Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2013 | Feb. 28, 2014 | Jun. 30, 2013 |
Document Information [Line Items] | ' | ' | ' |
Document Type | '10-K | ' | ' |
Amendment Flag | 'false | ' | ' |
Document Period End Date | 31-Dec-13 | ' | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Trading Symbol | 'RTI | ' | ' |
Entity Registrant Name | 'RTI INTERNATIONAL METALS INC | ' | ' |
Entity Central Index Key | '0001068717 | ' | ' |
Current Fiscal Year End Date | '--12-31 | ' | ' |
Entity Well-known Seasoned Issuer | 'No | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Filer Category | 'Large Accelerated Filer | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 30,660,052 | ' |
Entity Public Float | ' | ' | $832.70 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (USD $) | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||||||||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Jun. 30, 2013 | Jun. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Net sales | $200,012 | $194,936 | $199,123 | $189,202 | $185,630 | $180,666 | $182,419 | $151,272 | $388,325 | $333,691 | $583,261 | $514,357 | $783,273 | $699,987 | $488,352 | |||
Cost and expenses: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Cost of sales | ' | 149,797 | 155,346 | 149,949 | ' | 147,299 | 148,847 | 119,420 | 305,295 | 268,267 | 455,092 | 415,566 | 609,419 | 561,418 | 397,429 | |||
Selling, general, and administrative expenses | ' | 22,219 | 22,314 | 24,605 | ' | 21,416 | 22,350 | 20,366 | 46,919 | 42,716 | 69,138 | 64,132 | 92,921 | [1] | 86,621 | 65,650 | ||
Research, technical, and product development expenses | ' | 1,041 | 982 | 1,001 | ' | 1,012 | 1,104 | 1,065 | 1,983 | 2,169 | 3,024 | 3,181 | 3,931 | 4,164 | 3,392 | |||
Goodwill and other intangible asset impairment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15,359 | ' | ' | |||
Asset and asset-related charges (income) | ' | ' | ' | ' | ' | 1,617 | ' | ' | ' | ' | ' | 1,617 | -372 | 367 | -1,501 | |||
Operating income | 6,008 | 21,879 | 20,481 | 13,647 | 17,556 | 9,322 | 10,118 | 10,421 | 34,128 | 20,539 | 56,007 | 29,861 | 62,015 | 47,417 | 23,382 | |||
Other income (expense), net | ' | -294 | 700 | 559 | ' | 16 | 570 | -268 | 1,259 | 302 | 965 | 318 | 938 | -501 | 56 | |||
Interest income | ' | 78 | 50 | 31 | ' | 18 | 33 | 82 | 81 | 115 | 159 | 133 | 223 | 148 | 1,151 | |||
Interest expense | ' | -7,387 | -20,693 | -4,796 | ' | -4,708 | -4,209 | -4,278 | -25,489 | -8,487 | -32,876 | -13,195 | -40,380 | -17,926 | -16,796 | |||
Income (loss) before income taxes | ' | 14,276 | 538 | 9,441 | ' | 4,648 | 6,512 | 5,957 | 9,979 | 12,469 | 24,255 | 17,117 | 22,796 | 29,138 | 7,793 | |||
Provision for income taxes | ' | 1,701 | -521 | 4,473 | ' | 2,236 | 4,021 | 4,070 | 3,952 | 8,091 | 5,653 | 10,327 | 7,139 | 15,685 | 10,101 | |||
Net income (loss) attributable to continuing operations | -2,945 | 12,575 | 1,059 | 4,968 | 6,663 | 2,412 | 2,491 | 1,887 | 6,027 | 4,378 | 18,602 | 6,790 | 15,657 | 13,453 | -2,308 | |||
Net income (loss) attributable to discontinued operations | ' | -280 | -389 | -83 | ' | 363 | 534 | 681 | -472 | 1,215 | -752 | 1,578 | -1,584 | 1,487 | 2,258 | |||
Net income (loss) | ' | $12,295 | $670 | $4,885 | ' | $2,775 | $3,025 | $2,568 | $5,555 | $5,593 | $17,850 | $8,368 | $14,073 | $14,940 | [2] | ($50) | [2] | |
Earnings (loss) per share attributable to continuing operations: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Basic | ($0.10) | $0.41 | $0.03 | $0.16 | $0.22 | $0.08 | $0.08 | $0.06 | $0.20 | $0.14 | $0.61 | $0.22 | $0.51 | $0.44 | ($0.08) | |||
Diluted | ($0.10) | $0.38 | $0.03 | $0.16 | $0.22 | $0.08 | $0.08 | $0.06 | $0.20 | $0.14 | $0.61 | $0.22 | $0.51 | $0.44 | ($0.08) | |||
Earnings (loss) per share attributable to discontinued operations: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Basic | ($0.03) | ($0.01) | ($0.01) | ' | ' | $0.01 | $0.02 | $0.02 | ($0.02) | $0.04 | ($0.02) | $0.05 | ($0.05) | $0.05 | $0.08 | |||
Diluted | ($0.03) | ($0.01) | ($0.01) | ' | ' | $0.01 | $0.02 | $0.02 | ($0.02) | $0.04 | ($0.02) | $0.05 | ($0.05) | $0.05 | $0.08 | |||
Weighted-average shares outstanding: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Basic | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 30,303,328 | 30,127,275 | 30,017,677 | |||
Diluted | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 30,530,501 | 30,257,688 | 30,017,677 | |||
[1] | The Parent allocates selling, general, and administrative expenses ("SG&A") to the subsidiaries based upon its budgeted annual expenses. | |||||||||||||||||
[2] | The Company does not present cash flows from discontinued operations, consistent with the FASB's authoritative guidance. Restatement adjustments did not have an impact on cash flows from investing and financing activities. |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (Loss) (USD $) | 12 Months Ended | ||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||
Net income (loss) | $14,073 | $14,940 | [1] | ($50) | [1] |
Other comprehensive income (loss): | ' | ' | ' | ||
Foreign currency translation | -6,928 | 1,915 | -1,515 | ||
Unrealized gain (loss) on investments, net of tax of $0, $0, and $(19) | ' | ' | -35 | ||
Realized (gain) loss on investments net of tax of $0, $4, and $0 | ' | 8 | ' | ||
Benefit plan amortization gain (loss), net of tax of $6,919, $(4,920), and $(2,861) | 11,535 | -8,077 | -4,963 | ||
Other comprehensive income (loss), net of tax | 4,607 | -6,154 | -6,513 | ||
Comprehensive income (loss) | $18,680 | $8,786 | ($6,563) | ||
[1] | The Company does not present cash flows from discontinued operations, consistent with the FASB's authoritative guidance. Restatement adjustments did not have an impact on cash flows from investing and financing activities. |
Consolidated_Statements_of_Com1
Consolidated Statements of Comprehensive Income (Loss) (Parenthetical) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Unrealized gain (loss) on investments, tax | $0 | $0 | ($19) |
Realized (gain) loss on investments, tax | 0 | 4 | 0 |
Benefit plan amortization gain (loss), tax | $6,919 | ($4,920) | ($2,861) |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2013 | Oct. 02, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
In Thousands, unless otherwise specified | |||||||||||
Current assets: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash and cash equivalents | $343,637 | ' | $315,021 | $231,433 | $58,015 | $97,190 | $73,389 | $99,525 | $117,872 | $156,842 | $376,951 |
Receivables, less allowance for doubtful accounts of $820 and $721 | 105,271 | ' | 118,123 | 106,287 | 113,263 | 104,354 | 113,329 | 102,561 | 101,637 | ' | ' |
Inventories, net | 430,088 | ' | 412,456 | 409,227 | 401,333 | 375,441 | 342,682 | 316,473 | 297,059 | ' | ' |
Costs in excess of billings | 5,377 | ' | 4,667 | 2,760 | 3,844 | 3,825 | 3,495 | 2,515 | 1,607 | ' | ' |
Deferred income taxes | 32,032 | ' | 31,406 | 31,690 | 31,110 | 31,380 | 22,059 | 20,775 | 20,475 | ' | ' |
Assets of discontinued operations | 5,274 | ' | 7,582 | 8,076 | 23,919 | 25,168 | 27,158 | 28,165 | 29,581 | ' | ' |
Other current assets | 16,947 | ' | 22,908 | 21,968 | 11,749 | 11,270 | 11,160 | 13,269 | 11,269 | ' | ' |
Total current assets | 938,626 | ' | 957,350 | 939,646 | 643,233 | 648,628 | 597,270 | 583,283 | 579,500 | ' | ' |
Property, plant, and equipment, net | 372,340 | ' | 367,738 | 368,246 | 371,176 | 375,819 | 367,658 | 365,618 | 361,337 | 289,239 | ' |
Goodwill | 117,578 | 131,958 | 129,773 | 129,498 | 130,016 | 130,252 | 131,248 | 133,212 | 133,237 | 54,125 | ' |
Other intangible assets, net | 53,754 | ' | 53,042 | 53,826 | 55,228 | 56,495 | 57,664 | 58,251 | 59,527 | ' | ' |
Other noncurrent assets | 23,247 | ' | 14,910 | 13,681 | 8,067 | 8,898 | 8,353 | 8,792 | 8,476 | ' | ' |
Total assets | 1,505,545 | ' | 1,522,813 | 1,504,897 | 1,207,720 | 1,220,092 | 1,162,193 | 1,149,156 | 1,142,077 | 1,100,599 | ' |
Current liabilities: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accounts payable | 79,039 | ' | 74,692 | 70,455 | 79,245 | 90,735 | 66,312 | 60,651 | 63,325 | ' | ' |
Accrued wages and other employee costs | 29,787 | ' | 29,697 | 26,254 | 21,729 | 33,996 | 29,307 | 24,752 | 19,578 | ' | ' |
Unearned revenues | 15,625 | ' | 38,467 | 49,315 | 22,483 | 25,864 | 34,692 | 36,866 | 36,589 | ' | ' |
Liabilities of discontinued operations | 458 | ' | 471 | 501 | 3,269 | 3,431 | 4,190 | 4,087 | 5,588 | ' | ' |
Other accrued liabilities | 22,574 | ' | 26,017 | 19,793 | 25,832 | 22,518 | 27,554 | 21,876 | 21,886 | ' | ' |
Total current liabilities | 147,483 | ' | 169,344 | 166,318 | 152,558 | 176,544 | 162,055 | 148,232 | 146,966 | ' | ' |
Long-term debt | 430,300 | ' | 419,249 | 415,220 | 200,663 | 198,337 | 196,079 | 193,727 | 191,189 | ' | ' |
Liability for post-retirement benefits | 43,447 | ' | 44,112 | 43,944 | 43,729 | 45,066 | 42,220 | 42,000 | 41,806 | ' | ' |
Liability for pension benefits | 13,787 | ' | 10,297 | 14,923 | 15,229 | 20,711 | 2,555 | 13,402 | 15,097 | ' | ' |
Deferred income taxes | 74,078 | ' | 78,512 | 79,990 | 50,564 | 46,384 | 34,252 | 35,229 | 33,894 | ' | ' |
Unearned revenues | 10,470 | ' | 12,033 | 12,496 | 12,792 | 13,013 | 3,240 | 3,385 | 3,504 | ' | ' |
Other noncurrent liabilities | 12,006 | ' | 12,134 | 12,307 | 12,129 | 11,798 | 8,908 | 8,969 | 8,895 | ' | ' |
Total liabilities | 731,571 | ' | 745,681 | 745,198 | 487,664 | 511,853 | 449,309 | 444,944 | 441,351 | ' | ' |
Commitments and Contingencies (Note 14) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shareholders' equity: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock, $0.01 par value; 50,000,000 shares authorized; 31,399,661 and 31,136,899 shares issued; 30,593,251 and 30,354,324 shares outstanding | 314 | ' | 314 | 313 | 313 | 311 | 311 | 311 | 311 | ' | ' |
Additional paid-in capital | 532,249 | ' | 530,415 | 528,541 | 487,512 | 484,798 | 483,156 | 481,855 | 480,653 | ' | ' |
Treasury stock, at cost; 806,410 and 782,575 shares | -18,798 | ' | -18,798 | -18,798 | -18,798 | -18,399 | -18,399 | -18,399 | -18,399 | ' | ' |
Accumulated other comprehensive loss | -40,397 | ' | -39,182 | -42,445 | -40,389 | -45,004 | -32,144 | -36,741 | -36,000 | ' | ' |
Retained earnings | 300,606 | ' | 304,383 | 292,088 | 291,418 | 286,533 | 279,960 | 277,186 | 274,161 | ' | ' |
Total shareholders' equity | 773,974 | ' | 777,132 | 759,699 | 720,056 | 708,239 | 712,884 | 704,212 | 700,726 | 694,640 | 696,529 |
Total liabilities and shareholders' equity | $1,505,545 | ' | $1,522,813 | $1,504,897 | $1,207,720 | $1,220,092 | $1,162,193 | $1,149,156 | $1,142,077 | ' | ' |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 |
In Thousands, except Share data, unless otherwise specified | ||||||||
Allowance for doubtful accounts | $820 | $698 | $637 | $712 | $721 | $909 | $965 | $934 |
Common stock, par value | $0.01 | $0.01 | $0.01 | $0.01 | $0.01 | $0.01 | $0.01 | $0.01 |
Common stock, shares authorized | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 |
Common stock, shares issued | 31,399,661 | 31,360,663 | 31,339,200 | 31,300,737 | 31,136,899 | 31,106,934 | 31,097,449 | 31,066,254 |
Common stock, shares outstanding | 30,593,251 | 30,554,253 | 30,537,411 | 30,498,948 | 30,354,324 | 30,324,359 | 30,314,874 | 30,286,870 |
Treasury stock, shares | 806,410 | 806,410 | 801,789 | 801,789 | 782,575 | 782,575 | 782,575 | 779,375 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||
OPERATING ACTIVITIES: | ' | ' | ' | ||
Net income (loss) | $14,073 | $14,940 | [1] | ($50) | [1] |
Adjustment for non-cash items: | ' | ' | ' | ||
Depreciation and amortization | 43,885 | 41,170 | 22,488 | ||
Deferred income taxes, net | -12,264 | 6,633 | [1] | 14,179 | [1] |
Stock-based compensation | 6,026 | 4,797 | 4,599 | ||
Excess tax benefits from stock-based compensation activity | -552 | -196 | -302 | ||
(Gain) loss on disposal of property, plant, and equipment, net | -547 | -4 | 70 | ||
Amortization of debt issuance costs | 1,666 | 1,403 | 1,471 | ||
Amortization of discount on long-term debt | 14,956 | 9,683 | 8,900 | ||
Write-off of debt issuance costs | 1,498 | ' | ' | ||
Amortization of premiums paid for short-term investments and marketable securities, net | 174 | ' | 2,012 | ||
Goodwill and other intangible asset impairment | 15,908 | ' | ' | ||
Write-down of assets of discontinued operations | 1,058 | ' | ' | ||
Other | 300 | 434 | -462 | ||
Changes in assets and liabilities: | ' | ' | ' | ||
Receivables | 3,236 | -1,818 | -32,440 | ||
Inventories | -47,139 | -106,565 | 3,810 | ||
Accounts payable | -8,613 | 32,133 | 6,271 | ||
Income taxes payable | -13,675 | 3,767 | 67 | ||
Unearned revenue | -10,509 | 10,059 | -2,606 | ||
Costs in excess of billings | -3,118 | 459 | -300 | ||
Liability for pension benefits | -12,486 | -12,295 | -22,066 | ||
Other current assets and liabilities, net | 2,969 | -3,479 | 5,217 | ||
Other noncurrent assets and liabilities, net | 15,322 | 6,945 | 3,977 | ||
Cash provided by (used in) operating activities | 12,168 | 8,066 | 14,835 | ||
INVESTING ACTIVITIES: | ' | ' | ' | ||
Purchase of investments | -128,281 | -4,037 | -309,820 | ||
Maturity/sale of investments | 128,107 | 180,808 | 149,411 | ||
Capital expenditures | -32,374 | -61,538 | -38,845 | ||
Acquisitions, net of cash acquired | -16,214 | -182,811 | -35,812 | ||
Divestitures | 10,475 | ' | ' | ||
Proceeds from disposal of property, plant, and equipment | 561 | 10 | 20 | ||
Cash provided by (used in) investing activities | -37,726 | -67,568 | -235,046 | ||
FINANCING ACTIVITIES: | ' | ' | ' | ||
Borrowings on long-term debt | 402,500 | ' | ' | ||
Repayments on long-term debt | -120,820 | -758 | -25 | ||
Debt issuance costs | -12,370 | -823 | ' | ||
Proceeds from employee stock activity | 2,637 | 729 | 367 | ||
Excess tax benefits from stock-based compensation activity | 552 | 196 | 302 | ||
Purchase of common stock held in treasury | -399 | -742 | -294 | ||
Cash provided by (used in) financing activities | 272,100 | -1,398 | 350 | ||
Effect of exchange rate changes on cash and cash equivalents | -95 | 1,248 | -248 | ||
Increase (decrease) in cash and cash equivalents | 246,447 | -59,652 | -220,109 | ||
Cash and cash equivalents at beginning of period | 97,190 | 156,842 | 376,951 | ||
Cash and cash equivalents at end of period | 343,637 | 97,190 | 156,842 | ||
Supplemental cash flow information: | ' | ' | ' | ||
Cash paid for interest | 7,223 | 7,496 | 7,148 | ||
Cash paid (refund received) for income taxes | 4,672 | 5,333 | -10,191 | ||
Non-cash investing and financing activities: | ' | ' | ' | ||
Issuance of common stock for restricted stock awards | 3,443 | 2,028 | 1,985 | ||
Capital leases | $7,898 | $575 | ' | ||
[1] | The Company does not present cash flows from discontinued operations, consistent with the FASB's authoritative guidance. Restatement adjustments did not have an impact on cash flows from investing and financing activities. |
Consolidated_Statement_of_Shar
Consolidated Statement of Shareholders` Equity (USD $) | Total | Common Stock | Additional Paid-In Capital | Treasury Stock | Retained Earnings | Accumulated Other Comprehensive Loss | ||
In Thousands, except Share data | ||||||||
Beginning Balance at Dec. 31, 2010 | $696,529 | $309 | $474,277 | ($17,363) | $271,643 | [1] | ($32,337) | |
Beginning Balance (in shares) at Dec. 31, 2010 | ' | 30,123,519 | ' | ' | ' | ' | ||
Net income | -50 | [2] | ' | ' | ' | -50 | [1] | ' |
Other comprehensive loss | -6,513 | ' | ' | ' | ' | -6,513 | ||
Shares issued for directors' compensation | ' | 14,273 | ' | ' | ' | ' | ||
Shares issued for restricted stock award plans | ' | 54,665 | ' | ' | ' | ' | ||
Stock-based compensation expense recognized | 4,599 | ' | 4,599 | ' | ' | ' | ||
Treasury stock purchased (in shares) | ' | -10,423 | ' | ' | ' | ' | ||
Treasury stock purchased at cost | -294 | ' | ' | -294 | ' | ' | ||
Exercise of employee options (in shares) | ' | 13,653 | ' | ' | ' | ' | ||
Exercise of employee options | 178 | ' | 178 | ' | ' | ' | ||
Forfeiture of restricted stock awards (in shares) | ' | -3,800 | ' | ' | ' | ' | ||
Forfeiture of restricted stock awards | ' | ' | ' | ' | ' | [1] | ' | |
Tax benefits from stock-based compensation activity | 2 | ' | 2 | ' | ' | ' | ||
Shares issued for employee stock purchase plan (in shares) | ' | 6,893 | ' | ' | ' | ' | ||
Shares issued for employee stock purchase plan | 189 | ' | 189 | ' | ' | ' | ||
Ending Balance at Dec. 31, 2011 | 694,640 | 309 | 479,245 | -17,657 | 271,593 | [1] | -38,850 | |
Ending Balance (in shares) at Dec. 31, 2011 | ' | 30,198,780 | ' | ' | ' | ' | ||
Net income | 14,940 | [2] | ' | ' | ' | 14,940 | [1] | ' |
Other comprehensive loss | -6,154 | ' | ' | ' | ' | -6,154 | ||
Shares issued for directors' compensation | ' | 26,153 | ' | ' | ' | ' | ||
Shares issued for restricted stock award plans | ' | 56,173 | ' | ' | ' | ' | ||
Shares issued for restricted stock award plans | 1 | 1 | ' | ' | ' | ' | ||
Shares issued for performance award plans (in shares) | ' | 54,315 | ' | ' | ' | ' | ||
Shares issued for performance award plans | 1 | 1 | ' | ' | ' | ' | ||
Stock-based compensation expense recognized | 4,797 | ' | 4,797 | ' | ' | ' | ||
Treasury stock purchased (in shares) | ' | -29,946 | ' | ' | ' | ' | ||
Treasury stock purchased at cost | -742 | ' | ' | -742 | ' | ' | ||
Exercise of employee options (in shares) | ' | 41,422 | ' | ' | ' | ' | ||
Exercise of employee options | 494 | ' | 494 | ' | ' | ' | ||
Forfeiture of restricted stock awards (in shares) | ' | -3,200 | ' | ' | ' | ' | ||
Forfeiture of restricted stock awards | ' | ' | ' | ' | ' | [1] | ' | |
Tax benefits from stock-based compensation activity | 27 | ' | 27 | ' | ' | ' | ||
Shares issued for employee stock purchase plan (in shares) | ' | 10,627 | ' | ' | ' | ' | ||
Shares issued for employee stock purchase plan | 235 | ' | 235 | ' | ' | ' | ||
Ending Balance at Dec. 31, 2012 | 708,239 | 311 | 484,798 | -18,399 | 286,533 | [1] | -45,004 | |
Ending Balance (in shares) at Dec. 31, 2012 | ' | 30,354,324 | ' | ' | ' | ' | ||
Net income | 14,073 | ' | ' | ' | 14,073 | [1] | ' | |
Other comprehensive loss | 4,607 | ' | ' | ' | ' | 4,607 | ||
Shares issued for directors' compensation | ' | 26,455 | ' | ' | ' | ' | ||
Shares issued for restricted stock award plans | ' | 92,282 | ' | ' | ' | ' | ||
Shares issued for restricted stock award plans | 2 | 1 | 1 | ' | ' | ' | ||
Stock-based compensation expense recognized | 6,026 | ' | 6,026 | ' | ' | ' | ||
Treasury stock purchased (in shares) | ' | -14,116 | ' | ' | ' | ' | ||
Treasury stock purchased at cost | -399 | ' | ' | -399 | ' | ' | ||
Exercise of employee options (in shares) | 131,607 | 131,607 | ' | ' | ' | ' | ||
Exercise of employee options | 2,288 | 2 | 2,286 | ' | ' | ' | ||
Forfeiture of restricted stock awards (in shares) | ' | -9,719 | ' | ' | ' | ' | ||
Forfeiture of restricted stock awards | ' | ' | ' | ' | ' | [1] | ' | |
Tax benefits from stock-based compensation activity | -45 | ' | -45 | ' | ' | ' | ||
Shares issued for employee stock purchase plan (in shares) | 35,000 | 12,418 | ' | ' | ' | ' | ||
Shares issued for employee stock purchase plan | 350 | ' | 350 | ' | ' | ' | ||
Recognition of equity component of 2019 Convertible Notes, net of deferred taxes | 52,687 | ' | 52,687 | ' | ' | ' | ||
Derecognition of equity component of 2015 Convertible Notes, net of deferred taxes | -13,854 | ' | -13,854 | ' | ' | ' | ||
Ending Balance at Dec. 31, 2013 | $773,974 | $314 | $532,249 | ($18,798) | $300,606 | [1] | ($40,397) | |
Ending Balance (in shares) at Dec. 31, 2013 | ' | 30,593,251 | ' | ' | ' | ' | ||
[1] | Adjustments to the opening balance of Retained Earnings total $(21,732), and result from the establishment of a full valuation allowance against the Company's deferred tax asset at its Canadian subsidiary. Refer to Note 2 for further information. | |||||||
[2] | The Company does not present cash flows from discontinued operations, consistent with the FASB's authoritative guidance. Restatement adjustments did not have an impact on cash flows from investing and financing activities. |
Consolidated_Statement_of_Shar1
Consolidated Statement of Shareholders` Equity (Parenthetical) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2013 |
Adjustments to opening balances of retained earnings | ($21,732) |
ORGANIZATION_AND_OPERATIONS
ORGANIZATION AND OPERATIONS | 12 Months Ended |
Dec. 31, 2013 | |
ORGANIZATION AND OPERATIONS | ' |
Note 1—ORGANIZATION AND OPERATIONS: | |
The accompanying Consolidated Financial Statements of RTI International Metals, Inc. and its subsidiaries (the “Company” or “RTI”) include the financial position and results of operations for the Company. | |
The Company is a leading producer and global supplier of advanced titanium mill products and a manufacturer of fabricated titanium and specialty metal components for the international aerospace, defense, energy, medical device, and other consumer and industrial markets. It is a successor to entities that have been operating in the titanium industry since 1951. The Company first became publicly traded on the New York Stock Exchange in 1990 under the name RMI Titanium Co. and the symbol “RTI,” and was reorganized into a holding company structure in 1998 under the name RTI International Metals, Inc. | |
On October 1, 2013, the Company completed its acquisition of all of the issued and outstanding common stock of RTI Extrusions Europe (Holdings) Limited, which directly owns all of the issued and outstanding capital stock of RTI Extrusions Europe Limited (formerly Osborn Steel Extrusions, a subsidiary of Osborn Metals Limited) (“RTI Extrusions Europe”). RTI Extrusions Europe manufactures extruded, hot-or-cold stretched steel and titanium parts for a number of markets including the aerospace and petrochemical markets. | |
In April 2013, the Company completed the sale of its subsidiary, Pierce-Spafford Metals Company, Inc. (“RTI Pierce Spafford”), for approximately $12.4 million of cash, of which $10.5 million has been received in cash as of December 31, 2013, with the remainder due in late 2014. In addition, during December 2013 the Company determined that its other non-titanium service center Bow Steel Corporation, (“RTI Connecticut”), qualified for held-for-sale treatment at December 31, 2013. The results of RTI Pierce Spafford and RTI Connecticut have been presented as results from discontinued operations on the Company’s Consolidated Statements of Operations and the related assets and liabilities have been presented separately on the Company’s Consolidated Balance Sheets as assets and liabilities of discontinued operations. The Company’s Consolidated Financial Statements and the Notes thereto for prior periods have been conformed to exclude amounts attributable to the aforementioned discontinued operations. | |
The Company conducts business in two segments: the Titanium Segment and the Engineered Products and Services (“EP&S”) Segment. The structure reflects the Company’s transformation into an integrated supplier of advanced titanium products across the entire supply chain, and better aligns its resources to support the Company’s long-term growth strategy. | |
The Titanium Segment melts, processes, produces, stocks, distributes, finishes, cuts-to-size and facilitates just-in-time delivery services of a complete range of titanium mill products which are further processed by its customers for use in a variety of commercial aerospace, defense, and industrial and consumer applications. With operations in Niles and Canton, Ohio; Martinsville, Virginia; Norwalk, California; Windsor, Connecticut; Tamworth, England; and Rosny-Sur-Seine, France, the Titanium Segment has overall responsibility for the production and distribution of primary mill products including, but not limited to bloom, billet, sheet, and plate. In addition, the Titanium Segment produces ferro titanium alloys for its steelmaking customers. The Titanium Segment also focuses on the research and development of evolving technologies relating to raw materials, melting, and other production processes, and the application of titanium in new markets. | |
The EP&S Segment is comprised of companies with significant hard and soft-metal expertise that form, extrude, fabricate, additively manufacture, machine, micro machine, and assemble titanium, aluminum, and other specialty metal parts and components. Its products, many of which are complex engineered parts and assemblies, serve the commercial aerospace, defense, medical device, oil and gas, power generation, and chemical process industries, as well as a number of other industrial and consumer markets. With operations located in Minneapolis, Minnesota; Houston and Austin, Texas; Sullivan and Washington, Missouri; Laval, Canada; and Welwyn Garden City and Bradford, England, the EP&S Segment provides value-added products and services such as engineered tubulars and extrusions, fabricated and machined components and subassemblies, and components for the production of minimally invasive and implantable medical devices, as well as engineered systems for deepwater oil and gas exploration and production infrastructure. | |
The EP&S Segment utilizes the Titanium Segment as its primary source of titanium mill products. |
RESTATEMENTS_AND_REVISIONS
RESTATEMENTS AND REVISIONS | 12 Months Ended | ||||||||||||||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||||||||||||||
RESTATEMENTS AND REVISIONS | ' | ||||||||||||||||||||||||||||||||||||||||
Note 2—RESTATEMENTS AND REVISIONS: | |||||||||||||||||||||||||||||||||||||||||
As previously disclosed in its Form 10-Q for the quarterly period ended September 30, 2013, the Company’s treatment of its deferred tax asset at its Canadian subsidiary had been under discussion with the Staff of the Securities and Exchange Commission (“SEC”). In considering these discussions, the Company reconsidered its position and determined that a valuation allowance against the Company’s Canadian deferred tax asset should have been recorded as of December 31, 2010. The Company determined that it should have given greater weight to its Canadian subsidiary’s history of cumulative losses relative to its expectations of future taxable income. As a result of recording the valuation allowance, the Company has corrected the deferred tax assets at each balance sheet date and its provision for income taxes in each affected period. | |||||||||||||||||||||||||||||||||||||||||
In addition to the restatement related to the valuation allowance recorded against the Canadian deferred tax assets, the Company disclosed in its Form 10-Q for the quarterly period ended September 30, 2013 that it intended to revise its future filings for revenue recognition errors associated with its accounting for certain long-term contracts and opening balance sheet corrections related to deferred taxes and goodwill related to its acquisition of RTI Remmele Engineering (“Remmele”) for the quarterly and year-to-date periods ended March 31, 2013 and June 30, 2013. Refer to Note 18 for detail on the restatement and revision adjustments for the interim periods in 2013 and 2012. | |||||||||||||||||||||||||||||||||||||||||
The following tables set forth the impact of the recognition of the above-mentioned corrections, as well as adjustments for the presentation of RTI Connecticut as a discontinued operation, on the Company’s Consolidated Statements of Operations, Consolidated Balance Sheets, and Consolidated Statements of Cash Flows as of and for the periods presented below. Refer to Note 3 for additional information on discontinued operations. | |||||||||||||||||||||||||||||||||||||||||
Year Ended December 31, 2012 | |||||||||||||||||||||||||||||||||||||||||
Previously | Restatement | As | Discontinued | Currently | |||||||||||||||||||||||||||||||||||||
Reported (1) | Adjustment | Corrected | Operations | Reported | |||||||||||||||||||||||||||||||||||||
Consolidated Statement of Operations | |||||||||||||||||||||||||||||||||||||||||
Net sales | $ | 708,090 | $ | — | $ | 708,090 | $ | (8,103 | ) | $ | 699,987 | ||||||||||||||||||||||||||||||
Cost of Sales | 568,462 | — | 568,462 | (7,044 | ) | 561,418 | |||||||||||||||||||||||||||||||||||
Operating income | 47,111 | — | 47,111 | 306 | 47,417 | ||||||||||||||||||||||||||||||||||||
Income before income taxes | 28,832 | — | 28,832 | 306 | 29,138 | ||||||||||||||||||||||||||||||||||||
Provision for income taxes | 10,392 | 5,200 | 15,592 | 93 | 15,685 | ||||||||||||||||||||||||||||||||||||
Net income attributable to continuing operations | 18,440 | (5,200 | ) | 13,240 | 213 | 13,453 | |||||||||||||||||||||||||||||||||||
Net income attributable to discontinued operations, net of tax | 1,700 | — | 1,700 | (213 | ) | 1,487 | |||||||||||||||||||||||||||||||||||
Net income | 20,140 | (5,200 | ) | 14,940 | — | 14,940 | |||||||||||||||||||||||||||||||||||
Earnings per share attributable to continuing operations: | |||||||||||||||||||||||||||||||||||||||||
Basic | $ | 0.61 | $ | (0.17 | ) | $ | 0.44 | $ | 0.01 | $ | 0.44 | ||||||||||||||||||||||||||||||
Diluted | $ | 0.61 | $ | (0.17 | ) | $ | 0.44 | $ | 0.01 | $ | 0.44 | ||||||||||||||||||||||||||||||
Earnings per share attributable to discontinued operations: | |||||||||||||||||||||||||||||||||||||||||
Basic | $ | 0.06 | $ | — | $ | 0.06 | $ | (0.01 | ) | $ | 0.05 | ||||||||||||||||||||||||||||||
Diluted | $ | 0.06 | $ | — | $ | 0.06 | $ | (0.01 | ) | $ | 0.05 | ||||||||||||||||||||||||||||||
Year Ended December 31, 2011 | |||||||||||||||||||||||||||||||||||||||||
Previously | Restatement | As | Discontinued | Currently | |||||||||||||||||||||||||||||||||||||
Reported (1) | Adjustment | Corrected | Operations | Reported | |||||||||||||||||||||||||||||||||||||
Consolidated Statement of Operations | |||||||||||||||||||||||||||||||||||||||||
Net sales | $ | 501,288 | $ | — | $ | 501,288 | $ | (12,936 | ) | $ | 488,352 | ||||||||||||||||||||||||||||||
Cost of Sales | 407,660 | — | 407,660 | (10,231 | ) | 397,429 | |||||||||||||||||||||||||||||||||||
Operating income | 24,052 | — | 24,052 | (670 | ) | 23,382 | |||||||||||||||||||||||||||||||||||
Income before income taxes | 8,463 | — | 8,463 | (670 | ) | 7,793 | |||||||||||||||||||||||||||||||||||
Provision for income taxes | 4,269 | 6,082 | 10,351 | (250 | ) | 10,101 | |||||||||||||||||||||||||||||||||||
Net income (loss) attributable to continuing operations | 4,194 | (6,082 | ) | (1,888 | ) | (420 | ) | (2,308 | ) | ||||||||||||||||||||||||||||||||
Net income attributable to discontinued operations, net of tax | 1,838 | — | 1,838 | 420 | 2,258 | ||||||||||||||||||||||||||||||||||||
Net income (loss) | 6,032 | (6,082 | ) | (50 | ) | — | (50 | ) | |||||||||||||||||||||||||||||||||
Earnings (loss) per share attributable to continuing operations: | |||||||||||||||||||||||||||||||||||||||||
Basic | $ | 0.14 | $ | (0.20 | ) | $ | (0.06 | ) | $ | (0.01 | ) | $ | (0.08 | ) | |||||||||||||||||||||||||||
Diluted | $ | 0.14 | $ | (0.20 | ) | $ | (0.06 | ) | $ | (0.01 | ) | $ | (0.08 | ) | |||||||||||||||||||||||||||
Earnings per share attributable to discontinued operations: | |||||||||||||||||||||||||||||||||||||||||
Basic | $ | 0.06 | $ | — | $ | 0.06 | $ | 0.01 | $ | 0.08 | |||||||||||||||||||||||||||||||
Diluted | $ | 0.06 | $ | — | $ | 0.06 | $ | 0.01 | $ | 0.08 | |||||||||||||||||||||||||||||||
(1): | Previously reported balances represent the amounts reported in the Consolidated Statement of Operations in the Company’s Second Amended Annual Report on Form 10-K/A for the annual period ended December 31, 2012 as filed with the SEC on November 12, 2013. | ||||||||||||||||||||||||||||||||||||||||
December 31, 2012 | |||||||||||||||||||||||||||||||||||||||||
Previously | Restatement | As | Discontinued | Currently | |||||||||||||||||||||||||||||||||||||
Reported (1) | Adjustment | Corrected | Operations | Reported | |||||||||||||||||||||||||||||||||||||
Consolidated Balance Sheets | |||||||||||||||||||||||||||||||||||||||||
Receivables | $ | 105,317 | $ | — | $ | 105,317 | $ | (963 | ) | $ | 104,354 | ||||||||||||||||||||||||||||||
Inventories, net | 384,417 | — | 384,417 | (8,976 | ) | 375,441 | |||||||||||||||||||||||||||||||||||
Assets of discontinued operations | 14,741 | — | 14,741 | 10,427 | 25,168 | ||||||||||||||||||||||||||||||||||||
Total current assets | 648,140 | — | 648,140 | 488 | 648,628 | ||||||||||||||||||||||||||||||||||||
Property, plant, and equipment, net | 375,949 | — | 375,949 | (130 | ) | 375,819 | |||||||||||||||||||||||||||||||||||
Goodwill | 130,610 | — | 130,610 | (358 | ) | 130,252 | |||||||||||||||||||||||||||||||||||
Deferred income taxes | 33,287 | (33,287 | ) | — | — | — | |||||||||||||||||||||||||||||||||||
Other noncurrent assets | 8,866 | 32 | 8,898 | — | 8,898 | ||||||||||||||||||||||||||||||||||||
Total assets | 1,253,347 | (33,255 | ) | 1,220,092 | — | 1,220,092 | |||||||||||||||||||||||||||||||||||
Accounts payable | 91,661 | — | 91,661 | (926 | ) | 90,735 | |||||||||||||||||||||||||||||||||||
Accrued wages and other employee costs | 34,096 | — | 34,096 | (100 | ) | 33,996 | |||||||||||||||||||||||||||||||||||
Unearned revenues | 25,864 | — | 25,864 | — | 25,864 | ||||||||||||||||||||||||||||||||||||
Liabilities of discontinued operations | 2,332 | — | 2,332 | 1,099 | 3,431 | ||||||||||||||||||||||||||||||||||||
Other accrued liabilities | 22,550 | 41 | 22,591 | (73 | ) | 22,518 | |||||||||||||||||||||||||||||||||||
Total current liabilities | 176,503 | 41 | 176,544 | — | 176,544 | ||||||||||||||||||||||||||||||||||||
Deferred income taxes | 46,384 | — | 46,384 | — | 46,384 | ||||||||||||||||||||||||||||||||||||
Unearned revenues | 13,013 | — | 13,013 | — | 13,013 | ||||||||||||||||||||||||||||||||||||
Total liabilities | 511,812 | 41 | 511,853 | — | 511,853 | ||||||||||||||||||||||||||||||||||||
Accumulated other comprehensive loss | (44,722 | ) | (282 | ) | (45,004 | ) | — | (45,004 | ) | ||||||||||||||||||||||||||||||||
Retained earnings | 319,547 | (33,014 | ) | 286,533 | — | 286,533 | |||||||||||||||||||||||||||||||||||
Total shareholders’ equity | 741,535 | (33,296 | ) | 708,239 | — | 708,239 | |||||||||||||||||||||||||||||||||||
Total liabilities and shareholders’ equity | 1,253,347 | (33,255 | ) | 1,220,092 | — | 1,220,092 | |||||||||||||||||||||||||||||||||||
(1): | Previously reported balances represent the amounts reported in the Consolidated Balance Sheet in the Company’s Second Amended Annual Report on Form 10-K/A for the annual period ended December 31, 2012 as filed with the SEC on November 12, 2013. The previously reported balances of inventory, cost in excess of billings, and deferred revenue have been adjusted by $(699), $1,565, and $866 to correct the prior presentation. | ||||||||||||||||||||||||||||||||||||||||
December 31, 2012 | |||||||||||||||||||||||||||||||||||||||||
Previously | Restatement | As | |||||||||||||||||||||||||||||||||||||||
Reported (1) | Adjustment | Corrected | |||||||||||||||||||||||||||||||||||||||
Consolidated Statements of Cash Flow (2) | |||||||||||||||||||||||||||||||||||||||||
Operating Activities: | |||||||||||||||||||||||||||||||||||||||||
Net income | $ | 20,140 | $ | (5,200 | ) | $ | 14,940 | ||||||||||||||||||||||||||||||||||
Adjustment for non-cash items included in net income: | |||||||||||||||||||||||||||||||||||||||||
Deferred income taxes | 1,433 | 5,200 | 6,633 | ||||||||||||||||||||||||||||||||||||||
31-Dec-11 | |||||||||||||||||||||||||||||||||||||||||
Previously | Restatement | As | |||||||||||||||||||||||||||||||||||||||
Reported (1) | Adjustment | Corrected | |||||||||||||||||||||||||||||||||||||||
Consolidated Statements of Cash Flow (2) | |||||||||||||||||||||||||||||||||||||||||
Operating Activities: | |||||||||||||||||||||||||||||||||||||||||
Net income (loss) | $ | 6,032 | $ | (6,082 | ) | $ | (50 | ) | |||||||||||||||||||||||||||||||||
Adjustment for non-cash items included in net income: | |||||||||||||||||||||||||||||||||||||||||
Deferred income taxes | 8,097 | 6,082 | 14,179 | ||||||||||||||||||||||||||||||||||||||
(1): | Previously reported balances represent the amounts reported in the Consolidated Balance Sheet in the Company’s Second Amended Annual Report on Form 10-K/A for the annual period ended December 31, 2012 as filed with the SEC on November 12, 2013. | ||||||||||||||||||||||||||||||||||||||||
(2): | The Company does not present cash flows from discontinued operations, consistent with the FASB’s authoritative guidance. Restatement adjustments did not have an impact on cash flows from investing and financing activities. | ||||||||||||||||||||||||||||||||||||||||
The following presents the restated Condensed Consolidating Statements of Operations and Condensed Consolidating Balance Sheets of RTI International Metals, Inc. and its Guarantor and Non-Guarantor Subsidiaries as of and for the periods presented below. The “As Restated” amounts primarily reflect the impact of the restatement on the provision for income tax, deferred tax assets, and all related subtotals, as well as the presentation of RTI Connecticut as a discontinued operation, which is reflected in the Non-Guarantors columns. The restatement adjustments only affected net income (loss) and deferred income taxes on the Condensed Consolidating Statements of Cash Flows, and as such they have not been presented given the condensed presentation. The Previously Reported amounts represent the corrected balances reported in the Second Amendment to the Company’s Annual Report on Form 10-K/A for the period ended December 31, 2012, as filed with the SEC on November 12, 2013. Refer to Note 17 for further information. For information on the impact of restatement on the interim Condensed Consolidating Financial Statements, refer to Note 18. | |||||||||||||||||||||||||||||||||||||||||
Condensed Consolidating Statements of Operations and Comprehensive Income—Restatement Adjustments | |||||||||||||||||||||||||||||||||||||||||
Year Ended December 31, 2012 | |||||||||||||||||||||||||||||||||||||||||
RTI International | Guarantor | Non-Guarantor | Eliminations | Consolidated | |||||||||||||||||||||||||||||||||||||
Metals, Inc. | Subsidiaries | Subsidiaries | |||||||||||||||||||||||||||||||||||||||
Previously | As | Previously | As | Previously | As | Previously | As | Previously | As | ||||||||||||||||||||||||||||||||
Reported | Restated | Reported | Restated | Reported | Restated | Reported | Restated | Reported | Restated | ||||||||||||||||||||||||||||||||
Net sales | $ | — | $ | — | $ | 503,018 | $ | 503,018 | $ | 417,573 | $ | 409,470 | $ | (212,501 | ) | $ | (212,501 | ) | $ | 708,090 | $ | 699,987 | |||||||||||||||||||
Costs and expenses: | |||||||||||||||||||||||||||||||||||||||||
Cost of sales | — | — | 426,268 | 426,268 | 354,695 | 347,651 | (212,501 | ) | (212,501 | ) | 568,462 | 561,418 | |||||||||||||||||||||||||||||
Operating income | 3,006 | 3,006 | 27,060 | 27,060 | 17,045 | 17,351 | — | — | 47,111 | 47,417 | |||||||||||||||||||||||||||||||
Equity in earnings of subsidiaries | 25,832 | 20,741 | 5,419 | 5,419 | 2,138 | 2,138 | (33,389 | ) | (28,298 | ) | — | — | |||||||||||||||||||||||||||||
Income before income taxes | 12,136 | 7,045 | 32,722 | 32,722 | 17,363 | 17,669 | (33,389 | ) | (28,298 | ) | 28,832 | 29,138 | |||||||||||||||||||||||||||||
Provision for (benefit from) income taxes | (6,304 | ) | (6,408 | ) | 10,726 | 10,726 | 5,970 | 11,367 | — | — | 10,392 | 15,685 | |||||||||||||||||||||||||||||
Net income attributable to continuing operations | 18,440 | 13,453 | 21,996 | 21,996 | 11,393 | 6,302 | (33,389 | ) | (28,298 | ) | 18,440 | 13,453 | |||||||||||||||||||||||||||||
Net income attributable to discontinued operations, net of tax | 1,700 | 1,487 | — | — | 1,700 | 1,487 | (1,700 | ) | (1,487 | ) | 1,700 | 1,487 | |||||||||||||||||||||||||||||
Net income | $ | 20,140 | $ | 14,940 | $ | 21,996 | $ | 21,996 | $ | 13,093 | $ | 7,789 | $ | (35,089 | ) | $ | (29,785 | ) | $ | 20,140 | $ | 14,940 | |||||||||||||||||||
Comprehensive income | $ | 14,629 | $ | 8,786 | $ | 14,465 | $ | 14,465 | $ | 15,651 | $ | 9,704 | $ | (30,116 | ) | $ | (24,169 | ) | $ | 14,629 | $ | 8,786 | |||||||||||||||||||
Year Ended December 31, 2011 | |||||||||||||||||||||||||||||||||||||||||
RTI International | Guarantor | Non-Guarantor | Eliminations | Consolidated | |||||||||||||||||||||||||||||||||||||
Metals, Inc. | Subsidiaries | Subsidiaries | |||||||||||||||||||||||||||||||||||||||
Previously | As | Previously | As | Previously | As | Previously | As | Previously | As | ||||||||||||||||||||||||||||||||
Reported | Restated | Reported | Restated | Reported | Restated | Reported | Restated | Reported | Restated | ||||||||||||||||||||||||||||||||
Net sales | $ | — | $ | — | $ | 347,963 | $ | 347,963 | $ | 329,155 | $ | 316,219 | $ | (175,830 | ) | $ | (175,830 | ) | $ | 501,288 | $ | 488,352 | |||||||||||||||||||
Costs and expenses | |||||||||||||||||||||||||||||||||||||||||
Cost of sales | — | — | 296,066 | 296,066 | 287,424 | 277,193 | (175,830 | ) | (175,830 | ) | 407,660 | 397,429 | |||||||||||||||||||||||||||||
Operating income | (981 | ) | (981 | ) | 26,079 | 26,079 | (1,046 | ) | (1,716 | ) | — | — | 24,052 | 23,382 | |||||||||||||||||||||||||||
Equity in earnings of subsidiaries | 16,568 | 10,066 | 6,128 | 6,128 | (1,055 | ) | (1,055 | ) | (21,641 | ) | (15,139 | ) | — | — | |||||||||||||||||||||||||||
Income before income taxes | (804 | ) | (7,306 | ) | 33,966 | 33,966 | (3,058 | ) | (3,728 | ) | (21,641 | ) | (15,139 | ) | 8,463 | 7,793 | |||||||||||||||||||||||||
Provision for (benefit from) income taxes | (4,998 | ) | (4,998 | ) | 10,257 | 10,257 | (990 | ) | 4,842 | — | — | 4,269 | 10,101 | ||||||||||||||||||||||||||||
Net income attributable to continuing operations | 4,194 | (2,308 | ) | 23,709 | 23,709 | (2,068 | ) | (8,570 | ) | (21,641 | ) | (15,139 | ) | 4,194 | (2,308 | ) | |||||||||||||||||||||||||
Net income attributable to discontinued operations, net of tax | 1,838 | 2,258 | — | — | 1,838 | 2,258 | (1,838 | ) | (2,258 | ) | 1,838 | 2,258 | |||||||||||||||||||||||||||||
Net income (loss) | $ | 6,032 | $ | (50 | ) | $ | 23,709 | $ | 23,709 | $ | (230 | ) | $ | (6,312 | ) | $ | (23,479 | ) | $ | (17,397 | ) | $ | 6,032 | $ | (50 | ) | |||||||||||||||
Comprehensive income (loss) | $ | (842 | ) | $ | (6,563 | ) | $ | 19,646 | $ | 19,646 | $ | (2,106 | ) | $ | (7,827 | ) | $ | (17,540 | ) | $ | (11,819 | ) | $ | (842 | ) | $ | (6,563 | ) | |||||||||||||
Condensed Consolidating Balance Sheets—Restatement Adjustments | |||||||||||||||||||||||||||||||||||||||||
December 31, 2012 | |||||||||||||||||||||||||||||||||||||||||
RTI International | Guarantor | Non-Guarantor | Eliminations | Consolidated | |||||||||||||||||||||||||||||||||||||
Metals, Inc. | Subsidiaries | Subsidiaries | |||||||||||||||||||||||||||||||||||||||
Previously | As | Previously | As | Previously | As | Previously | As | Previously | As | ||||||||||||||||||||||||||||||||
Reported (1) | Restated | Reported (1)(2) | Restated | Reported (1) | Restated | Reported (1) | Restated | Reported (2) | Restated | ||||||||||||||||||||||||||||||||
ASSETS | |||||||||||||||||||||||||||||||||||||||||
Receivables, net | $ | 126 | $ | 126 | $ | 72,773 | $ | 72,773 | $ | 59,639 | $ | 58,676 | $ | (27,221 | ) | $ | (27,221 | ) | $ | 105,317 | $ | 104,354 | |||||||||||||||||||
Inventories, net | — | — | 220,290 | $ | 220,290 | 164,127 | $ | 155,151 | — | — | 384,417 | 375,441 | |||||||||||||||||||||||||||||
Current assets | 36,800 | 36,800 | 383,983 | 383,983 | 254,578 | 255,066 | (27,221 | ) | (27,221 | ) | 648,140 | 648,628 | |||||||||||||||||||||||||||||
Property, plant, and equipment, net | 1,327 | 1,327 | 308,467 | 308,467 | 66,155 | 66,025 | — | — | 375,949 | 375,819 | |||||||||||||||||||||||||||||||
Goodwill | — | — | 93,665 | 93,665 | 36,945 | 36,587 | — | — | 130,610 | 130,252 | |||||||||||||||||||||||||||||||
Deferred income taxes | — | — | — | — | 33,287 | — | — | — | 33,287 | — | |||||||||||||||||||||||||||||||
Intercompany investments | 964,044 | 931,041 | 26,814 | 26,814 | 3,736 | 3,736 | (994,594 | ) | (961,591 | ) | — | — | |||||||||||||||||||||||||||||
Total assets | $ | 1,006,320 | $ | 973,317 | $ | 848,973 | $ | 848,973 | $ | 419,869 | $ | 386,614 | $ | (1,021,815 | ) | $ | (988,812 | ) | $ | 1,253,347 | $ | 1,220,092 | |||||||||||||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||||||||||||||||||||||||||||||||||||
Other accrued liabilities | $ | 2,984 | $ | 3,277 | $ | 9,197 | $ | 9,197 | $ | 10,369 | $ | 10,044 | $ | — | $ | — | $ | 22,550 | $ | 22,518 | |||||||||||||||||||||
Total current liabilities | 10,680 | 10,973 | 97,206 | 97,206 | 95,838 | 95,586 | (27,221 | ) | (27,221 | ) | 176,503 | 176,544 | |||||||||||||||||||||||||||||
Deferred income taxes | 42,902 | 42,902 | — | — | 3,482 | 3,482 | — | — | 46,384 | 46,384 | |||||||||||||||||||||||||||||||
Total liabilities | 264,785 | 265,078 | 279,761 | 279,761 | 216,800 | 216,548 | (249,534 | ) | (249,534 | ) | 511,812 | 511,853 | |||||||||||||||||||||||||||||
Shareholders’ equity | 741,535 | 708,239 | 569,212 | 569,212 | 203,069 | 170,066 | (772,281 | ) | (739,278 | ) | 741,535 | 708,239 | |||||||||||||||||||||||||||||
Total liabilities and shareholders’ equity | $ | 1,006,320 | $ | 973,317 | $ | 848,973 | $ | 848,973 | $ | 419,869 | $ | 386,614 | $ | (1,021,815 | ) | $ | (988,812 | ) | $ | 1,253,347 | $ | 1,220,092 | |||||||||||||||||||
-1 | The previously reported balances of current deferred income tax assets, non-current deferred income tax assets, intercompany investments, other accrued liabilities, non-current deferred income taxes, and shareholders’ equity were adjusted by $4,786, $-, $(16,823), $(685), $(11,320) and $- for the Parent; by $(2,543), $(32,757), $-, $-, $(21,590), and $(13,710) for the Guarantor Subsidiaries; by $(2,243), $(146), $-, $685, $7 and $(3,113) for the Non-Guarantor Subsidiaries; and by $-, $32,903, $16,823, $—, $32,903 and $16,823 for the Eliminations, to correct the presentation of deferred income tax balances. | ||||||||||||||||||||||||||||||||||||||||
-2 | The previously reported Guarantor Subsidiary and Consolidated balances of inventory and cost in excess of billings, have been adjusted by $(699) and, $1,565 to correct the prior presentation. |
DISCONTINUED_OPERATIONS
DISCONTINUED OPERATIONS | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
DISCONTINUED OPERATIONS | ' | ||||||||||||
Note 3—DISCONTINUED OPERATIONS: | |||||||||||||
As previously disclosed, in conjunction with the reorganization of its reportable segments in 2013, the Company evaluated it long-term growth strategy and determined it would sell or seek other strategic alternatives for it non-core service centers, RTI Pierce Spafford and RTI Connecticut. In April 2013, the Company completed the sale of its RTI Pierce Spafford subsidiary for approximately $12.4 million of cash, of which $10.5 million has been received as of December 31, 2013, with the remainder due in late 2014. In addition, the Company determined that its other non-titanium service center, RTI Connecticut, qualified as held-for-sale at December 31, 2013. | |||||||||||||
The results of RTI Pierce Spafford and RTI Connecticut, including all fair value adjustments and losses on the completed sale of RTI Pierce Spafford, have been presented as results from discontinued operations on the Company’s Consolidated Statements of Operations and the related assets and liabilities have been presented separately on the Company’s Consolidated Balance Sheets as assets and liabilities of discontinued operations. The results of RTI Connecticut were previously reported in the Titanium Segment, while the results of RTI Pierce Spafford were reported in the Titanium Group, prior to the segment reorganization in 2013. | |||||||||||||
The Company’s results from discontinued operations are summarized below: | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Net sales | $ | 15,464 | $ | 37,724 | $ | 43,077 | |||||||
Income (loss) before income taxes | (2,184 | ) | 2,333 | 3,533 | |||||||||
Provision for (benefit from) income taxes | (600 | ) | 846 | 1,275 | |||||||||
Net income (loss) from discontinued operations | (1,584 | ) | 1,487 | 2,258 | |||||||||
Assets and liabilities of discontinued operations were comprised of the following at December 31, 2013 and 2012: | |||||||||||||
December 31, | December 31, | ||||||||||||
2013 | 2012 | ||||||||||||
ASSETS | |||||||||||||
Accounts receivable, net | $ | 594 | $ | 3,152 | |||||||||
Inventories, net | 4,555 | 20,100 | |||||||||||
Property, plant and equipment, net | 105 | 177 | |||||||||||
Goodwill | — | 1,739 | |||||||||||
Other current assets | 20 | — | |||||||||||
Total assets of discontinued operations | $ | 5,274 | $ | 25,168 | |||||||||
LIABILITIES | |||||||||||||
Accounts payable | $ | 326 | $ | 2,921 | |||||||||
Accrued wages | 96 | 437 | |||||||||||
Other liabilities | 36 | 73 | |||||||||||
Total liabilities of discontinued operations | $ | 458 | $ | 3,431 | |||||||||
SUMMARY_OF_SIGNIFICANT_ACCOUNT
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | ' | ||||||||||||||||
Note 4—SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: | |||||||||||||||||
Principles of consolidation: | |||||||||||||||||
The Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”), and include the accounts of RTI International Metals, Inc. and its wholly-owned subsidiaries. All significant intercompany accounts and transactions have been eliminated. Certain prior year amounts have been adjusted to correct the prior year presentation of the inventory, costs in excess of billings, and unearned revenue line items on the Consolidated Balance Sheets, as well as the related captions on the Consolidated Statements of Cash Flows. | |||||||||||||||||
Use of estimates: | |||||||||||||||||
U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at year-end and the reported amounts of revenues and expenses during the year. Actual results could differ from these estimates. Significant items subject to such estimates and assumptions include the carrying values of accounts receivable, inventories, property, plant, and equipment, intangible assets, goodwill, pensions, post-retirement benefits, worker’s compensation, environmental liabilities, and income taxes. | |||||||||||||||||
Fair value: | |||||||||||||||||
For certain of the Company’s financial instruments and account groupings, including cash, short-term investments, accounts receivable, marketable securities, accounts payable, accrued wages and other employee costs, unearned revenue, and other accrued liabilities, the carrying value of the instruments and account groupings approximates fair value. | |||||||||||||||||
The Financial Accounting Standards Board (the “FASB”) defines fair value as an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based upon assumptions that market participants would use in pricing an asset or liability. As a basis for considering such assumptions, a three-tier fair value hierarchy prioritizes the inputs utilized in measuring fair value as follows: | |||||||||||||||||
• | Level 1—observable inputs such as quoted prices in active markets; | ||||||||||||||||
• | Level 2—inputs other than the quoted prices in active markets that are observable either directly or indirectly; and | ||||||||||||||||
• | Level 3—unobservable inputs in which there is little or no market data and which requires the Company to develop its own assumptions. | ||||||||||||||||
The hierarchy requires the Company to use observable market data, when available, and to minimize the use of unobservable inputs when determining fair value. On a recurring basis, the Company measures certain financial assets and liabilities at fair value, including its short-term investments and marketable securities. | |||||||||||||||||
For the Company’s short-term investments and marketable securities, fair value was determined based on the closing price reported on the active market on which the individual securities are traded. There were no transfers between levels during the year ended December 31, 2013. The Company held no assets or liabilities measured at fair value on a recurring basis as of December 31, 2013 or 2012. | |||||||||||||||||
As of both December 31, 2013 and 2012, the Company did not have any financial assets or liabilities that were measured at fair value on a non-recurring basis. Refer to discussions of intangible asset impairments below for nonfinancial assets measured at fair value on a non-recurring basis. | |||||||||||||||||
The carrying amounts and fair values of financial instruments for which the fair value option was not elected were as follows: | |||||||||||||||||
December 31, 2013 | December 31, 2012 | ||||||||||||||||
Carrying | Fair | Carrying | Fair | ||||||||||||||
Amount | Value | Amount | Value | ||||||||||||||
Cash and cash equivalents | $ | 343,637 | $ | 343,637 | $ | 97,190 | $ | 97,190 | |||||||||
Long-term debt | 430,300 | 559,986 | 198,337 | 249,113 | |||||||||||||
Current portion of long-term debt…… | 1,914 | 1,914 | 957 | 957 | |||||||||||||
The fair value of long-term debt includes the $114,381 remaining principle outstanding related to the $230,000 aggregate principle amount 3.000% Convertible Senior Notes due 2015 (the “2015 Notes”) and the $402,500 aggregate principal amount 1.625% Convertible Senior Notes due 2019 (the “2019 Notes”) and is inclusive of the conversion feature, which was originally allocated for reporting purposes at $122.5 million, and is included in the Consolidated Balance Sheets within additional paid-in capital. The fair value of long-term debt was estimated based on the quoted market price for the debt (Level 2). | |||||||||||||||||
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. | |||||||||||||||||
Cash and cash equivalents consisted of the following: | |||||||||||||||||
December 31, | December 31, | ||||||||||||||||
2013 | 2012 | ||||||||||||||||
Cash | $ | 62,394 | $ | 37,473 | |||||||||||||
Cash equivalents: | |||||||||||||||||
Commercial paper | 150,978 | 32,642 | |||||||||||||||
Money market mutual funds | 130,265 | 27,075 | |||||||||||||||
Total cash and cash equivalents | $ | 343,637 | $ | 97,190 | |||||||||||||
Receivables: | |||||||||||||||||
Receivables are carried at net realizable value. Estimates are made as to the Company’s ability to collect outstanding receivables, taking into consideration the amount, the customer’s financial condition, and the age of the debt. The Company ascertains the net realizable value of amounts owed and provides an allowance when collection becomes doubtful. Receivables are expected to be collected in the normal course of business and consisted of the following: | |||||||||||||||||
December 31, | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
Trade and commercial customers | $ | 106,091 | $ | 105,075 | |||||||||||||
Less: Allowance for doubtful accounts | (820 | ) | (721 | ) | |||||||||||||
Total receivables | $ | 105,271 | $ | 104,354 | |||||||||||||
Inventories: | |||||||||||||||||
Inventories are valued at cost as determined by the last-in, first-out (“LIFO”) method for approximately 56% and 55%, respectively, of the Company’s inventories as of December 31, 2013 and 2012. The remaining inventories are valued at cost determined by a combination of the first-in, first-out (“FIFO”) and weighted-average cost methods. Inventory costs generally include materials, labor, and manufacturing overhead (including depreciation). When market conditions indicate an excess of carrying cost over market value, a lower-of-cost-or-market provision is recorded. There were no LIFO decrements for the years ended December 31, 2013 or 2012. | |||||||||||||||||
Inventories consisted of the following: | |||||||||||||||||
December 31, | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
Raw materials and supplies | $ | 166,359 | $ | 160,627 | |||||||||||||
Work-in-process and finished goods | 314,438 | 273,412 | |||||||||||||||
LIFO reserve | (50,709 | ) | (58,598 | ) | |||||||||||||
Total inventories | $ | 430,088 | $ | 375,441 | |||||||||||||
Costs in excess of billings: | |||||||||||||||||
As of December 31, 2013 and 2012, the Company had costs in excess of billings of $5,377 and $3,825, respectively. All $5,377 of costs in excess of billings are expected to be collected within the next twelve months. The Company had no claims included in inventory, progress payments netted against inventory, or billings in excess of cost at December 31, 2013 or 2012, respectively. | |||||||||||||||||
Other current assets: | |||||||||||||||||
The Company had other current assets of $16,947 and $11,270 at December 31, 2013 and 2012, respectively. Other current assets are comprised mainly of prepaid income taxes and other prepaid expenses which do not individually exceed five percent of consolidated current assets, and are expected to be realized within twelve months of the balance sheet date. The increase in other current assets in 2013 is attributable to increases in prepaid taxes of $2,266, and other prepaid expenses of $3,411. | |||||||||||||||||
Property, plant, and equipment: | |||||||||||||||||
The cost of property, plant, and equipment includes all direct costs of acquisition and capital improvements. Applicable amounts of interest on borrowings outstanding during the construction or acquisition period for major capital projects are capitalized. During the years ended December 31, 2013 and 2012, the Company capitalized $0 and $821, respectively, of interest expense related to its major capital expansion projects. | |||||||||||||||||
Property, plant, and equipment is stated at cost and consisted of the following: | |||||||||||||||||
December 31, | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
Land | $ | 18,769 | $ | 17,965 | |||||||||||||
Buildings and improvements | 117,225 | 120,973 | |||||||||||||||
Machinery and equipment | 446,787 | 413,718 | |||||||||||||||
Computer hardware and software, furniture and fixtures, and other | 65,622 | 64,131 | |||||||||||||||
Construction-in-progress | 52,546 | 56,087 | |||||||||||||||
700,949 | 672,874 | ||||||||||||||||
Less: Accumulated depreciation | (328,609 | ) | (297,055 | ) | |||||||||||||
Total property, plant, and equipment, net | $ | 372,340 | $ | 375,819 | |||||||||||||
Depreciation is determined using the straight-line method over the estimated useful lives of the various classes of assets. Depreciation expense for the years ended December 31, 2013, 2012, and 2011 was $39,439, $37,364, and $21,342, respectively. Depreciation is generally recorded over the following useful lives: | |||||||||||||||||
Buildings and improvements | 20-40 years | ||||||||||||||||
Machinery and equipment | 7-15 years | ||||||||||||||||
Furniture and fixtures | 5-10 years | ||||||||||||||||
Computer hardware and software | 3-10 years | ||||||||||||||||
The cost of properties retired or otherwise disposed of, together with the accumulated depreciation provided thereon, is eliminated from the accounts. The net gain or loss is recognized in operating income. | |||||||||||||||||
Leased property and equipment under capital leases are amortized using the straight-line method over the term of the lease. | |||||||||||||||||
Routine maintenance, repairs, and replacements are charged to operations. Expenditures that materially increase values, change capacities, or extend useful lives are capitalized. | |||||||||||||||||
The Company recorded an asset impairment of $1,617 for the year ended December 31, 2012 as a result of the electrical transformer fire at the Titanium Segment’s Canton, Ohio facility. This impairment charge was partially offset by $1,250 for insurance proceeds. The net impairment charge is included in the Consolidated Statement of Operations as Asset and asset-related charges. | |||||||||||||||||
Goodwill and intangible assets: | |||||||||||||||||
In the case of goodwill and intangible assets, if future product demand or market conditions reduce management’s expectation of future cash flows from these assets, a write-down of the carrying value or acceleration of the amortization period may be required. Intangible assets were originally valued at fair value at the date of acquisition. | |||||||||||||||||
Goodwill. The Company performs its goodwill impairment testing at the reporting unit level. The Company’s four reporting units, which are one level below its operating segments, where appropriate, are as follows: 1) the Titanium reporting unit; 2) the Fabrication reporting unit; 3) the Medical Device Fabrication reporting unit; and 4) the Energy Fabrication reporting unit. As of December 31, 2013 and 2012, the Energy Fabrication reporting unit had no goodwill. | |||||||||||||||||
The carrying value of goodwill at the Company’s four reporting units as of the Company’s October 1, 2013 annual impairment test was as follows: | |||||||||||||||||
Goodwill | |||||||||||||||||
Titanium reporting unit | $ | 9,662 | |||||||||||||||
Fabrication reporting unit | 63,548 | ||||||||||||||||
Medical Device Fabrication reporting unit | 58,748 | ||||||||||||||||
Energy Fabrication reporting unit | — | ||||||||||||||||
Total Goodwill | $ | 131,958 | |||||||||||||||
Goodwill is tested annually during the fourth quarter and is assessed between annual tests if an event occurs or circumstances change that would indicate the carrying value of a reporting unit may exceed its fair value. These events and circumstances may include, but are not limited to: significant adverse changes in the business climate or legal factors; an adverse action or assessment by a regulator; unanticipated competition; a material negative change in relationships with significant customers; strategic decisions made in response to economic or competitive conditions; loss of key personnel; or a more-likely-than-not expectation that a reporting unit or a significant portion of a reporting unit will be sold or disposed. | |||||||||||||||||
The fair value of the Company’s four reporting units is calculated by averaging the fair values determined using an income approach (i.e. a discounted cash flow model) and a market approach. A discounted cash flow model is based on historical and projected financial information and provides a fair value estimate based upon each reporting unit’s long-term operating and cash flow performance. This approach also considers the impact of cyclical downturns that occur in the titanium and aerospace industries. The market valuation approach applies market multiples, such as EBITDA and revenue multiples, developed from a set of peer group companies to each reporting unit to determine its fair value. The Company considered the use of a cost approach but determined such an approach was not appropriate. | |||||||||||||||||
Utilizing a discounted cash flow model, the Company estimates its cash flow projections using business and economic data available at the time the projection is calculated. A significant number of assumptions and estimates are involved in the application of the discounted cash flow model to forecast operating cash flows, including overall business conditions, sales volumes and prices, costs of production, and working capital changes. The Company considers historical experience and available information at the time the reporting units’ fair values are estimated. Discount rates were developed using a Weighted-Average Cost of Capital (“WACC”) methodology. The WACC represents the blended average required rate of return for equity and debt capital based on observed market return data and reporting unit specific risk factors. | |||||||||||||||||
The discount rates used in the Company’s October 1, 2013 annual impairment test were as follows: | |||||||||||||||||
Titanium reporting unit | 11 | % | |||||||||||||||
Fabrication reporting unit | 12.5 | % | |||||||||||||||
Medical Device Fabrication reporting unit | 13 | % | |||||||||||||||
The Company performed a Step One impairment test for all reporting units with a goodwill balance as of the testing date. Significant assumptions that changed from the prior year included the impact of the Patient Protection and Affordable Care Act (the “Healthcare Acts”) and the related 2.3% excise tax on medical devices. | |||||||||||||||||
Step One of the goodwill impairment test indicated that the fair value of the Titanium and Fabrication reporting units each exceeded their respective carrying values by a significant margin, while the Medical Device Fabrication reporting unit’s carrying value exceeded its fair value by approximately 17% as of the October 1, 2013 testing date. A Step Two analysis was then performed for the Medical Device Fabrication reporting unit which indicated that the implied fair value of goodwill of the Medical Device Fabrication reporting unit was $44,789 as of October 1, 2013, resulting in an impairment charge of $13,959. | |||||||||||||||||
In addition to the impairment at the Medical Device Fabrication reporting unit, an immaterial goodwill impairment was recognized in the Company’s Titanium reporting unit as a result of the Company’s decision to dispose of RTI Pierce Spafford and RTI Connecticut businesses. This impairment is included as a component of net loss from discontinued operations for the year ended December 31, 2013. Excluding the Energy Fabrication reporting unit, whose goodwill was fully impaired in 2009, and the items mentioned above, there have been no other impairments to date at the Company’s reporting units. Uncertainties or other factors that could result in a potential impairment in future periods may include any cancellation of or material modification to one of the major aerospace programs the Company currently supplies, including the Joint Strike fighter program, the Boeing 787 program, or the Airbus family of aircraft, including the A350XWB, A320neo, or A380 programs. In addition, the Company’s ability to ramp up its production of these programs in a cost efficient manner may also impact the results of a future impairment test. Furthermore, additional pricing pressures or other impacts from the Healthcare Acts could result in an additional goodwill impairment at our Medical Device Fabrication reporting unit. | |||||||||||||||||
The carrying amount of goodwill attributable to each segment at December 31, 2011, 2012, and 2013 was as follows: | |||||||||||||||||
Titanium | Engineered | Total | |||||||||||||||
Segment | Products and | ||||||||||||||||
Services Segment | |||||||||||||||||
December 31, 2011 | $ | 9,662 | $ | 44,463 | $ | 54,125 | |||||||||||
Additions (Note 5) | — | 75,824 | 75,824 | ||||||||||||||
Translation adjustment | — | 303 | 303 | ||||||||||||||
December 31, 2012 | 9,662 | 120,590 | 130,252 | ||||||||||||||
Additions (Note 5) | — | 2,185 | 2,185 | ||||||||||||||
Impairments | — | (13,959 | ) | (13,959 | ) | ||||||||||||
Translation adjustment | — | (900 | ) | (900 | ) | ||||||||||||
Balance at December 31, 2013 | $ | 9,662 | $ | 107,916 | $ | 117,578 | |||||||||||
At December 31, 2013 and 2012, the Engineered Products and Services Segment had accumulated goodwill impairment losses of $22,858 and $8,899, respectively, while the Titanium Segment has no accumulated impairment losses, other than those relating to discontinued operations, not included in the table above. | |||||||||||||||||
Intangible assets. Intangible assets consist primarily of customer relationships, trade names, and developed technology acquired through various business combinations. These intangible assets were valued at fair value at acquisition. In the event that long-term demand or market conditions change and the expected future cash flows associated with these assets is reduced, a write-down or acceleration of the amortization period may be required. The Company has one indefinite-lived intangible asset, the Remmele trade name, which it does not amortize. The Company currently intends to utilize the Remmele trade name indefinitely. Other intangible assets are being amortized over the following periods: | |||||||||||||||||
Customer relationships | 7-20 years | ||||||||||||||||
Developed technology | 12-20 years | ||||||||||||||||
Backlog | 0.5 - 2 years | ||||||||||||||||
Amortization expense was $4,386, $3,760, and $1,091 for the years ended December 31, 2013, 2012, and 2011, respectively. Estimated annual amortization expense expected in each of the next five successive years is as follows: | |||||||||||||||||
Amortization | |||||||||||||||||
2014 | $ | 4,080 | |||||||||||||||
2015 | $ | 4,011 | |||||||||||||||
2016 | $ | 4,011 | |||||||||||||||
2017 | $ | 4,011 | |||||||||||||||
2018 | $ | 4,011 | |||||||||||||||
Thereafter | $ | 27,430 | |||||||||||||||
There were no intangible assets attributable to the Titanium Segment at December 31, 2013, 2012, and 2011. The carrying amount of intangible assets attributable to the EP&S Segment at December 31, 2013, 2012, and 2011, as well as a summary of intangible assets, by class, at December 31, 2013 and 2012, is presented below: | |||||||||||||||||
Intangible | |||||||||||||||||
Assets | |||||||||||||||||
December 31, 2011 | $ | 22,576 | |||||||||||||||
Intangible assets acquired (Note 5) | 37,400 | ||||||||||||||||
Amortization | (3,760 | ) | |||||||||||||||
Translation adjustment | 279 | ||||||||||||||||
December 31, 2012 | 56,495 | ||||||||||||||||
Intangible assets acquired (Note 5) | 3,800 | ||||||||||||||||
Amortization | (4,386 | ) | |||||||||||||||
Impairment | (1,400 | ) | |||||||||||||||
Translation adjustment | (755 | ) | |||||||||||||||
December 31, 2013 | $ | 53,754 | |||||||||||||||
December 31, | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
Backlog | $ | 1,300 | $ | 1,100 | |||||||||||||
Accumulated amortization | (1,236 | ) | (481 | ) | |||||||||||||
Backlog, net | 64 | 619 | |||||||||||||||
Customer relationships | 45,013 | 41,413 | |||||||||||||||
Effects of currency translation | 1,930 | 3,183 | |||||||||||||||
Accumulated amortization | (10,961 | ) | (8,754 | ) | |||||||||||||
Customer relationships, net | 35,982 | 35,842 | |||||||||||||||
Developed technology | 13,290 | 13,290 | |||||||||||||||
Accumulated amortization | (1,782 | ) | (856 | ) | |||||||||||||
Developed technology, net | 11,508 | 12,434 | |||||||||||||||
Remmele trade name | 6,200 | 7,600 | |||||||||||||||
Total intangible assets, net | $ | 53,754 | $ | 56,495 | |||||||||||||
Management evaluates the recovery of indefinite-lived intangible assets by first determining, through a qualitative analysis, whether there have been any events or changes in circumstances that would indicate a potential impairment. If the qualitative analysis indicates that it is more-likely-than-not that an impairment has incurred, management compares the fair value of the indefinite lived intangible asset to its carrying value and then measures the impairment, if any. As of October 1, 2013, the Company’s only indefinite-lived intangible asset other than goodwill was the Remmele trade name. In conjunction with the Company’s goodwill impairment test, a two-step impairment analysis of the Remmele trade name intangible asset was performed which indicated a fair value of $6,200, and as a result recorded an impairment of $1,400 as a component of Goodwill and other intangible asset impairment on the Consolidated Statement of Operations. The fair value of the Remmele trade name was determined using a discounted cash flow model (level 3) utilizing a discount rate of 13.5%. | |||||||||||||||||
Other long-lived assets: | |||||||||||||||||
The Company evaluates the potential impairment of other long-lived assets including property, plant, and equipment when events or circumstances indicate that a change in value may have occurred. If the carrying value of the assets exceeds the sum of the undiscounted expected future cash flows, the carrying value of the asset is written down to fair value. | |||||||||||||||||
The Company considered the Medical Device Fabrication reporting unit goodwill impairment and the establishment of a valuation allowance against its Canadian net deferred tax asset as triggering events for potential impairments of its long-lived assets within those asset groups. The Company’s evaluation determined that no impairment of these asset groups was required. | |||||||||||||||||
Other non-current assets: | |||||||||||||||||
The Company had other non-current assets of $23,247 and $8,898 at December 31, 2013 and 2012, respectively. Other non-current assets are comprised mainly of pension assets, deferred financing costs, and non-refundable engineering costs which do not exceed five percent of total assets individually, and are not expected to be realized within twelve months of the balance sheet date. The increase in other non-current assets in 2013 is primarily attributable to a $6,517 increase in deferred financing costs attributable to the issuance of the Company’s 1.625% Convertible Senior Notes due 2019 (the “2019 Notes”), offset by the write-off of a portion of the deferred financing costs associated with the repurchase, through individually negotiated, private transactions, of $115.6 million aggregate principal amount of the 3.000% Convertible Senior Notes due 2015 (the “2015 Notes”), as well as an increase of $6,292 in assets related to a pension plan with plan assets in excess of obligations. | |||||||||||||||||
Environmental: | |||||||||||||||||
The Company expenses environmental costs related to existing conditions from which no future benefit is determinable. Expenditures that enhance or extend the life of the asset are capitalized. The Company determines its liability for remediation on a site-by-site basis and records a liability when it is probable and can be reasonably estimated. The estimated liability of the Company is not discounted or reduced for possible recoveries from insurance carriers. | |||||||||||||||||
Treasury stock: | |||||||||||||||||
The Company accounts for treasury stock under the cost method and includes such shares as a reduction of total shareholders’ equity. | |||||||||||||||||
Revenue Recognition: | |||||||||||||||||
Product and service revenues are recognized when persuasive evidence of an arrangement exists, product delivery has occurred or services have been rendered, pricing is fixed or determinable, and collection is reasonably assured. Service revenues are recognized as services are rendered. | |||||||||||||||||
Revenue under long-term construction-type contracts are recorded on a percentage-of-completion method measured on the cost-to-cost basis and the units-of-delivery basis for long-term production-type contracts. Since the Company had not been historically recording revenue and expenses in accordance with ASC 605-35, such estimates are not available for historical periods and it is not practical to create such estimates. As a result, revenues and costs under contracts measured on the cost-to-cost have been recorded using the zero profit method under ASC 605-35 until the period when the Company believes it would have been able to estimate the remaining revenues and costs, at which point the cumulative contract gross profit earned to date was recorded. This generally occurred when the primary deliverable under the contract was delivered. The Company will continue to use this methodology until such time as a reliable process for estimating total contract revenues and costs is implemented, at which time the Company will recognize contract revenues in proportion to costs. | |||||||||||||||||
Provisions for anticipated losses on long-term contracts are recorded in full when such losses become evident. No such losses have been recorded at December 31, 2013, 2012, or 2011. | |||||||||||||||||
Revenues from contracts with multiple element arrangements are recognized as each element is earned based on the relative fair value of each element provided the delivered elements have value to customers on a standalone basis. Amounts allocated to each element are based on its objectively determined fair value, such as the sales price for the product or service when it is sold separately. | |||||||||||||||||
Value added taxes collected on sales are excluded from revenue and recorded as a liability on the Consolidated Balance Sheet until remitted to the taxing authority. | |||||||||||||||||
Shipping and handling fees and costs: | |||||||||||||||||
All amounts billed to a customer in a sales transaction related to shipping and handling represent revenues earned and are reported as revenue. Costs incurred by the Company for shipping and handling, including transportation costs paid to third-party shippers, are reported as a component of cost of sales. Shipping and handling expenses were immaterial for the years ended December 31, 2013, 2012, and 2011, respectively. | |||||||||||||||||
Research and development: | |||||||||||||||||
Research and development costs are expensed as incurred. These costs totaled $3,931, $4,164, and $3,392 for the years ended December 31, 2013, 2012, and 2011, respectively, and typically include employment costs, contractor fees, and other administrative costs. | |||||||||||||||||
Pensions: | |||||||||||||||||
The Company provides defined benefit pension plans for certain of its salaried and represented workforce. Benefits for its salaried participants are generally based on participants’ years of service and compensation. Benefits for represented pension participants are generally determined based on an amount for years of service. Other employees participate in 401(k) plans whereby the Company may provide a match of employee contributions. Most employees in the Titanium Segment are covered by defined benefit plans in which benefits are based on years of service and annual compensation. Contributions to the defined benefit plans, as determined by an independent actuary in accordance with applicable regulations, provide not only for benefits attributed to date, but also for those expected to be earned in the future. The Company’s policy is to fund pension costs at amounts equal to the minimum funding requirements of the Employee Retirement Income Security Act of 1974 (“ERISA”), as amended, for U.S. plans plus additional amounts as may be approved from time to time. | |||||||||||||||||
The Company accounts for its defined benefit pension plans in accordance with the FASB’s authoritative guidance, which requires amounts recognized in the financial statements to be determined on an actuarial basis, rather than as contributions are made to the plans, and requires recognition of the funded status of the Company’s plans in its Consolidated Balance Sheet. In addition, it also requires actuarial gains and losses, prior service costs and credits, and transition obligations that have not yet been recognized to be recorded as a component of accumulated other comprehensive loss. | |||||||||||||||||
Other post-retirement benefits: | |||||||||||||||||
The Company provides health care benefits and life insurance coverage for certain of its employees and their dependents. Under the Company’s current plans, certain of the Company’s employees will become eligible for those benefits if they reach retirement age while working with the Company. In general, employees of the Titanium Segment are covered by post-retirement health care and life insurance benefits. | |||||||||||||||||
The Company also sponsors another post-retirement plan covering certain employees. This plan provides health care benefits for eligible employees. These benefits are accounted for on an actuarial basis, rather than as benefits are paid. The Company does not pre-fund post-retirement benefit costs, but rather pays claims as billed. | |||||||||||||||||
Income taxes: | |||||||||||||||||
Deferred tax assets and liabilities are determined based on the difference between the financial statement and tax basis of assets and liabilities multiplied by the enacted tax rates which will be in effect when these differences are expected to reverse. In addition, deferred tax assets may arise from net operating losses (“NOLs”) and tax credits which may be carried back to obtain refunds or carried forward to offset future cash tax liabilities. | |||||||||||||||||
On a quarterly basis, the Company evaluates the available evidence supporting the realization of deferred tax assets and makes adjustments for a valuation allowance, as necessary. | |||||||||||||||||
Tax benefits related to uncertain tax provisions taken or expected to be taken on a tax return are recorded when such benefits meet a more-likely-than-not threshold. Otherwise, these tax benefits are recorded when a tax position has been effectively settled, which means that either the appropriate taxing authority has completed their examination even though the statute of limitations remains open, or the statute of limitation has expired. Interest and penalties related to uncertain tax positions are recognized as part of the provision for income taxes and are accrued beginning in the period that such interest and penalties would be applicable under relevant tax law until such time that the related tax benefits are recognized. | |||||||||||||||||
Foreign currencies: | |||||||||||||||||
For the Company’s foreign subsidiaries in the United Kingdom and France, whose functional currency is the U.S. Dollar, monetary assets and liabilities are remeasured at current rates, non-monetary assets and liabilities are remeasured at historical rates, and revenues and expenses are translated at average rates on a monthly basis throughout the year. Resulting differences from the remeasurement process are recognized in income and reported as other income (expense). | |||||||||||||||||
The functional currency of the Company’s Canadian subsidiary is the Canadian Dollar. Assets and liabilities are translated at year-end exchange rates. Income statement accounts are translated at the average rates of exchange prevailing during the year. Translation adjustments are reported as a component of accumulated other comprehensive loss in shareholders’ equity and are included in comprehensive income (loss). | |||||||||||||||||
Transactions and balances denominated in currencies other than the functional currency of the transacting entity are remeasured at current rates when the transaction occurs and at each balance sheet date. Transaction gains and losses are included in net income for the period. | |||||||||||||||||
Accumulated other comprehensive income (loss): | |||||||||||||||||
The components of accumulated other comprehensive income (loss), net of tax, on the Company’s Consolidated Balance sheet at December 31, 2013 and 2012 were as follows: | |||||||||||||||||
Foreign | Actuarial | Unrealized | Total | ||||||||||||||
Currency | Losses on | losses on | |||||||||||||||
Translation | Benefit | Investments | |||||||||||||||
Plans | |||||||||||||||||
Balance at December 31, 2012 (as restated) | $ | 12,708 | $ | (57,712 | ) | $ | — | $ | (45,004 | ) | |||||||
Other comprehensive income (loss) before reclassifications, net of tax | (6,928 | ) | 3,651 | 21 | (3,256 | ) | |||||||||||
Amounts reclassified from other comprehensive loss, net of tax | — | 7,884 | (21 | ) | 7,863 | ||||||||||||
Accumulated other comprehensive income (loss) at December 31, 2013 | $ | 5,780 | $ | (46,177 | ) | $ | — | $ | (40,397 | ) | |||||||
Amounts reclassified from accumulated other comprehensive loss, net of tax, for December 31, 2013 are presented below. These amounts are reclassified to Cost of sales and Selling, general, and administrative expenses within the Consolidated Statement of Operations. | |||||||||||||||||
December 31, 2013 | |||||||||||||||||
Impact of Defined Benefit Pension Items | |||||||||||||||||
Actuarial losses and prior service costs | $ | 9,416 | |||||||||||||||
Special termination benefits | 3,196 | ||||||||||||||||
Tax expense | (4,728 | ) | |||||||||||||||
Total reclassifications | $ | 7,884 | |||||||||||||||
Refer to Note 9 of these Consolidated Financial Statements for further information about the Company’s benefit plans. | |||||||||||||||||
Stock-based compensation: | |||||||||||||||||
The Company utilizes a “graded vesting” approach to recognize compensation expense over the vesting period of stock awards. For employees who have reached retirement age, the Company recognizes compensation expense at the date of grant. For employees approaching retirement eligibility, the Company amortizes compensation expense over the period from the grant date through the retirement eligibility date. | |||||||||||||||||
Cash flows resulting from the windfall tax benefits from tax deductions in excess of the compensation cost recognized (“excess tax benefits”) are classified as financing cash inflows. For the years ended December 31, 2013, 2012, and 2011, operating cash flows were decreased and financing cash flows were increased by $552, $196, and $302, respectively. | |||||||||||||||||
Total compensation expense recognized in the Consolidated Statements of Operations for stock-based compensation arrangements was $6,026, $4,797, and $4,599 for the years ended December 31, 2013, 2012, and 2011, respectively. The total income tax benefit recognized in the Consolidated Statements of Operations for stock-based compensation arrangements was $1,886, $1,727, and $2,060 for the years ended December 31, 2013, 2012, and 2011, respectively. There was no stock-based compensation cost capitalized for the years ended December 31, 2013, 2012, and 2011. | |||||||||||||||||
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 Company’s Consolidated Financial Statements. | |||||||||||||||||
In March 2013, the FASB issued ASU 2013-05, “Foreign Currency Matters—Parent’s Accounting for the Cumulative Translation Adjustment upon Derecognition of Certain Subsidiaries or Groups of Assets within a Foreign Entity or of an Investment in a Foreign Entity.” This ASU clarifies the applicable guidance for the release of the cumulative translation adjustment under current U.S. GAAP. The amendments in this ASU are effective prospectively for annual and interim reporting periods beginning after December 15, 2013. The Company does not expect this guidance to have a material impact on the Company’s Consolidated Financial Statements. | |||||||||||||||||
In February 2013, the FASB issued ASU 2013-04, “Liabilities—Obligations Resulting from Joint and Several Liability Arrangements for Which the Total Amount of the Obligation is Fixed at the Reporting Date.” This ASU provides guidance for the recognition, measurement, and disclosure of obligations resulting from joint and several liability arrangements for which the total amount of the obligation within the scope of the ASU is fixed at the reporting date. The amendments in this ASU are effective prospectively for annual and interim reporting periods beginning after December 15, 2013. The Company does not expect this guidance to have a material impact on the Company’s 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 did not have a material impact on the Company’s 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 did not have a material impact on the Company’s 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 Company’s Consolidated Financial Statements. | |||||||||||||||||
In December 2011, the FASB issued ASU No. 2011-11 “Balance Sheet—Disclosures about Offsetting Assets and Liabilities.” This new guidance requires the disclosure of both net and gross information in the notes for relevant assets and liabilities that are offset. This update is effective for annual reporting periods beginning on or after January 1, 2013. The adoption of this guidance did not have a material impact on the Company’s Consolidated Financial Statements. |
ACQUISITIONS
ACQUISITIONS | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
ACQUISITIONS | ' | ||||||||
Note 5—ACQUISITIONS: | |||||||||
RTI Extrusions Europe Limited. On October 1, 2013, the Company purchased all of the outstanding common stock of RTI Extrusions Europe for total consideration of approximately $20.4 million, including $16.2 million in cash, and the assumption of $4.2 million in liabilities. RTI Extrusions Europe manufactures extruded, hot-or-cold stretched steel and titanium parts for a number of markets including the aerospace and oil and gas markets. The results of RTI Extrusions Europe are reported in the EP&S Segment. From acquisition date, RTI Extrusions Europe has generated revenues of $4,849 and an operating loss of $417. | |||||||||
The purchase price allocation, which has not been finalized, is as follows: | |||||||||
Assets purchased: | |||||||||
Current assets, excluding inventory | $ | 4,827 | |||||||
Inventories | 5,230 | ||||||||
Plant and equipment | 4,346 | ||||||||
Intangible assets: | |||||||||
Customer relationships | 3,600 | ||||||||
Backlog | 200 | ||||||||
Goodwill | 2,185 | ||||||||
Liabilities assumed: | |||||||||
Current liabilities | 2,621 | ||||||||
Deferred tax liabilities | 1,553 | ||||||||
Net assets acquired | $ | 16,214 | |||||||
The customer relationship intangible asset is being amortized over a seven year life, while the backlog is being amortized over six months. Goodwill is primarily attributable to the assembled workforce of RTI Extrusions Europe. Goodwill is not deductible for tax purposes. The purchase price allocation remains open for the final valuation of fixed assets, intangible assets, and goodwill. | |||||||||
Pro forma financial information has not been prepared for the acquisition of RTI Extrusions Europe as the acquisition was not material to the Consolidated Financial Statements. | |||||||||
Remmele. On February 13, 2012, the Company purchased all of the outstanding common stock of Remmele for total consideration of approximately $185.4 million, including approximately $182.6 million in cash and the assumption of $2.8 million of capitalized equipment leases. Remmele has four facilities in the Minneapolis, Minnesota area and engages in precision machining and manufacturing engineering services, as well as supply sourcing, assembly and integration, and other key services and technologies for the commercial aerospace, defense, and medical device sectors, and is included in the EP&S Segment. | |||||||||
The purchase price allocation, which has been finalized, is as follows: | |||||||||
Assets purchased: | |||||||||
Current assets, excluding inventory | $ | 17,491 | |||||||
Inventories | 17,380 | ||||||||
Plant and equipment | 68,772 | ||||||||
Costs in excess of billings | 3,884 | ||||||||
Other assets | 1,972 | ||||||||
Intangible assets: | |||||||||
Customer relationships | 19,300 | ||||||||
Developed technologies | 9,400 | ||||||||
Backlog | 1,100 | ||||||||
Trade name | 7,600 | ||||||||
Goodwill | 75,568 | ||||||||
Liabilities assumed: | |||||||||
Current liabilities | 15,489 | ||||||||
Deferred tax liabilities | 22,407 | ||||||||
Other liabilities | 2,016 | ||||||||
Net assets acquired | $ | 182,555 | |||||||
Goodwill is primarily attributable to Remmele’s assembled workforce and exposure to new customers for the Company’s products. It is not deductible for tax purposes. Customer relationships and developed technologies are being amortized over a period of twelve to fifteen years and backlog over a period of two years. Trade names are not amortized as the Company believes that these assets have an indefinite life as the Company intends to continue use of the Remmele name indefinitely. | |||||||||
The amount of Remmele’s net sales and earnings included in the Company’s Consolidated Statements of Operations for the year ended December 31, 2012, and the pro forma net sales and earnings of the combined entity had the acquisition date been January 1, 2011, are as follows: | |||||||||
Years Ended December 31, | |||||||||
2012 | 2011 | ||||||||
Net sales: | |||||||||
Actual — Remmele | $ | 118,977 | $ | — | |||||
Supplemental pro forma — consolidated | $ | 712,650 | $ | 614,502 | |||||
Net income: | |||||||||
Actual — Remmele | $ | 2,713 | $ | — | |||||
Earnings per share (diluted) | $ | 0.09 | $ | — | |||||
Supplemental pro forma — consolidated | $ | 16,055 | $ | (1,639 | ) | ||||
Earnings per share (diluted) | $ | 0.53 | $ | (0.05 | ) |
EARNINGS_PER_SHARE
EARNINGS PER SHARE | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
EARNINGS PER SHARE | ' | ||||||||||||
Note 6—EARNINGS PER SHARE: | |||||||||||||
Earnings per share (“EPS”) amounts for each period are presented in accordance with the FASB’s authoritative guidance which requires the presentation of basic and diluted EPS. Basic EPS was computed by dividing net income attributable to common shareholders by the weighted-average number of shares of Common Stock outstanding for each respective period. Diluted EPS was calculated by dividing net income attributable to common shareholders by the weighted-average of all potentially dilutive shares of Common Stock that were outstanding during the periods presented. | |||||||||||||
At December 31, 2013, the Company had $114.4 million aggregate principal amount of the 2015 Notes and $402.5 million aggregate principal amount the 2019 Notes outstanding. Shares underlying the 2019 Notes and the 2015 Notes and certain stock options were excluded from the calculation of EPS as their effects were antidilutive. Shares excluded from the calculation of EPS were as follows: | |||||||||||||
Year ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
2015 Notes | 3,185,213 | 6,404,902 | 6,404,902 | ||||||||||
2019 Notes | 9,885,561 | N/A | N/A | ||||||||||
Anti-dilutive options (1) | 238,255 | 421,700 | 566,451 | ||||||||||
-1 | Average option price of shares excluded from calculation of earnings per share were $48.10, $38.43 and $31.23 for the years ended December 31, 2013, 2012 and 2011, respectively. | ||||||||||||
Actual weighted-average shares of Common Stock outstanding used in the calculation of basic and diluted EPS for the years ended December 31, 2013, 2012 and 2011, were as follows: | |||||||||||||
Years ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(as restated) | (as restated) | ||||||||||||
Numerator — basic earnings per share: | |||||||||||||
Net income (loss) from continuing operations before allocation of earnings to participating securities | $ | 15,657 | $ | 13,453 | $ | (2,308 | ) | ||||||
Less: Earnings allocated to participating securities | (99 | ) | (80 | ) | — | ||||||||
Net income (loss) from continuing operations attributable to common shareholders, after earnings allocated to participating securities used in calculation of basic earnings per share | $ | 15,558 | $ | 13,373 | $ | (2,308 | ) | ||||||
Net income (loss) from discontinued operations before allocation of earnings to participating securities | $ | (1,584 | ) | $ | 1,487 | $ | 2,258 | ||||||
Less: Earnings allocated to participating securities | — | (9 | ) | — | |||||||||
Net income (loss) from discontinued operations attributable to common shareholders, after earnings allocated to participating securities | $ | (1,584 | ) | $ | 1,478 | $ | 2,258 | ||||||
Denominator: | |||||||||||||
Basic weighted-average shares outstanding | 30,303,328 | 30,127,275 | 30,017,677 | ||||||||||
Effect of dilutive securities | 227,173 | 130,413 | — | ||||||||||
Diluted weighted-average shares outstanding | 30,530,501 | 30,257,688 | 30,017,677 | ||||||||||
Earnings (loss) per share attributable to continuing operations: | |||||||||||||
Basic | $ | 0.51 | $ | 0.44 | $ | (0.08 | ) | ||||||
Diluted | $ | 0.51 | $ | 0.44 | $ | (0.08 | ) | ||||||
Earnings (loss) per share attributable to discontinued operations: | |||||||||||||
Basic | $ | (0.05 | ) | $ | 0.05 | $ | 0.08 | ||||||
Diluted | $ | (0.05 | ) | $ | 0.05 | $ | 0.08 |
INCOME_TAXES
INCOME TAXES | 12 Months Ended | ||||||||||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||||||||||
INCOME TAXES | ' | ||||||||||||||||||||||||||||||||||||
Note 7—INCOME TAXES: | |||||||||||||||||||||||||||||||||||||
The “Provision for income taxes” caption in the Consolidated Statements of Operations includes the following income tax expense: | |||||||||||||||||||||||||||||||||||||
31-Dec-13 | December 31, 2012 | December 31, 2011 | |||||||||||||||||||||||||||||||||||
(as restated) | (as restated) | ||||||||||||||||||||||||||||||||||||
Current | Deferred | Total | Current | Deferred | Total | Current | Deferred | Total | |||||||||||||||||||||||||||||
Federal | $ | 12,875 | $ | (3,728 | ) | $ | 9,147 | $ | 2,806 | $ | 9,402 | $ | 12,208 | $ | (5,633 | ) | $ | 14,263 | $ | 8,630 | |||||||||||||||||
State | 1,152 | (6,630 | ) | (5,478 | ) | 2,330 | (2,258 | ) | 72 | 479 | (1,101 | ) | (622 | ) | |||||||||||||||||||||||
Foreign | 5,376 | (1,906 | ) | 3,470 | 3,916 | (511 | ) | 3,405 | 1,076 | 1,017 | 2,093 | ||||||||||||||||||||||||||
Total | $ | 19,403 | $ | (12,264 | ) | $ | 7,139 | $ | 9,052 | $ | 6,633 | $ | 15,685 | $ | (4,078 | ) | $ | 14,179 | $ | 10,101 | |||||||||||||||||
The following table sets forth the components of income (loss) before income taxes by jurisdiction: | |||||||||||||||||||||||||||||||||||||
Years Ended December 31, | |||||||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||||||||||||||
(as restated) | (as restated) | ||||||||||||||||||||||||||||||||||||
United States | $ | 12,530 | $ | 34,583 | $ | 19,086 | |||||||||||||||||||||||||||||||
Foreign | 10,266 | (5,445 | ) | (11,293 | ) | ||||||||||||||||||||||||||||||||
Income before income taxes | $ | 22,796 | $ | 29,138 | $ | 7,793 | |||||||||||||||||||||||||||||||
A reconciliation of the expected tax at the federal statutory tax rate to the actual provision follows: | |||||||||||||||||||||||||||||||||||||
Years Ended December 31, | |||||||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||||||||||||||
(as restated) | (as restated) | ||||||||||||||||||||||||||||||||||||
Statutory rate of 35% applied to income (loss) before income taxes | $ | 7,979 | $ | 10,198 | $ | 2,727 | |||||||||||||||||||||||||||||||
Adjustments of tax reserves and prior years’ income taxes | 51 | 1,322 | 1,643 | ||||||||||||||||||||||||||||||||||
Officers excess compensation/Acquisition costs | 434 | 413 | 875 | ||||||||||||||||||||||||||||||||||
Effects of foreign operations | (3,042 | ) | (1,399 | ) | (1,115 | ) | |||||||||||||||||||||||||||||||
Change in valuation allowance | 1,662 | 5,200 | 6,082 | ||||||||||||||||||||||||||||||||||
State income taxes, net of federal tax effects | (3,802 | ) | 147 | (305 | ) | ||||||||||||||||||||||||||||||||
Goodwill and other intangible asset impairment | 3,953 | — | — | ||||||||||||||||||||||||||||||||||
Section 249 bond premium disallowance | 925 | — | — | ||||||||||||||||||||||||||||||||||
Section 199 deduction | (1,173 | ) | (335 | ) | — | ||||||||||||||||||||||||||||||||
Other | 152 | 139 | 194 | ||||||||||||||||||||||||||||||||||
Total provision | $ | 7,139 | $ | 15,685 | $ | 10,101 | |||||||||||||||||||||||||||||||
Effective tax rate | 31.3 | % | 53.8 | % | 129.6 | % | |||||||||||||||||||||||||||||||
The effective tax rates in each year vary from the U.S. federal statutory rate of 35% principally due to the effects of foreign operations, adjustments to unrecognized tax benefits, state taxes and, in 2011, certain nondeductible business costs. The effects of foreign operations include the impact of lower foreign statutory tax rates, certain statutory allowances, foreign exchange rate movements, and modest amounts of US foreign tax credits. These factors and the mix of domestic and foreign income or loss as well as the level of income significantly influence each year’s overall effective tax rate. | |||||||||||||||||||||||||||||||||||||
Deferred tax assets and liabilities resulted from the following: | |||||||||||||||||||||||||||||||||||||
December 31, | |||||||||||||||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||||||||||||||
(as restated) | |||||||||||||||||||||||||||||||||||||
Deferred tax assets: | |||||||||||||||||||||||||||||||||||||
Canadian tax loss carryforwards (expiring 2015 through 2033) | $ | 39,989 | $ | 41,389 | |||||||||||||||||||||||||||||||||
Postretirement benefit costs | 17,400 | 18,066 | |||||||||||||||||||||||||||||||||||
Employment costs | 11,745 | 11,797 | |||||||||||||||||||||||||||||||||||
State tax loss carryforwards (expiring 2023 through 2032) | 8,073 | 7,133 | |||||||||||||||||||||||||||||||||||
Inventories | 14,671 | 12,022 | |||||||||||||||||||||||||||||||||||
Start-up costs | 2,988 | 4,650 | |||||||||||||||||||||||||||||||||||
Revenue recognition | 4,544 | 4,304 | |||||||||||||||||||||||||||||||||||
Pension costs | 288 | 3,835 | |||||||||||||||||||||||||||||||||||
Duty drawback claims | 212 | 1,786 | |||||||||||||||||||||||||||||||||||
Other | 3,617 | 3,566 | |||||||||||||||||||||||||||||||||||
Total deferred tax assets | 103,527 | 108,548 | |||||||||||||||||||||||||||||||||||
Valuation allowance | (37,172 | ) | (37,726 | ) | |||||||||||||||||||||||||||||||||
Deferred tax assets, net of valuation allowance | 66,355 | 70,822 | |||||||||||||||||||||||||||||||||||
Deferred tax liabilities: | |||||||||||||||||||||||||||||||||||||
Property, plant and equipment | (58,856 | ) | (58,129 | ) | |||||||||||||||||||||||||||||||||
Convertible debt | (33,511 | ) | (13,005 | ) | |||||||||||||||||||||||||||||||||
Intangible assets | (15,063 | ) | (14,412 | ) | |||||||||||||||||||||||||||||||||
Other | (973 | ) | (963 | ) | |||||||||||||||||||||||||||||||||
Total deferred tax liabilities | (108,403 | ) | (86,509 | ) | |||||||||||||||||||||||||||||||||
Net deferred tax liabilities | $ | (42,048 | ) | $ | (15,687 | ) | |||||||||||||||||||||||||||||||
The valuation allowances at December 31, 2013 and 2012 are entirely attributable to the Company’s Canadian net deferred tax asset for which, due to the Company’s Canadian subsidiary’s cumulative losses over a number of years, the Company has recorded a full valuation allowance against the Canadian deferred tax asset, net of its Canadian deferred tax liabilities, and to certain state deferred tax assets pertaining to the related state tax loss carry-forwards that are not anticipated to generate a tax benefit. For further information on the valuation allowance recorded against the Canadian net deferred tax asset, see Note 2. | |||||||||||||||||||||||||||||||||||||
A reconciliation of the total amounts of unrecognized tax benefits for the years ended December 31 is as follows: | |||||||||||||||||||||||||||||||||||||
Unrecognized Tax Benefits | |||||||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||||||||||||||
Gross balance at January 1 | $ | 9,161 | $ | 6,157 | $ | 4,817 | |||||||||||||||||||||||||||||||
Prior period tax positions | |||||||||||||||||||||||||||||||||||||
Increases | 861 | 1,556 | — | ||||||||||||||||||||||||||||||||||
Decreases | (2,109 | ) | (30 | ) | (14 | ) | |||||||||||||||||||||||||||||||
Current period tax positions | 1,608 | 1,478 | 1,376 | ||||||||||||||||||||||||||||||||||
Lapse of Statute | — | — | (22 | ) | |||||||||||||||||||||||||||||||||
Settlements with tax authorities | (1,094 | ) | — | — | |||||||||||||||||||||||||||||||||
Gross balance at December 31 | $ | 8,427 | $ | 9,161 | $ | 6,157 | |||||||||||||||||||||||||||||||
Amount that would affect the effective tax rate if recognized | $ | 6,168 | $ | 5,946 | $ | 4,614 | |||||||||||||||||||||||||||||||
The Company’s unrecognized tax benefits principally relate to the sale of products and provision of services by the U.S. companies to their foreign affiliates. The decrease in prior period tax positions resulted from an audit settlement. The settlements with tax authorities represents tax payments to tax authorities as a result of an audit settlement. | |||||||||||||||||||||||||||||||||||||
The Company classifies interest and penalties as an element of tax expense. The amount of tax-related interest and penalties recognized in the Consolidated Statement of Operations for fiscal years 2013, 2012, and 2011, and the total of such amounts accrued in the Consolidated Balance Sheets at December 31, 2013 and 2012 were not material. | |||||||||||||||||||||||||||||||||||||
The Company’s U.S. Federal income tax returns for tax years 2008, 2010, 2011, and 2012 remain open to examination, though any examination of 2008 is limited to the extent that net operating losses have been carried back to that year. The field examination of the Company’s Canadian tax returns for tax years 2006 and 2007 by the Canadian Revenue Authority (“CRA”) has been completed. The Company has filed an administrative appeal of the agent’s proposed adjustments. The examination of the tax year 2008 by CRA is continuing. Tax years after 2008 are open to examination by CRA. It is reasonably possible that the total amount of unrecognized tax benefits could be decreased within the next twelve months by approximately $2 million. | |||||||||||||||||||||||||||||||||||||
Undistributed earnings of certain foreign subsidiaries considered to be indefinitely reinvested or which may be remitted tax free in certain situations, amounted to $4.2 million at December 31, 2013. The Company has determined that the deferred tax liability associated with these undistributed earnings, net of embedded foreign tax credits, is not material. |
OTHER_INCOME_EXPENSE_NET
OTHER INCOME (EXPENSE), NET | 12 Months Ended |
Dec. 31, 2013 | |
OTHER INCOME (EXPENSE), NET | ' |
Note 8—OTHER INCOME (EXPENSE), NET: | |
Other income (expense), net, for the years ended December 31, 2013, 2012, and 2011 was $938, $(501), and $56, respectively. Other income (expense), net, consists primarily of foreign exchange gains and losses from the Company’s international operations. |
EMPLOYEE_BENEFIT_PLANS
EMPLOYEE BENEFIT PLANS | 12 Months Ended | ||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||
EMPLOYEE BENEFIT PLANS | ' | ||||||||||||||||||||||||||||
Note 9—EMPLOYEE BENEFIT PLANS: | |||||||||||||||||||||||||||||
The Company provides defined benefit pension plans for certain of its salaried and represented workforce. Benefits for its salaried participants are generally based on participants’ years of service and compensation. Benefits for represented pension participants are generally determined based on an amount for years of service. Other employees participate in 401(k) plans whereby the Company may provide a match of employee contributions. The policy of the Company with respect to its defined benefit plans is to contribute at least the minimum amounts required by applicable laws and regulations. For the years ended December 31, 2013, 2012, and 2011, expenses related to 401(k) plans were approximately $4,199, $3,390, and $1,519, respectively. | |||||||||||||||||||||||||||||
As of the signing of the Labor Agreement with USW at the Niles, Ohio plant on December 1, 2004, all new hourly, clerical and technical employees covered by the Labor Agreement are covered by a defined contribution pension plan rather than a defined benefit plan. Effective January 1, 2006, all new salaried non-represented employees in the Titanium Segment are covered by a defined contribution pension plan rather than a defined benefit plan. As a result of these changes, no future hires will be covered by defined benefit pension plans. During 2013, the Company offered a voluntary early retirement program to certain qualifying employees. As a result, the Company recorded an after-tax expense of $3,196 in net periodic benefit cost during the year. The signing of the new labor agreement in March 2012 resulted in benefit enhancements which resulted in a $6,748 increase in the Company’s projected benefit obligation in 2012. | |||||||||||||||||||||||||||||
The Company uses a December 31 measurement date for all benefit plans. Of the Company’s four qualified pension plans and two non-qualified pension plans, two of the qualified plans, with assets totaling $93,311, have assets in excess of their benefit obligations by $6,983. The following table provides reconciliations of the changes in the Company’s pension and other post-employment benefit plan obligations, the values of plan assets, amounts recognized in Company’s financial statements, and principal weighted-average assumptions used: | |||||||||||||||||||||||||||||
Pension Benefit Plans | Post-Retirement | ||||||||||||||||||||||||||||
Benefit Plan | |||||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||||||
Change in projected benefit obligation: | |||||||||||||||||||||||||||||
Projected benefit obligation at beginning of year | $ | 167,482 | $ | 143,687 | $ | 47,934 | $ | 44,391 | |||||||||||||||||||||
Service cost | 2,469 | 2,450 | 747 | 671 | |||||||||||||||||||||||||
Interest cost | 6,789 | 7,093 | 1,920 | 2,102 | |||||||||||||||||||||||||
Actuarial loss (gain) | 4,404 | 16,750 | (2,466 | ) | 2,558 | ||||||||||||||||||||||||
Special termination benefits | 2,052 | — | 162 | — | |||||||||||||||||||||||||
Amendment | — | 6,748 | — | — | |||||||||||||||||||||||||
Settlements | (2,486 | ) | (695 | ) | — | — | |||||||||||||||||||||||
Benefits paid | (9,707 | ) | (8,551 | ) | (2,981 | ) | (2,837 | ) | |||||||||||||||||||||
Plan participants’ contributions | — | — | 933 | 928 | |||||||||||||||||||||||||
Medicare retiree drug subsidy received | — | — | 164 | 121 | |||||||||||||||||||||||||
Projected benefit obligation at end of year | $ | 171,003 | $ | 167,482 | $ | 46,413 | $ | 47,934 | |||||||||||||||||||||
Change in plan assets: | |||||||||||||||||||||||||||||
Fair value of plan assets at beginning of year | $ | 146,722 | $ | 122,444 | $ | — | $ | — | |||||||||||||||||||||
Actual return on plan assets | 21,406 | 14,678 | — | — | |||||||||||||||||||||||||
Employer contributions | 6,806 | 18,846 | 1,884 | 1,788 | |||||||||||||||||||||||||
Medicare retiree drug subsidy received | — | — | 164 | 121 | |||||||||||||||||||||||||
Settlements | (2,486 | ) | (695 | ) | — | — | |||||||||||||||||||||||
Plan participants’ contributions | — | — | 933 | 928 | |||||||||||||||||||||||||
Benefits paid | (9,707 | ) | (8,551 | ) | (2,981 | ) | (2,837 | ) | |||||||||||||||||||||
Fair value of plan assets at end of year | $ | 162,741 | $ | 146,722 | $ | — | $ | — | |||||||||||||||||||||
Funded status | $ | (8,262 | ) | $ | (20,760 | ) | $ | (46,413 | ) | $ | (47,934 | ) | |||||||||||||||||
Amounts recognized in the Consolidated Balance Sheets consisted of: | |||||||||||||||||||||||||||||
Noncurrent assets | $ | 6,983 | $ | 691 | $ | — | $ | — | |||||||||||||||||||||
Current liabilities | (1,458 | ) | (740 | ) | (2,966 | ) | (2,868 | ) | |||||||||||||||||||||
Noncurrent liabilities | (13,787 | ) | (20,711 | ) | (43,447 | ) | (45,066 | ) | |||||||||||||||||||||
Net amount recognized | $ | (8,262 | ) | $ | (20,760 | ) | $ | (46,413 | ) | $ | (47,934 | ) | |||||||||||||||||
Accumulated benefit obligation | $ | 166,357 | $ | 161,482 | N/A | N/A | |||||||||||||||||||||||
Amounts recognized in accumulated other comprehensive loss consisted of: | |||||||||||||||||||||||||||||
December 31, | December 31, | ||||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||||||
Net actuarial loss | $ | 63,496 | $ | 77,032 | $ | 5,771 | $ | 8,486 | |||||||||||||||||||||
Prior service cost | 6,237 | 7,227 | 689 | 1,904 | |||||||||||||||||||||||||
Total, before tax effect | $ | 69,733 | $ | 84,259 | $ | 6,460 | $ | 10,390 | |||||||||||||||||||||
Activity related to amounts recognized in accumulated other comprehensive loss is as follows: | |||||||||||||||||||||||||||||
2012 | 2013 | ||||||||||||||||||||||||||||
12/31/11 | Amortization | Activity | 12/31/12 | Amortization | Activity | 12/31/13 | |||||||||||||||||||||||
Pension Benefit Plans | |||||||||||||||||||||||||||||
Actuarial losses | $ | 70,987 | $ | (5,734 | ) | $ | 11,779 | $ | 77,032 | $ | (6,963 | ) | $ | (6,573 | ) | $ | 63,496 | ||||||||||||
Prior service cost | 1,460 | (980 | ) | 6,747 | 7,227 | (990 | ) | — | 6,237 | ||||||||||||||||||||
Postretirement Medical Plan | |||||||||||||||||||||||||||||
Actuarial losses | 6,086 | (157 | ) | 2,557 | 8,486 | (248 | ) | (2,467 | ) | 5,771 | |||||||||||||||||||
Prior service cost | 3,118 | (1,214 | ) | — | 1,904 | (1,215 | ) | — | 689 | ||||||||||||||||||||
Pension Benefit Plans | Post-Retirement | ||||||||||||||||||||||||||||
Benefit Plan | |||||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||||||
Weighted-average assumptions used to determine benefit obligation at December 31: | |||||||||||||||||||||||||||||
Discount rate — qualified plan | 4.78 | % | 4.1 | % | N/A | N/A | |||||||||||||||||||||||
Discount rate — non-qualified plan | 3.71 | % | 4.1 | % | N/A | N/A | |||||||||||||||||||||||
Discount rate — post-retirement medical plan | N/A | N/A | 4.75 | % | 4.1 | % | |||||||||||||||||||||||
Rate of increase to compensation levels — qualified plans | 3.8 | % | 3.8 | % | N/A | N/A | |||||||||||||||||||||||
Rate of increase to compensation levels — non-qualified plans | 2.9 | % | 3.8 | % | N/A | N/A | |||||||||||||||||||||||
Measurement date | 31-Dec | 31-Dec | 31-Dec | 31-Dec | |||||||||||||||||||||||||
Health cost trend rate assumed for next year | N/A | N/A | 6.73 | % | 6.78 | % | |||||||||||||||||||||||
Ultimate trend rate | N/A | N/A | 4.5 | % | 4.5 | % | |||||||||||||||||||||||
Year that rate reaches ultimate trend rate | N/A | N/A | 2026 | 2026 | |||||||||||||||||||||||||
Weighted-average assumptions used to determine net periodic benefit obligation cost for the years ended December 31: | |||||||||||||||||||||||||||||
Discount rate | 4.1 | % | 4.9 | % | 4.1 | % | 4.9 | % | |||||||||||||||||||||
Expected long-term return on plan assets | 7.5 | % | 7.5 | % | N/A | N/A | |||||||||||||||||||||||
Rate of increase to compensation levels — qualified plans | 3.8 | % | 3.8 | % | N/A | N/A | |||||||||||||||||||||||
Rate of increase to compensation levels — non-qualified plans | 2.9 | % | 3.8 | % | N/A | N/A | |||||||||||||||||||||||
The Company’s expected long-term return on plan assets assumption is based on a periodic review and modeling of each plan’s asset allocation and liability structure over a long-term horizon. Expectations of returns for each asset class are the most important of the assumptions used in the review and modeling and are based on comprehensive reviews of historical data and economic/financial market theory. The expected long-term rate of return on assets was selected from within the reasonable range of rates determined by (a) historical real returns, net of inflation, for the asset classes covered by the investment policy and (b) projections of inflation over the long-term period during which benefits are payable to plan participants. | |||||||||||||||||||||||||||||
A change of one quarter of a percentage point in the expected rate of return on plan assets would have the following effect on the defined benefit plan: | |||||||||||||||||||||||||||||
–.25% | 0.25% | ||||||||||||||||||||||||||||
Effect on subsequent years periodic pension expense (in millions) | $ | 0.4 | $ | (0.4 | ) | ||||||||||||||||||||||||
The discount rate is used to determine the present value of future payments. In general, the Company’s liability increases as the discount rate decreases and decreases as the discount rate increases. The discount rate was determined by taking into consideration an above-mean yield curve model in order to select a discount rate that best matches the expected payment streams of the future payments. Under this model, a hypothetical bond portfolio is constructed with cash flows that are expected to settle the benefit payment stream from the plans. The portfolio is developed using bonds with a Moody’s or Standard & Poor’s rating of “Aa” or better based on those bonds available as of the measurement date. The appropriate discount rate is then selected based on the resulting yield from this portfolio. | |||||||||||||||||||||||||||||
A change of one quarter of a percentage point in the discount rates used at December 31, 2013 would have the following effect on the defined benefit plans: | |||||||||||||||||||||||||||||
–0.25% | 0.25% | ||||||||||||||||||||||||||||
Effect on total projected benefit obligation (PBO) (in millions) | $ | 4.5 | $ | (4.2 | ) | ||||||||||||||||||||||||
Effect on subsequent years periodic pension expense (in millions) | $ | 0.3 | $ | (0.3 | ) | ||||||||||||||||||||||||
A change of one-quarter of a percentage point in the discount rate used at December 31, 2013 would have the following effect on the postretirement medical plan: | |||||||||||||||||||||||||||||
–.25% | 0.25% | ||||||||||||||||||||||||||||
Effect on total net periodic benefit cost (in millions) | $ | 0.1 | $ | (0.1 | ) | ||||||||||||||||||||||||
Effect on accumulated postretirement benefit obligation (in millions) | $ | 1.3 | $ | (1.2 | ) | ||||||||||||||||||||||||
A change of one percentage point in the health cost trend rate of 6.78% used at December 31, 2013 would have the following effect on the postretirement medical plan: | |||||||||||||||||||||||||||||
–1.00% | 1.00% | ||||||||||||||||||||||||||||
Effect on total service cost and interest cost components (in millions) | $ | (0.1 | ) | $ | 0.1 | ||||||||||||||||||||||||
Effect on accumulated postretirement benefit obligation (in millions) | $ | (2.6 | ) | $ | 2.9 | ||||||||||||||||||||||||
The components of net periodic pension and post-retirement benefit cost were as follows: | |||||||||||||||||||||||||||||
Pension Benefit Plans | Post-Retirement Benefit Plan | ||||||||||||||||||||||||||||
2013 | 2012 | 2011 | 2013 | 2012 | 2011 | ||||||||||||||||||||||||
Service cost | $ | 2,469 | $ | 2,450 | $ | 2,047 | $ | 747 | $ | 671 | $ | 746 | |||||||||||||||||
Interest cost | 6,789 | 7,093 | 7,177 | 1,920 | 2,102 | 2,361 | |||||||||||||||||||||||
Expected return on plan assets | (10,429 | ) | (9,707 | ) | (7,791 | ) | — | — | — | ||||||||||||||||||||
Prior service cost amortization | 990 | 980 | 401 | 1,214 | 1,214 | 1,214 | |||||||||||||||||||||||
Amortization of actuarial loss | 5,982 | 5,361 | 4,017 | 248 | 157 | 171 | |||||||||||||||||||||||
Settlement charges | 981 | 373 | — | — | — | — | |||||||||||||||||||||||
Special termination benefit | 2,052 | — | — | 162 | — | — | |||||||||||||||||||||||
Net periodic benefit cost | $ | 8,834 | $ | 6,550 | $ | 5,851 | $ | 4,291 | $ | 4,144 | $ | 4,492 | |||||||||||||||||
The amounts in accumulated other comprehensive loss expected to be recognized as components of net periodic benefit cost during 2014 are as follows: | |||||||||||||||||||||||||||||
Pension Benefit Plans | Postretirement | ||||||||||||||||||||||||||||
2014 | Medical Plan | ||||||||||||||||||||||||||||
2014 | |||||||||||||||||||||||||||||
