Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Sep. 30, 2013 | Nov. 01, 2013 | |
Document Information [Line Items] | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 30-Sep-13 | ' |
Document Fiscal Year Focus | '2013 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Trading Symbol | 'RTI | ' |
Entity Registrant Name | 'RTI INTERNATIONAL METALS INC | ' |
Entity Central Index Key | '0001068717 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Large Accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 30,557,195 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Operations (USD $) | 3 Months Ended | 9 Months Ended | ||||
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | ||
Net sales | $196,532 | $182,545 | $588,514 | $521,077 | ||
Cost and expenses: | ' | ' | ' | ' | ||
Cost of sales | 151,435 | 148,895 | 460,192 | 420,901 | ||
Selling, general, and administrative expenses | 22,491 | 21,725 | [1] | 70,040 | 65,236 | [2] |
Research, technical, and product development expenses | 1,041 | 1,012 | 3,024 | 3,181 | ||
Asset and asset-related charges | ' | 1,617 | ' | 1,617 | ||
Operating income | 21,565 | 9,296 | 55,258 | 30,142 | ||
Other income (expense), net | -294 | 16 | 965 | 318 | ||
Interest income | 78 | 18 | 159 | 133 | ||
Interest expense | -7,387 | -4,708 | -32,876 | -13,195 | ||
Income before income taxes | 13,962 | 4,622 | 23,506 | 17,398 | ||
Provision for income taxes | 1,670 | 1,423 | 3,507 | 6,048 | ||
Net income attributable to continuing operations | 12,292 | 3,199 | 19,999 | 11,350 | ||
Net income (loss) attributable to discontinued operations, net of tax | ' | 389 | -156 | 1,413 | ||
Net income | $12,292 | $3,588 | $19,843 | $12,763 | ||
Earnings per share attributable to continuing operations: | ' | ' | ' | ' | ||
Basic | $0.40 | $0.11 | $0.66 | $0.37 | ||
Diluted | $0.37 | $0.11 | $0.65 | $0.37 | ||
Earnings (loss) per share attributable to discontinued operations: | ' | ' | ' | ' | ||
Basic | ' | $0.01 | ($0.01) | $0.05 | ||
Diluted | ' | $0.01 | ($0.01) | $0.05 | ||
Weighted-average shares outstanding: | ' | ' | ' | ' | ||
Basic | 30,325,662 | 30,137,187 | 30,285,004 | 30,117,204 | ||
Diluted | 40,374,609 | 30,247,372 | 30,498,847 | 30,232,304 | ||
[1] | The Parent allocates SG&A to the subsidiaries based upon its budgeted annual expenses. | |||||
[2] | The Parent allocates SG&A to the subsidiaries based upon its budgeted annual expenses. A credit in Parent SG&A is offset by an equal debit amount in the subsidiaries' SG&A. |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Comprehensive Income (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Net income | $12,292 | $3,588 | $19,843 | $12,763 |
Other comprehensive income (loss): | ' | ' | ' | ' |
Foreign currency translation, net of tax of $1,449, $2,427, $(2,471) and $2,220 | 2,691 | 4,508 | -4,589 | 4,123 |
Unrealized gains (losses) on investments, net of tax of $10, $0, $(2) and $0 | 18 | ' | -4 | ' |
Realized losses on investments, net of tax of $0, $0, $0 and $4 | ' | ' | ' | 8 |
Benefit plan amortization, net of tax of $767, $725, $4,572, and $2,175 | 1,250 | 1,201 | 9,324 | 3,608 |
Other comprehensive income (loss), net of tax | 3,959 | 5,709 | 4,731 | 7,739 |
Comprehensive income | $16,251 | $9,297 | $24,574 | $20,502 |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statements of Comprehensive Income (Parenthetical) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Foreign currency translation, tax | $1,449 | $2,427 | ($2,471) | $2,220 |
Unrealized losses on investments | 10 | 0 | -2 | 0 |
Realized loss on investments | 0 | 0 | 0 | 4 |
Benefit plan amortization | $767 | $725 | $4,572 | $2,175 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $315,021 | $97,190 |
Short-term investments | 45,187 | ' |
Receivables, less allowance for doubtful accounts of $736 and $722 | 118,827 | 105,317 |
Inventories, net | 420,400 | 385,116 |
Costs in excess of billings | 3,425 | 2,260 |
Deferred income taxes | 31,406 | 31,380 |
Assets of discontinued operations | ' | 14,741 |
Other current assets | 23,041 | 11,270 |
Total current assets | 957,307 | 647,274 |
Property, plant, and equipment, net | 367,849 | 375,949 |
Goodwill | 129,838 | 130,610 |
Other intangible assets, net | 53,042 | 56,495 |
Deferred income taxes | 29,435 | 33,287 |
Other noncurrent assets | 14,910 | 8,866 |
Total assets | 1,552,381 | 1,252,481 |
Current liabilities: | ' | ' |
Accounts payable | 75,039 | 91,661 |
Accrued wages and other employee costs | 29,801 | 34,096 |
Unearned revenues | 38,467 | 24,998 |
Liabilities of discontinued operations | ' | 2,332 |
Other accrued liabilities | 26,037 | 22,550 |
Total current liabilities | 169,344 | 175,637 |
Long-term debt | 419,249 | 198,337 |
Liability for post-retirement benefits | 44,112 | 45,066 |
Liability for pension benefits | 10,297 | 20,711 |
Deferred income taxes | 73,882 | 46,384 |
Unearned revenues | 12,033 | 13,013 |
Other noncurrent liabilities | 12,134 | 11,798 |
Total liabilities | 741,051 | 510,946 |
Commitments and Contingencies | ' | ' |
Shareholders' equity: | ' | ' |
Common stock, $0.01 par value; 50,000,000 shares authorized; 31,360,663 and 31,136,899 shares issued; 30,554,253 and 30,354,324 shares outstanding | 314 | 311 |
Additional paid-in capital | 530,415 | 484,798 |
Treasury stock, at cost; 806,410 and 782,575 shares | -18,798 | -18,399 |
Accumulated other comprehensive loss | -39,991 | -44,722 |
Retained earnings | 339,390 | 319,547 |
Total shareholders' equity | 811,330 | 741,535 |
Total liabilities and shareholders' equity | $1,552,381 | $1,252,481 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Parenthetical) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, except Share data, unless otherwise specified | ||
Allowance for doubtful accounts | $736 | $722 |
Common stock, par value | $0.01 | $0.01 |
Common stock, shares authorized | 50,000,000 | 50,000,000 |
Common stock, shares issued | 31,360,663 | 31,136,899 |
Common stock, shares outstanding | 30,554,253 | 30,354,324 |
Treasury stock, shares | 806,410 | 782,575 |
Condensed_Consolidated_Stateme3
Condensed Consolidated Statements of Cash Flows (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
OPERATING ACTIVITIES: | ' | ' |
Net income | $19,843 | $12,763 |
Adjustment for non-cash items included in net income: | ' | ' |
Depreciation and amortization | 32,469 | 29,405 |
Asset and asset related charges | ' | 1,617 |
Goodwill impairments | 484 | ' |
Deferred income taxes | 349 | -4,717 |
Stock-based compensation | 4,543 | 3,658 |
Excess tax benefits from stock-based compensation activity | -405 | -100 |
Amortization of discount on long-term debt | 10,592 | 7,192 |
Deferred financing cost writedown | 1,498 | ' |
Other | 1,115 | 1,498 |
Changes in assets and liabilities: | ' | ' |
Receivables | -14,169 | -11,799 |
Inventories | -36,394 | -71,352 |
Accounts payable | -11,866 | 10,424 |
Income taxes payable | -11,566 | 8,893 |
Unearned revenue | 13,502 | 8,907 |
Cost in excess of billings | -1,165 | -1,751 |
Other current assets and liabilities | -2,493 | -7,181 |
Other assets and liabilities | 3 | -12,907 |
Cash provided by (used in) operating activities | 6,340 | -25,450 |
INVESTING ACTIVITIES: | ' | ' |
Purchase of investments | -128,324 | -4,037 |
Maturity/sale of investments | 82,957 | 176,809 |
Capital expenditures | -26,357 | -47,879 |
Divestitures | 10,475 | ' |
Acquisitions, net of cash acquired | 10,475 | -182,811 |
Cash provided by (used in) investing activities | -61,249 | -57,918 |
Financing Activities: | ' | ' |
Borrowings on long-term debt | 402,500 | ' |
Repayments on long-term debt | -120,590 | -543 |
Deferred financing costs | -12,370 | -823 |
Proceeds from exercise of employee stock options | 1,960 | 335 |
Excess tax benefits from stock-based compensation activity | 405 | 100 |
Purchase of common stock held in treasury | -399 | -742 |
Cash provided by (used in) financing activities | 271,506 | -1,673 |
Effect of exchange rate changes on cash and cash equivalents | 1,234 | 1,588 |
Increase (decrease) in cash and cash equivalents | 217,831 | -83,453 |
Cash and cash equivalents at beginning of period | 97,190 | 156,842 |
Cash and cash equivalents at end of period | $315,021 | $73,389 |
Condensed_Consolidated_Stateme4
Condensed Consolidated Statements of Shareholders' Equity (USD $) | Total | Common Stock | Additional Paid-In Capital | Treasury Stock | Retained Earnings | Accumulated Other Comprehensive Loss |
In Thousands, except Share data | ||||||
Beginning Balance (As Restated) at Dec. 31, 2012 | $741,535 | $311 | $484,798 | ($18,399) | $319,547 | ($44,722) |
Beginning Balance (As Restated) (in shares) at Dec. 31, 2012 | ' | 30,354,324 | ' | ' | ' | ' |
Net income | 19,843 | ' | ' | ' | 19,843 | ' |
Other comprehensive income, net | 4,731 | ' | ' | ' | ' | 4,731 |
Shares issued for directors' compensation (in shares) | ' | 25,574 | ' | ' | ' | ' |
Shares issued for directors' compensation | ' | ' | ' | ' | ' | ' |
Shares issued for restricted stock award plans (in shares) | ' | 91,282 | ' | ' | ' | ' |
Shares issued for restricted stock award plans | 2 | 1 | 1 | ' | ' | ' |
Stock-based compensation expense recognized | 4,543 | ' | 4,543 | ' | ' | ' |
Treasury stock purchased at cost (in shares) | ' | -14,116 | ' | ' | ' | ' |
Treasury stock purchased at cost | -399 | ' | ' | -399 | ' | ' |
Exercise of employee options (in shares) | 97,432 | 97,432 | ' | ' | ' | ' |
Exercise of employee options | 1,701 | 2 | 1,699 | ' | ' | ' |
Forfeiture of restricted stock awards (in shares) | ' | -9,719 | ' | ' | ' | ' |
Forfeiture of restricted stock awards | ' | ' | ' | ' | ' | ' |
Tax benefits from stock-based compensation activity | -210 | ' | -210 | ' | ' | ' |
Shares issued for employee stock purchase plan (in shares) | ' | 9,476 | ' | ' | ' | ' |
Shares issued for employee stock purchase plan | 260 | ' | 260 | ' | ' | ' |
Recognition of Equity component of 2019 Convertible Notes, net of deferred taxes | 52,687 | ' | 52,687 | ' | ' | ' |
Derecognition of equity component of 2015 Convertible Notes, net of deferred taxes | -13,363 | ' | -13,363 | ' | ' | ' |
Ending Balance at Sep. 30, 2013 | $811,330 | $314 | $530,415 | ($18,798) | $339,390 | ($39,991) |
Ending Balance (in shares) at Sep. 30, 2013 | ' | 30,554,253 | ' | ' | ' | ' |
BASIS_OF_PRESENTATION
BASIS OF PRESENTATION | 9 Months Ended |
Sep. 30, 2013 | |
BASIS OF PRESENTATION | ' |
Note 1—BASIS OF PRESENTATION: | |
The accompanying unaudited Condensed Consolidated Financial Statements of RTI International Metals, Inc. and its subsidiaries (the “Company” or “RTI”) have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, certain information and note disclosures normally included in annual financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to those rules and regulations, although the Company believes that the disclosures made are adequate to make the information not misleading. In the opinion of management, these financial statements contain all of the adjustments of a normal and recurring nature considered necessary to state fairly the results for the interim periods presented. The results for the interim periods are not necessarily indicative of the results to be expected for the year. | |
The balance sheet at December 31, 2012 has been derived from the audited Consolidated Financial Statements at that date, but does not include all of the information and notes required by GAAP for complete financial statements. Although the Company believes that the disclosures are adequate to make the information presented not misleading, it is suggested that these Condensed Consolidated Financial Statements be read in conjunction with accounting policies and Notes to the Consolidated Financial Statements included in the Company’s second amended Annual Report on Form 10-K/A for the year ended December 31, 2012 as filed with the Securities and Exchange Commission (the “SEC”) on November 12, 2013. |
RESTATEMENTS_AND_REVISIONS
RESTATEMENTS AND REVISIONS: | 9 Months Ended | ||||||||||||||||||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||||||||||||||||||
RESTATEMENTS AND REVISIONS: | ' | ||||||||||||||||||||||||||||||||||||||||
Note 2—RESTATEMENTS AND REVISIONS: | |||||||||||||||||||||||||||||||||||||||||
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 began 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 to its Annual Report on Form 10-K/A (“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 were not available for historical periods and it was 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. As a result, the Company filed its second amended Annual Report on Form 10-K/A for the year ended December 31, 2012 (“Amendment No. 2”), with the SEC on November 12, 2013. | |||||||||||||||||||||||||||||||||||||||||
The Condensed Consolidated Financial Statements for the three and nine months ended September 30, 2012 were restated in Amendment No. 1 and Amendment No. 2. In conjunction with Amendment No. 2, 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. The effects of the restatements on the Condensed Consolidated Financial Statements as previously filed for the three and nine months ended September 30, 2012 and the Condensed Consolidated Balance Sheet as of December 31, 2012 are presented below. Columns labeled “Second Restatement Adjustment” represent the reconciling difference between Amendment No. 1 and Amendment No. 2. Additionally, the Condensed Consolidated Statement of Operations for the three and nine months ended September 30, 2012 and the Condensed Consolidated Balance Sheet as of December 31, 2012 have been recast for the effects of reporting RTI Pierce Spafford as a discontinued operation. | |||||||||||||||||||||||||||||||||||||||||
The Condensed Consolidated Financial Statements have been restated for the three and nine months ended September 30, 2012 and for the year ended December 31, 2012 as follows: | |||||||||||||||||||||||||||||||||||||||||
Three Months Ended September 30, 2012 | |||||||||||||||||||||||||||||||||||||||||
Previously | First | Second | As | Discontinued | Currently | ||||||||||||||||||||||||||||||||||||
Reported | Restatement | Restatement | Corrected | Operations | Reported | ||||||||||||||||||||||||||||||||||||
Adjustment | Adjustment | ||||||||||||||||||||||||||||||||||||||||
Condensed Consolidated Statement of Operations | |||||||||||||||||||||||||||||||||||||||||
Net sales | $ | 189,075 | $ | 439 | $ | 259 | $ | 189,773 | $ | (7,228 | ) | $ | 182,545 | ||||||||||||||||||||||||||||
Cost of sales | 151,128 | 3,689 | 19 | 154,836 | (5,941 | ) | 148,895 | ||||||||||||||||||||||||||||||||||
Operating income | 12,884 | (3,250 | ) | 240 | 9,874 | (578 | ) | 9,296 | |||||||||||||||||||||||||||||||||
Income before income taxes | 8,226 | (3,250 | ) | 240 | 5,216 | (594 | ) | 4,622 | |||||||||||||||||||||||||||||||||
Provision for 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 | |||||||||||||||||||||||||||||||||
Basic earnings per share—continuing operations | $ | 0.19 | $ | (0.07 | ) | $ | 0.01 | $ | 0.12 | $ | (0.01 | ) | $ | 0.11 | |||||||||||||||||||||||||||
Diluted earnings per share—continuing operations | $ | 0.19 | $ | (0.07 | ) | $ | 0.01 | $ | 0.12 | $ | (0.01 | ) | $ | 0.11 | |||||||||||||||||||||||||||
Nine Months Ended September 30, 2012 | |||||||||||||||||||||||||||||||||||||||||
Previously | First | Second | As | Discontinued | Currently | ||||||||||||||||||||||||||||||||||||
Reported | Restatement | Restatement | Corrected | Operations | Reported | ||||||||||||||||||||||||||||||||||||
Adjustment | Adjustment | ||||||||||||||||||||||||||||||||||||||||
Condensed Consolidated Statement of Operations | |||||||||||||||||||||||||||||||||||||||||
Net sales | $ | 542,202 | $ | 1,600 | $ | 752 | $ | 544,554 | $ | (23,477 | ) | $ | 521,077 | ||||||||||||||||||||||||||||
Cost of sales | 432,054 | 7,583 | 276 | 439,913 | (19,012 | ) | 420,901 | ||||||||||||||||||||||||||||||||||
Operating income | 37,836 | (5,983 | ) | 476 | 32,329 | (2,187 | ) | 30,142 | |||||||||||||||||||||||||||||||||
Income before income taxes | 25,108 | (5,983 | ) | 476 | 19,601 | (2,203 | ) | 17,398 | |||||||||||||||||||||||||||||||||
Provision for 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 | |||||||||||||||||||||||||||||||||
Basic earnings per share—continuing operations | $ | 0.54 | $ | (0.13 | ) | $ | 0.01 | $ | 0.42 | $ | (0.05 | ) | $ | 0.37 | |||||||||||||||||||||||||||
Diluted earnings per share—continuing operations | $ | 0.54 | $ | (0.13 | ) | $ | 0.01 | $ | 0.42 | $ | (0.05 | ) | $ | 0.37 | |||||||||||||||||||||||||||
December 31, 2012 | |||||||||||||||||||||||||||||||||||||||||
Previously | First | Second | As | Discontinued | Currently | ||||||||||||||||||||||||||||||||||||
Reported | Restatement | Restatement | Corrected | Operations | Reported | ||||||||||||||||||||||||||||||||||||
Adjustment | Adjustment | ||||||||||||||||||||||||||||||||||||||||
Condensed Consolidated Balance Sheet | |||||||||||||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||||||
Cost 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 | ||||||||||||||||||||||||||||||||||
Nine Months Ended September 30, 2012 | |||||||||||||||||||||||||||||||||||||||||
Previously | First | Second | As | ||||||||||||||||||||||||||||||||||||||
Restatement | Restatement | ||||||||||||||||||||||||||||||||||||||||
Reported | Adjustment | Adjustment | Corrected | ||||||||||||||||||||||||||||||||||||||
Condensed Consolidated Statement of Cash Flows | |||||||||||||||||||||||||||||||||||||||||
Operating Activities: | |||||||||||||||||||||||||||||||||||||||||
Net income | $ | 16,413 | $ | (3,966 | ) | $ | 316 | $ | 12,763 | ||||||||||||||||||||||||||||||||
Adjustment for non-cash items included in net income: | |||||||||||||||||||||||||||||||||||||||||
Deferred income taxes | (2,860 | ) | (2,017 | ) | 160 | (4,717 | ) | ||||||||||||||||||||||||||||||||||
Other | 675 | — | 823 | 1,498 | |||||||||||||||||||||||||||||||||||||
Changes in assets and liabilities: | |||||||||||||||||||||||||||||||||||||||||
Inventories | (81,086 | ) | 5,785 | 3,949 | (71,352 | ) | |||||||||||||||||||||||||||||||||||
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 | ) | |||||||||||||||||||||||||||||||||||
Financing Activities: | |||||||||||||||||||||||||||||||||||||||||
Deferred financing costs | — | — | (823 | ) | (823 | ) | |||||||||||||||||||||||||||||||||||
Cash used in financing activities | (850 | ) | — | (823 | ) | (1,673 | ) | ||||||||||||||||||||||||||||||||||
Revision of Prior Period Financial Statements | |||||||||||||||||||||||||||||||||||||||||
The Company has determined that the impact of errors related to the second amendment of its Annual Report on Form 10-K/A on the quarterly periods in 2013 was not material to the Quarterly Reports on Form 10-Q for March 31, 2013 and June 30, 2013, respectively, and has corrected the impact of the 2013 errors in this Quarterly Report on Form 10-Q for the nine months ended September 30, 2013. Therefore, the Condensed Consolidated Financial Statements for the three months ended March 31, 2013 and the three and six months ended June 30, 2013 will be revised in future filings. For the three months ended March 31, 2013, Net Sales were overstated by $662 and Cost of Sales was overstated by $26, resulting in an overstatement of Operating Income of $636. For the three months ended June 30, 2013, Net Sales were overstated by $206 and Cost of Sales was understated by $15, resulting in an overstatement of Operating Income of $221. The results for the three and nine months ended September 30, 2013 include an out of period adjustment related to the correction of the error from 2011 as a result of the errors related to Amendment No. 2, which decreased operating income $202. The reconciling difference between the “As Revised” balances for the three months ended March 31, 2013, presented below, and the balances reported in the March 31, 2013 Form 10-Q/A is the column labeled “Revision Adjustment.” The effects of the revision on the Condensed Consolidated Statements of Operations and the Condensed Consolidated Statements of Cash Flows for the periods ending March 31, 2013 and June 30, 2013, and the Condensed Consolidated Balance Sheets at March 31, 2013 and June 30, 2013 are presented below. | |||||||||||||||||||||||||||||||||||||||||
Condensed Consolidated Statements of Operations: | |||||||||||||||||||||||||||||||||||||||||
Three months ended March 31, 2013 | Three months ended June 30, 2013 | Six months ended June 30, 2013 | |||||||||||||||||||||||||||||||||||||||
As | Restatement | Revision | As | As | Revision | As | As | Revision | As | ||||||||||||||||||||||||||||||||
Reported | Adjustment | Adjustment | Revised | Reported | Adjustment | Revised | Reported | Adjustment | Revised | ||||||||||||||||||||||||||||||||
Net sales | $ | 187,470 | $ | 4,430 | $ | (662 | ) | $ | 191,238 | $ | 200,950 | $ | (206 | ) | $ | 200,744 | $ | 392,850 | $ | (868 | ) | $ | 391,982 | ||||||||||||||||||
Cost and expenses: | |||||||||||||||||||||||||||||||||||||||||
Cost of Sales | 149,381 | 2,605 | (26 | ) | 151,960 | 156,782 | 15 | 156,797 | 308,768 | (11 | ) | 308,757 | |||||||||||||||||||||||||||||
Operating income | 12,180 | 1,825 | (636 | ) | 13,369 | 20,545 | (221 | ) | 20,324 | 34,550 | (857 | ) | 33,693 | ||||||||||||||||||||||||||||
Income before income taxes | 7,974 | 1,825 | (636 | ) | 9,163 | 602 | (221 | ) | 381 | 10,401 | (857 | ) | 9,544 | ||||||||||||||||||||||||||||
Provision for income taxes | 2,470 | 512 | (178 | ) | 2,804 | (878 | ) | (89 | ) | (967 | ) | 2,104 | (267 | ) | 1,837 | ||||||||||||||||||||||||||
Net income attributable to continuing operations | 5,504 | 1,313 | (458 | ) | 6,359 | 1,480 | (132 | ) | 1,348 | 8,297 | (590 | ) | 7,707 | ||||||||||||||||||||||||||||
Net income | 5,655 | 1,313 | (458 | ) | 6,510 | 1,173 | (132 | ) | 1,041 | 8,141 | (590 | ) | 7,551 | ||||||||||||||||||||||||||||
Earnings per share attributable to continuing operations: | |||||||||||||||||||||||||||||||||||||||||
Basic | $ | 0.18 | $ | 0.04 | $ | (0.02 | ) | $ | 0.21 | $ | 0.05 | $ | — | $ | 0.04 | $ | 0.27 | $ | (0.02 | ) | $ | 0.25 | |||||||||||||||||||
Diluted | $ | 0.18 | $ | 0.04 | $ | (0.02 | ) | $ | 0.21 | $ | 0.05 | $ | — | $ | 0.04 | $ | 0.27 | $ | (0.02 | ) | $ | 0.25 | |||||||||||||||||||
Condensed Consolidated Balance Sheets: | |||||||||||||||||||||||||||||||||||||||||
March 31, 2013 | June 30, 2013 | ||||||||||||||||||||||||||||||||||||||||
As Reported | Restatement | Revision | As Revised | As Reported | Revision | As Revised | |||||||||||||||||||||||||||||||||||
Adjustment | Adjustment | Adjustment | |||||||||||||||||||||||||||||||||||||||
Inventories, net | $ | 421,402 | $ | (6,430 | ) | $ | (3,952 | ) | $ | 411,020 | $ | 421,152 | $ | (4,265 | ) | $ | 416,887 | ||||||||||||||||||||||||
Costs in excess of billings | — | 1,679 | 426 | 2,105 | 911 | 1,305 | 2,216 | ||||||||||||||||||||||||||||||||||
Deferred income taxes | 28,962 | 1,222 | 926 | 31,110 | 30,675 | 1,015 | 31,690 | ||||||||||||||||||||||||||||||||||
Other current assets | 11,115 | 634 | — | 11,749 | 21,990 | — | 21,990 | ||||||||||||||||||||||||||||||||||
Total current assets | 648,540 | (2,895 | ) | (2,600 | ) | 643,045 | 941,246 | (1,945 | ) | 939,301 | |||||||||||||||||||||||||||||||
Goodwill | 135,341 | — | (5,260 | ) | 130,081 | 134,823 | (5,260 | ) | 129,563 | ||||||||||||||||||||||||||||||||
Other noncurrent assets | 5,197 | 2,870 | — | 8,067 | 13,681 | — | 13,681 | ||||||||||||||||||||||||||||||||||
Total assets | 1,245,229 | (25 | ) | (7,860 | ) | 1,237,344 | 1,541,554 | (7,205 | ) | 1,534,349 | |||||||||||||||||||||||||||||||
Unearned revenues – current | 24,991 | (1,151 | ) | (1,357 | ) | 22,483 | 49,700 | (570 | ) | 49,130 | |||||||||||||||||||||||||||||||
Total current liabilities | 154,604 | (1,151 | ) | (1,357 | ) | 152,096 | 166,703 | (570 | ) | 166,133 | |||||||||||||||||||||||||||||||
Deferred income taxes | 51,400 | — | (5,068 | ) | 46,332 | 81,190 | (5,068 | ) | 76,122 | ||||||||||||||||||||||||||||||||
Unearned revenues – noncurrent | 9,922 | 2,870 | — | 12,792 | 12,496 | — | 12,496 | ||||||||||||||||||||||||||||||||||
Total liabilities | 487,676 | 1,719 | (6,425 | ) | 482,970 | 746,783 | (5,638 | ) | 741,145 | ||||||||||||||||||||||||||||||||
Retained earnings | 329,236 | (1,744 | ) | (1,435 | ) | 326,057 | 328,665 | (1,567 | ) | 327,098 | |||||||||||||||||||||||||||||||
Total shareholders’ equity | 757,553 | (1,744 | ) | (1,435 | ) | 754,374 | 794,771 | (1,567 | ) | 793,204 | |||||||||||||||||||||||||||||||
Total liabilities and shareholders’ equity | 1,245,229 | (25 | ) | (7,860 | ) | 1,237,344 | 1,541,554 | (7,205 | ) | 1,534,349 | |||||||||||||||||||||||||||||||
Condensed Consolidated Statements of Cash Flows: | |||||||||||||||||||||||||||||||||||||||||
March 31, 2013 | |||||||||||||||||||||||||||||||||||||||||
As | Restatement | Revision | As | ||||||||||||||||||||||||||||||||||||||
Reported | Adjustment | Adjustment | Revised | ||||||||||||||||||||||||||||||||||||||
Net income | $ | 5,655 | $ | 1,313 | $ | (458 | ) | $ | 6,510 | ||||||||||||||||||||||||||||||||
Adjustment for non-cash items included in net income: | |||||||||||||||||||||||||||||||||||||||||
Deferred income taxes | 2,838 | 512 | (178 | ) | 3,172 | ||||||||||||||||||||||||||||||||||||
Changes in assets and liabilities: | |||||||||||||||||||||||||||||||||||||||||
Receivables | (9,994 | ) | — | (1,261 | ) | (11,255 | ) | ||||||||||||||||||||||||||||||||||
Inventories | (28,351 | ) | 1,220 | 111 | (27,020 | ) | |||||||||||||||||||||||||||||||||||
Unearned revenue | (1,042 | ) | (3,286 | ) | 532 | (3,796 | ) | ||||||||||||||||||||||||||||||||||
Cost in excess of billings | — | 162 | (7 | ) | 155 | ||||||||||||||||||||||||||||||||||||
Other current assets and liabilities | (10,447 | ) | (73 | ) | — | (10,520 | ) | ||||||||||||||||||||||||||||||||||
Other assets and liabilities | 983 | 152 | — | 1,135 | |||||||||||||||||||||||||||||||||||||
Cash used in operating activities | (30,723 | ) | — | — | (30,723 | ) | |||||||||||||||||||||||||||||||||||
June 30, 2013 | |||||||||||||||||||||||||||||||||||||||||
As | Revision | As | |||||||||||||||||||||||||||||||||||||||
Reported | Adjustment | Revised | |||||||||||||||||||||||||||||||||||||||
Net income | $ | 8,141 | $ | (590 | ) | $ | 7,551 | ||||||||||||||||||||||||||||||||||
Adjustment for non-cash items included in net income: | |||||||||||||||||||||||||||||||||||||||||
Deferred income taxes | 1,810 | (267 | ) | 1,543 | |||||||||||||||||||||||||||||||||||||
Changes in assets and liabilities: | |||||||||||||||||||||||||||||||||||||||||
Receivables | (3,054 | ) | (1,261 | ) | (4,315 | ) | |||||||||||||||||||||||||||||||||||
Inventories | (34,639 | ) | 424 | (34,215 | ) | ||||||||||||||||||||||||||||||||||||
Unearned revenue | 22,714 | 1,319 | 24,033 | ||||||||||||||||||||||||||||||||||||||
Cost in excess of billings | 930 | (886 | ) | 44 | |||||||||||||||||||||||||||||||||||||
Cash used in operating activities | 619 | — | 619 |
ORGANIZATION
ORGANIZATION | 9 Months Ended |
Sep. 30, 2013 | |
ORGANIZATION | ' |
Note 3—ORGANIZATION: | |
