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: |
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| | 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 | | | | | | | | | | | | | | | | | | | | | |
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Comprehensive income | | $ | 16,251 | | | $ | 6,561 | | | $ | 9,224 | | | $ | (15,785 | ) | | $ | 16,251 | | | | | | | | | | | | | | | | | | | | | |
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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 | |
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Comprehensive income | | $ | 11,334 | | | $ | 9,297 | | | $ | 2,163 | | | $ | 3,394 | | | $ | 10,856 | | | $ | 9,193 | | | $ | (13,019 | ) | | $ | (12,587 | ) | | $ | 11,334 | | | $ | 9,297 | |
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-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 | | | | | | | | | | | | | | | | | | | | | |
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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 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |