Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2012 | Jan. 31, 2013 | Jun. 30, 2012 |
Document Information [Line Items] | ' | ' | ' |
Document Type | '10-K/A | ' | ' |
Amendment Flag | 'true | ' | ' |
Amendment Description | 'On October 27, 2013, the Audit Committee of the Board of Directors of RTI International Metals, Inc. (the “Company,†sometimes referred to as “weâ€, “us†or “ourâ€), upon the identification by and recommendation of management and the concurrence of PricewaterhouseCoopers LLP, our independent registered public accounting firm, concluded that the previously issued Consolidated Financial Statements for the year ended December 31, 2012 contained in our Annual Report on Form 10-K for the year ended December 31, 2012 (the “Original Form 10-Kâ€) as originally filed with the Securities and Exchange Commission (the “SECâ€) on February 22, 2013 (the “Original Filing Dateâ€), as restated by Amendment No. 1 on Form 10-K/A (the “Amendment No. 1â€) filed with the SEC on September 24, 2013, should no longer be relied upon and would be restated to correct errors in those financial statements. The errors overstated net sales and operating income by $1.5 million as compared to the amounts set forth in Amendment No. 1. This Amendment No. 2 on Form 10-K/A (the “Amendment†“Form 10-K/A†or “Annual Reportâ€) is being filed to reflect restatements of the Company’s Consolidated Financial Statements and related disclosures in Item 8 for the year ended December 31, 2012 (including restated financial information as of and for the interim periods contained therein), and to reflect revisions, where necessary, to certain disclosures within the Business section of Item 1, Risk Factors in Item 1A, Selected Financial Data in Item 6, Management’s Discussion and Analysis in Item 7, Financial Statements and Supplementary Data in Item 8, Controls and Procedures in Item 9A, and Exhibits and Financial Statement Schedules in Item 15. As previously disclosed in the Company’s Current Report on Form 8-K filed on September 19, 2013, the Company had historically recognized revenues for certain of its long-term contracts related to projects of the Company’s Engineered Products and Services Segment, primarily for use in offshore oil and gas drilling, upon the delivery of products or the performance of services. In July 2013, the Company undertook a review of these contracts, and determined that for certain of the contracts this treatment was incorrect, and as such filed Amendment No. 1 on September 24, 2013 to correctly present the Consolidated Financial Statements using a percentage-of-completion accounting model under Accounting Standards Codification (“ASCâ€) 605-35, Construction-Type and Production-Type Contracts, as well as other related adjustments, for the contracts at issue. In connection with the preparation of Amendment No. 1, multiple spreadsheets were created and used to calculate historic revenue and cost of goods sold under the contracts requiring application of the percentage-of-completion methodology under ASC 605-35. During the Company’s third quarter closing process, the Company determined that one of these spreadsheets inadvertently contained computational errors resulting in an inaccurate calculation of the revenues and cost of sales for these contracts. These errors resulted in an overstatement of net sales and operating income for the year ended December 31, 2012 by $1.5 million as compared to the amounts set forth in Amendment No. 1, and have been corrected herein. The Company also made immaterial corrections to goodwill and deferred income tax balances associated with its acquisition of its RTI Remmele Engineering and RTI Remmele Medical subsidiaries. The following tables present the Company’s restated Unaudited Condensed Consolidated Financial Statements for (i) the interim periods in 2012, (ii) the three months ended March 31, 2011 (which information is unchanged from that shown in Amendment No. 1), and (iii) the three months ended June 30, 2011 (which information is unchanged from that shown in Amendment No. 1), as well as revised Unaudited Condensed Consolidated Financial Statements for the six months ended June 30, 2011 and the three and nine months ended September 30, 2011 (which information is unchanged from that shown in Amendment No. 1). Columns labeled “First Restatement Adjustment†or “Revision Adjustment†illustrate the effect of the restatement or revision as previously set forth in Amendment No. 1, while columns labeled “Second Restatement Adjustment†for the interim periods in 2012 refer to the effect of the correction of the errors discussed above and represent the reconciling difference between this Amendment and Amendment No. 1 for such periods in 2012 (2011 information is unchanged from Amendment No. 1). The following tables have been adjusted to present the results of the Company’s former RTI Pierce Spafford facility, which was divested in April 2013, as a discontinued operation. | ' | ' |
Document Period End Date | 31-Dec-12 | ' | ' |
Document Fiscal Year Focus | '2012 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Trading Symbol | 'RTI | ' | ' |
Entity Registrant Name | 'RTI INTERNATIONAL METALS INC | ' | ' |
Entity Central Index Key | '0001068717 | ' | ' |
Current Fiscal Year End Date | '--12-31 | ' | ' |
Entity Well-known Seasoned Issuer | 'Yes | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Filer Category | 'Large Accelerated Filer | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 30,441,990 | ' |
Entity Public Float | ' | ' | $686 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (USD $) | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||||||||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2011 | Sep. 30, 2011 | Jun. 30, 2011 | Mar. 31, 2011 | Jun. 30, 2012 | Jun. 30, 2011 | Sep. 30, 2012 | Sep. 30, 2011 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | |||
Net sales | $187,013 | $182,545 | $184,462 | $154,070 | $134,628 | $136,853 | $118,007 | $111,800 | $338,532 | $229,807 | $521,077 | $366,660 | $708,090 | $501,288 | $406,491 | [1] | ||
Cost and Expenses: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Cost of sales | ' | 148,895 | 150,443 | 121,563 | ' | 114,002 | 93,824 | 88,488 | 272,006 | 182,312 | 420,901 | 296,314 | 568,462 | 407,660 | 334,126 | |||
Selling, general, and administrative expenses | ' | 21,725 | 22,678 | 20,833 | ' | 15,616 | 16,811 | 16,551 | 43,511 | 33,362 | 65,236 | 48,978 | 87,986 | [2] | 67,685 | [3] | 60,309 | [3] |
Research, technical, and product development expenses | ' | 1,012 | 1,104 | 1,065 | ' | 925 | 890 | 632 | 2,169 | 1,522 | 3,181 | 2,447 | 4,164 | 3,392 | 3,256 | |||
Asset and asset-related charges (income) | ' | 1,617 | ' | ' | ' | ' | ' | -1,501 | ' | -1,501 | 1,617 | -1,501 | 367 | -1,501 | -5,012 | |||
Operating income | 16,969 | 9,296 | 10,237 | 10,609 | 3,630 | 6,310 | 6,482 | 7,630 | 20,846 | 14,112 | 30,142 | 20,422 | 47,111 | 24,052 | 13,812 | |||
Other income (expense), net | ' | 16 | 570 | -268 | ' | 198 | 133 | -522 | 302 | -389 | 318 | -191 | -501 | 56 | -622 | |||
Interest income | ' | 18 | 33 | 82 | ' | 331 | 355 | 225 | 115 | 580 | 133 | 911 | 148 | 1,151 | 492 | |||
Interest expense | ' | -4,708 | -4,209 | -4,278 | ' | -4,173 | -4,250 | -4,300 | -8,487 | -8,550 | -13,195 | -12,723 | -17,926 | -16,796 | -2,111 | |||
Income (loss) before income taxes | ' | 4,622 | 6,631 | 6,145 | ' | 2,666 | 2,720 | 3,033 | 12,776 | 5,753 | 17,398 | 8,419 | 28,832 | 8,463 | 11,571 | |||
Provision for income taxes | ' | 1,423 | 2,538 | 2,087 | ' | 1,499 | 603 | 1,536 | 4,625 | 2,139 | 6,048 | 3,638 | 10,392 | 4,269 | 8,311 | |||
Net income attributable to continuing operations | 7,090 | 3,199 | 4,093 | 4,058 | -587 | 1,167 | 2,117 | 1,497 | 8,151 | 3,614 | 11,350 | 4,781 | 18,440 | 4,194 | 3,260 | |||
Net income attributable to discontinued operations | ' | 389 | 453 | 571 | ' | 493 | 618 | 422 | 1,024 | 1,040 | 1,413 | 1,533 | 1,700 | 1,838 | 310 | |||
Net income | ' | $3,588 | $4,546 | $4,629 | ' | $1,660 | $2,735 | $1,919 | $9,175 | $4,654 | $12,763 | $6,314 | $20,140 | $6,032 | [4] | $3,570 | [4] | |
Earnings per share attributable to continuing operations: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Basic | $0.23 | $0.11 | $0.14 | $0.13 | ($0.02) | $0.04 | $0.07 | $0.05 | $0.27 | $0.12 | $0.37 | $0.16 | $0.61 | $0.14 | $0.11 | |||
Diluted | $0.23 | $0.11 | $0.13 | $0.13 | ($0.02) | $0.04 | $0.07 | $0.05 | $0.27 | $0.12 | $0.37 | $0.16 | $0.61 | $0.14 | $0.11 | |||
Earnings per share attributable to discontinued operations: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Basic | ' | $0.01 | $0.01 | $0.02 | ' | $0.02 | $0.02 | $0.01 | $0.03 | $0.03 | $0.05 | $0.05 | $0.06 | $0.06 | $0.01 | |||
Diluted | $0.01 | $0.01 | $0.01 | $0.02 | $0.01 | $0.02 | $0.02 | $0.01 | $0.03 | $0.03 | $0.05 | $0.05 | $0.06 | $0.06 | $0.01 | |||
Weighted-average shares outstanding: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Basic | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 30,127,275 | 30,017,677 | 29,916,465 | |||
Diluted | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 30,257,688 | 30,257,185 | 30,145,099 | |||
[1] | During the year ended December 31, 2010, the Parent recorded net sales related to the March 2010 settlement of certain Airbus 2009 contractual obligations. | |||||||||||||||||
[2] | The Parent allocates selling, general, and administrative expenses ("SG&A") to the subsidiaries based upon its budgeted annual expenses. A credit in the Parent's SG&A is offset by an equal debit amount in the subsidiaries' SG&A. | |||||||||||||||||
[3] | The Parent allocates SG&A to the subsidiaries based upon its budgeted annual expenses. | |||||||||||||||||
[4] | The Company does not present cash flows from discontinued operations, consistent with ASC 230, Statement of Cash Flows. |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (Loss) (USD $) | 12 Months Ended | ||||
In Thousands, unless otherwise specified | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | ||
Net income | $20,140 | $6,032 | [1] | $3,570 | [1] |
Other comprehensive income (loss): | ' | ' | ' | ||
Foreign currency translation, net of tax of $1,567, $(1,101) and $3,222 | 2,558 | -1,876 | 5,981 | ||
Unrealized gain (loss) on investments, net of tax of $0, $(19), and $(8) | ' | -35 | -15 | ||
Realized loss on investments net of tax of $4, $0, and $0 | 8 | ' | ' | ||
Benefit plan amortization, net of tax of $(4,921), $(2,861), and $(2,552) | -8,077 | -4,963 | -4,740 | ||
Other comprehensive income (loss), net of tax | -5,511 | -6,874 | 1,226 | ||
Comprehensive income (loss) | $14,629 | ($842) | $4,796 | ||
[1] | The Company does not present cash flows from discontinued operations, consistent with ASC 230, Statement of Cash Flows. |
Consolidated_Statements_of_Com1
Consolidated Statements of Comprehensive Income (Loss) (Parenthetical) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
Foreign currency translation, tax | $1,567 | ($1,101) | $3,222 |
Unrealized gain (loss) on investments, tax | 0 | -19 | -8 |
Realized loss on investments, tax | 4 | 0 | 0 |
Benefit plan amortization, tax | ($4,921) | ($2,861) | ($2,552) |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2012 | Oct. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2011 | Sep. 30, 2011 | Jun. 30, 2011 | Mar. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2009 |
In Thousands, unless otherwise specified | |||||||||||
Current assets: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash and cash equivalents | $97,190 | ' | $73,389 | $99,525 | $117,872 | $156,842 | $189,741 | $228,313 | $276,154 | $376,951 | $56,216 |
Short-term investments | ' | ' | 3,998 | ' | ' | 164,255 | 76,587 | 63,590 | 38,892 | ' | ' |
Receivables, less allowance for doubtful accounts of $722 and $847 | 105,317 | ' | 114,248 | 103,757 | 103,163 | 86,428 | 84,528 | 62,408 | 72,751 | ' | ' |
Inventories, net | 385,116 | ' | 352,829 | 327,169 | 307,627 | 259,852 | 244,268 | 250,268 | 261,052 | ' | ' |
Costs in excess of billings | 2,260 | ' | 2,151 | 658 | 5 | 400 | ' | ' | 112 | ' | ' |
Deferred income taxes | 31,380 | ' | 22,059 | 20,775 | 20,475 | 19,041 | 20,161 | 22,930 | 23,664 | ' | ' |
Assets of discontinued operations | 14,741 | ' | 16,799 | 17,633 | 18,598 | 16,083 | 14,945 | 13,062 | 13,724 | ' | ' |
Other current assets | 11,270 | ' | 11,160 | 13,269 | 11,269 | 10,222 | 14,934 | 12,209 | 14,156 | ' | ' |
Total current assets | 647,274 | ' | 596,633 | 582,786 | 579,009 | 713,123 | 645,164 | 652,780 | 700,505 | ' | ' |
Property, plant, and equipment, net | 375,949 | ' | 367,768 | 365,735 | 361,464 | 289,375 | 267,994 | 266,079 | 261,263 | 260,457 | ' |
Marketable Securities | ' | ' | ' | ' | ' | 12,683 | 89,479 | 92,440 | 48,779 | ' | ' |
Goodwill | 130,610 | 130,776 | 131,606 | 133,570 | 133,595 | 54,483 | 39,924 | 40,834 | 40,824 | 40,414 | ' |
Other intangible assets, net | 56,495 | ' | 57,664 | 58,251 | 59,527 | 22,576 | 12,829 | 13,965 | 14,219 | ' | ' |
Deferred income taxes | 33,287 | ' | 32,197 | 29,239 | 29,111 | 27,424 | 23,611 | 24,909 | 23,537 | ' | ' |
Other noncurrent assets | 8,866 | ' | 8,353 | 8,792 | 8,476 | 8,756 | 8,903 | 9,354 | 9,797 | ' | ' |
Total assets | 1,252,481 | ' | 1,194,221 | 1,178,373 | 1,171,182 | 1,128,420 | 1,087,904 | 1,100,361 | 1,098,924 | 1,111,305 | ' |
Current liabilities: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accounts payable | 91,661 | ' | 67,166 | 61,084 | 64,837 | 55,820 | 49,218 | 31,092 | 31,932 | ' | ' |
Accrued wages and other employee costs | 34,096 | ' | 29,445 | 24,871 | 19,690 | 26,787 | 20,685 | 18,533 | 14,986 | ' | ' |
Unearned revenues | 24,998 | ' | 34,523 | 36,844 | 36,583 | 19,716 | 16,420 | 21,921 | 27,830 | ' | ' |
Liabilities of discontinued operations | 2,332 | ' | 3,198 | 3,494 | 3,879 | 4,244 | 5,069 | 3,467 | 4,551 | ' | ' |
Other accrued liabilities | 22,550 | ' | 27,458 | 21,680 | 21,768 | 20,085 | 19,797 | 28,222 | 29,156 | ' | ' |
Total current liabilities | 175,637 | ' | 161,790 | 147,973 | 146,757 | 126,652 | 111,189 | 103,235 | 108,455 | ' | ' |
Long-term debt | 198,337 | ' | 196,079 | 193,727 | 191,189 | 186,981 | 184,695 | 182,462 | 180,269 | ' | ' |
Liability for post-retirement benefits | 45,066 | ' | 42,220 | 42,000 | 41,806 | 41,388 | 41,128 | 40,859 | 40,277 | ' | ' |
Liability for pension benefits | 20,711 | ' | 2,555 | 13,402 | 15,097 | 20,830 | 7,153 | 27,604 | 28,504 | ' | ' |
Deferred income taxes | 46,384 | ' | 33,663 | 33,749 | 33,141 | 13,606 | 5,441 | 3,169 | 3,102 | ' | ' |
Unearned revenues | 13,013 | ' | 3,240 | 3,385 | 3,504 | 8,115 | 3,675 | 3,754 | 3,820 | ' | ' |
Other noncurrent liabilities | 11,798 | ' | 8,908 | 8,969 | 8,895 | 8,755 | 8,538 | 8,527 | 8,569 | ' | ' |
Total liabilities | 510,946 | ' | 448,455 | 443,205 | 440,389 | 406,327 | 361,819 | 369,610 | 372,996 | ' | ' |
Commitments and Contingencies | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shareholders' equity: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock, $0.01 par value; 50,000,000 shares authorized; 31,136,899 and 30,948,209 shares issued; 30,354,324 and 30,198,780 shares outstanding | 311 | ' | 311 | 311 | 311 | 309 | 309 | 309 | 309 | ' | ' |
Additional paid-in capital | 484,798 | ' | 483,156 | 481,855 | 480,653 | 479,245 | 478,025 | 476,948 | 475,779 | ' | ' |
Treasury stock, at cost; 782,575 and 749,249 shares | -18,399 | ' | -18,399 | -18,399 | -18,399 | -17,657 | -17,646 | -17,646 | -17,646 | ' | ' |
Accumulated other comprehensive loss | -44,722 | ' | -31,472 | -37,181 | -35,808 | -39,211 | -34,292 | -26,889 | -27,808 | ' | ' |
Retained earnings | 319,547 | ' | 312,170 | 308,582 | 304,036 | 299,407 | 299,689 | 298,029 | 295,294 | ' | ' |
Total shareholders' equity | 741,535 | ' | 745,766 | 735,168 | 730,793 | 722,093 | 726,085 | 730,751 | 725,928 | 718,261 | 678,914 |
Total liabilities and shareholders' equity | $1,252,481 | ' | $1,194,221 | $1,178,373 | $1,171,182 | $1,128,420 | $1,087,904 | $1,100,361 | $1,098,924 | ' | ' |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2011 | Sep. 30, 2011 | Jun. 30, 2011 | Mar. 31, 2011 |
In Thousands, except Share data, unless otherwise specified | ||||||||
Allowance for doubtful accounts | $722 | $909 | $967 | $936 | $847 | $760 | $447 | $461 |
Common stock, par value | $0.01 | $0.01 | $0.01 | $0.01 | $0.01 | $0.01 | $0.01 | $0.01 |
Common stock, shares authorized | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 |
Common stock, shares issued | 31,136,899 | 31,106,934 | 31,097,449 | 31,066,254 | 30,948,209 | 30,935,132 | 30,933,721 | 30,917,846 |
Common stock, shares outstanding | 30,354,324 | 30,324,359 | 30,314,874 | 30,286,870 | 30,198,780 | 30,187,961 | 30,188,550 | 30,172,675 |
Treasury stock, shares | 782,575 | 749,429 | 782,575 | 779,375 | 749,249 | 747,171 | 745,171 | 745,171 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||||
In Thousands, unless otherwise specified | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | ||
OPERATING ACTIVITIES: | ' | ' | ' | ||
Net income | $20,140 | $6,032 | [1] | $3,570 | [1] |
Adjustment for non-cash items: | ' | ' | ' | ||
Depreciation and amortization | 41,170 | 22,488 | 22,111 | ||
Asset and asset-related charges (income) | 367 | -597 | -2,738 | ||
Deferred income taxes, net | 1,433 | 8,097 | [1] | 16,124 | [1] |
Stock-based compensation | 4,797 | 4,599 | 3,847 | ||
Excess tax benefits from stock-based compensation activity | -196 | -302 | -380 | ||
(Gain) loss on disposal of property, plant, and equipment, net | -4 | 70 | -1,362 | ||
Amortization of debt issuance costs | 1,403 | 1,471 | 762 | ||
Amortization of discount on long-term debt | 9,683 | 8,900 | 393 | ||
Amortization of premiums paid for short-term investments and marketable securities, net | ' | 2,012 | ' | ||
Bad debt expense | 67 | 135 | 193 | ||
Changes in assets and liabilities: | ' | ' | ' | ||
Receivables | -1,818 | -32,440 | 7,235 | ||
Inventories | -103,380 | 3,810 | -3,708 | ||
Accounts payable | 32,133 | 6,271 | 2,126 | ||
Income taxes payable | 3,767 | 67 | 223 | ||
Unearned revenue | 9,193 | -2,606 | [1] | 12,029 | [1] |
Costs in excess of billings | -1,860 | -300 | [1] | -85 | [1] |
Liability for pension benefits | -12,295 | -22,066 | 1,618 | ||
Other current assets and liabilities, net | -3,479 | 5,217 | [1] | 16,376 | [1] |
Other noncurrent assets and liabilities, net | 6,945 | 3,977 | [1] | -3,126 | [1] |
Cash provided by (used in) operating activities | 8,066 | 14,835 | 75,208 | ||
Investing activities: | ' | ' | ' | ||
Acquisitions, net of cash acquired | -182,811 | -35,812 | ' | ||
Maturity/sale of investments | 180,808 | 149,411 | 45,000 | ||
Capital expenditures | -61,538 | -38,845 | -28,632 | ||
Purchase of investments | -4,037 | -309,820 | -234 | ||
Proceeds from disposal of property, plant, and equipment | 10 | 20 | 4,011 | ||
Cash provided by (used in) investing activities | -67,568 | -235,046 | 20,145 | ||
FINANCING ACTIVITIES: | ' | ' | ' | ||
Proceeds from employee stock activity | 729 | 367 | 1,096 | ||
Excess tax benefits from stock-based compensation activity | 196 | 302 | 380 | ||
Purchase of common stock held in treasury | -742 | -294 | -367 | ||
Borrowings on long-term debt | ' | ' | 230,000 | ||
Repayments on long-term debt | -758 | -25 | -37 | ||
Financing fees | -823 | ' | -7,249 | ||
Cash provided by (used in) financing activities | -1,398 | 350 | 223,823 | ||
Effect of exchange rate changes on cash and cash equivalents | 1,248 | -248 | 1,559 | ||
Increase (decrease) in cash and cash equivalents | -59,652 | -220,109 | 320,735 | ||
Cash and cash equivalents at beginning of period | 156,842 | 376,951 | 56,216 | ||
Cash and cash equivalents at end of period | 97,190 | 156,842 | 376,951 | ||
Supplemental cash flow information: | ' | ' | ' | ||
Cash paid for interest | 7,496 | 7,148 | 588 | ||
Cash paid (refund received) for income taxes | 5,333 | -10,191 | -8,141 | ||
Non-cash investing and financing activities: | ' | ' | ' | ||
Issuance of common stock for restricted stock awards | 2,028 | 1,985 | 1,712 | ||
Capital leases | $575 | ' | ' | ||
[1] | The Company does not present cash flows from discontinued operations, consistent with ASC 230, Statement of Cash Flows. |
Consolidated_Statement_of_Shar
Consolidated Statement of Shareholders' Equity (USD $) | Total | Common Stock | Additional Paid-In Capital | Treasury Stock | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | |
In Thousands, except Share data | |||||||
Beginning Balance at Dec. 31, 2009 | $678,914 | $307 | $439,361 | ($16,996) | $289,805 | ($33,563) | |
Beginning Balance, shares at Dec. 31, 2009 | ' | 30,010,998 | ' | ' | ' | ' | |
Net income | 3,570 | [1] | ' | ' | ' | 3,570 | ' |
Other comprehensive income (loss) | 1,226 | ' | ' | ' | ' | 1,226 | |
Shares issued for directors' compensation, shares | ' | 16,763 | ' | ' | ' | ' | |
Shares issued for directors' compensation | ' | ' | ' | ' | ' | ' | |
Shares issued for restricted stock award plans, shares | ' | 49,770 | ' | ' | ' | ' | |
Shares issued for restricted stock award plans | 1 | 1 | ' | ' | ' | ' | |
Stock-based compensation expense recognized | 3,847 | ' | 3,847 | ' | ' | ' | |
Treasury stock purchased at cost, shares | ' | -14,053 | ' | ' | ' | ' | |
Treasury stock purchased at cost | -367 | ' | ' | -367 | ' | ' | |
Exercise of employee options (in shares) | ' | 62,757 | ' | ' | ' | ' | |
Exercise of employee options | 1,097 | 1 | 1,096 | ' | ' | ' | |
Forfeiture of restricted stock awards, shares | ' | -7,800 | ' | ' | ' | ' | |
Forfeiture of restricted stock awards | ' | ' | ' | ' | ' | ' | |
Tax benefits from stock-based compensation activity | 54 | ' | 54 | ' | ' | ' | |
Shares issued for employee stock purchase plan (in shares) | ' | 5,084 | ' | ' | ' | ' | |
Shares issued for employee stock purchase plan | 131 | ' | 131 | ' | ' | ' | |
Equity component of convertible debt, net of deferred taxes | 29,788 | ' | 29,788 | ' | ' | ' | |
Ending Balance at Dec. 31, 2010 | 718,261 | 309 | 474,277 | -17,363 | 293,375 | -32,337 | |
Ending Balance, shares at Dec. 31, 2010 | ' | 30,123,519 | ' | ' | ' | ' | |
Net income | 6,032 | [1] | ' | ' | ' | 6,032 | ' |
Other comprehensive income (loss) | -6,874 | ' | ' | ' | ' | -6,874 | |
Shares issued for directors' compensation, shares | ' | 14,273 | ' | ' | ' | ' | |
Shares issued for directors' compensation | ' | ' | ' | ' | ' | ' | |
Shares issued for restricted stock award plans, shares | ' | 54,665 | ' | ' | ' | ' | |
Stock-based compensation expense recognized | 4,599 | ' | 4,599 | ' | ' | ' | |
Treasury stock purchased at cost, shares | ' | -10,423 | ' | ' | ' | ' | |
Treasury stock purchased at cost | -294 | ' | ' | -294 | ' | ' | |
Exercise of employee options (in shares) | ' | 13,653 | ' | ' | ' | ' | |
Exercise of employee options | 178 | ' | 178 | ' | ' | ' | |
Forfeiture of restricted stock awards, shares | ' | -3,800 | ' | ' | ' | ' | |
Forfeiture of restricted stock awards | ' | ' | ' | ' | ' | ' | |
Tax benefits from stock-based compensation activity | 2 | ' | 2 | ' | ' | ' | |
Shares issued for employee stock purchase plan (in shares) | ' | 6,893 | ' | ' | ' | ' | |
Shares issued for employee stock purchase plan | 189 | ' | 189 | ' | ' | ' | |
Ending Balance at Dec. 31, 2011 | 722,093 | 309 | 479,245 | -17,657 | 299,407 | -39,211 | |
Ending Balance, shares at Dec. 31, 2011 | ' | 30,198,780 | ' | ' | ' | ' | |
Net income | 20,140 | ' | ' | ' | 20,140 | ' | |
Other comprehensive income (loss) | -5,511 | ' | ' | ' | ' | -5,511 | |
Shares issued for directors' compensation, shares | ' | 26,153 | ' | ' | ' | ' | |
Shares issued for directors' compensation | ' | ' | ' | ' | ' | ' | |
Shares issued for restricted stock award plans, shares | ' | 56,173 | ' | ' | ' | ' | |
Shares issued for restricted stock award plans | 1 | 1 | ' | ' | ' | ' | |
Shares issued for performance award plans, shares | ' | 54,315 | ' | ' | ' | ' | |
Shares issued for performance award plans | 1 | 1 | ' | ' | ' | ' | |
Stock-based compensation expense recognized | 4,797 | ' | 4,797 | ' | ' | ' | |
Treasury stock purchased at cost, shares | ' | -29,946 | ' | ' | ' | ' | |
Treasury stock purchased at cost | -742 | ' | ' | -742 | ' | ' | |
Exercise of employee options (in shares) | 41,422 | 41,422 | ' | ' | ' | ' | |
Exercise of employee options | 494 | ' | 494 | ' | ' | ' | |
Forfeiture of restricted stock awards, shares | ' | -3,200 | ' | ' | ' | ' | |
Forfeiture of restricted stock awards | ' | ' | ' | ' | ' | ' | |
Tax benefits from stock-based compensation activity | 27 | ' | 27 | ' | ' | ' | |
Shares issued for employee stock purchase plan (in shares) | 23,000 | 10,627 | ' | ' | ' | ' | |
Shares issued for employee stock purchase plan | 235 | ' | 235 | ' | ' | ' | |
Ending Balance at Dec. 31, 2012 | $741,535 | $311 | $484,798 | ($18,399) | $319,547 | ($44,722) | |
Ending Balance, shares at Dec. 31, 2012 | ' | 30,354,324 | ' | ' | ' | ' | |
[1] | The Company does not present cash flows from discontinued operations, consistent with ASC 230, Statement of Cash Flows. |
ORGANIZATION_AND_OPERATIONS
ORGANIZATION AND OPERATIONS | 12 Months Ended |
Dec. 31, 2012 | |
ORGANIZATION AND OPERATIONS | ' |
Note 1—ORGANIZATION AND OPERATIONS: | |
The accompanying Consolidated Financial Statements of RTI International Metals, Inc. and its subsidiaries (the “Company” or “RTI”) include the financial position and results of operations for the Company. | |
The Company is a leading producer and global supplier of advanced titanium mill products and a manufacturer of fabricated titanium and specialty metal components for the international aerospace, defense, energy, medical device, and other 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 February 13, 2012, the Company completed its acquisition of all of the issued and outstanding common stock of Remmele Holding, Inc. (formerly REI Delaware Holding, Inc.) (“Remmele”), which directly owns all of the issued and outstanding capital stock of RTI Remmele Engineering, Inc. (formerly Remmele Engineering, Inc.) and indirectly owns all of the issued and outstanding capital stock of RTI Remmele Medical, Inc. (formerly REI Medical, Inc.) for total consideration of approximately $185.4 million, including approximately $182.6 million in cash and the assumption of $2.8 million of capitalized equipment leases. Remmele provides precision machining and collaborative engineering, as well as other key technologies and services, for the aerospace and defense and medical device sectors. The acquisition broadens the Company’s product offerings and provides access to new markets. Refer to Note 5 for additional information on this acquisition. | |
Effective January 1, 2013, the Company conducts business in two segments: the Titanium Segment and the Engineered Products and Services (“EP&S”) Segment. The new structure better reflects the Company’s transformation into an integrated supplier of advanced titanium products across the entire supply chain, and better aligns its resources to support the Company’s long-term growth strategy. | |
The Titanium Segment melts, processes, produces, 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, Ohio; Canton, Ohio; Hermitage, Pennsylvania; Martinsville, Virginia; Garden Grove, California; Windsor, Connecticut; 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, machine, micro machine, and assemble titanium, aluminum, and other specialty metal parts and components. Its products, many of which are complex engineered parts and assemblies, serve the commercial aerospace, defense, medical device, oil and gas, power generation, and chemical process industries, as well as a number of other industrial and consumer markets. With operations located in Minneapolis, Minnesota; Houston, Texas; Sullivan, Missouri; Washington, Missouri; Laval, Canada; and Welwyn Garden City, 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 Engineered Products and Services Segment utilizes the Titanium Segment as its primary source of titanium mill products. |
RESTATEMENTS_AND_REVISIONS
RESTATEMENTS AND REVISIONS | 12 Months Ended | ||||||||||||||||||||||||||||||||||||||||
Dec. 31, 2012 | |||||||||||||||||||||||||||||||||||||||||
RESTATEMENTS AND REVISIONS | ' | ||||||||||||||||||||||||||||||||||||||||
Note 2—RESTATEMENTS AND REVISIONS: | |||||||||||||||||||||||||||||||||||||||||
As previously disclosed in the Company’s Current Report on Form 8-K filed on September 19, 2013 and the Company’s first Amended Annual Report on Form 10-K/A for the year ended December 31, 2012, as filed on September 24, 2013 (“Amendment No. 1”), the Company historically recognized revenues for certain of its long-term contracts upon the delivery of products or the performance of services. In July 2013, the Company undertook a review of these contracts, and determined that for certain of these contracts this treatment was incorrect, and a project-based accounting model would be more appropriate. As such, the Company filed Amendment No. 1 on September 24, 2013 to correctly present the Consolidated Financial Statements as if these contracts were accounted for using the percentage-of-completion accounting model under Accounting Standards Codification (“ASC”) 605-35, Construction-Type and Production-Type Contracts, as well as other related adjustments. ASC 605-35 requires that management continually update estimates of projected revenues and costs for each contract to determine the appropriate amount of revenue and costs to recognize in each period. For certain contracts, since the Company had not been historically recording revenue and expenses in accordance with ASC 605-35, such estimates are not available for historical periods and it is not practicable to create such estimates. As a result, revenues and costs under these contracts have been recorded in equal amounts using the zero profit method under ASC 605-35 until the period when the Company believed it would have been able to estimate its remaining revenues and costs at which point the cumulative contract gross profit earned to date was recorded. This generally occurred when the primary deliverable under the contract was delivered. | |||||||||||||||||||||||||||||||||||||||||
In connection with the preparation of Amendment No. 1, multiple spreadsheets had been created and used to calculate the historic revenue and costs of goods sold under the contracts requiring application of the percentage-of-completion methodology under ASC 605-35. During the Company’s third quarter closing process, the Company determined that one of these spreadsheets inadvertently contained computational errors resulting in an inaccurate calculation of the revenues and costs of sales for these contracts. These errors resulted in an overstatement of net sales and operating income for the year ended December 31, 2012 by $1,464 and $1,533, respectively, as compared to the amounts set forth in Amendment No. 1. In addition, when combined with the errors in Amendment No. 1, the total of these errors resulted in an overstatement of net sales and operating income from the amounts set forth in the Company’s Annual Report on Form 10-K for the year ended December 31, 2012 as filed on February 22, 2013, by $897 and $5,297. In light of these computational errors, the Company is filing this Amendment No. 2 on Form 10-K/A (the “Amendment”). The Company also made immaterial corrections associated with its acquisition of its RTI Remmele Engineering and RTI Remmele Medical subsidiaries which increased current deferred tax assets $192, while decreasing goodwill and non-current deferred tax liabilities by $5,260 and $5,068, respectively. Previously restated or revised figures for the years ended December 31, 2011 and 2010, and the related interim periods have not been adjusted in conjunction with the filing of this Amendment as effects on these periods were immaterial. | |||||||||||||||||||||||||||||||||||||||||
The effects of this Amendment on the Consolidated Financial Statements as previously filed for the year ended December 31, 2012, the revisions to the Consolidated Financial Statements for the years ended December 31, 2011 and 2010 and the impact of recasting the restated or revised amounts for the respective periods for the disposition of RTI Pierce Spafford in April 2013 are presented below. Columns labeled “First Restatement Adjustment” or “Revision Adjustment” represent the effect of the restatement or revision as set forth in Amendment No. 1, while columns labeled “Second Restatement Adjustment” refer to the effect of the correction of the errors discussed above. The “Second Restatement Adjustment” columns represent the reconciling difference between this Amendment and Amendment No. 1. | |||||||||||||||||||||||||||||||||||||||||
Year Ended December 31, 2012 | |||||||||||||||||||||||||||||||||||||||||
Previously | First | Second | As | Discontinued | Currently | ||||||||||||||||||||||||||||||||||||
Reported | Restatement | Restatement | Corrected | Operations | Reported | ||||||||||||||||||||||||||||||||||||
Adjustment | Adjustment | ||||||||||||||||||||||||||||||||||||||||
Consolidated Statement of Operations | |||||||||||||||||||||||||||||||||||||||||
Net sales | $ | 738,608 | $ | 567 | $ | (1,464 | ) | $ | 737,711 | $ | (29,621 | ) | $ | 708,090 | |||||||||||||||||||||||||||
Cost of sales | 588,077 | 4,331 | 69 | 592,477 | (24,015 | ) | 568,462 | ||||||||||||||||||||||||||||||||||
Operating Income | 55,030 | (3,764 | ) | (1,533 | ) | 49,733 | (2,622 | ) | 47,111 | ||||||||||||||||||||||||||||||||
Income before income taxes | 36,768 | (3,764 | ) | (1,533 | ) | 31,471 | (2,639 | ) | 28,832 | ||||||||||||||||||||||||||||||||
Provision for (benefit from) income taxes | 13,253 | (1,366 | ) | (556 | ) | 11,331 | (939 | ) | 10,392 | ||||||||||||||||||||||||||||||||
Net income attributable to continuing operations | 23,515 | (2,398 | ) | (977 | ) | 20,140 | (1,700 | ) | 18,440 | ||||||||||||||||||||||||||||||||
Net income attributable to discontinued operations, net of tax | — | — | — | — | 1,700 | 1,700 | |||||||||||||||||||||||||||||||||||
Net income | 23,515 | (2,398 | ) | (977 | ) | 20,140 | — | 20,140 | |||||||||||||||||||||||||||||||||
Earnings per share attributable to continuing operations: | |||||||||||||||||||||||||||||||||||||||||
Basic | $ | 0.78 | $ | (0.08 | ) | $ | (0.03 | ) | $ | 0.66 | $ | (0.06 | ) | $ | 0.61 | ||||||||||||||||||||||||||
Diluted | $ | 0.77 | $ | (0.08 | ) | $ | (0.03 | ) | $ | 0.66 | $ | (0.06 | ) | $ | 0.61 | ||||||||||||||||||||||||||
Earnings per share attributable to discontinued operations: | |||||||||||||||||||||||||||||||||||||||||
Basic | $ | — | $ | — | $ | — | $ | — | $ | 0.06 | $ | 0.06 | |||||||||||||||||||||||||||||
Diluted | $ | — | $ | — | $ | — | $ | — | $ | 0.06 | $ | 0.06 | |||||||||||||||||||||||||||||
Year Ended December 31, 2011 | |||||||||||||||||||||||||||||||||||||||||
Previously | Revision | As | Discontinued | Currently | |||||||||||||||||||||||||||||||||||||
Reported | Adjustment | Revised | Operations | Reported | |||||||||||||||||||||||||||||||||||||
Consolidated Statement of Operations | |||||||||||||||||||||||||||||||||||||||||
Net sales | $ | 529,679 | $ | 1,750 | $ | 531,429 | $ | (30,141 | ) | $ | 501,288 | ||||||||||||||||||||||||||||||
Cost of sales | 429,007 | 2,559 | 431,566 | (23,906 | ) | 407,660 | |||||||||||||||||||||||||||||||||||
Operating income | 27,761 | (809 | ) | 26,952 | (2,900 | ) | 24,052 | ||||||||||||||||||||||||||||||||||
Income before income taxes | 12,135 | (809 | ) | 11,326 | (2,863 | ) | 8,463 | ||||||||||||||||||||||||||||||||||
Provision for income taxes | 5,583 | (289 | ) | 5,294 | (1,025 | ) | 4,269 | ||||||||||||||||||||||||||||||||||
Net income attributable to continuing operations | 6,552 | (520 | ) | 6,032 | (1,838 | ) | 4,194 | ||||||||||||||||||||||||||||||||||
Net income attributable to discontinued operations, net of tax | — | — | — | 1,838 | 1,838 | ||||||||||||||||||||||||||||||||||||
Net income | 6,552 | (520 | ) | 6,032 | — | 6,032 | |||||||||||||||||||||||||||||||||||
Earnings per share attributable to continuing operations: | |||||||||||||||||||||||||||||||||||||||||
Basic | $ | 0.22 | $ | (0.02 | ) | $ | 0.2 | $ | (0.06 | ) | $ | 0.14 | |||||||||||||||||||||||||||||
Diluted | $ | 0.22 | $ | (0.02 | ) | $ | 0.2 | $ | (0.06 | ) | $ | 0.14 | |||||||||||||||||||||||||||||
Earnings per share attributable to discontinued operations: | |||||||||||||||||||||||||||||||||||||||||
Basic | $ | — | $ | — | $ | — | $ | 0.06 | $ | 0.06 | |||||||||||||||||||||||||||||||
Diluted | $ | — | $ | — | $ | — | $ | 0.06 | $ | 0.06 | |||||||||||||||||||||||||||||||
Year Ended December 31, 2010 | |||||||||||||||||||||||||||||||||||||||||
Previously | Revision | As | Discontinued | Currently | |||||||||||||||||||||||||||||||||||||
Reported | Adjustment | Revised | Operations | Reported | |||||||||||||||||||||||||||||||||||||
Consolidated Statement of Operations | |||||||||||||||||||||||||||||||||||||||||
Net Sales | $ | 431,793 | $ | (3,571 | ) | $ | 428,222 | $ | (21,731 | ) | $ | 406,491 | |||||||||||||||||||||||||||||
Cost of sales | 355,908 | (3,809 | ) | 352,099 | (17,973 | ) | 334,126 | ||||||||||||||||||||||||||||||||||
Operating income | 14,061 | 238 | 14,299 | (487 | ) | 13,812 | |||||||||||||||||||||||||||||||||||
Income before income taxes | 11,820 | 238 | 12,058 | (487 | ) | 11,571 | |||||||||||||||||||||||||||||||||||
Provision for income taxes | 8,403 | 85 | 8,488 | (177 | ) | 8,311 | |||||||||||||||||||||||||||||||||||
Net income attributable to continuing operations | 3,417 | 153 | 3,570 | (310 | ) | 3,260 | |||||||||||||||||||||||||||||||||||
Net income attributable to discontinued operations, net of tax | — | — | — | 310 | 310 | ||||||||||||||||||||||||||||||||||||
Net income | 3,417 | 153 | 3,570 | — | 3,570 | ||||||||||||||||||||||||||||||||||||
Earnings per share attributable to continuing operations: | |||||||||||||||||||||||||||||||||||||||||
Basic | $ | 0.11 | 0.01 | $ | 0.12 | $ | (0.01 | ) | $ | 0.11 | |||||||||||||||||||||||||||||||
Diluted | $ | 0.11 | $ | 0.01 | $ | 0.12 | $ | (0.01 | ) | $ | 0.11 | ||||||||||||||||||||||||||||||
Earnings per share attributable to discontinued operations: | |||||||||||||||||||||||||||||||||||||||||
Basic | $ | — | $ | — | $ | — | $ | 0.01 | $ | 0.01 | |||||||||||||||||||||||||||||||
Diluted | $ | — | $ | — | $ | — | $ | 0.01 | $ | 0.01 | |||||||||||||||||||||||||||||||
31-Dec-12 | |||||||||||||||||||||||||||||||||||||||||
Consolidated Balance Sheets | Previously | First | Second | As | Discontinued | Currently | |||||||||||||||||||||||||||||||||||
Reported | Restatement | Restatement | Corrected | Operations | Reported | ||||||||||||||||||||||||||||||||||||
Adjustment | Adjustment | ||||||||||||||||||||||||||||||||||||||||
Receivables | $ | 108,767 | $ | — | $ | (1,261 | ) | $ | 107,506 | $ | (2,189 | ) | $ | 105,317 | |||||||||||||||||||||||||||
Inventories, net | 405,289 | (5,208 | ) | (3,841 | ) | 396,240 | (11,124 | ) | 385,116 | ||||||||||||||||||||||||||||||||
Costs in excess of billings | — | 1,841 | 419 | 2,260 | — | 2,260 | |||||||||||||||||||||||||||||||||||
Deferred income taxes | 28,899 | 1,733 | 748 | 31,380 | — | 31,380 | |||||||||||||||||||||||||||||||||||
Assets of discontinued operations | — | — | — | — | 14,741 | 14,741 | |||||||||||||||||||||||||||||||||||
Other current assets | 10,709 | 561 | — | 11,270 | — | 11,270 | |||||||||||||||||||||||||||||||||||
Total current assets | 650,854 | (1,073 | ) | (3,935 | ) | 645,846 | 1,428 | 647,274 | |||||||||||||||||||||||||||||||||
Property, plant and equipment, net | 375,996 | — | — | 375,996 | (47 | ) | 375,949 | ||||||||||||||||||||||||||||||||||
Goodwill | 137,251 | — | (5,260 | ) | 131,991 | (1,381 | ) | 130,610 | |||||||||||||||||||||||||||||||||
Other noncurrent assets | 5,844 | 3,022 | — | 8,866 | — | 8,866 | |||||||||||||||||||||||||||||||||||
Total assets | 1,259,727 | 1,949 | (9,195 | ) | 1,252,481 | — | 1,252,481 | ||||||||||||||||||||||||||||||||||
Accounts payable | 93,656 | — | — | 93,656 | (1,995 | ) | 91,661 | ||||||||||||||||||||||||||||||||||
Accrued wages and other employment costs | 34,433 | — | — | 34,433 | (337 | ) | 34,096 | ||||||||||||||||||||||||||||||||||
Unearned revenues | 26,164 | 1,984 | (3,150 | ) | 24,998 | — | 24,998 | ||||||||||||||||||||||||||||||||||
Liabilities of discontinued operations | — | — | — | — | 2,332 | 2,332 | |||||||||||||||||||||||||||||||||||
Total current liabilities | 176,803 | 1,984 | (3,150 | ) | 175,637 | — | 175,637 | ||||||||||||||||||||||||||||||||||
Deferred income taxes | 51,452 | — | (5,068 | ) | 46,384 | — | 46,384 | ||||||||||||||||||||||||||||||||||
Unearned revenues | 9,991 | 3,022 | — | 13,013 | — | 13,013 | |||||||||||||||||||||||||||||||||||
Total liabilities | 514,158 | 5,006 | (8,218 | ) | 510,946 | — | 510,946 | ||||||||||||||||||||||||||||||||||
Retained earnings | 323,581 | (3,057 | ) | (977 | ) | 319,547 | — | 319,547 | |||||||||||||||||||||||||||||||||
Total shareholders’ equity | 745,569 | (3,057 | ) | (977 | ) | 741,535 | — | 741,535 | |||||||||||||||||||||||||||||||||
Total liabilities and shareholders’ equity | 1,259,727 | 1,949 | (9,195 | ) | 1,252,481 | — | 1,252,481 | ||||||||||||||||||||||||||||||||||
At December 31, 2011 | |||||||||||||||||||||||||||||||||||||||||
Previously | Revision | As | Discontinued | Currently | |||||||||||||||||||||||||||||||||||||
Reported | Adjustment | Revised | Operations | Reported | |||||||||||||||||||||||||||||||||||||
Consolidated Balance Sheet | |||||||||||||||||||||||||||||||||||||||||
Receivables, net | $ | 89,359 | $ | — | $ | 89,359 | $ | (2,931 | ) | $ | 86,428 | ||||||||||||||||||||||||||||||
Inventories, net | 275,059 | (3,495 | ) | 271,564 | (11,712 | ) | 259,852 | ||||||||||||||||||||||||||||||||||
Costs in excess of billings | — | 400 | 400 | — | 400 | ||||||||||||||||||||||||||||||||||||
Deferred income taxes | 18,674 | 367 | 19,041 | — | 19,041 | ||||||||||||||||||||||||||||||||||||
Other current assets | 9,932 | 290 | 10,222 | — | 10,222 | ||||||||||||||||||||||||||||||||||||
Assets of discontinued operations | — | — | — | 16,083 | 16,083 | ||||||||||||||||||||||||||||||||||||
Total current assets | 714,121 | (2,438 | ) | 711,683 | 1,440 | 713,123 | |||||||||||||||||||||||||||||||||||
Property, plant, and equipment, net | 289,434 | — | 289,434 | (59 | ) | 289,375 | |||||||||||||||||||||||||||||||||||
Goodwill | 55,864 | — | 55,864 | (1,381 | ) | 54,483 | |||||||||||||||||||||||||||||||||||
Other noncurrent assets | 5,173 | 3,583 | 8,756 | — | 8,756 | ||||||||||||||||||||||||||||||||||||
Total assets | 1,127,275 | 1,145 | 1,128,420 | — | 1,128,420 | ||||||||||||||||||||||||||||||||||||
Accounts payable | 59,591 | — | 59,591 | (3,771 | ) | 55,820 | |||||||||||||||||||||||||||||||||||
Accrued wages and other employee costs | 27,260 | — | 27,260 | (473 | ) | 26,787 | |||||||||||||||||||||||||||||||||||
Liabilities of discontinued operations | — | — | — | 4,244 | 4,244 | ||||||||||||||||||||||||||||||||||||
Unearned revenues — current | 21,495 | (1,779 | ) | 19,716 | — | 19,716 | |||||||||||||||||||||||||||||||||||
Total current liabilities | 128,431 | (1,779 | ) | 126,652 | — | 126,652 | |||||||||||||||||||||||||||||||||||
Unearned revenues — noncurrent | 4,532 | 3,583 | 8,115 | — | 8,115 | ||||||||||||||||||||||||||||||||||||
Total liabilities | 404,523 | 1,804 | 406,327 | — | 406,327 | ||||||||||||||||||||||||||||||||||||
Retained earnings | 300,066 | (659 | ) | 299,407 | — | 299,407 | |||||||||||||||||||||||||||||||||||
Total shareholders’ equity | 722,752 | (659 | ) | 722,093 | — | 722,093 | |||||||||||||||||||||||||||||||||||
Total liabilities and shareholders’ equity | 1,127,275 | 1,145 | 1,128,420 | — | 1,128,420 | ||||||||||||||||||||||||||||||||||||
Year Ended December 31, 2012 | |||||||||||||||||||||||||||||||||||||||||
Previously | First | Second | As | ||||||||||||||||||||||||||||||||||||||
Reported | Restatement | Restatement | Corrected | ||||||||||||||||||||||||||||||||||||||
Adjustment | Adjustment | ||||||||||||||||||||||||||||||||||||||||
Consolidated Statements of Cash Flow (1) | |||||||||||||||||||||||||||||||||||||||||
Operating Activities: | |||||||||||||||||||||||||||||||||||||||||
Net income | $ | 23,515 | $ | (2,398 | ) | $ | (977 | ) | $ | 20,140 | |||||||||||||||||||||||||||||||
Adjustment for non-cash items included in net income: | |||||||||||||||||||||||||||||||||||||||||
Deferred income taxes | 3,355 | (1,366 | ) | (556 | ) | 1,433 | |||||||||||||||||||||||||||||||||||
Changes in assets and liabilities: | |||||||||||||||||||||||||||||||||||||||||
Receivables | (3,079 | ) | — | 1,261 | (1,818 | ) | |||||||||||||||||||||||||||||||||||
Inventories | (108,934 | ) | 1,713 | 3,841 | (103,380 | ) | |||||||||||||||||||||||||||||||||||
Unearned revenue | 9,141 | 3,202 | (3,150 | ) | 9,193 | ||||||||||||||||||||||||||||||||||||
Billings in excess of costs/cost in excess of billings | — | (1,441 | ) | (419 | ) | (1,860 | ) | ||||||||||||||||||||||||||||||||||
Other current assets and liabilities | (3,016 | ) | (271 | ) | (192 | ) | (3,479 | ) | |||||||||||||||||||||||||||||||||
Other noncurrent assets and liabilities | 6,192 | 561 | 192 | 6,945 | |||||||||||||||||||||||||||||||||||||
-1 | The Company does not present cash flows from discontinued operations, consistent with ASC 230, Statement of Cash Flows. | ||||||||||||||||||||||||||||||||||||||||
Year Ended December 31, 2011 | |||||||||||||||||||||||||||||||||||||||||
Previously | Revision | As | |||||||||||||||||||||||||||||||||||||||
Reported | Adjustment | Revised | |||||||||||||||||||||||||||||||||||||||
Consolidated Statement of Cash Flows (1) | |||||||||||||||||||||||||||||||||||||||||
Operating activities: | |||||||||||||||||||||||||||||||||||||||||
Net income | $ | 6,552 | $ | (520 | ) | $ | 6,032 | ||||||||||||||||||||||||||||||||||
Adjustment for non-cash items included in net income: | |||||||||||||||||||||||||||||||||||||||||
Deferred income taxes | 8,386 | (289 | ) | 8,097 | |||||||||||||||||||||||||||||||||||||
Changes in assets and liabilities: | |||||||||||||||||||||||||||||||||||||||||
Inventories | 160 | 3,650 | 3,810 | ||||||||||||||||||||||||||||||||||||||
Unearned revenue | 180 | (2,786 | ) | (2,606 | ) | ||||||||||||||||||||||||||||||||||||
Cost in excess of billings | — | (300 | ) | (300 | ) | ||||||||||||||||||||||||||||||||||||
Other current assets and liabilities | 5,262 | (45 | ) | 5,217 | |||||||||||||||||||||||||||||||||||||
Other noncurrent assets and liabilities | 3,687 | 290 | 3,977 | ||||||||||||||||||||||||||||||||||||||
Year Ended December 31, 2010 | |||||||||||||||||||||||||||||||||||||||||
Previously | Revision | As | |||||||||||||||||||||||||||||||||||||||
Reported | Adjustment | Revised | |||||||||||||||||||||||||||||||||||||||
Consolidated Statement of Cash Flows (1) | |||||||||||||||||||||||||||||||||||||||||
Operating activities: | |||||||||||||||||||||||||||||||||||||||||
Net income | $ | 3,417 | $ | 153 | $ | 3,570 | |||||||||||||||||||||||||||||||||||
Adjustment for non-cash items included in net income: | |||||||||||||||||||||||||||||||||||||||||
Deferred income taxes | 16,039 | 85 | 16,124 | ||||||||||||||||||||||||||||||||||||||
Changes in assets and liabilities: | |||||||||||||||||||||||||||||||||||||||||
Inventories | (2,972 | ) | (736 | ) | (3,708 | ) | |||||||||||||||||||||||||||||||||||
Unearned revenue | 7,328 | 4,701 | 12,029 | ||||||||||||||||||||||||||||||||||||||
Cost in excess of billings | — | (85 | ) | (85 | ) | ||||||||||||||||||||||||||||||||||||
Other current assets and liabilities | 16,621 | (245 | ) | 16,376 | |||||||||||||||||||||||||||||||||||||
Other noncurrent assets and liabilities | 747 | (3,873 | ) | (3,126 | ) | ||||||||||||||||||||||||||||||||||||
-1 | The Company does not present cash flows from discontinued operations, consistent with ASC 230, Statement of Cash Flows. | ||||||||||||||||||||||||||||||||||||||||
The effects of the restatements or revisions, as indicated, and the effects of reporting RTI Pierce Spafford as a discontinued operation, as applicable, on the Condensed Consolidated Financial Statements for each of the interim periods in the years ended December 31, 2012 and 2011 are presented below: | |||||||||||||||||||||||||||||||||||||||||
Condensed Consolidated Statement of Operations | |||||||||||||||||||||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||||||||||||||||||||
(In thousands, except per share amounts) | |||||||||||||||||||||||||||||||||||||||||
Three Months Ended March 31, 2012 | |||||||||||||||||||||||||||||||||||||||||
As | First | Second | As | Discontinued | Currently | ||||||||||||||||||||||||||||||||||||
Reported | Restatement | Restatement | Corrected | Operations | Reported | ||||||||||||||||||||||||||||||||||||
Adjustment | Adjustment | ||||||||||||||||||||||||||||||||||||||||
Net sales | $ | 162,850 | $ | (810 | ) | $ | 311 | $ | 162,351 | $ | (8,281 | ) | $ | 154,070 | |||||||||||||||||||||||||||
Cost and expenses: | |||||||||||||||||||||||||||||||||||||||||
Cost of sales | 127,145 | 897 | 121 | 128,163 | (6,600 | ) | 121,563 | ||||||||||||||||||||||||||||||||||
Selling, general, and administrative expenses | 21,622 | — | — | 21,622 | (789 | ) | 20,833 | ||||||||||||||||||||||||||||||||||
Research, technical, and product development expenses | 1,065 | — | — | 1,065 | — | 1,065 | |||||||||||||||||||||||||||||||||||
Operating income | 13,018 | (1,707 | ) | 190 | 11,501 | (892 | ) | 10,609 | |||||||||||||||||||||||||||||||||
Other income, net | (268 | ) | — | — | (268 | ) | — | (268 | ) | ||||||||||||||||||||||||||||||||
Interest income | 82 | — | — | 82 | — | 82 | |||||||||||||||||||||||||||||||||||
Interest expense | (4,278 | ) | — | — | (4,278 | ) | — | (4,278 | ) | ||||||||||||||||||||||||||||||||
Income before income taxes | 8,554 | (1,707 | ) | 190 | 7,037 | (892 | ) | 6,145 | |||||||||||||||||||||||||||||||||
Provision for (benefit from) income taxes | 2,929 | (586 | ) | 65 | 2,408 | (321 | ) | 2,087 | |||||||||||||||||||||||||||||||||
Net income attributable to continuing operations | 5,625 | (1,121 | ) | 125 | 4,629 | (571 | ) | 4,058 | |||||||||||||||||||||||||||||||||
Net income (loss) attributable to discontinued operations, net of tax | — | — | — | — | 571 | 571 | |||||||||||||||||||||||||||||||||||
Net income | $ | 5,625 | $ | (1,121 | ) | $ | 125 | $ | 4,629 | $ | — | $ | 4,629 | ||||||||||||||||||||||||||||
Earnings per share attributable to continuing operations: | |||||||||||||||||||||||||||||||||||||||||
Basic | $ | 0.19 | $ | (0.04 | ) | $ | — | $ | 0.15 | $ | (0.02 | ) | $ | 0.13 | |||||||||||||||||||||||||||
Diluted | $ | 0.19 | $ | (0.04 | ) | $ | — | $ | 0.15 | $ | (0.02 | ) | $ | 0.13 | |||||||||||||||||||||||||||
Earnings per share attributable to discontinued operations: | |||||||||||||||||||||||||||||||||||||||||
Basic | $ | — | $ | — | $ | — | $ | — | $ | 0.02 | $ | 0.02 | |||||||||||||||||||||||||||||
Diluted | $ | — | $ | — | $ | — | $ | — | $ | 0.02 | $ | 0.02 | |||||||||||||||||||||||||||||
Condensed Consolidated Statement of Operations | |||||||||||||||||||||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||||||||||||||||||||
(In thousands, except per share amounts) | |||||||||||||||||||||||||||||||||||||||||
Three Months Ended June 30, 2012 | |||||||||||||||||||||||||||||||||||||||||
As | First | Second | As | Discontinued | Currently | ||||||||||||||||||||||||||||||||||||
Reported | Restatement | Restatement | Corrected | Operations | Reported | ||||||||||||||||||||||||||||||||||||
Adjustment | Adjustment | ||||||||||||||||||||||||||||||||||||||||
Net sales | $ | 190,277 | $ | 1,971 | $ | 182 | $ | 192,430 | $ | (7,968 | ) | $ | 184,462 | ||||||||||||||||||||||||||||
Cost and expenses: | |||||||||||||||||||||||||||||||||||||||||
Cost of sales | 153,781 | 2,997 | 136 | 156,914 | (6,471 | ) | 150,443 | ||||||||||||||||||||||||||||||||||
Selling, general, and administrative expenses | 23,458 | — | — | 23,458 | (780 | ) | 22,678 | ||||||||||||||||||||||||||||||||||
Research, technical, and product development expenses | 1,104 | — | — | 1,104 | — | 1,104 | |||||||||||||||||||||||||||||||||||
Operating income | 11,934 | (1,026 | ) | 46 | 10,954 | (717 | ) | 10,237 | |||||||||||||||||||||||||||||||||
Other income, net | 570 | — | — | 570 | — | 570 | |||||||||||||||||||||||||||||||||||
Interest income | 33 | — | — | 33 | — | 33 | |||||||||||||||||||||||||||||||||||
Interest expense | (4,209 | ) | — | — | (4,209 | ) | — | (4,209 | ) | ||||||||||||||||||||||||||||||||
Income before income taxes | 8,328 | (1,026 | ) | 46 | 7,348 | (717 | ) | 6,631 | |||||||||||||||||||||||||||||||||
Provision for (benefit from) income taxes | 3,165 | (382 | ) | 19 | 2,802 | (264 | ) | 2,538 | |||||||||||||||||||||||||||||||||
Net income attributable to continuing operations | 5,163 | (644 | ) | 27 | 4,546 | (453 | ) | 4,093 | |||||||||||||||||||||||||||||||||
Net income (loss) attributable to discontinued operations, net of tax | — | — | — | — | 453 | 453 | |||||||||||||||||||||||||||||||||||
Net income | $ | 5,163 | $ | (644 | ) | $ | 27 | $ | 4,546 | $ | — | $ | 4,546 | ||||||||||||||||||||||||||||
Earnings per share attributable to continuing operations: | |||||||||||||||||||||||||||||||||||||||||
Basic | $ | 0.17 | $ | (0.02 | ) | $ | — | $ | 0.15 | $ | (0.01 | ) | $ | 0.14 | |||||||||||||||||||||||||||
Diluted | $ | 0.17 | $ | (0.02 | ) | $ | — | $ | 0.15 | $ | (0.01 | ) | $ | 0.13 | |||||||||||||||||||||||||||
Earnings per share attributable to discontinued operations: | |||||||||||||||||||||||||||||||||||||||||
Basic | $ | — | $ | — | $ | — | $ | — | $ | 0.01 | $ | 0.01 | |||||||||||||||||||||||||||||
Diluted | $ | — | $ | — | $ | — | $ | — | $ | 0.01 | $ | 0.01 | |||||||||||||||||||||||||||||
Condensed Consolidated Statement of Operations | |||||||||||||||||||||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||||||||||||||||||||
(In thousands, except per share amounts) | |||||||||||||||||||||||||||||||||||||||||
Six Months Ended June 30, 2012 | |||||||||||||||||||||||||||||||||||||||||
As | First | Second | As | Discontinued | Currently | ||||||||||||||||||||||||||||||||||||
Reported | Restatement | Restatement | Corrected | Operations | Reported | ||||||||||||||||||||||||||||||||||||
Adjustment | Adjustment | ||||||||||||||||||||||||||||||||||||||||
Net sales | $ | 353,127 | $ | 1,161 | $ | 493 | $ | 354,781 | $ | (16,249 | ) | $ | 338,532 | ||||||||||||||||||||||||||||
Cost and expenses: | |||||||||||||||||||||||||||||||||||||||||
Cost of sales | 280,926 | 3,894 | 257 | 285,077 | (13,071 | ) | 272,006 | ||||||||||||||||||||||||||||||||||
Selling, general, and administrative expenses | 45,080 | — | — | 45,080 | (1,569 | ) | 43,511 | ||||||||||||||||||||||||||||||||||
Research, technical, and product development expenses | 2,169 | — | — | 2,169 | — | 2,169 | |||||||||||||||||||||||||||||||||||
Operating income | 24,952 | (2,733 | ) | 236 | 22,455 | (1,609 | ) | 20,846 | |||||||||||||||||||||||||||||||||
Other income, net | 302 | — | — | 302 | — | 302 | |||||||||||||||||||||||||||||||||||
Interest income | 115 | — | — | 115 | — | 115 | |||||||||||||||||||||||||||||||||||
Interest expense | (8,487 | ) | — | — | (8,487 | ) | — | (8,487 | ) | ||||||||||||||||||||||||||||||||
Income before income taxes | 16,882 | (2,733 | ) | 236 | 14,385 | (1,609 | ) | 12,776 | |||||||||||||||||||||||||||||||||
Provision for (benefit from) income taxes | 6,094 | (968 | ) | 84 | 5,210 | (585 | ) | 4,625 | |||||||||||||||||||||||||||||||||
Net income attributable to continuing operations | 10,788 | (1,765 | ) | 152 | 9,175 | (1,024 | ) | 8,151 | |||||||||||||||||||||||||||||||||
Net income (loss) attributable to discontinued operations, net of tax | — | — | — | — | 1,024 | 1,024 | |||||||||||||||||||||||||||||||||||
Net income | $ | 10,788 | $ | (1,765 | ) | $ | 152 | $ | 9,175 | $ | — | $ | 9,175 | ||||||||||||||||||||||||||||
Earnings per share attributable to continuing operations: | |||||||||||||||||||||||||||||||||||||||||
Basic | $ | 0.36 | $ | (0.06 | ) | $ | 0.01 | $ | 0.3 | $ | (0.03 | ) | $ | 0.27 | |||||||||||||||||||||||||||
Diluted | $ | 0.36 | $ | (0.06 | ) | $ | 0.01 | $ | 0.3 | $ | (0.03 | ) | $ | 0.27 | |||||||||||||||||||||||||||
Earnings per share attributable to discontinued operations: | |||||||||||||||||||||||||||||||||||||||||
Basic | $ | — | $ | — | $ | — | $ | — | $ | 0.03 | $ | 0.03 | |||||||||||||||||||||||||||||
Diluted | $ | — | $ | — | $ | — | $ | — | $ | 0.03 | $ | 0.03 | |||||||||||||||||||||||||||||
Condensed Consolidated Statement of Operations | |||||||||||||||||||||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||||||||||||||||||||
(In thousands, except per share amounts) | |||||||||||||||||||||||||||||||||||||||||
Three Months Ended September 30, 2012 | |||||||||||||||||||||||||||||||||||||||||
As | First | Second | As | Discontinued | Currently | ||||||||||||||||||||||||||||||||||||
Reported | Restatement | Restatement | Corrected | Operations | Reported | ||||||||||||||||||||||||||||||||||||
Adjustment | Adjustment | ||||||||||||||||||||||||||||||||||||||||
Net sales | $ | 189,075 | $ | 439 | $ | 259 | $ | 189,773 | $ | (7,228 | ) | $ | 182,545 | ||||||||||||||||||||||||||||
Cost and expenses: | |||||||||||||||||||||||||||||||||||||||||
Cost of sales | 151,128 | 3,689 | 19 | 154,836 | (5,941 | ) | 148,895 | ||||||||||||||||||||||||||||||||||
Selling, general, and administrative expenses | 22,434 | — | — | 22,434 | (709 | ) | 21,725 | ||||||||||||||||||||||||||||||||||
Research, technical, and product development expenses | 1,012 | — | — | 1,012 | — | 1,012 | |||||||||||||||||||||||||||||||||||
Asset and asset-related charges | 1,617 | — | — | 1,617 | — | 1,617 | |||||||||||||||||||||||||||||||||||
Operating income | 12,884 | (3,250 | ) | 240 | 9,874 | (578 | ) | 9,296 | |||||||||||||||||||||||||||||||||
Other income, net | 32 | — | — | 32 | (16 | ) | 16 | ||||||||||||||||||||||||||||||||||
Interest income | 18 | — | — | 18 | — | 18 | |||||||||||||||||||||||||||||||||||
Interest expense | (4,708 | ) | — | — | (4,708 | ) | — | (4,708 | ) | ||||||||||||||||||||||||||||||||
Income before income taxes | 8,226 | (3,250 | ) | 240 | 5,216 | (594 | ) | 4,622 | |||||||||||||||||||||||||||||||||
Provision for (benefit from) income taxes | 2,601 | (1,049 | ) | 76 | 1,628 | (205 | ) | 1,423 | |||||||||||||||||||||||||||||||||
Net income attributable to continuing operations | 5,625 | (2,201 | ) | 164 | 3,588 | (389 | ) | 3,199 | |||||||||||||||||||||||||||||||||
Net income (loss) attributable to discontinued operations, net of tax | — | — | — | — | 389 | 389 | |||||||||||||||||||||||||||||||||||
Net income | $ | 5,625 | $ | (2,201 | ) | $ | 164 | $ | 3,588 | — | $ | 3,588 | |||||||||||||||||||||||||||||
Earnings per share attributable to continuing operations: | |||||||||||||||||||||||||||||||||||||||||
Basic | $ | 0.19 | $ | (0.07 | ) | $ | 0.01 | $ | 0.12 | $ | (0.01 | ) | $ | 0.11 | |||||||||||||||||||||||||||
Diluted | $ | 0.19 | $ | (0.07 | ) | $ | 0.01 | $ | 0.12 | $ | (0.01 | ) | $ | 0.11 | |||||||||||||||||||||||||||
Earnings per share attributable to discontinued operations: | |||||||||||||||||||||||||||||||||||||||||
Basic | $ | — | $ | — | $ | — | $ | — | $ | 0.01 | $ | 0.01 | |||||||||||||||||||||||||||||
Diluted | $ | — | $ | — | $ | — | $ | — | $ | 0.01 | $ | 0.01 | |||||||||||||||||||||||||||||
Condensed Consolidated Statement of Operations | |||||||||||||||||||||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||||||||||||||||||||
(In thousands, except per share amounts) | |||||||||||||||||||||||||||||||||||||||||
Nine Months Ended September 30, 2012 | |||||||||||||||||||||||||||||||||||||||||
As | First | Second | As | Discontinued | Currently | ||||||||||||||||||||||||||||||||||||
Reported | Restatement | Restatement | Corrected | Operations | Reported | ||||||||||||||||||||||||||||||||||||
Adjustment | Adjustment | ||||||||||||||||||||||||||||||||||||||||
Net sales | $ | 542,202 | $ | 1,600 | $ | 752 | $ | 544,554 | $ | (23,477 | ) | $ | 521,077 | ||||||||||||||||||||||||||||
Cost and expenses: | |||||||||||||||||||||||||||||||||||||||||
Cost of sales | 432,054 | 7,583 | 276 | 439,913 | (19,012 | ) | 420,901 | ||||||||||||||||||||||||||||||||||
Selling, general, and administrative expenses | 67,514 | — | — | 67,514 | (2,278 | ) | 65,236 | ||||||||||||||||||||||||||||||||||
Research, technical, and product development expenses | 3,181 | — | — | 3,181 | — | 3,181 | |||||||||||||||||||||||||||||||||||
Asset and asset-related charges | 1,617 | — | — | 1,617 | — | 1,617 | |||||||||||||||||||||||||||||||||||
Operating income | 37,836 | (5,983 | ) | 476 | 32,329 | (2,187 | ) | 30,142 | |||||||||||||||||||||||||||||||||
Other income, net | 334 | — | — | 334 | (16 | ) | 318 | ||||||||||||||||||||||||||||||||||
Interest income | 133 | — | — | 133 | — | 133 | |||||||||||||||||||||||||||||||||||
Interest expense | (13,195 | ) | — | — | (13,195 | ) | — | (13,195 | ) | ||||||||||||||||||||||||||||||||
Income before income taxes | 25,108 | (5,983 | ) | 476 | 19,601 | (2,203 | ) | 17,398 | |||||||||||||||||||||||||||||||||
Provision for (benefit from) income taxes | 8,695 | (2,017 | ) | 160 | 6,838 | (790 | ) | 6,048 | |||||||||||||||||||||||||||||||||
Net income attributable to continuing operations | 16,413 | (3,966 | ) | 316 | 12,763 | (1,413 | ) | 11,350 | |||||||||||||||||||||||||||||||||
Net income (loss) attributable to discontinued operations, net of tax | — | — | — | — | 1,413 | 1,413 | |||||||||||||||||||||||||||||||||||
Net income | $ | 16,413 | $ | (3,966 | ) | $ | 316 | $ | 12,763 | $ | — | $ | 12,763 | ||||||||||||||||||||||||||||
Earnings per share attributable to continuing operations: | |||||||||||||||||||||||||||||||||||||||||
Basic | $ | 0.54 | $ | (0.13 | ) | $ | 0.01 | $ | 0.42 | $ | (0.05 | ) | $ | 0.37 | |||||||||||||||||||||||||||
Diluted | $ | 0.54 | $ | (0.13 | ) | $ | 0.01 | $ | 0.42 | $ | (0.05 | ) | $ | 0.37 | |||||||||||||||||||||||||||
Earnings per share attributable to discontinued operations: | |||||||||||||||||||||||||||||||||||||||||
Basic | $ | — | $ | — | $ | — | $ | — | $ | 0.05 | $ | 0.05 | |||||||||||||||||||||||||||||
Diluted | $ | — | $ | — | $ | — | $ | — | $ | 0.05 | $ | 0.05 | |||||||||||||||||||||||||||||
Condensed Consolidated Statement of Operations | |||||||||||||||||||||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||||||||||||||||||||
(In thousands, except per share amounts) | |||||||||||||||||||||||||||||||||||||||||
Three Months Ended March 31, 2011 | |||||||||||||||||||||||||||||||||||||||||
Previously | First | As | Discontinued | Currently | |||||||||||||||||||||||||||||||||||||
Reported | Restatement | Corrected | Operations | Reported | |||||||||||||||||||||||||||||||||||||
Adjustment | |||||||||||||||||||||||||||||||||||||||||
Net sales | $ | 120,850 | $ | (1,139 | ) | $ | 119,711 | $ | (7,911 | ) | $ | 111,800 | |||||||||||||||||||||||||||||
Cost and expenses: | |||||||||||||||||||||||||||||||||||||||||
Cost of sales | 94,845 | (58 | ) | 94,787 | (6,299 | ) | 88,488 | ||||||||||||||||||||||||||||||||||
Selling, general and administrative expenses | 17,458 | — | 17,458 | (907 | ) | 16,551 | |||||||||||||||||||||||||||||||||||
Research, technical, and product development expenses | 632 | — | 632 | — | 632 | ||||||||||||||||||||||||||||||||||||
Asset and asset-related charges | (1,501 | ) | — | (1,501 | ) | — | (1,501 | ) | |||||||||||||||||||||||||||||||||
Operating income | 9,416 | (1,081 | ) | 8,335 | (705 | ) | 7,630 | ||||||||||||||||||||||||||||||||||
Other income, net | (569 | ) | — | (569 | ) | 47 | (522 | ) | |||||||||||||||||||||||||||||||||
Interest income | 225 | — | 225 | — | 225 | ||||||||||||||||||||||||||||||||||||
Interest expense | (4,300 | ) | — | (4,300 | ) | — | (4,300 | ) | |||||||||||||||||||||||||||||||||
Income before income taxes | 4,772 | (1,081 | ) | 3,691 | (658 | ) | 3,033 | ||||||||||||||||||||||||||||||||||
Provision for income taxes | 2,430 | (658 | ) | 1,772 | (236 | ) | 1,536 | ||||||||||||||||||||||||||||||||||
Net income attributable to continuing operations | 2,342 | (423 | ) | 1,919 | (422 | ) | 1,497 | ||||||||||||||||||||||||||||||||||
Net income attributable to discontinued operations, net of tax | — | — | — | 422 | 422 | ||||||||||||||||||||||||||||||||||||
Net income | $ | 2,342 | $ | (423 | ) | $ | 1,919 | $ | — | $ | 1,919 | ||||||||||||||||||||||||||||||
Earnings per share attributable to continuing operations: | |||||||||||||||||||||||||||||||||||||||||
Basic | $ | 0.08 | $ | (0.01 | ) | $ | 0.06 | $ | (0.01 | ) | $ | 0.05 | |||||||||||||||||||||||||||||
Diluted | $ | 0.08 | $ | (0.01 | ) | $ | 0.06 | $ | (0.01 | ) | $ | 0.05 | |||||||||||||||||||||||||||||
Earnings per share attributable to discontinued operations: | |||||||||||||||||||||||||||||||||||||||||
Basic | $ | — | $ | — | $ | — | $ | 0.01 | $ | 0.01 | |||||||||||||||||||||||||||||||
Diluted | $ | — | $ | — | $ | — | $ | 0.01 | $ | 0.01 | |||||||||||||||||||||||||||||||
The information in the table above is unchanged from Amendment No. 1. | |||||||||||||||||||||||||||||||||||||||||
Condensed Consolidated Statement of Operations | |||||||||||||||||||||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||||||||||||||||||||
(In thousands, except per share amounts) | |||||||||||||||||||||||||||||||||||||||||
Three Months Ended June 30, 2011 | |||||||||||||||||||||||||||||||||||||||||
Previously | First | As | Discontinued | Currently | |||||||||||||||||||||||||||||||||||||
Reported | Restatement | Corrected | Operations | Reported | |||||||||||||||||||||||||||||||||||||
Adjustment | |||||||||||||||||||||||||||||||||||||||||
Net sales | $ | 123,213 | $ | 2,900 | $ | 126,113 | $ | (8,106 | ) | $ | 118,007 | ||||||||||||||||||||||||||||||
Cost and expenses: | |||||||||||||||||||||||||||||||||||||||||
Cost of sales | 98,624 | 1,536 | 100,160 | (6,336 | ) | 93,824 | |||||||||||||||||||||||||||||||||||
Selling, general and administrative expenses | 17,618 | — | 17,618 | (807 | ) | 16,811 | |||||||||||||||||||||||||||||||||||
Research, technical, and product development expenses | 890 | — | 890 | — | 890 | ||||||||||||||||||||||||||||||||||||
Operating income | 6,081 | 1,364 | 7,445 | (963 | ) | 6,482 | |||||||||||||||||||||||||||||||||||
Other income, net | 133 | — | 133 | — | 133 | ||||||||||||||||||||||||||||||||||||
Interest income | 355 | — | 355 | — | 355 | ||||||||||||||||||||||||||||||||||||
Interest expense | (4,250 | ) | — | (4,250 | ) | — | (4,250 | ) | |||||||||||||||||||||||||||||||||
Income before income taxes | 2,319 | 1,364 | 3,683 | (963 | ) | 2,720 | |||||||||||||||||||||||||||||||||||
Provision for income taxes | 191 | 757 | 948 | (345 | ) | 603 | |||||||||||||||||||||||||||||||||||
Net income attributable to continuing operations | 2,128 | 607 | 2,735 | (618 | ) | 2,117 | |||||||||||||||||||||||||||||||||||
Net income attributable to discontinued operations, net of tax | — | — | — | 618 | 618 | ||||||||||||||||||||||||||||||||||||
Net income | $ | 2,128 | $ | 607 | $ | 2,735 | $ | — | $ | 2,735 | |||||||||||||||||||||||||||||||
Earnings per share attributable to continuing operations: | |||||||||||||||||||||||||||||||||||||||||
Basic | $ | 0.07 | $ | 0.02 | $ | 0.09 | $ | (0.02 | ) | $ | 0.07 | ||||||||||||||||||||||||||||||
Diluted | $ | 0.07 | $ | 0.02 | $ | 0.09 | $ | (0.02 | ) | $ | 0.07 | ||||||||||||||||||||||||||||||
Earnings per share attributable to discontinued operations: | |||||||||||||||||||||||||||||||||||||||||
Basic | $ | — | $ | — | $ | — | $ | 0.02 | $ | 0.02 | |||||||||||||||||||||||||||||||
Diluted | $ | — | $ | — | $ | — | $ | 0.02 | $ | 0.02 | |||||||||||||||||||||||||||||||
The information in the table above is unchanged from Amendment No. 1. | |||||||||||||||||||||||||||||||||||||||||
Condensed Consolidated Statement of Operations | |||||||||||||||||||||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||||||||||||||||||||
(In thousands, except per share amounts) | |||||||||||||||||||||||||||||||||||||||||
Six Months Ended June 30, 2011 | |||||||||||||||||||||||||||||||||||||||||
Previously | Revision | As | Discontinued | Currently | |||||||||||||||||||||||||||||||||||||
Reported | Adjustment | Revised | Operations | Reported | |||||||||||||||||||||||||||||||||||||
Net sales | $ | 244,063 | $ | 1,761 | $ | 245,824 | $ | (16,017 | ) | $ | 229,807 | ||||||||||||||||||||||||||||||
Cost and expenses: | |||||||||||||||||||||||||||||||||||||||||
Cost of sales | 193,469 | 1,478 | 194,947 | (12,635 | ) | 182,312 | |||||||||||||||||||||||||||||||||||
Selling, general and administrative expenses | 35,076 | — | 35,076 | (1,714 | ) | 33,362 | |||||||||||||||||||||||||||||||||||
Research, technical, and product development expenses | 1,522 | — | 1,522 | — | 1,522 | ||||||||||||||||||||||||||||||||||||
Asset and asset-related charges | (1,501 | ) | — | (1,501 | ) | — | (1,501 | ) | |||||||||||||||||||||||||||||||||
Operating income | 15,497 | 283 | 15,780 | (1,668 | ) | 14,112 | |||||||||||||||||||||||||||||||||||
Other income, net | (436 | ) | — | (436 | ) | 47 | (389 | ) | |||||||||||||||||||||||||||||||||
Interest income | 580 | — | 580 | — | 580 | ||||||||||||||||||||||||||||||||||||
Interest expense | (8,550 | ) | — | (8,550 | ) | — | (8,550 | ) | |||||||||||||||||||||||||||||||||
Income before income taxes | 7,091 | 283 | 7,374 | (1,621 | ) | 5,753 | |||||||||||||||||||||||||||||||||||
Provision for income taxes | 2,621 | 99 | 2,720 | (581 | ) | 2,139 | |||||||||||||||||||||||||||||||||||
Net income attributable to continuing operations | 4,470 | 184 | 4,654 | (1,040 | ) | 3,614 | |||||||||||||||||||||||||||||||||||
Net income attributable to discontinued operations, net of tax | — | — | — | 1,040 | 1,040 | ||||||||||||||||||||||||||||||||||||
Net income | $ | 4,470 | $ | 184 | $ | 4,654 | $ | — | $ | 4,654 | |||||||||||||||||||||||||||||||
Earnings per share attributable to continuing operations: | |||||||||||||||||||||||||||||||||||||||||
Basic | $ | 0.15 | $ | 0.01 | $ | 0.15 | $ | (0.03 | ) | $ | 0.12 | ||||||||||||||||||||||||||||||
Diluted | $ | 0.15 | $ | 0.01 | $ | 0.15 | $ | (0.03 | ) | $ | 0.12 | ||||||||||||||||||||||||||||||
Earnings per share attributable to discontinued operations: | |||||||||||||||||||||||||||||||||||||||||
Basic | $ | — | $ | — | $ | — | $ | 0.03 | $ | 0.03 | |||||||||||||||||||||||||||||||
Diluted | $ | — | $ | — | $ | — | $ | 0.03 | $ | 0.03 | |||||||||||||||||||||||||||||||
The information in the table above is unchanged from Amendment No. 1. | |||||||||||||||||||||||||||||||||||||||||
Condensed Consolidated Statement of Operations | |||||||||||||||||||||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||||||||||||||||||||
(In thousands, except per share amounts) | |||||||||||||||||||||||||||||||||||||||||
Three Months Ended September 30, 2011 | |||||||||||||||||||||||||||||||||||||||||
Previously | Revision | As | Discontinued | Currently | |||||||||||||||||||||||||||||||||||||
Reported | Adjustment | Revised | Operations | Reported | |||||||||||||||||||||||||||||||||||||
Net sales | $ | 143,671 | $ | 676 | $ | 144,347 | $ | (7,494 | ) | $ | 136,853 | ||||||||||||||||||||||||||||||
Cost and expenses: | |||||||||||||||||||||||||||||||||||||||||
Cost of sales | 118,665 | 1,291 | 119,956 | (5,954 | ) | 114,002 | |||||||||||||||||||||||||||||||||||
Selling, general and administrative expenses | 16,388 | — | 16,388 | (772 | ) | 15,616 | |||||||||||||||||||||||||||||||||||
Research, technical, and product development expenses | 925 | — | 925 | — | 925 | ||||||||||||||||||||||||||||||||||||
Operating income | 7,693 | (615 | ) | 7,078 | (768 | ) | 6,310 | ||||||||||||||||||||||||||||||||||
Other income, net | 198 | — | 198 | — | 198 | ||||||||||||||||||||||||||||||||||||
Interest income | 331 | — | 331 | — | 331 | ||||||||||||||||||||||||||||||||||||
Interest expense | (4,173 | ) | — | (4,173 | ) | — | (4,173 | ) | |||||||||||||||||||||||||||||||||
Income before income taxes | 4,049 | (615 | ) | 3,434 | (768 | ) | 2,666 | ||||||||||||||||||||||||||||||||||
Provision for income taxes | 1,982 | (208 | ) | 1,774 | (275 | ) | 1,499 | ||||||||||||||||||||||||||||||||||
Net income attributable to continuing operations | 2,067 | (407 | ) | 1,660 | (493 | ) | 1,167 | ||||||||||||||||||||||||||||||||||
Net income attributable to discontinued operations, net of tax | — | — | — | 493 | 493 | ||||||||||||||||||||||||||||||||||||
Net income | $ | 2,067 | $ | (407 | ) | $ | 1,660 | $ | — | $ | 1,660 | ||||||||||||||||||||||||||||||
Earnings per share attributable to continuing operations: | |||||||||||||||||||||||||||||||||||||||||
Basic | $ | 0.07 | $ | (0.01 | ) | $ | 0.05 | $ | (0.02 | ) | $ | 0.04 | |||||||||||||||||||||||||||||
Diluted | $ | 0.07 | $ | (0.01 | ) | $ | 0.05 | $ | (0.02 | ) | $ | 0.04 | |||||||||||||||||||||||||||||
Earnings per share attributable to discontinued operations: | |||||||||||||||||||||||||||||||||||||||||
Basic | $ | — | $ | — | $ | — | $ | 0.02 | $ | 0.02 | |||||||||||||||||||||||||||||||
Diluted | $ | — | $ | — | $ | — | $ | 0.02 | $ | 0.02 | |||||||||||||||||||||||||||||||
The information in the table above is unchanged from Amendment No. 1. | |||||||||||||||||||||||||||||||||||||||||
Condensed Consolidated Statement of Operations | |||||||||||||||||||||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||||||||||||||||||||
(In thousands, except per share amounts) | |||||||||||||||||||||||||||||||||||||||||
Nine Months Ended September 30, 2011 | |||||||||||||||||||||||||||||||||||||||||
Previously | Revision | As | Discontinued | Currently | |||||||||||||||||||||||||||||||||||||
Reported | Adjustment | Revised | Operations | Reported | |||||||||||||||||||||||||||||||||||||
Net sales | $ | 387,734 | $ | 2,437 | $ | 390,171 | $ | (23,511 | ) | $ | 366,660 | ||||||||||||||||||||||||||||||
Cost and expenses: | |||||||||||||||||||||||||||||||||||||||||
Cost of sales | 312,134 | 2,769 | 314,903 | (18,589 | ) | 296,314 | |||||||||||||||||||||||||||||||||||
Selling, general and administrative expenses | 51,464 | — | 51,464 | (2,486 | ) | 48,978 | |||||||||||||||||||||||||||||||||||
Research, technical, and product development expenses | 2,447 | — | 2,447 | — | 2,447 | ||||||||||||||||||||||||||||||||||||
Asset and asset-related charges | (1,501 | ) | — | (1,501 | ) | — | (1,501 | ) | |||||||||||||||||||||||||||||||||
Operating income | 23,190 | (332 | ) | 22,858 | (2,436 | ) | 20,422 | ||||||||||||||||||||||||||||||||||
Other income, net | (238 | ) | — | (238 | ) | 47 | (191 | ) | |||||||||||||||||||||||||||||||||
Interest income | 911 | — | 911 | — | 911 | ||||||||||||||||||||||||||||||||||||
Interest expense | (12,723 | ) | — | (12,723 | ) | — | (12,723 | ) | |||||||||||||||||||||||||||||||||
Income before income taxes | 11,140 | (332 | ) | 10,808 | (2,389 | ) | 8,419 | ||||||||||||||||||||||||||||||||||
Provision for income taxes | 4,603 | (109 | ) | 4,494 | (856 | ) | 3,638 | ||||||||||||||||||||||||||||||||||
Net income attributable to continuing operations | 6,537 | (223 | ) | 6,314 | (1,533 | ) | 4,781 | ||||||||||||||||||||||||||||||||||
Net income attributable to discontinued operations, net of tax | — | — | — | 1,533 | 1,533 | ||||||||||||||||||||||||||||||||||||
Net income | $ | 6,537 | $ | (223 | ) | $ | 6,314 | $ | — | $ | 6,314 | ||||||||||||||||||||||||||||||
Earnings per share attributable to continuing operations: | |||||||||||||||||||||||||||||||||||||||||
Basic | $ | 0.22 | $ | (0.01 | ) | $ | 0.21 | $ | (0.05 | ) | $ | 0.16 | |||||||||||||||||||||||||||||
Diluted | $ | 0.22 | $ | (0.01 | ) | $ | 0.21 | $ | (0.05 | ) | $ | 0.16 | |||||||||||||||||||||||||||||
Earnings per share attributable to discontinued operations: | |||||||||||||||||||||||||||||||||||||||||
Basic | $ | — | $ | — | $ | — | $ | 0.05 | $ | 0.05 | |||||||||||||||||||||||||||||||
Diluted | $ | — | $ | — | $ | — | $ | 0.05 | $ | 0.05 | |||||||||||||||||||||||||||||||
The information in the table above is unchanged from Amendment No. 1. | |||||||||||||||||||||||||||||||||||||||||
Condensed Consolidated Balance Sheet | |||||||||||||||||||||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||||||||||||||||||||
(In thousands, except per share amounts) | |||||||||||||||||||||||||||||||||||||||||
31-Mar-12 | |||||||||||||||||||||||||||||||||||||||||
As | First | Second | As | Discontinued | Currently | ||||||||||||||||||||||||||||||||||||
Reported | Restatement | Restatement | Corrected | Operations | Reported | ||||||||||||||||||||||||||||||||||||
Adjustment | Adjustment | ||||||||||||||||||||||||||||||||||||||||
Current assets: | |||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 117,872 | $ | — | $ | — | $ | 117,872 | $ | — | $ | 117,872 | |||||||||||||||||||||||||||||
Receivables, less allowance for doubtful accounts of $936 | 107,177 | — | — | 107,177 | (4,014 | ) | 103,163 | ||||||||||||||||||||||||||||||||||
Inventories, net | 327,922 | (5,073 | ) | (2,097 | ) | 320,752 | (13,125 | ) | 307,627 | ||||||||||||||||||||||||||||||||
Costs in excess of billings | — | 4 | 1 | 5 | — | 5 | |||||||||||||||||||||||||||||||||||
Deferred income taxes | 19,395 | 953 | 127 | 20,475 | — | 20,475 | |||||||||||||||||||||||||||||||||||
Assets of discontinued operations | — | — | — | — | 18,598 | 18,598 | |||||||||||||||||||||||||||||||||||
Other current assets | 10,975 | 316 | — | 11,291 | (22 | ) | 11,269 | ||||||||||||||||||||||||||||||||||
Total current assets | 583,341 | (3,800 | ) | (1,969 | ) | 577,572 | 1,437 | 579,009 | |||||||||||||||||||||||||||||||||
Property, plant, and equipment, net | 361,520 | — | — | 361,520 | (56 | ) | 361,464 | ||||||||||||||||||||||||||||||||||
Marketable securities | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||
Goodwill | 140,236 | — | (5,260 | ) | 134,976 | (1,381 | ) | 133,595 | |||||||||||||||||||||||||||||||||
Other intangible assets, net | 59,527 | — | — | 59,527 | — | 59,527 | |||||||||||||||||||||||||||||||||||
Deferred income taxes | 29,111 | — | — | 29,111 | — | 29,111 | |||||||||||||||||||||||||||||||||||
Other noncurrent assets | 4,972 | 3,504 | — | 8,476 | — | 8,476 | |||||||||||||||||||||||||||||||||||
Total assets | $ | 1,178,707 | $ | (296 | ) | $ | (7,229 | ) | $ | 1,171,182 | $ | — | $ | 1,171,182 | |||||||||||||||||||||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||||||||||||||||||||||||||||||||||||
Current liabilities: | |||||||||||||||||||||||||||||||||||||||||
Accounts payable | $ | 68,463 | $ | — | $ | — | $ | 68,463 | $ | (3,626 | ) | $ | 64,837 | ||||||||||||||||||||||||||||
Accrued wages and other employee costs | 19,878 | — | — | 19,878 | (188 | ) | 19,690 | ||||||||||||||||||||||||||||||||||
Unearned revenues | 40,889 | (2,020 | ) | (2,286 | ) | 36,583 | — | 36,583 | |||||||||||||||||||||||||||||||||
Liabilities of discontinued operations | — | — | — | — | 3,879 | 3,879 | |||||||||||||||||||||||||||||||||||
Other accrued liabilities | 21,833 | — | — | 21,833 | (65 | ) | 21,768 | ||||||||||||||||||||||||||||||||||
Total current liabilities | 151,063 | (2,020 | ) | (2,286 | ) | 146,757 | — | 146,757 | |||||||||||||||||||||||||||||||||
Long-term debt | 191,189 | — | — | 191,189 | — | 191,189 | |||||||||||||||||||||||||||||||||||
Liability for post-retirement benefits | 41,806 | — | — | 41,806 | — | 41,806 | |||||||||||||||||||||||||||||||||||
Liability for pension benefits | 15,097 | — | — | 15,097 | — | 15,097 | |||||||||||||||||||||||||||||||||||
Deferred income taxes | 38,209 | — | (5,068 | ) | 33,141 | — | 33,141 | ||||||||||||||||||||||||||||||||||
Unearned revenues | — | 3,504 | — | 3,504 | — | 3,504 | |||||||||||||||||||||||||||||||||||
Other noncurrent liabilities | 8,895 | — | — | 8,895 | — | 8,895 | |||||||||||||||||||||||||||||||||||
Total liabilities | 446,259 | 1,484 | (7,354 | ) | 440,389 | — | 440,389 | ||||||||||||||||||||||||||||||||||
Commitments and Contingencies | |||||||||||||||||||||||||||||||||||||||||
Shareholders’ equity: | |||||||||||||||||||||||||||||||||||||||||
Common stock, $0.01 par value; 50,000,000 shares authorized; 31,066,254 shares issued; 30,286,870 shares outstanding | 311 | — | — | 311 | — | 311 | |||||||||||||||||||||||||||||||||||
Additional paid-in capital | 480,653 | — | — | 480,653 | — | 480,653 | |||||||||||||||||||||||||||||||||||
Treasury stock, at cost; 779,375 shares | (18,399 | ) | — | — | (18,399 | ) | — | (18,399 | ) | ||||||||||||||||||||||||||||||||
Accumulated other comprehensive loss | (35,808 | ) | — | — | (35,808 | ) | — | (35,808 | ) | ||||||||||||||||||||||||||||||||
Retained earnings | 305,691 | (1,780 | ) | 125 | 304,036 | — | 304,036 | ||||||||||||||||||||||||||||||||||
Total shareholders’ equity | 732,448 | (1,780 | ) | 125 | 730,793 | — | 730,793 | ||||||||||||||||||||||||||||||||||
Total liabilities and shareholders’ equity | $ | 1,178,707 | $ | (296 | ) | $ | (7,229 | ) | $ | 1,171,182 | $ | — | $ | 1,171,182 | |||||||||||||||||||||||||||
Condensed Consolidated Balance Sheet | |||||||||||||||||||||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||||||||||||||||||||
(In thousands, except share and per share amounts) | |||||||||||||||||||||||||||||||||||||||||
30-Jun-12 | |||||||||||||||||||||||||||||||||||||||||
As | First | Second | As | Discontinued | Currently | ||||||||||||||||||||||||||||||||||||
Reported | Restatement | Restatement | Corrected | Operations | Reported | ||||||||||||||||||||||||||||||||||||
Adjustment | Adjustment | ||||||||||||||||||||||||||||||||||||||||
Current Assets: | |||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 99,525 | $ | — | $ | — | $ | 99,525 | $ | — | $ | 99,525 | |||||||||||||||||||||||||||||
Receivables, less allowance for doubtful accounts of $967 | 107,455 | — | — | 107,455 | (3,698 | ) | 103,757 | ||||||||||||||||||||||||||||||||||
Inventories, net | 349,432 | (6,680 | ) | (3,082 | ) | 339,670 | (12,501 | ) | 327,169 | ||||||||||||||||||||||||||||||||
Costs in excess of billings | — | 250 | 408 | 658 | — | 658 | |||||||||||||||||||||||||||||||||||
Deferred income taxes | 19,332 | 1,335 | 108 | 20,775 | — | 20,775 | |||||||||||||||||||||||||||||||||||
Assets of discontinued operations | — | — | — | — | 17,633 | 17,633 | |||||||||||||||||||||||||||||||||||
Other current assets | 12,900 | 369 | — | 13,269 | — | 13,269 | |||||||||||||||||||||||||||||||||||
Total current assets | 588,644 | (4,726 | ) | (2,566 | ) | 581,352 | 1,434 | 582,786 | |||||||||||||||||||||||||||||||||
Property, plant, and equipment, net | 365,788 | — | — | 365,788 | (53 | ) | 365,735 | ||||||||||||||||||||||||||||||||||
Marketable securities | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||
Goodwill | 140,211 | — | (5,260 | ) | 134,951 | (1,381 | ) | 133,570 | |||||||||||||||||||||||||||||||||
Other intangible assets, net | 58,251 | — | — | 58,251 | — | 58,251 | |||||||||||||||||||||||||||||||||||
Deferred income taxes | 29,239 | — | — | 29,239 | — | 29,239 | |||||||||||||||||||||||||||||||||||
Other noncurrent assets | 5,407 | 3,385 | — | 8,792 | — | 8,792 | |||||||||||||||||||||||||||||||||||
Total assets | $ | 1,187,540 | $ | (1,341 | ) | $ | (7,826 | ) | $ | 1,178,373 | $ | — | $ | 1,178,373 | |||||||||||||||||||||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||||||||||||||||||||||||||||||||||||
Current liabilities: | |||||||||||||||||||||||||||||||||||||||||
Accounts payable | $ | 64,278 | $ | — | $ | — | $ | 64,278 | $ | (3,194 | ) | $ | 61,084 | ||||||||||||||||||||||||||||
Accrued wages and other employee costs | 25,135 | — | — | 25,135 | (264 | ) | 24,871 | ||||||||||||||||||||||||||||||||||
Unearned revenues | 42,056 | (2,302 | ) | (2,910 | ) | 36,844 | — | 36,844 | |||||||||||||||||||||||||||||||||
Liabilities of discontinued operations | — | — | — | — | 3,494 | 3,494 | |||||||||||||||||||||||||||||||||||
Other accrued liabilities | 21,716 | — | — | 21,716 | (36 | ) | 21,680 | ||||||||||||||||||||||||||||||||||
Total current liabilities | 153,185 | (2,302 | ) | (2,910 | ) | 147,973 | — | 147,973 | |||||||||||||||||||||||||||||||||
Long-term debt | 193,727 | — | — | 193,727 | — | 193,727 | |||||||||||||||||||||||||||||||||||
Liability for post-retirement benefits | 42,000 | — | — | 42,000 | — | 42,000 | |||||||||||||||||||||||||||||||||||
Liability for pension benefits | 13,402 | — | — | 13,402 | — | 13,402 | |||||||||||||||||||||||||||||||||||
Deferred income taxes | 38,817 | — | (5,068 | ) | 33,749 | — | 33,749 | ||||||||||||||||||||||||||||||||||
Unearned revenues | — | 3,385 | — | 3,385 | — | 3,385 | |||||||||||||||||||||||||||||||||||
Other noncurrent liabilities | 8,969 | — | — | 8,969 | — | 8,969 | |||||||||||||||||||||||||||||||||||
Total liabilities | 450,100 | 1,083 | (7,978 | ) | 443,205 | — | 443,205 | ||||||||||||||||||||||||||||||||||
Commitments and Contingencies | |||||||||||||||||||||||||||||||||||||||||
Shareholders’ equity: | |||||||||||||||||||||||||||||||||||||||||
Common stock, $0.01 par value; 50,000,000 shares authorized; 31,097,449 shares issued; 30,314,874 shares outstanding | 311 | — | — | 311 | — | 311 | |||||||||||||||||||||||||||||||||||
Additional paid-in capital | 481,855 | — | — | 481,855 | — | 481,855 | |||||||||||||||||||||||||||||||||||
Treasury stock, at cost; 782,575 shares | (18,399 | ) | — | — | (18,399 | ) | — | (18,399 | ) | ||||||||||||||||||||||||||||||||
Accumulated other comprehensive loss | (37,181 | ) | — | — | (37,181 | ) | — | (37,181 | ) | ||||||||||||||||||||||||||||||||
Retained earnings | 310,854 | (2,424 | ) | 152 | 308,582 | — | 308,582 | ||||||||||||||||||||||||||||||||||
Total shareholders’ equity | 737,440 | (2,424 | ) | 152 | 735,168 | — | 735,168 | ||||||||||||||||||||||||||||||||||
Total liabilities and shareholders’ equity | $ | 1,187,540 | $ | (1,341 | ) | $ | (7,826 | ) | $ | 1,178,373 | $ | — | $ | 1,178,373 | |||||||||||||||||||||||||||
Condensed Consolidated Balance Sheet | |||||||||||||||||||||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||||||||||||||||||||
(In thousands, except share and per share amounts) | |||||||||||||||||||||||||||||||||||||||||
30-Sep-12 | |||||||||||||||||||||||||||||||||||||||||
As Reported | First | Second | As Corrected | Discontinued | Currently | ||||||||||||||||||||||||||||||||||||
Restatement | Restatement | Operations | Reported | ||||||||||||||||||||||||||||||||||||||
Adjustment | Adjustment | ||||||||||||||||||||||||||||||||||||||||
Current assets: | |||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 73,389 | $ | — | $ | — | $ | 73,389 | $ | — | $ | 73,389 | |||||||||||||||||||||||||||||
Short-term investments | 3,998 | — | — | 3,998 | — | 3,998 | |||||||||||||||||||||||||||||||||||
Receivables, less allowance for doubtful accounts of $909 | 117,455 | — | — | 117,455 | (3,207 | ) | 114,248 | ||||||||||||||||||||||||||||||||||
Inventories, net | 378,218 | (9,279 | ) | (3,949 | ) | 364,990 | (12,161 | ) | 352,829 | ||||||||||||||||||||||||||||||||
Costs in excess of billings | — | 750 | 1,401 | 2,151 | — | 2,151 | |||||||||||||||||||||||||||||||||||
Deferred income taxes | 19,644 | 2,383 | 32 | 22,059 | — | 22,059 | |||||||||||||||||||||||||||||||||||
Assets of discontinued operations | — | — | — | — | 16,799 | 16,799 | |||||||||||||||||||||||||||||||||||
Other current assets | 10,725 | 435 | — | 11,160 | — | 11,160 | |||||||||||||||||||||||||||||||||||
Total current assets | 603,429 | (5,711 | ) | (2,516 | ) | 595,202 | 1,431 | 596,633 | |||||||||||||||||||||||||||||||||
Property, plant, and equipment, net | 367,818 | — | — | 367,818 | (50 | ) | 367,768 | ||||||||||||||||||||||||||||||||||
Goodwill | 138,247 | — | (5,260 | ) | 132,987 | (1,381 | ) | 131,606 | |||||||||||||||||||||||||||||||||
Other intangible assets, net | 57,664 | — | — | 57,664 | — | 57,664 | |||||||||||||||||||||||||||||||||||
Deferred income taxes | 32,197 | — | — | 32,197 | — | 32,197 | |||||||||||||||||||||||||||||||||||
Other noncurrent assets | 5,113 | 3,240 | — | 8,353 | — | 8,353 | |||||||||||||||||||||||||||||||||||
Total assets | $ | 1,204,468 | $ | (2,471 | ) | $ | (7,776 | ) | $ | 1,194,221 | $ | — | $ | 1,194,221 | |||||||||||||||||||||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||||||||||||||||||||||||||||||||||||
Current liabilities: | |||||||||||||||||||||||||||||||||||||||||
Accounts payable | $ | 70,079 | $ | — | $ | — | $ | 70,079 | $ | (2,913 | ) | $ | 67,166 | ||||||||||||||||||||||||||||
Accrued wages and other employee costs | 29,730 | — | — | 29,730 | (285 | ) | 29,445 | ||||||||||||||||||||||||||||||||||
Unearned revenues | 38,633 | (1,086 | ) | (3,024 | ) | 34,523 | — | 34,523 | |||||||||||||||||||||||||||||||||
Liabilities of discontinued operations | — | — | — | — | 3,198 | 3,198 | |||||||||||||||||||||||||||||||||||
Other accrued liabilities | 27,458 | — | — | 27,458 | — | 27,458 | |||||||||||||||||||||||||||||||||||
Total current liabilities | 165,900 | (1,086 | ) | (3,024 | ) | 161,790 | — | 161,790 | |||||||||||||||||||||||||||||||||
Long-term debt | 196,079 | — | — | 196,079 | — | 196,079 | |||||||||||||||||||||||||||||||||||
Liability for post-retirement benefits | 42,220 | — | — | 42,220 | — | 42,220 | |||||||||||||||||||||||||||||||||||
Liability for pension benefits | 2,555 | — | — | 2,555 | — | 2,555 | |||||||||||||||||||||||||||||||||||
Deferred income taxes | 38,731 | — | (5,068 | ) | 33,663 | — | 33,663 | ||||||||||||||||||||||||||||||||||
Unearned revenues | — | 3,240 | — | 3,240 | — | 3,240 | |||||||||||||||||||||||||||||||||||
Other noncurrent liabilities | 8,908 | — | — | 8,908 | — | 8,908 | |||||||||||||||||||||||||||||||||||
Total liabilities | 454,393 | 2,154 | (8,092 | ) | 448,455 | — | 448,455 | ||||||||||||||||||||||||||||||||||
Commitments and Contingencies | |||||||||||||||||||||||||||||||||||||||||
Shareholders’ equity: | |||||||||||||||||||||||||||||||||||||||||
Common stock, $0.01 par value; 50,000,000 shares authorized; 31,106,934 shares issued; 30,324,359 shares outstanding | 311 | — | — | 311 | — | 311 | |||||||||||||||||||||||||||||||||||
Additional paid-in capital | 483,156 | — | — | 483,156 | — | 483,156 | |||||||||||||||||||||||||||||||||||
Treasury stock, at cost; 782,575 and 749,429 shares | (18,399 | ) | — | — | (18,399 | ) | — | (18,399 | ) | ||||||||||||||||||||||||||||||||
Accumulated other comprehensive loss | (31,472 | ) | — | — | (31,472 | ) | — | (31,472 | ) | ||||||||||||||||||||||||||||||||
Retained earnings | 316,479 | (4,625 | ) | 316 | 312,170 | — | 312,170 | ||||||||||||||||||||||||||||||||||
Total shareholders’ equity | 750,075 | (4,625 | ) | 316 | 745,766 | — | 745,766 | ||||||||||||||||||||||||||||||||||
Total liabilities and shareholders’ equity | $ | 1,204,468 | $ | (2,471 | ) | $ | (7,776 | ) | $ | 1,194,221 | $ | — | $ | 1,194,221 | |||||||||||||||||||||||||||
Condensed Consolidated Balance Sheet | |||||||||||||||||||||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||||||||||||||||||||
(In thousands, except share and per share amounts) | |||||||||||||||||||||||||||||||||||||||||
31-Mar-11 | |||||||||||||||||||||||||||||||||||||||||
Previously | First | As Corrected | Discontinued | Currently | |||||||||||||||||||||||||||||||||||||
Reported | Restatement | Operations | Reported | ||||||||||||||||||||||||||||||||||||||
Adjustment | |||||||||||||||||||||||||||||||||||||||||
ASSETS | |||||||||||||||||||||||||||||||||||||||||
Current assets: | |||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 276,154 | $ | — | $ | 276,154 | $ | — | $ | 276,154 | |||||||||||||||||||||||||||||||
Short-term investments | 38,892 | — | 38,892 | — | 38,892 | ||||||||||||||||||||||||||||||||||||
Receivables, less allowance for doubtful accounts of $461 | 76,499 | — | 76,499 | (3,748 | ) | 72,751 | |||||||||||||||||||||||||||||||||||
Inventories, net | 269,402 | 161 | 269,563 | (8,511 | ) | 261,052 | |||||||||||||||||||||||||||||||||||
Costs in excess of billings | — | 112 | 112 | — | 112 | ||||||||||||||||||||||||||||||||||||
Deferred income taxes | 22,928 | 736 | 23,664 | — | 23,664 | ||||||||||||||||||||||||||||||||||||
Assets of discontinued operations | — | — | — | 13,724 | 13,724 | ||||||||||||||||||||||||||||||||||||
Other current assets | 13,933 | 239 | 14,172 | (16 | ) | 14,156 | |||||||||||||||||||||||||||||||||||
Total current assets | 697,808 | 1,248 | 699,056 | 1,449 | 700,505 | ||||||||||||||||||||||||||||||||||||
Property, plant, and equipment, net | 261,331 | — | 261,331 | (68 | ) | 261,263 | |||||||||||||||||||||||||||||||||||
Marketable securities | 48,779 | — | 48,779 | — | 48,779 | ||||||||||||||||||||||||||||||||||||
Goodwill | 42,205 | — | 42,205 | (1,381 | ) | 40,824 | |||||||||||||||||||||||||||||||||||
Other intangible assets, net | 14,219 | — | 14,219 | — | 14,219 | ||||||||||||||||||||||||||||||||||||
Deferred income taxes | 23,537 | — | 23,537 | — | 23,537 | ||||||||||||||||||||||||||||||||||||
Other noncurrent assets | 5,977 | 3,820 | 9,797 | — | 9,797 | ||||||||||||||||||||||||||||||||||||
Total assets | $ | 1,093,856 | $ | 5,068 | $ | 1,098,924 | $ | — | $ | 1,098,924 | |||||||||||||||||||||||||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||||||||||||||||||||||||||||||||||||
Current liabilities: | |||||||||||||||||||||||||||||||||||||||||
Accounts payable | $ | 36,105 | $ | — | $ | 36,105 | $ | (4,173 | ) | $ | 31,932 | ||||||||||||||||||||||||||||||
Accrued wages and other employee costs | 15,230 | — | 15,230 | (244 | ) | 14,986 | |||||||||||||||||||||||||||||||||||
Unearned revenues | 26,020 | 1,810 | 27,830 | — | 27,830 | ||||||||||||||||||||||||||||||||||||
Liabilities of discontinued operations | — | — | — | 4,551 | 4,551 | ||||||||||||||||||||||||||||||||||||
Other accrued liabilities | 29,290 | — | 29,290 | (134 | ) | 29,156 | |||||||||||||||||||||||||||||||||||
Total current liabilities | 106,645 | 1,810 | 108,455 | — | 108,455 | ||||||||||||||||||||||||||||||||||||
Long-term debt | 180,269 | — | 180,269 | — | 180,269 | ||||||||||||||||||||||||||||||||||||
Liability for post-retirement benefits | 40,277 | — | 40,277 | — | 40,277 | ||||||||||||||||||||||||||||||||||||
Liability for pension benefits | 28,504 | — | 28,504 | — | 28,504 | ||||||||||||||||||||||||||||||||||||
Deferred income taxes | 3,102 | — | 3,102 | — | 3,102 | ||||||||||||||||||||||||||||||||||||
Unearned revenues | — | 3,820 | 3,820 | — | 3,820 | ||||||||||||||||||||||||||||||||||||
Other noncurrent liabilities | 8,569 | — | 8,569 | — | 8,569 | ||||||||||||||||||||||||||||||||||||
Total liabilities | 367,366 | 5,630 | 372,996 | — | 372,996 | ||||||||||||||||||||||||||||||||||||
Commitments and Contingencies | |||||||||||||||||||||||||||||||||||||||||
Shareholders’ equity: | |||||||||||||||||||||||||||||||||||||||||
Common stock, $0.01 par value; 50,000,000 shares authorized; 30,917,846 shares issued; 30,172,675 shares outstanding | 309 | — | 309 | — | 309 | ||||||||||||||||||||||||||||||||||||
Additional paid-in capital | 475,779 | — | 475,779 | — | 475,779 | ||||||||||||||||||||||||||||||||||||
Treasury stock, at cost; 745,171 shares | (17,646 | ) | — | (17,646 | ) | — | (17,646 | ) | |||||||||||||||||||||||||||||||||
Accumulated other comprehensive loss | (27,808 | ) | — | (27,808 | ) | — | (27,808 | ) | |||||||||||||||||||||||||||||||||
Retained earnings | 295,856 | (562 | ) | 295,294 | — | 295,294 | |||||||||||||||||||||||||||||||||||
Total shareholders’ equity | 726,490 | (562 | ) | 725,928 | — | 725,928 | |||||||||||||||||||||||||||||||||||
Total liabilities and shareholders’ equity | $ | 1,093,856 | $ | 5,068 | $ | 1,098,924 | $ | — | $ | 1,098,924 | |||||||||||||||||||||||||||||||
The information in the table above is unchanged from Amendment No. 1. | |||||||||||||||||||||||||||||||||||||||||
Condensed Consolidated Balance Sheet | |||||||||||||||||||||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||||||||||||||||||||
(In thousands, except share and per share amounts) | |||||||||||||||||||||||||||||||||||||||||
30-Jun-11 | |||||||||||||||||||||||||||||||||||||||||
Previously | Revision | As Revised | Discontinued | Currently | |||||||||||||||||||||||||||||||||||||
Reported | Adjustment | Operations | Reported | ||||||||||||||||||||||||||||||||||||||
ASSETS | |||||||||||||||||||||||||||||||||||||||||
Current assets: | |||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 228,313 | $ | — | $ | 228,313 | $ | — | $ | 228,313 | |||||||||||||||||||||||||||||||
Short-term investments | 63,590 | — | 63,590 | — | 63,590 | ||||||||||||||||||||||||||||||||||||
Receivables, less allowance for doubtful accounts of $447 | 66,211 | — | 66,211 | (3,803 | ) | 62,408 | |||||||||||||||||||||||||||||||||||
Inventories, net | 259,241 | (1,168 | ) | 258,073 | (7,805 | ) | 250,268 | ||||||||||||||||||||||||||||||||||
Deferred income taxes | 22,950 | (20 | ) | 22,930 | — | 22,930 | |||||||||||||||||||||||||||||||||||
Assets of discontinued operations | — | — | — | 13,062 | 13,062 | ||||||||||||||||||||||||||||||||||||
Other current assets | 11,952 | 265 | 12,217 | (8 | ) | 12,209 | |||||||||||||||||||||||||||||||||||
Total current assets | 652,257 | (923 | ) | 651,334 | 1,446 | 652,780 | |||||||||||||||||||||||||||||||||||
Property, plant, and equipment, net | 266,144 | — | 266,144 | (65 | ) | 266,079 | |||||||||||||||||||||||||||||||||||
Marketable securities | 92,440 | — | 92,440 | — | 92,440 | ||||||||||||||||||||||||||||||||||||
Goodwill | 42,215 | — | 42,215 | (1,381 | ) | 40,834 | |||||||||||||||||||||||||||||||||||
Other intangible assets, net | 13,965 | — | 13,965 | — | 13,965 | ||||||||||||||||||||||||||||||||||||
Deferred income taxes | 24,909 | — | 24,909 | — | 24,909 | ||||||||||||||||||||||||||||||||||||
Other noncurrent assets | 5,600 | 3,754 | 9,354 | — | 9,354 | ||||||||||||||||||||||||||||||||||||
Total assets | $ | 1,097,530 | $ | 2,831 | $ | 1,100,361 | $ | — | $ | 1,100,361 | |||||||||||||||||||||||||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||||||||||||||||||||||||||||||||||||
Current liabilities: | |||||||||||||||||||||||||||||||||||||||||
Accounts payable | $ | 34,036 | $ | — | $ | 34,036 | $ | (2,944 | ) | $ | 31,092 | ||||||||||||||||||||||||||||||
Accrued wages and other employee costs | 18,799 | — | 18,799 | (266 | ) | 18,533 | |||||||||||||||||||||||||||||||||||
Unearned revenues | 22,889 | (968 | ) | 21,921 | — | 21,921 | |||||||||||||||||||||||||||||||||||
Liabilities of discontinued operations | — | — | — | 3,467 | 3,467 | ||||||||||||||||||||||||||||||||||||
Other accrued liabilities | 28,479 | — | 28,479 | (257 | ) | 28,222 | |||||||||||||||||||||||||||||||||||
Total current liabilities | 104,203 | (968 | ) | 103,235 | — | 103,235 | |||||||||||||||||||||||||||||||||||
Long-term debt | 182,462 | — | 182,462 | — | 182,462 | ||||||||||||||||||||||||||||||||||||
Liability for post-retirement benefits | 40,859 | — | 40,859 | — | 40,859 | ||||||||||||||||||||||||||||||||||||
Liability for pension benefits | 27,604 | — | 27,604 | — | 27,604 | ||||||||||||||||||||||||||||||||||||
Deferred income taxes | 3,169 | — | 3,169 | — | 3,169 | ||||||||||||||||||||||||||||||||||||
Unearned revenues | — | 3,754 | 3,754 | — | 3,754 | ||||||||||||||||||||||||||||||||||||
Other noncurrent liabilities | 8,527 | — | 8,527 | — | 8,527 | ||||||||||||||||||||||||||||||||||||
Total liabilities | 366,824 | 2,786 | 369,610 | — | 369,610 | ||||||||||||||||||||||||||||||||||||
Commitments and Contingencies | |||||||||||||||||||||||||||||||||||||||||
Shareholders’ equity: | |||||||||||||||||||||||||||||||||||||||||
Common stock, $0.01 par value; 50,000,000 shares authorized; 30,933,721 shares issued; 30,188,550 shares outstanding | 309 | — | 309 | — | 309 | ||||||||||||||||||||||||||||||||||||
Additional paid-in capital | 476,948 | — | 476,948 | — | 476,948 | ||||||||||||||||||||||||||||||||||||
Treasury stock, at cost; 745,171 shares | (17,646 | ) | — | (17,646 | ) | — | (17,646 | ) | |||||||||||||||||||||||||||||||||
Accumulated other comprehensive loss | (26,889 | ) | — | (26,889 | ) | — | (26,889 | ) | |||||||||||||||||||||||||||||||||
Retained earnings | 297,984 | 45 | 298,029 | — | 298,029 | ||||||||||||||||||||||||||||||||||||
Total shareholders’ equity | 730,706 | 45 | 730,751 | — | 730,751 | ||||||||||||||||||||||||||||||||||||
Total liabilities and shareholders’ equity | $ | 1,097,530 | $ | 2,831 | $ | 1,100,361 | $ | — | $ | 1,100,361 | |||||||||||||||||||||||||||||||
The information in the table above is unchanged from Amendment No. 1. | |||||||||||||||||||||||||||||||||||||||||
Condensed Consolidated Balance Sheet | |||||||||||||||||||||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||||||||||||||||||||
(In thousands, except share and per share amounts) | |||||||||||||||||||||||||||||||||||||||||
30-Sep-11 | |||||||||||||||||||||||||||||||||||||||||
Previously | Revision | As Revised | Discontinued | Currently | |||||||||||||||||||||||||||||||||||||
Reported | Adjustment | Operations | Reported | ||||||||||||||||||||||||||||||||||||||
ASSETS | |||||||||||||||||||||||||||||||||||||||||
Current assets: | |||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 189,741 | $ | — | $ | 189,741 | $ | — | $ | 189,741 | |||||||||||||||||||||||||||||||
Short-term investments | 76,587 | — | 76,587 | — | 76,587 | ||||||||||||||||||||||||||||||||||||
Receivables, less allowance for doubtful accounts of $760 | 87,883 | — | 87,883 | (3,355 | ) | 84,528 | |||||||||||||||||||||||||||||||||||
Inventories, net | 257,049 | (2,634 | ) | 254,415 | (10,147 | ) | 244,268 | ||||||||||||||||||||||||||||||||||
Deferred income taxes | 19,974 | 187 | 20,161 | — | 20,161 | ||||||||||||||||||||||||||||||||||||
Assets of discontinued operations | — | — | — | 14,945 | 14,945 | ||||||||||||||||||||||||||||||||||||
Other current assets | 14,663 | 271 | 14,934 | — | 14,934 | ||||||||||||||||||||||||||||||||||||
Total current assets | 645,897 | (2,176 | ) | 643,721 | 1,443 | 645,164 | |||||||||||||||||||||||||||||||||||
Property, plant, and equipment, net | 268,056 | — | 268,056 | (62 | ) | 267,994 | |||||||||||||||||||||||||||||||||||
Marketable securities | 89,479 | — | 89,479 | — | 89,479 | ||||||||||||||||||||||||||||||||||||
Goodwill | 41,305 | — | 41,305 | (1,381 | ) | 39,924 | |||||||||||||||||||||||||||||||||||
Other intangible assets, net | 12,829 | — | 12,829 | — | 12,829 | ||||||||||||||||||||||||||||||||||||
Deferred income taxes | 23,611 | — | 23,611 | — | 23,611 | ||||||||||||||||||||||||||||||||||||
Other noncurrent assets | 5,228 | 3,675 | 8,903 | — | 8,903 | ||||||||||||||||||||||||||||||||||||
Total assets | $ | 1,086,405 | $ | 1,499 | $ | 1,087,904 | $ | — | $ | 1,087,904 | |||||||||||||||||||||||||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||||||||||||||||||||||||||||||||||||
Current liabilities: | |||||||||||||||||||||||||||||||||||||||||
Accounts payable | $ | 53,960 | $ | — | $ | 53,960 | $ | (4,742 | ) | $ | 49,218 | ||||||||||||||||||||||||||||||
Accrued wages and other employee costs | 20,978 | — | 20,978 | (293 | ) | 20,685 | |||||||||||||||||||||||||||||||||||
Unearned revenues | 18,234 | (1,814 | ) | 16,420 | — | 16,420 | |||||||||||||||||||||||||||||||||||
Liabilities of discontinued operations | — | — | — | 5,069 | 5,069 | ||||||||||||||||||||||||||||||||||||
Other accrued liabilities | 19,831 | — | 19,831 | (34 | ) | 19,797 | |||||||||||||||||||||||||||||||||||
Total current liabilities | 113,003 | (1,814 | ) | 111,189 | — | 111,189 | |||||||||||||||||||||||||||||||||||
Long-term debt | 184,695 | — | 184,695 | — | 184,695 | ||||||||||||||||||||||||||||||||||||
Liability for post-retirement benefits | 41,128 | — | 41,128 | — | 41,128 | ||||||||||||||||||||||||||||||||||||
Liability for pension benefits | 7,153 | — | 7,153 | — | 7,153 | ||||||||||||||||||||||||||||||||||||
Deferred income taxes | 5,441 | — | 5,441 | — | 5,441 | ||||||||||||||||||||||||||||||||||||
Unearned revenues | — | 3,675 | 3,675 | — | 3,675 | ||||||||||||||||||||||||||||||||||||
Other noncurrent liabilities | 8,538 | — | 8,538 | — | 8,538 | ||||||||||||||||||||||||||||||||||||
Total liabilities | 359,958 | 1,861 | 361,819 | — | 361,819 | ||||||||||||||||||||||||||||||||||||
Commitments and Contingencies | |||||||||||||||||||||||||||||||||||||||||
Shareholders’ equity: | |||||||||||||||||||||||||||||||||||||||||
Common stock, $0.01 par value; 50,000,000 shares authorized; 30,935,132 shares issued; 30,187,961 shares outstanding | 309 | — | 309 | — | 309 | ||||||||||||||||||||||||||||||||||||
Additional paid-in capital | 478,025 | — | 478,025 | — | 478,025 | ||||||||||||||||||||||||||||||||||||
Treasury stock, at cost; 747,171 shares | (17,646 | ) | — | (17,646 | ) | — | (17,646 | ) | |||||||||||||||||||||||||||||||||
Accumulated other comprehensive loss | (34,292 | ) | — | (34,292 | ) | — | (34,292 | ) | |||||||||||||||||||||||||||||||||
Retained earnings | 300,051 | (362 | ) | 299,689 | — | 299,689 | |||||||||||||||||||||||||||||||||||
Total shareholders’ equity | 726,447 | (362 | ) | 726,085 | — | 726,085 | |||||||||||||||||||||||||||||||||||
Total liabilities and shareholders’ equity | $ | 1,086,405 | $ | 1,499 | $ | 1,087,904 | $ | — | $ | 1,087,904 | |||||||||||||||||||||||||||||||
The information in the table above is unchanged from Amendment No. 1. | |||||||||||||||||||||||||||||||||||||||||
Condensed Consolidated Statement of Cash Flows | |||||||||||||||||||||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||||||||||
Three Months Ended March 31, 2012 | |||||||||||||||||||||||||||||||||||||||||
As | First | Second | As | ||||||||||||||||||||||||||||||||||||||
Reported | Restatement | Restatement | Corrected | ||||||||||||||||||||||||||||||||||||||
Adjustment | Adjustment | ||||||||||||||||||||||||||||||||||||||||
Net income | $ | 5,625 | $ | (1,121 | ) | $ | 125 | $ | 4,629 | ||||||||||||||||||||||||||||||||
Adjustment for non-cash items included in net income: | |||||||||||||||||||||||||||||||||||||||||
Depreciation and amortization | 8,734 | — | — | 8,734 | |||||||||||||||||||||||||||||||||||||
Deferred income taxes | (1,915 | ) | (586 | ) | 65 | (2,436 | ) | ||||||||||||||||||||||||||||||||||
Stock-based compensation | 1,378 | — | — | 1,378 | |||||||||||||||||||||||||||||||||||||
Excess tax benefits from stock-based compensation activity | (61 | ) | — | — | (61 | ) | |||||||||||||||||||||||||||||||||||
Amortization of discount on long-term debt | 2,352 | — | — | 2,352 | |||||||||||||||||||||||||||||||||||||
Other | (68 | ) | — | — | (68 | ) | |||||||||||||||||||||||||||||||||||
Changes in assets and liabilities: | |||||||||||||||||||||||||||||||||||||||||
Receivables | 4,750 | — | — | 4,750 | |||||||||||||||||||||||||||||||||||||
Inventories | (31,130 | ) | 1,578 | 2,097 | (27,455 | ) | |||||||||||||||||||||||||||||||||||
Accounts payable | 5,504 | — | — | 5,504 | |||||||||||||||||||||||||||||||||||||
Income taxes payable | 1,659 | — | — | 1,659 | |||||||||||||||||||||||||||||||||||||
Unearned revenue | 8,230 | (320 | ) | (2,286 | ) | 5,624 | |||||||||||||||||||||||||||||||||||
Cost in excess of billings | — | 396 | (1 | ) | 395 | ||||||||||||||||||||||||||||||||||||
Other current assets and liabilities | (14,430 | ) | (26 | ) | (192 | ) | (14,648 | ) | |||||||||||||||||||||||||||||||||
Other assets and liabilities | (3,587 | ) | 79 | 192 | (3,316 | ) | |||||||||||||||||||||||||||||||||||
Cash used in operating activities | (12,959 | ) | — | — | (12,959 | ) | |||||||||||||||||||||||||||||||||||
INVESTING ACTIVITIES: | |||||||||||||||||||||||||||||||||||||||||
Acquisitions, net of cash required | (185,633 | ) | — | — | (185,633 | ) | |||||||||||||||||||||||||||||||||||
Maturity/sale of investments | 176,809 | — | — | 176,809 | |||||||||||||||||||||||||||||||||||||
Capital expenditures | (17,128 | ) | — | — | (17,128 | ) | |||||||||||||||||||||||||||||||||||
Purchase of investments | (38 | ) | — | — | (38 | ) | |||||||||||||||||||||||||||||||||||
Cash used in investing activities | (25,990 | ) | — | — | (25,990 | ) | |||||||||||||||||||||||||||||||||||
FINANCING ACTIVITIES: | |||||||||||||||||||||||||||||||||||||||||
Proceeds from exercise of employee stock options | 120 | — | — | 120 | |||||||||||||||||||||||||||||||||||||
Excess tax benefits from stock-based compensation activity | 61 | — | — | 61 | |||||||||||||||||||||||||||||||||||||
Purchase of common stock held in treasury | (742 | ) | — | — | (742 | ) | |||||||||||||||||||||||||||||||||||
Borrowings on long-term debt | (97 | ) | — | — | (97 | ) | |||||||||||||||||||||||||||||||||||
Cash used in financing activities | (658 | ) | — | — | (658 | ) | |||||||||||||||||||||||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | 637 | — | — | 637 | |||||||||||||||||||||||||||||||||||||
Decrease in cash and cash equivalents | (38,970 | ) | — | — | (38,970 | ) | |||||||||||||||||||||||||||||||||||
Cash and cash equivalents at beginning of period | 156,842 | — | — | 156,842 | |||||||||||||||||||||||||||||||||||||
Cash and cash equivalents at end of period | $ | 117,872 | $ | — | $ | — | $ | 117,872 | |||||||||||||||||||||||||||||||||
Condensed Consolidated Statement of Cash Flows | |||||||||||||||||||||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||||||||||
Six Months Ended June 30, 2012 | |||||||||||||||||||||||||||||||||||||||||
As Reported | First | Second | As | ||||||||||||||||||||||||||||||||||||||
Restatement | Restatement | Corrected | |||||||||||||||||||||||||||||||||||||||
Adjustment | Adjustment | ||||||||||||||||||||||||||||||||||||||||
Net income | $ | 10,788 | $ | (1,765 | ) | $ | 152 | $ | 9,175 | ||||||||||||||||||||||||||||||||
Adjustment for non-cash items included in net income: | |||||||||||||||||||||||||||||||||||||||||
Depreciation and amortization | 18,957 | — | — | 18,957 | |||||||||||||||||||||||||||||||||||||
Deferred income taxes | (2,025 | ) | (968 | ) | 84 | (2,909 | ) | ||||||||||||||||||||||||||||||||||
Stock-based compensation | 2,518 | — | — | 2,518 | |||||||||||||||||||||||||||||||||||||
Excess tax benefits from stock-based compensation activity | (66 | ) | — | — | (66 | ) | |||||||||||||||||||||||||||||||||||
(Gain) loss on sale of property, plant and equipment | (74 | ) | — | — | (74 | ) | |||||||||||||||||||||||||||||||||||
Amortization of discount on long-term debt | 4,738 | — | — | 4,738 | |||||||||||||||||||||||||||||||||||||
Other | 758 | — | — | 758 | |||||||||||||||||||||||||||||||||||||
Changes in assets and liabilities: | |||||||||||||||||||||||||||||||||||||||||
Receivables | 2,904 | — | — | 2,904 | |||||||||||||||||||||||||||||||||||||
Inventories | (54,089 | ) | 3,185 | 3,082 | (47,822 | ) | |||||||||||||||||||||||||||||||||||
Accounts payable | 4,172 | — | — | 4,172 | |||||||||||||||||||||||||||||||||||||
Income taxes payable | 5,117 | — | — | 5,117 | |||||||||||||||||||||||||||||||||||||
Unearned revenue | 9,526 | (721 | ) | (2,910 | ) | 5,895 | |||||||||||||||||||||||||||||||||||
Cost in excess of billings | — | 150 | (408 | ) | (258 | ) | |||||||||||||||||||||||||||||||||||
Other current assets and liabilities | (13,154 | ) | (79 | ) | (192 | ) | (13,425 | ) | |||||||||||||||||||||||||||||||||
Other assets and liabilities | (4,279 | ) | 198 | 192 | (3,889 | ) | |||||||||||||||||||||||||||||||||||
Cash used in operating activities | (14,209 | ) | — | — | (14,209 | ) | |||||||||||||||||||||||||||||||||||
INVESTING ACTIVITIES: | |||||||||||||||||||||||||||||||||||||||||
Acquisitions, net of cash required | (185,633 | ) | — | — | (185,633 | ) | |||||||||||||||||||||||||||||||||||
Maturity/sale of investments | 176,809 | — | — | 176,809 | |||||||||||||||||||||||||||||||||||||
Capital expenditures | (34,901 | ) | — | — | (34,901 | ) | |||||||||||||||||||||||||||||||||||
Purchase of investments | (38 | ) | — | — | (38 | ) | |||||||||||||||||||||||||||||||||||
Cash used in investing activities | (43,763 | ) | — | — | (43,763 | ) | |||||||||||||||||||||||||||||||||||
FINANCING ACTIVITIES: | |||||||||||||||||||||||||||||||||||||||||
Proceeds from exercise of employee stock options | 211 | — | — | 211 | |||||||||||||||||||||||||||||||||||||
Excess tax benefits from stock-based compensation activity | 66 | — | — | 66 | |||||||||||||||||||||||||||||||||||||
Purchase of common stock held in treasury | (742 | ) | — | — | (742 | ) | |||||||||||||||||||||||||||||||||||
Repayments on long-term debt | (298 | ) | — | — | (298 | ) | |||||||||||||||||||||||||||||||||||
Cash used in financing activities | (763 | ) | — | — | (763 | ) | |||||||||||||||||||||||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | 1,418 | — | — | 1,418 | |||||||||||||||||||||||||||||||||||||
Decrease in cash and cash equivalents | (57,317 | ) | — | — | (57,317 | ) | |||||||||||||||||||||||||||||||||||
Cash and cash equivalents at beginning of period | 156,842 | — | — | 156,842 | |||||||||||||||||||||||||||||||||||||
Cash and cash equivalents at end of period | $ | 99,525 | $ | — | $ | — | $ | 99,525 | |||||||||||||||||||||||||||||||||
Condensed Consolidated Statement of Cash Flows | |||||||||||||||||||||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||||||||||
Nine Months Ended September 30, 2012 | |||||||||||||||||||||||||||||||||||||||||
As | First | Second | As | ||||||||||||||||||||||||||||||||||||||
Reported | Restatement | Restatement | Corrected | ||||||||||||||||||||||||||||||||||||||
Adjustment | Adjustment | ||||||||||||||||||||||||||||||||||||||||
Net income | $ | 16,413 | $ | (3,966 | ) | $ | 316 | $ | 12,763 | ||||||||||||||||||||||||||||||||
Adjustment for non-cash items included in net income: | |||||||||||||||||||||||||||||||||||||||||
Depreciation and amortization | 29,405 | — | — | 29,405 | |||||||||||||||||||||||||||||||||||||
Asset and asset-related charges (income) | 1,617 | — | — | 1,617 | |||||||||||||||||||||||||||||||||||||
Deferred income taxes | (2,860 | ) | (2,017 | ) | 160 | (4,717 | ) | ||||||||||||||||||||||||||||||||||
Stock-based compensation | 3,658 | — | — | 3,658 | |||||||||||||||||||||||||||||||||||||
Excess tax benefits from stock-based compensation activity | (100 | ) | — | — | (100 | ) | |||||||||||||||||||||||||||||||||||
Amortization of discount on long-term debt | 7,192 | — | — | 7,192 | |||||||||||||||||||||||||||||||||||||
Other | 675 | — | 823 | 1,498 | |||||||||||||||||||||||||||||||||||||
Changes in assets and liabilities: | |||||||||||||||||||||||||||||||||||||||||
Receivables | (11,799 | ) | — | — | (11,799 | ) | |||||||||||||||||||||||||||||||||||
Inventories | (81,086 | ) | 5,785 | 3,949 | (71,352 | ) | |||||||||||||||||||||||||||||||||||
Accounts payable | 10,424 | — | — | 10,424 | |||||||||||||||||||||||||||||||||||||
Income taxes payable | 8,893 | — | — | 8,893 | |||||||||||||||||||||||||||||||||||||
Unearned revenue | 11,581 | 350 | (3,024 | ) | 8,907 | ||||||||||||||||||||||||||||||||||||
Cost in excess of billings | — | (350 | ) | (1,401 | ) | (1,751 | ) | ||||||||||||||||||||||||||||||||||
Other current assets and liabilities | (6,844 | ) | (145 | ) | (192 | ) | (7,181 | ) | |||||||||||||||||||||||||||||||||
Other assets and liabilities | (13,442 | ) | 343 | 192 | (12,907 | ) | |||||||||||||||||||||||||||||||||||
Cash used in operating activities | (26,273 | ) | — | 823 | (25,450 | ) | |||||||||||||||||||||||||||||||||||
INVESTING ACTIVITIES: | |||||||||||||||||||||||||||||||||||||||||
Acquisitions, net of cash required | (182,811 | ) | — | — | (182,811 | ) | |||||||||||||||||||||||||||||||||||
Maturity/sale of investments | 176,809 | — | — | 176,809 | |||||||||||||||||||||||||||||||||||||
Capital expenditures | (47,879 | ) | — | — | (47,879 | ) | |||||||||||||||||||||||||||||||||||
Purchase of investments | (4,037 | ) | — | — | (4,037 | ) | |||||||||||||||||||||||||||||||||||
Cash used in investing activities | (57,918 | ) | — | — | (57,918 | ) | |||||||||||||||||||||||||||||||||||
FINANCING ACTIVITIES: | |||||||||||||||||||||||||||||||||||||||||
Proceeds from exercise of employee stock options | 335 | — | — | 335 | |||||||||||||||||||||||||||||||||||||
Excess tax benefits from stock-based compensation activity | 100 | — | — | 100 | |||||||||||||||||||||||||||||||||||||
Deferred financing costs | — | — | (823 | ) | (823 | ) | |||||||||||||||||||||||||||||||||||
Purchase of common stock held in treasury | (742 | ) | — | — | (742 | ) | |||||||||||||||||||||||||||||||||||
Repayments on long-term debt | (543 | ) | — | — | (543 | ) | |||||||||||||||||||||||||||||||||||
Cash used in financing activities | (850 | ) | — | (823 | ) | (1,673 | ) | ||||||||||||||||||||||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | 1,588 | — | — | 1,588 | |||||||||||||||||||||||||||||||||||||
Decrease in cash and cash equivalents | (83,453 | ) | — | — | (83,453 | ) | |||||||||||||||||||||||||||||||||||
Cash and cash equivalents at beginning of period | 156,842 | — | — | 156,842 | |||||||||||||||||||||||||||||||||||||
Cash and cash equivalents at end of period | $ | 73,389 | $ | — | $ | — | $ | 73,389 | |||||||||||||||||||||||||||||||||
Condensed Consolidated Statement of Cash Flows | |||||||||||||||||||||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||||||||||
Three Months Ended March 31, 2011 | |||||||||||||||||||||||||||||||||||||||||
Previously | First | Currently | |||||||||||||||||||||||||||||||||||||||
Reported | Restatement | Reported | |||||||||||||||||||||||||||||||||||||||
Adjustment | |||||||||||||||||||||||||||||||||||||||||