Amortization of actuarial loss | $ | 5,433 | $ | 95 | |||||||||||||||||||||||||
Amortization of prior service cost | 914 | 689 | |||||||||||||||||||||||||||
Total recognized from accumulated other comprehensive loss | $ | 6,347 | $ | 784 | |||||||||||||||||||||||||
The fair value of the Company’s defined benefit pension plans’ assets as of December 31, 2013 and 2012 were as follows: | |||||||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||||||
Investment category: | |||||||||||||||||||||||||||||
U.S. government securities | $ | 24,996 | $ | 22,034 | |||||||||||||||||||||||||
Corporate bonds | 40,633 | 37,487 | |||||||||||||||||||||||||||
Equities | 88,894 | 81,445 | |||||||||||||||||||||||||||
Short-term investment funds | 1,550 | 597 | |||||||||||||||||||||||||||
Real estate funds | 3,835 | 3,468 | |||||||||||||||||||||||||||
Timberlands | 1,875 | 1,691 | |||||||||||||||||||||||||||
Other | 957 | — | |||||||||||||||||||||||||||
Total | $ | 162,740 | $ | 146,722 | |||||||||||||||||||||||||
The Company’s target asset allocation as of December 31, 2013 by asset category is as follows: | |||||||||||||||||||||||||||||
2013 | |||||||||||||||||||||||||||||
Investment category: | |||||||||||||||||||||||||||||
Equity securities | 55 | % | |||||||||||||||||||||||||||
Debt and other short-term investments | 43 | % | |||||||||||||||||||||||||||
Cash | 2 | % | |||||||||||||||||||||||||||
Total | 100 | % | |||||||||||||||||||||||||||
The Company’s investment policy for the defined benefit pension plans includes various guidelines and procedures designed to ensure assets are invested in a manner necessary to meet expected future benefits earned by participants. The investment guidelines consider a broad range of economic conditions. Central to the policy are target allocation ranges, shown above, by major asset categories. The objectives of the target allocations are to maintain investment portfolios that diversify risk through prudent asset allocation parameters, achieve asset returns that meet or exceed the plans’ actuarial assumptions, and achieve asset returns that are competitive with like institutions employing similar investment strategies. Within these broad investment categories, the Company’s investment policy places certain restrictions on the types and amounts of plan investments. For example, no individual stock may account for more than 5% of total equities, no single corporate bond issuer rated below AA may equal more than 10% of the total bond portfolio, non-investment grade bonds may not exceed 10% of the total bond portfolio, and private equity and real estate investments may not exceed 8% of total plan assets. | |||||||||||||||||||||||||||||
The Company and a designated third-party fiduciary periodically review the investment policy. The policy is established and administered in a manner so as to comply at all times with applicable government regulations. | |||||||||||||||||||||||||||||
The Company uses appropriate valuation techniques based on the available inputs to measure the fair value of plan investments. When available, the Company measures the fair value using Level 1 inputs as they generally provide the most reliable evidence of fair value. When Level 1 and Level 2 inputs are not available, the Company uses Level 3 inputs to fair value its plan assets. A summary of the plan investments, their fair value and their level within the fair value hierarchy is presented below. | |||||||||||||||||||||||||||||
As of December 31, 2013: | |||||||||||||||||||||||||||||
Quoted Market | Significant | Significant | Total | ||||||||||||||||||||||||||
Prices | Other Observable | Unobservable | |||||||||||||||||||||||||||
(Level 1) | Inputs | Inputs | |||||||||||||||||||||||||||
(Level 2) | (Level 3) | ||||||||||||||||||||||||||||
Investment category: | |||||||||||||||||||||||||||||
U.S. government securities | $ | — | $ | 24,996 | $ | — | $ | 24,996 | |||||||||||||||||||||
Corporate bonds | — | 40,633 | — | 40,633 | |||||||||||||||||||||||||
Equities | 2,529 | 82,365 | 4,000 | 88,894 | |||||||||||||||||||||||||
Short-term investment funds | 1,072 | 478 | — | 1,550 | |||||||||||||||||||||||||
Real estate funds | — | — | 3,835 | 3,835 | |||||||||||||||||||||||||
Timberlands | — | — | 1,875 | 1,875 | |||||||||||||||||||||||||
Other | 1,015 | (58 | ) | — | 957 | ||||||||||||||||||||||||
Total assets | $ | 4,616 | $ | 148,414 | $ | 9,710 | $ | 162,740 | |||||||||||||||||||||
As of December 31, 2012: | |||||||||||||||||||||||||||||
Quoted Market | Significant | Significant | Total | ||||||||||||||||||||||||||
Prices | Other Observable | Unobservable | |||||||||||||||||||||||||||
(Level 1) | Inputs | Inputs | |||||||||||||||||||||||||||
(Level 2) | (Level 3) | ||||||||||||||||||||||||||||
Investment category: | |||||||||||||||||||||||||||||
U.S. government securities | $ | — | $ | 22,034 | $ | — | $ | 22,034 | |||||||||||||||||||||
Corporate bonds | — | 37,487 | — | 37,487 | |||||||||||||||||||||||||
Equities | 3,613 | 73,794 | 4,038 | 81,445 | |||||||||||||||||||||||||
Short-term investment funds | 597 | — | — | 597 | |||||||||||||||||||||||||
Real estate funds | — | — | 3,468 | 3,468 | |||||||||||||||||||||||||
Timberlands | — | — | 1,691 | 1,691 | |||||||||||||||||||||||||
Total assets | $ | 4,210 | $ | 133,315 | $ | 9,197 | $ | 146,722 | |||||||||||||||||||||
Level 1 Fair Value Measurements: | |||||||||||||||||||||||||||||
Short-term Investment Funds — Short-term Investment Funds are carried at the reported net asset values. | |||||||||||||||||||||||||||||
Equities — The fair values of equities are based upon quoted market prices. | |||||||||||||||||||||||||||||
Level 2 Fair Value Measurements: | |||||||||||||||||||||||||||||
Corporate Bonds and U.S. Government Securities — The plans hold certain U.S. government securities and corporate bonds in a limited partnership with the assets of other plan sponsors. The fair values of these securities held in the partnership are based upon quoted market prices. | |||||||||||||||||||||||||||||
Equities — The plans hold common stock in a limited partnership with the assets of other plan sponsors. | |||||||||||||||||||||||||||||
The fair values of these securities held in the partnerships are based upon quoted market prices. | |||||||||||||||||||||||||||||
Level 3 Fair Value Measurements: | |||||||||||||||||||||||||||||
Equities (Private Equity Funds) and Real Estate Funds — The fair value of private equity funds and real estate funds are determined by the fair value of the underlying investments in the funds plus working capital adjusted for liabilities, currency translation and estimated performance incentives. Various methods of determining the fair value of the underlying assets in each fund are used which may include, but are not limited to, expected cash flows, multiples of earnings, discounted cash flow models, direct capitalization analyses, third-party appraisals and other market-based information. Valuations are reviewed utilizing available market data to determine whether or not any fair value adjustments are necessary. | |||||||||||||||||||||||||||||
Timberlands — The value of the Timberlands investment is based upon the appraised value of the Timberlands plus net working capital. It is based upon inventory obtained pursuant to a review of this inventory at the time of acquisition, updated periodically based upon a cash projection model for a 50-year period using real prices and a real discount rate based upon current market activity. Valuations are reviewed utilizing industry information to determine whether or not any fair value adjustments are necessary. | |||||||||||||||||||||||||||||
The following table provides further details of the Level 3 fair value measurements using significant unobservable inputs: | |||||||||||||||||||||||||||||
Private | Real Estate | Timberlands | Total | ||||||||||||||||||||||||||
Equity Funds | Funds | ||||||||||||||||||||||||||||
December 31, 2011 | $ | 3,434 | $ | 2,584 | $ | 1,652 | $ | 7,670 | |||||||||||||||||||||
Realized gains/losses | 301 | 109 | — | 410 | |||||||||||||||||||||||||
Unrealized gain/losses relating to investments still held at December 31, 2012 | 267 | 279 | 39 | 585 | |||||||||||||||||||||||||
Purchases | 861 | 925 | — | 1,786 | |||||||||||||||||||||||||
Sales | (825 | ) | (429 | ) | — | (1,254 | ) | ||||||||||||||||||||||
December 31, 2012 | $ | 4,038 | $ | 3,468 | $ | 1,691 | $ | 9,197 | |||||||||||||||||||||
Realized gains/losses | 788 | 216 | — | 1,004 | |||||||||||||||||||||||||
Unrealized gain/losses relating to investments still held at December 31, 2013 | 23 | 322 | 184 | 529 | |||||||||||||||||||||||||
Purchases | 857 | 725 | — | 1,582 | |||||||||||||||||||||||||
Sales | (1,706 | ) | (896 | ) | — | (2,602 | ) | ||||||||||||||||||||||
December 31, 2013 | $ | 4,000 | $ | 3,835 | $ | 1,875 | $ | 9,710 | |||||||||||||||||||||
Other post-retirement benefit plans. The ultimate costs of certain of the Company’s retiree health care plans are capped at predetermined out-of-pocket spending limits. The annual rate of increase in the per capita costs for these plans is limited to the predetermined spending cap. | |||||||||||||||||||||||||||||
All of the benefit payments are expected to be paid from Company assets. These estimates are based on current benefit plan coverages and, in accordance with the Company’s rights under the plan, these coverages may be modified, reduced, or terminated in the future. | |||||||||||||||||||||||||||||
The following pension and post-retirement benefit payments, which reflect expected future service, as appropriate, are expected to be paid: | |||||||||||||||||||||||||||||
Pension | Post-Retirement | Post-Retirement | |||||||||||||||||||||||||||
Benefit | Benefit Plan | Benefit Plan (not | |||||||||||||||||||||||||||
Plans | (including Plan D | including Plan D | |||||||||||||||||||||||||||
subsidy) | subsidy) | ||||||||||||||||||||||||||||
2014 | $ | 12,694 | $ | 2,966 | $ | 3,215 | |||||||||||||||||||||||
2015 | 11,408 | 3,222 | 3,495 | ||||||||||||||||||||||||||
2016 | 11,565 | 3,143 | 3,442 | ||||||||||||||||||||||||||
2017 | 11,671 | 2,892 | 3,218 | ||||||||||||||||||||||||||
2018 | 12,064 | 3,028 | 3,382 | ||||||||||||||||||||||||||
2019 to 2023 | 62,340 | 18,023 | 20,257 | ||||||||||||||||||||||||||
The Company contributed $4,320 and $18,152 to its qualified defined benefit pension plans in 2013 and 2012, respectively. In light of the current market conditions, the Company is currently assessing its future funding requirements. The Company expects to make cash contributions of approximately $9.4 million during 2014 to maintain its desired funding status. | |||||||||||||||||||||||||||||
Supplemental pension plan. Company officers who participate in the incentive compensation plan are eligible for the Company’s supplemental pension plan which entitles participants to receive additional pension benefits based upon their annual bonuses paid under the incentive compensation plan. Participation in this plan is subject to approval by the Company’s Board of Directors. | |||||||||||||||||||||||||||||
Excess pension plan. The Company sponsors an excess pension plan for designated individuals whose salary amounts exceed IRS limits allowed in the Company’s qualified pension plans. Participation in this plan is subject to approval by the Company’s Board of Directors. | |||||||||||||||||||||||||||||
The supplemental and excess pension plans are included and disclosed within the pension benefit plan information within this Note. | |||||||||||||||||||||||||||||
Employee Stock Purchase Plan. At the Company’s 2009 Annual Meeting of Shareholders, its shareholders approved the Employee Stock Purchase Plan (the “ESPP”), which authorized the issuance of 2.0 million shares of the Company’s Common Stock for purchase by eligible employee participants through payroll deductions. Employees purchase shares in each quarterly purchase period at a 5% discount to the fair market value of the Company’s Common Stock on the valuation date. Under current accounting guidance, the ESPP qualifies as a non-compensatory plan. | |||||||||||||||||||||||||||||
Approximately 35,000 shares have been purchased under the ESPP since its inception. As of December 31, 2013, more than 1.9 million shares of the Company’s Common Stock remained available for future purchase under the ESPP. |
LEASES
LEASES | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
LEASES | ' | ||||||||
Note 10—LEASES: | |||||||||
The Company and its subsidiaries have entered into various operating and capital leases for the use of certain manufacturing equipment, office and manufacturing facilities, office equipment, and vehicles. The operating leases generally contain renewal options and provide that the lessee pay insurance and maintenance costs. The total rental expense under operating leases amounted to $6,596, $5,587, and $4,561 in the years ended December 31, 2013, 2012, and 2011, respectively. Capital lease obligations are generally entered into for the use of machinery and equipment. Obligations under capital leases totaled $9,580 at December 31, 2013. Of this amount, $1,914 was recorded as a component of other current liabilities and $7,666, was recorded as a component of long term debt on the Company’s Consolidated Balance Sheet. Expense related to capital lease amortization assets is included within depreciation expense. | |||||||||
In December 2013, the Company entered into a capital lease for machinery at one of its EP&S Segment businesses. Principal and interest payments under this lease total $8,055, and extend through December, 2020, including an option to purchase the machinery. | |||||||||
The Company’s future minimum commitments under operating and capital leases for years after 2013 are as follows: | |||||||||
Operating | Capital | ||||||||
Leases | Leases | ||||||||
2014 | $ | 5,715 | $ | 2,352 | |||||
2015 | 5,367 | 1,919 | |||||||
2016 | 5,075 | 1,513 | |||||||
2017 | 4,321 | 1,297 | |||||||
2018 | 4,149 | 958 | |||||||
Thereafter | 4,781 | 3,188 | |||||||
Total lease payments | $ | 29,408 | $ | 11,227 | |||||
UNEARNED_REVENUE
UNEARNED REVENUE | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
UNEARNED REVENUE | ' | ||||||||
Note 11—UNEARNED REVENUE: | |||||||||
The Company reported liabilities of $26,095 and $38,877 for unearned revenue balances as of December 31, 2013 and 2012, respectively. These balances represented payments received in advance, primarily from energy market customers on long-term orders to fund working capital requirements. Amounts expected to be realized within one year, which represent the majority of the balance, are recorded as current liabilities. The remaining amount is recorded as a non-current liability. Unearned revenue balances are presented in the following table: | |||||||||
December 31, | |||||||||
2013 | 2012 | ||||||||
Current unearned revenue | $ | 15,625 | $ | 25,864 | |||||
Non-current unearned revenue | 10,470 | 13,013 | |||||||
Total unearned revenue | $ | 26,095 | $ | 38,877 | |||||
TRANSACTIONS_WITH_RELATED_PART
TRANSACTIONS WITH RELATED PARTIES | 12 Months Ended |
Dec. 31, 2013 | |
TRANSACTIONS WITH RELATED PARTIES | ' |
Note 12—TRANSACTIONS WITH RELATED PARTIES: | |
The Company did not enter into any significant related-party transactions during the years ended December 31, 2013, 2012, and 2011. |
SEGMENT_REPORTING
SEGMENT REPORTING | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
SEGMENT REPORTING | ' | ||||||||||||
Note 13—SEGMENT REPORTING: | |||||||||||||
The Company’s chief operating decision maker is the Vice Chair, President, and Chief Executive Officer. The Company conducts its operations in two reportable segments: the Titanium Segment and the EP&S Segment. Refer to Note 1 of these Consolidated Financial Statements for a description of each reportable segment. | |||||||||||||
The EP&S Segment utilizes the Titanium Segment as its primary source of titanium mill products. Intersegment sales are accounted for at prices that are generally established by reference to similar transactions with unaffiliated customers. Reportable segments are measured based on segment operating income after an allocation of certain corporate items such as general corporate overhead and expenses. Assets of general corporate activities include unallocated cash and deferred taxes. A summary of financial information by reportable segment is as follows: | |||||||||||||
Years Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Net sales: | |||||||||||||
Titanium Segment | $ | 346,627 | $ | 352,847 | $ | 324,908 | |||||||
Intersegment sales | 92,502 | 82,265 | 73,226 | ||||||||||
Total Titanium Segment sales | 439,129 | 435,112 | 398,134 | ||||||||||
Engineered Products and Services Segment | 436,646 | 347,140 | 163,444 | ||||||||||
Intersegment sales | 67,791 | 80,394 | 60,292 | ||||||||||
Total Engineered Products and Services Segment sales | 504,437 | 427,534 | 223,736 | ||||||||||
Eliminations | (160,293 | ) | (162,659 | ) | (133,518 | ) | |||||||
Total consolidated net sales | $ | 783,273 | $ | 699,987 | $ | 488,352 | |||||||
Operating income (loss): | |||||||||||||
Titanium Segment before corporate allocations | $ | 78,637 | $ | 58,542 | $ | 51,848 | |||||||
Corporate allocations | (19,626 | ) | (19,477 | ) | (15,784 | ) | |||||||
Total Titanium Segment operating income | 59,011 | 39,065 | 36,064 | ||||||||||
Engineered Products and Services Segment before corporate allocations | 24,981 | 23,437 | 5,518 | ||||||||||
Corporate allocations | (21,977 | ) | (15,085 | ) | (18,200 | ) | |||||||
Total Engineered Products and Services Segment operating income (loss) | 3,004 | 8,352 | (12,682 | ) | |||||||||
Total consolidated operating income | 62,015 | 47,417 | 23,382 | ||||||||||
Other income (expense), net | 938 | (501 | ) | 56 | |||||||||
Interest expense, net | (40,157 | ) | (17,778 | ) | (15,645 | ) | |||||||
Total consolidated income before income taxes | $ | 22,796 | $ | 29,138 | $ | 7,793 | |||||||
Years Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Revenue by market information: | |||||||||||||
Titanium Segment | |||||||||||||
Commercial aerospace | $ | 216,599 | $ | 217,607 | $ | 188,729 | |||||||
Defense | 98,976 | 104,313 | 98,496 | ||||||||||
Energy, medical, and other | 31,052 | 30,927 | 37,683 | ||||||||||
Total Titanium Segment net sales | 346,627 | 352,847 | 324,908 | ||||||||||
Engineered Products and Services Segment | |||||||||||||
Commercial aerospace | $ | 215,087 | $ | 168,760 | $ | 100,779 | |||||||
Defense | 71,471 | 53,435 | 35,426 | ||||||||||
Energy, medical, and other | 150,088 | 124,945 | 27,239 | ||||||||||
Total Engineered Product and Services Segment net sales | 436,646 | 347,140 | 163,444 | ||||||||||
Total consolidated net sales | $ | 783,273 | $ | 699,987 | $ | 488,352 | |||||||
Geographic location of trade sales: | |||||||||||||
United States | $ | 548,609 | $ | 450,518 | $ | 309,509 | |||||||
France | 69,658 | 72,810 | 51,951 | ||||||||||
England | 56,658 | 52,931 | 41,963 | ||||||||||
Germany | 30,955 | 40,011 | 38,976 | ||||||||||
Italy | 14,344 | 11,575 | 3,660 | ||||||||||
Spain | 12,713 | 16,285 | 7,702 | ||||||||||
Canada | 11,492 | 12,456 | 10,063 | ||||||||||
Japan | 10,660 | 9,389 | 4,580 | ||||||||||
Austria | 10,035 | 7,162 | 7,993 | ||||||||||
Malaysia | — | 10,624 | 1,962 | ||||||||||
Other countries | 18,149 | 16,226 | 9,993 | ||||||||||
Total trade sales | $ | 783,273 | $ | 699,987 | $ | 488,352 | |||||||
Capital expenditures: | |||||||||||||
Titanium Segment | $ | 15,976 | $ | 44,741 | $ | 36,008 | |||||||
Engineered Products and Services Segment | 16,398 | 16,797 | 2,837 | ||||||||||
Total capital expenditures | $ | 32,374 | $ | 61,538 | $ | 38,845 | |||||||
Depreciation and amortization: | |||||||||||||
Titanium Segment | $ | 19,973 | $ | 18,421 | $ | 14,248 | |||||||
Engineered Products and Services Segment | 23,852 | 22,703 | 8,185 | ||||||||||
Total depreciation and amortization | $ | 43,825 | $ | 41,124 | $ | 22,433 | |||||||
The following geographic area information includes property, plant, and equipment based on physical location. | |||||||||||||
December 31, | December 31, | December 31, | |||||||||||
2013 | 2012 | 2011 | |||||||||||
United States | $ | 606,369 | $ | 590,621 | $ | 475,121 | |||||||
England | 23,036 | 16,017 | 14,473 | ||||||||||
France | 1,928 | 1,312 | 1,022 | ||||||||||
Canada | 69,616 | 64,924 | 64,132 | ||||||||||
Less: Accumulated depreciation | (328,609 | ) | (297,055 | ) | (265,509 | ) | |||||||
Property, plant, and equipment, net | $ | 372,340 | $ | 375,819 | $ | 289,239 | |||||||
Total assets: | |||||||||||||
Titanium Segment | $ | 604,123 | $ | 566,359 | $ | 492,224 | |||||||
Engineered Products and Services Segment | 585,867 | 544,928 | 272,480 | ||||||||||
General corporate assets | 310,281 | 83,637 | 309,365 | ||||||||||
Assets of discontinued operations | 5,274 | 25,168 | 26,530 | ||||||||||
Total consolidated assets | $ | 1,505,545 | $ | 1,220,092 | $ | 1,100,599 | |||||||
In the years ended December 31, 2013, 2012, and 2011, export sales were $234,664, $249,472 and $178,843, respectively, principally to customers in Western Europe. Geographic location of trade sales are determined based on the location of customers. | |||||||||||||
Substantially all of the Company’s sales and operating revenues are generated from its North American and European operations. A significant portion of the Company’s sales are made to customers in the aerospace industry. The concentration of aerospace customers may expose the Company to cyclical and other risks generally associated with the aerospace industry. For the years ended December 31, 2013, 2012, and 2011, Boeing, through multiple contracts with various Company subsidiaries covering varying periods, accounted for approximately 21.2%, 12.0%, and 10.6%, respectively, of the Company’s consolidated net sales. Along with Boeing, for each year presented, Airbus and its subcontractors together aggregate to amounts in excess of 10% of the Company’s consolidated net sales and are the ultimate consumers of a significant portion of the Company’s commercial aerospace products. |
COMMITMENTS_AND_CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
COMMITMENTS AND CONTINGENCIES | ' | ||||
Note 14—COMMITMENTS AND CONTINGENCIES: | |||||
From time to time, the Company is involved in litigation relating to claims arising out of its operations in the normal course of business. In the Company’s opinion, the ultimate liability, if any, resulting from these matters will have no significant effect on its Consolidated Financial Statements. Given the critical nature of many of the aerospace end uses for the Company’s products, including specifically their use in critical rotating parts of gas turbine engines, the Company maintains aircraft products liability insurance of $500 million, which includes grounding liability. | |||||
Environmental Matters | |||||
The Company is subject to environmental laws and regulations as well as various health and safety laws and regulations that are subject to frequent modifications and revisions. During the years ended 2013, 2012, and 2011 the Company paid approximately $14, $72, and $60, respectively, for environmental remediation, compliance, and related services. While the costs of compliance for these matters have not had a material adverse impact on the Company in the past, it is impossible to accurately predict the ultimate effect these changing laws and regulations may have on the Company in the future. The Company continues to evaluate its obligation for environmental-related costs on a quarterly basis and make adjustments as necessary. | |||||
Given the status of the proceedings at certain of the Company’s sites and the evolving nature of environmental laws, regulations, and remediation techniques, the Company’s ultimate obligation for investigative and remediation costs cannot be predicted. It is the Company’s policy to recognize environmental costs in the financial statements when an obligation becomes probable and a reasonable estimate of exposure can be determined. When a single estimate cannot be reasonably made, but a range can be reasonably estimated, the Company accrues the amount it determines to be the most likely amount within that range. | |||||
Based on available information, the Company believes that its share of possible environmental-related costs is in a range from $631 to $2,103 in the aggregate. At December 31, 2013 and 2012, the amounts accrued for future environmental-related costs were $1,263 and $1,277, respectively. Of the total amount accrued at December 31, 2013, $85 is expected to be paid out within one year and is included as a component of other accrued liabilities on the Company’s Consolidated Balance Sheet. The remaining $1,178 is recorded as a component of other noncurrent liabilities in the Company’s Consolidated Balance Sheet. | |||||
The following table summarizes the changes in the Company’s environmental liabilities for the year ended December 31, 2013: | |||||
Environmental | |||||
Liabilities | |||||
Balance at December 31, 2012 | $ | 1,277 | |||
Environmental-related expense | — | ||||
Cash paid | (14 | ) | |||
Balance at December 31, 2013 | $ | 1,263 | |||
As these proceedings continue toward final resolution, amounts in excess of those already provided may be necessary to discharge the Company from its obligations for these sites. | |||||
Other Matters | |||||
The Company is also the subject of, or a party to, a number of other pending or threatened legal actions involving a variety of matters incidental to its business. The Company is of the opinion that the ultimate resolution of these matters will not have a material adverse effect on the results of the operations, cash flows or the financial position of the Company. |
LONGTERM_DEBT
LONG-TERM DEBT | 12 Months Ended | ||||||||||
Dec. 31, 2013 | |||||||||||
LONG-TERM DEBT | ' | ||||||||||
Note 15—LONG-TERM DEBT: | |||||||||||
Long-term debt consisted of: | |||||||||||
Effective | December 31, | ||||||||||
Interest Rate | 2013 | 2012 | |||||||||
$402.5 million aggregate principal 1.625% Convertible Senior Notes due 2019 | 5.88% | $ | 319,569 | $ | — | ||||||
$114.4 million aggregate principal 3.000% Convertible Senior Notes due 2015 | 8.67% | 103,065 | 196,644 | ||||||||
Capital leases | Various | 9,580 | 2,650 | ||||||||
Total debt | 432,214 | 199,294 | |||||||||
Less: Current portion of capital leases | (1,914 | ) | (957 | ) | |||||||
Total long-term debt | $ | 430,300 | $ | 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 senior unsecured obligations. The 2019 Notes are jointly and severally, fully and unconditionally (subject to the customary exceptions discussed below) guaranteed by several 100% owned subsidiaries (the “Guarantor Subsidiaries”) of RTI International Metals, Inc. (the “Parent”). Each Guarantor Subsidiary would be automatically released from its guarantee of the 2019 Notes if either (i) it ceased to be a guarantor under the Parent’s $150 million revolving credit facility under its Second Amended and Restated Credit Agreement (the “Credit Agreement”), which expires on May 23, 2017 or (ii) it ceased to be a direct or indirect subsidiary of the Parent. Refer to Note 17 of these 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 approximately $40.72 per share of Common Stock). Upon conversion, holders of the 2019 Notes will receive, at the Company’s election, cash, shares of the Company’s Common Stock, or a combination of both. | |||||||||||
The authoritative guidance of the 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 Consolidated Balance Sheet as a component of other current and noncurrent assets. The portion of the costs attributed to the debt component of the 2019 Notes is being amortized over the term of the 2019 Notes using the interest method. Amortization of these costs is included as a component of interest expense in the Company’s Consolidated Statement of Operations. | |||||||||||
Commensurate with the issuance of the 2019 Notes, the Company repurchased, through individually negotiated private transactions, $115.6 million aggregate principal amount of its 2015 Notes for cash consideration of $133.4 million, including $1.3 million of accrued interest on the repurchased 2015 Notes. The FASB’s authoritative guidance regarding repurchases of convertible notes requires that the consideration paid be separated into a component to repurchase the debt instrument and a component to derecognize the equity component. The fair value of the liability component at repurchase is determined by calculating the present value of the cash flows of the note at a similar size and rating without a conversion feature as of the repurchase date. The fair value of the equity component is the difference between the consideration paid and the fair value of the liability component. | |||||||||||
The Company determined similar straight-debt had an interest rate of 3.535% at the time the 2015 Notes were repurchased. Using this rate, the fair value of the liability component of the repurchased 2015 Notes was calculated to be $112.6 million while the equity component of the repurchased 2015 Notes was calculated to be $19.5 million. The book value of the liability component of the repurchased 2015 Notes was $100.4 million as of the repurchase date. The $12.2 million excess of consideration paid for the liability component of the repurchased 2015 Notes over their book value represents a debt extinguishment charge and was recorded as a component of interest expense in the 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. | |||||||||||
The Company determined similar straight-debt rates were 8.675% at the time the 2015 Notes were issued. As a result, at issuance, the fair value of the liability component of the 2015 Notes was calculated to be $177.7 million and was recorded as long-term debt. The conversion component of the 2015 Notes had a fair value of $52.3 million and was recorded, net of deferred taxes, as additional paid-in capital. The debt component of the 2015 Notes will accrete to the 2015 Notes’ remaining par value of $114.4 million over the 2015 Notes’ five-year term. Debt accretion is recorded in the Company’s Consolidated Statement of Operations as a component of interest expense. The Company is accreting the long-term debt balance to par value using the interest method. | |||||||||||
In conjunction with the issuance of the 2015 Notes, the Company incurred debt issuance costs totaling $7.2 million. Under the FASB’s authoritative guidance, debt issuance costs for the 2015 Notes should be allocated to the liability and equity pieces in proportion to the fair value. As such, $1.6 million of these costs was attributed to the conversion feature of the 2015 Notes and was recorded, net of deferred taxes, as additional paid-in capital. The remaining $5.6 million of debt issuance costs were attributed to the liability component of the 2015 Notes and were capitalized in the Company’s Consolidated Balance Sheet as a component of other noncurrent assets. The portion of the costs attributed to the debt component of the remaining $114.4 million aggregate principal 2015 Notes is being amortized over the term of the Notes using the interest method. Amortization of these costs is included as a component of interest expense in the Company’s consolidated statement of operations. | |||||||||||
Interest on the remaining $114.4 million aggregate principal 2015 Notes is payable semiannually in arrears on June 1 and December 1 of each year, at a rate of 3.000% per year. The Notes are general unsecured obligations of the Company. The Notes are guaranteed by the Guarantor Subsidiaries, which are the same subsidiaries that guarantee the Company’s obligations under the 2019 Notes and the current credit facility. | |||||||||||
The 2015 Notes will be convertible at the applicable conversion rate at any time on or after June 1, 2015, until the close of business on the second scheduled trading day immediately preceding the maturity date. The current conversion rate for the Notes equals 27.8474 shares of common stock per $1,000 principal amount of Notes (equivalent to a conversion price of $35.91 per share of Common Stock). Upon conversion, holders will receive, at the Company’s election, cash, shares of the Company’s Common Stock, or a combination of both. | |||||||||||
During the years ended December 31, 2013 and 2012, the Company recorded long-term debt discount amortization of $14,956 and $9,683, as a component of interest expense. Interest expense from the amortization of debt issuance costs associated with the Notes was $1,484, $1,120 and $1,120 for the years ended December 31, 2013, 2012, and 2011, respectively. | |||||||||||
On May 23, 2012, the Company entered into the Credit Agreement, which provides for a revolving credit facility of $150 million and matures on May 23, 2017. Borrowings under the Credit Agreement bear interest, at the Company’s option, at a rate equal to LIBOR plus an applicable margin or the base rate plus an applicable margin. Both the applicable margin and the facility fee vary based upon the Company’s consolidated net debt to consolidated EBITDA ratio, as defined in the Credit Agreement. | |||||||||||
The Company’s leverage ratio (the ratio of Net Debt to Consolidated EBITDA, as defined in the Credit Agreement) was 1.35 to 1 at December 31, 2013. If this ratio were to exceed 3.50 to 1, the Company would be in default under the Credit Agreement. | |||||||||||
The Company’s coverage ratio (the ratio of Consolidated EBITDA to Net Interest, as defined in the Credit Agreement) was 13.69 to 1 at December 31, 2013. If this ratio were to fall below 2.0 to 1, the Company would be in default under the Credit Agreement. | |||||||||||
Consolidated EBITDA, as defined in the Credit Agreement, allows for adjustments related to unusual gains and losses, certain noncash items, and certain non-recurring charges. As of December 31, 2013, the Company was in compliance with all financial covenants under the Credit Agreement. | |||||||||||
The Company had no borrowings outstanding under the Credit Agreement at December 31, 2013 or December 31, 2012. |
STOCKBASED_COMPENSATION
STOCK-BASED COMPENSATION | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
STOCK-BASED COMPENSATION | ' | ||||||||||||||||
Note 16—STOCK-BASED COMPENSATION: | |||||||||||||||||
The 2004 Stock Plan (“2004 Plan”), which was approved by a vote of the Company’s shareholders at the 2004 Annual Meeting of Shareholders, replaced two predecessor plans, the 1995 Stock Plan (“1995 Plan”) and the 2002 Non-Employee Director Stock Option Plan (“2002 Plan”). | |||||||||||||||||
The 2004 Plan limits the number of shares available for issuance to 2,500,000 (plus any shares covered by stock options already outstanding under the 1995 Plan and 2002 Plan that expire or are terminated without being exercised and any shares delivered in connection with the exercise of any outstanding awards under the 1995 Plan and 2002 Plan) during its ten-year term, and limits the number of shares available for grants of restricted stock to 1,250,000. While the 2004 Plan allows for the issuance of shares from treasury, the Company currently issues authorized, unissued shares for awards under the 2004 Plan. The 2004 Plan expires after ten years and requires that the exercise price of stock options, stock appreciation rights, and other similar instruments awarded under the 2004 Plan be not less than the fair market value of the Company’s stock on the date of the grant award. | |||||||||||||||||
The restricted stock awards vest with graded vesting over a period of one to five years. Restricted stock awarded under the 2004 Plan and the predecessor plans entitle the holder to all the rights of Common Stock ownership except that the shares may not be sold, transferred, pledged, exchanged, or otherwise disposed of during the forfeiture period. The stock option awards vest with graded vesting over a period of one to three years. Certain stock option and restricted stock awards provide for accelerated vesting if there is a change in control. | |||||||||||||||||
Stock Options | |||||||||||||||||
The fair value of stock options granted over the past three years was estimated at the date of grant using the Black-Scholes option-pricing model based upon the following assumptions: | |||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||
Risk-free interest rate | 0.87 | % | 0.75 | % | 1.92 | % | |||||||||||
Expected dividend yield | 0 | % | 0 | % | 0 | % | |||||||||||
Expected lives (in years) | 5 | 5 | 4 | ||||||||||||||
Expected volatility | 65 | % | 66 | % | 67 | % | |||||||||||
The Black-Scholes option-pricing model was developed for use in estimating the fair value of traded options that have no vesting restrictions and are fully transferable. The risk-free rate for periods over the expected term of the option is based on the U.S. Treasury yield curve in effect at the time of grant. The Company does not anticipate paying any cash dividends in the foreseeable future and therefore an expected dividend yield of zero is used. The expected life of options granted represents the period of time that options granted are expected to be outstanding. Expected volatilities are based on historical volatility of the Company’s Common Stock. Forfeiture estimates are based upon historical forfeiture rates. | |||||||||||||||||
A summary of the status of the Company’s stock options as of December 31, 2013 and the activity during the year then ended is presented below: | |||||||||||||||||
Stock Options | Shares | Weighted- | Weighted- | Aggregate | |||||||||||||
Average | Average | Intrinsic | |||||||||||||||
Exercise Price | Remaining | Value | |||||||||||||||
Per Share | Contractual | ||||||||||||||||
Term (Years) | |||||||||||||||||
Outstanding at December 31, 2012 | 590,850 | $ | 31.86 | ||||||||||||||
Granted | 98,831 | 29.12 | |||||||||||||||
Forfeited | (15,595 | ) | 27.39 | ||||||||||||||
Expired | (15,743 | ) | 49.88 | ||||||||||||||
Exercised | (131,607 | ) | 17.4 | ||||||||||||||
Outstanding at December 31, 2013 | 526,736 | $ | 34.56 | 5.84 | $ | 3,449 | |||||||||||
Exercisable at December 31, 2013 | 361,176 | $ | 37.71 | 4.63 | $ | 2,368 | |||||||||||
The weighted-average grant-date fair value of stock options granted during the years ended December 31, 2013, 2012, and 2011 was $15.80, $13.49, and $14.70 per share, respectively. The total intrinsic value of stock options exercised during the years ended December 31, 2013, 2012, and 2011 was $1,892, $525, and $172, respectively. As of December 31, 2013, total unrecognized compensation cost related to nonvested stock option awards granted was $669. That cost is expected to be recognized over a weighted-average period of approximately eight months. | |||||||||||||||||
Cash received from stock option exercises under all share-based payment arrangements for the years ended December 31, 2013, 2012, and 2011 was $2,290, $494, and $178, respectively. Cash used to settle equity instruments granted under all share-based arrangements for the years ended December 31, 2013, 2012, and 2011 was $399, $742, and $294, respectively. The actual tax benefit realized for the tax deductions resulting from stock option exercises and vesting of restricted stock awards for share-based payment arrangements totaled $(4), $27, and $2 for the years ended December 31, 2013, 2012, and 2011, respectively. The Company has elected to adopt the short-cut transition method for determining the windfall tax benefits related to share-based payment awards. | |||||||||||||||||
Restricted Stock | |||||||||||||||||
The fair value of the nonvested restricted stock awards was calculated using the market value of Common Stock on the date of issuance. The weighted-average grant-date fair value of restricted stock awards granted during the years ended December 31, 2013, 2012, and 2011 was $29.00, $24.63, and $28.79 per share, respectively. | |||||||||||||||||
A summary of the status of the Company’s non-vested restricted stock as of December 31, 2013, and the activity during the year then ended, is presented below: | |||||||||||||||||
Nonvested Restricted Stock Awards | Shares | Weighted- | |||||||||||||||
Average | |||||||||||||||||
Grant-Date | |||||||||||||||||
Fair Value | |||||||||||||||||
Per Share | |||||||||||||||||
Nonvested at December 31, 2012 | 182,179 | $ | 24.76 | ||||||||||||||
Granted | 118,737 | 29 | |||||||||||||||
Vested | (77,722 | ) | 25.28 | ||||||||||||||
Forfeited | (9,719 | ) | 25.84 | ||||||||||||||
Nonvested at December 31, 2013 | 213,475 | $ | 26.88 | ||||||||||||||
As of December 31, 2013, total unrecognized compensation cost related to nonvested restricted stock awards granted was $1,960. That cost is expected to be recognized over a weighted-average period of twelve months. The total fair value of restricted stock awards vested during the years ended December 31, 2013, 2012, and 2011 was $2,199, $1,507, and $1,637, respectively. | |||||||||||||||||
Performance Share Awards | |||||||||||||||||
The Company also maintains performance share awards for executive officers and certain key managers. The purpose of the performance share awards is to more closely align the compensation of the Company’s executives and key managers with the interests of the Company’s shareholders. These performance share awards will earn shares of the Company’s Common Stock in amounts ranging from 0% to 200% of the target number of shares based upon the total shareholder return of the Company compared to the total shareholder return of a designated peer group over a pre-determined performance period. | |||||||||||||||||
A summary of the Company’s performance share activity during the year ended December 31, 2013 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 | (24,888 | ) | (49,776 | ) | |||||||||||||
Outstanding at December 31, 2013 | 154,333 | 308,666 | |||||||||||||||
The fair value of the performance share awards granted was estimated by the Company at the grant date using a Monte Carlo model. A Monte Carlo model uses stock price volatility and other variables to estimate the probability of satisfying market conditions and the resulting fair value of the award. The four primary inputs for the Monte Carlo model are the risk-free rate, expected dividend yield, volatility of returns, and correlation of returns within the designated peer group. The risk-free rate for periods over the expected term of the award is based on the U.S. Treasury yield curve in effect at the time of grant. The Company does not anticipate paying any cash dividends in the foreseeable future and therefore an expected dividend yield of zero is used. Expected volatility and correlation of returns are based on historical performance of the Company’s stock. The weighted-average grant-date fair value of performance shares awarded during the years ended December 31, 2013, 2012, and 2011 was $41.02, $35.59, and $43.68. |
GUARANTOR_SUBSIDIARIES
GUARANTOR SUBSIDIARIES | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
GUARANTOR SUBSIDIARIES | ' | ||||||||||||||||||||
Note 17—GUARANTOR SUBSIDIARIES: | |||||||||||||||||||||
Each of the 2015 Notes and 2019 Notes (collectively, “The Notes”) is jointly and severally, fully and unconditionally (subject to the customary exceptions discussed below) guaranteed by the Guarantor Subsidiaries. Each Guarantor Subsidiary would be automatically released from its guarantee of the Notes if either (i) it ceases to be a guarantor of the Parent’s Credit Agreement or (ii) it ceases to be a subsidiary of the Parent. Separate financial statements of the Parent and each of the Guarantor Subsidiaries are not presented because the guarantees are full and unconditional (subject to the aforementioned customary exceptions) and the Guarantor Subsidiaries are jointly and severally liable. The Company believes separate financial statements and other disclosures concerning the Guarantor Subsidiaries would not be material to investors in the Notes. | |||||||||||||||||||||
There are no current restrictions on the ability of the Guarantor Subsidiaries to make payments under the guarantees referred to above, except, however, the obligations of each Guarantor Subsidiary under its guarantee will be limited to the maximum amount as will result in obligations of such Guarantor Subsidiary under its guarantee not constituting a fraudulent conveyance or fraudulent transfer for purposes of bankruptcy law, the Uniform Conveyance Act, the Uniform Fraudulent Transfer Act, or any similar Federal or state law. | |||||||||||||||||||||
The following tables present Condensed Consolidating Financial Statements as of December 31, 2013 and 2012 and for the three years ended December 31, 2013. Refer to Note 2 for details of the restatement adjustments to prior year Condensed Consolidating Financial Statements. | |||||||||||||||||||||
Condensed Consolidating Statement of Operations and Comprehensive Income | |||||||||||||||||||||
Year Ended December 31, 2013 | |||||||||||||||||||||
RTI | Guarantor | Non-Guarantor | Eliminations | Consolidated | |||||||||||||||||
International | Subsidiaries | Subsidiaries | |||||||||||||||||||
Metals, Inc. | |||||||||||||||||||||
Net sales | $ | — | $ | 524,003 | $ | 465,331 | $ | (206,061 | ) | $ | 783,273 | ||||||||||
Costs and expenses: | |||||||||||||||||||||
Cost of sales | — | 426,646 | 388,834 | (206,061 | ) | 609,419 | |||||||||||||||
Selling, general, and administrative expenses(1) | 4,799 | 43,842 | 44,280 | — | 92,921 | ||||||||||||||||
Goodwill and other intangible asset impairment | — | 15,359 | — | — | 15,359 | ||||||||||||||||
Research, technical, and product development expenses | — | 3,925 | 6 | — | 3,931 | ||||||||||||||||
Asset and asset-related charges (income) | — | (372 | ) | — | — | (372 | ) | ||||||||||||||
Operating income (loss) | (4,799 | ) | 34,603 | 32,211 | — | 62,015 | |||||||||||||||
Other income (expense), net | 6,318 | (5,146 | ) | (234 | ) | — | 938 | ||||||||||||||
Interest income (expense), net | (21,291 | ) | (11,503 | ) | (7,363 | ) | — | (40,157 | ) | ||||||||||||
Equity in earnings (loss) of subsidiaries | 21,936 | (191 | ) | 2,165 | (23,910 | ) | — | ||||||||||||||
Income before income taxes | 2,164 | 17,763 | 26,779 | (23,910 | ) | 22,796 | |||||||||||||||
Provision for (benefit from) income taxes | (13,493 | ) | 10,964 | 9,668 | — | 7,139 | |||||||||||||||
Net income attributable to continuing operations | $ | 15,657 | $ | 6,799 | $ | 17,111 | $ | (23,910 | ) | $ | 15,657 | ||||||||||
Net income attributable to discontinued operations, net of tax | $ | (1,584 | ) | $ | — | $ | (1,584 | ) | $ | 1,584 | $ | (1,584 | ) | ||||||||
Net income | $ | 14,073 | $ | 6,799 | $ | 15,527 | $ | (22,326 | ) | $ | 14,073 | ||||||||||
Comprehensive income | $ | 18,680 | $ | 18,327 | $ | 8,599 | $ | (26,926 | ) | $ | 18,680 | ||||||||||
-1 | The Parent allocates selling, general, and administrative expenses (“SG&A”) to the subsidiaries based upon its budgeted annual expenses. | ||||||||||||||||||||
Condensed Consolidating Statement of Operations and Comprehensive Income | |||||||||||||||||||||
Year Ended December 31, 2012 | |||||||||||||||||||||
RTI International | Guarantors | Non-Guarantors | Eliminations | Consolidated | |||||||||||||||||
Metals, Inc. | (As Restated) | (As Restated) | (As Restated) | (As Restated) | |||||||||||||||||
(As Restated) | |||||||||||||||||||||
Net sales | $ | — | $ | 503,018 | $ | 409,470 | $ | (212,501 | ) | $ | 699,987 | ||||||||||
Cost of sales | — | 426,268 | 347,651 | (212,501 | ) | 561,418 | |||||||||||||||
Selling, general, and administrative expenses | (3,101 | ) | 45,316 | 44,406 | — | 86,621 | |||||||||||||||
Research, technical, and product development expenses | 95 | 4,007 | 62 | — | 4,164 | ||||||||||||||||
Asset and asset-related charges (income) | — | 367 | — | — | 367 | ||||||||||||||||
Operating income (loss) | 3,006 | 27,060 | 17,351 | — | 47,417 | ||||||||||||||||
Other income (expense), net | (63 | ) | 38 | (476 | ) | — | (501 | ) | |||||||||||||
Interest income (expense), net | (16,639 | ) | 205 | (1,344 | ) | — | (17,778 | ) | |||||||||||||
Equity in earnings of subsidiaries | 20,741 | 5,419 | 2,138 | (28,298 | ) | — | |||||||||||||||
Income before income taxes | 7,045 | 32,722 | 17,669 | (28,298 | ) | 29,138 | |||||||||||||||
Provision for (benefit from) income taxes | (6,408 | ) | 10,726 | 11,367 | — | 15,685 | |||||||||||||||
Net income attributable to continuing operations | 13,453 | 21,996 | 6,302 | (28,298 | ) | 13,453 | |||||||||||||||
Net income attributable to discontinued operations, net of tax | 1,487 | — | 1,487 | (1,487 | ) | 1,487 | |||||||||||||||
Net income | $ | 14,940 | $ | 21,996 | $ | 7,789 | $ | (29,785 | ) | $ | 14,940 | ||||||||||
Comprehensive income | $ | 8,786 | $ | 14,465 | $ | 9,704 | $ | (24,169 | ) | $ | 8,786 | ||||||||||
-1 | The Parent allocates SG&A to the subsidiaries based upon its budgeted annual expenses. A credit in parent SG&A is offset by an equal debit amount in the subsidiaries’ SG&A. | ||||||||||||||||||||
Condensed Consolidating Statement of Operations and Comprehensive Income (Loss) | |||||||||||||||||||||
Year Ended December 31, 2011 | |||||||||||||||||||||
RTI | Guarantors | Non-Guarantors | Eliminations | Consolidated | |||||||||||||||||
International | (As Restated) | (As Restated) | (As Restated) | (As Restated) | |||||||||||||||||
Metals, Inc. | |||||||||||||||||||||
(As Restated) | |||||||||||||||||||||
Net sales | $ | — | $ | 347,963 | $ | 316,219 | $ | (175,830 | ) | $ | 488,352 | ||||||||||
Cost of sales | — | 296,066 | 277,193 | $ | (175,830 | ) | 397,429 | ||||||||||||||
Selling, general, and administrative expenses | 981 | 22,586 | 42,083 | — | 65,650 | ||||||||||||||||
Research, technical, and product development expenses | — | 3,232 | 160 | — | 3,392 | ||||||||||||||||
Asset and asset-related charges (income) | — | — | (1,501 | ) | — | (1,501 | ) | ||||||||||||||
Operating income (loss) | (981 | ) | 26,079 | (1,716 | ) | — | 23,382 | ||||||||||||||
Other income (expense), net | (92 | ) | (38 | ) | 186 | — | 56 | ||||||||||||||
Interest income (expense), net | (16,299 | ) | 1,797 | (1,143 | ) | — | (15,645 | ) | |||||||||||||
Equity in earnings of subsidiaries | 10,066 | 6,128 | (1,055 | ) | (15,139 | ) | — | ||||||||||||||
Income before income taxes | (7,306 | ) | 33,966 | (3,728 | ) | (15,139 | ) | 7,793 | |||||||||||||
Provision for (benefit from) income taxes | (4,998 | ) | 10,257 | 4,842 | — | 10,101 | |||||||||||||||
Net income (loss) attributable to continuing operations | (2,308 | ) | 23,709 | (8,570 | ) | (15,139 | ) | (2,308 | ) | ||||||||||||
Net income attributable to discontinued operations, net of tax | 2,258 | — | 2,258 | (2,258 | ) | 2,258 | |||||||||||||||
Net income (loss) | $ | (50 | ) | $ | 23,709 | $ | (6,312 | ) | $ | (17,397 | ) | $ | (50 | ) | |||||||
Comprehensive income (loss) | $ | (6,563 | ) | $ | 19,646 | $ | (7,827 | ) | $ | (11,819 | ) | $ | (6,563 | ) | |||||||
-1 | The Parent allocates SG&A to the subsidiaries based upon its budgeted annual expenses. | ||||||||||||||||||||
Condensed Consolidating Balance Sheet | |||||||||||||||||||||
As of December 31, 2013 | |||||||||||||||||||||
RTI | Guarantor | Non-Guarantor | Eliminations | Consolidated | |||||||||||||||||
International | Subsidiaries | Subsidiaries | |||||||||||||||||||
Metals, Inc. | |||||||||||||||||||||
ASSETS | |||||||||||||||||||||
Current assets: | |||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | 312,202 | $ | 31,435 | $ | — | $ | 343,637 | |||||||||||
Receivables, net | 786 | 57,397 | 69,847 | (22,759 | ) | 105,271 | |||||||||||||||
Inventories, net | — | 265,621 | 164,467 | — | 430,088 | ||||||||||||||||
Costs in excess of billings | — | 3,800 | 1,577 | — | 5,377 | ||||||||||||||||
Deferred income taxes | 31,656 | — | 376 | — | 32,032 | ||||||||||||||||
Assets of discontinued operations | — | — | 5,274 | — | 5,274 | ||||||||||||||||
Other current assets | 9,425 | 2,984 | 4,538 | — | 16,947 | ||||||||||||||||
Total current assets | 41,867 | 642,004 | 277,514 | (22,759 | ) | 938,626 | |||||||||||||||
Property, plant, and equipment, net | 2,328 | 292,033 | 77,979 | — | 372,340 | ||||||||||||||||
Goodwill | — | 79,705 | 37,873 | — | 117,578 | ||||||||||||||||
Other intangible assets, net | — | 31,184 | 22,570 | — | 53,754 | ||||||||||||||||
Other noncurrent assets | 11,025 | 7,184 | 5,038 | — | 23,247 | ||||||||||||||||
Intercompany investments | 1,240,671 | 26,623 | 5,721 | (1,273,015 | ) | — | |||||||||||||||
Total assets | $ | 1,295,891 | $ | 1,078,733 | $ | 426,695 | $ | (1,295,774 | ) | $ | 1,505,545 | ||||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||||||||||||||||
Current liabilities: | |||||||||||||||||||||
Accounts payable | $ | 1,948 | $ | 54,111 | $ | 45,739 | $ | (22,759 | ) | $ | 79,039 | ||||||||||
Accrued wages and other employee costs | 6,598 | 14,093 | 9,096 | — | 29,787 | ||||||||||||||||
Unearned revenue | — | 288 | 15,337 | — | 15,625 | ||||||||||||||||
Liabilities of discontinued operations | — | — | 458 | — | 458 | ||||||||||||||||
Other accrued liabilities | 6,800 | 5,101 | 10,673 | — | 22,574 | ||||||||||||||||
Total current liabilities | 15,346 | 73,593 | 81,303 | (22,759 | ) | 147,483 | |||||||||||||||
Long-term debt | 422,634 | 738 | 6,928 | — | 430,300 | ||||||||||||||||
Intercompany debt | — | 357,144 | 106,633 | (463,777 | ) | — | |||||||||||||||
Liability for post-retirement benefits | — | 43,447 | — | — | 43,447 | ||||||||||||||||
Liability for pension benefits | 5,943 | 7,685 | 159 | — | 13,787 | ||||||||||||||||
Deferred income taxes | 70,006 | — | 4,072 | — | 74,078 | ||||||||||||||||
Unearned revenue | — | — | 10,470 | — | 10,470 | ||||||||||||||||
Other noncurrent liabilities | 7,988 | 3,763 | 255 | — | 12,006 | ||||||||||||||||
Total liabilities | 521,917 | 486,370 | 209,820 | (486,536 | ) | 731,571 | |||||||||||||||
Shareholders’ equity | 773,974 | 592,363 | 216,875 | (809,238 | ) | 773,974 | |||||||||||||||
Total liabilities and shareholders’ equity | $ | 1,295,891 | $ | 1,078,733 | $ | 426,695 | $ | (1,295,774 | ) | $ | 1,505,545 | ||||||||||
Condensed Consolidating Balance Sheet | |||||||||||||||||||||
As of December 31, 2012 | |||||||||||||||||||||
RTI | Guarantors | Non-Guarantors | Eliminations | Consolidated | |||||||||||||||||
International | (As Restated) | (As Restated) | (As | (As Restated) | |||||||||||||||||
Metals, Inc. | Restated) | ||||||||||||||||||||
(As Restated) | |||||||||||||||||||||
ASSETS | |||||||||||||||||||||
Current assets: | |||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | 87,283 | $ | 9,907 | $ | — | $ | 97,190 | |||||||||||
Receivables, net | 126 | 72,773 | 58,676 | (27,221 | ) | 104,354 | |||||||||||||||
Inventories, net | — | 220,290 | 155,151 | — | 375,441 | ||||||||||||||||
Costs in excess of billings | — | 1,565 | 2,260 | — | 3,825 | ||||||||||||||||
Deferred income taxes | 31,264 | — | 116 | — | 31,380 | ||||||||||||||||
Assets of discontinued operations | — | — | 25,168 | — | 25,168 | ||||||||||||||||
Other current assets | 5,410 | 2,072 | 3,788 | — | 11,270 | ||||||||||||||||
Total current assets | 36,800 | 383,983 | 255,066 | (27,221 | ) | 648,628 | |||||||||||||||
Property, plant, and equipment, net | 1,327 | 308,467 | 66,025 | — | 375,819 | ||||||||||||||||
Goodwill | — | 93,665 | 36,587 | — | 130,252 | ||||||||||||||||
Other intangible assets, net | — | 35,152 | 21,343 | — | 56,495 | ||||||||||||||||
Other noncurrent assets | 4,149 | 892 | 3,857 | — | 8,898 | ||||||||||||||||
Intercompany investments | 931,041 | 26,814 | 3,736 | (961,591 | ) | — | |||||||||||||||
Total assets | $ | 973,317 | $ | 848,973 | $ | 386,614 | $ | (988,812 | ) | $ | 1,220,092 | ||||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||||||||||||||||
Current liabilities: | |||||||||||||||||||||
Accounts payable | $ | 1,177 | $ | 70,086 | $ | 46,693 | $ | (27,221 | ) | $ | 90,735 | ||||||||||
Accrued wages and other employee costs | 6,519 | 16,368 | 11,109 | — | 33,996 | ||||||||||||||||
Unearned revenue | — | 1,555 | 24,309 | — | 25,864 | ||||||||||||||||
Liabilities of discontinued operations | — | — | 3,431 | — | 3,431 | ||||||||||||||||
Other accrued liabilities | 3,277 | 9,197 | 10,044 | — | 22,518 | ||||||||||||||||
Total current liabilities | 10,973 | 97,206 | 95,586 | (27,221 | ) | 176,544 | |||||||||||||||
Long-term debt | 196,644 | 1,693 | — | — | 198,337 | ||||||||||||||||
Intercompany debt | — | 118,229 | 104,084 | (222,313 | ) | — | |||||||||||||||
Liability for post-retirement benefits | — | 45,066 | — | — | 45,066 | ||||||||||||||||
Liability for pension benefits | 6,419 | 14,133 | 159 | — | 20,711 | ||||||||||||||||
Deferred income taxes | 42,902 | — | 3,482 | — | 46,384 | ||||||||||||||||
Unearned revenue | — | — | 13,013 | — | 13,013 | ||||||||||||||||
Other noncurrent liabilities | 8,140 | 3,434 | 224 | — | 11,798 | ||||||||||||||||
Total liabilities | 265,078 | 279,761 | 216,548 | (249,534 | ) | 511,853 | |||||||||||||||
Shareholders’ equity | 708,239 | 569,212 | 170,066 | (739,278 | ) | 708,239 | |||||||||||||||
Total liabilities and shareholders’ equity | $ | 973,317 | $ | 848,973 | $ | 386,614 | $ | (988,812 | ) | $ | 1,220,092 | ||||||||||
Condensed Consolidating Statement of Cash Flows | |||||||||||||||||||||
Year Ended December 31, 2013 | |||||||||||||||||||||
RTI | Guarantor | Non-Guarantor | Eliminations | Consolidated | |||||||||||||||||
International | Subsidiaries | Subsidiaries | |||||||||||||||||||
Metals, Inc. | |||||||||||||||||||||
Cash provided by (used in) operating activities | $ | 5,143 | $ | 8,944 | $ | (1,919 | ) | — | $ | 12,168 | |||||||||||
Investing activities: | |||||||||||||||||||||
Capital expenditures | (1,192 | ) | (21,947 | ) | (9,235 | ) | — | (32,374 | ) | ||||||||||||
Investments in subsidiaries, net | (36,099 | ) | — | — | 36,099 | — | |||||||||||||||
Acquisitions, net of cash acquired | — | — | (16,214 | ) | — | (16,214 | ) | ||||||||||||||
Divestitures | — | — | 10,475 | — | 10,475 | ||||||||||||||||
Proceeds from disposal of property, plant, and equipment | — | 42 | 519 | — | 561 | ||||||||||||||||
Short-term investments and marketable securities, net | — | (174 | ) | — | — | (174 | ) | ||||||||||||||
Intercompany debt activity, net | (241,821 | ) | — | — | 241,821 | — | |||||||||||||||
Cash provided by (used in) investing activities | $ | (279,112 | ) | $ | (22,079 | ) | $ | (14,455 | ) | $ | 277,920 | $ | (37,726 | ) | |||||||
Financing activities: | |||||||||||||||||||||
Proceeds from exercise of employee stock options | 2,637 | — | — | — | 2,637 | ||||||||||||||||
Excess tax benefits from stock-based compensation activity | 552 | — | — | — | 552 | ||||||||||||||||
Parent company investments, net of distributions | 966 | 33 | 35,105 | (36,104 | ) | — | |||||||||||||||
Borrowings on long-term debt | 402,500 | — | — | — | 402,500 | ||||||||||||||||
Repayments on long-term debt | (119,917 | ) | (903 | ) | — | — | (120,820 | ) | |||||||||||||
Intercompany debt activity, net | — | 238,924 | 2,892 | (241,816 | ) | — | |||||||||||||||
Purchase of common stock held in treasury | (399 | ) | — | — | — | (399 | ) | ||||||||||||||
Financing fees | (12,370 | ) | — | — | — | (12,370 | ) | ||||||||||||||
Cash provided by (used in) financing activities | $ | 273,969 | $ | 238,054 | $ | 37,997 | $ | (277,920 | ) | $ | 272,100 | ||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | (95 | ) | — | (95 | ) | ||||||||||||||
Decrease in cash and cash equivalents | — | 224,919 | 21,528 | — | 246,447 | ||||||||||||||||
Cash and cash equivalents at beginning of period | — | 87,283 | 9,907 | — | 97,190 | ||||||||||||||||
Cash and cash equivalents at end of period | $ | — | $ | 312,202 | $ | 31,435 | $ | — | $ | 343,637 | |||||||||||
Condensed Consolidating Statement of Cash Flows | |||||||||||||||||||||
Year Ended December 31, 2012 | |||||||||||||||||||||
RTI International | Guarantor | Non-Guarantor | Eliminations | Consolidated | |||||||||||||||||
Metals, Inc. | Subsidiaries | Subsidiaries | (As Restated) | (As Restated) | |||||||||||||||||
(As Restated) | (As Restated) | (As Restated) | |||||||||||||||||||
Cash provided by (used in) operating activities | $ | 21,972 | $ | 2,957 | $ | (16,863 | ) | $ | — | $ | 8,066 | ||||||||||
Investing activities: | |||||||||||||||||||||
Capital expenditures | (970 | ) | (54,715 | ) | (5,853 | ) | — | (61,538 | ) | ||||||||||||
Investments in subsidiaries, net | 178,633 | — | — | (178,633 | ) | — | |||||||||||||||
Acquisitions, net of cash acquired | (182,811 | ) | — | — | — | (182,811 | ) | ||||||||||||||
Proceeds from disposal of property, plant, and equipment | — | — | 10 | — | 10 | ||||||||||||||||
Short-term investments and marketable securities, net | — | 176,771 | — | — | 176,771 | ||||||||||||||||
Intercompany debt activity, net (1) | (16,184 | ) | — | — | 16,184 | — | |||||||||||||||
Cash provided by (used in) investing activities | (21,332 | ) | 122,056 | (5,843 | ) | (162,449 | ) | (67,568 | ) | ||||||||||||
Financing activities: | |||||||||||||||||||||
Proceeds from exercise of employee stock options | 729 | — | — | — | 729 | ||||||||||||||||
Excess tax benefits from stock-based compensation activity | 196 | — | — | — | 196 | ||||||||||||||||
Parent company investments, net of distributions | — | (194,783 | ) | 16,150 | 178,633 | — | |||||||||||||||
Repayments on long-term debt | — | (758 | ) | — | — | (758 | ) | ||||||||||||||
Intercompany debt activity, net (1) | — | 13,540 | 2,644 | (16,184 | ) | — | |||||||||||||||
Purchase of common stock held in treasury | (742 | ) | — | — | — | (742 | ) | ||||||||||||||
Financing fees | (823 | ) | — | — | — | (823 | ) | ||||||||||||||
Cash provided by (used in) financing activities | (640 | ) | (182,001 | ) | 18,794 | 162,449 | (1,398 | ) | |||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | 1,248 | — | 1,248 | ||||||||||||||||
Decrease in cash and cash equivalents | — | (56,988 | ) | (2,664 | ) | — | (59,652 | ) | |||||||||||||
Cash and cash equivalents at beginning of period | — | 144,271 | 12,571 | — | 156,842 | ||||||||||||||||
Cash and cash equivalents at end of period | $ | — | $ | 87,283 | $ | 9,907 | $ | — | $ | 97,190 | |||||||||||
-1 | The Condensed Consolidating Statements of Cash Flows have been adjusted to reclassify intercompany debt activities between investing and financing, rather than entirely as financing activities as previously reported. These adjustments increased (decreased) cash flows from investing activities for the RTI International Metals, Inc. Parent Company and Eliminations by $(16,184) and $16,184 and increased (decreased) cash flows from financing activities for the RTI International Metals, Inc. Parent Company and Eliminations by $16,184 and $(16, 184), respectively. | ||||||||||||||||||||
Condensed Consolidating Statement of Cash Flows | |||||||||||||||||||||
Year Ended December 31, 2011 | |||||||||||||||||||||
RTI International | Guarantor | Non-Guarantor | Eliminations | Consolidated | |||||||||||||||||
Metals, Inc. | Subsidiaries | Subsidiaries | (As Restated) | (As Restated) | |||||||||||||||||
(As Restated) | (As Restated) | (As Restated) | |||||||||||||||||||
Cash provided by (used in) operating activities | $ | 28,498 | $ | 21,099 | $ | (34,762 | ) | $ | — | $ | 14,835 | ||||||||||
Investing activities: | |||||||||||||||||||||
Capital expenditures | — | (35,793 | ) | (3,052 | ) | — | (38,845 | ) | |||||||||||||
Investments in subsidiaries, net | (35,812 | ) | — | — | — | (35,812 | ) | ||||||||||||||
Acquisitions, net of cash acquired | 33,831 | 1,735 | (36,248 | ) | 682 | — | |||||||||||||||
Proceeds from disposal of property, plant, and equipment | — | — | 20 | — | 20 | ||||||||||||||||
Short-term investments and marketable securities, net | — | (160,409 | ) | — | — | (160,409 | ) | ||||||||||||||
Intercompany debt activity, net (1) | (26,892 | ) | — | — | 26,892 | — | |||||||||||||||
Cash provided by (used in) investing activities | (28,873 | ) | (194,467 | ) | (39,280 | ) | 27,574 | (235,046 | ) | ||||||||||||
Financing activities: | |||||||||||||||||||||
Proceeds from exercise of employee stock options | 367 | — | — | — | 367 | ||||||||||||||||
Excess tax benefits from stock-based compensation activity | 302 | — | — | — | 302 | ||||||||||||||||
Parent company investments, net of distributions | — | (38,200 | ) | 38,882 | (682 | ) | — | ||||||||||||||
Repayments on long-term debt | — | (20 | ) | (5 | ) | — | (25 | ) | |||||||||||||
Intercompany debt activity, net (1) | — | 5,230 | 21,662 | (26,892 | ) | — | |||||||||||||||
Purchase of common stock held in treasury | (294 | ) | — | — | — | (294 | ) | ||||||||||||||
Cash provided by (used in) financing activities | 375 | (32,990 | ) | 60,539 | (27,574 | ) | 350 | ||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | (248 | ) | — | (248 | ) | ||||||||||||||
Decrease in cash and cash equivalents | — | (206,358 | ) | (13,751 | ) | — | (220,109 | ) | |||||||||||||
Cash and cash equivalents at beginning of period | — | 350,629 | 26,322 | — | 376,951 | ||||||||||||||||
Cash and cash equivalents at end of period | $ | — | $ | 144,271 | $ | 12,571 | $ | — | $ | 156,842 | |||||||||||
-1 | The Condensed Consolidating Statements of Cash Flows have been adjusted to reclassify intercompany debt activities between investing and financing, rather than entirely as financing activities as previously reported. These adjustments increased (decreased) cash flows from investing activities for the RTI International Metals, Inc. Parent Company and Eliminations by $(26,892) and $26,892 and increased (decreased) cash flows from financing activities for the RTI International Metals, Inc. Parent Company and Eliminations by $26,892 and $(26,892), respectively. |
SELECTED_QUARTERLY_FINANCIAL_I
SELECTED QUARTERLY FINANCIAL INFORMATION (UNAUDITED) | 12 Months Ended | ||||||||||||||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||||||||||||||
SELECTED QUARTERLY FINANCIAL INFORMATION (UNAUDITED) | ' | ||||||||||||||||||||||||||||||||||||||||
Note 18—SELECTED QUARTERLY FINANCIAL INFORMATION (UNAUDITED): | |||||||||||||||||||||||||||||||||||||||||
The following table sets forth selected quarterly financial data for 2013 and 2012, and was recast to reflect the classification of RTI Connecticut as a discontinued operation. It has been derived from the Company’s unaudited Condensed Consolidated Financial Statements, which have been restated for the recognition of a valuation allowance at our Canadian subsidiary as described in Note 2, as well as revisions related to revenue recognition errors related to certain long-term contracts as described in the Company’s Quarterly Report on Form 10-Q for the period ended September 30, 2013, as filed with the SEC on November 12, 2013. Refer to the restatement tables following the selected quarterly financial information for details on these adjustments. | |||||||||||||||||||||||||||||||||||||||||
2013 | 1st | 2nd | 3rd | 4th | |||||||||||||||||||||||||||||||||||||
Quarter | Quarter | Quarter | Quarter | ||||||||||||||||||||||||||||||||||||||
(As Restated) | (As Restated) | (As Restated) | |||||||||||||||||||||||||||||||||||||||
Net Sales | $ | 189,202 | $ | 199,123 | $ | 194,936 | $ | 200,012 | |||||||||||||||||||||||||||||||||
Gross profit | 39,253 | 43,777 | 45,139 | 45,685 | |||||||||||||||||||||||||||||||||||||
Operating income | 13,647 | 20,481 | 21,879 | 6,008 | |||||||||||||||||||||||||||||||||||||
Net income attributable to continuing operations | 4,968 | 1,059 | 12,575 | (2,945 | ) | ||||||||||||||||||||||||||||||||||||
Earnings per share attributable to continuing operations | |||||||||||||||||||||||||||||||||||||||||
Basic | $ | 0.16 | $ | 0.03 | $ | 0.41 | $ | (0.10 | ) | ||||||||||||||||||||||||||||||||
Diluted | $ | 0.16 | $ | 0.03 | $ | 0.38 | $ | (0.10 | ) | ||||||||||||||||||||||||||||||||
Earnings per share attributable to discontinued operations | |||||||||||||||||||||||||||||||||||||||||
Basic | $ | — | $ | (0.01 | ) | $ | (0.01 | ) | $ | (0.03 | ) | ||||||||||||||||||||||||||||||
Diluted | $ | — | $ | (0.01 | ) | $ | (0.01 | ) | $ | (0.03 | ) | ||||||||||||||||||||||||||||||
2012 | 1st | 2nd | 3rd | 4th | |||||||||||||||||||||||||||||||||||||
Quarter | Quarter | Quarter | Quarter | ||||||||||||||||||||||||||||||||||||||
(As Restated) | (As Restated) | (As Restated) | (As Restated) | ||||||||||||||||||||||||||||||||||||||
Net Sales | $ | 151,272 | $ | 182,419 | $ | 180,666 | $ | 185,630 | |||||||||||||||||||||||||||||||||
Gross profit | 31,852 | 33,572 | 33,367 | 39,778 | |||||||||||||||||||||||||||||||||||||
Operating income | 10,421 | 10,118 | 9,322 | 17,556 | |||||||||||||||||||||||||||||||||||||
Net income attributable to continuing operations | 1,887 | 2,491 | 2,412 | 6,663 | |||||||||||||||||||||||||||||||||||||
Earnings per share attributable to continuing operations | |||||||||||||||||||||||||||||||||||||||||
Basic | $ | 0.06 | $ | 0.08 | $ | 0.08 | $ | 0.22 | |||||||||||||||||||||||||||||||||
Diluted | $ | 0.06 | $ | 0.08 | $ | 0.08 | $ | 0.22 | |||||||||||||||||||||||||||||||||
Earnings per share attributable to discontinued operations | |||||||||||||||||||||||||||||||||||||||||
Basic | $ | 0.02 | $ | 0.02 | $ | 0.01 | $ | — | |||||||||||||||||||||||||||||||||
Diluted | $ | 0.02 | $ | 0.02 | $ | 0.01 | $ | — | |||||||||||||||||||||||||||||||||
Condensed Consolidated Statement of Operations | |||||||||||||||||||||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||||||||||||||||||||
(In thousands, except per share amounts) | |||||||||||||||||||||||||||||||||||||||||
Three Months Ended March 31, 2013 | |||||||||||||||||||||||||||||||||||||||||
Previously | Revision | As | Restatement | As | Discontinued | Currently | |||||||||||||||||||||||||||||||||||
Reported (1) | Adjustment (2) | Revised | Adjustment | Corrected | Operations | Reported | |||||||||||||||||||||||||||||||||||
Net sales | $ | 191,900 | $ | (662 | ) | $ | 191,238 | $ | — | $ | 191,238 | $ | (2,036 | ) | $ | 189,202 | |||||||||||||||||||||||||
Cost and expenses: | |||||||||||||||||||||||||||||||||||||||||
Cost of sales | 151,986 | (26 | ) | 151,960 | — | 151,960 | (2,011 | ) | 149,949 | ||||||||||||||||||||||||||||||||
Selling, general, and administrative expenses | 24,908 | — | 24,908 | — | 24,908 | (303 | ) | 24,605 | |||||||||||||||||||||||||||||||||
Research, technical, and product development expenses | 1,001 | — | 1,001 | — | 1,001 | — | 1,001 | ||||||||||||||||||||||||||||||||||
Operating income | 14,005 | (636 | ) | 13,369 | — | 13,369 | 278 | 13,647 | |||||||||||||||||||||||||||||||||
Other income, net | 559 | — | 559 | — | 559 | — | 559 | ||||||||||||||||||||||||||||||||||
Interest income | 31 | — | 31 | — | 31 | — | 31 | ||||||||||||||||||||||||||||||||||
Interest expense | (4,796 | ) | — | (4,796 | ) | — | (4,796 | ) | — | (4,796 | ) | ||||||||||||||||||||||||||||||
Income before income taxes | 9,799 | (636 | ) | 9,163 | — | 9,163 | 278 | 9,441 | |||||||||||||||||||||||||||||||||
Provision for income taxes | 2,982 | (178 | ) | 2,804 | 1,625 | 4,429 | 44 | 4,473 | |||||||||||||||||||||||||||||||||
Net income attributable to continuing operations | 6,817 | (458 | ) | 6,359 | (1,625 | ) | 4,734 | 234 | 4,968 | ||||||||||||||||||||||||||||||||
Net income (loss) attributable to discontinued operations, net of tax | 151 | — | 151 | — | 151 | (234 | ) | (83 | ) | ||||||||||||||||||||||||||||||||
Net income | $ | 6,968 | $ | (458 | ) | $ | 6,510 | $ | (1,625 | ) | $ | 4,885 | $ | — | $ | 4,885 | |||||||||||||||||||||||||
Earnings per share attributable to continuing operations: | |||||||||||||||||||||||||||||||||||||||||
Basic | $ | 0.22 | $ | (0.02 | ) | $ | 0.21 | $ | (0.05 | ) | $ | 0.16 | $ | 0.01 | $ | 0.16 | |||||||||||||||||||||||||
Diluted | $ | 0.22 | $ | (0.02 | ) | $ | 0.21 | $ | (0.05 | ) | $ | 0.15 | $ | 0.01 | $ | 0.16 | |||||||||||||||||||||||||
Earnings per share attributable to discontinued operations: | |||||||||||||||||||||||||||||||||||||||||
Basic | $ | — | $ | — | $ | — | $ | — | $ | — | $ | (0.01 | ) | $ | — | ||||||||||||||||||||||||||
Diluted | $ | — | $ | — | $ | — | $ | — | $ | — | $ | (0.01 | ) | $ | — | ||||||||||||||||||||||||||
(1): | Previously reported balances represent the amounts reported in the Condensed Consolidated Statement of Operations in the Company’s Amended Quarterly Report on Form 10-Q/A for the quarterly period ended March 31, 2013 as filed with the SEC on September 24, 2013. | ||||||||||||||||||||||||||||||||||||||||
(2): | Amounts presented as Revision Adjustment represent revisions for revenue recognition errors related to certain long-term projects as disclosed in the Company’s Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2013 as filed with the SEC on November 12, 2013. | ||||||||||||||||||||||||||||||||||||||||
Condensed Consolidated Statement of Operations | |||||||||||||||||||||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||||||||||||||||||||
(In thousands, except per share amounts) | |||||||||||||||||||||||||||||||||||||||||
Three Months Ended June 30, 2013 | |||||||||||||||||||||||||||||||||||||||||
Previously | Revision | As | Restatement | As | Discontinued | Currently | |||||||||||||||||||||||||||||||||||
Reported (1) | Adjustment (2) | Revised | Adjustment | Corrected | Operations | Reported | |||||||||||||||||||||||||||||||||||
Net sales | $ | 200,950 | $ | (206 | ) | $ | 200,744 | $ | — | $ | 200,744 | $ | (1,621 | ) | $ | 199,123 | |||||||||||||||||||||||||
Cost and expenses: | |||||||||||||||||||||||||||||||||||||||||
Cost of sales | 156,782 | 15 | 156,797 | — | 156,797 | (1,451 | ) | 155,346 | |||||||||||||||||||||||||||||||||
Selling, general, and administrative expenses | 22,641 | — | 22,641 | — | 22,641 | (327 | ) | 22,314 | |||||||||||||||||||||||||||||||||
Research, technical, and product development expenses | 982 | — | 982 | — | 982 | — | 982 | ||||||||||||||||||||||||||||||||||
Operating income | 20,545 | (221 | ) | 20,324 | — | 20,324 | 157 | 20,481 | |||||||||||||||||||||||||||||||||
Other income, net | 700 | — | 700 | — | 700 | — | 700 | ||||||||||||||||||||||||||||||||||
Interest income | 50 | — | 50 | — | 50 | — | 50 | ||||||||||||||||||||||||||||||||||
Interest expense | (20,693 | ) | — | (20,693 | ) | — | (20,693 | ) | — | (20,693 | ) | ||||||||||||||||||||||||||||||
Income before income taxes | 602 | (221 | ) | 381 | — | 381 | 157 | 538 | |||||||||||||||||||||||||||||||||
Benefit from income taxes | (878 | ) | (89 | ) | (967 | ) | 371 | (596 | ) | 75 | (521 | ) | |||||||||||||||||||||||||||||
Net income attributable to continuing operations | 1,480 | (132 | ) | 1,348 | (371 | ) | 977 | 82 | 1,059 | ||||||||||||||||||||||||||||||||
Net income (loss) attributable to discontinued operations, net of tax | (307 | ) | — | (307 | ) | — | (307 | ) | (82 | ) | (389 | ) | |||||||||||||||||||||||||||||
Net income | $ | 1,173 | $ | (132 | ) | $ | 1,041 | $ | (371 | ) | $ | 670 | $ | — | $ | 670 | |||||||||||||||||||||||||
Earnings per share attributable to continuing operations: | |||||||||||||||||||||||||||||||||||||||||
Basic | $ | 0.05 | $ | — | $ | 0.04 | $ | (0.01 | ) | $ | 0.03 | $ | — | $ | 0.03 | ||||||||||||||||||||||||||
Diluted | $ | 0.05 | $ | — | $ | 0.04 | $ | (0.01 | ) | $ | 0.03 | $ | — | $ | 0.03 | ||||||||||||||||||||||||||
Loss per share attributable to discontinued operations: | |||||||||||||||||||||||||||||||||||||||||
Basic | $ | (0.01 | ) | $ | — | $ | (0.01 | ) | $ | — | $ | (0.01 | ) | $ | — | $ | (0.01 | ) | |||||||||||||||||||||||
Diluted | $ | (0.01 | ) | $ | — | $ | (0.01 | ) | $ | — | $ | (0.01 | ) | $ | — | $ | (0.01 | ) | |||||||||||||||||||||||
(1): | Previously reported balances represent the amounts reported in the Condensed Consolidated Statement of Operations in the Company’s Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2013 as filed with the SEC on September 24, 2013. | ||||||||||||||||||||||||||||||||||||||||
(2): | Amounts presented as Revision Adjustment represent revisions for revenue recognition errors related to certain long-term projects as disclosed in the Company’s Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2013 as filed with the SEC on November 12, 2013. | ||||||||||||||||||||||||||||||||||||||||
Condensed Consolidated Statement of Operations | |||||||||||||||||||||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||||||||||||||||||||
(In thousands, except per share amounts) | |||||||||||||||||||||||||||||||||||||||||
Six Months Ended June 30, 2013 | |||||||||||||||||||||||||||||||||||||||||
Previously | Revision | As Revised | Restatement | As | Discontinued | Currently | |||||||||||||||||||||||||||||||||||
Reported (1) | Adjustment (2) | Adjustment | Corrected | Operations | Reported | ||||||||||||||||||||||||||||||||||||
Net sales | $ | 392,850 | $ | (868 | ) | $ | 391,982 | $ | — | $ | 391,982 | $ | (3,657 | ) | $ | 388,325 | |||||||||||||||||||||||||
Cost and expenses: | |||||||||||||||||||||||||||||||||||||||||
Cost of sales | 308,768 | (11 | ) | 308,757 | — | 308,757 | (3,462 | ) | 305,295 | ||||||||||||||||||||||||||||||||
Selling, general, and administrative expenses | 47,549 | — | 47,549 | — | 47,549 | (630 | ) | 46,919 | |||||||||||||||||||||||||||||||||
Research, technical, and product development expenses | 1,983 | — | 1,983 | — | 1,983 | — | 1,983 | ||||||||||||||||||||||||||||||||||
Operating income | 34,550 | (857 | ) | 33,693 | — | 33,693 | 435 | 34,128 | |||||||||||||||||||||||||||||||||
Other income, net | 1,259 | — | 1,259 | — | 1,259 | — | 1,259 | ||||||||||||||||||||||||||||||||||
Interest income | 81 | — | 81 | — | 81 | — | 81 | ||||||||||||||||||||||||||||||||||
Interest expense | (25,489 | ) | — | (25,489 | ) | — | (25,489 | ) | — | (25,489 | ) | ||||||||||||||||||||||||||||||
Income before income taxes | 10,401 | (857 | ) | 9,544 | — | 9,544 | 435 | 9,979 | |||||||||||||||||||||||||||||||||
Provision for income taxes | 2,104 | (267 | ) | 1,837 | 1,996 | 3,833 | 119 | 3,952 | |||||||||||||||||||||||||||||||||
Net income attributable to continuing operations | 8,297 | (590 | ) | 7,707 | (1,996 | ) | 5,711 | 316 | 6,027 | ||||||||||||||||||||||||||||||||
Net income (loss) attributable to discontinued operations, net of tax | (156 | ) | — | (156 | ) | — | (156 | ) | (316 | ) | (472 | ) | |||||||||||||||||||||||||||||
Net income | $ | 8,141 | $ | (590 | ) | $ | 7,551 | $ | (1,996 | ) | $ | 5,555 | $ | — | $ | 5,555 | |||||||||||||||||||||||||
Earnings per share attributable to continuing operations: | |||||||||||||||||||||||||||||||||||||||||
Basic | $ | 0.27 | $ | (0.02 | ) | $ | 0.25 | $ | (0.07 | ) | $ | 0.19 | $ | 0.01 | $ | 0.2 | |||||||||||||||||||||||||
Diluted | $ | 0.27 | $ | (0.02 | ) | $ | 0.25 | $ | (0.07 | ) | $ | 0.19 | $ | 0.01 | $ | 0.2 | |||||||||||||||||||||||||
Loss per share attributable to discontinued operations: | |||||||||||||||||||||||||||||||||||||||||
Basic | $ | (0.01 | ) | $ | — | $ | (0.01 | ) | $ | — | $ | (0.01 | ) | $ | (0.01 | ) | $ | (0.02 | ) | ||||||||||||||||||||||
Diluted | $ | (0.01 | ) | $ | — | $ | (0.01 | ) | $ | — | $ | (0.01 | ) | $ | (0.01 | ) | $ | (0.02 | ) | ||||||||||||||||||||||
(1): | Previously reported balances represent the amounts reported in the Condensed Consolidated Statement of Operations in the Company’s Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2013 as filed with the SEC on September 24, 2013. | ||||||||||||||||||||||||||||||||||||||||
(2): | Amounts presented as Revision Adjustment represent revisions for revenue recognition errors related to certain long-term projects as disclosed in the Company’s Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2013 as filed with the SEC on November 12, 2013. | ||||||||||||||||||||||||||||||||||||||||
Condensed Consolidated Statement of Operations | |||||||||||||||||||||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||||||||||||||||||||
(In thousands, except per share amounts) | |||||||||||||||||||||||||||||||||||||||||
Three Months Ended September 30, 2013 | |||||||||||||||||||||||||||||||||||||||||
Previously | Restatement | As | Discontinued | Currently | |||||||||||||||||||||||||||||||||||||
Reported (1) | Adjustment | Corrected | Operations | Reported | |||||||||||||||||||||||||||||||||||||
Net sales | $ | 196,532 | $ | — | $ | 196,532 | $ | (1,596 | ) | $ | 194,936 | ||||||||||||||||||||||||||||||
Cost and expenses: | |||||||||||||||||||||||||||||||||||||||||
Cost of sales | 151,435 | — | 151,435 | (1,638 | ) | 149,797 | |||||||||||||||||||||||||||||||||||
Selling, general, and administrative expenses | 22,491 | — | 22,491 | (272 | ) | 22,219 | |||||||||||||||||||||||||||||||||||
Research, technical, and product development expenses | 1,041 | — | 1,041 | — | 1,041 | ||||||||||||||||||||||||||||||||||||
Operating income | 21,565 | — | 21,565 | 314 | 21,879 | ||||||||||||||||||||||||||||||||||||
Other income, net | (294 | ) | — | (294 | ) | — | (294 | ) | |||||||||||||||||||||||||||||||||
Interest income | 78 | — | 78 | — | 78 | ||||||||||||||||||||||||||||||||||||
Interest expense | (7,387 | ) | — | (7,387 | ) | — | (7,387 | ) | |||||||||||||||||||||||||||||||||
Income before income taxes | 13,962 | — | 13,962 | 314 | 14,276 | ||||||||||||||||||||||||||||||||||||
Provision for income taxes | 1,670 | (3 | ) | 1,667 | 34 | 1,701 | |||||||||||||||||||||||||||||||||||
Net income attributable to continuing operations | 12,292 | 3 | 12,295 | 280 | 12,575 | ||||||||||||||||||||||||||||||||||||
Net income (loss) attributable to discontinued operations, net of tax | — | — | — | (280 | ) | (280 | ) | ||||||||||||||||||||||||||||||||||
Net income | $ | 12,292 | $ | 3 | $ | 12,295 | $ | — | $ | 12,295 | |||||||||||||||||||||||||||||||
Earnings per share attributable to continuing operations: | |||||||||||||||||||||||||||||||||||||||||
Basic | $ | 0.4 | $ | — | $ | 0.4 | $ | 0.01 | $ | 0.41 | |||||||||||||||||||||||||||||||
Diluted | $ | 0.37 | $ | — | $ | 0.37 | $ | 0.01 | $ | 0.38 | |||||||||||||||||||||||||||||||
Loss per share attributable to discontinued operations: | |||||||||||||||||||||||||||||||||||||||||
Basic | $ | — | $ | — | $ | — | $ | (0.01 | ) | $ | (0.01 | ) | |||||||||||||||||||||||||||||
Diluted | $ | — | $ | — | $ | — | $ | (0.01 | ) | $ | (0.01 | ) | |||||||||||||||||||||||||||||
(1): | Previously reported balances represent the amounts reported in the Condensed Consolidated Statement of Operations in the Company’s Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2013 as filed with the SEC on November 12, 2013. | ||||||||||||||||||||||||||||||||||||||||
Condensed Consolidated Statement of Operations | |||||||||||||||||||||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||||||||||||||||||||
(In thousands, except per share amounts) | |||||||||||||||||||||||||||||||||||||||||
Nine Months Ended September 30, 2013 | |||||||||||||||||||||||||||||||||||||||||
Previously | Restatement | As | Discontinued | Currently | |||||||||||||||||||||||||||||||||||||
Reported (1) | Adjustment | Corrected | Operations | Reported | |||||||||||||||||||||||||||||||||||||
Net sales | $ | 588,514 | $ | — | $ | 588,514 | $ | (5,253 | ) | $ | 583,261 | ||||||||||||||||||||||||||||||
Cost and expenses: | |||||||||||||||||||||||||||||||||||||||||
Cost of sales | 460,192 | — | 460,192 | (5,100 | ) | 455,092 | |||||||||||||||||||||||||||||||||||
Selling, general, and administrative expenses | 70,040 | — | 70,040 | (902 | ) | 69,138 | |||||||||||||||||||||||||||||||||||
Research, technical, and product development expenses | 3,024 | — | 3,024 | — | 3,024 | ||||||||||||||||||||||||||||||||||||
Operating income | 55,258 | — | 55,258 | 749 | 56,007 | ||||||||||||||||||||||||||||||||||||
Other income, net | 965 | — | 965 | — | 965 | ||||||||||||||||||||||||||||||||||||
Interest income | 159 | — | 159 | — | 159 | ||||||||||||||||||||||||||||||||||||
Interest expense | (32,876 | ) | — | (32,876 | ) | — | (32,876 | ) | |||||||||||||||||||||||||||||||||
Income before income taxes | 23,506 | — | 23,506 | 749 | 24,255 | ||||||||||||||||||||||||||||||||||||
Provision for income taxes | 3,507 | 1,993 | 5,500 | 153 | 5,653 | ||||||||||||||||||||||||||||||||||||
Net income attributable to continuing operations | 19,999 | (1,993 | ) | 18,006 | 596 | 18,602 | |||||||||||||||||||||||||||||||||||
Net income (loss) attributable to discontinued operations, net of tax | (156 | ) | — | (156 | ) | (596 | ) | (752 | ) | ||||||||||||||||||||||||||||||||
Net income | $ | 19,843 | $ | (1,993 | ) | $ | 17,850 | $ | — | $ | 17,850 | ||||||||||||||||||||||||||||||
Earnings per share attributable to continuing operations: | |||||||||||||||||||||||||||||||||||||||||
Basic | $ | 0.66 | $ | (0.07 | ) | $ | 0.59 | $ | 0.02 | $ | 0.61 | ||||||||||||||||||||||||||||||
Diluted | $ | 0.65 | $ | (0.07 | ) | $ | 0.59 | $ | 0.02 | $ | 0.61 | ||||||||||||||||||||||||||||||
Loss per share attributable to discontinued operations: | |||||||||||||||||||||||||||||||||||||||||
Basic | $ | (0.01 | ) | $ | — | $ | (0.01 | ) | $ | (0.02 | ) | $ | (0.02 | ) | |||||||||||||||||||||||||||
Diluted | $ | (0.01 | ) | $ | — | $ | (0.01 | ) | $ | (0.02 | ) | $ | (0.02 | ) | |||||||||||||||||||||||||||
(1): | Previously reported balances represent the amounts reported in the Condensed Consolidated Statement of Operations in the Company’s Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2013 as filed with the SEC on November 12, 2013. | ||||||||||||||||||||||||||||||||||||||||
Condensed Consolidated Statement of Operations | |||||||||||||||||||||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||||||||||||||||||||
(In thousands, except per share amounts) | |||||||||||||||||||||||||||||||||||||||||
Three Months Ended March 31, 2012 | |||||||||||||||||||||||||||||||||||||||||
Previously | Restatement | As | Discontinued | Currently | |||||||||||||||||||||||||||||||||||||
Reported (1) | Adjustment | Corrected | Operations | Reported | |||||||||||||||||||||||||||||||||||||
Net sales | $ | 154,070 | $ | — | $ | 154,070 | $ | (2,798 | ) | 151,272 | |||||||||||||||||||||||||||||||
Cost and expenses: | |||||||||||||||||||||||||||||||||||||||||
Cost of sales | 121,563 | — | 121,563 | (2,143 | ) | 119,420 | |||||||||||||||||||||||||||||||||||
Selling, general, and administrative expenses | 20,833 | — | 20,833 | (467 | ) | 20,366 | |||||||||||||||||||||||||||||||||||
Research, technical, and product development expenses | 1,065 | — | 1,065 | — | 1,065 | ||||||||||||||||||||||||||||||||||||
Operating income | 10,609 | — | 10,609 | (188 | ) | 10,421 | |||||||||||||||||||||||||||||||||||
Other income, net | (268 | ) | — | (268 | ) | — | (268 | ) | |||||||||||||||||||||||||||||||||
Interest income | 82 | — | 82 | — | 82 | ||||||||||||||||||||||||||||||||||||
Interest expense | (4,278 | ) | — | (4,278 | ) | — | (4,278 | ) | |||||||||||||||||||||||||||||||||
Income before income taxes | 6,145 | — | 6,145 | (188 | ) | 5,957 | |||||||||||||||||||||||||||||||||||
Provision for income taxes | 2,087 | 2,061 | 4,148 | (78 | ) | 4,070 | |||||||||||||||||||||||||||||||||||
Net income attributable to continuing operations | 4,058 | (2,061 | ) | 1,997 | (110 | ) | 1,887 | ||||||||||||||||||||||||||||||||||
Net income attributable to discontinued operations, net of tax | 571 | — | 571 | 110 | 681 | ||||||||||||||||||||||||||||||||||||
Net income | $ | 4,629 | $ | (2,061 | ) | $ | 2,568 | $ | — | 2,568 | |||||||||||||||||||||||||||||||
Earnings per share attributable to continuing operations: | |||||||||||||||||||||||||||||||||||||||||
Basic | $ | 0.13 | $ | (0.07 | ) | $ | 0.07 | $ | — | 0.06 | |||||||||||||||||||||||||||||||
Diluted | $ | 0.13 | $ | (0.07 | ) | $ | 0.07 | $ | — | 0.06 | |||||||||||||||||||||||||||||||
Earnings per share attributable to discontinued operations: | |||||||||||||||||||||||||||||||||||||||||
Basic | $ | 0.02 | $ | — | $ | 0.02 | $ | — | 0.02 | ||||||||||||||||||||||||||||||||
Diluted | $ | 0.02 | $ | — | $ | 0.02 | $ | — | 0.02 | ||||||||||||||||||||||||||||||||
(1): | Previously reported balances represent the amounts presented as “Currently Reported” in the Note 2 to the Company’s Second Amended Annual Report on Form 10-K/A for the annual period ended December 31, 2012 as filed with the SEC on November 12, 2013. | ||||||||||||||||||||||||||||||||||||||||
Condensed Consolidated Statement of Operations | |||||||||||||||||||||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||||||||||||||||||||
(In thousands, except per share amounts) | |||||||||||||||||||||||||||||||||||||||||
Three Months Ended June 30, 2012 | |||||||||||||||||||||||||||||||||||||||||
Previously | Restatement | As | Discontinued | Currently | |||||||||||||||||||||||||||||||||||||
Reported (1) | Adjustment | Corrected | Operations | Reported | |||||||||||||||||||||||||||||||||||||
Net sales | $ | 184,462 | $ | — | $ | 184,462 | $ | (2,043 | ) | $ | 182,419 | ||||||||||||||||||||||||||||||
Cost and expenses: | |||||||||||||||||||||||||||||||||||||||||
Cost of sales | 150,443 | — | 150,443 | (1,596 | ) | 148,847 | |||||||||||||||||||||||||||||||||||
Selling, general, and administrative expenses | 22,678 | — | 22,678 | (328 | ) | 22,350 | |||||||||||||||||||||||||||||||||||
Research, technical, and product development expenses | 1,104 | — | 1,104 | — | 1,104 | ||||||||||||||||||||||||||||||||||||
Operating income | 10,237 | — | 10,237 | (119 | ) | 10,118 | |||||||||||||||||||||||||||||||||||
Other income, net | 570 | — | 570 | — | 570 | ||||||||||||||||||||||||||||||||||||
Interest income | 33 | — | 33 | — | 33 | ||||||||||||||||||||||||||||||||||||
Interest expense | (4,209 | ) | — | (4,209 | ) | — | (4,209 | ) | |||||||||||||||||||||||||||||||||
Income before income taxes | 6,631 | — | 6,631 | (119 | ) | 6,512 | |||||||||||||||||||||||||||||||||||
Provision for income taxes | 2,538 | 1,521 | 4,059 | (38 | ) | 4,021 | |||||||||||||||||||||||||||||||||||
Net income attributable to continuing operations | 4,093 | (1,521 | ) | 2,572 | (81 | ) | 2,491 | ||||||||||||||||||||||||||||||||||
Net income (loss) attributable to discontinued operations, net of tax | 453 | — | 453 | 81 | 534 | ||||||||||||||||||||||||||||||||||||
Net income | $ | 4,546 | $ | (1,521 | ) | $ | 3,025 | $ | — | $ | 3,025 | ||||||||||||||||||||||||||||||
Earnings per share attributable to continuing operations: | |||||||||||||||||||||||||||||||||||||||||
Basic | $ | 0.14 | $ | (0.05 | ) | $ | 0.08 | $ | — | $ | 0.08 | ||||||||||||||||||||||||||||||
Diluted | $ | 0.13 | $ | (0.05 | ) | $ | 0.08 | $ | — | $ | 0.08 | ||||||||||||||||||||||||||||||
Earnings per share attributable to discontinued operations: | |||||||||||||||||||||||||||||||||||||||||
Basic | $ | 0.01 | $ | — | $ | 0.01 | $ | — | $ | 0.02 | |||||||||||||||||||||||||||||||
Diluted | $ | 0.01 | $ | — | $ | 0.01 | $ | — | $ | 0.02 | |||||||||||||||||||||||||||||||
(1): | Previously reported balances represent the amounts presented as “Currently Reported” in the Note 2 to the Company’s Second Amended Annual Report on Form 10-K/A for the annual period ended December 31, 2012 as filed with the SEC on November 12, 2013. | ||||||||||||||||||||||||||||||||||||||||
Condensed Consolidated Statement of Operations | |||||||||||||||||||||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||||||||||||||||||||
(In thousands, except per share amounts) | |||||||||||||||||||||||||||||||||||||||||
Six Months Ended June 30, 2012 | |||||||||||||||||||||||||||||||||||||||||
Previously | Restatement | As | Discontinued | Currently | |||||||||||||||||||||||||||||||||||||
Reported (1) | Adjustment | Corrected | Operations | Reported | |||||||||||||||||||||||||||||||||||||
Net sales | $ | 338,532 | $ | — | $ | 338,532 | $ | (4,841 | ) | $ | 333,691 | ||||||||||||||||||||||||||||||
Cost and expenses: | |||||||||||||||||||||||||||||||||||||||||
Cost of sales | 272,006 | — | 272,006 | (3,739 | ) | 268,267 | |||||||||||||||||||||||||||||||||||
Selling, general, and administrative expenses | 43,511 | — | 43,511 | (795 | ) | 42,716 | |||||||||||||||||||||||||||||||||||
Research, technical, and product development expenses | 2,169 | — | 2,169 | — | 2,169 | ||||||||||||||||||||||||||||||||||||
Operating income | 20,846 | — | 20,846 | (307 | ) | 20,539 | |||||||||||||||||||||||||||||||||||
Other income, net | 302 | — | 302 | — | 302 | ||||||||||||||||||||||||||||||||||||
Interest income | 115 | — | 115 | — | 115 | ||||||||||||||||||||||||||||||||||||
Interest expense | (8,487 | ) | — | (8,487 | ) | — | (8,487 | ) | |||||||||||||||||||||||||||||||||
Income before income taxes | 12,776 | — | 12,776 | (307 | ) | 12,469 | |||||||||||||||||||||||||||||||||||
Provision for income taxes | 4,625 | 3,582 | 8,207 | (116 | ) | 8,091 | |||||||||||||||||||||||||||||||||||
Net income attributable to continuing operations | 8,151 | (3,582 | ) | 4,569 | (191 | ) | 4,378 | ||||||||||||||||||||||||||||||||||
Net income (loss) attributable to discontinued operations, net of tax | 1,024 | — | 1,024 | 191 | 1,215 | ||||||||||||||||||||||||||||||||||||
Net income | $ | 9,175 | $ | (3,582 | ) | $ | 5,593 | $ | — | $ | 5,593 | ||||||||||||||||||||||||||||||
Earnings per share attributable to continuing operations: | |||||||||||||||||||||||||||||||||||||||||
Basic | $ | 0.27 | $ | (0.12 | ) | $ | 0.15 | $ | (0.01 | ) | $ | 0.14 | |||||||||||||||||||||||||||||
Diluted | $ | 0.27 | $ | (0.12 | ) | $ | 0.15 | $ | (0.01 | ) | $ | 0.14 | |||||||||||||||||||||||||||||
Earnings per share attributable to discontinued operations: | |||||||||||||||||||||||||||||||||||||||||
Basic | $ | 0.03 | $ | — | $ | 0.03 | $ | 0.01 | $ | 0.04 | |||||||||||||||||||||||||||||||
Diluted | $ | 0.03 | $ | — | $ | 0.03 | $ | 0.01 | $ | 0.04 | |||||||||||||||||||||||||||||||
(1): | Previously reported balances represent the amounts presented as “Currently Reported” in the Note 2 to the Company’s Second Amended Annual Report on Form 10-K/A for the annual period ended December 31, 2012 as filed with the SEC on November 12, 2013. | ||||||||||||||||||||||||||||||||||||||||
Condensed Consolidated Statement of Operations | |||||||||||||||||||||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||||||||||||||||||||
(In thousands, except per share amounts) | |||||||||||||||||||||||||||||||||||||||||
Three Months Ended September 30, 2012 | |||||||||||||||||||||||||||||||||||||||||
Previously | Restatement | As | Discontinued | Currently | |||||||||||||||||||||||||||||||||||||
Reported (1) | Adjustment | Corrected | Operations | Reported | |||||||||||||||||||||||||||||||||||||
Net sales | $ | 182,545 | $ | — | $ | 182,545 | $ | (1,879 | ) | $ | 180,666 | ||||||||||||||||||||||||||||||
Cost and expenses: | |||||||||||||||||||||||||||||||||||||||||
Cost of sales | 148,895 | — | 148,895 | (1,596 | ) | 147,299 | |||||||||||||||||||||||||||||||||||
Selling, general, and administrative expenses | 21,725 | — | 21,725 | (309 | ) | 21,416 | |||||||||||||||||||||||||||||||||||
Research, technical, and product development expenses | 1,012 | — | 1,012 | — | 1,012 | ||||||||||||||||||||||||||||||||||||
Asset and asset-related charges | 1,617 | — | 1,617 | — | 1,617 | ||||||||||||||||||||||||||||||||||||
Operating income | 9,296 | — | 9,296 | 26 | 9,322 | ||||||||||||||||||||||||||||||||||||
Other income, net | 16 | — | 16 | — | 16 | ||||||||||||||||||||||||||||||||||||
Interest income | 18 | — | 18 | — | 18 | ||||||||||||||||||||||||||||||||||||
Interest expense | (4,708 | ) | — | (4,708 | ) | — | (4,708 | ) | |||||||||||||||||||||||||||||||||
Income before income taxes | 4,622 | — | 4,622 | 26 | 4,648 | ||||||||||||||||||||||||||||||||||||
Provision for income taxes | 1,423 | 813 | 2,236 | — | 2,236 | ||||||||||||||||||||||||||||||||||||
Net income attributable to continuing operations | 3,199 | (813 | ) | 2,386 | 26 | 2,412 | |||||||||||||||||||||||||||||||||||
Net income attributable to discontinued operations, net of tax | 389 | — | 389 | (26 | ) | 363 | |||||||||||||||||||||||||||||||||||
Net income | $ | 3,588 | $ | (813 | ) | $ | 2,775 | $ | — | $ | 2,775 | ||||||||||||||||||||||||||||||
Earnings per share attributable to continuing operations: | |||||||||||||||||||||||||||||||||||||||||
Basic | $ | 0.11 | $ | (0.03 | ) | $ | 0.08 | $ | — | $ | 0.08 | ||||||||||||||||||||||||||||||
Diluted | $ | 0.11 | $ | (0.03 | ) | $ | 0.08 | $ | — | $ | 0.08 | ||||||||||||||||||||||||||||||
Earnings per share attributable to discontinued operations: | |||||||||||||||||||||||||||||||||||||||||
Basic | $ | 0.01 | $ | — | $ | 0.01 | $ | — | $ | 0.01 | |||||||||||||||||||||||||||||||
Diluted | $ | 0.01 | $ | — | $ | 0.01 | $ | — | $ | 0.01 | |||||||||||||||||||||||||||||||
(1): | Previously reported balances represent the amounts presented as “Currently Reported” in the Note 2 to the Company’s Second Amended Annual Report on Form 10-K/A for the annual period ended December 31, 2012 as filed with the SEC on November 12, 2013. | ||||||||||||||||||||||||||||||||||||||||
Condensed Consolidated Statement of Operations | |||||||||||||||||||||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||||||||||||||||||||
(In thousands, except per share amounts) | |||||||||||||||||||||||||||||||||||||||||
Nine Months Ended September 30, 2012 | |||||||||||||||||||||||||||||||||||||||||
Previously | Restatement | As | Discontinued | Currently | |||||||||||||||||||||||||||||||||||||
Reported (1) | Adjustment | Corrected | Operations | Reported | |||||||||||||||||||||||||||||||||||||
Net sales | $ | 521,077 | $ | — | $ | 521,077 | $ | (6,720 | ) | $ | 514,357 | ||||||||||||||||||||||||||||||
Cost and expenses: | |||||||||||||||||||||||||||||||||||||||||
Cost of sales | 420,901 | — | 420,901 | (5,335 | ) | 415,566 | |||||||||||||||||||||||||||||||||||
Selling, general, and administrative expenses | 65,236 | — | 65,236 | (1,104 | ) | 64,132 | |||||||||||||||||||||||||||||||||||
Research, technical, and product development expenses | 3,181 | — | 3,181 | — | 3,181 | ||||||||||||||||||||||||||||||||||||
Asset and asset-related charges | 1,617 | — | 1,617 | — | 1,617 | ||||||||||||||||||||||||||||||||||||
Operating income | 30,142 | — | 30,142 | (281 | ) | 29,861 | |||||||||||||||||||||||||||||||||||
Other income, net | 318 | — | 318 | — | 318 | ||||||||||||||||||||||||||||||||||||
Interest income | 133 | — | 133 | — | 133 | ||||||||||||||||||||||||||||||||||||
Interest expense | (13,195 | ) | — | (13,195 | ) | — | (13,195 | ) | |||||||||||||||||||||||||||||||||
Income before income taxes | 17,398 | — | 17,398 | (281 | ) | 17,117 | |||||||||||||||||||||||||||||||||||
Provision for income taxes | 6,048 | 4,395 | 10,443 | (116 | ) | 10,327 | |||||||||||||||||||||||||||||||||||
Net income attributable to continuing operations | 11,350 | (4,395 | ) | 6,955 | (165 | ) | 6,790 | ||||||||||||||||||||||||||||||||||
Net income attributable to discontinued operations, net of tax | 1,413 | — | 1,413 | 165 | 1,578 | ||||||||||||||||||||||||||||||||||||
Net income | $ | 12,763 | $ | (4,395 | ) | $ | 8,368 | $ | — | $ | 8,368 | ||||||||||||||||||||||||||||||
Earnings per share attributable to continuing operations: | |||||||||||||||||||||||||||||||||||||||||
Basic | $ | 0.37 | $ | (0.15 | ) | $ | 0.23 | $ | (0.01 | ) | $ | 0.22 | |||||||||||||||||||||||||||||
Diluted | $ | 0.37 | $ | (0.15 | ) | $ | 0.23 | $ | (0.01 | ) | $ | 0.22 | |||||||||||||||||||||||||||||
Earnings per share attributable to discontinued operations: | |||||||||||||||||||||||||||||||||||||||||
Basic | $ | 0.05 | $ | — | $ | 0.05 | $ | 0.01 | $ | 0.05 | |||||||||||||||||||||||||||||||
Diluted | $ | 0.05 | $ | — | $ | 0.05 | $ | 0.01 | $ | 0.05 | |||||||||||||||||||||||||||||||
(1): | Previously reported balances represent the amounts presented as “Currently Reported” in the Note 2 to the Company’s Second Amended Annual Report on Form 10-K/A for the annual period ended December 31, 2012 as filed with the SEC on November 12, 2013. | ||||||||||||||||||||||||||||||||||||||||
Condensed Consolidated Balance Sheet | |||||||||||||||||||||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||||||||||||||||||||
(In thousands, except share and per share amounts) | |||||||||||||||||||||||||||||||||||||||||
March 31, 2013 | |||||||||||||||||||||||||||||||||||||||||
Previously | Revision | As | Restatement | As | Discontinued | Currently | |||||||||||||||||||||||||||||||||||
Reported | Adjustment (2) | Revised | Adjustment | Corrected | Operations | Reported | |||||||||||||||||||||||||||||||||||
-1 | |||||||||||||||||||||||||||||||||||||||||
ASSETS | |||||||||||||||||||||||||||||||||||||||||
Current assets: | |||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 58,015 | $ | — | $ | 58,015 | $ | — | $ | 58,015 | $ | — | $ | 58,015 | |||||||||||||||||||||||||||
Receivables, less allowance for doubtful accounts of $712 | 114,075 | — | 114,075 | — | 114,075 | (812 | ) | 113,263 | |||||||||||||||||||||||||||||||||
Inventories, net | 413,233 | (3,952 | ) | 409,281 | — | 409,281 | (7,948 | ) | 401,333 | ||||||||||||||||||||||||||||||||
Costs in excess of billings | 3,418 | 426 | 3,844 | — | 3,844 | — | 3,844 | ||||||||||||||||||||||||||||||||||
Deferred income taxes | 30,184 | 926 | 31,110 | — | 31,110 | — | 31,110 | ||||||||||||||||||||||||||||||||||
Assets of discontinued operations | 14,971 | — | 14,971 | — | 14,971 | 8,948 | 23,919 | ||||||||||||||||||||||||||||||||||
Other current assets | 11,749 | — | 11,749 | — | 11,749 | — | 11,749 | ||||||||||||||||||||||||||||||||||
Total current assets | 645,645 | (2,600 | ) | 643,045 | — | 643,045 | 188 | 643,233 | |||||||||||||||||||||||||||||||||
Property, plant, and equipment, net | 371,299 | — | 371,299 | — | 371,299 | (123 | ) | 371,176 | |||||||||||||||||||||||||||||||||
Goodwill | 135,341 | (5,260 | ) | 130,081 | — | 130,081 | (65 | ) | 130,016 | ||||||||||||||||||||||||||||||||
Other intangible assets, net | 55,228 | — | 55,228 | — | 55,228 | — | 55,228 | ||||||||||||||||||||||||||||||||||
Deferred income taxes | 29,624 | — | 29,624 | (29,624 | ) | — | — | — | |||||||||||||||||||||||||||||||||
Other noncurrent assets | 8,067 | — | 8,067 | — | 8,067 | — | 8,067 | ||||||||||||||||||||||||||||||||||
Total assets | $ | 1,245,204 | $ | (7,860 | ) | $ | 1,237,344 | $ | (29,624 | ) | $ | 1,207,720 | $ | — | $ | 1,207,720 | |||||||||||||||||||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||||||||||||||||||||||||||||||||||||
Current liabilities: | |||||||||||||||||||||||||||||||||||||||||
Accounts payable | $ | 79,587 | $ | — | $ | 79,587 | $ | — | $ | 79,587 | $ | (342 | ) | $ | 79,245 | ||||||||||||||||||||||||||
Accrued wages and other employee costs | 21,826 | — | 21,826 | — | 21,826 | (97 | ) | 21,729 | |||||||||||||||||||||||||||||||||
Unearned revenues | 23,840 | (1,357 | ) | 22,483 | — | 22,483 | — | 22,483 | |||||||||||||||||||||||||||||||||
Liabilities of discontinued operations | 2,821 | — | 2,821 | — | 2,821 | 448 | 3,269 | ||||||||||||||||||||||||||||||||||
Other accrued liabilities | 25,379 | — | 25,379 | 462 | 25,841 | (9 | ) | 25,832 | |||||||||||||||||||||||||||||||||
Total current liabilities | 153,453 | (1,357 | ) | 152,096 | 462 | 152,558 | — | 152,558 | |||||||||||||||||||||||||||||||||
Long-term debt | 200,663 | — | 200,663 | — | 200,663 | — | 200,663 | ||||||||||||||||||||||||||||||||||
Liability for post-retirement benefits | 43,729 | — | 43,729 | — | 43,729 | — | 43,729 | ||||||||||||||||||||||||||||||||||
Liability for pension benefits | 15,229 | — | 15,229 | — | 15,229 | — | 15,229 | ||||||||||||||||||||||||||||||||||
Deferred income taxes | 51,400 | (5,068 | ) | 46,332 | 4,232 | 50,564 | — | 50,564 | |||||||||||||||||||||||||||||||||
Unearned revenues | 12,792 | — | 12,792 | — | 12,792 | — | 12,792 | ||||||||||||||||||||||||||||||||||
Other noncurrent liabilities | 12,129 | — | 12,129 | — | 12,129 | — | 12,129 | ||||||||||||||||||||||||||||||||||
Total liabilities | 489,395 | (6,425 | ) | 482,970 | 4,694 | 487,664 | — | 487,664 | |||||||||||||||||||||||||||||||||
Commitments and Contingencies Shareholders’ equity: | |||||||||||||||||||||||||||||||||||||||||
Common stock, $0.01 par value; 50,000,000 shares authorized; 31,300,737 shares issued; 30,498,948 shares outstanding | 313 | — | 313 | — | 313 | — | 313 | ||||||||||||||||||||||||||||||||||
Additional paid-in capital | 487,512 | — | 487,512 | — | 487,512 | — | 487,512 | ||||||||||||||||||||||||||||||||||
Treasury stock, at cost; 801,789 shares | (18,798 | ) | — | (18,798 | ) | — | (18,798 | ) | — | (18,798 | ) | ||||||||||||||||||||||||||||||
Accumulated other comprehensive loss | (40,710 | ) | — | (40,710 | ) | 321 | (40,389 | ) | — | (40,389 | ) | ||||||||||||||||||||||||||||||
Retained earnings | 327,492 | (1,435 | ) | 326,057 | (34,639 | ) | 291,418 | — | 291,418 | ||||||||||||||||||||||||||||||||
Total shareholders’ equity | 755,809 | (1,435 | ) | 754,374 | (34,318 | ) | 720,056 | — | 720,056 | ||||||||||||||||||||||||||||||||
Total liabilities and shareholders’ equity | $ | 1,245,204 | $ | (7,860 | ) | $ | 1,237,344 | $ | (29,624 | ) | $ | 1,207,720 | $ | — | $ | 1,207,720 | |||||||||||||||||||||||||
(1): | Previously reported balances represent the amounts reported in the Condensed Consolidated Balance Sheet in the Company’s Amended Quarterly Report on Form 10-Q/A for the quarterly period ended March 31, 2013 as filed with the SEC on September 24, 2013. The previously reported balances of inventory and cost in excess of billings have been adjusted by $(1,739) and $1,739 to correct the prior presentation. | ||||||||||||||||||||||||||||||||||||||||
(2): | Amounts presented as Revision Adjustment represent revisions related to revenue recognition errors related to certain long-term projects, as well as adjustments to goodwill and deferred taxes related to the acquisition of Remmele in 2012, as disclosed in the Company’s Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2013 as filed with the SEC on November 12, 2013. | ||||||||||||||||||||||||||||||||||||||||
Condensed Consolidated Balance Sheet | |||||||||||||||||||||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||||||||||||||||||||
(In thousands, except share and per share amounts) | |||||||||||||||||||||||||||||||||||||||||
June 30, 2013 | |||||||||||||||||||||||||||||||||||||||||
Previously | Revision | As | Restatement | As | Discontinued | Currently | |||||||||||||||||||||||||||||||||||
Reported | Adjustment (2) | Revised | Adjustment | Corrected | Operations | Reported | |||||||||||||||||||||||||||||||||||
-1 | |||||||||||||||||||||||||||||||||||||||||
ASSETS | |||||||||||||||||||||||||||||||||||||||||
Current assets: | |||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 231,433 | $ | — | $ | 231,433 | $ | — | $ | 231,433 | $ | — | $ | 231,433 | |||||||||||||||||||||||||||
Short-term investments | 128,205 | — | 128,205 | — | 128,205 | — | 128,205 | ||||||||||||||||||||||||||||||||||
Receivables, less allowance for doubtful accounts of $637 | 106,880 | — | 106,880 | — | 106,880 | (593 | ) | 106,287 | |||||||||||||||||||||||||||||||||
Inventories, net | 420,793 | (4,265 | ) | 416,528 | — | 416,528 | (7,301 | ) | 409,227 | ||||||||||||||||||||||||||||||||
Costs in excess of billings | 1,455 | 1,305 | 2,760 | — | 2,760 | — | 2,760 | ||||||||||||||||||||||||||||||||||
Deferred income taxes | 30,675 | 1,015 | 31,690 | — | 31,690 | — | 31,690 | ||||||||||||||||||||||||||||||||||
Assets of discontinued operations | — | — | — | — | — | 8,076 | 8,076 | ||||||||||||||||||||||||||||||||||
Other current assets | 21,990 | — | 21,990 | (22 | ) | 21,968 | — | 21,968 | |||||||||||||||||||||||||||||||||
Total current assets | 941,431 | (1,945 | ) | 939,486 | (22 | ) | 939,464 | 182 | 939,646 | ||||||||||||||||||||||||||||||||
Property, plant, and equipment, net | 368,363 | — | 368,363 | — | 368,363 | (117 | ) | 368,246 | |||||||||||||||||||||||||||||||||
Goodwill | 134,823 | (5,260 | ) | 129,563 | — | 129,563 | (65 | ) | 129,498 | ||||||||||||||||||||||||||||||||
Other intangible assets, net | 53,826 | — | 53,826 | — | 53,826 | — | 53,826 | ||||||||||||||||||||||||||||||||||
Deferred income taxes | 29,615 | — | 29,615 | (29,615 | ) | — | — | — | |||||||||||||||||||||||||||||||||
Other noncurrent assets | 13,681 | — | 13,681 | — | 13,681 | — | 13,681 | ||||||||||||||||||||||||||||||||||
Total assets | $ | 1,541,739 | $ | (7,205 | ) | $ | 1,534,534 | $ | (29,637 | ) | $ | 1,504,897 | $ | — | $ | 1,504,897 | |||||||||||||||||||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||||||||||||||||||||||||||||||||||||
Current liabilities: | |||||||||||||||||||||||||||||||||||||||||
Accounts payable | $ | 70,796 | $ | — | $ | 70,796 | $ | — | $ | 70,796 | $ | (341 | ) | $ | 70,455 | ||||||||||||||||||||||||||
Accrued wages and employee costs | 26,355 | — | 26,355 | — | 26,355 | (101 | ) | 26,254 | |||||||||||||||||||||||||||||||||
Unearned revenues | 49,885 | (570 | ) | 49,315 | — | 49,315 | — | 49,315 | |||||||||||||||||||||||||||||||||
Liabilities of discontinued operations | — | — | — | — | — | 501 | 501 | ||||||||||||||||||||||||||||||||||
Other accrued liabilities | 19,852 | — | 19,852 | — | 19,852 | (59 | ) | 19,793 | |||||||||||||||||||||||||||||||||
Total current liabilities | 166,888 | (570 | ) | 166,318 | — | 166,318 | — | 166,318 | |||||||||||||||||||||||||||||||||
Long-term debt | 415,220 | — | 415,220 | — | 415,220 | — | 415,220 | ||||||||||||||||||||||||||||||||||
Liability for post-retirement benefits | 43,944 | — | 43,944 | — | 43,944 | — | 43,944 | ||||||||||||||||||||||||||||||||||
Liability for pension benefits | 14,923 | — | 14,923 | — | 14,923 | — | 14,923 | ||||||||||||||||||||||||||||||||||
Deferred income taxes | 81,190 | (5,068 | ) | 76,122 | 3,868 | 79,990 | — | 79,990 | |||||||||||||||||||||||||||||||||
Unearned revenues | 12,496 | — | 12,496 | — | 12,496 | — | 12,496 | ||||||||||||||||||||||||||||||||||
Other noncurrent liabilities | 12,307 | — | 12,307 | — | 12,307 | — | 12,307 | ||||||||||||||||||||||||||||||||||
Total liabilities | 746,968 | (5,638 | ) | 741,330 | 3,868 | 745,198 | — | 745,198 | |||||||||||||||||||||||||||||||||
Commitments and Contingencies | |||||||||||||||||||||||||||||||||||||||||
Shareholders’ equity: | |||||||||||||||||||||||||||||||||||||||||
Common stock, $0.01 par value; 50,000,000 shares authorized; 31,339,200 shares issued; 30,537,411 shares outstanding | 313 | — | 313 | — | 313 | — | 313 | ||||||||||||||||||||||||||||||||||
Additional paid-in capital | 528,541 | — | 528,541 | — | 528,541 | — | 528,541 | ||||||||||||||||||||||||||||||||||
Treasury stock, at cost; 801,789 shares | (18,798 | ) | — | (18,798 | ) | — | (18,798 | ) | — | (18,798 | ) | ||||||||||||||||||||||||||||||
Accumulated other comprehensive loss | (43,950 | ) | — | (43,950 | ) | 1,505 | (42,445 | ) | — | (42,445 | ) | ||||||||||||||||||||||||||||||
Retained earnings | 328,665 | (1,567 | ) | 327,098 | (35,010 | ) | 292,088 | — | 292,088 | ||||||||||||||||||||||||||||||||
Total shareholders’ equity | 794,771 | (1,567 | ) | 793,204 | (33,505 | ) | 759,699 | — | 759,699 | ||||||||||||||||||||||||||||||||
Total liabilities and shareholders’ equity | $ | 1,541,739 | $ | (7,205 | ) | $ | 1,534,534 | $ | (29,637 | ) | $ | 1,504,897 | $ | — | $ | 1,504,897 | |||||||||||||||||||||||||
(1): | Previously reported balances represent the amounts reported in the Condensed Consolidated Balance Sheet in the Company’s Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2013 as filed with the SEC on September 24, 2013. The previously reported balances of inventory, cost in excess of billings, and deferred revenue have been adjusted by $(359), $544, and $185 to correct the prior presentation. | ||||||||||||||||||||||||||||||||||||||||
(2): | Amounts presented as Revision Adjustment represent revisions related to revenue recognition errors related to certain long-term projects, as well as adjustments to goodwill and deferred taxes related to the acquisition of Remmele in 2012, as disclosed in the Company’s Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2013 as filed with the SEC on November 12, 2013. | ||||||||||||||||||||||||||||||||||||||||
Condensed Consolidated Balance Sheet | |||||||||||||||||||||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||||||||||||||||||||
(In thousands, except share and per share amounts) | |||||||||||||||||||||||||||||||||||||||||
September 30, 2013 | |||||||||||||||||||||||||||||||||||||||||
Previously | Restatement | As | Discontinued | Currently | |||||||||||||||||||||||||||||||||||||
Reported (1) | Adjustment | Corrected | Operations | Reported | |||||||||||||||||||||||||||||||||||||
ASSETS | |||||||||||||||||||||||||||||||||||||||||
Current assets: | |||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 315,021 | $ | — | $ | 315,021 | $ | — | $ | 315,021 | |||||||||||||||||||||||||||||||
Short-term investments | 45,187 | — | 45,187 | — | 45,187 | ||||||||||||||||||||||||||||||||||||
Receivables, less allowance for doubtful accounts of $698 | 118,827 | — | 118,827 | (704 | ) | 118,123 | |||||||||||||||||||||||||||||||||||
Inventories, net | 419,158 | — | 419,158 | (6,702 | ) | 412,456 | |||||||||||||||||||||||||||||||||||
Costs in excess of billings | 4,667 | — | 4,667 | — | 4,667 | ||||||||||||||||||||||||||||||||||||
Deferred income taxes | 31,406 | — | 31,406 | — | 31,406 | ||||||||||||||||||||||||||||||||||||
Assets of discontinued operations | — | — | — | 7,582 | 7,582 | ||||||||||||||||||||||||||||||||||||
Other current assets | 23,041 | (133 | ) | 22,908 | — | 22,908 | |||||||||||||||||||||||||||||||||||
Total current assets | 957,307 | (133 | ) | 957,174 | 176 | 957,350 | |||||||||||||||||||||||||||||||||||
Property, plant, and equipment, net | 367,849 | — | 367,849 | (111 | ) | 367,738 | |||||||||||||||||||||||||||||||||||
Goodwill | 129,838 | — | 129,838 | (65 | ) | 129,773 | |||||||||||||||||||||||||||||||||||
Other intangible assets, net | 53,042 | — | 53,042 | — | 53,042 | ||||||||||||||||||||||||||||||||||||
Deferred income taxes | 29,435 | (29,435 | ) | — | — | — | |||||||||||||||||||||||||||||||||||
Other noncurrent assets | 14,910 | — | 14,910 | — | 14,910 | ||||||||||||||||||||||||||||||||||||
Total assets | $ | 1,552,381 | $ | (29,568 | ) | $ | 1,522,813 | $ | — | $ | 1,522,813 | ||||||||||||||||||||||||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||||||||||||||||||||||||||||||||||||
Current liabilities: | |||||||||||||||||||||||||||||||||||||||||
Accounts payable | $ | 75,039 | $ | — | $ | 75,039 | $ | (347 | ) | $ | 74,692 | ||||||||||||||||||||||||||||||
Accrued wages and other employee costs | 29,801 | — | 29,801 | (104 | ) | 29,697 | |||||||||||||||||||||||||||||||||||
Unearned revenues | 38,467 | — | 38,467 | — | 38,467 | ||||||||||||||||||||||||||||||||||||
Liabilities of discontinued operations | — | — | — | 471 | 471 | ||||||||||||||||||||||||||||||||||||
Other accrued liabilities | 26,037 | — | 26,037 | (20 | ) | 26,017 | |||||||||||||||||||||||||||||||||||
Total current liabilities | 169,344 | — | 169,344 | — | 169,344 | ||||||||||||||||||||||||||||||||||||
Long-term debt | 419,249 | — | 419,249 | — | 419,249 | ||||||||||||||||||||||||||||||||||||
Liability for post-retirement benefits | 44,112 | — | 44,112 | — | 44,112 | ||||||||||||||||||||||||||||||||||||
Liability for pension benefits | 10,297 | — | 10,297 | — | 10,297 | ||||||||||||||||||||||||||||||||||||
Deferred income taxes | 73,882 | 4,630 | 78,512 | — | 78,512 | ||||||||||||||||||||||||||||||||||||
Unearned revenues | 12,033 | — | 12,033 | — | 12,033 | ||||||||||||||||||||||||||||||||||||
Other noncurrent liabilities | 12,134 | — | 12,134 | — | 12,134 | ||||||||||||||||||||||||||||||||||||
Total liabilities | 741,051 | 4,630 | 745,681 | — | 745,681 | ||||||||||||||||||||||||||||||||||||
Commitments and Contingencies Shareholders’ equity: | |||||||||||||||||||||||||||||||||||||||||
Common stock, $0.01 par value; 50,000,000 shares authorized; 31,360,663 shares issued; 30,554,253 shares outstanding | 314 | — | 314 | — | 314 | ||||||||||||||||||||||||||||||||||||
Additional paid-in capital | 530,415 | — | 530,415 | — | 530,415 | ||||||||||||||||||||||||||||||||||||
Treasury stock, at cost; 806,410 shares | (18,798 | ) | — | (18,798 | ) | — | (18,798 | ) | |||||||||||||||||||||||||||||||||
Accumulated other comprehensive loss | (39,991 | ) | 809 | (39,182 | ) | — | (39,182 | ) | |||||||||||||||||||||||||||||||||
Retained earnings | 339,390 | (35,007 | ) | 304,383 | — | 304,383 | |||||||||||||||||||||||||||||||||||
Total shareholders’ equity | 811,330 | (34,198 | ) | 777,132 | — | 777,132 | |||||||||||||||||||||||||||||||||||
Total liabilities and shareholders’ equity | $ | 1,552,381 | $ | (29,568 | ) | $ | 1,522,813 | $ | — | $ | 1,522,813 | ||||||||||||||||||||||||||||||
(1): | Previously reported balances represent the amounts reported in the Condensed Consolidated Balance Sheet in the Company’s Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2013 as filed with the SEC on November 12, 2013. The previously reported balances of inventory and cost in excess of billings have been adjusted by $(1,242) and $1,242 to correct the prior presentation. | ||||||||||||||||||||||||||||||||||||||||
Condensed Consolidated Balance Sheet | |||||||||||||||||||||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||||||||||||||||||||
(In thousands, except share and per share amounts) | |||||||||||||||||||||||||||||||||||||||||
March 31, 2012 | |||||||||||||||||||||||||||||||||||||||||
Previously | Restatement | As Corrected | Discontinued | Currently | |||||||||||||||||||||||||||||||||||||
Reported (1) | Adjustment | Operations | Reported | ||||||||||||||||||||||||||||||||||||||
ASSETS | |||||||||||||||||||||||||||||||||||||||||
Current assets: | |||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 117,872 | $ | — | $ | 117,872 | $ | — | $ | 117,872 | |||||||||||||||||||||||||||||||
Receivables, less allowance for doubtful accounts of $934 | 103,163 | — | 103,163 | (1,526 | ) | 101,637 | |||||||||||||||||||||||||||||||||||
Inventories, net | 306,031 | — | 306,031 | (8,972 | ) | 297,059 | |||||||||||||||||||||||||||||||||||
Costs in excess of billings | 1,607 | — | 1,607 | — | 1,607 | ||||||||||||||||||||||||||||||||||||
Deferred income taxes | 20,475 | — | 20,475 | — | 20,475 | ||||||||||||||||||||||||||||||||||||
Assets of discontinued operations | 18,598 | — | 18,598 | 10,983 | 29,581 | ||||||||||||||||||||||||||||||||||||
Other current assets | 11,269 | — | 11,269 | — | 11,269 | ||||||||||||||||||||||||||||||||||||
