Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | |
Mar. 31, 2015 | Apr. 24, 2015 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | FALSE | |
Document Period End Date | 31-Mar-15 | |
Document Fiscal Year Focus | 2015 | |
Document Fiscal Period Focus | Q1 | |
Entity Registrant Name | RTI INTERNATIONAL METALS INC | |
Entity Central Index Key | 1068717 | |
Current Fiscal Year End Date | -19 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 30,799,460 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Operations (USD $) | 3 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Income Statement [Abstract] | ||
Net sales | $198,492 | $174,545 |
Cost and expenses: | ||
Cost of sales | 156,471 | 146,076 |
Selling, general, and administrative expenses | 23,658 | 25,868 |
Merger-related expenses | 4,734 | 0 |
Research, technical, and product development expenses | 1,465 | 984 |
Operating income | 12,164 | 1,617 |
Other (expense) income, net | -856 | 535 |
Interest income | 135 | 50 |
Interest expense | -8,019 | -7,607 |
Income (loss) before income taxes | 3,424 | -5,405 |
Benefit from income taxes | -1,109 | -1,589 |
Net income (loss) attributable to continuing operations | 4,533 | -3,816 |
Net loss attributable to discontinued operations, net of tax | 0 | -365 |
Net income (loss) | $4,533 | ($4,181) |
Earnings (loss) per share attributable to continuing operations (in dollars per share) | ||
Basic | $0.15 | ($0.13) |
Diluted | $0.15 | ($0.13) |
Loss per share attributable to discontinued operations (in dollars per share) | ||
Basic | $0 | ($0.01) |
Diluted | $0 | ($0.01) |
Weighted-average shares outstanding (in shares) | ||
Basic | 30,608,796 | 30,445,681 |
Diluted | 30,869,836 | 30,445,681 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Comprehensive Income (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Statement of Comprehensive Income [Abstract] | ||
Net income (loss) | $4,533 | ($4,181) |
Other comprehensive income (loss): | ||
Foreign currency translation | -9,620 | -4,093 |
Unrealized gain/(loss) on investments, net of tax of $16 and $(14) | 30 | -26 |
Changes in benefit plan accounts, net of tax of $581 and $678 | 966 | 1,105 |
Other comprehensive loss, net of tax | -8,624 | -3,014 |
Comprehensive loss | ($4,091) | ($7,195) |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statements of Comprehensive Income (Parenthetical) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Statement of Comprehensive Income [Abstract] | ||
Unrealized gain (loss) on investments, tax | $16 | ($14) |
Changes in benefit plan accounts, tax | $581 | $678 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Current assets: | ||
Cash and cash equivalents | $209,025 | $182,059 |
Short-term investments | 129,895 | 148,383 |
Receivables, less allowance for doubtful accounts of $866 and $694 | 111,417 | 117,745 |
Inventories, net | 475,719 | 474,306 |
Costs in excess of billings | 8,171 | 5,522 |
Deferred income taxes | 30,632 | 30,632 |
Other current assets | 23,817 | 19,803 |
Total current assets | 988,676 | 978,450 |
Property, plant, and equipment, net | 366,236 | 369,287 |
Goodwill | 144,513 | 145,518 |
Other intangible assets, net | 55,131 | 57,122 |
Other noncurrent assets | 14,189 | 15,317 |
Total assets | 1,568,745 | 1,565,694 |
Current liabilities: | ||
Current portion of long-term debt | 113,121 | 111,645 |
Accounts payable | 85,401 | 105,044 |
Accrued wages and other employee costs | 24,132 | 26,874 |
Billings in excess of cost | 11,777 | 9,962 |
Unearned revenues | 22,042 | 7,623 |
Other accrued liabilities | 26,582 | 18,724 |
Total current liabilities | 283,055 | 279,872 |
Long-term debt | 348,031 | 345,012 |
Liability for post-retirement benefits | 48,935 | 48,295 |
Liability for pension benefits | 16,673 | 16,986 |
Deferred income taxes | 60,467 | 60,503 |
Unearned revenues | 4,829 | 5,476 |
Other noncurrent liabilities | 13,889 | 14,070 |
Total liabilities | 775,879 | 770,214 |
Commitments and contingencies (Note 15) | ||
Shareholders’ equity: | ||
Common stock, $0.01 par value; 100,000,000 shares authorized; 31,672,731 and 31,585,696 shares issued; 30,794,405 and 30,729,784 shares outstanding | 317 | 316 |
Additional paid-in capital | 540,504 | 538,703 |
Treasury stock, at cost; 878,326 and 855,912 shares | -19,974 | -19,649 |
Accumulated other comprehensive loss | -64,213 | -55,589 |
Retained earnings | 336,232 | 331,699 |
Total shareholders’ equity | 792,866 | 795,480 |
Total liabilities and shareholders’ equity | $1,568,745 | $1,565,694 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Parenthetical) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, except Share data, unless otherwise specified | ||
Statement of Financial Position [Abstract] | ||
Allowance for doubtful accounts | $866 | $694 |
Common stock, par value (in dollars per share) | $0.01 | $0.01 |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, shares issued | 31,672,731 | 31,585,696 |
Common stock, shares outstanding | 30,794,405 | 30,729,784 |
Treasury stock, shares | 878,326 | 855,912 |
Condensed_Consolidated_Stateme3
Condensed Consolidated Statements of Cash Flows (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
OPERATING ACTIVITIES: | ||
Net income (loss) | $4,533 | ($4,181) |
Adjustment for non-cash items included in net income: | ||
Depreciation and amortization | 11,244 | 10,986 |
Deferred income taxes | -52 | -31 |
Stock-based compensation | 993 | 1,295 |
Excess tax benefits from stock-based compensation activity | -36 | -195 |
(Gain)/loss on sale of property, plant and equipment | 195 | -122 |
Amortization of discount on long-term debt | 4,707 | 4,403 |
Amortization of debt issuance costs | 490 | 456 |
Amortization of discounts on short-term investments and marketable securities | -35 | 0 |
Other | 1,263 | -181 |
Changes in assets and liabilities: | ||
Receivables | 2,445 | -2,278 |
Inventories | -7,567 | -21,757 |
Accounts payable | -16,349 | 1,093 |
Income taxes payable | 166 | -5,236 |
Unearned revenue | 14,979 | 1,036 |
Costs in excess of billings | -835 | -2,160 |
Other current assets and liabilities | 3,931 | -3,542 |
Other assets and liabilities | 1,864 | -301 |
Cash provided by (used in) operating activities | 21,936 | -20,715 |
INVESTING ACTIVITIES: | ||
Purchase of investments | -44,977 | -128,216 |
Maturity/sale of investments | 63,500 | 0 |
Acquisitions, net of cash acquired | 0 | -21,797 |
Capital expenditures | -10,140 | -6,850 |
Divestitures | 0 | 3,281 |
Cash provided by (used in) investing activities | 8,383 | -153,582 |
FINANCING ACTIVITIES: | ||
Repayments on long-term debt | -104 | -484 |
Purchase of common stock held in treasury | -325 | -850 |
Proceeds from exercise of employee stock options | 1,208 | 539 |
Excess tax benefits from stock-based compensation activity | 36 | 195 |
Cash provided by (used in) financing activities | 815 | -600 |
Effect of exchange rate changes on cash and cash equivalents | -4,168 | -832 |
Increase (decrease) in cash and cash equivalents | 26,966 | -175,729 |
Cash and cash equivalents at beginning of period | 182,059 | 343,637 |
Cash and cash equivalents at end of period | 209,025 | 167,908 |
Non-cash investing and financing activities: | ||
Increase in capital expenditures accrued in accounts payable | 701 | 530 |
Issuance of common stock for restricted stock awards | $0 | $1,658 |
BASIS_OF_PRESENTATION
BASIS OF PRESENTATION | 3 Months Ended |
Mar. 31, 2015 | |
Accounting Policies [Abstract] | |
BASIS OF PRESENTATION | BASIS OF PRESENTATION: |
The accompanying unaudited Condensed Consolidated Financial Statements of RTI International Metals, Inc. and its subsidiaries (the “Company” or “RTI”) have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X and include the financial position and results of operations for the Company. Accordingly, certain information and note disclosures normally included in annual financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to those rules and regulations, although the Company believes that the disclosures made are adequate to make the information not misleading. In the opinion of management, these financial statements contain all of the adjustments of a normal and recurring nature considered necessary to state fairly the results for the interim periods presented. The results for the interim periods are not necessarily indicative of the results to be expected for the year. | |
The Condensed Consolidated Balance Sheet at December 31, 2014 has been derived from the audited Consolidated Financial Statements at that date, but does not include all of the information and notes required by GAAP for complete financial statements. Although the Company believes that the disclosures are adequate to make the information presented not misleading, it is suggested that these Condensed Consolidated Financial Statements be read in conjunction with accounting policies and Notes to the Consolidated Financial Statements included in the Company’s 2014 Annual Report on Form 10-K as filed with the Securities and Exchange Commission (the “SEC”) on February 26, 2015 (the “Annual Report”). |
ALCOA_MERGER_AGREEMENT
ALCOA MERGER AGREEMENT | 3 Months Ended | |||
Mar. 31, 2015 | ||||
Business Combinations [Abstract] | ||||
ALCOA MERGER AGREEMENT | ALCOA MERGER AGREEMENT: | |||
On March 8, 2015, RTI and Alcoa Inc. ("Alcoa") entered into a definitive merger agreement pursuant to which Alcoa agreed to acquire RTI in a stock-for-stock transaction. Under the terms of the merger agreement, RTI shareholders will receive 2.8315 Alcoa shares for each RTI share. The merger, which has been approved by the boards of directors of both companies, is subject to customary conditions, including the receipt of European Union approval and RTI shareholder approval. Early termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act has been granted. If the merger agreement is terminated under certain circumstances, RTI would be obligated to pay Alcoa a termination fee of $50 million. | ||||
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. | ||||
The purchase price allocation 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 Condensed 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 metal, including titanium, components using 3-D printing technology for a variety of markets. The results of RTI Directed Manufacturing are reported in the EP&S Segment. | ||||
The purchase price allocation 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 Condensed Consolidated Financial Statements. |
ORGANIZATION
ORGANIZATION | 3 Months Ended |
Mar. 31, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
ORGANIZATION | ORGANIZATION: |
The Company is a leading producer and global supplier of advanced 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 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”), 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. | |
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”), a leader in additively manufacturing metals and plastics, using 3-D printing technology, for commercial production and engineering development applications. | |
On February 21, 2014, the Company completed the sale of the assets of the specialty metals business of Bow Steel Corporation (“RTI Connecticut”), for approximately $3.3 million in cash. The results of RTI Connecticut have been presented as discontinued operations for the three months ended March 31, 2014. | |
The Company conducts business in two segments: the Titanium Segment and the Engineered Products and Services (“EP&S”) Segment. The structure reflects the Company’s presence as an integrated supplier of advanced titanium mill products as well as engineered and fabricated components across the entire supply chain. | |
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 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. |
ACQUISITIONS
ACQUISITIONS | 3 Months Ended | |||
Mar. 31, 2015 | ||||
Business Combinations [Abstract] | ||||
ACQUISITIONS | ALCOA MERGER AGREEMENT: | |||
On March 8, 2015, RTI and Alcoa Inc. ("Alcoa") entered into a definitive merger agreement pursuant to which Alcoa agreed to acquire RTI in a stock-for-stock transaction. Under the terms of the merger agreement, RTI shareholders will receive 2.8315 Alcoa shares for each RTI share. The merger, which has been approved by the boards of directors of both companies, is subject to customary conditions, including the receipt of European Union approval and RTI shareholder approval. Early termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act has been granted. If the merger agreement is terminated under certain circumstances, RTI would be obligated to pay Alcoa a termination fee of $50 million. | ||||
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. | ||||
The purchase price allocation 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 Condensed 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 metal, including titanium, components using 3-D printing technology for a variety of markets. The results of RTI Directed Manufacturing are reported in the EP&S Segment. | ||||
The purchase price allocation 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 Condensed Consolidated Financial Statements. |
ACCUMULATED_OTHER_COMPREHENSIV
ACCUMULATED OTHER COMPREHENSIVE LOSS | 3 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
Equity [Abstract] | |||||||||||||||||
ACCUMULATED OTHER COMPREHENSIVE LOSS | ACCUMULATED OTHER COMPREHENSIVE LOSS: | ||||||||||||||||
Accumulated other comprehensive loss is comprised of foreign currency exchange rate fluctuations at the Company’s Canadian subsidiary, changes in prior service costs and actuarial losses related to the Company’s pension plans, and unrealized gains and losses on short-term investments. The components of accumulated other comprehensive loss at March 31, 2015 and December 31, 2014 were as follows: | |||||||||||||||||
Foreign | Prior Service | Unrealized | Total | ||||||||||||||
Currency | Costs and | Losses | |||||||||||||||
Translation | Actuarial Losses | on | |||||||||||||||
on Benefit Plans | Investments | ||||||||||||||||
Balance at December 31, 2014 | $ | (3,953 | ) | $ | (51,595 | ) | $ | (41 | ) | $ | (55,589 | ) | |||||
Other comprehensive income/(loss) before reclassifications, net of tax | (9,620 | ) | — | 30 | (9,590 | ) | |||||||||||
Amounts reclassified from accumulated other comprehensive loss, net of tax | — | 966 | — | 966 | |||||||||||||
Accumulated other comprehensive loss at March 31, 2015 | $ | (13,573 | ) | $ | (50,629 | ) | $ | (11 | ) | $ | (64,213 | ) | |||||
Amounts reclassified from accumulated other comprehensive loss to net periodic pension expense during the three months ended March 31, 2015 and 2014 were as follows: | |||||||||||||||||
Three Months Ended | |||||||||||||||||
March 31, | |||||||||||||||||
2015 | 2014 | ||||||||||||||||
Actuarial losses and prior service costs | $ | 1,547 | $ | 1,782 | |||||||||||||
Tax expense | (581 | ) | (677 | ) | |||||||||||||
Total reclassifications | $ | 966 | $ | 1,105 | |||||||||||||
These amounts have been used in the calculation of net periodic benefit cost for the three months ended March 31, 2015 and 2014. Refer to Note 14 for further information about the Company’s benefit plans. |
STOCKBASED_COMPENSATION
STOCK-BASED COMPENSATION | 3 Months Ended | ||||||
Mar. 31, 2015 | |||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||
STOCK-BASED COMPENSATION | STOCK-BASED COMPENSATION: | ||||||
Stock Options | |||||||
A summary of the status of the Company’s stock options as of March 31, 2015, and the activity during the three months then ended, is presented below: | |||||||
Stock Options | Options | ||||||
Outstanding at December 31, 2014 | 528,680 | ||||||
Granted | 167,204 | ||||||
Forfeited | (6,974 | ) | |||||
Expired | (8,808 | ) | |||||
Exercised | (46,523 | ) | |||||
Outstanding at March 31, 2015 | 633,579 | ||||||
Exercisable at March 31, 2015 | 382,822 | ||||||
The fair value of stock options granted was estimated at the date of grant using the Black-Scholes option-pricing model based upon the assumptions noted in the following table: | |||||||
2015 | |||||||
Risk-free interest rate | 1.18 | % | |||||
Expected dividend yield | 0 | % | |||||
Expected lives (in years) | 5 | ||||||
Expected volatility | 44 | % | |||||
The weighted-average grant date fair value of stock option awards granted during the three months ended March 31, 2015 was $8.79. | |||||||
Restricted Stock | |||||||