OPERATING ACTIVITIES: | |||||||||||||||||||||||||||||||||||||||||
Net income | $ | 2,342 | $ | (423 | ) | $ | 1,919 | ||||||||||||||||||||||||||||||||||
Adjustment for non-cash items included in net income: | |||||||||||||||||||||||||||||||||||||||||
Depreciation and amortization | 5,582 | — | 5,582 | ||||||||||||||||||||||||||||||||||||||
Asset and asset-related charges (income) | (597 | ) | — | (597 | ) | ||||||||||||||||||||||||||||||||||||
Deferred income taxes | (1,233 | ) | (658 | ) | (1,891 | ) | |||||||||||||||||||||||||||||||||||
Stock-based compensation | 1,402 | — | 1,402 | ||||||||||||||||||||||||||||||||||||||
Excess tax benefits from stock-based compensation activity | (102 | ) | — | (102 | ) | ||||||||||||||||||||||||||||||||||||
(Gain) loss on sale of property, plant and equipment | 47 | — | 47 | ||||||||||||||||||||||||||||||||||||||
Amortization of discount on long-term debt | 2,166 | — | 2,166 | ||||||||||||||||||||||||||||||||||||||
Other | 116 | — | 116 | ||||||||||||||||||||||||||||||||||||||
Changes in assets and liabilities: | |||||||||||||||||||||||||||||||||||||||||
Receivables | (19,479 | ) | — | (19,479 | ) | ||||||||||||||||||||||||||||||||||||
Inventories | 1,522 | (6 | ) | 1,516 | |||||||||||||||||||||||||||||||||||||
Accounts payable | (6,640 | ) | — | (6,640 | ) | ||||||||||||||||||||||||||||||||||||
Income taxes payable | (87 | ) | — | (87 | ) | ||||||||||||||||||||||||||||||||||||
Unearned revenue | (3,445 | ) | 1,040 | (2,405 | ) | ||||||||||||||||||||||||||||||||||||
Cost in excess of billings | — | (12 | ) | (12 | ) | ||||||||||||||||||||||||||||||||||||
Other current assets and liabilities | (2,395 | ) | 6 | (2,389 | ) | ||||||||||||||||||||||||||||||||||||
Other noncurrent assets and liabilities | (2,974 | ) | 53 | (2,921 | ) | ||||||||||||||||||||||||||||||||||||
Cash used in operating activities | (23,775 | ) | — | (23,775 | ) | ||||||||||||||||||||||||||||||||||||
INVESTING ACTIVITIES: | |||||||||||||||||||||||||||||||||||||||||
Maturity/sale of investments | 5,000 | — | 5,000 | ||||||||||||||||||||||||||||||||||||||
Capital expenditures | (10,137 | ) | — | (10,137 | ) | ||||||||||||||||||||||||||||||||||||
Purchase of investments | (72,612 | ) | — | (72,612 | ) | ||||||||||||||||||||||||||||||||||||
Cash used in investing activities | (77,749 | ) | — | (77,749 | ) | ||||||||||||||||||||||||||||||||||||
FINANCING ACTIVITIES: | |||||||||||||||||||||||||||||||||||||||||
Proceeds from exercise of employee stock options | 154 | — | 154 | ||||||||||||||||||||||||||||||||||||||
Excess tax benefits from stock-based compensation activity | 102 | — | 102 | ||||||||||||||||||||||||||||||||||||||
Purchase of common stock held in treasury | (283 | ) | — | (283 | ) | ||||||||||||||||||||||||||||||||||||
Repayments on long-term debt | (3 | ) | — | (3 | ) | ||||||||||||||||||||||||||||||||||||
Cash used in financing activities | (30 | ) | — | (30 | ) | ||||||||||||||||||||||||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | 757 | — | 757 | ||||||||||||||||||||||||||||||||||||||
Decrease in cash and cash equivalents | (100,797 | ) | — | (100,797 | ) | ||||||||||||||||||||||||||||||||||||
Cash and cash equivalents at beginning of period | 376,951 | — | 376,951 | ||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents at end of period | $ | 276,154 | $ | — | $ | 276,154 | |||||||||||||||||||||||||||||||||||
The information in the table above is unchanged from Amendment No. 1. | |||||||||||||||||||||||||||||||||||||||||
Condensed Consolidated Statement of Cash Flows | |||||||||||||||||||||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||||||||||
Six Months Ended June 30, 2011 | |||||||||||||||||||||||||||||||||||||||||
Previously | Revision | Currently | |||||||||||||||||||||||||||||||||||||||
Reported | Adjustment | Reported | |||||||||||||||||||||||||||||||||||||||
OPERATING ACTIVITIES: | |||||||||||||||||||||||||||||||||||||||||
Net income | $ | 4,470 | $ | 184 | $ | 4,654 | |||||||||||||||||||||||||||||||||||
Adjustment for non-cash items included in net income: | |||||||||||||||||||||||||||||||||||||||||
Depreciation and amortization | 11,279 | — | 11,279 | ||||||||||||||||||||||||||||||||||||||
Asset and asset-related charges (income) | (597 | ) | — | (597 | ) | ||||||||||||||||||||||||||||||||||||
Deferred income taxes | (2,547 | ) | 99 | (2,448 | ) | ||||||||||||||||||||||||||||||||||||
Stock-based compensation | 2,502 | — | 2,502 | ||||||||||||||||||||||||||||||||||||||
Excess tax benefits from stock-based compensation activity | (263 | ) | — | (263 | ) | ||||||||||||||||||||||||||||||||||||
(Gain) loss on sale of property, plant and equipment | 39 | — | 39 | ||||||||||||||||||||||||||||||||||||||
Amortization of discount on long-term debt | 4,361 | — | 4,361 | ||||||||||||||||||||||||||||||||||||||
Other | (122 | ) | — | (122 | ) | ||||||||||||||||||||||||||||||||||||
Changes in assets and liabilities: | |||||||||||||||||||||||||||||||||||||||||
Receivables | (9,069 | ) | — | (9,069 | ) | ||||||||||||||||||||||||||||||||||||
Inventories | 12,501 | 1,323 | 13,824 | ||||||||||||||||||||||||||||||||||||||
Accounts payable | (10,345 | ) | — | (10,345 | ) | ||||||||||||||||||||||||||||||||||||
Income taxes payable | (81 | ) | — | (81 | ) | ||||||||||||||||||||||||||||||||||||
Unearned revenue | (6,779 | ) | (1,805 | ) | (8,584 | ) | |||||||||||||||||||||||||||||||||||
Cost in excess of billings | — | 100 | 100 | ||||||||||||||||||||||||||||||||||||||
Other current assets and liabilities | 2,040 | (20 | ) | 2,020 | |||||||||||||||||||||||||||||||||||||
Other noncurrent assets and liabilities | (2,169 | ) | 119 | (2,050 | ) | ||||||||||||||||||||||||||||||||||||
Cash provided by operating activities | 5,220 | — | 5,220 | ||||||||||||||||||||||||||||||||||||||
INVESTING ACTIVITIES: | |||||||||||||||||||||||||||||||||||||||||
Maturity/sale of investments | 19,079 | — | 19,079 | ||||||||||||||||||||||||||||||||||||||
Capital expenditures | (18,646 | ) | — | (18,646 | ) | ||||||||||||||||||||||||||||||||||||
Purchase of investments | (154,772 | ) | — | (154,772 | ) | ||||||||||||||||||||||||||||||||||||
Cash used in investing activities | (154,339 | ) | — | (154,339 | ) | ||||||||||||||||||||||||||||||||||||
FINANCING ACTIVITIES: | |||||||||||||||||||||||||||||||||||||||||
Proceeds from exercise of employee stock options | 201 | — | 201 | ||||||||||||||||||||||||||||||||||||||
Excess tax benefits from stock-based compensation activity | 263 | — | 263 | ||||||||||||||||||||||||||||||||||||||
Purchase of common stock held in treasury | (283 | ) | — | (283 | ) | ||||||||||||||||||||||||||||||||||||
Repayments on long-term debt | (5 | ) | — | (5 | ) | ||||||||||||||||||||||||||||||||||||
Cash provided by financing activities | 176 | — | 176 | ||||||||||||||||||||||||||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | 305 | — | 305 | ||||||||||||||||||||||||||||||||||||||
Decrease in cash and cash equivalents | (148,638 | ) | — | (148,638 | ) | ||||||||||||||||||||||||||||||||||||
Cash and cash equivalents at beginning of period | 376,951 | — | 376,951 | ||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents at end of period | $ | 228,313 | $ | — | $ | 228,313 | |||||||||||||||||||||||||||||||||||
The information in the table above is unchanged from Amendment No. 1. | |||||||||||||||||||||||||||||||||||||||||
Condensed Consolidated Statement of Cash Flows | |||||||||||||||||||||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||||||||||
Nine Months Ended September 30, 2011 | |||||||||||||||||||||||||||||||||||||||||
Previously | Revision | Currently | |||||||||||||||||||||||||||||||||||||||
Reported | Adjustment | Reported | |||||||||||||||||||||||||||||||||||||||
OPERATING ACTIVITIES: | |||||||||||||||||||||||||||||||||||||||||
Net income | $ | 6,537 | $ | (223 | ) | $ | 6,314 | ||||||||||||||||||||||||||||||||||
Adjustment for non-cash items included in net income: | |||||||||||||||||||||||||||||||||||||||||
Depreciation and amortization | 16,697 | — | 16,697 | ||||||||||||||||||||||||||||||||||||||
Asset and asset-related charges (income) | (597 | ) | — | (597 | ) | ||||||||||||||||||||||||||||||||||||
Deferred income taxes | 2,268 | (109 | ) | 2,159 | |||||||||||||||||||||||||||||||||||||
Stock-based compensation | 3,528 | — | 3,528 | ||||||||||||||||||||||||||||||||||||||
Excess tax benefits from stock-based compensation activity | (263 | ) | — | (263 | ) | ||||||||||||||||||||||||||||||||||||
(Gain) loss on sale of property, plant and equipment | 65 | — | 65 | ||||||||||||||||||||||||||||||||||||||
Amortization of discount on long-term debt | 6,613 | — | 6,613 | ||||||||||||||||||||||||||||||||||||||
Deferred financing cost writedown | — | — | — | ||||||||||||||||||||||||||||||||||||||
Amortization of premiums paid for short-term investments | 1,595 | — | 1,595 | ||||||||||||||||||||||||||||||||||||||
Other | (197 | ) | — | (197 | ) | ||||||||||||||||||||||||||||||||||||
Changes in assets and liabilities: | |||||||||||||||||||||||||||||||||||||||||
Receivables | (32,428 | ) | — | (32,428 | ) | ||||||||||||||||||||||||||||||||||||
Inventories | 12,415 | 2,789 | 15,204 | ||||||||||||||||||||||||||||||||||||||
Accounts payable | 9,241 | — | 9,241 | ||||||||||||||||||||||||||||||||||||||
Income taxes payable | (18 | ) | — | (18 | ) | ||||||||||||||||||||||||||||||||||||
Unearned revenue | (10,919 | ) | (2,729 | ) | (13,648 | ) | |||||||||||||||||||||||||||||||||||
Cost in excess of billings | — | 100 | 100 | ||||||||||||||||||||||||||||||||||||||
Other current assets and liabilities | (6,862 | ) | (26 | ) | (6,888 | ) | |||||||||||||||||||||||||||||||||||
Other noncurrent assets and liabilities | (21,182 | ) | 198 | (20,984 | ) | ||||||||||||||||||||||||||||||||||||
Cash used in operating activities | (13,507 | ) | — | (13,507 | ) | ||||||||||||||||||||||||||||||||||||
INVESTING ACTIVITIES: | |||||||||||||||||||||||||||||||||||||||||
Maturity/sale of investments | 53,454 | — | 53,454 | ||||||||||||||||||||||||||||||||||||||
Capital expenditures | (25,954 | ) | — | (25,954 | ) | ||||||||||||||||||||||||||||||||||||
Purchase of investments | (200,846 | ) | — | (200,846 | ) | ||||||||||||||||||||||||||||||||||||
Proceeds from disposal of property, plant, and equipment | — | — | — | ||||||||||||||||||||||||||||||||||||||
Cash used in investing activities | (173,346 | ) | — | (173,346 | ) | ||||||||||||||||||||||||||||||||||||
FINANCING ACTIVITIES: | |||||||||||||||||||||||||||||||||||||||||
Proceeds from exercise of employee stock options | 252 | — | 252 | ||||||||||||||||||||||||||||||||||||||
Excess tax benefits from stock-based compensation activity | 263 | — | 263 | ||||||||||||||||||||||||||||||||||||||
Purchase of common stock held in treasury | (283 | ) | — | (283 | ) | ||||||||||||||||||||||||||||||||||||
Repayments on long-term debt | (25 | ) | — | (25 | ) | ||||||||||||||||||||||||||||||||||||
Cash provided by financing activities | 207 | — | 207 | ||||||||||||||||||||||||||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | (564 | ) | — | (564 | ) | ||||||||||||||||||||||||||||||||||||
Decrease in cash and cash equivalents | (187,210 | ) | — | (187,210 | ) | ||||||||||||||||||||||||||||||||||||
Cash and cash equivalents at beginning of period | 376,951 | — | 376,951 | ||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents at end of period | $ | 189,741 | $ | — | $ | 189,741 | |||||||||||||||||||||||||||||||||||
The information in the table above is unchanged from Amendment No. 1. | |||||||||||||||||||||||||||||||||||||||||
The effects of the restatement or revision (as noted) and the effects of reporting RTI Pierce Spafford as a discontinued operation (as applicable) on the Condensed Consolidating Financial Statements of RTI International Metals, Inc., its subsidiaries that guarantee its obligations under the Notes and its non-guaranteeing subsidiaries for each of the interim periods in the years ended December 31, 2012 and 2011 are presented below: | |||||||||||||||||||||||||||||||||||||||||
Condensed Consolidating Statement of Operations and Comprehensive Income | |||||||||||||||||||||||||||||||||||||||||
Three Months Ended March 31, 2012 | |||||||||||||||||||||||||||||||||||||||||
(unaudited) | |||||||||||||||||||||||||||||||||||||||||
RTI International | Guarantors | Non-Guarantors | Eliminations | Consolidated | |||||||||||||||||||||||||||||||||||||
Metals, Inc. | |||||||||||||||||||||||||||||||||||||||||
Previously | As | Previously | As | Previously | As | Previously | As | Previously | As | ||||||||||||||||||||||||||||||||
Reported | Restated | Reported | Restated | Reported | Restated | Reported | Restated | Reported | Restated | ||||||||||||||||||||||||||||||||
Net Sales | $ | — | $ | — | $ | 99,717 | $ | 116,796 | $ | 112,963 | $ | 95,385 | $ | (58,111 | ) | $ | (58,111 | ) | $ | 154,569 | $ | 154,070 | |||||||||||||||||||
Cost of sales. | — | — | 81,749 | 96,311 | 96,907 | 83,363 | (58,111 | ) | (58,111 | ) | 120,545 | 121,563 | |||||||||||||||||||||||||||||
Selling, general, and administrative expenses | (102 | ) | (102 | ) | 6,689 | 9,013 | 14,246 | 11,922 | — | — | 20,833 | 20,833 | |||||||||||||||||||||||||||||
Research, technical, and product development expenses. | 95 | 95 | 816 | 930 | 154 | 40 | — | — | 1,065 | 1,065 | |||||||||||||||||||||||||||||||
Operating income. | 7 | 7 | 10,463 | 10,542 | 1,656 | 60 | — | — | 12,126 | 10,609 | |||||||||||||||||||||||||||||||
Other income (expense), net | (13 | ) | (13 | ) | 280 | 280 | (535 | ) | (535 | ) | — | — | (268 | ) | (268 | ) | |||||||||||||||||||||||||
Interest income (expense), net | (4,014 | ) | (4,014 | ) | 174 | 138 | (356 | ) | (320 | ) | — | — | (4,196 | ) | (4,196 | ) | |||||||||||||||||||||||||
Equity in earnings of subsidiaries | 8,018 | 7,022 | 1,444 | 1,444 | 1,203 | 1,203 | (10,665 | ) | (9,669 | ) | — | — | |||||||||||||||||||||||||||||
Income before taxes. | 3,998 | 3,002 | 12,361 | 12,404 | 1,968 | 408 | (10,665 | ) | (9,669 | ) | 7,662 | 6,145 | |||||||||||||||||||||||||||||
Provision for (benefit from) income taxes | (1,056 | ) | (1,056 | ) | 3,042 | 3,030 | 622 | 113 | — | — | 2,608 | 2,087 | |||||||||||||||||||||||||||||
Net income attributable to continuing operations. | 5,054 | 4,058 | 9,319 | 9,374 | 1,346 | 295 | (10,665 | ) | (9,669 | ) | 5,054 | 4,058 | |||||||||||||||||||||||||||||
Net income attributable to discontinued operations, net of tax. | 571 | 571 | — | — | 571 | 571 | (571 | ) | (571 | ) | 571 | 571 | |||||||||||||||||||||||||||||
Net income | $ | 5,625 | $ | 4,629 | $ | 9,319 | $ | 9,374 | $ | 1,917 | $ | 866 | $ | (11,236 | ) | $ | (10,240 | ) | $ | 5,625 | $ | 4,629 | |||||||||||||||||||
Comprehensive income | $ | 9,028 | $ | 8,032 | $ | 10,378 | $ | 10,433 | $ | 4,109 | $ | 3,058 | $ | (14,487 | ) | $ | (13,491 | ) | $ | 9,028 | $ | 8,032 | |||||||||||||||||||
Condensed Consolidating Statement of Operations and Comprehensive Income | |||||||||||||||||||||||||||||||||||||||||
Three Months Ended June 30, 2012 | |||||||||||||||||||||||||||||||||||||||||
(unaudited) | |||||||||||||||||||||||||||||||||||||||||
RTI International | Guarantors | Non-Guarantors | Eliminations | Consolidated | |||||||||||||||||||||||||||||||||||||
Metals, Inc. | |||||||||||||||||||||||||||||||||||||||||
Previously | As | Previously | As | Previously | As | Previously | As | Previously | As | ||||||||||||||||||||||||||||||||
Reported | Restated | Reported | Restated | Reported | Restated | Reported | Restated | Reported | Restated | ||||||||||||||||||||||||||||||||
Net Sales | $ | — | $ | — | $ | 148,017 | $ | 148,017 | $ | 98,455 | $ | 92,640 | $ | (56,195 | ) | $ | (56,195 | ) | $ | 190,277 | $ | 184,462 | |||||||||||||||||||
Cost of sales. | — | — | 127,484 | 127,484 | 82,492 | 79,154 | (56,195 | ) | (56,195 | ) | 153,781 | 150,443 | |||||||||||||||||||||||||||||
Selling, general, and administrative expenses | (933 | ) | (933 | ) | 14,635 | 14,635 | 9,756 | 8,976 | — | — | 23,458 | 22,678 | |||||||||||||||||||||||||||||
Research, technical, and product development expenses. | — | — | 1,208 | 1,208 | (104 | ) | (104 | ) | — | — | 1,104 | 1,104 | |||||||||||||||||||||||||||||
Operating income. | 933 | 933 | 4,690 | 4,690 | 6,311 | 4,614 | — | — | 11,934 | 10,237 | |||||||||||||||||||||||||||||||
Other income (expense), net | (32 | ) | (32 | ) | 1 | — | 601 | 602 | — | — | 570 | 570 | |||||||||||||||||||||||||||||
Interest income (expense), net | (3,903 | ) | (3,903 | ) | (15 | ) | (15 | ) | (258 | ) | (258 | ) | — | — | (4,176 | ) | (4,176 | ) | |||||||||||||||||||||||
Equity in earnings of subsidiaries | 5,328 | 4,258 | — | 2,512 | — | 413 | (5,328 | ) | (7,183 | ) | — | — | |||||||||||||||||||||||||||||
Income before taxes. | 2,326 | 1,256 | 4,676 | 7,187 | 6,654 | 5,371 | (5,328 | ) | (7,183 | ) | 8,328 | 6,631 | |||||||||||||||||||||||||||||
Provision for (benefit from) income taxes | (2,837 | ) | (2,837 | ) | 2,926 | 2,926 | 3,076 | 2,449 | — | — | 3,165 | 2,538 | |||||||||||||||||||||||||||||
Net income attributable to continuing operations. | 5,163 | 4,093 | 1,750 | 4,261 | 3,578 | 2,922 | (5,328 | ) | (7,183 | ) | 5,163 | 4,093 | |||||||||||||||||||||||||||||
Net income attributable to discontinued operations, net of tax. | — | 453 | — | — | — | 453 | — | (453 | ) | — | 453 | ||||||||||||||||||||||||||||||
Net income | $ | 5,163 | $ | 4,546 | $ | 1,750 | $ | 4,261 | $ | 3,578 | $ | 3,375 | $ | (5,328 | ) | $ | (7,636 | ) | $ | 5,163 | $ | 4,546 | |||||||||||||||||||
Comprehensive income | $ | 3,790 | $ | 3,173 | $ | 2,801 | $ | 5,312 | $ | 1,001 | $ | 798 | $ | (3,802 | ) | $ | (6,110 | ) | $ | 3,790 | $ | 3,173 | |||||||||||||||||||
Condensed Consolidating Statement of Operations and Comprehensive Income | |||||||||||||||||||||||||||||||||||||||||
Six Months Ended June 30, 2012 | |||||||||||||||||||||||||||||||||||||||||
(unaudited) | |||||||||||||||||||||||||||||||||||||||||
RTI International | Guarantors | Non-Guarantors | Eliminations | Consolidated | |||||||||||||||||||||||||||||||||||||
Metals, Inc. | |||||||||||||||||||||||||||||||||||||||||
Previously | As | Previously | As | Previously | As | Previously | As | Previously | As | ||||||||||||||||||||||||||||||||
Reported | Restated | Reported | Restated | Reported | Restated | Reported | Restated | Reported | Restated | ||||||||||||||||||||||||||||||||
Net Sales | $ | — | $ | — | $ | 247,734 | $ | 247,734 | $ | 219,699 | $ | 205,104 | $ | (114,306 | ) | $ | (114,306 | ) | $ | 353,127 | $ | 338,532 | |||||||||||||||||||
Cost of sales. | — | — | 209,233 | 209,233 | 185,999 | 177,079 | (114,306 | ) | (114,306 | ) | 280,926 | 272,006 | |||||||||||||||||||||||||||||
Selling, general, and administrative expenses | (1,035 | ) | (1,035 | ) | 21,324 | 21,324 | 24,791 | 23,222 | — | — | 45,080 | 43,511 | |||||||||||||||||||||||||||||
Research, technical, and product development expenses. | 95 | 95 | 2,024 | 2,024 | 50 | 50 | — | — | 2,169 | 2,169 | |||||||||||||||||||||||||||||||
Operating income. | 940 | 940 | 15,153 | 15,153 | 8,859 | 4,753 | — | — | 24,952 | 20,846 | |||||||||||||||||||||||||||||||
Other income (expense), net | (45 | ) | (45 | ) | 281 | 281 | 66 | 66 | — | — | 302 | 302 | |||||||||||||||||||||||||||||
Interest income (expense), net | (7,917 | ) | (7,917 | ) | 159 | 159 | (614 | ) | (614 | ) | — | — | (8,372 | ) | (8,372 | ) | |||||||||||||||||||||||||
Equity in earnings of subsidiaries | 13,917 | 11,280 | — | 3,956 | — | 1,616 | (13,917 | ) | (16,852 | ) | — | — | |||||||||||||||||||||||||||||
Income before taxes. | 6,895 | 4,258 | 15,593 | 19,549 | 8,311 | 5,821 | (13,917 | ) | (16,852 | ) | 16,882 | 12,776 | |||||||||||||||||||||||||||||
Provision for (benefit from) income taxes | (3,893 | ) | (3,893 | ) | 5,968 | 5,968 | 4,019 | 2,550 | — | — | 6,094 | 4,625 | |||||||||||||||||||||||||||||
Net income attributable to continuing operations. | 10,788 | 8,151 | 9,625 | 13,581 | 4,292 | 3,271 | (13,917 | ) | (16,852 | ) | 10,788 | 8,151 | |||||||||||||||||||||||||||||
Net income attributable to discontinued operations, net of tax. | — | 1,024 | — | — | — | 1,024 | — | (1,024 | ) | — | 1,024 | ||||||||||||||||||||||||||||||
Net income | $ | 10,788 | $ | 9,175 | $ | 9,625 | $ | 13,581 | $ | 4,292 | $ | 4,295 | $ | (13,917 | ) | $ | (17,876 | ) | $ | 10,788 | $ | 9,175 | |||||||||||||||||||
Comprehensive income | $ | 12,818 | $ | 11,205 | $ | 11,735 | $ | 15,691 | $ | 3,907 | $ | 3,910 | $ | (15,642 | ) | $ | (19,601 | ) | $ | 12,818 | $ | 11,205 | |||||||||||||||||||
Condensed Consolidating Statement of Operations and Comprehensive Income | |||||||||||||||||||||||||||||||||||||||||
Three Months Ended September 30, 2012 | |||||||||||||||||||||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||||||||||||||||||||
RTI International | Guarantors | Non-Guarantors | Eliminations | Consolidated | |||||||||||||||||||||||||||||||||||||
Metals, Inc. | |||||||||||||||||||||||||||||||||||||||||
Previously | As | Previously | As | Previously | As | Previously | As | Previously | As | ||||||||||||||||||||||||||||||||
Reported | Restated | Reported | Restated | Reported | Restated | Reported | Restated | Reported | Restated | ||||||||||||||||||||||||||||||||
Net Sales | $ | — | $ | — | $ | 131,132 | $ | 131,132 | $ | 110,148 | $ | 103,618 | $ | (52,205 | ) | $ | (52,205 | ) | $ | 189,075 | $ | 182,545 | |||||||||||||||||||
Cost and expenses: | |||||||||||||||||||||||||||||||||||||||||
Cost of sales | — | — | 114,706 | 114,706 | 88,627 | 86,394 | (52,205 | ) | (52,205 | ) | 151,128 | 148,895 | |||||||||||||||||||||||||||||
Selling, general, and administrative expenses | (1,442 | ) | $ | (1,442 | ) | 12,048 | 12,048 | 11,828 | 11,119 | — | — | 22,434 | 21,725 | ||||||||||||||||||||||||||||
Research, technical, and product development expenses | — | — | 1,000 | 1,000 | 12 | 12 | — | — | 1,012 | 1,012 | |||||||||||||||||||||||||||||||
Asset and asset-related charges (income) | — | — | 1,617 | 1,617 | — | — | — | — | 1,617 | 1,617 | |||||||||||||||||||||||||||||||
Operating income | 1,442 | 1,442 | 1,761 | 1,761 | 9,681 | 6,093 | — | — | 12,884 | 9,296 | |||||||||||||||||||||||||||||||
Other income (expense), net | (3 | ) | (3 | ) | 20 | 20 | 15 | (1 | ) | — | — | 32 | 16 | ||||||||||||||||||||||||||||
Interest income (expense), net | (4,358 | ) | (4,358 | ) | 36 | 36 | (368 | ) | (368 | ) | — | — | (4,690 | ) | (4,690 | ) | |||||||||||||||||||||||||
Equity in earnings of subsidiaries | 7,460 | 5,034 | — | 1,231 | — | 374 | (7,460 | ) | (6,639 | ) | — | — | |||||||||||||||||||||||||||||
Income before taxes | 4,541 | 2,115 | 1,817 | 3,048 | 9,328 | 6,098 | (7,460 | ) | (6,639 | ) | 8,226 | 4,622 | |||||||||||||||||||||||||||||
Provision for (benefit from) income taxes | (1,084 | ) | (1,084 | ) | 705 | 705 | 2,980 | 1,802 | — | — | 2,601 | 1,423 | |||||||||||||||||||||||||||||
Net income attributable to continuing operations | 5,625 | 3,199 | 1,112 | 2,343 | 6,348 | 4,296 | (7,460 | ) | (6,639 | ) | 5,625 | 3,199 | |||||||||||||||||||||||||||||
Net income attributable to discontinued operations, net of tax | — | 389 | — | — | — | 389 | — | (389 | ) | — | 389 | ||||||||||||||||||||||||||||||
Net income | $ | 5,625 | $ | 3,588 | $ | 1,112 | $ | 2,343 | $ | 6,348 | $ | 4,685 | $ | (7,460 | ) | $ | (7,028 | ) | $ | 5,625 | $ | 3,588 | |||||||||||||||||||
Comprehensive income | $ | 11,334 | $ | 9,297 | $ | 2,163 | $ | 3,394 | $ | 10,856 | $ | 9,193 | $ | (13,019 | ) | $ | (12,587 | ) | $ | 11,334 | $ | 9,297 | |||||||||||||||||||
Condensed Consolidating Statement of Operations and Comprehensive Income | |||||||||||||||||||||||||||||||||||||||||
Nine Months Ended September 30, 2012 | |||||||||||||||||||||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||||||||||||||||||||
RTI International | Guarantors | Non-Guarantors | Eliminations | Consolidated | |||||||||||||||||||||||||||||||||||||
Metals, Inc. | |||||||||||||||||||||||||||||||||||||||||
Previously | As | Previously | As | Previously | As | Previously | As | Previously | As | ||||||||||||||||||||||||||||||||
Reported | Restated | Reported | Restated | Restated | Restated | Reported | Restated | Reported | Restated | ||||||||||||||||||||||||||||||||
Net Sales | $ | — | $ | — | $ | 378,866 | $ | 378,866 | $ | 329,847 | $ | 308,722 | $ | (166,511 | ) | $ | (166,511 | ) | $ | 542,202 | $ | 521,077 | |||||||||||||||||||
Cost and expenses: | |||||||||||||||||||||||||||||||||||||||||
Cost of sales | — | — | 323,939 | 323,939 | 274,626 | 263,473 | (166,511 | ) | (166,511 | ) | 432,054 | 420,901 | |||||||||||||||||||||||||||||
Selling, general, and administrative expenses | (2,477 | ) | (2,477 | ) | 33,372 | 33,372 | 36,619 | 34,341 | — | — | 67,514 | 65,236 | |||||||||||||||||||||||||||||
Research, technical, and product development expenses | 95 | 95 | 3,024 | 3,024 | 62 | 62 | — | — | 3,181 | 3,181 | |||||||||||||||||||||||||||||||
Asset and asset-related charges (income) | — | — | 1,617 | 1,617 | — | — | — | — | 1,617 | 1,617 | |||||||||||||||||||||||||||||||
Operating income | 2,382 | 2,382 | 16,914 | 16,914 | 18,540 | 10,846 | — | — | 37,836 | 30,142 | |||||||||||||||||||||||||||||||
Other income (expense), net | (48 | ) | (48 | ) | 301 | 301 | 81 | 65 | — | — | 334 | 318 | |||||||||||||||||||||||||||||
Interest income (expense), net | (12,275 | ) | (12,275 | ) | 195 | 195 | (982 | ) | (982 | ) | — | — | (13,062 | ) | (13,062 | ) | |||||||||||||||||||||||||
Equity in earnings of subsidiaries | 21,377 | 16,314 | — | 5,185 | — | 1,990 | (21,377 | ) | (23,489 | ) | — | — | |||||||||||||||||||||||||||||
Income before taxes | 11,436 | 6,373 | 17,410 | 22,595 | 17,639 | 11,919 | (21,377 | ) | (23,489 | ) | 25,108 | 17,398 | |||||||||||||||||||||||||||||
Provision for (benefit from) income taxes | (4,977 | ) | (4,977 | ) | 6,673 | 6,673 | 6,999 | 4,352 | — | — | 8,695 | 6,048 | |||||||||||||||||||||||||||||
Net income attributable to continuing operations | 16,413 | 11,350 | 10,737 | 15,922 | 10,640 | 7,567 | (21,377 | ) | (23,489 | ) | 16,413 | 11,350 | |||||||||||||||||||||||||||||
Net income attributable to discontinued operations, net of tax | — | 1,413 | — | — | — | 1,413 | — | (1,413 | ) | — | 1,413 | ||||||||||||||||||||||||||||||
Net income | $ | 16,413 | $ | 12,763 | $ | 10,737 | $ | 15,922 | $ | 10,640 | $ | 8,980 | $ | (21,377 | ) | $ | (24,902 | ) | $ | 16,413 | $ | 12,763 | |||||||||||||||||||
Comprehensive income | $ | 24,152 | $ | 20,502 | $ | 13,898 | $ | 19,083 | $ | 14,763 | $ | 13,103 | $ | (28,661 | ) | $ | (32,186 | ) | $ | 24,152 | $ | 20,502 | |||||||||||||||||||
Condensed Consolidating Statement of Operations and Comprehensive Income | |||||||||||||||||||||||||||||||||||||||||
Three Months Ended March 31, 2011 | |||||||||||||||||||||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||||||||||||||||||||
RTI International | Guarantors | Non-Guarantors | Eliminations | Consolidated | |||||||||||||||||||||||||||||||||||||
Metals, Inc. | |||||||||||||||||||||||||||||||||||||||||
Previously | As | Previously | As | Previously | As | Previously | As | Previously | As | ||||||||||||||||||||||||||||||||
Reported | Restated | Reported | Restated | Reported | Restated | Reported | Restated | Reported | Restated | ||||||||||||||||||||||||||||||||
Net Sales | $ | — | $ | — | $ | 78,922 | $ | 78,922 | $ | 82,102 | $ | 73,052 | $ | (40,174 | ) | $ | (40,174 | ) | $ | 120,850 | $ | 111,800 | |||||||||||||||||||
Cost and expenses: | |||||||||||||||||||||||||||||||||||||||||
Cost of sales | — | — | 64,652 | 64,652 | 70,367 | 64,010 | (40,174 | ) | (40,174 | ) | 94,845 | 88,488 | |||||||||||||||||||||||||||||
Selling, general, and administrative expenses | (415 | ) | (415 | ) | 5,800 | 5,800 | 12,073 | 11,166 | — | — | 17,458 | 16,551 | |||||||||||||||||||||||||||||
Research, technical, and product development expenses | — | — | 632 | 632 | — | — | — | — | 632 | 632 | |||||||||||||||||||||||||||||||
Asset and asset-related charges (income) | — | — | — | — | (1,501 | ) | (1,501 | ) | — | — | (1,501 | ) | (1,501 | ) | |||||||||||||||||||||||||||
Operating income | 415 | 415 | 7,838 | 7,838 | 1,163 | (623 | ) | — | — | 9,416 | 7,630 | ||||||||||||||||||||||||||||||
Other income (expense), net | (17 | ) | (17 | ) | (71 | ) | (71 | ) | (481 | ) | (434 | ) | — | — | (569 | ) | (522 | ) | |||||||||||||||||||||||
Interest income (expense), net | (4,201 | ) | (4,201 | ) | 363 | 363 | (237 | ) | (237 | ) | — | — | (4,075 | ) | (4,075 | ) | |||||||||||||||||||||||||
Equity in earnings of subsidiaries | 5,599 | 4,754 | — | 2,343 | — | 155 | (5,599 | ) | (7,252 | ) | — | — | |||||||||||||||||||||||||||||
Income before taxes | 1,796 | 951 | 8,130 | 10,473 | 445 | (1,139 | ) | (5,599 | ) | (7,252 | ) | 4,772 | 3,033 | ||||||||||||||||||||||||||||
Provision for (benefit from) income taxes | (546 | ) | (546 | ) | 2,854 | 2,854 | 122 | (772 | ) | — | — | 2,430 | 1,536 | ||||||||||||||||||||||||||||
Net income attributable to continuing operations | 2,342 | 1,497 | 5,276 | 7,619 | 323 | (367 | ) | (5,599 | ) | (7,252 | ) | 2,342 | 1,497 | ||||||||||||||||||||||||||||
Net income attributable to discontinued operations, net of tax | — | 422 | — | 422 | (422 | ) | 422 | ||||||||||||||||||||||||||||||||||
Net income | $ | 2,342 | $ | 1,919 | $ | 5,276 | $ | 7,619 | $ | 323 | $ | 55 | $ | (5,599 | ) | $ | (7,674 | ) | $ | 2,342 | $ | 1,919 | |||||||||||||||||||
Comprehensive income | $ | 6,871 | $ | 6,448 | $ | 5,981 | $ | 8,324 | $ | 4,028 | $ | 3,760 | $ | (10,009 | ) | $ | (12,084 | ) | $ | 6,871 | $ | 6,448 | |||||||||||||||||||
Condensed Consolidating Statement of Operations and Comprehensive Income | |||||||||||||||||||||||||||||||||||||||||
Three Months Ended June 30, 2011 | |||||||||||||||||||||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||||||||||||||||||||
RTI International | Guarantors | Non-Guarantors | Eliminations | Consolidated | |||||||||||||||||||||||||||||||||||||
Metals, Inc. | |||||||||||||||||||||||||||||||||||||||||
Previously | As | Previously | As | Previously | As | Previously | As | Previously | As | ||||||||||||||||||||||||||||||||
Reported | Restated | Reported | Restated | Reported | Restated | Reported | Restated | Reported | Restated | ||||||||||||||||||||||||||||||||
Net Sales | $ | — | $ | — | $ | 82,096 | $ | 82,096 | $ | 84,802 | $ | 79,596 | $ | (43,685 | ) | $ | (43,685 | ) | $ | 123,213 | $ | 118,007 | |||||||||||||||||||
Cost and expenses: | |||||||||||||||||||||||||||||||||||||||||
Cost of sales | — | — | 68,359 | 68,359 | 73,950 | 69,150 | (43,685 | ) | (43,685 | ) | 98,624 | 93,824 | |||||||||||||||||||||||||||||
Selling, general, and administrative expenses | (150 | ) | (150 | ) | 5,869 | 5,869 | 11,899 | 11,092 | — | — | 17,618 | 16,811 | |||||||||||||||||||||||||||||
Research, technical, and product development expenses | — | — | 798 | 798 | 92 | 92 | — | — | 890 | 890 | |||||||||||||||||||||||||||||||
Operating income | 150 | 150 | 7,070 | 7,070 | (1,139 | ) | (738 | ) | — | — | 6,081 | 6,482 | |||||||||||||||||||||||||||||
Other income (expense), net | (16 | ) | (16 | ) | 37 | 37 | 112 | 112 | — | — | 133 | 133 | |||||||||||||||||||||||||||||
Interest income (expense), net | (4,138 | ) | (4,138 | ) | 504 | 504 | (261 | ) | (261 | ) | — | — | (3,895 | ) | (3,895 | ) | |||||||||||||||||||||||||
Equity in earnings of subsidiaries | 4,832 | 4,821 | — | 2,526 | — | (792 | ) | (4,832 | ) | (6,555 | ) | — | — | ||||||||||||||||||||||||||||
Income before taxes | 828 | 817 | 7,611 | 10,137 | (1,288 | ) | (1,679 | ) | (4,832 | ) | (6,555 | ) | 2,319 | 2,720 | |||||||||||||||||||||||||||
Provision for (benefit from) income taxes | (1,300 | ) | (1,300 | ) | 2,854 | 2,854 | (1,363 | ) | (951 | ) | — | — | 191 | 603 | |||||||||||||||||||||||||||
Net income attributable to continuing operations | 2,128 | 2,117 | 4,757 | 7,283 | 75 | (728 | ) | (4,832 | ) | (6,555 | ) | 2,128 | 2,117 | ||||||||||||||||||||||||||||
Net income attributable to discontinued operations, net of tax | — | 618 | — | — | — | 618 | — | (618 | ) | — | 618 | ||||||||||||||||||||||||||||||
Net income | $ | 2,128 | $ | 2,735 | $ | 4,757 | $ | 7,283 | $ | 75 | $ | (110 | ) | $ | (4,832 | ) | $ | (7,173 | ) | $ | 2,128 | $ | 2,735 | ||||||||||||||||||
Comprehensive income | $ | 3,047 | $ | 3,654 | $ | 5,638 | $ | 8,164 | $ | (40 | ) | $ | (225 | ) | $ | (5,598 | ) | $ | (7,939 | ) | $ | 3,047 | $ | 3,654 | |||||||||||||||||
Condensed Consolidating Statement of Operations and Comprehensive Income | |||||||||||||||||||||||||||||||||||||||||
Six Months Ended June 30, 2011 | |||||||||||||||||||||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||||||||||||||||||||
RTI International | Guarantors | Non-Guarantors | Eliminations | Consolidated | |||||||||||||||||||||||||||||||||||||
Metals, Inc. | |||||||||||||||||||||||||||||||||||||||||
Previously | As | Previously | As | Previously | As | Previously | As | Previously | As | ||||||||||||||||||||||||||||||||
Reported | Revised | Reported | Revised | Reported | Revised | Reported | Revised | Reported | Revised | ||||||||||||||||||||||||||||||||
Net Sales | $ | — | $ | — | $ | 161,018 | $ | 161,018 | $ | 166,904 | $ | 152,648 | $ | (83,859 | ) | $ | (83,859 | ) | $ | 244,063 | $ | 229,807 | |||||||||||||||||||
Cost and expenses: | |||||||||||||||||||||||||||||||||||||||||
Cost of sales | — | — | 133,011 | 133,011 | 144,317 | 133,160 | (83,859 | ) | (83,859 | ) | 193,469 | 182,312 | |||||||||||||||||||||||||||||
Selling, general, and administrative expenses | (565 | ) | (565 | ) | 11,669 | 11,669 | 23,972 | 22,258 | — | — | 35,076 | 33,362 | |||||||||||||||||||||||||||||
Research, technical, and product development expenses | — | — | 1,430 | 1,430 | 92 | 92 | — | — | 1,522 | 1,522 | |||||||||||||||||||||||||||||||
Asset and asset-related charges (income) | — | — | — | — | (1,501 | ) | (1,501 | ) | — | — | (1,501 | ) | (1,501 | ) | |||||||||||||||||||||||||||
Operating income | 565 | 565 | 14,908 | 14,908 | 24 | (1,361 | ) | — | — | 15,497 | 14,112 | ||||||||||||||||||||||||||||||
Other income (expense), net | (33 | ) | (33 | ) | (34 | ) | (34 | ) | (369 | ) | (322 | ) | — | — | (436 | ) | (389 | ) | |||||||||||||||||||||||
Interest income (expense), net | (8,339 | ) | (8,339 | ) | 867 | 867 | (498 | ) | (498 | ) | — | — | (7,970 | ) | (7,970 | ) | |||||||||||||||||||||||||
Equity in earnings of subsidiaries | 10,431 | 9,575 | — | 4,869 | — | (637 | ) | (10,431 | ) | (13,807 | ) | — | — | ||||||||||||||||||||||||||||
Income before taxes | 2,624 | 1,768 | 15,741 | 20,610 | (843 | ) | (2,818 | ) | (10,431 | ) | (13,807 | ) | 7,091 | 5,753 | |||||||||||||||||||||||||||
Provision for (benefit from) income taxes | (1,846 | ) | (1,846 | ) | 5,708 | 5,708 | (1,241 | ) | (1,723 | ) | — | — | 2,621 | 2,139 | |||||||||||||||||||||||||||
Net income attributable to continuing operations | 4,470 | 3,614 | 10,033 | 14,902 | 398 | (1,095 | ) | (10,431 | ) | (13,807 | ) | 4,470 | 3,614 | ||||||||||||||||||||||||||||
Net income attributable to discontinued operations, net of tax | — | 1,040 | — | — | — | 1,040 | — | (1,040 | ) | — | 1,040 | ||||||||||||||||||||||||||||||
Net income | $ | 4,470 | $ | 4,654 | $ | 10,033 | $ | 14,902 | $ | 398 | $ | (55 | ) | $ | (10,431 | ) | (14,847 | ) | $ | 4,470 | $ | 4,654 | |||||||||||||||||||
Comprehensive income | $ | 9,918 | $ | 10,102 | $ | 11,619 | $ | 16,488 | $ | 3,988 | $ | 3,535 | $ | (15,607 | ) | $ | (20,023 | ) | $ | 9,918 | $ | 10,102 | |||||||||||||||||||
Condensed Consolidating Statement of Operations and Comprehensive Income | |||||||||||||||||||||||||||||||||||||||||
Three Months Ended September 30, 2011 | |||||||||||||||||||||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||||||||||||||||||||
RTI International | Guarantors | Non-Guarantors | Eliminations | Consolidated | |||||||||||||||||||||||||||||||||||||
Metals, Inc. | |||||||||||||||||||||||||||||||||||||||||
Previously | As | Previously | As | Previously | As | Previously | As | Previously | As | ||||||||||||||||||||||||||||||||
Reported | Revised | Reported | Revised | Reported | Revised | Reported | Revised | Reported | Revised | ||||||||||||||||||||||||||||||||
Net Sales | $ | — | $ | — | $ | 97,118 | $ | 97,118 | $ | 95,330 | $ | 88,512 | $ | (48,777 | ) | $ | (48,777 | ) | $ | 143,671 | $ | 136,853 | |||||||||||||||||||
Cost and expenses: | |||||||||||||||||||||||||||||||||||||||||
Cost of sales | — | — | 85,942 | 85,942 | 81,500 | 76,837 | (48,777 | ) | (48,777 | ) | 118,665 | 114,002 | |||||||||||||||||||||||||||||
Selling, general, and administrative expenses | (793 | ) | (793 | ) | 5,707 | 5,707 | 11,474 | 10,702 | — | — | 16,388 | 15,616 | |||||||||||||||||||||||||||||
Research, technical, and product development expenses | — | — | 874 | 874 | 51 | 51 | — | — | 925 | 925 | |||||||||||||||||||||||||||||||
Operating income | 793 | 793 | 4,595 | 4,595 | 2,305 | 922 | — | — | 7,693 | 6,310 | |||||||||||||||||||||||||||||||
Other income (expense), net | (39 | ) | (39 | ) | 34 | 34 | 203 | 203 | — | — | 198 | 198 | |||||||||||||||||||||||||||||
Interest income (expense), net | (4,074 | ) | (4,074 | ) | 479 | 479 | (247 | ) | (247 | ) | — | — | (3,842 | ) | (3,842 | ) | |||||||||||||||||||||||||
Equity in earnings of subsidiaries | 4,179 | 3,279 | — | 9 | — | (280 | ) | (4,179 | ) | (3,008 | ) | — | — | ||||||||||||||||||||||||||||
Income before taxes | 859 | (41 | ) | 5,108 | 5,117 | 2,261 | 598 | (4,179 | ) | (3,008 | ) | 4,049 | 2,666 | ||||||||||||||||||||||||||||
Provision for (benefit from) income taxes | (1,208 | ) | (1,208 | ) | 2,465 | 2,465 | 725 | 242 | — | — | 1,982 | 1,499 | |||||||||||||||||||||||||||||
Net income attributable to continuing operations | 2,067 | 1,167 | 2,643 | 2,652 | 1,536 | 356 | (4,179 | ) | (3,008 | ) | 2,067 | 1,167 | |||||||||||||||||||||||||||||
Net income attributable to discontinued operations, net of tax | — | 493 | — | — | — | 493 | — | (493 | ) | — | 493 | ||||||||||||||||||||||||||||||
Net income | $ | 2,067 | $ | 1,660 | $ | 2,643 | $ | 2,652 | $ | 1,536 | $ | 849 | $ | (4,179 | ) | $ | (3,501 | ) | $ | 2,067 | $ | 1,660 | |||||||||||||||||||
Comprehensive income | $ | (5,336 | ) | $ | (5,743 | ) | $ | 3,436 | $ | 3,445 | $ | (6,676 | ) | $ | (7,363 | ) | $ | 3,240 | $ | 3,918 | $ | (5,336 | ) | $ | (5,743 | ) | |||||||||||||||
Condensed Consolidating Statement of Operations and Comprehensive Income | |||||||||||||||||||||||||||||||||||||||||
Nine Months Ended September 30, 2011 | |||||||||||||||||||||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||||||||||||||||||||
RTI International | Guarantors | Non-Guarantors | Eliminations | Consolidated | |||||||||||||||||||||||||||||||||||||
Metals, Inc. | |||||||||||||||||||||||||||||||||||||||||
Previously | As | Previously | As | Previously | As | Previously | As | Previously | As | ||||||||||||||||||||||||||||||||
Reported | Revised | Reported | Revised | Reported | Revised | Reported | Revised | Reported | Revised | ||||||||||||||||||||||||||||||||
Net Sales | $ | — | $ | — | $ | 258,136 | $ | 258,136 | $ | 262,234 | $ | 241,160 | $ | (132,636 | ) | $ | (132,636 | ) | $ | 387,734 | $ | 366,660 | |||||||||||||||||||
Cost and expenses: | |||||||||||||||||||||||||||||||||||||||||
Cost of sales | — | — | 218,953 | 218,953 | 225,817 | 209,997 | (132,636 | ) | (132,636 | ) | 312,134 | 296,314 | |||||||||||||||||||||||||||||
Selling, general, and administrative expenses | (1,358 | ) | (1,358 | ) | 17,376 | 17,376 | 35,446 | 32,960 | — | — | 51,464 | 48,978 | |||||||||||||||||||||||||||||
Research, technical, and product development expenses | — | — | 2,304 | 2,304 | 143 | 143 | — | — | 2,447 | 2,447 | |||||||||||||||||||||||||||||||
Asset and asset-related charges (income) | — | — | — | — | (1,501 | ) | (1,501 | ) | — | — | (1,501 | ) | (1,501 | ) | |||||||||||||||||||||||||||
Operating income | 1,358 | 1,358 | 19,503 | 19,503 | 2,329 | (439 | ) | — | — | 23,190 | 20,422 | ||||||||||||||||||||||||||||||
Other income (expense), net | (72 | ) | (72 | ) | — | — | (166 | ) | (119 | ) | — | — | (238 | ) | (191 | ) | |||||||||||||||||||||||||
Interest income (expense), net | (12,413 | ) | (12,413 | ) | 1,346 | 1,346 | (745 | ) | (745 | ) | — | — | (11,812 | ) | (11,812 | ) | |||||||||||||||||||||||||
Equity in earnings of subsidiaries | 14,610 | 12,854 | — | 4,879 | — | (917 | ) | (14,610 | ) | (16,816 | ) | — | — | ||||||||||||||||||||||||||||
Income before taxes. | 3,483 | 1,727 | 20,849 | 25,728 | 1,418 | (2,220 | ) | (14,610 | ) | (16,816 | ) | 11,140 | 8,419 | ||||||||||||||||||||||||||||
Provision for (benefit from) income taxes | (3,054 | ) | (3,054 | ) | 8,173 | 8,173 | (516 | ) | (1,481 | ) | — | — | 4,603 | 3,638 | |||||||||||||||||||||||||||
Net income attributable to continuing operations | 6,537 | 4,781 | 12,676 | 17,555 | 1,934 | (739 | ) | (14,610 | ) | (16,816 | ) | 6,537 | 4,781 | ||||||||||||||||||||||||||||
Net income attributable to discontinued operations, net of tax | — | 1,533 | — | — | — | 1,533 | — | (1,533 | ) | — | 1,533 | ||||||||||||||||||||||||||||||
Net income | $ | 6,537 | $ | 6,314 | $ | 12,676 | $ | 17,555 | $ | 1,934 | $ | 794 | $ | (14,610 | ) | $ | (18,349 | ) | $ | 6,537 | $ | 6,314 | |||||||||||||||||||
Comprehensive income | $ | 4,582 | $ | 4,359 | $ | 15,055 | $ | 19,934 | $ | (2,688 | ) | $ | (3,828 | ) | $ | (12,367 | ) | $ | (16,106 | ) | $ | 4,582 | $ | 4,359 | |||||||||||||||||
Condensed Consolidating Balance Sheet | |||||||||||||||||||||||||||||||||||||||||
31-Mar-12 | |||||||||||||||||||||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||||||||||||||||||||
RTI International | Guarantors | Non-Guarantors | Eliminations | Consolidated | |||||||||||||||||||||||||||||||||||||
Metals, Inc. | |||||||||||||||||||||||||||||||||||||||||
Previously | As | Previously | As | Previously | As | Previously | As Restated | Previously | As Restated | ||||||||||||||||||||||||||||||||
Reported | Restated | Reported | Restated | Reported | Restated | Reported | Reported | ||||||||||||||||||||||||||||||||||
ASSETS | |||||||||||||||||||||||||||||||||||||||||
Current assets: | |||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | — | 98,277 | $ | 109,419 | $ | 19,595 | $ | 8,453 | $ | — | $ | — | $ | 117,872 | $ | 117,872 | ||||||||||||||||||||||
Receivables, net | 209 | 209 | 62,508 | 77,874 | 83,678 | 64,298 | (39,218 | ) | (39,218 | ) | 107,177 | 103,163 | |||||||||||||||||||||||||||||
Inventories, net | — | — | 147,461 | 168,134 | 180,461 | 139,493 | — | — | 327,922 | 307,627 | |||||||||||||||||||||||||||||||
Costs in excess of billings | — | — | — | — | — | 5 | — | — | — | 5 | |||||||||||||||||||||||||||||||
Deferred income taxes | 17,177 | 17,177 | 1,400 | 2,290 | 818 | 1,008 | — | — | 19,395 | 20,475 | |||||||||||||||||||||||||||||||
Assets of discontinued operations | — | — | — | — | — | 18,598 | — | — | — | 18,598 | |||||||||||||||||||||||||||||||
Other current assets | 5,737 | 5,737 | 1,770 | 4,496 | 5,395 | 2,963 | (1,927 | ) | (1,927 | ) | 10,975 | 11,269 | |||||||||||||||||||||||||||||
Total current assets | 23,123 | 23,123 | 311,416 | 362,213 | 289,947 | 234,818 | (41,145 | ) | (41,145 | ) | 583,341 | 579,009 | |||||||||||||||||||||||||||||
Property, plant, and equipment, net | 634 | 634 | 232,227 | 296,407 | 128,659 | 64,423 | — | — | 361,520 | 361,464 | |||||||||||||||||||||||||||||||
Marketable Securities | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||
Goodwill | — | — | 18,097 | 96,942 | 122,139 | 36,653 | — | — | 140,236 | 133,595 | |||||||||||||||||||||||||||||||
Other intangible assets, net | — | — | — | 37,079 | 59,527 | 22,448 | — | — | 59,527 | 59,527 | |||||||||||||||||||||||||||||||
Deferred income taxes | — | — | 25,995 | 25,995 | 29,897 | 29,897 | (26,781 | ) | (26,781 | ) | 29,111 | 29,111 | |||||||||||||||||||||||||||||
Other noncurrent assets | 4,329 | 4,329 | 36 | 201 | 607 | 3,946 | — | — | 4,972 | 8,476 | |||||||||||||||||||||||||||||||
Intercompany investments | 952,885 | 951,230 | 71,231 | 22,840 | 180 | 2,621 | (1,024,296 | ) | (976,691 | ) | — | — | |||||||||||||||||||||||||||||
Total assets | $ | 980,971 | $ | 979,316 | $ | 659,002 | $ | 841,677 | $ | 630,956 | $ | 394,806 | $ | (1,092,222 | ) | $ | (1,044,617 | ) | $ | 1,178,707 | $ | 1,171,182 | |||||||||||||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||||||||||||||||||||||||||||||||||||
Current liabilities: | |||||||||||||||||||||||||||||||||||||||||
Accounts payable | $ | 1,111 | $ | 1,111 | $ | 41,118 | $ | 48,077 | $ | 65,447 | $ | 54,862 | $ | (39,213 | ) | $ | (39,213 | ) | $ | 68,463 | $ | 64,837 | |||||||||||||||||||
Accrued wages and other employee costs | 3,160 | 3,160 | 6,738 | 11,248 | 9,980 | 5,282 | — | — | 19,878 | 19,690 | |||||||||||||||||||||||||||||||
Unearned revenue | — | — | 15 | 798 | 40,874 | 35,785 | — | — | 40,889 | 36,583 | |||||||||||||||||||||||||||||||
Liabilities of discontinued operations | — | — | — | — | — | 3,879 | — | — | — | 3,879 | |||||||||||||||||||||||||||||||
Other accrued liabilities | 6,711 | 6,711 | 8,424 | 10,752 | 8,630 | 6,237 | (1,932 | ) | (1,932 | ) | 21,833 | 21,768 | |||||||||||||||||||||||||||||
Total current liabilities | 10,982 | 10,982 | 56,295 | 70,875 | 124,931 | 106,045 | (41,145 | ) | (41,145 | ) | 151,063 | 146,757 | |||||||||||||||||||||||||||||
Long-term debt | 189,313 | 189,313 | 20 | 1,876 | 1,856 | 0 | — | — | 191,189 | 191,189 | |||||||||||||||||||||||||||||||
Intercompany debt | — | — | 104,286 | 113,669 | 107,440 | 98,057 | (211,726 | ) | (211,726 | ) | — | — | |||||||||||||||||||||||||||||
Liability for post-retirement benefits | — | — | 41,806 | 41,806 | — | — | — | — | 41,806 | 41,806 | |||||||||||||||||||||||||||||||
Liability for pension benefits | 6,227 | 6,227 | 8,193 | 8,193 | 677 | 677 | — | — | 15,097 | 15,097 | |||||||||||||||||||||||||||||||
Deferred income taxes | 36,748 | 36,748 | — | 19,560 | 28,242 | 3,614 | (26,781 | ) | (26,781 | ) | 38,209 | 33,141 | |||||||||||||||||||||||||||||
Unearned revenue | — | — | — | — | — | 3,504 | — | — | — | 3,504 | |||||||||||||||||||||||||||||||
Other noncurrent liabilities | 5,253 | 5,253 | 3,464 | 3,464 | 199 | 199 | (21 | ) | (21 | ) | 8,895 | 8,895 | |||||||||||||||||||||||||||||
Total liabilities | 248,523 | 248,523 | 214,064 | 259,443 | 263,345 | 212,096 | (279,673 | ) | (279,673 | ) | 446,259 | 440,389 | |||||||||||||||||||||||||||||
Shareholders’ equity | 732,448 | 730,793 | 444,938 | 582,234 | 367,611 | 182,710 | (812,549 | ) | (764,944 | ) | 732,448 | 730,793 | |||||||||||||||||||||||||||||
Total liabilities and shareholders’ equity | $ | 980,971 | $ | 979,316 | $ | 659,002 | $ | 841,677 | $ | 630,956 | $ | 394,806 | $ | (1,092,222 | ) | $ | (1,044,617 | ) | $ | 1,178,707 | $ | 1,171,182 | |||||||||||||||||||
Condensed Consolidating Balance Sheet | |||||||||||||||||||||||||||||||||||||||||
30-Jun-12 | |||||||||||||||||||||||||||||||||||||||||
(unaudited) | |||||||||||||||||||||||||||||||||||||||||
RTI International | Guarantors | Non-Guarantors | Eliminations | Consolidated | |||||||||||||||||||||||||||||||||||||
Metals, Inc. | |||||||||||||||||||||||||||||||||||||||||
Previously | As | Previously | As | Previously | As | Previously | As | Previously | As | ||||||||||||||||||||||||||||||||
Reported | Restated | Reported | Restated | Reported | Restated | Reported | Restated | Reported | Restated | ||||||||||||||||||||||||||||||||
ASSETS | |||||||||||||||||||||||||||||||||||||||||
Current assets: | |||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | — | 92,864 | $ | 92,864 | $ | 6,661 | $ | 6,661 | $ | — | $ | — | $ | 99,525 | $ | 99,525 | ||||||||||||||||||||||
Receivables, net | 162 | 162 | 76,198 | 76,198 | 64,383 | 60,685 | (33,288 | ) | (33,288 | ) | 107,455 | 103,757 | |||||||||||||||||||||||||||||
Inventories, net | — | — | 178,140 | 178,140 | 171,292 | 149,029 | — | — | 349,432 | 327,169 | |||||||||||||||||||||||||||||||
Costs in excess of billings | — | — | — | — | — | 658 | — | — | — | 658 | |||||||||||||||||||||||||||||||
Deferred income taxes | 17,177 | 17,177 | 2,098 | 2,290 | 57 | 1,308 | — | — | 19,332 | 20,775 | |||||||||||||||||||||||||||||||
Assets of discontinued operations | — | — | — | — | — | 17,633 | — | — | — | 17,633 | |||||||||||||||||||||||||||||||
Other current assets | 4,271 | 4,271 | 4,565 | 4,565 | 4,064 | 4,433 | — | — | 12,900 | 13,269 | |||||||||||||||||||||||||||||||
Total current assets | 21,610 | 21,610 | 353,865 | 354,057 | 246,457 | 240,407 | (33,288 | ) | (33,288 | ) | 588,644 | 582,786 | |||||||||||||||||||||||||||||
Property, plant, and equipment, net | 543 | 543 | 301,438 | 301,438 | 63,807 | 63,754 | — | — | 365,788 | 365,735 | |||||||||||||||||||||||||||||||
Marketable Securities | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||
Goodwill | — | — | 102,202 | 96,942 | 38,009 | 36,628 | — | — | 140,211 | 133,570 | |||||||||||||||||||||||||||||||
Other intangible assets, net | — | — | 36,436 | 36,436 | 21,815 | 21,815 | — | — | 58,251 | 58,251 | |||||||||||||||||||||||||||||||
Deferred income taxes | — | — | 25,314 | 25,314 | 30,750 | 30,750 | (26,825 | ) | (26,825 | ) | 29,239 | 29,239 | |||||||||||||||||||||||||||||
Other noncurrent assets | 4,768 | 4,768 | 201 | 201 | 438 | 3,823 | — | — | 5,407 | 8,792 | |||||||||||||||||||||||||||||||
Intercompany investments | 962,343 | 960,071 | 71,231 | 25,350 | 180 | 3,034 | (1,033,754 | ) | (988,455 | ) | — | — | |||||||||||||||||||||||||||||
Total assets | $ | 989,264 | $ | 986,992 | $ | 890,687 | $ | 839,738 | $ | 401,456 | $ | 400,211 | $ | (1,093,867 | ) | $ | (1,048,568 | ) | $ | 1,187,540 | $ | 1,178,373 | |||||||||||||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||||||||||||||||||||||||||||||||||||
Current liabilities: | |||||||||||||||||||||||||||||||||||||||||
Accounts payable | $ | 1,021 | $ | 1,021 | $ | 43,562 | $ | 43,562 | 52,983 | $ | 49,789 | $ | (33,288 | ) | $ | (33,288 | ) | $ | 64,278 | $ | 61,084 | ||||||||||||||||||||
Accrued wages and other employee costs | 4,465 | 4,465 | 13,477 | 13,477 | 7,193 | 6,929 | — | — | 25,135 | 24,871 | |||||||||||||||||||||||||||||||
Unearned revenue | — | — | 704 | 704 | 41,352 | 36,140 | — | — | 42,056 | 36,844 | |||||||||||||||||||||||||||||||
Liabilities of discontinued operations | — | — | — | — | — | 3,494 | — | — | — | 3,494 | |||||||||||||||||||||||||||||||
Other accrued liabilities | 6,388 | 6,388 | 7,823 | 7,823 | 7,505 | 7,469 | — | — | 21,716 | 21,680 | |||||||||||||||||||||||||||||||
Total current liabilities | 11,874 | 11,874 | 65,566 | 65,566 | 109,033 | 103,821 | (33,288 | ) | (33,288 | ) | 153,185 | 147,973 | |||||||||||||||||||||||||||||
Long-term debt | 191,699 | 191,699 | 2,028 | 2,028 | — | — | — | — | 193,727 | 193,727 | |||||||||||||||||||||||||||||||
Intercompany debt | — | — | 111,916 | 111,916 | 100,929 | 100,929 | (212,845 | ) | (212,845 | ) | — | — | |||||||||||||||||||||||||||||
Liability for post-retirement benefits | — | — | 42,000 | 42,000 | — | — | — | — | 42,000 | 42,000 | |||||||||||||||||||||||||||||||
Liability for pension benefits | 6,133 | 6,133 | 6,730 | 6,730 | 539 | 539 | — | — | 13,402 | 13,402 | |||||||||||||||||||||||||||||||
Deferred income taxes | 36,857 | 36,857 | 25,172 | 20,104 | 3,613 | 3,613 | (26,825 | ) | (26,825 | ) | 38,817 | 33,749 | |||||||||||||||||||||||||||||
Unearned revenue | — | — | — | — | — | 3,385 | — | — | — | 3,385 | |||||||||||||||||||||||||||||||
Other noncurrent liabilities | 5,261 | 5,261 | 3,491 | 3,491 | 217 | 217 | — | — | 8,969 | 8,969 | |||||||||||||||||||||||||||||||
Total liabilities | 251,824 | 251,824 | 256,903 | 251,835 | 214,331 | 212,504 | (272,958 | ) | (272,958 | ) | 450,100 | 443,205 | |||||||||||||||||||||||||||||
Shareholders’ equity | 737,440 | 735,168 | 633,784 | 587,903 | 187,125 | 187,707 | (820,909 | ) | (775,610 | ) | 737,440 | 735,168 | |||||||||||||||||||||||||||||
Total liabilities and shareholders’ equity | $ | 989,264 | $ | 986,992 | $ | 890,687 | $ | 839,738 | $ | 401,456 | $ | 400,211 | $ | (1,093,867 | ) | $ | (1,048,568 | ) | $ | 1,187,540 | $ | 1,178,373 | |||||||||||||||||||
Condensed Consolidating Balance Sheet | |||||||||||||||||||||||||||||||||||||||||
30-Sep-12 | |||||||||||||||||||||||||||||||||||||||||
(unaudited) | |||||||||||||||||||||||||||||||||||||||||
RTI International | Guarantors | Non-Guarantors | Eliminations | Consolidated | |||||||||||||||||||||||||||||||||||||
Metals, Inc. | |||||||||||||||||||||||||||||||||||||||||
Previously | As | Previously | As | Previously | As | Previously | As | Previously | As | ||||||||||||||||||||||||||||||||
Reported | Restated | Reported | Restated | Reported | Restated | Reported | Restated | Reported | Restated | ||||||||||||||||||||||||||||||||
ASSETS | |||||||||||||||||||||||||||||||||||||||||
Current assets: | |||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | — | $ | 69,907 | $ | 69,907 | $ | 3,482 | $ | 3,482 | $ | — | $ | — | $ | 73,389 | $ | 73,389 | |||||||||||||||||||||
Short term investments | — | — | 3,998 | 3,998 | — | — | — | — | 3,998 | 3,998 | |||||||||||||||||||||||||||||||
Receivables, net | 126 | 126 | 80,480 | 80,480 | 66,322 | 63,115 | (29,473 | ) | (29,473 | ) | 117,455 | 114,248 | |||||||||||||||||||||||||||||
Inventories, net | — | — | 189,837 | 189,837 | 188,381 | 162,992 | — | — | 378,218 | 352,829 | |||||||||||||||||||||||||||||||
Costs in excess of billings | — | — | — | — | — | 2,151 | — | — | — | 2,151 | |||||||||||||||||||||||||||||||
Deferred income taxes | 17,176 | 17,176 | 2,401 | 2,593 | 67 | 2,290 | — | — | 19,644 | 22,059 | |||||||||||||||||||||||||||||||
Assets of discontinued operations | — | — | — | — | — | 16,799 | — | — | — | 16,799 | |||||||||||||||||||||||||||||||
Other current assets | 4,021 | 4,021 | 4,070 | 4,070 | 4,014 | 4,449 | (1,380 | ) | (1,380 | ) | 10,725 | 11,160 | |||||||||||||||||||||||||||||
Total current assets | 21,323 | 21,323 | 350,693 | 350,885 | 262,266 | 255,278 | (30,853 | ) | (30,853 | ) | 603,429 | 596,633 | |||||||||||||||||||||||||||||
Property, plant, and equipment, net | 1,336 | 1,336 | 301,681 | 301,681 | 64,801 | 64,751 | — | — | 367,818 | 367,768 | |||||||||||||||||||||||||||||||
Marketable Securities | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||
Goodwill | — | — | 99,754 | 94,494 | 38,493 | 37,112 | — | — | 138,247 | 131,606 | |||||||||||||||||||||||||||||||
Other intangible assets, net | — | — | 35,795 | 35,795 | 21,869 | 21,869 | — | — | 57,664 | 57,664 | |||||||||||||||||||||||||||||||
Deferred income taxes | — | — | 26,313 | 26,313 | 32,818 | 32,818 | (26,934 | ) | (26,934 | ) | 32,197 | 32,197 | |||||||||||||||||||||||||||||
Other noncurrent assets | 4,442 | 4,442 | 2,781 | 2,781 | 470 | 3,710 | (2,580 | ) | (2,580 | ) | 5,113 | 8,353 | |||||||||||||||||||||||||||||
Intercompany investments | 981,646 | 977,337 | 71,231 | 26,492 | 180 | 3,408 | (1,053,057 | ) | (1,007,237 | ) | — | — | |||||||||||||||||||||||||||||
Total assets | $ | 1,008,747 | $ | 1,004,438 | $ | 888,248 | $ | 838,441 | $ | 420,897 | $ | 418,926 | $ | (1,113,424 | ) | $ | (1,067,604 | ) | $ | 1,204,468 | $ | 1,194,221 | |||||||||||||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||||||||||||||||||||||||||||||||||||
Current liabilities: | |||||||||||||||||||||||||||||||||||||||||
Accounts payable | $ | 1,003 | $ | 1,003 | $ | 46,543 | $ | 46,543 | $ | 52,006 | $ | 49,093 | $ | (29,473 | ) | $ | (29,473 | ) | $ | 70,079 | $ | 67,166 | |||||||||||||||||||
Accrued wages and other employee costs | 5,177 | 5,177 | 15,629 | 15,629 | 8,924 | 8,639 | — | — | 29,730 | 29,445 | |||||||||||||||||||||||||||||||
Unearned revenue | — | — | 505 | 505 | 38,128 | 34,018 | — | — | 38,633 | 34,523 | |||||||||||||||||||||||||||||||
Liabilities of discontinued operations | — | — | — | — | — | 3,198 | — | — | — | 3,198 | |||||||||||||||||||||||||||||||
Other accrued liabilities | 11,128 | 11,128 | 9,192 | 9,192 | 8,518 | 8,518 | (1,380 | ) | (1,380 | ) | 27,458 | 27,458 | |||||||||||||||||||||||||||||
Total current liabilities | 17,308 | 17,308 | 71,869 | 71,869 | 107,576 | 103,466 | (30,853 | ) | (30,853 | ) | 165,900 | 161,790 | |||||||||||||||||||||||||||||
Long-term debt | 194,153 | 194,153 | 1,926 | 1,926 | — | — | — | — | 196,079 | 196,079 | |||||||||||||||||||||||||||||||
Intercompany debt | — | — | 112,535 | 112,535 | 106,684 | 106,684 | (219,219 | ) | (219,219 | ) | — | — | |||||||||||||||||||||||||||||
Liability for post-retirement benefits | — | — | 42,220 | 42,220 | — | — | — | — | 42,220 | 42,220 | |||||||||||||||||||||||||||||||
Liability for pension benefits | 4,976 | 4,976 | — | — | 159 | 159 | (2,580 | ) | (2,580 | ) | 2,555 | 2,555 | |||||||||||||||||||||||||||||
Deferred income taxes | 36,967 | 36,967 | 25,172 | 20,104 | 3,526 | 3,526 | (26,934 | ) | (26,934 | ) | 38,731 | 33,663 | |||||||||||||||||||||||||||||
Unearned revenue | — | — | — | — | — | 3,240 | — | — | — | 3,240 | |||||||||||||||||||||||||||||||
Other noncurrent liabilities | 5,268 | 5,268 | 3,430 | 3,430 | 210 | 210 | — | — | 8,908 | 8,908 | |||||||||||||||||||||||||||||||
Total liabilities | 258,672 | 258,672 | 257,152 | 252,084 | 218,155 | 217,285 | (279,586 | ) | (279,586 | ) | 454,393 | 448,455 | |||||||||||||||||||||||||||||
Shareholders’ equity | 750,075 | 745,766 | 631,096 | 586,357 | 202,742 | 201,661 | (833,838 | ) | (788,018 | ) | 750,075 | 745,766 | |||||||||||||||||||||||||||||
Total liabilities and shareholders’ equity | $ | 1,008,747 | $ | 1,004,438 | $ | 888,248 | $ | 838,441 | $ | 420,897 | $ | 418,946 | $ | (1,113,424 | ) | $ | (1,067,604 | ) | $ | 1,204,468 | $ | 1,194,221 | |||||||||||||||||||
Condensed Consolidating Balance Sheet | |||||||||||||||||||||||||||||||||||||||||
31-Mar-11 | |||||||||||||||||||||||||||||||||||||||||
(unaudited) | |||||||||||||||||||||||||||||||||||||||||
RTI International | Guarantors | Non-Guarantors | Eliminations | Consolidated | |||||||||||||||||||||||||||||||||||||
Metals, Inc. | |||||||||||||||||||||||||||||||||||||||||
Previously | As | Previously | As | Previously | As | Previously | As | Previously | As | ||||||||||||||||||||||||||||||||
Reported | Restated | Reported | Restated | Reported | Restated | Reported | Restated | Reported | Restated | ||||||||||||||||||||||||||||||||
ASSETS | |||||||||||||||||||||||||||||||||||||||||
Current assets: | |||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | — | $ | 264,293 | $ | 264,293 | $ | 11,861 | $ | 11,861 | $ | — | $ | — | $ | 276,154 | $ | 276,154 | |||||||||||||||||||||
Short term investments | — | — | 38,892 | 38,892 | — | — | — | — | 38,892 | 38,892 | |||||||||||||||||||||||||||||||
Receivables, net | 438 | 438 | 44,898 | 44,898 | 51,076 | 47,328 | (19,913 | ) | (19,913 | ) | 76,499 | 72,751 | |||||||||||||||||||||||||||||
Inventories, net | — | — | 144,720 | 144,720 | 124,682 | 116,332 | — | — | 269,402 | 261,052 | |||||||||||||||||||||||||||||||
Costs in excess of billings | — | — | — | — | — | 112 | — | — | — | 112 | |||||||||||||||||||||||||||||||
Deferred income taxes | 21,430 | 21,430 | 1,418 | 1,418 | 80 | 816 | — | — | 22,928 | 23,664 | |||||||||||||||||||||||||||||||
Assets of discontinued operations | — | — | — | — | — | 13,724 | — | — | — | 13,724 | |||||||||||||||||||||||||||||||
Other current assets | 13,937 | 13,937 | 1,601 | 1,601 | 1,500 | 1,723 | (3,105 | ) | (3,105 | ) | 13,933 | 14,156 | |||||||||||||||||||||||||||||
Total current assets | 35,805 | 35,805 | 495,822 | 495,822 | 189,199 | 191,896 | (23,018 | ) | (23,018 | ) | 697,808 | 700,505 | |||||||||||||||||||||||||||||
Property, plant, and equipment, net | 955 | 955 | 198,546 | 198,546 | 61,830 | 61,762 | — | — | 261,331 | 261,263 | |||||||||||||||||||||||||||||||
Marketable Securities | — | — | 48,779 | 48,779 | — | — | — | — | 48,779 | 48,779 | |||||||||||||||||||||||||||||||
Goodwill | — | — | 18,098 | 18,098 | 24,107 | 22,726 | — | — | 42,205 | 40,824 | |||||||||||||||||||||||||||||||
Other intangible assets, net | — | — | — | — | 14,219 | 14,219 | — | — | 14,219 | 14,219 | |||||||||||||||||||||||||||||||
Deferred income taxes | — | — | 23,913 | 23,913 | 24,145 | 24,145 | (24,521 | ) | (24,521 | ) | 23,537 | 23,537 | |||||||||||||||||||||||||||||
Other noncurrent assets | 5,800 | 5,800 | 36 | 36 | 141 | 3,961 | — | — | 5,977 | 9,797 | |||||||||||||||||||||||||||||||
Intercompany investments | 912,277 | 911,715 | 71,231 | 17,611 | 180 | 2,628 | (983,688 | ) | (931,954 | ) | — | — | |||||||||||||||||||||||||||||
Total assets | $ | 954,837 | $ | 954,275 | $ | 856,425 | $ | 802,805 | $ | 313,821 | $ | 321,337 | $ | (1,031,227 | ) | $ | (979,493 | ) | $ | 1,093,856 | $ | 1,098,924 | |||||||||||||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||||||||||||||||||||||||||||||||||||
Current liabilities: | |||||||||||||||||||||||||||||||||||||||||
Accounts payable | $ | 1,473 | $ | 1,473 | $ | 22,303 | $ | 22,303 | $ | 32,242 | $ | 28,069 | $ | (19,913 | ) | $ | (19,913 | ) | $ | 36,105 | $ | 31,932 | |||||||||||||||||||
Accrued wages and other employee costs | 3,632 | 3,632 | 6,442 | 6,442 | 5,156 | 4,912 | — | — | 15,230 | 14,986 | |||||||||||||||||||||||||||||||
Unearned revenue | — | — | — | — | 26,020 | 27,830 | — | — | 26,020 | 27,830 | |||||||||||||||||||||||||||||||
Liabilities of discontinued operations | — | — | — | — | — | 4,551 | — | — | — | 4,551 | |||||||||||||||||||||||||||||||
Other accrued liabilities | 3,792 | 3,792 | 11,907 | 11,907 | 16,696 | 16,562 | (3,105 | ) | (3,105 | ) | 29,290 | 29,156 | |||||||||||||||||||||||||||||
Total current liabilities | 8,897 | 8,897 | 40,652 | 40,652 | 80,114 | 81,924 | (23,018 | ) | (23,018 | ) | 106,645 | 108,455 | |||||||||||||||||||||||||||||
Long-term debt | 180,227 | 180,227 | 40 | 40 | 2 | 2 | — | — | 180,269 | 180,269 | |||||||||||||||||||||||||||||||
Intercompany debt | — | — | 92,826 | 92,826 | 89,533 | 89,533 | (182,359 | ) | (182,359 | ) | — | — | |||||||||||||||||||||||||||||
Liability for post-retirement benefits | — | — | 40,277 | 40,277 | — | — | — | — | 40,277 | 40,277 | |||||||||||||||||||||||||||||||
Liability for pension benefits | 6,542 | 6,542 | 21,285 | 21,285 | 677 | 677 | — | — | 28,504 | 28,504 | |||||||||||||||||||||||||||||||
Deferred income taxes | 27,608 | 27,608 | 15 | 15 | — | — | (24,521 | ) | (24,521 | ) | 3,102 | 3,102 | |||||||||||||||||||||||||||||
Unearned revenue | — | — | — | — | — | 3,820 | — | — | — | 3,820 | |||||||||||||||||||||||||||||||
Other noncurrent liabilities | 5,073 | 5,073 | 3,496 | 3,496 | — | — | — | — | 8,569 | 8,569 | |||||||||||||||||||||||||||||||
Total liabilities | 228,347 | 228,347 | 198,591 | 198,591 | 170,326 | 175,956 | (229,898 | ) | (229,898 | ) | 367,366 | 372,996 | |||||||||||||||||||||||||||||
Shareholders’ equity | 726,490 | 725,928 | 657,834 | 604,214 | 143,495 | 145,381 | (801,329 | ) | (749,595 | ) | 726,490 | 725,928 | |||||||||||||||||||||||||||||
Total liabilities and shareholders’ equity | $ | 954,837 | $ | 954,275 | $ | 856,425 | $ | 802,805 | $ | 313,821 | $ | 321,337 | $ | (1,031,227 | ) | $ | (979,493 | ) | $ | 1,093,856 | $ | 1,098,924 | |||||||||||||||||||
Condensed Consolidating Balance Sheet | |||||||||||||||||||||||||||||||||||||||||
30-Jun-11 | |||||||||||||||||||||||||||||||||||||||||
(unaudited) | |||||||||||||||||||||||||||||||||||||||||
RTI International | Guarantors | Non-Guarantors | Eliminations | Consolidated | |||||||||||||||||||||||||||||||||||||
Metals, Inc. | |||||||||||||||||||||||||||||||||||||||||
Previously | As | Previously | As | Previously | As | Previously | As | Previously | As | ||||||||||||||||||||||||||||||||
Reported | Revised | Reported | Revised | Reported | Revised | Reported | Revised | Reported | Revised | ||||||||||||||||||||||||||||||||
ASSETS | |||||||||||||||||||||||||||||||||||||||||
Current assets: | |||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | — | 215,043 | $ | 215,043 | $ | 13,270 | $ | 13,270 | $ | — | $ | — | $ | 228,313 | $ | 228,313 | ||||||||||||||||||||||
Short term investments | — | — | 63,590 | 63,590 | — | — | — | — | 63,590 | 63,590 | |||||||||||||||||||||||||||||||
Receivables, net | 454 | 454 | 43,580 | 43,580 | 42,241 | 38,438 | (20,064 | ) | (20,064 | ) | 66,211 | 62,408 | |||||||||||||||||||||||||||||
Inventories, net | — | — | 134,581 | 134,581 | 124,660 | 115,687 | — | — | 259,241 | 250,268 | |||||||||||||||||||||||||||||||
Deferred income taxes | 21,430 | 21,430 | 1,418 | 1,418 | 102 | 82 | — | — | 22,950 | 22,930 | |||||||||||||||||||||||||||||||
Assets of discontinued operations | — | — | — | — | — | 13,062 | — | — | — | 13,062 | |||||||||||||||||||||||||||||||
Other current assets | 10,860 | 10,860 | 1,320 | 1,320 | 1,463 | 1,720 | (1,691 | ) | (1,691 | ) | 11,952 | 12,209 | |||||||||||||||||||||||||||||
Total current assets | 32,744 | 32,744 | 459,532 | 459,532 | 181,736 | 182,259 | (21,755 | ) | (21,755 | ) | 652,257 | 652,780 | |||||||||||||||||||||||||||||
Property, plant, and equipment, net | 861 | 861 | 203,767 | 203,767 | 61,516 | 61,451 | — | — | 266,144 | 266,079 | |||||||||||||||||||||||||||||||
Marketable Securities | — | — | 92,440 | 92,440 | — | — | — | — | 92,440 | 92,440 | |||||||||||||||||||||||||||||||
Goodwill | — | — | 18,097 | 18,097 | 24,118 | 22,737 | — | — | 42,215 | 40,834 | |||||||||||||||||||||||||||||||
Other intangible assets, net | — | — | — | — | 13,965 | 13,965 | — | — | 13,965 | 13,965 | |||||||||||||||||||||||||||||||
Deferred income taxes | — | — | 23,455 | 23,455 | 26,059 | 26,059 | (24,605 | ) | (24,605 | ) | 24,909 | 24,909 | |||||||||||||||||||||||||||||
Other noncurrent assets | 5,433 | 5,433 | 36 | 36 | 131 | 3,885 | — | — | 5,600 | 9,354 | |||||||||||||||||||||||||||||||
Intercompany investments | 922,050 | 922,095 | 71,231 | 20,138 | 180 | 1,836 | (993,461 | ) | (944,069 | ) | — | — | |||||||||||||||||||||||||||||
Total assets | $ | 961,088 | $ | 961,133 | $ | 868,558 | $ | 817,465 | $ | 307,705 | $ | 312,192 | $ | (1,039,821 | ) | $ | (990,429 | ) | $ | 1,097,530 | $ | 1,100,361 | |||||||||||||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||||||||||||||||||||||||||||||||||||
Current liabilities: | |||||||||||||||||||||||||||||||||||||||||
Accounts payable | $ | 429 | $ | 429 | $ | 21,677 | $ | 21,677 | 31,994 | $ | 29,050 | $ | (20,064 | ) | $ | (20,064 | ) | $ | 34,036 | $ | 31,092 | ||||||||||||||||||||
Accrued wages and other employee costs | 4,105 | 4,105 | 8,283 | 8,283 | 6,411 | 6,145 | — | — | 18,799 | 18,533 | |||||||||||||||||||||||||||||||
Unearned revenue | — | — | 169 | 169 | 22,720 | 21,752 | — | — | 22,889 | 21,921 | |||||||||||||||||||||||||||||||
Liabilities of discontinued operations | — | — | — | — | — | 3,467 | — | — | — | 3,467 | |||||||||||||||||||||||||||||||
Other accrued liabilities | 4,084 | 4,084 | 11,334 | 11,334 | 14,752 | 14,495 | (1,691 | ) | (1,691 | ) | 28,479 | 28,222 | |||||||||||||||||||||||||||||
Total current liabilities | 8,618 | 8,618 | 41,463 | 41,463 | 75,877 | 74,909 | (21,755 | ) | (21,755 | ) | 104,203 | 103,235 | |||||||||||||||||||||||||||||
Long-term debt | 182,422 | 182,422 | 40 | 40 | — | — | — | — | 182,462 | 182,462 | |||||||||||||||||||||||||||||||
Intercompany debt | — | — | 98,116 | 98,116 | 86,960 | 86,960 | (185,076 | ) | (185,076 | ) | — | — | |||||||||||||||||||||||||||||
Liability for post-retirement benefits | — | — | 40,859 | 40,859 | — | — | — | — | 40,859 | 40,859 | |||||||||||||||||||||||||||||||
Liability for pension benefits | 6,524 | 6,524 | 20,403 | 20,403 | 677 | 677 | — | — | 27,604 | 27,604 | |||||||||||||||||||||||||||||||
Deferred income taxes | 27,737 | 27,737 | 36 | 36 | — | — | (24,604 | ) | (24,604 | ) | 3,169 | 3,169 | |||||||||||||||||||||||||||||
Unearned revenue | — | — | — | — | — | 3,754 | — | — | — | 3,754 | |||||||||||||||||||||||||||||||
Other noncurrent liabilities | 5,081 | 5,081 | 3,446 | 3,446 | — | — | — | — | 8,527 | 8,527 | |||||||||||||||||||||||||||||||
Total liabilities | 230,382 | 230,382 | 204,363 | 204,363 | 163,514 | 166,300 | (231,435 | ) | (231,435 | ) | 366,824 | 369,610 | |||||||||||||||||||||||||||||
Shareholders’ equity | 730,706 | 730,751 | 664,195 | 613,102 | 144,191 | 145,892 | (808,386 | ) | (758,994 | ) | 730,706 | 730,751 | |||||||||||||||||||||||||||||
Total liabilities and shareholders’ equity | $ | 961,088 | $ | 961,133 | $ | 868,558 | $ | 817,465 | $ | 307,705 | $ | 312,192 | $ | (1,039,821 | ) | $ | (990,429 | ) | $ | 1,097,530 | $ | 1,100,361 | |||||||||||||||||||
Condensed Consolidating Balance Sheet | |||||||||||||||||||||||||||||||||||||||||
30-Sep-11 | |||||||||||||||||||||||||||||||||||||||||
(unaudited) | |||||||||||||||||||||||||||||||||||||||||
RTI International | Guarantors | Non-Guarantors | Eliminations | Consolidated | |||||||||||||||||||||||||||||||||||||
Metals, Inc. | |||||||||||||||||||||||||||||||||||||||||
Previously | As | Previously | As | Previously | As | Previously | As | Previously | As | ||||||||||||||||||||||||||||||||
Reported | Revised | Reported | Revised | Reported | Revised | Reported | Revised | Reported | Revised | ||||||||||||||||||||||||||||||||
ASSETS | |||||||||||||||||||||||||||||||||||||||||
Current assets: | |||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | — | 177,711 | $ | 177,711 | $ | 12,030 | $ | 12,030 | $ | — | $ | — | $ | 189,741 | $ | 189,741 | ||||||||||||||||||||||
Short term investments | — | — | 76,587 | 76,587 | — | — | — | — | 76,587 | 76,587 | |||||||||||||||||||||||||||||||
Receivables, net | 417 | 417 | 62,273 | 62,273 | 53,109 | 49,754 | (27,916 | ) | (27,916 | ) | 87,883 | 84,528 | |||||||||||||||||||||||||||||
Inventories, net | — | — | 128,685 | 128,685 | 128,364 | 115,583 | — | — | 257,049 | 244,268 | |||||||||||||||||||||||||||||||
Deferred income taxes | 18,493 | 18,493 | 1,418 | 1,418 | 63 | 250 | — | — | 19,974 | 20,161 | |||||||||||||||||||||||||||||||
Assets of discontinued operations | — | — | — | — | — | 14,945 | — | — | — | 14,945 | |||||||||||||||||||||||||||||||
Other current assets | 14,765 | 14,765 | 1,166 | 1,166 | 1,164 | 1,435 | (2,432 | ) | (2,432 | ) | 14,663 | 14,934 | |||||||||||||||||||||||||||||
Total current assets | 33,675 | 33,675 | 447,840 | 447,840 | 194,730 | 193,997 | (30,348 | ) | (30,348 | ) | 645,897 | 645,164 | |||||||||||||||||||||||||||||
Property, plant, and equipment, net | 772 | 772 | 209,540 | 209,540 | 57,744 | 57,682 | — | — | 268,056 | 267,994 | |||||||||||||||||||||||||||||||
Marketable Securities | — | — | 89,479 | 89,479 | — | — | — | — | 89,479 | 89,479 | |||||||||||||||||||||||||||||||
Goodwill | — | — | 18,097 | 18,097 | 23,208 | 21,827 | — | — | 41,305 | 39,924 | |||||||||||||||||||||||||||||||
Other intangible assets, net | — | — | — | — | 12,829 | 12,829 | — | — | 12,829 | 12,829 | |||||||||||||||||||||||||||||||
Deferred income taxes | — | — | 23,019 | 23,019 | 25,303 | 25,303 | (24,711 | ) | (24,711 | ) | 23,611 | 23,611 | |||||||||||||||||||||||||||||
Other noncurrent assets | 5,065 | 5,065 | 36 | 36 | 127 | 3,802 | — | — | 5,228 | 8,903 | |||||||||||||||||||||||||||||||
Intercompany investments | 921,775 | 921,413 | 71,231 | 20,147 | 180 | 1,826 | (993,186 | ) | (943,386 | ) | — | — | |||||||||||||||||||||||||||||
Total assets | $ | 961,287 | $ | 960,925 | $ | 859,242 | $ | 808,158 | $ | 314,121 | $ | 317,266 | $ | (1,048,245 | ) | $ | (998,445 | ) | $ | 1,086,405 | $ | 1,087,904 | |||||||||||||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||||||||||||||||||||||||||||||||||||
Current liabilities: | |||||||||||||||||||||||||||||||||||||||||
Accounts payable | $ | 806 | $ | 806 | $ | 37,398 | $ | 37,398 | $ | 43,672 | $ | 38,930 | $ | (27,916 | ) | $ | (27,916 | ) | $ | 53,960 | $ | 49,218 | |||||||||||||||||||
Accrued wages and other employee costs | 5,015 | 5,015 | 9,929 | 9,929 | 6,034 | 5,741 | — | — | 20,978 | 20,685 | |||||||||||||||||||||||||||||||
Unearned revenue | — | — | 184 | 184 | 18,050 | 16,236 | — | — | 18,234 | 16,420 | |||||||||||||||||||||||||||||||
Liabilities of discontinued operations | — | — | — | — | — | 5,069 | — | — | — | 5,069 | |||||||||||||||||||||||||||||||
Other accrued liabilities | 4,727 | 4,727 | 11,573 | 11,573 | 5,963 | 5,929 | (2,432 | ) | (2,432 | ) | 19,831 | 19,797 | |||||||||||||||||||||||||||||
Total current liabilities | 10,548 | 10,548 | 59,084 | 59,084 | 73,719 | 71,905 | (30,348 | ) | (30,348 | ) | 113,003 | 111,189 | |||||||||||||||||||||||||||||
Long-term debt | 184,675 | 184,675 | 20 | 20 | — | — | — | — | 184,695 | 184,695 | |||||||||||||||||||||||||||||||
Intercompany debt | — | — | 83,997 | 83,997 | 101,499 | 101,499 | (185,496 | ) | (185,496 | ) | — | — | |||||||||||||||||||||||||||||
Liability for post-retirement benefits | — | — | 41,128 | 41,128 | — | — | — | — | 41,128 | 41,128 | |||||||||||||||||||||||||||||||
Liability for pension benefits | 4,380 | 4,380 | 2,097 | 2,097 | 676 | 676 | — | — | 7,153 | 7,153 | |||||||||||||||||||||||||||||||
Deferred income taxes | 30,148 | 30,148 | — | — | — | — | (24,707 | ) | (24,707 | ) | 5,441 | 5,441 | |||||||||||||||||||||||||||||
Unearned revenue | — | — | — | — | — | 3,675 | — | — | — | 3,675 | |||||||||||||||||||||||||||||||
Other noncurrent liabilities | 5,089 | 5,089 | 3,449 | 3,449 | — | — | — | — | 8,538 | 8,538 | |||||||||||||||||||||||||||||||
Total liabilities | 234,840 | 234,840 | 189,775 | 189,775 | 175,894 | 177,755 | (240,551 | ) | (240,551 | ) | 359,958 | 361,819 | |||||||||||||||||||||||||||||
Shareholders’ equity | 726,447 | 726,085 | 669,467 | 618,383 | 138,227 | 139,511 | (807,694 | ) | (757,894 | ) | 726,447 | 726,085 | |||||||||||||||||||||||||||||
Total liabilities and shareholders’ equity | $ | 961,287 | $ | 960,925 | $ | 859,242 | $ | 808,158 | $ | 314,121 | $ | 317,266 | $ | (1,048,245 | ) | $ | (998,445 | ) | $ | 1,086,405 | $ | 1,087,904 | |||||||||||||||||||
RTI INTERNATIONAL METALS, INC. AND SUBSIDIARIES | |||||||||||||||||||||||||||||||||||||||||
Notes to Condensed Consolidated Financial Statements | |||||||||||||||||||||||||||||||||||||||||
(In thousands, except share and per share amounts, unless otherwise indicated) | |||||||||||||||||||||||||||||||||||||||||
The following Condensed Consolidating Statements of Cash Flows accompany the above Condensed Consolidating Statements of Operations and Comprehensive Income and Condensed Consolidating Balance Sheets. However, the restatements or revisions had no impact on the previously reported amounts in the Condensed Consolidating Statements of Cash Flows. | |||||||||||||||||||||||||||||||||||||||||
Condensed Consolidating Statement of Cash Flows | |||||||||||||||||||||||||||||||||||||||||
Three Months Ended March 31, 2012 | |||||||||||||||||||||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||||||||||||||||||||
RTI | Guarantor | Non-Guarantor | Eliminations | Consolidated | |||||||||||||||||||||||||||||||||||||
International | Subsidiaries | Subsidiaries | (As Restated) | (As Restated) | |||||||||||||||||||||||||||||||||||||
Metals, Inc. | (As Restated) | (As Restated) | |||||||||||||||||||||||||||||||||||||||
(As Restated) | |||||||||||||||||||||||||||||||||||||||||
Cash provided by (used in) operating activities | $ | 3,207 | $ | (9,606 | ) | $ | (6,560 | ) | $ | — | $ | (12,959 | ) | ||||||||||||||||||||||||||||
Investing activities: | |||||||||||||||||||||||||||||||||||||||||
Acquisitions, net of cash acquired | (185,633 | ) | — | — | — | (185,633 | ) | ||||||||||||||||||||||||||||||||||
Investments in subsidiaries, net | 188,845 | — | — | (188,845 | ) | — | |||||||||||||||||||||||||||||||||||
Capital expenditures | — | (15,928 | ) | (1,200 | ) | — | (17,128 | ) | |||||||||||||||||||||||||||||||||
Investments, net | — | 176,771 | — | — | 176,771 | ||||||||||||||||||||||||||||||||||||
Cash provided by (used in) investing activities | 3,212 | 160,843 | (1,200 | ) | (188,845 | ) | (25,990 | ) | |||||||||||||||||||||||||||||||||
Financing activities: | |||||||||||||||||||||||||||||||||||||||||
Proceeds from exercise of employee stock options | 120 | — | — | — | 120 | ||||||||||||||||||||||||||||||||||||
Excess tax benefits from stock-based compensation activity | 61 | — | — | — | 61 | ||||||||||||||||||||||||||||||||||||
Parent company investments/dividends, net | — | (194,545 | ) | 5,700 | 188,845 | — | |||||||||||||||||||||||||||||||||||
Repayments on long-term debt | — | (97 | ) | — | — | (97 | ) | ||||||||||||||||||||||||||||||||||
Intercompany debt, net | (5,858 | ) | 8,553 | (2,695 | ) | — | — | ||||||||||||||||||||||||||||||||||
Purchase of common stock held in treasury | (742 | ) | — | — | — | (742 | ) | ||||||||||||||||||||||||||||||||||
Cash provided by (used in) financing activities | (6,419 | ) | (186,089 | ) | 3,005 | 188,845 | (658 | ) | |||||||||||||||||||||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | 637 | — | 637 | ||||||||||||||||||||||||||||||||||||
Increase (decrease) in cash and cash equivalents | — | (34,852 | ) | (4,118 | ) | — | (38,970 | ) | |||||||||||||||||||||||||||||||||
Cash and cash equivalents at beginning of period | — | 144,271 | 12,571 | — | 156,842 | ||||||||||||||||||||||||||||||||||||
Cash and cash equivalents at end of period | $ | — | $ | 109,419 | $ | 8,453 | $ | — | $ | 117,872 | |||||||||||||||||||||||||||||||
Condensed Consolidating Statement of Cash Flows | |||||||||||||||||||||||||||||||||||||||||
Six Months Ended June 30, 2012 | |||||||||||||||||||||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||||||||||||||||||||
RTI International | Guarantor | Non-Guarantor | Eliminations | Consolidated | |||||||||||||||||||||||||||||||||||||
Metals, Inc. | Subsidiaries | Subsidiaries | (As Restated) | (As Restated) | |||||||||||||||||||||||||||||||||||||
(As Restated) | (As Restated) | (As Restated) | |||||||||||||||||||||||||||||||||||||||
Cash provided by (used in) operating activities | $ | 8,555 | $ | (8,194 | ) | $ | (14,570 | ) | $ | — | $ | (14,209 | ) | ||||||||||||||||||||||||||||
Investing activities: | |||||||||||||||||||||||||||||||||||||||||
Investments in subsidiaries, net | 184,545 | — | — | (184,545 | ) | — | |||||||||||||||||||||||||||||||||||
Acquisitions, net of cash acquired | (185,633 | ) | — | — | — | (185,633 | ) | ||||||||||||||||||||||||||||||||||
Capital expenditures | — | (32,370 | ) | (2,531 | ) | — | (34,901 | ) | |||||||||||||||||||||||||||||||||
Investments, net | — | 176,771 | — | — | 176,771 | ||||||||||||||||||||||||||||||||||||
Cash provided by (used in) investing activities | (1,088 | ) | 144,401 | (2,531 | ) | (184,545 | ) | (43,763 | ) | ||||||||||||||||||||||||||||||||
Financing activities: | |||||||||||||||||||||||||||||||||||||||||
Proceeds from exercise of employee stock options | 211 | — | — | — | 211 | ||||||||||||||||||||||||||||||||||||
Excess tax benefits from stock-based compensation activity | 66 | — | — | — | 66 | ||||||||||||||||||||||||||||||||||||
Parent company investments/dividends, net | — | (194,545 | ) | 10,000 | 184,545 | — | |||||||||||||||||||||||||||||||||||
Repayments on long-term debt | — | (298 | ) | — | — | (298 | ) | ||||||||||||||||||||||||||||||||||
Intercompany debt, net | (7,002 | ) | 7,229 | (227 | ) | — | — | ||||||||||||||||||||||||||||||||||
Purchase of common stock held in treasury | (742 | ) | — | — | — | (742 | ) | ||||||||||||||||||||||||||||||||||
Cash provided by (used in) financing activities | (7,467 | ) | (187,614 | ) | 9,773 | 184,545 | (763 | ) | |||||||||||||||||||||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | 1,418 | — | 1,418 | ||||||||||||||||||||||||||||||||||||
Increase (decrease) in cash and cash equivalents | — | (51,407 | ) | (5,910 | ) | — | (57,317 | ) | |||||||||||||||||||||||||||||||||
Cash and cash equivalents at beginning of period | — | 144,271 | 12,571 | — | 156,842 | ||||||||||||||||||||||||||||||||||||
Cash and cash equivalents at end of period | $ | — | $ | 92,864 | $ | 6,661 | $ | — | $ | 99,525 | |||||||||||||||||||||||||||||||
Condensed Consolidating Statement of Cash Flows | |||||||||||||||||||||||||||||||||||||||||
Nine Months Ended September 30, 2012 | |||||||||||||||||||||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||||||||||||||||||||
RTI | Guarantor | Non-Guarantor | Eliminations | Consolidated | |||||||||||||||||||||||||||||||||||||
International | Subsidiaries | Subsidiaries | (Restated) | (Restated) | |||||||||||||||||||||||||||||||||||||
Metals, Inc. | (Restated) | (Restated) | |||||||||||||||||||||||||||||||||||||||
(Restated) | |||||||||||||||||||||||||||||||||||||||||
Cash provided by (used in) operating activities | $ | 16,383 | $ | (15,922 | ) | $ | (25,911 | ) | $ | — | $ | (25,450 | ) | ||||||||||||||||||||||||||||
Investing activities: | |||||||||||||||||||||||||||||||||||||||||
Investments, net | — | 172,772 | — | — | 172,772 | ||||||||||||||||||||||||||||||||||||
Capital expenditures | (897 | ) | (43,736 | ) | (3,246 | ) | — | (47,879 | ) | ||||||||||||||||||||||||||||||||
Investments in subsidiaries, net | 181,533 | — | (181,533 | ) | — | ||||||||||||||||||||||||||||||||||||
Acquisitions, net of cash acquired | (182,811 | ) | — | — | — | (182,811 | ) | ||||||||||||||||||||||||||||||||||
Cash provided by (used in) investing activities | (2,175 | ) | 129,036 | (3,246 | ) | (181,533 | ) | (57,918 | ) | ||||||||||||||||||||||||||||||||
Financing activities: | |||||||||||||||||||||||||||||||||||||||||
Proceeds from exercise of employee stock options | 335 | — | — | — | 335 | ||||||||||||||||||||||||||||||||||||
Excess tax benefits from stock-based compensation activity | 100 | — | — | — | 100 | ||||||||||||||||||||||||||||||||||||
Deferred financing costs | (823 | ) | — | — | — | (823 | ) | ||||||||||||||||||||||||||||||||||
Parent company investments, net of distributions | — | (194,783 | ) | 13,250 | 181,533 | — | |||||||||||||||||||||||||||||||||||
Repayments on long-term debt | — | (543 | ) | — | — | (543 | ) | ||||||||||||||||||||||||||||||||||
Intercompany debt, net | (13,078 | ) | 7,848 | 5,230 | — | — | |||||||||||||||||||||||||||||||||||
Purchase of common stock held in treasury | (742 | ) | — | — | — | (742 | ) | ||||||||||||||||||||||||||||||||||
Cash provided by (used in) financing activities | (14,208 | ) | (187,478 | ) | 18,480 | 181,533 | (1,673 | ) | |||||||||||||||||||||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | 1,588 | — | 1,588 | ||||||||||||||||||||||||||||||||||||
Decrease in cash and cash equivalents | — | (74,364 | ) | (9,089 | ) | — | (83,453 | ) | |||||||||||||||||||||||||||||||||
Cash and cash equivalents at beginning of period | — | 144,271 | 12,571 | — | 156,842 | ||||||||||||||||||||||||||||||||||||
Cash and cash equivalents at end of period | $ | — | $ | 69,907 | $ | 3,482 | $ | — | $ | 73,389 | |||||||||||||||||||||||||||||||
Condensed Consolidating Statement of Cash Flows | |||||||||||||||||||||||||||||||||||||||||
Three Months Ended March 31, 2011 | |||||||||||||||||||||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||||||||||||||||||||
RTI | Guarantor | Non-Guarantor | Eliminations | Consolidated | |||||||||||||||||||||||||||||||||||||
International | Subsidiaries | Subsidiaries | (Restated) | (Restated) | |||||||||||||||||||||||||||||||||||||
Metals, Inc. | (Restated) | (Restated) | |||||||||||||||||||||||||||||||||||||||
(Restated) | |||||||||||||||||||||||||||||||||||||||||
Cash provided by (used in) operating activities | $ | 3,391 | $ | (2,162 | ) | $ | (25,004 | ) | $ | — | $ | (23,775 | ) | ||||||||||||||||||||||||||||
Investing activities: | |||||||||||||||||||||||||||||||||||||||||
Capital expenditures | — | (9,437 | ) | (700 | ) | — | (10,137 | ) | |||||||||||||||||||||||||||||||||
Investments in subsidiaries, net | — | (67,612 | ) | — | (67,612 | ) | |||||||||||||||||||||||||||||||||||
Cash provided by (used in) investing activities | — | (77,049 | ) | (700 | ) | — | (77,749 | ) | |||||||||||||||||||||||||||||||||
Financing activities: | |||||||||||||||||||||||||||||||||||||||||
Proceeds from exercise of employee stock options | 154 | — | — | — | 154 | ||||||||||||||||||||||||||||||||||||
Excess tax benefits from stock-based compensation activity | 102 | — | — | — | 102 | ||||||||||||||||||||||||||||||||||||
Repayments on long-term debt | — | — | (3 | ) | — | (3 | ) | ||||||||||||||||||||||||||||||||||
Intercompany debt, net | (3,364 | ) | (7,125 | ) | 10,489 | — | — | ||||||||||||||||||||||||||||||||||
Purchase of common stock held in treasury | (283 | ) | — | — | — | (283 | ) | ||||||||||||||||||||||||||||||||||
Cash provided by (used in) financing activities | (3,391 | ) | (7,125 | ) | 10,486 | — | (30 | ) | |||||||||||||||||||||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | 757 | — | 757 | ||||||||||||||||||||||||||||||||||||
Decrease in cash and cash equivalents | — | (86,336 | ) | (14,461 | ) | — | (100,797 | ) | |||||||||||||||||||||||||||||||||
Cash and cash equivalents at beginning of period | — | 350,629 | 26,322 | — | 376,951 | ||||||||||||||||||||||||||||||||||||
Cash and cash equivalents at end of period | $ | — | $ | 264,293 | $ | 11,861 | $ | — | $ | 276,154 | |||||||||||||||||||||||||||||||
Condensed Consolidating Statement of Cash Flows | |||||||||||||||||||||||||||||||||||||||||
Six Months Ended June 30, 2011 | |||||||||||||||||||||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||||||||||||||||||||
RTI | Guarantor | Non-Guarantor | Eliminations | Consolidated | |||||||||||||||||||||||||||||||||||||
International | Subsidiaries | Subsidiaries | (As Revised) | (As Revised) | |||||||||||||||||||||||||||||||||||||
Metals, Inc. | (As Revised) | (As Revised) | |||||||||||||||||||||||||||||||||||||||
(As Revised) | |||||||||||||||||||||||||||||||||||||||||
Cash provided by (used in) operating activities | $ | 7,276 | $ | 19,421 | $ | (21,477 | ) | $ | — | $ | 5,220 | ||||||||||||||||||||||||||||||
Investing activities: | |||||||||||||||||||||||||||||||||||||||||
Investments, net | — | (135,693 | ) | — | — | (135,693 | ) | ||||||||||||||||||||||||||||||||||
Capital expenditures | — | (17,480 | ) | (1,166 | ) | — | (18,646 | ) | |||||||||||||||||||||||||||||||||
Investments in subsidiaries, net | (1,375 | ) | — | 1,375 | — | ||||||||||||||||||||||||||||||||||||
Cash provided by (used in) investing activities | (1,375 | ) | (153,173 | ) | (1,166 | ) | 1,375 | (154,339 | ) | ||||||||||||||||||||||||||||||||
Financing activities: | |||||||||||||||||||||||||||||||||||||||||
Proceeds from exercise of employee stock options | 201 | — | — | — | 201 | ||||||||||||||||||||||||||||||||||||
Excess tax benefits from stock-based compensation activity | 263 | — | — | — | 263 | ||||||||||||||||||||||||||||||||||||
Parent company investments, net of distributions | — | — | 1,375 | (1,375 | ) | — | |||||||||||||||||||||||||||||||||||
Repayments on long-term debt | — | — | (5 | ) | — | (5 | ) | ||||||||||||||||||||||||||||||||||
Intercompany debt, net | (6,082 | ) | (1,834 | ) | 7,916 | — | — | ||||||||||||||||||||||||||||||||||
Purchase of common stock held in treasury | (283 | ) | — | — | — | (283 | ) | ||||||||||||||||||||||||||||||||||
Cash provided by (used in) financing activities | (5,901 | ) | (1,834 | ) | 9,286 | (1,375 | ) | 176 | |||||||||||||||||||||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | 305 | — | 305 | ||||||||||||||||||||||||||||||||||||
Decrease in cash and cash equivalents | — | (135,586 | ) | (13,052 | ) | — | (148,638 | ) | |||||||||||||||||||||||||||||||||
Cash and cash equivalents at beginning of period | — | 350,629 | 26,322 | — | 376,951 | ||||||||||||||||||||||||||||||||||||
Cash and cash equivalents at end of period | $ | — | $ | 215,043 | $ | 13,270 | $ | — | $ | 228,313 | |||||||||||||||||||||||||||||||
Condensed Consolidating Statement of Cash Flows | |||||||||||||||||||||||||||||||||||||||||
Nine Months Ended September 30, 2011 | |||||||||||||||||||||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||||||||||||||||||||
RTI | Guarantor | Non-Guarantor | Eliminations | Consolidated | |||||||||||||||||||||||||||||||||||||
International | Subsidiaries | Subsidiaries | (Revised) | (Revised) | |||||||||||||||||||||||||||||||||||||
Metals, Inc. | (Revised) | (Revised) | |||||||||||||||||||||||||||||||||||||||
(Revised) | |||||||||||||||||||||||||||||||||||||||||
Cash provided by (used in) operating activities | $ | 10,334 | $ | 13,778 | $ | (37,619 | ) | $ | — | $ | (13,507 | ) | |||||||||||||||||||||||||||||
Investing activities: | |||||||||||||||||||||||||||||||||||||||||
Investments, net | — | (147,392 | ) | — | — | (147,392 | ) | ||||||||||||||||||||||||||||||||||
Capital expenditures | — | (23,326 | ) | (2,628 | ) | — | (25,954 | ) | |||||||||||||||||||||||||||||||||
Investments in subsidiaries, net | (4,025 | ) | — | — | 4,025 | — | |||||||||||||||||||||||||||||||||||
Cash provided by (used in) investing activities | (4,025 | ) | (170,718 | ) | (2,628 | ) | 4,025 | (173,346 | ) | ||||||||||||||||||||||||||||||||
Financing activities: | |||||||||||||||||||||||||||||||||||||||||
Proceeds from exercise of employee stock options | 252 | — | — | — | 252 | ||||||||||||||||||||||||||||||||||||
Excess tax benefits from stock-based compensation activity | 263 | — | — | — | 263 | ||||||||||||||||||||||||||||||||||||
Parent company investments, net of distributions | — | — | 4,025 | (4,025 | ) | — | |||||||||||||||||||||||||||||||||||
Repayments on long-term debt | — | (20 | ) | (5 | ) | — | (25 | ) | |||||||||||||||||||||||||||||||||
Intercompany debt, net | (6,541 | ) | (15,958 | ) | 22,499 | — | — | ||||||||||||||||||||||||||||||||||
Purchase of common stock held in treasury | (283 | ) | — | — | — | (283 | ) | ||||||||||||||||||||||||||||||||||
Cash provided by (used in) financing activities | (6,309 | ) | (15,978 | ) | 26,519 | (4,025 | ) | 207 | |||||||||||||||||||||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | (564 | ) | — | (564 | ) | ||||||||||||||||||||||||||||||||||
Decrease in cash and cash equivalents | — | (172,918 | ) | (14,292 | ) | — | (187,210 | ) | |||||||||||||||||||||||||||||||||
Cash and cash equivalents at beginning of period | — | 350,629 | 26,322 | — | 376,951 | ||||||||||||||||||||||||||||||||||||
Cash and cash equivalents at end of period | $ | — | $ | 177,711 | $ | 12,030 | $ | — | $ | 189,741 | |||||||||||||||||||||||||||||||
DISCONTINUED_OPERATIONS
DISCONTINUED OPERATIONS | 12 Months Ended | ||||||||||||
Dec. 31, 2012 | |||||||||||||
DISCONTINUED OPERATIONS | ' | ||||||||||||
Note 3—DISCONTINUED OPERATIONS: | |||||||||||||
In April 2013, the Company completed the sale of its RTI Pierce Spafford subsidiary for approximately $10.5 million of cash and a receivable from escrow of approximately $1.9 million. The escrow funds will be released in October 2014 assuming no claims from the purchaser. The results of RTI Pierce Spafford have been presented as results from discontinued operations on the Company’s Consolidated Statements of Operations and the related assets and liabilities have been presented separately on the Company’s Consolidated Balance Sheets as assets and liabilities of discontinued operations. | |||||||||||||
The Company’s results from discontinued operations are summarized below: | |||||||||||||
Year Ended December 31, | |||||||||||||
2012 | 2011 | 2010 | |||||||||||
Net sales | $ | 29,621 | $ | 30,141 | $ | 21,731 | |||||||
Income before income taxes | $ | 2,639 | $ | 2,863 | $ | 487 | |||||||
Provision for income taxes | $ | 939 | $ | 1,025 | $ | 177 | |||||||
Net income from discontinued operatons | $ | 1,700 | $ | 1,838 | $ | 310 | |||||||
Assets and Liabilities of discontinued operations were comprised of the following at December 31, 2012 and 2011: | |||||||||||||
Year Ended December 31, | |||||||||||||
2012 | 2011 | ||||||||||||
ASSETS | |||||||||||||
Accounts receivable, net | $ | 2,189 | $ | 2,931 | |||||||||
Inventories, net | 11,124 | 11,712 | |||||||||||
Property, pland and equipment, net | 47 | 59 | |||||||||||
Goodwill | 1,381 | 1,381 | |||||||||||
Total assets of discontinued operations | $ | 14,741 | $ | 16,083 | |||||||||
LIABILITIES | |||||||||||||
Accounts payable | $ | 1,995 | $ | 3,771 | |||||||||
Accrued wages | 337 | 473 | |||||||||||
Total liabilities of discontinued operations | $ | 2,332 | $ | 4,244 | |||||||||
SUMMARY_OF_SIGNIFICANT_ACCOUNT
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended | ||||||||||||||||
Dec. 31, 2012 | |||||||||||||||||
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | ' | ||||||||||||||||
Note 4—SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: | |||||||||||||||||
Principles of consolidation: | |||||||||||||||||
The Consolidated Financial Statements include the accounts of RTI International Metals, Inc. and its wholly-owned subsidiaries. All significant intercompany accounts and transactions are eliminated. Certain prior year amounts have been reclassified to conform to current year presentation. | |||||||||||||||||
Use of estimates: | |||||||||||||||||
Generally accepted accounting principles require management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at year-end and the reported amounts of revenues and expenses during the year. Actual results could differ from these estimates. Significant items subject to such estimates and assumptions include the carrying values of accounts receivable, inventories, property, plant, and equipment, intangible assets, goodwill, pensions, post-retirement benefits, worker’s compensation, environmental liabilities, and income taxes. | |||||||||||||||||
Fair value: | |||||||||||||||||
For certain of the Company’s financial instruments and account groupings, including cash, short-term investments, accounts receivable, marketable securities, accounts payable, accrued wages and other employee costs, unearned revenue, and other accrued liabilities, the carrying value approximates the fair value of these instruments and groupings. | |||||||||||||||||
The Financial Accounting Standards Board (the “FASB”) defines fair value as an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based upon assumptions that market participants would use in pricing an asset or liability. As a basis for considering such assumptions, a three-tier fair value hierarchy prioritizes the inputs utilized in measuring fair value as follows: (Level 1) observable inputs such as quoted prices in active markets; (Level 2) inputs other than the quoted prices in active markets that are observable either directly or indirectly; and (Level 3) unobservable inputs in which there is little or no market data and which requires the Company to develop its own assumptions. The hierarchy requires the Company to use observable market data, when available, and to minimize the use of unobservable inputs when determining fair value. On a recurring basis, the Company measures certain financial assets and liabilities at fair value, including its short-term investments and marketable securities. | |||||||||||||||||
The Company held no assets or liabilities measured at fair value on a recurring basis as of December 31, 2012. Listed below are the Company’s assets and liabilities, and their respective fair values, which were measured at fair value on a recurring basis as of December 31, 2011. For the Company’s short-term investments and marketable securities, fair value was determined based on the closing price reported on the active market on which the individual securities are traded. There were no transfers between levels during the year ended December 31, 2012. | |||||||||||||||||
Quoted Market | Significant | Significant | Total | ||||||||||||||
Prices | Other Observable | Unobservable | |||||||||||||||
(Level 1) | Inputs | Inputs | |||||||||||||||
(Level 2) | (Level 3) | ||||||||||||||||
As of December 31, 2011: | |||||||||||||||||
Short-term investments: | |||||||||||||||||
Short-term municipal bond fund | $ | — | $ | 20,542 | $ | — | $ | 20,542 | |||||||||
Commercial paper | 112,893 | — | — | 112,893 | |||||||||||||
Corporate notes and bonds | 30,820 | — | — | 30,820 | |||||||||||||
Total short-term investments | 143,713 | 20,542 | — | 164,255 | |||||||||||||
Marketable securities: | |||||||||||||||||
Corporate notes and bonds | 4,181 | — | — | 4,181 | |||||||||||||
U.S. government agencies | 8,502 | — | — | 8,502 | |||||||||||||
Total marketable securities | 12,683 | — | — | 12,683 | |||||||||||||
Total | $ | 156,396 | $ | 20,542 | $ | — | $ | 176,938 | |||||||||
As of both December 31, 2012 and 2011, the Company did not have any financial assets or liabilities that were measured at fair value on a non-recurring basis. | |||||||||||||||||
The carrying amounts and fair values of financial instruments for which the fair value option was not elected were as follows: | |||||||||||||||||
December 31, 2012 | December 31, 2011 | ||||||||||||||||
Carrying | Fair Value | Carrying | Fair Value | ||||||||||||||
Amount | Amount | ||||||||||||||||
Cash and cash equivalents | $ | 97,190 | $ | 97,190 | $ | 156,842 | $ | 156,842 | |||||||||
Long-term debt | $ | 198,337 | $ | 249,113 | $ | 186,981 | $ | 229,540 | |||||||||
Current portion of long-term debt | $ | 957 | $ | 957 | $ | — | $ | — | |||||||||
The fair value of long-term debt was estimated based on the quoted market price for the debt (Level 2). | |||||||||||||||||
Cash, cash equivalent, short-term investments, and marketable securities: | |||||||||||||||||
Cash and cash equivalents | |||||||||||||||||
The Company considers all highly-liquid investments with an original maturity of three months or less to be cash equivalents. Cash equivalents principally consist of investments in short-term money market funds and corporate commercial paper. | |||||||||||||||||
Available-for-sale securities | |||||||||||||||||
Investments in marketable securities that were held for an indefinite period were classified as available-for-sale and were 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 income until realized. Realized gains and losses from the sale of available-for-sale securities were determined on a specific identification basis. The Company considered these investments to be available-for-sale as they could be sold to fund other investment opportunities as they arise. | |||||||||||||||||
The major categories of the Company’s cash equivalents and marketable securities are as follows: | |||||||||||||||||
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. | |||||||||||||||||
Commercial paper | |||||||||||||||||
The Company invests in high-quality commercial paper issued by highly-rated corporations. By definition, the stated maturity on commercial paper obligations cannot exceed 270 days. | |||||||||||||||||
Short-term municipal bond fund | |||||||||||||||||
The dividends received by the Company are not taxable for U.S. Federal income tax purposes. The fund invests in municipal bonds that are near their maturity. | |||||||||||||||||
Corporate notes and bonds | |||||||||||||||||
The Company evaluates its corporate debt securities based upon a variety of factors including, but not limited to, the credit rating of the issuer. All of the Company’s corporate debt securities are rated as investment grade by the major rating agencies. | |||||||||||||||||
U.S. government agencies | |||||||||||||||||
These U.S. government guaranteed debt securities are rated as investment grade by the major rating agencies and are publicly traded and valued. | |||||||||||||||||
Cash, cash equivalents, short-term investments, and marketable securities consisted of the following: | |||||||||||||||||
December 31, | December 31, | ||||||||||||||||
2012 | 2011 | ||||||||||||||||
Cash and cash equivalents: | |||||||||||||||||
Cash | $ | 37,473 | $ | 18,015 | |||||||||||||
Cash equivalents: | |||||||||||||||||
Commercial paper | 32,642 | 6,998 | |||||||||||||||
Money market mutual funds | 27,075 | 131,829 | |||||||||||||||
Total cash and cash equivalents | 97,190 | 156,842 | |||||||||||||||
Short-term investments and marketable securities: | |||||||||||||||||
Short-term municipal bond fund | — | 20,542 | |||||||||||||||
Commercial paper | — | 112,893 | |||||||||||||||
Corporate notes and bonds | — | 35,001 | |||||||||||||||
U.S. government agencies | — | 8,502 | |||||||||||||||
Total short-term investments and marketable securities | — | 176,938 | |||||||||||||||
Total cash, cash equivalents, short-term investments, and marketable securities | $ | 97,190 | $ | 333,780 | |||||||||||||
The Company’s short-term investments and marketable securities at December 31, 2011 are summarized in the table below. There were no investments or marketable securities owned by the Company as of December 31, 2012. | |||||||||||||||||
Amortized | Gross Unrealized | ||||||||||||||||
Cost | Gains | Losses | Fair Value | ||||||||||||||
As of December 31, 2011: | |||||||||||||||||
Short-term municipal bond fund | $ | 20,501 | $ | 41 | $ | — | $ | 20,542 | |||||||||
Commercial paper | 112,925 | 1 | 33 | 112,893 | |||||||||||||
Corporate notes and bonds | 35,060 | — | 59 | 35,001 | |||||||||||||
U.S. government agencies | 8,502 | 1 | 1 | 8,502 | |||||||||||||
Total | $ | 176,988 | $ | 43 | $ | 93 | $ | 176,938 | |||||||||
Receivables: | |||||||||||||||||
Receivables are carried at net realizable value. Estimates are made as to the Company’s ability to collect outstanding receivables, taking into consideration the amount, the customer’s financial condition, and the age of the debt. The Company ascertains the net realizable value of amounts owed and provides an allowance when collection becomes doubtful. Receivables are expected to be collected in the normal course of business and consisted of the following: | |||||||||||||||||
December 31, | |||||||||||||||||
2012 | 2011 | ||||||||||||||||
(as restated) | |||||||||||||||||
Trade and commercial customers | $ | 106,039 | $ | 87,275 | |||||||||||||
Less: Allowance for doubtful accounts | (722 | ) | (847 | ) | |||||||||||||
Total receivables | $ | 105,317 | $ | 86,428 | |||||||||||||
Inventories: | |||||||||||||||||
Inventories are valued at cost as determined by the last-in, first-out (“LIFO”) method for approximately 55% and 60% of the Company’s inventories as of December 31, 2012 and 2011, 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). When market conditions indicate an excess of carrying cost over market value, a lower-of-cost-or-market provision is recorded. The Company’s FIFO inventory value approximates current costs. There were no LIFO decrements for the year ended December 31, 2012. LIFO decrements did not have a material impact on cost of sales for the year ended December 31, 2011. | |||||||||||||||||
Inventories consisted of the following: | |||||||||||||||||
December 31, | |||||||||||||||||
2012 | 2011 | ||||||||||||||||
(as restated) | (as revised) | ||||||||||||||||
Raw materials and supplies | $ | 160,627 | $ | 83,778 | |||||||||||||
Work-in-process and finished goods | 283,087 | 239,900 | |||||||||||||||
LIFO reserve | (58,598 | ) | (63,826 | ) | |||||||||||||
Total inventories | $ | 385,116 | $ | 259,852 | |||||||||||||
Costs in Excess of Billings: | |||||||||||||||||
As of December 31, 2012 and 2011, the Company had costs in excess of billings of $2,260 and $400, respectively. All $2,260 of costs in excess of billings are expected to be collected within the next 12 months. The Company had no claims included in inventory, progress payments netted against inventory, or billings in excess of cost at December 31, 2012 or 2011, respectively. | |||||||||||||||||
Property, plant, and equipment: | |||||||||||||||||
The cost of property, plant, and equipment includes all direct costs of acquisition and capital improvements. Applicable amounts of interest on borrowings outstanding during the construction or acquisition period for major capital projects are capitalized. During the years ended December 31, 2012 and 2011, the Company capitalized $821 and $975, respectively, of interest expense related to its major capital expansion projects. | |||||||||||||||||
Property, plant, and equipment is stated at cost and consisted of the following: | |||||||||||||||||
December 31, | |||||||||||||||||
2012 | 2011 | ||||||||||||||||
Land | $ | 17,965 | $ | 11,862 | |||||||||||||
Buildings and improvements | 121,016 | 99,384 | |||||||||||||||
Machinery and equipment | 414,431 | 327,056 | |||||||||||||||
Computer hardware and software, furniture and fixtures, and other | 64,280 | 60,530 | |||||||||||||||
Construction-in-progress | 56,087 | 56,794 | |||||||||||||||
$ | 673,779 | $ | 555,626 | ||||||||||||||
Less: Accumulated depreciation | (297,830 | ) | (266,251 | ) | |||||||||||||
Total property, plant, and equipment, net | $ | 375,949 | $ | 289,375 | |||||||||||||
Depreciation is determined using the straight-line method over the estimated useful lives of the various classes of assets. Depreciation expense for the years ended December 31, 2012, 2011, and 2010 was $37,398, $21,384, and $21,109, respectively. Depreciation is generally recorded over the following useful lives: | |||||||||||||||||
Buildings and improvements | 20-40 years | ||||||||||||||||
Machinery and equipment | 7-15 years | ||||||||||||||||
Furniture and fixtures | 5-10 years | ||||||||||||||||
Computer hardware and software | 3-10 years | ||||||||||||||||
The cost of properties retired or otherwise disposed of, together with the accumulated depreciation provided thereon, is eliminated from the accounts. The net gain or loss is recognized in operating income. | |||||||||||||||||
Leased property and equipment under capital leases are amortized using the straight-line method over the term of the lease. | |||||||||||||||||
Routine maintenance, repairs, and replacements are charged to operations. Expenditures that materially increase values, change capacities, or extend useful lives are capitalized. | |||||||||||||||||
The Company recorded an asset impairment of $1,617 for the year ended December 31, 2012 as a result of the electrical transformer fire at the Titanium Segment’s Canton, Ohio facility. This impairment charge was partially offset by $1,250 for insurance proceeds. The net impairment charge is included in the Consolidated Statement of Operations as asset and asset related charges (income). | |||||||||||||||||
Goodwill and intangible assets: | |||||||||||||||||
In the case of goodwill and intangible assets, if future product demand or market conditions reduce management’s expectation of future cash flows from these assets, a write-down of the carrying value or acceleration of the amortization period may be required. Intangible assets were originally valued at fair value at the date of acquisition with the assistance of outside experts. | |||||||||||||||||
The Company performs its goodwill impairment testing at the reporting unit level. The Company’s six reporting units, which are one level below its operating segments, where appropriate, are as follows: 1) the Titanium reporting unit; 2) the Fabrication reporting unit; 3) the Medical Device Fabrication reporting unit; 4) the U.S. Distribution reporting unit; 5) the Europe Distribution reporting unit; and 6) the Energy Fabrication reporting unit. As of December 31, 2012 and 2011, the Energy Fabrication reporting unit had no goodwill. | |||||||||||||||||
The carrying value of goodwill at the Company’s five reporting units as of the Company’s October 1, 2012 annual impairment test was as follows: | |||||||||||||||||
Goodwill | |||||||||||||||||
(as restated) | |||||||||||||||||
Titanium reporting unit | $ | 2,548 | |||||||||||||||
Fabrication reporting unit | 61,858 | ||||||||||||||||
Medical Device Fabrication reporting unit | 58,898 | ||||||||||||||||
Titanium Service Center reporting unit | 7,472 | ||||||||||||||||
Energy Fabrication reporting unit | — | ||||||||||||||||
Total Goodwill | $ | 130,776 | |||||||||||||||
Management evaluates the recoverability of goodwill by first determining, through a qualitative analysis, whether there have been any events or changes in circumstances that would indicate a potential impairment. If the qualitative analysis indicates that it is more-likely-than-not that an impairment has occurred, management compares the fair value of each reporting unit with its carrying value. The fair values of the reporting units are determined using either a discounted cash flow analysis based on historical and projected financial information, a market valuation approach, or a combination of these two approaches. A discounted cash flow analysis provides a fair value estimate based upon each reporting unit’s long-term operating and cash flow performance. This approach also considers the impact of cyclical downturns that occur in the titanium and aerospace industries. The market valuation approach applies market multiples such as EBITDA and revenue multiples developed from a set of peer group companies to each reporting unit to determine its fair value. | |||||||||||||||||
During the Company’s annual qualitative assessment, the following key factors were considered: | |||||||||||||||||
• | The Company has a strong backlog and relies heavily on long-term contracts and pricing which extends out over the next eight to ten years. The Company currently has long-term agreements in place with both Boeing and Airbus, both of whom currently have a production backlog of approximately seven years and are ramping up aircraft production to meet current demand. | ||||||||||||||||
• | For a significant portion of titanium sponge purchases, the Company’s primary raw material for mill product which supports its long-term contracts, the Company has long-term supply agreements lasting through 2021 that significantly reduce price volatility. | ||||||||||||||||
• | The long-term outlook for titanium is strong. The Company anticipates that titanium will remain a key material used within the commercial aerospace and defense markets due to the continued increased use of titanium in airframes and in jet engines, as well as in artillery weapons systems and armored vehicles. Titanium use growing due to the metal’s high strength, low weight, compatibility with composites, and noncorrosive qualities. As a result of the Company’s current position as a supplier on the long-term agreements noted above, the Company anticipates that it will be in a position going forward to leverage these relationships as new opportunities arise related to titanium use within the commercial aerospace and defense markets. | ||||||||||||||||
• | The Company has an integrated business model. As an integrated supplier, the Company maintains a breadth of capabilities that span the production cycle for highly-engineered titanium and specialty metal components. Unlike other suppliers of titanium and various specialty metals, the Company provides its customers with solutions spanning the value stream, from titanium mill products to major assembly design, kitting, and system integration. As a result of the Company’s participation throughout the supply chain value stream, especially its unique fabrication capabilities, the Company believes that it offers significant structural advantages as aircraft production increases and continued design enhancements, as well as cost containment initiatives, drive demand for fabricated titanium parts. This demand and operating leverage should serve to drive the Company’s revenue growth and profitability during the coming period of build-rate expansion. The Company is beginning to see this integrated strategy benefit not only the commercial aerospace and defense markets, but also the medical device and energy markets. | ||||||||||||||||
• | As of October 1, 2012, the date of the Company’s annual goodwill impairment test, the Company’s market capitalization was approximately 4% lower than net book value. At December 31, 2012, the Company’s market capitalization exceeded its book value by 12%. | ||||||||||||||||
• | The Fabrication, U.S. Distribution, and European Distribution reporting units all exceeded prior year and forecasted results. The Titanium Segment’s performance was slightly below prior year results and approximated forecasted results. The results still exceeded those used in previous 2-step impairment tests, and therefore the Company does not believe that this is an indication of impairment. | ||||||||||||||||
Based on the above factors, it was determined that further testing of the recoverability of the Company’s goodwill was not required at the Company’s Titanium, Fabrication, U.S. Distribution, and European Distribution reporting units. | |||||||||||||||||
Concurrent with the acquisition of Remmele, the Medical Device Fabrication reporting unit was formed. Due to the lack of a historical goodwill passing margin, the Company elected to perform a two-step impairment test rather than a qualitative assessment of the recoverability of goodwill. The results of the two-step impairment test indicated the Medical Device Fabrication reporting unit’s fair value exceeded its carrying value as of October 1, 2012. The fair value was determined using a discounted cash flow analysis using an assumed discount rate of 10%. | |||||||||||||||||
Excluding the Energy Fabrication reporting unit, which was fully impaired in 2009, there have been no impairments to date at the Company’s reporting units. Uncertainties or other factors that could result in a potential impairment in future periods may include continued long-term production delays or a significant decrease in expected demand related to the Boeing 787 Dreamliner® program, as well as any cancellation of or material modification to one of the other major aerospace programs the Company currently supplies, including the JSF program or the Airbus family of aircraft, including the A380 and A350XWB programs. In addition, the Company’s ability to ramp up its production of these programs in a cost efficient manner may also impact the results of a future impairment test. | |||||||||||||||||
The carrying amount of goodwill attributable to each segment at December 31, 2010, 2011, and 2012 was as follows: | |||||||||||||||||
Titanium | Engineered | Total | |||||||||||||||
Segment | Products and | ||||||||||||||||
Services | |||||||||||||||||
Segment | |||||||||||||||||
December 31, 2010 | $ | 10,020 | $ | 30,394 | $ | 40,414 | |||||||||||
Additions (Note 5) | — | 14,303 | 14,303 | ||||||||||||||
Translation adjustment | — | (234 | ) | (234 | ) | ||||||||||||
December 31, 2011 | 10,020 | 44,463 | 54,483 | ||||||||||||||
Additions (Note 5) (as restated) | — | 75,824 | 75,824 | ||||||||||||||
Translation adjustment | — | 303 | 303 | ||||||||||||||
December 31, 2012 (as restated) | $ | 10,020 | $ | 120,590 | $ | 130,610 | |||||||||||
At December 31, 2012 and 2011, the Engineered Products and Services Segment had accumulated goodwill impairment losses of $8,899. The Titanium Segment had no accumulated impairment losses. | |||||||||||||||||
Intangible assets. Intangible assets consist primarily of customer relationships, trade names, and developed technology acquired through various business combinations. These intangible assets were valued at fair value at acquisition. In the event that long-term demand or market conditions change and the expected future cash flows associated with these assets is reduced, a write-down or acceleration of the amortization period may be required. The Company has one indefinite-lived intangible asset, the Remmele trade name, which it does not amortize. The Company intends to utilize the Remmele trade name indefinitely. Other intangible assets are being amortized over the following periods: | |||||||||||||||||
Customer Relationships | 15-20 years | ||||||||||||||||
Developed Technology | 12-20 years | ||||||||||||||||
Backlog | 2 years | ||||||||||||||||
Amortization expense was $3,760, $1,091, and $984 for the years ended December 31, 2012, 2011, and 2010, respectively. Estimated annual amortization expense expected in each of the next five successive years is as follows: | |||||||||||||||||
Amortization | |||||||||||||||||
2013 | $ | 4,308 | |||||||||||||||
2014 | 3,827 | ||||||||||||||||
2015 | 3,758 | ||||||||||||||||
2016 | 3,758 | ||||||||||||||||
2017 | 3,758 | ||||||||||||||||
There were no intangible assets attributable to the Titanium Segment at December 31, 2010, 2011, and 2012. The carrying amount of intangible assets attributable to the Engineered Products and Services Segment at December 31, 2010, 2011, and 2012, as well as a summary of intangible assets, by class, at December 31, 2012 and 2011, is presented below: | |||||||||||||||||
Intangible | |||||||||||||||||
Assets | |||||||||||||||||
December 31, 2010 | $ | 14,066 | |||||||||||||||
Intangible assets acquired (Note 5) | 9,803 | ||||||||||||||||
Amortization | (1,091 | ) | |||||||||||||||
Translation adjustment | (202 | ) | |||||||||||||||
December 31, 2011 | 22,576 | ||||||||||||||||
Intangible assets acquired (Note 5) | 37,400 | ||||||||||||||||
Amortization | (3,760 | ) | |||||||||||||||
Translation adjustment | 279 | ||||||||||||||||
December 31, 2012 | $ | 56,495 | |||||||||||||||
December 31, | |||||||||||||||||
2012 | 2011 | ||||||||||||||||
Backlog | $ | 1,100 | $ | — | |||||||||||||
Accumulated amortization | (481 | ) | — | ||||||||||||||
Backlog, net | 619 | — | |||||||||||||||
Customer relationships | 41,413 | 22,113 | |||||||||||||||
Effects of currency translation | 3,183 | 2,761 | |||||||||||||||
Accumulated amortization | (8,754 | ) | (6,167 | ) | |||||||||||||
Customer relationships, net | 35,842 | 18,707 | |||||||||||||||
Developed technology | 13,290 | 3,890 | |||||||||||||||