Total current assets | 579,015 | — | 579,015 | 485 | 579,500 | ||||||||||||||||||||||||||||||||||||
Property, plant, and equipment, net | 361,464 | — | 361,464 | (127 | ) | 361,337 | |||||||||||||||||||||||||||||||||||
Goodwill | 133,595 | — | 133,595 | (358 | ) | 133,237 | |||||||||||||||||||||||||||||||||||
Other intangible assets, net | 59,527 | — | 59,527 | — | 59,527 | ||||||||||||||||||||||||||||||||||||
Deferred income taxes | 29,111 | (29,111 | ) | — | — | — | |||||||||||||||||||||||||||||||||||
Other noncurrent assets | 8,476 | — | 8,476 | — | 8,476 | ||||||||||||||||||||||||||||||||||||
Total assets | $ | 1,171,188 | $ | (29,111 | ) | $ | 1,142,077 | $ | — | $ | 1,142,077 | ||||||||||||||||||||||||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||||||||||||||||||||||||||||||||||||
Current liabilities: | |||||||||||||||||||||||||||||||||||||||||
Accounts payable | $ | 64,837 | — | $ | 64,837 | $ | (1,512 | ) | $ | 63,325 | |||||||||||||||||||||||||||||||
Accrued wages and other employee costs | 19,690 | — | 19,690 | (112 | ) | 19,578 | |||||||||||||||||||||||||||||||||||
Unearned revenues | 36,589 | — | 36,589 | — | 36,589 | ||||||||||||||||||||||||||||||||||||
Liabilities of discontinued operations | 3,879 | — | 3,879 | 1,709 | 5,588 | ||||||||||||||||||||||||||||||||||||
Other accrued liabilities | 21,768 | 203 | 21,971 | (85 | ) | 21,886 | |||||||||||||||||||||||||||||||||||
Total current liabilities | 146,763 | 203 | 146,966 | — | 146,966 | ||||||||||||||||||||||||||||||||||||
Long-term debt | 191,189 | — | 191,189 | — | 191,189 | ||||||||||||||||||||||||||||||||||||
Liability for post-retirement benefits | 41,806 | — | 41,806 | — | 41,806 | ||||||||||||||||||||||||||||||||||||
Liability for pension benefits | 15,097 | — | 15,097 | — | 15,097 | ||||||||||||||||||||||||||||||||||||
Deferred income taxes | 33,141 | 753 | 33,894 | — | 33,894 | ||||||||||||||||||||||||||||||||||||
Unearned revenues | 3,504 | — | 3,504 | — | 3,504 | ||||||||||||||||||||||||||||||||||||
Other noncurrent liabilities | 8,895 | — | 8,895 | — | 8,895 | ||||||||||||||||||||||||||||||||||||
Total liabilities | 440,395 | 956 | 441,351 | — | 441,351 | ||||||||||||||||||||||||||||||||||||
Commitments and Contingencies | |||||||||||||||||||||||||||||||||||||||||
Shareholders’ equity: | |||||||||||||||||||||||||||||||||||||||||
Common stock, $0.01 par value; 50,000,000 shares authorized; 31,066,254 shares issued; 30,286,870 shares outstanding | 311 | — | 311 | — | 311 | ||||||||||||||||||||||||||||||||||||
Additional paid-in capital | 480,653 | — | 480,653 | — | 480,653 | ||||||||||||||||||||||||||||||||||||
Treasury stock, at cost; 779,375 shares | (18,399 | ) | — | (18,399 | ) | — | (18,399 | ) | |||||||||||||||||||||||||||||||||
Accumulated other comprehensive loss | (35,808 | ) | (192 | ) | (36,000 | ) | — | (36,000 | ) | ||||||||||||||||||||||||||||||||
Retained earnings | 304,036 | (29,875 | ) | 274,161 | — | 274,161 | |||||||||||||||||||||||||||||||||||
Total shareholders’ equity | 730,793 | (30,067 | ) | 700,726 | — | 700,726 | |||||||||||||||||||||||||||||||||||
Total liabilities and shareholders’ equity | $ | 1,171,188 | $ | (29,111 | ) | $ | 1,142,077 | $ | — | $ | 1,142,077 | ||||||||||||||||||||||||||||||
(1): | Previously reported balances represent the amounts presented as “Currently Reported” in the Note 2 to the Company’s Second Amended Annual Report on Form 10-K/A for the annual period ended December 31, 2012 as filed with the SEC on November 12, 2013. The previously reported balances of inventory, cost in excess of billings, and deferred revenue have been adjusted by $(1,596), $1,602, and $6 to correct the prior presentation. | ||||||||||||||||||||||||||||||||||||||||
Condensed Consolidated Balance Sheet | |||||||||||||||||||||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||||||||||||||||||||
(In thousands, except share and per share amounts) | |||||||||||||||||||||||||||||||||||||||||
June 30, 2012 | |||||||||||||||||||||||||||||||||||||||||
Previously | Restatement | As Corrected | Discontinued | Currently | |||||||||||||||||||||||||||||||||||||
Reported (1) | Adjustment | Operations | Reported | ||||||||||||||||||||||||||||||||||||||
ASSETS | |||||||||||||||||||||||||||||||||||||||||
Current assets: | |||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 99,525 | $ | — | $ | 99,525 | $ | — | $ | 99,525 | |||||||||||||||||||||||||||||||
Receivables, less allowance for doubtful accounts of $965 | 103,757 | — | 103,757 | (1,196 | ) | 102,561 | |||||||||||||||||||||||||||||||||||
Inventories, net | 325,334 | — | 325,334 | (8,861 | ) | 316,473 | |||||||||||||||||||||||||||||||||||
Costs in excess of billings | 2,515 | — | 2,515 | — | 2,515 | ||||||||||||||||||||||||||||||||||||
Deferred income taxes | 20,775 | — | 20,775 | — | 20,775 | ||||||||||||||||||||||||||||||||||||
Assets of discontinued operations | 17,633 | — | 17,633 | 10,532 | 28,165 | ||||||||||||||||||||||||||||||||||||
Other current assets | 13,269 | — | 13,269 | — | 13,269 | ||||||||||||||||||||||||||||||||||||
Total current assets | 582,808 | — | 582,808 | 475 | 583,283 | ||||||||||||||||||||||||||||||||||||
Property, plant, and equipment, net | 365,735 | — | 365,735 | (117 | ) | 365,618 | |||||||||||||||||||||||||||||||||||
Goodwill | 133,570 | — | 133,570 | (358 | ) | 133,212 | |||||||||||||||||||||||||||||||||||
Other intangible assets, net | 58,251 | — | 58,251 | — | 58,251 | ||||||||||||||||||||||||||||||||||||
Deferred income taxes | 29,239 | (29,239 | ) | — | — | — | |||||||||||||||||||||||||||||||||||
Other noncurrent assets | 8,792 | — | 8,792 | — | 8,792 | ||||||||||||||||||||||||||||||||||||
Total assets | $ | 1,178,395 | $ | (29,239 | ) | $ | 1,149,156 | $ | — | $ | 1,149,156 | ||||||||||||||||||||||||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||||||||||||||||||||||||||||||||||||
Current liabilities: | |||||||||||||||||||||||||||||||||||||||||
Accounts payable | $ | 61,084 | $ | — | $ | 61,084 | $ | (433 | ) | $ | 60,651 | ||||||||||||||||||||||||||||||
Accrued wages and other employee costs | 24,871 | — | 24,871 | (119 | ) | 24,752 | |||||||||||||||||||||||||||||||||||
Unearned revenue | 36,866 | — | 36,866 | — | 36,866 | ||||||||||||||||||||||||||||||||||||
Liabilities of discontinued operations | 3,494 | — | 3,494 | 593 | 4,087 | ||||||||||||||||||||||||||||||||||||
Other accrued liabilities | 21,680 | 237 | 21,917 | (41 | ) | 21,876 | |||||||||||||||||||||||||||||||||||
Total current liabilities | 147,995 | 237 | 148,232 | — | 148,232 | ||||||||||||||||||||||||||||||||||||
Long-term debt | 193,727 | — | 193,727 | — | 193,727 | ||||||||||||||||||||||||||||||||||||
Liability for post-retirement benefits | 42,000 | — | 42,000 | — | 42,000 | ||||||||||||||||||||||||||||||||||||
Liability for pension benefits | 13,402 | — | 13,402 | — | 13,402 | ||||||||||||||||||||||||||||||||||||
Deferred income taxes | 33,749 | 1,480 | 35,229 | — | 35,229 | ||||||||||||||||||||||||||||||||||||
Unearned revenue | 3,385 | — | 3,385 | — | 3,385 | ||||||||||||||||||||||||||||||||||||
Other noncurrent liabilities | 8,969 | — | 8,969 | — | 8,969 | ||||||||||||||||||||||||||||||||||||
Total liabilities | 443,227 | 1,717 | 444,944 | — | 444,944 | ||||||||||||||||||||||||||||||||||||
Commitments and Contingencies | |||||||||||||||||||||||||||||||||||||||||
Shareholders’ equity | |||||||||||||||||||||||||||||||||||||||||
Common stock, $0.01 par value; 50,000,000 shares authorized; 31,097,449 shares issued; 30,314,874 shares outstanding | 311 | — | 311 | — | 311 | ||||||||||||||||||||||||||||||||||||
Additional paid-in capital | 481,855 | — | 481,855 | — | 481,855 | ||||||||||||||||||||||||||||||||||||
Treasury stock, at cost; 782,575 shares | (18,399 | ) | — | (18,399 | ) | — | (18,399 | ) | |||||||||||||||||||||||||||||||||
Accumulated other comprehensive loss | (37,181 | ) | 440 | (36,741 | ) | — | (36,741 | ) | |||||||||||||||||||||||||||||||||
Retained earnings | 308,582 | (31,396 | ) | 277,186 | — | 277,186 | |||||||||||||||||||||||||||||||||||
Total shareholders’ equity | 735,168 | (30,956 | ) | 704,212 | — | 704,212 | |||||||||||||||||||||||||||||||||||
Total liabilities and shareholders’ equity | $ | 1,178,395 | $ | (29,239 | ) | $ | 1,149,156 | $ | — | $ | 1,149,156 | ||||||||||||||||||||||||||||||
(1): | Previously reported balances represent the amounts presented as “Currently Reported” in the Note 2 to the Company’s Second Amended Annual Report on Form 10-K/A for the annual period ended December 31, 2012 as filed with the SEC on November 12, 2013. The previously reported balances of inventory, cost in excess of billings, and deferred revenue have been adjusted by $(1,835), $1,857, and $22 to correct the prior presentation. | ||||||||||||||||||||||||||||||||||||||||
Condensed Consolidated Balance Sheet | |||||||||||||||||||||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||||||||||||||||||||
(In thousands, except share and per share amounts) | |||||||||||||||||||||||||||||||||||||||||
September 30, 2012 | |||||||||||||||||||||||||||||||||||||||||
Previously | Restatement | As Corrected | Discontinued | Currently | |||||||||||||||||||||||||||||||||||||
Reported (1) | Adjustment | Operations | Reported | ||||||||||||||||||||||||||||||||||||||
ASSETS | |||||||||||||||||||||||||||||||||||||||||
Current assets: | |||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 73,389 | $ | — | $ | 73,389 | $ | — | $ | 73,389 | |||||||||||||||||||||||||||||||
Short-term investments | 3,998 | — | 3,998 | — | 3,998 | ||||||||||||||||||||||||||||||||||||
Receivables, less allowance for doubtful accounts of $909 | 114,248 | — | 114,248 | (919 | ) | 113,329 | |||||||||||||||||||||||||||||||||||
Inventories, net | 351,654 | — | 351,654 | (8,972 | ) | 342,682 | |||||||||||||||||||||||||||||||||||
Costs in excess of billings | 3,495 | — | 3,495 | — | 3,495 | ||||||||||||||||||||||||||||||||||||
Deferred income taxes | 22,059 | — | 22,059 | — | 22,059 | ||||||||||||||||||||||||||||||||||||
Assets of discontinued operations | 16,799 | — | 16,799 | 10,359 | 27,158 | ||||||||||||||||||||||||||||||||||||
Other current assets | 11,160 | — | 11,160 | — | 11,160 | ||||||||||||||||||||||||||||||||||||
Total current assets | 596,802 | — | 596,802 | 468 | 597,270 | ||||||||||||||||||||||||||||||||||||
Property, plant, and equipment, net | 367,768 | — | 367,768 | (110 | ) | 367,658 | |||||||||||||||||||||||||||||||||||
Goodwill | 131,606 | — | 131,606 | (358 | ) | 131,248 | |||||||||||||||||||||||||||||||||||
Other intangible assets, net | 57,664 | — | 57,664 | — | 57,664 | ||||||||||||||||||||||||||||||||||||
Deferred income taxes | 32,197 | (32,197 | ) | — | — | — | |||||||||||||||||||||||||||||||||||
Other noncurrent assets | 8,353 | — | 8,353 | — | 8,353 | ||||||||||||||||||||||||||||||||||||
Total assets | $ | 1,194,390 | $ | (32,197 | ) | $ | 1,162,193 | $ | — | $ | 1,162,193 | ||||||||||||||||||||||||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||||||||||||||||||||||||||||||||||||
Current liabilities: | |||||||||||||||||||||||||||||||||||||||||
Accounts payable | $ | 67,166 | $ | — | $ | 67,166 | $ | (854 | ) | $ | 66,312 | ||||||||||||||||||||||||||||||
Accrued wages and other employee costs | 29,445 | — | 29,445 | (138 | ) | 29,307 | |||||||||||||||||||||||||||||||||||
Unearned revenue | 34,692 | — | 34,692 | — | 34,692 | ||||||||||||||||||||||||||||||||||||
Liabilities of discontinued operations | 3,198 | — | 3,198 | 992 | 4,190 | ||||||||||||||||||||||||||||||||||||
Other accrued liabilities | 27,458 | 96 | 27,554 | — | 27,554 | ||||||||||||||||||||||||||||||||||||
Total current liabilities | 161,959 | 96 | 162,055 | — | 162,055 | ||||||||||||||||||||||||||||||||||||
Long-term debt | 196,079 | — | 196,079 | — | 196,079 | ||||||||||||||||||||||||||||||||||||
Liability for post-retirement benefits | 42,220 | — | 42,220 | — | 42,220 | ||||||||||||||||||||||||||||||||||||
Liability for pension benefits | 2,555 | — | 2,555 | — | 2,555 | ||||||||||||||||||||||||||||||||||||
Deferred income taxes | 33,663 | 589 | 34,252 | — | 34,252 | ||||||||||||||||||||||||||||||||||||
Unearned revenue | 3,240 | — | 3,240 | — | 3,240 | ||||||||||||||||||||||||||||||||||||
Other noncurrent liabilities | 8,908 | — | 8,908 | — | 8,908 | ||||||||||||||||||||||||||||||||||||
Total liabilities | 448,624 | 685 | 449,309 | — | 449,309 | ||||||||||||||||||||||||||||||||||||
Commitments and Contingencies | |||||||||||||||||||||||||||||||||||||||||
Shareholders’ equity | |||||||||||||||||||||||||||||||||||||||||
Common stock, $0.01 par value; 50,000,000 shares authorized; 31,106,934 shares issued; 30,324,359 shares outstanding | 311 | — | 311 | — | 311 | ||||||||||||||||||||||||||||||||||||
Additional paid-in capital | 483,156 | — | 483,156 | — | 483,156 | ||||||||||||||||||||||||||||||||||||
Treasury stock, at cost; 782,575 shares | (18,399 | ) | — | (18,399 | ) | — | (18,399 | ) | |||||||||||||||||||||||||||||||||
Accumulated other comprehensive loss | (31,472 | ) | (672 | ) | (32,144 | ) | — | (32,144 | ) | ||||||||||||||||||||||||||||||||
Retained earnings | 312,170 | (32,210 | ) | 279,960 | — | 279,960 | |||||||||||||||||||||||||||||||||||
Total shareholders’ equity | 745,766 | (32,882 | ) | 712,884 | — | 712,884 | |||||||||||||||||||||||||||||||||||
Total liabilities and shareholders’ equity | $ | 1,194,390 | $ | (32,197 | ) | $ | 1,162,193 | $ | — | $ | 1,162,193 | ||||||||||||||||||||||||||||||
(1): | Previously reported balances represent the amounts presented as “Currently Reported” in the Note 2 to the Company’s Second Amended Annual Report on Form 10-K/A for the annual period ended December 31, 2012 as filed with the SEC on November 12, 2013. The previously reported balances of inventory, cost in excess of billings, and deferred revenue have been adjusted by $(1,175), $1,344, and $169 to correct the prior presentation. | ||||||||||||||||||||||||||||||||||||||||
Condensed Consolidated Statement of Cash Flows | |||||||||||||||||||||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||||||||||
March 31, 2013 | |||||||||||||||||||||||||||||||||||||||||
Previously | Revision | Restatement | Currently | ||||||||||||||||||||||||||||||||||||||
Reported (1) | Adjustment (2) | Adjustment | Reported | ||||||||||||||||||||||||||||||||||||||
OPERATING ACTIVITIES: | |||||||||||||||||||||||||||||||||||||||||
Net income | $ | 6,968 | $ | (458 | ) | $ | (1,625 | ) | $ | 4,885 | |||||||||||||||||||||||||||||||
Adjustment for non-cash items included in net income: | |||||||||||||||||||||||||||||||||||||||||
Depreciation and amortization | 11,000 | — | — | 11,000 | |||||||||||||||||||||||||||||||||||||
Asset and asset-related charges (income) | — | — | — | — | |||||||||||||||||||||||||||||||||||||
Goodwill impairments | 484 | — | — | 484 | |||||||||||||||||||||||||||||||||||||
Deferred income taxes | 3,350 | (178 | ) | 1,625 | 4,797 | ||||||||||||||||||||||||||||||||||||
Stock-based compensation | 1,708 | — | — | 1,708 | |||||||||||||||||||||||||||||||||||||
Excess tax benefits from stock-based compensation activity | (236 | ) | — | — | (236 | ) | |||||||||||||||||||||||||||||||||||
(Gain) loss on sale of property, plant and equipment | — | — | — | — | |||||||||||||||||||||||||||||||||||||
Amortization of discount on long-term debt | 2,562 | — | — | 2,562 | |||||||||||||||||||||||||||||||||||||
Amortization of deferred financing costs | 325 | — | — | 325 | |||||||||||||||||||||||||||||||||||||
Other | (41 | ) | — | — | (41 | ) | |||||||||||||||||||||||||||||||||||
Changes in assets and liabilities: | |||||||||||||||||||||||||||||||||||||||||
Receivables | (9,994 | ) | — | — | (9,994 | ) | |||||||||||||||||||||||||||||||||||
Inventories | (26,091 | ) | 111 | — | (25,980 | ) | |||||||||||||||||||||||||||||||||||
Accounts payable | (6,583 | ) | — | — | (6,583 | ) | |||||||||||||||||||||||||||||||||||
Income taxes payable | 416 | — | — | 416 | |||||||||||||||||||||||||||||||||||||
Unearned revenue | (5,194 | ) | 532 | — | (4,662 | ) | |||||||||||||||||||||||||||||||||||
Cost in excess of billings | (12 | ) | (7 | ) | — | (19 | ) | ||||||||||||||||||||||||||||||||||
Liability for pension benefits | — | — | — | — | |||||||||||||||||||||||||||||||||||||
Other current assets and liabilities | (10,520 | ) | — | 104 | (10,416 | ) | |||||||||||||||||||||||||||||||||||
Other assets and liabilities | 1,135 | — | (104 | ) | 1,031 | ||||||||||||||||||||||||||||||||||||
Cash provided by (used in) operating activities | (30,723 | ) | — | — | (30,723 | ) | |||||||||||||||||||||||||||||||||||
INVESTING ACTIVITIES: | |||||||||||||||||||||||||||||||||||||||||
Acquisitions, net of cash required | — | — | — | — | |||||||||||||||||||||||||||||||||||||
Maturity/sale of investments | — | — | — | — | |||||||||||||||||||||||||||||||||||||
Capital expenditures | (9,160 | ) | — | — | (9,160 | ) | |||||||||||||||||||||||||||||||||||
Purchase of investments | — | — | — | — | |||||||||||||||||||||||||||||||||||||
Proceeds from disposal of property, plant, and equipment | — | — | — | — | |||||||||||||||||||||||||||||||||||||
Cash provided by (used in) investing activities | (9,160 | ) | — | — | (9,160 | ) | |||||||||||||||||||||||||||||||||||
FINANCING ACTIVITIES: | |||||||||||||||||||||||||||||||||||||||||
Proceeds from exercise of employee stock options | 1,239 | — | — | 1,239 | |||||||||||||||||||||||||||||||||||||
Excess tax benefits from stock-based compensation activity | 236 | — | — | 236 | |||||||||||||||||||||||||||||||||||||
Purchase of common stock held in treasury | (399 | ) | — | — | (399 | ) | |||||||||||||||||||||||||||||||||||
Repayments on long-term debt | (220 | ) | — | — | (220 | ) | |||||||||||||||||||||||||||||||||||
Cash provided by (used in) financing activities | 856 | — | — | 856 | |||||||||||||||||||||||||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | (148 | ) | — | — | (148 | ) | |||||||||||||||||||||||||||||||||||
Decrease in cash and cash equivalents | (39,175 | ) | — | — | (39,175 | ) | |||||||||||||||||||||||||||||||||||
Cash and cash equivalents at beginning of period | 97,190 | — | — | 97,190 | |||||||||||||||||||||||||||||||||||||
Cash and cash equivalents at end of period | $ | 58,015 | $ | — | $ | — | $ | 58,015 | |||||||||||||||||||||||||||||||||
(1): | Previously reported balances represent the amounts reported in the Condensed Consolidated Statement of Cash Flows in the Company’s Amended Quarterly Report on Form 10-Q/A for the quarterly period ended March 31, 2013 as filed with the SEC on September 24, 2013. The previously reported changes in inventory, cost in excess of billings, and deferred revenue have been adjusted by $1,040, $(174), and $(866) to correct the prior presentation. | ||||||||||||||||||||||||||||||||||||||||
(2): | Amounts presented as Revision Adjustment represent revisions related to revenue recognition errors related to certain long-term projects, as well as adjustments to goodwill and deferred taxes related to the acquisition of Remmele in 2012, as disclosed in the Company’s Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2013 as filed with the SEC on November 12, 2013. | ||||||||||||||||||||||||||||||||||||||||
Condensed Consolidated Statement of Cash Flows | |||||||||||||||||||||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||||||||||
June 30, 2013 | |||||||||||||||||||||||||||||||||||||||||
Previously | Revision | Restatement | Currently | ||||||||||||||||||||||||||||||||||||||
Reported (1) | Adjustment (2) | Adjustment | Reported | ||||||||||||||||||||||||||||||||||||||
OPERATING ACTIVITIES: | |||||||||||||||||||||||||||||||||||||||||
Net income | $ | 8,141 | $ | (590 | ) | $ | (1,996 | ) | $ | 5,555 | |||||||||||||||||||||||||||||||
Adjustment for non-cash items included in net income: | |||||||||||||||||||||||||||||||||||||||||
Depreciation and amortization | 21,753 | — | — | 21,753 | |||||||||||||||||||||||||||||||||||||
Goodwill impairments | 484 | — | — | 484 | |||||||||||||||||||||||||||||||||||||
Deferred income taxes | 1,810 | (267 | ) | 1,996 | 3,539 | ||||||||||||||||||||||||||||||||||||
Stock-based compensation | 3,126 | — | — | 3,126 | |||||||||||||||||||||||||||||||||||||
Excess tax benefits from stock-based compensation activity | (376 | ) | — | — | (376 | ) | |||||||||||||||||||||||||||||||||||
Amortization of discount on long-term debt | 6,569 | — | — | 6,569 | |||||||||||||||||||||||||||||||||||||
Amortization of deferred financing costs | 753 | — | — | 753 | |||||||||||||||||||||||||||||||||||||
Deferred financing cost writedown | 1,498 | — | — | 1,498 | |||||||||||||||||||||||||||||||||||||
Other | (102 | ) | — | — | (102 | ) | |||||||||||||||||||||||||||||||||||
Changes in assets and liabilities: | |||||||||||||||||||||||||||||||||||||||||
Receivables | (3,054 | ) | — | — | (3,054 | ) | |||||||||||||||||||||||||||||||||||
Inventories | (34,979 | ) | 424 | — | (34,555 | ) | |||||||||||||||||||||||||||||||||||
Accounts payable | (12,900 | ) | — | — | (12,900 | ) | |||||||||||||||||||||||||||||||||||
Income taxes payable | (8,356 | ) | — | — | (8,356 | ) | |||||||||||||||||||||||||||||||||||
Unearned revenue | 22,033 | 1,319 | — | 23,352 | |||||||||||||||||||||||||||||||||||||
Cost in excess of billings | 1,951 | (886 | ) | — | 1,065 | ||||||||||||||||||||||||||||||||||||
Other current assets and liabilities | (11,185 | ) | — | 104 | (11,081 | ) | |||||||||||||||||||||||||||||||||||
Other assets and liabilities | 3,453 | — | (104 | ) | 3,349 | ||||||||||||||||||||||||||||||||||||
Cash provided by (used in) operating activities | 619 | — | — | 619 | |||||||||||||||||||||||||||||||||||||
INVESTING ACTIVITIES: | |||||||||||||||||||||||||||||||||||||||||
Divestitures | 10,475 | — | — | 10,475 | |||||||||||||||||||||||||||||||||||||
Capital expenditures | (19,665 | ) | — | — | (19,665 | ) | |||||||||||||||||||||||||||||||||||
Purchase of investments | (128,291 | ) | — | — | (128,291 | ) | |||||||||||||||||||||||||||||||||||
Cash provided by (used in) investing activities | (137,481 | ) | — | — | (137,481 | ) | |||||||||||||||||||||||||||||||||||
FINANCING ACTIVITIES: | |||||||||||||||||||||||||||||||||||||||||
Proceeds from exercise of employee stock options | 1,489 | — | — | 1,489 | |||||||||||||||||||||||||||||||||||||
Excess tax benefits from stock-based compensation activity | 376 | — | — | 376 | |||||||||||||||||||||||||||||||||||||
Purchase of common stock held in treasury | (399 | ) | — | — | (399 | ) | |||||||||||||||||||||||||||||||||||
Borrowings on long-term debt | 402,500 | — | — | 402,500 | |||||||||||||||||||||||||||||||||||||
Repayments on long-term debt | (120,362 | ) | — | — | (120,362 | ) | |||||||||||||||||||||||||||||||||||
Financing fees | (12,370 | ) | — | — | (12,370 | ) | |||||||||||||||||||||||||||||||||||
Cash provided by (used in) financing activities | 271,234 | — | — | 271,234 | |||||||||||||||||||||||||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | (129 | ) | — | — | (129 | ) | |||||||||||||||||||||||||||||||||||
Decrease in cash and cash equivalents | 134,243 | — | — | 134,243 | |||||||||||||||||||||||||||||||||||||
Cash and cash equivalents at beginning of period | 97,190 | — | — | 97,190 | |||||||||||||||||||||||||||||||||||||
Cash and cash equivalents at end of period | $ | 231,433 | $ | — | $ | — | $ | 231,433 | |||||||||||||||||||||||||||||||||
(1): | Previously reported balances represent the amounts reported in the Condensed Consolidated Statement of Cash Flows in the Company’s Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2013 as filed with the SEC on September 24, 2013. The previously reported changes in inventory, cost in excess of billings, and deferred revenue have been adjusted by $(340), $1,021, and $(681) to correct the prior presentation. | ||||||||||||||||||||||||||||||||||||||||
(2): | Amounts presented as Revision Adjustment represent revisions related to revenue recognition errors related to certain long-term projects, as well as adjustments to goodwill and deferred taxes related to the acquisition of Remmele in 2012, as disclosed in the Company’s Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2013 as filed with the SEC on November 12, 2013. | ||||||||||||||||||||||||||||||||||||||||
Condensed Consolidated Statement of Cash Flows | |||||||||||||||||||||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||||||||||
September 30, 2013 | |||||||||||||||||||||||||||||||||||||||||
Previously | Restatement | Currently | |||||||||||||||||||||||||||||||||||||||
Reported (1) | Adjustment | Reported | |||||||||||||||||||||||||||||||||||||||
OPERATING ACTIVITIES: | |||||||||||||||||||||||||||||||||||||||||
Net income | $ | 19,843 | $ | (1,993 | ) | $ | 17,850 | ||||||||||||||||||||||||||||||||||
Adjustment for non-cash items included in net income: | |||||||||||||||||||||||||||||||||||||||||
Depreciation and amortization | 32,469 | — | 32,469 | ||||||||||||||||||||||||||||||||||||||
Goodwill impairments | 484 | — | 484 | ||||||||||||||||||||||||||||||||||||||
Deferred income taxes | 349 | 1,993 | 2,342 | ||||||||||||||||||||||||||||||||||||||
Stock-based compensation | 4,543 | — | 4,543 | ||||||||||||||||||||||||||||||||||||||
Excess tax benefits from stock-based compensation activity | (405 | ) | — | (405 | ) | ||||||||||||||||||||||||||||||||||||
Amortization of discount on long-term debt | 10,592 | — | 10,592 | ||||||||||||||||||||||||||||||||||||||
Deferred financing cost writedown | 1,498 | — | 1,498 | ||||||||||||||||||||||||||||||||||||||
Other | 1,115 | — | 1,115 | ||||||||||||||||||||||||||||||||||||||
Changes in assets and liabilities: | |||||||||||||||||||||||||||||||||||||||||
Receivables | (14,169 | ) | — | (14,169 | ) | ||||||||||||||||||||||||||||||||||||
Inventories | (35,851 | ) | — | (35,851 | ) | ||||||||||||||||||||||||||||||||||||
Accounts payable | (11,866 | ) | — | (11,866 | ) | ||||||||||||||||||||||||||||||||||||
Income taxes payable | (11,566 | ) | — | (11,566 | ) | ||||||||||||||||||||||||||||||||||||
Unearned revenue | 12,636 | — | 12,636 | ||||||||||||||||||||||||||||||||||||||
Cost in excess of billings | (842 | ) | — | (842 | ) | ||||||||||||||||||||||||||||||||||||
Other current assets and liabilities | (2,493 | ) | 104 | (2,389 | ) | ||||||||||||||||||||||||||||||||||||
Other assets and liabilities | 3 | (104 | ) | (101 | ) | ||||||||||||||||||||||||||||||||||||
Cash provided by (used in) operating activities | 6,340 | — | 6,340 | ||||||||||||||||||||||||||||||||||||||
INVESTING ACTIVITIES: | |||||||||||||||||||||||||||||||||||||||||
Divestitures | 10,475 | — | 10,475 | ||||||||||||||||||||||||||||||||||||||
Maturity/sale of investments | 82,957 | — | 82,957 | ||||||||||||||||||||||||||||||||||||||
Capital expenditures | (26,357 | ) | — | (26,357 | ) | ||||||||||||||||||||||||||||||||||||
Purchase of investments | (128,324 | ) | — | (128,324 | ) | ||||||||||||||||||||||||||||||||||||
Cash provided by (used in) investing activities | (61,249 | ) | — | (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 | ||||||||||||||||||||||||||||||||||||||
Purchase of common stock held in treasury | (399 | ) | — | (399 | ) | ||||||||||||||||||||||||||||||||||||
Borrowings on long-term debt | 402,500 | — | 402,500 | ||||||||||||||||||||||||||||||||||||||
Repayments on long-term debt | (120,590 | ) | — | (120,590 | ) | ||||||||||||||||||||||||||||||||||||
Financing fees | (12,370 | ) | — | (12,370 | ) | ||||||||||||||||||||||||||||||||||||
Cash provided by (used in) financing activities | 271,506 | — | 271,506 | ||||||||||||||||||||||||||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | 1,234 | — | 1,234 | ||||||||||||||||||||||||||||||||||||||
Decrease in cash and cash equivalents | 217,831 | — | 217,831 | ||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents at beginning of period | 97,190 | — | 97,190 | ||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents at end of period | $ | 315,021 | $ | — | $ | 315,021 | |||||||||||||||||||||||||||||||||||
(1): | Previously reported balances represent the amounts reported in the Condensed Consolidated Statement of Cash Flows in the Company’s Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2013 as filed with the SEC on November 12, 2013. The previously reported changes in inventory, cost in excess of billings, and deferred revenue have been adjusted by $543, $323, and $(866) to correct the prior presentation. | ||||||||||||||||||||||||||||||||||||||||
Condensed Consolidated Statement of Cash Flows | |||||||||||||||||||||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||||||||||
March 31, 2012 | |||||||||||||||||||||||||||||||||||||||||
Previously | Restatement | As Corrected | |||||||||||||||||||||||||||||||||||||||
Reported | Adjustment | ||||||||||||||||||||||||||||||||||||||||
-1 | |||||||||||||||||||||||||||||||||||||||||
OPERATING ACTIVITIES: | |||||||||||||||||||||||||||||||||||||||||
Net income | $ | 4,629 | $ | (2,061 | ) | $ | 2,568 | ||||||||||||||||||||||||||||||||||
Adjustment for non-cash items included in net income: | |||||||||||||||||||||||||||||||||||||||||
Depreciation and amortization | 8,734 | — | 8,734 | ||||||||||||||||||||||||||||||||||||||
Deferred income taxes | (2,436 | ) | 2,061 | (375 | ) | ||||||||||||||||||||||||||||||||||||
Stock-based compensation | 1,378 | — | 1,378 | ||||||||||||||||||||||||||||||||||||||
Excess tax benefits from stock-based compensation activity | (61 | ) | — | (61 | ) | ||||||||||||||||||||||||||||||||||||
Amortization of discount on long-term debt | 2,352 | — | 2,352 | ||||||||||||||||||||||||||||||||||||||
Other | (68 | ) | — | (68 | ) | ||||||||||||||||||||||||||||||||||||
Changes in assets and liabilities: | |||||||||||||||||||||||||||||||||||||||||
Receivables | 4,750 | — | 4,750 | ||||||||||||||||||||||||||||||||||||||
Inventories | (29,743 | ) | — | (29,743 | ) | ||||||||||||||||||||||||||||||||||||
Accounts payable | 5,504 | — | 5,504 | ||||||||||||||||||||||||||||||||||||||
Income taxes payable | 1,659 | — | 1,659 | ||||||||||||||||||||||||||||||||||||||
Unearned revenue | 5,630 | — | 5,630 | ||||||||||||||||||||||||||||||||||||||
Cost in excess of billings | 2,677 | — | 2,677 | ||||||||||||||||||||||||||||||||||||||
Other current assets and liabilities | (14,648 | ) | — | (14,648 | ) | ||||||||||||||||||||||||||||||||||||
Other assets and liabilities | (3,316 | ) | — | (3,316 | ) | ||||||||||||||||||||||||||||||||||||
Cash provided by (used in) operating activities | (12,959 | ) | — | (12,959 | ) | ||||||||||||||||||||||||||||||||||||
INVESTING ACTIVITIES: | |||||||||||||||||||||||||||||||||||||||||
Acquisitions, net of cash required | (185,633 | ) | — | (185,633 | ) | ||||||||||||||||||||||||||||||||||||
Maturity/sale of investments | 176,809 | — | 176,809 | ||||||||||||||||||||||||||||||||||||||
Capital expenditures | (17,128 | ) | — | (17,128 | ) | ||||||||||||||||||||||||||||||||||||
Purchase of investments | (38 | ) | — | (38 | ) | ||||||||||||||||||||||||||||||||||||
Cash provided by (used in) investing activities | (25,990 | ) | — | (25,990 | ) | ||||||||||||||||||||||||||||||||||||
FINANCING ACTIVITIES: | |||||||||||||||||||||||||||||||||||||||||
Proceeds from exercise of employee stock options | 120 | — | 120 | ||||||||||||||||||||||||||||||||||||||
Excess tax benefits from stock-based compensation activity | 61 | — | 61 | ||||||||||||||||||||||||||||||||||||||
Purchase of common stock held in treasury | (742 | ) | — | (742 | ) | ||||||||||||||||||||||||||||||||||||
Borrowings on long-term debt | (97 | ) | — | (97 | ) | ||||||||||||||||||||||||||||||||||||
Cash provided by (used in) financing activities | (658 | ) | — | (658 | ) | ||||||||||||||||||||||||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | 637 | — | 637 | ||||||||||||||||||||||||||||||||||||||
Decrease in cash and cash equivalents | (38,970 | ) | — | (38,970 | ) | ||||||||||||||||||||||||||||||||||||
Cash and cash equivalents at beginning of period | 156,842 | — | 156,842 | ||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents at end of period | $ | 117,872 | $ | — | $ | 117,872 | |||||||||||||||||||||||||||||||||||
(1): Previously reported balances represent the amounts presented as “Currently Reported” in the Note 2 to the Company’s Second Amended Annual Report on Form 10-K/A for the annual period ended December 31, 2012 as filed with the SEC on November 12, 2013. The previously reported changes in inventory, cost in excess of billings, and deferred revenue have been adjusted by $(2,288), $2,282, and $6 to correct the prior presentation. | |||||||||||||||||||||||||||||||||||||||||
Condensed Consolidated Statement of Cash Flows | |||||||||||||||||||||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||||||||||
June 30, 2012 | |||||||||||||||||||||||||||||||||||||||||
Previously | Restatement | As | |||||||||||||||||||||||||||||||||||||||
Reported (1) | Adjustment | Corrected | |||||||||||||||||||||||||||||||||||||||
OPERATING ACTIVITIES: | |||||||||||||||||||||||||||||||||||||||||
Net income | $ | 9,175 | $ | (3,582 | ) | $ | 5,593 | ||||||||||||||||||||||||||||||||||
Adjustment for non-cash items included in net income: | |||||||||||||||||||||||||||||||||||||||||
Depreciation and amortization | 18,957 | — | 18,957 | ||||||||||||||||||||||||||||||||||||||
Deferred income taxes | (2,909 | ) | 3,582 | 673 | |||||||||||||||||||||||||||||||||||||
Stock-based compensation | 2,518 | — | 2,518 | ||||||||||||||||||||||||||||||||||||||
Excess tax benefits from stock-based compensation activity | (66 | ) | — | (66 | ) | ||||||||||||||||||||||||||||||||||||
(Gain) loss on sale of property, plant and equipment | (74 | ) | — | (74 | ) | ||||||||||||||||||||||||||||||||||||
Amortization of discount on long-term debt | 4,738 | — | 4,738 | ||||||||||||||||||||||||||||||||||||||
Other | 758 | — | 758 | ||||||||||||||||||||||||||||||||||||||
Changes in assets and liabilities: | |||||||||||||||||||||||||||||||||||||||||
Receivables | 2,904 | — | 2,904 | ||||||||||||||||||||||||||||||||||||||
Inventories | (49,871 | ) | — | (49,871 | ) | ||||||||||||||||||||||||||||||||||||
Accounts payable | 4,172 | — | 4,172 | ||||||||||||||||||||||||||||||||||||||
Income taxes payable | 5,117 | — | 5,117 | ||||||||||||||||||||||||||||||||||||||
Unearned revenue | 5,917 | — | 5,917 | ||||||||||||||||||||||||||||||||||||||
Cost in excess of billings | 1,769 | — | 1,769 | ||||||||||||||||||||||||||||||||||||||
Other current assets and liabilities | (13,425 | ) | — | (13,425 | ) | ||||||||||||||||||||||||||||||||||||
Other assets and liabilities | (3,889 | ) | — | (3,889 | ) | ||||||||||||||||||||||||||||||||||||
Cash provided by (used in) operating activities | (14,209 | ) | — | (14,209 | ) | ||||||||||||||||||||||||||||||||||||
INVESTING ACTIVITIES: | |||||||||||||||||||||||||||||||||||||||||
Acquisitions, net of cash required | (185,633 | ) | — | (185,633 | ) | ||||||||||||||||||||||||||||||||||||
Maturity/sale of investments | 176,809 | — | 176,809 | ||||||||||||||||||||||||||||||||||||||
Capital expenditures | (34,901 | ) | — | (34,901 | ) | ||||||||||||||||||||||||||||||||||||
Purchase of investments | (38 | ) | — | (38 | ) | ||||||||||||||||||||||||||||||||||||
Cash provided by (used in) investing activities | (43,763 | ) | — | (43,763 | ) | ||||||||||||||||||||||||||||||||||||
FINANCING ACTIVITIES: | |||||||||||||||||||||||||||||||||||||||||
Proceeds from exercise of employee stock options | 211 | — | 211 | ||||||||||||||||||||||||||||||||||||||
Excess tax benefits from stock-based compensation activity | 66 | — | 66 | ||||||||||||||||||||||||||||||||||||||
Purchase of common stock held in treasury | (742 | ) | — | (742 | ) | ||||||||||||||||||||||||||||||||||||
Repayments on long-term debt | (298 | ) | — | (298 | ) | ||||||||||||||||||||||||||||||||||||
Cash provided by (used in) financing activities | (763 | ) | — | (763 | ) | ||||||||||||||||||||||||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | 1,418 | — | 1,418 | ||||||||||||||||||||||||||||||||||||||
Decrease in cash and cash equivalents | (57,317 | ) | — | (57,317 | ) | ||||||||||||||||||||||||||||||||||||
Cash and cash equivalents at beginning of period | 156,842 | — | 156,842 | ||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents at end of period | $ | 99,525 | $ | — | $ | 99,525 | |||||||||||||||||||||||||||||||||||
(1): | Previously reported balances represent the amounts presented as “Currently Reported” in the Note 2 to the Company’s Second Amended Annual Report on Form 10-K/A for the annual period ended December 31, 2012 as filed with the SEC on November 12, 2013. The previously reported changes in inventory, cost in excess of billings, and deferred revenue have been adjusted by $(2,049), $2,027, and $22 to correct the prior presentation. | ||||||||||||||||||||||||||||||||||||||||
Condensed Consolidated Statement of Cash Flows | |||||||||||||||||||||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||||||||||
September 30, 2012 | |||||||||||||||||||||||||||||||||||||||||
Previously | Restatement | As | |||||||||||||||||||||||||||||||||||||||
Reported (1) | Adjustment | Corrected | |||||||||||||||||||||||||||||||||||||||
OPERATING ACTIVITIES: | |||||||||||||||||||||||||||||||||||||||||
Net income | $ | 12,763 | $ | (4,395 | ) | $ | 8,368 | ||||||||||||||||||||||||||||||||||
Adjustment for non-cash items included in net income: | |||||||||||||||||||||||||||||||||||||||||
Depreciation and amortization | 29,405 | — | 29,405 | ||||||||||||||||||||||||||||||||||||||
Asset and asset-related charges (income) | 1,617 | — | 1,617 | ||||||||||||||||||||||||||||||||||||||
Deferred income taxes | (4,717 | ) | 4,395 | (322 | ) | ||||||||||||||||||||||||||||||||||||
Stock-based compensation | 3,658 | — | 3,658 | ||||||||||||||||||||||||||||||||||||||
Excess tax benefits from stock-based compensation activity | (100 | ) | — | (100 | ) | ||||||||||||||||||||||||||||||||||||
Amortization of discount on long-term debt | 7,192 | — | 7,192 | ||||||||||||||||||||||||||||||||||||||
Other | 1,498 | — | 1,498 | ||||||||||||||||||||||||||||||||||||||
Changes in assets and liabilities: | |||||||||||||||||||||||||||||||||||||||||
Receivables | (11,799 | ) | — | (11,799 | ) | ||||||||||||||||||||||||||||||||||||
Inventories | (74,061 | ) | — | (74,061 | ) | ||||||||||||||||||||||||||||||||||||
Accounts payable | 10,424 | — | 10,424 | ||||||||||||||||||||||||||||||||||||||
Income taxes payable | 8,893 | — | 8,893 | ||||||||||||||||||||||||||||||||||||||
Unearned revenue | 9,076 | — | 9,076 | ||||||||||||||||||||||||||||||||||||||
Cost in excess of billings | 789 | — | 789 | ||||||||||||||||||||||||||||||||||||||
Other current assets and liabilities | (7,181 | ) | — | (7,181 | ) | ||||||||||||||||||||||||||||||||||||
Other assets and liabilities | (12,907 | ) | — | (12,907 | ) | ||||||||||||||||||||||||||||||||||||
Cash provided by (used in) operating activities | (25,450 | ) | — | (25,450 | ) | ||||||||||||||||||||||||||||||||||||
INVESTING ACTIVITIES: | |||||||||||||||||||||||||||||||||||||||||
Acquisitions, net of cash required | (182,811 | ) | — | (182,811 | ) | ||||||||||||||||||||||||||||||||||||
Maturity/sale of investments | 176,809 | — | 176,809 | ||||||||||||||||||||||||||||||||||||||
Capital expenditures | (47,879 | ) | — | (47,879 | ) | ||||||||||||||||||||||||||||||||||||
Purchase of investments | (4,037 | ) | — | (4,037 | ) | ||||||||||||||||||||||||||||||||||||
Cash provided by (used in) investing activities | (57,918 | ) | — | (57,918 | ) | ||||||||||||||||||||||||||||||||||||
FINANCING ACTIVITIES: | |||||||||||||||||||||||||||||||||||||||||
Proceeds from exercise of employee stock options | 335 | — | 335 | ||||||||||||||||||||||||||||||||||||||
Excess tax benefits from stock-based compensation activity | 100 | — | 100 | ||||||||||||||||||||||||||||||||||||||
Deferred financing costs | (823 | ) | — | (823 | ) | ||||||||||||||||||||||||||||||||||||
Purchase of common stock held in treasury | (742 | ) | — | (742 | ) | ||||||||||||||||||||||||||||||||||||
Repayments on long-term debt | (543 | ) | — | (543 | ) | ||||||||||||||||||||||||||||||||||||
Cash provided by (used in) financing activities | (1,673 | ) | — | (1,673 | ) | ||||||||||||||||||||||||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | 1,588 | — | 1,588 | ||||||||||||||||||||||||||||||||||||||
Decrease in cash and cash equivalents | (83,453 | ) | — | (83,453 | ) | ||||||||||||||||||||||||||||||||||||
Cash and cash equivalents at beginning of period | 156,842 | — | 156,842 | ||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents at end of period | $ | 73,389 | $ | — | $ | 73,389 | |||||||||||||||||||||||||||||||||||
(1): | Previously reported balances represent the amounts presented as “Currently Reported” in the Note 2 to the Company’s Second Amended Annual Report on Form 10-K/A for the annual period ended December 31, 2012 as filed with the SEC on November 12, 2013. The previously reported changes in inventory, cost in excess of billings, and deferred revenue have been adjusted by $(2,709), $2,540, and $169 to correct the prior presentation. | ||||||||||||||||||||||||||||||||||||||||
The following presents the restated Condensed Consolidating Statements of Operations and Condensed Consolidating Balance Sheets of RTI International Metals, Inc., the Company’s Guarantor Subsidiaries, and the Company’s Non-Guarantor Subsidiaries as of and for the periods presented below. The restatement adjustments primarily impact the provision for income tax, deferred tax assets, and all related subtotals. As Restated amounts also include adjustments for the presentation of RTI Connecticut as a discontinued operation, which is reflected in the Non-Guarantors columns. The restatement adjustments only affected net income (loss) and deferred income taxes on the Condensed Consolidating Statements of Cash Flows, and as such they have not been presented given the condensed presentation. The previously reported values represent the corrected balances reported in the Second Amendment to the Company’s Annual Report on Form 10-K/A for the period ended December 31, 2012, as filed on November 12, 2013, unless otherwise noted. | |||||||||||||||||||||||||||||||||||||||||
Condensed Consolidating Statement of Operations and Comprehensive Income | |||||||||||||||||||||||||||||||||||||||||
Three Months Ended March 31, 2013 | |||||||||||||||||||||||||||||||||||||||||
(unaudited) | |||||||||||||||||||||||||||||||||||||||||
RTI International | Guarantors | Non-Guarantors | Eliminations | Consolidated | |||||||||||||||||||||||||||||||||||||
Metals, Inc. | |||||||||||||||||||||||||||||||||||||||||
Previously | As | Previously | As | Previously | As | Previously | As | Previously | As | ||||||||||||||||||||||||||||||||
Reported (1) | Restated | Reported (1) | Restated | Reported (1) | Restated | Reported (1) | Restated | Reported (1) | Restated | ||||||||||||||||||||||||||||||||
Net sales | $ | — | $ | — | $ | 136,173 | $ | 136,173 | $ | 106,162 | $ | 103,464 | $ | (50,435 | ) | $ | (50,435 | ) | $ | 191,900 | $ | 189,202 | |||||||||||||||||||
Cost of sales | — | — | 113,470 | 113,470 | 88,951 | 86,914 | (50,435 | ) | $ | (50,435 | ) | 151,986 | 149,949 | ||||||||||||||||||||||||||||
Selling, general, and administrative expenses | 1,213 | 1,213 | 11,708 | 11,708 | 11,987 | 11,684 | — | — | 24,908 | 24,605 | |||||||||||||||||||||||||||||||
Research, technical, and product development expenses | — | — | 1,001 | 1,001 | — | — | — | — | 1,001 | 1,001 | |||||||||||||||||||||||||||||||
Operating income (loss) | (1,213 | ) | (1,213 | ) | 9,994 | 9,994 | 5,224 | 4,866 | — | — | 14,005 | 13,647 | |||||||||||||||||||||||||||||
Other income (expense), net | 4,277 | 4,277 | (2,384 | ) | (2,384 | ) | (1,334 | ) | (1,334 | ) | — | — | 559 | 559 | |||||||||||||||||||||||||||
Interest income (expense), net | (4,417 | ) | (4,417 | ) | 29 | 29 | (377 | ) | (377 | ) | — | — | (4,765 | ) | (4,765 | ) | |||||||||||||||||||||||||
Equity in earnings of subsidiaries | 7,175 | 5,646 | (373 | ) | (373 | ) | 106 | 106 | (6,908 | ) | (5,379 | ) | — | — | |||||||||||||||||||||||||||
Income before income taxes | 5,822 | 4,293 | 7,266 | 7,266 | 3,619 | 3,261 | (6,908 | ) | (5,379 | ) | 9,799 | 9,441 | |||||||||||||||||||||||||||||
Provision for (benefit from) income taxes | (995 | ) | (675 | ) | 2,775 | 2,775 | 1,202 | 2,373 | — | — | 2,982 | 4,473 | |||||||||||||||||||||||||||||
Net income attributable to continuing operations | 6,817 | 4,968 | 4,491 | 4,491 | 2,417 | 888 | (6,908 | ) | (5,379 | ) | 6,817 | 4,968 | |||||||||||||||||||||||||||||
Net income (loss) attributable to discontinued operations, net of tax | 151 | (83 | ) | — | — | 151 | (83 | ) | (151 | ) | 83 | 151 | (83 | ) | |||||||||||||||||||||||||||
Net income | $ | 6,968 | $ | 4,885 | $ | 4,491 | $ | 4,491 | $ | 2,568 | $ | 805 | $ | (7,059 | ) | $ | (5,296 | ) | $ | 6,968 | $ | 4,885 | |||||||||||||||||||
Comprehensive income | $ | 10,980 | $ | 9,500 | $ | 10,665 | $ | 10,665 | $ | (244 | ) | $ | (1,404 | ) | $ | (10,421 | ) | $ | (9,261 | ) | $ | 10,980 | $ | 9,500 | |||||||||||||||||
(1): | Previously reported balances represent the amounts reported in the Condensed Consolidating Statement of Operations in the Company’s Amended Quarterly Report on Form 10-Q/A for the quarterly period ended March 31, 2013 as filed with the SEC on September 24, 2013. | ||||||||||||||||||||||||||||||||||||||||
Condensed Consolidating Statement of Operations and Comprehensive Income (Loss) | |||||||||||||||||||||||||||||||||||||||||
Three Months June 30, 2013 | |||||||||||||||||||||||||||||||||||||||||
(unaudited) | |||||||||||||||||||||||||||||||||||||||||
RTI International | Guarantors | Non-Guarantors | Eliminations | Consolidated | |||||||||||||||||||||||||||||||||||||
Metals, Inc. | |||||||||||||||||||||||||||||||||||||||||
Previously | As | Previously | As | Previously | As | Previously | As | Previously | As | ||||||||||||||||||||||||||||||||
Reported (1) | Restated | Reported (1) | Restated | Reported (1) | Restated | Reported (1) | Restated | Reported (1) | Restated | ||||||||||||||||||||||||||||||||
Net sales | $ | — | $ | — | $ | 136,778 | $ | 136,778 | $ | 121,444 | $ | 119,617 | $ | (57,272 | ) | $ | (57,272 | ) | $ | 200,950 | $ | 199,123 | |||||||||||||||||||
Cost of sales | — | — | 108,580 | 108,580 | 105,474 | 104,038 | (57,272 | ) | $ | (57,272 | ) | 156,782 | 155,346 | ||||||||||||||||||||||||||||
Selling, general, and administrative expenses | 491 | 491 | 11,034 | 11,034 | 11,116 | 10,789 | — | — | 22,641 | 22,314 | |||||||||||||||||||||||||||||||
Research, technical, and product development expenses | — | — | 982 | 982 | — | — | — | — | 982 | 982 | |||||||||||||||||||||||||||||||
Operating income (loss) | (491 | ) | (491 | ) | 16,182 | 16,182 | 4,854 | 4,790 | — | — | 20,545 | 20,481 | |||||||||||||||||||||||||||||
Other income (expense), net | (4,167 | ) | (4,167 | ) | 1,104 | 1,104 | 3,763 | 3,763 | — | — | 700 | 700 | |||||||||||||||||||||||||||||
Interest income | |||||||||||||||||||||||||||||||||||||||||
(expense), net | (5,605 | ) | (5,605 | ) | (8,668 | ) | (8,668 | ) | (6,370 | ) | (6,370 | ) | — | — | (20,643 | ) | (20,643 | ) | |||||||||||||||||||||||
Equity in earnings of subsidiaries | 8,220 | 7,364 | 263 | 263 | 847 | 847 | (9,330 | ) | (8,474 | ) | — | — | |||||||||||||||||||||||||||||
Income (loss) before income taxes | (2,043 | ) | (2,899 | ) | 8,881 | 8,881 | 3,094 | 3,030 | (9,330 | ) | (8,474 | ) | 602 | 538 | |||||||||||||||||||||||||||
Provision for (benefit from) income taxes | (3,523 | ) | (3,958 | ) | 2,101 | 2,101 | 544 | 1,336 | — | — | (878 | ) | (521 | ) | |||||||||||||||||||||||||||
Net income attributable to continuing operations | 1,480 | 1,059 | 6,780 | 6,780 | 2,550 | 1,694 | (9,330 | ) | (8,474 | ) | 1,480 | 1,059 | |||||||||||||||||||||||||||||
Net loss attributable to discontinued operations, net of tax | (307 | ) | (389 | ) | — | — | (307 | ) | (389 | ) | 307 | 389 | (307 | ) | (389 | ) | |||||||||||||||||||||||||
Net income | $ | 1,173 | $ | 670 | $ | 6,780 | $ | 6,780 | $ | 2,243 | $ | 1,305 | $ | (9,023 | ) | $ | (8,085 | ) | $ | 1,173 | $ | 670 | |||||||||||||||||||
Comprehensive income (loss) | $ | (2,067 | ) | $ | (1,386 | ) | $ | 7,862 | $ | 7,862 | $ | (2,224 | ) | $ | (1,978 | ) | $ | (5,638 | ) | $ | (5,884 | ) | $ | (2,067 | ) | $ | (1,386 | ) | |||||||||||||
(1): | Previously reported balances represent the amounts reported in the Condensed Consolidating Statement of Operations in the Company’s Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2013 as filed with the SEC on September 24, 2013. | ||||||||||||||||||||||||||||||||||||||||
Condensed Consolidating Statement of Operations and Comprehensive Income | |||||||||||||||||||||||||||||||||||||||||
Six Months Ended June 30, 2013 | |||||||||||||||||||||||||||||||||||||||||
(unaudited) | |||||||||||||||||||||||||||||||||||||||||
RTI International | Guarantors | Non-Guarantors | Eliminations | Consolidated | |||||||||||||||||||||||||||||||||||||
Metals, Inc. | |||||||||||||||||||||||||||||||||||||||||
Previously | As | Previously | As | Previously | As | Previously | As | Previously | As | ||||||||||||||||||||||||||||||||
Reported (1) | Restated | Reported (1) | Restated | Reported (1) | Restated | Reported (1) | Restated | Reported (1) | Restated | ||||||||||||||||||||||||||||||||
Net sales | $ | — | $ | — | $ | 272,951 | $ | 272,951 | $ | 227,606 | $ | 223,081 | $ | (107,707 | ) | $ | (107,707 | ) | $ | 392,850 | $ | 388,325 | |||||||||||||||||||
Cost of sales | — | — | 222,050 | 222,050 | 194,425 | 190,952 | (107,707 | ) | (107,707 | ) | 308,768 | 305,295 | |||||||||||||||||||||||||||||
Selling, general, and administrative expenses | 1,704 | 1,704 | 22,742 | 22,742 | 23,103 | 22,473 | — | — | 47,549 | 46,919 | |||||||||||||||||||||||||||||||
Research, technical, and product development expenses | — | — | 1,983 | 1,983 | — | — | — | — | 1,983 | 1,983 | |||||||||||||||||||||||||||||||
Operating income (loss) | (1,704 | ) | (1,704 | ) | 26,176 | 26,176 | 10,078 | 9,656 | — | — | 34,550 | 34,128 | |||||||||||||||||||||||||||||
Other income (expense), net | 110 | 110 | (1,280 | ) | (1,280 | ) | 2,429 | 2,429 | — | — | 1,259 | 1,259 | |||||||||||||||||||||||||||||
Interest income (expense), net | (10,022 | ) | (10,022 | ) | (8,639 | ) | (8,639 | ) | (6,747 | ) | (6,747 | ) | — | — | (25,408 | ) | (25,408 | ) | |||||||||||||||||||||||
Equity in earnings of subsidiaries | 15,395 | 13,010 | (110 | ) | (110 | ) | 953 | 953 | (16,238 | ) | (13,853 | ) | — | — | |||||||||||||||||||||||||||
Income before income taxes | 3,779 | 1,394 | 16,147 | 16,147 | 6,713 | 6,291 | (16,238 | ) | (13,853 | ) | 10,401 | 9,979 | |||||||||||||||||||||||||||||
Provision for (benefit from) income taxes | (4,518 | ) | (4,633 | ) | 4,876 | 4,876 | 1,746 | 3,709 | — | — | 2,104 | 3,952 | |||||||||||||||||||||||||||||
Net income attributable to continuing operations | 8,297 | 6,027 | 11,271 | 11,271 | 4,967 | 2,582 | (16,238 | ) | (13,853 | ) | 8,297 | 6,027 | |||||||||||||||||||||||||||||
Net loss attributable to discontinued operations, net of tax | (156 | ) | (472 | ) | — | — | (156 | ) | (472 | ) | 156 | 472 | (156 | ) | (472 | ) | |||||||||||||||||||||||||
Net income | $ | 8,141 | $ | 5,555 | $ | 11,271 | $ | 11,271 | $ | 4,811 | $ | 2,110 | $ | (16,082 | ) | $ | (13,381 | ) | $ | 8,141 | $ | 5,555 | |||||||||||||||||||
Comprehensive income | $ | 8,913 | $ | 8,114 | $ | 18,528 | $ | 18,528 | $ | (2,470 | ) | $ | (3,384 | ) | $ | (16,058 | ) | $ | (15,144 | ) | $ | 8,913 | $ | 8,114 | |||||||||||||||||
(1): | Previously reported balances represent the amounts reported in the Condensed Consolidating Statement of Operations in the Company’s Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2013 as filed with the SEC on September 24, 2013. | ||||||||||||||||||||||||||||||||||||||||
Condensed Consolidating Statement of Operations and Comprehensive Income | |||||||||||||||||||||||||||||||||||||||||
Three Months Ended September 30, 2013 | |||||||||||||||||||||||||||||||||||||||||
(unaudited) | |||||||||||||||||||||||||||||||||||||||||
RTI International | Guarantors | Non-Guarantors | Eliminations | Consolidated | |||||||||||||||||||||||||||||||||||||
Metals, Inc. | |||||||||||||||||||||||||||||||||||||||||
Previously | As | Previously | As | Previously | As | Previously | As | Previously | As | ||||||||||||||||||||||||||||||||
Reported (1) | Restated | Reported (1) | Restated | Reported (1) | Restated | Reported (1) | Restated | Reported (1) | Restated | ||||||||||||||||||||||||||||||||
Net sales | $ | — | $ | — | $ | 128,285 | $ | 128,285 | $ | 116,754 | $ | 115,158 | $ | (48,507 | ) | $ | (48,507 | ) | $ | 196,532 | $ | 194,936 | |||||||||||||||||||
Cost of sales | — | — | 103,808 | 103,808 | 96,134 | 94,496 | (48,507 | ) | $ | (48,507 | ) | 151,435 | 149,797 | ||||||||||||||||||||||||||||
Selling, general, and administrative expenses | 712 | 712 | 10,808 | 10,808 | 10,971 | 10,699 | — | — | 22,491 | 22,219 | |||||||||||||||||||||||||||||||
Research, technical, and product development expenses | — | — | 1,037 | 1,037 | 4 | 4 | — | — | 1,041 | 1,041 | |||||||||||||||||||||||||||||||
Operating income (loss) | (712 | ) | (712 | ) | 12,632 | 12,632 | 9,645 | 9,959 | — | — | 21,565 | 21,879 | |||||||||||||||||||||||||||||
Other income (expense), net | 4,120 | 4,120 | (2,520 | ) | (2,520 | ) | (1,894 | ) | (1,894 | ) | — | — | (294 | ) | (294 | ) | |||||||||||||||||||||||||
Interest income (expense), net | (5,488 | ) | (5,488 | ) | (1,571 | ) | (1,571 | ) | (250 | ) | (250 | ) | — | — | (7,309 | ) | (7,309 | ) | |||||||||||||||||||||||
Equity in earnings of subsidiaries | 11,876 | 12,268 | (439 | ) | (439 | ) | 532 | 532 | (11,969 | ) | (12,361 | ) | — | — | |||||||||||||||||||||||||||
Income before income taxes | 9,796 | 10,188 | 8,102 | 8,102 | 8,033 | 8,347 | (11,969 | ) | (12,361 | ) | 13,962 | 14,276 | |||||||||||||||||||||||||||||
Provision for (benefit from) income taxes | (2,496 | ) | (2,387 | ) | 2,665 | 2,665 | 1,501 | 1,423 | — | — | 1,670 | 1,701 | |||||||||||||||||||||||||||||
Net income attributable to continuing operations | 12,292 | 12,575 | 5,437 | 5,437 | 6,532 | 6,924 | (11,969 | ) | (12,361 | ) | 12,292 | 12,575 | |||||||||||||||||||||||||||||
Net loss attributable to discontinued operations, net of tax | — | (280 | ) | — | — | — | (280 | ) | — | 280 | — | (280 | ) | ||||||||||||||||||||||||||||
Net income | $ | 12,292 | $ | 12,295 | $ | 5,437 | $ | 5,437 | $ | 6,532 | $ | 6,644 | $ | (11,969 | ) | $ | (12,081 | ) | $ | 12,292 | $ | 12,295 | |||||||||||||||||||
Comprehensive income | $ | 16,251 | $ | 15,558 | $ | 6,561 | $ | 6,561 | $ | 9,224 | $ | 8,640 | $ | (15,785 | ) | $ | (15,201 | ) | $ | 16,251 | $ | 15,558 | |||||||||||||||||||
(1): | Previously reported balances represent the amounts reported in the Condensed Consolidating Statement of Operations in the Company’s Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2013 as filed with the SEC on November 12, 2013. | ||||||||||||||||||||||||||||||||||||||||
Condensed Consolidating Statement of Operations and Comprehensive Income | |||||||||||||||||||||||||||||||||||||||||
Nine Months Ended September 30, 2013 | |||||||||||||||||||||||||||||||||||||||||
(unaudited) | |||||||||||||||||||||||||||||||||||||||||
RTI International | Guarantors | Non-Guarantors | Eliminations | Consolidated | |||||||||||||||||||||||||||||||||||||
Metals, Inc. | |||||||||||||||||||||||||||||||||||||||||
Previously | As | Previously | As | Previously | As | Previously | As | Previously | As | ||||||||||||||||||||||||||||||||
Reported (1) | Restated | Reported (1) | Restated | Reported (1) | Restated | Reported (1) | Restated | Reported (1) | Restated | ||||||||||||||||||||||||||||||||
Net sales | $ | — | $ | — | $ | 401,236 | $ | 401,236 | $ | 343,492 | $ | 338,239 | $ | (156,214 | ) | $ | (156,214 | ) | $ | 588,514 | $ | 583,261 | |||||||||||||||||||
Cost of sales | — | — | 325,858 | 325,858 | 290,548 | 285,448 | (156,214 | ) | $ | (156,214 | ) | 460,192 | 455,092 | ||||||||||||||||||||||||||||
Selling, general, and administrative expenses | 2,416 | 2,416 | 33,550 | 33,550 | 34,074 | 33,172 | — | — | 70,040 | 69,138 | |||||||||||||||||||||||||||||||
Research, technical, and product development expenses | — | — | 3,020 | 3,020 | 4 | 4 | — | — | 3,024 | 3,024 | |||||||||||||||||||||||||||||||
Operating income (loss) | (2,416 | ) | (2,416 | ) | 38,808 | 38,808 | 18,866 | 19,615 | — | — | 55,258 | 56,007 | |||||||||||||||||||||||||||||
Other income (expense), net | 4,230 | 4,230 | (3,800 | ) | (3,800 | ) | 535 | 535 | — | — | 965 | 965 | |||||||||||||||||||||||||||||
Interest income (expense), net | (15,510 | ) | (15,510 | ) | (10,210 | ) | (10,210 | ) | (6,997 | ) | (6,997 | ) | — | — | (32,717 | ) | (32,717 | ) | |||||||||||||||||||||||
Equity in earnings of subsidiaries | 26,681 | 25,277 | (549 | ) | (549 | ) | 1,485 | 1,485 | (27,617 | ) | (26,213 | ) | — | — | |||||||||||||||||||||||||||
Income before income taxes | 12,985 | 11,581 | 24,249 | 24,249 | 13,889 | 14,638 | (27,617 | ) | (26,213 | ) | 23,506 | 24,255 | |||||||||||||||||||||||||||||
Provision for (benefit from) income taxes | (7,014 | ) | (7,021 | ) | 7,541 | 7,541 | 2,980 | 5,133 | — | — | 3,507 | 5,653 | |||||||||||||||||||||||||||||
Net income attributable to continuing operations | 19,999 | 18,602 | 16,708 | 16,708 | 10,909 | 9,505 | (27,617 | ) | (26,213 | ) | 19,999 | 18,602 | |||||||||||||||||||||||||||||
Net loss attributable to discontinued operations, net of tax | (156 | ) | (752 | ) | — | — | (156 | ) | (752 | ) | 156 | 752 | (156 | ) | (752 | ) | |||||||||||||||||||||||||
Net income | $ | 19,843 | $ | 17,850 | $ | 16,708 | $ | 16,708 | $ | 10,753 | $ | 8,753 | $ | (27,461 | ) | $ | (25,461 | ) | $ | 19,843 | $ | 17,850 | |||||||||||||||||||
Comprehensive income | $ | 24,574 | $ | 23,672 | $ | 25,089 | $ | 25,089 | $ | 6,164 | $ | 5,255 | $ | (31,253 | ) | $ | (30,344 | ) | $ | 24,574 | $ | 23,672 | |||||||||||||||||||
(1): | Previously reported balances represent the amounts reported in the Condensed Consolidating Statement of Operations in the Company’s Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2013 as filed with the SEC on November 12, 2013. | ||||||||||||||||||||||||||||||||||||||||
Condensed Consolidating Statement of Operations and Comprehensive Income | |||||||||||||||||||||||||||||||||||||||||
Three Months Ended March 31, 2012 | |||||||||||||||||||||||||||||||||||||||||
(unaudited) | |||||||||||||||||||||||||||||||||||||||||
RTI International | Guarantors | Non-Guarantors | Eliminations | Consolidated | |||||||||||||||||||||||||||||||||||||
Metals, Inc. | |||||||||||||||||||||||||||||||||||||||||
Previously | As | Previously | As | Previously | As | Previously | As | Previously | As | ||||||||||||||||||||||||||||||||
Reported | Restated | Reported | Restated | Reported | Restated | Reported | Restated | Reported | Restated | ||||||||||||||||||||||||||||||||
Net sales | $ | — | $ | — | $ | 116,796 | $ | 116,796 | $ | 95,385 | $ | 92,587 | $ | (58,111 | ) | $ | (58,111 | ) | $ | 154,070 | $ | 151,272 | |||||||||||||||||||
Cost of sales | — | — | 96,311 | 96,311 | 83,363 | 81,220 | (58,111 | ) | (58,111 | ) | 121,563 | 119,420 | |||||||||||||||||||||||||||||
Selling, general, and administrative expenses | (102 | ) | (102 | ) | 9,013 | 9,013 | 11,922 | 11,455 | — | — | 20,833 | 20,366 | |||||||||||||||||||||||||||||
Research, technical, and product development expenses | 95 | 95 | 930 | 930 | 40 | 40 | — | — | 1,065 | 1,065 | |||||||||||||||||||||||||||||||
Operating income (loss) | 7 | 7 | 10,542 | 10,542 | 60 | (128 | ) | — | — | 10,609 | 10,421 | ||||||||||||||||||||||||||||||
Other income (expense), net | (13 | ) | (13 | ) | 280 | 280 | (535 | ) | (535 | ) | — | — | (268 | ) | (268 | ) | |||||||||||||||||||||||||
Interest income (expense), net | (4,014 | ) | (4,014 | ) | 138 | 138 | (320 | ) | (320 | ) | — | — | (4,196 | ) | (4,196 | ) | |||||||||||||||||||||||||
Equity in earnings of subsidiaries | 7,022 | 5,054 | 1,444 | 1,444 | 1,203 | 1,203 | (9,669 | ) | (7,701 | ) | — | — | |||||||||||||||||||||||||||||
Income before income taxes | 3,002 | 1,034 | 12,404 | 12,404 | 408 | 220 | (9,669 | ) | (7,701 | ) | 6,145 | 5,957 | |||||||||||||||||||||||||||||
Provision for (benefit from) income taxes | (1,056 | ) | (853 | ) | 3,030 | 3,030 | 113 | 1,893 | — | — | 2,087 | 4,070 | |||||||||||||||||||||||||||||
Net income attributable to continuing operations | 4,058 | 1,887 | 9,374 | 9,374 | 295 | (1,673 | ) | (9,669 | ) | (7,701 | ) | 4,058 | 1,887 | ||||||||||||||||||||||||||||
Net income attributable to discontinued operations, net of tax | 571 | 681 | — | — | 571 | 681 | (571 | ) | (681 | ) | 571 | 681 | |||||||||||||||||||||||||||||
Net income | $ | 4,629 | $ | 2,568 | $ | 9,374 | $ | 9,374 | $ | 866 | $ | (992 | ) | $ | (10,240 | ) | $ | (8,382 | ) | $ | 4,629 | $ | 2,568 | ||||||||||||||||||
Comprehensive income | $ | 8,032 | $ | 5,418 | $ | 10,433 | $ | 10,433 | $ | 3,058 | $ | 647 | $ | (13,491 | ) | $ | (11,080 | ) | $ | 8,032 | $ | 5,418 | |||||||||||||||||||
Condensed Consolidating Statement of Operations and Comprehensive Income | |||||||||||||||||||||||||||||||||||||||||
Three Months Ended June 30, 2012 | |||||||||||||||||||||||||||||||||||||||||
(unaudited) | |||||||||||||||||||||||||||||||||||||||||
RTI International | Guarantors | Non-Guarantors | Eliminations | Consolidated | |||||||||||||||||||||||||||||||||||||
Metals, Inc. | |||||||||||||||||||||||||||||||||||||||||
Previously | As | Previously | As | Previously | As | Previously | As | Previously | As | ||||||||||||||||||||||||||||||||
Reported | Restated | Reported | Restated | Reported | Restated | Reported | Restated | Reported | Restated | ||||||||||||||||||||||||||||||||
Net sales | $ | — | $ | — | $ | 148,017 | $ | 148,017 | $ | 92,640 | $ | 90,597 | $ | (56,195 | ) | $ | (56,195 | ) | $ | 184,462 | $ | 182,419 | |||||||||||||||||||
Cost of sales | — | — | 127,484 | 127,484 | 79,154 | 77,558 | (56,195 | ) | (56,195 | ) | 150,443 | 148,847 | |||||||||||||||||||||||||||||
Selling, general, and administrative expenses | (933 | ) | (933 | ) | 14,635 | 14,635 | 8,976 | 8,648 | — | — | 22,678 | 22,350 | |||||||||||||||||||||||||||||
Research, technical, and product development expenses | — | — | 1,208 | 1,208 | (104 | ) | (104 | ) | — | — | 1,104 | 1,104 | |||||||||||||||||||||||||||||
Operating income (loss) | 933 | 933 | 4,690 | 4,690 | 4,614 | 4,495 | — | — | 10,237 | 10,118 | |||||||||||||||||||||||||||||||
Other income (expense), net | (32 | ) | (32 | ) | — | — | 602 | 602 | — | — | 570 | 570 | |||||||||||||||||||||||||||||
Interest income (expense), net | (3,903 | ) | (3,903 | ) | (15 | ) | (15 | ) | (258 | ) | (258 | ) | — | — | (4,176 | ) | (4,176 | ) | |||||||||||||||||||||||
Equity in earnings of subsidiaries | 4,258 | 2,690 | 2,512 | 2,512 | 413 | 413 | (7,183 | ) | (5,615 | ) | — | — | |||||||||||||||||||||||||||||
Income (loss) before income taxes | 1,256 | (312 | ) | 7,187 | 7,187 | 5,371 | 5,252 | (7,183 | ) | (5,615 | ) | 6,631 | 6,512 | ||||||||||||||||||||||||||||
Provision for (benefit from) income taxes | (2,837 | ) | (2,803 | ) | 2,926 | 2,926 | 2,449 | 3,898 | — | — | 2,538 | 4,021 | |||||||||||||||||||||||||||||
Net income attributable to continuing operations | 4,093 | 2,491 | 4,261 | 4,261 | 2,922 | 1,354 | (7,183 | ) | (5,615 | ) | 4,093 | 2,491 | |||||||||||||||||||||||||||||
Net income attributable to discontinued operations, net of tax | 453 | 534 | — | — | 453 | 534 | (453 | ) | (534 | ) | 453 | 534 | |||||||||||||||||||||||||||||
Net income | $ | 4,546 | $ | 3,025 | $ | 4,261 | $ | 4,261 | $ | 3,375 | $ | 1,888 | $ | (7,636 | ) | $ | (6,149 | ) | $ | 4,546 | $ | 3,025 | |||||||||||||||||||
Comprehensive income | $ | 3,173 | $ | 2,284 | $ | 5,312 | $ | 5,312 | $ | 798 | $ | (57 | ) | $ | (6,110 | ) | $ | (5,255 | ) | $ | 3,173 | $ | 2,284 | ||||||||||||||||||
Condensed Consolidating Statement of Operations and Comprehensive Income | |||||||||||||||||||||||||||||||||||||||||
Six Months Ended June 30, 2012 | |||||||||||||||||||||||||||||||||||||||||
(unaudited) | |||||||||||||||||||||||||||||||||||||||||
RTI International | Guarantors | Non-Guarantors | Eliminations | Consolidated | |||||||||||||||||||||||||||||||||||||
Metals, Inc. | |||||||||||||||||||||||||||||||||||||||||
Previously | As | Previously | As | Previously | As | Previously | As | Previously | As | ||||||||||||||||||||||||||||||||
Reported | Restated | Reported | Restated | Reported | Restated | Reported | Restated | Reported | Restated | ||||||||||||||||||||||||||||||||
Net sales | $ | — | $ | — | $ | 247,734 | $ | 247,734 | $ | 205,104 | $ | 200,263 | $ | (114,306 | ) | $ | (114,306 | ) | $ | 338,532 | $ | 333,691 | |||||||||||||||||||
Cost of sales | — | — | 209,233 | 209,233 | 177,079 | $ | 173,340 | (114,306 | ) | (114,306 | ) | 272,006 | 268,267 | ||||||||||||||||||||||||||||
Selling, general, and administrative expenses | (1,035 | ) | (1,035 | ) | 21,324 | 21,324 | 23,222 | $ | 22,427 | — | — | 43,511 | 42,716 | ||||||||||||||||||||||||||||
Research, technical, and product development expenses | 95 | 95 | 2,024 | 2,024 | 50 | $ | 50 | — | — | 2,169 | 2,169 | ||||||||||||||||||||||||||||||
Operating income (loss) | 940 | 940 | 15,153 | 15,153 | 4,753 | 4,446 | — | — | 20,846 | 20,539 | |||||||||||||||||||||||||||||||
Other income (expense), net | (45 | ) | (45 | ) | 281 | 281 | 66 | 66 | — | — | 302 | 302 | |||||||||||||||||||||||||||||
Interest income (expense), net | (7,917 | ) | (7,917 | ) | 159 | 159 | (614 | ) | (614 | ) | — | — | (8,372 | ) | (8,372 | ) | |||||||||||||||||||||||||
Equity in earnings of subsidiaries | 11,280 | 7,743 | 3,956 | 3,956 | 1,616 | 1,616 | (16,852 | ) | (13,315 | ) | — | — | |||||||||||||||||||||||||||||
Income before income taxes | 4,258 | 721 | 19,549 | 19,549 | 5,821 | 5,514 | (16,852 | ) | (13,315 | ) | 12,776 | 12,469 | |||||||||||||||||||||||||||||
Provision for (benefit from) income taxes | (3,893 | ) | (3,657 | ) | 5,968 | 5,968 | 2,550 | 5,780 | — | — | 4,625 | 8,091 | |||||||||||||||||||||||||||||
Net income attributable to continuing operations | 8,151 | 4,378 | 13,581 | 13,581 | 3,271 | (266 | ) | (16,852 | ) | (13,315 | ) | 8,151 | 4,378 | ||||||||||||||||||||||||||||
Net income attributable to discontinued operations, net of tax | 1,024 | 1,215 | — | — | 1,024 | 1,215 | (1,024 | ) | (1,215 | ) | 1,024 | 1,215 | |||||||||||||||||||||||||||||
Net income | $ | 9,175 | $ | 5,593 | $ | 13,581 | $ | 13,581 | $ | 4,295 | $ | 949 | $ | (17,876 | ) | $ | (14,530 | ) | $ | 9,175 | $ | 5,593 | |||||||||||||||||||
Comprehensive income | $ | 11,205 | $ | 7,702 | $ | 15,691 | $ | 15,691 | $ | 3,910 | $ | 643 | $ | (19,601 | ) | $ | (16,334 | ) | $ | 11,205 | $ | 7,702 | |||||||||||||||||||
Condensed Consolidating Statement of Operations and Comprehensive Income | |||||||||||||||||||||||||||||||||||||||||
Three Months Ended September 30, 2012 | |||||||||||||||||||||||||||||||||||||||||
(unaudited) | |||||||||||||||||||||||||||||||||||||||||
RTI International | Guarantors | Non-Guarantors | Eliminations | Consolidated | |||||||||||||||||||||||||||||||||||||
Metals, Inc. | |||||||||||||||||||||||||||||||||||||||||
Previously | As | Previously | As | Previously | As | Previously | As | Previously | As | ||||||||||||||||||||||||||||||||
Reported | Restated | Reported | Restated | Reported | Restated | Reported | Restated | Reported | Restated | ||||||||||||||||||||||||||||||||
Net sales | $ | — | $ | — | $ | 131,132 | $ | 131,132 | $ | 103,618 | $ | 101,739 | $ | (52,205 | ) | $ | (52,205 | ) | $ | 182,545 | $ | 180,666 | |||||||||||||||||||
Cost of sales | — | — | 114,706 | 114,706 | 86,394 | 84,798 | (52,205 | ) | $ | (52,205 | ) | 148,895 | 147,299 | ||||||||||||||||||||||||||||
Selling, general, and administrative expenses | (1,442 | ) | (1,442 | ) | 12,048 | 12,048 | 11,119 | 10,810 | — | — | 21,725 | 21,416 | |||||||||||||||||||||||||||||
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 (loss) | 1,442 | 1,442 | 1,761 | 1,761 | 6,093 | 6,119 | — | — | 9,296 | 9,322 | |||||||||||||||||||||||||||||||
Other income (expense), net | (3 | ) | (3 | ) | 20 | 20 | (1 | ) | (1 | ) | — | — | 16 | 16 | |||||||||||||||||||||||||||
Interest income (expense), net | (4,358 | ) | (4,358 | ) | 36 | 36 | (368 | ) | (368 | ) | — | — | (4,690 | ) | (4,690 | ) | |||||||||||||||||||||||||
Equity in earnings of subsidiaries | 5,034 | 4,106 | 1,231 | 1,231 | 374 | 374 | (6,639 | ) | (5,711 | ) | — | — | |||||||||||||||||||||||||||||
Income before income taxes | 2,115 | 1,187 | 3,048 | 3,048 | 6,098 | 6,124 | (6,639 | ) | (5,711 | ) | 4,622 | 4,648 | |||||||||||||||||||||||||||||
Provision for (benefit from) income taxes | (1,084 | ) | (1,225 | ) | 705 | 705 | 1,802 | 2,756 | — | — | 1,423 | 2,236 | |||||||||||||||||||||||||||||
Net income attributable to continuing operations | 3,199 | 2,412 | 2,343 | 2,343 | 4,296 | 3,368 | (6,639 | ) | (5,711 | ) | 3,199 | 2,412 | |||||||||||||||||||||||||||||
Net income attributable to discontinued operations, net of tax | 389 | 363 | — | — | 389 | 363 | (389 | ) | (363 | ) | 389 | 363 | |||||||||||||||||||||||||||||
Net income | $ | 3,588 | $ | 2,775 | $ | 2,343 | $ | 2,343 | $ | 4,685 | $ | 3,731 | $ | (7,028 | ) | $ | (6,074 | ) | $ | 3,588 | $ | 2,775 | |||||||||||||||||||
Comprehensive income | $ | 9,297 | $ | 7,372 | $ | 3,394 | $ | 3,394 | $ | 9,193 | $ | 7,127 | $ | (12,587 | ) | $ | (10,521 | ) | $ | 9,297 | $ | 7,372 | |||||||||||||||||||
Condensed Consolidating Statement of Operations and Comprehensive Income | |||||||||||||||||||||||||||||||||||||||||
Nine Months Ended September 30, 2012 | |||||||||||||||||||||||||||||||||||||||||
(unaudited) | |||||||||||||||||||||||||||||||||||||||||
RTI International | Guarantors | Non-Guarantors | Eliminations | Consolidated | |||||||||||||||||||||||||||||||||||||
Metals, Inc. | |||||||||||||||||||||||||||||||||||||||||
Previously | As | Previously | As | Previously | As | Previously | As | Previously | As | ||||||||||||||||||||||||||||||||
Reported | Restated | Reported | Restated | Reported | Restated | Reported | Restated | Reported | Restated | ||||||||||||||||||||||||||||||||
Net sales | $ | — | $ | — | $ | 378,866 | $ | 378,866 | $ | 308,722 | $ | 302,002 | $ | (166,511 | ) | $ | (166,511 | ) | $ | 521,077 | $ | 514,357 | |||||||||||||||||||
Cost of sales | — | — | 323,939 | 323,939 | 263,473 | $ | 258,138 | (166,511 | ) | $ | (166,511 | ) | 420,901 | 415,566 | |||||||||||||||||||||||||||
Selling, general, and administrative expenses | (2,477 | ) | (2,477 | ) | 33,372 | 33,372 | 34,341 | 33,237 | — | — | 65,236 | 64,132 | |||||||||||||||||||||||||||||
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 (loss) | 2,382 | 2,382 | 16,914 | 16,914 | 10,846 | 10,565 | — | — | 30,142 | 29,861 | |||||||||||||||||||||||||||||||
Other income (expense), net | (48 | ) | (48 | ) | 301 | 301 | 65 | 65 | — | — | 318 | 318 | |||||||||||||||||||||||||||||
Interest income (expense), net | (12,275 | ) | (12,275 | ) | 195 | 195 | (982 | ) | (982 | ) | — | — | (13,062 | ) | (13,062 | ) | |||||||||||||||||||||||||
Equity in earnings of subsidiaries | 16,314 | 11,849 | 5,185 | 5,185 | 1,990 | 1,990 | (23,489 | ) | (19,024 | ) | — | — | |||||||||||||||||||||||||||||
Income before income taxes | 6,373 | 1,908 | 22,595 | 22,595 | 11,919 | 11,638 | (23,489 | ) | (19,024 | ) | 17,398 | 17,117 | |||||||||||||||||||||||||||||
Provision for (benefit from) income taxes | (4,977 | ) | (4,882 | ) | 6,673 | 6,673 | 4,352 | 8,536 | — | — | 6,048 | 10,327 | |||||||||||||||||||||||||||||
Net income attributable to continuing operations | 11,350 | 6,790 | 15,922 | 15,922 | 7,567 | 3,102 | (23,489 | ) | (19,024 | ) | 11,350 | 6,790 | |||||||||||||||||||||||||||||
Net income attributable to discontinued operations, net of tax | 1,413 | 1,578 | — | — | 1,413 | 1,578 | (1,413 | ) | (1,578 | ) | 1,413 | 1,578 | |||||||||||||||||||||||||||||
Net income | $ | 12,763 | $ | 8,368 | $ | 15,922 | $ | 15,922 | $ | 8,980 | $ | 4,680 | $ | (24,902 | ) | $ | (20,602 | ) | $ | 12,763 | $ | 8,368 | |||||||||||||||||||
Comprehensive income | $ | 20,502 | $ | 15,074 | $ | 19,083 | $ | 19,083 | $ | 13,103 | $ | 7,770 | $ | (32,186 | ) | $ | (26,853 | ) | $ | 20,502 | $ | 15,074 | |||||||||||||||||||
RTI INTERNATIONAL METALS, INC. AND SUBSIDIARIES | |||||||||||||||||||||||||||||||||||||||||
Notes to Consolidated Financial Statements | |||||||||||||||||||||||||||||||||||||||||
(In thousands, except share and per share amounts, unless otherwise indicated) | |||||||||||||||||||||||||||||||||||||||||
Condensed Consolidating Balance Sheet | |||||||||||||||||||||||||||||||||||||||||
March 31, 2013 | |||||||||||||||||||||||||||||||||||||||||
(unaudited) | |||||||||||||||||||||||||||||||||||||||||
RTI International | Guarantors | Non-Guarantors | Eliminations | Consolidated | |||||||||||||||||||||||||||||||||||||
Metals, Inc. | |||||||||||||||||||||||||||||||||||||||||
Previously | As | Previously | As | Previously | As | Previously | As | Previously | As | ||||||||||||||||||||||||||||||||
Reported (1) | Restated | Reported (1) | Restated | Reported (1) | Restated | Reported (1) | Restated | Reported (1) | Restated | ||||||||||||||||||||||||||||||||
ASSETS | |||||||||||||||||||||||||||||||||||||||||
Current assets: | |||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | — | $ | 50,601 | $ | 50,601 | $ | 7,414 | $ | 7,414 | $ | — | $ | — | $ | 58,015 | $ | 58,015 | |||||||||||||||||||||
Receivables, net | 1,049 | 1,049 | 76,104 | 76,104 | 63,454 | 62,642 | (26,532 | ) | (26,532 | ) | 114,075 | 113,263 | |||||||||||||||||||||||||||||
Inventories, net | — | — | 237,340 | 237,340 | 175,893 | 163,993 | — | — | 413,233 | 401,333 | |||||||||||||||||||||||||||||||
Costs in excess of billings | — | — | 1,739 | 1,739 | 1,679 | 2,105 | — | — | 3,418 | 3,844 | |||||||||||||||||||||||||||||||
Deferred income taxes | 30,068 | 30,994 | — | — | 116 | 116 | — | — | 30,184 | 31,110 | |||||||||||||||||||||||||||||||
Assets of discontinued operations | — | — | — | — | 14,971 | 23,919 | — | — | 14,971 | 23,919 | |||||||||||||||||||||||||||||||
Other current assets | 5,355 | 5,355 | 2,483 | 2,483 | 3,911 | 3,911 | — | — | 11,749 | 11,749 | |||||||||||||||||||||||||||||||
Total current assets | 36,472 | 37,398 | 368,267 | 368,267 | 267,438 | 264,100 | (26,532 | ) | (26,532 | ) | 645,645 | 643,233 | |||||||||||||||||||||||||||||
Property, plant, and equipment, net | 1,464 | 1,464 | 303,604 | 303,604 | 66,231 | 66,108 | — | — | 371,299 | 371,176 | |||||||||||||||||||||||||||||||
Goodwill | — | — | 98,925 | 93,665 | 36,416 | 36,351 | — | — | 135,341 | 130,016 | |||||||||||||||||||||||||||||||
Other intangible assets, net | — | — | 34,511 | 34,511 | 20,717 | 20,717 | — | — | 55,228 | 55,228 | |||||||||||||||||||||||||||||||
Deferred income taxes | — | — | — | — | 33,856 | — | (4,232 | ) | — | 29,624 | — | ||||||||||||||||||||||||||||||
Other noncurrent assets | 3,792 | 3,792 | 201 | 201 | 4,074 | 4,074 | — | — | 8,067 | 8,067 | |||||||||||||||||||||||||||||||
Intercompany investments | 993,293 | 952,158 | 26,441 | 26,441 | 5,130 | 5,130 | (1,024,864 | ) | (983,729 | ) | — | — | |||||||||||||||||||||||||||||
Total assets | $ | 1,035,021 | $ | 994,812 | $ | 831,949 | $ | 826,689 | $ | 433,862 | $ | 396,480 | $ | (1,055,628 | ) | $ | (1,010,261 | ) | $ | 1,245,204 | $ | 1,207,720 | |||||||||||||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||||||||||||||||||||||||||||||||||||
Current liabilities: | |||||||||||||||||||||||||||||||||||||||||
Accounts payable | $ | 1,355 | $ | 1,355 | $ | 57,013 | $ | 57,013 | $ | 47,751 | $ | 47,409 | $ | (26,532 | ) | $ | (26,532 | ) | $ | 79,587 | $ | 79,245 | |||||||||||||||||||
Accrued wages and other employee costs | 3,487 | 3,487 | 12,091 | 12,091 | 6,248 | 6,151 | — | — | 21,826 | 21,729 | |||||||||||||||||||||||||||||||
Unearned revenue | — | — | 1,237 | 1,237 | 22,603 | 21,246 | — | — | 23,840 | 22,483 | |||||||||||||||||||||||||||||||
Liabilities of discontinued operations | — | — | — | — | 2,821 | 3,269 | — | — | 2,821 | 3,269 | |||||||||||||||||||||||||||||||
Other accrued liabilities | 8,194 | 8,806 | 7,156 | 7,156 | 10,029 | 9,870 | — | — | 25,379 | 25,832 | |||||||||||||||||||||||||||||||
Total current liabilities | 13,036 | 13,648 | 77,497 | 77,497 | 89,452 | 87,945 | (26,532 | ) | (26,532 | ) | 153,453 | 152,558 | |||||||||||||||||||||||||||||
Long-term debt | 199,206 | 199,206 | 1,457 | 1,457 | — | — | — | — | 200,663 | 200,663 | |||||||||||||||||||||||||||||||
Intercompany debt | — | — | 109,444 | 109,444 | 119,403 | 119,403 | (228,847 | ) | (228,847 | ) | — | — | |||||||||||||||||||||||||||||
Liability for post-retirement benefits | — | — | 43,729 | 43,729 | — | — | — | — | 43,729 | 43,729 | |||||||||||||||||||||||||||||||
Liability for pension benefits | 6,678 | 6,678 | 8,392 | 8,392 | 159 | 159 | — | — | 15,229 | 15,229 | |||||||||||||||||||||||||||||||
Deferred income taxes | 52,150 | 47,082 | — | — | 3,482 | 3,482 | (4,232 | ) | — | 51,400 | 50,564 | ||||||||||||||||||||||||||||||
Unearned revenue | — | — | — | — | 12,792 | 12,792 | — | — | 12,792 | 12,792 | |||||||||||||||||||||||||||||||
Other noncurrent liabilities | 8,142 | 8,142 | 3,785 | 3,785 | 202 | 202 | — | — | 12,129 | 12,129 | |||||||||||||||||||||||||||||||
Total liabilities | 279,212 | 274,756 | 244,304 | 244,304 | 225,490 | 223,983 | (259,611 | ) | (255,379 | ) | 489,395 | 487,664 | |||||||||||||||||||||||||||||
Total shareholders’ equity | 755,809 | 720,056 | 587,645 | 582,385 | 208,372 | 172,497 | (796,017 | ) | (754,882 | ) | 755,809 | 720,056 | |||||||||||||||||||||||||||||
Total liabilities and shareholders’ equity | $ | 1,035,021 | $ | 994,812 | $ | 831,949 | $ | 826,689 | $ | 433,862 | $ | 396,480 | $ | (1,055,628 | ) | $ | (1,010,261 | ) | $ | 1,245,204 | $ | 1,207,720 | |||||||||||||||||||
(1): | Previously reported balances represent the amounts reported in the Condensed Consolidating Balance Sheet in the Company’s Amended Quarterly Report on Form 10-Q/A for the quarterly period ended March 31, 2013 as filed with the SEC on September 24, 2013. The previously reported Guarantor Subsidiary and Consolidated balances of inventory and cost in excess of billings have been adjusted by $(1,739) and $1,739 to correct the prior presentation. The previously reported balances of current deferred income tax assets, non-current deferred income tax assets, intercompany investments, other accrued liabilities, non-current deferred income taxes and shareholders’ equity, were adjusted by $3,590, $-, $(6,790), $(685), $(2,515), and $- for the Parent; by $(2,437), $(28,939), $-, $-, $(26,657) and $(4,719) for the Guarantor Subsidiaries; by $(1,153), $(174), $-, $685, $59, and $(2,071) for the Non-Guarantor Subsidiaries; and by $-, $29,113, $6,790, $-, $29,113, and $6,790 for the Eliminations, to correct the presentation of deferred income tax balances. | ||||||||||||||||||||||||||||||||||||||||
Condensed Consolidating Balance Sheet | |||||||||||||||||||||||||||||||||||||||||
June 30, 2013 | |||||||||||||||||||||||||||||||||||||||||
(unaudited) | |||||||||||||||||||||||||||||||||||||||||
RTI International | Guarantors | Non-Guarantors | Eliminations | Consolidated | |||||||||||||||||||||||||||||||||||||
Metals, Inc. | |||||||||||||||||||||||||||||||||||||||||
Previously | As Restated | Previously | As Restated | Previously | As | Previously | As Restated | Previously | As Restated | ||||||||||||||||||||||||||||||||
Reported | Reported | Reported | Restated | Reported (1) | Reported | ||||||||||||||||||||||||||||||||||||
-1 | -1 | -1 | -1 | ||||||||||||||||||||||||||||||||||||||
ASSETS | |||||||||||||||||||||||||||||||||||||||||
Current assets: | |||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | — | $ | 225,802 | $ | 225,802 | $ | 5,631 | $ | 5,631 | $ | — | $ | — | $ | 231,433 | $ | 231,433 | |||||||||||||||||||||
Short term investments | — | — | 128,205 | 128,205 | — | — | — | — | 128,205 | 128,205 | |||||||||||||||||||||||||||||||
Receivables, net | 725 | 725 | 66,951 | 66,951 | 62,847 | 62,254 | (23,643 | ) | (23,643 | ) | 106,880 | 106,287 | |||||||||||||||||||||||||||||
Inventories, net | — | — | 240,396 | 240,396 | 180,397 | 168,831 | — | — | 420,793 | 409,227 | |||||||||||||||||||||||||||||||
Costs in excess of billings | — | — | 544 | 544 | 911 | 2,216 | — | — | 1,455 | 2,760 | |||||||||||||||||||||||||||||||
Deferred income taxes | 30,559 | 31,574 | — | — | 116 | 116 | — | — | 30,675 | 31,690 | |||||||||||||||||||||||||||||||
Assets of discontinued operations | — | — | — | — | — | 8,076 | — | — | — | 8,076 | |||||||||||||||||||||||||||||||
Other current assets | 15,080 | 14,902 | 2,040 | 2,040 | 4,870 | 5,026 | — | — | 21,990 | 21,968 | |||||||||||||||||||||||||||||||
Total current assets | 46,364 | 47,201 | 663,938 | 663,938 | 254,772 | 252,150 | (23,643 | ) | (23,643 | ) | 941,431 | 939,646 | |||||||||||||||||||||||||||||
Property, plant, and equipment, net | 1,769 | 1,769 | 301,157 | 301,157 | 65,437 | 65,320 | — | — | 368,363 | 368,246 | |||||||||||||||||||||||||||||||
Goodwill | — | — | 98,925 | 93,665 | 35,898 | 35,833 | — | — | 134,823 | 129,498 | |||||||||||||||||||||||||||||||
Other intangible assets, net | — | — | 33,869 | 33,869 | 19,957 | 19,957 | — | — | 53,826 | 53,826 | |||||||||||||||||||||||||||||||
Deferred income taxes | — | — | — | — | 33,483 | — | (3,868 | ) | — | 29,615 | — | ||||||||||||||||||||||||||||||
Other noncurrent assets | 9,598 | 9,598 | 201 | 201 | 3,882 | 3,882 | — | — | 13,681 | 13,681 | |||||||||||||||||||||||||||||||
Intercompany investments | 1,259,553 | 1,218,576 | 26,704 | 26,704 | 4,689 | 4,689 | (1,290,946 | ) | (1,249,969 | ) | — | — | |||||||||||||||||||||||||||||
Total assets | $ | 1,317,284 | $ | 1,277,144 | $ | 1,124,794 | $ | 1,119,534 | $ | 418,118 | $ | 381,831 | $ | (1,318,457 | ) | $ | (1,273,612 | ) | $ | 1,541,739 | $ | 1,504,897 | |||||||||||||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||||||||||||||||||||||||||||||||||||
Current liabilities: | |||||||||||||||||||||||||||||||||||||||||
Accounts payable | $ | 2,080 | $ | 2,080 | $ | 48,293 | $ | 48,293 | $ | 44,066 | $ | 43,725 | $ | (23,643 | ) | $ | (23,643 | ) | $ | 70,796 | $ | 70,455 | |||||||||||||||||||
Accrued wages and other employee costs | 4,989 | 4,989 | 13,406 | 13,406 | 7,960 | 7,859 | — | — | 26,355 | 26,254 | |||||||||||||||||||||||||||||||
Unearned revenue | — | — | 185 | 185 | 49,700 | 49,130 | — | — | 49,885 | 49,315 | |||||||||||||||||||||||||||||||
Liabilities of discontinued operations | — | — | — | — | — | 501 | — | — | — | 501 | |||||||||||||||||||||||||||||||
Other accrued liabilities | 4,955 | 4,955 | 6,961 | 6,961 | 7,936 | 7,877 | — | — | 19,852 | 19,793 | |||||||||||||||||||||||||||||||
Total current liabilities | 12,024 | 12,024 | 68,845 | 68,845 | 109,662 | 109,092 | (23,643 | ) | (23,643 | ) | 166,888 | 166,318 | |||||||||||||||||||||||||||||
Long-term debt | 414,004 | 414,004 | 1,216 | 1,216 | — | — | — | — | 415,220 | 415,220 | |||||||||||||||||||||||||||||||
Intercompany debt | — | — | 403,142 | 403,142 | 86,039 | 86,039 | (489,181 | ) | (489,181 | ) | — | — | |||||||||||||||||||||||||||||
Liability for post-retirement benefits | — | — | 43,944 | 43,944 | — | — | — | — | 43,944 | 43,944 | |||||||||||||||||||||||||||||||
Liability for pension benefits | 6,767 | 6,767 | 7,997 | 7,997 | 159 | 159 | — | — | 14,923 | 14,923 | |||||||||||||||||||||||||||||||
Deferred income taxes | 81,576 | 76,508 | — | — | 3,482 | 3,482 | (3,868 | ) | — | 81,190 | 79,990 | ||||||||||||||||||||||||||||||
Unearned revenue | — | — | — | — | 12,496 | 12,496 | — | — | 12,496 | 12,496 | |||||||||||||||||||||||||||||||
Other noncurrent liabilities | 8,142 | 8,142 | 3,950 | 3,950 | 215 | 215 | — | — | 12,307 | 12,307 | |||||||||||||||||||||||||||||||
Total liabilities | 522,513 | 517,445 | 529,094 | 529,094 | 212,053 | 211,483 | (516,692 | ) | (512,824 | ) | 746,968 | 745,198 | |||||||||||||||||||||||||||||
Total shareholders’ equity | 794,771 | 759,699 | 595,700 | 590,440 | 206,065 | 170,348 | (801,765 | ) | (760,788 | ) | 794,771 | 759,699 | |||||||||||||||||||||||||||||
Total liabilities and shareholders’ equity | $ | 1,317,284 | $ | 1,277,144 | $ | 1,124,794 | $ | 1,119,534 | $ | 418,118 | $ | 381,831 | $ | (1,318,457 | ) | $ | (1,273,612 | ) | $ | 1,541,739 | $ | 1,504,897 | |||||||||||||||||||
(1): | Previously reported balances represent the amounts reported in the Condensed Consolidating Balance Sheet in the Company’s Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2013 as filed with the SEC on September 24, 2013. The previously reported Guarantor Subsidiary and Consolidated balances of inventory, cost in excess of billings, and deferred revenue have been adjusted by $(359), $544, and $185 to correct the prior presentation. The previously reported balances of current deferred income tax assets, non-current deferred income tax assets, intercompany investments, other accrued liabilities, non-current deferred income taxes, and shareholders’ equity, were adjusted by $4,081, $-, $(6,671), $(685), $(1,905), and $- for the Parent; by $(2,437), $(28,271), $-, $-, $(26,646), and $(4,062) for the Guarantor Subsidiaries; by $(1,644), $(169), $-, $685, $111, and $(2,609) for the Non-Guarantor Subsidiaries; and by $-, $28,440, $6,671, $-, $28,440, and $6,671 for the Eliminations, to correct the presentation of deferred income tax balances. | ||||||||||||||||||||||||||||||||||||||||
Condensed Consolidating Balance Sheet | |||||||||||||||||||||||||||||||||||||||||
September 30, 2013 | |||||||||||||||||||||||||||||||||||||||||
(unaudited) | |||||||||||||||||||||||||||||||||||||||||
RTI | Guarantors | Non-Guarantors | Eliminations | Consolidated | |||||||||||||||||||||||||||||||||||||
International | |||||||||||||||||||||||||||||||||||||||||
Metals, Inc. | |||||||||||||||||||||||||||||||||||||||||
Previously | As Restated | Previously | As Restated | Previously | As | Previously | As Restated | Previously | As Restated | ||||||||||||||||||||||||||||||||
Reported (1) | Reported (1) | Reported (1) | Restated | Reported (1) | Reported (1) | ||||||||||||||||||||||||||||||||||||
ASSETS | |||||||||||||||||||||||||||||||||||||||||
Current assets: | |||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | — | $ | 263,561 | $ | 263,561 | $ | 51,460 | $ | 51,460 | $ | — | $ | — | $ | 315,021 | $ | 315,021 | |||||||||||||||||||||
Short term investments | — | — | 45,187 | 45,187 | — | — | — | — | 45,187 | 45,187 | |||||||||||||||||||||||||||||||
Receivables, net | 716 | 716 | 64,790 | 64,790 | 76,167 | 75,463 | (22,846 | ) | (22,846 | ) | 118,827 | 118,123 | |||||||||||||||||||||||||||||
Inventories, net | — | — | 251,257 | 251,257 | 167,901 | 161,199 | — | — | 419,158 | 412,456 | |||||||||||||||||||||||||||||||
Costs in excess of billings | — | — | 1,242 | 1,242 | 3,425 | 3,425 | — | — | 4,667 | 4,667 | |||||||||||||||||||||||||||||||
Deferred income taxes | 31,290 | 31,290 | — | — | 116 | 116 | — | — | 31,406 | 31,406 | |||||||||||||||||||||||||||||||
Assets of discontinued operations | — | — | — | — | — | 7,582 | — | — | — | 7,582 | |||||||||||||||||||||||||||||||
Other current assets | 16,361 | 16,075 | 1,676 | 1,676 | 5,004 | 5,157 | — | 23,041 | 22,908 | ||||||||||||||||||||||||||||||||
Total current assets | 48,367 | 48,081 | 627,713 | 627,713 | 304,073 | 304,402 | (22,846 | ) | (22,846 | ) | 957,307 | 957,350 | |||||||||||||||||||||||||||||
Property, plant, and equipment, net | 2,124 | 2,124 | 297,308 | 297,308 | 68,417 | 68,306 | — | — | 367,849 | 367,738 | |||||||||||||||||||||||||||||||
Goodwill | — | — | 93,665 | 93,665 | 36,173 | 36,108 | — | — | 129,838 | 129,773 | |||||||||||||||||||||||||||||||
Other intangible assets, net | — | — | 33,226 | 33,226 | 19,816 | 19,816 | — | — | 53,042 | 53,042 | |||||||||||||||||||||||||||||||
Deferred income taxes | — | — | — | — | 34,065 | — | (4,630 | ) | — | 29,435 | — | ||||||||||||||||||||||||||||||
Other noncurrent assets | 10,982 | 10,982 | 201 | 201 | 3,727 | 3,727 | — | — | 14,910 | 14,910 | |||||||||||||||||||||||||||||||
Intercompany investments | 1,274,085 | 1,240,173 | 26,265 | 26,265 | 5,221 | 5,221 | (1,305,571 | ) | (1,271,659 | ) | — | — | |||||||||||||||||||||||||||||
Total assets | $ | 1,335,558 | $ | 1,301,360 | $ | 1,078,378 | $ | 1,078,378 | $ | 471,492 | $ | 437,580 | $ | (1,333,047 | ) | $ | (1,294,505 | ) | $ | 1,552,381 | $ | 1,522,813 | |||||||||||||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||||||||||||||||||||||||||||||||||||
Current liabilities: | |||||||||||||||||||||||||||||||||||||||||
Accounts payable | $ | 1,256 | $ | 1,256 | $ | 55,171 | $ | 55,171 | $ | 41,458 | $ | 41,111 | $ | (22,846 | ) | $ | (22,846 | ) | $ | 75,039 | $ | 74,692 | |||||||||||||||||||
Accrued wages and other employee costs | 5,763 | 5,763 | 15,594 | 15,594 | 8,444 | 8,340 | — | — | 29,801 | 29,697 | |||||||||||||||||||||||||||||||
Unearned revenue | — | — | — | — | 38,467 | 38,467 | — | — | 38,467 | 38,467 | |||||||||||||||||||||||||||||||
Liabilities of discontinued operations | — | — | — | — | — | 471 | — | — | — | 471 | |||||||||||||||||||||||||||||||
Other accrued liabilities | 8,911 | 8,911 | 8,054 | 8,054 | 9,072 | 9,052 | — | — | 26,037 | 26,017 | |||||||||||||||||||||||||||||||
Total current liabilities | 15,930 | 15,930 | 78,819 | 78,819 | 97,441 | 97,441 | (22,846 | ) | (22,846 | ) | 169,344 | 169,344 | |||||||||||||||||||||||||||||
Long-term debt | 418,269 | 418,269 | 980 | 980 | — | — | — | — | 419,249 | 419,249 | |||||||||||||||||||||||||||||||
Intercompany debt | — | — | 350,821 | 350,821 | 111,758 | 111,758 | (462,579 | ) | (462,579 | ) | — | — | |||||||||||||||||||||||||||||
Liability for post-retirement benefits | — | — | 44,112 | 44,112 | — | — | — | — | 44,112 | 44,112 | |||||||||||||||||||||||||||||||
Liability for pension benefits | 6,856 | 6,856 | 3,281 | 3,281 | 160 | 160 | — | — | 10,297 | 10,297 | |||||||||||||||||||||||||||||||
Deferred income taxes | 75,030 | 75,030 | — | — | 3,482 | 3,482 | (4,630 | ) | — | 73,882 | 78,512 | ||||||||||||||||||||||||||||||
Unearned revenue | — | — | — | — | 12,033 | 12,033 | — | — | 12,033 | 12,033 | |||||||||||||||||||||||||||||||
Other noncurrent liabilities | 8,143 | 8,143 | 3,753 | 3,753 | 238 | 238 | — | — | 12,134 | 12,134 | |||||||||||||||||||||||||||||||
Total liabilities | 524,228 | 524,228 | 481,766 | 481,766 | 225,112 | 225,112 | (490,055 | ) | (485,425 | ) | 741,051 | 745,681 | |||||||||||||||||||||||||||||
Total shareholders’ equity | 811,330 | 777,132 | 596,612 | 596,612 | 246,380 | 212,468 | (842,992 | ) | (809,080 | ) | 811,330 | 777,132 | |||||||||||||||||||||||||||||
Total liabilities and shareholders’ equity | $ | 1,335,558 | $ | 1,301,360 | $ | 1,078,378 | $ | 1,078,378 | $ | 471,492 | $ | 437,580 | $ | (1,333,047 | ) | $ | (1,294,505 | ) | $ | 1,552,381 | $ | 1,522,813 | |||||||||||||||||||
(1): | Previously reported balances represent the amounts reported in the Condensed Consolidating Balance Sheet in the Company’s Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2013 as filed with the SEC on November 12, 2013. The previously reported Guarantor Subsidiary and Consolidated balances of inventory and cost in excess of billings have been adjusted by $(1,242) and $1,242 to correct the prior presentation. The previously reported balances of current deferred income tax assets, non-current deferred income tax assets, intercompany investments, other accrued liabilities, non-current deferred income taxes and shareholders’ equity, were adjusted by $4,812, $—, $(11,850), $(685), $(6,353), and $- for the Parent; by $(2,629), $(27,604), $-, $-, $(21,587), and $(8,646) for the Guarantor Subsidiaries; by $(2,183), $(174), $-, $685, $162, and, $(3,204) for the Non-Guarantor Subsidiaries; and by $-, $27,778, $11,850, $-, $27,778, and $11,850 for the Eliminations, to correct the presentation of deferred income tax balances. | ||||||||||||||||||||||||||||||||||||||||
Condensed Consolidating Balance Sheet | |||||||||||||||||||||||||||||||||||||||||
March 31, 2012 | |||||||||||||||||||||||||||||||||||||||||
(unaudited) | |||||||||||||||||||||||||||||||||||||||||
RTI International | Guarantors | Non-Guarantors | Eliminations | Consolidated | |||||||||||||||||||||||||||||||||||||
Metals, Inc. | |||||||||||||||||||||||||||||||||||||||||
Previously | As | Previously | As | Previously | As | Previously | As | Previously | As | ||||||||||||||||||||||||||||||||
Reported (1) | Restated | Reported (1)(2) | Restated | Reported (1) | Restated | Reported (1) | Restated | Reported (2) | Restated | ||||||||||||||||||||||||||||||||
ASSETS | |||||||||||||||||||||||||||||||||||||||||
Current assets: | |||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | — | $ | 109,419 | $ | 109,419 | $ | 8,453 | $ | 8,453 | $ | — | $ | — | $ | 117,872 | $ | 117,872 | |||||||||||||||||||||
Receivables, net | 209 | 209 | 77,874 | 77,874 | 64,298 | 62,772 | (39,218 | ) | (39,218 | ) | 103,163 | 101,637 | |||||||||||||||||||||||||||||
Inventories, net | — | — | 166,538 | 166,538 | 139,493 | 130,521 | — | — | 306,031 | 297,059 | |||||||||||||||||||||||||||||||
Costs in excess of billings | — | — | 1,602 | 1,602 | 5 | 5 | — | — | 1,607 | 1,607 | |||||||||||||||||||||||||||||||
Deferred income taxes | 20,475 | 20,475 | — | — | — | — | — | — | 20,475 | 20,475 | |||||||||||||||||||||||||||||||
Assets of discontinued operations | — | — | — | — | 18,598 | 29,581 | — | — | 18,598 | 29,581 | |||||||||||||||||||||||||||||||
Other current assets | 5,737 | 5,340 | 4,496 | 4,496 | 2,963 | 3,360 | (1,927 | ) | (1,927 | ) | 11,269 | 11,269 | |||||||||||||||||||||||||||||
Total current assets | 26,421 | 26,024 | 359,929 | 359,929 | 233,810 | 234,692 | (41,145 | ) | (41,145 | ) | 579,015 | 579,500 | |||||||||||||||||||||||||||||
Property, plant, and equipment, net | 634 | 634 | 296,407 | 296,407 | 64,423 | 64,296 | — | — | 361,464 | 361,337 | |||||||||||||||||||||||||||||||
Goodwill | — | — | 96,942 | 96,942 | 36,653 | 36,295 | — | — | 133,595 | 133,237 | |||||||||||||||||||||||||||||||
Other intangible assets, net | — | — | 37,079 | 37,079 | 22,448 | 22,448 | — | — | 59,527 | 59,527 | |||||||||||||||||||||||||||||||
Deferred income taxes | — | — | — | — | 29,864 | — | (753 | ) | — | 29,111 | — | ||||||||||||||||||||||||||||||
Other noncurrent assets | 4,329 | 4,329 | 201 | 201 | 3,946 | 3,946 | — | — | 8,476 | 8,476 | |||||||||||||||||||||||||||||||
Intercompany investments | 940,478 | 911,011 | 22,840 | 22,840 | 2,621 | 2,621 | (965,939 | ) | (936,472 | ) | — | — | |||||||||||||||||||||||||||||
Total assets | $ | 971,862 | $ | 941,998 | $ | 813,398 | $ | 813,398 | $ | 393,765 | $ | 364,298 | $ | (1,007,837 | ) | $ | (977,617 | ) | $ | 1,171,188 | $ | 1,142,077 | |||||||||||||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||||||||||||||||||||||||||||||||||||
Current liabilities: | |||||||||||||||||||||||||||||||||||||||||
Accounts payable | $ | 1,111 | $ | 1,111 | $ | 48,077 | $ | 48,077 | $ | 54,862 | $ | 53,350 | $ | (39,213 | ) | $ | (39,213 | ) | $ | 64,837 | $ | 63,325 | |||||||||||||||||||
Accrued wages and employee costs | 3,160 | 3,160 | 11,248 | 11,248 | 5,282 | 5,170 | — | — | 19,690 | 19,578 | |||||||||||||||||||||||||||||||
Unearned revenue | — | — | 804 | 804 | 35,785 | 35,785 | — | — | 36,589 | 36,589 | |||||||||||||||||||||||||||||||
Liabilities of discontinued operations | — | — | — | — | 3,879 | 5,588 | — | — | 3,879 | 5,588 | |||||||||||||||||||||||||||||||
Other accrued liabilities | 5,947 | 6,150 | 10,752 | 10,752 | 7,001 | 6,916 | (1,932 | ) | (1,932 | ) | 21,768 | 21,886 | |||||||||||||||||||||||||||||
Total current liabilities | 10,218 | 10,421 | 70,881 | 70,881 | 106,809 | 106,809 | (41,145 | ) | (41,145 | ) | 146,763 | 146,966 | |||||||||||||||||||||||||||||
Long-term debt | 189,313 | 189,313 | 1,876 | 1,876 | — | — | — | 191,189 | 191,189 | ||||||||||||||||||||||||||||||||
Intercompany debt | — | — | 113,669 | 113,669 | 98,057 | 98,057 | (211,726 | ) | (211,726 | ) | — | — | |||||||||||||||||||||||||||||
Liability for post-retirement benefits | — | — | 41,806 | 41,806 | — | — | — | — | 41,806 | 41,806 | |||||||||||||||||||||||||||||||
Liability for pension benefits | 6,227 | 6,227 | 8,193 | 8,193 | 677 | 677 | — | — | 15,097 | 15,097 | |||||||||||||||||||||||||||||||
Deferred income taxes | 30,058 | 30,058 | — | — | 3,836 | 3,836 | (753 | ) | — | 33,141 | 33,894 | ||||||||||||||||||||||||||||||
Unearned revenue | — | — | — | — | 3,504 | 3,504 | — | — | 3,504 | 3,504 | |||||||||||||||||||||||||||||||
Other noncurrent liabilities | 5,253 | 5,253 | 3,464 | 3,464 | 199 | 199 | (21 | ) | (21 | ) | 8,895 | 8,895 | |||||||||||||||||||||||||||||
Total liabilities | 241,069 | 241,272 | 239,889 | 239,889 | 213,082 | 213,082 | (253,645 | ) | (252,892 | ) | 440,395 | 441,351 | |||||||||||||||||||||||||||||
Total shareholders’ equity | 730,793 | 700,726 | 573,509 | 573,509 | 180,683 | 151,216 | (754,192 | ) | (724,725 | ) | 730,793 | 700,726 | |||||||||||||||||||||||||||||
Total liabilities and shareholders’ equity | $ | 971,862 | $ | 941,998 | $ | 813,398 | $ | 813,398 | $ | 393,765 | $ | 364,298 | $ | (1,007,837 | ) | $ | (977,617 | ) | $ | 1,171,188 | $ | 1,142,077 | |||||||||||||||||||
-1 | The previously reported balances of current deferred income tax assets, non-current deferred income tax assets, intercompany investments, other accrued liabilities, non-current deferred income taxes, and shareholders’ equity were adjusted by $3,298, $-, $(10,752), $(764), $(6,690), and $- for the Parent; by $(2,290), $(25,995), $-, $-, $(19,560), and $(8,725) for the Guarantor Subsidiaries; by $(1,008), $(33), $-, $764, $222, and $(2,027) for the Non-Guarantor Subsidiaries; and by $-, $26,028, $10,752, $-, $26,028, and $10,752 for the Eliminations, to correct the presentation of deferred income tax balances. | ||||||||||||||||||||||||||||||||||||||||
(2): | The previously reported Guarantor Subsidiary and Consolidated balances of inventory, cost in excess of billings, and deferred revenue have been adjusted by $(1,596), $1,602, and $6 to correct the prior presentation. | ||||||||||||||||||||||||||||||||||||||||
Condensed Consolidating Balance Sheet | |||||||||||||||||||||||||||||||||||||||||
30-Jun-12 | |||||||||||||||||||||||||||||||||||||||||
(unaudited) | |||||||||||||||||||||||||||||||||||||||||
RTI International | Guarantors | Non-Guarantors | Eliminations | Consolidated | |||||||||||||||||||||||||||||||||||||
Metals, Inc. | |||||||||||||||||||||||||||||||||||||||||
Previously | As | Previously | As | Previously | As | Previously | As | Previously | As | ||||||||||||||||||||||||||||||||
Reported (1) | Restated | Reported (1)(2) | Restated | Reported (1) | Restated | Reported (1) | Restated | Reported (2) | Restated | ||||||||||||||||||||||||||||||||
ASSETS | |||||||||||||||||||||||||||||||||||||||||
Current assets: | |||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | — | $ | 92,864 | $ | 92,864 | $ | 6,661 | $ | 6,661 | $ | — | $ | — | $ | 99,525 | $ | 99,525 | |||||||||||||||||||||
Receivables, net | 162 | 162 | 76,198 | 76,198 | 60,685 | 59,489 | (33,288 | ) | (33,288 | ) | 103,757 | 102,561 | |||||||||||||||||||||||||||||
Inventories, net | — | — | 176,305 | 176,305 | 149,029 | 140,168 | — | — | 325,334 | 316,473 | |||||||||||||||||||||||||||||||
Costs in excess of billings | — | — | 1,857 | 1,857 | 658 | 658 | — | — | 2,515 | 2,515 | |||||||||||||||||||||||||||||||
Deferred income taxes | 20,775 | 20,775 | — | — | — | — | — | — | 20,775 | 20,775 | |||||||||||||||||||||||||||||||
Assets of discontinued operations | — | — | — | — | 17,633 | 28,165 | — | — | 17,633 | 28,165 | |||||||||||||||||||||||||||||||
Other current assets | 4,271 | 3,874 | 4,565 | 4,565 | 4,433 | 4,830 | — | — | 13,269 | 13,269 | |||||||||||||||||||||||||||||||
Total current assets | 25,208 | 24,811 | 351,789 | 351,789 | 239,099 | 239,971 | (33,288 | ) | (33,288 | ) | 582,808 | 583,283 | |||||||||||||||||||||||||||||
Property, plant, and equipment, net | 543 | 543 | 301,438 | 301,438 | 63,754 | 63,637 | — | — | 365,735 | 365,618 | |||||||||||||||||||||||||||||||
Goodwill | — | — | 96,942 | 96,942 | 36,628 | 36,270 | — | — | 133,570 | 133,212 | |||||||||||||||||||||||||||||||
Other intangible assets, net | — | — | 36,436 | 36,436 | 21,815 | 21,815 | — | — | 58,251 | 58,251 | |||||||||||||||||||||||||||||||
Deferred income taxes | — | — | — | — | 30,719 | — | (1,480 | ) | — | 29,239 | — | ||||||||||||||||||||||||||||||
Other noncurrent assets | 4,768 | 4,768 | 201 | 201 | 3,823 | 3,823 | — | — | 8,792 | 8,792 | |||||||||||||||||||||||||||||||
Intercompany investments | 950,229 | 919,907 | 25,350 | 25,350 | 3,034 | 3,034 | (978,613 | ) | (948,291 | ) | — | — | |||||||||||||||||||||||||||||
Total assets | $ | 980,748 | $ | 950,029 | $ | 812,156 | $ | 812,156 | $ | 398,872 | $ | 368,550 | $ | (1,013,381 | ) | $ | (981,579 | ) | $ | 1,178,395 | $ | 1,149,156 | |||||||||||||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||||||||||||||||||||||||||||||||||||
Current liabilities: | |||||||||||||||||||||||||||||||||||||||||
Accounts payable | $ | 1,021 | $ | 1,021 | $ | 43,562 | $ | 43,562 | $ | 49,789 | $ | 49,356 | $ | (33,288 | ) | $ | (33,288 | ) | $ | 61,084 | $ | 60,651 | |||||||||||||||||||
Accrued wages and other employee costs | 4,465 | 4,465 | 13,477 | 13,477 | 6,929 | 6,810 | — | — | 24,871 | 24,752 | |||||||||||||||||||||||||||||||
Unearned revenue | — | — | 726 | 726 | 36,140 | 36,140 | — | — | 36,866 | 36,866 | |||||||||||||||||||||||||||||||
Liabilities of discontinued operations | — | — | — | — | 3,494 | 4,087 | — | — | 3,494 | 4,087 | |||||||||||||||||||||||||||||||
Other accrued liabilities | 5,608 | 5,845 | 7,823 | 7,823 | 8,249 | 8,208 | — | — | 21,680 | 21,876 | |||||||||||||||||||||||||||||||
Total current liabilities | 11,094 | 11,331 | 65,588 | 65,588 | 104,601 | 104,601 | (33,288 | ) | (33,288 | ) | 147,995 | 148,232 | |||||||||||||||||||||||||||||
Long-term debt | 191,699 | 191,699 | 2,028 | 2,028 | — | — | — | 193,727 | 193,727 | ||||||||||||||||||||||||||||||||
Intercompany debt | — | — | 111,916 | 111,916 | 100,929 | 100,929 | (212,845 | ) | (212,845 | ) | — | — | |||||||||||||||||||||||||||||
Liability for post-retirement benefits | — | — | 42,000 | 42,000 | — | — | — | — | 42,000 | 42,000 | |||||||||||||||||||||||||||||||
Liability for pension benefits | 6,133 | 6,133 | 6,730 | 6,730 | 539 | 539 | — | — | 13,402 | 13,402 | |||||||||||||||||||||||||||||||
Deferred income taxes | 31,393 | 31,393 | — | — | 3,836 | 3,836 | (1,480 | ) | — | 33,749 | 35,229 | ||||||||||||||||||||||||||||||
Unearned revenue | — | — | — | — | 3,385 | 3,385 | — | — | 3,385 | 3,385 | |||||||||||||||||||||||||||||||
Other noncurrent liabilities | 5,261 | 5,261 | 3,491 | 3,491 | 217 | 217 | — | — | 8,969 | 8,969 | |||||||||||||||||||||||||||||||
Total liabilities | 245,580 | 245,817 | 231,753 | 231,753 | 213,507 | 213,507 | (247,613 | ) | (246,133 | ) | 443,227 | 444,944 | |||||||||||||||||||||||||||||
Total shareholders’ equity | 735,168 | 704,212 | 580,403 | 580,403 | 185,365 | 155,043 | (765,768 | ) | (735,446 | ) | 735,168 | 704,212 | |||||||||||||||||||||||||||||
Total liabilities and shareholders’ equity | $ | 980,748 | $ | 950,029 | $ | 812,156 | $ | 812,156 | $ | 398,872 | $ | 368,550 | $ | (1,013,381 | ) | $ | (981,579 | ) | $ | 1,178,395 | $ | 1,149,156 | |||||||||||||||||||
-1 | The previously reported balances of current deferred income tax assets, non-current deferred income tax assets, intercompany investments, other accrued liabilities, non-current deferred income taxes, and shareholders’ equity were adjusted by $3,598, $-, $(9,842), $(780), $(5,464), and $- for the Parent; by $(2,290), $(25,314), $-, $-, $(20,104), and $(7,500) for the Guarantor Subsidiaries; by $(1,308), $(31), $-, $780, $223, and $(2,342) for the Non-Guarantor Subsidiaries; and by $-, $25,345, $9,842, $-, $25,345, and $9,842 for the Eliminations, to correct the presentation of deferred income tax balances. | ||||||||||||||||||||||||||||||||||||||||
-2 | The previously Guarantor Subsidiary and Consolidated balances of inventory, cost in excess of billings, and deferred revenue have been adjusted by $(1,835), $1,857, and $22 to correct the prior presentation. | ||||||||||||||||||||||||||||||||||||||||
Condensed Consolidating Balance Sheet | |||||||||||||||||||||||||||||||||||||||||
September 30, 2012 | |||||||||||||||||||||||||||||||||||||||||
(unaudited) | |||||||||||||||||||||||||||||||||||||||||
RTI International | Guarantors | Non-Guarantors | Eliminations | Consolidated | |||||||||||||||||||||||||||||||||||||
Metals, Inc. | |||||||||||||||||||||||||||||||||||||||||
Previously | As | Previously | As | Previously | As | Previously | As | Previously | As | ||||||||||||||||||||||||||||||||
Reported (1) | Restated | Reported (1)(2) | Restated | Reported (1) | Restated | Reported (1) | Restated | Reported (2) | Restated | ||||||||||||||||||||||||||||||||
ASSETS | |||||||||||||||||||||||||||||||||||||||||
Current assets: | |||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | — | $ | 69,907 | $ | 69,907 | $ | 3,482 | $ | 3,482 | $ | — | $ | — | $ | 73,389 | $ | 73,389 | |||||||||||||||||||||
Short term investments | — | — | 3,998 | 3,998 | — | — | — | — | 3,998 | 3,998 | |||||||||||||||||||||||||||||||
Receivables, net | 126 | 126 | 80,480 | 80,480 | 63,115 | 62,196 | (29,473 | ) | (29,473 | ) | 114,248 | 113,329 | |||||||||||||||||||||||||||||
Inventories, net | — | — | 188,662 | 188,662 | 162,992 | 154,020 | — | — | 351,654 | 342,682 | |||||||||||||||||||||||||||||||
Costs in excess of billings | — | — | 1,344 | 1,344 | 2,151 | 2,151 | — | — | 3,495 | 3,495 | |||||||||||||||||||||||||||||||
Deferred income taxes | 22,059 | 22,059 | — | — | — | — | — | — | 22,059 | 22,059 | |||||||||||||||||||||||||||||||
Assets of discontinued operations | — | — | — | — | 16,799 | 27,158 | — | — | 16,799 | 27,158 | |||||||||||||||||||||||||||||||
Other current assets | 4,021 | 3,624 | 4,070 | 4,070 | 4,449 | 4,846 | (1,380 | ) | (1,380 | ) | 11,160 | 11,160 | |||||||||||||||||||||||||||||
Total current assets | 26,206 | 25,809 | 348,461 | 348,461 | 252,988 | 253,853 | (30,853 | ) | (30,853 | ) | 596,802 | 597,270 | |||||||||||||||||||||||||||||
Property, plant, and equipment, net | 1,336 | 1,336 | 301,681 | 301,681 | 64,751 | 64,641 | — | — | 367,768 | 367,658 | |||||||||||||||||||||||||||||||
Marketable securities | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||
Goodwill | — | — | 94,494 | 94,494 | 37,112 | 36,754 | — | — | 131,606 | 131,248 | |||||||||||||||||||||||||||||||
Other intangible assets, net | — | — | 35,795 | 35,795 | 21,869 | 21,869 | — | — | 57,664 | 57,664 | |||||||||||||||||||||||||||||||
Deferred income taxes | — | — | — | — | 32,786 | — | (589 | ) | — | 32,197 | — | ||||||||||||||||||||||||||||||
Other noncurrent assets | 4,442 | 4,442 | 2,781 | 2,781 | 3,710 | 3,710 | (2,580 | ) | (2,580 | ) | 8,353 | 8,353 | |||||||||||||||||||||||||||||
Intercompany investments | 965,123 | 932,734 | 26,492 | 26,492 | 3,408 | 3,408 | (995,023 | ) | (962,634 | ) | — | — | |||||||||||||||||||||||||||||
Total assets | $ | 997,107 | $ | 964,321 | $ | 809,704 | $ | 809,704 | $ | 416,624 | $ | 384,235 | $ | (1,029,045 | ) | $ | (996,067 | ) | $ | 1,194,390 | $ | 1,162,193 | |||||||||||||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||||||||||||||||||||||||||||||||||||
Current liabilities: | |||||||||||||||||||||||||||||||||||||||||
Accounts payable | $ | 1,003 | $ | 1,003 | $ | 46,543 | $ | 46,543 | $ | 49,093 | $ | 48,239 | $ | (29,473 | ) | $ | (29,473 | ) | $ | 67,166 | $ | 66,312 | |||||||||||||||||||
Accrued wages and other employee costs | 5,177 | 5,177 | 15,629 | 15,629 | 8,639 | 8,501 | — | — | 29,445 | 29,307 | |||||||||||||||||||||||||||||||
Unearned revenue | — | — | 674 | 674 | 34,018 | 34,018 | — | — | 34,692 | 34,692 | |||||||||||||||||||||||||||||||
Liabilities of discontinued operations | — | — | — | — | 3,198 | 4,190 | — | — | 3,198 | 4,190 | |||||||||||||||||||||||||||||||
Other accrued liabilities | 10,348 | 10,444 | 9,192 | 9,192 | 9,298 | 9,298 | (1,380 | ) | (1,380 | ) | 27,458 | 27,554 | |||||||||||||||||||||||||||||
Total current liabilities | 16,528 | 16,624 | 72,038 | 72,038 | 104,246 | 104,246 | (30,853 | ) | (30,853 | ) | 161,959 | 162,055 | |||||||||||||||||||||||||||||
Long-term debt | 194,153 | 194,153 | 1,926 | 1,926 | — | — | — | — | 196,079 | 196,079 | |||||||||||||||||||||||||||||||
Intercompany debt | — | — | 112,535 | 112,535 | 106,684 | 106,684 | (219,219 | ) | (219,219 | ) | — | — | |||||||||||||||||||||||||||||
Liability for post-retirement benefits | — | — | 42,220 | 42,220 | — | — | — | — | 42,220 | 42,220 | |||||||||||||||||||||||||||||||
Liability for pension benefits | 4,976 | 4,976 | — | — | 159 | 159 | (2,580 | ) | (2,580 | ) | 2,555 | 2,555 | |||||||||||||||||||||||||||||
Deferred income taxes | 30,416 | 30,416 | — | — | 3,836 | 3,836 | (589 | ) | — | 33,663 | 34,252 | ||||||||||||||||||||||||||||||
Unearned revenue | — | — | — | — | 3,240 | 3,240 | — | — | 3,240 | 3,240 | |||||||||||||||||||||||||||||||
Other noncurrent liabilities | 5,268 | 5,268 | 3,430 | 3,430 | 210 | 210 | — | — | 8,908 | 8,908 | |||||||||||||||||||||||||||||||
Total liabilities | 251,341 | 251,437 | 232,149 | 232,149 | 218,375 | 218,375 | (253,241 | ) | (252,652 | ) | 448,624 | 449,309 | |||||||||||||||||||||||||||||
Total shareholders’ equity | 745,766 | 712,884 | 577,555 | 577,555 | 198,249 | 165,860 | (775,804 | ) | (743,415 | ) | 745,766 | 712,884 | |||||||||||||||||||||||||||||
Total liabilities and shareholders’ equity | $ | 997,107 | $ | 964,321 | $ | 809,704 | $ | 809,704 | $ | 416,624 | $ | 384,235 | $ | (1,029,045 | ) | $ | (996,067 | ) | $ | 1,194,390 | $ | 1,162,193 | |||||||||||||||||||
(1): | The previously reported balances of current deferred income tax assets, non-current deferred income tax assets, intercompany investments, other accrued liabilities, non-current deferred income taxes, and shareholders’ equity were adjusted by $4,883, $-, $(12,214), $(780), $(6,551), and $- for the Parent; by $(2,593), $(26,313), $-, $-, $(20,104), and $(8,802) for the Guarantor Subsidiaries; by $(2,290), $(32), $-, $780, $310, and $(3,412) for the Non-Guarantor Subsidiaries; and by $-, $26,345, $12,214, $-, $26,345, and $12,214 for the Eliminations, to correct the presentation of deferred income tax balances. | ||||||||||||||||||||||||||||||||||||||||
(2): | The previously reported Guarantor Subsidiary and Consolidated balances of inventory, cost in excess of billings, and deferred revenue have been adjusted by $(1,175), $1,344, and $169 to correct the prior presentation. | ||||||||||||||||||||||||||||||||||||||||
SUBSEQUENT_EVENTS
SUBSEQUENT EVENTS | 12 Months Ended |
Dec. 31, 2013 | |
SUBSEQUENT EVENTS | ' |
Note 19—SUBSEQUENT EVENTS: | |
On January 22, 2014, the Company announced the acquisition of Directed Manufacturing, Inc, a leader in additive manufacturing of metals and plastics for both commercial production and engineering development applications, for $23 million in cash. | |
A purchase price allocation has not been presented due to the timing of the close of the acquisition. Fair values of the assets and liabilities of the acquired company have not been determined as of the filing of this Annual Report. | |
On February 21, 2014, the Company completed the sale of the assets of RTI Connecticut for $3.3 million in cash. Refer to Note 3 for further information on the presentation of RTI Connecticut as a discontinued operation. |
Schedule_IIValuation_and_Quali
Schedule II-Valuation and Qualifying Accounts | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Schedule II-Valuation and Qualifying Accounts | ' | ||||||||||||||||
Schedule II—Valuation and Qualifying Accounts | |||||||||||||||||
(In thousands) | |||||||||||||||||
Description | Balance at | (Charged) | (Charged) | Balance at | |||||||||||||
beginning | credited to | credited to | end | ||||||||||||||
of year | costs and | other | of year | ||||||||||||||
expenses | accounts | ||||||||||||||||
Year ended December 31, 2013: | |||||||||||||||||
Allowance for doubtful accounts | $ | (721 | ) | (99 | ) | — | $ | (820 | ) | ||||||||
Valuation allowance for deferred income taxes (as restated) | (37,726 | ) | (1,720 | ) | 2,274 | (37,172 | ) | ||||||||||
Year ended December 31, 2012: | |||||||||||||||||
Allowance for doubtful accounts | $ | (847 | ) | $ | 126 | $ | — | $ | (721 | ) | |||||||
Valuation allowance for deferred income taxes (as restated) | (31,766 | ) | (5,326 | ) | (634 | ) | (37,726 | ) | |||||||||
Year ended December 31, 2011: | |||||||||||||||||
Allowance for doubtful accounts | $ | (420 | ) | $ | (427 | ) | $ | — | $ | (847 | ) | ||||||
Valuation allowance for deferred income taxes (as restated) | (26,064 | ) | (6,063 | ) | 361 | (31,766 | ) |
SUMMARY_OF_SIGNIFICANT_ACCOUNT1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Principles of consolidation | ' | ||||||||||||||||
Principles of consolidation: | |||||||||||||||||
The Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”), and include the accounts of RTI International Metals, Inc. and its wholly-owned subsidiaries. All significant intercompany accounts and transactions have been eliminated. Certain prior year amounts related to percentage of completion accounting at our Remmele subsidiary have been reclassified to conform the inventory, costs in excess of billings, and unearned revenue line items on the Consolidated Balance Sheets, as well as the related captions on the Consolidated Statements of Cash Flows, to current year presentation. | |||||||||||||||||
Use of estimates | ' | ||||||||||||||||
Use of estimates: | |||||||||||||||||
U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at year-end and the reported amounts of revenues and expenses during the year. Actual results could differ from these estimates. Significant items subject to such estimates and assumptions include the carrying values of accounts receivable, inventories, property, plant, and equipment, intangible assets, goodwill, pensions, post-retirement benefits, worker’s compensation, environmental liabilities, and income taxes. | |||||||||||||||||
Fair value | ' | ||||||||||||||||
Fair value: | |||||||||||||||||
For certain of the Company’s financial instruments and account groupings, including cash, short-term investments, accounts receivable, marketable securities, accounts payable, accrued wages and other employee costs, unearned revenue, and other accrued liabilities, the carrying value of the instruments and account groupings approximates fair value. | |||||||||||||||||
The Financial Accounting Standards Board (the “FASB”) defines fair value as an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based upon assumptions that market participants would use in pricing an asset or liability. As a basis for considering such assumptions, a three-tier fair value hierarchy prioritizes the inputs utilized in measuring fair value as follows: | |||||||||||||||||
• | Level 1—observable inputs such as quoted prices in active markets; | ||||||||||||||||
• | Level 2—inputs other than the quoted prices in active markets that are observable either directly or indirectly; and | ||||||||||||||||
• | Level 3—unobservable inputs in which there is little or no market data and which requires the Company to develop its own assumptions. | ||||||||||||||||
The hierarchy requires the Company to use observable market data, when available, and to minimize the use of unobservable inputs when determining fair value. On a recurring basis, the Company measures certain financial assets and liabilities at fair value, including its short-term investments and marketable securities. | |||||||||||||||||
For the Company’s short-term investments and marketable securities, fair value was determined based on the closing price reported on the active market on which the individual securities are traded. There were no transfers between levels during the year ended December 31, 2013. The Company held no assets or liabilities measured at fair value on a recurring basis as of December 31, 2013 or 2012. | |||||||||||||||||
As of both December 31, 2013 and 2012, the Company did not have any financial assets or liabilities that were measured at fair value on a non-recurring basis. Refer to discussions of intangible asset impairments below for nonfinancial assets measured at fair value on a non-recurring basis. | |||||||||||||||||
The carrying amounts and fair values of financial instruments for which the fair value option was not elected were as follows: | |||||||||||||||||
December 31, 2013 | December 31, 2012 | ||||||||||||||||
Carrying | Fair | Carrying | Fair | ||||||||||||||
Amount | Value | Amount | Value | ||||||||||||||
Cash and cash equivalents | $ | 343,637 | $ | 343,637 | $ | 97,190 | $ | 97,190 | |||||||||
Long-term debt | 430,300 | 559,986 | 198,337 | 249,113 | |||||||||||||
Current portion of long-term debt…… | 1,914 | 1,914 | 957 | 957 | |||||||||||||
The fair value of long-term debt includes the $114,381 remaining principle outstanding related to the $230,000 aggregate principle amount 3.000% Convertible Senior Notes due 2015 (the “2015 Notes”) and the $402,500 aggregate principal amount 1.625% Convertible Senior Notes due 2019 (the “2019 Notes”) and is inclusive of the conversion feature, which was originally allocated for reporting purposes at $122.5 million, and is included in the Consolidated Balance Sheets within additional paid-in capital. The fair value of long-term debt was estimated based on the quoted market price for the debt (Level 2). | |||||||||||||||||
Cash and cash equivalents | ' | ||||||||||||||||
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. | |||||||||||||||||
Cash and cash equivalents consisted of the following: | |||||||||||||||||
December 31, | December 31, | ||||||||||||||||
2013 | 2012 | ||||||||||||||||
Cash | $ | 62,394 | $ | 37,473 | |||||||||||||
Cash equivalents: | |||||||||||||||||
Commercial paper | 150,978 | 32,642 | |||||||||||||||
Money market mutual funds | 130,265 | 27,075 | |||||||||||||||
Total cash and cash equivalents | $ | 343,637 | $ | 97,190 | |||||||||||||
Receivables | ' | ||||||||||||||||
Receivables: | |||||||||||||||||