A summary of the status of the Company’s nonvested restricted stock as of March 31, 2015, and the activity during the three months then ended, is presented below: | |||||||
Nonvested Restricted Stock Awards | Shares | ||||||
Nonvested at December 31, 2014 | 199,069 | ||||||
Granted | — | ||||||
Vested | (60,536 | ) | |||||
Forfeited | (8,144 | ) | |||||
Nonvested at March 31, 2015 | 130,389 | ||||||
Restricted Stock Units | |||||||
A summary of the status of the Company's nonvested restricted stock units as of March 31, 2015, and the activity during the three months then ended, is presented below: | |||||||
Nonvested Restricted Stock Units | Shares | ||||||
Nonvested at December 31, 2014 | — | ||||||
Granted | 76,231 | ||||||
Vested | — | ||||||
Forfeited | — | ||||||
Nonvested at March 31, 2015 | 76,231 | ||||||
The fair value of restricted stock unit grants was calculated using the market value of the Company’s Common Stock on the date of issuance. The weighted-average grant date fair value of restricted stock units granted during the three months ended March 31, 2015 was $22.21. | |||||||
Performance Share Awards | |||||||
A summary of the Company’s performance share awards as of March 31, 2015, and the activity during the three months then ended, is presented below: | |||||||
Performance Share Awards | Awards | Maximum Shares | |||||
Activity | Eligible to | ||||||
Receive | |||||||
Outstanding at December 31, 2014 | 157,083 | 314,166 | |||||
Granted | 150,339 | 300,678 | |||||
Vested | (43,804 | ) | (87,608 | ) | |||
Forfeited | (9,527 | ) | (19,054 | ) | |||
Outstanding at March 31, 2015 | 254,091 | 508,182 | |||||
The performance awards granted in 2015 have market, performance, and service vesting conditions. The payout of fifty percent of the awards is based upon the Company’s total shareholder return ("TSR") compared to the TSR of a relative peer group. This portion of the award was valued using a Monte Carlo model. The payout of the remaining fifty percent of the awards is based upon the Company’s annual diluted earnings per share growth. This portion of the award was valued using the market value of the Company’s Common Stock on the date of issuance. Expense on this portion of the award will be 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 performance share awards granted during the three months ended March 31, 2015 was $24.85. |
INCOME_TAXES
INCOME TAXES | 3 Months Ended |
Mar. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | INCOME TAXES: |
Management estimates the annual effective income tax rate quarterly, based on current annual forecasted results. Items unrelated to current year ordinary income are recognized entirely in the period identified as a discrete item of tax. The quarterly income tax provision is comprised of tax on ordinary income provided at the most recent estimated annual effective tax rate, adjusted for the tax effect of discrete items. | |
For the three months ended March 31, 2015, the estimated annual effective tax rate applied to ordinary income from continuing operations was 24.6%, compared to a rate of 26.3% for the three months ended March 31, 2014. The Company’s effective income tax rate decreased 1.7 percentage points from 2014 principally due to a decrease in non-deductible expenses and the mix of foreign and domestic income, whereby foreign income taxed at lower rates represents a larger portion of overall income. This decrease was partially offset by a reduced benefit for the U.S. domestic manufacturing deduction. | |
Due to its Canadian subsidiary’s cumulative losses over a number of years, the Company recorded a full valuation allowance at December 31, 2010 and for all subsequent periods, against its Canadian net deferred tax asset position, which is principally comprised of net operating losses. At March 31, 2015, the Company’s Canadian net deferred tax asset totaled $26.3 million, with an offsetting valuation allowance of the same amount. | |
For the three months ended March 31, 2015 and for the full 2015 calendar year, the Company’s Canadian subsidiary is expected to generate taxable income, which will not result in a tax charge for financial statement purposes, since no benefit was recognized in prior years for the net operating losses. The effect of utilizing these Canadian net operating losses, for which a benefit is not currently recognized in the financial statements, reduced the Company’s effective income tax rate by 6.0 percentage points. | |
Inclusive of discrete items, the Company recorded a benefit from income taxes of $1,109, or (32.4)% of pretax income from continuing operations, and $1,589, or 29.4% of pretax loss from continuing operations, for federal, state, and foreign income taxes for the three months ended March 31, 2015 and 2014, respectively. A discrete benefit of $1,951 was recorded for the three months ended March 31, 2015 and was primarily due to the effective settlement of a tax audit during the period. |
EARNINGS_LOSS_PER_SHARE
EARNINGS (LOSS) PER SHARE | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Earnings Per Share [Abstract] | |||||||||
EARNINGS (LOSS) PER SHARE | EARNINGS (LOSS) PER SHARE: | ||||||||
Basic earnings per share (“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. The Company’s restricted stock awards are considered participating securities. As such, the Company uses the two-class method to compute basic and diluted EPS. | |||||||||
At March 31, 2015, the Company had outstanding $114.4 million aggregate principal amount of its 3.00% Convertible Senior Notes due December 2015 (the “2015 Notes”) and $402.5 million aggregate principal amount of its 1.625% Convertible Senior Notes due October 2019 (the “2019 Notes”). At both March 31, 2015 and 2014, shares underlying the 2015 Notes, shares underlying the 2019 Notes, and shares underlying certain stock options were excluded from the calculation of EPS as their effects were antidilutive. | |||||||||
Shares excluded from the calculation of EPS for the three months ending March 31, 2015 and 2014 were as follows: | |||||||||
Three Months Ended | |||||||||
March 31, | |||||||||
2015 | 2014 | ||||||||
2015 Notes | 3,185,213 | 3,185,213 | |||||||
2019 Notes | 9,885,561 | 9,885,561 | |||||||
Antidilutive options (1) | 345,161 | 579,029 | |||||||
-1 | Average option price of shares excluded from calculation of EPS were $40.29 and $34.57 for the three months ended March 31, 2015 and 2014, respectively. | ||||||||
The following illustrates the earnings allocation method utilized in the calculation of basic and diluted EPS. Actual weighted-average shares of Common Stock outstanding used in the calculation of basic and diluted EPS for the three months ended March 31, 2015 and 2014 were as follows: | |||||||||
Three Months Ended | |||||||||
March 31, | |||||||||
2015 | 2014 | ||||||||
Numerator: | |||||||||
Net income (loss) from continuing operations before allocation of earnings to participating securities | $ | 4,533 | $ | (3,816 | ) | ||||
Less: Earnings allocated to participating securities | (22 | ) | — | ||||||
Net income (loss) from continuing operations attributable to common shareholders, after earnings allocated to participating securities used in calculation of basic earnings per share | $ | 4,511 | $ | (3,816 | ) | ||||
Numerator—discontinued operations: | |||||||||
Net loss from discontinued operations before allocation of earnings to participating securities | $ | — | $ | (365 | ) | ||||
Less: Earnings allocated to participating securities | — | — | |||||||
Net loss from discontinued operations attributable to common shareholders, after earnings allocated to participating securities | $ | — | $ | (365 | ) | ||||
Denominator: | |||||||||
Basic weighted-average shares outstanding | 30,608,796 | 30,445,681 | |||||||
Effect of dilutive securities | 261,040 | — | |||||||
Diluted weighted-average shares outstanding | 30,869,836 | 30,445,681 | |||||||
Earnings (loss) per share attributable to continuing operations: | |||||||||
Basic | $ | 0.15 | $ | (0.13 | ) | ||||
Diluted | $ | 0.15 | $ | (0.13 | ) | ||||
Earnings (loss) per share attributable to discontinued operations: | |||||||||
Basic | $ | — | $ | (0.01 | ) | ||||
Diluted | $ | — | $ | (0.01 | ) | ||||
CASH_CASH_EQUIVALENTS_AND_SHOR
CASH, CASH EQUIVALENTS AND SHORT-TERM INVESTMENTS | 3 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
Cash and Cash Equivalents [Abstract] | |||||||||||||||||
CASH, CASH EQUIVALENTS AND SHORT-TERM INVESTMENTS | 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 with original maturities of less than 90 days. | |||||||||||||||||
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 identification 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 consist of the following: | |||||||||||||||||
March 31, | December 31, | ||||||||||||||||
2015 | 2014 | ||||||||||||||||
Cash and cash equivalents: | |||||||||||||||||
Cash | $ | 58,964 | $ | 73,495 | |||||||||||||
Cash equivalents: | |||||||||||||||||
Commercial paper | 28,598 | 19,996 | |||||||||||||||
Money market mutual funds | 121,463 | 88,568 | |||||||||||||||
Total cash and cash equivalents | 209,025 | 182,059 | |||||||||||||||
Short-term investments: | |||||||||||||||||
Commercial paper | 129,895 | 148,383 | |||||||||||||||
Total short-term investments | 129,895 | 148,383 | |||||||||||||||
Total cash, cash equivalents, and short-term investments | $ | 338,920 | $ | 330,442 | |||||||||||||
The Company’s short-term investments at March 31, 2015 were as follows: | |||||||||||||||||
Amortized | Gross Unrealized | Fair Value | |||||||||||||||
Cost | Gains | Losses | |||||||||||||||
As of March 31, 2015: | |||||||||||||||||
Commercial Paper | $ | 129,912 | $ | — | $ | 17 | $ | 129,895 | |||||||||
Total | $ | 129,912 | $ | — | $ | 17 | $ | 129,895 | |||||||||
The Company’s short-term investments at December 31, 2014 were as follows: | |||||||||||||||||
Amortized | Gross Unrealized | Fair Value | |||||||||||||||
Cost | Gains | Losses | |||||||||||||||
As of December 31, 2014: | |||||||||||||||||
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 interest method. Amortization is recorded as either a decrease to interest income for premiums or an increase to interest income for discounts. For the three months ended March 31, 2015, 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 March 31, 2015. | |||||||||||||||||
As of March 31, 2015, 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 March 31, 2015 are temporary in nature and are related to market interest rate fluctuations and not indicative of a deterioration in the creditworthiness of the issuers. |
FAIR_VALUE_MEASUREMENTS
FAIR VALUE MEASUREMENTS | 3 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||
FAIR VALUE MEASUREMENTS | FAIR VALUE MEASUREMENTS: | ||||||||||||||||
For certain of the Company’s financial instruments and account groupings, including cash, short-term investments, accounts receivable, costs in excess of billings, accounts payable, accrued wages and other employee costs, billings in excess of cost, unearned revenue, and other accrued liabilities, the carrying value approximates fair value. | |||||||||||||||||
Listed below are the Company’s assets and liabilities and their fair values, which were measured at fair value on a recurring basis, as of March 31, 2015 and December 31, 2014. The Company uses trading prices near 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 the Company's probability assessments of expected future revenues related to the RTI Advanced Powder Materials acquisition. The contingent consideration is to be paid over the next 10 years, and there is no limit to the potential amount of contingent consideration. There were no transfers between levels for the three months ended March 31, 2015. | |||||||||||||||||
The Company's assets and liabilities and their fair values as of March 31, 2015 were as follows: | |||||||||||||||||
Quoted | Significant | Significant | Fair Value | ||||||||||||||
Market Prices | Other Observable | Unobservable | |||||||||||||||
(Level 1) | Inputs | Inputs | |||||||||||||||
(Level 2) | (Level 3) | ||||||||||||||||
Assets measured on a recurring basis as of March 31, 2015: | |||||||||||||||||
Commercial Paper | $ | — | $ | 129,895 | $ | — | $ | 129,895 | |||||||||
Total | $ | — | $ | 129,895 | $ | — | $ | 129,895 | |||||||||
Liabilities measured on a recurring basis as of March 31, 2015: | |||||||||||||||||
Contingent Consideration | $ | — | $ | — | $ | 995 | $ | 995 | |||||||||
Total | $ | — | $ | — | $ | 995 | $ | 995 | |||||||||
The Company's assets and liabilities and their fair values as of December 31, 2014 were as follows: | |||||||||||||||||
Quoted | Significant | Significant | Fair Value | ||||||||||||||
Market Prices | Other Observable | Unobservable | |||||||||||||||
(Level 1) | Inputs | Inputs | |||||||||||||||
(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 carrying amounts and fair values of financial instruments for which the fair value option was not elected were as follows: | |||||||||||||||||
31-Mar-15 | December 31, 2014 | ||||||||||||||||
Carrying | Fair | Carrying | Fair | ||||||||||||||
Amount | Value | Amount | Value | ||||||||||||||
Cash and cash equivalents | $ | 209,025 | $ | 209,025 | $ | 182,059 | $ | 182,059 | |||||||||
Current portion of long-term debt | $ | 113,121 | $ | 127,372 | $ | 111,645 | $ | 119,522 | |||||||||
Long-term debt | $ | 348,031 | $ | 473,702 | $ | 345,012 | $ | 405,886 | |||||||||
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 March 31, 2015 and December 31, 2014 (Level 2). |
INVENTORIES
INVENTORIES | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Inventory Disclosure [Abstract] | |||||||||
INVENTORIES | INVENTORIES: | ||||||||
Inventories were valued at cost as determined by the last-in, first-out (“LIFO”) method for approximately 56% and 55% of the Company’s inventories at March 31, 2015 and December 31, 2014, respectively. 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). As of March 31, 2015 and December 31, 2014, the current FIFO cost of inventories exceeded their LIFO carrying value by $25,893 and $30,481, respectively. When market conditions indicate an excess of carrying cost over market value, a lower-of-cost-or-market provision is recorded. Inventories consisted of the following: | |||||||||
March 31, | December 31, | ||||||||
2015 | 2014 | ||||||||
Raw materials and supplies | $ | 136,958 | $ | 172,214 | |||||
Work-in-process and finished goods | 364,654 | 332,573 | |||||||
LIFO reserve | (25,893 | ) | (30,481 | ) | |||||
Total inventories, net | $ | 475,719 | $ | 474,306 | |||||
GOODWILL_AND_OTHER_INTANGIBLE_
GOODWILL AND OTHER INTANGIBLE ASSETS | 3 Months Ended | ||||||||||||
Mar. 31, 2015 | |||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||
GOODWILL AND OTHER INTANGIBLE ASSETS | GOODWILL AND OTHER INTANGIBLE ASSETS: | ||||||||||||
Goodwill. The Company does not amortize goodwill; however, the carrying amount of goodwill is tested at least annually for impairment. Absent any events throughout the year which would indicate a potential impairment has occurred, the Company performs its annual impairment testing during the fourth quarter. | |||||||||||||
While there were no impairments during the first three months of 2015, uncertainties or other factors that could result in a potential impairment in future periods include: | |||||||||||||
• | the Company’s ability to improve the operational performance of its Medical Device Fabrication reporting unit, | ||||||||||||
• | unfavorable changes in program pricing, reductions in expected demand, or future production delays related to the Boeing 787 Pi Box program, and | ||||||||||||
• | any cancellation of one of the other major aerospace programs in which the Company currently participates, including the Joint Strike Fighter program, the Airbus family of aircraft, including the A380 and A350XWB programs, or the Boeing 747-8 program. | ||||||||||||
At both March 31, 2015 and December 31, 2014, the EP&S Segment had accumulated goodwill impairment losses of $22,858, while the Titanium Segment had no accumulated goodwill impairment losses. The carrying amounts of goodwill attributable to each segment at December 31, 2014 and March 31, 2015 were as follows: | |||||||||||||
Titanium | Engineered | Total | |||||||||||
Segment | Products and | ||||||||||||
Services | |||||||||||||
Segment | |||||||||||||
December 31, 2014 | $ | 23,873 | $ | 121,645 | $ | 145,518 | |||||||
Translation adjustment | — | (1,005 | ) | (1,005 | ) | ||||||||
31-Mar-15 | $ | 23,873 | $ | 120,640 | $ | 144,513 | |||||||