Accumulated amortization | (856 | ) | (21 | ) | |||||||||||||
Developed technology, net | 12,434 | 3,869 | |||||||||||||||
Remmele trade name | 7,600 | — | |||||||||||||||
Total intangible assets, net | $ | 56,495 | $ | 22,576 | |||||||||||||
Management evaluates the recovery of indefinite-lived intangible assets by first determining, through a qualitative analysis, whether there have been any events or changes in circumstances that would indicate a potential impairment. If the qualitative analysis indicates that it is more-likely-than-not that an impairment has incurred, management compares the fair value of the indefinite lived intangible asset to its carrying value and then measures the impairment, if any. As of October 1, 2012, the Company’s only indefinite-lived intangible asset other than goodwill was the Remmele trade name. The qualitative analysis indicated further testing of the recoverability of the value of the trade name was not required. The analysis included examining Remmele’s customer attrition rates and gross margins, as well as other factors to determine if there were any indicators that the value of the trade name was not recoverable. | |||||||||||||||||
Other long-lived assets: | |||||||||||||||||
The Company evaluates the potential impairment of other long-lived assets including property, plant, and equipment when events or circumstances indicate that a change in value may have occurred. If the carrying value of the assets exceeds the sum of the undiscounted expected future cash flows, the carrying value of the asset is written down to fair value. | |||||||||||||||||
Environmental: | |||||||||||||||||
The Company expenses environmental costs related to existing conditions from which no future benefit is determinable. Expenditures that enhance or extend the life of the asset are capitalized. The Company determines its liability for remediation on a site-by-site basis and records a liability when it is probable and can be reasonably estimated. The estimated liability of the Company is not discounted or reduced for possible recoveries from insurance carriers. | |||||||||||||||||
Treasury stock: | |||||||||||||||||
The Company accounts for treasury stock under the cost method and includes such shares as a reduction of total shareholders’ equity. | |||||||||||||||||
Revenue Recognition | |||||||||||||||||
Product and service revenues are recognized when persuasive evidence of an arrangement exists, product delivery has occurred or services have been rendered, pricing is fixed or determinable, and collection is reasonably assured. Service revenues are recognized as services are rendered. Revenue under long-term construction-type contracts are recorded on a percentage-of-completion method measured on the cost-to-cost basis and the units-of-delivery basis for long-term production-type contracts. | |||||||||||||||||
Since the Company had not been historically recording revenue and expenses in accordance with ASC 605-35, such estimates are not available for historical periods and it is not practical to create such estimates. As a result, revenues and costs under these contracts have been recorded in equal amounts using the zero profit method under ASC 605-35 until the period when the Company believes it would have been able to estimate the remaining revenues and costs, at which point the cumulative contract gross profit earned to date was recorded. This generally occurred when the primary deliverable under the contract was delivered. The Company will continue to use this methodology until such time as a reliable formal process for estimating total contract revenues and costs is implemented, at which time the Company will recognize contract revenues in proportion to costs for its ongoing contracts. | |||||||||||||||||
Provisions for anticipated losses on long-term contracts are recorded in full when such losses become evident. No such losses have been recorded at December 31, 2012, 2011, or 2010. | |||||||||||||||||
Revenues from contracts with multiple element arrangements are recognized as each element is earned based on the relative fair value of each element provided the delivered elements have value to customers on a standalone basis. Amounts allocated to each element are based on its objectively determined fair value, such as the sales price for the product or service when it is sold separately. | |||||||||||||||||
Shipping and handling fees and costs: | |||||||||||||||||
All amounts billed to a customer in a sales transaction related to shipping and handling represent revenues earned and are reported as revenue. Costs incurred by the Company for shipping and handling, including transportation costs paid to third-party shippers, are reported as a component of cost of sales. Shipping and handling expenses were immaterial for the years ended December 31, 2012, 2011, and 2010, respectively. | |||||||||||||||||
Research and development: | |||||||||||||||||
Research and development costs are expensed as incurred. These costs totaled $4,164, $3,392, and $3,256 for the years ended December 31, 2012, 2011, and 2010, respectively. | |||||||||||||||||
Pensions: | |||||||||||||||||
The Company has a number of pension plans which cover substantially all employees. Most employees in the Titanium Segment are covered by defined benefit plans in which benefits are based on years of service and annual compensation. Contributions to the defined benefit plans, as determined by an independent actuary in accordance with applicable regulations, provide not only for benefits attributed to date, but also for those expected to be earned in the future. The Company’s policy is to fund pension costs at amounts equal to the minimum funding requirements of the Employee Retirement Income Security Act of 1974 (“ERISA”), as amended, for U.S. plans plus additional amounts as may be approved from time to time. | |||||||||||||||||
The Company accounts for its defined benefit pension plans in accordance with the FASB’s authoritative guidance, which requires amounts recognized in the financial statements to be determined on an actuarial basis, rather than as contributions are made to the plans, and requires recognition of the funded status of the Company’s plans in its Consolidated Balance Sheet. In addition, it also requires actuarial gains and losses, prior service costs and credits, and transition obligations that have not yet been recognized to be recorded as a component of accumulated other comprehensive loss. | |||||||||||||||||
Other post-retirement benefits: | |||||||||||||||||
The Company provides health care benefits and life insurance coverage for certain of its employees and their dependents. Under the Company’s current plans, certain of the Company’s employees will become eligible for those benefits if they reach retirement age while working with the Company. In general, employees of the Titanium Segment are covered by post-retirement health care and life insurance benefits. | |||||||||||||||||
The Company also sponsors another post-retirement plan covering certain employees. This plan provides health care benefits for eligible employees. These benefits are accounted for on an actuarial basis, rather than as benefits are paid. The Company does not pre-fund post-retirement benefit costs, but rather pays claims as billed. | |||||||||||||||||
Income taxes: | |||||||||||||||||
Deferred tax assets and liabilities are determined based on the difference between the financial statement and tax basis of assets and liabilities multiplied by the enacted tax rates which will be in effect when these differences are expected to reverse. In addition, deferred tax assets may arise from net operating losses (“NOLs”) and tax credits which may be carried back to obtain refunds or carried forward to offset future cash tax liabilities. | |||||||||||||||||
On a quarterly basis, the Company evaluates the available evidence supporting the realization of deferred tax assets and makes adjustments for a valuation allowance, as necessary. | |||||||||||||||||
Tax benefits related to uncertain tax provisions taken or expected to be taken on a tax return are recorded when such benefits meet a more-likely-than-not threshold. Otherwise, these tax benefits are recorded when a tax position has been effectively settled, which means that either the appropriate taxing authority has completed their examination even though the statute of limitations remains open, or the statute of limitation has expired. Interest and penalties related to uncertain tax positions are recognized as part of the provision for income taxes and are accrued beginning in the period that such interest and penalties would be applicable under relevant tax law until such time that the related tax benefits are recognized. | |||||||||||||||||
Foreign currencies: | |||||||||||||||||
For the Company’s foreign subsidiaries in the United Kingdom and France, whose functional currency is the U.S. Dollar, monetary assets and liabilities are remeasured at current rates, non-monetary assets and liabilities are remeasured at historical rates, and revenues and expenses are translated at average rates on a monthly basis throughout the year. Resulting differences from the remeasurement process are recognized in income and reported as other income (expense). | |||||||||||||||||
The functional currency of the Company’s Canadian subsidiary is the Canadian Dollar. Assets and liabilities are translated at year-end exchange rates. Income statement accounts are translated at the average rates of exchange prevailing during the year. Translation adjustments are reported as a component of accumulated other comprehensive loss in shareholders’ equity and are included in comprehensive income (loss). | |||||||||||||||||
Transactions and balances denominated in currencies other than the functional currency of the transacting entity are remeasured at current rates when the transaction occurs and at each balance sheet date. Transaction gains and losses are included in net income for the period. | |||||||||||||||||
Accumulated other comprehensive income (loss): | |||||||||||||||||
The components of accumulated other comprehensive loss, net of tax, on the Company’s balance sheet at December 31, 2012 and 2011 were as follows: | |||||||||||||||||
December 31, | |||||||||||||||||
2012 | 2011 | ||||||||||||||||
Unrealized gain (loss) on available for sale investments | $ | — | $ | (8 | ) | ||||||||||||
Foreign currency translation | 12,990 | 10,432 | |||||||||||||||
Actuarial losses on benefit plans | (57,712 | ) | (49,635 | ) | |||||||||||||
Total accumulated other comprehensive loss | $ | (44,722 | ) | $ | (39,211 | ) | |||||||||||
Stock-based compensation: | |||||||||||||||||
Stock-based compensation is accounted for as required by the FASB’s authoritative guidance. The Company has applied the modified-prospective-transition method. The Company utilizes a “graded vesting” approach to recognize compensation expense over the vesting period of stock awards. For employees who have reached retirement age, the Company recognizes compensation expense at the date of grant. For employees approaching retirement eligibility, the Company amortizes compensation expense over the period from the grant date through the retirement eligibility date. | |||||||||||||||||
Cash flows resulting from the windfall tax benefits from tax deductions in excess of the compensation cost recognized (“excess tax benefits”) are classified as financing cash inflows. For the years ended December 31, 2012, 2011, and 2010, operating cash flows were decreased and financing cash flows were increased by $196, $302, and $380, respectively. | |||||||||||||||||
Total compensation expense recognized in the Consolidated Statements of Operations for stock-based compensation arrangements was $4,797, $4,599, and $3,847 for the years ended December 31, 2012, 2011, and 2010, respectively. The total income tax benefit recognized in the Consolidated Statements of Operations for stock-based compensation arrangements was $1,727, $2,060, and $2,735 for the years ended December 31, 2012, 2011, and 2010, respectively. There was no stock-based compensation cost capitalized in inventory or fixed assets for the years ended December 31, 2012, 2011, and 2010. | |||||||||||||||||
New Accounting Standards: | |||||||||||||||||
In July 2012, the FASB issued ASU No. 2012-02, “Intangibles — Goodwill and Other — Testing Indefinite — Lived Intangible Assets for Impairment.” This ASU added an optional qualitative analysis to the yearly testing for indefinite-lived intangible asset impairment. Depending on the outcome of this analysis, the quantitative process could be eliminated for the year the analysis is performed. The amendments in this ASU are effective for annual and interim impairment tests performed for fiscal years beginning after September 15, 2012. Early adoption is permitted. The adoption of this guidance did not have a material impact on the Company’s Consolidated Financial Statements. | |||||||||||||||||
In December 2011, the FASB issued ASU No. 2011-11 “Balance Sheet — Disclosures about Offsetting Assets and Liabilities.” This new guidance requires the disclosure of both net and gross information in the notes for relevant assets and liabilities that are offset. This update is effective for annual reporting periods beginning on or after January 1, 2013. The Company does not expect the new guidance to have a material impact on its Consolidated Financial Statements. | |||||||||||||||||
In May 2011, the FASB issued ASU No. 2011-04, “Fair Value Measurement — Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRS.” The new guidance amends current fair value measurement and enhances disclosure requirements to include expansion of the information required for “Level 3” measurements. The amendments in this ASU are effective for fiscal years and interim periods beginning after December 15, 2011 and are to be applied prospectively. The adoption of this guidance did not have a material impact on the Company’s Consolidated Financial Statements. |
ACQUISITIONS
ACQUISITIONS | 12 Months Ended | ||||||||
Dec. 31, 2012 | |||||||||
ACQUISITIONS | ' | ||||||||
Note 5—ACQUISITIONS: | |||||||||
Remmele. On February 13, 2012, the Company purchased all of the outstanding common stock of Remmele for total consideration of approximately $185.4 million, including approximately $182.6 million in cash and the assumption of $2.8 million of capitalized equipment leases. Remmele has four facilities in the Minneapolis, Minnesota area and engages in precision machining and manufacturing engineering services, as well as supply sourcing, assembly and integration, and other key services and technologies for the commercial aerospace, defense, and medical device sectors, and is included in the Engineered Products and Services Group. | |||||||||
The purchase price allocation, which has been finalized, is as follows (as restated): | |||||||||
Assets purchased: | |||||||||
Current assets, excluding inventory | $ | 17,491 | |||||||
Inventories | 21,264 | ||||||||
Plant and equipment | 68,772 | ||||||||
Other Assets | 1,972 | ||||||||
Intangible assets: | |||||||||
Customer relationships | 19,300 | ||||||||
Developed technologies | 9,400 | ||||||||
Backlog | 1,100 | ||||||||
Trade Name | 7,600 | ||||||||
Goodwill | 75,568 | ||||||||
Liabilities assumed: | |||||||||
Current liabilities | 15,489 | ||||||||
Deferred tax liabilities | 22,407 | ||||||||
Other liabilities | 2,016 | ||||||||
Net assets acquired | $ | 182,555 | |||||||
Goodwill is primarily attributable to Remmele’s assembled workforce and exposure to new customers for the Company’s products. It is not deductible for tax purposes. Customer relationships and developed technologies are being amortized over a period of 12 to 15 years and backlog over a period of two years. Trade names are not amortized as the Company believes that these assets have an indefinite life as the Company intends to continue use of the Remmele name indefinitely. | |||||||||
The amount of Remmele’s net sales and earnings included in the Company’s Consolidated Statements of Operations for the year ended December 31, 2012, and the pro forma net sales and earnings of the combined entity had the acquisition date been January 1, 2011, are as follows: | |||||||||
Years Ended December 31, | |||||||||
2012 | 2011 | ||||||||
(as restated) | (as revised) | ||||||||
Net sales: | |||||||||
Actual — Remmele | $ | 118,977 | $ | — | |||||
Supplemental pro forma — consolidated | $ | 720,753 | $ | 627,438 | |||||
Net income: | |||||||||
Actual — Remmele | $ | 2,713 | $ | — | |||||
Earnings per share (diluted) | $ | 0.09 | $ | — | |||||
Supplemental pro forma — consolidated | $ | 21,468 | $ | 4,863 | |||||
Earnings per share (diluted) | $ | 0.71 | $ | 0.16 | |||||
RTI Advanced Forming. On November 23, 2011, the Company purchased all of the outstanding common stock of Aeromet Advanced Forming, Ltd. for cash consideration of $36.1 million. Commensurate with the purchase, Aeromet Advanced Forming, Ltd. was renamed RTI Advanced Forming, Ltd. (“Advanced Forming”). Advanced Forming is located in Welwyn Garden City, Hertfordshire, England, and engages in hot forming, super plastic forming, diffusion bonding, and fabrication of titanium sheet and plate for the commercial aerospace and defense markets. | |||||||||
The purchase price allocation, which has been finalized, is as follows: | |||||||||
Assets purchased: | |||||||||
Current assets, excluding inventory | $ | 5,186 | |||||||
Inventories | 6,671 | ||||||||
Plant and equipment | 6,262 | ||||||||
Intangible assets: | |||||||||
Customer relationships | 5,913 | ||||||||
Developed technologies | 3,890 | ||||||||
Goodwill | 14,559 | ||||||||
Liabilities assumed: | |||||||||
Current liabilities | 2,613 | ||||||||
Deferred tax liabilities | 3,614 | ||||||||
Other liabilities | 186 | ||||||||
Net assets acquired | $ | 36,068 | |||||||
Goodwill is primarily attributable to expected synergies from providing titanium mill products from the Titanium Segment and Advanced Forming’s assembled workforce and is not deductible for tax purposes. Customer relationships and developed technologies are being amortized over a period of 20 years. | |||||||||
Pro forma financial information has not been prepared for the acquisition of Advanced Forming as the acquisition was not material to the Consolidated Financial Statements. |
EARNINGS_PER_SHARE
EARNINGS PER SHARE | 12 Months Ended | ||||||||||||
Dec. 31, 2012 | |||||||||||||
EARNINGS PER SHARE | ' | ||||||||||||
Note 6—EARNINGS PER SHARE: | |||||||||||||
Earnings per share (“EPS”) amounts for each period are presented in accordance with the FASB’s authoritative guidance which requires the presentation of basic and diluted earnings per share. Basic earnings per share was computed by dividing net income (loss) by the weighted-average number of shares of Common Stock outstanding for each respective period. Diluted earnings per share was calculated by dividing net income (loss) by the weighted-average of all potentially dilutive shares of Common Stock that were outstanding during the periods presented. | |||||||||||||
The Company has outstanding $230 million in senior convertible notes (the “Notes”). The Notes can be settled in cash, stock, or any combination of cash and stock, at the discretion of the Company (i.e., a convertible note with an optional net-share settlement provision). Under the FASB’s authoritative guidance, EPS for convertible notes with an optional net-share settlement provision is calculated under the “If Converted” method. Under the “If Converted” method, EPS is calculated as the more dilutive of EPS including all interest (both cash interest and non-cash discount amortization) and excluding the 6.4 million shares underlying the Notes or excluding all interest (both cash interest and non-cash discount amortization) and including all shares underlying the Notes. For the years ended December 31, 2012, 2011, and 2010, diluted EPS was calculated by including interest expense related to the Notes and excluding the shares underlying the Notes. | |||||||||||||
Actual weighted-average shares of Common Stock outstanding used in the calculation of basic and diluted earnings per share for the years ended December 31, 2012, 2011, and 2010, were as follows: | |||||||||||||
Years Ended December 31, | |||||||||||||
2012 | 2011 | 2010 | |||||||||||
(as restated) | (as revised) | (as revised) | |||||||||||
Numerator: | |||||||||||||
Net income attributable to continuing operations before allocation of earnings to participating securities | $ | 18,440 | $ | 4,194 | $ | 3,260 | |||||||
Less: Earnings allocated to participating securities | (109 | ) | (23 | ) | (18 | ) | |||||||
Net income attributable to continuing operations available to common shareholders | $ | 18,331 | $ | 4,171 | $ | 3,242 | |||||||
Net income attributable to discontinued operations before allocation of earnings to participating securities | $ | 1,700 | $ | 1,838 | $ | 310 | |||||||
Less: Earnings allocated to participating securities | (10 | ) | (10 | ) | (2 | ) | |||||||
Net income attributable to discontinued operations available to common shareholders | $ | 1,690 | $ | 1,828 | $ | 308 | |||||||
Denominator: | |||||||||||||
Basic weighted-average shares outstanding | 30,127,275 | 30,017,677 | 29,916,465 | ||||||||||
Effect of dilutive shares | 130,413 | 239,508 | 228,634 | ||||||||||
Diluted weighted-average shares outstanding | 30,257,688 | 30,257,185 | 30,145,099 | ||||||||||
Earnings per share attributable to continuing operations: | |||||||||||||
Basic | $ | 0.61 | $ | 0.14 | $ | 0.11 | |||||||
Diluted | $ | 0.61 | $ | 0.14 | $ | 0.11 | |||||||
Earnings per share attributable to discontinued operations: | |||||||||||||
Basic | $ | 0.06 | $ | 0.06 | $ | 0.01 | |||||||
Diluted | $ | 0.06 | $ | 0.06 | $ | 0.01 | |||||||
For the years ended December 31, 2012, 2011, and 2010, options to purchase 421,700, 251,404, and 270,124 shares of Common Stock, at an average price of $38.43, $47.95, and $46.64, respectively, have been excluded from the calculation of diluted earnings per share because their effects were antidilutive. |
INCOME_TAXES
INCOME TAXES | 12 Months Ended | ||||||||||||||||||||||||||||||||||||
Dec. 31, 2012 | |||||||||||||||||||||||||||||||||||||
INCOME TAXES | ' | ||||||||||||||||||||||||||||||||||||
Note 7—INCOME TAXES: | |||||||||||||||||||||||||||||||||||||
The “Provision for income taxes” caption in the Consolidated Statements of Operations includes the following income tax expense (benefit): | |||||||||||||||||||||||||||||||||||||
December 31, 2012 | December 31, 2011 | December 31, 2010 | |||||||||||||||||||||||||||||||||||
(as restated) | (as revised) | (as revised) | |||||||||||||||||||||||||||||||||||
Current | Deferred | Total | Current | Deferred | Total | Current | Deferred | Total | |||||||||||||||||||||||||||||
Federal | $ | 2,667 | $ | 9,353 | $ | 12,020 | $ | (5,442 | ) | $ | 14,253 | $ | 8,811 | $ | (10,731 | ) | $ | 21,587 | $ | 10,856 | |||||||||||||||||
State | 2,376 | (2,209 | ) | 167 | 537 | (1,091 | ) | (554 | ) | 1,089 | 1,693 | 2,782 | |||||||||||||||||||||||||
Foreign | 3,916 | (5,711 | ) | (1,795 | ) | 1,077 | (5,065 | ) | (3,988 | ) | 1,829 | (7,156 | ) | (5,327 | ) | ||||||||||||||||||||||
Total | $ | 8,959 | $ | 1,433 | $ | 10,392 | $ | (3,828 | ) | $ | 8,097 | $ | 4,269 | $ | (7,813 | ) | $ | 16,124 | $ | 8,311 | |||||||||||||||||
The following table sets forth the components of income (loss) before income taxes by jurisdiction: | |||||||||||||||||||||||||||||||||||||
Years Ended December 31, | |||||||||||||||||||||||||||||||||||||
2012 | 2011 | 2010 | |||||||||||||||||||||||||||||||||||
(as restated) | (as revised) | (as revised) | |||||||||||||||||||||||||||||||||||
United States | $ | 34,277 | $ | 20,107 | $ | 34,374 | |||||||||||||||||||||||||||||||
Foreign | (5,445 | ) | (11,644 | ) | (22,803 | ) | |||||||||||||||||||||||||||||||
Income before income taxes | $ | 28,832 | $ | 8,463 | $ | 11,571 | |||||||||||||||||||||||||||||||
A reconciliation of the expected tax at the federal statutory tax rate to the actual provision follows: | |||||||||||||||||||||||||||||||||||||
Years Ended December 31, | |||||||||||||||||||||||||||||||||||||
2012 | 2011 | 2010 | |||||||||||||||||||||||||||||||||||
(as restated) | (as revised) | (as revised) | |||||||||||||||||||||||||||||||||||
Statutory rate of 35% applied to income (loss) before income taxes | $ | 10,091 | $ | 2,962 | $ | 4,050 | |||||||||||||||||||||||||||||||
Adjustments of tax reserves and prior years’ income taxes | 1,322 | 1,643 | (1,083 | ) | |||||||||||||||||||||||||||||||||
Acquisition costs | 63 | 649 | — | ||||||||||||||||||||||||||||||||||
Officers compensation | 350 | 226 | 191 | ||||||||||||||||||||||||||||||||||
Effects of foreign operations | (1,363 | ) | (1,115 | ) | 1,771 | ||||||||||||||||||||||||||||||||
State income taxes, net of federal tax effects | 126 | (290 | ) | 1,722 | |||||||||||||||||||||||||||||||||
Repeal of Medicare Part D subsidy | — | — | 1,592 | ||||||||||||||||||||||||||||||||||
Other | (197 | ) | 194 | 68 | |||||||||||||||||||||||||||||||||
Total provision | $ | 10,392 | $ | 4,269 | $ | 8,311 | |||||||||||||||||||||||||||||||
Effective tax rate | 36 | % | 50.4 | % | 71.8 | % | |||||||||||||||||||||||||||||||
The effective tax rates in each year vary from the U.S. federal statutory rate of 35% principally due to the effects of foreign operations, adjustments to unrecognized tax benefits, state taxes and, in 2011, certain nondeductible business costs. The 2010 rate was influenced by the settlement of an income tax examination and repeal of the Medicare Part D subsidy that was previously exempt from tax. The effects of foreign operations include the impact of lower foreign statutory tax rates, certain statutory allowances, foreign exchange rate movements, and modest amounts of US foreign tax credits. These factors and the mix of domestic and foreign income or loss as well as the level of income significantly influence each year’s overall effective tax rate. | |||||||||||||||||||||||||||||||||||||
Deferred tax assets and liabilities resulted from the following: | |||||||||||||||||||||||||||||||||||||
December 31, | |||||||||||||||||||||||||||||||||||||
2012 | 2011 | ||||||||||||||||||||||||||||||||||||
(as restated) | (as revised) | ||||||||||||||||||||||||||||||||||||
Deferred tax assets: | |||||||||||||||||||||||||||||||||||||
Canadian tax loss carryforwards (expiring 2014 through 2032) | $ | 41,389 | $ | 34,409 | |||||||||||||||||||||||||||||||||
Postretirement benefit costs | 18,066 | 16,398 | |||||||||||||||||||||||||||||||||||
U.S. Federal tax loss carryforwards | — | 10,066 | |||||||||||||||||||||||||||||||||||
Employment costs | 11,814 | 10,005 | |||||||||||||||||||||||||||||||||||
State tax loss carryforwards (expiring 2023 through 2032) | 7,133 | 7,166 | |||||||||||||||||||||||||||||||||||
Inventories | 12,022 | 5,753 | |||||||||||||||||||||||||||||||||||
Start-up costs | 4,650 | 5,527 | |||||||||||||||||||||||||||||||||||
Pension costs | 3,835 | 2,260 | |||||||||||||||||||||||||||||||||||
Duty drawback claims | 1,786 | 1,622 | |||||||||||||||||||||||||||||||||||
Foreign tax credit carryforwards | — | 1,012 | |||||||||||||||||||||||||||||||||||
Other | 8,380 | 4,439 | |||||||||||||||||||||||||||||||||||
Total deferred tax assets | 109,075 | 98,657 | |||||||||||||||||||||||||||||||||||
Valuation allowance | (4,439 | ) | (4,313 | ) | |||||||||||||||||||||||||||||||||
Deferred tax assets, net of valuation allowance | 104,636 | 94,344 | |||||||||||||||||||||||||||||||||||
Deferred tax liabilities: | |||||||||||||||||||||||||||||||||||||
Property, plant and equipment | (58,141 | ) | (37,394 | ) | |||||||||||||||||||||||||||||||||
Convertible debt | (13,504 | ) | (17,973 | ) | |||||||||||||||||||||||||||||||||
Intangible assets | (14,473 | ) | (5,482 | ) | |||||||||||||||||||||||||||||||||
Other | (918 | ) | (1,415 | ) | |||||||||||||||||||||||||||||||||
Total deferred tax liabilities | (87,036 | ) | (62,264 | ) | |||||||||||||||||||||||||||||||||
Net deferred tax assets | $ | 17,600 | $ | 32,080 | |||||||||||||||||||||||||||||||||
The valuation allowances at December 31, 2012 and 2011 are entirely attributable to the state deferred tax assets pertaining to the related state tax loss carryforwards that are not anticipated to generate a tax benefit. | |||||||||||||||||||||||||||||||||||||
The Company’s Canadian subsidiary has generated taxable losses totaling $159.0 million. The above losses were the result of the underutilization of its facility, which was acquired and expanded primarily for production under a long-term supply agreement. They were not the result of an unfavorable contract or unprofitable per unit production. In 2007, the Company entered into a long-term agreement with an aircraft manufacturer to be the sole supplier, through the Company’s Canadian subsidiary, of critical parts for installation on its signature aircraft through 2021. This signature aircraft has suffered a series of well-publicized delays relating to the manufacturers production of the aircraft. The Canadian subsidiary’s facility was built for full-rate production of ten ship sets (one ship set represents all the parts for one plane) per month; however, to date it has not produced at a rate exceeding four ship sets per month. The aircraft manufacturer’s current production schedule indicates the facility will achieve full-rate production of ten ship sets per month in the fourth quarter of 2013. | |||||||||||||||||||||||||||||||||||||
The signature aircraft remains a strong platform for future growth. At December 31, 2012, the aircraft manufacturer had an order backlog in excess of 800 aircraft, representing over seven years of full-rate production. Successful aircraft, as the signature aircraft is proving itself to be, can generally be expected to be in production for several decades. The Company’s Canadian subsidiary is the single source supplier for these critical parts. | |||||||||||||||||||||||||||||||||||||
Furthermore, the long-term supply agreement provides us with several means of reducing raw material pricing risk. First, the contract provides the Company access to purchase raw material from the aircraft manufacturer’s enabled suppliers at prices typically favorable to market terms. Second, the Company may have the ability to pass on pricing fluctuations to the aircraft manufacturer. Third, the Company has the ability to substitute its own material for that of the enabled supplier. In combination, these provisions provide the Company the necessary flexibility to mitigate the risk of raw material price fluctuations throughout the life of the contract. | |||||||||||||||||||||||||||||||||||||
The FASB’s authoritative guidance requires the Company to balance the negative evidence of recent losses against the positive evidence supporting the net operating loss carry-forwards. The FASB’s authoritative guidance further indicates that cumulative losses are an indicator that is difficult to overcome that tax loss carry-forwards should be impaired. In the Company’s judgment, for the reasons identified above, the positive evidence of its firm contract, the backlog of orders for the signature aircraft, and the ongoing ramp-up to full-rate production, significantly mitigates the effect of the cumulative losses and which, on an aggregate basis as of December 31, 2012, is more likely than not sufficient to support the realization of the Canadian subsidiary’s net deferred tax asset of $33.3 million. The Company will continue to regularly review the assumptions underlying this assessment and, to the extent necessary, make adjustments in future periods. | |||||||||||||||||||||||||||||||||||||
A reconciliation of the total amounts of unrecognized tax benefits for the years ended December 31 is as follows: | |||||||||||||||||||||||||||||||||||||
Unrecognized Tax Benefits | |||||||||||||||||||||||||||||||||||||
2012 | 2011 | 2010 | |||||||||||||||||||||||||||||||||||
Gross balance at January 1 | $ | 6,157 | $ | 4,817 | $5,577 | ||||||||||||||||||||||||||||||||
Prior period tax positions | |||||||||||||||||||||||||||||||||||||
Increases | 1,556 | — | 1,292 | ||||||||||||||||||||||||||||||||||
Decreases | (30 | ) | (14 | ) | (2,546 | ) | |||||||||||||||||||||||||||||||
Current period tax positions | 1,478 | 1,376 | 949 | ||||||||||||||||||||||||||||||||||
Lapse of Statute | — | (22 | ) | — | |||||||||||||||||||||||||||||||||
Settlements with tax authorities | — | — | (455 | ) | |||||||||||||||||||||||||||||||||
Gross balance at December 31 | $ | 9,161 | $ | 6,157 | $4,817 | ||||||||||||||||||||||||||||||||
Amount that would affect the effective tax rate if recognized | $ | 7,451 | $ | 5,835 | $4,575 | ||||||||||||||||||||||||||||||||
The Company’s unrecognized tax benefits principally relate to the sale of products and provision of services by the U.S. companies to their foreign affiliates. The current year increase in prior period positions reflected above primarily relates to certain proposed adjustments by the Internal Revenue Service (“IRS”) in their examination of the Company’s 2009 tax return which affect the time period in which such amounts should be reflected in its tax returns. | |||||||||||||||||||||||||||||||||||||
The Company classifies interest and penalties as an element of tax expense. The amount of tax-related interest and penalties recognized in the Consolidated Statement of Operations for fiscal years 2012, 2011, and 2010, and the total of such amounts accrued in the Consolidated Balance Sheets at December 31, 2012 and 2011 were not material. | |||||||||||||||||||||||||||||||||||||
The Company’s U.S. Federal income tax returns for tax years 2006, 2008, 2010 and 2011 remain open to examination, though any examination of 2006 and 2008 is limited to the extent that net operating losses have been carried back to those years. The examination of 2009 is expected to be concluded in 2013. The examination of the Company’s Canadian tax returns for the period 2006 through 2008 by the Canadian tax authority is continuing. It is reasonably possible that the total amount of unrecognized tax benefits could be decreased within the next twelve months by approximately $3 million. |
OTHER_INCOME_EXPENSE
OTHER INCOME (EXPENSE) | 12 Months Ended |
Dec. 31, 2012 | |
OTHER INCOME (EXPENSE) | ' |
Note 8—OTHER INCOME (EXPENSE), NET: | |
Other income (expense), net, for the years ended December 31, 2012, 2011, and 2010 was $(501), $56, and $(622), respectively. Other income (expense), net, consists primarily of foreign exchange gains and losses from the Company’s international operations. |
EMPLOYEE_BENEFIT_PLANS
EMPLOYEE BENEFIT PLANS | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2012 | |||||||||||||||||||||||||
EMPLOYEE BENEFIT PLANS | ' | ||||||||||||||||||||||||
Note 9—EMPLOYEE BENEFIT PLANS: | |||||||||||||||||||||||||
The Company provides defined benefit pension plans for certain of its salaried and represented workforce. Benefits for its salaried participants are generally based on participants’ years of service and compensation. Benefits for represented pension participants are generally determined based on an amount for years of service. Other employees participate in 401(k) plans whereby the Company may provide a match of employee contributions. The policy of the Company with respect to its defined benefit plans is to contribute at least the minimum amounts required by applicable laws and regulations. For the years ended December 31, 2012, 2011, and 2010, expenses related to 401(k) plans were approximately $3,390, $1,519, and $1,284, respectively. | |||||||||||||||||||||||||
As of the signing of the Labor Agreement with USW at the Niles, Ohio plant on December 1, 2004, all new hourly, clerical and technical employees covered by the Labor Agreement are covered by a defined contribution pension plan rather than a defined benefit plan. Effective January 1, 2006, all new salaried nonrepresented employees in the Titanium Segment are covered by a defined contribution pension plan rather than a defined benefit plan. As a result of these changes, no future hires will be covered by defined benefit pension plans. The signing of the new labor agreement on March 8, 2012 resulted in benefit enhancements which resulted in a $6,748 increase in the Company’s projected benefit obligation. | |||||||||||||||||||||||||
The Company uses a December 31 measurement date for all benefit plans. The following table, which includes the Company’s four qualified pension plans and two non-qualified pension plans, provides reconciliations of the changes in the Company’s pension and other post-employment benefit plan obligations, the values of plan assets, amounts recognized in Company’s financial statements, and principal weighted-average assumptions used: | |||||||||||||||||||||||||
Pension Benefit Plans | Post-Retirement | ||||||||||||||||||||||||
Benefit Plan | |||||||||||||||||||||||||
2012 | 2011 | 2012 | 2011 | ||||||||||||||||||||||
Change in projected benefit obligation: | |||||||||||||||||||||||||
Projected benefit obligation at beginning of year | $ | 143,687 | $ | 130,275 | $ | 44,391 | $ | 42,955 | |||||||||||||||||
Service cost | 2,450 | 2,047 | 671 | 746 | |||||||||||||||||||||
Interest cost | 7,093 | 7,177 | 2,102 | 2,361 | |||||||||||||||||||||
Actuarial loss | 16,750 | 12,982 | 2,558 | 141 | |||||||||||||||||||||
Amendment | 6,748 | — | — | — | |||||||||||||||||||||
Settlements | (695 | ) | — | — | — | ||||||||||||||||||||
Benefits paid | (8,551 | ) | (8,794 | ) | (2,837 | ) | (2,833 | ) | |||||||||||||||||
Plan participants’ contributions | — | — | 928 | 825 | |||||||||||||||||||||
Medicare retiree drug subsidy received | — | — | 121 | 196 | |||||||||||||||||||||
Projected benefit obligation at end of year | $ | 167,482 | $ | 143,687 | $ | 47,934 | $ | 44,391 | |||||||||||||||||
Change in plan assets: | |||||||||||||||||||||||||
Fair value of plan assets at beginning of year | $ | 122,444 | $ | 96,197 | $ | — | $ | — | |||||||||||||||||
Actual return on plan assets | 14,678 | 7,289 | — | — | |||||||||||||||||||||
Employer contributions | 18,846 | 27,752 | 1,788 | 1,812 | |||||||||||||||||||||
Medicare retiree drug subsidy received | — | — | 121 | 196 | |||||||||||||||||||||
Settlements | (695 | ) | — | — | — | ||||||||||||||||||||
Plan participants’ contributions | — | — | 928 | 825 | |||||||||||||||||||||
Benefits paid | (8,551 | ) | (8,794 | ) | (2,837 | ) | (2,833 | ) | |||||||||||||||||
Fair value of plan assets at end of year | $ | 146,722 | $ | 122,444 | $ | — | $ | — | |||||||||||||||||
Funded status | $ | (20,760 | ) | $ | (21,243 | ) | $ | (47,934 | ) | $ | (44,391 | ) | |||||||||||||
Amounts recognized in the Consolidated Balance Sheets consisted of: | |||||||||||||||||||||||||
Noncurrent assets | $ | 691 | $ | — | $ | — | $ | — | |||||||||||||||||
Current liabilities | (740 | ) | (413 | ) | (2,868 | ) | (3,003 | ) | |||||||||||||||||
Noncurrent liabilities | (20,711 | ) | (20,830 | ) | (45,066 | ) | (41,388 | ) | |||||||||||||||||
Net amount recognized | $ | (20,760 | ) | $ | (21,243 | ) | $ | (47,934 | ) | $ | (44,391 | ) | |||||||||||||
Accumulated benefit obligation | $ | 161,482 | $ | 138,223 | N/A | N/A | |||||||||||||||||||
Amounts recognized in accumulated other comprehensive loss consisted of: | |||||||||||||||||||||||||
December 31, | December 31, | ||||||||||||||||||||||||
2012 | 2011 | 2012 | 2011 | ||||||||||||||||||||||
Net actuarial loss | $ | 77,032 | $ | 70,987 | $ | 8,486 | $ | 6,086 | |||||||||||||||||
Prior service cost | 7,227 | 1,460 | 1,904 | 3,118 | |||||||||||||||||||||
Total, before tax effect | $ | 84,259 | $ | 72,447 | $ | 10,390 | $ | 9,204 | |||||||||||||||||
Activity related to amounts recognized in accumulated other comprehensive loss is as follows: | |||||||||||||||||||||||||
2012 | |||||||||||||||||||||||||
12/31/11 | Amortization | Activity | 12/31/12 | ||||||||||||||||||||||
Pension Benefit Plans: | |||||||||||||||||||||||||
Actuarial losses | $ | 70,987 | (5,734 | ) | 11,779 | $ | 77,032 | ||||||||||||||||||
Prior service cost | 1,460 | (980 | ) | 6,747 | 7,227 | ||||||||||||||||||||
Postretirement Medical Plan: | |||||||||||||||||||||||||
Actuarial losses | 6,086 | (157 | ) | 2,557 | 8,486 | ||||||||||||||||||||
Prior service cost | 3,118 | (1,214 | ) | — | 1,904 | ||||||||||||||||||||
Pension Benefit Plans | Post-Retirement | ||||||||||||||||||||||||
Benefit Plan | |||||||||||||||||||||||||
2012 | 2011 | 2012 | 2011 | ||||||||||||||||||||||
Weighted-average assumptions used to determine benefit obligation at December 31: | |||||||||||||||||||||||||
Discount rate | 4.1 | % | 4.9 | % | 4.1 | % | 4.9 | % | |||||||||||||||||
Rate of increase to compensation levels | 3.8 | % | 3.8 | % | N/A | N/A | |||||||||||||||||||
Measurement date | 31-Dec | 31-Dec | 31-Dec | 31-Dec | |||||||||||||||||||||
Health cost trend rate assumed for next year | N/A | N/A | 6.78 | % | 7.17 | % | |||||||||||||||||||
Ultimate trend rate | N/A | N/A | 4.5 | % | 4.5 | % | |||||||||||||||||||
Year that rate reaches ultimate trend rate | N/A | N/A | 2026 | 2026 | |||||||||||||||||||||
Weighted-average assumptions used to determine net periodic benefit obligation cost for the years ended December 31: | |||||||||||||||||||||||||
Discount rate | 4.9 | % | 5.7 | % | 4.9 | % | 5.7 | % | |||||||||||||||||
Expected long-term return on plan assets | 7.5 | % | 7.5 | % | N/A | N/A | |||||||||||||||||||
Rate of increase to compensation levels | 3.8 | % | 3.8 | % | N/A | N/A | |||||||||||||||||||
The Company’s expected long-term return on plan assets assumption is based on a periodic review and modeling of each plan’s asset allocation and liability structure over a long-term horizon. Expectations of returns for each asset class are the most important of the assumptions used in the review and modeling and are based on comprehensive reviews of historical data and economic/financial market theory. The expected long-term rate of return on assets was selected from within the reasonable range of rates determined by (a) historical real returns, net of inflation, for the asset classes covered by the investment policy and (b) projections of inflation over the long-term period during which benefits are payable to plan participants. | |||||||||||||||||||||||||
A change of one quarter of a percentage point in the expected rate of return on plan assets would have the following effect on the defined benefit plan: | |||||||||||||||||||||||||
–.25% | 0.25% | ||||||||||||||||||||||||
Effect on subsequent years periodic pension expense (in millions) | +$ | 0.3 | –$ | 0.3 | |||||||||||||||||||||
The discount rate is used to determine the present value of future payments. In general, the Company’s liability increases as the discount rate decreases and decreases as the discount rate increases. The discount rate was determined by taking into consideration a dedicated bond portfolio model in order to select a discount rate that best matches the expected payment streams of the future payments. Under this model, a hypothetical bond portfolio is constructed with cash flows that are expected to settle the benefit payment stream from the plans. The portfolio is developed using bonds with a Moody’s or Standard & Poor’s rating of “Aa” or better based on those bonds available as of the measurement date. The appropriate discount rate is then selected based on the resulting yield from this portfolio. | |||||||||||||||||||||||||
A change of one quarter of a percentage point in the discount rate of 4.10% used at December 31, 2012 would have the following effect on the defined benefit plans: | |||||||||||||||||||||||||
–.25% | 0.25% | ||||||||||||||||||||||||
Effect on total projected benefit obligation (PBO) (in millions) | +$ | 4.3 | –$ | 4.3 | |||||||||||||||||||||
Effect on subsequent years periodic pension expense (in millions) | +$ | 0.3 | –$ | 0.3 | |||||||||||||||||||||
A change of one quarter of a percentage point in the discount rate of 4.10% used at December 31, 2012 would have the following effect on the postretirement medical plan: | |||||||||||||||||||||||||
–.25% | 0.25% | ||||||||||||||||||||||||
Effect on total net periodic benefit cost (in millions) | +$ | 0.1 | –$ | 0.1 | |||||||||||||||||||||
Effect on accumulated postretirement benefit obligation (in millions) | +$ | 1.3 | –$ | 1.3 | |||||||||||||||||||||
A change of one percentage point in the trend rate of 6.78% used at December 31, 2012 would have the following effect on the postretirement medical plan: | |||||||||||||||||||||||||
–1.00% | 1.00% | ||||||||||||||||||||||||
Effect on total service cost and interest cost components (in millions) | –$ | 0.2 | +$ | 0.2 | |||||||||||||||||||||
Effect on accumulated postretirement benefit obligation (in millions) | –$ | 1.6 | +$ | 1.6 | |||||||||||||||||||||
The components of net periodic pension and post-retirement benefit cost were as follows: | |||||||||||||||||||||||||
Pension Benefit Plans | Post-Retirement Benefit Plan | ||||||||||||||||||||||||
2012 | 2011 | 2010 | 2012 | 2011 | 2010 | ||||||||||||||||||||
Service cost | $ | 2,450 | $ | 2,047 | $ | 1,806 | $ | 671 | $ | 746 | $ | 711 | |||||||||||||
Interest cost | 7,093 | 7,177 | 7,078 | 2,102 | 2,361 | 2,200 | |||||||||||||||||||
Expected return on plan assets | (9,707 | ) | (7,791 | ) | (7,478 | ) | — | — | — | ||||||||||||||||
Prior service cost amortization | 980 | 401 | 523 | 1,214 | 1,214 | 1,214 | |||||||||||||||||||
Amortization of actuarial loss | 5,361 | 4,017 | 2,809 | 157 | 171 | — | |||||||||||||||||||
Settlement charges | 373 | — | — | — | — | — | |||||||||||||||||||
Net periodic benefit cost | $ | 6,550 | $ | 5,851 | $ | 4,738 | $ | 4,144 | $ | 4,492 | $ | 4,125 | |||||||||||||
The amounts in accumulated other comprehensive loss expected to be recognized as components of net periodic benefit cost during 2013 are as follows: | |||||||||||||||||||||||||
Pension Benefit Plans | Post-Retirement | ||||||||||||||||||||||||
2013 | Benefit Plan | ||||||||||||||||||||||||
2013 | |||||||||||||||||||||||||
Amortization of actuarial loss | $ | 7,160 | $ | 352 | |||||||||||||||||||||
Amortization of prior service cost | 990 | 1,214 | |||||||||||||||||||||||
Total recognized from accumulated other comprehensive loss | $ | 8,150 | $ | 1,566 | |||||||||||||||||||||
The fair value of the Company’s defined benefit pension plans’ assets as of December 31, 2012 and 2011 were as follows: | |||||||||||||||||||||||||
Investment category: | 2012 | 2011 | |||||||||||||||||||||||
U.S. government securities | $ | 22,034 | $ | 14,852 | |||||||||||||||||||||
Corporate bonds | 37,487 | 34,130 | |||||||||||||||||||||||
Equities | 81,445 | 68,419 | |||||||||||||||||||||||
Short-term investment funds | 597 | 807 | |||||||||||||||||||||||
Real estate funds | 3,468 | 2,584 | |||||||||||||||||||||||
Other investments — Timberlands | 1,691 | 1,652 | |||||||||||||||||||||||
Total | $ | 146,722 | $ | 122,444 | |||||||||||||||||||||
The Company’s target asset allocation as of December 31, 2012 by asset category is as follows: | |||||||||||||||||||||||||
Investment category: | 2012 | ||||||||||||||||||||||||
Equity securities | 55 | % | |||||||||||||||||||||||
Debt and other short-term investments | 43 | % | |||||||||||||||||||||||
Cash | 2 | % | |||||||||||||||||||||||
Total | 100 | % | |||||||||||||||||||||||
The Company’s investment policy for the defined benefit pension plans includes various guidelines and procedures designed to ensure assets are invested in a manner necessary to meet expected future benefits earned by participants. The investment guidelines consider a broad range of economic conditions. Central to the policy are target allocation ranges, shown above, by major asset categories. The objectives of the target allocations are to maintain investment portfolios that diversify risk through prudent asset allocation parameters, achieve asset returns that meet or exceed the plans’ actuarial assumptions, and achieve asset returns that are competitive with like institutions employing similar investment strategies. Within these broad investment categories, the Company’s investment policy places certain restrictions on the types and amounts of plan investments. For example, no individual stock may account for more than 5% of total equities, no single corporate bond issuer rated below AA may equal more than 10% of the total bond portfolio, non-investment grade bonds may not exceed 10% of the total bond portfolio, and private equity and real estate investments may not exceed 8% of total plan assets. | |||||||||||||||||||||||||
The Company and a designated third-party fiduciary periodically review the investment policy. The policy is established and administered in a manner so as to comply at all times with applicable government regulations. | |||||||||||||||||||||||||
The Company uses appropriate valuation techniques based on the available inputs to measure the fair value of plan investments. When available, the Company measures the fair value using Level 1 inputs as they generally provide the most reliable evidence of fair value. When Level 1 and Level 2 inputs are not available, the Company uses Level 3 inputs to fair value its plan assets. A summary of the plan investments, their fair value and their level within the fair value hierarchy is presented below. | |||||||||||||||||||||||||
As of December 31, 2012: | |||||||||||||||||||||||||
Quoted Market | Significant | Significant | Total | ||||||||||||||||||||||
Prices | Other Observable | Unobservable | |||||||||||||||||||||||
(Level 1) | Inputs | Inputs | |||||||||||||||||||||||
(Level 2) | (Level 3) | ||||||||||||||||||||||||
Investment category: | |||||||||||||||||||||||||
U.S. government securities | $ | — | $ | 22,034 | $ | — | $ | 22,034 | |||||||||||||||||
Corporate bonds | — | 37,487 | — | 37,487 | |||||||||||||||||||||
Equities | 3,613 | 73,794 | 4,038 | 81,445 | |||||||||||||||||||||
Short-term investment funds | 597 | — | — | 597 | |||||||||||||||||||||
Real estate funds | — | — | 3,468 | 3,468 | |||||||||||||||||||||
Other investments — Timberlands | — | — | 1,691 | 1,691 | |||||||||||||||||||||
Total assets | $ | 4,210 | $ | 133,315 | $ | 9,197 | $ | 146,722 | |||||||||||||||||
As of December 31, 2011: | |||||||||||||||||||||||||
Quoted Market | Significant | Significant | Total | ||||||||||||||||||||||
Prices | Other Observable | Unobservable | |||||||||||||||||||||||
(Level 1) | Inputs | Inputs | |||||||||||||||||||||||
(Level 2) | (Level 3) | ||||||||||||||||||||||||
Investment category: | |||||||||||||||||||||||||
U.S. government securities | $ | — | $ | 14,852 | $ | — | $ | 14,852 | |||||||||||||||||
Corporate bonds | — | 34,130 | — | 34,130 | |||||||||||||||||||||
Equities | — | 64,985 | 3,434 | 68,419 | |||||||||||||||||||||
Short-term investment funds | 807 | — | — | 807 | |||||||||||||||||||||
Real estate funds | — | — | 2,584 | 2,584 | |||||||||||||||||||||
Other investments — Timberlands | — | — | 1,652 | 1,652 | |||||||||||||||||||||
Total assets | $ | 807 | $ | 113,967 | $ | 7,670 | $ | 122,444 | |||||||||||||||||
Level 1 Fair Value Measurements: | |||||||||||||||||||||||||
Short-term Investment Funds — Short-term Investment Funds are carried at the reported net asset values. | |||||||||||||||||||||||||
Equities — The fair value of equities are based upon quoted market prices. | |||||||||||||||||||||||||
Level 2 Fair Value Measurements: | |||||||||||||||||||||||||
Corporate Bonds and U.S. Government Securities — The plans hold certain U.S. government securities and corporate bonds in a limited partnership with the assets of other plan sponsors. The fair values of these securities held in the partnership are based upon quoted market prices. | |||||||||||||||||||||||||
Equities — The plans hold common stock in a limited partnership with the assets of other plan sponsors. The fair values of these securities held in the partnerships are based upon quoted market prices. | |||||||||||||||||||||||||
Level 3 Fair Value Measurements: | |||||||||||||||||||||||||
Equities (Private Equity Funds) and Real Estate Funds — The fair value of private equity funds and real estate funds are determined by the fair value of the underlying investments in the funds plus working capital adjusted for liabilities, currency translation and estimated performance incentives. Various methods of determining the fair value of the underlying assets in each fund are used which may include, but are not limited to, expected cash flows, multiples of earnings, discounted cash flow models, direct capitalization analyses, third-party appraisals and other market-based information. Valuations are reviewed utilizing available market data to determine whether or not any fair value adjustments are necessary. | |||||||||||||||||||||||||
Timberlands — The value of the Timberlands investment is based upon the appraised value of the Timberlands plus net working capital. It is based upon inventory obtained pursuant to a review of this inventory at the time of acquisition, updated periodically based upon a cash projection model for a 50-year period using real prices and a real discount rate based upon current market activity. Valuations are reviewed utilizing industry information to determine whether or not any fair value adjustments are necessary. | |||||||||||||||||||||||||
The following table provides further details of the Level 3 fair value measurements using significant unobservable input: | |||||||||||||||||||||||||
Private | Real Estate | Timberlands | Total | ||||||||||||||||||||||
Equity Funds | Funds | ||||||||||||||||||||||||
December 31, 2010 | $ | 2,898 | $ | 1,888 | $ | 1,600 | $6,386 | ||||||||||||||||||
Realized gains/losses | 83 | 144 | — | 227 | |||||||||||||||||||||
Unrealized gain/losses relating to investments still held at December 31, 2011 | 338 | 54 | 52 | 444 | |||||||||||||||||||||
Purchases | 679 | 911 | — | 1,590 | |||||||||||||||||||||
Sales | (564 | ) | (413 | ) | (977 | ) | |||||||||||||||||||
December 31, 2011 | 3,434 | 2,584 | 1,652 | 7,670 | |||||||||||||||||||||
Realized gains/losses | 301 | 109 | — | 410 | |||||||||||||||||||||
Unrealized gain/losses relating to investments still held at December 31, 2012 | 267 | 279 | 39 | 585 | |||||||||||||||||||||
Purchases | 861 | 925 | — | 1,786 | |||||||||||||||||||||
Sales | (825 | ) | (429 | ) | — | (1,254 | ) | ||||||||||||||||||
December 31, 2012 | $ | 4,038 | $ | 3,468 | $ | 1,691 | $9,197 | ||||||||||||||||||
Other post-retirement benefit plans. The ultimate costs of certain of the Company’s retiree health care plans are capped at predetermined out-of-pocket spending limits. The annual rate of increase in the per capita costs for these plans is limited to the predetermined spending cap. | |||||||||||||||||||||||||
All of the benefit payments are expected to be paid from Company assets. These estimates are based on current benefit plan coverages and, in accordance with the Company’s rights under the plan, these coverages may be modified, reduced, or terminated in the future. | |||||||||||||||||||||||||
The following pension and post-retirement benefit payments, which reflect expected future service, as appropriate, are expected to be paid: | |||||||||||||||||||||||||
Pension | Post-Retirement | Post-Retirement | |||||||||||||||||||||||
Benefit | Benefit Plan | Benefit Plan (not | |||||||||||||||||||||||
Plans | (including Plan D | including Plan D | |||||||||||||||||||||||
subsidy) | subsidy) | ||||||||||||||||||||||||
2013 | $ | 9,933 | $ | 2,868 | $ | 3,031 | |||||||||||||||||||
2014 | 9,577 | 2,969 | 3,150 | ||||||||||||||||||||||
2015 | 9,798 | 2,769 | 2,965 | ||||||||||||||||||||||
2016 | 10,106 | 2,850 | 3,064 | ||||||||||||||||||||||
2017 | 10,397 | 3,008 | 3,241 | ||||||||||||||||||||||
2018 to 2022 | 57,366 | 17,899 | 19,356 | ||||||||||||||||||||||
The Company contributed $18.2 million and $27.8 million to its qualified defined benefit pension plans in 2012 and 2011, respectively. In light of the current market conditions, the Company is currently assessing its future funding requirements. The Company expects to make cash contributions of approximately $5.1 million during 2013 to maintain its desired funding status. | |||||||||||||||||||||||||
Supplemental pension plan. Company officers who participate in the incentive compensation plan are eligible for the Company’s supplemental pension plan which entitles participants to receive additional pension benefits based upon their annual bonuses paid under the incentive compensation plan. Participation in this plan is subject to approval by the Company’s Board of Directors. | |||||||||||||||||||||||||
Excess pension plan. The Company sponsors an excess pension plan for designated individuals whose salary amounts exceed IRS limits allowed in the Company’s qualified pension plans. Participation in this plan is subject to approval by the Company’s Board of Directors. | |||||||||||||||||||||||||
The supplemental and excess pension plans are included and disclosed within the pension benefit plan information within this Note. | |||||||||||||||||||||||||
Employee Stock Purchase Plan. At the Company’s 2009 Annual Meeting of Shareholders, its shareholders approved the Employee Stock Purchase Plan (the “ESPP”), which authorized the issuance of 2.0 million shares of the Company’s Common Stock for purchase by eligible employee participants through payroll deductions. Employees purchase shares in each quarterly purchase period at a 5% discount to the fair market value of the Company’s Common Stock on the valuation date. Under current accounting guidance, the ESPP qualifies as a non-compensatory plan. | |||||||||||||||||||||||||
Approximately 23,000 shares have been purchased under the ESPP since its inception. As of December 31, 2012, more than 1.9 million shares of the Company’s Common Stock remained available for future purchase under the ESPP. |
LEASES
LEASES | 12 Months Ended | ||||||||
Dec. 31, 2012 | |||||||||
LEASES | ' | ||||||||
Note 10—LEASES: | |||||||||
The Company and its subsidiaries have entered into various operating and capital leases for the use of certain equipment, principally office and manufacturing facilities, office equipment, and vehicles. The operating leases generally contain renewal options and provide that the lessee pay insurance and maintenance costs. The total rental expense under operating leases amounted to $5,587, $4,561, and $5,297 in the years ended December 31, 2012, 2011, and 2010, respectively. Capital lease obligations totaled $2,650 at December 31, 2012. Of this amount, $957 was recorded as a component of other current liabilities and $1,693 was recorded as a component of long term debt on the Company’s Consolidated Balance Sheet. | |||||||||
The Company’s future minimum commitments under operating and capital leases for years after 2012 are as follows: | |||||||||
Operating | Capital | ||||||||
Leases | Leases | ||||||||
2013 | $ | 5,310 | $ | 1,093 | |||||
2014 | 4,917 | 1,064 | |||||||
2015 | 4,330 | 632 | |||||||
2016 | 3,970 | 226 | |||||||
2017 | 3,554 | 37 | |||||||
Thereafter | 4,019 | — | |||||||
Total lease payments | $ | 26,100 | $ | 3,052 | |||||
UNEARNED_REVENUE
UNEARNED REVENUE | 12 Months Ended | ||||||||
Dec. 31, 2012 | |||||||||
UNEARNED REVENUE | ' | ||||||||
Note 11—UNEARNED REVENUE: | |||||||||
The Company reported liabilities of $38,011 and $27,831 for unearned revenue balances as of December 31, 2012 and 2011, respectively. These balances represented payments received in advance, primarily from energy market customers on long-term orders to fund working capital requirements. Amounts expected to be realized within one year, which represent the majority of the balance, are recorded as current liabilities. The remaining amount is recorded as a non-current liability. Unearned revenue balances are presented in the following table: | |||||||||
December 31, | |||||||||
2012 | 2011 | ||||||||
(as restated) | (as revised) | ||||||||
Current unearned revenue | $ | 24,998 | $ | 19,716 | |||||
Non-current unearned revenue | 13,013 | 8,115 | |||||||
Total unearned revenue | $ | 38,011 | $ | 27,831 | |||||
TRANSACTIONS_WITH_RELATED_PART
TRANSACTIONS WITH RELATED PARTIES | 12 Months Ended |
Dec. 31, 2012 | |
TRANSACTIONS WITH RELATED PARTIES | ' |
Note 12—TRANSACTIONS WITH RELATED PARTIES: | |
The Company did not enter into any significant related-party transactions during the years ended December 31, 2012, 2011, and 2010. |
SEGMENT_REPORTING
SEGMENT REPORTING | 12 Months Ended | ||||||||||||
Dec. 31, 2012 | |||||||||||||
SEGMENT REPORTING | ' | ||||||||||||
Note 13—SEGMENT REPORTING: | |||||||||||||
The Company’s chief operating decision maker is the Vice Chair, President, and Chief Executive Officer. As of January 1, 2013, the Company conducts its operations in two reportable segments: the Titanium Segment and the EP&S Segment. Historical results have been conformed to reflect the two-segment format. Refer to Note 1 for a description of each reportable segment. | |||||||||||||
The EP&S Segment utilizes the Titanium Segment as its primary source of titanium mill products. Intersegment sales are accounted for at prices that are generally established by reference to similar transactions with unaffiliated customers. Reportable segments are measured based on segment operating income after an allocation of certain corporate items such as general corporate overhead and expenses. Assets of general corporate activities include unallocated cash and deferred taxes. A summary of financial information by reportable segment is as follows: | |||||||||||||
Years Ended December 31, | |||||||||||||
2012 | 2011 | 2010 | |||||||||||
(as restated) | (as revised) | (as revised) | |||||||||||
Net sales: | |||||||||||||
Titanium Segment | $ | 360,950 | $ | 337,844 | $ | 260,104 | |||||||
Intersegment sales | 179,389 | 152,177 | 89,219 | ||||||||||
Total Titanium Segment sales | 540,339 | 490,021 | 349,323 | ||||||||||
Engineered Products and Services Segment | 347,140 | 163,444 | 146,387 | ||||||||||
Intersegment sales | 83,155 | 62,603 | 54,775 | ||||||||||
Total Engineered Products and Services Segment sales | 430,295 | 226,047 | 201,162 | ||||||||||
Eliminations | (262,544 | ) | (214,780 | ) | (143,994 | ) | |||||||
Total consolidated net sales | $ | 708,090 | $ | 501,288 | $ | 406,491 | |||||||
Operating income (loss): | |||||||||||||
Titanium Segment before corporate allocations | $ | 58,236 | $ | 52,518 | $ | 35,921 | |||||||
Corporate allocations | (19,477 | ) | (15,784 | ) | (14,681 | ) | |||||||
Total Titanium Segment operating income | 38,759 | 36,734 | 21,240 | ||||||||||
Engineered Products and Services Segment before corporate allocations | 23,437 | 5,518 | 5,539 | ||||||||||
Corporate allocations | (15,085 | ) | (18,200 | ) | (12,967 | ) | |||||||
Total Engineered Products and Services Segment operating income (loss) | 8,352 | (12,682 | ) | (7,428 | ) | ||||||||
Total consolidated operating income | 47,111 | 24,052 | 13,812 | ||||||||||
Other income (expense), net | (501 | ) | 56 | (622 | ) | ||||||||
Interest expense, net | (17,778 | ) | (15,645 | ) | (1,619 | ) | |||||||
Total consolidated income before income taxes | $ | 28,832 | $ | 8,463 | $ | 11,571 | |||||||
Years Ended December 31, | |||||||||||||
2012 | 2011 | 2010 | |||||||||||
(as restated) | (as revised) | (as revised) | |||||||||||
Revenue by market information: | |||||||||||||
Titanium Segment | |||||||||||||
Commercial aerospace | $ | 219,945 | $ | 191,470 | $ | 142,270 | |||||||
Defense | 108,948 | 106,101 | 82,410 | ||||||||||
Energy, medical, and other | 32,057 | 40,273 | 35,424 | ||||||||||
Total Titanium Segment net sales | 360,950 | 337,844 | 260,104 | ||||||||||
Engineered Products and Services Segment | |||||||||||||
Commercial aerospace | $ | 168,760 | $ | 100,779 | $ | 70,732 | |||||||
Defense | 53,435 | 35,426 | 38,784 | ||||||||||
Energy, medical, and other | 124,945 | 27,239 | 36,871 | ||||||||||
Total Engineered Products and Services Segment net sales | 347,140 | 163,444 | 146,387 | ||||||||||
Total consolidated net sales | $ | 708,090 | $ | 501,288 | $ | 406,491 | |||||||
Geographic location of trade sales: | |||||||||||||
United States | $ | 458,351 | $ | 322,445 | $ | 259,658 | |||||||
France | 72,810 | 51,951 | 39,936 | ||||||||||
England | 52,934 | 41,963 | 44,037 | ||||||||||
Germany | 40,011 | 38,976 | 24,516 | ||||||||||
Spain | 16,285 | 7,702 | 5,236 | ||||||||||
Canada | 12,723 | 10,063 | 9,176 | ||||||||||
Italy | 11,575 | 3,660 | 5,828 | ||||||||||
Malaysia | 10,624 | 1,962 | 3,667 | ||||||||||
Japan | 9,389 | 4,580 | 7,820 | ||||||||||
Austria | 7,162 | 7,993 | 2,518 | ||||||||||
Other countries | 16,226 | 9,993 | 4,099 | ||||||||||
Total trade sales | $ | 708,090 | $ | 501,288 | $ | 406,491 | |||||||
Capital expenditures: | |||||||||||||
Titanium Segment | $ | 44,741 | $ | 36,008 | $ | 24,399 | |||||||
Engineered Products and Services Segment | 16,797 | 2,837 | 4,233 | ||||||||||
Total capital expenditures | $ | 61,538 | $ | 38,845 | $ | 28,632 | |||||||
Depreciation and amortization: | |||||||||||||
Titanium Segment | $ | 18,455 | $ | 14,290 | $ | 13,733 | |||||||
Engineered Products and Services Segment | 22,703 | 8,185 | 8,360 | ||||||||||
Total depreciation and amortization | $ | 41,158 | $ | 22,475 | $ | 22,093 | |||||||
The following geographic area information includes property, plant, and equipment based on physical location. | |||||||||||||
December 31, | |||||||||||||
2012 | 2011 | 2010 | |||||||||||
(as restated) | (as revised) | (as revised) | |||||||||||
Property, plant, and equipment: | |||||||||||||
United States | $ | 591,526 | $ | 475,999 | $ | 434,665 | |||||||
England | 16,017 | 14,473 | 5,302 | ||||||||||
France | 1,312 | 1,022 | 832 | ||||||||||
Canada | 64,924 | 64,132 | 65,938 | ||||||||||
Less: Accumulated depreciation | (297,830 | ) | (266,251 | ) | (246,280 | ) | |||||||
Property, plant, and equipment, net | $ | 375,949 | $ | 289,375 | $ | 260,457 | |||||||
Total assets: | |||||||||||||
Titanium Segment | $ | 576,786 | $ | 502,671 | $ | 477,811 | |||||||
Engineered Products and Services Segment | 577,317 | 300,301 | 250,683 | ||||||||||
Assets of discontinued operations | 14,741 | 16,083 | 11,313 | ||||||||||
General corporate assets | 83,637 | 309,365 | 371,498 | ||||||||||
Total consolidated assets | $ | 1,252,481 | $ | 1,128,420 | $ | 1,111,305 | |||||||
In the years ended December 31, 2012, 2011, and 2010, export sales were $249,739, $178,843, and $146,833, respectively, principally to customers in Western Europe. | |||||||||||||
Substantially all of the Company’s sales and operating revenues are generated from its North American and European operations. A significant portion of the Company’s sales are made to customers in the aerospace industry. The concentration of aerospace customers may expose the Company to cyclical and other risks generally associated with the aerospace industry. For the years ended December 31, 2012, 2011, and 2010, Boeing, through multiple contracts with various Company subsidiaries covering varying periods, accounted for approximately 12.0%, 10.6%, and 10.8%, respectively, of the Company’s consolidated sales. For each of the years presented, Boeing, Airbus and their subcontractors together aggregate to amounts in excess of 10% of the Company’s consolidated net sales and are the ultimate consumers of a significant portion of the Company’s commercial aerospace products. |
COMMITMENTS_AND_CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 12 Months Ended | ||||
Dec. 31, 2012 | |||||
COMMITMENTS AND CONTINGENCIES | ' | ||||
Note 14—COMMITMENTS AND CONTINGENCIES: | |||||
From time to time, the Company is involved in litigation relating to claims arising out of its operations in the normal course of business. In the Company’s opinion, the ultimate liability, if any, resulting from these matters will have no significant effect on its Consolidated Financial Statements. Given the critical nature of many of the aerospace end uses for the Company’s products, including specifically their use in critical rotating parts of gas turbine engines, the Company maintains aircraft products liability insurance of $500 million, which includes grounding liability. | |||||
Environmental Matters | |||||
The Company is subject to environmental laws and regulations as well as various health and safety laws and regulations that are subject to frequent modifications and revisions. During the years ended 2012, 2011, and 2010 the Company paid approximately $72, $60, and $145, respectively, for environmental remediation, compliance, and related services. While the costs of compliance for these matters have not had a material adverse impact on the Company in the past, it is impossible to accurately predict the ultimate effect these changing laws and regulations may have on the Company in the future. The Company continues to evaluate its obligation for environmental-related costs on a quarterly basis and make adjustments as necessary. | |||||
Given the status of the proceedings at certain of the Company’s sites and the evolving nature of environmental laws, regulations, and remediation techniques, the Company’s ultimate obligation for investigative and remediation costs cannot be predicted. It is the Company’s policy to recognize environmental costs in the financial statements when an obligation becomes probable and a reasonable estimate of exposure can be determined. When a single estimate cannot be reasonably made, but a range can be reasonably estimated, the Company accrues the amount it determines to be the most likely amount within that range. | |||||
Based on available information, the Company believes that its share of possible environmental-related costs is in a range from $662 to $2,134 in the aggregate. At December 31, 2012 and 2011, the amounts accrued for future environmental-related costs were $1,277 and $1,349, respectively. Of the total amount accrued at December 31, 2012, $85 is expected to be paid out within one year and is included as a component of other accrued liabilities on the Company’s Consolidated Balance Sheet. The remaining $1,192 is recorded as a component of other noncurrent liabilities in the Company’s Consolidated Balance Sheet. | |||||
The following table summarizes the changes in the Company’s environmental liabilities for the year ended December 31, 2012: | |||||
Environmental | |||||
Liabilities | |||||
Balance at December 31, 2011 | $ | 1,349 | |||
Environmental-related expense | — | ||||
Cash paid | (72 | ) | |||
Balance at December 31, 2012 | $ | 1,277 | |||
As these proceedings continue toward final resolution, amounts in excess of those already provided may be necessary to discharge the Company from its obligations for these sites. | |||||
Other Matters | |||||
The Company is also the subject of, or a party to, a number of other pending or threatened legal actions involving a variety of matters incidental to its business. The Company is of the opinion that the ultimate resolution of these matters will not have a material adverse effect on the results of the operations, cash flows or the financial position of the Company. |
LONGTERM_DEBT
LONG-TERM DEBT | 12 Months Ended | ||||||||
Dec. 31, 2012 | |||||||||
LONG-TERM DEBT | ' | ||||||||
Note 15—LONG-TERM DEBT: | |||||||||
Long-term debt consisted of: | |||||||||
December 31, | |||||||||
2012 | 2011 | ||||||||
Notes | $ | 196,644 | $ | 186,961 | |||||
Capital leases | 2,650 | — | |||||||
Other | — | 20 | |||||||
Total debt | $ | 199,294 | $ | 186,981 | |||||
Less: Current portion of capital leases | (957 | ) | — | ||||||
Total long-term debt | $ | 198,337 | $ | 186,981 | |||||
Interest on the Notes is payable semiannually in arrears on June 1 and December 1 of each year, at a rate of 3.000% per year. The Notes are general unsecured obligations of the Company. The Notes are guaranteed by six of the Company’s subsidiaries (the “Subsidiary Guarantors”), which are the same subsidiaries that guarantee the Company’s obligations under its existing credit facility. Each subsidiary guarantee is a joint and several, fully unconditional guarantee of the Company’s obligations under the indenture and the Notes. Refer to Note 17 for additional information about the Subsidiary Guarantors. | |||||||||
The Notes will be convertible at the applicable conversion rate at any time on or after June 1, 2015, until the close of business on the second scheduled trading day immediately preceding the maturity date. The current conversion rate for the Notes equals 27.8474 shares of common stock per $1,000 principal amount of Notes (equivalent to a conversion price of $35.91 per share of Common Stock). Upon conversion, holders will receive, at the Company’s election, cash, shares of the Company’s Common Stock, or a combination of both. | |||||||||
The FASB’s authoritative guidance requires convertible notes that may be settled in cash to be separated into a liability component and an equity component. The fair value of the liability component is determined by calculating the present value of the cash flows of the convertible note using the interest rate of a bond of similar size and rating without a conversion feature (i.e., straight-debt rate). The fair value of the equity component is the difference between the proceeds from the issuance and the fair value of the liability. | |||||||||
The Company determined similar straight-debt rates were 8.675% at the time the Notes were issued. As a result, the fair value of the liability component of the Notes was calculated to be $177.7 million and was recorded as long-term debt. The conversion component of the Notes had a fair value of $52.3 million and was recorded, net of deferred taxes, as additional paid-in capital. The debt component of the Notes will accrete to the Notes’ par value of $230.0 million over the Notes’ five-year term. Debt accretion is recorded in the Company’s Consolidated Statement of Operations as a component of interest expense. The Company is accreting the long-term debt balance to par value using the interest method. | |||||||||
In conjunction with the issuance of the Notes, the Company incurred debt issuance costs totaling $7.2 million. Under the FASB’s authoritative guidance, debt issuance costs for the Notes should be allocated to the liability and equity pieces in proportion to the fair value. As such, $1.6 million of these costs was attributed to the conversion feature of the Notes and was recorded, net of deferred taxes, as additional paid-in capital. The remaining $5.6 million of debt issuance costs were attributed to the liability component of the Notes and were capitalized in the Company’s Consolidated Balance Sheet as a component of other noncurrent assets. The portion of the costs attributed to the debt component of the Notes is being amortized over the term of the Notes using the interest method. Amortization of these costs is included as a component of interest expense in the Company’s consolidated statement of operations. | |||||||||
During the years ended December 31, 2012 and 2011, the Company recorded long-term debt discount amortization of $9,683 and $8,900, as a component of interest expense. Interest expense from the amortization of debt issuance costs associated with the Notes was $1,120, $1,120 and $47 for the years ended December 31, 2012, 2011, and 2010, respectively. | |||||||||
On May 23, 2012, the Company entered into the Second Amended and Restated Credit Agreement (the “Credit Agreement”), which replaced its First Amended and Restated Credit Agreement, as amended. The Credit Agreement provides for a revolving credit facility of $150 million and matures on May 23, 2017. Borrowings under the Credit Agreement bear interest, at the Company’s option, at a rate equal to LIBOR plus an applicable margin or the base rate plus an applicable margin. Both the applicable margin and the facility fee vary based upon the Company’s consolidated net debt to consolidated EBITDA ratio, as defined in the Credit Agreement. | |||||||||
The Company’s leverage ratio (the ratio of Net Debt to Consolidated EBITDA, as defined in the Credit Agreement) was 1.63 at December 31, 2012. If this ratio were to exceed 3.50 to 1, the Company would be in default under the Credit Agreement. | |||||||||
The Company’s coverage ratio (the ratio of Consolidated EBITDA to Net Interest, as defined in the Credit Agreement) was 13.95 at December 31, 2012. If this ratio were to fall below 2.0 to 1, the Company would be in default under the Credit Agreement. | |||||||||
Consolidated EBITDA, as defined in the Credit Agreement, allows for adjustments related to unusual gains and losses, certain noncash items, and certain non-recurring charges. As of December 31, 2012, the Company was in compliance with all financial covenants under the Credit Agreement. | |||||||||
The Company had no borrowings outstanding under the Credit Agreement at December 31, 2012 or under the First Amended and Restated Credit Agreement at December 31, 2011. |
STOCKBASED_COMPENSATION
STOCK-BASED COMPENSATION | 12 Months Ended | ||||||||||||||||
Dec. 31, 2012 | |||||||||||||||||
STOCK-BASED COMPENSATION | ' | ||||||||||||||||
Note 16—STOCK-BASED COMPENSATION: | |||||||||||||||||
The 2004 Stock Plan (“2004 Plan”), which was approved by a vote of the Company’s shareholders at the 2004 Annual Meeting of Shareholders, replaced two predecessor plans, the 1995 Stock Plan (“1995 Plan”) and the 2002 Non-Employee Director Stock Option Plan (“2002 Plan”). | |||||||||||||||||
The 2004 Plan limits the number of shares available for issuance to 2,500,000 (plus any shares covered by stock options already outstanding under the 1995 Plan and 2002 Plan that expire or are terminated without being exercised and any shares delivered in connection with the exercise of any outstanding awards under the 1995 Plan and 2002 Plan) during its ten-year term, and limits the number of shares available for grants of restricted stock to 1,250,000. While the 2004 Plan allows for the issuance of shares from treasury, the Company currently issues authorized, unissued shares for awards under the 2004 Plan. The 2004 Plan expires after ten years and requires that the exercise price of stock options, stock appreciation rights, and other similar instruments awarded under the 2004 Plan be not less than the fair market value of the Company’s stock on the date of the grant award. | |||||||||||||||||
The restricted stock awards vest with graded vesting over a period of one to five years. Restricted stock awarded under the 2004 Plan and the predecessor plans entitle the holder to all the rights of Common Stock ownership except that the shares may not be sold, transferred, pledged, exchanged, or otherwise disposed of during the forfeiture period. The stock option awards vest with graded vesting over a period of one to three years. Certain stock option and restricted stock awards provide for accelerated vesting if there is a change in control. | |||||||||||||||||
Stock Options | |||||||||||||||||
The fair value of stock options granted over the past three years was estimated at the date of grant using the Black-Scholes option-pricing model based upon the following assumptions: | |||||||||||||||||
2012 | 2011 | 2010 | |||||||||||||||
Risk-free interest rate | 0.75 | % | 1.92 | % | 2.26 | % | |||||||||||
Expected dividend yield | 0 | % | 0 | % | 0 | % | |||||||||||
Expected lives (in years) | 5 | 4 | 4 | ||||||||||||||
Expected volatility | 66 | % | 67 | % | 66 | % | |||||||||||
The Black-Scholes option-pricing model was developed for use in estimating the fair value of traded options that have no vesting restrictions and are fully transferable. The risk-free rate for periods over the expected term of the option is based on the U.S. Treasury yield curve in effect at the time of grant. The Company does not anticipate paying any cash dividends in the foreseeable future and therefore an expected dividend yield of zero is used. The expected life of options granted represents the period of time that options granted are expected to be outstanding. Expected volatilities are based on historical volatility of the Company’s Common Stock. Forfeiture estimates are based upon historical forfeiture rates. | |||||||||||||||||
A summary of the status of the Company’s stock options as of December 31, 2012 and the activity during the year then ended is presented below: | |||||||||||||||||
Stock Options | Shares | Weighted- | Weighted- | Aggregate | |||||||||||||
Average | Average | Intrinsic | |||||||||||||||
Exercise Price | Remaining | Value | |||||||||||||||
Per Share | Contractual | ||||||||||||||||
Term (Years) | |||||||||||||||||
Outstanding at December 31, 2011 | 558,597 | $ | 31.66 | ||||||||||||||
Granted | 83,706 | 24.62 | |||||||||||||||
Forfeited | (4,447 | ) | 25.41 | ||||||||||||||
Expired | (5,584 | ) | 35.88 | ||||||||||||||
Exercised | (41,422 | ) | 11.97 | ||||||||||||||
Outstanding at December 31, 2012 | 590,850 | $ | 31.86 | 5.89 | 2,500 | ||||||||||||
Exercisable at December 31, 2012 | 420,649 | $ | 34.25 | 4.88 | 2,176 | ||||||||||||
The weighted-average grant-date fair value of stock options granted during the years ended December 31, 2012, 2011, and 2010 was $13.49, $14.70, and $12.88 per share, respectively. The total intrinsic value of stock options exercised during the years ended December 31, 2012, 2011, and 2010 was $525, $172, and $867, respectively. As of December 31, 2012, total unrecognized compensation cost related to nonvested stock option awards granted was $610. That cost is expected to be recognized over a weighted-average period of approximately nine months. | |||||||||||||||||
Restricted Stock | |||||||||||||||||
The fair value of the nonvested restricted stock awards was calculated using the market value of Common Stock on the date of issuance. The weighted-average grant-date fair value of restricted stock awards granted during the years ended December 31, 2012, 2011, and 2010 was $24.63, $28.79, and $25.73 per share, respectively. | |||||||||||||||||
A summary of the status of the Company’s nonvested restricted stock as of December 31, 2012, and the activity during the year then ended, is presented below: | |||||||||||||||||
Nonvested Restricted Stock Awards | Shares | Weighted- | |||||||||||||||
Average | |||||||||||||||||
Grant-Date | |||||||||||||||||
Fair Value | |||||||||||||||||
Per Share | |||||||||||||||||
Nonvested at December 31, 2011 | 163,070 | $ | 27.31 | ||||||||||||||
Granted | 82,326 | 24.63 | |||||||||||||||
Vested | (60,017 | ) | 31.48 | ||||||||||||||
Forfeited | (3,200 | ) | 25.33 | ||||||||||||||
Nonvested at December 31, 2012 | 182,179 | $ | 24.76 | ||||||||||||||
As of December 31, 2012, total unrecognized compensation cost related to nonvested restricted stock awards granted was $1,507. That cost is expected to be recognized over a weighted-average period of 13 months. The total fair value of restricted stock awards vested during the years ended December 31, 2012, 2011, and 2010 was $1,507, $1,637, and $1,911, respectively. | |||||||||||||||||
Cash received from stock option exercises under all share-based payment arrangements for the years ended December 31, 2012, 2011, and 2010 was $494, $178, and $1,096, respectively. Cash used to settle equity instruments granted under all share-based arrangements for the years ended December 31, 2012, 2011, and 2010 was $742, $294, and $367, respectively. The actual tax benefit realized for the tax deductions resulting from stock option exercises and vesting of restricted stock awards for share-based payment arrangements totaled $27, $2, and $54 for the years ended December 31, 2012, 2011, and 2010, respectively. The Company has elected to adopt the short-cut transition method for determining the windfall tax benefits related to share-based payment awards. | |||||||||||||||||
Performance Share Awards | |||||||||||||||||
The Company also maintains performance share awards for executive officers and certain key managers. The purpose of the performance share awards is to more closely align the compensation of the Company’s executives and key managers with the interests of the Company’s shareholders. These performance share awards will earn shares of the Company’s Common Stock in amounts ranging from 0% to 200% of the target number of shares based upon the total shareholder return of the Company compared to the total shareholder return of a designated peer group over a pre-determined performance period. | |||||||||||||||||
A summary of the Company’s performance share activity during the year ended December 31, 2012 is presented below: | |||||||||||||||||
Performance Share Awards | Awards | Maximum Shares | |||||||||||||||
Activity | Eligible to Receive | ||||||||||||||||
Outstanding at December 31, 2011 | 160,771 | 321,542 | |||||||||||||||
Granted | 61,230 | 122,460 | |||||||||||||||
Vested | (66,047 | ) | (132,094 | ) | |||||||||||||
Expired | (41,700 | ) | (83,400 | ) | |||||||||||||
Forfeited | (7,197 | ) | (14,394 | ) | |||||||||||||
Outstanding at December 31, 2012 | 107,057 | 214,114 | |||||||||||||||
The fair value of the performance share awards granted was estimated by the Company at the grant date using a Monte Carlo model. A Monte Carlo model uses stock price volatility and other variables to estimate the probability of satisfying market conditions and the resulting fair value of the award. The four primary inputs for the Monte Carlo model are the risk-free rate, expected dividend yield, volatility of returns, and correlation of returns within the designated peer group. The risk-free rate for periods over the expected term of the award is based on the U.S. Treasury yield curve in effect at the time of grant. The Company does not anticipate paying any cash dividends in the foreseeable future and therefore an expected dividend yield of zero is used. Expected volatility and correlation of returns are based on historical performance of the Company’s stock. The weighted-average grant-date fair value of performance shares awarded during the years ended December 31, 2012, 2011, and 2010 was $35.59, $43.68, and $38.79. |
GUARANTOR_SUBSIDIARIES
GUARANTOR SUBSIDIARIES | 12 Months Ended | ||||||||||||||||||||||||||||||||||||||||
Dec. 31, 2012 | |||||||||||||||||||||||||||||||||||||||||
GUARANTOR SUBSIDIARIES | ' | ||||||||||||||||||||||||||||||||||||||||
Note 17—GUARANTOR SUBSIDIARIES: | |||||||||||||||||||||||||||||||||||||||||
The Notes are jointly and severally, fully and unconditionally (subject to the customary exceptions discussed below) guaranteed by several of RTI International Metals, Inc.’s (the “Parent’s”) 100% owned subsidiaries. Each Guarantor Subsidiary would be automatically released from its guarantee of the Notes if either (i) it ceases to be a guarantor of the Parent’s Credit Agreement or (ii) it ceases to be a subsidiary of the Parent. Separate financial statements of the Parent and each of the Guarantor Subsidiaries are not presented because the guarantees are full and unconditional (subject to the aforementioned customary exceptions) and the Guarantor Subsidiaries are jointly and severally liable. The Company believes separate financial statements and other disclosures concerning the Guarantor Subsidiaries would not be material to investors in the Notes. | |||||||||||||||||||||||||||||||||||||||||
There are no current restrictions on the ability of the Guarantor Subsidiaries to make payments under the guarantees referred to above, except, however, the obligations of each Guarantor Subsidiary under its guarantee will be limited to the maximum amount as will result in obligations of such Guarantor Subsidiary under its guarantee not constituting a fraudulent conveyance or fraudulent transfer for purposes of bankruptcy law, the Uniform Conveyance Act, the Uniform Fraudulent Transfer Act, or any similar Federal or state law. | |||||||||||||||||||||||||||||||||||||||||
The condensed financial statements have been restated to reflect the correction of an error in the Company’s revenue recognition policy for certain long-term contracts mainly related to energy-market projects. Refer to Note 2 for further details on the restatement. The following summary tables present the effect of restatement or revision, as indicated, and the effects of reporting RTI Pierce Spafford as a discontinued operation, as applicable, on the Condensed Consolidating Financial Statements. The Condensed Consolidating Financial Statements which follow the summary tables present the statements as restated or revised as indicated, and recast. There was no impact on previously reported amounts in the Condensed Consolidating Statements of Cash Flows. | |||||||||||||||||||||||||||||||||||||||||
Condensed Consolidating Statements of Operations — Restatement Adjustments: | |||||||||||||||||||||||||||||||||||||||||
Year Ended December 31, 2012 | |||||||||||||||||||||||||||||||||||||||||
RTI International | Guarantor | Non-Guarantor | Eliminations | Consolidated | |||||||||||||||||||||||||||||||||||||
Metals, Inc. | Subsidiaries | Subsidiaries | |||||||||||||||||||||||||||||||||||||||
As | As | As | As | As | As | As | As | As | As | ||||||||||||||||||||||||||||||||
Reported | Restated | Reported | Restated | Reported | Restated | Reported | Restated | Reported | Restated | ||||||||||||||||||||||||||||||||
Net sales | $ | — | $ | — | $ | 503,018 | $ | 503,018 | $ | 448,091 | $ | 417,573 | $ | (212,501 | ) | $ | (212,501 | ) | $ | 738,608 | $ | 708,090 | |||||||||||||||||||
Cost and expenses: | |||||||||||||||||||||||||||||||||||||||||
Cost of Sales | — | — | 426,083 | 426,268 | 374,495 | 354,695 | (212,501 | ) | (212,501 | ) | 588,077 | 568,462 | |||||||||||||||||||||||||||||
Operating income (loss) | 3,006 | 3,006 | 27,245 | 27,060 | 24,779 | 17,045 | — | — | 55,030 | 47,111 | |||||||||||||||||||||||||||||||
Equity in earnings of subsidiaries | 30,907 | 25,832 | 5,419 | 5,419 | 2,138 | 2,138 | (38,464 | ) | (33,389 | ) | — | — | |||||||||||||||||||||||||||||
Income before income taxes | 17,211 | 12,136 | 32,907 | 32,722 | 25,114 | 17,363 | (38,464 | ) | (33,389 | ) | 36,768 | 28,832 | |||||||||||||||||||||||||||||
Provision for (benefit from) income taxes | (6,304 | ) | (6,304 | ) | 10,726 | 10,726 | 8,831 | 5,970 | — | — | 13,253 | 10,392 | |||||||||||||||||||||||||||||
Net income | $ | 23,515 | $ | 20,140 | $ | 22,181 | $ | 21,996 | $ | 16,283 | $ | 13,093 | $ | (38,464 | ) | $ | (35,089 | ) | $ | 23,515 | $ | 20,140 | |||||||||||||||||||
Comprehensive income | $ | 18,004 | $ | 14,629 | $ | 14,650 | $ | 14,465 | $ | 18,841 | $ | 15,651 | $ | (33,491 | ) | $ | (30,116 | ) | $ | 18,004 | $ | 14,629 | |||||||||||||||||||
Year Ended December 31, 2011 | |||||||||||||||||||||||||||||||||||||||||
RTI International | Guarantor | Non-Guarantor | Eliminations | Consolidated | |||||||||||||||||||||||||||||||||||||
Metals, Inc. | Subsidiaries | Subsidiaries | |||||||||||||||||||||||||||||||||||||||
As | As | As | As | As | As | As | As | As | As | ||||||||||||||||||||||||||||||||
Reported | Revised | Reported | Revised | Reported | Revised | Reported | Revised | Reported | Revised | ||||||||||||||||||||||||||||||||
Net sales | $ | — | $ | — | $ | 347,963 | $ | 347,963 | $ | 357,546 | $ | 329,155 | $ | (175,830 | ) | $ | (175,830 | ) | $ | 529,679 | $ | 501,288 | |||||||||||||||||||
Cost and expenses: | |||||||||||||||||||||||||||||||||||||||||
Cost of Sales | — | — | 296,066 | 296,066 | 308,771 | 287,424 | (175,830 | ) | (175,830 | ) | 429,007 | 407,660 | |||||||||||||||||||||||||||||
Operating income (loss) | (981 | ) | (981 | ) | 26,079 | 26,079 | 2,663 | (1,046 | ) | — | — | 27,761 | 24,052 | ||||||||||||||||||||||||||||
Equity in earnings of subsidiaries | 18,926 | 16,568 | 6,128 | 6,128 | (1,055 | ) | (1,055 | ) | (23,999 | ) | (21,641 | ) | — | — | |||||||||||||||||||||||||||
Income before income taxes | 1,554 | (804 | ) | 33,966 | 33,966 | 614 | (3,058 | ) | (23,999 | ) | (21,641 | ) | 12,135 | 8,463 | |||||||||||||||||||||||||||
Provision for (benefit from) income taxes | (4,998 | ) | (4,998 | ) | 10,257 | 10,257 | 324 | (990 | ) | — | — | 5,583 | 4,269 | ||||||||||||||||||||||||||||
Net income | $ | 6,552 | $ | 6,032 | $ | 23,709 | $ | 23,709 | $ | 290 | $ | (230 | ) | $ | (23,999 | ) | $ | (23,479 | ) | $ | 6,552 | $ | 6,032 | ||||||||||||||||||
Comprehensive income | $ | (322 | ) | $ | (842 | ) | $ | 19,646 | $ | 19,646 | $ | (1,586 | ) | $ | (2,106 | ) | $ | (18,060 | ) | $ | (17,540 | ) | $ | (322 | ) | $ | (842 | ) | |||||||||||||
Year Ended December 31, 2010 | |||||||||||||||||||||||||||||||||||||||||
RTI International | Guarantor | Non-Guarantor | Eliminations | Consolidated | |||||||||||||||||||||||||||||||||||||
Metals, Inc. | Subsidiaries | Subsidiaries | |||||||||||||||||||||||||||||||||||||||
As | As | As | As | As | As | As | As | As | As | ||||||||||||||||||||||||||||||||
Reported | Revised | Reported | Revised | Reported | Revised | Reported | Revised | Reported | Revised | ||||||||||||||||||||||||||||||||
Net sales | $ | 12,372 | $ | 12,372 | $ | 253,754 | $ | 253,754 | $ | 279,730 | $ | 254,428 | $ | (114,063 | ) | $ | (114,063 | ) | $ | 431,793 | $ | 406,491 | |||||||||||||||||||
Cost and expenses: | |||||||||||||||||||||||||||||||||||||||||
Cost of Sales | — | — | 221,351 | 221,351 | 248,620 | 226,838 | (114,063 | ) | (114,063 | ) | 355,908 | 334,126 | |||||||||||||||||||||||||||||
Operating income (loss) | 3,072 | 3,072 | 19,181 | 19,181 | (8,192 | ) | (8,441 | ) | — | — | 14,061 | 13,812 | |||||||||||||||||||||||||||||
Equity in earnings of subsidiaries | 5,701 | 5,544 | 2,617 | 2,617 | (2,282 | ) | (2,282 | ) | (6,036 | ) | (5,879 | ) | — | — | |||||||||||||||||||||||||||
Income before income taxes | 6,071 | 5,914 | 26,322 | 26,322 | (14,537 | ) | (14,786 | ) | (6,036 | ) | (5,879 | ) | 11,820 | 11,571 | |||||||||||||||||||||||||||
Provision for (benefit from) income taxes | 2,654 | 2,654 | 7,444 | 7,444 | (1,695 | ) | (1,787 | ) | — | — | 8,403 | 8,311 | |||||||||||||||||||||||||||||
Net income | $ | 3,417 | $ | 3,570 | $ | 18,878 | $ | 18,878 | $ | (12,842 | ) | $ | (12,689 | ) | $ | (6,036 | ) | $ | (6,189 | ) | $ | 3,417 | $ | 3,570 | |||||||||||||||||
Comprehensive income | $ | 4,643 | $ | 4,796 | $ | 16,038 | $ | 16,038 | $ | (6,861 | ) | $ | (6,708 | ) | $ | (9,177 | ) | $ | (9,330 | ) | $ | 4,643 | $ | 4,796 | |||||||||||||||||
Condensed Consolidating Balance Sheets — Restatement Adjustments: | |||||||||||||||||||||||||||||||||||||||||
31-Dec-12 | |||||||||||||||||||||||||||||||||||||||||
RTI International | Guarantor | Non-Guarantor | Eliminations | Consolidated | |||||||||||||||||||||||||||||||||||||
Metals, Inc. | Subsidiaries | Subsidiaries | |||||||||||||||||||||||||||||||||||||||
As | As | As | As | As | As | As | As | As | As | ||||||||||||||||||||||||||||||||
Reported | Restated | Reported | Restated | Reported | Restated | Reported | Restated | Reported | Restated | ||||||||||||||||||||||||||||||||
ASSETS | |||||||||||||||||||||||||||||||||||||||||
Receivables, net | $ | 126 | $ | 126 | $ | 72,773 | $ | 72,773 | $ | 63,089 | $ | 59,639 | $ | (27,221 | ) | $ | (27,221 | ) | $ | 108,767 | $ | 105,317 | |||||||||||||||||||
Inventories, net | — | — | 221,174 | 220,989 | 184,115 | 164,127 | — | — | 405,289 | 385,116 | |||||||||||||||||||||||||||||||
Cost in excess of billings | — | — | — | — | — | 2,260 | — | — | — | 2,260 | |||||||||||||||||||||||||||||||
Deferred income taxes | 26,478 | 26,478 | 2,351 | 2,543 | 70 | 2,359 | — | — | 28,899 | 31,380 | |||||||||||||||||||||||||||||||
Other current assets | 5,410 | 5,410 | 2,072 | 2,072 | 3,227 | 3,788 | — | — | 10,709 | 11,270 | |||||||||||||||||||||||||||||||
Current assets | 32,014 | 32,014 | 385,653 | 385,660 | 260,408 | 256,821 | (27,221 | ) | (27,221 | ) | 650,854 | 647,274 | |||||||||||||||||||||||||||||
Goodwill | — | — | 98,925 | 93,665 | 38,326 | 36,945 | — | — | 137,251 | 130,610 | |||||||||||||||||||||||||||||||
Other noncurrent assets | 4,117 | 4,117 | 892 | 892 | 835 | 3,857 | — | — | 5,844 | 8,866 | |||||||||||||||||||||||||||||||
Intercompany investments | 984,901 | 980,867 | 26,814 | 26,814 | 3,736 | 3,736 | (1,015,451 | ) | (1,011,417 | ) | — | — | |||||||||||||||||||||||||||||
Total assets | $ | 1,022,359 | $ | 1,018,325 | $ | 888,660 | $ | 883,407 | $ | 424,283 | $ | 422,290 | $ | (1,075,575 | ) | $ | (1,071,541 | ) | $ | 1,259,727 | $ | 1,252,481 | |||||||||||||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||||||||||||||||||||||||||||||||||||
Unearned revenue-current | — | — | 689 | 689 | 25,475 | 24,309 | — | — | 26,164 | 24,998 | |||||||||||||||||||||||||||||||
Total current liabilities | 11,365 | 11,365 | 96,340 | 96,340 | 96,319 | 95,153 | (27,221 | ) | (27,221 | ) | 176,803 | 175,637 | |||||||||||||||||||||||||||||
Deferred income taxes | 54,222 | 54,222 | 26,568 | 21,590 | 3,475 | 3,475 | (32,903 | ) | (32,903 | ) | 51,452 | 46,384 | |||||||||||||||||||||||||||||
Unearned revenue-noncurrent | — | — | — | — | 9,991 | 13,013 | — | — | 9,991 | 13,013 | |||||||||||||||||||||||||||||||
Total liabilities | 276,790 | 276,790 | 305,553 | 300,485 | 214,252 | 216,108 | (282,437 | ) | (282,437 | ) | 514,158 | 510,946 | |||||||||||||||||||||||||||||
Shareholders’ equity | 745,569 | 741,535 | 583,107 | 582,922 | 210,031 | 206,182 | (793,138 | ) | (789,104 | ) | 745,569 | 741,535 | |||||||||||||||||||||||||||||
Total liabilities and shareholders’ equity | $ | 1,022,359 | $ | 1,018,325 | $ | 888,660 | $ | 883,407 | $ | 424,283 | $ | 422,290 | $ | (1,075,575 | ) | $ | (1,071,541 | ) | $ | 1,259,727 | $ | 1,252,481 | |||||||||||||||||||
31-Dec-11 | |||||||||||||||||||||||||||||||||||||||||
RTI International | Guarantor | Non-Guarantor | Eliminations | Consolidated | |||||||||||||||||||||||||||||||||||||
Metals, Inc. | Subsidiaries | Subsidiaries | |||||||||||||||||||||||||||||||||||||||
As | As | As | As | As | As | As | As | As | As | ||||||||||||||||||||||||||||||||
Reported | Revised | Reported | Revised | Reported | Revised | Reported | Revised | Reported | Revised | ||||||||||||||||||||||||||||||||
ASSETS | |||||||||||||||||||||||||||||||||||||||||
Inventories, net | $ | — | $ | — | $ | 136,695 | $ | 136,695 | $ | 138,364 | $ | 123,157 | $ | — | $ | — | $ | 275,059 | $ | 259,852 | |||||||||||||||||||||
Cost in excess of billings | — | — | — | — | — | 400 | — | — | — | 400 | |||||||||||||||||||||||||||||||
Deferred income taxes | 17,177 | 17,177 | 1,399 | 1,399 | 98 | 465 | — | — | 18,674 | 19,041 | |||||||||||||||||||||||||||||||
Other current assets | 9,351 | 9,351 | 883 | 883 | 2,034 | 2,324 | (2,336 | ) | (2,336 | ) | 9,932 | 10,222 | |||||||||||||||||||||||||||||
Current assets | 26,879 | 26,879 | 503,002 | 503,002 | 207,111 | 206,113 | (22,871 | ) | (22,871 | ) | 714,121 | 713,123 | |||||||||||||||||||||||||||||
Other noncurrent assets | 4,697 | 4,697 | 36 | 36 | 440 | 4,023 | — | — | 5,173 | 8,756 | |||||||||||||||||||||||||||||||
Intercompany investments | 938,825 | 938,166 | 21,400 | 21,400 | 1,598 | 1,598 | (961,823 | ) | (961,164 | ) | — | — | |||||||||||||||||||||||||||||
Total assets | $ | 971,110 | $ | 970,451 | $ | 805,914 | $ | 805,914 | $ | 361,573 | $ | 362,718 | $ | (1,011,322 | ) | $ | (1,010,663 | ) | $ | 1,127,275 | $ | 1,128,420 | |||||||||||||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||||||||||||||||||||||||||||||||||||
Unearned revenue-current | — | — | — | — | 21,495 | 19,716 | — | — | 21,495 | 19,716 | |||||||||||||||||||||||||||||||
Total current liabilities | 12,729 | 12,729 | 62,535 | 62,535 | 76,038 | 74,259 | (22,871 | ) | (22,871 | ) | 128,431 | 126,652 | |||||||||||||||||||||||||||||
Unearned revenue-noncurrent | — | — | — | — | 4,532 | 8,115 | — | — | 4,532 | 8,115 | |||||||||||||||||||||||||||||||
Total liabilities | 248,358 | 248,358 | 225,711 | 225,711 | 185,787 | 187,591 | (255,333 | ) | (255,333 | ) | 404,523 | 406,327 | |||||||||||||||||||||||||||||
Shareholders’ equity | 722,752 | 722,093 | 580,203 | 580,203 | 175,786 | 175,127 | (755,989 | ) | (755,330 | ) | 722,752 | 722,093 | |||||||||||||||||||||||||||||
Total liabilities and shareholders’ equity | $ | 971,110 | $ | 970,451 | $ | 805,914 | $ | 805,914 | $ | 361,573 | $ | 362,718 | $ | (1,011,322 | ) | $ | (1,010,663 | ) | $ | 1,127,275 | $ | 1,128,420 | |||||||||||||||||||
RTI INTERNATIONAL METALS, INC. AND SUBSIDIARIES | |||||||||||||||||||||||||||||||||||||||||
Notes to Consolidated Financial Statements | |||||||||||||||||||||||||||||||||||||||||
(In thousands, except share and per share amounts, unless otherwise indicated) | |||||||||||||||||||||||||||||||||||||||||
The following tables present Condensed Consolidating Financial Statements as of December 31, 2012 and 2011 and for the three years ended December 31, 2012: | |||||||||||||||||||||||||||||||||||||||||
Condensed Consolidating Statement of Operations and Comprehensive Income | |||||||||||||||||||||||||||||||||||||||||
Year Ended December 31, 2012 | |||||||||||||||||||||||||||||||||||||||||
RTI | Guarantor | Non-Guarantor | Eliminations | Consolidated | |||||||||||||||||||||||||||||||||||||
International | Subsidiaries | Subsidiaries | (As Restated) | (As Restated) | |||||||||||||||||||||||||||||||||||||
Metals, Inc. | (As Restated) | (As Restated) | |||||||||||||||||||||||||||||||||||||||
(As Restated) | |||||||||||||||||||||||||||||||||||||||||
Net sales | $ | — | $ | 503,018 | $ | 417,573 | $ | (212,501 | ) | $ | 708,090 | ||||||||||||||||||||||||||||||
Costs and expenses: | |||||||||||||||||||||||||||||||||||||||||
Cost of sales | — | 426,268 | 354,695 | (212,501 | ) | 568,462 | |||||||||||||||||||||||||||||||||||
Selling, general, and administrative expenses(1) | (3,101 | ) | 45,316 | 45,771 | — | 87,986 | |||||||||||||||||||||||||||||||||||
Research, technical, and product development expenses | 95 | 4,007 | 62 | — | 4,164 | ||||||||||||||||||||||||||||||||||||
Asset and asset-related charges (income) | — | 367 | — | — | 367 | ||||||||||||||||||||||||||||||||||||
Operating income (loss) | 3,006 | 27,060 | 17,045 | — | 47,111 | ||||||||||||||||||||||||||||||||||||
Other income (expense), net | (63 | ) | 38 | (476 | ) | — | (501 | ) | |||||||||||||||||||||||||||||||||
Interest income (expense), net | (16,639 | ) | 205 | (1,344 | ) | — | (17,778 | ) | |||||||||||||||||||||||||||||||||
Equity in earnings of subsidiaries | 25,832 | 5,419 | 2,138 | (33,389 | ) | — | |||||||||||||||||||||||||||||||||||
Income before income taxes | 12,136 | 32,722 | 17,363 | (33,389 | ) | 28,832 | |||||||||||||||||||||||||||||||||||
Provision for (benefit from) income taxes | (6,304 | ) | 10,726 | 5,970 | — | 10,392 | |||||||||||||||||||||||||||||||||||
Net income attributable to continuing operations | $ | 18,440 | $ | 21,996 | $ | 11,393 | $ | (33,389 | ) | $ | 18,440 | ||||||||||||||||||||||||||||||
Net income attributable to discontinued operations, net of tax | 1,700 | — | 1,700 | (1,700 | ) | 1,700 | |||||||||||||||||||||||||||||||||||
Net income | 20,140 | 21,996 | 13,093 | (35,089 | ) | 20,140 | |||||||||||||||||||||||||||||||||||
Comprehensive income | $ | 14,629 | $ | 14,465 | $ | 15,651 | $ | (30,116 | ) | $ | 14,629 | ||||||||||||||||||||||||||||||
-1 | The Parent allocates selling, general, and administrative expenses (“SG&A”) to the subsidiaries based upon its budgeted annual expenses. A credit in the Parent’s SG&A is offset by an equal debit amount in the subsidiaries’ SG&A. | ||||||||||||||||||||||||||||||||||||||||
Condensed Consolidating Statement of Operations and Comprehensive Income | |||||||||||||||||||||||||||||||||||||||||
Year Ended December 31, 2011 | |||||||||||||||||||||||||||||||||||||||||
RTI | Guarantor | Non-Guarantor | Eliminations | Consolidated | |||||||||||||||||||||||||||||||||||||
International | Subsidiaries | Subsidiaries | (As Revised) | (As Revised) | |||||||||||||||||||||||||||||||||||||
Metals, Inc. | (As Revised) | (As Revised) | |||||||||||||||||||||||||||||||||||||||
(As Revised) | |||||||||||||||||||||||||||||||||||||||||
Net sales | $ | — | $ | 347,963 | $ | 329,155 | $ | (175,830 | ) | $ | 501,288 | ||||||||||||||||||||||||||||||
Costs and expenses: | |||||||||||||||||||||||||||||||||||||||||
Cost of sales | — | 296,066 | 287,424 | (175,830 | ) | 407,660 | |||||||||||||||||||||||||||||||||||
Selling, general, and administrative expenses(1) | 981 | 22,586 | 44,118 | — | 67,685 | ||||||||||||||||||||||||||||||||||||
Research, technical, and product development expenses | — | 3,232 | 160 | — | 3,392 | ||||||||||||||||||||||||||||||||||||
Asset and asset-related charges (income) | — | — | (1,501 | ) | — | (1,501 | ) | ||||||||||||||||||||||||||||||||||
Operating income (loss) | (981 | ) | 26,079 | (1,046 | ) | — | 24,052 | ||||||||||||||||||||||||||||||||||
Other income (expense), net | (92 | ) | (38 | ) | 186 | — | 56 | ||||||||||||||||||||||||||||||||||
Interest income (expense), net | (16,299 | ) | 1,797 | (1,143 | ) | — | (15,645 | ) | |||||||||||||||||||||||||||||||||
Equity in earnings (loss) of subsidiaries | 16,568 | 6,128 | (1,055 | ) | (21,641 | ) | — | ||||||||||||||||||||||||||||||||||
Income before income taxes | (804 | ) | 33,966 | (3,058 | ) | (21,641 | ) | 8,463 | |||||||||||||||||||||||||||||||||
Provision for (benefit from) income taxes | (4,998 | ) | 10,257 | (990 | ) | — | 4,269 | ||||||||||||||||||||||||||||||||||
Net income from continuing operations | $ | 4,194 | $ | 23,709 | $ | (2,068 | ) | $ | (21,641 | ) | $ | 4,194 | |||||||||||||||||||||||||||||
Net income from discontinued operations, net of tax | 1,838 | — | 1,838 | (1,838 | ) | 1,838 | |||||||||||||||||||||||||||||||||||
Net income (loss) | $ | 6,032 | $ | 23,709 | $ | (230 | ) | $ | (23,479 | ) | $ | 6,032 | |||||||||||||||||||||||||||||
Comprehensive income (loss) | $ | (842 | ) | $ | 19,646 | $ | (2,106 | ) | $ | (17,540 | ) | $ | (842 | ) | |||||||||||||||||||||||||||
-1 | The Parent allocates SG&A to the subsidiaries based upon its budgeted annual expenses. | ||||||||||||||||||||||||||||||||||||||||
Condensed Consolidating Statement of Operations and Comprehensive Income | |||||||||||||||||||||||||||||||||||||||||
Year Ended December 31, 2010 | |||||||||||||||||||||||||||||||||||||||||
RTI | Guarantor | Non-Guarantor | Eliminations | Consolidated | |||||||||||||||||||||||||||||||||||||
International | Subsidiaries | Subsidiaries | (As Revised) | (As Revised) | |||||||||||||||||||||||||||||||||||||
Metals, Inc. | (As Revised) | (As Revised) | |||||||||||||||||||||||||||||||||||||||
(As Revised) | |||||||||||||||||||||||||||||||||||||||||
Net sales(1) | $ | 12,372 | $ | 253,754 | $ | 254,428 | $ | (114,063 | ) | $ | 406,491 | ||||||||||||||||||||||||||||||
Costs and expenses: | |||||||||||||||||||||||||||||||||||||||||
Cost of sales | — | 221,351 | 226,838 | (114,063 | ) | 334,126 | |||||||||||||||||||||||||||||||||||
Selling, general, and administrative expenses(2) | 9,300 | 9,966 | 41,043 | — | 60,309 | ||||||||||||||||||||||||||||||||||||
Research, technical, and product development expenses | — | 3,256 | — | — | 3,256 | ||||||||||||||||||||||||||||||||||||
Asset and asset-related charges (income) | — | — | (5,012 | ) | — | (5,012 | ) | ||||||||||||||||||||||||||||||||||
Operating income (loss) | 3,072 | 19,181 | (8,441 | ) | — | 13,812 | |||||||||||||||||||||||||||||||||||
Other expense, net | (52 | ) | (91 | ) | (479 | ) | — | (622 | ) | ||||||||||||||||||||||||||||||||
Interest income (expense), net | (2,650 | ) | 4,615 | (3,584 | ) | — | (1,619 | ) | |||||||||||||||||||||||||||||||||
Equity in earnings (loss) of subsidiaries | 5,544 | 2,617 | (2,282 | ) | (5,879 | ) | — | ||||||||||||||||||||||||||||||||||
Income (loss) before income taxes | 5,914 | 26,322 | (14,786 | ) | (5,879 | ) | 11,571 | ||||||||||||||||||||||||||||||||||
Provision for (benefit from) income taxes | 2,654 | 7,444 | (1,787 | ) | — | 8,311 | |||||||||||||||||||||||||||||||||||
Net income attributable to continuing operations | $ | 3,260 | $ | 18,878 | $ | (12,999 | ) | $ | (5,879 | ) | $ | 3,260 | |||||||||||||||||||||||||||||
Net income attributable to discontinued operations, net of tax | 310 | — | 310 | (310 | ) | 310 | |||||||||||||||||||||||||||||||||||
Net income (loss) | $ | 3,570 | $ | 18,878 | $ | (12,689 | ) | $ | (6,189 | ) | $ | 3,570 | |||||||||||||||||||||||||||||
Comprehensive income (loss) | $ | 4,796 | $ | 16,038 | $ | (6,708 | ) | $ | (9,330 | ) | $ | 4,796 | |||||||||||||||||||||||||||||
-1 | During the year ended December 31, 2010, the Parent recorded net sales related to the March 2010 settlement of certain Airbus 2009 contractual obligations. | ||||||||||||||||||||||||||||||||||||||||
-2 | The Parent allocates SG&A to the subsidiaries based upon its budgeted annual expenses. | ||||||||||||||||||||||||||||||||||||||||
Condensed Consolidating Balance Sheet | |||||||||||||||||||||||||||||||||||||||||
As of December 31, 2012 | |||||||||||||||||||||||||||||||||||||||||
RTI | Guarantor | Non-Guarantor | Eliminations | Consolidated | |||||||||||||||||||||||||||||||||||||
International | Subsidiaries | Subsidiaries | (As Restated) | (As Restated) | |||||||||||||||||||||||||||||||||||||
Metals, Inc. | (As Restated) | (As Restated) | |||||||||||||||||||||||||||||||||||||||
(As Restated) | |||||||||||||||||||||||||||||||||||||||||
ASSETS | |||||||||||||||||||||||||||||||||||||||||
Current assets: | |||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | 87,283 | $ | 9,907 | $ | — | $ | 97,190 | |||||||||||||||||||||||||||||||
Receivables, net | 126 | 72,773 | 59,639 | (27,221 | ) | 105,317 | |||||||||||||||||||||||||||||||||||
Inventories, net | — | 220,989 | 164,127 | — | 385,116 | ||||||||||||||||||||||||||||||||||||
Costs in excess of billings | — | — | 2,260 | — | 2,260 | ||||||||||||||||||||||||||||||||||||
Deferred income taxes | 26,478 | 2,543 | 2,359 | — | 31,380 | ||||||||||||||||||||||||||||||||||||
Assets of discontinued operations | — | — | 14,741 | — | 14,741 | ||||||||||||||||||||||||||||||||||||
Other current assets | 5,410 | 2,072 | 3,788 | — | 11,270 | ||||||||||||||||||||||||||||||||||||
Total current assets | 32,014 | 385,660 | 256,821 | (27,221 | ) | 647,274 | |||||||||||||||||||||||||||||||||||
Property, plant, and equipment, net | 1,327 | 308,467 | 66,155 | — | 375,949 | ||||||||||||||||||||||||||||||||||||
Goodwill | — | 93,665 | 36,945 | — | 130,610 | ||||||||||||||||||||||||||||||||||||
Other intangible assets, net | — | 35,152 | 21,343 | — | 56,495 | ||||||||||||||||||||||||||||||||||||
Deferred income taxes | — | 32,757 | 33,433 | (32,903 | ) | 33,287 | |||||||||||||||||||||||||||||||||||
Other noncurrent assets | 4,117 | 892 | 3,857 | — | 8,866 | ||||||||||||||||||||||||||||||||||||
Intercompany investments | 980,867 | 26,814 | 3,736 | (1,011,417 | ) | — | |||||||||||||||||||||||||||||||||||
Total assets | $ | 1,018,325 | $ | 883,407 | $ | 422,290 | $ | (1,071,541 | ) | $ | 1,252,481 | ||||||||||||||||||||||||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||||||||||||||||||||||||||||||||||||
Current liabilities: | |||||||||||||||||||||||||||||||||||||||||
Accounts payable | $ | 1,177 | $ | 70,086 | $ | 47,619 | $ | (27,221 | ) | $ | 91,661 | ||||||||||||||||||||||||||||||
Accrued wages and other employee costs | 6,519 | 16,368 | 11,209 | — | 34,096 | ||||||||||||||||||||||||||||||||||||
Unearned revenue | — | 689 | 24,309 | — | 24,998 | ||||||||||||||||||||||||||||||||||||
Liabilities of discontinued operations | — | — | 2,332 | — | 2,332 | ||||||||||||||||||||||||||||||||||||
Other accrued liabilities | 3,669 | 9,197 | 9,684 | — | 22,550 | ||||||||||||||||||||||||||||||||||||
Total current liabilities | 11,365 | 96,340 | 95,153 | (27,221 | ) | 175,637 | |||||||||||||||||||||||||||||||||||
Long-term debt | 196,644 | 1,693 | — | — | 198,337 | ||||||||||||||||||||||||||||||||||||
Intercompany debt | — | 118,229 | 104,084 | (222,313 | ) | — | |||||||||||||||||||||||||||||||||||
Liability for post-retirement benefits | — | 45,066 | — | — | 45,066 | ||||||||||||||||||||||||||||||||||||
Liability for pension benefits | 6,419 | 14,133 | 159 | — | 20,711 | ||||||||||||||||||||||||||||||||||||
Deferred income taxes | 54,222 | 21,590 | 3,475 | (32,903 | ) | 46,384 | |||||||||||||||||||||||||||||||||||
Unearned revenue | — | — | 13,013 | — | 13,013 | ||||||||||||||||||||||||||||||||||||
Other noncurrent liabilities | 8,140 | 3,434 | 224 | — | 11,798 | ||||||||||||||||||||||||||||||||||||
Total liabilities | 276,790 | 300,485 | 216,108 | (282,437 | ) | 510,946 | |||||||||||||||||||||||||||||||||||
Shareholders’ equity | 741,535 | 582,922 | 206,182 | (789,104 | ) | 741,535 | |||||||||||||||||||||||||||||||||||
Total liabilities and shareholders’ equity | $ | 1,018,325 | $ | 883,407 | $ | 422,290 | $ | (1,071,541 | ) | $ | 1,252,481 | ||||||||||||||||||||||||||||||
Condensed Consolidating Balance Sheet | |||||||||||||||||||||||||||||||||||||||||
As of December 31, 2011 | |||||||||||||||||||||||||||||||||||||||||
RTI | Guarantor | Non-Guarantor | Eliminations | Consolidated | |||||||||||||||||||||||||||||||||||||
International | Subsidiaries | Subsidiaries | (As Revised) | (As Revised) | |||||||||||||||||||||||||||||||||||||
Metals, Inc. | (As Revised) | (As Revised) | |||||||||||||||||||||||||||||||||||||||
(As Revised) | |||||||||||||||||||||||||||||||||||||||||
ASSETS | |||||||||||||||||||||||||||||||||||||||||
Current assets: | |||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | 144,271 | $ | 12,571 | $ | — | $ | 156,842 | |||||||||||||||||||||||||||||||
Short-term investments | — | 164,255 | — | — | 164,255 | ||||||||||||||||||||||||||||||||||||
Receivables, net | 351 | 55,499 | 51,113 | (20,535 | ) | 86,428 | |||||||||||||||||||||||||||||||||||
Inventories, net | — | 136,695 | 123,157 | — | 259,852 | ||||||||||||||||||||||||||||||||||||
Costs in excess of billings | — | — | 400 | — | 400 | ||||||||||||||||||||||||||||||||||||
Deferred income taxes | 17,177 | 1,399 | 465 | — | 19,041 | ||||||||||||||||||||||||||||||||||||
Assets of discontinued operations | — | — | 16,083 | — | 16,083 | ||||||||||||||||||||||||||||||||||||
Other current assets | 9,351 | 883 | 2,324 | (2,336 | ) | 10,222 | |||||||||||||||||||||||||||||||||||
Total current assets | 26,879 | 503,002 | 206,113 | (22,871 | ) | 713,123 | |||||||||||||||||||||||||||||||||||
Property, plant, and equipment, net | 709 | 224,129 | 64,537 | — | 289,375 | ||||||||||||||||||||||||||||||||||||
Investments | — | 12,683 | — | — | 12,683 | ||||||||||||||||||||||||||||||||||||
Goodwill | — | 18,097 | 36,386 | — | 54,483 | ||||||||||||||||||||||||||||||||||||
Other intangible assets, net | — | — | 22,576 | — | 22,576 | ||||||||||||||||||||||||||||||||||||
Deferred income taxes | — | 26,567 | 27,485 | (26,628 | ) | 27,424 | |||||||||||||||||||||||||||||||||||
Other noncurrent assets | 4,697 | 36 | 4,023 | — | 8,756 | ||||||||||||||||||||||||||||||||||||
Intercompany investments | 938,166 | 21,400 | 1,598 | (961,164 | ) | — | |||||||||||||||||||||||||||||||||||
Total assets | $ | 970,451 | $ | 805,914 | $ | 362,718 | $ | (1,010,663 | ) | $ | 1,128,420 | ||||||||||||||||||||||||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||||||||||||||||||||||||||||||||||||
Current liabilities: | |||||||||||||||||||||||||||||||||||||||||
Accounts payable | $ | 950 | $ | 38,456 | $ | 36,949 | $ | (20,535 | ) | $ | 55,820 | ||||||||||||||||||||||||||||||
Accrued wages and other employee costs | 7,485 | 11,978 | 7,324 | — | 26,787 | ||||||||||||||||||||||||||||||||||||
Unearned revenue | — | — | 19,716 | — | 19,716 | ||||||||||||||||||||||||||||||||||||
Liabilities of discontinued operations | — | — | 4,244 | — | 4,244 | ||||||||||||||||||||||||||||||||||||
Other accrued liabilities | 4,294 | 12,101 | 6,026 | (2,336 | ) | 20,085 | |||||||||||||||||||||||||||||||||||
Total current liabilities | 12,729 | 62,535 | 74,259 | (22,871 | ) | 126,652 | |||||||||||||||||||||||||||||||||||
Long-term debt | 186,961 | 20 | — | — | 186,981 | ||||||||||||||||||||||||||||||||||||
Intercompany debt | — | 105,116 | 100,740 | (205,856 | ) | — | |||||||||||||||||||||||||||||||||||
Liability for post-retirement benefits | — | 41,388 | — | — | 41,388 | ||||||||||||||||||||||||||||||||||||
Liability for pension benefits | 6,777 | 13,376 | 677 | — | 20,830 | ||||||||||||||||||||||||||||||||||||
Deferred income taxes | 36,638 | (40 | ) | 3,614 | (26,606 | ) | 13,606 | ||||||||||||||||||||||||||||||||||
Unearned revenue | — | — | 8,115 | — | 8,115 | ||||||||||||||||||||||||||||||||||||
Other noncurrent liabilities | 5,253 | 3,316 | 186 | — | 8,755 | ||||||||||||||||||||||||||||||||||||
Total liabilities | 248,358 | 225,711 | 187,591 | (255,333 | ) | 406,327 | |||||||||||||||||||||||||||||||||||
Shareholders’ equity | 722,093 | 580,203 | 175,127 | (755,330 | ) | 722,093 | |||||||||||||||||||||||||||||||||||
Total liabilities and shareholders’ equity | $ | 970,451 | $ | 805,914 | $ | 362,718 | $ | (1,010,663 | ) | $ | 1,128,420 | ||||||||||||||||||||||||||||||
Condensed Consolidating Statement of Cash Flows | |||||||||||||||||||||||||||||||||||||||||