Receivables are carried at net realizable value. Estimates are made as to the Company’s ability to collect outstanding receivables, taking into consideration the amount, the customer’s financial condition, and the age of the debt. The Company ascertains the net realizable value of amounts owed and provides an allowance when collection becomes doubtful. Receivables are expected to be collected in the normal course of business and consisted of the following: | |||||||||||||||||
December 31, | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
Trade and commercial customers | $ | 106,091 | $ | 105,075 | |||||||||||||
Less: Allowance for doubtful accounts | (820 | ) | (721 | ) | |||||||||||||
Total receivables | $ | 105,271 | $ | 104,354 | |||||||||||||
Inventories | ' | ||||||||||||||||
Inventories: | |||||||||||||||||
Inventories are valued at cost as determined by the last-in, first-out (“LIFO”) method for approximately 56% and 55%, respectively, of the Company’s inventories as of December 31, 2013 and 2012. The remaining inventories are valued at cost determined by a combination of the first-in, first-out (“FIFO”) and weighted-average cost methods. Inventory costs generally include materials, labor, and manufacturing overhead (including depreciation). When market conditions indicate an excess of carrying cost over market value, a lower-of-cost-or-market provision is recorded. There were no LIFO decrements for the years ended December 31, 2013 or 2012. | |||||||||||||||||
Inventories consisted of the following: | |||||||||||||||||
December 31, | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
Raw materials and supplies | $ | 166,359 | $ | 160,627 | |||||||||||||
Work-in-process and finished goods | 314,438 | 273,412 | |||||||||||||||
LIFO reserve | (50,709 | ) | (58,598 | ) | |||||||||||||
Total inventories | $ | 430,088 | $ | 375,441 | |||||||||||||
Costs in excess of billings | ' | ||||||||||||||||
Costs in excess of billings: | |||||||||||||||||
As of December 31, 2013 and 2012, the Company had costs in excess of billings of $5,377 and $3,825, respectively. All $5,377 of costs in excess of billings are expected to be collected within the next twelve months. The Company had no claims included in inventory, progress payments netted against inventory, or billings in excess of cost at December 31, 2013 or 2012, respectively. | |||||||||||||||||
Other current assets | ' | ||||||||||||||||
Other current assets: | |||||||||||||||||
The Company had other current assets of $16,947 and $11,270 at December 31, 2013 and 2012, respectively. Other current assets are comprised mainly of prepaid income taxes and other prepaid expenses which do not individually exceed five percent of consolidated current assets, and are expected to be realized within twelve months of the balance sheet date. The increase in other current assets in 2013 is attributable to increases in prepaid taxes of $2,266, and other prepaid expenses of $3,411. | |||||||||||||||||
Property, plant, and equipment | ' | ||||||||||||||||
Property, plant, and equipment: | |||||||||||||||||
The cost of property, plant, and equipment includes all direct costs of acquisition and capital improvements. Applicable amounts of interest on borrowings outstanding during the construction or acquisition period for major capital projects are capitalized. During the years ended December 31, 2013 and 2012, the Company capitalized $0 and $821, respectively, of interest expense related to its major capital expansion projects. | |||||||||||||||||
Property, plant, and equipment is stated at cost and consisted of the following: | |||||||||||||||||
December 31, | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
Land | $ | 18,769 | $ | 17,965 | |||||||||||||
Buildings and improvements | 117,225 | 120,973 | |||||||||||||||
Machinery and equipment | 446,787 | 413,718 | |||||||||||||||
Computer hardware and software, furniture and fixtures, and other | 65,622 | 64,131 | |||||||||||||||
Construction-in-progress | 52,546 | 56,087 | |||||||||||||||
700,949 | 672,874 | ||||||||||||||||
Less: Accumulated depreciation | (328,609 | ) | (297,055 | ) | |||||||||||||
Total property, plant, and equipment, net | $ | 372,340 | $ | 375,819 | |||||||||||||
Depreciation is determined using the straight-line method over the estimated useful lives of the various classes of assets. Depreciation expense for the years ended December 31, 2013, 2012, and 2011 was $39,439, $37,364, and $21,342, respectively. Depreciation is generally recorded over the following useful lives: | |||||||||||||||||
Buildings and improvements | 20-40 years | ||||||||||||||||
Machinery and equipment | 7-15 years | ||||||||||||||||
Furniture and fixtures | 5-10 years | ||||||||||||||||
Computer hardware and software | 3-10 years | ||||||||||||||||
The cost of properties retired or otherwise disposed of, together with the accumulated depreciation provided thereon, is eliminated from the accounts. The net gain or loss is recognized in operating income. | |||||||||||||||||
Leased property and equipment under capital leases are amortized using the straight-line method over the term of the lease. | |||||||||||||||||
Routine maintenance, repairs, and replacements are charged to operations. Expenditures that materially increase values, change capacities, or extend useful lives are capitalized. | |||||||||||||||||
The Company recorded an asset impairment of $1,617 for the year ended December 31, 2012 as a result of the electrical transformer fire at the Titanium Segment’s Canton, Ohio facility. This impairment charge was partially offset by $1,250 for insurance proceeds. The net impairment charge is included in the Consolidated Statement of Operations as Asset and asset-related charges. | |||||||||||||||||
Goodwill and intangible assets | ' | ||||||||||||||||
Goodwill and intangible assets: | |||||||||||||||||
In the case of goodwill and intangible assets, if future product demand or market conditions reduce management’s expectation of future cash flows from these assets, a write-down of the carrying value or acceleration of the amortization period may be required. Intangible assets were originally valued at fair value at the date of acquisition. | |||||||||||||||||
Goodwill. The Company performs its goodwill impairment testing at the reporting unit level. The Company’s four reporting units, which are one level below its operating segments, where appropriate, are as follows: 1) the Titanium reporting unit; 2) the Fabrication reporting unit; 3) the Medical Device Fabrication reporting unit; and 4) the Energy Fabrication reporting unit. As of December 31, 2013 and 2012, the Energy Fabrication reporting unit had no goodwill. | |||||||||||||||||
The carrying value of goodwill at the Company’s four reporting units as of the Company’s October 1, 2013 annual impairment test was as follows: | |||||||||||||||||
Goodwill | |||||||||||||||||
Titanium reporting unit | $ | 9,662 | |||||||||||||||
Fabrication reporting unit | 63,548 | ||||||||||||||||
Medical Device Fabrication reporting unit | 58,748 | ||||||||||||||||
Energy Fabrication reporting unit | — | ||||||||||||||||
Total Goodwill | $ | 131,958 | |||||||||||||||
Goodwill is tested annually during the fourth quarter and is assessed between annual tests if an event occurs or circumstances change that would indicate the carrying value of a reporting unit may exceed its fair value. These events and circumstances may include, but are not limited to: significant adverse changes in the business climate or legal factors; an adverse action or assessment by a regulator; unanticipated competition; a material negative change in relationships with significant customers; strategic decisions made in response to economic or competitive conditions; loss of key personnel; or a more-likely-than-not expectation that a reporting unit or a significant portion of a reporting unit will be sold or disposed. | |||||||||||||||||
The fair value of the Company’s four reporting units is calculated by averaging the fair values determined using an income approach (i.e. a discounted cash flow model) and a market approach. A discounted cash flow model is based on historical and projected financial information and provides a fair value estimate based upon each reporting unit’s long-term operating and cash flow performance. This approach also considers the impact of cyclical downturns that occur in the titanium and aerospace industries. The market valuation approach applies market multiples, such as EBITDA and revenue multiples, developed from a set of peer group companies to each reporting unit to determine its fair value. The Company considered the use of a cost approach but determined such an approach was not appropriate. | |||||||||||||||||
Utilizing a discounted cash flow model, the Company estimates its cash flow projections using business and economic data available at the time the projection is calculated. A significant number of assumptions and estimates are involved in the application of the discounted cash flow model to forecast operating cash flows, including overall business conditions, sales volumes and prices, costs of production, and working capital changes. The Company considers historical experience and available information at the time the reporting units’ fair values are estimated. Discount rates were developed using a Weighted-Average Cost of Capital (“WACC”) methodology. The WACC represents the blended average required rate of return for equity and debt capital based on observed market return data and reporting unit specific risk factors. | |||||||||||||||||
The discount rates used in the Company’s October 1, 2013 annual impairment test were as follows: | |||||||||||||||||
Titanium reporting unit | 11 | % | |||||||||||||||
Fabrication reporting unit | 12.5 | % | |||||||||||||||
Medical Device Fabrication reporting unit | 13 | % | |||||||||||||||
The Company performed a Step One impairment test for all reporting units with a goodwill balance as of the testing date. Significant assumptions that changed from the prior year included the impact of the Patient Protection and Affordable Care Act (the “Healthcare Acts”) and the related 2.3% excise tax on medical devices. | |||||||||||||||||
Step One of the goodwill impairment test indicated that the fair value of the Titanium and Fabrication reporting units each exceeded their respective carrying values by a significant margin, while the Medical Device Fabrication reporting unit’s carrying value exceeded its fair value by approximately 17% as of the October 1, 2013 testing date. A Step Two analysis was then performed for the Medical Device Fabrication reporting unit which indicated that the implied fair value of goodwill of the Medical Device Fabrication reporting unit was $44,789 as of October 1, 2013, resulting in an impairment charge of $13,959. | |||||||||||||||||
In addition to the impairment at the Medical Device Fabrication reporting unit, an immaterial goodwill impairment was recognized in the Company’s Titanium reporting unit as a result of the Company’s decision to dispose of RTI Pierce Spafford and RTI Connecticut businesses. This impairment is included as a component of net loss from discontinued operations for the year ended December 31, 2013. Excluding the Energy Fabrication reporting unit, whose goodwill was fully impaired in 2009, and the items mentioned above, there have been no other impairments to date at the Company’s reporting units. Uncertainties or other factors that could result in a potential impairment in future periods may include any cancellation of or material modification to one of the major aerospace programs the Company currently supplies, including the Joint Strike fighter program, the Boeing 787 program, or the Airbus family of aircraft, including the A350XWB, A320neo, or A380 programs. In addition, the Company’s ability to ramp up its production of these programs in a cost efficient manner may also impact the results of a future impairment test. Furthermore, additional pricing pressures or other impacts from the Healthcare Acts could result in an additional goodwill impairment at our Medical Device Fabrication reporting unit. | |||||||||||||||||
The carrying amount of goodwill attributable to each segment at December 31, 2011, 2012, and 2013 was as follows: | |||||||||||||||||
Titanium | Engineered | Total | |||||||||||||||
Segment | Products and | ||||||||||||||||
Services Segment | |||||||||||||||||
December 31, 2011 | $ | 9,662 | $ | 44,463 | $ | 54,125 | |||||||||||
Additions (Note 5) | — | 75,824 | 75,824 | ||||||||||||||
Translation adjustment | — | 303 | 303 | ||||||||||||||
December 31, 2012 | 9,662 | 120,590 | 130,252 | ||||||||||||||
Additions (Note 5) | — | 2,185 | 2,185 | ||||||||||||||
Impairments | — | (13,959 | ) | (13,959 | ) | ||||||||||||
Translation adjustment | — | (900 | ) | (900 | ) | ||||||||||||
Balance at December 31, 2013 | $ | 9,662 | $ | 107,916 | $ | 117,578 | |||||||||||
At December 31, 2013 and 2012, the Engineered Products and Services Segment had accumulated goodwill impairment losses of $22,858 and $8,899, respectively, while the Titanium Segment has no accumulated impairment losses, other than those relating to discontinued operations, not included in the table above. | |||||||||||||||||
Intangible assets. Intangible assets consist primarily of customer relationships, trade names, and developed technology acquired through various business combinations. These intangible assets were valued at fair value at acquisition. In the event that long-term demand or market conditions change and the expected future cash flows associated with these assets is reduced, a write-down or acceleration of the amortization period may be required. The Company has one indefinite-lived intangible asset, the Remmele trade name, which it does not amortize. The Company currently intends to utilize the Remmele trade name indefinitely. Other intangible assets are being amortized over the following periods: | |||||||||||||||||
Customer relationships | 7-20 years | ||||||||||||||||
Developed technology | 12-20 years | ||||||||||||||||
Backlog | 0.5 - 2 years | ||||||||||||||||
Amortization expense was $4,386, $3,760, and $1,091 for the years ended December 31, 2013, 2012, and 2011, respectively. Estimated annual amortization expense expected in each of the next five successive years is as follows: | |||||||||||||||||
Amortization | |||||||||||||||||
2014 | $ | 4,080 | |||||||||||||||
2015 | $ | 4,011 | |||||||||||||||
2016 | $ | 4,011 | |||||||||||||||
2017 | $ | 4,011 | |||||||||||||||
2018 | $ | 4,011 | |||||||||||||||
Thereafter | $ | 27,430 | |||||||||||||||
There were no intangible assets attributable to the Titanium Segment at December 31, 2013, 2012, and 2011. The carrying amount of intangible assets attributable to the EP&S Segment at December 31, 2013, 2012, and 2011, as well as a summary of intangible assets, by class, at December 31, 2013 and 2012, is presented below: | |||||||||||||||||
Intangible | |||||||||||||||||
Assets | |||||||||||||||||
December 31, 2011 | $ | 22,576 | |||||||||||||||
Intangible assets acquired (Note 5) | 37,400 | ||||||||||||||||
Amortization | (3,760 | ) | |||||||||||||||
Translation adjustment | 279 | ||||||||||||||||
December 31, 2012 | 56,495 | ||||||||||||||||
Intangible assets acquired (Note 5) | 3,800 | ||||||||||||||||
Amortization | (4,386 | ) | |||||||||||||||
Impairment | (1,400 | ) | |||||||||||||||
Translation adjustment | (755 | ) | |||||||||||||||
December 31, 2013 | $ | 53,754 | |||||||||||||||
December 31, | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
Backlog | $ | 1,300 | $ | 1,100 | |||||||||||||
Accumulated amortization | (1,236 | ) | (481 | ) | |||||||||||||
Backlog, net | 64 | 619 | |||||||||||||||
Customer relationships | 45,013 | 41,413 | |||||||||||||||
Effects of currency translation | 1,930 | 3,183 | |||||||||||||||
Accumulated amortization | (10,961 | ) | (8,754 | ) | |||||||||||||
Customer relationships, net | 35,982 | 35,842 | |||||||||||||||
Developed technology | 13,290 | 13,290 | |||||||||||||||
Accumulated amortization | (1,782 | ) | (856 | ) | |||||||||||||
Developed technology, net | 11,508 | 12,434 | |||||||||||||||
Remmele trade name | 6,200 | 7,600 | |||||||||||||||
Total intangible assets, net | $ | 53,754 | $ | 56,495 | |||||||||||||
Management evaluates the recovery of indefinite-lived intangible assets by first determining, through a qualitative analysis, whether there have been any events or changes in circumstances that would indicate a potential impairment. If the qualitative analysis indicates that it is more-likely-than-not that an impairment has incurred, management compares the fair value of the indefinite lived intangible asset to its carrying value and then measures the impairment, if any. As of October 1, 2013, the Company’s only indefinite-lived intangible asset other than goodwill was the Remmele trade name. In conjunction with the Company’s goodwill impairment test, a two-step impairment analysis of the Remmele trade name intangible asset was performed which indicated a fair value of $6,200, and as a result recorded an impairment of $1,400 as a component of Goodwill and other intangible asset impairment on the Consolidated Statement of Operations. The fair value of the Remmele trade name was determined using a discounted cash flow model (level 3) utilizing a discount rate of 13.5%. | |||||||||||||||||
Other long-lived assets | ' | ||||||||||||||||
Other long-lived assets: | |||||||||||||||||
The Company evaluates the potential impairment of other long-lived assets including property, plant, and equipment when events or circumstances indicate that a change in value may have occurred. If the carrying value of the assets exceeds the sum of the undiscounted expected future cash flows, the carrying value of the asset is written down to fair value. | |||||||||||||||||
The Company considered the Medical Device Fabrication reporting unit goodwill impairment and the establishment of a valuation allowance against its Canadian net deferred tax asset as triggering events for potential impairments of its long-lived assets within those asset groups. The Company’s evaluation determined that no impairment of these asset groups was required. | |||||||||||||||||
Other non-current assets | ' | ||||||||||||||||
Other non-current assets: | |||||||||||||||||
The Company had other non-current assets of $23,247 and $8,898 at December 31, 2013 and 2012, respectively. Other non-current assets are comprised mainly of pension assets, deferred financing costs, and non-refundable engineering costs which do not exceed five percent of total assets individually, and are not expected to be realized within twelve months of the balance sheet date. The increase in other non-current assets in 2013 is primarily attributable to a $6,517 increase in deferred financing costs attributable to the issuance of the Company’s 1.625% Convertible Senior Notes due 2019 (the “2019 Notes”), offset by the write-off of a portion of the deferred financing costs associated with the repurchase, through individually negotiated, private transactions, of $115.6 million aggregate principal amount of the 3.000% Convertible Senior Notes due 2015 (the “2015 Notes”), as well as an increase of $6,292 in assets related to a pension plan with plan assets in excess of obligations. | |||||||||||||||||
Environmental | ' | ||||||||||||||||
Environmental: | |||||||||||||||||
The Company expenses environmental costs related to existing conditions from which no future benefit is determinable. Expenditures that enhance or extend the life of the asset are capitalized. The Company determines its liability for remediation on a site-by-site basis and records a liability when it is probable and can be reasonably estimated. The estimated liability of the Company is not discounted or reduced for possible recoveries from insurance carriers. | |||||||||||||||||
Treasury stock | ' | ||||||||||||||||
Treasury stock: | |||||||||||||||||
The Company accounts for treasury stock under the cost method and includes such shares as a reduction of total shareholders’ equity. | |||||||||||||||||
Revenue Recognition | ' | ||||||||||||||||
Revenue Recognition: | |||||||||||||||||
Product and service revenues are recognized when persuasive evidence of an arrangement exists, product delivery has occurred or services have been rendered, pricing is fixed or determinable, and collection is reasonably assured. Service revenues are recognized as services are rendered. | |||||||||||||||||
Revenue under long-term construction-type contracts are recorded on a percentage-of-completion method measured on the cost-to-cost basis and the units-of-delivery basis for long-term production-type contracts. Since the Company had not been historically recording revenue and expenses in accordance with ASC 605-35, such estimates are not available for historical periods and it is not practical to create such estimates. As a result, revenues and costs under contracts measured on the cost-to-cost have been recorded using the zero profit method under ASC 605-35 until the period when the Company believes it would have been able to estimate the remaining revenues and costs, at which point the cumulative contract gross profit earned to date was recorded. This generally occurred when the primary deliverable under the contract was delivered. The Company will continue to use this methodology until such time as a reliable process for estimating total contract revenues and costs is implemented, at which time the Company will recognize contract revenues in proportion to costs. | |||||||||||||||||
Provisions for anticipated losses on long-term contracts are recorded in full when such losses become evident. No such losses have been recorded at December 31, 2013, 2012, or 2011. | |||||||||||||||||
Revenues from contracts with multiple element arrangements are recognized as each element is earned based on the relative fair value of each element provided the delivered elements have value to customers on a standalone basis. Amounts allocated to each element are based on its objectively determined fair value, such as the sales price for the product or service when it is sold separately. | |||||||||||||||||
Value added taxes collected on sales are excluded from revenue and recorded as a liability on the Consolidated Balance Sheet until remitted to the taxing authority. | |||||||||||||||||
Shipping and handling fees and costs | ' | ||||||||||||||||
Shipping and handling fees and costs: | |||||||||||||||||
All amounts billed to a customer in a sales transaction related to shipping and handling represent revenues earned and are reported as revenue. Costs incurred by the Company for shipping and handling, including transportation costs paid to third-party shippers, are reported as a component of cost of sales. Shipping and handling expenses were immaterial for the years ended December 31, 2013, 2012, and 2011, respectively. | |||||||||||||||||
Research and development | ' | ||||||||||||||||
Research and development: | |||||||||||||||||
Research and development costs are expensed as incurred. These costs totaled $3,931, $4,164, and $3,392 for the years ended December 31, 2013, 2012, and 2011, respectively, and typically include employment costs, contractor fees, and other administrative costs. | |||||||||||||||||
Pensions | ' | ||||||||||||||||
Pensions: | |||||||||||||||||
The Company provides defined benefit pension plans for certain of its salaried and represented workforce. Benefits for its salaried participants are generally based on participants’ years of service and compensation. Benefits for represented pension participants are generally determined based on an amount for years of service. Other employees participate in 401(k) plans whereby the Company may provide a match of employee contributions. Most employees in the Titanium Segment are covered by defined benefit plans in which benefits are based on years of service and annual compensation. Contributions to the defined benefit plans, as determined by an independent actuary in accordance with applicable regulations, provide not only for benefits attributed to date, but also for those expected to be earned in the future. The Company’s policy is to fund pension costs at amounts equal to the minimum funding requirements of the Employee Retirement Income Security Act of 1974 (“ERISA”), as amended, for U.S. plans plus additional amounts as may be approved from time to time. | |||||||||||||||||
The Company accounts for its defined benefit pension plans in accordance with the FASB’s authoritative guidance, which requires amounts recognized in the financial statements to be determined on an actuarial basis, rather than as contributions are made to the plans, and requires recognition of the funded status of the Company’s plans in its Consolidated Balance Sheet. In addition, it also requires actuarial gains and losses, prior service costs and credits, and transition obligations that have not yet been recognized to be recorded as a component of accumulated other comprehensive loss. | |||||||||||||||||
Other post-retirement benefits | ' | ||||||||||||||||
Other post-retirement benefits: | |||||||||||||||||
The Company provides health care benefits and life insurance coverage for certain of its employees and their dependents. Under the Company’s current plans, certain of the Company’s employees will become eligible for those benefits if they reach retirement age while working with the Company. In general, employees of the Titanium Segment are covered by post-retirement health care and life insurance benefits. | |||||||||||||||||
The Company also sponsors another post-retirement plan covering certain employees. This plan provides health care benefits for eligible employees. These benefits are accounted for on an actuarial basis, rather than as benefits are paid. The Company does not pre-fund post-retirement benefit costs, but rather pays claims as billed. | |||||||||||||||||
Income taxes | ' | ||||||||||||||||
Income taxes: | |||||||||||||||||
Deferred tax assets and liabilities are determined based on the difference between the financial statement and tax basis of assets and liabilities multiplied by the enacted tax rates which will be in effect when these differences are expected to reverse. In addition, deferred tax assets may arise from net operating losses (“NOLs”) and tax credits which may be carried back to obtain refunds or carried forward to offset future cash tax liabilities. | |||||||||||||||||
On a quarterly basis, the Company evaluates the available evidence supporting the realization of deferred tax assets and makes adjustments for a valuation allowance, as necessary. | |||||||||||||||||
Tax benefits related to uncertain tax provisions taken or expected to be taken on a tax return are recorded when such benefits meet a more-likely-than-not threshold. Otherwise, these tax benefits are recorded when a tax position has been effectively settled, which means that either the appropriate taxing authority has completed their examination even though the statute of limitations remains open, or the statute of limitation has expired. Interest and penalties related to uncertain tax positions are recognized as part of the provision for income taxes and are accrued beginning in the period that such interest and penalties would be applicable under relevant tax law until such time that the related tax benefits are recognized. | |||||||||||||||||
Foreign currencies | ' | ||||||||||||||||
Foreign currencies: | |||||||||||||||||
For the Company’s foreign subsidiaries in the United Kingdom and France, whose functional currency is the U.S. Dollar, monetary assets and liabilities are remeasured at current rates, non-monetary assets and liabilities are remeasured at historical rates, and revenues and expenses are translated at average rates on a monthly basis throughout the year. Resulting differences from the remeasurement process are recognized in income and reported as other income (expense). | |||||||||||||||||
The functional currency of the Company’s Canadian subsidiary is the Canadian Dollar. Assets and liabilities are translated at year-end exchange rates. Income statement accounts are translated at the average rates of exchange prevailing during the year. Translation adjustments are reported as a component of accumulated other comprehensive loss in shareholders’ equity and are included in comprehensive income (loss). | |||||||||||||||||
Transactions and balances denominated in currencies other than the functional currency of the transacting entity are remeasured at current rates when the transaction occurs and at each balance sheet date. Transaction gains and losses are included in net income for the period. | |||||||||||||||||
Accumulated other comprehensive income (loss) | ' | ||||||||||||||||
Accumulated other comprehensive income (loss): | |||||||||||||||||
The components of accumulated other comprehensive income (loss), net of tax, on the Company’s Consolidated Balance sheet at December 31, 2013 and 2012 were as follows: | |||||||||||||||||
Foreign | Actuarial | Unrealized | Total | ||||||||||||||
Currency | Losses on | losses on | |||||||||||||||
Translation | Benefit | Investments | |||||||||||||||
Plans | |||||||||||||||||
Balance at December 31, 2012 (as restated) | $ | 12,708 | $ | (57,712 | ) | $ | — | $ | (45,004 | ) | |||||||
Other comprehensive income (loss) before reclassifications, net of tax | (6,928 | ) | 3,651 | 21 | (3,256 | ) | |||||||||||
Amounts reclassified from other comprehensive loss, net of tax | — | 7,884 | (21 | ) | 7,863 | ||||||||||||
Accumulated other comprehensive income (loss) at December 31, 2013 | $ | 5,780 | $ | (46,177 | ) | $ | — | $ | (40,397 | ) | |||||||
Amounts reclassified from accumulated other comprehensive loss, net of tax, for December 31, 2013 are presented below. These amounts are reclassified to Cost of sales and Selling, general, and administrative expenses within the Consolidated Statement of Operations. | |||||||||||||||||
December 31, 2013 | |||||||||||||||||
Impact of Defined Benefit Pension Items | |||||||||||||||||
Actuarial losses and prior service costs | $ | 9,416 | |||||||||||||||
Special termination benefits | 3,196 | ||||||||||||||||
Tax expense | (4,728 | ) | |||||||||||||||
Total reclassifications | $ | 7,884 | |||||||||||||||
Refer to Note 9 of these Consolidated Financial Statements for further information about the Company’s benefit plans. | |||||||||||||||||
Stock-based compensation | ' | ||||||||||||||||
Stock-based compensation: | |||||||||||||||||
The Company utilizes a “graded vesting” approach to recognize compensation expense over the vesting period of stock awards. For employees who have reached retirement age, the Company recognizes compensation expense at the date of grant. For employees approaching retirement eligibility, the Company amortizes compensation expense over the period from the grant date through the retirement eligibility date. | |||||||||||||||||
Cash flows resulting from the windfall tax benefits from tax deductions in excess of the compensation cost recognized (“excess tax benefits”) are classified as financing cash inflows. For the years ended December 31, 2013, 2012, and 2011, operating cash flows were decreased and financing cash flows were increased by $552, $196, and $302, respectively. | |||||||||||||||||
Total compensation expense recognized in the Consolidated Statements of Operations for stock-based compensation arrangements was $6,026, $4,797, and $4,599 for the years ended December 31, 2013, 2012, and 2011, respectively. The total income tax benefit recognized in the Consolidated Statements of Operations for stock-based compensation arrangements was $1,886, $1,727, and $2,060 for the years ended December 31, 2013, 2012, and 2011, respectively. There was no stock-based compensation cost capitalized for the years ended December 31, 2013, 2012, and 2011. | |||||||||||||||||
New Accounting Standards | ' | ||||||||||||||||
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 Company’s Consolidated Financial Statements. | |||||||||||||||||
In March 2013, the FASB issued ASU 2013-05, “Foreign Currency Matters—Parent’s Accounting for the Cumulative Translation Adjustment upon Derecognition of Certain Subsidiaries or Groups of Assets within a Foreign Entity or of an Investment in a Foreign Entity.” This ASU clarifies the applicable guidance for the release of the cumulative translation adjustment under current U.S. GAAP. The amendments in this ASU are effective prospectively for annual and interim reporting periods beginning after December 15, 2013. The Company does not expect this guidance to have a material impact on the Company’s Consolidated Financial Statements. | |||||||||||||||||
In February 2013, the FASB issued ASU 2013-04, “Liabilities—Obligations Resulting from Joint and Several Liability Arrangements for Which the Total Amount of the Obligation is Fixed at the Reporting Date.” This ASU provides guidance for the recognition, measurement, and disclosure of obligations resulting from joint and several liability arrangements for which the total amount of the obligation within the scope of the ASU is fixed at the reporting date. The amendments in this ASU are effective prospectively for annual and interim reporting periods beginning after December 15, 2013. The Company does not expect this guidance to have a material impact on the Company’s 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 did not have a material impact on the Company’s 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 did not have a material impact on the Company’s 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 Company’s Consolidated Financial Statements. | |||||||||||||||||
In December 2011, the FASB issued ASU No. 2011-11 “Balance Sheet—Disclosures about Offsetting Assets and Liabilities.” This new guidance requires the disclosure of both net and gross information in the notes for relevant assets and liabilities that are offset. This update is effective for annual reporting periods beginning on or after January 1, 2013. The adoption of this guidance did not have a material impact on the Company’s Consolidated Financial Statements. |
RESTATEMENTS_AND_REVISIONS_Tab
RESTATEMENTS AND REVISIONS (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||||||||||||||
Effects of Restatement on Consolidated Statements of Operations | ' | ||||||||||||||||||||||||||||||||||||||||
Year Ended December 31, 2012 | |||||||||||||||||||||||||||||||||||||||||
Previously | Restatement | As | Discontinued | Currently | |||||||||||||||||||||||||||||||||||||
Reported (1) | Adjustment | Corrected | Operations | Reported | |||||||||||||||||||||||||||||||||||||
Consolidated Statement of Operations | |||||||||||||||||||||||||||||||||||||||||
Net sales | $ | 708,090 | $ | — | $ | 708,090 | $ | (8,103 | ) | $ | 699,987 | ||||||||||||||||||||||||||||||
Cost of Sales | 568,462 | — | 568,462 | (7,044 | ) | 561,418 | |||||||||||||||||||||||||||||||||||
Operating income | 47,111 | — | 47,111 | 306 | 47,417 | ||||||||||||||||||||||||||||||||||||
Income before income taxes | 28,832 | — | 28,832 | 306 | 29,138 | ||||||||||||||||||||||||||||||||||||
Provision for income taxes | 10,392 | 5,200 | 15,592 | 93 | 15,685 | ||||||||||||||||||||||||||||||||||||
Net income attributable to continuing operations | 18,440 | (5,200 | ) | 13,240 | 213 | 13,453 | |||||||||||||||||||||||||||||||||||
Net income attributable to discontinued operations, net of tax | 1,700 | — | 1,700 | (213 | ) | 1,487 | |||||||||||||||||||||||||||||||||||
Net income | 20,140 | (5,200 | ) | 14,940 | — | 14,940 | |||||||||||||||||||||||||||||||||||
Earnings per share attributable to continuing operations: | |||||||||||||||||||||||||||||||||||||||||
Basic | $ | 0.61 | $ | (0.17 | ) | $ | 0.44 | $ | 0.01 | $ | 0.44 | ||||||||||||||||||||||||||||||
Diluted | $ | 0.61 | $ | (0.17 | ) | $ | 0.44 | $ | 0.01 | $ | 0.44 | ||||||||||||||||||||||||||||||
Earnings per share attributable to discontinued operations: | |||||||||||||||||||||||||||||||||||||||||
Basic | $ | 0.06 | $ | — | $ | 0.06 | $ | (0.01 | ) | $ | 0.05 | ||||||||||||||||||||||||||||||
Diluted | $ | 0.06 | $ | — | $ | 0.06 | $ | (0.01 | ) | $ | 0.05 | ||||||||||||||||||||||||||||||
Year Ended December 31, 2011 | |||||||||||||||||||||||||||||||||||||||||
Previously | Restatement | As | Discontinued | Currently | |||||||||||||||||||||||||||||||||||||
Reported (1) | Adjustment | Corrected | Operations | Reported | |||||||||||||||||||||||||||||||||||||
Consolidated Statement of Operations | |||||||||||||||||||||||||||||||||||||||||
Net sales | $ | 501,288 | $ | — | $ | 501,288 | $ | (12,936 | ) | $ | 488,352 | ||||||||||||||||||||||||||||||
Cost of Sales | 407,660 | — | 407,660 | (10,231 | ) | 397,429 | |||||||||||||||||||||||||||||||||||
Operating income | 24,052 | — | 24,052 | (670 | ) | 23,382 | |||||||||||||||||||||||||||||||||||
Income before income taxes | 8,463 | — | 8,463 | (670 | ) | 7,793 | |||||||||||||||||||||||||||||||||||
Provision for income taxes | 4,269 | 6,082 | 10,351 | (250 | ) | 10,101 | |||||||||||||||||||||||||||||||||||
Net income (loss) attributable to continuing operations | 4,194 | (6,082 | ) | (1,888 | ) | (420 | ) | (2,308 | ) | ||||||||||||||||||||||||||||||||
Net income attributable to discontinued operations, net of tax | 1,838 | — | 1,838 | 420 | 2,258 | ||||||||||||||||||||||||||||||||||||
Net income (loss) | 6,032 | (6,082 | ) | (50 | ) | — | (50 | ) | |||||||||||||||||||||||||||||||||
Earnings (loss) per share attributable to continuing operations: | |||||||||||||||||||||||||||||||||||||||||
Basic | $ | 0.14 | $ | (0.20 | ) | $ | (0.06 | ) | $ | (0.01 | ) | $ | (0.08 | ) | |||||||||||||||||||||||||||
Diluted | $ | 0.14 | $ | (0.20 | ) | $ | (0.06 | ) | $ | (0.01 | ) | $ | (0.08 | ) | |||||||||||||||||||||||||||
Earnings per share attributable to discontinued operations: | |||||||||||||||||||||||||||||||||||||||||
Basic | $ | 0.06 | $ | — | $ | 0.06 | $ | 0.01 | $ | 0.08 | |||||||||||||||||||||||||||||||
Diluted | $ | 0.06 | $ | — | $ | 0.06 | $ | 0.01 | $ | 0.08 | |||||||||||||||||||||||||||||||
(1): | Previously reported balances represent the amounts reported in the Consolidated Statement of Operations in the Company’s Second Amended Annual Report on Form 10-K/A for the annual period ended December 31, 2012 as filed with the SEC on November 12, 2013. | ||||||||||||||||||||||||||||||||||||||||
Condensed Consolidating Statements of Operations and Comprehensive Income—Restatement Adjustments | |||||||||||||||||||||||||||||||||||||||||
Year Ended December 31, 2012 | |||||||||||||||||||||||||||||||||||||||||
RTI International | Guarantor | Non-Guarantor | Eliminations | Consolidated | |||||||||||||||||||||||||||||||||||||
Metals, Inc. | Subsidiaries | Subsidiaries | |||||||||||||||||||||||||||||||||||||||
Previously | As | Previously | As | Previously | As | Previously | As | Previously | As | ||||||||||||||||||||||||||||||||
Reported | Restated | Reported | Restated | Reported | Restated | Reported | Restated | Reported | Restated | ||||||||||||||||||||||||||||||||
Net sales | $ | — | $ | — | $ | 503,018 | $ | 503,018 | $ | 417,573 | $ | 409,470 | $ | (212,501 | ) | $ | (212,501 | ) | $ | 708,090 | $ | 699,987 | |||||||||||||||||||
Costs and expenses: | |||||||||||||||||||||||||||||||||||||||||
Cost of sales | — | — | 426,268 | 426,268 | 354,695 | 347,651 | (212,501 | ) | (212,501 | ) | 568,462 | 561,418 | |||||||||||||||||||||||||||||
Operating income | 3,006 | 3,006 | 27,060 | 27,060 | 17,045 | 17,351 | — | — | 47,111 | 47,417 | |||||||||||||||||||||||||||||||
Equity in earnings of subsidiaries | 25,832 | 20,741 | 5,419 | 5,419 | 2,138 | 2,138 | (33,389 | ) | (28,298 | ) | — | — | |||||||||||||||||||||||||||||
Income before income taxes | 12,136 | 7,045 | 32,722 | 32,722 | 17,363 | 17,669 | (33,389 | ) | (28,298 | ) | 28,832 | 29,138 | |||||||||||||||||||||||||||||
Provision for (benefit from) income taxes | (6,304 | ) | (6,408 | ) | 10,726 | 10,726 | 5,970 | 11,367 | — | — | 10,392 | 15,685 | |||||||||||||||||||||||||||||
Net income attributable to continuing operations | 18,440 | 13,453 | 21,996 | 21,996 | 11,393 | 6,302 | (33,389 | ) | (28,298 | ) | 18,440 | 13,453 | |||||||||||||||||||||||||||||
Net income attributable to discontinued operations, net of tax | 1,700 | 1,487 | — | — | 1,700 | 1,487 | (1,700 | ) | (1,487 | ) | 1,700 | 1,487 | |||||||||||||||||||||||||||||
Net income | $ | 20,140 | $ | 14,940 | $ | 21,996 | $ | 21,996 | $ | 13,093 | $ | 7,789 | $ | (35,089 | ) | $ | (29,785 | ) | $ | 20,140 | $ | 14,940 | |||||||||||||||||||
Comprehensive income | $ | 14,629 | $ | 8,786 | $ | 14,465 | $ | 14,465 | $ | 15,651 | $ | 9,704 | $ | (30,116 | ) | $ | (24,169 | ) | $ | 14,629 | $ | 8,786 | |||||||||||||||||||
Year Ended December 31, 2011 | |||||||||||||||||||||||||||||||||||||||||
RTI International | Guarantor | Non-Guarantor | Eliminations | Consolidated | |||||||||||||||||||||||||||||||||||||
Metals, Inc. | Subsidiaries | Subsidiaries | |||||||||||||||||||||||||||||||||||||||
Previously | As | Previously | As | Previously | As | Previously | As | Previously | As | ||||||||||||||||||||||||||||||||
Reported | Restated | Reported | Restated | Reported | Restated | Reported | Restated | Reported | Restated | ||||||||||||||||||||||||||||||||
Net sales | $ | — | $ | — | $ | 347,963 | $ | 347,963 | $ | 329,155 | $ | 316,219 | $ | (175,830 | ) | $ | (175,830 | ) | $ | 501,288 | $ | 488,352 | |||||||||||||||||||
Costs and expenses | |||||||||||||||||||||||||||||||||||||||||
Cost of sales | — | — | 296,066 | 296,066 | 287,424 | 277,193 | (175,830 | ) | (175,830 | ) | 407,660 | 397,429 | |||||||||||||||||||||||||||||
Operating income | (981 | ) | (981 | ) | 26,079 | 26,079 | (1,046 | ) | (1,716 | ) | — | — | 24,052 | 23,382 | |||||||||||||||||||||||||||
Equity in earnings of subsidiaries | 16,568 | 10,066 | 6,128 | 6,128 | (1,055 | ) | (1,055 | ) | (21,641 | ) | (15,139 | ) | — | — | |||||||||||||||||||||||||||
Income before income taxes | (804 | ) | (7,306 | ) | 33,966 | 33,966 | (3,058 | ) | (3,728 | ) | (21,641 | ) | (15,139 | ) | 8,463 | 7,793 | |||||||||||||||||||||||||
Provision for (benefit from) income taxes | (4,998 | ) | (4,998 | ) | 10,257 | 10,257 | (990 | ) | 4,842 | — | — | 4,269 | 10,101 | ||||||||||||||||||||||||||||
Net income attributable to continuing operations | 4,194 | (2,308 | ) | 23,709 | 23,709 | (2,068 | ) | (8,570 | ) | (21,641 | ) | (15,139 | ) | 4,194 | (2,308 | ) | |||||||||||||||||||||||||
Net income attributable to discontinued operations, net of tax | 1,838 | 2,258 | — | — | 1,838 | 2,258 | (1,838 | ) | (2,258 | ) | 1,838 | 2,258 | |||||||||||||||||||||||||||||
Net income (loss) | $ | 6,032 | $ | (50 | ) | $ | 23,709 | $ | 23,709 | $ | (230 | ) | $ | (6,312 | ) | $ | (23,479 | ) | $ | (17,397 | ) | $ | 6,032 | $ | (50 | ) | |||||||||||||||
Comprehensive income (loss) | $ | (842 | ) | $ | (6,563 | ) | $ | 19,646 | $ | 19,646 | $ | (2,106 | ) | $ | (7,827 | ) | $ | (17,540 | ) | $ | (11,819 | ) | $ | (842 | ) | $ | (6,563 | ) | |||||||||||||
Effects of Restatement on Consolidated Balance Sheets | ' | ||||||||||||||||||||||||||||||||||||||||
December 31, 2012 | |||||||||||||||||||||||||||||||||||||||||
Previously | Restatement | As | Discontinued | Currently | |||||||||||||||||||||||||||||||||||||
Reported (1) | Adjustment | Corrected | Operations | Reported | |||||||||||||||||||||||||||||||||||||
Consolidated Balance Sheets | |||||||||||||||||||||||||||||||||||||||||
Receivables | $ | 105,317 | $ | — | $ | 105,317 | $ | (963 | ) | $ | 104,354 | ||||||||||||||||||||||||||||||
Inventories, net | 384,417 | — | 384,417 | (8,976 | ) | 375,441 | |||||||||||||||||||||||||||||||||||
Assets of discontinued operations | 14,741 | — | 14,741 | 10,427 | 25,168 | ||||||||||||||||||||||||||||||||||||
Total current assets | 648,140 | — | 648,140 | 488 | 648,628 | ||||||||||||||||||||||||||||||||||||
Property, plant, and equipment, net | 375,949 | — | 375,949 | (130 | ) | 375,819 | |||||||||||||||||||||||||||||||||||
Goodwill | 130,610 | — | 130,610 | (358 | ) | 130,252 | |||||||||||||||||||||||||||||||||||
Deferred income taxes | 33,287 | (33,287 | ) | — | — | — | |||||||||||||||||||||||||||||||||||
Other noncurrent assets | 8,866 | 32 | 8,898 | — | 8,898 | ||||||||||||||||||||||||||||||||||||
Total assets | 1,253,347 | (33,255 | ) | 1,220,092 | — | 1,220,092 | |||||||||||||||||||||||||||||||||||
Accounts payable | 91,661 | — | 91,661 | (926 | ) | 90,735 | |||||||||||||||||||||||||||||||||||
Accrued wages and other employee costs | 34,096 | — | 34,096 | (100 | ) | 33,996 | |||||||||||||||||||||||||||||||||||
Unearned revenues | 25,864 | — | 25,864 | — | 25,864 | ||||||||||||||||||||||||||||||||||||
Liabilities of discontinued operations | 2,332 | — | 2,332 | 1,099 | 3,431 | ||||||||||||||||||||||||||||||||||||
Other accrued liabilities | 22,550 | 41 | 22,591 | (73 | ) | 22,518 | |||||||||||||||||||||||||||||||||||
Total current liabilities | 176,503 | 41 | 176,544 | — | 176,544 | ||||||||||||||||||||||||||||||||||||
Deferred income taxes | 46,384 | — | 46,384 | — | 46,384 | ||||||||||||||||||||||||||||||||||||
Unearned revenues | 13,013 | — | 13,013 | — | 13,013 | ||||||||||||||||||||||||||||||||||||
Total liabilities | 511,812 | 41 | 511,853 | — | 511,853 | ||||||||||||||||||||||||||||||||||||
Accumulated other comprehensive loss | (44,722 | ) | (282 | ) | (45,004 | ) | — | (45,004 | ) | ||||||||||||||||||||||||||||||||
Retained earnings | 319,547 | (33,014 | ) | 286,533 | — | 286,533 | |||||||||||||||||||||||||||||||||||
Total shareholders’ equity | 741,535 | (33,296 | ) | 708,239 | — | 708,239 | |||||||||||||||||||||||||||||||||||
Total liabilities and shareholders’ equity | 1,253,347 | (33,255 | ) | 1,220,092 | — | 1,220,092 | |||||||||||||||||||||||||||||||||||
(1): | Previously reported balances represent the amounts reported in the Consolidated Balance Sheet in the Company’s Second Amended Annual Report on Form 10-K/A for the annual period ended December 31, 2012 as filed with the SEC on November 12, 2013. The previously reported balances of inventory, cost in excess of billings, and deferred revenue have been adjusted by $(699), $1,565, and $866 to correct the prior presentation. | ||||||||||||||||||||||||||||||||||||||||
Condensed Consolidating Balance Sheets—Restatement Adjustments | |||||||||||||||||||||||||||||||||||||||||
December 31, 2012 | |||||||||||||||||||||||||||||||||||||||||
RTI International | Guarantor | Non-Guarantor | Eliminations | Consolidated | |||||||||||||||||||||||||||||||||||||
Metals, Inc. | Subsidiaries | Subsidiaries | |||||||||||||||||||||||||||||||||||||||
Previously | As | Previously | As | Previously | As | Previously | As | Previously | As | ||||||||||||||||||||||||||||||||
Reported (1) | Restated | Reported (1)(2) | Restated | Reported (1) | Restated | Reported (1) | Restated | Reported (2) | Restated | ||||||||||||||||||||||||||||||||
ASSETS | |||||||||||||||||||||||||||||||||||||||||
Receivables, net | $ | 126 | $ | 126 | $ | 72,773 | $ | 72,773 | $ | 59,639 | $ | 58,676 | $ | (27,221 | ) | $ | (27,221 | ) | $ | 105,317 | $ | 104,354 | |||||||||||||||||||
Inventories, net | — | — | 220,290 | $ | 220,290 | 164,127 | $ | 155,151 | — | — | 384,417 | 375,441 | |||||||||||||||||||||||||||||
Current assets | 36,800 | 36,800 | 383,983 | 383,983 | 254,578 | 255,066 | (27,221 | ) | (27,221 | ) | 648,140 | 648,628 | |||||||||||||||||||||||||||||
Property, plant, and equipment, net | 1,327 | 1,327 | 308,467 | 308,467 | 66,155 | 66,025 | — | — | 375,949 | 375,819 | |||||||||||||||||||||||||||||||
Goodwill | — | — | 93,665 | 93,665 | 36,945 | 36,587 | — | — | 130,610 | 130,252 | |||||||||||||||||||||||||||||||
Deferred income taxes | — | — | — | — | 33,287 | — | — | — | 33,287 | — | |||||||||||||||||||||||||||||||
Intercompany investments | 964,044 | 931,041 | 26,814 | 26,814 | 3,736 | 3,736 | (994,594 | ) | (961,591 | ) | — | — | |||||||||||||||||||||||||||||
Total assets | $ | 1,006,320 | $ | 973,317 | $ | 848,973 | $ | 848,973 | $ | 419,869 | $ | 386,614 | $ | (1,021,815 | ) | $ | (988,812 | ) | $ | 1,253,347 | $ | 1,220,092 | |||||||||||||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||||||||||||||||||||||||||||||||||||
Other accrued liabilities | $ | 2,984 | $ | 3,277 | $ | 9,197 | $ | 9,197 | $ | 10,369 | $ | 10,044 | $ | — | $ | — | $ | 22,550 | $ | 22,518 | |||||||||||||||||||||
Total current liabilities | 10,680 | 10,973 | 97,206 | 97,206 | 95,838 | 95,586 | (27,221 | ) | (27,221 | ) | 176,503 | 176,544 | |||||||||||||||||||||||||||||
Deferred income taxes | 42,902 | 42,902 | — | — | 3,482 | 3,482 | — | — | 46,384 | 46,384 | |||||||||||||||||||||||||||||||
Total liabilities | 264,785 | 265,078 | 279,761 | 279,761 | 216,800 | 216,548 | (249,534 | ) | (249,534 | ) | 511,812 | 511,853 | |||||||||||||||||||||||||||||
Shareholders’ equity | 741,535 | 708,239 | 569,212 | 569,212 | 203,069 | 170,066 | (772,281 | ) | (739,278 | ) | 741,535 | 708,239 | |||||||||||||||||||||||||||||
Total liabilities and shareholders’ equity | $ | 1,006,320 | $ | 973,317 | $ | 848,973 | $ | 848,973 | $ | 419,869 | $ | 386,614 | $ | (1,021,815 | ) | $ | (988,812 | ) | $ | 1,253,347 | $ | 1,220,092 | |||||||||||||||||||
-1 | The previously reported balances of current deferred income tax assets, non-current deferred income tax assets, intercompany investments, other accrued liabilities, non-current deferred income taxes, and shareholders’ equity were adjusted by $4,786, $-, $(16,823), $(685), $(11,320) and $- for the Parent; by $(2,543), $(32,757), $-, $-, $(21,590), and $(13,710) for the Guarantor Subsidiaries; by $(2,243), $(146), $-, $685, $7 and $(3,113) for the Non-Guarantor Subsidiaries; and by $-, $32,903, $16,823, $—, $32,903 and $16,823 for the Eliminations, to correct the presentation of deferred income tax balances. | ||||||||||||||||||||||||||||||||||||||||
-2 | The previously reported Guarantor Subsidiary and Consolidated balances of inventory and cost in excess of billings, have been adjusted by $(699) and, $1,565 to correct the prior presentation. | ||||||||||||||||||||||||||||||||||||||||
Effects of Restatement on Consolidated Statements of Cash Flow | ' | ||||||||||||||||||||||||||||||||||||||||
December 31, 2012 | |||||||||||||||||||||||||||||||||||||||||
Previously | Restatement | As | |||||||||||||||||||||||||||||||||||||||
Reported (1) | Adjustment | Corrected | |||||||||||||||||||||||||||||||||||||||
Consolidated Statements of Cash Flow (2) | |||||||||||||||||||||||||||||||||||||||||
Operating Activities: | |||||||||||||||||||||||||||||||||||||||||
Net income | $ | 20,140 | $ | (5,200 | ) | $ | 14,940 | ||||||||||||||||||||||||||||||||||
Adjustment for non-cash items included in net income: | |||||||||||||||||||||||||||||||||||||||||
Deferred income taxes | 1,433 | 5,200 | 6,633 | ||||||||||||||||||||||||||||||||||||||
31-Dec-11 | |||||||||||||||||||||||||||||||||||||||||
Previously | Restatement | As | |||||||||||||||||||||||||||||||||||||||
Reported (1) | Adjustment | Corrected | |||||||||||||||||||||||||||||||||||||||
Consolidated Statements of Cash Flow (2) | |||||||||||||||||||||||||||||||||||||||||
Operating Activities: | |||||||||||||||||||||||||||||||||||||||||
Net income (loss) | $ | 6,032 | $ | (6,082 | ) | $ | (50 | ) | |||||||||||||||||||||||||||||||||
Adjustment for non-cash items included in net income: | |||||||||||||||||||||||||||||||||||||||||
Deferred income taxes | 8,097 | 6,082 | 14,179 | ||||||||||||||||||||||||||||||||||||||
(1): | Previously reported balances represent the amounts reported in the Consolidated Balance Sheet in the Company’s Second Amended Annual Report on Form 10-K/A for the annual period ended December 31, 2012 as filed with the SEC on November 12, 2013. | ||||||||||||||||||||||||||||||||||||||||
(2): | The Company does not present cash flows from discontinued operations, consistent with the FASB’s authoritative guidance. Restatement adjustments did not have an impact on cash flows from investing and financing activities. |
DISCONTINUED_OPERATIONS_Tables
DISCONTINUED OPERATIONS (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Assets and Liabilities of Discontinued Operations | ' | ||||||||||||
Assets and liabilities of discontinued operations were comprised of the following at December 31, 2013 and 2012: | |||||||||||||
December 31, | December 31, | ||||||||||||
2013 | 2012 | ||||||||||||
ASSETS | |||||||||||||
Accounts receivable, net | $ | 594 | $ | 3,152 | |||||||||
Inventories, net | 4,555 | 20,100 | |||||||||||
Property, plant and equipment, net | 105 | 177 | |||||||||||
Goodwill | — | 1,739 | |||||||||||
Other current assets | 20 | — | |||||||||||
Total assets of discontinued operations | $ | 5,274 | $ | 25,168 | |||||||||
LIABILITIES | |||||||||||||
Accounts payable | $ | 326 | $ | 2,921 | |||||||||
Accrued wages | 96 | 437 | |||||||||||
Other liabilities | 36 | 73 | |||||||||||
Total liabilities of discontinued operations | $ | 458 | $ | 3,431 | |||||||||
Discontinued | ' | ||||||||||||
Assets and Liabilities of Discontinued Operations | ' | ||||||||||||
The Company’s results from discontinued operations are summarized below: | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Net sales | $ | 15,464 | $ | 37,724 | $ | 43,077 | |||||||
Income (loss) before income taxes | (2,184 | ) | 2,333 | 3,533 | |||||||||
Provision for (benefit from) income taxes | (600 | ) | 846 | 1,275 | |||||||||
Net income (loss) from discontinued operations | (1,584 | ) | 1,487 | 2,258 |
SUMMARY_OF_SIGNIFICANT_ACCOUNT2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Schedule of Carrying Amounts and Fair Values of Financial Instruments | ' | ||||||||||||||||
The carrying amounts and fair values of financial instruments for which the fair value option was not elected were as follows: | |||||||||||||||||
December 31, 2013 | December 31, 2012 | ||||||||||||||||
Carrying | Fair | Carrying | Fair | ||||||||||||||
Amount | Value | Amount | Value | ||||||||||||||
Cash and cash equivalents | $ | 343,637 | $ | 343,637 | $ | 97,190 | $ | 97,190 | |||||||||
Long-term debt | 430,300 | 559,986 | 198,337 | 249,113 | |||||||||||||
Current portion of long-term debt…… | 1,914 | 1,914 | 957 | 957 | |||||||||||||
Cash and Cash Equivalents | ' | ||||||||||||||||
Cash and cash equivalents consisted of the following: | |||||||||||||||||
December 31, | December 31, | ||||||||||||||||
2013 | 2012 | ||||||||||||||||
Cash | $ | 62,394 | $ | 37,473 | |||||||||||||
Cash equivalents: | |||||||||||||||||
Commercial paper | 150,978 | 32,642 | |||||||||||||||
Money market mutual funds | 130,265 | 27,075 | |||||||||||||||
Total cash and cash equivalents | $ | 343,637 | $ | 97,190 | |||||||||||||
Schedule of Receivables Expected to Be Collected in Normal Course of Business | ' | ||||||||||||||||
Receivables are expected to be collected in the normal course of business and consisted of the following: | |||||||||||||||||
December 31, | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
Trade and commercial customers | $ | 106,091 | $ | 105,075 | |||||||||||||
Less: Allowance for doubtful accounts | (820 | ) | (721 | ) | |||||||||||||
Total receivables | $ | 105,271 | $ | 104,354 | |||||||||||||
Components of Inventories | ' | ||||||||||||||||
Inventories consisted of the following: | |||||||||||||||||
December 31, | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
Raw materials and supplies | $ | 166,359 | $ | 160,627 | |||||||||||||
Work-in-process and finished goods | 314,438 | 273,412 | |||||||||||||||
LIFO reserve | (50,709 | ) | (58,598 | ) | |||||||||||||
Total inventories | $ | 430,088 | $ | 375,441 | |||||||||||||
Summary of Property, Plant and Equipment | ' | ||||||||||||||||
Property, plant, and equipment is stated at cost and consisted of the following: | |||||||||||||||||
December 31, | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
Land | $ | 18,769 | $ | 17,965 | |||||||||||||
Buildings and improvements | 117,225 | 120,973 | |||||||||||||||
Machinery and equipment | 446,787 | 413,718 | |||||||||||||||
Computer hardware and software, furniture and fixtures, and other | 65,622 | 64,131 | |||||||||||||||
Construction-in-progress | 52,546 | 56,087 | |||||||||||||||
700,949 | 672,874 | ||||||||||||||||
Less: Accumulated depreciation | (328,609 | ) | (297,055 | ) | |||||||||||||
Total property, plant, and equipment, net | $ | 372,340 | $ | 375,819 | |||||||||||||
Depreciation and Amortization of Useful Lives | ' | ||||||||||||||||
Depreciation is generally recorded over the following useful lives: | |||||||||||||||||
Buildings and improvements | 20-40 years | ||||||||||||||||
Machinery and equipment | 7-15 years | ||||||||||||||||
Furniture and fixtures | 5-10 years | ||||||||||||||||
Computer hardware and software | 3-10 years | ||||||||||||||||
Carrying Value of Goodwill at Company's Four Reporting Units | ' | ||||||||||||||||
The carrying value of goodwill at the Company’s four reporting units as of the Company’s October 1, 2013 annual impairment test was as follows: | |||||||||||||||||
Goodwill | |||||||||||||||||
Titanium reporting unit | $ | 9,662 | |||||||||||||||
Fabrication reporting unit | 63,548 | ||||||||||||||||
Medical Device Fabrication reporting unit | 58,748 | ||||||||||||||||
Energy Fabrication reporting unit | — | ||||||||||||||||
Total Goodwill | $ | 131,958 | |||||||||||||||
Discount Rates for Annual Impairment Test | ' | ||||||||||||||||
The discount rates used in the Company’s October 1, 2013 annual impairment test were as follows: | |||||||||||||||||
Titanium reporting unit | 11 | % | |||||||||||||||
Fabrication reporting unit | 12.5 | % | |||||||||||||||
Medical Device Fabrication reporting unit | 13 | % | |||||||||||||||
Schedule of Carrying Amount of Goodwill Attributable to Segment | ' | ||||||||||||||||
The carrying amount of goodwill attributable to each segment at December 31, 2011, 2012, and 2013 was as follows: | |||||||||||||||||
Titanium | Engineered | Total | |||||||||||||||
Segment | Products and | ||||||||||||||||
Services Segment | |||||||||||||||||
December 31, 2011 | $ | 9,662 | $ | 44,463 | $ | 54,125 | |||||||||||
Additions (Note 5) | — | 75,824 | 75,824 | ||||||||||||||
Translation adjustment | — | 303 | 303 | ||||||||||||||
December 31, 2012 | 9,662 | 120,590 | 130,252 | ||||||||||||||
Additions (Note 5) | — | 2,185 | 2,185 | ||||||||||||||
Impairments | — | (13,959 | ) | (13,959 | ) | ||||||||||||
Translation adjustment | — | (900 | ) | (900 | ) | ||||||||||||
Balance at December 31, 2013 | $ | 9,662 | $ | 107,916 | $ | 117,578 | |||||||||||
Intangible Assets Amortization Period | ' | ||||||||||||||||
Other intangible assets are being amortized over the following periods: | |||||||||||||||||
Customer relationships | 7-20 years | ||||||||||||||||
Developed technology | 12-20 years | ||||||||||||||||
Backlog | 0.5 - 2 years | ||||||||||||||||
Estimated Annual Amortization Expense | ' | ||||||||||||||||
Estimated annual amortization expense expected in each of the next five successive years is as follows: | |||||||||||||||||
Amortization | |||||||||||||||||
2014 | $ | 4,080 | |||||||||||||||
2015 | $ | 4,011 | |||||||||||||||
2016 | $ | 4,011 | |||||||||||||||
2017 | $ | 4,011 | |||||||||||||||
2018 | $ | 4,011 | |||||||||||||||
Thereafter | $ | 27,430 | |||||||||||||||
Schedule of Carrying Amount of Intangible Assets Attributable to Fabrication Group | ' | ||||||||||||||||
The carrying amount of intangible assets attributable to the EP&S Segment at December 31, 2013, 2012, and 2011, as well as a summary of intangible assets, by class, at December 31, 2013 and 2012, is presented below: | |||||||||||||||||
Intangible | |||||||||||||||||
Assets | |||||||||||||||||
December 31, 2011 | $ | 22,576 | |||||||||||||||
Intangible assets acquired (Note 5) | 37,400 | ||||||||||||||||
Amortization | (3,760 | ) | |||||||||||||||
Translation adjustment | 279 | ||||||||||||||||
December 31, 2012 | 56,495 | ||||||||||||||||
Intangible assets acquired (Note 5) | 3,800 | ||||||||||||||||
Amortization | (4,386 | ) | |||||||||||||||
Impairment | (1,400 | ) | |||||||||||||||
Translation adjustment | (755 | ) | |||||||||||||||
December 31, 2013 | $ | 53,754 | |||||||||||||||
Summary of Intangible Assets by Class | ' | ||||||||||||||||
December 31, | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
Backlog | $ | 1,300 | $ | 1,100 | |||||||||||||
Accumulated amortization | (1,236 | ) | (481 | ) | |||||||||||||
Backlog, net | 64 | 619 | |||||||||||||||
Customer relationships | 45,013 | 41,413 | |||||||||||||||
Effects of currency translation | 1,930 | 3,183 | |||||||||||||||
Accumulated amortization | (10,961 | ) | (8,754 | ) | |||||||||||||
Customer relationships, net | 35,982 | 35,842 | |||||||||||||||
Developed technology | 13,290 | 13,290 | |||||||||||||||
Accumulated amortization | (1,782 | ) | (856 | ) | |||||||||||||
Developed technology, net | 11,508 | 12,434 | |||||||||||||||
Remmele trade name | 6,200 | 7,600 | |||||||||||||||
Total intangible assets, net | $ | 53,754 | $ | 56,495 | |||||||||||||
Components of Accumulated Other Comprehensive Income | ' | ||||||||||||||||
The components of accumulated other comprehensive income (loss), net of tax, on the Company’s Consolidated Balance sheet at December 31, 2013 and 2012 were as follows: | |||||||||||||||||
Foreign | Actuarial | Unrealized | Total | ||||||||||||||
Currency | Losses on | losses on | |||||||||||||||
Translation | Benefit | Investments | |||||||||||||||
Plans | |||||||||||||||||
Balance at December 31, 2012 (as restated) | $ | 12,708 | $ | (57,712 | ) | $ | — | $ | (45,004 | ) | |||||||
Other comprehensive income (loss) before reclassifications, net of tax | (6,928 | ) | 3,651 | 21 | (3,256 | ) | |||||||||||
Amounts reclassified from other comprehensive loss, net of tax | — | 7,884 | (21 | ) | 7,863 | ||||||||||||
Accumulated other comprehensive income (loss) at December 31, 2013 | $ | 5,780 | $ | (46,177 | ) | $ | — | $ | (40,397 | ) | |||||||
Amounts Reclassified from Accumulated Other Comprehensive Loss | ' | ||||||||||||||||
Amounts reclassified from accumulated other comprehensive loss, net of tax, for December 31, 2013 are presented below. These amounts are reclassified to Cost of sales and Selling, general, and administrative expenses within the Consolidated Statement of Operations. | |||||||||||||||||
December 31, 2013 | |||||||||||||||||
Impact of Defined Benefit Pension Items | |||||||||||||||||
Actuarial losses and prior service costs | $ | 9,416 | |||||||||||||||
Special termination benefits | 3,196 | ||||||||||||||||
Tax expense | (4,728 | ) | |||||||||||||||
Total reclassifications | $ | 7,884 | |||||||||||||||
ACQUISITIONS_Tables
ACQUISITIONS (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Summary of Purchase Price Allocation | ' | ||||||||
The purchase price allocation, which has been finalized, is as follows: | |||||||||
Assets purchased: | |||||||||
Current assets, excluding inventory | $ | 17,491 | |||||||
Inventories | 17,380 | ||||||||
Plant and equipment | 68,772 | ||||||||
Costs in excess of billings | 3,884 | ||||||||
Other assets | 1,972 | ||||||||
Intangible assets: | |||||||||
Customer relationships | 19,300 | ||||||||
Developed technologies | 9,400 | ||||||||
Backlog | 1,100 | ||||||||
Trade name | 7,600 | ||||||||
Goodwill | 75,568 | ||||||||
Liabilities assumed: | |||||||||
Current liabilities | 15,489 | ||||||||
Deferred tax liabilities | 22,407 | ||||||||
Other liabilities | 2,016 | ||||||||
Net assets acquired | $ | 182,555 | |||||||
RTI Extrusions Europe Limited | ' | ||||||||
Summary of Purchase Price Allocation | ' | ||||||||
The purchase price allocation, which has not been finalized, is as follows: | |||||||||
Assets purchased: | |||||||||
Current assets, excluding inventory | $ | 4,827 | |||||||
Inventories | 5,230 | ||||||||
Plant and equipment | 4,346 | ||||||||
Intangible assets: | |||||||||
Customer relationships | 3,600 | ||||||||
Backlog | 200 | ||||||||
Goodwill | 2,185 | ||||||||
Liabilities assumed: | |||||||||
Current liabilities | 2,621 | ||||||||
Deferred tax liabilities | 1,553 | ||||||||
Net assets acquired | $ | 16,214 | |||||||
Remmele | ' | ||||||||
Business Acquisition Supplemental Pro forma Information | ' | ||||||||
The amount of Remmele’s net sales and earnings included in the Company’s Consolidated Statements of Operations for the year ended December 31, 2012, and the pro forma net sales and earnings of the combined entity had the acquisition date been January 1, 2011, are as follows: | |||||||||
Years Ended December 31, | |||||||||
2012 | 2011 | ||||||||
Net sales: | |||||||||
Actual — Remmele | $ | 118,977 | $ | — | |||||
Supplemental pro forma — consolidated | $ | 712,650 | $ | 614,502 | |||||
Net income: | |||||||||
Actual — Remmele | $ | 2,713 | $ | — | |||||
Earnings per share (diluted) | $ | 0.09 | $ | — | |||||
Supplemental pro forma — consolidated | $ | 16,055 | $ | (1,639 | ) | ||||
Earnings per share (diluted) | $ | 0.53 | $ | (0.05 | ) |
EARNINGS_PER_SHARE_Tables
EARNINGS PER SHARE (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Shares Excluded from Calculation of Earnings per Share | ' | ||||||||||||
Shares excluded from the calculation of EPS were as follows: | |||||||||||||
Year ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
2015 Notes | 3,185,213 | 6,404,902 | 6,404,902 | ||||||||||
2019 Notes | 9,885,561 | N/A | N/A | ||||||||||
Anti-dilutive options (1) | 238,255 | 421,700 | 566,451 | ||||||||||
-1 | Average option price of shares excluded from calculation of earnings per share were $48.10, $38.43 and $31.23 for the years ended December 31, 2013, 2012 and 2011, respectively. | ||||||||||||
Schedule of Weighted-Average Shares of Common Stock Outstanding | ' | ||||||||||||
Actual weighted-average shares of Common Stock outstanding used in the calculation of basic and diluted EPS for the years ended December 31, 2013, 2012 and 2011, were as follows: | |||||||||||||
Years ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(as restated) | (as restated) | ||||||||||||
Numerator — basic earnings per share: | |||||||||||||
Net income (loss) from continuing operations before allocation of earnings to participating securities | $ | 15,657 | $ | 13,453 | $ | (2,308 | ) | ||||||
Less: Earnings allocated to participating securities | (99 | ) | (80 | ) | — | ||||||||
Net income (loss) from continuing operations attributable to common shareholders, after earnings allocated to participating securities used in calculation of basic earnings per share | $ | 15,558 | $ | 13,373 | $ | (2,308 | ) | ||||||
Net income (loss) from discontinued operations before allocation of earnings to participating securities | $ | (1,584 | ) | $ | 1,487 | $ | 2,258 | ||||||
Less: Earnings allocated to participating securities | — | (9 | ) | — | |||||||||
Net income (loss) from discontinued operations attributable to common shareholders, after earnings allocated to participating securities | $ | (1,584 | ) | $ | 1,478 | $ | 2,258 | ||||||
Denominator: | |||||||||||||
Basic weighted-average shares outstanding | 30,303,328 | 30,127,275 | 30,017,677 | ||||||||||
Effect of dilutive securities | 227,173 | 130,413 | — | ||||||||||
Diluted weighted-average shares outstanding | 30,530,501 | 30,257,688 | 30,017,677 | ||||||||||
Earnings (loss) per share attributable to continuing operations: | |||||||||||||
Basic | $ | 0.51 | $ | 0.44 | $ | (0.08 | ) | ||||||
Diluted | $ | 0.51 | $ | 0.44 | $ | (0.08 | ) | ||||||
Earnings (loss) per share attributable to discontinued operations: | |||||||||||||
Basic | $ | (0.05 | ) | $ | 0.05 | $ | 0.08 | ||||||
Diluted | $ | (0.05 | ) | $ | 0.05 | $ | 0.08 |
INCOME_TAXES_Tables
INCOME TAXES (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||||||||||
Income Tax Expense (Benefit) | ' | ||||||||||||||||||||||||||||||||||||
The “Provision for income taxes” caption in the Consolidated Statements of Operations includes the following income tax expense: | |||||||||||||||||||||||||||||||||||||
31-Dec-13 | December 31, 2012 | December 31, 2011 | |||||||||||||||||||||||||||||||||||
(as restated) | (as restated) | ||||||||||||||||||||||||||||||||||||
Current | Deferred | Total | Current | Deferred | Total | Current | Deferred | Total | |||||||||||||||||||||||||||||
Federal | $ | 12,875 | $ | (3,728 | ) | $ | 9,147 | $ | 2,806 | $ | 9,402 | $ | 12,208 | $ | (5,633 | ) | $ | 14,263 | $ | 8,630 | |||||||||||||||||
State | 1,152 | (6,630 | ) | (5,478 | ) | 2,330 | (2,258 | ) | 72 | 479 | (1,101 | ) | (622 | ) | |||||||||||||||||||||||
Foreign | 5,376 | (1,906 | ) | 3,470 | 3,916 | (511 | ) | 3,405 | 1,076 | 1,017 | 2,093 | ||||||||||||||||||||||||||
Total | $ | 19,403 | $ | (12,264 | ) | $ | 7,139 | $ | 9,052 | $ | 6,633 | $ | 15,685 | $ | (4,078 | ) | $ | 14,179 | $ | 10,101 | |||||||||||||||||
Summary of Components of Income (Loss) before Income Taxes | ' | ||||||||||||||||||||||||||||||||||||
The following table sets forth the components of income (loss) before income taxes by jurisdiction: | |||||||||||||||||||||||||||||||||||||
Years Ended December 31, | |||||||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||||||||||||||
(as restated) | (as restated) | ||||||||||||||||||||||||||||||||||||
United States | $ | 12,530 | $ | 34,583 | $ | 19,086 | |||||||||||||||||||||||||||||||
Foreign | 10,266 | (5,445 | ) | (11,293 | ) | ||||||||||||||||||||||||||||||||
Income before income taxes | $ | 22,796 | $ | 29,138 | $ | 7,793 | |||||||||||||||||||||||||||||||
Reconciliation of Expected Tax at Federal Statutory Tax Rate | ' | ||||||||||||||||||||||||||||||||||||
A reconciliation of the expected tax at the federal statutory tax rate to the actual provision follows: | |||||||||||||||||||||||||||||||||||||
Years Ended December 31, | |||||||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||||||||||||||
(as restated) | (as restated) | ||||||||||||||||||||||||||||||||||||
Statutory rate of 35% applied to income (loss) before income taxes | $ | 7,979 | $ | 10,198 | $ | 2,727 | |||||||||||||||||||||||||||||||
Adjustments of tax reserves and prior years’ income taxes | 51 | 1,322 | 1,643 | ||||||||||||||||||||||||||||||||||
Officers excess compensation/Acquisition costs | 434 | 413 | 875 | ||||||||||||||||||||||||||||||||||
Effects of foreign operations | (3,042 | ) | (1,399 | ) | (1,115 | ) | |||||||||||||||||||||||||||||||
Change in valuation allowance | 1,662 | 5,200 | 6,082 | ||||||||||||||||||||||||||||||||||
State income taxes, net of federal tax effects | (3,802 | ) | 147 | (305 | ) | ||||||||||||||||||||||||||||||||
Goodwill and other intangible asset impairment | 3,953 | — | — | ||||||||||||||||||||||||||||||||||
Section 249 bond premium disallowance | 925 | — | — | ||||||||||||||||||||||||||||||||||
Section 199 deduction | (1,173 | ) | (335 | ) | — | ||||||||||||||||||||||||||||||||
Other | 152 | 139 | 194 | ||||||||||||||||||||||||||||||||||
Total provision | $ | 7,139 | $ | 15,685 | $ | 10,101 | |||||||||||||||||||||||||||||||
Effective tax rate | 31.3 | % | 53.8 | % | 129.6 | % | |||||||||||||||||||||||||||||||
Summary of Deferred Tax Assets and Liabilities | ' | ||||||||||||||||||||||||||||||||||||
Deferred tax assets and liabilities resulted from the following: | |||||||||||||||||||||||||||||||||||||
December 31, | |||||||||||||||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||||||||||||||
(as restated) | |||||||||||||||||||||||||||||||||||||
Deferred tax assets: | |||||||||||||||||||||||||||||||||||||
Canadian tax loss carryforwards (expiring 2015 through 2033) | $ | 39,989 | $ | 41,389 | |||||||||||||||||||||||||||||||||
Postretirement benefit costs | 17,400 | 18,066 | |||||||||||||||||||||||||||||||||||
Employment costs | 11,745 | 11,797 | |||||||||||||||||||||||||||||||||||
State tax loss carryforwards (expiring 2023 through 2032) | 8,073 | 7,133 | |||||||||||||||||||||||||||||||||||
Inventories | 14,671 | 12,022 | |||||||||||||||||||||||||||||||||||
Start-up costs | 2,988 | 4,650 | |||||||||||||||||||||||||||||||||||
Revenue recognition | 4,544 | 4,304 | |||||||||||||||||||||||||||||||||||
Pension costs | 288 | 3,835 | |||||||||||||||||||||||||||||||||||
Duty drawback claims | 212 | 1,786 | |||||||||||||||||||||||||||||||||||
Other | 3,617 | 3,566 | |||||||||||||||||||||||||||||||||||
Total deferred tax assets | 103,527 | 108,548 | |||||||||||||||||||||||||||||||||||
Valuation allowance | (37,172 | ) | (37,726 | ) | |||||||||||||||||||||||||||||||||
Deferred tax assets, net of valuation allowance | 66,355 | 70,822 | |||||||||||||||||||||||||||||||||||
Deferred tax liabilities: | |||||||||||||||||||||||||||||||||||||
Property, plant and equipment | (58,856 | ) | (58,129 | ) | |||||||||||||||||||||||||||||||||
Convertible debt | (33,511 | ) | (13,005 | ) | |||||||||||||||||||||||||||||||||
Intangible assets | (15,063 | ) | (14,412 | ) | |||||||||||||||||||||||||||||||||
Other | (973 | ) | (963 | ) | |||||||||||||||||||||||||||||||||
Total deferred tax liabilities | (108,403 | ) | (86,509 | ) | |||||||||||||||||||||||||||||||||
Net deferred tax liabilities | $ | (42,048 | ) | $ | (15,687 | ) | |||||||||||||||||||||||||||||||
Reconciliation of Total Amounts of Unrecognized Tax Benefits | ' | ||||||||||||||||||||||||||||||||||||
A reconciliation of the total amounts of unrecognized tax benefits for the years ended December 31 is as follows: | |||||||||||||||||||||||||||||||||||||
Unrecognized Tax Benefits | |||||||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||||||||||||||
Gross balance at January 1 | $ | 9,161 | $ | 6,157 | $ | 4,817 | |||||||||||||||||||||||||||||||
Prior period tax positions | |||||||||||||||||||||||||||||||||||||
Increases | 861 | 1,556 | — | ||||||||||||||||||||||||||||||||||
Decreases | (2,109 | ) | (30 | ) | (14 | ) | |||||||||||||||||||||||||||||||
Current period tax positions | 1,608 | 1,478 | 1,376 | ||||||||||||||||||||||||||||||||||
Lapse of Statute | — | — | (22 | ) | |||||||||||||||||||||||||||||||||
Settlements with tax authorities | (1,094 | ) | — | — | |||||||||||||||||||||||||||||||||
Gross balance at December 31 | $ | 8,427 | $ | 9,161 | $ | 6,157 | |||||||||||||||||||||||||||||||
Amount that would affect the effective tax rate if recognized | $ | 6,168 | $ | 5,946 | $ | 4,614 | |||||||||||||||||||||||||||||||
EMPLOYEE_BENEFIT_PLANS_Tables
EMPLOYEE BENEFIT PLANS (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||
Changes in Company's Pension and Other Post-Employment Benefit Plan Obligations and Plan Assets | ' | ||||||||||||||||||||||||||||
The following table provides reconciliations of the changes in the Company’s pension and other post-employment benefit plan obligations, the values of plan assets, amounts recognized in Company’s financial statements, and principal weighted-average assumptions used: | |||||||||||||||||||||||||||||
Pension Benefit Plans | Post-Retirement | ||||||||||||||||||||||||||||
Benefit Plan | |||||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||||||
Change in projected benefit obligation: | |||||||||||||||||||||||||||||
Projected benefit obligation at beginning of year | $ | 167,482 | $ | 143,687 | $ | 47,934 | $ | 44,391 | |||||||||||||||||||||
Service cost | 2,469 | 2,450 | 747 | 671 | |||||||||||||||||||||||||
Interest cost | 6,789 | 7,093 | 1,920 | 2,102 | |||||||||||||||||||||||||
Actuarial loss (gain) | 4,404 | 16,750 | (2,466 | ) | 2,558 | ||||||||||||||||||||||||
Special termination benefits | 2,052 | — | 162 | — | |||||||||||||||||||||||||
Amendment | — | 6,748 | — | — | |||||||||||||||||||||||||
Settlements | (2,486 | ) | (695 | ) | — | — | |||||||||||||||||||||||
Benefits paid | (9,707 | ) | (8,551 | ) | (2,981 | ) | (2,837 | ) | |||||||||||||||||||||
Plan participants’ contributions | — | — | 933 | 928 | |||||||||||||||||||||||||
Medicare retiree drug subsidy received | — | — | 164 | 121 | |||||||||||||||||||||||||
Projected benefit obligation at end of year | $ | 171,003 | $ | 167,482 | $ | 46,413 | $ | 47,934 | |||||||||||||||||||||
Change in plan assets: | |||||||||||||||||||||||||||||
Fair value of plan assets at beginning of year | $ | 146,722 | $ | 122,444 | $ | — | $ | — | |||||||||||||||||||||
Actual return on plan assets | 21,406 | 14,678 | — | — | |||||||||||||||||||||||||
Employer contributions | 6,806 | 18,846 | 1,884 | 1,788 | |||||||||||||||||||||||||
Medicare retiree drug subsidy received | — | — | 164 | 121 | |||||||||||||||||||||||||
Settlements | (2,486 | ) | (695 | ) | — | — | |||||||||||||||||||||||
Plan participants’ contributions | — | — | 933 | 928 | |||||||||||||||||||||||||
Benefits paid | (9,707 | ) | (8,551 | ) | (2,981 | ) | (2,837 | ) | |||||||||||||||||||||
Fair value of plan assets at end of year | $ | 162,741 | $ | 146,722 | $ | — | $ | — | |||||||||||||||||||||
Funded status | $ | (8,262 | ) | $ | (20,760 | ) | $ | (46,413 | ) | $ | (47,934 | ) | |||||||||||||||||
Amounts recognized in the Consolidated Balance Sheets consisted of: | |||||||||||||||||||||||||||||
Noncurrent assets | $ | 6,983 | $ | 691 | $ | — | $ | — | |||||||||||||||||||||
Current liabilities | (1,458 | ) | (740 | ) | (2,966 | ) | (2,868 | ) | |||||||||||||||||||||
Noncurrent liabilities | (13,787 | ) | (20,711 | ) | (43,447 | ) | (45,066 | ) | |||||||||||||||||||||
Net amount recognized | $ | (8,262 | ) | $ | (20,760 | ) | $ | (46,413 | ) | $ | (47,934 | ) | |||||||||||||||||
Accumulated benefit obligation | $ | 166,357 | $ | 161,482 | N/A | N/A | |||||||||||||||||||||||
Amount Recognized in Accumulated Other Comprehensive Income | ' | ||||||||||||||||||||||||||||
Amounts recognized in accumulated other comprehensive loss consisted of: | |||||||||||||||||||||||||||||
December 31, | December 31, | ||||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||||||
Net actuarial loss | $ | 63,496 | $ | 77,032 | $ | 5,771 | $ | 8,486 | |||||||||||||||||||||
Prior service cost | 6,237 | 7,227 | 689 | 1,904 | |||||||||||||||||||||||||
Total, before tax effect | $ | 69,733 | $ | 84,259 | $ | 6,460 | $ | 10,390 | |||||||||||||||||||||
Activity Related to Amounts Recognized in Accumulated Other Comprehensive Loss | ' | ||||||||||||||||||||||||||||
Activity related to amounts recognized in accumulated other comprehensive loss is as follows: | |||||||||||||||||||||||||||||
2012 | 2013 | ||||||||||||||||||||||||||||
12/31/11 | Amortization | Activity | 12/31/12 | Amortization | Activity | 12/31/13 | |||||||||||||||||||||||
Pension Benefit Plans | |||||||||||||||||||||||||||||
Actuarial losses | $ | 70,987 | $ | (5,734 | ) | $ | 11,779 | $ | 77,032 | $ | (6,963 | ) | $ | (6,573 | ) | $ | 63,496 | ||||||||||||
Prior service cost | 1,460 | (980 | ) | 6,747 | 7,227 | (990 | ) | — | 6,237 | ||||||||||||||||||||
Postretirement Medical Plan | |||||||||||||||||||||||||||||
Actuarial losses | 6,086 | (157 | ) | 2,557 | 8,486 | (248 | ) | (2,467 | ) | 5,771 | |||||||||||||||||||
Prior service cost | 3,118 | (1,214 | ) | — | 1,904 | (1,215 | ) | — | 689 | ||||||||||||||||||||
Weighted-Average Assumptions Used to Determine Benefit Obligation | ' | ||||||||||||||||||||||||||||
Pension Benefit Plans | Post-Retirement | ||||||||||||||||||||||||||||
Benefit Plan | |||||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||||||
Weighted-average assumptions used to determine benefit obligation at December 31: | |||||||||||||||||||||||||||||
Discount rate — qualified plan | 4.78 | % | 4.1 | % | N/A | N/A | |||||||||||||||||||||||
Discount rate — non-qualified plan | 3.71 | % | 4.1 | % | N/A | N/A | |||||||||||||||||||||||
Discount rate — post-retirement medical plan | N/A | N/A | 4.75 | % | 4.1 | % | |||||||||||||||||||||||
Rate of increase to compensation levels — qualified plans | 3.8 | % | 3.8 | % | N/A | N/A | |||||||||||||||||||||||
Rate of increase to compensation levels — non-qualified plans | 2.9 | % | 3.8 | % | N/A | N/A | |||||||||||||||||||||||
Measurement date | 31-Dec | 31-Dec | 31-Dec | 31-Dec | |||||||||||||||||||||||||
Health cost trend rate assumed for next year | N/A | N/A | 6.73 | % | 6.78 | % | |||||||||||||||||||||||
Ultimate trend rate | N/A | N/A | 4.5 | % | 4.5 | % | |||||||||||||||||||||||
Year that rate reaches ultimate trend rate | N/A | N/A | 2026 | 2026 | |||||||||||||||||||||||||
Weighted-average assumptions used to determine net periodic benefit obligation cost for the years ended December 31: | |||||||||||||||||||||||||||||
Discount rate | 4.1 | % | 4.9 | % | 4.1 | % | 4.9 | % | |||||||||||||||||||||
Expected long-term return on plan assets | 7.5 | % | 7.5 | % | N/A | N/A | |||||||||||||||||||||||
Rate of increase to compensation levels — qualified plans | 3.8 | % | 3.8 | % | N/A | N/A | |||||||||||||||||||||||
Rate of increase to compensation levels — non-qualified plans | 2.9 | % | 3.8 | % | N/A | N/A | |||||||||||||||||||||||
One Quarter Percentage Change in Expected Rate of Return on Plan Assets | ' | ||||||||||||||||||||||||||||
A change of one quarter of a percentage point in the expected rate of return on plan assets would have the following effect on the defined benefit plan: | |||||||||||||||||||||||||||||
–.25% | 0.25% | ||||||||||||||||||||||||||||
Effect on subsequent years periodic pension expense (in millions) | $ | 0.4 | $ | (0.4 | ) | ||||||||||||||||||||||||
One Quarter Percentage Point Change in Discount Rates | ' | ||||||||||||||||||||||||||||
A change of one quarter of a percentage point in the discount rates used at December 31, 2013 would have the following effect on the defined benefit plans: | |||||||||||||||||||||||||||||
–0.25% | 0.25% | ||||||||||||||||||||||||||||
Effect on total projected benefit obligation (PBO) (in millions) | $ | 4.5 | $ | (4.2 | ) | ||||||||||||||||||||||||
Effect on subsequent years periodic pension expense (in millions) | $ | 0.3 | $ | (0.3 | ) | ||||||||||||||||||||||||
One Quarter Percentage Change in Discount Rate on Postretirement Medical Plan | ' | ||||||||||||||||||||||||||||
A change of one-quarter of a percentage point in the discount rate used at December 31, 2013 would have the following effect on the postretirement medical plan: | |||||||||||||||||||||||||||||
–.25% | 0.25% | ||||||||||||||||||||||||||||
Effect on total net periodic benefit cost (in millions) | $ | 0.1 | $ | (0.1 | ) | ||||||||||||||||||||||||
Effect on accumulated postretirement benefit obligation (in millions) | $ | 1.3 | $ | (1.2 | ) | ||||||||||||||||||||||||
One Percent Change in Health Cost Trend Rate and It's Effect on Postretirement Medical Plan | ' | ||||||||||||||||||||||||||||
A change of one percentage point in the health cost trend rate of 6.78% used at December 31, 2013 would have the following effect on the postretirement medical plan: | |||||||||||||||||||||||||||||
–1.00% | 1.00% | ||||||||||||||||||||||||||||
Effect on total service cost and interest cost components (in millions) | $ | (0.1 | ) | $ | 0.1 | ||||||||||||||||||||||||
Effect on accumulated postretirement benefit obligation (in millions) | $ | (2.6 | ) | $ | 2.9 | ||||||||||||||||||||||||
Components of Net Periodic Pension and Other Post-Retirement Benefit Costs | ' | ||||||||||||||||||||||||||||
The components of net periodic pension and post-retirement benefit cost were as follows: | |||||||||||||||||||||||||||||
Pension Benefit Plans | Post-Retirement Benefit Plan | ||||||||||||||||||||||||||||
2013 | 2012 | 2011 | 2013 | 2012 | 2011 | ||||||||||||||||||||||||
Service cost | $ | 2,469 | $ | 2,450 | $ | 2,047 | $ | 747 | $ | 671 | $ | 746 | |||||||||||||||||
Interest cost | 6,789 | 7,093 | 7,177 | 1,920 | 2,102 | 2,361 | |||||||||||||||||||||||
Expected return on plan assets | (10,429 | ) | (9,707 | ) | (7,791 | ) | — | — | — | ||||||||||||||||||||
Prior service cost amortization | 990 | 980 | 401 | 1,214 | 1,214 | 1,214 | |||||||||||||||||||||||
Amortization of actuarial loss | 5,982 | 5,361 | 4,017 | 248 | 157 | 171 | |||||||||||||||||||||||
Settlement charges | 981 | 373 | — | — | — | — | |||||||||||||||||||||||
Special termination benefit | 2,052 | — | — | 162 | — | — | |||||||||||||||||||||||
Net periodic benefit cost | $ | 8,834 | $ | 6,550 | $ | 5,851 | $ | 4,291 | $ | 4,144 | $ | 4,492 | |||||||||||||||||
Unrecognized Accumulated Other Comprehensive Loss Net Periodic Benefit | ' | ||||||||||||||||||||||||||||
The amounts in accumulated other comprehensive loss expected to be recognized as components of net periodic benefit cost during 2014 are as follows: | |||||||||||||||||||||||||||||
Pension Benefit Plans | Postretirement | ||||||||||||||||||||||||||||
2014 | Medical Plan | ||||||||||||||||||||||||||||
2014 | |||||||||||||||||||||||||||||
Amortization of actuarial loss | $ | 5,433 | $ | 95 | |||||||||||||||||||||||||
Amortization of prior service cost | 914 | 689 | |||||||||||||||||||||||||||
Total recognized from accumulated other comprehensive loss | $ | 6,347 | $ | 784 | |||||||||||||||||||||||||
Fair Value of Defined Benefit Pension Plan Assets | ' | ||||||||||||||||||||||||||||
The fair value of the Company’s defined benefit pension plans’ assets as of December 31, 2013 and 2012 were as follows: | |||||||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||||||
Investment category: | |||||||||||||||||||||||||||||
U.S. government securities | $ | 24,996 | $ | 22,034 | |||||||||||||||||||||||||
Corporate bonds | 40,633 | 37,487 | |||||||||||||||||||||||||||
Equities | 88,894 | 81,445 | |||||||||||||||||||||||||||
Short-term investment funds | 1,550 | 597 | |||||||||||||||||||||||||||
Real estate funds | 3,835 | 3,468 | |||||||||||||||||||||||||||
Timberlands | 1,875 | 1,691 | |||||||||||||||||||||||||||
Other | 957 | — | |||||||||||||||||||||||||||
Total | $ | 162,740 | $ | 146,722 | |||||||||||||||||||||||||
Target Asset Allocation by Asset Category | ' | ||||||||||||||||||||||||||||
The Company’s target asset allocation as of December 31, 2013 by asset category is as follows: | |||||||||||||||||||||||||||||
2013 | |||||||||||||||||||||||||||||
Investment category: | |||||||||||||||||||||||||||||
Equity securities | 55 | % | |||||||||||||||||||||||||||
Debt and other short-term investments | 43 | % | |||||||||||||||||||||||||||
Cash | 2 | % | |||||||||||||||||||||||||||
Total | 100 | % | |||||||||||||||||||||||||||
Summary of Plan Investments | ' | ||||||||||||||||||||||||||||
A summary of the plan investments, their fair value and their level within the fair value hierarchy is presented below. | |||||||||||||||||||||||||||||
As of December 31, 2013: | |||||||||||||||||||||||||||||
Quoted Market | Significant | Significant | Total | ||||||||||||||||||||||||||
Prices | Other Observable | Unobservable | |||||||||||||||||||||||||||
(Level 1) | Inputs | Inputs | |||||||||||||||||||||||||||
(Level 2) | (Level 3) | ||||||||||||||||||||||||||||
Investment category: | |||||||||||||||||||||||||||||
U.S. government securities | $ | — | $ | 24,996 | $ | — | $ | 24,996 | |||||||||||||||||||||
Corporate bonds | — | 40,633 | — | 40,633 | |||||||||||||||||||||||||
Equities | 2,529 | 82,365 | 4,000 | 88,894 | |||||||||||||||||||||||||
Short-term investment funds | 1,072 | 478 | — | 1,550 | |||||||||||||||||||||||||
Real estate funds | — | — | 3,835 | 3,835 | |||||||||||||||||||||||||
Timberlands | — | — | 1,875 | 1,875 | |||||||||||||||||||||||||
Other | 1,015 | (58 | ) | — | 957 | ||||||||||||||||||||||||
Total assets | $ | 4,616 | $ | 148,414 | $ | 9,710 | $ | 162,740 | |||||||||||||||||||||
As of December 31, 2012: | |||||||||||||||||||||||||||||
Quoted Market | Significant | Significant | Total | ||||||||||||||||||||||||||
Prices | Other Observable | Unobservable | |||||||||||||||||||||||||||
(Level 1) | Inputs | Inputs | |||||||||||||||||||||||||||
(Level 2) | (Level 3) | ||||||||||||||||||||||||||||
Investment category: | |||||||||||||||||||||||||||||
U.S. government securities | $ | — | $ | 22,034 | $ | — | $ | 22,034 | |||||||||||||||||||||
Corporate bonds | — | 37,487 | — | 37,487 | |||||||||||||||||||||||||
Equities | 3,613 | 73,794 | 4,038 | 81,445 | |||||||||||||||||||||||||
Short-term investment funds | 597 | — | — | 597 | |||||||||||||||||||||||||
Real estate funds | — | — | 3,468 | 3,468 | |||||||||||||||||||||||||
Timberlands | — | — | 1,691 | 1,691 | |||||||||||||||||||||||||
Total assets | $ | 4,210 | $ | 133,315 | $ | 9,197 | $ | 146,722 | |||||||||||||||||||||
Level 3 Fair Value Measurements Using Significant Unobservable Input | ' | ||||||||||||||||||||||||||||
The following table provides further details of the Level 3 fair value measurements using significant unobservable inputs: | |||||||||||||||||||||||||||||
Private | Real Estate | Timberlands | Total | ||||||||||||||||||||||||||
Equity Funds | Funds | ||||||||||||||||||||||||||||
December 31, 2011 | $ | 3,434 | $ | 2,584 | $ | 1,652 | $ | 7,670 | |||||||||||||||||||||
Realized gains/losses | 301 | 109 | — | 410 | |||||||||||||||||||||||||
Unrealized gain/losses relating to investments still held at December 31, 2012 | 267 | 279 | 39 | 585 | |||||||||||||||||||||||||
Purchases | 861 | 925 | — | 1,786 | |||||||||||||||||||||||||
Sales | (825 | ) | (429 | ) | — | (1,254 | ) | ||||||||||||||||||||||
December 31, 2012 | $ | 4,038 | $ | 3,468 | $ | 1,691 | $ | 9,197 | |||||||||||||||||||||
Realized gains/losses | 788 | 216 | — | 1,004 | |||||||||||||||||||||||||
Unrealized gain/losses relating to investments still held at December 31, 2013 | 23 | 322 | 184 | 529 | |||||||||||||||||||||||||
Purchases | 857 | 725 | — | 1,582 | |||||||||||||||||||||||||
Sales | (1,706 | ) | (896 | ) | — | (2,602 | ) | ||||||||||||||||||||||
December 31, 2013 | $ | 4,000 | $ | 3,835 | $ | 1,875 | $ | 9,710 | |||||||||||||||||||||
Pension and Post-Retirement Benefit Payments Expected Future Service | ' | ||||||||||||||||||||||||||||
The following pension and post-retirement benefit payments, which reflect expected future service, as appropriate, are expected to be paid: | |||||||||||||||||||||||||||||
Pension | Post-Retirement | Post-Retirement | |||||||||||||||||||||||||||
Benefit | Benefit Plan | Benefit Plan (not | |||||||||||||||||||||||||||
Plans | (including Plan D | including Plan D | |||||||||||||||||||||||||||
subsidy) | subsidy) | ||||||||||||||||||||||||||||
2014 | $ | 12,694 | $ | 2,966 | $ | 3,215 | |||||||||||||||||||||||
2015 | 11,408 | 3,222 | 3,495 | ||||||||||||||||||||||||||
2016 | 11,565 | 3,143 | 3,442 | ||||||||||||||||||||||||||
2017 | 11,671 | 2,892 | 3,218 | ||||||||||||||||||||||||||
2018 | 12,064 | 3,028 | 3,382 | ||||||||||||||||||||||||||
2019 to 2023 | 62,340 | 18,023 | 20,257 |
LEASES_Tables
LEASES (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Future Minimum Commitments Under Operating and Capital Leases | ' | ||||||||
The Company’s future minimum commitments under operating and capital leases for years after 2013 are as follows: | |||||||||
Operating | Capital | ||||||||
Leases | Leases | ||||||||
2014 | $ | 5,715 | $ | 2,352 | |||||
2015 | 5,367 | 1,919 | |||||||
2016 | 5,075 | 1,513 | |||||||
2017 | 4,321 | 1,297 | |||||||
2018 | 4,149 | 958 | |||||||
Thereafter | 4,781 | 3,188 | |||||||
Total lease payments | $ | 29,408 | $ | 11,227 | |||||
UNEARNED_REVENUE_Tables
UNEARNED REVENUE (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Unearned Revenue | ' | ||||||||
Unearned revenue balances are presented in the following table: | |||||||||
December 31, | |||||||||
2013 | 2012 | ||||||||
Current unearned revenue | $ | 15,625 | $ | 25,864 | |||||
Non-current unearned revenue | 10,470 | 13,013 | |||||||
Total unearned revenue | $ | 26,095 | $ | 38,877 | |||||
SEGMENT_REPORTING_Tables
SEGMENT REPORTING (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Summary of Financial Information by Reportable Segment | ' | ||||||||||||
A summary of financial information by reportable segment is as follows: | |||||||||||||
Years Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Net sales: | |||||||||||||
Titanium Segment | $ | 346,627 | $ | 352,847 | $ | 324,908 | |||||||
Intersegment sales | 92,502 | 82,265 | 73,226 | ||||||||||
Total Titanium Segment sales | 439,129 | 435,112 | 398,134 | ||||||||||
Engineered Products and Services Segment | 436,646 | 347,140 | 163,444 | ||||||||||
Intersegment sales | 67,791 | 80,394 | 60,292 | ||||||||||
Total Engineered Products and Services Segment sales | 504,437 | 427,534 | 223,736 | ||||||||||
Eliminations | (160,293 | ) | (162,659 | ) | (133,518 | ) | |||||||
Total consolidated net sales | $ | 783,273 | $ | 699,987 | $ | 488,352 | |||||||
Operating income (loss): | |||||||||||||
Titanium Segment before corporate allocations | $ | 78,637 | $ | 58,542 | $ | 51,848 | |||||||
Corporate allocations | (19,626 | ) | (19,477 | ) | (15,784 | ) | |||||||
Total Titanium Segment operating income | 59,011 | 39,065 | 36,064 | ||||||||||
Engineered Products and Services Segment before corporate allocations | 24,981 | 23,437 | 5,518 | ||||||||||
Corporate allocations | (21,977 | ) | (15,085 | ) | (18,200 | ) | |||||||
Total Engineered Products and Services Segment operating income (loss) | 3,004 | 8,352 | (12,682 | ) | |||||||||
Total consolidated operating income | 62,015 | 47,417 | 23,382 | ||||||||||
Other income (expense), net | 938 | (501 | ) | 56 | |||||||||
Interest expense, net | (40,157 | ) | (17,778 | ) | (15,645 | ) | |||||||
Total consolidated income before income taxes | $ | 22,796 | $ | 29,138 | $ | 7,793 | |||||||
Years Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Revenue by market information: | |||||||||||||
Titanium Segment | |||||||||||||
Commercial aerospace | $ | 216,599 | $ | 217,607 | $ | 188,729 | |||||||
Defense | 98,976 | 104,313 | 98,496 | ||||||||||
Energy, medical, and other | 31,052 | 30,927 | 37,683 | ||||||||||
Total Titanium Segment net sales | 346,627 | 352,847 | 324,908 | ||||||||||
Engineered Products and Services Segment | |||||||||||||
Commercial aerospace | $ | 215,087 | $ | 168,760 | $ | 100,779 | |||||||
Defense | 71,471 | 53,435 | 35,426 | ||||||||||
Energy, medical, and other | 150,088 | 124,945 | 27,239 | ||||||||||
Total Engineered Product and Services Segment net sales | 436,646 | 347,140 | 163,444 | ||||||||||
Total consolidated net sales | $ | 783,273 | $ | 699,987 | $ | 488,352 | |||||||
Geographic location of trade sales: | |||||||||||||
United States | $ | 548,609 | $ | 450,518 | $ | 309,509 | |||||||
France | 69,658 | 72,810 | 51,951 | ||||||||||
England | 56,658 | 52,931 | 41,963 | ||||||||||
Germany | 30,955 | 40,011 | 38,976 | ||||||||||
Italy | 14,344 | 11,575 | 3,660 | ||||||||||
Spain | 12,713 | 16,285 | 7,702 | ||||||||||
Canada | 11,492 | 12,456 | 10,063 | ||||||||||
Japan | 10,660 | 9,389 | 4,580 | ||||||||||
Austria | 10,035 | 7,162 | 7,993 | ||||||||||
Malaysia | — | 10,624 | 1,962 | ||||||||||
Other countries | 18,149 | 16,226 | 9,993 | ||||||||||
Total trade sales | $ | 783,273 | $ | 699,987 | $ | 488,352 | |||||||
Capital expenditures: | |||||||||||||
Titanium Segment | $ | 15,976 | $ | 44,741 | $ | 36,008 | |||||||
Engineered Products and Services Segment | 16,398 | 16,797 | 2,837 | ||||||||||
Total capital expenditures | $ | 32,374 | $ | 61,538 | $ | 38,845 | |||||||
Depreciation and amortization: | |||||||||||||
Titanium Segment | $ | 19,973 | $ | 18,421 | $ | 14,248 | |||||||
Engineered Products and Services Segment | 23,852 | 22,703 | 8,185 | ||||||||||
Total depreciation and amortization | $ | 43,825 | $ | 41,124 | $ | 22,433 | |||||||
Summary of Geographic Area Information Property, Plant and Equipment | ' | ||||||||||||
The following geographic area information includes property, plant, and equipment based on physical location. | |||||||||||||
December 31, | December 31, | December 31, | |||||||||||
2013 | 2012 | 2011 | |||||||||||
United States | $ | 606,369 | $ | 590,621 | $ | 475,121 | |||||||
England | 23,036 | 16,017 | 14,473 | ||||||||||
France | 1,928 | 1,312 | 1,022 | ||||||||||
Canada | 69,616 | 64,924 | 64,132 | ||||||||||
Less: Accumulated depreciation | (328,609 | ) | (297,055 | ) | (265,509 | ) | |||||||
Property, plant, and equipment, net | $ | 372,340 | $ | 375,819 | $ | 289,239 | |||||||
Total assets: | |||||||||||||
Titanium Segment | $ | 604,123 | $ | 566,359 | $ | 492,224 | |||||||
Engineered Products and Services Segment | 585,867 | 544,928 | 272,480 | ||||||||||
General corporate assets | 310,281 | 83,637 | 309,365 | ||||||||||
Assets of discontinued operations | 5,274 | 25,168 | 26,530 | ||||||||||
Total consolidated assets | $ | 1,505,545 | $ | 1,220,092 | $ | 1,100,599 | |||||||
COMMITMENTS_AND_CONTINGENCIES_
COMMITMENTS AND CONTINGENCIES (Tables) | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Summary of Changes in Environmental Liabilities | ' | ||||
The following table summarizes the changes in the Company’s environmental liabilities for the year ended December 31, 2013: | |||||
Environmental | |||||
Liabilities | |||||
Balance at December 31, 2012 | $ | 1,277 |
LONGTERM_DEBT_Tables
LONG-TERM DEBT (Tables) | 12 Months Ended | ||||||||||
Dec. 31, 2013 | |||||||||||
Schedule of Long-Term Debt | ' | ||||||||||
Long-term debt consisted of: | |||||||||||
Effective | December 31, | ||||||||||
Interest Rate | 2013 | 2012 | |||||||||
$402.5 million aggregate principal 1.625% Convertible Senior Notes due 2019 | 5.88% | $ | 319,569 | $ | — | ||||||
$114.4 million aggregate principal 3.000% Convertible Senior Notes due 2015 | 8.67% | 103,065 | 196,644 | ||||||||
Capital leases | Various | 9,580 | 2,650 | ||||||||
Total debt | 432,214 | 199,294 | |||||||||
Less: Current portion of capital leases | (1,914 | ) | (957 | ) | |||||||
Total long-term debt | $ | 430,300 | $ | 198,337 | |||||||
STOCKBASED_COMPENSATION_Tables
STOCK-BASED COMPENSATION (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Schedule of Fair Value of Stock Options Granted | ' | ||||||||||||||||
The fair value of stock options granted over the past three years was estimated at the date of grant using the Black-Scholes option-pricing model based upon the following assumptions: | |||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||
Risk-free interest rate | 0.87 | % | 0.75 | % | 1.92 | % | |||||||||||
Expected dividend yield | 0 | % | 0 | % | 0 | % | |||||||||||
Expected lives (in years) | 5 | 5 | 4 | ||||||||||||||
Expected volatility | 65 | % | 66 | % | 67 | % | |||||||||||
Summary of Stock Options Activity | ' | ||||||||||||||||
A summary of the status of the Company’s stock options as of December 31, 2013 and the activity during the year then ended is presented below: | |||||||||||||||||
Stock Options | Shares | Weighted- | Weighted- | Aggregate | |||||||||||||
Average | Average | Intrinsic | |||||||||||||||
Exercise Price | Remaining | Value | |||||||||||||||
Per Share | Contractual | ||||||||||||||||
Term (Years) | |||||||||||||||||
Outstanding at December 31, 2012 | 590,850 | $ | 31.86 | ||||||||||||||
Granted | 98,831 | 29.12 | |||||||||||||||
Forfeited | (15,595 | ) | 27.39 | ||||||||||||||
Expired | (15,743 | ) | 49.88 | ||||||||||||||
Exercised | (131,607 | ) | 17.4 | ||||||||||||||
Outstanding at December 31, 2013 | 526,736 | $ | 34.56 | 5.84 | $ | 3,449 | |||||||||||
Exercisable at December 31, 2013 | 361,176 | $ | 37.71 | 4.63 | $ | 2,368 | |||||||||||
Summary Nonvested Restricted Stock Awards | ' | ||||||||||||||||
A summary of the status of the Company’s non-vested restricted stock as of December 31, 2013, and the activity during the year then ended, is presented below: | |||||||||||||||||
Nonvested Restricted Stock Awards | Shares | Weighted- | |||||||||||||||
Average | |||||||||||||||||
Grant-Date | |||||||||||||||||
Fair Value | |||||||||||||||||
Per Share | |||||||||||||||||
Nonvested at December 31, 2012 | 182,179 | $ | 24.76 | ||||||||||||||
Granted | 118,737 | 29 | |||||||||||||||
Vested | (77,722 | ) | 25.28 | ||||||||||||||
Forfeited | (9,719 | ) | 25.84 | ||||||||||||||
Nonvested at December 31, 2013 | 213,475 | $ | 26.88 | ||||||||||||||
Summary of Company's Performance Share Award | ' | ||||||||||||||||
A summary of the Company’s performance share activity during the year ended December 31, 2013 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 | (24,888 | ) | (49,776 | ) | |||||||||||||
Outstanding at December 31, 2013 | 154,333 | 308,666 | |||||||||||||||
GUARANTOR_SUBSIDIARIES_Tables
GUARANTOR SUBSIDIARIES (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Schedule of Condensed Consolidating Statement of Operations and Comprehensive Income | ' | ||||||||||||||||||||
Condensed Consolidating Statement of Operations and Comprehensive Income | |||||||||||||||||||||
Year Ended December 31, 2013 | |||||||||||||||||||||
RTI | Guarantor | Non-Guarantor | Eliminations | Consolidated | |||||||||||||||||
International | Subsidiaries | Subsidiaries | |||||||||||||||||||
Metals, Inc. | |||||||||||||||||||||
Net sales | $ | — | $ | 524,003 | $ | 465,331 | $ | (206,061 | ) | $ | 783,273 | ||||||||||
Costs and expenses: | |||||||||||||||||||||
Cost of sales | — | 426,646 | 388,834 | (206,061 | ) | 609,419 | |||||||||||||||
Selling, general, and administrative expenses(1) | 4,799 | 43,842 | 44,280 | — | 92,921 | ||||||||||||||||
Goodwill and other intangible asset impairment | — | 15,359 | — | — | 15,359 | ||||||||||||||||
Research, technical, and product development expenses | — | 3,925 | 6 | — | 3,931 | ||||||||||||||||
Asset and asset-related charges (income) | — | (372 | ) | — | — | (372 | ) | ||||||||||||||
Operating income (loss) | (4,799 | ) | 34,603 | 32,211 | — | 62,015 | |||||||||||||||
Other income (expense), net | 6,318 | (5,146 | ) | (234 | ) | — | 938 | ||||||||||||||
Interest income (expense), net | (21,291 | ) | (11,503 | ) | (7,363 | ) | — | (40,157 | ) | ||||||||||||
Equity in earnings (loss) of subsidiaries | 21,936 | (191 | ) | 2,165 | (23,910 | ) | — | ||||||||||||||
Income before income taxes | 2,164 | 17,763 | 26,779 | (23,910 | ) | 22,796 | |||||||||||||||
Provision for (benefit from) income taxes | (13,493 | ) | 10,964 | 9,668 | — | 7,139 | |||||||||||||||
Net income attributable to continuing operations | $ | 15,657 | $ | 6,799 | $ | 17,111 | $ | (23,910 | ) | $ | 15,657 | ||||||||||
Net income attributable to discontinued operations, net of tax | $ | (1,584 | ) | $ | — | $ | (1,584 | ) | $ | 1,584 | $ | (1,584 | ) | ||||||||
Net income | $ | 14,073 | $ | 6,799 | $ | 15,527 | $ | (22,326 | ) | $ | 14,073 | ||||||||||
Comprehensive income | $ | 18,680 | $ | 18,327 | $ | 8,599 | $ | (26,926 | ) | $ | 18,680 | ||||||||||
-1 | The Parent allocates selling, general, and administrative expenses (“SG&A”) to the subsidiaries based upon its budgeted annual expenses. | ||||||||||||||||||||
Condensed Consolidating Statement of Operations and Comprehensive Income | |||||||||||||||||||||
Year Ended December 31, 2012 | |||||||||||||||||||||
RTI International | Guarantors | Non-Guarantors | Eliminations | Consolidated | |||||||||||||||||
Metals, Inc. | (As Restated) | (As Restated) | (As Restated) | (As Restated) | |||||||||||||||||
(As Restated) | |||||||||||||||||||||
Net sales | $ | — | $ | 503,018 | $ | 409,470 | $ | (212,501 | ) | $ | 699,987 | ||||||||||
Cost of sales | — | 426,268 | 347,651 | (212,501 | ) | 561,418 | |||||||||||||||
Selling, general, and administrative expenses | (3,101 | ) | 45,316 | 44,406 | — | 86,621 | |||||||||||||||
Research, technical, and product development expenses | 95 | 4,007 | 62 | — | 4,164 | ||||||||||||||||
Asset and asset-related charges (income) | — | 367 | — | — | 367 | ||||||||||||||||
Operating income (loss) | 3,006 | 27,060 | 17,351 | — | 47,417 | ||||||||||||||||
Other income (expense), net | (63 | ) | 38 | (476 | ) | — | (501 | ) | |||||||||||||
Interest income (expense), net | (16,639 | ) | 205 | (1,344 | ) | — | (17,778 | ) | |||||||||||||
Equity in earnings of subsidiaries | 20,741 | 5,419 | 2,138 | (28,298 | ) | — | |||||||||||||||
Income before income taxes | 7,045 | 32,722 | 17,669 | (28,298 | ) | 29,138 | |||||||||||||||
Provision for (benefit from) income taxes | (6,408 | ) | 10,726 | 11,367 | — | 15,685 | |||||||||||||||
Net income attributable to continuing operations | 13,453 | 21,996 | 6,302 | (28,298 | ) | 13,453 | |||||||||||||||
Net income attributable to discontinued operations, net of tax | 1,487 | — | 1,487 | (1,487 | ) | 1,487 | |||||||||||||||
Net income | $ | 14,940 | $ | 21,996 | $ | 7,789 | $ | (29,785 | ) | $ | 14,940 | ||||||||||
Comprehensive income | $ | 8,786 | $ | 14,465 | $ | 9,704 | $ | (24,169 | ) | $ | 8,786 | ||||||||||
-1 | The Parent allocates SG&A to the subsidiaries based upon its budgeted annual expenses. A credit in parent SG&A is offset by an equal debit amount in the subsidiaries’ SG&A. | ||||||||||||||||||||
Condensed Consolidating Statement of Operations and Comprehensive Income (Loss) | |||||||||||||||||||||
Year Ended December 31, 2011 | |||||||||||||||||||||
RTI | Guarantors | Non-Guarantors | Eliminations | Consolidated | |||||||||||||||||
International | (As Restated) | (As Restated) | (As Restated) | (As Restated) | |||||||||||||||||
Metals, Inc. | |||||||||||||||||||||
(As Restated) | |||||||||||||||||||||
Net sales | $ | — | $ | 347,963 | $ | 316,219 | $ | (175,830 | ) | $ | 488,352 | ||||||||||
Cost of sales | — | 296,066 | 277,193 | $ | (175,830 | ) | 397,429 | ||||||||||||||
Selling, general, and administrative expenses | 981 | 22,586 | 42,083 | — | 65,650 | ||||||||||||||||
Research, technical, and product development expenses | — | 3,232 | 160 | — | 3,392 | ||||||||||||||||
Asset and asset-related charges (income) | — | — | (1,501 | ) | — | (1,501 | ) | ||||||||||||||
Operating income (loss) | (981 | ) | 26,079 | (1,716 | ) | — | 23,382 | ||||||||||||||
Other income (expense), net | (92 | ) | (38 | ) | 186 | — | 56 | ||||||||||||||
Interest income (expense), net | (16,299 | ) | 1,797 | (1,143 | ) | — | (15,645 | ) | |||||||||||||
Equity in earnings of subsidiaries | 10,066 | 6,128 | (1,055 | ) | (15,139 | ) | — | ||||||||||||||
Income before income taxes | (7,306 | ) | 33,966 | (3,728 | ) | (15,139 | ) | 7,793 | |||||||||||||
Provision for (benefit from) income taxes | (4,998 | ) | 10,257 | 4,842 | — | 10,101 | |||||||||||||||
Net income (loss) attributable to continuing operations | (2,308 | ) | 23,709 | (8,570 | ) | (15,139 | ) | (2,308 | ) | ||||||||||||
Net income attributable to discontinued operations, net of tax | 2,258 | — | 2,258 | (2,258 | ) | 2,258 | |||||||||||||||
Net income (loss) | $ | (50 | ) | $ | 23,709 | $ | (6,312 | ) | $ | (17,397 | ) | $ | (50 | ) | |||||||
Comprehensive income (loss) | $ | (6,563 | ) | $ | 19,646 | $ | (7,827 | ) | $ | (11,819 | ) | $ | (6,563 | ) | |||||||
-1 | The Parent allocates SG&A to the subsidiaries based upon its budgeted annual expenses. | ||||||||||||||||||||
Schedule of Condensed Consolidating Balance Sheet | ' | ||||||||||||||||||||
Condensed Consolidating Balance Sheet | |||||||||||||||||||||
As of December 31, 2013 | |||||||||||||||||||||
RTI | Guarantor | Non-Guarantor | Eliminations | Consolidated | |||||||||||||||||
International | Subsidiaries | Subsidiaries | |||||||||||||||||||
Metals, Inc. | |||||||||||||||||||||
ASSETS | |||||||||||||||||||||
Current assets: | |||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | 312,202 | $ | 31,435 | $ | — | $ | 343,637 | |||||||||||
Receivables, net | 786 | 57,397 | 69,847 | (22,759 | ) | 105,271 | |||||||||||||||
Inventories, net | — | 265,621 | 164,467 | — | 430,088 | ||||||||||||||||
Costs in excess of billings | — | 3,800 | 1,577 | — | 5,377 | ||||||||||||||||
Deferred income taxes | 31,656 | — | 376 | — | 32,032 | ||||||||||||||||
Assets of discontinued operations | — | — | 5,274 | — | 5,274 | ||||||||||||||||
Other current assets | 9,425 | 2,984 | 4,538 | — | 16,947 | ||||||||||||||||
Total current assets | 41,867 | 642,004 | 277,514 | (22,759 | ) | 938,626 | |||||||||||||||
Property, plant, and equipment, net | 2,328 | 292,033 | 77,979 | — | 372,340 | ||||||||||||||||
Goodwill | — | 79,705 | 37,873 | — | 117,578 | ||||||||||||||||
Other intangible assets, net | — | 31,184 | 22,570 | — | 53,754 | ||||||||||||||||
Other noncurrent assets | 11,025 | 7,184 | 5,038 | — | 23,247 | ||||||||||||||||
Intercompany investments | 1,240,671 | 26,623 | 5,721 | (1,273,015 | ) | — | |||||||||||||||
Total assets | $ | 1,295,891 | $ | 1,078,733 | $ | 426,695 | $ | (1,295,774 | ) | $ | 1,505,545 | ||||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||||||||||||||||
Current liabilities: | |||||||||||||||||||||
Accounts payable | $ | 1,948 | $ | 54,111 | $ | 45,739 | $ | (22,759 | ) | $ | 79,039 | ||||||||||
Accrued wages and other employee costs | 6,598 | 14,093 | 9,096 | — | 29,787 | ||||||||||||||||
Unearned revenue | — | 288 | 15,337 | — | 15,625 | ||||||||||||||||
Liabilities of discontinued operations | — | — | 458 | — | 458 | ||||||||||||||||
Other accrued liabilities | 6,800 | 5,101 | 10,673 | — | 22,574 | ||||||||||||||||
Total current liabilities | 15,346 | 73,593 | 81,303 | (22,759 | ) | 147,483 | |||||||||||||||
Long-term debt | 422,634 | 738 | 6,928 | — | 430,300 | ||||||||||||||||
Intercompany debt | — | 357,144 | 106,633 | (463,777 | ) | — | |||||||||||||||
Liability for post-retirement benefits | — | 43,447 | — | — | 43,447 | ||||||||||||||||
Liability for pension benefits | 5,943 | 7,685 | 159 | — | 13,787 | ||||||||||||||||
Deferred income taxes | 70,006 | — | 4,072 | — | 74,078 | ||||||||||||||||
Unearned revenue | — | — | 10,470 | — | 10,470 | ||||||||||||||||
Other noncurrent liabilities | 7,988 | 3,763 | 255 | — | 12,006 | ||||||||||||||||
Total liabilities | 521,917 | 486,370 | 209,820 | (486,536 | ) | 731,571 | |||||||||||||||
Shareholders’ equity | 773,974 | 592,363 | 216,875 | (809,238 | ) | 773,974 | |||||||||||||||
Total liabilities and shareholders’ equity | $ | 1,295,891 | $ | 1,078,733 | $ | 426,695 | $ | (1,295,774 | ) | $ | 1,505,545 | ||||||||||
Condensed Consolidating Balance Sheet | |||||||||||||||||||||
As of December 31, 2012 | |||||||||||||||||||||
RTI | Guarantors | Non-Guarantors | Eliminations | Consolidated | |||||||||||||||||
International | (As Restated) | (As Restated) | (As | (As Restated) | |||||||||||||||||
Metals, Inc. | Restated) | ||||||||||||||||||||
(As Restated) | |||||||||||||||||||||
ASSETS | |||||||||||||||||||||
Current assets: | |||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | 87,283 | $ | 9,907 | $ | — | $ | 97,190 | |||||||||||
Receivables, net | 126 | 72,773 | 58,676 | (27,221 | ) | 104,354 | |||||||||||||||
Inventories, net | — | 220,290 | 155,151 | — | 375,441 | ||||||||||||||||
Costs in excess of billings | — | 1,565 | 2,260 | — | 3,825 | ||||||||||||||||
Deferred income taxes | 31,264 | — | 116 | — | 31,380 | ||||||||||||||||
Assets of discontinued operations | — | — | 25,168 | — | 25,168 | ||||||||||||||||
Other current assets | 5,410 | 2,072 | 3,788 | — | 11,270 | ||||||||||||||||
Total current assets | 36,800 | 383,983 | 255,066 | (27,221 | ) | 648,628 | |||||||||||||||
Property, plant, and equipment, net | 1,327 | 308,467 | 66,025 | — | 375,819 | ||||||||||||||||
Goodwill | — | 93,665 | 36,587 | — | 130,252 | ||||||||||||||||
Other intangible assets, net | — | 35,152 | 21,343 | — | 56,495 | ||||||||||||||||
Other noncurrent assets | 4,149 | 892 | 3,857 | — | 8,898 | ||||||||||||||||
Intercompany investments | 931,041 | 26,814 | 3,736 | (961,591 | ) | — | |||||||||||||||
Total assets | $ | 973,317 | $ | 848,973 | $ | 386,614 | $ | (988,812 | ) | $ | 1,220,092 | ||||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||||||||||||||||
Current liabilities: | |||||||||||||||||||||
Accounts payable | $ | 1,177 | $ | 70,086 | $ | 46,693 | $ | (27,221 | ) | $ | 90,735 | ||||||||||
Accrued wages and other employee costs | 6,519 | 16,368 | 11,109 | — | 33,996 | ||||||||||||||||
Unearned revenue | — | 1,555 | 24,309 | — | 25,864 | ||||||||||||||||
Liabilities of discontinued operations | — | — | 3,431 | — | 3,431 | ||||||||||||||||
Other accrued liabilities | 3,277 | 9,197 | 10,044 | — | 22,518 | ||||||||||||||||
Total current liabilities | 10,973 | 97,206 | 95,586 | (27,221 | ) | 176,544 | |||||||||||||||
Long-term debt | 196,644 | 1,693 | — | — | 198,337 | ||||||||||||||||
Intercompany debt | — | 118,229 | 104,084 | (222,313 | ) | — | |||||||||||||||
Liability for post-retirement benefits | — | 45,066 | — | — | 45,066 | ||||||||||||||||
Liability for pension benefits | 6,419 | 14,133 | 159 | — | 20,711 | ||||||||||||||||
Deferred income taxes | 42,902 | — | 3,482 | — | 46,384 | ||||||||||||||||
Unearned revenue | — | — | 13,013 | — | 13,013 | ||||||||||||||||
Other noncurrent liabilities | 8,140 | 3,434 | 224 | — | 11,798 | ||||||||||||||||
Total liabilities | 265,078 | 279,761 | 216,548 | (249,534 | ) | 511,853 | |||||||||||||||
Shareholders’ equity | 708,239 | 569,212 | 170,066 | (739,278 | ) | 708,239 | |||||||||||||||
Total liabilities and shareholders’ equity | $ | 973,317 | $ | 848,973 | $ | 386,614 | $ | (988,812 | ) | $ | 1,220,092 | ||||||||||
Condensed Consolidating Statement of Cash Flows | ' | ||||||||||||||||||||
Condensed Consolidating Statement of Cash Flows | |||||||||||||||||||||
Year Ended December 31, 2013 | |||||||||||||||||||||
RTI | Guarantor | Non-Guarantor | Eliminations | Consolidated | |||||||||||||||||
International | Subsidiaries | Subsidiaries | |||||||||||||||||||
Metals, Inc. | |||||||||||||||||||||
Cash provided by (used in) operating activities | $ | 5,143 | $ | 8,944 | $ | (1,919 | ) | — | $ | 12,168 | |||||||||||
Investing activities: | |||||||||||||||||||||
Capital expenditures | (1,192 | ) | (21,947 | ) | (9,235 | ) | — | (32,374 | ) | ||||||||||||
Investments in subsidiaries, net | (36,099 | ) | — | — | 36,099 | — | |||||||||||||||
Acquisitions, net of cash acquired | — | — | (16,214 | ) | — | (16,214 | ) | ||||||||||||||
Divestitures | — | — | 10,475 | — | 10,475 | ||||||||||||||||
Proceeds from disposal of property, plant, and equipment | — | 42 | 519 | — | 561 | ||||||||||||||||
Short-term investments and marketable securities, net | — | (174 | ) | — | — | (174 | ) | ||||||||||||||
Intercompany debt activity, net | (241,821 | ) | — | — | 241,821 | — | |||||||||||||||
Cash provided by (used in) investing activities | $ | (279,112 | ) | $ | (22,079 | ) | $ | (14,455 | ) | $ | 277,920 | $ | (37,726 | ) | |||||||
Financing activities: | |||||||||||||||||||||
Proceeds from exercise of employee stock options | 2,637 | — | — | — | 2,637 | ||||||||||||||||
Excess tax benefits from stock-based compensation activity | 552 | — | — | — | 552 | ||||||||||||||||
Parent company investments, net of distributions | 966 | 33 | 35,105 | (36,104 | ) | — | |||||||||||||||
Borrowings on long-term debt | 402,500 | — | — | — | 402,500 | ||||||||||||||||
Repayments on long-term debt | (119,917 | ) | (903 | ) | — | — | (120,820 | ) | |||||||||||||
Intercompany debt activity, net | — | 238,924 | 2,892 | (241,816 | ) | — | |||||||||||||||
Purchase of common stock held in treasury | (399 | ) | — | — | — | (399 | ) | ||||||||||||||
Financing fees | (12,370 | ) | — | — | — | (12,370 | ) | ||||||||||||||
Cash provided by (used in) financing activities | $ | 273,969 | $ | 238,054 | $ | 37,997 | $ | (277,920 | ) | $ | 272,100 | ||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | (95 | ) | — | (95 | ) | ||||||||||||||
Decrease in cash and cash equivalents | — | 224,919 | 21,528 | — | 246,447 | ||||||||||||||||
Cash and cash equivalents at beginning of period | — | 87,283 | 9,907 | — | 97,190 | ||||||||||||||||
Cash and cash equivalents at end of period | $ | — | $ | 312,202 | $ | 31,435 | $ | — | $ | 343,637 | |||||||||||
Condensed Consolidating Statement of Cash Flows | |||||||||||||||||||||
Year Ended December 31, 2012 | |||||||||||||||||||||
RTI International | Guarantor | Non-Guarantor | Eliminations | Consolidated | |||||||||||||||||
Metals, Inc. | Subsidiaries | Subsidiaries | (As Restated) | (As Restated) | |||||||||||||||||
(As Restated) | (As Restated) | (As Restated) | |||||||||||||||||||
Cash provided by (used in) operating activities | $ | 21,972 | $ | 2,957 | $ | (16,863 | ) | $ | — | $ | 8,066 | ||||||||||
Investing activities: | |||||||||||||||||||||
Capital expenditures | (970 | ) | (54,715 | ) | (5,853 | ) | — | (61,538 | ) | ||||||||||||
Investments in subsidiaries, net | 178,633 | — | — | (178,633 | ) | — | |||||||||||||||
Acquisitions, net of cash acquired | (182,811 | ) | — | — | — | (182,811 | ) | ||||||||||||||
Proceeds from disposal of property, plant, and equipment | — | — | 10 | — | 10 | ||||||||||||||||
Short-term investments and marketable securities, net | — | 176,771 | — | — | 176,771 | ||||||||||||||||
Intercompany debt activity, net (1) | (16,184 | ) | — | — | 16,184 | — | |||||||||||||||
Cash provided by (used in) investing activities | (21,332 | ) | 122,056 | (5,843 | ) | (162,449 | ) | (67,568 | ) | ||||||||||||
Financing activities: | |||||||||||||||||||||
Proceeds from exercise of employee stock options | 729 | — | — | — | 729 | ||||||||||||||||
Excess tax benefits from stock-based compensation activity | 196 | — | — | — | 196 | ||||||||||||||||
Parent company investments, net of distributions | — | (194,783 | ) | 16,150 | 178,633 | — | |||||||||||||||
Repayments on long-term debt | — | (758 | ) | — | — | (758 | ) | ||||||||||||||
Intercompany debt activity, net (1) | — | 13,540 | 2,644 | (16,184 | ) | — | |||||||||||||||
Purchase of common stock held in treasury | (742 | ) | — | — | — | (742 | ) | ||||||||||||||
Financing fees | (823 | ) | — | — | — | (823 | ) | ||||||||||||||
Cash provided by (used in) financing activities | (640 | ) | (182,001 | ) | 18,794 | 162,449 | (1,398 | ) | |||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | 1,248 | — | 1,248 | ||||||||||||||||
Decrease in cash and cash equivalents | — | (56,988 | ) | (2,664 | ) | — | (59,652 | ) | |||||||||||||
Cash and cash equivalents at beginning of period | — | 144,271 | 12,571 | — | 156,842 | ||||||||||||||||
Cash and cash equivalents at end of period | $ | — | $ | 87,283 | $ | 9,907 | $ | — | $ | 97,190 | |||||||||||
-1 | The Condensed Consolidating Statements of Cash Flows have been adjusted to reclassify intercompany debt activities between investing and financing, rather than entirely as financing activities as previously reported. These adjustments increased (decreased) cash flows from investing activities for the RTI International Metals, Inc. Parent Company and Eliminations by $(16,184) and $16,184 and increased (decreased) cash flows from financing activities for the RTI International Metals, Inc. Parent Company and Eliminations by $16,184 and $(16, 184), respectively. | ||||||||||||||||||||
Condensed Consolidating Statement of Cash Flows | |||||||||||||||||||||