The Company is a leading producer and global supplier of advanced titanium mill products and a manufacturer of fabricated titanium and specialty metals components for the international aerospace, defense, energy, medical device, and other consumer and industrial markets. It is a successor to entities that have been operating in the titanium industry since 1951. The Company first became publicly traded on the New York Stock Exchange in 1990 under the name RMI Titanium Co. and the symbol “RTI,” and was reorganized into a holding company structure in 1998 under the name RTI International Metals, Inc. | |
Effective January 1, 2013, the Company reorganized into two segments: the Titanium Segment and the Engineered Products and Services Segment. The restructuring reflects the ongoing strategic integration of the Company’s operations, allows it to better communicate its portfolio of capabilities to its customers, and positions management to maximize the Company’s innovation and engineering expertise, manufacturing capacity, and production capabilities. 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. In April 2013, the Company continued the strategic realignment of its business by divesting its non-core RTI Pierce Spafford subsidiary, a non-titanium service center that was formerly part of the Distribution Group. Refer to Note 4 of these Condensed Consolidated Financial Statements for further information. | |
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 steel-making 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 Engineered Products and Services 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 Engineered Products and Services Segment provides value-added products and services such as engineered tubulars and extrusions, fabricated and machined components and sub-assemblies, and components for the production of minimally invasive and implantable medical devices, as well as engineered systems for deepwater oil and natural gas exploration and production infrastructure. | |
The Engineered Products and Services Segment utilizes the Titanium Segment as its primary source of titanium mill products. |
DISCONTINUED_OPERATIONS
DISCONTINUED OPERATIONS | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
DISCONTINUED OPERATIONS | ' | ||||||||||||||||
Note 4—DISCONTINUED OPERATIONS: | |||||||||||||||||
The Company evaluates each of its subsidiaries on an ongoing basis to ensure that its resources are being utilized to optimize and advance the strategic vision of the Company as a whole. In an effort to continue to align the resources of the Company with its long-term growth strategy, during the nine months ended September 30, 2013, the Company sold one of its non-core service centers, and continued to evaluate strategic alternatives for the potential disposition of the second. The results of these two service centers were reported in the former Distribution Group prior to January 1, 2013. The evaluation of the Company’s non-core businesses resulted in a goodwill impairment of $484 during the three months ended March 31, 2013. | |||||||||||||||||
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 Condensed Consolidated Statements of Operations and the related assets and liabilities have been presented separately on the Company’s Condensed Consolidated Balance Sheets as assets and liabilities of discontinued operations at December 31, 2012. The Company’s Condensed Consolidated Financial Statements and the Notes thereto have been conformed to exclude amounts attributable to RTI Pierce Spafford. Management is continuing to evaluate alternatives for the other non-core service center and as a result, it did not qualify for held-for-sale accounting as of September 30, 2013. Its results are reported in the Titanium Segment. | |||||||||||||||||
The Company’s results from discontinued operations are summarized below: | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Net sales | $ | — | $ | 7,228 | $ | 8,872 | $ | 23,477 | |||||||||
Income (loss) before income taxes | — | 594 | (200 | ) | 2,203 | ||||||||||||
Provision for (benefit from) income taxes | — | 205 | (44 | ) | 790 | ||||||||||||
Net income (loss) from discontinued operations | — | 389 | (156 | ) | 1,413 | ||||||||||||
Assets and liabilities of discontinued operations were comprised of the following at December 31, 2012: | |||||||||||||||||
December 31, | |||||||||||||||||
2012 | |||||||||||||||||
ASSETS | |||||||||||||||||
Accounts receivable, net | $ | 2,189 | |||||||||||||||
Inventories, net | 11,124 | ||||||||||||||||
Property, plant and equipment, net | 47 | ||||||||||||||||
Goodwill | 1,381 | ||||||||||||||||
Total assets of discontinued operations | $ | 14,741 | |||||||||||||||
LIABILITIES | |||||||||||||||||
Accounts payable | $ | 1,995 | |||||||||||||||
Accrued wages and other employment costs | 337 | ||||||||||||||||
Total liabilities of discontinued operations | $ | 2,332 | |||||||||||||||
ACCUMULATED_OTHER_COMPREHENSIV
ACCUMULATED OTHER COMPREHENSIVE LOSS | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
ACCUMULATED OTHER COMPREHENSIVE LOSS | ' | ||||||||||||||||
Note 5—ACCUMULATED OTHER COMPREHENSIVE LOSS: | |||||||||||||||||
The components of accumulated other comprehensive loss at September 30, 2013 and December 31, 2012 were as follows: | |||||||||||||||||
Foreign | Actuarial | Unrealized | Total | ||||||||||||||
Currency | Losses | losses | |||||||||||||||
Translation | on Benefit | on | |||||||||||||||
Plans | Investments | ||||||||||||||||
Balance at December 31, 2012 | $ | 12,990 | $ | (57,712 | ) | $ | — | $ | (44,722 | ) | |||||||
Other comprehensive income (loss) before reclassifications, net of tax | (4,589 | ) | 3,943 | (4 | ) | (650 | ) | ||||||||||
Amounts reclassified from other comprehensive loss, net of tax | — | 5,381 | — | 5,381 | |||||||||||||
Accumulated other comprehensive income (loss) at September 30, 2013 | $ | 8,401 | $ | (48,388 | ) | $ | (4 | ) | $ | (39,991 | ) | ||||||
Amounts reclassified from accumulated other comprehensive loss, net of tax, for the three and nine months ended September 30, 2013 are as follows: | |||||||||||||||||
Three Months | Nine Months | ||||||||||||||||
Ended September 30, 2013 | Ended September 30, 2013 | ||||||||||||||||
Amortization of Defined Benefit Pension Items | |||||||||||||||||
Actuarial losses and prior service costs | $ | 2,017 | $ | 6,463 | |||||||||||||
Special termination benefits | — | 2,214 | |||||||||||||||
Tax expense | (767 | ) | (3,296 | ) | |||||||||||||
Total reclassifications | $ | 1,250 | $ | 5,381 | |||||||||||||
These amounts have been used in the calculation of net periodic benefit cost for the three and nine months ended September 30, 2013. In addition to the amounts above, the Company recognized a gain of $3,943, net of tax, related to the remeasurement of pension plan assets during the nine months ended September 30, 2013, which is included in accumulated other comprehensive income at September 30, 2013. Refer to Note 14 of these Condensed Consolidated Financial Statements for further information about the Company’s benefit plans. |
STOCKBASED_COMPENSATION
STOCK-BASED COMPENSATION | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
STOCK-BASED COMPENSATION | ' | ||||||||
Note 6—STOCK-BASED COMPENSATION: | |||||||||
Stock Options | |||||||||
A summary of the status of the Company’s stock options as of September 30, 2013, and the activity during the nine months then ended, is presented below: | |||||||||
Stock Options | Options | ||||||||
Outstanding at December 31, 2012 | 590,850 | ||||||||
Granted | 98,831 | ||||||||
Forfeited | (15,595 | ) | |||||||
Expired | (15,743 | ) | |||||||
Exercised | (97,432 | ) | |||||||
Outstanding at September 30, 2013 | 560,911 | ||||||||
Exercisable at September 30, 2013 | 395,351 | ||||||||
The fair value of stock options granted was estimated at the date of grant using the Black-Scholes option-pricing model based upon the assumptions noted in the following table: | |||||||||
2013 | |||||||||
Risk-free interest rate | 0.87 | % | |||||||
Expected dividend yield | 0 | % | |||||||
Expected lives (in years) | 5 | ||||||||
Expected volatility | 65 | % | |||||||
The weighted-average grant date fair value of stock option awards granted during the nine months ended September 30, 2013 was $15.80. | |||||||||
Restricted Stock | |||||||||
A summary of the status of the Company’s nonvested restricted stock as of September 30, 2013, and the activity during the nine months then ended, is presented below: | |||||||||
Nonvested Restricted Stock Awards | Shares | ||||||||
Nonvested at December 31, 2012 | 182,179 | ||||||||
Granted | 116,856 | ||||||||
Vested | (75,222 | ) | |||||||
Forfeited | (9,719 | ) | |||||||
Nonvested at September 30, 2013 | 214,094 | ||||||||
The fair value of restricted stock grants was calculated using the market value of the Company’s Common Stock on the date of issuance. The weighted-average grant date fair value of restricted stock awards granted during the nine months ended September 30, 2013 was $28.90. | |||||||||
Performance Share Awards | |||||||||
A summary of the Company’s performance share awards as of September 30, 2013, and the activity during the nine months then ended, is presented below: | |||||||||
Performance Share Awards | Awards | Maximum Shares | |||||||
Activity | Eligible to | ||||||||
Receive | |||||||||
Outstanding at December 31, 2012 | 107,057 | 214,114 | |||||||
Granted | 72,164 | 144,328 | |||||||
Forfeited | (22,472 | ) | (44,944 | ) | |||||
Outstanding at September 30, 2013 | 156,749 | 313,498 | |||||||
The fair value of the performance share awards granted was estimated by the Company at the grant date using a Monte Carlo model. The weighted-average grant-date fair value of performance shares awarded during the nine months ended September 30, 2013 was $41.02. |
INCOME_TAXES_As_Restated
INCOME TAXES (As Restated) | 9 Months Ended |
Sep. 30, 2013 | |
INCOME TAXES (As Restated) | ' |
Note 7—INCOME TAXES (As Restated): | |
Management estimates the annual effective income tax rate quarterly, based on the most recent forecasted annual results. Items unrelated to current year ordinary income are recognized entirely in the period identified as a discrete item of tax. The quarterly income tax provision is comprised of tax on ordinary income provided at the most recent estimated annual effective tax rate, adjusted for the tax effect of discrete items. The income tax provision for the three and nine months ended September 30, 2012 has been restated. | |
For the nine months ended September 30, 2013, the estimated annual effective tax rate applied to ordinary income from continuing operations was 30.9%, compared to a rate of 33.4% for the nine months ended September 30, 2012. The Company’s effective income tax rate decreased 2.5 percentage points from 2012 principally due to a change in the mix of foreign and domestic income between the periods and the larger benefit of the Manufacturing Deduction compared to 2012. These benefits were partially offset by the portion of debt extinguishment charges which were not deductible for income tax purposes. | |
Inclusive of discrete items, the Company recorded a provision for income taxes of $3,507, or 14.9% of pretax income, and $6,048 or 34.8% of pretax income, for federal, state, and foreign income taxes for the nine months ended September 30, 2013 and 2012, respectively. Discrete items for the nine months ended September 30, 2013 benefited the provision by $3,761 and were primarily related to the revaluation of certain deferred tax liabilities due to changes in state and U.K. tax laws and from the effective settlement of a tax audit during the period. These benefits were partially offset by adjustments for tax returns filed during the period. Discrete items for the nine months ended September 30, 2012 totaled $233 and were principally due to adjustments for tax returns filed during the period. |
EARNINGS_PER_SHARE
EARNINGS PER SHARE | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
EARNINGS PER SHARE | ' | ||||||||||||||||
Note 8—EARNINGS PER SHARE: | |||||||||||||||||
Basic earnings per share was computed by dividing net income attributable to common shareholders by the weighted-average number of shares of Common Stock outstanding for each respective period. Diluted earnings per share was calculated by dividing net income attributable to common shareholders by the weighted-average of all potentially dilutive shares of Common Stock that were outstanding during the periods presented. The Company’s restricted stock awards are considered participating securities. As such, the Company uses the two-class method to compute basic and diluted earnings per share. | |||||||||||||||||
At September 30, 2013, the Company had $114.4 million aggregate principal amount of 3.000% Convertible Senior Notes due 2015 (the “2015 Notes”) and $402.5 million aggregate principal amount of 1.625% Convertible Senior Notes due 2019 (the “2019 Notes”) outstanding. The calculation of diluted earnings per share for the three months ended September 30, 2013 was calculated by adding back interest expense, net of tax, related to the 2019 Notes to the numerator and adding the shares underlying the 2019 Notes to the denominator using the “If Converted” method. Shares underlying the 2015 Notes and certain stock options were excluded from the calculation of earnings per share as their effects were antidilutive. Shares excluded from the calculation of earnings per share were as follows: | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
2015 Notes | 3,185,213 | 6,404,902 | 3,185,213 | 6,404,902 | |||||||||||||
2019 Notes | — | — | 9,885,561 | — | |||||||||||||
Anti-dilutive options (1) | 241,334 | 425,383 | 238,090 | 421,036 | |||||||||||||
-1 | Average option price of shares excluded from calculation of earnings per share were $47.50 and $38.26 for the three months ended September 30, 2013 and 2012, respectively and $48.29 and $38.46 for the nine months ended September 30, 2013 and 2012, respectively. | ||||||||||||||||
The following illustrates the earnings allocation method utilized in the calculation of basic and diluted earnings per share. Actual weighted-average shares of Common Stock outstanding used in the calculation of basic and diluted earnings per share for the three and nine months ended September 30, 2013 and 2012 were as follows: | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
(As Restated) | (As Restated) | ||||||||||||||||
Numerator—basic earnings per share: | |||||||||||||||||
Net income from continuing operations before allocation of earnings to participating securities | $ | 12,292 | $ | 3,199 | $ | 19,999 | $ | 11,350 | |||||||||
Less: Earnings allocated to participating securities | (87 | ) | (20 | ) | (140 | ) | (67 | ) | |||||||||
Net income from continuing operations attributable to common shareholders, after earnings allocated to participating securities used in calculation of basic earnings per share | $ | 12,205 | $ | 3,179 | $ | 19,859 | $ | 11,283 | |||||||||
Numerator—diluted earnings per share: | |||||||||||||||||
Net income from continuing operations before allocation of earnings to participating securities | $ | 12,292 | $ | 3,199 | $ | 19,999 | $ | 11,350 | |||||||||
Interest expense on 2019 Notes, net of tax | 2,853 | N/A | N/A | N/A | |||||||||||||
Less: Earnings allocated to participating securities | (107 | ) | (20 | ) | (140 | ) | (67 | ) | |||||||||
Net income from continuing operations attributable to common shareholders, after earnings allocated to participating securities used in calculation of diluted earnings per share | $ | 15,038 | $ | 3,179 | $ | 19,859 | $ | 11,283 | |||||||||
Net income (loss) from discontinued operations before allocation of earnings to participating securities | $ | — | $ | 389 | $ | (156 | ) | $ | 1,413 | ||||||||
Less: Earnings allocated to participating securities | — | (2 | ) | — | (8 | ) | |||||||||||
Net income from discontinued operations attributable to common shareholders, after earnings allocated to participating securities | $ | — | $ | 387 | $ | (156 | ) | $ | 1,405 | ||||||||
Denominator: | |||||||||||||||||
Basic weighted-average shares outstanding | 30,325,662 | 30,137,187 | 30,285,004 | 30,117,204 | |||||||||||||
Effect of dilutive securities | 10,048,947 | 110,185 | 213,843 | 115,100 | |||||||||||||
Diluted weighted-average shares outstanding | 40,374,609 | 30,247,372 | 30,498,847 | 30,232,304 | |||||||||||||
Earnings per share attributable to continuing operations: | |||||||||||||||||
Basic | $ | 0.4 | $ | 0.11 | $ | 0.66 | $ | 0.37 | |||||||||
Diluted | $ | 0.37 | $ | 0.11 | $ | 0.65 | $ | 0.37 | |||||||||
Earnings (loss) per share attributable to discontinued operations: | |||||||||||||||||
Basic | $ | — | $ | 0.01 | $ | (0.01 | ) | $ | 0.05 | ||||||||
Diluted | $ | — | $ | 0.01 | $ | (0.01 | ) | $ | 0.05 |
CASH_CASH_EQUIVALENTS_AND_SHOR
CASH, CASH EQUIVALENTS AND SHORT-TERM INVESTMENTS | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
CASH, CASH EQUIVALENTS AND SHORT-TERM INVESTMENTS | ' | ||||||||||||||||
Note 9—CASH, CASH EQUIVALENTS AND SHORT-TERM INVESTMENTS: | |||||||||||||||||
Cash and cash equivalents | |||||||||||||||||
The Company considers all highly-liquid investments with an original maturity of three months or less to be cash equivalents. Cash equivalents principally consist of investments in short-term money market funds and corporate commercial paper with original maturities of less than 90 days. | |||||||||||||||||
Available-for-sale securities | |||||||||||||||||
Investments in marketable securities that are being held for an indefinite period are classified as available-for-sale and are recorded at fair value based on market quotes using the specific identification method, with unrealized gains and losses recorded as a component of accumulated other comprehensive income until realized. Realized gains and losses from the sale of available-for-sale securities, if any, are determined on a specific identification basis. The Company considers these investments to be available-for-sale as they may be sold to fund other investment opportunities as they arise. | |||||||||||||||||
The major categories of the Company’s cash equivalents and 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 and governments. By definition, the stated maturity on commercial paper obligations cannot exceed 270 days. | |||||||||||||||||
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. | |||||||||||||||||
Cash, cash equivalents, and short-term investments consist of the following: | |||||||||||||||||
September 30, | December 31, | ||||||||||||||||
2013 | 2012 | ||||||||||||||||
Cash and cash equivalents: | |||||||||||||||||
Cash | $ | 69,193 | $ | 37,473 | |||||||||||||
Cash equivalents: | |||||||||||||||||
Commercial paper | 128,448 | 32,642 | |||||||||||||||
Money market mutual funds | 117,380 | 27,075 | |||||||||||||||
Total cash and cash equivalents | 315,021 | 97,190 | |||||||||||||||
Short-term investments: | |||||||||||||||||
Commercial paper | 36,398 | — | |||||||||||||||
Corporate notes and bonds | 8,789 | — | |||||||||||||||
Total short-term investments | 45,187 | — | |||||||||||||||
Total cash, cash equivalents, and short-term investments | $ | 360,208 | $ | 97,190 | |||||||||||||
The Company had no investments at December 31, 2012. The Company’s investments at September 30, 2013 were as follows: | |||||||||||||||||
Amortized | Gross Unrealized | ||||||||||||||||
Cost | Gains | Losses | Fair Value | ||||||||||||||
As of September 30, 2013: | |||||||||||||||||
Commercial paper | $ | 36,397 | $ | 1 | $ | — | $ | 36,398 | |||||||||
Corporate notes and bonds | 8,794 | — | 5 | 8,789 | |||||||||||||
Total | $ | 45,191 | $ | 1 | $ | 5 | $ | 45,187 | |||||||||
The Company typically purchases its available-for-sale debt securities either at a premium or a discount. The premium or discount is amortized over the remaining term of each security using the interest method. Amortization is recorded as either a decrease to interest income for premiums or an increase to interest income for discounts. For each of the three and six months ended September 30, 2013, net amortization of premiums and discounts was immaterial. | |||||||||||||||||
The Company classifies investments maturing within one year as short-term investments. Investments maturing in excess of one year are classified as noncurrent. All of the Company’s investments had contractual maturities of less than one year at September 30, 2013. | |||||||||||||||||
As of September 30, 2013, no investments classified as available-for-sale have been in a continuous unrealized loss position for greater than twelve months. The Company believes that the unrealized losses on the available-for-sale portfolio as of September 30, 2013 are temporary in nature and are related to market interest rate fluctuations and not indicative of a deterioration in the creditworthiness of the issuers. |
FAIR_VALUE_MEASUREMENTS
FAIR VALUE MEASUREMENTS | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
FAIR VALUE MEASUREMENTS | ' | ||||||||||||||||
Note 10—FAIR VALUE MEASUREMENTS: | |||||||||||||||||
For certain of the Company’s financial instruments and account groupings, including cash, short-term investments, accounts receivable, accounts payable, accrued wages and other employee costs, unearned revenue, and other accrued liabilities, the carrying value approximates fair value due to their relative short-term nature. | |||||||||||||||||
Listed below are the Company’s assets, and their fair values, which are measured at fair value on a recurring basis, as of September 30, 2013. The Company uses trading prices near the balance sheet date to determine the fair value of its assets measured on a recurring basis. The Company held no investments measured at fair value on a recurring basis as of December 31, 2012. There were no transfers between levels for the three or nine months ended September 30, 2013. | |||||||||||||||||
Quoted Market | Significant | Significant | Fair Value | ||||||||||||||
Prices | Other Observable | Unobservable | |||||||||||||||
(Level 1) | Inputs | Inputs | |||||||||||||||
(Level 2) | (Level 3) | ||||||||||||||||
As of September 30, 2013: | |||||||||||||||||
Commercial paper | $ | — | $ | 36,398 | $ | — | $ | 36,398 | |||||||||
Corporate notes and bonds | — | 8,789 | — | 8,789 | |||||||||||||
Total | $ | — | $ | 45,187 | $ | — | $ | 45,187 | |||||||||
The carrying amounts and fair values of financial instruments for which the fair value option was not elected were as follows: | |||||||||||||||||
September 30, 2013 | December 31, 2012 | ||||||||||||||||
Carrying | Fair | Carrying | Fair | ||||||||||||||
Amount | Value | Amount | Value | ||||||||||||||
Cash and cash equivalents | $ | 315,021 | $ | 315,021 | $ | 97,190 | $ | 97,190 | |||||||||
Current portion of long-term debt | $ | 999 | $ | 999 | $ | 957 | $ | 957 | |||||||||
Long-term debt | $ | 419,249 | $ | 548,560 | $ | 198,337 | $ | 249,113 | |||||||||
The fair value of long-term debt was estimated based on the quoted market prices for the debt (Level 2). |
INVENTORIES
INVENTORIES | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
INVENTORIES | ' | ||||||||
Note 11—INVENTORIES: | |||||||||
Inventories are valued at cost as determined by the last-in, first-out (“LIFO”) method for approximately 57% and 55% of the Company’s inventories at September 30, 2013 and December 31, 2012, 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. As of September 30, 2013 and December 31, 2012, the current cost of inventories exceeded their carrying value by $58,609 and $58,598, respectively. Inventories consisted of the following: | |||||||||
September 30, | December 31, | ||||||||
2013 | 2012 | ||||||||
(As Restated) | |||||||||
Raw materials and supplies | $ | 166,184 | $ | 160,627 | |||||
Work-in-process and finished goods | 312,825 | 283,087 | |||||||
LIFO reserve | (58,609 | ) | (58,598 | ) | |||||
Total inventories | $ | 420,400 | $ | 385,116 | |||||
GOODWILL_AND_OTHER_INTANGIBLE_
GOODWILL AND OTHER INTANGIBLE ASSETS | 9 Months Ended | ||||||||||||
Sep. 30, 2013 | |||||||||||||
GOODWILL AND OTHER INTANGIBLE ASSETS | ' | ||||||||||||
Note 12—GOODWILL AND OTHER INTANGIBLE ASSETS: | |||||||||||||
The carrying amount of goodwill is tested at least annually for impairment. Absent any events throughout the year which would indicate that a potential impairment has occurred, the Company performs its annual impairment testing during the fourth quarter. | |||||||||||||
Uncertainties or other factors that could result in a potential goodwill impairment include, but are not limited to: | |||||||||||||
• | further long-term production delays or a significant decrease in expected demand or component pricing related to the Boeing 787 Dreamliner® program, | ||||||||||||
• | the cancellation of one of the other major aerospace or defense programs in which the Company currently participates, such as the Joint Strike Fighter program, the Airbus family of aircraft including the A380 and A350XWB, or the Boeing 747-8 program, | ||||||||||||
• | a reduction in revenues from medical device customers due to pricing pressures or competing technologies, or | ||||||||||||
• | the Company’s ability to ramp up its production in a cost efficient manner may also impact the results of a future impairment test. | ||||||||||||
Goodwill. The carrying amount of goodwill attributable to each segment at December 31, 2012 and September 30, 2013 was as follows: | |||||||||||||
Titanium | Engineered | Total | |||||||||||
Segment | Products and | ||||||||||||
Services | |||||||||||||
Segment | |||||||||||||
December 31, 2012 (As Restated) | $ | 10,020 | $ | 120,590 | $ | 130,610 | |||||||
Impairment (Note 4) | (293 | ) | — | (293 | ) | ||||||||
Translation adjustment | — | (479 | ) | (479 | ) | ||||||||
30-Sep-13 | $ | 9,727 | $ | 120,111 | $ | 129,838 | |||||||
Intangibles. 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 are reduced, a write-down or acceleration of the amortization period may be required. Trade names are not amortized, as the Company believes that these assets have an indefinite life and currently intends to continue the use of the Remmele name indefinitely. Other intangible assets are being amortized over the following periods: | |||||||||||||
Intangible Asset | Amortization | ||||||||||||
Period | |||||||||||||
Customer relationships | 15-20 years | ||||||||||||
Developed technology | 12-20 years | ||||||||||||
Backlog | 2 years | ||||||||||||
There were no intangible assets attributable to the Titanium Segment at December 31, 2012 and September 30, 2013. The carrying amounts of intangible assets attributable to the Company’s Engineered Products and Services Segment at December 31, 2012 and September 30, 2013 were as follows: | |||||||||||||
Intangible | |||||||||||||
Assets | |||||||||||||
31-Dec-12 | $ | 56,495 | |||||||||||
Amortization | (2,349 | ) | |||||||||||
Translation adjustment | (1,104 | ) | |||||||||||
30-Sep-13 | $ | 53,042 | |||||||||||
LONGTERM_DEBT
LONG-TERM DEBT | 9 Months Ended | ||||||||||||
Sep. 30, 2013 | |||||||||||||
LONG-TERM DEBT | ' | ||||||||||||
Note 13—LONG-TERM DEBT: | |||||||||||||
Long-term debt consisted of: | |||||||||||||
Effective | September 30, | December 31, | |||||||||||
Interest | 2013 | 2012 | |||||||||||
Rate | |||||||||||||