Intangibles. Intangible assets consist primarily of customer relationships, trade names, and developed technology acquired through various business combinations. The fair values of these intangible assets were originally determined at acquisition. In the event that long-term demand or market conditions change and the expected future cash flows associated with these assets are reduced, a write-down or acceleration of the amortization period may be required. Trade names are not amortized, as the Company believes that these assets have an indefinite life as the Company currently intends to continue use of the Remmele and Directed Manufacturing names indefinitely. Other intangible assets are being amortized over the following periods: | |||||||||||||
Intangible Asset | Amortization | ||||||||||||
Period | |||||||||||||
Customer relationships | 7-20 years | ||||||||||||
Developed technology | 7-20 years | ||||||||||||
Backlog | 2 years or less | ||||||||||||
The carrying amounts of intangible assets attributable to each segment at December 31, 2014 and March 31, 2015 were as follows: | |||||||||||||
Titanium | Engineered | Total | |||||||||||
Segment | Products and | ||||||||||||
Services | |||||||||||||
Segment | |||||||||||||
December 31, 2014 | $ | 3,800 | $ | 53,322 | $ | 57,122 | |||||||
Amortization | (171 | ) | (1,097 | ) | (1,268 | ) | |||||||
Translation adjustment | — | (723 | ) | (723 | ) | ||||||||
31-Mar-15 | $ | 3,629 | $ | 51,502 | $ | 55,131 | |||||||
LONGTERM_DEBT
LONG-TERM DEBT | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Debt Disclosure [Abstract] | |||||||||
LONG-TERM DEBT | LONG-TERM DEBT: | ||||||||
Long-term debt consisted of: | |||||||||
March 31, | December 31, | ||||||||
2015 | 2014 | ||||||||
$402.5 million aggregate principal amount 1.625% Convertible Senior Notes due 2019 | $ | 335,192 | $ | 331,998 | |||||
$114.4 million aggregate principal amount 3.000% Convertible Senior Notes due 2015 | 110,281 | 108,792 | |||||||
Capital leases | 15,679 | 15,867 | |||||||
Total debt | 461,152 | 456,657 | |||||||
Less: Current portion of long-term debt | (110,281 | ) | (108,792 | ) | |||||
Less: Current portion of capital leases | (2,840 | ) | (2,853 | ) | |||||
Total long-term debt | $ | 348,031 | $ | 345,012 | |||||
During the three months ended March 31, 2015 and 2014, the Company recorded, as a component of interest expense, long-term debt discount amortization of $4,707 and $4,403, respectively. Interest expense from the amortization of debt issuance costs was $490 and $455 for the three months ended March 31, 2015 and 2014, respectively. No interest was capitalized for the three months ended March 31, 2015 and 2014. |
EMPLOYEE_BENEFIT_PLANS
EMPLOYEE BENEFIT PLANS | 3 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | |||||||||||||||||
EMPLOYEE BENEFIT PLANS | EMPLOYEE BENEFIT PLANS: | ||||||||||||||||
Components of net periodic pension and other post-retirement benefit costs for the three months ended March 31, 2015 and 2014 for those salaried and hourly covered employees were as follows: | |||||||||||||||||
Pension Benefits | Other Post-Retirement Benefits | ||||||||||||||||
Three Months Ended | Three Months Ended | ||||||||||||||||
March 31, | March 31, | ||||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||||
Service cost | $ | 632 | $ | 527 | $ | 319 | $ | 239 | |||||||||
Interest cost | 1,787 | 1,966 | 494 | 534 | |||||||||||||
Expected return on plan assets | (2,843 | ) | (2,825 | ) | — | — | |||||||||||
Amortization of prior service cost | 228 | 228 | — | 172 | |||||||||||||
Amortization of actuarial loss | 1,223 | 1,358 | 95 | 24 | |||||||||||||
Net periodic benefit cost | $ | 1,027 | $ | 1,254 | $ | 908 | $ | 969 | |||||||||
Additionally, the Company recognized $966, net of tax, as a component of accumulated other comprehensive loss related to amortization of actuarial losses and prior service costs, for the three months ended March 31, 2015. | |||||||||||||||||
The Company made no contributions to its qualified defined benefit plans during the three months ended March 31, 2015. The Company is not required to make any additional contributions to its Company-sponsored pension plans during the remainder of 2015. |
COMMITMENTS_AND_CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 3 Months Ended |
Mar. 31, 2015 | |
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 Condensed 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 | |
Based on available information, the Company believes that its share of possible environmental-related costs is in a range from $0.5 million to $2.1 million in the aggregate. At both March 31, 2015 and December 31, 2014, the amount accrued for future environmental-related costs was $1.2 million. Of the total amount accrued at March 31, 2015, $0.1 million was expected to be paid within the next twelve months, and was included as a component of other accrued liabilities on the Company’s Condensed Consolidated Balance Sheet. The remaining $1.1 million was recorded as a component of other noncurrent liabilities. During the three months ended March 31, 2015, there were no payments made related to environmental liabilities. | |
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. |
TRANSACTIONS_WITH_RELATED_PART
TRANSACTIONS WITH RELATED PARTIES | 3 Months Ended |
Mar. 31, 2015 | |
Related Party Transactions [Abstract] | |
Transactions with Related Parties | TRANSACTIONS WITH RELATED PARTIES: |
On October 30, 2014, David P. Hess was elected to the Company’s Board of Directors. Mr. Hess had been employed as President of Pratt & Whitney, a subsidiary of United Technologies Corporation ("UTC"), until his retirement in 2014. | |
On January 20, 2015, Mr. Hess was appointed Senior Vice President, Aerospace Business Development at UTC. | |
The Company is a party to a long-term titanium mill product supply agreement, announced in September 2013, with three UTC business units, under which it supplies titanium sheet products used primarily in the manufacture of engine nacelle components, rotor-quality billet, and a range of titanium mill products for various rotary-wing platforms. Sales to UTC and third-party fabricators under UTC platforms during the three months ended March 31, 2015 and 2014 were $6,347 and $7,333, respectively. |
SEGMENT_REPORTING
SEGMENT REPORTING | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Segment Reporting [Abstract] | |||||||||
SEGMENT REPORTING | SEGMENT REPORTING: | ||||||||
The Company has two reportable segments: the Titanium Segment and the EP&S Segment. The EP&S Segment utilizes the Titanium Segment as its primary source of titanium mill products. Reportable segments are measured by the Company’s Chief Operating Decision Maker based on revenues and 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: | |||||||||
Three Months Ended | |||||||||
March 31, | |||||||||
2015 | 2014 | ||||||||
Net sales: | |||||||||
Titanium Segment | $ | 83,500 | $ | 76,980 | |||||
Intersegment sales | 23,858 | 25,046 | |||||||
Total Titanium Segment sales | 107,358 | 102,026 | |||||||
EP&S Segment | 114,992 | 97,565 | |||||||
Intersegment sales | 19,647 | 27,966 | |||||||
Total EP&S Segment sales | 134,639 | 125,531 | |||||||
Eliminations | 43,505 | 53,012 | |||||||
Total consolidated net sales | $ | 198,492 | $ | 174,545 | |||||
Operating income: | |||||||||
Titanium Segment before corporate allocations | $ | 14,388 | $ | 10,429 | |||||
Corporate allocations | (4,698 | ) | (4,527 | ) | |||||
Total Titanium Segment operating income | 9,690 | 5,902 | |||||||
EP&S Segment before corporate allocations | 12,911 | 1,811 | |||||||
Corporate allocations | (5,703 | ) | (6,096 | ) | |||||
Total EP&S Segment operating income (loss) | 7,208 | (4,285 | ) | ||||||
Merger-related expenses | (4,734 | ) | — | ||||||
Total consolidated operating income | 12,164 | 1,617 | |||||||
Other (expense) income, net | (856 | ) | 535 | ||||||
Interest expense, net | (7,884 | ) | (7,557 | ) | |||||
Total consolidated income (loss) before income taxes | $ | 3,424 | $ | (5,405 | ) | ||||
March 31, | December 31, | ||||||||
2015 | 2014 | ||||||||
Total assets: | |||||||||
Titanium Segment | $ | 673,333 | $ | 685,306 | |||||
EP&S Segment | 613,486 | 614,309 | |||||||
General corporate assets | 281,926 | 266,079 | |||||||
Total consolidated assets | $ | 1,568,745 | $ | 1,565,694 | |||||
NEW_ACCOUNTING_STANDARDS
NEW ACCOUNTING STANDARDS | 3 Months Ended |
Mar. 31, 2015 | |
Accounting Policies [Abstract] | |
NEW ACCOUNTING STANDARDS | NEW ACCOUNTING STANDARDS: |
In April 2015, the Financial Accounting Standards Board (the "FASB") issued Accounting Standards Update ("ASU") 2015-04, "Compensation—Retirement Benefits—Practical Expedient for the Measurement Date of Employer's Defined Benefit Obligation and Plan Assets." For an entity with a fiscal year-end that does not coincide with a month-end, the amendments in this ASU provide a practical expedient that permits the entity to measure defined benefit plan assets and obligations using the month-end that is closest to the entity's fiscal year-end and apply that practical expedient consistently from year to year. For an entity that has a significant event in an interim period that calls for a remeasurement of defined benefit plan assets and obligations, the amendments in this ASU also provide a practical expedient that permits the entity to remeasure defined benefit plan assets and obligations using the month-end that is closest to the date of the significant event. This ASU, which should be applied prospectively, is effective for financial statements issued for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. Early adoption is permitted. The Company does not expect that the adoption of the ASU will have a material impact on its Condensed Consolidated Financial Statements. | |
In April 2015, the FASB issued ASU 2015-03, "Interest—Imputation of Interest—Simplifying the Presentation of Debt Issuance Costs." The amendments in this ASU require that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. This ASU, which should be applied on a retrospective basis, is effective for financial statements issued for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. Early adoption is permitted for financial statements that have not been previously issued. The Company is currently evaluating the impact of the adoption of this ASU on its Condensed Consolidated Financial Statements. | |
In February 2015, the FASB issued ASU 2015-02, "Consolidation—Amendments to the Consolidation Analysis." The amendments in this ASU modify the evaluation of whether limited partnerships and similar legal entities are variable interest entities ("VIEs") or voting interest entities; eliminate the presumption that a general partner should consolidate a limited partnership; affect the consolidation analysis of reporting entities that are involved with VIEs, particularly those that have fee arrangements and related party relationships; and provide a scope exception from consolidation guidance for reporting entities with interests in legal entities that are required to comply with or operate in accordance with certain requirements.This ASU is effective for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2015. Early adoption is permitted, including adoption in an interim period. The Company does not expect that the adoption of the ASU will have a material impact on its Condensed Consolidated Financial Statements. | |
In January 2015, the FASB issued ASU 2015-01, "Income Statement—Extraordinary and Unusual Items—Simplifying Income Statement Presentation by Eliminating the Concept of Extraordinary 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 Condensed 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 its Condensed 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 adoption is permitted. The Company does not expect that the adoption of the ASU will have a material impact on its Condensed 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. Early adoption is not permitted. The Company is currently evaluating the impact of the adoption of this ASU on its Condensed 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. The adoption of this guidance during the first quarter of 2015 did not have a material impact on the Company's Condensed Consolidated Financial Statements. |
GUARANTOR_SUBSIDIARIES
GUARANTOR SUBSIDIARIES | 3 Months Ended | ||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||
Text Block [Abstract] | |||||||||||||||||||||
GUARANTOR SUBSIDIARIES | GUARANTOR SUBSIDIARIES: | ||||||||||||||||||||
The 2015 Notes and 2019 Notes (together, the “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 Notes if either (i) it ceased to be a guarantor under the Parent’s Second Amended and Restated Credit Agreement or (ii) it ceased to be a direct or indirect 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 March 31, 2015 and December 31, 2014 and for the three months ended March 31, 2015 and 2014: | |||||||||||||||||||||
Condensed Consolidating Statement of Operations and Comprehensive Income | |||||||||||||||||||||
Three Months Ended March 31, 2015 | |||||||||||||||||||||
RTI | Guarantor | Non-Guarantor | Eliminations | Consolidated | |||||||||||||||||
International | Subsidiaries | Subsidiaries | |||||||||||||||||||
Metals, Inc. | |||||||||||||||||||||
Net sales | $ | — | $ | 123,972 | $ | 131,417 | $ | (56,897 | ) | $ | 198,492 | ||||||||||
Costs and expenses: | |||||||||||||||||||||
Cost of sales | — | 104,146 | 109,222 | (56,897 | ) | 156,471 | |||||||||||||||
Selling, general, and administrative expenses (1) | (312 | ) | 11,869 | 12,101 | — | 23,658 | |||||||||||||||
Merger expenses | 4,734 | — | — | — | 4,734 | ||||||||||||||||
Research, technical, and product development expenses | — | 1,465 | — | — | 1,465 | ||||||||||||||||
Operating income (loss) | (4,422 | ) | 6,492 | 10,094 | — | 12,164 | |||||||||||||||
Other income (expense), net | (2 | ) | 38 | (892 | ) | — | (856 | ) | |||||||||||||
Interest income (expense), net | (7,940 | ) | 1,014 | (958 | ) | — | (7,884 | ) | |||||||||||||
Equity in earnings of subsidiaries | 11,036 | 720 | 44 | (11,800 | ) | — | |||||||||||||||
Income (loss) before income taxes | (1,328 | ) | 8,264 | 8,288 | (11,800 | ) | 3,424 | ||||||||||||||
Provision for (benefit from) income taxes | (5,861 | ) | 2,538 | 2,214 | — | (1,109 | ) | ||||||||||||||
Net income | $ | 4,533 | $ | 5,726 | $ | 6,074 | $ | (11,800 | ) | $ | 4,533 | ||||||||||
Comprehensive income (loss) | $ | (4,091 | ) | $ | 6,614 | $ | (3,546 | ) | $ | (3,068 | ) | $ | (4,091 | ) | |||||||
-1 | The Parent allocates selling, general, and administrative expenses (“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 Statement of Operations and Comprehensive Income | |||||||||||||||||||||
Three Months Ended March 31, 2014 | |||||||||||||||||||||
RTI | Guarantor | Non-Guarantor | Eliminations | Consolidated | |||||||||||||||||
International | Subsidiaries | Subsidiaries | |||||||||||||||||||
Metals, Inc. | |||||||||||||||||||||
Net sales | $ | — | $ | 114,123 | $ | 114,289 | $ | (53,867 | ) | $ | 174,545 | ||||||||||
Costs and expenses: | |||||||||||||||||||||
Cost of sales | — | 102,120 | 97,823 | (53,867 | ) | 146,076 | |||||||||||||||
Selling, general, and administrative expenses (1) | 947 | 12,158 | 12,763 | — | 25,868 | ||||||||||||||||
Research, technical, and product development expenses | — | 984 | — | — | 984 | ||||||||||||||||
Operating income (loss) | (947 | ) | (1,139 | ) | 3,703 | — | 1,617 | ||||||||||||||
Other income (expense) | 1,490 | (838 | ) | (117 | ) | — | 535 | ||||||||||||||
Interest expense, net | (5,815 | ) | (1,202 | ) | (540 | ) | — | (7,557 | ) | ||||||||||||
Equity in earnings of subsidiaries | 1,458 | 348 | 975 | (2,781 | ) | — | |||||||||||||||
Income (loss) before income taxes | (3,814 | ) | (2,831 | ) | 4,021 | (2,781 | ) | (5,405 | ) | ||||||||||||
Provision for (benefit from) income taxes | 2 | (1,530 | ) | (61 | ) | — | (1,589 | ) | |||||||||||||
Net income (loss) attributable to continuing operations | $ | (3,816 | ) | $ | (1,301 | ) | $ | 4,082 | $ | (2,781 | ) | $ | (3,816 | ) | |||||||
Net loss attributable to discontinued operations, net of tax | (365 | ) | — | (365 | ) | 365 | (365 | ) | |||||||||||||
Net income (loss) | $ | (4,181 | ) | $ | (1,301 | ) | $ | 3,717 | $ | (2,416 | ) | $ | (4,181 | ) | |||||||
Comprehensive loss | $ | (7,195 | ) | $ | (346 | ) | $ | (376 | ) | $ | 722 | $ | (7,195 | ) | |||||||