Year Ended December 31, 2011 | |||||||||||||||||||||
RTI International | Guarantor | Non-Guarantor | Eliminations | Consolidated | |||||||||||||||||
Metals, Inc. | Subsidiaries | Subsidiaries | (As Restated) | (As Restated) | |||||||||||||||||
(As Restated) | (As Restated) | (As Restated) | |||||||||||||||||||
Cash provided by (used in) operating activities | $ | 28,498 | $ | 21,099 | $ | (34,762 | ) | $ | — | $ | 14,835 | ||||||||||
Investing activities: | |||||||||||||||||||||
Capital expenditures | — | (35,793 | ) | (3,052 | ) | — | (38,845 | ) | |||||||||||||
Investments in subsidiaries, net | (35,812 | ) | — | — | — | (35,812 | ) | ||||||||||||||
Acquisitions, net of cash acquired | 33,831 | 1,735 | (36,248 | ) | 682 | — | |||||||||||||||
Proceeds from disposal of property, plant, and equipment | — | — | 20 | — | 20 | ||||||||||||||||
Short-term investments and marketable securities, net | — | (160,409 | ) | — | — | (160,409 | ) | ||||||||||||||
Intercompany debt activity, net (1) | (26,892 | ) | — | — | 26,892 | — | |||||||||||||||
Cash provided by (used in) investing activities | (28,873 | ) | (194,467 | ) | (39,280 | ) | 27,574 | (235,046 | ) | ||||||||||||
Financing activities: | |||||||||||||||||||||
Proceeds from exercise of employee stock options | 367 | — | — | — | 367 | ||||||||||||||||
Excess tax benefits from stock-based compensation activity | 302 | — | — | — | 302 | ||||||||||||||||
Parent company investments, net of distributions | — | (38,200 | ) | 38,882 | (682 | ) | — | ||||||||||||||
Repayments on long-term debt | — | (20 | ) | (5 | ) | — | (25 | ) | |||||||||||||
Intercompany debt activity, net (1) | — | 5,230 | 21,662 | (26,892 | ) | — | |||||||||||||||
Purchase of common stock held in treasury | (294 | ) | — | — | — | (294 | ) | ||||||||||||||
Cash provided by (used in) financing activities | 375 | (32,990 | ) | 60,539 | (27,574 | ) | 350 | ||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | (248 | ) | — | (248 | ) | ||||||||||||||
Decrease in cash and cash equivalents | — | (206,358 | ) | (13,751 | ) | — | (220,109 | ) | |||||||||||||
Cash and cash equivalents at beginning of period | — | 350,629 | 26,322 | — | 376,951 | ||||||||||||||||
Cash and cash equivalents at end of period | $ | — | $ | 144,271 | $ | 12,571 | $ | — | $ | 156,842 | |||||||||||
-1 | The Condensed Consolidating Statements of Cash Flows have been adjusted to reclassify intercompany debt activities between investing and financing, rather than entirely as financing activities as previously reported. These adjustments increased (decreased) cash flows from investing activities for the RTI International Metals, Inc. Parent Company and Eliminations by $(26,892) and $26,892 and increased (decreased) cash flows from financing activities for the RTI International Metals, Inc. Parent Company and Eliminations by $26,892 and $(26,892), respectively. |
SELECTED_QUARTERLY_FINANCIAL_I1
SELECTED QUARTERLY FINANCIAL INFORMATION (UNAUDITED) (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||||||||||||||
Summary of Selected Quarterly Financial Data | ' | ||||||||||||||||||||||||||||||||||||||||
The following table sets forth selected quarterly financial data for 2013 and 2012, and was recast to reflect the classification of RTI Connecticut as a discontinued operation. It has been derived from the Company’s unaudited Condensed Consolidated Financial Statements, which have been restated for the recognition of a valuation allowance at our Canadian subsidiary as described in Note 2, as well as revisions related to revenue recognition errors related to certain long-term contracts as described in the Company’s Quarterly Report on Form 10-Q for the period ended September 30, 2013, as filed with the SEC on November 12, 2013. Refer to the restatement tables following the selected quarterly financial information for details on these adjustments. | |||||||||||||||||||||||||||||||||||||||||
2013 | 1st | 2nd | 3rd | 4th | |||||||||||||||||||||||||||||||||||||
Quarter | Quarter | Quarter | Quarter | ||||||||||||||||||||||||||||||||||||||
(As Restated) | (As Restated) | (As Restated) | |||||||||||||||||||||||||||||||||||||||
Net Sales | $ | 189,202 | $ | 199,123 | $ | 194,936 | $ | 200,012 | |||||||||||||||||||||||||||||||||
Gross profit | 39,253 | 43,777 | 45,139 | 45,685 | |||||||||||||||||||||||||||||||||||||
Operating income | 13,647 | 20,481 | 21,879 | 6,008 | |||||||||||||||||||||||||||||||||||||
Net income attributable to continuing operations | 4,968 | 1,059 | 12,575 | (2,945 | ) | ||||||||||||||||||||||||||||||||||||
Earnings per share attributable to continuing operations | |||||||||||||||||||||||||||||||||||||||||
Basic | $ | 0.16 | $ | 0.03 | $ | 0.41 | $ | (0.10 | ) | ||||||||||||||||||||||||||||||||
Diluted | $ | 0.16 | $ | 0.03 | $ | 0.38 | $ | (0.10 | ) | ||||||||||||||||||||||||||||||||
Earnings per share attributable to discontinued operations | |||||||||||||||||||||||||||||||||||||||||
Basic | $ | — | $ | (0.01 | ) | $ | (0.01 | ) | $ | (0.03 | ) | ||||||||||||||||||||||||||||||
Diluted | $ | — | $ | (0.01 | ) | $ | (0.01 | ) | $ | (0.03 | ) | ||||||||||||||||||||||||||||||
2012 | 1st | 2nd | 3rd | 4th | |||||||||||||||||||||||||||||||||||||
Quarter | Quarter | Quarter | Quarter | ||||||||||||||||||||||||||||||||||||||
(As Restated) | (As Restated) | (As Restated) | (As Restated) | ||||||||||||||||||||||||||||||||||||||
Net Sales | $ | 151,272 | $ | 182,419 | $ | 180,666 | $ | 185,630 | |||||||||||||||||||||||||||||||||
Gross profit | 31,852 | 33,572 | 33,367 | 39,778 | |||||||||||||||||||||||||||||||||||||
Operating income | 10,421 | 10,118 | 9,322 | 17,556 | |||||||||||||||||||||||||||||||||||||
Net income attributable to continuing operations | 1,887 | 2,491 | 2,412 | 6,663 | |||||||||||||||||||||||||||||||||||||
Earnings per share attributable to continuing operations | |||||||||||||||||||||||||||||||||||||||||
Basic | $ | 0.06 | $ | 0.08 | $ | 0.08 | $ | 0.22 | |||||||||||||||||||||||||||||||||
Diluted | $ | 0.06 | $ | 0.08 | $ | 0.08 | $ | 0.22 | |||||||||||||||||||||||||||||||||
Earnings per share attributable to discontinued operations | |||||||||||||||||||||||||||||||||||||||||
Basic | $ | 0.02 | $ | 0.02 | $ | 0.01 | $ | — | |||||||||||||||||||||||||||||||||
Diluted | $ | 0.02 | $ | 0.02 | $ | 0.01 | $ | — | |||||||||||||||||||||||||||||||||
Effects of Restatement on Condensed Statement of Operations Quarterly Financial Information | ' | ||||||||||||||||||||||||||||||||||||||||
Condensed Consolidated Statement of Operations | |||||||||||||||||||||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||||||||||||||||||||
(In thousands, except per share amounts) | |||||||||||||||||||||||||||||||||||||||||
Three Months Ended March 31, 2013 | |||||||||||||||||||||||||||||||||||||||||
Previously | Revision | As | Restatement | As | Discontinued | Currently | |||||||||||||||||||||||||||||||||||
Reported (1) | Adjustment (2) | Revised | Adjustment | Corrected | Operations | Reported | |||||||||||||||||||||||||||||||||||
Net sales | $ | 191,900 | $ | (662 | ) | $ | 191,238 | $ | — | $ | 191,238 | $ | (2,036 | ) | $ | 189,202 | |||||||||||||||||||||||||
Cost and expenses: | |||||||||||||||||||||||||||||||||||||||||
Cost of sales | 151,986 | (26 | ) | 151,960 | — | 151,960 | (2,011 | ) | 149,949 | ||||||||||||||||||||||||||||||||
Selling, general, and administrative expenses | 24,908 | — | 24,908 | — | 24,908 | (303 | ) | 24,605 | |||||||||||||||||||||||||||||||||
Research, technical, and product development expenses | 1,001 | — | 1,001 | — | 1,001 | — | 1,001 | ||||||||||||||||||||||||||||||||||
Operating income | 14,005 | (636 | ) | 13,369 | — | 13,369 | 278 | 13,647 | |||||||||||||||||||||||||||||||||
Other income, net | 559 | — | 559 | — | 559 | — | 559 | ||||||||||||||||||||||||||||||||||
Interest income | 31 | — | 31 | — | 31 | — | 31 | ||||||||||||||||||||||||||||||||||
Interest expense | (4,796 | ) | — | (4,796 | ) | — | (4,796 | ) | — | (4,796 | ) | ||||||||||||||||||||||||||||||
Income before income taxes | 9,799 | (636 | ) | 9,163 | — | 9,163 | 278 | 9,441 | |||||||||||||||||||||||||||||||||
Provision for income taxes | 2,982 | (178 | ) | 2,804 | 1,625 | 4,429 | 44 | 4,473 | |||||||||||||||||||||||||||||||||
Net income attributable to continuing operations | 6,817 | (458 | ) | 6,359 | (1,625 | ) | 4,734 | 234 | 4,968 | ||||||||||||||||||||||||||||||||
Net income (loss) attributable to discontinued operations, net of tax | 151 | — | 151 | — | 151 | (234 | ) | (83 | ) | ||||||||||||||||||||||||||||||||
Net income | $ | 6,968 | $ | (458 | ) | $ | 6,510 | $ | (1,625 | ) | $ | 4,885 | $ | — | $ | 4,885 | |||||||||||||||||||||||||
Earnings per share attributable to continuing operations: | |||||||||||||||||||||||||||||||||||||||||
Basic | $ | 0.22 | $ | (0.02 | ) | $ | 0.21 | $ | (0.05 | ) | $ | 0.16 | $ | 0.01 | $ | 0.16 | |||||||||||||||||||||||||
Diluted | $ | 0.22 | $ | (0.02 | ) | $ | 0.21 | $ | (0.05 | ) | $ | 0.15 | $ | 0.01 | $ | 0.16 | |||||||||||||||||||||||||
Earnings per share attributable to discontinued operations: | |||||||||||||||||||||||||||||||||||||||||
Basic | $ | — | $ | — | $ | — | $ | — | $ | — | $ | (0.01 | ) | $ | — | ||||||||||||||||||||||||||
Diluted | $ | — | $ | — | $ | — | $ | — | $ | — | $ | (0.01 | ) | $ | — | ||||||||||||||||||||||||||
(1): | Previously reported balances represent the amounts reported in the Condensed Consolidated Statement of Operations in the Company’s Amended Quarterly Report on Form 10-Q/A for the quarterly period ended March 31, 2013 as filed with the SEC on September 24, 2013. | ||||||||||||||||||||||||||||||||||||||||
(2): | Amounts presented as Revision Adjustment represent revisions for revenue recognition errors related to certain long-term projects as disclosed in the Company’s Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2013 as filed with the SEC on November 12, 2013. | ||||||||||||||||||||||||||||||||||||||||
Condensed Consolidated Statement of Operations | |||||||||||||||||||||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||||||||||||||||||||
(In thousands, except per share amounts) | |||||||||||||||||||||||||||||||||||||||||
Three Months Ended June 30, 2013 | |||||||||||||||||||||||||||||||||||||||||
Previously | Revision | As | Restatement | As | Discontinued | Currently | |||||||||||||||||||||||||||||||||||
Reported (1) | Adjustment (2) | Revised | Adjustment | Corrected | Operations | Reported | |||||||||||||||||||||||||||||||||||
Net sales | $ | 200,950 | $ | (206 | ) | $ | 200,744 | $ | — | $ | 200,744 | $ | (1,621 | ) | $ | 199,123 | |||||||||||||||||||||||||
Cost and expenses: | |||||||||||||||||||||||||||||||||||||||||
Cost of sales | 156,782 | 15 | 156,797 | — | 156,797 | (1,451 | ) | 155,346 | |||||||||||||||||||||||||||||||||
Selling, general, and administrative expenses | 22,641 | — | 22,641 | — | 22,641 | (327 | ) | 22,314 | |||||||||||||||||||||||||||||||||
Research, technical, and product development expenses | 982 | — | 982 | — | 982 | — | 982 | ||||||||||||||||||||||||||||||||||
Operating income | 20,545 | (221 | ) | 20,324 | — | 20,324 | 157 | 20,481 | |||||||||||||||||||||||||||||||||
Other income, net | 700 | — | 700 | — | 700 | — | 700 | ||||||||||||||||||||||||||||||||||
Interest income | 50 | — | 50 | — | 50 | — | 50 | ||||||||||||||||||||||||||||||||||
Interest expense | (20,693 | ) | — | (20,693 | ) | — | (20,693 | ) | — | (20,693 | ) | ||||||||||||||||||||||||||||||
Income before income taxes | 602 | (221 | ) | 381 | — | 381 | 157 | 538 | |||||||||||||||||||||||||||||||||
Benefit from income taxes | (878 | ) | (89 | ) | (967 | ) | 371 | (596 | ) | 75 | (521 | ) | |||||||||||||||||||||||||||||
Net income attributable to continuing operations | 1,480 | (132 | ) | 1,348 | (371 | ) | 977 | 82 | 1,059 | ||||||||||||||||||||||||||||||||
Net income (loss) attributable to discontinued operations, net of tax | (307 | ) | — | (307 | ) | — | (307 | ) | (82 | ) | (389 | ) | |||||||||||||||||||||||||||||
Net income | $ | 1,173 | $ | (132 | ) | $ | 1,041 | $ | (371 | ) | $ | 670 | $ | — | $ | 670 | |||||||||||||||||||||||||
Earnings per share attributable to continuing operations: | |||||||||||||||||||||||||||||||||||||||||
Basic | $ | 0.05 | $ | — | $ | 0.04 | $ | (0.01 | ) | $ | 0.03 | $ | — | $ | 0.03 | ||||||||||||||||||||||||||
Diluted | $ | 0.05 | $ | — | $ | 0.04 | $ | (0.01 | ) | $ | 0.03 | $ | — | $ | 0.03 | ||||||||||||||||||||||||||
Loss per share attributable to discontinued operations: | |||||||||||||||||||||||||||||||||||||||||
Basic | $ | (0.01 | ) | $ | — | $ | (0.01 | ) | $ | — | $ | (0.01 | ) | $ | — | $ | (0.01 | ) | |||||||||||||||||||||||
Diluted | $ | (0.01 | ) | $ | — | $ | (0.01 | ) | $ | — | $ | (0.01 | ) | $ | — | $ | (0.01 | ) | |||||||||||||||||||||||
(1): | Previously reported balances represent the amounts reported in the Condensed Consolidated Statement of Operations in the Company’s Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2013 as filed with the SEC on September 24, 2013. | ||||||||||||||||||||||||||||||||||||||||
(2): | Amounts presented as Revision Adjustment represent revisions for revenue recognition errors related to certain long-term projects as disclosed in the Company’s Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2013 as filed with the SEC on November 12, 2013. | ||||||||||||||||||||||||||||||||||||||||
Condensed Consolidated Statement of Operations | |||||||||||||||||||||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||||||||||||||||||||
(In thousands, except per share amounts) | |||||||||||||||||||||||||||||||||||||||||
Six Months Ended June 30, 2013 | |||||||||||||||||||||||||||||||||||||||||
Previously | Revision | As Revised | Restatement | As | Discontinued | Currently | |||||||||||||||||||||||||||||||||||
Reported (1) | Adjustment (2) | Adjustment | Corrected | Operations | Reported | ||||||||||||||||||||||||||||||||||||
Net sales | $ | 392,850 | $ | (868 | ) | $ | 391,982 | $ | — | $ | 391,982 | $ | (3,657 | ) | $ | 388,325 | |||||||||||||||||||||||||
Cost and expenses: | |||||||||||||||||||||||||||||||||||||||||
Cost of sales | 308,768 | (11 | ) | 308,757 | — | 308,757 | (3,462 | ) | 305,295 | ||||||||||||||||||||||||||||||||
Selling, general, and administrative expenses | 47,549 | — | 47,549 | — | 47,549 | (630 | ) | 46,919 | |||||||||||||||||||||||||||||||||
Research, technical, and product development expenses | 1,983 | — | 1,983 | — | 1,983 | — | 1,983 | ||||||||||||||||||||||||||||||||||
Operating income | 34,550 | (857 | ) | 33,693 | — | 33,693 | 435 | 34,128 | |||||||||||||||||||||||||||||||||
Other income, net | 1,259 | — | 1,259 | — | 1,259 | — | 1,259 | ||||||||||||||||||||||||||||||||||
Interest income | 81 | — | 81 | — | 81 | — | 81 | ||||||||||||||||||||||||||||||||||
Interest expense | (25,489 | ) | — | (25,489 | ) | — | (25,489 | ) | — | (25,489 | ) | ||||||||||||||||||||||||||||||
Income before income taxes | 10,401 | (857 | ) | 9,544 | — | 9,544 | 435 | 9,979 | |||||||||||||||||||||||||||||||||
Provision for income taxes | 2,104 | (267 | ) | 1,837 | 1,996 | 3,833 | 119 | 3,952 | |||||||||||||||||||||||||||||||||
Net income attributable to continuing operations | 8,297 | (590 | ) | 7,707 | (1,996 | ) | 5,711 | 316 | 6,027 | ||||||||||||||||||||||||||||||||
Net income (loss) attributable to discontinued operations, net of tax | (156 | ) | — | (156 | ) | — | (156 | ) | (316 | ) | (472 | ) | |||||||||||||||||||||||||||||
Net income | $ | 8,141 | $ | (590 | ) | $ | 7,551 | $ | (1,996 | ) | $ | 5,555 | $ | — | $ | 5,555 | |||||||||||||||||||||||||
Earnings per share attributable to continuing operations: | |||||||||||||||||||||||||||||||||||||||||
Basic | $ | 0.27 | $ | (0.02 | ) | $ | 0.25 | $ | (0.07 | ) | $ | 0.19 | $ | 0.01 | $ | 0.2 | |||||||||||||||||||||||||
Diluted | $ | 0.27 | $ | (0.02 | ) | $ | 0.25 | $ | (0.07 | ) | $ | 0.19 | $ | 0.01 | $ | 0.2 | |||||||||||||||||||||||||
Loss per share attributable to discontinued operations: | |||||||||||||||||||||||||||||||||||||||||
Basic | $ | (0.01 | ) | $ | — | $ | (0.01 | ) | $ | — | $ | (0.01 | ) | $ | (0.01 | ) | $ | (0.02 | ) | ||||||||||||||||||||||
Diluted | $ | (0.01 | ) | $ | — | $ | (0.01 | ) | $ | — | $ | (0.01 | ) | $ | (0.01 | ) | $ | (0.02 | ) | ||||||||||||||||||||||
(1): | Previously reported balances represent the amounts reported in the Condensed Consolidated Statement of Operations in the Company’s Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2013 as filed with the SEC on September 24, 2013. | ||||||||||||||||||||||||||||||||||||||||
(2): | Amounts presented as Revision Adjustment represent revisions for revenue recognition errors related to certain long-term projects as disclosed in the Company’s Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2013 as filed with the SEC on November 12, 2013. | ||||||||||||||||||||||||||||||||||||||||
Condensed Consolidated Statement of Operations | |||||||||||||||||||||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||||||||||||||||||||
(In thousands, except per share amounts) | |||||||||||||||||||||||||||||||||||||||||
Three Months Ended September 30, 2013 | |||||||||||||||||||||||||||||||||||||||||
Previously | Restatement | As | Discontinued | Currently | |||||||||||||||||||||||||||||||||||||
Reported (1) | Adjustment | Corrected | Operations | Reported | |||||||||||||||||||||||||||||||||||||
Net sales | $ | 196,532 | $ | — | $ | 196,532 | $ | (1,596 | ) | $ | 194,936 | ||||||||||||||||||||||||||||||
Cost and expenses: | |||||||||||||||||||||||||||||||||||||||||
Cost of sales | 151,435 | — | 151,435 | (1,638 | ) | 149,797 | |||||||||||||||||||||||||||||||||||
Selling, general, and administrative expenses | 22,491 | — | 22,491 | (272 | ) | 22,219 | |||||||||||||||||||||||||||||||||||
Research, technical, and product development expenses | 1,041 | — | 1,041 | — | 1,041 | ||||||||||||||||||||||||||||||||||||
Operating income | 21,565 | — | 21,565 | 314 | 21,879 | ||||||||||||||||||||||||||||||||||||
Other income, net | (294 | ) | — | (294 | ) | — | (294 | ) | |||||||||||||||||||||||||||||||||
Interest income | 78 | — | 78 | — | 78 | ||||||||||||||||||||||||||||||||||||
Interest expense | (7,387 | ) | — | (7,387 | ) | — | (7,387 | ) | |||||||||||||||||||||||||||||||||
Income before income taxes | 13,962 | — | 13,962 | 314 | 14,276 | ||||||||||||||||||||||||||||||||||||
Provision for income taxes | 1,670 | (3 | ) | 1,667 | 34 | 1,701 | |||||||||||||||||||||||||||||||||||
Net income attributable to continuing operations | 12,292 | 3 | 12,295 | 280 | 12,575 | ||||||||||||||||||||||||||||||||||||
Net income (loss) attributable to discontinued operations, net of tax | — | — | — | (280 | ) | (280 | ) | ||||||||||||||||||||||||||||||||||
Net income | $ | 12,292 | $ | 3 | $ | 12,295 | $ | — | $ | 12,295 | |||||||||||||||||||||||||||||||
Earnings per share attributable to continuing operations: | |||||||||||||||||||||||||||||||||||||||||
Basic | $ | 0.4 | $ | — | $ | 0.4 | $ | 0.01 | $ | 0.41 | |||||||||||||||||||||||||||||||
Diluted | $ | 0.37 | $ | — | $ | 0.37 | $ | 0.01 | $ | 0.38 | |||||||||||||||||||||||||||||||
Loss per share attributable to discontinued operations: | |||||||||||||||||||||||||||||||||||||||||
Basic | $ | — | $ | — | $ | — | $ | (0.01 | ) | $ | (0.01 | ) | |||||||||||||||||||||||||||||
Diluted | $ | — | $ | — | $ | — | $ | (0.01 | ) | $ | (0.01 | ) | |||||||||||||||||||||||||||||
(1): | Previously reported balances represent the amounts reported in the Condensed Consolidated Statement of Operations in the Company’s Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2013 as filed with the SEC on November 12, 2013. | ||||||||||||||||||||||||||||||||||||||||
Condensed Consolidated Statement of Operations | |||||||||||||||||||||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||||||||||||||||||||
(In thousands, except per share amounts) | |||||||||||||||||||||||||||||||||||||||||
Nine Months Ended September 30, 2013 | |||||||||||||||||||||||||||||||||||||||||
Previously | Restatement | As | Discontinued | Currently | |||||||||||||||||||||||||||||||||||||
Reported (1) | Adjustment | Corrected | Operations | Reported | |||||||||||||||||||||||||||||||||||||
Net sales | $ | 588,514 | $ | — | $ | 588,514 | $ | (5,253 | ) | $ | 583,261 | ||||||||||||||||||||||||||||||
Cost and expenses: | |||||||||||||||||||||||||||||||||||||||||
Cost of sales | 460,192 | — | 460,192 | (5,100 | ) | 455,092 | |||||||||||||||||||||||||||||||||||
Selling, general, and administrative expenses | 70,040 | — | 70,040 | (902 | ) | 69,138 | |||||||||||||||||||||||||||||||||||
Research, technical, and product development expenses | 3,024 | — | 3,024 | — | 3,024 | ||||||||||||||||||||||||||||||||||||
Operating income | 55,258 | — | 55,258 | 749 | 56,007 | ||||||||||||||||||||||||||||||||||||
Other income, net | 965 | — | 965 | — | 965 | ||||||||||||||||||||||||||||||||||||
Interest income | 159 | — | 159 | — | 159 | ||||||||||||||||||||||||||||||||||||
Interest expense | (32,876 | ) | — | (32,876 | ) | — | (32,876 | ) | |||||||||||||||||||||||||||||||||
Income before income taxes | 23,506 | — | 23,506 | 749 | 24,255 | ||||||||||||||||||||||||||||||||||||
Provision for income taxes | 3,507 | 1,993 | 5,500 | 153 | 5,653 | ||||||||||||||||||||||||||||||||||||
Net income attributable to continuing operations | 19,999 | (1,993 | ) | 18,006 | 596 | 18,602 | |||||||||||||||||||||||||||||||||||
Net income (loss) attributable to discontinued operations, net of tax | (156 | ) | — | (156 | ) | (596 | ) | (752 | ) | ||||||||||||||||||||||||||||||||
Net income | $ | 19,843 | $ | (1,993 | ) | $ | 17,850 | $ | — | $ | 17,850 | ||||||||||||||||||||||||||||||
Earnings per share attributable to continuing operations: | |||||||||||||||||||||||||||||||||||||||||
Basic | $ | 0.66 | $ | (0.07 | ) | $ | 0.59 | $ | 0.02 | $ | 0.61 | ||||||||||||||||||||||||||||||
Diluted | $ | 0.65 | $ | (0.07 | ) | $ | 0.59 | $ | 0.02 | $ | 0.61 | ||||||||||||||||||||||||||||||
Loss per share attributable to discontinued operations: | |||||||||||||||||||||||||||||||||||||||||
Basic | $ | (0.01 | ) | $ | — | $ | (0.01 | ) | $ | (0.02 | ) | $ | (0.02 | ) | |||||||||||||||||||||||||||
Diluted | $ | (0.01 | ) | $ | — | $ | (0.01 | ) | $ | (0.02 | ) | $ | (0.02 | ) | |||||||||||||||||||||||||||
(1): | Previously reported balances represent the amounts reported in the Condensed Consolidated Statement of Operations in the Company’s Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2013 as filed with the SEC on November 12, 2013. | ||||||||||||||||||||||||||||||||||||||||
Condensed Consolidated Statement of Operations | |||||||||||||||||||||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||||||||||||||||||||
(In thousands, except per share amounts) | |||||||||||||||||||||||||||||||||||||||||
Three Months Ended March 31, 2012 | |||||||||||||||||||||||||||||||||||||||||
Previously | Restatement | As | Discontinued | Currently | |||||||||||||||||||||||||||||||||||||
Reported (1) | Adjustment | Corrected | Operations | Reported | |||||||||||||||||||||||||||||||||||||
Net sales | $ | 154,070 | $ | — | $ | 154,070 | $ | (2,798 | ) | 151,272 | |||||||||||||||||||||||||||||||
Cost and expenses: | |||||||||||||||||||||||||||||||||||||||||
Cost of sales | 121,563 | — | 121,563 | (2,143 | ) | 119,420 | |||||||||||||||||||||||||||||||||||
Selling, general, and administrative expenses | 20,833 | — | 20,833 | (467 | ) | 20,366 | |||||||||||||||||||||||||||||||||||
Research, technical, and product development expenses | 1,065 | — | 1,065 | — | 1,065 | ||||||||||||||||||||||||||||||||||||
Operating income | 10,609 | — | 10,609 | (188 | ) | 10,421 | |||||||||||||||||||||||||||||||||||
Other income, net | (268 | ) | — | (268 | ) | — | (268 | ) | |||||||||||||||||||||||||||||||||
Interest income | 82 | — | 82 | — | 82 | ||||||||||||||||||||||||||||||||||||
Interest expense | (4,278 | ) | — | (4,278 | ) | — | (4,278 | ) | |||||||||||||||||||||||||||||||||
Income before income taxes | 6,145 | — | 6,145 | (188 | ) | 5,957 | |||||||||||||||||||||||||||||||||||
Provision for income taxes | 2,087 | 2,061 | 4,148 | (78 | ) | 4,070 | |||||||||||||||||||||||||||||||||||
Net income attributable to continuing operations | 4,058 | (2,061 | ) | 1,997 | (110 | ) | 1,887 | ||||||||||||||||||||||||||||||||||
Net income attributable to discontinued operations, net of tax | 571 | — | 571 | 110 | 681 | ||||||||||||||||||||||||||||||||||||
Net income | $ | 4,629 | $ | (2,061 | ) | $ | 2,568 | $ | — | 2,568 | |||||||||||||||||||||||||||||||
Earnings per share attributable to continuing operations: | |||||||||||||||||||||||||||||||||||||||||
Basic | $ | 0.13 | $ | (0.07 | ) | $ | 0.07 | $ | — | 0.06 | |||||||||||||||||||||||||||||||
Diluted | $ | 0.13 | $ | (0.07 | ) | $ | 0.07 | $ | — | 0.06 | |||||||||||||||||||||||||||||||
Earnings per share attributable to discontinued operations: | |||||||||||||||||||||||||||||||||||||||||
Basic | $ | 0.02 | $ | — | $ | 0.02 | $ | — | 0.02 | ||||||||||||||||||||||||||||||||
Diluted | $ | 0.02 | $ | — | $ | 0.02 | $ | — | 0.02 | ||||||||||||||||||||||||||||||||
(1): | Previously reported balances represent the amounts presented as “Currently Reported” in the Note 2 to the Company’s Second Amended Annual Report on Form 10-K/A for the annual period ended December 31, 2012 as filed with the SEC on November 12, 2013. | ||||||||||||||||||||||||||||||||||||||||
Condensed Consolidated Statement of Operations | |||||||||||||||||||||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||||||||||||||||||||
(In thousands, except per share amounts) | |||||||||||||||||||||||||||||||||||||||||
Three Months Ended June 30, 2012 | |||||||||||||||||||||||||||||||||||||||||
Previously | Restatement | As | Discontinued | Currently | |||||||||||||||||||||||||||||||||||||
Reported (1) | Adjustment | Corrected | Operations | Reported | |||||||||||||||||||||||||||||||||||||
Net sales | $ | 184,462 | $ | — | $ | 184,462 | $ | (2,043 | ) | $ | 182,419 | ||||||||||||||||||||||||||||||
Cost and expenses: | |||||||||||||||||||||||||||||||||||||||||
Cost of sales | 150,443 | — | 150,443 | (1,596 | ) | 148,847 | |||||||||||||||||||||||||||||||||||
Selling, general, and administrative expenses | 22,678 | — | 22,678 | (328 | ) | 22,350 | |||||||||||||||||||||||||||||||||||
Research, technical, and product development expenses | 1,104 | — | 1,104 | — | 1,104 | ||||||||||||||||||||||||||||||||||||
Operating income | 10,237 | — | 10,237 | (119 | ) | 10,118 | |||||||||||||||||||||||||||||||||||
Other income, net | 570 | — | 570 | — | 570 | ||||||||||||||||||||||||||||||||||||
Interest income | 33 | — | 33 | — | 33 | ||||||||||||||||||||||||||||||||||||
Interest expense | (4,209 | ) | — | (4,209 | ) | — | (4,209 | ) | |||||||||||||||||||||||||||||||||
Income before income taxes | 6,631 | — | 6,631 | (119 | ) | 6,512 | |||||||||||||||||||||||||||||||||||
Provision for income taxes | 2,538 | 1,521 | 4,059 | (38 | ) | 4,021 | |||||||||||||||||||||||||||||||||||
Net income attributable to continuing operations | 4,093 | (1,521 | ) | 2,572 | (81 | ) | 2,491 | ||||||||||||||||||||||||||||||||||
Net income (loss) attributable to discontinued operations, net of tax | 453 | — | 453 | 81 | 534 | ||||||||||||||||||||||||||||||||||||
Net income | $ | 4,546 | $ | (1,521 | ) | $ | 3,025 | $ | — | $ | 3,025 | ||||||||||||||||||||||||||||||
Earnings per share attributable to continuing operations: | |||||||||||||||||||||||||||||||||||||||||
Basic | $ | 0.14 | $ | (0.05 | ) | $ | 0.08 | $ | — | $ | 0.08 | ||||||||||||||||||||||||||||||
Diluted | $ | 0.13 | $ | (0.05 | ) | $ | 0.08 | $ | — | $ | 0.08 | ||||||||||||||||||||||||||||||
Earnings per share attributable to discontinued operations: | |||||||||||||||||||||||||||||||||||||||||
Basic | $ | 0.01 | $ | — | $ | 0.01 | $ | — | $ | 0.02 | |||||||||||||||||||||||||||||||
Diluted | $ | 0.01 | $ | — | $ | 0.01 | $ | — | $ | 0.02 | |||||||||||||||||||||||||||||||
(1): | Previously reported balances represent the amounts presented as “Currently Reported” in the Note 2 to the Company’s Second Amended Annual Report on Form 10-K/A for the annual period ended December 31, 2012 as filed with the SEC on November 12, 2013. | ||||||||||||||||||||||||||||||||||||||||
Condensed Consolidated Statement of Operations | |||||||||||||||||||||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||||||||||||||||||||
(In thousands, except per share amounts) | |||||||||||||||||||||||||||||||||||||||||
Six Months Ended June 30, 2012 | |||||||||||||||||||||||||||||||||||||||||
Previously | Restatement | As | Discontinued | Currently | |||||||||||||||||||||||||||||||||||||
Reported (1) | Adjustment | Corrected | Operations | Reported | |||||||||||||||||||||||||||||||||||||
Net sales | $ | 338,532 | $ | — | $ | 338,532 | $ | (4,841 | ) | $ | 333,691 | ||||||||||||||||||||||||||||||
Cost and expenses: | |||||||||||||||||||||||||||||||||||||||||
Cost of sales | 272,006 | — | 272,006 | (3,739 | ) | 268,267 | |||||||||||||||||||||||||||||||||||
Selling, general, and administrative expenses | 43,511 | — | 43,511 | (795 | ) | 42,716 | |||||||||||||||||||||||||||||||||||
Research, technical, and product development expenses | 2,169 | — | 2,169 | — | 2,169 | ||||||||||||||||||||||||||||||||||||
Operating income | 20,846 | — | 20,846 | (307 | ) | 20,539 | |||||||||||||||||||||||||||||||||||
Other income, net | 302 | — | 302 | — | 302 | ||||||||||||||||||||||||||||||||||||
Interest income | 115 | — | 115 | — | 115 | ||||||||||||||||||||||||||||||||||||
Interest expense | (8,487 | ) | — | (8,487 | ) | — | (8,487 | ) | |||||||||||||||||||||||||||||||||
Income before income taxes | 12,776 | — | 12,776 | (307 | ) | 12,469 | |||||||||||||||||||||||||||||||||||
Provision for income taxes | 4,625 | 3,582 | 8,207 | (116 | ) | 8,091 | |||||||||||||||||||||||||||||||||||
Net income attributable to continuing operations | 8,151 | (3,582 | ) | 4,569 | (191 | ) | 4,378 | ||||||||||||||||||||||||||||||||||
Net income (loss) attributable to discontinued operations, net of tax | 1,024 | — | 1,024 | 191 | 1,215 | ||||||||||||||||||||||||||||||||||||
Net income | $ | 9,175 | $ | (3,582 | ) | $ | 5,593 | $ | — | $ | 5,593 | ||||||||||||||||||||||||||||||
Earnings per share attributable to continuing operations: | |||||||||||||||||||||||||||||||||||||||||
Basic | $ | 0.27 | $ | (0.12 | ) | $ | 0.15 | $ | (0.01 | ) | $ | 0.14 | |||||||||||||||||||||||||||||
Diluted | $ | 0.27 | $ | (0.12 | ) | $ | 0.15 | $ | (0.01 | ) | $ | 0.14 | |||||||||||||||||||||||||||||
Earnings per share attributable to discontinued operations: | |||||||||||||||||||||||||||||||||||||||||
Basic | $ | 0.03 | $ | — | $ | 0.03 | $ | 0.01 | $ | 0.04 | |||||||||||||||||||||||||||||||
Diluted | $ | 0.03 | $ | — | $ | 0.03 | $ | 0.01 | $ | 0.04 | |||||||||||||||||||||||||||||||
(1): | Previously reported balances represent the amounts presented as “Currently Reported” in the Note 2 to the Company’s Second Amended Annual Report on Form 10-K/A for the annual period ended December 31, 2012 as filed with the SEC on November 12, 2013. | ||||||||||||||||||||||||||||||||||||||||
Condensed Consolidated Statement of Operations | |||||||||||||||||||||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||||||||||||||||||||
(In thousands, except per share amounts) | |||||||||||||||||||||||||||||||||||||||||
Three Months Ended September 30, 2012 | |||||||||||||||||||||||||||||||||||||||||
Previously | Restatement | As | Discontinued | Currently | |||||||||||||||||||||||||||||||||||||
Reported (1) | Adjustment | Corrected | Operations | Reported | |||||||||||||||||||||||||||||||||||||
Net sales | $ | 182,545 | $ | — | $ | 182,545 | $ | (1,879 | ) | $ | 180,666 | ||||||||||||||||||||||||||||||
Cost and expenses: | |||||||||||||||||||||||||||||||||||||||||
Cost of sales | 148,895 | — | 148,895 | (1,596 | ) | 147,299 | |||||||||||||||||||||||||||||||||||
Selling, general, and administrative expenses | 21,725 | — | 21,725 | (309 | ) | 21,416 | |||||||||||||||||||||||||||||||||||
Research, technical, and product development expenses | 1,012 | — | 1,012 | — | 1,012 | ||||||||||||||||||||||||||||||||||||
Asset and asset-related charges | 1,617 | — | 1,617 | — | 1,617 | ||||||||||||||||||||||||||||||||||||
Operating income | 9,296 | — | 9,296 | 26 | 9,322 | ||||||||||||||||||||||||||||||||||||
Other income, net | 16 | — | 16 | — | 16 | ||||||||||||||||||||||||||||||||||||
Interest income | 18 | — | 18 | — | 18 | ||||||||||||||||||||||||||||||||||||
Interest expense | (4,708 | ) | — | (4,708 | ) | — | (4,708 | ) | |||||||||||||||||||||||||||||||||
Income before income taxes | 4,622 | — | 4,622 | 26 | 4,648 | ||||||||||||||||||||||||||||||||||||
Provision for income taxes | 1,423 | 813 | 2,236 | — | 2,236 | ||||||||||||||||||||||||||||||||||||
Net income attributable to continuing operations | 3,199 | (813 | ) | 2,386 | 26 | 2,412 | |||||||||||||||||||||||||||||||||||
Net income attributable to discontinued operations, net of tax | 389 | — | 389 | (26 | ) | 363 | |||||||||||||||||||||||||||||||||||
Net income | $ | 3,588 | $ | (813 | ) | $ | 2,775 | $ | — | $ | 2,775 | ||||||||||||||||||||||||||||||
Earnings per share attributable to continuing operations: | |||||||||||||||||||||||||||||||||||||||||
Basic | $ | 0.11 | $ | (0.03 | ) | $ | 0.08 | $ | — | $ | 0.08 | ||||||||||||||||||||||||||||||
Diluted | $ | 0.11 | $ | (0.03 | ) | $ | 0.08 | $ | — | $ | 0.08 | ||||||||||||||||||||||||||||||
Earnings per share attributable to discontinued operations: | |||||||||||||||||||||||||||||||||||||||||
Basic | $ | 0.01 | $ | — | $ | 0.01 | $ | — | $ | 0.01 | |||||||||||||||||||||||||||||||
Diluted | $ | 0.01 | $ | — | $ | 0.01 | $ | — | $ | 0.01 | |||||||||||||||||||||||||||||||
(1): | Previously reported balances represent the amounts presented as “Currently Reported” in the Note 2 to the Company’s Second Amended Annual Report on Form 10-K/A for the annual period ended December 31, 2012 as filed with the SEC on November 12, 2013. | ||||||||||||||||||||||||||||||||||||||||
Condensed Consolidated Statement of Operations | |||||||||||||||||||||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||||||||||||||||||||
(In thousands, except per share amounts) | |||||||||||||||||||||||||||||||||||||||||
Nine Months Ended September 30, 2012 | |||||||||||||||||||||||||||||||||||||||||
Previously | Restatement | As | Discontinued | Currently | |||||||||||||||||||||||||||||||||||||
Reported (1) | Adjustment | Corrected | Operations | Reported | |||||||||||||||||||||||||||||||||||||
Net sales | $ | 521,077 | $ | — | $ | 521,077 | $ | (6,720 | ) | $ | 514,357 | ||||||||||||||||||||||||||||||
Cost and expenses: | |||||||||||||||||||||||||||||||||||||||||
Cost of sales | 420,901 | — | 420,901 | (5,335 | ) | 415,566 | |||||||||||||||||||||||||||||||||||
Selling, general, and administrative expenses | 65,236 | — | 65,236 | (1,104 | ) | 64,132 | |||||||||||||||||||||||||||||||||||
Research, technical, and product development expenses | 3,181 | — | 3,181 | — | 3,181 | ||||||||||||||||||||||||||||||||||||
Asset and asset-related charges | 1,617 | — | 1,617 | — | 1,617 | ||||||||||||||||||||||||||||||||||||
Operating income | 30,142 | — | 30,142 | (281 | ) | 29,861 | |||||||||||||||||||||||||||||||||||
Other income, net | 318 | — | 318 | — | 318 | ||||||||||||||||||||||||||||||||||||
Interest income | 133 | — | 133 | — | 133 | ||||||||||||||||||||||||||||||||||||
Interest expense | (13,195 | ) | — | (13,195 | ) | — | (13,195 | ) | |||||||||||||||||||||||||||||||||
Income before income taxes | 17,398 | — | 17,398 | (281 | ) | 17,117 | |||||||||||||||||||||||||||||||||||
Provision for income taxes | 6,048 | 4,395 | 10,443 | (116 | ) | 10,327 | |||||||||||||||||||||||||||||||||||
Net income attributable to continuing operations | 11,350 | (4,395 | ) | 6,955 | (165 | ) | 6,790 | ||||||||||||||||||||||||||||||||||
Net income attributable to discontinued operations, net of tax | 1,413 | — | 1,413 | 165 | 1,578 | ||||||||||||||||||||||||||||||||||||
Net income | $ | 12,763 | $ | (4,395 | ) | $ | 8,368 | $ | — | $ | 8,368 | ||||||||||||||||||||||||||||||
Earnings per share attributable to continuing operations: | |||||||||||||||||||||||||||||||||||||||||
Basic | $ | 0.37 | $ | (0.15 | ) | $ | 0.23 | $ | (0.01 | ) | $ | 0.22 | |||||||||||||||||||||||||||||
Diluted | $ | 0.37 | $ | (0.15 | ) | $ | 0.23 | $ | (0.01 | ) | $ | 0.22 | |||||||||||||||||||||||||||||
Earnings per share attributable to discontinued operations: | |||||||||||||||||||||||||||||||||||||||||
Basic | $ | 0.05 | $ | — | $ | 0.05 | $ | 0.01 | $ | 0.05 | |||||||||||||||||||||||||||||||
Diluted | $ | 0.05 | $ | — | $ | 0.05 | $ | 0.01 | $ | 0.05 | |||||||||||||||||||||||||||||||
(1): | Previously reported balances represent the amounts presented as “Currently Reported” in the Note 2 to the Company’s Second Amended Annual Report on Form 10-K/A for the annual period ended December 31, 2012 as filed with the SEC on November 12, 2013. | ||||||||||||||||||||||||||||||||||||||||
Condensed Consolidating Statement of Operations and Comprehensive Income | |||||||||||||||||||||||||||||||||||||||||
Three Months Ended March 31, 2013 | |||||||||||||||||||||||||||||||||||||||||
(unaudited) | |||||||||||||||||||||||||||||||||||||||||
RTI International | Guarantors | Non-Guarantors | Eliminations | Consolidated | |||||||||||||||||||||||||||||||||||||
Metals, Inc. | |||||||||||||||||||||||||||||||||||||||||
Previously | As | Previously | As | Previously | As | Previously | As | Previously | As | ||||||||||||||||||||||||||||||||
Reported (1) | Restated | Reported (1) | Restated | Reported (1) | Restated | Reported (1) | Restated | Reported (1) | Restated | ||||||||||||||||||||||||||||||||
Net sales | $ | — | $ | — | $ | 136,173 | $ | 136,173 | $ | 106,162 | $ | 103,464 | $ | (50,435 | ) | $ | (50,435 | ) | $ | 191,900 | $ | 189,202 | |||||||||||||||||||
Cost of sales | — | — | 113,470 | 113,470 | 88,951 | 86,914 | (50,435 | ) | $ | (50,435 | ) | 151,986 | 149,949 | ||||||||||||||||||||||||||||
Selling, general, and administrative expenses | 1,213 | 1,213 | 11,708 | 11,708 | 11,987 | 11,684 | — | — | 24,908 | 24,605 | |||||||||||||||||||||||||||||||
Research, technical, and product development expenses | — | — | 1,001 | 1,001 | — | — | — | — | 1,001 | 1,001 | |||||||||||||||||||||||||||||||
Operating income (loss) | (1,213 | ) | (1,213 | ) | 9,994 | 9,994 | 5,224 | 4,866 | — | — | 14,005 | 13,647 | |||||||||||||||||||||||||||||
Other income (expense), net | 4,277 | 4,277 | (2,384 | ) | (2,384 | ) | (1,334 | ) | (1,334 | ) | — | — | 559 | 559 | |||||||||||||||||||||||||||
Interest income (expense), net | (4,417 | ) | (4,417 | ) | 29 | 29 | (377 | ) | (377 | ) | — | — | (4,765 | ) | (4,765 | ) | |||||||||||||||||||||||||
Equity in earnings of subsidiaries | 7,175 | 5,646 | (373 | ) | (373 | ) | 106 | 106 | (6,908 | ) | (5,379 | ) | — | — | |||||||||||||||||||||||||||
Income before income taxes | 5,822 | 4,293 | 7,266 | 7,266 | 3,619 | 3,261 | (6,908 | ) | (5,379 | ) | 9,799 | 9,441 | |||||||||||||||||||||||||||||
Provision for (benefit from) income taxes | (995 | ) | (675 | ) | 2,775 | 2,775 | 1,202 | 2,373 | — | — | 2,982 | 4,473 | |||||||||||||||||||||||||||||
Net income attributable to continuing operations | 6,817 | 4,968 | 4,491 | 4,491 | 2,417 | 888 | (6,908 | ) | (5,379 | ) | 6,817 | 4,968 | |||||||||||||||||||||||||||||
Net income (loss) attributable to discontinued operations, net of tax | 151 | (83 | ) | — | — | 151 | (83 | ) | (151 | ) | 83 | 151 | (83 | ) | |||||||||||||||||||||||||||
Net income | $ | 6,968 | $ | 4,885 | $ | 4,491 | $ | 4,491 | $ | 2,568 | $ | 805 | $ | (7,059 | ) | $ | (5,296 | ) | $ | 6,968 | $ | 4,885 | |||||||||||||||||||
Comprehensive income | $ | 10,980 | $ | 9,500 | $ | 10,665 | $ | 10,665 | $ | (244 | ) | $ | (1,404 | ) | $ | (10,421 | ) | $ | (9,261 | ) | $ | 10,980 | $ | 9,500 | |||||||||||||||||
(1): | Previously reported balances represent the amounts reported in the Condensed Consolidating Statement of Operations in the Company’s Amended Quarterly Report on Form 10-Q/A for the quarterly period ended March 31, 2013 as filed with the SEC on September 24, 2013. | ||||||||||||||||||||||||||||||||||||||||
Condensed Consolidating Statement of Operations and Comprehensive Income (Loss) | |||||||||||||||||||||||||||||||||||||||||
Three Months June 30, 2013 | |||||||||||||||||||||||||||||||||||||||||
(unaudited) | |||||||||||||||||||||||||||||||||||||||||
RTI International | Guarantors | Non-Guarantors | Eliminations | Consolidated | |||||||||||||||||||||||||||||||||||||
Metals, Inc. | |||||||||||||||||||||||||||||||||||||||||
Previously | As | Previously | As | Previously | As | Previously | As | Previously | As | ||||||||||||||||||||||||||||||||
Reported (1) | Restated | Reported (1) | Restated | Reported (1) | Restated | Reported (1) | Restated | Reported (1) | Restated | ||||||||||||||||||||||||||||||||
Net sales | $ | — | $ | — | $ | 136,778 | $ | 136,778 | $ | 121,444 | $ | 119,617 | $ | (57,272 | ) | $ | (57,272 | ) | $ | 200,950 | $ | 199,123 | |||||||||||||||||||
Cost of sales | — | — | 108,580 | 108,580 | 105,474 | 104,038 | (57,272 | ) | $ | (57,272 | ) | 156,782 | 155,346 | ||||||||||||||||||||||||||||
Selling, general, and administrative expenses | 491 | 491 | 11,034 | 11,034 | 11,116 | 10,789 | — | — | 22,641 | 22,314 | |||||||||||||||||||||||||||||||
Research, technical, and product development expenses | — | — | 982 | 982 | — | — | — | — | 982 | 982 | |||||||||||||||||||||||||||||||
Operating income (loss) | (491 | ) | (491 | ) | 16,182 | 16,182 | 4,854 | 4,790 | — | — | 20,545 | 20,481 | |||||||||||||||||||||||||||||
Other income (expense), net | (4,167 | ) | (4,167 | ) | 1,104 | 1,104 | 3,763 | 3,763 | — | — | 700 | 700 | |||||||||||||||||||||||||||||
Interest income | |||||||||||||||||||||||||||||||||||||||||
(expense), net | (5,605 | ) | (5,605 | ) | (8,668 | ) | (8,668 | ) | (6,370 | ) | (6,370 | ) | — | — | (20,643 | ) | (20,643 | ) | |||||||||||||||||||||||
Equity in earnings of subsidiaries | 8,220 | 7,364 | 263 | 263 | 847 | 847 | (9,330 | ) | (8,474 | ) | — | — | |||||||||||||||||||||||||||||
Income (loss) before income taxes | (2,043 | ) | (2,899 | ) | 8,881 | 8,881 | 3,094 | 3,030 | (9,330 | ) | (8,474 | ) | 602 | 538 | |||||||||||||||||||||||||||
Provision for (benefit from) income taxes | (3,523 | ) | (3,958 | ) | 2,101 | 2,101 | 544 | 1,336 | — | — | (878 | ) | (521 | ) | |||||||||||||||||||||||||||
Net income attributable to continuing operations | 1,480 | 1,059 | 6,780 | 6,780 | 2,550 | 1,694 | (9,330 | ) | (8,474 | ) | 1,480 | 1,059 | |||||||||||||||||||||||||||||
Net loss attributable to discontinued operations, net of tax | (307 | ) | (389 | ) | — | — | (307 | ) | (389 | ) | 307 | 389 | (307 | ) | (389 | ) | |||||||||||||||||||||||||
Net income | $ | 1,173 | $ | 670 | $ | 6,780 | $ | 6,780 | $ | 2,243 | $ | 1,305 | $ | (9,023 | ) | $ | (8,085 | ) | $ | 1,173 | $ | 670 | |||||||||||||||||||
Comprehensive income (loss) | $ | (2,067 | ) | $ | (1,386 | ) | $ | 7,862 | $ | 7,862 | $ | (2,224 | ) | $ | (1,978 | ) | $ | (5,638 | ) | $ | (5,884 | ) | $ | (2,067 | ) | $ | (1,386 | ) | |||||||||||||
(1): | Previously reported balances represent the amounts reported in the Condensed Consolidating Statement of Operations in the Company’s Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2013 as filed with the SEC on September 24, 2013. | ||||||||||||||||||||||||||||||||||||||||
Condensed Consolidating Statement of Operations and Comprehensive Income | |||||||||||||||||||||||||||||||||||||||||
Six Months Ended June 30, 2013 | |||||||||||||||||||||||||||||||||||||||||
(unaudited) | |||||||||||||||||||||||||||||||||||||||||
RTI International | Guarantors | Non-Guarantors | Eliminations | Consolidated | |||||||||||||||||||||||||||||||||||||
Metals, Inc. | |||||||||||||||||||||||||||||||||||||||||
Previously | As | Previously | As | Previously | As | Previously | As | Previously | As | ||||||||||||||||||||||||||||||||
Reported (1) | Restated | Reported (1) | Restated | Reported (1) | Restated | Reported (1) | Restated | Reported (1) | Restated | ||||||||||||||||||||||||||||||||
Net sales | $ | — | $ | — | $ | 272,951 | $ | 272,951 | $ | 227,606 | $ | 223,081 | $ | (107,707 | ) | $ | (107,707 | ) | $ | 392,850 | $ | 388,325 | |||||||||||||||||||
Cost of sales | — | — | 222,050 | 222,050 | 194,425 | 190,952 | (107,707 | ) | (107,707 | ) | 308,768 | 305,295 | |||||||||||||||||||||||||||||
Selling, general, and administrative expenses | 1,704 | 1,704 | 22,742 | 22,742 | 23,103 | 22,473 | — | — | 47,549 | 46,919 | |||||||||||||||||||||||||||||||
Research, technical, and product development expenses | — | — | 1,983 | 1,983 | — | — | — | — | 1,983 | 1,983 | |||||||||||||||||||||||||||||||
Operating income (loss) | (1,704 | ) | (1,704 | ) | 26,176 | 26,176 | 10,078 | 9,656 | — | — | 34,550 | 34,128 | |||||||||||||||||||||||||||||
Other income (expense), net | 110 | 110 | (1,280 | ) | (1,280 | ) | 2,429 | 2,429 | — | — | 1,259 | 1,259 | |||||||||||||||||||||||||||||
Interest income (expense), net | (10,022 | ) | (10,022 | ) | (8,639 | ) | (8,639 | ) | (6,747 | ) | (6,747 | ) | — | — | (25,408 | ) | (25,408 | ) | |||||||||||||||||||||||
Equity in earnings of subsidiaries | 15,395 | 13,010 | (110 | ) | (110 | ) | 953 | 953 | (16,238 | ) | (13,853 | ) | — | — | |||||||||||||||||||||||||||
Income before income taxes | 3,779 | 1,394 | 16,147 | 16,147 | 6,713 | 6,291 | (16,238 | ) | (13,853 | ) | 10,401 | 9,979 | |||||||||||||||||||||||||||||
Provision for (benefit from) income taxes | (4,518 | ) | (4,633 | ) | 4,876 | 4,876 | 1,746 | 3,709 | — | — | 2,104 | 3,952 | |||||||||||||||||||||||||||||
Net income attributable to continuing operations | 8,297 | 6,027 | 11,271 | 11,271 | 4,967 | 2,582 | (16,238 | ) | (13,853 | ) | 8,297 | 6,027 | |||||||||||||||||||||||||||||
Net loss attributable to discontinued operations, net of tax | (156 | ) | (472 | ) | — | — | (156 | ) | (472 | ) | 156 | 472 | (156 | ) | (472 | ) | |||||||||||||||||||||||||
Net income | $ | 8,141 | $ | 5,555 | $ | 11,271 | $ | 11,271 | $ | 4,811 | $ | 2,110 | $ | (16,082 | ) | $ | (13,381 | ) | $ | 8,141 | $ | 5,555 | |||||||||||||||||||
Comprehensive income | $ | 8,913 | $ | 8,114 | $ | 18,528 | $ | 18,528 | $ | (2,470 | ) | $ | (3,384 | ) | $ | (16,058 | ) | $ | (15,144 | ) | $ | 8,913 | $ | 8,114 | |||||||||||||||||
(1): | Previously reported balances represent the amounts reported in the Condensed Consolidating Statement of Operations in the Company’s Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2013 as filed with the SEC on September 24, 2013. | ||||||||||||||||||||||||||||||||||||||||
Condensed Consolidating Statement of Operations and Comprehensive Income | |||||||||||||||||||||||||||||||||||||||||
Three Months Ended September 30, 2013 | |||||||||||||||||||||||||||||||||||||||||
(unaudited) | |||||||||||||||||||||||||||||||||||||||||
RTI International | Guarantors | Non-Guarantors | Eliminations | Consolidated | |||||||||||||||||||||||||||||||||||||
Metals, Inc. | |||||||||||||||||||||||||||||||||||||||||
Previously | As | Previously | As | Previously | As | Previously | As | Previously | As | ||||||||||||||||||||||||||||||||
Reported (1) | Restated | Reported (1) | Restated | Reported (1) | Restated | Reported (1) | Restated | Reported (1) | Restated | ||||||||||||||||||||||||||||||||
Net sales | $ | — | $ | — | $ | 128,285 | $ | 128,285 | $ | 116,754 | $ | 115,158 | $ | (48,507 | ) | $ | (48,507 | ) | $ | 196,532 | $ | 194,936 | |||||||||||||||||||
Cost of sales | — | — | 103,808 | 103,808 | 96,134 | 94,496 | (48,507 | ) | $ | (48,507 | ) | 151,435 | 149,797 | ||||||||||||||||||||||||||||
Selling, general, and administrative expenses | 712 | 712 | 10,808 | 10,808 | 10,971 | 10,699 | — | — | 22,491 | 22,219 | |||||||||||||||||||||||||||||||
Research, technical, and product development expenses | — | — | 1,037 | 1,037 | 4 | 4 | — | — | 1,041 | 1,041 | |||||||||||||||||||||||||||||||
Operating income (loss) | (712 | ) | (712 | ) | 12,632 | 12,632 | 9,645 | 9,959 | — | — | 21,565 | 21,879 | |||||||||||||||||||||||||||||
Other income (expense), net | 4,120 | 4,120 | (2,520 | ) | (2,520 | ) | (1,894 | ) | (1,894 | ) | — | — | (294 | ) | (294 | ) | |||||||||||||||||||||||||
Interest income (expense), net | (5,488 | ) | (5,488 | ) | (1,571 | ) | (1,571 | ) | (250 | ) | (250 | ) | — | — | (7,309 | ) | (7,309 | ) | |||||||||||||||||||||||
Equity in earnings of subsidiaries | 11,876 | 12,268 | (439 | ) | (439 | ) | 532 | 532 | (11,969 | ) | (12,361 | ) | — | — | |||||||||||||||||||||||||||
Income before income taxes | 9,796 | 10,188 | 8,102 | 8,102 | 8,033 | 8,347 | (11,969 | ) | (12,361 | ) | 13,962 | 14,276 | |||||||||||||||||||||||||||||
Provision for (benefit from) income taxes | (2,496 | ) | (2,387 | ) | 2,665 | 2,665 | 1,501 | 1,423 | — | — | 1,670 | 1,701 | |||||||||||||||||||||||||||||
Net income attributable to continuing operations | 12,292 | 12,575 | 5,437 | 5,437 | 6,532 | 6,924 | (11,969 | ) | (12,361 | ) | 12,292 | 12,575 | |||||||||||||||||||||||||||||
Net loss attributable to discontinued operations, net of tax | — | (280 | ) | — | — | — | (280 | ) | — | 280 | — | (280 | ) | ||||||||||||||||||||||||||||
Net income | $ | 12,292 | $ | 12,295 | $ | 5,437 | $ | 5,437 | $ | 6,532 | $ | 6,644 | $ | (11,969 | ) | $ | (12,081 | ) | $ | 12,292 | $ | 12,295 | |||||||||||||||||||
Comprehensive income | $ | 16,251 | $ | 15,558 | $ | 6,561 | $ | 6,561 | $ | 9,224 | $ | 8,640 | $ | (15,785 | ) | $ | (15,201 | ) | $ | 16,251 | $ | 15,558 | |||||||||||||||||||
(1): | Previously reported balances represent the amounts reported in the Condensed Consolidating Statement of Operations in the Company’s Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2013 as filed with the SEC on November 12, 2013. | ||||||||||||||||||||||||||||||||||||||||
Condensed Consolidating Statement of Operations and Comprehensive Income | |||||||||||||||||||||||||||||||||||||||||
Nine Months Ended September 30, 2013 | |||||||||||||||||||||||||||||||||||||||||
(unaudited) | |||||||||||||||||||||||||||||||||||||||||
RTI International | Guarantors | Non-Guarantors | Eliminations | Consolidated | |||||||||||||||||||||||||||||||||||||
Metals, Inc. | |||||||||||||||||||||||||||||||||||||||||
Previously | As | Previously | As | Previously | As | Previously | As | Previously | As | ||||||||||||||||||||||||||||||||
Reported (1) | Restated | Reported (1) | Restated | Reported (1) | Restated | Reported (1) | Restated | Reported (1) | Restated | ||||||||||||||||||||||||||||||||
Net sales | $ | — | $ | — | $ | 401,236 | $ | 401,236 | $ | 343,492 | $ | 338,239 | $ | (156,214 | ) | $ | (156,214 | ) | $ | 588,514 | $ | 583,261 | |||||||||||||||||||
Cost of sales | — | — | 325,858 | 325,858 | 290,548 | 285,448 | (156,214 | ) | $ | (156,214 | ) | 460,192 | 455,092 | ||||||||||||||||||||||||||||
Selling, general, and administrative expenses | 2,416 | 2,416 | 33,550 | 33,550 | 34,074 | 33,172 | — | — | 70,040 | 69,138 | |||||||||||||||||||||||||||||||
Research, technical, and product development expenses | — | — | 3,020 | 3,020 | 4 | 4 | — | — | 3,024 | 3,024 | |||||||||||||||||||||||||||||||
Operating income (loss) | (2,416 | ) | (2,416 | ) | 38,808 | 38,808 | 18,866 | 19,615 | — | — | 55,258 | 56,007 | |||||||||||||||||||||||||||||
Other income (expense), net | 4,230 | 4,230 | (3,800 | ) | (3,800 | ) | 535 | 535 | — | — | 965 | 965 | |||||||||||||||||||||||||||||
Interest income (expense), net | (15,510 | ) | (15,510 | ) | (10,210 | ) | (10,210 | ) | (6,997 | ) | (6,997 | ) | — | — | (32,717 | ) | (32,717 | ) | |||||||||||||||||||||||
Equity in earnings of subsidiaries | 26,681 | 25,277 | (549 | ) | (549 | ) | 1,485 | 1,485 | (27,617 | ) | (26,213 | ) | — | — | |||||||||||||||||||||||||||
Income before income taxes | 12,985 | 11,581 | 24,249 | 24,249 | 13,889 | 14,638 | (27,617 | ) | (26,213 | ) | 23,506 | 24,255 | |||||||||||||||||||||||||||||
Provision for (benefit from) income taxes | (7,014 | ) | (7,021 | ) | 7,541 | 7,541 | 2,980 | 5,133 | — | — | 3,507 | 5,653 | |||||||||||||||||||||||||||||
Net income attributable to continuing operations | 19,999 | 18,602 | 16,708 | 16,708 | 10,909 | 9,505 | (27,617 | ) | (26,213 | ) | 19,999 | 18,602 | |||||||||||||||||||||||||||||
Net loss attributable to discontinued operations, net of tax | (156 | ) | (752 | ) | — | — | (156 | ) | (752 | ) | 156 | 752 | (156 | ) | (752 | ) | |||||||||||||||||||||||||
Net income | $ | 19,843 | $ | 17,850 | $ | 16,708 | $ | 16,708 | $ | 10,753 | $ | 8,753 | $ | (27,461 | ) | $ | (25,461 | ) | $ | 19,843 | $ | 17,850 | |||||||||||||||||||
Comprehensive income | $ | 24,574 | $ | 23,672 | $ | 25,089 | $ | 25,089 | $ | 6,164 | $ | 5,255 | $ | (31,253 | ) | $ | (30,344 | ) | $ | 24,574 | $ | 23,672 | |||||||||||||||||||
(1): | Previously reported balances represent the amounts reported in the Condensed Consolidating Statement of Operations in the Company’s Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2013 as filed with the SEC on November 12, 2013. | ||||||||||||||||||||||||||||||||||||||||
Condensed Consolidating Statement of Operations and Comprehensive Income | |||||||||||||||||||||||||||||||||||||||||
Three Months Ended March 31, 2012 | |||||||||||||||||||||||||||||||||||||||||
(unaudited) | |||||||||||||||||||||||||||||||||||||||||
RTI International | Guarantors | Non-Guarantors | Eliminations | Consolidated | |||||||||||||||||||||||||||||||||||||
Metals, Inc. | |||||||||||||||||||||||||||||||||||||||||
Previously | As | Previously | As | Previously | As | Previously | As | Previously | As | ||||||||||||||||||||||||||||||||
Reported | Restated | Reported | Restated | Reported | Restated | Reported | Restated | Reported | Restated | ||||||||||||||||||||||||||||||||
Net sales | $ | — | $ | — | $ | 116,796 | $ | 116,796 | $ | 95,385 | $ | 92,587 | $ | (58,111 | ) | $ | (58,111 | ) | $ | 154,070 | $ | 151,272 | |||||||||||||||||||
Cost of sales | — | — | 96,311 | 96,311 | 83,363 | 81,220 | (58,111 | ) | (58,111 | ) | 121,563 | 119,420 | |||||||||||||||||||||||||||||
Selling, general, and administrative expenses | (102 | ) | (102 | ) | 9,013 | 9,013 | 11,922 | 11,455 | — | — | 20,833 | 20,366 | |||||||||||||||||||||||||||||
Research, technical, and product development expenses | 95 | 95 | 930 | 930 | 40 | 40 | — | — | 1,065 | 1,065 | |||||||||||||||||||||||||||||||
Operating income (loss) | 7 | 7 | 10,542 | 10,542 | 60 | (128 | ) | — | — | 10,609 | 10,421 | ||||||||||||||||||||||||||||||
Other income (expense), net | (13 | ) | (13 | ) | 280 | 280 | (535 | ) | (535 | ) | — | — | (268 | ) | (268 | ) | |||||||||||||||||||||||||
Interest income (expense), net | (4,014 | ) | (4,014 | ) | 138 | 138 | (320 | ) | (320 | ) | — | — | (4,196 | ) | (4,196 | ) | |||||||||||||||||||||||||
Equity in earnings of subsidiaries | 7,022 | 5,054 | 1,444 | 1,444 | 1,203 | 1,203 | (9,669 | ) | (7,701 | ) | — | — | |||||||||||||||||||||||||||||
Income before income taxes | 3,002 | 1,034 | 12,404 | 12,404 | 408 | 220 | (9,669 | ) | (7,701 | ) | 6,145 | 5,957 | |||||||||||||||||||||||||||||
Provision for (benefit from) income taxes | (1,056 | ) | (853 | ) | 3,030 | 3,030 | 113 | 1,893 | — | — | 2,087 | 4,070 | |||||||||||||||||||||||||||||
Net income attributable to continuing operations | 4,058 | 1,887 | 9,374 | 9,374 | 295 | (1,673 | ) | (9,669 | ) | (7,701 | ) | 4,058 | 1,887 | ||||||||||||||||||||||||||||
Net income attributable to discontinued operations, net of tax | 571 | 681 | — | — | 571 | 681 | (571 | ) | (681 | ) | 571 | 681 | |||||||||||||||||||||||||||||
Net income | $ | 4,629 | $ | 2,568 | $ | 9,374 | $ | 9,374 | $ | 866 | $ | (992 | ) | $ | (10,240 | ) | $ | (8,382 | ) | $ | 4,629 | $ | 2,568 | ||||||||||||||||||
Comprehensive income | $ | 8,032 | $ | 5,418 | $ | 10,433 | $ | 10,433 | $ | 3,058 | $ | 647 | $ | (13,491 | ) | $ | (11,080 | ) | $ | 8,032 | $ | 5,418 | |||||||||||||||||||
Condensed Consolidating Statement of Operations and Comprehensive Income | |||||||||||||||||||||||||||||||||||||||||
Three Months Ended June 30, 2012 | |||||||||||||||||||||||||||||||||||||||||
(unaudited) | |||||||||||||||||||||||||||||||||||||||||
RTI International | Guarantors | Non-Guarantors | Eliminations | Consolidated | |||||||||||||||||||||||||||||||||||||
Metals, Inc. | |||||||||||||||||||||||||||||||||||||||||
Previously | As | Previously | As | Previously | As | Previously | As | Previously | As | ||||||||||||||||||||||||||||||||
Reported | Restated | Reported | Restated | Reported | Restated | Reported | Restated | Reported | Restated | ||||||||||||||||||||||||||||||||
Net sales | $ | — | $ | — | $ | 148,017 | $ | 148,017 | $ | 92,640 | $ | 90,597 | $ | (56,195 | ) | $ | (56,195 | ) | $ | 184,462 | $ | 182,419 | |||||||||||||||||||
Cost of sales | — | — | 127,484 | 127,484 | 79,154 | 77,558 | (56,195 | ) | (56,195 | ) | 150,443 | 148,847 | |||||||||||||||||||||||||||||
Selling, general, and administrative expenses | (933 | ) | (933 | ) | 14,635 | 14,635 | 8,976 | 8,648 | — | — | 22,678 | 22,350 | |||||||||||||||||||||||||||||
Research, technical, and product development expenses | — | — | 1,208 | 1,208 | (104 | ) | (104 | ) | — | — | 1,104 | 1,104 | |||||||||||||||||||||||||||||
Operating income (loss) | 933 | 933 | 4,690 | 4,690 | 4,614 | 4,495 | — | — | 10,237 | 10,118 | |||||||||||||||||||||||||||||||
Other income (expense), net | (32 | ) | (32 | ) | — | — | 602 | 602 | — | — | 570 | 570 | |||||||||||||||||||||||||||||
Interest income (expense), net | (3,903 | ) | (3,903 | ) | (15 | ) | (15 | ) | (258 | ) | (258 | ) | — | — | (4,176 | ) | (4,176 | ) | |||||||||||||||||||||||
Equity in earnings of subsidiaries | 4,258 | 2,690 | 2,512 | 2,512 | 413 | 413 | (7,183 | ) | (5,615 | ) | — | — | |||||||||||||||||||||||||||||
Income (loss) before income taxes | 1,256 | (312 | ) | 7,187 | 7,187 | 5,371 | 5,252 | (7,183 | ) | (5,615 | ) | 6,631 | 6,512 | ||||||||||||||||||||||||||||
Provision for (benefit from) income taxes | (2,837 | ) | (2,803 | ) | 2,926 | 2,926 | 2,449 | 3,898 | — | — | 2,538 | 4,021 | |||||||||||||||||||||||||||||
Net income attributable to continuing operations | 4,093 | 2,491 | 4,261 | 4,261 | 2,922 | 1,354 | (7,183 | ) | (5,615 | ) | 4,093 | 2,491 | |||||||||||||||||||||||||||||
Net income attributable to discontinued operations, net of tax | 453 | 534 | — | — | 453 | 534 | (453 | ) | (534 | ) | 453 | 534 | |||||||||||||||||||||||||||||
Net income | $ | 4,546 | $ | 3,025 | $ | 4,261 | $ | 4,261 | $ | 3,375 | $ | 1,888 | $ | (7,636 | ) | $ | (6,149 | ) | $ | 4,546 | $ | 3,025 | |||||||||||||||||||
Comprehensive income | $ | 3,173 | $ | 2,284 | $ | 5,312 | $ | 5,312 | $ | 798 | $ | (57 | ) | $ | (6,110 | ) | $ | (5,255 | ) | $ | 3,173 | $ | 2,284 | ||||||||||||||||||
Condensed Consolidating Statement of Operations and Comprehensive Income | |||||||||||||||||||||||||||||||||||||||||
Six Months Ended June 30, 2012 | |||||||||||||||||||||||||||||||||||||||||
(unaudited) | |||||||||||||||||||||||||||||||||||||||||
RTI International | Guarantors | Non-Guarantors | Eliminations | Consolidated | |||||||||||||||||||||||||||||||||||||
Metals, Inc. | |||||||||||||||||||||||||||||||||||||||||
Previously | As | Previously | As | Previously | As | Previously | As | Previously | As | ||||||||||||||||||||||||||||||||
Reported | Restated | Reported | Restated | Reported | Restated | Reported | Restated | Reported | Restated | ||||||||||||||||||||||||||||||||
Net sales | $ | — | $ | — | $ | 247,734 | $ | 247,734 | $ | 205,104 | $ | 200,263 | $ | (114,306 | ) | $ | (114,306 | ) | $ | 338,532 | $ | 333,691 | |||||||||||||||||||
Cost of sales | — | — | 209,233 | 209,233 | 177,079 | $ | 173,340 | (114,306 | ) | (114,306 | ) | 272,006 | 268,267 | ||||||||||||||||||||||||||||
Selling, general, and administrative expenses | (1,035 | ) | (1,035 | ) | 21,324 | 21,324 | 23,222 | $ | 22,427 | — | — | 43,511 | 42,716 | ||||||||||||||||||||||||||||
Research, technical, and product development expenses | 95 | 95 | 2,024 | 2,024 | 50 | $ | 50 | — | — | 2,169 | 2,169 | ||||||||||||||||||||||||||||||
Operating income (loss) | 940 | 940 | 15,153 | 15,153 | 4,753 | 4,446 | — | — | 20,846 | 20,539 | |||||||||||||||||||||||||||||||
Other income (expense), net | (45 | ) | (45 | ) | 281 | 281 | 66 | 66 | — | — | 302 | 302 | |||||||||||||||||||||||||||||
Interest income (expense), net | (7,917 | ) | (7,917 | ) | 159 | 159 | (614 | ) | (614 | ) | — | — | (8,372 | ) | (8,372 | ) | |||||||||||||||||||||||||
Equity in earnings of subsidiaries | 11,280 | 7,743 | 3,956 | 3,956 | 1,616 | 1,616 | (16,852 | ) | (13,315 | ) | — | — | |||||||||||||||||||||||||||||
Income before income taxes | 4,258 | 721 | 19,549 | 19,549 | 5,821 | 5,514 | (16,852 | ) | (13,315 | ) | 12,776 | 12,469 | |||||||||||||||||||||||||||||
Provision for (benefit from) income taxes | (3,893 | ) | (3,657 | ) | 5,968 | 5,968 | 2,550 | 5,780 | — | — | 4,625 | 8,091 | |||||||||||||||||||||||||||||
Net income attributable to continuing operations | 8,151 | 4,378 | 13,581 | 13,581 | 3,271 | (266 | ) | (16,852 | ) | (13,315 | ) | 8,151 | 4,378 | ||||||||||||||||||||||||||||
Net income attributable to discontinued operations, net of tax | 1,024 | 1,215 | — | — | 1,024 | 1,215 | (1,024 | ) | (1,215 | ) | 1,024 | 1,215 | |||||||||||||||||||||||||||||
Net income | $ | 9,175 | $ | 5,593 | $ | 13,581 | $ | 13,581 | $ | 4,295 | $ | 949 | $ | (17,876 | ) | $ | (14,530 | ) | $ | 9,175 | $ | 5,593 | |||||||||||||||||||
Comprehensive income | $ | 11,205 | $ | 7,702 | $ | 15,691 | $ | 15,691 | $ | 3,910 | $ | 643 | $ | (19,601 | ) | $ | (16,334 | ) | $ | 11,205 | $ | 7,702 | |||||||||||||||||||
Condensed Consolidating Statement of Operations and Comprehensive Income | |||||||||||||||||||||||||||||||||||||||||
Three Months Ended September 30, 2012 | |||||||||||||||||||||||||||||||||||||||||
(unaudited) | |||||||||||||||||||||||||||||||||||||||||
RTI International | Guarantors | Non-Guarantors | Eliminations | Consolidated | |||||||||||||||||||||||||||||||||||||
Metals, Inc. | |||||||||||||||||||||||||||||||||||||||||
Previously | As | Previously | As | Previously | As | Previously | As | Previously | As | ||||||||||||||||||||||||||||||||
Reported | Restated | Reported | Restated | Reported | Restated | Reported | Restated | Reported | Restated | ||||||||||||||||||||||||||||||||
Net sales | $ | — | $ | — | $ | 131,132 | $ | 131,132 | $ | 103,618 | $ | 101,739 | $ | (52,205 | ) | $ | (52,205 | ) | $ | 182,545 | $ | 180,666 | |||||||||||||||||||
Cost of sales | — | — | 114,706 | 114,706 | 86,394 | 84,798 | (52,205 | ) | $ | (52,205 | ) | 148,895 | 147,299 | ||||||||||||||||||||||||||||
Selling, general, and administrative expenses | (1,442 | ) | (1,442 | ) | 12,048 | 12,048 | 11,119 | 10,810 | — | — | 21,725 | 21,416 | |||||||||||||||||||||||||||||
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 (loss) | 1,442 | 1,442 | 1,761 | 1,761 | 6,093 | 6,119 | — | — | 9,296 | 9,322 | |||||||||||||||||||||||||||||||
Other income (expense), net | (3 | ) | (3 | ) | 20 | 20 | (1 | ) | (1 | ) | — | — | 16 | 16 | |||||||||||||||||||||||||||
Interest income (expense), net | (4,358 | ) | (4,358 | ) | 36 | 36 | (368 | ) | (368 | ) | — | — | (4,690 | ) | (4,690 | ) | |||||||||||||||||||||||||
Equity in earnings of subsidiaries | 5,034 | 4,106 | 1,231 | 1,231 | 374 | 374 | (6,639 | ) | (5,711 | ) | — | — | |||||||||||||||||||||||||||||
Income before income taxes | 2,115 | 1,187 | 3,048 | 3,048 | 6,098 | 6,124 | (6,639 | ) | (5,711 | ) | 4,622 | 4,648 | |||||||||||||||||||||||||||||
Provision for (benefit from) income taxes | (1,084 | ) | (1,225 | ) | 705 | 705 | 1,802 | 2,756 | — | — | 1,423 | 2,236 | |||||||||||||||||||||||||||||
Net income attributable to continuing operations | 3,199 | 2,412 | 2,343 | 2,343 | 4,296 | 3,368 | (6,639 | ) | (5,711 | ) | 3,199 | 2,412 | |||||||||||||||||||||||||||||
Net income attributable to discontinued operations, net of tax | 389 | 363 | — | — | 389 | 363 | (389 | ) | (363 | ) | 389 | 363 | |||||||||||||||||||||||||||||
Net income | $ | 3,588 | $ | 2,775 | $ | 2,343 | $ | 2,343 | $ | 4,685 | $ | 3,731 | $ | (7,028 | ) | $ | (6,074 | ) | $ | 3,588 | $ | 2,775 | |||||||||||||||||||
Comprehensive income | $ | 9,297 | $ | 7,372 | $ | 3,394 | $ | 3,394 | $ | 9,193 | $ | 7,127 | $ | (12,587 | ) | $ | (10,521 | ) | $ | 9,297 | $ | 7,372 | |||||||||||||||||||
Condensed Consolidating Statement of Operations and Comprehensive Income | |||||||||||||||||||||||||||||||||||||||||
Nine Months Ended September 30, 2012 | |||||||||||||||||||||||||||||||||||||||||
(unaudited) | |||||||||||||||||||||||||||||||||||||||||
RTI International | Guarantors | Non-Guarantors | Eliminations | Consolidated | |||||||||||||||||||||||||||||||||||||
Metals, Inc. | |||||||||||||||||||||||||||||||||||||||||
Previously | As | Previously | As | Previously | As | Previously | As | Previously | As | ||||||||||||||||||||||||||||||||
Reported | Restated | Reported | Restated | Reported | Restated | Reported | Restated | Reported | Restated | ||||||||||||||||||||||||||||||||
Net sales | $ | — | $ | — | $ | 378,866 | $ | 378,866 | $ | 308,722 | $ | 302,002 | $ | (166,511 | ) | $ | (166,511 | ) | $ | 521,077 | $ | 514,357 | |||||||||||||||||||
Cost of sales | — | — | 323,939 | 323,939 | 263,473 | $ | 258,138 | (166,511 | ) | $ | (166,511 | ) | 420,901 | 415,566 | |||||||||||||||||||||||||||
Selling, general, and administrative expenses | (2,477 | ) | (2,477 | ) | 33,372 | 33,372 | 34,341 | 33,237 | — | — | 65,236 | 64,132 | |||||||||||||||||||||||||||||
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 (loss) | 2,382 | 2,382 | 16,914 | 16,914 | 10,846 | 10,565 | — | — | 30,142 | 29,861 | |||||||||||||||||||||||||||||||
Other income (expense), net | (48 | ) | (48 | ) | 301 | 301 | 65 | 65 | — | — | 318 | 318 | |||||||||||||||||||||||||||||
Interest income (expense), net | (12,275 | ) | (12,275 | ) | 195 | 195 | (982 | ) | (982 | ) | — | — | (13,062 | ) | (13,062 | ) | |||||||||||||||||||||||||
Equity in earnings of subsidiaries | 16,314 | 11,849 | 5,185 | 5,185 | 1,990 | 1,990 | (23,489 | ) | (19,024 | ) | — | — | |||||||||||||||||||||||||||||
Income before income taxes | 6,373 | 1,908 | 22,595 | 22,595 | 11,919 | 11,638 | (23,489 | ) | (19,024 | ) | 17,398 | 17,117 | |||||||||||||||||||||||||||||
Provision for (benefit from) income taxes | (4,977 | ) | (4,882 | ) | 6,673 | 6,673 | 4,352 | 8,536 | — | — | 6,048 | 10,327 | |||||||||||||||||||||||||||||
Net income attributable to continuing operations | 11,350 | 6,790 | 15,922 | 15,922 | 7,567 | 3,102 | (23,489 | ) | (19,024 | ) | 11,350 | 6,790 | |||||||||||||||||||||||||||||
Net income attributable to discontinued operations, net of tax | 1,413 | 1,578 | — | — | 1,413 | 1,578 | (1,413 | ) | (1,578 | ) | 1,413 | 1,578 | |||||||||||||||||||||||||||||
Net income | $ | 12,763 | $ | 8,368 | $ | 15,922 | $ | 15,922 | $ | 8,980 | $ | 4,680 | $ | (24,902 | ) | $ | (20,602 | ) | $ | 12,763 | $ | 8,368 | |||||||||||||||||||
Comprehensive income | $ | 20,502 | $ | 15,074 | $ | 19,083 | $ | 19,083 | $ | 13,103 | $ | 7,770 | $ | (32,186 | ) | $ | (26,853 | ) | $ | 20,502 | $ | 15,074 | |||||||||||||||||||
Effects of Restatement on Condensed Balance Sheet Quarterly Financial Information | ' | ||||||||||||||||||||||||||||||||||||||||
Condensed Consolidated Balance Sheet | |||||||||||||||||||||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||||||||||||||||||||
(In thousands, except share and per share amounts) | |||||||||||||||||||||||||||||||||||||||||
March 31, 2013 | |||||||||||||||||||||||||||||||||||||||||
Previously | Revision | As | Restatement | As | Discontinued | Currently | |||||||||||||||||||||||||||||||||||
Reported | Adjustment (2) | Revised | Adjustment | Corrected | Operations | Reported | |||||||||||||||||||||||||||||||||||
-1 | |||||||||||||||||||||||||||||||||||||||||
ASSETS | |||||||||||||||||||||||||||||||||||||||||
Current assets: | |||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 58,015 | $ | — | $ | 58,015 | $ | — | $ | 58,015 | $ | — | $ | 58,015 | |||||||||||||||||||||||||||
Receivables, less allowance for doubtful accounts of $736 | 114,075 | — | 114,075 | — | 114,075 | (812 | ) | 113,263 | |||||||||||||||||||||||||||||||||
Inventories, net | 413,233 | (3,952 | ) | 409,281 | — | 409,281 | (7,948 | ) | 401,333 | ||||||||||||||||||||||||||||||||
Costs in excess of billings | 3,418 | 426 | 3,844 | — | 3,844 | — | 3,844 | ||||||||||||||||||||||||||||||||||
Deferred income taxes | 30,184 | 926 | 31,110 | — | 31,110 | — | 31,110 | ||||||||||||||||||||||||||||||||||
Assets of discontinued operations | 14,971 | — | 14,971 | — | 14,971 | 8,948 | 23,919 | ||||||||||||||||||||||||||||||||||
Other current assets | 11,749 | — | 11,749 | — | 11,749 | — | 11,749 | ||||||||||||||||||||||||||||||||||
Total current assets | 645,645 | (2,600 | ) | 643,045 | — | 643,045 | 188 | 643,233 | |||||||||||||||||||||||||||||||||
Property, plant, and equipment, net | 371,299 | — | 371,299 | — | 371,299 | (123 | ) | 371,176 | |||||||||||||||||||||||||||||||||
Goodwill | 135,341 | (5,260 | ) | 130,081 | — | 130,081 | (65 | ) | 130,016 | ||||||||||||||||||||||||||||||||
Other intangible assets, net | 55,228 | — | 55,228 | — | 55,228 | — | 55,228 | ||||||||||||||||||||||||||||||||||
Deferred income taxes | 29,624 | — | 29,624 | (29,624 | ) | — | — | — | |||||||||||||||||||||||||||||||||
Other noncurrent assets | 8,067 | — | 8,067 | — | 8,067 | — | 8,067 | ||||||||||||||||||||||||||||||||||
Total assets | $ | 1,245,204 | $ | (7,860 | ) | $ | 1,237,344 | $ | (29,624 | ) | $ | 1,207,720 | $ | — | $ | 1,207,720 | |||||||||||||||||||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||||||||||||||||||||||||||||||||||||
Current liabilities: | |||||||||||||||||||||||||||||||||||||||||
Accounts payable | $ | 79,587 | $ | — | $ | 79,587 | $ | — | $ | 79,587 | $ | (342 | ) | $ | 79,245 | ||||||||||||||||||||||||||
Accrued wages and other employee costs | 21,826 | — | 21,826 | — | 21,826 | (97 | ) | 21,729 | |||||||||||||||||||||||||||||||||
Unearned revenues | 23,840 | (1,357 | ) | 22,483 | — | 22,483 | — | 22,483 | |||||||||||||||||||||||||||||||||
Liabilities of discontinued operations | 2,821 | — | 2,821 | — | 2,821 | 448 | 3,269 | ||||||||||||||||||||||||||||||||||
Other accrued liabilities | 25,379 | — | 25,379 | 462 | 25,841 | (9 | ) | 25,832 | |||||||||||||||||||||||||||||||||
Total current liabilities | 153,453 | (1,357 | ) | 152,096 | 462 | 152,558 | — | 152,558 | |||||||||||||||||||||||||||||||||
Long-term debt | 200,663 | — | 200,663 | — | 200,663 | — | 200,663 | ||||||||||||||||||||||||||||||||||
Liability for post-retirement benefits | 43,729 | — | 43,729 | — | 43,729 | — | 43,729 | ||||||||||||||||||||||||||||||||||
Liability for pension benefits | 15,229 | — | 15,229 | — | 15,229 | — | 15,229 | ||||||||||||||||||||||||||||||||||
Deferred income taxes | 51,400 | (5,068 | ) | 46,332 | 4,232 | 50,564 | — | 50,564 | |||||||||||||||||||||||||||||||||
Unearned revenues | 12,792 | — | 12,792 | — | 12,792 | — | 12,792 | ||||||||||||||||||||||||||||||||||
Other noncurrent liabilities | 12,129 | — | 12,129 | — | 12,129 | — | 12,129 | ||||||||||||||||||||||||||||||||||
Total liabilities | 489,395 | (6,425 | ) | 482,970 | 4,694 | 487,664 | — | 487,664 | |||||||||||||||||||||||||||||||||
Commitments and Contingencies Shareholders’ equity: | |||||||||||||||||||||||||||||||||||||||||
Common stock, $0.01 par value; 50,000,000 shares authorized; 31,300,737 shares issued; 30,498,948 shares outstanding | 313 | — | 313 | — | 313 | — | 313 | ||||||||||||||||||||||||||||||||||
Additional paid-in capital | 487,512 | — | 487,512 | — | 487,512 | — | 487,512 | ||||||||||||||||||||||||||||||||||
Treasury stock, at cost; 806,410 shares | (18,798 | ) | — | (18,798 | ) | — | (18,798 | ) | — | (18,798 | ) | ||||||||||||||||||||||||||||||
Accumulated other comprehensive loss | (40,710 | ) | — | (40,710 | ) | 321 | (40,389 | ) | — | (40,389 | ) | ||||||||||||||||||||||||||||||
Retained earnings | 327,492 | (1,435 | ) | 326,057 | (34,639 | ) | 291,418 | — | 291,418 | ||||||||||||||||||||||||||||||||
Total shareholders’ equity | 755,809 | (1,435 | ) | 754,374 | (34,318 | ) | 720,056 | — | 720,056 | ||||||||||||||||||||||||||||||||
Total liabilities and shareholders’ equity | $ | 1,245,204 | $ | (7,860 | ) | $ | 1,237,344 | $ | (29,624 | ) | $ | 1,207,720 | $ | — | $ | 1,207,720 | |||||||||||||||||||||||||
(1): | Previously reported balances represent the amounts reported in the Condensed Consolidated Balance Sheet in the Company’s Amended Quarterly Report on Form 10-Q/A for the quarterly period ended March 31, 2013 as filed with the SEC on September 24, 2013. The previously reported balances of inventory and cost in excess of billings have been adjusted by $(1,739) and $1,739 to correct the prior presentation. | ||||||||||||||||||||||||||||||||||||||||
(2): | Amounts presented as Revision Adjustment represent revisions related to revenue recognition errors related to certain long-term projects, as well as adjustments to goodwill and deferred taxes related to the acquisition of Remmele in 2012, as disclosed in the Company’s Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2013 as filed with the SEC on November 12, 2013. | ||||||||||||||||||||||||||||||||||||||||
Condensed Consolidated Balance Sheet | |||||||||||||||||||||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||||||||||||||||||||
(In thousands, except share and per share amounts) | |||||||||||||||||||||||||||||||||||||||||
June 30, 2013 | |||||||||||||||||||||||||||||||||||||||||
Previously | Revision | As | Restatement | As | Discontinued | Currently | |||||||||||||||||||||||||||||||||||
Reported | Adjustment (2) | Revised | Adjustment | Corrected | Operations | Reported | |||||||||||||||||||||||||||||||||||
-1 | |||||||||||||||||||||||||||||||||||||||||
ASSETS | |||||||||||||||||||||||||||||||||||||||||
Current assets: | |||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 231,433 | $ | — | $ | 231,433 | $ | — | $ | 231,433 | $ | — | $ | 231,433 | |||||||||||||||||||||||||||
Short-term investments | 128,205 | — | 128,205 | — | 128,205 | — | 128,205 | ||||||||||||||||||||||||||||||||||
Receivables, less allowance for doubtful accounts of $637 | 106,880 | — | 106,880 | — | 106,880 | (593 | ) | 106,287 | |||||||||||||||||||||||||||||||||
Inventories, net | 420,793 | (4,265 | ) | 416,528 | — | 416,528 | (7,301 | ) | 409,227 | ||||||||||||||||||||||||||||||||
Costs in excess of billings | 1,455 | 1,305 | 2,760 | — | 2,760 | — | 2,760 | ||||||||||||||||||||||||||||||||||
Deferred income taxes | 30,675 | 1,015 | 31,690 | — | 31,690 | — | 31,690 | ||||||||||||||||||||||||||||||||||
Assets of discontinued operations | — | — | — | — | — | 8,076 | 8,076 | ||||||||||||||||||||||||||||||||||
Other current assets | 21,990 | — | 21,990 | (22 | ) | 21,968 | — | 21,968 | |||||||||||||||||||||||||||||||||
Total current assets | 941,431 | (1,945 | ) | 939,486 | (22 | ) | 939,464 | 182 | 939,646 | ||||||||||||||||||||||||||||||||
Property, plant, and equipment, net | 368,363 | — | 368,363 | — | 368,363 | (117 | ) | 368,246 | |||||||||||||||||||||||||||||||||
Goodwill | 134,823 | (5,260 | ) | 129,563 | — | 129,563 | (65 | ) | 129,498 | ||||||||||||||||||||||||||||||||
Other intangible assets, net | 53,826 | — | 53,826 | — | 53,826 | — | 53,826 | ||||||||||||||||||||||||||||||||||
Deferred income taxes | 29,615 | — | 29,615 | (29,615 | ) | — | — | — | |||||||||||||||||||||||||||||||||
Other noncurrent assets | 13,681 | — | 13,681 | — | 13,681 | — | 13,681 | ||||||||||||||||||||||||||||||||||
Total assets | $ | 1,541,739 | $ | (7,205 | ) | $ | 1,534,534 | $ | (29,637 | ) | $ | 1,504,897 | $ | — | $ | 1,504,897 | |||||||||||||||||||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||||||||||||||||||||||||||||||||||||
Current liabilities: | |||||||||||||||||||||||||||||||||||||||||
Accounts payable | $ | 70,796 | $ | — | $ | 70,796 | $ | — | $ | 70,796 | $ | (341 | ) | $ | 70,455 | ||||||||||||||||||||||||||
Accrued wages and employee costs | 26,355 | — | 26,355 | — | 26,355 | (101 | ) | 26,254 | |||||||||||||||||||||||||||||||||
Unearned revenues | 49,885 | (570 | ) | 49,315 | — | 49,315 | — | 49,315 | |||||||||||||||||||||||||||||||||
Liabilities of discontinued operations | — | — | — | — | — | 501 | 501 | ||||||||||||||||||||||||||||||||||
Other accrued liabilities | 19,852 | — | 19,852 | — | 19,852 | (59 | ) | 19,793 | |||||||||||||||||||||||||||||||||
Total current liabilities | 166,888 | (570 | ) | 166,318 | — | 166,318 | — | 166,318 | |||||||||||||||||||||||||||||||||
Long-term debt | 415,220 | — | 415,220 | — | 415,220 | — | 415,220 | ||||||||||||||||||||||||||||||||||
Liability for post-retirement benefits | 43,944 | — | 43,944 | — | 43,944 | — | 43,944 | ||||||||||||||||||||||||||||||||||
Liability for pension benefits | 14,923 | — | 14,923 | — | 14,923 | — | 14,923 | ||||||||||||||||||||||||||||||||||
Deferred income taxes | 81,190 | (5,068 | ) | 76,122 | 3,868 | 79,990 | — | 79,990 | |||||||||||||||||||||||||||||||||
Unearned revenues | 12,496 | — | 12,496 | — | 12,496 | — | 12,496 | ||||||||||||||||||||||||||||||||||
Other noncurrent liabilities | 12,307 | — | 12,307 | — | 12,307 | — | 12,307 | ||||||||||||||||||||||||||||||||||
Total liabilities | 746,968 | (5,638 | ) | 741,330 | 3,868 | 745,198 | — | 745,198 | |||||||||||||||||||||||||||||||||
Commitments and Contingencies | |||||||||||||||||||||||||||||||||||||||||
Shareholders’ equity: | |||||||||||||||||||||||||||||||||||||||||
Common stock, $0.01 par value; 50,000,000 shares authorized; 31,339,200 shares issued; 30,537,411 shares outstanding | 313 | — | 313 | — | 313 | — | 313 | ||||||||||||||||||||||||||||||||||
Additional paid-in capital | 528,541 | — | 528,541 | — | 528,541 | — | 528,541 | ||||||||||||||||||||||||||||||||||
Treasury stock, at cost; 801,789 shares | (18,798 | ) | — | (18,798 | ) | — | (18,798 | ) | — | (18,798 | ) | ||||||||||||||||||||||||||||||
Accumulated other comprehensive loss | (43,950 | ) | — | (43,950 | ) | 1,402 | (42,445 | ) | — | (42,445 | ) | ||||||||||||||||||||||||||||||
Retained earnings | 328,665 | (1,567 | ) | 327,098 | (35,010 | ) | 292,088 | — | 292,088 | ||||||||||||||||||||||||||||||||
Total shareholders’ equity | 794,771 | (1,567 | ) | 793,204 | (33,505 | ) | 759,699 | — | 759,699 | ||||||||||||||||||||||||||||||||
Total liabilities and shareholders’ equity | $ | 1,541,739 | $ | (7,205 | ) | $ | 1,534,534 | $ | (29,637 | ) | $ | 1,504,897 | $ | — | $ | 1,504,897 | |||||||||||||||||||||||||
(1): | Previously reported balances represent the amounts reported in the Condensed Consolidated Balance Sheet in the Company’s Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2013 as filed with the SEC on September 24, 2013. The previously reported balances of inventory, cost in excess of billings, and deferred revenue have been adjusted by $(359), $544, and $185 to correct the prior presentation. | ||||||||||||||||||||||||||||||||||||||||
(2): | Amounts presented as Revision Adjustment represent revisions related to revenue recognition errors related to certain long-term projects, as well as adjustments to goodwill and deferred taxes related to the acquisition of Remmele in 2012, as disclosed in the Company’s Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2013 as filed with the SEC on November 12, 2013. | ||||||||||||||||||||||||||||||||||||||||
Condensed Consolidated Balance Sheet | |||||||||||||||||||||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||||||||||||||||||||
(In thousands, except share and per share amounts) | |||||||||||||||||||||||||||||||||||||||||
September 30, 2013 | |||||||||||||||||||||||||||||||||||||||||
Previously | Restatement | As | Discontinued | Currently | |||||||||||||||||||||||||||||||||||||
Reported (1) | Adjustment | Corrected | Operations | Reported | |||||||||||||||||||||||||||||||||||||
ASSETS | |||||||||||||||||||||||||||||||||||||||||
Current assets: | |||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 315,021 | $ | — | $ | 315,021 | $ | — | $ | 315,021 | |||||||||||||||||||||||||||||||
Short-term investments | 45,187 | — | 45,187 | — | 45,187 | ||||||||||||||||||||||||||||||||||||
Receivables, less allowance for doubtful accounts of $698 | 118,827 | — | 118,827 | (704 | ) | 118,123 | |||||||||||||||||||||||||||||||||||
Inventories, net | 419,158 | — | 419,158 | (6,702 | ) | 412,456 | |||||||||||||||||||||||||||||||||||
Costs in excess of billings | 4,667 | — | 4,667 | — | 4,667 | ||||||||||||||||||||||||||||||||||||
Deferred income taxes | 31,406 | — | 31,406 | — | 31,406 | ||||||||||||||||||||||||||||||||||||
Assets of discontinued operations | — | — | — | 7,582 | 7,582 | ||||||||||||||||||||||||||||||||||||
Other current assets | 23,041 | (133 | ) | 22,908 | — | 22,908 | |||||||||||||||||||||||||||||||||||
Total current assets | 957,307 | (133 | ) | 957,174 | 176 | 957,350 | |||||||||||||||||||||||||||||||||||
Property, plant, and equipment, net | 367,849 | — | 367,849 | (111 | ) | 367,738 | |||||||||||||||||||||||||||||||||||
Goodwill | 129,838 | — | 129,838 | (65 | ) | 129,773 | |||||||||||||||||||||||||||||||||||
Other intangible assets, net | 53,042 | — | 53,042 | — | 53,042 | ||||||||||||||||||||||||||||||||||||
Deferred income taxes | 29,435 | (29,435 | ) | — | — | — | |||||||||||||||||||||||||||||||||||
Other noncurrent assets | 14,910 | — | 14,910 | — | 14,910 | ||||||||||||||||||||||||||||||||||||
Total assets | $ | 1,552,381 | $ | (29,568 | ) | $ | 1,522,813 | $ | — | $ | 1,522,813 | ||||||||||||||||||||||||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||||||||||||||||||||||||||||||||||||
Current liabilities: | |||||||||||||||||||||||||||||||||||||||||
Accounts payable | $ | 75,039 | $ | — | $ | 75,039 | $ | (347 | ) | $ | 74,692 | ||||||||||||||||||||||||||||||
Accrued wages and other employee costs | 29,801 | — | 29,801 | (104 | ) | 29,697 | |||||||||||||||||||||||||||||||||||
Unearned revenues | 38,467 | — | 38,467 | — | 38,467 | ||||||||||||||||||||||||||||||||||||
Liabilities of discontinued operations | — | — | — | 471 | 471 | ||||||||||||||||||||||||||||||||||||
Other accrued liabilities | 26,037 | — | 26,037 | (20 | ) | 26,017 | |||||||||||||||||||||||||||||||||||
Total current liabilities | 169,344 | — | 169,344 | — | 169,344 | ||||||||||||||||||||||||||||||||||||
Long-term debt | 419,249 | — | 419,249 | — | 419,249 | ||||||||||||||||||||||||||||||||||||
Liability for post-retirement benefits | 44,112 | — | 44,112 | — | 44,112 | ||||||||||||||||||||||||||||||||||||
Liability for pension benefits | 10,297 | — | 10,297 | — | 10,297 | ||||||||||||||||||||||||||||||||||||
Deferred income taxes | 73,882 | 4,630 | 78,512 | — | 78,512 | ||||||||||||||||||||||||||||||||||||
Unearned revenues | 12,033 | — | 12,033 | — | 12,033 | ||||||||||||||||||||||||||||||||||||
Other noncurrent liabilities | 12,134 | — | 12,134 | — | 12,134 | ||||||||||||||||||||||||||||||||||||
Total liabilities | 741,051 | 4,630 | 745,681 | — | 745,681 | ||||||||||||||||||||||||||||||||||||
Commitments and Contingencies Shareholders’ equity: | |||||||||||||||||||||||||||||||||||||||||
Common stock, $0.01 par value; 50,000,000 shares authorized; 31,360,663 shares issued; 30,554,253 shares outstanding | 314 | — | 314 | — | 314 | ||||||||||||||||||||||||||||||||||||
Additional paid-in capital | 530,415 | — | 530,415 | — | 530,415 | ||||||||||||||||||||||||||||||||||||
Treasury stock, at cost; 806,410 shares | (18,798 | ) | — | (18,798 | ) | — | (18,798 | ) | |||||||||||||||||||||||||||||||||
Accumulated other comprehensive loss | (39,991 | ) | 809 | (39,182 | ) | — | (39,182 | ) | |||||||||||||||||||||||||||||||||
Retained earnings | 339,390 | (35,007 | ) | 304,383 | — | 304,383 | |||||||||||||||||||||||||||||||||||
Total shareholders’ equity | 811,330 | (34,198 | ) | 777,132 | — | 777,132 | |||||||||||||||||||||||||||||||||||
Total liabilities and shareholders’ equity | $ | 1,552,381 | $ | (29,568 | ) | $ | 1,522,813 | $ | — | $ | 1,522,813 | ||||||||||||||||||||||||||||||
(1): | Previously reported balances represent the amounts reported in the Condensed Consolidated Balance Sheet in the Company’s Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2013 as filed with the SEC on November 12, 2013. The previously reported balances of inventory and cost in excess of billings have been adjusted by $(1,242) and $1,242 to correct the prior presentation. | ||||||||||||||||||||||||||||||||||||||||
Condensed Consolidated Balance Sheet | |||||||||||||||||||||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||||||||||||||||||||
(In thousands, except share and per share amounts) | |||||||||||||||||||||||||||||||||||||||||
March 31, 2012 | |||||||||||||||||||||||||||||||||||||||||
Previously | Restatement | As Corrected | Discontinued | Currently | |||||||||||||||||||||||||||||||||||||
Reported (1) | Adjustment | Operations | Reported | ||||||||||||||||||||||||||||||||||||||
ASSETS | |||||||||||||||||||||||||||||||||||||||||
Current assets: | |||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 117,872 | $ | — | $ | 117,872 | $ | — | $ | 117,872 | |||||||||||||||||||||||||||||||
Receivables, less allowance for doubtful accounts of $934 | 103,163 | — | 103,163 | (1,526 | ) | 101,637 | |||||||||||||||||||||||||||||||||||
Inventories, net | 306,031 | — | 306,031 | (8,972 | ) | 297,059 | |||||||||||||||||||||||||||||||||||
Costs in excess of billings | 1,607 | — | 1,607 | — | 1,607 | ||||||||||||||||||||||||||||||||||||
Deferred income taxes | 20,475 | — | 20,475 | — | 20,475 | ||||||||||||||||||||||||||||||||||||
Assets of discontinued operations | 18,598 | — | 18,598 | 10,983 | 29,581 | ||||||||||||||||||||||||||||||||||||
Other current assets | 11,269 | — | 11,269 | — | 11,269 | ||||||||||||||||||||||||||||||||||||
Total current assets | 579,015 | — | 579,015 | 485 | 579,500 | ||||||||||||||||||||||||||||||||||||
Property, plant, and equipment, net | 361,464 | — | 361,464 | (127 | ) | 361,337 | |||||||||||||||||||||||||||||||||||
Goodwill | 133,595 | — | 133,595 | (358 | ) | 133,237 | |||||||||||||||||||||||||||||||||||
Other intangible assets, net | 59,527 | — | 59,527 | — | 59,527 | ||||||||||||||||||||||||||||||||||||
Deferred income taxes | 29,111 | (29,111 | ) | — | — | — | |||||||||||||||||||||||||||||||||||
Other noncurrent assets | 8,476 | — | 8,476 | — | 8,476 | ||||||||||||||||||||||||||||||||||||
Total assets | $ | 1,171,188 | $ | (29,111 | ) | $ | 1,142,077 | $ | — | $ | 1,142,077 | ||||||||||||||||||||||||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||||||||||||||||||||||||||||||||||||
Current liabilities: | |||||||||||||||||||||||||||||||||||||||||
Accounts payable | $ | 64,837 | — | $ | 64,837 | $ | (1,512 | ) | $ | 63,325 | |||||||||||||||||||||||||||||||
Accrued wages and other employee costs | 19,690 | — | 19,690 | (112 | ) | 19,578 | |||||||||||||||||||||||||||||||||||
Unearned revenues | 36,589 | — | 36,589 | — | 36,589 | ||||||||||||||||||||||||||||||||||||
Liabilities of discontinued operations | 3,879 | — | 3,879 | 1,709 | 5,588 | ||||||||||||||||||||||||||||||||||||
Other accrued liabilities | 21,768 | 203 | 21,971 | (85 | ) | 21,886 | |||||||||||||||||||||||||||||||||||
Total current liabilities | 146,763 | 203 | 146,966 | — | 146,966 | ||||||||||||||||||||||||||||||||||||
Long-term debt | 191,189 | — | 191,189 | — | 191,189 | ||||||||||||||||||||||||||||||||||||
Liability for post-retirement benefits | 41,806 | — | 41,806 | — | 41,806 | ||||||||||||||||||||||||||||||||||||
Liability for pension benefits | 15,097 | — | 15,097 | — | 15,097 | ||||||||||||||||||||||||||||||||||||
Deferred income taxes | 33,141 | 753 | 33,894 | — | 33,894 | ||||||||||||||||||||||||||||||||||||
Unearned revenues | 3,504 | — | 3,504 | — | 3,504 | ||||||||||||||||||||||||||||||||||||
Other noncurrent liabilities | 8,895 | — | 8,895 | — | 8,895 | ||||||||||||||||||||||||||||||||||||
Total liabilities | 440,395 | 956 | 441,351 | — | 441,351 | ||||||||||||||||||||||||||||||||||||
Commitments and Contingencies | |||||||||||||||||||||||||||||||||||||||||
Shareholders’ equity: | |||||||||||||||||||||||||||||||||||||||||
Common stock, $0.01 par value; 50,000,000 shares authorized; 31,066,254 shares issued; 30,286,870 shares outstanding | 311 | — | 311 | — | 311 | ||||||||||||||||||||||||||||||||||||
Additional paid-in capital | 480,653 | — | 480,653 | — | 480,653 | ||||||||||||||||||||||||||||||||||||
Treasury stock, at cost; 779,375 shares | (18,399 | ) | — | (18,399 | ) | — | (18,399 | ) | |||||||||||||||||||||||||||||||||
Accumulated other comprehensive loss | (35,808 | ) | (192 | ) | (36,000 | ) | — | (36,000 | ) | ||||||||||||||||||||||||||||||||
Retained earnings | 304,036 | (29,875 | ) | 274,161 | — | 274,161 | |||||||||||||||||||||||||||||||||||
Total shareholders’ equity | 730,793 | (30,067 | ) | 700,726 | — | 700,726 | |||||||||||||||||||||||||||||||||||
Total liabilities and shareholders’ equity | $ | 1,171,188 | $ | (29,111 | ) | $ | 1,142,077 | $ | — | $ | 1,142,077 | ||||||||||||||||||||||||||||||
(1): | Previously reported balances represent the amounts presented as “Currently Reported” in the Note 2 to the Company’s Second Amended Annual Report on Form 10-K/A for the annual period ended December 31, 2012 as filed with the SEC on November 12, 2013. The previously reported balances of inventory, cost in excess of billings, and deferred revenue have been adjusted by $(1,596), $1,602, and $6 to correct the prior presentation. | ||||||||||||||||||||||||||||||||||||||||
Condensed Consolidated Balance Sheet | |||||||||||||||||||||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||||||||||||||||||||
(In thousands, except share and per share amounts) | |||||||||||||||||||||||||||||||||||||||||
June 30, 2012 | |||||||||||||||||||||||||||||||||||||||||
Previously | Restatement | As Corrected | Discontinued | Currently | |||||||||||||||||||||||||||||||||||||
Reported (1) | Adjustment | Operations | Reported | ||||||||||||||||||||||||||||||||||||||
ASSETS | |||||||||||||||||||||||||||||||||||||||||
Current assets: | |||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 99,525 | $ | — | $ | 99,525 | $ | — | $ | 99,525 | |||||||||||||||||||||||||||||||
Receivables, less allowance for doubtful accounts of $965 | 103,757 | — | 103,757 | (1,196 | ) | 102,561 | |||||||||||||||||||||||||||||||||||
Inventories, net | 325,334 | — | 325,334 | (8,861 | ) | 316,473 | |||||||||||||||||||||||||||||||||||
Costs in excess of billings | 2,515 | — | 2,515 | — | 2,515 | ||||||||||||||||||||||||||||||||||||
Deferred income taxes | 20,775 | — | 20,775 | — | 20,775 | ||||||||||||||||||||||||||||||||||||
Assets of discontinued operations | 17,633 | — | 17,633 | 10,532 | 28,165 | ||||||||||||||||||||||||||||||||||||
Other current assets | 13,269 | — | 13,269 | — | 13,269 | ||||||||||||||||||||||||||||||||||||
Total current assets | 582,808 | — | 582,808 | 475 | 583,283 | ||||||||||||||||||||||||||||||||||||
Property, plant, and equipment, net | 365,735 | — | 365,735 | (117 | ) | 365,618 | |||||||||||||||||||||||||||||||||||
Goodwill | 133,570 | — | 133,570 | (358 | ) | 133,212 | |||||||||||||||||||||||||||||||||||
Other intangible assets, net | 58,251 | — | 58,251 | — | 58,251 | ||||||||||||||||||||||||||||||||||||
Deferred income taxes | 29,239 | (29,239 | ) | — | — | — | |||||||||||||||||||||||||||||||||||
Other noncurrent assets | 8,792 | — | 8,792 | — | 8,792 | ||||||||||||||||||||||||||||||||||||
Total assets | $ | 1,178,395 | $ | (29,239 | ) | $ | 1,149,156 | $ | — | $ | 1,149,156 | ||||||||||||||||||||||||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||||||||||||||||||||||||||||||||||||
Current liabilities: | |||||||||||||||||||||||||||||||||||||||||
Accounts payable | $ | 61,084 | $ | — | $ | 61,084 | $ | (433 | ) | $ | 60,651 | ||||||||||||||||||||||||||||||
Accrued wages and other employee costs | 24,871 | — | 24,871 | (119 | ) | 24,752 | |||||||||||||||||||||||||||||||||||
Unearned revenue | 36,866 | — | 36,866 | — | 36,866 | ||||||||||||||||||||||||||||||||||||
Liabilities of discontinued operations | 3,494 | — | 3,494 | 593 | 4,087 | ||||||||||||||||||||||||||||||||||||
Other accrued liabilities | 21,680 | 237 | 21,917 | (41 | ) | 21,876 | |||||||||||||||||||||||||||||||||||
Total current liabilities | 147,995 | 237 | 148,232 | — | 148,232 | ||||||||||||||||||||||||||||||||||||
Long-term debt | 193,727 | — | 193,727 | — | 193,727 | ||||||||||||||||||||||||||||||||||||
Liability for post-retirement benefits | 42,000 | — | 42,000 | — | 42,000 | ||||||||||||||||||||||||||||||||||||
Liability for pension benefits | 13,402 | — | 13,402 | — | 13,402 | ||||||||||||||||||||||||||||||||||||
Deferred income taxes | 33,749 | 1,480 | 35,229 | — | 35,229 | ||||||||||||||||||||||||||||||||||||
Unearned revenue | 3,385 | — | 3,385 | — | 3,385 | ||||||||||||||||||||||||||||||||||||
Other noncurrent liabilities | 8,969 | — | 8,969 | — | 8,969 | ||||||||||||||||||||||||||||||||||||
Total liabilities | 443,227 | 1,717 | 444,944 | — | 444,944 | ||||||||||||||||||||||||||||||||||||
Commitments and Contingencies | |||||||||||||||||||||||||||||||||||||||||
Shareholders’ equity | |||||||||||||||||||||||||||||||||||||||||
Common stock, $0.01 par value; 50,000,000 shares authorized; 31,097,449 shares issued; 30,314,874 shares outstanding | 311 | — | 311 | — | 311 | ||||||||||||||||||||||||||||||||||||
Additional paid-in capital | 481,855 | — | 481,855 | — | 481,855 | ||||||||||||||||||||||||||||||||||||
Treasury stock, at cost; 782,575 shares | (18,399 | ) | — | (18,399 | ) | — | (18,399 | ) | |||||||||||||||||||||||||||||||||
Accumulated other comprehensive loss | (37,181 | ) | 440 | (36,741 | ) | — | (36,741 | ) | |||||||||||||||||||||||||||||||||
Retained earnings | 308,582 | (31,396 | ) | 277,186 | — | 277,186 | |||||||||||||||||||||||||||||||||||
Total shareholders’ equity | 735,168 | (30,956 | ) | 704,212 | — | 704,212 | |||||||||||||||||||||||||||||||||||
Total liabilities and shareholders’ equity | $ | 1,178,395 | $ | (29,239 | ) | $ | 1,149,156 | $ | — | $ | 1,149,156 | ||||||||||||||||||||||||||||||
(1): | Previously reported balances represent the amounts presented as “Currently Reported” in the Note 2 to the Company’s Second Amended Annual Report on Form 10-K/A for the annual period ended December 31, 2012 as filed with the SEC on November 12, 2013. The previously reported balances of inventory, cost in excess of billings, and deferred revenue have been adjusted by $(1,835), $1,857, and $22 to correct the prior presentation. | ||||||||||||||||||||||||||||||||||||||||
Condensed Consolidated Balance Sheet | |||||||||||||||||||||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||||||||||||||||||||
(In thousands, except share and per share amounts) | |||||||||||||||||||||||||||||||||||||||||
September 30, 2012 | |||||||||||||||||||||||||||||||||||||||||
Previously | Restatement | As Corrected | Discontinued | Currently | |||||||||||||||||||||||||||||||||||||
Reported (1) | Adjustment | Operations | Reported | ||||||||||||||||||||||||||||||||||||||
ASSETS | |||||||||||||||||||||||||||||||||||||||||
Current assets: | |||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 73,389 | $ | — | $ | 73,389 | $ | — | $ | 73,389 | |||||||||||||||||||||||||||||||
Short-term investments | 3,998 | — | 3,998 | — | 3,998 | ||||||||||||||||||||||||||||||||||||
Receivables, less allowance for doubtful accounts of $909 | 114,248 | — | 114,248 | (919 | ) | 113,329 | |||||||||||||||||||||||||||||||||||
Inventories, net | 351,654 | — | 351,654 | (8,972 | ) | 342,682 | |||||||||||||||||||||||||||||||||||
Costs in excess of billings | 3,495 | — | 3,495 | — | 3,495 | ||||||||||||||||||||||||||||||||||||
Deferred income taxes | 22,059 | — | 22,059 | — | 22,059 | ||||||||||||||||||||||||||||||||||||
Assets of discontinued operations | 16,799 | — | 16,799 | 10,359 | 27,158 | ||||||||||||||||||||||||||||||||||||
Other current assets | 11,160 | — | 11,160 | — | 11,160 | ||||||||||||||||||||||||||||||||||||
Total current assets | 596,802 | — | 596,802 | 468 | 597,270 | ||||||||||||||||||||||||||||||||||||
Property, plant, and equipment, net | 367,768 | — | 367,768 | (110 | ) | 367,658 | |||||||||||||||||||||||||||||||||||
Goodwill | 131,606 | — | 131,606 | (358 | ) | 131,248 | |||||||||||||||||||||||||||||||||||
Other intangible assets, net | 57,664 | — | 57,664 | — | 57,664 | ||||||||||||||||||||||||||||||||||||
Deferred income taxes | 32,197 | (32,197 | ) | — | — | — | |||||||||||||||||||||||||||||||||||
Other noncurrent assets | 8,353 | — | 8,353 | — | 8,353 | ||||||||||||||||||||||||||||||||||||
Total assets | $ | 1,194,390 | $ | (32,197 | ) | $ | 1,162,193 | $ | — | $ | 1,162,193 | ||||||||||||||||||||||||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||||||||||||||||||||||||||||||||||||
Current liabilities: | |||||||||||||||||||||||||||||||||||||||||
Accounts payable | $ | 67,166 | $ | — | $ | 67,166 | $ | (854 | ) | $ | 66,312 | ||||||||||||||||||||||||||||||
Accrued wages and other employee costs | 29,445 | — | 29,445 | (138 | ) | 29,307 | |||||||||||||||||||||||||||||||||||
Unearned revenue | 34,692 | — | 34,692 | — | 34,692 | ||||||||||||||||||||||||||||||||||||
Liabilities of discontinued operations | 3,198 | — | 3,198 | 992 | 4,190 | ||||||||||||||||||||||||||||||||||||
Other accrued liabilities | 27,458 | 96 | 27,554 | — | 27,554 | ||||||||||||||||||||||||||||||||||||
Total current liabilities | 161,959 | 96 | 162,055 | — | 162,055 | ||||||||||||||||||||||||||||||||||||
Long-term debt | 196,079 | — | 196,079 | — | 196,079 | ||||||||||||||||||||||||||||||||||||
Liability for post-retirement benefits | 42,220 | — | 42,220 | — | 42,220 | ||||||||||||||||||||||||||||||||||||
Liability for pension benefits | 2,555 | — | 2,555 | — | 2,555 | ||||||||||||||||||||||||||||||||||||
Deferred income taxes | 33,663 | 589 | 34,252 | — | 34,252 | ||||||||||||||||||||||||||||||||||||
Unearned revenue | 3,240 | — | 3,240 | — | 3,240 | ||||||||||||||||||||||||||||||||||||
Other noncurrent liabilities | 8,908 | — | 8,908 | — | 8,908 | ||||||||||||||||||||||||||||||||||||
Total liabilities | 448,624 | 685 | 449,309 | — | 449,309 | ||||||||||||||||||||||||||||||||||||
Commitments and Contingencies | |||||||||||||||||||||||||||||||||||||||||
Shareholders’ equity | |||||||||||||||||||||||||||||||||||||||||
Common stock, $0.01 par value; 50,000,000 shares authorized; 31,106,934 shares issued; 30,324,359 shares outstanding | 311 | — | 311 | — | 311 | ||||||||||||||||||||||||||||||||||||
Additional paid-in capital | 483,156 | — | 483,156 | — | 483,156 | ||||||||||||||||||||||||||||||||||||
Treasury stock, at cost; 782,575 shares | (18,399 | ) | — | (18,399 | ) | — | (18,399 | ) | |||||||||||||||||||||||||||||||||
Accumulated other comprehensive loss | (31,472 | ) | (672 | ) | (32,144 | ) | — | (32,144 | ) | ||||||||||||||||||||||||||||||||
Retained earnings | 312,170 | (32,210 | ) | 279,960 | — | 279,960 | |||||||||||||||||||||||||||||||||||
Total shareholders’ equity | 745,766 | (32,882 | ) | 712,884 | — | 712,884 | |||||||||||||||||||||||||||||||||||
Total liabilities and shareholders’ equity | $ | 1,194,390 | $ | (32,197 | ) | $ | 1,162,193 | $ | — | $ | 1,162,193 | ||||||||||||||||||||||||||||||
(1): | Previously reported balances represent the amounts presented as “Currently Reported” in the Note 2 to the Company’s Second Amended Annual Report on Form 10-K/A for the annual period ended December 31, 2012 as filed with the SEC on November 12, 2013. The previously reported balances of inventory, cost in excess of billings, and deferred revenue have been adjusted by $(1,175), $1,344, and $169 to correct the prior presentation. | ||||||||||||||||||||||||||||||||||||||||
Condensed Consolidating Balance Sheet | |||||||||||||||||||||||||||||||||||||||||
March 31, 2013 | |||||||||||||||||||||||||||||||||||||||||
(unaudited) | |||||||||||||||||||||||||||||||||||||||||
RTI International | Guarantors | Non-Guarantors | Eliminations | Consolidated | |||||||||||||||||||||||||||||||||||||
Metals, Inc. | |||||||||||||||||||||||||||||||||||||||||
Previously | As | Previously | As | Previously | As | Previously | As | Previously | As | ||||||||||||||||||||||||||||||||
Reported (1) | Restated | Reported (1) | Restated | Reported (1) | Restated | Reported (1) | Restated | Reported (1) | Restated | ||||||||||||||||||||||||||||||||
ASSETS | |||||||||||||||||||||||||||||||||||||||||
Current assets: | |||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | — | $ | 50,601 | $ | 50,601 | $ | 7,414 | $ | 7,414 | $ | — | $ | — | $ | 58,015 | $ | 58,015 | |||||||||||||||||||||
Receivables, net | 1,049 | 1,049 | 76,104 | 76,104 | 63,454 | 62,642 | (26,532 | ) | (26,532 | ) | 114,075 | 113,263 | |||||||||||||||||||||||||||||
Inventories, net | — | — | 237,340 | 237,340 | 175,893 | 163,993 | — | — | 413,233 | 401,333 | |||||||||||||||||||||||||||||||
Costs in excess of billings | — | — | 1,739 | 1,739 | 1,679 | 2,105 | — | — | 3,418 | 3,844 | |||||||||||||||||||||||||||||||
Deferred income taxes | 30,068 | 30,994 | — | — | 116 | 116 | — | — | 30,184 | 31,110 | |||||||||||||||||||||||||||||||
Assets of discontinued operations | — | — | — | — | 14,971 | 23,919 | — | — | 14,971 | 23,919 | |||||||||||||||||||||||||||||||
Other current assets | 5,355 | 5,355 | 2,483 | 2,483 | 3,911 | 3,911 | — | — | 11,749 | 11,749 | |||||||||||||||||||||||||||||||
Total current assets | 36,472 | 37,398 | 368,267 | 368,267 | 267,438 | 264,100 | (26,532 | ) | (26,532 | ) | 645,645 | 643,233 | |||||||||||||||||||||||||||||
Property, plant, and equipment, net | 1,464 | 1,464 | 303,604 | 303,604 | 66,231 | 66,108 | — | — | 371,299 | 371,176 | |||||||||||||||||||||||||||||||
Goodwill | — | — | 98,925 | 93,665 | 36,416 | 36,351 | — | — | 135,341 | 130,016 | |||||||||||||||||||||||||||||||
Other intangible assets, net | — | — | 34,511 | 34,511 | 20,717 | 20,717 | — | — | 55,228 | 55,228 | |||||||||||||||||||||||||||||||
Deferred income taxes | — | — | — | — | 33,856 | — | (4,232 | ) | — | 29,624 | — | ||||||||||||||||||||||||||||||
Other noncurrent assets | 3,792 | 3,792 | 201 | 201 | 4,074 | 4,074 | — | — | 8,067 | 8,067 | |||||||||||||||||||||||||||||||
Intercompany investments | 993,293 | 952,158 | 26,441 | 26,441 | 5,130 | 5,130 | (1,024,864 | ) | (983,729 | ) | — | — | |||||||||||||||||||||||||||||
Total assets | $ | 1,035,021 | $ | 994,812 | $ | 831,949 | $ | 826,689 | $ | 433,862 | $ | 396,480 | $ | (1,055,628 | ) | $ | (1,010,261 | ) | $ | 1,245,204 | $ | 1,207,720 | |||||||||||||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||||||||||||||||||||||||||||||||||||
Current liabilities: | |||||||||||||||||||||||||||||||||||||||||
Accounts payable | $ | 1,355 | $ | 1,355 | $ | 57,013 | $ | 57,013 | $ | 47,751 | $ | 47,409 | $ | (26,532 | ) | $ | (26,532 | ) | $ | 79,587 | $ | 79,245 | |||||||||||||||||||
Accrued wages and other employee costs | 3,487 | 3,487 | 12,091 | 12,091 | 6,248 | 6,151 | — | — | 21,826 | 21,729 | |||||||||||||||||||||||||||||||
Unearned revenue | — | — | 1,237 | 1,237 | 22,603 | 21,246 | — | — | 23,840 | 22,483 | |||||||||||||||||||||||||||||||
Liabilities of discontinued operations | — | — | — | — | 2,821 | 3,269 | — | — | 2,821 | 3,269 | |||||||||||||||||||||||||||||||
Other accrued liabilities | 8,194 | 8,806 | 7,156 | 7,156 | 10,029 | 9,870 | — | — | 25,379 | 25,832 | |||||||||||||||||||||||||||||||
Total current liabilities | 13,036 | 13,648 | 77,497 | 77,497 | 89,452 | 87,945 | (26,532 | ) | (26,532 | ) | 153,453 | 152,558 | |||||||||||||||||||||||||||||
Long-term debt | 199,206 | 199,206 | 1,457 | 1,457 | — | — | — | — | 200,663 | 200,663 | |||||||||||||||||||||||||||||||
Intercompany debt | — | — | 109,444 | 109,444 | 119,403 | 119,403 | (228,847 | ) | (228,847 | ) | — | — | |||||||||||||||||||||||||||||
Liability for post-retirement benefits | — | — | 43,729 | 43,729 | — | — | — | — | 43,729 | 43,729 | |||||||||||||||||||||||||||||||
Liability for pension benefits | 6,678 | 6,678 | 8,392 | 8,392 | 159 | 159 | — | — | 15,229 | 15,229 | |||||||||||||||||||||||||||||||
Deferred income taxes | 52,150 | 47,082 | — | — | 3,482 | 3,482 | (4,232 | ) | — | 51,400 | 50,564 | ||||||||||||||||||||||||||||||
Unearned revenue | — | — | — | — | 12,792 | 12,792 | — | — | 12,792 | 12,792 | |||||||||||||||||||||||||||||||
Other noncurrent liabilities | 8,142 | 8,142 | 3,785 | 3,785 | 202 | 202 | — | — | 12,129 | 12,129 | |||||||||||||||||||||||||||||||
Total liabilities | 279,212 | 274,756 | 244,304 | 244,304 | 225,490 | 223,983 | (259,611 | ) | (255,379 | ) | 489,395 | 487,664 | |||||||||||||||||||||||||||||
Total shareholders’ equity | 755,809 | 720,056 | 587,645 | 582,385 | 208,372 | 172,497 | (796,017 | ) | (754,882 | ) | 755,809 | 720,056 | |||||||||||||||||||||||||||||
Total liabilities and shareholders’ equity | $ | 1,035,021 | $ | 994,812 | $ | 831,949 | $ | 826,689 | $ | 433,862 | $ | 396,480 | $ | (1,055,628 | ) | $ | (1,010,261 | ) | $ | 1,245,204 | $ | 1,207,720 | |||||||||||||||||||
(1): | Previously reported balances represent the amounts reported in the Condensed Consolidating Balance Sheet in the Company’s Amended Quarterly Report on Form 10-Q/A for the quarterly period ended March 31, 2013 as filed with the SEC on September 24, 2013. The previously reported Guarantor Subsidiary and Consolidated balances of inventory and cost in excess of billings have been adjusted by $(1,739) and $1,739 to correct the prior presentation. The previously reported balances of current deferred income tax assets, non-current deferred income tax assets, intercompany investments, other accrued liabilities, non-current deferred income taxes and shareholders’ equity, were adjusted by $3,590, $-, $(6,790), $(685), $(2,515), and $- for the Parent; by $(2,437), $(28,939), $-, $-, $(26,657) and $(4,719) for the Guarantor Subsidiaries; by $(1,153), $(174), $-, $685, $59, and $(2,071) for the Non-Guarantor Subsidiaries; and by $-, $29,113, $6,790, $-, $29,113, and $6,790 for the Eliminations, to correct the presentation of deferred income tax balances. | ||||||||||||||||||||||||||||||||||||||||
Condensed Consolidating Balance Sheet | |||||||||||||||||||||||||||||||||||||||||
June 30, 2013 | |||||||||||||||||||||||||||||||||||||||||
(unaudited) | |||||||||||||||||||||||||||||||||||||||||
RTI International | Guarantors | Non-Guarantors | Eliminations | Consolidated | |||||||||||||||||||||||||||||||||||||
Metals, Inc. | |||||||||||||||||||||||||||||||||||||||||
Previously | As Restated | Previously | As Restated | Previously | As | Previously | As Restated | Previously | As Restated | ||||||||||||||||||||||||||||||||
Reported | Reported | Reported | Restated | Reported (1) | Reported | ||||||||||||||||||||||||||||||||||||
-1 | -1 | -1 | -1 | ||||||||||||||||||||||||||||||||||||||
ASSETS | |||||||||||||||||||||||||||||||||||||||||
Current assets: | |||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | — | $ | 225,802 | $ | 225,802 | $ | 5,631 | $ | 5,631 | $ | — | $ | — | $ | 231,433 | $ | 231,433 | |||||||||||||||||||||
Short term investments | — | — | 128,205 | 128,205 | — | — | — | — | 128,205 | 128,205 | |||||||||||||||||||||||||||||||
Receivables, net | 725 | 725 | 66,951 | 66,951 | 62,847 | 62,254 | (23,643 | ) | (23,643 | ) | 106,880 | 106,287 | |||||||||||||||||||||||||||||
Inventories, net | — | — | 240,396 | 240,396 | 180,397 | 168,831 | — | — | 420,793 | 409,227 | |||||||||||||||||||||||||||||||
Costs in excess of billings | — | — | 544 | 544 | 911 | 2,216 | — | — | 1,455 | 2,760 | |||||||||||||||||||||||||||||||
Deferred income taxes | 30,559 | 31,574 | — | — | 116 | 116 | — | — | 30,675 | 31,690 | |||||||||||||||||||||||||||||||
Assets of discontinued operations | — | — | — | — | — | 8,076 | — | — | — | 8,076 | |||||||||||||||||||||||||||||||
Other current assets | 15,080 | 14,902 | 2,040 | 2,040 | 4,870 | 5,026 | — | — | 21,990 | 21,968 | |||||||||||||||||||||||||||||||
Total current assets | 46,364 | 47,201 | 663,938 | 663,938 | 254,772 | 252,150 | (23,643 | ) | (23,643 | ) | 941,431 | 939,646 | |||||||||||||||||||||||||||||
Property, plant, and equipment, net | 1,769 | 1,769 | 301,157 | 301,157 | 65,437 | 65,320 | — | — | 368,363 | 368,246 | |||||||||||||||||||||||||||||||
Goodwill | — | — | 98,925 | 93,665 | 35,898 | 35,833 | — | — | 134,823 | 129,498 | |||||||||||||||||||||||||||||||
Other intangible assets, net | — | — | 33,869 | 33,869 | 19,957 | 19,957 | — | — | 53,826 | 53,826 | |||||||||||||||||||||||||||||||
Deferred income taxes | — | — | — | — | 33,483 | — | (3,868 | ) | — | 29,615 | — | ||||||||||||||||||||||||||||||
Other noncurrent assets | 9,598 | 9,598 | 201 | 201 | 3,882 | 3,882 | — | — | 13,681 | 13,681 | |||||||||||||||||||||||||||||||
Intercompany investments | 1,259,553 | 1,218,576 | 26,704 | 26,704 | 4,689 | 4,689 | (1,290,946 | ) | (1,249,969 | ) | — | — | |||||||||||||||||||||||||||||
Total assets | $ | 1,317,284 | $ | 1,277,144 | $ | 1,124,794 | $ | 1,119,534 | $ | 418,118 | $ | 381,831 | $ | (1,318,457 | ) | $ | (1,273,612 | ) | $ | 1,541,739 | $ | 1,504,897 | |||||||||||||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||||||||||||||||||||||||||||||||||||
Current liabilities: | |||||||||||||||||||||||||||||||||||||||||
Accounts payable | $ | 2,080 | $ | 2,080 | $ | 48,293 | $ | 48,293 | $ | 44,066 | $ | 43,725 | $ | (23,643 | ) | $ | (23,643 | ) | $ | 70,796 | $ | 70,455 | |||||||||||||||||||
Accrued wages and other employee costs | 4,989 | 4,989 | 13,406 | 13,406 | 7,960 | 7,859 | — | — | 26,355 | 26,254 | |||||||||||||||||||||||||||||||
Unearned revenue | — | — | 185 | 185 | 49,700 | 49,130 | — | — | 49,885 | 49,315 | |||||||||||||||||||||||||||||||
Liabilities of discontinued operations | — | — | — | — | — | 501 | — | — | — | 501 | |||||||||||||||||||||||||||||||
Other accrued liabilities | 4,955 | 4,955 | 6,961 | 6,961 | 7,936 | 7,877 | — | — | 19,852 | 19,793 | |||||||||||||||||||||||||||||||
Total current liabilities | 12,024 | 12,024 | 68,845 | 68,845 | 109,662 | 109,092 | (23,643 | ) | (23,643 | ) | 166,888 | 166,318 | |||||||||||||||||||||||||||||
Long-term debt | 414,004 | 414,004 | 1,216 | 1,216 | — | — | — | — | 415,220 | 415,220 | |||||||||||||||||||||||||||||||
Intercompany debt | — | — | 403,142 | 403,142 | 86,039 | 86,039 | (489,181 | ) | (489,181 | ) | — | — | |||||||||||||||||||||||||||||
Liability for post-retirement benefits | — | — | 43,944 | 43,944 | — | — | — | — | 43,944 | 43,944 | |||||||||||||||||||||||||||||||
Liability for pension benefits | 6,767 | 6,767 | 7,997 | 7,997 | 159 | 159 | — | — | 14,923 | 14,923 | |||||||||||||||||||||||||||||||
Deferred income taxes | 81,576 | 76,508 | — | — | 3,482 | 3,482 | (3,868 | ) | — | 81,190 | 79,990 | ||||||||||||||||||||||||||||||
Unearned revenue | — | — | — | — | 12,496 | 12,496 | — | — | 12,496 | 12,496 | |||||||||||||||||||||||||||||||
Other noncurrent liabilities | 8,142 | 8,142 | 3,950 | 3,950 | 215 | 215 | — | — | 12,307 | 12,307 | |||||||||||||||||||||||||||||||
Total liabilities | 522,513 | 517,445 | 529,094 | 529,094 | 212,053 | 211,483 | (516,692 | ) | (512,824 | ) | 746,968 | 745,198 | |||||||||||||||||||||||||||||
Total shareholders’ equity | 794,771 | 759,699 | 595,700 | 590,440 | 206,065 | 170,348 | (801,765 | ) | (760,788 | ) | 794,771 | 759,699 | |||||||||||||||||||||||||||||
Total liabilities and shareholders’ equity | $ | 1,317,284 | $ | 1,277,144 | $ | 1,124,794 | $ | 1,119,534 | $ | 418,118 | $ | 381,831 | $ | (1,318,457 | ) | $ | (1,273,612 | ) | $ | 1,541,739 | $ | 1,504,897 | |||||||||||||||||||
(1): | Previously reported balances represent the amounts reported in the Condensed Consolidating Balance Sheet in the Company’s Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2013 as filed with the SEC on September 24, 2013. The previously reported Guarantor Subsidiary and Consolidated balances of inventory, cost in excess of billings, and deferred revenue have been adjusted by $(359), $544, and $185 to correct the prior presentation. The previously reported balances of current deferred income tax assets, non-current deferred income tax assets, intercompany investments, other accrued liabilities, non-current deferred income taxes, and shareholders’ equity, were adjusted by $4,081, $-, $(6,671), $(685), $(1,905), and $- for the Parent; by $(2,437), $(28,271), $-, $-, $(26,646), and $(4,062) for the Guarantor Subsidiaries; by $(1,644), $(169), $-, $685, $111, and $(2,609) for the Non-Guarantor Subsidiaries; and by $-, $28,440, $6,671, $-, $28,440, and $6,671 for the Eliminations, to correct the presentation of deferred income tax balances. | ||||||||||||||||||||||||||||||||||||||||
Condensed Consolidating Balance Sheet | |||||||||||||||||||||||||||||||||||||||||
September 30, 2013 | |||||||||||||||||||||||||||||||||||||||||
(unaudited) | |||||||||||||||||||||||||||||||||||||||||
RTI | Guarantors | Non-Guarantors | Eliminations | Consolidated | |||||||||||||||||||||||||||||||||||||
International | |||||||||||||||||||||||||||||||||||||||||
Metals, Inc. | |||||||||||||||||||||||||||||||||||||||||
Previously | As Restated | Previously | As Restated | Previously | As | Previously | As Restated | Previously | As Restated | ||||||||||||||||||||||||||||||||
Reported (1) | Reported (1) | Reported (1) | Restated | Reported (1) | Reported (1) | ||||||||||||||||||||||||||||||||||||
ASSETS | |||||||||||||||||||||||||||||||||||||||||
Current assets: | |||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | — | $ | 263,561 | $ | 263,561 | $ | 51,460 | $ | 51,460 | $ | — | $ | — | $ | 315,021 | $ | 315,021 | |||||||||||||||||||||
Short term investments | — | — | 45,187 | 45,187 | — | — | — | — | 45,187 | 45,187 | |||||||||||||||||||||||||||||||
Receivables, net | 716 | 716 | 64,790 | 64,790 | 76,167 | 75,463 | (22,846 | ) | (22,846 | ) | 118,827 | 118,123 | |||||||||||||||||||||||||||||
Inventories, net | — | — | 251,257 | 251,257 | 167,901 | 161,199 | — | — | 419,158 | 412,456 | |||||||||||||||||||||||||||||||
Costs in excess of billings | — | — | 1,242 | 1,242 | 3,425 | 3,425 | — | — | 4,667 | 4,667 | |||||||||||||||||||||||||||||||
Deferred income taxes | 31,290 | 31,290 | — | — | 116 | 116 | — | — | 31,406 | 31,406 | |||||||||||||||||||||||||||||||
Assets of discontinued operations | — | — | — | — | — | 7,582 | — | — | — | 7,582 | |||||||||||||||||||||||||||||||
Other current assets | 16,361 | 16,075 | 1,676 | 1,676 | 5,004 | 5,157 | — | 23,041 | 22,908 | ||||||||||||||||||||||||||||||||
Total current assets | 48,367 | 48,081 | 627,713 | 627,713 | 304,073 | 304,402 | (22,846 | ) | (22,846 | ) | 957,307 | 957,350 | |||||||||||||||||||||||||||||
Property, plant, and equipment, net | 2,124 | 2,124 | 297,308 | 297,308 | 68,417 | 68,306 | — | — | 367,849 | 367,738 | |||||||||||||||||||||||||||||||
Goodwill | — | — | 93,665 | 93,665 | 36,173 | 36,108 | — | — | 129,838 | 129,773 | |||||||||||||||||||||||||||||||
Other intangible assets, net | — | — | 33,226 | 33,226 | 19,816 | 19,816 | — | — | 53,042 | 53,042 | |||||||||||||||||||||||||||||||
Deferred income taxes | — | — | — | — | 34,065 | — | (4,630 | ) | — | 29,435 | — | ||||||||||||||||||||||||||||||
Other noncurrent assets | 10,982 | 10,982 | 201 | 201 | 3,727 | 3,727 | — | — | 14,910 | 14,910 | |||||||||||||||||||||||||||||||
Intercompany investments | 1,274,085 | 1,240,173 | 26,265 | 26,265 | 5,221 | 5,221 | (1,305,571 | ) | (1,271,659 | ) | — | — | |||||||||||||||||||||||||||||
Total assets | $ | 1,335,558 | $ | 1,301,360 | $ | 1,078,378 | $ | 1,078,378 | $ | 471,492 | $ | 437,580 | $ | (1,333,047 | ) | $ | (1,294,505 | ) | $ | 1,552,381 | $ | 1,522,813 | |||||||||||||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||||||||||||||||||||||||||||||||||||
Current liabilities: | |||||||||||||||||||||||||||||||||||||||||
Accounts payable | $ | 1,256 | $ | 1,256 | $ | 55,171 | $ | 55,171 | $ | 41,458 | $ | 41,111 | $ | (22,846 | ) | $ | (22,846 | ) | $ | 75,039 | $ | 74,692 | |||||||||||||||||||
Accrued wages and other employee costs | 5,763 | 5,763 | 15,594 | 15,594 | 8,444 | 8,340 | — | — | 29,801 | 29,697 | |||||||||||||||||||||||||||||||
Unearned revenue | — | — | — | — | 38,467 | 38,467 | — | — | 38,467 | 38,467 | |||||||||||||||||||||||||||||||
Liabilities of discontinued operations | — | — | — | — | — | 471 | — | — | — | 471 | |||||||||||||||||||||||||||||||
Other accrued liabilities | 8,911 | 8,911 | 8,054 | 8,054 | 9,072 | 9,052 | — | — | 26,037 | 26,017 | |||||||||||||||||||||||||||||||
Total current liabilities | 15,930 | 15,930 | 78,819 | 78,819 | 97,441 | 97,441 | (22,846 | ) | (22,846 | ) | 169,344 | 169,344 | |||||||||||||||||||||||||||||
Long-term debt | 418,269 | 418,269 | 980 | 980 | — | — | — | — | 419,249 | 419,249 | |||||||||||||||||||||||||||||||
Intercompany debt | — | — | 350,821 | 350,821 | 111,758 | 111,758 | (462,579 | ) | (462,579 | ) | — | — | |||||||||||||||||||||||||||||
Liability for post-retirement benefits | — | — | 44,112 | 44,112 | — | — | — | — | 44,112 | 44,112 | |||||||||||||||||||||||||||||||
Liability for pension benefits | 6,856 | 6,856 | 3,281 | 3,281 | 160 | 160 | — | — | 10,297 | 10,297 | |||||||||||||||||||||||||||||||
Deferred income taxes | 75,030 | 75,030 | — | — | 3,482 | 3,482 | (4,630 | ) | — | 73,882 | 78,512 | ||||||||||||||||||||||||||||||
Unearned revenue | — | — | — | — | 12,033 | 12,033 | — | — | 12,033 | 12,033 | |||||||||||||||||||||||||||||||
Other noncurrent liabilities | 8,143 | 8,143 | 3,753 | 3,753 | 238 | 238 | — | — | 12,134 | 12,134 | |||||||||||||||||||||||||||||||
Total liabilities | 524,228 | 524,228 | 481,766 | 481,766 | 225,112 | 225,112 | (490,055 | ) | (485,425 | ) | 741,051 | 745,681 | |||||||||||||||||||||||||||||
Total shareholders’ equity | 811,330 | 777,132 | 596,612 | 596,612 | 246,380 | 212,468 | (842,992 | ) | (809,080 | ) | 811,330 | 777,132 | |||||||||||||||||||||||||||||
Total liabilities and shareholders’ equity | $ | 1,335,558 | $ | 1,301,360 | $ | 1,078,378 | $ | 1,078,378 | $ | 471,492 | $ | 437,580 | $ | (1,333,047 | ) | $ | (1,294,505 | ) | $ | 1,552,381 | $ | 1,522,813 | |||||||||||||||||||
