All of the Company's investments had contractual maturities of less than one year at December 31, 2014. | |||||||||||||||||
As of December 31, 2014, no investments classified as available-for-sale had been in a continuous unrealized loss position for greater than twelve months. The Company believes that the unrealized losses on the available-for-sale portfolio as of December 31, 2014 are temporary in nature and are related to market interest rate fluctuations and not indicative of a deterioration in the creditworthiness of the issuers. | |||||||||||||||||
Receivables | Receivables: | ||||||||||||||||
Receivables are carried at net realizable value. Estimates are made as to the Company’s ability to collect outstanding receivables, taking into consideration the amount, the customer’s financial condition, and the age of the debt. The Company ascertains the net realizable value of amounts owed and provides an allowance when collection becomes doubtful. Receivables are expected to be collected in the normal course of business and consisted of the following: | |||||||||||||||||
December 31, | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
Trade and commercial customers | $ | 118,439 | $ | 106,091 | |||||||||||||
Less: Allowance for doubtful accounts | (694 | ) | (820 | ) | |||||||||||||
Total receivables | $ | 117,745 | $ | 105,271 | |||||||||||||
Inventories | Inventories: | ||||||||||||||||
Inventories are valued at cost as determined by the last-in, first-out (“LIFO”) method for approximately 55% and 56%, respectively, of the Company’s inventories as of December 31, 2014 and 2013. The remaining inventories are valued at cost determined by a combination of the first-in, first-out (“FIFO”) and weighted-average cost methods. Inventory costs generally include materials, labor, and manufacturing overhead (including depreciation). When market conditions indicate an excess of carrying cost over market value, a lower-of-cost-or-market provision is recorded. There were no LIFO decrements for the years ended December 31, 2014 or 2013. | |||||||||||||||||
Inventories consisted of the following: | |||||||||||||||||
December 31, | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
Raw materials and supplies | $ | 172,214 | $ | 166,359 | |||||||||||||
Work-in-process and finished goods | 332,573 | 314,438 | |||||||||||||||
LIFO reserve | (30,481 | ) | (50,709 | ) | |||||||||||||
Total inventories | $ | 474,306 | $ | 430,088 | |||||||||||||
Costs in excess of billings | Costs in excess of billings: | ||||||||||||||||
As of December 31, 2014 and 2013, the Company had costs in excess of billings of $5,522 and $5,377, respectively. All $5,522 of costs in excess of billings are expected to be collected within the next twelve months. The Company had no claims included in inventory or progress payments netted against inventory at December 31, 2014 or 2013, respectively. | |||||||||||||||||
Billings in excess of costs: | |||||||||||||||||
As of December 31, 2014, the Company had billings in excess of costs of $9,962. All $9,962 of billings in excess of costs are expected to be recognized as revenue within the next twelve months. The Company had no billings in excess of costs at December 31, 2013. | |||||||||||||||||
Other current assets | Other current assets: | ||||||||||||||||
The Company had other current assets of $19,803 and $16,947 at December 31, 2014 and 2013, respectively. Other current assets are comprised mainly of prepaid income taxes and other prepaid expenses which do not individually exceed five percent of consolidated current assets, and are expected to be realized within twelve months of the balance sheet date. The increase in other current assets in 2014 is attributable to an increase in prepaid income taxes. | |||||||||||||||||
Property, plant, and equipment | Property, plant, and equipment: | ||||||||||||||||
The cost of property, plant, and equipment includes all direct costs of acquisition and capital improvements. Applicable amounts of interest on borrowings outstanding during the construction or acquisition period for major capital projects are capitalized. During the years ended December 31, 2014 and 2013, no interest expense was capitalized related to major capital expansion projects. | |||||||||||||||||
Property, plant, and equipment is stated at cost and consisted of the following: | |||||||||||||||||
December 31, | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
Land | $ | 18,778 | $ | 18,769 | |||||||||||||
Buildings and improvements | 117,646 | 117,225 | |||||||||||||||
Machinery and equipment | 471,691 | 446,787 | |||||||||||||||
Computer hardware and software, furniture and fixtures, and other | 70,378 | 65,622 | |||||||||||||||
Construction-in-progress | 53,566 | 52,546 | |||||||||||||||
732,059 | 700,949 | ||||||||||||||||
Less: Accumulated depreciation | (362,772 | ) | (328,609 | ) | |||||||||||||
Total property, plant, and equipment, net | $ | 369,287 | $ | 372,340 | |||||||||||||
Depreciation is determined using the straight-line method over the estimated useful lives of the various classes of assets. Depreciation expense for the years ended December 31, 2014, 2013, and 2012 was $40,041, $39,439, and $37,364, respectively. Depreciation is generally recorded over the following useful lives: | |||||||||||||||||
Buildings and improvements | 20-40 years | ||||||||||||||||
Machinery and equipment | 7-15 years | ||||||||||||||||
Furniture and fixtures | 5-10 years | ||||||||||||||||
Computer hardware and software | 3-10 years | ||||||||||||||||
The cost of properties retired or otherwise disposed of, together with the accumulated depreciation provided thereon, is eliminated from the accounts. The net gain or loss is recognized as a component of operating income. | |||||||||||||||||
Leased equipment under capital leases are amortized using the straight-line method over the term of the lease or the estimated useful life of the equipment depending on the terms of the lease contract. | |||||||||||||||||
Routine maintenance, repairs, and replacements are charged to operations. Expenditures that materially increase values, change capacities, or extend useful lives are capitalized. | |||||||||||||||||
Goodwill and intangible assets | Goodwill and intangible assets: | ||||||||||||||||
In the case of goodwill and intangible assets, if product demand or market conditions reduce management’s expectation of future cash flows from these assets, a write-down of the carrying value or acceleration of the amortization period may be required. Intangible assets were originally valued at fair value at the date of acquisition. | |||||||||||||||||
Goodwill. The Company performs its goodwill impairment testing at the reporting unit level. The Company’s four reporting units, which are one level below its operating segments, where appropriate, are as follows: 1) the Titanium reporting unit; 2) the Fabrication reporting unit; 3) the Medical Device Fabrication reporting unit; and 4) the Energy Fabrication reporting unit. As of December 31, 2014 and 2013, the Energy Fabrication reporting unit had no goodwill. | |||||||||||||||||
The carrying value of goodwill at the Company’s four reporting units as of the Company’s October 1, 2014 annual impairment test was as follows: | |||||||||||||||||
Goodwill | |||||||||||||||||
Titanium reporting unit | $ | 24,016 | |||||||||||||||
Fabrication reporting unit | 76,645 | ||||||||||||||||
Medical Device Fabrication reporting unit | 44,789 | ||||||||||||||||
Energy Fabrication reporting unit | — | ||||||||||||||||
Total Goodwill | $ | 145,450 | |||||||||||||||
Goodwill is tested annually during the fourth quarter and is assessed between annual tests if an event occurs or circumstances change that would indicate the carrying value of a reporting unit may exceed its fair value. These events and circumstances may include, but are not limited to: significant adverse changes in the business climate or legal factors; an adverse action or assessment by a regulator; unanticipated competition; a material negative change in relationships with significant customers; strategic decisions made in response to economic or competitive conditions; loss of key personnel; or a more-likely-than-not expectation that a reporting unit or a significant portion of a reporting unit will be sold or disposed. | |||||||||||||||||
The fair value of the Company’s four reporting units is calculated by averaging the fair values determined using an income approach (i.e., a discounted cash flow model) and a market approach. A discounted cash flow model is based on historical and projected financial information and provides a fair value estimate based upon each reporting unit’s long-term operating and cash flow performance. This approach also considers the impact of cyclical downturns that occur in the titanium and aerospace industries. The market valuation approach applies market multiples, such as EBITDA and revenue multiples, developed from a set of peer group companies to each reporting unit to determine its fair value. The Company considered the use of a cost approach but determined such an approach was not appropriate. | |||||||||||||||||
Utilizing a discounted cash flow model, the Company estimates its cash flow projections using business and economic data available at the time the projection is calculated. A significant number of assumptions and estimates are involved in the application of the discounted cash flow model to forecast operating cash flows, including overall business conditions, sales volumes and prices, costs of production, and working capital changes. The Company considers historical experience and available information at the time the reporting units’ fair values are estimated. Discount rates were developed using a Weighted-Average Cost of Capital (“WACC”) methodology. The WACC represents the blended average required rate of return for equity and debt capital based on observed market return data and reporting unit specific risk factors. | |||||||||||||||||
The discount rates used in the Company’s October 1, 2014 annual impairment test were as follows: | |||||||||||||||||
Titanium reporting unit | 11 | % | |||||||||||||||
Fabrication reporting unit | 11.5 | % | |||||||||||||||
Medical Device Fabrication reporting unit | 12 | % | |||||||||||||||
The Company performed a two-step impairment test for all reporting units with a goodwill balance as of the testing date. Step one of the goodwill impairment test indicated that the fair value of the Titanium and Fabrication reporting units each exceeded their respective carrying values by a significant margin, while the Medical Device Fabrication reporting unit’s fair value exceeded its carrying value by approximately 14% as of the testing date. As all reporting units' fair values exceeded their book values, step two was not required. | |||||||||||||||||
Excluding the Energy Fabrication reporting unit, whose goodwill was fully impaired in 2009, and the $13,959 impairment at the Medical Device Fabrication reporting unit in 2013, there have been no other impairments to date at the Company’s reporting units. Uncertainties or other factors that could result in a potential impairment in future periods may include any cancellation of or material modification to one of the major aerospace programs the Company currently supplies, including the Joint Strike Fighter program, the Boeing 787 program, or the Airbus family of aircraft, including the A350 XWB, A320neo, or A380 programs. In addition, the Company’s ability to maintain profitability of these programs may also impact the results of a future impairment test. Furthermore, additional pricing pressures and regulatory requirements or other impacts from the Patient Protection and Affordable Care Act could result in an additional goodwill impairment at the Medical Device Fabrication reporting unit. | |||||||||||||||||
The carrying amount of goodwill attributable to each segment at December 31, 2012, 2013, and 2014 was as follows: | |||||||||||||||||
Titanium Segment | Engineered Products and Services Segment | Total | |||||||||||||||
31-Dec-12 | $ | 9,662 | $ | 120,590 | $ | 130,252 | |||||||||||
Additions | — | 2,185 | 2,185 | ||||||||||||||
Impairments | — | (13,959 | ) | (13,959 | ) | ||||||||||||
Translation adjustment | — | (900 | ) | (900 | ) | ||||||||||||
31-Dec-13 | 9,662 | 107,916 | 117,578 | ||||||||||||||
Additions (Note 4) | 14,211 | 14,712 | 28,923 | ||||||||||||||
Purchase price allocation adjustment | — | 100 | 100 | ||||||||||||||
Translation adjustment | — | (1,083 | ) | (1,083 | ) | ||||||||||||
Balance at December 31, 2014 | $ | 23,873 | $ | 121,645 | $ | 145,518 | |||||||||||
At both December 31, 2014 and 2013, the EP&S Segment had accumulated goodwill impairment losses of $22,858, while the Titanium Segment has no accumulated impairment losses, other than those relating to discontinued operations, not included in the table above. | |||||||||||||||||
Intangible assets. Intangible assets consist primarily of customer relationships, trade names, and developed technology acquired through various business combinations. These intangible assets were valued at fair value at acquisition. In the event that long-term demand or market conditions change and the expected future cash flows associated with these assets is reduced, a write-down or acceleration of the amortization period may be required. The Company has two indefinite-lived intangible assets, the Remmele trade name and the Directed Manufacturing trade name, which it does not amortize. The Company currently intends to utilize the Remmele and Directed Manufacturing trade names indefinitely. Other intangible assets are being amortized over the following periods: | |||||||||||||||||
Customer relationships | 7-20 years | ||||||||||||||||
Developed technology | 7-20 years | ||||||||||||||||
Backlog | 0.5-2 years | ||||||||||||||||
Amortization expense was $4,835, $4,386, $3,760, for the years ended December 31, 2014, 2013, and 2012, respectively. Estimated annual amortization expense expected in each of the next five successive years is as follows: | |||||||||||||||||
Amortization | |||||||||||||||||
2015 | $ | 5,089 | |||||||||||||||
2016 | $ | 5,047 | |||||||||||||||
2017 | $ | 5,047 | |||||||||||||||
2018 | $ | 5,047 | |||||||||||||||
2019 | $ | 5,047 | |||||||||||||||
Thereafter | $ | 24,640 | |||||||||||||||
The acquisition of RTI Directed Manufacturing in January 2014 was incorporated into the EP&S Segment. The acquisition of RTI Advanced Powder Materials in June 2014 was incorporated into the Titanium Segment. The carrying amounts of intangible assets attributable to each segment at December 31, 2014, 2013, and 2012, as well as a summary of intangible assets, by class, at December 31, 2014 and 2013, are presented below: | |||||||||||||||||
Titanium Segment | Engineered Products and Services Segment | Total | |||||||||||||||
31-Dec-12 | $ | — | $ | 56,495 | $ | 56,495 | |||||||||||
Intangible assets acquired | — | 3,800 | 3,800 | ||||||||||||||
Amortization | — | (4,386 | ) | (4,386 | ) | ||||||||||||
Impairment | — | (1,400 | ) | (1,400 | ) | ||||||||||||
Translation adjustment | — | (755 | ) | (755 | ) | ||||||||||||
31-Dec-13 | — | 53,754 | 53,754 | ||||||||||||||
Intangible assets acquired (Note 4) | 4,200 | 4,900 | 9,100 | ||||||||||||||
Amortization | (400 | ) | (4,435 | ) | (4,835 | ) | |||||||||||
Translation adjustment | — | (897 | ) | (897 | ) | ||||||||||||
31-Dec-14 | $ | 3,800 | $ | 53,322 | $ | 57,122 | |||||||||||
December 31, | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
Backlog | $ | 1,300 | $ | 1,300 | |||||||||||||
Accumulated amortization | (1,258 | ) | (1,236 | ) | |||||||||||||
Backlog, net | 42 | 64 | |||||||||||||||
Customer relationships | 51,063 | 45,013 | |||||||||||||||
Effects of currency translation | 423 | 1,930 | |||||||||||||||
Accumulated amortization | (13,923 | ) | (10,961 | ) | |||||||||||||
Customer relationships, net | 37,563 | 35,982 | |||||||||||||||
Developed technology | 15,240 | 13,290 | |||||||||||||||
Accumulated amortization | (2,923 | ) | (1,782 | ) | |||||||||||||
Developed technology, net | 12,317 | 11,508 | |||||||||||||||
Trade names | 7,200 | 6,200 | |||||||||||||||
Total intangible assets, net | $ | 57,122 | $ | 53,754 | |||||||||||||
Management evaluates the recoverability of indefinite-lived intangible assets other than goodwill annually by using a discounted cash flow analysis based on historical and projected financial information, and assesses the recoverability of indefinite-lived intangible assets between annual tests if an event occurs or circumstances change that would indicate the carrying value of an indefinite-lived intangible asset may exceed its fair value. Several assumptions and estimates are involved in the application of the discounted cash flow model to forecast revenues, royalty rates, income tax rates, and discount rates. As of October 1, 2014, the Company’s only indefinite-lived intangible assets other than goodwill were the Remmele and Directed Manufacturing trade names. Two-step impairment analyses of the Remmele and Directed Manufacturing trade name intangible assets were performed. In each case, a fair value in excess of carrying value was determined in step one of the test, thus step two was not required. The fair values of the Remmele and Directed Manufacturing trade names were determined using a discounted cash flow model (Level 3) utilizing discount rates ranging from 12.5%-13.0%. | |||||||||||||||||
Other long-lived assets | Other long-lived assets: | ||||||||||||||||
The Company evaluates the potential impairment of other long-lived assets including property, plant, and equipment and amortizable intangible assets when events or circumstances indicate that a change in value may have occurred. If the carrying value of the asset groupings exceeds the sum of the undiscounted expected future cash flows, the carrying value of the asset is written down to fair value. No such impairments were recorded during 2014. | |||||||||||||||||
Other non-current assets | Other non-current assets: | ||||||||||||||||
The Company had other non-current assets of $15,317 and $23,247 at December 31, 2014 and 2013, respectively. Other non-current assets are comprised mainly of deferred financing costs and deferred engineering costs, and are not expected to be realized within twelve months of the balance sheet date. The decrease in other non-current assets in 2014 is primarily attributable to the change in funded status of the Company's pension plans and the amortization of deferred financing fees of $1,890. | |||||||||||||||||
Environmental | Environmental: | ||||||||||||||||
The Company expenses environmental costs related to potential liabilities arising in the course of business and the remediation of those liabilities. The Company determines its liability for remediation on a site-by-site basis and records a liability when it is probable and can be reasonably estimated. The estimated liability of the Company is not discounted or reduced for possible recoveries from insurance carriers. | |||||||||||||||||
Treasury stock | Treasury stock: | ||||||||||||||||
The Company accounts for treasury stock under the cost method and includes such shares as a reduction of total shareholders’ equity. | |||||||||||||||||
Revenue Recognition | Revenue Recognition: | ||||||||||||||||
Product and service revenues are recognized when persuasive evidence of an arrangement exists, product delivery has occurred or services have been rendered, pricing is fixed or determinable, and collection is reasonably assured. Service revenues are recognized as services are rendered. | |||||||||||||||||
Revenues under long-term construction-type contracts are recorded on a percentage-of-completion method measured on the cost-to-cost basis and the units-of-delivery basis. Prior to 2014, revenues and costs under contracts measured on the cost-to-cost method were recorded using the zero profit method under the Financial Accounting Standards Board's (the "FASB") Accounting Standards Codification ("ASC") 605-35 until the period when the Company believed it was able to estimate the total contract revenues and costs, at which point the cumulative contract gross profit earned to date was recorded. This generally occurred commensurate with the primary product under the contract being delivered. During 2014, the Company implemented a rigorous process for estimating total contract costs and revenues for all outstanding and future projects accounted for under ASC 605-35. As a result, for the majority of the Company’s contracts accounted for under ASC 605-35, the Company now recognizes costs, revenues, and related gross profit as it completes work on these projects, rather than using the zero profit method. For certain of its contracts, the full scope of work may be ill-defined at the time progress towards completion begins. For these contracts, the Company utilizes the zero profit method until such time as the full scope of the contract is defined and estimates of total costs and revenues can be determined. | |||||||||||||||||
Provisions for anticipated losses on long-term contracts are recorded in full when such losses become evident. No such losses have been recorded at December 31, 2014, 2013, or 2012. | |||||||||||||||||
Revenues from contracts with multiple element arrangements are recognized as each element is earned based on the relative fair value of each element provided the delivered elements have value to customers on a standalone basis. Amounts allocated to each element are based on its objectively determined fair value, such as the sales price for the product or service when it is sold separately. | |||||||||||||||||
Value added taxes collected on sales are excluded from revenue and recorded as a liability on the Consolidated Balance Sheet until remitted to the taxing authority. | |||||||||||||||||
Shipping and handling fees and costs | Shipping and handling fees and costs: | ||||||||||||||||
All amounts billed to a customer in a sales transaction related to shipping and handling represent revenues earned and are reported as revenue. Costs incurred by the Company for shipping and handling, including transportation costs paid to third-party shippers, are reported as a component of cost of sales. Shipping and handling expenses were immaterial for the years ended December 31, 2014, 2013, and 2012, respectively. | |||||||||||||||||
Research and development | Research and development: | ||||||||||||||||
Research and development costs are expensed as incurred. These costs totaled $4,613, $3,931, and $4,164, for the years ended December 31, 2014, 2013, and 2012, respectively, and typically include employment costs, material costs, contractor fees, and other administrative costs. | |||||||||||||||||
Pensions | Pensions: | ||||||||||||||||
The Company provides defined benefit pension plans for certain of its salaried and represented workforce. Benefits for its salaried participants are generally based on participants’ years of service and compensation. Benefits for represented pension participants are generally determined based on an amount for years of service. Other employees participate in 401(k) plans whereby the Company may provide a match of employee contributions. A portion of the employees in the Titanium Segment are covered by defined benefit plans in which benefits are based on years of service and annual compensation. Contributions to the defined benefit plans, as determined by an independent actuary in accordance with applicable regulations, provide not only for benefits attributed to date, but also for those expected to be earned in the future. The Company’s policy is to fund pension costs at amounts equal to the minimum funding requirements of the Employee Retirement Income Security Act of 1974 (“ERISA”), as amended, for U.S. plans plus additional amounts as may be approved from time to time. | |||||||||||||||||
The Company accounts for its defined benefit pension plans in accordance with the FASB’s authoritative guidance, which requires amounts recognized in the financial statements to be determined on an actuarial basis, rather than as contributions are made to the plans, and requires recognition of the funded status of the Company’s plans in its Consolidated Balance Sheet. In addition, it also requires actuarial gains and losses, prior service costs and credits, and transition obligations that have not yet been recognized to be recorded as a component of accumulated other comprehensive loss. | |||||||||||||||||
Other post-retirement benefits | Other post-retirement benefits: | ||||||||||||||||
The Company provides health care benefits and life insurance coverage for certain of its employees and their dependents. Under the Company’s current plans, certain of the Company’s employees will become eligible for those benefits if they reach retirement age while working with the Company. In general, employees of the Titanium Segment are covered by post-retirement health care and life insurance benefits. | |||||||||||||||||
The Company also sponsors another post-retirement plan covering certain employees. This plan provides health care benefits for eligible employees. These benefits are accounted for on an actuarial basis, rather than as benefits are paid. The Company does not pre-fund post-retirement benefit costs, but rather pays claims as billed. | |||||||||||||||||
Income taxes | Income taxes: | ||||||||||||||||
Deferred tax assets and liabilities are determined based on the difference between the financial statement and tax basis of assets and liabilities multiplied by the enacted tax rates which will be in effect when these differences are expected to reverse. In addition, deferred tax assets may arise from net operating losses (“NOLs”) and tax credits which may be carried back to obtain refunds or carried forward to offset future cash tax liabilities. | |||||||||||||||||
On a quarterly basis, the Company evaluates the available evidence supporting the realization of deferred tax assets and makes adjustments for a valuation allowance, as necessary. | |||||||||||||||||
Tax benefits related to uncertain tax provisions taken or expected to be taken on a tax return are recorded when such benefits meet a more-likely-than-not threshold. Otherwise, these tax benefits are recorded when a tax position has been effectively settled, which means that either the appropriate taxing authority has completed their examination even though the statute of limitations remains open, or the statute of limitation has expired. Interest and penalties related to uncertain tax positions are recognized as part of the provision for income taxes and are accrued beginning in the period that such interest and penalties would be applicable under relevant tax law until such time that the related tax benefits are recognized. | |||||||||||||||||