-1 | The Parent allocates SG&A to the subsidiaries based upon its budgeted annual expenses. | ||||||||||||||||||||
Condensed Consolidating Balance Sheet | |||||||||||||||||||||
As of March 31, 2015 | |||||||||||||||||||||
RTI | Guarantor | Non-Guarantor | Eliminations | Consolidated | |||||||||||||||||
International | Subsidiaries | Subsidiaries | |||||||||||||||||||
Metals, Inc. | |||||||||||||||||||||
ASSETS | |||||||||||||||||||||
Current assets: | |||||||||||||||||||||
Cash and cash equivalents | $ | 627 | $ | 149,052 | $ | 59,346 | $ | — | $ | 209,025 | |||||||||||
Short-term investments | — | 129,895 | — | — | 129,895 | ||||||||||||||||
Receivables, net | 1,600 | 60,707 | 79,914 | (30,804 | ) | 111,417 | |||||||||||||||
Inventories, net | — | 321,248 | 154,471 | — | 475,719 | ||||||||||||||||
Cost in excess of billings | — | 4,271 | 3,900 | — | 8,171 | ||||||||||||||||
Deferred income taxes | 25,589 | 2,755 | 2,288 | — | 30,632 | ||||||||||||||||
Other current assets | 7,333 | 11,528 | 4,956 | — | 23,817 | ||||||||||||||||
Total current assets | 35,149 | 679,456 | 304,875 | (30,804 | ) | 988,676 | |||||||||||||||
Property, plant, and equipment, net | 9,520 | 275,243 | 81,473 | — | 366,236 | ||||||||||||||||
Goodwill | — | 94,769 | 49,744 | — | 144,513 | ||||||||||||||||
Other intangible assets, net | — | 32,221 | 22,910 | — | 55,131 | ||||||||||||||||
Other noncurrent assets | 8,145 | 883 | 5,161 | — | 14,189 | ||||||||||||||||
Intercompany investments (1) | 1,292,438 | 161,557 | 68,244 | (1,522,239 | ) | — | |||||||||||||||
Total assets | $ | 1,345,252 | $ | 1,244,129 | $ | 532,407 | $ | (1,553,043 | ) | $ | 1,568,745 | ||||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||||||||||||||||
Current liabilities: | |||||||||||||||||||||
Current portion of long-term debt | $ | 110,281 | $ | 541 | $ | 2,299 | $ | — | $ | 113,121 | |||||||||||
Accounts payable | 1,847 | 56,512 | 57,846 | (30,804 | ) | 85,401 | |||||||||||||||
Accrued wages and other employee costs | 5,322 | 12,269 | 6,541 | — | 24,132 | ||||||||||||||||
Billings in excess of cost | — | 1,814 | 9,963 | — | 11,777 | ||||||||||||||||
Unearned revenue | — | 14,661 | 7,381 | — | 22,042 | ||||||||||||||||
Other accrued liabilities | 7,552 | 7,398 | 11,632 | — | 26,582 | ||||||||||||||||
Total current liabilities | 125,002 | 93,195 | 95,662 | (30,804 | ) | 283,055 | |||||||||||||||
Long-term debt | 335,191 | 474 | 12,366 | — | 348,031 | ||||||||||||||||
Intercompany debt | 18,832 | 63,320 | 237,065 | (319,217 | ) | — | |||||||||||||||
Liability for post-retirement benefits | — | 48,935 | — | — | 48,935 | ||||||||||||||||
Liability for pension benefits | 6,714 | 9,799 | 160 | — | 16,673 | ||||||||||||||||
Deferred income taxes | 57,405 | — | 3,062 | — | 60,467 | ||||||||||||||||
Unearned revenue | — | — | 4,829 | — | 4,829 | ||||||||||||||||
Other noncurrent liabilities | 9,242 | 4,370 | 277 | — | 13,889 | ||||||||||||||||
Total liabilities | 552,386 | 220,093 | 353,421 | (350,021 | ) | 775,879 | |||||||||||||||
Shareholders’ equity | 792,866 | 1,024,036 | 178,986 | (1,203,022 | ) | 792,866 | |||||||||||||||
Total liabilities and shareholders’ equity | $ | 1,345,252 | $ | 1,244,129 | $ | 532,407 | $ | (1,553,043 | ) | $ | 1,568,745 | ||||||||||
-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, 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 Statement of Cash Flows | |||||||||||||||||||||
Three Months Ended March 31, 2015 | |||||||||||||||||||||
RTI | Guarantor | Non-Guarantor | Eliminations | Consolidated | |||||||||||||||||
International | Subsidiaries | Subsidiaries | |||||||||||||||||||
Metals, Inc. | |||||||||||||||||||||
Cash provided by (used in) operating activities | $ | (1,241 | ) | $ | 14,190 | $ | 8,987 | $ | — | $ | 21,936 | ||||||||||
Investing activities: | |||||||||||||||||||||
Capital expenditures | (61 | ) | (9,011 | ) | (1,068 | ) | — | (10,140 | ) | ||||||||||||
Short-term investments, net | — | 18,523 | — | — | 18,523 | ||||||||||||||||
Intercompany debt activity, net | — | 639 | (7,834 | ) | 7,195 | — | |||||||||||||||
Cash provided by (used in) investing activities | (61 | ) | 10,151 | (8,902 | ) | 7,195 | 8,383 | ||||||||||||||
Financing activities: | |||||||||||||||||||||
Proceeds from exercise of employee stock options | 1,208 | — | — | — | 1,208 | ||||||||||||||||
Excess tax benefits from stock-based compensation activity | 36 | — | — | — | 36 | ||||||||||||||||
Repayments on long-term debt | — | (277 | ) | 173 | — | (104 | ) | ||||||||||||||
Intercompany debt activity, net | 1,249 | 7,834 | (1,888 | ) | (7,195 | ) | — | ||||||||||||||
Purchase of common stock held in treasury | (325 | ) | — | — | — | (325 | ) | ||||||||||||||
Other equity activities | (239 | ) | 68 | 171 | — | — | |||||||||||||||
Cash provided by (used in) financing activities | 1,929 | 7,625 | (1,544 | ) | (7,195 | ) | 815 | ||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | (4,168 | ) | — | (4,168 | ) | ||||||||||||||
Increase (decrease) in cash and cash equivalents | 627 | 31,966 | (5,627 | ) | — | 26,966 | |||||||||||||||
Cash and cash equivalents at beginning of period | — | 117,086 | 64,973 | — | 182,059 | ||||||||||||||||
Cash and cash equivalents at end of period | $ | 627 | $ | 149,052 | $ | 59,346 | $ | — | $ | 209,025 | |||||||||||
Condensed Consolidating Statement of Cash Flows | |||||||||||||||||||||
Three Months Ended March 31, 2014 | |||||||||||||||||||||
RTI | Guarantor | Non-Guarantor | Eliminations | Consolidated | |||||||||||||||||
International | Subsidiaries | Subsidiaries | |||||||||||||||||||
Metals, Inc. | |||||||||||||||||||||
Cash provided by (used in) operating activities | $ | 1,279 | $ | (13,239 | ) | $ | (8,755 | ) | $ | — | $ | (20,715 | ) | ||||||||
Investing activities: | |||||||||||||||||||||
Investments in subsidiaries, net | — | (852 | ) | 852 | — | — | |||||||||||||||
Acquisitions, net of cash acquired | — | — | (21,797 | ) | — | (21,797 | ) | ||||||||||||||
Capital expenditures | (43 | ) | (4,026 | ) | (2,781 | ) | — | (6,850 | ) | ||||||||||||
Short-term investments, net | — | (128,216 | ) | — | — | (128,216 | ) | ||||||||||||||
Divestitures | — | — | 3,281 | — | 3,281 | ||||||||||||||||
Intercompany debt activity, net (1) | (1,120 | ) | (23,816 | ) | 6,945 | 17,991 | — | ||||||||||||||
Cash used in investing activities | (1,163 | ) | (156,910 | ) | (13,500 | ) | 17,991 | (153,582 | ) | ||||||||||||
Financing activities: | |||||||||||||||||||||
Proceeds from exercise of employee stock options | 539 | — | — | — | 539 | ||||||||||||||||
Excess tax benefits from stock-based compensation activity | 195 | — | — | — | 195 | ||||||||||||||||
Parent company investments, net | — | 234 | (234 | ) | — | — | |||||||||||||||
Repayments on long-term debt | — | (245 | ) | (239 | ) | — | (484 | ) | |||||||||||||
Intercompany debt activity, net (1) | — | (5,825 | ) | 23,816 | (17,991 | ) | — | ||||||||||||||
Purchase of common stock held in treasury | (850 | ) | — | — | — | (850 | ) | ||||||||||||||
Cash provided by (used in) financing activities | (116 | ) | (5,836 | ) | 23,343 | (17,991 | ) | (600 | ) | ||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | (832 | ) | — | (832 | ) | ||||||||||||||
Increase (decrease) in cash and cash equivalents | — | (175,985 | ) | 256 | — | (175,729 | ) | ||||||||||||||
Cash and cash equivalents at beginning of period | — | 312,202 | 31,435 | — | 343,637 | ||||||||||||||||
Cash and cash equivalents at end of period | $ | — | $ | 136,217 | $ | 31,691 | $ | — | $ | 167,908 | |||||||||||
-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 Guarantor Subsidiaries, Non-Guarantor Subsidiaries, and Eliminations by $(23,816), $(23,816), and $47,632 and increased (decreased) cash flows from financing activities for the Guarantor Subsidiaries, Non-Guarantor Subsidiaries, and Eliminations by $23,816, $23,816, and $(47,632), respectively. |
NEW_ACCOUNTING_STANDARDS_Polic
NEW ACCOUNTING STANDARDS (Policies) | 3 Months Ended |
Mar. 31, 2015 | |
Accounting Policies [Abstract] | |
New Accounting Standards | NEW ACCOUNTING STANDARDS: |
In April 2015, the Financial Accounting Standards Board (the "FASB") issued Accounting Standards Update ("ASU") 2015-04, "Compensation—Retirement Benefits—Practical Expedient for the Measurement Date of Employer's Defined Benefit Obligation and Plan Assets." For an entity with a fiscal year-end that does not coincide with a month-end, the amendments in this ASU provide a practical expedient that permits the entity to measure defined benefit plan assets and obligations using the month-end that is closest to the entity's fiscal year-end and apply that practical expedient consistently from year to year. For an entity that has a significant event in an interim period that calls for a remeasurement of defined benefit plan assets and obligations, the amendments in this ASU also provide a practical expedient that permits the entity to remeasure defined benefit plan assets and obligations using the month-end that is closest to the date of the significant event. This ASU, which should be applied prospectively, is effective for financial statements issued for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. Early adoption is permitted. The Company does not expect that the adoption of the ASU will have a material impact on its Condensed Consolidated Financial Statements. | |
In April 2015, the FASB issued ASU 2015-03, "Interest—Imputation of Interest—Simplifying the Presentation of Debt Issuance Costs." The amendments in this ASU require that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. This ASU, which should be applied on a retrospective basis, is effective for financial statements issued for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. Early adoption is permitted for financial statements that have not been previously issued. The Company is currently evaluating the impact of the adoption of this ASU on its Condensed Consolidated Financial Statements. | |
In February 2015, the FASB issued ASU 2015-02, "Consolidation—Amendments to the Consolidation Analysis." The amendments in this ASU modify the evaluation of whether limited partnerships and similar legal entities are variable interest entities ("VIEs") or voting interest entities; eliminate the presumption that a general partner should consolidate a limited partnership; affect the consolidation analysis of reporting entities that are involved with VIEs, particularly those that have fee arrangements and related party relationships; and provide a scope exception from consolidation guidance for reporting entities with interests in legal entities that are required to comply with or operate in accordance with certain requirements.This ASU is effective for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2015. Early adoption is permitted, including adoption in an interim period. The Company does not expect that the adoption of the ASU will have a material impact on its Condensed Consolidated Financial Statements. | |
In January 2015, the FASB issued ASU 2015-01, "Income Statement—Extraordinary and Unusual Items—Simplifying Income Statement Presentation by Eliminating the Concept of Extraordinary 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 Condensed 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 its Condensed 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 adoption is permitted. The Company does not expect that the adoption of the ASU will have a material impact on its Condensed 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. Early adoption is not permitted. The Company is currently evaluating the impact of the adoption of this ASU on its Condensed 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. The adoption of this guidance during the first quarter of 2015 did not have a material impact on the Company's Condensed Consolidated Financial Statements. |
ACQUISITIONS_Tables
ACQUISITIONS (Tables) | 3 Months Ended | |||
Mar. 31, 2015 | ||||
RTI Advanced Powder Materials | ||||
Summary of Purchase Price Allocation | The purchase price allocation 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 | ||||
Summary of Purchase Price Allocation | The purchase price allocation 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 | ||
ACCUMULATED_OTHER_COMPREHENSIV1
ACCUMULATED OTHER COMPREHENSIVE LOSS (Tables) | 3 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
Equity [Abstract] | |||||||||||||||||
Components of Accumulated Other Comprehensive Income | The components of accumulated other comprehensive loss at March 31, 2015 and December 31, 2014 were as follows: | ||||||||||||||||
Foreign | Prior Service | Unrealized | Total | ||||||||||||||
Currency | Costs and | Losses | |||||||||||||||
Translation | Actuarial Losses | on | |||||||||||||||
on Benefit Plans | Investments | ||||||||||||||||
Balance at December 31, 2014 | $ | (3,953 | ) | $ | (51,595 | ) | $ | (41 | ) | $ | (55,589 | ) | |||||
Other comprehensive income/(loss) before reclassifications, net of tax | (9,620 | ) | — | 30 | (9,590 | ) | |||||||||||
Amounts reclassified from accumulated other comprehensive loss, net of tax | — | 966 | — | 966 | |||||||||||||
Accumulated other comprehensive loss at March 31, 2015 | $ | (13,573 | ) | $ | (50,629 | ) | $ | (11 | ) | $ | (64,213 | ) | |||||
Amounts Reclassified from Accumulated Other Comprehensive Loss | Amounts reclassified from accumulated other comprehensive loss to net periodic pension expense during the three months ended March 31, 2015 and 2014 were as follows: | ||||||||||||||||
Three Months Ended | |||||||||||||||||
March 31, | |||||||||||||||||
2015 | 2014 | ||||||||||||||||
Actuarial losses and prior service costs | $ | 1,547 | $ | 1,782 | |||||||||||||
Tax expense | (581 | ) | (677 | ) | |||||||||||||
Total reclassifications | $ | 966 | $ | 1,105 | |||||||||||||
STOCKBASED_COMPENSATION_Tables
STOCK-BASED COMPENSATION (Tables) | 3 Months Ended | ||||||
Mar. 31, 2015 | |||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||
Summary of Stock Options Activity | A summary of the status of the Company’s stock options as of March 31, 2015, and the activity during the three months then ended, is presented below: | ||||||
Stock Options | Options | ||||||
Outstanding at December 31, 2014 | 528,680 | ||||||
Granted | 167,204 | ||||||
Forfeited | (6,974 | ) | |||||
Expired | (8,808 | ) | |||||
Exercised | (46,523 | ) | |||||
Outstanding at March 31, 2015 | 633,579 | ||||||
Exercisable at March 31, 2015 | 382,822 | ||||||
Schedule of Fair Value of Stock Options Granted | The fair value of stock options granted was estimated at the date of grant using the Black-Scholes option-pricing model based upon the assumptions noted in the following table: | ||||||
2015 | |||||||
Risk-free interest rate | 1.18 | % | |||||
Expected dividend yield | 0 | % | |||||
Expected lives (in years) | 5 | ||||||
Expected volatility | 44 | % | |||||
Summary Nonvested Restricted Stock Awards | A summary of the status of the Company’s nonvested restricted stock as of March 31, 2015, and the activity during the three months then ended, is presented below: | ||||||
Nonvested Restricted Stock Awards | Shares | ||||||
Nonvested at December 31, 2014 | 199,069 | ||||||
Granted | — | ||||||
Vested | (60,536 | ) | |||||
Forfeited | (8,144 | ) | |||||
Nonvested at March 31, 2015 | 130,389 | ||||||
Summary of Nonvested Restricted Stock Units | A summary of the status of the Company's nonvested restricted stock units as of March 31, 2015, and the activity during the three months then ended, is presented below: | ||||||
Nonvested Restricted Stock Units | Shares | ||||||
Nonvested at December 31, 2014 | — | ||||||
Granted | 76,231 | ||||||
Vested | — | ||||||
Forfeited | — | ||||||
Nonvested at March 31, 2015 | 76,231 | ||||||
Summary of Company's Performance Share Award | A summary of the Company’s performance share awards as of March 31, 2015, and the activity during the three months then ended, is presented below: | ||||||
Performance Share Awards | Awards | Maximum Shares | |||||
Activity | Eligible to | ||||||
Receive | |||||||
Outstanding at December 31, 2014 | 157,083 | 314,166 | |||||
Granted | 150,339 | 300,678 | |||||
Vested | (43,804 | ) | (87,608 | ) | |||
Forfeited | (9,527 | ) | (19,054 | ) | |||
Outstanding at March 31, 2015 | 254,091 | 508,182 | |||||
EARNINGS_LOSS_PER_SHARE_Tables
EARNINGS (LOSS) PER SHARE (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Earnings Per Share [Abstract] | |||||||||