(1): | Previously reported balances represent the amounts reported in the Condensed Consolidating Balance Sheet in the Company’s Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2013 as filed with the SEC on November 12, 2013. The previously reported Guarantor Subsidiary and Consolidated balances of inventory and cost in excess of billings have been adjusted by $(1,242) and $1,242 to correct the prior presentation. The previously reported balances of current deferred income tax assets, non-current deferred income tax assets, intercompany investments, other accrued liabilities, non-current deferred income taxes and shareholders’ equity, were adjusted by $4,812, $—, $(11,850), $(685), $(6,353), and $- for the Parent; by $(2,629), $(27,604), $-, $-, $(21,587), and $(8,646) for the Guarantor Subsidiaries; by $(2,183), $(174), $-, $685, $162, and, $(3,204) for the Non-Guarantor Subsidiaries; and by $-, $27,778, $11,850, $-, $27,778, and $11,850 for the Eliminations, to correct the presentation of deferred income tax balances. | ||||||||||||||||||||||||||||||||||||||||
Condensed Consolidating Balance Sheet | |||||||||||||||||||||||||||||||||||||||||
March 31, 2012 | |||||||||||||||||||||||||||||||||||||||||
(unaudited) | |||||||||||||||||||||||||||||||||||||||||
RTI International | Guarantors | Non-Guarantors | Eliminations | Consolidated | |||||||||||||||||||||||||||||||||||||
Metals, Inc. | |||||||||||||||||||||||||||||||||||||||||
Previously | As | Previously | As | Previously | As | Previously | As | Previously | As | ||||||||||||||||||||||||||||||||
Reported (1) | Restated | Reported (1)(2) | Restated | Reported (1) | Restated | Reported (1) | Restated | Reported (2) | Restated | ||||||||||||||||||||||||||||||||
ASSETS | |||||||||||||||||||||||||||||||||||||||||
Current assets: | |||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | — | $ | 109,419 | $ | 109,419 | $ | 8,453 | $ | 8,453 | $ | — | $ | — | $ | 117,872 | $ | 117,872 | |||||||||||||||||||||
Receivables, net | 209 | 209 | 77,874 | 77,874 | 64,298 | 62,772 | (39,218 | ) | (39,218 | ) | 103,163 | 101,637 | |||||||||||||||||||||||||||||
Inventories, net | — | — | 166,538 | 166,538 | 139,493 | 130,521 | — | — | 306,031 | 297,059 | |||||||||||||||||||||||||||||||
Costs in excess of billings | — | — | 1,602 | 1,602 | 5 | 5 | — | — | 1,607 | 1,607 | |||||||||||||||||||||||||||||||
Deferred income taxes | 20,475 | 20,475 | — | — | — | — | — | — | 20,475 | 20,475 | |||||||||||||||||||||||||||||||
Assets of discontinued operations | — | — | — | — | 18,598 | 29,581 | — | — | 18,598 | 29,581 | |||||||||||||||||||||||||||||||
Other current assets | 5,737 | 5,340 | 4,496 | 4,496 | 2,963 | 3,360 | (1,927 | ) | (1,927 | ) | 11,269 | 11,269 | |||||||||||||||||||||||||||||
Total current assets | 26,421 | 26,024 | 359,929 | 359,929 | 233,810 | 234,692 | (41,145 | ) | (41,145 | ) | 579,015 | 579,500 | |||||||||||||||||||||||||||||
Property, plant, and equipment, net | 634 | 634 | 296,407 | 296,407 | 64,423 | 64,296 | — | — | 361,464 | 361,337 | |||||||||||||||||||||||||||||||
Goodwill | — | — | 96,942 | 96,942 | 36,653 | 36,295 | — | — | 133,595 | 133,237 | |||||||||||||||||||||||||||||||
Other intangible assets, net | — | — | 37,079 | 37,079 | 22,448 | 22,448 | — | — | 59,527 | 59,527 | |||||||||||||||||||||||||||||||
Deferred income taxes | — | — | — | — | 29,864 | — | (753 | ) | — | 29,111 | — | ||||||||||||||||||||||||||||||
Other noncurrent assets | 4,329 | 4,329 | 201 | 201 | 3,946 | 3,946 | — | — | 8,476 | 8,476 | |||||||||||||||||||||||||||||||
Intercompany investments | 940,478 | 911,011 | 22,840 | 22,840 | 2,621 | 2,621 | (965,939 | ) | (936,472 | ) | — | — | |||||||||||||||||||||||||||||
Total assets | $ | 971,862 | $ | 941,998 | $ | 813,398 | $ | 813,398 | $ | 393,765 | $ | 364,298 | $ | (1,007,837 | ) | $ | (977,617 | ) | $ | 1,171,188 | $ | 1,142,077 | |||||||||||||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||||||||||||||||||||||||||||||||||||
Current liabilities: | |||||||||||||||||||||||||||||||||||||||||
Accounts payable | $ | 1,111 | $ | 1,111 | $ | 48,077 | $ | 48,077 | $ | 54,862 | $ | 53,350 | $ | (39,213 | ) | $ | (39,213 | ) | $ | 64,837 | $ | 63,325 | |||||||||||||||||||
Accrued wages and employee costs | 3,160 | 3,160 | 11,248 | 11,248 | 5,282 | 5,170 | — | — | 19,690 | 19,578 | |||||||||||||||||||||||||||||||
Unearned revenue | — | — | 804 | 804 | 35,785 | 35,785 | — | — | 36,589 | 36,589 | |||||||||||||||||||||||||||||||
Liabilities of discontinued operations | — | — | — | — | 3,879 | 5,588 | — | — | 3,879 | 5,588 | |||||||||||||||||||||||||||||||
Other accrued liabilities | 5,947 | 6,150 | 10,752 | 10,752 | 7,001 | 6,916 | (1,932 | ) | (1,932 | ) | 21,768 | 21,886 | |||||||||||||||||||||||||||||
Total current liabilities | 10,218 | 10,421 | 70,881 | 70,881 | 106,809 | 106,809 | (41,145 | ) | (41,145 | ) | 146,763 | 146,966 | |||||||||||||||||||||||||||||
Long-term debt | 189,313 | 189,313 | 1,876 | 1,876 | — | — | — | 191,189 | 191,189 | ||||||||||||||||||||||||||||||||
Intercompany debt | — | — | 113,669 | 113,669 | 98,057 | 98,057 | (211,726 | ) | (211,726 | ) | — | — | |||||||||||||||||||||||||||||
Liability for post-retirement benefits | — | — | 41,806 | 41,806 | — | — | — | — | 41,806 | 41,806 | |||||||||||||||||||||||||||||||
Liability for pension benefits | 6,227 | 6,227 | 8,193 | 8,193 | 677 | 677 | — | — | 15,097 | 15,097 | |||||||||||||||||||||||||||||||
Deferred income taxes | 30,058 | 30,058 | — | — | 3,836 | 3,836 | (753 | ) | — | 33,141 | 33,894 | ||||||||||||||||||||||||||||||
Unearned revenue | — | — | — | — | 3,504 | 3,504 | — | — | 3,504 | 3,504 | |||||||||||||||||||||||||||||||
Other noncurrent liabilities | 5,253 | 5,253 | 3,464 | 3,464 | 199 | 199 | (21 | ) | (21 | ) | 8,895 | 8,895 | |||||||||||||||||||||||||||||
Total liabilities | 241,069 | 241,272 | 239,889 | 239,889 | 213,082 | 213,082 | (253,645 | ) | (252,892 | ) | 440,395 | 441,351 | |||||||||||||||||||||||||||||
Total shareholders’ equity | 730,793 | 700,726 | 573,509 | 573,509 | 180,683 | 151,216 | (754,192 | ) | (724,725 | ) | 730,793 | 700,726 | |||||||||||||||||||||||||||||
Total liabilities and shareholders’ equity | $ | 971,862 | $ | 941,998 | $ | 813,398 | $ | 813,398 | $ | 393,765 | $ | 364,298 | $ | (1,007,837 | ) | $ | (977,617 | ) | $ | 1,171,188 | $ | 1,142,077 | |||||||||||||||||||
-1 | The previously reported balances of current deferred income tax assets, non-current deferred income tax assets, intercompany investments, other accrued liabilities, non-current deferred income taxes, and shareholders’ equity were adjusted by $3,298, $-, $(10,752), $(764), $(6,690), and $- for the Parent; by $(2,290), $(25,995), $-, $-, $(19,560), and $(8,725) for the Guarantor Subsidiaries; by $(1,008), $(33), $-, $764, $222, and $(2,027) for the Non-Guarantor Subsidiaries; and by $-, $26,028, $10,752, $-, $26,028, and $10,752 for the Eliminations, to correct the presentation of deferred income tax balances. | ||||||||||||||||||||||||||||||||||||||||
(2): | The previously reported Guarantor Subsidiary and Consolidated balances of inventory, cost in excess of billings, and deferred revenue have been adjusted by $(1,596), $1,602, and $6 to correct the prior presentation. | ||||||||||||||||||||||||||||||||||||||||
Condensed Consolidating Balance Sheet | |||||||||||||||||||||||||||||||||||||||||
30-Jun-12 | |||||||||||||||||||||||||||||||||||||||||
(unaudited) | |||||||||||||||||||||||||||||||||||||||||
RTI International | Guarantors | Non-Guarantors | Eliminations | Consolidated | |||||||||||||||||||||||||||||||||||||
Metals, Inc. | |||||||||||||||||||||||||||||||||||||||||
Previously | As | Previously | As | Previously | As | Previously | As | Previously | As | ||||||||||||||||||||||||||||||||
Reported (1) | Restated | Reported (1)(2) | Restated | Reported (1) | Restated | Reported (1) | Restated | Reported (2) | Restated | ||||||||||||||||||||||||||||||||
ASSETS | |||||||||||||||||||||||||||||||||||||||||
Current assets: | |||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | — | $ | 92,864 | $ | 92,864 | $ | 6,661 | $ | 6,661 | $ | — | $ | — | $ | 99,525 | $ | 99,525 | |||||||||||||||||||||
Receivables, net | 162 | 162 | 76,198 | 76,198 | 60,685 | 59,489 | (33,288 | ) | (33,288 | ) | 103,757 | 102,561 | |||||||||||||||||||||||||||||
Inventories, net | — | — | 176,305 | 176,305 | 149,029 | 140,168 | — | — | 325,334 | 316,473 | |||||||||||||||||||||||||||||||
Costs in excess of billings | — | — | 1,857 | 1,857 | 658 | 658 | — | — | 2,515 | 2,515 | |||||||||||||||||||||||||||||||
Deferred income taxes | 20,775 | 20,775 | — | — | — | — | — | — | 20,775 | 20,775 | |||||||||||||||||||||||||||||||
Assets of discontinued operations | — | — | — | — | 17,633 | 28,165 | — | — | 17,633 | 28,165 | |||||||||||||||||||||||||||||||
Other current assets | 4,271 | 3,874 | 4,565 | 4,565 | 4,433 | 4,830 | — | — | 13,269 | 13,269 | |||||||||||||||||||||||||||||||
Total current assets | 25,208 | 24,811 | 351,789 | 351,789 | 239,099 | 239,971 | (33,288 | ) | (33,288 | ) | 582,808 | 583,283 | |||||||||||||||||||||||||||||
Property, plant, and equipment, net | 543 | 543 | 301,438 | 301,438 | 63,754 | 63,637 | — | — | 365,735 | 365,618 | |||||||||||||||||||||||||||||||
Goodwill | — | — | 96,942 | 96,942 | 36,628 | 36,270 | — | — | 133,570 | 133,212 | |||||||||||||||||||||||||||||||
Other intangible assets, net | — | — | 36,436 | 36,436 | 21,815 | 21,815 | — | — | 58,251 | 58,251 | |||||||||||||||||||||||||||||||
Deferred income taxes | — | — | — | — | 30,719 | — | (1,480 | ) | — | 29,239 | — | ||||||||||||||||||||||||||||||
Other noncurrent assets | 4,768 | 4,768 | 201 | 201 | 3,823 | 3,823 | — | — | 8,792 | 8,792 | |||||||||||||||||||||||||||||||
Intercompany investments | 950,229 | 919,907 | 25,350 | 25,350 | 3,034 | 3,034 | (978,613 | ) | (948,291 | ) | — | — | |||||||||||||||||||||||||||||
Total assets | $ | 980,748 | $ | 950,029 | $ | 812,156 | $ | 812,156 | $ | 398,872 | $ | 368,550 | $ | (1,013,381 | ) | $ | (981,579 | ) | $ | 1,178,395 | $ | 1,149,156 | |||||||||||||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||||||||||||||||||||||||||||||||||||
Current liabilities: | |||||||||||||||||||||||||||||||||||||||||
Accounts payable | $ | 1,021 | $ | 1,021 | $ | 43,562 | $ | 43,562 | $ | 49,789 | $ | 49,356 | $ | (33,288 | ) | $ | (33,288 | ) | $ | 61,084 | $ | 60,651 | |||||||||||||||||||
Accrued wages and other employee costs | 4,465 | 4,465 | 13,477 | 13,477 | 6,929 | 6,810 | — | — | 24,871 | 24,752 | |||||||||||||||||||||||||||||||
Unearned revenue | — | — | 726 | 726 | 36,140 | 36,140 | — | — | 36,866 | 36,866 | |||||||||||||||||||||||||||||||
Liabilities of discontinued operations | — | — | — | — | 3,494 | 4,087 | — | — | 3,494 | 4,087 | |||||||||||||||||||||||||||||||
Other accrued liabilities | 5,608 | 5,845 | 7,823 | 7,823 | 8,249 | 8,208 | — | — | 21,680 | 21,876 | |||||||||||||||||||||||||||||||
Total current liabilities | 11,094 | 11,331 | 65,588 | 65,588 | 104,601 | 104,601 | (33,288 | ) | (33,288 | ) | 147,995 | 148,232 | |||||||||||||||||||||||||||||
Long-term debt | 191,699 | 191,699 | 2,028 | 2,028 | — | — | — | 193,727 | 193,727 | ||||||||||||||||||||||||||||||||
Intercompany debt | — | — | 111,916 | 111,916 | 100,929 | 100,929 | (212,845 | ) | (212,845 | ) | — | — | |||||||||||||||||||||||||||||
Liability for post-retirement benefits | — | — | 42,000 | 42,000 | — | — | — | — | 42,000 | 42,000 | |||||||||||||||||||||||||||||||
Liability for pension benefits | 6,133 | 6,133 | 6,730 | 6,730 | 539 | 539 | — | — | 13,402 | 13,402 | |||||||||||||||||||||||||||||||
Deferred income taxes | 31,393 | 31,393 | — | — | 3,836 | 3,836 | (1,480 | ) | — | 33,749 | 35,229 | ||||||||||||||||||||||||||||||
Unearned revenue | — | — | — | — | 3,385 | 3,385 | — | — | 3,385 | 3,385 | |||||||||||||||||||||||||||||||
Other noncurrent liabilities | 5,261 | 5,261 | 3,491 | 3,491 | 217 | 217 | — | — | 8,969 | 8,969 | |||||||||||||||||||||||||||||||
Total liabilities | 245,580 | 245,817 | 231,753 | 231,753 | 213,507 | 213,507 | (247,613 | ) | (246,133 | ) | 443,227 | 444,944 | |||||||||||||||||||||||||||||
Total shareholders’ equity | 735,168 | 704,212 | 580,403 | 580,403 | 185,365 | 155,043 | (765,768 | ) | (735,446 | ) | 735,168 | 704,212 | |||||||||||||||||||||||||||||
Total liabilities and shareholders’ equity | $ | 980,748 | $ | 950,029 | $ | 812,156 | $ | 812,156 | $ | 398,872 | $ | 368,550 | $ | (1,013,381 | ) | $ | (981,579 | ) | $ | 1,178,395 | $ | 1,149,156 | |||||||||||||||||||
-1 | The previously reported balances of current deferred income tax assets, non-current deferred income tax assets, intercompany investments, other accrued liabilities, non-current deferred income taxes, and shareholders’ equity were adjusted by $3,598, $-, $(9,842), $(780), $(5,464), and $- for the Parent; by $(2,290), $(25,314), $-, $-, $(20,104), and $(7,500) for the Guarantor Subsidiaries; by $(1,308), $(31), $-, $780, $223, and $(2,342) for the Non-Guarantor Subsidiaries; and by $-, $25,345, $9,842, $-, $25,345, and $9,842 for the Eliminations, to correct the presentation of deferred income tax balances. | ||||||||||||||||||||||||||||||||||||||||
-2 | The previously Guarantor Subsidiary and Consolidated balances of inventory, cost in excess of billings, and deferred revenue have been adjusted by $(1,835), $1,857, and $22 to correct the prior presentation. | ||||||||||||||||||||||||||||||||||||||||
Condensed Consolidating Balance Sheet | |||||||||||||||||||||||||||||||||||||||||
September 30, 2012 | |||||||||||||||||||||||||||||||||||||||||
(unaudited) | |||||||||||||||||||||||||||||||||||||||||
RTI International | Guarantors | Non-Guarantors | Eliminations | Consolidated | |||||||||||||||||||||||||||||||||||||
Metals, Inc. | |||||||||||||||||||||||||||||||||||||||||
Previously | As | Previously | As | Previously | As | Previously | As | Previously | As | ||||||||||||||||||||||||||||||||
Reported (1) | Restated | Reported (1)(2) | Restated | Reported (1) | Restated | Reported (1) | Restated | Reported (2) | Restated | ||||||||||||||||||||||||||||||||
ASSETS | |||||||||||||||||||||||||||||||||||||||||
Current assets: | |||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | — | $ | 69,907 | $ | 69,907 | $ | 3,482 | $ | 3,482 | $ | — | $ | — | $ | 73,389 | $ | 73,389 | |||||||||||||||||||||
Short term investments | — | — | 3,998 | 3,998 | — | — | — | — | 3,998 | 3,998 | |||||||||||||||||||||||||||||||
Receivables, net | 126 | 126 | 80,480 | 80,480 | 63,115 | 62,196 | (29,473 | ) | (29,473 | ) | 114,248 | 113,329 | |||||||||||||||||||||||||||||
Inventories, net | — | — | 188,662 | 188,662 | 162,992 | 154,020 | — | — | 351,654 | 342,682 | |||||||||||||||||||||||||||||||
Costs in excess of billings | — | — | 1,344 | 1,344 | 2,151 | 2,151 | — | — | 3,495 | 3,495 | |||||||||||||||||||||||||||||||
Deferred income taxes | 22,059 | 22,059 | — | — | — | — | — | — | 22,059 | 22,059 | |||||||||||||||||||||||||||||||
Assets of discontinued operations | — | — | — | — | 16,799 | 27,158 | — | — | 16,799 | 27,158 | |||||||||||||||||||||||||||||||
Other current assets | 4,021 | 3,624 | 4,070 | 4,070 | 4,449 | 4,846 | (1,380 | ) | (1,380 | ) | 11,160 | 11,160 | |||||||||||||||||||||||||||||
Total current assets | 26,206 | 25,809 | 348,461 | 348,461 | 252,988 | 253,853 | (30,853 | ) | (30,853 | ) | 596,802 | 597,270 | |||||||||||||||||||||||||||||
Property, plant, and equipment, net | 1,336 | 1,336 | 301,681 | 301,681 | 64,751 | 64,641 | — | — | 367,768 | 367,658 | |||||||||||||||||||||||||||||||
Marketable securities | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||
Goodwill | — | — | 94,494 | 94,494 | 37,112 | 36,754 | — | — | 131,606 | 131,248 | |||||||||||||||||||||||||||||||
Other intangible assets, net | — | — | 35,795 | 35,795 | 21,869 | 21,869 | — | — | 57,664 | 57,664 | |||||||||||||||||||||||||||||||
Deferred income taxes | — | — | — | — | 32,786 | — | (589 | ) | — | 32,197 | — | ||||||||||||||||||||||||||||||
Other noncurrent assets | 4,442 | 4,442 | 2,781 | 2,781 | 3,710 | 3,710 | (2,580 | ) | (2,580 | ) | 8,353 | 8,353 | |||||||||||||||||||||||||||||
Intercompany investments | 965,123 | 932,734 | 26,492 | 26,492 | 3,408 | 3,408 | (995,023 | ) | (962,634 | ) | — | — | |||||||||||||||||||||||||||||
Total assets | $ | 997,107 | $ | 964,321 | $ | 809,704 | $ | 809,704 | $ | 416,624 | $ | 384,235 | $ | (1,029,045 | ) | $ | (996,067 | ) | $ | 1,194,390 | $ | 1,162,193 | |||||||||||||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||||||||||||||||||||||||||||||||||||
Current liabilities: | |||||||||||||||||||||||||||||||||||||||||
Accounts payable | $ | 1,003 | $ | 1,003 | $ | 46,543 | $ | 46,543 | $ | 49,093 | $ | 48,239 | $ | (29,473 | ) | $ | (29,473 | ) | $ | 67,166 | $ | 66,312 | |||||||||||||||||||
Accrued wages and other employee costs | 5,177 | 5,177 | 15,629 | 15,629 | 8,639 | 8,501 | — | — | 29,445 | 29,307 | |||||||||||||||||||||||||||||||
Unearned revenue | — | — | 674 | 674 | 34,018 | 34,018 | — | — | 34,692 | 34,692 | |||||||||||||||||||||||||||||||
Liabilities of discontinued operations | — | — | — | — | 3,198 | 4,190 | — | — | 3,198 | 4,190 | |||||||||||||||||||||||||||||||
Other accrued liabilities | 10,348 | 10,444 | 9,192 | 9,192 | 9,298 | 9,298 | (1,380 | ) | (1,380 | ) | 27,458 | 27,554 | |||||||||||||||||||||||||||||
Total current liabilities | 16,528 | 16,624 | 72,038 | 72,038 | 104,246 | 104,246 | (30,853 | ) | (30,853 | ) | 161,959 | 162,055 | |||||||||||||||||||||||||||||
Long-term debt | 194,153 | 194,153 | 1,926 | 1,926 | — | — | — | — | 196,079 | 196,079 | |||||||||||||||||||||||||||||||
Intercompany debt | — | — | 112,535 | 112,535 | 106,684 | 106,684 | (219,219 | ) | (219,219 | ) | — | — | |||||||||||||||||||||||||||||
Liability for post-retirement benefits | — | — | 42,220 | 42,220 | — | — | — | — | 42,220 | 42,220 | |||||||||||||||||||||||||||||||
Liability for pension benefits | 4,976 | 4,976 | — | — | 159 | 159 | (2,580 | ) | (2,580 | ) | 2,555 | 2,555 | |||||||||||||||||||||||||||||
Deferred income taxes | 30,416 | 30,416 | — | — | 3,836 | 3,836 | (589 | ) | — | 33,663 | 34,252 | ||||||||||||||||||||||||||||||
Unearned revenue | — | — | — | — | 3,240 | 3,240 | — | — | 3,240 | 3,240 | |||||||||||||||||||||||||||||||
Other noncurrent liabilities | 5,268 | 5,268 | 3,430 | 3,430 | 210 | 210 | — | — | 8,908 | 8,908 | |||||||||||||||||||||||||||||||
Total liabilities | 251,341 | 251,437 | 232,149 | 232,149 | 218,375 | 218,375 | (253,241 | ) | (252,652 | ) | 448,624 | 449,309 | |||||||||||||||||||||||||||||
Total shareholders’ equity | 745,766 | 712,884 | 577,555 | 577,555 | 198,249 | 165,860 | (775,804 | ) | (743,415 | ) | 745,766 | 712,884 | |||||||||||||||||||||||||||||
Total liabilities and shareholders’ equity | $ | 997,107 | $ | 964,321 | $ | 809,704 | $ | 809,704 | $ | 416,624 | $ | 384,235 | $ | (1,029,045 | ) | $ | (996,067 | ) | $ | 1,194,390 | $ | 1,162,193 | |||||||||||||||||||
(1): | The previously reported balances of current deferred income tax assets, non-current deferred income tax assets, intercompany investments, other accrued liabilities, non-current deferred income taxes, and shareholders’ equity were adjusted by $4,883, $-, $(12,214), $(780), $(6,551), and $- for the Parent; by $(2,593), $(26,313), $-, $-, $(20,104), and $(8,802) for the Guarantor Subsidiaries; by $(2,290), $(32), $-, $780, $310, and $(3,412) for the Non-Guarantor Subsidiaries; and by $-, $26,345, $12,214, $-, $26,345, and $12,214 for the Eliminations, to correct the presentation of deferred income tax balances. | ||||||||||||||||||||||||||||||||||||||||
(2): | The previously reported Guarantor Subsidiary and Consolidated balances of inventory, cost in excess of billings, and deferred revenue have been adjusted by $(1,175), $1,344, and $169 to correct the prior presentation. | ||||||||||||||||||||||||||||||||||||||||
Effects of Restatement on Condensed Statement of Cash Flows Quarterly Financial Information | ' | ||||||||||||||||||||||||||||||||||||||||
Condensed | |||||||||||||||||||||||||||||||||||||||||
Consolidated Statement of Cash Flows | |||||||||||||||||||||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||||||||||
March 31, 2013 | |||||||||||||||||||||||||||||||||||||||||
Previously | Revision | Restatement | Currently | ||||||||||||||||||||||||||||||||||||||
Reported (1) | Adjustment (2) | Adjustment | Reported | ||||||||||||||||||||||||||||||||||||||
OPERATING ACTIVITIES: | |||||||||||||||||||||||||||||||||||||||||
Net income | $ | 6,968 | $ | (458 | ) | $ | (1,625 | ) | $ | 4,885 | |||||||||||||||||||||||||||||||
Adjustment for non-cash items included in net income: | |||||||||||||||||||||||||||||||||||||||||
Depreciation and amortization | 11,000 | — | — | 11,000 | |||||||||||||||||||||||||||||||||||||
Asset and asset-related charges (income) | — | — | — | — | |||||||||||||||||||||||||||||||||||||
Goodwill impairments | 484 | — | — | 484 | |||||||||||||||||||||||||||||||||||||
Deferred income taxes | 3,350 | (178 | ) | 1,625 | 4,797 | ||||||||||||||||||||||||||||||||||||
Stock-based compensation | 1,708 | — | — | 1,708 | |||||||||||||||||||||||||||||||||||||
Excess tax benefits from stock-based compensation activity | (236 | ) | — | — | (236 | ) | |||||||||||||||||||||||||||||||||||
(Gain) loss on sale of property, plant and equipment | — | — | — | — | |||||||||||||||||||||||||||||||||||||
Amortization of discount on long-term debt | 2,562 | — | — | 2,562 | |||||||||||||||||||||||||||||||||||||
Amortization of deferred financing costs | 325 | — | — | 325 | |||||||||||||||||||||||||||||||||||||
Other | (41 | ) | — | — | (41 | ) | |||||||||||||||||||||||||||||||||||
Changes in assets and liabilities: | |||||||||||||||||||||||||||||||||||||||||
Receivables | (9,994 | ) | — | — | (9,994 | ) | |||||||||||||||||||||||||||||||||||
Inventories | (26,091 | ) | 111 | — | (25,980 | ) | |||||||||||||||||||||||||||||||||||
Accounts payable | (6,583 | ) | — | — | (6,583 | ) | |||||||||||||||||||||||||||||||||||
Income taxes payable | 416 | — | — | 416 | |||||||||||||||||||||||||||||||||||||
Unearned revenue | (5,194 | ) | 532 | — | (4,662 | ) | |||||||||||||||||||||||||||||||||||
Cost in excess of billings | (12 | ) | (7 | ) | — | (19 | ) | ||||||||||||||||||||||||||||||||||
Liability for pension benefits | — | — | — | — | |||||||||||||||||||||||||||||||||||||
Other current assets and liabilities | (10,520 | ) | — | 104 | (10,416 | ) | |||||||||||||||||||||||||||||||||||
Other assets and liabilities | 1,135 | — | (104 | ) | 1,031 | ||||||||||||||||||||||||||||||||||||
Cash provided by (used in) operating activities | (30,723 | ) | — | — | (30,723 | ) | |||||||||||||||||||||||||||||||||||
INVESTING ACTIVITIES: | |||||||||||||||||||||||||||||||||||||||||
Acquisitions, net of cash required | — | — | — | — | |||||||||||||||||||||||||||||||||||||
Maturity/sale of investments | — | — | — | — | |||||||||||||||||||||||||||||||||||||
Capital expenditures | (9,160 | ) | — | — | (9,160 | ) | |||||||||||||||||||||||||||||||||||
Purchase of investments | — | — | — | — | |||||||||||||||||||||||||||||||||||||
Proceeds from disposal of property, plant, and equipment | — | — | — | — | |||||||||||||||||||||||||||||||||||||
Cash provided by (used in) investing activities | (9,160 | ) | — | — | (9,160 | ) | |||||||||||||||||||||||||||||||||||
FINANCING ACTIVITIES: | |||||||||||||||||||||||||||||||||||||||||
Proceeds from exercise of employee stock options | 1,239 | — | — | 1,239 | |||||||||||||||||||||||||||||||||||||
Excess tax benefits from stock-based compensation activity | 236 | — | — | 236 | |||||||||||||||||||||||||||||||||||||
Purchase of common stock held in treasury | (399 | ) | — | — | (399 | ) | |||||||||||||||||||||||||||||||||||
Repayments on long-term debt | (220 | ) | — | — | (220 | ) | |||||||||||||||||||||||||||||||||||
Cash provided by (used in) financing activities | 856 | — | — | 856 | |||||||||||||||||||||||||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | (148 | ) | — | — | (148 | ) | |||||||||||||||||||||||||||||||||||
Decrease in cash and cash equivalents | (39,175 | ) | — | — | (39,175 | ) | |||||||||||||||||||||||||||||||||||
Cash and cash equivalents at beginning of period | 97,190 | — | — | 97,190 | |||||||||||||||||||||||||||||||||||||
Cash and cash equivalents at end of period | $ | 58,015 | $ | — | $ | — | $ | 58,015 | |||||||||||||||||||||||||||||||||
(1): | Previously reported balances represent the amounts reported in the Condensed Consolidated Statement of Cash Flows in the Company’s Amended Quarterly Report on Form 10-Q/A for the quarterly period ended March 31, 2013 as filed with the SEC on September 24, 2013. The previously reported changes in inventory, cost in excess of billings, and deferred revenue have been adjusted by $1,040, $(174), and $(866) to correct the prior presentation. | ||||||||||||||||||||||||||||||||||||||||
(2): | Amounts presented as Revision Adjustment represent revisions related to revenue recognition errors related to certain long-term projects, as well as adjustments to goodwill and deferred taxes related to the acquisition of Remmele in 2012, as disclosed in the Company’s Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2013 as filed with the SEC on November 12, 2013. | ||||||||||||||||||||||||||||||||||||||||
Condensed Consolidated Statement of Cash Flows | |||||||||||||||||||||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||||||||||
June 30, 2013 | |||||||||||||||||||||||||||||||||||||||||
Previously | Revision | Restatement | Currently | ||||||||||||||||||||||||||||||||||||||
Reported (1) | Adjustment (2) | Adjustment | Reported | ||||||||||||||||||||||||||||||||||||||
OPERATING ACTIVITIES: | |||||||||||||||||||||||||||||||||||||||||
Net income | $ | 8,141 | $ | (590 | ) | $ | (1,996 | ) | $ | 5,555 | |||||||||||||||||||||||||||||||
Adjustment for non-cash items included in net income: | |||||||||||||||||||||||||||||||||||||||||
Depreciation and amortization | 21,753 | — | — | 21,753 | |||||||||||||||||||||||||||||||||||||
Goodwill impairments | 484 | — | — | 484 | |||||||||||||||||||||||||||||||||||||
Deferred income taxes | 1,810 | (267 | ) | 1,996 | 3,539 | ||||||||||||||||||||||||||||||||||||
Stock-based compensation | 3,126 | — | — | 3,126 | |||||||||||||||||||||||||||||||||||||
Excess tax benefits from stock-based compensation activity | (376 | ) | — | — | (376 | ) | |||||||||||||||||||||||||||||||||||
Amortization of discount on long-term debt | 6,569 | — | — | 6,569 | |||||||||||||||||||||||||||||||||||||
Amortization of deferred financing costs | 753 | — | — | 753 | |||||||||||||||||||||||||||||||||||||
Deferred financing cost writedown | 1,498 | — | — | 1,498 | |||||||||||||||||||||||||||||||||||||
Other | (102 | ) | — | — | (102 | ) | |||||||||||||||||||||||||||||||||||
Changes in assets and liabilities: | |||||||||||||||||||||||||||||||||||||||||
Receivables | (3,054 | ) | — | — | (3,054 | ) | |||||||||||||||||||||||||||||||||||
Inventories | (34,979 | ) | 424 | — | (34,555 | ) | |||||||||||||||||||||||||||||||||||
Accounts payable | (12,900 | ) | — | — | (12,900 | ) | |||||||||||||||||||||||||||||||||||
Income taxes payable | (8,356 | ) | — | — | (8,356 | ) | |||||||||||||||||||||||||||||||||||
Unearned revenue | 22,033 | 1,319 | — | 23,352 | |||||||||||||||||||||||||||||||||||||
Cost in excess of billings | 1,951 | (886 | ) | — | 1,065 | ||||||||||||||||||||||||||||||||||||
Other current assets and liabilities | (11,185 | ) | — | 104 | (11,011 | ) | |||||||||||||||||||||||||||||||||||
Other assets and liabilities | 3,453 | — | (104 | ) | 3,349 | ||||||||||||||||||||||||||||||||||||
Cash provided by (used in) operating activities | 619 | — | — | 619 | |||||||||||||||||||||||||||||||||||||
INVESTING ACTIVITIES: | |||||||||||||||||||||||||||||||||||||||||
Divestitures | 10,475 | — | — | 10,475 | |||||||||||||||||||||||||||||||||||||
Capital expenditures | (19,665 | ) | — | — | (19,665 | ) | |||||||||||||||||||||||||||||||||||
Purchase of investments | (128,291 | ) | — | — | (128,291 | ) | |||||||||||||||||||||||||||||||||||
Cash provided by (used in) investing activities | (137,481 | ) | — | — | (137,481 | ) | |||||||||||||||||||||||||||||||||||
FINANCING ACTIVITIES: | |||||||||||||||||||||||||||||||||||||||||
Proceeds from exercise of employee stock options | 1,489 | — | — | 1,489 | |||||||||||||||||||||||||||||||||||||
Excess tax benefits from stock-based compensation activity | 376 | — | — | 376 | |||||||||||||||||||||||||||||||||||||
Purchase of common stock held in treasury | (399 | ) | — | — | (399 | ) | |||||||||||||||||||||||||||||||||||
Borrowings on long-term debt | 402,500 | — | — | 402,500 | |||||||||||||||||||||||||||||||||||||
Repayments on long-term debt | (120,362 | ) | — | — | (120,362 | ) | |||||||||||||||||||||||||||||||||||
Financing fees | (12,370 | ) | — | — | (12,370 | ) | |||||||||||||||||||||||||||||||||||
Cash provided by (used in) financing activities | 271,234 | — | — | 271,234 | |||||||||||||||||||||||||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | (129 | ) | — | — | (129 | ) | |||||||||||||||||||||||||||||||||||
Decrease in cash and cash equivalents | 134,243 | — | — | 134,243 | |||||||||||||||||||||||||||||||||||||
Cash and cash equivalents at beginning of period | 97,190 | — | — | 97,190 | |||||||||||||||||||||||||||||||||||||
Cash and cash equivalents at end of period | $ | 231,433 | $ | — | $ | — | $ | 231,433 | |||||||||||||||||||||||||||||||||
(1): | Previously reported balances represent the amounts reported in the Condensed Consolidated Statement of Cash Flows in the Company’s Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2013 as filed with the SEC on September 24, 2013. The previously reported changes in inventory, cost in excess of billings, and deferred revenue have been adjusted by $(340), $1,021, and $(681) to correct the prior presentation. | ||||||||||||||||||||||||||||||||||||||||
(2): | Amounts presented as Revision Adjustment represent revisions related to revenue recognition errors related to certain long-term projects, as well as adjustments to goodwill and deferred taxes related to the acquisition of Remmele in 2012, as disclosed in the Company’s Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2013 as filed with the SEC on November 12, 2013. | ||||||||||||||||||||||||||||||||||||||||
Condensed Consolidated Statement of Cash Flows | |||||||||||||||||||||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||||||||||
September 30, 2013 | |||||||||||||||||||||||||||||||||||||||||
Previously | Restatement | Currently | |||||||||||||||||||||||||||||||||||||||
Reported (1) | Adjustment | Reported | |||||||||||||||||||||||||||||||||||||||
OPERATING ACTIVITIES: | |||||||||||||||||||||||||||||||||||||||||
Net income | $ | 19,843 | $ | (1,993 | ) | $ | 17,850 | ||||||||||||||||||||||||||||||||||
Adjustment for non-cash items included in net income: | |||||||||||||||||||||||||||||||||||||||||
Depreciation and amortization | 32,469 | — | 32,469 | ||||||||||||||||||||||||||||||||||||||
Goodwill impairments | 484 | — | 484 | ||||||||||||||||||||||||||||||||||||||
Deferred income taxes | 349 | 1,993 | 2,342 | ||||||||||||||||||||||||||||||||||||||
Stock-based compensation | 4,543 | — | 4,543 | ||||||||||||||||||||||||||||||||||||||
Excess tax benefits from stock-based compensation activity | (405 | ) | — | (405 | ) | ||||||||||||||||||||||||||||||||||||
Amortization of discount on long-term debt | 10,592 | — | 10,592 | ||||||||||||||||||||||||||||||||||||||
Deferred financing cost writedown | 1,498 | — | 1,498 | ||||||||||||||||||||||||||||||||||||||
Other | 1,115 | — | 1,115 | ||||||||||||||||||||||||||||||||||||||
Changes in assets and liabilities: | |||||||||||||||||||||||||||||||||||||||||
Receivables | (14,169 | ) | — | (14,169 | ) | ||||||||||||||||||||||||||||||||||||
Inventories | (35,851 | ) | — | (35,851 | ) | ||||||||||||||||||||||||||||||||||||
Accounts payable | (11,866 | ) | — | (11,866 | ) | ||||||||||||||||||||||||||||||||||||
Income taxes payable | (11,566 | ) | — | (11,566 | ) | ||||||||||||||||||||||||||||||||||||
Unearned revenue | 12,636 | — | 12,636 | ||||||||||||||||||||||||||||||||||||||
Cost in excess of billings | (842 | ) | — | (842 | ) | ||||||||||||||||||||||||||||||||||||
Other current assets and liabilities | (2,493 | ) | 104 | (2,389 | ) | ||||||||||||||||||||||||||||||||||||
Other assets and liabilities | 3 | (104 | ) | (101 | ) | ||||||||||||||||||||||||||||||||||||
Cash provided by (used in) operating activities | 6,340 | — | 6,340 | ||||||||||||||||||||||||||||||||||||||
INVESTING ACTIVITIES: | |||||||||||||||||||||||||||||||||||||||||
Divestitures | 10,475 | — | 10,475 | ||||||||||||||||||||||||||||||||||||||
Maturity/sale of investments | 82,957 | — | 82,957 | ||||||||||||||||||||||||||||||||||||||
Capital expenditures | (26,357 | ) | — | (26,357 | ) | ||||||||||||||||||||||||||||||||||||
Purchase of investments | (128,324 | ) | — | (128,324 | ) | ||||||||||||||||||||||||||||||||||||
Cash provided by (used in) investing activities | (61,249 | ) | — | (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 | ||||||||||||||||||||||||||||||||||||||
Purchase of common stock held in treasury | (399 | ) | — | (399 | ) | ||||||||||||||||||||||||||||||||||||
Borrowings on long-term debt | 402,500 | — | 402,500 | ||||||||||||||||||||||||||||||||||||||
Repayments on long-term debt | (120,590 | ) | — | (120,590 | ) | ||||||||||||||||||||||||||||||||||||
Financing fees | (12,370 | ) | — | (12,370 | ) | ||||||||||||||||||||||||||||||||||||
Cash provided by (used in) financing activities | 271,506 | — | 271,506 | ||||||||||||||||||||||||||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | 1,234 | — | 1,234 | ||||||||||||||||||||||||||||||||||||||
Decrease in cash and cash equivalents | 217,831 | — | 217,831 | ||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents at beginning of period | 97,190 | — | 97,190 | ||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents at end of period | $ | 315,021 | $ | — | $ | 315,021 | |||||||||||||||||||||||||||||||||||
(1): | Previously reported balances represent the amounts reported in the Condensed Consolidated Statement of Cash Flows in the Company’s Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2013 as filed with the SEC on November 12, 2013. The previously reported changes in inventory, cost in excess of billings, and deferred revenue have been adjusted by $543, $323, and $(866) to correct the prior presentation. | ||||||||||||||||||||||||||||||||||||||||
Condensed Consolidated Statement of Cash Flows | |||||||||||||||||||||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||||||||||
March 31, 2012 | |||||||||||||||||||||||||||||||||||||||||
Previously | Restatement | As Corrected | |||||||||||||||||||||||||||||||||||||||
Reported | Adjustment | ||||||||||||||||||||||||||||||||||||||||
-1 | |||||||||||||||||||||||||||||||||||||||||
OPERATING ACTIVITIES: | |||||||||||||||||||||||||||||||||||||||||
Net income | $ | 4,629 | $ | (2,061 | ) | $ | 2,568 | ||||||||||||||||||||||||||||||||||
Adjustment for non-cash items included in net income: | |||||||||||||||||||||||||||||||||||||||||
Depreciation and amortization | 8,734 | — | 8,734 | ||||||||||||||||||||||||||||||||||||||
Deferred income taxes | (2,436 | ) | 2,061 | (375 | ) | ||||||||||||||||||||||||||||||||||||
Stock-based compensation | 1,378 | — | 1,378 | ||||||||||||||||||||||||||||||||||||||
Excess tax benefits from stock-based compensation activity | (61 | ) | — | (61 | ) | ||||||||||||||||||||||||||||||||||||
Amortization of discount on long-term debt | 2,352 | — | 2,352 | ||||||||||||||||||||||||||||||||||||||
Other | (68 | ) | — | (68 | ) | ||||||||||||||||||||||||||||||||||||
Changes in assets and liabilities: | |||||||||||||||||||||||||||||||||||||||||
Receivables | 4,750 | — | 4,750 | ||||||||||||||||||||||||||||||||||||||
Inventories | (29,743 | ) | — | (29,743 | ) | ||||||||||||||||||||||||||||||||||||
Accounts payable | 5,504 | — | 5,504 | ||||||||||||||||||||||||||||||||||||||
Income taxes payable | 1,659 | — | 1,659 | ||||||||||||||||||||||||||||||||||||||
Unearned revenue | 5,630 | — | 5,630 | ||||||||||||||||||||||||||||||||||||||
Cost in excess of billings | 2,677 | — | 2,677 | ||||||||||||||||||||||||||||||||||||||
Other current assets and liabilities | (14,648 | ) | — | (14,648 | ) | ||||||||||||||||||||||||||||||||||||
Other assets and liabilities | (3,316 | ) | — | (3,316 | ) | ||||||||||||||||||||||||||||||||||||
Cash provided by (used in) operating activities | (12,959 | ) | — | (12,959 | ) | ||||||||||||||||||||||||||||||||||||
INVESTING ACTIVITIES: | |||||||||||||||||||||||||||||||||||||||||
Acquisitions, net of cash required | (185,633 | ) | — | (185,633 | ) | ||||||||||||||||||||||||||||||||||||
Maturity/sale of investments | 176,809 | — | 176,809 | ||||||||||||||||||||||||||||||||||||||
Capital expenditures | (17,128 | ) | — | (17,128 | ) | ||||||||||||||||||||||||||||||||||||
Purchase of investments | (38 | ) | — | (38 | ) | ||||||||||||||||||||||||||||||||||||
Cash provided by (used in) investing activities | (25,990 | ) | — | (25,990 | ) | ||||||||||||||||||||||||||||||||||||
FINANCING ACTIVITIES: | |||||||||||||||||||||||||||||||||||||||||
Proceeds from exercise of employee stock options | 120 | — | 120 | ||||||||||||||||||||||||||||||||||||||
Excess tax benefits from stock-based compensation activity | 61 | — | 61 | ||||||||||||||||||||||||||||||||||||||
Purchase of common stock held in treasury | (742 | ) | — | (742 | ) | ||||||||||||||||||||||||||||||||||||
Borrowings on long-term debt | (97 | ) | — | (97 | ) | ||||||||||||||||||||||||||||||||||||
Cash provided by (used in) financing activities | (658 | ) | — | (658 | ) | ||||||||||||||||||||||||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | 637 | — | 637 | ||||||||||||||||||||||||||||||||||||||
Decrease in cash and cash equivalents | (38,970 | ) | — | (38,970 | ) | ||||||||||||||||||||||||||||||||||||
Cash and cash equivalents at beginning of period | 156,842 | — | 156,842 | ||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents at end of period | $ | 117,872 | $ | — | $ | 117,872 | |||||||||||||||||||||||||||||||||||
(1): Previously reported balances represent the amounts presented as “Currently Reported” in the Note 2 to the Company’s Second Amended Annual Report on Form 10-K/A for the annual period ended December 31, 2012 as filed with the SEC on November 12, 2013. The previously reported changes in inventory, cost in excess of billings, and deferred revenue have been adjusted by $(2,288), $2,282, and $6 to correct the prior presentation. | |||||||||||||||||||||||||||||||||||||||||
Condensed Consolidated Statement of Cash Flows | |||||||||||||||||||||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||||||||||
June 30, 2012 | |||||||||||||||||||||||||||||||||||||||||
Previously | Restatement | As | |||||||||||||||||||||||||||||||||||||||
Reported (1) | Adjustment | Corrected | |||||||||||||||||||||||||||||||||||||||
OPERATING ACTIVITIES: | |||||||||||||||||||||||||||||||||||||||||
Net income | $ | 9,175 | $ | (3,582 | ) | $ | 5,593 | ||||||||||||||||||||||||||||||||||
Adjustment for non-cash items included in net income: | |||||||||||||||||||||||||||||||||||||||||
Depreciation and amortization | 18,957 | — | 18,957 | ||||||||||||||||||||||||||||||||||||||
Deferred income taxes | (2,909 | ) | 3,582 | 673 | |||||||||||||||||||||||||||||||||||||
Stock-based compensation | 2,518 | — | 2,518 | ||||||||||||||||||||||||||||||||||||||
Excess tax benefits from stock-based compensation activity | (66 | ) | — | (66 | ) | ||||||||||||||||||||||||||||||||||||
(Gain) loss on sale of property, plant and equipment | (74 | ) | — | (74 | ) | ||||||||||||||||||||||||||||||||||||
Amortization of discount on long-term debt | 4,738 | — | 4,738 | ||||||||||||||||||||||||||||||||||||||
Other | 758 | — | 758 | ||||||||||||||||||||||||||||||||||||||
Changes in assets and liabilities: | |||||||||||||||||||||||||||||||||||||||||
Receivables | 2,904 | — | 2,904 | ||||||||||||||||||||||||||||||||||||||
Inventories | (49,871 | ) | — | (49,871 | ) | ||||||||||||||||||||||||||||||||||||
Accounts payable | 4,172 | — | 4,172 | ||||||||||||||||||||||||||||||||||||||
Income taxes payable | 5,117 | — | 5,117 | ||||||||||||||||||||||||||||||||||||||
Unearned revenue | 5,917 | — | 5,917 | ||||||||||||||||||||||||||||||||||||||
Cost in excess of billings | 1,769 | — | 1,769 | ||||||||||||||||||||||||||||||||||||||
Other current assets and liabilities | (13,425 | ) | — | (13,425 | ) | ||||||||||||||||||||||||||||||||||||
Other assets and liabilities | (3,889 | ) | — | (3,889 | ) | ||||||||||||||||||||||||||||||||||||
Cash provided by (used in) operating activities | (14,209 | ) | — | (14,209 | ) | ||||||||||||||||||||||||||||||||||||
INVESTING ACTIVITIES: | |||||||||||||||||||||||||||||||||||||||||
Acquisitions, net of cash required | (185,633 | ) | — | (185,633 | ) | ||||||||||||||||||||||||||||||||||||
Maturity/sale of investments | 176,809 | — | 176,809 | ||||||||||||||||||||||||||||||||||||||
Capital expenditures | (34,901 | ) | — | (34,901 | ) | ||||||||||||||||||||||||||||||||||||
Purchase of investments | (38 | ) | — | (38 | ) | ||||||||||||||||||||||||||||||||||||
Cash provided by (used in) investing activities | (43,763 | ) | — | (43,763 | ) | ||||||||||||||||||||||||||||||||||||
FINANCING ACTIVITIES: | |||||||||||||||||||||||||||||||||||||||||
Proceeds from exercise of employee stock options | 211 | — | 211 | ||||||||||||||||||||||||||||||||||||||
Excess tax benefits from stock-based compensation activity | 66 | — | 66 | ||||||||||||||||||||||||||||||||||||||
Purchase of common stock held in treasury | (742 | ) | — | (742 | ) | ||||||||||||||||||||||||||||||||||||
Repayments on long-term debt | (298 | ) | — | (298 | ) | ||||||||||||||||||||||||||||||||||||
Cash provided by (used in) financing activities | (763 | ) | — | (763 | ) | ||||||||||||||||||||||||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | 1,418 | — | 1,418 | ||||||||||||||||||||||||||||||||||||||
Decrease in cash and cash equivalents | (57,317 | ) | — | (57,317 | ) | ||||||||||||||||||||||||||||||||||||
Cash and cash equivalents at beginning of period | 156,842 | — | 156,842 | ||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents at end of period | $ | 99,525 | $ | — | $ | 99,525 | |||||||||||||||||||||||||||||||||||
(1): | Previously reported balances represent the amounts presented as “Currently Reported” in the Note 2 to the Company’s Second Amended Annual Report on Form 10-K/A for the annual period ended December 31, 2012 as filed with the SEC on November 12, 2013. The previously reported changes in inventory, cost in excess of billings, and deferred revenue have been adjusted by $(2,049), $2,027, and $22 to correct the prior presentation. | ||||||||||||||||||||||||||||||||||||||||
Condensed Consolidated Statement of Cash Flows | |||||||||||||||||||||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||||||||||
September 30, 2012 | |||||||||||||||||||||||||||||||||||||||||
Previously | Restatement | As | |||||||||||||||||||||||||||||||||||||||
Reported (1) | Adjustment | Corrected | |||||||||||||||||||||||||||||||||||||||
OPERATING ACTIVITIES: | |||||||||||||||||||||||||||||||||||||||||
Net income | $ | 12,763 | $ | (4,395 | ) | $ | 8,368 | ||||||||||||||||||||||||||||||||||
Adjustment for non-cash items included in net income: | |||||||||||||||||||||||||||||||||||||||||
Depreciation and amortization | 29,405 | — | 29,405 | ||||||||||||||||||||||||||||||||||||||
Asset and asset-related charges (income) | 1,617 | — | 1,617 | ||||||||||||||||||||||||||||||||||||||
Deferred income taxes | (4,717 | ) | 4,395 | (322 | ) | ||||||||||||||||||||||||||||||||||||
Stock-based compensation | 3,658 | — | 3,658 | ||||||||||||||||||||||||||||||||||||||
Excess tax benefits from stock-based compensation activity | (100 | ) | — | (100 | ) | ||||||||||||||||||||||||||||||||||||
Amortization of discount on long-term debt | 7,192 | — | 7,192 | ||||||||||||||||||||||||||||||||||||||
Other | 1,498 | — | 1,498 | ||||||||||||||||||||||||||||||||||||||
Changes in assets and liabilities: | |||||||||||||||||||||||||||||||||||||||||
Receivables | (11,799 | ) | — | (11,799 | ) | ||||||||||||||||||||||||||||||||||||
Inventories | (74,061 | ) | — | (74,061 | ) | ||||||||||||||||||||||||||||||||||||
Accounts payable | 10,424 | — | 10,424 | ||||||||||||||||||||||||||||||||||||||
Income taxes payable | 8,893 | — | 8,893 | ||||||||||||||||||||||||||||||||||||||
Unearned revenue | 9,076 | — | 9,076 | ||||||||||||||||||||||||||||||||||||||
Cost in excess of billings | 789 | — | 789 | ||||||||||||||||||||||||||||||||||||||
Other current assets and liabilities | (7,181 | ) | — | (7,181 | ) | ||||||||||||||||||||||||||||||||||||
Other assets and liabilities | (12,907 | ) | — | (12,907 | ) | ||||||||||||||||||||||||||||||||||||
Cash provided by (used in) operating activities | (25,450 | ) | — | (25,450 | ) | ||||||||||||||||||||||||||||||||||||
INVESTING ACTIVITIES: | |||||||||||||||||||||||||||||||||||||||||
Acquisitions, net of cash required | (182,811 | ) | — | (182,811 | ) | ||||||||||||||||||||||||||||||||||||
Maturity/sale of investments | 176,809 | — | 176,809 | ||||||||||||||||||||||||||||||||||||||
Capital expenditures | (47,879 | ) | — | (47,879 | ) | ||||||||||||||||||||||||||||||||||||
Purchase of investments | (4,037 | ) | — | (4,037 | ) | ||||||||||||||||||||||||||||||||||||
Cash provided by (used in) investing activities | (57,918 | ) | — | (57,918 | ) | ||||||||||||||||||||||||||||||||||||
FINANCING ACTIVITIES: | |||||||||||||||||||||||||||||||||||||||||
Proceeds from exercise of employee stock options | 335 | — | 335 | ||||||||||||||||||||||||||||||||||||||
Excess tax benefits from stock-based compensation activity | 100 | — | 100 | ||||||||||||||||||||||||||||||||||||||
Deferred financing costs | (823 | ) | — | (823 | ) | ||||||||||||||||||||||||||||||||||||
Purchase of common stock held in treasury | (742 | ) | — | (742 | ) | ||||||||||||||||||||||||||||||||||||
Repayments on long-term debt | (543 | ) | — | (543 | ) | ||||||||||||||||||||||||||||||||||||
Cash provided by (used in) financing activities | (1,673 | ) | — | (1,673 | ) | ||||||||||||||||||||||||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | 1,588 | — | 1,588 | ||||||||||||||||||||||||||||||||||||||
Decrease in cash and cash equivalents | (83,453 | ) | — | (83,453 | ) | ||||||||||||||||||||||||||||||||||||
Cash and cash equivalents at beginning of period | 156,842 | — | 156,842 | ||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents at end of period | $ | 73,389 | $ | — | $ | 73,389 | |||||||||||||||||||||||||||||||||||
(1): | Previously reported balances represent the amounts presented as “Currently Reported” in the Note 2 to the Company’s Second Amended Annual Report on Form 10-K/A for the annual period ended December 31, 2012 as filed with the SEC on November 12, 2013. The previously reported changes in inventory, cost in excess of billings, and deferred revenue have been adjusted by $(2,709), $2,540, and $169 to correct the prior presentation. |
Organization_and_Operations_Ad
Organization and Operations - Additional Information (Detail) (USD $) | 1 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended |
Jan. 31, 2013 | Jun. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2013 | Apr. 30, 2013 | Dec. 31, 2013 | |
Segment | RTI Pierce Spafford | RTI Pierce Spafford | ||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' |
Cash receipts from disposal of subsidiary | ' | $10,475,000 | $10,475,000 | $10,475,000 | $12,400,000 | ' |
Cash receipts from disposal of subsidiary net of escrow | ' | ' | ' | ' | ' | $10,500,000 |
Number of operating segments | 2 | ' | ' | ' | ' | ' |
Effects_of_Restatement_on_Cons
Effects of Restatement on Consolidated Statements of Operations (Detail) (USD $) | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||||||||||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Jun. 30, 2013 | Jun. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||||||||||||
Net sales | $200,012 | $194,936 | $199,123 | $189,202 | $185,630 | $180,666 | $182,419 | $151,272 | $388,325 | $333,691 | $583,261 | $514,357 | $783,273 | $699,987 | $488,352 | ||||||||||||
Cost of sales | ' | 149,797 | 155,346 | 149,949 | ' | 147,299 | 148,847 | 119,420 | 305,295 | 268,267 | 455,092 | 415,566 | 609,419 | 561,418 | 397,429 | ||||||||||||
Operating income | 6,008 | 21,879 | 20,481 | 13,647 | 17,556 | 9,322 | 10,118 | 10,421 | 34,128 | 20,539 | 56,007 | 29,861 | 62,015 | 47,417 | 23,382 | ||||||||||||
Income before income taxes | ' | 14,276 | 538 | 9,441 | ' | 4,648 | 6,512 | 5,957 | 9,979 | 12,469 | 24,255 | 17,117 | 22,796 | 29,138 | 7,793 | ||||||||||||
Provision for income taxes | ' | 1,701 | -521 | 4,473 | ' | 2,236 | 4,021 | 4,070 | 3,952 | 8,091 | 5,653 | 10,327 | 7,139 | 15,685 | 10,101 | ||||||||||||
Net income (loss) attributable to continuing operations | -2,945 | 12,575 | 1,059 | 4,968 | 6,663 | 2,412 | 2,491 | 1,887 | 6,027 | 4,378 | 18,602 | 6,790 | 15,657 | 13,453 | -2,308 | ||||||||||||
Net income attributable to discontinued operations, net of tax | ' | -280 | -389 | -83 | ' | 363 | 534 | 681 | -472 | 1,215 | -752 | 1,578 | -1,584 | 1,487 | 2,258 | ||||||||||||
Net income (loss) | ' | 12,295 | 670 | 4,885 | ' | 2,775 | 3,025 | 2,568 | 5,555 | 5,593 | 17,850 | 8,368 | 14,073 | 14,940 | [1] | -50 | [1] | ||||||||||
Earnings (loss) per share attributable to continuing operations: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||
Basic | ($0.10) | $0.41 | $0.03 | $0.16 | $0.22 | $0.08 | $0.08 | $0.06 | $0.20 | $0.14 | $0.61 | $0.22 | $0.51 | $0.44 | ($0.08) | ||||||||||||
Diluted | ($0.10) | $0.38 | $0.03 | $0.16 | $0.22 | $0.08 | $0.08 | $0.06 | $0.20 | $0.14 | $0.61 | $0.22 | $0.51 | $0.44 | ($0.08) | ||||||||||||
Earnings per share attributable to discontinued operations: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||
Basic | ($0.03) | ($0.01) | ($0.01) | ' | ' | $0.01 | $0.02 | $0.02 | ($0.02) | $0.04 | ($0.02) | $0.05 | ($0.05) | $0.05 | $0.08 | ||||||||||||
Diluted | ($0.03) | ($0.01) | ($0.01) | ' | ' | $0.01 | $0.02 | $0.02 | ($0.02) | $0.04 | ($0.02) | $0.05 | ($0.05) | $0.05 | $0.08 | ||||||||||||
Previously Reported | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||
Net sales | ' | 196,532 | [2],[3] | 200,950 | [4],[5] | 191,900 | [6],[7] | ' | 182,545 | [8] | 184,462 | [8] | 154,070 | [8] | 392,850 | [4],[5] | 338,532 | [8] | 588,514 | [2],[3] | 521,077 | [8] | ' | 708,090 | [9] | 501,288 | [9] |
Cost of sales | ' | 151,435 | [2],[3] | 156,782 | [4],[5] | 151,986 | [6],[7] | ' | 148,895 | [8] | 150,443 | [8] | 121,563 | [8] | 308,768 | [4],[5] | 272,006 | [8] | 460,192 | [2],[3] | 420,901 | [8] | ' | 568,462 | [9] | 407,660 | [9] |
Operating income | ' | 21,565 | [2],[3] | 20,545 | [4],[5] | 14,005 | [6],[7] | ' | 9,296 | [8] | 10,237 | [8] | 10,609 | [8] | 34,550 | [4],[5] | 20,846 | [8] | 55,258 | [2],[3] | 30,142 | [8] | ' | 47,111 | [9] | 24,052 | [9] |
Income before income taxes | ' | 13,962 | [2],[3] | 602 | [4],[5] | 9,799 | [6],[7] | ' | 4,622 | [8] | 6,631 | [8] | 6,145 | [8] | 10,401 | [4],[5] | 12,776 | [8] | 23,506 | [2],[3] | 17,398 | [8] | ' | 28,832 | [9] | 8,463 | [9] |
Provision for income taxes | ' | 1,670 | [2],[3] | -878 | [4],[5] | 2,982 | [6],[7] | ' | 1,423 | [8] | 2,538 | [8] | 2,087 | [8] | 2,104 | [4],[5] | 4,625 | [8] | 3,507 | [2],[3] | 6,048 | [8] | ' | 10,392 | [9] | 4,269 | [9] |
Net income (loss) attributable to continuing operations | ' | 12,292 | [2],[3] | 1,480 | [4],[5] | 6,817 | [6],[7] | ' | 3,199 | [8] | 4,093 | [8] | 4,058 | [8] | 8,297 | [4],[5] | 8,151 | [8] | 19,999 | [2],[3] | 11,350 | [8] | ' | 18,440 | [9] | 4,194 | [9] |
Net income attributable to discontinued operations, net of tax | ' | ' | -307 | [4],[5] | 151 | [6],[7] | ' | 389 | [8] | 453 | [8] | 571 | [8] | -156 | [4],[5] | 1,024 | [8] | -156 | [2],[3] | 1,413 | [8] | ' | 1,700 | [9] | 1,838 | [9] | |
Net income (loss) | ' | 12,292 | [2],[3] | 1,173 | [4],[5] | 6,968 | [10],[6],[7] | ' | 3,588 | [8] | 4,546 | [8] | 4,629 | [11],[8] | 8,141 | [12],[4],[5] | 9,175 | [13],[8] | 19,843 | [14],[2],[3] | 12,763 | [15],[8] | ' | 20,140 | [1],[16],[9] | 6,032 | [1],[16],[9] |
Earnings (loss) per share attributable to continuing operations: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||
Basic | ' | $0.40 | [2] | $0.05 | [4] | $0.22 | [7] | ' | $0.11 | [8] | $0.14 | [8] | $0.13 | [8] | $0.27 | [4] | $0.27 | [8] | $0.66 | [2] | $0.37 | [8] | ' | $0.61 | [9] | $0.14 | [9] |
Diluted | ' | $0.37 | [2] | $0.05 | [4] | $0.22 | [7] | ' | $0.11 | [8] | $0.13 | [8] | $0.13 | [8] | $0.27 | [4] | $0.27 | [8] | $0.65 | [2] | $0.37 | [8] | ' | $0.61 | [9] | $0.14 | [9] |
Earnings per share attributable to discontinued operations: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||
Basic | ' | ' | ($0.01) | [4] | ' | ' | $0.01 | [8] | $0.01 | [8] | $0.02 | [8] | ($0.01) | [4] | $0.03 | [8] | ($0.01) | [2] | $0.05 | [8] | ' | $0.06 | [9] | $0.06 | [9] | ||
Diluted | ' | ' | ($0.01) | [4] | ' | ' | $0.01 | [8] | $0.01 | [8] | $0.02 | [8] | ($0.01) | [4] | $0.03 | [8] | ($0.01) | [2] | $0.05 | [8] | ' | $0.06 | [9] | $0.06 | [9] | ||
Restatement Adjustment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||
Provision for income taxes | ' | -3 | 371 | 1,625 | ' | 813 | 1,521 | 2,061 | 1,996 | 3,582 | 1,993 | 4,395 | ' | 5,200 | 6,082 | ||||||||||||
Net income (loss) attributable to continuing operations | ' | 3 | -371 | -1,625 | ' | -813 | -1,521 | -2,061 | -1,996 | -3,582 | -1,993 | -4,395 | ' | -5,200 | -6,082 | ||||||||||||
Net income (loss) | ' | 3 | -371 | -1,625 | ' | -813 | -1,521 | -2,061 | -1,996 | -3,582 | -1,993 | -4,395 | ' | -5,200 | [1] | -6,082 | [1] | ||||||||||
Earnings (loss) per share attributable to continuing operations: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||
Basic | ' | ' | ($0.01) | ($0.05) | ' | ($0.03) | ($0.05) | ($0.07) | ($0.07) | ($0.12) | ($0.07) | ($0.15) | ' | ($0.17) | ($0.20) | ||||||||||||
Diluted | ' | ' | ($0.01) | ($0.05) | ' | ($0.03) | ($0.05) | ($0.07) | ($0.07) | ($0.12) | ($0.07) | ($0.15) | ' | ($0.17) | ($0.20) | ||||||||||||
As Corrected | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||
Net sales | ' | 196,532 | 200,744 | 191,238 | ' | 182,545 | 184,462 | 154,070 | 391,982 | 338,532 | 588,514 | 521,077 | ' | 708,090 | 501,288 | ||||||||||||
Cost of sales | ' | 151,435 | 156,797 | 151,960 | ' | 148,895 | 150,443 | 121,563 | 308,757 | 272,006 | 460,192 | 420,901 | ' | 568,462 | 407,660 | ||||||||||||
Operating income | ' | 21,565 | 20,324 | 13,369 | ' | 9,296 | 10,237 | 10,609 | 33,693 | 20,846 | 55,258 | 30,142 | ' | 47,111 | 24,052 | ||||||||||||
Income before income taxes | ' | 13,962 | 381 | 9,163 | ' | 4,622 | 6,631 | 6,145 | 9,544 | 12,776 | 23,506 | 17,398 | ' | 28,832 | 8,463 | ||||||||||||
Provision for income taxes | ' | 1,667 | -596 | 4,429 | ' | 2,236 | 4,059 | 4,148 | 3,833 | 8,207 | 5,500 | 10,443 | ' | 15,592 | 10,351 | ||||||||||||
Net income (loss) attributable to continuing operations | ' | 12,295 | 977 | 4,734 | ' | 2,386 | 2,572 | 1,997 | 5,711 | 4,569 | 18,006 | 6,955 | ' | 13,240 | -1,888 | ||||||||||||
Net income attributable to discontinued operations, net of tax | ' | ' | -307 | 151 | ' | 389 | 453 | 571 | -156 | 1,024 | -156 | 1,413 | ' | 1,700 | 1,838 | ||||||||||||
Net income (loss) | ' | 12,295 | 670 | 4,885 | ' | 2,775 | 3,025 | 2,568 | 5,555 | 5,593 | 17,850 | 8,368 | ' | 14,940 | -50 | ||||||||||||
Earnings (loss) per share attributable to continuing operations: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||
Basic | ' | $0.40 | $0.03 | $0.16 | ' | $0.08 | $0.08 | $0.07 | $0.19 | $0.15 | $0.59 | $0.23 | ' | $0.44 | ($0.06) | ||||||||||||
Diluted | ' | $0.37 | $0.03 | $0.15 | ' | $0.08 | $0.08 | $0.07 | $0.19 | $0.15 | $0.59 | $0.23 | ' | $0.44 | ($0.06) | ||||||||||||
Earnings per share attributable to discontinued operations: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||
Basic | ' | ' | ($0.01) | ' | ' | $0.01 | $0.01 | $0.02 | ($0.01) | $0.03 | ($0.01) | $0.05 | ' | $0.06 | $0.06 | ||||||||||||
Diluted | ' | ' | ($0.01) | ' | ' | $0.01 | $0.01 | $0.02 | ($0.01) | $0.03 | ($0.01) | $0.05 | ' | $0.06 | $0.06 | ||||||||||||
Discontinued | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||
Net sales | ' | -1,596 | -1,621 | -2,036 | ' | -1,879 | -2,043 | -2,798 | -3,657 | -4,841 | -5,253 | -6,720 | ' | -8,103 | -12,936 | ||||||||||||
Cost of sales | ' | -1,638 | -1,451 | -2,011 | ' | -1,596 | -1,596 | -2,143 | -3,462 | -3,739 | -5,100 | -5,335 | ' | -7,044 | -10,231 | ||||||||||||
Operating income | ' | 314 | 157 | 278 | ' | 26 | -119 | -188 | 435 | -307 | 749 | -281 | ' | 306 | -670 | ||||||||||||
Income before income taxes | ' | 314 | 157 | 278 | ' | 26 | -119 | -188 | 435 | -307 | 749 | -281 | ' | 306 | -670 | ||||||||||||
Provision for income taxes | ' | 34 | 75 | 44 | ' | ' | -38 | -78 | 119 | -116 | 153 | -116 | ' | 93 | -250 | ||||||||||||
Net income (loss) attributable to continuing operations | ' | 280 | 82 | 234 | ' | 26 | -81 | -110 | 316 | -191 | 596 | -165 | ' | 213 | -420 | ||||||||||||
Net income attributable to discontinued operations, net of tax | ' | ($280) | ($82) | ($234) | ' | ($26) | $81 | $110 | ($316) | $191 | ($596) | $165 | ' | ($213) | $420 | ||||||||||||
Earnings (loss) per share attributable to continuing operations: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||
Basic | ' | $0.01 | ' | $0.01 | ' | ' | ' | ' | $0.01 | ($0.01) | $0.02 | ($0.01) | ' | $0.01 | ($0.01) | ||||||||||||
Diluted | ' | $0.01 | ' | $0.01 | ' | ' | ' | ' | $0.01 | ($0.01) | $0.02 | ($0.01) | ' | $0.01 | ($0.01) | ||||||||||||
Earnings per share attributable to discontinued operations: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||
Basic | ' | ($0.01) | ' | ($0.01) | ' | ' | ' | ' | ($0.01) | $0.01 | ($0.02) | $0.01 | ' | ($0.01) | $0.01 | ||||||||||||
Diluted | ' | ($0.01) | ' | ($0.01) | ' | ' | ' | ' | ($0.01) | $0.01 | ($0.02) | $0.01 | ' | ($0.01) | $0.01 | ||||||||||||
[1] | The Company does not present cash flows from discontinued operations, consistent with the FASB's authoritative guidance. Restatement adjustments did not have an impact on cash flows from investing and financing activities. | ||||||||||||||||||||||||||
[2] | Previously reported balances represent the amounts reported in the Condensed Consolidated Statement of Operations in the Company's Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2013 as filed with the SEC on November 12, 2013. | ||||||||||||||||||||||||||
[3] | Previously reported balances represent the amounts reported in the Condensed Consolidating Statement of Operations in the Company's Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2013 as filed with the SEC on November 12, 2013. | ||||||||||||||||||||||||||
[4] | Previously reported balances represent the amounts reported in the Condensed Consolidated Statement of Operations in the Company's Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2013 as filed with the SEC on September 24, 2013. | ||||||||||||||||||||||||||
[5] | Previously reported balances represent the amounts reported in the Condensed Consolidating Statement of Operations in the Company's Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2013 as filed with the SEC on September 24, 2013. | ||||||||||||||||||||||||||
[6] | Previously reported balances represent the amounts reported in the Condensed Consolidating Statement of Operations in the Company's Amended Quarterly Report on Form 10-Q/A for the quarterly period ended March 31, 2013 as filed with the SEC on September 24, 2013. | ||||||||||||||||||||||||||
[7] | Previously reported balances represent the amounts reported in the Condensed Consolidated Statement of Operations in the Company's Amended Quarterly Report on Form 10-Q/A for the quarterly period ended March 31, 2013 as filed with the SEC on September 24, 2013. | ||||||||||||||||||||||||||
[8] | Previously reported balances represent the amounts presented as "Currently Reported" in the Note 2 to the Company's Second Amended Annual Report on Form 10-K/A for the annual period ended December 31, 2012 as filed with the SEC on November 12, 2013. | ||||||||||||||||||||||||||
[9] | Previously reported balances represent the amounts reported in the Consolidated Statement of Operations in the Company's Second Amended Annual Report on Form 10-K/A for the annual period ended December 31, 2012 as filed with the SEC on November 12, 2013. | ||||||||||||||||||||||||||
[10] | Previously reported balances represent the amounts reported in the Condensed Consolidated Statement of Cash Flows in the Company's Amended Quarterly Report on Form 10-Q/A for the quarterly period ended March 31, 2013 as filed with the SEC on September 24, 2013. The previously reported changes in inventory, cost in excess of billings, and deferred revenue have been adjusted by $1,040, $(174), and $(866) to correct the prior presentation. | ||||||||||||||||||||||||||
[11] | Previously reported balances represent the amounts presented as "Currently Reported" in the Note 2 to the Company's Second Amended Annual Report on Form 10-K/A for the annual period ended December 31, 2012 as filed with the SEC on November 12, 2013. The previously reported changes in inventory, cost in excess of billings, and deferred revenue have been adjusted by $(2,288), $2,282, and $6 to correct the prior presentation. | ||||||||||||||||||||||||||
[12] | Previously reported balances represent the amounts reported in the Condensed Consolidated Statement of Cash Flows in the Company's Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2013 as filed with the SEC on September 24, 2013. The previously reported changes in inventory, cost in excess of billings, and deferred revenue have been adjusted by $(340), $1,021, and $(681) to correct the prior presentation. | ||||||||||||||||||||||||||
[13] | Previously reported balances represent the amounts presented as "Currently Reported" in the Note 2 to the Company's Second Amended Annual Report on Form 10-K/A for the annual period ended December 31, 2012 as filed with the SEC on November 12, 2013. The previously reported changes in inventory, cost in excess of billings, and deferred revenue have been adjusted by $(2,049), $2,027, and $22 to correct the prior presentation. | ||||||||||||||||||||||||||
[14] | Previously reported balances represent the amounts reported in the Condensed Consolidated Statement of Cash Flows in the Company's Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2013 as filed with the SEC on November 12, 2013. The previously reported changes in inventory, cost in excess of billings, and deferred revenue have been adjusted by $540, $323, and $(866) to correct the prior presentation. | ||||||||||||||||||||||||||
[15] | Previously reported balances represent the amounts presented as "Currently Reported" in the Note 2 to the Company's Second Amended Annual Report on Form 10-K/A for the annual period ended December 31, 2012 as filed with the SEC on November 12, 2013. The previously reported changes in inventory, cost in excess of billings, and deferred revenue have been adjusted by $(2,709), $2,540, and $169 to correct the prior presentation. | ||||||||||||||||||||||||||
[16] | Previously reported balances represent the amounts reported in the Consolidated Balance Sheet in the Company's Second Amended Annual Report on Form 10-K/A for the annual period ended December 31, 2012 as filed with the SEC on November 12, 2013. |
Effects_of_Restatement_on_Cons1
Effects of Restatement on Consolidated Balance Sheets (Detail) (USD $) | Dec. 31, 2013 | Oct. 02, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | |||||||
In Thousands, unless otherwise specified | ||||||||||||||||||
Receivables | $105,271 | ' | $118,123 | $106,287 | $113,263 | $104,354 | $113,329 | $102,561 | $101,637 | ' | ' | |||||||
Inventories, net | 430,088 | ' | 412,456 | 409,227 | 401,333 | 375,441 | 342,682 | 316,473 | 297,059 | ' | ' | |||||||
Assets of discontinued operations | 5,274 | ' | 7,582 | 8,076 | 23,919 | 25,168 | 27,158 | 28,165 | 29,581 | ' | ' | |||||||
Total current assets | 938,626 | ' | 957,350 | 939,646 | 643,233 | 648,628 | 597,270 | 583,283 | 579,500 | ' | ' | |||||||
Property, plant, and equipment, net | 372,340 | ' | 367,738 | 368,246 | 371,176 | 375,819 | 367,658 | 365,618 | 361,337 | 289,239 | ' | |||||||
Goodwill | 117,578 | 131,958 | 129,773 | 129,498 | 130,016 | 130,252 | 131,248 | 133,212 | 133,237 | 54,125 | ' | |||||||
Other noncurrent assets | 23,247 | ' | 14,910 | 13,681 | 8,067 | 8,898 | 8,353 | 8,792 | 8,476 | ' | ' | |||||||
Total assets | 1,505,545 | ' | 1,522,813 | 1,504,897 | 1,207,720 | 1,220,092 | 1,162,193 | 1,149,156 | 1,142,077 | 1,100,599 | ' | |||||||
Accounts payable | 79,039 | ' | 74,692 | 70,455 | 79,245 | 90,735 | 66,312 | 60,651 | 63,325 | ' | ' | |||||||
Accrued wages and other employee costs | 29,787 | ' | 29,697 | 26,254 | 21,729 | 33,996 | 29,307 | 24,752 | 19,578 | ' | ' | |||||||
Unearned revenues | 15,625 | ' | 38,467 | 49,315 | 22,483 | 25,864 | 34,692 | 36,866 | 36,589 | ' | ' | |||||||
Liabilities of discontinued operations | 458 | ' | 471 | 501 | 3,269 | 3,431 | 4,190 | 4,087 | 5,588 | ' | ' | |||||||
Other accrued liabilities | 22,574 | ' | 26,017 | 19,793 | 25,832 | 22,518 | 27,554 | 21,876 | 21,886 | ' | ' | |||||||
Total current liabilities | 147,483 | ' | 169,344 | 166,318 | 152,558 | 176,544 | 162,055 | 148,232 | 146,966 | ' | ' | |||||||
Deferred income taxes | 74,078 | ' | 78,512 | 79,990 | 50,564 | 46,384 | 34,252 | 35,229 | 33,894 | ' | ' | |||||||
Unearned revenues | 10,470 | ' | 12,033 | 12,496 | 12,792 | 13,013 | 3,240 | 3,385 | 3,504 | ' | ' | |||||||
Total liabilities | 731,571 | ' | 745,681 | 745,198 | 487,664 | 511,853 | 449,309 | 444,944 | 441,351 | ' | ' | |||||||
Accumulated other comprehensive loss | -40,397 | ' | -39,182 | -42,445 | -40,389 | -45,004 | -32,144 | -36,741 | -36,000 | ' | ' | |||||||
Retained earnings | 300,606 | ' | 304,383 | 292,088 | 291,418 | 286,533 | 279,960 | 277,186 | 274,161 | ' | ' | |||||||
Total shareholders' equity | 773,974 | ' | 777,132 | 759,699 | 720,056 | 708,239 | 712,884 | 704,212 | 700,726 | 694,640 | 696,529 | |||||||
Total liabilities and shareholders' equity | 1,505,545 | ' | 1,522,813 | 1,504,897 | 1,207,720 | 1,220,092 | 1,162,193 | 1,149,156 | 1,142,077 | ' | ' | |||||||
Previously Reported | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||
Receivables | ' | ' | 118,827 | [1],[2] | 106,880 | [3],[4] | 114,075 | [5],[6] | 105,317 | [7],[8] | 114,248 | [10],[9] | 103,757 | [11],[12],[13] | 103,163 | [14],[15] | ' | ' |
Inventories, net | ' | ' | 419,158 | [1],[2] | 420,793 | [3],[4] | 413,233 | [5],[6] | 384,417 | [7],[8] | 351,654 | [10],[9] | 325,334 | [11],[12],[13] | 306,031 | [14],[15] | ' | ' |
Assets of discontinued operations | ' | ' | ' | ' | 14,971 | [5],[6] | 14,741 | [7] | 16,799 | [10],[9] | 17,633 | [11],[12],[13] | 18,598 | [14],[15] | ' | ' | ||
Total current assets | ' | ' | 957,307 | [1],[2] | 941,431 | [3],[4] | 645,645 | [5],[6] | 648,140 | [7],[8] | 596,802 | [10],[9] | 582,808 | [11],[12],[13] | 579,015 | [14],[15] | ' | ' |
Property, plant, and equipment, net | ' | ' | 367,849 | [1],[2] | 368,363 | [3],[4] | 371,299 | [5],[6] | 375,949 | [7],[8] | 367,768 | [10],[9] | 365,735 | [11],[12],[13] | 361,464 | [14],[15] | ' | ' |
Goodwill | ' | ' | 129,838 | [1],[2] | 134,823 | [3],[4] | 135,341 | [5],[6] | 130,610 | [7],[8] | 131,606 | [10],[9] | 133,570 | [11],[12],[13] | 133,595 | [14],[15] | ' | ' |
Deferred income taxes | ' | ' | 29,435 | [1],[2] | 29,615 | [3],[4] | 29,624 | [5],[6] | 33,287 | [7],[8] | 32,197 | [10],[9] | 29,239 | [11],[12],[13] | 29,111 | [14],[15] | ' | ' |
Other noncurrent assets | ' | ' | 14,910 | [1],[2] | 13,681 | [3],[4] | 8,067 | [5],[6] | 8,866 | [7] | 8,353 | [10],[9] | 8,792 | [11],[12],[13] | 8,476 | [14],[15] | ' | ' |
Total assets | ' | ' | 1,552,381 | [1],[2] | 1,541,739 | [3],[4] | 1,245,204 | [5],[6] | 1,253,347 | [7],[8] | 1,194,390 | [10],[9] | 1,178,395 | [11],[12],[13] | 1,171,188 | [14],[15] | ' | ' |
Accounts payable | ' | ' | 75,039 | [1],[2] | 70,796 | [3],[4] | 79,587 | [5],[6] | 91,661 | [7] | 67,166 | [10],[9] | 61,084 | [11],[12],[13] | 64,837 | [14],[15] | ' | ' |
Accrued wages and other employee costs | ' | ' | 29,801 | [1],[2] | 26,355 | [3],[4] | 21,826 | [5],[6] | 34,096 | [7] | 29,445 | [10],[9] | 24,871 | [11],[12],[13] | 19,690 | [14],[15] | ' | ' |
Unearned revenues | ' | ' | 38,467 | [1],[2] | 49,885 | [3],[4] | 23,840 | [5],[6] | 25,864 | [7] | 34,692 | [10],[9] | 36,866 | [11],[12],[13] | 36,589 | [14],[15] | ' | ' |
Liabilities of discontinued operations | ' | ' | ' | ' | 2,821 | [5],[6] | 2,332 | [7] | 3,198 | [10],[9] | 3,494 | [11],[12],[13] | 3,879 | [14],[15] | ' | ' | ||
Other accrued liabilities | ' | ' | 26,037 | [1],[2] | 19,852 | [3],[4] | 25,379 | [5],[6] | 22,550 | [7],[8] | 27,458 | [10],[9] | 21,680 | [11],[12],[13] | 21,768 | [14],[15] | ' | ' |
Total current liabilities | ' | ' | 169,344 | [1],[2] | 166,888 | [3],[4] | 153,453 | [5],[6] | 176,503 | [7],[8] | 161,959 | [10],[9] | 147,995 | [11],[12],[13] | 146,763 | [14],[15] | ' | ' |
Deferred income taxes | ' | ' | 73,882 | [1],[2] | 81,190 | [3],[4] | 51,400 | [5],[6] | 46,384 | [7],[8] | 33,663 | [10],[9] | 33,749 | [11],[12],[13] | 33,141 | [14],[15] | ' | ' |
Unearned revenues | ' | ' | 12,033 | [1],[2] | 12,496 | [3],[4] | 12,792 | [5],[6] | 13,013 | [7] | 3,240 | [10],[9] | 3,385 | [11],[12],[13] | 3,504 | [14],[15] | ' | ' |
Total liabilities | ' | ' | 741,051 | [1],[2] | 746,968 | [3],[4] | 489,395 | [5],[6] | 511,812 | [7],[8] | 448,624 | [10],[9] | 443,227 | [11],[12],[13] | 440,395 | [14],[15] | ' | ' |
Accumulated other comprehensive loss | ' | ' | -39,991 | [1] | -43,950 | [3] | -40,710 | [5] | -44,722 | [7] | -31,472 | [10] | -37,181 | [11] | -35,808 | [14] | ' | ' |
Retained earnings | ' | ' | 339,390 | [1] | 328,665 | [3] | 327,492 | [5] | 319,547 | [7] | 312,170 | [10] | 308,582 | [11] | 304,036 | [14] | ' | ' |
Total shareholders' equity | ' | ' | 811,330 | [1],[2] | 794,771 | [3],[4] | 755,809 | [5],[6] | 741,535 | [7],[8] | 745,766 | [10],[9] | 735,168 | [11],[12],[13] | 730,793 | [14],[15] | ' | ' |
Total liabilities and shareholders' equity | ' | ' | 1,552,381 | [1],[2] | 1,541,739 | [3],[4] | 1,245,204 | [5],[6] | 1,253,347 | [7],[8] | 1,194,390 | [10],[9] | 1,178,395 | [11],[12],[13] | 1,171,188 | [14],[15] | ' | ' |
Restatement Adjustment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||
Total current assets | ' | ' | -133 | -22 | ' | ' | ' | ' | ' | ' | ' | |||||||
Deferred income taxes | ' | ' | -29,435 | -29,615 | -29,624 | -33,287 | -32,197 | -29,239 | -29,111 | ' | ' | |||||||
Other noncurrent assets | ' | ' | ' | ' | ' | 32 | ' | ' | ' | ' | ' | |||||||
Total assets | ' | ' | -29,568 | -29,637 | -29,624 | -33,255 | -32,197 | -29,239 | -29,111 | ' | ' | |||||||
Other accrued liabilities | ' | ' | ' | ' | 462 | 41 | 96 | 237 | 203 | ' | ' | |||||||
Total current liabilities | ' | ' | ' | ' | 462 | 41 | 96 | 237 | 203 | ' | ' | |||||||
Deferred income taxes | ' | ' | 4,630 | 3,868 | 4,232 | ' | 589 | 1,480 | 753 | ' | ' | |||||||
Total liabilities | ' | ' | 4,630 | 3,868 | 4,694 | 41 | 685 | 1,717 | 956 | ' | ' | |||||||
Accumulated other comprehensive loss | ' | ' | 809 | 1,505 | 321 | -282 | -672 | 440 | -192 | ' | ' | |||||||
Retained earnings | ' | ' | -35,007 | -35,010 | -34,639 | -33,014 | -32,210 | -31,396 | -29,875 | ' | ' | |||||||
Total shareholders' equity | ' | ' | -34,198 | -33,505 | -34,318 | -33,296 | -32,882 | -30,956 | -30,067 | ' | ' | |||||||
Total liabilities and shareholders' equity | ' | ' | -29,568 | -29,637 | -29,624 | -33,255 | -32,197 | -29,239 | -29,111 | ' | ' | |||||||
As Corrected | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||
Receivables | ' | ' | 118,827 | 106,880 | 114,075 | 105,317 | 114,248 | 103,757 | 103,163 | ' | ' | |||||||
Inventories, net | ' | ' | 419,158 | 416,528 | 409,281 | 384,417 | 351,654 | 325,334 | 306,031 | ' | ' | |||||||
Assets of discontinued operations | ' | ' | ' | ' | 14,971 | 14,741 | 16,799 | 17,633 | 18,598 | ' | ' | |||||||
Total current assets | ' | ' | 957,174 | 939,464 | 643,045 | 648,140 | 596,802 | 582,808 | 579,015 | ' | ' | |||||||
Property, plant, and equipment, net | ' | ' | 367,849 | 368,363 | 371,299 | 375,949 | 367,768 | 365,735 | 361,464 | ' | ' | |||||||
Goodwill | ' | ' | 129,838 | 129,563 | 130,081 | 130,610 | 131,606 | 133,570 | 133,595 | ' | ' | |||||||
Other noncurrent assets | ' | ' | 14,910 | 13,681 | 8,067 | 8,898 | 8,353 | 8,792 | 8,476 | ' | ' | |||||||
Total assets | ' | ' | 1,522,813 | 1,504,897 | 1,207,720 | 1,220,092 | 1,162,193 | 1,149,156 | 1,142,077 | ' | ' | |||||||
Accounts payable | ' | ' | 75,039 | 70,796 | 79,587 | 91,661 | 67,166 | 61,084 | 64,837 | ' | ' | |||||||
Accrued wages and other employee costs | ' | ' | 29,801 | 26,355 | 21,826 | 34,096 | 29,445 | 24,871 | 19,690 | ' | ' | |||||||
Unearned revenues | ' | ' | 38,467 | 49,315 | 22,483 | 25,864 | 34,692 | 36,866 | 36,589 | ' | ' | |||||||
Liabilities of discontinued operations | ' | ' | ' | ' | 2,821 | 2,332 | 3,198 | 3,494 | 3,879 | ' | ' | |||||||
Other accrued liabilities | ' | ' | 26,037 | 19,852 | 25,841 | 22,591 | 27,554 | 21,917 | 21,971 | ' | ' | |||||||
Total current liabilities | ' | ' | 169,344 | 166,318 | 152,558 | 176,544 | 162,055 | 148,232 | 146,966 | ' | ' | |||||||
Deferred income taxes | ' | ' | 78,512 | 79,990 | 50,564 | 46,384 | 34,252 | 35,229 | 33,894 | ' | ' | |||||||
Unearned revenues | ' | ' | 12,033 | 12,496 | 12,792 | 13,013 | 3,240 | 3,385 | 3,504 | ' | ' | |||||||
Total liabilities | ' | ' | 745,681 | 745,198 | 487,664 | 511,853 | 449,309 | 444,944 | 441,351 | ' | ' | |||||||
Accumulated other comprehensive loss | ' | ' | -39,182 | -42,445 | -40,389 | -45,004 | -32,144 | -36,741 | -36,000 | ' | ' | |||||||
Retained earnings | ' | ' | 304,383 | 292,088 | 291,418 | 286,533 | 279,960 | 277,186 | 274,161 | ' | ' | |||||||
Total shareholders' equity | ' | ' | 777,132 | 759,596 | 720,056 | 708,239 | 712,884 | 704,212 | 700,726 | ' | ' | |||||||
Total liabilities and shareholders' equity | ' | ' | 1,522,813 | 1,504,897 | 1,207,720 | 1,220,092 | 1,162,193 | 1,149,156 | 1,142,077 | ' | ' | |||||||
Discontinued | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||
Receivables | ' | ' | -704 | -593 | -812 | -963 | -919 | -1,196 | -1,526 | ' | ' | |||||||
Inventories, net | ' | ' | -6,702 | -7,301 | -7,948 | -8,976 | -8,972 | -8,861 | -8,972 | ' | ' | |||||||
Assets of discontinued operations | ' | ' | 7,582 | 8,076 | 8,948 | 10,427 | 10,359 | 10,532 | 10,983 | ' | ' | |||||||
Total current assets | ' | ' | 176 | 182 | 188 | 488 | 468 | 475 | 485 | ' | ' | |||||||
Property, plant, and equipment, net | ' | ' | -111 | -117 | -123 | -130 | -110 | -117 | -127 | ' | ' | |||||||
Goodwill | ' | ' | -65 | -65 | -65 | -358 | -358 | -358 | -358 | ' | ' | |||||||
Accounts payable | ' | ' | -347 | -341 | -342 | -926 | -854 | -433 | -1,512 | ' | ' | |||||||
Accrued wages and other employee costs | ' | ' | -104 | -101 | -97 | -100 | -138 | -119 | -112 | ' | ' | |||||||
Liabilities of discontinued operations | ' | ' | 471 | 501 | 448 | 1,099 | 992 | 593 | 1,709 | ' | ' | |||||||
Other accrued liabilities | ' | ' | ($20) | ($59) | ($9) | ($73) | ' | ($41) | ($85) | ' | ' | |||||||
[1] | Previously reported balances represent the amounts reported in the Condensed Consolidated Balance Sheet in the Company's Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2013 as filed with the SEC on November 12, 2013. The previously reported balances of inventory and cost in excess of billings have been adjusted by $(1,242) and $1,242 to correct the prior presentation. | |||||||||||||||||
[2] | Previously reported balances represent the amounts reported in the Condensed Consolidating Balance Sheet in the Company's Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2013 as filed with the SEC on November 12, 2013. The previously reported Guarantor Subsidiary and Consolidated balances of inventory and cost in excess of billings have been adjusted by $(1,242) and $1,242 to correct the prior presentation. The previously reported balances of current deferred income tax assets, non-current deferred income tax assets, intercompany investments, other accrued liabilities, non-current deferred income taxes and shareholders' equity, were adjusted by $4,812, $-, $(11,850), $(685), $(6,353), and $- for the Parent; by $(2,629), $(27,604), $-, $-, $(21,587), and $(8,646) for the Guarantor Subsidiaries; by $(2,183), $(174), $-, $685, $162, and, $(3,204) for the Non-Guarantor Subsidiaries; and by $-, $27,778, $11,850, $-, $27,778, and $11,850 for the Eliminations, to correct the presentation of deferred income tax balances. | |||||||||||||||||
[3] | Previously reported balances represent the amounts reported in the Condensed Consolidated Balance Sheet in the Company's Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2013 as filed with the SEC on September 24, 2013. The previously reported balances of inventory, cost in excess of billings, and deferred revenue have been adjusted by $(359), $544, and $185 to correct the prior presentation. | |||||||||||||||||
[4] | Previously reported balances represent the amounts reported in the Condensed Consolidating Balance Sheet in the Company's Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2013 as filed with the SEC on September 24, 2013. The previously reported Guarantor Subsidiary and Consolidated balances of inventory, cost in excess of billings, and deferred revenue have been adjusted by $(359), $544, and $185 to correct the prior presentation. The previously reported balances of current deferred income tax assets, non-current deferred income tax assets, intercompany investments, other accrued liabilities, non-current deferred income taxes, and shareholders' equity, were adjusted by $4,081, $-, $(6,671), $(685), $(1,905), and $- for the Parent; by $(2,437), $(28,271), $-, $-, $(26,646), and $(4,062) for the Guarantor Subsidiaries; by $(1,644), $(169), $-, $685, $111, and $(2,609) for the Non-Guarantor Subsidiaries; and by $-, $28,440, $6,671, $-, $28,440, and $6,671 for the Eliminations, to correct the presentation of deferred income tax balances. | |||||||||||||||||
[5] | Previously reported balances represent the amounts reported in the Condensed Consolidated Balance Sheet in the Company's Amended Quarterly Report on Form 10-Q/A for the quarterly period ended March 31, 2013 as filed with the SEC on September 24, 2013. The previously reported balances of inventory and cost in excess of billings have been adjusted by $(1,739) and $1,739 to correct the prior presentation. | |||||||||||||||||
[6] | Previously reported balances represent the amounts reported in the Condensed Consolidating Balance Sheet in the Company's Amended Quarterly Report on Form 10-Q/A for the quarterly period ended March 31, 2013 as filed with the SEC on September 24, 2013. The previously reported Guarantor Subsidiary and Consolidated balances of inventory and cost in excess of billings have been adjusted by $(1,739) and $1,739 to correct the prior presentation. The previously reported balances of current deferred income tax assets, non-current deferred income tax assets, intercompany investments, other accrued liabilities, non-current deferred income taxes and shareholders' equity, were adjusted by $3,590, $-, $(6,790), $(685), $(2,515), and $- for the Parent; by $(2,437), $(28,939), $-, $-, $(26,657) and $(4,719) for the Guarantor Subsidiaries; by $(1,153), $(174), $-, $685, $59, and $(2,071) for the Non-Guarantor Subsidiaries; and by $-, $29,113, $6,790, $-, $29,113, and $6,790 for the Eliminations, to correct the presentation of deferred income tax balances. | |||||||||||||||||
[7] | Previously reported balances represent the amounts reported in the Consolidated Balance Sheet in the Company's Second Amended Annual Report on Form 10-K/A for the annual period ended December 31, 2012 as filed with the SEC on November 12, 2013. The previously reported balances of inventory, cost in excess of billings, and deferred revenue have been adjusted by $(699), $1,565, and $866 to correct the prior presentation. | |||||||||||||||||
[8] | The previously reported Guarantor Subsidiary and Consolidated balances of inventory and cost in excess of billings, have been adjusted by $(699) and, $1,565 to correct the prior presentation. | |||||||||||||||||
[9] | The previously reported Guarantor Subsidiary and Consolidated balances of inventory, cost in excess of billings, and deferred revenue have been adjusted by $(1,175), $1,344, and $169 to correct the prior presentation. | |||||||||||||||||
[10] | Previously reported balances represent the amounts presented as "Currently Reported" in the Note 2 to the Company's Second Amended Annual Report on Form 10-K/A for the annual period ended December 31, 2012 as filed with the SEC on November 12, 2013. The previously reported balances of inventory, cost in excess of billings, and deferred revenue have been adjusted by $(1,175), $1,344, and $169 to correct the prior presentation. | |||||||||||||||||
[11] | Previously reported balances represent the amounts presented as "Currently Reported" in the Note 2 to the Company's Second Amended Annual Report on Form 10-K/A for the annual period ended December 31, 2012 as filed with the SEC on November 12, 2013. The previously reported balances of inventory, cost in excess of billings, and deferred revenue have been adjusted by $(1,835), $1,857, and $22 to correct the prior presentation. | |||||||||||||||||
[12] | The previously Guarantor Subsidiary and Consolidated balances of inventory, cost in excess of billings, and deferred revenue have been adjusted by $(1,835), $1,857, and $22 to correct the prior presentation. | |||||||||||||||||
[13] | The previously reported balances of current deferred income tax assets, non-current deferred income tax assets, intercompany investments, other accrued liabilities, non-current deferred income taxes, and shareholders' equity were adjusted by $3,598, $-, $(9,842), $(780), $(5,464), and $- for the Parent; by $(2,290), $(25,314), $-, $-, $(20,104), and $(7,500) for the Guarantor Subsidiaries; by $(1,308), $(31), $-, $780, $223, and $(2,342) for the Non-Guarantor Subsidiaries; and by $-, $25,345, $9,842, $-, $25,345, and $9,842 for the Eliminations, to correct the presentation of deferred income tax balances. | |||||||||||||||||
[14] | Previously reported balances represent the amounts presented as "Currently Reported" in the Note 2 to the Company's Second Amended Annual Report on Form 10-K/A for the annual period ended December 31, 2012 as filed with the SEC on November 12, 2013. The previously reported balances of inventory, cost in excess of billings, and deferred revenue have been adjusted by $(1,596), $1,602, and $6 to correct the prior presentation. | |||||||||||||||||
[15] | The previously reported Guarantor Subsidiary and Consolidated balances of inventory, cost in excess of billings, and deferred revenue have been adjusted by $(1,596), $1,602, and $6 to correct the prior presentation. |
Effects_of_Restatement_on_Cons2
Effects of Restatement on Consolidated Balance Sheets (Parenthetical) (Detail) (USD $) | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 |
In Thousands, unless otherwise specified | ||||||||
Inventory | $430,088 | $412,456 | $409,227 | $401,333 | $375,441 | $342,682 | $316,473 | $297,059 |
Cost in excess of billings | 5,377 | 4,667 | 2,760 | 3,844 | 3,825 | 3,495 | 2,515 | 1,607 |
Deferred revenue | 15,625 | 38,467 | 49,315 | 22,483 | 25,864 | 34,692 | 36,866 | 36,589 |
Restatement Adjustment | Remmele | ' | ' | ' | ' | ' | ' | ' | ' |
Inventory | ' | ' | ' | ' | -699 | ' | ' | ' |
Cost in excess of billings | ' | ' | ' | ' | 1,565 | ' | ' | ' |
Deferred revenue | ' | ' | ' | ' | $866 | ' | ' | ' |
Effects_of_Restatement_on_Cons3
Effects of Restatement on Consolidated Statements of Cash Flow (Detail) (USD $) | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||||||||||||||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Jun. 30, 2013 | Jun. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||||||||||||
OPERATING ACTIVITIES: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||
Net income (loss) | $12,295 | $670 | $4,885 | $2,775 | $3,025 | $2,568 | $5,555 | $5,593 | $17,850 | $8,368 | $14,073 | $14,940 | [1] | ($50) | [1] | ||||||||||
Adjustment for non-cash items included in net income: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||
Deferred income taxes | ' | ' | 4,797 | ' | ' | -375 | 3,539 | 673 | 2,342 | -322 | -12,264 | 6,633 | [1] | 14,179 | [1] | ||||||||||
Previously Reported | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||
OPERATING ACTIVITIES: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||
Net income (loss) | 12,292 | [2],[3] | 1,173 | [4],[5] | 6,968 | [6],[7],[8] | 3,588 | [9] | 4,546 | [9] | 4,629 | [10],[9] | 8,141 | [11],[4],[5] | 9,175 | [12],[9] | 19,843 | [13],[2],[3] | 12,763 | [14],[9] | ' | 20,140 | [1],[15],[16] | 6,032 | [1],[15],[16] |
Adjustment for non-cash items included in net income: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||
Deferred income taxes | ' | ' | 3,350 | [7] | ' | ' | -2,436 | [10] | 1,810 | [11] | -2,909 | [12] | 349 | [13] | -4,717 | [14] | ' | 1,433 | [1],[16] | 8,097 | [1],[16] | ||||
Restatement Adjustment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||
OPERATING ACTIVITIES: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||
Net income (loss) | 3 | -371 | -1,625 | -813 | -1,521 | -2,061 | -1,996 | -3,582 | -1,993 | -4,395 | ' | -5,200 | [1] | -6,082 | [1] | ||||||||||
Adjustment for non-cash items included in net income: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||
Deferred income taxes | ' | ' | $1,625 | ' | ' | $2,061 | $1,996 | $3,582 | $1,993 | $4,395 | ' | $5,200 | [1] | $6,082 | [1] | ||||||||||
[1] | The Company does not present cash flows from discontinued operations, consistent with the FASB's authoritative guidance. Restatement adjustments did not have an impact on cash flows from investing and financing activities. | ||||||||||||||||||||||||
[2] | Previously reported balances represent the amounts reported in the Condensed Consolidated Statement of Operations in the Company's Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2013 as filed with the SEC on November 12, 2013. | ||||||||||||||||||||||||
[3] | Previously reported balances represent the amounts reported in the Condensed Consolidating Statement of Operations in the Company's Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2013 as filed with the SEC on November 12, 2013. | ||||||||||||||||||||||||
[4] | Previously reported balances represent the amounts reported in the Condensed Consolidated Statement of Operations in the Company's Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2013 as filed with the SEC on September 24, 2013. | ||||||||||||||||||||||||
[5] | Previously reported balances represent the amounts reported in the Condensed Consolidating Statement of Operations in the Company's Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2013 as filed with the SEC on September 24, 2013. | ||||||||||||||||||||||||
[6] | Previously reported balances represent the amounts reported in the Condensed Consolidating Statement of Operations in the Company's Amended Quarterly Report on Form 10-Q/A for the quarterly period ended March 31, 2013 as filed with the SEC on September 24, 2013. | ||||||||||||||||||||||||
[7] | Previously reported balances represent the amounts reported in the Condensed Consolidated Statement of Cash Flows in the Company's Amended Quarterly Report on Form 10-Q/A for the quarterly period ended March 31, 2013 as filed with the SEC on September 24, 2013. The previously reported changes in inventory, cost in excess of billings, and deferred revenue have been adjusted by $1,040, $(174), and $(866) to correct the prior presentation. | ||||||||||||||||||||||||
[8] | Previously reported balances represent the amounts reported in the Condensed Consolidated Statement of Operations in the Company's Amended Quarterly Report on Form 10-Q/A for the quarterly period ended March 31, 2013 as filed with the SEC on September 24, 2013. | ||||||||||||||||||||||||
[9] | Previously reported balances represent the amounts presented as "Currently Reported" in the Note 2 to the Company's Second Amended Annual Report on Form 10-K/A for the annual period ended December 31, 2012 as filed with the SEC on November 12, 2013. | ||||||||||||||||||||||||
[10] | Previously reported balances represent the amounts presented as "Currently Reported" in the Note 2 to the Company's Second Amended Annual Report on Form 10-K/A for the annual period ended December 31, 2012 as filed with the SEC on November 12, 2013. The previously reported changes in inventory, cost in excess of billings, and deferred revenue have been adjusted by $(2,288), $2,282, and $6 to correct the prior presentation. | ||||||||||||||||||||||||
[11] | Previously reported balances represent the amounts reported in the Condensed Consolidated Statement of Cash Flows in the Company's Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2013 as filed with the SEC on September 24, 2013. The previously reported changes in inventory, cost in excess of billings, and deferred revenue have been adjusted by $(340), $1,021, and $(681) to correct the prior presentation. | ||||||||||||||||||||||||
[12] | Previously reported balances represent the amounts presented as "Currently Reported" in the Note 2 to the Company's Second Amended Annual Report on Form 10-K/A for the annual period ended December 31, 2012 as filed with the SEC on November 12, 2013. The previously reported changes in inventory, cost in excess of billings, and deferred revenue have been adjusted by $(2,049), $2,027, and $22 to correct the prior presentation. | ||||||||||||||||||||||||
[13] | Previously reported balances represent the amounts reported in the Condensed Consolidated Statement of Cash Flows in the Company's Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2013 as filed with the SEC on November 12, 2013. The previously reported changes in inventory, cost in excess of billings, and deferred revenue have been adjusted by $540, $323, and $(866) to correct the prior presentation. | ||||||||||||||||||||||||
[14] | Previously reported balances represent the amounts presented as "Currently Reported" in the Note 2 to the Company's Second Amended Annual Report on Form 10-K/A for the annual period ended December 31, 2012 as filed with the SEC on November 12, 2013. The previously reported changes in inventory, cost in excess of billings, and deferred revenue have been adjusted by $(2,709), $2,540, and $169 to correct the prior presentation. | ||||||||||||||||||||||||
[15] | Previously reported balances represent the amounts reported in the Consolidated Statement of Operations in the Company's Second Amended Annual Report on Form 10-K/A for the annual period ended December 31, 2012 as filed with the SEC on November 12, 2013. | ||||||||||||||||||||||||
[16] | Previously reported balances represent the amounts reported in the Consolidated Balance Sheet in the Company's Second Amended Annual Report on Form 10-K/A for the annual period ended December 31, 2012 as filed with the SEC on November 12, 2013. |
Effects_of_Restatement_or_Revi
Effects of Restatement or Revision, Condensed Consolidating Statement of Operations and Comprehensive Income (Detail) (USD $) | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||||||||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Jun. 30, 2013 | Jun. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||||||||||||
Net sales | $200,012 | $194,936 | $199,123 | $189,202 | $185,630 | $180,666 | $182,419 | $151,272 | $388,325 | $333,691 | $583,261 | $514,357 | $783,273 | $699,987 | $488,352 | ||||||||||||
Costs and expenses: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||
Cost of sales | ' | 149,797 | 155,346 | 149,949 | ' | 147,299 | 148,847 | 119,420 | 305,295 | 268,267 | 455,092 | 415,566 | 609,419 | 561,418 | 397,429 | ||||||||||||
Operating income | 6,008 | 21,879 | 20,481 | 13,647 | 17,556 | 9,322 | 10,118 | 10,421 | 34,128 | 20,539 | 56,007 | 29,861 | 62,015 | 47,417 | 23,382 | ||||||||||||
Income before income taxes | ' | 14,276 | 538 | 9,441 | ' | 4,648 | 6,512 | 5,957 | 9,979 | 12,469 | 24,255 | 17,117 | 22,796 | 29,138 | 7,793 | ||||||||||||
Provision for (benefit from) income taxes | ' | 1,701 | -521 | 4,473 | ' | 2,236 | 4,021 | 4,070 | 3,952 | 8,091 | 5,653 | 10,327 | 7,139 | 15,685 | 10,101 | ||||||||||||
Net income attributable to continuing operations | -2,945 | 12,575 | 1,059 | 4,968 | 6,663 | 2,412 | 2,491 | 1,887 | 6,027 | 4,378 | 18,602 | 6,790 | 15,657 | 13,453 | -2,308 | ||||||||||||
Net income attributable to discontinued operations, net of tax | ' | -280 | -389 | -83 | ' | 363 | 534 | 681 | -472 | 1,215 | -752 | 1,578 | -1,584 | 1,487 | 2,258 | ||||||||||||
Net income (loss) | ' | 12,295 | 670 | 4,885 | ' | 2,775 | 3,025 | 2,568 | 5,555 | 5,593 | 17,850 | 8,368 | 14,073 | 14,940 | [1] | -50 | [1] | ||||||||||
Comprehensive income (loss) | ' | 15,558 | -1,386 | 9,500 | ' | 7,372 | 2,284 | 5,418 | 8,114 | 7,702 | 23,672 | 15,074 | 18,680 | 8,786 | -6,563 | ||||||||||||
Previously Reported | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||
Net sales | ' | 196,532 | [2],[3] | 200,950 | [4],[5] | 191,900 | [6],[7] | ' | 182,545 | [8] | 184,462 | [8] | 154,070 | [8] | 392,850 | [4],[5] | 338,532 | [8] | 588,514 | [2],[3] | 521,077 | [8] | ' | 708,090 | [9] | 501,288 | [9] |
Costs and expenses: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||
Cost of sales | ' | 151,435 | [2],[3] | 156,782 | [4],[5] | 151,986 | [6],[7] | ' | 148,895 | [8] | 150,443 | [8] | 121,563 | [8] | 308,768 | [4],[5] | 272,006 | [8] | 460,192 | [2],[3] | 420,901 | [8] | ' | 568,462 | [9] | 407,660 | [9] |
Operating income | ' | 21,565 | [2],[3] | 20,545 | [4],[5] | 14,005 | [6],[7] | ' | 9,296 | [8] | 10,237 | [8] | 10,609 | [8] | 34,550 | [4],[5] | 20,846 | [8] | 55,258 | [2],[3] | 30,142 | [8] | ' | 47,111 | [9] | 24,052 | [9] |
Income before income taxes | ' | 13,962 | [2],[3] | 602 | [4],[5] | 9,799 | [6],[7] | ' | 4,622 | [8] | 6,631 | [8] | 6,145 | [8] | 10,401 | [4],[5] | 12,776 | [8] | 23,506 | [2],[3] | 17,398 | [8] | ' | 28,832 | [9] | 8,463 | [9] |
Provision for (benefit from) income taxes | ' | 1,670 | [2],[3] | -878 | [4],[5] | 2,982 | [6],[7] | ' | 1,423 | [8] | 2,538 | [8] | 2,087 | [8] | 2,104 | [4],[5] | 4,625 | [8] | 3,507 | [2],[3] | 6,048 | [8] | ' | 10,392 | [9] | 4,269 | [9] |
Net income attributable to continuing operations | ' | 12,292 | [2],[3] | 1,480 | [4],[5] | 6,817 | [6],[7] | ' | 3,199 | [8] | 4,093 | [8] | 4,058 | [8] | 8,297 | [4],[5] | 8,151 | [8] | 19,999 | [2],[3] | 11,350 | [8] | ' | 18,440 | [9] | 4,194 | [9] |
Net income attributable to discontinued operations, net of tax | ' | ' | -307 | [4],[5] | 151 | [6],[7] | ' | 389 | [8] | 453 | [8] | 571 | [8] | -156 | [4],[5] | 1,024 | [8] | -156 | [2],[3] | 1,413 | [8] | ' | 1,700 | [9] | 1,838 | [9] | |
Net income (loss) | ' | 12,292 | [2],[3] | 1,173 | [4],[5] | 6,968 | [10],[6],[7] | ' | 3,588 | [8] | 4,546 | [8] | 4,629 | [11],[8] | 8,141 | [12],[4],[5] | 9,175 | [13],[8] | 19,843 | [14],[2],[3] | 12,763 | [15],[8] | ' | 20,140 | [1],[16],[9] | 6,032 | [1],[16],[9] |
Comprehensive income (loss) | ' | 16,251 | [3] | -2,067 | [5] | 10,980 | [6] | ' | 9,297 | 3,173 | 8,032 | 8,913 | [5] | 11,205 | 24,574 | [3] | 20,502 | ' | 14,629 | -842 | |||||||
RTI International Metals, Inc. | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||
Costs and expenses: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||
Operating income | ' | -712 | -491 | -1,213 | ' | 1,442 | 933 | 7 | -1,704 | 940 | -2,416 | 2,382 | -4,799 | 3,006 | -981 | ||||||||||||
Equity in earnings of subsidiaries | ' | 12,268 | 7,364 | 5,646 | ' | 4,106 | 2,690 | 5,054 | 13,010 | 7,743 | 25,277 | 11,849 | 21,936 | 20,741 | 10,066 | ||||||||||||
Income before income taxes | ' | 10,188 | -2,899 | 4,293 | ' | 1,187 | -312 | 1,034 | 1,394 | 721 | 11,581 | 1,908 | 2,164 | 7,045 | -7,306 | ||||||||||||
Provision for (benefit from) income taxes | ' | -2,387 | -3,958 | -675 | ' | -1,225 | -2,803 | -853 | -4,633 | -3,657 | -7,021 | -4,882 | -13,493 | -6,408 | -4,998 | ||||||||||||
Net income attributable to continuing operations | ' | 12,575 | 1,059 | 4,968 | ' | 2,412 | 2,491 | 1,887 | 6,027 | 4,378 | 18,602 | 6,790 | 15,657 | 13,453 | -2,308 | ||||||||||||
Net income attributable to discontinued operations, net of tax | ' | -280 | -389 | -83 | ' | 363 | 534 | 681 | -472 | 1,215 | -752 | 1,578 | -1,584 | 1,487 | 2,258 | ||||||||||||
Net income (loss) | ' | 12,295 | 670 | 4,885 | ' | 2,775 | 3,025 | 2,568 | 5,555 | 5,593 | 17,850 | 8,368 | 14,073 | 14,940 | -50 | ||||||||||||
Comprehensive income (loss) | ' | 15,558 | -1,386 | 9,500 | ' | 7,372 | 2,284 | 5,418 | 8,114 | 7,702 | 23,672 | 15,074 | 18,680 | 8,786 | -6,563 | ||||||||||||
RTI International Metals, Inc. | Previously Reported | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||
Costs and expenses: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||
Operating income | ' | -712 | [3] | -491 | [5] | -1,213 | [6] | ' | 1,442 | 933 | 7 | -1,704 | [5] | 940 | -2,416 | [3] | 2,382 | ' | 3,006 | -981 | |||||||
Equity in earnings of subsidiaries | ' | 11,876 | [3] | 8,220 | [5] | 7,175 | [6] | ' | 5,034 | 4,258 | 7,022 | 15,395 | [5] | 11,280 | 26,681 | [3] | 16,314 | ' | 25,832 | 16,568 | |||||||
Income before income taxes | ' | 9,796 | [3] | -2,043 | [5] | 5,822 | [6] | ' | 2,115 | 1,256 | 3,002 | 3,779 | [5] | 4,258 | 12,985 | [3] | 6,373 | ' | 12,136 | -804 | |||||||
Provision for (benefit from) income taxes | ' | -2,496 | [3] | -3,523 | [5] | -995 | [6] | ' | -1,084 | -2,837 | -1,056 | -4,518 | [5] | -3,893 | -7,014 | [3] | -4,977 | ' | -6,304 | -4,998 | |||||||
Net income attributable to continuing operations | ' | 12,292 | [3] | 1,480 | [5] | 6,817 | [6] | ' | 3,199 | 4,093 | 4,058 | 8,297 | [5] | 8,151 | 19,999 | [3] | 11,350 | ' | 18,440 | 4,194 | |||||||
Net income attributable to discontinued operations, net of tax | ' | ' | -307 | [5] | 151 | [6] | ' | 389 | 453 | 571 | -156 | [5] | 1,024 | -156 | [3] | 1,413 | ' | 1,700 | 1,838 | ||||||||
Net income (loss) | ' | 12,292 | [3] | 1,173 | [5] | 6,968 | [6] | ' | 3,588 | 4,546 | 4,629 | 8,141 | [5] | 9,175 | 19,843 | [3] | 12,763 | ' | 20,140 | 6,032 | |||||||
Comprehensive income (loss) | ' | 16,251 | [3] | -2,067 | [5] | 10,980 | [6] | ' | 9,297 | 3,173 | 8,032 | 8,913 | [5] | 11,205 | 24,574 | [3] | 20,502 | ' | 14,629 | -842 | |||||||
Guarantor Subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||
Net sales | ' | 128,285 | 136,778 | 136,173 | ' | 131,132 | 148,017 | 116,796 | 272,951 | 247,734 | 401,236 | 378,866 | 524,003 | 503,018 | 347,963 | ||||||||||||
Costs and expenses: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||
Cost of sales | ' | 103,808 | 108,580 | 113,470 | ' | 114,706 | 127,484 | 96,311 | 222,050 | 209,233 | 325,858 | 323,939 | 426,646 | 426,268 | 296,066 | ||||||||||||
Operating income | ' | 12,632 | 16,182 | 9,994 | ' | 1,761 | 4,690 | 10,542 | 26,176 | 15,153 | 38,808 | 16,914 | 34,603 | 27,060 | 26,079 | ||||||||||||
Equity in earnings of subsidiaries | ' | -439 | 263 | -373 | ' | 1,231 | 2,512 | 1,444 | -110 | 3,956 | -549 | 5,185 | -191 | 5,419 | 6,128 | ||||||||||||
Income before income taxes | ' | 8,102 | 8,881 | 7,266 | ' | 3,048 | 7,187 | 12,404 | 16,147 | 19,549 | 24,249 | 22,595 | 17,763 | 32,722 | 33,966 | ||||||||||||
Provision for (benefit from) income taxes | ' | 2,665 | 2,101 | 2,775 | ' | 705 | 2,926 | 3,030 | 4,876 | 5,968 | 7,541 | 6,673 | 10,964 | 10,726 | 10,257 | ||||||||||||
Net income attributable to continuing operations | ' | 5,437 | 6,780 | 4,491 | ' | 2,343 | 4,261 | 9,374 | 11,271 | 13,581 | 16,708 | 15,922 | 6,799 | 21,996 | 23,709 | ||||||||||||
Net income (loss) | ' | 5,437 | 6,780 | 4,491 | ' | 2,343 | 4,261 | 9,374 | 11,271 | 13,581 | 16,708 | 15,922 | 6,799 | 21,996 | 23,709 | ||||||||||||
Comprehensive income (loss) | ' | 6,561 | 7,862 | 10,665 | ' | 3,394 | 5,312 | 10,433 | 18,528 | 15,691 | 25,089 | 19,083 | 18,327 | 14,465 | 19,646 | ||||||||||||
Guarantor Subsidiaries | Previously Reported | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||
Net sales | ' | 128,285 | [3] | 136,778 | [5] | 136,173 | [6] | ' | 131,132 | 148,017 | 116,796 | 272,951 | [5] | 247,734 | 401,236 | [3] | 378,866 | ' | 503,018 | 347,963 | |||||||
Costs and expenses: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||
Cost of sales | ' | 103,808 | [3] | 108,580 | [5] | 113,470 | [6] | ' | 114,706 | 127,484 | 96,311 | 222,050 | [5] | 209,233 | 325,858 | [3] | 323,939 | ' | 426,268 | 296,066 | |||||||
Operating income | ' | 12,632 | [3] | 16,182 | [5] | 9,994 | [6] | ' | 1,761 | 4,690 | 10,542 | 26,176 | [5] | 15,153 | 38,808 | [3] | 16,914 | ' | 27,060 | 26,079 | |||||||
Equity in earnings of subsidiaries | ' | -439 | [3] | 263 | [5] | -373 | [6] | ' | 1,231 | 2,512 | 1,444 | -110 | [5] | 3,956 | -549 | [3] | 5,185 | ' | 5,419 | 6,128 | |||||||
Income before income taxes | ' | 8,102 | [3] | 8,881 | [5] | 7,266 | [6] | ' | 3,048 | 7,187 | 12,404 | 16,147 | [5] | 19,549 | 24,249 | [3] | 22,595 | ' | 32,722 | 33,966 | |||||||
Provision for (benefit from) income taxes | ' | 2,665 | [3] | 2,101 | [5] | 2,775 | [6] | ' | 705 | 2,926 | 3,030 | 4,876 | [5] | 5,968 | 7,541 | [3] | 6,673 | ' | 10,726 | 10,257 | |||||||
Net income attributable to continuing operations | ' | 5,437 | [3] | 6,780 | [5] | 4,491 | [6] | ' | 2,343 | 4,261 | 9,374 | 11,271 | [5] | 13,581 | 16,708 | [3] | 15,922 | ' | 21,996 | 23,709 | |||||||
Net income (loss) | ' | 5,437 | [3] | 6,780 | [5] | 4,491 | [6] | ' | 2,343 | 4,261 | 9,374 | 11,271 | [5] | 13,581 | 16,708 | [3] | 15,922 | ' | 21,996 | 23,709 | |||||||
Comprehensive income (loss) | ' | 6,561 | [3] | 7,862 | [5] | 10,665 | [6] | ' | 3,394 | 5,312 | 10,433 | 18,528 | [5] | 15,691 | 25,089 | [3] | 19,083 | ' | 14,465 | 19,646 | |||||||
Non-Guarantor Subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||
Net sales | ' | 115,158 | 119,617 | 103,464 | ' | 101,739 | 90,597 | 92,587 | 223,081 | 200,263 | 338,239 | 302,002 | 465,331 | 409,470 | 316,219 | ||||||||||||
Costs and expenses: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||
Cost of sales | ' | 94,496 | 104,038 | 86,914 | ' | 84,798 | 77,558 | 81,220 | 190,952 | 173,340 | 285,448 | 258,138 | 388,834 | 347,651 | 277,193 | ||||||||||||
Operating income | ' | 9,959 | 4,790 | 4,866 | ' | 6,119 | 4,495 | -128 | 9,656 | 4,446 | 19,615 | 10,565 | 32,211 | 17,351 | -1,716 | ||||||||||||
Equity in earnings of subsidiaries | ' | 532 | 847 | 106 | ' | 374 | 413 | 1,203 | 953 | 1,616 | 1,485 | 1,990 | 2,165 | 2,138 | -1,055 | ||||||||||||
Income before income taxes | ' | 8,347 | 3,030 | 3,261 | ' | 6,124 | 5,252 | 220 | 6,291 | 5,514 | 14,638 | 11,638 | 26,779 | 17,669 | -3,728 | ||||||||||||
Provision for (benefit from) income taxes | ' | 1,423 | 1,336 | 2,373 | ' | 2,756 | 3,898 | 1,893 | 3,709 | 5,780 | 5,133 | 8,536 | 9,668 | 11,367 | 4,842 | ||||||||||||
Net income attributable to continuing operations | ' | 6,924 | 1,694 | 888 | ' | 3,368 | 1,354 | -1,673 | 2,582 | -266 | 9,505 | 3,102 | 17,111 | 6,302 | -8,570 | ||||||||||||
Net income attributable to discontinued operations, net of tax | ' | -280 | -389 | -83 | ' | 363 | 534 | 681 | -472 | 1,215 | -752 | 1,578 | -1,584 | 1,487 | 2,258 | ||||||||||||
Net income (loss) | ' | 6,644 | 1,305 | 805 | ' | 3,731 | 1,888 | -992 | 2,110 | 949 | 8,753 | 4,680 | 15,527 | 7,789 | -6,312 | ||||||||||||
Comprehensive income (loss) | ' | 8,640 | -1,978 | -1,404 | ' | 7,127 | -57 | 647 | -3,384 | 643 | 5,255 | 7,770 | 8,599 | 9,704 | -7,827 | ||||||||||||
Non-Guarantor Subsidiaries | Previously Reported | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||
Net sales | ' | 116,754 | [3] | 121,444 | [5] | 106,162 | [6] | ' | 103,618 | 92,640 | 95,385 | 227,606 | [5] | 205,104 | 343,492 | [3] | 308,722 | ' | 417,573 | 329,155 | |||||||
Costs and expenses: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||
Cost of sales | ' | 96,134 | [3] | 105,474 | [5] | 88,951 | [6] | ' | 86,394 | 79,154 | 83,363 | 194,425 | [5] | 177,079 | 290,548 | [3] | 263,473 | ' | 354,695 | 287,424 | |||||||
Operating income | ' | 9,645 | [3] | 4,854 | [5] | 5,224 | [6] | ' | 6,093 | 4,614 | 60 | 10,078 | [5] | 4,753 | 18,866 | [3] | 10,846 | ' | 17,045 | -1,046 | |||||||
Equity in earnings of subsidiaries | ' | 532 | [3] | 847 | [5] | 106 | [6] | ' | 374 | 413 | 1,203 | 953 | [5] | 1,616 | 1,485 | [3] | 1,990 | ' | 2,138 | -1,055 | |||||||
Income before income taxes | ' | 8,033 | [3] | 3,094 | [5] | 3,619 | [6] | ' | 6,098 | 5,371 | 408 | 6,713 | [5] | 5,821 | 13,889 | [3] | 11,919 | ' | 17,363 | -3,058 | |||||||
Provision for (benefit from) income taxes | ' | 1,501 | [3] | 544 | [5] | 1,202 | [6] | ' | 1,802 | 2,449 | 113 | 1,746 | [5] | 2,550 | 2,980 | [3] | 4,352 | ' | 5,970 | -990 | |||||||
Net income attributable to continuing operations | ' | 6,532 | [3] | 2,550 | [5] | 2,417 | [6] | ' | 4,296 | 2,922 | 295 | 4,967 | [5] | 3,271 | 10,909 | [3] | 7,567 | ' | 11,393 | -2,068 | |||||||
Net income attributable to discontinued operations, net of tax | ' | ' | -307 | [5] | 151 | [6] | ' | 389 | 453 | 571 | -156 | [5] | 1,024 | -156 | [3] | 1,413 | ' | 1,700 | 1,838 | ||||||||
Net income (loss) | ' | 6,532 | [3] | 2,243 | [5] | 2,568 | [6] | ' | 4,685 | 3,375 | 866 | 4,811 | [5] | 4,295 | 10,753 | [3] | 8,980 | ' | 13,093 | -230 | |||||||
Comprehensive income (loss) | ' | 9,224 | [3] | -2,224 | [5] | -244 | [6] | ' | 9,193 | 798 | 3,058 | -2,470 | [5] | 3,910 | 6,164 | [3] | 13,103 | ' | 15,651 | -2,106 | |||||||
Eliminations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||
Net sales | ' | -48,507 | -57,272 | -50,435 | ' | -52,205 | -56,195 | -58,111 | -107,707 | -114,306 | -156,214 | -166,511 | ' | -212,501 | -175,830 | ||||||||||||
Costs and expenses: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||
Cost of sales | ' | -48,507 | -57,272 | -50,435 | ' | -52,205 | -56,195 | -58,111 | -107,707 | -114,306 | -156,214 | -166,511 | ' | -212,501 | -175,830 | ||||||||||||
Equity in earnings of subsidiaries | ' | -12,361 | -8,474 | -5,379 | ' | -5,711 | -5,615 | -7,701 | -13,853 | -13,315 | -26,213 | -19,024 | ' | -28,298 | -15,139 | ||||||||||||
Income before income taxes | ' | -12,361 | -8,474 | -5,379 | ' | -5,711 | -5,615 | -7,701 | -13,853 | -13,315 | -26,213 | -19,024 | ' | -28,298 | -15,139 | ||||||||||||
Net income attributable to continuing operations | ' | -12,361 | -8,474 | -5,379 | ' | -5,711 | -5,615 | -7,701 | -13,853 | -13,315 | -26,213 | -19,024 | ' | -28,298 | -15,139 | ||||||||||||
Net income attributable to discontinued operations, net of tax | ' | 280 | 389 | 83 | ' | -363 | -534 | -681 | 472 | -1,215 | 752 | -1,578 | ' | -1,487 | -2,258 | ||||||||||||
Net income (loss) | ' | -12,081 | -8,085 | -5,296 | ' | -6,074 | -6,149 | -8,382 | -13,381 | -14,530 | -25,461 | -20,602 | ' | -29,785 | -17,397 | ||||||||||||
Comprehensive income (loss) | ' | -15,201 | -5,884 | -9,261 | ' | -10,521 | -5,255 | -11,080 | -15,144 | -16,334 | -30,344 | -26,853 | ' | -24,169 | -11,819 | ||||||||||||
Eliminations | Previously Reported | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||
Net sales | ' | -48,507 | [3] | -57,272 | [5] | -50,435 | [6] | ' | -52,205 | -56,195 | -58,111 | -107,707 | [5] | -114,306 | -156,214 | [3] | -166,511 | ' | -212,501 | -175,830 | |||||||
Costs and expenses: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||
Cost of sales | ' | -48,507 | [3] | -57,272 | [5] | -50,435 | [6] | ' | -52,205 | -56,195 | -58,111 | -107,707 | [5] | -114,306 | -156,214 | [3] | -166,511 | ' | -212,501 | -175,830 | |||||||
Equity in earnings of subsidiaries | ' | -11,969 | [3] | -9,330 | [5] | -6,908 | [6] | ' | -6,639 | -7,183 | -9,669 | -16,238 | [5] | -16,852 | -27,617 | [3] | -23,489 | ' | -33,389 | -21,641 | |||||||
Income before income taxes | ' | -11,969 | [3] | -9,330 | [5] | -6,908 | [6] | ' | -6,639 | -7,183 | -9,669 | -16,238 | [5] | -16,852 | -27,617 | [3] | -23,489 | ' | -33,389 | -21,641 | |||||||
Net income attributable to continuing operations | ' | -11,969 | [3] | -9,330 | [5] | -6,908 | [6] | ' | -6,639 | -7,183 | -9,669 | -16,238 | [5] | -16,852 | -27,617 | [3] | -23,489 | ' | -33,389 | -21,641 | |||||||
Net income attributable to discontinued operations, net of tax | ' | ' | 307 | [5] | -151 | [6] | ' | -389 | -453 | -571 | 156 | [5] | -1,024 | 156 | [3] | -1,413 | ' | -1,700 | -1,838 | ||||||||
Net income (loss) | ' | -11,969 | [3] | -9,023 | [5] | -7,059 | [6] | ' | -7,028 | -7,636 | -10,240 | -16,082 | [5] | -17,876 | -27,461 | [3] | -24,902 | ' | -35,089 | -23,479 | |||||||
Comprehensive income (loss) | ' | ($15,785) | [3] | ($5,638) | [5] | ($10,421) | [6] | ' | ($12,587) | ($6,110) | ($13,491) | ($16,058) | [5] | ($19,601) | ($31,253) | [3] | ($32,186) | ' | ($30,116) | ($17,540) | |||||||
[1] | The Company does not present cash flows from discontinued operations, consistent with the FASB's authoritative guidance. Restatement adjustments did not have an impact on cash flows from investing and financing activities. | ||||||||||||||||||||||||||
[2] | Previously reported balances represent the amounts reported in the Condensed Consolidated Statement of Operations in the Company's Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2013 as filed with the SEC on November 12, 2013. | ||||||||||||||||||||||||||
[3] | Previously reported balances represent the amounts reported in the Condensed Consolidating Statement of Operations in the Company's Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2013 as filed with the SEC on November 12, 2013. | ||||||||||||||||||||||||||
[4] | Previously reported balances represent the amounts reported in the Condensed Consolidated Statement of Operations in the Company's Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2013 as filed with the SEC on September 24, 2013. | ||||||||||||||||||||||||||
[5] | Previously reported balances represent the amounts reported in the Condensed Consolidating Statement of Operations in the Company's Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2013 as filed with the SEC on September 24, 2013. | ||||||||||||||||||||||||||
[6] | Previously reported balances represent the amounts reported in the Condensed Consolidating Statement of Operations in the Company's Amended Quarterly Report on Form 10-Q/A for the quarterly period ended March 31, 2013 as filed with the SEC on September 24, 2013. | ||||||||||||||||||||||||||
[7] | Previously reported balances represent the amounts reported in the Condensed Consolidated Statement of Operations in the Company's Amended Quarterly Report on Form 10-Q/A for the quarterly period ended March 31, 2013 as filed with the SEC on September 24, 2013. | ||||||||||||||||||||||||||
[8] | Previously reported balances represent the amounts presented as "Currently Reported" in the Note 2 to the Company's Second Amended Annual Report on Form 10-K/A for the annual period ended December 31, 2012 as filed with the SEC on November 12, 2013. | ||||||||||||||||||||||||||
[9] | Previously reported balances represent the amounts reported in the Consolidated Statement of Operations in the Company's Second Amended Annual Report on Form 10-K/A for the annual period ended December 31, 2012 as filed with the SEC on November 12, 2013. | ||||||||||||||||||||||||||
[10] | Previously reported balances represent the amounts reported in the Condensed Consolidated Statement of Cash Flows in the Company's Amended Quarterly Report on Form 10-Q/A for the quarterly period ended March 31, 2013 as filed with the SEC on September 24, 2013. The previously reported changes in inventory, cost in excess of billings, and deferred revenue have been adjusted by $1,040, $(174), and $(866) to correct the prior presentation. | ||||||||||||||||||||||||||
[11] | Previously reported balances represent the amounts presented as "Currently Reported" in the Note 2 to the Company's Second Amended Annual Report on Form 10-K/A for the annual period ended December 31, 2012 as filed with the SEC on November 12, 2013. The previously reported changes in inventory, cost in excess of billings, and deferred revenue have been adjusted by $(2,288), $2,282, and $6 to correct the prior presentation. | ||||||||||||||||||||||||||
[12] | Previously reported balances represent the amounts reported in the Condensed Consolidated Statement of Cash Flows in the Company's Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2013 as filed with the SEC on September 24, 2013. The previously reported changes in inventory, cost in excess of billings, and deferred revenue have been adjusted by $(340), $1,021, and $(681) to correct the prior presentation. | ||||||||||||||||||||||||||
[13] | Previously reported balances represent the amounts presented as "Currently Reported" in the Note 2 to the Company's Second Amended Annual Report on Form 10-K/A for the annual period ended December 31, 2012 as filed with the SEC on November 12, 2013. The previously reported changes in inventory, cost in excess of billings, and deferred revenue have been adjusted by $(2,049), $2,027, and $22 to correct the prior presentation. | ||||||||||||||||||||||||||
[14] | Previously reported balances represent the amounts reported in the Condensed Consolidated Statement of Cash Flows in the Company's Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2013 as filed with the SEC on November 12, 2013. The previously reported changes in inventory, cost in excess of billings, and deferred revenue have been adjusted by $540, $323, and $(866) to correct the prior presentation. | ||||||||||||||||||||||||||
[15] | Previously reported balances represent the amounts presented as "Currently Reported" in the Note 2 to the Company's Second Amended Annual Report on Form 10-K/A for the annual period ended December 31, 2012 as filed with the SEC on November 12, 2013. The previously reported changes in inventory, cost in excess of billings, and deferred revenue have been adjusted by $(2,709), $2,540, and $169 to correct the prior presentation. | ||||||||||||||||||||||||||
[16] | Previously reported balances represent the amounts reported in the Consolidated Balance Sheet in the Company's Second Amended Annual Report on Form 10-K/A for the annual period ended December 31, 2012 as filed with the SEC on November 12, 2013. |
Effects_of_Restatement_or_Revi1
Effects of Restatement or Revision, Condensed Consolidating Balance Sheet (Detail) (USD $) | Dec. 31, 2013 | Oct. 02, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | |||||||
In Thousands, unless otherwise specified | ||||||||||||||||||
ASSETS | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||
Receivables, net | $105,271 | ' | $118,123 | $106,287 | $113,263 | $104,354 | $113,329 | $102,561 | $101,637 | ' | ' | |||||||
Inventories, net | 430,088 | ' | 412,456 | 409,227 | 401,333 | 375,441 | 342,682 | 316,473 | 297,059 | ' | ' | |||||||
Total current assets | 938,626 | ' | 957,350 | 939,646 | 643,233 | 648,628 | 597,270 | 583,283 | 579,500 | ' | ' | |||||||
Property, plant, and equipment, net | 372,340 | ' | 367,738 | 368,246 | 371,176 | 375,819 | 367,658 | 365,618 | 361,337 | 289,239 | ' | |||||||
Goodwill | 117,578 | 131,958 | 129,773 | 129,498 | 130,016 | 130,252 | 131,248 | 133,212 | 133,237 | 54,125 | ' | |||||||
Total assets | 1,505,545 | ' | 1,522,813 | 1,504,897 | 1,207,720 | 1,220,092 | 1,162,193 | 1,149,156 | 1,142,077 | 1,100,599 | ' | |||||||
LIABILITIES AND SHAREHOLDERS' EQUITY | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||
Other accrued liabilities | 22,574 | ' | 26,017 | 19,793 | 25,832 | 22,518 | 27,554 | 21,876 | 21,886 | ' | ' | |||||||
Total current liabilities | 147,483 | ' | 169,344 | 166,318 | 152,558 | 176,544 | 162,055 | 148,232 | 146,966 | ' | ' | |||||||
Deferred income taxes | 74,078 | ' | 78,512 | 79,990 | 50,564 | 46,384 | 34,252 | 35,229 | 33,894 | ' | ' | |||||||
Total liabilities | 731,571 | ' | 745,681 | 745,198 | 487,664 | 511,853 | 449,309 | 444,944 | 441,351 | ' | ' | |||||||
Shareholders' equity | 773,974 | ' | 777,132 | 759,699 | 720,056 | 708,239 | 712,884 | 704,212 | 700,726 | 694,640 | 696,529 | |||||||
Total liabilities and shareholders' equity | 1,505,545 | ' | 1,522,813 | 1,504,897 | 1,207,720 | 1,220,092 | 1,162,193 | 1,149,156 | 1,142,077 | ' | ' | |||||||
Previously Reported | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||
ASSETS | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||
Receivables, net | ' | ' | 118,827 | [1],[2] | 106,880 | [3],[4] | 114,075 | [5],[6] | 105,317 | [7],[8] | 114,248 | [10],[9] | 103,757 | [11],[12],[13] | 103,163 | [14],[15] | ' | ' |
Inventories, net | ' | ' | 419,158 | [1],[2] | 420,793 | [3],[4] | 413,233 | [5],[6] | 384,417 | [7],[8] | 351,654 | [10],[9] | 325,334 | [11],[12],[13] | 306,031 | [14],[15] | ' | ' |
Total current assets | ' | ' | 957,307 | [1],[2] | 941,431 | [3],[4] | 645,645 | [5],[6] | 648,140 | [7],[8] | 596,802 | [10],[9] | 582,808 | [11],[12],[13] | 579,015 | [14],[15] | ' | ' |
Property, plant, and equipment, net | ' | ' | 367,849 | [1],[2] | 368,363 | [3],[4] | 371,299 | [5],[6] | 375,949 | [7],[8] | 367,768 | [10],[9] | 365,735 | [11],[12],[13] | 361,464 | [14],[15] | ' | ' |
Goodwill | ' | ' | 129,838 | [1],[2] | 134,823 | [3],[4] | 135,341 | [5],[6] | 130,610 | [7],[8] | 131,606 | [10],[9] | 133,570 | [11],[12],[13] | 133,595 | [14],[15] | ' | ' |
Deferred income taxes | ' | ' | 29,435 | [1],[2] | 29,615 | [3],[4] | 29,624 | [5],[6] | 33,287 | [7],[8] | 32,197 | [10],[9] | 29,239 | [11],[12],[13] | 29,111 | [14],[15] | ' | ' |
Total assets | ' | ' | 1,552,381 | [1],[2] | 1,541,739 | [3],[4] | 1,245,204 | [5],[6] | 1,253,347 | [7],[8] | 1,194,390 | [10],[9] | 1,178,395 | [11],[12],[13] | 1,171,188 | [14],[15] | ' | ' |
LIABILITIES AND SHAREHOLDERS' EQUITY | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||
Other accrued liabilities | ' | ' | 26,037 | [1],[2] | 19,852 | [3],[4] | 25,379 | [5],[6] | 22,550 | [7],[8] | 27,458 | [10],[9] | 21,680 | [11],[12],[13] | 21,768 | [14],[15] | ' | ' |
Total current liabilities | ' | ' | 169,344 | [1],[2] | 166,888 | [3],[4] | 153,453 | [5],[6] | 176,503 | [7],[8] | 161,959 | [10],[9] | 147,995 | [11],[12],[13] | 146,763 | [14],[15] | ' | ' |
Deferred income taxes | ' | ' | 73,882 | [1],[2] | 81,190 | [3],[4] | 51,400 | [5],[6] | 46,384 | [7],[8] | 33,663 | [10],[9] | 33,749 | [11],[12],[13] | 33,141 | [14],[15] | ' | ' |