Foreign currencies | Foreign currencies: | ||||||||||||||||
For the Company’s foreign subsidiaries in the United Kingdom and France, whose functional currency is the U.S. dollar, monetary assets and liabilities are remeasured at current rates, non-monetary assets and liabilities are remeasured at historical rates, and revenues and expenses are translated at average rates on a monthly basis throughout the year. Resulting differences from the remeasurement process are recognized in income and reported as other income (expense). | |||||||||||||||||
The functional currency of the Company’s Canadian subsidiary is the Canadian dollar. Assets and liabilities are translated at period-end exchange rates. Income statement accounts are translated at the average rates of exchange prevailing during the year. Translation adjustments are reported as a component of accumulated other comprehensive loss in shareholders’ equity and are included in comprehensive income (loss). | |||||||||||||||||
Transactions and balances denominated in currencies other than the functional currency of the transacting entity are remeasured at current rates when the transaction occurs and at each balance sheet date. Transaction gains and losses are included in net income for the period. | |||||||||||||||||
Accumulated other comprehensive income (loss) | Accumulated other comprehensive loss: | ||||||||||||||||
The components of accumulated other comprehensive loss, net of tax, on the Company’s Consolidated Balance sheet at December 31, 2014 and 2013 were as follows: | |||||||||||||||||
Foreign Currency Translation | Actuarial Losses on Benefit Plans | Investment Activity | Total | ||||||||||||||
Accumulated other comprehensive loss at December 31, 2011 | $ | 10,793 | $ | (49,635 | ) | $ | (8 | ) | $ | (38,850 | ) | ||||||
Other comprehensive loss before reclassifications, net of tax | 1,915 | (13,102 | ) | - | (11,187 | ) | |||||||||||
Amounts reclassified from other comprehensive loss, net of tax | — | 5,025 | 8 | 5,033 | |||||||||||||
Balance at December 31, 2012 | $ | 12,708 | $ | (57,712 | ) | $ | — | $ | (45,004 | ) | |||||||
Other comprehensive loss before reclassifications, net of tax | (6,928 | ) | 4,264 | 21 | (2,643 | ) | |||||||||||
Amounts reclassified from other comprehensive loss, net of tax | — | 7,271 | (21 | ) | 7,250 | ||||||||||||
Balance at December 31, 2013 | $ | 5,780 | $ | (46,177 | ) | $ | — | $ | (40,397 | ) | |||||||
Other comprehensive loss before reclassifications, net of tax | (9,733 | ) | (9,852 | ) | (41 | ) | (19,626 | ) | |||||||||
Amounts reclassified from other comprehensive loss, net of tax | — | 4,434 | — | 4,434 | |||||||||||||
Accumulated other comprehensive loss at December 31, 2014 | $ | (3,953 | ) | $ | (51,595 | ) | $ | (41 | ) | $ | (55,589 | ) | |||||
Amounts reclassified from accumulated other comprehensive loss, net of tax, for December 31, 2014 are presented below. These amounts are reclassified to Cost of sales and Selling, general, and administrative expenses within the Consolidated Statement of Operations. | |||||||||||||||||
31-Dec-14 | 31-Dec-13 | ||||||||||||||||
Impact of Defined Benefit Pension Items | |||||||||||||||||
Actuarial losses and prior service costs | $ | 7,122 | $ | 8,435 | |||||||||||||
Special termination benefits | — | 3,196 | |||||||||||||||
Tax expense | (2,688 | ) | (4,360 | ) | |||||||||||||
Total reclassifications | $ | 4,434 | $ | 7,271 | |||||||||||||
Refer to Note 8 of these Consolidated Financial Statements for further information about the Company’s benefit plans. | |||||||||||||||||
Stock-based compensation | Stock-based compensation: | ||||||||||||||||
The Company utilizes a “graded vesting” approach to recognize compensation expense over the vesting period of stock awards. For employees who have reached retirement age, the Company recognizes compensation expense at the date of grant. For employees approaching retirement eligibility, the Company amortizes compensation expense over the period from the grant date through the retirement eligibility date. | |||||||||||||||||
Cash flows resulting from the windfall tax benefits from tax deductions in excess of the compensation cost recognized (“excess tax benefits”) are classified as financing cash inflows. For the years ended December 31, 2014, 2013, and 2012, operating cash flows were decreased and financing cash flows were increased by $199, $552, and $196, respectively. | |||||||||||||||||
Total compensation expense recognized in the Consolidated Statements of Operations for stock-based compensation arrangements was $5,670, $6,026, and $4,797 for the years ended December 31, 2014, 2013, and 2012, respectively. The total income tax benefit recognized in the Consolidated Statements of Operations for stock-based compensation arrangements was $1,361, $1,886, and $1,727 for the years ended December 31, 2014, 2013, and 2012, respectively. There was no stock-based compensation cost capitalized for the years ended December 31, 2014, 2013, and 2012. | |||||||||||||||||
New Accounting Standards | New Accounting Standards: | ||||||||||||||||
In January 2015, the Financial Accounting Standards Board (the "FASB") issued Accounting Standards Update ("ASU") 2015-01, "Income Statement - Extraordinary and Unusual Items." This ASU eliminates from U.S. GAAP the concept of extraordinary items. This ASU is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015. Early adoption is permitted provided the guidance is applied from the beginning of the fiscal year of adoption. The Company does not expect that the adoption of the ASU will have a material impact on the Company's Consolidated Financial Statements. | |||||||||||||||||
In November 2014, the Financial Accounting Standards Board (the "FASB") issued Accounting Standards Update ("ASU") 2014-17, "Pushdown Accounting." This ASU provides an acquired entity with the option to apply pushdown accounting in its separate financial statements upon occurrence of an event in which an acquirer obtains control of the acquired entity. The election to apply pushdown accounting can be made either in the period in which the change of control occurred, or in a subsequent period. This ASU is effective as of November 18, 2014. The adoption of this ASU did not have a material impact on the Company's Consolidated Financial Statements. | |||||||||||||||||
In August 2014, the FASB issued ASU 2014-15, "Presentation of Financial Statements—Going Concern—Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern." The amendment requires management to evaluate whether there is substantial doubt about an entity’s ability to continue as a going concern and provide related footnote disclosures. The guidance is effective for the annual period ending after December 15, 2016, and for annual periods and interim periods thereafter. Early adoption is permitted. The Company does not expect that the adoption of the ASU will have a material impact on the Company's Consolidated Financial Statements. | |||||||||||||||||
In June 2014, the FASB issued ASU 2014-12, "Compensation—Stock Compensation—Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period." The amendment requires that a performance target that affects vesting and that could be achieved after the requisite service period is treated as a performance condition. The amendments in this ASU are effective for annual reporting periods beginning after December 15, 2015, including interim periods within that reporting period. Early application is permitted. The Company does not expect that the adoption of the ASU will have a material impact on the Company's Consolidated Financial Statements. | |||||||||||||||||
In May 2014, the FASB issued ASU 2014-09, "Revenue from Contracts with Customers." This ASU prescribes that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The amendments in this ASU are effective for annual reporting periods beginning after December 15, 2016, including interim periods within that reporting period, and can be adopted by the Company using either a full retrospective or modified retrospective approach. Early application is not permitted. The Company is currently evaluating the impact of the adoption of this ASU on the Company's Consolidated Financial Statements. | |||||||||||||||||
In April 2014, the FASB issued ASU 2014-08, "Presentation of Financial Statements and Property, Plant, and Equipment—Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity." This ASU amends the requirements for reporting discontinued operations to include only disposals of a component or groups of components of an entity if the disposal represents a strategic shift that has or will have a major effect on the entity’s operations and financial results. The amendment requires additional disclosure regarding disposals that meet the criteria for discontinued operations in the ASU, and is effective for all disposals within annual and interim periods beginning on or after December 15, 2014. Early adoption is permitted for disposals that have not been reported in financial statements previously issued. The Company does not expect that the adoption of the ASU will have a material impact on the Company's Consolidated Financial Statements. | |||||||||||||||||
In July 2013, the FASB issued ASU 2013-11, "Income Taxes—Presentation of an Unrecognized Tax Benefit when a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists." This ASU prescribes the Balance Sheet presentation for unrecognized tax benefits in the presence of a net operating loss carryforward, tax loss or tax credit carryforward. The amendments in the ASU do not require any new recurring disclosures, and are effective for fiscal years, and interim periods within those years, beginning after December 15, 2013. The adoption of this guidance during 2014 did not have a material impact on the Company's Consolidated Financial Statements. | |||||||||||||||||
In March 2013, the FASB issued ASU 2013-05, "Foreign Currency Matters—Parent’s Accounting for the Cumulative Translation Adjustment upon Derecognition of Certain Subsidiaries or Groups of Assets within a Foreign Entity or of an Investment in a Foreign Entity." This ASU clarifies the applicable guidance for the release of the cumulative translation adjustment under current U.S. GAAP. The amendments in this ASU are effective prospectively for annual and interim reporting periods beginning after December 15, 2013. The adoption of this guidance during 2014 did not have a material impact on the Company's Consolidated Financial Statements. | |||||||||||||||||
In February 2013, the FASB issued ASU 2013-04, "Liabilities—Obligations Resulting from Joint and Several Liability Arrangements for Which the Total Amount of the Obligation is Fixed at the Reporting Date." This ASU provides guidance for the recognition, measurement, and disclosure of obligations resulting from joint and several liability arrangements for which the total amount of the obligation within the scope of the ASU is fixed at the reporting date. The amendments in this ASU are effective prospectively for annual and interim reporting periods beginning after December 15, 2013. The adoption of this guidance during 2014 did not have a material impact on the Company's Consolidated Financial Statements. |
Discontinued_Operations_Tables
Discontinued Operations (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Schedule of income and assets of discontinued Operations | Assets and liabilities of discontinued operations were comprised of the following at December 31, 2013: | ||||||||||||
31-Dec-13 | |||||||||||||
ASSETS | |||||||||||||
Accounts receivable, net | $ | 594 | |||||||||||
Inventories, net | 4,555 | ||||||||||||
Property, plant and equipment, net | 105 | ||||||||||||
Goodwill | — | ||||||||||||
Other current assets | 20 | ||||||||||||
Total assets of discontinued operations | $ | 5,274 | |||||||||||
LIABILITIES | |||||||||||||
Accounts payable | $ | 326 | |||||||||||
Accrued wages | 96 | ||||||||||||
Other liabilities | 36 | ||||||||||||
Total liabilities of discontinued operations | $ | 458 | |||||||||||
Discontinued | |||||||||||||
Schedule of income and assets of discontinued Operations | The Company’s results from discontinued operations are summarized below: | ||||||||||||
Year Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Net sales | $ | 834 | $ | 15,464 | $ | 37,724 | |||||||
Income (loss) before income taxes | (1,012 | ) | (2,184 | ) | 2,333 | ||||||||
Provision for (benefit from) income taxes | (404 | ) | (600 | ) | 846 | ||||||||
Net income (loss) from discontinued operations | (608 | ) | (1,584 | ) | 1,487 | ||||||||
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Accounting Policies [Abstract] | |||||||||||||||||
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | Listed below are the Company's assets and liabilities, and their respective fair values, which were measured at fair value on a recurring basis as of December 31, 2014. | ||||||||||||||||
Quoted Market Prices | Significant Other Observable Inputs | Significant Unobservable Inputs | Fair Value | ||||||||||||||
(Level 1) | (Level 2) | (Level 3) | |||||||||||||||
Assets measured on a recurring basis as of December 31, 2014: | |||||||||||||||||
Commercial paper | $ | — | $ | 148,383 | $ | — | $ | 148,383 | |||||||||
Total | $ | — | $ | 148,383 | $ | — | $ | 148,383 | |||||||||
Liabilities measured on a recurring basis as of December 31, 2014: | |||||||||||||||||
Contingent consideration | $ | — | $ | — | $ | 1,000 | $ | 1,000 | |||||||||
Total | $ | — | $ | — | $ | 1,000 | $ | 1,000 | |||||||||
Schedule of Carrying Amounts and Fair Values of Financial Instruments | The carrying amounts and fair values of financial instruments for which the fair value option was not elected were as follows: | ||||||||||||||||
31-Dec-14 | 31-Dec-13 | ||||||||||||||||
Carrying Amount | Fair Value | Carrying Amount | Fair Value | ||||||||||||||
Cash and cash equivalents | $ | 182,059 | $ | 182,059 | $ | 343,637 | $ | 343,637 | |||||||||
Current portion of long-term debt | $ | 111,645 | $ | 119,522 | $ | 1,914 | $ | 1,914 | |||||||||
Long-term debt | $ | 345,012 | $ | 405,886 | $ | 430,300 | $ | 559,986 | |||||||||
Cash and Cash Equivalents | Cash, cash equivalents, and short-term investments consisted of the following: | ||||||||||||||||
December 31, | December 31, | ||||||||||||||||
2014 | 2013 | ||||||||||||||||
Cash and cash equivalents: | |||||||||||||||||
Cash | $ | 73,495 | $ | 62,394 | |||||||||||||
Cash equivalents: | |||||||||||||||||
Commercial paper | 19,996 | 150,978 | |||||||||||||||
Money market mutual funds | 88,568 | 130,265 | |||||||||||||||
Total cash and cash equivalents | 182,059 | 343,637 | |||||||||||||||
Short-term investments: | |||||||||||||||||
Commercial paper | 148,383 | — | |||||||||||||||
Total short-term investments | 148,383 | — | |||||||||||||||
Total cash, cash equivalents, and short-term investments | $ | 330,442 | $ | 343,637 | |||||||||||||
Schedule of Short-Term Investments | The Company had no short- or long-term investments at December 31, 2013. The Company's short-term investments at December 31, 2014 were as follows: | ||||||||||||||||
Gross Unrealized | |||||||||||||||||
Amortized Cost | Gains | Losses | Fair Value | ||||||||||||||
Commercial paper | $ | 148,447 | $ | — | $ | 64 | $ | 148,383 | |||||||||
Total | $ | 148,447 | $ | — | $ | 64 | $ | 148,383 | |||||||||
Schedule of Receivables Expected to Be Collected in Normal Course of Business | Receivables are expected to be collected in the normal course of business and consisted of the following: | ||||||||||||||||
December 31, | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
Trade and commercial customers | $ | 118,439 | $ | 106,091 | |||||||||||||
Less: Allowance for doubtful accounts | (694 | ) | (820 | ) | |||||||||||||
Total receivables | $ | 117,745 | $ | 105,271 | |||||||||||||
Components of Inventories | Inventories consisted of the following: | ||||||||||||||||
December 31, | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
Raw materials and supplies | $ | 172,214 | $ | 166,359 | |||||||||||||
Work-in-process and finished goods | 332,573 | 314,438 | |||||||||||||||
LIFO reserve | (30,481 | ) | (50,709 | ) | |||||||||||||
Total inventories | $ | 474,306 | $ | 430,088 | |||||||||||||
Summary of Property, Plant and Equipment | Property, plant, and equipment is stated at cost and consisted of the following: | ||||||||||||||||
December 31, | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
Land | $ | 18,778 | $ | 18,769 | |||||||||||||
Buildings and improvements | 117,646 | 117,225 | |||||||||||||||
Machinery and equipment | 471,691 | 446,787 | |||||||||||||||
Computer hardware and software, furniture and fixtures, and other | 70,378 | 65,622 | |||||||||||||||
Construction-in-progress | 53,566 | 52,546 | |||||||||||||||
732,059 | 700,949 | ||||||||||||||||
Less: Accumulated depreciation | (362,772 | ) | (328,609 | ) | |||||||||||||
Total property, plant, and equipment, net | $ | 369,287 | $ | 372,340 | |||||||||||||
Depreciation and Amortization of Useful Lives | Depreciation is generally recorded over the following useful lives: | ||||||||||||||||
Buildings and improvements | 20-40 years | ||||||||||||||||
Machinery and equipment | 7-15 years | ||||||||||||||||
Furniture and fixtures | 5-10 years | ||||||||||||||||
Computer hardware and software | 3-10 years | ||||||||||||||||
Carrying Value of Goodwill at Company's Four Reporting Units | The carrying value of goodwill at the Company’s four reporting units as of the Company’s October 1, 2014 annual impairment test was as follows: | ||||||||||||||||
Goodwill | |||||||||||||||||
Titanium reporting unit | $ | 24,016 | |||||||||||||||
Fabrication reporting unit | 76,645 | ||||||||||||||||
Medical Device Fabrication reporting unit | 44,789 | ||||||||||||||||
Energy Fabrication reporting unit | — | ||||||||||||||||
Total Goodwill | $ | 145,450 | |||||||||||||||
Discount Rates for Annual Impairment Test | The discount rates used in the Company’s October 1, 2014 annual impairment test were as follows: | ||||||||||||||||
Titanium reporting unit | 11 | % | |||||||||||||||
Fabrication reporting unit | 11.5 | % | |||||||||||||||
Medical Device Fabrication reporting unit | 12 | % | |||||||||||||||
Schedule of Carrying Amount of Goodwill Attributable to Segment | The carrying amount of goodwill attributable to each segment at December 31, 2012, 2013, and 2014 was as follows: | ||||||||||||||||
Titanium Segment | Engineered Products and Services Segment | Total | |||||||||||||||
31-Dec-12 | $ | 9,662 | $ | 120,590 | $ | 130,252 | |||||||||||
Additions | — | 2,185 | 2,185 | ||||||||||||||
Impairments | — | (13,959 | ) | (13,959 | ) | ||||||||||||
Translation adjustment | — | (900 | ) | (900 | ) | ||||||||||||
31-Dec-13 | 9,662 | 107,916 | 117,578 | ||||||||||||||
Additions (Note 4) | 14,211 | 14,712 | 28,923 | ||||||||||||||
Purchase price allocation adjustment | — | 100 | 100 | ||||||||||||||
Translation adjustment | — | (1,083 | ) | (1,083 | ) | ||||||||||||
Balance at December 31, 2014 | $ | 23,873 | $ | 121,645 | $ | 145,518 | |||||||||||
Intangible Assets Amortization Period | Other intangible assets are being amortized over the following periods: | ||||||||||||||||
Customer relationships | 7-20 years | ||||||||||||||||
Developed technology | 7-20 years | ||||||||||||||||
Backlog | 0.5-2 years | ||||||||||||||||
Estimated Annual Amortization Expense | Estimated annual amortization expense expected in each of the next five successive years is as follows: | ||||||||||||||||
Amortization | |||||||||||||||||
2015 | $ | 5,089 | |||||||||||||||
2016 | $ | 5,047 | |||||||||||||||
2017 | $ | 5,047 | |||||||||||||||
2018 | $ | 5,047 | |||||||||||||||
2019 | $ | 5,047 | |||||||||||||||
Thereafter | $ | 24,640 | |||||||||||||||
Schedule of Carrying Amount of Intangible Assets Attributable to Fabrication Group | The carrying amounts of intangible assets attributable to each segment at December 31, 2014, 2013, and 2012, as well as a summary of intangible assets, by class, at December 31, 2014 and 2013, are presented below: | ||||||||||||||||
Titanium Segment | Engineered Products and Services Segment | Total | |||||||||||||||
31-Dec-12 | $ | — | $ | 56,495 | $ | 56,495 | |||||||||||
Intangible assets acquired | — | 3,800 | 3,800 | ||||||||||||||
Amortization | — | (4,386 | ) | (4,386 | ) | ||||||||||||
Impairment | — | (1,400 | ) | (1,400 | ) | ||||||||||||
Translation adjustment | — | (755 | ) | (755 | ) | ||||||||||||
31-Dec-13 | — | 53,754 | 53,754 | ||||||||||||||
Intangible assets acquired (Note 4) | 4,200 | 4,900 | 9,100 | ||||||||||||||
Amortization | (400 | ) | (4,435 | ) | (4,835 | ) | |||||||||||
Translation adjustment | — | (897 | ) | (897 | ) | ||||||||||||
31-Dec-14 | $ | 3,800 | $ | 53,322 | $ | 57,122 | |||||||||||
Summary of Intangible Assets by Class | |||||||||||||||||
December 31, | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
Backlog | $ | 1,300 | $ | 1,300 | |||||||||||||
Accumulated amortization | (1,258 | ) | (1,236 | ) | |||||||||||||
Backlog, net | 42 | 64 | |||||||||||||||
Customer relationships | 51,063 | 45,013 | |||||||||||||||
Effects of currency translation | 423 | 1,930 | |||||||||||||||
Accumulated amortization | (13,923 | ) | (10,961 | ) | |||||||||||||
Customer relationships, net | 37,563 | 35,982 | |||||||||||||||
Developed technology | 15,240 | 13,290 | |||||||||||||||
Accumulated amortization | (2,923 | ) | (1,782 | ) | |||||||||||||
Developed technology, net | 12,317 | 11,508 | |||||||||||||||
Trade names | 7,200 | 6,200 | |||||||||||||||
Total intangible assets, net | $ | 57,122 | $ | 53,754 | |||||||||||||
Components of Accumulated Other Comprehensive Income | The components of accumulated other comprehensive loss, net of tax, on the Company’s Consolidated Balance sheet at December 31, 2014 and 2013 were as follows: | ||||||||||||||||
Foreign Currency Translation | Actuarial Losses on Benefit Plans | Investment Activity | Total | ||||||||||||||
Accumulated other comprehensive loss at December 31, 2011 | $ | 10,793 | $ | (49,635 | ) | $ | (8 | ) | $ | (38,850 | ) | ||||||
Other comprehensive loss before reclassifications, net of tax | 1,915 | (13,102 | ) | - | (11,187 | ) | |||||||||||
Amounts reclassified from other comprehensive loss, net of tax | — | 5,025 | 8 | 5,033 | |||||||||||||
Balance at December 31, 2012 | $ | 12,708 | $ | (57,712 | ) | $ | — | $ | (45,004 | ) | |||||||
Other comprehensive loss before reclassifications, net of tax | (6,928 | ) | 4,264 | 21 | (2,643 | ) | |||||||||||
Amounts reclassified from other comprehensive loss, net of tax | — | 7,271 | (21 | ) | 7,250 | ||||||||||||
Balance at December 31, 2013 | $ | 5,780 | $ | (46,177 | ) | $ | — | $ | (40,397 | ) | |||||||
Other comprehensive loss before reclassifications, net of tax | (9,733 | ) | (9,852 | ) | (41 | ) | (19,626 | ) | |||||||||
Amounts reclassified from other comprehensive loss, net of tax | — | 4,434 | — | 4,434 | |||||||||||||
Accumulated other comprehensive loss at December 31, 2014 | $ | (3,953 | ) | $ | (51,595 | ) | $ | (41 | ) | $ | (55,589 | ) | |||||
Amounts Reclassified from Accumulated Other Comprehensive Loss | Amounts reclassified from accumulated other comprehensive loss, net of tax, for December 31, 2014 are presented below. These amounts are reclassified to Cost of sales and Selling, general, and administrative expenses within the Consolidated Statement of Operations. | ||||||||||||||||
31-Dec-14 | 31-Dec-13 | ||||||||||||||||
Impact of Defined Benefit Pension Items | |||||||||||||||||
Actuarial losses and prior service costs | $ | 7,122 | $ | 8,435 | |||||||||||||
Special termination benefits | — | 3,196 | |||||||||||||||
Tax expense | (2,688 | ) | (4,360 | ) | |||||||||||||
Total reclassifications | $ | 4,434 | $ | 7,271 | |||||||||||||
Acquisitions_Tables
Acquisitions (Tables) | 12 Months Ended | |||
Dec. 31, 2014 | ||||
RTI Advanced Powder Materials | ||||
Business Acquisition [Line Items] | ||||
Summary of Purchase Price Allocation | The purchase price allocation, which has been finalized, is as follows: | |||
Assets purchased: | ||||
Current assets, excluding inventory | $ | 324 | ||
Inventories | 174 | |||
Plant and equipment | 101 | |||
Intangible assets: | ||||
Customer relationships | 3,250 | |||
Developed technology | 850 | |||
Backlog | 100 | |||
Goodwill | 14,211 | |||
Liabilities assumed: | ||||
Current liabilities | (271 | ) | ||
Deferred tax liabilities | (1,572 | ) | ||
Contingent consideration | (1,600 | ) | ||
Net assets acquired | $ | 15,567 | ||
RTI Directed Manufacturing | ||||
Business Acquisition [Line Items] | ||||
Summary of Purchase Price Allocation | The purchase price allocation, which has been finalized, is as follows: | |||
Assets purchased: | ||||
Current assets, excluding inventory | $ | 717 | ||
Inventories | 452 | |||
Plant and equipment | 1,973 | |||
Intangible assets: | ||||
Customer relationships | 2,800 | |||
Directed Manufacturing trade name | 1,000 | |||
Developed technology | 1,100 | |||
Goodwill | 14,712 | |||
Liabilities assumed: | ||||
Current liabilities | (285 | ) | ||
Net assets acquired | $ | 22,469 | ||
RTI Extrusions Europe Limited | ||||
Business Acquisition [Line Items] | ||||
Summary of Purchase Price Allocation | The purchase price allocation, which has been finalized, is as follows: | |||
Assets purchased: | ||||
Current assets, excluding inventory | $ | 4,827 | ||
Inventories | 5,230 | |||
Plant and equipment | 4,346 | |||
Intangible assets: | ||||
Customer relationships | 3,600 | |||
Backlog | 100 | |||
Goodwill | 2,285 | |||
Liabilities assumed: | ||||
Current liabilities | (2,621 | ) | ||
Deferred tax liabilities | (1,553 | ) | ||
Net assets acquired | $ | 16,214 | ||
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Earnings Per Share [Abstract] | |||||||||||||
Shares Excluded from Calculation of Earnings per Share | Shares excluded from the calculation of EPS were as follows: | ||||||||||||
Year ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
2015 Notes | 3,185,213 | 3,185,213 | 6,404,902 | ||||||||||
2019 Notes | 9,885,561 | 9,885,561 | N/A | ||||||||||
Anti-dilutive options (1) | 367,925 | 238,255 | 421,700 | ||||||||||