$114.4 million aggregate principal 3.000% Convertible Senior Notes due 2015 | 8.675 | % | $ | 101,714 | $ | 196,644 | |||||||
$402.5 million aggregate principal amount 1.625% Convertible Senior Notes due 2019 | 5.875 | % | 316,555 | — | |||||||||
Capital leases | various | 1,979 | 2,650 | ||||||||||
Total debt | 420,248 | 199,294 | |||||||||||
Less: Current portion of capital leases | (999 | ) | (957 | ) | |||||||||
Total long-term debt | $ | 419,249 | $ | 198,337 | |||||||||
In April, 2013, the Company issued the 2019 Notes. Interest on the 2019 Notes is payable in arrears on April 15 and October 15 of each year, beginning on October 15, 2013, at a rate of 1.625% per annum. The 2019 Notes are the Company’s general unsecured obligations. The 2019 Notes are jointly and severally, fully and unconditionally (subject to the customary exceptions discussed below) guaranteed by several 100% owned subsidiaries (the “Guarantor Subsidiaries”) of RTI International Metals, Inc. (the “Parent”). Each Guarantor Subsidiary would be automatically released from its guarantee of the 2019 Notes if either (i) it ceased to be a guarantor under the Parent’s $150 million revolving credit facility under its Second Amended and Restated Credit Agreement (the “Credit Agreement”), which expires on May 23, 2017 or (ii) it ceased to be a direct or indirect subsidiary of the Parent. Refer to Note 18 of these Condensed Consolidated Financial Statements for additional information about the Guarantor Subsidiaries. | |||||||||||||
The 2019 Notes will be convertible at the applicable conversion rate at any time on or after April 15, 2019, until the close of business on the second scheduled trading day immediately preceding the maturity date. The current conversion rate for the 2019 Notes equals 24.5604 shares of common stock per $1,000 principal amount of 2019 Notes (equivalent to a conversion price of $40.72 per share of Common Stock). Upon conversion, holders of the 2019 Notes will receive, at the Company’s election, cash, shares of the Company’s Common Stock, or a combination of both. | |||||||||||||
The authoritative guidance of the Financial Accounting Standards Board (“FASB”) requires convertible notes that may be settled in cash to be bifurcated into a liability component and an equity component. The fair value of the liability component is determined by calculating the present value of the cash flows of the convertible note using the interest rate of a bond of similar size and rating without a conversion feature (i.e., straight-debt). The fair value of the equity component is the difference between the proceeds from the issuance and the fair value of the liability. | |||||||||||||
The Company determined similar straight-debt had an interest rate of 5.875% at the time the 2019 Notes were issued. As a result, the fair value of the liability component of the 2019 Notes was calculated to be $311.2 million and was recorded as long-term debt. The conversion component of the 2019 Notes has a fair value of $91.3 million and was recorded, net of deferred taxes, as additional paid-in capital. The debt component of the 2019 Notes will accrete to the 2019 Notes’ par value of $402.5 million over the 2019 Notes’ 6.5 year term. Debt accretion is recorded in the Company’s Consolidated Statement of Operations as a component of interest expense. The Company is accreting the long-term debt balance to par value using the interest method. | |||||||||||||
In conjunction with the issuance of the 2019 Notes, the Company incurred debt issuance costs totaling $12.4 million. Under the FASB’s authoritative guidance, debt issuance costs for the 2019 Notes should be allocated to the liability and equity components in proportion to their respective fair values. As such, $2.8 million of these costs were attributed to the conversion feature of the 2019 Notes and was recorded, net of deferred taxes, as additional paid-in capital. The remaining $9.6 million of debt issuance costs were attributed to the liability component of the 2019 Notes and were capitalized in the Company’s Condensed Consolidated Balance Sheet as a component of other current and noncurrent assets. The portion of the costs attributed to the debt component of the 2019 Notes is being amortized over the term of the 2019 Notes using the interest method. Amortization of these costs is included as a component of interest expense in the Company’s Condensed Consolidated Statement of Operations. | |||||||||||||
Commensurate with the issuance of the 2019 Notes, the Company repurchased, through individually negotiated private transactions, $115.6 million aggregate principal amount of its 2015 Notes for cash consideration of $133.4 million, including $1.3 million of accrued interest on the repurchased 2015 Notes. The FASB’s authoritative guidance regarding repurchases of convertible notes requires that the consideration paid be separated into a component to repurchase the debt instrument and a component to derecognize the equity component. The fair value of the liability component at repurchase is determined by calculating the present value of the cash flows of the note at a similar size and rating without a conversion feature as of the repurchase date. The fair value of the equity component is the difference between the consideration paid and the fair value of the liability component. | |||||||||||||
The Company determined similar straight-debt had an interest rate of 3.535% at the time the 2015 Notes were repurchased. Using this rate, the fair value of the liability component of the repurchased 2015 Notes was calculated to be $112.6 million while the equity component of the repurchased 2015 Notes was calculated to be $19.5 million. The book value of the liability component of the repurchased 2015 Notes was $100.4 million as of the repurchase date. The $12.2 million excess of consideration paid for the liability component of the repurchased 2015 Notes over their book value represents a debt extinguishment charge and was recorded as a component of interest expense in the Condensed Consolidated Statement of Operations. Unamortized debt issuance costs totaling $1.5 million related to the repurchased 2015 Notes were also expensed as a component of interest expense in conjunction with the repurchase. | |||||||||||||
During the three and nine months ended September 30, 2013, the Company recorded, as a component of interest expense, long-term debt discount amortization of $4,266 and $10,592, respectively. Interest expense from the amortization of debt issuance costs were $457 and $1,210 for the three and nine months ended September 30, 2013, respectively. The Company did not capitalize any interest during the three or nine months ended September 30, 2013. | |||||||||||||
During the three and nine months ended September 30, 2012, the Company recorded, as a component of interest expense, long-term debt discount amortization of $2,454 and $7,192, respectively. Interest expense from the amortization of debt issuance costs were $325 and $1,077 for the three and nine months ended September 30, 2012, respectively. The Company capitalized interest totaling $821 for the nine months ended September 30, 2012. | |||||||||||||
EMPLOYEE_BENEFIT_PLANS
EMPLOYEE BENEFIT PLANS | 9 Months Ended | ||||||||||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||||||||||
EMPLOYEE BENEFIT PLANS | ' | ||||||||||||||||||||||||||||||||
Note 14—EMPLOYEE BENEFIT PLANS: | |||||||||||||||||||||||||||||||||
Components of net periodic pension and other post-retirement benefit costs for the three and nine months ended September 30, 2013 and 2012 for those salaried and hourly covered employees were as follows: | |||||||||||||||||||||||||||||||||
Pension Benefits | Other Post-Retirement Benefits | ||||||||||||||||||||||||||||||||
Three Months | Nine Months | Three Months | Nine Months | ||||||||||||||||||||||||||||||
Ended September 30, | Ended September 30, | Ended September 30, | Ended September 30, | ||||||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | 2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||||||
Service cost | $ | 594 | $ | 613 | $ | 1,879 | $ | 1,837 | $ | 177 | $ | 167 | $ | 570 | $ | 503 | |||||||||||||||||
Interest cost | 1,715 | 1,774 | 5,096 | 5,320 | 481 | 526 | 1,439 | 1,576 | |||||||||||||||||||||||||
Expected return on plan assets | (2,615 | ) | (2,428 | ) | (7,814 | ) | (7,280 | ) | — | — | — | — | |||||||||||||||||||||
Amortization of prior service cost | 248 | 245 | 744 | 735 | 304 | 303 | 911 | 911 | |||||||||||||||||||||||||
Amortization of actuarial loss | 1,412 | 1,341 | 4,614 | 4,021 | 53 | 40 | 194 | 118 | |||||||||||||||||||||||||
Special termination benefits | — | — | 2,052 | — | — | — | 162 | — | |||||||||||||||||||||||||
Net periodic benefit cost. | $ | 1,354 | $ | 1,545 | $ | 6,571 | $ | 4,633 | $ | 1,015 | $ | 1,036 | $ | 3,276 | $ | 3,108 | |||||||||||||||||
The Company recorded an expense of $2,214 in net periodic benefit cost during the nine months ended September 30, 2013 related to the remeasurement of its qualified defined benefit pension plans and post-retirement medical plans as a result of a voluntary early retirement program initiated during the period. | |||||||||||||||||||||||||||||||||
The Company made contributions totaling $4,320 to its qualified defined benefit plans during the nine months ended September 30, 2013. The Company does not expect to make any additional contributions to its Company-sponsored pension plans during the remainder of 2013. |
COMMITMENTS_AND_CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 9 Months Ended |
Sep. 30, 2013 | |
COMMITMENTS AND CONTINGENCIES | ' |
Note 15—COMMITMENTS AND CONTINGENCIES: | |
From time to time, the Company is involved in litigation relating to claims arising out of its operations in the normal course of business. In the Company’s opinion, the ultimate liability, if any, resulting from these matters will have no significant effect on its Condensed Consolidated Financial Statements. Given the critical nature of many of the aerospace end uses for the Company’s products, including specifically their use in critical rotating parts of gas turbine engines, the Company maintains aircraft products liability insurance of $500 million, which includes grounding liability. | |
Environmental Matters | |
Based on available information, the Company believes that its share of possible environmental-related costs is in a range from $631 to $2,103 in the aggregate. At September 30, 2013 and December 31, 2012, the amount accrued for future environmental-related costs was $1,264 and $1,277, respectively. Of the total amount accrued at September 30, 2013, $85 was expected to be paid within the next twelve months, and was included as a component of other accrued liabilities on the Company’s Condensed Consolidated Balance Sheet. The remaining $1,179 was recorded as a component of other noncurrent liabilities. During the three months ended September 30, 2013, the Company made payments of $14 related to its environmental liabilities. | |
Other Matters | |
The Company is also the subject of, or a party to, a number of other pending or threatened legal actions involving a variety of matters incidental to its business. The Company is of the opinion that the ultimate resolution of these matters will not have a material adverse effect on the results of the operations, cash flows, or the financial position of the Company. |
SEGMENT_REPORTING
SEGMENT REPORTING | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
SEGMENT REPORTING | ' | ||||||||||||||||
Note 16—SEGMENT REPORTING: | |||||||||||||||||
The Company has two reportable segments: the Titanium Segment and the Engineered Products and Services Segment. The Engineered Products and Services Segment utilizes the Titanium Segment as its primary source of titanium mill products. 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: | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
(As Restated) | (As Restated) | ||||||||||||||||
Net sales: | |||||||||||||||||
Titanium Segment | $ | 89,661 | $ | 90,090 | $ | 273,664 | $ | 274,835 | |||||||||
Intersegment sales | 24,376 | 20,882 | 65,993 | 64,815 | |||||||||||||
Total Titanium Segment sales | 114,037 | 110,972 | 339,657 | 339,650 | |||||||||||||
Engineered Products and Services Segment | 106,871 | 92,455 | 314,850 | 246,242 | |||||||||||||
Intersegment sales. | 14,142 | 19,867 | 47,181 | 62,510 | |||||||||||||
Total Engineered Products and Services Segment sales | 121,013 | 112,322 | 362,031 | 308,752 | |||||||||||||
Eliminations | 38,518 | 40,749 | 113,174 | 127,325 | |||||||||||||
Total consolidated net sales | $ | 196,532 | $ | 182,545 | $ | 588,514 | $ | 521,077 | |||||||||
Operating income: | |||||||||||||||||
Titanium Segment before corporate allocations | $ | 21,472 | $ | 9,875 | $ | 58,648 | $ | 40,798 | |||||||||
Corporate allocations | (4,641 | ) | (4,327 | ) | (14,051 | ) | (14,658 | ) | |||||||||
Total Titanium Segment operating income | 16,831 | 5,548 | 44,597 | 26,140 | |||||||||||||
Engineered Products and Services Segment before corporate allocations | 9,953 | 7,510 | 26,682 | 14,993 | |||||||||||||
Corporate allocations | (5,219 | ) | (3,762 | ) | (16,021 | ) | (10,991 | ) | |||||||||
Total Engineered Products and Services Segment operating income | 4,734 | 3,748 | 10,661 | 4,002 | |||||||||||||
Total consolidated operating income | $ | 21,565 | $ | 9,296 | $ | 55,258 | $ | 30,142 | |||||||||
Other income (expense), net | (294 | ) | 16 | 965 | 318 | ||||||||||||
Interest expense, net | (7,309 | ) | (4,690 | ) | (32,717 | ) | (13,062 | ) | |||||||||
Total consolidated income before income taxes | $ | 13,962 | $ | 4,622 | $ | 23,506 | $ | 17,398 | |||||||||
September 30, | December 31, | ||||||||||||||||
2013 | 2012 | ||||||||||||||||
(As Restated) | |||||||||||||||||
Total assets: | |||||||||||||||||
Titanium Segment | $ | 616,376 | $ | 576,786 | |||||||||||||
Engineered Products and Services Segment. | 633,093 | 577,317 | |||||||||||||||
General corporate assets | 302,912 | 83,637 | |||||||||||||||
Assets of discontinued operations | — | 14,741 | |||||||||||||||
Total consolidated assets | $ | 1,552,381 | $ | 1,252,481 | |||||||||||||
NEW_ACCOUNTING_STANDARDS
NEW ACCOUNTING STANDARDS | 9 Months Ended |
Sep. 30, 2013 | |
NEW ACCOUNTING STANDARDS | ' |
Note 17—NEW ACCOUNTING STANDARDS: | |
In July 2013, the FASB issued Accounting Standards Update (“ASU”) 2013-11, “Income Taxes – Presentation of an Unrecognized Tax Benefit when a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists.” This ASU prescribes the Balance Sheet presentation for unrecognized tax benefits in the presence of a net operating loss carryforward, tax loss or tax credit carryforward. The amendments in the ASU do not require any new recurring disclosures, and are effective for fiscal years, and interim periods within those years, beginning after December 15, 2013. The Company does not expect this guidance to have a material impact on the Condensed Consolidated Financial Statements. | |
In March 2013, the FASB issued ASU 2013-05, “Foreign Currency Matters – Parent’s Accounting for the Cumulative Translation Adjustment upon Derecognition of Certain Subsidiaries or Groups of Assets within a Foreign Entity or of an Investment in a Foreign Entity.” This ASU clarifies the applicable guidance for the release of the cumulative translation adjustment under current U.S. GAAP. The amendments in this ASU are effective prospectively for annual and interim reporting periods beginning after December 15, 2013. The Company does not expect this guidance to have a material impact on the Condensed Consolidated Financial Statements. | |
In February 2013, the FASB issued ASU 2013-04, “Liabilities – Obligations Resulting from Joint and Several Liability Arrangements for Which the Total Amount of the Obligation is Fixed at the Reporting Date.” This ASU provides guidance for the recognition, measurement, and disclosure of obligations resulting from joint and several liability arrangements for which the total amount of the obligation within the scope of the ASU is fixed at the reporting date. The amendments in this ASU are effective prospectively for annual and interim reporting periods beginning after December 15, 2013. The Company does not expect this guidance to have a material impact on the Condensed Consolidated Financial Statements. | |
In February 2013, the FASB issued ASU 2013-02, “Comprehensive Income – Reporting of Amounts Reclassified out of Accumulated Other Comprehensive Income.” This ASU added disclosure requirements for amounts reclassified out of accumulated other comprehensive income for interim and annual reporting periods. The amendments in this ASU are effective prospectively for all reporting periods beginning after December 15, 2012. The Company adopted this guidance during the first quarter of 2013. The adoption of this guidance during the nine months ended September 30, 2013 did not have a material impact on the Condensed Consolidated Financial Statements. | |
In January 2013, the FASB issued ASU 2013-01, “Balance Sheet – Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities.” This ASU clarified the types of instruments to which ASU 2011-11 applied. This update is effective for annual reporting periods beginning on or after January 1, 2013. The adoption of this guidance during the nine months ended September 30, 2013 did not have a material impact on the Condensed Consolidated Financial Statements. | |
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. The adoption of this guidance did not have a material impact on the Condensed 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 adoption of this guidance during the nine months ended September 30, 2013 did not have a material impact on the Condensed Consolidated Financial Statements. |
GUARANTOR_SUBSIDIARIES
GUARANTOR SUBSIDIARIES | 9 Months Ended | ||||||||||||||||||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||||||||||||||||||
GUARANTOR SUBSIDIARIES | ' | ||||||||||||||||||||||||||||||||||||||||
Note 18—GUARANTOR SUBSIDIARIES: | |||||||||||||||||||||||||||||||||||||||||
The 2015 Notes and the 2019 Notes are jointly and severally, fully and unconditionally (subject to the customary exceptions discussed below) guaranteed by several of the Parent’s 100% owned subsidiaries. Each Guarantor Subsidiary would be automatically released from its guarantee of the 2015 Notes and the 2019 Notes if either (i) it ceased to be a guarantor under the Parent’s Credit Agreement or (ii) it ceased to be a direct or indirect subsidiary of the Parent. Separate financial statements of the Parent and each of the Guarantor Subsidiaries are not presented because the guarantees are full and unconditional (subject to the aforementioned customary exceptions) and the Guarantor Subsidiaries are jointly and severally liable. The Company believes separate financial statements and other disclosures concerning the Guarantor Subsidiaries would not be material to investors in the 2015 Notes or the 2019 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 Consolidating 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 of the Condensed Consolidated Financial Statements for further details on the restatement. The Condensed Consolidating Financial Statements present the statements as restated and recast. There was no impact on previously reported amounts in the Condensed Consolidating Statements of Cash Flows. Amounts Labeled “Previously Reported” represent the balances as originally filed on the Company’s Quarterly Report on Form 10-Q for the period ended September 30, 2012, filed with the SEC on November 6, 2012, and the Company’s Annual Report on Form 10-K for the period ended December 31, 2012, as filed with the SEC on February 22, 2013. | |||||||||||||||||||||||||||||||||||||||||
The Condensed Consolidating Financial Statements for the three months ended March 31, 2013 and June 30, 2013, and the six months ended June 30, 2013 will be revised in future filings. The reconciling items for the Condensed Consolidating Financial Statements as filed in the Company’s Amended Quarterly Report on Form 10-Q/A for the period ended March 31, 2013 and the Company’s Quarterly Report on Form 10-Q for the period ended June 30, 2013, as filed with the SEC on September 24, 2013, are detailed in Note 2. All revision adjustments are to the Non-Guarantor Subsidiaries, with the exception of the goodwill adjustment related to the Remmele purchase price adjustment, which impacts the Guarantor Subsidiaries. The goodwill adjustment at both March 31, 2013 and June 30, 2013 increases current deferred tax assets $192, while decreasing goodwill and non-current deferred tax liabilities by $5,260 and $5,068, respectively. | |||||||||||||||||||||||||||||||||||||||||
Condensed Consolidating Statement of Operations | |||||||||||||||||||||||||||||||||||||||||
Three Months Ended September 30, 2013 | |||||||||||||||||||||||||||||||||||||||||
RTI International | Guarantor | Non-Guarantor | Eliminations | Consolidated | |||||||||||||||||||||||||||||||||||||
Metals, Inc. | Subsidiaries | Subsidiaries | |||||||||||||||||||||||||||||||||||||||
Net sales | $ | — | $ | 128,285 | $ | 116,754 | $ | (48,507 | ) | $ | 196,532 | ||||||||||||||||||||||||||||||
Costs and expenses: | |||||||||||||||||||||||||||||||||||||||||
Cost of sales | — | 103,808 | 96,134 | (48,507 | ) | 151,435 | |||||||||||||||||||||||||||||||||||
Selling, general, and administrative expenses | 712 | 10,808 | 10,971 | — | 22,491 | ||||||||||||||||||||||||||||||||||||
Research, technical, and product development expenses | — | 1,037 | 4 | — | 1,041 | ||||||||||||||||||||||||||||||||||||
Operating income | (712 | ) | 12,632 | 9,645 | — | 21,565 | |||||||||||||||||||||||||||||||||||
Other income (expense), net | 4,120 | (2,520 | ) | (1,894 | ) | — | (294 | ) | |||||||||||||||||||||||||||||||||
Interest income (expense), net | (5,488 | ) | (1,571 | ) | (250 | ) | — | (7,309 | ) | ||||||||||||||||||||||||||||||||
Equity in earnings (loss) of subsidiaries | 11,876 | (439 | ) | 532 | (11,969 | ) | — | ||||||||||||||||||||||||||||||||||
Income before income taxes | 9,796 | 8,102 | 8,033 | (11,969 | ) | 13,962 | |||||||||||||||||||||||||||||||||||
Provision for (benefit from) income taxes | (2,496 | ) | 2,665 | 1,501 | — | 1,670 | |||||||||||||||||||||||||||||||||||
Net income attributable to continuing operations | $ | 12,292 | $ | 5,437 | $ | 6,532 | $ | (11,969 | ) | $ | 12,292 | ||||||||||||||||||||||||||||||
Comprehensive income | $ | 16,251 | $ | 6,561 | $ | 9,224 | $ | (15,785 | ) | $ | 16,251 | ||||||||||||||||||||||||||||||
Condensed Consolidating Statement of Operations and Comprehensive Income | |||||||||||||||||||||||||||||||||||||||||
Three Months Ended September 30, 2012 | |||||||||||||||||||||||||||||||||||||||||
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) | (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 | — | — | 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 (2) | 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 | |||||||||||||||||||
-1 | The Parent allocates SG&A to the subsidiaries based upon its budgeted annual expenses. | ||||||||||||||||||||||||||||||||||||||||
-2 | Amounts in equity in earnings of subsidiaries have been revised to conform to current year presentation, which reflects the Company’s legal structure. Previously, the Company did not present equity in earnings of subsidiaries in the guarantor or non-guarantor subsidiaries columns. These amounts have been revised for 2012 to present $1,231 and $374, respectively, as equity in earnings of subsidiaries. This change had no impact on covenants or other obligations under the 2015 Notes or 2019 Notes. | ||||||||||||||||||||||||||||||||||||||||
Condensed Consolidating Statement of Operations | |||||||||||||||||||||||||||||||||||||||||
Nine Months Ended September 30, 2013 | |||||||||||||||||||||||||||||||||||||||||
RTI | Guarantor | Non-Guarantor | Eliminations | Consolidated | |||||||||||||||||||||||||||||||||||||
International | Subsidiaries | Subsidiaries | |||||||||||||||||||||||||||||||||||||||
Metals, Inc. | |||||||||||||||||||||||||||||||||||||||||
Net sales | $ | — | $ | 401,236 | $ | 343,492 | $ | (156,214 | ) | $ | 588,514 | ||||||||||||||||||||||||||||||
Costs and expenses: | |||||||||||||||||||||||||||||||||||||||||
Cost of sales | — | 325,858 | 290,548 | (156,214 | ) | 460,192 | |||||||||||||||||||||||||||||||||||
Selling, general, and administrative expenses | 2,416 | 33,550 | 34,074 | — | 70,040 | ||||||||||||||||||||||||||||||||||||
Research, technical, and product development expenses | — | 3,020 | 4 | — | 3,024 | ||||||||||||||||||||||||||||||||||||
Operating income | (2,416 | ) | 38,808 | 18,866 | — | 55,258 | |||||||||||||||||||||||||||||||||||
Other income (expense), net | 4,230 | (3,800 | ) | 535 | — | 965 | |||||||||||||||||||||||||||||||||||
Interest income (expense), net | (15,510 | ) | (10,210 | ) | (6,997 | ) | — | (32,717 | ) | ||||||||||||||||||||||||||||||||
Equity in earnings (loss) of subsidiaries | 26,681 | (549 | ) | 1,485 | (27,617 | ) | — | ||||||||||||||||||||||||||||||||||
. | |||||||||||||||||||||||||||||||||||||||||
Income before income taxes | 12,985 | 24,249 | 13,889 | (27,617 | ) | 23,506 | |||||||||||||||||||||||||||||||||||
Provision for (benefit from) income taxes | (7,014 | ) | 7,541 | 2,980 | — | 3,507 | |||||||||||||||||||||||||||||||||||
Net income attributable to continuing operations | 19,999 | 16,708 | 10,909 | (27,617 | ) | 19,999 | |||||||||||||||||||||||||||||||||||
Net loss attributable to discontinued operations | (156 | ) | — | (156 | ) | 156 | (156 | ) | |||||||||||||||||||||||||||||||||
Net income | $ | 19,843 | $ | 16,708 | $ | 10,753 | $ | (27,461 | ) | $ | 19,843 | ||||||||||||||||||||||||||||||
Comprehensive income | $ | 24,574 | $ | 25,089 | $ | 6,164 | $ | (31,253 | ) | $ | 24,574 | ||||||||||||||||||||||||||||||
Condensed Consolidating Statement of Operations and Comprehensive Income | |||||||||||||||||||||||||||||||||||||||||
Nine Months Ended September 30, 2012 | |||||||||||||||||||||||||||||||||||||||||
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 (1) | (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 | — | — | 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 (2) | (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 | |||||||||||||||||||
-1 | The Parent allocates SG&A to the subsidiaries based upon its budgeted annual expenses. A credit in Parent SG&A is offset by an equal debit amount in the subsidiaries’ SG&A. | ||||||||||||||||||||||||||||||||||||||||
-2 | Amounts in equity in earnings of subsidiaries have been revised to conform to current year presentation, which reflects the Company’s legal structure. Previously, the Company did not present equity in earnings of subsidiaries in the guarantor or non-guarantor subsidiaries columns. These amounts have been revised for 2012 to present $5,185 and $1,990, respectively, as equity in earnings of subsidiaries. This change had no impact on covenants or other obligations under the 2015 Notes or 2019 Notes. | ||||||||||||||||||||||||||||||||||||||||
Condensed Consolidating Balance Sheet | |||||||||||||||||||||||||||||||||||||||||