Year Ended December 31, 2012 | |||||||||||||||||||||||||||||||||||||||||
RTI | Guarantor | Non-Guarantor | Eliminations | Consolidated | |||||||||||||||||||||||||||||||||||||
International | Subsidiaries | Subsidiaries | (As Restated) | (As Restated) | |||||||||||||||||||||||||||||||||||||
Metals, Inc. | (As Restated) | (As Restated) | |||||||||||||||||||||||||||||||||||||||
(As Restated) | |||||||||||||||||||||||||||||||||||||||||
Cash provided by (used in) operating activities | $ | 21,972 | $ | 2,957 | $ | (16,863 | ) | $ | — | $ | 8,066 | ||||||||||||||||||||||||||||||
Investing activities: | |||||||||||||||||||||||||||||||||||||||||
Capital expenditures | (970 | ) | (54,715 | ) | (5,853 | ) | — | (61,538 | ) | ||||||||||||||||||||||||||||||||
Investments in subsidiares, net | 178,633 | — | — | (178,633 | ) | — | |||||||||||||||||||||||||||||||||||
Acquisitions, net of cash acquired | (182,811 | ) | — | — | — | (182,811 | ) | ||||||||||||||||||||||||||||||||||
Proceeds from disposal of property, plant, and equipment | — | — | 10 | — | 10 | ||||||||||||||||||||||||||||||||||||
Short-term investments and marketable securities, net | — | 176,771 | — | — | 176,771 | ||||||||||||||||||||||||||||||||||||
Cash provided by (used in) investing activities | (5,148 | ) | 122,056 | (5,843 | ) | (178,633 | ) | (67,568 | ) | ||||||||||||||||||||||||||||||||
Financing activities: | |||||||||||||||||||||||||||||||||||||||||
Proceeds from exercise of employee stock options | 729 | — | — | — | 729 | ||||||||||||||||||||||||||||||||||||
Excess tax benefits from stock-based compensation activity | 196 | — | — | — | 196 | ||||||||||||||||||||||||||||||||||||
Parent company investments, net of distributions | — | (194,783 | ) | 16,150 | 178,633 | — | |||||||||||||||||||||||||||||||||||
Repayments on long-term debt | — | (758 | ) | — | — | (758 | ) | ||||||||||||||||||||||||||||||||||
Intercompany debt, net | (16,184 | ) | 13,540 | 2,644 | — | — | |||||||||||||||||||||||||||||||||||
Purchase of common stock held in treasury | (742 | ) | — | — | — | (742 | ) | ||||||||||||||||||||||||||||||||||
Financing fees | (823 | ) | — | — | — | (823 | ) | ||||||||||||||||||||||||||||||||||
Cash provided by (used in) financing activities | (16,824 | ) | (182,001 | ) | 18,794 | 178,633 | (1,398 | ) | |||||||||||||||||||||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | 1,248 | — | 1,248 | ||||||||||||||||||||||||||||||||||||
Decrease in cash and cash equivalents | — | (56,988 | ) | (2,664 | ) | — | (59,652 | ) | |||||||||||||||||||||||||||||||||
Cash and cash equivalents at beginning of period | — | 144,271 | 12,571 | — | 156,842 | ||||||||||||||||||||||||||||||||||||
Cash and cash equivalents at end of period | $ | — | $ | 87,283 | $ | 9,907 | $ | — | $ | 97,190 | |||||||||||||||||||||||||||||||
Condensed Consolidating Statement of Cash Flows | |||||||||||||||||||||||||||||||||||||||||
Year Ended December 31, 2011 | |||||||||||||||||||||||||||||||||||||||||
RTI | Guarantor | Non-Guarantor | Eliminations | Consolidated | |||||||||||||||||||||||||||||||||||||
International | Subsidiaries | Subsidiaries | (As Revised) | (As Revised) | |||||||||||||||||||||||||||||||||||||
Metals, Inc. | (As Revised) | (As Revised) | |||||||||||||||||||||||||||||||||||||||
(As Revised) | |||||||||||||||||||||||||||||||||||||||||
Cash provided by (used in) operating activities | $ | 28,498 | $ | 21,099 | $ | (34,762 | ) | $ | — | $ | 14,835 | ||||||||||||||||||||||||||||||
Investing activities: | |||||||||||||||||||||||||||||||||||||||||
Capital expenditures | — | (35,793 | ) | (3,052 | ) | — | (38,845 | ) | |||||||||||||||||||||||||||||||||
Investments in subsidiares, net | (35,812 | ) | — | — | — | (35,812 | ) | ||||||||||||||||||||||||||||||||||
Acquisitions, net of cash acquired | 33,831 | 1,735 | (36,248 | ) | 682 | — | |||||||||||||||||||||||||||||||||||
Proceeds from disposal of property, plant, and equipment | — | — | 20 | — | 20 | ||||||||||||||||||||||||||||||||||||
Short-term investments and marketable securities, net | — | (160,409 | ) | — | — | (160,409 | ) | ||||||||||||||||||||||||||||||||||
Cash used in investing activities | (1,981 | ) | (194,467 | ) | (39,280 | ) | 682 | (235,046 | ) | ||||||||||||||||||||||||||||||||
Financing activities: | |||||||||||||||||||||||||||||||||||||||||
Proceeds from exercise of employee stock options | 367 | — | — | — | 367 | ||||||||||||||||||||||||||||||||||||
Excess tax benefits from stock-based compensation activity | 302 | — | — | — | 302 | ||||||||||||||||||||||||||||||||||||
Parent company investments, net of distributions | — | (38,200 | ) | 38,882 | (682 | ) | — | ||||||||||||||||||||||||||||||||||
Repayments on long-term debt | — | (20 | ) | (5 | ) | — | (25 | ) | |||||||||||||||||||||||||||||||||
Intercompany debt, net | (26,892 | ) | 5,230 | 21,662 | — | — | |||||||||||||||||||||||||||||||||||
Purchase of common stock held in treasury | (294 | ) | — | — | — | (294 | ) | ||||||||||||||||||||||||||||||||||
Cash provided by (used in) financing activities | (26,517 | ) | (32,990 | ) | 60,539 | (682 | ) | 350 | |||||||||||||||||||||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | (248 | ) | — | (248 | ) | ||||||||||||||||||||||||||||||||||
Decrease in cash and cash equivalents | — | (206,358 | ) | (13,751 | ) | — | (220,109 | ) | |||||||||||||||||||||||||||||||||
Cash and cash equivalents at beginning of period | — | 350,629 | 26,322 | — | 376,951 | ||||||||||||||||||||||||||||||||||||
Cash and cash equivalents at end of period | $ | — | $ | 144,271 | $ | 12,571 | $ | — | $ | 156,842 | |||||||||||||||||||||||||||||||
Condensed Consolidating Statement of Cash Flows | |||||||||||||||||||||||||||||||||||||||||
Year Ended December 31, 2010 | |||||||||||||||||||||||||||||||||||||||||
RTI | Guarantor | Non-Guarantor | Eliminations | Consolidated | |||||||||||||||||||||||||||||||||||||
International | Subsidiaries | Subsidiaries | (As Revised) | (As Revised) | |||||||||||||||||||||||||||||||||||||
Metals, Inc. | (As Revised) | (As Revised) | |||||||||||||||||||||||||||||||||||||||
(As Revised) | |||||||||||||||||||||||||||||||||||||||||
Cash provided by operating activities | $ | 26,707 | $ | 28,776 | $ | 19,725 | $ | — | $ | 75,208 | |||||||||||||||||||||||||||||||
Investing activities: | |||||||||||||||||||||||||||||||||||||||||
Capital expenditures | — | (24,365 | ) | (4,267 | ) | — | (28,632 | ) | |||||||||||||||||||||||||||||||||
Investments in subsidiares, net | (205,830 | ) | (2,900 | ) | — | 208,730 | — | ||||||||||||||||||||||||||||||||||
Proceeds from disposal of property, plant, and equipment | — | — | 4,011 | — | 4,011 | ||||||||||||||||||||||||||||||||||||
Short-term investments, net | — | 44,766 | — | — | 44,766 | ||||||||||||||||||||||||||||||||||||
Cash provided by (used in) investing activities | (205,830 | ) | 17,501 | (256 | ) | 208,730 | 20,145 | ||||||||||||||||||||||||||||||||||
Financing activities: | |||||||||||||||||||||||||||||||||||||||||
Proceeds from exercise of employee stock options | 1,096 | — | — | — | 1,096 | ||||||||||||||||||||||||||||||||||||
Excess tax benefits from stock-based compensation activity | 380 | — | — | — | 380 | ||||||||||||||||||||||||||||||||||||
Parent company investments, net of distributions | — | 75,375 | 133,355 | (208,730 | ) | — | |||||||||||||||||||||||||||||||||||
Borrowings on long-term debt | 230,000 | — | — | — | 230,000 | ||||||||||||||||||||||||||||||||||||
Repayments on long-term debt | — | (20 | ) | (17 | ) | — | (37 | ) | |||||||||||||||||||||||||||||||||
Intercompany debt, net | (44,737 | ) | 183,472 | (138,735 | ) | — | — | ||||||||||||||||||||||||||||||||||
Purchase of common stock held in treasury | (367 | ) | — | — | — | (367 | ) | ||||||||||||||||||||||||||||||||||
Financing fees | (7,249 | ) | — | — | — | (7,249 | ) | ||||||||||||||||||||||||||||||||||
Cash provided by (used in) financing activities | 179,123 | 258,827 | (5,397 | ) | (208,730 | ) | 223,823 | ||||||||||||||||||||||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | 1,559 | — | 1,559 | ||||||||||||||||||||||||||||||||||||
Increase in cash and cash equivalents | — | 305,104 | 15,631 | — | 320,735 | ||||||||||||||||||||||||||||||||||||
Cash and cash equivalents at beginning of period | — | 45,525 | 10,691 | — | 56,216 | ||||||||||||||||||||||||||||||||||||
Cash and cash equivalents at end of period | $ | — | $ | 350,629 | $ | 26,322 | $ | — | $ | 376,951 | |||||||||||||||||||||||||||||||
SELECTED_QUARTERLY_FINANCIAL_I
SELECTED QUARTERLY FINANCIAL INFORMATION (UNAUDITED) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2012 | |||||||||||||||||
SELECTED QUARTERLY FINANCIAL INFORMATION (UNAUDITED) | ' | ||||||||||||||||
Note 18—SELECTED QUARTERLY FINANCIAL INFORMATION (UNAUDITED): | |||||||||||||||||
The following table sets forth selected quarterly financial data for 2012 and 2011. It has been derived from the Company’s unaudited Consolidated Financial Statements which have been restated or revised, as indicated, for each of the quarterly periods to reflect the adjustments that are more fully described in Note 2 to the Consolidated Financial Statements. | |||||||||||||||||
2012 | 1st | 2nd | 3rd | 4th | |||||||||||||
Quarter | Quarter | Quarter | Quarter | ||||||||||||||
(As Restated) | (As Restated) | (As Restated) | (As Restated) | ||||||||||||||
Net Sales | $ | 154,070 | $ | 184,462 | $ | 182,545 | $ | 187,013 | |||||||||
Gross profit | 32,507 | 34,019 | 33,650 | 39,452 | |||||||||||||
Operating income | 10,609 | 10,237 | 9,296 | 16,969 | |||||||||||||
Net income from continuing operations | 4,058 | 4,093 | 3,199 | 7,090 | |||||||||||||
Earnings per share attributable to continuing operations: | |||||||||||||||||
Basic | $ | 0.13 | $ | 0.14 | $ | 0.11 | $ | 0.23 | |||||||||
Diluted | $ | 0.13 | $ | 0.13 | $ | 0.11 | $ | 0.23 | |||||||||
Earnings per share attributable to discontinued operations: | |||||||||||||||||
Basic | $ | 0.02 | $ | 0.01 | $ | 0.01 | $ | 0.01 | |||||||||
Diluted | $ | 0.02 | $ | 0.01 | $ | 0.01 | $ | 0.01 | |||||||||
2011 | 1st | 2nd | 3rd | 4th | |||||||||||||
Quarter | Quarter | Quarter | Quarter | ||||||||||||||
(As Restated) | (As Restated) | (As Revised) | (As Revised) | ||||||||||||||
Net Sales | $ | 111,800 | $ | 118,007 | $ | 136,853 | $ | 134,628 | |||||||||
Gross profit | 23,312 | 24,183 | 22,851 | 23,282 | |||||||||||||
Operating income | 7,630 | 6,482 | 6,310 | 3,630 | |||||||||||||
Net income from continuing operations | 1,497 | 2,117 | 1,167 | (587 | ) | ||||||||||||
Earnings per share attributable to continuing operations: | |||||||||||||||||
Basic | $ | 0.05 | $ | 0.07 | $ | 0.04 | $ | (0.02 | ) | ||||||||
Diluted | $ | 0.05 | $ | 0.07 | $ | 0.04 | $ | (0.02 | ) | ||||||||
Earnings per share attributable to discontinued operations: | |||||||||||||||||
Basic | $ | 0.01 | $ | 0.02 | $ | 0.02 | $ | 0.01 | |||||||||
Diluted | $ | 0.01 | $ | 0.02 | $ | 0.02 | $ | 0.01 |
SUBSEQUENT_EVENT
SUBSEQUENT EVENT | 12 Months Ended |
Dec. 31, 2012 | |
SUBSEQUENT EVENT | ' |
Note 19—SUBSEQUENT EVENT: | |
On February 6, 2013, the Company announced a restructuring of its management organization, including the structure of its reportable segments. The new structure combines the global operations of the Company into two business segments: the Titanium Segment and the Engineered Products and Services Segment. The Titanium Segment combines the Company’s former Titanium and Distribution Groups. The Engineered Products and Services Segment is the Company’s former Fabrication Group, including the aerospace and defense, medical device, and energy operations of the two most recent acquisitions, Remmele and Advanced Forming. |
Schedule_IIValuation_and_Quali
Schedule II-Valuation and Qualifying Accounts | 12 Months Ended | ||||||||||||||||
Dec. 31, 2012 | |||||||||||||||||
Schedule II-Valuation and Qualifying Accounts | ' | ||||||||||||||||
RTI INTERNATIONAL METALS, INC. AND SUBSIDIARIES | |||||||||||||||||
Schedule II—Valuation and Qualifying Accounts | |||||||||||||||||
(In thousands) | |||||||||||||||||
Description | Balance at | (Charged) | (Charged) | Balance | |||||||||||||
beginning | credited to | credited to | at end | ||||||||||||||
of year | costs and | other | of year | ||||||||||||||
expenses | accounts | ||||||||||||||||
Year ended December 31, 2012: | |||||||||||||||||
Allowance for doubtful accounts | $ | (872 | ) | $ | 110 | $ | — | $ | (762 | ) | |||||||
Valuation allowance for deferred income taxes | (4,313 | ) | (126 | ) | — | (4,439 | ) | ||||||||||
Year ended December 31, 2011: | |||||||||||||||||
Allowance for doubtful accounts | $ | (478 | ) | $ | (394 | ) | $ | — | $ | (872 | ) | ||||||
Valuation allowance for deferred income taxes | (4,332 | ) | 19 | — | (4,313 | ) | |||||||||||
Year ended December 31, 2010: | |||||||||||||||||
Allowance for doubtful accounts | $ | (646 | ) | $ | 168 | $ | — | $ | (478 | ) | |||||||
Valuation allowance for deferred income taxes | (4,066 | ) | (266 | ) | — | (4,332 | ) |
SUMMARY_OF_SIGNIFICANT_ACCOUNT1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2012 | |||||||||||||||||
Principles of consolidation | ' | ||||||||||||||||
Principles of consolidation: | |||||||||||||||||
The Consolidated Financial Statements include the accounts of RTI International Metals, Inc. and its wholly-owned subsidiaries. All significant intercompany accounts and transactions are eliminated. Certain prior year amounts have been reclassified to conform to current year presentation. | |||||||||||||||||
Use of estimates | ' | ||||||||||||||||
Use of estimates: | |||||||||||||||||
Generally accepted accounting principles require management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at year-end and the reported amounts of revenues and expenses during the year. Actual results could differ from these estimates. Significant items subject to such estimates and assumptions include the carrying values of accounts receivable, inventories, property, plant, and equipment, intangible assets, goodwill, pensions, post-retirement benefits, worker’s compensation, environmental liabilities, and income taxes. | |||||||||||||||||
Fair value | ' | ||||||||||||||||
Fair value: | |||||||||||||||||
For certain of the Company’s financial instruments and account groupings, including cash, short-term investments, accounts receivable, marketable securities, accounts payable, accrued wages and other employee costs, unearned revenue, and other accrued liabilities, the carrying value approximates the fair value of these instruments and groupings. | |||||||||||||||||
The Financial Accounting Standards Board (the “FASB”) defines fair value as an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based upon assumptions that market participants would use in pricing an asset or liability. As a basis for considering such assumptions, a three-tier fair value hierarchy prioritizes the inputs utilized in measuring fair value as follows: (Level 1) observable inputs such as quoted prices in active markets; (Level 2) inputs other than the quoted prices in active markets that are observable either directly or indirectly; and (Level 3) unobservable inputs in which there is little or no market data and which requires the Company to develop its own assumptions. The hierarchy requires the Company to use observable market data, when available, and to minimize the use of unobservable inputs when determining fair value. On a recurring basis, the Company measures certain financial assets and liabilities at fair value, including its short-term investments and marketable securities. | |||||||||||||||||
The Company held no assets or liabilities measured at fair value on a recurring basis as of December 31, 2012. Listed below are the Company’s assets and liabilities, and their respective fair values, which were measured at fair value on a recurring basis as of December 31, 2011. For the Company’s short-term investments and marketable securities, fair value was determined based on the closing price reported on the active market on which the individual securities are traded. There were no transfers between levels during the year ended December 31, 2012. | |||||||||||||||||
Quoted Market | Significant | Significant | Total | ||||||||||||||
Prices | Other Observable | Unobservable | |||||||||||||||
(Level 1) | Inputs | Inputs | |||||||||||||||
(Level 2) | (Level 3) | ||||||||||||||||
As of December 31, 2011: | |||||||||||||||||
Short-term investments: | |||||||||||||||||
Short-term municipal bond fund | $ | — | $ | 20,542 | $ | — | $ | 20,542 | |||||||||
Commercial paper | 112,893 | — | — | 112,893 | |||||||||||||
Corporate notes and bonds | 30,820 | — | — | 30,820 | |||||||||||||
Total short-term investments | 143,713 | 20,542 | — | 164,255 | |||||||||||||
Marketable securities: | |||||||||||||||||
Corporate notes and bonds | 4,181 | — | — | 4,181 | |||||||||||||
U.S. government agencies | 8,502 | — | — | 8,502 | |||||||||||||
Total marketable securities | 12,683 | — | — | 12,683 | |||||||||||||
Total | $ | 156,396 | $ | 20,542 | $ | — | $ | 176,938 | |||||||||
As of both December 31, 2012 and 2011, the Company did not have any financial assets or liabilities that were measured at fair value on a non-recurring basis. | |||||||||||||||||
The carrying amounts and fair values of financial instruments for which the fair value option was not elected were as follows: | |||||||||||||||||
December 31, 2012 | December 31, 2011 | ||||||||||||||||
Carrying | Fair Value | Carrying | Fair Value | ||||||||||||||
Amount | Amount | ||||||||||||||||
Cash and cash equivalents | $ | 97,190 | $ | 97,190 | $ | 156,842 | $ | 156,842 | |||||||||
Long-term debt | $ | 198,337 | $ | 249,113 | $ | 186,981 | $ | 229,540 | |||||||||
Current portion of long-term debt | $ | 957 | $ | 957 | $ | — | $ | — | |||||||||
The fair value of long-term debt was estimated based on the quoted market price for the debt (Level 2). | |||||||||||||||||
Cash, cash equivalent, short-term investments, and marketable securities | ' | ||||||||||||||||
Cash, cash equivalent, short-term investments, and marketable securities: | |||||||||||||||||
Cash and cash equivalents | |||||||||||||||||
The Company considers all highly-liquid investments with an original maturity of three months or less to be cash equivalents. Cash equivalents principally consist of investments in short-term money market funds and corporate commercial paper. | |||||||||||||||||
Available-for-sale securities | |||||||||||||||||
Investments in marketable securities that were held for an indefinite period were classified as available-for-sale and were 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 income until realized. Realized gains and losses from the sale of available-for-sale securities were determined on a specific identification basis. The Company considered these investments to be available-for-sale as they could be sold to fund other investment opportunities as they arise. | |||||||||||||||||
The major categories of the Company’s cash equivalents and marketable securities are as follows: | |||||||||||||||||
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. | |||||||||||||||||
Commercial paper | |||||||||||||||||
The Company invests in high-quality commercial paper issued by highly-rated corporations. By definition, the stated maturity on commercial paper obligations cannot exceed 270 days. | |||||||||||||||||
Short-term municipal bond fund | |||||||||||||||||
The dividends received by the Company are not taxable for U.S. Federal income tax purposes. The fund invests in municipal bonds that are near their maturity. | |||||||||||||||||
Corporate notes and bonds | |||||||||||||||||
The Company evaluates its corporate debt securities based upon a variety of factors including, but not limited to, the credit rating of the issuer. All of the Company’s corporate debt securities are rated as investment grade by the major rating agencies. | |||||||||||||||||
U.S. government agencies | |||||||||||||||||
These U.S. government guaranteed debt securities are rated as investment grade by the major rating agencies and are publicly traded and valued. | |||||||||||||||||
Cash, cash equivalents, short-term investments, and marketable securities consisted of the following: | |||||||||||||||||
December 31, | December 31, | ||||||||||||||||
2012 | 2011 | ||||||||||||||||
Cash and cash equivalents: | |||||||||||||||||
Cash | $ | 37,473 | $ | 18,015 | |||||||||||||
Cash equivalents: | |||||||||||||||||
Commercial paper | 32,642 | 6,998 | |||||||||||||||
Money market mutual funds | 27,075 | 131,829 | |||||||||||||||
Total cash and cash equivalents | 97,190 | 156,842 | |||||||||||||||
Short-term investments and marketable securities: | |||||||||||||||||
Short-term municipal bond fund | — | 20,542 | |||||||||||||||
Commercial paper | — | 112,893 | |||||||||||||||
Corporate notes and bonds | — | 35,001 | |||||||||||||||
U.S. government agencies | — | 8,502 | |||||||||||||||
Total short-term investments and marketable securities | — | 176,938 | |||||||||||||||
Total cash, cash equivalents, short-term investments, and marketable securities | $ | 97,190 | $ | 333,780 | |||||||||||||
The Company’s short-term investments and marketable securities at December 31, 2011 are summarized in the table below. There were no investments or marketable securities owned by the Company as of December 31, 2012. | |||||||||||||||||
Amortized | Gross Unrealized | ||||||||||||||||
Cost | Gains | Losses | Fair Value | ||||||||||||||
As of December 31, 2011: | |||||||||||||||||
Short-term municipal bond fund | $ | 20,501 | $ | 41 | $ | — | $ | 20,542 | |||||||||
Commercial paper | 112,925 | 1 | 33 | 112,893 | |||||||||||||
Corporate notes and bonds | 35,060 | — | 59 | 35,001 | |||||||||||||
U.S. government agencies | 8,502 | 1 | 1 | 8,502 | |||||||||||||
Total | $ | 176,988 | $ | 43 | $ | 93 | $ | 176,938 | |||||||||
Receivables | ' | ||||||||||||||||
Receivables: | |||||||||||||||||
Receivables are carried at net realizable value. Estimates are made as to the Company’s ability to collect outstanding receivables, taking into consideration the amount, the customer’s financial condition, and the age of the debt. The Company ascertains the net realizable value of amounts owed and provides an allowance when collection becomes doubtful. Receivables are expected to be collected in the normal course of business and consisted of the following: | |||||||||||||||||
December 31, | |||||||||||||||||
2012 | 2011 | ||||||||||||||||
(as restated) | |||||||||||||||||
Trade and commercial customers | $ | 106,039 | $ | 87,275 | |||||||||||||
Less: Allowance for doubtful accounts | (722 | ) | (847 | ) | |||||||||||||
Total receivables | $ | 105,317 | $ | 86,428 | |||||||||||||
Inventories | ' | ||||||||||||||||
Inventories: | |||||||||||||||||
Inventories are valued at cost as determined by the last-in, first-out (“LIFO”) method for approximately 55% and 60% of the Company’s inventories as of December 31, 2012 and 2011, 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). When market conditions indicate an excess of carrying cost over market value, a lower-of-cost-or-market provision is recorded. The Company’s FIFO inventory value approximates current costs. There were no LIFO decrements for the year ended December 31, 2012. LIFO decrements did not have a material impact on cost of sales for the year ended December 31, 2011. | |||||||||||||||||
Inventories consisted of the following: | |||||||||||||||||
December 31, | |||||||||||||||||
2012 | 2011 | ||||||||||||||||
(as restated) | (as revised) | ||||||||||||||||
Raw materials and supplies | $ | 160,627 | $ | 83,778 | |||||||||||||
Work-in-process and finished goods | 283,087 | 239,900 | |||||||||||||||
LIFO reserve | (58,598 | ) | (63,826 | ) | |||||||||||||
Total inventories | $ | 385,116 | $ | 259,852 | |||||||||||||
Costs in Excess of Billings | ' | ||||||||||||||||
Costs in Excess of Billings: | |||||||||||||||||
As of December 31, 2012 and 2011, the Company had costs in excess of billings of $2,260 and $400, respectively. All $2,260 of costs in excess of billings are expected to be collected within the next 12 months. The Company had no claims included in inventory, progress payments netted against inventory, or billings in excess of cost at December 31, 2012 or 2011, respectively. | |||||||||||||||||
Property, plant, and equipment | ' | ||||||||||||||||
Property, plant, and equipment: | |||||||||||||||||
The cost of property, plant, and equipment includes all direct costs of acquisition and capital improvements. Applicable amounts of interest on borrowings outstanding during the construction or acquisition period for major capital projects are capitalized. During the years ended December 31, 2012 and 2011, the Company capitalized $821 and $975, respectively, of interest expense related to its major capital expansion projects. | |||||||||||||||||
Property, plant, and equipment is stated at cost and consisted of the following: | |||||||||||||||||
December 31, | |||||||||||||||||
2012 | 2011 | ||||||||||||||||
Land | $ | 17,965 | $ | 11,862 | |||||||||||||
Buildings and improvements | 121,016 | 99,384 | |||||||||||||||
Machinery and equipment | 414,431 | 327,056 | |||||||||||||||
Computer hardware and software, furniture and fixtures, and other | 64,280 | 60,530 | |||||||||||||||
Construction-in-progress | 56,087 | 56,794 | |||||||||||||||
$ | 673,779 | $ | 555,626 | ||||||||||||||
Less: Accumulated depreciation | (297,830 | ) | (266,251 | ) | |||||||||||||
Total property, plant, and equipment, net | $ | 375,949 | $ | 289,375 | |||||||||||||
Depreciation is determined using the straight-line method over the estimated useful lives of the various classes of assets. Depreciation expense for the years ended December 31, 2012, 2011, and 2010 was $37,398, $21,384, and $21,109, respectively. Depreciation is generally recorded over the following useful lives: | |||||||||||||||||
Buildings and improvements | 20-40 years | ||||||||||||||||
Machinery and equipment | 7-15 years | ||||||||||||||||
Furniture and fixtures | 5-10 years | ||||||||||||||||
Computer hardware and software | 3-10 years | ||||||||||||||||
The cost of properties retired or otherwise disposed of, together with the accumulated depreciation provided thereon, is eliminated from the accounts. The net gain or loss is recognized in operating income. | |||||||||||||||||
Leased property and equipment under capital leases are amortized using the straight-line method over the term of the lease. | |||||||||||||||||
Routine maintenance, repairs, and replacements are charged to operations. Expenditures that materially increase values, change capacities, or extend useful lives are capitalized. | |||||||||||||||||
The Company recorded an asset impairment of $1,617 for the year ended December 31, 2012 as a result of the electrical transformer fire at the Titanium Segment’s Canton, Ohio facility. This impairment charge was partially offset by $1,250 for insurance proceeds. The net impairment charge is included in the Consolidated Statement of Operations as asset and asset related charges (income). | |||||||||||||||||
Goodwill and intangible assets | ' | ||||||||||||||||
Goodwill and intangible assets: | |||||||||||||||||
In the case of goodwill and intangible assets, if future product demand or market conditions reduce management’s expectation of future cash flows from these assets, a write-down of the carrying value or acceleration of the amortization period may be required. Intangible assets were originally valued at fair value at the date of acquisition with the assistance of outside experts. | |||||||||||||||||
The Company performs its goodwill impairment testing at the reporting unit level. The Company’s six reporting units, which are one level below its operating segments, where appropriate, are as follows: 1) the Titanium reporting unit; 2) the Fabrication reporting unit; 3) the Medical Device Fabrication reporting unit; 4) the U.S. Distribution reporting unit; 5) the Europe Distribution reporting unit; and 6) the Energy Fabrication reporting unit. As of December 31, 2012 and 2011, the Energy Fabrication reporting unit had no goodwill. | |||||||||||||||||
The carrying value of goodwill at the Company’s five reporting units as of the Company’s October 1, 2012 annual impairment test was as follows: | |||||||||||||||||
Goodwill | |||||||||||||||||
(as restated) | |||||||||||||||||
Titanium reporting unit | $ | 2,548 | |||||||||||||||
Fabrication reporting unit | 61,858 | ||||||||||||||||
Medical Device Fabrication reporting unit | 58,898 | ||||||||||||||||
Titanium Service Center reporting unit | 7,472 | ||||||||||||||||
Energy Fabrication reporting unit | — | ||||||||||||||||
Total Goodwill | $ | 130,776 | |||||||||||||||
Management evaluates the recoverability of goodwill by first determining, through a qualitative analysis, whether there have been any events or changes in circumstances that would indicate a potential impairment. If the qualitative analysis indicates that it is more-likely-than-not that an impairment has occurred, management compares the fair value of each reporting unit with its carrying value. The fair values of the reporting units are determined using either a discounted cash flow analysis based on historical and projected financial information, a market valuation approach, or a combination of these two approaches. A discounted cash flow analysis provides a fair value estimate based upon each reporting unit’s long-term operating and cash flow performance. This approach also considers the impact of cyclical downturns that occur in the titanium and aerospace industries. The market valuation approach applies market multiples such as EBITDA and revenue multiples developed from a set of peer group companies to each reporting unit to determine its fair value. | |||||||||||||||||
During the Company’s annual qualitative assessment, the following key factors were considered: | |||||||||||||||||
• | The Company has a strong backlog and relies heavily on long-term contracts and pricing which extends out over the next eight to ten years. The Company currently has long-term agreements in place with both Boeing and Airbus, both of whom currently have a production backlog of approximately seven years and are ramping up aircraft production to meet current demand. | ||||||||||||||||
• | For a significant portion of titanium sponge purchases, the Company’s primary raw material for mill product which supports its long-term contracts, the Company has long-term supply agreements lasting through 2021 that significantly reduce price volatility. | ||||||||||||||||
• | The long-term outlook for titanium is strong. The Company anticipates that titanium will remain a key material used within the commercial aerospace and defense markets due to the continued increased use of titanium in airframes and in jet engines, as well as in artillery weapons systems and armored vehicles. Titanium use growing due to the metal’s high strength, low weight, compatibility with composites, and noncorrosive qualities. As a result of the Company’s current position as a supplier on the long-term agreements noted above, the Company anticipates that it will be in a position going forward to leverage these relationships as new opportunities arise related to titanium use within the commercial aerospace and defense markets. | ||||||||||||||||
• | The Company has an integrated business model. As an integrated supplier, the Company maintains a breadth of capabilities that span the production cycle for highly-engineered titanium and specialty metal components. Unlike other suppliers of titanium and various specialty metals, the Company provides its customers with solutions spanning the value stream, from titanium mill products to major assembly design, kitting, and system integration. As a result of the Company’s participation throughout the supply chain value stream, especially its unique fabrication capabilities, the Company believes that it offers significant structural advantages as aircraft production increases and continued design enhancements, as well as cost containment initiatives, drive demand for fabricated titanium parts. This demand and operating leverage should serve to drive the Company’s revenue growth and profitability during the coming period of build-rate expansion. The Company is beginning to see this integrated strategy benefit not only the commercial aerospace and defense markets, but also the medical device and energy markets. | ||||||||||||||||
• | As of October 1, 2012, the date of the Company’s annual goodwill impairment test, the Company’s market capitalization was approximately 4% lower than net book value. At December 31, 2012, the Company’s market capitalization exceeded its book value by 12%. | ||||||||||||||||
• | The Fabrication, U.S. Distribution, and European Distribution reporting units all exceeded prior year and forecasted results. The Titanium Segment’s performance was slightly below prior year results and approximated forecasted results. The results still exceeded those used in previous 2-step impairment tests, and therefore the Company does not believe that this is an indication of impairment. | ||||||||||||||||
Based on the above factors, it was determined that further testing of the recoverability of the Company’s goodwill was not required at the Company’s Titanium, Fabrication, U.S. Distribution, and European Distribution reporting units. | |||||||||||||||||
Concurrent with the acquisition of Remmele, the Medical Device Fabrication reporting unit was formed. Due to the lack of a historical goodwill passing margin, the Company elected to perform a two-step impairment test rather than a qualitative assessment of the recoverability of goodwill. The results of the two-step impairment test indicated the Medical Device Fabrication reporting unit’s fair value exceeded its carrying value as of October 1, 2012. The fair value was determined using a discounted cash flow analysis using an assumed discount rate of 10%. | |||||||||||||||||
Excluding the Energy Fabrication reporting unit, which was fully impaired in 2009, there have been no impairments to date at the Company’s reporting units. Uncertainties or other factors that could result in a potential impairment in future periods may include continued long-term production delays or a significant decrease in expected demand related to the Boeing 787 Dreamliner® program, as well as any cancellation of or material modification to one of the other major aerospace programs the Company currently supplies, including the JSF program or the Airbus family of aircraft, including the A380 and A350XWB programs. In addition, the Company’s ability to ramp up its production of these programs in a cost efficient manner may also impact the results of a future impairment test. | |||||||||||||||||
The carrying amount of goodwill attributable to each segment at December 31, 2010, 2011, and 2012 was as follows: | |||||||||||||||||
Titanium | Engineered | Total | |||||||||||||||
Segment | Products and | ||||||||||||||||
Services | |||||||||||||||||
Segment | |||||||||||||||||
December 31, 2010 | $ | 10,020 | $ | 30,394 | $ | 40,414 | |||||||||||
Additions (Note 5) | — | 14,303 | 14,303 | ||||||||||||||
Translation adjustment | — | (234 | ) | (234 | ) | ||||||||||||
December 31, 2011 | 10,020 | 44,463 | 54,483 | ||||||||||||||
Additions (Note 5) (as restated) | — | 75,824 | 75,824 | ||||||||||||||
Translation adjustment | — | 303 | 303 | ||||||||||||||
December 31, 2012 (as restated) | $ | 10,020 | $ | 120,590 | $ | 130,610 | |||||||||||
At December 31, 2012 and 2011, the Engineered Products and Services Segment had accumulated goodwill impairment losses of $8,899. The Titanium Segment had no accumulated impairment losses. | |||||||||||||||||
Intangible assets. Intangible assets consist primarily of customer relationships, trade names, and developed technology acquired through various business combinations. These intangible assets were valued at fair value at acquisition. In the event that long-term demand or market conditions change and the expected future cash flows associated with these assets is reduced, a write-down or acceleration of the amortization period may be required. The Company has one indefinite-lived intangible asset, the Remmele trade name, which it does not amortize. The Company intends to utilize the Remmele trade name indefinitely. Other intangible assets are being amortized over the following periods: | |||||||||||||||||
Customer Relationships | 15-20 years | ||||||||||||||||
Developed Technology | 12-20 years | ||||||||||||||||
Backlog | 2 years | ||||||||||||||||
Amortization expense was $3,760, $1,091, and $984 for the years ended December 31, 2012, 2011, and 2010, respectively. Estimated annual amortization expense expected in each of the next five successive years is as follows: | |||||||||||||||||
Amortization | |||||||||||||||||
2013 | $ | 4,308 | |||||||||||||||
2014 | 3,827 | ||||||||||||||||
2015 | 3,758 | ||||||||||||||||
2016 | 3,758 | ||||||||||||||||
2017 | 3,758 | ||||||||||||||||
There were no intangible assets attributable to the Titanium Segment at December 31, 2010, 2011, and 2012. The carrying amount of intangible assets attributable to the Engineered Products and Services Segment at December 31, 2010, 2011, and 2012, as well as a summary of intangible assets, by class, at December 31, 2012 and 2011, is presented below: | |||||||||||||||||
Intangible | |||||||||||||||||
Assets | |||||||||||||||||
December 31, 2010 | $ | 14,066 | |||||||||||||||
Intangible assets acquired (Note 5) | 9,803 | ||||||||||||||||
Amortization | (1,091 | ) | |||||||||||||||
Translation adjustment | (202 | ) | |||||||||||||||
December 31, 2011 | 22,576 | ||||||||||||||||
Intangible assets acquired (Note 5) | 37,400 | ||||||||||||||||
Amortization | (3,760 | ) | |||||||||||||||
Translation adjustment | 279 | ||||||||||||||||
December 31, 2012 | $ | 56,495 | |||||||||||||||
December 31, | |||||||||||||||||
2012 | 2011 | ||||||||||||||||
Backlog | $ | 1,100 | $ | — | |||||||||||||
Accumulated amortization | (481 | ) | — | ||||||||||||||
Backlog, net | 619 | — | |||||||||||||||
Customer relationships | 41,413 | 22,113 | |||||||||||||||
Effects of currency translation | 3,183 | 2,761 | |||||||||||||||
Accumulated amortization | (8,754 | ) | (6,167 | ) | |||||||||||||
Customer relationships, net | 35,842 | 18,707 | |||||||||||||||
Developed technology | 13,290 | 3,890 | |||||||||||||||
Accumulated amortization | (856 | ) | (21 | ) | |||||||||||||
Developed technology, net | 12,434 | 3,869 | |||||||||||||||
Remmele trade name | 7,600 | — | |||||||||||||||
Total intangible assets, net | $ | 56,495 | $ | 22,576 | |||||||||||||
Management evaluates the recovery of indefinite-lived intangible assets by first determining, through a qualitative analysis, whether there have been any events or changes in circumstances that would indicate a potential impairment. If the qualitative analysis indicates that it is more-likely-than-not that an impairment has incurred, management compares the fair value of the indefinite lived intangible asset to its carrying value and then measures the impairment, if any. As of October 1, 2012, the Company’s only indefinite-lived intangible asset other than goodwill was the Remmele trade name. The qualitative analysis indicated further testing of the recoverability of the value of the trade name was not required. The analysis included examining Remmele’s customer attrition rates and gross margins, as well as other factors to determine if there were any indicators that the value of the trade name was not recoverable. | |||||||||||||||||
Other long-lived assets | ' | ||||||||||||||||
Other long-lived assets: | |||||||||||||||||
The Company evaluates the potential impairment of other long-lived assets including property, plant, and equipment when events or circumstances indicate that a change in value may have occurred. If the carrying value of the assets exceeds the sum of the undiscounted expected future cash flows, the carrying value of the asset is written down to fair value. | |||||||||||||||||
Environmental | ' | ||||||||||||||||
Environmental: | |||||||||||||||||
The Company expenses environmental costs related to existing conditions from which no future benefit is determinable. Expenditures that enhance or extend the life of the asset are capitalized. The Company determines its liability for remediation on a site-by-site basis and records a liability when it is probable and can be reasonably estimated. The estimated liability of the Company is not discounted or reduced for possible recoveries from insurance carriers. | |||||||||||||||||
Treasury stock | ' | ||||||||||||||||
Treasury stock: | |||||||||||||||||
The Company accounts for treasury stock under the cost method and includes such shares as a reduction of total shareholders’ equity. | |||||||||||||||||
Revenue Recognition | ' | ||||||||||||||||
Revenue Recognition | |||||||||||||||||
Product and service revenues are recognized when persuasive evidence of an arrangement exists, product delivery has occurred or services have been rendered, pricing is fixed or determinable, and collection is reasonably assured. Service revenues are recognized as services are rendered. Revenue under long-term construction-type contracts are recorded on a percentage-of-completion method measured on the cost-to-cost basis and the units-of-delivery basis for long-term production-type contracts. | |||||||||||||||||
Since the Company had not been historically recording revenue and expenses in accordance with ASC 605-35, such estimates are not available for historical periods and it is not practical to create such estimates. As a result, revenues and costs under these contracts have been recorded in equal amounts using the zero profit method under ASC 605-35 until the period when the Company believes it would have been able to estimate the remaining revenues and costs, at which point the cumulative contract gross profit earned to date was recorded. This generally occurred when the primary deliverable under the contract was delivered. The Company will continue to use this methodology until such time as a reliable formal process for estimating total contract revenues and costs is implemented, at which time the Company will recognize contract revenues in proportion to costs for its ongoing contracts. | |||||||||||||||||
Provisions for anticipated losses on long-term contracts are recorded in full when such losses become evident. No such losses have been recorded at December 31, 2012, 2011, or 2010. | |||||||||||||||||
Revenues from contracts with multiple element arrangements are recognized as each element is earned based on the relative fair value of each element provided the delivered elements have value to customers on a standalone basis. Amounts allocated to each element are based on its objectively determined fair value, such as the sales price for the product or service when it is sold separately. | |||||||||||||||||
Shipping and handling fees and costs | ' | ||||||||||||||||
Shipping and handling fees and costs: | |||||||||||||||||
All amounts billed to a customer in a sales transaction related to shipping and handling represent revenues earned and are reported as revenue. Costs incurred by the Company for shipping and handling, including transportation costs paid to third-party shippers, are reported as a component of cost of sales. Shipping and handling expenses were immaterial for the years ended December 31, 2012, 2011, and 2010, respectively. | |||||||||||||||||
Research and development | ' | ||||||||||||||||
Research and development: | |||||||||||||||||
Research and development costs are expensed as incurred. These costs totaled $4,164, $3,392, and $3,256 for the years ended December 31, 2012, 2011, and 2010, respectively. | |||||||||||||||||
Pensions | ' | ||||||||||||||||
Pensions: | |||||||||||||||||
The Company has a number of pension plans which cover substantially all employees. Most employees in the Titanium Segment are covered by defined benefit plans in which benefits are based on years of service and annual compensation. Contributions to the defined benefit plans, as determined by an independent actuary in accordance with applicable regulations, provide not only for benefits attributed to date, but also for those expected to be earned in the future. The Company’s policy is to fund pension costs at amounts equal to the minimum funding requirements of the Employee Retirement Income Security Act of 1974 (“ERISA”), as amended, for U.S. plans plus additional amounts as may be approved from time to time. | |||||||||||||||||
The Company accounts for its defined benefit pension plans in accordance with the FASB’s authoritative guidance, which requires amounts recognized in the financial statements to be determined on an actuarial basis, rather than as contributions are made to the plans, and requires recognition of the funded status of the Company’s plans in its Consolidated Balance Sheet. In addition, it also requires actuarial gains and losses, prior service costs and credits, and transition obligations that have not yet been recognized to be recorded as a component of accumulated other comprehensive loss. | |||||||||||||||||
Other post-retirement benefits | ' | ||||||||||||||||
Other post-retirement benefits: | |||||||||||||||||
The Company provides health care benefits and life insurance coverage for certain of its employees and their dependents. Under the Company’s current plans, certain of the Company’s employees will become eligible for those benefits if they reach retirement age while working with the Company. In general, employees of the Titanium Segment are covered by post-retirement health care and life insurance benefits. | |||||||||||||||||
The Company also sponsors another post-retirement plan covering certain employees. This plan provides health care benefits for eligible employees. These benefits are accounted for on an actuarial basis, rather than as benefits are paid. The Company does not pre-fund post-retirement benefit costs, but rather pays claims as billed. | |||||||||||||||||
Income taxes | ' | ||||||||||||||||
Income taxes: | |||||||||||||||||
Deferred tax assets and liabilities are determined based on the difference between the financial statement and tax basis of assets and liabilities multiplied by the enacted tax rates which will be in effect when these differences are expected to reverse. In addition, deferred tax assets may arise from net operating losses (“NOLs”) and tax credits which may be carried back to obtain refunds or carried forward to offset future cash tax liabilities. | |||||||||||||||||
On a quarterly basis, the Company evaluates the available evidence supporting the realization of deferred tax assets and makes adjustments for a valuation allowance, as necessary. | |||||||||||||||||
Tax benefits related to uncertain tax provisions taken or expected to be taken on a tax return are recorded when such benefits meet a more-likely-than-not threshold. Otherwise, these tax benefits are recorded when a tax position has been effectively settled, which means that either the appropriate taxing authority has completed their examination even though the statute of limitations remains open, or the statute of limitation has expired. Interest and penalties related to uncertain tax positions are recognized as part of the provision for income taxes and are accrued beginning in the period that such interest and penalties would be applicable under relevant tax law until such time that the related tax benefits are recognized. | |||||||||||||||||
Foreign currencies | ' | ||||||||||||||||
Foreign currencies: | |||||||||||||||||
For the Company’s foreign subsidiaries in the United Kingdom and France, whose functional currency is the U.S. Dollar, monetary assets and liabilities are remeasured at current rates, non-monetary assets and liabilities are remeasured at historical rates, and revenues and expenses are translated at average rates on a monthly basis throughout the year. Resulting differences from the remeasurement process are recognized in income and reported as other income (expense). | |||||||||||||||||
The functional currency of the Company’s Canadian subsidiary is the Canadian Dollar. Assets and liabilities are translated at year-end exchange rates. Income statement accounts are translated at the average rates of exchange prevailing during the year. Translation adjustments are reported as a component of accumulated other comprehensive loss in shareholders’ equity and are included in comprehensive income (loss). | |||||||||||||||||
Transactions and balances denominated in currencies other than the functional currency of the transacting entity are remeasured at current rates when the transaction occurs and at each balance sheet date. Transaction gains and losses are included in net income for the period. | |||||||||||||||||
Accumulated other comprehensive income (loss) | ' | ||||||||||||||||
Accumulated other comprehensive income (loss): | |||||||||||||||||
The components of accumulated other comprehensive loss, net of tax, on the Company’s balance sheet at December 31, 2012 and 2011 were as follows: | |||||||||||||||||
December 31, | |||||||||||||||||
2012 | 2011 | ||||||||||||||||
Unrealized gain (loss) on available for sale investments | $ | — | $ | (8 | ) | ||||||||||||
Foreign currency translation | 12,990 | 10,432 | |||||||||||||||
Actuarial losses on benefit plans | (57,712 | ) | (49,635 | ) | |||||||||||||
Total accumulated other comprehensive loss | $ | (44,722 | ) | $ | (39,211 | ) | |||||||||||
Stock-based compensation | ' | ||||||||||||||||
Stock-based compensation: | |||||||||||||||||
Stock-based compensation is accounted for as required by the FASB’s authoritative guidance. The Company has applied the modified-prospective-transition method. The Company utilizes a “graded vesting” approach to recognize compensation expense over the vesting period of stock awards. For employees who have reached retirement age, the Company recognizes compensation expense at the date of grant. For employees approaching retirement eligibility, the Company amortizes compensation expense over the period from the grant date through the retirement eligibility date. | |||||||||||||||||
Cash flows resulting from the windfall tax benefits from tax deductions in excess of the compensation cost recognized (“excess tax benefits”) are classified as financing cash inflows. For the years ended December 31, 2012, 2011, and 2010, operating cash flows were decreased and financing cash flows were increased by $196, $302, and $380, respectively. | |||||||||||||||||
Total compensation expense recognized in the Consolidated Statements of Operations for stock-based compensation arrangements was $4,797, $4,599, and $3,847 for the years ended December 31, 2012, 2011, and 2010, respectively. The total income tax benefit recognized in the Consolidated Statements of Operations for stock-based compensation arrangements was $1,727, $2,060, and $2,735 for the years ended December 31, 2012, 2011, and 2010, respectively. There was no stock-based compensation cost capitalized in inventory or fixed assets for the years ended December 31, 2012, 2011, and 2010. | |||||||||||||||||
New Accounting Standards | ' | ||||||||||||||||
New Accounting Standards: | |||||||||||||||||
In July 2012, the FASB issued ASU No. 2012-02, “Intangibles — Goodwill and Other — Testing Indefinite — Lived Intangible Assets for Impairment.” This ASU added an optional qualitative analysis to the yearly testing for indefinite-lived intangible asset impairment. Depending on the outcome of this analysis, the quantitative process could be eliminated for the year the analysis is performed. The amendments in this ASU are effective for annual and interim impairment tests performed for fiscal years beginning after September 15, 2012. Early adoption is permitted. The adoption of this guidance did not have a material impact on the Company’s Consolidated Financial Statements. | |||||||||||||||||
In December 2011, the FASB issued ASU No. 2011-11 “Balance Sheet — Disclosures about Offsetting Assets and Liabilities.” This new guidance requires the disclosure of both net and gross information in the notes for relevant assets and liabilities that are offset. This update is effective for annual reporting periods beginning on or after January 1, 2013. The Company does not expect the new guidance to have a material impact on its Consolidated Financial Statements. | |||||||||||||||||
In May 2011, the FASB issued ASU No. 2011-04, “Fair Value Measurement — Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRS.” The new guidance amends current fair value measurement and enhances disclosure requirements to include expansion of the information required for “Level 3” measurements. The amendments in this ASU are effective for fiscal years and interim periods beginning after December 15, 2011 and are to be applied prospectively. The adoption of this guidance did not have a material impact on the Company’s Consolidated Financial Statements. |
RESTATEMENTS_AND_REVISIONS_Tab
RESTATEMENTS AND REVISIONS (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||||||||||||||
Dec. 31, 2012 | |||||||||||||||||||||||||||||||||||||||||
Effects of Restatement on Consolidated Statements of Operations | ' | ||||||||||||||||||||||||||||||||||||||||
Year Ended December 31, 2012 | |||||||||||||||||||||||||||||||||||||||||
Previously | First | Second | As | Discontinued | Currently | ||||||||||||||||||||||||||||||||||||
Reported | Restatement | Restatement | Corrected | Operations | Reported | ||||||||||||||||||||||||||||||||||||
Adjustment | Adjustment | ||||||||||||||||||||||||||||||||||||||||
Consolidated Statement of Operations | |||||||||||||||||||||||||||||||||||||||||
Net sales | $ | 738,608 | $ | 567 | $ | (1,464 | ) | $ | 737,711 | $ | (29,621 | ) | $ | 708,090 | |||||||||||||||||||||||||||
Cost of sales | 588,077 | 4,331 | 69 | 592,477 | (24,015 | ) | 568,462 | ||||||||||||||||||||||||||||||||||
Operating Income | 55,030 | (3,764 | ) | (1,533 | ) | 49,733 | (2,622 | ) | 47,111 | ||||||||||||||||||||||||||||||||
Income before income taxes | 36,768 | (3,764 | ) | (1,533 | ) | 31,471 | (2,639 | ) | 28,832 | ||||||||||||||||||||||||||||||||
Provision for (benefit from) income taxes | 13,253 | (1,366 | ) | (556 | ) | 11,331 | (939 | ) | 10,392 | ||||||||||||||||||||||||||||||||
Net income attributable to continuing operations | 23,515 | (2,398 | ) | (977 | ) | 20,140 | (1,700 | ) | 18,440 | ||||||||||||||||||||||||||||||||
Net income attributable to discontinued operations, net of tax | — | — | — | — | 1,700 | 1,700 | |||||||||||||||||||||||||||||||||||
Net income | 23,515 | (2,398 | ) | (977 | ) | 20,140 | — | 20,140 | |||||||||||||||||||||||||||||||||
Earnings per share attributable to continuing operations: | |||||||||||||||||||||||||||||||||||||||||
Basic | $ | 0.78 | $ | (0.08 | ) | $ | (0.03 | ) | $ | 0.66 | $ | (0.06 | ) | $ | 0.61 | ||||||||||||||||||||||||||
Diluted | $ | 0.77 | $ | (0.08 | ) | $ | (0.03 | ) | $ | 0.66 | $ | (0.06 | ) | $ | 0.61 | ||||||||||||||||||||||||||
Earnings per share attributable to discontinued operations: | |||||||||||||||||||||||||||||||||||||||||
Basic | $ | — | $ | — | $ | — | $ | — | $ | 0.06 | $ | 0.06 | |||||||||||||||||||||||||||||
Diluted | $ | — | $ | — | $ | — | $ | — | $ | 0.06 | $ | 0.06 | |||||||||||||||||||||||||||||
Year Ended December 31, 2011 | |||||||||||||||||||||||||||||||||||||||||
Previously | Revision | As | Discontinued | Currently | |||||||||||||||||||||||||||||||||||||
Reported | Adjustment | Revised | Operations | Reported | |||||||||||||||||||||||||||||||||||||
Consolidated Statement of Operations | |||||||||||||||||||||||||||||||||||||||||
Net sales | $ | 529,679 | $ | 1,750 | $ | 531,429 | $ | (30,141 | ) | $ | 501,288 | ||||||||||||||||||||||||||||||
Cost of sales | 429,007 | 2,559 | 431,566 | (23,906 | ) | 407,660 | |||||||||||||||||||||||||||||||||||
Operating income | 27,761 | (809 | ) | 26,952 | (2,900 | ) | 24,052 | ||||||||||||||||||||||||||||||||||
Income before income taxes | 12,135 | (809 | ) | 11,326 | (2,863 | ) | 8,463 | ||||||||||||||||||||||||||||||||||
Provision for income taxes | 5,583 | (289 | ) | 5,294 | (1,025 | ) | 4,269 | ||||||||||||||||||||||||||||||||||
Net income attributable to continuing operations | 6,552 | (520 | ) | 6,032 | (1,838 | ) | 4,194 | ||||||||||||||||||||||||||||||||||
Net income attributable to discontinued operations, net of tax | — | — | — | 1,838 | 1,838 | ||||||||||||||||||||||||||||||||||||
Net income | 6,552 | (520 | ) | 6,032 | — | 6,032 | |||||||||||||||||||||||||||||||||||
Earnings per share attributable to continuing operations: | |||||||||||||||||||||||||||||||||||||||||
Basic | $ | 0.22 | $ | (0.02 | ) | $ | 0.2 | $ | (0.06 | ) | $ | 0.14 | |||||||||||||||||||||||||||||
Diluted | $ | 0.22 | $ | (0.02 | ) | $ | 0.2 | $ | (0.06 | ) | $ | 0.14 | |||||||||||||||||||||||||||||
Earnings per share attributable to discontinued operations: | |||||||||||||||||||||||||||||||||||||||||
Basic | $ | — | $ | — | $ | — | $ | 0.06 | $ | 0.06 | |||||||||||||||||||||||||||||||
Diluted | $ | — | $ | — | $ | — | $ | 0.06 | $ | 0.06 | |||||||||||||||||||||||||||||||
Year Ended December 31, 2010 | |||||||||||||||||||||||||||||||||||||||||
Previously | Revision | As | Discontinued | Currently | |||||||||||||||||||||||||||||||||||||
Reported | Adjustment | Revised | Operations | Reported | |||||||||||||||||||||||||||||||||||||
Consolidated Statement of Operations | |||||||||||||||||||||||||||||||||||||||||
Net Sales | $ | 431,793 | $ | (3,571 | ) | $ | 428,222 | $ | (21,731 | ) | $ | 406,491 | |||||||||||||||||||||||||||||
Cost of sales | 355,908 | (3,809 | ) | 352,099 | (17,973 | ) | 334,126 | ||||||||||||||||||||||||||||||||||
Operating income | 14,061 | 238 | 14,299 | (487 | ) | 13,812 | |||||||||||||||||||||||||||||||||||
Income before income taxes | 11,820 | 238 | 12,058 | (487 | ) | 11,571 | |||||||||||||||||||||||||||||||||||
Provision for income taxes | 8,403 | 85 | 8,488 | (177 | ) | 8,311 | |||||||||||||||||||||||||||||||||||
Net income attributable to continuing operations | 3,417 | 153 | 3,570 | (310 | ) | 3,260 | |||||||||||||||||||||||||||||||||||
Net income attributable to discontinued operations, net of tax | — | — | — | 310 | 310 | ||||||||||||||||||||||||||||||||||||
Net income | 3,417 | 153 | 3,570 | — | 3,570 | ||||||||||||||||||||||||||||||||||||
Earnings per share attributable to continuing operations: | |||||||||||||||||||||||||||||||||||||||||
Basic | $ | 0.11 | 0.01 | $ | 0.12 | $ | (0.01 | ) | $ | 0.11 | |||||||||||||||||||||||||||||||
Diluted | $ | 0.11 | $ | 0.01 | $ | 0.12 | $ | (0.01 | ) | $ | 0.11 | ||||||||||||||||||||||||||||||
Earnings per share attributable to discontinued operations: | |||||||||||||||||||||||||||||||||||||||||
Basic | $ | — | $ | — | $ | — | $ | 0.01 | $ | 0.01 | |||||||||||||||||||||||||||||||
Diluted | $ | — | $ | — | $ | — | $ | 0.01 | $ | 0.01 | |||||||||||||||||||||||||||||||
Condensed Consolidated Statement of Operations | |||||||||||||||||||||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||||||||||||||||||||
(In thousands, except per share amounts) | |||||||||||||||||||||||||||||||||||||||||
Three Months Ended March 31, 2012 | |||||||||||||||||||||||||||||||||||||||||
As | First | Second | As | Discontinued | Currently | ||||||||||||||||||||||||||||||||||||
Reported | Restatement | Restatement | Corrected | Operations | Reported | ||||||||||||||||||||||||||||||||||||
Adjustment | Adjustment | ||||||||||||||||||||||||||||||||||||||||
Net sales | $ | 162,850 | $ | (810 | ) | $ | 311 | $ | 162,351 | $ | (8,281 | ) | $ | 154,070 | |||||||||||||||||||||||||||
Cost and expenses: | |||||||||||||||||||||||||||||||||||||||||
Cost of sales | 127,145 | 897 | 121 | 128,163 | (6,600 | ) | 121,563 | ||||||||||||||||||||||||||||||||||
Selling, general, and administrative expenses | 21,622 | — | — | 21,622 | (789 | ) | 20,833 | ||||||||||||||||||||||||||||||||||
Research, technical, and product development expenses | 1,065 | — | — | 1,065 | — | 1,065 | |||||||||||||||||||||||||||||||||||
Operating income | 13,018 | (1,707 | ) | 190 | 11,501 | (892 | ) | 10,609 | |||||||||||||||||||||||||||||||||
Other income, net | (268 | ) | — | — | (268 | ) | — | (268 | ) | ||||||||||||||||||||||||||||||||
Interest income | 82 | — | — | 82 | — | 82 | |||||||||||||||||||||||||||||||||||
Interest expense | (4,278 | ) | — | — | (4,278 | ) | — | (4,278 | ) | ||||||||||||||||||||||||||||||||
Income before income taxes | 8,554 | (1,707 | ) | 190 | 7,037 | (892 | ) | 6,145 | |||||||||||||||||||||||||||||||||
Provision for (benefit from) income taxes | 2,929 | (586 | ) | 65 | 2,408 | (321 | ) | 2,087 | |||||||||||||||||||||||||||||||||
Net income attributable to continuing operations | 5,625 | (1,121 | ) | 125 | 4,629 | (571 | ) | 4,058 | |||||||||||||||||||||||||||||||||
Net income (loss) attributable to discontinued operations, net of tax | — | — | — | — | 571 | 571 | |||||||||||||||||||||||||||||||||||
Net income | $ | 5,625 | $ | (1,121 | ) | $ | 125 | $ | 4,629 | $ | — | $ | 4,629 | ||||||||||||||||||||||||||||
Earnings per share attributable to continuing operations: | |||||||||||||||||||||||||||||||||||||||||
Basic | $ | 0.19 | $ | (0.04 | ) | $ | — | $ | 0.15 | $ | (0.02 | ) | $ | 0.13 | |||||||||||||||||||||||||||
Diluted | $ | 0.19 | $ | (0.04 | ) | $ | — | $ | 0.15 | $ | (0.02 | ) | $ | 0.13 | |||||||||||||||||||||||||||
Earnings per share attributable to discontinued operations: | |||||||||||||||||||||||||||||||||||||||||
Basic | $ | — | $ | — | $ | — | $ | — | $ | 0.02 | $ | 0.02 | |||||||||||||||||||||||||||||
Diluted | $ | — | $ | — | $ | — | $ | — | $ | 0.02 | $ | 0.02 | |||||||||||||||||||||||||||||
Condensed Consolidated Statement of Operations | |||||||||||||||||||||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||||||||||||||||||||
(In thousands, except per share amounts) | |||||||||||||||||||||||||||||||||||||||||
Three Months Ended June 30, 2012 | |||||||||||||||||||||||||||||||||||||||||
As | First | Second | As | Discontinued | Currently | ||||||||||||||||||||||||||||||||||||
Reported | Restatement | Restatement | Corrected | Operations | Reported | ||||||||||||||||||||||||||||||||||||
Adjustment | Adjustment | ||||||||||||||||||||||||||||||||||||||||
Net sales | $ | 190,277 | $ | 1,971 | $ | 182 | $ | 192,430 | $ | (7,968 | ) | $ | 184,462 | ||||||||||||||||||||||||||||
Cost and expenses: | |||||||||||||||||||||||||||||||||||||||||
Cost of sales | 153,781 | 2,997 | 136 | 156,914 | (6,471 | ) | 150,443 | ||||||||||||||||||||||||||||||||||
Selling, general, and administrative expenses | 23,458 | — | — | 23,458 | (780 | ) | 22,678 | ||||||||||||||||||||||||||||||||||
Research, technical, and product development expenses | 1,104 | — | — | 1,104 | — | 1,104 | |||||||||||||||||||||||||||||||||||
Operating income | 11,934 | (1,026 | ) | 46 | 10,954 | (717 | ) | 10,237 | |||||||||||||||||||||||||||||||||
Other income, net | 570 | — | — | 570 | — | 570 | |||||||||||||||||||||||||||||||||||
Interest income | 33 | — | — | 33 | — | 33 | |||||||||||||||||||||||||||||||||||
Interest expense | (4,209 | ) | — | — | (4,209 | ) | — | (4,209 | ) | ||||||||||||||||||||||||||||||||
Income before income taxes | 8,328 | (1,026 | ) | 46 | 7,348 | (717 | ) | 6,631 | |||||||||||||||||||||||||||||||||
Provision for (benefit from) income taxes | 3,165 | (382 | ) | 19 | 2,802 | (264 | ) | 2,538 | |||||||||||||||||||||||||||||||||
Net income attributable to continuing operations | 5,163 | (644 | ) | 27 | 4,546 | (453 | ) | 4,093 | |||||||||||||||||||||||||||||||||
Net income (loss) attributable to discontinued operations, net of tax | — | — | — | — | 453 | 453 | |||||||||||||||||||||||||||||||||||
Net income | $ | 5,163 | $ | (644 | ) | $ | 27 | $ | 4,546 | $ | — | $ | 4,546 | ||||||||||||||||||||||||||||
Earnings per share attributable to continuing operations: | |||||||||||||||||||||||||||||||||||||||||
Basic | $ | 0.17 | $ | (0.02 | ) | $ | — | $ | 0.15 | $ | (0.01 | ) | $ | 0.14 | |||||||||||||||||||||||||||
Diluted | $ | 0.17 | $ | (0.02 | ) | $ | — | $ | 0.15 | $ | (0.01 | ) | $ | 0.13 | |||||||||||||||||||||||||||
Earnings per share attributable to discontinued operations: | |||||||||||||||||||||||||||||||||||||||||
Basic | $ | — | $ | — | $ | — | $ | — | $ | 0.01 | $ | 0.01 | |||||||||||||||||||||||||||||
Diluted | $ | — | $ | — | $ | — | $ | — | $ | 0.01 | $ | 0.01 | |||||||||||||||||||||||||||||
Condensed Consolidated Statement of Operations | |||||||||||||||||||||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||||||||||||||||||||
(In thousands, except per share amounts) | |||||||||||||||||||||||||||||||||||||||||
Six Months Ended June 30, 2012 | |||||||||||||||||||||||||||||||||||||||||
As | First | Second | As | Discontinued | Currently | ||||||||||||||||||||||||||||||||||||
Reported | Restatement | Restatement | Corrected | Operations | Reported | ||||||||||||||||||||||||||||||||||||
Adjustment | Adjustment | ||||||||||||||||||||||||||||||||||||||||
Net sales | $ | 353,127 | $ | 1,161 | $ | 493 | $ | 354,781 | $ | (16,249 | ) | $ | 338,532 | ||||||||||||||||||||||||||||
Cost and expenses: | |||||||||||||||||||||||||||||||||||||||||
Cost of sales | 280,926 | 3,894 | 257 | 285,077 | (13,071 | ) | 272,006 | ||||||||||||||||||||||||||||||||||
Selling, general, and administrative expenses | 45,080 | — | — | 45,080 | (1,569 | ) | 43,511 | ||||||||||||||||||||||||||||||||||
Research, technical, and product development expenses | 2,169 | — | — | 2,169 | — | 2,169 | |||||||||||||||||||||||||||||||||||
Operating income | 24,952 | (2,733 | ) | 236 | 22,455 | (1,609 | ) | 20,846 | |||||||||||||||||||||||||||||||||
Other income, net | 302 | — | — | 302 | — | 302 | |||||||||||||||||||||||||||||||||||
Interest income | 115 | — | — | 115 | — | 115 | |||||||||||||||||||||||||||||||||||
Interest expense | (8,487 | ) | — | — | (8,487 | ) | — | (8,487 | ) | ||||||||||||||||||||||||||||||||
Income before income taxes | 16,882 | (2,733 | ) | 236 | 14,385 | (1,609 | ) | 12,776 | |||||||||||||||||||||||||||||||||
Provision for (benefit from) income taxes | 6,094 | (968 | ) | 84 | 5,210 | (585 | ) | 4,625 | |||||||||||||||||||||||||||||||||
Net income attributable to continuing operations | 10,788 | (1,765 | ) | 152 | 9,175 | (1,024 | ) | 8,151 | |||||||||||||||||||||||||||||||||
Net income (loss) attributable to discontinued operations, net of tax | — | — | — | — | 1,024 | 1,024 | |||||||||||||||||||||||||||||||||||
Net income | $ | 10,788 | $ | (1,765 | ) | $ | 152 | $ | 9,175 | $ | — | $ | 9,175 | ||||||||||||||||||||||||||||
Earnings per share attributable to continuing operations: | |||||||||||||||||||||||||||||||||||||||||
Basic | $ | 0.36 | $ | (0.06 | ) | $ | 0.01 | $ | 0.3 | $ | (0.03 | ) | $ | 0.27 | |||||||||||||||||||||||||||
Diluted | $ | 0.36 | $ | (0.06 | ) | $ | 0.01 | $ | 0.3 | $ | (0.03 | ) | $ | 0.27 | |||||||||||||||||||||||||||
Earnings per share attributable to discontinued operations: | |||||||||||||||||||||||||||||||||||||||||
Basic | $ | — | $ | — | $ | — | $ | — | $ | 0.03 | $ | 0.03 | |||||||||||||||||||||||||||||
Diluted | $ | — | $ | — | $ | — | $ | — | $ | 0.03 | $ | 0.03 | |||||||||||||||||||||||||||||
Condensed Consolidated Statement of Operations | |||||||||||||||||||||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||||||||||||||||||||
(In thousands, except per share amounts) | |||||||||||||||||||||||||||||||||||||||||
Three Months Ended September 30, 2012 | |||||||||||||||||||||||||||||||||||||||||
As | First | Second | As | Discontinued | Currently | ||||||||||||||||||||||||||||||||||||
Reported | Restatement | Restatement | Corrected | Operations | Reported | ||||||||||||||||||||||||||||||||||||
Adjustment | Adjustment | ||||||||||||||||||||||||||||||||||||||||
Net sales | $ | 189,075 | $ | 439 | $ | 259 | $ | 189,773 | $ | (7,228 | ) | $ | 182,545 | ||||||||||||||||||||||||||||
Cost and expenses: | |||||||||||||||||||||||||||||||||||||||||
Cost of sales | 151,128 | 3,689 | 19 | 154,836 | (5,941 | ) | 148,895 | ||||||||||||||||||||||||||||||||||
Selling, general, and administrative expenses | 22,434 | — | — | 22,434 | (709 | ) | 21,725 | ||||||||||||||||||||||||||||||||||
Research, technical, and product development expenses | 1,012 | — | — | 1,012 | — | 1,012 | |||||||||||||||||||||||||||||||||||
Asset and asset-related charges | 1,617 | — | — | 1,617 | — | 1,617 | |||||||||||||||||||||||||||||||||||
Operating income | 12,884 | (3,250 | ) | 240 | 9,874 | (578 | ) | 9,296 | |||||||||||||||||||||||||||||||||
Other income, net | 32 | — | — | 32 | (16 | ) | 16 | ||||||||||||||||||||||||||||||||||
Interest income | 18 | — | — | 18 | — | 18 | |||||||||||||||||||||||||||||||||||
Interest expense | (4,708 | ) | — | — | (4,708 | ) | — | (4,708 | ) | ||||||||||||||||||||||||||||||||
Income before income taxes | 8,226 | (3,250 | ) | 240 | 5,216 | (594 | ) | 4,622 | |||||||||||||||||||||||||||||||||
Provision for (benefit from) income taxes | 2,601 | (1,049 | ) | 76 | 1,628 | (205 | ) | 1,423 | |||||||||||||||||||||||||||||||||
Net income attributable to continuing operations | 5,625 | (2,201 | ) | 164 | 3,588 | (389 | ) | 3,199 | |||||||||||||||||||||||||||||||||
Net income (loss) attributable to discontinued operations, net of tax | — | — | — | — | 389 | 389 | |||||||||||||||||||||||||||||||||||
Net income | $ | 5,625 | $ | (2,201 | ) | $ | 164 | $ | 3,588 | — | $ | 3,588 | |||||||||||||||||||||||||||||
Earnings per share attributable to continuing operations: | |||||||||||||||||||||||||||||||||||||||||
Basic | $ | 0.19 | $ | (0.07 | ) | $ | 0.01 | $ | 0.12 | $ | (0.01 | ) | $ | 0.11 | |||||||||||||||||||||||||||
Diluted | $ | 0.19 | $ | (0.07 | ) | $ | 0.01 | $ | 0.12 | $ | (0.01 | ) | $ | 0.11 | |||||||||||||||||||||||||||
Earnings per share attributable to discontinued operations: | |||||||||||||||||||||||||||||||||||||||||
Basic | $ | — | $ | — | $ | — | $ | — | $ | 0.01 | $ | 0.01 | |||||||||||||||||||||||||||||
Diluted | $ | — | $ | — | $ | — | $ | — | $ | 0.01 | $ | 0.01 | |||||||||||||||||||||||||||||
Condensed Consolidated Statement of Operations | |||||||||||||||||||||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||||||||||||||||||||
(In thousands, except per share amounts) | |||||||||||||||||||||||||||||||||||||||||
Nine Months Ended September 30, 2012 | |||||||||||||||||||||||||||||||||||||||||
As | First | Second | As | Discontinued | Currently | ||||||||||||||||||||||||||||||||||||
Reported | Restatement | Restatement | Corrected | Operations | Reported | ||||||||||||||||||||||||||||||||||||
Adjustment | Adjustment | ||||||||||||||||||||||||||||||||||||||||
Net sales | $ | 542,202 | $ | 1,600 | $ | 752 | $ | 544,554 | $ | (23,477 | ) | $ | 521,077 | ||||||||||||||||||||||||||||
Cost and expenses: | |||||||||||||||||||||||||||||||||||||||||
Cost of sales | 432,054 | 7,583 | 276 | 439,913 | (19,012 | ) | 420,901 | ||||||||||||||||||||||||||||||||||
Selling, general, and administrative expenses | 67,514 | — | — | 67,514 | (2,278 | ) | 65,236 | ||||||||||||||||||||||||||||||||||
Research, technical, and product development expenses | 3,181 | — | — | 3,181 | — | 3,181 | |||||||||||||||||||||||||||||||||||
Asset and asset-related charges | 1,617 | — | — | 1,617 | — | 1,617 | |||||||||||||||||||||||||||||||||||
Operating income | 37,836 | (5,983 | ) | 476 | 32,329 | (2,187 | ) | 30,142 | |||||||||||||||||||||||||||||||||
Other income, net | 334 | — | — | 334 | (16 | ) | 318 | ||||||||||||||||||||||||||||||||||
Interest income | 133 | — | — | 133 | — | 133 | |||||||||||||||||||||||||||||||||||
Interest expense | (13,195 | ) | — | — | (13,195 | ) | — | (13,195 | ) | ||||||||||||||||||||||||||||||||
Income before income taxes | 25,108 | (5,983 | ) | 476 | 19,601 | (2,203 | ) | 17,398 | |||||||||||||||||||||||||||||||||
Provision for (benefit from) income taxes | 8,695 | (2,017 | ) | 160 | 6,838 | (790 | ) | 6,048 | |||||||||||||||||||||||||||||||||
Net income attributable to continuing operations | 16,413 | (3,966 | ) | 316 | 12,763 | (1,413 | ) | 11,350 | |||||||||||||||||||||||||||||||||
Net income (loss) attributable to discontinued operations, net of tax | — | — | — | — | 1,413 | 1,413 | |||||||||||||||||||||||||||||||||||
Net income | $ | 16,413 | $ | (3,966 | ) | $ | 316 | $ | 12,763 | $ | — | $ | 12,763 | ||||||||||||||||||||||||||||
Earnings per share attributable to continuing operations: | |||||||||||||||||||||||||||||||||||||||||
Basic | $ | 0.54 | $ | (0.13 | ) | $ | 0.01 | $ | 0.42 | $ | (0.05 | ) | $ | 0.37 | |||||||||||||||||||||||||||
Diluted | $ | 0.54 | $ | (0.13 | ) | $ | 0.01 | $ | 0.42 | $ | (0.05 | ) | $ | 0.37 | |||||||||||||||||||||||||||
Earnings per share attributable to discontinued operations: | |||||||||||||||||||||||||||||||||||||||||
Basic | $ | — | $ | — | $ | — | $ | — | $ | 0.05 | $ | 0.05 | |||||||||||||||||||||||||||||
Diluted | $ | — | $ | — | $ | — | $ | — | $ | 0.05 | $ | 0.05 | |||||||||||||||||||||||||||||
Condensed Consolidated Statement of Operations | |||||||||||||||||||||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||||||||||||||||||||
(In thousands, except per share amounts) | |||||||||||||||||||||||||||||||||||||||||
Three Months Ended March 31, 2011 | |||||||||||||||||||||||||||||||||||||||||
Previously | First | As | Discontinued | Currently | |||||||||||||||||||||||||||||||||||||
Reported | Restatement | Corrected | Operations | Reported | |||||||||||||||||||||||||||||||||||||
Adjustment | |||||||||||||||||||||||||||||||||||||||||
Net sales | $ | 120,850 | $ | (1,139 | ) | $ | 119,711 | $ | (7,911 | ) | $ | 111,800 | |||||||||||||||||||||||||||||
Cost and expenses: | |||||||||||||||||||||||||||||||||||||||||
Cost of sales | 94,845 | (58 | ) | 94,787 | (6,299 | ) | 88,488 | ||||||||||||||||||||||||||||||||||
Selling, general and administrative expenses | 17,458 | — | 17,458 | (907 | ) | 16,551 | |||||||||||||||||||||||||||||||||||
Research, technical, and product development expenses | 632 | — | 632 | — | 632 | ||||||||||||||||||||||||||||||||||||
Asset and asset-related charges | (1,501 | ) | — | (1,501 | ) | — | (1,501 | ) | |||||||||||||||||||||||||||||||||
Operating income | 9,416 | (1,081 | ) | 8,335 | (705 | ) | 7,630 | ||||||||||||||||||||||||||||||||||
Other income, net | (569 | ) | — | (569 | ) | 47 | (522 | ) | |||||||||||||||||||||||||||||||||
Interest income | 225 | — | 225 | — | 225 | ||||||||||||||||||||||||||||||||||||
Interest expense | (4,300 | ) | — | (4,300 | ) | — | (4,300 | ) | |||||||||||||||||||||||||||||||||
Income before income taxes | 4,772 | (1,081 | ) | 3,691 | (658 | ) | 3,033 | ||||||||||||||||||||||||||||||||||
Provision for income taxes | 2,430 | (658 | ) | 1,772 | (236 | ) | 1,536 | ||||||||||||||||||||||||||||||||||
Net income attributable to continuing operations | 2,342 | (423 | ) | 1,919 | (422 | ) | 1,497 | ||||||||||||||||||||||||||||||||||
Net income attributable to discontinued operations, net of tax | — | — | — | 422 | 422 | ||||||||||||||||||||||||||||||||||||
Net income | $ | 2,342 | $ | (423 | ) | $ | 1,919 | $ | — | $ | 1,919 | ||||||||||||||||||||||||||||||
Earnings per share attributable to continuing operations: | |||||||||||||||||||||||||||||||||||||||||
Basic | $ | 0.08 | $ | (0.01 | ) | $ | 0.06 | $ | (0.01 | ) | $ | 0.05 | |||||||||||||||||||||||||||||
Diluted | $ | 0.08 | $ | (0.01 | ) | $ | 0.06 | $ | (0.01 | ) | $ | 0.05 | |||||||||||||||||||||||||||||
Earnings per share attributable to discontinued operations: | |||||||||||||||||||||||||||||||||||||||||
Basic | $ | — | $ | — | $ | — | $ | 0.01 | $ | 0.01 | |||||||||||||||||||||||||||||||
Diluted | $ | — | $ | — | $ | — | $ | 0.01 | $ | 0.01 | |||||||||||||||||||||||||||||||
The information in the table above is unchanged from Amendment No. 1. | |||||||||||||||||||||||||||||||||||||||||
Condensed Consolidated Statement of Operations | |||||||||||||||||||||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||||||||||||||||||||
(In thousands, except per share amounts) | |||||||||||||||||||||||||||||||||||||||||
Three Months Ended June 30, 2011 | |||||||||||||||||||||||||||||||||||||||||
Previously | First | As | Discontinued | Currently | |||||||||||||||||||||||||||||||||||||
Reported | Restatement | Corrected | Operations | Reported | |||||||||||||||||||||||||||||||||||||
Adjustment | |||||||||||||||||||||||||||||||||||||||||
Net sales | $ | 123,213 | $ | 2,900 | $ | 126,113 | $ | (8,106 | ) | $ | 118,007 | ||||||||||||||||||||||||||||||
Cost and expenses: | |||||||||||||||||||||||||||||||||||||||||
Cost of sales | 98,624 | 1,536 | 100,160 | (6,336 | ) | 93,824 | |||||||||||||||||||||||||||||||||||
Selling, general and administrative expenses | 17,618 | — | 17,618 | (807 | ) | 16,811 | |||||||||||||||||||||||||||||||||||
Research, technical, and product development expenses | 890 | — | 890 | — | 890 | ||||||||||||||||||||||||||||||||||||
Operating income | 6,081 | 1,364 | 7,445 | (963 | ) | 6,482 | |||||||||||||||||||||||||||||||||||
Other income, net | 133 | — | 133 | — | 133 | ||||||||||||||||||||||||||||||||||||
Interest income | 355 | — | 355 | — | 355 | ||||||||||||||||||||||||||||||||||||
Interest expense | (4,250 | ) | — | (4,250 | ) | — | (4,250 | ) | |||||||||||||||||||||||||||||||||
Income before income taxes | 2,319 | 1,364 | 3,683 | (963 | ) | 2,720 | |||||||||||||||||||||||||||||||||||
Provision for income taxes | 191 | 757 | 948 | (345 | ) | 603 | |||||||||||||||||||||||||||||||||||
Net income attributable to continuing operations | 2,128 | 607 | 2,735 | (618 | ) | 2,117 | |||||||||||||||||||||||||||||||||||
Net income attributable to discontinued operations, net of tax | — | — | — | 618 | 618 | ||||||||||||||||||||||||||||||||||||
Net income | $ | 2,128 | $ | 607 | $ | 2,735 | $ | — | $ | 2,735 | |||||||||||||||||||||||||||||||
Earnings per share attributable to continuing operations: | |||||||||||||||||||||||||||||||||||||||||
Basic | $ | 0.07 | $ | 0.02 | $ | 0.09 | $ | (0.02 | ) | $ | 0.07 | ||||||||||||||||||||||||||||||
Diluted | $ | 0.07 | $ | 0.02 | $ | 0.09 | $ | (0.02 | ) | $ | 0.07 | ||||||||||||||||||||||||||||||
Earnings per share attributable to discontinued operations: | |||||||||||||||||||||||||||||||||||||||||
Basic | $ | — | $ | — | $ | — | $ | 0.02 | $ | 0.02 | |||||||||||||||||||||||||||||||
Diluted | $ | — | $ | — | $ | — | $ | 0.02 | $ | 0.02 | |||||||||||||||||||||||||||||||
The information in the table above is unchanged from Amendment No. 1. | |||||||||||||||||||||||||||||||||||||||||
Condensed Consolidated Statement of Operations | |||||||||||||||||||||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||||||||||||||||||||
(In thousands, except per share amounts) | |||||||||||||||||||||||||||||||||||||||||
Six Months Ended June 30, 2011 | |||||||||||||||||||||||||||||||||||||||||
Previously | Revision | As | Discontinued | Currently | |||||||||||||||||||||||||||||||||||||
Reported | Adjustment | Revised | Operations | Reported | |||||||||||||||||||||||||||||||||||||
Net sales | $ | 244,063 | $ | 1,761 | $ | 245,824 | $ | (16,017 | ) | $ | 229,807 | ||||||||||||||||||||||||||||||
Cost and expenses: | |||||||||||||||||||||||||||||||||||||||||
Cost of sales | 193,469 | 1,478 | 194,947 | (12,635 | ) | 182,312 | |||||||||||||||||||||||||||||||||||
Selling, general and administrative expenses | 35,076 | — | 35,076 | (1,714 | ) | 33,362 | |||||||||||||||||||||||||||||||||||
Research, technical, and product development expenses | 1,522 | — | 1,522 | — | 1,522 | ||||||||||||||||||||||||||||||||||||
Asset and asset-related charges | (1,501 | ) | — | (1,501 | ) | — | (1,501 | ) | |||||||||||||||||||||||||||||||||
Operating income | 15,497 | 283 | 15,780 | (1,668 | ) | 14,112 | |||||||||||||||||||||||||||||||||||
Other income, net | (436 | ) | — | (436 | ) | 47 | (389 | ) | |||||||||||||||||||||||||||||||||
Interest income | 580 | — | 580 | — | 580 | ||||||||||||||||||||||||||||||||||||
Interest expense | (8,550 | ) | — | (8,550 | ) | — | (8,550 | ) | |||||||||||||||||||||||||||||||||
Income before income taxes | 7,091 | 283 | 7,374 | (1,621 | ) | 5,753 | |||||||||||||||||||||||||||||||||||
Provision for income taxes | 2,621 | 99 | 2,720 | (581 | ) | 2,139 | |||||||||||||||||||||||||||||||||||
Net income attributable to continuing operations | 4,470 | 184 | 4,654 | (1,040 | ) | 3,614 | |||||||||||||||||||||||||||||||||||
Net income attributable to discontinued operations, net of tax | — | — | — | 1,040 | 1,040 | ||||||||||||||||||||||||||||||||||||
Net income | $ | 4,470 | $ | 184 | $ | 4,654 | $ | — | $ | 4,654 | |||||||||||||||||||||||||||||||
Earnings per share attributable to continuing operations: | |||||||||||||||||||||||||||||||||||||||||
Basic | $ | 0.15 | $ | 0.01 | $ | 0.15 | $ | (0.03 | ) | $ | 0.12 | ||||||||||||||||||||||||||||||
Diluted | $ | 0.15 | $ | 0.01 | $ | 0.15 | $ | (0.03 | ) | $ | 0.12 | ||||||||||||||||||||||||||||||
Earnings per share attributable to discontinued operations: | |||||||||||||||||||||||||||||||||||||||||
Basic | $ | — | $ | — | $ | — | $ | 0.03 | $ | 0.03 | |||||||||||||||||||||||||||||||
Diluted | $ | — | $ | — | $ | — | $ | 0.03 | $ | 0.03 | |||||||||||||||||||||||||||||||
The information in the table above is unchanged from Amendment No. 1. | |||||||||||||||||||||||||||||||||||||||||
Condensed Consolidated Statement of Operations | |||||||||||||||||||||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||||||||||||||||||||
(In thousands, except per share amounts) | |||||||||||||||||||||||||||||||||||||||||
Three Months Ended September 30, 2011 | |||||||||||||||||||||||||||||||||||||||||
Previously | Revision | As | Discontinued | Currently | |||||||||||||||||||||||||||||||||||||
Reported | Adjustment | Revised | Operations | Reported | |||||||||||||||||||||||||||||||||||||
Net sales | $ | 143,671 | $ | 676 | $ | 144,347 | $ | (7,494 | ) | $ | 136,853 | ||||||||||||||||||||||||||||||
Cost and expenses: | |||||||||||||||||||||||||||||||||||||||||
Cost of sales | 118,665 | 1,291 | 119,956 | (5,954 | ) | 114,002 | |||||||||||||||||||||||||||||||||||
Selling, general and administrative expenses | 16,388 | — | 16,388 | (772 | ) | 15,616 | |||||||||||||||||||||||||||||||||||
Research, technical, and product development expenses | 925 | — | 925 | — | 925 | ||||||||||||||||||||||||||||||||||||
Operating income | 7,693 | (615 | ) | 7,078 | (768 | ) | 6,310 | ||||||||||||||||||||||||||||||||||
Other income, net | 198 | — | 198 | — | 198 | ||||||||||||||||||||||||||||||||||||
Interest income | 331 | — | 331 | — | 331 | ||||||||||||||||||||||||||||||||||||
Interest expense | (4,173 | ) | — | (4,173 | ) | — | (4,173 | ) | |||||||||||||||||||||||||||||||||
Income before income taxes | 4,049 | (615 | ) | 3,434 | (768 | ) | 2,666 | ||||||||||||||||||||||||||||||||||
Provision for income taxes | 1,982 | (208 | ) | 1,774 | (275 | ) | 1,499 | ||||||||||||||||||||||||||||||||||
Net income attributable to continuing operations | 2,067 | (407 | ) | 1,660 | (493 | ) | 1,167 | ||||||||||||||||||||||||||||||||||
Net income attributable to discontinued operations, net of tax | — | — | — | 493 | 493 | ||||||||||||||||||||||||||||||||||||
Net income | $ | 2,067 | $ | (407 | ) | $ | 1,660 | $ | — | $ | 1,660 | ||||||||||||||||||||||||||||||
Earnings per share attributable to continuing operations: | |||||||||||||||||||||||||||||||||||||||||
Basic | $ | 0.07 | $ | (0.01 | ) | $ | 0.05 | $ | (0.02 | ) | $ | 0.04 | |||||||||||||||||||||||||||||
Diluted | $ | 0.07 | $ | (0.01 | ) | $ | 0.05 | $ | (0.02 | ) | $ | 0.04 | |||||||||||||||||||||||||||||
Earnings per share attributable to discontinued operations: | |||||||||||||||||||||||||||||||||||||||||
Basic | $ | — | $ | — | $ | — | $ | 0.02 | $ | 0.02 | |||||||||||||||||||||||||||||||
Diluted | $ | — | $ | — | $ | — | $ | 0.02 | $ | 0.02 | |||||||||||||||||||||||||||||||
The information in the table above is unchanged from Amendment No. 1. | |||||||||||||||||||||||||||||||||||||||||
Condensed Consolidated Statement of Operations | |||||||||||||||||||||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||||||||||||||||||||
(In thousands, except per share amounts) | |||||||||||||||||||||||||||||||||||||||||
Nine Months Ended September 30, 2011 | |||||||||||||||||||||||||||||||||||||||||
Previously | Revision | As | Discontinued | Currently | |||||||||||||||||||||||||||||||||||||
Reported | Adjustment | Revised | Operations | Reported | |||||||||||||||||||||||||||||||||||||
Net sales | $ | 387,734 | $ | 2,437 | $ | 390,171 | $ | (23,511 | ) | $ | 366,660 | ||||||||||||||||||||||||||||||
Cost and expenses: | |||||||||||||||||||||||||||||||||||||||||
Cost of sales | 312,134 | 2,769 | 314,903 | (18,589 | ) | 296,314 | |||||||||||||||||||||||||||||||||||
Selling, general and administrative expenses | 51,464 | — | 51,464 | (2,486 | ) | 48,978 | |||||||||||||||||||||||||||||||||||
Research, technical, and product development expenses | 2,447 | — | 2,447 | — | 2,447 | ||||||||||||||||||||||||||||||||||||
Asset and asset-related charges | (1,501 | ) | — | (1,501 | ) | — | (1,501 | ) | |||||||||||||||||||||||||||||||||
Operating income | 23,190 | (332 | ) | 22,858 | (2,436 | ) | 20,422 | ||||||||||||||||||||||||||||||||||
Other income, net | (238 | ) | — | (238 | ) | 47 | (191 | ) | |||||||||||||||||||||||||||||||||
Interest income | 911 | — | 911 | — | 911 | ||||||||||||||||||||||||||||||||||||
Interest expense | (12,723 | ) | — | (12,723 | ) | — | (12,723 | ) | |||||||||||||||||||||||||||||||||
Income before income taxes | 11,140 | (332 | ) | 10,808 | (2,389 | ) | 8,419 | ||||||||||||||||||||||||||||||||||
Provision for income taxes | 4,603 | (109 | ) | 4,494 | (856 | ) | 3,638 | ||||||||||||||||||||||||||||||||||
Net income attributable to continuing operations | 6,537 | (223 | ) | 6,314 | (1,533 | ) | 4,781 | ||||||||||||||||||||||||||||||||||
Net income attributable to discontinued operations, net of tax | — | — | — | 1,533 | 1,533 | ||||||||||||||||||||||||||||||||||||
Net income | $ | 6,537 | $ | (223 | ) | $ | 6,314 | $ | — | $ | 6,314 | ||||||||||||||||||||||||||||||
Earnings per share attributable to continuing operations: | |||||||||||||||||||||||||||||||||||||||||
Basic | $ | 0.22 | $ | (0.01 | ) | $ | 0.21 | $ | (0.05 | ) | $ | 0.16 | |||||||||||||||||||||||||||||
Diluted | $ | 0.22 | $ | (0.01 | ) | $ | 0.21 | $ | (0.05 | ) | $ | 0.16 | |||||||||||||||||||||||||||||
Earnings per share attributable to discontinued operations: | |||||||||||||||||||||||||||||||||||||||||
Basic | $ | — | $ | — | $ | — | $ | 0.05 | $ | 0.05 | |||||||||||||||||||||||||||||||
Diluted | $ | — | $ | — | $ | — | $ | 0.05 | $ | 0.05 | |||||||||||||||||||||||||||||||
The information in the table above is unchanged from Amendment No. 1. | |||||||||||||||||||||||||||||||||||||||||
Condensed Consolidating Statement of Operations and Comprehensive Income | |||||||||||||||||||||||||||||||||||||||||
Three Months Ended March 31, 2012 | |||||||||||||||||||||||||||||||||||||||||
(unaudited) | |||||||||||||||||||||||||||||||||||||||||
RTI International | Guarantors | Non-Guarantors | Eliminations | Consolidated | |||||||||||||||||||||||||||||||||||||
Metals, Inc. | |||||||||||||||||||||||||||||||||||||||||
Previously | As | Previously | As | Previously | As | Previously | As | Previously | As | ||||||||||||||||||||||||||||||||
Reported | Restated | Reported | Restated | Reported | Restated | Reported | Restated | Reported | Restated | ||||||||||||||||||||||||||||||||
Net Sales | $ | — | $ | — | $ | 99,717 | $ | 116,796 | $ | 112,963 | $ | 95,385 | $ | (58,111 | ) | $ | (58,111 | ) | $ | 154,569 | $ | 154,070 | |||||||||||||||||||
Cost of sales. | — | — | 81,749 | 96,311 | 96,907 | 83,363 | (58,111 | ) | (58,111 | ) | 120,545 | 121,563 | |||||||||||||||||||||||||||||
Selling, general, and administrative expenses | (102 | ) | (102 | ) | 6,689 | 9,013 | 14,246 | 11,922 | — | — | 20,833 | 20,833 | |||||||||||||||||||||||||||||
Research, technical, and product development expenses. | 95 | 95 | 816 | 930 | 154 | 40 | — | — | 1,065 | 1,065 | |||||||||||||||||||||||||||||||
Operating income. | 7 | 7 | 10,463 | 10,542 | 1,656 | 60 | — | — | 12,126 | 10,609 | |||||||||||||||||||||||||||||||
Other income (expense), net | (13 | ) | (13 | ) | 280 | 280 | (535 | ) | (535 | ) | — | — | (268 | ) | (268 | ) | |||||||||||||||||||||||||
Interest income (expense), net | (4,014 | ) | (4,014 | ) | 174 | 138 | (356 | ) | (320 | ) | — | — | (4,196 | ) | (4,196 | ) | |||||||||||||||||||||||||
Equity in earnings of subsidiaries | 8,018 | 7,022 | 1,444 | 1,444 | 1,203 | 1,203 | (10,665 | ) | (9,669 | ) | — | — | |||||||||||||||||||||||||||||
Income before taxes. | 3,998 | 3,002 | 12,361 | 12,404 | 1,968 | 408 | (10,665 | ) | (9,669 | ) | 7,662 | 6,145 | |||||||||||||||||||||||||||||
Provision for (benefit from) income taxes | (1,056 | ) | (1,056 | ) | 3,042 | 3,030 | 622 | 113 | — | — | 2,608 | 2,087 | |||||||||||||||||||||||||||||
Net income attributable to continuing operations. | 5,054 | 4,058 | 9,319 | 9,374 | 1,346 | 295 | (10,665 | ) | (9,669 | ) | 5,054 | 4,058 | |||||||||||||||||||||||||||||
Net income attributable to discontinued operations, net of tax. | 571 | 571 | — | — | 571 | 571 | (571 | ) | (571 | ) | 571 | 571 | |||||||||||||||||||||||||||||
Net income | $ | 5,625 | $ | 4,629 | $ | 9,319 | $ | 9,374 | $ | 1,917 | $ | 866 | $ | (11,236 | ) | $ | (10,240 | ) | $ | 5,625 | $ | 4,629 | |||||||||||||||||||
Comprehensive income | $ | 9,028 | $ | 8,032 | $ | 10,378 | $ | 10,433 | $ | 4,109 | $ | 3,058 | $ | (14,487 | ) | $ | (13,491 | ) | $ | 9,028 | $ | 8,032 | |||||||||||||||||||
Condensed Consolidating Statement of Operations and Comprehensive Income | |||||||||||||||||||||||||||||||||||||||||
Three Months Ended June 30, 2012 | |||||||||||||||||||||||||||||||||||||||||
(unaudited) | |||||||||||||||||||||||||||||||||||||||||
RTI International | Guarantors | Non-Guarantors | Eliminations | Consolidated | |||||||||||||||||||||||||||||||||||||
Metals, Inc. | |||||||||||||||||||||||||||||||||||||||||
Previously | As | Previously | As | Previously | As | Previously | As | Previously | As | ||||||||||||||||||||||||||||||||
Reported | Restated | Reported | Restated | Reported | Restated | Reported | Restated | Reported | Restated | ||||||||||||||||||||||||||||||||
Net Sales | $ | — | $ | — | $ | 148,017 | $ | 148,017 | $ | 98,455 | $ | 92,640 | $ | (56,195 | ) | $ | (56,195 | ) | $ | 190,277 | $ | 184,462 | |||||||||||||||||||
Cost of sales. | — | — | 127,484 | 127,484 | 82,492 | 79,154 | (56,195 | ) | (56,195 | ) | 153,781 | 150,443 | |||||||||||||||||||||||||||||
Selling, general, and administrative expenses | (933 | ) | (933 | ) | 14,635 | 14,635 | 9,756 | 8,976 | — | — | 23,458 | 22,678 | |||||||||||||||||||||||||||||
Research, technical, and product development expenses. | — | — | 1,208 | 1,208 | (104 | ) | (104 | ) | — | — | 1,104 | 1,104 | |||||||||||||||||||||||||||||
Operating income. | 933 | 933 | 4,690 | 4,690 | 6,311 | 4,614 | — | — | 11,934 | 10,237 | |||||||||||||||||||||||||||||||
Other income (expense), net | (32 | ) | (32 | ) | 1 | — | 601 | 602 | — | — | 570 | 570 | |||||||||||||||||||||||||||||
Interest income (expense), net | (3,903 | ) | (3,903 | ) | (15 | ) | (15 | ) | (258 | ) | (258 | ) | — | — | (4,176 | ) | (4,176 | ) | |||||||||||||||||||||||
Equity in earnings of subsidiaries | 5,328 | 4,258 | — | 2,512 | — | 413 | (5,328 | ) | (7,183 | ) | — | — | |||||||||||||||||||||||||||||
Income before taxes. | 2,326 | 1,256 | 4,676 | 7,187 | 6,654 | 5,371 | (5,328 | ) | (7,183 | ) | 8,328 | 6,631 | |||||||||||||||||||||||||||||
Provision for (benefit from) income taxes | (2,837 | ) | (2,837 | ) | 2,926 | 2,926 | 3,076 | 2,449 | — | — | 3,165 | 2,538 | |||||||||||||||||||||||||||||
Net income attributable to continuing operations. | 5,163 | 4,093 | 1,750 | 4,261 | 3,578 | 2,922 | (5,328 | ) | (7,183 | ) | 5,163 | 4,093 | |||||||||||||||||||||||||||||
Net income attributable to discontinued operations, net of tax. | — | 453 | — | — | — | 453 | — | (453 | ) | — | 453 | ||||||||||||||||||||||||||||||
Net income | $ | 5,163 | $ | 4,546 | $ | 1,750 | $ | 4,261 | $ | 3,578 | $ | 3,375 | $ | (5,328 | ) | $ | (7,636 | ) | $ | 5,163 | $ | 4,546 | |||||||||||||||||||
Comprehensive income | $ | 3,790 | $ | 3,173 | $ | 2,801 | $ | 5,312 | $ | 1,001 | $ | 798 | $ | (3,802 | ) | $ | (6,110 | ) | $ | 3,790 | $ | 3,173 | |||||||||||||||||||
Condensed Consolidating Statement of Operations and Comprehensive Income | |||||||||||||||||||||||||||||||||||||||||
Six Months Ended June 30, 2012 | |||||||||||||||||||||||||||||||||||||||||
(unaudited) | |||||||||||||||||||||||||||||||||||||||||
RTI International | Guarantors | Non-Guarantors | Eliminations | Consolidated | |||||||||||||||||||||||||||||||||||||
Metals, Inc. | |||||||||||||||||||||||||||||||||||||||||
Previously | As | Previously | As | Previously | As | Previously | As | Previously | As | ||||||||||||||||||||||||||||||||
Reported | Restated | Reported | Restated | Reported | Restated | Reported | Restated | Reported | Restated | ||||||||||||||||||||||||||||||||
Net Sales | $ | — | $ | — | $ | 247,734 | $ | 247,734 | $ | 219,699 | $ | 205,104 | $ | (114,306 | ) | $ | (114,306 | ) | $ | 353,127 | $ | 338,532 | |||||||||||||||||||
Cost of sales. | — | — | 209,233 | 209,233 | 185,999 | 177,079 | (114,306 | ) | (114,306 | ) | 280,926 | 272,006 | |||||||||||||||||||||||||||||
Selling, general, and administrative expenses | (1,035 | ) | (1,035 | ) | 21,324 | 21,324 | 24,791 | 23,222 | — | — | 45,080 | 43,511 | |||||||||||||||||||||||||||||
Research, technical, and product development expenses. | 95 | 95 | 2,024 | 2,024 | 50 | 50 | — | — | 2,169 | 2,169 | |||||||||||||||||||||||||||||||
Operating income. | 940 | 940 | 15,153 | 15,153 | 8,859 | 4,753 | — | — | 24,952 | 20,846 | |||||||||||||||||||||||||||||||
Other income (expense), net | (45 | ) | (45 | ) | 281 | 281 | 66 | 66 | — | — | 302 | 302 | |||||||||||||||||||||||||||||
Interest income (expense), net | (7,917 | ) | (7,917 | ) | 159 | 159 | (614 | ) | (614 | ) | — | — | (8,372 | ) | (8,372 | ) | |||||||||||||||||||||||||
Equity in earnings of subsidiaries | 13,917 | 11,280 | — | 3,956 | — | 1,616 | (13,917 | ) | (16,852 | ) | — | — | |||||||||||||||||||||||||||||
Income before taxes. | 6,895 | 4,258 | 15,593 | 19,549 | 8,311 | 5,821 | (13,917 | ) | (16,852 | ) | 16,882 | 12,776 | |||||||||||||||||||||||||||||
Provision for (benefit from) income taxes | (3,893 | ) | (3,893 | ) | 5,968 | 5,968 | 4,019 | 2,550 | — | — | 6,094 | 4,625 | |||||||||||||||||||||||||||||
Net income attributable to continuing operations. | 10,788 | 8,151 | 9,625 | 13,581 | 4,292 | 3,271 | (13,917 | ) | (16,852 | ) | 10,788 | 8,151 | |||||||||||||||||||||||||||||
Net income attributable to discontinued operations, net of tax. | — | 1,024 | — | — | — | 1,024 | — | (1,024 | ) | — | 1,024 | ||||||||||||||||||||||||||||||
Net income | $ | 10,788 | $ | 9,175 | $ | 9,625 | $ | 13,581 | $ | 4,292 | $ | 4,295 | $ | (13,917 | ) | $ | (17,876 | ) | $ | 10,788 | $ | 9,175 | |||||||||||||||||||
Comprehensive income | $ | 12,818 | $ | 11,205 | $ | 11,735 | $ | 15,691 | $ | 3,907 | $ | 3,910 | $ | (15,642 | ) | $ | (19,601 | ) | $ | 12,818 | $ | 11,205 | |||||||||||||||||||
Condensed Consolidating Statement of Operations and Comprehensive Income | |||||||||||||||||||||||||||||||||||||||||
Three Months Ended September 30, 2012 | |||||||||||||||||||||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||||||||||||||||||||
RTI International | Guarantors | Non-Guarantors | Eliminations | Consolidated | |||||||||||||||||||||||||||||||||||||
Metals, Inc. | |||||||||||||||||||||||||||||||||||||||||
Previously | As | Previously | As | Previously | As | Previously | As | Previously | As | ||||||||||||||||||||||||||||||||
Reported | Restated | Reported | Restated | Reported | Restated | Reported | Restated | Reported | Restated | ||||||||||||||||||||||||||||||||
Net Sales | $ | — | $ | — | $ | 131,132 | $ | 131,132 | $ | 110,148 | $ | 103,618 | $ | (52,205 | ) | $ | (52,205 | ) | $ | 189,075 | $ | 182,545 | |||||||||||||||||||
Cost and expenses: | |||||||||||||||||||||||||||||||||||||||||
Cost of sales | — | — | 114,706 | 114,706 | 88,627 | 86,394 | (52,205 | ) | (52,205 | ) | 151,128 | 148,895 | |||||||||||||||||||||||||||||
Selling, general, and administrative expenses | (1,442 | ) | $ | (1,442 | ) | 12,048 | 12,048 | 11,828 | 11,119 | — | — | 22,434 | 21,725 | ||||||||||||||||||||||||||||
Research, technical, and product development expenses | — | — | 1,000 | 1,000 | 12 | 12 | — | — | 1,012 | 1,012 | |||||||||||||||||||||||||||||||
Asset and asset-related charges (income) | — | — | 1,617 | 1,617 | — | — | — | — | 1,617 | 1,617 | |||||||||||||||||||||||||||||||
Operating income | 1,442 | 1,442 | 1,761 | 1,761 | 9,681 | 6,093 | — | — | 12,884 | 9,296 | |||||||||||||||||||||||||||||||
Other income (expense), net | (3 | ) | (3 | ) | 20 | 20 | 15 | (1 | ) | — | — | 32 | 16 | ||||||||||||||||||||||||||||
Interest income (expense), net | (4,358 | ) | (4,358 | ) | 36 | 36 | (368 | ) | (368 | ) | — | — | (4,690 | ) | (4,690 | ) | |||||||||||||||||||||||||
Equity in earnings of subsidiaries | 7,460 | 5,034 | — | 1,231 | — | 374 | (7,460 | ) | (6,639 | ) | — | — | |||||||||||||||||||||||||||||
Income before taxes | 4,541 | 2,115 | 1,817 | 3,048 | 9,328 | 6,098 | (7,460 | ) | (6,639 | ) | 8,226 | 4,622 | |||||||||||||||||||||||||||||
Provision for (benefit from) income taxes | (1,084 | ) | (1,084 | ) | 705 | 705 | 2,980 | 1,802 | — | — | 2,601 | 1,423 | |||||||||||||||||||||||||||||
Net income attributable to continuing operations | 5,625 | 3,199 | 1,112 | 2,343 | 6,348 | 4,296 | (7,460 | ) | (6,639 | ) | 5,625 | 3,199 | |||||||||||||||||||||||||||||
Net income attributable to discontinued operations, net of tax | — | 389 | — | — | — | 389 | — | (389 | ) | — | 389 | ||||||||||||||||||||||||||||||
Net income | $ | 5,625 | $ | 3,588 | $ | 1,112 | $ | 2,343 | $ | 6,348 | $ | 4,685 | $ | (7,460 | ) | $ | (7,028 | ) | $ | 5,625 | $ | 3,588 | |||||||||||||||||||
Comprehensive income | $ | 11,334 | $ | 9,297 | $ | 2,163 | $ | 3,394 | $ | 10,856 | $ | 9,193 | $ | (13,019 | ) | $ | (12,587 | ) | $ | 11,334 | $ | 9,297 | |||||||||||||||||||
Condensed Consolidating Statement of Operations and Comprehensive Income | |||||||||||||||||||||||||||||||||||||||||
Nine Months Ended September 30, 2012 | |||||||||||||||||||||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||||||||||||||||||||
RTI International | Guarantors | Non-Guarantors | Eliminations | Consolidated | |||||||||||||||||||||||||||||||||||||
Metals, Inc. | |||||||||||||||||||||||||||||||||||||||||
Previously | As | Previously | As | Previously | As | Previously | As | Previously | As | ||||||||||||||||||||||||||||||||
Reported | Restated | Reported | Restated | Restated | Restated | Reported | Restated | Reported | Restated | ||||||||||||||||||||||||||||||||
Net Sales | $ | — | $ | — | $ | 378,866 | $ | 378,866 | $ | 329,847 | $ | 308,722 | $ | (166,511 | ) | $ | (166,511 | ) | $ | 542,202 | $ | 521,077 | |||||||||||||||||||
Cost and expenses: | |||||||||||||||||||||||||||||||||||||||||
Cost of sales | — | — | 323,939 | 323,939 | 274,626 | 263,473 | (166,511 | ) | (166,511 | ) | 432,054 | 420,901 | |||||||||||||||||||||||||||||
Selling, general, and administrative expenses | (2,477 | ) | (2,477 | ) | 33,372 | 33,372 | 36,619 | 34,341 | — | — | 67,514 | 65,236 | |||||||||||||||||||||||||||||
Research, technical, and product development expenses | 95 | 95 | 3,024 | 3,024 | 62 | 62 | — | — | 3,181 | 3,181 | |||||||||||||||||||||||||||||||
Asset and asset-related charges (income) | — | — | 1,617 | 1,617 | — | — | — | — | 1,617 | 1,617 | |||||||||||||||||||||||||||||||
Operating income | 2,382 | 2,382 | 16,914 | 16,914 | 18,540 | 10,846 | — | — | 37,836 | 30,142 | |||||||||||||||||||||||||||||||
Other income (expense), net | (48 | ) | (48 | ) | 301 | 301 | 81 | 65 | — | — | 334 | 318 | |||||||||||||||||||||||||||||
Interest income (expense), net | (12,275 | ) | (12,275 | ) | 195 | 195 | (982 | ) | (982 | ) | — | — | (13,062 | ) | (13,062 | ) | |||||||||||||||||||||||||
Equity in earnings of subsidiaries | 21,377 | 16,314 | — | 5,185 | — | 1,990 | (21,377 | ) | (23,489 | ) | — | — | |||||||||||||||||||||||||||||
Income before taxes | 11,436 | 6,373 | 17,410 | 22,595 | 17,639 | 11,919 | (21,377 | ) | (23,489 | ) | 25,108 | 17,398 | |||||||||||||||||||||||||||||
Provision for (benefit from) income taxes | (4,977 | ) | (4,977 | ) | 6,673 | 6,673 | 6,999 | 4,352 | — | — | 8,695 | 6,048 | |||||||||||||||||||||||||||||
Net income attributable to continuing operations | 16,413 | 11,350 | 10,737 | 15,922 | 10,640 | 7,567 | (21,377 | ) | (23,489 | ) | 16,413 | 11,350 | |||||||||||||||||||||||||||||
Net income attributable to discontinued operations, net of tax | — | 1,413 | — | — | — | 1,413 | — | (1,413 | ) | — | 1,413 | ||||||||||||||||||||||||||||||
Net income | $ | 16,413 | $ | 12,763 | $ | 10,737 | $ | 15,922 | $ | 10,640 | $ | 8,980 | $ | (21,377 | ) | $ | (24,902 | ) | $ | 16,413 | $ | 12,763 | |||||||||||||||||||
Comprehensive income | $ | 24,152 | $ | 20,502 | $ | 13,898 | $ | 19,083 | $ | 14,763 | $ | 13,103 | $ | (28,661 | ) | $ | (32,186 | ) | $ | 24,152 | $ | 20,502 | |||||||||||||||||||
Condensed Consolidating Statement of Operations and Comprehensive Income | |||||||||||||||||||||||||||||||||||||||||
Three Months Ended March 31, 2011 | |||||||||||||||||||||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||||||||||||||||||||
RTI International | Guarantors | Non-Guarantors | Eliminations | Consolidated | |||||||||||||||||||||||||||||||||||||
Metals, Inc. | |||||||||||||||||||||||||||||||||||||||||
Previously | As | Previously | As | Previously | As | Previously | As | Previously | As | ||||||||||||||||||||||||||||||||
Reported | Restated | Reported | Restated | Reported | Restated | Reported | Restated | Reported | Restated | ||||||||||||||||||||||||||||||||
Net Sales | $ | — | $ | — | $ | 78,922 | $ | 78,922 | $ | 82,102 | $ | 73,052 | $ | (40,174 | ) | $ | (40,174 | ) | $ | 120,850 | $ | 111,800 | |||||||||||||||||||
Cost and expenses: | |||||||||||||||||||||||||||||||||||||||||
Cost of sales | — | — | 64,652 | 64,652 | 70,367 | 64,010 | (40,174 | ) | (40,174 | ) | 94,845 | 88,488 | |||||||||||||||||||||||||||||
Selling, general, and administrative expenses | (415 | ) | (415 | ) | 5,800 | 5,800 | 12,073 | 11,166 | — | — | 17,458 | 16,551 | |||||||||||||||||||||||||||||
Research, technical, and product development expenses | — | — | 632 | 632 | — | — | — | — | 632 | 632 | |||||||||||||||||||||||||||||||
Asset and asset-related charges (income) | — | — | — | — | (1,501 | ) | (1,501 | ) | — | — | (1,501 | ) | (1,501 | ) | |||||||||||||||||||||||||||
Operating income | 415 | 415 | 7,838 | 7,838 | 1,163 | (623 | ) | — | — | 9,416 | 7,630 | ||||||||||||||||||||||||||||||
Other income (expense), net | (17 | ) | (17 | ) | (71 | ) | (71 | ) | (481 | ) | (434 | ) | — | — | (569 | ) | (522 | ) | |||||||||||||||||||||||
Interest income (expense), net | (4,201 | ) | (4,201 | ) | 363 | 363 | (237 | ) | (237 | ) | — | — | (4,075 | ) | (4,075 | ) | |||||||||||||||||||||||||
Equity in earnings of subsidiaries | 5,599 | 4,754 | — | 2,343 | — | 155 | (5,599 | ) | (7,252 | ) | — | — | |||||||||||||||||||||||||||||
Income before taxes | 1,796 | 951 | 8,130 | 10,473 | 445 | (1,139 | ) | (5,599 | ) | (7,252 | ) | 4,772 | 3,033 | ||||||||||||||||||||||||||||
Provision for (benefit from) income taxes | (546 | ) | (546 | ) | 2,854 | 2,854 | 122 | (772 | ) | — | — | 2,430 | 1,536 | ||||||||||||||||||||||||||||
Net income attributable to continuing operations | 2,342 | 1,497 | 5,276 | 7,619 | 323 | (367 | ) | (5,599 | ) | (7,252 | ) | 2,342 | 1,497 | ||||||||||||||||||||||||||||
Net income attributable to discontinued operations, net of tax | — | 422 | — | 422 | (422 | ) | 422 | ||||||||||||||||||||||||||||||||||
Net income | $ | 2,342 | $ | 1,919 | $ | 5,276 | $ | 7,619 | $ | 323 | $ | 55 | $ | (5,599 | ) | $ | (7,674 | ) | $ | 2,342 | $ | 1,919 | |||||||||||||||||||
Comprehensive income | $ | 6,871 | $ | 6,448 | $ | 5,981 | $ | 8,324 | $ | 4,028 | $ | 3,760 | $ | (10,009 | ) | $ | (12,084 | ) | $ | 6,871 | $ | 6,448 | |||||||||||||||||||
Condensed Consolidating Statement of Operations and Comprehensive Income | |||||||||||||||||||||||||||||||||||||||||
Three Months Ended June 30, 2011 | |||||||||||||||||||||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||||||||||||||||||||
RTI International | Guarantors | Non-Guarantors | Eliminations | Consolidated | |||||||||||||||||||||||||||||||||||||
Metals, Inc. | |||||||||||||||||||||||||||||||||||||||||
Previously | As | Previously | As | Previously | As | Previously | As | Previously | As | ||||||||||||||||||||||||||||||||
Reported | Restated | Reported | Restated | Reported | Restated | Reported | Restated | Reported | Restated | ||||||||||||||||||||||||||||||||
Net Sales | $ | — | $ | — | $ | 82,096 | $ | 82,096 | $ | 84,802 | $ | 79,596 | $ | (43,685 | ) | $ | (43,685 | ) | $ | 123,213 | $ | 118,007 | |||||||||||||||||||
Cost and expenses: | |||||||||||||||||||||||||||||||||||||||||
Cost of sales | — | — | 68,359 | 68,359 | 73,950 | 69,150 | (43,685 | ) | (43,685 | ) | 98,624 | 93,824 | |||||||||||||||||||||||||||||
Selling, general, and administrative expenses | (150 | ) | (150 | ) | 5,869 | 5,869 | 11,899 | 11,092 | — | — | 17,618 | 16,811 | |||||||||||||||||||||||||||||
Research, technical, and product development expenses | — | — | 798 | 798 | 92 | 92 | — | — | 890 | 890 | |||||||||||||||||||||||||||||||
Operating income | 150 | 150 | 7,070 | 7,070 | (1,139 | ) | (738 | ) | — | — | 6,081 | 6,482 | |||||||||||||||||||||||||||||
Other income (expense), net | (16 | ) | (16 | ) | 37 | 37 | 112 | 112 | — | — | 133 | 133 | |||||||||||||||||||||||||||||
Interest income (expense), net | (4,138 | ) | (4,138 | ) | 504 | 504 | (261 | ) | (261 | ) | — | — | (3,895 | ) | (3,895 | ) | |||||||||||||||||||||||||
Equity in earnings of subsidiaries | 4,832 | 4,821 | — | 2,526 | — | (792 | ) | (4,832 | ) | (6,555 | ) | — | — | ||||||||||||||||||||||||||||
Income before taxes | 828 | 817 | 7,611 | 10,137 | (1,288 | ) | (1,679 | ) | (4,832 | ) | (6,555 | ) | 2,319 | 2,720 | |||||||||||||||||||||||||||
Provision for (benefit from) income taxes | (1,300 | ) | (1,300 | ) | 2,854 | 2,854 | (1,363 | ) | (951 | ) | — | — | 191 | 603 | |||||||||||||||||||||||||||
Net income attributable to continuing operations | 2,128 | 2,117 | 4,757 | 7,283 | 75 | (728 | ) | (4,832 | ) | (6,555 | ) | 2,128 | 2,117 | ||||||||||||||||||||||||||||
Net income attributable to discontinued operations, net of tax | — | 618 | — | — | — | 618 | — | (618 | ) | — | 618 | ||||||||||||||||||||||||||||||
Net income | $ | 2,128 | $ | 2,735 | $ | 4,757 | $ | 7,283 | $ | 75 | $ | (110 | ) | $ | (4,832 | ) | $ | (7,173 | ) | $ | 2,128 | $ | 2,735 | ||||||||||||||||||
Comprehensive income | $ | 3,047 | $ | 3,654 | $ | 5,638 | $ | 8,164 | $ | (40 | ) | $ | (225 | ) | $ | (5,598 | ) | $ | (7,939 | ) | $ | 3,047 | $ | 3,654 | |||||||||||||||||
Condensed Consolidating Statement of Operations and Comprehensive Income | |||||||||||||||||||||||||||||||||||||||||
Six Months Ended June 30, 2011 | |||||||||||||||||||||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||||||||||||||||||||
RTI International | Guarantors | Non-Guarantors | Eliminations | Consolidated | |||||||||||||||||||||||||||||||||||||
Metals, Inc. | |||||||||||||||||||||||||||||||||||||||||
Previously | As | Previously | As | Previously | As | Previously | As | Previously | As | ||||||||||||||||||||||||||||||||
Reported | Revised | Reported | Revised | Reported | Revised | Reported | Revised | Reported | Revised | ||||||||||||||||||||||||||||||||
Net Sales | $ | — | $ | — | $ | 161,018 | $ | 161,018 | $ | 166,904 | $ | 152,648 | $ | (83,859 | ) | $ | (83,859 | ) | $ | 244,063 | $ | 229,807 | |||||||||||||||||||
Cost and expenses: | |||||||||||||||||||||||||||||||||||||||||
Cost of sales | — | — | 133,011 | 133,011 | 144,317 | 133,160 | (83,859 | ) | (83,859 | ) | 193,469 | 182,312 | |||||||||||||||||||||||||||||
Selling, general, and administrative expenses | (565 | ) | (565 | ) | 11,669 | 11,669 | 23,972 | 22,258 | — | — | 35,076 | 33,362 | |||||||||||||||||||||||||||||
Research, technical, and product development expenses | — | — | 1,430 | 1,430 | 92 | 92 | — | — | 1,522 | 1,522 | |||||||||||||||||||||||||||||||
Asset and asset-related charges (income) | — | — | — | — | (1,501 | ) | (1,501 | ) | — | — | (1,501 | ) | (1,501 | ) | |||||||||||||||||||||||||||
Operating income | 565 | 565 | 14,908 | 14,908 | 24 | (1,361 | ) | — | — | 15,497 | 14,112 | ||||||||||||||||||||||||||||||
Other income (expense), net | (33 | ) | (33 | ) | (34 | ) | (34 | ) | (369 | ) | (322 | ) | — | — | (436 | ) | (389 | ) | |||||||||||||||||||||||
Interest income (expense), net | (8,339 | ) | (8,339 | ) | 867 | 867 | (498 | ) | (498 | ) | — | — | (7,970 | ) | (7,970 | ) | |||||||||||||||||||||||||
Equity in earnings of subsidiaries | 10,431 | 9,575 | — | 4,869 | — | (637 | ) | (10,431 | ) | (13,807 | ) | — | — | ||||||||||||||||||||||||||||
Income before taxes | 2,624 | 1,768 | 15,741 | 20,610 | (843 | ) | (2,818 | ) | (10,431 | ) | (13,807 | ) | 7,091 | 5,753 | |||||||||||||||||||||||||||
Provision for (benefit from) income taxes | (1,846 | ) | (1,846 | ) | 5,708 | 5,708 | (1,241 | ) | (1,723 | ) | — | — | 2,621 | 2,139 | |||||||||||||||||||||||||||
Net income attributable to continuing operations | 4,470 | 3,614 | 10,033 | 14,902 | 398 | (1,095 | ) | (10,431 | ) | (13,807 | ) | 4,470 | 3,614 | ||||||||||||||||||||||||||||
Net income attributable to discontinued operations, net of tax | — | 1,040 | — | — | — | 1,040 | — | (1,040 | ) | — | 1,040 | ||||||||||||||||||||||||||||||
Net income | $ | 4,470 | $ | 4,654 | $ | 10,033 | $ | 14,902 | $ | 398 | $ | (55 | ) | $ | (10,431 | ) | (14,847 | ) | $ | 4,470 | $ | 4,654 | |||||||||||||||||||
Comprehensive income | $ | 9,918 | $ | 10,102 | $ | 11,619 | $ | 16,488 | $ | 3,988 | $ | 3,535 | $ | (15,607 | ) | $ | (20,023 | ) | $ | 9,918 | $ | 10,102 | |||||||||||||||||||
Condensed Consolidating Statement of Operations and Comprehensive Income | |||||||||||||||||||||||||||||||||||||||||
Three Months Ended September 30, 2011 | |||||||||||||||||||||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||||||||||||||||||||
RTI International | Guarantors | Non-Guarantors | Eliminations | Consolidated | |||||||||||||||||||||||||||||||||||||
Metals, Inc. | |||||||||||||||||||||||||||||||||||||||||
Previously | As | Previously | As | Previously | As | Previously | As | Previously | As | ||||||||||||||||||||||||||||||||
Reported | Revised | Reported | Revised | Reported | Revised | Reported | Revised | Reported | Revised | ||||||||||||||||||||||||||||||||
Net Sales | $ | — | $ | — | $ | 97,118 | $ | 97,118 | $ | 95,330 | $ | 88,512 | $ | (48,777 | ) | $ | (48,777 | ) | $ | 143,671 | $ | 136,853 | |||||||||||||||||||
Cost and expenses: | |||||||||||||||||||||||||||||||||||||||||
Cost of sales | — | — | 85,942 | 85,942 | 81,500 | 76,837 | (48,777 | ) | (48,777 | ) | 118,665 | 114,002 | |||||||||||||||||||||||||||||
Selling, general, and administrative expenses | (793 | ) | (793 | ) | 5,707 | 5,707 | 11,474 | 10,702 | — | — | 16,388 | 15,616 | |||||||||||||||||||||||||||||
Research, technical, and product development expenses | — | — | 874 | 874 | 51 | 51 | — | — | 925 | 925 | |||||||||||||||||||||||||||||||
Operating income | 793 | 793 | 4,595 | 4,595 | 2,305 | 922 | — | — | 7,693 | 6,310 | |||||||||||||||||||||||||||||||
Other income (expense), net | (39 | ) | (39 | ) | 34 | 34 | 203 | 203 | — | — | 198 | 198 | |||||||||||||||||||||||||||||
Interest income (expense), net | (4,074 | ) | (4,074 | ) | 479 | 479 | (247 | ) | (247 | ) | — | — | (3,842 | ) | (3,842 | ) | |||||||||||||||||||||||||
Equity in earnings of subsidiaries | 4,179 | 3,279 | — | 9 | — | (280 | ) | (4,179 | ) | (3,008 | ) | — | — | ||||||||||||||||||||||||||||
Income before taxes | 859 | (41 | ) | 5,108 | 5,117 | 2,261 | 598 | (4,179 | ) | (3,008 | ) | 4,049 | 2,666 | ||||||||||||||||||||||||||||
Provision for (benefit from) income taxes | (1,208 | ) | (1,208 | ) | 2,465 | 2,465 | 725 | 242 | — | — | 1,982 | 1,499 | |||||||||||||||||||||||||||||
Net income attributable to continuing operations | 2,067 | 1,167 | 2,643 | 2,652 | 1,536 | 356 | (4,179 | ) | (3,008 | ) | 2,067 | 1,167 | |||||||||||||||||||||||||||||
Net income attributable to discontinued operations, net of tax | — | 493 | — | — | — | 493 | — | (493 | ) | — | 493 | ||||||||||||||||||||||||||||||
Net income | $ | 2,067 | $ | 1,660 | $ | 2,643 | $ | 2,652 | $ | 1,536 | $ | 849 | $ | (4,179 | ) | $ | (3,501 | ) | $ | 2,067 | $ | 1,660 | |||||||||||||||||||
Comprehensive income | $ | (5,336 | ) | $ | (5,743 | ) | $ | 3,436 | $ | 3,445 | $ | (6,676 | ) | $ | (7,363 | ) | $ | 3,240 | $ | 3,918 | $ | (5,336 | ) | $ | (5,743 | ) | |||||||||||||||
Condensed Consolidating Statement of Operations and Comprehensive Income | |||||||||||||||||||||||||||||||||||||||||
Nine Months Ended September 30, 2011 | |||||||||||||||||||||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||||||||||||||||||||
RTI International | Guarantors | Non-Guarantors | Eliminations | Consolidated | |||||||||||||||||||||||||||||||||||||
Metals, Inc. | |||||||||||||||||||||||||||||||||||||||||
Previously | As | Previously | As | Previously | As | Previously | As | Previously | As | ||||||||||||||||||||||||||||||||
Reported | Revised | Reported | Revised | Reported | Revised | Reported | Revised | Reported | Revised | ||||||||||||||||||||||||||||||||
Net Sales | $ | — | $ | — | $ | 258,136 | $ | 258,136 | $ | 262,234 | $ | 241,160 | $ | (132,636 | ) | $ | (132,636 | ) | $ | 387,734 | $ | 366,660 | |||||||||||||||||||
Cost and expenses: | |||||||||||||||||||||||||||||||||||||||||
Cost of sales | — | — | 218,953 | 218,953 | 225,817 | 209,997 | (132,636 | ) | (132,636 | ) | 312,134 | 296,314 | |||||||||||||||||||||||||||||
Selling, general, and administrative expenses | (1,358 | ) | (1,358 | ) | 17,376 | 17,376 | 35,446 | 32,960 | — | — | 51,464 | 48,978 | |||||||||||||||||||||||||||||
Research, technical, and product development expenses | — | — | 2,304 | 2,304 | 143 | 143 | — | — | 2,447 | 2,447 | |||||||||||||||||||||||||||||||
Asset and asset-related charges (income) | — | — | — | — | (1,501 | ) | (1,501 | ) | — | — | (1,501 | ) | (1,501 | ) | |||||||||||||||||||||||||||
Operating income | 1,358 | 1,358 | 19,503 | 19,503 | 2,329 | (439 | ) | — | — | 23,190 | 20,422 | ||||||||||||||||||||||||||||||
Other income (expense), net | (72 | ) | (72 | ) | — | — | (166 | ) | (119 | ) | — | — | (238 | ) | (191 | ) | |||||||||||||||||||||||||
Interest income (expense), net | (12,413 | ) | (12,413 | ) | 1,346 | 1,346 | (745 | ) | (745 | ) | — | — | (11,812 | ) | (11,812 | ) | |||||||||||||||||||||||||
Equity in earnings of subsidiaries | 14,610 | 12,854 | — | 4,879 | — | (917 | ) | (14,610 | ) | (16,816 | ) | — | — | ||||||||||||||||||||||||||||
Income before taxes. | 3,483 | 1,727 | 20,849 | 25,728 | 1,418 | (2,220 | ) | (14,610 | ) | (16,816 | ) | 11,140 | 8,419 | ||||||||||||||||||||||||||||
Provision for (benefit from) income taxes | (3,054 | ) | (3,054 | ) | 8,173 | 8,173 | (516 | ) | (1,481 | ) | — | — | 4,603 | 3,638 | |||||||||||||||||||||||||||
Net income attributable to continuing operations | 6,537 | 4,781 | 12,676 | 17,555 | 1,934 | (739 | ) | (14,610 | ) | (16,816 | ) | 6,537 | 4,781 | ||||||||||||||||||||||||||||
Net income attributable to discontinued operations, net of tax | — | 1,533 | — | — | — | 1,533 | — | (1,533 | ) | — | 1,533 | ||||||||||||||||||||||||||||||
Net income | $ | 6,537 | $ | 6,314 | $ | 12,676 | $ | 17,555 | $ | 1,934 | $ | 794 | $ | (14,610 | ) | $ | (18,349 | ) | $ | 6,537 | $ | 6,314 | |||||||||||||||||||
Comprehensive income | $ | 4,582 | $ | 4,359 | $ | 15,055 | $ | 19,934 | $ | (2,688 | ) | $ | (3,828 | ) | $ | (12,367 | ) | $ | (16,106 | ) | $ | 4,582 | $ | 4,359 | |||||||||||||||||
Effects of Restatement on Consolidated Balance Sheets | ' | ||||||||||||||||||||||||||||||||||||||||
31-Dec-12 | |||||||||||||||||||||||||||||||||||||||||
Consolidated Balance Sheets | Previously | First | Second | As | Discontinued | Currently | |||||||||||||||||||||||||||||||||||
Reported | Restatement | Restatement | Corrected | Operations | Reported | ||||||||||||||||||||||||||||||||||||
Adjustment | Adjustment | ||||||||||||||||||||||||||||||||||||||||
Receivables | $ | 108,767 | $ | — | $ | (1,261 | ) | $ | 107,506 | $ | (2,189 | ) | $ | 105,317 | |||||||||||||||||||||||||||
Inventories, net | 405,289 | (5,208 | ) | (3,841 | ) | 396,240 | (11,124 | ) | 385,116 | ||||||||||||||||||||||||||||||||
Costs in excess of billings | — | 1,841 | 419 | 2,260 | — | 2,260 | |||||||||||||||||||||||||||||||||||
Deferred income taxes | 28,899 | 1,733 | 748 | 31,380 | — | 31,380 | |||||||||||||||||||||||||||||||||||
Assets of discontinued operations | — | — | — | — | 14,741 | 14,741 | |||||||||||||||||||||||||||||||||||