-1 | Average option price of shares excluded from calculation of earnings per share were $40.34, $48.10, and $38.43 for the years ended December 31, 2014, 2013 and 2012, respectively. | ||||||||||||
Schedule of Weighted-Average Shares of Common Stock Outstanding | Actual weighted-average shares of Common Stock outstanding used in the calculation of basic and diluted EPS for the years ended December 31, 2014, 2013 and 2013, were as follows: | ||||||||||||
Years ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Numerator — basic earnings per share: | |||||||||||||
Net income from continuing operations before allocation of earnings to participating securities | $ | 31,701 | $ | 15,657 | $ | 13,453 | |||||||
Less: Earnings allocated to participating securities | (201 | ) | (99 | ) | (80 | ) | |||||||
Net income from continuing operations attributable to common shareholders, after earnings allocated to participating securities used in calculation of basic earnings per share | $ | 31,500 | $ | 15,558 | $ | 13,373 | |||||||
Net income (loss) from discontinued operations before allocation of earnings to participating securities | $ | (608 | ) | $ | (1,584 | ) | $ | 1,487 | |||||
Less: Earnings allocated to participating securities | — | — | (9 | ) | |||||||||
Net income (loss) from discontinued operations attributable to common shareholders, after earnings allocated to participating securities | $ | (608 | ) | $ | (1,584 | ) | $ | 1,478 | |||||
Denominator: | |||||||||||||
Basic weighted-average shares outstanding | 30,493,862 | 30,303,328 | 30,127,275 | ||||||||||
Effect of dilutive securities | 124,585 | 227,173 | 130,413 | ||||||||||
Diluted weighted-average shares outstanding | 30,618,447 | 30,530,501 | 30,257,688 | ||||||||||
Earnings per share attributable to continuing operations: | |||||||||||||
Basic | $ | 1.03 | $ | 0.51 | $ | 0.44 | |||||||
Diluted | $ | 1.03 | $ | 0.51 | $ | 0.44 | |||||||
Earnings (loss) per share attributable to discontinued operations: | |||||||||||||
Basic | $ | (0.02 | ) | $ | (0.05 | ) | $ | 0.05 | |||||
Diluted | $ | (0.02 | ) | $ | (0.05 | ) | $ | 0.05 | |||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||
Income Tax Expense (Benefit) | The “Provision for income taxes” caption in the Consolidated Statements of Operations includes the following income tax expense: | ||||||||||||||||||||||||||||||||||||
December 31, 2014 | 31-Dec-13 | 31-Dec-12 | |||||||||||||||||||||||||||||||||||
Current | Deferred | Total | Current | Deferred | Total | Current | Deferred | Total | |||||||||||||||||||||||||||||
Federal | $ | 15,473 | $ | (10,709 | ) | $ | 4,764 | $ | 12,875 | $ | (3,728 | ) | $ | 9,147 | $ | 2,806 | $ | 9,402 | $ | 12,208 | |||||||||||||||||
State | 1,053 | (118 | ) | 935 | 1,152 | (6,630 | ) | (5,478 | ) | 2,330 | (2,258 | ) | 72 | ||||||||||||||||||||||||
Foreign | 4,645 | (307 | ) | 4,338 | 5,376 | (1,906 | ) | 3,470 | 3,916 | (511 | ) | 3,405 | |||||||||||||||||||||||||
Total | $ | 21,171 | $ | (11,134 | ) | $ | 10,037 | $ | 19,403 | $ | (12,264 | ) | $ | 7,139 | $ | 9,052 | $ | 6,633 | $ | 15,685 | |||||||||||||||||
Summary of Components of Income (Loss) before Income Taxes | The following table sets forth the components of income (loss) before income taxes by jurisdiction: | ||||||||||||||||||||||||||||||||||||
Years Ended December 31, | |||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||||||||||||||
United States | $ | 18,417 | $ | 12,530 | $ | 34,583 | |||||||||||||||||||||||||||||||
Foreign | 23,321 | 10,266 | (5,445 | ) | |||||||||||||||||||||||||||||||||
Income before income taxes | $ | 41,738 | $ | 22,796 | $ | 29,138 | |||||||||||||||||||||||||||||||
Reconciliation of Expected Tax at Federal Statutory Tax Rate | A reconciliation of the expected tax at the federal statutory tax rate to the actual provision follows: | ||||||||||||||||||||||||||||||||||||
Years Ended December 31, | |||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||||||||||||||
Statutory rate of 35% applied to income before income taxes | $ | 14,608 | $ | 7,979 | $ | 10,198 | |||||||||||||||||||||||||||||||
Adjustments of tax reserves and prior years’ income taxes | 1,030 | 51 | 1,322 | ||||||||||||||||||||||||||||||||||
Officers excess compensation/Acquisition costs | — | 434 | 413 | ||||||||||||||||||||||||||||||||||
Effects of foreign operations | (3,371 | ) | (3,042 | ) | (1,399 | ) | |||||||||||||||||||||||||||||||
Change in valuation allowance | (2,066 | ) | 1,662 | 5,200 | |||||||||||||||||||||||||||||||||
State income taxes, net of federal tax effects | 554 | (3,802 | ) | 147 | |||||||||||||||||||||||||||||||||
Goodwill and other intangible asset impairment | — | 3,953 | — | ||||||||||||||||||||||||||||||||||
Section 249 bond premium disallowance | — | 925 | — | ||||||||||||||||||||||||||||||||||
Section 199 deduction | (1,186 | ) | (1,173 | ) | (335 | ) | |||||||||||||||||||||||||||||||
Other | 468 | 152 | 139 | ||||||||||||||||||||||||||||||||||
Total provision | $ | 10,037 | $ | 7,139 | $ | 15,685 | |||||||||||||||||||||||||||||||
Effective tax rate | 24 | % | 31.3 | % | 53.8 | % | |||||||||||||||||||||||||||||||
Summary of Deferred Tax Assets and Liabilities | Deferred tax assets and liabilities resulted from the following: | ||||||||||||||||||||||||||||||||||||
December 31, | |||||||||||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||||||||||
Deferred tax assets: | |||||||||||||||||||||||||||||||||||||
Canadian tax loss carryforwards (expiring 2026 through 2033) | $ | 34,346 | $ | 39,989 | |||||||||||||||||||||||||||||||||
Postretirement benefit costs | 19,301 | 17,400 | |||||||||||||||||||||||||||||||||||
Employment costs | 12,283 | 11,745 | |||||||||||||||||||||||||||||||||||
State tax loss carryforwards (expiring 2025 through 2034) | 7,123 | 8,073 | |||||||||||||||||||||||||||||||||||
Inventories | 17,423 | 14,671 | |||||||||||||||||||||||||||||||||||
Start-up costs | 2,339 | 2,988 | |||||||||||||||||||||||||||||||||||
Revenue recognition | 1,114 | 4,544 | |||||||||||||||||||||||||||||||||||
Pension costs | 6,426 | 288 | |||||||||||||||||||||||||||||||||||
Other | 3,598 | 3,829 | |||||||||||||||||||||||||||||||||||
Total deferred tax assets | 103,953 | 103,527 | |||||||||||||||||||||||||||||||||||
Valuation allowance | (32,569 | ) | (37,172 | ) | |||||||||||||||||||||||||||||||||
Deferred tax assets, net of valuation allowance | 71,384 | 66,355 | |||||||||||||||||||||||||||||||||||
Deferred tax liabilities: | |||||||||||||||||||||||||||||||||||||
Property, plant and equipment | (57,186 | ) | (58,856 | ) | |||||||||||||||||||||||||||||||||
Convertible debt | (27,325 | ) | (33,511 | ) | |||||||||||||||||||||||||||||||||
Intangible assets | (14,899 | ) | (15,063 | ) | |||||||||||||||||||||||||||||||||
Other | (1,091 | ) | (973 | ) | |||||||||||||||||||||||||||||||||
Total deferred tax liabilities | (100,501 | ) | (108,403 | ) | |||||||||||||||||||||||||||||||||
Net deferred tax liabilities | $ | (29,117 | ) | $ | (42,048 | ) | |||||||||||||||||||||||||||||||
Reconciliation of Total Amounts of Unrecognized Tax Benefits | A reconciliation of the total amounts of unrecognized tax benefits for the years ended December 31, 2014, 2013, and 2012 is as follows: | ||||||||||||||||||||||||||||||||||||
Unrecognized Tax Benefits | |||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||||||||||||||
Gross balance at January 1 | $ | 8,427 | $ | 9,161 | $ | 6,157 | |||||||||||||||||||||||||||||||
Prior period tax positions: | |||||||||||||||||||||||||||||||||||||
Increases | 1,425 | 861 | 1,556 | ||||||||||||||||||||||||||||||||||
Decreases | (358 | ) | (2,109 | ) | (30 | ) | |||||||||||||||||||||||||||||||
Current period tax positions | 2,825 | 1,608 | 1,478 | ||||||||||||||||||||||||||||||||||
Lapse of Statute | (1,789 | ) | — | — | |||||||||||||||||||||||||||||||||
Settlements with tax authorities | — | (1,094 | ) | — | |||||||||||||||||||||||||||||||||
Gross balance at December 31 | $ | 10,530 | $ | 8,427 | $ | 9,161 | |||||||||||||||||||||||||||||||
Amount that would affect the effective tax rate if recognized | $ | 7,489 | $ | 6,168 | $ | 5,946 | |||||||||||||||||||||||||||||||
Emplpoyee_Benefit_Plans_Tables
Emplpoyee Benefit Plans (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | |||||||||||||||||||||||||||||
Changes in Company's Pension and Other Post-Employment Benefit Plan Obligations and Plan Assets | The following table provides reconciliations of the changes in the Company’s pension and other post-employment benefit plan obligations, the values of plan assets, amounts recognized in Company’s financial statements, and principal weighted-average assumptions used: | ||||||||||||||||||||||||||||
Pension Benefit Plans | Post-Retirement | ||||||||||||||||||||||||||||
Benefit Plan | |||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||||||
Change in projected benefit obligation: | |||||||||||||||||||||||||||||
Projected benefit obligation at beginning of year | $ | 171,003 | $ | 167,482 | $ | 46,413 | $ | 47,934 | |||||||||||||||||||||
Service cost | 2,107 | 2,469 | 957 | 747 | |||||||||||||||||||||||||
Interest cost | 7,862 | 6,789 | 2,134 | 1,920 | |||||||||||||||||||||||||
Actuarial loss (gain) | 15,148 | 4,404 | 3,918 | (2,466 | ) | ||||||||||||||||||||||||
Special termination benefits | — | 2,052 | — | 162 | |||||||||||||||||||||||||
Settlements | (1,331 | ) | (2,486 | ) | — | — | |||||||||||||||||||||||
Benefits paid | (10,049 | ) | (9,707 | ) | (3,185 | ) | (2,981 | ) | |||||||||||||||||||||
Plan participants’ contributions | — | — | 944 | 933 | |||||||||||||||||||||||||
Medicare retiree drug subsidy received | — | — | 77 | 164 | |||||||||||||||||||||||||
Projected benefit obligation at end of year | $ | 184,740 | $ | 171,003 | $ | 51,258 | $ | 46,413 | |||||||||||||||||||||
Change in plan assets: | |||||||||||||||||||||||||||||
Fair value of plan assets at beginning of year | $ | 162,741 | $ | 146,722 | $ | — | $ | — | |||||||||||||||||||||
Actual return on plan assets | 13,756 | 21,406 | — | — | |||||||||||||||||||||||||
Employer contributions | 2,431 | 6,806 | 2,164 | 1,884 | |||||||||||||||||||||||||
Medicare retiree drug subsidy received | — | — | 77 | 164 | |||||||||||||||||||||||||
Settlements | (1,331 | ) | (2,486 | ) | — | — | |||||||||||||||||||||||
Plan participants’ contributions | — | — | 944 | 933 | |||||||||||||||||||||||||
Benefits paid | (10,049 | ) | (9,707 | ) | (3,185 | ) | (2,981 | ) | |||||||||||||||||||||
Fair value of plan assets at end of year | $ | 167,548 | $ | 162,741 | $ | — | $ | — | |||||||||||||||||||||
Funded status | $ | (17,192 | ) | $ | (8,262 | ) | $ | (51,258 | ) | $ | (46,413 | ) | |||||||||||||||||
Amounts recognized in the Consolidated Balance Sheets consisted of: | |||||||||||||||||||||||||||||
Noncurrent assets | $ | — | $ | 6,983 | $ | — | $ | — | |||||||||||||||||||||
Current liabilities | (95 | ) | (1,458 | ) | (2,963 | ) | (2,966 | ) | |||||||||||||||||||||
Noncurrent liabilities | (17,097 | ) | (13,787 | ) | (48,295 | ) | (43,447 | ) | |||||||||||||||||||||
Net amount recognized | $ | (17,192 | ) | $ | (8,262 | ) | $ | (51,258 | ) | $ | (46,413 | ) | |||||||||||||||||
Accumulated benefit obligation | $ | 179,411 | $ | 166,357 | N/A | N/A | |||||||||||||||||||||||
Amount Recognized in Accumulated Other Comprehensive Income | Amounts recognized in accumulated other comprehensive loss consisted of: | ||||||||||||||||||||||||||||
December 31, | December 31, | ||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||||||
Net actuarial loss | $ | 69,979 | $ | 63,496 | $ | 9,594 | $ | 5,771 | |||||||||||||||||||||
Prior service cost | 5,323 | 6,237 | — | 689 | |||||||||||||||||||||||||
Total, before tax effect | $ | 75,302 | $ | 69,733 | $ | 9,594 | $ | 6,460 | |||||||||||||||||||||
Activity Related to Amounts Recognized in Accumulated Other Comprehensive Loss | Activity related to amounts recognized in accumulated other comprehensive loss is as follows: | ||||||||||||||||||||||||||||
December 31, | 2013 | December 31, | 2014 | December 31, | |||||||||||||||||||||||||
2012 | Amortization | Activity | 2013 | Amortization | Activity | 2014 | |||||||||||||||||||||||
Pension Benefit Plans | |||||||||||||||||||||||||||||
Actuarial losses | $ | 77,032 | $ | (5,982 | ) | $ | (7,554 | ) | $ | 63,496 | $ | (5,424 | ) | $ | 11,907 | $ | 69,979 | ||||||||||||
Prior service cost | 7,227 | (990 | ) | — | 6,237 | (914 | ) | — | 5,323 | ||||||||||||||||||||
Postretirement Medical Plan | |||||||||||||||||||||||||||||
Actuarial losses | 8,486 | (248 | ) | (2,467 | ) | 5,771 | (95 | ) | 3,918 | 9,594 | |||||||||||||||||||
Prior service cost | 1,904 | (1,215 | ) | — | 689 | (689 | ) | — | — | ||||||||||||||||||||
Weighted-Average Assumptions Used to Determine Benefit Obligation | The assumptions used to determine obligations for defined benefit pension and post-retirement medical plans are as follows: | ||||||||||||||||||||||||||||
Pension Benefit Plans | Post-Retirement | ||||||||||||||||||||||||||||
Benefit Plan | |||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||||||
Weighted-average assumptions used to determine benefit obligation at December 31: | |||||||||||||||||||||||||||||
Discount rate — qualified plan | 4.01 | % | 4.78 | % | N/A | N/A | |||||||||||||||||||||||
Discount rate — non-qualified plan | 3.06 | % | 3.71 | % | N/A | N/A | |||||||||||||||||||||||
Discount rate — post-retirement medical plan | N/A | N/A | 3.97 | % | 4.75 | % | |||||||||||||||||||||||
Rate of increase to compensation levels — qualified plans | 3.8 | % | 3.8 | % | N/A | N/A | |||||||||||||||||||||||
Rate of increase to compensation levels — non-qualified plans | 2.9 | % | 2.9 | % | N/A | N/A | |||||||||||||||||||||||
Measurement date | 31-Dec | 31-Dec | 31-Dec | 31-Dec | |||||||||||||||||||||||||
Health cost trend rate assumed for next year | N/A | N/A | 6.68 | % | 6.73 | % | |||||||||||||||||||||||
Ultimate trend rate | N/A | N/A | 4.5 | % | 4.5 | % | |||||||||||||||||||||||
Year that rate reaches ultimate trend rate | N/A | N/A | 2026 | 2026 | |||||||||||||||||||||||||
Weighted-average assumptions used to determine net periodic benefit obligation cost for the years ended December 31: | |||||||||||||||||||||||||||||
Discount rate | 4.78 | % | 4.1 | % | N/A | N/A | |||||||||||||||||||||||
Discount rate — non-qualified plan | 3.71 | % | 4.1 | % | N/A | N/A | |||||||||||||||||||||||
Discount rate — post-retirement medical plan | N/A | N/A | 4.75 | % | 4.1 | % | |||||||||||||||||||||||
Expected long-term return on plan assets | 7.5 | % | 7.5 | % | N/A | N/A | |||||||||||||||||||||||
Rate of increase to compensation levels — qualified plans | 3.8 | % | 3.8 | % | N/A | N/A | |||||||||||||||||||||||
Rate of increase to compensation levels — non-qualified plans | 2.9 | % | 2.9 | % | N/A | N/A | |||||||||||||||||||||||
One Quarter Percentage Change in Expected Rate of Return on Plan Assets | A change of one quarter of a percentage point in the expected rate of return on plan assets would have the following effect on the defined benefit plan: | ||||||||||||||||||||||||||||
-0.25% | 0.25% | ||||||||||||||||||||||||||||
Effect on subsequent years periodic pension expense (in millions) | $ | 0.4 | $ | (0.4 | ) | ||||||||||||||||||||||||
One Quarter Percentage Point Change in Discount Rates | A change of one-quarter of a percentage point in the discount rates used at December 31, 2014 would have the following effect on the defined benefit plans: | ||||||||||||||||||||||||||||
-0.25% | 0.25% | ||||||||||||||||||||||||||||
Effect on total projected benefit obligation ("PBO") (in millions) | $ | 5.6 | $ | (5.3 | ) | ||||||||||||||||||||||||
Effect on subsequent years periodic pension expense (in millions) | $ | 0.3 | $ | (0.3 | ) | ||||||||||||||||||||||||
One Quarter Percentage Change in Discount Rate on Postretirement Medical Plan | A change of one-quarter of a percentage point in the discount rate used at December 31, 2014 would have the following effect on the postretirement medical plan: | ||||||||||||||||||||||||||||
-0.25% | 0.25% | ||||||||||||||||||||||||||||
Effect on accumulated postretirement benefit obligation (in millions) | $ | 1.6 | $ | (1.5 | ) | ||||||||||||||||||||||||
Effect on total net periodic benefit cost (in millions) | $ | 0.1 | $ | (0.1 | ) | ||||||||||||||||||||||||
One Percent Change in Health Cost Trend Rate and It's Effect on Postretirement Medical Plan | A change of one percentage point in the health cost trend rate of 6.68% used at December 31, 2014 would have the following effect on the postretirement medical plan: | ||||||||||||||||||||||||||||
-1.00% | 1.00% | ||||||||||||||||||||||||||||
Effect on total service cost and interest cost components (in millions) | $ | (0.2 | ) | $ | 0.2 | ||||||||||||||||||||||||
Effect on accumulated postretirement benefit obligation (in millions) | $ | (2.2 | ) | $ | 2.5 | ||||||||||||||||||||||||
Components of Net Periodic Pension and Other Post-Retirement Benefit Costs | The components of net periodic pension and post-retirement benefit cost were as follows: | ||||||||||||||||||||||||||||
Pension Benefit Plans | Post-Retirement Benefit Plan | ||||||||||||||||||||||||||||
2014 | 2013 | 2012 | 2014 | 2013 | 2012 | ||||||||||||||||||||||||
Service cost | $ | 2,107 | $ | 2,469 | $ | 2,450 | $ | 957 | $ | 747 | $ | 671 | |||||||||||||||||
Interest cost | 7,862 | 6,789 | 7,093 | 2,134 | 1,920 | 2,102 | |||||||||||||||||||||||
Expected return on plan assets | (11,305 | ) | (10,429 | ) | (9,707 | ) | — | — | — | ||||||||||||||||||||
Prior service cost amortization | 914 | 990 | 980 | 689 | 1,214 | 1,214 | |||||||||||||||||||||||
Amortization of actuarial loss | 5,424 | 5,982 | 5,361 | 95 | 248 | 157 | |||||||||||||||||||||||
Settlement charges | 789 | 981 | 373 | — | — | — | |||||||||||||||||||||||
Special termination benefit | — | 2,052 | — | — | 162 | — | |||||||||||||||||||||||
Net periodic benefit cost | $ | 5,791 | $ | 8,834 | $ | 6,550 | $ | 3,875 | $ | 4,291 | $ | 4,144 | |||||||||||||||||
Unrecognized Accumulated Other Comprehensive Loss Net Periodic Benefit | The amounts in accumulated other comprehensive loss expected to be recognized as components of net periodic benefit cost during 2015 are as follows: | ||||||||||||||||||||||||||||
Pension Benefit Plans | Postretirement Medical Plan | ||||||||||||||||||||||||||||
2015 | 2015 | ||||||||||||||||||||||||||||
Amortization of actuarial loss | $ | 4,893 | $ | 381 | |||||||||||||||||||||||||
Amortization of prior service cost | 913 | — | |||||||||||||||||||||||||||
Total recognized from accumulated other comprehensive loss | $ | 5,806 | $ | 381 | |||||||||||||||||||||||||
Fair Value of Defined Benefit Pension Plan Assets | The fair value of the Company’s defined benefit pension plans’ assets as of December 31, 2014 and 2013 were as follows: | ||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||
Investment category: | |||||||||||||||||||||||||||||
U.S. government securities | $ | 22,193 | $ | 24,996 | |||||||||||||||||||||||||
Corporate bonds | 45,073 | 40,633 | |||||||||||||||||||||||||||
Equities | 91,816 | 88,894 | |||||||||||||||||||||||||||
Short-term investment funds | 1,763 | 1,550 | |||||||||||||||||||||||||||
Real estate funds | 4,730 | 3,835 | |||||||||||||||||||||||||||
Timberlands | 1,973 | 1,875 | |||||||||||||||||||||||||||
Other | — | 958 | |||||||||||||||||||||||||||
Total | $ | 167,548 | $ | 162,741 | |||||||||||||||||||||||||
Target Asset Allocation by Asset Category | The Company’s target asset allocation as of December 31, 2014 by asset category is as follows: | ||||||||||||||||||||||||||||
2014 | |||||||||||||||||||||||||||||
Investment category: | |||||||||||||||||||||||||||||
Equity securities | 55 | % | |||||||||||||||||||||||||||
Debt and other short-term investments | 43 | % | |||||||||||||||||||||||||||
Cash | 2 | % | |||||||||||||||||||||||||||
Total | 100 | % | |||||||||||||||||||||||||||
Summary of Plan Investments | A summary of the plan investments, their fair value and their level within the fair value hierarchy is presented below. | ||||||||||||||||||||||||||||
As of December 31, 2014: | |||||||||||||||||||||||||||||
Quoted Market Prices | Significant Other Observable Inputs | Significant Unobservable Inputs | Total | ||||||||||||||||||||||||||
(Level 1) | (Level 2) | (Level 3) | |||||||||||||||||||||||||||
Investment category: | |||||||||||||||||||||||||||||
U.S. government securities | $ | — | $ | 22,193 | $ | — | $ | 22,193 | |||||||||||||||||||||
Corporate bonds | — | 45,073 | — | 45,073 | |||||||||||||||||||||||||
Equities | 2,551 | 84,475 | 4,790 | 91,816 | |||||||||||||||||||||||||
Short-term investment funds | 1,763 | — | — | 1,763 | |||||||||||||||||||||||||
Real estate funds | — | — | 4,730 | 4,730 | |||||||||||||||||||||||||
Timberlands | — | — | 1,973 | 1,973 | |||||||||||||||||||||||||
Total assets | $ | 4,314 | $ | 151,741 | $ | 11,493 | $ | 167,548 | |||||||||||||||||||||
As of December 31, 2013: | |||||||||||||||||||||||||||||
Quoted Market Prices | Significant Other Observable Inputs | Significant Unobservable Inputs | Total | ||||||||||||||||||||||||||
(Level 1) | (Level 2) | (Level 3) | |||||||||||||||||||||||||||
Investment category: | |||||||||||||||||||||||||||||
U.S. government securities | $ | — | $ | 24,996 | $ | — | $ | 24,996 | |||||||||||||||||||||
Corporate bonds | — | 40,633 | — | 40,633 | |||||||||||||||||||||||||
Equities | 2,529 | 82,365 | 4,000 | 88,894 | |||||||||||||||||||||||||
Short-term investment funds | 1,072 | 478 | — | 1,550 | |||||||||||||||||||||||||
Real estate funds | — | — | 3,835 | 3,835 | |||||||||||||||||||||||||
Timberlands | — | — | 1,875 | 1,875 | |||||||||||||||||||||||||
Other | $ | 1,016 | $ | (58 | ) | $ | — | $ | 958 | ||||||||||||||||||||
Total assets | $ | 4,617 | $ | 148,414 | $ | 9,710 | $ | 162,741 | |||||||||||||||||||||
Level 3 Fair Value Measurements Using Significant Unobservable Input | The following table provides further details of the Level 3 fair value measurements using significant unobservable inputs: | ||||||||||||||||||||||||||||
Private Equity Funds | Real Estate Funds | Timberlands | Total | ||||||||||||||||||||||||||
December 31, 2012 | $ | 4,038 | $ | 3,468 | $ | 1,691 | $ | 9,197 | |||||||||||||||||||||
Realized gains/losses | 788 | 216 | — | 1,004 | |||||||||||||||||||||||||
Unrealized gain/losses relating to investments still held at December 31, 2013 | 23 | 322 | 184 | 529 | |||||||||||||||||||||||||
Purchases | 857 | 725 | — | 1,582 | |||||||||||||||||||||||||
Sales | (1,706 | ) | (896 | ) | — | (2,602 | ) | ||||||||||||||||||||||
December 31, 2013 | $ | 4,000 | $ | 3,835 | $ | 1,875 | $ | 9,710 | |||||||||||||||||||||
Realized gains/losses | 400 | 285 | — | 685 | |||||||||||||||||||||||||
Unrealized gain/losses relating to investments still held at December 31, 2014 | 259 | 166 | 98 | 523 | |||||||||||||||||||||||||
Purchases | 946 | 1,353 | — | 2,299 | |||||||||||||||||||||||||
Sales | (815 | ) | (909 | ) | — | (1,724 | ) | ||||||||||||||||||||||
December 31, 2014 | $ | 4,790 | $ | 4,730 | $ | 1,973 | $ | 11,493 | |||||||||||||||||||||
Pension and Post-Retirement Benefit Payments Expected Future Service | The following pension and post-retirement benefit payments, which reflect expected future service, as appropriate, are expected to be paid: | ||||||||||||||||||||||||||||
Pension Benefit Plans | Post-Retirement Benefit Plan (including Plan D subsidy) | Post-Retirement Benefit Plan (not including Plan D subsidy) | |||||||||||||||||||||||||||
2015 | $ | 10,518 | $ | 2,963 | $ | 3,078 | |||||||||||||||||||||||
2016 | 10,829 | 3,050 | 3,176 | ||||||||||||||||||||||||||
2017 | 10,909 | 2,824 | 2,962 | ||||||||||||||||||||||||||
2018 | 11,371 | 2,972 | 3,122 | ||||||||||||||||||||||||||
2019 | 11,495 | 3,149 | 3,311 | ||||||||||||||||||||||||||
2020 to 2024 | 61,382 | 19,095 | 20,122 | ||||||||||||||||||||||||||
Leases_Tables
Leases (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Leases [Abstract] | |||||||||
Future Minimum Commitments Under Operating and Capital Leases | The Company’s future minimum commitments under operating and capital leases for years after 2014 are as follows: | ||||||||
Operating Leases | Capital Leases | ||||||||
2015 | $ | 7,105 | $ | 3,496 | |||||
2016 | 6,522 | 3,090 | |||||||
2017 | 4,733 | 2,884 | |||||||
2018 | 4,172 | 2,313 | |||||||
2019 | 3,000 | 2,524 | |||||||
Thereafter | 1,497 | 3,781 | |||||||
Total lease payments | $ | 27,029 | $ | 18,088 | |||||
Unearned_Revenue_Tables
Unearned Revenue (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Revenue Recognition [Abstract] | |||||||||
Unearned Revenue | The remaining amount is recorded as a non-current liability. Unearned revenue balances are presented in the following table: | ||||||||
December 31, | |||||||||
2014 | 2013 | ||||||||
Current unearned revenue | $ | 7,623 | $ | 15,625 | |||||
Non-current unearned revenue | 5,476 | 10,470 | |||||||
Total unearned revenue | $ | 13,099 | $ | 26,095 | |||||
Segment_Reporting_Tables
Segment Reporting (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Segment Reporting [Abstract] | |||||||||||||
Summary of Financial Information by Reportable Segment | A summary of financial information by reportable segment is as follows: | ||||||||||||
Years Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Net sales: | |||||||||||||
Titanium Segment | $ | 360,614 | $ | 346,627 | $ | 352,847 | |||||||
Intersegment sales | 90,175 | 92,502 | 82,265 | ||||||||||
Total Titanium Segment sales | 450,789 | 439,129 | 435,112 | ||||||||||
Engineered Products and Services Segment | 432,965 | 436,646 | 347,140 | ||||||||||
Intersegment sales | 90,050 | 67,791 | 80,394 | ||||||||||
Total Engineered Products and Services Segment sales | 523,015 | 504,437 | 427,534 | ||||||||||
Eliminations | (180,225 | ) | (160,293 | ) | (162,659 | ) | |||||||
Total consolidated net sales | $ | 793,579 | $ | 783,273 | $ | 699,987 | |||||||
Operating income: | |||||||||||||
Titanium Segment before corporate allocations | $ | 70,302 | $ | 78,637 | $ | 58,542 | |||||||
Corporate allocations | (17,320 | ) | (19,626 | ) | (19,477 | ) | |||||||
Total Titanium Segment operating income | 52,982 | 59,011 | 39,065 | ||||||||||
Engineered Products and Services Segment before corporate allocations | 40,987 | 24,981 | 23,437 | ||||||||||
Corporate allocations | (23,642 | ) | (21,977 | ) | (15,085 | ) | |||||||
Total Engineered Products and Services Segment operating income | 17,345 | 3,004 | 8,352 | ||||||||||
Total consolidated operating income | 70,327 | 62,015 | 47,417 | ||||||||||