Shares Excluded from Calculation of Earnings per Share | Shares excluded from the calculation of EPS for the three months ending March 31, 2015 and 2014 were as follows: | ||||||||
Three Months Ended | |||||||||
March 31, | |||||||||
2015 | 2014 | ||||||||
2015 Notes | 3,185,213 | 3,185,213 | |||||||
2019 Notes | 9,885,561 | 9,885,561 | |||||||
Antidilutive options (1) | 345,161 | 579,029 | |||||||
-1 | Average option price of shares excluded from calculation of EPS were $40.29 and $34.57 for the three months ended March 31, 2015 and 2014, respectively | ||||||||
Schedule of Weighted-Average Shares of Common Stock Outstanding | The following illustrates the earnings allocation method utilized in the calculation of basic and diluted EPS. Actual weighted-average shares of Common Stock outstanding used in the calculation of basic and diluted EPS for the three months ended March 31, 2015 and 2014 were as follows: | ||||||||
Three Months Ended | |||||||||
March 31, | |||||||||
2015 | 2014 | ||||||||
Numerator: | |||||||||
Net income (loss) from continuing operations before allocation of earnings to participating securities | $ | 4,533 | $ | (3,816 | ) | ||||
Less: Earnings allocated to participating securities | (22 | ) | — | ||||||
Net income (loss) from continuing operations attributable to common shareholders, after earnings allocated to participating securities used in calculation of basic earnings per share | $ | 4,511 | $ | (3,816 | ) | ||||
Numerator—discontinued operations: | |||||||||
Net loss from discontinued operations before allocation of earnings to participating securities | $ | — | $ | (365 | ) | ||||
Less: Earnings allocated to participating securities | — | — | |||||||
Net loss from discontinued operations attributable to common shareholders, after earnings allocated to participating securities | $ | — | $ | (365 | ) | ||||
Denominator: | |||||||||
Basic weighted-average shares outstanding | 30,608,796 | 30,445,681 | |||||||
Effect of dilutive securities | 261,040 | — | |||||||
Diluted weighted-average shares outstanding | 30,869,836 | 30,445,681 | |||||||
Earnings (loss) per share attributable to continuing operations: | |||||||||
Basic | $ | 0.15 | $ | (0.13 | ) | ||||
Diluted | $ | 0.15 | $ | (0.13 | ) | ||||
Earnings (loss) per share attributable to discontinued operations: | |||||||||
Basic | $ | — | $ | (0.01 | ) | ||||
Diluted | $ | — | $ | (0.01 | ) | ||||
CASH_CASH_EQUIVALENTS_AND_SHOR1
CASH, CASH EQUIVALENTS AND SHORT-TERM INVESTMENTS (Tables) | 3 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
Cash and Cash Equivalents [Abstract] | |||||||||||||||||
Cash, Cash Equivalents, Short-Term Investments, and Marketable Securities | Cash, cash equivalents, and short-term investments consist of the following: | ||||||||||||||||
March 31, | December 31, | ||||||||||||||||
2015 | 2014 | ||||||||||||||||
Cash and cash equivalents: | |||||||||||||||||
Cash | $ | 58,964 | $ | 73,495 | |||||||||||||
Cash equivalents: | |||||||||||||||||
Commercial paper | 28,598 | 19,996 | |||||||||||||||
Money market mutual funds | 121,463 | 88,568 | |||||||||||||||
Total cash and cash equivalents | 209,025 | 182,059 | |||||||||||||||
Short-term investments: | |||||||||||||||||
Commercial paper | 129,895 | 148,383 | |||||||||||||||
Total short-term investments | 129,895 | 148,383 | |||||||||||||||
Total cash, cash equivalents, and short-term investments | $ | 338,920 | $ | 330,442 | |||||||||||||
Short-Term Investments and Marketable Securities | The Company’s short-term investments at March 31, 2015 were as follows: | ||||||||||||||||
Amortized | Gross Unrealized | Fair Value | |||||||||||||||
Cost | Gains | Losses | |||||||||||||||
As of March 31, 2015: | |||||||||||||||||
Commercial Paper | $ | 129,912 | $ | — | $ | 17 | $ | 129,895 | |||||||||
Total | $ | 129,912 | $ | — | $ | 17 | $ | 129,895 | |||||||||
The Company’s short-term investments at December 31, 2014 were as follows: | |||||||||||||||||
Amortized | Gross Unrealized | Fair Value | |||||||||||||||
Cost | Gains | Losses | |||||||||||||||
As of December 31, 2014: | |||||||||||||||||
Commercial Paper | $ | 148,447 | $ | — | $ | 64 | $ | 148,383 | |||||||||
Total | $ | 148,447 | $ | — | $ | 64 | $ | 148,383 | |||||||||
FAIR_VALUE_MEASUREMENTS_Tables
FAIR VALUE MEASUREMENTS (Tables) | 3 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||
Fair Values of Assets and Liabilities Measured on Recurring Basis | The Company's assets and liabilities and their fair values as of March 31, 2015 were as follows: | ||||||||||||||||
Quoted | Significant | Significant | Fair Value | ||||||||||||||
Market Prices | Other Observable | Unobservable | |||||||||||||||
(Level 1) | Inputs | Inputs | |||||||||||||||
(Level 2) | (Level 3) | ||||||||||||||||
Assets measured on a recurring basis as of March 31, 2015: | |||||||||||||||||
Commercial Paper | $ | — | $ | 129,895 | $ | — | $ | 129,895 | |||||||||
Total | $ | — | $ | 129,895 | $ | — | $ | 129,895 | |||||||||
Liabilities measured on a recurring basis as of March 31, 2015: | |||||||||||||||||
Contingent Consideration | $ | — | $ | — | $ | 995 | $ | 995 | |||||||||
Total | $ | — | $ | — | $ | 995 | $ | 995 | |||||||||
The Company's assets and liabilities and their fair values as of December 31, 2014 were as follows: | |||||||||||||||||
Quoted | Significant | Significant | Fair Value | ||||||||||||||
Market Prices | Other Observable | Unobservable | |||||||||||||||
(Level 1) | Inputs | Inputs | |||||||||||||||
(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-Mar-15 | December 31, 2014 | ||||||||||||||||
Carrying | Fair | Carrying | Fair | ||||||||||||||
Amount | Value | Amount | Value | ||||||||||||||
Cash and cash equivalents | $ | 209,025 | $ | 209,025 | $ | 182,059 | $ | 182,059 | |||||||||
Current portion of long-term debt | $ | 113,121 | $ | 127,372 | $ | 111,645 | $ | 119,522 | |||||||||
Long-term debt | $ | 348,031 | $ | 473,702 | $ | 345,012 | $ | 405,886 | |||||||||
INVENTORIES_Tables
INVENTORIES (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Inventory Disclosure [Abstract] | |||||||||
Components of Inventories | Inventories consisted of the following: | ||||||||
March 31, | December 31, | ||||||||
2015 | 2014 | ||||||||
Raw materials and supplies | $ | 136,958 | $ | 172,214 | |||||
Work-in-process and finished goods | 364,654 | 332,573 | |||||||
LIFO reserve | (25,893 | ) | (30,481 | ) | |||||
Total inventories, net | $ | 475,719 | $ | 474,306 | |||||
GOODWILL_AND_OTHER_INTANGIBLE_1
GOODWILL AND OTHER INTANGIBLE ASSETS (Tables) | 3 Months Ended | ||||||||||||
Mar. 31, 2015 | |||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||
Schedule of Carrying Amounts of Goodwill Attributable to Segment | The carrying amounts of goodwill attributable to each segment at December 31, 2014 and March 31, 2015 were as follows: | ||||||||||||
Titanium | Engineered | Total | |||||||||||
Segment | Products and | ||||||||||||
Services | |||||||||||||
Segment | |||||||||||||
December 31, 2014 | $ | 23,873 | $ | 121,645 | $ | 145,518 | |||||||
Translation adjustment | — | (1,005 | ) | (1,005 | ) | ||||||||
31-Mar-15 | $ | 23,873 | $ | 120,640 | $ | 144,513 | |||||||
Intangible Assets Amortization Period | Other intangible assets are being amortized over the following periods: | ||||||||||||
Intangible Asset | Amortization | ||||||||||||
Period | |||||||||||||
Customer relationships | 7-20 years | ||||||||||||
Developed technology | 7-20 years | ||||||||||||
Backlog | 2 years or less | ||||||||||||
Schedule of Carrying Amount of Intangible Assets Attributable to Each Segment | The carrying amounts of intangible assets attributable to each segment at December 31, 2014 and March 31, 2015 were as follows: | ||||||||||||
Titanium | Engineered | Total | |||||||||||
Segment | Products and | ||||||||||||
Services | |||||||||||||
Segment | |||||||||||||
December 31, 2014 | $ | 3,800 | $ | 53,322 | $ | 57,122 | |||||||
Amortization | (171 | ) | (1,097 | ) | (1,268 | ) | |||||||
Translation adjustment | — | (723 | ) | (723 | ) | ||||||||
31-Mar-15 | $ | 3,629 | $ | 51,502 | $ | 55,131 | |||||||
LONGTERM_DEBT_Tables
LONG-TERM DEBT (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Debt Disclosure [Abstract] | |||||||||
Schedule of Long-Term Debt | Long-term debt consisted of: | ||||||||
March 31, | December 31, | ||||||||
2015 | 2014 | ||||||||
$402.5 million aggregate principal amount 1.625% Convertible Senior Notes due 2019 | $ | 335,192 | $ | 331,998 | |||||
$114.4 million aggregate principal amount 3.000% Convertible Senior Notes due 2015 | 110,281 | 108,792 | |||||||
Capital leases | 15,679 | 15,867 | |||||||
Total debt | 461,152 | 456,657 | |||||||
Less: Current portion of long-term debt | (110,281 | ) | (108,792 | ) | |||||
Less: Current portion of capital leases | (2,840 | ) | (2,853 | ) | |||||
Total long-term debt | $ | 348,031 | $ | 345,012 | |||||
EMPLOYEE_BENEFIT_PLANS_Tables
EMPLOYEE BENEFIT PLANS (Tables) | 3 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | |||||||||||||||||
Components of Net Periodic Pension and Other Post-Retirement Benefit Cost | Components of net periodic pension and other post-retirement benefit costs for the three months ended March 31, 2015 and 2014 for those salaried and hourly covered employees were as follows: | ||||||||||||||||
Pension Benefits | Other Post-Retirement Benefits | ||||||||||||||||
Three Months Ended | Three Months Ended | ||||||||||||||||
March 31, | March 31, | ||||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||||
Service cost | $ | 632 | $ | 527 | $ | 319 | $ | 239 | |||||||||
Interest cost | 1,787 | 1,966 | 494 | 534 | |||||||||||||
Expected return on plan assets | (2,843 | ) | (2,825 | ) | — | — | |||||||||||
Amortization of prior service cost | 228 | 228 | — | 172 | |||||||||||||
Amortization of actuarial loss | 1,223 | 1,358 | 95 | 24 | |||||||||||||
Net periodic benefit cost | $ | 1,027 | $ | 1,254 | $ | 908 | $ | 969 | |||||||||
SEGMENT_REPORTING_Tables
SEGMENT REPORTING (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Segment Reporting [Abstract] | |||||||||
Reconciliation of Net Sales from Segments to Consolidated | A summary of financial information by reportable segment is as follows: | ||||||||
Three Months Ended | |||||||||
March 31, | |||||||||
2015 | 2014 | ||||||||
Net sales: | |||||||||
Titanium Segment | $ | 83,500 | $ | 76,980 | |||||
Intersegment sales | 23,858 | 25,046 | |||||||
Total Titanium Segment sales | 107,358 | 102,026 | |||||||
EP&S Segment | 114,992 | 97,565 | |||||||
Intersegment sales | 19,647 | 27,966 | |||||||
Total EP&S Segment sales | 134,639 | 125,531 | |||||||
Eliminations | 43,505 | 53,012 | |||||||
Total consolidated net sales | $ | 198,492 | $ | 174,545 | |||||
Reconciliation of Operating Income (Loss) from Segments to Consolidated | |||||||||
Operating income: | |||||||||
Titanium Segment before corporate allocations | $ | 14,388 | $ | 10,429 | |||||
Corporate allocations | (4,698 | ) | (4,527 | ) | |||||
Total Titanium Segment operating income | 9,690 | 5,902 | |||||||
EP&S Segment before corporate allocations | 12,911 | 1,811 | |||||||
Corporate allocations | (5,703 | ) | (6,096 | ) | |||||
Total EP&S Segment operating income (loss) | 7,208 | (4,285 | ) | ||||||
Merger-related expenses | (4,734 | ) | — | ||||||
Total consolidated operating income | 12,164 | 1,617 | |||||||
Other (expense) income, net | (856 | ) | 535 | ||||||
Interest expense, net | (7,884 | ) | (7,557 | ) | |||||
Total consolidated income (loss) before income taxes | $ | 3,424 | $ | (5,405 | ) | ||||
Reconciliation of Assets from Segment to Consolidated | |||||||||
March 31, | December 31, | ||||||||
2015 | 2014 | ||||||||
Total assets: | |||||||||
Titanium Segment | $ | 673,333 | $ | 685,306 | |||||
EP&S Segment | 613,486 | 614,309 | |||||||
General corporate assets | 281,926 | 266,079 | |||||||
Total consolidated assets | $ | 1,568,745 | $ | 1,565,694 | |||||
GUARANTOR_SUBSIDIARIES_Tables
GUARANTOR SUBSIDIARIES (Tables) | 3 Months Ended | ||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||
Text Block [Abstract] | |||||||||||||||||||||
Schedule of Condensed Consolidating Statement of Operations and Comprehensive Income | Condensed Consolidating Statement of Operations and Comprehensive Income | ||||||||||||||||||||
Three Months Ended March 31, 2015 | |||||||||||||||||||||
RTI | Guarantor | Non-Guarantor | Eliminations | Consolidated | |||||||||||||||||
International | Subsidiaries | Subsidiaries | |||||||||||||||||||
Metals, Inc. | |||||||||||||||||||||
Net sales | $ | — | $ | 123,972 | $ | 131,417 | $ | (56,897 | ) | $ | 198,492 | ||||||||||
Costs and expenses: | |||||||||||||||||||||
Cost of sales | — | 104,146 | 109,222 | (56,897 | ) | 156,471 | |||||||||||||||
Selling, general, and administrative expenses (1) | (312 | ) | 11,869 | 12,101 | — | 23,658 | |||||||||||||||
Merger expenses | 4,734 | — | — | — | 4,734 | ||||||||||||||||
Research, technical, and product development expenses | — | 1,465 | — | — | 1,465 | ||||||||||||||||
Operating income (loss) | (4,422 | ) | 6,492 | 10,094 | — | 12,164 | |||||||||||||||
Other income (expense), net | (2 | ) | 38 | (892 | ) | — | (856 | ) | |||||||||||||
Interest income (expense), net | (7,940 | ) | 1,014 | (958 | ) | — | (7,884 | ) | |||||||||||||
Equity in earnings of subsidiaries | 11,036 | 720 | 44 | (11,800 | ) | — | |||||||||||||||
Income (loss) before income taxes | (1,328 | ) | 8,264 | 8,288 | (11,800 | ) | 3,424 | ||||||||||||||
Provision for (benefit from) income taxes | (5,861 | ) | 2,538 | 2,214 | — | (1,109 | ) | ||||||||||||||
Net income | $ | 4,533 | $ | 5,726 | $ | 6,074 | $ | (11,800 | ) | $ | 4,533 | ||||||||||
Comprehensive income (loss) | $ | (4,091 | ) | $ | 6,614 | $ | (3,546 | ) | $ | (3,068 | ) | $ | (4,091 | ) | |||||||
-1 | The Parent allocates selling, general, and administrative expenses (“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 Statement of Operations and Comprehensive Income | |||||||||||||||||||||
Three Months Ended March 31, 2014 | |||||||||||||||||||||
RTI | Guarantor | Non-Guarantor | Eliminations | Consolidated | |||||||||||||||||
International | Subsidiaries | Subsidiaries | |||||||||||||||||||
Metals, Inc. | |||||||||||||||||||||
Net sales | $ | — | $ | 114,123 | $ | 114,289 | $ | (53,867 | ) | $ | 174,545 | ||||||||||
Costs and expenses: | |||||||||||||||||||||
Cost of sales | — | 102,120 | 97,823 | (53,867 | ) | 146,076 | |||||||||||||||
Selling, general, and administrative expenses (1) | 947 | 12,158 | 12,763 | — | 25,868 | ||||||||||||||||
Research, technical, and product development expenses | — | 984 | — | — | 984 | ||||||||||||||||
Operating income (loss) | (947 | ) | (1,139 | ) | 3,703 | — | 1,617 | ||||||||||||||
Other income (expense) | 1,490 | (838 | ) | (117 | ) | — | 535 | ||||||||||||||
Interest expense, net | (5,815 | ) | (1,202 | ) | (540 | ) | — | (7,557 | ) | ||||||||||||
Equity in earnings of subsidiaries | 1,458 | 348 | 975 | (2,781 | ) | — | |||||||||||||||
Income (loss) before income taxes | (3,814 | ) | (2,831 | ) | 4,021 | (2,781 | ) | (5,405 | ) | ||||||||||||
Provision for (benefit from) income taxes | 2 | (1,530 | ) | (61 | ) | — | (1,589 | ) | |||||||||||||
Net income (loss) attributable to continuing operations | $ | (3,816 | ) | $ | (1,301 | ) | $ | 4,082 | $ | (2,781 | ) | $ | (3,816 | ) | |||||||
Net loss attributable to discontinued operations, net of tax | (365 | ) | — | (365 | ) | 365 | (365 | ) | |||||||||||||
Net income (loss) | $ | (4,181 | ) | $ | (1,301 | ) | $ | 3,717 | $ | (2,416 | ) | $ | (4,181 | ) | |||||||
Comprehensive loss | $ | (7,195 | ) | $ | (346 | ) | $ | (376 | ) | $ | 722 | $ | (7,195 | ) | |||||||
-1 | The Parent allocates SG&A to the subsidiaries based upon its budgeted annual expenses. | ||||||||||||||||||||
Schedule of Condensed Consolidating Balance Sheet | Condensed Consolidating Balance Sheet | ||||||||||||||||||||
As of March 31, 2015 | |||||||||||||||||||||
RTI | Guarantor | Non-Guarantor | Eliminations | Consolidated | |||||||||||||||||
International | Subsidiaries | Subsidiaries | |||||||||||||||||||
Metals, Inc. | |||||||||||||||||||||
ASSETS | |||||||||||||||||||||
Current assets: | |||||||||||||||||||||
Cash and cash equivalents | $ | 627 | $ | 149,052 | $ | 59,346 | $ | — | $ | 209,025 | |||||||||||
Short-term investments | — | 129,895 | — | — | 129,895 | ||||||||||||||||
Receivables, net | 1,600 | 60,707 | 79,914 | (30,804 | ) | 111,417 | |||||||||||||||
Inventories, net | — | 321,248 | 154,471 | — | 475,719 | ||||||||||||||||
Cost in excess of billings | — | 4,271 | 3,900 | — | 8,171 | ||||||||||||||||