Other current assets | 10,709 | 561 | — | 11,270 | — | 11,270 | |||||||||||||||||||||||||||||||||||
Total current assets | 650,854 | (1,073 | ) | (3,935 | ) | 645,846 | 1,428 | 647,274 | |||||||||||||||||||||||||||||||||
Property, plant and equipment, net | 375,996 | — | — | 375,996 | (47 | ) | 375,949 | ||||||||||||||||||||||||||||||||||
Goodwill | 137,251 | — | (5,260 | ) | 131,991 | (1,381 | ) | 130,610 | |||||||||||||||||||||||||||||||||
Other noncurrent assets | 5,844 | 3,022 | — | 8,866 | — | 8,866 | |||||||||||||||||||||||||||||||||||
Total assets | 1,259,727 | 1,949 | (9,195 | ) | 1,252,481 | — | 1,252,481 | ||||||||||||||||||||||||||||||||||
Accounts payable | 93,656 | — | — | 93,656 | (1,995 | ) | 91,661 | ||||||||||||||||||||||||||||||||||
Accrued wages and other employment costs | 34,433 | — | — | 34,433 | (337 | ) | 34,096 | ||||||||||||||||||||||||||||||||||
Unearned revenues | 26,164 | 1,984 | (3,150 | ) | 24,998 | — | 24,998 | ||||||||||||||||||||||||||||||||||
Liabilities of discontinued operations | — | — | — | — | 2,332 | 2,332 | |||||||||||||||||||||||||||||||||||
Total current liabilities | 176,803 | 1,984 | (3,150 | ) | 175,637 | — | 175,637 | ||||||||||||||||||||||||||||||||||
Deferred income taxes | 51,452 | — | (5,068 | ) | 46,384 | — | 46,384 | ||||||||||||||||||||||||||||||||||
Unearned revenues | 9,991 | 3,022 | — | 13,013 | — | 13,013 | |||||||||||||||||||||||||||||||||||
Total liabilities | 514,158 | 5,006 | (8,218 | ) | 510,946 | — | 510,946 | ||||||||||||||||||||||||||||||||||
Retained earnings | 323,581 | (3,057 | ) | (977 | ) | 319,547 | — | 319,547 | |||||||||||||||||||||||||||||||||
Total shareholders’ equity | 745,569 | (3,057 | ) | (977 | ) | 741,535 | — | 741,535 | |||||||||||||||||||||||||||||||||
Total liabilities and shareholders’ equity | 1,259,727 | 1,949 | (9,195 | ) | 1,252,481 | — | 1,252,481 | ||||||||||||||||||||||||||||||||||
At December 31, 2011 | |||||||||||||||||||||||||||||||||||||||||
Previously | Revision | As | Discontinued | Currently | |||||||||||||||||||||||||||||||||||||
Reported | Adjustment | Revised | Operations | Reported | |||||||||||||||||||||||||||||||||||||
Consolidated Balance Sheet | |||||||||||||||||||||||||||||||||||||||||
Receivables, net | $ | 89,359 | $ | — | $ | 89,359 | $ | (2,931 | ) | $ | 86,428 | ||||||||||||||||||||||||||||||
Inventories, net | 275,059 | (3,495 | ) | 271,564 | (11,712 | ) | 259,852 | ||||||||||||||||||||||||||||||||||
Costs in excess of billings | — | 400 | 400 | — | 400 | ||||||||||||||||||||||||||||||||||||
Deferred income taxes | 18,674 | 367 | 19,041 | — | 19,041 | ||||||||||||||||||||||||||||||||||||
Other current assets | 9,932 | 290 | 10,222 | — | 10,222 | ||||||||||||||||||||||||||||||||||||
Assets of discontinued operations | — | — | — | 16,083 | 16,083 | ||||||||||||||||||||||||||||||||||||
Total current assets | 714,121 | (2,438 | ) | 711,683 | 1,440 | 713,123 | |||||||||||||||||||||||||||||||||||
Property, plant, and equipment, net | 289,434 | — | 289,434 | (59 | ) | 289,375 | |||||||||||||||||||||||||||||||||||
Goodwill | 55,864 | — | 55,864 | (1,381 | ) | 54,483 | |||||||||||||||||||||||||||||||||||
Other noncurrent assets | 5,173 | 3,583 | 8,756 | — | 8,756 | ||||||||||||||||||||||||||||||||||||
Total assets | 1,127,275 | 1,145 | 1,128,420 | — | 1,128,420 | ||||||||||||||||||||||||||||||||||||
Accounts payable | 59,591 | — | 59,591 | (3,771 | ) | 55,820 | |||||||||||||||||||||||||||||||||||
Accrued wages and other employee costs | 27,260 | — | 27,260 | (473 | ) | 26,787 | |||||||||||||||||||||||||||||||||||
Liabilities of discontinued operations | — | — | — | 4,244 | 4,244 | ||||||||||||||||||||||||||||||||||||
Unearned revenues — current | 21,495 | (1,779 | ) | 19,716 | — | 19,716 | |||||||||||||||||||||||||||||||||||
Total current liabilities | 128,431 | (1,779 | ) | 126,652 | — | 126,652 | |||||||||||||||||||||||||||||||||||
Unearned revenues — noncurrent | 4,532 | 3,583 | 8,115 | — | 8,115 | ||||||||||||||||||||||||||||||||||||
Total liabilities | 404,523 | 1,804 | 406,327 | — | 406,327 | ||||||||||||||||||||||||||||||||||||
Retained earnings | 300,066 | (659 | ) | 299,407 | — | 299,407 | |||||||||||||||||||||||||||||||||||
Total shareholders’ equity | 722,752 | (659 | ) | 722,093 | — | 722,093 | |||||||||||||||||||||||||||||||||||
Total liabilities and shareholders’ equity | 1,127,275 | 1,145 | 1,128,420 | — | 1,128,420 | ||||||||||||||||||||||||||||||||||||
Condensed Consolidated Balance Sheet | |||||||||||||||||||||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||||||||||||||||||||
(In thousands, except per share amounts) | |||||||||||||||||||||||||||||||||||||||||
31-Mar-12 | |||||||||||||||||||||||||||||||||||||||||
As | First | Second | As | Discontinued | Currently | ||||||||||||||||||||||||||||||||||||
Reported | Restatement | Restatement | Corrected | Operations | Reported | ||||||||||||||||||||||||||||||||||||
Adjustment | Adjustment | ||||||||||||||||||||||||||||||||||||||||
Current assets: | |||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 117,872 | $ | — | $ | — | $ | 117,872 | $ | — | $ | 117,872 | |||||||||||||||||||||||||||||
Receivables, less allowance for doubtful accounts of $936 | 107,177 | — | — | 107,177 | (4,014 | ) | 103,163 | ||||||||||||||||||||||||||||||||||
Inventories, net | 327,922 | (5,073 | ) | (2,097 | ) | 320,752 | (13,125 | ) | 307,627 | ||||||||||||||||||||||||||||||||
Costs in excess of billings | — | 4 | 1 | 5 | — | 5 | |||||||||||||||||||||||||||||||||||
Deferred income taxes | 19,395 | 953 | 127 | 20,475 | — | 20,475 | |||||||||||||||||||||||||||||||||||
Assets of discontinued operations | — | — | — | — | 18,598 | 18,598 | |||||||||||||||||||||||||||||||||||
Other current assets | 10,975 | 316 | — | 11,291 | (22 | ) | 11,269 | ||||||||||||||||||||||||||||||||||
Total current assets | 583,341 | (3,800 | ) | (1,969 | ) | 577,572 | 1,437 | 579,009 | |||||||||||||||||||||||||||||||||
Property, plant, and equipment, net | 361,520 | — | — | 361,520 | (56 | ) | 361,464 | ||||||||||||||||||||||||||||||||||
Marketable securities | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||
Goodwill | 140,236 | — | (5,260 | ) | 134,976 | (1,381 | ) | 133,595 | |||||||||||||||||||||||||||||||||
Other intangible assets, net | 59,527 | — | — | 59,527 | — | 59,527 | |||||||||||||||||||||||||||||||||||
Deferred income taxes | 29,111 | — | — | 29,111 | — | 29,111 | |||||||||||||||||||||||||||||||||||
Other noncurrent assets | 4,972 | 3,504 | — | 8,476 | — | 8,476 | |||||||||||||||||||||||||||||||||||
Total assets | $ | 1,178,707 | $ | (296 | ) | $ | (7,229 | ) | $ | 1,171,182 | $ | — | $ | 1,171,182 | |||||||||||||||||||||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||||||||||||||||||||||||||||||||||||
Current liabilities: | |||||||||||||||||||||||||||||||||||||||||
Accounts payable | $ | 68,463 | $ | — | $ | — | $ | 68,463 | $ | (3,626 | ) | $ | 64,837 | ||||||||||||||||||||||||||||
Accrued wages and other employee costs | 19,878 | — | — | 19,878 | (188 | ) | 19,690 | ||||||||||||||||||||||||||||||||||
Unearned revenues | 40,889 | (2,020 | ) | (2,286 | ) | 36,583 | — | 36,583 | |||||||||||||||||||||||||||||||||
Liabilities of discontinued operations | — | — | — | — | 3,879 | 3,879 | |||||||||||||||||||||||||||||||||||
Other accrued liabilities | 21,833 | — | — | 21,833 | (65 | ) | 21,768 | ||||||||||||||||||||||||||||||||||
Total current liabilities | 151,063 | (2,020 | ) | (2,286 | ) | 146,757 | — | 146,757 | |||||||||||||||||||||||||||||||||
Long-term debt | 191,189 | — | — | 191,189 | — | 191,189 | |||||||||||||||||||||||||||||||||||
Liability for post-retirement benefits | 41,806 | — | — | 41,806 | — | 41,806 | |||||||||||||||||||||||||||||||||||
Liability for pension benefits | 15,097 | — | — | 15,097 | — | 15,097 | |||||||||||||||||||||||||||||||||||
Deferred income taxes | 38,209 | — | (5,068 | ) | 33,141 | — | 33,141 | ||||||||||||||||||||||||||||||||||
Unearned revenues | — | 3,504 | — | 3,504 | — | 3,504 | |||||||||||||||||||||||||||||||||||
Other noncurrent liabilities | 8,895 | — | — | 8,895 | — | 8,895 | |||||||||||||||||||||||||||||||||||
Total liabilities | 446,259 | 1,484 | (7,354 | ) | 440,389 | — | 440,389 | ||||||||||||||||||||||||||||||||||
Commitments and Contingencies | |||||||||||||||||||||||||||||||||||||||||
Shareholders’ equity: | |||||||||||||||||||||||||||||||||||||||||
Common stock, $0.01 par value; 50,000,000 shares authorized; 31,066,254 shares issued; 30,286,870 shares outstanding | 311 | — | — | 311 | — | 311 | |||||||||||||||||||||||||||||||||||
Additional paid-in capital | 480,653 | — | — | 480,653 | — | 480,653 | |||||||||||||||||||||||||||||||||||
Treasury stock, at cost; 779,375 shares | (18,399 | ) | — | — | (18,399 | ) | — | (18,399 | ) | ||||||||||||||||||||||||||||||||
Accumulated other comprehensive loss | (35,808 | ) | — | — | (35,808 | ) | — | (35,808 | ) | ||||||||||||||||||||||||||||||||
Retained earnings | 305,691 | (1,780 | ) | 125 | 304,036 | — | 304,036 | ||||||||||||||||||||||||||||||||||
Total shareholders’ equity | 732,448 | (1,780 | ) | 125 | 730,793 | — | 730,793 | ||||||||||||||||||||||||||||||||||
Total liabilities and shareholders’ equity | $ | 1,178,707 | $ | (296 | ) | $ | (7,229 | ) | $ | 1,171,182 | $ | — | $ | 1,171,182 | |||||||||||||||||||||||||||
Condensed Consolidated Balance Sheet | |||||||||||||||||||||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||||||||||||||||||||
(In thousands, except share and per share amounts) | |||||||||||||||||||||||||||||||||||||||||
30-Jun-12 | |||||||||||||||||||||||||||||||||||||||||
As | First | Second | As | Discontinued | Currently | ||||||||||||||||||||||||||||||||||||
Reported | Restatement | Restatement | Corrected | Operations | Reported | ||||||||||||||||||||||||||||||||||||
Adjustment | Adjustment | ||||||||||||||||||||||||||||||||||||||||
Current Assets: | |||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 99,525 | $ | — | $ | — | $ | 99,525 | $ | — | $ | 99,525 | |||||||||||||||||||||||||||||
Receivables, less allowance for doubtful accounts of $967 | 107,455 | — | — | 107,455 | (3,698 | ) | 103,757 | ||||||||||||||||||||||||||||||||||
Inventories, net | 349,432 | (6,680 | ) | (3,082 | ) | 339,670 | (12,501 | ) | 327,169 | ||||||||||||||||||||||||||||||||
Costs in excess of billings | — | 250 | 408 | 658 | — | 658 | |||||||||||||||||||||||||||||||||||
Deferred income taxes | 19,332 | 1,335 | 108 | 20,775 | — | 20,775 | |||||||||||||||||||||||||||||||||||
Assets of discontinued operations | — | — | — | — | 17,633 | 17,633 | |||||||||||||||||||||||||||||||||||
Other current assets | 12,900 | 369 | — | 13,269 | — | 13,269 | |||||||||||||||||||||||||||||||||||
Total current assets | 588,644 | (4,726 | ) | (2,566 | ) | 581,352 | 1,434 | 582,786 | |||||||||||||||||||||||||||||||||
Property, plant, and equipment, net | 365,788 | — | — | 365,788 | (53 | ) | 365,735 | ||||||||||||||||||||||||||||||||||
Marketable securities | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||
Goodwill | 140,211 | — | (5,260 | ) | 134,951 | (1,381 | ) | 133,570 | |||||||||||||||||||||||||||||||||
Other intangible assets, net | 58,251 | — | — | 58,251 | — | 58,251 | |||||||||||||||||||||||||||||||||||
Deferred income taxes | 29,239 | — | — | 29,239 | — | 29,239 | |||||||||||||||||||||||||||||||||||
Other noncurrent assets | 5,407 | 3,385 | — | 8,792 | — | 8,792 | |||||||||||||||||||||||||||||||||||
Total assets | $ | 1,187,540 | $ | (1,341 | ) | $ | (7,826 | ) | $ | 1,178,373 | $ | — | $ | 1,178,373 | |||||||||||||||||||||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||||||||||||||||||||||||||||||||||||
Current liabilities: | |||||||||||||||||||||||||||||||||||||||||
Accounts payable | $ | 64,278 | $ | — | $ | — | $ | 64,278 | $ | (3,194 | ) | $ | 61,084 | ||||||||||||||||||||||||||||
Accrued wages and other employee costs | 25,135 | — | — | 25,135 | (264 | ) | 24,871 | ||||||||||||||||||||||||||||||||||
Unearned revenues | 42,056 | (2,302 | ) | (2,910 | ) | 36,844 | — | 36,844 | |||||||||||||||||||||||||||||||||
Liabilities of discontinued operations | — | — | — | — | 3,494 | 3,494 | |||||||||||||||||||||||||||||||||||
Other accrued liabilities | 21,716 | — | — | 21,716 | (36 | ) | 21,680 | ||||||||||||||||||||||||||||||||||
Total current liabilities | 153,185 | (2,302 | ) | (2,910 | ) | 147,973 | — | 147,973 | |||||||||||||||||||||||||||||||||
Long-term debt | 193,727 | — | — | 193,727 | — | 193,727 | |||||||||||||||||||||||||||||||||||
Liability for post-retirement benefits | 42,000 | — | — | 42,000 | — | 42,000 | |||||||||||||||||||||||||||||||||||
Liability for pension benefits | 13,402 | — | — | 13,402 | — | 13,402 | |||||||||||||||||||||||||||||||||||
Deferred income taxes | 38,817 | — | (5,068 | ) | 33,749 | — | 33,749 | ||||||||||||||||||||||||||||||||||
Unearned revenues | — | 3,385 | — | 3,385 | — | 3,385 | |||||||||||||||||||||||||||||||||||
Other noncurrent liabilities | 8,969 | — | — | 8,969 | — | 8,969 | |||||||||||||||||||||||||||||||||||
Total liabilities | 450,100 | 1,083 | (7,978 | ) | 443,205 | — | 443,205 | ||||||||||||||||||||||||||||||||||
Commitments and Contingencies | |||||||||||||||||||||||||||||||||||||||||
Shareholders’ equity: | |||||||||||||||||||||||||||||||||||||||||
Common stock, $0.01 par value; 50,000,000 shares authorized; 31,097,449 shares issued; 30,314,874 shares outstanding | 311 | — | — | 311 | — | 311 | |||||||||||||||||||||||||||||||||||
Additional paid-in capital | 481,855 | — | — | 481,855 | — | 481,855 | |||||||||||||||||||||||||||||||||||
Treasury stock, at cost; 782,575 shares | (18,399 | ) | — | — | (18,399 | ) | — | (18,399 | ) | ||||||||||||||||||||||||||||||||
Accumulated other comprehensive loss | (37,181 | ) | — | — | (37,181 | ) | — | (37,181 | ) | ||||||||||||||||||||||||||||||||
Retained earnings | 310,854 | (2,424 | ) | 152 | 308,582 | — | 308,582 | ||||||||||||||||||||||||||||||||||
Total shareholders’ equity | 737,440 | (2,424 | ) | 152 | 735,168 | — | 735,168 | ||||||||||||||||||||||||||||||||||
Total liabilities and shareholders’ equity | $ | 1,187,540 | $ | (1,341 | ) | $ | (7,826 | ) | $ | 1,178,373 | $ | — | $ | 1,178,373 | |||||||||||||||||||||||||||
Condensed Consolidated Balance Sheet | |||||||||||||||||||||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||||||||||||||||||||
(In thousands, except share and per share amounts) | |||||||||||||||||||||||||||||||||||||||||
30-Sep-12 | |||||||||||||||||||||||||||||||||||||||||
As Reported | First | Second | As Corrected | Discontinued | Currently | ||||||||||||||||||||||||||||||||||||
Restatement | Restatement | Operations | Reported | ||||||||||||||||||||||||||||||||||||||
Adjustment | Adjustment | ||||||||||||||||||||||||||||||||||||||||
Current assets: | |||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 73,389 | $ | — | $ | — | $ | 73,389 | $ | — | $ | 73,389 | |||||||||||||||||||||||||||||
Short-term investments | 3,998 | — | — | 3,998 | — | 3,998 | |||||||||||||||||||||||||||||||||||
Receivables, less allowance for doubtful accounts of $909 | 117,455 | — | — | 117,455 | (3,207 | ) | 114,248 | ||||||||||||||||||||||||||||||||||
Inventories, net | 378,218 | (9,279 | ) | (3,949 | ) | 364,990 | (12,161 | ) | 352,829 | ||||||||||||||||||||||||||||||||
Costs in excess of billings | — | 750 | 1,401 | 2,151 | — | 2,151 | |||||||||||||||||||||||||||||||||||
Deferred income taxes | 19,644 | 2,383 | 32 | 22,059 | — | 22,059 | |||||||||||||||||||||||||||||||||||
Assets of discontinued operations | — | — | — | — | 16,799 | 16,799 | |||||||||||||||||||||||||||||||||||
Other current assets | 10,725 | 435 | — | 11,160 | — | 11,160 | |||||||||||||||||||||||||||||||||||
Total current assets | 603,429 | (5,711 | ) | (2,516 | ) | 595,202 | 1,431 | 596,633 | |||||||||||||||||||||||||||||||||
Property, plant, and equipment, net | 367,818 | — | — | 367,818 | (50 | ) | 367,768 | ||||||||||||||||||||||||||||||||||
Goodwill | 138,247 | — | (5,260 | ) | 132,987 | (1,381 | ) | 131,606 | |||||||||||||||||||||||||||||||||
Other intangible assets, net | 57,664 | — | — | 57,664 | — | 57,664 | |||||||||||||||||||||||||||||||||||
Deferred income taxes | 32,197 | — | — | 32,197 | — | 32,197 | |||||||||||||||||||||||||||||||||||
Other noncurrent assets | 5,113 | 3,240 | — | 8,353 | — | 8,353 | |||||||||||||||||||||||||||||||||||
Total assets | $ | 1,204,468 | $ | (2,471 | ) | $ | (7,776 | ) | $ | 1,194,221 | $ | — | $ | 1,194,221 | |||||||||||||||||||||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||||||||||||||||||||||||||||||||||||
Current liabilities: | |||||||||||||||||||||||||||||||||||||||||
Accounts payable | $ | 70,079 | $ | — | $ | — | $ | 70,079 | $ | (2,913 | ) | $ | 67,166 | ||||||||||||||||||||||||||||
Accrued wages and other employee costs | 29,730 | — | — | 29,730 | (285 | ) | 29,445 | ||||||||||||||||||||||||||||||||||
Unearned revenues | 38,633 | (1,086 | ) | (3,024 | ) | 34,523 | — | 34,523 | |||||||||||||||||||||||||||||||||
Liabilities of discontinued operations | — | — | — | — | 3,198 | 3,198 | |||||||||||||||||||||||||||||||||||
Other accrued liabilities | 27,458 | — | — | 27,458 | — | 27,458 | |||||||||||||||||||||||||||||||||||
Total current liabilities | 165,900 | (1,086 | ) | (3,024 | ) | 161,790 | — | 161,790 | |||||||||||||||||||||||||||||||||
Long-term debt | 196,079 | — | — | 196,079 | — | 196,079 | |||||||||||||||||||||||||||||||||||
Liability for post-retirement benefits | 42,220 | — | — | 42,220 | — | 42,220 | |||||||||||||||||||||||||||||||||||
Liability for pension benefits | 2,555 | — | — | 2,555 | — | 2,555 | |||||||||||||||||||||||||||||||||||
Deferred income taxes | 38,731 | — | (5,068 | ) | 33,663 | — | 33,663 | ||||||||||||||||||||||||||||||||||
Unearned revenues | — | 3,240 | — | 3,240 | — | 3,240 | |||||||||||||||||||||||||||||||||||
Other noncurrent liabilities | 8,908 | — | — | 8,908 | — | 8,908 | |||||||||||||||||||||||||||||||||||
Total liabilities | 454,393 | 2,154 | (8,092 | ) | 448,455 | — | 448,455 | ||||||||||||||||||||||||||||||||||
Commitments and Contingencies | |||||||||||||||||||||||||||||||||||||||||
Shareholders’ equity: | |||||||||||||||||||||||||||||||||||||||||
Common stock, $0.01 par value; 50,000,000 shares authorized; 31,106,934 shares issued; 30,324,359 shares outstanding | 311 | — | — | 311 | — | 311 | |||||||||||||||||||||||||||||||||||
Additional paid-in capital | 483,156 | — | — | 483,156 | — | 483,156 | |||||||||||||||||||||||||||||||||||
Treasury stock, at cost; 782,575 and 749,429 shares | (18,399 | ) | — | — | (18,399 | ) | — | (18,399 | ) | ||||||||||||||||||||||||||||||||
Accumulated other comprehensive loss | (31,472 | ) | — | — | (31,472 | ) | — | (31,472 | ) | ||||||||||||||||||||||||||||||||
Retained earnings | 316,479 | (4,625 | ) | 316 | 312,170 | — | 312,170 | ||||||||||||||||||||||||||||||||||
Total shareholders’ equity | 750,075 | (4,625 | ) | 316 | 745,766 | — | 745,766 | ||||||||||||||||||||||||||||||||||
Total liabilities and shareholders’ equity | $ | 1,204,468 | $ | (2,471 | ) | $ | (7,776 | ) | $ | 1,194,221 | $ | — | $ | 1,194,221 | |||||||||||||||||||||||||||
Condensed Consolidated Balance Sheet | |||||||||||||||||||||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||||||||||||||||||||
(In thousands, except share and per share amounts) | |||||||||||||||||||||||||||||||||||||||||
31-Mar-11 | |||||||||||||||||||||||||||||||||||||||||
Previously | First | As Corrected | Discontinued | Currently | |||||||||||||||||||||||||||||||||||||
Reported | Restatement | Operations | Reported | ||||||||||||||||||||||||||||||||||||||
Adjustment | |||||||||||||||||||||||||||||||||||||||||
ASSETS | |||||||||||||||||||||||||||||||||||||||||
Current assets: | |||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 276,154 | $ | — | $ | 276,154 | $ | — | $ | 276,154 | |||||||||||||||||||||||||||||||
Short-term investments | 38,892 | — | 38,892 | — | 38,892 | ||||||||||||||||||||||||||||||||||||
Receivables, less allowance for doubtful accounts of $461 | 76,499 | — | 76,499 | (3,748 | ) | 72,751 | |||||||||||||||||||||||||||||||||||
Inventories, net | 269,402 | 161 | 269,563 | (8,511 | ) | 261,052 | |||||||||||||||||||||||||||||||||||
Costs in excess of billings | — | 112 | 112 | — | 112 | ||||||||||||||||||||||||||||||||||||
Deferred income taxes | 22,928 | 736 | 23,664 | — | 23,664 | ||||||||||||||||||||||||||||||||||||
Assets of discontinued operations | — | — | — | 13,724 | 13,724 | ||||||||||||||||||||||||||||||||||||
Other current assets | 13,933 | 239 | 14,172 | (16 | ) | 14,156 | |||||||||||||||||||||||||||||||||||
Total current assets | 697,808 | 1,248 | 699,056 | 1,449 | 700,505 | ||||||||||||||||||||||||||||||||||||
Property, plant, and equipment, net | 261,331 | — | 261,331 | (68 | ) | 261,263 | |||||||||||||||||||||||||||||||||||
Marketable securities | 48,779 | — | 48,779 | — | 48,779 | ||||||||||||||||||||||||||||||||||||
Goodwill | 42,205 | — | 42,205 | (1,381 | ) | 40,824 | |||||||||||||||||||||||||||||||||||
Other intangible assets, net | 14,219 | — | 14,219 | — | 14,219 | ||||||||||||||||||||||||||||||||||||
Deferred income taxes | 23,537 | — | 23,537 | — | 23,537 | ||||||||||||||||||||||||||||||||||||
Other noncurrent assets | 5,977 | 3,820 | 9,797 | — | 9,797 | ||||||||||||||||||||||||||||||||||||
Total assets | $ | 1,093,856 | $ | 5,068 | $ | 1,098,924 | $ | — | $ | 1,098,924 | |||||||||||||||||||||||||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||||||||||||||||||||||||||||||||||||
Current liabilities: | |||||||||||||||||||||||||||||||||||||||||
Accounts payable | $ | 36,105 | $ | — | $ | 36,105 | $ | (4,173 | ) | $ | 31,932 | ||||||||||||||||||||||||||||||
Accrued wages and other employee costs | 15,230 | — | 15,230 | (244 | ) | 14,986 | |||||||||||||||||||||||||||||||||||
Unearned revenues | 26,020 | 1,810 | 27,830 | — | 27,830 | ||||||||||||||||||||||||||||||||||||
Liabilities of discontinued operations | — | — | — | 4,551 | 4,551 | ||||||||||||||||||||||||||||||||||||
Other accrued liabilities | 29,290 | — | 29,290 | (134 | ) | 29,156 | |||||||||||||||||||||||||||||||||||
Total current liabilities | 106,645 | 1,810 | 108,455 | — | 108,455 | ||||||||||||||||||||||||||||||||||||
Long-term debt | 180,269 | — | 180,269 | — | 180,269 | ||||||||||||||||||||||||||||||||||||
Liability for post-retirement benefits | 40,277 | — | 40,277 | — | 40,277 | ||||||||||||||||||||||||||||||||||||
Liability for pension benefits | 28,504 | — | 28,504 | — | 28,504 | ||||||||||||||||||||||||||||||||||||
Deferred income taxes | 3,102 | — | 3,102 | — | 3,102 | ||||||||||||||||||||||||||||||||||||
Unearned revenues | — | 3,820 | 3,820 | — | 3,820 | ||||||||||||||||||||||||||||||||||||
Other noncurrent liabilities | 8,569 | — | 8,569 | — | 8,569 | ||||||||||||||||||||||||||||||||||||
Total liabilities | 367,366 | 5,630 | 372,996 | — | 372,996 | ||||||||||||||||||||||||||||||||||||
Commitments and Contingencies | |||||||||||||||||||||||||||||||||||||||||
Shareholders’ equity: | |||||||||||||||||||||||||||||||||||||||||
Common stock, $0.01 par value; 50,000,000 shares authorized; 30,917,846 shares issued; 30,172,675 shares outstanding | 309 | — | 309 | — | 309 | ||||||||||||||||||||||||||||||||||||
Additional paid-in capital | 475,779 | — | 475,779 | — | 475,779 | ||||||||||||||||||||||||||||||||||||
Treasury stock, at cost; 745,171 shares | (17,646 | ) | — | (17,646 | ) | — | (17,646 | ) | |||||||||||||||||||||||||||||||||
Accumulated other comprehensive loss | (27,808 | ) | — | (27,808 | ) | — | (27,808 | ) | |||||||||||||||||||||||||||||||||
Retained earnings | 295,856 | (562 | ) | 295,294 | — | 295,294 | |||||||||||||||||||||||||||||||||||
Total shareholders’ equity | 726,490 | (562 | ) | 725,928 | — | 725,928 | |||||||||||||||||||||||||||||||||||
Total liabilities and shareholders’ equity | $ | 1,093,856 | $ | 5,068 | $ | 1,098,924 | $ | — | $ | 1,098,924 | |||||||||||||||||||||||||||||||
The information in the table above is unchanged from Amendment No. 1. | |||||||||||||||||||||||||||||||||||||||||
Condensed Consolidated Balance Sheet | |||||||||||||||||||||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||||||||||||||||||||
(In thousands, except share and per share amounts) | |||||||||||||||||||||||||||||||||||||||||
June 30, 2011 | |||||||||||||||||||||||||||||||||||||||||
Previously | Revision | As Revised | Discontinued | Currently | |||||||||||||||||||||||||||||||||||||
Reported | Adjustment | Operations | Reported | ||||||||||||||||||||||||||||||||||||||
ASSETS | |||||||||||||||||||||||||||||||||||||||||
Current assets: | |||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 228,313 | $ | — | $ | 228,313 | $ | — | $ | 228,313 | |||||||||||||||||||||||||||||||
Short-term investments | 63,590 | — | 63,590 | — | 63,590 | ||||||||||||||||||||||||||||||||||||
Receivables, less allowance for doubtful accounts of $447 | 66,211 | — | 66,211 | (3,803 | ) | 62,408 | |||||||||||||||||||||||||||||||||||
Inventories, net | 259,241 | (1,168 | ) | 258,073 | (7,805 | ) | 250,268 | ||||||||||||||||||||||||||||||||||
Deferred income taxes | 22,950 | (20 | ) | 22,930 | — | 22,930 | |||||||||||||||||||||||||||||||||||
Assets of discontinued operations | — | — | — | 13,062 | 13,062 | ||||||||||||||||||||||||||||||||||||
Other current assets | 11,952 | 265 | 12,217 | (8 | ) | 12,209 | |||||||||||||||||||||||||||||||||||
Total current assets | 652,257 | (923 | ) | 651,334 | 1,446 | 652,780 | |||||||||||||||||||||||||||||||||||
Property, plant, and equipment, net | 266,144 | — | 266,144 | (65 | ) | 266,079 | |||||||||||||||||||||||||||||||||||
Marketable securities | 92,440 | — | 92,440 | — | 92,440 | ||||||||||||||||||||||||||||||||||||
Goodwill | 42,215 | — | 42,215 | (1,381 | ) | 40,834 | |||||||||||||||||||||||||||||||||||
Other intangible assets, net | 13,965 | — | 13,965 | — | 13,965 | ||||||||||||||||||||||||||||||||||||
Deferred income taxes | 24,909 | — | 24,909 | — | 24,909 | ||||||||||||||||||||||||||||||||||||
Other noncurrent assets | 5,600 | 3,754 | 9,354 | — | 9,354 | ||||||||||||||||||||||||||||||||||||
Total assets | $ | 1,097,530 | $ | 2,831 | $ | 1,100,361 | $ | — | $ | 1,100,361 | |||||||||||||||||||||||||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||||||||||||||||||||||||||||||||||||
Current liabilities: | |||||||||||||||||||||||||||||||||||||||||
Accounts payable | $ | 34,036 | $ | — | $ | 34,036 | $ | (2,944 | ) | $ | 31,092 | ||||||||||||||||||||||||||||||
Accrued wages and other employee costs | 18,799 | — | 18,799 | (266 | ) | 18,533 | |||||||||||||||||||||||||||||||||||
Unearned revenues | 22,889 | (968 | ) | 21,921 | — | 21,921 | |||||||||||||||||||||||||||||||||||
Liabilities of discontinued operations | — | — | — | 3,467 | 3,467 | ||||||||||||||||||||||||||||||||||||
Other accrued liabilities | 28,479 | — | 28,479 | (257 | ) | 28,222 | |||||||||||||||||||||||||||||||||||
Total current liabilities | 104,203 | (968 | ) | 103,235 | — | 103,235 | |||||||||||||||||||||||||||||||||||
Long-term debt | 182,462 | — | 182,462 | — | 182,462 | ||||||||||||||||||||||||||||||||||||
Liability for post-retirement benefits | 40,859 | — | 40,859 | — | 40,859 | ||||||||||||||||||||||||||||||||||||
Liability for pension benefits | 27,604 | — | 27,604 | — | 27,604 | ||||||||||||||||||||||||||||||||||||
Deferred income taxes | 3,169 | — | 3,169 | — | 3,169 | ||||||||||||||||||||||||||||||||||||
Unearned revenues | — | 3,754 | 3,754 | — | 3,754 | ||||||||||||||||||||||||||||||||||||
Other noncurrent liabilities | 8,527 | — | 8,527 | — | 8,527 | ||||||||||||||||||||||||||||||||||||
Total liabilities | 366,824 | 2,786 | 369,610 | — | 369,610 | ||||||||||||||||||||||||||||||||||||
Commitments and Contingencies | |||||||||||||||||||||||||||||||||||||||||
Shareholders’ equity: | |||||||||||||||||||||||||||||||||||||||||
Common stock, $0.01 par value; 50,000,000 shares authorized; 30,933,721 shares issued; 30,188,550 shares outstanding | 309 | — | 309 | — | 309 | ||||||||||||||||||||||||||||||||||||
Additional paid-in capital | 476,948 | — | 476,948 | — | 476,948 | ||||||||||||||||||||||||||||||||||||
Treasury stock, at cost; 745,171 shares | (17,646 | ) | — | (17,646 | ) | — | (17,646 | ) | |||||||||||||||||||||||||||||||||
Accumulated other comprehensive loss | (26,889 | ) | — | (26,889 | ) | — | (26,889 | ) | |||||||||||||||||||||||||||||||||
Retained earnings | 297,984 | 45 | 298,029 | — | 298,029 | ||||||||||||||||||||||||||||||||||||
Total shareholders’ equity | 730,706 | 45 | 730,751 | — | 730,751 | ||||||||||||||||||||||||||||||||||||
Total liabilities and shareholders’ equity | $ | 1,097,530 | $ | 2,831 | $ | 1,100,361 | $ | — | $ | 1,100,361 | |||||||||||||||||||||||||||||||
The information in the table above is unchanged from Amendment No. 1. | |||||||||||||||||||||||||||||||||||||||||
Condensed Consolidated Balance Sheet | |||||||||||||||||||||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||||||||||||||||||||
(In thousands, except share and per share amounts) | |||||||||||||||||||||||||||||||||||||||||
September 30, 2011 | |||||||||||||||||||||||||||||||||||||||||
Previously | Revision | As Revised | Discontinued | Currently | |||||||||||||||||||||||||||||||||||||
Reported | Adjustment | Operations | Reported | ||||||||||||||||||||||||||||||||||||||
ASSETS | |||||||||||||||||||||||||||||||||||||||||
Current assets: | |||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 189,741 | $ | — | $ | 189,741 | $ | — | $ | 189,741 | |||||||||||||||||||||||||||||||
Short-term investments | 76,587 | — | 76,587 | — | 76,587 | ||||||||||||||||||||||||||||||||||||
Receivables, less allowance for doubtful accounts of $760 | 87,883 | — | 87,883 | (3,355 | ) | 84,528 | |||||||||||||||||||||||||||||||||||
Inventories, net | 257,049 | (2,634 | ) | 254,415 | (10,147 | ) | 244,268 | ||||||||||||||||||||||||||||||||||
Deferred income taxes | 19,974 | 187 | 20,161 | — | 20,161 | ||||||||||||||||||||||||||||||||||||
Assets of discontinued operations | — | — | — | 14,945 | 14,945 | ||||||||||||||||||||||||||||||||||||
Other current assets | 14,663 | 271 | 14,934 | — | 14,934 | ||||||||||||||||||||||||||||||||||||
Total current assets | 645,897 | (2,176 | ) | 643,721 | 1,443 | 645,164 | |||||||||||||||||||||||||||||||||||
Property, plant, and equipment, net | 268,056 | — | 268,056 | (62 | ) | 267,994 | |||||||||||||||||||||||||||||||||||
Marketable securities | 89,479 | — | 89,479 | — | 89,479 | ||||||||||||||||||||||||||||||||||||
Goodwill | 41,305 | — | 41,305 | (1,381 | ) | 39,924 | |||||||||||||||||||||||||||||||||||
Other intangible assets, net | 12,829 | — | 12,829 | — | 12,829 | ||||||||||||||||||||||||||||||||||||
Deferred income taxes | 23,611 | — | 23,611 | — | 23,611 | ||||||||||||||||||||||||||||||||||||
Other noncurrent assets | 5,228 | 3,675 | 8,903 | — | 8,903 | ||||||||||||||||||||||||||||||||||||
Total assets | $ | 1,086,405 | $ | 1,499 | $ | 1,087,904 | $ | — | $ | 1,087,904 | |||||||||||||||||||||||||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||||||||||||||||||||||||||||||||||||
Current liabilities: | |||||||||||||||||||||||||||||||||||||||||
Accounts payable | $ | 53,960 | $ | — | $ | 53,960 | $ | (4,742 | ) | $ | 49,218 | ||||||||||||||||||||||||||||||
Accrued wages and other employee costs | 20,978 | — | 20,978 | (293 | ) | 20,685 | |||||||||||||||||||||||||||||||||||
Unearned revenues | 18,234 | (1,814 | ) | 16,420 | — | 16,420 | |||||||||||||||||||||||||||||||||||
Liabilities of discontinued operations | — | — | — | 5,069 | 5,069 | ||||||||||||||||||||||||||||||||||||
Other accrued liabilities | 19,831 | — | 19,831 | (34 | ) | 19,797 | |||||||||||||||||||||||||||||||||||
Total current liabilities | 113,003 | (1,814 | ) | 111,189 | — | 111,189 | |||||||||||||||||||||||||||||||||||
Long-term debt | 184,695 | — | 184,695 | — | 184,695 | ||||||||||||||||||||||||||||||||||||
Liability for post-retirement benefits | 41,128 | — | 41,128 | — | 41,128 | ||||||||||||||||||||||||||||||||||||
Liability for pension benefits | 7,153 | — | 7,153 | — | 7,153 | ||||||||||||||||||||||||||||||||||||
Deferred income taxes | 5,441 | — | 5,441 | — | 5,441 | ||||||||||||||||||||||||||||||||||||
Unearned revenues | — | 3,675 | 3,675 | — | 3,675 | ||||||||||||||||||||||||||||||||||||
Other noncurrent liabilities | 8,538 | — | 8,538 | — | 8,538 | ||||||||||||||||||||||||||||||||||||
Total liabilities | 359,958 | 1,861 | 361,819 | — | 361,819 | ||||||||||||||||||||||||||||||||||||
Commitments and Contingencies | |||||||||||||||||||||||||||||||||||||||||
Shareholders’ equity: | |||||||||||||||||||||||||||||||||||||||||
Common stock, $0.01 par value; 50,000,000 shares authorized; 30,935,132 shares issued; 30,187,961 shares outstanding | 309 | — | 309 | — | 309 | ||||||||||||||||||||||||||||||||||||
Additional paid-in capital | 478,025 | — | 478,025 | — | 478,025 | ||||||||||||||||||||||||||||||||||||
Treasury stock, at cost; 747,171 shares | (17,646 | ) | — | (17,646 | ) | — | (17,646 | ) | |||||||||||||||||||||||||||||||||
Accumulated other comprehensive loss | (34,292 | ) | — | (34,292 | ) | — | (34,292 | ) | |||||||||||||||||||||||||||||||||
Retained earnings | 300,051 | (362 | ) | 299,689 | — | 299,689 | |||||||||||||||||||||||||||||||||||
Total shareholders’ equity | 726,447 | (362 | ) | 726,085 | — | 726,085 | |||||||||||||||||||||||||||||||||||
Total liabilities and shareholders’ equity | $ | 1,086,405 | $ | 1,499 | $ | 1,087,904 | $ | — | $ | 1,087,904 | |||||||||||||||||||||||||||||||
Condensed Consolidating Balance Sheet | |||||||||||||||||||||||||||||||||||||||||
31-Mar-12 | |||||||||||||||||||||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||||||||||||||||||||
RTI International | Guarantors | Non-Guarantors | Eliminations | Consolidated | |||||||||||||||||||||||||||||||||||||
Metals, Inc. | |||||||||||||||||||||||||||||||||||||||||
Previously | As | Previously | As | Previously | As | Previously | As Restated | Previously | As Restated | ||||||||||||||||||||||||||||||||
Reported | Restated | Reported | Restated | Reported | Restated | Reported | Reported | ||||||||||||||||||||||||||||||||||
ASSETS | |||||||||||||||||||||||||||||||||||||||||
Current assets: | |||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | — | 98,277 | $ | 109,419 | $ | 19,595 | $ | 8,453 | $ | — | $ | — | $ | 117,872 | $ | 117,872 | ||||||||||||||||||||||
Receivables, net | 209 | 209 | 62,508 | 77,874 | 83,678 | 64,298 | (39,218 | ) | (39,218 | ) | 107,177 | 103,163 | |||||||||||||||||||||||||||||
Inventories, net | — | — | 147,461 | 168,134 | 180,461 | 139,493 | — | — | 327,922 | 307,627 | |||||||||||||||||||||||||||||||
Costs in excess of billings | — | — | — | — | — | 5 | — | — | — | 5 | |||||||||||||||||||||||||||||||
Deferred income taxes | 17,177 | 17,177 | 1,400 | 2,290 | 818 | 1,008 | — | — | 19,395 | 20,475 | |||||||||||||||||||||||||||||||
Assets of discontinued operations | — | — | — | — | — | 18,598 | — | — | — | 18,598 | |||||||||||||||||||||||||||||||
Other current assets | 5,737 | 5,737 | 1,770 | 4,496 | 5,395 | 2,963 | (1,927 | ) | (1,927 | ) | 10,975 | 11,269 | |||||||||||||||||||||||||||||
Total current assets | 23,123 | 23,123 | 311,416 | 362,213 | 289,947 | 234,818 | (41,145 | ) | (41,145 | ) | 583,341 | 579,009 | |||||||||||||||||||||||||||||
Property, plant, and equipment, net | 634 | 634 | 232,227 | 296,407 | 128,659 | 64,423 | — | — | 361,520 | 361,464 | |||||||||||||||||||||||||||||||
Marketable Securities | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||
Goodwill | — | — | 18,097 | 96,942 | 122,139 | 36,653 | — | — | 140,236 | 133,595 | |||||||||||||||||||||||||||||||
Other intangible assets, net | — | — | — | 37,079 | 59,527 | 22,448 | — | — | 59,527 | 59,527 | |||||||||||||||||||||||||||||||
Deferred income taxes | — | — | 25,995 | 25,995 | 29,897 | 29,897 | (26,781 | ) | (26,781 | ) | 29,111 | 29,111 | |||||||||||||||||||||||||||||
Other noncurrent assets | 4,329 | 4,329 | 36 | 201 | 607 | 3,946 | — | — | 4,972 | 8,476 | |||||||||||||||||||||||||||||||
Intercompany investments | 952,885 | 951,230 | 71,231 | 22,840 | 180 | 2,621 | (1,024,296 | ) | (976,691 | ) | — | — | |||||||||||||||||||||||||||||
Total assets | $ | 980,971 | $ | 979,316 | $ | 659,002 | $ | 841,677 | $ | 630,956 | $ | 394,806 | $ | (1,092,222 | ) | $ | (1,044,617 | ) | $ | 1,178,707 | $ | 1,171,182 | |||||||||||||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||||||||||||||||||||||||||||||||||||
Current liabilities: | |||||||||||||||||||||||||||||||||||||||||
Accounts payable | $ | 1,111 | $ | 1,111 | $ | 41,118 | $ | 48,077 | $ | 65,447 | $ | 54,862 | $ | (39,213 | ) | $ | (39,213 | ) | $ | 68,463 | $ | 64,837 | |||||||||||||||||||
Accrued wages and other employee costs | 3,160 | 3,160 | 6,738 | 11,248 | 9,980 | 5,282 | — | — | 19,878 | 19,690 | |||||||||||||||||||||||||||||||
Unearned revenue | — | — | 15 | 798 | 40,874 | 35,785 | — | — | 40,889 | 36,583 | |||||||||||||||||||||||||||||||
Liabilities of discontinued operations | — | — | — | — | — | 3,879 | — | — | — | 3,879 | |||||||||||||||||||||||||||||||
Other accrued liabilities | 6,711 | 6,711 | 8,424 | 10,752 | 8,630 | 6,237 | (1,932 | ) | (1,932 | ) | 21,833 | 21,768 | |||||||||||||||||||||||||||||
Total current liabilities | 10,982 | 10,982 | 56,295 | 70,875 | 124,931 | 106,045 | (41,145 | ) | (41,145 | ) | 151,063 | 146,757 | |||||||||||||||||||||||||||||
Long-term debt | 189,313 | 189,313 | 20 | 1,876 | 1,856 | 0 | — | — | 191,189 | 191,189 | |||||||||||||||||||||||||||||||
Intercompany debt | — | — | 104,286 | 113,669 | 107,440 | 98,057 | (211,726 | ) | (211,726 | ) | — | — | |||||||||||||||||||||||||||||
Liability for post-retirement benefits | — | — | 41,806 | 41,806 | — | — | — | — | 41,806 | 41,806 | |||||||||||||||||||||||||||||||
Liability for pension benefits | 6,227 | 6,227 | 8,193 | 8,193 | 677 | 677 | — | — | 15,097 | 15,097 | |||||||||||||||||||||||||||||||
Deferred income taxes | 36,748 | 36,748 | — | 19,560 | 28,242 | 3,614 | (26,781 | ) | (26,781 | ) | 38,209 | 33,141 | |||||||||||||||||||||||||||||
Unearned revenue | — | — | — | — | — | 3,504 | — | — | — | 3,504 | |||||||||||||||||||||||||||||||
Other noncurrent liabilities | 5,253 | 5,253 | 3,464 | 3,464 | 199 | 199 | (21 | ) | (21 | ) | 8,895 | 8,895 | |||||||||||||||||||||||||||||
Total liabilities | 248,523 | 248,523 | 214,064 | 259,443 | 263,345 | 212,096 | (279,673 | ) | (279,673 | ) | 446,259 | 440,389 | |||||||||||||||||||||||||||||
Shareholders’ equity | 732,448 | 730,793 | 444,938 | 582,234 | 367,611 | 182,710 | (812,549 | ) | (764,944 | ) | 732,448 | 730,793 | |||||||||||||||||||||||||||||
Total liabilities and shareholders’ equity | $ | 980,971 | $ | 979,316 | $ | 659,002 | $ | 841,677 | $ | 630,956 | $ | 394,806 | $ | (1,092,222 | ) | $ | (1,044,617 | ) | $ | 1,178,707 | $ | 1,171,182 | |||||||||||||||||||
Condensed Consolidating Balance Sheet | |||||||||||||||||||||||||||||||||||||||||
30-Jun-12 | |||||||||||||||||||||||||||||||||||||||||
(unaudited) | |||||||||||||||||||||||||||||||||||||||||
RTI International | Guarantors | Non-Guarantors | Eliminations | Consolidated | |||||||||||||||||||||||||||||||||||||
Metals, Inc. | |||||||||||||||||||||||||||||||||||||||||
Previously | As | Previously | As | Previously | As | Previously | As | Previously | As | ||||||||||||||||||||||||||||||||
Reported | Restated | Reported | Restated | Reported | Restated | Reported | Restated | Reported | Restated | ||||||||||||||||||||||||||||||||
ASSETS | |||||||||||||||||||||||||||||||||||||||||
Current assets: | |||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | — | 92,864 | $ | 92,864 | $ | 6,661 | $ | 6,661 | $ | — | $ | — | $ | 99,525 | $ | 99,525 | ||||||||||||||||||||||
Receivables, net | 162 | 162 | 76,198 | 76,198 | 64,383 | 60,685 | (33,288 | ) | (33,288 | ) | 107,455 | 103,757 | |||||||||||||||||||||||||||||
Inventories, net | — | — | 178,140 | 178,140 | 171,292 | 149,029 | — | — | 349,432 | 327,169 | |||||||||||||||||||||||||||||||
Costs in excess of billings | — | — | — | — | — | 658 | — | — | — | 658 | |||||||||||||||||||||||||||||||
Deferred income taxes | 17,177 | 17,177 | 2,098 | 2,290 | 57 | 1,308 | — | — | 19,332 | 20,775 | |||||||||||||||||||||||||||||||
Assets of discontinued operations | — | — | — | — | — | 17,633 | — | — | — | 17,633 | |||||||||||||||||||||||||||||||
Other current assets | 4,271 | 4,271 | 4,565 | 4,565 | 4,064 | 4,433 | — | — | 12,900 | 13,269 | |||||||||||||||||||||||||||||||
Total current assets | 21,610 | 21,610 | 353,865 | 354,057 | 246,457 | 240,407 | (33,288 | ) | (33,288 | ) | 588,644 | 582,786 | |||||||||||||||||||||||||||||
Property, plant, and equipment, net | 543 | 543 | 301,438 | 301,438 | 63,807 | 63,754 | — | — | 365,788 | 365,735 | |||||||||||||||||||||||||||||||
Marketable Securities | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||
Goodwill | — | — | 102,202 | 96,942 | 38,009 | 36,628 | — | — | 140,211 | 133,570 | |||||||||||||||||||||||||||||||
Other intangible assets, net | — | — | 36,436 | 36,436 | 21,815 | 21,815 | — | — | 58,251 | 58,251 | |||||||||||||||||||||||||||||||
Deferred income taxes | — | — | 25,314 | 25,314 | 30,750 | 30,750 | (26,825 | ) | (26,825 | ) | 29,239 | 29,239 | |||||||||||||||||||||||||||||
Other noncurrent assets | 4,768 | 4,768 | 201 | 201 | 438 | 3,823 | — | — | 5,407 | 8,792 | |||||||||||||||||||||||||||||||
Intercompany investments | 962,343 | 960,071 | 71,231 | 25,350 | 180 | 3,034 | (1,033,754 | ) | (988,455 | ) | — | — | |||||||||||||||||||||||||||||
Total assets | $ | 989,264 | $ | 986,992 | $ | 890,687 | $ | 839,738 | $ | 401,456 | $ | 400,211 | $ | (1,093,867 | ) | $ | (1,048,568 | ) | $ | 1,187,540 | $ | 1,178,373 | |||||||||||||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||||||||||||||||||||||||||||||||||||
Current liabilities: | |||||||||||||||||||||||||||||||||||||||||
Accounts payable | $ | 1,021 | $ | 1,021 | $ | 43,562 | $ | 43,562 | 52,983 | $ | 49,789 | $ | (33,288 | ) | $ | (33,288 | ) | $ | 64,278 | $ | 61,084 | ||||||||||||||||||||
Accrued wages and other employee costs | 4,465 | 4,465 | 13,477 | 13,477 | 7,193 | 6,929 | — | — | 25,135 | 24,871 | |||||||||||||||||||||||||||||||
Unearned revenue | — | — | 704 | 704 | 41,352 | 36,140 | — | — | 42,056 | 36,844 | |||||||||||||||||||||||||||||||
Liabilities of discontinued operations | — | — | — | — | — | 3,494 | — | — | — | 3,494 | |||||||||||||||||||||||||||||||
Other accrued liabilities | 6,388 | 6,388 | 7,823 | 7,823 | 7,505 | 7,469 | — | — | 21,716 | 21,680 | |||||||||||||||||||||||||||||||
Total current liabilities | 11,874 | 11,874 | 65,566 | 65,566 | 109,033 | 103,821 | (33,288 | ) | (33,288 | ) | 153,185 | 147,973 | |||||||||||||||||||||||||||||
Long-term debt | 191,699 | 191,699 | 2,028 | 2,028 | — | — | — | — | 193,727 | 193,727 | |||||||||||||||||||||||||||||||
Intercompany debt | — | — | 111,916 | 111,916 | 100,929 | 100,929 | (212,845 | ) | (212,845 | ) | — | — | |||||||||||||||||||||||||||||
Liability for post-retirement benefits | — | — | 42,000 | 42,000 | — | — | — | — | 42,000 | 42,000 | |||||||||||||||||||||||||||||||
Liability for pension benefits | 6,133 | 6,133 | 6,730 | 6,730 | 539 | 539 | — | — | 13,402 | 13,402 | |||||||||||||||||||||||||||||||
Deferred income taxes | 36,857 | 36,857 | 25,172 | 20,104 | 3,613 | 3,613 | (26,825 | ) | (26,825 | ) | 38,817 | 33,749 | |||||||||||||||||||||||||||||
Unearned revenue | — | — | — | — | — | 3,385 | — | — | — | 3,385 | |||||||||||||||||||||||||||||||
Other noncurrent liabilities | 5,261 | 5,261 | 3,491 | 3,491 | 217 | 217 | — | — | 8,969 | 8,969 | |||||||||||||||||||||||||||||||
Total liabilities | 251,824 | 251,824 | 256,903 | 251,835 | 214,331 | 212,504 | (272,958 | ) | (272,958 | ) | 450,100 | 443,205 | |||||||||||||||||||||||||||||
Shareholders’ equity | 737,440 | 735,168 | 633,784 | 587,903 | 187,125 | 187,707 | (820,909 | ) | (775,610 | ) | 737,440 | 735,168 | |||||||||||||||||||||||||||||
Total liabilities and shareholders’ equity | $ | 989,264 | $ | 986,992 | $ | 890,687 | $ | 839,738 | $ | 401,456 | $ | 400,211 | $ | (1,093,867 | ) | $ | (1,048,568 | ) | $ | 1,187,540 | $ | 1,178,373 | |||||||||||||||||||
Condensed Consolidating Balance Sheet | |||||||||||||||||||||||||||||||||||||||||
30-Sep-12 | |||||||||||||||||||||||||||||||||||||||||
(unaudited) | |||||||||||||||||||||||||||||||||||||||||
RTI International | Guarantors | Non-Guarantors | Eliminations | Consolidated | |||||||||||||||||||||||||||||||||||||
Metals, Inc. | |||||||||||||||||||||||||||||||||||||||||
Previously | As | Previously | As | Previously | As | Previously | As | Previously | As | ||||||||||||||||||||||||||||||||
Reported | Restated | Reported | Restated | Reported | Restated | Reported | Restated | Reported | Restated | ||||||||||||||||||||||||||||||||
ASSETS | |||||||||||||||||||||||||||||||||||||||||
Current assets: | |||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | — | $ | 69,907 | $ | 69,907 | $ | 3,482 | $ | 3,482 | $ | — | $ | — | $ | 73,389 | $ | 73,389 | |||||||||||||||||||||
Short term investments | — | — | 3,998 | 3,998 | — | — | — | — | 3,998 | 3,998 | |||||||||||||||||||||||||||||||
Receivables, net | 126 | 126 | 80,480 | 80,480 | 66,322 | 63,115 | (29,473 | ) | (29,473 | ) | 117,455 | 114,248 | |||||||||||||||||||||||||||||
Inventories, net | — | — | 189,837 | 189,837 | 188,381 | 162,992 | — | — | 378,218 | 352,829 | |||||||||||||||||||||||||||||||
Costs in excess of billings | — | — | — | — | — | 2,151 | — | — | — | 2,151 | |||||||||||||||||||||||||||||||
Deferred income taxes | 17,176 | 17,176 | 2,401 | 2,593 | 67 | 2,290 | — | — | 19,644 | 22,059 | |||||||||||||||||||||||||||||||
Assets of discontinued operations | — | — | — | — | — | 16,799 | — | — | — | 16,799 | |||||||||||||||||||||||||||||||
Other current assets | 4,021 | 4,021 | 4,070 | 4,070 | 4,014 | 4,449 | (1,380 | ) | (1,380 | ) | 10,725 | 11,160 | |||||||||||||||||||||||||||||
Total current assets | 21,323 | 21,323 | 350,693 | 350,885 | 262,266 | 255,278 | (30,853 | ) | (30,853 | ) | 603,429 | 596,633 | |||||||||||||||||||||||||||||
Property, plant, and equipment, net | 1,336 | 1,336 | 301,681 | 301,681 | 64,801 | 64,751 | — | — | 367,818 | 367,768 | |||||||||||||||||||||||||||||||
Marketable Securities | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||
Goodwill | — | — | 99,754 | 94,494 | 38,493 | 37,112 | — | — | 138,247 | 131,606 | |||||||||||||||||||||||||||||||
Other intangible assets, net | — | — | 35,795 | 35,795 | 21,869 | 21,869 | — | — | 57,664 | 57,664 | |||||||||||||||||||||||||||||||
Deferred income taxes | — | — | 26,313 | 26,313 | 32,818 | 32,818 | (26,934 | ) | (26,934 | ) | 32,197 | 32,197 | |||||||||||||||||||||||||||||
Other noncurrent assets | 4,442 | 4,442 | 2,781 | 2,781 | 470 | 3,710 | (2,580 | ) | (2,580 | ) | 5,113 | 8,353 | |||||||||||||||||||||||||||||
Intercompany investments | 981,646 | 977,337 | 71,231 | 26,492 | 180 | 3,408 | (1,053,057 | ) | (1,007,237 | ) | — | — | |||||||||||||||||||||||||||||
Total assets | $ | 1,008,747 | $ | 1,004,438 | $ | 888,248 | $ | 838,441 | $ | 420,897 | $ | 418,926 | $ | (1,113,424 | ) | $ | (1,067,604 | ) | $ | 1,204,468 | $ | 1,194,221 | |||||||||||||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||||||||||||||||||||||||||||||||||||
Current liabilities: | |||||||||||||||||||||||||||||||||||||||||
Accounts payable | $ | 1,003 | $ | 1,003 | $ | 46,543 | $ | 46,543 | $ | 52,006 | $ | 49,093 | $ | (29,473 | ) | $ | (29,473 | ) | $ | 70,079 | $ | 67,166 | |||||||||||||||||||
Accrued wages and other employee costs | 5,177 | 5,177 | 15,629 | 15,629 | 8,924 | 8,639 | — | — | 29,730 | 29,445 | |||||||||||||||||||||||||||||||
Unearned revenue | — | — | 505 | 505 | 38,128 | 34,018 | — | — | 38,633 | 34,523 | |||||||||||||||||||||||||||||||
Liabilities of discontinued operations | — | — | — | — | — | 3,198 | — | — | — | 3,198 | |||||||||||||||||||||||||||||||
Other accrued liabilities | 11,128 | 11,128 | 9,192 | 9,192 | 8,518 | 8,518 | (1,380 | ) | (1,380 | ) | 27,458 | 27,458 | |||||||||||||||||||||||||||||
Total current liabilities | 17,308 | 17,308 | 71,869 | 71,869 | 107,576 | 103,466 | (30,853 | ) | (30,853 | ) | 165,900 | 161,790 | |||||||||||||||||||||||||||||
Long-term debt | 194,153 | 194,153 | 1,926 | 1,926 | — | — | — | — | 196,079 | 196,079 | |||||||||||||||||||||||||||||||
Intercompany debt | — | — | 112,535 | 112,535 | 106,684 | 106,684 | (219,219 | ) | (219,219 | ) | — | — | |||||||||||||||||||||||||||||
Liability for post-retirement benefits | — | — | 42,220 | 42,220 | — | — | — | — | 42,220 | 42,220 | |||||||||||||||||||||||||||||||
Liability for pension benefits | 4,976 | 4,976 | — | — | 159 | 159 | (2,580 | ) | (2,580 | ) | 2,555 | 2,555 | |||||||||||||||||||||||||||||
Deferred income taxes | 36,967 | 36,967 | 25,172 | 20,104 | 3,526 | 3,526 | (26,934 | ) | (26,934 | ) | 38,731 | 33,663 | |||||||||||||||||||||||||||||
Unearned revenue | — | — | — | — | — | 3,240 | — | — | — | 3,240 | |||||||||||||||||||||||||||||||
Other noncurrent liabilities | 5,268 | 5,268 | 3,430 | 3,430 | 210 | 210 | — | — | 8,908 | 8,908 | |||||||||||||||||||||||||||||||
Total liabilities | 258,672 | 258,672 | 257,152 | 252,084 | 218,155 | 217,285 | (279,586 | ) | (279,586 | ) | 454,393 | 448,455 | |||||||||||||||||||||||||||||
Shareholders’ equity | 750,075 | 745,766 | 631,096 | 586,357 | 202,742 | 201,661 | (833,838 | ) | (788,018 | ) | 750,075 | 745,766 | |||||||||||||||||||||||||||||
Total liabilities and shareholders’ equity | $ | 1,008,747 | $ | 1,004,438 | $ | 888,248 | $ | 838,441 | $ | 420,897 | $ | 418,946 | $ | (1,113,424 | ) | $ | (1,067,604 | ) | $ | 1,204,468 | $ | 1,194,221 | |||||||||||||||||||
Condensed Consolidating Balance Sheet | |||||||||||||||||||||||||||||||||||||||||
31-Mar-11 | |||||||||||||||||||||||||||||||||||||||||
(unaudited) | |||||||||||||||||||||||||||||||||||||||||
RTI International | Guarantors | Non-Guarantors | Eliminations | Consolidated | |||||||||||||||||||||||||||||||||||||
Metals, Inc. | |||||||||||||||||||||||||||||||||||||||||
Previously | As | Previously | As | Previously | As | Previously | As | Previously | As | ||||||||||||||||||||||||||||||||
Reported | Restated | Reported | Restated | Reported | Restated | Reported | Restated | Reported | Restated | ||||||||||||||||||||||||||||||||
ASSETS | |||||||||||||||||||||||||||||||||||||||||
Current assets: | |||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | — | $ | 264,293 | $ | 264,293 | $ | 11,861 | $ | 11,861 | $ | — | $ | — | $ | 276,154 | $ | 276,154 | |||||||||||||||||||||
Short term investments | — | — | 38,892 | 38,892 | — | — | — | — | 38,892 | 38,892 | |||||||||||||||||||||||||||||||
Receivables, net | 438 | 438 | 44,898 | 44,898 | 51,076 | 47,328 | (19,913 | ) | (19,913 | ) | 76,499 | 72,751 | |||||||||||||||||||||||||||||
Inventories, net | — | — | 144,720 | 144,720 | 124,682 | 116,332 | — | — | 269,402 | 261,052 | |||||||||||||||||||||||||||||||
Costs in excess of billings | — | — | — | — | — | 112 | — | — | — | 112 | |||||||||||||||||||||||||||||||
Deferred income taxes | 21,430 | 21,430 | 1,418 | 1,418 | 80 | 816 | — | — | 22,928 | 23,664 | |||||||||||||||||||||||||||||||
Assets of discontinued operations | — | — | — | — | — | 13,724 | — | — | — | 13,724 | |||||||||||||||||||||||||||||||
Other current assets | 13,937 | 13,937 | 1,601 | 1,601 | 1,500 | 1,723 | (3,105 | ) | (3,105 | ) | 13,933 | 14,156 | |||||||||||||||||||||||||||||
Total current assets | 35,805 | 35,805 | 495,822 | 495,822 | 189,199 | 191,896 | (23,018 | ) | (23,018 | ) | 697,808 | 700,505 | |||||||||||||||||||||||||||||
Property, plant, and equipment, net | 955 | 955 | 198,546 | 198,546 | 61,830 | 61,762 | — | — | 261,331 | 261,263 | |||||||||||||||||||||||||||||||
Marketable Securities | — | — | 48,779 | 48,779 | — | — | — | — | 48,779 | 48,779 | |||||||||||||||||||||||||||||||
Goodwill | — | — | 18,098 | 18,098 | 24,107 | 22,726 | — | — | 42,205 | 40,824 | |||||||||||||||||||||||||||||||
Other intangible assets, net | — | — | — | — | 14,219 | 14,219 | — | — | 14,219 | 14,219 | |||||||||||||||||||||||||||||||
Deferred income taxes | — | — | 23,913 | 23,913 | 24,145 | 24,145 | (24,521 | ) | (24,521 | ) | 23,537 | 23,537 | |||||||||||||||||||||||||||||
Other noncurrent assets | 5,800 | 5,800 | 36 | 36 | 141 | 3,961 | — | — | 5,977 | 9,797 | |||||||||||||||||||||||||||||||
Intercompany investments | 912,277 | 911,715 | 71,231 | 17,611 | 180 | 2,628 | (983,688 | ) | (931,954 | ) | — | — | |||||||||||||||||||||||||||||
Total assets | $ | 954,837 | $ | 954,275 | $ | 856,425 | $ | 802,805 | $ | 313,821 | $ | 321,337 | $ | (1,031,227 | ) | $ | (979,493 | ) | $ | 1,093,856 | $ | 1,098,924 | |||||||||||||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||||||||||||||||||||||||||||||||||||
Current liabilities: | |||||||||||||||||||||||||||||||||||||||||
Accounts payable | $ | 1,473 | $ | 1,473 | $ | 22,303 | $ | 22,303 | $ | 32,242 | $ | 28,069 | $ | (19,913 | ) | $ | (19,913 | ) | $ | 36,105 | $ | 31,932 | |||||||||||||||||||
Accrued wages and other employee costs | 3,632 | 3,632 | 6,442 | 6,442 | 5,156 | 4,912 | — | — | 15,230 | 14,986 | |||||||||||||||||||||||||||||||
Unearned revenue | — | — | — | — | 26,020 | 27,830 | — | — | 26,020 | 27,830 | |||||||||||||||||||||||||||||||
Liabilities of discontinued operations | — | — | — | — | — | 4,551 | — | — | — | 4,551 | |||||||||||||||||||||||||||||||
Other accrued liabilities | 3,792 | 3,792 | 11,907 | 11,907 | 16,696 | 16,562 | (3,105 | ) | (3,105 | ) | 29,290 | 29,156 | |||||||||||||||||||||||||||||
Total current liabilities | 8,897 | 8,897 | 40,652 | 40,652 | 80,114 | 81,924 | (23,018 | ) | (23,018 | ) | 106,645 | 108,455 | |||||||||||||||||||||||||||||
Long-term debt | 180,227 | 180,227 | 40 | 40 | 2 | 2 | — | — | 180,269 | 180,269 | |||||||||||||||||||||||||||||||
Intercompany debt | — | — | 92,826 | 92,826 | 89,533 | 89,533 | (182,359 | ) | (182,359 | ) | — | — | |||||||||||||||||||||||||||||
Liability for post-retirement benefits | — | — | 40,277 | 40,277 | — | — | — | — | 40,277 | 40,277 | |||||||||||||||||||||||||||||||
Liability for pension benefits | 6,542 | 6,542 | 21,285 | 21,285 | 677 | 677 | — | — | 28,504 | 28,504 | |||||||||||||||||||||||||||||||
Deferred income taxes | 27,608 | 27,608 | 15 | 15 | — | — | (24,521 | ) | (24,521 | ) | 3,102 | 3,102 | |||||||||||||||||||||||||||||
Unearned revenue | — | — | — | — | — | 3,820 | — | — | — | 3,820 | |||||||||||||||||||||||||||||||
Other noncurrent liabilities | 5,073 | 5,073 | 3,496 | 3,496 | — | — | — | — | 8,569 | 8,569 | |||||||||||||||||||||||||||||||
Total liabilities | 228,347 | 228,347 | 198,591 | 198,591 | 170,326 | 175,956 | (229,898 | ) | (229,898 | ) | 367,366 | 372,996 | |||||||||||||||||||||||||||||
Shareholders’ equity | 726,490 | 725,928 | 657,834 | 604,214 | 143,495 | 145,381 | (801,329 | ) | (749,595 | ) | 726,490 | 725,928 | |||||||||||||||||||||||||||||
Total liabilities and shareholders’ equity | $ | 954,837 | $ | 954,275 | $ | 856,425 | $ | 802,805 | $ | 313,821 | $ | 321,337 | $ | (1,031,227 | ) | $ | (979,493 | ) | $ | 1,093,856 | $ | 1,098,924 | |||||||||||||||||||
Condensed Consolidating Balance Sheet | |||||||||||||||||||||||||||||||||||||||||
30-Jun-11 | |||||||||||||||||||||||||||||||||||||||||
(unaudited) | |||||||||||||||||||||||||||||||||||||||||
RTI International | Guarantors | Non-Guarantors | Eliminations | Consolidated | |||||||||||||||||||||||||||||||||||||
Metals, Inc. | |||||||||||||||||||||||||||||||||||||||||
Previously | As | Previously | As | Previously | As | Previously | As | Previously | As | ||||||||||||||||||||||||||||||||
Reported | Revised | Reported | Revised | Reported | Revised | Reported | Revised | Reported | Revised | ||||||||||||||||||||||||||||||||
ASSETS | |||||||||||||||||||||||||||||||||||||||||
Current assets: | |||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | — | 215,043 | $ | 215,043 | $ | 13,270 | $ | 13,270 | $ | — | $ | — | $ | 228,313 | $ | 228,313 | ||||||||||||||||||||||
Short term investments | — | — | 63,590 | 63,590 | — | — | — | — | 63,590 | 63,590 | |||||||||||||||||||||||||||||||
Receivables, net | 454 | 454 | 43,580 | 43,580 | 42,241 | 38,438 | (20,064 | ) | (20,064 | ) | 66,211 | 62,408 | |||||||||||||||||||||||||||||
Inventories, net | — | — | 134,581 | 134,581 | 124,660 | 115,687 | — | — | 259,241 | 250,268 | |||||||||||||||||||||||||||||||
Deferred income taxes | 21,430 | 21,430 | 1,418 | 1,418 | 102 | 82 | — | — | 22,950 | 22,930 | |||||||||||||||||||||||||||||||
Assets of discontinued operations | — | — | — | — | — | 13,062 | — | — | — | 13,062 | |||||||||||||||||||||||||||||||
Other current assets | 10,860 | 10,860 | 1,320 | 1,320 | 1,463 | 1,720 | (1,691 | ) | (1,691 | ) | 11,952 | 12,209 | |||||||||||||||||||||||||||||
Total current assets | 32,744 | 32,744 | 459,532 | 459,532 | 181,736 | 182,259 | (21,755 | ) | (21,755 | ) | 652,257 | 652,780 | |||||||||||||||||||||||||||||
Property, plant, and equipment, net | 861 | 861 | 203,767 | 203,767 | 61,516 | 61,451 | — | — | 266,144 | 266,079 | |||||||||||||||||||||||||||||||
Marketable Securities | — | — | 92,440 | 92,440 | — | — | — | — | 92,440 | 92,440 | |||||||||||||||||||||||||||||||
Goodwill | — | — | 18,097 | 18,097 | 24,118 | 22,737 | — | — | 42,215 | 40,834 | |||||||||||||||||||||||||||||||
Other intangible assets, net | — | — | — | — | 13,965 | 13,965 | — | — | 13,965 | 13,965 | |||||||||||||||||||||||||||||||
Deferred income taxes | — | — | 23,455 | 23,455 | 26,059 | 26,059 | (24,605 | ) | (24,605 | ) | 24,909 | 24,909 | |||||||||||||||||||||||||||||
Other noncurrent assets | 5,433 | 5,433 | 36 | 36 | 131 | 3,885 | — | — | 5,600 | 9,354 | |||||||||||||||||||||||||||||||
Intercompany investments | 922,050 | 922,095 | 71,231 | 20,138 | 180 | 1,836 | (993,461 | ) | (944,069 | ) | — | — | |||||||||||||||||||||||||||||
Total assets | $ | 961,088 | $ | 961,133 | $ | 868,558 | $ | 817,465 | $ | 307,705 | $ | 312,192 | $ | (1,039,821 | ) | $ | (990,429 | ) | $ | 1,097,530 | $ | 1,100,361 | |||||||||||||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||||||||||||||||||||||||||||||||||||
Current liabilities: | |||||||||||||||||||||||||||||||||||||||||
Accounts payable | $ | 429 | $ | 429 | $ | 21,677 | $ | 21,677 | 31,994 | $ | 29,050 | $ | (20,064 | ) | $ | (20,064 | ) | $ | 34,036 | $ | 31,092 | ||||||||||||||||||||
Accrued wages and other employee costs | 4,105 | 4,105 | 8,283 | 8,283 | 6,411 | 6,145 | — | — | 18,799 | 18,533 | |||||||||||||||||||||||||||||||
Unearned revenue | — | — | 169 | 169 | 22,720 | 21,752 | — | — | 22,889 | 21,921 | |||||||||||||||||||||||||||||||
Liabilities of discontinued operations | — | — | — | — | — | 3,467 | — | — | — | 3,467 | |||||||||||||||||||||||||||||||
Other accrued liabilities | 4,084 | 4,084 | 11,334 | 11,334 | 14,752 | 14,495 | (1,691 | ) | (1,691 | ) | 28,479 | 28,222 | |||||||||||||||||||||||||||||
Total current liabilities | 8,618 | 8,618 | 41,463 | 41,463 | 75,877 | 74,909 | (21,755 | ) | (21,755 | ) | 104,203 | 103,235 | |||||||||||||||||||||||||||||
Long-term debt | 182,422 | 182,422 | 40 | 40 | — | — | — | — | 182,462 | 182,462 | |||||||||||||||||||||||||||||||
Intercompany debt | — | — | 98,116 | 98,116 | 86,960 | 86,960 | (185,076 | ) | (185,076 | ) | — | — | |||||||||||||||||||||||||||||
Liability for post-retirement benefits | — | — | 40,859 | 40,859 | — | — | — | — | 40,859 | 40,859 | |||||||||||||||||||||||||||||||
Liability for pension benefits | 6,524 | 6,524 | 20,403 | 20,403 | 677 | 677 | — | — | 27,604 | 27,604 | |||||||||||||||||||||||||||||||
Deferred income taxes | 27,737 | 27,737 | 36 | 36 | — | — | (24,604 | ) | (24,604 | ) | 3,169 | 3,169 | |||||||||||||||||||||||||||||
Unearned revenue | — | — | — | — | — | 3,754 | — | — | — | 3,754 | |||||||||||||||||||||||||||||||
Other noncurrent liabilities | 5,081 | 5,081 | 3,446 | 3,446 | — | — | — | — | 8,527 | 8,527 | |||||||||||||||||||||||||||||||
Total liabilities | 230,382 | 230,382 | 204,363 | 204,363 | 163,514 | 166,300 | (231,435 | ) | (231,435 | ) | 366,824 | 369,610 | |||||||||||||||||||||||||||||
Shareholders’ equity | 730,706 | 730,751 | 664,195 | 613,102 | 144,191 | 145,892 | (808,386 | ) | (758,994 | ) | 730,706 | 730,751 | |||||||||||||||||||||||||||||
Total liabilities and shareholders’ equity | $ | 961,088 | $ | 961,133 | $ | 868,558 | $ | 817,465 | $ | 307,705 | $ | 312,192 | $ | (1,039,821 | ) | $ | (990,429 | ) | $ | 1,097,530 | $ | 1,100,361 | |||||||||||||||||||
Condensed Consolidating Balance Sheet | |||||||||||||||||||||||||||||||||||||||||
30-Sep-11 | |||||||||||||||||||||||||||||||||||||||||
(unaudited) | |||||||||||||||||||||||||||||||||||||||||
RTI International | Guarantors | Non-Guarantors | Eliminations | Consolidated | |||||||||||||||||||||||||||||||||||||
Metals, Inc. | |||||||||||||||||||||||||||||||||||||||||
Previously | As | Previously | As | Previously | As | Previously | As | Previously | As | ||||||||||||||||||||||||||||||||
Reported | Revised | Reported | Revised | Reported | Revised | Reported | Revised | Reported | Revised | ||||||||||||||||||||||||||||||||
ASSETS | |||||||||||||||||||||||||||||||||||||||||
Current assets: | |||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | — | 177,711 | $ | 177,711 | $ | 12,030 | $ | 12,030 | $ | — | $ | — | $ | 189,741 | $ | 189,741 | ||||||||||||||||||||||
Short term investments | — | — | 76,587 | 76,587 | — | — | — | — | 76,587 | 76,587 | |||||||||||||||||||||||||||||||
Receivables, net | 417 | 417 | 62,273 | 62,273 | 53,109 | 49,754 | (27,916 | ) | (27,916 | ) | 87,883 | 84,528 | |||||||||||||||||||||||||||||
Inventories, net | — | — | 128,685 | 128,685 | 128,364 | 115,583 | — | — | 257,049 | 244,268 | |||||||||||||||||||||||||||||||
Deferred income taxes | 18,493 | 18,493 | 1,418 | 1,418 | 63 | 250 | — | — | 19,974 | 20,161 | |||||||||||||||||||||||||||||||
Assets of discontinued operations | — | — | — | — | — | 14,945 | — | — | — | 14,945 | |||||||||||||||||||||||||||||||
Other current assets | 14,765 | 14,765 | 1,166 | 1,166 | 1,164 | 1,435 | (2,432 | ) | (2,432 | ) | 14,663 | 14,934 | |||||||||||||||||||||||||||||
Total current assets | 33,675 | 33,675 | 447,840 | 447,840 | 194,730 | 193,997 | (30,348 | ) | (30,348 | ) | 645,897 | 645,164 | |||||||||||||||||||||||||||||
Property, plant, and equipment, net | 772 | 772 | 209,540 | 209,540 | 57,744 | 57,682 | — | — | 268,056 | 267,994 | |||||||||||||||||||||||||||||||
Marketable Securities | — | — | 89,479 | 89,479 | — | — | — | — | 89,479 | 89,479 | |||||||||||||||||||||||||||||||
Goodwill | — | — | 18,097 | 18,097 | 23,208 | 21,827 | — | — | 41,305 | 39,924 | |||||||||||||||||||||||||||||||
Other intangible assets, net | — | — | — | — | 12,829 | 12,829 | — | — | 12,829 | 12,829 | |||||||||||||||||||||||||||||||
Deferred income taxes | — | — | 23,019 | 23,019 | 25,303 | 25,303 | (24,711 | ) | (24,711 | ) | 23,611 | 23,611 | |||||||||||||||||||||||||||||
Other noncurrent assets | 5,065 | 5,065 | 36 | 36 | 127 | 3,802 | — | — | 5,228 | 8,903 | |||||||||||||||||||||||||||||||
Intercompany investments | 921,775 | 921,413 | 71,231 | 20,147 | 180 | 1,826 | (993,186 | ) | (943,386 | ) | — | — | |||||||||||||||||||||||||||||
Total assets | $ | 961,287 | $ | 960,925 | $ | 859,242 | $ | 808,158 | $ | 314,121 | $ | 317,266 | $ | (1,048,245 | ) | $ | (998,445 | ) | $ | 1,086,405 | $ | 1,087,904 | |||||||||||||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||||||||||||||||||||||||||||||||||||
Current liabilities: | |||||||||||||||||||||||||||||||||||||||||
Accounts payable | $ | 806 | $ | 806 | $ | 37,398 | $ | 37,398 | $ | 43,672 | $ | 38,930 | $ | (27,916 | ) | $ | (27,916 | ) | $ | 53,960 | $ | 49,218 | |||||||||||||||||||
Accrued wages and other employee costs | 5,015 | 5,015 | 9,929 | 9,929 | 6,034 | 5,741 | — | — | 20,978 | 20,685 | |||||||||||||||||||||||||||||||
Unearned revenue | — | — | 184 | 184 | 18,050 | 16,236 | — | — | 18,234 | 16,420 | |||||||||||||||||||||||||||||||
Liabilities of discontinued operations | — | — | — | — | — | 5,069 | — | — | — | 5,069 | |||||||||||||||||||||||||||||||
Other accrued liabilities | 4,727 | 4,727 | 11,573 | 11,573 | 5,963 | 5,929 | (2,432 | ) | (2,432 | ) | 19,831 | 19,797 | |||||||||||||||||||||||||||||
Total current liabilities | 10,548 | 10,548 | 59,084 | 59,084 | 73,719 | 71,905 | (30,348 | ) | (30,348 | ) | 113,003 | 111,189 | |||||||||||||||||||||||||||||
Long-term debt | 184,675 | 184,675 | 20 | 20 | — | — | — | — | 184,695 | 184,695 | |||||||||||||||||||||||||||||||
Intercompany debt | — | — | 83,997 | 83,997 | 101,499 | 101,499 | (185,496 | ) | (185,496 | ) | — | — | |||||||||||||||||||||||||||||
Liability for post-retirement benefits | — | — | 41,128 | 41,128 | — | — | — | — | 41,128 | 41,128 | |||||||||||||||||||||||||||||||
Liability for pension benefits | 4,380 | 4,380 | 2,097 | 2,097 | 676 | 676 | — | — | 7,153 | 7,153 | |||||||||||||||||||||||||||||||
Deferred income taxes | 30,148 | 30,148 | — | — | — | — | (24,707 | ) | (24,707 | ) | 5,441 | 5,441 | |||||||||||||||||||||||||||||
Unearned revenue | — | — | — | — | — | 3,675 | — | — | — | 3,675 | |||||||||||||||||||||||||||||||
Other noncurrent liabilities | 5,089 | 5,089 | 3,449 | 3,449 | — | — | — | — | 8,538 | 8,538 | |||||||||||||||||||||||||||||||
Total liabilities | 234,840 | 234,840 | 189,775 | 189,775 | 175,894 | 177,755 | (240,551 | ) | (240,551 | ) | 359,958 | 361,819 | |||||||||||||||||||||||||||||
Shareholders’ equity | 726,447 | 726,085 | 669,467 | 618,383 | 138,227 | 139,511 | (807,694 | ) | (757,894 | ) | 726,447 | 726,085 | |||||||||||||||||||||||||||||
Total liabilities and shareholders’ equity | $ | 961,287 | $ | 960,925 | $ | 859,242 | $ | 808,158 | $ | 314,121 | $ | 317,266 | $ | (1,048,245 | ) | $ | (998,445 | ) | $ | 1,086,405 | $ | 1,087,904 | |||||||||||||||||||
Effects of Restatement on Consolidated Statements of Cash Flow | ' | ||||||||||||||||||||||||||||||||||||||||
Year Ended December 31, 2012 | |||||||||||||||||||||||||||||||||||||||||
Previously | First | Second | As | ||||||||||||||||||||||||||||||||||||||
Reported | Restatement | Restatement | Corrected | ||||||||||||||||||||||||||||||||||||||
Adjustment | Adjustment | ||||||||||||||||||||||||||||||||||||||||
Consolidated Statements of Cash Flow (1) | |||||||||||||||||||||||||||||||||||||||||
Operating Activities: | |||||||||||||||||||||||||||||||||||||||||
Net income | $ | 23,515 | $ | (2,398 | ) | $ | (977 | ) | $ | 20,140 | |||||||||||||||||||||||||||||||
Adjustment for non-cash items included in net income: | |||||||||||||||||||||||||||||||||||||||||
Deferred income taxes | 3,355 | (1,366 | ) | (556 | ) | 1,433 | |||||||||||||||||||||||||||||||||||
Changes in assets and liabilities: | |||||||||||||||||||||||||||||||||||||||||
Receivables | (3,079 | ) | — | 1,261 | (1,818 | ) | |||||||||||||||||||||||||||||||||||
Inventories | (108,934 | ) | 1,713 | 3,841 | (103,380 | ) | |||||||||||||||||||||||||||||||||||
Unearned revenue | 9,141 | 3,202 | (3,150 | ) | 9,193 | ||||||||||||||||||||||||||||||||||||
Billings in excess of costs/cost in excess of billings | — | (1,441 | ) | (419 | ) | (1,860 | ) | ||||||||||||||||||||||||||||||||||
Other current assets and liabilities | (3,016 | ) | (271 | ) | (192 | ) | (3,479 | ) | |||||||||||||||||||||||||||||||||
Other noncurrent assets and liabilities | 6,192 | 561 | 192 | 6,945 | |||||||||||||||||||||||||||||||||||||
-1 | The Company does not present cash flows from discontinued operations, consistent with ASC 230, Statement of Cash Flows. | ||||||||||||||||||||||||||||||||||||||||
Year Ended December 31, 2011 | |||||||||||||||||||||||||||||||||||||||||
Previously | Revision | As | |||||||||||||||||||||||||||||||||||||||
Reported | Adjustment | Revised | |||||||||||||||||||||||||||||||||||||||
Consolidated Statement of Cash Flows (1) | |||||||||||||||||||||||||||||||||||||||||
Operating activities: | |||||||||||||||||||||||||||||||||||||||||
Net income | $ | 6,552 | $ | (520 | ) | $ | 6,032 | ||||||||||||||||||||||||||||||||||
Adjustment for non-cash items included in net income: | |||||||||||||||||||||||||||||||||||||||||
Deferred income taxes | 8,386 | (289 | ) | 8,097 | |||||||||||||||||||||||||||||||||||||
Changes in assets and liabilities: | |||||||||||||||||||||||||||||||||||||||||
Inventories | 160 | 3,650 | 3,810 | ||||||||||||||||||||||||||||||||||||||
Unearned revenue | 180 | (2,786 | ) | (2,606 | ) | ||||||||||||||||||||||||||||||||||||
Cost in excess of billings | — | (300 | ) | (300 | ) | ||||||||||||||||||||||||||||||||||||
Other current assets and liabilities | 5,262 | (45 | ) | 5,217 | |||||||||||||||||||||||||||||||||||||
Other noncurrent assets and liabilities | 3,687 | 290 | 3,977 | ||||||||||||||||||||||||||||||||||||||
Year Ended December 31, 2010 | |||||||||||||||||||||||||||||||||||||||||
Previously | Revision | As | |||||||||||||||||||||||||||||||||||||||
Reported | Adjustment | Revised | |||||||||||||||||||||||||||||||||||||||
Consolidated Statement of Cash Flows (1) | |||||||||||||||||||||||||||||||||||||||||
Operating activities: | |||||||||||||||||||||||||||||||||||||||||
Net income | $ | 3,417 | $ | 153 | $ | 3,570 | |||||||||||||||||||||||||||||||||||
Adjustment for non-cash items included in net income: | |||||||||||||||||||||||||||||||||||||||||
Deferred income taxes | 16,039 | 85 | 16,124 | ||||||||||||||||||||||||||||||||||||||
Changes in assets and liabilities: | |||||||||||||||||||||||||||||||||||||||||
Inventories | (2,972 | ) | (736 | ) | (3,708 | ) | |||||||||||||||||||||||||||||||||||
Unearned revenue | 7,328 | 4,701 | 12,029 | ||||||||||||||||||||||||||||||||||||||
Cost in excess of billings | — | (85 | ) | (85 | ) | ||||||||||||||||||||||||||||||||||||
Other current assets and liabilities | 16,621 | (245 | ) | 16,376 | |||||||||||||||||||||||||||||||||||||
Other noncurrent assets and liabilities | 747 | (3,873 | ) | (3,126 | ) | ||||||||||||||||||||||||||||||||||||
-1 | The Company does not present cash flows from discontinued operations, consistent with ASC 230, Statement of Cash Flows. | ||||||||||||||||||||||||||||||||||||||||
Condensed Consolidated Statement of Cash Flows | |||||||||||||||||||||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||||||||||
Three Months Ended March 31, 2012 | |||||||||||||||||||||||||||||||||||||||||
As | First | Second | As | ||||||||||||||||||||||||||||||||||||||
Reported | Restatement | Restatement | Corrected | ||||||||||||||||||||||||||||||||||||||
Adjustment | Adjustment | ||||||||||||||||||||||||||||||||||||||||
Net income | $ | 5,625 | $ | (1,121 | ) | $ | 125 | $ | 4,629 | ||||||||||||||||||||||||||||||||
Adjustment for non-cash items included in net income: | |||||||||||||||||||||||||||||||||||||||||
Depreciation and amortization | 8,734 | — | — | 8,734 | |||||||||||||||||||||||||||||||||||||
Deferred income taxes | (1,915 | ) | (586 | ) | 65 | (2,436 | ) | ||||||||||||||||||||||||||||||||||
Stock-based compensation | 1,378 | — | — | 1,378 | |||||||||||||||||||||||||||||||||||||
Excess tax benefits from stock-based compensation activity | (61 | ) | — | — | (61 | ) | |||||||||||||||||||||||||||||||||||
Amortization of discount on long-term debt | 2,352 | — | — | 2,352 | |||||||||||||||||||||||||||||||||||||
Other | (68 | ) | — | — | (68 | ) | |||||||||||||||||||||||||||||||||||
Changes in assets and liabilities: | |||||||||||||||||||||||||||||||||||||||||
Receivables | 4,750 | — | — | 4,750 | |||||||||||||||||||||||||||||||||||||
Inventories | (31,130 | ) | 1,578 | 2,097 | (27,455 | ) | |||||||||||||||||||||||||||||||||||
Accounts payable | 5,504 | — | — | 5,504 | |||||||||||||||||||||||||||||||||||||
Income taxes payable | 1,659 | — | — | 1,659 | |||||||||||||||||||||||||||||||||||||
Unearned revenue | 8,230 | (320 | ) | (2,286 | ) | 5,624 | |||||||||||||||||||||||||||||||||||
Cost in excess of billings | — | 396 | (1 | ) | 395 | ||||||||||||||||||||||||||||||||||||
Other current assets and liabilities | (14,430 | ) | (26 | ) | (192 | ) | (14,648 | ) | |||||||||||||||||||||||||||||||||
Other assets and liabilities | (3,587 | ) | 79 | 192 | (3,316 | ) | |||||||||||||||||||||||||||||||||||
Cash used in operating activities | (12,959 | ) | — | — | (12,959 | ) | |||||||||||||||||||||||||||||||||||
INVESTING ACTIVITIES: | |||||||||||||||||||||||||||||||||||||||||
Acquisitions, net of cash required | (185,633 | ) | — | — | (185,633 | ) | |||||||||||||||||||||||||||||||||||
Maturity/sale of investments | 176,809 | — | — | 176,809 | |||||||||||||||||||||||||||||||||||||
Capital expenditures | (17,128 | ) | — | — | (17,128 | ) | |||||||||||||||||||||||||||||||||||
Purchase of investments | (38 | ) | — | — | (38 | ) | |||||||||||||||||||||||||||||||||||
Cash used in investing activities | (25,990 | ) | — | — | (25,990 | ) | |||||||||||||||||||||||||||||||||||
FINANCING ACTIVITIES: | |||||||||||||||||||||||||||||||||||||||||
Proceeds from exercise of employee stock options | 120 | — | — | 120 | |||||||||||||||||||||||||||||||||||||
Excess tax benefits from stock-based compensation activity | 61 | — | — | 61 | |||||||||||||||||||||||||||||||||||||
Purchase of common stock held in treasury | (742 | ) | — | — | (742 | ) | |||||||||||||||||||||||||||||||||||
Borrowings on long-term debt | (97 | ) | — | — | (97 | ) | |||||||||||||||||||||||||||||||||||
Cash used in financing activities | (658 | ) | — | — | (658 | ) | |||||||||||||||||||||||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | 637 | — | — | 637 | |||||||||||||||||||||||||||||||||||||
Decrease in cash and cash equivalents | (38,970 | ) | — | — | (38,970 | ) | |||||||||||||||||||||||||||||||||||
Cash and cash equivalents at beginning of period | 156,842 | — | — | 156,842 | |||||||||||||||||||||||||||||||||||||
Cash and cash equivalents at end of period | $ | 117,872 | $ | — | $ | — | $ | 117,872 | |||||||||||||||||||||||||||||||||
Condensed Consolidated Statement of Cash Flows | |||||||||||||||||||||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||||||||||
Six Months Ended June 30, 2012 | |||||||||||||||||||||||||||||||||||||||||
As Reported | First | Second | As | ||||||||||||||||||||||||||||||||||||||
Restatement | Restatement | Corrected | |||||||||||||||||||||||||||||||||||||||
Adjustment | Adjustment | ||||||||||||||||||||||||||||||||||||||||
Net income | $ | 10,788 | $ | (1,765 | ) | $ | 152 | $ | 9,175 | ||||||||||||||||||||||||||||||||
Adjustment for non-cash items included in net income: | |||||||||||||||||||||||||||||||||||||||||
Depreciation and amortization | 18,957 | — | — | 18,957 | |||||||||||||||||||||||||||||||||||||
Deferred income taxes | (2,025 | ) | (968 | ) | 84 | (2,909 | ) | ||||||||||||||||||||||||||||||||||
Stock-based compensation | 2,518 | — | — | 2,518 | |||||||||||||||||||||||||||||||||||||
Excess tax benefits from stock-based compensation activity | (66 | ) | — | — | (66 | ) | |||||||||||||||||||||||||||||||||||
(Gain) loss on sale of property, plant and equipment | (74 | ) | — | — | (74 | ) | |||||||||||||||||||||||||||||||||||
Amortization of discount on long-term debt | 4,738 | — | — | 4,738 | |||||||||||||||||||||||||||||||||||||
Other | 758 | — | — | 758 | |||||||||||||||||||||||||||||||||||||
Changes in assets and liabilities: | |||||||||||||||||||||||||||||||||||||||||
Receivables | 2,904 | — | — | 2,904 | |||||||||||||||||||||||||||||||||||||
Inventories | (54,089 | ) | 3,185 | 3,082 | (47,822 | ) | |||||||||||||||||||||||||||||||||||
Accounts payable | 4,172 | — | — | 4,172 | |||||||||||||||||||||||||||||||||||||
Income taxes payable | 5,117 | — | — | 5,117 | |||||||||||||||||||||||||||||||||||||
Unearned revenue | 9,526 | (721 | ) | (2,910 | ) | 5,895 | |||||||||||||||||||||||||||||||||||
Cost in excess of billings | — | 150 | (408 | ) | (258 | ) | |||||||||||||||||||||||||||||||||||
Other current assets and liabilities | (13,154 | ) | (79 | ) | (192 | ) | (13,425 | ) | |||||||||||||||||||||||||||||||||
Other assets and liabilities | (4,279 | ) | 198 | 192 | (3,889 | ) | |||||||||||||||||||||||||||||||||||
Cash used in operating activities | (14,209 | ) | — | — | (14,209 | ) | |||||||||||||||||||||||||||||||||||
INVESTING ACTIVITIES: | |||||||||||||||||||||||||||||||||||||||||
Acquisitions, net of cash required | (185,633 | ) | — | — | (185,633 | ) | |||||||||||||||||||||||||||||||||||
Maturity/sale of investments | 176,809 | — | — | 176,809 | |||||||||||||||||||||||||||||||||||||
Capital expenditures | (34,901 | ) | — | — | (34,901 | ) | |||||||||||||||||||||||||||||||||||
Purchase of investments | (38 | ) | — | — | (38 | ) | |||||||||||||||||||||||||||||||||||
Cash used in investing activities | (43,763 | ) | — | — | (43,763 | ) | |||||||||||||||||||||||||||||||||||
FINANCING ACTIVITIES: | |||||||||||||||||||||||||||||||||||||||||
Proceeds from exercise of employee stock options | 211 | — | — | 211 | |||||||||||||||||||||||||||||||||||||
Excess tax benefits from stock-based compensation activity | 66 | — | — | 66 | |||||||||||||||||||||||||||||||||||||
Purchase of common stock held in treasury | (742 | ) | — | — | (742 | ) | |||||||||||||||||||||||||||||||||||
Repayments on long-term debt | (298 | ) | — | — | (298 | ) | |||||||||||||||||||||||||||||||||||
Cash used in financing activities | (763 | ) | — | — | (763 | ) | |||||||||||||||||||||||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | 1,418 | — | — | 1,418 | |||||||||||||||||||||||||||||||||||||
Decrease in cash and cash equivalents | (57,317 | ) | — | — | (57,317 | ) | |||||||||||||||||||||||||||||||||||
Cash and cash equivalents at beginning of period | 156,842 | — | — | 156,842 | |||||||||||||||||||||||||||||||||||||
Cash and cash equivalents at end of period | $ | 99,525 | $ | — | $ | — | $ | 99,525 | |||||||||||||||||||||||||||||||||
Condensed Consolidated Statement of Cash Flows | |||||||||||||||||||||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||||||||||
Nine Months Ended September 30, 2012 | |||||||||||||||||||||||||||||||||||||||||
As | First | Second | As | ||||||||||||||||||||||||||||||||||||||
Reported | Restatement | Restatement | Corrected | ||||||||||||||||||||||||||||||||||||||
Adjustment | Adjustment | ||||||||||||||||||||||||||||||||||||||||
Net income | $ | 16,413 | $ | (3,966 | ) | $ | 316 | $ | 12,763 | ||||||||||||||||||||||||||||||||
Adjustment for non-cash items included in net income: | |||||||||||||||||||||||||||||||||||||||||
Depreciation and amortization | 29,405 | — | — | 29,405 | |||||||||||||||||||||||||||||||||||||
Asset and asset-related charges (income) | 1,617 | — | — | 1,617 | |||||||||||||||||||||||||||||||||||||
Deferred income taxes | (2,860 | ) | (2,017 | ) | 160 | (4,717 | ) | ||||||||||||||||||||||||||||||||||
Stock-based compensation | 3,658 | — | — | 3,658 | |||||||||||||||||||||||||||||||||||||
Excess tax benefits from stock-based compensation activity | (100 | ) | — | — | (100 | ) | |||||||||||||||||||||||||||||||||||
Amortization of discount on long-term debt | 7,192 | — | — | 7,192 | |||||||||||||||||||||||||||||||||||||
Other | 675 | — | 823 | 1,498 | |||||||||||||||||||||||||||||||||||||
Changes in assets and liabilities: | |||||||||||||||||||||||||||||||||||||||||
Receivables | (11,799 | ) | — | — | (11,799 | ) | |||||||||||||||||||||||||||||||||||
Inventories | (81,086 | ) | 5,785 | 3,949 | (71,352 | ) | |||||||||||||||||||||||||||||||||||
Accounts payable | 10,424 | — | — | 10,424 | |||||||||||||||||||||||||||||||||||||
Income taxes payable | 8,893 | — | — | 8,893 | |||||||||||||||||||||||||||||||||||||
Unearned revenue | 11,581 | 350 | (3,024 | ) | 8,907 | ||||||||||||||||||||||||||||||||||||
Cost in excess of billings | — | (350 | ) | (1,401 | ) | (1,751 | ) | ||||||||||||||||||||||||||||||||||
Other current assets and liabilities | (6,844 | ) | (145 | ) | (192 | ) | (7,181 | ) | |||||||||||||||||||||||||||||||||
Other assets and liabilities | (13,442 | ) | 343 | 192 | (12,907 | ) | |||||||||||||||||||||||||||||||||||
Cash used in operating activities | (26,273 | ) | — | 823 | (25,450 | ) | |||||||||||||||||||||||||||||||||||
INVESTING ACTIVITIES: | |||||||||||||||||||||||||||||||||||||||||
Acquisitions, net of cash required | (182,811 | ) | — | — | (182,811 | ) | |||||||||||||||||||||||||||||||||||
Maturity/sale of investments | 176,809 | — | — | 176,809 | |||||||||||||||||||||||||||||||||||||
Capital expenditures | (47,879 | ) | — | — | (47,879 | ) | |||||||||||||||||||||||||||||||||||
Purchase of investments | (4,037 | ) | — | — | (4,037 | ) | |||||||||||||||||||||||||||||||||||
Cash used in investing activities | (57,918 | ) | — | — | (57,918 | ) | |||||||||||||||||||||||||||||||||||
FINANCING ACTIVITIES: | |||||||||||||||||||||||||||||||||||||||||
Proceeds from exercise of employee stock options | 335 | — | — | 335 | |||||||||||||||||||||||||||||||||||||
Excess tax benefits from stock-based compensation activity | 100 | — | — | 100 | |||||||||||||||||||||||||||||||||||||
Deferred financing costs | — | — | (823 | ) | (823 | ) | |||||||||||||||||||||||||||||||||||
Purchase of common stock held in treasury | (742 | ) | — | — | (742 | ) | |||||||||||||||||||||||||||||||||||
Repayments on long-term debt | (543 | ) | — | — | (543 | ) | |||||||||||||||||||||||||||||||||||
Cash used in financing activities | (850 | ) | — | (823 | ) | (1,673 | ) | ||||||||||||||||||||||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | 1,588 | — | — | 1,588 | |||||||||||||||||||||||||||||||||||||
Decrease in cash and cash equivalents | (83,453 | ) | — | — | (83,453 | ) | |||||||||||||||||||||||||||||||||||
Cash and cash equivalents at beginning of period | 156,842 | — | — | 156,842 | |||||||||||||||||||||||||||||||||||||
Cash and cash equivalents at end of period | $ | 73,389 | $ | — | $ | — | $ | 73,389 | |||||||||||||||||||||||||||||||||
Condensed Consolidated Statement of Cash Flows | |||||||||||||||||||||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||||||||||
Three Months Ended March 31, 2011 | |||||||||||||||||||||||||||||||||||||||||
Previously | First | Currently | |||||||||||||||||||||||||||||||||||||||
Reported | Restatement | Reported | |||||||||||||||||||||||||||||||||||||||
Adjustment | |||||||||||||||||||||||||||||||||||||||||
OPERATING ACTIVITIES: | |||||||||||||||||||||||||||||||||||||||||
Net income | $ | 2,342 | $ | (423 | ) | $ | 1,919 | ||||||||||||||||||||||||||||||||||
Adjustment for non-cash items included in net income: | |||||||||||||||||||||||||||||||||||||||||
Depreciation and amortization | 5,582 | — | 5,582 | ||||||||||||||||||||||||||||||||||||||
Asset and asset-related charges (income) | (597 | ) | — | (597 | ) | ||||||||||||||||||||||||||||||||||||
Deferred income taxes | (1,233 | ) | (658 | ) | (1,891 | ) | |||||||||||||||||||||||||||||||||||
Stock-based compensation | 1,402 | — | 1,402 | ||||||||||||||||||||||||||||||||||||||
Excess tax benefits from stock-based compensation activity | (102 | ) | — | (102 | ) | ||||||||||||||||||||||||||||||||||||
(Gain) loss on sale of property, plant and equipment | 47 | — | 47 | ||||||||||||||||||||||||||||||||||||||
Amortization of discount on long-term debt | 2,166 | — | 2,166 | ||||||||||||||||||||||||||||||||||||||
Other | 116 | — | 116 | ||||||||||||||||||||||||||||||||||||||
Changes in assets and liabilities: | |||||||||||||||||||||||||||||||||||||||||
Receivables | (19,479 | ) | — | (19,479 | ) | ||||||||||||||||||||||||||||||||||||
Inventories | 1,522 | (6 | ) | 1,516 | |||||||||||||||||||||||||||||||||||||
Accounts payable | (6,640 | ) | — | (6,640 | ) | ||||||||||||||||||||||||||||||||||||
Income taxes payable | (87 | ) | — | (87 | ) | ||||||||||||||||||||||||||||||||||||
Unearned revenue | (3,445 | ) | 1,040 | (2,405 | ) | ||||||||||||||||||||||||||||||||||||
Cost in excess of billings | — | (12 | ) | (12 | ) | ||||||||||||||||||||||||||||||||||||
Other current assets and liabilities | (2,395 | ) | 6 | (2,389 | ) | ||||||||||||||||||||||||||||||||||||
Other noncurrent assets and liabilities | (2,974 | ) | 53 | (2,921 | ) | ||||||||||||||||||||||||||||||||||||
Cash used in operating activities | (23,775 | ) | — | (23,775 | ) | ||||||||||||||||||||||||||||||||||||
INVESTING ACTIVITIES: | |||||||||||||||||||||||||||||||||||||||||
Maturity/sale of investments | 5,000 | — | 5,000 | ||||||||||||||||||||||||||||||||||||||
Capital expenditures | (10,137 | ) | — | (10,137 | ) | ||||||||||||||||||||||||||||||||||||
Purchase of investments | (72,612 | ) | — | (72,612 | ) | ||||||||||||||||||||||||||||||||||||
Cash used in investing activities | (77,749 | ) | — | (77,749 | ) | ||||||||||||||||||||||||||||||||||||
FINANCING ACTIVITIES: | |||||||||||||||||||||||||||||||||||||||||
Proceeds from exercise of employee stock options | 154 | — | 154 | ||||||||||||||||||||||||||||||||||||||
Excess tax benefits from stock-based compensation activity | 102 | — | 102 | ||||||||||||||||||||||||||||||||||||||
Purchase of common stock held in treasury | (283 | ) | — | (283 | ) | ||||||||||||||||||||||||||||||||||||
Repayments on long-term debt | (3 | ) | — | (3 | ) | ||||||||||||||||||||||||||||||||||||
Cash used in financing activities | (30 | ) | — | (30 | ) | ||||||||||||||||||||||||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | 757 | — | 757 | ||||||||||||||||||||||||||||||||||||||
Decrease in cash and cash equivalents | (100,797 | ) | — | (100,797 | ) | ||||||||||||||||||||||||||||||||||||
Cash and cash equivalents at beginning of period | 376,951 | — | 376,951 | ||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents at end of period | $ | 276,154 | $ | — | $ | 276,154 | |||||||||||||||||||||||||||||||||||
The information in the table above is unchanged from Amendment No. 1. | |||||||||||||||||||||||||||||||||||||||||
Condensed Consolidated Statement of Cash Flows | |||||||||||||||||||||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||||||||||
Six Months Ended June 30, 2011 | |||||||||||||||||||||||||||||||||||||||||
Previously | Revision | Currently | |||||||||||||||||||||||||||||||||||||||
Reported | Adjustment | Reported | |||||||||||||||||||||||||||||||||||||||
OPERATING ACTIVITIES: | |||||||||||||||||||||||||||||||||||||||||
Net income | $ | 4,470 | $ | 184 | $ | 4,654 | |||||||||||||||||||||||||||||||||||
Adjustment for non-cash items included in net income: | |||||||||||||||||||||||||||||||||||||||||
Depreciation and amortization | 11,279 | — | 11,279 | ||||||||||||||||||||||||||||||||||||||
Asset and asset-related charges (income) | (597 | ) | — | (597 | ) | ||||||||||||||||||||||||||||||||||||
Deferred income taxes | (2,547 | ) | 99 | (2,448 | ) | ||||||||||||||||||||||||||||||||||||
Stock-based compensation | 2,502 | — | 2,502 | ||||||||||||||||||||||||||||||||||||||
Excess tax benefits from stock-based compensation activity | (263 | ) | — | (263 | ) | ||||||||||||||||||||||||||||||||||||
(Gain) loss on sale of property, plant and equipment | 39 | — | 39 | ||||||||||||||||||||||||||||||||||||||
Amortization of discount on long-term debt | 4,361 | — | 4,361 | ||||||||||||||||||||||||||||||||||||||
Other | (122 | ) | — | (122 | ) | ||||||||||||||||||||||||||||||||||||
Changes in assets and liabilities: | |||||||||||||||||||||||||||||||||||||||||
Receivables | (9,069 | ) | — | (9,069 | ) | ||||||||||||||||||||||||||||||||||||
Inventories | 12,501 | 1,323 | 13,824 | ||||||||||||||||||||||||||||||||||||||
Accounts payable | (10,345 | ) | — | (10,345 | ) | ||||||||||||||||||||||||||||||||||||
Income taxes payable | (81 | ) | — | (81 | ) | ||||||||||||||||||||||||||||||||||||
Unearned revenue | (6,779 | ) | (1,805 | ) | (8,584 | ) | |||||||||||||||||||||||||||||||||||
Cost in excess of billings | — | 100 | 100 | ||||||||||||||||||||||||||||||||||||||
Other current assets and liabilities | 2,040 | (20 | ) | 2,020 | |||||||||||||||||||||||||||||||||||||
Other noncurrent assets and liabilities | (2,169 | ) | 119 | (2,050 | ) | ||||||||||||||||||||||||||||||||||||
Cash provided by operating activities | 5,220 | — | 5,220 | ||||||||||||||||||||||||||||||||||||||
INVESTING ACTIVITIES: | |||||||||||||||||||||||||||||||||||||||||
Maturity/sale of investments | 19,079 | — | 19,079 | ||||||||||||||||||||||||||||||||||||||
Capital expenditures | (18,646 | ) | — | (18,646 | ) | ||||||||||||||||||||||||||||||||||||
Purchase of investments | (154,772 | ) | — | (154,772 | ) | ||||||||||||||||||||||||||||||||||||
Cash used in investing activities | (154,339 | ) | — | (154,339 | ) | ||||||||||||||||||||||||||||||||||||
FINANCING ACTIVITIES: | |||||||||||||||||||||||||||||||||||||||||
Proceeds from exercise of employee stock options | 201 | — | 201 | ||||||||||||||||||||||||||||||||||||||
Excess tax benefits from stock-based compensation activity | 263 | — | 263 | ||||||||||||||||||||||||||||||||||||||
Purchase of common stock held in treasury | (283 | ) | — | (283 | ) | ||||||||||||||||||||||||||||||||||||
Repayments on long-term debt | (5 | ) | — | (5 | ) | ||||||||||||||||||||||||||||||||||||
Cash provided by financing activities | 176 | — | 176 | ||||||||||||||||||||||||||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | 305 | — | 305 | ||||||||||||||||||||||||||||||||||||||
Decrease in cash and cash equivalents | (148,638 | ) | — | (148,638 | ) | ||||||||||||||||||||||||||||||||||||
Cash and cash equivalents at beginning of period | 376,951 | — | 376,951 | ||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents at end of period | $ | 228,313 | $ | — | $ | 228,313 | |||||||||||||||||||||||||||||||||||
The information in the table above is unchanged from Amendment No. 1. | |||||||||||||||||||||||||||||||||||||||||
Condensed Consolidated Statement of Cash Flows | |||||||||||||||||||||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||||||||||
Nine Months Ended September 30, 2011 | |||||||||||||||||||||||||||||||||||||||||
Previously | Revision | Currently | |||||||||||||||||||||||||||||||||||||||
Reported | Adjustment | Reported | |||||||||||||||||||||||||||||||||||||||
OPERATING ACTIVITIES: | |||||||||||||||||||||||||||||||||||||||||
Net income | $ | 6,537 | $ | (223 | ) | $ | 6,314 | ||||||||||||||||||||||||||||||||||
Adjustment for non-cash items included in net income: | |||||||||||||||||||||||||||||||||||||||||
Depreciation and amortization | 16,697 | — | 16,697 | ||||||||||||||||||||||||||||||||||||||
Asset and asset-related charges (income) | (597 | ) | — | (597 | ) | ||||||||||||||||||||||||||||||||||||
Deferred income taxes | 2,268 | (109 | ) | 2,159 | |||||||||||||||||||||||||||||||||||||
Stock-based compensation | 3,528 | — | 3,528 | ||||||||||||||||||||||||||||||||||||||
Excess tax benefits from stock-based compensation activity | (263 | ) | — | (263 | ) | ||||||||||||||||||||||||||||||||||||
(Gain) loss on sale of property, plant and equipment | 65 | — | 65 | ||||||||||||||||||||||||||||||||||||||
Amortization of discount on long-term debt | 6,613 | — | 6,613 | ||||||||||||||||||||||||||||||||||||||
Deferred financing cost writedown | — | — | — | ||||||||||||||||||||||||||||||||||||||
Amortization of premiums paid for short-term investments | 1,595 | — | 1,595 | ||||||||||||||||||||||||||||||||||||||
Other | (197 | ) | — | (197 | ) | ||||||||||||||||||||||||||||||||||||
Changes in assets and liabilities: | |||||||||||||||||||||||||||||||||||||||||
Receivables | (32,428 | ) | — | (32,428 | ) | ||||||||||||||||||||||||||||||||||||
Inventories | 12,415 | 2,789 | 15,204 | ||||||||||||||||||||||||||||||||||||||
Accounts payable | 9,241 | — | 9,241 | ||||||||||||||||||||||||||||||||||||||
Income taxes payable | (18 | ) | — | (18 | ) | ||||||||||||||||||||||||||||||||||||
Unearned revenue | (10,919 | ) | (2,729 | ) | (13,648 | ) | |||||||||||||||||||||||||||||||||||
Cost in excess of billings | — | 100 | 100 | ||||||||||||||||||||||||||||||||||||||
Other current assets and liabilities | (6,862 | ) | (26 | ) | (6,888 | ) | |||||||||||||||||||||||||||||||||||
Other noncurrent assets and liabilities | (21,182 | ) | 198 | (20,984 | ) | ||||||||||||||||||||||||||||||||||||
Cash used in operating activities | (13,507 | ) | — | (13,507 | ) | ||||||||||||||||||||||||||||||||||||
INVESTING ACTIVITIES: | |||||||||||||||||||||||||||||||||||||||||
Maturity/sale of investments | 53,454 | — | 53,454 | ||||||||||||||||||||||||||||||||||||||
Capital expenditures | (25,954 | ) | — | (25,954 | ) | ||||||||||||||||||||||||||||||||||||
Purchase of investments | (200,846 | ) | — | (200,846 | ) | ||||||||||||||||||||||||||||||||||||
Proceeds from disposal of property, plant, and equipment | — | — | — | ||||||||||||||||||||||||||||||||||||||
Cash used in investing activities | (173,346 | ) | — | (173,346 | ) | ||||||||||||||||||||||||||||||||||||
FINANCING ACTIVITIES: | |||||||||||||||||||||||||||||||||||||||||
Proceeds from exercise of employee stock options | 252 | — | 252 | ||||||||||||||||||||||||||||||||||||||
Excess tax benefits from stock-based compensation activity | 263 | — | 263 | ||||||||||||||||||||||||||||||||||||||
Purchase of common stock held in treasury | (283 | ) | — | (283 | ) | ||||||||||||||||||||||||||||||||||||
Repayments on long-term debt | (25 | ) | — | (25 | ) | ||||||||||||||||||||||||||||||||||||
Cash provided by financing activities | 207 | — | 207 | ||||||||||||||||||||||||||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | (564 | ) | — | (564 | ) | ||||||||||||||||||||||||||||||||||||
Decrease in cash and cash equivalents | (187,210 | ) | — | (187,210 | ) | ||||||||||||||||||||||||||||||||||||
Cash and cash equivalents at beginning of period | 376,951 | — | 376,951 | ||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents at end of period | $ | 189,741 | $ | — | $ | 189,741 | |||||||||||||||||||||||||||||||||||
The information in the table above is unchanged from Amendment No. 1. | |||||||||||||||||||||||||||||||||||||||||
Condensed Consolidating Statement of Cash Flows | |||||||||||||||||||||||||||||||||||||||||
Three Months Ended March 31, 2012 | |||||||||||||||||||||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||||||||||||||||||||
RTI | Guarantor | Non-Guarantor | Eliminations | Consolidated | |||||||||||||||||||||||||||||||||||||
International | Subsidiaries | Subsidiaries | (As Restated) | (As Restated) | |||||||||||||||||||||||||||||||||||||
Metals, Inc. | (As Restated) | (As Restated) | |||||||||||||||||||||||||||||||||||||||
(As Restated) | |||||||||||||||||||||||||||||||||||||||||
Cash provided by (used in) operating activities | $ | 3,207 | $ | (9,606 | ) | $ | (6,560 | ) | $ | — | $ | (12,959 | ) | ||||||||||||||||||||||||||||
Investing activities: | |||||||||||||||||||||||||||||||||||||||||
Acquisitions, net of cash acquired | (185,633 | ) | — | — | — | (185,633 | ) | ||||||||||||||||||||||||||||||||||
Investments in subsidiaries, net | 188,845 | — | — | (188,845 | ) | — | |||||||||||||||||||||||||||||||||||
Capital expenditures | — | (15,928 | ) | (1,200 | ) | — | (17,128 | ) | |||||||||||||||||||||||||||||||||
Investments, net | — | 176,771 | — | — | 176,771 | ||||||||||||||||||||||||||||||||||||
Cash provided by (used in) investing activities | 3,212 | 160,843 | (1,200 | ) | (188,845 | ) | (25,990 | ) | |||||||||||||||||||||||||||||||||
Financing activities: | |||||||||||||||||||||||||||||||||||||||||
Proceeds from exercise of employee stock options | 120 | — | — | — | 120 | ||||||||||||||||||||||||||||||||||||
Excess tax benefits from stock-based compensation activity | 61 | — | — | — | 61 | ||||||||||||||||||||||||||||||||||||
Parent company investments/dividends, net | — | (194,545 | ) | 5,700 | 188,845 | — | |||||||||||||||||||||||||||||||||||
Repayments on long-term debt | — | (97 | ) | — | — | (97 | ) | ||||||||||||||||||||||||||||||||||
Intercompany debt, net | (5,858 | ) | 8,553 | (2,695 | ) | — | — | ||||||||||||||||||||||||||||||||||
Purchase of common stock held in treasury | (742 | ) | — | — | — | (742 | ) | ||||||||||||||||||||||||||||||||||
Cash provided by (used in) financing activities | (6,419 | ) | (186,089 | ) | 3,005 | 188,845 | (658 | ) | |||||||||||||||||||||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | 637 | — | 637 | ||||||||||||||||||||||||||||||||||||
Increase (decrease) in cash and cash equivalents | — | (34,852 | ) | (4,118 | ) | — | (38,970 | ) | |||||||||||||||||||||||||||||||||
Cash and cash equivalents at beginning of period | — | 144,271 | 12,571 | — | 156,842 | ||||||||||||||||||||||||||||||||||||
Cash and cash equivalents at end of period | $ | — | $ | 109,419 | $ | 8,453 | $ | — | $ | 117,872 | |||||||||||||||||||||||||||||||
Condensed Consolidating Statement of Cash Flows | |||||||||||||||||||||||||||||||||||||||||
Six Months Ended June 30, 2012 | |||||||||||||||||||||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||||||||||||||||||||
RTI International | Guarantor | Non-Guarantor | Eliminations | Consolidated | |||||||||||||||||||||||||||||||||||||
Metals, Inc. | Subsidiaries | Subsidiaries | (As Restated) | (As Restated) | |||||||||||||||||||||||||||||||||||||
(As Restated) | (As Restated) | (As Restated) | |||||||||||||||||||||||||||||||||||||||
Cash provided by (used in) operating activities | $ | 8,555 | $ | (8,194 | ) | $ | (14,570 | ) | $ | — | $ | (14,209 | ) | ||||||||||||||||||||||||||||
Investing activities: | |||||||||||||||||||||||||||||||||||||||||
Investments in subsidiaries, net | 184,545 | — | — | (184,545 | ) | — | |||||||||||||||||||||||||||||||||||
Acquisitions, net of cash acquired | (185,633 | ) | — | — | — | (185,633 | ) | ||||||||||||||||||||||||||||||||||
Capital expenditures | — | (32,370 | ) | (2,531 | ) | — | (34,901 | ) | |||||||||||||||||||||||||||||||||
Investments, net | — | 176,771 | — | — | 176,771 | ||||||||||||||||||||||||||||||||||||
Cash provided by (used in) investing activities | (1,088 | ) | 144,401 | (2,531 | ) | (184,545 | ) | (43,763 | ) | ||||||||||||||||||||||||||||||||
Financing activities: | |||||||||||||||||||||||||||||||||||||||||
Proceeds from exercise of employee stock options | 211 | — | — | — | 211 | ||||||||||||||||||||||||||||||||||||
Excess tax benefits from stock-based compensation activity | 66 | — | — | — | 66 | ||||||||||||||||||||||||||||||||||||
Parent company investments/dividends, net | — | (194,545 | ) | 10,000 | 184,545 | — | |||||||||||||||||||||||||||||||||||
Repayments on long-term debt | — | (298 | ) | — | — | (298 | ) | ||||||||||||||||||||||||||||||||||
Intercompany debt, net | (7,002 | ) | 7,229 | (227 | ) | — | — | ||||||||||||||||||||||||||||||||||
Purchase of common stock held in treasury | (742 | ) | — | — | — | (742 | ) | ||||||||||||||||||||||||||||||||||
Cash provided by (used in) financing activities | (7,467 | ) | (187,614 | ) | 9,773 | 184,545 | (763 | ) | |||||||||||||||||||||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | 1,418 | — | 1,418 | ||||||||||||||||||||||||||||||||||||
Increase (decrease) in cash and cash equivalents | — | (51,407 | ) | (5,910 | ) | — | (57,317 | ) | |||||||||||||||||||||||||||||||||
Cash and cash equivalents at beginning of period | — | 144,271 | 12,571 | — | 156,842 | ||||||||||||||||||||||||||||||||||||
Cash and cash equivalents at end of period | $ | — | $ | 92,864 | $ | 6,661 | $ | — | $ | 99,525 | |||||||||||||||||||||||||||||||
Condensed Consolidating Statement of Cash Flows | |||||||||||||||||||||||||||||||||||||||||
Nine Months Ended September 30, 2012 | |||||||||||||||||||||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||||||||||||||||||||
RTI | Guarantor | Non-Guarantor | Eliminations | Consolidated | |||||||||||||||||||||||||||||||||||||
International | Subsidiaries | Subsidiaries | (Restated) | (Restated) | |||||||||||||||||||||||||||||||||||||
Metals, Inc. | (Restated) | (Restated) | |||||||||||||||||||||||||||||||||||||||
(Restated) | |||||||||||||||||||||||||||||||||||||||||
Cash provided by (used in) operating activities | $ | 16,383 | $ | (15,922 | ) | $ | (25,911 | ) | $ | — | $ | (25,450 | ) | ||||||||||||||||||||||||||||
Investing activities: | |||||||||||||||||||||||||||||||||||||||||
Investments, net | — | 172,772 | — | — | 172,772 | ||||||||||||||||||||||||||||||||||||
Capital expenditures | (897 | ) | (43,736 | ) | (3,246 | ) | — | (47,879 | ) | ||||||||||||||||||||||||||||||||
Investments in subsidiaries, net | 181,533 | — | (181,533 | ) | — | ||||||||||||||||||||||||||||||||||||
Acquisitions, net of cash acquired | (182,811 | ) | — | — | — | (182,811 | ) | ||||||||||||||||||||||||||||||||||
Cash provided by (used in) investing activities | (2,175 | ) | 129,036 | (3,246 | ) | (181,533 | ) | (57,918 | ) | ||||||||||||||||||||||||||||||||
Financing activities: | |||||||||||||||||||||||||||||||||||||||||
Proceeds from exercise of employee stock options | 335 | — | — | — | 335 | ||||||||||||||||||||||||||||||||||||
Excess tax benefits from stock-based compensation activity | 100 | — | — | — | 100 | ||||||||||||||||||||||||||||||||||||
Deferred financing costs | (823 | ) | — | — | — | (823 | ) | ||||||||||||||||||||||||||||||||||
Parent company investments, net of distributions | — | (194,783 | ) | 13,250 | 181,533 | — | |||||||||||||||||||||||||||||||||||
Repayments on long-term debt | — | (543 | ) | — | — | (543 | ) | ||||||||||||||||||||||||||||||||||
Intercompany debt, net | (13,078 | ) | 7,848 | 5,230 | — | — | |||||||||||||||||||||||||||||||||||
Purchase of common stock held in treasury | (742 | ) | — | — | — | (742 | ) | ||||||||||||||||||||||||||||||||||
Cash provided by (used in) financing activities | (14,208 | ) | (187,478 | ) | 18,480 | 181,533 | (1,673 | ) | |||||||||||||||||||||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | 1,588 | — | 1,588 | ||||||||||||||||||||||||||||||||||||
Decrease in cash and cash equivalents | — | (74,364 | ) | (9,089 | ) | — | (83,453 | ) | |||||||||||||||||||||||||||||||||
Cash and cash equivalents at beginning of period | — | 144,271 | 12,571 | — | 156,842 | ||||||||||||||||||||||||||||||||||||
Cash and cash equivalents at end of period | $ | — | $ | 69,907 | $ | 3,482 | $ | — | $ | 73,389 | |||||||||||||||||||||||||||||||
Condensed Consolidating Statement of Cash Flows | |||||||||||||||||||||||||||||||||||||||||
Three Months Ended March 31, 2011 | |||||||||||||||||||||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||||||||||||||||||||
RTI | Guarantor | Non-Guarantor | Eliminations | Consolidated | |||||||||||||||||||||||||||||||||||||
International | Subsidiaries | Subsidiaries | (Restated) | (Restated) | |||||||||||||||||||||||||||||||||||||
Metals, Inc. | (Restated) | (Restated) | |||||||||||||||||||||||||||||||||||||||
(Restated) | |||||||||||||||||||||||||||||||||||||||||
Cash provided by (used in) operating activities | $ | 3,391 | $ | (2,162 | ) | $ | (25,004 | ) | $ | — | $ | (23,775 | ) | ||||||||||||||||||||||||||||
Investing activities: | |||||||||||||||||||||||||||||||||||||||||
Capital expenditures | — | (9,437 | ) | (700 | ) | — | (10,137 | ) | |||||||||||||||||||||||||||||||||
Investments in subsidiaries, net | — | (67,612 | ) | — | (67,612 | ) | |||||||||||||||||||||||||||||||||||
Cash provided by (used in) investing activities | — | (77,049 | ) | (700 | ) | — | (77,749 | ) | |||||||||||||||||||||||||||||||||
Financing activities: | |||||||||||||||||||||||||||||||||||||||||
Proceeds from exercise of employee stock options | 154 | — | — | — | 154 | ||||||||||||||||||||||||||||||||||||
Excess tax benefits from stock-based compensation activity | 102 | — | — | — | 102 | ||||||||||||||||||||||||||||||||||||
Repayments on long-term debt | — | — | (3 | ) | — | (3 | ) | ||||||||||||||||||||||||||||||||||
Intercompany debt, net | (3,364 | ) | (7,125 | ) | 10,489 | — | — | ||||||||||||||||||||||||||||||||||
Purchase of common stock held in treasury | (283 | ) | — | — | — | (283 | ) | ||||||||||||||||||||||||||||||||||
Cash provided by (used in) financing activities | (3,391 | ) | (7,125 | ) | 10,486 | — | (30 | ) | |||||||||||||||||||||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | 757 | — | 757 | ||||||||||||||||||||||||||||||||||||
Decrease in cash and cash equivalents | — | (86,336 | ) | (14,461 | ) | — | (100,797 | ) | |||||||||||||||||||||||||||||||||
Cash and cash equivalents at beginning of period | — | 350,629 | 26,322 | — | 376,951 | ||||||||||||||||||||||||||||||||||||
Cash and cash equivalents at end of period | $ | — | $ | 264,293 | $ | 11,861 | $ | — | $ | 276,154 | |||||||||||||||||||||||||||||||
Condensed Consolidating Statement of Cash Flows | |||||||||||||||||||||||||||||||||||||||||
Six Months Ended June 30, 2011 | |||||||||||||||||||||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||||||||||||||||||||
RTI | Guarantor | Non-Guarantor | Eliminations | Consolidated | |||||||||||||||||||||||||||||||||||||
International | Subsidiaries | Subsidiaries | (As Revised) | (As Revised) | |||||||||||||||||||||||||||||||||||||
Metals, Inc. | (As Revised) | (As Revised) | |||||||||||||||||||||||||||||||||||||||
(As Revised) | |||||||||||||||||||||||||||||||||||||||||
Cash provided by (used in) operating activities | $ | 7,276 | $ | 19,421 | $ | (21,477 | ) | $ | — | $ | 5,220 | ||||||||||||||||||||||||||||||
Investing activities: | |||||||||||||||||||||||||||||||||||||||||
Investments, net | — | (135,693 | ) | — | — | (135,693 | ) | ||||||||||||||||||||||||||||||||||
Capital expenditures | — | (17,480 | ) | (1,166 | ) | — | (18,646 | ) | |||||||||||||||||||||||||||||||||
Investments in subsidiaries, net | (1,375 | ) | — | 1,375 | — | ||||||||||||||||||||||||||||||||||||
Cash provided by (used in) investing activities | (1,375 | ) | (153,173 | ) | (1,166 | ) | 1,375 | (154,339 | ) | ||||||||||||||||||||||||||||||||
Financing activities: | |||||||||||||||||||||||||||||||||||||||||
Proceeds from exercise of employee stock options | 201 | — | — | — | 201 | ||||||||||||||||||||||||||||||||||||
Excess tax benefits from stock-based compensation activity | 263 | — | — | — | 263 | ||||||||||||||||||||||||||||||||||||
Parent company investments, net of distributions | — | — | 1,375 | (1,375 | ) | — | |||||||||||||||||||||||||||||||||||
Repayments on long-term debt | — | — | (5 | ) | — | (5 | ) | ||||||||||||||||||||||||||||||||||
Intercompany debt, net | (6,082 | ) | (1,834 | ) | 7,916 | — | — | ||||||||||||||||||||||||||||||||||
Purchase of common stock held in treasury | (283 | ) | — | — | — | (283 | ) | ||||||||||||||||||||||||||||||||||
Cash provided by (used in) financing activities | (5,901 | ) | (1,834 | ) | 9,286 | (1,375 | ) | 176 | |||||||||||||||||||||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | 305 | — | 305 | ||||||||||||||||||||||||||||||||||||
Decrease in cash and cash equivalents | — | (135,586 | ) | (13,052 | ) | — | (148,638 | ) | |||||||||||||||||||||||||||||||||
Cash and cash equivalents at beginning of period | — | 350,629 | 26,322 | — | 376,951 | ||||||||||||||||||||||||||||||||||||
Cash and cash equivalents at end of period | $ | — | $ | 215,043 | $ | 13,270 | $ | — | $ | 228,313 | |||||||||||||||||||||||||||||||
Condensed Consolidating Statement of Cash Flows | |||||||||||||||||||||||||||||||||||||||||
Nine Months Ended September 30, 2011 | |||||||||||||||||||||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||||||||||||||||||||
RTI | Guarantor | Non-Guarantor | Eliminations | Consolidated | |||||||||||||||||||||||||||||||||||||
International | Subsidiaries | Subsidiaries | (Revised) | (Revised) | |||||||||||||||||||||||||||||||||||||
Metals, Inc. | (Revised) | (Revised) | |||||||||||||||||||||||||||||||||||||||
(Revised) | |||||||||||||||||||||||||||||||||||||||||
Cash provided by (used in) operating activities | $ | 10,334 | $ | 13,778 | $ | (37,619 | ) | $ | — | $ | (13,507 | ) | |||||||||||||||||||||||||||||
Investing activities: | |||||||||||||||||||||||||||||||||||||||||
Investments, net | — | (147,392 | ) | — | — | (147,392 | ) | ||||||||||||||||||||||||||||||||||
Capital expenditures | — | (23,326 | ) | (2,628 | ) | — | (25,954 | ) | |||||||||||||||||||||||||||||||||
Investments in subsidiaries, net | (4,025 | ) | — | — | 4,025 | — | |||||||||||||||||||||||||||||||||||
Cash provided by (used in) investing activities | (4,025 | ) | (170,718 | ) | (2,628 | ) | 4,025 | (173,346 | ) | ||||||||||||||||||||||||||||||||
Financing activities: | |||||||||||||||||||||||||||||||||||||||||
Proceeds from exercise of employee stock options | 252 | — | — | — | 252 | ||||||||||||||||||||||||||||||||||||
Excess tax benefits from stock-based compensation activity | 263 | — | — | — | 263 | ||||||||||||||||||||||||||||||||||||
Parent company investments, net of distributions | — | — | 4,025 | (4,025 | ) | — | |||||||||||||||||||||||||||||||||||
Repayments on long-term debt | — | (20 | ) | (5 | ) | — | (25 | ) | |||||||||||||||||||||||||||||||||
Intercompany debt, net | (6,541 | ) | (15,958 | ) | 22,499 | — | — | ||||||||||||||||||||||||||||||||||
Purchase of common stock held in treasury | (283 | ) | — | — | — | (283 | ) | ||||||||||||||||||||||||||||||||||
Cash provided by (used in) financing activities | (6,309 | ) | (15,978 | ) | 26,519 | (4,025 | ) | 207 | |||||||||||||||||||||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | (564 | ) | — | (564 | ) | ||||||||||||||||||||||||||||||||||
Decrease in cash and cash equivalents | — | (172,918 | ) | (14,292 | ) | — | (187,210 | ) | |||||||||||||||||||||||||||||||||
Cash and cash equivalents at beginning of period | — | 350,629 | 26,322 | — | 376,951 | ||||||||||||||||||||||||||||||||||||
Cash and cash equivalents at end of period | $ | — | $ | 177,711 | $ | 12,030 | $ | — | $ | 189,741 | |||||||||||||||||||||||||||||||
DISCONTINUED_OPERATIONS_Tables
DISCONTINUED OPERATIONS (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2012 | |||||||||||||
Assets and Liabilities of Discontinued Operations | ' | ||||||||||||
Assets and Liabilities of discontinued operations were comprised of the following at December 31, 2012 and 2011: | |||||||||||||
Year Ended December 31, | |||||||||||||
2012 | 2011 | ||||||||||||
ASSETS | |||||||||||||
Accounts receivable, net | $ | 2,189 | $ | 2,931 | |||||||||
Inventories, net | 11,124 | 11,712 | |||||||||||
Property, pland and equipment, net | 47 | 59 | |||||||||||
Goodwill | 1,381 | 1,381 | |||||||||||
Total assets of discontinued operations | $ | 14,741 | $ | 16,083 | |||||||||
LIABILITIES | |||||||||||||
Accounts payable | $ | 1,995 | $ | 3,771 | |||||||||
Accrued wages | 337 | 473 | |||||||||||
Total liabilities of discontinued operations | $ | 2,332 | $ | 4,244 | |||||||||
Discontinued Operations | ' | ||||||||||||
Assets and Liabilities of Discontinued Operations | ' | ||||||||||||
The Company’s results from discontinued operations are summarized below: | |||||||||||||
Year Ended December 31, | |||||||||||||
2012 | 2011 | 2010 | |||||||||||
Net sales | $ | 29,621 | $ | 30,141 | $ | 21,731 | |||||||
Income before income taxes | $ | 2,639 | $ | 2,863 | $ | 487 | |||||||
Provision for income taxes | $ | 939 | $ | 1,025 | $ | 177 | |||||||
Net income from discontinued operatons | $ | 1,700 | $ | 1,838 | $ | 310 |
SUMMARY_OF_SIGNIFICANT_ACCOUNT2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2012 | |||||||||||||||||
Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis | ' | ||||||||||||||||
Listed below are the Company’s assets and liabilities, and their respective fair values, which were measured at fair value on a recurring basis as of December 31, 2011. For the Company’s short-term investments and marketable securities, fair value was determined based on the closing price reported on the active market on which the individual securities are traded. There were no transfers between levels during the year ended December 31, 2012. | |||||||||||||||||
Quoted Market | Significant | Significant | Total | ||||||||||||||
Prices | Other Observable | Unobservable | |||||||||||||||
(Level 1) | Inputs | Inputs | |||||||||||||||
(Level 2) | (Level 3) | ||||||||||||||||
As of December 31, 2011: | |||||||||||||||||
Short-term investments: | |||||||||||||||||
Short-term municipal bond fund | $ | — | $ | 20,542 | $ | — | $ | 20,542 | |||||||||
Commercial paper | 112,893 | — | — | 112,893 | |||||||||||||
Corporate notes and bonds | 30,820 | — | — | 30,820 | |||||||||||||
Total short-term investments | 143,713 | 20,542 | — | 164,255 | |||||||||||||
Marketable securities: | |||||||||||||||||
Corporate notes and bonds | 4,181 | — | — | 4,181 | |||||||||||||
U.S. government agencies | 8,502 | — | — | 8,502 | |||||||||||||
Total marketable securities | 12,683 | — | — | 12,683 | |||||||||||||
Total | $ | 156,396 | $ | 20,542 | $ | — | $ | 176,938 | |||||||||
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: | |||||||||||||||||
December 31, 2012 | December 31, 2011 | ||||||||||||||||
Carrying | Fair Value | Carrying | Fair Value | ||||||||||||||
Amount | Amount | ||||||||||||||||
Cash and cash equivalents | $ | 97,190 | $ | 97,190 | $ | 156,842 | $ | 156,842 | |||||||||
Long-term debt | $ | 198,337 | $ | 249,113 | $ | 186,981 | $ | 229,540 | |||||||||
Current portion of long-term debt | $ | 957 | $ | 957 | $ | — | $ | — | |||||||||
Schedule of Cash, Cash Equivalents, Short-Term Investments and Marketable Securities | ' | ||||||||||||||||
Cash, cash equivalents, short-term investments, and marketable securities consisted of the following: | |||||||||||||||||
December 31, | December 31, | ||||||||||||||||
2012 | 2011 | ||||||||||||||||
Cash and cash equivalents: | |||||||||||||||||
Cash | $ | 37,473 | $ | 18,015 | |||||||||||||
Cash equivalents: | |||||||||||||||||
Commercial paper | 32,642 | 6,998 | |||||||||||||||
Money market mutual funds | 27,075 | 131,829 | |||||||||||||||
Total cash and cash equivalents | 97,190 | 156,842 | |||||||||||||||
Short-term investments and marketable securities: | |||||||||||||||||
Short-term municipal bond fund | — | 20,542 | |||||||||||||||
Commercial paper | — | 112,893 | |||||||||||||||
Corporate notes and bonds | — | 35,001 | |||||||||||||||
U.S. government agencies | — | 8,502 | |||||||||||||||
Total short-term investments and marketable securities | — | 176,938 | |||||||||||||||
Total cash, cash equivalents, short-term investments, and marketable securities | $ | 97,190 | $ | 333,780 | |||||||||||||
Schedule of Company's Short-Term Investments and Marketable Securities | ' | ||||||||||||||||
The Company’s short-term investments and marketable securities at December 31, 2011 are summarized in the table below. There were no investments or marketable securities owned by the Company as of December 31, 2012. | |||||||||||||||||
Amortized | Gross Unrealized | ||||||||||||||||
Cost | Gains | Losses | Fair Value | ||||||||||||||
As of December 31, 2011: | |||||||||||||||||
Short-term municipal bond fund | $ | 20,501 | $ | 41 | $ | — | $ | 20,542 | |||||||||
Commercial paper | 112,925 | 1 | 33 | 112,893 | |||||||||||||
Corporate notes and bonds | 35,060 | — | 59 | 35,001 | |||||||||||||
U.S. government agencies | 8,502 | 1 | 1 | 8,502 | |||||||||||||
Total | $ | 176,988 | $ | 43 | $ | 93 | $ | 176,938 | |||||||||
Schedule of Receivables Expected to Be Collected in Normal Course of Business | ' | ||||||||||||||||
Receivables are expected to be collected in the normal course of business and consisted of the following: | |||||||||||||||||
December 31, | |||||||||||||||||
2012 | 2011 | ||||||||||||||||
(as restated) | |||||||||||||||||
Trade and commercial customers | $ | 106,039 | $ | 87,275 | |||||||||||||
Less: Allowance for doubtful accounts | (722 | ) | (847 | ) | |||||||||||||
Total receivables | $ | 105,317 | $ | 86,428 | |||||||||||||
Components of Inventories | ' | ||||||||||||||||
Inventories consisted of the following: | |||||||||||||||||
December 31, | |||||||||||||||||
2012 | 2011 | ||||||||||||||||
(as restated) | (as revised) | ||||||||||||||||
Raw materials and supplies | $ | 160,627 | $ | 83,778 | |||||||||||||
Work-in-process and finished goods | 283,087 | 239,900 | |||||||||||||||
LIFO reserve | (58,598 | ) | (63,826 | ) | |||||||||||||
Total inventories | $ | 385,116 | $ | 259,852 | |||||||||||||
Summary of Property, Plant and Equipment | ' | ||||||||||||||||
Property, plant, and equipment is stated at cost and consisted of the following: | |||||||||||||||||
December 31, | |||||||||||||||||
2012 | 2011 | ||||||||||||||||
Land | $ | 17,965 | $ | 11,862 | |||||||||||||
Buildings and improvements | 121,016 | 99,384 | |||||||||||||||
Machinery and equipment | 414,431 | 327,056 | |||||||||||||||
Computer hardware and software, furniture and fixtures, and other | 64,280 | 60,530 | |||||||||||||||
Construction-in-progress | 56,087 | 56,794 | |||||||||||||||
$ | 673,779 | $ | 555,626 | ||||||||||||||
Less: Accumulated depreciation | (297,830 | ) | (266,251 | ) | |||||||||||||
Total property, plant, and equipment, net | $ | 375,949 | $ | 289,375 | |||||||||||||
Depreciation and Amortization of Useful Lives | ' | ||||||||||||||||
Depreciation is generally recorded over the following useful lives: | |||||||||||||||||
Buildings and improvements | 20-40 years | ||||||||||||||||
Machinery and equipment | 7-15 years | ||||||||||||||||
Furniture and fixtures | 5-10 years | ||||||||||||||||
Computer hardware and software | 3-10 years | ||||||||||||||||
Carrying Value of Goodwill at Company's Five Reporting Units | ' | ||||||||||||||||
The carrying value of goodwill at the Company’s five reporting units as of the Company’s October 1, 2012 annual impairment test was as follows: | |||||||||||||||||
Goodwill | |||||||||||||||||