As of September 30, 2013 | |||||||||||||||||||||||||||||||||||||||||
RTI | Guarantor | Non-Guarantor | Eliminations | Consolidated | |||||||||||||||||||||||||||||||||||||
International | Subsidiaries | Subsidiaries | |||||||||||||||||||||||||||||||||||||||
Metals, Inc. | |||||||||||||||||||||||||||||||||||||||||
ASSETS | |||||||||||||||||||||||||||||||||||||||||
Current assets: | |||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | 263,561 | $ | 51,460 | $ | — | $ | 315,021 | |||||||||||||||||||||||||||||||
Short-term investments | — | 45,187 | — | — | 45,187 | ||||||||||||||||||||||||||||||||||||
Receivables, net | 716 | 64,790 | 76,167 | (22,846 | ) | 118,827 | |||||||||||||||||||||||||||||||||||
Inventories, net | — | 252,499 | 167,901 | — | 420,400 | ||||||||||||||||||||||||||||||||||||
Costs in Excess of Billings | — | — | 3,425 | — | 3,425 | ||||||||||||||||||||||||||||||||||||
Deferred income taxes | 26,478 | 2,629 | 2,299 | — | 31,406 | ||||||||||||||||||||||||||||||||||||
Other current assets | 16,361 | 1,676 | 5,004 | 23,041 | |||||||||||||||||||||||||||||||||||||
Total current assets | 43,555 | 630,342 | 306,256 | (22,846 | ) | 957,307 | |||||||||||||||||||||||||||||||||||
Property, plant, and equipment, net | 2,124 | 297,308 | 68,417 | — | 367,849 | ||||||||||||||||||||||||||||||||||||
Investments | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||
Goodwill | — | 93,665 | 36,173 | — | 129,838 | ||||||||||||||||||||||||||||||||||||
Other intangible assets, net | — | 33,226 | 19,816 | — | 53,042 | ||||||||||||||||||||||||||||||||||||
Deferred income taxes | — | 27,604 | 34,239 | (32,408 | ) | 29,435 | |||||||||||||||||||||||||||||||||||
Other noncurrent assets | 10,982 | 201 | 3,727 | 14,910 | |||||||||||||||||||||||||||||||||||||
Intercompany investments | 1,285,935 | 26,265 | 5,221 | (1,317,421 | ) | — | |||||||||||||||||||||||||||||||||||
Total assets | $ | 1,342,596 | $ | 1,108,611 | $ | 473,849 | $ | (1,372,675 | ) | $ | 1,552,381 | ||||||||||||||||||||||||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||||||||||||||||||||||||||||||||||||
Current liabilities: | |||||||||||||||||||||||||||||||||||||||||
Accounts payable | $ | 1,256 | $ | 55,171 | $ | 41,458 | $ | (22,846 | ) | $ | 75,039 | ||||||||||||||||||||||||||||||
Accrued wages and other employee costs | 5,763 | 15,594 | 8,444 | — | 29,801 | ||||||||||||||||||||||||||||||||||||
Unearned revenue | — | — | 38,467 | — | 38,467 | ||||||||||||||||||||||||||||||||||||
Other accrued liabilities | 9,596 | 8,054 | 8,387 | — | 26,037 | ||||||||||||||||||||||||||||||||||||
Total current liabilities | 16,615 | 78,819 | 96,756 | (22,846 | ) | 169,344 | |||||||||||||||||||||||||||||||||||
Long-term debt | 418,269 | 980 | — | — | 419,249 | ||||||||||||||||||||||||||||||||||||
Intercompany debt | — | 350,821 | 111,758 | (462,579 | ) | — | |||||||||||||||||||||||||||||||||||
Liability for post-retirement benefits | — | 44,112 | — | — | 44,112 | ||||||||||||||||||||||||||||||||||||
Liability for pension benefits | 6,856 | 3,281 | 160 | 10,297 | |||||||||||||||||||||||||||||||||||||
Deferred income taxes | 81,383 | 21,587 | 3,320 | (32,408 | ) | 73,882 | |||||||||||||||||||||||||||||||||||
Unearned Revenue | — | — | 12,033 | — | 12,033 | ||||||||||||||||||||||||||||||||||||
Other noncurrent liabilities | 8,143 | 3,753 | 238 | — | 12,134 | ||||||||||||||||||||||||||||||||||||
Total liabilities | 531,266 | 503,353 | 224,265 | (517,833 | ) | 741,051 | |||||||||||||||||||||||||||||||||||
Shareholders’ equity | 811,330 | 605,258 | 249,584 | (854,842 | ) | 811,830 | |||||||||||||||||||||||||||||||||||
Total liabilities and shareholders’ equity | $ | 1,342,596 | $ | 1,108,611 | $ | 473,849 | $ | (1,372,675 | ) | $ | 1,552,381 | ||||||||||||||||||||||||||||||
Condensed Consolidating Balance Sheet | |||||||||||||||||||||||||||||||||||||||||
As of 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 | ||||||||||||||||||||||||||||||||
ASSETS | |||||||||||||||||||||||||||||||||||||||||
Current assets: | |||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | — | $ | 87,283 | $ | 87,283 | $ | 9,907 | $ | 9,907 | $ | — | $ | — | $ | 97,190 | $ | 97,190 | |||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||
Assets of discontinued operations | — | — | — | — | — | 14,741 | — | — | — | 14,741 | |||||||||||||||||||||||||||||||
Other current assets | 5,410 | 5,410 | 2,072 | 2,072 | 3,227 | 3,788 | — | — | 10,709 | 11,270 | |||||||||||||||||||||||||||||||
Total current assets | 32,014 | 32,014 | 385,653 | 385,660 | 260,408 | 256,821 | (27,221 | ) | (27,221 | ) | 650,854 | 647,274 | |||||||||||||||||||||||||||||
Property, plant, and equipment, net | 1,327 | 1,327 | 308,467 | 308,467 | 66,202 | 66,155 | — | — | 375,996 | 375,949 | |||||||||||||||||||||||||||||||
Goodwill | — | — | 98,925 | 93,665 | 38,326 | 36,945 | — | — | 137,251 | 130,610 | |||||||||||||||||||||||||||||||
Other intangible assets, net | — | — | 35,152 | 35,152 | 21,343 | 21,343 | — | — | 56,495 | 56,495 | |||||||||||||||||||||||||||||||
Deferred income taxes | — | — | 32,757 | 32,757 | 33,433 | 33,433 | (32,903 | ) | (32,903 | ) | 33,287 | 33,287 | |||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||||||||
Current liabilities: | |||||||||||||||||||||||||||||||||||||||||
Accounts payable | $ | 1,177 | $ | 1,177 | $ | 70,086 | $ | 70,086 | $ | 49,614 | $ | 47,619 | $ | (27,221 | ) | $ | (27,221 | ) | $ | 93,656 | $ | 91,661 | |||||||||||||||||||
Accrued wages and other employee costs | 6,519 | 6,519 | 16,368 | 16,368 | 11,546 | 11,209 | — | — | 34,433 | 34,096 | |||||||||||||||||||||||||||||||
Unearned revenue | — | — | 689 | 689 | 25,475 | 24,309 | — | — | 26,164 | 24,998 | |||||||||||||||||||||||||||||||
Liabilities of discontinued operations | — | — | — | — | — | 2,332 | — | — | — | 2,332 | |||||||||||||||||||||||||||||||
Other accrued liabilities | 3,669 | 3,669 | 9,197 | 9,197 | 9,684 | 9,684 | — | — | 22,550 | 22,550 | |||||||||||||||||||||||||||||||
Total current liabilities | 11,365 | 11,365 | 96,340 | 96,340 | 96,319 | 95,153 | (27,221 | ) | (27,221 | ) | 176,803 | 175,637 | |||||||||||||||||||||||||||||
Long-term debt | 196,644 | 196,644 | 1,693 | 1,693 | — | — | — | — | 198,337 | 198,337 | |||||||||||||||||||||||||||||||
Intercompany debt | — | — | 118,229 | 118,229 | 104,084 | 104,084 | (222,313 | ) | (222,313 | ) | — | — | |||||||||||||||||||||||||||||
Liability for post-retirement benefits | — | — | 45,066 | 45,066 | — | — | — | — | 45,066 | 45,066 | |||||||||||||||||||||||||||||||
Liability for pension benefits | 6,419 | 6,419 | 14,133 | 14,133 | 159 | 159 | — | — | 20,711 | 20,711 | |||||||||||||||||||||||||||||||
Deferred income taxes | 54,222 | 54,222 | 26,658 | 21,590 | 3,475 | 3,475 | (32,903 | ) | (32,903 | ) | 51,452 | 46,384 | |||||||||||||||||||||||||||||
Unearned revenue | — | — | — | — | 9,991 | 13,013 | — | — | 9,991 | 13,013 | |||||||||||||||||||||||||||||||
Other noncurrent liabilities | 8,140 | 8,140 | 3,434 | 3,434 | 224 | 224 | — | — | 11,798 | 11,798 | |||||||||||||||||||||||||||||||
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 | |||||||||||||||||||
Condensed Consolidating Statement of Cash Flows | |||||||||||||||||||||||||||||||||||||||||
Nine Months Ended September 30, 2013 | |||||||||||||||||||||||||||||||||||||||||
RTI International | Guarantor | Non-Guarantor | Eliminations | Consolidated | |||||||||||||||||||||||||||||||||||||
Metals, Inc. | Subsidiaries | Subsidiaries | |||||||||||||||||||||||||||||||||||||||
Cash provided by (used in) operating activities | $ | 3,413 | $ | 8,745 | $ | (5,818 | ) | $ | — | $ | 6,340 | ||||||||||||||||||||||||||||||
Investing activities: | |||||||||||||||||||||||||||||||||||||||||
Capital expenditures | (946 | ) | (19,229 | ) | (6,182 | ) | — | (26,357 | ) | ||||||||||||||||||||||||||||||||
Acquisitions, net of cash acquired | — | — | 10,475 | — | 10,475 | ||||||||||||||||||||||||||||||||||||
Investments in subsidiaries, net | (34,492 | ) | — | — | 34,492 | — | |||||||||||||||||||||||||||||||||||
Proceeds from disposal of property, plant, and equipment | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||
Investments, net | — | (45,367 | ) | — | — | (45,367 | ) | ||||||||||||||||||||||||||||||||||
Cash provided by (used in) investing activities | (35,438 | ) | (64,596 | ) | 4,293 | 34,492 | (61,249 | ) | |||||||||||||||||||||||||||||||||
Financing activities: | |||||||||||||||||||||||||||||||||||||||||
Proceeds from exercise of employee stock options | 1,960 | — | — | — | 1,960 | ||||||||||||||||||||||||||||||||||||
Excess tax benefits from stock-based compensation activity | 405 | — | — | — | 405 | ||||||||||||||||||||||||||||||||||||
Financing fees | (12,370 | ) | — | — | — | (12,370 | ) | ||||||||||||||||||||||||||||||||||
Parent company investments, net of distributions | — | 99 | 34,393 | (34,492 | ) | — | |||||||||||||||||||||||||||||||||||
Borrowings on long-term debt | 402,500 | — | — | — | 402,500 | ||||||||||||||||||||||||||||||||||||
Repayments on long-term debt | (119,917 | ) | (673 | ) | — | — | (120,590 | ) | |||||||||||||||||||||||||||||||||
Intercompany debt | (240,154 | ) | 232,703 | 7,451 | — | — | |||||||||||||||||||||||||||||||||||
Purchase of common stock held in treasury | (399 | ) | — | — | — | (399 | ) | ||||||||||||||||||||||||||||||||||
Cash provided by financing activities | 32,025 | 232,129 | 41,844 | (34,492 | ) | 271,506 | |||||||||||||||||||||||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | 1,234 | — | 1,234 | ||||||||||||||||||||||||||||||||||||
Increase in cash and cash equivalents | — | 176,278 | 41,553 | — | 217,831 | ||||||||||||||||||||||||||||||||||||
Cash and cash equivalents at beginning of period | — | 87,283 | 9,907 | — | 97,190 | ||||||||||||||||||||||||||||||||||||
Cash and cash equivalents at end of period | $ | — | $ | 263,561 | $ | 51,460 | $ | — | $ | 315,021 | |||||||||||||||||||||||||||||||
Condensed Consolidating Statement of Cash Flows | |||||||||||||||||||||||||||||||||||||||||
Nine Months Ended September 30, 2012 | |||||||||||||||||||||||||||||||||||||||||
RTI International | Guarantor | Non-Guarantor | Eliminations | Consolidated | |||||||||||||||||||||||||||||||||||||
Metals, Inc. | Subsidiaries | Subsidiaries | |||||||||||||||||||||||||||||||||||||||
Cash provided by (used in) operating activities | $ | 16,383 | $ | (15,922 | ) | $ | (25,911 | ) | $ | — | $ | (25,450 | ) | ||||||||||||||||||||||||||||
Investing activities: | |||||||||||||||||||||||||||||||||||||||||
Investments in subsidiares, net | 181,533 | — | — | (181,533 | ) | — | |||||||||||||||||||||||||||||||||||
Acquisitions, net of cash acquired | (182,811 | ) | — | — | — | (182,811 | ) | ||||||||||||||||||||||||||||||||||
Capital expenditures | (897 | ) | (43,736 | ) | (3,246 | ) | — | (47,879 | ) | ||||||||||||||||||||||||||||||||
Investments, net | — | 172,772 | — | — | 172,772 | ||||||||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||||||||||
Financing fees | (823 | ) | — | — | — | (823 | ) | ||||||||||||||||||||||||||||||||||
Parent company investments/dividends, net | — | (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 |
SUBSEQUENT_EVENTS
SUBSEQUENT EVENTS | 9 Months Ended |
Sep. 30, 2013 | |
SUBSEQUENT EVENTS | ' |
Note 19—SUBSEQUENT EVENTS: | |
On October 1, 2013, the Company acquired 100% of the outstanding stock of the Osborn Steel Extrusions business unit of Osborn Metals Limited for approximately $15 million in cash. The acquired unit will operate under the name RTI Extrusions Europe Limited as part of the Engineered Products and Services Segment. RTI Extrusions Europe Limited specializes in the manufacture of less than six-inch diameter extruded titanium and stainless steel hollows and near-net shape profile parts. RTI Extrusions Europe Limited provides its products principally to the commercial aerospace, energy, power generation, and defense markets. An allocation of the purchase price has not been presented as the acquisition closed on October 1, 2013. |
RESTATEMENTS_AND_REVISIONS_Tab
RESTATEMENTS AND REVISIONS: (Tables) | 9 Months Ended | ||||||||||||||||||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||||||||||||||||||
Effects of Restatement on Consolidated Statements of Operations | ' | ||||||||||||||||||||||||||||||||||||||||
The Condensed Consolidated Financial Statements have been restated for the three and nine months ended September 30, 2012 and for the year ended December 31, 2012 as follows: | |||||||||||||||||||||||||||||||||||||||||
Three Months Ended September 30, 2012 | |||||||||||||||||||||||||||||||||||||||||
Previously | First | Second | As | Discontinued | Currently | ||||||||||||||||||||||||||||||||||||
Reported | Restatement | Restatement | Corrected | Operations | Reported | ||||||||||||||||||||||||||||||||||||
Adjustment | Adjustment | ||||||||||||||||||||||||||||||||||||||||
Condensed Consolidated Statement of Operations | |||||||||||||||||||||||||||||||||||||||||
Net sales | $ | 189,075 | $ | 439 | $ | 259 | $ | 189,773 | $ | (7,228 | ) | $ | 182,545 | ||||||||||||||||||||||||||||
Cost of sales | 151,128 | 3,689 | 19 | 154,836 | (5,941 | ) | 148,895 | ||||||||||||||||||||||||||||||||||
Operating income | 12,884 | (3,250 | ) | 240 | 9,874 | (578 | ) | 9,296 | |||||||||||||||||||||||||||||||||
Income before income taxes | 8,226 | (3,250 | ) | 240 | 5,216 | (594 | ) | 4,622 | |||||||||||||||||||||||||||||||||
Provision for 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 | |||||||||||||||||||||||||||||||||
Basic earnings per share—continuing operations | $ | 0.19 | $ | (0.07 | ) | $ | 0.01 | $ | 0.12 | $ | (0.01 | ) | $ | 0.11 | |||||||||||||||||||||||||||
Diluted earnings per share—continuing operations | $ | 0.19 | $ | (0.07 | ) | $ | 0.01 | $ | 0.12 | $ | (0.01 | ) | $ | 0.11 | |||||||||||||||||||||||||||
Nine Months Ended September 30, 2012 | |||||||||||||||||||||||||||||||||||||||||
Previously | First | Second | As | Discontinued | Currently | ||||||||||||||||||||||||||||||||||||
Reported | Restatement | Restatement | Corrected | Operations | Reported | ||||||||||||||||||||||||||||||||||||
Adjustment | Adjustment | ||||||||||||||||||||||||||||||||||||||||
Condensed Consolidated Statement of Operations | |||||||||||||||||||||||||||||||||||||||||
Net sales | $ | 542,202 | $ | 1,600 | $ | 752 | $ | 544,554 | $ | (23,477 | ) | $ | 521,077 | ||||||||||||||||||||||||||||
Cost of sales | 432,054 | 7,583 | 276 | 439,913 | (19,012 | ) | 420,901 | ||||||||||||||||||||||||||||||||||
Operating income | 37,836 | (5,983 | ) | 476 | 32,329 | (2,187 | ) | 30,142 | |||||||||||||||||||||||||||||||||
Income before income taxes | 25,108 | (5,983 | ) | 476 | 19,601 | (2,203 | ) | 17,398 | |||||||||||||||||||||||||||||||||
Provision for 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 | |||||||||||||||||||||||||||||||||
Basic earnings per share—continuing operations | $ | 0.54 | $ | (0.13 | ) | $ | 0.01 | $ | 0.42 | $ | (0.05 | ) | $ | 0.37 | |||||||||||||||||||||||||||
Diluted earnings per share—continuing operations | $ | 0.54 | $ | (0.13 | ) | $ | 0.01 | $ | 0.42 | $ | (0.05 | ) | $ | 0.37 | |||||||||||||||||||||||||||
Schedule of Condensed Consolidating Statement of Operations and Comprehensive Income | ' | ||||||||||||||||||||||||||||||||||||||||
Condensed Consolidating Statement of Operations | |||||||||||||||||||||||||||||||||||||||||
Three Months Ended September 30, 2013 | |||||||||||||||||||||||||||||||||||||||||
RTI International | Guarantor | Non-Guarantor | Eliminations | Consolidated | |||||||||||||||||||||||||||||||||||||
Metals, Inc. | Subsidiaries | Subsidiaries | |||||||||||||||||||||||||||||||||||||||
Net sales | $ | — | $ | 128,285 | $ | 116,754 | $ | (48,507 | ) | $ | 196,532 | ||||||||||||||||||||||||||||||
Costs and expenses: | |||||||||||||||||||||||||||||||||||||||||
Cost of sales | — | 103,808 | 96,134 | (48,507 | ) | 151,435 | |||||||||||||||||||||||||||||||||||
Selling, general, and administrative expenses | 712 | 10,808 | 10,971 | — | 22,491 | ||||||||||||||||||||||||||||||||||||
Research, technical, and product development expenses | — | 1,037 | 4 | — | 1,041 | ||||||||||||||||||||||||||||||||||||
Operating income | (712 | ) | 12,632 | 9,645 | — | 21,565 | |||||||||||||||||||||||||||||||||||
Other income (expense), net | 4,120 | (2,520 | ) | (1,894 | ) | — | (294 | ) | |||||||||||||||||||||||||||||||||
Interest income (expense), net | (5,488 | ) | (1,571 | ) | (250 | ) | — | (7,309 | ) | ||||||||||||||||||||||||||||||||
Equity in earnings (loss) of subsidiaries | 11,876 | (439 | ) | 532 | (11,969 | ) | — | ||||||||||||||||||||||||||||||||||
Income before income taxes | 9,796 | 8,102 | 8,033 | (11,969 | ) | 13,962 | |||||||||||||||||||||||||||||||||||
Provision for (benefit from) income taxes | (2,496 | ) | 2,665 | 1,501 | — | 1,670 | |||||||||||||||||||||||||||||||||||
Net income attributable to continuing operations | $ | 12,292 | $ | 5,437 | $ | 6,532 | $ | (11,969 | ) | $ | 12,292 | ||||||||||||||||||||||||||||||
Comprehensive income | $ | 16,251 | $ | 6,561 | $ | 9,224 | $ | (15,785 | ) | $ | 16,251 | ||||||||||||||||||||||||||||||
Condensed Consolidating Statement of Operations and Comprehensive Income | |||||||||||||||||||||||||||||||||||||||||
Three Months Ended September 30, 2012 | |||||||||||||||||||||||||||||||||||||||||
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) | (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 | — | — | 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 (2) | 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 | |||||||||||||||||||
-1 | The Parent allocates SG&A to the subsidiaries based upon its budgeted annual expenses. | ||||||||||||||||||||||||||||||||||||||||
-2 | Amounts in equity in earnings of subsidiaries have been revised to conform to current year presentation, which reflects the Company’s legal structure. Previously, the Company did not present equity in earnings of subsidiaries in the guarantor or non-guarantor subsidiaries columns. These amounts have been revised for 2012 to present $1,231 and $374, respectively, as equity in earnings of subsidiaries. This change had no impact on covenants or other obligations under the 2015 Notes or 2019 Notes. | ||||||||||||||||||||||||||||||||||||||||
Condensed Consolidating Statement of Operations | |||||||||||||||||||||||||||||||||||||||||
Nine Months Ended September 30, 2013 | |||||||||||||||||||||||||||||||||||||||||
RTI | Guarantor | Non-Guarantor | Eliminations | Consolidated | |||||||||||||||||||||||||||||||||||||
International | Subsidiaries | Subsidiaries | |||||||||||||||||||||||||||||||||||||||
Metals, Inc. | |||||||||||||||||||||||||||||||||||||||||
Net sales | $ | — | $ | 401,236 | $ | 343,492 | $ | (156,214 | ) | $ | 588,514 | ||||||||||||||||||||||||||||||
Costs and expenses: | |||||||||||||||||||||||||||||||||||||||||
Cost of sales | — | 325,858 | 290,548 | (156,214 | ) | 460,192 | |||||||||||||||||||||||||||||||||||
Selling, general, and administrative expenses | 2,416 | 33,550 | 34,074 | — | 70,040 | ||||||||||||||||||||||||||||||||||||
Research, technical, and product development expenses | — | 3,020 | 4 | — | 3,024 | ||||||||||||||||||||||||||||||||||||
Operating income | (2,416 | ) | 38,808 | 18,866 | — | 55,258 | |||||||||||||||||||||||||||||||||||
Other income (expense), net | 4,230 | (3,800 | ) | 535 | — | 965 | |||||||||||||||||||||||||||||||||||
Interest income (expense), net | (15,510 | ) | (10,210 | ) | (6,997 | ) | — | (32,717 | ) | ||||||||||||||||||||||||||||||||
Equity in earnings (loss) of subsidiaries | 26,681 | (549 | ) | 1,485 | (27,617 | ) | — | ||||||||||||||||||||||||||||||||||
. | |||||||||||||||||||||||||||||||||||||||||
Income before income taxes | 12,985 | 24,249 | 13,889 | (27,617 | ) | 23,506 | |||||||||||||||||||||||||||||||||||
Provision for (benefit from) income taxes | (7,014 | ) | 7,541 | 2,980 | — | 3,507 | |||||||||||||||||||||||||||||||||||
Net income attributable to continuing operations | 19,999 | 16,708 | 10,909 | (27,617 | ) | 19,999 | |||||||||||||||||||||||||||||||||||
Net loss attributable to discontinued operations | (156 | ) | — | (156 | ) | 156 | (156 | ) | |||||||||||||||||||||||||||||||||
Net income | $ | 19,843 | $ | 16,708 | $ | 10,753 | $ | (27,461 | ) | $ | 19,843 | ||||||||||||||||||||||||||||||
Comprehensive income | $ | 24,574 | $ | 25,089 | $ | 6,164 | $ | (31,253 | ) | $ | 24,574 | ||||||||||||||||||||||||||||||
Condensed Consolidating Statement of Operations and Comprehensive Income | |||||||||||||||||||||||||||||||||||||||||
Nine Months Ended September 30, 2012 | |||||||||||||||||||||||||||||||||||||||||
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 (1) | (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 | — | — | 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 (2) | (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 | |||||||||||||||||||
-1 | The Parent allocates SG&A to the subsidiaries based upon its budgeted annual expenses. A credit in Parent SG&A is offset by an equal debit amount in the subsidiaries’ SG&A. | ||||||||||||||||||||||||||||||||||||||||
-2 | Amounts in equity in earnings of subsidiaries have been revised to conform to current year presentation, which reflects the Company’s legal structure. Previously, the Company did not present equity in earnings of subsidiaries in the guarantor or non-guarantor subsidiaries columns. These amounts have been revised for 2012 to present $5,185 and $1,990, respectively, as equity in earnings of subsidiaries. This change had no impact on covenants or other obligations under the 2015 Notes or 2019 Notes. | ||||||||||||||||||||||||||||||||||||||||
Schedule of Condensed Consolidating Balance Sheet | ' | ||||||||||||||||||||||||||||||||||||||||
Condensed Consolidating Balance Sheet | |||||||||||||||||||||||||||||||||||||||||
As of September 30, 2013 | |||||||||||||||||||||||||||||||||||||||||
RTI | Guarantor | Non-Guarantor | Eliminations | Consolidated | |||||||||||||||||||||||||||||||||||||
International | Subsidiaries | Subsidiaries | |||||||||||||||||||||||||||||||||||||||
Metals, Inc. | |||||||||||||||||||||||||||||||||||||||||
ASSETS | |||||||||||||||||||||||||||||||||||||||||
Current assets: | |||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | 263,561 | $ | 51,460 | $ | — | $ | 315,021 | |||||||||||||||||||||||||||||||
Short-term investments | — | 45,187 | — | — | 45,187 | ||||||||||||||||||||||||||||||||||||
Receivables, net | 716 | 64,790 | 76,167 | (22,846 | ) | 118,827 | |||||||||||||||||||||||||||||||||||
Inventories, net | — | 252,499 | 167,901 | — | 420,400 | ||||||||||||||||||||||||||||||||||||
Costs in Excess of Billings | — | — | 3,425 | — | 3,425 | ||||||||||||||||||||||||||||||||||||
Deferred income taxes | 26,478 | 2,629 | 2,299 | — | 31,406 | ||||||||||||||||||||||||||||||||||||
Other current assets | 16,361 | 1,676 | 5,004 | 23,041 | |||||||||||||||||||||||||||||||||||||
Total current assets | 43,555 | 630,342 | 306,256 | (22,846 | ) | 957,307 | |||||||||||||||||||||||||||||||||||
Property, plant, and equipment, net | 2,124 | 297,308 | 68,417 | — | 367,849 | ||||||||||||||||||||||||||||||||||||
Investments | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||
Goodwill | — | 93,665 | 36,173 | — | 129,838 | ||||||||||||||||||||||||||||||||||||
Other intangible assets, net | — | 33,226 | 19,816 | — | 53,042 | ||||||||||||||||||||||||||||||||||||
Deferred income taxes | — | 27,604 | 34,239 | (32,408 | ) | 29,435 | |||||||||||||||||||||||||||||||||||
Other noncurrent assets | 10,982 | 201 | 3,727 | 14,910 | |||||||||||||||||||||||||||||||||||||
Intercompany investments | 1,285,935 | 26,265 | 5,221 | (1,317,421 | ) | — | |||||||||||||||||||||||||||||||||||
Total assets | $ | 1,342,596 | $ | 1,108,611 | $ | 473,849 | $ | (1,372,675 | ) | $ | 1,552,381 | ||||||||||||||||||||||||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||||||||||||||||||||||||||||||||||||
Current liabilities: | |||||||||||||||||||||||||||||||||||||||||
Accounts payable | $ | 1,256 | $ | 55,171 | $ | 41,458 | $ | (22,846 | ) | $ | 75,039 | ||||||||||||||||||||||||||||||
Accrued wages and other employee costs | 5,763 | 15,594 | 8,444 | — | 29,801 | ||||||||||||||||||||||||||||||||||||
Unearned revenue | — | — | 38,467 | — | 38,467 | ||||||||||||||||||||||||||||||||||||
Other accrued liabilities | 9,596 | 8,054 | 8,387 | — | 26,037 | ||||||||||||||||||||||||||||||||||||
Total current liabilities | 16,615 | 78,819 | 96,756 | (22,846 | ) | 169,344 | |||||||||||||||||||||||||||||||||||
Long-term debt | 418,269 | 980 | — | — | 419,249 | ||||||||||||||||||||||||||||||||||||
Intercompany debt | — | 350,821 | 111,758 | (462,579 | ) | — | |||||||||||||||||||||||||||||||||||
Liability for post-retirement benefits | — | 44,112 | — | — | 44,112 | ||||||||||||||||||||||||||||||||||||
Liability for pension benefits | 6,856 | 3,281 | 160 | 10,297 | |||||||||||||||||||||||||||||||||||||
Deferred income taxes | 81,383 | 21,587 | 3,320 | (32,408 | ) | 73,882 | |||||||||||||||||||||||||||||||||||
Unearned Revenue | — | — | 12,033 | — | 12,033 | ||||||||||||||||||||||||||||||||||||
Other noncurrent liabilities | 8,143 | 3,753 | 238 | — | 12,134 | ||||||||||||||||||||||||||||||||||||
Total liabilities | 531,266 | 503,353 | 224,265 | (517,833 | ) | 741,051 | |||||||||||||||||||||||||||||||||||
Shareholders’ equity | 811,330 | 605,258 | 249,584 | (854,842 | ) | 811,830 | |||||||||||||||||||||||||||||||||||
Total liabilities and shareholders’ equity | $ | 1,342,596 | $ | 1,108,611 | $ | 473,849 | $ | (1,372,675 | ) | $ | 1,552,381 | ||||||||||||||||||||||||||||||
Condensed Consolidating Balance Sheet | |||||||||||||||||||||||||||||||||||||||||
As of 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 | ||||||||||||||||||||||||||||||||
ASSETS | |||||||||||||||||||||||||||||||||||||||||
Current assets: | |||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | — | $ | 87,283 | $ | 87,283 | $ | 9,907 | $ | 9,907 | $ | — | $ | — | $ | 97,190 | $ | 97,190 | |||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||
Assets of discontinued operations | — | — | — | — | — | 14,741 | — | — | — | 14,741 | |||||||||||||||||||||||||||||||
Other current assets | 5,410 | 5,410 | 2,072 | 2,072 | 3,227 | 3,788 | — | — | 10,709 | 11,270 | |||||||||||||||||||||||||||||||
Total current assets | 32,014 | 32,014 | 385,653 | 385,660 | 260,408 | 256,821 | (27,221 | ) | (27,221 | ) | 650,854 | 647,274 | |||||||||||||||||||||||||||||
Property, plant, and equipment, net | 1,327 | 1,327 | 308,467 | 308,467 | 66,202 | 66,155 | — | — | 375,996 | 375,949 | |||||||||||||||||||||||||||||||
Goodwill | — | — | 98,925 | 93,665 | 38,326 | 36,945 | — | — | 137,251 | 130,610 | |||||||||||||||||||||||||||||||
Other intangible assets, net | — | — | 35,152 | 35,152 | 21,343 | 21,343 | — | — | 56,495 | 56,495 | |||||||||||||||||||||||||||||||
Deferred income taxes | — | — | 32,757 | 32,757 | 33,433 | 33,433 | (32,903 | ) | (32,903 | ) | 33,287 | 33,287 | |||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||||||||
Current liabilities: | |||||||||||||||||||||||||||||||||||||||||
Accounts payable | $ | 1,177 | $ | 1,177 | $ | 70,086 | $ | 70,086 | $ | 49,614 | $ | 47,619 | $ | (27,221 | ) | $ | (27,221 | ) | $ | 93,656 | $ | 91,661 | |||||||||||||||||||