Total liabilities | ' | ' | 741,051 | [1],[2] | 746,968 | [3],[4] | 489,395 | [5],[6] | 511,812 | [7],[8] | 448,624 | [10],[9] | 443,227 | [11],[12],[13] | 440,395 | [14],[15] | ' | ' |
Shareholders' equity | ' | ' | 811,330 | [1],[2] | 794,771 | [3],[4] | 755,809 | [5],[6] | 741,535 | [7],[8] | 745,766 | [10],[9] | 735,168 | [11],[12],[13] | 730,793 | [14],[15] | ' | ' |
Total liabilities and shareholders' equity | ' | ' | 1,552,381 | [1],[2] | 1,541,739 | [3],[4] | 1,245,204 | [5],[6] | 1,253,347 | [7],[8] | 1,194,390 | [10],[9] | 1,178,395 | [11],[12],[13] | 1,171,188 | [14],[15] | ' | ' |
RTI International Metals, Inc. | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||
ASSETS | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||
Receivables, net | 786 | ' | 716 | 725 | 1,049 | 126 | 126 | 162 | 209 | ' | ' | |||||||
Total current assets | 41,867 | ' | 48,081 | 47,201 | 37,398 | 36,800 | 25,809 | 24,811 | 26,024 | ' | ' | |||||||
Property, plant, and equipment, net | 2,328 | ' | 2,124 | 1,769 | 1,464 | 1,327 | 1,336 | 543 | 634 | ' | ' | |||||||
Intercompany investments | 1,240,671 | ' | 1,240,173 | 1,218,576 | 952,158 | 931,041 | 932,734 | 919,907 | 911,011 | ' | ' | |||||||
Total assets | 1,295,891 | ' | 1,301,360 | 1,277,144 | 994,812 | 973,317 | 964,321 | 950,029 | 941,998 | ' | ' | |||||||
LIABILITIES AND SHAREHOLDERS' EQUITY | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||
Other accrued liabilities | 6,800 | ' | 8,911 | 4,955 | 8,806 | 3,277 | 10,444 | 5,845 | 6,150 | ' | ' | |||||||
Total current liabilities | 15,346 | ' | 15,930 | 12,024 | 13,648 | 10,973 | 16,624 | 11,331 | 10,421 | ' | ' | |||||||
Deferred income taxes | 70,006 | ' | 75,030 | 76,508 | 47,082 | 42,902 | 30,416 | 31,393 | 30,058 | ' | ' | |||||||
Total liabilities | 521,917 | ' | 527,228 | 517,445 | 274,756 | 265,078 | 251,437 | 245,817 | 241,272 | ' | ' | |||||||
Shareholders' equity | 773,974 | ' | 777,132 | 759,699 | 720,056 | 708,239 | 712,884 | 704,212 | 700,726 | ' | ' | |||||||
Total liabilities and shareholders' equity | 1,295,891 | ' | 1,301,360 | 1,277,144 | 994,812 | 973,317 | 964,321 | 950,029 | 941,998 | ' | ' | |||||||
RTI International Metals, Inc. | Previously Reported | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||
ASSETS | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||
Receivables, net | ' | ' | 716 | [2] | 725 | [4] | 1,049 | [6] | 126 | [16] | 126 | [17] | 162 | [13] | 209 | [18] | ' | ' |
Total current assets | ' | ' | 48,367 | [2] | 46,364 | [4] | 36,472 | [6] | 36,800 | [16] | 26,206 | [17] | 25,208 | [13] | 26,421 | [18] | ' | ' |
Property, plant, and equipment, net | ' | ' | 2,124 | [2] | 1,769 | [4] | 1,464 | [6] | 1,327 | [16] | 1,336 | [17] | 543 | [13] | 634 | [18] | ' | ' |
Intercompany investments | ' | ' | 1,274,085 | [2] | 1,259,553 | [4] | 993,293 | [6] | 964,044 | [16] | 965,123 | [17] | 950,229 | [13] | 940,478 | [18] | ' | ' |
Total assets | ' | ' | 1,335,558 | [2] | 1,317,284 | [4] | 1,035,021 | [6] | 1,006,320 | [16] | 997,107 | [17] | 980,748 | [13] | 971,862 | [18] | ' | ' |
LIABILITIES AND SHAREHOLDERS' EQUITY | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||
Other accrued liabilities | ' | ' | 8,911 | [2] | 4,955 | [4] | 8,194 | [6] | 2,984 | [16] | 10,348 | [17] | 5,608 | [13] | 5,947 | [18] | ' | ' |
Total current liabilities | ' | ' | 15,930 | [2] | 12,024 | [4] | 13,036 | [6] | 10,680 | [16] | 16,528 | [17] | 11,094 | [13] | 10,218 | [18] | ' | ' |
Deferred income taxes | ' | ' | 75,030 | [2] | 81,576 | [4] | 52,150 | [6] | 42,902 | [16] | 30,416 | [17] | 31,393 | [13] | 30,058 | [18] | ' | ' |
Total liabilities | ' | ' | 524,228 | [2] | 522,513 | [4] | 279,212 | [6] | 264,785 | [16] | 251,341 | [17] | 245,580 | [13] | 241,069 | [18] | ' | ' |
Shareholders' equity | ' | ' | 811,330 | [2] | 794,771 | [4] | 755,809 | [6] | 741,535 | [16] | 745,766 | [17] | 735,168 | [13] | 730,793 | [18] | ' | ' |
Total liabilities and shareholders' equity | ' | ' | 1,335,558 | [2] | 1,317,284 | [4] | 1,035,021 | [6] | 1,006,320 | [16] | 997,107 | [17] | 980,748 | [13] | 971,862 | [18] | ' | ' |
Guarantor Subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||
ASSETS | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||
Receivables, net | 57,397 | ' | 64,790 | 66,951 | 76,104 | 72,773 | 80,480 | 76,198 | 77,874 | ' | ' | |||||||
Inventories, net | 265,621 | ' | 251,257 | 240,396 | 237,340 | 220,290 | 188,662 | 176,305 | 166,538 | ' | ' | |||||||
Total current assets | 642,004 | ' | 627,713 | 663,938 | 368,267 | 383,983 | 348,461 | 351,789 | 359,929 | ' | ' | |||||||
Property, plant, and equipment, net | 292,033 | ' | 297,308 | 301,157 | 303,604 | 308,467 | 301,681 | 301,438 | 296,407 | ' | ' | |||||||
Goodwill | 79,705 | ' | 93,665 | 93,665 | 93,665 | 93,665 | 94,494 | 96,942 | 96,942 | ' | ' | |||||||
Intercompany investments | 26,623 | ' | 26,265 | 26,704 | 26,441 | 26,814 | 26,492 | 25,350 | 22,840 | ' | ' | |||||||
Total assets | 1,078,733 | ' | 1,078,378 | 1,119,534 | 826,689 | 848,973 | 809,704 | 812,156 | 813,398 | ' | ' | |||||||
LIABILITIES AND SHAREHOLDERS' EQUITY | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||
Other accrued liabilities | 5,101 | ' | 8,054 | 6,961 | 7,156 | 9,197 | 9,192 | 7,823 | 10,752 | ' | ' | |||||||
Total current liabilities | 73,593 | ' | 78,819 | 68,845 | 77,497 | 97,206 | 72,038 | 65,588 | 70,881 | ' | ' | |||||||
Total liabilities | 486,370 | ' | 481,766 | 529,094 | 244,304 | 279,761 | 232,149 | 231,753 | 239,889 | ' | ' | |||||||
Shareholders' equity | 592,363 | ' | 596,612 | 599,440 | 582,385 | 569,212 | 577,555 | 580,403 | 573,509 | ' | ' | |||||||
Total liabilities and shareholders' equity | 1,078,733 | ' | 1,078,378 | 1,119,534 | 826,689 | 848,973 | 809,704 | 812,156 | 813,398 | ' | ' | |||||||
Guarantor Subsidiaries | Previously Reported | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||
ASSETS | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||
Receivables, net | ' | ' | 64,790 | [2] | 66,951 | [4] | 76,104 | [6] | 72,773 | [16],[8] | 80,480 | [17],[9] | 76,198 | [12],[13] | 77,874 | [15],[18] | ' | ' |
Inventories, net | ' | ' | 251,257 | [2] | 240,396 | [4] | 237,340 | [6] | 220,290 | [16],[8] | 188,662 | [17],[9] | 176,305 | [12],[13] | 166,538 | [15],[18] | ' | ' |
Total current assets | ' | ' | 627,713 | [2] | 663,938 | [4] | 368,267 | [6] | 383,983 | [16],[8] | 348,461 | [17],[9] | 351,789 | [12],[13] | 359,929 | [15],[18] | ' | ' |
Property, plant, and equipment, net | ' | ' | 297,308 | [2] | 301,157 | [4] | 303,604 | [6] | 308,467 | [16],[8] | 301,681 | [17],[9] | 301,438 | [12],[13] | 296,407 | [15],[18] | ' | ' |
Goodwill | ' | ' | 93,665 | [2] | 98,925 | [4] | 98,925 | [6] | 93,665 | [16],[8] | 94,494 | [17],[9] | 96,942 | [12],[13] | 96,942 | [15],[18] | ' | ' |
Intercompany investments | ' | ' | 26,265 | [2] | 26,704 | [4] | 26,441 | [6] | 26,814 | [16],[8] | 26,492 | [17],[9] | 25,350 | [12],[13] | 22,840 | [15],[18] | ' | ' |
Total assets | ' | ' | 1,078,378 | [2] | 1,124,794 | [4] | 831,949 | [6] | 848,973 | [16],[8] | 809,704 | [17],[9] | 812,156 | [12],[13] | 813,398 | [15],[18] | ' | ' |
LIABILITIES AND SHAREHOLDERS' EQUITY | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||
Other accrued liabilities | ' | ' | 8,054 | [2] | 6,961 | [4] | 7,156 | [6] | 9,197 | [16],[8] | 9,192 | [17],[9] | 7,823 | [12],[13] | 10,752 | [15],[18] | ' | ' |
Total current liabilities | ' | ' | 78,819 | [2] | 68,845 | [4] | 77,497 | [6] | 97,206 | [16],[8] | 72,038 | [17],[9] | 65,588 | [12],[13] | 70,881 | [15],[18] | ' | ' |
Total liabilities | ' | ' | 481,766 | [2] | 529,094 | [4] | 244,304 | [6] | 279,761 | [16],[8] | 232,149 | [17],[9] | 231,753 | [12],[13] | 239,889 | [15],[18] | ' | ' |
Shareholders' equity | ' | ' | 596,612 | [2] | 595,700 | [4] | 587,645 | [6] | 569,212 | [16],[8] | 577,555 | [17],[9] | 580,403 | [12],[13] | 573,509 | [15],[18] | ' | ' |
Total liabilities and shareholders' equity | ' | ' | 1,078,378 | [2] | 1,124,794 | [4] | 831,949 | [6] | 848,973 | [16],[8] | 809,704 | [17],[9] | 812,156 | [12],[13] | 813,398 | [15],[18] | ' | ' |
Non-Guarantor Subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||
ASSETS | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||
Receivables, net | 69,847 | ' | 75,463 | 62,254 | 62,642 | 58,676 | 62,196 | 59,489 | 62,772 | ' | ' | |||||||
Inventories, net | 164,467 | ' | 161,199 | 168,831 | 163,993 | 155,151 | 154,020 | 140,168 | 130,521 | ' | ' | |||||||
Total current assets | 277,514 | ' | 304,402 | 252,150 | 264,100 | 255,066 | 253,853 | 239,971 | 234,692 | ' | ' | |||||||
Property, plant, and equipment, net | 77,979 | ' | 68,306 | 65,320 | 66,108 | 66,025 | 64,641 | 63,637 | 64,296 | ' | ' | |||||||
Goodwill | 37,873 | ' | 36,108 | 35,833 | 36,351 | 36,587 | 36,754 | 36,270 | 36,295 | ' | ' | |||||||
Intercompany investments | 5,721 | ' | 5,221 | 4,689 | 5,130 | 3,736 | 3,408 | 3,034 | 2,621 | ' | ' | |||||||
Total assets | 426,695 | ' | 437,580 | 381,831 | 396,480 | 386,614 | 384,235 | 368,550 | 364,298 | ' | ' | |||||||
LIABILITIES AND SHAREHOLDERS' EQUITY | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||
Other accrued liabilities | 10,673 | ' | 9,052 | 7,877 | 9,870 | 10,044 | 9,298 | 8,208 | 6,916 | ' | ' | |||||||
Total current liabilities | 81,303 | ' | 97,441 | 109,092 | 87,945 | 95,586 | 104,246 | 104,601 | 106,809 | ' | ' | |||||||
Deferred income taxes | 4,072 | ' | 3,482 | 3,482 | 3,482 | 3,482 | 3,836 | 3,836 | 3,836 | ' | ' | |||||||
Total liabilities | 209,820 | ' | 225,112 | 211,483 | 223,983 | 216,548 | 218,375 | 213,507 | 213,082 | ' | ' | |||||||
Shareholders' equity | 216,875 | ' | 212,468 | 170,348 | 172,497 | 170,066 | 165,860 | 155,043 | 151,216 | ' | ' | |||||||
Total liabilities and shareholders' equity | 426,695 | ' | 437,580 | 381,831 | 396,480 | 386,614 | 384,235 | 368,550 | 364,298 | ' | ' | |||||||
Non-Guarantor Subsidiaries | Previously Reported | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||
ASSETS | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||
Receivables, net | ' | ' | 76,167 | [2] | 62,847 | [4] | 63,454 | [6] | 59,639 | [16] | 63,115 | [17] | 60,685 | [13] | 64,298 | [18] | ' | ' |
Inventories, net | ' | ' | 167,901 | [2] | 180,397 | [4] | 175,893 | [6] | 164,127 | [16] | 162,992 | [17] | 149,029 | [13] | 139,493 | [18] | ' | ' |
Total current assets | ' | ' | 304,073 | [2] | 254,772 | [4] | 267,438 | [6] | 254,578 | [16] | 252,988 | [17] | 239,099 | [13] | 233,810 | [18] | ' | ' |
Property, plant, and equipment, net | ' | ' | 68,417 | [2] | 65,437 | [4] | 66,231 | [6] | 66,155 | [16] | 64,751 | [17] | 63,754 | [13] | 64,423 | [18] | ' | ' |
Goodwill | ' | ' | 36,173 | [2] | 35,898 | [4] | 36,416 | [6] | 36,945 | [16] | 37,112 | [17] | 36,628 | [13] | 36,653 | [18] | ' | ' |
Deferred income taxes | ' | ' | 34,065 | [2] | 33,483 | [4] | 33,856 | [6] | 33,287 | [16] | 32,786 | [17] | 30,719 | [13] | 29,864 | [18] | ' | ' |
Intercompany investments | ' | ' | 5,221 | [2] | 4,689 | [4] | 5,130 | [6] | 3,736 | [16] | 3,408 | [17] | 3,034 | [13] | 2,621 | [18] | ' | ' |
Total assets | ' | ' | 471,492 | [2] | 418,118 | [4] | 433,862 | [6] | 419,869 | [16] | 416,624 | [17] | 398,872 | [13] | 393,765 | [18] | ' | ' |
LIABILITIES AND SHAREHOLDERS' EQUITY | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||
Other accrued liabilities | ' | ' | 9,072 | [2] | 7,936 | [4] | 10,029 | [6] | 10,369 | [16] | 9,298 | [17] | 8,249 | [13] | 7,001 | [18] | ' | ' |
Total current liabilities | ' | ' | 97,441 | [2] | 109,662 | [4] | 89,452 | [6] | 95,838 | [16] | 104,246 | [17] | 104,601 | [13] | 106,809 | [18] | ' | ' |
Deferred income taxes | ' | ' | 3,482 | [2] | 3,482 | [4] | 3,482 | [6] | 3,482 | [16] | 3,836 | [17] | 3,836 | [13] | 3,836 | [18] | ' | ' |
Total liabilities | ' | ' | 225,112 | [2] | 212,053 | [4] | 225,490 | [6] | 216,800 | [16] | 218,375 | [17] | 213,507 | [13] | 213,082 | [18] | ' | ' |
Shareholders' equity | ' | ' | 246,380 | [2] | 206,065 | [4] | 208,372 | [6] | 203,069 | [16] | 198,249 | [17] | 185,365 | [13] | 180,683 | [18] | ' | ' |
Total liabilities and shareholders' equity | ' | ' | 471,492 | [2] | 418,118 | [4] | 433,862 | [6] | 419,869 | [16] | 416,624 | [17] | 398,872 | [13] | 393,765 | [18] | ' | ' |
Eliminations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||
ASSETS | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||
Receivables, net | -22,759 | ' | -22,846 | -23,643 | -26,532 | -27,221 | -29,473 | -33,288 | -39,218 | ' | ' | |||||||
Total current assets | -22,759 | ' | -22,846 | -23,643 | -26,532 | -27,221 | -30,853 | -33,288 | -41,145 | ' | ' | |||||||
Intercompany investments | -1,273,015 | ' | -1,271,659 | -1,249,969 | -983,729 | -961,591 | -962,634 | -948,291 | -936,472 | ' | ' | |||||||
Total assets | -1,295,774 | ' | -1,294,505 | -1,273,612 | -1,010,261 | -988,812 | -996,067 | -981,579 | -9,077,617 | ' | ' | |||||||
LIABILITIES AND SHAREHOLDERS' EQUITY | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||
Other accrued liabilities | ' | ' | ' | ' | ' | ' | -1,380 | ' | -1,932 | ' | ' | |||||||
Total current liabilities | -22,759 | ' | -22,846 | -23,643 | -26,532 | -27,221 | -30,853 | -33,288 | -41,145 | ' | ' | |||||||
Total liabilities | -486,536 | ' | -485,425 | -512,824 | -255,379 | -249,534 | -252,652 | -246,133 | -252,892 | ' | ' | |||||||
Shareholders' equity | -809,238 | ' | -809,080 | -760,788 | -754,882 | -739,278 | -743,415 | -735,446 | -724,725 | ' | ' | |||||||
Total liabilities and shareholders' equity | -1,295,774 | ' | -1,294,505 | -1,273,612 | -1,010,261 | -988,812 | -996,067 | -981,579 | -977,617 | ' | ' | |||||||
Eliminations | Previously Reported | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||
ASSETS | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||
Receivables, net | ' | ' | -22,846 | [2] | -23,643 | [4] | -26,532 | [6] | -27,221 | [16] | -29,473 | [17] | -33,288 | [13] | -39,218 | [18] | ' | ' |
Total current assets | ' | ' | -22,846 | [2] | -23,643 | [4] | -26,532 | [6] | -27,221 | [16] | -30,853 | [17] | -33,288 | [13] | -41,145 | [18] | ' | ' |
Deferred income taxes | ' | ' | -4,630 | [2] | -3,868 | [4] | -4,232 | [6] | ' | -589 | [17] | -1,480 | [13] | -753 | [18] | ' | ' | |
Intercompany investments | ' | ' | -1,305,571 | [2] | -1,290,946 | [4] | -1,024,864 | [6] | -994,594 | [16] | -995,023 | [17] | -978,613 | [13] | -965,939 | [18] | ' | ' |
Total assets | ' | ' | -1,333,047 | [2] | -1,318,457 | [4] | -1,051,396 | [6] | -1,021,815 | [16] | -1,029,045 | [17] | -1,013,381 | [13] | -1,007,837 | [18] | ' | ' |
LIABILITIES AND SHAREHOLDERS' EQUITY | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||
Other accrued liabilities | ' | ' | ' | ' | ' | ' | -1,380 | [17] | ' | -1,932 | [18] | ' | ' | |||||
Total current liabilities | ' | ' | -22,846 | [2] | -23,643 | [4] | -26,532 | [6] | -27,221 | [16] | -30,853 | [17] | -33,288 | [13] | -41,145 | [18] | ' | ' |
Deferred income taxes | ' | ' | -4,630 | [2] | -3,868 | [4] | -4,232 | [6] | ' | -589 | [17] | -1,480 | [13] | -753 | [18] | ' | ' | |
Total liabilities | ' | ' | -490,055 | [2] | -516,692 | [4] | -259,611 | [6] | -249,534 | [16] | -253,241 | [17] | -247,613 | [13] | -253,645 | [18] | ' | ' |
Shareholders' equity | ' | ' | -842,992 | [2] | -801,765 | [4] | -796,017 | [6] | -772,281 | [16] | -775,804 | [17] | -765,768 | [13] | -754,192 | [18] | ' | ' |
Total liabilities and shareholders' equity | ' | ' | ($1,333,047) | [2] | ($1,318,457) | [4] | ($1,055,628) | [6] | ($1,021,815) | [16] | ($1,029,045) | [17] | $1,013,381 | [13] | ($1,007,837) | [18] | ' | ' |
[1] | Previously reported balances represent the amounts reported in the Condensed Consolidated Balance Sheet in the Company's Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2013 as filed with the SEC on November 12, 2013. The previously reported balances of inventory and cost in excess of billings have been adjusted by $(1,242) and $1,242 to correct the prior presentation. | |||||||||||||||||
[2] | Previously reported balances represent the amounts reported in the Condensed Consolidating Balance Sheet in the Company's Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2013 as filed with the SEC on November 12, 2013. The previously reported Guarantor Subsidiary and Consolidated balances of inventory and cost in excess of billings have been adjusted by $(1,242) and $1,242 to correct the prior presentation. The previously reported balances of current deferred income tax assets, non-current deferred income tax assets, intercompany investments, other accrued liabilities, non-current deferred income taxes and shareholders' equity, were adjusted by $4,812, $-, $(11,850), $(685), $(6,353), and $- for the Parent; by $(2,629), $(27,604), $-, $-, $(21,587), and $(8,646) for the Guarantor Subsidiaries; by $(2,183), $(174), $-, $685, $162, and, $(3,204) for the Non-Guarantor Subsidiaries; and by $-, $27,778, $11,850, $-, $27,778, and $11,850 for the Eliminations, to correct the presentation of deferred income tax balances. | |||||||||||||||||
[3] | Previously reported balances represent the amounts reported in the Condensed Consolidated Balance Sheet in the Company's Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2013 as filed with the SEC on September 24, 2013. The previously reported balances of inventory, cost in excess of billings, and deferred revenue have been adjusted by $(359), $544, and $185 to correct the prior presentation. | |||||||||||||||||
[4] | Previously reported balances represent the amounts reported in the Condensed Consolidating Balance Sheet in the Company's Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2013 as filed with the SEC on September 24, 2013. The previously reported Guarantor Subsidiary and Consolidated balances of inventory, cost in excess of billings, and deferred revenue have been adjusted by $(359), $544, and $185 to correct the prior presentation. The previously reported balances of current deferred income tax assets, non-current deferred income tax assets, intercompany investments, other accrued liabilities, non-current deferred income taxes, and shareholders' equity, were adjusted by $4,081, $-, $(6,671), $(685), $(1,905), and $- for the Parent; by $(2,437), $(28,271), $-, $-, $(26,646), and $(4,062) for the Guarantor Subsidiaries; by $(1,644), $(169), $-, $685, $111, and $(2,609) for the Non-Guarantor Subsidiaries; and by $-, $28,440, $6,671, $-, $28,440, and $6,671 for the Eliminations, to correct the presentation of deferred income tax balances. | |||||||||||||||||
[5] | Previously reported balances represent the amounts reported in the Condensed Consolidated Balance Sheet in the Company's Amended Quarterly Report on Form 10-Q/A for the quarterly period ended March 31, 2013 as filed with the SEC on September 24, 2013. The previously reported balances of inventory and cost in excess of billings have been adjusted by $(1,739) and $1,739 to correct the prior presentation. | |||||||||||||||||
[6] | Previously reported balances represent the amounts reported in the Condensed Consolidating Balance Sheet in the Company's Amended Quarterly Report on Form 10-Q/A for the quarterly period ended March 31, 2013 as filed with the SEC on September 24, 2013. The previously reported Guarantor Subsidiary and Consolidated balances of inventory and cost in excess of billings have been adjusted by $(1,739) and $1,739 to correct the prior presentation. The previously reported balances of current deferred income tax assets, non-current deferred income tax assets, intercompany investments, other accrued liabilities, non-current deferred income taxes and shareholders' equity, were adjusted by $3,590, $-, $(6,790), $(685), $(2,515), and $- for the Parent; by $(2,437), $(28,939), $-, $-, $(26,657) and $(4,719) for the Guarantor Subsidiaries; by $(1,153), $(174), $-, $685, $59, and $(2,071) for the Non-Guarantor Subsidiaries; and by $-, $29,113, $6,790, $-, $29,113, and $6,790 for the Eliminations, to correct the presentation of deferred income tax balances. | |||||||||||||||||
[7] | Previously reported balances represent the amounts reported in the Consolidated Balance Sheet in the Company's Second Amended Annual Report on Form 10-K/A for the annual period ended December 31, 2012 as filed with the SEC on November 12, 2013. The previously reported balances of inventory, cost in excess of billings, and deferred revenue have been adjusted by $(699), $1,565, and $866 to correct the prior presentation. | |||||||||||||||||
[8] | The previously reported Guarantor Subsidiary and Consolidated balances of inventory and cost in excess of billings, have been adjusted by $(699) and, $1,565 to correct the prior presentation. | |||||||||||||||||
[9] | The previously reported Guarantor Subsidiary and Consolidated balances of inventory, cost in excess of billings, and deferred revenue have been adjusted by $(1,175), $1,344, and $169 to correct the prior presentation. | |||||||||||||||||
[10] | Previously reported balances represent the amounts presented as "Currently Reported" in the Note 2 to the Company's Second Amended Annual Report on Form 10-K/A for the annual period ended December 31, 2012 as filed with the SEC on November 12, 2013. The previously reported balances of inventory, cost in excess of billings, and deferred revenue have been adjusted by $(1,175), $1,344, and $169 to correct the prior presentation. | |||||||||||||||||
[11] | Previously reported balances represent the amounts presented as "Currently Reported" in the Note 2 to the Company's Second Amended Annual Report on Form 10-K/A for the annual period ended December 31, 2012 as filed with the SEC on November 12, 2013. The previously reported balances of inventory, cost in excess of billings, and deferred revenue have been adjusted by $(1,835), $1,857, and $22 to correct the prior presentation. | |||||||||||||||||
[12] | The previously Guarantor Subsidiary and Consolidated balances of inventory, cost in excess of billings, and deferred revenue have been adjusted by $(1,835), $1,857, and $22 to correct the prior presentation. | |||||||||||||||||
[13] | The previously reported balances of current deferred income tax assets, non-current deferred income tax assets, intercompany investments, other accrued liabilities, non-current deferred income taxes, and shareholders' equity were adjusted by $3,598, $-, $(9,842), $(780), $(5,464), and $- for the Parent; by $(2,290), $(25,314), $-, $-, $(20,104), and $(7,500) for the Guarantor Subsidiaries; by $(1,308), $(31), $-, $780, $223, and $(2,342) for the Non-Guarantor Subsidiaries; and by $-, $25,345, $9,842, $-, $25,345, and $9,842 for the Eliminations, to correct the presentation of deferred income tax balances. | |||||||||||||||||
[14] | Previously reported balances represent the amounts presented as "Currently Reported" in the Note 2 to the Company's Second Amended Annual Report on Form 10-K/A for the annual period ended December 31, 2012 as filed with the SEC on November 12, 2013. The previously reported balances of inventory, cost in excess of billings, and deferred revenue have been adjusted by $(1,596), $1,602, and $6 to correct the prior presentation. | |||||||||||||||||
[15] | The previously reported Guarantor Subsidiary and Consolidated balances of inventory, cost in excess of billings, and deferred revenue have been adjusted by $(1,596), $1,602, and $6 to correct the prior presentation. | |||||||||||||||||
[16] | The previously reported balances of current deferred income tax assets, non-current deferred income tax assets, intercompany investments, other accrued liabilities, non-current deferred income taxes, and shareholders' equity were adjusted by $4,786, $-, $(16,823), $(685), $(11,320) and $- for the Parent; by $(2,543), $(32,757), $-, $-, $(21,590), and $(13,710) for the Guarantor Subsidiaries; by $(2,243), $(146), $-, $685, $7 and $(3,113) for the Non-Guarantor Subsidiaries; and by $-, $32,903, $16,823, $-, $32,903 and $16,823 for the Eliminations, to correct the presentation of deferred income tax balances. | |||||||||||||||||
[17] | The previously reported balances of current deferred income tax assets, non-current deferred income tax assets, intercompany investments, other accrued liabilities, non-current deferred income taxes, and shareholders' equity were adjusted by $4,883, $-, $(12,214), $(780), $(6,551), and $- for the Parent; by $(2,593), $(26,313), $-, $-, $(20,104), and $(8,802) for the Guarantor Subsidiaries; by $(2,290), $(32), $-, $780, $310, and $(3,412) for the Non-Guarantor Subsidiaries; and by $-, $26,345, $12,214, $-, $26,345, and $12,214 for the Eliminations, to correct the presentation of deferred income tax balances. | |||||||||||||||||
[18] | The previously reported balances of current deferred income tax assets, non-current deferred income tax assets, intercompany investments, other accrued liabilities, non-current deferred income taxes, and shareholders' equity were adjusted by $3,298, $-, $(10,752), $(764), $(6,690), and $- for the Parent; by $(2,290), $(25,995), $-, $-, $(19,560), and $(8,725) for the Guarantor Subsidiaries; by $(1,008), $(33), $-, $764, $222, and $(2,027) for the Non-Guarantor Subsidiaries; and by $-, $26,028, $10,752, $-, $26,028, and $10,752 for the Eliminations, to correct the presentation of deferred income tax balances. |
Effects_of_Restatement_or_Revi2
Effects of Restatement or Revision, Condensed Consolidating Balance Sheet (Parenthetical) (Detail) (USD $) | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | ||
In Thousands, unless otherwise specified | ||||||||||||
Inventory | $430,088 | $412,456 | $409,227 | $401,333 | $375,441 | $342,682 | $316,473 | $297,059 | ' | ' | ||
Cost in excess of billings | 5,377 | 4,667 | 2,760 | 3,844 | 3,825 | 3,495 | 2,515 | 1,607 | ' | ' | ||
Current deferred income tax assets | 32,032 | 31,406 | 31,690 | 31,110 | 31,380 | 22,059 | 20,775 | 20,475 | ' | ' | ||
Other accrued liabilities | 22,574 | 26,017 | 19,793 | 25,832 | 22,518 | 27,554 | 21,876 | 21,886 | ' | ' | ||
Non-current deferred income taxes | 74,078 | 78,512 | 79,990 | 50,564 | 46,384 | 34,252 | 35,229 | 33,894 | ' | ' | ||
Shareholders' equity | 773,974 | 777,132 | 759,699 | 720,056 | 708,239 | 712,884 | 704,212 | 700,726 | 694,640 | 696,529 | ||
Revision Adjustment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Inventory | ' | ' | -4,265 | [1] | -3,952 | [1] | ' | ' | ' | ' | ' | ' |
Cost in excess of billings | ' | ' | 1,305 | [1] | 426 | [1] | ' | ' | ' | ' | ' | ' |
Current deferred income tax assets | ' | ' | 1,015 | [1] | 926 | [1] | ' | ' | ' | ' | ' | ' |
Non-current deferred income taxes | ' | ' | -5,068 | [1] | -5,068 | [1] | ' | ' | ' | ' | ' | ' |
Shareholders' equity | ' | ' | -1,567 | [1] | -1,435 | [1] | ' | ' | ' | ' | ' | ' |
RTI International Metals, Inc. | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Current deferred income tax assets | 31,656 | 31,290 | 31,574 | 30,994 | 31,264 | 22,059 | 20,775 | 20,475 | ' | ' | ||
Intercompany investments | 1,240,671 | 1,240,173 | 1,218,576 | 952,158 | 931,041 | 932,734 | 919,907 | 911,011 | ' | ' | ||
Other accrued liabilities | 6,800 | 8,911 | 4,955 | 8,806 | 3,277 | 10,444 | 5,845 | 6,150 | ' | ' | ||
Non-current deferred income taxes | 70,006 | 75,030 | 76,508 | 47,082 | 42,902 | 30,416 | 31,393 | 30,058 | ' | ' | ||
Shareholders' equity | 773,974 | 777,132 | 759,699 | 720,056 | 708,239 | 712,884 | 704,212 | 700,726 | ' | ' | ||
RTI International Metals, Inc. | Revision Adjustment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Current deferred income tax assets | ' | 4,812 | 4,081 | 3,590 | 4,786 | 4,883 | 3,598 | 3,298 | ' | ' | ||
Intercompany investments | ' | -11,850 | -6,671 | -6,790 | -16,823 | -12,214 | -9,842 | -10,752 | ' | ' | ||
Other accrued liabilities | ' | -685 | -685 | -685 | -685 | -780 | -780 | -764 | ' | ' | ||
Non-current deferred income taxes | ' | -6,353 | -1,905 | -2,515 | -11,320 | -6,551 | 5,464 | -6,690 | ' | ' | ||
Guarantor Subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Inventory | 265,621 | 251,257 | 240,396 | 237,340 | 220,290 | 188,662 | 176,305 | 166,538 | ' | ' | ||
Cost in excess of billings | 3,800 | 1,242 | 544 | 1,739 | 1,565 | 1,344 | 1,857 | 1,602 | ' | ' | ||
Intercompany investments | 26,623 | 26,265 | 26,704 | 26,441 | 26,814 | 26,492 | 25,350 | 22,840 | ' | ' | ||
Other accrued liabilities | 5,101 | 8,054 | 6,961 | 7,156 | 9,197 | 9,192 | 7,823 | 10,752 | ' | ' | ||
Shareholders' equity | 592,363 | 596,612 | 599,440 | 582,385 | 569,212 | 577,555 | 580,403 | 573,509 | ' | ' | ||
Guarantor Subsidiaries | Revision Adjustment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Inventory | ' | -1,242 | -359 | -1,739 | -699 | -1,175 | -1,835 | -1,596 | ' | ' | ||
Cost in excess of billings | ' | 1,242 | 544 | 1,739 | 1,565 | 1,344 | 1,857 | 1,602 | ' | ' | ||
Current deferred income tax assets | ' | -2,629 | -2,437 | -2,437 | -2,543 | -2,593 | -2,290 | -2,290 | ' | ' | ||
Non-current deferred income tax assets | ' | -27,604 | -28,271 | -28,939 | -32,757 | -26,313 | -25,314 | -25,995 | ' | ' | ||
Non-current deferred income taxes | ' | -21,587 | -26,646 | -26,657 | -21,590 | -20,104 | -20,104 | -19,560 | ' | ' | ||
Shareholders' equity | ' | -8,646 | -4,062 | -4,719 | -13,710 | -8,802 | -7,500 | -8,725 | ' | ' | ||
Non-Guarantor Subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Inventory | 164,467 | 161,199 | 168,831 | 163,993 | 155,151 | 154,020 | 140,168 | 130,521 | ' | ' | ||
Cost in excess of billings | 1,577 | 3,425 | 2,216 | 2,105 | 2,260 | 2,151 | 658 | 5 | ' | ' | ||
Current deferred income tax assets | 376 | 116 | 116 | 116 | 116 | ' | ' | ' | ' | ' | ||
Intercompany investments | 5,721 | 5,221 | 4,689 | 5,130 | 3,736 | 3,408 | 3,034 | 2,621 | ' | ' | ||
Other accrued liabilities | 10,673 | 9,052 | 7,877 | 9,870 | 10,044 | 9,298 | 8,208 | 6,916 | ' | ' | ||
Non-current deferred income taxes | 4,072 | 3,482 | 3,482 | 3,482 | 3,482 | 3,836 | 3,836 | 3,836 | ' | ' | ||
Shareholders' equity | 216,875 | 212,468 | 170,348 | 172,497 | 170,066 | 165,860 | 155,043 | 151,216 | ' | ' | ||
Non-Guarantor Subsidiaries | Revision Adjustment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Current deferred income tax assets | ' | -2,183 | -1,644 | -1,153 | -2,243 | -2,290 | -1,308 | -1,008 | ' | ' | ||
Non-current deferred income tax assets | ' | -174 | -169 | -174 | -146 | -32 | -31 | -33 | ' | ' | ||
Other accrued liabilities | ' | 685 | 685 | 685 | 685 | 780 | 780 | 764 | ' | ' | ||
Non-current deferred income taxes | ' | 162 | 111 | 59 | 7 | 310 | 223 | 222 | ' | ' | ||
Shareholders' equity | ' | -3,204 | -2,609 | -2,071 | -3,113 | -3,412 | -2,342 | -2,027 | ' | ' | ||
Eliminations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Intercompany investments | -1,273,015 | -1,271,659 | -1,249,969 | -983,729 | -961,591 | -962,634 | -948,291 | -936,472 | ' | ' | ||
Other accrued liabilities | ' | ' | ' | ' | ' | -1,380 | ' | -1,932 | ' | ' | ||
Shareholders' equity | -809,238 | -809,080 | -760,788 | -754,882 | -739,278 | -743,415 | -735,446 | -724,725 | ' | ' | ||
Eliminations | Revision Adjustment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Non-current deferred income tax assets | ' | -27,778 | 28,440 | 29,113 | 32,903 | 26,345 | 25,345 | -26,028 | ' | ' | ||
Intercompany investments | ' | 11,850 | 6,671 | 6,790 | 16,823 | 12,214 | 9,842 | 10,752 | ' | ' | ||
Non-current deferred income taxes | ' | 27,778 | 28,440 | 29,113 | 32,903 | -26,345 | 25,345 | -26,028 | ' | ' | ||
Shareholders' equity | ' | 11,850 | 6,671 | 6,790 | 16,823 | 12,214 | 9,842 | 10,752 | ' | ' | ||
Consolidated | Revision Adjustment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Inventory | ' | -1,242 | -359 | -1,739 | -699 | -1,175 | -1,835 | -1,596 | ' | ' | ||
Cost in excess of billings | ' | $1,242 | $544 | $1,739 | $1,565 | $1,344 | $1,857 | $1,602 | ' | ' | ||
[1] | Amounts presented as Revision Adjustment represent revisions related to revenue recognition errors related to certain long-term projects, as well as adjustments to goodwill and deferred taxes related to the acquisition of Remmele in 2012, as disclosed in the Company's Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2013 as filed with the SEC on November 12, 2013. |
Discontinued_Operations_Additi
Discontinued Operations - Additional Information (Detail) (USD $) | 6 Months Ended | 9 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended |
Jun. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2013 | Apr. 30, 2013 | Dec. 31, 2013 | |
RTI Pierce Spafford | RTI Pierce Spafford | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' | ' | ' |
Cash receipts from disposal of subsidiary | $10,475,000 | $10,475,000 | $10,475,000 | $12,400,000 | ' |
Cash receipts from disposal of subsidiary net of escrow | ' | ' | ' | ' | $10,500,000 |
Results_from_Discontinued_Oper
Results from Discontinued Operations (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' |
Net sales | $15,464 | $37,724 | $43,077 |
Income (loss) before income taxes | -2,184 | 2,333 | 3,533 |
Provision for (benefit from) income taxes | -600 | 846 | 1,275 |
Net income (loss) from discontinued operations | ($1,584) | $1,487 | $2,258 |
Assets_and_Liabilities_of_Disc
Assets and Liabilities of Discontinued Operations (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
ASSETS | ' | ' |
Accounts receivable, net | $594 | $3,152 |
Inventories, net | 4,555 | 20,100 |
Property, plant and equipment, net | 105 | 177 |
Goodwill | ' | 1,739 |
Other current assets | 20 | ' |
Total assets of discontinued operations | 5,274 | 25,168 |
LIABILITIES | ' | ' |
Accounts payable | 326 | 2,921 |
Accrued wages | 96 | 437 |
Other liabilities | 36 | 73 |
Total liabilities of discontinued operations | $458 | $3,431 |
Schedule_of_Carrying_Amounts_a
Schedule of Carrying Amounts and Fair Values of Financial Instruments (Detail) (USD $) | Dec. 31, 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 | $343,637 | $97,190 |
Long-term debt | 430,300 | 198,337 |
Current portion of long-term debt...... | 1,914 | 957 |
Fair Value | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Cash and cash equivalents | 343,637 | 97,190 |
Long-term debt | 559,986 | 249,113 |
Current portion of long-term debt...... | $1,914 | $957 |
Recovered_Sheet1
Summary Of Significant Accounting Policies - Additional Information (Detail) (USD $) | 0 Months Ended | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | ||||||||||||||||||
Sep. 30, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Jun. 30, 2013 | Jun. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Oct. 02, 2013 | Sep. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Apr. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2013 | Oct. 02, 2013 | |
Segment | Cash Flow Model | Maximum | 3.0% Convertible Senior Notes Due 2015 | 1.625% Convertible Senior Notes Due 2019 | 1.625% Convertible Senior Notes Due 2019 | Energy Fabrication reporting unit | Energy Fabrication reporting unit | Engineered Products and Services Segment | Engineered Products and Services Segment | Medical Device Fabrication reporting unit | Medical Device Fabrication reporting unit | Medical Device Fabrication reporting unit | |||||||||||||||
Significant Accounting Policies [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate principal amount of convertible senior notes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $114,381,000 | $402,500,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Convertible senior notes, principle outstanding | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 230,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Convertible senior notes, interest rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3.00% | ' | ' | ' | ' | ' | 3.00% | 1.63% | 1.63% | ' | ' | ' | ' | ' | ' | ' |
Convertible senior notes, maturity year | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '2015 | '2019 | ' | ' | ' | ' | ' | ' | ' | ' |
Convertible senior notes, Conversion feature | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 122,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of inventories valued under LIFO | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 56.00% | 55.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cost in excess of billings | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,377,000 | 3,825,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Costs in excess of billings expected to be collected within next twelve months | 4,667,000 | 4,667,000 | 2,760,000 | 3,844,000 | 3,495,000 | 2,515,000 | 1,607,000 | 2,760,000 | 2,515,000 | 4,667,000 | 3,495,000 | 5,377,000 | 3,825,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other current assets | 22,908,000 | 22,908,000 | 21,968,000 | 11,749,000 | 11,160,000 | 13,269,000 | 11,269,000 | 21,968,000 | 13,269,000 | 22,908,000 | 11,160,000 | 16,947,000 | 11,270,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Increase in prepaid taxes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,266,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Increase in prepaid expenses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,411,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest costs capitalized | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 821,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Depreciation expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 39,439,000 | 37,364,000 | 21,342,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Asset impairment charge | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,617,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Insurance proceeds that offset impairment charge | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,250,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of reporting units | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Goodwill | 129,773,000 | 129,773,000 | 129,498,000 | 130,016,000 | 131,248,000 | 133,212,000 | 133,237,000 | 129,498,000 | 133,212,000 | 129,773,000 | 131,248,000 | 117,578,000 | 130,252,000 | 54,125,000 | 131,958,000 | ' | ' | ' | ' | ' | 0 | 0 | ' | ' | ' | ' | 58,748,000 |
Excise tax percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.30% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Goodwill, fair value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 44,789,000 | ' | ' |
Goodwill impairment | ' | ' | ' | 484,000 | ' | ' | ' | 484,000 | ' | 484,000 | ' | 13,959,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 13,959,000 | ' | ' |
Accumulated goodwill impairment losses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 22,858,000 | 8,899,000 | ' | ' | ' |
Amortization expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,386,000 | 3,760,000 | 1,091,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Trade name intangible, fair value | 6,200,000 | 6,200,000 | ' | ' | ' | ' | ' | ' | ' | 6,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Trade name intangible, impairment | 1,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Discount rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 13.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | 13.00% | ' |
Other non-current assets | 14,910,000 | 14,910,000 | 13,681,000 | 8,067,000 | 8,353,000 | 8,792,000 | 8,476,000 | 13,681,000 | 8,792,000 | 14,910,000 | 8,353,000 | 23,247,000 | 8,898,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Increase in deferred financing cost | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6,517,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Costs as percent of total assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate principal of notes repurchased | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 115,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Increase in Assets Related to Pension Plan | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6,292,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Research and development costs | ' | 1,041,000 | 982,000 | 1,001,000 | 1,012,000 | 1,104,000 | 1,065,000 | 1,983,000 | 2,169,000 | 3,024,000 | 3,181,000 | 3,931,000 | 4,164,000 | 3,392,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Excess Tax Benefit from Share-based Compensation, Operating Activities | ' | ' | ' | 236,000 | ' | ' | 61,000 | 376,000 | 66,000 | 405,000 | 100,000 | 552,000 | 196,000 | 302,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Increase in financing cash flows | ' | ' | ' | 236,000 | ' | ' | 61,000 | 376,000 | 66,000 | 405,000 | 100,000 | 552,000 | 196,000 | 302,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock-based compensation | ' | ' | ' | 1,708,000 | ' | ' | 1,378,000 | 3,126,000 | 2,518,000 | 4,543,000 | 3,658,000 | 6,026,000 | 4,797,000 | 4,599,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Provision for (benefit from) income taxes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,886,000 | 1,727,000 | 2,060,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Compensation cost capitalized in inventory | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash_and_Cash_Equivalents_Deta
Cash and Cash Equivalents (Detail) (USD $) | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
In Thousands, unless otherwise specified | ||||||||||
Cash And Cash Equivalents And Investments [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash | $62,394 | ' | ' | ' | $37,473 | ' | ' | ' | ' | ' |
Cash equivalents: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Commercial paper | 150,978 | ' | ' | ' | 32,642 | ' | ' | ' | ' | ' |
Money market mutual funds | 130,265 | ' | ' | ' | 27,075 | ' | ' | ' | ' | ' |
Total cash and cash equivalents | $343,637 | $315,021 | $231,433 | $58,015 | $97,190 | $73,389 | $99,525 | $117,872 | $156,842 | $376,951 |
Receivables_Expected_to_be_Col
Receivables Expected to be Collected in the Normal Course of Business (Detail) (USD $) | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 |
In Thousands, unless otherwise specified | ||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Trade and commercial customers | $106,091 | ' | ' | ' | $105,075 | ' | ' | ' |
Less: Allowance for doubtful accounts | -820 | -698 | -637 | -712 | -721 | -909 | -965 | -934 |
Total receivables | $105,271 | $118,123 | $106,287 | $113,263 | $104,354 | $113,329 | $102,561 | $101,637 |
Components_of_Inventories_Deta
Components of Inventories (Detail) (USD $) | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 |
In Thousands, unless otherwise specified | ||||||||
Inventory [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Raw materials and supplies | $166,359 | ' | ' | ' | $160,627 | ' | ' | ' |
Work-in-process and finished goods | 314,438 | ' | ' | ' | 273,412 | ' | ' | ' |
LIFO reserve | -50,709 | ' | ' | ' | -58,598 | ' | ' | ' |
Total inventories | $430,088 | $412,456 | $409,227 | $401,333 | $375,441 | $342,682 | $316,473 | $297,059 |
Components_of_Property_Plant_a
Components of Property, Plant and Equipment Stated at Cost (Detail) (USD $) | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | |||||||||
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Property, plant and equipment, gross | $700,949 | ' | ' | ' | $672,874 | ' | ' | ' | ' |
Less: Accumulated depreciation | -328,609 | ' | ' | ' | -297,055 | ' | ' | ' | -265,509 |
Total property, plant, and equipment, net | 372,340 | 367,738 | 368,246 | 371,176 | 375,819 | 367,658 | 365,618 | 361,337 | 289,239 |
Land | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Property, plant and equipment, gross | 18,769 | ' | ' | ' | 17,965 | ' | ' | ' | ' |
Building and Building Improvements | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Property, plant and equipment, gross | 117,225 | ' | ' | ' | 120,973 | ' | ' | ' | ' |
Machinery and Equipment | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Property, plant and equipment, gross | 446,787 | ' | ' | ' | 413,718 | ' | ' | ' | ' |
Computer hardware and software, furniture and fixtures, and other | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Property, plant and equipment, gross | 65,622 | ' | ' | ' | 64,131 | ' | ' | ' | ' |
Construction in Progress | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Property, plant and equipment, gross | $52,546 | ' | ' | ' | $56,087 | ' | ' | ' | ' |
Estimated_Useful_Lives_of_Vari
Estimated Useful Lives of Various Class of Assets (Detail) | 12 Months Ended |
Dec. 31, 2013 | |
Building and Building Improvements | Minimum | ' |
Property, Plant and Equipment [Line Items] | ' |
Useful lives | '20 years |
Building and Building Improvements | Maximum | ' |
Property, Plant and Equipment [Line Items] | ' |
Useful lives | '40 years |
Machinery and Equipment | Minimum | ' |
Property, Plant and Equipment [Line Items] | ' |
Useful lives | '7 years |
Machinery and Equipment | Maximum | ' |
Property, Plant and Equipment [Line Items] | ' |
Useful lives | '15 years |
Furniture and Fixtures | Minimum | ' |
Property, Plant and Equipment [Line Items] | ' |
Useful lives | '5 years |
Furniture and Fixtures | Maximum | ' |
Property, Plant and Equipment [Line Items] | ' |
Useful lives | '10 years |
Computer Equipment | Minimum | ' |
Property, Plant and Equipment [Line Items] | ' |
Useful lives | '3 years |
Computer Equipment | Maximum | ' |
Property, Plant and Equipment [Line Items] | ' |
Useful lives | '10 years |
Carrying_Value_of_Goodwill_at_
Carrying Value of Goodwill at Four Reporting Units (Detail) (USD $) | Dec. 31, 2013 | Oct. 02, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | ||||||||||
Goodwill [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total Goodwill | $117,578 | $131,958 | $129,773 | $129,498 | $130,016 | $130,252 | $131,248 | $133,212 | $133,237 | $54,125 |
Titanium reporting unit | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Goodwill [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total Goodwill | ' | 9,662 | ' | ' | ' | ' | ' | ' | ' | ' |
Fabrication reporting unit | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Goodwill [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total Goodwill | ' | 63,548 | ' | ' | ' | ' | ' | ' | ' | ' |
Medical Device Fabrication reporting unit | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Goodwill [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total Goodwill | ' | $58,748 | ' | ' | ' | ' | ' | ' | ' | ' |
Discount_Rates_for_Annual_Impa
Discount Rates for Annual Impairment Test (Detail) | 12 Months Ended |
Dec. 31, 2013 | |
Titanium reporting unit | ' |
Goodwill [Line Items] | ' |
Discount rate | 11.00% |
Fabrication reporting unit | ' |
Goodwill [Line Items] | ' |
Discount rate | 12.50% |
Medical Device Fabrication reporting unit | ' |
Goodwill [Line Items] | ' |
Discount rate | 13.00% |
Schedule_of_Carrying_Amount_of
Schedule of Carrying Amount of Goodwill Attributable to Segment (Detail) (USD $) | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Mar. 31, 2013 | Jun. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Oct. 02, 2013 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 |
Titanium Segment | Titanium Segment | Titanium Segment | Engineered Products and Services Segment | Engineered Products and Services Segment | ||||||||||
Goodwill [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Beginning Balance | $130,252 | $130,252 | $130,252 | $130,252 | $54,125 | $131,958 | $131,248 | $133,212 | $133,237 | $9,662 | $9,662 | $9,662 | $120,590 | $44,463 |
Additions (Note 5) | ' | ' | ' | 2,185 | 75,824 | ' | ' | ' | ' | ' | ' | ' | 2,185 | 75,824 |
Impairments | -484 | -484 | -484 | -13,959 | ' | ' | ' | ' | ' | ' | ' | ' | -13,959 | ' |
Translation adjustment | ' | ' | ' | -900 | 303 | ' | ' | ' | ' | ' | ' | ' | -900 | 303 |
Ending Balance | $130,016 | $129,498 | $129,773 | $117,578 | $130,252 | $131,958 | $131,248 | $133,212 | $133,237 | $9,662 | $9,662 | $9,662 | $107,916 | $120,590 |
Intangible_Assets_Amortization
Intangible Assets Amortization Period (Detail) | 12 Months Ended |
Dec. 31, 2013 | |
Customer Relationships | Minimum | ' |
Acquired Finite-Lived Intangible Assets [Line Items] | ' |
Amortization Period | '7 years |
Customer Relationships | Maximum | ' |
Acquired Finite-Lived Intangible Assets [Line Items] | ' |
Amortization Period | '20 years |
Developed Technology | Minimum | ' |
Acquired Finite-Lived Intangible Assets [Line Items] | ' |
Amortization Period | '12 years |
Developed Technology | Maximum | ' |
Acquired Finite-Lived Intangible Assets [Line Items] | ' |
Amortization Period | '20 years |
Backlog | Minimum | ' |
Acquired Finite-Lived Intangible Assets [Line Items] | ' |
Amortization Period | '6 months |
Backlog | Maximum | ' |
Acquired Finite-Lived Intangible Assets [Line Items] | ' |
Amortization Period | '2 years |
Estimated_Annual_Amortization_
Estimated Annual Amortization Expense (Detail) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Finite Lived Intangible Assets Future Amortization Expense [Line Items] | ' |
2014 | $4,080 |
2015 | 4,011 |
2016 | 4,011 |
2017 | 4,011 |
2018 | 4,011 |
Thereafter | $27,430 |
Carrying_Amount_of_Intangible_
Carrying Amount of Intangible Assets (Detail) (USD $) | 0 Months Ended | 12 Months Ended | |||||||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Jun. 30, 2013 | Mar. 31, 2013 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 |
Schedule Of Intangible Assets By Segment [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Beginning balance | ' | $56,495 | ' | ' | $53,826 | $55,228 | $57,664 | $58,251 | $59,527 |
Amortization | ' | -4,386 | -3,760 | -1,091 | ' | ' | ' | ' | ' |
Impairment | -1,400 | -1,400 | ' | ' | ' | ' | ' | ' | ' |
Ending balance | 53,042 | 53,754 | 56,495 | ' | 53,826 | 55,228 | 57,664 | 58,251 | 59,527 |
Engineered Products and Services Segment | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Schedule Of Intangible Assets By Segment [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Beginning balance | ' | 56,495 | 22,576 | ' | ' | ' | ' | ' | ' |
Intangible assets acquired (Note 5) | ' | 3,800 | 37,400 | ' | ' | ' | ' | ' | ' |
Amortization | ' | -4,386 | -3,760 | ' | ' | ' | ' | ' | ' |
Translation adjustment | ' | -755 | 279 | ' | ' | ' | ' | ' | ' |
Ending balance | ' | $53,754 | $56,495 | ' | ' | ' | ' | ' | ' |
Summary_of_Intangible_Assets_b
Summary of Intangible Assets by Class (Detail) (USD $) | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | Engineered Products and Services Segment | Engineered Products and Services Segment | Engineered Products and Services Segment | Engineered Products and Services Segment | Engineered Products and Services Segment | Engineered Products and Services Segment | Engineered Products and Services Segment | Engineered Products and Services Segment | Engineered Products and Services Segment | Engineered Products and Services Segment | Engineered Products and Services Segment | ||||||||
Remmele trade name | Remmele trade name | Backlog | Backlog | Customer Relationships | Customer Relationships | Developed Technology | Developed Technology | ||||||||||||
Intangible Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Intangible assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $1,300 | $1,100 | $45,013 | $41,413 | $13,290 | $13,290 |
Effects of currency translation | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,930 | 3,183 | ' | ' |
Accumulated amortization | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -1,236 | -481 | -10,961 | -8,754 | -1,782 | -856 |
Intangible assets, net | $53,754 | $53,042 | $53,826 | $55,228 | $56,495 | $57,664 | $58,251 | $59,527 | $53,754 | $56,495 | $22,576 | $6,200 | $7,600 | $64 | $619 | $35,982 | $35,842 | $11,508 | $12,434 |
Components_of_Accumulated_Othe
Components of Accumulated Other Comprehensive Loss (Detail) (USD $) | 12 Months Ended | ||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Balance at December 31, 2012 (as restated) | ($45,004) | ($39,182) | ($42,445) | ($40,389) | ($32,144) | ($36,741) | ($36,000) |
Other comprehensive income (loss) before reclassifications, net of tax | -3,256 | ' | ' | ' | ' | ' | ' |
Amounts reclassified from other comprehensive loss, net of tax | 7,863 | ' | ' | ' | ' | ' | ' |
Accumulated other comprehensive income (loss) at December 31, 2013 | -40,397 | -39,182 | -42,445 | -40,389 | -32,144 | -36,741 | -36,000 |
Foreign Currency Translation | ' | ' | ' | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Balance at December 31, 2012 (as restated) | 12,708 | ' | ' | ' | ' | ' | ' |
Other comprehensive income (loss) before reclassifications, net of tax | -6,928 | ' | ' | ' | ' | ' | ' |
Accumulated other comprehensive income (loss) at December 31, 2013 | 5,780 | ' | ' | ' | ' | ' | ' |
Actuarial Losses on Benefit Plans | ' | ' | ' | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Balance at December 31, 2012 (as restated) | -57,712 | ' | ' | ' | ' | ' | ' |
Other comprehensive income (loss) before reclassifications, net of tax | 3,651 | ' | ' | ' | ' | ' | ' |
Amounts reclassified from other comprehensive loss, net of tax | 7,884 | ' | ' | ' | ' | ' | ' |
Accumulated other comprehensive income (loss) at December 31, 2013 | -46,177 | ' | ' | ' | ' | ' | ' |
Unrealized Loss on Investments | ' | ' | ' | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Other comprehensive income (loss) before reclassifications, net of tax | 21 | ' | ' | ' | ' | ' | ' |
Amounts reclassified from other comprehensive loss, net of tax | ($21) | ' | ' | ' | ' | ' | ' |
Amounts_Reclassified_from_Accu
Amounts Reclassified from Accumulated Other Comprehensive Loss (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' |
Total reclassifications | $11,535 | ($8,077) | ($4,963) |
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 | 9,416 | ' | ' |
Special termination benefits | 3,196 | ' | ' |
Tax expense | -4,728 | ' | ' |
Total reclassifications | $7,884 | ' | ' |
Acquisition_Additional_Informa
Acquisition - Additional Information (Detail) (USD $) | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | ||||||||
Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Feb. 13, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Sep. 30, 2013 | |
Customer Relationships | Customer Relationships | Customer Relationships | Backlog | Backlog | Backlog | Remmele | Remmele | Remmele | Remmele | Remmele | RTI Extrusions Europe Limited | |
Minimum | Maximum | Minimum | Maximum | Facility | Customer Relationships | Customer Relationships | Backlog | |||||
Minimum | Maximum | |||||||||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Acquisition of issued and outstanding common stock | ' | ' | ' | ' | ' | ' | $185,400,000 | ' | ' | ' | ' | $20,400,000 |
Cash paid for acquisition | ' | ' | ' | ' | ' | ' | 182,600,000 | ' | ' | ' | ' | 16,200,000 |
Assumption of equipment leases | ' | ' | ' | ' | ' | ' | 2,800,000 | ' | ' | ' | ' | 4,200,000 |
Revenue of RTI extrusions europe limited since acquisition date | ' | ' | ' | ' | ' | ' | ' | 118,977,000 | ' | ' | ' | 4,849,000 |
Operating loss of RTI extrusions europe limited since acquisition date | ' | ' | ' | ' | ' | ' | ' | $2,713,000 | ' | ' | ' | ($417,000) |
Intangible Assets, amortization period | '7 years | ' | ' | '6 months | ' | ' | ' | ' | ' | ' | ' | ' |
Number of facilities | ' | ' | ' | ' | ' | ' | ' | 4 | ' | ' | ' | ' |
Acquired finite lived intangible asset amortization period | ' | '7 years | '20 years | ' | '6 months | '2 years | ' | ' | '12 years | '15 years | '2 years | ' |
Purchase_Price_Allocation_Deta
Purchase Price Allocation (Detail) (USD $) | Dec. 31, 2013 | Oct. 02, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | ||||||||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Goodwill | $117,578 | $131,958 | $129,773 | $129,498 | $130,016 | $130,252 | $131,248 | $133,212 | $133,237 | $54,125 |
RTI Extrusions Europe Limited | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Current assets, excluding inventory | 4,827 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Inventories | 5,230 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Plant and equipment | 4,346 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Goodwill | 2,185 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Current liabilities | 2,621 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Deferred tax liabilities | 1,553 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net assets acquired | 16,214 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
RTI Extrusions Europe Limited | Customer Relationships | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Intangible assets | 3,600 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
RTI Extrusions Europe Limited | Backlog | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Intangible assets | 200 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Remmele | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Current assets, excluding inventory | ' | ' | ' | ' | ' | 17,491 | ' | ' | ' | ' |
Inventories | ' | ' | ' | ' | ' | 17,380 | ' | ' | ' | ' |
Plant and equipment | ' | ' | ' | ' | ' | 68,772 | ' | ' | ' | ' |
Costs in excess of billings | ' | ' | ' | ' | ' | 3,884 | ' | ' | ' | ' |
Intangible assets | ' | ' | ' | ' | ' | 1,972 | ' | ' | ' | ' |
Goodwill | ' | ' | ' | ' | ' | 75,568 | ' | ' | ' | ' |
Current liabilities | ' | ' | ' | ' | ' | 15,489 | ' | ' | ' | ' |
Deferred tax liabilities | ' | ' | ' | ' | ' | 22,407 | ' | ' | ' | ' |
Other liabilities | ' | ' | ' | ' | ' | 2,016 | ' | ' | ' | ' |
Net assets acquired | ' | ' | ' | ' | ' | 182,555 | ' | ' | ' | ' |
Remmele | Customer Relationships | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Intangible assets | ' | ' | ' | ' | ' | 19,300 | ' | ' | ' | ' |
Remmele | Backlog | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Intangible assets | ' | ' | ' | ' | ' | 1,100 | ' | ' | ' | ' |
Remmele | Developed technologies | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Intangible assets | ' | ' | ' | ' | ' | 9,400 | ' | ' | ' | ' |
Remmele | Remmele trade name | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Intangible assets | ' | ' | ' | ' | ' | $7,600 | ' | ' | ' | ' |
Business_Acquisition_Supplemen
Business Acquisition Supplemental Pro forma Information (Detail) (Remmele, USD $) | 12 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2012 | Dec. 31, 2011 |
Remmele | ' | ' |
Business Acquisition [Line Items] | ' | ' |
Actual - Remmele | $118,977 | ' |
Supplemental pro forma - consolidated | 712,650 | 614,502 |
Actual - Remmele | 2,713 | ' |
Earnings per share (diluted) | $0.09 | ' |
Supplemental pro forma - consolidated | $16,055 | ($1,639) |
Earnings per share (diluted) | $0.53 | ($0.05) |
Earnings_Per_Share_Additional_
Earnings Per Share - Additional Information (Detail) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
3.0% Convertible Senior Notes Due 2015 | ' |
Debt Instrument [Line Items] | ' |
Aggregate principal amount of convertible senior notes | $114,381 |
Convertible senior notes, maturity year | '2015 |
1.625% Convertible Senior Notes Due 2019 | ' |
Debt Instrument [Line Items] | ' |
Aggregate principal amount of convertible senior notes | $402,500 |
Convertible senior notes, maturity year | '2019 |
Shares_Excluded_from_Calculati
Shares Excluded from Calculation of Earnings per Share (Detail) | 12 Months Ended | |||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | |||
Anti-dilutive options | 238,255 | [1] | 421,700 | [1] | 566,451 | [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 | 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 $48.10, $38.43 and $31.23 for the years ended December 31, 2013, 2012 and 2011, respectively. |
Shares_Excluded_from_Calculati1
Shares Excluded from Calculation of Earnings per Share (Parenthetical) (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' |
Average price of options to purchase | $48.10 | $38.43 | $31.23 |
Schedule_of_WeightedAverage_Sh
Schedule of Weighted-Average Shares of Common Stock Outstanding (Detail) (USD $) | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Jun. 30, 2013 | Jun. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Earnings Per Share [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income (loss) from continuing operations before allocation of earnings to participating securities | ($2,945) | $12,575 | $1,059 | $4,968 | $6,663 | $2,412 | $2,491 | $1,887 | $6,027 | $4,378 | $18,602 | $6,790 | $15,657 | $13,453 | ($2,308) |
Net income (loss) from discontinued operations before allocation of earnings to participating securities | ' | -280 | -389 | -83 | ' | 363 | 534 | 681 | -472 | 1,215 | -752 | 1,578 | -1,584 | 1,487 | 2,258 |
Basic weighted-average shares outstanding | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 30,303,328 | 30,127,275 | 30,017,677 |
Effect of dilutive securities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 227,173 | 130,413 | ' |
Diluted weighted-average shares outstanding | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 30,530,501 | 30,257,688 | 30,017,677 |
Earnings (loss) per share attributable to continuing operations: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Basic | ($0.10) | $0.41 | $0.03 | $0.16 | $0.22 | $0.08 | $0.08 | $0.06 | $0.20 | $0.14 | $0.61 | $0.22 | $0.51 | $0.44 | ($0.08) |
Diluted | ($0.10) | $0.38 | $0.03 | $0.16 | $0.22 | $0.08 | $0.08 | $0.06 | $0.20 | $0.14 | $0.61 | $0.22 | $0.51 | $0.44 | ($0.08) |
Earnings (loss) per share attributable to discontinued operations: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Basic | ($0.03) | ($0.01) | ($0.01) | ' | ' | $0.01 | $0.02 | $0.02 | ($0.02) | $0.04 | ($0.02) | $0.05 | ($0.05) | $0.05 | $0.08 |
Diluted | ($0.03) | ($0.01) | ($0.01) | ' | ' | $0.01 | $0.02 | $0.02 | ($0.02) | $0.04 | ($0.02) | $0.05 | ($0.05) | $0.05 | $0.08 |
Basic Earnings Per Share | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Earnings Per Share [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income (loss) from continuing operations before allocation of earnings to participating securities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15,657 | 13,453 | -2,308 |
Less: Earnings allocated to participating securities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -99 | -80 | ' |
Net income (loss) from continuing operations attributable to common shareholders, after earnings allocated to participating securities used in calculation of basic earnings per share | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15,558 | 13,373 | -2,308 |
Discontinued | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Earnings Per Share [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Less: Earnings allocated to participating securities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -9 | ' |
Net income (loss) from continuing operations attributable to common shareholders, after earnings allocated to participating securities used in calculation of basic earnings per share | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ($1,584) | $1,478 | $2,258 |
Provision_for_Income_Taxes_Cap
Provision for Income Taxes Caption in Consolidated Statement of Operations (Detail) (USD $) | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Jun. 30, 2013 | Jun. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||
Components Of Income Tax Expense Benefit [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Current federal income tax expense (benefit) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $12,875 | $2,806 | ($5,633) | ||
Current state income tax expense (benefit) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,152 | 2,330 | 479 | ||
Current foreign income tax expense (benefit) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,376 | 3,916 | 1,076 | ||
Current Income Tax Expense (Benefit), Total | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 19,403 | 9,052 | -4,078 | ||
Deferred federal income tax expense (benefit) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -3,728 | 9,402 | 14,263 | ||
Deferred state income tax expense (benefit) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -6,630 | -2,258 | -1,101 | ||
Deferred foreign income tax expense (benefit) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -1,906 | -511 | 1,017 | ||
Deferred Income Tax Expense (Benefit), Total | ' | ' | 4,797 | ' | ' | -375 | 3,539 | 673 | 2,342 | -322 | -12,264 | 6,633 | [1] | 14,179 | [1] |
Federal income tax expense (benefit) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 9,147 | 12,208 | 8,630 | ||
State income tax expense (benefit) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -5,478 | 72 | -622 | ||
Foreign income tax expense (benefit) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,470 | 3,405 | 2,093 | ||
Income Tax Expense (Benefit), Total | $1,701 | ($521) | $4,473 | $2,236 | $4,021 | $4,070 | $3,952 | $8,091 | $5,653 | $10,327 | $7,139 | $15,685 | $10,101 | ||
[1] | The Company does not present cash flows from discontinued operations, consistent with the FASB's authoritative guidance. Restatement adjustments did not have an impact on cash flows from investing and financing activities. |
Components_of_Income_Loss_befo
Components of Income (Loss) before Income Taxes by Jurisdiction (Detail) (USD $) | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Jun. 30, 2013 | Jun. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income Loss From Operations Before Provision Benefit For Income Taxes [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
United States | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $12,530 | $34,583 | $19,086 |
Foreign | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10,266 | -5,445 | -11,293 |
Income (loss) before income taxes | $14,276 | $538 | $9,441 | $4,648 | $6,512 | $5,957 | $9,979 | $12,469 | $24,255 | $17,117 | $22,796 | $29,138 | $7,793 |
Reconciliation_of_Expected_Tax
Reconciliation of Expected Tax at Federal Statutory Tax Rate to Actual Provision (Detail) (USD $) | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Jun. 30, 2013 | Jun. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Reconciliation Of Income Taxes [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Statutory rate of 35% applied to income (loss) before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $7,979 | $10,198 | $2,727 |
Adjustments of tax reserves and prior years' income taxes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 51 | 1,322 | 1,643 |
Officers excess compensation/Acquisition costs | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 434 | 413 | 875 |
Effects of foreign operations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -3,042 | -1,399 | -1,115 |
Change in valuation allowance | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,662 | 5,200 | 6,082 |
State income taxes, net of federal tax effects | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -3,802 | 147 | -305 |
Goodwill and other intangible asset impairment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,953 | ' | ' |
Section 249 bond premium disallowance | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 925 | ' | ' |
Section 199 deduction | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -1,173 | -335 | ' |
Other | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 152 | 139 | 194 |
Income Tax Expense (Benefit), Total | $1,701 | ($521) | $4,473 | $2,236 | $4,021 | $4,070 | $3,952 | $8,091 | $5,653 | $10,327 | $7,139 | $15,685 | $10,101 |
Effective tax rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 31.30% | 53.80% | 129.60% |
Reconciliation_of_Expected_Tax1
Reconciliation of Expected Tax at Federal Statutory Tax Rate to Actual Provision (Parenthetical) (Detail) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Reconciliation Of Income Taxes [Line Items] | ' | ' | ' |
Statutory rate | 35.00% | 35.00% | 35.00% |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income Tax Disclosure [Line Items] | ' | ' | ' |
Federal statutory rate | 35.00% | 35.00% | 35.00% |
Reasonably possible decrease in unrecognized tax benefits | ($2) | ' | ' |
Undistributed earnings of foreign subsidiaries | $4.20 | ' | ' |
Deferred_Tax_Assets_and_Liabil
Deferred Tax Assets and Liabilities (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Deferred tax assets: | ' | ' |
Canadian tax loss carryforwards (expiring 2015 through 2033) | $39,989 | $41,389 |
Postretirement benefit costs | 17,400 | 18,066 |
Employment costs | 11,745 | 11,797 |
State tax loss carryforwards (expiring 2023 through 2032) | 8,073 | 7,133 |
Inventories | 14,671 | 12,022 |
Start-up costs | 2,988 | 4,650 |
Revenue recognition | 4,544 | 4,304 |
Pension costs | 288 | 3,835 |
Duty drawback claims | 212 | 1,786 |
Other | 3,617 | 3,566 |
Total deferred tax assets | 103,527 | 108,548 |
Valuation allowance | -37,172 | -37,726 |
Deferred tax assets, net of valuation allowance | 66,355 | 70,822 |
Deferred tax liabilities: | ' | ' |
Property, plant and equipment | -58,856 | -58,129 |
Convertible debt | -33,511 | -13,005 |
Intangible assets | -15,063 | -14,412 |
Other | -973 | -963 |
Total deferred tax liabilities | -108,403 | -86,509 |
Net deferred tax liabilities | ($42,048) | ($15,687) |
Deferred_Tax_Assets_and_Liabil1
Deferred Tax Assets and Liabilities (Parenthetical) (Detail) | 12 Months Ended |
Dec. 31, 2013 | |
Foreign Tax Authority | Minimum | ' |
Schedule of Deferred Income Tax Assets and Liabilities [Line Items] | ' |
Tax loss carryforwards, expiring date | '2015 |
Foreign Tax Authority | Maximum | ' |
Schedule of Deferred Income Tax Assets and Liabilities [Line Items] | ' |
Tax loss carryforwards, expiring date | '2033 |
State and Local Jurisdiction | Minimum | ' |
Schedule of Deferred Income Tax Assets and Liabilities [Line Items] | ' |
Tax loss carryforwards, expiring date | '2023 |
State and Local Jurisdiction | Maximum | ' |
Schedule of Deferred Income Tax Assets and Liabilities [Line Items] | ' |
Tax loss carryforwards, expiring date | '2032 |
Reconciliation_of_Total_Amount
Reconciliation of Total Amounts of Unrecognized Tax Benefits (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income Tax Contingency [Line Items] | ' | ' | ' |
Gross balance at January 1 | $9,161 | $6,157 | $4,817 |
Prior period tax positions | ' | ' | ' |
Increases | 861 | 1,556 | ' |
Decreases | -2,109 | -30 | -14 |
Current period tax positions | 1,608 | 1,478 | 1,376 |
Lapse of Statute | ' | ' | -22 |
Settlements with tax authorities | -1,094 | ' | ' |
Gross balance at December 31 | 8,427 | 9,161 | 6,157 |
Amount that would affect the effective tax rate if recognized | $6,168 | $5,946 | $4,614 |
Other_Income_Expense_Net_Addit
Other Income (Expense), Net - Additional Information (Detail) (USD $) | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Jun. 30, 2013 | Jun. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Other Income Expense [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other income (expense) | ($294) | $700 | $559 | $16 | $570 | ($268) | $1,259 | $302 | $965 | $318 | $938 | ($501) | $56 |
Employee_Benefit_Plans_Additio
Employee Benefit Plans - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
EquityPlan | |||
Employee Benefits Disclosure [Line Items] | ' | ' | ' |
Pension and other postretirement benefit contributions | $4,199,000 | $3,390,000 | $1,519,000 |
Increase in projected benefit obligation as a result of new labor agreement | ' | 6,748,000 | ' |
Number of qualified pension plans | 4 | ' | ' |
Number of non-qualified pension plans | 2 | ' | ' |
Percentage of total equities related to individual stock | 5.00% | ' | ' |
Percentage of total bond portfolio | 10.00% | ' | ' |
Percentage of total bond portfolio related to non-investment grade bonds | 10.00% | ' | ' |
Percentage of total plan assets related to private equity and real estate investments | 8.00% | ' | ' |
Qualified defined benefit pension plans | 4,320,000 | 18,152,000 | ' |
Cash contribution to maintain desired funding status | 9,400,000 | ' | ' |
Percentage of discount to the fair market value | 5.00% | ' | ' |
Number of shares reserved for future issuance | 2,000,000 | ' | ' |
Shares purchased under ESPP | 35,000 | ' | ' |
Number of shares available for future issuance under ESPP | 1,900,000 | ' | ' |
Pension Benefits | ' | ' | ' |
Employee Benefits Disclosure [Line Items] | ' | ' | ' |
Net periodic benefit cost | 8,834,000 | 6,550,000 | 5,851,000 |
Pension plans, assets | 93,311,000 | ' | ' |
Pension plans, assets in excess of their benefit obligations | 6,983,000 | 691,000 | ' |
Qualified defined benefit pension plans | 6,806,000 | 18,846,000 | ' |
Voluntary Early Retirement Program | ' | ' | ' |
Employee Benefits Disclosure [Line Items] | ' | ' | ' |
Net periodic benefit cost | $3,196,000 | ' | ' |
Changes_Pension_and_Other_Post
Changes Pension and Other Post-Employment Benefit Plan Obligations and Plan Assets (Detail) (USD $) | 12 Months Ended | 12 Months Ended | ||||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Pension Benefits | Pension Benefits | Pension Benefits | Other Post-Retirement Benefits | Other Post-Retirement Benefits | Other Post-Retirement Benefits | |||||||||
Change in projected benefit obligation: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Projected benefit obligation at beginning of year | ' | ' | ' | ' | ' | ' | ' | ' | $167,482 | $143,687 | ' | $47,934 | $44,391 | ' |
Service cost | ' | ' | ' | ' | ' | ' | ' | ' | 2,469 | 2,450 | 2,047 | 747 | 671 | 746 |
Interest cost | ' | ' | ' | ' | ' | ' | ' | ' | 6,789 | 7,093 | 7,177 | 1,920 | 2,102 | 2,361 |
Actuarial loss (gain) | ' | ' | ' | ' | ' | ' | ' | ' | 4,404 | 16,750 | ' | -2,466 | 2,558 | ' |
Special termination benefits | ' | ' | ' | ' | ' | ' | ' | ' | 2,052 | ' | ' | 162 | ' | ' |
Amendment | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6,748 | ' | ' | ' | ' |
Settlements | ' | ' | ' | ' | ' | ' | ' | ' | -2,486 | -695 | ' | ' | ' | ' |
Benefits paid | ' | ' | ' | ' | ' | ' | ' | ' | -9,707 | -8,551 | ' | -2,981 | -2,837 | ' |
Plan participants' contributions | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 933 | 928 | ' |
Medicare retiree drug subsidy received | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 164 | 121 | ' |
Projected benefit obligation at end of year | ' | ' | ' | ' | ' | ' | ' | ' | 171,003 | 167,482 | 143,687 | 46,413 | 47,934 | 44,391 |
Change in plan assets: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair value of plan assets at beginning of year | 146,722 | ' | ' | ' | ' | ' | ' | ' | 146,722 | 122,444 | ' | ' | ' | ' |
Actual return on plan assets | ' | ' | ' | ' | ' | ' | ' | ' | 21,406 | 14,678 | ' | ' | ' | ' |
Employer contributions | 4,320 | 18,152 | ' | ' | ' | ' | ' | ' | 6,806 | 18,846 | ' | 1,884 | 1,788 | ' |
Medicare retiree drug subsidy received | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 164 | 121 | ' |
Settlements | ' | ' | ' | ' | ' | ' | ' | ' | -2,486 | -695 | ' | ' | ' | ' |
Plan participants' contributions | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 933 | 928 | ' |
Benefits paid | ' | ' | ' | ' | ' | ' | ' | ' | -9,707 | -8,551 | ' | -2,981 | -2,837 | ' |
Fair value of plan assets at end of year | 162,740 | 146,722 | ' | ' | ' | ' | ' | ' | 162,741 | 146,722 | 122,444 | ' | ' | ' |
Funded status | ' | ' | ' | ' | ' | ' | ' | ' | -8,262 | -20,760 | ' | -46,413 | -47,934 | ' |
Amounts recognized in the Consolidated Balance Sheets consisted of: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Noncurrent assets | ' | ' | ' | ' | ' | ' | ' | ' | 6,983 | 691 | ' | ' | ' | ' |
Current liabilities | ' | ' | ' | ' | ' | ' | ' | ' | -1,458 | -740 | ' | -2,966 | -2,868 | ' |
Noncurrent liabilities | -13,787 | -20,711 | -10,297 | -14,923 | -15,229 | -2,555 | -13,402 | -15,097 | -13,787 | -20,711 | ' | -43,447 | -45,066 | ' |
Net amount recognized | ' | ' | ' | ' | ' | ' | ' | ' | -8,262 | -20,760 | ' | -46,413 | -47,934 | ' |
Accumulated benefit obligation | ' | ' | ' | ' | ' | ' | ' | ' | $166,357 | $161,482 | ' | ' | ' | ' |
Amounts_Recognized_in_Accumula
Amounts Recognized in Accumulated Other Comprehensive Loss (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | |||
Pension Benefits | ' | ' | ' |
Amount recognized in accumulated other comprehensive income | ' | ' | ' |
Net actuarial loss | $63,496 | $77,032 | $70,987 |
Prior service cost | 6,237 | 7,227 | 1,460 |
Total, before tax effect | 69,733 | 84,259 | ' |
Other Post-Retirement Benefits | ' | ' | ' |
Amount recognized in accumulated other comprehensive income | ' | ' | ' |
Net actuarial loss | 5,771 | 8,486 | 6,086 |
Prior service cost | 689 | 1,904 | 3,118 |
Total, before tax effect | $6,460 | $10,390 | ' |
Activity_Related_to_Amounts_Re
Activity Related to Amounts Recognized in Accumulated Other Comprehensive Loss (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Pension Benefits | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Beginning Balance | $77,032 | $70,987 |
Amortization | -6,963 | -5,734 |
Activity | -6,573 | 11,779 |
Ending Balance | 63,496 | 77,032 |
Beginning Balance | 7,227 | 1,460 |
Amortization | -990 | -980 |
Activity | ' | 6,747 |
Ending Balance | 6,237 | 7,227 |
Other Post-Retirement Benefits | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Beginning Balance | 8,486 | 6,086 |
Amortization | -248 | -157 |
Activity | -2,467 | 2,557 |
Ending Balance | 5,771 | 8,486 |
Beginning Balance | 1,904 | 3,118 |
Amortization | -1,215 | -1,214 |
Ending Balance | $689 | $1,904 |
Principal_WeightedAverage_Assu
Principal Weighted-Average Assumptions (Detail) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Pension Benefits | ' | ' |
Weighted-average assumptions used to determine benefit obligation at December 31: | ' | ' |
Measurement date | '12/31 | '12/31 |
Weighted-average assumptions used to determine net periodic benefit obligation cost for the years ended December 31: | ' | ' |
Discount rate | 4.10% | 4.90% |
Expected long-term return on plan assets | 7.50% | 7.50% |
Pension Benefits | Qualified Plan | ' | ' |
Weighted-average assumptions used to determine benefit obligation at December 31: | ' | ' |
Discount rate | 4.78% | 4.10% |
Rate of increase to compensation levels | 3.80% | 3.80% |
Weighted-average assumptions used to determine net periodic benefit obligation cost for the years ended December 31: | ' | ' |
Rate of increase to compensation levels | 3.80% | 3.80% |
Pension Benefits | Non-qualified plan | ' | ' |
Weighted-average assumptions used to determine benefit obligation at December 31: | ' | ' |
Discount rate | 3.71% | 4.10% |
Rate of increase to compensation levels | 2.90% | 3.80% |
Weighted-average assumptions used to determine net periodic benefit obligation cost for the years ended December 31: | ' | ' |
Rate of increase to compensation levels | 2.90% | 3.80% |
Other Post-Retirement Benefits | ' | ' |
Weighted-average assumptions used to determine benefit obligation at December 31: | ' | ' |
Measurement date | '12/31 | '12/31 |
Health cost trend rate assumed for next year | 6.73% | 6.78% |
Ultimate trend rate | 4.50% | 4.50% |
Year that rate reaches ultimate trend rate | '2026 | '2026 |
Weighted-average assumptions used to determine net periodic benefit obligation cost for the years ended December 31: | ' | ' |
Discount rate | 4.10% | 4.90% |
Other Post-Retirement Benefits | Post-retirement medical plan | ' | ' |
Weighted-average assumptions used to determine benefit obligation at December 31: | ' | ' |
Discount rate | 4.75% | 4.10% |
One_Quarter_Percent_Change_in_
One Quarter Percent Change in Expected Rate of Return on Plan Assets (Detail) (USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2013 |
Schedule of Defined Benefit Plan Change in Plan Assets [Line Items] | ' |
Effect on subsequent years periodic expense (-.25%) | $0.40 |
Effect on subsequent years periodic expense (+.25%) | ($0.40) |
Quarter_percentage_point_chang
Quarter percentage point change in discount rate and it's effect on defined benefit plans (Detail) (USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2013 |
Defined Benefit Plan Disclosure [Line Items] | ' |
Effect on increase on total projected benefit obligation (PBO) (-.25%) | $4.50 |
Effect on decrease on total projected benefit obligation (PBO) (+.25%) | -4.2 |
Effect on subsequent years periodic expense - discount rate (-.25%) | 0.3 |
Effect on subsequent years periodic expense - discount rate (+.25%) | ($0.30) |
Quarter_Percent_Change_in_Disc
Quarter Percent Change in Discount Rate and it's Effect on Postretirement Medical Plan (Detail) (USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2013 |
Defined Benefit Plan Disclosure [Line Items] | ' |
Effect on total on net periodic benefit cost (Discount rate -.25%) | $0.10 |
Effect on accumulated postretirement benefit obligation (Discount rate -.25%) | 1.3 |
Effect on total on net periodic benefit cost (Discount rate +.25%) | -0.1 |
Effect on accumulated postretirement benefit obligation (Discount rate +.25%) | ($1.20) |
One_Percent_Change_in_Health_C
One Percent Change in Health Cost Trend Rate and It's Effect on post retirement Medical Plan (Detail) (USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2013 |
Defined Benefit Plan Disclosure [Line Items] | ' |
Effect on total service cost and interest cost components (Discount rate -1.00%) | ($0.10) |
Effect on accumulated postretirement benefit obligation (Discount rate -1.00%) | -2.6 |
Effect on total service cost and interest cost components (Discount rate +1.00%) | 0.1 |
Effect on accumulated postretirement benefit obligation (Discount rate +1.00%) | $2.90 |
Components_of_Net_Periodic_Pen
Components of Net Periodic Pension and Other Post-retirement Benefit Cost (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Pension Benefits | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Service cost | $2,469 | $2,450 | $2,047 |
Interest cost | 6,789 | 7,093 | 7,177 |
Expected return on plan assets | -10,429 | -9,707 | -7,791 |
Prior service cost amortization | 990 | 980 | 401 |
Amortization of actuarial loss | 5,982 | 5,361 | 4,017 |
Settlement charges | 981 | 373 | ' |
Special termination benefit | 2,052 | ' | ' |
Net periodic benefit cost | 8,834 | 6,550 | 5,851 |
Other Post-Retirement Benefits | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Service cost | 747 | 671 | 746 |
Interest cost | 1,920 | 2,102 | 2,361 |
Prior service cost amortization | 1,214 | 1,214 | 1,214 |
Amortization of actuarial loss | 248 | 157 | 171 |
Special termination benefit | 162 | ' | ' |
Net periodic benefit cost | $4,291 | $4,144 | $4,492 |
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Loss to be Recognized as Net Periodic Benefit Cost (Detail) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2013 |
Pension Benefits | ' |
Defined Benefit Plan Disclosure [Line Items] | ' |
Amortization of actuarial loss | $5,433 |
Amortization of prior service cost | 914 |
Total recognized from accumulated other comprehensive loss | 6,347 |
Other Post-Retirement Benefits | ' |
Defined Benefit Plan Disclosure [Line Items] | ' |
Amortization of actuarial loss | 95 |
Amortization of prior service cost | 689 |
Total recognized from accumulated other comprehensive loss | $784 |
Fair_Value_of_Defined_Benefit_
Fair Value of Defined Benefit Pension Plan Assets (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Fair value of defined benefit pension plan | ' | ' |
Fair value of defined benefit pension plan | $162,740 | $146,722 |
US Government Debt Securities | ' | ' |
Fair value of defined benefit pension plan | ' | ' |
Fair value of defined benefit pension plan | 24,996 | 22,034 |
Corporate Debt Securities | ' | ' |
Fair value of defined benefit pension plan | ' | ' |
Fair value of defined benefit pension plan | 40,633 | 37,487 |
Equity Funds | ' | ' |
Fair value of defined benefit pension plan | ' | ' |
Fair value of defined benefit pension plan | 88,894 | 81,445 |
Short-term investment funds | ' | ' |
Fair value of defined benefit pension plan | ' | ' |
Fair value of defined benefit pension plan | 1,550 | 597 |
Real Estate Funds | ' | ' |
Fair value of defined benefit pension plan | ' | ' |
Fair value of defined benefit pension plan | 3,835 | 3,468 |
Timberlands | ' | ' |
Fair value of defined benefit pension plan | ' | ' |
Fair value of defined benefit pension plan | 1,875 | 1,691 |
Other Investments | ' | ' |
Fair value of defined benefit pension plan | ' | ' |
Fair value of defined benefit pension plan | $957 | ' |
Target_Asset_Allocation_by_Ass
Target Asset Allocation by Asset Category (Detail) | 12 Months Ended |
Dec. 31, 2013 | |
Defined Benefit Plan Disclosure [Line Items] | ' |
Target Asset Allocation | 100.00% |
Equity securities | ' |
Defined Benefit Plan Disclosure [Line Items] | ' |
Target Asset Allocation | 55.00% |
Debt and other short-term investments | ' |
Defined Benefit Plan Disclosure [Line Items] | ' |
Target Asset Allocation | 43.00% |
Cash | ' |
Defined Benefit Plan Disclosure [Line Items] | ' |
Target Asset Allocation | 2.00% |
Summary_of_Plan_Investments_Th
Summary of Plan Investments, Their Fair Value and Their Level within Fair Value Hierarchy (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | |||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of defined benefit pension plan | $162,740 | $146,722 | ' |
US Government Debt Securities | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of defined benefit pension plan | 24,996 | 22,034 | ' |
Corporate Debt Securities | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of defined benefit pension plan | 40,633 | 37,487 | ' |
Equity Funds | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of defined benefit pension plan | 88,894 | 81,445 | ' |
Short-term investment funds | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of defined benefit pension plan | 1,550 | 597 | ' |
Real Estate Funds | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of defined benefit pension plan | 3,835 | 3,468 | ' |
Timberlands | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of defined benefit pension plan | 1,875 | 1,691 | ' |
Other Investments | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of defined benefit pension plan | 957 | ' | ' |
Quoted Market Prices (Level 1) | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of defined benefit pension plan | 4,616 | 4,210 | ' |
Quoted Market Prices (Level 1) | Equity Funds | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of defined benefit pension plan | 2,529 | 3,613 | ' |
Quoted Market Prices (Level 1) | Short-term investment funds | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of defined benefit pension plan | 1,072 | 597 | ' |
Quoted Market Prices (Level 1) | Other Investments | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of defined benefit pension plan | 1,015 | ' | ' |
Significant Other Observable Inputs (Level 2) | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of defined benefit pension plan | 148,414 | 133,315 | ' |
Significant Other Observable Inputs (Level 2) | US Government Debt Securities | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of defined benefit pension plan | 24,996 | 22,034 | ' |
Significant Other Observable Inputs (Level 2) | Corporate Debt Securities | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of defined benefit pension plan | 40,633 | 37,487 | ' |
Significant Other Observable Inputs (Level 2) | Equity Funds | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of defined benefit pension plan | 82,365 | 73,794 | ' |
Significant Other Observable Inputs (Level 2) | Short-term investment funds | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of defined benefit pension plan | 478 | ' | ' |
Significant Other Observable Inputs (Level 2) | Other Investments | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of defined benefit pension plan | -58 | ' | ' |
Significant Unobservable Inputs (Level 3) | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of defined benefit pension plan | 9,710 | 9,197 | 7,670 |
Significant Unobservable Inputs (Level 3) | Equity Funds | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of defined benefit pension plan | 4,000 | 4,038 | ' |
Significant Unobservable Inputs (Level 3) | Real Estate Funds | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of defined benefit pension plan | 3,835 | 3,468 | 2,584 |
Significant Unobservable Inputs (Level 3) | Timberlands | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of defined benefit pension plan | $1,875 | $1,691 | ' |
Details_of_Level_Three_Fair_Va
Details of Level Three Fair Value Measurements Using Significant Unobservable Input (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair value of plan assets at end of year | $162,740 | $146,722 |
Real Estate Funds | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair value of plan assets at end of year | 3,835 | 3,468 |
Significant Unobservable Inputs (Level 3) | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair value of plan assets at beginning of year | 9,197 | 7,670 |
Realized gains/losses | 1,004 | 410 |
Unrealized gain/losses relating to investments still held | 529 | 585 |
Purchases | 1,582 | 1,786 |
Sales | -2,602 | -1,254 |
Fair value of plan assets at end of year | 9,710 | 9,197 |
Significant Unobservable Inputs (Level 3) | Private Equity Funds | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair value of plan assets at beginning of year | 4,038 | 3,434 |
Realized gains/losses | 788 | 301 |
Unrealized gain/losses relating to investments still held | 23 | 267 |
Purchases | 857 | 861 |
Sales | -1,706 | -825 |
Fair value of plan assets at end of year | 4,000 | 4,038 |
Significant Unobservable Inputs (Level 3) | Real Estate Funds | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair value of plan assets at beginning of year | 3,468 | 2,584 |
Realized gains/losses | 216 | 109 |
Unrealized gain/losses relating to investments still held | 322 | 279 |
Purchases | 725 | 925 |
Sales | -896 | -429 |
Fair value of plan assets at end of year | 3,835 | 3,468 |
Significant Unobservable Inputs (Level 3) | Other investments - Timberlands | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair value of plan assets at beginning of year | 1,691 | 1,652 |
Unrealized gain/losses relating to investments still held | 184 | 39 |
Fair value of plan assets at end of year | $1,875 | $1,691 |
Pension_and_Postretirement_Ben
Pension and Post-retirement Benefit Payments Expected to be Paid (Detail) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Pension Benefits | ' |
Defined Benefit Plan Disclosure [Line Items] | ' |
2014 | $12,694 |
2015 | 11,408 |
2016 | 11,565 |
2017 | 11,671 |
2018 | 12,064 |
2019 to 2023 | 62,340 |
Plan (including Plan D subsidy) | ' |
Defined Benefit Plan Disclosure [Line Items] | ' |
2014 | 2,966 |
2015 | 3,222 |
2016 | 3,143 |
2017 | 2,892 |
2018 | 3,028 |
2019 to 2023 | 18,023 |
Plan (not including Plan D subsidy) | ' |
Defined Benefit Plan Disclosure [Line Items] | ' |
2014 | 3,215 |
2015 | 3,495 |
2016 | 3,442 |
2017 | 3,218 |
2018 | 3,382 |
2019 to 2023 | $20,257 |
Leases_Additional_Information_
Leases - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Operating Leased Assets [Line Items] | ' | ' | ' |
Total rental expense under operating leases | $6,596 | $5,587 | $4,561 |
Capital lease obligations | 9,580 | 2,650 | ' |
Capital lease obligations, current | 1,914 | 957 | ' |
Capital lease obligations, non current | 7,666 | ' | ' |
Capital lease, interest and principal payments | 7,898 | 575 | ' |
Engineered Products and Services Segment | ' | ' | ' |
Operating Leased Assets [Line Items] | ' | ' | ' |
Capital lease, interest and principal payments | $8,055 | ' | ' |
Capital lease period | '2020-12 | ' | ' |
Future_Minimum_Commitments_und
Future Minimum Commitments under Operating and Capital Leases (Detail) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Capital Leases And Operating Leases [Line Items] | ' |
Operating Leases, 2014 | $5,715 |
Operating Leases, 2015 | 5,367 |
Operating Leases, 2016 | 5,075 |
Operating Leases, 2017 | 4,321 |
Operating Leases, 2018 | 4,149 |
Operating Leases, Thereafter | 4,781 |
Operating Leases, Total lease payments | 29,408 |
Capital Leases, 2014 | 2,352 |
Capital Leases, 2015 | 1,919 |
Capital Leases, 2016 | 1,513 |
Capital Leases, 2017 | 1,297 |
Capital Leases, 2018 | 958 |
Capital Leases, Thereafter | 3,188 |
Capital Lease, Total lease payments | $11,227 |
Unearned_Revenue_Additional_In
Unearned Revenue - Additional Information (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Deferred Revenue Arrangement [Line Items] | ' | ' |
Liability for unearned revenue | $26,095 | $38,877 |
Unearned_Revenue_Balances_Deta
Unearned Revenue Balances (Detail) (USD $) | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 |
In Thousands, unless otherwise specified | ||||||||
Deferred Revenue Arrangement [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Current unearned revenue | $15,625 | $38,467 | $49,315 | $22,483 | $25,864 | $34,692 | $36,866 | $36,589 |
Non-current unearned revenue | 10,470 | 12,033 | 12,496 | 12,792 | 13,013 | 3,240 | 3,385 | 3,504 |
Total unearned revenue | $26,095 | ' | ' | ' | $38,877 | ' | ' | ' |
Segment_Reporting_Additional_I
Segment Reporting - Additional Information (Detail) (USD $) | 0 Months Ended | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||||
In Thousands, unless otherwise specified | Jan. 31, 2013 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Jun. 30, 2013 | Jun. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Segment | ||||||||||||||||
Number of reportable segments | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Export sales | ' | $200,012 | $194,936 | $199,123 | $189,202 | $185,630 | $180,666 | $182,419 | $151,272 | $388,325 | $333,691 | $583,261 | $514,357 | $783,273 | $699,987 | $488,352 |
Boeing | Sales | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage contribution of major customers in company's consolidated sales | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 21.20% | 12.00% | 10.60% |
Western Europe | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Export sales | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $234,664 | $249,472 | $178,843 |
Summary_of_Financial_Informati
Summary of Financial Information by Reportable Segment (Detail) (USD $) | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Jun. 30, 2013 | Jun. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | $200,012 | $194,936 | $199,123 | $189,202 | $185,630 | $180,666 | $182,419 | $151,272 | $388,325 | $333,691 | $583,261 | $514,357 | $783,273 | $699,987 | $488,352 |
Operating income (loss) | 6,008 | 21,879 | 20,481 | 13,647 | 17,556 | 9,322 | 10,118 | 10,421 | 34,128 | 20,539 | 56,007 | 29,861 | 62,015 | 47,417 | 23,382 |
Other income (expense), net | ' | -294 | 700 | 559 | ' | 16 | 570 | -268 | 1,259 | 302 | 965 | 318 | 938 | -501 | 56 |
Interest expense, net | ' | -7,309 | -20,643 | -4,765 | ' | -4,690 | -4,176 | -4,196 | -25,408 | -8,372 | -32,717 | -13,062 | -40,157 | -17,778 | -15,645 |
Income (loss) before income taxes | ' | 14,276 | 538 | 9,441 | ' | 4,648 | 6,512 | 5,957 | 9,979 | 12,469 | 24,255 | 17,117 | 22,796 | 29,138 | 7,793 |
Titanium Segment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 346,627 | 352,847 | 324,908 |
Operating income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 59,011 | 39,065 | 36,064 |
Engineered Products and Services Segment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 436,646 | 347,140 | 163,444 |
Operating income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,004 | 8,352 | -12,682 |
Intersegment Eliminations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -160,293 | -162,659 | -133,518 |
Intersegment Eliminations | Titanium Segment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -92,502 | -82,265 | -73,226 |
Intersegment Eliminations | Engineered Products and Services Segment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -67,791 | -80,394 | -60,292 |
Operating Segments | Titanium Segment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 439,129 | 435,112 | 398,134 |
Operating income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 78,637 | 58,542 | 51,848 |
Operating Segments | Engineered Products and Services Segment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 504,437 | 427,534 | 223,736 |
Operating income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 24,981 | 23,437 | 5,518 |
Corporate, Non-Segment | Titanium Segment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Operating income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -19,626 | -19,477 | -15,784 |
Corporate, Non-Segment | Engineered Products and Services Segment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Operating income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ($21,977) | ($15,085) | ($18,200) |
Summary_of_Financial_Informati1
Summary of Financial Information by Reportable Segment and Geographic Location (Detail) (USD $) | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Jun. 30, 2013 | Jun. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Revenue by market information: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | $200,012 | $194,936 | $199,123 | $189,202 | $185,630 | $180,666 | $182,419 | $151,272 | $388,325 | $333,691 | $583,261 | $514,357 | $783,273 | $699,987 | $488,352 |
Capital expenditures: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total capital expenditures | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 32,374 | 61,538 | 38,845 |
Depreciation and amortization: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Depreciation and amortization | ' | ' | ' | 11,000 | ' | ' | ' | 8,734 | 21,753 | 18,957 | 32,469 | 29,405 | 43,885 | 41,170 | 22,488 |
Continuing Operations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Depreciation and amortization: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 43,825 | 41,124 | 22,433 |
UNITED STATES | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue by market information: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 548,609 | 450,518 | 309,509 |
FRANCE | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue by market information: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 69,658 | 72,810 | 51,951 |
UNITED KINGDOM | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue by market information: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 56,658 | 52,931 | 41,963 |
GERMANY | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue by market information: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 30,955 | 40,011 | 38,976 |
ITALY | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue by market information: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 14,344 | 11,575 | 3,660 |
SPAIN | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue by market information: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 12,713 | 16,285 | 7,702 |
CANADA | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue by market information: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 11,492 | 12,456 | 10,063 |
JAPAN | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue by market information: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10,660 | 9,389 | 4,580 |
Austria | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue by market information: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10,035 | 7,162 | 7,993 |
MALAYSIA | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue by market information: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10,624 | 1,962 |
Other Countries | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue by market information: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 18,149 | 16,226 | 9,993 |
Titanium Segment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue by market information: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 346,627 | 352,847 | 324,908 |
Capital expenditures: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total capital expenditures | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15,976 | 44,741 | 36,008 |
Titanium Segment | Continuing Operations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Depreciation and amortization: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 19,973 | 18,421 | 14,248 |
Titanium Segment | Commercial Aerospace | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue by market information: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 216,599 | 217,607 | 188,729 |
Titanium Segment | Defense | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue by market information: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 98,976 | 104,313 | 98,496 |
Titanium Segment | Energy Medical and Other | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue by market information: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 31,052 | 30,927 | 37,683 |
Engineered Products and Services Segment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue by market information: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 436,646 | 347,140 | 163,444 |
Capital expenditures: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total capital expenditures | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 16,398 | 16,797 | 2,837 |
Engineered Products and Services Segment | Continuing Operations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Depreciation and amortization: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 23,852 | 22,703 | 8,185 |
Engineered Products and Services Segment | Commercial Aerospace | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue by market information: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 215,087 | 168,760 | 100,779 |
Engineered Products and Services Segment | Defense | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue by market information: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 71,471 | 53,435 | 35,426 |
Engineered Products and Services Segment | Energy Medical and Other | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue by market information: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $150,088 | $124,945 | $27,239 |
Geographic_Area_Information_In
Geographic Area Information Includes Property, Plant and Equipment (Detail) (USD $) | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | |||||||||
Segment Reporting, Asset Reconciling Item [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Property, plant and equipment, gross | $700,949 | ' | ' | ' | $672,874 | ' | ' | ' | ' |
Less: Accumulated depreciation | -328,609 | ' | ' | ' | -297,055 | ' | ' | ' | -265,509 |
Property, plant, and equipment, net | 372,340 | 367,738 | 368,246 | 371,176 | 375,819 | 367,658 | 365,618 | 361,337 | 289,239 |
Total assets | 1,505,545 | 1,522,813 | 1,504,897 | 1,207,720 | 1,220,092 | 1,162,193 | 1,149,156 | 1,142,077 | 1,100,599 |
UNITED STATES | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting, Asset Reconciling Item [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Property, plant and equipment, gross | 606,369 | ' | ' | ' | 590,621 | ' | ' | ' | 475,121 |
UNITED KINGDOM | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting, Asset Reconciling Item [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Property, plant and equipment, gross | 23,036 | ' | ' | ' | 16,017 | ' | ' | ' | 14,473 |
FRANCE | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting, Asset Reconciling Item [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Property, plant and equipment, gross | 1,928 | ' | ' | ' | 1,312 | ' | ' | ' | 1,022 |
CANADA | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting, Asset Reconciling Item [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Property, plant and equipment, gross | 69,616 | ' | ' | ' | 64,924 | ' | ' | ' | 64,132 |
Operating Segments | Titanium Segment | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting, Asset Reconciling Item [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total assets | 604,123 | ' | ' | ' | 566,359 | ' | ' | ' | 492,224 |
Operating Segments | Engineered Products and Services Segment | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting, Asset Reconciling Item [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total assets | 585,867 | ' | ' | ' | 544,928 | ' | ' | ' | 272,480 |
Corporate, Non-Segment | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting, Asset Reconciling Item [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total assets | 310,281 | ' | ' | ' | 83,637 | ' | ' | ' | 309,365 |
Discontinued Operations | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting, Asset Reconciling Item [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total assets | $5,274 | ' | ' | ' | $25,168 | ' | ' | ' | $26,530 |
Recovered_Sheet2
Commitments and Contingencies - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Commitments and Contingencies [Line Items] | ' | ' | ' |
Products liability insurance | $500,000,000 | ' | ' |
Payments related to environmental liabilities | 14,000 | 72,000 | 60,000 |
Environment related cost, minimum | 631,000 | ' | ' |
Environment related cost, maximum | 2,103,000 | ' | ' |
Accrued environmental-related costs for future | 1,263,000 | 1,277,000 | ' |
Accrued environmental-related costs expected to be paid within one year | 85,000 | ' | ' |
Accrued environmental-related costs expected to prepaid after twelve months | $1,178,000 | ' | ' |
Summary_of_Changes_in_Environm
Summary of Changes in Environmental Liabilities (Detail) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2013 |
Environment Matters And Other Contingencies [Line Items] | ' |
Balance at December 31, 2012 | $1,277 |
Environmental-related expense | ' |
Cash paid | -14 |
Balance at December 31, 2013 | $1,263 |
Schedule_of_Longterm_Debt_Deta
Schedule of Long-term Debt (Detail) (USD $) | 12 Months Ended | |||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 |
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Capital leases | $9,580 | $2,650 | ' | ' | ' | ' | ' | ' |
Effective interest rate | 'various | 'various | ' | ' | ' | ' | ' | ' |
Total debt | 432,214 | 199,294 | ' | ' | ' | ' | ' | ' |
Less: Current portion of capital leases | -1,914 | -957 | ' | ' | ' | ' | ' | ' |
Total long-term debt | 430,300 | 198,337 | 419,249 | 415,220 | 200,663 | 196,079 | 193,727 | 191,189 |
1.625% Convertible Senior Notes Due 2019 | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Convertible senior notes | 319,569 | ' | ' | ' | ' | ' | ' | ' |
3.0% Convertible Senior Notes Due 2015 | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Convertible senior notes | $103,065 | $196,644 | ' | ' | ' | ' | ' | ' |
Schedule_of_Longterm_Debt_Pare
Schedule of Long-term Debt (Parenthetical) (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2013 | Apr. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | 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] | ' | ' | ' | ' | ' |
Convertible senior notes, effective interest rate | ' | 5.88% | ' | 8.68% | 8.68% |
Convertible senior notes, aggregate principal amount payable | $114.40 | $402.50 | ' | $114.40 | ' |
Convertible senior notes, interest rate | 3.00% | 1.63% | 1.63% | 3.00% | ' |
Convertible senior notes, maturity year | ' | '2019 | ' | '2015 | ' |
Longterm_Debt_Additional_Infor
Long-term Debt - Additional Information (Detail) (USD $) | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | |||||||||
Mar. 31, 2013 | Mar. 31, 2012 | Jun. 30, 2013 | Jun. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Apr. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | |
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 | 3.0% Convertible Senior Notes Due 2015 | Notes 8.675% | ||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Convertible senior notes, interest rate | ' | ' | ' | ' | ' | ' | 3.00% | ' | ' | 1.63% | 1.63% | 3.00% | ' | ' | ' |
Subsidiary ownership percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | ' | ' | ' | ' | ' |
Debt instrument, earliest convertible date | ' | ' | ' | ' | ' | ' | 1-Jun-15 | ' | ' | 15-Apr-19 | ' | ' | ' | ' | ' |
Debt instrument, conversion rate | ' | ' | ' | ' | ' | ' | 27.8474 | ' | ' | 24.5604 | ' | ' | ' | ' | ' |
Convertible notes, principal amount | ' | ' | ' | ' | ' | ' | $1,000 | ' | ' | $1,000 | ' | ' | ' | ' | ' |
Conversion price of common stock per share | ' | ' | ' | ' | ' | ' | $35.91 | ' | ' | $40.72 | ' | ' | ' | ' | ' |
Debt instrument interest rate, similar straight-debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5.88% | 3.54% | ' | ' | 8.68% |
Fair value of the liability component of the notes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 311,200,000 | 112,600,000 | ' | ' | 177,700,000 |
Fair value of conversion component of the notes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 91,300,000 | 19,500,000 | ' | ' | 52,300,000 |
Convertible senior notes, aggregate principal amount payable | ' | ' | ' | ' | ' | ' | 114,400,000 | ' | ' | ' | 402,500,000 | 114,400,000 | ' | ' | ' |
Debt instrument, term | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '6 years 6 months | ' | ' | ' | '5 years |
Debt issuance costs | ' | ' | ' | ' | ' | ' | 7,200,000 | ' | ' | ' | 12,400,000 | ' | ' | ' | ' |
Allocation of debt issuance cost to conversion feature of notes | ' | ' | ' | ' | ' | ' | 1,600,000 | ' | ' | ' | 2,800,000 | ' | ' | ' | ' |
Allocation of debt issuance cost to liability component of notes | ' | ' | ' | ' | ' | ' | 5,600,000 | ' | ' | ' | 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 | 2,562,000 | 2,352,000 | 6,569,000 | 4,738,000 | 10,592,000 | 7,192,000 | 14,956,000 | 9,683,000 | 8,900,000 | ' | ' | ' | ' | ' | ' |
Amortization of debt issuance costs | ' | ' | ' | ' | ' | ' | 1,666,000 | 1,403,000 | 1,471,000 | ' | ' | 1,484,000 | 1,120,000 | 1,120,000 | ' |
Revolving the credit facility amount | ' | ' | ' | ' | ' | ' | $150,000,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Revolving the credit facility expiration date | ' | ' | ' | ' | ' | ' | 23-May-17 | ' | ' | ' | ' | ' | ' | ' | ' |
Leverage ratio | ' | ' | ' | ' | ' | ' | 135.00% | ' | ' | ' | ' | ' | ' | ' | ' |
Leverage ratio that is considered as default | ' | ' | ' | ' | ' | ' | 3.5 | ' | ' | ' | ' | ' | ' | ' | ' |
Coverage ratio | ' | ' | ' | ' | ' | ' | 13.69 | ' | ' | ' | ' | ' | ' | ' | ' |
Coverage ratio that is considered as default | ' | ' | ' | ' | ' | ' | 2 | ' | ' | ' | ' | ' | ' | ' | ' |
Stock_Based_Compensation_Addit
Stock Based Compensation - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
CompensationPlan | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Number of predecessors replaced | 2 | ' | ' |
Stock option and restricted stock award plan period, in years | '10 years | ' | ' |
Cash received from stock option exercises under all share-based payment arrangements | $2,290 | $494 | $178 |
Cash used to settle equity instruments | 399 | 742 | 294 |
Tax benefit realized for share-based payment arrangements | -4 | 27 | 2 |
Stock Option | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Number of shares available for grant | 2,500,000 | ' | ' |
Stock Option | Minimum | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Stock awards vesting period | '1 year | ' | ' |
Stock Option | Maximum | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Stock awards vesting period | '3 years | ' | ' |
Restricted Stock | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Number of shares available for grant | 1,250,000 | ' | ' |
Total unrecognized compensation cost related to nonvested awards granted | 1,960 | ' | ' |
Expected period to be recognized | '12 months | ' | ' |
Weighted-average fair value of stock awards granted | $29 | $24.63 | $28.79 |
Fair value of restricted stock awards vested | 2,199 | 1,507 | 1,637 |
Restricted Stock | Minimum | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Stock awards vesting period | '1 year | ' | ' |
Restricted Stock | Maximum | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Stock awards vesting period | '5 years | ' | ' |
Stock Options | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Dividend yield | 0.00% | 0.00% | 0.00% |
Weighted-average fair value of stock option awards granted | $15.80 | $13.49 | $14.70 |
Total intrinsic value of stock options exercised | 1,892 | 525 | 172 |
Total unrecognized compensation cost related to nonvested awards granted | $669 | ' | ' |
Expected period to be recognized | '8 years | ' | ' |
Performance Shares | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Dividend yield | 0.00% | ' | ' |
Weighted-average fair value of stock awards granted | $41.02 | $35.59 | $43.68 |
Performance share awards Common Stock in amounts, Minimum | 0.00% | ' | ' |
Performance share awards Common Stock in amounts, Maximum | 200.00% | ' | ' |
Schedule_of_Fair_Value_of_Stoc
Schedule of Fair Value of Stock Options Granted (Detail) (Stock Options) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Stock Options | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Risk-free interest rate | 0.87% | 0.75% | 1.92% |
Expected dividend yield | 0.00% | 0.00% | 0.00% |
Expected lives (in years) | '5 years | '5 years | '4 years |
Expected volatility | 65.00% | 66.00% | 67.00% |
Summary_of_Stock_Options_Activ
Summary of Stock Options Activity (Detail) (USD $) | 12 Months Ended |
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 |
Shares | ' |
Stock Options, Beginning Balance | 590,850 |
Granted | 98,831 |
Forfeited | -15,595 |
Expired | -15,743 |
Exercised | -131,607 |
Stock Options, Ending Balance | 526,736 |
Stock Options, Exercisable | 361,176 |
Weighted-Average Exercise Price Per Share | ' |
Stock Options, Beginning Balance | $31.86 |
Granted | $29.12 |
Forfeited | $27.39 |
Expired | $49.88 |
Exercised | $17.40 |
Stock Options, Ending Balance | $34.56 |
Stock Options, Exercisable | $37.71 |
Weighted-Average Remaining Contractual Term | ' |
Stock Options, Outstanding | '5 years 10 months 2 days |
Stock Options, Exercisable | '4 years 7 months 17 days |
Aggregate Intrinsic Value | ' |
Stock Options, Outstanding | $3,449 |
Stock Options, Exercisable | $2,368 |
Summary_of_Nonvested_Restricte
Summary of Nonvested Restricted Stock Awards (Detail) (Restricted Stock, USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Restricted Stock | ' | ' | ' |
Shares | ' | ' | ' |
Beginning Balance | 182,179 | ' | ' |
Granted | 118,737 | ' | ' |
Vested | -77,722 | ' | ' |
Forfeited | -9,719 | ' | ' |
Ending Balance | 213,475 | 182,179 | ' |
Weighted-Average Grant-Date Fair Value Per Share | ' | ' | ' |
Beginning Balance | $24.76 | ' | ' |
Granted | $29 | $24.63 | $28.79 |
Vested | $25.28 | ' | ' |
Forfeited | $25.84 | ' | ' |
Ending Balance | $26.88 | $24.76 | ' |
Summary_of_Companys_Performanc
Summary of Company's Performance Share Award (Detail) (Performance Shares) | 12 Months Ended |
Dec. 31, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Beginning Balance | 107,057 |
Granted | 72,164 |
Forfeited | -24,888 |
Ending Balance | 154,333 |
Maximum Shares Eligible To Receive | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Beginning Balance | 214,114 |
Granted | 144,328 |
Forfeited | -49,776 |
Ending Balance | 308,666 |
Schedule_of_Condensed_Consolid
Schedule of Condensed Consolidating Statement of Operations and Comprehensive Income (Detail) (USD $) | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Jun. 30, 2013 | Jun. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Net sales | $200,012 | $194,936 | $199,123 | $189,202 | $185,630 | $180,666 | $182,419 | $151,272 | $388,325 | $333,691 | $583,261 | $514,357 | $783,273 | $699,987 | $488,352 | |||
Costs and expenses: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Cost of sales | ' | 149,797 | 155,346 | 149,949 | ' | 147,299 | 148,847 | 119,420 | 305,295 | 268,267 | 455,092 | 415,566 | 609,419 | 561,418 | 397,429 | |||
Selling, general, and administrative expenses | ' | 22,219 | 22,314 | 24,605 | ' | 21,416 | 22,350 | 20,366 | 46,919 | 42,716 | 69,138 | 64,132 | 92,921 | [1] | 86,621 | 65,650 | ||
Goodwill and other intangible asset impairment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15,359 | ' | ' | |||
Research, technical, and product development expenses | ' | 1,041 | 982 | 1,001 | ' | 1,012 | 1,104 | 1,065 | 1,983 | 2,169 | 3,024 | 3,181 | 3,931 | 4,164 | 3,392 | |||
Asset and asset-related charges (income) | ' | ' | ' | ' | ' | 1,617 | ' | ' | ' | ' | ' | 1,617 | -372 | 367 | -1,501 | |||
Operating income (loss) | 6,008 | 21,879 | 20,481 | 13,647 | 17,556 | 9,322 | 10,118 | 10,421 | 34,128 | 20,539 | 56,007 | 29,861 | 62,015 | 47,417 | 23,382 | |||
Other income (expense), net | ' | -294 | 700 | 559 | ' | 16 | 570 | -268 | 1,259 | 302 | 965 | 318 | 938 | -501 | 56 | |||
Interest income (expense), net | ' | -7,309 | -20,643 | -4,765 | ' | -4,690 | -4,176 | -4,196 | -25,408 | -8,372 | -32,717 | -13,062 | -40,157 | -17,778 | -15,645 | |||
Income before income taxes | ' | 14,276 | 538 | 9,441 | ' | 4,648 | 6,512 | 5,957 | 9,979 | 12,469 | 24,255 | 17,117 | 22,796 | 29,138 | 7,793 | |||
Provision for (benefit from) income taxes | ' | 1,701 | -521 | 4,473 | ' | 2,236 | 4,021 | 4,070 | 3,952 | 8,091 | 5,653 | 10,327 | 7,139 | 15,685 | 10,101 | |||
Net income (loss) attributable to continuing operations | -2,945 | 12,575 | 1,059 | 4,968 | 6,663 | 2,412 | 2,491 | 1,887 | 6,027 | 4,378 | 18,602 | 6,790 | 15,657 | 13,453 | -2,308 | |||
Net income attributable to discontinued operations, net of tax | ' | -280 | -389 | -83 | ' | 363 | 534 | 681 | -472 | 1,215 | -752 | 1,578 | -1,584 | 1,487 | 2,258 | |||
Net income (loss) | ' | 12,295 | 670 | 4,885 | ' | 2,775 | 3,025 | 2,568 | 5,555 | 5,593 | 17,850 | 8,368 | 14,073 | 14,940 | [2] | -50 | [2] | |
Comprehensive income (loss) | ' | 15,558 | -1,386 | 9,500 | ' | 7,372 | 2,284 | 5,418 | 8,114 | 7,702 | 23,672 | 15,074 | 18,680 | 8,786 | -6,563 | |||
Eliminations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -206,061 | -212,501 | -175,830 | |||
Costs and expenses: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Cost of sales | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -206,061 | -212,501 | -175,830 | |||
Equity in earnings (loss) of subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -23,910 | -28,298 | -15,139 | |||
Income before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -23,910 | -28,298 | -15,139 | |||
Net income (loss) attributable to continuing operations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -23,910 | -28,298 | -15,139 | |||