(as restated) | |||||||||||||||||
Titanium reporting unit | $ | 2,548 | |||||||||||||||
Fabrication reporting unit | 61,858 | ||||||||||||||||
Medical Device Fabrication reporting unit | 58,898 | ||||||||||||||||
Titanium Service Center reporting unit | 7,472 | ||||||||||||||||
Energy Fabrication reporting unit | — | ||||||||||||||||
Total Goodwill | $ | 130,776 | |||||||||||||||
Schedule of Carrying Amount of Goodwill Attributable to Segment | ' | ||||||||||||||||
The carrying amount of goodwill attributable to each segment at December 31, 2010, 2011, and 2012 was as follows: | |||||||||||||||||
Titanium | Engineered | Total | |||||||||||||||
Segment | Products and | ||||||||||||||||
Services | |||||||||||||||||
Segment | |||||||||||||||||
December 31, 2010 | $ | 10,020 | $ | 30,394 | $ | 40,414 | |||||||||||
Additions (Note 5) | — | 14,303 | 14,303 | ||||||||||||||
Translation adjustment | — | (234 | ) | (234 | ) | ||||||||||||
December 31, 2011 | 10,020 | 44,463 | 54,483 | ||||||||||||||
Additions (Note 5) (as restated) | — | 75,824 | 75,824 | ||||||||||||||
Translation adjustment | — | 303 | 303 | ||||||||||||||
December 31, 2012 (as restated) | $ | 10,020 | $ | 120,590 | $ | 130,610 | |||||||||||
Intangible Assets Amortization Period | ' | ||||||||||||||||
Other intangible assets are being amortized over the following periods: | |||||||||||||||||
Customer Relationships | 15-20 years | ||||||||||||||||
Developed Technology | 12-20 years | ||||||||||||||||
Backlog | 2 years | ||||||||||||||||
Estimated Annual Amortization Expense | ' | ||||||||||||||||
Estimated annual amortization expense expected in each of the next five successive years is as follows: | |||||||||||||||||
Amortization | |||||||||||||||||
2013 | $ | 4,308 | |||||||||||||||
2014 | 3,827 | ||||||||||||||||
2015 | 3,758 | ||||||||||||||||
2016 | 3,758 | ||||||||||||||||
2017 | 3,758 | ||||||||||||||||
Schedule of Carrying Amount of Intangible Assets Attributable to Fabrication Group | ' | ||||||||||||||||
The carrying amount of intangible assets attributable to the Engineered Products and Services Segment at December 31, 2010, 2011, and 2012, as well as a summary of intangible assets, by class, at December 31, 2012 and 2011, is presented below: | |||||||||||||||||
Intangible | |||||||||||||||||
Assets | |||||||||||||||||
December 31, 2010 | $ | 14,066 | |||||||||||||||
Intangible assets acquired (Note 5) | 9,803 | ||||||||||||||||
Amortization | (1,091 | ) | |||||||||||||||
Translation adjustment | (202 | ) | |||||||||||||||
December 31, 2011 | 22,576 | ||||||||||||||||
Intangible assets acquired (Note 5) | 37,400 | ||||||||||||||||
Amortization | (3,760 | ) | |||||||||||||||
Translation adjustment | 279 | ||||||||||||||||
December 31, 2012 | $ | 56,495 | |||||||||||||||
Summary of Intangible Assets by Class | ' | ||||||||||||||||
December 31, | |||||||||||||||||
2012 | 2011 | ||||||||||||||||
Backlog | $ | 1,100 | $ | — | |||||||||||||
Accumulated amortization | (481 | ) | — | ||||||||||||||
Backlog, net | 619 | — | |||||||||||||||
Customer relationships | 41,413 | 22,113 | |||||||||||||||
Effects of currency translation | 3,183 | 2,761 | |||||||||||||||
Accumulated amortization | (8,754 | ) | (6,167 | ) | |||||||||||||
Customer relationships, net | 35,842 | 18,707 | |||||||||||||||
Developed technology | 13,290 | 3,890 | |||||||||||||||
Accumulated amortization | (856 | ) | (21 | ) | |||||||||||||
Developed technology, net | 12,434 | 3,869 | |||||||||||||||
Remmele trade name | 7,600 | — | |||||||||||||||
Total intangible assets, net | $ | 56,495 | $ | 22,576 | |||||||||||||
Components of Accumulated Other Comprehensive Loss, Net of Tax | ' | ||||||||||||||||
The components of accumulated other comprehensive loss, net of tax, on the Company’s balance sheet at December 31, 2012 and 2011 were as follows: | |||||||||||||||||
December 31, | |||||||||||||||||
2012 | 2011 | ||||||||||||||||
Unrealized gain (loss) on available for sale investments | $ | — | $ | (8 | ) | ||||||||||||
Foreign currency translation | 12,990 | 10,432 | |||||||||||||||
Actuarial losses on benefit plans | (57,712 | ) | (49,635 | ) | |||||||||||||
Total accumulated other comprehensive loss | $ | (44,722 | ) | $ | (39,211 | ) | |||||||||||
ACQUISITIONS_Tables
ACQUISITIONS (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2012 | |||||||||
Summary of Purchase Price Allocation | ' | ||||||||
The purchase price allocation, which has been finalized, is as follows: | |||||||||
Assets purchased: | |||||||||
Current assets, excluding inventory | $ | 5,186 | |||||||
Inventories | 6,671 | ||||||||
Plant and equipment | 6,262 | ||||||||
Intangible assets: | |||||||||
Customer relationships | 5,913 | ||||||||
Developed technologies | 3,890 | ||||||||
Goodwill | 14,559 | ||||||||
Liabilities assumed: | |||||||||
Current liabilities | 2,613 | ||||||||
Deferred tax liabilities | 3,614 | ||||||||
Other liabilities | 186 | ||||||||
Net assets acquired | $ | 36,068 | |||||||
RTI Advanced Forming | ' | ||||||||
Summary of Purchase Price Allocation | ' | ||||||||
The purchase price allocation, which has been finalized, is as follows (as restated): | |||||||||
Assets purchased: | |||||||||
Current assets, excluding inventory | $ | 17,491 | |||||||
Inventories | 21,264 | ||||||||
Plant and equipment | 68,772 | ||||||||
Other Assets | 1,972 | ||||||||
Intangible assets: | |||||||||
Customer relationships | 19,300 | ||||||||
Developed technologies | 9,400 | ||||||||
Backlog | 1,100 | ||||||||
Trade Name | 7,600 | ||||||||
Goodwill | 75,568 | ||||||||
Liabilities assumed: | |||||||||
Current liabilities | 15,489 | ||||||||
Deferred tax liabilities | 22,407 | ||||||||
Other liabilities | 2,016 | ||||||||
Net assets acquired | $ | 182,555 | |||||||
Remmele | ' | ||||||||
Business Acquisition Supplemental Pro forma Information | ' | ||||||||
The amount of Remmele’s net sales and earnings included in the Company’s Consolidated Statements of Operations for the year ended December 31, 2012, and the pro forma net sales and earnings of the combined entity had the acquisition date been January 1, 2011, are as follows: | |||||||||
Years Ended December 31, | |||||||||
2012 | 2011 | ||||||||
(as restated) | (as revised) | ||||||||
Net sales: | |||||||||
Actual — Remmele | $ | 118,977 | $ | — | |||||
Supplemental pro forma — consolidated | $ | 720,753 | $ | 627,438 | |||||
Net income: | |||||||||
Actual — Remmele | $ | 2,713 | $ | — | |||||
Earnings per share (diluted) | $ | 0.09 | $ | — | |||||
Supplemental pro forma — consolidated | $ | 21,468 | $ | 4,863 | |||||
Earnings per share (diluted) | $ | 0.71 | $ | 0.16 |
EARNINGS_PER_SHARE_Tables
EARNINGS PER SHARE (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2012 | |||||||||||||
Schedule of Weighted-Average Shares of Common Stock Outstanding | ' | ||||||||||||
Actual weighted-average shares of Common Stock outstanding used in the calculation of basic and diluted earnings per share for the years ended December 31, 2012, 2011, and 2010, were as follows: | |||||||||||||
Years Ended December 31, | |||||||||||||
2012 | 2011 | 2010 | |||||||||||
(as restated) | (as revised) | (as revised) | |||||||||||
Numerator: | |||||||||||||
Net income attributable to continuing operations before allocation of earnings to participating securities | $ | 18,440 | $ | 4,194 | $ | 3,260 | |||||||
Less: Earnings allocated to participating securities | (109 | ) | (23 | ) | (18 | ) | |||||||
Net income attributable to continuing operations available to common shareholders | $ | 18,331 | $ | 4,171 | $ | 3,242 | |||||||
Net income attributable to discontinued operations before allocation of earnings to participating securities | $ | 1,700 | $ | 1,838 | $ | 310 | |||||||
Less: Earnings allocated to participating securities | (10 | ) | (10 | ) | (2 | ) | |||||||
Net income attributable to discontinued operations available to common shareholders | $ | 1,690 | $ | 1,828 | $ | 308 | |||||||
Denominator: | |||||||||||||
Basic weighted-average shares outstanding | 30,127,275 | 30,017,677 | 29,916,465 | ||||||||||
Effect of dilutive shares | 130,413 | 239,508 | 228,634 | ||||||||||
Diluted weighted-average shares outstanding | 30,257,688 | 30,257,185 | 30,145,099 | ||||||||||
Earnings per share attributable to continuing operations: | |||||||||||||
Basic | $ | 0.61 | $ | 0.14 | $ | 0.11 | |||||||
Diluted | $ | 0.61 | $ | 0.14 | $ | 0.11 | |||||||
Earnings per share attributable to discontinued operations: | |||||||||||||
Basic | $ | 0.06 | $ | 0.06 | $ | 0.01 | |||||||
Diluted | $ | 0.06 | $ | 0.06 | $ | 0.01 |
INCOME_TAXES_Tables
INCOME TAXES (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||||||||||
Dec. 31, 2012 | |||||||||||||||||||||||||||||||||||||
Income Tax Expense (Benefit) | ' | ||||||||||||||||||||||||||||||||||||
The “Provision for income taxes” caption in the Consolidated Statements of Operations includes the following income tax expense (benefit): | |||||||||||||||||||||||||||||||||||||
December 31, 2012 | December 31, 2011 | December 31, 2010 | |||||||||||||||||||||||||||||||||||
(as restated) | (as revised) | (as revised) | |||||||||||||||||||||||||||||||||||
Current | Deferred | Total | Current | Deferred | Total | Current | Deferred | Total | |||||||||||||||||||||||||||||
Federal | $ | 2,667 | $ | 9,353 | $ | 12,020 | $ | (5,442 | ) | $ | 14,253 | $ | 8,811 | $ | (10,731 | ) | $ | 21,587 | $ | 10,856 | |||||||||||||||||
State | 2,376 | (2,209 | ) | 167 | 537 | (1,091 | ) | (554 | ) | 1,089 | 1,693 | 2,782 | |||||||||||||||||||||||||
Foreign | 3,916 | (5,711 | ) | (1,795 | ) | 1,077 | (5,065 | ) | (3,988 | ) | 1,829 | (7,156 | ) | (5,327 | ) | ||||||||||||||||||||||
Total | $ | 8,959 | $ | 1,433 | $ | 10,392 | $ | (3,828 | ) | $ | 8,097 | $ | 4,269 | $ | (7,813 | ) | $ | 16,124 | $ | 8,311 | |||||||||||||||||
Summary of Components of Income (Loss) before Income Taxes | ' | ||||||||||||||||||||||||||||||||||||
The following table sets forth the components of income (loss) before income taxes by jurisdiction: | |||||||||||||||||||||||||||||||||||||
Years Ended December 31, | |||||||||||||||||||||||||||||||||||||
2012 | 2011 | 2010 | |||||||||||||||||||||||||||||||||||
(as restated) | (as revised) | (as revised) | |||||||||||||||||||||||||||||||||||
United States | $ | 34,277 | $ | 20,107 | $ | 34,374 | |||||||||||||||||||||||||||||||
Foreign | (5,445 | ) | (11,644 | ) | (22,803 | ) | |||||||||||||||||||||||||||||||
Income before income taxes | $ | 28,832 | $ | 8,463 | $ | 11,571 | |||||||||||||||||||||||||||||||
Reconciliation of Expected Tax at Federal Statutory Tax Rate | ' | ||||||||||||||||||||||||||||||||||||
A reconciliation of the expected tax at the federal statutory tax rate to the actual provision follows: | |||||||||||||||||||||||||||||||||||||
Years Ended December 31, | |||||||||||||||||||||||||||||||||||||
2012 | 2011 | 2010 | |||||||||||||||||||||||||||||||||||
(as restated) | (as revised) | (as revised) | |||||||||||||||||||||||||||||||||||
Statutory rate of 35% applied to income (loss) before income taxes | $ | 10,091 | $ | 2,962 | $ | 4,050 | |||||||||||||||||||||||||||||||
Adjustments of tax reserves and prior years’ income taxes | 1,322 | 1,643 | (1,083 | ) | |||||||||||||||||||||||||||||||||
Acquisition costs | 63 | 649 | — | ||||||||||||||||||||||||||||||||||
Officers compensation | 350 | 226 | 191 | ||||||||||||||||||||||||||||||||||
Effects of foreign operations | (1,363 | ) | (1,115 | ) | 1,771 | ||||||||||||||||||||||||||||||||
State income taxes, net of federal tax effects | 126 | (290 | ) | 1,722 | |||||||||||||||||||||||||||||||||
Repeal of Medicare Part D subsidy | — | — | 1,592 | ||||||||||||||||||||||||||||||||||
Other | (197 | ) | 194 | 68 | |||||||||||||||||||||||||||||||||
Total provision | $ | 10,392 | $ | 4,269 | $ | 8,311 | |||||||||||||||||||||||||||||||
Effective tax rate | 36 | % | 50.4 | % | 71.8 | % | |||||||||||||||||||||||||||||||
Summary of Deferred Tax Assets and Liabilities | ' | ||||||||||||||||||||||||||||||||||||
Deferred tax assets and liabilities resulted from the following: | |||||||||||||||||||||||||||||||||||||
December 31, | |||||||||||||||||||||||||||||||||||||
2012 | 2011 | ||||||||||||||||||||||||||||||||||||
(as restated) | (as revised) | ||||||||||||||||||||||||||||||||||||
Deferred tax assets: | |||||||||||||||||||||||||||||||||||||
Canadian tax loss carryforwards (expiring 2014 through 2032) | $ | 41,389 | $ | 34,409 | |||||||||||||||||||||||||||||||||
Postretirement benefit costs | 18,066 | 16,398 | |||||||||||||||||||||||||||||||||||
U.S. Federal tax loss carryforwards | — | 10,066 | |||||||||||||||||||||||||||||||||||
Employment costs | 11,814 | 10,005 | |||||||||||||||||||||||||||||||||||
State tax loss carryforwards (expiring 2023 through 2032) | 7,133 | 7,166 | |||||||||||||||||||||||||||||||||||
Inventories | 12,022 | 5,753 | |||||||||||||||||||||||||||||||||||
Start-up costs | 4,650 | 5,527 | |||||||||||||||||||||||||||||||||||
Pension costs | 3,835 | 2,260 | |||||||||||||||||||||||||||||||||||
Duty drawback claims | 1,786 | 1,622 | |||||||||||||||||||||||||||||||||||
Foreign tax credit carryforwards | — | 1,012 | |||||||||||||||||||||||||||||||||||
Other | 8,380 | 4,439 | |||||||||||||||||||||||||||||||||||
Total deferred tax assets | 109,075 | 98,657 | |||||||||||||||||||||||||||||||||||
Valuation allowance | (4,439 | ) | (4,313 | ) | |||||||||||||||||||||||||||||||||
Deferred tax assets, net of valuation allowance | 104,636 | 94,344 | |||||||||||||||||||||||||||||||||||
Deferred tax liabilities: | |||||||||||||||||||||||||||||||||||||
Property, plant and equipment | (58,141 | ) | (37,394 | ) | |||||||||||||||||||||||||||||||||
Convertible debt | (13,504 | ) | (17,973 | ) | |||||||||||||||||||||||||||||||||
Intangible assets | (14,473 | ) | (5,482 | ) | |||||||||||||||||||||||||||||||||
Other | (918 | ) | (1,415 | ) | |||||||||||||||||||||||||||||||||
Total deferred tax liabilities | (87,036 | ) | (62,264 | ) | |||||||||||||||||||||||||||||||||
Net deferred tax assets | $ | 17,600 | $ | 32,080 | |||||||||||||||||||||||||||||||||
Reconciliation of Total Amounts of Unrecognized Tax Benefits | ' | ||||||||||||||||||||||||||||||||||||
A reconciliation of the total amounts of unrecognized tax benefits for the years ended December 31 is as follows: | |||||||||||||||||||||||||||||||||||||
Unrecognized Tax Benefits | |||||||||||||||||||||||||||||||||||||
2012 | 2011 | 2010 | |||||||||||||||||||||||||||||||||||
Gross balance at January 1 | $ | 6,157 | $ | 4,817 | $5,577 | ||||||||||||||||||||||||||||||||
Prior period tax positions | |||||||||||||||||||||||||||||||||||||
Increases | 1,556 | — | 1,292 | ||||||||||||||||||||||||||||||||||
Decreases | (30 | ) | (14 | ) | (2,546 | ) | |||||||||||||||||||||||||||||||
Current period tax positions | 1,478 | 1,376 | 949 | ||||||||||||||||||||||||||||||||||
Lapse of Statute | — | (22 | ) | — | |||||||||||||||||||||||||||||||||
Settlements with tax authorities | — | — | (455 | ) | |||||||||||||||||||||||||||||||||
Gross balance at December 31 | $ | 9,161 | $ | 6,157 | $4,817 | ||||||||||||||||||||||||||||||||
Amount that would affect the effective tax rate if recognized | $ | 7,451 | $ | 5,835 | $4,575 | ||||||||||||||||||||||||||||||||
EMPLOYEE_BENEFIT_PLANS_Tables
EMPLOYEE BENEFIT PLANS (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2012 | |||||||||||||||||||||||||
Changes in Company's Pension and Other Post-Employment Benefit Plan Obligations and Plan Assets | ' | ||||||||||||||||||||||||
The Company uses a December 31 measurement date for all benefit plans. The following table, which includes the Company’s four qualified pension plans and two non-qualified pension plans, provides reconciliations of the changes in the Company’s pension and other post-employment benefit plan obligations, the values of plan assets, amounts recognized in Company’s financial statements, and principal weighted-average assumptions used: | |||||||||||||||||||||||||
Pension Benefit Plans | Post-Retirement | ||||||||||||||||||||||||
Benefit Plan | |||||||||||||||||||||||||
2012 | 2011 | 2012 | 2011 | ||||||||||||||||||||||
Change in projected benefit obligation: | |||||||||||||||||||||||||
Projected benefit obligation at beginning of year | $ | 143,687 | $ | 130,275 | $ | 44,391 | $ | 42,955 | |||||||||||||||||
Service cost | 2,450 | 2,047 | 671 | 746 | |||||||||||||||||||||
Interest cost | 7,093 | 7,177 | 2,102 | 2,361 | |||||||||||||||||||||
Actuarial loss | 16,750 | 12,982 | 2,558 | 141 | |||||||||||||||||||||
Amendment | 6,748 | — | — | — | |||||||||||||||||||||
Settlements | (695 | ) | — | — | — | ||||||||||||||||||||
Benefits paid | (8,551 | ) | (8,794 | ) | (2,837 | ) | (2,833 | ) | |||||||||||||||||
Plan participants’ contributions | — | — | 928 | 825 | |||||||||||||||||||||
Medicare retiree drug subsidy received | — | — | 121 | 196 | |||||||||||||||||||||
Projected benefit obligation at end of year | $ | 167,482 | $ | 143,687 | $ | 47,934 | $ | 44,391 | |||||||||||||||||
Change in plan assets: | |||||||||||||||||||||||||
Fair value of plan assets at beginning of year | $ | 122,444 | $ | 96,197 | $ | — | $ | — | |||||||||||||||||
Actual return on plan assets | 14,678 | 7,289 | — | — | |||||||||||||||||||||
Employer contributions | 18,846 | 27,752 | 1,788 | 1,812 | |||||||||||||||||||||
Medicare retiree drug subsidy received | — | — | 121 | 196 | |||||||||||||||||||||
Settlements | (695 | ) | — | — | — | ||||||||||||||||||||
Plan participants’ contributions | — | — | 928 | 825 | |||||||||||||||||||||
Benefits paid | (8,551 | ) | (8,794 | ) | (2,837 | ) | (2,833 | ) | |||||||||||||||||
Fair value of plan assets at end of year | $ | 146,722 | $ | 122,444 | $ | — | $ | — | |||||||||||||||||
Funded status | $ | (20,760 | ) | $ | (21,243 | ) | $ | (47,934 | ) | $ | (44,391 | ) | |||||||||||||
Amounts recognized in the Consolidated Balance Sheets consisted of: | |||||||||||||||||||||||||
Noncurrent assets | $ | 691 | $ | — | $ | — | $ | — | |||||||||||||||||
Current liabilities | (740 | ) | (413 | ) | (2,868 | ) | (3,003 | ) | |||||||||||||||||
Noncurrent liabilities | (20,711 | ) | (20,830 | ) | (45,066 | ) | (41,388 | ) | |||||||||||||||||
Net amount recognized | $ | (20,760 | ) | $ | (21,243 | ) | $ | (47,934 | ) | $ | (44,391 | ) | |||||||||||||
Accumulated benefit obligation | $ | 161,482 | $ | 138,223 | N/A | N/A | |||||||||||||||||||
Amount Recognized in Accumulated Other Comprehensive Income | ' | ||||||||||||||||||||||||
Amounts recognized in accumulated other comprehensive loss consisted of: | |||||||||||||||||||||||||
December 31, | December 31, | ||||||||||||||||||||||||
2012 | 2011 | 2012 | 2011 | ||||||||||||||||||||||
Net actuarial loss | $ | 77,032 | $ | 70,987 | $ | 8,486 | $ | 6,086 | |||||||||||||||||
Prior service cost | 7,227 | 1,460 | 1,904 | 3,118 | |||||||||||||||||||||
Total, before tax effect | $ | 84,259 | $ | 72,447 | $ | 10,390 | $ | 9,204 | |||||||||||||||||
Activity Related to Amounts Recognized in Accumulated Other Comprehensive Loss | ' | ||||||||||||||||||||||||
Activity related to amounts recognized in accumulated other comprehensive loss is as follows: | |||||||||||||||||||||||||
2012 | |||||||||||||||||||||||||
12/31/11 | Amortization | Activity | 12/31/12 | ||||||||||||||||||||||
Pension Benefit Plans: | |||||||||||||||||||||||||
Actuarial losses | $ | 70,987 | (5,734 | ) | 11,779 | $ | 77,032 | ||||||||||||||||||
Prior service cost | 1,460 | (980 | ) | 6,747 | 7,227 | ||||||||||||||||||||
Postretirement Medical Plan: | |||||||||||||||||||||||||
Actuarial losses | 6,086 | (157 | ) | 2,557 | 8,486 | ||||||||||||||||||||
Prior service cost | 3,118 | (1,214 | ) | — | 1,904 | ||||||||||||||||||||
Weighted-Average Assumptions Used to Determine Benefit Obligation | ' | ||||||||||||||||||||||||
Pension Benefit Plans | Post-Retirement | ||||||||||||||||||||||||
Benefit Plan | |||||||||||||||||||||||||
2012 | 2011 | 2012 | 2011 | ||||||||||||||||||||||
Weighted-average assumptions used to determine benefit obligation at December 31: | |||||||||||||||||||||||||
Discount rate | 4.1 | % | 4.9 | % | 4.1 | % | 4.9 | % | |||||||||||||||||
Rate of increase to compensation levels | 3.8 | % | 3.8 | % | N/A | N/A | |||||||||||||||||||
Measurement date | 31-Dec | 31-Dec | 31-Dec | 31-Dec | |||||||||||||||||||||
Health cost trend rate assumed for next year | N/A | N/A | 6.78 | % | 7.17 | % | |||||||||||||||||||
Ultimate trend rate | N/A | N/A | 4.5 | % | 4.5 | % | |||||||||||||||||||
Year that rate reaches ultimate trend rate | N/A | N/A | 2026 | 2026 | |||||||||||||||||||||
Weighted-average assumptions used to determine net periodic benefit obligation cost for the years ended December 31: | |||||||||||||||||||||||||
Discount rate | 4.9 | % | 5.7 | % | 4.9 | % | 5.7 | % | |||||||||||||||||
Expected long-term return on plan assets | 7.5 | % | 7.5 | % | N/A | N/A | |||||||||||||||||||
Rate of increase to compensation levels | 3.8 | % | 3.8 | % | N/A | N/A | |||||||||||||||||||
One Quarter Percentage Change in Expected Rate of Return on Plan Assets | ' | ||||||||||||||||||||||||
A change of one quarter of a percentage point in the expected rate of return on plan assets would have the following effect on the defined benefit plan: | |||||||||||||||||||||||||
–.25% | 0.25% | ||||||||||||||||||||||||
Effect on subsequent years periodic pension expense (in millions) | +$ | 0.3 | –$ | 0.3 | |||||||||||||||||||||
One Quarter Percentage Point Change in Discount Rate of 4.10% | ' | ||||||||||||||||||||||||
A change of one quarter of a percentage point in the discount rate of 4.10% used at December 31, 2012 would have the following effect on the defined benefit plans: | |||||||||||||||||||||||||
–.25% | 0.25% | ||||||||||||||||||||||||
Effect on total projected benefit obligation (PBO) (in millions) | +$ | 4.3 | –$ | 4.3 | |||||||||||||||||||||
Effect on subsequent years periodic pension expense (in millions) | +$ | 0.3 | –$ | 0.3 | |||||||||||||||||||||
One Quarter Percentage Change in Discount Rate on Postretirement Medical Plan | ' | ||||||||||||||||||||||||
A change of one quarter of a percentage point in the discount rate of 4.10% used at December 31, 2012 would have the following effect on the postretirement medical plan: | |||||||||||||||||||||||||
–.25% | 0.25% | ||||||||||||||||||||||||
Effect on total net periodic benefit cost (in millions) | +$ | 0.1 | –$ | 0.1 | |||||||||||||||||||||
Effect on accumulated postretirement benefit obligation (in millions) | +$ | 1.3 | –$ | 1.3 | |||||||||||||||||||||
One Percent Change in Trend Rate and It's Effect on Postretirement Medical Plan | ' | ||||||||||||||||||||||||
A change of one percentage point in the trend rate of 6.78% used at December 31, 2012 would have the following effect on the postretirement medical plan: | |||||||||||||||||||||||||
–1.00% | 1.00% | ||||||||||||||||||||||||
Effect on total service cost and interest cost components (in millions) | –$ | 0.2 | +$ | 0.2 | |||||||||||||||||||||
Effect on accumulated postretirement benefit obligation (in millions) | –$ | 1.6 | +$ | 1.6 | |||||||||||||||||||||
Components of Net Periodic Pension and Other Post-Retirement Benefit Cost | ' | ||||||||||||||||||||||||
The components of net periodic pension and post-retirement benefit cost were as follows: | |||||||||||||||||||||||||
Pension Benefit Plans | Post-Retirement Benefit Plan | ||||||||||||||||||||||||
2012 | 2011 | 2010 | 2012 | 2011 | 2010 | ||||||||||||||||||||
Service cost | $ | 2,450 | $ | 2,047 | $ | 1,806 | $ | 671 | $ | 746 | $ | 711 | |||||||||||||
Interest cost | 7,093 | 7,177 | 7,078 | 2,102 | 2,361 | 2,200 | |||||||||||||||||||
Expected return on plan assets | (9,707 | ) | (7,791 | ) | (7,478 | ) | — | — | — | ||||||||||||||||
Prior service cost amortization | 980 | 401 | 523 | 1,214 | 1,214 | 1,214 | |||||||||||||||||||
Amortization of actuarial loss | 5,361 | 4,017 | 2,809 | 157 | 171 | — | |||||||||||||||||||
Settlement charges | 373 | — | — | — | — | — | |||||||||||||||||||
Net periodic benefit cost | $ | 6,550 | $ | 5,851 | $ | 4,738 | $ | 4,144 | $ | 4,492 | $ | 4,125 | |||||||||||||
Unrecognized Accumulated Other Comprehensive Loss Net Periodic Banefit | ' | ||||||||||||||||||||||||
The amounts in accumulated other comprehensive loss expected to be recognized as components of net periodic benefit cost during 2013 are as follows: | |||||||||||||||||||||||||
Pension Benefit Plans | Post-Retirement | ||||||||||||||||||||||||
2013 | Benefit Plan | ||||||||||||||||||||||||
2013 | |||||||||||||||||||||||||
Amortization of actuarial loss | $ | 7,160 | $ | 352 | |||||||||||||||||||||
Amortization of prior service cost | 990 | 1,214 | |||||||||||||||||||||||
Total recognized from accumulated other comprehensive loss | $ | 8,150 | $ | 1,566 | |||||||||||||||||||||
Fair Value of Defined Benefit Pension Plan Assets | ' | ||||||||||||||||||||||||
The fair value of the Company’s defined benefit pension plans’ assets as of December 31, 2012 and 2011 were as follows: | |||||||||||||||||||||||||
Investment category: | 2012 | 2011 | |||||||||||||||||||||||
U.S. government securities | $ | 22,034 | $ | 14,852 | |||||||||||||||||||||
Corporate bonds | 37,487 | 34,130 | |||||||||||||||||||||||
Equities | 81,445 | 68,419 | |||||||||||||||||||||||
Short-term investment funds | 597 | 807 | |||||||||||||||||||||||
Real estate funds | 3,468 | 2,584 | |||||||||||||||||||||||
Other investments — Timberlands | 1,691 | 1,652 | |||||||||||||||||||||||
Total | $ | 146,722 | $ | 122,444 | |||||||||||||||||||||
Target Asset Allocation by Asset Category | ' | ||||||||||||||||||||||||
The Company’s target asset allocation as of December 31, 2012 by asset category is as follows: | |||||||||||||||||||||||||
Investment category: | 2012 | ||||||||||||||||||||||||
Equity securities | 55 | % | |||||||||||||||||||||||
Debt and other short-term investments | 43 | % | |||||||||||||||||||||||
Cash | 2 | % | |||||||||||||||||||||||
Total | 100 | % | |||||||||||||||||||||||
Summary of Plan Investments | ' | ||||||||||||||||||||||||
A summary of the plan investments, their fair value and their level within the fair value hierarchy is presented below. | |||||||||||||||||||||||||
As of December 31, 2012: | |||||||||||||||||||||||||
Quoted Market | Significant | Significant | Total | ||||||||||||||||||||||
Prices | Other Observable | Unobservable | |||||||||||||||||||||||
(Level 1) | Inputs | Inputs | |||||||||||||||||||||||
(Level 2) | (Level 3) | ||||||||||||||||||||||||
Investment category: | |||||||||||||||||||||||||
U.S. government securities | $ | — | $ | 22,034 | $ | — | $ | 22,034 | |||||||||||||||||
Corporate bonds | — | 37,487 | — | 37,487 | |||||||||||||||||||||
Equities | 3,613 | 73,794 | 4,038 | 81,445 | |||||||||||||||||||||
Short-term investment funds | 597 | — | — | 597 | |||||||||||||||||||||
Real estate funds | — | — | 3,468 | 3,468 | |||||||||||||||||||||
Other investments — Timberlands | — | — | 1,691 | 1,691 | |||||||||||||||||||||
Total assets | $ | 4,210 | $ | 133,315 | $ | 9,197 | $ | 146,722 | |||||||||||||||||
As of December 31, 2011: | |||||||||||||||||||||||||
Quoted Market | Significant | Significant | Total | ||||||||||||||||||||||
Prices | Other Observable | Unobservable | |||||||||||||||||||||||
(Level 1) | Inputs | Inputs | |||||||||||||||||||||||
(Level 2) | (Level 3) | ||||||||||||||||||||||||
Investment category: | |||||||||||||||||||||||||
U.S. government securities | $ | — | $ | 14,852 | $ | — | $ | 14,852 | |||||||||||||||||
Corporate bonds | — | 34,130 | — | 34,130 | |||||||||||||||||||||
Equities | — | 64,985 | 3,434 | 68,419 | |||||||||||||||||||||
Short-term investment funds | 807 | — | — | 807 | |||||||||||||||||||||
Real estate funds | — | — | 2,584 | 2,584 | |||||||||||||||||||||
Other investments — Timberlands | — | — | 1,652 | 1,652 | |||||||||||||||||||||
Total assets | $ | 807 | $ | 113,967 | $ | 7,670 | $ | 122,444 | |||||||||||||||||
Level 3 Fair Value Measurements Using Significant Unobservable Input | ' | ||||||||||||||||||||||||
The following table provides further details of the Level 3 fair value measurements using significant unobservable input: | |||||||||||||||||||||||||
Private | Real Estate | Timberlands | Total | ||||||||||||||||||||||
Equity Funds | Funds | ||||||||||||||||||||||||
December 31, 2010 | $ | 2,898 | $ | 1,888 | $ | 1,600 | $6,386 | ||||||||||||||||||
Realized gains/losses | 83 | 144 | — | 227 | |||||||||||||||||||||
Unrealized gain/losses relating to investments still held at December 31, 2011 | 338 | 54 | 52 | 444 | |||||||||||||||||||||
Purchases | 679 | 911 | — | 1,590 | |||||||||||||||||||||
Sales | (564 | ) | (413 | ) | (977 | ) | |||||||||||||||||||
December 31, 2011 | 3,434 | 2,584 | 1,652 | 7,670 | |||||||||||||||||||||
Realized gains/losses | 301 | 109 | — | 410 | |||||||||||||||||||||
Unrealized gain/losses relating to investments still held at December 31, 2012 | 267 | 279 | 39 | 585 | |||||||||||||||||||||
Purchases | 861 | 925 | — | 1,786 | |||||||||||||||||||||
Sales | (825 | ) | (429 | ) | — | (1,254 | ) | ||||||||||||||||||
December 31, 2012 | $ | 4,038 | $ | 3,468 | $ | 1,691 | $9,197 | ||||||||||||||||||
Pension and Post-Retirement Benefit Payments Expected Future Service | ' | ||||||||||||||||||||||||
The following pension and post-retirement benefit payments, which reflect expected future service, as appropriate, are expected to be paid: | |||||||||||||||||||||||||
Pension | Post-Retirement | Post-Retirement | |||||||||||||||||||||||
Benefit | Benefit Plan | Benefit Plan (not | |||||||||||||||||||||||
Plans | (including Plan D | including Plan D | |||||||||||||||||||||||
subsidy) | subsidy) | ||||||||||||||||||||||||
2013 | $ | 9,933 | $ | 2,868 | $ | 3,031 | |||||||||||||||||||
2014 | 9,577 | 2,969 | 3,150 | ||||||||||||||||||||||
2015 | 9,798 | 2,769 | 2,965 | ||||||||||||||||||||||
2016 | 10,106 | 2,850 | 3,064 | ||||||||||||||||||||||
2017 | 10,397 | 3,008 | 3,241 | ||||||||||||||||||||||
2018 to 2022 | 57,366 | 17,899 | 19,356 |
LEASES_Tables
LEASES (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2012 | |||||||||
Future Minimum Commitments Under Operating and Capital Leases | ' | ||||||||
The Company’s future minimum commitments under operating and capital leases for years after 2012 are as follows: | |||||||||
Operating | Capital | ||||||||
Leases | Leases | ||||||||
2013 | $ | 5,310 | $ | 1,093 | |||||
2014 | 4,917 | 1,064 | |||||||
2015 | 4,330 | 632 | |||||||
2016 | 3,970 | 226 | |||||||
2017 | 3,554 | 37 | |||||||
Thereafter | 4,019 | — | |||||||
Total lease payments | $ | 26,100 | $ | 3,052 | |||||
UNEARNED_REVENUE_Tables
UNEARNED REVENUE (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2012 | |||||||||
Unearned revenue | ' | ||||||||
non-current liability. Unearned revenue balances are presented in the following table: | |||||||||
December 31, | |||||||||
2012 | 2011 | ||||||||
(as restated) | (as revised) | ||||||||
Current unearned revenue | $ | 24,998 | $ | 19,716 | |||||
Non-current unearned revenue | 13,013 | 8,115 | |||||||
Total unearned revenue | $ | 38,011 | $ | 27,831 | |||||
SEGMENT_REPORTING_Tables
SEGMENT REPORTING (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2012 | |||||||||||||
Summary of Financial Information by Reportable Segment | ' | ||||||||||||
A summary of financial information by reportable segment is as follows: | |||||||||||||
Years Ended December 31, | |||||||||||||
2012 | 2011 | 2010 | |||||||||||
(as restated) | (as revised) | (as revised) | |||||||||||
Net sales: | |||||||||||||
Titanium Segment | $ | 360,950 | $ | 337,844 | $ | 260,104 | |||||||
Intersegment sales | 179,389 | 152,177 | 89,219 | ||||||||||
Total Titanium Segment sales | 540,339 | 490,021 | 349,323 | ||||||||||
Engineered Products and Services Segment | 347,140 | 163,444 | 146,387 | ||||||||||
Intersegment sales | 83,155 | 62,603 | 54,775 | ||||||||||
Total Engineered Products and Services Segment sales | 430,295 | 226,047 | 201,162 | ||||||||||
Eliminations | (262,544 | ) | (214,780 | ) | (143,994 | ) | |||||||
Total consolidated net sales | $ | 708,090 | $ | 501,288 | $ | 406,491 | |||||||
Operating income (loss): | |||||||||||||
Titanium Segment before corporate allocations | $ | 58,236 | $ | 52,518 | $ | 35,921 | |||||||
Corporate allocations | (19,477 | ) | (15,784 | ) | (14,681 | ) | |||||||
Total Titanium Segment operating income | 38,759 | 36,734 | 21,240 | ||||||||||
Engineered Products and Services Segment before corporate allocations | 23,437 | 5,518 | 5,539 | ||||||||||
Corporate allocations | (15,085 | ) | (18,200 | ) | (12,967 | ) | |||||||
Total Engineered Products and Services Segment operating income (loss) | 8,352 | (12,682 | ) | (7,428 | ) | ||||||||
Total consolidated operating income | 47,111 | 24,052 | 13,812 | ||||||||||
Other income (expense), net | (501 | ) | 56 | (622 | ) | ||||||||
Interest expense, net | (17,778 | ) | (15,645 | ) | (1,619 | ) | |||||||
Total consolidated income before income taxes | $ | 28,832 | $ | 8,463 | $ | 11,571 | |||||||
Years Ended December 31, | |||||||||||||
2012 | 2011 | 2010 | |||||||||||
(as restated) | (as revised) | (as revised) | |||||||||||
Revenue by market information: | |||||||||||||
Titanium Segment | |||||||||||||
Commercial aerospace | $ | 219,945 | $ | 191,470 | $ | 142,270 | |||||||
Defense | 108,948 | 106,101 | 82,410 | ||||||||||
Energy, medical, and other | 32,057 | 40,273 | 35,424 | ||||||||||
Total Titanium Segment net sales | 360,950 | 337,844 | 260,104 | ||||||||||
Engineered Products and Services Segment | |||||||||||||
Commercial aerospace | $ | 168,760 | $ | 100,779 | $ | 70,732 | |||||||
Defense | 53,435 | 35,426 | 38,784 | ||||||||||
Energy, medical, and other | 124,945 | 27,239 | 36,871 | ||||||||||
Total Engineered Products and Services Segment net sales | 347,140 | 163,444 | 146,387 | ||||||||||
Total consolidated net sales | $ | 708,090 | $ | 501,288 | $ | 406,491 | |||||||
Geographic location of trade sales: | |||||||||||||
United States | $ | 458,351 | $ | 322,445 | $ | 259,658 | |||||||
France | 72,810 | 51,951 | 39,936 | ||||||||||
England | 52,934 | 41,963 | 44,037 | ||||||||||
Germany | 40,011 | 38,976 | 24,516 | ||||||||||
Spain | 16,285 | 7,702 | 5,236 | ||||||||||
Canada | 12,723 | 10,063 | 9,176 | ||||||||||
Italy | 11,575 | 3,660 | 5,828 | ||||||||||
Malaysia | 10,624 | 1,962 | 3,667 | ||||||||||
Japan | 9,389 | 4,580 | 7,820 | ||||||||||
Austria | 7,162 | 7,993 | 2,518 | ||||||||||
Other countries | 16,226 | 9,993 | 4,099 | ||||||||||
Total trade sales | $ | 708,090 | $ | 501,288 | $ | 406,491 | |||||||
Capital expenditures: | |||||||||||||
Titanium Segment | $ | 44,741 | $ | 36,008 | $ | 24,399 | |||||||
Engineered Products and Services Segment | 16,797 | 2,837 | 4,233 | ||||||||||
Total capital expenditures | $ | 61,538 | $ | 38,845 | $ | 28,632 | |||||||
Depreciation and amortization: | |||||||||||||
Titanium Segment | $ | 18,455 | $ | 14,290 | $ | 13,733 | |||||||
Engineered Products and Services Segment | 22,703 | 8,185 | 8,360 | ||||||||||
Total depreciation and amortization | $ | 41,158 | $ | 22,475 | $ | 22,093 | |||||||
Summary of Geographic Area Information Property, Plant and Equipment | ' | ||||||||||||
The following geographic area information includes property, plant, and equipment based on physical location. | |||||||||||||
December 31, | |||||||||||||
2012 | 2011 | 2010 | |||||||||||
(as restated) | (as revised) | (as revised) | |||||||||||
Property, plant, and equipment: | |||||||||||||
United States | $ | 591,526 | $ | 475,999 | $ | 434,665 | |||||||
England | 16,017 | 14,473 | 5,302 | ||||||||||
France | 1,312 | 1,022 | 832 | ||||||||||
Canada | 64,924 | 64,132 | 65,938 | ||||||||||
Less: Accumulated depreciation | (297,830 | ) | (266,251 | ) | (246,280 | ) | |||||||
Property, plant, and equipment, net | $ | 375,949 | $ | 289,375 | $ | 260,457 | |||||||
Total assets: | |||||||||||||
Titanium Segment | $ | 576,786 | $ | 502,671 | $ | 477,811 | |||||||
Engineered Products and Services Segment | 577,317 | 300,301 | 250,683 | ||||||||||
Assets of discontinued operations | 14,741 | 16,083 | 11,313 | ||||||||||
General corporate assets | 83,637 | 309,365 | 371,498 | ||||||||||
Total consolidated assets | $ | 1,252,481 | $ | 1,128,420 | $ | 1,111,305 | |||||||
COMMITMENTS_AND_CONTINGENCIES_
COMMITMENTS AND CONTINGENCIES (Tables) | 12 Months Ended | ||||
Dec. 31, 2012 | |||||
Summary of Changes in Environmental Liabilities | ' | ||||
The following table summarizes the changes in the Company’s environmental liabilities for the year ended December 31, 2012: | |||||
Environmental | |||||
Liabilities | |||||
Balance at December 31, 2011 | $ | 1,349 | |||
Environmental-related expense | — | ||||
Cash paid | (72 | ) | |||
Balance at December 31, 2012 | $ | 1,277 | |||
LONGTERM_DEBT_Tables
LONG-TERM DEBT (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2012 | |||||||||
Schedule of Long-Term Debt | ' | ||||||||
Long-term debt consisted of: | |||||||||
December 31, | |||||||||
2012 | 2011 | ||||||||
Notes | $ | 196,644 | $ | 186,961 | |||||
Capital leases | 2,650 | — | |||||||
Other | — | 20 | |||||||
Total debt | $ | 199,294 | $ | 186,981 | |||||
Less: Current portion of capital leases | (957 | ) | — | ||||||
Total long-term debt | $ | 198,337 | $ | 186,981 | |||||
STOCKBASED_COMPENSATION_Tables
STOCK-BASED COMPENSATION (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2012 | |||||||||||||||||
Schedule of Fair Value of Stock Options Granted | ' | ||||||||||||||||
The fair value of stock options granted over the past three years was estimated at the date of grant using the Black-Scholes option-pricing model based upon the following assumptions: | |||||||||||||||||
2012 | 2011 | 2010 | |||||||||||||||
Risk-free interest rate | 0.75 | % | 1.92 | % | 2.26 | % | |||||||||||
Expected dividend yield | 0 | % | 0 | % | 0 | % | |||||||||||
Expected lives (in years) | 5 | 4 | 4 | ||||||||||||||
Expected volatility | 66 | % | 67 | % | 66 | % | |||||||||||
Summary of Stock Options Activity | ' | ||||||||||||||||
A summary of the status of the Company’s stock options as of December 31, 2012 and the activity during the year then ended is presented below: | |||||||||||||||||
Stock Options | Shares | Weighted- | Weighted- | Aggregate | |||||||||||||
Average | Average | Intrinsic | |||||||||||||||
Exercise Price | Remaining | Value | |||||||||||||||
Per Share | Contractual | ||||||||||||||||
Term (Years) | |||||||||||||||||
Outstanding at December 31, 2011 | 558,597 | $ | 31.66 | ||||||||||||||
Granted | 83,706 | 24.62 | |||||||||||||||
Forfeited | (4,447 | ) | 25.41 | ||||||||||||||
Expired | (5,584 | ) | 35.88 | ||||||||||||||
Exercised | (41,422 | ) | 11.97 | ||||||||||||||
Outstanding at December 31, 2012 | 590,850 | $ | 31.86 | 5.89 | 2,500 | ||||||||||||
Exercisable at December 31, 2012 | 420,649 | $ | 34.25 | 4.88 | 2,176 | ||||||||||||
Summary Nonvested Restricted Stock Awards | ' | ||||||||||||||||
A summary of the status of the Company’s nonvested restricted stock as of December 31, 2012, and the activity during the year then ended, is presented below: | |||||||||||||||||
Nonvested Restricted Stock Awards | Shares | Weighted- | |||||||||||||||
Average | |||||||||||||||||
Grant-Date | |||||||||||||||||
Fair Value | |||||||||||||||||
Per Share | |||||||||||||||||
Nonvested at December 31, 2011 | 163,070 | $ | 27.31 | ||||||||||||||
Granted | 82,326 | 24.63 | |||||||||||||||
Vested | (60,017 | ) | 31.48 | ||||||||||||||
Forfeited | (3,200 | ) | 25.33 | ||||||||||||||
Nonvested at December 31, 2012 | 182,179 | $ | 24.76 | ||||||||||||||
Summary of Company's Performance Share Award | ' | ||||||||||||||||
A summary of the Company’s performance share activity during the year ended December 31, 2012 is presented below: | |||||||||||||||||
Performance Share Awards | Awards | Maximum Shares | |||||||||||||||
Activity | Eligible to Receive | ||||||||||||||||
Outstanding at December 31, 2011 | 160,771 | 321,542 | |||||||||||||||
Granted | 61,230 | 122,460 | |||||||||||||||
Vested | (66,047 | ) | (132,094 | ) | |||||||||||||
Expired | (41,700 | ) | (83,400 | ) | |||||||||||||
Forfeited | (7,197 | ) | (14,394 | ) | |||||||||||||
Outstanding at December 31, 2012 | 107,057 | 214,114 | |||||||||||||||
GUARANTOR_SUBSIDIARIES_Tables
GUARANTOR SUBSIDIARIES (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||||||||||||||
Dec. 31, 2012 | |||||||||||||||||||||||||||||||||||||||||
Condensed Consolidating Statements of Operations - Restatement Adjustments | ' | ||||||||||||||||||||||||||||||||||||||||
Condensed Consolidating Statements of Operations — Restatement Adjustments: | |||||||||||||||||||||||||||||||||||||||||
Year Ended December 31, 2012 | |||||||||||||||||||||||||||||||||||||||||
RTI International | Guarantor | Non-Guarantor | Eliminations | Consolidated | |||||||||||||||||||||||||||||||||||||
Metals, Inc. | Subsidiaries | Subsidiaries | |||||||||||||||||||||||||||||||||||||||
As | As | As | As | As | As | As | As | As | As | ||||||||||||||||||||||||||||||||
Reported | Restated | Reported | Restated | Reported | Restated | Reported | Restated | Reported | Restated | ||||||||||||||||||||||||||||||||
Net sales | $ | — | $ | — | $ | 503,018 | $ | 503,018 | $ | 448,091 | $ | 417,573 | $ | (212,501 | ) | $ | (212,501 | ) | $ | 738,608 | $ | 708,090 | |||||||||||||||||||
Cost and expenses: | |||||||||||||||||||||||||||||||||||||||||
Cost of Sales | — | — | 426,083 | 426,268 | 374,495 | 354,695 | (212,501 | ) | (212,501 | ) | 588,077 | 568,462 | |||||||||||||||||||||||||||||
Operating income (loss) | 3,006 | 3,006 | 27,245 | 27,060 | 24,779 | 17,045 | — | — | 55,030 | 47,111 | |||||||||||||||||||||||||||||||
Equity in earnings of subsidiaries | 30,907 | 25,832 | 5,419 | 5,419 | 2,138 | 2,138 | (38,464 | ) | (33,389 | ) | — | — | |||||||||||||||||||||||||||||
Income before income taxes | 17,211 | 12,136 | 32,907 | 32,722 | 25,114 | 17,363 | (38,464 | ) | (33,389 | ) | 36,768 | 28,832 | |||||||||||||||||||||||||||||
Provision for (benefit from) income taxes | (6,304 | ) | (6,304 | ) | 10,726 | 10,726 | 8,831 | 5,970 | — | — | 13,253 | 10,392 | |||||||||||||||||||||||||||||
Net income | $ | 23,515 | $ | 20,140 | $ | 22,181 | $ | 21,996 | $ | 16,283 | $ | 13,093 | $ | (38,464 | ) | $ | (35,089 | ) | $ | 23,515 | $ | 20,140 | |||||||||||||||||||
Comprehensive income | $ | 18,004 | $ | 14,629 | $ | 14,650 | $ | 14,465 | $ | 18,841 | $ | 15,651 | $ | (33,491 | ) | $ | (30,116 | ) | $ | 18,004 | $ | 14,629 | |||||||||||||||||||
Year Ended December 31, 2011 | |||||||||||||||||||||||||||||||||||||||||
RTI International | Guarantor | Non-Guarantor | Eliminations | Consolidated | |||||||||||||||||||||||||||||||||||||
Metals, Inc. | Subsidiaries | Subsidiaries | |||||||||||||||||||||||||||||||||||||||
As | As | As | As | As | As | As | As | As | As | ||||||||||||||||||||||||||||||||
Reported | Revised | Reported | Revised | Reported | Revised | Reported | Revised | Reported | Revised | ||||||||||||||||||||||||||||||||
Net sales | $ | — | $ | — | $ | 347,963 | $ | 347,963 | $ | 357,546 | $ | 329,155 | $ | (175,830 | ) | $ | (175,830 | ) | $ | 529,679 | $ | 501,288 | |||||||||||||||||||
Cost and expenses: | |||||||||||||||||||||||||||||||||||||||||
Cost of Sales | — | — | 296,066 | 296,066 | 308,771 | 287,424 | (175,830 | ) | (175,830 | ) | 429,007 | 407,660 | |||||||||||||||||||||||||||||
Operating income (loss) | (981 | ) | (981 | ) | 26,079 | 26,079 | 2,663 | (1,046 | ) | — | — | 27,761 | 24,052 | ||||||||||||||||||||||||||||
Equity in earnings of subsidiaries | 18,926 | 16,568 | 6,128 | 6,128 | (1,055 | ) | (1,055 | ) | (23,999 | ) | (21,641 | ) | — | — | |||||||||||||||||||||||||||
Income before income taxes | 1,554 | (804 | ) | 33,966 | 33,966 | 614 | (3,058 | ) | (23,999 | ) | (21,641 | ) | 12,135 | 8,463 | |||||||||||||||||||||||||||
Provision for (benefit from) income taxes | (4,998 | ) | (4,998 | ) | 10,257 | 10,257 | 324 | (990 | ) | — | — | 5,583 | 4,269 | ||||||||||||||||||||||||||||
Net income | $ | 6,552 | $ | 6,032 | $ | 23,709 | $ | 23,709 | $ | 290 | $ | (230 | ) | $ | (23,999 | ) | $ | (23,479 | ) | $ | 6,552 | $ | 6,032 | ||||||||||||||||||
Comprehensive income | $ | (322 | ) | $ | (842 | ) | $ | 19,646 | $ | 19,646 | $ | (1,586 | ) | $ | (2,106 | ) | $ | (18,060 | ) | $ | (17,540 | ) | $ | (322 | ) | $ | (842 | ) | |||||||||||||
Year Ended December 31, 2010 | |||||||||||||||||||||||||||||||||||||||||
RTI International | Guarantor | Non-Guarantor | Eliminations | Consolidated | |||||||||||||||||||||||||||||||||||||
Metals, Inc. | Subsidiaries | Subsidiaries | |||||||||||||||||||||||||||||||||||||||
As | As | As | As | As | As | As | As | As | As | ||||||||||||||||||||||||||||||||
Reported | Revised | Reported | Revised | Reported | Revised | Reported | Revised | Reported | Revised | ||||||||||||||||||||||||||||||||
Net sales | $ | 12,372 | $ | 12,372 | $ | 253,754 | $ | 253,754 | $ | 279,730 | $ | 254,428 | $ | (114,063 | ) | $ | (114,063 | ) | $ | 431,793 | $ | 406,491 | |||||||||||||||||||
Cost and expenses: | |||||||||||||||||||||||||||||||||||||||||
Cost of Sales | — | — | 221,351 | 221,351 | 248,620 | 226,838 | (114,063 | ) | (114,063 | ) | 355,908 | 334,126 | |||||||||||||||||||||||||||||
Operating income (loss) | 3,072 | 3,072 | 19,181 | 19,181 | (8,192 | ) | (8,441 | ) | — | — | 14,061 | 13,812 | |||||||||||||||||||||||||||||
Equity in earnings of subsidiaries | 5,701 | 5,544 | 2,617 | 2,617 | (2,282 | ) | (2,282 | ) | (6,036 | ) | (5,879 | ) | — | — | |||||||||||||||||||||||||||
Income before income taxes | 6,071 | 5,914 | 26,322 | 26,322 | (14,537 | ) | (14,786 | ) | (6,036 | ) | (5,879 | ) | 11,820 | 11,571 | |||||||||||||||||||||||||||
Provision for (benefit from) income taxes | 2,654 | 2,654 | 7,444 | 7,444 | (1,695 | ) | (1,787 | ) | — | — | 8,403 | 8,311 | |||||||||||||||||||||||||||||
Net income | $ | 3,417 | $ | 3,570 | $ | 18,878 | $ | 18,878 | $ | (12,842 | ) | $ | (12,689 | ) | $ | (6,036 | ) | $ | (6,189 | ) | $ | 3,417 | $ | 3,570 | |||||||||||||||||
Comprehensive income | $ | 4,643 | $ | 4,796 | $ | 16,038 | $ | 16,038 | $ | (6,861 | ) | $ | (6,708 | ) | $ | (9,177 | ) | $ | (9,330 | ) | $ | 4,643 | $ | 4,796 | |||||||||||||||||
Condensed Consolidating Balance Sheets - Restatement Adjustments | ' | ||||||||||||||||||||||||||||||||||||||||
Condensed Consolidating Balance Sheets — Restatement Adjustments: | |||||||||||||||||||||||||||||||||||||||||
31-Dec-12 | |||||||||||||||||||||||||||||||||||||||||
RTI International | Guarantor | Non-Guarantor | Eliminations | Consolidated | |||||||||||||||||||||||||||||||||||||
Metals, Inc. | Subsidiaries | Subsidiaries | |||||||||||||||||||||||||||||||||||||||
As | As | As | As | As | As | As | As | As | As | ||||||||||||||||||||||||||||||||
Reported | Restated | Reported | Restated | Reported | Restated | Reported | Restated | Reported | Restated | ||||||||||||||||||||||||||||||||
ASSETS | |||||||||||||||||||||||||||||||||||||||||
Receivables, net | $ | 126 | $ | 126 | $ | 72,773 | $ | 72,773 | $ | 63,089 | $ | 59,639 | $ | (27,221 | ) | $ | (27,221 | ) | $ | 108,767 | $ | 105,317 | |||||||||||||||||||
Inventories, net | — | — | 221,174 | 220,989 | 184,115 | 164,127 | — | — | 405,289 | 385,116 | |||||||||||||||||||||||||||||||
Cost in excess of billings | — | — | — | — | — | 2,260 | — | — | — | 2,260 | |||||||||||||||||||||||||||||||
Deferred income taxes | 26,478 | 26,478 | 2,351 | 2,543 | 70 | 2,359 | — | — | 28,899 | 31,380 | |||||||||||||||||||||||||||||||
Other current assets | 5,410 | 5,410 | 2,072 | 2,072 | 3,227 | 3,788 | — | — | 10,709 | 11,270 | |||||||||||||||||||||||||||||||
Current assets | 32,014 | 32,014 | 385,653 | 385,660 | 260,408 | 256,821 | (27,221 | ) | (27,221 | ) | 650,854 | 647,274 | |||||||||||||||||||||||||||||
Goodwill | — | — | 98,925 | 93,665 | 38,326 | 36,945 | — | — | 137,251 | 130,610 | |||||||||||||||||||||||||||||||
Other noncurrent assets | 4,117 | 4,117 | 892 | 892 | 835 | 3,857 | — | — | 5,844 | 8,866 | |||||||||||||||||||||||||||||||
Intercompany investments | 984,901 | 980,867 | 26,814 | 26,814 | 3,736 | 3,736 | (1,015,451 | ) | (1,011,417 | ) | — | — | |||||||||||||||||||||||||||||
Total assets | $ | 1,022,359 | $ | 1,018,325 | $ | 888,660 | $ | 883,407 | $ | 424,283 | $ | 422,290 | $ | (1,075,575 | ) | $ | (1,071,541 | ) | $ | 1,259,727 | $ | 1,252,481 | |||||||||||||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||||||||||||||||||||||||||||||||||||
Unearned revenue-current | — | — | 689 | 689 | 25,475 | 24,309 | — | — | 26,164 | 24,998 | |||||||||||||||||||||||||||||||
Total current liabilities | 11,365 | 11,365 | 96,340 | 96,340 | 96,319 | 95,153 | (27,221 | ) | (27,221 | ) | 176,803 | 175,637 | |||||||||||||||||||||||||||||
Deferred income taxes | 54,222 | 54,222 | 26,568 | 21,590 | 3,475 | 3,475 | (32,903 | ) | (32,903 | ) | 51,452 | 46,384 | |||||||||||||||||||||||||||||
Unearned revenue-noncurrent | — | — | — | — | 9,991 | 13,013 | — | — | 9,991 | 13,013 | |||||||||||||||||||||||||||||||
Total liabilities | 276,790 | 276,790 | 305,553 | 300,485 | 214,252 | 216,108 | (282,437 | ) | (282,437 | ) | 514,158 | 510,946 | |||||||||||||||||||||||||||||
Shareholders’ equity | 745,569 | 741,535 | 583,107 | 582,922 | 210,031 | 206,182 | (793,138 | ) | (789,104 | ) | 745,569 | 741,535 | |||||||||||||||||||||||||||||
Total liabilities and shareholders’ equity | $ | 1,022,359 | $ | 1,018,325 | $ | 888,660 | $ | 883,407 | $ | 424,283 | $ | 422,290 | $ | (1,075,575 | ) | $ | (1,071,541 | ) | $ | 1,259,727 | $ | 1,252,481 | |||||||||||||||||||
31-Dec-11 | |||||||||||||||||||||||||||||||||||||||||
RTI International | Guarantor | Non-Guarantor | Eliminations | Consolidated | |||||||||||||||||||||||||||||||||||||
Metals, Inc. | Subsidiaries | Subsidiaries | |||||||||||||||||||||||||||||||||||||||
As | As | As | As | As | As | As | As | As | As | ||||||||||||||||||||||||||||||||
Reported | Revised | Reported | Revised | Reported | Revised | Reported | Revised | Reported | Revised | ||||||||||||||||||||||||||||||||
ASSETS | |||||||||||||||||||||||||||||||||||||||||
Inventories, net | $ | — | $ | — | $ | 136,695 | $ | 136,695 | $ | 138,364 | $ | 123,157 | $ | — | $ | — | $ | 275,059 | $ | 259,852 | |||||||||||||||||||||
Cost in excess of billings | — | — | — | — | — | 400 | — | — | — | 400 | |||||||||||||||||||||||||||||||
Deferred income taxes | 17,177 | 17,177 | 1,399 | 1,399 | 98 | 465 | — | — | 18,674 | 19,041 | |||||||||||||||||||||||||||||||
Other current assets | 9,351 | 9,351 | 883 | 883 | 2,034 | 2,324 | (2,336 | ) | (2,336 | ) | 9,932 | 10,222 | |||||||||||||||||||||||||||||
Current assets | 26,879 | 26,879 | 503,002 | 503,002 | 207,111 | 206,113 | (22,871 | ) | (22,871 | ) | 714,121 | 713,123 | |||||||||||||||||||||||||||||
Other noncurrent assets | 4,697 | 4,697 | 36 | 36 | 440 | 4,023 | — | — | 5,173 | 8,756 | |||||||||||||||||||||||||||||||
Intercompany investments | 938,825 | 938,166 | 21,400 | 21,400 | 1,598 | 1,598 | (961,823 | ) | (961,164 | ) | — | — | |||||||||||||||||||||||||||||
Total assets | $ | 971,110 | $ | 970,451 | $ | 805,914 | $ | 805,914 | $ | 361,573 | $ | 362,718 | $ | (1,011,322 | ) | $ | (1,010,663 | ) | $ | 1,127,275 | $ | 1,128,420 | |||||||||||||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||||||||||||||||||||||||||||||||||||
Unearned revenue-current | — | — | — | — | 21,495 | 19,716 | — | — | 21,495 | 19,716 | |||||||||||||||||||||||||||||||
Total current liabilities | 12,729 | 12,729 | 62,535 | 62,535 | 76,038 | 74,259 | (22,871 | ) | (22,871 | ) | 128,431 | 126,652 | |||||||||||||||||||||||||||||
Unearned revenue-noncurrent | — | — | — | — | 4,532 | 8,115 | — | — | 4,532 | 8,115 | |||||||||||||||||||||||||||||||
Total liabilities | 248,358 | 248,358 | 225,711 | 225,711 | 185,787 | 187,591 | (255,333 | ) | (255,333 | ) | 404,523 | 406,327 | |||||||||||||||||||||||||||||
Shareholders’ equity | 722,752 | 722,093 | 580,203 | 580,203 | 175,786 | 175,127 | (755,989 | ) | (755,330 | ) | 722,752 | 722,093 | |||||||||||||||||||||||||||||
Total liabilities and shareholders’ equity | $ | 971,110 | $ | 970,451 | $ | 805,914 | $ | 805,914 | $ | 361,573 | $ | 362,718 | $ | (1,011,322 | ) | $ | (1,010,663 | ) | $ | 1,127,275 | $ | 1,128,420 | |||||||||||||||||||
Schedule of Condensed Consolidating Statement of Operations | ' | ||||||||||||||||||||||||||||||||||||||||
Condensed Consolidating Statement of Operations and Comprehensive Income | |||||||||||||||||||||||||||||||||||||||||
Year Ended December 31, 2012 | |||||||||||||||||||||||||||||||||||||||||
RTI | Guarantor | Non-Guarantor | Eliminations | Consolidated | |||||||||||||||||||||||||||||||||||||
International | Subsidiaries | Subsidiaries | (As Restated) | (As Restated) | |||||||||||||||||||||||||||||||||||||
Metals, Inc. | (As Restated) | (As Restated) | |||||||||||||||||||||||||||||||||||||||
(As Restated) | |||||||||||||||||||||||||||||||||||||||||
Net sales | $ | — | $ | 503,018 | $ | 417,573 | $ | (212,501 | ) | $ | 708,090 | ||||||||||||||||||||||||||||||
Costs and expenses: | |||||||||||||||||||||||||||||||||||||||||
Cost of sales | — | 426,268 | 354,695 | (212,501 | ) | 568,462 | |||||||||||||||||||||||||||||||||||
Selling, general, and administrative expenses(1) | (3,101 | ) | 45,316 | 45,771 | — | 87,986 | |||||||||||||||||||||||||||||||||||
Research, technical, and product development expenses | 95 | 4,007 | 62 | — | 4,164 | ||||||||||||||||||||||||||||||||||||
Asset and asset-related charges (income) | — | 367 | — | — | 367 | ||||||||||||||||||||||||||||||||||||
Operating income (loss) | 3,006 | 27,060 | 17,045 | — | 47,111 | ||||||||||||||||||||||||||||||||||||
Other income (expense), net | (63 | ) | 38 | (476 | ) | — | (501 | ) | |||||||||||||||||||||||||||||||||
Interest income (expense), net | (16,639 | ) | 205 | (1,344 | ) | — | (17,778 | ) | |||||||||||||||||||||||||||||||||
Equity in earnings of subsidiaries | 25,832 | 5,419 | 2,138 | (33,389 | ) | — | |||||||||||||||||||||||||||||||||||
Income before income taxes | 12,136 | 32,722 | 17,363 | (33,389 | ) | 28,832 | |||||||||||||||||||||||||||||||||||
Provision for (benefit from) income taxes | (6,304 | ) | 10,726 | 5,970 | — | 10,392 | |||||||||||||||||||||||||||||||||||
Net income attributable to continuing operations | $ | 18,440 | $ | 21,996 | $ | 11,393 | $ | (33,389 | ) | $ | 18,440 | ||||||||||||||||||||||||||||||
Net income attributable to discontinued operations, net of tax | 1,700 | — | 1,700 | (1,700 | ) | 1,700 | |||||||||||||||||||||||||||||||||||
Net income | 20,140 | 21,996 | 13,093 | (35,089 | ) | 20,140 | |||||||||||||||||||||||||||||||||||
Comprehensive income | $ | 14,629 | $ | 14,465 | $ | 15,651 | $ | (30,116 | ) | $ | 14,629 | ||||||||||||||||||||||||||||||
-1 | The Parent allocates selling, general, and administrative expenses (“SG&A”) to the subsidiaries based upon its budgeted annual expenses. A credit in the Parent’s SG&A is offset by an equal debit amount in the subsidiaries’ SG&A. | ||||||||||||||||||||||||||||||||||||||||
Condensed Consolidating Statement of Operations and Comprehensive Income | |||||||||||||||||||||||||||||||||||||||||
Year Ended December 31, 2011 | |||||||||||||||||||||||||||||||||||||||||
RTI | Guarantor | Non-Guarantor | Eliminations | Consolidated | |||||||||||||||||||||||||||||||||||||
International | Subsidiaries | Subsidiaries | (As Revised) | (As Revised) | |||||||||||||||||||||||||||||||||||||
Metals, Inc. | (As Revised) | (As Revised) | |||||||||||||||||||||||||||||||||||||||
(As Revised) | |||||||||||||||||||||||||||||||||||||||||
Net sales | $ | — | $ | 347,963 | $ | 329,155 | $ | (175,830 | ) | $ | 501,288 | ||||||||||||||||||||||||||||||
Costs and expenses: | |||||||||||||||||||||||||||||||||||||||||
Cost of sales | — | 296,066 | 287,424 | (175,830 | ) | 407,660 | |||||||||||||||||||||||||||||||||||
Selling, general, and administrative expenses(1) | 981 | 22,586 | 44,118 | — | 67,685 | ||||||||||||||||||||||||||||||||||||
Research, technical, and product development expenses | — | 3,232 | 160 | — | 3,392 | ||||||||||||||||||||||||||||||||||||
Asset and asset-related charges (income) | — | — | (1,501 | ) | — | (1,501 | ) | ||||||||||||||||||||||||||||||||||
Operating income (loss) | (981 | ) | 26,079 | (1,046 | ) | — | 24,052 | ||||||||||||||||||||||||||||||||||
Other income (expense), net | (92 | ) | (38 | ) | 186 | — | 56 | ||||||||||||||||||||||||||||||||||
Interest income (expense), net | (16,299 | ) | 1,797 | (1,143 | ) | — | (15,645 | ) | |||||||||||||||||||||||||||||||||
Equity in earnings (loss) of subsidiaries | 16,568 | 6,128 | (1,055 | ) | (21,641 | ) | — | ||||||||||||||||||||||||||||||||||
Income before income taxes | (804 | ) | 33,966 | (3,058 | ) | (21,641 | ) | 8,463 | |||||||||||||||||||||||||||||||||
Provision for (benefit from) income taxes | (4,998 | ) | 10,257 | (990 | ) | — | 4,269 | ||||||||||||||||||||||||||||||||||
Net income from continuing operations | $ | 4,194 | $ | 23,709 | $ | (2,068 | ) | $ | (21,641 | ) | $ | 4,194 | |||||||||||||||||||||||||||||
Net income from discontinued operations, net of tax | 1,838 | — | 1,838 | (1,838 | ) | 1,838 | |||||||||||||||||||||||||||||||||||
Net income (loss) | $ | 6,032 | $ | 23,709 | $ | (230 | ) | $ | (23,479 | ) | $ | 6,032 | |||||||||||||||||||||||||||||
Comprehensive income (loss) | $ | (842 | ) | $ | 19,646 | $ | (2,106 | ) | $ | (17,540 | ) | $ | (842 | ) | |||||||||||||||||||||||||||
-1 | The Parent allocates SG&A to the subsidiaries based upon its budgeted annual expenses. | ||||||||||||||||||||||||||||||||||||||||
Condensed Consolidating Statement of Operations and Comprehensive Income | |||||||||||||||||||||||||||||||||||||||||
Year Ended December 31, 2010 | |||||||||||||||||||||||||||||||||||||||||
RTI | Guarantor | Non-Guarantor | Eliminations | Consolidated | |||||||||||||||||||||||||||||||||||||
International | Subsidiaries | Subsidiaries | (As Revised) | (As Revised) | |||||||||||||||||||||||||||||||||||||
Metals, Inc. | (As Revised) | (As Revised) | |||||||||||||||||||||||||||||||||||||||
(As Revised) | |||||||||||||||||||||||||||||||||||||||||
Net sales(1) | $ | 12,372 | $ | 253,754 | $ | 254,428 | $ | (114,063 | ) | $ | 406,491 | ||||||||||||||||||||||||||||||
Costs and expenses: | |||||||||||||||||||||||||||||||||||||||||
Cost of sales | — | 221,351 | 226,838 | (114,063 | ) | 334,126 | |||||||||||||||||||||||||||||||||||
Selling, general, and administrative expenses(2) | 9,300 | 9,966 | 41,043 | — | 60,309 | ||||||||||||||||||||||||||||||||||||
Research, technical, and product development expenses | — | 3,256 | — | — | 3,256 | ||||||||||||||||||||||||||||||||||||
Asset and asset-related charges (income) | — | — | (5,012 | ) | — | (5,012 | ) | ||||||||||||||||||||||||||||||||||
Operating income (loss) | 3,072 | 19,181 | (8,441 | ) | — | 13,812 | |||||||||||||||||||||||||||||||||||
Other expense, net | (52 | ) | (91 | ) | (479 | ) | — | (622 | ) | ||||||||||||||||||||||||||||||||
Interest income (expense), net | (2,650 | ) | 4,615 | (3,584 | ) | — | (1,619 | ) | |||||||||||||||||||||||||||||||||
Equity in earnings (loss) of subsidiaries | 5,544 | 2,617 | (2,282 | ) | (5,879 | ) | — | ||||||||||||||||||||||||||||||||||
Income (loss) before income taxes | 5,914 | 26,322 | (14,786 | ) | (5,879 | ) | 11,571 | ||||||||||||||||||||||||||||||||||
Provision for (benefit from) income taxes | 2,654 | 7,444 | (1,787 | ) | — | 8,311 | |||||||||||||||||||||||||||||||||||
Net income attributable to continuing operations | $ | 3,260 | $ | 18,878 | $ | (12,999 | ) | $ | (5,879 | ) | $ | 3,260 | |||||||||||||||||||||||||||||
Net income attributable to discontinued operations, net of tax | 310 | — | 310 | (310 | ) | 310 | |||||||||||||||||||||||||||||||||||
Net income (loss) | $ | 3,570 | $ | 18,878 | $ | (12,689 | ) | $ | (6,189 | ) | $ | 3,570 | |||||||||||||||||||||||||||||
Comprehensive income (loss) | $ | 4,796 | $ | 16,038 | $ | (6,708 | ) | $ | (9,330 | ) | $ | 4,796 | |||||||||||||||||||||||||||||
-1 | During the year ended December 31, 2010, the Parent recorded net sales related to the March 2010 settlement of certain Airbus 2009 contractual obligations. | ||||||||||||||||||||||||||||||||||||||||
-2 | 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 December 31, 2012 | |||||||||||||||||||||||||||||||||||||||||
RTI | Guarantor | Non-Guarantor | Eliminations | Consolidated | |||||||||||||||||||||||||||||||||||||
International | Subsidiaries | Subsidiaries | (As Restated) | (As Restated) | |||||||||||||||||||||||||||||||||||||
Metals, Inc. | (As Restated) | (As Restated) | |||||||||||||||||||||||||||||||||||||||
(As Restated) | |||||||||||||||||||||||||||||||||||||||||
ASSETS | |||||||||||||||||||||||||||||||||||||||||
Current assets: | |||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | 87,283 | $ | 9,907 | $ | — | $ | 97,190 | |||||||||||||||||||||||||||||||
Receivables, net | 126 | 72,773 | 59,639 | (27,221 | ) | 105,317 | |||||||||||||||||||||||||||||||||||
Inventories, net | — | 220,989 | 164,127 | — | 385,116 | ||||||||||||||||||||||||||||||||||||
Costs in excess of billings | — | — | 2,260 | — | 2,260 | ||||||||||||||||||||||||||||||||||||
Deferred income taxes | 26,478 | 2,543 | 2,359 | — | 31,380 | ||||||||||||||||||||||||||||||||||||
Assets of discontinued operations | — | — | 14,741 | — | 14,741 | ||||||||||||||||||||||||||||||||||||
Other current assets | 5,410 | 2,072 | 3,788 | — | 11,270 | ||||||||||||||||||||||||||||||||||||
Total current assets | 32,014 | 385,660 | 256,821 | (27,221 | ) | 647,274 | |||||||||||||||||||||||||||||||||||
Property, plant, and equipment, net | 1,327 | 308,467 | 66,155 | — | 375,949 | ||||||||||||||||||||||||||||||||||||
Goodwill | — | 93,665 | 36,945 | — | 130,610 | ||||||||||||||||||||||||||||||||||||
Other intangible assets, net | — | 35,152 | 21,343 | — | 56,495 | ||||||||||||||||||||||||||||||||||||
Deferred income taxes | — | 32,757 | 33,433 | (32,903 | ) | 33,287 | |||||||||||||||||||||||||||||||||||
Other noncurrent assets | 4,117 | 892 | 3,857 | — | 8,866 | ||||||||||||||||||||||||||||||||||||
Intercompany investments | 980,867 | 26,814 | 3,736 | (1,011,417 | ) | — | |||||||||||||||||||||||||||||||||||
Total assets | $ | 1,018,325 | $ | 883,407 | $ | 422,290 | $ | (1,071,541 | ) | $ | 1,252,481 | ||||||||||||||||||||||||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||||||||||||||||||||||||||||||||||||
Current liabilities: | |||||||||||||||||||||||||||||||||||||||||
Accounts payable | $ | 1,177 | $ | 70,086 | $ | 47,619 | $ | (27,221 | ) | $ | 91,661 | ||||||||||||||||||||||||||||||
Accrued wages and other employee costs | 6,519 | 16,368 | 11,209 | — | 34,096 | ||||||||||||||||||||||||||||||||||||
Unearned revenue | — | 689 | 24,309 | — | 24,998 | ||||||||||||||||||||||||||||||||||||
Liabilities of discontinued operations | — | — | 2,332 | — | 2,332 | ||||||||||||||||||||||||||||||||||||
Other accrued liabilities | 3,669 | 9,197 | 9,684 | — | 22,550 | ||||||||||||||||||||||||||||||||||||
Total current liabilities | 11,365 | 96,340 | 95,153 | (27,221 | ) | 175,637 | |||||||||||||||||||||||||||||||||||
Long-term debt | 196,644 | 1,693 | — | — | 198,337 | ||||||||||||||||||||||||||||||||||||
Intercompany debt | — | 118,229 | 104,084 | (222,313 | ) | — | |||||||||||||||||||||||||||||||||||
Liability for post-retirement benefits | — | 45,066 | — | — | 45,066 | ||||||||||||||||||||||||||||||||||||
Liability for pension benefits | 6,419 | 14,133 | 159 | — | 20,711 | ||||||||||||||||||||||||||||||||||||
Deferred income taxes | 54,222 | 21,590 | 3,475 | (32,903 | ) | 46,384 | |||||||||||||||||||||||||||||||||||
Unearned revenue | — | — | 13,013 | — | 13,013 | ||||||||||||||||||||||||||||||||||||
Other noncurrent liabilities | 8,140 | 3,434 | 224 | — | 11,798 | ||||||||||||||||||||||||||||||||||||
Total liabilities | 276,790 | 300,485 | 216,108 | (282,437 | ) | 510,946 | |||||||||||||||||||||||||||||||||||
Shareholders’ equity | 741,535 | 582,922 | 206,182 | (789,104 | ) | 741,535 | |||||||||||||||||||||||||||||||||||
Total liabilities and shareholders’ equity | $ | 1,018,325 | $ | 883,407 | $ | 422,290 | $ | (1,071,541 | ) | $ | 1,252,481 | ||||||||||||||||||||||||||||||
Condensed Consolidating Balance Sheet | |||||||||||||||||||||||||||||||||||||||||
As of December 31, 2011 | |||||||||||||||||||||||||||||||||||||||||
RTI | Guarantor | Non-Guarantor | Eliminations | Consolidated | |||||||||||||||||||||||||||||||||||||
International | Subsidiaries | Subsidiaries | (As Revised) | (As Revised) | |||||||||||||||||||||||||||||||||||||
Metals, Inc. | (As Revised) | (As Revised) | |||||||||||||||||||||||||||||||||||||||
(As Revised) | |||||||||||||||||||||||||||||||||||||||||
ASSETS | |||||||||||||||||||||||||||||||||||||||||
Current assets: | |||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | 144,271 | $ | 12,571 | $ | — | $ | 156,842 | |||||||||||||||||||||||||||||||
Short-term investments | — | 164,255 | — | — | 164,255 | ||||||||||||||||||||||||||||||||||||
Receivables, net | 351 | 55,499 | 51,113 | (20,535 | ) | 86,428 | |||||||||||||||||||||||||||||||||||
Inventories, net | — | 136,695 | 123,157 | — | 259,852 | ||||||||||||||||||||||||||||||||||||
Costs in excess of billings | — | — | 400 | — | 400 | ||||||||||||||||||||||||||||||||||||
Deferred income taxes | 17,177 | 1,399 | 465 | — | 19,041 | ||||||||||||||||||||||||||||||||||||
Assets of discontinued operations | — | — | 16,083 | — | 16,083 | ||||||||||||||||||||||||||||||||||||
Other current assets | 9,351 | 883 | 2,324 | (2,336 | ) | 10,222 | |||||||||||||||||||||||||||||||||||
Total current assets | 26,879 | 503,002 | 206,113 | (22,871 | ) | 713,123 | |||||||||||||||||||||||||||||||||||
Property, plant, and equipment, net | 709 | 224,129 | 64,537 | — | 289,375 | ||||||||||||||||||||||||||||||||||||
Investments | — | 12,683 | — | — | 12,683 | ||||||||||||||||||||||||||||||||||||
Goodwill | — | 18,097 | 36,386 | — | 54,483 | ||||||||||||||||||||||||||||||||||||
Other intangible assets, net | — | — | 22,576 | — | 22,576 | ||||||||||||||||||||||||||||||||||||
Deferred income taxes | — | 26,567 | 27,485 | (26,628 | ) | 27,424 | |||||||||||||||||||||||||||||||||||
Other noncurrent assets | 4,697 | 36 | 4,023 | — | 8,756 | ||||||||||||||||||||||||||||||||||||
Intercompany investments | 938,166 | 21,400 | 1,598 | (961,164 | ) | — | |||||||||||||||||||||||||||||||||||
Total assets | $ | 970,451 | $ | 805,914 | $ | 362,718 | $ | (1,010,663 | ) | $ | 1,128,420 | ||||||||||||||||||||||||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||||||||||||||||||||||||||||||||||||
Current liabilities: | |||||||||||||||||||||||||||||||||||||||||
Accounts payable | $ | 950 | $ | 38,456 | $ | 36,949 | $ | (20,535 | ) | $ | 55,820 | ||||||||||||||||||||||||||||||
Accrued wages and other employee costs | 7,485 | 11,978 | 7,324 | — | 26,787 | ||||||||||||||||||||||||||||||||||||
Unearned revenue | — | — | 19,716 | — | 19,716 | ||||||||||||||||||||||||||||||||||||
Liabilities of discontinued operations | — | — | 4,244 | — | 4,244 | ||||||||||||||||||||||||||||||||||||
Other accrued liabilities | 4,294 | 12,101 | 6,026 | (2,336 | ) | 20,085 | |||||||||||||||||||||||||||||||||||
Total current liabilities | 12,729 | 62,535 | 74,259 | (22,871 | ) | 126,652 | |||||||||||||||||||||||||||||||||||
Long-term debt | 186,961 | 20 | — | — | 186,981 | ||||||||||||||||||||||||||||||||||||
Intercompany debt | — | 105,116 | 100,740 | (205,856 | ) | — | |||||||||||||||||||||||||||||||||||
Liability for post-retirement benefits | — | 41,388 | — | — | 41,388 | ||||||||||||||||||||||||||||||||||||
Liability for pension benefits | 6,777 | 13,376 | 677 | — | 20,830 | ||||||||||||||||||||||||||||||||||||
Deferred income taxes | 36,638 | (40 | ) | 3,614 | (26,606 | ) | 13,606 | ||||||||||||||||||||||||||||||||||
Unearned revenue | — | — | 8,115 | — | 8,115 | ||||||||||||||||||||||||||||||||||||
Other noncurrent liabilities | 5,253 | 3,316 | 186 | — | 8,755 | ||||||||||||||||||||||||||||||||||||
Total liabilities | 248,358 | 225,711 | 187,591 | (255,333 | ) | 406,327 | |||||||||||||||||||||||||||||||||||
Shareholders’ equity | 722,093 | 580,203 | 175,127 | (755,330 | ) | 722,093 | |||||||||||||||||||||||||||||||||||
Total liabilities and shareholders’ equity | $ | 970,451 | $ | 805,914 | $ | 362,718 | $ | (1,010,663 | ) | $ | 1,128,420 | ||||||||||||||||||||||||||||||
Schedule of Condensed Consolidating Statement of Cash Flows | ' | ||||||||||||||||||||||||||||||||||||||||
Condensed Consolidating Statement of Cash Flows | |||||||||||||||||||||||||||||||||||||||||
Year Ended December 31, 2012 | |||||||||||||||||||||||||||||||||||||||||
RTI | Guarantor | Non-Guarantor | Eliminations | Consolidated | |||||||||||||||||||||||||||||||||||||
International | Subsidiaries | Subsidiaries | (As Restated) | (As Restated) | |||||||||||||||||||||||||||||||||||||
Metals, Inc. | (As Restated) | (As Restated) | |||||||||||||||||||||||||||||||||||||||
(As Restated) | |||||||||||||||||||||||||||||||||||||||||
Cash provided by (used in) operating activities | $ | 21,972 | $ | 2,957 | $ | (16,863 | ) | $ | — | $ | 8,066 | ||||||||||||||||||||||||||||||
Investing activities: | |||||||||||||||||||||||||||||||||||||||||
Capital expenditures | (970 | ) | (54,715 | ) | (5,853 | ) | — | (61,538 | ) | ||||||||||||||||||||||||||||||||
Investments in subsidiares, net | 178,633 | — | — | (178,633 | ) | — | |||||||||||||||||||||||||||||||||||
Acquisitions, net of cash acquired | (182,811 | ) | — | — | — | (182,811 | ) | ||||||||||||||||||||||||||||||||||
Proceeds from disposal of property, plant, and equipment | — | — | 10 | — | 10 | ||||||||||||||||||||||||||||||||||||
Short-term investments and marketable securities, net | — | 176,771 | — | — | 176,771 | ||||||||||||||||||||||||||||||||||||
Cash provided by (used in) investing activities | (5,148 | ) | 122,056 | (5,843 | ) | (178,633 | ) | (67,568 | ) | ||||||||||||||||||||||||||||||||
Financing activities: | |||||||||||||||||||||||||||||||||||||||||
Proceeds from exercise of employee stock options | 729 | — | — | — | 729 | ||||||||||||||||||||||||||||||||||||
Excess tax benefits from stock-based compensation activity | 196 | — | — | — | 196 | ||||||||||||||||||||||||||||||||||||
Parent company investments, net of distributions | — | (194,783 | ) | 16,150 | 178,633 | — | |||||||||||||||||||||||||||||||||||
Repayments on long-term debt | — | (758 | ) | — | — | (758 | ) | ||||||||||||||||||||||||||||||||||
Intercompany debt, net | (16,184 | ) | 13,540 | 2,644 | — | — | |||||||||||||||||||||||||||||||||||
Purchase of common stock held in treasury | (742 | ) | — | — | — | (742 | ) | ||||||||||||||||||||||||||||||||||
Financing fees | (823 | ) | — | — | — | (823 | ) | ||||||||||||||||||||||||||||||||||
Cash provided by (used in) financing activities | (16,824 | ) | (182,001 | ) | 18,794 | 178,633 | (1,398 | ) | |||||||||||||||||||||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | 1,248 | — | 1,248 | ||||||||||||||||||||||||||||||||||||
Decrease in cash and cash equivalents | — | (56,988 | ) | (2,664 | ) | — | (59,652 | ) | |||||||||||||||||||||||||||||||||
Cash and cash equivalents at beginning of period | — | 144,271 | 12,571 | — | 156,842 | ||||||||||||||||||||||||||||||||||||
Cash and cash equivalents at end of period | $ | — | $ | 87,283 | $ | 9,907 | $ | — | $ | 97,190 | |||||||||||||||||||||||||||||||
Condensed Consolidating Statement of Cash Flows | |||||||||||||||||||||||||||||||||||||||||
Year Ended December 31, 2011 | |||||||||||||||||||||||||||||||||||||||||
RTI | Guarantor | Non-Guarantor | Eliminations | Consolidated | |||||||||||||||||||||||||||||||||||||
International | Subsidiaries | Subsidiaries | (As Revised) | (As Revised) | |||||||||||||||||||||||||||||||||||||
Metals, Inc. | (As Revised) | (As Revised) | |||||||||||||||||||||||||||||||||||||||
(As Revised) | |||||||||||||||||||||||||||||||||||||||||
Cash provided by (used in) operating activities | $ | 28,498 | $ | 21,099 | $ | (34,762 | ) | $ | — | $ | 14,835 | ||||||||||||||||||||||||||||||
Investing activities: | |||||||||||||||||||||||||||||||||||||||||
Capital expenditures | — | (35,793 | ) | (3,052 | ) | — | (38,845 | ) | |||||||||||||||||||||||||||||||||
Investments in subsidiares, net | (35,812 | ) | — | — | — | (35,812 | ) | ||||||||||||||||||||||||||||||||||
Acquisitions, net of cash acquired | 33,831 | 1,735 | (36,248 | ) | 682 | — | |||||||||||||||||||||||||||||||||||
Proceeds from disposal of property, plant, and equipment | — | — | 20 | — | 20 | ||||||||||||||||||||||||||||||||||||
Short-term investments and marketable securities, net | — | (160,409 | ) | — | — | (160,409 | ) | ||||||||||||||||||||||||||||||||||
Cash used in investing activities | (1,981 | ) | (194,467 | ) | (39,280 | ) | 682 | (235,046 | ) | ||||||||||||||||||||||||||||||||
Financing activities: | |||||||||||||||||||||||||||||||||||||||||
Proceeds from exercise of employee stock options | 367 | — | — | — | 367 | ||||||||||||||||||||||||||||||||||||
Excess tax benefits from stock-based compensation activity | 302 | — | — | — | 302 | ||||||||||||||||||||||||||||||||||||
Parent company investments, net of distributions | — | (38,200 | ) | 38,882 | (682 | ) | — | ||||||||||||||||||||||||||||||||||
Repayments on long-term debt | — | (20 | ) | (5 | ) | — | (25 | ) | |||||||||||||||||||||||||||||||||
Intercompany debt, net | (26,892 | ) | 5,230 | 21,662 | — | — | |||||||||||||||||||||||||||||||||||
Purchase of common stock held in treasury | (294 | ) | — | — | — | (294 | ) | ||||||||||||||||||||||||||||||||||
Cash provided by (used in) financing activities | (26,517 | ) | (32,990 | ) | 60,539 | (682 | ) | 350 | |||||||||||||||||||||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | (248 | ) | — | (248 | ) | ||||||||||||||||||||||||||||||||||
Decrease in cash and cash equivalents | — | (206,358 | ) | (13,751 | ) | — | (220,109 | ) | |||||||||||||||||||||||||||||||||
Cash and cash equivalents at beginning of period | — | 350,629 | 26,322 | — | 376,951 | ||||||||||||||||||||||||||||||||||||
Cash and cash equivalents at end of period | $ | — | $ | 144,271 | $ | 12,571 | $ | — | $ | 156,842 | |||||||||||||||||||||||||||||||
Condensed Consolidating Statement of Cash Flows | |||||||||||||||||||||||||||||||||||||||||
Year Ended December 31, 2010 | |||||||||||||||||||||||||||||||||||||||||
RTI | Guarantor | Non-Guarantor | Eliminations | Consolidated | |||||||||||||||||||||||||||||||||||||
International | Subsidiaries | Subsidiaries | (As Revised) | (As Revised) | |||||||||||||||||||||||||||||||||||||
Metals, Inc. | (As Revised) | (As Revised) | |||||||||||||||||||||||||||||||||||||||
(As Revised) | |||||||||||||||||||||||||||||||||||||||||
Cash provided by operating activities | $ | 26,707 | $ | 28,776 | $ | 19,725 | $ | — | $ | 75,208 | |||||||||||||||||||||||||||||||
Investing activities: | |||||||||||||||||||||||||||||||||||||||||
Capital expenditures | — | (24,365 | ) | (4,267 | ) | — | (28,632 | ) | |||||||||||||||||||||||||||||||||
Investments in subsidiares, net | (205,830 | ) | (2,900 | ) | — | 208,730 | — | ||||||||||||||||||||||||||||||||||
Proceeds from disposal of property, plant, and equipment | — | — | 4,011 | — | 4,011 | ||||||||||||||||||||||||||||||||||||
Short-term investments, net | — | 44,766 | — | — | 44,766 | ||||||||||||||||||||||||||||||||||||
Cash provided by (used in) investing activities | (205,830 | ) | 17,501 | (256 | ) | 208,730 | 20,145 | ||||||||||||||||||||||||||||||||||
Financing activities: | |||||||||||||||||||||||||||||||||||||||||
Proceeds from exercise of employee stock options | 1,096 | — | — | — | 1,096 | ||||||||||||||||||||||||||||||||||||
Excess tax benefits from stock-based compensation activity | 380 | — | — | — | 380 | ||||||||||||||||||||||||||||||||||||
Parent company investments, net of distributions | — | 75,375 | 133,355 | (208,730 | ) | — | |||||||||||||||||||||||||||||||||||
Borrowings on long-term debt | 230,000 | — | — | — | 230,000 | ||||||||||||||||||||||||||||||||||||
Repayments on long-term debt | — | (20 | ) | (17 | ) | — | (37 | ) | |||||||||||||||||||||||||||||||||
Intercompany debt, net | (44,737 | ) | 183,472 | (138,735 | ) | — | — | ||||||||||||||||||||||||||||||||||
Purchase of common stock held in treasury | (367 | ) | — | — | — | (367 | ) | ||||||||||||||||||||||||||||||||||
Financing fees | (7,249 | ) | — | — | — | (7,249 | ) | ||||||||||||||||||||||||||||||||||
Cash provided by (used in) financing activities | 179,123 | 258,827 | (5,397 | ) | (208,730 | ) | 223,823 | ||||||||||||||||||||||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | 1,559 | — | 1,559 | ||||||||||||||||||||||||||||||||||||
Increase in cash and cash equivalents | — | 305,104 | 15,631 | — | 320,735 | ||||||||||||||||||||||||||||||||||||
Cash and cash equivalents at beginning of period | — | 45,525 | 10,691 | — | 56,216 | ||||||||||||||||||||||||||||||||||||
Cash and cash equivalents at end of period | $ | — | $ | 350,629 | $ | 26,322 | $ | — | $ | 376,951 | |||||||||||||||||||||||||||||||
SELECTED_QUARTERLY_FINANCIAL_I1
SELECTED QUARTERLY FINANCIAL INFORMATION (UNAUDITED) (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2012 | |||||||||||||||||
Schedule of Selected Quarterly Financial Information (Unaudited) | ' | ||||||||||||||||
The following table sets forth selected quarterly financial data for 2012 and 2011. It has been derived from the Company’s unaudited Consolidated Financial Statements which have been restated or revised, as indicated, for each of the quarterly periods to reflect the adjustments that are more fully described in Note 2 to the Consolidated Financial Statements. | |||||||||||||||||
2012 | 1st | 2nd | 3rd | 4th | |||||||||||||
Quarter | Quarter | Quarter | Quarter | ||||||||||||||
(As Restated) | (As Restated) | (As Restated) | (As Restated) | ||||||||||||||
Net Sales | $ | 154,070 | $ | 184,462 | $ | 182,545 | $ | 187,013 | |||||||||
Gross profit | 32,507 | 34,019 | 33,650 | 39,452 | |||||||||||||
Operating income | 10,609 | 10,237 | 9,296 | 16,969 | |||||||||||||
Net income from continuing operations | 4,058 | 4,093 | 3,199 | 7,090 | |||||||||||||
Earnings per share attributable to continuing operations: | |||||||||||||||||
Basic | $ | 0.13 | $ | 0.14 | $ | 0.11 | $ | 0.23 | |||||||||
Diluted | $ | 0.13 | $ | 0.13 | $ | 0.11 | $ | 0.23 | |||||||||
Earnings per share attributable to discontinued operations: | |||||||||||||||||
Basic | $ | 0.02 | $ | 0.01 | $ | 0.01 | $ | 0.01 | |||||||||
Diluted | $ | 0.02 | $ | 0.01 | $ | 0.01 | $ | 0.01 | |||||||||
2011 | 1st | 2nd | 3rd | 4th | |||||||||||||
Quarter | Quarter | Quarter | Quarter | ||||||||||||||
(As Restated) | (As Restated) | (As Revised) | (As Revised) | ||||||||||||||
Net Sales | $ | 111,800 | $ | 118,007 | $ | 136,853 | $ | 134,628 | |||||||||
Gross profit | 23,312 | 24,183 | 22,851 | 23,282 | |||||||||||||
Operating income | 7,630 | 6,482 | 6,310 | 3,630 | |||||||||||||
Net income from continuing operations | 1,497 | 2,117 | 1,167 | (587 | ) | ||||||||||||
Earnings per share attributable to continuing operations: | |||||||||||||||||
Basic | $ | 0.05 | $ | 0.07 | $ | 0.04 | $ | (0.02 | ) | ||||||||
Diluted | $ | 0.05 | $ | 0.07 | $ | 0.04 | $ | (0.02 | ) | ||||||||
Earnings per share attributable to discontinued operations: | |||||||||||||||||
Basic | $ | 0.01 | $ | 0.02 | $ | 0.02 | $ | 0.01 | |||||||||
Diluted | $ | 0.01 | $ | 0.02 | $ | 0.02 | $ | 0.01 |
Organization_and_Operations_Ad
Organization and Operations - Additional Information (Detail) (USD $) | 1 Months Ended | |
In Millions, unless otherwise specified | Jan. 01, 2013 | Feb. 13, 2012 |
Subsequent Event | Remmele | |
Segment | ||
Business Acquisition [Line Items] | ' | ' |
Acquisition of issued and outstanding common stock | ' | $185.40 |
Cash paid for acquisition | ' | 182.6 |
Assumption of equipment leases | ' | $2.80 |
Number of operating segments | 2 | ' |
Restatements_and_Revisions_Add
Restatements and Revisions - Additional Information (Detail) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2012 |
Deferred Tax Asset - Current | ' |
Amount of error correction | $192 |
Goodwill | ' |
Amount of error correction | 5,260 |
Deferred Tax Asset - Noncurrent | ' |
Amount of error correction | 5,068 |
Net Sales | ' |
Amount of error correction | 897 |
Operating Income | ' |
Amount of error correction | 5,297 |
Second Restatement Adjustment | Net Sales | ' |
Amount of error correction | 1,464 |
Second Restatement Adjustment | Operating Income | ' |
Amount of error correction | $1,533 |
Effects_of_Restatement_on_Cons
Effects of Restatement on Consolidated Statements of Operations (Detail) (USD $) | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2011 | Sep. 30, 2011 | Jun. 30, 2011 | Mar. 31, 2011 | Jun. 30, 2012 | Jun. 30, 2011 | Sep. 30, 2012 | Sep. 30, 2011 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | |||
Net sales | $187,013 | $182,545 | $184,462 | $154,070 | $134,628 | $136,853 | $118,007 | $111,800 | $338,532 | $229,807 | $521,077 | $366,660 | $708,090 | $501,288 | $406,491 | [1] | ||
Cost and Expenses: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Cost of sales | ' | 148,895 | 150,443 | 121,563 | ' | 114,002 | 93,824 | 88,488 | 272,006 | 182,312 | 420,901 | 296,314 | 568,462 | 407,660 | 334,126 | |||
Selling, general and administrative expenses | ' | 21,725 | 22,678 | 20,833 | ' | 15,616 | 16,811 | 16,551 | 43,511 | 33,362 | 65,236 | 48,978 | 87,986 | [2] | 67,685 | [3] | 60,309 | [3] |
Research, technical, and product development expenses | ' | 1,012 | 1,104 | 1,065 | ' | 925 | 890 | 632 | 2,169 | 1,522 | 3,181 | 2,447 | 4,164 | 3,392 | 3,256 | |||
Asset and asset-related charges | ' | 1,617 | ' | ' | ' | ' | ' | -1,501 | ' | -1,501 | 1,617 | -1,501 | 367 | -1,501 | -5,012 | |||
Operating income | 16,969 | 9,296 | 10,237 | 10,609 | 3,630 | 6,310 | 6,482 | 7,630 | 20,846 | 14,112 | 30,142 | 20,422 | 47,111 | 24,052 | 13,812 | |||
Other income, net | ' | 16 | 570 | -268 | ' | 198 | 133 | -522 | 302 | -389 | 318 | -191 | -501 | 56 | -622 | |||
Interest income | ' | 18 | 33 | 82 | ' | 331 | 355 | 225 | 115 | 580 | 133 | 911 | 148 | 1,151 | 492 | |||
Interest expense | ' | -4,708 | -4,209 | -4,278 | ' | -4,173 | -4,250 | -4,300 | -8,487 | -8,550 | -13,195 | -12,723 | -17,926 | -16,796 | -2,111 | |||
Income (loss) before income taxes | ' | 4,622 | 6,631 | 6,145 | ' | 2,666 | 2,720 | 3,033 | 12,776 | 5,753 | 17,398 | 8,419 | 28,832 | 8,463 | 11,571 | |||
Provision for (benefit from) income taxes | ' | 1,423 | 2,538 | 2,087 | ' | 1,499 | 603 | 1,536 | 4,625 | 2,139 | 6,048 | 3,638 | 10,392 | 4,269 | 8,311 | |||
Net income attributable to continuing operations | 7,090 | 3,199 | 4,093 | 4,058 | -587 | 1,167 | 2,117 | 1,497 | 8,151 | 3,614 | 11,350 | 4,781 | 18,440 | 4,194 | 3,260 | |||
Net income attributable to discontinued operations, net of tax | ' | 389 | 453 | 571 | ' | 493 | 618 | 422 | 1,024 | 1,040 | 1,413 | 1,533 | 1,700 | 1,838 | 310 | |||
Net income | ' | 3,588 | 4,546 | 4,629 | ' | 1,660 | 2,735 | 1,919 | 9,175 | 4,654 | 12,763 | 6,314 | 20,140 | 6,032 | [4] | 3,570 | [4] | |
Earnings per share attributable to continuing operations: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Basic | $0.23 | $0.11 | $0.14 | $0.13 | ($0.02) | $0.04 | $0.07 | $0.05 | $0.27 | $0.12 | $0.37 | $0.16 | $0.61 | $0.14 | $0.11 | |||
Diluted | $0.23 | $0.11 | $0.13 | $0.13 | ($0.02) | $0.04 | $0.07 | $0.05 | $0.27 | $0.12 | $0.37 | $0.16 | $0.61 | $0.14 | $0.11 | |||
Earnings per share attributable to discontinued operations: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Basic | ' | $0.01 | $0.01 | $0.02 | ' | $0.02 | $0.02 | $0.01 | $0.03 | $0.03 | $0.05 | $0.05 | $0.06 | $0.06 | $0.01 | |||
Diluted | $0.01 | $0.01 | $0.01 | $0.02 | $0.01 | $0.02 | $0.02 | $0.01 | $0.03 | $0.03 | $0.05 | $0.05 | $0.06 | $0.06 | $0.01 | |||
Previously Reported | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Net sales | ' | 189,075 | 190,277 | 162,850 | ' | 143,671 | 123,213 | 120,850 | 353,127 | 244,063 | 542,202 | 387,734 | 738,608 | 529,679 | 431,793 | |||
Cost and Expenses: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Cost of sales | ' | 151,128 | 153,781 | 127,145 | ' | 118,665 | 98,624 | 94,845 | 280,926 | 193,469 | 432,054 | 312,134 | 588,077 | 429,007 | 355,908 | |||
Selling, general and administrative expenses | ' | 22,434 | 23,458 | 21,622 | ' | 16,388 | 17,618 | 17,458 | 45,080 | 35,076 | 67,514 | 51,464 | ' | ' | ' | |||
Research, technical, and product development expenses | ' | 1,012 | 1,104 | 1,065 | ' | 925 | 890 | 632 | 2,169 | 1,522 | 3,181 | 2,447 | ' | ' | ' | |||
Asset and asset-related charges | ' | 1,617 | ' | ' | ' | ' | ' | -1,501 | ' | -1,501 | 1,617 | -1,501 | ' | ' | ' | |||
Operating income | ' | 12,884 | 11,934 | 13,018 | ' | 7,693 | 6,081 | 9,416 | 24,952 | 15,497 | 37,836 | 23,190 | 55,030 | 27,761 | 14,061 | |||
Other income, net | ' | 32 | 570 | -268 | ' | 198 | 133 | -569 | 302 | -436 | 334 | -238 | ' | ' | ' | |||
Interest income | ' | 18 | 33 | 82 | ' | 331 | 355 | 225 | 115 | 580 | 133 | 911 | ' | ' | ' | |||
Interest expense | ' | -4,708 | -4,209 | -4,278 | ' | -4,173 | -4,250 | -4,300 | -8,487 | -8,550 | -13,195 | -12,723 | ' | ' | ' | |||
Income (loss) before income taxes | ' | 8,226 | 8,328 | 8,554 | ' | 4,049 | 2,319 | 4,772 | 16,882 | 7,091 | 25,108 | 11,140 | 36,768 | 12,135 | 11,820 | |||
Provision for (benefit from) income taxes | ' | 2,601 | 3,165 | 2,929 | ' | 1,982 | 191 | 2,430 | 6,094 | 2,621 | 8,695 | 4,603 | 13,253 | 5,583 | 8,403 | |||
Net income attributable to continuing operations | ' | 5,625 | 5,163 | 5,625 | ' | 2,067 | 2,128 | 2,342 | 10,788 | 4,470 | 16,413 | 6,537 | 23,515 | 6,552 | 3,417 | |||
Net income | ' | 5,625 | 5,163 | 5,625 | ' | 2,067 | 2,128 | 2,342 | 10,788 | 4,470 | 16,413 | 6,537 | 23,515 | [4] | 6,552 | [4] | 3,417 | [4] |
Earnings per share attributable to continuing operations: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Basic | ' | $0.19 | $0.17 | $0.19 | ' | $0.07 | $0.07 | $0.08 | $0.36 | $0.15 | $0.54 | $0.22 | $0.78 | $0.22 | $0.11 | |||
Diluted | ' | $0.19 | $0.17 | $0.19 | ' | $0.07 | $0.07 | $0.08 | $0.36 | $0.15 | $0.54 | $0.22 | $0.77 | $0.22 | $0.11 | |||
First Restatement Adjustment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Net sales | ' | 439 | 1,971 | -810 | ' | ' | 2,900 | -1,139 | 1,161 | ' | 1,600 | ' | 567 | ' | ' | |||
Cost and Expenses: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Cost of sales | ' | 3,689 | 2,997 | 897 | ' | ' | 1,536 | -58 | 3,894 | ' | 7,583 | ' | 4,331 | ' | ' | |||
Operating income | ' | -3,250 | -1,026 | -1,707 | ' | ' | 1,364 | -1,081 | -2,733 | ' | -5,983 | ' | -3,764 | ' | ' | |||
Income (loss) before income taxes | ' | -3,250 | -1,026 | -1,707 | ' | ' | 1,364 | -1,081 | -2,733 | ' | -5,983 | ' | -3,764 | ' | ' | |||
Provision for (benefit from) income taxes | ' | -1,049 | -382 | -586 | ' | ' | 757 | -658 | -968 | ' | -2,017 | ' | -1,366 | ' | ' | |||
Net income attributable to continuing operations | ' | -2,201 | -644 | -1,121 | ' | ' | 607 | -423 | -1,765 | ' | -3,966 | ' | -2,398 | ' | ' | |||
Net income | ' | -2,201 | -644 | -1,121 | ' | ' | 607 | -423 | -1,765 | ' | -3,966 | ' | -2,398 | [4] | ' | ' | ||
Earnings per share attributable to continuing operations: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Basic | ' | ($0.07) | ($0.02) | ($0.04) | ' | ' | $0.02 | ($0.01) | ($0.06) | ' | ($0.13) | ' | ($0.08) | ' | ' | |||
Diluted | ' | ($0.07) | ($0.02) | ($0.04) | ' | ' | $0.02 | ($0.01) | ($0.06) | ' | ($0.13) | ' | ($0.08) | ' | ' | |||
Second Restatement Adjustment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Net sales | ' | 259 | 182 | 311 | ' | ' | ' | ' | 493 | ' | 752 | ' | -1,464 | ' | ' | |||
Cost and Expenses: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Cost of sales | ' | 19 | 136 | 121 | ' | ' | ' | ' | 257 | ' | 276 | ' | 69 | ' | ' | |||
Operating income | ' | 240 | 46 | 190 | ' | ' | ' | ' | 236 | ' | 476 | ' | -1,533 | ' | ' | |||
Income (loss) before income taxes | ' | 240 | 46 | 190 | ' | ' | ' | ' | 236 | ' | 476 | ' | -1,533 | ' | ' | |||
Provision for (benefit from) income taxes | ' | 76 | 19 | 65 | ' | ' | ' | ' | 84 | ' | 160 | ' | -556 | ' | ' | |||
Net income attributable to continuing operations | ' | 164 | 27 | 125 | ' | ' | ' | ' | 152 | ' | 316 | ' | -977 | ' | ' | |||
Net income | ' | 164 | 27 | 125 | ' | ' | ' | ' | 152 | ' | 316 | ' | -977 | [4] | ' | ' | ||
Earnings per share attributable to continuing operations: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Basic | ' | $0.01 | ' | ' | ' | ' | ' | ' | $0.01 | ' | $0.01 | ' | ($0.03) | ' | ' | |||
Diluted | ' | $0.01 | ' | ' | ' | ' | ' | ' | $0.01 | ' | $0.01 | ' | ($0.03) | ' | ' | |||
As Corrected | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Net sales | ' | 189,773 | 192,430 | 162,351 | ' | ' | 126,113 | 119,711 | 354,781 | ' | 544,554 | ' | 737,711 | ' | ' | |||
Cost and Expenses: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Cost of sales | ' | 154,836 | 156,914 | 128,163 | ' | ' | 100,160 | 94,787 | 285,077 | ' | 439,913 | ' | 592,477 | ' | ' | |||
Selling, general and administrative expenses | ' | 22,434 | 23,458 | 21,622 | ' | ' | 17,618 | 17,458 | 45,080 | ' | 67,514 | ' | ' | ' | ' | |||
Research, technical, and product development expenses | ' | 1,012 | 1,104 | 1,065 | ' | ' | 890 | 632 | 2,169 | ' | 3,181 | ' | ' | ' | ' | |||
Asset and asset-related charges | ' | 1,617 | ' | ' | ' | ' | ' | -1,501 | ' | ' | 1,617 | ' | ' | ' | ' | |||
Operating income | ' | 9,874 | 10,954 | 11,501 | ' | ' | 7,445 | 8,335 | 22,455 | ' | 32,329 | ' | 49,733 | ' | ' | |||
Other income, net | ' | 32 | 570 | -268 | ' | ' | 133 | -569 | 302 | ' | 334 | ' | ' | ' | ' | |||
Interest income | ' | 18 | 33 | 82 | ' | ' | 355 | 225 | 115 | ' | 133 | ' | ' | ' | ' | |||
Interest expense | ' | -4,708 | -4,209 | -4,278 | ' | ' | -4,250 | -4,300 | -8,487 | ' | -13,195 | ' | ' | ' | ' | |||
Income (loss) before income taxes | ' | 5,216 | 7,348 | 7,037 | ' | ' | 3,683 | 3,691 | 14,385 | ' | 19,601 | ' | 31,471 | ' | ' | |||
Provision for (benefit from) income taxes | ' | 1,628 | 2,802 | 2,408 | ' | ' | 948 | 1,772 | 5,210 | ' | 6,838 | ' | 11,331 | ' | ' | |||
Net income attributable to continuing operations | ' | 3,588 | 4,546 | 4,629 | ' | ' | 2,735 | 1,919 | 9,175 | ' | 12,763 | ' | 20,140 | ' | ' | |||
Net income | ' | 3,588 | 4,546 | 4,629 | ' | ' | 2,735 | 1,919 | 9,175 | ' | 12,763 | ' | 20,140 | [4] | ' | ' | ||
Earnings per share attributable to continuing operations: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Basic | ' | $0.12 | $0.15 | $0.15 | ' | ' | $0.09 | $0.06 | $0.30 | ' | $0.42 | ' | $0.66 | ' | ' | |||
Diluted | ' | $0.12 | $0.15 | $0.15 | ' | ' | $0.09 | $0.06 | $0.30 | ' | $0.42 | ' | $0.66 | ' | ' | |||
Discontinued | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Net sales | ' | -7,228 | -7,968 | -8,281 | ' | -7,494 | -8,106 | -7,911 | -16,249 | -16,017 | -23,477 | -23,511 | -29,621 | -30,141 | -21,731 | |||
Cost and Expenses: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Cost of sales | ' | -5,941 | -6,471 | -6,600 | ' | -5,954 | -6,336 | -6,299 | -13,071 | -12,635 | -19,012 | -18,589 | -24,015 | -23,906 | -17,973 | |||
Selling, general and administrative expenses | ' | -709 | -780 | -789 | ' | -772 | -807 | -907 | -1,569 | -1,714 | -2,278 | -2,486 | ' | ' | ' | |||
Operating income | ' | -578 | -717 | -892 | ' | -768 | -963 | -705 | -1,609 | -1,668 | -2,187 | -2,436 | -2,622 | -2,900 | -487 | |||
Other income, net | ' | -16 | ' | ' | ' | ' | ' | 47 | ' | 47 | -16 | 47 | ' | ' | ' | |||
Income (loss) before income taxes | ' | -594 | -717 | -892 | ' | -768 | -963 | -658 | -1,609 | -1,621 | -2,203 | -2,389 | -2,639 | -2,863 | -487 | |||
Provision for (benefit from) income taxes | ' | -205 | -264 | -321 | ' | -275 | -345 | -236 | -585 | -581 | -790 | -856 | -939 | -1,025 | -177 | |||
Net income attributable to continuing operations | ' | -389 | -453 | -571 | ' | -493 | -618 | -422 | -1,024 | -1,040 | -1,413 | -1,533 | -1,700 | -1,838 | -310 | |||
Net income attributable to discontinued operations, net of tax | ' | 389 | 453 | 571 | ' | 493 | 618 | 422 | 1,024 | 1,040 | 1,413 | 1,533 | 1,700 | 1,838 | 310 | |||
Earnings per share attributable to continuing operations: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Basic | ' | ($0.01) | ($0.01) | ($0.02) | ' | ($0.02) | ($0.02) | ($0.01) | ($0.03) | ($0.03) | ($0.05) | ($0.05) | ($0.06) | ($0.06) | ($0.01) | |||
Diluted | ' | ($0.01) | ($0.01) | ($0.02) | ' | ($0.02) | ($0.02) | ($0.01) | ($0.03) | ($0.03) | ($0.05) | ($0.05) | ($0.06) | ($0.06) | ($0.01) | |||
Earnings per share attributable to discontinued operations: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Basic | ' | $0.01 | $0.01 | $0.02 | ' | $0.02 | $0.02 | $0.01 | $0.03 | $0.03 | $0.05 | $0.05 | $0.06 | $0.06 | $0.01 | |||
Diluted | ' | $0.01 | $0.01 | $0.02 | ' | $0.02 | $0.02 | $0.01 | $0.03 | $0.03 | $0.05 | $0.05 | $0.06 | $0.06 | $0.01 | |||
Revision Adjustment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Net sales | ' | ' | ' | ' | ' | 676 | ' | ' | ' | 1,761 | ' | 2,437 | ' | 1,750 | -3,571 | |||
Cost and Expenses: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Cost of sales | ' | ' | ' | ' | ' | 1,291 | ' | ' | ' | 1,478 | ' | 2,769 | ' | 2,559 | -3,809 | |||
Operating income | ' | ' | ' | ' | ' | -615 | ' | ' | ' | 283 | ' | -332 | ' | -809 | 238 | |||
Income (loss) before income taxes | ' | ' | ' | ' | ' | -615 | ' | ' | ' | 283 | ' | -332 | ' | -809 | 238 | |||
Provision for (benefit from) income taxes | ' | ' | ' | ' | ' | -208 | ' | ' | ' | 99 | ' | -109 | ' | -289 | 85 | |||
Net income attributable to continuing operations | ' | ' | ' | ' | ' | -407 | ' | ' | ' | 184 | ' | -223 | ' | -520 | 153 | |||
Net income | ' | ' | ' | ' | ' | -407 | ' | ' | ' | 184 | ' | -223 | ' | -520 | [4] | 153 | [4] | |
Earnings per share attributable to continuing operations: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Basic | ' | ' | ' | ' | ' | ($0.01) | ' | ' | ' | $0.01 | ' | ($0.01) | ' | ($0.02) | $0.01 | |||
Diluted | ' | ' | ' | ' | ' | ($0.01) | ' | ' | ' | $0.01 | ' | ($0.01) | ' | ($0.02) | $0.01 | |||
As Revised | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Net sales | ' | ' | ' | ' | ' | 144,347 | ' | ' | ' | 245,824 | ' | 390,171 | ' | 531,429 | 428,222 | |||
Cost and Expenses: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Cost of sales | ' | ' | ' | ' | ' | 119,956 | ' | ' | ' | 194,947 | ' | 314,903 | ' | 431,566 | 352,099 | |||
Selling, general and administrative expenses | ' | ' | ' | ' | ' | 16,388 | ' | ' | ' | 35,076 | ' | 51,464 | ' | ' | ' | |||
Research, technical, and product development expenses | ' | ' | ' | ' | ' | 925 | ' | ' | ' | 1,522 | ' | 2,447 | ' | ' | ' | |||
Asset and asset-related charges | ' | ' | ' | ' | ' | ' | ' | ' | ' | -1,501 | ' | -1,501 | ' | ' | ' | |||
Operating income | ' | ' | ' | ' | ' | 7,078 | ' | ' | ' | 15,780 | ' | 22,858 | ' | 26,952 | 14,299 | |||
Other income, net | ' | ' | ' | ' | ' | 198 | ' | ' | ' | -436 | ' | -238 | ' | ' | ' | |||
Interest income | ' | ' | ' | ' | ' | 331 | ' | ' | ' | 580 | ' | 911 | ' | ' | ' | |||
Interest expense | ' | ' | ' | ' | ' | -4,173 | ' | ' | ' | -8,550 | ' | -12,723 | ' | ' | ' | |||
Income (loss) before income taxes | ' | ' | ' | ' | ' | 3,434 | ' | ' | ' | 7,374 | ' | 10,808 | ' | 11,326 | 12,058 | |||
Provision for (benefit from) income taxes | ' | ' | ' | ' | ' | 1,774 | ' | ' | ' | 2,720 | ' | 4,494 | ' | 5,294 | 8,488 | |||
Net income attributable to continuing operations | ' | ' | ' | ' | ' | 1,660 | ' | ' | ' | 4,654 | ' | 6,314 | ' | 6,032 | 3,570 | |||
Net income | ' | ' | ' | ' | ' | $1,660 | ' | ' | ' | $4,654 | ' | $6,314 | ' | $6,032 | $3,570 | |||
Earnings per share attributable to continuing operations: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Basic | ' | ' | ' | ' | ' | $0.05 | ' | ' | ' | $0.15 | ' | $0.21 | ' | $0.20 | $0.12 | |||
Diluted | ' | ' | ' | ' | ' | $0.05 | ' | ' | ' | $0.15 | ' | $0.21 | ' | $0.20 | $0.12 | |||
[1] | During the year ended December 31, 2010, the Parent recorded net sales related to the March 2010 settlement of certain Airbus 2009 contractual obligations. | |||||||||||||||||
[2] | The Parent allocates selling, general, and administrative expenses ("SG&A") to the subsidiaries based upon its budgeted annual expenses. A credit in the Parent's SG&A is offset by an equal debit amount in the subsidiaries' SG&A. | |||||||||||||||||
[3] | The Parent allocates SG&A to the subsidiaries based upon its budgeted annual expenses. | |||||||||||||||||
[4] | The Company does not present cash flows from discontinued operations, consistent with ASC 230, Statement of Cash Flows. |
Effects_of_Restatement_on_Cons1
Effects of Restatement on Consolidated Balance Sheet (Detail) (USD $) | Dec. 31, 2012 | Oct. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2011 | Sep. 30, 2011 | Jun. 30, 2011 | Mar. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2009 |
In Thousands, unless otherwise specified | |||||||||||
Cash and cash equivalents | $97,190 | ' | $73,389 | $99,525 | $117,872 | $156,842 | $189,741 | $228,313 | $276,154 | $376,951 | $56,216 |
Short-term investments | ' | ' | 3,998 | ' | ' | 164,255 | 76,587 | 63,590 | 38,892 | ' | ' |
Receivables, less allowance for doubtful accounts | 105,317 | ' | 114,248 | 103,757 | 103,163 | 86,428 | 84,528 | 62,408 | 72,751 | ' | ' |
Inventories, net | 385,116 | ' | 352,829 | 327,169 | 307,627 | 259,852 | 244,268 | 250,268 | 261,052 | ' | ' |
Costs in excess of billings | 2,260 | ' | 2,151 | 658 | 5 | 400 | ' | ' | 112 | ' | ' |
Deferred income taxes | 31,380 | ' | 22,059 | 20,775 | 20,475 | 19,041 | 20,161 | 22,930 | 23,664 | ' | ' |
Assets of discontinued operations | 14,741 | ' | 16,799 | 17,633 | 18,598 | 16,083 | 14,945 | 13,062 | 13,724 | ' | ' |
Other current assets | 11,270 | ' | 11,160 | 13,269 | 11,269 | 10,222 | 14,934 | 12,209 | 14,156 | ' | ' |
Total current assets | 647,274 | ' | 596,633 | 582,786 | 579,009 | 713,123 | 645,164 | 652,780 | 700,505 | ' | ' |
Property, plant and equipment, net | 375,949 | ' | 367,768 | 365,735 | 361,464 | 289,375 | 267,994 | 266,079 | 261,263 | 260,457 | ' |
Marketable Securities | ' | ' | ' | ' | ' | 12,683 | 89,479 | 92,440 | 48,779 | ' | ' |
Goodwill | 130,610 | 130,776 | 131,606 | 133,570 | 133,595 | 54,483 | 39,924 | 40,834 | 40,824 | 40,414 | ' |
Other intangible assets, net | 56,495 | ' | 57,664 | 58,251 | 59,527 | 22,576 | 12,829 | 13,965 | 14,219 | ' | ' |
Deferred income taxes | 33,287 | ' | 32,197 | 29,239 | 29,111 | 27,424 | 23,611 | 24,909 | 23,537 | ' | ' |
Other noncurrent assets | 8,866 | ' | 8,353 | 8,792 | 8,476 | 8,756 | 8,903 | 9,354 | 9,797 | ' | ' |
Total assets | 1,252,481 | ' | 1,194,221 | 1,178,373 | 1,171,182 | 1,128,420 | 1,087,904 | 1,100,361 | 1,098,924 | 1,111,305 | ' |
Accounts payable | 91,661 | ' | 67,166 | 61,084 | 64,837 | 55,820 | 49,218 | 31,092 | 31,932 | ' | ' |
Accrued wages and other employee costs | 34,096 | ' | 29,445 | 24,871 | 19,690 | 26,787 | 20,685 | 18,533 | 14,986 | ' | ' |
Unearned revenues | 24,998 | ' | 34,523 | 36,844 | 36,583 | 19,716 | 16,420 | 21,921 | 27,830 | ' | ' |
Liabilities of discontinued operations | 2,332 | ' | 3,198 | 3,494 | 3,879 | 4,244 | 5,069 | 3,467 | 4,551 | ' | ' |
Other accrued liabilities | 22,550 | ' | 27,458 | 21,680 | 21,768 | 20,085 | 19,797 | 28,222 | 29,156 | ' | ' |
Total current liabilities | 175,637 | ' | 161,790 | 147,973 | 146,757 | 126,652 | 111,189 | 103,235 | 108,455 | ' | ' |
Long-term debt | 198,337 | ' | 196,079 | 193,727 | 191,189 | 186,981 | 184,695 | 182,462 | 180,269 | ' | ' |
Liability for post-retirement benefits | 45,066 | ' | 42,220 | 42,000 | 41,806 | 41,388 | 41,128 | 40,859 | 40,277 | ' | ' |
Liability for pension benefits | 20,711 | ' | 2,555 | 13,402 | 15,097 | 20,830 | 7,153 | 27,604 | 28,504 | ' | ' |
Deferred income taxes | 46,384 | ' | 33,663 | 33,749 | 33,141 | 13,606 | 5,441 | 3,169 | 3,102 | ' | ' |
Unearned revenues | 13,013 | ' | 3,240 | 3,385 | 3,504 | 8,115 | 3,675 | 3,754 | 3,820 | ' | ' |
Other noncurrent liabilities | 11,798 | ' | 8,908 | 8,969 | 8,895 | 8,755 | 8,538 | 8,527 | 8,569 | ' | ' |
Total liabilities | 510,946 | ' | 448,455 | 443,205 | 440,389 | 406,327 | 361,819 | 369,610 | 372,996 | ' | ' |
Commitments and Contingencies | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock, $0.01 par value; 50,000,000 shares authorized; 30,917,846 shares issued; 30,172,675 shares outstanding | 311 | ' | 311 | 311 | 311 | 309 | 309 | 309 | 309 | ' | ' |
Additional paid-in capital | 484,798 | ' | 483,156 | 481,855 | 480,653 | 479,245 | 478,025 | 476,948 | 475,779 | ' | ' |
Treasury stock, at cost; 745,171 shares | -18,399 | ' | -18,399 | -18,399 | -18,399 | -17,657 | -17,646 | -17,646 | -17,646 | ' | ' |
Accumulated other comprehensive loss | -44,722 | ' | -31,472 | -37,181 | -35,808 | -39,211 | -34,292 | -26,889 | -27,808 | ' | ' |
Retained earnings | 319,547 | ' | 312,170 | 308,582 | 304,036 | 299,407 | 299,689 | 298,029 | 295,294 | ' | ' |
Total shareholders' equity | 741,535 | ' | 745,766 | 735,168 | 730,793 | 722,093 | 726,085 | 730,751 | 725,928 | 718,261 | 678,914 |
Total liabilities and shareholders' equity | 1,252,481 | ' | 1,194,221 | 1,178,373 | 1,171,182 | 1,128,420 | 1,087,904 | 1,100,361 | 1,098,924 | ' | ' |
Previously Reported | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash and cash equivalents | ' | ' | 73,389 | 99,525 | 117,872 | 156,842 | 189,741 | 228,313 | 276,154 | 376,951 | ' |
Short-term investments | ' | ' | 3,998 | ' | ' | ' | 76,587 | 63,590 | 38,892 | ' | ' |
Receivables, less allowance for doubtful accounts | 108,767 | ' | 117,455 | 107,455 | 107,177 | 89,359 | 87,883 | 66,211 | 76,499 | ' | ' |
Inventories, net | 405,289 | ' | 378,218 | 349,432 | 327,922 | 275,059 | 257,049 | 259,241 | 269,402 | ' | ' |
Deferred income taxes | 28,899 | ' | 19,644 | 19,332 | 19,395 | 18,674 | 19,974 | 22,950 | 22,928 | ' | ' |
Other current assets | 10,709 | ' | 10,725 | 12,900 | 10,975 | 9,932 | 14,663 | 11,952 | 13,933 | ' | ' |
Total current assets | 650,854 | ' | 603,429 | 588,644 | 583,341 | 714,121 | 645,897 | 652,257 | 697,808 | ' | ' |
Property, plant and equipment, net | 375,996 | ' | 367,818 | 365,788 | 361,520 | 289,434 | 268,056 | 266,144 | 261,331 | ' | ' |
Marketable Securities | ' | ' | ' | ' | ' | ' | 89,479 | 92,440 | 48,779 | ' | ' |
Goodwill | 137,251 | ' | 138,247 | 140,211 | 140,236 | 55,864 | 41,305 | 42,215 | 42,205 | ' | ' |
Other intangible assets, net | ' | ' | 57,664 | 58,251 | 59,527 | ' | 12,829 | 13,965 | 14,219 | ' | ' |
Deferred income taxes | ' | ' | 32,197 | 29,239 | 29,111 | ' | 23,611 | 24,909 | 23,537 | ' | ' |
Other noncurrent assets | 5,844 | ' | 5,113 | 5,407 | 4,972 | 5,173 | 5,228 | 5,600 | 5,977 | ' | ' |
Total assets | 1,259,727 | ' | 1,204,468 | 1,187,540 | 1,178,707 | 1,127,275 | 1,086,405 | 1,097,530 | 1,093,856 | ' | ' |
Accounts payable | 93,656 | ' | 70,079 | 64,278 | 68,463 | 59,591 | 53,960 | 34,036 | 36,105 | ' | ' |
Accrued wages and other employee costs | 34,433 | ' | 29,730 | 25,135 | 19,878 | 27,260 | 20,978 | 18,799 | 15,230 | ' | ' |
Unearned revenues | 26,164 | ' | 38,633 | 42,056 | 40,889 | 21,495 | 18,234 | 22,889 | 26,020 | ' | ' |
Other accrued liabilities | ' | ' | 27,458 | 21,716 | 21,833 | ' | 19,831 | 28,479 | 29,290 | ' | ' |
Total current liabilities | 176,803 | ' | 165,900 | 153,185 | 151,063 | 128,431 | 113,003 | 104,203 | 106,645 | ' | ' |
Long-term debt | ' | ' | 196,079 | 193,727 | 191,189 | ' | 184,695 | 182,462 | 180,269 | ' | ' |
Liability for post-retirement benefits | ' | ' | 42,220 | 42,000 | 41,806 | ' | 41,128 | 40,859 | 40,277 | ' | ' |
Liability for pension benefits | ' | ' | 2,555 | 13,402 | 15,097 | ' | 7,153 | 27,604 | 28,504 | ' | ' |
Deferred income taxes | 51,452 | ' | 38,731 | 38,817 | 38,209 | ' | 5,441 | 3,169 | 3,102 | ' | ' |
Unearned revenues | 9,991 | ' | ' | ' | ' | 4,532 | ' | ' | ' | ' | ' |
Other noncurrent liabilities | ' | ' | 8,908 | 8,969 | 8,895 | ' | 8,538 | 8,527 | 8,569 | ' | ' |
Total liabilities | 514,158 | ' | 454,393 | 450,100 | 446,259 | 404,523 | 359,958 | 366,824 | 367,366 | ' | ' |
Commitments and Contingencies | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock, $0.01 par value; 50,000,000 shares authorized; 30,917,846 shares issued; 30,172,675 shares outstanding | ' | ' | 311 | 311 | 311 | ' | 309 | 309 | 309 | ' | ' |
Additional paid-in capital | ' | ' | 483,156 | 481,855 | 480,653 | ' | 478,025 | 476,948 | 475,779 | ' | ' |
Treasury stock, at cost; 745,171 shares | ' | ' | -18,399 | -18,399 | -18,399 | ' | -17,646 | -17,646 | -17,646 | ' | ' |
Accumulated other comprehensive loss | ' | ' | -31,472 | -37,181 | -35,808 | ' | -34,292 | -26,889 | -27,808 | ' | ' |
Retained earnings | 323,581 | ' | 316,479 | 310,854 | 305,691 | 300,066 | 300,051 | 297,984 | 295,856 | ' | ' |
Total shareholders' equity | 745,569 | ' | 750,075 | 737,440 | 732,448 | 722,752 | 726,447 | 730,706 | 726,490 | ' | ' |
Total liabilities and shareholders' equity | 1,259,727 | ' | 1,204,468 | 1,187,540 | 1,178,707 | 1,127,275 | 1,086,405 | 1,097,530 | 1,093,856 | ' | ' |
Revision Adjustment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Inventories, net | ' | ' | ' | ' | ' | -3,495 | -2,634 | -1,168 | ' | ' | ' |
Costs in excess of billings | ' | ' | ' | ' | ' | 400 | ' | ' | ' | ' | ' |
Deferred income taxes | ' | ' | ' | ' | ' | 367 | 187 | -20 | ' | ' | ' |
Other current assets | ' | ' | ' | ' | ' | 290 | 271 | 265 | ' | ' | ' |
Total current assets | ' | ' | ' | ' | ' | -2,438 | -2,176 | -923 | ' | ' | ' |
Other noncurrent assets | ' | ' | ' | ' | ' | 3,583 | 3,675 | 3,754 | ' | ' | ' |
Total assets | ' | ' | ' | ' | ' | 1,145 | 1,499 | 2,831 | ' | ' | ' |
Unearned revenues | ' | ' | ' | ' | ' | -1,779 | -1,814 | -968 | ' | ' | ' |
Total current liabilities | ' | ' | ' | ' | ' | -1,779 | -1,814 | -968 | ' | ' | ' |
Unearned revenues | ' | ' | ' | ' | ' | 3,583 | 3,675 | 3,754 | ' | ' | ' |
Total liabilities | ' | ' | ' | ' | ' | 1,804 | 1,861 | 2,786 | ' | ' | ' |
Commitments and Contingencies | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Retained earnings | ' | ' | ' | ' | ' | -659 | -362 | 45 | ' | ' | ' |
Total shareholders' equity | ' | ' | ' | ' | ' | -659 | -362 | 45 | ' | ' | ' |
Total liabilities and shareholders' equity | ' | ' | ' | ' | ' | 1,145 | 1,499 | 2,831 | ' | ' | ' |
As Revised | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash and cash equivalents | ' | ' | ' | ' | ' | ' | 189,741 | 228,313 | ' | ' | ' |
Short-term investments | ' | ' | ' | ' | ' | ' | 76,587 | 63,590 | ' | ' | ' |
Receivables, less allowance for doubtful accounts | ' | ' | ' | ' | ' | 89,359 | 87,883 | 66,211 | ' | ' | ' |
Inventories, net | ' | ' | ' | ' | ' | 271,564 | 254,415 | 258,073 | ' | ' | ' |
Costs in excess of billings | ' | ' | ' | ' | ' | 400 | ' | ' | ' | ' | ' |
Deferred income taxes | ' | ' | ' | ' | ' | 19,041 | 20,161 | 22,930 | ' | ' | ' |
Other current assets | ' | ' | ' | ' | ' | 10,222 | 14,934 | 12,217 | ' | ' | ' |
Total current assets | ' | ' | ' | ' | ' | 711,683 | 643,721 | 651,334 | ' | ' | ' |
Property, plant and equipment, net | ' | ' | ' | ' | ' | 289,434 | 268,056 | 266,144 | ' | ' | ' |
Marketable Securities | ' | ' | ' | ' | ' | ' | 89,479 | 92,440 | ' | ' | ' |
Goodwill | ' | ' | ' | ' | ' | 55,864 | 41,305 | 42,215 | ' | ' | ' |
Other intangible assets, net | ' | ' | ' | ' | ' | ' | 12,829 | 13,965 | ' | ' | ' |
Deferred income taxes | ' | ' | ' | ' | ' | ' | 23,611 | 24,909 | ' | ' | ' |
Other noncurrent assets | ' | ' | ' | ' | ' | 8,756 | 8,903 | 9,354 | ' | ' | ' |
Total assets | ' | ' | ' | ' | ' | 1,128,420 | 1,087,904 | 1,100,361 | ' | ' | ' |
Accounts payable | ' | ' | ' | ' | ' | 59,591 | 53,960 | 34,036 | ' | ' | ' |
Accrued wages and other employee costs | ' | ' | ' | ' | ' | 27,260 | 20,978 | 18,799 | ' | ' | ' |
Unearned revenues | ' | ' | ' | ' | ' | 19,716 | 16,420 | 21,921 | ' | ' | ' |
Other accrued liabilities | ' | ' | ' | ' | ' | ' | 19,831 | 28,479 | ' | ' | ' |
Total current liabilities | ' | ' | ' | ' | ' | 126,652 | 111,189 | 103,235 | ' | ' | ' |
Long-term debt | ' | ' | ' | ' | ' | ' | 184,695 | 182,462 | ' | ' | ' |
Liability for post-retirement benefits | ' | ' | ' | ' | ' | ' | 41,128 | 40,859 | ' | ' | ' |
Liability for pension benefits | ' | ' | ' | ' | ' | ' | 7,153 | 27,604 | ' | ' | ' |
Deferred income taxes | ' | ' | ' | ' | ' | ' | 5,441 | 3,169 | ' | ' | ' |
Unearned revenues | ' | ' | ' | ' | ' | 8,115 | 3,675 | 3,754 | ' | ' | ' |
Other noncurrent liabilities | ' | ' | ' | ' | ' | ' | 8,538 | 8,527 | ' | ' | ' |
Total liabilities | ' | ' | ' | ' | ' | 406,327 | 361,819 | 369,610 | ' | ' | ' |
Commitments and Contingencies | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock, $0.01 par value; 50,000,000 shares authorized; 30,917,846 shares issued; 30,172,675 shares outstanding | ' | ' | ' | ' | ' | ' | 309 | 309 | ' | ' | ' |
Additional paid-in capital | ' | ' | ' | ' | ' | ' | 478,025 | 476,948 | ' | ' | ' |
Treasury stock, at cost; 745,171 shares | ' | ' | ' | ' | ' | ' | -17,646 | -17,646 | ' | ' | ' |
Accumulated other comprehensive loss | ' | ' | ' | ' | ' | ' | -34,292 | -26,889 | ' | ' | ' |
Retained earnings | ' | ' | ' | ' | ' | 299,407 | 299,689 | 298,029 | ' | ' | ' |
Total shareholders' equity | ' | ' | ' | ' | ' | 722,093 | 726,085 | 730,751 | ' | ' | ' |
Total liabilities and shareholders' equity | ' | ' | ' | ' | ' | 1,128,420 | 1,087,904 | 1,100,361 | ' | ' | ' |
Discontinued | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Receivables, less allowance for doubtful accounts | -2,189 | ' | -3,207 | -3,698 | -4,014 | -2,931 | -3,355 | -3,803 | -3,748 | ' | ' |
Inventories, net | -11,124 | ' | -12,161 | -12,501 | -13,125 | -11,712 | -10,147 | -7,805 | -8,511 | ' | ' |
Assets of discontinued operations | 14,741 | ' | 16,799 | 17,633 | 18,598 | 16,083 | 14,945 | 13,062 | 13,724 | ' | ' |
Other current assets | ' | ' | ' | ' | -22 | ' | ' | -8 | -16 | ' | ' |
Total current assets | 1,428 | ' | 1,431 | 1,434 | 1,437 | 1,440 | 1,443 | 1,446 | 1,449 | ' | ' |
Property, plant and equipment, net | -47 | ' | -50 | -53 | -56 | -59 | -62 | -65 | -68 | ' | ' |
Goodwill | -1,381 | ' | -1,381 | -1,381 | -1,381 | -1,381 | -1,381 | -1,381 | -1,381 | ' | ' |
Accounts payable | -1,995 | ' | -2,913 | -3,194 | -3,626 | -3,771 | -4,742 | -2,944 | -4,173 | ' | ' |
Accrued wages and other employee costs | -337 | ' | -285 | -264 | -188 | -473 | -293 | -266 | -244 | ' | ' |
Liabilities of discontinued operations | 2,332 | ' | 3,198 | 3,494 | 3,879 | 4,244 | 5,069 | 3,467 | 4,551 | ' | ' |
Other accrued liabilities | ' | ' | ' | -36 | -65 | ' | -34 | -257 | -134 | ' | ' |
Commitments and Contingencies | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
First Restatement Adjustment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Inventories, net | -5,208 | ' | -9,279 | -6,680 | -5,073 | ' | ' | ' | 161 | ' | ' |
Costs in excess of billings | 1,841 | ' | 750 | 250 | 4 | ' | ' | ' | 112 | ' | ' |
Deferred income taxes | 1,733 | ' | 2,383 | 1,335 | 953 | ' | ' | ' | 736 | ' | ' |
Other current assets | 561 | ' | 435 | 369 | 316 | ' | ' | ' | 239 | ' | ' |
Total current assets | -1,073 | ' | -5,711 | -4,726 | -3,800 | ' | ' | ' | 1,248 | ' | ' |
Other noncurrent assets | 3,022 | ' | 3,240 | 3,385 | 3,504 | ' | ' | ' | 3,820 | ' | ' |
Total assets | 1,949 | ' | -2,471 | -1,341 | -296 | ' | ' | ' | 5,068 | ' | ' |
Unearned revenues | 1,984 | ' | -1,086 | -2,302 | -2,020 | ' | ' | ' | 1,810 | ' | ' |
Total current liabilities | 1,984 | ' | -1,086 | -2,302 | -2,020 | ' | ' | ' | 1,810 | ' | ' |
Unearned revenues | 3,022 | ' | 3,240 | 3,385 | 3,504 | ' | ' | ' | 3,820 | ' | ' |
Total liabilities | 5,006 | ' | 2,154 | 1,083 | 1,484 | ' | ' | ' | 5,630 | ' | ' |
Commitments and Contingencies | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Retained earnings | -3,057 | ' | -4,625 | -2,424 | -1,780 | ' | ' | ' | -562 | ' | ' |
Total shareholders' equity | -3,057 | ' | -4,625 | -2,424 | -1,780 | ' | ' | ' | -562 | ' | ' |
Total liabilities and shareholders' equity | 1,949 | ' | -2,471 | -1,341 | -296 | ' | ' | ' | 5,068 | ' | ' |
Second Restatement Adjustment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Receivables, less allowance for doubtful accounts | -1,261 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Inventories, net | -3,841 | ' | -3,949 | -3,082 | -2,097 | ' | ' | ' | ' | ' | ' |
Costs in excess of billings | 419 | ' | 1,401 | 408 | 1 | ' | ' | ' | ' | ' | ' |
Deferred income taxes | 748 | ' | 32 | 108 | 127 | ' | ' | ' | ' | ' | ' |
Total current assets | -3,935 | ' | -2,516 | -2,566 | -1,969 | ' | ' | ' | ' | ' | ' |
Goodwill | -5,260 | ' | -5,260 | -5,260 | -5,260 | ' | ' | ' | ' | ' | ' |
Total assets | -9,195 | ' | -7,776 | -7,826 | -7,229 | ' | ' | ' | ' | ' | ' |
Unearned revenues | -3,150 | ' | -3,024 | -2,910 | -2,286 | ' | ' | ' | ' | ' | ' |
Total current liabilities | -3,150 | ' | -3,024 | -2,910 | -2,286 | ' | ' | ' | ' | ' | ' |
Deferred income taxes | -5,068 | ' | -5,068 | -5,068 | -5,068 | ' | ' | ' | ' | ' | ' |
Total liabilities | -8,218 | ' | -8,092 | -7,978 | -7,354 | ' | ' | ' | ' | ' | ' |
Commitments and Contingencies | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Retained earnings | -977 | ' | 316 | 152 | 125 | ' | ' | ' | ' | ' | ' |
Total shareholders' equity | -977 | ' | 316 | 152 | 125 | ' | ' | ' | ' | ' | ' |
Total liabilities and shareholders' equity | -9,195 | ' | -7,776 | -7,826 | -7,229 | ' | ' | ' | ' | ' | ' |
As Corrected | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash and cash equivalents | ' | ' | 73,389 | 99,525 | 117,872 | 156,842 | ' | ' | 276,154 | ' | ' |
Short-term investments | ' | ' | 3,998 | ' | ' | ' | ' | ' | 38,892 | ' | ' |
Receivables, less allowance for doubtful accounts | 107,506 | ' | 117,455 | 107,455 | 107,177 | ' | ' | ' | 76,499 | ' | ' |
Inventories, net | 396,240 | ' | 364,990 | 339,670 | 320,752 | ' | ' | ' | 269,563 | ' | ' |
Costs in excess of billings | 2,260 | ' | 2,151 | 658 | 5 | ' | ' | ' | 112 | ' | ' |
Deferred income taxes | 31,380 | ' | 22,059 | 20,775 | 20,475 | ' | ' | ' | 23,664 | ' | ' |
Other current assets | 11,270 | ' | 11,160 | 13,269 | 11,291 | ' | ' | ' | 14,172 | ' | ' |
Total current assets | 645,846 | ' | 595,202 | 581,352 | 577,572 | ' | ' | ' | 699,056 | ' | ' |
Property, plant and equipment, net | 375,996 | ' | 367,818 | 365,788 | 361,520 | ' | ' | ' | 261,331 | ' | ' |
Marketable Securities | ' | ' | ' | ' | ' | ' | ' | ' | 48,779 | ' | ' |
Goodwill | 131,991 | ' | 132,987 | 134,951 | 134,976 | ' | ' | ' | 42,205 | ' | ' |
Other intangible assets, net | ' | ' | 57,664 | 58,251 | 59,527 | ' | ' | ' | 14,219 | ' | ' |
Deferred income taxes | ' | ' | 32,197 | 29,239 | 29,111 | ' | ' | ' | 23,537 | ' | ' |
Other noncurrent assets | 8,866 | ' | 8,353 | 8,792 | 8,476 | ' | ' | ' | 9,797 | ' | ' |
Total assets | 1,252,481 | ' | 1,194,221 | 1,178,373 | 1,171,182 | ' | ' | ' | 1,098,924 | ' | ' |
Accounts payable | 93,656 | ' | 70,079 | 64,278 | 68,463 | ' | ' | ' | 36,105 | ' | ' |
Accrued wages and other employee costs | 34,433 | ' | 29,730 | 25,135 | 19,878 | ' | ' | ' | 15,230 | ' | ' |
Unearned revenues | 24,998 | ' | 34,523 | 36,844 | 36,583 | ' | ' | ' | 27,830 | ' | ' |
Other accrued liabilities | ' | ' | 27,458 | 21,716 | 21,833 | ' | ' | ' | 29,290 | ' | ' |
Total current liabilities | 175,637 | ' | 161,790 | 147,973 | 146,757 | ' | ' | ' | 108,455 | ' | ' |
Long-term debt | ' | ' | 196,079 | 193,727 | 191,189 | ' | ' | ' | 180,269 | ' | ' |
Liability for post-retirement benefits | ' | ' | 42,220 | 42,000 | 41,806 | ' | ' | ' | 40,277 | ' | ' |
Liability for pension benefits | ' | ' | 2,555 | 13,402 | 15,097 | ' | ' | ' | 28,504 | ' | ' |
Deferred income taxes | 46,384 | ' | 33,663 | 33,749 | 33,141 | ' | ' | ' | 3,102 | ' | ' |
Unearned revenues | 13,013 | ' | 3,240 | 3,385 | 3,504 | ' | ' | ' | 3,820 | ' | ' |
Other noncurrent liabilities | ' | ' | 8,908 | 8,969 | 8,895 | ' | ' | ' | 8,569 | ' | ' |
Total liabilities | 510,946 | ' | 448,455 | 443,205 | 440,389 | ' | ' | ' | 372,996 | ' | ' |
Commitments and Contingencies | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock, $0.01 par value; 50,000,000 shares authorized; 30,917,846 shares issued; 30,172,675 shares outstanding | ' | ' | 311 | 311 | 311 | ' | ' | ' | 309 | ' | ' |
Additional paid-in capital | ' | ' | 483,156 | 481,855 | 480,653 | ' | ' | ' | 475,779 | ' | ' |
Treasury stock, at cost; 745,171 shares | ' | ' | -18,399 | -18,399 | -18,399 | ' | ' | ' | -17,646 | ' | ' |
Accumulated other comprehensive loss | ' | ' | -31,472 | -37,181 | -35,808 | ' | ' | ' | -27,808 | ' | ' |
Retained earnings | 319,547 | ' | 312,170 | 308,582 | 304,036 | ' | ' | ' | 295,294 | ' | ' |
Total shareholders' equity | 741,535 | ' | 745,766 | 735,168 | 730,793 | ' | ' | ' | 725,928 | ' | ' |
Total liabilities and shareholders' equity | $1,252,481 | ' | $1,194,221 | $1,178,373 | $1,171,182 | ' | ' | ' | $1,098,924 | ' | ' |
Effects_of_Restatement_on_Cons2
Effects of Restatement on Consolidated Statements of Cash Flow (Detail) (USD $) | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||