Other income (expense), net | 2,156 | 938 | (501 | ) | |||||||||
Interest expense, net | (30,745 | ) | (40,157 | ) | (17,778 | ) | |||||||
Total consolidated income before income taxes | $ | 41,738 | $ | 22,796 | $ | 29,138 | |||||||
Summary of Geographic Area Information Property, Plant and Equipment | |||||||||||||
Years Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Revenue by market information: | |||||||||||||
Titanium Segment | |||||||||||||
Commercial aerospace | $ | 251,572 | $ | 216,599 | $ | 217,607 | |||||||
Defense | 70,904 | 98,976 | 104,313 | ||||||||||
Energy, medical, and other | 38,138 | 31,052 | 30,927 | ||||||||||
Total Titanium Segment net sales | 360,614 | 346,627 | 352,847 | ||||||||||
Engineered Products and Services Segment | |||||||||||||
Commercial aerospace | $ | 244,964 | $ | 215,087 | $ | 168,760 | |||||||
Defense | 64,455 | 71,471 | 53,435 | ||||||||||
Energy, medical, and other | 123,546 | 150,088 | 124,945 | ||||||||||
Total Engineered Product and Services Segment net sales | 432,965 | 436,646 | 347,140 | ||||||||||
Total consolidated net sales | $ | 793,579 | $ | 783,273 | $ | 699,987 | |||||||
Geographic location of trade sales: | |||||||||||||
United States | $ | 563,937 | $ | 548,609 | $ | 450,518 | |||||||
France | 63,656 | 69,658 | 72,810 | ||||||||||
England | 47,643 | 56,658 | 52,931 | ||||||||||
Germany | 34,128 | 30,955 | 40,011 | ||||||||||
Italy | 20,062 | 14,344 | 11,575 | ||||||||||
Canada | 13,179 | 11,492 | 12,456 | ||||||||||
Japan | 13,098 | 10,660 | 9,389 | ||||||||||
Austria | 10,591 | 10,035 | 7,162 | ||||||||||
Spain | 4,757 | 12,713 | 16,285 | ||||||||||
Malaysia | — | — | 10,624 | ||||||||||
Other countries | 22,528 | 18,149 | 16,226 | ||||||||||
Total trade sales | $ | 793,579 | $ | 783,273 | $ | 699,987 | |||||||
Capital expenditures: | |||||||||||||
Titanium Segment | $ | 10,890 | $ | 15,976 | $ | 44,741 | |||||||
Engineered Products and Services Segment | 19,617 | 16,398 | 16,797 | ||||||||||
Total capital expenditures | $ | 30,507 | $ | 32,374 | $ | 61,538 | |||||||
Depreciation and amortization: | |||||||||||||
Titanium Segment | $ | 20,253 | $ | 19,973 | $ | 18,421 | |||||||
Engineered Products and Services Segment | 24,624 | 23,852 | 22,703 | ||||||||||
Total depreciation and amortization | $ | 44,877 | $ | 43,825 | $ | 41,124 | |||||||
The following geographic area information includes property, plant, and equipment based on physical location. | |||||||||||||
December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
United States | $ | 631,194 | $ | 606,369 | $ | 590,621 | |||||||
England | 25,800 | 23,036 | 16,017 | ||||||||||
France | 2,066 | 1,928 | 1,312 | ||||||||||
Canada | 72,999 | 69,616 | 64,924 | ||||||||||
Less: Accumulated depreciation | (362,772 | ) | (328,609 | ) | (297,055 | ) | |||||||
Property, plant, and equipment, net | $ | 369,287 | $ | 372,340 | $ | 375,819 | |||||||
Total assets: | |||||||||||||
Titanium Segment | $ | 685,306 | $ | 604,123 | $ | 566,359 | |||||||
Engineered Products and Services Segment | 614,309 | 585,867 | 544,928 | ||||||||||
General corporate assets | 266,079 | 310,281 | 83,637 | ||||||||||
Assets of discontinued operations | — | 5,274 | 25,168 | ||||||||||
Total consolidated assets | $ | 1,565,694 | $ | 1,505,545 | $ | 1,220,092 | |||||||
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 12 Months Ended | |||
Dec. 31, 2014 | ||||
Commitments and Contingencies Disclosure [Abstract] | ||||
Summary of Changes in Environmental Liabilities | The following table summarizes the changes in the Company’s environmental liabilities for the year ended December 31, 2014: | |||
Environmental | ||||
Liabilities | ||||
Balance at December 31, 2013 | $ | 1,263 | ||
Environmental-related expense | — | |||
Cash paid | (47 | ) | ||
Balance at December 31, 2014 | $ | 1,216 | ||
LongTerm_Debt_Tables
Long-Term Debt (Tables) | 12 Months Ended | ||||||||||
Dec. 31, 2014 | |||||||||||
Debt Disclosure [Abstract] | |||||||||||
Schedule of Long-Term Debt | Long-term debt consisted of: | ||||||||||
Effective | December 31, | ||||||||||
Interest Rate | 2014 | 2013 | |||||||||
$402.5 million in aggregate principal 1.625% Convertible Senior Notes due 2019 | 5.88% | $ | 331,998 | $ | 319,569 | ||||||
$114.4 million aggregate principal 3.000% Convertible Senior Notes due 2015 | 8.67% | 108,792 | 103,065 | ||||||||
Capital leases | Various | 15,867 | 9,580 | ||||||||
Total debt | 456,657 | 432,214 | |||||||||
Less: Current portion of long-term debt | (108,792 | ) | — | ||||||||
Less: Current portion of capital leases | (2,853 | ) | (1,914 | ) | |||||||
Total long-term debt | $ | 345,012 | $ | 430,300 | |||||||
StockBased_Compensation_Tables
Stock-Based Compensation (Tables) | 12 Months Ended | |||||||||||||
Dec. 31, 2014 | ||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||||||||||||||
Schedule of Fair Value of Stock Options Granted | The fair value of stock options granted over the past three years was estimated at the date of grant using the Black-Scholes option-pricing model based upon the following assumptions: | |||||||||||||
2014 | 2013 | 2012 | ||||||||||||
Risk-free interest rate | 1.51 | % | 0.87 | % | 0.75 | % | ||||||||
Expected dividend yield | 0 | % | 0 | % | 0 | % | ||||||||
Expected lives (in years) | 5 | 5 | 5 | |||||||||||
Expected volatility | 55 | % | 65 | % | 66 | % | ||||||||
Summary of Stock Options Activity | A summary of the status of the Company’s stock options as of December 31, 2014 and the activity during the year then ended is presented below: | |||||||||||||
Stock Options | Shares | Weighted-Average Exercise Price Per Share | Weighted-Average Remaining Contractual Term (Years) | Aggregate Intrinsic Value | ||||||||||
Outstanding at December 31, 2013 | 526,736 | $ | 34.56 | |||||||||||
Granted | 103,472 | 30.59 | ||||||||||||
Forfeited | (26,100 | ) | 29.47 | |||||||||||
Expired | (34,997 | ) | 45.04 | |||||||||||
Exercised | (40,431 | ) | 20.07 | |||||||||||
Outstanding at December 31, 2014 | 528,680 | $ | 34.45 | 5.69 | $ | 414 | ||||||||
Exercisable at December 31, 2014 | 365,666 | $ | 36.73 | 4.42 | $ | 399 | ||||||||
Summary Nonvested Restricted Stock Awards | A summary of the status of the Company’s non-vested restricted stock as of December 31, 2014, and the activity during the year then ended, is presented below: | |||||||||||||
Nonvested Restricted Stock Awards | Shares | Weighted-Average Grant-Date Fair Value Per Share | ||||||||||||
Nonvested at December 31, 2013 | 213,475 | $ | 26.88 | |||||||||||
Granted | 100,417 | 29.28 | ||||||||||||
Vested | (92,459 | ) | 25.91 | |||||||||||
Forfeited | (22,364 | ) | 28.67 | |||||||||||
Nonvested at December 31, 2014 | 199,069 | $ | 28.35 | |||||||||||
Summary of Company's Performance Share Award | A summary of the Company’s performance share activity during the year ended December 31, 2014 is presented below: | |||||||||||||
Performance Share Awards | Awards Activity | Maximum Shares Eligible to Receive | ||||||||||||
Outstanding at December 31, 2013 | 154,333 | 308,666 | ||||||||||||
Granted | 70,875 | 141,750 | ||||||||||||
Vested | (42,442 | ) | (84,884 | ) | ||||||||||
Forfeited | (25,683 | ) | (51,366 | ) | ||||||||||
Outstanding at December 31, 2014 | 157,083 | 314,166 | ||||||||||||
Guarantor_Subsidiaries_Tables
Guarantor Subsidiaries (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |||||||||||||||||||||
Schedule of Condensed Consolidating Statement of Operations and Comprehensive Income | Condensed Consolidating Statement of Operations and Comprehensive Income | ||||||||||||||||||||
Year Ended December 31, 2014 | |||||||||||||||||||||
RTI International Metals, Inc. | Guarantor Subsidiaries | Non-guarantor Subsidiaries | Eliminations | Consolidated | |||||||||||||||||
Net sales | $ | — | $ | 507,935 | $ | 491,635 | $ | (205,991 | ) | $ | 793,579 | ||||||||||
Costs and expenses: | |||||||||||||||||||||
Cost of sales | — | 423,189 | 409,953 | (205,991 | ) | 627,151 | |||||||||||||||
Selling, general, and administrative expenses(1) | 158 | 43,479 | 47,851 | — | 91,488 | ||||||||||||||||
Research, technical, and product development expenses | — | 4,526 | 87 | — | 4,613 | ||||||||||||||||
Operating income (loss) | (158 | ) | 36,741 | 33,744 | — | 70,327 | |||||||||||||||
Other income (expense), net | (6 | ) | 416 | 1,746 | — | 2,156 | |||||||||||||||
Interest expense, net | (25,519 | ) | (2,288 | ) | (2,938 | ) | — | (30,745 | ) | ||||||||||||
Equity in earnings of subsidiaries | 48,698 | 1,568 | 4,894 | (55,160 | ) | — | |||||||||||||||
Income before income taxes | 23,015 | 36,437 | 37,446 | (55,160 | ) | 41,738 | |||||||||||||||
Provision for (benefit from) income taxes | (8,686 | ) | 11,966 | 6,757 | — | 10,037 | |||||||||||||||
Net income attributable to continuing operations | $ | 31,701 | $ | 24,471 | $ | 30,689 | $ | (55,160 | ) | $ | 31,701 | ||||||||||
Net loss attributable to discontinued operations, net of tax | $ | (608 | ) | $ | — | $ | (608 | ) | $ | 608 | $ | (608 | ) | ||||||||
Net income | $ | 31,093 | $ | 24,471 | $ | 30,081 | $ | (54,552 | ) | $ | 31,093 | ||||||||||
Comprehensive income | $ | 15,901 | $ | 18,238 | $ | 20,348 | $ | (38,586 | ) | $ | 15,901 | ||||||||||
-1 | The Parent allocates selling, general, and administrative expenses (“SG&A”) to the subsidiaries based upon its budgeted annual expenses. | ||||||||||||||||||||
Condensed Consolidating Statement of Operations and Comprehensive Income | |||||||||||||||||||||
Year Ended December 31, 2013 | |||||||||||||||||||||
RTI International Metals, Inc. | Guarantor Subsidiaries | Non-guarantor Subsidiaries | Eliminations | Consolidated | |||||||||||||||||
Net sales | $ | — | $ | 524,003 | $ | 465,331 | $ | (206,061 | ) | $ | 783,273 | ||||||||||
Costs and expenses: | |||||||||||||||||||||
Cost of sales | — | 426,274 | 388,834 | (206,061 | ) | 609,047 | |||||||||||||||
Selling, general, and administrative expenses (1) | 4,799 | 43,842 | 44,280 | — | 92,921 | ||||||||||||||||
Good will and other intangible asset impairment | — | 15,359 | — | — | 15,359 | ||||||||||||||||
Research, technical, and product development expenses | — | 3,925 | 6 | — | 3,931 | ||||||||||||||||
Operating income (loss) | (4,799 | ) | 34,603 | 32,211 | — | 62,015 | |||||||||||||||
Other income (expense), net | 6,318 | (5,146 | ) | (234 | ) | — | 938 | ||||||||||||||
Interest expense, net | (21,291 | ) | (11,503 | ) | (7,363 | ) | — | (40,157 | ) | ||||||||||||
Equity in earnings of subsidiaries | 21,936 | (191 | ) | 2,165 | (23,910 | ) | — | ||||||||||||||
Income before income taxes | 2,164 | 17,763 | 26,779 | (23,910 | ) | 22,796 | |||||||||||||||
Provision for (benefit from) income taxes | (13,493 | ) | 10,964 | 9,668 | — | 7,139 | |||||||||||||||
Net income attributable to continuing operations | 15,657 | 6,799 | 17,111 | (23,910 | ) | 15,657 | |||||||||||||||
Net loss attributable to discontinued operations, net of tax | (1,584 | ) | — | (1,584 | ) | 1,584 | (1,584 | ) | |||||||||||||
Net income | $ | 14,073 | $ | 6,799 | $ | 15,527 | $ | (22,326 | ) | $ | 14,073 | ||||||||||
Comprehensive income | $ | 18,680 | $ | 18,327 | $ | 8,599 | $ | (26,926 | ) | $ | 18,680 | ||||||||||
-1 | The Parent allocates SG&A to the subsidiaries based upon its budgeted annual expenses. | ||||||||||||||||||||
Condensed Consolidating Statement of Operations and Comprehensive Income | |||||||||||||||||||||
Year Ended December 31, 2012 | |||||||||||||||||||||
RTI International Metals, Inc. | Guarantor Subsidiaries | Non-guarantor Subsidiaries | Eliminations | Consolidated | |||||||||||||||||
Net sales | $ | — | $ | 503,018 | $ | 409,470 | $ | (212,501 | ) | $ | 699,987 | ||||||||||
Costs and expenses: | |||||||||||||||||||||
Cost of sales | — | 426,635 | 347,651 | $ | (212,501 | ) | 561,785 | ||||||||||||||
Selling, general, and administrative expenses (1) | (3,101 | ) | 45,316 | 44,406 | — | 86,621 | |||||||||||||||
Research, technical, and product development expenses | 95 | 4,007 | 62 | — | 4,164 | ||||||||||||||||
Operating income | 3,006 | 27,060 | 17,351 | — | 47,417 | ||||||||||||||||
Other income (expense), net | (63 | ) | 38 | (476 | ) | — | (501 | ) | |||||||||||||
Interest income (expense), net | (16,639 | ) | 205 | (1,344 | ) | — | (17,778 | ) | |||||||||||||
Equity in earnings of subsidiaries | 20,741 | 5,419 | 2,138 | (28,298 | ) | — | |||||||||||||||
Income before income taxes | 7,045 | 32,722 | 17,669 | (28,298 | ) | 29,138 | |||||||||||||||
Provision for (benefit from) income taxes | (6,408 | ) | 10,726 | 11,367 | — | 15,685 | |||||||||||||||
Net income attributable to continuing operations | 13,453 | 21,996 | 6,302 | (28,298 | ) | 13,453 | |||||||||||||||
Net income attributable to discontinued operations, net of tax | 1,487 | — | 1,487 | (1,487 | ) | 1,487 | |||||||||||||||
Net income | $ | 14,940 | $ | 21,996 | $ | 7,789 | $ | (29,785 | ) | $ | 14,940 | ||||||||||
Comprehensive income | $ | 8,786 | $ | 14,465 | $ | 9,704 | $ | (24,169 | ) | $ | 8,786 | ||||||||||
-1 | The Parent allocates SG&A to the subsidiaries based upon its budgeted annual expenses. A credit in Parent SG&A is offset by an equal debit amount in the subsidiaries SG&A. | ||||||||||||||||||||
Schedule of Condensed Consolidating Balance Sheet | Condensed Consolidating Balance Sheet | ||||||||||||||||||||
As of December 31, 2014 | |||||||||||||||||||||
RTI | Guarantor | Non-Guarantor | Eliminations | Consolidated | |||||||||||||||||
International | Subsidiaries | Subsidiaries | |||||||||||||||||||
Metals, Inc. | |||||||||||||||||||||
ASSETS | |||||||||||||||||||||
Current assets: | |||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | 117,086 | $ | 64,973 | $ | — | $ | 182,059 | |||||||||||
Short-term investments | — | 148,383 | — | — | 148,383 | ||||||||||||||||
Receivables, net | 928 | 78,436 | 70,911 | (32,530 | ) | 117,745 | |||||||||||||||
Inventories, net | — | 319,107 | 155,199 | — | 474,306 | ||||||||||||||||
Costs in excess of billings | — | 2,393 | 3,129 | — | 5,522 | ||||||||||||||||
Deferred income taxes | 25,591 | 2,754 | 2,287 | — | 30,632 | ||||||||||||||||
Other current assets | 1,307 | 13,345 | 5,151 | — | 19,803 | ||||||||||||||||
Total current assets | 27,826 | 681,504 | 301,650 | (32,530 | ) | 978,450 | |||||||||||||||
Property, plant, and equipment, net | 2,028 | 280,805 | 86,454 | — | 369,287 | ||||||||||||||||
Goodwill | — | 94,769 | 50,749 | — | 145,518 | ||||||||||||||||
Other intangible assets, net | — | 32,897 | 24,225 | — | 57,122 | ||||||||||||||||
Other noncurrent assets | 8,635 | 948 | 5,734 | — | 15,317 | ||||||||||||||||
Intercompany investments (1) | 1,290,173 | 148,432 | 66,101 | (1,504,706 | ) | — | |||||||||||||||
Total assets | $ | 1,328,662 | $ | 1,239,355 | $ | 534,913 | $ | (1,537,236 | ) | $ | 1,565,694 | ||||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||||||||||||||||
Current liabilities: | |||||||||||||||||||||
Current portion of long-term debt | $ | 108,767 | $ | 721 | $ | 2,157 | $ | — | $ | 111,645 | |||||||||||
Accounts payable | 1,559 | 81,055 | 54,960 | (32,530 | ) | 105,044 | |||||||||||||||
Accrued wages and other employee costs | 6,345 | 13,491 | 7,038 | — | 26,874 | ||||||||||||||||
Billings in excess of cost | — | 2,205 | 7,757 | — | 9,962 | ||||||||||||||||
Unearned revenue | — | 519 | 7,104 | — | 7,623 | ||||||||||||||||
Other accrued liabilities | 1,411 | 7,879 | 9,434 | — | 18,724 | ||||||||||||||||
Total current liabilities | 118,082 | 105,870 | 88,450 | (32,530 | ) | 279,872 | |||||||||||||||
Long-term debt | 331,998 | 572 | 12,442 | — | 345,012 | ||||||||||||||||
Intercompany debt | 9,768 | 55,486 | 238,953 | (304,207 | ) | — | |||||||||||||||
Liability for post-retirement benefits | — | 48,295 | — | — | 48,295 | ||||||||||||||||
Liability for pension benefits | 6,655 | 10,172 | 159 | — | 16,986 | ||||||||||||||||
Deferred income taxes | 57,441 | — | 3,062 | — | 60,503 | ||||||||||||||||
Unearned revenue | — | — | 5,476 | — | 5,476 | ||||||||||||||||
Other noncurrent liabilities | 9,238 | 4,549 | 283 | — | 14,070 | ||||||||||||||||
Total liabilities | 533,182 | 224,944 | 348,825 | (336,737 | ) | 770,214 | |||||||||||||||
Shareholders’ equity | 795,480 | 1,014,411 | 186,088 | (1,200,499 | ) | 795,480 | |||||||||||||||
Total liabilities and shareholders’ equity | $ | 1,328,662 | $ | 1,239,355 | $ | 534,913 | $ | (1,537,236 | ) | $ | 1,565,694 | ||||||||||
-1 | Intercompany investments include equity investments and intercompany loans receivable from legal entities not included within the same consolidation. | ||||||||||||||||||||
Condensed Consolidating Balance Sheet | |||||||||||||||||||||
As of December 31, 2013 | |||||||||||||||||||||
RTI | Guarantors | Non-Guarantors | Eliminations | Consolidated | |||||||||||||||||
International | |||||||||||||||||||||
Metals, Inc. | |||||||||||||||||||||
ASSETS | |||||||||||||||||||||
Current assets: | |||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | 312,202 | $ | 31,435 | $ | — | $ | 343,637 | |||||||||||
Receivables, net | 786 | 57,397 | 69,847 | (22,759 | ) | 105,271 | |||||||||||||||
Inventories, net | — | 265,621 | 164,467 | — | 430,088 | ||||||||||||||||
Costs in excess of billings | — | 3,800 | 1,577 | — | 5,377 | ||||||||||||||||
Deferred income taxes | 31,656 | — | 376 | — | 32,032 | ||||||||||||||||
Assets of discontinued operations | — | — | 5,274 | — | 5,274 | ||||||||||||||||
Other current assets | 9,425 | 2,984 | 4,538 | — | 16,947 | ||||||||||||||||
Total current assets | 41,867 | 642,004 | 277,514 | (22,759 | ) | 938,626 | |||||||||||||||
Property, plant, and equipment, net | 2,328 | 292,033 | 77,979 | — | 372,340 | ||||||||||||||||
Goodwill | — | 79,705 | 37,873 | — | 117,578 | ||||||||||||||||
Other intangible assets, net | — | 31,184 | 22,570 | — | 53,754 | ||||||||||||||||
Other noncurrent assets | 11,025 | 7,184 | 5,038 | — | 23,247 | ||||||||||||||||
Intercompany investments (1)(2) | 1,240,671 | 108,693 | 109,638 | (1,459,002 | ) | — | |||||||||||||||
Total assets | $ | 1,295,891 | $ | 1,160,803 | $ | 530,612 | $ | (1,481,761 | ) | $ | 1,505,545 | ||||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||||||||||||||||
Current liabilities: | |||||||||||||||||||||
Current portion of long-term debt | $ | — | $ | 1,008 | $ | — | $ | — | $ | 1,008 | |||||||||||
Accounts payable | 1,948 | 54,111 | 45,739 | (22,759 | ) | 79,039 | |||||||||||||||
Accrued wages and other employee costs | 6,598 | 14,093 | 9,096 | — | 29,787 | ||||||||||||||||
Unearned revenue | — | 288 | 15,337 | — | 15,625 | ||||||||||||||||
Liabilities of discontinued operations | — | — | 458 | — | 458 | ||||||||||||||||
Other accrued liabilities | 6,800 | 4,093 | 10,673 | — | 21,566 | ||||||||||||||||
Total current liabilities | 15,346 | 73,593 | 81,303 | (22,759 | ) | 147,483 | |||||||||||||||
Long-term debt | 422,634 | 738 | 6,928 | — | 430,300 | ||||||||||||||||
Intercompany debt | — | 402,114 | 210,550 | (612,664 | ) | — | |||||||||||||||
Liability for post-retirement benefits | — | 43,447 | — | — | 43,447 | ||||||||||||||||
Liability for pension benefits | 5,943 | 7,685 | 159 | — | 13,787 | ||||||||||||||||
Deferred income taxes | 70,006 | — | 4,072 | — | 74,078 | ||||||||||||||||
Unearned revenue | — | — | 10,470 | — | 10,470 | ||||||||||||||||
Other noncurrent liabilities | 7,988 | 3,763 | 255 | — | 12,006 | ||||||||||||||||
Total liabilities | 521,917 | 531,340 | 313,737 | (635,423 | ) | 731,571 | |||||||||||||||
Shareholders’ equity (2) | 773,974 | 629,463 | 216,875 | (846,338 | ) | 773,974 | |||||||||||||||
Total liabilities and shareholders’ equity | $ | 1,295,891 | $ | 1,160,803 | $ | 530,612 | $ | (1,481,761 | ) | $ | 1,505,545 | ||||||||||
-1 | Intercompany investments include equity investments and intercompany loans receivable from legal entities not included within the same consolidation. | ||||||||||||||||||||
-2 | The Condensed Consolidating Balance sheet has been adjusted to correct the prior presentation of intercompany debt and investment balances. Previously, certain intercompany debt and investment balances had been netted, resulting in the understatement of total assets and liabilities of both the Guarantor Subsidiaries and Non-Guarantor Subsidiaries, as well as understatement of Guarantor Subsidiaries Shareholders’ Equity. These adjustments increased (decreased) intercompany investments by $82,070, $103,917, and $(185,987); intercompany debt by $44,970, $103,917, and $(148,887); and shareholders’ equity by $37,100, $0, and $(37,100) for Guarantor Subsidiaries, Non-Guarantor Subsidiaries, and Eliminations, respectively. | ||||||||||||||||||||
Condensed Consolidating Statement of Cash Flows | Condensed Consolidating Statement of Cash Flows | ||||||||||||||||||||
Year Ended December 31, 2014 | |||||||||||||||||||||
RTI | Guarantor | Non-Guarantor | Eliminations | Consolidated | |||||||||||||||||
International | Subsidiaries | Subsidiaries | |||||||||||||||||||
Metals, Inc. | |||||||||||||||||||||
Cash provided by operating activities | $ | 36,510 | $ | 28,000 | $ | 40,246 | (50,893 | ) | $ | 53,863 | |||||||||||
Investing activities: | |||||||||||||||||||||
Investment in subsidiaries, net | (346,642 | ) | — | — | 346,642 | — | |||||||||||||||
Acquisitions, net of cash acquired | — | (15,567 | ) | (21,709 | ) | — | (37,276 | ) | |||||||||||||
Capital expenditures | (234 | ) | (19,345 | ) | (10,929 | ) | — | (30,508 | ) | ||||||||||||
Proceeds from disposal of property, plant and equipment | — | 72 | 32 | — | 104 | ||||||||||||||||
Short-term investments, net | — | (148,431 | ) | — | — | (148,431 | ) | ||||||||||||||
Divestitures | — | — | 5,157 | — | 5,157 | ||||||||||||||||
Intercompany debt activity, net | 300,073 | (39,022 | ) | 48,431 | (309,482 | ) | — | ||||||||||||||
Cash provided by (used in) investing activities | $ | (46,803 | ) | $ | (222,293 | ) | $ | 20,982 | $ | 37,160 | $ | (210,954 | ) | ||||||||
Financing activities: | |||||||||||||||||||||
Proceeds from exercise of employee stock options | 1,177 | — | — | — | 1,177 | ||||||||||||||||
Excess tax benefits from stock-based compensation activity | 199 | — | — | — | 199 | ||||||||||||||||
Parent company investments, net of distributions | — | 346,642 | (50,893 | ) | (295,749 | ) | — | ||||||||||||||
Repayments on long-term debt | — | (837 | ) | (738 | ) | — | (1,575 | ) | |||||||||||||
Intercompany debt activity, net | 9,768 | (346,628 | ) | 27,378 | 309,482 | — | |||||||||||||||
Purchase of common stock held in Treasury | (851 | ) | — | — | — | (851 | ) | ||||||||||||||
Cash provided by (used in) financing activities | $ | 10,293 | $ | (823 | ) | $ | (24,253 | ) | $ | 13,733 | $ | (1,050 | ) | ||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | (3,437 | ) | — | (3,437 | ) | ||||||||||||||
Increase (decrease) in cash and cash equivalents | — | (195,116 | ) | 33,538 | — | (161,578 | ) | ||||||||||||||
Cash and cash equivalents at beginning of period | — | 312,202 | 31,435 | — | 343,637 | ||||||||||||||||
Cash and cash equivalents at end of period | $ | — | $ | 117,086 | $ | 64,973 | $ | — | $ | 182,059 | |||||||||||
Condensed Consolidating Statement of Cash Flows | |||||||||||||||||||||
Year Ended December 31, 2013 | |||||||||||||||||||||
RTI | Guarantor | Non-Guarantor | Eliminations | Consolidated | |||||||||||||||||
International Metals, Inc. | Subsidiaries | Subsidiaries | |||||||||||||||||||
Cash provided by (used in) operating activities | $ | 5,143 | $ | 8,944 | $ | (1,919 | ) | $ | — | $ | 12,168 | ||||||||||
Investing activities: | |||||||||||||||||||||
Investment in subsidiaries, net | (36,099 | ) | — | — | 36,099 | — | |||||||||||||||
Acquisitions, net of cash acquired | — | — | (16,214 | ) | — | (16,214 | ) | ||||||||||||||
Capital expenditures | (1,192 | ) | (21,947 | ) | (9,235 | ) | — | (32,374 | ) | ||||||||||||
Short-term investments, net | — | (174 | ) | — | — | (174 | ) | ||||||||||||||
Divestitures | — | — | 10,475 | — | 10,475 | ||||||||||||||||
Proceeds from disposal of property, plant, and equipment | — | 42 | 519 | — | 561 | ||||||||||||||||
Intercompany debt activity, net (1) | (241,465 | ) | (3,009 | ) | (460 | ) | 244,934 | — | |||||||||||||
Cash used in investing activities | (278,756 | ) | (25,088 | ) | (14,915 | ) | 281,033 | (37,726 | ) | ||||||||||||
Financing activities: | |||||||||||||||||||||
Proceeds from exercise of employee stock options | 2,637 | — | — | — | 2,637 | ||||||||||||||||
Excess tax benefits from stock-based compensation activity | 552 | — | — | — | 552 | ||||||||||||||||
Parent company investments, net of distributions | 610 | 41 | 35,448 | (36,099 | ) | — | |||||||||||||||
Borrowings on long-term debt | 402,500 | — | — | — | 402,500 | ||||||||||||||||
Repayments on long-term debt | (119,917 | ) | (903 | ) | — | — | (120,820 | ) | |||||||||||||
Intercompany debt activity, net (1) | — | 241,925 | 3,009 | (244,934 | ) | — | |||||||||||||||
Purchase of common stock held in Treasury | (399 | ) | — | — | — | (399 | ) | ||||||||||||||
Financing fees | (12,370 | ) | — | — | — | (12,370 | ) | ||||||||||||||
Cash provided by financing activities | 273,613 | 241,063 | 38,457 | (281,033 | ) | 272,100 | |||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | (95 | ) | — | (95 | ) | ||||||||||||||
Increase in cash and cash equivalents | — | 224,919 | 21,528 | — | 246,447 | ||||||||||||||||
Cash and cash equivalents at beginning of period | — | 87,283 | 9,907 | — | 97,190 | ||||||||||||||||
Cash and cash equivalents at end of period | $ | — | $ | 312,202 | $ | 31,435 | $ | — | $ | 343,637 | |||||||||||
-1 | The Condensed Consolidating Statements of Cash Flows have been adjusted to revise the presentation of intercompany debt activities to present gross investing and financing activities, rather than net financing activities as previously reported. These adjustments increased (decreased) cash flows from investing activities for the Parent, Guarantor Subsidiaries, Non-Guarantor Subsidiaries, and Eliminations by $356, $(3,009), $(460) and $3,113 and increased (decreased) cash flows from financing activities for the Parent, Guarantor Subsidiaries, Non-Guarantor Subsidiaries, and Eliminations by $(356), $3,009, $460 and $(3,113), respectively. | ||||||||||||||||||||
Condensed Consolidating Statement of Cash Flows | |||||||||||||||||||||
Year Ended December 31, 2012 | |||||||||||||||||||||
RTI | Guarantor | Non-Guarantor | Eliminations | Consolidated | |||||||||||||||||
International Metals, Inc. | Subsidiaries | Subsidiaries | |||||||||||||||||||
Cash provided by (used in) operating activities | $ | 21,972 | $ | 2,957 | $ | (16,863 | ) | $ | — | $ | 8,066 | ||||||||||
Investing activities: | |||||||||||||||||||||
Investment in subsidiaries, net | 178,633 | — | — | (178,633 | ) | — | |||||||||||||||
Acquisitions, net of cash acquired | (182,811 | ) | — | — | — | (182,811 | ) | ||||||||||||||
Capital expenditures | (970 | ) | (54,715 | ) | (5,853 | ) | — | (61,538 | ) | ||||||||||||
Short-term investments and marketable securities, net | — | 176,771 | — | — | 176,771 | ||||||||||||||||
Proceeds from disposal of property, plant, and equipment | — | — | 10 | — | 10 | ||||||||||||||||
Intercompany debt activity, net (1) | (16,460 | ) | (7,363 | ) | (4,015 | ) | 27,838 | — | |||||||||||||
Cash provided by (used in) investing activities | (21,608 | ) | 114,693 | (9,858 | ) | (150,795 | ) | (67,568 | ) | ||||||||||||
Financing activities: | |||||||||||||||||||||
Proceeds from exercise of employee stock options | 729 | — | — | — | 729 | ||||||||||||||||
Excess tax benefits from stock-based compensation activity | 196 | — | — | — | 196 | ||||||||||||||||
Parent company investments, net of distributions | — | (194,783 | ) | 16,150 | 178,633 | — | |||||||||||||||
Repayments on long-term debt | — | (758 | ) | — | — | (758 | ) | ||||||||||||||
Intercompany debt activity, net (1) | — | 20,475 | 7,363 | (27,838 | ) | — | |||||||||||||||
Purchase of common stock held in Treasury | (742 | ) | — | — | — | (742 | ) | ||||||||||||||
Financing fees | (823 | ) | — | — | — | (823 | ) | ||||||||||||||
Other financing activities | 276 | 428 | (704 | ) | — | — | |||||||||||||||
Cash provided by (used in) financing activities | (364 | ) | (174,638 | ) | 22,809 | 150,795 | (1,398 | ) | |||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | 1,248 | — | 1,248 | ||||||||||||||||
Decrease in cash and cash equivalents | — | (56,988 | ) | (2,664 | ) | — | (59,652 | ) | |||||||||||||
Cash and cash equivalents at beginning of period | — | 144,271 | 12,571 | — | 156,842 | ||||||||||||||||
Cash and cash equivalents at end of period | $ | — | $ | 87,283 | $ | 9,907 | $ | — | $ | 97,190 | |||||||||||
(1) | The Condensed Consolidating Statements of Cash Flows have been adjusted to revise the presentation of intercompany debt activities to present gross investing and financing activities, rather than net financing activities as previously reported. These adjustments increased (decreased) cash flows from investing activities for the Parent, Guarantor Subsidiaries, Non-Guarantor Subsidiaries, and Eliminations by $(276), $(7,363), $(4,015) and $11,654 and increased (decreased) cash flows from financing activities for the Parent, Guarantor Subsidiaries, Non-Guarantor Subsidiaries, and Eliminations by $276, $7,363, $4,015 and $(11,654), respectively. |
Selected_Quarterly_Financial_I1
Selected Quarterly Financial Information (Unaudited) (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||
Summary of Selected Quarterly Financial Data | The following table sets forth selected quarterly financial data for 2014 and 2013. It has been derived from the Company’s unaudited Condensed Consolidated Financial Statements. | ||||||||||||||||
2014 | 1st | 2nd | 3rd | 4th | |||||||||||||
Quarter | Quarter | Quarter | Quarter | ||||||||||||||
Net Sales | $ | 174,545 | $ | 205,334 | $ | 202,258 | $ | 211,442 | |||||||||
Gross profit | 28,469 | 42,312 | 42,861 | 52,786 | |||||||||||||
Operating income | 1,617 | 17,472 | 20,048 | 31,190 | |||||||||||||
Net income attributable to continuing operations | (3,816 | ) | 7,111 | 12,255 | 16,151 | ||||||||||||
Earnings per share attributable to continuing operations | |||||||||||||||||
Basic | $ | (0.13 | ) | $ | 0.23 | $ | 0.4 | $ | 0.53 | ||||||||
Diluted | $ | (0.13 | ) | $ | 0.23 | $ | 0.38 | $ | 0.48 | ||||||||
Earnings per share attributable to discontinued operations | |||||||||||||||||
Basic | $ | (0.01 | ) | $ | — | $ | — | $ | (0.01 | ) | |||||||
Diluted | $ | (0.01 | ) | $ | — | $ | — | $ | (0.01 | ) | |||||||
2013 | 1st | 2nd | 3rd | 4th | |||||||||||||
Quarter | Quarter | Quarter | Quarter | ||||||||||||||
Net Sales | $ | 189,202 | $ | 199,123 | $ | 194,936 | $ | 200,012 | |||||||||
Gross profit | 39,253 | 43,777 | 45,139 | 46,057 | |||||||||||||
Operating income | 13,647 | 20,481 | 21,879 | 6,008 | |||||||||||||
Net income attributable to continuing operations | 4,968 | 1,059 | 12,575 | (2,945 | ) | ||||||||||||
Earnings per share attributable to continuing operations | |||||||||||||||||
Basic | $ | 0.16 | $ | 0.03 | $ | 0.41 | $ | (0.10 | ) | ||||||||
Diluted | $ | 0.16 | $ | 0.03 | $ | 0.38 | $ | (0.10 | ) | ||||||||
Earnings per share attributable to discontinued operations | |||||||||||||||||
Basic | $ | — | $ | (0.01 | ) | $ | (0.01 | ) | $ | (0.03 | ) | ||||||
Diluted | $ | — | $ | (0.01 | ) | $ | (0.01 | ) | $ | (0.03 | ) | ||||||
Organization_and_Operations_Ad
Organization and Operations - Additional Information (Detail) | 12 Months Ended | ||
Dec. 31, 2014 | Apr. 25, 2014 | Dec. 31, 2013 | |
Segment | |||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||
Authorized common shares | 100,000,000 | 100,000,000 | 50,000,000 |
Number of operating segments | 2 |
Discontinued_Operations_Result
Discontinued Operations - Results from Discontinued Operations (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Discontinued Operations and Disposal Groups [Abstract] | |||
Net sales | $834 | $15,464 | $37,724 |
Income (loss) before income taxes | -1,012 | -2,184 | 2,333 |
Provision for (benefit from) income taxes | -404 | -600 | 846 |
Net income (loss) from discontinued operations | ($608) | ($1,584) | $1,487 |
Discontinued_Operations_Assets
Discontinued Operations - Assets and Liabilities of Discontinued Operations (Detail) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
ASSETS | |
Accounts receivable, net | $594 |
Inventories, net | 4,555 |
Property, plant and equipment, net | 105 |
Goodwill | 0 |
Other current assets | 20 |
Total assets of discontinued operations | 5,274 |
LIABILITIES | |
Accounts payable | 326 |
Accrued wages | 96 |
Other liabilities | 36 |
Total liabilities of discontinued operations | $458 |
Discontinued_Operations_Additi
Discontinued Operations - Additional Information (Detail) (USD $) | 12 Months Ended | 1 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Feb. 28, 2014 | Apr. 30, 2013 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Cash receipts from disposal of subsidiary | $5,157,000 | $10,475,000 | $0 | ||
RTI Connecticut | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Cash receipts from disposal of subsidiary | 3,300,000 | ||||
RTI Pierce Spafford | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Cash receipts from disposal of subsidiary | 12,400,000 | ||||
Cash receipts after expiration of the escrow period | $1,900,000 |
Summary_of_Significant_Account3
Summary of Significant Accounting Policies - Schedule of Assets and Liabilities Measured at Fair Value (Details) (Fair Value, Measurements, Recurring, USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Fair value disclosure, total assets | $148,383 |
Contingent consideration liability, fair value disclosure | 1,000 |
Fair value disclosure, total liabilities | 1,000 |
Commercial Paper | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Cash and cash equivalents, fair value disclosure | 148,383 |
Quoted Market Prices (Level 1) | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Fair value disclosure, total assets | 0 |
Contingent consideration liability, fair value disclosure | 0 |
Fair value disclosure, total liabilities | 0 |
Quoted Market Prices (Level 1) | Commercial Paper | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Cash and cash equivalents, fair value disclosure | 0 |
Significant Other Observable Inputs (Level 2) | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Fair value disclosure, total assets | 148,383 |
Contingent consideration liability, fair value disclosure | 0 |
Fair value disclosure, total liabilities | 0 |
Significant Other Observable Inputs (Level 2) | Commercial Paper | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Cash and cash equivalents, fair value disclosure | 148,383 |
Significant Unobservable Inputs (Level 3) | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Fair value disclosure, total assets | 0 |
Contingent consideration liability, fair value disclosure | 1,000 |
Fair value disclosure, total liabilities | 1,000 |
Significant Unobservable Inputs (Level 3) | Commercial Paper | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Cash and cash equivalents, fair value disclosure | $0 |
Recovered_Sheet1
Summary Of Significant Accounting Policies - Schedule of Carrying Amounts and Fair Values of Financial Instruments (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Current portion of long-term debt | $111,645 | $1,008 |
Carrying Amount | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | 182,059 | 343,637 |
Current portion of long-term debt | 111,645 | 1,914 |
Long-term debt | 345,012 | 430,300 |
Fair Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | 182,059 | 343,637 |
Current portion of long-term debt | 119,522 | 1,914 |
Long-term debt | $405,886 | $559,986 |
Recovered_Sheet2
Summary Of Significant Accounting Policies - Cash and Cash Equivalents (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | ||||
Cash and Cash Equivalents [Line Items] | ||||
Cash | $73,495 | $62,394 | ||
Cash and cash equivalents | 182,059 | 343,637 | 97,190 | 156,842 |
Short-term investments | 148,383 | 0 | ||
Total cash, cash equivalents, and short-term investments | 330,442 | 343,637 | ||
Commercial Paper | ||||
Cash and Cash Equivalents [Line Items] | ||||
Cash equivalents | 19,996 | 150,978 | ||
Money Market Funds | ||||
Cash and Cash Equivalents [Line Items] | ||||
Cash equivalents | 88,568 | 130,265 | ||
Commercial Paper | ||||
Cash and Cash Equivalents [Line Items] | ||||
Short-term investments | $148,383 | $0 |
Recovered_Sheet3
Summary Of Significant Accounting Policies - Schedule of Short-term Investments (Details) (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Schedule of Available-for-sale Securities [Line Items] | |
Amortized Cost | $148,447 |
Gross unrealized Gains | 0 |
Gross unrealized losses | 64 |
Fair Value | 148,383 |
Commercial Paper | |
Schedule of Available-for-sale Securities [Line Items] | |
Amortized Cost | 148,447 |
Gross unrealized Gains | 0 |
Gross unrealized losses | 64 |
Fair Value | $148,383 |
Recovered_Sheet4
Summary Of Significant Accounting Policies - Receivables Expected to be Collected in the Normal Course of Business (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Accounting Policies [Abstract] | ||
Trade and commercial customers | $118,439 | $106,091 |
Less: Allowance for doubtful accounts | -694 | -820 |
Total receivables | $117,745 | $105,271 |
Summary_Of_Significant_Account4
Summary Of Significant Accounting Policies - Components of Inventories (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Accounting Policies [Abstract] | ||
Raw materials and supplies | $172,214 | $166,359 |
Work-in-process and finished goods | 332,573 | 314,438 |
LIFO reserve | -30,481 | -50,709 |
Total inventories | $474,306 | $430,088 |
Summary_Of_Significant_Account5
Summary Of Significant Accounting Policies - Components of Property, Plant and Equipment Stated at Cost (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | $732,059 | $700,949 | |
Less: Accumulated depreciation | -362,772 | -328,609 | -297,055 |
Total property, plant, and equipment, net | 369,287 | 372,340 | 375,819 |
Land | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | 18,778 | 18,769 | |
Building and Building Improvements | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | 117,646 | 117,225 | |
Machinery and Equipment | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | 471,691 | 446,787 | |
Computer hardware and software, furniture and fixtures, and other | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | 70,378 | 65,622 | |
Construction in Progress | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | $53,566 | $52,546 |
Summary_Of_Significant_Account6
Summary Of Significant Accounting Policies - Carrying Value of Goodwill at Four Reporting Units (Detail) (USD $) | Dec. 31, 2014 | Oct. 01, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Goodwill [Line Items] | ||||
Total Goodwill | $145,518,000 | $145,450,000 | $117,578,000 | $130,252,000 |
Titanium reporting unit | ||||
Goodwill [Line Items] | ||||
Total Goodwill | 24,016,000 | |||
Fabrication reporting unit | ||||
Goodwill [Line Items] | ||||
Total Goodwill | 76,645,000 | |||
Medical Device Fabrication reporting unit | ||||
Goodwill [Line Items] | ||||
Total Goodwill | 44,789,000 | |||
Energy Fabrication reporting unit | ||||
Goodwill [Line Items] | ||||
Total Goodwill | $0 | $0 |
Summary_Of_Significant_Account7
Summary Of Significant Accounting Policies - Discount Rates for Annual Impairment Test (Detail) | 12 Months Ended | 0 Months Ended |
Dec. 31, 2014 | Oct. 01, 2014 | |
Goodwill [Line Items] | ||
Discount rate | 13.00% | |
Titanium reporting unit | ||
Goodwill [Line Items] | ||
Discount rate | 11.00% | |
Fabrication reporting unit | ||
Goodwill [Line Items] | ||
Discount rate | 11.50% | |
Medical Device Fabrication reporting unit | ||
Goodwill [Line Items] | ||
Discount rate | 12.00% |
Summary_Of_Significant_Account8
Summary Of Significant Accounting Policies - Schedule of Carrying Amount of Goodwill Attributable to Segment (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Oct. 01, 2014 | |
Goodwill [Line Items] | |||
Beginning Balance | $117,578,000 | $130,252,000 | $145,450,000 |
Additions (Note 4) | 28,923,000 | 2,185,000 | |
Impairments | -13,959,000 | ||
Purchase price allocation adjustment | 100,000 | ||
Translation adjustment | -1,083,000 | -900,000 | |
Ending Balance | 145,518,000 | 117,578,000 | 145,450,000 |
Titanium Segment | |||
Goodwill [Line Items] | |||
Beginning Balance | 9,662,000 | 9,662,000 | |
Additions (Note 4) | 14,211,000 | 0 | |
Impairments | 0 | ||
Purchase price allocation adjustment | 0 | ||
Translation adjustment | 0 | 0 | |
Ending Balance | 23,873,000 | 9,662,000 | |
Engineered Products and Services Segment | |||
Goodwill [Line Items] | |||
Beginning Balance | 107,916,000 | 120,590,000 | |
Additions (Note 4) | 14,712,000 | 2,185,000 | |
Impairments | -13,959,000 | ||
Purchase price allocation adjustment | 100,000 | ||
Translation adjustment | -1,083,000 | -900,000 | |
Ending Balance | $121,645,000 | $107,916,000 |
Summary_Of_Significant_Account9
Summary Of Significant Accounting Policies - Estimated Annual Amortization Expense (Detail) (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Accounting Policies [Abstract] | |
2015 | $5,089 |
2016 | 5,047 |
2017 | 5,047 |
2018 | 5,047 |
2019 | 5,047 |
Thereafter | $24,640 |
Recovered_Sheet5
Summary Of Significant Accounting Policies - Carrying Amount of Intangible Assets (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Schedule Of Intangible Assets By Segment [Line Items] | |||
Beginning balance | $53,754 | $56,495 | |
Intangible assets acquired (Note 5) | 9,100 | 3,800 | |
Amortization | -4,835 | -4,386 | -3,760 |
Impairment | -1,400 | ||
Translation adjustment | -897 | -755 | |
Ending balance | 57,122 | 53,754 | 56,495 |
Titanium Segment | |||
Schedule Of Intangible Assets By Segment [Line Items] | |||
Beginning balance | 0 | 0 | |
Intangible assets acquired (Note 5) | 4,200 | 0 | |
Amortization | -400 | 0 | |
Impairment | 0 | ||
Translation adjustment | 0 | 0 | |
Ending balance | 3,800 | 0 | |
Engineered Products and Services Segment | |||
Schedule Of Intangible Assets By Segment [Line Items] | |||
Beginning balance | 53,754 | 56,495 | |
Intangible assets acquired (Note 5) | 4,900 | 3,800 | |
Amortization | -4,435 | -4,386 | |
Impairment | -1,400 | ||
Translation adjustment | -897 | -755 | |
Ending balance | $53,322 | $53,754 |
Recovered_Sheet6
Summary Of Significant Accounting Policies - Summary of Intangible Assets by Class (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | |||
Intangible Assets [Line Items] | |||
Intangible assets, net | $57,122 | $53,754 | $56,495 |
Trade names | |||
Intangible Assets [Line Items] | |||
Intangible assets, net | 7,200 | 6,200 | |
Backlog | |||
Intangible Assets [Line Items] | |||
Intangible assets | 1,300 | 1,300 | |
Accumulated amortization | -1,258 | -1,236 | |
Intangible assets, net | 42 | 64 | |
Customer Relationships | |||
Intangible Assets [Line Items] | |||
Intangible assets | 51,063 | 45,013 | |
Effects of currency translation | 423 | 1,930 | |
Accumulated amortization | -13,923 | -10,961 | |
Intangible assets, net | 37,563 | 35,982 | |
Developed Technology | |||
Intangible Assets [Line Items] | |||
Intangible assets | 15,240 | 13,290 | |
Accumulated amortization | -2,923 | -1,782 | |
Intangible assets, net | $12,317 | $11,508 |
Recovered_Sheet7
Summary Of Significant Accounting Policies - Components of Accumulated Other Comprehensive Loss (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning Balance | ($40,397) | ($45,004) | ($38,850) |
Other comprehensive income (loss) before reclassifications, net of tax | -19,626 | -2,643 | -11,187 |
Amounts reclassified from other comprehensive loss, net of tax | -4,434 | -7,250 | -5,033 |
Ending Balance | -55,589 | -40,397 | -45,004 |
Foreign Currency Translation | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning Balance | 5,780 | 12,708 | 10,793 |
Other comprehensive income (loss) before reclassifications, net of tax | -9,733 | -6,928 | 1,915 |
Amounts reclassified from other comprehensive loss, net of tax | 0 | 0 | 0 |
Ending Balance | -3,953 | 5,780 | 12,708 |
Actuarial Losses on Benefit Plans | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning Balance | -46,177 | -57,712 | -49,635 |
Other comprehensive income (loss) before reclassifications, net of tax | -9,852 | 4,264 | -13,102 |
Amounts reclassified from other comprehensive loss, net of tax | -4,434 | -7,271 | -5,025 |
Ending Balance | -51,595 | -46,177 | -57,712 |
Unrealized Loss on Investments | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning Balance | 0 | 0 | -8 |
Other comprehensive income (loss) before reclassifications, net of tax | -41 | 21 | |
Amounts reclassified from other comprehensive loss, net of tax | 0 | 21 | -8 |
Ending Balance | ($41) | $0 | $0 |
Recovered_Sheet8
Summary Of Significant Accounting Policies - Amounts Reclassified from Accumulated Other Comprehensive Loss (Detail) (Amounts Reclassification from Accumulated Other Comprehensive Income, USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Amounts Reclassification from Accumulated Other Comprehensive Income | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Actuarial losses | $7,122 | $8,435 |
Special termination benefits | 0 | 3,196 |
Tax expense | -2,688 | -4,360 |
Total reclassifications | $4,434 | $7,271 |
Recovered_Sheet9
Summary Of Significant Accounting Policies - Estimated Useful Lives of Various Class of Assets (Detail) | 12 Months Ended |
Dec. 31, 2014 | |
Building and Building Improvements | Minimum | |
Property, Plant and Equipment [Line Items] | |
Useful lives | 20 years |
Building and Building Improvements | Maximum | |
Property, Plant and Equipment [Line Items] | |
Useful lives | 40 years |
Machinery and Equipment | Minimum | |
Property, Plant and Equipment [Line Items] | |
Useful lives | 7 years |
Machinery and Equipment | Maximum | |
Property, Plant and Equipment [Line Items] | |
Useful lives | 15 years |
Furniture and Fixtures | Minimum | |
Property, Plant and Equipment [Line Items] | |
Useful lives | 5 years |
Furniture and Fixtures | Maximum | |
Property, Plant and Equipment [Line Items] | |
Useful lives | 10 years |
Computer Equipment | Minimum | |
Property, Plant and Equipment [Line Items] | |
Useful lives | 3 years |
Computer Equipment | Maximum | |
Property, Plant and Equipment [Line Items] | |
Useful lives | 10 years |
Recovered_Sheet10
Summary Of Significant Accounting Policies - Intangible Assets Amortization Period (Detail) | 12 Months Ended |
Dec. 31, 2014 | |
Customer relationships | Minimum | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Amortization Period | 7 years |
Customer relationships | Maximum | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Amortization Period | 20 years |
Developed Technology | Minimum | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Amortization Period | 7 years |
Developed Technology | Maximum | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Amortization Period | 20 years |
Backlog | Minimum | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Amortization Period | 6 months |
Backlog | Maximum | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Amortization Period | 2 years |
Recovered_Sheet11
Summary Of Significant Accounting Policies - Additional Information (Detail) (USD $) | 12 Months Ended | 0 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Oct. 01, 2014 | |
reporting_unit | ||||
Significant Accounting Policies [Line Items] | ||||
Discount rate | 13.00% | |||
Convertible senior notes, Conversion feature | $122,500,000 | |||
Percentage of inventories valued under LIFO | 55.00% | 56.00% | ||
Cost in excess of billings | 5,522,000 | 5,377,000 | ||
Costs in excess of billings expected to be collected within next twelve months | 5,522,000 | 5,377,000 | ||
Billings in excess of cost | 9,962,000 | 0 | ||
Billings in excess of costs expected to be collected within next twelve months | 9,962,000 | 0 | ||
Other current assets | 19,803,000 | 16,947,000 | ||
Depreciation expense | 40,041,000 | 39,439,000 | 37,364,000 | |
Number of reporting units | 4 | |||
Goodwill | 145,518,000 | 117,578,000 | 130,252,000 | 145,450,000 |
Goodwill impairment | 13,959,000 | |||
Amortization expense | 4,835,000 | 4,386,000 | 3,760,000 | |
Other non-current assets | 15,317,000 | 23,247,000 | ||
Amortization of debt issuance costs | 1,890,000 | 1,666,000 | 1,403,000 | |
Research and development costs | 4,613,000 | 3,931,000 | 4,164,000 | |
Excess tax benefit from share based compensation reclassified from operating to financing activity | 199,000 | 552,000 | 196,000 | |
Stock-based compensation expense recognized in the Consolidated Statements of Operations | 5,670,000 | 6,026,000 | 4,797,000 | |
Employee Service Share-based Compensation, Tax Benefit from Compensation Expense | 1,361,000 | 1,886,000 | 1,727,000 | |
3.0% Convertible Senior Notes Due 2015 | ||||
Significant Accounting Policies [Line Items] | ||||
Aggregate principal amount of convertible senior notes | 114,381,000 | |||
Convertible senior notes, interest rate | 3.00% | |||
Amortization of debt issuance costs | 1,890,000 | 1,484,000 | 1,120,000 | |
1.625% Convertible Senior Notes Due 2019 | ||||
Significant Accounting Policies [Line Items] | ||||
Aggregate principal amount of convertible senior notes | 402,500,000 | |||
Convertible senior notes, interest rate | 1.63% | |||
Energy Fabrication reporting unit | ||||
Significant Accounting Policies [Line Items] | ||||
Goodwill | 0 | 0 | ||
Engineered Products and Services Segment | ||||
Significant Accounting Policies [Line Items] | ||||
Accumulated goodwill impairment losses | 22,858,000 | 22,858,000 | ||
Medical Device Fabrication reporting unit | ||||
Significant Accounting Policies [Line Items] | ||||
Discount rate | 12.00% | |||
Goodwill | 44,789,000 | |||
Percentage of fair value in excess of carrying value | 14.00% | |||
Goodwill impairment | 13,959,000 | |||
Fair Value, Measurements, Recurring | ||||
Significant Accounting Policies [Line Items] | ||||
Fair value, net asset (liability) | $0 | |||
Trade names | Minimum | ||||
Significant Accounting Policies [Line Items] | ||||
Discount rate | 12.50% | |||
Trade names | Maximum | ||||
Significant Accounting Policies [Line Items] | ||||
Discount rate | 13.00% |
Acquisitions_Purchase_Price_Al
Acquisitions - Purchase Price Allocation (Detail) (USD $) | Dec. 31, 2014 | Oct. 01, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Jun. 03, 2014 | Jan. 22, 2014 | Oct. 01, 2013 |
Intangible assets: | |||||||
Goodwill | $145,518,000 | $145,450,000 | $117,578,000 | $130,252,000 | |||
RTI Advanced Powder Materials | |||||||
Assets purchased: | |||||||
Current assets, excluding inventory | 324,000 | ||||||
Inventories | 174,000 | ||||||
Plant and equipment | 101,000 | ||||||
Intangible assets: | |||||||
Goodwill | 14,211,000 | ||||||
Liabilities assumed: | |||||||
Current liabilities | -271,000 | ||||||
Deferred tax liabilities | -1,572,000 | ||||||
Contingent consideration | -1,600,000 | ||||||
Net assets acquired | 15,567,000 | ||||||
RTI Advanced Powder Materials | Customer relationships | |||||||
Intangible assets: | |||||||
Intangible assets | 3,250,000 | ||||||
RTI Advanced Powder Materials | Developed technology | |||||||
Intangible assets: | |||||||
Intangible assets | 850,000 | ||||||
RTI Advanced Powder Materials | Backlog | |||||||
Intangible assets: | |||||||
Intangible assets | 100,000 | ||||||
RTI Directed Manufacturing | |||||||
Assets purchased: | |||||||
Current assets, excluding inventory | 717,000 | ||||||
Inventories | 452,000 | ||||||
Plant and equipment | 1,973,000 | ||||||
Intangible assets: | |||||||
Goodwill | 14,712,000 | ||||||
Liabilities assumed: | |||||||
Current liabilities | -285,000 | ||||||
Net assets acquired | 22,469,000 | ||||||
RTI Directed Manufacturing | Customer relationships | |||||||
Intangible assets: | |||||||
Intangible assets | 2,800,000 | ||||||
RTI Directed Manufacturing | Developed technology | |||||||
Intangible assets: | |||||||
Intangible assets | 1,100,000 | ||||||
RTI Directed Manufacturing | Directed Manufacturing trade name | |||||||
Intangible assets: | |||||||
Intangible assets | 1,000,000 | ||||||
RTI Extrusions Europe Limited | |||||||
Assets purchased: | |||||||
Current assets, excluding inventory | 4,827,000 | ||||||
Inventories | 5,230,000 | ||||||
Plant and equipment | 4,346,000 | ||||||
Intangible assets: | |||||||
Goodwill | 2,285,000 | ||||||
Liabilities assumed: | |||||||
Current liabilities | -2,621,000 | ||||||
Deferred tax liabilities | -1,553,000 | ||||||
Net assets acquired | 16,214,000 | ||||||
RTI Extrusions Europe Limited | Customer relationships | |||||||
Intangible assets: | |||||||
Intangible assets | 3,600,000 | ||||||
RTI Extrusions Europe Limited | Backlog | |||||||
Intangible assets: | |||||||
Intangible assets | $100,000 |
Acquisitions_Additional_Inform
Acquisitions - Additional Information (Detail) (USD $) | 0 Months Ended | 7 Months Ended | 0 Months Ended | 11 Months Ended | 0 Months Ended |
In Millions, unless otherwise specified | Jun. 03, 2014 | Dec. 31, 2014 | Jan. 22, 2014 | Dec. 31, 2014 | Oct. 01, 2013 |