Deferred income taxes | 25,589 | 2,755 | 2,288 | — | 30,632 | ||||||||||||||||
Other current assets | 7,333 | 11,528 | 4,956 | — | 23,817 | ||||||||||||||||
Total current assets | 35,149 | 679,456 | 304,875 | (30,804 | ) | 988,676 | |||||||||||||||
Property, plant, and equipment, net | 9,520 | 275,243 | 81,473 | — | 366,236 | ||||||||||||||||
Goodwill | — | 94,769 | 49,744 | — | 144,513 | ||||||||||||||||
Other intangible assets, net | — | 32,221 | 22,910 | — | 55,131 | ||||||||||||||||
Other noncurrent assets | 8,145 | 883 | 5,161 | — | 14,189 | ||||||||||||||||
Intercompany investments (1) | 1,292,438 | 161,557 | 68,244 | (1,522,239 | ) | — | |||||||||||||||
Total assets | $ | 1,345,252 | $ | 1,244,129 | $ | 532,407 | $ | (1,553,043 | ) | $ | 1,568,745 | ||||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||||||||||||||||
Current liabilities: | |||||||||||||||||||||
Current portion of long-term debt | $ | 110,281 | $ | 541 | $ | 2,299 | $ | — | $ | 113,121 | |||||||||||
Accounts payable | 1,847 | 56,512 | 57,846 | (30,804 | ) | 85,401 | |||||||||||||||
Accrued wages and other employee costs | 5,322 | 12,269 | 6,541 | — | 24,132 | ||||||||||||||||
Billings in excess of cost | — | 1,814 | 9,963 | — | 11,777 | ||||||||||||||||
Unearned revenue | — | 14,661 | 7,381 | — | 22,042 | ||||||||||||||||
Other accrued liabilities | 7,552 | 7,398 | 11,632 | — | 26,582 | ||||||||||||||||
Total current liabilities | 125,002 | 93,195 | 95,662 | (30,804 | ) | 283,055 | |||||||||||||||
Long-term debt | 335,191 | 474 | 12,366 | — | 348,031 | ||||||||||||||||
Intercompany debt | 18,832 | 63,320 | 237,065 | (319,217 | ) | — | |||||||||||||||
Liability for post-retirement benefits | — | 48,935 | — | — | 48,935 | ||||||||||||||||
Liability for pension benefits | 6,714 | 9,799 | 160 | — | 16,673 | ||||||||||||||||
Deferred income taxes | 57,405 | — | 3,062 | — | 60,467 | ||||||||||||||||
Unearned revenue | — | — | 4,829 | — | 4,829 | ||||||||||||||||
Other noncurrent liabilities | 9,242 | 4,370 | 277 | — | 13,889 | ||||||||||||||||
Total liabilities | 552,386 | 220,093 | 353,421 | (350,021 | ) | 775,879 | |||||||||||||||
Shareholders’ equity | 792,866 | 1,024,036 | 178,986 | (1,203,022 | ) | 792,866 | |||||||||||||||
Total liabilities and shareholders’ equity | $ | 1,345,252 | $ | 1,244,129 | $ | 532,407 | $ | (1,553,043 | ) | $ | 1,568,745 | ||||||||||
-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, 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 Statement of Cash Flows | Condensed Consolidating Statement of Cash Flows | ||||||||||||||||||||
Three Months Ended March 31, 2015 | |||||||||||||||||||||
RTI | Guarantor | Non-Guarantor | Eliminations | Consolidated | |||||||||||||||||
International | Subsidiaries | Subsidiaries | |||||||||||||||||||
Metals, Inc. | |||||||||||||||||||||
Cash provided by (used in) operating activities | $ | (1,241 | ) | $ | 14,190 | $ | 8,987 | $ | — | $ | 21,936 | ||||||||||
Investing activities: | |||||||||||||||||||||
Capital expenditures | (61 | ) | (9,011 | ) | (1,068 | ) | — | (10,140 | ) | ||||||||||||
Short-term investments, net | — | 18,523 | — | — | 18,523 | ||||||||||||||||
Intercompany debt activity, net | — | 639 | (7,834 | ) | 7,195 | — | |||||||||||||||
Cash provided by (used in) investing activities | (61 | ) | 10,151 | (8,902 | ) | 7,195 | 8,383 | ||||||||||||||
Financing activities: | |||||||||||||||||||||
Proceeds from exercise of employee stock options | 1,208 | — | — | — | 1,208 | ||||||||||||||||
Excess tax benefits from stock-based compensation activity | 36 | — | — | — | 36 | ||||||||||||||||
Repayments on long-term debt | — | (277 | ) | 173 | — | (104 | ) | ||||||||||||||
Intercompany debt activity, net | 1,249 | 7,834 | (1,888 | ) | (7,195 | ) | — | ||||||||||||||
Purchase of common stock held in treasury | (325 | ) | — | — | — | (325 | ) | ||||||||||||||
Other equity activities | (239 | ) | 68 | 171 | — | — | |||||||||||||||
Cash provided by (used in) financing activities | 1,929 | 7,625 | (1,544 | ) | (7,195 | ) | 815 | ||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | (4,168 | ) | — | (4,168 | ) | ||||||||||||||
Increase (decrease) in cash and cash equivalents | 627 | 31,966 | (5,627 | ) | — | 26,966 | |||||||||||||||
Cash and cash equivalents at beginning of period | — | 117,086 | 64,973 | — | 182,059 | ||||||||||||||||
Cash and cash equivalents at end of period | $ | 627 | $ | 149,052 | $ | 59,346 | $ | — | $ | 209,025 | |||||||||||
Condensed Consolidating Statement of Cash Flows | |||||||||||||||||||||
Three Months Ended March 31, 2014 | |||||||||||||||||||||
RTI | Guarantor | Non-Guarantor | Eliminations | Consolidated | |||||||||||||||||
International | Subsidiaries | Subsidiaries | |||||||||||||||||||
Metals, Inc. | |||||||||||||||||||||
Cash provided by (used in) operating activities | $ | 1,279 | $ | (13,239 | ) | $ | (8,755 | ) | $ | — | $ | (20,715 | ) | ||||||||
Investing activities: | |||||||||||||||||||||
Investments in subsidiaries, net | — | (852 | ) | 852 | — | — | |||||||||||||||
Acquisitions, net of cash acquired | — | — | (21,797 | ) | — | (21,797 | ) | ||||||||||||||
Capital expenditures | (43 | ) | (4,026 | ) | (2,781 | ) | — | (6,850 | ) | ||||||||||||
Short-term investments, net | — | (128,216 | ) | — | — | (128,216 | ) | ||||||||||||||
Divestitures | — | — | 3,281 | — | 3,281 | ||||||||||||||||
Intercompany debt activity, net (1) | (1,120 | ) | (23,816 | ) | 6,945 | 17,991 | — | ||||||||||||||
Cash used in investing activities | (1,163 | ) | (156,910 | ) | (13,500 | ) | 17,991 | (153,582 | ) | ||||||||||||
Financing activities: | |||||||||||||||||||||
Proceeds from exercise of employee stock options | 539 | — | — | — | 539 | ||||||||||||||||
Excess tax benefits from stock-based compensation activity | 195 | — | — | — | 195 | ||||||||||||||||
Parent company investments, net | — | 234 | (234 | ) | — | — | |||||||||||||||
Repayments on long-term debt | — | (245 | ) | (239 | ) | — | (484 | ) | |||||||||||||
Intercompany debt activity, net (1) | — | (5,825 | ) | 23,816 | (17,991 | ) | — | ||||||||||||||
Purchase of common stock held in treasury | (850 | ) | — | — | — | (850 | ) | ||||||||||||||
Cash provided by (used in) financing activities | (116 | ) | (5,836 | ) | 23,343 | (17,991 | ) | (600 | ) | ||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | (832 | ) | — | (832 | ) | ||||||||||||||
Increase (decrease) in cash and cash equivalents | — | (175,985 | ) | 256 | — | (175,729 | ) | ||||||||||||||
Cash and cash equivalents at beginning of period | — | 312,202 | 31,435 | — | 343,637 | ||||||||||||||||
Cash and cash equivalents at end of period | $ | — | $ | 136,217 | $ | 31,691 | $ | — | $ | 167,908 | |||||||||||
-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 Guarantor Subsidiaries, Non-Guarantor Subsidiaries, and Eliminations by $(23,816), $(23,816), and $47,632 and increased (decreased) cash flows from financing activities for the Guarantor Subsidiaries, Non-Guarantor Subsidiaries, and Eliminations by $23,816, $23,816, and $(47,632), respectively. |
ALCOA_MARGER_AGREEMENT_Details
ALCOA MARGER AGREEMENT (Details) (USD $) | 0 Months Ended |
Mar. 08, 2015 | |
Alcoa Inc | RTI International Metals Inc | |
Business Acquisition [Line Items] | |
Number of shares received for each share of acquired entity's shares | 2.8315 |
Alcoa Inc | |
Business Acquisition [Line Items] | |
Termination fee paid to acquirer in event of termination of merger agreement | $50,000,000 |
ORGANIZATION_Additional_Inform
ORGANIZATION - Additional Information (Detail) (USD $) | 3 Months Ended | 0 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Feb. 21, 2014 |
Segment | |||
Business Acquisition [Line Items] | |||
Cash receipts from disposal of subsidiary | $0 | $3,281 | |
Number of operating segments | 2 | ||
RTI Connecticut | |||
Business Acquisition [Line Items] | |||
Cash receipts from disposal of subsidiary | $3,300 |
ACQUISITIONS_Additional_Inform
ACQUISITIONS - Additional Information (Detail) (USD $) | 0 Months Ended | |
Jun. 03, 2014 | Jan. 22, 2014 | |
RTI Advanced Powder Materials | ||
Business Acquisition [Line Items] | ||
Acquisition of issued and outstanding common stock | $19,000,000 | |
Cash paid for acquisition | 15,600,000 | |
Contingent consideration | 1,600,000 | |
Assumption of liabilities | 1,800,000 | |
RTI Advanced Powder Materials | Customer Relationships | ||
Business Acquisition [Line Items] | ||
Intangible Assets, amortization period | 7 years | |
RTI Advanced Powder Materials | Developed technologies | ||
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] | ||
Acquisition of issued and outstanding common stock | 22,800,000 | |
Cash paid for acquisition | 22,500,000 | |
Assumption of liabilities | $300,000 | |
RTI Directed Manufacturing | Customer Relationships | ||
Business Acquisition [Line Items] | ||
Intangible Assets, amortization period | 7 years | |
RTI Directed Manufacturing | Developed technologies | ||
Business Acquisition [Line Items] | ||
Intangible Assets, amortization period | 7 years |
ACQUISITIONS_Purchase_Price_Al
ACQUISITIONS - Purchase Price Allocation (Detail) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 | Jan. 22, 2014 | Jun. 03, 2014 |
In Thousands, unless otherwise specified | ||||
Business Acquisition [Line Items] | ||||
Goodwill | $144,513 | $145,518 | ||
RTI Directed Manufacturing | ||||
Business Acquisition [Line Items] | ||||
Current assets, excluding inventory | 717 | |||
Inventories | 452 | |||
Plant and equipment | 1,973 | |||
Goodwill | 14,712 | |||
Current liabilities | -285 | |||
Net assets acquired | 22,469 | |||
RTI Directed Manufacturing | Customer Relationships | ||||
Business Acquisition [Line Items] | ||||
Intangible assets | 2,800 | |||
RTI Directed Manufacturing | Directed Manufacturing trade name | ||||
Business Acquisition [Line Items] | ||||
Intangible assets | 1,000 | |||
RTI Directed Manufacturing | Developed technologies | ||||
Business Acquisition [Line Items] | ||||
Intangible assets | 1,100 | |||
RTI Advanced Powder Materials | ||||
Business Acquisition [Line Items] | ||||
Current assets, excluding inventory | 324 | |||
Inventories | 174 | |||
Plant and equipment | 101 | |||
Goodwill | 14,211 | |||
Current liabilities | -271 | |||
Deferred tax liabilities | -1,572 | |||
Contingent consideration | -1,600 | |||
Net assets acquired | 15,567 | |||
RTI Advanced Powder Materials | Customer Relationships | ||||
Business Acquisition [Line Items] | ||||
Intangible assets | 3,250 | |||
RTI Advanced Powder Materials | Developed technologies | ||||
Business Acquisition [Line Items] | ||||
Intangible assets | 850 | |||
RTI Advanced Powder Materials | Backlog | ||||
Business Acquisition [Line Items] | ||||
Intangible assets | $100 |
ACCUMULATED_OTHER_COMPREHENSIV2
ACCUMULATED OTHER COMPREHENSIVE LOSS - Components of Accumulated Other Comprehensive Loss (Detail) (USD $) | 3 Months Ended |
In Thousands, unless otherwise specified | Mar. 31, 2015 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |
Beginning balance | ($55,589) |
Other comprehensive loss before reclassifications, net of tax | -9,590 |
Amounts reclassified from accumulated other comprehensive loss, net of tax | 966 |
Ending balance | -64,213 |
Foreign Currency Translation | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |
Beginning balance | -3,953 |
Other comprehensive loss before reclassifications, net of tax | -9,620 |
Ending balance | -13,573 |
Prior Service Costs and Actuarial Losses on Benefit Plans | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |
Beginning balance | -51,595 |
Amounts reclassified from accumulated other comprehensive loss, net of tax | 966 |
Ending balance | -50,629 |
Unrealized Loss on Investments | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |
Beginning balance | -41 |
Other comprehensive loss before reclassifications, net of tax | 30 |
Ending balance | ($11) |
ACCUMULATED_OTHER_COMPREHENSIV3
ACCUMULATED OTHER COMPREHENSIVE LOSS - Amounts Reclassified from Accumulated Other Comprehensive Loss (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Total reclassifications | $966 | $1,105 |
Amortization of defined benefit pension items | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Actuarial losses and prior service costs | 1,547 | 1,782 |
Tax benefit | -581 | -677 |
Total reclassifications | $966 | $1,105 |
STOCKBASED_COMPENSATION_Summar
STOCK-BASED COMPENSATION - Summary of Stock Options Activity (Detail) | 3 Months Ended |
Mar. 31, 2015 | |
Stock Options (in shares) | |
Beginning balance | 528,680 |
Granted | 167,204 |
Forfeited | -6,974 |
Expired | -8,808 |
Exercised | -46,523 |
Ending balance | 633,579 |
Exercisable | 382,822 |
STOCKBASED_COMPENSATION_Schedu
STOCK-BASED COMPENSATION - Schedule of Fair Value of Stock Options Granted (Detail) (Stock Options) | 3 Months Ended |
Mar. 31, 2015 | |
Stock Options | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Risk-free interest rate | 1.18% |
Expected dividend yield | 0.00% |
Expected lives (in years) | 5 years |
Expected volatility | 44.00% |
STOCKBASED_COMPENSATION_Summar1
STOCK-BASED COMPENSATION - Summary of Nonvested Restricted Stock Awards (Detail) (Restricted Stock) | 3 Months Ended |
Mar. 31, 2015 | |
Restricted Stock | |
Award (in shares) | |
Beginning Balance | 199,069 |
Granted | 0 |
Vested | -60,536 |
Forfeited | -8,144 |
Ending Balance | 130,389 |
STOCKBASED_COMPENSATION_Summar2
STOCK-BASED COMPENSATION - Summary of Nonvested Restricted Stock Unit Awards (Details) (Restricted Stock Units (RSUs)) | 3 Months Ended |
Mar. 31, 2015 | |
Restricted Stock Units (RSUs) | |
Award (in shares) | |
Beginning Balance | 0 |
Granted | 76,231 |
Vested | 0 |
Forfeited | 0 |
Ending Balance | 76,231 |
STOCKBASED_COMPENSATION_Summar3
STOCK-BASED COMPENSATION - Summary of Company's Performance Share Award (Detail) (Performance Shares) | 3 Months Ended |
Mar. 31, 2015 | |
Award (in shares) | |
Beginning Balance | 157,083 |
Granted | 150,339 |
Vested | -43,804 |
Forfeited | -9,527 |
Ending Balance | 254,091 |
Maximum | |
Award (in shares) | |
Beginning Balance | 314,166 |
Granted | 300,678 |
Vested | -87,608 |
Forfeited | -19,054 |
Ending Balance | 508,182 |
STOCKBASED_COMPENSATION_Additi
STOCK-BASED COMPENSATION - Additional Information (Detail) (USD $) | 3 Months Ended |
Mar. 31, 2015 | |
Stock Options | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Weighted-average fair value of stock option awards granted | $8.79 |
Restricted Stock Units (RSUs) | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Weighted-average fair value of stock awards granted | $22.21 |
Performance Shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Weighted-average fair value of stock awards granted | $24.85 |
Percentage of Payout based upon Company's total shareholder return compared to total shareholder return of a relative peer group over a three-year period | 50.00% |
Percentage of Payout based upon the Company's diluted earnings per share over a three-year period | 50.00% |
INCOME_TAXES_Additional_Inform
INCOME TAXES - Additional Information (Detail) (USD $) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Valuation Allowance [Line Items] | ||
Effective income tax rate | 24.60% | 26.30% |
Company's effective income tax rate increase (decrease) | 1.70% | |
Percentage of reduction in effective tax rate | 6.00% | |
Provision for income tax | ($1,109,000) | ($1,589,000) |
Percentage of provision for income tax | -32.40% | 29.40% |
Discrete benefit | -1,951,000 | |
Canada Revenue Agency | ||
Valuation Allowance [Line Items] | ||
Deferred tax assets, gross | 26,300,000 | |
Offsetting valuation allowance | $26,300,000 |
EARNINGS_LOSS_PER_SHARE_Additi
EARNINGS (LOSS) PER SHARE - Additional Information (Detail) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Millions, unless otherwise specified | ||
3.0% Convertible Senior Notes Due 2015 | ||
Debt Instrument [Line Items] | ||
Convertible senior notes, aggregate principal amount payable | $114.40 | $114.40 |
Convertible senior notes, interest rate | 3.00% | 3.00% |
1.625% Convertible Senior Notes Due 2019 | ||
Debt Instrument [Line Items] | ||
Convertible senior notes, aggregate principal amount payable | $402.50 | $402.50 |
Convertible senior notes, interest rate | 1.63% | 1.63% |
EARNINGS_LOSS_PER_SHARE_Shares
EARNINGS (LOSS) PER SHARE - Shares Excluded from Calculation of Earnings per Share (Detail) (USD $) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive options | 345,161 | 579,029 |
Average price of options to purchase (in dollars per share) | $40.29 | $34.57 |