In Thousands, unless otherwise specified | Mar. 31, 2012 | Mar. 31, 2011 | Jun. 30, 2012 | Jun. 30, 2011 | Sep. 30, 2012 | Sep. 30, 2011 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | |||
OPERATING ACTIVITIES: | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Net income | $4,629 | $1,919 | $9,175 | $4,654 | $12,763 | $6,314 | $20,140 | $6,032 | [1] | $3,570 | [1] | |
Adjustment for non-cash items included in net income: | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Depreciation and amortization | ' | 5,582 | ' | 11,279 | ' | 16,697 | 41,170 | 22,488 | 22,111 | |||
Asset and asset-related charges (income) | ' | -597 | ' | -597 | ' | -597 | 367 | -597 | -2,738 | |||
Deferred income taxes | ' | -1,891 | ' | -2,448 | ' | 2,159 | 1,433 | 8,097 | [1] | 16,124 | [1] | |
Stock-based compensation | ' | 1,402 | ' | 2,502 | ' | 3,528 | 4,797 | 4,599 | 3,847 | |||
Excess tax benefits from stock-based compensation activity | ' | -102 | ' | -263 | ' | -263 | -196 | -302 | -380 | |||
(Gain) loss on sale of property, plant and equipment | ' | 47 | ' | 39 | ' | 65 | -4 | 70 | -1,362 | |||
Amortization of discount on long-term debt | ' | 2,166 | ' | 4,361 | ' | 6,613 | 9,683 | 8,900 | 393 | |||
Deferred financing cost writedown | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Amortization of premiums paid for short-term investments | ' | ' | ' | ' | ' | 1,595 | ' | 2,012 | ' | |||
Other | ' | 116 | ' | -122 | ' | -197 | ' | ' | ' | |||
Changes in assets and liabilities: | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Receivables | ' | -19,479 | ' | -9,069 | ' | -32,428 | -1,818 | -32,440 | 7,235 | |||
Inventories | ' | 1,516 | ' | 13,824 | ' | 15,204 | ' | 3,810 | [1] | -3,708 | [1] | |
Accounts payable | ' | -6,640 | ' | -10,345 | ' | 9,241 | 32,133 | 6,271 | 2,126 | |||
Income taxes payable | ' | -87 | ' | -81 | ' | -18 | 3,767 | 67 | 223 | |||
Unearned revenue | ' | -2,405 | ' | -8,584 | ' | -13,648 | 9,193 | -2,606 | [1] | 12,029 | [1] | |
Billings in excess of costs/cost in excess of billings | ' | -12 | ' | 100 | ' | 100 | -1,860 | -300 | [1] | -85 | [1] | |
Other current assets and liabilities | ' | -2,389 | ' | 2,020 | ' | -6,888 | -3,479 | 5,217 | [1] | 16,376 | [1] | |
Other assets and liabilities | ' | -2,921 | ' | -2,050 | ' | -20,984 | 6,945 | 3,977 | [1] | -3,126 | [1] | |
Cash provided by (used in) operating activities | -12,959 | -23,775 | -14,209 | 5,220 | -25,450 | -13,507 | 8,066 | 14,835 | 75,208 | |||
Investing activities: | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Acquisitions, net of cash required | -185,633 | ' | -185,633 | ' | -182,811 | ' | -182,811 | -35,812 | ' | |||
Maturity/sale of investments | ' | 5,000 | ' | 19,079 | ' | 53,454 | 180,808 | 149,411 | 45,000 | |||
Capital expenditures | -17,128 | -10,137 | -34,901 | -18,646 | -47,879 | -25,954 | -61,538 | -38,845 | -28,632 | |||
Purchase of investments | ' | -72,612 | ' | -154,772 | ' | -200,846 | -4,037 | -309,820 | -234 | |||
Proceeds from disposal of property, plant, and equipment | ' | ' | ' | ' | ' | ' | 10 | 20 | 4,011 | |||
Cash provided by (used in) financing activities | -25,990 | -77,749 | -43,763 | -154,339 | -57,918 | -173,346 | -67,568 | -235,046 | 20,145 | |||
FINANCING ACTIVITIES: | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Proceeds from exercise of employee stock options | 120 | 154 | 211 | 201 | 335 | 252 | 729 | 367 | 1,096 | |||
Excess tax benefits from stock-based compensation activity | 61 | 102 | 66 | 263 | 100 | 263 | 196 | 302 | 380 | |||
Deferred financing costs | ' | ' | ' | ' | -823 | ' | -823 | ' | -7,249 | |||
Purchase of common stock held in treasury | -742 | -283 | -742 | -283 | -742 | -283 | -742 | -294 | -367 | |||
Repayments on long-term debt | -97 | -3 | -298 | -5 | -543 | -25 | -758 | -25 | -37 | |||
Borrowings on long-term debt | ' | ' | ' | ' | ' | ' | ' | ' | 230,000 | |||
Cash provided by (used in) financing activities | -658 | -30 | -763 | 176 | -1,673 | 207 | -1,398 | 350 | 223,823 | |||
Effect of exchange rate changes on cash and cash equivalents | 637 | 757 | 1,418 | 305 | 1,588 | -564 | 1,248 | -248 | 1,559 | |||
Decrease in cash and cash equivalents | -38,970 | -100,797 | -57,317 | -148,638 | -83,453 | -187,210 | -59,652 | -220,109 | 320,735 | |||
Cash and cash equivalents at beginning of period | 156,842 | 376,951 | 156,842 | 376,951 | 156,842 | 376,951 | 156,842 | 376,951 | 56,216 | |||
Cash and cash equivalents at end of period | 117,872 | 276,154 | 99,525 | 228,313 | 73,389 | 189,741 | 97,190 | 156,842 | 376,951 | |||
Previously Reported | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
OPERATING ACTIVITIES: | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Net income | 5,625 | 2,342 | 10,788 | 4,470 | 16,413 | 6,537 | 23,515 | [1] | 6,552 | [1] | 3,417 | [1] |
Adjustment for non-cash items included in net income: | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Depreciation and amortization | 8,734 | 5,582 | 18,957 | 11,279 | 29,405 | 16,697 | ' | ' | ' | |||
Asset and asset-related charges (income) | ' | -597 | ' | -597 | 1,617 | -597 | ' | ' | ' | |||
Deferred income taxes | -1,915 | -1,233 | -2,025 | -2,547 | -2,860 | 2,268 | 3,355 | [1] | 8,386 | [1] | 16,039 | [1] |
Stock-based compensation | 1,378 | 1,402 | 2,518 | 2,502 | 3,658 | 3,528 | ' | ' | ' | |||
Excess tax benefits from stock-based compensation activity | -61 | -102 | -66 | -263 | -100 | -263 | ' | ' | ' | |||
(Gain) loss on sale of property, plant and equipment | ' | 47 | -74 | 39 | ' | 65 | ' | ' | ' | |||
Amortization of discount on long-term debt | 2,352 | 2,166 | 4,738 | 4,361 | 7,192 | 6,613 | ' | ' | ' | |||
Deferred financing cost writedown | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Amortization of premiums paid for short-term investments | ' | ' | ' | ' | ' | 1,595 | ' | ' | ' | |||
Other | -68 | 116 | 758 | -122 | 675 | -197 | ' | ' | ' | |||
Changes in assets and liabilities: | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Receivables | 4,750 | -19,479 | 2,904 | -9,069 | -11,799 | -32,428 | -3,079 | [1] | ' | ' | ||
Inventories | -31,130 | 1,522 | -54,089 | 12,501 | -81,086 | 12,415 | -108,934 | [1] | 160 | [1] | -2,972 | [1] |
Accounts payable | 5,504 | -6,640 | 4,172 | -10,345 | 10,424 | 9,241 | ' | ' | ' | |||
Income taxes payable | 1,659 | -87 | 5,117 | -81 | 8,893 | -18 | ' | ' | ' | |||
Unearned revenue | 8,230 | -3,445 | 9,526 | -6,779 | 11,581 | -10,919 | 9,141 | [1] | 180 | [1] | 7,328 | [1] |
Other current assets and liabilities | -14,430 | -2,395 | -13,154 | 2,040 | -6,844 | -6,862 | -3,016 | [1] | 5,262 | [1] | 16,621 | [1] |
Other assets and liabilities | -3,587 | -2,974 | -4,279 | -2,169 | -13,442 | -21,182 | 6,192 | [1] | 3,687 | [1] | 747 | [1] |
Cash provided by (used in) operating activities | -12,959 | -23,775 | -14,209 | 5,220 | -26,273 | -13,507 | ' | ' | ' | |||
Investing activities: | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Acquisitions, net of cash required | -185,633 | ' | -185,633 | ' | -182,811 | ' | ' | ' | ' | |||
Maturity/sale of investments | 176,809 | 5,000 | 176,809 | 19,079 | 176,809 | 53,454 | ' | ' | ' | |||
Capital expenditures | -17,128 | -10,137 | -34,901 | -18,646 | -47,879 | -25,954 | ' | ' | ' | |||
Purchase of investments | -38 | -72,612 | -38 | -154,772 | -4,037 | -200,846 | ' | ' | ' | |||
Proceeds from disposal of property, plant, and equipment | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Cash provided by (used in) financing activities | -25,990 | -77,749 | -43,763 | -154,339 | -57,918 | -173,346 | ' | ' | ' | |||
FINANCING ACTIVITIES: | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Proceeds from exercise of employee stock options | 120 | 154 | 211 | 201 | 335 | 252 | ' | ' | ' | |||
Excess tax benefits from stock-based compensation activity | 61 | 102 | 66 | 263 | 100 | 263 | ' | ' | ' | |||
Purchase of common stock held in treasury | -742 | -283 | -742 | -283 | -742 | -283 | ' | ' | ' | |||
Repayments on long-term debt | ' | -3 | -298 | -5 | -543 | -25 | ' | ' | ' | |||
Borrowings on long-term debt | -97 | ' | ' | ' | ' | ' | ' | ' | ' | |||
Cash provided by (used in) financing activities | -658 | -30 | -763 | 176 | -850 | 207 | ' | ' | ' | |||
Effect of exchange rate changes on cash and cash equivalents | 637 | 757 | 1,418 | 305 | 1,588 | -564 | ' | ' | ' | |||
Decrease in cash and cash equivalents | -38,970 | -100,797 | -57,317 | -148,638 | -83,453 | -187,210 | ' | ' | ' | |||
Cash and cash equivalents at beginning of period | 156,842 | 376,951 | 156,842 | 376,951 | 156,842 | 376,951 | 156,842 | 376,951 | ' | |||
Cash and cash equivalents at end of period | 117,872 | 276,154 | 99,525 | 228,313 | 73,389 | 189,741 | ' | 156,842 | 376,951 | |||
First Restatement Adjustment | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
OPERATING ACTIVITIES: | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Net income | -1,121 | -423 | -1,765 | ' | -3,966 | ' | -2,398 | [1] | ' | ' | ||
Adjustment for non-cash items included in net income: | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Deferred income taxes | -586 | -658 | -968 | ' | -2,017 | ' | -1,366 | [1] | ' | ' | ||
Changes in assets and liabilities: | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Inventories | 1,578 | -6 | 3,185 | ' | 5,785 | ' | 1,713 | [1] | ' | ' | ||
Unearned revenue | -320 | 1,040 | -721 | ' | 350 | ' | 3,202 | [1] | ' | ' | ||
Billings in excess of costs/cost in excess of billings | 396 | -12 | 150 | ' | -350 | ' | -1,441 | [1] | ' | ' | ||
Other current assets and liabilities | -26 | 6 | -79 | ' | -145 | ' | -271 | [1] | ' | ' | ||
Other assets and liabilities | 79 | 53 | 198 | ' | 343 | ' | 561 | [1] | ' | ' | ||
Second Restatement Adjustment | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
OPERATING ACTIVITIES: | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Net income | 125 | ' | 152 | ' | 316 | ' | -977 | [1] | ' | ' | ||
Adjustment for non-cash items included in net income: | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Deferred income taxes | 65 | ' | 84 | ' | 160 | ' | -556 | [1] | ' | ' | ||
Other | ' | ' | ' | ' | 823 | ' | ' | ' | ' | |||
Changes in assets and liabilities: | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Receivables | ' | ' | ' | ' | ' | ' | 1,261 | [1] | ' | ' | ||
Inventories | 2,097 | ' | 3,082 | ' | 3,949 | ' | 3,841 | [1] | ' | ' | ||
Unearned revenue | -2,286 | ' | -2,910 | ' | -3,024 | ' | -3,150 | [1] | ' | ' | ||
Billings in excess of costs/cost in excess of billings | -1 | ' | -408 | ' | -1,401 | ' | -419 | [1] | ' | ' | ||
Other current assets and liabilities | -192 | ' | -192 | ' | -192 | ' | -192 | [1] | ' | ' | ||
Other assets and liabilities | 192 | ' | 192 | ' | 192 | ' | 192 | [1] | ' | ' | ||
Cash provided by (used in) operating activities | ' | ' | ' | ' | 823 | ' | ' | ' | ' | |||
FINANCING ACTIVITIES: | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Deferred financing costs | ' | ' | ' | ' | -823 | ' | ' | ' | ' | |||
Cash provided by (used in) financing activities | ' | ' | ' | ' | -823 | ' | ' | ' | ' | |||
As Corrected | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
OPERATING ACTIVITIES: | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Net income | 4,629 | 1,919 | 9,175 | ' | 12,763 | ' | 20,140 | [1] | ' | ' | ||
Adjustment for non-cash items included in net income: | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Depreciation and amortization | 8,734 | ' | 18,957 | ' | 29,405 | ' | ' | ' | ' | |||
Asset and asset-related charges (income) | ' | ' | ' | ' | 1,617 | ' | ' | ' | ' | |||
Deferred income taxes | -2,436 | ' | -2,909 | ' | -4,717 | ' | 1,433 | [1] | ' | ' | ||
Stock-based compensation | 1,378 | ' | 2,518 | ' | 3,658 | ' | ' | ' | ' | |||
Excess tax benefits from stock-based compensation activity | -61 | ' | -66 | ' | -100 | ' | ' | ' | ' | |||
(Gain) loss on sale of property, plant and equipment | ' | ' | -74 | ' | ' | ' | ' | ' | ' | |||
Amortization of discount on long-term debt | 2,352 | ' | 4,738 | ' | 7,192 | ' | ' | ' | ' | |||
Other | -68 | ' | 758 | ' | 1,498 | ' | ' | ' | ' | |||
Changes in assets and liabilities: | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Receivables | 4,750 | ' | 2,904 | ' | -11,799 | ' | -1,818 | [1] | ' | ' | ||
Inventories | -27,455 | ' | -47,822 | ' | -71,352 | ' | -103,380 | [1] | ' | ' | ||
Accounts payable | 5,504 | ' | 4,172 | ' | 10,424 | ' | ' | ' | ' | |||
Income taxes payable | 1,659 | ' | 5,117 | ' | 8,893 | ' | ' | ' | ' | |||
Unearned revenue | 5,624 | ' | 5,895 | ' | 8,907 | ' | 9,193 | [1] | ' | ' | ||
Billings in excess of costs/cost in excess of billings | 395 | ' | -258 | ' | -1,751 | ' | -1,860 | [1] | ' | ' | ||
Other current assets and liabilities | -14,648 | ' | -13,425 | ' | -7,181 | ' | -3,479 | [1] | ' | ' | ||
Other assets and liabilities | -3,316 | ' | -3,889 | ' | -12,907 | ' | 6,945 | [1] | ' | ' | ||
Cash provided by (used in) operating activities | -12,959 | ' | -14,209 | ' | -25,450 | ' | ' | ' | ' | |||
Investing activities: | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Acquisitions, net of cash required | -185,633 | ' | -185,633 | ' | -182,811 | ' | ' | ' | ' | |||
Maturity/sale of investments | 176,809 | ' | 176,809 | ' | 176,809 | ' | ' | ' | ' | |||
Capital expenditures | -17,128 | ' | -34,901 | ' | -47,879 | ' | ' | ' | ' | |||
Purchase of investments | -38 | ' | -38 | ' | -4,037 | ' | ' | ' | ' | |||
Cash provided by (used in) financing activities | -25,990 | ' | -43,763 | ' | -57,918 | ' | ' | ' | ' | |||
FINANCING ACTIVITIES: | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Proceeds from exercise of employee stock options | 120 | ' | 211 | ' | 335 | ' | ' | ' | ' | |||
Excess tax benefits from stock-based compensation activity | 61 | ' | 66 | ' | 100 | ' | ' | ' | ' | |||
Deferred financing costs | ' | ' | ' | ' | -823 | ' | ' | ' | ' | |||
Purchase of common stock held in treasury | -742 | ' | -742 | ' | -742 | ' | ' | ' | ' | |||
Repayments on long-term debt | ' | ' | -298 | ' | -543 | ' | ' | ' | ' | |||
Borrowings on long-term debt | -97 | ' | ' | ' | ' | ' | ' | ' | ' | |||
Cash provided by (used in) financing activities | -658 | ' | -763 | ' | -1,673 | ' | ' | ' | ' | |||
Effect of exchange rate changes on cash and cash equivalents | 637 | ' | 1,418 | ' | 1,588 | ' | ' | ' | ' | |||
Decrease in cash and cash equivalents | -38,970 | ' | -57,317 | ' | -83,453 | ' | ' | ' | ' | |||
Cash and cash equivalents at beginning of period | 156,842 | ' | 156,842 | ' | 156,842 | ' | 156,842 | ' | ' | |||
Cash and cash equivalents at end of period | 117,872 | 276,154 | 99,525 | ' | 73,389 | ' | ' | ' | ' | |||
Revision Adjustment | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
OPERATING ACTIVITIES: | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Net income | ' | ' | ' | 184 | ' | -223 | ' | -520 | [1] | 153 | [1] | |
Adjustment for non-cash items included in net income: | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Deferred income taxes | ' | ' | ' | 99 | ' | -109 | ' | -289 | [1] | 85 | [1] | |
Deferred financing cost writedown | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Changes in assets and liabilities: | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Inventories | ' | ' | ' | 1,323 | ' | 2,789 | ' | 3,650 | [1] | -736 | [1] | |
Unearned revenue | ' | ' | ' | -1,805 | ' | -2,729 | ' | -2,786 | [1] | 4,701 | [1] | |
Billings in excess of costs/cost in excess of billings | ' | ' | ' | 100 | ' | 100 | ' | -300 | [1] | -85 | [1] | |
Other current assets and liabilities | ' | ' | ' | -20 | ' | -26 | ' | -45 | [1] | -245 | [1] | |
Other assets and liabilities | ' | ' | ' | 119 | ' | 198 | ' | 290 | [1] | -3,873 | [1] | |
Investing activities: | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Proceeds from disposal of property, plant, and equipment | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
[1] | The Company does not present cash flows from discontinued operations, consistent with ASC 230, Statement of Cash Flows. |
Effects_of_Restatement_on_Cons3
Effects of Restatement on Consolidated Balance Sheet (Parenthetical) (Detail) (USD $) | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2011 | Sep. 30, 2011 | Jun. 30, 2011 | Mar. 31, 2011 |
In Thousands, except Share data, unless otherwise specified | ||||||||
Allowance for doubtful accounts | $722 | $909 | $967 | $936 | $847 | $760 | $447 | $461 |
Common stock, par value | $0.01 | $0.01 | $0.01 | $0.01 | $0.01 | $0.01 | $0.01 | $0.01 |
Common stock, shares authorized | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 |
Common stock, shares issued | 31,136,899 | 31,106,934 | 31,097,449 | 31,066,254 | 30,948,209 | 30,935,132 | 30,933,721 | 30,917,846 |
Common stock, shares outstanding | 30,354,324 | 30,324,359 | 30,314,874 | 30,286,870 | 30,198,780 | 30,187,961 | 30,188,550 | 30,172,675 |
Treasury stock, shares | 782,575 | 749,429 | 782,575 | 779,375 | 749,249 | 747,171 | 745,171 | 745,171 |
Previously Reported | ' | ' | ' | ' | ' | ' | ' | ' |
Treasury stock, shares | ' | 782,575 | ' | ' | ' | ' | ' | ' |
Effects_of_Restatement_or_Revi
Effects of Restatement or Revision, Condensed Consolidating Statement of Operations and Comprehensive Income (Detail) (USD $) | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2011 | Sep. 30, 2011 | Jun. 30, 2011 | Mar. 31, 2011 | Jun. 30, 2012 | Jun. 30, 2011 | Sep. 30, 2012 | Sep. 30, 2011 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | |||
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Net sales | $187,013 | $182,545 | $184,462 | $154,070 | $134,628 | $136,853 | $118,007 | $111,800 | $338,532 | $229,807 | $521,077 | $366,660 | $708,090 | $501,288 | $406,491 | [1] | ||
Cost and Expenses: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Cost of sales | ' | 148,895 | 150,443 | 121,563 | ' | 114,002 | 93,824 | 88,488 | 272,006 | 182,312 | 420,901 | 296,314 | 568,462 | 407,660 | 334,126 | |||
Selling, general, and administrative expenses | ' | 21,725 | 22,678 | 20,833 | ' | 15,616 | 16,811 | 16,551 | 43,511 | 33,362 | 65,236 | 48,978 | 87,986 | [2] | 67,685 | [3] | 60,309 | [3] |
Research, technical, and product development expenses | ' | 1,012 | 1,104 | 1,065 | ' | 925 | 890 | 632 | 2,169 | 1,522 | 3,181 | 2,447 | 4,164 | 3,392 | 3,256 | |||
Asset and asset-related charges (income) | ' | 1,617 | ' | ' | ' | ' | ' | -1,501 | ' | -1,501 | 1,617 | -1,501 | 367 | -1,501 | -5,012 | |||
Operating income | 16,969 | 9,296 | 10,237 | 10,609 | 3,630 | 6,310 | 6,482 | 7,630 | 20,846 | 14,112 | 30,142 | 20,422 | 47,111 | 24,052 | 13,812 | |||
Other income (expense), net | ' | 16 | 570 | -268 | ' | 198 | 133 | -522 | 302 | -389 | 318 | -191 | -501 | 56 | -622 | |||
Interest income (expense), net | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -17,778 | -15,645 | -1,619 | |||
Income (loss) before income taxes | ' | 4,622 | 6,631 | 6,145 | ' | 2,666 | 2,720 | 3,033 | 12,776 | 5,753 | 17,398 | 8,419 | 28,832 | 8,463 | 11,571 | |||
Provision for (benefit from) income taxes | ' | 1,423 | 2,538 | 2,087 | ' | 1,499 | 603 | 1,536 | 4,625 | 2,139 | 6,048 | 3,638 | 10,392 | 4,269 | 8,311 | |||
Net income attributable to continuing operations | 7,090 | 3,199 | 4,093 | 4,058 | -587 | 1,167 | 2,117 | 1,497 | 8,151 | 3,614 | 11,350 | 4,781 | 18,440 | 4,194 | 3,260 | |||
Net income attributable to discontinued operations, net of tax | ' | 389 | 453 | 571 | ' | 493 | 618 | 422 | 1,024 | 1,040 | 1,413 | 1,533 | 1,700 | 1,838 | 310 | |||
Net income | ' | 3,588 | 4,546 | 4,629 | ' | 1,660 | 2,735 | 1,919 | 9,175 | 4,654 | 12,763 | 6,314 | 20,140 | 6,032 | [4] | 3,570 | [4] | |
Comprehensive income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 14,629 | -842 | 4,796 | |||
Previously Reported | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Net sales | ' | 189,075 | 190,277 | 162,850 | ' | 143,671 | 123,213 | 120,850 | 353,127 | 244,063 | 542,202 | 387,734 | 738,608 | 529,679 | 431,793 | |||
Cost and Expenses: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Cost of sales | ' | 151,128 | 153,781 | 127,145 | ' | 118,665 | 98,624 | 94,845 | 280,926 | 193,469 | 432,054 | 312,134 | 588,077 | 429,007 | 355,908 | |||
Selling, general, and administrative expenses | ' | 22,434 | 23,458 | 21,622 | ' | 16,388 | 17,618 | 17,458 | 45,080 | 35,076 | 67,514 | 51,464 | ' | ' | ' | |||
Research, technical, and product development expenses | ' | 1,012 | 1,104 | 1,065 | ' | 925 | 890 | 632 | 2,169 | 1,522 | 3,181 | 2,447 | ' | ' | ' | |||
Asset and asset-related charges (income) | ' | 1,617 | ' | ' | ' | ' | ' | -1,501 | ' | -1,501 | 1,617 | -1,501 | ' | ' | ' | |||
Operating income | ' | 12,884 | 11,934 | 13,018 | ' | 7,693 | 6,081 | 9,416 | 24,952 | 15,497 | 37,836 | 23,190 | 55,030 | 27,761 | 14,061 | |||
Other income (expense), net | ' | 32 | 570 | -268 | ' | 198 | 133 | -569 | 302 | -436 | 334 | -238 | ' | ' | ' | |||
Income (loss) before income taxes | ' | 8,226 | 8,328 | 8,554 | ' | 4,049 | 2,319 | 4,772 | 16,882 | 7,091 | 25,108 | 11,140 | 36,768 | 12,135 | 11,820 | |||
Provision for (benefit from) income taxes | ' | 2,601 | 3,165 | 2,929 | ' | 1,982 | 191 | 2,430 | 6,094 | 2,621 | 8,695 | 4,603 | 13,253 | 5,583 | 8,403 | |||
Net income attributable to continuing operations | ' | 5,625 | 5,163 | 5,625 | ' | 2,067 | 2,128 | 2,342 | 10,788 | 4,470 | 16,413 | 6,537 | 23,515 | 6,552 | 3,417 | |||
Net income | ' | 5,625 | 5,163 | 5,625 | ' | 2,067 | 2,128 | 2,342 | 10,788 | 4,470 | 16,413 | 6,537 | 23,515 | [4] | 6,552 | [4] | 3,417 | [4] |
RTI International Metals, Inc. | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 12,372 | [1] | ||
Cost and Expenses: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Selling, general, and administrative expenses | ' | -1,442 | -933 | -102 | ' | -793 | -150 | -415 | -1,035 | -565 | -2,477 | -1,358 | -3,101 | [2] | 981 | [3] | 9,300 | [3] |
Research, technical, and product development expenses | ' | ' | ' | 95 | ' | ' | ' | ' | 95 | ' | 95 | ' | 95 | ' | ' | |||
Operating income | ' | 1,442 | 933 | 7 | ' | 793 | 150 | 415 | 940 | 565 | 2,382 | 1,358 | 3,006 | -981 | 3,072 | |||
Other income (expense), net | ' | -3 | -32 | -13 | ' | -39 | -16 | -17 | -45 | -33 | -48 | -72 | -63 | -92 | -52 | |||
Interest income (expense), net | ' | -4,358 | -3,903 | -4,014 | ' | -4,074 | -4,138 | -4,201 | -7,917 | -8,339 | -12,275 | -12,413 | -16,639 | -16,299 | -2,650 | |||
Equity in earnings of subsidiaries | ' | 5,034 | 4,258 | 7,022 | ' | 3,279 | 4,821 | 4,754 | 11,280 | 9,575 | 16,314 | 12,854 | 25,832 | 16,568 | 5,544 | |||
Income (loss) before income taxes | ' | 2,115 | 1,256 | 3,002 | ' | -41 | 817 | 951 | 4,258 | 1,768 | 6,373 | 1,727 | 12,136 | -804 | 5,914 | |||
Provision for (benefit from) income taxes | ' | -1,084 | -2,837 | -1,056 | ' | -1,208 | -1,300 | -546 | -3,893 | -1,846 | -4,977 | -3,054 | -6,304 | -4,998 | 2,654 | |||
Net income attributable to continuing operations | ' | 3,199 | 4,093 | 4,058 | ' | 1,167 | 2,117 | 1,497 | 8,151 | 3,614 | 11,350 | 4,781 | 18,440 | 4,194 | 3,260 | |||
Net income attributable to discontinued operations, net of tax | ' | 389 | 453 | 571 | ' | 493 | 618 | 422 | 1,024 | 1,040 | 1,413 | 1,533 | 1,700 | ' | 310 | |||
Net income | ' | 3,588 | 4,546 | 4,629 | ' | 1,660 | 2,735 | 1,919 | 9,175 | 4,654 | 12,763 | 6,314 | 20,140 | 6,032 | 3,570 | |||
Comprehensive income | ' | 9,297 | 3,173 | 8,032 | ' | -5,743 | 3,654 | 6,448 | 11,205 | 10,102 | 20,502 | 4,359 | 14,629 | -842 | 4,796 | |||
RTI International Metals, Inc. | Previously Reported | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 12,372 | |||
Cost and Expenses: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Selling, general, and administrative expenses | ' | -1,442 | -933 | -102 | ' | -793 | -150 | -415 | -1,035 | -565 | -2,477 | -1,358 | ' | ' | ' | |||
Research, technical, and product development expenses | ' | ' | ' | 95 | ' | ' | ' | ' | 95 | ' | 95 | ' | ' | ' | ' | |||
Operating income | ' | 1,442 | 933 | 7 | ' | 793 | 150 | 415 | 940 | 565 | 2,382 | 1,358 | 3,006 | -981 | 3,072 | |||
Other income (expense), net | ' | -3 | -32 | -13 | ' | -39 | -16 | -17 | -45 | -33 | -48 | -72 | ' | ' | ' | |||
Interest income (expense), net | ' | -4,358 | -3,903 | -4,014 | ' | -4,074 | -4,138 | -4,201 | -7,917 | -8,339 | -12,275 | -12,413 | ' | ' | ' | |||
Equity in earnings of subsidiaries | ' | 7,460 | 5,328 | 8,018 | ' | 4,179 | 4,832 | 5,599 | 13,917 | 10,431 | 21,377 | 14,610 | 30,907 | 18,926 | 5,701 | |||
Income (loss) before income taxes | ' | 4,541 | 2,326 | 3,998 | ' | 859 | 828 | 1,796 | 6,895 | 2,624 | 11,436 | 3,483 | 17,211 | 1,554 | 6,071 | |||
Provision for (benefit from) income taxes | ' | -1,084 | -2,837 | -1,056 | ' | -1,208 | -1,300 | -546 | -3,893 | -1,846 | -4,977 | -3,054 | -6,304 | -4,998 | 2,654 | |||
Net income attributable to continuing operations | ' | 5,625 | 5,163 | 5,054 | ' | 2,067 | 2,128 | 2,342 | 10,788 | 4,470 | 16,413 | 6,537 | ' | ' | ' | |||
Net income attributable to discontinued operations, net of tax | ' | ' | ' | 571 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Net income | ' | 5,625 | 5,163 | 5,625 | ' | 2,067 | 2,128 | 2,342 | 10,788 | 4,470 | 16,413 | 6,537 | 23,515 | 6,552 | 3,417 | |||
Comprehensive income | ' | 11,334 | 3,790 | 9,028 | ' | -5,336 | 3,047 | 6,871 | 12,818 | 9,918 | 24,152 | 4,582 | 18,004 | -322 | 4,643 | |||
Guarantor Subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Net sales | ' | 131,132 | 148,017 | 116,796 | ' | 97,118 | 82,096 | 78,922 | 247,734 | 161,018 | 378,866 | 258,136 | 503,018 | 347,963 | 253,754 | [1] | ||
Cost and Expenses: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Cost of sales | ' | 114,706 | 127,484 | 96,311 | ' | 85,942 | 68,359 | 64,652 | 209,233 | 133,011 | 323,939 | 218,953 | 426,268 | 296,066 | 221,351 | |||
Selling, general, and administrative expenses | ' | 12,048 | 14,635 | 9,013 | ' | 5,707 | 5,869 | 5,800 | 21,324 | 11,669 | 33,372 | 17,376 | 45,316 | [2] | 22,586 | [3] | 9,966 | [3] |
Research, technical, and product development expenses | ' | 1,000 | 1,208 | 930 | ' | 874 | 798 | 632 | 2,024 | 1,430 | 3,024 | 2,304 | 4,007 | 3,232 | 3,256 | |||
Asset and asset-related charges (income) | ' | 1,617 | ' | ' | ' | ' | ' | ' | ' | ' | 1,617 | ' | 367 | ' | ' | |||
Operating income | ' | 1,761 | 4,690 | 10,542 | ' | 4,595 | 7,070 | 7,838 | 15,153 | 14,908 | 16,914 | 19,503 | 27,060 | 26,079 | 19,181 | |||
Other income (expense), net | ' | 20 | ' | 280 | ' | 34 | 37 | -71 | 281 | -34 | 301 | ' | 38 | -38 | -91 | |||
Interest income (expense), net | ' | 36 | -15 | 138 | ' | 479 | 504 | 363 | 159 | 867 | 195 | 1,346 | 205 | 1,797 | 4,615 | |||
Equity in earnings of subsidiaries | ' | 1,231 | 2,512 | 1,444 | ' | 9 | 2,526 | 2,343 | 3,956 | 4,869 | 5,185 | 4,879 | 5,419 | 6,128 | 2,617 | |||
Income (loss) before income taxes | ' | 3,048 | 7,187 | 12,404 | ' | 5,117 | 10,137 | 10,473 | 19,549 | 20,610 | 22,595 | 25,728 | 32,722 | 33,966 | 26,322 | |||
Provision for (benefit from) income taxes | ' | 705 | 2,926 | 3,030 | ' | 2,465 | 2,854 | 2,854 | 5,968 | 5,708 | 6,673 | 8,173 | 10,726 | 10,257 | 7,444 | |||
Net income attributable to continuing operations | ' | 2,343 | 4,261 | 9,374 | ' | 2,652 | 7,283 | 7,619 | 13,581 | 14,902 | 15,922 | 17,555 | 21,996 | 23,709 | 18,878 | |||
Net income | ' | 2,343 | 4,261 | 9,374 | ' | 2,652 | 7,283 | 7,619 | 13,581 | 14,902 | 15,922 | 17,555 | 21,996 | 23,709 | 18,878 | |||
Comprehensive income | ' | 3,394 | 5,312 | 10,433 | ' | 3,445 | 8,164 | 8,324 | 15,691 | 16,488 | 19,083 | 19,934 | 14,465 | 19,646 | 16,038 | |||
Guarantor Subsidiaries | Previously Reported | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Net sales | ' | 131,132 | 148,017 | 99,717 | ' | 97,118 | 82,096 | 78,922 | 247,734 | 161,018 | 378,866 | 258,136 | 503,018 | 347,963 | 253,754 | |||
Cost and Expenses: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Cost of sales | ' | 114,706 | 127,484 | 81,749 | ' | 85,942 | 68,359 | 64,652 | 209,233 | 133,011 | 323,939 | 218,953 | 426,083 | 296,066 | 221,351 | |||
Selling, general, and administrative expenses | ' | 12,048 | 14,635 | 6,689 | ' | 5,707 | 5,869 | 5,800 | 21,324 | 11,669 | 33,372 | 17,376 | ' | ' | ' | |||
Research, technical, and product development expenses | ' | 1,000 | 1,208 | 816 | ' | 874 | 798 | 632 | 2,024 | 1,430 | 3,024 | 2,304 | ' | ' | ' | |||
Asset and asset-related charges (income) | ' | 1,617 | ' | ' | ' | ' | ' | ' | ' | ' | 1,617 | ' | ' | ' | ' | |||
Operating income | ' | 1,761 | 4,690 | 10,463 | ' | 4,595 | 7,070 | 7,838 | 15,153 | 14,908 | 16,914 | 19,503 | 27,245 | 26,079 | 19,181 | |||
Other income (expense), net | ' | 20 | 1 | 280 | ' | 34 | 37 | -71 | 281 | -34 | 301 | ' | ' | ' | ' | |||
Interest income (expense), net | ' | 36 | -15 | 174 | ' | 479 | 504 | 363 | 159 | 867 | 195 | 1,346 | ' | ' | ' | |||
Equity in earnings of subsidiaries | ' | ' | ' | 1,444 | ' | ' | ' | ' | ' | ' | ' | ' | 5,419 | 6,128 | 2,617 | |||
Income (loss) before income taxes | ' | 1,817 | 4,676 | 12,361 | ' | 5,108 | 7,611 | 8,130 | 15,593 | 15,741 | 17,410 | 20,849 | 32,907 | 33,966 | 26,322 | |||
Provision for (benefit from) income taxes | ' | 705 | 2,926 | 3,042 | ' | 2,465 | 2,854 | 2,854 | 5,968 | 5,708 | 6,673 | 8,173 | 10,726 | 10,257 | 7,444 | |||
Net income attributable to continuing operations | ' | 1,112 | 1,750 | 9,319 | ' | 2,643 | 4,757 | 5,276 | 9,625 | 10,033 | 10,737 | 12,676 | ' | ' | ' | |||
Net income | ' | 1,112 | 1,750 | 9,319 | ' | 2,643 | 4,757 | 5,276 | 9,625 | 10,033 | 10,737 | 12,676 | 22,181 | 23,709 | 18,878 | |||
Comprehensive income | ' | 2,163 | 2,801 | 10,378 | ' | 3,436 | 5,638 | 5,981 | 11,735 | 11,619 | 13,898 | 15,055 | 14,650 | 19,646 | 16,038 | |||
Non-Guarantor Subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Net sales | ' | 103,618 | 92,640 | 95,385 | ' | 88,512 | 79,596 | 73,052 | 205,104 | 152,648 | 308,722 | 241,160 | 417,573 | 329,155 | 254,428 | [1] | ||
Cost and Expenses: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Cost of sales | ' | 86,394 | 79,154 | 83,363 | ' | 76,837 | 69,150 | 64,010 | 177,079 | 133,160 | 263,473 | 209,997 | 354,695 | 287,424 | 226,838 | |||
Selling, general, and administrative expenses | ' | 11,119 | 8,976 | 11,922 | ' | 10,702 | 11,092 | 11,166 | 23,222 | 22,258 | 34,341 | 32,960 | 45,771 | [2] | 44,118 | [3] | 41,043 | [3] |
Research, technical, and product development expenses | ' | 12 | -104 | 40 | ' | 51 | 92 | ' | 50 | 92 | 62 | 143 | 62 | 160 | ' | |||
Asset and asset-related charges (income) | ' | ' | ' | ' | ' | ' | ' | -1,501 | ' | -1,501 | ' | -1,501 | ' | -1,501 | -5,012 | |||
Operating income | ' | 6,093 | 4,614 | 60 | ' | 922 | -738 | -623 | 4,753 | -1,361 | 10,846 | -439 | 17,045 | -1,046 | -8,441 | |||
Other income (expense), net | ' | -1 | 602 | -535 | ' | 203 | 112 | -434 | 66 | -322 | 65 | -119 | -476 | 186 | -479 | |||
Interest income (expense), net | ' | -368 | -258 | -320 | ' | -247 | -261 | -237 | -614 | -498 | -982 | -745 | -1,344 | -1,143 | -3,584 | |||
Equity in earnings of subsidiaries | ' | 374 | 413 | 1,203 | ' | -280 | -792 | 155 | 1,616 | -637 | 1,990 | -917 | 2,138 | -1,055 | -2,282 | |||
Income (loss) before income taxes | ' | 6,098 | 5,371 | 408 | ' | 598 | -1,679 | -1,139 | 5,821 | -2,818 | 11,919 | -2,220 | 17,363 | -3,058 | -14,786 | |||
Provision for (benefit from) income taxes | ' | 1,802 | 2,449 | 113 | ' | 242 | -951 | -772 | 2,550 | -1,723 | 4,352 | -1,481 | 5,970 | -990 | -1,787 | |||
Net income attributable to continuing operations | ' | 4,296 | 2,922 | 295 | ' | 356 | -728 | -367 | 3,271 | -1,095 | 7,567 | -739 | 11,393 | -2,068 | -12,999 | |||
Net income attributable to discontinued operations, net of tax | ' | 389 | 453 | 571 | ' | 493 | 618 | 422 | 1,024 | 1,040 | 1,413 | 1,533 | 1,700 | ' | 310 | |||
Net income | ' | 4,685 | 3,375 | 866 | ' | 849 | -110 | 55 | 4,295 | -55 | 8,980 | 794 | 13,093 | -230 | -12,689 | |||
Comprehensive income | ' | 9,193 | 798 | 3,058 | ' | -7,363 | -225 | 3,760 | 3,910 | 3,535 | 13,103 | -3,828 | 15,651 | -2,106 | -6,708 | |||
Non-Guarantor Subsidiaries | Previously Reported | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Net sales | ' | 110,148 | 98,455 | 112,963 | ' | 95,330 | 84,802 | 82,102 | 219,699 | 166,904 | 329,847 | 262,234 | 448,091 | 357,546 | 279,730 | |||
Cost and Expenses: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Cost of sales | ' | 88,627 | 82,492 | 96,907 | ' | 81,500 | 73,950 | 70,367 | 185,999 | 144,317 | 274,626 | 225,817 | 374,495 | 308,771 | 248,620 | |||
Selling, general, and administrative expenses | ' | 11,828 | 9,756 | 14,246 | ' | 11,474 | 11,899 | 12,073 | 24,791 | 23,972 | 36,619 | 35,446 | ' | ' | ' | |||
Research, technical, and product development expenses | ' | 12 | -104 | 154 | ' | 51 | 92 | ' | 50 | 92 | 62 | 143 | ' | ' | ' | |||
Asset and asset-related charges (income) | ' | ' | ' | ' | ' | ' | ' | -1,501 | ' | -1,501 | ' | -1,501 | ' | ' | ' | |||
Operating income | ' | 9,681 | 6,311 | 1,656 | ' | 2,305 | -1,139 | 1,163 | 8,859 | 24 | 18,540 | 2,329 | 24,779 | 2,663 | -8,192 | |||
Other income (expense), net | ' | 15 | 601 | -535 | ' | 203 | 112 | -481 | 66 | -369 | 81 | -166 | ' | ' | ' | |||
Interest income (expense), net | ' | -368 | -258 | -356 | ' | -247 | -261 | -237 | -614 | -498 | -982 | -745 | ' | ' | ' | |||
Equity in earnings of subsidiaries | ' | ' | ' | 1,203 | ' | ' | ' | ' | ' | ' | ' | ' | 2,138 | -1,055 | -2,282 | |||
Income (loss) before income taxes | ' | 9,328 | 6,654 | 1,968 | ' | 2,261 | -1,288 | 445 | 8,311 | -843 | 17,639 | 1,418 | 25,114 | 614 | -14,537 | |||
Provision for (benefit from) income taxes | ' | 2,980 | 3,076 | 622 | ' | 725 | -1,363 | 122 | 4,019 | -1,241 | 6,999 | -516 | 8,831 | 324 | -1,695 | |||
Net income attributable to continuing operations | ' | 6,348 | 3,578 | 1,346 | ' | 1,536 | 75 | 323 | 4,292 | 398 | 10,640 | 1,934 | ' | ' | ' | |||
Net income attributable to discontinued operations, net of tax | ' | ' | ' | 571 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Net income | ' | 6,348 | 3,578 | 1,917 | ' | 1,536 | 75 | 323 | 4,292 | 398 | 10,640 | 1,934 | 16,283 | 290 | -12,842 | |||
Comprehensive income | ' | 10,856 | 1,001 | 4,109 | ' | -6,676 | -40 | 4,028 | 3,907 | 3,988 | 14,763 | -2,688 | 18,841 | -1,586 | -6,861 | |||
Eliminations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Net sales | ' | -52,205 | -56,195 | -58,111 | ' | -48,777 | -43,685 | -40,174 | -114,306 | -83,859 | -166,511 | -132,636 | -212,501 | -175,830 | -114,063 | [1] | ||
Cost and Expenses: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Cost of sales | ' | -52,205 | -56,195 | -58,111 | ' | -48,777 | -43,685 | -40,174 | -114,306 | -83,859 | -166,511 | -132,636 | -212,501 | -175,830 | -114,063 | |||
Equity in earnings of subsidiaries | ' | -6,639 | -7,183 | -9,669 | ' | -3,008 | -6,555 | -7,252 | -16,852 | -13,807 | -23,489 | -16,816 | -33,389 | -21,641 | -5,879 | |||
Income (loss) before income taxes | ' | -6,639 | -7,183 | -9,669 | ' | -3,008 | -6,555 | -7,252 | -16,852 | -13,807 | -23,489 | -16,816 | -33,389 | -21,641 | -5,879 | |||
Net income attributable to continuing operations | ' | -6,639 | -7,183 | -9,669 | ' | -3,008 | -6,555 | -7,252 | -16,852 | -13,807 | -23,489 | -16,816 | -33,389 | -21,641 | -5,879 | |||
Net income attributable to discontinued operations, net of tax | ' | -389 | -453 | -571 | ' | -493 | -618 | -422 | -1,024 | -1,040 | -1,413 | -1,533 | -1,700 | ' | -310 | |||
Net income | ' | -7,028 | -7,636 | -10,240 | ' | -3,501 | -7,173 | -7,674 | -17,876 | -14,847 | -24,902 | -18,349 | -35,089 | -23,479 | -6,189 | |||
Comprehensive income | ' | -12,587 | -6,110 | -13,491 | ' | 3,918 | -7,939 | -12,084 | -19,601 | -20,023 | -32,186 | -16,106 | -30,116 | -17,540 | -9,330 | |||
Eliminations | Previously Reported | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Net sales | ' | -52,205 | -56,195 | -58,111 | ' | -48,777 | -43,685 | -40,174 | -114,306 | -83,859 | -166,511 | -132,636 | -212,501 | -175,830 | -114,063 | |||
Cost and Expenses: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Cost of sales | ' | -52,205 | -56,195 | -58,111 | ' | -48,777 | -43,685 | -40,174 | -114,306 | -83,859 | -166,511 | -132,636 | -212,501 | -175,830 | -114,063 | |||
Equity in earnings of subsidiaries | ' | -7,460 | -5,328 | -10,665 | ' | -4,179 | -4,832 | -5,599 | -13,917 | -10,431 | -21,377 | -14,610 | -38,464 | -23,999 | -6,036 | |||
Income (loss) before income taxes | ' | -7,460 | -5,328 | -10,665 | ' | -4,179 | -4,832 | -5,599 | -13,917 | -10,431 | -21,377 | -14,610 | -38,464 | -23,999 | -6,036 | |||
Net income attributable to continuing operations | ' | -7,460 | -5,328 | -10,665 | ' | -4,179 | -4,832 | -5,599 | -13,917 | -10,431 | -21,377 | -14,610 | ' | ' | ' | |||
Net income attributable to discontinued operations, net of tax | ' | ' | ' | -571 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Net income | ' | -7,460 | -5,328 | -11,236 | ' | -4,179 | -4,832 | -5,599 | -13,917 | -10,431 | -21,377 | -14,610 | -38,464 | -23,999 | -6,036 | |||
Comprehensive income | ' | -13,019 | -3,802 | -14,487 | ' | 3,240 | -5,598 | -10,009 | -15,642 | -15,607 | -28,661 | -12,367 | -33,491 | -18,060 | -9,177 | |||
Consolidated | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Net sales | ' | 182,545 | 184,462 | 154,070 | ' | 136,853 | 118,007 | 111,800 | 338,532 | 229,807 | 521,077 | 366,660 | 708,090 | 501,288 | 406,491 | |||
Cost and Expenses: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Cost of sales | ' | 148,895 | 150,443 | 121,563 | ' | 114,002 | 93,824 | 88,488 | 272,006 | 182,312 | 420,901 | 296,314 | 568,462 | 407,660 | 334,126 | |||
Selling, general, and administrative expenses | ' | 21,725 | 22,678 | 20,833 | ' | 15,616 | 16,811 | 16,551 | 43,511 | 33,362 | 65,236 | 48,978 | ' | ' | ' | |||
Research, technical, and product development expenses | ' | 1,012 | 1,104 | 1,065 | ' | 925 | 890 | 632 | 2,169 | 1,522 | 3,181 | 2,447 | ' | ' | ' | |||
Asset and asset-related charges (income) | ' | 1,617 | ' | ' | ' | ' | ' | -1,501 | ' | -1,501 | 1,617 | -1,501 | ' | ' | ' | |||
Operating income | ' | 9,296 | 10,237 | 10,609 | ' | 6,310 | 6,482 | 7,630 | 20,846 | 14,112 | 30,142 | 20,422 | 47,111 | 24,052 | 13,812 | |||
Other income (expense), net | ' | 16 | 570 | -268 | ' | 198 | 133 | -522 | 302 | -389 | 318 | -191 | ' | ' | ' | |||
Interest income (expense), net | ' | -4,690 | -4,176 | -4,196 | ' | -3,842 | -3,895 | -4,075 | -8,372 | -7,970 | -13,062 | -11,812 | ' | ' | ' | |||
Income (loss) before income taxes | ' | 4,622 | 6,631 | 6,145 | ' | 2,666 | 2,720 | 3,033 | 12,776 | 5,753 | 17,398 | 8,419 | 28,832 | 8,463 | 11,571 | |||
Provision for (benefit from) income taxes | ' | 1,423 | 2,538 | 2,087 | ' | 1,499 | 603 | 1,536 | 4,625 | 2,139 | 6,048 | 3,638 | 10,392 | 4,269 | 8,311 | |||
Net income attributable to continuing operations | ' | 3,199 | 4,093 | 4,058 | ' | 1,167 | 2,117 | 1,497 | 8,151 | 3,614 | 11,350 | 4,781 | ' | ' | ' | |||
Net income attributable to discontinued operations, net of tax | ' | 389 | 453 | 571 | ' | 493 | 618 | 422 | 1,024 | 1,040 | 1,413 | 1,533 | ' | ' | ' | |||
Net income | ' | 3,588 | 4,546 | 4,629 | ' | 1,660 | 2,735 | 1,919 | 9,175 | 4,654 | 12,763 | 6,314 | 20,140 | 6,032 | 3,570 | |||
Comprehensive income | ' | 9,297 | 3,173 | 8,032 | ' | -5,743 | 3,654 | 6,448 | 11,205 | 10,102 | 20,502 | 4,359 | 14,629 | -842 | 4,796 | |||
Consolidated | Previously Reported | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Net sales | ' | 189,075 | 190,277 | 154,569 | ' | 143,671 | 123,213 | 120,850 | 353,127 | 244,063 | 542,202 | 387,734 | 738,608 | 529,679 | 431,793 | |||
Cost and Expenses: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Cost of sales | ' | 151,128 | 153,781 | 120,545 | ' | 118,665 | 98,624 | 94,845 | 280,926 | 193,469 | 432,054 | 312,134 | 588,077 | 429,007 | 355,908 | |||
Selling, general, and administrative expenses | ' | 22,434 | 23,458 | 20,833 | ' | 16,388 | 17,618 | 17,458 | 45,080 | 35,076 | 67,514 | 51,464 | ' | ' | ' | |||
Research, technical, and product development expenses | ' | 1,012 | 1,104 | 1,065 | ' | 925 | 890 | 632 | 2,169 | 1,522 | 3,181 | 2,447 | ' | ' | ' | |||
Asset and asset-related charges (income) | ' | 1,617 | ' | ' | ' | ' | ' | -1,501 | ' | -1,501 | 1,617 | -1,501 | ' | ' | ' | |||
Operating income | ' | 12,884 | 11,934 | 12,126 | ' | 7,693 | 6,081 | 9,416 | 24,952 | 15,497 | 37,836 | 23,190 | 55,030 | 27,761 | 14,061 | |||
Other income (expense), net | ' | 32 | 570 | -268 | ' | 198 | 133 | -569 | 302 | -436 | 334 | -238 | ' | ' | ' | |||
Interest income (expense), net | ' | -4,690 | -4,176 | -4,196 | ' | -3,842 | -3,895 | -4,075 | -8,372 | -7,970 | -13,062 | -11,812 | ' | ' | ' | |||
Income (loss) before income taxes | ' | 8,226 | 8,328 | 7,662 | ' | 4,049 | 2,319 | 4,772 | 16,882 | 7,091 | 25,108 | 11,140 | 36,768 | 12,135 | 11,820 | |||
Provision for (benefit from) income taxes | ' | 2,601 | 3,165 | 2,608 | ' | 1,982 | 191 | 2,430 | 6,094 | 2,621 | 8,695 | 4,603 | 13,253 | 5,583 | 8,403 | |||
Net income attributable to continuing operations | ' | 5,625 | 5,163 | 5,054 | ' | 2,067 | 2,128 | 2,342 | 10,788 | 4,470 | 16,413 | 6,537 | ' | ' | ' | |||
Net income attributable to discontinued operations, net of tax | ' | ' | ' | 571 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Net income | ' | 5,625 | 5,163 | 5,625 | ' | 2,067 | 2,128 | 2,342 | 10,788 | 4,470 | 16,413 | 6,537 | 23,515 | 6,552 | 3,417 | |||
Comprehensive income | ' | $11,334 | $3,790 | $9,028 | ' | ($5,336) | $3,047 | $6,871 | $12,818 | $9,918 | $24,152 | $4,582 | $18,004 | ($322) | $4,643 | |||
[1] | During the year ended December 31, 2010, the Parent recorded net sales related to the March 2010 settlement of certain Airbus 2009 contractual obligations. | |||||||||||||||||
[2] | The Parent allocates selling, general, and administrative expenses ("SG&A") to the subsidiaries based upon its budgeted annual expenses. A credit in the Parent's SG&A is offset by an equal debit amount in the subsidiaries' SG&A. | |||||||||||||||||
[3] | The Parent allocates SG&A to the subsidiaries based upon its budgeted annual expenses. | |||||||||||||||||
[4] | The Company does not present cash flows from discontinued operations, consistent with ASC 230, Statement of Cash Flows. |
Effects_of_Restatement_or_Revi1
Effects of Restatement or Revision, Condensed Consolidating Balance Sheet (Detail) (USD $) | Dec. 31, 2012 | Oct. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2011 | Sep. 30, 2011 | Jun. 30, 2011 | Mar. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2009 |
In Thousands, unless otherwise specified | |||||||||||
Current assets: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash and cash equivalents | $97,190 | ' | $73,389 | $99,525 | $117,872 | $156,842 | $189,741 | $228,313 | $276,154 | $376,951 | $56,216 |
Short term investments | ' | ' | 3,998 | ' | ' | 164,255 | 76,587 | 63,590 | 38,892 | ' | ' |
Receivables, net | 105,317 | ' | 114,248 | 103,757 | 103,163 | 86,428 | 84,528 | 62,408 | 72,751 | ' | ' |
Inventories, net | 385,116 | ' | 352,829 | 327,169 | 307,627 | 259,852 | 244,268 | 250,268 | 261,052 | ' | ' |
Costs in excess of billings | 2,260 | ' | 2,151 | 658 | 5 | 400 | ' | ' | 112 | ' | ' |
Deferred income taxes | 31,380 | ' | 22,059 | 20,775 | 20,475 | 19,041 | 20,161 | 22,930 | 23,664 | ' | ' |
Assets of discontinued operations | 14,741 | ' | 16,799 | 17,633 | 18,598 | 16,083 | 14,945 | 13,062 | 13,724 | ' | ' |
Other current assets | 11,270 | ' | 11,160 | 13,269 | 11,269 | 10,222 | 14,934 | 12,209 | 14,156 | ' | ' |
Total current assets | 647,274 | ' | 596,633 | 582,786 | 579,009 | 713,123 | 645,164 | 652,780 | 700,505 | ' | ' |
Property, plant, and equipment, net | 375,949 | ' | 367,768 | 365,735 | 361,464 | 289,375 | 267,994 | 266,079 | 261,263 | 260,457 | ' |
Marketable Securities | ' | ' | ' | ' | ' | 12,683 | 89,479 | 92,440 | 48,779 | ' | ' |
Goodwill | 130,610 | 130,776 | 131,606 | 133,570 | 133,595 | 54,483 | 39,924 | 40,834 | 40,824 | 40,414 | ' |
Other intangible assets, net | 56,495 | ' | 57,664 | 58,251 | 59,527 | 22,576 | 12,829 | 13,965 | 14,219 | ' | ' |
Deferred income taxes | 33,287 | ' | 32,197 | 29,239 | 29,111 | 27,424 | 23,611 | 24,909 | 23,537 | ' | ' |
Other noncurrent assets | 8,866 | ' | 8,353 | 8,792 | 8,476 | 8,756 | 8,903 | 9,354 | 9,797 | ' | ' |
Total assets | 1,252,481 | ' | 1,194,221 | 1,178,373 | 1,171,182 | 1,128,420 | 1,087,904 | 1,100,361 | 1,098,924 | 1,111,305 | ' |
Current liabilities: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accounts payable | 91,661 | ' | 67,166 | 61,084 | 64,837 | 55,820 | 49,218 | 31,092 | 31,932 | ' | ' |
Accrued wages and other employee costs | 34,096 | ' | 29,445 | 24,871 | 19,690 | 26,787 | 20,685 | 18,533 | 14,986 | ' | ' |
Unearned revenue | 24,998 | ' | 34,523 | 36,844 | 36,583 | 19,716 | 16,420 | 21,921 | 27,830 | ' | ' |
Liabilities of discontinued operations | 2,332 | ' | 3,198 | 3,494 | 3,879 | 4,244 | 5,069 | 3,467 | 4,551 | ' | ' |
Other accrued liabilities | 22,550 | ' | 27,458 | 21,680 | 21,768 | 20,085 | 19,797 | 28,222 | 29,156 | ' | ' |
Total current liabilities | 175,637 | ' | 161,790 | 147,973 | 146,757 | 126,652 | 111,189 | 103,235 | 108,455 | ' | ' |
Long-term debt | 198,337 | ' | 196,079 | 193,727 | 191,189 | 186,981 | 184,695 | 182,462 | 180,269 | ' | ' |
Liability for post-retirement benefits | 45,066 | ' | 42,220 | 42,000 | 41,806 | 41,388 | 41,128 | 40,859 | 40,277 | ' | ' |
Liability for pension benefits | 20,711 | ' | 2,555 | 13,402 | 15,097 | 20,830 | 7,153 | 27,604 | 28,504 | ' | ' |
Deferred income taxes | 46,384 | ' | 33,663 | 33,749 | 33,141 | 13,606 | 5,441 | 3,169 | 3,102 | ' | ' |
Unearned revenue | 13,013 | ' | 3,240 | 3,385 | 3,504 | 8,115 | 3,675 | 3,754 | 3,820 | ' | ' |
Other noncurrent liabilities | 11,798 | ' | 8,908 | 8,969 | 8,895 | 8,755 | 8,538 | 8,527 | 8,569 | ' | ' |
Total liabilities | 510,946 | ' | 448,455 | 443,205 | 440,389 | 406,327 | 361,819 | 369,610 | 372,996 | ' | ' |
Shareholders' equity | 741,535 | ' | 745,766 | 735,168 | 730,793 | 722,093 | 726,085 | 730,751 | 725,928 | 718,261 | 678,914 |
Total liabilities and shareholders' equity | 1,252,481 | ' | 1,194,221 | 1,178,373 | 1,171,182 | 1,128,420 | 1,087,904 | 1,100,361 | 1,098,924 | ' | ' |
Previously Reported | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Current assets: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash and cash equivalents | ' | ' | 73,389 | 99,525 | 117,872 | 156,842 | 189,741 | 228,313 | 276,154 | 376,951 | ' |
Short term investments | ' | ' | 3,998 | ' | ' | ' | 76,587 | 63,590 | 38,892 | ' | ' |
Receivables, net | 108,767 | ' | 117,455 | 107,455 | 107,177 | 89,359 | 87,883 | 66,211 | 76,499 | ' | ' |
Inventories, net | 405,289 | ' | 378,218 | 349,432 | 327,922 | 275,059 | 257,049 | 259,241 | 269,402 | ' | ' |
Deferred income taxes | 28,899 | ' | 19,644 | 19,332 | 19,395 | 18,674 | 19,974 | 22,950 | 22,928 | ' | ' |
Other current assets | 10,709 | ' | 10,725 | 12,900 | 10,975 | 9,932 | 14,663 | 11,952 | 13,933 | ' | ' |
Total current assets | 650,854 | ' | 603,429 | 588,644 | 583,341 | 714,121 | 645,897 | 652,257 | 697,808 | ' | ' |
Property, plant, and equipment, net | 375,996 | ' | 367,818 | 365,788 | 361,520 | 289,434 | 268,056 | 266,144 | 261,331 | ' | ' |
Marketable Securities | ' | ' | ' | ' | ' | ' | 89,479 | 92,440 | 48,779 | ' | ' |
Goodwill | 137,251 | ' | 138,247 | 140,211 | 140,236 | 55,864 | 41,305 | 42,215 | 42,205 | ' | ' |
Other intangible assets, net | ' | ' | 57,664 | 58,251 | 59,527 | ' | 12,829 | 13,965 | 14,219 | ' | ' |
Deferred income taxes | ' | ' | 32,197 | 29,239 | 29,111 | ' | 23,611 | 24,909 | 23,537 | ' | ' |
Other noncurrent assets | 5,844 | ' | 5,113 | 5,407 | 4,972 | 5,173 | 5,228 | 5,600 | 5,977 | ' | ' |
Total assets | 1,259,727 | ' | 1,204,468 | 1,187,540 | 1,178,707 | 1,127,275 | 1,086,405 | 1,097,530 | 1,093,856 | ' | ' |
Current liabilities: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accounts payable | 93,656 | ' | 70,079 | 64,278 | 68,463 | 59,591 | 53,960 | 34,036 | 36,105 | ' | ' |
Accrued wages and other employee costs | 34,433 | ' | 29,730 | 25,135 | 19,878 | 27,260 | 20,978 | 18,799 | 15,230 | ' | ' |
Unearned revenue | 26,164 | ' | 38,633 | 42,056 | 40,889 | 21,495 | 18,234 | 22,889 | 26,020 | ' | ' |
Other accrued liabilities | ' | ' | 27,458 | 21,716 | 21,833 | ' | 19,831 | 28,479 | 29,290 | ' | ' |
Total current liabilities | 176,803 | ' | 165,900 | 153,185 | 151,063 | 128,431 | 113,003 | 104,203 | 106,645 | ' | ' |
Long-term debt | ' | ' | 196,079 | 193,727 | 191,189 | ' | 184,695 | 182,462 | 180,269 | ' | ' |
Liability for post-retirement benefits | ' | ' | 42,220 | 42,000 | 41,806 | ' | 41,128 | 40,859 | 40,277 | ' | ' |
Liability for pension benefits | ' | ' | 2,555 | 13,402 | 15,097 | ' | 7,153 | 27,604 | 28,504 | ' | ' |
Deferred income taxes | 51,452 | ' | 38,731 | 38,817 | 38,209 | ' | 5,441 | 3,169 | 3,102 | ' | ' |
Unearned revenue | 9,991 | ' | ' | ' | ' | 4,532 | ' | ' | ' | ' | ' |
Other noncurrent liabilities | ' | ' | 8,908 | 8,969 | 8,895 | ' | 8,538 | 8,527 | 8,569 | ' | ' |
Total liabilities | 514,158 | ' | 454,393 | 450,100 | 446,259 | 404,523 | 359,958 | 366,824 | 367,366 | ' | ' |
Shareholders' equity | 745,569 | ' | 750,075 | 737,440 | 732,448 | 722,752 | 726,447 | 730,706 | 726,490 | ' | ' |
Total liabilities and shareholders' equity | 1,259,727 | ' | 1,204,468 | 1,187,540 | 1,178,707 | 1,127,275 | 1,086,405 | 1,097,530 | 1,093,856 | ' | ' |
RTI International Metals, Inc. | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Current assets: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Receivables, net | 126 | ' | 126 | 162 | 209 | 351 | 417 | 454 | 438 | ' | ' |
Deferred income taxes | 26,478 | ' | 17,176 | 17,177 | 17,177 | 17,177 | 18,493 | 21,430 | 21,430 | ' | ' |
Other current assets | 5,410 | ' | 4,021 | 4,271 | 5,737 | 9,351 | 14,765 | 10,860 | 13,937 | ' | ' |
Total current assets | 32,014 | ' | 21,323 | 21,610 | 23,123 | 26,879 | 33,675 | 32,744 | 35,805 | ' | ' |
Property, plant, and equipment, net | 1,327 | ' | 1,336 | 543 | 634 | 709 | 772 | 861 | 955 | ' | ' |
Other noncurrent assets | 4,117 | ' | 4,442 | 4,768 | 4,329 | 4,697 | 5,065 | 5,433 | 5,800 | ' | ' |
Intercompany investments | 980,867 | ' | 977,337 | 960,071 | 951,230 | 938,166 | 921,413 | 922,095 | 911,715 | ' | ' |
Total assets | 1,018,325 | ' | 1,004,438 | 986,992 | 979,316 | 970,451 | 960,925 | 961,133 | 954,275 | ' | ' |
Current liabilities: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accounts payable | 1,177 | ' | 1,003 | 1,021 | 1,111 | 950 | 806 | 429 | 1,473 | ' | ' |
Accrued wages and other employee costs | 6,519 | ' | 5,177 | 4,465 | 3,160 | 7,485 | 5,015 | 4,105 | 3,632 | ' | ' |
Other accrued liabilities | 3,669 | ' | 11,128 | 6,388 | 6,711 | 4,294 | 4,727 | 4,084 | 3,792 | ' | ' |
Total current liabilities | 11,365 | ' | 17,308 | 11,874 | 10,982 | 12,729 | 10,548 | 8,618 | 8,897 | ' | ' |
Long-term debt | 196,644 | ' | 194,153 | 191,699 | 189,313 | 186,961 | 184,675 | 182,422 | 180,227 | ' | ' |
Liability for pension benefits | 6,419 | ' | 4,976 | 6,133 | 6,227 | 6,777 | 4,380 | 6,524 | 6,542 | ' | ' |
Deferred income taxes | 54,222 | ' | 36,967 | 36,857 | 36,748 | 36,638 | 30,148 | 27,737 | 27,608 | ' | ' |
Other noncurrent liabilities | 8,140 | ' | 5,268 | 5,261 | 5,253 | 5,253 | 5,089 | 5,081 | 5,073 | ' | ' |
Total liabilities | 276,790 | ' | 258,672 | 251,824 | 248,523 | 248,358 | 234,840 | 230,382 | 228,347 | ' | ' |
Shareholders' equity | 741,535 | ' | 745,766 | 735,168 | 730,793 | 722,093 | 726,085 | 730,751 | 725,928 | ' | ' |
Total liabilities and shareholders' equity | 1,018,325 | ' | 1,004,438 | 986,992 | 979,316 | 970,451 | 960,925 | 961,133 | 954,275 | ' | ' |
RTI International Metals, Inc. | Previously Reported | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Current assets: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Receivables, net | 126 | ' | 126 | 162 | 209 | ' | 417 | 454 | 438 | ' | ' |
Deferred income taxes | 26,478 | ' | 17,176 | 17,177 | 17,177 | 17,177 | 18,493 | 21,430 | 21,430 | ' | ' |
Other current assets | 5,410 | ' | 4,021 | 4,271 | 5,737 | 9,351 | 14,765 | 10,860 | 13,937 | ' | ' |
Total current assets | 32,014 | ' | 21,323 | 21,610 | 23,123 | 26,879 | 33,675 | 32,744 | 35,805 | ' | ' |
Property, plant, and equipment, net | ' | ' | 1,336 | 543 | 634 | ' | 772 | 861 | 955 | ' | ' |
Other noncurrent assets | 4,117 | ' | 4,442 | 4,768 | 4,329 | 4,697 | 5,065 | 5,433 | 5,800 | ' | ' |
Intercompany investments | 984,901 | ' | 981,646 | 962,343 | 952,885 | 938,825 | 921,775 | 922,050 | 912,277 | ' | ' |
Total assets | 1,022,359 | ' | 1,008,747 | 989,264 | 980,971 | 971,110 | 961,287 | 961,088 | 954,837 | ' | ' |
Current liabilities: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accounts payable | ' | ' | 1,003 | 1,021 | 1,111 | ' | 806 | 429 | 1,473 | ' | ' |
Accrued wages and other employee costs | ' | ' | 5,177 | 4,465 | 3,160 | ' | 5,015 | 4,105 | 3,632 | ' | ' |
Other accrued liabilities | ' | ' | 11,128 | 6,388 | 6,711 | ' | 4,727 | 4,084 | 3,792 | ' | ' |
Total current liabilities | 11,365 | ' | 17,308 | 11,874 | 10,982 | 12,729 | 10,548 | 8,618 | 8,897 | ' | ' |
Long-term debt | ' | ' | 194,153 | 191,699 | 189,313 | ' | 184,675 | 182,422 | 180,227 | ' | ' |
Liability for pension benefits | ' | ' | 4,976 | 6,133 | 6,227 | ' | 4,380 | 6,524 | 6,542 | ' | ' |
Deferred income taxes | 54,222 | ' | 36,967 | 36,857 | 36,748 | ' | 30,148 | 27,737 | 27,608 | ' | ' |
Other noncurrent liabilities | ' | ' | 5,268 | 5,261 | 5,253 | ' | 5,089 | 5,081 | 5,073 | ' | ' |
Total liabilities | 276,790 | ' | 258,672 | 251,824 | 248,523 | 248,358 | 234,840 | 230,382 | 228,347 | ' | ' |
Shareholders' equity | 745,569 | ' | 750,075 | 737,440 | 732,448 | 722,752 | 726,447 | 730,706 | 726,490 | ' | ' |
Total liabilities and shareholders' equity | 1,022,359 | ' | 1,008,747 | 989,264 | 980,971 | 971,110 | 961,287 | 961,088 | 954,837 | ' | ' |
Guarantor Subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Current assets: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash and cash equivalents | 87,283 | ' | 69,907 | 92,864 | 109,419 | 144,271 | 177,711 | 215,043 | 264,293 | 350,629 | 45,525 |
Short term investments | ' | ' | 3,998 | ' | ' | 164,255 | 76,587 | 63,590 | 38,892 | ' | ' |
Receivables, net | 72,773 | ' | 80,480 | 76,198 | 77,874 | 55,499 | 62,273 | 43,580 | 44,898 | ' | ' |
Inventories, net | 220,989 | ' | 189,837 | 178,140 | 168,134 | 136,695 | 128,685 | 134,581 | 144,720 | ' | ' |
Deferred income taxes | 2,543 | ' | 2,593 | 2,290 | 2,290 | 1,399 | 1,418 | 1,418 | 1,418 | ' | ' |
Other current assets | 2,072 | ' | 4,070 | 4,565 | 4,496 | 883 | 1,166 | 1,320 | 1,601 | ' | ' |
Total current assets | 385,660 | ' | 350,885 | 354,057 | 362,213 | 503,002 | 447,840 | 459,532 | 495,822 | ' | ' |
Property, plant, and equipment, net | 308,467 | ' | 301,681 | 301,438 | 296,407 | 224,129 | 209,540 | 203,767 | 198,546 | ' | ' |
Marketable Securities | ' | ' | ' | ' | ' | ' | 89,479 | 92,440 | 48,779 | ' | ' |
Goodwill | 93,665 | ' | 94,494 | 96,942 | 96,942 | 18,097 | 18,097 | 18,097 | 18,098 | ' | ' |
Other intangible assets, net | 35,152 | ' | 35,795 | 36,436 | 37,079 | ' | ' | ' | ' | ' | ' |
Deferred income taxes | 32,757 | ' | 26,313 | 25,314 | 25,995 | 26,567 | 23,019 | 23,455 | 23,913 | ' | ' |
Other noncurrent assets | 892 | ' | 2,781 | 201 | 201 | 36 | 36 | 36 | 36 | ' | ' |
Intercompany investments | 26,814 | ' | 26,492 | 25,350 | 22,840 | 21,400 | 20,147 | 20,138 | 17,611 | ' | ' |
Total assets | 883,407 | ' | 838,441 | 839,738 | 841,677 | 805,914 | 808,158 | 817,465 | 802,805 | ' | ' |
Current liabilities: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accounts payable | 70,086 | ' | 46,543 | 43,562 | 48,077 | 38,456 | 37,398 | 21,677 | 22,303 | ' | ' |
Accrued wages and other employee costs | 16,368 | ' | 15,629 | 13,477 | 11,248 | 11,978 | 9,929 | 8,283 | 6,442 | ' | ' |
Unearned revenue | 689 | ' | 505 | 704 | 798 | ' | 184 | 169 | ' | ' | ' |
Other accrued liabilities | 9,197 | ' | 9,192 | 7,823 | 10,752 | 12,101 | 11,573 | 11,334 | 11,907 | ' | ' |
Total current liabilities | 96,340 | ' | 71,869 | 65,566 | 70,875 | 62,535 | 59,084 | 41,463 | 40,652 | ' | ' |
Long-term debt | 1,693 | ' | 1,926 | 2,028 | 1,876 | 20 | 20 | 40 | 40 | ' | ' |
Intercompany debt | 118,229 | ' | 112,535 | 111,916 | 113,669 | 105,116 | 83,997 | 98,116 | 92,826 | ' | ' |
Liability for post-retirement benefits | 45,066 | ' | 42,220 | 42,000 | 41,806 | 41,388 | 41,128 | 40,859 | 40,277 | ' | ' |
Liability for pension benefits | 14,133 | ' | ' | 6,730 | 8,193 | 13,376 | 2,097 | 20,403 | 21,285 | ' | ' |
Deferred income taxes | 21,590 | ' | 20,104 | 20,104 | 19,560 | -40 | ' | 36 | 15 | ' | ' |
Other noncurrent liabilities | 3,434 | ' | 3,430 | 3,491 | 3,464 | 3,316 | 3,449 | 3,446 | 3,496 | ' | ' |
Total liabilities | 300,485 | ' | 252,084 | 251,835 | 259,443 | 225,711 | 189,775 | 204,363 | 198,591 | ' | ' |
Shareholders' equity | 582,922 | ' | 586,357 | 587,903 | 582,234 | 580,203 | 618,383 | 613,102 | 604,214 | ' | ' |
Total liabilities and shareholders' equity | 883,407 | ' | 838,441 | 839,738 | 841,677 | 805,914 | 808,158 | 817,465 | 802,805 | ' | ' |
Guarantor Subsidiaries | Previously Reported | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Current assets: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash and cash equivalents | ' | ' | 69,907 | 92,864 | 98,277 | ' | 177,711 | 215,043 | 264,293 | ' | ' |
Short term investments | ' | ' | 3,998 | ' | ' | ' | 76,587 | 63,590 | 38,892 | ' | ' |
Receivables, net | 72,773 | ' | 80,480 | 76,198 | 62,508 | ' | 62,273 | 43,580 | 44,898 | ' | ' |
Inventories, net | 221,174 | ' | 189,837 | 178,140 | 147,461 | 136,695 | 128,685 | 134,581 | 144,720 | ' | ' |
Deferred income taxes | 2,351 | ' | 2,401 | 2,098 | 1,400 | 1,399 | 1,418 | 1,418 | 1,418 | ' | ' |
Other current assets | 2,072 | ' | 4,070 | 4,565 | 1,770 | 883 | 1,166 | 1,320 | 1,601 | ' | ' |
Total current assets | 385,653 | ' | 350,693 | 353,865 | 311,416 | 503,002 | 447,840 | 459,532 | 495,822 | ' | ' |
Property, plant, and equipment, net | ' | ' | 301,681 | 301,438 | 232,227 | ' | 209,540 | 203,767 | 198,546 | ' | ' |
Marketable Securities | ' | ' | ' | ' | ' | ' | 89,479 | 92,440 | 48,779 | ' | ' |
Goodwill | 98,925 | ' | 99,754 | 102,202 | 18,097 | ' | 18,097 | 18,097 | 18,098 | ' | ' |
Other intangible assets, net | ' | ' | 35,795 | 36,436 | ' | ' | ' | ' | ' | ' | ' |
Deferred income taxes | ' | ' | 26,313 | 25,314 | 25,995 | ' | 23,019 | 23,455 | 23,913 | ' | ' |
Other noncurrent assets | 892 | ' | 2,781 | 201 | 36 | 36 | 36 | 36 | 36 | ' | ' |
Intercompany investments | 26,814 | ' | 71,231 | 71,231 | 71,231 | 21,400 | 71,231 | 71,231 | 71,231 | ' | ' |
Total assets | 888,660 | ' | 888,248 | 890,687 | 659,002 | 805,914 | 859,242 | 868,558 | 856,425 | ' | ' |
Current liabilities: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accounts payable | ' | ' | 46,543 | 43,562 | 41,118 | ' | 37,398 | 21,677 | 22,303 | ' | ' |
Accrued wages and other employee costs | ' | ' | 15,629 | 13,477 | 6,738 | ' | 9,929 | 8,283 | 6,442 | ' | ' |
Unearned revenue | 689 | ' | 505 | 704 | 15 | ' | 184 | 169 | ' | ' | ' |
Other accrued liabilities | ' | ' | 9,192 | 7,823 | 8,424 | ' | 11,573 | 11,334 | 11,907 | ' | ' |
Total current liabilities | 96,340 | ' | 71,869 | 65,566 | 56,295 | 62,535 | 59,084 | 41,463 | 40,652 | ' | ' |
Long-term debt | ' | ' | 1,926 | 2,028 | 20 | ' | 20 | 40 | 40 | ' | ' |
Intercompany debt | ' | ' | 112,535 | 111,916 | 104,286 | ' | 83,997 | 98,116 | 92,826 | ' | ' |
Liability for post-retirement benefits | ' | ' | 42,220 | 42,000 | 41,806 | ' | 41,128 | 40,859 | 40,277 | ' | ' |
Liability for pension benefits | ' | ' | ' | 6,730 | 8,193 | ' | 2,097 | 20,403 | 21,285 | ' | ' |
Deferred income taxes | 26,568 | ' | 25,172 | 25,172 | ' | ' | ' | 36 | 15 | ' | ' |
Other noncurrent liabilities | ' | ' | 3,430 | 3,491 | 3,464 | ' | 3,449 | 3,446 | 3,496 | ' | ' |
Total liabilities | 305,553 | ' | 257,152 | 256,903 | 214,064 | 225,711 | 189,775 | 204,363 | 198,591 | ' | ' |
Shareholders' equity | 583,107 | ' | 631,096 | 633,784 | 444,938 | 580,203 | 669,467 | 664,195 | 657,834 | ' | ' |
Total liabilities and shareholders' equity | 888,660 | ' | 888,248 | 890,687 | 659,002 | 805,914 | 859,242 | 868,558 | 856,425 | ' | ' |
Non-Guarantor Subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Current assets: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash and cash equivalents | 9,907 | ' | 3,482 | 6,661 | 8,453 | 12,571 | 12,030 | 13,270 | 11,861 | 26,322 | 10,691 |
Receivables, net | 59,639 | ' | 63,115 | 60,685 | 64,298 | 51,113 | 49,754 | 38,438 | 47,328 | ' | ' |
Inventories, net | 164,127 | ' | 162,992 | 149,029 | 139,493 | 123,157 | 115,583 | 115,687 | 116,332 | ' | ' |
Costs in excess of billings | 2,260 | ' | 2,151 | 658 | 5 | 400 | ' | ' | 112 | ' | ' |
Deferred income taxes | 2,359 | ' | 2,290 | 1,308 | 1,008 | 465 | 250 | 82 | 816 | ' | ' |
Assets of discontinued operations | 14,741 | ' | 16,799 | 17,633 | 18,598 | 16,083 | 14,945 | 13,062 | 13,724 | ' | ' |
Other current assets | 3,788 | ' | 4,449 | 4,433 | 2,963 | 2,324 | 1,435 | 1,720 | 1,723 | ' | ' |
Total current assets | 256,821 | ' | 255,278 | 240,407 | 234,818 | 206,113 | 193,997 | 182,259 | 191,896 | ' | ' |
Property, plant, and equipment, net | 66,155 | ' | 64,751 | 63,754 | 64,423 | 64,537 | 57,682 | 61,451 | 61,762 | ' | ' |
Goodwill | 36,945 | ' | 37,112 | 36,628 | 36,653 | 36,386 | 21,827 | 22,737 | 22,726 | ' | ' |
Other intangible assets, net | 21,343 | ' | 21,869 | 21,815 | 22,448 | 22,576 | 12,829 | 13,965 | 14,219 | ' | ' |
Deferred income taxes | 33,433 | ' | 32,818 | 30,750 | 29,897 | 27,485 | 25,303 | 26,059 | 24,145 | ' | ' |
Other noncurrent assets | 3,857 | ' | 3,710 | 3,823 | 3,946 | 4,023 | 3,802 | 3,885 | 3,961 | ' | ' |
Intercompany investments | 3,736 | ' | 3,408 | 3,034 | 2,621 | 1,598 | 1,826 | 1,836 | 2,628 | ' | ' |
Total assets | 422,290 | ' | 418,926 | 400,211 | 394,806 | 362,718 | 317,266 | 312,192 | 321,337 | ' | ' |
Current liabilities: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accounts payable | 47,619 | ' | 49,093 | 49,789 | 54,862 | 36,949 | 38,930 | 29,050 | 28,069 | ' | ' |
Accrued wages and other employee costs | 11,209 | ' | 8,639 | 6,929 | 5,282 | 7,324 | 5,741 | 6,145 | 4,912 | ' | ' |
Unearned revenue | 24,309 | ' | 34,018 | 36,140 | 35,785 | 19,716 | 16,236 | 21,752 | 27,830 | ' | ' |
Liabilities of discontinued operations | 2,332 | ' | 3,198 | 3,494 | 3,879 | 4,244 | 5,069 | 3,467 | 4,551 | ' | ' |
Other accrued liabilities | 9,684 | ' | 8,518 | 7,469 | 6,237 | 6,026 | 5,929 | 14,495 | 16,562 | ' | ' |
Total current liabilities | 95,153 | ' | 103,466 | 103,821 | 106,045 | 74,259 | 71,905 | 74,909 | 81,924 | ' | ' |
Long-term debt | ' | ' | ' | ' | 0 | ' | ' | ' | 2 | ' | ' |
Intercompany debt | 104,084 | ' | 106,684 | 100,929 | 98,057 | 100,740 | 101,499 | 86,960 | 89,533 | ' | ' |
Liability for pension benefits | 159 | ' | 159 | 539 | 677 | 677 | 676 | 677 | 677 | ' | ' |
Deferred income taxes | 3,475 | ' | 3,526 | 3,613 | 3,614 | 3,614 | ' | ' | ' | ' | ' |
Unearned revenue | 13,013 | ' | 3,240 | 3,385 | 3,504 | 8,115 | 3,675 | 3,754 | 3,820 | ' | ' |
Other noncurrent liabilities | 224 | ' | 210 | 217 | 199 | 186 | ' | ' | ' | ' | ' |
Total liabilities | 216,108 | ' | 217,285 | 212,504 | 212,096 | 187,591 | 177,755 | 166,300 | 175,956 | ' | ' |
Shareholders' equity | 206,182 | ' | 201,661 | 187,707 | 182,710 | 175,127 | 139,511 | 145,892 | 145,381 | ' | ' |
Total liabilities and shareholders' equity | 422,290 | ' | 418,946 | 400,211 | 394,806 | 362,718 | 317,266 | 312,192 | 321,337 | ' | ' |
Non-Guarantor Subsidiaries | Previously Reported | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Current assets: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash and cash equivalents | ' | ' | 3,482 | 6,661 | 19,595 | ' | 12,030 | 13,270 | 11,861 | ' | ' |
Receivables, net | 63,089 | ' | 66,322 | 64,383 | 83,678 | ' | 53,109 | 42,241 | 51,076 | ' | ' |
Inventories, net | 184,115 | ' | 188,381 | 171,292 | 180,461 | 138,364 | 128,364 | 124,660 | 124,682 | ' | ' |
Deferred income taxes | 70 | ' | 67 | 57 | 818 | 98 | 63 | 102 | 80 | ' | ' |
Other current assets | 3,227 | ' | 4,014 | 4,064 | 5,395 | 2,034 | 1,164 | 1,463 | 1,500 | ' | ' |
Total current assets | 260,408 | ' | 262,266 | 246,457 | 289,947 | 207,111 | 194,730 | 181,736 | 189,199 | ' | ' |
Property, plant, and equipment, net | ' | ' | 64,801 | 63,807 | 128,659 | ' | 57,744 | 61,516 | 61,830 | ' | ' |
Goodwill | 38,326 | ' | 38,493 | 38,009 | 122,139 | ' | 23,208 | 24,118 | 24,107 | ' | ' |
Other intangible assets, net | ' | ' | 21,869 | 21,815 | 59,527 | ' | 12,829 | 13,965 | 14,219 | ' | ' |
Deferred income taxes | ' | ' | 32,818 | 30,750 | 29,897 | ' | 25,303 | 26,059 | 24,145 | ' | ' |
Other noncurrent assets | 835 | ' | 470 | 438 | 607 | 440 | 127 | 131 | 141 | ' | ' |
Intercompany investments | 3,736 | ' | 180 | 180 | 180 | 1,598 | 180 | 180 | 180 | ' | ' |
Total assets | 424,283 | ' | 420,897 | 401,456 | 630,956 | 361,573 | 314,121 | 307,705 | 313,821 | ' | ' |
Current liabilities: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accounts payable | ' | ' | 52,006 | 52,983 | 65,447 | ' | 43,672 | 31,994 | 32,242 | ' | ' |
Accrued wages and other employee costs | ' | ' | 8,924 | 7,193 | 9,980 | ' | 6,034 | 6,411 | 5,156 | ' | ' |
Unearned revenue | 25,475 | ' | 38,128 | 41,352 | 40,874 | 21,495 | 18,050 | 22,720 | 26,020 | ' | ' |
Other accrued liabilities | ' | ' | 8,518 | 7,505 | 8,630 | ' | 5,963 | 14,752 | 16,696 | ' | ' |
Total current liabilities | 96,319 | ' | 107,576 | 109,033 | 124,931 | 76,038 | 73,719 | 75,877 | 80,114 | ' | ' |
Long-term debt | ' | ' | ' | ' | 1,856 | ' | ' | ' | 2 | ' | ' |
Intercompany debt | ' | ' | 106,684 | 100,929 | 107,440 | ' | 101,499 | 86,960 | 89,533 | ' | ' |
Liability for pension benefits | ' | ' | 159 | 539 | 677 | ' | 676 | 677 | 677 | ' | ' |
Deferred income taxes | 3,475 | ' | 3,526 | 3,613 | 28,242 | ' | ' | ' | ' | ' | ' |
Unearned revenue | 9,991 | ' | ' | ' | ' | 4,532 | ' | ' | ' | ' | ' |
Other noncurrent liabilities | ' | ' | 210 | 217 | 199 | ' | ' | ' | ' | ' | ' |
Total liabilities | 214,252 | ' | 218,155 | 214,331 | 263,345 | 185,787 | 175,894 | 163,514 | 170,326 | ' | ' |
Shareholders' equity | 210,031 | ' | 202,742 | 187,125 | 367,611 | 175,786 | 138,227 | 144,191 | 143,495 | ' | ' |
Total liabilities and shareholders' equity | 424,283 | ' | 420,897 | 401,456 | 630,956 | 361,573 | 314,121 | 307,705 | 313,821 | ' | ' |
Eliminations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Current assets: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Receivables, net | -27,221 | ' | -29,473 | -33,288 | -39,218 | -20,535 | -27,916 | -20,064 | -19,913 | ' | ' |
Other current assets | ' | ' | -1,380 | ' | -1,927 | -2,336 | -2,432 | -1,691 | -3,105 | ' | ' |
Total current assets | -27,221 | ' | -30,853 | -33,288 | -41,145 | -22,871 | -30,348 | -21,755 | -23,018 | ' | ' |
Deferred income taxes | -32,903 | ' | -26,934 | -26,825 | -26,781 | -26,628 | -24,711 | -24,605 | -24,521 | ' | ' |
Other noncurrent assets | ' | ' | -2,580 | ' | ' | ' | ' | ' | ' | ' | ' |
Intercompany investments | -1,011,417 | ' | -1,007,237 | -988,455 | -976,691 | -961,164 | -943,386 | -944,069 | -931,954 | ' | ' |
Total assets | -1,071,541 | ' | -1,067,604 | -1,048,568 | -1,044,617 | -1,010,663 | -998,445 | -990,429 | -979,493 | ' | ' |
Current liabilities: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accounts payable | -27,221 | ' | -29,473 | -33,288 | -39,213 | -20,535 | -27,916 | -20,064 | -19,913 | ' | ' |
Other accrued liabilities | ' | ' | -1,380 | ' | -1,932 | -2,336 | -2,432 | -1,691 | -3,105 | ' | ' |
Total current liabilities | -27,221 | ' | -30,853 | -33,288 | -41,145 | -22,871 | -30,348 | -21,755 | -23,018 | ' | ' |
Intercompany debt | -222,313 | ' | -219,219 | -212,845 | -211,726 | -205,856 | -185,496 | -185,076 | -182,359 | ' | ' |
Liability for pension benefits | ' | ' | -2,580 | ' | ' | ' | ' | ' | ' | ' | ' |
Deferred income taxes | -32,903 | ' | -26,934 | -26,825 | -26,781 | -26,606 | -24,707 | -24,604 | -24,521 | ' | ' |
Other noncurrent liabilities | ' | ' | ' | ' | -21 | ' | ' | ' | ' | ' | ' |
Total liabilities | -282,437 | ' | -279,586 | -272,958 | -279,673 | -255,333 | -240,551 | -231,435 | -229,898 | ' | ' |
Shareholders' equity | -789,104 | ' | -788,018 | -775,610 | -764,944 | -755,330 | -757,894 | -758,994 | -749,595 | ' | ' |
Total liabilities and shareholders' equity | -1,071,541 | ' | -1,067,604 | -1,048,568 | -1,044,617 | -1,010,663 | -998,445 | -990,429 | -979,493 | ' | ' |
Eliminations | Previously Reported | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Current assets: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Receivables, net | -27,221 | ' | -29,473 | -33,288 | -39,218 | ' | -27,916 | -20,064 | -19,913 | ' | ' |
Other current assets | ' | ' | -1,380 | ' | -1,927 | -2,336 | -2,432 | -1,691 | -3,105 | ' | ' |
Total current assets | -27,221 | ' | -30,853 | -33,288 | -41,145 | -22,871 | -30,348 | -21,755 | -23,018 | ' | ' |
Deferred income taxes | ' | ' | -26,934 | -26,825 | -26,781 | ' | -24,711 | -24,605 | -24,521 | ' | ' |
Other noncurrent assets | ' | ' | -2,580 | ' | ' | ' | ' | ' | ' | ' | ' |
Intercompany investments | -1,015,451 | ' | -1,053,057 | -1,033,754 | -1,024,296 | -961,823 | -993,186 | -993,461 | -983,688 | ' | ' |
Total assets | -1,075,575 | ' | -1,113,424 | -1,093,867 | -1,092,222 | -1,011,322 | -1,048,245 | -1,039,821 | -1,031,227 | ' | ' |
Current liabilities: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accounts payable | ' | ' | -29,473 | -33,288 | -39,213 | ' | -27,916 | -20,064 | -19,913 | ' | ' |
Other accrued liabilities | ' | ' | -1,380 | ' | -1,932 | ' | -2,432 | -1,691 | -3,105 | ' | ' |
Total current liabilities | -27,221 | ' | -30,853 | -33,288 | -41,145 | -22,871 | -30,348 | -21,755 | -23,018 | ' | ' |
Intercompany debt | ' | ' | -219,219 | -212,845 | -211,726 | ' | -185,496 | -185,076 | -182,359 | ' | ' |
Liability for pension benefits | ' | ' | -2,580 | ' | ' | ' | ' | ' | ' | ' | ' |
Deferred income taxes | -32,903 | ' | -26,934 | -26,825 | -26,781 | ' | -24,707 | -24,604 | -24,521 | ' | ' |
Other noncurrent liabilities | ' | ' | ' | ' | -21 | ' | ' | ' | ' | ' | ' |
Total liabilities | -282,437 | ' | -279,586 | -272,958 | -279,673 | -255,333 | -240,551 | -231,435 | -229,898 | ' | ' |
Shareholders' equity | -793,138 | ' | -833,838 | -820,909 | -812,549 | -755,989 | -807,694 | -808,386 | -801,329 | ' | ' |
Total liabilities and shareholders' equity | -1,075,575 | ' | -1,113,424 | -1,093,867 | -1,092,222 | -1,011,322 | -1,048,245 | -1,039,821 | -1,031,227 | ' | ' |
Consolidated | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Current assets: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash and cash equivalents | ' | ' | 73,389 | 99,525 | 117,872 | ' | 189,741 | 228,313 | 276,154 | ' | ' |
Short term investments | ' | ' | 3,998 | ' | ' | ' | 76,587 | 63,590 | 38,892 | ' | ' |
Receivables, net | 105,317 | ' | 114,248 | 103,757 | 103,163 | ' | 84,528 | 62,408 | 72,751 | ' | ' |
Inventories, net | 385,116 | ' | 352,829 | 327,169 | 307,627 | 259,852 | 244,268 | 250,268 | 261,052 | ' | ' |
Costs in excess of billings | 2,260 | ' | 2,151 | 658 | 5 | 400 | ' | ' | 112 | ' | ' |
Deferred income taxes | 31,380 | ' | 22,059 | 20,775 | 20,475 | 19,041 | 20,161 | 22,930 | 23,664 | ' | ' |
Assets of discontinued operations | ' | ' | 16,799 | 17,633 | 18,598 | ' | 14,945 | 13,062 | 13,724 | ' | ' |
Other current assets | 11,270 | ' | 11,160 | 13,269 | 11,269 | 10,222 | 14,934 | 12,209 | 14,156 | ' | ' |
Total current assets | 647,274 | ' | 596,633 | 582,786 | 579,009 | 713,123 | 645,164 | 652,780 | 700,505 | ' | ' |
Property, plant, and equipment, net | ' | ' | 367,768 | 365,735 | 361,464 | ' | 267,994 | 266,079 | 261,263 | ' | ' |
Marketable Securities | ' | ' | ' | ' | ' | ' | 89,479 | 92,440 | 48,779 | ' | ' |
Goodwill | 130,610 | ' | 131,606 | 133,570 | 133,595 | ' | 39,924 | 40,834 | 40,824 | ' | ' |
Other intangible assets, net | ' | ' | 57,664 | 58,251 | 59,527 | ' | 12,829 | 13,965 | 14,219 | ' | ' |
Deferred income taxes | ' | ' | 32,197 | 29,239 | 29,111 | ' | 23,611 | 24,909 | 23,537 | ' | ' |
Other noncurrent assets | 8,866 | ' | 8,353 | 8,792 | 8,476 | 8,756 | 8,903 | 9,354 | 9,797 | ' | ' |
Total assets | 1,252,481 | ' | 1,194,221 | 1,178,373 | 1,171,182 | 1,128,420 | 1,087,904 | 1,100,361 | 1,098,924 | ' | ' |
Current liabilities: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accounts payable | ' | ' | 67,166 | 61,084 | 64,837 | ' | 49,218 | 31,092 | 31,932 | ' | ' |
Accrued wages and other employee costs | ' | ' | 29,445 | 24,871 | 19,690 | ' | 20,685 | 18,533 | 14,986 | ' | ' |
Unearned revenue | 24,998 | ' | 34,523 | 36,844 | 36,583 | 19,716 | 16,420 | 21,921 | 27,830 | ' | ' |
Liabilities of discontinued operations | ' | ' | 3,198 | 3,494 | 3,879 | ' | 5,069 | 3,467 | 4,551 | ' | ' |
Other accrued liabilities | ' | ' | 27,458 | 21,680 | 21,768 | ' | 19,797 | 28,222 | 29,156 | ' | ' |
Total current liabilities | 175,637 | ' | 161,790 | 147,973 | 146,757 | 126,652 | 111,189 | 103,235 | 108,455 | ' | ' |
Long-term debt | ' | ' | 196,079 | 193,727 | 191,189 | ' | 184,695 | 182,462 | 180,269 | ' | ' |
Liability for post-retirement benefits | ' | ' | 42,220 | 42,000 | 41,806 | ' | 41,128 | 40,859 | 40,277 | ' | ' |
Liability for pension benefits | ' | ' | 2,555 | 13,402 | 15,097 | ' | 7,153 | 27,604 | 28,504 | ' | ' |
Deferred income taxes | 46,384 | ' | 33,663 | 33,749 | 33,141 | ' | 5,441 | 3,169 | 3,102 | ' | ' |
Unearned revenue | 13,013 | ' | 3,240 | 3,385 | 3,504 | 8,115 | 3,675 | 3,754 | 3,820 | ' | ' |
Other noncurrent liabilities | ' | ' | 8,908 | 8,969 | 8,895 | ' | 8,538 | 8,527 | 8,569 | ' | ' |
Total liabilities | 510,946 | ' | 448,455 | 443,205 | 440,389 | 406,327 | 361,819 | 369,610 | 372,996 | ' | ' |
Shareholders' equity | 741,535 | ' | 745,766 | 735,168 | 730,793 | 722,093 | 726,085 | 730,751 | 725,928 | ' | ' |
Total liabilities and shareholders' equity | 1,252,481 | ' | 1,194,221 | 1,178,373 | 1,171,182 | 1,128,420 | 1,087,904 | 1,100,361 | 1,098,924 | ' | ' |
Consolidated | Previously Reported | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Current assets: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash and cash equivalents | ' | ' | 73,389 | 99,525 | 117,872 | ' | 189,741 | 228,313 | 276,154 | ' | ' |
Short term investments | ' | ' | 3,998 | ' | ' | ' | 76,587 | 63,590 | 38,892 | ' | ' |
Receivables, net | 108,767 | ' | 117,455 | 107,455 | 107,177 | ' | 87,883 | 66,211 | 76,499 | ' | ' |
Inventories, net | 405,289 | ' | 378,218 | 349,432 | 327,922 | 275,059 | 257,049 | 259,241 | 269,402 | ' | ' |
Deferred income taxes | 28,899 | ' | 19,644 | 19,332 | 19,395 | 18,674 | 19,974 | 22,950 | 22,928 | ' | ' |
Other current assets | 10,709 | ' | 10,725 | 12,900 | 10,975 | 9,932 | 14,663 | 11,952 | 13,933 | ' | ' |
Total current assets | 650,854 | ' | 603,429 | 588,644 | 583,341 | 714,121 | 645,897 | 652,257 | 697,808 | ' | ' |
Property, plant, and equipment, net | ' | ' | 367,818 | 365,788 | 361,520 | ' | 268,056 | 266,144 | 261,331 | ' | ' |
Marketable Securities | ' | ' | ' | ' | ' | ' | 89,479 | 92,440 | 48,779 | ' | ' |
Goodwill | 137,251 | ' | 138,247 | 140,211 | 140,236 | ' | 41,305 | 42,215 | 42,205 | ' | ' |
Other intangible assets, net | ' | ' | 57,664 | 58,251 | 59,527 | ' | 12,829 | 13,965 | 14,219 | ' | ' |
Deferred income taxes | ' | ' | 32,197 | 29,239 | 29,111 | ' | 23,611 | 24,909 | 23,537 | ' | ' |
Other noncurrent assets | 5,844 | ' | 5,113 | 5,407 | 4,972 | 5,173 | 5,228 | 5,600 | 5,977 | ' | ' |
Total assets | 1,259,727 | ' | 1,204,468 | 1,187,540 | 1,178,707 | 1,127,275 | 1,086,405 | 1,097,530 | 1,093,856 | ' | ' |
Current liabilities: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accounts payable | ' | ' | 70,079 | 64,278 | 68,463 | ' | 53,960 | 34,036 | 36,105 | ' | ' |
Accrued wages and other employee costs | ' | ' | 29,730 | 25,135 | 19,878 | ' | 20,978 | 18,799 | 15,230 | ' | ' |
Unearned revenue | 26,164 | ' | 38,633 | 42,056 | 40,889 | 21,495 | 18,234 | 22,889 | 26,020 | ' | ' |
Other accrued liabilities | ' | ' | 27,458 | 21,716 | 21,833 | ' | 19,831 | 28,479 | 29,290 | ' | ' |
Total current liabilities | 176,803 | ' | 165,900 | 153,185 | 151,063 | 128,431 | 113,003 | 104,203 | 106,645 | ' | ' |
Long-term debt | ' | ' | 196,079 | 193,727 | 191,189 | ' | 184,695 | 182,462 | 180,269 | ' | ' |
Liability for post-retirement benefits | ' | ' | 42,220 | 42,000 | 41,806 | ' | 41,128 | 40,859 | 40,277 | ' | ' |
Liability for pension benefits | ' | ' | 2,555 | 13,402 | 15,097 | ' | 7,153 | 27,604 | 28,504 | ' | ' |
Deferred income taxes | 51,452 | ' | 38,731 | 38,817 | 38,209 | ' | 5,441 | 3,169 | 3,102 | ' | ' |
Unearned revenue | 9,991 | ' | ' | ' | ' | 4,532 | ' | ' | ' | ' | ' |
Other noncurrent liabilities | ' | ' | 8,908 | 8,969 | 8,895 | ' | 8,538 | 8,527 | 8,569 | ' | ' |
Total liabilities | 514,158 | ' | 454,393 | 450,100 | 446,259 | 404,523 | 359,958 | 366,824 | 367,366 | ' | ' |
Shareholders' equity | 745,569 | ' | 750,075 | 737,440 | 732,448 | 722,752 | 726,447 | 730,706 | 726,490 | ' | ' |
Total liabilities and shareholders' equity | $1,259,727 | ' | $1,204,468 | $1,187,540 | $1,178,707 | $1,127,275 | $1,086,405 | $1,097,530 | $1,093,856 | ' | ' |
Effects_of_Restatement_or_Revi2
Effects of Restatement or Revision, Condensed Consolidating Statement of Cash Flows (Detail) (USD $) | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Mar. 31, 2012 | Mar. 31, 2011 | Jun. 30, 2012 | Jun. 30, 2011 | Sep. 30, 2012 | Sep. 30, 2011 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash provided by (used in) operating activities | ($12,959) | ($23,775) | ($14,209) | $5,220 | ($25,450) | ($13,507) | $8,066 | $14,835 | $75,208 |
Investing activities: | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Investments, net | 176,771 | ' | 176,771 | -135,693 | 172,772 | -147,392 | 176,771 | -160,409 | 44,766 |
Capital expenditures | -17,128 | -10,137 | -34,901 | -18,646 | -47,879 | -25,954 | -61,538 | -38,845 | -28,632 |
Investments in subsidiaries, net | ' | -67,612 | ' | ' | ' | ' | ' | -35,812 | ' |
Acquisitions, net of cash acquired | -185,633 | ' | -185,633 | ' | -182,811 | ' | -182,811 | -35,812 | ' |
Cash provided by (used in) investing activities | -25,990 | -77,749 | -43,763 | -154,339 | -57,918 | -173,346 | -67,568 | -235,046 | 20,145 |
FINANCING ACTIVITIES: | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from exercise of employee stock options | 120 | 154 | 211 | 201 | 335 | 252 | 729 | 367 | 1,096 |
Excess tax benefits from stock-based compensation activity | 61 | 102 | 66 | 263 | 100 | 263 | 196 | 302 | 380 |
Deferred financing costs | ' | ' | ' | ' | -823 | ' | -823 | ' | -7,249 |
Repayments on long-term debt | -97 | -3 | -298 | -5 | -543 | -25 | -758 | -25 | -37 |
Purchase of common stock held in treasury | -742 | -283 | -742 | -283 | -742 | -283 | -742 | -294 | -367 |
Cash provided by (used in) financing activities | -658 | -30 | -763 | 176 | -1,673 | 207 | -1,398 | 350 | 223,823 |
Effect of exchange rate changes on cash and cash equivalents | 637 | 757 | 1,418 | 305 | 1,588 | -564 | 1,248 | -248 | 1,559 |
Decrease in cash and cash equivalents | -38,970 | -100,797 | -57,317 | -148,638 | -83,453 | -187,210 | -59,652 | -220,109 | 320,735 |
Cash and cash equivalents at beginning of period | 156,842 | 376,951 | 156,842 | 376,951 | 156,842 | 376,951 | 156,842 | 376,951 | 56,216 |
Cash and cash equivalents at end of period | 117,872 | 276,154 | 99,525 | 228,313 | 73,389 | 189,741 | ' | ' | ' |
RTI International Metals, Inc. | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash provided by (used in) operating activities | 3,207 | 3,391 | 8,555 | 7,276 | 16,383 | 10,334 | 21,972 | 28,498 | 26,707 |
Investing activities: | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Capital expenditures | ' | ' | ' | ' | -897 | ' | -970 | ' | ' |
Investments in subsidiaries, net | 188,845 | ' | 184,545 | -1,375 | 181,533 | -4,025 | 178,633 | -35,812 | -205,830 |
Acquisitions, net of cash acquired | -185,633 | ' | -185,633 | ' | -182,811 | ' | -182,811 | 33,831 | ' |
Cash provided by (used in) investing activities | 3,212 | ' | -1,088 | -1,375 | -2,175 | -4,025 | -5,148 | -1,981 | -205,830 |
FINANCING ACTIVITIES: | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from exercise of employee stock options | 120 | 154 | 211 | 201 | 335 | 252 | 729 | 367 | 1,096 |
Excess tax benefits from stock-based compensation activity | 61 | 102 | 66 | 263 | 100 | 263 | 196 | 302 | 380 |
Deferred financing costs | ' | ' | ' | ' | -823 | ' | -823 | ' | -7,249 |
Intercompany debt, net | -5,858 | -3,364 | -7,002 | -6,082 | -13,078 | -6,541 | -16,184 | -26,892 | -44,737 |
Purchase of common stock held in treasury | -742 | -283 | -742 | -283 | -742 | -283 | -742 | -294 | -367 |
Cash provided by (used in) financing activities | -6,419 | -3,391 | -7,467 | -5,901 | -14,208 | -6,309 | -16,824 | -26,517 | 179,123 |
Guarantor Subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash provided by (used in) operating activities | -9,606 | -2,162 | -8,194 | 19,421 | -15,922 | 13,778 | 2,957 | 21,099 | 28,776 |
Investing activities: | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Investments, net | 176,771 | ' | 176,771 | -135,693 | 172,772 | -147,392 | 176,771 | -160,409 | 44,766 |
Capital expenditures | -15,928 | -9,437 | -32,370 | -17,480 | -43,736 | -23,326 | -54,715 | -35,793 | -24,365 |
Investments in subsidiaries, net | ' | -67,612 | ' | ' | ' | ' | ' | ' | -2,900 |
Acquisitions, net of cash acquired | ' | ' | ' | ' | ' | ' | ' | 1,735 | ' |
Cash provided by (used in) investing activities | 160,843 | -77,049 | 144,401 | -153,173 | 129,036 | -170,718 | 122,056 | -194,467 | 17,501 |
FINANCING ACTIVITIES: | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Parent company investments, net of distributions | -194,545 | ' | -194,545 | ' | -194,783 | ' | -194,783 | -38,200 | 75,375 |
Repayments on long-term debt | -97 | ' | -298 | ' | -543 | -20 | -758 | -20 | -20 |
Intercompany debt, net | 8,553 | -7,125 | 7,229 | -1,834 | 7,848 | -15,958 | 13,540 | 5,230 | 183,472 |
Cash provided by (used in) financing activities | -186,089 | -7,125 | -187,614 | -1,834 | -187,478 | -15,978 | -182,001 | -32,990 | 258,827 |
Decrease in cash and cash equivalents | -34,852 | -86,336 | -51,407 | -135,586 | -74,364 | -172,918 | -56,988 | -206,358 | 305,104 |
Cash and cash equivalents at beginning of period | 144,271 | 350,629 | 144,271 | 350,629 | 144,271 | 350,629 | 144,271 | 350,629 | 45,525 |
Cash and cash equivalents at end of period | 109,419 | 264,293 | 92,864 | 215,043 | 69,907 | 177,711 | ' | ' | ' |
Non-Guarantor Subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash provided by (used in) operating activities | -6,560 | -25,004 | -14,570 | -21,477 | -25,911 | -37,619 | -16,863 | -34,762 | 19,725 |
Investing activities: | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Capital expenditures | -1,200 | -700 | -2,531 | -1,166 | -3,246 | -2,628 | -5,853 | -3,052 | -4,267 |
Acquisitions, net of cash acquired | ' | ' | ' | ' | ' | ' | ' | -36,248 | ' |
Cash provided by (used in) investing activities | -1,200 | -700 | -2,531 | -1,166 | -3,246 | -2,628 | -5,843 | -39,280 | -256 |
FINANCING ACTIVITIES: | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Parent company investments, net of distributions | 5,700 | ' | 10,000 | 1,375 | 13,250 | 4,025 | 16,150 | 38,882 | 133,355 |
Repayments on long-term debt | ' | -3 | ' | -5 | ' | -5 | ' | -5 | -17 |
Intercompany debt, net | -2,695 | 10,489 | -227 | 7,916 | 5,230 | 22,499 | 2,644 | 21,662 | -138,735 |
Cash provided by (used in) financing activities | 3,005 | 10,486 | 9,773 | 9,286 | 18,480 | 26,519 | 18,794 | 60,539 | -5,397 |
Effect of exchange rate changes on cash and cash equivalents | 637 | 757 | 1,418 | 305 | 1,588 | -564 | 1,248 | -248 | 1,559 |
Decrease in cash and cash equivalents | -4,118 | -14,461 | -5,910 | -13,052 | -9,089 | -14,292 | -2,664 | -13,751 | 15,631 |
Cash and cash equivalents at beginning of period | 12,571 | 26,322 | 12,571 | 26,322 | 12,571 | 26,322 | 12,571 | 26,322 | 10,691 |
Cash and cash equivalents at end of period | 8,453 | 11,861 | 6,661 | 13,270 | 3,482 | 12,030 | ' | ' | ' |
Eliminations | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Investing activities: | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Investments in subsidiaries, net | -188,845 | ' | -184,545 | 1,375 | -181,533 | 4,025 | -178,633 | ' | 208,730 |
Acquisitions, net of cash acquired | ' | ' | ' | ' | ' | ' | ' | 682 | ' |
Cash provided by (used in) investing activities | -188,845 | ' | -184,545 | 1,375 | -181,533 | 4,025 | -178,633 | 682 | 208,730 |
FINANCING ACTIVITIES: | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Parent company investments, net of distributions | 188,845 | ' | 184,545 | -1,375 | 181,533 | -4,025 | 178,633 | -682 | -208,730 |
Cash provided by (used in) financing activities | $188,845 | ' | $184,545 | ($1,375) | $181,533 | ($4,025) | $178,633 | ($682) | ($208,730) |
Discontinued_Operations_Additi
Discontinued Operations - Additional Information (Detail) (RTI Pierce Spafford, USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2012 |
RTI Pierce Spafford | ' |
Discontinued Operations [Line Items] | ' |
Cash receipts from disposal of subsidiary | $10.50 |
Receivable from escrow related to disposal of subsidiary | $1.90 |
Escrow funds release date | '2014-10 |
Results_from_Discontinued_Oper
Results from Discontinued Operations (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' |
Net sales | $29,621 | $30,141 | $21,731 |
Income before income taxes | 2,639 | 2,863 | 487 |
Provision for income taxes | 939 | 1,025 | 177 |
Net income from discontinued operatons | $1,700 | $1,838 | $310 |
Assets_and_Liabilities_of_Disc
Assets and Liabilities of Discontinued Operations (Detail) (USD $) | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
In Thousands, unless otherwise specified | |||
ASSETS | ' | ' | ' |
Accounts receivable, net | $2,189 | $2,931 | ' |
Inventories, net | 11,124 | 11,712 | ' |
Property, pland and equipment, net | 47 | 59 | ' |
Goodwill | 1,381 | 1,381 | ' |
Total assets of discontinued operations | 14,741 | 16,083 | 11,313 |
LIABILITIES | ' | ' | ' |
Accounts payable | 1,995 | 3,771 | ' |
Accrued wages | 337 | 473 | ' |
Total liabilities of discontinued operations | $2,332 | $4,244 | ' |
Assets_and_Liabilities_Measure
Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) (Fair Value, Measurements, Recurring, USD $) | Dec. 31, 2011 |
In Thousands, unless otherwise specified | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' |
Short-term investments | $176,938 |
Short-term municipal bond fund | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' |
Short-term investments | 20,542 |
Commercial Paper | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' |
Short-term investments | 112,893 |
Corporate notes and bonds | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' |
Short-term investments | 30,820 |
Short-term Investments | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' |
Short-term investments | 164,255 |
Corporate notes and bonds | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' |
Short-term investments | 4,181 |
U.S. government agencies | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' |
Short-term investments | 8,502 |
Marketable securities | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' |
Short-term investments | 12,683 |
Quoted Market Prices (Level 1) | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' |
Short-term investments | 156,396 |
Quoted Market Prices (Level 1) | Commercial Paper | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' |
Short-term investments | 112,893 |
Quoted Market Prices (Level 1) | Corporate notes and bonds | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' |
Short-term investments | 30,820 |
Quoted Market Prices (Level 1) | Short-term Investments | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' |
Short-term investments | 143,713 |
Quoted Market Prices (Level 1) | Corporate notes and bonds | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' |
Short-term investments | 4,181 |
Quoted Market Prices (Level 1) | U.S. government agencies | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' |
Short-term investments | 8,502 |
Quoted Market Prices (Level 1) | Marketable securities | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' |
Short-term investments | 12,683 |
Significant Other Observable Inputs (Level 2) | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' |
Short-term investments | 20,542 |
Significant Other Observable Inputs (Level 2) | Short-term municipal bond fund | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' |
Short-term investments | 20,542 |
Significant Other Observable Inputs (Level 2) | Short-term Investments | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' |
Short-term investments | $20,542 |
Schedule_of_Carrying_Amounts_a
Schedule of Carrying Amounts and Fair Values of Financial Instruments (Detail) (USD $) | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | ||
Carrying Amount | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Cash and cash equivalents | $97,190 | $156,842 |
Long-term debt | 198,337 | 186,981 |
Current portion of long-term debt | 957 | ' |
Fair Value | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Cash and cash equivalents | 97,190 | 156,842 |
Long-term debt | 249,113 | 229,540 |
Current portion of long-term debt | $957 | ' |
Recovered_Sheet1
Summary of Significant Accounting Policies - Additional Information (Detail) (USD $) | 1 Months Ended | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Oct. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Sep. 30, 2011 | Jun. 30, 2011 | Mar. 31, 2011 | Jun. 30, 2012 | Jun. 30, 2011 | Sep. 30, 2012 | Sep. 30, 2011 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
Segment | ||||||||||||||
Significant Accounting Policies [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stable net asset value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $1 | ' | ' |
Stated maximum maturity on commercial paper obligations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '270 days | ' | ' |
Percentage of inventories valued under LIFO | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 55.00% | 60.00% | ' |
Cost in excess of billings | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $2,260 | $400 | ' |
Costs in excess of billings expected to be collected within next twelve months | ' | 2,151 | 658 | 5 | ' | ' | 112 | 658 | ' | 2,151 | ' | 2,260 | 400 | ' |
Interest costs capitalized | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 821 | 975 | ' |
Depreciation expenses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 37,398 | 21,384 | 21,109 |
Asset impairment charge | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,617 | ' | ' |
Insurance proceeds that offset impairment charge | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,250 | ' | ' |
Number of reporting units | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6 | ' | ' |
Goodwill | 130,776 | 131,606 | 133,570 | 133,595 | 39,924 | 40,834 | 40,824 | 133,570 | 40,834 | 131,606 | 39,924 | 130,610 | 54,483 | 40,414 |
Percentage decrease in market capitalization from net book value | 4.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 12.00% | ' | ' |
Assumed discount rate used for determination of fair value | 10.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amortization expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,760 | 1,091 | 984 |
Research and development costs | ' | 1,012 | 1,104 | 1,065 | 925 | 890 | 632 | 2,169 | 1,522 | 3,181 | 2,447 | 4,164 | 3,392 | 3,256 |
Excess Tax Benefit from Share-based Compensation, Operating Activities | ' | ' | ' | ' | ' | ' | 102 | ' | 263 | ' | 263 | 196 | 302 | 380 |
Increase in financing cash flows | ' | ' | ' | 61 | ' | ' | 102 | 66 | 263 | 100 | 263 | 196 | 302 | 380 |
Stock-based compensation | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,797 | 4,599 | 3,847 |
Provision for (benefit from) income taxes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,727 | 2,060 | 2,735 |
Compensation cost capitalized in inventory | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Energy Fabrication reporting unit | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Significant Accounting Policies [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Goodwill | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' |
Engineered Products and Services Segment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Significant Accounting Policies [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Goodwill | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 120,590 | 44,463 | 30,394 |
Accumulated goodwill impairment losses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8,899 | 8,899 | ' |
Amortization expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $3,760 | $1,091 | ' |
Cash_Cash_Equivalents_ShortTer
Cash, Cash Equivalents, Short-Term Investments and Marketable Securities (Detail) (USD $) | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2011 | Sep. 30, 2011 | Jun. 30, 2011 | Mar. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2009 |
In Thousands, unless otherwise specified | ||||||||||
Cash and cash equivalents: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash | $37,473 | ' | ' | ' | $18,015 | ' | ' | ' | ' | ' |
Cash equivalents: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Commercial paper | 32,642 | ' | ' | ' | 6,998 | ' | ' | ' | ' | ' |
Money market mutual funds | 27,075 | ' | ' | ' | 131,829 | ' | ' | ' | ' | ' |
Total cash and cash equivalents | 97,190 | 73,389 | 99,525 | 117,872 | 156,842 | 189,741 | 228,313 | 276,154 | 376,951 | 56,216 |
Short-term investments and marketable securities: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Short-term municipal bond fund | ' | ' | ' | ' | 20,542 | ' | ' | ' | ' | ' |
Commercial paper | ' | ' | ' | ' | 112,893 | ' | ' | ' | ' | ' |
Corporate notes and bonds | ' | ' | ' | ' | 35,001 | ' | ' | ' | ' | ' |
U.S. government agencies | ' | ' | ' | ' | 8,502 | ' | ' | ' | ' | ' |
Total short-term investments and marketable securities | ' | ' | ' | ' | 176,938 | ' | ' | ' | ' | ' |
Total cash, cash equivalents, short-term investments, and marketable securities | $97,190 | ' | ' | ' | $333,780 | ' | ' | ' | ' | ' |
ShortTerm_Investments_and_Mark
Short-Term Investments and Marketable Securities (Detail) (USD $) | Dec. 31, 2011 |
In Thousands, unless otherwise specified | |
Schedule Of Short Term Investments And Available For Sale Securities [Line Items] | ' |
Amortized Cost | $176,988 |
Gross Unrealized Gains | 43 |
Gross Unrealized Losses | 93 |
Fair Value | 176,938 |
Short-term municipal bond fund | ' |
Schedule Of Short Term Investments And Available For Sale Securities [Line Items] | ' |
Amortized Cost | 20,501 |
Gross Unrealized Gains | 41 |
Fair Value | 20,542 |
Commercial Paper, Not Included with Cash and Cash Equivalents | ' |
Schedule Of Short Term Investments And Available For Sale Securities [Line Items] | ' |
Amortized Cost | 112,925 |
Gross Unrealized Gains | 1 |
Gross Unrealized Losses | 33 |
Fair Value | 112,893 |
Corporate note and bonds | ' |
Schedule Of Short Term Investments And Available For Sale Securities [Line Items] | ' |
Amortized Cost | 35,060 |
Gross Unrealized Losses | 59 |
Fair Value | 35,001 |
U.S. government agencies | ' |
Schedule Of Short Term Investments And Available For Sale Securities [Line Items] | ' |
Amortized Cost | 8,502 |
Gross Unrealized Gains | 1 |
Gross Unrealized Losses | 1 |
Fair Value | $8,502 |
Receivables_Expected_To_Be_Col
Receivables Expected To Be Collected In Normal Course of Business (Detail) (USD $) | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2011 | Sep. 30, 2011 | Jun. 30, 2011 | Mar. 31, 2011 |
In Thousands, unless otherwise specified | ||||||||
Receivables [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Trade and commercial customers | $106,039 | ' | ' | ' | $87,275 | ' | ' | ' |
Less: Allowance for doubtful accounts | -722 | -909 | -967 | -936 | -847 | -760 | -447 | -461 |
Total receivables | $105,317 | $114,248 | $103,757 | $103,163 | $86,428 | $84,528 | $62,408 | $72,751 |
Inventories_Detail
Inventories (Detail) (USD $) | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2011 | Sep. 30, 2011 | Jun. 30, 2011 | Mar. 31, 2011 |
In Thousands, unless otherwise specified | ||||||||
Components Of Inventory [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Raw materials and supplies | $160,627 | ' | ' | ' | $83,778 | ' | ' | ' |
Work-in-process and finished goods | 283,087 | ' | ' | ' | 239,900 | ' | ' | ' |
LIFO reserve | -58,598 | ' | ' | ' | -63,826 | ' | ' | ' |
Total inventories | $385,116 | $352,829 | $327,169 | $307,627 | $259,852 | $244,268 | $250,268 | $261,052 |
Components_of_Property_Plant_a
Components of Property, Plant and Equipment Stated at Cost (Detail) (USD $) | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2011 | Sep. 30, 2011 | Jun. 30, 2011 | Mar. 31, 2011 | Dec. 31, 2010 |
In Thousands, unless otherwise specified | |||||||||
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Property, plant and equipment, gross | $673,779 | ' | ' | ' | $555,626 | ' | ' | ' | ' |
Less: Accumulated depreciation | -297,830 | ' | ' | ' | -266,251 | ' | ' | ' | -246,280 |
Total property, plant, and equipment, net | 375,949 | 367,768 | 365,735 | 361,464 | 289,375 | 267,994 | 266,079 | 261,263 | 260,457 |
Land | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Property, plant and equipment, gross | 17,965 | ' | ' | ' | 11,862 | ' | ' | ' | ' |
Building and Building Improvements | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Property, plant and equipment, gross | 121,016 | ' | ' | ' | 99,384 | ' | ' | ' | ' |
Machinery and Equipment | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Property, plant and equipment, gross | 414,431 | ' | ' | ' | 327,056 | ' | ' | ' | ' |
Computer hardware and software, furniture and fixtures, and other | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Property, plant and equipment, gross | 64,280 | ' | ' | ' | 60,530 | ' | ' | ' | ' |
Construction in Progress | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Property, plant and equipment, gross | $56,087 | ' | ' | ' | $56,794 | ' | ' | ' | ' |
Estimated_Useful_Lives_of_Vari
Estimated Useful Lives of Various Classes of Assets (Detail) | 12 Months Ended |
Dec. 31, 2012 | |
Building and Building Improvements | Minimum | ' |
Property, Plant and Equipment [Line Items] | ' |
Useful lives | '20 years |
Building and Building Improvements | Maximum | ' |
Property, Plant and Equipment [Line Items] | ' |
Useful lives | '40 years |
Machinery and Equipment | Minimum | ' |
Property, Plant and Equipment [Line Items] | ' |
Useful lives | '7 years |
Machinery and Equipment | Maximum | ' |
Property, Plant and Equipment [Line Items] | ' |
Useful lives | '15 years |
Furniture and Fixtures | Minimum | ' |
Property, Plant and Equipment [Line Items] | ' |
Useful lives | '5 years |
Furniture and Fixtures | Maximum | ' |
Property, Plant and Equipment [Line Items] | ' |
Useful lives | '10 years |
Computer Equipment | Minimum | ' |
Property, Plant and Equipment [Line Items] | ' |
Useful lives | '3 years |
Computer Equipment | Maximum | ' |
Property, Plant and Equipment [Line Items] | ' |
Useful lives | '10 years |
Carrying_Value_of_Goodwill_at_
Carrying Value of Goodwill at Six Reporting Units (Detail) (USD $) | Dec. 31, 2012 | Oct. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2011 | Sep. 30, 2011 | Jun. 30, 2011 | Mar. 31, 2011 | Dec. 31, 2010 |
In Thousands, unless otherwise specified | ||||||||||
Goodwill [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total Goodwill | $130,610 | $130,776 | $131,606 | $133,570 | $133,595 | $54,483 | $39,924 | $40,834 | $40,824 | $40,414 |
Titanium reporting unit | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Goodwill [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total Goodwill | ' | 2,548 | ' | ' | ' | ' | ' | ' | ' | ' |
Fabrication reporting unit | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Goodwill [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total Goodwill | ' | 61,858 | ' | ' | ' | ' | ' | ' | ' | ' |
Medical Device Fabrication reporting unit | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Goodwill [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total Goodwill | ' | 58,898 | ' | ' | ' | ' | ' | ' | ' | ' |
Titanium Service Center reporting unit | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Goodwill [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total Goodwill | ' | $7,472 | ' | ' | ' | ' | ' | ' | ' | ' |
Schedule_of_Carrying_Amount_of
Schedule of Carrying Amount of Goodwill Attributable to Segment (Detail) (USD $) | 12 Months Ended | 12 Months Ended | ||||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2012 | Dec. 31, 2011 | Oct. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Sep. 30, 2011 | Jun. 30, 2011 | Mar. 31, 2011 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2012 | Dec. 31, 2011 |
Titanium Segment | Titanium Segment | Titanium Segment | Engineered Products and Services Segment | Engineered Products and Services Segment | ||||||||||
Goodwill [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Beginning Balance | $54,483 | $40,414 | $130,776 | $131,606 | $133,570 | $133,595 | $39,924 | $40,834 | $40,824 | $10,020 | $10,020 | $10,020 | $44,463 | $30,394 |
Additions (Note 5) | 75,824 | 14,303 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 75,824 | 14,303 |
Translation adjustment | 303 | -234 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 303 | -234 |
Ending Balance | $130,610 | $54,483 | $130,776 | $131,606 | $133,570 | $133,595 | $39,924 | $40,834 | $40,824 | $10,020 | $10,020 | $10,020 | $120,590 | $44,463 |
Intangible_Assets_Amortization
Intangible Assets Amortization Period (Detail) | 12 Months Ended |
Dec. 31, 2012 | |
Customer Relationships | Minimum | ' |
Acquired Finite-Lived Intangible Assets [Line Items] | ' |
Amortization Period | '15 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 | '12 years |
Developed Technology | Maximum | ' |
Acquired Finite-Lived Intangible Assets [Line Items] | ' |
Amortization Period | '20 years |
Backlog | ' |
Acquired Finite-Lived Intangible Assets [Line Items] | ' |
Amortization Period | '2 years |
Estimated_Annual_Amortization_
Estimated Annual Amortization Expense (Detail) (USD $) | Dec. 31, 2012 |
In Thousands, unless otherwise specified | |
Finite Lived Intangible Assets Future Amortization Expense [Line Items] | ' |
2013 | $4,308 |
2014 | 3,827 |
2015 | 3,758 |
2016 | 3,758 |
2017 | $3,758 |
Carrying_Amount_of_Intangible_
Carrying Amount of Intangible Assets (Detail) (USD $) | 12 Months Ended | ||||||||
In Thousands, unless otherwise specified | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Sep. 30, 2011 | Jun. 30, 2011 | Mar. 31, 2011 |
Schedule Of Intangible Assets By Segment [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Beginning balance | $22,576 | ' | ' | $57,664 | $58,251 | $59,527 | $12,829 | $13,965 | $14,219 |
Amortization | -3,760 | -1,091 | -984 | ' | ' | ' | ' | ' | ' |
Ending balance | 56,495 | 22,576 | ' | 57,664 | 58,251 | 59,527 | 12,829 | 13,965 | 14,219 |
Engineered Products and Services Segment | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Schedule Of Intangible Assets By Segment [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Beginning balance | 22,576 | 14,066 | ' | ' | ' | ' | ' | ' | ' |
Intangible assets acquired (Note 5) | 37,400 | 9,803 | ' | ' | ' | ' | ' | ' | ' |
Amortization | -3,760 | -1,091 | ' | ' | ' | ' | ' | ' | ' |
Translation adjustment | 279 | -202 | ' | ' | ' | ' | ' | ' | ' |
Ending balance | $56,495 | $22,576 | ' | ' | ' | ' | ' | ' | ' |
Summary_of_Intangible_Assets_b
Summary of Intangible Assets by Class (Detail) (USD $) | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2011 | Sep. 30, 2011 | Jun. 30, 2011 | Mar. 31, 2011 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | Engineered Products and Services Segment | Engineered Products and Services Segment | Engineered Products and Services Segment | Engineered Products and Services Segment | Engineered Products and Services Segment | Engineered Products and Services Segment | Engineered Products and Services Segment | Engineered Products and Services Segment | Engineered Products and Services Segment | ||||||||
Remmele trade name | Backlog | Customer Relationships | Customer Relationships | Developed Technology | Developed Technology | ||||||||||||
Intangible Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Intangible assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $1,100 | $41,413 | $22,113 | $13,290 | $3,890 |
Effects of currency translation | ' | ' | ' | ' | ' | ' | ' | ' | 279 | -202 | ' | ' | ' | 3,183 | 2,761 | ' | ' |
Accumulated amortization | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -481 | -8,754 | -6,167 | -856 | -21 |
Intangible assets, net | $56,495 | $57,664 | $58,251 | $59,527 | $22,576 | $12,829 | $13,965 | $14,219 | $56,495 | $22,576 | $14,066 | $7,600 | $619 | $35,842 | $18,707 | $12,434 | $3,869 |
Components_of_Accumulated_Othe
Components of Accumulated Other Comprehensive Loss, Net of Tax (Detail) (USD $) | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2011 | Sep. 30, 2011 | Jun. 30, 2011 | Mar. 31, 2011 |
In Thousands, unless otherwise specified | ||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Unrealized gain (loss) on available for sale investments | ' | ' | ' | ' | ($8) | ' | ' | ' |
Foreign currency translation | 12,990 | ' | ' | ' | 10,432 | ' | ' | ' |
Actuarial losses on benefit plans | -57,712 | ' | ' | ' | -49,635 | ' | ' | ' |
Total accumulated other comprehensive loss | ($44,722) | ($31,472) | ($37,181) | ($35,808) | ($39,211) | ($34,292) | ($26,889) | ($27,808) |
Acquisition_Additional_Informa
Acquisition - Additional Information (Detail) (USD $) | 12 Months Ended | 12 Months Ended | 12 Months Ended | |||||
In Millions, unless otherwise specified | Dec. 31, 2012 | Dec. 31, 2012 | Feb. 13, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Nov. 23, 2011 | Dec. 31, 2012 |
Backlog | Remmele | Remmele | Remmele | Remmele | Remmele | RTI Advanced Forming | RTI Advanced Forming | |
Facility | Customer relationships | Customer relationships | Backlog | Developed technologies | ||||
Minimum | Maximum | |||||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Acquisition of issued and outstanding common stock | ' | ' | $185.40 | ' | ' | ' | ' | ' |
Cash paid for acquisition | ' | ' | 182.6 | ' | ' | ' | 36.1 | ' |
Assumption of equipment leases | ' | ' | $2.80 | ' | ' | ' | ' | ' |
Number of facilities | ' | 4 | ' | ' | ' | ' | ' | ' |
Acquired finite lived intangible asset amortization period | '2 years | ' | ' | '12 years | '15 years | '2 years | ' | '20 years |
Purchase_Price_Allocation_of_R
Purchase Price Allocation of Remmele (Detail) (USD $) | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Nov. 23, 2011 | Nov. 23, 2011 | Nov. 23, 2011 |
In Thousands, unless otherwise specified | Remmele | Remmele | Remmele | Remmele | RTI Advanced Forming | RTI Advanced Forming | RTI Advanced Forming |
Customer relationships | Developed technologies | Backlog | Customer relationships | Developed technologies | |||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Current assets, excluding inventory | $17,491 | ' | ' | ' | $5,186 | ' | ' |
Inventories | 21,264 | ' | ' | ' | 6,671 | ' | ' |
Plant and equipment | 68,772 | ' | ' | ' | 6,262 | ' | ' |
Other Assets | 1,972 | ' | ' | ' | ' | ' | ' |
Intangible assets | ' | 19,300 | 9,400 | 1,100 | ' | 5,913 | 3,890 |
Trade Name | 7,600 | ' | ' | ' | ' | ' | ' |
Goodwill | 75,568 | ' | ' | ' | 14,559 | ' | ' |
Current liabilities | 15,489 | ' | ' | ' | 2,613 | ' | ' |
Deferred tax liabilities | 22,407 | ' | ' | ' | 3,614 | ' | ' |
Other liabilities | 2,016 | ' | ' | ' | ' | ' | ' |
Other liabilities | ' | ' | ' | ' | 186 | ' | ' |
Net assets acquired | $182,555 | ' | ' | ' | $36,068 | ' | ' |
Business_Acquisition_Supplemen
Business Acquisition Supplemental Pro forma Information (Detail) (Remmele, USD $) | 12 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2012 | Dec. 31, 2011 |
Remmele | ' | ' |
Business Acquisition [Line Items] | ' | ' |
Actual - Remmele | $118,977 | ' |
Supplemental pro forma - consolidated | 720,753 | 627,438 |
Actual - Remmele | 2,713 | ' |
Earnings per share (diluted) | $0.09 | ' |
Supplemental pro forma - consolidated | $21,468 | $4,863 |
Earnings per share (diluted) | $0.71 | $0.16 |
Earnings_Per_Share_Additional_
Earnings Per Share - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
Debt Instrument [Line Items] | ' | ' | ' |
Common stock excluded from calculation of diluted earning per share/Number of shares to purchase of common stock | 421,700 | 251,404 | 270,124 |
Average price of options to purchase | $38.43 | $47.95 | $46.64 |
3.0% Convertible Senior Notes due 2015 | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Aggregate principal amount of convertible notes | $230 | ' | ' |
Common stock excluded from calculation of diluted earning per share/Number of shares to purchase of common stock | 6,400,000 | 6,400,000 | 6,400,000 |
Schedule_of_WeightedAverage_Sh
Schedule of Weighted-Average Shares of Common Stock Outstanding (Detail) (USD $) | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2011 | Sep. 30, 2011 | Jun. 30, 2011 | Mar. 31, 2011 | Jun. 30, 2012 | Jun. 30, 2011 | Sep. 30, 2012 | Sep. 30, 2011 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
Earnings Per Share [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income attributable to continuing operations before allocation of earnings to participating securities | $7,090 | $3,199 | $4,093 | $4,058 | ($587) | $1,167 | $2,117 | $1,497 | $8,151 | $3,614 | $11,350 | $4,781 | $18,440 | $4,194 | $3,260 |
Less: Earnings allocated to participating securities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -109 | -23 | -18 |
Net income attributable to continuing operations available to common shareholders | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 18,331 | 4,171 | 3,242 |
Net income attributable to discontinued operations before allocation of earnings to participating securities | ' | 389 | 453 | 571 | ' | 493 | 618 | 422 | 1,024 | 1,040 | 1,413 | 1,533 | 1,700 | 1,838 | 310 |
Basic weighted-average shares outstanding | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 30,127,275 | 30,017,677 | 29,916,465 |
Effect of dilutive shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 130,413 | 239,508 | 228,634 |
Diluted weighted-average shares outstanding | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 30,257,688 | 30,257,185 | 30,145,099 |
Earnings per share attributable to continuing operations: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Basic | $0.23 | $0.11 | $0.14 | $0.13 | ($0.02) | $0.04 | $0.07 | $0.05 | $0.27 | $0.12 | $0.37 | $0.16 | $0.61 | $0.14 | $0.11 |
Diluted | $0.23 | $0.11 | $0.13 | $0.13 | ($0.02) | $0.04 | $0.07 | $0.05 | $0.27 | $0.12 | $0.37 | $0.16 | $0.61 | $0.14 | $0.11 |
Earnings per share attributable to discontinued operations: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Basic | ' | $0.01 | $0.01 | $0.02 | ' | $0.02 | $0.02 | $0.01 | $0.03 | $0.03 | $0.05 | $0.05 | $0.06 | $0.06 | $0.01 |
Diluted | $0.01 | $0.01 | $0.01 | $0.02 | $0.01 | $0.02 | $0.02 | $0.01 | $0.03 | $0.03 | $0.05 | $0.05 | $0.06 | $0.06 | $0.01 |
Discontinued | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Earnings Per Share [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Less: Earnings allocated to participating securities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -10 | -10 | -2 |
Net income attributable to continuing operations available to common shareholders | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $1,690 | $1,828 | $308 |
Provision_for_Income_Taxes_Cap
Provision for Income Taxes Caption in Consolidated Statement of Operations (Detail) (USD $) | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | ||||
In Thousands, unless otherwise specified | Mar. 31, 2011 | Jun. 30, 2011 | Sep. 30, 2011 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | ||
Components Of Income Tax Expense Benefit [Line Items] | ' | ' | ' | ' | ' | ' | ||
Current federal income tax expense (benefit) | ' | ' | ' | $2,667 | ($5,442) | ($10,731) | ||
Current state income tax expense (benefit) | ' | ' | ' | 2,376 | 537 | 1,089 | ||
Current foreign income tax expense (benefit) | ' | ' | ' | 3,916 | 1,077 | 1,829 | ||
Current Income Tax Expense (Benefit), Total | ' | ' | ' | 8,959 | -3,828 | -7,813 | ||
Deferred federal income tax expense (benefit) | ' | ' | ' | 9,353 | 14,253 | 21,587 | ||
Deferred state income tax expense (benefit) | ' | ' | ' | -2,209 | -1,091 | 1,693 | ||
Deferred foreign income tax expense (benefit) | ' | ' | ' | -5,711 | -5,065 | -7,156 | ||
Deferred Income Tax Expense (Benefit), Total | -1,891 | -2,448 | 2,159 | 1,433 | 8,097 | [1] | 16,124 | [1] |
Federal income tax expense (benefit) | ' | ' | ' | 12,020 | 8,811 | 10,856 | ||
State income tax expense (benefit) | ' | ' | ' | 167 | -554 | 2,782 | ||
Foreign income tax expense (benefit) | ' | ' | ' | -1,795 | -3,988 | -5,327 | ||
Income Tax Expense (Benefit), Total | ' | ' | ' | $10,392 | $4,269 | $8,311 | ||
[1] | The Company does not present cash flows from discontinued operations, consistent with ASC 230, Statement of Cash Flows. |
Components_of_Income_Loss_befo
Components of Income (Loss) before Income Taxes by Jurisdiction (Detail) (USD $) | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Sep. 30, 2011 | Jun. 30, 2011 | Mar. 31, 2011 | Jun. 30, 2012 | Jun. 30, 2011 | Sep. 30, 2012 | Sep. 30, 2011 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
Income Loss From Operations Before Provision Benefit For Income Taxes [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
United States | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $34,277 | $20,107 | $34,374 |
Foreign | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -5,445 | -11,644 | -22,803 |
Income (loss) before income taxes | $4,622 | $6,631 | $6,145 | $2,666 | $2,720 | $3,033 | $12,776 | $5,753 | $17,398 | $8,419 | $28,832 | $8,463 | $11,571 |
Reconciliation_of_Expected_Tax
Reconciliation of Expected Tax at Federal Statutory Tax Rate to Actual Provision (Detail) (USD $) | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Sep. 30, 2011 | Jun. 30, 2011 | Mar. 31, 2011 | Jun. 30, 2012 | Jun. 30, 2011 | Sep. 30, 2012 | Sep. 30, 2011 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
Reconciliation Of Income Taxes [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Statutory rate of 35% applied to income (loss) before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $10,091 | $2,962 | $4,050 |
Adjustments of tax reserves and prior years' income taxes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,322 | 1,643 | -1,083 |
Acquisition costs | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 63 | 649 | ' |
Officers compensation | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 350 | 226 | 191 |
Effects of foreign operations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -1,363 | -1,115 | 1,771 |
State income taxes, net of federal tax effects | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 126 | -290 | 1,722 |
Repeal of Medicare Part D subsidy | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,592 |
Other | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -197 | 194 | 68 |
Total provision | $1,423 | $2,538 | $2,087 | $1,499 | $603 | $1,536 | $4,625 | $2,139 | $6,048 | $3,638 | $10,392 | $4,269 | $8,311 |
Effective tax rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 36.00% | 50.40% | 71.80% |
Reconciliation_of_Expected_Tax1
Reconciliation of Expected Tax at Federal Statutory Tax Rate to Actual Provision (Parenthetical) (Detail) | 12 Months Ended | ||
Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | |
Reconciliation Of Income Taxes [Line Items] | ' | ' | ' |
Statutory rate | 35.00% | 35.00% | 35.00% |
Income_Tax_Additional_Informat
Income Tax - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | |
Income Tax Disclosure [Line Items] | ' | ' | ' |
Federal statutory rate | 35.00% | 35.00% | 35.00% |
Full-rate production periods | '7 years | ' | ' |
Net deferred tax assets | $17,600,000 | $32,080,000 | ' |
Reasonably possible decrease in unrecognized tax benefits | -3,000,000 | ' | ' |
Minimum | ' | ' | ' |
Income Tax Disclosure [Line Items] | ' | ' | ' |
Number of aircraft order backlog | 800 | ' | ' |
Foreign Tax Authority | ' | ' | ' |
Income Tax Disclosure [Line Items] | ' | ' | ' |
Taxable losses | 159,000,000 | ' | ' |
Number of ship sets in full-rate production | 10 | ' | ' |
Number of ship sets produced per month | 4 | ' | ' |
Canadian Subsidiary [Member] | ' | ' | ' |
Income Tax Disclosure [Line Items] | ' | ' | ' |