RTI Advanced Powder Materials | |||||
Business Acquisition [Line Items] | |||||
Total consideration for acquisition | $19 | ||||
Cash paid for acquisition | 15.6 | ||||
Contingent consideration as part of acquisition | 1.6 | ||||
Assumption of liabilities for acquisition | 1.8 | ||||
Acquiree's actual revenue since acquisition | 0.3 | ||||
Acquiree's actual earnings (loss) since acquisition | -0.6 | ||||
RTI Advanced Powder Materials | Customer relationships | |||||
Business Acquisition [Line Items] | |||||
Intangible Assets, amortization period | 7 years | ||||
RTI Advanced Powder Materials | Developed technology | |||||
Business Acquisition [Line Items] | |||||
Intangible Assets, amortization period | 7 years | ||||
RTI Advanced Powder Materials | Backlog | |||||
Business Acquisition [Line Items] | |||||
Intangible Assets, amortization period | 1 year | ||||
RTI Directed Manufacturing | |||||
Business Acquisition [Line Items] | |||||
Total consideration for acquisition | 22.8 | ||||
Cash paid for acquisition | 22.5 | ||||
Assumption of liabilities for acquisition | 0.3 | ||||
Acquiree's actual revenue since acquisition | 2.7 | ||||
Acquiree's actual earnings (loss) since acquisition | 1.6 | ||||
RTI Directed Manufacturing | Customer relationships | |||||
Business Acquisition [Line Items] | |||||
Intangible Assets, amortization period | 7 years | ||||
RTI Directed Manufacturing | Developed technology | |||||
Business Acquisition [Line Items] | |||||
Intangible Assets, amortization period | 7 years | ||||
RTI Extrusions Europe Limited | |||||
Business Acquisition [Line Items] | |||||
Total consideration for acquisition | 20.4 | ||||
Cash paid for acquisition | 16.2 | ||||
Assumption of liabilities for acquisition | $4.20 | ||||
RTI Extrusions Europe Limited | Customer relationships | |||||
Business Acquisition [Line Items] | |||||
Intangible Assets, amortization period | 7 years | ||||
RTI Extrusions Europe Limited | Backlog | |||||
Business Acquisition [Line Items] | |||||
Intangible Assets, amortization period | 6 months |
Earnings_Per_Share_Shares_Excl
Earnings Per Share - Shares Excluded from Calculation of Earnings per Share (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Anti-dilutive options | 367,925 | 238,255 | 421,700 |
Average price of options to purchase (in dollars per share) | $40.34 | $48.10 | $38.43 |
3.0% Convertible Senior Notes Due 2015 | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Anti-dilutive options | 3,185,213 | 3,185,213 | 6,404,902 |
1.625% Convertible Senior Notes Due 2019 | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Anti-dilutive options | 9,885,561 | 9,885,561 |
Earnings_Per_Share_Schedule_of
Earnings Per Share - Schedule of Weighted-Average Shares of Common Stock Outstanding (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Earnings Per Share [Line Items] | |||||||||||
Net income from continuing operations before allocation of earnings to participating securities | $16,151 | $12,255 | $7,111 | ($3,816) | ($2,945) | $12,575 | $1,059 | $4,968 | $31,701 | $15,657 | $13,453 |
Net income (loss) from discontinued operations before allocation of earnings to participating securities | -608 | -1,584 | 1,487 | ||||||||
Basic weighted-average shares outstanding | 30,493,862 | 30,303,328 | 30,127,275 | ||||||||
Effect of dilutive securities | 124,585 | 227,173 | 130,413 | ||||||||
Diluted weighted-average shares outstanding | 30,618,447 | 30,530,501 | 30,257,688 | ||||||||
Earnings (loss) per share attributable to continuing operations: | |||||||||||
Basic (in dollars per share) | $0.53 | $0.40 | $0.23 | ($0.13) | ($0.10) | $0.41 | $0.03 | $0.16 | $1.03 | $0.51 | $0.44 |
Diluted (in dollars per share) | $0.48 | $0.38 | $0.23 | ($0.13) | ($0.10) | $0.38 | $0.03 | $0.16 | $1.03 | $0.51 | $0.44 |
Earnings (loss) per share attributable to discontinued operations: | |||||||||||
Basic (in dollars per share) | ($0.01) | $0 | $0 | ($0.01) | ($0.03) | ($0.01) | ($0.01) | $0 | ($0.02) | ($0.05) | $0.05 |
Diluted (in dollars per share) | ($0.01) | $0 | $0 | ($0.01) | ($0.03) | ($0.01) | ($0.01) | $0 | ($0.02) | ($0.05) | $0.05 |
Basic Earnings Per Share | |||||||||||
Earnings Per Share [Line Items] | |||||||||||
Net income from continuing operations before allocation of earnings to participating securities | 31,701 | 15,657 | 13,453 | ||||||||
Less: Earnings allocated to participating securities | -201 | -99 | -80 | ||||||||
Net income (loss) from continuing operations attributable to common shareholders, after earnings allocated to participating securities used in calculation of basic earnings per share | 31,500 | 15,558 | 13,373 | ||||||||
Discontinued | |||||||||||
Earnings Per Share [Line Items] | |||||||||||
Less: Earnings allocated to participating securities | 0 | 0 | -9 | ||||||||
Net income (loss) from continuing operations attributable to common shareholders, after earnings allocated to participating securities used in calculation of basic earnings per share | ($608) | ($1,584) | $1,478 |
Earnings_Per_Share_Additional_
Earnings Per Share - Additional Information (Detail) (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
3.0% Convertible Senior Notes Due 2015 | |
Debt Instrument [Line Items] | |
Aggregate principal amount of convertible senior notes | $114,381 |
1.625% Convertible Senior Notes Due 2019 | |
Debt Instrument [Line Items] | |
Aggregate principal amount of convertible senior notes | $402,500 |
Income_Taxes_Provision_for_Inc
Income Taxes - Provision for Income Taxes Caption in Consolidated Statement of Operations (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income Tax Disclosure [Abstract] | |||
Current federal income tax expense (benefit) | $15,473 | $12,875 | $2,806 |
Current state income tax expense (benefit) | 1,053 | 1,152 | 2,330 |
Current foreign income tax expense (benefit) | 4,645 | 5,376 | 3,916 |
Current Income Tax Expense (Benefit), Total | 21,171 | 19,403 | 9,052 |
Deferred federal income tax expense (benefit) | -10,709 | -3,728 | 9,402 |
Deferred state income tax expense (benefit) | -118 | -6,630 | -2,258 |
Deferred foreign income tax expense (benefit) | -307 | -1,906 | -511 |
Deferred Income Tax Expense (Benefit), Total | -11,134 | -12,264 | 6,633 |
Federal income tax expense (benefit) | 4,764 | 9,147 | 12,208 |
State income tax expense (benefit) | 935 | -5,478 | 72 |
Foreign income tax expense (benefit) | 4,338 | 3,470 | 3,405 |
Total provision | $10,037 | $7,139 | $15,685 |
Income_Taxes_Components_of_Inc
Income Taxes - Components of Income (Loss) before Income Taxes by Jurisdiction (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income Tax Disclosure [Abstract] | |||
United States | $18,417 | $12,530 | $34,583 |
Foreign | 23,321 | 10,266 | -5,445 |
Income before income taxes | $41,738 | $22,796 | $29,138 |
Income_Taxes_Reconciliation_of
Income Taxes - Reconciliation of Expected Tax at Federal Statutory Tax Rate to Actual Provision (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income Tax Disclosure [Abstract] | |||
Statutory rate of 35% applied to income before income taxes | $14,608 | $7,979 | $10,198 |
Adjustments of tax reserves and prior years’ income taxes | 1,030 | 51 | 1,322 |
Officers excess compensation/Acquisition costs | 0 | 434 | 413 |
Effects of foreign operations | -3,371 | -3,042 | -1,399 |
Change in valuation allowance | -2,066 | 1,662 | 5,200 |
State income taxes, net of federal tax effects | 554 | -3,802 | 147 |
Goodwill and other intangible asset impairment | 0 | 3,953 | 0 |
Section 249 bond premium disallowance | 0 | 925 | 0 |
Section 199 deduction | -1,186 | -1,173 | -335 |
Other | 468 | 152 | 139 |
Total provision | $10,037 | $7,139 | $15,685 |
Effective tax rate | 24.00% | 31.30% | 53.80% |
Statutory rate | 35.00% | 35.00% | 35.00% |
Income_Taxes_Deferred_Tax_Asse
Income Taxes - Deferred Tax Assets and Liabilities (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Deferred tax assets: | ||
Canadian tax loss carryforwards (expiring 2026 through 2033) | $34,346 | $39,989 |
Postretirement benefit costs | 19,301 | 17,400 |
Employment costs | 12,283 | 11,745 |
State tax loss carryforwards (expiring 2025 through 2034) | 7,123 | 8,073 |
Inventories | 17,423 | 14,671 |
Start-up costs | 2,339 | 2,988 |
Revenue recognition | 1,114 | 4,544 |
Pension costs | 6,426 | 288 |
Other | 3,598 | 3,829 |
Total deferred tax assets | 103,953 | 103,527 |
Valuation allowance | -32,569 | -37,172 |
Deferred tax assets, net of valuation allowance | 71,384 | 66,355 |
Deferred tax liabilities: | ||
Property, plant and equipment | -57,186 | -58,856 |
Convertible debt | -27,325 | -33,511 |
Intangible assets | -14,899 | -15,063 |
Other | -1,091 | -973 |
Total deferred tax liabilities | -100,501 | -108,403 |
Net deferred tax liabilities | ($29,117) | ($42,048) |
Income_Taxes_Reconciliation_of1
Income Taxes - Reconciliation of Total Amounts of Unrecognized Tax Benefits (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income Tax Disclosure [Abstract] | |||
Gross balance at January 1 | $8,427 | $9,161 | $6,157 |
Prior period tax positions: | |||
Increases | 1,425 | 861 | 1,556 |
Decreases | -358 | -2,109 | -30 |
Current period tax positions | 2,825 | 1,608 | 1,478 |
Lapse of Statute | -1,789 | 0 | 0 |
Settlements with tax authorities | 0 | -1,094 | 0 |
Gross balance at December 31 | 10,530 | 8,427 | 9,161 |
Amount that would affect the effective tax rate if recognized | $7,489 | $6,168 | $5,946 |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) (USD $) | Dec. 31, 2014 |
In Millions, unless otherwise specified | |
Operating Loss Carryforwards [Line Items] | |
Reasonably possible decrease in unrecognized tax benefits | $3.40 |
Undistributed earnings of foreign subsidiaries | 4.1 |
Canada Revenue Agency | |
Operating Loss Carryforwards [Line Items] | |
Operating loss carryforwards | 134.4 |
Deferred tax asset from operating loss carryforwards | $27.60 |
Other_Income_Expense_Net_Addit
Other Income (Expense), Net - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Other Income and Expenses [Abstract] | |||
Other income (expense), net | $2,156 | $938 | ($501) |
Employee_Benefit_Plans_Changes
Employee Benefit Plans - Changes Pension and Other Post-Employment Benefit Plan Obligations and Plan Assets (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Change in projected benefit obligation: | |||
Settlements | ($1,331) | ($2,486) | |
Change in plan assets: | |||
Fair value of plan assets at beginning of year | 162,741 | ||
Employer contributions | 1,100 | 4,320 | |
Settlements | -1,331 | -2,486 | |
Fair value of plan assets at end of year | 167,548 | 162,741 | |
Amounts recognized in the Consolidated Balance Sheets consisted of: | |||
Noncurrent liabilities | -16,986 | -13,787 | |
Pension Benefits | |||
Change in projected benefit obligation: | |||
Projected benefit obligation at beginning of year | 171,003 | 167,482 | |
Service cost | 2,107 | 2,469 | 2,450 |
Interest cost | 7,862 | 6,789 | 7,093 |
Actuarial loss (gain) | 15,148 | 4,404 | |
Special termination benefits | 0 | -2,052 | 0 |
Benefits paid | -10,049 | -9,707 | |
Plan participants’ contributions | 0 | 0 | |
Medicare retiree drug subsidy received | 0 | 0 | |
Projected benefit obligation at end of year | 184,740 | 171,003 | 167,482 |
Change in plan assets: | |||
Fair value of plan assets at beginning of year | 162,741 | 146,722 | |
Actual return on plan assets | 13,756 | 21,406 | |
Employer contributions | 2,431 | 6,806 | |
Medicare retiree drug subsidy received | 0 | 0 | |
Plan participants’ contributions | 0 | 0 | |
Benefits paid | -10,049 | -9,707 | |
Fair value of plan assets at end of year | 167,548 | 162,741 | 146,722 |
Funded status | -17,192 | -8,262 | |
Amounts recognized in the Consolidated Balance Sheets consisted of: | |||
Noncurrent assets | 0 | 6,983 | |
Current liabilities | -95 | -1,458 | |
Noncurrent liabilities | -17,097 | -13,787 | |
Net amount recognized | -17,192 | -8,262 | |
Accumulated benefit obligation | 179,411 | 166,357 | |
Other Post-Retirement Benefits | |||
Change in projected benefit obligation: | |||
Projected benefit obligation at beginning of year | 46,413 | 47,934 | |
Service cost | 957 | 747 | 671 |
Interest cost | 2,134 | 1,920 | 2,102 |
Actuarial loss (gain) | 3,918 | -2,466 | |
Special termination benefits | 0 | -162 | 0 |
Settlements | 0 | 0 | |
Benefits paid | -3,185 | -2,981 | |
Plan participants’ contributions | 944 | 933 | |
Medicare retiree drug subsidy received | 77 | 164 | |
Projected benefit obligation at end of year | 51,258 | 46,413 | 47,934 |
Change in plan assets: | |||
Fair value of plan assets at beginning of year | 0 | 0 | |
Actual return on plan assets | 0 | 0 | |
Employer contributions | 2,164 | 1,884 | |
Medicare retiree drug subsidy received | 77 | 164 | |
Plan participants’ contributions | 944 | 933 | |
Benefits paid | -3,185 | -2,981 | |
Fair value of plan assets at end of year | 0 | 0 | 0 |
Funded status | -51,258 | -46,413 | |
Amounts recognized in the Consolidated Balance Sheets consisted of: | |||
Noncurrent assets | 0 | 0 | |
Current liabilities | -2,963 | -2,966 | |
Noncurrent liabilities | -48,295 | -43,447 | |
Net amount recognized | ($51,258) | ($46,413) |
Employee_Benefit_Plans_Amounts
Employee Benefit Plans - Amounts Recognized in Accumulated Other Comprehensive Loss (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | |||
Pension Benefits | |||
Amount recognized in accumulated other comprehensive income | |||
Net actuarial loss | $69,979 | $63,496 | $77,032 |
Prior service cost | 5,323 | 6,237 | 7,227 |
Total, before tax effect | 75,302 | 69,733 | |
Other Post-Retirement Benefits | |||
Amount recognized in accumulated other comprehensive income | |||
Net actuarial loss | 9,594 | 5,771 | 8,486 |
Prior service cost | 0 | 689 | 1,904 |
Total, before tax effect | $9,594 | $6,460 |
Employee_Benefit_Plans_Activit
Employee Benefit Plans - Activity Related to Amounts Recognized in Accumulated Other Comprehensive Loss (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Pension Benefits | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Beginning Balance | $63,496 | $77,032 |
Amortization | -5,424 | -5,982 |
Activity | 11,907 | -7,554 |
Ending Balance | 69,979 | 63,496 |
Beginning Balance | 6,237 | 7,227 |
Amortization | -914 | -990 |
Activity | 0 | 0 |
Ending Balance | 5,323 | 6,237 |
Other Post-Retirement Benefits | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Beginning Balance | 5,771 | 8,486 |
Amortization | -95 | -248 |
Activity | 3,918 | -2,467 |
Ending Balance | 9,594 | 5,771 |
Beginning Balance | 689 | 1,904 |
Amortization | -689 | -1,215 |
Activity | 0 | 0 |
Ending Balance | $0 | $689 |
Employee_Benefit_Plans_Princip
Employee Benefit Plans - Principal Weighted-Average Assumptions (Detail) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Post-retirement medical plan | ||
Weighted-average assumptions used to determine net periodic benefit obligation cost for the years ended December 31: | ||
Discount rate | 4.75% | 4.10% |
Qualified Plan | ||
Weighted-average assumptions used to determine net periodic benefit obligation cost for the years ended December 31: | ||
Rate of increase to compensation levels | 3.80% | 3.80% |
Non-qualified plan | ||
Weighted-average assumptions used to determine net periodic benefit obligation cost for the years ended December 31: | ||
Discount rate | 3.71% | 4.10% |
Rate of increase to compensation levels | 2.90% | 2.90% |
Pension Benefits | ||
Weighted-average assumptions used to determine benefit obligation at December 31: | ||
Rate of increase to compensation levels | 3.80% | 3.80% |
Measurement date | 31-Dec | 31-Dec |
Weighted-average assumptions used to determine net periodic benefit obligation cost for the years ended December 31: | ||
Discount rate | 4.78% | 4.10% |
Expected long-term return on plan assets | 7.50% | 7.50% |
Pension Benefits | Qualified Plan | ||
Weighted-average assumptions used to determine benefit obligation at December 31: | ||
Discount rate | 4.01% | 4.78% |
Pension Benefits | Non-qualified plan | ||
Weighted-average assumptions used to determine benefit obligation at December 31: | ||
Discount rate | 3.06% | 3.71% |
Rate of increase to compensation levels | 2.90% | 2.90% |
Other Post-Retirement Benefits | ||
Weighted-average assumptions used to determine benefit obligation at December 31: | ||
Measurement date | 31-Dec | 31-Dec |
Health cost trend rate assumed for next year | 6.68% | 6.73% |
Ultimate trend rate | 4.50% | 4.50% |
Year that rate reaches ultimate trend rate | 2026 | 2026 |
Other Post-Retirement Benefits | Post-retirement medical plan | ||
Weighted-average assumptions used to determine benefit obligation at December 31: | ||
Discount rate | 3.97% | 4.75% |
Employee_Benefit_Plans_One_Qua
Employee Benefit Plans - One Quarter Percent Change in Expected Rate of Return on Plan Assets (Detail) (USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2014 |
Compensation and Retirement Disclosure [Abstract] | |
Effect on subsequent years periodic expense (-.25%) | $0.40 |
Effect on subsequent years periodic expense (+.25%) | $0.40 |
Employee_Benefit_Plans_Quarter
Employee Benefit Plans - Quarter percentage point change in discount rate and it's effect on defined benefit plans (Detail) (USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2014 |
Compensation and Retirement Disclosure [Abstract] | |
Effect on increase on total projected benefit obligation (PBO) (-.25%) | $5.60 |
Effect on decrease on total projected benefit obligation (PBO) (+.25%) | 5.3 |
Effect on subsequent years periodic expense - discount rate (-.25%) | 0.3 |
Effect on subsequent years periodic expense - discount rate (+.25%) | ($0.30) |
Employee_Benefit_Plans_Quarter1
Employee Benefit Plans - Quarter Percent Change in Discount Rate and it's Effect on Postretirement Medical Plan (Detail) (USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2014 |
Postemployment Benefits [Abstract] | |
Effect on accumulated postretirement benefit obligation (Discount rate -.25%) | $1.60 |
Effect on total on net periodic benefit cost (Discount rate -.25%) | 0.1 |
Effect on accumulated postretirement benefit obligation (Discount rate +.25%) | 1.5 |
Effect on total on net periodic benefit cost (Discount rate +.25%) | $0.10 |
Employee_Benefit_Plans_One_Per
Employee Benefit Plans - One Percent Change in Health Cost Trend Rate and It's Effect on post retirement Medical Plan (Detail) (USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2014 |
Postemployment Benefits [Abstract] | |
Effect on total service cost and interest cost components (Discount rate -1.00%) | ($0.20) |
Effect on accumulated postretirement benefit obligation (Discount rate -1.00%) | -2.2 |
Effect on total service cost and interest cost components (Discount rate +1.00%) | 0.2 |
Effect on accumulated postretirement benefit obligation (Discount rate +1.00%) | $2.50 |
Employee_Benefit_Plans_Compone
Employee Benefit Plans - Components of Net Periodic Pension and Other Post-retirement Benefit Cost (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Pension Benefits | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | $2,107 | $2,469 | $2,450 |
Interest cost | 7,862 | 6,789 | 7,093 |
Expected return on plan assets | -11,305 | -10,429 | -9,707 |
Prior service cost amortization | 914 | 990 | 980 |
Amortization of actuarial loss | 5,424 | 5,982 | 5,361 |
Settlement charges | 789 | 981 | 373 |
Special termination benefit | 0 | 2,052 | 0 |
Net periodic benefit cost | 5,791 | 8,834 | 6,550 |
Other Post-Retirement Benefits | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | 957 | 747 | 671 |
Interest cost | 2,134 | 1,920 | 2,102 |
Expected return on plan assets | 0 | 0 | 0 |
Prior service cost amortization | 689 | 1,214 | 1,214 |
Amortization of actuarial loss | 95 | 248 | 157 |
Settlement charges | 0 | 0 | 0 |
Special termination benefit | 0 | 162 | 0 |
Net periodic benefit cost | $3,875 | $4,291 | $4,144 |
Employee_Benefit_Plans_Accumul
Employee Benefit Plans - Accumulated Other Comprehensive Loss to be Recognized as Net Periodic Benefit Cost (Detail) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2014 |
Pension Benefits | |
Defined Benefit Plan Disclosure [Line Items] | |
Amortization of actuarial loss | $4,893 |
Amortization of prior service cost | 913 |
Total recognized from accumulated other comprehensive loss | 5,806 |
Other Post-Retirement Benefits | |
Defined Benefit Plan Disclosure [Line Items] | |
Amortization of actuarial loss | 381 |
Amortization of prior service cost | 0 |
Total recognized from accumulated other comprehensive loss | $381 |
Employee_Benefit_Plans_Fair_Va
Employee Benefit Plans - Fair Value of Defined Benefit Pension Plan Assets (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Fair value of defined benefit pension plan | ||
Fair value of defined benefit pension plan | $167,548 | $162,741 |
US Government Debt Securities | ||
Fair value of defined benefit pension plan | ||
Fair value of defined benefit pension plan | 22,193 | 24,996 |
Corporate bonds | ||
Fair value of defined benefit pension plan | ||
Fair value of defined benefit pension plan | 45,073 | 40,633 |
Equity Funds | ||
Fair value of defined benefit pension plan | ||
Fair value of defined benefit pension plan | 91,816 | 88,894 |
Short-term investment funds | ||
Fair value of defined benefit pension plan | ||
Fair value of defined benefit pension plan | 1,763 | 1,550 |
Real Estate Funds | ||
Fair value of defined benefit pension plan | ||
Fair value of defined benefit pension plan | 4,730 | 3,835 |
Timberlands | ||
Fair value of defined benefit pension plan | ||
Fair value of defined benefit pension plan | 1,973 | 1,875 |
Other Investments | ||
Fair value of defined benefit pension plan | ||
Fair value of defined benefit pension plan | $0 | $958 |
Employee_Benefit_Plans_Target_
Employee Benefit Plans - Target Asset Allocation by Asset Category (Detail) | 12 Months Ended |
Dec. 31, 2014 | |
Defined Benefit Plan Disclosure [Line Items] | |
Target Asset Allocation | 100.00% |
Equity securities | |
Defined Benefit Plan Disclosure [Line Items] | |
Target Asset Allocation | 55.00% |
Debt and other short-term investments | |
Defined Benefit Plan Disclosure [Line Items] | |
Target Asset Allocation | 43.00% |
Cash | |
Defined Benefit Plan Disclosure [Line Items] | |
Target Asset Allocation | 2.00% |
Employee_Benefit_Plans_Summary
Employee Benefit Plans - Summary of Plan Investments, Their Fair Value and Their Level within Fair Value Hierarchy (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of defined benefit pension plan | $167,548 | $162,741 | |
US Government Debt Securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of defined benefit pension plan | 22,193 | 24,996 | |
Corporate Debt Securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of defined benefit pension plan | 45,073 | 40,633 | |
Equity Funds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of defined benefit pension plan | 91,816 | 88,894 | |
Short-term investment funds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of defined benefit pension plan | 1,763 | 1,550 | |
Real Estate Funds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of defined benefit pension plan | 4,730 | 3,835 | |
Timberlands | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of defined benefit pension plan | 1,973 | 1,875 | |
Other Investments | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of defined benefit pension plan | 0 | 958 | |
Quoted Market Prices (Level 1) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of defined benefit pension plan | 4,314 | 4,617 | |
Quoted Market Prices (Level 1) | Equity Funds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of defined benefit pension plan | 2,551 | 2,529 | |
Quoted Market Prices (Level 1) | Short-term investment funds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of defined benefit pension plan | 1,763 | 1,072 | |
Quoted Market Prices (Level 1) | Other Investments | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of defined benefit pension plan | 1,016 | ||
Significant Other Observable Inputs (Level 2) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of defined benefit pension plan | 151,741 | 148,414 | |
Significant Other Observable Inputs (Level 2) | US Government Debt Securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of defined benefit pension plan | 22,193 | 24,996 | |
Significant Other Observable Inputs (Level 2) | Corporate Debt Securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of defined benefit pension plan | 45,073 | 40,633 | |
Significant Other Observable Inputs (Level 2) | Equity Funds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of defined benefit pension plan | 84,475 | 82,365 | |
Significant Other Observable Inputs (Level 2) | Short-term investment funds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of defined benefit pension plan | 0 | 478 | |
Significant Other Observable Inputs (Level 2) | Other Investments | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of defined benefit pension plan | -58 | ||
Significant Unobservable Inputs (Level 3) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of defined benefit pension plan | 11,493 | 9,710 | 9,197 |
Significant Unobservable Inputs (Level 3) | Equity Funds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of defined benefit pension plan | 4,790 | 4,000 | |
Significant Unobservable Inputs (Level 3) | Real Estate Funds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of defined benefit pension plan | 4,730 | 3,835 | 3,468 |
Significant Unobservable Inputs (Level 3) | Timberlands | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of defined benefit pension plan | 1,973 | 1,875 | |
Significant Unobservable Inputs (Level 3) | Other Investments | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of defined benefit pension plan | $0 |
Employee_Benefit_Plans_Details
Employee Benefit Plans - Details of Level Three Fair Value Measurements Using Significant Unobservable Input (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets at end of year | $167,548 | $162,741 |
Real Estate Funds | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets at end of year | 4,730 | 3,835 |
Significant Unobservable Inputs (Level 3) | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets at beginning of year | 9,710 | 9,197 |
Realized gains/losses | 685 | 1,004 |
Unrealized gain/losses relating to investments still held | 523 | 529 |
Purchases | 2,299 | 1,582 |
Sales | -1,724 | -2,602 |