Accrued wages and other employee costs | 6,519 | 6,519 | 16,368 | 16,368 | 11,546 | 11,209 | — | — | 34,433 | 34,096 | |||||||||||||||||||||||||||||||
Unearned revenue | — | — | 689 | 689 | 25,475 | 24,309 | — | — | 26,164 | 24,998 | |||||||||||||||||||||||||||||||
Liabilities of discontinued operations | — | — | — | — | — | 2,332 | — | — | — | 2,332 | |||||||||||||||||||||||||||||||
Other accrued liabilities | 3,669 | 3,669 | 9,197 | 9,197 | 9,684 | 9,684 | — | — | 22,550 | 22,550 | |||||||||||||||||||||||||||||||
Total current liabilities | 11,365 | 11,365 | 96,340 | 96,340 | 96,319 | 95,153 | (27,221 | ) | (27,221 | ) | 176,803 | 175,637 | |||||||||||||||||||||||||||||
Long-term debt | 196,644 | 196,644 | 1,693 | 1,693 | — | — | — | — | 198,337 | 198,337 | |||||||||||||||||||||||||||||||
Intercompany debt | — | — | 118,229 | 118,229 | 104,084 | 104,084 | (222,313 | ) | (222,313 | ) | — | — | |||||||||||||||||||||||||||||
Liability for post-retirement benefits | — | — | 45,066 | 45,066 | — | — | — | — | 45,066 | 45,066 | |||||||||||||||||||||||||||||||
Liability for pension benefits | 6,419 | 6,419 | 14,133 | 14,133 | 159 | 159 | — | — | 20,711 | 20,711 | |||||||||||||||||||||||||||||||
Deferred income taxes | 54,222 | 54,222 | 26,658 | 21,590 | 3,475 | 3,475 | (32,903 | ) | (32,903 | ) | 51,452 | 46,384 | |||||||||||||||||||||||||||||
Unearned revenue | — | — | — | — | 9,991 | 13,013 | — | — | 9,991 | 13,013 | |||||||||||||||||||||||||||||||
Other noncurrent liabilities | 8,140 | 8,140 | 3,434 | 3,434 | 224 | 224 | — | — | 11,798 | 11,798 | |||||||||||||||||||||||||||||||
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 | |||||||||||||||||||
Schedule of Condensed Consolidating Statement of Cash Flows | ' | ||||||||||||||||||||||||||||||||||||||||
Condensed Consolidating Statement of Cash Flows | |||||||||||||||||||||||||||||||||||||||||
Nine Months Ended September 30, 2013 | |||||||||||||||||||||||||||||||||||||||||
RTI International | Guarantor | Non-Guarantor | Eliminations | Consolidated | |||||||||||||||||||||||||||||||||||||
Metals, Inc. | Subsidiaries | Subsidiaries | |||||||||||||||||||||||||||||||||||||||
Cash provided by (used in) operating activities | $ | 3,413 | $ | 8,745 | $ | (5,818 | ) | $ | — | $ | 6,340 | ||||||||||||||||||||||||||||||
Investing activities: | |||||||||||||||||||||||||||||||||||||||||
Capital expenditures | (946 | ) | (19,229 | ) | (6,182 | ) | — | (26,357 | ) | ||||||||||||||||||||||||||||||||
Acquisitions, net of cash acquired | — | — | 10,475 | — | 10,475 | ||||||||||||||||||||||||||||||||||||
Investments in subsidiaries, net | (34,492 | ) | — | — | 34,492 | — | |||||||||||||||||||||||||||||||||||
Proceeds from disposal of property, plant, and equipment | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||
Investments, net | — | (45,367 | ) | — | — | (45,367 | ) | ||||||||||||||||||||||||||||||||||
Cash provided by (used in) investing activities | (35,438 | ) | (64,596 | ) | 4,293 | 34,492 | (61,249 | ) | |||||||||||||||||||||||||||||||||
Financing activities: | |||||||||||||||||||||||||||||||||||||||||
Proceeds from exercise of employee stock options | 1,960 | — | — | — | 1,960 | ||||||||||||||||||||||||||||||||||||
Excess tax benefits from stock-based compensation activity | 405 | — | — | — | 405 | ||||||||||||||||||||||||||||||||||||
Financing fees | (12,370 | ) | — | — | — | (12,370 | ) | ||||||||||||||||||||||||||||||||||
Parent company investments, net of distributions | — | 99 | 34,393 | (34,492 | ) | — | |||||||||||||||||||||||||||||||||||
Borrowings on long-term debt | 402,500 | — | — | — | 402,500 | ||||||||||||||||||||||||||||||||||||
Repayments on long-term debt | (119,917 | ) | (673 | ) | — | — | (120,590 | ) | |||||||||||||||||||||||||||||||||
Intercompany debt | (240,154 | ) | 232,703 | 7,451 | — | — | |||||||||||||||||||||||||||||||||||
Purchase of common stock held in treasury | (399 | ) | — | — | — | (399 | ) | ||||||||||||||||||||||||||||||||||
Cash provided by financing activities | 32,025 | 232,129 | 41,844 | (34,492 | ) | 271,506 | |||||||||||||||||||||||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | 1,234 | — | 1,234 | ||||||||||||||||||||||||||||||||||||
Increase in cash and cash equivalents | — | 176,278 | 41,553 | — | 217,831 | ||||||||||||||||||||||||||||||||||||
Cash and cash equivalents at beginning of period | — | 87,283 | 9,907 | — | 97,190 | ||||||||||||||||||||||||||||||||||||
Cash and cash equivalents at end of period | $ | — | $ | 263,561 | $ | 51,460 | $ | — | $ | 315,021 | |||||||||||||||||||||||||||||||
Condensed Consolidating Statement of Cash Flows | |||||||||||||||||||||||||||||||||||||||||
Nine Months Ended September 30, 2012 | |||||||||||||||||||||||||||||||||||||||||
RTI International | Guarantor | Non-Guarantor | Eliminations | Consolidated | |||||||||||||||||||||||||||||||||||||
Metals, Inc. | Subsidiaries | Subsidiaries | |||||||||||||||||||||||||||||||||||||||
Cash provided by (used in) operating activities | $ | 16,383 | $ | (15,922 | ) | $ | (25,911 | ) | $ | — | $ | (25,450 | ) | ||||||||||||||||||||||||||||
Investing activities: | |||||||||||||||||||||||||||||||||||||||||
Investments in subsidiares, net | 181,533 | — | — | (181,533 | ) | — | |||||||||||||||||||||||||||||||||||
Acquisitions, net of cash acquired | (182,811 | ) | — | — | — | (182,811 | ) | ||||||||||||||||||||||||||||||||||
Capital expenditures | (897 | ) | (43,736 | ) | (3,246 | ) | — | (47,879 | ) | ||||||||||||||||||||||||||||||||
Investments, net | — | 172,772 | — | — | 172,772 | ||||||||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||||||||||
Financing fees | (823 | ) | — | — | — | (823 | ) | ||||||||||||||||||||||||||||||||||
Parent company investments/dividends, net | — | (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 Consolidated Balance Sheet | ' | ||||||||||||||||||||||||||||||||||||||||
Effects of Restatement on Consolidated Financial Statements | ' | ||||||||||||||||||||||||||||||||||||||||
December 31, 2012 | |||||||||||||||||||||||||||||||||||||||||
Previously | First | Second | As | Discontinued | Currently | ||||||||||||||||||||||||||||||||||||
Reported | Restatement | Restatement | Corrected | Operations | Reported | ||||||||||||||||||||||||||||||||||||
Adjustment | Adjustment | ||||||||||||||||||||||||||||||||||||||||
Condensed Consolidated Balance Sheet | |||||||||||||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||||||
Cost 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 | ||||||||||||||||||||||||||||||||||
Condensed Consolidated Statement of Cash Flows | ' | ||||||||||||||||||||||||||||||||||||||||
Effects of Restatement on Consolidated Financial Statements | ' | ||||||||||||||||||||||||||||||||||||||||
Nine Months Ended September 30, 2012 | |||||||||||||||||||||||||||||||||||||||||
Previously | First | Second | As | ||||||||||||||||||||||||||||||||||||||
Restatement | Restatement | ||||||||||||||||||||||||||||||||||||||||
Reported | Adjustment | Adjustment | Corrected | ||||||||||||||||||||||||||||||||||||||
Condensed Consolidated Statement of Cash Flows | |||||||||||||||||||||||||||||||||||||||||
Operating Activities: | |||||||||||||||||||||||||||||||||||||||||
Net income | $ | 16,413 | $ | (3,966 | ) | $ | 316 | $ | 12,763 | ||||||||||||||||||||||||||||||||
Adjustment for non-cash items included in net income: | |||||||||||||||||||||||||||||||||||||||||
Deferred income taxes | (2,860 | ) | (2,017 | ) | 160 | (4,717 | ) | ||||||||||||||||||||||||||||||||||
Other | 675 | — | 823 | 1,498 | |||||||||||||||||||||||||||||||||||||
Changes in assets and liabilities: | |||||||||||||||||||||||||||||||||||||||||
Inventories | (81,086 | ) | 5,785 | 3,949 | (71,352 | ) | |||||||||||||||||||||||||||||||||||
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 | ) | |||||||||||||||||||||||||||||||||||
Financing Activities: | |||||||||||||||||||||||||||||||||||||||||
Deferred financing costs | — | — | (823 | ) | (823 | ) | |||||||||||||||||||||||||||||||||||
Cash used in financing activities | (850 | ) | — | (823 | ) | (1,673 | ) | ||||||||||||||||||||||||||||||||||
To be Revised | ' | ||||||||||||||||||||||||||||||||||||||||
Schedule of Condensed Consolidating Statement of Operations and Comprehensive Income | ' | ||||||||||||||||||||||||||||||||||||||||
Condensed Consolidated Statements of Operations: | |||||||||||||||||||||||||||||||||||||||||
Three months ended March 31, 2013 | Three months ended June 30, 2013 | Six months ended June 30, 2013 | |||||||||||||||||||||||||||||||||||||||
As | Restatement | Revision | As | As | Revision | As | As | Revision | As | ||||||||||||||||||||||||||||||||
Reported | Adjustment | Adjustment | Revised | Reported | Adjustment | Revised | Reported | Adjustment | Revised | ||||||||||||||||||||||||||||||||
Net sales | $ | 187,470 | $ | 4,430 | $ | (662 | ) | $ | 191,238 | $ | 200,950 | $ | (206 | ) | $ | 200,744 | $ | 392,850 | $ | (868 | ) | $ | 391,982 | ||||||||||||||||||
Cost and expenses: | |||||||||||||||||||||||||||||||||||||||||
Cost of Sales | 149,381 | 2,605 | (26 | ) | 151,960 | 156,782 | 15 | 156,797 | 308,768 | (11 | ) | 308,757 | |||||||||||||||||||||||||||||
Operating income | 12,180 | 1,825 | (636 | ) | 13,369 | 20,545 | (221 | ) | 20,324 | 34,550 | (857 | ) | 33,693 | ||||||||||||||||||||||||||||
Income before income taxes | 7,974 | 1,825 | (636 | ) | 9,163 | 602 | (221 | ) | 381 | 10,401 | (857 | ) | 9,544 | ||||||||||||||||||||||||||||
Provision for income taxes | 2,470 | 512 | (178 | ) | 2,804 | (878 | ) | (89 | ) | (967 | ) | 2,104 | (267 | ) | 1,837 | ||||||||||||||||||||||||||
Net income attributable to continuing operations | 5,504 | 1,313 | (458 | ) | 6,359 | 1,480 | (132 | ) | 1,348 | 8,297 | (590 | ) | 7,707 | ||||||||||||||||||||||||||||
Net income | 5,655 | 1,313 | (458 | ) | 6,510 | 1,173 | (132 | ) | 1,041 | 8,141 | (590 | ) | 7,551 | ||||||||||||||||||||||||||||
Earnings per share attributable to continuing operations: | |||||||||||||||||||||||||||||||||||||||||
Basic | $ | 0.18 | $ | 0.04 | $ | (0.02 | ) | $ | 0.21 | $ | 0.05 | $ | — | $ | 0.04 | $ | 0.27 | $ | (0.02 | ) | $ | 0.25 | |||||||||||||||||||
Diluted | $ | 0.18 | $ | 0.04 | $ | (0.02 | ) | $ | 0.21 | $ | 0.05 | $ | — | $ | 0.04 | $ | 0.27 | $ | (0.02 | ) | $ | 0.25 | |||||||||||||||||||
Schedule of Condensed Consolidating Balance Sheet | ' | ||||||||||||||||||||||||||||||||||||||||
Condensed Consolidated Balance Sheets: | |||||||||||||||||||||||||||||||||||||||||
March 31, 2013 | June 30, 2013 | ||||||||||||||||||||||||||||||||||||||||
As Reported | Restatement | Revision | As Revised | As Reported | Revision | As Revised | |||||||||||||||||||||||||||||||||||
Adjustment | Adjustment | Adjustment | |||||||||||||||||||||||||||||||||||||||
Inventories, net | $ | 421,402 | $ | (6,430 | ) | $ | (3,952 | ) | $ | 411,020 | $ | 421,152 | $ | (4,265 | ) | $ | 416,887 | ||||||||||||||||||||||||
Costs in excess of billings | — | 1,679 | 426 | 2,105 | 911 | 1,305 | 2,216 | ||||||||||||||||||||||||||||||||||
Deferred income taxes | 28,962 | 1,222 | 926 | 31,110 | 30,675 | 1,015 | 31,690 | ||||||||||||||||||||||||||||||||||
Other current assets | 11,115 | 634 | — | 11,749 | 21,990 | — | 21,990 | ||||||||||||||||||||||||||||||||||
Total current assets | 648,540 | (2,895 | ) | (2,600 | ) | 643,045 | 941,246 | (1,945 | ) | 939,301 | |||||||||||||||||||||||||||||||
Goodwill | 135,341 | — | (5,260 | ) | 130,081 | 134,823 | (5,260 | ) | 129,563 | ||||||||||||||||||||||||||||||||
Other noncurrent assets | 5,197 | 2,870 | — | 8,067 | 13,681 | — | 13,681 | ||||||||||||||||||||||||||||||||||
Total assets | 1,245,229 | (25 | ) | (7,860 | ) | 1,237,344 | 1,541,554 | (7,205 | ) | 1,534,349 | |||||||||||||||||||||||||||||||
Unearned revenues – current | 24,991 | (1,151 | ) | (1,357 | ) | 22,483 | 49,700 | (570 | ) | 49,130 | |||||||||||||||||||||||||||||||
Total current liabilities | 154,604 | (1,151 | ) | (1,357 | ) | 152,096 | 166,703 | (570 | ) | 166,133 | |||||||||||||||||||||||||||||||
Deferred income taxes | 51,400 | — | (5,068 | ) | 46,332 | 81,190 | (5,068 | ) | 76,122 | ||||||||||||||||||||||||||||||||
Unearned revenues – noncurrent | 9,922 | 2,870 | — | 12,792 | 12,496 | — | 12,496 | ||||||||||||||||||||||||||||||||||
Total liabilities | 487,676 | 1,719 | (6,425 | ) | 482,970 | 746,783 | (5,638 | ) | 741,145 | ||||||||||||||||||||||||||||||||
Retained earnings | 329,236 | (1,744 | ) | (1,435 | ) | 326,057 | 328,665 | (1,567 | ) | 327,098 | |||||||||||||||||||||||||||||||
Total shareholders’ equity | 757,553 | (1,744 | ) | (1,435 | ) | 754,374 | 794,771 | (1,567 | ) | 793,204 | |||||||||||||||||||||||||||||||
Total liabilities and shareholders’ equity | 1,245,229 | (25 | ) | (7,860 | ) | 1,237,344 | 1,541,554 | (7,205 | ) | 1,534,349 | |||||||||||||||||||||||||||||||
Schedule of Condensed Consolidating Statement of Cash Flows | ' | ||||||||||||||||||||||||||||||||||||||||
Condensed Consolidated Statements of Cash Flows: | |||||||||||||||||||||||||||||||||||||||||
March 31, 2013 | |||||||||||||||||||||||||||||||||||||||||
As | Restatement | Revision | As | ||||||||||||||||||||||||||||||||||||||
Reported | Adjustment | Adjustment | Revised | ||||||||||||||||||||||||||||||||||||||
Net income | $ | 5,655 | $ | 1,313 | $ | (458 | ) | $ | 6,510 | ||||||||||||||||||||||||||||||||
Adjustment for non-cash items included in net income: | |||||||||||||||||||||||||||||||||||||||||
Deferred income taxes | 2,838 | 512 | (178 | ) | 3,172 | ||||||||||||||||||||||||||||||||||||
Changes in assets and liabilities: | |||||||||||||||||||||||||||||||||||||||||
Receivables | (9,994 | ) | — | (1,261 | ) | (11,255 | ) | ||||||||||||||||||||||||||||||||||
Inventories | (28,351 | ) | 1,220 | 111 | (27,020 | ) | |||||||||||||||||||||||||||||||||||
Unearned revenue | (1,042 | ) | (3,286 | ) | 532 | (3,796 | ) | ||||||||||||||||||||||||||||||||||
Cost in excess of billings | — | 162 | (7 | ) | 155 | ||||||||||||||||||||||||||||||||||||
Other current assets and liabilities | (10,447 | ) | (73 | ) | — | (10,520 | ) | ||||||||||||||||||||||||||||||||||
Other assets and liabilities | 983 | 152 | — | 1,135 | |||||||||||||||||||||||||||||||||||||
Cash used in operating activities | (30,723 | ) | — | — | (30,723 | ) | |||||||||||||||||||||||||||||||||||
June 30, 2013 | |||||||||||||||||||||||||||||||||||||||||
As | Revision | As | |||||||||||||||||||||||||||||||||||||||
Reported | Adjustment | Revised | |||||||||||||||||||||||||||||||||||||||
Net income | $ | 8,141 | $ | (590 | ) | $ | 7,551 | ||||||||||||||||||||||||||||||||||
Adjustment for non-cash items included in net income: | |||||||||||||||||||||||||||||||||||||||||
Deferred income taxes | 1,810 | (267 | ) | 1,543 | |||||||||||||||||||||||||||||||||||||
Changes in assets and liabilities: | |||||||||||||||||||||||||||||||||||||||||
Receivables | (3,054 | ) | (1,261 | ) | (4,315 | ) | |||||||||||||||||||||||||||||||||||
Inventories | (34,639 | ) | 424 | (34,215 | ) | ||||||||||||||||||||||||||||||||||||
Unearned revenue | 22,714 | 1,319 | 24,033 | ||||||||||||||||||||||||||||||||||||||
Cost in excess of billings | 930 | (886 | ) | 44 | |||||||||||||||||||||||||||||||||||||
Cash used in operating activities | 619 | — | 619 |
DISCONTINUED_OPERATIONS_Tables
DISCONTINUED OPERATIONS (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Assets and Liabilities of Discontinued Operations | ' | ||||||||||||||||
Assets and liabilities of discontinued operations were comprised of the following at December 31, 2012: | |||||||||||||||||
December 31, | |||||||||||||||||
2012 | |||||||||||||||||
ASSETS | |||||||||||||||||
Accounts receivable, net | $ | 2,189 | |||||||||||||||
Inventories, net | 11,124 | ||||||||||||||||
Property, plant and equipment, net | 47 | ||||||||||||||||
Goodwill | 1,381 | ||||||||||||||||
Total assets of discontinued operations | $ | 14,741 | |||||||||||||||
LIABILITIES | |||||||||||||||||
Accounts payable | $ | 1,995 | |||||||||||||||
Accrued wages and other employment costs | 337 | ||||||||||||||||
Total liabilities of discontinued operations | $ | 2,332 | |||||||||||||||
Discontinued Operations | ' | ||||||||||||||||
Assets and Liabilities of Discontinued Operations | ' | ||||||||||||||||
The Company’s results from discontinued operations are summarized below: | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Net sales | $ | — | $ | 7,228 | $ | 8,872 | $ | 23,477 | |||||||||
Income (loss) before income taxes | — | 594 | (200 | ) | 2,203 | ||||||||||||
Provision for (benefit from) income taxes | — | 205 | (44 | ) | 790 | ||||||||||||
Net income (loss) from discontinued operations | — | 389 | (156 | ) | 1,413 |
ACCUMULATED_OTHER_COMPREHENSIV1
ACCUMULATED OTHER COMPREHENSIVE LOSS (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Components of Accumulated Other Comprehensive Income | ' | ||||||||||||||||
The components of accumulated other comprehensive loss at September 30, 2013 and December 31, 2012 were as follows: | |||||||||||||||||
Foreign | Actuarial | Unrealized | Total | ||||||||||||||
Currency | Losses | losses | |||||||||||||||
Translation | on Benefit | on | |||||||||||||||
Plans | Investments | ||||||||||||||||
Balance at December 31, 2012 | $ | 12,990 | $ | (57,712 | ) | $ | — | $ | (44,722 | ) | |||||||
Other comprehensive income (loss) before reclassifications, net of tax | (4,589 | ) | 3,943 | (4 | ) | (650 | ) | ||||||||||
Amounts reclassified from other comprehensive loss, net of tax | — | 5,381 | — | 5,381 | |||||||||||||
Accumulated other comprehensive income (loss) at September 30, 2013 | $ | 8,401 | $ | (48,388 | ) | $ | (4 | ) | $ | (39,991 | ) | ||||||
Amounts Reclassified from Accumulated Other Comprehensive Loss | ' | ||||||||||||||||
Amounts reclassified from accumulated other comprehensive loss, net of tax, for the three and nine months ended September 30, 2013 are as follows: | |||||||||||||||||
Three Months | Nine Months | ||||||||||||||||
Ended September 30, 2013 | Ended September 30, 2013 | ||||||||||||||||
Amortization of Defined Benefit Pension Items | |||||||||||||||||
Actuarial losses and prior service costs | $ | 2,017 | $ | 6,463 | |||||||||||||
Special termination benefits | — | 2,214 | |||||||||||||||
Tax expense | (767 | ) | (3,296 | ) | |||||||||||||
Total reclassifications | $ | 1,250 | $ | 5,381 | |||||||||||||
STOCKBASED_COMPENSATION_Tables
STOCK-BASED COMPENSATION (Tables) | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Summary of Stock Options Activity | ' | ||||||||
A summary of the status of the Company’s stock options as of September 30, 2013, and the activity during the nine months then ended, is presented below: | |||||||||
Stock Options | Options | ||||||||
Outstanding at December 31, 2012 | 590,850 | ||||||||
Granted | 98,831 | ||||||||
Forfeited | (15,595 | ) | |||||||
Expired | (15,743 | ) | |||||||
Exercised | (97,432 | ) | |||||||
Outstanding at September 30, 2013 | 560,911 | ||||||||
Exercisable at September 30, 2013 | 395,351 | ||||||||
Schedule of Fair Value of Stock Options Granted | ' | ||||||||
The fair value of stock options granted was estimated at the date of grant using the Black-Scholes option-pricing model based upon the assumptions noted in the following table: | |||||||||
2013 | |||||||||
Risk-free interest rate | 0.87 | % | |||||||
Expected dividend yield | 0 | % | |||||||
Expected lives (in years) | 5 | ||||||||
Expected volatility | 65 | % | |||||||
Summary Nonvested Restricted Stock Awards | ' | ||||||||
A summary of the status of the Company’s nonvested restricted stock as of September 30, 2013, and the activity during the nine months then ended, is presented below: | |||||||||
Nonvested Restricted Stock Awards | Shares | ||||||||
Nonvested at December 31, 2012 | 182,179 | ||||||||
Granted | 116,856 | ||||||||
Vested | (75,222 | ) | |||||||
Forfeited | (9,719 | ) | |||||||
Nonvested at September 30, 2013 | 214,094 | ||||||||
Summary of Company's Performance Share Award | ' | ||||||||
A summary of the Company’s performance share awards as of September 30, 2013, and the activity during the nine months then ended, is presented below: | |||||||||
Performance Share Awards | Awards | Maximum Shares | |||||||
Activity | Eligible to | ||||||||
Receive | |||||||||
Outstanding at December 31, 2012 | 107,057 | 214,114 | |||||||
Granted | 72,164 | 144,328 | |||||||
Forfeited | (22,472 | ) | (44,944 | ) | |||||
Outstanding at September 30, 2013 | 156,749 | 313,498 | |||||||
EARNINGS_PER_SHARE_Tables
EARNINGS PER SHARE (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Shares Excluded from Calculation of Earnings per Share | ' | ||||||||||||||||
Shares excluded from the calculation of earnings per share were as follows: | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
2015 Notes | 3,185,213 | 6,404,902 | 3,185,213 | 6,404,902 | |||||||||||||
2019 Notes | — | — | 9,885,561 | — | |||||||||||||
Anti-dilutive options (1) | 241,334 | 425,383 | 238,090 | 421,036 | |||||||||||||
-1 | Average option price of shares excluded from calculation of earnings per share were $47.50 and $38.26 for the three months ended September 30, 2013 and 2012, respectively and $48.29 and $38.46 for the nine months ended September 30, 2013 and 2012, respectively. | ||||||||||||||||
Schedule of Weighted-Average Shares of Common Stock Outstanding | ' | ||||||||||||||||
Actual weighted-average shares of Common Stock outstanding used in the calculation of basic and diluted earnings per share for the three and nine months ended September 30, 2013 and 2012 were as follows: | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
(As Restated) | (As Restated) | ||||||||||||||||
Numerator—basic earnings per share: | |||||||||||||||||
Net income from continuing operations before allocation of earnings to participating securities | $ | 12,292 | $ | 3,199 | $ | 19,999 | $ | 11,350 | |||||||||
Less: Earnings allocated to participating securities | (87 | ) | (20 | ) | (140 | ) | (67 | ) | |||||||||
Net income from continuing operations attributable to common shareholders, after earnings allocated to participating securities used in calculation of basic earnings per share | $ | 12,205 | $ | 3,179 | $ | 19,859 | $ | 11,283 | |||||||||
Numerator—diluted earnings per share: | |||||||||||||||||
Net income from continuing operations before allocation of earnings to participating securities | $ | 12,292 | $ | 3,199 | $ | 19,999 | $ | 11,350 | |||||||||
Interest expense on 2019 Notes, net of tax | 2,853 | N/A | N/A | N/A | |||||||||||||
Less: Earnings allocated to participating securities | (107 | ) | (20 | ) | (140 | ) | (67 | ) | |||||||||
Net income from continuing operations attributable to common shareholders, after earnings allocated to participating securities used in calculation of diluted earnings per share | $ | 15,038 | $ | 3,179 | $ | 19,859 | $ | 11,283 | |||||||||
Net income (loss) from discontinued operations before allocation of earnings to participating securities | $ | — | $ | 389 | $ | (156 | ) | $ | 1,413 | ||||||||
Less: Earnings allocated to participating securities | — | (2 | ) | — | (8 | ) | |||||||||||
Net income from discontinued operations attributable to common shareholders, after earnings allocated to participating securities | $ | — | $ | 387 | $ | (156 | ) | $ | 1,405 | ||||||||
Denominator: | |||||||||||||||||
Basic weighted-average shares outstanding | 30,325,662 | 30,137,187 | 30,285,004 | 30,117,204 | |||||||||||||
Effect of dilutive securities | 10,048,947 | 110,185 | 213,843 | 115,100 | |||||||||||||
Diluted weighted-average shares outstanding | 40,374,609 | 30,247,372 | 30,498,847 | 30,232,304 | |||||||||||||
Earnings per share attributable to continuing operations: | |||||||||||||||||
Basic | $ | 0.4 | $ | 0.11 | $ | 0.66 | $ | 0.37 | |||||||||
Diluted | $ | 0.37 | $ | 0.11 | $ | 0.65 | $ | 0.37 | |||||||||
Earnings (loss) per share attributable to discontinued operations: | |||||||||||||||||
Basic | $ | — | $ | 0.01 | $ | (0.01 | ) | $ | 0.05 | ||||||||
Diluted | $ | — | $ | 0.01 | $ | (0.01 | ) | $ | 0.05 |
CASH_CASH_EQUIVALENTS_AND_SHOR1
CASH, CASH EQUIVALENTS AND SHORT-TERM INVESTMENTS (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Cash, Cash Equivalents, Short-Term Investments, and Marketable Securities | ' | ||||||||||||||||
Cash, cash equivalents, and short-term investments consist of the following: | |||||||||||||||||
September 30, | December 31, | ||||||||||||||||
2013 | 2012 | ||||||||||||||||
Cash and cash equivalents: | |||||||||||||||||
Cash | $ | 69,193 | $ | 37,473 | |||||||||||||
Cash equivalents: | |||||||||||||||||
Commercial paper | 128,448 | 32,642 | |||||||||||||||
Money market mutual funds | 117,380 | 27,075 | |||||||||||||||
Total cash and cash equivalents | 315,021 | 97,190 | |||||||||||||||
Short-term investments: | |||||||||||||||||
Commercial paper | 36,398 | — | |||||||||||||||
Corporate notes and bonds | 8,789 | — | |||||||||||||||
Total short-term investments | 45,187 | — | |||||||||||||||
Total cash, cash equivalents, and short-term investments | $ | 360,208 | $ | 97,190 | |||||||||||||
Short-Term Investments and Marketable Securities | ' | ||||||||||||||||
The Company had no investments at December 31, 2012. The Company’s investments at September 30, 2013 were as follows: | |||||||||||||||||
Amortized | Gross Unrealized | ||||||||||||||||
Cost | Gains | Losses | Fair Value | ||||||||||||||
As of September 30, 2013: | |||||||||||||||||
Commercial paper | $ | 36,397 | $ | 1 | $ | — | $ | 36,398 | |||||||||
Corporate notes and bonds | 8,794 | — | 5 | 8,789 | |||||||||||||
Total | $ | 45,191 | $ | 1 | $ | 5 | $ | 45,187 | |||||||||
FAIR_VALUE_MEASUREMENTS_Tables
FAIR VALUE MEASUREMENTS (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Fair Values of Assets and Liabilities Measured on Recurring Basis | ' | ||||||||||||||||
Listed below are the Company’s assets, and their fair values, which are measured at fair value on a recurring basis, as of September 30, 2013. The Company uses trading prices near the balance sheet date to determine the fair value of its assets measured on a recurring basis. The Company held no investments measured at fair value on a recurring basis as of December 31, 2012. There were no transfers between levels for the three or nine months ended September 30, 2013. | |||||||||||||||||
Quoted Market | Significant | Significant | Fair Value | ||||||||||||||
Prices | Other Observable | Unobservable | |||||||||||||||
(Level 1) | Inputs | Inputs | |||||||||||||||
(Level 2) | (Level 3) | ||||||||||||||||
As of September 30, 2013: | |||||||||||||||||
Commercial paper | $ | — | $ | 36,398 | $ | — | $ | 36,398 | |||||||||
Corporate notes and bonds | — | 8,789 | — | 8,789 | |||||||||||||
Total | $ | — | $ | 45,187 | $ | — | $ | 45,187 | |||||||||
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: | |||||||||||||||||
September 30, 2013 | December 31, 2012 | ||||||||||||||||
Carrying | Fair | Carrying | Fair | ||||||||||||||
Amount | Value | Amount | Value | ||||||||||||||
Cash and cash equivalents | $ | 315,021 | $ | 315,021 | $ | 97,190 | $ | 97,190 | |||||||||
Current portion of long-term debt | $ | 999 | $ | 999 | $ | 957 | $ | 957 | |||||||||
Long-term debt | $ | 419,249 | $ | 548,560 | $ | 198,337 | $ | 249,113 |
INVENTORIES_Tables