Net deferred tax assets | $33,300,000 | ' | ' |
Deferred_Tax_Assets_and_Liabil
Deferred Tax Assets and Liabilities (Detail) (USD $) | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | ||
Deferred tax assets: | ' | ' |
Canadian tax loss carryforwards (expiring 2014 through 2032) | $41,389 | $34,409 |
Postretirement benefit costs | 18,066 | 16,398 |
U.S. Federal tax loss carryforwards | ' | 10,066 |
Employment costs | 11,814 | 10,005 |
State tax loss carryforwards (expiring 2023 through 2032) | 7,133 | 7,166 |
Inventories | 12,022 | 5,753 |
Start-up costs | 4,650 | 5,527 |
Pension costs | 3,835 | 2,260 |
Duty drawback claims | 1,786 | 1,622 |
Foreign tax credit carryforwards | ' | 1,012 |
Other | 8,380 | 4,439 |
Total deferred tax assets | 109,075 | 98,657 |
Valuation allowance | -4,439 | -4,313 |
Deferred tax assets, net of valuation allowance | 104,636 | 94,344 |
Deferred tax liabilities: | ' | ' |
Property, plant and equipment | -58,141 | -37,394 |
Convertible debt | -13,504 | -17,973 |
Intangible assets | -14,473 | -5,482 |
Other | -918 | -1,415 |
Total deferred tax liabilities | -87,036 | -62,264 |
Net deferred tax assets | $17,600 | $32,080 |
Deferred_Tax_Assets_and_Liabil1
Deferred Tax Assets and Liabilities (Parenthetical) (Detail) | 12 Months Ended |
Dec. 31, 2012 | |
Minimum | Foreign Tax Authority | ' |
Schedule of Deferred Income Tax Assets and Liabilities [Line Items] | ' |
Tax loss carryforwards, expiring date | '2014 |
Minimum | State and Local Jurisdiction | ' |
Schedule of Deferred Income Tax Assets and Liabilities [Line Items] | ' |
Tax loss carryforwards, expiring date | '2023 |
Maximum | Foreign Tax Authority | ' |
Schedule of Deferred Income Tax Assets and Liabilities [Line Items] | ' |
Tax loss carryforwards, expiring date | '2032 |
Maximum | State and Local Jurisdiction | ' |
Schedule of Deferred Income Tax Assets and Liabilities [Line Items] | ' |
Tax loss carryforwards, expiring date | '2032 |
Reconciliation_of_Total_Amount
Reconciliation of Total Amounts of Unrecognized Tax Benefits (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
Income Tax Contingency [Line Items] | ' | ' | ' |
Gross balance at January 1 | $6,157 | $4,817 | $5,577 |
Prior period tax positions | ' | ' | ' |
Increases | 1,556 | ' | 1,292 |
Decreases | -30 | -14 | -2,546 |
Current period tax positions | 1,478 | 1,376 | 949 |
Lapse of Statute | ' | -22 | ' |
Settlements with tax authorities | ' | ' | -455 |
Gross balance at December 31 | 9,161 | 6,157 | 4,817 |
Amount that would affect the effective tax rate if recognized | $7,451 | $5,835 | $4,575 |
Other_Income_Expense_Additiona
Other Income Expense - Additional Information (Detail) (USD $) | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Sep. 30, 2011 | Jun. 30, 2011 | Mar. 31, 2011 | Jun. 30, 2012 | Jun. 30, 2011 | Sep. 30, 2012 | Sep. 30, 2011 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
Other Income Expense [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other income (expense) | $16 | $570 | ($268) | $198 | $133 | ($522) | $302 | ($389) | $318 | ($191) | ($501) | $56 | ($622) |
Employee_Benefit_Plans_Additio
Employee Benefit Plans - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | |
EquityPlan | |||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Pension and other postretirement benefit contributions | $3,390,000 | $1,519,000 | $1,284,000 |
Increase in projected benefit obligation as a result of new labor agreement | 6,748,000 | ' | ' |
Number of qualified pension plans | 4 | ' | ' |
Number of non-qualified pension plans | 2 | ' | ' |
Percentage of total equities related to individual stock | 5.00% | ' | ' |
Percentage of total bond portfolio | 10.00% | ' | ' |
Percentage of total bond portfolio related to non-investment grade bonds | 10.00% | ' | ' |
Percentage of total plan assets related to private equity and real estate investments | 8.00% | ' | ' |
Qualified defined benefit pension plans | 18,200,000 | 27,800,000 | ' |
Cash contribution to maintain desired funding status | 5,100,000 | ' | ' |
Percentage of discount to the fair market value | 5.00% | ' | ' |
Number of shares reserved for future issuance | 2,000,000 | ' | ' |
Shares purchased under ESPP | 23,000 | ' | ' |
Number of shares available for future issuance under ESPP | 1,900,000 | ' | ' |
Pension Benefits | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Discount rate | 4.10% | 4.90% | ' |
Qualified defined benefit pension plans | 18,846,000 | 27,752,000 | ' |
Other Post-Retirement Benefits | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Discount rate | 4.10% | 4.90% | ' |
Qualified defined benefit pension plans | $1,788,000 | $1,812,000 | ' |
Changes_Pension_and_Other_Post
Changes Pension and Other Post-Employment Benefit Plan Obligations and Plan Assets (Detail) (USD $) | 12 Months Ended | 12 Months Ended | ||||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2012 | Dec. 31, 2011 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Sep. 30, 2011 | Jun. 30, 2011 | Mar. 31, 2011 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
Pension Benefits | Pension Benefits | Pension Benefits | Other Post-Retirement Benefits | Other Post-Retirement Benefits | Other Post-Retirement Benefits | |||||||||
Change in projected benefit obligation: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Projected benefit obligation at beginning of year | ' | ' | ' | ' | ' | ' | ' | ' | $143,687 | $130,275 | ' | $44,391 | $42,955 | ' |
Service cost | ' | ' | ' | ' | ' | ' | ' | ' | 2,450 | 2,047 | 1,806 | 671 | 746 | 711 |
Interest cost | ' | ' | ' | ' | ' | ' | ' | ' | 7,093 | 7,177 | 7,078 | 2,102 | 2,361 | 2,200 |
Actuarial loss | ' | ' | ' | ' | ' | ' | ' | ' | 16,750 | 12,982 | ' | 2,558 | 141 | ' |
Amendment | ' | ' | ' | ' | ' | ' | ' | ' | 6,748 | ' | ' | ' | ' | ' |
Settlements | ' | ' | ' | ' | ' | ' | ' | ' | -695 | ' | ' | ' | ' | ' |
Benefits paid | ' | ' | ' | ' | ' | ' | ' | ' | -8,551 | -8,794 | ' | -2,837 | -2,833 | ' |
Plan participants' contributions | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 928 | 825 | ' |
Medicare retiree drug subsidy received | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 121 | 196 | ' |
Projected benefit obligation at end of year | ' | ' | ' | ' | ' | ' | ' | ' | 167,482 | 143,687 | 130,275 | 47,934 | 44,391 | 42,955 |
Change in plan assets: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair value of plan assets at beginning of year | 122,444 | ' | ' | ' | ' | ' | ' | ' | 122,444 | 96,197 | ' | ' | ' | ' |
Actual return on plan assets | ' | ' | ' | ' | ' | ' | ' | ' | 14,678 | 7,289 | ' | ' | ' | ' |
Employer contributions | 18,200 | 27,800 | ' | ' | ' | ' | ' | ' | 18,846 | 27,752 | ' | 1,788 | 1,812 | ' |
Medicare retiree drug subsidy received | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 121 | 196 | ' |
Settlements | ' | ' | ' | ' | ' | ' | ' | ' | -695 | ' | ' | ' | ' | ' |
Plan participants' contributions | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 928 | 825 | ' |
Benefits paid | ' | ' | ' | ' | ' | ' | ' | ' | -8,551 | -8,794 | ' | -2,837 | -2,833 | ' |
Fair value of plan assets at end of year | 146,722 | 122,444 | ' | ' | ' | ' | ' | ' | 146,722 | 122,444 | 96,197 | ' | ' | ' |
Funded status | ' | ' | ' | ' | ' | ' | ' | ' | -20,760 | -21,243 | ' | -47,934 | -44,391 | ' |
Amounts recognized in the Consolidated Balance Sheets consisted of: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Noncurrent assets | ' | ' | ' | ' | ' | ' | ' | ' | 691 | ' | ' | ' | ' | ' |
Current liabilities | ' | ' | ' | ' | ' | ' | ' | ' | -740 | -413 | ' | -2,868 | -3,003 | ' |
Noncurrent liabilities | -20,711 | -20,830 | -2,555 | -13,402 | -15,097 | -7,153 | -27,604 | -28,504 | -20,711 | -20,830 | ' | -45,066 | -41,388 | ' |
Net amount recognized | ' | ' | ' | ' | ' | ' | ' | ' | -20,760 | -21,243 | ' | -47,934 | -44,391 | ' |
Accumulated benefit obligation | ' | ' | ' | ' | ' | ' | ' | ' | $161,482 | $138,223 | ' | ' | ' | ' |
Amounts_Recognized_in_Accumula
Amounts Recognized in Accumulated Other Comprehensive Loss (Detail) (USD $) | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | ||
Pension Benefits | ' | ' |
Amount recognized in accumulated other comprehensive income | ' | ' |
Net actuarial loss | $77,032 | $70,987 |
Prior service cost | 7,227 | 1,460 |
Total, before tax effect | 84,259 | 72,447 |
Other Post-Retirement Benefits | ' | ' |
Amount recognized in accumulated other comprehensive income | ' | ' |
Net actuarial loss | 8,486 | 6,086 |
Prior service cost | 1,904 | 3,118 |
Total, before tax effect | $10,390 | $9,204 |
Activity_Related_to_Amounts_Re
Activity Related to Amounts Recognized in Accumulated Other Comprehensive Loss (Detail) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2012 |
Pension Benefits | ' |
Defined Benefit Plan Disclosure [Line Items] | ' |
Beginning Balance | $70,987 |
Amortization | -5,734 |
Activity | 11,779 |
Ending Balance | 77,032 |
Beginning Balance | 1,460 |
Amortization | -980 |
Activity | 6,747 |
Ending Balance | 7,227 |
Other Post-Retirement Benefits | ' |
Defined Benefit Plan Disclosure [Line Items] | ' |
Beginning Balance | 6,086 |
Amortization | -157 |
Activity | 2,557 |
Ending Balance | 8,486 |
Beginning Balance | 3,118 |
Amortization | -1,214 |
Ending Balance | $1,904 |
Principal_WeightedAverage_Assu
Principal Weighted-Average Assumptions (Detail) | 12 Months Ended | |
Dec. 31, 2012 | Dec. 31, 2011 | |
Pension Benefits | ' | ' |
Weighted-average assumptions used to determine benefit obligation at December 31: | ' | ' |
Discount rate | 4.10% | 4.90% |
Rate of increase to compensation levels | 3.80% | 3.80% |
Measurement date | '12/31 | '12/31 |
Weighted-average assumptions used to determine net periodic benefit obligation cost for the years ended December 31: | ' | ' |
Discount rate | 4.90% | 5.70% |
Expected long-term return on plan assets | 7.50% | 7.50% |
Rate of increase to compensation levels | 3.80% | 3.80% |
Other Post-Retirement Benefits | ' | ' |
Weighted-average assumptions used to determine benefit obligation at December 31: | ' | ' |
Discount rate | 4.10% | 4.90% |
Measurement date | '12/31 | '12/31 |
Health cost trend rate assumed for next year | 6.78% | 7.17% |
Ultimate trend rate | 4.50% | 4.50% |
Year that rate reaches ultimate trend rate | '2026 | '2026 |
Weighted-average assumptions used to determine net periodic benefit obligation cost for the years ended December 31: | ' | ' |
Discount rate | 4.90% | 5.70% |
One_Quarter_Percent_Change_in_
One Quarter Percent Change in Expected Rate of Return on Plan Assets (Detail) (USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2012 |
Schedule of Defined Benefit Plan Change in Plan Assets [Line Items] | ' |
Effect on subsequent years periodic expense (-.25%) | $0.30 |
Effect on subsequent years periodic expense (+.25%) | ($0.30) |
Quarter_percentage_point_chang
Quarter percentage point change in discount rate and it's effect on defined benefit plans (Detail) (USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2012 |
Defined Benefit Plan Disclosure [Line Items] | ' |
Effect on increase on total projected benefit obligation (PBO) (-.25%) | $4.30 |
Effect on decrease on total projected benefit obligation (PBO) (+.25%) | -4.3 |
Effect on subsequent years periodic expense - discount rate (-.25%) | 0.3 |
Effect on subsequent years periodic expense - discount rate (+.25%) | ($0.30) |
Change_of_One_Quarter_of_Perce
Change of One Quarter of Percentage Point in Discount Rate and it's Effect on Post Retirement Medical Plan (Detail) (USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2012 |
Defined Benefit Plan Disclosure [Line Items] | ' |
Effect on total on net periodic benefit cost (Discount rate -.25%) | $0.10 |
Effect on accumulated postretirement benefit obligation (Discount rate -.25%) | 1.3 |
Effect on total on net periodic benefit cost (Discount rate +.25%) | -0.1 |
Effect on accumulated postretirement benefit obligation (Discount rate +.25%) | ($1.30) |
One_Percent_Change_in_Trend_Ra
One Percent Change in Trend Rate and It's Effect on post retirement Medical Plan (Detail) (USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2012 |
Defined Benefit Plan Disclosure [Line Items] | ' |
Effect on total service cost and interest cost components (Discount rate -1.00%) | ($0.20) |
Effect on accumulated postretirement benefit obligation (Discount rate -1.00%) | -1.6 |
Effect on total service cost and interest cost components (Discount rate +1.00%) | 0.2 |
Effect on accumulated postretirement benefit obligation (Discount rate +1.00%) | $1.60 |
Components_of_Net_Periodic_Pen
Components of Net Periodic Pension and Other Post-retirement Benefit Cost (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
Pension Benefits | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Service cost | $2,450 | $2,047 | $1,806 |
Interest cost | 7,093 | 7,177 | 7,078 |
Expected return on plan assets | -9,707 | -7,791 | -7,478 |
Prior service cost amortization | 980 | 401 | 523 |
Amortization of actuarial loss | 5,361 | 4,017 | 2,809 |
Settlement charges | 373 | ' | ' |
Net periodic benefit cost | 6,550 | 5,851 | 4,738 |
Other Post-Retirement Benefits | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Service cost | 671 | 746 | 711 |
Interest cost | 2,102 | 2,361 | 2,200 |
Prior service cost amortization | 1,214 | 1,214 | 1,214 |
Amortization of actuarial loss | 157 | 171 | ' |
Net periodic benefit cost | $4,144 | $4,492 | $4,125 |
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Loss to be Recognized as Net Periodic Benefit Cost (Detail) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2012 |
Pension Benefits | ' |
Defined Benefit Plan Disclosure [Line Items] | ' |
Amortization of actuarial loss | $7,160 |
Amortization of prior service cost | 990 |
Total recognized from accumulated other comprehensive loss | 8,150 |
Other Post-Retirement Benefits | ' |
Defined Benefit Plan Disclosure [Line Items] | ' |
Amortization of actuarial loss | 352 |
Amortization of prior service cost | 1,214 |
Total recognized from accumulated other comprehensive loss | $1,566 |
Fair_Value_of_Defined_Benefit_
Fair Value of Defined Benefit Pension Plan Assets (Detail) (USD $) | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | ||
Fair value of defined benefit pension plan | ' | ' |
Fair value of defined benefit pension plan | $146,722 | $122,444 |
US Government Debt Securities | ' | ' |
Fair value of defined benefit pension plan | ' | ' |
Fair value of defined benefit pension plan | 22,034 | 14,852 |
Corporate note and bonds | ' | ' |
Fair value of defined benefit pension plan | ' | ' |
Fair value of defined benefit pension plan | 37,487 | 34,130 |
Equity Funds | ' | ' |
Fair value of defined benefit pension plan | ' | ' |
Fair value of defined benefit pension plan | 81,445 | 68,419 |
Short-term investment funds | ' | ' |
Fair value of defined benefit pension plan | ' | ' |
Fair value of defined benefit pension plan | 597 | 807 |
Real Estate Funds | ' | ' |
Fair value of defined benefit pension plan | ' | ' |
Fair value of defined benefit pension plan | 3,468 | 2,584 |
Other investments - Timberlands | ' | ' |
Fair value of defined benefit pension plan | ' | ' |
Fair value of defined benefit pension plan | $1,691 | $1,652 |
Target_Asset_Allocation_by_Ass
Target Asset Allocation by Asset Category (Detail) | 12 Months Ended |
Dec. 31, 2012 | |
Defined Benefit Plan Disclosure [Line Items] | ' |
Target Asset Allocation | 100.00% |
Equity securities | ' |
Defined Benefit Plan Disclosure [Line Items] | ' |
Target Asset Allocation | 55.00% |
Debt and other short-term investments | ' |
Defined Benefit Plan Disclosure [Line Items] | ' |
Target Asset Allocation | 43.00% |
Cash | ' |
Defined Benefit Plan Disclosure [Line Items] | ' |
Target Asset Allocation | 2.00% |
Summary_of_Plan_Investments_Th
Summary of Plan Investments, Their Fair Value and Their Level within Fair Value Hierarchy (Detail) (USD $) | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
In Thousands, unless otherwise specified | |||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of defined benefit pension plan | $146,722 | $122,444 | ' |
US Government Debt Securities | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of defined benefit pension plan | 22,034 | 14,852 | ' |
Corporate note and bonds | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of defined benefit pension plan | 37,487 | 34,130 | ' |
Equity Funds | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of defined benefit pension plan | 81,445 | 68,419 | ' |
Short-term investment funds | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of defined benefit pension plan | 597 | 807 | ' |
Real Estate Funds | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of defined benefit pension plan | 3,468 | 2,584 | ' |
Other investments - Timberlands | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of defined benefit pension plan | 1,691 | 1,652 | ' |
Quoted Market Prices (Level 1) | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of defined benefit pension plan | 4,210 | 807 | ' |
Quoted Market Prices (Level 1) | Equity Funds | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of defined benefit pension plan | 3,613 | ' | ' |
Quoted Market Prices (Level 1) | Short-term investment funds | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of defined benefit pension plan | 597 | 807 | ' |
Significant Other Observable Inputs (Level 2) | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of defined benefit pension plan | 133,315 | 113,967 | ' |
Significant Other Observable Inputs (Level 2) | US Government Debt Securities | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of defined benefit pension plan | 22,034 | 14,852 | ' |
Significant Other Observable Inputs (Level 2) | Corporate note and bonds | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of defined benefit pension plan | 37,487 | 34,130 | ' |
Significant Other Observable Inputs (Level 2) | Equity Funds | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of defined benefit pension plan | 73,794 | 64,985 | ' |
Significant Unobservable Inputs (Level 3) | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of defined benefit pension plan | 9,197 | 7,670 | 6,386 |
Significant Unobservable Inputs (Level 3) | Equity Funds | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of defined benefit pension plan | 4,038 | 3,434 | ' |
Significant Unobservable Inputs (Level 3) | Real Estate Funds | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of defined benefit pension plan | 3,468 | 2,584 | 1,888 |
Significant Unobservable Inputs (Level 3) | Other investments - Timberlands | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of defined benefit pension plan | $1,691 | $1,652 | $1,600 |
Details_of_Level_Three_Fair_Va
Details of Level Three Fair Value Measurements Using Significant Unobservable Input (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2012 | Dec. 31, 2011 |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair value of plan assets at end of year | $146,722 | $122,444 |
Real Estate Funds | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair value of plan assets at end of year | 3,468 | 2,584 |
Other investments - Timberlands | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair value of plan assets at end of year | 1,691 | 1,652 |
Significant Unobservable Inputs (Level 3) | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair value of plan assets at beginning of year | 7,670 | 6,386 |
Realized gains/losses | 410 | 227 |
Unrealized gain/losses relating to investments still held | 585 | 444 |
Purchases | 1,786 | 1,590 |
Sales | -1,254 | -977 |
Fair value of plan assets at end of year | 9,197 | 7,670 |
Significant Unobservable Inputs (Level 3) | Private Equity Funds | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair value of plan assets at beginning of year | 3,434 | 2,898 |
Realized gains/losses | 301 | 83 |
Unrealized gain/losses relating to investments still held | 267 | 338 |
Purchases | 861 | 679 |
Sales | -825 | -564 |
Fair value of plan assets at end of year | 4,038 | 3,434 |
Significant Unobservable Inputs (Level 3) | Real Estate Funds | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair value of plan assets at beginning of year | 2,584 | 1,888 |
Realized gains/losses | 109 | 144 |
Unrealized gain/losses relating to investments still held | 279 | 54 |
Purchases | 925 | 911 |
Sales | -429 | -413 |
Fair value of plan assets at end of year | 3,468 | 2,584 |
Significant Unobservable Inputs (Level 3) | Other investments - Timberlands | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair value of plan assets at beginning of year | 1,652 | 1,600 |
Unrealized gain/losses relating to investments still held | 39 | 52 |
Fair value of plan assets at end of year | $1,691 | $1,652 |
Pension_and_Postretirement_Ben
Pension and Post-retirement Benefit Payments Expected to be Paid (Detail) (USD $) | Dec. 31, 2012 |
In Thousands, unless otherwise specified | |
Pension Benefits | ' |
Defined Benefit Plan Disclosure [Line Items] | ' |
2013 | $9,933 |
2014 | 9,577 |
2015 | 9,798 |
2016 | 10,106 |
2017 | 10,397 |
2018 to 2022 | 57,366 |
Plan (including Plan D subsidy) | ' |
Defined Benefit Plan Disclosure [Line Items] | ' |
2013 | 2,868 |
2014 | 2,969 |
2015 | 2,769 |
2016 | 2,850 |
2017 | 3,008 |
2018 to 2022 | 17,899 |
Plan (not including Plan D subsidy) | ' |
Defined Benefit Plan Disclosure [Line Items] | ' |
2013 | 3,031 |
2014 | 3,150 |
2015 | 2,965 |
2016 | 3,064 |
2017 | 3,241 |
2018 to 2022 | $19,356 |
Leases_Additional_Information_
Leases - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
Operating Leased Assets [Line Items] | ' | ' | ' |
Total rental expense under operating leases | $5,587 | $4,561 | $5,297 |
Capital lease obligations | 2,650 | ' | ' |
Capital lease obligations, current | 957 | ' | ' |
Capital lease obligations, non current | $1,693 | ' | ' |
Future_Minimum_Commitments_und
Future Minimum Commitments under Operating and Capital Leases (Detail) (USD $) | Dec. 31, 2012 |
In Thousands, unless otherwise specified | |
Capital Leases And Operating Leases [Line Items] | ' |
Operating Leases, 2013 | $5,310 |
Operating Leases, 2014 | 4,917 |
Operating Leases, 2015 | 4,330 |
Operating Leases, 2016 | 3,970 |
Operating Leases, 2017 | 3,554 |
Operating Leases, Thereafter | 4,019 |
Operating Leases, Total lease payments | 26,100 |
Capital Leases, 2013 | 1,093 |
Capital Leases, 2014 | 1,064 |
Capital Leases, 2015 | 632 |
Capital Leases, 2016 | 226 |
Capital Leases, 2017 | 37 |
Capital Leases, Thereafter | ' |
Capital Lease, Total lease payments | $3,052 |
Unearned_Revenue_Additional_In
Unearned Revenue - Additional Information (Detail) (USD $) | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | ||
Deferred Revenue Arrangement [Line Items] | ' | ' |
Liability for unearned revenue | $38,011 | $27,831 |
Unearned_Revenue_Balances_Deta
Unearned Revenue Balances (Detail) (USD $) | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2011 | Sep. 30, 2011 | Jun. 30, 2011 | Mar. 31, 2011 |
In Thousands, unless otherwise specified | ||||||||
Deferred Revenue Arrangement [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Current unearned revenue | $24,998 | $34,523 | $36,844 | $36,583 | $19,716 | $16,420 | $21,921 | $27,830 |
Non-current unearned revenue | 13,013 | 3,240 | 3,385 | 3,504 | 8,115 | 3,675 | 3,754 | 3,820 |
Total unearned revenue | $38,011 | ' | ' | ' | $27,831 | ' | ' | ' |
Summary_of_Financial_Informati
Summary of Financial Information By Reportable Segment (Detail) (USD $) | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2011 | Sep. 30, 2011 | Jun. 30, 2011 | Mar. 31, 2011 | Jun. 30, 2012 | Jun. 30, 2011 | Sep. 30, 2012 | Sep. 30, 2011 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Net sales | $187,013 | $182,545 | $184,462 | $154,070 | $134,628 | $136,853 | $118,007 | $111,800 | $338,532 | $229,807 | $521,077 | $366,660 | $708,090 | $501,288 | $406,491 | [1] |
Intersegment sales | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -262,544 | -214,780 | -143,994 | |
Operating income | 16,969 | 9,296 | 10,237 | 10,609 | 3,630 | 6,310 | 6,482 | 7,630 | 20,846 | 14,112 | 30,142 | 20,422 | 47,111 | 24,052 | 13,812 | |
Other income (expense), net | ' | 16 | 570 | -268 | ' | 198 | 133 | -522 | 302 | -389 | 318 | -191 | -501 | 56 | -622 | |
Interest expense, net | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -17,778 | -15,645 | -1,619 | |
Income (loss) before income taxes | ' | 4,622 | 6,631 | 6,145 | ' | 2,666 | 2,720 | 3,033 | 12,776 | 5,753 | 17,398 | 8,419 | 28,832 | 8,463 | 11,571 | |
Titanium Segment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 360,950 | 337,844 | 260,104 | |
Group before corporate allocations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 58,236 | 52,518 | 35,921 | |
Intersegment sales | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 179,389 | 152,177 | 89,219 | |
Corporate Allocations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -19,477 | -15,784 | -14,681 | |
Total sales | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 540,339 | 490,021 | 349,323 | |
Operating income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 38,759 | 36,734 | 21,240 | |
Engineered Products and Services Segment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 347,140 | 163,444 | 146,387 | |
Group before corporate allocations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 23,437 | 5,518 | 5,539 | |
Intersegment sales | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 83,155 | 62,603 | 54,775 | |
Corporate Allocations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -15,085 | -18,200 | -12,967 | |
Total sales | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 430,295 | 226,047 | 201,162 | |
Operating income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $8,352 | ($12,682) | ($7,428) | |
[1] | During the year ended December 31, 2010, the Parent recorded net sales related to the March 2010 settlement of certain Airbus 2009 contractual obligations. |
Summary_of_Financial_Informati1
Summary of Financial Information by Reportable Segment and Geographic Location (Detail) (USD $) | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2011 | Sep. 30, 2011 | Jun. 30, 2011 | Mar. 31, 2011 | Jun. 30, 2012 | Jun. 30, 2011 | Sep. 30, 2012 | Sep. 30, 2011 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | |
Revenue by market information: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Net sales | $187,013 | $182,545 | $184,462 | $154,070 | $134,628 | $136,853 | $118,007 | $111,800 | $338,532 | $229,807 | $521,077 | $366,660 | $708,090 | $501,288 | $406,491 | [1] |
Capital expenditures: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Total capital expenditures | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 61,538 | 38,845 | 28,632 | |
Depreciation and amortization: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 41,158 | 22,475 | 22,093 | |
UNITED STATES | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Revenue by market information: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 458,351 | 322,445 | 259,658 | |
FRANCE | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Revenue by market information: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 72,810 | 51,951 | 39,936 | |
UNITED KINGDOM | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Revenue by market information: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 52,934 | 41,963 | 44,037 | |
GERMANY | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Revenue by market information: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 40,011 | 38,976 | 24,516 | |
SPAIN | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Revenue by market information: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 16,285 | 7,702 | 5,236 | |
CANADA | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Revenue by market information: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 12,723 | 10,063 | 9,176 | |
ITALY | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Revenue by market information: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 11,575 | 3,660 | 5,828 | |
MALAYSIA | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Revenue by market information: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10,624 | 1,962 | 3,667 | |
JAPAN | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Revenue by market information: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 9,389 | 4,580 | 7,820 | |
Austria | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Revenue by market information: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7,162 | 7,993 | 2,518 | |
Other Countries | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Revenue by market information: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 16,226 | 9,993 | 4,099 | |
Titanium Segment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Revenue by market information: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 360,950 | 337,844 | 260,104 | |
Capital expenditures: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Total capital expenditures | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 44,741 | 36,008 | 24,399 | |
Depreciation and amortization: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 18,455 | 14,290 | 13,733 | |
Titanium Segment | Commercial Aerospace | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Revenue by market information: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 219,945 | 191,470 | 142,270 | |
Titanium Segment | Defense | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Revenue by market information: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 108,948 | 106,101 | 82,410 | |
Titanium Segment | Energy Medical and Other | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Revenue by market information: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 32,057 | 40,273 | 35,424 | |
Engineered Products and Services Segment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Revenue by market information: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 347,140 | 163,444 | 146,387 | |
Capital expenditures: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Total capital expenditures | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 16,797 | 2,837 | 4,233 | |
Depreciation and amortization: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 22,703 | 8,185 | 8,360 | |
Engineered Products and Services Segment | Commercial Aerospace | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Revenue by market information: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 168,760 | 100,779 | 70,732 | |
Engineered Products and Services Segment | Defense | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Revenue by market information: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 53,435 | 35,426 | 38,784 | |
Engineered Products and Services Segment | Energy Medical and Other | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Revenue by market information: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $124,945 | $27,239 | $36,871 | |
[1] | During the year ended December 31, 2010, the Parent recorded net sales related to the March 2010 settlement of certain Airbus 2009 contractual obligations. |
Geographic_Area_Information_In
Geographic Area Information Includes Property, Plant, and Equipment (Detail) (USD $) | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2011 | Sep. 30, 2011 | Jun. 30, 2011 | Mar. 31, 2011 | Dec. 31, 2010 |
In Thousands, unless otherwise specified | |||||||||
Segment Reporting, Asset Reconciling Item [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Property, plant and equipment, gross | $673,779 | ' | ' | ' | $555,626 | ' | ' | ' | ' |
Less: Accumulated depreciation | -297,830 | ' | ' | ' | -266,251 | ' | ' | ' | -246,280 |
Property, plant, and equipment, net | 375,949 | 367,768 | 365,735 | 361,464 | 289,375 | 267,994 | 266,079 | 261,263 | 260,457 |
Assets of discontinued operations | 14,741 | ' | ' | ' | 16,083 | ' | ' | ' | 11,313 |
General corporate assets | 83,637 | ' | ' | ' | 309,365 | ' | ' | ' | 371,498 |
Total consolidated assets | 1,252,481 | 1,194,221 | 1,178,373 | 1,171,182 | 1,128,420 | 1,087,904 | 1,100,361 | 1,098,924 | 1,111,305 |
Titanium Segment | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting, Asset Reconciling Item [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment total assets | 576,786 | ' | ' | ' | 502,671 | ' | ' | ' | 477,811 |
Engineered Products and Services Segment | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting, Asset Reconciling Item [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment total assets | 577,317 | ' | ' | ' | 300,301 | ' | ' | ' | 250,683 |
UNITED STATES | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting, Asset Reconciling Item [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Property, plant and equipment, gross | 591,526 | ' | ' | ' | 475,999 | ' | ' | ' | 434,665 |
UNITED KINGDOM | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting, Asset Reconciling Item [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Property, plant and equipment, gross | 16,017 | ' | ' | ' | 14,473 | ' | ' | ' | 5,302 |
FRANCE | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting, Asset Reconciling Item [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Property, plant and equipment, gross | 1,312 | ' | ' | ' | 1,022 | ' | ' | ' | 832 |
CANADA | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting, Asset Reconciling Item [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Property, plant and equipment, gross | $64,924 | ' | ' | ' | $64,132 | ' | ' | ' | $65,938 |
Segment_Reporting_Additional_I
Segment Reporting - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
Segment Reporting Information [Line Items] | ' | ' | ' |
Percentage contribution of Boeing in companies consolidated sales | 12.00% | 10.60% | 10.80% |
Contribution of Boeing in companies consolidated sales | 'Excess of 10% | ' | ' |
Primarily Western Europe | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Export sales | 249,739 | 178,843 | 146,833 |
Recovered_Sheet2
Commitments And Contingencies - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | |
Commitments and Contingencies [Line Items] | ' | ' | ' |
Products liability insurance | $500,000,000 | ' | ' |
Payments related to environmental liabilities | 72,000 | 60,000 | 145,000 |
Environment related cost, minimum | 662,000 | ' | ' |
Environment related cost, maximum | 2,134,000 | ' | ' |
Accrued environmental-related costs for future | 1,277,000 | 1,349,000 | ' |
Accrued environmental-related costs expected to be paid within next 12 months | 85,000 | ' | ' |
Accrued environmental-related costs expected to be paid after 12 months | $1,192,000 | ' | ' |
Summary_of_Changes_in_Environm
Summary of Changes in Environmental Liabilities (Detail) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2012 |
Environment Matters And Other Contingencies [Line Items] | ' |
Balance at December 31, 2011 | $1,349 |
Environmental-related expense | ' |
Cash paid | -72 |
Balance at December 31, 2012 | $1,277 |
Schedule_of_Longterm_Debt_Deta
Schedule of Long-term Debt (Detail) (USD $) | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2011 | Sep. 30, 2011 | Jun. 30, 2011 | Mar. 31, 2011 |
In Thousands, unless otherwise specified | ||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Notes | $196,644 | ' | ' | ' | $186,961 | ' | ' | ' |
Capital leases | 2,650 | ' | ' | ' | ' | ' | ' | ' |
Other | ' | ' | ' | ' | 20 | ' | ' | ' |
Total debt | 199,294 | ' | ' | ' | 186,981 | ' | ' | ' |
Less: Current portion of capital leases | -957 | ' | ' | ' | ' | ' | ' | ' |
Total long-term debt | $198,337 | $196,079 | $193,727 | $191,189 | $186,981 | $184,695 | $182,462 | $180,269 |
LongTerm_Debt_Additional_Infor
Long-Term Debt - Additional Information (Detail) (USD $) | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | ||
Mar. 31, 2011 | Jun. 30, 2011 | Sep. 30, 2011 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | |
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' |
Number of common stock shares | ' | ' | ' | 27.8474 | ' | ' |
Convertible notes principal amount | ' | ' | ' | $1,000 | ' | ' |
Conversion price of common stock per share | ' | ' | ' | $35.91 | ' | ' |
Debt issuance costs | ' | ' | ' | 7,200,000 | ' | ' |
Allocation of debt issuance cost to conversion feature of notes | ' | ' | ' | 1,600,000 | ' | ' |
Allocation of debt issuance cost to liability component of the Notes | ' | ' | ' | 5,600,000 | ' | ' |
Amortization of discount on long-term debt | 2,166,000 | 4,361,000 | 6,613,000 | 9,683,000 | 8,900,000 | 393,000 |
Amortization of debt issuance costs | ' | ' | ' | 1,403,000 | 1,471,000 | 762,000 |
Revolving the credit facility amount | ' | ' | ' | 150,000,000 | ' | ' |
Revolving the credit facility expiration date | ' | ' | ' | 23-May-17 | ' | ' |
Leverage ratio | ' | ' | ' | 1.63 | ' | ' |
Leverage ratio that is considered as default | ' | ' | ' | 3.5 | ' | ' |
Coverage ratio | ' | ' | ' | 13.95 | ' | ' |
Coverage ratio that is considered as default | ' | ' | ' | 2 | ' | ' |
3.0% Convertible Senior Notes due 2015 | ' | ' | ' | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' |
Debt instrument, interest rate | ' | ' | ' | 3.00% | 3.00% | 3.00% |
Amortization of debt issuance costs | ' | ' | ' | 1,120,000 | 1,120,000 | 47,000 |
Notes 8.675% | ' | ' | ' | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' |
Debt instrument, interest rate | ' | ' | ' | 8.68% | ' | ' |
Fair value of the liability component of the notes | ' | ' | ' | 177,700,000 | ' | ' |
Fair value of conversion component of the notes | ' | ' | ' | 52,300,000 | ' | ' |
Debt components of notes | ' | ' | ' | $230,000,000 | ' | ' |
Debt instrument maturity period | ' | ' | ' | '5 years | ' | ' |
Stock_Based_Compensation_Addit
Stock Based Compensation - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
CompensationPlan | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Number of predecessors replaced | 2 | ' | ' |
Stock option and restricted stock award plan period, in years | '10 years | ' | ' |
Cash received from stock option exercises under all share-based payment arrangements | $494 | $178 | $1,096 |
Cash used to settle equity instruments | 742 | 294 | 367 |
Stock Options | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Number of shares available for grant | 2,500,000 | ' | ' |
Dividend yield | 0.00% | 0.00% | 0.00% |
Weighted-average fair value of stock option awards granted | $13.49 | $14.70 | $12.88 |
Total intrinsic value of stock options exercised | 525 | 172 | 867 |
Total unrecognized compensation cost related to nonvested awards granted | 610 | ' | ' |
Expected period to be recognized | '9 months | ' | ' |
Cash received from stock option exercises under all share-based payment arrangements | 27 | 2 | 54 |
Stock Options | Minimum | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Stock awards vesting period | '1 year | ' | ' |
Stock Options | Maximum | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Stock awards vesting period | '3 years | ' | ' |
Restricted Stock | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Number of shares available for grant | 1,250,000 | ' | ' |
Total unrecognized compensation cost related to nonvested awards granted | 1,507 | ' | ' |
Expected period to be recognized | '13 months | ' | ' |
Weighted-average fair value of stock awards granted | $24.63 | $28.79 | $25.73 |
Fair value of restricted stock awards vested | $1,507 | $1,637 | $1,911 |
Restricted Stock | Minimum | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Stock awards vesting period | '1 year | ' | ' |
Restricted Stock | Maximum | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Stock awards vesting period | '5 years | ' | ' |
Performance Shares | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Dividend yield | 0.00% | ' | ' |
Weighted-average fair value of stock awards granted | $35.59 | $43.68 | $38.79 |
Performance share awards Common Stock in amounts, Minimum | 0.00% | ' | ' |
Performance share awards Common Stock in amounts, Maximum | 200.00% | ' | ' |
Schedule_of_Fair_Value_of_Stoc
Schedule of Fair Value of Stock Options Granted (Detail) (Stock Options) | 12 Months Ended | ||
Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | |
Stock Options | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Risk-free interest rate | 0.75% | 1.92% | 2.26% |
Expected dividend yield | 0.00% | 0.00% | 0.00% |
Expected lives (in years) | '5 years | '4 years | '4 years |
Expected volatility | 66.00% | 67.00% | 66.00% |
Summary_of_Stock_Options_Activ
Summary of Stock Options Activity (Detail) (USD $) | 12 Months Ended |
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2012 |
Shares | ' |
Stock Options, Beginning Balance | 558,597 |
Granted | 83,706 |
Forfeited | -4,447 |
Expired | -5,584 |
Exercised | -41,422 |
Stock Options, Ending Balance | 590,850 |
Stock Options, Exercisable | 420,649 |
Weighted-Average Exercise Price Per Share | ' |
Stock Options, Beginning Balance | $31.66 |
Granted | $24.62 |
Forfeited | $25.41 |
Expired | $35.88 |
Exercised | $11.97 |
Stock Options, Ending Balance | $31.86 |
Stock Options, Exercisable | $34.25 |
Weighted-Average Remaining Contractual Term | ' |
Stock Options, Outstanding | '5 years 10 months 21 days |
Stock Options, Exercisable | '4 years 10 months 17 days |
Aggregate Intrinsic Value | ' |
Stock Options, Outstanding | $2,500 |
Stock Options, Exercisable | $2,176 |
Summary_of_Nonvested_Restricte
Summary of Nonvested Restricted Stock Awards (Detail) (Restricted Stock, USD $) | 12 Months Ended | ||
Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | |
Restricted Stock | ' | ' | ' |
Shares | ' | ' | ' |
Beginning Balance | 163,070 | ' | ' |
Granted | 82,326 | ' | ' |
Vested | -60,017 | ' | ' |
Forfeited | -3,200 | ' | ' |
Ending Balance | 182,179 | 163,070 | ' |
Weighted-Average Grant-Date Fair Value Per Share | ' | ' | ' |
Beginning Balance | $27.31 | ' | ' |
Granted | $24.63 | $28.79 | $25.73 |
Vested | $31.48 | ' | ' |
Forfeited | $25.33 | ' | ' |
Ending Balance | $24.76 | $27.31 | ' |
Summary_of_Companys_Performanc
Summary of Company's Performance Share Award (Detail) (Performance Shares) | 12 Months Ended |
Dec. 31, 2012 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Beginning Balance | 160,771 |
Granted | 61,230 |
Vested | -66,047 |
Expired | -41,700 |
Forfeited | -7,197 |
Ending Balance | 107,057 |
Maximum Shares Eligible To Receive | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Beginning Balance | 321,542 |
Granted | 122,460 |
Vested | -132,094 |
Expired | -83,400 |
Forfeited | -14,394 |
Ending Balance | 214,114 |
Guarantor_Subsidiaries_Additio
Guarantor Subsidiaries - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2012 | |
Guarantor Subsidiaries [Line Items] | ' |
Subsidiary ownership percentage | 100.00% |
Schedule_of_Condensed_Consolid
Schedule of Condensed Consolidating Statement of Operations and Comprehensive Income, Restatement Adjustments (Detail) (USD $) | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2011 | Sep. 30, 2011 | Jun. 30, 2011 | Mar. 31, 2011 | Jun. 30, 2012 | Jun. 30, 2011 | Sep. 30, 2012 | Sep. 30, 2011 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | |||
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Net sales | $187,013 | $182,545 | $184,462 | $154,070 | $134,628 | $136,853 | $118,007 | $111,800 | $338,532 | $229,807 | $521,077 | $366,660 | $708,090 | $501,288 | $406,491 | [1] | ||
Cost and Expenses: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Cost of sales | ' | 148,895 | 150,443 | 121,563 | ' | 114,002 | 93,824 | 88,488 | 272,006 | 182,312 | 420,901 | 296,314 | 568,462 | 407,660 | 334,126 | |||
Operating income (loss) | 16,969 | 9,296 | 10,237 | 10,609 | 3,630 | 6,310 | 6,482 | 7,630 | 20,846 | 14,112 | 30,142 | 20,422 | 47,111 | 24,052 | 13,812 | |||
Income before income taxes | ' | 4,622 | 6,631 | 6,145 | ' | 2,666 | 2,720 | 3,033 | 12,776 | 5,753 | 17,398 | 8,419 | 28,832 | 8,463 | 11,571 | |||
Provision for (benefit from) income taxes | ' | 1,423 | 2,538 | 2,087 | ' | 1,499 | 603 | 1,536 | 4,625 | 2,139 | 6,048 | 3,638 | 10,392 | 4,269 | 8,311 | |||
Net income | ' | 3,588 | 4,546 | 4,629 | ' | 1,660 | 2,735 | 1,919 | 9,175 | 4,654 | 12,763 | 6,314 | 20,140 | 6,032 | [2] | 3,570 | [2] | |
Comprehensive income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 14,629 | -842 | 4,796 | |||
Previously Reported | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Net sales | ' | 189,075 | 190,277 | 162,850 | ' | 143,671 | 123,213 | 120,850 | 353,127 | 244,063 | 542,202 | 387,734 | 738,608 | 529,679 | 431,793 | |||
Cost and Expenses: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Cost of sales | ' | 151,128 | 153,781 | 127,145 | ' | 118,665 | 98,624 | 94,845 | 280,926 | 193,469 | 432,054 | 312,134 | 588,077 | 429,007 | 355,908 | |||
Operating income (loss) | ' | 12,884 | 11,934 | 13,018 | ' | 7,693 | 6,081 | 9,416 | 24,952 | 15,497 | 37,836 | 23,190 | 55,030 | 27,761 | 14,061 | |||
Income before income taxes | ' | 8,226 | 8,328 | 8,554 | ' | 4,049 | 2,319 | 4,772 | 16,882 | 7,091 | 25,108 | 11,140 | 36,768 | 12,135 | 11,820 | |||
Provision for (benefit from) income taxes | ' | 2,601 | 3,165 | 2,929 | ' | 1,982 | 191 | 2,430 | 6,094 | 2,621 | 8,695 | 4,603 | 13,253 | 5,583 | 8,403 | |||
Net income | ' | 5,625 | 5,163 | 5,625 | ' | 2,067 | 2,128 | 2,342 | 10,788 | 4,470 | 16,413 | 6,537 | 23,515 | [2] | 6,552 | [2] | 3,417 | [2] |
RTI International Metals, Inc. | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 12,372 | [1] | ||
Cost and Expenses: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Operating income (loss) | ' | 1,442 | 933 | 7 | ' | 793 | 150 | 415 | 940 | 565 | 2,382 | 1,358 | 3,006 | -981 | 3,072 | |||
Equity in earnings of subsidiaries | ' | 5,034 | 4,258 | 7,022 | ' | 3,279 | 4,821 | 4,754 | 11,280 | 9,575 | 16,314 | 12,854 | 25,832 | 16,568 | 5,544 | |||
Income before income taxes | ' | 2,115 | 1,256 | 3,002 | ' | -41 | 817 | 951 | 4,258 | 1,768 | 6,373 | 1,727 | 12,136 | -804 | 5,914 | |||
Provision for (benefit from) income taxes | ' | -1,084 | -2,837 | -1,056 | ' | -1,208 | -1,300 | -546 | -3,893 | -1,846 | -4,977 | -3,054 | -6,304 | -4,998 | 2,654 | |||
Net income | ' | 3,588 | 4,546 | 4,629 | ' | 1,660 | 2,735 | 1,919 | 9,175 | 4,654 | 12,763 | 6,314 | 20,140 | 6,032 | 3,570 | |||
Comprehensive income | ' | 9,297 | 3,173 | 8,032 | ' | -5,743 | 3,654 | 6,448 | 11,205 | 10,102 | 20,502 | 4,359 | 14,629 | -842 | 4,796 | |||
RTI International Metals, Inc. | Previously Reported | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 12,372 | |||
Cost and Expenses: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Operating income (loss) | ' | 1,442 | 933 | 7 | ' | 793 | 150 | 415 | 940 | 565 | 2,382 | 1,358 | 3,006 | -981 | 3,072 | |||
Equity in earnings of subsidiaries | ' | 7,460 | 5,328 | 8,018 | ' | 4,179 | 4,832 | 5,599 | 13,917 | 10,431 | 21,377 | 14,610 | 30,907 | 18,926 | 5,701 | |||
Income before income taxes | ' | 4,541 | 2,326 | 3,998 | ' | 859 | 828 | 1,796 | 6,895 | 2,624 | 11,436 | 3,483 | 17,211 | 1,554 | 6,071 | |||
Provision for (benefit from) income taxes | ' | -1,084 | -2,837 | -1,056 | ' | -1,208 | -1,300 | -546 | -3,893 | -1,846 | -4,977 | -3,054 | -6,304 | -4,998 | 2,654 | |||
Net income | ' | 5,625 | 5,163 | 5,625 | ' | 2,067 | 2,128 | 2,342 | 10,788 | 4,470 | 16,413 | 6,537 | 23,515 | 6,552 | 3,417 | |||
Comprehensive income | ' | 11,334 | 3,790 | 9,028 | ' | -5,336 | 3,047 | 6,871 | 12,818 | 9,918 | 24,152 | 4,582 | 18,004 | -322 | 4,643 | |||
Guarantor Subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Net sales | ' | 131,132 | 148,017 | 116,796 | ' | 97,118 | 82,096 | 78,922 | 247,734 | 161,018 | 378,866 | 258,136 | 503,018 | 347,963 | 253,754 | [1] | ||
Cost and Expenses: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Cost of sales | ' | 114,706 | 127,484 | 96,311 | ' | 85,942 | 68,359 | 64,652 | 209,233 | 133,011 | 323,939 | 218,953 | 426,268 | 296,066 | 221,351 | |||
Operating income (loss) | ' | 1,761 | 4,690 | 10,542 | ' | 4,595 | 7,070 | 7,838 | 15,153 | 14,908 | 16,914 | 19,503 | 27,060 | 26,079 | 19,181 | |||
Equity in earnings of subsidiaries | ' | 1,231 | 2,512 | 1,444 | ' | 9 | 2,526 | 2,343 | 3,956 | 4,869 | 5,185 | 4,879 | 5,419 | 6,128 | 2,617 | |||
Income before income taxes | ' | 3,048 | 7,187 | 12,404 | ' | 5,117 | 10,137 | 10,473 | 19,549 | 20,610 | 22,595 | 25,728 | 32,722 | 33,966 | 26,322 | |||
Provision for (benefit from) income taxes | ' | 705 | 2,926 | 3,030 | ' | 2,465 | 2,854 | 2,854 | 5,968 | 5,708 | 6,673 | 8,173 | 10,726 | 10,257 | 7,444 | |||
Net income | ' | 2,343 | 4,261 | 9,374 | ' | 2,652 | 7,283 | 7,619 | 13,581 | 14,902 | 15,922 | 17,555 | 21,996 | 23,709 | 18,878 | |||
Comprehensive income | ' | 3,394 | 5,312 | 10,433 | ' | 3,445 | 8,164 | 8,324 | 15,691 | 16,488 | 19,083 | 19,934 | 14,465 | 19,646 | 16,038 | |||
Guarantor Subsidiaries | Previously Reported | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Net sales | ' | 131,132 | 148,017 | 99,717 | ' | 97,118 | 82,096 | 78,922 | 247,734 | 161,018 | 378,866 | 258,136 | 503,018 | 347,963 | 253,754 | |||
Cost and Expenses: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Cost of sales | ' | 114,706 | 127,484 | 81,749 | ' | 85,942 | 68,359 | 64,652 | 209,233 | 133,011 | 323,939 | 218,953 | 426,083 | 296,066 | 221,351 | |||
Operating income (loss) | ' | 1,761 | 4,690 | 10,463 | ' | 4,595 | 7,070 | 7,838 | 15,153 | 14,908 | 16,914 | 19,503 | 27,245 | 26,079 | 19,181 | |||
Equity in earnings of subsidiaries | ' | ' | ' | 1,444 | ' | ' | ' | ' | ' | ' | ' | ' | 5,419 | 6,128 | 2,617 | |||
Income before income taxes | ' | 1,817 | 4,676 | 12,361 | ' | 5,108 | 7,611 | 8,130 | 15,593 | 15,741 | 17,410 | 20,849 | 32,907 | 33,966 | 26,322 | |||
Provision for (benefit from) income taxes | ' | 705 | 2,926 | 3,042 | ' | 2,465 | 2,854 | 2,854 | 5,968 | 5,708 | 6,673 | 8,173 | 10,726 | 10,257 | 7,444 | |||
Net income | ' | 1,112 | 1,750 | 9,319 | ' | 2,643 | 4,757 | 5,276 | 9,625 | 10,033 | 10,737 | 12,676 | 22,181 | 23,709 | 18,878 | |||
Comprehensive income | ' | 2,163 | 2,801 | 10,378 | ' | 3,436 | 5,638 | 5,981 | 11,735 | 11,619 | 13,898 | 15,055 | 14,650 | 19,646 | 16,038 | |||
Non-Guarantor Subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Net sales | ' | 103,618 | 92,640 | 95,385 | ' | 88,512 | 79,596 | 73,052 | 205,104 | 152,648 | 308,722 | 241,160 | 417,573 | 329,155 | 254,428 | [1] | ||
Cost and Expenses: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Cost of sales | ' | 86,394 | 79,154 | 83,363 | ' | 76,837 | 69,150 | 64,010 | 177,079 | 133,160 | 263,473 | 209,997 | 354,695 | 287,424 | 226,838 | |||
Operating income (loss) | ' | 6,093 | 4,614 | 60 | ' | 922 | -738 | -623 | 4,753 | -1,361 | 10,846 | -439 | 17,045 | -1,046 | -8,441 | |||
Equity in earnings of subsidiaries | ' | 374 | 413 | 1,203 | ' | -280 | -792 | 155 | 1,616 | -637 | 1,990 | -917 | 2,138 | -1,055 | -2,282 | |||
Income before income taxes | ' | 6,098 | 5,371 | 408 | ' | 598 | -1,679 | -1,139 | 5,821 | -2,818 | 11,919 | -2,220 | 17,363 | -3,058 | -14,786 | |||
Provision for (benefit from) income taxes | ' | 1,802 | 2,449 | 113 | ' | 242 | -951 | -772 | 2,550 | -1,723 | 4,352 | -1,481 | 5,970 | -990 | -1,787 | |||
Net income | ' | 4,685 | 3,375 | 866 | ' | 849 | -110 | 55 | 4,295 | -55 | 8,980 | 794 | 13,093 | -230 | -12,689 | |||
Comprehensive income | ' | 9,193 | 798 | 3,058 | ' | -7,363 | -225 | 3,760 | 3,910 | 3,535 | 13,103 | -3,828 | 15,651 | -2,106 | -6,708 | |||
Non-Guarantor Subsidiaries | Previously Reported | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Net sales | ' | 110,148 | 98,455 | 112,963 | ' | 95,330 | 84,802 | 82,102 | 219,699 | 166,904 | 329,847 | 262,234 | 448,091 | 357,546 | 279,730 | |||
Cost and Expenses: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Cost of sales | ' | 88,627 | 82,492 | 96,907 | ' | 81,500 | 73,950 | 70,367 | 185,999 | 144,317 | 274,626 | 225,817 | 374,495 | 308,771 | 248,620 | |||
Operating income (loss) | ' | 9,681 | 6,311 | 1,656 | ' | 2,305 | -1,139 | 1,163 | 8,859 | 24 | 18,540 | 2,329 | 24,779 | 2,663 | -8,192 | |||
Equity in earnings of subsidiaries | ' | ' | ' | 1,203 | ' | ' | ' | ' | ' | ' | ' | ' | 2,138 | -1,055 | -2,282 | |||
Income before income taxes | ' | 9,328 | 6,654 | 1,968 | ' | 2,261 | -1,288 | 445 | 8,311 | -843 | 17,639 | 1,418 | 25,114 | 614 | -14,537 | |||
Provision for (benefit from) income taxes | ' | 2,980 | 3,076 | 622 | ' | 725 | -1,363 | 122 | 4,019 | -1,241 | 6,999 | -516 | 8,831 | 324 | -1,695 | |||
Net income | ' | 6,348 | 3,578 | 1,917 | ' | 1,536 | 75 | 323 | 4,292 | 398 | 10,640 | 1,934 | 16,283 | 290 | -12,842 | |||
Comprehensive income | ' | 10,856 | 1,001 | 4,109 | ' | -6,676 | -40 | 4,028 | 3,907 | 3,988 | 14,763 | -2,688 | 18,841 | -1,586 | -6,861 | |||
Eliminations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Net sales | ' | -52,205 | -56,195 | -58,111 | ' | -48,777 | -43,685 | -40,174 | -114,306 | -83,859 | -166,511 | -132,636 | -212,501 | -175,830 | -114,063 | [1] | ||
Cost and Expenses: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Cost of sales | ' | -52,205 | -56,195 | -58,111 | ' | -48,777 | -43,685 | -40,174 | -114,306 | -83,859 | -166,511 | -132,636 | -212,501 | -175,830 | -114,063 | |||
Equity in earnings of subsidiaries | ' | -6,639 | -7,183 | -9,669 | ' | -3,008 | -6,555 | -7,252 | -16,852 | -13,807 | -23,489 | -16,816 | -33,389 | -21,641 | -5,879 | |||
Income before income taxes | ' | -6,639 | -7,183 | -9,669 | ' | -3,008 | -6,555 | -7,252 | -16,852 | -13,807 | -23,489 | -16,816 | -33,389 | -21,641 | -5,879 | |||
Net income | ' | -7,028 | -7,636 | -10,240 | ' | -3,501 | -7,173 | -7,674 | -17,876 | -14,847 | -24,902 | -18,349 | -35,089 | -23,479 | -6,189 | |||
Comprehensive income | ' | -12,587 | -6,110 | -13,491 | ' | 3,918 | -7,939 | -12,084 | -19,601 | -20,023 | -32,186 | -16,106 | -30,116 | -17,540 | -9,330 | |||
Eliminations | Previously Reported | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Net sales | ' | -52,205 | -56,195 | -58,111 | ' | -48,777 | -43,685 | -40,174 | -114,306 | -83,859 | -166,511 | -132,636 | -212,501 | -175,830 | -114,063 | |||
Cost and Expenses: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Cost of sales | ' | -52,205 | -56,195 | -58,111 | ' | -48,777 | -43,685 | -40,174 | -114,306 | -83,859 | -166,511 | -132,636 | -212,501 | -175,830 | -114,063 | |||
Equity in earnings of subsidiaries | ' | -7,460 | -5,328 | -10,665 | ' | -4,179 | -4,832 | -5,599 | -13,917 | -10,431 | -21,377 | -14,610 | -38,464 | -23,999 | -6,036 | |||
Income before income taxes | ' | -7,460 | -5,328 | -10,665 | ' | -4,179 | -4,832 | -5,599 | -13,917 | -10,431 | -21,377 | -14,610 | -38,464 | -23,999 | -6,036 | |||
Net income | ' | -7,460 | -5,328 | -11,236 | ' | -4,179 | -4,832 | -5,599 | -13,917 | -10,431 | -21,377 | -14,610 | -38,464 | -23,999 | -6,036 | |||
Comprehensive income | ' | -13,019 | -3,802 | -14,487 | ' | 3,240 | -5,598 | -10,009 | -15,642 | -15,607 | -28,661 | -12,367 | -33,491 | -18,060 | -9,177 | |||
Consolidated | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Net sales | ' | 182,545 | 184,462 | 154,070 | ' | 136,853 | 118,007 | 111,800 | 338,532 | 229,807 | 521,077 | 366,660 | 708,090 | 501,288 | 406,491 | |||
Cost and Expenses: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Cost of sales | ' | 148,895 | 150,443 | 121,563 | ' | 114,002 | 93,824 | 88,488 | 272,006 | 182,312 | 420,901 | 296,314 | 568,462 | 407,660 | 334,126 | |||
Operating income (loss) | ' | 9,296 | 10,237 | 10,609 | ' | 6,310 | 6,482 | 7,630 | 20,846 | 14,112 | 30,142 | 20,422 | 47,111 | 24,052 | 13,812 | |||
Income before income taxes | ' | 4,622 | 6,631 | 6,145 | ' | 2,666 | 2,720 | 3,033 | 12,776 | 5,753 | 17,398 | 8,419 | 28,832 | 8,463 | 11,571 | |||
Provision for (benefit from) income taxes | ' | 1,423 | 2,538 | 2,087 | ' | 1,499 | 603 | 1,536 | 4,625 | 2,139 | 6,048 | 3,638 | 10,392 | 4,269 | 8,311 | |||
Net income | ' | 3,588 | 4,546 | 4,629 | ' | 1,660 | 2,735 | 1,919 | 9,175 | 4,654 | 12,763 | 6,314 | 20,140 | 6,032 | 3,570 | |||
Comprehensive income | ' | 9,297 | 3,173 | 8,032 | ' | -5,743 | 3,654 | 6,448 | 11,205 | 10,102 | 20,502 | 4,359 | 14,629 | -842 | 4,796 | |||
Consolidated | Previously Reported | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Net sales | ' | 189,075 | 190,277 | 154,569 | ' | 143,671 | 123,213 | 120,850 | 353,127 | 244,063 | 542,202 | 387,734 | 738,608 | 529,679 | 431,793 | |||
Cost and Expenses: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Cost of sales | ' | 151,128 | 153,781 | 120,545 | ' | 118,665 | 98,624 | 94,845 | 280,926 | 193,469 | 432,054 | 312,134 | 588,077 | 429,007 | 355,908 | |||
Operating income (loss) | ' | 12,884 | 11,934 | 12,126 | ' | 7,693 | 6,081 | 9,416 | 24,952 | 15,497 | 37,836 | 23,190 | 55,030 | 27,761 | 14,061 | |||
Income before income taxes | ' | 8,226 | 8,328 | 7,662 | ' | 4,049 | 2,319 | 4,772 | 16,882 | 7,091 | 25,108 | 11,140 | 36,768 | 12,135 | 11,820 | |||
Provision for (benefit from) income taxes | ' | 2,601 | 3,165 | 2,608 | ' | 1,982 | 191 | 2,430 | 6,094 | 2,621 | 8,695 | 4,603 | 13,253 | 5,583 | 8,403 | |||
Net income | ' | 5,625 | 5,163 | 5,625 | ' | 2,067 | 2,128 | 2,342 | 10,788 | 4,470 | 16,413 | 6,537 | 23,515 | 6,552 | 3,417 | |||
Comprehensive income | ' | $11,334 | $3,790 | $9,028 | ' | ($5,336) | $3,047 | $6,871 | $12,818 | $9,918 | $24,152 | $4,582 | $18,004 | ($322) | $4,643 | |||
[1] | During the year ended December 31, 2010, the Parent recorded net sales related to the March 2010 settlement of certain Airbus 2009 contractual obligations. | |||||||||||||||||
[2] | The Company does not present cash flows from discontinued operations, consistent with ASC 230, Statement of Cash Flows. |
Schedule_of_Condensed_Consolid1
Schedule of Condensed Consolidating Balance Sheet, Restatement Adjustments (Detail) (USD $) | Dec. 31, 2012 | Oct. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2011 | Sep. 30, 2011 | Jun. 30, 2011 | Mar. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2009 |
In Thousands, unless otherwise specified | |||||||||||
ASSETS | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Receivables, net | $105,317 | ' | $114,248 | $103,757 | $103,163 | $86,428 | $84,528 | $62,408 | $72,751 | ' | ' |
Inventories, net | 385,116 | ' | 352,829 | 327,169 | 307,627 | 259,852 | 244,268 | 250,268 | 261,052 | ' | ' |
Cost in excess of billings | 2,260 | ' | 2,151 | 658 | 5 | 400 | ' | ' | 112 | ' | ' |
Deferred income taxes | 31,380 | ' | 22,059 | 20,775 | 20,475 | 19,041 | 20,161 | 22,930 | 23,664 | ' | ' |
Other current assets | 11,270 | ' | 11,160 | 13,269 | 11,269 | 10,222 | 14,934 | 12,209 | 14,156 | ' | ' |
Current assets | 647,274 | ' | 596,633 | 582,786 | 579,009 | 713,123 | 645,164 | 652,780 | 700,505 | ' | ' |
Goodwill | 130,610 | 130,776 | 131,606 | 133,570 | 133,595 | 54,483 | 39,924 | 40,834 | 40,824 | 40,414 | ' |
Other noncurrent assets | 8,866 | ' | 8,353 | 8,792 | 8,476 | 8,756 | 8,903 | 9,354 | 9,797 | ' | ' |
Total assets | 1,252,481 | ' | 1,194,221 | 1,178,373 | 1,171,182 | 1,128,420 | 1,087,904 | 1,100,361 | 1,098,924 | 1,111,305 | ' |
LIABILITIES AND SHAREHOLDERS' EQUITY | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unearned revenue-current | 24,998 | ' | 34,523 | 36,844 | 36,583 | 19,716 | 16,420 | 21,921 | 27,830 | ' | ' |
Total current liabilities | 175,637 | ' | 161,790 | 147,973 | 146,757 | 126,652 | 111,189 | 103,235 | 108,455 | ' | ' |
Deferred income taxes | 46,384 | ' | 33,663 | 33,749 | 33,141 | 13,606 | 5,441 | 3,169 | 3,102 | ' | ' |
Unearned revenue-noncurrent | 13,013 | ' | 3,240 | 3,385 | 3,504 | 8,115 | 3,675 | 3,754 | 3,820 | ' | ' |
Total liabilities | 510,946 | ' | 448,455 | 443,205 | 440,389 | 406,327 | 361,819 | 369,610 | 372,996 | ' | ' |
Shareholders' equity | 741,535 | ' | 745,766 | 735,168 | 730,793 | 722,093 | 726,085 | 730,751 | 725,928 | 718,261 | 678,914 |
Total liabilities and shareholders' equity | 1,252,481 | ' | 1,194,221 | 1,178,373 | 1,171,182 | 1,128,420 | 1,087,904 | 1,100,361 | 1,098,924 | ' | ' |
Previously Reported | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
ASSETS | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Receivables, net | 108,767 | ' | 117,455 | 107,455 | 107,177 | 89,359 | 87,883 | 66,211 | 76,499 | ' | ' |
Inventories, net | 405,289 | ' | 378,218 | 349,432 | 327,922 | 275,059 | 257,049 | 259,241 | 269,402 | ' | ' |
Deferred income taxes | 28,899 | ' | 19,644 | 19,332 | 19,395 | 18,674 | 19,974 | 22,950 | 22,928 | ' | ' |
Other current assets | 10,709 | ' | 10,725 | 12,900 | 10,975 | 9,932 | 14,663 | 11,952 | 13,933 | ' | ' |
Current assets | 650,854 | ' | 603,429 | 588,644 | 583,341 | 714,121 | 645,897 | 652,257 | 697,808 | ' | ' |
Goodwill | 137,251 | ' | 138,247 | 140,211 | 140,236 | 55,864 | 41,305 | 42,215 | 42,205 | ' | ' |
Other noncurrent assets | 5,844 | ' | 5,113 | 5,407 | 4,972 | 5,173 | 5,228 | 5,600 | 5,977 | ' | ' |
Total assets | 1,259,727 | ' | 1,204,468 | 1,187,540 | 1,178,707 | 1,127,275 | 1,086,405 | 1,097,530 | 1,093,856 | ' | ' |
LIABILITIES AND SHAREHOLDERS' EQUITY | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unearned revenue-current | 26,164 | ' | 38,633 | 42,056 | 40,889 | 21,495 | 18,234 | 22,889 | 26,020 | ' | ' |
Total current liabilities | 176,803 | ' | 165,900 | 153,185 | 151,063 | 128,431 | 113,003 | 104,203 | 106,645 | ' | ' |
Deferred income taxes | 51,452 | ' | 38,731 | 38,817 | 38,209 | ' | 5,441 | 3,169 | 3,102 | ' | ' |
Unearned revenue-noncurrent | 9,991 | ' | ' | ' | ' | 4,532 | ' | ' | ' | ' | ' |
Total liabilities | 514,158 | ' | 454,393 | 450,100 | 446,259 | 404,523 | 359,958 | 366,824 | 367,366 | ' | ' |
Shareholders' equity | 745,569 | ' | 750,075 | 737,440 | 732,448 | 722,752 | 726,447 | 730,706 | 726,490 | ' | ' |
Total liabilities and shareholders' equity | 1,259,727 | ' | 1,204,468 | 1,187,540 | 1,178,707 | 1,127,275 | 1,086,405 | 1,097,530 | 1,093,856 | ' | ' |
RTI International Metals, Inc. | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
ASSETS | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Receivables, net | 126 | ' | 126 | 162 | 209 | 351 | 417 | 454 | 438 | ' | ' |
Deferred income taxes | 26,478 | ' | 17,176 | 17,177 | 17,177 | 17,177 | 18,493 | 21,430 | 21,430 | ' | ' |
Other current assets | 5,410 | ' | 4,021 | 4,271 | 5,737 | 9,351 | 14,765 | 10,860 | 13,937 | ' | ' |
Current assets | 32,014 | ' | 21,323 | 21,610 | 23,123 | 26,879 | 33,675 | 32,744 | 35,805 | ' | ' |
Other noncurrent assets | 4,117 | ' | 4,442 | 4,768 | 4,329 | 4,697 | 5,065 | 5,433 | 5,800 | ' | ' |
Intercompany investments | 980,867 | ' | 977,337 | 960,071 | 951,230 | 938,166 | 921,413 | 922,095 | 911,715 | ' | ' |
Total assets | 1,018,325 | ' | 1,004,438 | 986,992 | 979,316 | 970,451 | 960,925 | 961,133 | 954,275 | ' | ' |
LIABILITIES AND SHAREHOLDERS' EQUITY | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total current liabilities | 11,365 | ' | 17,308 | 11,874 | 10,982 | 12,729 | 10,548 | 8,618 | 8,897 | ' | ' |
Deferred income taxes | 54,222 | ' | 36,967 | 36,857 | 36,748 | 36,638 | 30,148 | 27,737 | 27,608 | ' | ' |
Total liabilities | 276,790 | ' | 258,672 | 251,824 | 248,523 | 248,358 | 234,840 | 230,382 | 228,347 | ' | ' |
Shareholders' equity | 741,535 | ' | 745,766 | 735,168 | 730,793 | 722,093 | 726,085 | 730,751 | 725,928 | ' | ' |
Total liabilities and shareholders' equity | 1,018,325 | ' | 1,004,438 | 986,992 | 979,316 | 970,451 | 960,925 | 961,133 | 954,275 | ' | ' |
RTI International Metals, Inc. | Previously Reported | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
ASSETS | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Receivables, net | 126 | ' | 126 | 162 | 209 | ' | 417 | 454 | 438 | ' | ' |
Deferred income taxes | 26,478 | ' | 17,176 | 17,177 | 17,177 | 17,177 | 18,493 | 21,430 | 21,430 | ' | ' |
Other current assets | 5,410 | ' | 4,021 | 4,271 | 5,737 | 9,351 | 14,765 | 10,860 | 13,937 | ' | ' |
Current assets | 32,014 | ' | 21,323 | 21,610 | 23,123 | 26,879 | 33,675 | 32,744 | 35,805 | ' | ' |
Other noncurrent assets | 4,117 | ' | 4,442 | 4,768 | 4,329 | 4,697 | 5,065 | 5,433 | 5,800 | ' | ' |
Intercompany investments | 984,901 | ' | 981,646 | 962,343 | 952,885 | 938,825 | 921,775 | 922,050 | 912,277 | ' | ' |
Total assets | 1,022,359 | ' | 1,008,747 | 989,264 | 980,971 | 971,110 | 961,287 | 961,088 | 954,837 | ' | ' |
LIABILITIES AND SHAREHOLDERS' EQUITY | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total current liabilities | 11,365 | ' | 17,308 | 11,874 | 10,982 | 12,729 | 10,548 | 8,618 | 8,897 | ' | ' |
Deferred income taxes | 54,222 | ' | 36,967 | 36,857 | 36,748 | ' | 30,148 | 27,737 | 27,608 | ' | ' |
Total liabilities | 276,790 | ' | 258,672 | 251,824 | 248,523 | 248,358 | 234,840 | 230,382 | 228,347 | ' | ' |
Shareholders' equity | 745,569 | ' | 750,075 | 737,440 | 732,448 | 722,752 | 726,447 | 730,706 | 726,490 | ' | ' |
Total liabilities and shareholders' equity | 1,022,359 | ' | 1,008,747 | 989,264 | 980,971 | 971,110 | 961,287 | 961,088 | 954,837 | ' | ' |
Guarantor Subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
ASSETS | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Receivables, net | 72,773 | ' | 80,480 | 76,198 | 77,874 | 55,499 | 62,273 | 43,580 | 44,898 | ' | ' |
Inventories, net | 220,989 | ' | 189,837 | 178,140 | 168,134 | 136,695 | 128,685 | 134,581 | 144,720 | ' | ' |
Deferred income taxes | 2,543 | ' | 2,593 | 2,290 | 2,290 | 1,399 | 1,418 | 1,418 | 1,418 | ' | ' |
Other current assets | 2,072 | ' | 4,070 | 4,565 | 4,496 | 883 | 1,166 | 1,320 | 1,601 | ' | ' |
Current assets | 385,660 | ' | 350,885 | 354,057 | 362,213 | 503,002 | 447,840 | 459,532 | 495,822 | ' | ' |
Goodwill | 93,665 | ' | 94,494 | 96,942 | 96,942 | 18,097 | 18,097 | 18,097 | 18,098 | ' | ' |
Other noncurrent assets | 892 | ' | 2,781 | 201 | 201 | 36 | 36 | 36 | 36 | ' | ' |
Intercompany investments | 26,814 | ' | 26,492 | 25,350 | 22,840 | 21,400 | 20,147 | 20,138 | 17,611 | ' | ' |
Total assets | 883,407 | ' | 838,441 | 839,738 | 841,677 | 805,914 | 808,158 | 817,465 | 802,805 | ' | ' |
LIABILITIES AND SHAREHOLDERS' EQUITY | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unearned revenue-current | 689 | ' | 505 | 704 | 798 | ' | 184 | 169 | ' | ' | ' |
Total current liabilities | 96,340 | ' | 71,869 | 65,566 | 70,875 | 62,535 | 59,084 | 41,463 | 40,652 | ' | ' |
Deferred income taxes | 21,590 | ' | 20,104 | 20,104 | 19,560 | -40 | ' | 36 | 15 | ' | ' |
Total liabilities | 300,485 | ' | 252,084 | 251,835 | 259,443 | 225,711 | 189,775 | 204,363 | 198,591 | ' | ' |
Shareholders' equity | 582,922 | ' | 586,357 | 587,903 | 582,234 | 580,203 | 618,383 | 613,102 | 604,214 | ' | ' |
Total liabilities and shareholders' equity | 883,407 | ' | 838,441 | 839,738 | 841,677 | 805,914 | 808,158 | 817,465 | 802,805 | ' | ' |
Guarantor Subsidiaries | Previously Reported | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
ASSETS | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Receivables, net | 72,773 | ' | 80,480 | 76,198 | 62,508 | ' | 62,273 | 43,580 | 44,898 | ' | ' |
Inventories, net | 221,174 | ' | 189,837 | 178,140 | 147,461 | 136,695 | 128,685 | 134,581 | 144,720 | ' | ' |
Deferred income taxes | 2,351 | ' | 2,401 | 2,098 | 1,400 | 1,399 | 1,418 | 1,418 | 1,418 | ' | ' |
Other current assets | 2,072 | ' | 4,070 | 4,565 | 1,770 | 883 | 1,166 | 1,320 | 1,601 | ' | ' |
Current assets | 385,653 | ' | 350,693 | 353,865 | 311,416 | 503,002 | 447,840 | 459,532 | 495,822 | ' | ' |
Goodwill | 98,925 | ' | 99,754 | 102,202 | 18,097 | ' | 18,097 | 18,097 | 18,098 | ' | ' |
Other noncurrent assets | 892 | ' | 2,781 | 201 | 36 | 36 | 36 | 36 | 36 | ' | ' |
Intercompany investments | 26,814 | ' | 71,231 | 71,231 | 71,231 | 21,400 | 71,231 | 71,231 | 71,231 | ' | ' |
Total assets | 888,660 | ' | 888,248 | 890,687 | 659,002 | 805,914 | 859,242 | 868,558 | 856,425 | ' | ' |
LIABILITIES AND SHAREHOLDERS' EQUITY | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unearned revenue-current | 689 | ' | 505 | 704 | 15 | ' | 184 | 169 | ' | ' | ' |
Total current liabilities | 96,340 | ' | 71,869 | 65,566 | 56,295 | 62,535 | 59,084 | 41,463 | 40,652 | ' | ' |
Deferred income taxes | 26,568 | ' | 25,172 | 25,172 | ' | ' | ' | 36 | 15 | ' | ' |
Total liabilities | 305,553 | ' | 257,152 | 256,903 | 214,064 | 225,711 | 189,775 | 204,363 | 198,591 | ' | ' |
Shareholders' equity | 583,107 | ' | 631,096 | 633,784 | 444,938 | 580,203 | 669,467 | 664,195 | 657,834 | ' | ' |
Total liabilities and shareholders' equity | 888,660 | ' | 888,248 | 890,687 | 659,002 | 805,914 | 859,242 | 868,558 | 856,425 | ' | ' |
Non-Guarantor Subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
ASSETS | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Receivables, net | 59,639 | ' | 63,115 | 60,685 | 64,298 | 51,113 | 49,754 | 38,438 | 47,328 | ' | ' |
Inventories, net | 164,127 | ' | 162,992 | 149,029 | 139,493 | 123,157 | 115,583 | 115,687 | 116,332 | ' | ' |
Cost in excess of billings | 2,260 | ' | 2,151 | 658 | 5 | 400 | ' | ' | 112 | ' | ' |
Deferred income taxes | 2,359 | ' | 2,290 | 1,308 | 1,008 | 465 | 250 | 82 | 816 | ' | ' |
Other current assets | 3,788 | ' | 4,449 | 4,433 | 2,963 | 2,324 | 1,435 | 1,720 | 1,723 | ' | ' |
Current assets | 256,821 | ' | 255,278 | 240,407 | 234,818 | 206,113 | 193,997 | 182,259 | 191,896 | ' | ' |
Goodwill | 36,945 | ' | 37,112 | 36,628 | 36,653 | 36,386 | 21,827 | 22,737 | 22,726 | ' | ' |
Other noncurrent assets | 3,857 | ' | 3,710 | 3,823 | 3,946 | 4,023 | 3,802 | 3,885 | 3,961 | ' | ' |
Intercompany investments | 3,736 | ' | 3,408 | 3,034 | 2,621 | 1,598 | 1,826 | 1,836 | 2,628 | ' | ' |
Total assets | 422,290 | ' | 418,926 | 400,211 | 394,806 | 362,718 | 317,266 | 312,192 | 321,337 | ' | ' |
LIABILITIES AND SHAREHOLDERS' EQUITY | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unearned revenue-current | 24,309 | ' | 34,018 | 36,140 | 35,785 | 19,716 | 16,236 | 21,752 | 27,830 | ' | ' |
Total current liabilities | 95,153 | ' | 103,466 | 103,821 | 106,045 | 74,259 | 71,905 | 74,909 | 81,924 | ' | ' |
Deferred income taxes | 3,475 | ' | 3,526 | 3,613 | 3,614 | 3,614 | ' | ' | ' | ' | ' |
Unearned revenue-noncurrent | 13,013 | ' | 3,240 | 3,385 | 3,504 | 8,115 | 3,675 | 3,754 | 3,820 | ' | ' |
Total liabilities | 216,108 | ' | 217,285 | 212,504 | 212,096 | 187,591 | 177,755 | 166,300 | 175,956 | ' | ' |
Shareholders' equity | 206,182 | ' | 201,661 | 187,707 | 182,710 | 175,127 | 139,511 | 145,892 | 145,381 | ' | ' |
Total liabilities and shareholders' equity | 422,290 | ' | 418,946 | 400,211 | 394,806 | 362,718 | 317,266 | 312,192 | 321,337 | ' | ' |
Non-Guarantor Subsidiaries | Previously Reported | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
ASSETS | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Receivables, net | 63,089 | ' | 66,322 | 64,383 | 83,678 | ' | 53,109 | 42,241 | 51,076 | ' | ' |
Inventories, net | 184,115 | ' | 188,381 | 171,292 | 180,461 | 138,364 | 128,364 | 124,660 | 124,682 | ' | ' |
Deferred income taxes | 70 | ' | 67 | 57 | 818 | 98 | 63 | 102 | 80 | ' | ' |
Other current assets | 3,227 | ' | 4,014 | 4,064 | 5,395 | 2,034 | 1,164 | 1,463 | 1,500 | ' | ' |
Current assets | 260,408 | ' | 262,266 | 246,457 | 289,947 | 207,111 | 194,730 | 181,736 | 189,199 | ' | ' |
Goodwill | 38,326 | ' | 38,493 | 38,009 | 122,139 | ' | 23,208 | 24,118 | 24,107 | ' | ' |
Other noncurrent assets | 835 | ' | 470 | 438 | 607 | 440 | 127 | 131 | 141 | ' | ' |
Intercompany investments | 3,736 | ' | 180 | 180 | 180 | 1,598 | 180 | 180 | 180 | ' | ' |
Total assets | 424,283 | ' | 420,897 | 401,456 | 630,956 | 361,573 | 314,121 | 307,705 | 313,821 | ' | ' |
LIABILITIES AND SHAREHOLDERS' EQUITY | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unearned revenue-current | 25,475 | ' | 38,128 | 41,352 | 40,874 | 21,495 | 18,050 | 22,720 | 26,020 | ' | ' |
Total current liabilities | 96,319 | ' | 107,576 | 109,033 | 124,931 | 76,038 | 73,719 | 75,877 | 80,114 | ' | ' |
Deferred income taxes | 3,475 | ' | 3,526 | 3,613 | 28,242 | ' | ' | ' | ' | ' | ' |
Unearned revenue-noncurrent | 9,991 | ' | ' | ' | ' | 4,532 | ' | ' | ' | ' | ' |
Total liabilities | 214,252 | ' | 218,155 | 214,331 | 263,345 | 185,787 | 175,894 | 163,514 | 170,326 | ' | ' |
Shareholders' equity | 210,031 | ' | 202,742 | 187,125 | 367,611 | 175,786 | 138,227 | 144,191 | 143,495 | ' | ' |
Total liabilities and shareholders' equity | 424,283 | ' | 420,897 | 401,456 | 630,956 | 361,573 | 314,121 | 307,705 | 313,821 | ' | ' |
Eliminations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
ASSETS | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Receivables, net | -27,221 | ' | -29,473 | -33,288 | -39,218 | -20,535 | -27,916 | -20,064 | -19,913 | ' | ' |
Other current assets | ' | ' | -1,380 | ' | -1,927 | -2,336 | -2,432 | -1,691 | -3,105 | ' | ' |
Current assets | -27,221 | ' | -30,853 | -33,288 | -41,145 | -22,871 | -30,348 | -21,755 | -23,018 | ' | ' |
Other noncurrent assets | ' | ' | -2,580 | ' | ' | ' | ' | ' | ' | ' | ' |
Intercompany investments | -1,011,417 | ' | -1,007,237 | -988,455 | -976,691 | -961,164 | -943,386 | -944,069 | -931,954 | ' | ' |
Total assets | -1,071,541 | ' | -1,067,604 | -1,048,568 | -1,044,617 | -1,010,663 | -998,445 | -990,429 | -979,493 | ' | ' |
LIABILITIES AND SHAREHOLDERS' EQUITY | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total current liabilities | -27,221 | ' | -30,853 | -33,288 | -41,145 | -22,871 | -30,348 | -21,755 | -23,018 | ' | ' |
Deferred income taxes | -32,903 | ' | -26,934 | -26,825 | -26,781 | -26,606 | -24,707 | -24,604 | -24,521 | ' | ' |
Total liabilities | -282,437 | ' | -279,586 | -272,958 | -279,673 | -255,333 | -240,551 | -231,435 | -229,898 | ' | ' |
Shareholders' equity | -789,104 | ' | -788,018 | -775,610 | -764,944 | -755,330 | -757,894 | -758,994 | -749,595 | ' | ' |
Total liabilities and shareholders' equity | -1,071,541 | ' | -1,067,604 | -1,048,568 | -1,044,617 | -1,010,663 | -998,445 | -990,429 | -979,493 | ' | ' |
Eliminations | Previously Reported | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
ASSETS | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Receivables, net | -27,221 | ' | -29,473 | -33,288 | -39,218 | ' | -27,916 | -20,064 | -19,913 | ' | ' |
Other current assets | ' | ' | -1,380 | ' | -1,927 | -2,336 | -2,432 | -1,691 | -3,105 | ' | ' |
Current assets | -27,221 | ' | -30,853 | -33,288 | -41,145 | -22,871 | -30,348 | -21,755 | -23,018 | ' | ' |
Other noncurrent assets | ' | ' | -2,580 | ' | ' | ' | ' | ' | ' | ' | ' |
Intercompany investments | -1,015,451 | ' | -1,053,057 | -1,033,754 | -1,024,296 | -961,823 | -993,186 | -993,461 | -983,688 | ' | ' |
Total assets | -1,075,575 | ' | -1,113,424 | -1,093,867 | -1,092,222 | -1,011,322 | -1,048,245 | -1,039,821 | -1,031,227 | ' | ' |
LIABILITIES AND SHAREHOLDERS' EQUITY | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total current liabilities | -27,221 | ' | -30,853 | -33,288 | -41,145 | -22,871 | -30,348 | -21,755 | -23,018 | ' | ' |
Deferred income taxes | -32,903 | ' | -26,934 | -26,825 | -26,781 | ' | -24,707 | -24,604 | -24,521 | ' | ' |
Total liabilities | -282,437 | ' | -279,586 | -272,958 | -279,673 | -255,333 | -240,551 | -231,435 | -229,898 | ' | ' |
Shareholders' equity | -793,138 | ' | -833,838 | -820,909 | -812,549 | -755,989 | -807,694 | -808,386 | -801,329 | ' | ' |
Total liabilities and shareholders' equity | -1,075,575 | ' | -1,113,424 | -1,093,867 | -1,092,222 | -1,011,322 | -1,048,245 | -1,039,821 | -1,031,227 | ' | ' |
Consolidated | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
ASSETS | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Receivables, net | 105,317 | ' | 114,248 | 103,757 | 103,163 | ' | 84,528 | 62,408 | 72,751 | ' | ' |
Inventories, net | 385,116 | ' | 352,829 | 327,169 | 307,627 | 259,852 | 244,268 | 250,268 | 261,052 | ' | ' |
Cost in excess of billings | 2,260 | ' | 2,151 | 658 | 5 | 400 | ' | ' | 112 | ' | ' |
Deferred income taxes | 31,380 | ' | 22,059 | 20,775 | 20,475 | 19,041 | 20,161 | 22,930 | 23,664 | ' | ' |
Other current assets | 11,270 | ' | 11,160 | 13,269 | 11,269 | 10,222 | 14,934 | 12,209 | 14,156 | ' | ' |
Current assets | 647,274 | ' | 596,633 | 582,786 | 579,009 | 713,123 | 645,164 | 652,780 | 700,505 | ' | ' |
Goodwill | 130,610 | ' | 131,606 | 133,570 | 133,595 | ' | 39,924 | 40,834 | 40,824 | ' | ' |
Other noncurrent assets | 8,866 | ' | 8,353 | 8,792 | 8,476 | 8,756 | 8,903 | 9,354 | 9,797 | ' | ' |
Total assets | 1,252,481 | ' | 1,194,221 | 1,178,373 | 1,171,182 | 1,128,420 | 1,087,904 | 1,100,361 | 1,098,924 | ' | ' |
LIABILITIES AND SHAREHOLDERS' EQUITY | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unearned revenue-current | 24,998 | ' | 34,523 | 36,844 | 36,583 | 19,716 | 16,420 | 21,921 | 27,830 | ' | ' |
Total current liabilities | 175,637 | ' | 161,790 | 147,973 | 146,757 | 126,652 | 111,189 | 103,235 | 108,455 | ' | ' |
Deferred income taxes | 46,384 | ' | 33,663 | 33,749 | 33,141 | ' | 5,441 | 3,169 | 3,102 | ' | ' |
Unearned revenue-noncurrent | 13,013 | ' | 3,240 | 3,385 | 3,504 | 8,115 | 3,675 | 3,754 | 3,820 | ' | ' |
Total liabilities | 510,946 | ' | 448,455 | 443,205 | 440,389 | 406,327 | 361,819 | 369,610 | 372,996 | ' | ' |
Shareholders' equity | 741,535 | ' | 745,766 | 735,168 | 730,793 | 722,093 | 726,085 | 730,751 | 725,928 | ' | ' |
Total liabilities and shareholders' equity | 1,252,481 | ' | 1,194,221 | 1,178,373 | 1,171,182 | 1,128,420 | 1,087,904 | 1,100,361 | 1,098,924 | ' | ' |
Consolidated | Previously Reported | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
ASSETS | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Receivables, net | 108,767 | ' | 117,455 | 107,455 | 107,177 | ' | 87,883 | 66,211 | 76,499 | ' | ' |
Inventories, net | 405,289 | ' | 378,218 | 349,432 | 327,922 | 275,059 | 257,049 | 259,241 | 269,402 | ' | ' |
Deferred income taxes | 28,899 | ' | 19,644 | 19,332 | 19,395 | 18,674 | 19,974 | 22,950 | 22,928 | ' | ' |
Other current assets | 10,709 | ' | 10,725 | 12,900 | 10,975 | 9,932 | 14,663 | 11,952 | 13,933 | ' | ' |
Current assets | 650,854 | ' | 603,429 | 588,644 | 583,341 | 714,121 | 645,897 | 652,257 | 697,808 | ' | ' |
Goodwill | 137,251 | ' | 138,247 | 140,211 | 140,236 | ' | 41,305 | 42,215 | 42,205 | ' | ' |
Other noncurrent assets | 5,844 | ' | 5,113 | 5,407 | 4,972 | 5,173 | 5,228 | 5,600 | 5,977 | ' | ' |
Total assets | 1,259,727 | ' | 1,204,468 | 1,187,540 | 1,178,707 | 1,127,275 | 1,086,405 | 1,097,530 | 1,093,856 | ' | ' |
LIABILITIES AND SHAREHOLDERS' EQUITY | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unearned revenue-current | 26,164 | ' | 38,633 | 42,056 | 40,889 | 21,495 | 18,234 | 22,889 | 26,020 | ' | ' |
Total current liabilities | 176,803 | ' | 165,900 | 153,185 | 151,063 | 128,431 | 113,003 | 104,203 | 106,645 | ' | ' |
Deferred income taxes | 51,452 | ' | 38,731 | 38,817 | 38,209 | ' | 5,441 | 3,169 | 3,102 | ' | ' |
Unearned revenue-noncurrent | 9,991 | ' | ' | ' | ' | 4,532 | ' | ' | ' | ' | ' |
Total liabilities | 514,158 | ' | 454,393 | 450,100 | 446,259 | 404,523 | 359,958 | 366,824 | 367,366 | ' | ' |
Shareholders' equity | 745,569 | ' | 750,075 | 737,440 | 732,448 | 722,752 | 726,447 | 730,706 | 726,490 | ' | ' |
Total liabilities and shareholders' equity | $1,259,727 | ' | $1,204,468 | $1,187,540 | $1,178,707 | $1,127,275 | $1,086,405 | $1,097,530 | $1,093,856 | ' | ' |
Schedule_of_Condensed_Consolid2
Schedule of Condensed Consolidating Statement of Operations and Comprehensive Income (Detail) (USD $) | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2011 | Sep. 30, 2011 | Jun. 30, 2011 | Mar. 31, 2011 | Jun. 30, 2012 | Jun. 30, 2011 | Sep. 30, 2012 | Sep. 30, 2011 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | |||
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Net sales | $187,013 | $182,545 | $184,462 | $154,070 | $134,628 | $136,853 | $118,007 | $111,800 | $338,532 | $229,807 | $521,077 | $366,660 | $708,090 | $501,288 | $406,491 | [1] | ||
Costs and expenses: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Cost of sales | ' | 148,895 | 150,443 | 121,563 | ' | 114,002 | 93,824 | 88,488 | 272,006 | 182,312 | 420,901 | 296,314 | 568,462 | 407,660 | 334,126 | |||
Selling, general, and administrative expenses | ' | 21,725 | 22,678 | 20,833 | ' | 15,616 | 16,811 | 16,551 | 43,511 | 33,362 | 65,236 | 48,978 | 87,986 | [2] | 67,685 | [3] | 60,309 | [3] |
Research, technical, and product development expenses | ' | 1,012 | 1,104 | 1,065 | ' | 925 | 890 | 632 | 2,169 | 1,522 | 3,181 | 2,447 | 4,164 | 3,392 | 3,256 | |||
Asset and asset-related charges (income) | ' | 1,617 | ' | ' | ' | ' | ' | -1,501 | ' | -1,501 | 1,617 | -1,501 | 367 | -1,501 | -5,012 | |||
Operating income (loss) | 16,969 | 9,296 | 10,237 | 10,609 | 3,630 | 6,310 | 6,482 | 7,630 | 20,846 | 14,112 | 30,142 | 20,422 | 47,111 | 24,052 | 13,812 | |||
Other expense, net | ' | 16 | 570 | -268 | ' | 198 | 133 | -522 | 302 | -389 | 318 | -191 | -501 | 56 | -622 | |||
Interest income (expense), net | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -17,778 | -15,645 | -1,619 | |||
Income (loss) before income taxes | ' | 4,622 | 6,631 | 6,145 | ' | 2,666 | 2,720 | 3,033 | 12,776 | 5,753 | 17,398 | 8,419 | 28,832 | 8,463 | 11,571 | |||
Provision for (benefit from) income taxes | ' | 1,423 | 2,538 | 2,087 | ' | 1,499 | 603 | 1,536 | 4,625 | 2,139 | 6,048 | 3,638 | 10,392 | 4,269 | 8,311 | |||
Net income attributable to continuing operations | 7,090 | 3,199 | 4,093 | 4,058 | -587 | 1,167 | 2,117 | 1,497 | 8,151 | 3,614 | 11,350 | 4,781 | 18,440 | 4,194 | 3,260 | |||
Net income attributable to discontinued operations, net of tax | ' | 389 | 453 | 571 | ' | 493 | 618 | 422 | 1,024 | 1,040 | 1,413 | 1,533 | 1,700 | 1,838 | 310 | |||
Net income from discontinued operations, net of tax | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,700 | 1,838 | 310 | |||
Net income | ' | 3,588 | 4,546 | 4,629 | ' | 1,660 | 2,735 | 1,919 | 9,175 | 4,654 | 12,763 | 6,314 | 20,140 | 6,032 | [4] | 3,570 | [4] | |
Comprehensive income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 14,629 | -842 | 4,796 | |||
RTI International Metals, Inc. | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 12,372 | [1] | ||
Costs and expenses: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Selling, general, and administrative expenses | ' | -1,442 | -933 | -102 | ' | -793 | -150 | -415 | -1,035 | -565 | -2,477 | -1,358 | -3,101 | [2] | 981 | [3] | 9,300 | [3] |
Research, technical, and product development expenses | ' | ' | ' | 95 | ' | ' | ' | ' | 95 | ' | 95 | ' | 95 | ' | ' | |||
Operating income (loss) | ' | 1,442 | 933 | 7 | ' | 793 | 150 | 415 | 940 | 565 | 2,382 | 1,358 | 3,006 | -981 | 3,072 | |||
Other expense, net | ' | -3 | -32 | -13 | ' | -39 | -16 | -17 | -45 | -33 | -48 | -72 | -63 | -92 | -52 | |||
Interest income (expense), net | ' | -4,358 | -3,903 | -4,014 | ' | -4,074 | -4,138 | -4,201 | -7,917 | -8,339 | -12,275 | -12,413 | -16,639 | -16,299 | -2,650 | |||
Equity in earnings (loss) of subsidiaries | ' | 5,034 | 4,258 | 7,022 | ' | 3,279 | 4,821 | 4,754 | 11,280 | 9,575 | 16,314 | 12,854 | 25,832 | 16,568 | 5,544 | |||
Income (loss) before income taxes | ' | 2,115 | 1,256 | 3,002 | ' | -41 | 817 | 951 | 4,258 | 1,768 | 6,373 | 1,727 | 12,136 | -804 | 5,914 | |||
Provision for (benefit from) income taxes | ' | -1,084 | -2,837 | -1,056 | ' | -1,208 | -1,300 | -546 | -3,893 | -1,846 | -4,977 | -3,054 | -6,304 | -4,998 | 2,654 | |||
Net income attributable to continuing operations | ' | 3,199 | 4,093 | 4,058 | ' | 1,167 | 2,117 | 1,497 | 8,151 | 3,614 | 11,350 | 4,781 | 18,440 | 4,194 | 3,260 | |||
Net income attributable to discontinued operations, net of tax | ' | 389 | 453 | 571 | ' | 493 | 618 | 422 | 1,024 | 1,040 | 1,413 | 1,533 | 1,700 | ' | 310 | |||
Net income from discontinued operations, net of tax | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,838 | ' | |||
Net income | ' | 3,588 | 4,546 | 4,629 | ' | 1,660 | 2,735 | 1,919 | 9,175 | 4,654 | 12,763 | 6,314 | 20,140 | 6,032 | 3,570 | |||
Comprehensive income (loss) | ' | 9,297 | 3,173 | 8,032 | ' | -5,743 | 3,654 | 6,448 | 11,205 | 10,102 | 20,502 | 4,359 | 14,629 | -842 | 4,796 | |||
Guarantor Subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Net sales | ' | 131,132 | 148,017 | 116,796 | ' | 97,118 | 82,096 | 78,922 | 247,734 | 161,018 | 378,866 | 258,136 | 503,018 | 347,963 | 253,754 | [1] | ||
Costs and expenses: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Cost of sales | ' | 114,706 | 127,484 | 96,311 | ' | 85,942 | 68,359 | 64,652 | 209,233 | 133,011 | 323,939 | 218,953 | 426,268 | 296,066 | 221,351 | |||
Selling, general, and administrative expenses | ' | 12,048 | 14,635 | 9,013 | ' | 5,707 | 5,869 | 5,800 | 21,324 | 11,669 | 33,372 | 17,376 | 45,316 | [2] | 22,586 | [3] | 9,966 | [3] |
Research, technical, and product development expenses | ' | 1,000 | 1,208 | 930 | ' | 874 | 798 | 632 | 2,024 | 1,430 | 3,024 | 2,304 | 4,007 | 3,232 | 3,256 | |||
Asset and asset-related charges (income) | ' | 1,617 | ' | ' | ' | ' | ' | ' | ' | ' | 1,617 | ' | 367 | ' | ' | |||
Operating income (loss) | ' | 1,761 | 4,690 | 10,542 | ' | 4,595 | 7,070 | 7,838 | 15,153 | 14,908 | 16,914 | 19,503 | 27,060 | 26,079 | 19,181 | |||
Other expense, net | ' | 20 | ' | 280 | ' | 34 | 37 | -71 | 281 | -34 | 301 | ' | 38 | -38 | -91 | |||
Interest income (expense), net | ' | 36 | -15 | 138 | ' | 479 | 504 | 363 | 159 | 867 | 195 | 1,346 | 205 | 1,797 | 4,615 | |||
Equity in earnings (loss) of subsidiaries | ' | 1,231 | 2,512 | 1,444 | ' | 9 | 2,526 | 2,343 | 3,956 | 4,869 | 5,185 | 4,879 | 5,419 | 6,128 | 2,617 | |||
Income (loss) before income taxes | ' | 3,048 | 7,187 | 12,404 | ' | 5,117 | 10,137 | 10,473 | 19,549 | 20,610 | 22,595 | 25,728 | 32,722 | 33,966 | 26,322 | |||
Provision for (benefit from) income taxes | ' | 705 | 2,926 | 3,030 | ' | 2,465 | 2,854 | 2,854 | 5,968 | 5,708 | 6,673 | 8,173 | 10,726 | 10,257 | 7,444 | |||
Net income attributable to continuing operations | ' | 2,343 | 4,261 | 9,374 | ' | 2,652 | 7,283 | 7,619 | 13,581 | 14,902 | 15,922 | 17,555 | 21,996 | 23,709 | 18,878 | |||
Net income | ' | 2,343 | 4,261 | 9,374 | ' | 2,652 | 7,283 | 7,619 | 13,581 | 14,902 | 15,922 | 17,555 | 21,996 | 23,709 | 18,878 | |||
Comprehensive income (loss) | ' | 3,394 | 5,312 | 10,433 | ' | 3,445 | 8,164 | 8,324 | 15,691 | 16,488 | 19,083 | 19,934 | 14,465 | 19,646 | 16,038 | |||
Non-Guarantor Subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Net sales | ' | 103,618 | 92,640 | 95,385 | ' | 88,512 | 79,596 | 73,052 | 205,104 | 152,648 | 308,722 | 241,160 | 417,573 | 329,155 | 254,428 | [1] | ||
Costs and expenses: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Cost of sales | ' | 86,394 | 79,154 | 83,363 | ' | 76,837 | 69,150 | 64,010 | 177,079 | 133,160 | 263,473 | 209,997 | 354,695 | 287,424 | 226,838 | |||
Selling, general, and administrative expenses | ' | 11,119 | 8,976 | 11,922 | ' | 10,702 | 11,092 | 11,166 | 23,222 | 22,258 | 34,341 | 32,960 | 45,771 | [2] | 44,118 | [3] | 41,043 | [3] |
Research, technical, and product development expenses | ' | 12 | -104 | 40 | ' | 51 | 92 | ' | 50 | 92 | 62 | 143 | 62 | 160 | ' | |||
Asset and asset-related charges (income) | ' | ' | ' | ' | ' | ' | ' | -1,501 | ' | -1,501 | ' | -1,501 | ' | -1,501 | -5,012 | |||
Operating income (loss) | ' | 6,093 | 4,614 | 60 | ' | 922 | -738 | -623 | 4,753 | -1,361 | 10,846 | -439 | 17,045 | -1,046 | -8,441 | |||
Other expense, net | ' | -1 | 602 | -535 | ' | 203 | 112 | -434 | 66 | -322 | 65 | -119 | -476 | 186 | -479 | |||
Interest income (expense), net | ' | -368 | -258 | -320 | ' | -247 | -261 | -237 | -614 | -498 | -982 | -745 | -1,344 | -1,143 | -3,584 | |||
Equity in earnings (loss) of subsidiaries | ' | 374 | 413 | 1,203 | ' | -280 | -792 | 155 | 1,616 | -637 | 1,990 | -917 | 2,138 | -1,055 | -2,282 | |||
Income (loss) before income taxes | ' | 6,098 | 5,371 | 408 | ' | 598 | -1,679 | -1,139 | 5,821 | -2,818 | 11,919 | -2,220 | 17,363 | -3,058 | -14,786 | |||
Provision for (benefit from) income taxes | ' | 1,802 | 2,449 | 113 | ' | 242 | -951 | -772 | 2,550 | -1,723 | 4,352 | -1,481 | 5,970 | -990 | -1,787 | |||
Net income attributable to continuing operations | ' | 4,296 | 2,922 | 295 | ' | 356 | -728 | -367 | 3,271 | -1,095 | 7,567 | -739 | 11,393 | -2,068 | -12,999 | |||
Net income attributable to discontinued operations, net of tax | ' | 389 | 453 | 571 | ' | 493 | 618 | 422 | 1,024 | 1,040 | 1,413 | 1,533 | 1,700 | ' | 310 | |||
Net income from discontinued operations, net of tax | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,838 | ' | |||
Net income | ' | 4,685 | 3,375 | 866 | ' | 849 | -110 | 55 | 4,295 | -55 | 8,980 | 794 | 13,093 | -230 | -12,689 | |||
Comprehensive income (loss) | ' | 9,193 | 798 | 3,058 | ' | -7,363 | -225 | 3,760 | 3,910 | 3,535 | 13,103 | -3,828 | 15,651 | -2,106 | -6,708 | |||
Eliminations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Net sales | ' | -52,205 | -56,195 | -58,111 | ' | -48,777 | -43,685 | -40,174 | -114,306 | -83,859 | -166,511 | -132,636 | -212,501 | -175,830 | -114,063 | [1] | ||
Costs and expenses: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Cost of sales | ' | -52,205 | -56,195 | -58,111 | ' | -48,777 | -43,685 | -40,174 | -114,306 | -83,859 | -166,511 | -132,636 | -212,501 | -175,830 | -114,063 | |||
Equity in earnings (loss) of subsidiaries | ' | -6,639 | -7,183 | -9,669 | ' | -3,008 | -6,555 | -7,252 | -16,852 | -13,807 | -23,489 | -16,816 | -33,389 | -21,641 | -5,879 | |||
Income (loss) before income taxes | ' | -6,639 | -7,183 | -9,669 | ' | -3,008 | -6,555 | -7,252 | -16,852 | -13,807 | -23,489 | -16,816 | -33,389 | -21,641 | -5,879 | |||
Net income attributable to continuing operations | ' | -6,639 | -7,183 | -9,669 | ' | -3,008 | -6,555 | -7,252 | -16,852 | -13,807 | -23,489 | -16,816 | -33,389 | -21,641 | -5,879 | |||
Net income attributable to discontinued operations, net of tax | ' | -389 | -453 | -571 | ' | -493 | -618 | -422 | -1,024 | -1,040 | -1,413 | -1,533 | -1,700 | ' | -310 | |||
Net income from discontinued operations, net of tax | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -1,838 | ' | |||
Net income | ' | -7,028 | -7,636 | -10,240 | ' | -3,501 | -7,173 | -7,674 | -17,876 | -14,847 | -24,902 | -18,349 | -35,089 | -23,479 | -6,189 | |||
Comprehensive income (loss) | ' | ($12,587) | ($6,110) | ($13,491) | ' | $3,918 | ($7,939) | ($12,084) | ($19,601) | ($20,023) | ($32,186) | ($16,106) | ($30,116) | ($17,540) | ($9,330) | |||
[1] | During the year ended December 31, 2010, the Parent recorded net sales related to the March 2010 settlement of certain Airbus 2009 contractual obligations. | |||||||||||||||||
[2] | The Parent allocates selling, general, and administrative expenses ("SG&A") to the subsidiaries based upon its budgeted annual expenses. A credit in the Parent's SG&A is offset by an equal debit amount in the subsidiaries' SG&A. | |||||||||||||||||
[3] | The Parent allocates SG&A to the subsidiaries based upon its budgeted annual expenses. | |||||||||||||||||
[4] | The Company does not present cash flows from discontinued operations, consistent with ASC 230, Statement of Cash Flows. |
Schedule_of_Condensed_Consolid3
Schedule of Condensed Consolidating Balance Sheet (Detail) (USD $) | Dec. 31, 2012 | Oct. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2011 | Sep. 30, 2011 | Jun. 30, 2011 | Mar. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2009 |
In Thousands, unless otherwise specified | |||||||||||
Current assets: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash and cash equivalents | $97,190 | ' | $73,389 | $99,525 | $117,872 | $156,842 | $189,741 | $228,313 | $276,154 | $376,951 | $56,216 |
Short-term investments | ' | ' | 3,998 | ' | ' | 164,255 | 76,587 | 63,590 | 38,892 | ' | ' |
Receivables, net | 105,317 | ' | 114,248 | 103,757 | 103,163 | 86,428 | 84,528 | 62,408 | 72,751 | ' | ' |
Inventories, net | 385,116 | ' | 352,829 | 327,169 | 307,627 | 259,852 | 244,268 | 250,268 | 261,052 | ' | ' |
Costs in excess of billings | 2,260 | ' | 2,151 | 658 | 5 | 400 | ' | ' | 112 | ' | ' |
Deferred income taxes | 31,380 | ' | 22,059 | 20,775 | 20,475 | 19,041 | 20,161 | 22,930 | 23,664 | ' | ' |
Assets of discontinued operations | 14,741 | ' | 16,799 | 17,633 | 18,598 | 16,083 | 14,945 | 13,062 | 13,724 | ' | ' |
Other current assets | 11,270 | ' | 11,160 | 13,269 | 11,269 | 10,222 | 14,934 | 12,209 | 14,156 | ' | ' |
Total current assets | 647,274 | ' | 596,633 | 582,786 | 579,009 | 713,123 | 645,164 | 652,780 | 700,505 | ' | ' |
Property, plant, and equipment, net | 375,949 | ' | 367,768 | 365,735 | 361,464 | 289,375 | 267,994 | 266,079 | 261,263 | 260,457 | ' |
Investments | ' | ' | ' | ' | ' | 12,683 | ' | ' | ' | ' | ' |
Goodwill | 130,610 | 130,776 | 131,606 | 133,570 | 133,595 | 54,483 | 39,924 | 40,834 | 40,824 | 40,414 | ' |
Other intangible assets, net | 56,495 | ' | 57,664 | 58,251 | 59,527 | 22,576 | 12,829 | 13,965 | 14,219 | ' | ' |
Deferred income taxes | 33,287 | ' | 32,197 | 29,239 | 29,111 | 27,424 | 23,611 | 24,909 | 23,537 | ' | ' |
Other noncurrent assets | 8,866 | ' | 8,353 | 8,792 | 8,476 | 8,756 | 8,903 | 9,354 | 9,797 | ' | ' |
Total assets | 1,252,481 | ' | 1,194,221 | 1,178,373 | 1,171,182 | 1,128,420 | 1,087,904 | 1,100,361 | 1,098,924 | 1,111,305 | ' |
Current liabilities: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accounts payable | 91,661 | ' | 67,166 | 61,084 | 64,837 | 55,820 | 49,218 | 31,092 | 31,932 | ' | ' |
Accrued wages and other employee costs | 34,096 | ' | 29,445 | 24,871 | 19,690 | 26,787 | 20,685 | 18,533 | 14,986 | ' | ' |
Unearned revenue | 24,998 | ' | 34,523 | 36,844 | 36,583 | 19,716 | 16,420 | 21,921 | 27,830 | ' | ' |
Liabilities of discontinued operations | 2,332 | ' | 3,198 | 3,494 | 3,879 | 4,244 | 5,069 | 3,467 | 4,551 | ' | ' |
Other accrued liabilities | 22,550 | ' | 27,458 | 21,680 | 21,768 | 20,085 | 19,797 | 28,222 | 29,156 | ' | ' |
Total current liabilities | 175,637 | ' | 161,790 | 147,973 | 146,757 | 126,652 | 111,189 | 103,235 | 108,455 | ' | ' |
Long-term debt | 198,337 | ' | 196,079 | 193,727 | 191,189 | 186,981 | 184,695 | 182,462 | 180,269 | ' | ' |
Liability for post-retirement benefits | 45,066 | ' | 42,220 | 42,000 | 41,806 | 41,388 | 41,128 | 40,859 | 40,277 | ' | ' |
Liability for pension benefits | 20,711 | ' | 2,555 | 13,402 | 15,097 | 20,830 | 7,153 | 27,604 | 28,504 | ' | ' |
Deferred income taxes | 46,384 | ' | 33,663 | 33,749 | 33,141 | 13,606 | 5,441 | 3,169 | 3,102 | ' | ' |
Unearned revenue | 13,013 | ' | 3,240 | 3,385 | 3,504 | 8,115 | 3,675 | 3,754 | 3,820 | ' | ' |
Other noncurrent liabilities | 11,798 | ' | 8,908 | 8,969 | 8,895 | 8,755 | 8,538 | 8,527 | 8,569 | ' | ' |
Total liabilities | 510,946 | ' | 448,455 | 443,205 | 440,389 | 406,327 | 361,819 | 369,610 | 372,996 | ' | ' |
Shareholders' equity | 741,535 | ' | 745,766 | 735,168 | 730,793 | 722,093 | 726,085 | 730,751 | 725,928 | 718,261 | 678,914 |
Total liabilities and shareholders' equity | 1,252,481 | ' | 1,194,221 | 1,178,373 | 1,171,182 | 1,128,420 | 1,087,904 | 1,100,361 | 1,098,924 | ' | ' |
RTI International Metals, Inc. | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Current assets: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Receivables, net | 126 | ' | 126 | 162 | 209 | 351 | 417 | 454 | 438 | ' | ' |
Deferred income taxes | 26,478 | ' | 17,176 | 17,177 | 17,177 | 17,177 | 18,493 | 21,430 | 21,430 | ' | ' |
Other current assets | 5,410 | ' | 4,021 | 4,271 | 5,737 | 9,351 | 14,765 | 10,860 | 13,937 | ' | ' |
Total current assets | 32,014 | ' | 21,323 | 21,610 | 23,123 | 26,879 | 33,675 | 32,744 | 35,805 | ' | ' |
Property, plant, and equipment, net | 1,327 | ' | 1,336 | 543 | 634 | 709 | 772 | 861 | 955 | ' | ' |
Other noncurrent assets | 4,117 | ' | 4,442 | 4,768 | 4,329 | 4,697 | 5,065 | 5,433 | 5,800 | ' | ' |
Intercompany investments | 980,867 | ' | 977,337 | 960,071 | 951,230 | 938,166 | 921,413 | 922,095 | 911,715 | ' | ' |
Total assets | 1,018,325 | ' | 1,004,438 | 986,992 | 979,316 | 970,451 | 960,925 | 961,133 | 954,275 | ' | ' |
Current liabilities: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accounts payable | 1,177 | ' | 1,003 | 1,021 | 1,111 | 950 | 806 | 429 | 1,473 | ' | ' |
Accrued wages and other employee costs | 6,519 | ' | 5,177 | 4,465 | 3,160 | 7,485 | 5,015 | 4,105 | 3,632 | ' | ' |
Other accrued liabilities | 3,669 | ' | 11,128 | 6,388 | 6,711 | 4,294 | 4,727 | 4,084 | 3,792 | ' | ' |
Total current liabilities | 11,365 | ' | 17,308 | 11,874 | 10,982 | 12,729 | 10,548 | 8,618 | 8,897 | ' | ' |
Long-term debt | 196,644 | ' | 194,153 | 191,699 | 189,313 | 186,961 | 184,675 | 182,422 | 180,227 | ' | ' |
Liability for pension benefits | 6,419 | ' | 4,976 | 6,133 | 6,227 | 6,777 | 4,380 | 6,524 | 6,542 | ' | ' |
Deferred income taxes | 54,222 | ' | 36,967 | 36,857 | 36,748 | 36,638 | 30,148 | 27,737 | 27,608 | ' | ' |
Other noncurrent liabilities | 8,140 | ' | 5,268 | 5,261 | 5,253 | 5,253 | 5,089 | 5,081 | 5,073 | ' | ' |
Total liabilities | 276,790 | ' | 258,672 | 251,824 | 248,523 | 248,358 | 234,840 | 230,382 | 228,347 | ' | ' |
Shareholders' equity | 741,535 | ' | 745,766 | 735,168 | 730,793 | 722,093 | 726,085 | 730,751 | 725,928 | ' | ' |
Total liabilities and shareholders' equity | 1,018,325 | ' | 1,004,438 | 986,992 | 979,316 | 970,451 | 960,925 | 961,133 | 954,275 | ' | ' |
Guarantor Subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Current assets: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash and cash equivalents | 87,283 | ' | 69,907 | 92,864 | 109,419 | 144,271 | 177,711 | 215,043 | 264,293 | 350,629 | 45,525 |
Short-term investments | ' | ' | 3,998 | ' | ' | 164,255 | 76,587 | 63,590 | 38,892 | ' | ' |
Receivables, net | 72,773 | ' | 80,480 | 76,198 | 77,874 | 55,499 | 62,273 | 43,580 | 44,898 | ' | ' |
Inventories, net | 220,989 | ' | 189,837 | 178,140 | 168,134 | 136,695 | 128,685 | 134,581 | 144,720 | ' | ' |
Deferred income taxes | 2,543 | ' | 2,593 | 2,290 | 2,290 | 1,399 | 1,418 | 1,418 | 1,418 | ' | ' |
Other current assets | 2,072 | ' | 4,070 | 4,565 | 4,496 | 883 | 1,166 | 1,320 | 1,601 | ' | ' |
Total current assets | 385,660 | ' | 350,885 | 354,057 | 362,213 | 503,002 | 447,840 | 459,532 | 495,822 | ' | ' |
Property, plant, and equipment, net | 308,467 | ' | 301,681 | 301,438 | 296,407 | 224,129 | 209,540 | 203,767 | 198,546 | ' | ' |
Investments | ' | ' | ' | ' | ' | 12,683 | ' | ' | ' | ' | ' |
Goodwill | 93,665 | ' | 94,494 | 96,942 | 96,942 | 18,097 | 18,097 | 18,097 | 18,098 | ' | ' |
Other intangible assets, net | 35,152 | ' | 35,795 | 36,436 | 37,079 | ' | ' | ' | ' | ' | ' |
Deferred income taxes | 32,757 | ' | 26,313 | 25,314 | 25,995 | 26,567 | 23,019 | 23,455 | 23,913 | ' | ' |
Other noncurrent assets | 892 | ' | 2,781 | 201 | 201 | 36 | 36 | 36 | 36 | ' | ' |
Intercompany investments | 26,814 | ' | 26,492 | 25,350 | 22,840 | 21,400 | 20,147 | 20,138 | 17,611 | ' | ' |
Total assets | 883,407 | ' | 838,441 | 839,738 | 841,677 | 805,914 | 808,158 | 817,465 | 802,805 | ' | ' |
Current liabilities: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accounts payable | 70,086 | ' | 46,543 | 43,562 | 48,077 | 38,456 | 37,398 | 21,677 | 22,303 | ' | ' |
Accrued wages and other employee costs | 16,368 | ' | 15,629 | 13,477 | 11,248 | 11,978 | 9,929 | 8,283 | 6,442 | ' | ' |
Unearned revenue | 689 | ' | 505 | 704 | 798 | ' | 184 | 169 | ' | ' | ' |
Other accrued liabilities | 9,197 | ' | 9,192 | 7,823 | 10,752 | 12,101 | 11,573 | 11,334 | 11,907 | ' | ' |
Total current liabilities | 96,340 | ' | 71,869 | 65,566 | 70,875 | 62,535 | 59,084 | 41,463 | 40,652 | ' | ' |
Long-term debt | 1,693 | ' | 1,926 | 2,028 | 1,876 | 20 | 20 | 40 | 40 | ' | ' |
Intercompany debt | 118,229 | ' | 112,535 | 111,916 | 113,669 | 105,116 | 83,997 | 98,116 | 92,826 | ' | ' |
Liability for post-retirement benefits | 45,066 | ' | 42,220 | 42,000 | 41,806 | 41,388 | 41,128 | 40,859 | 40,277 | ' | ' |
Liability for pension benefits | 14,133 | ' | ' | 6,730 | 8,193 | 13,376 | 2,097 | 20,403 | 21,285 | ' | ' |
Deferred income taxes | 21,590 | ' | 20,104 | 20,104 | 19,560 | -40 | ' | 36 | 15 | ' | ' |
Other noncurrent liabilities | 3,434 | ' | 3,430 | 3,491 | 3,464 | 3,316 | 3,449 | 3,446 | 3,496 | ' | ' |
Total liabilities | 300,485 | ' | 252,084 | 251,835 | 259,443 | 225,711 | 189,775 | 204,363 | 198,591 | ' | ' |
Shareholders' equity | 582,922 | ' | 586,357 | 587,903 | 582,234 | 580,203 | 618,383 | 613,102 | 604,214 | ' | ' |
Total liabilities and shareholders' equity | 883,407 | ' | 838,441 | 839,738 | 841,677 | 805,914 | 808,158 | 817,465 | 802,805 | ' | ' |
Non-Guarantor Subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Current assets: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash and cash equivalents | 9,907 | ' | 3,482 | 6,661 | 8,453 | 12,571 | 12,030 | 13,270 | 11,861 | 26,322 | 10,691 |
Receivables, net | 59,639 | ' | 63,115 | 60,685 | 64,298 | 51,113 | 49,754 | 38,438 | 47,328 | ' | ' |
Inventories, net | 164,127 | ' | 162,992 | 149,029 | 139,493 | 123,157 | 115,583 | 115,687 | 116,332 | ' | ' |
Costs in excess of billings | 2,260 | ' | 2,151 | 658 | 5 | 400 | ' | ' | 112 | ' | ' |
Deferred income taxes | 2,359 | ' | 2,290 | 1,308 | 1,008 | 465 | 250 | 82 | 816 | ' | ' |
Assets of discontinued operations | 14,741 | ' | 16,799 | 17,633 | 18,598 | 16,083 | 14,945 | 13,062 | 13,724 | ' | ' |
Other current assets | 3,788 | ' | 4,449 | 4,433 | 2,963 | 2,324 | 1,435 | 1,720 | 1,723 | ' | ' |
Total current assets | 256,821 | ' | 255,278 | 240,407 | 234,818 | 206,113 | 193,997 | 182,259 | 191,896 | ' | ' |
Property, plant, and equipment, net | 66,155 | ' | 64,751 | 63,754 | 64,423 | 64,537 | 57,682 | 61,451 | 61,762 | ' | ' |
Goodwill | 36,945 | ' | 37,112 | 36,628 | 36,653 | 36,386 | 21,827 | 22,737 | 22,726 | ' | ' |
Other intangible assets, net | 21,343 | ' | 21,869 | 21,815 | 22,448 | 22,576 | 12,829 | 13,965 | 14,219 | ' | ' |
Deferred income taxes | 33,433 | ' | 32,818 | 30,750 | 29,897 | 27,485 | 25,303 | 26,059 | 24,145 | ' | ' |
Other noncurrent assets | 3,857 | ' | 3,710 | 3,823 | 3,946 | 4,023 | 3,802 | 3,885 | 3,961 | ' | ' |
Intercompany investments | 3,736 | ' | 3,408 | 3,034 | 2,621 | 1,598 | 1,826 | 1,836 | 2,628 | ' | ' |
Total assets | 422,290 | ' | 418,926 | 400,211 | 394,806 | 362,718 | 317,266 | 312,192 | 321,337 | ' | ' |
Current liabilities: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accounts payable | 47,619 | ' | 49,093 | 49,789 | 54,862 | 36,949 | 38,930 | 29,050 | 28,069 | ' | ' |
Accrued wages and other employee costs | 11,209 | ' | 8,639 | 6,929 | 5,282 | 7,324 | 5,741 | 6,145 | 4,912 | ' | ' |
Unearned revenue | 24,309 | ' | 34,018 | 36,140 | 35,785 | 19,716 | 16,236 | 21,752 | 27,830 | ' | ' |
Liabilities of discontinued operations | 2,332 | ' | 3,198 | 3,494 | 3,879 | 4,244 | 5,069 | 3,467 | 4,551 | ' | ' |
Other accrued liabilities | 9,684 | ' | 8,518 | 7,469 | 6,237 | 6,026 | 5,929 | 14,495 | 16,562 | ' | ' |
Total current liabilities | 95,153 | ' | 103,466 | 103,821 | 106,045 | 74,259 | 71,905 | 74,909 | 81,924 | ' | ' |
Long-term debt | ' | ' | ' | ' | 0 | ' | ' | ' | 2 | ' | ' |
Intercompany debt | 104,084 | ' | 106,684 | 100,929 | 98,057 | 100,740 | 101,499 | 86,960 | 89,533 | ' | ' |
Liability for pension benefits | 159 | ' | 159 | 539 | 677 | 677 | 676 | 677 | 677 | ' | ' |
Deferred income taxes | 3,475 | ' | 3,526 | 3,613 | 3,614 | 3,614 | ' | ' | ' | ' | ' |
Unearned revenue | 13,013 | ' | 3,240 | 3,385 | 3,504 | 8,115 | 3,675 | 3,754 | 3,820 | ' | ' |
Other noncurrent liabilities | 224 | ' | 210 | 217 | 199 | 186 | ' | ' | ' | ' | ' |
Total liabilities | 216,108 | ' | 217,285 | 212,504 | 212,096 | 187,591 | 177,755 | 166,300 | 175,956 | ' | ' |
Shareholders' equity | 206,182 | ' | 201,661 | 187,707 | 182,710 | 175,127 | 139,511 | 145,892 | 145,381 | ' | ' |
Total liabilities and shareholders' equity | 422,290 | ' | 418,946 | 400,211 | 394,806 | 362,718 | 317,266 | 312,192 | 321,337 | ' | ' |
Eliminations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Current assets: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Receivables, net | -27,221 | ' | -29,473 | -33,288 | -39,218 | -20,535 | -27,916 | -20,064 | -19,913 | ' | ' |
Other current assets | ' | ' | -1,380 | ' | -1,927 | -2,336 | -2,432 | -1,691 | -3,105 | ' | ' |
Total current assets | -27,221 | ' | -30,853 | -33,288 | -41,145 | -22,871 | -30,348 | -21,755 | -23,018 | ' | ' |
Deferred income taxes | -32,903 | ' | -26,934 | -26,825 | -26,781 | -26,628 | -24,711 | -24,605 | -24,521 | ' | ' |
Other noncurrent assets | ' | ' | -2,580 | ' | ' | ' | ' | ' | ' | ' | ' |
Intercompany investments | -1,011,417 | ' | -1,007,237 | -988,455 | -976,691 | -961,164 | -943,386 | -944,069 | -931,954 | ' | ' |
Total assets | -1,071,541 | ' | -1,067,604 | -1,048,568 | -1,044,617 | -1,010,663 | -998,445 | -990,429 | -979,493 | ' | ' |
Current liabilities: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accounts payable | -27,221 | ' | -29,473 | -33,288 | -39,213 | -20,535 | -27,916 | -20,064 | -19,913 | ' | ' |
Other accrued liabilities | ' | ' | -1,380 | ' | -1,932 | -2,336 | -2,432 | -1,691 | -3,105 | ' | ' |
Total current liabilities | -27,221 | ' | -30,853 | -33,288 | -41,145 | -22,871 | -30,348 | -21,755 | -23,018 | ' | ' |
Intercompany debt | -222,313 | ' | -219,219 | -212,845 | -211,726 | -205,856 | -185,496 | -185,076 | -182,359 | ' | ' |
Liability for pension benefits | ' | ' | -2,580 | ' | ' | ' | ' | ' | ' | ' | ' |
Deferred income taxes | -32,903 | ' | -26,934 | -26,825 | -26,781 | -26,606 | -24,707 | -24,604 | -24,521 | ' | ' |
Other noncurrent liabilities | ' | ' | ' | ' | -21 | ' | ' | ' | ' | ' | ' |
Total liabilities | -282,437 | ' | -279,586 | -272,958 | -279,673 | -255,333 | -240,551 | -231,435 | -229,898 | ' | ' |
Shareholders' equity | -789,104 | ' | -788,018 | -775,610 | -764,944 | -755,330 | -757,894 | -758,994 | -749,595 | ' | ' |
Total liabilities and shareholders' equity | ($1,071,541) | ' | ($1,067,604) | ($1,048,568) | ($1,044,617) | ($1,010,663) | ($998,445) | ($990,429) | ($979,493) | ' | ' |
Schedule_of_Condensed_Consolid4
Schedule of Condensed Consolidating Statement of Cash Flows (Detail) (USD $) | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Mar. 31, 2012 | Mar. 31, 2011 | Jun. 30, 2012 | Jun. 30, 2011 | Sep. 30, 2012 | Sep. 30, 2011 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash provided by (used in) operating activities | ($12,959) | ($23,775) | ($14,209) | $5,220 | ($25,450) | ($13,507) | $8,066 | $14,835 | $75,208 |
Investing activities: | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Capital expenditures | -17,128 | -10,137 | -34,901 | -18,646 | -47,879 | -25,954 | -61,538 | -38,845 | -28,632 |
Investments in subsidiares, net | ' | -67,612 | ' | ' | ' | ' | ' | -35,812 | ' |
Acquisitions, net of cash acquired | -185,633 | ' | -185,633 | ' | -182,811 | ' | -182,811 | -35,812 | ' |
Proceeds from disposal of property, plant, and equipment | ' | ' | ' | ' | ' | ' | 10 | 20 | 4,011 |
Short-term investments and marketable securities, net | 176,771 | ' | 176,771 | -135,693 | 172,772 | -147,392 | 176,771 | -160,409 | 44,766 |
Cash provided by (used in) investing activities | -25,990 | -77,749 | -43,763 | -154,339 | -57,918 | -173,346 | -67,568 | -235,046 | 20,145 |
FINANCING ACTIVITIES: | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from exercise of employee stock options | 120 | 154 | 211 | 201 | 335 | 252 | 729 | 367 | 1,096 |
Excess tax benefits from stock-based compensation activity | 61 | 102 | 66 | 263 | 100 | 263 | 196 | 302 | 380 |
Borrowings on long-term debt | ' | ' | ' | ' | ' | ' | ' | ' | 230,000 |
Repayments on long-term debt | -97 | -3 | -298 | -5 | -543 | -25 | -758 | -25 | -37 |
Purchase of common stock held in treasury | -742 | -283 | -742 | -283 | -742 | -283 | -742 | -294 | -367 |
Financing fees | ' | ' | ' | ' | -823 | ' | -823 | ' | -7,249 |
Cash provided by (used in) financing activities | -658 | -30 | -763 | 176 | -1,673 | 207 | -1,398 | 350 | 223,823 |
Effect of exchange rate changes on cash and cash equivalents | 637 | 757 | 1,418 | 305 | 1,588 | -564 | 1,248 | -248 | 1,559 |
Decrease in cash and cash equivalents | -38,970 | -100,797 | -57,317 | -148,638 | -83,453 | -187,210 | -59,652 | -220,109 | 320,735 |
Cash and cash equivalents at beginning of period | 156,842 | 376,951 | 156,842 | 376,951 | 156,842 | 376,951 | 156,842 | 376,951 | 56,216 |
Cash and cash equivalents at end of period | 117,872 | 276,154 | 99,525 | 228,313 | 73,389 | 189,741 | 97,190 | 156,842 | 376,951 |
RTI International Metals, Inc. | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash provided by (used in) operating activities | 3,207 | 3,391 | 8,555 | 7,276 | 16,383 | 10,334 | 21,972 | 28,498 | 26,707 |
Investing activities: | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Capital expenditures | ' | ' | ' | ' | -897 | ' | -970 | ' | ' |
Investments in subsidiares, net | 188,845 | ' | 184,545 | -1,375 | 181,533 | -4,025 | 178,633 | -35,812 | -205,830 |
Acquisitions, net of cash acquired | -185,633 | ' | -185,633 | ' | -182,811 | ' | -182,811 | 33,831 | ' |
Cash provided by (used in) investing activities | 3,212 | ' | -1,088 | -1,375 | -2,175 | -4,025 | -5,148 | -1,981 | -205,830 |
FINANCING ACTIVITIES: | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from exercise of employee stock options | 120 | 154 | 211 | 201 | 335 | 252 | 729 | 367 | 1,096 |
Excess tax benefits from stock-based compensation activity | 61 | 102 | 66 | 263 | 100 | 263 | 196 | 302 | 380 |
Borrowings on long-term debt | ' | ' | ' | ' | ' | ' | ' | ' | 230,000 |
Intercompany debt, net | -5,858 | -3,364 | -7,002 | -6,082 | -13,078 | -6,541 | -16,184 | -26,892 | -44,737 |
Purchase of common stock held in treasury | -742 | -283 | -742 | -283 | -742 | -283 | -742 | -294 | -367 |
Financing fees | ' | ' | ' | ' | -823 | ' | -823 | ' | -7,249 |
Cash provided by (used in) financing activities | -6,419 | -3,391 | -7,467 | -5,901 | -14,208 | -6,309 | -16,824 | -26,517 | 179,123 |
Guarantor Subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash provided by (used in) operating activities | -9,606 | -2,162 | -8,194 | 19,421 | -15,922 | 13,778 | 2,957 | 21,099 | 28,776 |
Investing activities: | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Capital expenditures | -15,928 | -9,437 | -32,370 | -17,480 | -43,736 | -23,326 | -54,715 | -35,793 | -24,365 |
Investments in subsidiares, net | ' | -67,612 | ' | ' | ' | ' | ' | ' | -2,900 |
Acquisitions, net of cash acquired | ' | ' | ' | ' | ' | ' | ' | 1,735 | ' |
Short-term investments and marketable securities, net | 176,771 | ' | 176,771 | -135,693 | 172,772 | -147,392 | 176,771 | -160,409 | 44,766 |
Cash provided by (used in) investing activities | 160,843 | -77,049 | 144,401 | -153,173 | 129,036 | -170,718 | 122,056 | -194,467 | 17,501 |
FINANCING ACTIVITIES: | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Parent company investments, net of distributions | -194,545 | ' | -194,545 | ' | -194,783 | ' | -194,783 | -38,200 | 75,375 |
Repayments on long-term debt | -97 | ' | -298 | ' | -543 | -20 | -758 | -20 | -20 |
Intercompany debt, net | 8,553 | -7,125 | 7,229 | -1,834 | 7,848 | -15,958 | 13,540 | 5,230 | 183,472 |
Cash provided by (used in) financing activities | -186,089 | -7,125 | -187,614 | -1,834 | -187,478 | -15,978 | -182,001 | -32,990 | 258,827 |
Decrease in cash and cash equivalents | -34,852 | -86,336 | -51,407 | -135,586 | -74,364 | -172,918 | -56,988 | -206,358 | 305,104 |
Cash and cash equivalents at beginning of period | 144,271 | 350,629 | 144,271 | 350,629 | 144,271 | 350,629 | 144,271 | 350,629 | 45,525 |
Cash and cash equivalents at end of period | 109,419 | 264,293 | 92,864 | 215,043 | 69,907 | 177,711 | 87,283 | 144,271 | 350,629 |
Non-Guarantor Subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash provided by (used in) operating activities | -6,560 | -25,004 | -14,570 | -21,477 | -25,911 | -37,619 | -16,863 | -34,762 | 19,725 |
Investing activities: | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Capital expenditures | -1,200 | -700 | -2,531 | -1,166 | -3,246 | -2,628 | -5,853 | -3,052 | -4,267 |
Acquisitions, net of cash acquired | ' | ' | ' | ' | ' | ' | ' | -36,248 | ' |
Proceeds from disposal of property, plant, and equipment | ' | ' | ' | ' | ' | ' | 10 | 20 | 4,011 |
Cash provided by (used in) investing activities | -1,200 | -700 | -2,531 | -1,166 | -3,246 | -2,628 | -5,843 | -39,280 | -256 |
FINANCING ACTIVITIES: | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Parent company investments, net of distributions | 5,700 | ' | 10,000 | 1,375 | 13,250 | 4,025 | 16,150 | 38,882 | 133,355 |
Repayments on long-term debt | ' | -3 | ' | -5 | ' | -5 | ' | -5 | -17 |
Intercompany debt, net | -2,695 | 10,489 | -227 | 7,916 | 5,230 | 22,499 | 2,644 | 21,662 | -138,735 |
Cash provided by (used in) financing activities | 3,005 | 10,486 | 9,773 | 9,286 | 18,480 | 26,519 | 18,794 | 60,539 | -5,397 |
Effect of exchange rate changes on cash and cash equivalents | 637 | 757 | 1,418 | 305 | 1,588 | -564 | 1,248 | -248 | 1,559 |
Decrease in cash and cash equivalents | -4,118 | -14,461 | -5,910 | -13,052 | -9,089 | -14,292 | -2,664 | -13,751 | 15,631 |
Cash and cash equivalents at beginning of period | 12,571 | 26,322 | 12,571 | 26,322 | 12,571 | 26,322 | 12,571 | 26,322 | 10,691 |
Cash and cash equivalents at end of period | 8,453 | 11,861 | 6,661 | 13,270 | 3,482 | 12,030 | 9,907 | 12,571 | 26,322 |
Eliminations | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Investing activities: | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Investments in subsidiares, net | -188,845 | ' | -184,545 | 1,375 | -181,533 | 4,025 | -178,633 | ' | 208,730 |
Acquisitions, net of cash acquired | ' | ' | ' | ' | ' | ' | ' | 682 | ' |
Cash provided by (used in) investing activities | -188,845 | ' | -184,545 | 1,375 | -181,533 | 4,025 | -178,633 | 682 | 208,730 |
FINANCING ACTIVITIES: | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Parent company investments, net of distributions | 188,845 | ' | 184,545 | -1,375 | 181,533 | -4,025 | 178,633 | -682 | -208,730 |
Cash provided by (used in) financing activities | $188,845 | ' | $184,545 | ($1,375) | $181,533 | ($4,025) | $178,633 | ($682) | ($208,730) |
Recovered_Sheet3
Selected Quarterly Financial Information (Detail) (USD $) | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2011 | Sep. 30, 2011 | Jun. 30, 2011 | Mar. 31, 2011 | Jun. 30, 2012 | Jun. 30, 2011 | Sep. 30, 2012 | Sep. 30, 2011 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | |
Selected Quarterly Financial Data [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Net sales | $187,013 | $182,545 | $184,462 | $154,070 | $134,628 | $136,853 | $118,007 | $111,800 | $338,532 | $229,807 | $521,077 | $366,660 | $708,090 | $501,288 | $406,491 | [1] |
Gross profit | 39,452 | 33,650 | 34,019 | 32,507 | 23,282 | 22,851 | 24,183 | 23,312 | ' | ' | ' | ' | ' | ' | ' | |
Operating income | 16,969 | 9,296 | 10,237 | 10,609 | 3,630 | 6,310 | 6,482 | 7,630 | 20,846 | 14,112 | 30,142 | 20,422 | 47,111 | 24,052 | 13,812 | |
Net income from continuing operations | $7,090 | $3,199 | $4,093 | $4,058 | ($587) | $1,167 | $2,117 | $1,497 | $8,151 | $3,614 | $11,350 | $4,781 | $18,440 | $4,194 | $3,260 | |
Earnings per share attributable to continuing operations: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Basic | $0.23 | $0.11 | $0.14 | $0.13 | ($0.02) | $0.04 | $0.07 | $0.05 | $0.27 | $0.12 | $0.37 | $0.16 | $0.61 | $0.14 | $0.11 | |
Diluted | $0.23 | $0.11 | $0.13 | $0.13 | ($0.02) | $0.04 | $0.07 | $0.05 | $0.27 | $0.12 | $0.37 | $0.16 | $0.61 | $0.14 | $0.11 | |
Earnings per share attributable to discontinued operations: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Basic | $0.01 | $0.01 | $0.01 | $0.02 | $0.01 | $0.02 | $0.02 | $0.01 | ' | ' | ' | ' | ' | ' | ' | |
Diluted | $0.01 | $0.01 | $0.01 | $0.02 | $0.01 | $0.02 | $0.02 | $0.01 | $0.03 | $0.03 | $0.05 | $0.05 | $0.06 | $0.06 | $0.01 | |
[1] | During the year ended December 31, 2010, the Parent recorded net sales related to the March 2010 settlement of certain Airbus 2009 contractual obligations. |
Valuation_and_Qualifying_Accou
Valuation and Qualifying Accounts (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
Allowance for Doubtful Accounts | ' | ' | ' |
Valuation and Qualifying Accounts Disclosure [Line Items] | ' | ' | ' |
Balance at beginning of year | ($872) | ($478) | ($646) |
(Charged) credited to costs and expenses | 110 | -394 | 168 |
(Charged) credited to other accounts | ' | ' | ' |
Balance at end of year | -762 | -872 | -478 |
Valuation Allowance of Deferred Tax Assets | ' | ' | ' |
Valuation and Qualifying Accounts Disclosure [Line Items] | ' | ' | ' |
Balance at beginning of year | -4,313 | -4,332 | -4,066 |
(Charged) credited to costs and expenses | -126 | 19 | -266 |
(Charged) credited to other accounts | ' | ' | ' |
Balance at end of year | ($4,439) | ($4,313) | ($4,332) |