Fair value of plan assets at end of year | 11,493 | 9,710 |
Significant Unobservable Inputs (Level 3) | Private Equity Funds | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets at beginning of year | 4,000 | 4,038 |
Realized gains/losses | 400 | 788 |
Unrealized gain/losses relating to investments still held | 259 | 23 |
Purchases | 946 | 857 |
Sales | -815 | -1,706 |
Fair value of plan assets at end of year | 4,790 | 4,000 |
Significant Unobservable Inputs (Level 3) | Real Estate Funds | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets at beginning of year | 3,835 | 3,468 |
Realized gains/losses | 285 | 216 |
Unrealized gain/losses relating to investments still held | 166 | 322 |
Purchases | 1,353 | 725 |
Sales | -909 | -896 |
Fair value of plan assets at end of year | 4,730 | 3,835 |
Significant Unobservable Inputs (Level 3) | Other investments - Timberlands | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets at beginning of year | 1,875 | 1,691 |
Unrealized gain/losses relating to investments still held | 98 | 184 |
Fair value of plan assets at end of year | $1,973 | $1,875 |
Employee_Benefit_Plans_Pension
Employee Benefit Plans - Pension and Post-retirement Benefit Payments Expected to be Paid (Detail) (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Pension Benefits | |
Defined Benefit Plan Disclosure [Line Items] | |
2014 | $10,518 |
2015 | 10,829 |
2016 | 10,909 |
2017 | 11,371 |
2018 | 11,495 |
2019 to 2023 | 61,382 |
Plan (including Plan D subsidy) | |
Defined Benefit Plan Disclosure [Line Items] | |
2014 | 2,963 |
2015 | 3,050 |
2016 | 2,824 |
2017 | 2,972 |
2018 | 3,149 |
2019 to 2023 | 19,095 |
Plan (not including Plan D subsidy) | |
Defined Benefit Plan Disclosure [Line Items] | |
2014 | 3,078 |
2015 | 3,176 |
2016 | 2,962 |
2017 | 3,122 |
2018 | 3,311 |
2019 to 2023 | $20,122 |
Employee_Benefit_Plans_Additio
Employee Benefit Plans - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Defined Benefit Plan Disclosure [Line Items] | |||
Pension and other postretirement benefit contributions | $4,960 | $4,199 | $3,390 |
Percentage of total equities related to individual stock | 5.00% | ||
Percentage of total bond portfolio | 10.00% | ||
Percentage of total bond portfolio related to non-investment grade bonds | 10.00% | ||
Percentage of total plan assets related to private equity and real estate investments | 8.00% | ||
Qualified defined benefit pension plans | 1,100 | 4,320 | |
Number of shares reserved for future issuance | 2,000,000 | ||
Percentage of discount to the fair market value | 5.00% | ||
Shares purchased under ESPP | 49,000 | ||
Number of shares available for future issuance under ESPP | 1,900,000 | ||
Pension Benefits | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Net periodic benefit cost | 5,791 | 8,834 | 6,550 |
Qualified defined benefit pension plans | 2,431 | 6,806 | |
Other Post-Retirement Benefits | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Net periodic benefit cost | 3,875 | 4,291 | 4,144 |
Health cost trend rate assumed for next year | 6.68% | 6.73% | |
Qualified defined benefit pension plans | 2,164 | 1,884 | |
Voluntary Early Retirement Program | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Net periodic benefit cost | $3,196 |
Leases_Future_Minimum_Commitme
Leases - Future Minimum Commitments under Operating and Capital Leases (Detail) (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | |
2015 | $7,105 |
2016 | 6,522 |
2017 | 4,733 |
2018 | 4,172 |
2019 | 3,000 |
Thereafter | 1,497 |
Total lease payments | 27,029 |
Capital Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | |
2015 | 3,496 |
2016 | 3,090 |
2017 | 2,884 |
2018 | 2,313 |
2019 | 2,524 |
Thereafter | 3,781 |
Total lease payments | $18,088 |
Leases_Additional_Information_
Leases - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Operating Leased Assets [Line Items] | |||
Total rental expense under operating leases | $6,552 | $6,596 | $5,587 |
Total capital lease obligations | 15,867 | 9,580 | |
Capital lease obligations recorded under current liabilities | 2,853 | 1,914 | |
Capital lease obligations recorded under long term debt | 13,014 | ||
Interest and principal payments under capital leases | 8,513 | 7,898 | 575 |
Engineered Products and Services Segment | |||
Operating Leased Assets [Line Items] | |||
Capital leases entered into during the period | 5 | ||
Interest and principal payments under capital leases | $9,772 |
Unearned_Revenue_Schedule_of_U
Unearned Revenue - Schedule of Unearned Revenue (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Deferred Revenue Disclosure [Abstract] | ||
Current unearned revenue | $7,623 | $15,625 |
Non-current unearned revenue | 5,476 | 10,470 |
Total unearned revenue | $13,099 | $26,095 |
Unearned_Revenue_Additional_In
Unearned Revenue - Additional Information (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Deferred Revenue Disclosure [Abstract] | ||
Liability for unearned revenue | $13,099 | $26,095 |
Segment_Reporting_Summary_of_F
Segment Reporting - Summary of Financial Information by Reportable Segment (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Segment Reporting Information [Line Items] | |||||||||||
Net sales | $211,442 | $202,258 | $205,334 | $174,545 | $200,012 | $194,936 | $199,123 | $189,202 | $793,579 | $783,273 | $699,987 |
Operating income (loss) | 31,190 | 20,048 | 17,472 | 1,617 | 6,008 | 21,879 | 20,481 | 13,647 | 70,327 | 62,015 | 47,417 |
Other income (expense), net | 2,156 | 938 | -501 | ||||||||
Interest expense, net | -30,745 | -40,157 | -17,778 | ||||||||
Income before income taxes | 41,738 | 22,796 | 29,138 | ||||||||
Titanium Segment | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 360,614 | 346,627 | 352,847 | ||||||||
Operating income (loss) | 52,982 | 59,011 | 39,065 | ||||||||
Engineered Products and Services Segment | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 432,965 | 436,646 | 347,140 | ||||||||
Operating income (loss) | 17,345 | 3,004 | 8,352 | ||||||||
Intersegment Eliminations | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | -180,225 | -160,293 | -162,659 | ||||||||
Intersegment Eliminations | Titanium Segment | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 90,175 | 92,502 | 82,265 | ||||||||
Intersegment Eliminations | Engineered Products and Services Segment | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 90,050 | 67,791 | 80,394 | ||||||||
Operating Segments | Titanium Segment | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 450,789 | 439,129 | 435,112 | ||||||||
Operating income (loss) | 70,302 | 78,637 | 58,542 | ||||||||
Operating Segments | Engineered Products and Services Segment | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 523,015 | 504,437 | 427,534 | ||||||||
Operating income (loss) | 40,987 | 24,981 | 23,437 | ||||||||
Corporate, Non-Segment | Titanium Segment | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Operating income (loss) | -17,320 | -19,626 | -19,477 | ||||||||
Corporate, Non-Segment | Engineered Products and Services Segment | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Operating income (loss) | ($23,642) | ($21,977) | ($15,085) |
Segment_Reporting_Summary_of_F1
Segment Reporting - Summary of Financial Information by Reportable Segment and Geographic Location (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Revenue by market information: | |||||||||||
Net sales | $211,442 | $202,258 | $205,334 | $174,545 | $200,012 | $194,936 | $199,123 | $189,202 | $793,579 | $783,273 | $699,987 |
Capital expenditures: | |||||||||||
Total capital expenditures | 30,507 | 32,374 | 61,538 | ||||||||
Depreciation and amortization: | |||||||||||
Depreciation and amortization | 44,877 | 43,885 | 41,170 | ||||||||
Continuing Operations | |||||||||||
Depreciation and amortization: | |||||||||||
Depreciation and amortization | 44,877 | 43,825 | 41,124 | ||||||||
UNITED STATES | |||||||||||
Revenue by market information: | |||||||||||
Net sales | 563,937 | 548,609 | 450,518 | ||||||||
FRANCE | |||||||||||
Revenue by market information: | |||||||||||
Net sales | 63,656 | 69,658 | 72,810 | ||||||||
UNITED KINGDOM | |||||||||||
Revenue by market information: | |||||||||||
Net sales | 47,643 | 56,658 | 52,931 | ||||||||
GERMANY | |||||||||||
Revenue by market information: | |||||||||||
Net sales | 34,128 | 30,955 | 40,011 | ||||||||
ITALY | |||||||||||
Revenue by market information: | |||||||||||
Net sales | 20,062 | 14,344 | 11,575 | ||||||||
CANADA | |||||||||||
Revenue by market information: | |||||||||||
Net sales | 13,179 | 11,492 | 12,456 | ||||||||
JAPAN | |||||||||||
Revenue by market information: | |||||||||||
Net sales | 13,098 | 10,660 | 9,389 | ||||||||
AUSTRIA | |||||||||||
Revenue by market information: | |||||||||||
Net sales | 10,591 | 10,035 | 7,162 | ||||||||
SPAIN | |||||||||||
Revenue by market information: | |||||||||||
Net sales | 4,757 | 12,713 | 16,285 | ||||||||
MALAYSIA | |||||||||||
Revenue by market information: | |||||||||||
Net sales | 0 | 0 | 10,624 | ||||||||
Other Countries | |||||||||||
Revenue by market information: | |||||||||||
Net sales | 22,528 | 18,149 | 16,226 | ||||||||
Titanium Segment | |||||||||||
Revenue by market information: | |||||||||||
Net sales | 360,614 | 346,627 | 352,847 | ||||||||
Capital expenditures: | |||||||||||
Total capital expenditures | 10,890 | 15,976 | 44,741 | ||||||||
Titanium Segment | Continuing Operations | |||||||||||
Depreciation and amortization: | |||||||||||
Depreciation and amortization | 20,253 | 19,973 | 18,421 | ||||||||
Titanium Segment | Commercial Aerospace | |||||||||||
Revenue by market information: | |||||||||||
Net sales | 251,572 | 216,599 | 217,607 | ||||||||
Titanium Segment | Defense | |||||||||||
Revenue by market information: | |||||||||||
Net sales | 70,904 | 98,976 | 104,313 | ||||||||
Titanium Segment | Energy Medical and Other | |||||||||||
Revenue by market information: | |||||||||||
Net sales | 38,138 | 31,052 | 30,927 | ||||||||
Engineered Products and Services Segment | |||||||||||
Revenue by market information: | |||||||||||
Net sales | 432,965 | 436,646 | 347,140 | ||||||||
Capital expenditures: | |||||||||||
Total capital expenditures | 19,617 | 16,398 | 16,797 | ||||||||
Engineered Products and Services Segment | Continuing Operations | |||||||||||
Depreciation and amortization: | |||||||||||
Depreciation and amortization | 24,624 | 23,852 | 22,703 | ||||||||
Engineered Products and Services Segment | Commercial Aerospace | |||||||||||
Revenue by market information: | |||||||||||
Net sales | 244,964 | 215,087 | 168,760 | ||||||||
Engineered Products and Services Segment | Defense | |||||||||||
Revenue by market information: | |||||||||||
Net sales | 64,455 | 71,471 | 53,435 | ||||||||
Engineered Products and Services Segment | Energy Medical and Other | |||||||||||
Revenue by market information: | |||||||||||
Net sales | $123,546 | $150,088 | $124,945 |
Segment_Reporting_Geographic_A
Segment Reporting - Geographic Area Information Includes Property, Plant and Equipment (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | |||
Segment Reporting, Asset Reconciling Item [Line Items] | |||
Property, plant and equipment, gross | $732,059 | $700,949 | |
Less: Accumulated depreciation | -362,772 | -328,609 | -297,055 |
Property, plant, and equipment, net | 369,287 | 372,340 | 375,819 |
Total assets | 1,565,694 | 1,505,545 | 1,220,092 |
UNITED STATES | |||
Segment Reporting, Asset Reconciling Item [Line Items] | |||
Property, plant and equipment, gross | 631,194 | 606,369 | 590,621 |
UNITED KINGDOM | |||
Segment Reporting, Asset Reconciling Item [Line Items] | |||
Property, plant and equipment, gross | 25,800 | 23,036 | 16,017 |
FRANCE | |||
Segment Reporting, Asset Reconciling Item [Line Items] | |||
Property, plant and equipment, gross | 2,066 | 1,928 | 1,312 |
CANADA | |||
Segment Reporting, Asset Reconciling Item [Line Items] | |||
Property, plant and equipment, gross | 72,999 | 69,616 | 64,924 |
Operating Segments | Titanium Segment | |||
Segment Reporting, Asset Reconciling Item [Line Items] | |||
Total assets | 685,306 | 604,123 | 566,359 |
Operating Segments | Engineered Products and Services Segment | |||
Segment Reporting, Asset Reconciling Item [Line Items] | |||
Total assets | 614,309 | 585,867 | 544,928 |
Corporate, Non-Segment | |||
Segment Reporting, Asset Reconciling Item [Line Items] | |||
Total assets | 266,079 | 310,281 | 83,637 |
Discontinued Operations | |||
Segment Reporting, Asset Reconciling Item [Line Items] | |||
Total assets | $0 | $5,274 | $25,168 |
Segment_Reporting_Additional_I
Segment Reporting - Additional Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Segment | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Number of reportable segments | 2 | ||||||||||
Export sales | $211,442 | $202,258 | $205,334 | $174,545 | $200,012 | $194,936 | $199,123 | $189,202 | $793,579 | $783,273 | $699,987 |
Sales | Boeing | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Percentage contribution of major customers in company's consolidated sales | 25.20% | 21.20% | 12.00% | ||||||||
Western Europe | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Export sales | $229,642 | $234,664 | $249,472 |
Commitments_and_Contingencies_1
Commitments and Contingencies - Summary of Changes in Environmental Liabilities (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Accrual for Environmental Loss Contingencies [Roll Forward] | |||
Balance at December 31, 2013 | $1,263 | ||
Environmental-related expense | 0 | ||
Cash paid | -47 | -14 | -72 |
Balance at December 31, 2014 | $1,216 | $1,263 |
Commitments_and_Contingencies_2
Commitments and Contingencies - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Commitments and Contingencies Disclosure [Abstract] | |||
Aircraft products liability insurance | $500,000,000 | ||
Payments related to environmental liabilities | 47,000 | 14,000 | 72,000 |
Environment related cost, minimum | 536,000 | ||
Environment related cost, maximum | 2,056,000 | ||
Accrued environmental-related costs for future | 1,216,000 | 1,263,000 | |
Accrued environmental-related costs expected to be paid within one year | 85,000 | ||
Accrued environmental-related costs expected to prepaid after twelve months | $1,131,000 |
LongTerm_Debt_Schedule_of_Long
Long-Term Debt - Schedule of Long-term Debt (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Debt Instrument [Line Items] | ||
Capital leases | $15,867,000 | $9,580,000 |
Total debt | 456,657,000 | 432,214,000 |
Less: Current portion of long-term debt | -108,792,000 | 0 |
Less: Current portion of capital leases | -2,853,000 | -1,914,000 |
Total long-term debt | 345,012,000 | 430,300,000 |
1.625% Convertible Senior Notes Due 2019 | ||
Debt Instrument [Line Items] | ||
Convertible senior notes | 331,998,000 | 319,569,000 |
Convertible senior notes, effective interest rate | 5.88% | |
Convertible senior notes, aggregate principal amount payable | 402,500,000 | |
Convertible senior notes, interest rate | 1.63% | |
3.0% Convertible Senior Notes Due 2015 | ||
Debt Instrument [Line Items] | ||
Convertible senior notes | 108,792,000 | 103,065,000 |
Convertible senior notes, effective interest rate | 8.68% | |
Convertible senior notes, aggregate principal amount payable | $114,400,000 | |
Convertible senior notes, interest rate | 3.00% |
Longterm_Debt_Additional_Infor
Long-term Debt - Additional Information (Detail) (USD $) | 12 Months Ended | 1 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Apr. 30, 2013 | 23-May-12 | |
Debt Instrument [Line Items] | |||||
Revolving the credit facility amount | $150,000,000 | $150,000,000 | |||
Revolving the credit facility expiration date | 23-May-17 | ||||
Debt issuance costs | 7,200,000 | ||||
Allocation of debt issuance cost to conversion feature of notes | 1,600,000 | ||||
Allocation of debt issuance cost to liability component of notes | 5,600,000 | ||||
Amortization of discount on long-term debt | 18,132,000 | 14,956,000 | 9,683,000 | ||
Amortization of debt issuance costs | 1,890,000 | 1,666,000 | 1,403,000 | ||
Leverage ratio | 225.00% | ||||
Maximum leverage ratio that is considered as default | 350.00% | ||||
Coverage ratio | 1166.00% | ||||
Minimum coverage ratio that is considered as default | 200.00% | ||||
1.625% Convertible Senior Notes Due 2019 | |||||
Debt Instrument [Line Items] | |||||
Convertible senior notes, interest rate | 1.63% | ||||
Subsidiary ownership percentage | 100.00% | ||||
Debt instrument, convertible, threshold trading days | 20 | ||||
Debt instrument, convertible, threshold consecutive trading days | 30 years | ||||
Debt instrument, convertible, threshold minimum percentage of stock price trigger | 130.00% | ||||
Debt instrument, convertible, threshold trading days, measurement period | 5 | ||||
Debt instrument, convertible, threshold consecutive trading days, measurement period | 5 days | ||||
Maximum trading price as a percentage of the product of the last reported sale price of common stock | 98.00% | ||||
Debt instrument, conversion rate | 0.0245604 | ||||
Debt instrument, earliest convertible date | 15-Apr-19 | ||||
Conversion price of common stock per share | $40.72 | ||||
Debt instrument interest rate, similar straight-debt | 5.88% | ||||
Fair value of the liability component of the notes | 311,200,000 | ||||
Fair value of conversion component of the notes | 91,300,000 | ||||
Convertible senior notes, aggregate principal amount payable | 402,500,000 | ||||
Debt instrument, term | 6 years 6 months | ||||
Debt issuance costs | 12,400,000 | ||||
Allocation of debt issuance cost to conversion feature of notes | 2,800,000 | ||||
Allocation of debt issuance cost to liability component of notes | 9,600,000 | ||||
3.0% Convertible Senior Notes Due 2015 | |||||
Debt Instrument [Line Items] | |||||
Convertible senior notes, interest rate | 3.00% | ||||
Debt instrument, convertible, threshold trading days | 20 | ||||
Debt instrument, convertible, threshold consecutive trading days | 30 days | ||||
Debt instrument, convertible, threshold minimum percentage of stock price trigger | 130.00% | ||||
Debt instrument, convertible, threshold trading days, measurement period | 5 | ||||
Debt instrument, convertible, threshold consecutive trading days, measurement period | 5 days | ||||
Maximum trading price as a percentage of the product of the last reported sale price of common stock | 98.00% | ||||
Debt instrument, conversion rate | 27.8474 | ||||
Debt instrument, earliest convertible date | 1-Jun-15 | ||||
Conversion price of common stock per share | $35.91 | ||||
Debt instrument interest rate, similar straight-debt | 3.54% | ||||
Fair value of the liability component of the notes | 112,600,000 | ||||
Fair value of conversion component of the notes | 19,500,000 | ||||
Convertible senior notes, aggregate principal amount payable | 114,400,000 | ||||
Aggregate principal of notes purchased | 115,600,000 | ||||
Purchase price of notes | 133,400,000 | ||||
Accrued interest on notes purchased | 1,300,000 | ||||
Debt component of the notes | 100,400,000 | ||||
Consideration paid for the liability component of the repurchased notes | 12,200,000 | ||||
Unamortized debt issuance costs | 1,500,000 | ||||
Amortization of debt issuance costs | 1,890,000 | 1,484,000 | 1,120,000 | ||
Notes 8.675% | |||||
Debt Instrument [Line Items] | |||||
Debt instrument interest rate, similar straight-debt | 8.68% | ||||
Fair value of the liability component of the notes | 177,700,000 | ||||
Fair value of conversion component of the notes | $52,300,000 | ||||
Debt instrument, term | 5 years |
StockBased_Compensation_Schedu
Stock-Based Compensation - Schedule of Fair Value of Stock Options Granted (Detail) (Stock Options) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Stock Options | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Risk-free interest rate | 1.51% | 0.87% | 0.75% |
Expected dividend yield | 0.00% | 0.00% | 0.00% |
Expected lives (in years) | 5 years | 5 years | 5 years |
Expected volatility | 55.00% | 65.00% | 66.00% |
StockBased_Compensation_Summar
Stock-Based Compensation - Summary of Stock Options Activity (Detail) (Stock Options, USD $) | 12 Months Ended |
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 |
Stock Options | |
Options, Outstanding | |
Beginning balance | 526,736 |
Granted | 103,472 |
Forfeited | -26,100 |
Expired | -34,997 |
Exercised | -40,431 |
Ending balance | 528,680 |
Exercisable | 365,666 |
Weighted-Average Exercise Price Per Share | |
Beginning balance | $34.56 |
Granted | $30.59 |
Forfeited | $29.47 |
Expired | $45.04 |
Exercised | $20.07 |
Ending balance | $34.45 |
Exercisable | $36.73 |
Weighted-Average Remaining Contractual Term | |
Outstanding | 5 years 8 months 9 days |
Exercisable | 4 years 5 months 1 day |
Aggregate Intrinsic Value | |
Outstanding | $414 |
Exercisable | $399 |
StockBased_Compensation_Summar1
Stock-Based Compensation - Summary of Nonvested Restricted Stock Awards (Detail) (Restricted Stock, USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Restricted Stock | |||
Restricted Stock Awards, Outstanding | |||
Beginning balance | 213,475 | ||
Granted | 100,417 | ||
Vested | -92,459 | ||
Forfeited | -22,364 | ||
Ending balance | 199,069 | 213,475 | |
Weighted-Average Grant-Date Fair Value Per Share | |||
Beginning balance | $26.88 | ||
Granted | $29.28 | $29 | $24.63 |
Vested | $25.91 | ||
Forfeited | $28.67 | ||
Ending balance | $28.35 | $26.88 |
StockBased_Compensation_Summar2
Stock-Based Compensation - Summary of Company's Performance Share Award (Detail) (Performance Shares) | 12 Months Ended |
Dec. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Beginning balance | 154,333 |
Granted | 70,875 |
Vested | -42,442 |
Forfeited | -25,683 |
Ending balance | 157,083 |
Maximum Shares Eligible To Receive | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Beginning balance | 308,666 |
Granted | 141,750 |
Vested | -84,884 |
Forfeited | -51,366 |
Ending balance | 314,166 |
Stock_Based_Compensation_Addit
Stock Based Compensation - Additional Information (Detail) (USD $) | 12 Months Ended | 1 Months Ended | 3 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Apr. 30, 2014 | Mar. 31, 2014 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Cash received from stock option exercises under all share-based payment arrangements | $811 | $2,290 | $494 | ||
Cash used to settle equity instruments | 851 | 399 | 742 | ||
Tax benefit realized for share-based payment arrangements | -192 | -4 | 27 | ||
Performance share awards Common Stock in amounts, Minimum | 0.00% | ||||
Performance share awards Common Stock in amounts, Maximum | 200.00% | ||||
Restricted Stock | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Total unrecognized compensation cost related to nonvested awards granted | 2,141 | ||||
Expected period to be recognized | 12 months | ||||
Weighted-average grant date fair value of awards granted in the period (in dollars per share) | $29.28 | $29 | $24.63 | ||
Fair value of awards vested during the period | 2,808 | 2,199 | 1,507 | ||
Stock Options | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Dividend yield | 0.00% | 0.00% | 0.00% | ||
Weighted-average grant date fair value of awards granted in the period (in dollars per share) | $14.73 | $15.80 | $13.49 | ||
Total intrinsic value of stock options exercised | 298 | 1,892 | 525 | ||
Total unrecognized compensation cost related to nonvested awards granted | $742 | ||||
Expected period to be recognized | 8 months | ||||
Performance Shares | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Dividend yield | 0.00% | ||||
Weighted-average grant date fair value of awards granted in the period (in dollars per share) | $34.96 | $41.02 | $35.59 | ||
2014 Plan | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number of shares available for grant | 3,500,000 | ||||
2014 Plan | Restricted Stock | Minimum | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Awards vesting period | 3 years | 1 year | |||
2014 Plan | Restricted Stock | Maximum | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Awards vesting period | 5 years | ||||
Percentage of awards not restricted by minimum vesting period | 5.00% | ||||
2014 Plan | Stock Options | Minimum | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Awards vesting period | 3 years | ||||
2004 Plan | Stock Options | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number of shares available for grant | 2,000,000 | ||||
2004 Plan | Stock Options | Minimum | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Awards vesting period | 1 year | ||||
2004 Plan | Stock Options | Maximum | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Awards vesting period | 3 years |
Guarantor_Subsidiaries_Schedul
Guarantor Subsidiaries - Schedule of Condensed Consolidating Statement of Operations and Comprehensive Income (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Net sales | $211,442 | $202,258 | $205,334 | $174,545 | $200,012 | $194,936 | $199,123 | $189,202 | $793,579 | $783,273 | $699,987 |
Costs and expenses: | |||||||||||
Cost of sales | 627,151 | 609,047 | 561,785 | ||||||||
Selling, general, and administrative expenses | 91,488 | 92,921 | 86,621 | ||||||||
Goodwill and other intangible asset impairment | 0 | 15,359 | 0 | ||||||||
Research, technical, and product development expenses | 4,613 | 3,931 | 4,164 | ||||||||
Operating income | 31,190 | 20,048 | 17,472 | 1,617 | 6,008 | 21,879 | 20,481 | 13,647 | 70,327 | 62,015 | 47,417 |
Other income (expense), net | 2,156 | 938 | -501 | ||||||||
Interest expense, net | -30,745 | -40,157 | -17,778 | ||||||||
Equity in earnings (loss) of subsidiaries | 0 | 0 | 0 | ||||||||
Income before income taxes | 41,738 | 22,796 | 29,138 | ||||||||
Provision for (benefit from) income taxes | 10,037 | 7,139 | 15,685 | ||||||||
Net income attributable to continuing operations | 16,151 | 12,255 | 7,111 | -3,816 | -2,945 | 12,575 | 1,059 | 4,968 | 31,701 | 15,657 | 13,453 |
Net income attributable to discontinued operations, net of tax | -608 | -1,584 | 1,487 | ||||||||
Net income | 31,093 | 14,073 | 14,940 | ||||||||
Comprehensive income (loss) | 15,901 | 18,680 | 8,786 | ||||||||
RTI International Metals, Inc. | |||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Net sales | 0 | 0 | 0 | ||||||||
Costs and expenses: | |||||||||||
Cost of sales | 0 | 0 | 0 | ||||||||
Selling, general, and administrative expenses | 158 | 4,799 | -3,101 | ||||||||
Goodwill and other intangible asset impairment | 0 | ||||||||||
Research, technical, and product development expenses | 0 | 0 | 95 | ||||||||