INVENTORIES (Tables) | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Components of Inventories | ' | ||||||||
Inventories consisted of the following: | |||||||||
September 30, | December 31, | ||||||||
2013 | 2012 | ||||||||
(As Restated) | |||||||||
Raw materials and supplies | $ | 166,184 | $ | 160,627 | |||||
Work-in-process and finished goods | 312,825 | 283,087 | |||||||
LIFO reserve | (58,609 | ) | (58,598 | ) | |||||
Total inventories | $ | 420,400 | $ | 385,116 | |||||
GOODWILL_AND_OTHER_INTANGIBLE_1
GOODWILL AND OTHER INTANGIBLE ASSETS (Tables) | 9 Months Ended | ||||||||||||
Sep. 30, 2013 | |||||||||||||
Schedule of Carrying Amount of Goodwill Attributable to Segment | ' | ||||||||||||
The carrying amount of goodwill attributable to each segment at December 31, 2012 and September 30, 2013 was as follows: | |||||||||||||
Titanium | Engineered | Total | |||||||||||
Segment | Products and | ||||||||||||
Services | |||||||||||||
Segment | |||||||||||||
December 31, 2012 (As Restated) | $ | 10,020 | $ | 120,590 | $ | 130,610 | |||||||
Impairment (Note 4) | (293 | ) | — | (293 | ) | ||||||||
Translation adjustment | — | (479 | ) | (479 | ) | ||||||||
30-Sep-13 | $ | 9,727 | $ | 120,111 | $ | 129,838 | |||||||
Intangible Assets Amortization Period | ' | ||||||||||||
Other intangible assets are being amortized over the following periods: | |||||||||||||
Intangible Asset | Amortization | ||||||||||||
Period | |||||||||||||
Customer relationships | 15-20 years | ||||||||||||
Developed technology | 12-20 years | ||||||||||||
Backlog | 2 years | ||||||||||||
Schedule of Carrying Amount of Intangible Assets Attributable to Engineered Products and Services Segment | ' | ||||||||||||
The carrying amounts of intangible assets attributable to the Company’s Engineered Products and Services Segment at December 31, 2012 and September 30, 2013 were as follows: | |||||||||||||
Intangible | |||||||||||||
Assets | |||||||||||||
31-Dec-12 | $ | 56,495 | |||||||||||
Amortization | (2,349 | ) | |||||||||||
Translation adjustment | (1,104 | ) | |||||||||||
30-Sep-13 | $ | 53,042 | |||||||||||
LONGTERM_DEBT_Tables
LONG-TERM DEBT (Tables) | 9 Months Ended | ||||||||||||
Sep. 30, 2013 | |||||||||||||
Schedule of Long-Term Debt | ' | ||||||||||||
Long-term debt consisted of: | |||||||||||||
Effective | September 30, | December 31, | |||||||||||
Interest | 2013 | 2012 | |||||||||||
Rate | |||||||||||||
$114.4 million aggregate principal 3.000% Convertible Senior Notes due 2015 | 8.675 | % | $ | 101,714 | $ | 196,644 | |||||||
$402.5 million aggregate principal amount 1.625% Convertible Senior Notes due 2019 | 5.875 | % | 316,555 | — | |||||||||
Capital leases | various | 1,979 | 2,650 | ||||||||||
Total debt | 420,248 | 199,294 | |||||||||||
Less: Current portion of capital leases | (999 | ) | (957 | ) | |||||||||
Total long-term debt | $ | 419,249 | $ | 198,337 | |||||||||
EMPLOYEE_BENEFIT_PLANS_Tables
EMPLOYEE BENEFIT PLANS (Tables) | 9 Months Ended | ||||||||||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||||||||||
Components of Net Periodic Pension and Other Post-Retirement Benefit Cost | ' | ||||||||||||||||||||||||||||||||
Components of net periodic pension and other post-retirement benefit costs for the three and nine months ended September 30, 2013 and 2012 for those salaried and hourly covered employees were as follows: | |||||||||||||||||||||||||||||||||
Pension Benefits | Other Post-Retirement Benefits | ||||||||||||||||||||||||||||||||
Three Months | Nine Months | Three Months | Nine Months | ||||||||||||||||||||||||||||||
Ended September 30, | Ended September 30, | Ended September 30, | Ended September 30, | ||||||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | 2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||||||
Service cost | $ | 594 | $ | 613 | $ | 1,879 | $ | 1,837 | $ | 177 | $ | 167 | $ | 570 | $ | 503 | |||||||||||||||||
Interest cost | 1,715 | 1,774 | 5,096 | 5,320 | 481 | 526 | 1,439 | 1,576 | |||||||||||||||||||||||||
Expected return on plan assets | (2,615 | ) | (2,428 | ) | (7,814 | ) | (7,280 | ) | — | — | — | — | |||||||||||||||||||||
Amortization of prior service cost | 248 | 245 | 744 | 735 | 304 | 303 | 911 | 911 | |||||||||||||||||||||||||
Amortization of actuarial loss | 1,412 | 1,341 | 4,614 | 4,021 | 53 | 40 | 194 | 118 | |||||||||||||||||||||||||
Special termination benefits | — | — | 2,052 | — | — | — | 162 | — | |||||||||||||||||||||||||
Net periodic benefit cost. | $ | 1,354 | $ | 1,545 | $ | 6,571 | $ | 4,633 | $ | 1,015 | $ | 1,036 | $ | 3,276 | $ | 3,108 | |||||||||||||||||
SEGMENT_REPORTING_Tables
SEGMENT REPORTING (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Summary of Financial Information by Reportable Segment | ' | ||||||||||||||||
A summary of financial information by reportable segment is as follows: | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
(As Restated) | (As Restated) | ||||||||||||||||
Net sales: | |||||||||||||||||
Titanium Segment | $ | 89,661 | $ | 90,090 | $ | 273,664 | $ | 274,835 | |||||||||
Intersegment sales | 24,376 | 20,882 | 65,993 | 64,815 | |||||||||||||
Total Titanium Segment sales | 114,037 | 110,972 | 339,657 | 339,650 | |||||||||||||
Engineered Products and Services Segment | 106,871 | 92,455 | 314,850 | 246,242 | |||||||||||||
Intersegment sales. | 14,142 | 19,867 | 47,181 | 62,510 | |||||||||||||
Total Engineered Products and Services Segment sales | 121,013 | 112,322 | 362,031 | 308,752 | |||||||||||||
Eliminations | 38,518 | 40,749 | 113,174 | 127,325 | |||||||||||||
Total consolidated net sales | $ | 196,532 | $ | 182,545 | $ | 588,514 | $ | 521,077 | |||||||||
Operating income: | |||||||||||||||||
Titanium Segment before corporate allocations | $ | 21,472 | $ | 9,875 | $ | 58,648 | $ | 40,798 | |||||||||
Corporate allocations | (4,641 | ) | (4,327 | ) | (14,051 | ) | (14,658 | ) | |||||||||
Total Titanium Segment operating income | 16,831 | 5,548 | 44,597 | 26,140 | |||||||||||||
Engineered Products and Services Segment before corporate allocations | 9,953 | 7,510 | 26,682 | 14,993 | |||||||||||||
Corporate allocations | (5,219 | ) | (3,762 | ) | (16,021 | ) | (10,991 | ) | |||||||||
Total Engineered Products and Services Segment operating income | 4,734 | 3,748 | 10,661 | 4,002 | |||||||||||||
Total consolidated operating income | $ | 21,565 | $ | 9,296 | $ | 55,258 | $ | 30,142 | |||||||||
Other income (expense), net | (294 | ) | 16 | 965 | 318 | ||||||||||||
Interest expense, net | (7,309 | ) | (4,690 | ) | (32,717 | ) | (13,062 | ) | |||||||||
Total consolidated income before income taxes | $ | 13,962 | $ | 4,622 | $ | 23,506 | $ | 17,398 | |||||||||
Summary of Total Assets | ' | ||||||||||||||||
September 30, | December 31, | ||||||||||||||||
2013 | 2012 | ||||||||||||||||
(As Restated) | |||||||||||||||||
Total assets: | |||||||||||||||||
Titanium Segment | $ | 616,376 | $ | 576,786 | |||||||||||||
Engineered Products and Services Segment. | 633,093 | 577,317 | |||||||||||||||
General corporate assets | 302,912 | 83,637 | |||||||||||||||
Assets of discontinued operations | — | 14,741 | |||||||||||||||
Total consolidated assets | $ | 1,552,381 | $ | 1,252,481 | |||||||||||||
Restatements_and_Revisions_Add
Restatements and Revisions - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | 3 Months Ended | 6 Months Ended | 9 Months Ended | ||||||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Jun. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2012 |
Revision Adjustment | Revision Adjustment | Revision Adjustment | Revision Adjustment | Revision Adjustment | Revision Adjustment | ||||||
Deferred income taxes asset, current | $31,406 | ' | $31,406 | ' | $31,380 | ' | $1,015 | $926 | $1,015 | ' | $192 |
Goodwill | 129,838 | ' | 129,838 | ' | 130,610 | ' | -5,260 | -5,260 | -5,260 | ' | -5,260 |
Deferred income taxes liability | 73,882 | ' | 73,882 | ' | 46,384 | ' | -5,068 | -5,068 | -5,068 | ' | -5,068 |
Revision Adjustment on net sales | 196,532 | 182,545 | 588,514 | 521,077 | ' | ' | -206 | -662 | -868 | ' | ' |
Revision Adjustment on cost of sales | 151,435 | 148,895 | 460,192 | 420,901 | ' | ' | 15 | -26 | -11 | ' | ' |
Revision Adjustment on operating income | $21,565 | $9,296 | $55,258 | $30,142 | ' | ($202) | ($221) | ($636) | ($857) | ($202) | ' |
Effects_of_Restatement_on_Cons
Effects of Restatement on Consolidated Statements of Operations (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Net sales | $196,532 | $182,545 | $588,514 | $521,077 |
Cost of sales | 151,435 | 148,895 | 460,192 | 420,901 |
Operating income | 21,565 | 9,296 | 55,258 | 30,142 |
Income before income taxes | 13,962 | 4,622 | 23,506 | 17,398 |
Provision for income taxes | 1,670 | 1,423 | 3,507 | 6,048 |
Net income attributable to continuing operations | 12,292 | 3,199 | 19,999 | 11,350 |
Basic earnings per share-continuing operations | $0.40 | $0.11 | $0.66 | $0.37 |
Diluted earnings per share-continuing operations | $0.37 | $0.11 | $0.65 | $0.37 |
Previously Reported | ' | ' | ' | ' |
Net sales | ' | 189,075 | ' | 542,202 |
Cost of sales | ' | 151,128 | ' | 432,054 |
Operating income | ' | 12,884 | ' | 37,836 |
Income before income taxes | ' | 8,226 | ' | 25,108 |
Provision for income taxes | ' | 2,601 | ' | 8,695 |
Net income attributable to continuing operations | ' | 5,625 | ' | 16,413 |
Basic earnings per share-continuing operations | ' | $0.19 | ' | $0.54 |
Diluted earnings per share-continuing operations | ' | $0.19 | ' | $0.54 |
First Restatement Adjustment | ' | ' | ' | ' |
Net sales | ' | 439 | ' | 1,600 |
Cost of sales | ' | 3,689 | ' | 7,583 |
Operating income | ' | -3,250 | ' | -5,983 |
Income before income taxes | ' | -3,250 | ' | -5,983 |
Provision for income taxes | ' | -1,049 | ' | -2,017 |
Net income attributable to continuing operations | ' | -2,201 | ' | -3,966 |
Basic earnings per share-continuing operations | ' | ($0.07) | ' | ($0.13) |
Diluted earnings per share-continuing operations | ' | ($0.07) | ' | ($0.13) |
Second Restatement Adjustment | ' | ' | ' | ' |
Net sales | ' | 259 | ' | 752 |
Cost of sales | ' | 19 | ' | 276 |
Operating income | ' | 240 | ' | 476 |
Income before income taxes | ' | 240 | ' | 476 |
Provision for income taxes | ' | 76 | ' | 160 |
Net income attributable to continuing operations | ' | 164 | ' | 316 |
Basic earnings per share-continuing operations | ' | $0.01 | ' | $0.01 |
Diluted earnings per share-continuing operations | ' | $0.01 | ' | $0.01 |
As Corrected | ' | ' | ' | ' |
Net sales | ' | 189,773 | ' | 544,554 |
Cost of sales | ' | 154,836 | ' | 439,913 |
Operating income | ' | 9,874 | ' | 32,329 |
Income before income taxes | ' | 5,216 | ' | 19,601 |
Provision for income taxes | ' | 1,628 | ' | 6,838 |
Net income attributable to continuing operations | ' | 3,588 | ' | 12,763 |
Basic earnings per share-continuing operations | ' | $0.12 | ' | $0.42 |
Diluted earnings per share-continuing operations | ' | $0.12 | ' | $0.42 |
Discontinued Operations | ' | ' | ' | ' |
Net sales | ' | -7,228 | ' | -23,477 |
Cost of sales | ' | -5,941 | ' | -19,012 |
Operating income | ' | -578 | ' | -2,187 |
Income before income taxes | ' | -594 | ' | -2,203 |
Provision for income taxes | ' | -205 | ' | -790 |
Net income attributable to continuing operations | ' | ($389) | ' | ($1,413) |
Basic earnings per share-continuing operations | ' | ($0.01) | ' | ($0.05) |
Diluted earnings per share-continuing operations | ' | ($0.01) | ' | ($0.05) |
Effects_of_Restatement_on_Cons1
Effects of Restatement on Consolidated Balance Sheets (Detail) (USD $) | 9 Months Ended | 12 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 |
Receivables | $14,169 | $11,799 | $105,317 |
Inventories, net | 420,400 | ' | 385,116 |
Cost in excess of billings | 3,425 | ' | 2,260 |
Deferred income taxes | 31,406 | ' | 31,380 |
Assets of discontinued operations | ' | ' | 14,741 |
Other current assets | 23,041 | ' | 11,270 |
Total current assets | 957,307 | ' | 647,274 |
Property, plant and equipment, net | 367,849 | ' | 375,949 |
Goodwill | 129,838 | ' | 130,610 |
Other noncurrent assets | 14,910 | ' | 8,866 |
Total assets | 1,552,381 | ' | 1,252,481 |
Accounts payable | 75,039 | ' | 91,661 |
Accrued wages and other employment costs | 29,801 | ' | 34,096 |
Unearned revenues | 38,467 | ' | 24,998 |
Liabilities of discontinued operations | ' | ' | 2,332 |
Total current liabilities | 169,344 | ' | 175,637 |
Deferred income taxes | 73,882 | ' | 46,384 |
Unearned revenues | 12,033 | ' | 13,013 |
Total liabilities | 741,051 | ' | 510,946 |
Retained earnings | 339,390 | ' | 319,547 |
Total shareholders' equity | 811,330 | ' | 741,535 |
Total liabilities and shareholders' equity | 1,552,381 | ' | 1,252,481 |
Previously Reported | ' | ' | ' |
Receivables | ' | ' | 108,767 |
Inventories, net | ' | ' | 405,289 |
Deferred income taxes | ' | ' | 28,899 |
Other current assets | ' | ' | 10,709 |
Total current assets | ' | ' | 650,854 |
Property, plant and equipment, net | ' | ' | 375,996 |
Goodwill | ' | ' | 137,251 |
Other noncurrent assets | ' | ' | 5,844 |
Total assets | ' | ' | 1,259,727 |
Accounts payable | ' | ' | 93,656 |
Accrued wages and other employment costs | ' | ' | 34,433 |
Unearned revenues | ' | ' | 26,164 |
Total current liabilities | ' | ' | 176,803 |
Deferred income taxes | ' | ' | 51,452 |
Unearned revenues | ' | ' | 9,991 |
Total liabilities | ' | ' | 514,158 |
Retained earnings | ' | ' | 323,581 |
Total shareholders' equity | ' | ' | 745,569 |
Total liabilities and shareholders' equity | ' | ' | 1,259,727 |
First Restatement Adjustment | ' | ' | ' |
Inventories, net | ' | ' | -5,208 |
Cost in excess of billings | ' | ' | 1,841 |
Deferred income taxes | ' | ' | 1,733 |
Other current assets | ' | ' | 561 |
Total current assets | ' | ' | -1,073 |
Other noncurrent assets | ' | ' | 3,022 |
Total assets | ' | ' | 1,949 |
Unearned revenues | ' | ' | 1,984 |
Total current liabilities | ' | ' | 1,984 |
Unearned revenues | ' | ' | 3,022 |
Total liabilities | ' | ' | 5,006 |
Retained earnings | ' | ' | -3,057 |
Total shareholders' equity | ' | ' | -3,057 |
Total liabilities and shareholders' equity | ' | ' | 1,949 |
Second Restatement Adjustment | ' | ' | ' |
Receivables | ' | ' | -1,261 |
Inventories, net | ' | ' | -3,841 |
Cost in excess of billings | ' | ' | 419 |
Deferred income taxes | ' | ' | 748 |
Total current assets | ' | ' | -3,935 |
Goodwill | ' | ' | -5,260 |
Total assets | ' | ' | -9,195 |
Unearned revenues | ' | ' | -3,150 |
Total current liabilities | ' | ' | -3,150 |
Deferred income taxes | ' | ' | -5,068 |
Total liabilities | ' | ' | -8,218 |
Retained earnings | ' | ' | -977 |
Total shareholders' equity | ' | ' | -977 |
Total liabilities and shareholders' equity | ' | ' | -9,195 |
As Corrected | ' | ' | ' |
Receivables | ' | ' | 107,506 |
Inventories, net | ' | ' | 396,240 |
Cost in excess of billings | ' | ' | 2,260 |
Deferred income taxes | ' | ' | 31,380 |
Other current assets | ' | ' | 11,270 |
Total current assets | ' | ' | 645,846 |
Property, plant and equipment, net | ' | ' | 375,996 |
Goodwill | ' | ' | 131,991 |
Other noncurrent assets | ' | ' | 8,866 |
Total assets | ' | ' | 1,252,481 |
Accounts payable | ' | ' | 93,656 |
Accrued wages and other employment costs | ' | ' | 34,433 |
Unearned revenues | ' | ' | 24,998 |
Total current liabilities | ' | ' | 175,637 |
Deferred income taxes | ' | ' | 46,384 |
Unearned revenues | ' | ' | 13,013 |
Total liabilities | ' | ' | 510,946 |
Retained earnings | ' | ' | 319,547 |
Total shareholders' equity | ' | ' | 741,535 |
Total liabilities and shareholders' equity | ' | ' | 1,252,481 |
Discontinued Operations | ' | ' | ' |
Receivables | ' | ' | -2,189 |
Inventories, net | ' | ' | -11,124 |
Assets of discontinued operations | ' | ' | 14,741 |
Total current assets | ' | ' | 1,428 |
Property, plant and equipment, net | ' | ' | -47 |
Goodwill | ' | ' | -1,381 |
Accounts payable | ' | ' | -1,995 |
Accrued wages and other employment costs | ' | ' | -337 |
Liabilities of discontinued operations | ' | ' | $2,332 |
Effect_of_Restatement_on_Conso
Effect of Restatement on Consolidated Statements of Cash Flows (Detail) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
OPERATING ACTIVITIES: | ' | ' |
Net income | $19,843 | $12,763 |
Adjustment for non-cash items included in net income: | ' | ' |
Deferred income taxes | 349 | -4,717 |
Other | 1,115 | 1,498 |
Changes in assets and liabilities: | ' | ' |
Inventories | -36,394 | -71,352 |
Unearned revenue | 13,502 | 8,907 |
Cost in excess of billings | -1,165 | -1,751 |
Other current assets and liabilities | -2,493 | -7,181 |
Other assets and liabilities | 3 | -12,907 |
Cash provided by (used in) operating activities | 6,340 | -25,450 |
Financing Activities: | ' | ' |
Deferred financing costs | -12,370 | -823 |
Cash provided by (used in) financing activities | 271,506 | -1,673 |
Previously Reported | ' | ' |
OPERATING ACTIVITIES: | ' | ' |
Net income | ' | 16,413 |
Adjustment for non-cash items included in net income: | ' | ' |
Deferred income taxes | ' | -2,860 |
Other | ' | 675 |
Changes in assets and liabilities: | ' | ' |
Inventories | ' | -81,086 |
Unearned revenue | ' | 11,581 |
Other current assets and liabilities | ' | -6,844 |
Other assets and liabilities | ' | -13,442 |
Cash provided by (used in) operating activities | ' | -26,273 |
Financing Activities: | ' | ' |
Cash provided by (used in) financing activities | ' | -850 |
First Restatement Adjustment | ' | ' |
OPERATING ACTIVITIES: | ' | ' |
Net income | ' | -3,966 |
Adjustment for non-cash items included in net income: | ' | ' |
Deferred income taxes | ' | -2,017 |
Changes in assets and liabilities: | ' | ' |
Inventories | ' | 5,785 |
Unearned revenue | ' | 350 |
Cost in excess of billings | ' | -350 |
Other current assets and liabilities | ' | -145 |
Other assets and liabilities | ' | 343 |
Second Restatement Adjustment | ' | ' |
OPERATING ACTIVITIES: | ' | ' |
Net income | ' | 316 |
Adjustment for non-cash items included in net income: | ' | ' |
Deferred income taxes | ' | 160 |
Other | ' | 823 |
Changes in assets and liabilities: | ' | ' |
Inventories | ' | 3,949 |
Unearned revenue | ' | -3,024 |
Cost in excess of billings | ' | -1,401 |
Other current assets and liabilities | ' | -192 |
Other assets and liabilities | ' | 192 |
Cash provided by (used in) operating activities | ' | 823 |
Financing Activities: | ' | ' |
Deferred financing costs | ' | -823 |
Cash provided by (used in) financing activities | ' | ($823) |
Effects_of_Revision_on_Condens
Effects of Revision on Condensed Consolidated Statements of Operations (Detail) (USD $) | 3 Months Ended | 9 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 9 Months Ended | 3 Months Ended | 6 Months Ended | |||||||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Jun. 30, 2013 | Mar. 31, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Jun. 30, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Jun. 30, 2013 |
As Reported | As Reported | As Reported | Restatement Adjustment | Revision Adjustment | Revision Adjustment | Revision Adjustment | Revision Adjustment | Revision Adjustment | As Revised | As Revised | As Revised | |||||
Schedule of Condensed Consolidating Statement of Operations [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | $196,532 | $182,545 | $588,514 | $521,077 | $200,950 | $187,470 | $392,850 | $4,430 | ' | ($206) | ($662) | ($868) | ' | $200,744 | $191,238 | $391,982 |
Cost and expenses: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cost of sales | 151,435 | 148,895 | 460,192 | 420,901 | 156,782 | 149,381 | 308,768 | 2,605 | ' | 15 | -26 | -11 | ' | 156,797 | 151,960 | 308,757 |
Operating income | 21,565 | 9,296 | 55,258 | 30,142 | 20,545 | 12,180 | 34,550 | 1,825 | -202 | -221 | -636 | -857 | -202 | 20,324 | 13,369 | 33,693 |
Income before income taxes | 13,962 | 4,622 | 23,506 | 17,398 | 602 | 7,974 | 10,401 | 1,825 | ' | -221 | -636 | -857 | ' | 381 | 9,163 | 9,544 |
Provision for income taxes | 1,670 | 1,423 | 3,507 | 6,048 | -878 | 2,470 | 2,104 | 512 | ' | -89 | -178 | -267 | ' | -967 | 2,804 | 1,837 |
Net income attributable to continuing operations | 12,292 | 3,199 | 19,999 | 11,350 | 1,480 | 5,504 | 8,297 | 1,313 | ' | -132 | -458 | -590 | ' | 1,348 | 6,359 | 7,707 |
Net income | $12,292 | $3,588 | $19,843 | $12,763 | $1,173 | $5,655 | $8,141 | $1,313 | ' | ($132) | ($458) | ($590) | ' | $1,041 | $6,510 | $7,551 |
Earnings per share attributable to continuing operations: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Basic | $0.40 | $0.11 | $0.66 | $0.37 | $0.05 | $0.18 | $0.27 | $0.04 | ' | ' | ($0.02) | ($0.02) | ' | $0.04 | $0.21 | $0.25 |
Diluted | $0.37 | $0.11 | $0.65 | $0.37 | $0.05 | $0.18 | $0.27 | $0.04 | ' | ' | ($0.02) | ($0.02) | ' | $0.04 | $0.21 | $0.25 |
Effects_of_Revision_on_Condens1
Effects of Revision on Condensed Consolidated Balance Sheets (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | Jun. 30, 2013 | Mar. 31, 2013 | Mar. 31, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Sep. 30, 2012 | Jun. 30, 2013 | Mar. 31, 2013 |
In Thousands, unless otherwise specified | As Reported | As Reported | Restatement Adjustment | Revision Adjustment | Revision Adjustment | Revision Adjustment | As Revised | As Revised | ||
Condensed Balance Sheet Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Inventories, net | $420,400 | $385,116 | $421,152 | $421,402 | ($6,430) | ($4,265) | ($3,952) | ' | $416,887 | $411,020 |
Costs in excess of billings | 3,425 | 2,260 | 911 | ' | 1,679 | 1,305 | 426 | ' | 2,216 | 2,105 |
Deferred income taxes | 31,406 | 31,380 | 30,675 | 28,962 | 1,222 | 1,015 | 926 | 192 | 31,690 | 31,110 |
Other current assets | 23,041 | 11,270 | 21,990 | 11,115 | 634 | ' | ' | ' | 21,990 | 11,749 |
Total current assets | 957,307 | 647,274 | 941,246 | 648,540 | -2,895 | -1,945 | -2,600 | ' | 939,301 | 643,045 |
Goodwill | 129,838 | 130,610 | 134,823 | 135,341 | ' | -5,260 | -5,260 | -5,260 | 129,563 | 130,081 |
Other noncurrent assets | 14,910 | 8,866 | 13,681 | 5,197 | 2,870 | ' | ' | ' | 13,681 | 8,067 |
Total assets | 1,552,381 | 1,252,481 | 1,541,554 | 1,245,229 | -25 | -7,205 | -7,860 | ' | 1,534,349 | 1,237,344 |
Unearned revenues - current | 38,467 | 24,998 | 49,700 | 24,991 | -1,151 | -570 | -1,357 | ' | 49,130 | 22,483 |
Total current liabilities | 169,344 | 175,637 | 166,703 | 154,604 | -1,151 | -570 | -1,357 | ' | 166,133 | 152,096 |
Deferred income taxes | 73,882 | 46,384 | 81,190 | 51,400 | ' | -5,068 | -5,068 | -5,068 | 76,122 | 46,332 |
Unearned revenues - noncurrent | 12,033 | 13,013 | 12,496 | 9,922 | 2,870 | ' | ' | ' | 12,496 | 12,792 |
Total liabilities | 741,051 | 510,946 | 746,783 | 487,676 | 1,719 | -5,638 | -6,425 | ' | 741,145 | 482,970 |
Retained earnings | 339,390 | 319,547 | 328,665 | 329,236 | -1,744 | -1,567 | -1,435 | ' | 327,098 | 326,057 |
Total shareholders' equity | 811,330 | 741,535 | 794,771 | 757,553 | -1,744 | -1,567 | -1,435 | ' | 793,204 | 754,374 |
Total liabilities and shareholders' equity | $1,552,381 | $1,252,481 | $1,541,554 | $1,245,229 | ($25) | ($7,205) | ($7,860) | ' | $1,534,349 | $1,237,344 |
Effects_of_Revision_on_Condens2
Effects of Revision on Condensed Consolidated Statements of Cash Flows (Detail) (USD $) | 9 Months Ended | 12 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | Mar. 31, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Mar. 31, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Jun. 30, 2013 |
As Reported | As Reported | Restatement Adjustment | Revision Adjustment | Revision Adjustment | As Revised | As Revised | ||||
Condensed Cash Flow Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income | $19,843 | $12,763 | ' | $5,655 | $8,141 | $1,313 | ($458) | ($590) | $6,510 | $7,551 |
Adjustment for non-cash items included in net income: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Deferred income taxes | 349 | -4,717 | ' | 2,838 | 1,810 | 512 | -178 | -267 | 3,172 | 1,543 |
Changes in assets and liabilities: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Receivables | 14,169 | 11,799 | 105,317 | -9,994 | -3,054 | ' | -1,261 | -1,261 | -11,255 | -4,315 |
Inventories | 36,394 | 71,352 | ' | -28,351 | -34,639 | 1,220 | 111 | 424 | -27,020 | -34,215 |
Unearned revenue | 13,502 | 8,907 | ' | -1,042 | 22,714 | -3,286 | 532 | 1,319 | -3,796 | 24,033 |
Cost in excess of billings | 1,165 | 1,751 | ' | ' | 930 | 162 | -7 | -886 | 155 | 44 |
Other current assets and liabilities | 2,493 | 7,181 | ' | -10,447 | ' | -73 | ' | ' | -10,520 | ' |
Other assets and liabilities | -3 | 12,907 | ' | 983 | ' | 152 | ' | ' | 1,135 | ' |
Cash provided by (used in) operating activities | $6,340 | ($25,450) | ' | ($30,723) | $619 | ' | ' | ' | ($30,723) | $619 |
Organization_Additional_Inform
Organization - Additional Information (Detail) | 9 Months Ended |
Sep. 30, 2013 | |
Segment | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items] | ' |
Number of operating segments | 2 |
Discontinued_Operations_Additi
Discontinued Operations - Additional Information (Detail) (USD $) | 9 Months Ended | 1 Months Ended | 3 Months Ended | |
Sep. 30, 2013 | Apr. 30, 2013 | Mar. 31, 2013 | Sep. 30, 2013 | |
RTI Pierce Spafford | Noncore Business | Noncore Business | ||
Operation | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' | ' |
Goodwill impairment | $484,000 | ' | $484,000 | ' |
Number of service centers sold | ' | ' | ' | 1 |
Cash receipts from disposal of subsidiary | 10,475,000 | 10,500,000 | ' | ' |
Receivable from escrow related to disposal of subsidiary | ' | $1,900,000 | ' | ' |
Escrow funds release date | ' | '2014-10 | ' | ' |
Results_from_Discontinued_Oper
Results from Discontinued Operations (Detail) (USD $) | 3 Months Ended | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' |
Net sales | $7,228 | $8,872 | $23,477 |
Income (loss) before income taxes | 594 | -200 | 2,203 |
Provision for (benefit from) income taxes | 205 | -44 | 790 |
Net income (loss) from discontinued operations | $389 | ($156) | $1,413 |
Assets_and_Liabilities_of_Disc
Assets and Liabilities of Discontinued Operations (Detail) (USD $) | Dec. 31, 2012 |
In Thousands, unless otherwise specified | |
ASSETS | ' |
Accounts receivable, net | $2,189 |
Inventories, net | 11,124 |
Property, plant and equipment, net | 47 |
Goodwill | 1,381 |
Total assets of discontinued operations | 14,741 |
LIABILITIES | ' |
Accounts payable | 1,995 |
Accrued wages and other employment costs | 337 |
Total liabilities of discontinued operations | $2,332 |
Components_of_Accumulated_Othe
Components of Accumulated Other Comprehensive Loss (Detail) (USD $) | 9 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2013 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' |
Balance at December 31, 2012 | ($44,722) |
Other comprehensive income (loss) before reclassifications, net of tax | -650 |
Amounts reclassified from other comprehensive loss, net of tax | 5,381 |
Accumulated other comprehensive income (loss) at September 30, 2013 | -39,991 |
Foreign Currency Translation | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' |
Balance at December 31, 2012 | 12,990 |
Other comprehensive income (loss) before reclassifications, net of tax | -4,589 |
Accumulated other comprehensive income (loss) at September 30, 2013 | 8,401 |
Actuarial Losses on Benefit Plans | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' |