3.0% Convertible Senior Notes Due 2015 | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive options | 3,185,213 | 3,185,213 |
1.625% Convertible Senior Notes Due 2019 | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive options | 9,885,561 | 9,885,561 |
EARNINGS_LOSS_PER_SHARE_Schedu
EARNINGS (LOSS) PER SHARE - Schedule of Weighted-Average Shares of Common Stock Outstanding (Detail) (USD $) | 3 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Earnings Per Share [Line Items] | ||
Net income from continuing operations before allocation of earnings to participating securities | $4,533 | ($3,816) |
Less: Earnings allocated to participating securities | -22 | 0 |
Net income (loss) from operations attributable to common shareholders, after earnings allocated to participating securities | 4,511 | -3,816 |
Net income (loss) from discontinued operations before allocation of earnings to participating securities | 0 | -365 |
Basic weighted-average shares outstanding | 30,608,796 | 30,445,681 |
Effect of dilutive securities | 261,040 | 0 |
Diluted weighted-average shares outstanding | 30,869,836 | 30,445,681 |
Earnings per share attributable to continuing operations: | ||
Basic | $0.15 | ($0.13) |
Diluted | $0.15 | ($0.13) |
Earnings (loss) per share attributable to discontinued operations: | ||
Basic | $0 | ($0.01) |
Diluted | $0 | ($0.01) |
Discontinued | ||
Earnings Per Share [Line Items] | ||
Less: Earnings allocated to participating securities | 0 | 0 |
Net income (loss) from operations attributable to common shareholders, after earnings allocated to participating securities | $0 | ($365) |
CASH_CASH_EQUIVALENTS_AND_SHOR2
CASH, CASH EQUIVALENTS AND SHORT-TERM INVESTMENTS - Summary of Cash, Cash Equivalents, Short-Term Investments and Marketable Securities (Detail) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||||
Cash and cash equivalents: | ||||
Cash | $58,964 | $73,495 | ||
Cash equivalents: | ||||
Commercial paper | 28,598 | 19,996 | ||
Money market mutual funds | 121,463 | 88,568 | ||
Total cash and cash equivalents | 209,025 | 182,059 | 167,908 | 343,637 |
Short-term investments: | ||||
Short-term investments | 129,895 | 148,383 | ||
Total cash, cash equivalents, and short-term investments | 338,920 | 330,442 | ||
Commercial paper | ||||
Short-term investments: | ||||
Short-term investments | $129,895 | $148,383 |
CASH_CASH_EQUIVALENTS_AND_SHOR3
CASH, CASH EQUIVALENTS AND SHORT-TERM INVESTMENTS - Short-Term Investments and Marketable Securities (Detail) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Schedule Of Short Term Investments And Available For Sale Securities [Line Items] | ||
Amortized Cost | $129,912 | $148,447 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 17 | 64 |
Fair Value | 129,895 | 148,383 |
Commercial Paper | ||
Schedule Of Short Term Investments And Available For Sale Securities [Line Items] | ||
Amortized Cost | 129,912 | 148,447 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 17 | 64 |
Fair Value | $129,895 | $148,383 |
CASH_CASH_EQUIVALENTS_AND_SHOR4
CASH, CASH EQUIVALENTS AND SHORT-TERM INVESTMENTS - Additional Information (Detail) (USD $) | Mar. 31, 2015 |
Investment | |
Cash and Cash Equivalents [Abstract] | |
Stable net asset value | $1 |
Available-for-sale investments, continuous unrealized loss position greater than twelve months, number of investments | 0 |
FAIR_VALUE_MEASUREMENTS_Additi
FAIR VALUE MEASUREMENTS - Additional Information (Detail) | 3 Months Ended |
Mar. 31, 2015 | |
Fair Value Disclosures [Abstract] | |
Contingent consideration term of payment | 10 years |
FAIR_VALUE_MEASUREMENTS_Fair_V
FAIR VALUE MEASUREMENTS - Fair Values of Assets and Liabilities Measured on Recurring Basis (Detail) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale security | $129,895 | $148,383 |
Total assets | 129,895 | 148,383 |
Contingent Consideration | 995 | 1,000 |
Total liabilities | 995 | 1,000 |
Commercial Paper | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale security | 129,895 | 148,383 |
Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | 129,895 | 148,383 |
Significant Other Observable Inputs (Level 2) | Commercial Paper | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale security | 129,895 | 148,383 |
Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Contingent Consideration | 995 | 1,000 |
Total liabilities | $995 | $1,000 |
FAIR_VALUE_MEASUREMENTS_Schedu
FAIR VALUE MEASUREMENTS - Schedule of Carrying Amounts and Fair Values of Financial Instruments (Detail) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||||
Fair Value Disclosures [Abstract] | ||||
Cash and cash equivalents, carrying value | $209,025 | $182,059 | $167,908 | $343,637 |
Current portion of long-term debt, carrying value | 113,121 | 111,645 | ||
Total long-term debt, carrying value | 348,031 | 345,012 | ||
Cash and cash equivalents, fair value | 209,025 | 182,059 | ||
Current portion of long-term debt, fair value | 127,372 | 119,522 | ||
Long-term debt, fair value | $473,702 | $405,886 |
INVENTORIES_Components_of_Inve
INVENTORIES - Components of Inventories (Detail) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Inventory Disclosure [Abstract] | ||
Raw materials and supplies | $136,958 | $172,214 |
Work-in-process and finished goods | 364,654 | 332,573 |
LIFO reserve | -25,893 | -30,481 |
Total inventories, net | $475,719 | $474,306 |
INVENTORIES_Additional_Informa
INVENTORIES - Additional Information (Detail) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Inventory Disclosure [Abstract] | ||
Percentage of inventories valued under LIFO | 56.00% | 55.00% |
Value of current FIFO cost of inventories exceeded the LIFO carrying value | $25,893 | $30,481 |
GOODWILL_AND_OTHER_INTANGIBLE_2
GOODWILL AND OTHER INTANGIBLE ASSETS - Additional Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2015 | Dec. 31, 2014 | |
Engineered Products and Services Segment | ||
Goodwill [Line Items] | ||
Accumulated goodwill impairment loss | $22,858,000 | $22,858,000 |
Titanium Segment | ||
Goodwill [Line Items] | ||
Accumulated goodwill impairment loss | $0 | $0 |
GOODWILL_AND_OTHER_INTANGIBLE_3
GOODWILL AND OTHER INTANGIBLE ASSETS - Schedule of Carrying Amounts of Goodwill Attributable to Segment (Detail) (USD $) | 3 Months Ended |
In Thousands, unless otherwise specified | Mar. 31, 2015 |
Goodwill [Line Items] | |
Beginning Balance | $145,518 |
Translation adjustment | -1,005 |
Ending Balance | 144,513 |
Titanium Segment | |
Goodwill [Line Items] | |
Beginning Balance | 23,873 |
Translation adjustment | 0 |
Ending Balance | 23,873 |
Engineered Products and Services Segment | |
Goodwill [Line Items] | |
Beginning Balance | 121,645 |
Translation adjustment | -1,005 |
Ending Balance | $120,640 |
GOODWILL_AND_OTHER_INTANGIBLE_4
GOODWILL AND OTHER INTANGIBLE ASSETS - Carrying Amount of Intangible Assets (Detail) (USD $) | 3 Months Ended |
In Thousands, unless otherwise specified | Mar. 31, 2015 |
Schedule Of Intangible Assets By Segment [Line Items] | |
Beginning balance | $57,122 |
Amortization | -1,268 |
Translation adjustment | -723 |
Ending balance | 55,131 |
Titanium Segment | |
Schedule Of Intangible Assets By Segment [Line Items] | |
Beginning balance | 3,800 |
Amortization | -171 |
Translation adjustment | 0 |
Ending balance | 3,629 |
Engineered Products and Services Segment | |
Schedule Of Intangible Assets By Segment [Line Items] | |
Beginning balance | 53,322 |
Amortization | -1,097 |
Translation adjustment | -723 |
Ending balance | $51,502 |
GOODWILL_AND_OTHER_INTANGIBLE_5
GOODWILL AND OTHER INTANGIBLE ASSETS - Intangible Assets Amortization Period (Detail) | 3 Months Ended |
Mar. 31, 2015 | |
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 | Maximum | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Amortization Period | 2 years |
LONGTERM_DEBT_Schedule_of_Long
LONG-TERM DEBT - Schedule of Long-term Debt (Detail) (USD $) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2015 | Dec. 31, 2014 | |
Debt Instrument [Line Items] | ||
Capital leases | $15,679,000 | $15,867,000 |
Total debt | 461,152,000 | 456,657,000 |
Less: Current portion of long-term debt | -110,281,000 | -108,792,000 |
Less: Current portion of capital leases | -2,840,000 | -2,853,000 |
Total long-term debt, carrying value | 348,031,000 | 345,012,000 |
1.625% Convertible Senior Notes Due 2019 | ||
Debt Instrument [Line Items] | ||
Convertible senior notes | 335,192,000 | 331,998,000 |
Debt instrument, face amount | 402,500,000 | 402,500,000 |
Debt instrument, interest rate, stated percentage | 1.63% | 1.63% |
Debt instrument, maturity date | 15-Oct-19 | 15-Oct-19 |
3.0% Convertible Senior Notes Due 2015 | ||
Debt Instrument [Line Items] | ||
Convertible senior notes | 110,281,000 | 108,792,000 |
Debt instrument, face amount | $114,400,000 | $114,400,000 |
Debt instrument, interest rate, stated percentage | 3.00% | 3.00% |
Debt instrument, maturity date | 1-Dec-15 | 1-Dec-15 |
LONGTERM_DEBT_Additional_Infor
LONG-TERM DEBT - Additional Information (Detail) (USD $) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Debt Instrument [Line Items] | ||
Amortization of discount on long-term debt | $4,707,000 | $4,403,000 |
Amortization of debt issuance costs | 490,000 | 456,000 |
Total interest capitalized | 0 | 0 |
3.0% Convertible Senior Notes Due 2015 | ||
Debt Instrument [Line Items] | ||
Amortization of debt issuance costs | $490,000 | $455,000 |
EMPLOYEE_BENEFIT_PLANS_Additio
EMPLOYEE BENEFIT PLANS - Additional Information (Detail) (USD $) | 3 Months Ended |
Mar. 31, 2015 | |
Compensation and Retirement Disclosure [Abstract] | |
Component of accumulated other comprehensive loss related to amortization of actuarial losses and prior service costs | $966,000 |
Company contributions to defined benefit plans | $0 |
EMPLOYEE_BENEFIT_PLANS_Compone
EMPLOYEE BENEFIT PLANS - Components of Net Periodic Pension and Other Post-retirement Benefit Cost (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Pension Benefits | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost | $632 | $527 |
Interest cost | 1,787 | 1,966 |
Expected return on plan assets | -2,843 | -2,825 |
Amortization of prior service cost | 228 | 228 |
Amortization of actuarial loss | 1,223 | 1,358 |
Net periodic benefit cost | 1,027 | 1,254 |
Other Post-Retirement Benefits | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost | 319 | 239 |
Interest cost | 494 | 534 |
Expected return on plan assets | 0 | 0 |
Amortization of prior service cost | 0 | 172 |
Amortization of actuarial loss | 95 | 24 |
Net periodic benefit cost | $908 | $969 |
COMMITMENTS_AND_CONTINGENCIES_
COMMITMENTS AND CONTINGENCIES - Additional Information (Detail) (USD $) | 3 Months Ended | |
Mar. 31, 2015 | Dec. 31, 2014 | |
Commitments and Contingencies Disclosure [Abstract] | ||
Products liability insurance | $500,000,000 | |
Environment related cost, minimum | 500,000 | |
Environment related cost, maximum | 2,100,000 | |
Accrued environmental-related costs for future | 1,200,000 | 1,200,000 |
Accrued environmental-related costs expected to be paid within one year | 100,000 | |
Accrued environmental-related costs expected to prepaid after twelve months | 1,100,000 | |
Payments for Environmental Liabilities | $0 |
TRANSACTIONS_WITH_RELATED_PART1
TRANSACTIONS WITH RELATED PARTIES - Additional Information (Details) (United Technologies Corporation [Member], USD $) | 1 Months Ended | 3 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Mar. 31, 2015 | Mar. 31, 2014 |
business_unit | |||
United Technologies Corporation [Member] | |||
Related Party Transaction [Line Items] | |||
Related Party Transactions, Number of Business Units of Related Party | 3 | ||
Revenue from related parties | $6,347 | $7,333 |
SEGMENT_REPORTING_Additional_I
SEGMENT REPORTING - Additional Information (Detail) | 3 Months Ended |
Mar. 31, 2015 | |
Segment | |
Segment Reporting [Abstract] | |
Number of reportable segments | 2 |
SEGMENT_REPORTING_Summary_of_F
SEGMENT REPORTING - Summary of Financial Information by Reportable Segment (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Segment Reporting Information [Line Items] | ||
Net sales | $198,492 | $174,545 |
Operating income | 12,164 | 1,617 |
Merger-related expenses | -4,734 | 0 |
Other (expense) income, net | -856 | 535 |
Interest expense, Net | -7,884 | -7,557 |
Income (loss) before income taxes | 3,424 | -5,405 |
Titanium Segment | ||
Segment Reporting Information [Line Items] | ||
Net sales | 107,358 | 102,026 |
Operating income | 9,690 | 5,902 |
Engineered Products and Services Segment | ||
Segment Reporting Information [Line Items] | ||
Net sales | 134,639 | 125,531 |
Operating income | 7,208 | -4,285 |
Operating Segments | Titanium Segment | ||
Segment Reporting Information [Line Items] | ||
Net sales | 83,500 | 76,980 |
Operating income | 14,388 | 10,429 |
Operating Segments | Engineered Products and Services Segment | ||
Segment Reporting Information [Line Items] | ||
Net sales | 114,992 | 97,565 |
Operating income | 12,911 | 1,811 |
Intersegment Eliminations | ||
Segment Reporting Information [Line Items] | ||
Net sales | 43,505 | 53,012 |
Intersegment Eliminations | Titanium Segment | ||
Segment Reporting Information [Line Items] | ||
Net sales | 23,858 | 25,046 |
Intersegment Eliminations | Engineered Products and Services Segment | ||
Segment Reporting Information [Line Items] | ||
Net sales | 19,647 | 27,966 |
Corporate, Non-Segment | Titanium Segment | ||
Segment Reporting Information [Line Items] | ||
Operating income | -4,698 | -4,527 |
Corporate, Non-Segment | Engineered Products and Services Segment | ||
Segment Reporting Information [Line Items] | ||
Operating income | ($5,703) | ($6,096) |
SEGMENT_REPORTING_Summary_of_T
SEGMENT REPORTING - Summary of Total Assets (Detail) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Total assets | $1,568,745 | $1,565,694 |
Operating Segments | Titanium Segment | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Total assets | 673,333 | 685,306 |
Operating Segments | Engineered Products and Services Segment | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Total assets | 613,486 | 614,309 |
Corporate, Non-Segment | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Total assets | $281,926 | $266,079 |
GUARANTOR_SUBSIDIARIES_Additio
GUARANTOR SUBSIDIARIES - Additional Information (Detail) | 3 Months Ended |
Mar. 31, 2015 | |
Disclosure Guarantor Subsidiaries Additional Information [Abstract] | |
Subsidiary ownership percentage | 100.00% |
GUARANTOR_SUBSIDIARIES_Schedul
GUARANTOR SUBSIDIARIES - Schedule of Condensed Consolidating Statement of Operations and Comprehensive Income (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Condensed Financial Statements, Captions [Line Items] | ||
Net sales | $198,492 | $174,545 |
Costs and expenses: | ||
Cost of sales | 156,471 | 146,076 |
Selling, general, and administrative expenses | 23,658 | 25,868 |
Merger-related expenses | 4,734 | 0 |
Research, technical, and product development expenses | 1,465 | 984 |
Operating income | 12,164 | 1,617 |
Other (expense) income, net | -856 | 535 |
Interest expense, net | -7,884 | -7,557 |
Equity in earnings of subsidiaries | 0 | 0 |
Income (loss) before income taxes | 3,424 | -5,405 |
Provision for (benefit from) income taxes | -1,109 | -1,589 |
Net income (loss) attributable to continuing operations | 4,533 | -3,816 |
Net loss attributable to discontinued operations, net of tax | 0 | -365 |
Net income (loss) | 4,533 | -4,181 |
Comprehensive income | -4,091 | -7,195 |
RTI International Metals, Inc. | ||
Condensed Financial Statements, Captions [Line Items] | ||
Net sales | 0 | 0 |
Costs and expenses: | ||
Cost of sales | 0 | 0 |
Selling, general, and administrative expenses | -312 | 947 |
Merger-related expenses | 4,734 | |
Research, technical, and product development expenses | 0 | 0 |
Operating income | -4,422 | -947 |
Other (expense) income, net | -2 | 1,490 |
Interest expense, net | -7,940 | -5,815 |
Equity in earnings of subsidiaries | 11,036 | 1,458 |
Income (loss) before income taxes | -1,328 | -3,814 |
Provision for (benefit from) income taxes | -5,861 | 2 |
Net income (loss) attributable to continuing operations | 4,533 | -3,816 |
Net loss attributable to discontinued operations, net of tax | -365 | |
Net income (loss) | -4,181 | |
Comprehensive income | -4,091 | -7,195 |
Guarantor Subsidiaries | ||
Condensed Financial Statements, Captions [Line Items] | ||
Net sales | 123,972 | 114,123 |
Costs and expenses: | ||