Operating income | -158 | -4,799 | 3,006 | ||||||||
Other income (expense), net | -6 | 6,318 | -63 | ||||||||
Interest expense, net | -25,519 | -21,291 | -16,639 | ||||||||
Equity in earnings (loss) of subsidiaries | 48,698 | 21,936 | 20,741 | ||||||||
Income before income taxes | 23,015 | 2,164 | 7,045 | ||||||||
Provision for (benefit from) income taxes | -8,686 | -13,493 | -6,408 | ||||||||
Net income attributable to continuing operations | 31,701 | 15,657 | 13,453 | ||||||||
Net income attributable to discontinued operations, net of tax | -608 | -1,584 | 1,487 | ||||||||
Net income | 31,093 | 14,073 | 14,940 | ||||||||
Comprehensive income (loss) | 15,901 | 18,680 | 8,786 | ||||||||
Guarantor Subsidiaries | |||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Net sales | 507,935 | 524,003 | 503,018 | ||||||||
Costs and expenses: | |||||||||||
Cost of sales | 423,189 | 426,274 | 426,635 | ||||||||
Selling, general, and administrative expenses | 43,479 | 43,842 | 45,316 | ||||||||
Goodwill and other intangible asset impairment | 15,359 | ||||||||||
Research, technical, and product development expenses | 4,526 | 3,925 | 4,007 | ||||||||
Operating income | 36,741 | 34,603 | 27,060 | ||||||||
Other income (expense), net | 416 | -5,146 | 38 | ||||||||
Interest expense, net | -2,288 | -11,503 | 205 | ||||||||
Equity in earnings (loss) of subsidiaries | 1,568 | -191 | 5,419 | ||||||||
Income before income taxes | 36,437 | 17,763 | 32,722 | ||||||||
Provision for (benefit from) income taxes | 11,966 | 10,964 | 10,726 | ||||||||
Net income attributable to continuing operations | 24,471 | 6,799 | 21,996 | ||||||||
Net income attributable to discontinued operations, net of tax | 0 | 0 | 0 | ||||||||
Net income | 24,471 | 6,799 | 21,996 | ||||||||
Comprehensive income (loss) | 18,238 | 18,327 | 14,465 | ||||||||
Non-Guarantor Subsidiaries | |||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Net sales | 491,635 | 465,331 | 409,470 | ||||||||
Costs and expenses: | |||||||||||
Cost of sales | 409,953 | 388,834 | 347,651 | ||||||||
Selling, general, and administrative expenses | 47,851 | 44,280 | 44,406 | ||||||||
Goodwill and other intangible asset impairment | 0 | ||||||||||
Research, technical, and product development expenses | 87 | 6 | 62 | ||||||||
Operating income | 33,744 | 32,211 | 17,351 | ||||||||
Other income (expense), net | 1,746 | -234 | -476 | ||||||||
Interest expense, net | -2,938 | -7,363 | -1,344 | ||||||||
Equity in earnings (loss) of subsidiaries | 4,894 | 2,165 | 2,138 | ||||||||
Income before income taxes | 37,446 | 26,779 | 17,669 | ||||||||
Provision for (benefit from) income taxes | 6,757 | 9,668 | 11,367 | ||||||||
Net income attributable to continuing operations | 30,689 | 17,111 | 6,302 | ||||||||
Net income attributable to discontinued operations, net of tax | -608 | -1,584 | 1,487 | ||||||||
Net income | 30,081 | 15,527 | 7,789 | ||||||||
Comprehensive income (loss) | 20,348 | 8,599 | 9,704 | ||||||||
Eliminations | |||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Net sales | -205,991 | -206,061 | -212,501 | ||||||||
Costs and expenses: | |||||||||||
Cost of sales | -205,991 | -206,061 | -212,501 | ||||||||
Selling, general, and administrative expenses | 0 | 0 | 0 | ||||||||
Goodwill and other intangible asset impairment | 0 | ||||||||||
Research, technical, and product development expenses | 0 | 0 | 0 | ||||||||
Operating income | 0 | 0 | 0 | ||||||||
Other income (expense), net | 0 | 0 | 0 | ||||||||
Interest expense, net | 0 | 0 | 0 | ||||||||
Equity in earnings (loss) of subsidiaries | -55,160 | -23,910 | -28,298 | ||||||||
Income before income taxes | -55,160 | -23,910 | -28,298 | ||||||||
Provision for (benefit from) income taxes | 0 | 0 | 0 | ||||||||
Net income attributable to continuing operations | -55,160 | -23,910 | -28,298 | ||||||||
Net income attributable to discontinued operations, net of tax | 608 | 1,584 | -1,487 | ||||||||
Net income | -54,552 | -22,326 | -29,785 | ||||||||
Comprehensive income (loss) | ($38,586) | ($26,926) | ($24,169) |
Guarantor_Subsidiaries_Schedul1
Guarantor Subsidiaries - Schedule of Condensed Consolidating Balance Sheet (Detail) (USD $) | Dec. 31, 2014 | Oct. 01, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Current assets: | |||||
Cash and cash equivalents | $182,059,000 | $343,637,000 | $97,190,000 | $156,842,000 | |
Short-term investments | 148,383,000 | 0 | |||
Receivables, net | 117,745,000 | 105,271,000 | |||
Inventories, net | 474,306,000 | 430,088,000 | |||
Costs in excess of billings | 5,522,000 | 5,377,000 | |||
Deferred income taxes | 30,632,000 | 32,032,000 | |||
Assets of discontinued operations | 0 | 5,274,000 | |||
Other current assets | 19,803,000 | 16,947,000 | |||
Total current assets | 978,450,000 | 938,626,000 | |||
Property, plant, and equipment, net | 369,287,000 | 372,340,000 | 375,819,000 | ||
Goodwill | 145,518,000 | 145,450,000 | 117,578,000 | 130,252,000 | |
Other intangible assets, net | 57,122,000 | 53,754,000 | 56,495,000 | ||
Other noncurrent assets | 15,317,000 | 23,247,000 | |||
Intercompany investments | 0 | 0 | |||
Total assets | 1,565,694,000 | 1,505,545,000 | 1,220,092,000 | ||
Current liabilities: | |||||
Current portion of long-term debt | 111,645,000 | 1,008,000 | |||
Accounts payable | 105,044,000 | 79,039,000 | |||
Accrued wages and other employee costs | 26,874,000 | 29,787,000 | |||
Billings in excess of costs | 9,962,000 | 0 | |||
Unearned revenue | 7,623,000 | 15,625,000 | |||
Liabilities of discontinued operations | 0 | 458,000 | |||
Other accrued liabilities | 18,724,000 | 21,566,000 | |||
Total current liabilities | 279,872,000 | 147,483,000 | |||
Long-term debt | 345,012,000 | 430,300,000 | |||
Intercompany debt | 0 | 0 | |||
Liability for post-retirement benefits | 48,295,000 | 43,447,000 | |||
Liability for pension benefits | 16,986,000 | 13,787,000 | |||
Deferred income taxes | 60,503,000 | 74,078,000 | |||
Unearned revenue | 5,476,000 | 10,470,000 | |||
Other noncurrent liabilities | 14,070,000 | 12,006,000 | |||
Total liabilities | 770,214,000 | 731,571,000 | |||
Shareholders' equity | 795,480,000 | 773,974,000 | 708,239,000 | 694,640,000 | |
Total liabilities and shareholders' equity | 1,565,694,000 | 1,505,545,000 | |||
RTI International Metals, Inc. | |||||
Current assets: | |||||
Cash and cash equivalents | 0 | 0 | 0 | 0 | |
Short-term investments | 0 | ||||
Receivables, net | 928,000 | 786,000 | |||
Inventories, net | 0 | 0 | |||
Costs in excess of billings | 0 | 0 | |||
Deferred income taxes | 25,591,000 | 31,656,000 | |||
Assets of discontinued operations | 0 | ||||
Other current assets | 1,307,000 | 9,425,000 | |||
Total current assets | 27,826,000 | 41,867,000 | |||
Property, plant, and equipment, net | 2,028,000 | 2,328,000 | |||
Goodwill | 0 | 0 | |||
Other intangible assets, net | 0 | 0 | |||
Other noncurrent assets | 8,635,000 | 11,025,000 | |||
Intercompany investments | 1,290,173,000 | 1,240,671,000 | |||
Total assets | 1,328,662,000 | 1,295,891,000 | |||
Current liabilities: | |||||
Current portion of long-term debt | 108,767,000 | 0 | |||
Accounts payable | 1,559,000 | 1,948,000 | |||
Accrued wages and other employee costs | 6,345,000 | 6,598,000 | |||
Billings in excess of costs | 0 | ||||
Unearned revenue | 0 | 0 | |||
Liabilities of discontinued operations | 0 | ||||
Other accrued liabilities | 1,411,000 | 6,800,000 | |||
Total current liabilities | 118,082,000 | 15,346,000 | |||
Long-term debt | 331,998,000 | 422,634,000 | |||
Intercompany debt | 9,768,000 | 0 | |||
Liability for post-retirement benefits | 0 | 0 | |||
Liability for pension benefits | 6,655,000 | 5,943,000 | |||
Deferred income taxes | 57,441,000 | 70,006,000 | |||
Unearned revenue | 0 | 0 | |||
Other noncurrent liabilities | 9,238,000 | 7,988,000 | |||
Total liabilities | 533,182,000 | 521,917,000 | |||
Shareholders' equity | 795,480,000 | 773,974,000 | |||
Total liabilities and shareholders' equity | 1,328,662,000 | 1,295,891,000 | |||
Guarantor Subsidiaries | |||||
Current assets: | |||||
Cash and cash equivalents | 117,086,000 | 312,202,000 | 87,283,000 | 144,271,000 | |
Short-term investments | 148,383,000 | ||||
Receivables, net | 78,436,000 | 57,397,000 | |||
Inventories, net | 319,107,000 | 265,621,000 | |||
Costs in excess of billings | 2,393,000 | 3,800,000 | |||
Deferred income taxes | 2,754,000 | 0 | |||
Assets of discontinued operations | 0 | ||||
Other current assets | 13,345,000 | 2,984,000 | |||
Total current assets | 681,504,000 | 642,004,000 | |||
Property, plant, and equipment, net | 280,805,000 | 292,033,000 | |||
Goodwill | 94,769,000 | 79,705,000 | |||
Other intangible assets, net | 32,897,000 | 31,184,000 | |||
Other noncurrent assets | 948,000 | 7,184,000 | |||
Intercompany investments | 148,432,000 | 108,693,000 | |||
Total assets | 1,239,355,000 | 1,160,803,000 | |||
Current liabilities: | |||||
Current portion of long-term debt | 721,000 | 1,008,000 | |||
Accounts payable | 81,055,000 | 54,111,000 | |||
Accrued wages and other employee costs | 13,491,000 | 14,093,000 | |||
Billings in excess of costs | 2,205,000 | ||||
Unearned revenue | 519,000 | 288,000 | |||
Liabilities of discontinued operations | 0 | ||||
Other accrued liabilities | 7,879,000 | 4,093,000 | |||
Total current liabilities | 105,870,000 | 73,593,000 | |||
Long-term debt | 572,000 | 738,000 | |||
Intercompany debt | 55,486,000 | 402,114,000 | |||
Liability for post-retirement benefits | 48,295,000 | 43,447,000 | |||
Liability for pension benefits | 10,172,000 | 7,685,000 | |||
Deferred income taxes | 0 | 0 | |||
Unearned revenue | 0 | 0 | |||
Other noncurrent liabilities | 4,549,000 | 3,763,000 | |||
Total liabilities | 224,944,000 | 531,340,000 | |||
Shareholders' equity | 1,014,411,000 | 629,463,000 | |||
Total liabilities and shareholders' equity | 1,239,355,000 | 1,160,803,000 | |||
Non-Guarantor Subsidiaries | |||||
Current assets: | |||||
Cash and cash equivalents | 64,973,000 | 31,435,000 | 9,907,000 | 12,571,000 | |
Short-term investments | 0 | ||||
Receivables, net | 70,911,000 | 69,847,000 | |||
Inventories, net | 155,199,000 | 164,467,000 | |||
Costs in excess of billings | 3,129,000 | 1,577,000 | |||
Deferred income taxes | 2,287,000 | 376,000 | |||
Assets of discontinued operations | 5,274,000 | ||||
Other current assets | 5,151,000 | 4,538,000 | |||
Total current assets | 301,650,000 | 277,514,000 | |||
Property, plant, and equipment, net | 86,454,000 | 77,979,000 | |||
Goodwill | 50,749,000 | 37,873,000 | |||
Other intangible assets, net | 24,225,000 | 22,570,000 | |||
Other noncurrent assets | 5,734,000 | 5,038,000 | |||
Intercompany investments | 66,101,000 | 109,638,000 | |||
Total assets | 534,913,000 | 530,612,000 | |||
Current liabilities: | |||||
Current portion of long-term debt | 2,157,000 | 0 | |||
Accounts payable | 54,960,000 | 45,739,000 | |||
Accrued wages and other employee costs | 7,038,000 | 9,096,000 | |||
Billings in excess of costs | 7,757,000 | ||||
Unearned revenue | 7,104,000 | 15,337,000 | |||
Liabilities of discontinued operations | 458,000 | ||||
Other accrued liabilities | 9,434,000 | 10,673,000 | |||
Total current liabilities | 88,450,000 | 81,303,000 | |||
Long-term debt | 12,442,000 | 6,928,000 | |||
Intercompany debt | 238,953,000 | 210,550,000 | |||
Liability for post-retirement benefits | 0 | 0 | |||
Liability for pension benefits | 159,000 | 159,000 | |||
Deferred income taxes | 3,062,000 | 4,072,000 | |||
Unearned revenue | 5,476,000 | 10,470,000 | |||
Other noncurrent liabilities | 283,000 | 255,000 | |||
Total liabilities | 348,825,000 | 313,737,000 | |||
Shareholders' equity | 186,088,000 | 216,875,000 | |||
Total liabilities and shareholders' equity | 534,913,000 | 530,612,000 | |||
Eliminations | |||||
Current assets: | |||||
Cash and cash equivalents | 0 | 0 | 0 | 0 | |
Short-term investments | 0 | ||||
Receivables, net | -32,530,000 | -22,759,000 | |||
Inventories, net | 0 | 0 | |||
Costs in excess of billings | 0 | 0 | |||
Deferred income taxes | 0 | 0 | |||
Assets of discontinued operations | 0 | ||||
Other current assets | 0 | 0 | |||
Total current assets | -32,530,000 | -22,759,000 | |||
Property, plant, and equipment, net | 0 | 0 | |||
Goodwill | 0 | 0 | |||
Other intangible assets, net | 0 | 0 | |||
Other noncurrent assets | 0 | 0 | |||
Intercompany investments | -1,504,706,000 | -1,459,002,000 | |||
Total assets | -1,537,236,000 | -1,481,761,000 | |||
Current liabilities: | |||||
Current portion of long-term debt | 0 | 0 | |||
Accounts payable | -32,530,000 | -22,759,000 | |||
Accrued wages and other employee costs | 0 | 0 | |||
Billings in excess of costs | 0 | ||||
Unearned revenue | 0 | 0 | |||
Liabilities of discontinued operations | 0 | ||||
Other accrued liabilities | 0 | 0 | |||
Total current liabilities | -32,530,000 | -22,759,000 | |||
Long-term debt | 0 | 0 | |||
Intercompany debt | -304,207,000 | -612,664,000 | |||
Liability for post-retirement benefits | 0 | 0 | |||
Liability for pension benefits | 0 | 0 | |||
Deferred income taxes | 0 | 0 | |||
Unearned revenue | 0 | 0 | |||
Other noncurrent liabilities | 0 | 0 | |||
Total liabilities | -336,737,000 | -635,423,000 | |||
Shareholders' equity | -1,200,499,000 | -846,338,000 | |||
Total liabilities and shareholders' equity | ($1,537,236,000) | ($1,481,761,000) |
Guarantor_Subsidiaries_Schedul2
Guarantor Subsidiaries - Schedule of Condensed Consolidating Statement of Cash Flows (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Condensed Financial Statements, Captions [Line Items] | |||
Cash provided by (used in) operating activities | $53,863 | $12,168 | $8,066 |
INVESTING ACTIVITIES: | |||
Investments in subsidiaries, net | 0 | 0 | 0 |
Acquisitions, net of cash acquired | -37,276 | -16,214 | -182,811 |
Capital expenditures | -30,508 | -32,374 | -61,538 |
Proceeds from disposal of property, plant, and equipment | 104 | 561 | 10 |
Short-term investments and marketable securities, net | -148,431 | -174 | 176,771 |
Divestitures | 5,157 | 10,475 | 0 |
Intercompany debt activity, net | 0 | 0 | 0 |
Cash used in investing activities | -210,954 | -37,726 | -67,568 |
FINANCING ACTIVITIES: | |||
Proceeds from exercise of employee stock options | 1,177 | 2,637 | 729 |
Excess tax benefits from stock-based compensation activity | 199 | 552 | 196 |
Parent company investments, net of distributions | 0 | 0 | 0 |
Borrowings on long-term debt | 0 | 402,500 | 0 |
Repayments on long-term debt | -1,575 | -120,820 | -758 |
Intercompany debt activity, net | 0 | 0 | 0 |
Purchase of common stock held in treasury | -851 | -399 | -742 |
Financing fees | 0 | -12,370 | -823 |
Other financing activities | 0 | ||
Cash provided by (used in) financing activities | -1,050 | 272,100 | -1,398 |
Effect of exchange rate changes on cash and cash equivalents | -3,437 | -95 | 1,248 |
Increase (decrease) in cash and cash equivalents | -161,578 | 246,447 | -59,652 |
Cash and cash equivalents at beginning of period | 343,637 | 97,190 | 156,842 |
Cash and cash equivalents at end of period | 182,059 | 343,637 | 97,190 |
RTI International Metals, Inc. | |||
Condensed Financial Statements, Captions [Line Items] | |||
Cash provided by (used in) operating activities | 36,510 | 5,143 | 21,972 |
INVESTING ACTIVITIES: | |||
Investments in subsidiaries, net | -346,642 | -36,099 | 178,633 |
Acquisitions, net of cash acquired | 0 | 0 | -182,811 |
Capital expenditures | -234 | -1,192 | -970 |
Proceeds from disposal of property, plant, and equipment | 0 | 0 | 0 |
Short-term investments and marketable securities, net | 0 | 0 | 0 |
Divestitures | 0 | 0 | |
Intercompany debt activity, net | 300,073 | -241,465 | -16,460 |
Cash used in investing activities | -46,803 | -278,756 | -21,608 |
FINANCING ACTIVITIES: | |||
Proceeds from exercise of employee stock options | 1,177 | 2,637 | 729 |
Excess tax benefits from stock-based compensation activity | 199 | 552 | 196 |
Parent company investments, net of distributions | 0 | 610 | 0 |
Borrowings on long-term debt | 402,500 | ||
Repayments on long-term debt | 0 | -119,917 | 0 |
Intercompany debt activity, net | 9,768 | 0 | 0 |
Purchase of common stock held in treasury | -851 | -399 | -742 |
Financing fees | -12,370 | -823 | |
Other financing activities | 276 | ||
Cash provided by (used in) financing activities | 10,293 | 273,613 | -364 |
Effect of exchange rate changes on cash and cash equivalents | 0 | 0 | 0 |
Increase (decrease) in cash and cash equivalents | 0 | 0 | 0 |
Cash and cash equivalents at beginning of period | 0 | 0 | 0 |
Cash and cash equivalents at end of period | 0 | 0 | 0 |
Guarantor Subsidiaries | |||
Condensed Financial Statements, Captions [Line Items] | |||
Cash provided by (used in) operating activities | 28,000 | 8,944 | 2,957 |
INVESTING ACTIVITIES: | |||
Investments in subsidiaries, net | 0 | 0 | 0 |
Acquisitions, net of cash acquired | -15,567 | 0 | 0 |
Capital expenditures | -19,345 | -21,947 | -54,715 |
Proceeds from disposal of property, plant, and equipment | 72 | 42 | 0 |
Short-term investments and marketable securities, net | -148,431 | -174 | 176,771 |
Divestitures | 0 | 0 | |
Intercompany debt activity, net | -39,022 | -3,009 | -7,363 |
Cash used in investing activities | -222,293 | -25,088 | 114,693 |
FINANCING ACTIVITIES: | |||
Proceeds from exercise of employee stock options | 0 | 0 | 0 |
Excess tax benefits from stock-based compensation activity | 0 | 0 | 0 |
Parent company investments, net of distributions | 346,642 | 41 | -194,783 |
Borrowings on long-term debt | 0 | ||
Repayments on long-term debt | -837 | -903 | -758 |
Intercompany debt activity, net | -346,628 | 241,925 | 20,475 |
Purchase of common stock held in treasury | 0 | 0 | 0 |
Financing fees | 0 | 0 | |
Other financing activities | 428 | ||
Cash provided by (used in) financing activities | -823 | 241,063 | -174,638 |
Effect of exchange rate changes on cash and cash equivalents | 0 | 0 | 0 |
Increase (decrease) in cash and cash equivalents | -195,116 | 224,919 | -56,988 |
Cash and cash equivalents at beginning of period | 312,202 | 87,283 | 144,271 |
Cash and cash equivalents at end of period | 117,086 | 312,202 | 87,283 |
Non-Guarantor Subsidiaries | |||
Condensed Financial Statements, Captions [Line Items] | |||
Cash provided by (used in) operating activities | 40,246 | -1,919 | -16,863 |
INVESTING ACTIVITIES: | |||
Investments in subsidiaries, net | 0 | 0 | 0 |
Acquisitions, net of cash acquired | -21,709 | -16,214 | 0 |
Capital expenditures | -10,929 | -9,235 | -5,853 |
Proceeds from disposal of property, plant, and equipment | 32 | 519 | 10 |
Short-term investments and marketable securities, net | 0 | 0 | 0 |
Divestitures | 5,157 | 10,475 | |
Intercompany debt activity, net | 48,431 | -460 | -4,015 |
Cash used in investing activities | 20,982 | -14,915 | -9,858 |
FINANCING ACTIVITIES: | |||
Proceeds from exercise of employee stock options | 0 | 0 | 0 |
Excess tax benefits from stock-based compensation activity | 0 | 0 | 0 |
Parent company investments, net of distributions | -50,893 | 35,448 | 16,150 |
Borrowings on long-term debt | 0 | ||
Repayments on long-term debt | -738 | 0 | 0 |
Intercompany debt activity, net | 27,378 | 3,009 | 7,363 |
Purchase of common stock held in treasury | 0 | 0 | 0 |
Financing fees | 0 | 0 | |
Other financing activities | -704 | ||
Cash provided by (used in) financing activities | -24,253 | 38,457 | 22,809 |
Effect of exchange rate changes on cash and cash equivalents | -3,437 | -95 | 1,248 |
Increase (decrease) in cash and cash equivalents | 33,538 | 21,528 | -2,664 |
Cash and cash equivalents at beginning of period | 31,435 | 9,907 | 12,571 |
Cash and cash equivalents at end of period | 64,973 | 31,435 | 9,907 |
Eliminations | |||
Condensed Financial Statements, Captions [Line Items] | |||
Cash provided by (used in) operating activities | -50,893 | 0 | 0 |
INVESTING ACTIVITIES: | |||
Investments in subsidiaries, net | 346,642 | 36,099 | -178,633 |
Acquisitions, net of cash acquired | 0 | 0 | 0 |
Capital expenditures | 0 | 0 | 0 |
Proceeds from disposal of property, plant, and equipment | 0 | 0 | 0 |
Short-term investments and marketable securities, net | 0 | 0 | 0 |
Divestitures | 0 | 0 | |
Intercompany debt activity, net | -309,482 | 244,934 | 27,838 |
Cash used in investing activities | 37,160 | 281,033 | -150,795 |
FINANCING ACTIVITIES: | |||
Proceeds from exercise of employee stock options | 0 | 0 | 0 |
Excess tax benefits from stock-based compensation activity | 0 | 0 | 0 |
Parent company investments, net of distributions | -295,749 | -36,099 | 178,633 |
Borrowings on long-term debt | 0 | ||
Repayments on long-term debt | 0 | 0 | 0 |
Intercompany debt activity, net | 309,482 | -244,934 | -27,838 |
Purchase of common stock held in treasury | 0 | 0 | 0 |
Financing fees | 0 | 0 | |
Other financing activities | 0 | ||
Cash provided by (used in) financing activities | 13,733 | -281,033 | 150,795 |
Effect of exchange rate changes on cash and cash equivalents | 0 | 0 | 0 |
Increase (decrease) in cash and cash equivalents | 0 | 0 | 0 |
Cash and cash equivalents at beginning of period | 0 | 0 | 0 |
Cash and cash equivalents at end of period | $0 | $0 | $0 |
Guarantor_Subsidiaries_Adjustm
Guarantor Subsidiaries - Adjustments (Details) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Condensed Financial Statements, Captions [Line Items] | ||||
Intercompany investments | $0 | $0 | ||
Intercompany debt | 0 | 0 | ||
Shareholders' equity | 795,480 | 773,974 | 708,239 | 694,640 |
Investing activity, intercompany debt activity, net | 0 | 0 | 0 | |
Financing activity, intercompany debt activity, net | 0 | 0 | 0 | |
RTI International Metals, Inc. | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Intercompany investments | 1,290,173 | 1,240,671 | ||
Intercompany debt | 9,768 | 0 | ||
Shareholders' equity | 795,480 | 773,974 | ||
Investing activity, intercompany debt activity, net | 300,073 | -241,465 | -16,460 | |
Financing activity, intercompany debt activity, net | 9,768 | 0 | 0 | |
RTI International Metals, Inc. | Restatement Adjustment | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Investing activity, intercompany debt activity, net | 356 | -276 | ||
Financing activity, intercompany debt activity, net | -356 | 276 | ||
Guarantor Subsidiaries | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Intercompany investments | 148,432 | 108,693 | ||
Intercompany debt | 55,486 | 402,114 | ||
Shareholders' equity | 1,014,411 | 629,463 | ||
Investing activity, intercompany debt activity, net | -39,022 | -3,009 | -7,363 | |
Financing activity, intercompany debt activity, net | -346,628 | 241,925 | 20,475 | |
Guarantor Subsidiaries | Restatement Adjustment | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Intercompany investments | 82,070 | |||
Intercompany debt | 44,970 | |||
Shareholders' equity | 37,100 | |||
Investing activity, intercompany debt activity, net | -3,009 | -7,363 | ||
Financing activity, intercompany debt activity, net | 3,009 | 7,363 | ||
Non-Guarantor Subsidiaries | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Intercompany investments | 66,101 | 109,638 | ||
Intercompany debt | 238,953 | 210,550 | ||
Shareholders' equity | 186,088 | 216,875 | ||
Investing activity, intercompany debt activity, net | 48,431 | -460 | -4,015 | |
Financing activity, intercompany debt activity, net | 27,378 | 3,009 | 7,363 | |
Non-Guarantor Subsidiaries | Restatement Adjustment | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Intercompany investments | 103,917 | |||
Intercompany debt | 103,917 | |||
Shareholders' equity | 0 | |||
Investing activity, intercompany debt activity, net | -460 | -4,015 | ||
Financing activity, intercompany debt activity, net | 460 | 4,015 | ||
Eliminations | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Intercompany investments | -1,504,706 | -1,459,002 | ||
Intercompany debt | -304,207 | -612,664 | ||
Shareholders' equity | -1,200,499 | -846,338 | ||
Investing activity, intercompany debt activity, net | -309,482 | 244,934 | 27,838 | |
Financing activity, intercompany debt activity, net | 309,482 | -244,934 | -27,838 | |
Eliminations | Restatement Adjustment | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Intercompany investments | -185,987 | |||
Intercompany debt | -148,887 | |||
Shareholders' equity | -37,100 | |||
Investing activity, intercompany debt activity, net | 3,113 | 11,654 | ||
Financing activity, intercompany debt activity, net | ($3,113) | ($11,654) |
Selected_Quarterly_Financial_I2
Selected Quarterly Financial Information (Unaudited) (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Net sales | $211,442 | $202,258 | $205,334 | $174,545 | $200,012 | $194,936 | $199,123 | $189,202 | $793,579 | $783,273 | $699,987 |
Gross profit | 52,786 | 42,861 | 42,312 | 28,469 | 46,057 | 45,139 | 43,777 | 39,253 | |||
Operating income | 31,190 | 20,048 | 17,472 | 1,617 | 6,008 | 21,879 | 20,481 | 13,647 | 70,327 | 62,015 | 47,417 |
Net income attributable to continuing operations | $16,151 | $12,255 | $7,111 | ($3,816) | ($2,945) | $12,575 | $1,059 | $4,968 | $31,701 | $15,657 | $13,453 |
Earnings per share attributable to continuing operations | |||||||||||
Basic (in dollars per share) | $0.53 | $0.40 | $0.23 | ($0.13) | ($0.10) | $0.41 | $0.03 | $0.16 | $1.03 | $0.51 | $0.44 |
Diluted (in dollars per share) | $0.48 | $0.38 | $0.23 | ($0.13) | ($0.10) | $0.38 | $0.03 | $0.16 | $1.03 | $0.51 | $0.44 |
Earnings per share attributable to discontinued operations | |||||||||||
Basic (in dollars per share) | ($0.01) | $0 | $0 | ($0.01) | ($0.03) | ($0.01) | ($0.01) | $0 | ($0.02) | ($0.05) | $0.05 |
Diluted (in dollars per share) | ($0.01) | $0 | $0 | ($0.01) | ($0.03) | ($0.01) | ($0.01) | $0 | ($0.02) | ($0.05) | $0.05 |
Schedule_IIValuation_and_Quali1
Schedule II-Valuation and Qualifying Accounts Schedule II - Valuation and Qualifying Accounts (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Allowance for Doubtful Accounts | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Balance at beginning of year | ($820) | ($721) | ($847) |
(Charged) credited to costs and expenses | 126 | -99 | 126 |
(Charged) credited to other accounts | 0 | 0 | 0 |
Balance at end of year | -694 | -820 | -721 |
Valuation Allowance of Deferred Tax Assets | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Balance at beginning of year | -37,172 | -37,726 | -31,766 |
(Charged) credited to costs and expenses | 1,954 | -1,720 | -5,326 |
(Charged) credited to other accounts | 2,649 | 2,274 | -634 |
Balance at end of year | ($32,569) | ($37,172) | ($37,726) |