Balance at December 31, 2012 | -57,712 |
Other comprehensive income (loss) before reclassifications, net of tax | 3,943 |
Amounts reclassified from other comprehensive loss, net of tax | 5,381 |
Accumulated other comprehensive income (loss) at September 30, 2013 | -48,388 |
Unrealized Loss on Investments | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' |
Other comprehensive income (loss) before reclassifications, net of tax | -4 |
Accumulated other comprehensive income (loss) at September 30, 2013 | ($4) |
Amounts_Reclassified_from_Accu
Amounts Reclassified from Accumulated Other Comprehensive Loss (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' |
Total reclassifications | $1,250 | $1,201 | $9,324 | $3,608 |
Amounts Reclassification from Accumulated Other Comprehensive Income | Amortization of defined benefit pension items | ' | ' | ' | ' |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' |
Actuarial losses | 2,017 | ' | 6,463 | ' |
Special termination benefits | ' | ' | 2,214 | ' |
Tax expense | -767 | ' | -3,296 | ' |
Total reclassifications | $1,250 | ' | $5,381 | ' |
Recovered_Sheet1
Accumulated Other Comprehensive Loss (Detail) (USD $) | 9 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2013 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' |
Gain recognized related to remeasurement of pension plan assets | $3,943 |
Summary_of_Stock_Options_Activ
Summary of Stock Options Activity (Detail) | 9 Months Ended |
Sep. 30, 2013 | |
Shares | ' |
Outstanding at December 31, 2012 | 590,850 |
Granted | 98,831 |
Forfeited | -15,595 |
Expired | -15,743 |
Exercised | -97,432 |
Outstanding at September 30, 2013 | 560,911 |
Exercisable at September 30, 2013 | 395,351 |
Schedule_of_Fair_Value_of_Stoc
Schedule of Fair Value of Stock Options Granted (Detail) (Stock Options) | 9 Months Ended |
Sep. 30, 2013 | |
Stock Options | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Risk-free interest rate | 0.87% |
Expected dividend yield | 0.00% |
Expected lives (in years) | '5 years |
Expected volatility | 65.00% |
Stock_Based_Compensation_Addit
Stock Based Compensation - Additional Information (Detail) (USD $) | 9 Months Ended |
Sep. 30, 2013 | |
Stock Options | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Weighted-average fair value of stock option awards granted | $15.80 |
Restricted Stock | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Weighted-average fair value of stock awards granted | $28.90 |
Performance Shares | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Weighted-average fair value of stock awards granted | $41.02 |
Summary_of_Nonvested_Restricte
Summary of Nonvested Restricted Stock Awards (Detail) (Restricted Stock) | 9 Months Ended |
Sep. 30, 2013 | |
Restricted Stock | ' |
Shares | ' |
Beginning Balance | 182,179 |
Granted | 116,856 |
Vested | -75,222 |
Forfeited | -9,719 |
Ending Balance | 214,094 |
Summary_of_Companys_Performanc
Summary of Company's Performance Share Award (Detail) (Performance Shares) | 9 Months Ended |
Sep. 30, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Beginning Balance | 107,057 |
Granted | 72,164 |
Forfeited | -22,472 |
Ending Balance | 156,749 |
Maximum Shares Eligible To Receive | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Beginning Balance | 214,114 |
Granted | 144,328 |
Forfeited | -44,944 |
Ending Balance | 313,498 |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Income Tax Disclosure [Line Items] | ' | ' |
Effective income tax rate | 30.90% | 33.40% |
Company's effective income tax rate increase(decrease) | 2.50% | ' |
Provision for income tax | $3,507 | $6,048 |
Percentage of provision for income tax | 14.90% | 34.80% |
Revaluation of deferred tax liabilities | $3,761 | $233 |
Earnings_Per_Share_Additional_
Earnings Per Share - Additional Information (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Apr. 30, 2013 |
In Millions, unless otherwise specified | 3.0% Convertible Senior Notes Due 2015 | 3.0% Convertible Senior Notes Due 2015 | 1.625% Convertible Senior Notes Due 2019 | 1.625% Convertible Senior Notes Due 2019 |
Debt Instrument [Line Items] | ' | ' | ' | ' |
Aggregate principal amount of convertible senior notes | $114.40 | ' | $402.50 | ' |
Convertible senior notes, interest rate | 3.00% | 3.00% | 1.63% | 1.63% |
Convertible senior notes, maturity year | '2015 | '2015 | '2019 | ' |
Shares_Excluded_from_Calculati
Shares Excluded from Calculation of Earnings per Share (Detail) | 3 Months Ended | 9 Months Ended | ||||||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | ' | ||||
Anti-dilutive options | 241,334 | [1] | 425,383 | [1] | 238,090 | [1] | 421,036 | [1] |
3.0% Convertible Senior Notes Due 2015 | ' | ' | ' | ' | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | ' | ||||
Anti-dilutive options | 3,185,213 | 6,404,902 | 3,185,213 | 6,404,902 | ||||
1.625% Convertible Senior Notes Due 2019 | ' | ' | ' | ' | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | ' | ||||
Anti-dilutive options | ' | ' | 9,885,561 | ' | ||||
[1] | Average option price of shares excluded from calculation of earnings per share were $47.50 and $38.26 for the three months ended September 30, 2013 and 2012, respectively and $48.29 and $38.46 for the nine months ended September 30, 2013 and 2012, respectively. |
Shares_Excluded_from_Calculati1
Shares Excluded from Calculation of Earnings per Share (Parenthetical) (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | ' |
Average price of options to purchase | $47.50 | $38.26 | $48.29 | $38.46 |
Schedule_of_WeightedAverage_Sh
Schedule of Weighted-Average Shares of Common Stock Outstanding (Detail) (USD $) | 3 Months Ended | 9 Months Ended | |||
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
Earnings Per Share [Line Items] | ' | ' | ' | ' | |
Net income from continuing operations before allocation of earnings to participating securities | $12,292 | $3,199 | $19,999 | $11,350 | |
Interest expense on 2019 Notes, net of tax | -7,309 | -4,690 | -32,717 | -13,062 | [1] |
Net income (loss) from discontinued operations before allocation of earnings to participating securities | ' | 389 | -156 | 1,413 | |
Basic weighted-average shares outstanding | 30,325,662 | 30,137,187 | 30,285,004 | 30,117,204 | |
Effect of dilutive securities | 10,048,947 | 110,185 | 213,843 | 115,100 | |
Diluted weighted-average shares outstanding | 40,374,609 | 30,247,372 | 30,498,847 | 30,232,304 | |
Earnings per share attributable to continuing operations: | ' | ' | ' | ' | |
Basic | $0.40 | $0.11 | $0.66 | $0.37 | |
Diluted | $0.37 | $0.11 | $0.65 | $0.37 | |
Earnings (loss) per share attributable to discontinued operations: | ' | ' | ' | ' | |
Basic | ' | $0.01 | ($0.01) | $0.05 | |
Diluted | ' | $0.01 | ($0.01) | $0.05 | |
Basic Earnings Per Share | ' | ' | ' | ' | |
Earnings Per Share [Line Items] | ' | ' | ' | ' | |
Net income from continuing operations before allocation of earnings to participating securities | 12,292 | 3,199 | 19,999 | 11,350 | |
Less: Earnings allocated to participating securities | -87 | -20 | -140 | -67 | |
Net income from continuing operations attributable to common shareholders, after earnings allocated to participating securities used in calculation of basic earnings per share | 12,205 | 3,179 | 19,859 | 11,283 | |
Diluted Earnings Per Share | ' | ' | ' | ' | |
Earnings Per Share [Line Items] | ' | ' | ' | ' | |
Net income from continuing operations before allocation of earnings to participating securities | 12,292 | 3,199 | 19,999 | 11,350 | |
Less: Earnings allocated to participating securities | -107 | -20 | -140 | -67 | |
Net income from continuing operations attributable to common shareholders, after earnings allocated to participating securities used in calculation of diluted earnings per share | 15,038 | 3,179 | 19,859 | 11,283 | |
Discontinued | ' | ' | ' | ' | |
Earnings Per Share [Line Items] | ' | ' | ' | ' | |
Less: Earnings allocated to participating securities | ' | -2 | ' | -8 | |
Net income from continuing operations attributable to common shareholders, after earnings allocated to participating securities used in calculation of basic earnings per share | ' | 387 | -156 | 1,405 | |
2019 Notes | Diluted Earnings Per Share | ' | ' | ' | ' | |
Earnings Per Share [Line Items] | ' | ' | ' | ' | |
Interest expense on 2019 Notes, net of tax | $2,853 | ' | ' | ' | |
[1] | Amounts in equity in earnings of subsidiaries have been revised to conform to current year presentation, which reflects the Company's legal structure. Previously, the Company did not present equity in earnings of subsidiaries in the guarantor or non-guarantor subsidiaries columns. These amounts have been revised for 2012 to present $5,185 and $1,990, respectively, as equity in earnings of subsidiaries. This change had no impact on covenants or other obligations under the 2015 Notes or 2019 Notes. |
Recovered_Sheet2
Cash, Cash Equivalents and Short-Term Investments - Additional Information (Detail) (USD $) | Sep. 30, 2013 |
Cash And Cash Equivalents And Investments [Line Items] | ' |
Stable net asset value | $1 |
Cash_Cash_Equivalents_ShortTer
Cash, Cash Equivalents, Short-Term Investments and Marketable Securities (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | ||||
Cash and cash equivalents: | ' | ' | ' | ' |
Cash | $69,193 | $37,473 | ' | ' |
Cash equivalents: | ' | ' | ' | ' |
Commercial paper | 128,448 | 32,642 | ' | ' |
Money market mutual funds | 117,380 | 27,075 | ' | ' |
Total cash and cash equivalents | 315,021 | 97,190 | 73,389 | 156,842 |
Short-term investments: | ' | ' | ' | ' |
Commercial paper | 36,398 | ' | ' | ' |
Corporate notes and bonds | 8,789 | ' | ' | ' |
Total short-term investments | 45,187 | ' | ' | ' |
Total cash, cash equivalents, and short-term investments | $360,208 | $97,190 | ' | ' |
ShortTerm_Investments_and_Mark
Short-Term Investments and Marketable Securities (Detail) (USD $) | Sep. 30, 2013 |
In Thousands, unless otherwise specified | |
Schedule Of Short Term Investments And Available For Sale Securities [Line Items] | ' |
Cost | $45,191 |
Gains | 1 |
Losses | 5 |
Fair Value | 45,187 |
Commercial Paper | ' |
Schedule Of Short Term Investments And Available For Sale Securities [Line Items] | ' |
Cost | 36,397 |
Gains | 1 |
Fair Value | 36,398 |
Corporate note and bonds | ' |
Schedule Of Short Term Investments And Available For Sale Securities [Line Items] | ' |
Cost | 8,794 |
Losses | 5 |
Fair Value | $8,789 |
Fair_Values_of_Assets_and_Liab
Fair Values of Assets and Liabilities Measured on Recurring Basis (Detail) (USD $) | Sep. 30, 2013 |
In Thousands, unless otherwise specified | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' |
Fair Value | $45,187 |
Commercial Paper | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' |
Fair Value | 36,398 |
Corporate note and bonds | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' |
Fair Value | 8,789 |
Significant Other Observable Inputs (Level 2) | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' |
Fair Value | 45,187 |
Significant Other Observable Inputs (Level 2) | Commercial Paper | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' |
Fair Value | 36,398 |
Significant Other Observable Inputs (Level 2) | Corporate note and bonds | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' |
Fair Value | $8,789 |
Schedule_of_Carrying_Amounts_a
Schedule of Carrying Amounts and Fair Values of Financial Instruments (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Carrying Amount | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Cash and cash equivalents | $315,021 | $97,190 |
Current portion of long-term debt | 999 | 957 |
Long-term debt | 419,249 | 198,337 |
Fair Value | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Cash and cash equivalents | 315,021 | 97,190 |
Current portion of long-term debt | 999 | 957 |
Long-term debt | $548,560 | $249,113 |
Inventories_Additional_Informa
Inventories - Additional Information (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Inventory [Line Items] | ' | ' |
Percentage of inventories valued under LIFO | 57.00% | 55.00% |
Value of current cost of inventories exceeded the carrying value | $58,609 | $58,598 |
Components_of_Inventories_Deta
Components of Inventories (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Inventory [Line Items] | ' | ' |
Raw materials and supplies | $166,184 | $160,627 |
Work-in-process and finished goods | 312,825 | 283,087 |
LIFO reserve | -58,609 | -58,598 |
Total inventories | $420,400 | $385,116 |
Schedule_of_Carrying_Amount_of
Schedule of Carrying Amount of Goodwill Attributable to Segment (Detail) (USD $) | 9 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2013 |
Goodwill [Line Items] | ' |
December 31, 2012 (As Restated) | $130,610 |
Impairment (Note 4) | -484 |
Translation adjustment | -479 |
30-Sep-13 | 129,838 |
Titanium Segment | ' |
Goodwill [Line Items] | ' |
December 31, 2012 (As Restated) | 10,020 |
Impairment (Note 4) | -293 |
30-Sep-13 | 9,727 |
Engineered Products and Services Segment | ' |
Goodwill [Line Items] | ' |
December 31, 2012 (As Restated) | 120,590 |
Translation adjustment | -479 |
30-Sep-13 | $120,111 |
Intangible_Assets_Amortization
Intangible Assets Amortization Period (Detail) | 9 Months Ended |
Sep. 30, 2013 | |
Customer Relationships | Minimum | ' |
Finite-Lived Intangible Assets [Line Items] | ' |
Amortization Period | '15 years |
Customer Relationships | Maximum | ' |
Finite-Lived Intangible Assets [Line Items] | ' |
Amortization Period | '20 years |
Developed Technology | Minimum | ' |
Finite-Lived Intangible Assets [Line Items] | ' |
Amortization Period | '12 years |
Developed Technology | Maximum | ' |
Finite-Lived Intangible Assets [Line Items] | ' |
Amortization Period | '20 years |
Backlog | ' |
Finite-Lived Intangible Assets [Line Items] | ' |
Amortization Period | '2 years |
Schedule_of_Carrying_Amount_of1
Schedule of Carrying Amount of Intangible Assets Attributable to Engineered Products and Services Segment (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 |
In Thousands, unless otherwise specified | Engineered Products and Services Segment | ||
Schedule Of Intangible Assets By Segment [Line Items] | ' | ' | ' |
31-Dec-12 | $53,042 | $56,495 | $56,495 |
Amortization | ' | ' | -2,349 |
Translation adjustment | ' | ' | -1,104 |
30-Sep-13 | $53,042 | $56,495 | $53,042 |
Schedule_of_Longterm_Debt_Deta
Schedule of Long-term Debt (Detail) (USD $) | 9 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Dec. 31, 2012 |
Debt Instrument [Line Items] | ' | ' |
Capital leases | $1,979 | $2,650 |
Effective interest rate | 'various | 'various |
Total debt | 420,248 | 199,294 |
Less: Current portion of capital leases | -999 | -957 |
Total long-term debt | 419,249 | 198,337 |
3.0% Convertible Senior Notes Due 2015 | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Convertible senior notes | 101,714 | 196,644 |
Convertible senior notes, effective interest rate | 8.68% | 8.68% |
1.625% Convertible Senior Notes Due 2019 | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Convertible senior notes | $316,555 | ' |
Convertible senior notes, effective interest rate | 5.88% | ' |
Schedule_of_Longterm_Debt_Pare
Schedule of Long-term Debt (Parenthetical) (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Apr. 30, 2013 |
In Millions, unless otherwise specified | 3.0% Convertible Senior Notes Due 2015 | 3.0% Convertible Senior Notes Due 2015 | 1.625% Convertible Senior Notes Due 2019 | 1.625% Convertible Senior Notes Due 2019 |
Debt Instrument [Line Items] | ' | ' | ' | ' |
Convertible senior notes, aggregate principal amount payable | $114.40 | $114.40 | $402.50 | ' |
Convertible senior notes, interest rate | 3.00% | 3.00% | 1.63% | 1.63% |
Convertible senior notes, maturity year | '2015 | '2015 | '2019 | ' |
Longterm_Debt_Additional_Infor
Long-term Debt - Additional Information (Detail) (USD $) | 1 Months Ended | 3 Months Ended | 9 Months Ended | 1 Months Ended | 9 Months Ended | ||||
Apr. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Apr. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | |
1.625% Convertible Senior Notes Due 2019 | 1.625% Convertible Senior Notes Due 2019 | 3.0% Convertible Senior Notes Due 2015 | 3.0% Convertible Senior Notes Due 2015 | ||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument, interest rate | ' | ' | ' | ' | ' | 1.63% | 1.63% | 3.00% | 3.00% |
Subsidiary ownership percentage | ' | ' | ' | 100.00% | ' | 100.00% | ' | ' | ' |
Revolving credit facility amount | $150,000,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Revolving credit facility, expiration date | 23-May-17 | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument, earliest convertible date | ' | ' | ' | ' | ' | 15-Apr-19 | ' | ' | ' |
Debt instrument, conversion rate | ' | ' | ' | ' | ' | 24.5604 | ' | ' | ' |
Convertible notes, principal amount | ' | ' | ' | ' | ' | 1,000 | ' | ' | ' |
Conversion price of common stock per share | ' | ' | ' | ' | ' | $40.72 | ' | ' | ' |
Debt instrument interest rate, similar straight-debt | ' | ' | ' | ' | ' | ' | 5.88% | 3.54% | ' |
Fair value of the liability component of the notes | ' | ' | ' | ' | ' | ' | 311,200,000 | 112,600,000 | ' |
Fair value of the conversion component of the notes | ' | ' | ' | ' | ' | ' | 91,300,000 | 19,500,000 | ' |
Convertible senior notes, aggregate principal amount payable | ' | ' | ' | ' | ' | ' | 402,500,000 | 114,400,000 | 114,400,000 |
Debt instrument, term | ' | ' | ' | ' | ' | ' | '6 years 6 months | ' | ' |
Debt issuance costs | ' | ' | ' | ' | ' | ' | 12,400,000 | ' | ' |
Allocation of debt issuance cost to conversion feature of notes | ' | ' | ' | ' | ' | ' | 2,800,000 | ' | ' |
Allocation of debt issuance cost to liability component of notes | ' | ' | ' | ' | ' | ' | 9,600,000 | ' | ' |
Aggregate principal of notes purchased | ' | ' | ' | ' | ' | ' | ' | 115,600,000 | ' |
Purchase price of notes | ' | ' | ' | ' | ' | ' | ' | 133,400,000 | ' |
Accrued interest on notes purchased | ' | ' | ' | ' | ' | ' | ' | 1,300,000 | ' |
Debt component of the notes | ' | ' | ' | ' | ' | ' | ' | 100,400,000 | ' |
Consideration paid for the liability component of the repurchased notes | ' | ' | ' | ' | ' | ' | ' | 12,200,000 | ' |
Unamortized debt issuance costs | ' | ' | ' | ' | ' | ' | ' | 1,500,000 | ' |
Amortization of discount on long-term debt | ' | 4,266,000 | 2,454,000 | 10,592,000 | 7,192,000 | ' | ' | ' | ' |
Interest expense from amortization of debt issuance costs | ' | 457,000 | ' | 1,210,000 | ' | ' | ' | ' | ' |
Amortization of debt issuance costs | ' | ' | 325,000 | ' | 1,077,000 | ' | ' | ' | ' |
Total interest capitalized | ' | ' | ' | $821,000 | ' | ' | ' | ' | ' |
Components_of_Net_Periodic_Pen
Components of Net Periodic Pension and Other Post-retirement Benefit Cost (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Pension Benefits | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Service cost | $594 | $613 | $1,879 | $1,837 |
Interest cost | 1,715 | 1,774 | 5,096 | 5,320 |
Expected return on plan assets | -2,615 | -2,428 | -7,814 | -7,280 |
Amortization of prior service cost | 248 | 245 | 744 | 735 |
Amortization of actuarial loss | 1,412 | 1,341 | 4,614 | 4,021 |
Special termination benefits | ' | ' | 2,052 | ' |
Net periodic benefit cost | 1,354 | 1,545 | 6,571 | 4,633 |
Other Post-Retirement Benefits | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Service cost | 177 | 167 | 570 | 503 |
Interest cost | 481 | 526 | 1,439 | 1,576 |
Amortization of prior service cost | 304 | 303 | 911 | 911 |
Amortization of actuarial loss | 53 | 40 | 194 | 118 |
Special termination benefits | ' | ' | 162 | ' |
Net periodic benefit cost | $1,015 | $1,036 | $3,276 | $3,108 |
Employee_Benefit_Plans_Additio
Employee Benefit Plans - Additional Information (Detail) (USD $) | 9 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2013 |
Employee Benefits Disclosure [Line Items] | ' |
Company contributions to defined benefit plans | $4,320 |
Voluntary Early Retirement Program | ' |
Employee Benefits Disclosure [Line Items] | ' |
Net periodic benefit cost | $2,214 |
Commitments_and_Contingencies_
Commitments and Contingencies - Additional Information (Detail) (USD $) | 9 Months Ended | |
Sep. 30, 2013 | Dec. 31, 2012 | |
Commitments and Contingencies [Line Items] | ' | ' |
Products liability insurance | $500,000,000 | ' |
Environment related cost, minimum | 631,000 | ' |
Environment related cost, maximum | 2,103,000 | ' |
Accrued environmental-related costs for future | 1,264,000 | 1,277,000 |
Accrued environmental-related costs expected to be paid within next twelve months | 85,000 | ' |
Accrued environmental-related costs expected to prepaid after twelve months | 1,179,000 | ' |
Payments for Environmental Liabilities | $14,000 | ' |
Segment_Reporting_Additional_I
Segment Reporting - Additional Information (Detail) | 9 Months Ended |
Sep. 30, 2013 | |
Segment | |
Number of reportable segments | 2 |
Summary_of_Financial_Informati
Summary of Financial Information by Reportable Segment (Detail) (USD $) | 3 Months Ended | 9 Months Ended | |||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | |
Net sales | $196,532 | $182,545 | $588,514 | $521,077 | |
Operating income (loss) | 21,565 | 9,296 | 55,258 | 30,142 | |
Other income (expense), net | -294 | 16 | 965 | 318 | |
Interest expense, net | -7,309 | -4,690 | -32,717 | -13,062 | [1] |
Income before income taxes | 13,962 | 4,622 | 23,506 | 17,398 | |
Titanium Segment | ' | ' | ' | ' | |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | |
Net sales | 114,037 | 110,972 | 339,657 | 339,650 | |
Operating income (loss) | 16,831 | 5,548 | 44,597 | 26,140 | |
Engineered Products and Services Segment | ' | ' | ' | ' | |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | |
Net sales | 121,013 | 112,322 | 362,031 | 308,752 | |
Operating income (loss) | 4,734 | 3,748 | 10,661 | 4,002 | |
Operating Segments | Titanium Segment | ' | ' | ' | ' | |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | |
Net sales | 89,661 | 90,090 | 273,664 | 274,835 | |
Operating income (loss) | 21,472 | 9,875 | 58,648 | 40,798 | |
Operating Segments | Engineered Products and Services Segment | ' | ' | ' | ' | |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | |
Net sales | 106,871 | 92,455 | 314,850 | 246,242 | |
Operating income (loss) | 9,953 | 7,510 | 26,682 | 14,993 | |
Intersegment Eliminations | ' | ' | ' | ' | |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | |
Net sales | 38,518 | 40,749 | 113,174 | 127,325 | |
Intersegment Eliminations | Titanium Segment | ' | ' | ' | ' | |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | |
Net sales | 24,376 | 20,882 | 65,993 | 64,815 | |
Intersegment Eliminations | Engineered Products and Services Segment | ' | ' | ' | ' | |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | |
Net sales | 14,142 | 19,867 | 47,181 | 62,510 | |
Corporate, Non-Segment | Titanium Segment | ' | ' | ' | ' | |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | |
Operating income (loss) | -4,641 | -4,327 | -14,051 | -14,658 | |
Corporate, Non-Segment | Engineered Products and Services Segment | ' | ' | ' | ' | |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | |
Operating income (loss) | ($5,219) | ($3,762) | ($16,021) | ($10,991) | |
[1] | Amounts in equity in earnings of subsidiaries have been revised to conform to current year presentation, which reflects the Company's legal structure. Previously, the Company did not present equity in earnings of subsidiaries in the guarantor or non-guarantor subsidiaries columns. These amounts have been revised for 2012 to present $5,185 and $1,990, respectively, as equity in earnings of subsidiaries. This change had no impact on covenants or other obligations under the 2015 Notes or 2019 Notes. |
Summary_of_Total_Assets_Detail
Summary of Total Assets (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ' | ' |
Total assets | $1,552,381 | $1,252,481 |
Operating Segments | Titanium Segment | ' | ' |
Segment Reporting, Asset Reconciling Item [Line Items] | ' | ' |
Total assets | 616,376 | 576,786 |
Operating Segments | Engineered Products and Services Segment | ' | ' |
Segment Reporting, Asset Reconciling Item [Line Items] | ' | ' |
Total assets | 633,093 | 577,317 |
Corporate, Non-Segment | ' | ' |
Segment Reporting, Asset Reconciling Item [Line Items] | ' | ' |
Total assets | 302,912 | 83,637 |
Discontinued Operations | ' | ' |
Segment Reporting, Asset Reconciling Item [Line Items] | ' | ' |
Total assets | ' | $14,741 |
Guarantor_Subsidiaries_Additio
Guarantor Subsidiaries - Additional Information (Detail) (USD $) | 9 Months Ended | ||||||||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Dec. 31, 2012 | Jun. 30, 2013 | Mar. 31, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Jun. 30, 2013 | Mar. 31, 2013 |
Revision Adjustment | Revision Adjustment | Revision Adjustment | Guarantor Subsidiaries | Guarantor Subsidiaries | Guarantor Subsidiaries | Guarantor Subsidiaries | |||
Revision Adjustment | Revision Adjustment | ||||||||
Guarantor Subsidiaries [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Subsidiary ownership percentage | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' |
Deferred income taxes | $31,406 | $31,380 | $1,015 | $926 | $192 | $2,629 | $2,543 | $192 | $192 |
Goodwill | 129,838 | 130,610 | -5,260 | -5,260 | -5,260 | 93,665 | 93,665 | -5,260 | -5,260 |
Deferred income taxes | $73,882 | $46,384 | ($5,068) | ($5,068) | ($5,068) | $21,587 | $21,590 | ($5,068) | ($5,068) |
Schedule_of_Condensed_Consolid
Schedule of Condensed Consolidating Statement of Operations and Comprehensive Income (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | ||
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ||
Net sales | $196,532 | $182,545 | $588,514 | $521,077 | ||
Cost and expenses: | ' | ' | ' | ' | ||
Cost of sales | 151,435 | 148,895 | 460,192 | 420,901 | ||
Selling, general, and administrative expenses | 22,491 | 21,725 | [1] | 70,040 | 65,236 | [2] |
Research, technical, and product development expenses | 1,041 | 1,012 | 3,024 | 3,181 | ||
Operating income | 21,565 | 9,296 | 55,258 | 30,142 | ||
Other income (expense), net | -294 | 16 | 965 | 318 | ||
Interest income (expense), net | -7,309 | -4,690 | -32,717 | -13,062 | [3] | |
Income before income taxes | 13,962 | 4,622 | 23,506 | 17,398 | ||
Provision for (benefit from) income taxes | 1,670 | 1,423 | 3,507 | 6,048 | ||
Net income attributable to continuing operations | 12,292 | 3,199 | 19,999 | 11,350 | ||
Comprehensive income | 16,251 | 9,297 | 24,574 | 20,502 | ||
Asset and asset-related charges | ' | 1,617 | ' | 1,617 | ||
Net income (loss) attributable to discontinued operations, net of tax | ' | 389 | -156 | 1,413 | ||
Net income | 12,292 | 3,588 | 19,843 | 12,763 | ||
Previously Reported | ' | ' | ' | ' | ||
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ||
Net sales | ' | 189,075 | ' | 542,202 | ||
Cost and expenses: | ' | ' | ' | ' | ||
Cost of sales | ' | 151,128 | ' | 432,054 | ||
Selling, general, and administrative expenses | ' | 22,434 | [1] | ' | 67,514 | [2] |
Research, technical, and product development expenses | ' | 1,012 | ' | 3,181 | ||
Operating income | ' | 12,884 | ' | 37,836 | ||