Cost of sales | 104,146 | 102,120 |
Selling, general, and administrative expenses | 11,869 | 12,158 |
Merger-related expenses | 0 | |
Research, technical, and product development expenses | 1,465 | 984 |
Operating income | 6,492 | -1,139 |
Other (expense) income, net | 38 | -838 |
Interest expense, net | 1,014 | -1,202 |
Equity in earnings of subsidiaries | 720 | 348 |
Income (loss) before income taxes | 8,264 | -2,831 |
Provision for (benefit from) income taxes | 2,538 | -1,530 |
Net income (loss) attributable to continuing operations | 5,726 | -1,301 |
Net loss attributable to discontinued operations, net of tax | 0 | |
Net income (loss) | -1,301 | |
Comprehensive income | 6,614 | -346 |
Non-Guarantor Subsidiaries | ||
Condensed Financial Statements, Captions [Line Items] | ||
Net sales | 131,417 | 114,289 |
Costs and expenses: | ||
Cost of sales | 109,222 | 97,823 |
Selling, general, and administrative expenses | 12,101 | 12,763 |
Merger-related expenses | 0 | |
Research, technical, and product development expenses | 0 | 0 |
Operating income | 10,094 | 3,703 |
Other (expense) income, net | -892 | -117 |
Interest expense, net | -958 | -540 |
Equity in earnings of subsidiaries | 44 | 975 |
Income (loss) before income taxes | 8,288 | 4,021 |
Provision for (benefit from) income taxes | 2,214 | -61 |
Net income (loss) attributable to continuing operations | 6,074 | 4,082 |
Net loss attributable to discontinued operations, net of tax | -365 | |
Net income (loss) | 3,717 | |
Comprehensive income | -3,546 | -376 |
Eliminations | ||
Condensed Financial Statements, Captions [Line Items] | ||
Net sales | -56,897 | -53,867 |
Costs and expenses: | ||
Cost of sales | -56,897 | -53,867 |
Selling, general, and administrative expenses | 0 | 0 |
Merger-related expenses | 0 | |
Research, technical, and product development expenses | 0 | 0 |
Operating income | 0 | 0 |
Other (expense) income, net | 0 | 0 |
Interest expense, net | 0 | 0 |
Equity in earnings of subsidiaries | -11,800 | -2,781 |
Income (loss) before income taxes | -11,800 | -2,781 |
Provision for (benefit from) income taxes | 0 | 0 |
Net income (loss) attributable to continuing operations | -11,800 | -2,781 |
Net loss attributable to discontinued operations, net of tax | 365 | |
Net income (loss) | -2,416 | |
Comprehensive income | ($3,068) | $722 |
GUARANTOR_SUBSIDIARIES_Schedul1
GUARANTOR SUBSIDIARIES - Schedule of Condensed Consolidating Balance Sheet (Detail) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||||
Current assets: | ||||
Cash and cash equivalents | $209,025 | $182,059 | $167,908 | $343,637 |
Short-term investments | 129,895 | 148,383 | ||
Receivables, net | 111,417 | 117,745 | ||
Inventories, net | 475,719 | 474,306 | ||
Costs in excess of billings | 8,171 | 5,522 | ||
Deferred income taxes | 30,632 | 30,632 | ||
Other current assets | 23,817 | 19,803 | ||
Total current assets | 988,676 | 978,450 | ||
Property, plant, and equipment, net | 366,236 | 369,287 | ||
Goodwill | 144,513 | 145,518 | ||
Other intangible assets, net | 55,131 | 57,122 | ||
Other noncurrent assets | 14,189 | 15,317 | ||
Intercompany investments | 0 | 0 | ||
Total assets | 1,568,745 | 1,565,694 | ||
Current liabilities: | ||||
Current portion of long-term debt | 113,121 | 111,645 | ||
Accounts payable | 85,401 | 105,044 | ||
Accrued wages and other employee costs | 24,132 | 26,874 | ||
Billings in excess of cost | 11,777 | 9,962 | ||
Unearned revenues | 22,042 | 7,623 | ||
Other accrued liabilities | 26,582 | 18,724 | ||
Total current liabilities | 283,055 | 279,872 | ||
Long-term debt | 348,031 | 345,012 | ||
Intercompany debt | 0 | 0 | ||
Liability for post-retirement benefits | 48,935 | 48,295 | ||
Liability for pension benefits | 16,673 | 16,986 | ||
Deferred income taxes | 60,467 | 60,503 | ||
Unearned revenue | 4,829 | 5,476 | ||
Other noncurrent liabilities | 13,889 | 14,070 | ||
Total liabilities | 775,879 | 770,214 | ||
Shareholders' equity | 792,866 | 795,480 | ||
Total liabilities and shareholders’ equity | 1,568,745 | 1,565,694 | ||
RTI International Metals, Inc. | ||||
Current assets: | ||||
Cash and cash equivalents | 627 | 0 | 0 | 0 |
Short-term investments | 0 | 0 | ||
Receivables, net | 1,600 | 928 | ||
Inventories, net | 0 | 0 | ||
Costs in excess of billings | 0 | 0 | ||
Deferred income taxes | 25,589 | 25,591 | ||
Other current assets | 7,333 | 1,307 | ||
Total current assets | 35,149 | 27,826 | ||
Property, plant, and equipment, net | 9,520 | 2,028 | ||
Goodwill | 0 | 0 | ||
Other intangible assets, net | 0 | 0 | ||
Other noncurrent assets | 8,145 | 8,635 | ||
Intercompany investments | 1,292,438 | 1,290,173 | ||
Total assets | 1,345,252 | 1,328,662 | ||
Current liabilities: | ||||
Current portion of long-term debt | 110,281 | 108,767 | ||
Accounts payable | 1,847 | 1,559 | ||
Accrued wages and other employee costs | 5,322 | 6,345 | ||
Billings in excess of cost | 0 | 0 | ||
Unearned revenues | 0 | 0 | ||
Other accrued liabilities | 7,552 | 1,411 | ||
Total current liabilities | 125,002 | 118,082 | ||
Long-term debt | 335,191 | 331,998 | ||
Intercompany debt | 18,832 | 9,768 | ||
Liability for post-retirement benefits | 0 | 0 | ||
Liability for pension benefits | 6,714 | 6,655 | ||
Deferred income taxes | 57,405 | 57,441 | ||
Unearned revenue | 0 | 0 | ||
Other noncurrent liabilities | 9,242 | 9,238 | ||
Total liabilities | 552,386 | 533,182 | ||
Shareholders' equity | 792,866 | 795,480 | ||
Total liabilities and shareholders’ equity | 1,345,252 | 1,328,662 | ||
Guarantor Subsidiaries | ||||
Current assets: | ||||
Cash and cash equivalents | 149,052 | 117,086 | 136,217 | 312,202 |
Short-term investments | 129,895 | 148,383 | ||
Receivables, net | 60,707 | 78,436 | ||
Inventories, net | 321,248 | 319,107 | ||
Costs in excess of billings | 4,271 | 2,393 | ||
Deferred income taxes | 2,755 | 2,754 | ||
Other current assets | 11,528 | 13,345 | ||
Total current assets | 679,456 | 681,504 | ||
Property, plant, and equipment, net | 275,243 | 280,805 | ||
Goodwill | 94,769 | 94,769 | ||
Other intangible assets, net | 32,221 | 32,897 | ||
Other noncurrent assets | 883 | 948 | ||
Intercompany investments | 161,557 | 148,432 | ||
Total assets | 1,244,129 | 1,239,355 | ||
Current liabilities: | ||||
Current portion of long-term debt | 541 | 721 | ||
Accounts payable | 56,512 | 81,055 | ||
Accrued wages and other employee costs | 12,269 | 13,491 | ||
Billings in excess of cost | 1,814 | 2,205 | ||
Unearned revenues | 14,661 | 519 | ||
Other accrued liabilities | 7,398 | 7,879 | ||
Total current liabilities | 93,195 | 105,870 | ||
Long-term debt | 474 | 572 | ||
Intercompany debt | 63,320 | 55,486 | ||
Liability for post-retirement benefits | 48,935 | 48,295 | ||
Liability for pension benefits | 9,799 | 10,172 | ||
Deferred income taxes | 0 | 0 | ||
Unearned revenue | 0 | 0 | ||
Other noncurrent liabilities | 4,370 | 4,549 | ||
Total liabilities | 220,093 | 224,944 | ||
Shareholders' equity | 1,024,036 | 1,014,411 | ||
Total liabilities and shareholders’ equity | 1,244,129 | 1,239,355 | ||
Non-Guarantor Subsidiaries | ||||
Current assets: | ||||
Cash and cash equivalents | 59,346 | 64,973 | 31,691 | 31,435 |
Short-term investments | 0 | 0 | ||
Receivables, net | 79,914 | 70,911 | ||
Inventories, net | 154,471 | 155,199 | ||
Costs in excess of billings | 3,900 | 3,129 | ||
Deferred income taxes | 2,288 | 2,287 | ||
Other current assets | 4,956 | 5,151 | ||
Total current assets | 304,875 | 301,650 | ||
Property, plant, and equipment, net | 81,473 | 86,454 | ||
Goodwill | 49,744 | 50,749 | ||
Other intangible assets, net | 22,910 | 24,225 | ||
Other noncurrent assets | 5,161 | 5,734 | ||
Intercompany investments | 68,244 | 66,101 | ||
Total assets | 532,407 | 534,913 | ||
Current liabilities: | ||||
Current portion of long-term debt | 2,299 | 2,157 | ||
Accounts payable | 57,846 | 54,960 | ||
Accrued wages and other employee costs | 6,541 | 7,038 | ||
Billings in excess of cost | 9,963 | 7,757 | ||
Unearned revenues | 7,381 | 7,104 | ||
Other accrued liabilities | 11,632 | 9,434 | ||
Total current liabilities | 95,662 | 88,450 | ||
Long-term debt | 12,366 | 12,442 | ||
Intercompany debt | 237,065 | 238,953 | ||
Liability for post-retirement benefits | 0 | 0 | ||
Liability for pension benefits | 160 | 159 | ||
Deferred income taxes | 3,062 | 3,062 | ||
Unearned revenue | 4,829 | 5,476 | ||
Other noncurrent liabilities | 277 | 283 | ||
Total liabilities | 353,421 | 348,825 | ||
Shareholders' equity | 178,986 | 186,088 | ||
Total liabilities and shareholders’ equity | 532,407 | 534,913 | ||
Eliminations | ||||
Current assets: | ||||
Cash and cash equivalents | 0 | 0 | 0 | 0 |
Short-term investments | 0 | 0 | ||
Receivables, net | -30,804 | -32,530 | ||
Inventories, net | 0 | 0 | ||
Costs in excess of billings | 0 | 0 | ||
Deferred income taxes | 0 | 0 | ||
Other current assets | 0 | 0 | ||
Total current assets | -30,804 | -32,530 | ||
Property, plant, and equipment, net | 0 | 0 | ||
Goodwill | 0 | 0 | ||
Other intangible assets, net | 0 | 0 | ||
Other noncurrent assets | 0 | 0 | ||
Intercompany investments | -1,522,239 | -1,504,706 | ||
Total assets | -1,553,043 | -1,537,236 | ||
Current liabilities: | ||||
Current portion of long-term debt | 0 | 0 | ||
Accounts payable | -30,804 | -32,530 | ||
Accrued wages and other employee costs | 0 | 0 | ||
Billings in excess of cost | 0 | 0 | ||
Unearned revenues | 0 | 0 | ||
Other accrued liabilities | 0 | 0 | ||
Total current liabilities | -30,804 | -32,530 | ||
Long-term debt | 0 | 0 | ||
Intercompany debt | -319,217 | -304,207 | ||
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 | -350,021 | -336,737 | ||
Shareholders' equity | -1,203,022 | -1,200,499 | ||
Total liabilities and shareholders’ equity | ($1,553,043) | ($1,537,236) |
GUARANTOR_SUBSIDIARIES_Schedul2
GUARANTOR SUBSIDIARIES - Schedule of Condensed Consolidating Statement of Cash Flows (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Condensed Financial Statements, Captions [Line Items] | ||
Cash provided by (used in) operating activities | $21,936 | ($20,715) |
INVESTING ACTIVITIES: | ||
Investments in subsidiaries, net | 0 | |
Acquisitions, net of cash acquired | 0 | -21,797 |
Capital expenditures | -10,140 | -6,850 |
Short-term investments, net | 18,523 | -128,216 |
Divestitures | 0 | 3,281 |
Intercompany debt activity, net | 0 | 0 |
Cash provided by (used in) investing activities | 8,383 | -153,582 |
FINANCING ACTIVITIES: | ||
Proceeds from exercise of employee stock options | 1,208 | 539 |
Excess tax benefits from stock-based compensation activity | 36 | 195 |
Repayments on long-term debt | -104 | -484 |
Intercompany debt activity, net | 0 | 0 |
Purchase of common stock held in treasury | -325 | -850 |
Other equity activities | 0 | |
Cash provided by (used in) financing activities | 815 | -600 |
Parent company investments/dividends, net | 0 | |
Effect of exchange rate changes on cash and cash equivalents | -4,168 | -832 |
Increase (decrease) in cash and cash equivalents | 26,966 | -175,729 |
Cash and cash equivalents at beginning of period | 182,059 | 343,637 |
Cash and cash equivalents at end of period | 209,025 | 167,908 |
RTI International Metals, Inc. | ||
Condensed Financial Statements, Captions [Line Items] | ||
Cash provided by (used in) operating activities | -1,241 | 1,279 |
INVESTING ACTIVITIES: | ||
Investments in subsidiaries, net | 0 | |
Acquisitions, net of cash acquired | 0 | |
Capital expenditures | -61 | -43 |
Short-term investments, net | 0 | 0 |
Divestitures | 0 | |
Intercompany debt activity, net | 0 | -1,120 |
Cash provided by (used in) investing activities | -61 | -1,163 |
FINANCING ACTIVITIES: | ||
Proceeds from exercise of employee stock options | 1,208 | 539 |
Excess tax benefits from stock-based compensation activity | 36 | 195 |
Repayments on long-term debt | 0 | 0 |
Intercompany debt activity, net | 1,249 | 0 |
Purchase of common stock held in treasury | -325 | -850 |
Other equity activities | -239 | |
Cash provided by (used in) financing activities | 1,929 | -116 |
Parent company investments/dividends, net | 0 | |
Effect of exchange rate changes on cash and cash equivalents | 0 | 0 |
Increase (decrease) in cash and cash equivalents | 627 | 0 |
Cash and cash equivalents at beginning of period | 0 | 0 |
Cash and cash equivalents at end of period | 627 | 0 |
Guarantor Subsidiaries | ||
Condensed Financial Statements, Captions [Line Items] | ||
Cash provided by (used in) operating activities | 14,190 | -13,239 |
INVESTING ACTIVITIES: | ||
Investments in subsidiaries, net | -852 | |
Acquisitions, net of cash acquired | 0 | |
Capital expenditures | -9,011 | -4,026 |
Short-term investments, net | 18,523 | -128,216 |
Divestitures | 0 | |
Intercompany debt activity, net | 639 | -23,816 |
Cash provided by (used in) investing activities | 10,151 | -156,910 |
FINANCING ACTIVITIES: | ||
Proceeds from exercise of employee stock options | 0 | 0 |
Excess tax benefits from stock-based compensation activity | 0 | 0 |
Repayments on long-term debt | -277 | -245 |
Intercompany debt activity, net | 7,834 | -5,825 |
Purchase of common stock held in treasury | 0 | 0 |
Other equity activities | 68 | |
Cash provided by (used in) financing activities | 7,625 | -5,836 |
Parent company investments/dividends, net | 234 | |
Effect of exchange rate changes on cash and cash equivalents | 0 | 0 |
Increase (decrease) in cash and cash equivalents | 31,966 | -175,985 |
Cash and cash equivalents at beginning of period | 117,086 | 312,202 |
Cash and cash equivalents at end of period | 149,052 | 136,217 |
Non-Guarantor Subsidiaries | ||
Condensed Financial Statements, Captions [Line Items] | ||
Cash provided by (used in) operating activities | 8,987 | -8,755 |
INVESTING ACTIVITIES: | ||
Investments in subsidiaries, net | 852 | |
Acquisitions, net of cash acquired | -21,797 | |
Capital expenditures | -1,068 | -2,781 |
Short-term investments, net | 0 | 0 |
Divestitures | 3,281 | |
Intercompany debt activity, net | -7,834 | 6,945 |
Cash provided by (used in) investing activities | -8,902 | -13,500 |
FINANCING ACTIVITIES: | ||
Proceeds from exercise of employee stock options | 0 | 0 |
Excess tax benefits from stock-based compensation activity | 0 | 0 |
Repayments on long-term debt | 173 | -239 |
Intercompany debt activity, net | -1,888 | 23,816 |
Purchase of common stock held in treasury | 0 | 0 |
Other equity activities | 171 | |
Cash provided by (used in) financing activities | -1,544 | 23,343 |
Parent company investments/dividends, net | -234 | |
Effect of exchange rate changes on cash and cash equivalents | -4,168 | -832 |
Increase (decrease) in cash and cash equivalents | -5,627 | 256 |
Cash and cash equivalents at beginning of period | 64,973 | 31,435 |
Cash and cash equivalents at end of period | 59,346 | 31,691 |
Eliminations | ||
Condensed Financial Statements, Captions [Line Items] | ||
Cash provided by (used in) operating activities | 0 | 0 |
INVESTING ACTIVITIES: | ||
Investments in subsidiaries, net | 0 | |
Acquisitions, net of cash acquired | 0 | |
Capital expenditures | 0 | 0 |
Short-term investments, net | 0 | 0 |
Divestitures | 0 | |
Intercompany debt activity, net | 7,195 | 17,991 |
Cash provided by (used in) investing activities | 7,195 | 17,991 |
FINANCING ACTIVITIES: | ||
Proceeds from exercise of employee stock options | 0 | 0 |
Excess tax benefits from stock-based compensation activity | 0 | 0 |
Repayments on long-term debt | 0 | 0 |
Intercompany debt activity, net | -7,195 | -17,991 |
Purchase of common stock held in treasury | 0 | 0 |
Other equity activities | 0 | |
Cash provided by (used in) financing activities | -7,195 | -17,991 |
Parent company investments/dividends, net | 0 | |
Effect of exchange rate changes on cash and cash equivalents | 0 | 0 |
Increase (decrease) in cash and cash equivalents | 0 | 0 |
Cash and cash equivalents at beginning of period | 0 | 0 |
Cash and cash equivalents at end of period | 0 | 0 |
Restatement Adjustment | Guarantor Subsidiaries | ||
INVESTING ACTIVITIES: | ||
Investments in subsidiaries, net | 23,816 | |
FINANCING ACTIVITIES: | ||
Intercompany debt activity, net | 23,816 | |
Restatement Adjustment | Non-Guarantor Subsidiaries | ||
INVESTING ACTIVITIES: | ||
Investments in subsidiaries, net | 23,816 | |
FINANCING ACTIVITIES: | ||
Intercompany debt activity, net | 23,816 | |
Restatement Adjustment | Eliminations | ||
INVESTING ACTIVITIES: | ||
Investments in subsidiaries, net | -47,632 | |
FINANCING ACTIVITIES: | ||
Intercompany debt activity, net | ($47,632) |