Other income (expense), net | ' | 32 | ' | 334 | ||
Interest income (expense), net | ' | -4,690 | ' | -13,062 | [3] | |
Income before income taxes | ' | 8,226 | ' | 25,108 | ||
Provision for (benefit from) income taxes | ' | 2,601 | ' | 8,695 | ||
Net income attributable to continuing operations | ' | 5,625 | ' | 16,413 | ||
Comprehensive income | ' | 11,334 | ' | 24,152 | ||
Asset and asset-related charges | ' | 1,617 | ' | 1,617 | ||
Net income | ' | 5,625 | ' | 16,413 | ||
RTI International Metals, Inc. | ' | ' | ' | ' | ||
Cost and expenses: | ' | ' | ' | ' | ||
Selling, general, and administrative expenses | 712 | -1,442 | [1] | 2,416 | -2,477 | [2] |
Research, technical, and product development expenses | ' | ' | ' | 95 | ||
Operating income | -712 | 1,442 | -2,416 | 2,382 | ||
Other income (expense), net | 4,120 | -3 | 4,230 | -48 | ||
Interest income (expense), net | -5,488 | -4,358 | -15,510 | -12,275 | [3] | |
Equity in earnings (loss) of subsidiaries | 11,876 | 5,034 | [4] | 26,681 | 16,314 | |
Income before income taxes | 9,796 | 2,115 | 12,985 | 6,373 | ||
Provision for (benefit from) income taxes | -2,496 | -1,084 | -7,014 | -4,977 | ||
Net income attributable to continuing operations | 12,292 | 3,199 | 19,999 | 11,350 | ||
Comprehensive income | 16,251 | 9,297 | 24,574 | 20,502 | ||
Net income (loss) attributable to discontinued operations, net of tax | ' | 389 | -156 | 1,413 | ||
Net income | ' | 3,588 | 19,843 | 12,763 | ||
RTI International Metals, Inc. | Previously Reported | ' | ' | ' | ' | ||
Cost and expenses: | ' | ' | ' | ' | ||
Selling, general, and administrative expenses | ' | -1,442 | [1] | ' | -2,477 | [2] |
Research, technical, and product development expenses | ' | ' | ' | 95 | ||
Operating income | ' | 1,442 | ' | 2,382 | ||
Other income (expense), net | ' | -3 | ' | -48 | ||
Interest income (expense), net | ' | -4,358 | ' | -12,275 | [3] | |
Equity in earnings (loss) of subsidiaries | ' | 7,460 | [4] | ' | 21,377 | |
Income before income taxes | ' | 4,541 | ' | 11,436 | ||
Provision for (benefit from) income taxes | ' | -1,084 | ' | -4,977 | ||
Net income attributable to continuing operations | ' | 5,625 | ' | 16,413 | ||
Comprehensive income | ' | 11,334 | ' | 24,152 | ||
Net income | ' | 5,625 | ' | 16,413 | ||
Guarantor Subsidiaries | ' | ' | ' | ' | ||
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ||
Net sales | 128,285 | 131,132 | 401,236 | 378,866 | ||
Cost and expenses: | ' | ' | ' | ' | ||
Cost of sales | 103,808 | 114,706 | 325,858 | 323,939 | ||
Selling, general, and administrative expenses | 10,808 | 12,048 | [1] | 33,550 | 33,372 | [2] |
Research, technical, and product development expenses | 1,037 | 1,000 | 3,020 | 3,024 | ||
Operating income | 12,632 | 1,761 | 38,808 | 16,914 | ||
Other income (expense), net | -2,520 | 20 | -3,800 | 301 | ||
Interest income (expense), net | -1,571 | 36 | -10,210 | 195 | [3] | |
Equity in earnings (loss) of subsidiaries | -439 | 1,231 | [4] | -549 | 5,185 | |
Income before income taxes | 8,102 | 3,048 | 24,249 | 22,595 | ||
Provision for (benefit from) income taxes | 2,665 | 705 | 7,541 | 6,673 | ||
Net income attributable to continuing operations | 5,437 | 2,343 | 16,708 | 15,922 | ||
Comprehensive income | 6,561 | 3,394 | 25,089 | 19,083 | ||
Asset and asset-related charges | ' | 1,617 | ' | 1,617 | ||
Net income | ' | 2,343 | 16,708 | 15,922 | ||
Guarantor Subsidiaries | Previously Reported | ' | ' | ' | ' | ||
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ||
Net sales | ' | 131,132 | ' | 378,866 | ||
Cost and expenses: | ' | ' | ' | ' | ||
Cost of sales | ' | 114,706 | ' | 323,939 | ||
Selling, general, and administrative expenses | ' | 12,048 | [1] | ' | 33,372 | [2] |
Research, technical, and product development expenses | ' | 1,000 | ' | 3,024 | ||
Operating income | ' | 1,761 | ' | 16,914 | ||
Other income (expense), net | ' | 20 | ' | 301 | ||
Interest income (expense), net | ' | 36 | ' | 195 | [3] | |
Income before income taxes | ' | 1,817 | ' | 17,410 | ||
Provision for (benefit from) income taxes | ' | 705 | ' | 6,673 | ||
Net income attributable to continuing operations | ' | 1,112 | ' | 10,737 | ||
Comprehensive income | ' | 2,163 | ' | 13,898 | ||
Asset and asset-related charges | ' | 1,617 | ' | 1,617 | ||
Net income | ' | 1,112 | ' | 10,737 | ||
Non-Guarantor Subsidiaries | ' | ' | ' | ' | ||
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ||
Net sales | 116,754 | 103,618 | 343,492 | 308,722 | ||
Cost and expenses: | ' | ' | ' | ' | ||
Cost of sales | 96,134 | 86,394 | 290,548 | 263,473 | ||
Selling, general, and administrative expenses | 10,971 | 11,119 | [1] | 34,074 | 34,341 | [2] |
Research, technical, and product development expenses | 4 | 12 | 4 | 62 | ||
Operating income | 9,645 | 6,093 | 18,866 | 10,846 | ||
Other income (expense), net | -1,894 | -1 | 535 | 65 | ||
Interest income (expense), net | -250 | -368 | -6,997 | -982 | [3] | |
Equity in earnings (loss) of subsidiaries | 532 | 374 | [4] | 1,485 | 1,990 | |
Income before income taxes | 8,033 | 6,098 | 13,889 | 11,919 | ||
Provision for (benefit from) income taxes | 1,501 | 1,802 | 2,980 | 4,352 | ||
Net income attributable to continuing operations | 6,532 | 4,296 | 10,909 | 7,567 | ||
Comprehensive income | 9,224 | 9,193 | 6,164 | 13,103 | ||
Net income (loss) attributable to discontinued operations, net of tax | ' | 389 | -156 | 1,413 | ||
Net income | ' | 4,685 | 10,753 | 8,980 | ||
Non-Guarantor Subsidiaries | Previously Reported | ' | ' | ' | ' | ||
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ||
Net sales | ' | 110,148 | ' | 329,847 | ||
Cost and expenses: | ' | ' | ' | ' | ||
Cost of sales | ' | 88,627 | ' | 274,626 | ||
Selling, general, and administrative expenses | ' | 11,828 | [1] | ' | 36,619 | [2] |
Research, technical, and product development expenses | ' | 12 | ' | 62 | ||
Operating income | ' | 9,681 | ' | 18,540 | ||
Other income (expense), net | ' | 15 | ' | 81 | ||
Interest income (expense), net | ' | -368 | ' | -982 | [3] | |
Income before income taxes | ' | 9,328 | ' | 17,639 | ||
Provision for (benefit from) income taxes | ' | 2,980 | ' | 6,999 | ||
Net income attributable to continuing operations | ' | 6,348 | ' | 10,640 | ||
Comprehensive income | ' | 10,856 | ' | 14,763 | ||
Net income | ' | 6,348 | ' | 10,640 | ||
Eliminations | ' | ' | ' | ' | ||
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ||
Net sales | -48,507 | -52,205 | -156,214 | -166,511 | ||
Cost and expenses: | ' | ' | ' | ' | ||
Cost of sales | -48,507 | -52,205 | -156,214 | -166,511 | ||
Equity in earnings (loss) of subsidiaries | -11,969 | -6,639 | [4] | -27,617 | -23,489 | |
Income before income taxes | -11,969 | -6,639 | -27,617 | -23,489 | ||
Net income attributable to continuing operations | -11,969 | -6,639 | -27,617 | -23,489 | ||
Comprehensive income | -15,785 | -12,587 | -31,253 | -32,186 | ||
Net income (loss) attributable to discontinued operations, net of tax | ' | -389 | 156 | -1,413 | ||
Net income | ' | -7,028 | -27,461 | -24,902 | ||
Eliminations | Previously Reported | ' | ' | ' | ' | ||
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ||
Net sales | ' | -52,205 | ' | -166,511 | ||
Cost and expenses: | ' | ' | ' | ' | ||
Cost of sales | ' | -52,205 | ' | -166,511 | ||
Equity in earnings (loss) of subsidiaries | ' | -7,460 | [4] | ' | -21,377 | |
Income before income taxes | ' | -7,460 | ' | -21,377 | ||
Net income attributable to continuing operations | ' | -7,460 | ' | -21,377 | ||
Comprehensive income | ' | -13,019 | ' | -28,661 | ||
Net income | ' | ($7,460) | ' | ($21,377) | ||
[1] | The Parent allocates SG&A to the subsidiaries based upon its budgeted annual expenses. | |||||
[2] | The Parent allocates SG&A to the subsidiaries based upon its budgeted annual expenses. A credit in Parent SG&A is offset by an equal debit amount in the subsidiaries' SG&A. | |||||
[3] | Amounts in equity in earnings of subsidiaries have been revised to conform to current year presentation, which reflects the Company's legal structure. Previously, the Company did not present equity in earnings of subsidiaries in the guarantor or non-guarantor subsidiaries columns. These amounts have been revised for 2012 to present $5,185 and $1,990, respectively, as equity in earnings of subsidiaries. This change had no impact on covenants or other obligations under the 2015 Notes or 2019 Notes. | |||||
[4] | Amounts in equity in earnings of subsidiaries have been revised to conform to current year presentation, which reflects the Company's legal structure. Previously, the Company did not present equity in earnings of subsidiaries in the guarantor or non-guarantor subsidiaries columns. These amounts have been revised for 2012 to present $1,231 and $374, respectively, as equity in earnings of subsidiaries. This change had no impact on covenants or other obligations under the 2015 Notes or 2019 Notes. |
Schedule_of_Condensed_Consolid1
Schedule of Condensed Consolidating Statement of Operations and Comprehensive Income (Parenthetical) (Detail) (USD $) | 3 Months Ended | 9 Months Ended | |||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
Guarantor Subsidiaries | ' | ' | ' | ' | |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | |
Equity in earnings of subsidiaries | ($439) | $1,231 | [1] | ($549) | $5,185 |
Non-Guarantor Subsidiaries | ' | ' | ' | ' | |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | |
Equity in earnings of subsidiaries | $532 | $374 | [1] | $1,485 | $1,990 |
[1] | Amounts in equity in earnings of subsidiaries have been revised to conform to current year presentation, which reflects the Company's legal structure. Previously, the Company did not present equity in earnings of subsidiaries in the guarantor or non-guarantor subsidiaries columns. These amounts have been revised for 2012 to present $1,231 and $374, respectively, as equity in earnings of subsidiaries. This change had no impact on covenants or other obligations under the 2015 Notes or 2019 Notes. |
Schedule_of_Condensed_Consolid2
Schedule of Condensed Consolidating Balance Sheet (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | ||||
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' |
Cash and cash equivalents | $315,021 | $97,190 | $73,389 | $156,842 |
Short-term investments | 45,187 | ' | ' | ' |
Receivables, net | 118,827 | 105,317 | ' | ' |
Inventories, net | 420,400 | 385,116 | ' | ' |
Costs in excess of billings | 3,425 | 2,260 | ' | ' |
Deferred income taxes | 31,406 | 31,380 | ' | ' |
Assets of discontinued operations | ' | 14,741 | ' | ' |
Other current assets | 23,041 | 11,270 | ' | ' |
Total current assets | 957,307 | 647,274 | ' | ' |
Property, plant, and equipment, net | 367,849 | 375,949 | ' | ' |
Investments | ' | ' | ' | ' |
Goodwill | 129,838 | 130,610 | ' | ' |
Other intangible assets, net | 53,042 | 56,495 | ' | ' |
Deferred income taxes | 29,435 | 33,287 | ' | ' |
Other noncurrent assets | 14,910 | 8,866 | ' | ' |
Total assets | 1,552,381 | 1,252,481 | ' | ' |
Accounts payable | 75,039 | 91,661 | ' | ' |
Accrued wages and other employee costs | 29,801 | 34,096 | ' | ' |
Unearned revenue | 38,467 | 24,998 | ' | ' |
Liabilities of discontinued operations | ' | 2,332 | ' | ' |
Other accrued liabilities | 26,037 | 22,550 | ' | ' |
Total current liabilities | 169,344 | 175,637 | ' | ' |
Long-term debt | 419,249 | 198,337 | ' | ' |
Liability for post-retirement benefits | 44,112 | 45,066 | ' | ' |
Liability for pension benefits | 10,297 | 20,711 | ' | ' |
Deferred income taxes | 73,882 | 46,384 | ' | ' |
Unearned Revenue | 12,033 | 13,013 | ' | ' |
Other noncurrent liabilities | 12,134 | 11,798 | ' | ' |
Total liabilities | 741,051 | 510,946 | ' | ' |
Shareholders' equity | 811,330 | 741,535 | ' | ' |
Total liabilities and shareholders' equity | 1,552,381 | 1,252,481 | ' | ' |
Previously Reported | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' |
Cash and cash equivalents | ' | 97,190 | ' | ' |
Receivables, net | ' | 108,767 | ' | ' |
Inventories, net | ' | 405,289 | ' | ' |
Deferred income taxes | ' | 28,899 | ' | ' |
Other current assets | ' | 10,709 | ' | ' |
Total current assets | ' | 650,854 | ' | ' |
Property, plant, and equipment, net | ' | 375,996 | ' | ' |
Goodwill | ' | 137,251 | ' | ' |
Other intangible assets, net | ' | 56,495 | ' | ' |
Deferred income taxes | ' | 33,287 | ' | ' |
Other noncurrent assets | ' | 5,844 | ' | ' |
Total assets | ' | 1,259,727 | ' | ' |
Accounts payable | ' | 93,656 | ' | ' |
Accrued wages and other employee costs | ' | 34,433 | ' | ' |
Unearned revenue | ' | 26,164 | ' | ' |
Other accrued liabilities | ' | 22,550 | ' | ' |
Total current liabilities | ' | 176,803 | ' | ' |
Long-term debt | ' | 198,337 | ' | ' |
Liability for post-retirement benefits | ' | 45,066 | ' | ' |
Liability for pension benefits | ' | 20,711 | ' | ' |
Deferred income taxes | ' | 51,452 | ' | ' |
Unearned Revenue | ' | 9,991 | ' | ' |
Other noncurrent liabilities | ' | 11,798 | ' | ' |
Total liabilities | ' | 514,158 | ' | ' |
Shareholders' equity | ' | 745,569 | ' | ' |
Total liabilities and shareholders' equity | ' | 1,259,727 | ' | ' |
RTI International Metals, Inc. | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' |
Receivables, net | 716 | 126 | ' | ' |
Deferred income taxes | 26,478 | 26,478 | ' | ' |
Other current assets | 16,361 | 5,410 | ' | ' |
Total current assets | 43,555 | 32,014 | ' | ' |
Property, plant, and equipment, net | 2,124 | 1,327 | ' | ' |
Investments | ' | ' | ' | ' |
Other noncurrent assets | 10,982 | 4,117 | ' | ' |
Intercompany investments | 1,285,935 | 980,867 | ' | ' |
Total assets | 1,342,596 | 1,018,325 | ' | ' |
Accounts payable | 1,256 | 1,177 | ' | ' |
Accrued wages and other employee costs | 5,763 | 6,519 | ' | ' |
Other accrued liabilities | 9,596 | 3,669 | ' | ' |
Total current liabilities | 16,615 | 11,365 | ' | ' |
Long-term debt | 418,269 | 196,644 | ' | ' |
Liability for pension benefits | 6,856 | 6,419 | ' | ' |
Deferred income taxes | 81,383 | 54,222 | ' | ' |
Other noncurrent liabilities | 8,143 | 8,140 | ' | ' |
Total liabilities | 531,266 | 276,790 | ' | ' |
Shareholders' equity | 811,330 | 741,535 | ' | ' |
Total liabilities and shareholders' equity | 1,342,596 | 1,018,325 | ' | ' |
RTI International Metals, Inc. | Previously Reported | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' |
Receivables, net | ' | 126 | ' | ' |
Deferred income taxes | ' | 26,478 | ' | ' |
Other current assets | ' | 5,410 | ' | ' |
Total current assets | ' | 32,014 | ' | ' |
Property, plant, and equipment, net | ' | 1,327 | ' | ' |
Other noncurrent assets | ' | 4,117 | ' | ' |
Intercompany investments | ' | 984,901 | ' | ' |
Total assets | ' | 1,022,359 | ' | ' |
Accounts payable | ' | 1,177 | ' | ' |
Accrued wages and other employee costs | ' | 6,519 | ' | ' |
Other accrued liabilities | ' | 3,669 | ' | ' |
Total current liabilities | ' | 11,365 | ' | ' |
Long-term debt | ' | 196,644 | ' | ' |
Liability for pension benefits | ' | 6,419 | ' | ' |
Deferred income taxes | ' | 54,222 | ' | ' |
Other noncurrent liabilities | ' | 8,140 | ' | ' |
Total liabilities | ' | 276,790 | ' | ' |
Shareholders' equity | ' | 745,569 | ' | ' |
Total liabilities and shareholders' equity | ' | 1,022,359 | ' | ' |
Guarantor Subsidiaries | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' |
Cash and cash equivalents | 263,561 | 87,283 | 69,907 | 144,271 |
Short-term investments | 45,187 | ' | ' | ' |
Receivables, net | 64,790 | 72,773 | ' | ' |
Inventories, net | 252,499 | 220,989 | ' | ' |
Deferred income taxes | 2,629 | 2,543 | ' | ' |
Other current assets | 1,676 | 2,072 | ' | ' |
Total current assets | 630,342 | 385,660 | ' | ' |
Property, plant, and equipment, net | 297,308 | 308,467 | ' | ' |
Investments | ' | ' | ' | ' |
Goodwill | 93,665 | 93,665 | ' | ' |
Other intangible assets, net | 33,226 | 35,152 | ' | ' |
Deferred income taxes | 27,604 | 32,757 | ' | ' |
Other noncurrent assets | 201 | 892 | ' | ' |
Intercompany investments | 26,265 | 26,814 | ' | ' |
Total assets | 1,108,611 | 883,407 | ' | ' |
Accounts payable | 55,171 | 70,086 | ' | ' |
Accrued wages and other employee costs | 15,594 | 16,368 | ' | ' |
Unearned revenue | ' | 689 | ' | ' |
Other accrued liabilities | 8,054 | 9,197 | ' | ' |
Total current liabilities | 78,819 | 96,340 | ' | ' |
Long-term debt | 980 | 1,693 | ' | ' |
Intercompany debt | 350,821 | 118,229 | ' | ' |
Liability for post-retirement benefits | 44,112 | 45,066 | ' | ' |
Liability for pension benefits | 3,281 | 14,133 | ' | ' |
Deferred income taxes | 21,587 | 21,590 | ' | ' |
Other noncurrent liabilities | 3,753 | 3,434 | ' | ' |
Total liabilities | 503,353 | 300,485 | ' | ' |
Shareholders' equity | 605,258 | 582,922 | ' | ' |
Total liabilities and shareholders' equity | 1,108,611 | 883,407 | ' | ' |
Guarantor Subsidiaries | Previously Reported | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' |
Cash and cash equivalents | ' | 87,283 | ' | ' |
Receivables, net | ' | 72,773 | ' | ' |
Inventories, net | ' | 221,174 | ' | ' |
Deferred income taxes | ' | 2,351 | ' | ' |
Other current assets | ' | 2,072 | ' | ' |
Total current assets | ' | 385,653 | ' | ' |
Property, plant, and equipment, net | ' | 308,467 | ' | ' |
Goodwill | ' | 98,925 | ' | ' |
Other intangible assets, net | ' | 35,152 | ' | ' |
Deferred income taxes | ' | 32,757 | ' | ' |
Other noncurrent assets | ' | 892 | ' | ' |
Intercompany investments | ' | 26,814 | ' | ' |
Total assets | ' | 888,660 | ' | ' |
Accounts payable | ' | 70,086 | ' | ' |
Accrued wages and other employee costs | ' | 16,368 | ' | ' |
Unearned revenue | ' | 689 | ' | ' |
Other accrued liabilities | ' | 9,197 | ' | ' |
Total current liabilities | ' | 96,340 | ' | ' |
Long-term debt | ' | 1,693 | ' | ' |
Intercompany debt | ' | 118,229 | ' | ' |
Liability for post-retirement benefits | ' | 45,066 | ' | ' |
Liability for pension benefits | ' | 14,133 | ' | ' |
Deferred income taxes | ' | 26,658 | ' | ' |
Other noncurrent liabilities | ' | 3,434 | ' | ' |
Total liabilities | ' | 305,553 | ' | ' |
Shareholders' equity | ' | 583,107 | ' | ' |
Total liabilities and shareholders' equity | ' | 888,660 | ' | ' |
Non-Guarantor Subsidiaries | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' |
Cash and cash equivalents | 51,460 | 9,907 | 3,482 | 12,571 |
Receivables, net | 76,167 | 59,639 | ' | ' |
Inventories, net | 167,901 | 164,127 | ' | ' |
Costs in excess of billings | 3,425 | 2,260 | ' | ' |
Deferred income taxes | 2,299 | 2,359 | ' | ' |
Assets of discontinued operations | ' | 14,741 | ' | ' |
Other current assets | 5,004 | 3,788 | ' | ' |
Total current assets | 306,256 | 256,821 | ' | ' |
Property, plant, and equipment, net | 68,417 | 66,155 | ' | ' |
Investments | ' | ' | ' | ' |
Goodwill | 36,173 | 36,945 | ' | ' |
Other intangible assets, net | 19,816 | 21,343 | ' | ' |
Deferred income taxes | 34,239 | 33,433 | ' | ' |
Other noncurrent assets | 3,727 | 3,857 | ' | ' |
Intercompany investments | 5,221 | 3,736 | ' | ' |
Total assets | 473,849 | 422,290 | ' | ' |
Accounts payable | 41,458 | 47,619 | ' | ' |
Accrued wages and other employee costs | 8,444 | 11,209 | ' | ' |
Unearned revenue | 38,467 | 24,309 | ' | ' |
Liabilities of discontinued operations | ' | 2,332 | ' | ' |
Other accrued liabilities | 8,387 | 9,684 | ' | ' |
Total current liabilities | 96,756 | 95,153 | ' | ' |
Intercompany debt | 111,758 | 104,084 | ' | ' |
Liability for pension benefits | 160 | 159 | ' | ' |
Deferred income taxes | 3,320 | 3,475 | ' | ' |
Unearned Revenue | 12,033 | 13,013 | ' | ' |
Other noncurrent liabilities | 238 | 224 | ' | ' |
Total liabilities | 224,265 | 216,108 | ' | ' |
Shareholders' equity | 249,584 | 206,182 | ' | ' |
Total liabilities and shareholders' equity | 473,849 | 422,290 | ' | ' |
Non-Guarantor Subsidiaries | Previously Reported | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' |
Cash and cash equivalents | ' | 9,907 | ' | ' |
Receivables, net | ' | 63,089 | ' | ' |
Inventories, net | ' | 184,115 | ' | ' |
Deferred income taxes | ' | 70 | ' | ' |
Other current assets | ' | 3,227 | ' | ' |
Total current assets | ' | 260,408 | ' | ' |
Property, plant, and equipment, net | ' | 66,202 | ' | ' |
Goodwill | ' | 38,326 | ' | ' |
Other intangible assets, net | ' | 21,343 | ' | ' |
Deferred income taxes | ' | 33,433 | ' | ' |
Other noncurrent assets | ' | 835 | ' | ' |
Intercompany investments | ' | 3,736 | ' | ' |
Total assets | ' | 424,283 | ' | ' |
Accounts payable | ' | 49,614 | ' | ' |
Accrued wages and other employee costs | ' | 11,546 | ' | ' |
Unearned revenue | ' | 25,475 | ' | ' |
Other accrued liabilities | ' | 9,684 | ' | ' |
Total current liabilities | ' | 96,319 | ' | ' |
Intercompany debt | ' | 104,084 | ' | ' |
Liability for pension benefits | ' | 159 | ' | ' |
Deferred income taxes | ' | 3,475 | ' | ' |
Unearned Revenue | ' | 9,991 | ' | ' |
Other noncurrent liabilities | ' | 224 | ' | ' |
Total liabilities | ' | 214,252 | ' | ' |
Shareholders' equity | ' | 210,031 | ' | ' |
Total liabilities and shareholders' equity | ' | 424,283 | ' | ' |
Eliminations | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' |
Receivables, net | -22,846 | -27,221 | ' | ' |
Total current assets | -22,846 | -27,221 | ' | ' |
Investments | ' | ' | ' | ' |
Deferred income taxes | -32,408 | -32,903 | ' | ' |
Intercompany investments | -1,317,421 | -1,011,417 | ' | ' |
Total assets | -1,372,675 | -1,071,541 | ' | ' |
Accounts payable | -22,846 | -27,221 | ' | ' |
Total current liabilities | -22,846 | -27,221 | ' | ' |
Intercompany debt | -462,579 | -222,313 | ' | ' |
Deferred income taxes | -32,408 | -32,903 | ' | ' |
Total liabilities | -517,833 | -282,437 | ' | ' |
Shareholders' equity | -854,842 | -789,104 | ' | ' |
Total liabilities and shareholders' equity | -1,372,675 | -1,071,541 | ' | ' |
Eliminations | Previously Reported | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' |
Receivables, net | ' | -27,221 | ' | ' |
Total current assets | ' | -27,221 | ' | ' |
Deferred income taxes | ' | -32,903 | ' | ' |
Intercompany investments | ' | -1,015,451 | ' | ' |
Total assets | ' | -1,075,575 | ' | ' |
Accounts payable | ' | -27,221 | ' | ' |
Total current liabilities | ' | -27,221 | ' | ' |
Intercompany debt | ' | -222,313 | ' | ' |
Deferred income taxes | ' | -32,903 | ' | ' |
Total liabilities | ' | -282,437 | ' | ' |
Shareholders' equity | ' | -793,138 | ' | ' |
Total liabilities and shareholders' equity | ' | ($1,075,575) | ' | ' |
Schedule_of_Condensed_Consolid3
Schedule of Condensed Consolidating Statement of Cash Flows (Detail) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Condensed Financial Statements, Captions [Line Items] | ' | ' |
Cash provided by (used in) operating activities | $6,340 | ($25,450) |
INVESTING ACTIVITIES: | ' | ' |
Capital expenditures | -26,357 | -47,879 |
Acquisitions, net of cash acquired | 10,475 | -182,811 |
Proceeds from disposal of property, plant, and equipment | ' | ' |
Investments, net | -45,367 | 172,772 |
Cash provided by (used in) investing activities | -61,249 | -57,918 |
Financing Activities: | ' | ' |
Proceeds from exercise of employee stock options | 1,960 | 335 |
Excess tax benefits from stock-based compensation activity | 405 | 100 |
Financing fees | -12,370 | -823 |
Borrowings on long-term debt | 402,500 | ' |
Repayments on long-term debt | -120,590 | -543 |
Purchase of common stock held in treasury | -399 | -742 |
Cash provided by (used in) financing activities | 271,506 | -1,673 |
Effect of exchange rate changes on cash and cash equivalents | 1,234 | 1,588 |
Increase (decrease) in cash and cash equivalents | 217,831 | -83,453 |
Cash and cash equivalents at beginning of period | 97,190 | 156,842 |
Cash and cash equivalents at end of period | 315,021 | 73,389 |
RTI International Metals, Inc. | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' |
Cash provided by (used in) operating activities | 3,413 | 16,383 |
INVESTING ACTIVITIES: | ' | ' |
Capital expenditures | -946 | -897 |
Acquisitions, net of cash acquired | ' | -182,811 |
Investments in subsidiares, net | -34,492 | 181,533 |
Proceeds from disposal of property, plant, and equipment | ' | ' |
Cash provided by (used in) investing activities | -35,438 | -2,175 |
Financing Activities: | ' | ' |
Proceeds from exercise of employee stock options | 1,960 | 335 |
Excess tax benefits from stock-based compensation activity | 405 | 100 |
Financing fees | -12,370 | -823 |
Borrowings on long-term debt | 402,500 | ' |
Repayments on long-term debt | -119,917 | ' |
Intercompany debt, net | -240,154 | -13,078 |
Purchase of common stock held in treasury | -399 | -742 |
Cash provided by (used in) financing activities | 32,025 | -14,208 |
Guarantor Subsidiaries | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' |
Cash provided by (used in) operating activities | 8,745 | -15,922 |
INVESTING ACTIVITIES: | ' | ' |
Capital expenditures | -19,229 | -43,736 |
Proceeds from disposal of property, plant, and equipment | ' | ' |
Investments, net | -45,367 | 172,772 |
Cash provided by (used in) investing activities | -64,596 | 129,036 |
Financing Activities: | ' | ' |
Parent company investments, net of distributions | 99 | -194,783 |
Repayments on long-term debt | -673 | -543 |
Intercompany debt, net | 232,703 | 7,848 |
Cash provided by (used in) financing activities | 232,129 | -187,478 |
Increase (decrease) in cash and cash equivalents | 176,278 | -74,364 |
Cash and cash equivalents at beginning of period | 87,283 | 144,271 |
Cash and cash equivalents at end of period | 263,561 | 69,907 |
Non-Guarantor Subsidiaries | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' |
Cash provided by (used in) operating activities | -5,818 | -25,911 |
INVESTING ACTIVITIES: | ' | ' |
Capital expenditures | -6,182 | -3,246 |
Acquisitions, net of cash acquired | 10,475 | ' |
Proceeds from disposal of property, plant, and equipment | ' | ' |
Cash provided by (used in) investing activities | 4,293 | -3,246 |
Financing Activities: | ' | ' |
Parent company investments, net of distributions | 34,393 | 13,250 |
Intercompany debt, net | 7,451 | 5,230 |
Cash provided by (used in) financing activities | 41,844 | 18,480 |
Effect of exchange rate changes on cash and cash equivalents | 1,234 | 1,588 |
Increase (decrease) in cash and cash equivalents | 41,553 | -9,089 |
Cash and cash equivalents at beginning of period | 9,907 | 12,571 |
Cash and cash equivalents at end of period | 51,460 | 3,482 |
Eliminations | ' | ' |
INVESTING ACTIVITIES: | ' | ' |
Investments in subsidiares, net | 34,492 | -181,533 |
Proceeds from disposal of property, plant, and equipment | ' | ' |
Cash provided by (used in) investing activities | 34,492 | -181,533 |
Financing Activities: | ' | ' |
Parent company investments, net of distributions | -34,492 | 181,533 |
Cash provided by (used in) financing activities | ($34,492) | $181,533 |
Subsequent_Events_Additional_I
Subsequent Events - Additional Information (Detail) (Subsequent Event, Osborn Steel Extrusions, USD $) | 1 Months Ended |
In Millions, unless otherwise specified | Oct. 31, 2013 |
Subsequent Event | Osborn Steel Extrusions | ' |
Subsequent Events [Line Items] | ' |
Acquisition Percentage | 100.00% |
Amount paid in cash for acquisition | $15 |