Net income attributable to discontinued operations, net of tax | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,584 | -1,487 | -2,258 | |||
Net income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -22,326 | -29,785 | -17,397 | |||
Comprehensive income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -26,926 | -24,169 | -11,819 | |||
RTI International Metals, Inc. | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Costs and expenses: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Selling, general, and administrative expenses | ' | 712 | 491 | 1,213 | ' | -1,442 | -933 | -102 | 1,704 | -1,035 | 2,416 | -2,477 | 4,799 | [1] | -3,101 | 981 | ||
Research, technical, and product development expenses | ' | ' | ' | ' | ' | ' | ' | 95 | ' | 95 | ' | 95 | ' | 95 | ' | |||
Operating income (loss) | ' | -712 | -491 | -1,213 | ' | 1,442 | 933 | 7 | -1,704 | 940 | -2,416 | 2,382 | -4,799 | 3,006 | -981 | |||
Other income (expense), net | ' | 4,120 | -4,167 | 4,277 | ' | -3 | -32 | -13 | 110 | -45 | 4,230 | -48 | 6,318 | -63 | -92 | |||
Interest income (expense), net | ' | -5,488 | -5,605 | -4,417 | ' | -4,358 | -3,903 | -4,014 | -10,022 | -7,917 | -15,510 | -12,275 | -21,291 | -16,639 | -16,299 | |||
Equity in earnings (loss) of subsidiaries | ' | 12,268 | 7,364 | 5,646 | ' | 4,106 | 2,690 | 5,054 | 13,010 | 7,743 | 25,277 | 11,849 | 21,936 | 20,741 | 10,066 | |||
Income before income taxes | ' | 10,188 | -2,899 | 4,293 | ' | 1,187 | -312 | 1,034 | 1,394 | 721 | 11,581 | 1,908 | 2,164 | 7,045 | -7,306 | |||
Provision for (benefit from) income taxes | ' | -2,387 | -3,958 | -675 | ' | -1,225 | -2,803 | -853 | -4,633 | -3,657 | -7,021 | -4,882 | -13,493 | -6,408 | -4,998 | |||
Net income (loss) attributable to continuing operations | ' | 12,575 | 1,059 | 4,968 | ' | 2,412 | 2,491 | 1,887 | 6,027 | 4,378 | 18,602 | 6,790 | 15,657 | 13,453 | -2,308 | |||
Net income attributable to discontinued operations, net of tax | ' | -280 | -389 | -83 | ' | 363 | 534 | 681 | -472 | 1,215 | -752 | 1,578 | -1,584 | 1,487 | 2,258 | |||
Net income (loss) | ' | 12,295 | 670 | 4,885 | ' | 2,775 | 3,025 | 2,568 | 5,555 | 5,593 | 17,850 | 8,368 | 14,073 | 14,940 | -50 | |||
Comprehensive income (loss) | ' | 15,558 | -1,386 | 9,500 | ' | 7,372 | 2,284 | 5,418 | 8,114 | 7,702 | 23,672 | 15,074 | 18,680 | 8,786 | -6,563 | |||
Guarantor Subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Net sales | ' | 128,285 | 136,778 | 136,173 | ' | 131,132 | 148,017 | 116,796 | 272,951 | 247,734 | 401,236 | 378,866 | 524,003 | 503,018 | 347,963 | |||
Costs and expenses: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Cost of sales | ' | 103,808 | 108,580 | 113,470 | ' | 114,706 | 127,484 | 96,311 | 222,050 | 209,233 | 325,858 | 323,939 | 426,646 | 426,268 | 296,066 | |||
Selling, general, and administrative expenses | ' | 10,808 | 11,034 | 11,708 | ' | 12,048 | 14,635 | 9,013 | 22,742 | 21,324 | 33,550 | 33,372 | 43,842 | [1] | 45,316 | 22,586 | ||
Goodwill and other intangible asset impairment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15,359 | ' | ' | |||
Research, technical, and product development expenses | ' | 1,037 | 982 | 1,001 | ' | 1,000 | 1,208 | 930 | 1,983 | 2,024 | 3,020 | 3,024 | 3,925 | 4,007 | 3,232 | |||
Asset and asset-related charges (income) | ' | ' | ' | ' | ' | 1,617 | ' | ' | ' | ' | ' | 1,617 | -372 | 367 | ' | |||
Operating income (loss) | ' | 12,632 | 16,182 | 9,994 | ' | 1,761 | 4,690 | 10,542 | 26,176 | 15,153 | 38,808 | 16,914 | 34,603 | 27,060 | 26,079 | |||
Other income (expense), net | ' | -2,520 | 1,104 | -2,384 | ' | 20 | ' | 280 | -1,280 | 281 | -3,800 | 301 | -5,146 | 38 | -38 | |||
Interest income (expense), net | ' | -1,571 | -8,668 | 29 | ' | 36 | -15 | 138 | -8,639 | 159 | -10,210 | 195 | -11,503 | 205 | 1,797 | |||
Equity in earnings (loss) of subsidiaries | ' | -439 | 263 | -373 | ' | 1,231 | 2,512 | 1,444 | -110 | 3,956 | -549 | 5,185 | -191 | 5,419 | 6,128 | |||
Income before income taxes | ' | 8,102 | 8,881 | 7,266 | ' | 3,048 | 7,187 | 12,404 | 16,147 | 19,549 | 24,249 | 22,595 | 17,763 | 32,722 | 33,966 | |||
Provision for (benefit from) income taxes | ' | 2,665 | 2,101 | 2,775 | ' | 705 | 2,926 | 3,030 | 4,876 | 5,968 | 7,541 | 6,673 | 10,964 | 10,726 | 10,257 | |||
Net income (loss) attributable to continuing operations | ' | 5,437 | 6,780 | 4,491 | ' | 2,343 | 4,261 | 9,374 | 11,271 | 13,581 | 16,708 | 15,922 | 6,799 | 21,996 | 23,709 | |||
Net income (loss) | ' | 5,437 | 6,780 | 4,491 | ' | 2,343 | 4,261 | 9,374 | 11,271 | 13,581 | 16,708 | 15,922 | 6,799 | 21,996 | 23,709 | |||
Comprehensive income (loss) | ' | 6,561 | 7,862 | 10,665 | ' | 3,394 | 5,312 | 10,433 | 18,528 | 15,691 | 25,089 | 19,083 | 18,327 | 14,465 | 19,646 | |||
Non-Guarantor Subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Net sales | ' | 115,158 | 119,617 | 103,464 | ' | 101,739 | 90,597 | 92,587 | 223,081 | 200,263 | 338,239 | 302,002 | 465,331 | 409,470 | 316,219 | |||
Costs and expenses: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Cost of sales | ' | 94,496 | 104,038 | 86,914 | ' | 84,798 | 77,558 | 81,220 | 190,952 | 173,340 | 285,448 | 258,138 | 388,834 | 347,651 | 277,193 | |||
Selling, general, and administrative expenses | ' | 10,699 | 10,789 | 11,684 | ' | 10,810 | 8,648 | 11,455 | 22,473 | 22,427 | 33,172 | 33,237 | 44,280 | [1] | 44,406 | 42,083 | ||
Research, technical, and product development expenses | ' | 4 | ' | ' | ' | 12 | -104 | 40 | ' | 50 | 4 | 62 | 6 | 62 | 160 | |||
Asset and asset-related charges (income) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -1,501 | |||
Operating income (loss) | ' | 9,959 | 4,790 | 4,866 | ' | 6,119 | 4,495 | -128 | 9,656 | 4,446 | 19,615 | 10,565 | 32,211 | 17,351 | -1,716 | |||
Other income (expense), net | ' | -1,894 | 3,763 | -1,334 | ' | -1 | 602 | -535 | 2,429 | 66 | 535 | 65 | -234 | -476 | 186 | |||
Interest income (expense), net | ' | -250 | -6,370 | -377 | ' | -368 | -258 | -320 | -6,747 | -614 | -6,997 | -982 | -7,363 | -1,344 | -1,143 | |||
Equity in earnings (loss) of subsidiaries | ' | 532 | 847 | 106 | ' | 374 | 413 | 1,203 | 953 | 1,616 | 1,485 | 1,990 | 2,165 | 2,138 | -1,055 | |||
Income before income taxes | ' | 8,347 | 3,030 | 3,261 | ' | 6,124 | 5,252 | 220 | 6,291 | 5,514 | 14,638 | 11,638 | 26,779 | 17,669 | -3,728 | |||
Provision for (benefit from) income taxes | ' | 1,423 | 1,336 | 2,373 | ' | 2,756 | 3,898 | 1,893 | 3,709 | 5,780 | 5,133 | 8,536 | 9,668 | 11,367 | 4,842 | |||
Net income (loss) attributable to continuing operations | ' | 6,924 | 1,694 | 888 | ' | 3,368 | 1,354 | -1,673 | 2,582 | -266 | 9,505 | 3,102 | 17,111 | 6,302 | -8,570 | |||
Net income attributable to discontinued operations, net of tax | ' | -280 | -389 | -83 | ' | 363 | 534 | 681 | -472 | 1,215 | -752 | 1,578 | -1,584 | 1,487 | 2,258 | |||
Net income (loss) | ' | 6,644 | 1,305 | 805 | ' | 3,731 | 1,888 | -992 | 2,110 | 949 | 8,753 | 4,680 | 15,527 | 7,789 | -6,312 | |||
Comprehensive income (loss) | ' | $8,640 | ($1,978) | ($1,404) | ' | $7,127 | ($57) | $647 | ($3,384) | $643 | $5,255 | $7,770 | $8,599 | $9,704 | ($7,827) | |||
[1] | The Parent allocates selling, general, and administrative expenses ("SG&A") to the subsidiaries based upon its budgeted annual expenses. | |||||||||||||||||
[2] | The Company does not present cash flows from discontinued operations, consistent with the FASB's authoritative guidance. Restatement adjustments did not have an impact on cash flows from investing and financing activities. |
Schedule_of_Condensed_Consolid1
Schedule of Condensed Consolidating Balance Sheet (Detail) (USD $) | Dec. 31, 2013 | Oct. 02, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
In Thousands, unless otherwise specified | |||||||||||
Current assets: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash and cash equivalents | $343,637 | ' | $315,021 | $231,433 | $58,015 | $97,190 | $73,389 | $99,525 | $117,872 | $156,842 | $376,951 |
Receivables, net | 105,271 | ' | 118,123 | 106,287 | 113,263 | 104,354 | 113,329 | 102,561 | 101,637 | ' | ' |
Inventories, net | 430,088 | ' | 412,456 | 409,227 | 401,333 | 375,441 | 342,682 | 316,473 | 297,059 | ' | ' |
Costs in excess of billings | 5,377 | ' | 4,667 | 2,760 | 3,844 | 3,825 | 3,495 | 2,515 | 1,607 | ' | ' |
Deferred income taxes | 32,032 | ' | 31,406 | 31,690 | 31,110 | 31,380 | 22,059 | 20,775 | 20,475 | ' | ' |
Assets of discontinued operations | 5,274 | ' | 7,582 | 8,076 | 23,919 | 25,168 | 27,158 | 28,165 | 29,581 | ' | ' |
Other current assets | 16,947 | ' | 22,908 | 21,968 | 11,749 | 11,270 | 11,160 | 13,269 | 11,269 | ' | ' |
Total current assets | 938,626 | ' | 957,350 | 939,646 | 643,233 | 648,628 | 597,270 | 583,283 | 579,500 | ' | ' |
Property, plant, and equipment, net | 372,340 | ' | 367,738 | 368,246 | 371,176 | 375,819 | 367,658 | 365,618 | 361,337 | 289,239 | ' |
Goodwill | 117,578 | 131,958 | 129,773 | 129,498 | 130,016 | 130,252 | 131,248 | 133,212 | 133,237 | 54,125 | ' |
Other intangible assets, net | 53,754 | ' | 53,042 | 53,826 | 55,228 | 56,495 | 57,664 | 58,251 | 59,527 | ' | ' |
Other noncurrent assets | 23,247 | ' | 14,910 | 13,681 | 8,067 | 8,898 | 8,353 | 8,792 | 8,476 | ' | ' |
Total assets | 1,505,545 | ' | 1,522,813 | 1,504,897 | 1,207,720 | 1,220,092 | 1,162,193 | 1,149,156 | 1,142,077 | 1,100,599 | ' |
Current liabilities: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accounts payable | 79,039 | ' | 74,692 | 70,455 | 79,245 | 90,735 | 66,312 | 60,651 | 63,325 | ' | ' |
Accrued wages and other employee costs | 29,787 | ' | 29,697 | 26,254 | 21,729 | 33,996 | 29,307 | 24,752 | 19,578 | ' | ' |
Unearned revenue | 15,625 | ' | 38,467 | 49,315 | 22,483 | 25,864 | 34,692 | 36,866 | 36,589 | ' | ' |
Liabilities of discontinued operations | 458 | ' | 471 | 501 | 3,269 | 3,431 | 4,190 | 4,087 | 5,588 | ' | ' |
Other accrued liabilities | 22,574 | ' | 26,017 | 19,793 | 25,832 | 22,518 | 27,554 | 21,876 | 21,886 | ' | ' |
Total current liabilities | 147,483 | ' | 169,344 | 166,318 | 152,558 | 176,544 | 162,055 | 148,232 | 146,966 | ' | ' |
Long-term debt | 430,300 | ' | 419,249 | 415,220 | 200,663 | 198,337 | 196,079 | 193,727 | 191,189 | ' | ' |
Liability for post-retirement benefits | 43,447 | ' | 44,112 | 43,944 | 43,729 | 45,066 | 42,220 | 42,000 | 41,806 | ' | ' |
Liability for pension benefits | 13,787 | ' | 10,297 | 14,923 | 15,229 | 20,711 | 2,555 | 13,402 | 15,097 | ' | ' |
Deferred income taxes | 74,078 | ' | 78,512 | 79,990 | 50,564 | 46,384 | 34,252 | 35,229 | 33,894 | ' | ' |
Unearned revenue | 10,470 | ' | 12,033 | 12,496 | 12,792 | 13,013 | 3,240 | 3,385 | 3,504 | ' | ' |
Other noncurrent liabilities | 12,006 | ' | 12,134 | 12,307 | 12,129 | 11,798 | 8,908 | 8,969 | 8,895 | ' | ' |
Total liabilities | 731,571 | ' | 745,681 | 745,198 | 487,664 | 511,853 | 449,309 | 444,944 | 441,351 | ' | ' |
Shareholders' equity | 773,974 | ' | 777,132 | 759,699 | 720,056 | 708,239 | 712,884 | 704,212 | 700,726 | 694,640 | 696,529 |
Total liabilities and shareholders' equity | 1,505,545 | ' | 1,522,813 | 1,504,897 | 1,207,720 | 1,220,092 | 1,162,193 | 1,149,156 | 1,142,077 | ' | ' |
RTI International Metals, Inc. | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Current assets: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Receivables, net | 786 | ' | 716 | 725 | 1,049 | 126 | 126 | 162 | 209 | ' | ' |
Deferred income taxes | 31,656 | ' | 31,290 | 31,574 | 30,994 | 31,264 | 22,059 | 20,775 | 20,475 | ' | ' |
Other current assets | 9,425 | ' | 16,075 | 14,902 | 5,355 | 5,410 | 3,624 | 3,874 | 5,340 | ' | ' |
Total current assets | 41,867 | ' | 48,081 | 47,201 | 37,398 | 36,800 | 25,809 | 24,811 | 26,024 | ' | ' |
Property, plant, and equipment, net | 2,328 | ' | 2,124 | 1,769 | 1,464 | 1,327 | 1,336 | 543 | 634 | ' | ' |
Other noncurrent assets | 11,025 | ' | 10,982 | 9,598 | 3,792 | 4,149 | 4,442 | 4,768 | 4,329 | ' | ' |
Intercompany investments | 1,240,671 | ' | 1,240,173 | 1,218,576 | 952,158 | 931,041 | 932,734 | 919,907 | 911,011 | ' | ' |
Total assets | 1,295,891 | ' | 1,301,360 | 1,277,144 | 994,812 | 973,317 | 964,321 | 950,029 | 941,998 | ' | ' |
Current liabilities: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accounts payable | 1,948 | ' | 1,256 | 2,080 | 1,355 | 1,177 | 1,003 | 1,021 | 1,111 | ' | ' |
Accrued wages and other employee costs | 6,598 | ' | 5,763 | 4,989 | 3,487 | 6,519 | 5,177 | 4,465 | 3,160 | ' | ' |
Other accrued liabilities | 6,800 | ' | 8,911 | 4,955 | 8,806 | 3,277 | 10,444 | 5,845 | 6,150 | ' | ' |
Total current liabilities | 15,346 | ' | 15,930 | 12,024 | 13,648 | 10,973 | 16,624 | 11,331 | 10,421 | ' | ' |
Long-term debt | 422,634 | ' | 418,269 | 414,004 | 199,206 | 196,644 | 194,153 | 191,699 | 189,313 | ' | ' |
Liability for pension benefits | 5,943 | ' | 6,856 | 6,767 | 6,678 | 6,419 | 4,976 | 6,133 | 6,227 | ' | ' |
Deferred income taxes | 70,006 | ' | 75,030 | 76,508 | 47,082 | 42,902 | 30,416 | 31,393 | 30,058 | ' | ' |
Other noncurrent liabilities | 7,988 | ' | 8,143 | 8,142 | 8,142 | 8,140 | 5,268 | 5,261 | 5,253 | ' | ' |
Total liabilities | 521,917 | ' | 527,228 | 517,445 | 274,756 | 265,078 | 251,437 | 245,817 | 241,272 | ' | ' |
Shareholders' equity | 773,974 | ' | 777,132 | 759,699 | 720,056 | 708,239 | 712,884 | 704,212 | 700,726 | ' | ' |
Total liabilities and shareholders' equity | 1,295,891 | ' | 1,301,360 | 1,277,144 | 994,812 | 973,317 | 964,321 | 950,029 | 941,998 | ' | ' |
Guarantor Subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Current assets: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash and cash equivalents | 312,202 | ' | 263,561 | 225,802 | 50,601 | 87,283 | 69,907 | 92,864 | 109,419 | 144,271 | 350,629 |
Receivables, net | 57,397 | ' | 64,790 | 66,951 | 76,104 | 72,773 | 80,480 | 76,198 | 77,874 | ' | ' |
Inventories, net | 265,621 | ' | 251,257 | 240,396 | 237,340 | 220,290 | 188,662 | 176,305 | 166,538 | ' | ' |
Costs in excess of billings | 3,800 | ' | 1,242 | 544 | 1,739 | 1,565 | 1,344 | 1,857 | 1,602 | ' | ' |
Other current assets | 2,984 | ' | 1,676 | 2,040 | 2,483 | 2,072 | 4,070 | 4,565 | 4,496 | ' | ' |
Total current assets | 642,004 | ' | 627,713 | 663,938 | 368,267 | 383,983 | 348,461 | 351,789 | 359,929 | ' | ' |
Property, plant, and equipment, net | 292,033 | ' | 297,308 | 301,157 | 303,604 | 308,467 | 301,681 | 301,438 | 296,407 | ' | ' |
Goodwill | 79,705 | ' | 93,665 | 93,665 | 93,665 | 93,665 | 94,494 | 96,942 | 96,942 | ' | ' |
Other intangible assets, net | 31,184 | ' | 33,226 | 33,869 | 34,511 | 35,152 | 35,795 | 36,436 | 37,079 | ' | ' |
Other noncurrent assets | 7,184 | ' | 201 | 201 | 201 | 892 | 2,781 | 201 | 201 | ' | ' |
Intercompany investments | 26,623 | ' | 26,265 | 26,704 | 26,441 | 26,814 | 26,492 | 25,350 | 22,840 | ' | ' |
Total assets | 1,078,733 | ' | 1,078,378 | 1,119,534 | 826,689 | 848,973 | 809,704 | 812,156 | 813,398 | ' | ' |
Current liabilities: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accounts payable | 54,111 | ' | 55,171 | 48,293 | 57,013 | 70,086 | 46,543 | 43,562 | 48,077 | ' | ' |
Accrued wages and other employee costs | 14,093 | ' | 15,594 | 13,406 | 12,091 | 16,368 | 15,629 | 13,477 | 11,248 | ' | ' |
Unearned revenue | 288 | ' | ' | 185 | 1,237 | 1,555 | 674 | 726 | 804 | ' | ' |
Other accrued liabilities | 5,101 | ' | 8,054 | 6,961 | 7,156 | 9,197 | 9,192 | 7,823 | 10,752 | ' | ' |
Total current liabilities | 73,593 | ' | 78,819 | 68,845 | 77,497 | 97,206 | 72,038 | 65,588 | 70,881 | ' | ' |
Long-term debt | 738 | ' | 980 | 1,216 | 1,457 | 1,693 | 1,926 | 2,028 | 1,876 | ' | ' |
Intercompany debt | 357,144 | ' | 350,821 | 403,142 | 109,444 | 118,229 | 112,535 | 111,916 | 113,669 | ' | ' |
Liability for post-retirement benefits | 43,447 | ' | 44,112 | 43,944 | 43,729 | 45,066 | 42,220 | 42,000 | 41,806 | ' | ' |
Liability for pension benefits | 7,685 | ' | 3,281 | 7,997 | 8,392 | 14,133 | ' | 6,730 | 8,193 | ' | ' |
Other noncurrent liabilities | 3,763 | ' | 3,753 | 3,950 | 3,785 | 3,434 | 3,430 | 3,491 | 3,464 | ' | ' |
Total liabilities | 486,370 | ' | 481,766 | 529,094 | 244,304 | 279,761 | 232,149 | 231,753 | 239,889 | ' | ' |
Shareholders' equity | 592,363 | ' | 596,612 | 599,440 | 582,385 | 569,212 | 577,555 | 580,403 | 573,509 | ' | ' |
Total liabilities and shareholders' equity | 1,078,733 | ' | 1,078,378 | 1,119,534 | 826,689 | 848,973 | 809,704 | 812,156 | 813,398 | ' | ' |
Non-Guarantor Subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Current assets: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash and cash equivalents | 31,435 | ' | 51,460 | 5,631 | 7,414 | 9,907 | 3,482 | 6,661 | 8,453 | 12,571 | 26,322 |
Receivables, net | 69,847 | ' | 75,463 | 62,254 | 62,642 | 58,676 | 62,196 | 59,489 | 62,772 | ' | ' |
Inventories, net | 164,467 | ' | 161,199 | 168,831 | 163,993 | 155,151 | 154,020 | 140,168 | 130,521 | ' | ' |
Costs in excess of billings | 1,577 | ' | 3,425 | 2,216 | 2,105 | 2,260 | 2,151 | 658 | 5 | ' | ' |
Deferred income taxes | 376 | ' | 116 | 116 | 116 | 116 | ' | ' | ' | ' | ' |
Assets of discontinued operations | 5,274 | ' | 7,582 | 8,076 | 23,919 | 25,168 | 27,158 | 28,165 | 29,581 | ' | ' |
Other current assets | 4,538 | ' | 5,157 | 5,026 | 3,911 | 3,788 | 4,846 | 4,830 | 3,360 | ' | ' |
Total current assets | 277,514 | ' | 304,402 | 252,150 | 264,100 | 255,066 | 253,853 | 239,971 | 234,692 | ' | ' |
Property, plant, and equipment, net | 77,979 | ' | 68,306 | 65,320 | 66,108 | 66,025 | 64,641 | 63,637 | 64,296 | ' | ' |
Goodwill | 37,873 | ' | 36,108 | 35,833 | 36,351 | 36,587 | 36,754 | 36,270 | 36,295 | ' | ' |
Other intangible assets, net | 22,570 | ' | 19,816 | 19,957 | 20,717 | 21,343 | 21,869 | 21,815 | 22,448 | ' | ' |
Other noncurrent assets | 5,038 | ' | 3,727 | 3,882 | 4,074 | 3,857 | 3,710 | 3,823 | 3,946 | ' | ' |
Intercompany investments | 5,721 | ' | 5,221 | 4,689 | 5,130 | 3,736 | 3,408 | 3,034 | 2,621 | ' | ' |
Total assets | 426,695 | ' | 437,580 | 381,831 | 396,480 | 386,614 | 384,235 | 368,550 | 364,298 | ' | ' |
Current liabilities: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accounts payable | 45,739 | ' | 41,111 | 43,725 | 47,409 | 46,693 | 48,239 | 49,356 | 53,350 | ' | ' |
Accrued wages and other employee costs | 9,096 | ' | 8,340 | 7,859 | 6,151 | 11,109 | 8,501 | 6,810 | 5,170 | ' | ' |
Unearned revenue | 15,337 | ' | 38,467 | 49,130 | 21,246 | 24,309 | 34,018 | 36,140 | 35,785 | ' | ' |
Liabilities of discontinued operations | 458 | ' | 471 | 501 | 3,269 | 3,431 | 4,190 | 4,087 | 5,588 | ' | ' |
Other accrued liabilities | 10,673 | ' | 9,052 | 7,877 | 9,870 | 10,044 | 9,298 | 8,208 | 6,916 | ' | ' |
Total current liabilities | 81,303 | ' | 97,441 | 109,092 | 87,945 | 95,586 | 104,246 | 104,601 | 106,809 | ' | ' |
Long-term debt | 6,928 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Intercompany debt | 106,633 | ' | 111,758 | 86,039 | 119,403 | 104,084 | 106,684 | 100,929 | 98,057 | ' | ' |
Liability for pension benefits | 159 | ' | 160 | 159 | 159 | 159 | 159 | 539 | 677 | ' | ' |
Deferred income taxes | 4,072 | ' | 3,482 | 3,482 | 3,482 | 3,482 | 3,836 | 3,836 | 3,836 | ' | ' |
Unearned revenue | 10,470 | ' | 12,033 | 12,496 | 12,792 | 13,013 | 3,240 | 3,385 | 3,504 | ' | ' |
Other noncurrent liabilities | 255 | ' | 238 | 215 | 202 | 224 | 210 | 217 | 199 | ' | ' |
Total liabilities | 209,820 | ' | 225,112 | 211,483 | 223,983 | 216,548 | 218,375 | 213,507 | 213,082 | ' | ' |
Shareholders' equity | 216,875 | ' | 212,468 | 170,348 | 172,497 | 170,066 | 165,860 | 155,043 | 151,216 | ' | ' |
Total liabilities and shareholders' equity | 426,695 | ' | 437,580 | 381,831 | 396,480 | 386,614 | 384,235 | 368,550 | 364,298 | ' | ' |
Eliminations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Current assets: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Receivables, net | -22,759 | ' | -22,846 | -23,643 | -26,532 | -27,221 | -29,473 | -33,288 | -39,218 | ' | ' |
Other current assets | ' | ' | ' | ' | ' | ' | -1,380 | ' | -1,927 | ' | ' |
Total current assets | -22,759 | ' | -22,846 | -23,643 | -26,532 | -27,221 | -30,853 | -33,288 | -41,145 | ' | ' |
Other noncurrent assets | ' | ' | ' | ' | ' | ' | -2,580 | ' | ' | ' | ' |
Intercompany investments | -1,273,015 | ' | -1,271,659 | -1,249,969 | -983,729 | -961,591 | -962,634 | -948,291 | -936,472 | ' | ' |
Total assets | -1,295,774 | ' | -1,294,505 | -1,273,612 | -1,010,261 | -988,812 | -996,067 | -981,579 | -9,077,617 | ' | ' |
Current liabilities: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accounts payable | -22,759 | ' | -22,846 | -23,643 | -26,532 | -27,221 | -29,473 | -33,288 | -39,213 | ' | ' |
Other accrued liabilities | ' | ' | ' | ' | ' | ' | -1,380 | ' | -1,932 | ' | ' |
Total current liabilities | -22,759 | ' | -22,846 | -23,643 | -26,532 | -27,221 | -30,853 | -33,288 | -41,145 | ' | ' |
Intercompany debt | -463,777 | ' | -462,579 | -489,181 | -228,847 | -222,313 | -219,219 | -212,845 | -211,726 | ' | ' |
Liability for pension benefits | ' | ' | ' | ' | ' | ' | -2,580 | ' | ' | ' | ' |
Other noncurrent liabilities | ' | ' | ' | ' | ' | ' | ' | ' | -21 | ' | ' |
Total liabilities | -486,536 | ' | -485,425 | -512,824 | -255,379 | -249,534 | -252,652 | -246,133 | -252,892 | ' | ' |
Shareholders' equity | -809,238 | ' | -809,080 | -760,788 | -754,882 | -739,278 | -743,415 | -735,446 | -724,725 | ' | ' |
Total liabilities and shareholders' equity | ($1,295,774) | ' | ($1,294,505) | ($1,273,612) | ($1,010,261) | ($988,812) | ($996,067) | ($981,579) | ($977,617) | ' | ' |
Schedule_of_Condensed_Consolid2
Schedule of Condensed Consolidating Statement of Cash Flows (Detail) (USD $) | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | ||||||
In Thousands, unless otherwise specified | Mar. 31, 2012 | Jun. 30, 2013 | Jun. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ||
Cash provided by (used in) operating activities | ($12,959) | $619 | ($14,209) | $6,340 | ($25,450) | $12,168 | $8,066 | $14,835 | ||
INVESTING ACTIVITIES: | ' | ' | ' | ' | ' | ' | ' | ' | ||
Capital expenditures | -17,128 | -19,665 | -34,901 | -26,357 | -47,879 | -32,374 | -61,538 | -38,845 | ||
Investments in subsidiaries, net | ' | ' | ' | ' | ' | ' | ' | -35,812 | ||
Acquisitions, net of cash acquired | -185,633 | ' | -185,633 | ' | -182,811 | -16,214 | -182,811 | -35,812 | ||
Divestitures | ' | 10,475 | ' | 10,475 | ' | 10,475 | ' | ' | ||
Proceeds from disposal of property, plant, and equipment | ' | ' | ' | ' | ' | 561 | 10 | 20 | ||
Short-term investments and marketable securities, net | ' | ' | ' | ' | ' | -174 | 176,771 | -160,409 | ||
Cash provided by (used in) investing activities | -25,990 | -137,481 | -43,763 | -61,249 | -57,918 | -37,726 | -67,568 | -235,046 | ||
FINANCING ACTIVITIES: | ' | ' | ' | ' | ' | ' | ' | ' | ||
Proceeds from exercise of employee stock options | 120 | 1,489 | 211 | 1,960 | 335 | 2,637 | 729 | 367 | ||
Excess tax benefits from stock-based compensation activity | 61 | 376 | 66 | 405 | 100 | 552 | 196 | 302 | ||
Borrowings on long-term debt | -97 | 402,500 | ' | 402,500 | ' | 402,500 | ' | ' | ||
Repayments on long-term debt | ' | -120,362 | -298 | -120,590 | -543 | -120,820 | -758 | -25 | ||
Purchase of common stock held in treasury | -742 | -399 | -742 | -399 | -742 | -399 | -742 | -294 | ||
Financing fees | ' | -12,370 | ' | -12,370 | -823 | -12,370 | -823 | ' | ||
Cash provided by (used in) financing activities | -658 | 271,234 | -763 | 271,506 | -1,673 | 272,100 | -1,398 | 350 | ||
Effect of exchange rate changes on cash and cash equivalents | 637 | -129 | 1,418 | 1,234 | 1,588 | -95 | 1,248 | -248 | ||
Decrease in cash and cash equivalents | -38,970 | 134,243 | -57,317 | 217,831 | -83,453 | 246,447 | -59,652 | -220,109 | ||
Cash and cash equivalents at beginning of period | 156,842 | 97,190 | 156,842 | 97,190 | 156,842 | 97,190 | 156,842 | 376,951 | ||
Cash and cash equivalents at end of period | 117,872 | 231,433 | 99,525 | 315,021 | 73,389 | 343,637 | 97,190 | 156,842 | ||
RTI International Metals, Inc. | ' | ' | ' | ' | ' | ' | ' | ' | ||
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ||
Cash provided by (used in) operating activities | ' | ' | ' | ' | ' | 5,143 | 21,972 | 28,498 | ||
INVESTING ACTIVITIES: | ' | ' | ' | ' | ' | ' | ' | ' | ||
Capital expenditures | ' | ' | ' | ' | ' | -1,192 | -970 | ' | ||
Investments in subsidiaries, net | ' | ' | ' | ' | ' | -36,099 | 178,633 | -35,812 | ||
Acquisitions, net of cash acquired | ' | ' | ' | ' | ' | ' | -182,811 | 33,831 | ||
Intercompany debt activity, net | ' | ' | ' | ' | ' | -241,821 | -16,184 | [1] | -26,892 | [2] |
Cash provided by (used in) investing activities | ' | ' | ' | ' | ' | -279,112 | -21,332 | -28,873 | ||
FINANCING ACTIVITIES: | ' | ' | ' | ' | ' | ' | ' | ' | ||
Proceeds from exercise of employee stock options | ' | ' | ' | ' | ' | 2,637 | 729 | 367 | ||
Excess tax benefits from stock-based compensation activity | ' | ' | ' | ' | ' | 552 | 196 | 302 | ||
Parent company investments, net of distributions | ' | ' | ' | ' | ' | 966 | ' | ' | ||
Borrowings on long-term debt | ' | ' | ' | ' | ' | 402,500 | ' | ' | ||
Repayments on long-term debt | ' | ' | ' | ' | ' | -119,917 | ' | ' | ||
Purchase of common stock held in treasury | ' | ' | ' | ' | ' | -399 | -742 | -294 | ||
Financing fees | ' | ' | ' | ' | ' | -12,370 | -823 | ' | ||
Cash provided by (used in) financing activities | ' | ' | ' | ' | ' | 273,969 | -640 | 375 | ||
Guarantor Subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | ||
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ||
Cash provided by (used in) operating activities | ' | ' | ' | ' | ' | 8,944 | 2,957 | 21,099 | ||
INVESTING ACTIVITIES: | ' | ' | ' | ' | ' | ' | ' | ' | ||
Capital expenditures | ' | ' | ' | ' | ' | -21,947 | -54,715 | -35,793 | ||
Acquisitions, net of cash acquired | ' | ' | ' | ' | ' | ' | ' | 1,735 | ||
Proceeds from disposal of property, plant, and equipment | ' | ' | ' | ' | ' | 42 | ' | ' | ||
Short-term investments and marketable securities, net | ' | ' | ' | ' | ' | -174 | 176,771 | -160,409 | ||
Cash provided by (used in) investing activities | ' | ' | ' | ' | ' | -22,079 | 122,056 | -194,467 | ||
FINANCING ACTIVITIES: | ' | ' | ' | ' | ' | ' | ' | ' | ||
Parent company investments, net of distributions | ' | ' | ' | ' | ' | 33 | -194,783 | -38,200 | ||
Repayments on long-term debt | ' | ' | ' | ' | ' | -903 | -758 | -20 | ||
Intercompany debt activity, net | ' | ' | ' | ' | ' | 238,924 | 13,540 | [1] | 5,230 | [2] |
Cash provided by (used in) financing activities | ' | ' | ' | ' | ' | 238,054 | -182,001 | -32,990 | ||
Decrease in cash and cash equivalents | ' | ' | ' | ' | ' | 224,919 | -56,988 | -206,358 | ||
Cash and cash equivalents at beginning of period | 144,271 | 87,283 | 144,271 | 87,283 | 144,271 | 87,283 | 144,271 | 350,629 | ||
Cash and cash equivalents at end of period | 109,419 | 225,802 | 92,864 | 263,561 | 69,907 | 312,202 | 87,283 | 144,271 | ||
Non-Guarantor Subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | ||
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ||
Cash provided by (used in) operating activities | ' | ' | ' | ' | ' | -1,919 | -16,863 | -34,762 | ||
INVESTING ACTIVITIES: | ' | ' | ' | ' | ' | ' | ' | ' | ||
Capital expenditures | ' | ' | ' | ' | ' | -9,235 | -5,853 | -3,052 | ||
Acquisitions, net of cash acquired | ' | ' | ' | ' | ' | -16,214 | ' | -36,248 | ||
Divestitures | ' | ' | ' | ' | ' | 10,475 | ' | ' | ||
Proceeds from disposal of property, plant, and equipment | ' | ' | ' | ' | ' | 519 | 10 | 20 | ||
Cash provided by (used in) investing activities | ' | ' | ' | ' | ' | -14,455 | -5,843 | -39,280 | ||
FINANCING ACTIVITIES: | ' | ' | ' | ' | ' | ' | ' | ' | ||
Parent company investments, net of distributions | ' | ' | ' | ' | ' | 35,105 | 16,150 | 38,882 | ||
Repayments on long-term debt | ' | ' | ' | ' | ' | ' | ' | -5 | ||
Intercompany debt activity, net | ' | ' | ' | ' | ' | 2,892 | 2,644 | [1] | 21,662 | [2] |
Cash provided by (used in) financing activities | ' | ' | ' | ' | ' | 37,997 | 18,794 | 60,539 | ||
Effect of exchange rate changes on cash and cash equivalents | ' | ' | ' | ' | ' | -95 | 1,248 | -248 | ||
Decrease in cash and cash equivalents | ' | ' | ' | ' | ' | 21,528 | -2,664 | -13,751 | ||
Cash and cash equivalents at beginning of period | 12,571 | 9,907 | 12,571 | 9,907 | 12,571 | 9,907 | 12,571 | 26,322 | ||
Cash and cash equivalents at end of period | 8,453 | 5,631 | 6,661 | 51,460 | 3,482 | 31,435 | 9,907 | 12,571 | ||
Eliminations | ' | ' | ' | ' | ' | ' | ' | ' | ||
INVESTING ACTIVITIES: | ' | ' | ' | ' | ' | ' | ' | ' | ||
Investments in subsidiaries, net | ' | ' | ' | ' | ' | 36,099 | -178,633 | ' | ||
Acquisitions, net of cash acquired | ' | ' | ' | ' | ' | ' | ' | 682 | ||
Intercompany debt activity, net | ' | ' | ' | ' | ' | 241,821 | 16,184 | [1] | 26,892 | [2] |
Cash provided by (used in) investing activities | ' | ' | ' | ' | ' | 277,920 | -162,449 | 27,574 | ||
FINANCING ACTIVITIES: | ' | ' | ' | ' | ' | ' | ' | ' | ||
Parent company investments, net of distributions | ' | ' | ' | ' | ' | -36,104 | 178,633 | -682 | ||
Intercompany debt activity, net | ' | ' | ' | ' | ' | -241,816 | -16,184 | [1] | -26,892 | [2] |
Cash provided by (used in) financing activities | ' | ' | ' | ' | ' | ($277,920) | $162,449 | ($27,574) | ||
[1] | The Condensed Consolidating Statements of Cash Flows have been adjusted to reclassify intercompany debt activities between investing and financing, rather than entirely as financing activities as previously reported. These adjustments increased (decreased) cash flows from investing activities for the RTI International Metals, Inc. Parent Company and Eliminations by $(16,184) and $16,184 and increased (decreased) cash flows from financing activities for the RTI International Metals, Inc. Parent Company and Eliminations by $16,184 and $(16, 184), respectively. | |||||||||
[2] | The Condensed Consolidating Statements of Cash Flows have been adjusted to reclassify intercompany debt activities between investing and financing, rather than entirely as financing activities as previously reported. These adjustments increased (decreased) cash flows from investing activities for the RTI International Metals, Inc. Parent Company and Eliminations by $(26,892) and $26,892 and increased (decreased) cash flows from financing activities for the RTI International Metals, Inc. Parent Company and Eliminations by $26,892 and $(26,892), respectively. |
Schedule_of_Condensed_Consolid3
Schedule of Condensed Consolidating Statement of Cash Flows (Parenthetical) (Detail) (USD $) | 12 Months Ended | ||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||
RTI International Metals, Inc. | ' | ' | ' | ||
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ||
Intercompany debt activity, net | ($241,821) | ($16,184) | [1] | ($26,892) | [2] |
RTI International Metals, Inc. | Restatement Adjustment | ' | ' | ' | ||
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ||
Intercompany debt activity, net | ' | -16,184 | -26,892 | ||
Intercompany debt activity, net | ' | 16,184 | 26,892 | ||
Eliminations | ' | ' | ' | ||
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ||
Intercompany debt activity, net | 241,821 | 16,184 | [1] | 26,892 | [2] |
Intercompany debt activity, net | -241,816 | -16,184 | [1] | -26,892 | [2] |
Eliminations | Restatement Adjustment | ' | ' | ' | ||
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ||
Intercompany debt activity, net | ' | 16,184 | 26,892 | ||
Intercompany debt activity, net | ' | ($16,184) | ($26,892) | ||
[1] | The Condensed Consolidating Statements of Cash Flows have been adjusted to reclassify intercompany debt activities between investing and financing, rather than entirely as financing activities as previously reported. These adjustments increased (decreased) cash flows from investing activities for the RTI International Metals, Inc. Parent Company and Eliminations by $(16,184) and $16,184 and increased (decreased) cash flows from financing activities for the RTI International Metals, Inc. Parent Company and Eliminations by $16,184 and $(16, 184), respectively. | ||||
[2] | The Condensed Consolidating Statements of Cash Flows have been adjusted to reclassify intercompany debt activities between investing and financing, rather than entirely as financing activities as previously reported. These adjustments increased (decreased) cash flows from investing activities for the RTI International Metals, Inc. Parent Company and Eliminations by $(26,892) and $26,892 and increased (decreased) cash flows from financing activities for the RTI International Metals, Inc. Parent Company and Eliminations by $26,892 and $(26,892), respectively. |
Recovered_Sheet3
Selected Quarterly Financial Information (Detail) (USD $) | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Jun. 30, 2013 | Jun. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Quarterly Financial Data [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | $200,012 | $194,936 | $199,123 | $189,202 | $185,630 | $180,666 | $182,419 | $151,272 | $388,325 | $333,691 | $583,261 | $514,357 | $783,273 | $699,987 | $488,352 |
Gross profit | 45,685 | 45,139 | 43,777 | 39,253 | 39,778 | 33,367 | 33,572 | 31,852 | ' | ' | ' | ' | ' | ' | ' |
Operating income | 6,008 | 21,879 | 20,481 | 13,647 | 17,556 | 9,322 | 10,118 | 10,421 | 34,128 | 20,539 | 56,007 | 29,861 | 62,015 | 47,417 | 23,382 |
Net income attributable to continuing operations | ($2,945) | $12,575 | $1,059 | $4,968 | $6,663 | $2,412 | $2,491 | $1,887 | $6,027 | $4,378 | $18,602 | $6,790 | $15,657 | $13,453 | ($2,308) |
Earnings per share attributable to continuing operations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Basic | ($0.10) | $0.41 | $0.03 | $0.16 | $0.22 | $0.08 | $0.08 | $0.06 | $0.20 | $0.14 | $0.61 | $0.22 | $0.51 | $0.44 | ($0.08) |
Diluted | ($0.10) | $0.38 | $0.03 | $0.16 | $0.22 | $0.08 | $0.08 | $0.06 | $0.20 | $0.14 | $0.61 | $0.22 | $0.51 | $0.44 | ($0.08) |
Earnings per share attributable to discontinued operations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Basic | ($0.03) | ($0.01) | ($0.01) | ' | ' | $0.01 | $0.02 | $0.02 | ($0.02) | $0.04 | ($0.02) | $0.05 | ($0.05) | $0.05 | $0.08 |
Diluted | ($0.03) | ($0.01) | ($0.01) | ' | ' | $0.01 | $0.02 | $0.02 | ($0.02) | $0.04 | ($0.02) | $0.05 | ($0.05) | $0.05 | $0.08 |
Effects_of_Restatement_on_Cond
Effects of Restatement on Condensed Consolidated Statement of Operations Quarterly Financial Information (Detail) (USD $) | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||||||||||||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Jun. 30, 2013 | Jun. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||||||||||||
Net sales | $200,012 | $194,936 | $199,123 | $189,202 | $185,630 | $180,666 | $182,419 | $151,272 | $388,325 | $333,691 | $583,261 | $514,357 | $783,273 | $699,987 | $488,352 | |||||||||||||
Cost and expenses: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||
Cost of sales | ' | 149,797 | 155,346 | 149,949 | ' | 147,299 | 148,847 | 119,420 | 305,295 | 268,267 | 455,092 | 415,566 | 609,419 | 561,418 | 397,429 | |||||||||||||
Selling, general, and administrative expenses | ' | 22,219 | 22,314 | 24,605 | ' | 21,416 | 22,350 | 20,366 | 46,919 | 42,716 | 69,138 | 64,132 | 92,921 | [1] | 86,621 | 65,650 | ||||||||||||
Research, technical, and product development expenses | ' | 1,041 | 982 | 1,001 | ' | 1,012 | 1,104 | 1,065 | 1,983 | 2,169 | 3,024 | 3,181 | 3,931 | 4,164 | 3,392 | |||||||||||||
Asset and asset-related charges | ' | ' | ' | ' | ' | 1,617 | ' | ' | ' | ' | ' | 1,617 | -372 | 367 | -1,501 | |||||||||||||
Operating income | 6,008 | 21,879 | 20,481 | 13,647 | 17,556 | 9,322 | 10,118 | 10,421 | 34,128 | 20,539 | 56,007 | 29,861 | 62,015 | 47,417 | 23,382 | |||||||||||||
Other income, net | ' | -294 | 700 | 559 | ' | 16 | 570 | -268 | 1,259 | 302 | 965 | 318 | 938 | -501 | 56 | |||||||||||||
Interest income | ' | 78 | 50 | 31 | ' | 18 | 33 | 82 | 81 | 115 | 159 | 133 | 223 | 148 | 1,151 | |||||||||||||
Interest expense | ' | -7,387 | -20,693 | -4,796 | ' | -4,708 | -4,209 | -4,278 | -25,489 | -8,487 | -32,876 | -13,195 | -40,380 | -17,926 | -16,796 | |||||||||||||
Income before income taxes | ' | 14,276 | 538 | 9,441 | ' | 4,648 | 6,512 | 5,957 | 9,979 | 12,469 | 24,255 | 17,117 | 22,796 | 29,138 | 7,793 | |||||||||||||
Provision for income taxes | ' | 1,701 | -521 | 4,473 | ' | 2,236 | 4,021 | 4,070 | 3,952 | 8,091 | 5,653 | 10,327 | 7,139 | 15,685 | 10,101 | |||||||||||||
Net income attributable to continuing operations | -2,945 | 12,575 | 1,059 | 4,968 | 6,663 | 2,412 | 2,491 | 1,887 | 6,027 | 4,378 | 18,602 | 6,790 | 15,657 | 13,453 | -2,308 | |||||||||||||
Net income (loss) attributable to discontinued operations, net of tax | ' | -280 | -389 | -83 | ' | 363 | 534 | 681 | -472 | 1,215 | -752 | 1,578 | -1,584 | 1,487 | 2,258 | |||||||||||||
Net income | ' | 12,295 | 670 | 4,885 | ' | 2,775 | 3,025 | 2,568 | 5,555 | 5,593 | 17,850 | 8,368 | 14,073 | 14,940 | [2] | -50 | [2] | |||||||||||
Earnings per share attributable to continuing operations: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||
Basic | ($0.10) | $0.41 | $0.03 | $0.16 | $0.22 | $0.08 | $0.08 | $0.06 | $0.20 | $0.14 | $0.61 | $0.22 | $0.51 | $0.44 | ($0.08) | |||||||||||||
Diluted | ($0.10) | $0.38 | $0.03 | $0.16 | $0.22 | $0.08 | $0.08 | $0.06 | $0.20 | $0.14 | $0.61 | $0.22 | $0.51 | $0.44 | ($0.08) | |||||||||||||
Earnings (loss) per share attributable to discontinued operations: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||
Basic | ($0.03) | ($0.01) | ($0.01) | ' | ' | $0.01 | $0.02 | $0.02 | ($0.02) | $0.04 | ($0.02) | $0.05 | ($0.05) | $0.05 | $0.08 | |||||||||||||
Diluted | ($0.03) | ($0.01) | ($0.01) | ' | ' | $0.01 | $0.02 | $0.02 | ($0.02) | $0.04 | ($0.02) | $0.05 | ($0.05) | $0.05 | $0.08 | |||||||||||||
Previously Reported | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||
Net sales | ' | 196,532 | [3],[4] | 200,950 | [5],[6] | 191,900 | [7],[8] | ' | 182,545 | [9] | 184,462 | [9] | 154,070 | [9] | 392,850 | [5],[6] | 338,532 | [9] | 588,514 | [3],[4] | 521,077 | [9] | ' | 708,090 | [10] | 501,288 | [10] | |
Cost and expenses: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||
Cost of sales | ' | 151,435 | [3],[4] | 156,782 | [5],[6] | 151,986 | [7],[8] | ' | 148,895 | [9] | 150,443 | [9] | 121,563 | [9] | 308,768 | [5],[6] | 272,006 | [9] | 460,192 | [3],[4] | 420,901 | [9] | ' | 568,462 | [10] | 407,660 | [10] | |
Selling, general, and administrative expenses | ' | 22,491 | [3],[4] | 22,641 | [5],[6] | 24,908 | [7],[8] | ' | 21,725 | [9] | 22,678 | [9] | 20,833 | [9] | 47,549 | [5],[6] | 43,511 | [9] | 70,040 | [3],[4] | 65,236 | [9] | ' | ' | ' | |||
Research, technical, and product development expenses | ' | 1,041 | [3],[4] | 982 | [5],[6] | 1,001 | [7],[8] | ' | 1,012 | [9] | 1,104 | [9] | 1,065 | [9] | 1,983 | [5],[6] | 2,169 | [9] | 3,024 | [3],[4] | 3,181 | [9] | ' | ' | ' | |||
Asset and asset-related charges | ' | ' | ' | ' | ' | 1,617 | [9] | ' | ' | ' | ' | ' | 1,617 | [9] | ' | ' | ' | |||||||||||
Operating income | ' | 21,565 | [3],[4] | 20,545 | [5],[6] | 14,005 | [7],[8] | ' | 9,296 | [9] | 10,237 | [9] | 10,609 | [9] | 34,550 | [5],[6] | 20,846 | [9] | 55,258 | [3],[4] | 30,142 | [9] | ' | 47,111 | [10] | 24,052 | [10] | |
Other income, net | ' | -294 | [3],[4] | 700 | [5],[6] | 559 | [7],[8] | ' | 16 | [9] | 570 | [9] | -268 | [9] | 1,259 | [5],[6] | 302 | [9] | 965 | [3],[4] | 318 | [9] | ' | ' | ' | |||
Interest income | ' | 78 | [3] | 50 | [5] | 31 | [8] | ' | 18 | [9] | 33 | [9] | 82 | [9] | 81 | [5] | 115 | [9] | 159 | [3] | 133 | [9] | ' | ' | ' | |||
Interest expense | ' | -7,387 | [3] | -20,693 | [5] | -4,796 | [8] | ' | -4,708 | [9] | -4,209 | [9] | -4,278 | [9] | -25,489 | [5] | -8,487 | [9] | -32,876 | [3] | -13,195 | [9] | ' | ' | ' | |||
Income before income taxes | ' | 13,962 | [3],[4] | 602 | [5],[6] | 9,799 | [7],[8] | ' | 4,622 | [9] | 6,631 | [9] | 6,145 | [9] | 10,401 | [5],[6] | 12,776 | [9] | 23,506 | [3],[4] | 17,398 | [9] | ' | 28,832 | [10] | 8,463 | [10] | |
Provision for income taxes | ' | 1,670 | [3],[4] | -878 | [5],[6] | 2,982 | [7],[8] | ' | 1,423 | [9] | 2,538 | [9] | 2,087 | [9] | 2,104 | [5],[6] | 4,625 | [9] | 3,507 | [3],[4] | 6,048 | [9] | ' | 10,392 | [10] | 4,269 | [10] | |
Net income attributable to continuing operations | ' | 12,292 | [3],[4] | 1,480 | [5],[6] | 6,817 | [7],[8] | ' | 3,199 | [9] | 4,093 | [9] | 4,058 | [9] | 8,297 | [5],[6] | 8,151 | [9] | 19,999 | [3],[4] | 11,350 | [9] | ' | 18,440 | [10] | 4,194 | [10] | |
Net income (loss) attributable to discontinued operations, net of tax | ' | ' | -307 | [5],[6] | 151 | [7],[8] | ' | 389 | [9] | 453 | [9] | 571 | [9] | -156 | [5],[6] | 1,024 | [9] | -156 | [3],[4] | 1,413 | [9] | ' | 1,700 | [10] | 1,838 | [10] | ||
Net income | ' | 12,292 | [3],[4] | 1,173 | [5],[6] | 6,968 | [11],[7],[8] | ' | 3,588 | [9] | 4,546 | [9] | 4,629 | [12],[9] | 8,141 | [13],[5],[6] | 9,175 | [14],[9] | 19,843 | [15],[3],[4] | 12,763 | [16],[9] | ' | 20,140 | [10],[17],[2] | 6,032 | [10],[17],[2] | |
Earnings per share attributable to continuing operations: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||
Basic | ' | $0.40 | [3] | $0.05 | [5] | $0.22 | [8] | ' | $0.11 | [9] | $0.14 | [9] | $0.13 | [9] | $0.27 | [5] | $0.27 | [9] | $0.66 | [3] | $0.37 | [9] | ' | $0.61 | [10] | $0.14 | [10] | |
Diluted | ' | $0.37 | [3] | $0.05 | [5] | $0.22 | [8] | ' | $0.11 | [9] | $0.13 | [9] | $0.13 | [9] | $0.27 | [5] | $0.27 | [9] | $0.65 | [3] | $0.37 | [9] | ' | $0.61 | [10] | $0.14 | [10] | |
Earnings (loss) per share attributable to discontinued operations: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||
Basic | ' | ' | ($0.01) | [5] | ' | ' | $0.01 | [9] | $0.01 | [9] | $0.02 | [9] | ($0.01) | [5] | $0.03 | [9] | ($0.01) | [3] | $0.05 | [9] | ' | $0.06 | [10] | $0.06 | [10] | |||
Diluted | ' | ' | ($0.01) | [5] | ' | ' | $0.01 | [9] | $0.01 | [9] | $0.02 | [9] | ($0.01) | [5] | $0.03 | [9] | ($0.01) | [3] | $0.05 | [9] | ' | $0.06 | [10] | $0.06 | [10] | |||
Revision Adjustment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||
Net sales | ' | ' | -206 | [18] | -662 | [18] | ' | ' | ' | ' | -868 | [18] | ' | ' | ' | ' | ' | ' | ||||||||||
Cost and expenses: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||
Cost of sales | ' | ' | 15 | [18] | -26 | [18] | ' | ' | ' | ' | -11 | [18] | ' | ' | ' | ' | ' | ' | ||||||||||
Operating income | ' | ' | -221 | [18] | -636 | [18] | ' | ' | ' | ' | -857 | [18] | ' | ' | ' | ' | ' | ' | ||||||||||
Income before income taxes | ' | ' | -221 | [18] | -636 | [18] | ' | ' | ' | ' | -857 | [18] | ' | ' | ' | ' | ' | ' | ||||||||||
Provision for income taxes | ' | ' | -89 | [18] | -178 | [18] | ' | ' | ' | ' | -267 | [18] | ' | ' | ' | ' | ' | ' | ||||||||||
Net income attributable to continuing operations | ' | ' | -132 | [18] | -458 | [18] | ' | ' | ' | ' | -590 | [18] | ' | ' | ' | ' | ' | ' | ||||||||||
Net income | ' | ' | -132 | [18] | -458 | [18],[19] | ' | ' | ' | ' | -590 | [18],[19] | ' | ' | ' | ' | ' | ' | ||||||||||
Earnings per share attributable to continuing operations: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||
Basic | ' | ' | ' | ($0.02) | [18] | ' | ' | ' | ' | ($0.02) | [18] | ' | ' | ' | ' | ' | ' | |||||||||||
Diluted | ' | ' | ' | ($0.02) | [18] | ' | ' | ' | ' | ($0.02) | [18] | ' | ' | ' | ' | ' | ' | |||||||||||
As Revised | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||
Net sales | ' | ' | 200,744 | 191,238 | ' | ' | ' | ' | 391,982 | ' | ' | ' | ' | ' | ' | |||||||||||||
Cost and expenses: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||
Cost of sales | ' | ' | 156,797 | 151,960 | ' | ' | ' | ' | 308,757 | ' | ' | ' | ' | ' | ' | |||||||||||||
Selling, general, and administrative expenses | ' | ' | 22,641 | 24,908 | ' | ' | ' | ' | 47,549 | ' | ' | ' | ' | ' | ' | |||||||||||||
Research, technical, and product development expenses | ' | ' | 982 | 1,001 | ' | ' | ' | ' | 1,983 | ' | ' | ' | ' | ' | ' | |||||||||||||
Operating income | ' | ' | 20,324 | 13,369 | ' | ' | ' | ' | 33,693 | ' | ' | ' | ' | ' | ' | |||||||||||||
Other income, net | ' | ' | 700 | 559 | ' | ' | ' | ' | 1,259 | ' | ' | ' | ' | ' | ' | |||||||||||||
Interest income | ' | ' | 50 | 31 | ' | ' | ' | ' | 81 | ' | ' | ' | ' | ' | ' | |||||||||||||
Interest expense | ' | ' | -20,693 | -4,796 | ' | ' | ' | ' | -25,489 | ' | ' | ' | ' | ' | ' | |||||||||||||
Income before income taxes | ' | ' | 381 | 9,163 | ' | ' | ' | ' | 9,544 | ' | ' | ' | ' | ' | ' | |||||||||||||
Provision for income taxes | ' | ' | -967 | 2,804 | ' | ' | ' | ' | 1,837 | ' | ' | ' | ' | ' | ' | |||||||||||||
Net income attributable to continuing operations | ' | ' | 1,348 | 6,359 | ' | ' | ' | ' | 7,707 | ' | ' | ' | ' | ' | ' | |||||||||||||
Net income (loss) attributable to discontinued operations, net of tax | ' | ' | -307 | 151 | ' | ' | ' | ' | -156 | ' | ' | ' | ' | ' | ' | |||||||||||||
Net income | ' | ' | 1,041 | 6,510 | ' | ' | ' | ' | 7,551 | ' | ' | ' | ' | ' | ' | |||||||||||||
Earnings per share attributable to continuing operations: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||
Basic | ' | ' | $0.04 | $0.21 | ' | ' | ' | ' | $0.25 | ' | ' | ' | ' | ' | ' | |||||||||||||
Diluted | ' | ' | $0.04 | $0.21 | ' | ' | ' | ' | $0.25 | ' | ' | ' | ' | ' | ' | |||||||||||||
Earnings (loss) per share attributable to discontinued operations: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||
Basic | ' | ' | ($0.01) | ' | ' | ' | ' | ' | ($0.01) | ' | ' | ' | ' | ' | ' | |||||||||||||
Diluted | ' | ' | ($0.01) | ' | ' | ' | ' | ' | ($0.01) | ' | ' | ' | ' | ' | ' | |||||||||||||
Restatement Adjustment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||
Cost and expenses: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||
Provision for income taxes | ' | -3 | 371 | 1,625 | ' | 813 | 1,521 | 2,061 | 1,996 | 3,582 | 1,993 | 4,395 | ' | 5,200 | 6,082 | |||||||||||||
Net income attributable to continuing operations | ' | 3 | -371 | -1,625 | ' | -813 | -1,521 | -2,061 | -1,996 | -3,582 | -1,993 | -4,395 | ' | -5,200 | -6,082 | |||||||||||||
Net income | ' | 3 | -371 | -1,625 | ' | -813 | -1,521 | -2,061 | -1,996 | -3,582 | -1,993 | -4,395 | ' | -5,200 | [2] | -6,082 | [2] | |||||||||||
Earnings per share attributable to continuing operations: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||
Basic | ' | ' | ($0.01) | ($0.05) | ' | ($0.03) | ($0.05) | ($0.07) | ($0.07) | ($0.12) | ($0.07) | ($0.15) | ' | ($0.17) | ($0.20) | |||||||||||||
Diluted | ' | ' | ($0.01) | ($0.05) | ' | ($0.03) | ($0.05) | ($0.07) | ($0.07) | ($0.12) | ($0.07) | ($0.15) | ' | ($0.17) | ($0.20) | |||||||||||||
As Corrected | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||
Net sales | ' | 196,532 | 200,744 | 191,238 | ' | 182,545 | 184,462 | 154,070 | 391,982 | 338,532 | 588,514 | 521,077 | ' | 708,090 | 501,288 | |||||||||||||
Cost and expenses: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||
Cost of sales | ' | 151,435 | 156,797 | 151,960 | ' | 148,895 | 150,443 | 121,563 | 308,757 | 272,006 | 460,192 | 420,901 | ' | 568,462 | 407,660 | |||||||||||||
Selling, general, and administrative expenses | ' | 22,491 | 22,641 | 24,908 | ' | 21,725 | 22,678 | 20,833 | 47,549 | 43,511 | 70,040 | 65,236 | ' | ' | ' | |||||||||||||
Research, technical, and product development expenses | ' | 1,041 | 982 | 1,001 | ' | 1,012 | 1,104 | 1,065 | 1,983 | 2,169 | 3,024 | 3,181 | ' | ' | ' | |||||||||||||
Asset and asset-related charges | ' | ' | ' | ' | ' | 1,617 | ' | ' | ' | ' | ' | 1,617 | ' | ' | ' | |||||||||||||
Operating income | ' | 21,565 | 20,324 | 13,369 | ' | 9,296 | 10,237 | 10,609 | 33,693 | 20,846 | 55,258 | 30,142 | ' | 47,111 | 24,052 | |||||||||||||
Other income, net | ' | -294 | 700 | 559 | ' | 16 | 570 | -268 | 1,259 | 302 | 965 | 318 | ' | ' | ' | |||||||||||||
Interest income | ' | 78 | 50 | 31 | ' | 18 | 33 | 82 | 81 | 115 | 159 | 133 | ' | ' | ' | |||||||||||||
Interest expense | ' | -7,387 | -20,693 | -4,796 | ' | -4,708 | -4,209 | -4,278 | -25,489 | -8,487 | -32,876 | -13,195 | ' | ' | ' | |||||||||||||
Income before income taxes | ' | 13,962 | 381 | 9,163 | ' | 4,622 | 6,631 | 6,145 | 9,544 | 12,776 | 23,506 | 17,398 | ' | 28,832 | 8,463 | |||||||||||||
Provision for income taxes | ' | 1,667 | -596 | 4,429 | ' | 2,236 | 4,059 | 4,148 | 3,833 | 8,207 | 5,500 | 10,443 | ' | 15,592 | 10,351 | |||||||||||||
Net income attributable to continuing operations | ' | 12,295 | 977 | 4,734 | ' | 2,386 | 2,572 | 1,997 | 5,711 | 4,569 | 18,006 | 6,955 | ' | 13,240 | -1,888 | |||||||||||||
Net income (loss) attributable to discontinued operations, net of tax | ' | ' | -307 | 151 | ' | 389 | 453 | 571 | -156 | 1,024 | -156 | 1,413 | ' | 1,700 | 1,838 | |||||||||||||
Net income | ' | 12,295 | 670 | 4,885 | ' | 2,775 | 3,025 | 2,568 | 5,555 | 5,593 | 17,850 | 8,368 | ' | 14,940 | -50 | |||||||||||||
Earnings per share attributable to continuing operations: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||
Basic | ' | $0.40 | $0.03 | $0.16 | ' | $0.08 | $0.08 | $0.07 | $0.19 | $0.15 | $0.59 | $0.23 | ' | $0.44 | ($0.06) | |||||||||||||
Diluted | ' | $0.37 | $0.03 | $0.15 | ' | $0.08 | $0.08 | $0.07 | $0.19 | $0.15 | $0.59 | $0.23 | ' | $0.44 | ($0.06) | |||||||||||||
Earnings (loss) per share attributable to discontinued operations: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||
Basic | ' | ' | ($0.01) | ' | ' | $0.01 | $0.01 | $0.02 | ($0.01) | $0.03 | ($0.01) | $0.05 | ' | $0.06 | $0.06 | |||||||||||||
Diluted | ' | ' | ($0.01) | ' | ' | $0.01 | $0.01 | $0.02 | ($0.01) | $0.03 | ($0.01) | $0.05 | ' | $0.06 | $0.06 | |||||||||||||
Discontinued | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||
Net sales | ' | -1,596 | -1,621 | -2,036 | ' | -1,879 | -2,043 | -2,798 | -3,657 | -4,841 | -5,253 | -6,720 | ' | -8,103 | -12,936 | |||||||||||||
Cost and expenses: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||
Cost of sales | ' | -1,638 | -1,451 | -2,011 | ' | -1,596 | -1,596 | -2,143 | -3,462 | -3,739 | -5,100 | -5,335 | ' | -7,044 | -10,231 | |||||||||||||
Selling, general, and administrative expenses | ' | -272 | -327 | -303 | ' | -309 | -328 | -467 | -630 | -795 | -902 | -1,104 | ' | ' | ' | |||||||||||||
Operating income | ' | 314 | 157 | 278 | ' | 26 | -119 | -188 | 435 | -307 | 749 | -281 | ' | 306 | -670 | |||||||||||||
Income before income taxes | ' | 314 | 157 | 278 | ' | 26 | -119 | -188 | 435 | -307 | 749 | -281 | ' | 306 | -670 | |||||||||||||
Provision for income taxes | ' | 34 | 75 | 44 | ' | ' | -38 | -78 | 119 | -116 | 153 | -116 | ' | 93 | -250 | |||||||||||||
Net income attributable to continuing operations | ' | 280 | 82 | 234 | ' | 26 | -81 | -110 | 316 | -191 | 596 | -165 | ' | 213 | -420 | |||||||||||||
Net income (loss) attributable to discontinued operations, net of tax | ' | ($280) | ($82) | ($234) | ' | ($26) | $81 | $110 | ($316) | $191 | ($596) | $165 | ' | ($213) | $420 | |||||||||||||
Earnings per share attributable to continuing operations: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||
Basic | ' | $0.01 | ' | $0.01 | ' | ' | ' | ' | $0.01 | ($0.01) | $0.02 | ($0.01) | ' | $0.01 | ($0.01) | |||||||||||||
Diluted | ' | $0.01 | ' | $0.01 | ' | ' | ' | ' | $0.01 | ($0.01) | $0.02 | ($0.01) | ' | $0.01 | ($0.01) | |||||||||||||
Earnings (loss) per share attributable to discontinued operations: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||
Basic | ' | ($0.01) | ' | ($0.01) | ' | ' | ' | ' | ($0.01) | $0.01 | ($0.02) | $0.01 | ' | ($0.01) | $0.01 | |||||||||||||
Diluted | ' | ($0.01) | ' | ($0.01) | ' | ' | ' | ' | ($0.01) | $0.01 | ($0.02) | $0.01 | ' | ($0.01) | $0.01 | |||||||||||||
[1] | The Parent allocates selling, general, and administrative expenses ("SG&A") to the subsidiaries based upon its budgeted annual expenses. | |||||||||||||||||||||||||||
[2] | The Company does not present cash flows from discontinued operations, consistent with the FASB's authoritative guidance. Restatement adjustments did not have an impact on cash flows from investing and financing activities. | |||||||||||||||||||||||||||
[3] | Previously reported balances represent the amounts reported in the Condensed Consolidated Statement of Operations in the Company's Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2013 as filed with the SEC on November 12, 2013. | |||||||||||||||||||||||||||
[4] | Previously reported balances represent the amounts reported in the Condensed Consolidating Statement of Operations in the Company's Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2013 as filed with the SEC on November 12, 2013. | |||||||||||||||||||||||||||
[5] | Previously reported balances represent the amounts reported in the Condensed Consolidated Statement of Operations in the Company's Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2013 as filed with the SEC on September 24, 2013. | |||||||||||||||||||||||||||
[6] | Previously reported balances represent the amounts reported in the Condensed Consolidating Statement of Operations in the Company's Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2013 as filed with the SEC on September 24, 2013. | |||||||||||||||||||||||||||
[7] | Previously reported balances represent the amounts reported in the Condensed Consolidating Statement of Operations in the Company's Amended Quarterly Report on Form 10-Q/A for the quarterly period ended March 31, 2013 as filed with the SEC on September 24, 2013. | |||||||||||||||||||||||||||
[8] | Previously reported balances represent the amounts reported in the Condensed Consolidated Statement of Operations in the Company's Amended Quarterly Report on Form 10-Q/A for the quarterly period ended March 31, 2013 as filed with the SEC on September 24, 2013. | |||||||||||||||||||||||||||
[9] | Previously reported balances represent the amounts presented as "Currently Reported" in the Note 2 to the Company's Second Amended Annual Report on Form 10-K/A for the annual period ended December 31, 2012 as filed with the SEC on November 12, 2013. | |||||||||||||||||||||||||||
[10] | Previously reported balances represent the amounts reported in the Consolidated Statement of Operations in the Company's Second Amended Annual Report on Form 10-K/A for the annual period ended December 31, 2012 as filed with the SEC on November 12, 2013. | |||||||||||||||||||||||||||
[11] | Previously reported balances represent the amounts reported in the Condensed Consolidated Statement of Cash Flows in the Company's Amended Quarterly Report on Form 10-Q/A for the quarterly period ended March 31, 2013 as filed with the SEC on September 24, 2013. The previously reported changes in inventory, cost in excess of billings, and deferred revenue have been adjusted by $1,040, $(174), and $(866) to correct the prior presentation. | |||||||||||||||||||||||||||
[12] | Previously reported balances represent the amounts presented as "Currently Reported" in the Note 2 to the Company's Second Amended Annual Report on Form 10-K/A for the annual period ended December 31, 2012 as filed with the SEC on November 12, 2013. The previously reported changes in inventory, cost in excess of billings, and deferred revenue have been adjusted by $(2,288), $2,282, and $6 to correct the prior presentation. | |||||||||||||||||||||||||||
[13] | Previously reported balances represent the amounts reported in the Condensed Consolidated Statement of Cash Flows in the Company's Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2013 as filed with the SEC on September 24, 2013. The previously reported changes in inventory, cost in excess of billings, and deferred revenue have been adjusted by $(340), $1,021, and $(681) to correct the prior presentation. | |||||||||||||||||||||||||||
[14] | Previously reported balances represent the amounts presented as "Currently Reported" in the Note 2 to the Company's Second Amended Annual Report on Form 10-K/A for the annual period ended December 31, 2012 as filed with the SEC on November 12, 2013. The previously reported changes in inventory, cost in excess of billings, and deferred revenue have been adjusted by $(2,049), $2,027, and $22 to correct the prior presentation. | |||||||||||||||||||||||||||
[15] | Previously reported balances represent the amounts reported in the Condensed Consolidated Statement of Cash Flows in the Company's Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2013 as filed with the SEC on November 12, 2013. The previously reported changes in inventory, cost in excess of billings, and deferred revenue have been adjusted by $540, $323, and $(866) to correct the prior presentation. | |||||||||||||||||||||||||||
[16] | Previously reported balances represent the amounts presented as "Currently Reported" in the Note 2 to the Company's Second Amended Annual Report on Form 10-K/A for the annual period ended December 31, 2012 as filed with the SEC on November 12, 2013. The previously reported changes in inventory, cost in excess of billings, and deferred revenue have been adjusted by $(2,709), $2,540, and $169 to correct the prior presentation. | |||||||||||||||||||||||||||
[17] | Previously reported balances represent the amounts reported in the Consolidated Balance Sheet in the Company's Second Amended Annual Report on Form 10-K/A for the annual period ended December 31, 2012 as filed with the SEC on November 12, 2013. | |||||||||||||||||||||||||||
[18] | Amounts presented as Revision Adjustment represent revisions for revenue recognition errors related to certain long-term projects as disclosed in the Company's Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2013 as filed with the SEC on November 12, 2013. | |||||||||||||||||||||||||||
[19] | Amounts presented as Revision Adjustment represent revisions related to revenue recognition errors related to certain long-term projects, as well as adjustments to goodwill and deferred taxes related to the acquisition of Remmele in 2012, as disclosed in the Company's Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2013 as filed with the SEC on November 12, 2013. |
Effects_of_Restatement_on_Cond1
Effects of Restatement on Condensed Consolidated Balance Sheets Quarterly Financial Information (Detail) (USD $) | Dec. 31, 2013 | Oct. 02, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | ||||||||
In Thousands, unless otherwise specified | |||||||||||||||||||
Current assets: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Cash and cash equivalents | $343,637 | ' | $315,021 | $231,433 | $58,015 | $97,190 | $73,389 | $99,525 | $117,872 | $156,842 | $376,951 | ||||||||
Short-term investments | ' | ' | 45,187 | 128,205 | ' | ' | 3,998 | ' | ' | ' | ' | ||||||||
Receivables, less allowance for doubtful accounts | 105,271 | ' | 118,123 | 106,287 | 113,263 | 104,354 | 113,329 | 102,561 | 101,637 | ' | ' | ||||||||
Inventories, net | 430,088 | ' | 412,456 | 409,227 | 401,333 | 375,441 | 342,682 | 316,473 | 297,059 | ' | ' | ||||||||
Costs in excess of billings | 5,377 | ' | 4,667 | 2,760 | 3,844 | 3,825 | 3,495 | 2,515 | 1,607 | ' | ' | ||||||||
Deferred income taxes | 32,032 | ' | 31,406 | 31,690 | 31,110 | 31,380 | 22,059 | 20,775 | 20,475 | ' | ' | ||||||||
Assets of discontinued operations | 5,274 | ' | 7,582 | 8,076 | 23,919 | 25,168 | 27,158 | 28,165 | 29,581 | ' | ' | ||||||||
Other current assets | 16,947 | ' | 22,908 | 21,968 | 11,749 | 11,270 | 11,160 | 13,269 | 11,269 | ' | ' | ||||||||
Total current assets | 938,626 | ' | 957,350 | 939,646 | 643,233 | 648,628 | 597,270 | 583,283 | 579,500 | ' | ' | ||||||||
Property, plant, and equipment, net | 372,340 | ' | 367,738 | 368,246 | 371,176 | 375,819 | 367,658 | 365,618 | 361,337 | 289,239 | ' | ||||||||
Goodwill | 117,578 | 131,958 | 129,773 | 129,498 | 130,016 | 130,252 | 131,248 | 133,212 | 133,237 | 54,125 | ' | ||||||||
Other intangible assets, net | 53,754 | ' | 53,042 | 53,826 | 55,228 | 56,495 | 57,664 | 58,251 | 59,527 | ' | ' | ||||||||
Other noncurrent assets | 23,247 | ' | 14,910 | 13,681 | 8,067 | 8,898 | 8,353 | 8,792 | 8,476 | ' | ' | ||||||||
Total assets | 1,505,545 | ' | 1,522,813 | 1,504,897 | 1,207,720 | 1,220,092 | 1,162,193 | 1,149,156 | 1,142,077 | 1,100,599 | ' | ||||||||
Current liabilities: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Accounts payable | 79,039 | ' | 74,692 | 70,455 | 79,245 | 90,735 | 66,312 | 60,651 | 63,325 | ' | ' | ||||||||
Accrued wages and other employee costs | 29,787 | ' | 29,697 | 26,254 | 21,729 | 33,996 | 29,307 | 24,752 | 19,578 | ' | ' | ||||||||
Unearned revenues | 15,625 | ' | 38,467 | 49,315 | 22,483 | 25,864 | 34,692 | 36,866 | 36,589 | ' | ' | ||||||||
Liabilities of discontinued operations | 458 | ' | 471 | 501 | 3,269 | 3,431 | 4,190 | 4,087 | 5,588 | ' | ' | ||||||||
Other accrued liabilities | 22,574 | ' | 26,017 | 19,793 | 25,832 | 22,518 | 27,554 | 21,876 | 21,886 | ' | ' | ||||||||
Total current liabilities | 147,483 | ' | 169,344 | 166,318 | 152,558 | 176,544 | 162,055 | 148,232 | 146,966 | ' | ' | ||||||||
Long-term debt | 430,300 | ' | 419,249 | 415,220 | 200,663 | 198,337 | 196,079 | 193,727 | 191,189 | ' | ' | ||||||||
Liability for post-retirement benefits | 43,447 | ' | 44,112 | 43,944 | 43,729 | 45,066 | 42,220 | 42,000 | 41,806 | ' | ' | ||||||||
Liability for pension benefits | 13,787 | ' | 10,297 | 14,923 | 15,229 | 20,711 | 2,555 | 13,402 | 15,097 | ' | ' | ||||||||
Deferred income taxes | 74,078 | ' | 78,512 | 79,990 | 50,564 | 46,384 | 34,252 | 35,229 | 33,894 | ' | ' | ||||||||
Unearned revenues | 10,470 | ' | 12,033 | 12,496 | 12,792 | 13,013 | 3,240 | 3,385 | 3,504 | ' | ' | ||||||||
Other noncurrent liabilities | 12,006 | ' | 12,134 | 12,307 | 12,129 | 11,798 | 8,908 | 8,969 | 8,895 | ' | ' | ||||||||
Total liabilities | 731,571 | ' | 745,681 | 745,198 | 487,664 | 511,853 | 449,309 | 444,944 | 441,351 | ' | ' | ||||||||
Commitments and Contingencies | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Shareholders' equity: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Common stock | 314 | ' | 314 | 313 | 313 | 311 | 311 | 311 | 311 | ' | ' | ||||||||
Additional paid-in capital | 532,249 | ' | 530,415 | 528,541 | 487,512 | 484,798 | 483,156 | 481,855 | 480,653 | ' | ' | ||||||||
Treasury stock, at cost | -18,798 | ' | -18,798 | -18,798 | -18,798 | -18,399 | -18,399 | -18,399 | -18,399 | ' | ' | ||||||||
Accumulated other comprehensive loss | -40,397 | ' | -39,182 | -42,445 | -40,389 | -45,004 | -32,144 | -36,741 | -36,000 | ' | ' | ||||||||
Retained earnings | 300,606 | ' | 304,383 | 292,088 | 291,418 | 286,533 | 279,960 | 277,186 | 274,161 | ' | ' | ||||||||
Total shareholders' equity | 773,974 | ' | 777,132 | 759,699 | 720,056 | 708,239 | 712,884 | 704,212 | 700,726 | 694,640 | 696,529 | ||||||||
Total liabilities and shareholders' equity | 1,505,545 | ' | 1,522,813 | 1,504,897 | 1,207,720 | 1,220,092 | 1,162,193 | 1,149,156 | 1,142,077 | ' | ' | ||||||||
Previously Reported | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Current assets: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Cash and cash equivalents | ' | ' | 315,021 | [1],[2],[3] | 231,433 | [4],[5],[6] | 58,015 | [7],[8],[9] | 97,190 | [1],[4],[7] | 73,389 | [10],[11],[12] | 99,525 | [13],[14],[15],[16] | 117,872 | [17],[18],[19] | 156,842 | [10],[13],[17] | ' |
Short-term investments | ' | ' | 45,187 | [2],[3] | 128,205 | [5],[6] | ' | ' | 3,998 | [11],[12] | ' | ' | ' | ' | |||||
Receivables, less allowance for doubtful accounts | ' | ' | 118,827 | [2],[3] | 106,880 | [5],[6] | 114,075 | [8],[9] | 105,317 | [20],[21] | 114,248 | [11],[12] | 103,757 | [14],[15],[16] | 103,163 | [18],[19] | ' | ' | |
Inventories, net | ' | ' | 419,158 | [2],[3] | 420,793 | [5],[6] | 413,233 | [8],[9] | 384,417 | [20],[21] | 351,654 | [11],[12] | 325,334 | [14],[15],[16] | 306,031 | [18],[19] | ' | ' | |
Costs in excess of billings | ' | ' | 4,667 | [2],[3] | 1,455 | [5],[6] | 3,418 | [8],[9] | ' | 3,495 | [11],[12] | 2,515 | [14],[15],[16] | 1,607 | [18],[19] | ' | ' | ||
Deferred income taxes | ' | ' | 31,406 | [2],[3] | 30,675 | [5],[6] | 30,184 | [8],[9] | ' | 22,059 | [11],[12] | 20,775 | [14],[15],[16] | 20,475 | [18],[19] | ' | ' | ||
Assets of discontinued operations | ' | ' | ' | ' | 14,971 | [8],[9] | 14,741 | [20] | 16,799 | [11],[12] | 17,633 | [14],[15],[16] | 18,598 | [18],[19] | ' | ' | |||
Other current assets | ' | ' | 23,041 | [2],[3] | 21,990 | [5],[6] | 11,749 | [8],[9] | ' | 11,160 | [11],[12] | 13,269 | [14],[15],[16] | 11,269 | [18],[19] | ' | ' | ||
Total current assets | ' | ' | 957,307 | [2],[3] | 941,431 | [5],[6] | 645,645 | [8],[9] | 648,140 | [20],[21] | 596,802 | [11],[12] | 582,808 | [14],[15],[16] | 579,015 | [18],[19] | ' | ' | |
Property, plant, and equipment, net | ' | ' | 367,849 | [2],[3] | 368,363 | [5],[6] | 371,299 | [8],[9] | 375,949 | [20],[21] | 367,768 | [11],[12] | 365,735 | [14],[15],[16] | 361,464 | [18],[19] | ' | ' | |
Goodwill | ' | ' | 129,838 | [2],[3] | 134,823 | [5],[6] | 135,341 | [8],[9] | 130,610 | [20],[21] | 131,606 | [11],[12] | 133,570 | [14],[15],[16] | 133,595 | [18],[19] | ' | ' | |
Other intangible assets, net | ' | ' | 53,042 | [2],[3] | 53,826 | [5],[6] | 55,228 | [8],[9] | ' | 57,664 | [11],[12] | 58,251 | [14],[15],[16] | 59,527 | [18],[19] | ' | ' | ||
Deferred income taxes | ' | ' | 29,435 | [2],[3] | 29,615 | [5],[6] | 29,624 | [8],[9] | 33,287 | [20],[21] | 32,197 | [11],[12] | 29,239 | [14],[15],[16] | 29,111 | [18],[19] | ' | ' | |
Other noncurrent assets | ' | ' | 14,910 | [2],[3] | 13,681 | [5],[6] | 8,067 | [8],[9] | 8,866 | [20] | 8,353 | [11],[12] | 8,792 | [14],[15],[16] | 8,476 | [18],[19] | ' | ' | |
Total assets | ' | ' | 1,552,381 | [2],[3] | 1,541,739 | [5],[6] | 1,245,204 | [8],[9] | 1,253,347 | [20],[21] | 1,194,390 | [11],[12] | 1,178,395 | [14],[15],[16] | 1,171,188 | [18],[19] | ' | ' | |
Current liabilities: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Accounts payable | ' | ' | 75,039 | [2],[3] | 70,796 | [5],[6] | 79,587 | [8],[9] | 91,661 | [20] | 67,166 | [11],[12] | 61,084 | [14],[15],[16] | 64,837 | [18],[19] | ' | ' | |
Accrued wages and other employee costs | ' | ' | 29,801 | [2],[3] | 26,355 | [5],[6] | 21,826 | [8],[9] | 34,096 | [20] | 29,445 | [11],[12] | 24,871 | [14],[15],[16] | 19,690 | [18],[19] | ' | ' | |
Unearned revenues | ' | ' | 38,467 | [2],[3] | 49,885 | [5],[6] | 23,840 | [8],[9] | 25,864 | [20] | 34,692 | [11],[12] | 36,866 | [14],[15],[16] | 36,589 | [18],[19] | ' | ' | |
Liabilities of discontinued operations | ' | ' | ' | ' | 2,821 | [8],[9] | 2,332 | [20] | 3,198 | [11],[12] | 3,494 | [14],[15],[16] | 3,879 | [18],[19] | ' | ' | |||
Other accrued liabilities | ' | ' | 26,037 | [2],[3] | 19,852 | [5],[6] | 25,379 | [8],[9] | 22,550 | [20],[21] | 27,458 | [11],[12] | 21,680 | [14],[15],[16] | 21,768 | [18],[19] | ' | ' | |
Total current liabilities | ' | ' | 169,344 | [2],[3] | 166,888 | [5],[6] | 153,453 | [8],[9] | 176,503 | [20],[21] | 161,959 | [11],[12] | 147,995 | [14],[15],[16] | 146,763 | [18],[19] | ' | ' | |
Long-term debt | ' | ' | 419,249 | [2],[3] | 415,220 | [5],[6] | 200,663 | [8],[9] | ' | 196,079 | [11],[12] | 193,727 | [14],[15],[16] | 191,189 | [18],[19] | ' | ' | ||
Liability for post-retirement benefits | ' | ' | 44,112 | [2],[3] | 43,944 | [5],[6] | 43,729 | [8],[9] | ' | 42,220 | [11],[12] | 42,000 | [14],[15],[16] | 41,806 | [18],[19] | ' | ' | ||
Liability for pension benefits | ' | ' | 10,297 | [2],[3] | 14,923 | [5],[6] | 15,229 | [8],[9] | ' | 2,555 | [11],[12] | 13,402 | [14],[15],[16] | 15,097 | [18],[19] | ' | ' | ||
Deferred income taxes | ' | ' | 73,882 | [2],[3] | 81,190 | [5],[6] | 51,400 | [8],[9] | 46,384 | [20],[21] | 33,663 | [11],[12] | 33,749 | [14],[15],[16] | 33,141 | [18],[19] | ' | ' | |
Unearned revenues | ' | ' | 12,033 | [2],[3] | 12,496 | [5],[6] | 12,792 | [8],[9] | 13,013 | [20] | 3,240 | [11],[12] | 3,385 | [14],[15],[16] | 3,504 | [18],[19] | ' | ' | |
Other noncurrent liabilities | ' | ' | 12,134 | [2],[3] | 12,307 | [5],[6] | 12,129 | [8],[9] | ' | 8,908 | [11],[12] | 8,969 | [14],[15],[16] | 8,895 | [18],[19] | ' | ' | ||
Total liabilities | ' | ' | 741,051 | [2],[3] | 746,968 | [5],[6] | 489,395 | [8],[9] | 511,812 | [20],[21] | 448,624 | [11],[12] | 443,227 | [14],[15],[16] | 440,395 | [18],[19] | ' | ' | |
Commitments and Contingencies | ' | ' | ' | [2] | ' | [5] | ' | [8] | ' | ' | [12] | ' | [14] | ' | [18] | ' | ' | ||
Shareholders' equity: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Common stock | ' | ' | 314 | [2] | 313 | [5] | 313 | [8] | ' | 311 | [12] | 311 | [14] | 311 | [18] | ' | ' | ||
Additional paid-in capital | ' | ' | 530,415 | [2] | 528,541 | [5] | 487,512 | [8] | ' | 483,156 | [12] | 481,855 | [14] | 480,653 | [18] | ' | ' | ||
Treasury stock, at cost | ' | ' | -18,798 | [2] | -18,798 | [5] | -18,798 | [8] | ' | -18,399 | [12] | -18,399 | [14] | -18,399 | [18] | ' | ' | ||
Accumulated other comprehensive loss | ' | ' | -39,991 | [2] | -43,950 | [5] | -40,710 | [8] | -44,722 | [20] | -31,472 | [12] | -37,181 | [14] | -35,808 | [18] | ' | ' | |
Retained earnings | ' | ' | 339,390 | [2] | 328,665 | [5] | 327,492 | [8] | 319,547 | [20] | 312,170 | [12] | 308,582 | [14] | 304,036 | [18] | ' | ' | |
Total shareholders' equity | ' | ' | 811,330 | [2],[3] | 794,771 | [5],[6] | 755,809 | [8],[9] | 741,535 | [20],[21] | 745,766 | [11],[12] | 735,168 | [14],[15],[16] | 730,793 | [18],[19] | ' | ' | |
Total liabilities and shareholders' equity | ' | ' | 1,552,381 | [2],[3] | 1,541,739 | [5],[6] | 1,245,204 | [8],[9] | 1,253,347 | [20],[21] | 1,194,390 | [11],[12] | 1,178,395 | [14],[15],[16] | 1,171,188 | [18],[19] | ' | ' | |
Revision Adjustment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Current assets: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Inventories, net | ' | ' | ' | -4,265 | [22] | -3,952 | [22] | ' | ' | ' | ' | ' | ' | ||||||
Costs in excess of billings | ' | ' | ' | 1,305 | [22] | 426 | [22] | ' | ' | ' | ' | ' | ' | ||||||
Deferred income taxes | ' | ' | ' | 1,015 | [22] | 926 | [22] | ' | ' | ' | ' | ' | ' | ||||||
Total current assets | ' | ' | ' | -1,945 | [22] | -2,600 | [22] | ' | ' | ' | ' | ' | ' | ||||||
Goodwill | ' | ' | ' | -5,260 | [22] | -5,260 | [22] | ' | ' | ' | ' | ' | ' | ||||||
Total assets | ' | ' | ' | -7,205 | [22] | -7,860 | [22] | ' | ' | ' | ' | ' | ' | ||||||
Current liabilities: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Unearned revenues | ' | ' | ' | -570 | [22] | -1,357 | [22] | ' | ' | ' | ' | ' | ' | ||||||
Total current liabilities | ' | ' | ' | -570 | [22] | -1,357 | [22] | ' | ' | ' | ' | ' | ' | ||||||
Deferred income taxes | ' | ' | ' | -5,068 | [22] | -5,068 | [22] | ' | ' | ' | ' | ' | ' | ||||||
Total liabilities | ' | ' | ' | -5,638 | [22] | -6,425 | [22] | ' | ' | ' | ' | ' | ' | ||||||
Commitments and Contingencies | ' | ' | ' | ' | [22] | ' | [22] | ' | ' | ' | ' | ' | ' | ||||||
Shareholders' equity: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Retained earnings | ' | ' | ' | -1,567 | [22] | -1,435 | [22] | ' | ' | ' | ' | ' | ' | ||||||
Total shareholders' equity | ' | ' | ' | -1,567 | [22] | -1,435 | [22] | ' | ' | ' | ' | ' | ' | ||||||
Total liabilities and shareholders' equity | ' | ' | ' | -7,205 | [22] | -7,860 | [22] | ' | ' | ' | ' | ' | ' | ||||||
As Revised | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Current assets: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Cash and cash equivalents | ' | ' | ' | 231,433 | 58,015 | ' | ' | ' | ' | ' | ' | ||||||||
Short-term investments | ' | ' | ' | 128,205 | ' | ' | ' | ' | ' | ' | ' | ||||||||
Receivables, less allowance for doubtful accounts | ' | ' | ' | 106,880 | 114,075 | ' | ' | ' | ' | ' | ' | ||||||||
Inventories, net | ' | ' | ' | 416,528 | 409,281 | ' | ' | ' | ' | ' | ' | ||||||||
Costs in excess of billings | ' | ' | ' | 2,760 | 3,844 | ' | ' | ' | ' | ' | ' | ||||||||
Deferred income taxes | ' | ' | ' | 31,690 | 31,110 | ' | ' | ' | ' | ' | ' | ||||||||
Assets of discontinued operations | ' | ' | ' | ' | 14,971 | ' | ' | ' | ' | ' | ' | ||||||||
Other current assets | ' | ' | ' | 21,990 | 11,749 | ' | ' | ' | ' | ' | ' | ||||||||
Total current assets | ' | ' | ' | 939,486 | 643,045 | ' | ' | ' | ' | ' | ' | ||||||||
Property, plant, and equipment, net | ' | ' | ' | 368,363 | 371,299 | ' | ' | ' | ' | ' | ' | ||||||||
Goodwill | ' | ' | ' | 129,563 | 130,081 | ' | ' | ' | ' | ' | ' | ||||||||
Other intangible assets, net | ' | ' | ' | 53,826 | 55,228 | ' | ' | ' | ' | ' | ' | ||||||||
Deferred income taxes | ' | ' | ' | 29,615 | 29,624 | ' | ' | ' | ' | ' | ' | ||||||||
Other noncurrent assets | ' | ' | ' | 13,681 | 8,067 | ' | ' | ' | ' | ' | ' | ||||||||
Total assets | ' | ' | ' | 1,534,534 | 1,237,344 | ' | ' | ' | ' | ' | ' | ||||||||
Current liabilities: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Accounts payable | ' | ' | ' | 70,796 | 79,587 | ' | ' | ' | ' | ' | ' | ||||||||
Accrued wages and other employee costs | ' | ' | ' | 26,355 | 21,826 | ' | ' | ' | ' | ' | ' | ||||||||
Unearned revenues | ' | ' | ' | 49,315 | 22,483 | ' | ' | ' | ' | ' | ' | ||||||||
Liabilities of discontinued operations | ' | ' | ' | ' | 2,821 | ' | ' | ' | ' | ' | ' | ||||||||
Other accrued liabilities | ' | ' | ' | 19,852 | 25,379 | ' | ' | ' | ' | ' | ' | ||||||||
Total current liabilities | ' | ' | ' | 166,318 | 152,096 | ' | ' | ' | ' | ' | ' | ||||||||
Long-term debt | ' | ' | ' | 415,220 | 200,663 | ' | ' | ' | ' | ' | ' | ||||||||
Liability for post-retirement benefits | ' | ' | ' | 43,944 | 43,729 | ' | ' | ' | ' | ' | ' | ||||||||
Liability for pension benefits | ' | ' | ' | 14,923 | 15,229 | ' | ' | ' | ' | ' | ' | ||||||||
Deferred income taxes | ' | ' | ' | 76,122 | 46,332 | ' | ' | ' | ' | ' | ' | ||||||||
Unearned revenues | ' | ' | ' | 12,496 | 12,792 | ' | ' | ' | ' | ' | ' | ||||||||
Other noncurrent liabilities | ' | ' | ' | 12,307 | 12,129 | ' | ' | ' | ' | ' | ' | ||||||||
Total liabilities | ' | ' | ' | 741,330 | 482,970 | ' | ' | ' | ' | ' | ' | ||||||||
Commitments and Contingencies | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Shareholders' equity: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Common stock | ' | ' | ' | 313 | 313 | ' | ' | ' | ' | ' | ' | ||||||||
Additional paid-in capital | ' | ' | ' | 528,541 | 487,512 | ' | ' | ' | ' | ' | ' | ||||||||
Treasury stock, at cost | ' | ' | ' | -18,798 | -18,798 | ' | ' | ' | ' | ' | ' | ||||||||
Accumulated other comprehensive loss | ' | ' | ' | -43,950 | -40,710 | ' | ' | ' | ' | ' | ' | ||||||||
Retained earnings | ' | ' | ' | 327,098 | 326,057 | ' | ' | ' | ' | ' | ' | ||||||||
Total shareholders' equity | ' | ' | ' | 793,204 | 754,374 | ' | ' | ' | ' | ' | ' | ||||||||
Total liabilities and shareholders' equity | ' | ' | ' | 1,534,534 | 1,237,344 | ' | ' | ' | ' | ' | ' | ||||||||
Restatement Adjustment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Current assets: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Other current assets | ' | ' | -133 | -22 | ' | ' | ' | ' | ' | ' | ' | ||||||||
Total current assets | ' | ' | -133 | -22 | ' | ' | ' | ' | ' | ' | ' | ||||||||
Deferred income taxes | ' | ' | -29,435 | -29,615 | -29,624 | -33,287 | -32,197 | -29,239 | -29,111 | ' | ' | ||||||||
Other noncurrent assets | ' | ' | ' | ' | ' | 32 | ' | ' | ' | ' | ' | ||||||||
Total assets | ' | ' | -29,568 | -29,637 | -29,624 | -33,255 | -32,197 | -29,239 | -29,111 | ' | ' | ||||||||
Current liabilities: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Other accrued liabilities | ' | ' | ' | ' | 462 | 41 | 96 | 237 | 203 | ' | ' | ||||||||
Total current liabilities | ' | ' | ' | ' | 462 | 41 | 96 | 237 | 203 | ' | ' | ||||||||
Deferred income taxes | ' | ' | 4,630 | 3,868 | 4,232 | ' | 589 | 1,480 | 753 | ' | ' | ||||||||
Total liabilities | ' | ' | 4,630 | 3,868 | 4,694 | 41 | 685 | 1,717 | 956 | ' | ' | ||||||||
Commitments and Contingencies | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Shareholders' equity: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Accumulated other comprehensive loss | ' | ' | 809 | 1,505 | 321 | -282 | -672 | 440 | -192 | ' | ' | ||||||||
Retained earnings | ' | ' | -35,007 | -35,010 | -34,639 | -33,014 | -32,210 | -31,396 | -29,875 | ' | ' | ||||||||
Total shareholders' equity | ' | ' | -34,198 | -33,505 | -34,318 | -33,296 | -32,882 | -30,956 | -30,067 | ' | ' | ||||||||
Total liabilities and shareholders' equity | ' | ' | -29,568 | -29,637 | -29,624 | -33,255 | -32,197 | -29,239 | -29,111 | ' | ' | ||||||||
As Corrected | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Current assets: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Cash and cash equivalents | ' | ' | 315,021 | 231,433 | 58,015 | ' | 73,389 | 99,525 | 117,872 | ' | ' | ||||||||
Short-term investments | ' | ' | 45,187 | 128,205 | ' | ' | 3,998 | ' | ' | ' | ' | ||||||||
Receivables, less allowance for doubtful accounts | ' | ' | 118,827 | 106,880 | 114,075 | 105,317 | 114,248 | 103,757 | 103,163 | ' | ' | ||||||||
Inventories, net | ' | ' | 419,158 | 416,528 | 409,281 | 384,417 | 351,654 | 325,334 | 306,031 | ' | ' | ||||||||
Costs in excess of billings | ' | ' | 4,667 | 2,760 | 3,844 | ' | 3,495 | 2,515 | 1,607 | ' | ' | ||||||||
Deferred income taxes | ' | ' | 31,406 | 31,690 | 31,110 | ' | 22,059 | 20,775 | 20,475 | ' | ' | ||||||||
Assets of discontinued operations | ' | ' | ' | ' | 14,971 | 14,741 | 16,799 | 17,633 | 18,598 | ' | ' | ||||||||
Other current assets | ' | ' | 22,908 | 21,968 | 11,749 | ' | 11,160 | 13,269 | 11,269 | ' | ' | ||||||||
Total current assets | ' | ' | 957,174 | 939,464 | 643,045 | 648,140 | 596,802 | 582,808 | 579,015 | ' | ' | ||||||||
Property, plant, and equipment, net | ' | ' | 367,849 | 368,363 | 371,299 | 375,949 | 367,768 | 365,735 | 361,464 | ' | ' | ||||||||
Goodwill | ' | ' | 129,838 | 129,563 | 130,081 | 130,610 | 131,606 | 133,570 | 133,595 | ' | ' | ||||||||
Other intangible assets, net | ' | ' | 53,042 | 53,826 | 55,228 | ' | 57,664 | 58,251 | 59,527 | ' | ' | ||||||||
Other noncurrent assets | ' | ' | 14,910 | 13,681 | 8,067 | 8,898 | 8,353 | 8,792 | 8,476 | ' | ' | ||||||||
Total assets | ' | ' | 1,522,813 | 1,504,897 | 1,207,720 | 1,220,092 | 1,162,193 | 1,149,156 | 1,142,077 | ' | ' | ||||||||
Current liabilities: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Accounts payable | ' | ' | 75,039 | 70,796 | 79,587 | 91,661 | 67,166 | 61,084 | 64,837 | ' | ' | ||||||||
Accrued wages and other employee costs | ' | ' | 29,801 | 26,355 | 21,826 | 34,096 | 29,445 | 24,871 | 19,690 | ' | ' | ||||||||
Unearned revenues | ' | ' | 38,467 | 49,315 | 22,483 | 25,864 | 34,692 | 36,866 | 36,589 | ' | ' | ||||||||
Liabilities of discontinued operations | ' | ' | ' | ' | 2,821 | 2,332 | 3,198 | 3,494 | 3,879 | ' | ' | ||||||||
Other accrued liabilities | ' | ' | 26,037 | 19,852 | 25,841 | 22,591 | 27,554 | 21,917 | 21,971 | ' | ' | ||||||||
Total current liabilities | ' | ' | 169,344 | 166,318 | 152,558 | 176,544 | 162,055 | 148,232 | 146,966 | ' | ' | ||||||||
Long-term debt | ' | ' | 419,249 | 415,220 | 200,663 | ' | 196,079 | 193,727 | 191,189 | ' | ' | ||||||||
Liability for post-retirement benefits | ' | ' | 44,112 | 43,944 | 43,729 | ' | 42,220 | 42,000 | 41,806 | ' | ' | ||||||||
Liability for pension benefits | ' | ' | 10,297 | 14,923 | 15,229 | ' | 2,555 | 13,402 | 15,097 | ' | ' | ||||||||
Deferred income taxes | ' | ' | 78,512 | 79,990 | 50,564 | 46,384 | 34,252 | 35,229 | 33,894 | ' | ' | ||||||||
Unearned revenues | ' | ' | 12,033 | 12,496 | 12,792 | 13,013 | 3,240 | 3,385 | 3,504 | ' | ' | ||||||||
Other noncurrent liabilities | ' | ' | 12,134 | 12,307 | 12,129 | ' | 8,908 | 8,969 | 8,895 | ' | ' | ||||||||
Total liabilities | ' | ' | 745,681 | 745,198 | 487,664 | 511,853 | 449,309 | 444,944 | 441,351 | ' | ' | ||||||||
Commitments and Contingencies | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Shareholders' equity: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Common stock | ' | ' | 314 | 313 | 313 | ' | 311 | 311 | 311 | ' | ' | ||||||||
Additional paid-in capital | ' | ' | 530,415 | 528,541 | 487,512 | ' | 483,156 | 481,855 | 480,653 | ' | ' | ||||||||
Treasury stock, at cost | ' | ' | -18,798 | -18,798 | -18,798 | ' | -18,399 | -18,399 | -18,399 | ' | ' | ||||||||
Accumulated other comprehensive loss | ' | ' | -39,182 | -42,445 | -40,389 | -45,004 | -32,144 | -36,741 | -36,000 | ' | ' | ||||||||
Retained earnings | ' | ' | 304,383 | 292,088 | 291,418 | 286,533 | 279,960 | 277,186 | 274,161 | ' | ' | ||||||||
Total shareholders' equity | ' | ' | 777,132 | 759,596 | 720,056 | 708,239 | 712,884 | 704,212 | 700,726 | ' | ' | ||||||||
Total liabilities and shareholders' equity | ' | ' | 1,522,813 | 1,504,897 | 1,207,720 | 1,220,092 | 1,162,193 | 1,149,156 | 1,142,077 | ' | ' | ||||||||
Discontinued | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Current assets: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Receivables, less allowance for doubtful accounts | ' | ' | -704 | -593 | -812 | -963 | -919 | -1,196 | -1,526 | ' | ' | ||||||||
Inventories, net | ' | ' | -6,702 | -7,301 | -7,948 | -8,976 | -8,972 | -8,861 | -8,972 | ' | ' | ||||||||
Assets of discontinued operations | ' | ' | 7,582 | 8,076 | 8,948 | 10,427 | 10,359 | 10,532 | 10,983 | ' | ' | ||||||||
Total current assets | ' | ' | 176 | 182 | 188 | 488 | 468 | 475 | 485 | ' | ' | ||||||||
Property, plant, and equipment, net | ' | ' | -111 | -117 | -123 | -130 | -110 | -117 | -127 | ' | ' | ||||||||
Goodwill | ' | ' | -65 | -65 | -65 | -358 | -358 | -358 | -358 | ' | ' | ||||||||
Current liabilities: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Accounts payable | ' | ' | -347 | -341 | -342 | -926 | -854 | -433 | -1,512 | ' | ' | ||||||||
Accrued wages and other employee costs | ' | ' | -104 | -101 | -97 | -100 | -138 | -119 | -112 | ' | ' | ||||||||
Liabilities of discontinued operations | ' | ' | 471 | 501 | 448 | 1,099 | 992 | 593 | 1,709 | ' | ' | ||||||||
Other accrued liabilities | ' | ' | -20 | -59 | -9 | -73 | ' | -41 | -85 | ' | ' | ||||||||
Commitments and Contingencies | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
[1] | Previously reported balances represent the amounts reported in the Condensed Consolidated Statement of Cash Flows in the Company's Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2013 as filed with the SEC on November 12, 2013. The previously reported changes in inventory, cost in excess of billings, and deferred revenue have been adjusted by $540, $323, and $(866) to correct the prior presentation. | ||||||||||||||||||
[2] | Previously reported balances represent the amounts reported in the Condensed Consolidated Balance Sheet in the Company's Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2013 as filed with the SEC on November 12, 2013. The previously reported balances of inventory and cost in excess of billings have been adjusted by $(1,242) and $1,242 to correct the prior presentation. | ||||||||||||||||||
[3] | Previously reported balances represent the amounts reported in the Condensed Consolidating Balance Sheet in the Company's Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2013 as filed with the SEC on November 12, 2013. The previously reported Guarantor Subsidiary and Consolidated balances of inventory and cost in excess of billings have been adjusted by $(1,242) and $1,242 to correct the prior presentation. The previously reported balances of current deferred income tax assets, non-current deferred income tax assets, intercompany investments, other accrued liabilities, non-current deferred income taxes and shareholders' equity, were adjusted by $4,812, $-, $(11,850), $(685), $(6,353), and $- for the Parent; by $(2,629), $(27,604), $-, $-, $(21,587), and $(8,646) for the Guarantor Subsidiaries; by $(2,183), $(174), $-, $685, $162, and, $(3,204) for the Non-Guarantor Subsidiaries; and by $-, $27,778, $11,850, $-, $27,778, and $11,850 for the Eliminations, to correct the presentation of deferred income tax balances. | ||||||||||||||||||
[4] | Previously reported balances represent the amounts reported in the Condensed Consolidated Statement of Cash Flows in the Company's Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2013 as filed with the SEC on September 24, 2013. The previously reported changes in inventory, cost in excess of billings, and deferred revenue have been adjusted by $(340), $1,021, and $(681) to correct the prior presentation. | ||||||||||||||||||
[5] | Previously reported balances represent the amounts reported in the Condensed Consolidated Balance Sheet in the Company's Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2013 as filed with the SEC on September 24, 2013. The previously reported balances of inventory, cost in excess of billings, and deferred revenue have been adjusted by $(359), $544, and $185 to correct the prior presentation. | ||||||||||||||||||
[6] | Previously reported balances represent the amounts reported in the Condensed Consolidating Balance Sheet in the Company's Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2013 as filed with the SEC on September 24, 2013. The previously reported Guarantor Subsidiary and Consolidated balances of inventory, cost in excess of billings, and deferred revenue have been adjusted by $(359), $544, and $185 to correct the prior presentation. The previously reported balances of current deferred income tax assets, non-current deferred income tax assets, intercompany investments, other accrued liabilities, non-current deferred income taxes, and shareholders' equity, were adjusted by $4,081, $-, $(6,671), $(685), $(1,905), and $- for the Parent; by $(2,437), $(28,271), $-, $-, $(26,646), and $(4,062) for the Guarantor Subsidiaries; by $(1,644), $(169), $-, $685, $111, and $(2,609) for the Non-Guarantor Subsidiaries; and by $-, $28,440, $6,671, $-, $28,440, and $6,671 for the Eliminations, to correct the presentation of deferred income tax balances. | ||||||||||||||||||
[7] | Previously reported balances represent the amounts reported in the Condensed Consolidated Statement of Cash Flows in the Company's Amended Quarterly Report on Form 10-Q/A for the quarterly period ended March 31, 2013 as filed with the SEC on September 24, 2013. The previously reported changes in inventory, cost in excess of billings, and deferred revenue have been adjusted by $1,040, $(174), and $(866) to correct the prior presentation. | ||||||||||||||||||
[8] | Previously reported balances represent the amounts reported in the Condensed Consolidated Balance Sheet in the Company's Amended Quarterly Report on Form 10-Q/A for the quarterly period ended March 31, 2013 as filed with the SEC on September 24, 2013. The previously reported balances of inventory and cost in excess of billings have been adjusted by $(1,739) and $1,739 to correct the prior presentation. | ||||||||||||||||||
[9] | Previously reported balances represent the amounts reported in the Condensed Consolidating Balance Sheet in the Company's Amended Quarterly Report on Form 10-Q/A for the quarterly period ended March 31, 2013 as filed with the SEC on September 24, 2013. The previously reported Guarantor Subsidiary and Consolidated balances of inventory and cost in excess of billings have been adjusted by $(1,739) and $1,739 to correct the prior presentation. The previously reported balances of current deferred income tax assets, non-current deferred income tax assets, intercompany investments, other accrued liabilities, non-current deferred income taxes and shareholders' equity, were adjusted by $3,590, $-, $(6,790), $(685), $(2,515), and $- for the Parent; by $(2,437), $(28,939), $-, $-, $(26,657) and $(4,719) for the Guarantor Subsidiaries; by $(1,153), $(174), $-, $685, $59, and $(2,071) for the Non-Guarantor Subsidiaries; and by $-, $29,113, $6,790, $-, $29,113, and $6,790 for the Eliminations, to correct the presentation of deferred income tax balances. | ||||||||||||||||||
[10] | Previously reported balances represent the amounts presented as "Currently Reported" in the Note 2 to the Company's Second Amended Annual Report on Form 10-K/A for the annual period ended December 31, 2012 as filed with the SEC on November 12, 2013. The previously reported changes in inventory, cost in excess of billings, and deferred revenue have been adjusted by $(2,709), $2,540, and $169 to correct the prior presentation. | ||||||||||||||||||
[11] | The previously reported Guarantor Subsidiary and Consolidated balances of inventory, cost in excess of billings, and deferred revenue have been adjusted by $(1,175), $1,344, and $169 to correct the prior presentation. | ||||||||||||||||||
[12] | Previously reported balances represent the amounts presented as "Currently Reported" in the Note 2 to the Company's Second Amended Annual Report on Form 10-K/A for the annual period ended December 31, 2012 as filed with the SEC on November 12, 2013. The previously reported balances of inventory, cost in excess of billings, and deferred revenue have been adjusted by $(1,175), $1,344, and $169 to correct the prior presentation. | ||||||||||||||||||
[13] | Previously reported balances represent the amounts presented as "Currently Reported" in the Note 2 to the Company's Second Amended Annual Report on Form 10-K/A for the annual period ended December 31, 2012 as filed with the SEC on November 12, 2013. The previously reported changes in inventory, cost in excess of billings, and deferred revenue have been adjusted by $(2,049), $2,027, and $22 to correct the prior presentation. | ||||||||||||||||||
[14] | Previously reported balances represent the amounts presented as "Currently Reported" in the Note 2 to the Company's Second Amended Annual Report on Form 10-K/A for the annual period ended December 31, 2012 as filed with the SEC on November 12, 2013. The previously reported balances of inventory, cost in excess of billings, and deferred revenue have been adjusted by $(1,835), $1,857, and $22 to correct the prior presentation. | ||||||||||||||||||
[15] | The previously Guarantor Subsidiary and Consolidated balances of inventory, cost in excess of billings, and deferred revenue have been adjusted by $(1,835), $1,857, and $22 to correct the prior presentation. | ||||||||||||||||||
[16] | The previously reported balances of current deferred income tax assets, non-current deferred income tax assets, intercompany investments, other accrued liabilities, non-current deferred income taxes, and shareholders' equity were adjusted by $3,598, $-, $(9,842), $(780), $(5,464), and $- for the Parent; by $(2,290), $(25,314), $-, $-, $(20,104), and $(7,500) for the Guarantor Subsidiaries; by $(1,308), $(31), $-, $780, $223, and $(2,342) for the Non-Guarantor Subsidiaries; and by $-, $25,345, $9,842, $-, $25,345, and $9,842 for the Eliminations, to correct the presentation of deferred income tax balances. | ||||||||||||||||||
[17] | Previously reported balances represent the amounts presented as "Currently Reported" in the Note 2 to the Company's Second Amended Annual Report on Form 10-K/A for the annual period ended December 31, 2012 as filed with the SEC on November 12, 2013. The previously reported changes in inventory, cost in excess of billings, and deferred revenue have been adjusted by $(2,288), $2,282, and $6 to correct the prior presentation. | ||||||||||||||||||
[18] | Previously reported balances represent the amounts presented as "Currently Reported" in the Note 2 to the Company's Second Amended Annual Report on Form 10-K/A for the annual period ended December 31, 2012 as filed with the SEC on November 12, 2013. The previously reported balances of inventory, cost in excess of billings, and deferred revenue have been adjusted by $(1,596), $1,602, and $6 to correct the prior presentation. | ||||||||||||||||||
[19] | The previously reported Guarantor Subsidiary and Consolidated balances of inventory, cost in excess of billings, and deferred revenue have been adjusted by $(1,596), $1,602, and $6 to correct the prior presentation. | ||||||||||||||||||
[20] | Previously reported balances represent the amounts reported in the Consolidated Balance Sheet in the Company's Second Amended Annual Report on Form 10-K/A for the annual period ended December 31, 2012 as filed with the SEC on November 12, 2013. The previously reported balances of inventory, cost in excess of billings, and deferred revenue have been adjusted by $(699), $1,565, and $866 to correct the prior presentation. | ||||||||||||||||||
[21] | The previously reported Guarantor Subsidiary and Consolidated balances of inventory and cost in excess of billings, have been adjusted by $(699) and, $1,565 to correct the prior presentation. | ||||||||||||||||||
[22] | Amounts presented as Revision Adjustment represent revisions related to revenue recognition errors related to certain long-term projects, as well as adjustments to goodwill and deferred taxes related to the acquisition of Remmele in 2012, as disclosed in the Company's Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2013 as filed with the SEC on November 12, 2013. |
Effects_of_Restatement_on_Cond2
Effects of Restatement on Condensed Consolidated Balance Sheets Quarterly Financial Information (Parenthetical) (Detail) (USD $) | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | ||
In Thousands, except Share data, unless otherwise specified | ||||||||||
Allowance for doubtful accounts | $820 | $698 | $637 | $712 | $721 | $909 | $965 | $934 | ||
Common stock, par value | $0.01 | $0.01 | $0.01 | $0.01 | $0.01 | $0.01 | $0.01 | $0.01 | ||
Common stock, shares authorized | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | ||
Common stock, shares issued | 31,399,661 | 31,360,663 | 31,339,200 | 31,300,737 | 31,136,899 | 31,106,934 | 31,097,449 | 31,066,254 | ||
Common stock, shares outstanding | 30,593,251 | 30,554,253 | 30,537,411 | 30,498,948 | 30,354,324 | 30,324,359 | 30,314,874 | 30,286,870 | ||
Treasury stock, shares | 806,410 | 806,410 | 801,789 | 801,789 | 782,575 | 782,575 | 782,575 | 779,375 | ||
Inventories, net | 430,088 | 412,456 | 409,227 | 401,333 | 375,441 | 342,682 | 316,473 | 297,059 | ||
Costs in excess of billings | 5,377 | 4,667 | 2,760 | 3,844 | 3,825 | 3,495 | 2,515 | 1,607 | ||
Deferred revenue | 15,625 | 38,467 | 49,315 | 22,483 | 25,864 | 34,692 | 36,866 | 36,589 | ||
Revision Adjustment | ' | ' | ' | ' | ' | ' | ' | ' | ||
Inventories, net | ' | ' | -4,265 | [1] | -3,952 | [1] | ' | ' | ' | ' |
Costs in excess of billings | ' | ' | 1,305 | [1] | 426 | [1] | ' | ' | ' | ' |
Deferred revenue | ' | ' | -570 | [1] | -1,357 | [1] | ' | ' | ' | ' |
Revision Adjustment | Remmele | ' | ' | ' | ' | ' | ' | ' | ' | ||
Inventories, net | ' | -1,242 | -359 | -1,739 | ' | -1,175 | -1,835 | -1,596 | ||
Costs in excess of billings | ' | 1,242 | 544 | 1,739 | ' | 1,344 | 1,857 | 1,602 | ||
Deferred revenue | ' | ' | $185 | ' | ' | $169 | $22 | $6 | ||
[1] | Amounts presented as Revision Adjustment represent revisions related to revenue recognition errors related to certain long-term projects, as well as adjustments to goodwill and deferred taxes related to the acquisition of Remmele in 2012, as disclosed in the Company's Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2013 as filed with the SEC on November 12, 2013. |
Effects_of_Restatement_on_Cond3
Effects of Restatement on Condensed Consolidated Statement of Cash Flows Quarterly Financial Information (Detail) (USD $) | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||||||||
In Thousands, unless otherwise specified | Mar. 31, 2013 | Mar. 31, 2012 | Jun. 30, 2013 | Jun. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||||||||
OPERATING ACTIVITIES: | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||
Net income | $4,885 | $2,568 | $5,555 | $5,593 | $17,850 | $8,368 | $14,073 | $14,940 | [1] | ($50) | [1] | |||||||
Adjustment for non-cash items included in net income: | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||
Depreciation and amortization | 11,000 | 8,734 | 21,753 | 18,957 | 32,469 | 29,405 | 43,885 | 41,170 | 22,488 | |||||||||
Asset and asset-related charges (income) | ' | ' | ' | ' | ' | 1,617 | ' | ' | ' | |||||||||
Goodwill impairments | 484 | ' | 484 | ' | 484 | ' | 13,959 | ' | ' | |||||||||
Deferred income taxes | 4,797 | -375 | 3,539 | 673 | 2,342 | -322 | -12,264 | 6,633 | [1] | 14,179 | [1] | |||||||
Stock-based compensation | 1,708 | 1,378 | 3,126 | 2,518 | 4,543 | 3,658 | 6,026 | 4,797 | 4,599 | |||||||||
Excess tax benefits from stock-based compensation activity | -236 | -61 | -376 | -66 | -405 | -100 | -552 | -196 | -302 | |||||||||
(Gain) loss on sale of property, plant and equipment | ' | ' | ' | -74 | ' | ' | -547 | -4 | 70 | |||||||||
Amortization of discount on long-term debt | 2,562 | 2,352 | 6,569 | 4,738 | 10,592 | 7,192 | 14,956 | 9,683 | 8,900 | |||||||||
Amortization of deferred financing costs | 325 | ' | 753 | ' | 1,498 | ' | ' | ' | ' | |||||||||
Deferred financing cost writedown | ' | ' | 1,498 | ' | ' | ' | ' | ' | ' | |||||||||
Other | -41 | -68 | -102 | 758 | 1,115 | 1,498 | 300 | 434 | -462 | |||||||||
Changes in assets and liabilities: | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||
Receivables | -9,994 | 4,750 | -3,054 | 2,904 | -14,169 | -11,799 | 3,236 | -1,818 | -32,440 | |||||||||
Inventories | -25,980 | -29,743 | -34,555 | -49,871 | -35,851 | -74,061 | -47,139 | -106,565 | 3,810 | |||||||||
Accounts payable | -6,583 | 5,504 | -12,900 | 4,172 | -11,866 | 10,424 | -8,613 | 32,133 | 6,271 | |||||||||
Income taxes payable | 416 | 1,659 | -8,356 | 5,117 | -11,566 | 8,893 | -13,675 | 3,767 | 67 | |||||||||
Unearned revenue | -4,662 | 5,630 | 23,352 | 5,917 | 12,636 | 9,076 | -10,509 | 10,059 | -2,606 | |||||||||
Cost in excess of billings | -19 | 2,677 | 1,065 | 1,769 | -842 | 789 | -3,118 | 459 | -300 | |||||||||
Liability for pension benefits | ' | ' | ' | ' | ' | ' | -12,486 | -12,295 | -22,066 | |||||||||
Other current assets and liabilities | -10,416 | -14,648 | -11,081 | -13,425 | -2,389 | -7,181 | 2,969 | -3,479 | 5,217 | |||||||||
Other assets and liabilities | 1,031 | -3,316 | 3,349 | -3,889 | -101 | -12,907 | 15,322 | 6,945 | 3,977 | |||||||||
Cash provided by (used in) operating activities | -30,723 | -12,959 | 619 | -14,209 | 6,340 | -25,450 | 12,168 | 8,066 | 14,835 | |||||||||
INVESTING ACTIVITIES: | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||
Divestitures | ' | ' | 10,475 | ' | 10,475 | ' | 10,475 | ' | ' | |||||||||
Acquisitions, net of cash required | ' | -185,633 | ' | -185,633 | ' | -182,811 | -16,214 | -182,811 | -35,812 | |||||||||
Maturity/sale of investments | ' | 176,809 | ' | 176,809 | 82,957 | 176,809 | 128,107 | 180,808 | 149,411 | |||||||||
Capital expenditures | -9,160 | -17,128 | -19,665 | -34,901 | -26,357 | -47,879 | -32,374 | -61,538 | -38,845 | |||||||||
Purchase of investments | ' | -38 | -128,291 | -38 | -128,324 | -4,037 | -128,281 | -4,037 | -309,820 | |||||||||
Proceeds from disposal of property, plant, and equipment | ' | ' | ' | ' | ' | ' | 561 | 10 | 20 | |||||||||
Cash provided by (used in) investing activities | -9,160 | -25,990 | -137,481 | -43,763 | -61,249 | -57,918 | -37,726 | -67,568 | -235,046 | |||||||||
FINANCING ACTIVITIES: | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||
Proceeds from exercise of employee stock options | 1,239 | 120 | 1,489 | 211 | 1,960 | 335 | 2,637 | 729 | 367 | |||||||||
Excess tax benefits from stock-based compensation activity | 236 | 61 | 376 | 66 | 405 | 100 | 552 | 196 | 302 | |||||||||
Purchase of common stock held in treasury | -399 | -742 | -399 | -742 | -399 | -742 | -399 | -742 | -294 | |||||||||
Borrowings on long-term debt | ' | -97 | 402,500 | ' | 402,500 | ' | 402,500 | ' | ' | |||||||||
Repayments on long-term debt | -220 | ' | -120,362 | -298 | -120,590 | -543 | -120,820 | -758 | -25 | |||||||||
Debt issuance costs | ' | ' | -12,370 | ' | -12,370 | -823 | -12,370 | -823 | ' | |||||||||
Cash provided by (used in) financing activities | 856 | -658 | 271,234 | -763 | 271,506 | -1,673 | 272,100 | -1,398 | 350 | |||||||||
Effect of exchange rate changes on cash and cash equivalents | -148 | 637 | -129 | 1,418 | 1,234 | 1,588 | -95 | 1,248 | -248 | |||||||||
Decrease in cash and cash equivalents | -39,175 | -38,970 | 134,243 | -57,317 | 217,831 | -83,453 | 246,447 | -59,652 | -220,109 | |||||||||
Cash and cash equivalents at beginning of period | 97,190 | 156,842 | 97,190 | 156,842 | 97,190 | 156,842 | 97,190 | 156,842 | 376,951 | |||||||||
Cash and cash equivalents at end of period | 58,015 | 117,872 | 231,433 | 99,525 | 315,021 | 73,389 | 343,637 | 97,190 | 156,842 | |||||||||
Previously Reported | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||
OPERATING ACTIVITIES: | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||
Net income | 6,968 | [2],[3],[4] | 4,629 | [5],[6] | 8,141 | [7],[8],[9] | 9,175 | [10],[5] | 19,843 | [11],[12],[13] | 12,763 | [14],[5] | ' | 20,140 | [1],[15],[16] | 6,032 | [1],[15],[16] | |
Adjustment for non-cash items included in net income: | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||
Depreciation and amortization | 11,000 | [3] | 8,734 | [6] | 21,753 | [9] | 18,957 | [10] | 32,469 | [13] | 29,405 | [14] | ' | ' | ' | |||
Asset and asset-related charges (income) | ' | ' | ' | ' | ' | 1,617 | [14] | ' | ' | ' | ||||||||
Goodwill impairments | 484 | [3] | ' | 484 | [9] | ' | 484 | [13] | ' | ' | ' | ' | ||||||
Deferred income taxes | 3,350 | [3] | -2,436 | [6] | 1,810 | [9] | -2,909 | [10] | 349 | [13] | -4,717 | [14] | ' | 1,433 | [1],[16] | 8,097 | [1],[16] | |
Stock-based compensation | 1,708 | [3] | 1,378 | [6] | 3,126 | [9] | 2,518 | [10] | 4,543 | [13] | 3,658 | [14] | ' | ' | ' | |||
Excess tax benefits from stock-based compensation activity | -236 | [3] | -61 | [6] | -376 | [9] | -66 | [10] | -405 | [13] | -100 | [14] | ' | ' | ' | |||
(Gain) loss on sale of property, plant and equipment | ' | ' | ' | -74 | [10] | ' | ' | ' | ' | ' | ||||||||
Amortization of discount on long-term debt | 2,562 | [3] | 2,352 | [6] | 6,569 | [9] | 4,738 | [10] | 10,592 | [13] | 7,192 | [14] | ' | ' | ' | |||
Amortization of deferred financing costs | 325 | [3] | ' | 753 | [9] | ' | 1,498 | [13] | ' | ' | ' | ' | ||||||
Deferred financing cost writedown | ' | ' | 1,498 | [9] | ' | ' | ' | ' | ' | ' | ||||||||
Other | -41 | [3] | -68 | [6] | -102 | [9] | 758 | [10] | 1,115 | [13] | 1,498 | [14] | ' | ' | ' | |||
Changes in assets and liabilities: | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||
Receivables | -9,994 | [3] | 4,750 | [6] | -3,054 | [9] | 2,904 | [10] | -14,169 | [13] | -11,799 | [14] | ' | ' | ' | |||
Inventories | -26,091 | [3] | -29,743 | [6] | -34,979 | [9] | -49,871 | [10] | -35,851 | [13] | -74,061 | [14] | ' | ' | ' | |||
Accounts payable | -6,583 | [3] | 5,504 | [6] | -12,900 | [9] | 4,172 | [10] | -11,866 | [13] | 10,424 | [14] | ' | ' | ' | |||
Income taxes payable | 416 | [3] | 1,659 | [6] | -8,356 | [9] | 5,117 | [10] | -11,566 | [13] | 8,893 | [14] | ' | ' | ' | |||
Unearned revenue | -5,194 | [3] | 5,630 | [6] | 22,033 | [9] | 5,917 | [10] | 12,636 | [13] | 9,076 | [14] | ' | ' | ' | |||
Cost in excess of billings | -12 | [3] | 2,677 | [6] | 1,951 | [9] | 1,769 | [10] | -842 | [13] | 789 | [14] | ' | ' | ' | |||
Liability for pension benefits | ' | [3] | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Other current assets and liabilities | -10,520 | [3] | -14,648 | [6] | -11,185 | [9] | -13,425 | [10] | -2,493 | [13] | -7,181 | [14] | ' | ' | ' | |||
Other assets and liabilities | 1,135 | [3] | -3,316 | [6] | 3,453 | [9] | -3,889 | [10] | 3 | [13] | -12,907 | [14] | ' | ' | ' | |||
Cash provided by (used in) operating activities | -30,723 | [3] | -12,959 | [6] | 619 | [9] | -14,209 | [10] | 6,340 | [13] | -25,450 | [14] | ' | ' | ' | |||
INVESTING ACTIVITIES: | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||
Divestitures | ' | ' | 10,475 | [9] | ' | 10,475 | [13] | ' | ' | ' | ' | |||||||
Acquisitions, net of cash required | ' | -185,633 | [6] | ' | -185,633 | [10] | ' | -182,811 | [14] | ' | ' | ' | ||||||
Maturity/sale of investments | ' | 176,809 | [6] | ' | 176,809 | [10] | 82,957 | [13] | 176,809 | [14] | ' | ' | ' | |||||
Capital expenditures | -9,160 | [3] | -17,128 | [6] | -19,665 | [9] | -34,901 | [10] | -26,357 | [13] | -47,879 | [14] | ' | ' | ' | |||
Purchase of investments | ' | -38 | [6] | -128,291 | [9] | -38 | [10] | -128,324 | [13] | -4,037 | [14] | ' | ' | ' | ||||
Proceeds from disposal of property, plant, and equipment | ' | [3] | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Cash provided by (used in) investing activities | -9,160 | [3] | -25,990 | [6] | -137,481 | [9] | -43,763 | [10] | -61,249 | [13] | -57,918 | [14] | ' | ' | ' | |||
FINANCING ACTIVITIES: | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||
Proceeds from exercise of employee stock options | 1,239 | [3] | 120 | [6] | 1,489 | [9] | 211 | [10] | 1,960 | [13] | 335 | [14] | ' | ' | ' | |||
Excess tax benefits from stock-based compensation activity | 236 | [3] | 61 | [6] | 376 | [9] | 66 | [10] | 405 | [13] | 100 | [14] | ' | ' | ' | |||
Purchase of common stock held in treasury | -399 | [3] | -742 | [6] | -399 | [9] | -742 | [10] | -399 | [13] | -742 | [14] | ' | ' | ' | |||
Borrowings on long-term debt | ' | -97 | [6] | 402,500 | [9] | ' | 402,500 | [13] | ' | ' | ' | ' | ||||||
Repayments on long-term debt | -220 | [3] | ' | -120,362 | [9] | -298 | [10] | -120,590 | [13] | -543 | [14] | ' | ' | ' | ||||
Debt issuance costs | ' | ' | -12,370 | [9] | ' | -12,370 | [13] | -823 | [14] | ' | ' | ' | ||||||
Cash provided by (used in) financing activities | 856 | [3] | -658 | [6] | 271,234 | [9] | -763 | [10] | 271,506 | [13] | -1,673 | [14] | ' | ' | ' | |||
Effect of exchange rate changes on cash and cash equivalents | -148 | [3] | 637 | [6] | -129 | [9] | 1,418 | [10] | 1,234 | [13] | 1,588 | [14] | ' | ' | ' | |||
Decrease in cash and cash equivalents | -39,175 | [3] | -38,970 | [6] | 134,243 | [9] | -57,317 | [10] | 217,831 | [13] | -83,453 | [14] | ' | ' | ' | |||
Cash and cash equivalents at beginning of period | 97,190 | [13],[3],[9] | 156,842 | [10],[14],[6] | 97,190 | [13],[3],[9] | 156,842 | [10],[14],[6] | 97,190 | [13],[3],[9] | 156,842 | [10],[14],[6] | 97,190 | [13],[3],[9] | 156,842 | [10],[14],[6] | ' | |
Cash and cash equivalents at end of period | 58,015 | [17],[18],[3] | 117,872 | [19],[20],[6] | 231,433 | [21],[22],[9] | 99,525 | [10],[23],[24],[25] | 315,021 | [13],[26],[27] | 73,389 | [14],[28],[29] | ' | 97,190 | [13],[3],[9] | 156,842 | [10],[14],[6] | |
Revision Adjustment | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||
OPERATING ACTIVITIES: | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||
Net income | -458 | [30],[31] | ' | -590 | [30],[31] | ' | ' | ' | ' | ' | ' | |||||||
Adjustment for non-cash items included in net income: | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||
Deferred income taxes | -178 | [31] | ' | -267 | [31] | ' | ' | ' | ' | ' | ' | |||||||
Changes in assets and liabilities: | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||
Inventories | 111 | [31] | ' | 424 | [31] | ' | ' | ' | ' | ' | ' | |||||||
Unearned revenue | 532 | [31] | ' | 1,319 | [31] | ' | ' | ' | ' | ' | ' | |||||||
Cost in excess of billings | -7 | [31] | ' | -886 | [31] | ' | ' | ' | ' | ' | ' | |||||||
Liability for pension benefits | ' | [31] | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
INVESTING ACTIVITIES: | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||
Proceeds from disposal of property, plant, and equipment | ' | [31] | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Restatement Adjustment | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||
OPERATING ACTIVITIES: | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||
Net income | -1,625 | -2,061 | -1,996 | -3,582 | -1,993 | -4,395 | ' | -5,200 | [1] | -6,082 | [1] | |||||||
Adjustment for non-cash items included in net income: | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||
Deferred income taxes | 1,625 | 2,061 | 1,996 | 3,582 | 1,993 | 4,395 | ' | 5,200 | [1] | 6,082 | [1] | |||||||
Changes in assets and liabilities: | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||
Liability for pension benefits | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||
Other current assets and liabilities | 104 | ' | 104 | ' | 104 | ' | ' | ' | ' | |||||||||
Other assets and liabilities | -104 | ' | -104 | ' | -104 | ' | ' | ' | ' | |||||||||
INVESTING ACTIVITIES: | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||
Proceeds from disposal of property, plant, and equipment | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||
[1] | The Company does not present cash flows from discontinued operations, consistent with the FASB's authoritative guidance. Restatement adjustments did not have an impact on cash flows from investing and financing activities. | |||||||||||||||||
[2] | Previously reported balances represent the amounts reported in the Condensed Consolidating Statement of Operations in the Company's Amended Quarterly Report on Form 10-Q/A for the quarterly period ended March 31, 2013 as filed with the SEC on September 24, 2013. | |||||||||||||||||
[3] | Previously reported balances represent the amounts reported in the Condensed Consolidated Statement of Cash Flows in the Company's Amended Quarterly Report on Form 10-Q/A for the quarterly period ended March 31, 2013 as filed with the SEC on September 24, 2013. The previously reported changes in inventory, cost in excess of billings, and deferred revenue have been adjusted by $1,040, $(174), and $(866) to correct the prior presentation. | |||||||||||||||||
[4] | Previously reported balances represent the amounts reported in the Condensed Consolidated Statement of Operations in the Company's Amended Quarterly Report on Form 10-Q/A for the quarterly period ended March 31, 2013 as filed with the SEC on September 24, 2013. | |||||||||||||||||
[5] | Previously reported balances represent the amounts presented as "Currently Reported" in the Note 2 to the Company's Second Amended Annual Report on Form 10-K/A for the annual period ended December 31, 2012 as filed with the SEC on November 12, 2013. | |||||||||||||||||
[6] | Previously reported balances represent the amounts presented as "Currently Reported" in the Note 2 to the Company's Second Amended Annual Report on Form 10-K/A for the annual period ended December 31, 2012 as filed with the SEC on November 12, 2013. The previously reported changes in inventory, cost in excess of billings, and deferred revenue have been adjusted by $(2,288), $2,282, and $6 to correct the prior presentation. | |||||||||||||||||
[7] | Previously reported balances represent the amounts reported in the Condensed Consolidated Statement of Operations in the Company's Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2013 as filed with the SEC on September 24, 2013. | |||||||||||||||||
[8] | Previously reported balances represent the amounts reported in the Condensed Consolidating Statement of Operations in the Company's Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2013 as filed with the SEC on September 24, 2013. | |||||||||||||||||
[9] | Previously reported balances represent the amounts reported in the Condensed Consolidated Statement of Cash Flows in the Company's Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2013 as filed with the SEC on September 24, 2013. The previously reported changes in inventory, cost in excess of billings, and deferred revenue have been adjusted by $(340), $1,021, and $(681) to correct the prior presentation. | |||||||||||||||||
[10] | Previously reported balances represent the amounts presented as "Currently Reported" in the Note 2 to the Company's Second Amended Annual Report on Form 10-K/A for the annual period ended December 31, 2012 as filed with the SEC on November 12, 2013. The previously reported changes in inventory, cost in excess of billings, and deferred revenue have been adjusted by $(2,049), $2,027, and $22 to correct the prior presentation. | |||||||||||||||||
[11] | Previously reported balances represent the amounts reported in the Condensed Consolidated Statement of Operations in the Company's Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2013 as filed with the SEC on November 12, 2013. | |||||||||||||||||
[12] | Previously reported balances represent the amounts reported in the Condensed Consolidating Statement of Operations in the Company's Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2013 as filed with the SEC on November 12, 2013. | |||||||||||||||||
[13] | Previously reported balances represent the amounts reported in the Condensed Consolidated Statement of Cash Flows in the Company's Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2013 as filed with the SEC on November 12, 2013. The previously reported changes in inventory, cost in excess of billings, and deferred revenue have been adjusted by $540, $323, and $(866) to correct the prior presentation. | |||||||||||||||||
[14] | Previously reported balances represent the amounts presented as "Currently Reported" in the Note 2 to the Company's Second Amended Annual Report on Form 10-K/A for the annual period ended December 31, 2012 as filed with the SEC on November 12, 2013. The previously reported changes in inventory, cost in excess of billings, and deferred revenue have been adjusted by $(2,709), $2,540, and $169 to correct the prior presentation. | |||||||||||||||||
[15] | Previously reported balances represent the amounts reported in the Consolidated Statement of Operations in the Company's Second Amended Annual Report on Form 10-K/A for the annual period ended December 31, 2012 as filed with the SEC on November 12, 2013. | |||||||||||||||||
[16] | Previously reported balances represent the amounts reported in the Consolidated Balance Sheet in the Company's Second Amended Annual Report on Form 10-K/A for the annual period ended December 31, 2012 as filed with the SEC on November 12, 2013. | |||||||||||||||||
[17] | Previously reported balances represent the amounts reported in the Condensed Consolidated Balance Sheet in the Company's Amended Quarterly Report on Form 10-Q/A for the quarterly period ended March 31, 2013 as filed with the SEC on September 24, 2013. The previously reported balances of inventory and cost in excess of billings have been adjusted by $(1,739) and $1,739 to correct the prior presentation. | |||||||||||||||||
[18] | Previously reported balances represent the amounts reported in the Condensed Consolidating Balance Sheet in the Company's Amended Quarterly Report on Form 10-Q/A for the quarterly period ended March 31, 2013 as filed with the SEC on September 24, 2013. The previously reported Guarantor Subsidiary and Consolidated balances of inventory and cost in excess of billings have been adjusted by $(1,739) and $1,739 to correct the prior presentation. The previously reported balances of current deferred income tax assets, non-current deferred income tax assets, intercompany investments, other accrued liabilities, non-current deferred income taxes and shareholders' equity, were adjusted by $3,590, $-, $(6,790), $(685), $(2,515), and $- for the Parent; by $(2,437), $(28,939), $-, $-, $(26,657) and $(4,719) for the Guarantor Subsidiaries; by $(1,153), $(174), $-, $685, $59, and $(2,071) for the Non-Guarantor Subsidiaries; and by $-, $29,113, $6,790, $-, $29,113, and $6,790 for the Eliminations, to correct the presentation of deferred income tax balances. | |||||||||||||||||
[19] | Previously reported balances represent the amounts presented as "Currently Reported" in the Note 2 to the Company's Second Amended Annual Report on Form 10-K/A for the annual period ended December 31, 2012 as filed with the SEC on November 12, 2013. The previously reported balances of inventory, cost in excess of billings, and deferred revenue have been adjusted by $(1,596), $1,602, and $6 to correct the prior presentation. | |||||||||||||||||
[20] | The previously reported Guarantor Subsidiary and Consolidated balances of inventory, cost in excess of billings, and deferred revenue have been adjusted by $(1,596), $1,602, and $6 to correct the prior presentation. | |||||||||||||||||
[21] | Previously reported balances represent the amounts reported in the Condensed Consolidated Balance Sheet in the Company's Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2013 as filed with the SEC on September 24, 2013. The previously reported balances of inventory, cost in excess of billings, and deferred revenue have been adjusted by $(359), $544, and $185 to correct the prior presentation. | |||||||||||||||||
[22] | Previously reported balances represent the amounts reported in the Condensed Consolidating Balance Sheet in the Company's Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2013 as filed with the SEC on September 24, 2013. The previously reported Guarantor Subsidiary and Consolidated balances of inventory, cost in excess of billings, and deferred revenue have been adjusted by $(359), $544, and $185 to correct the prior presentation. The previously reported balances of current deferred income tax assets, non-current deferred income tax assets, intercompany investments, other accrued liabilities, non-current deferred income taxes, and shareholders' equity, were adjusted by $4,081, $-, $(6,671), $(685), $(1,905), and $- for the Parent; by $(2,437), $(28,271), $-, $-, $(26,646), and $(4,062) for the Guarantor Subsidiaries; by $(1,644), $(169), $-, $685, $111, and $(2,609) for the Non-Guarantor Subsidiaries; and by $-, $28,440, $6,671, $-, $28,440, and $6,671 for the Eliminations, to correct the presentation of deferred income tax balances. | |||||||||||||||||
[23] | Previously reported balances represent the amounts presented as "Currently Reported" in the Note 2 to the Company's Second Amended Annual Report on Form 10-K/A for the annual period ended December 31, 2012 as filed with the SEC on November 12, 2013. The previously reported balances of inventory, cost in excess of billings, and deferred revenue have been adjusted by $(1,835), $1,857, and $22 to correct the prior presentation. | |||||||||||||||||
[24] | The previously Guarantor Subsidiary and Consolidated balances of inventory, cost in excess of billings, and deferred revenue have been adjusted by $(1,835), $1,857, and $22 to correct the prior presentation. | |||||||||||||||||
[25] | The previously reported balances of current deferred income tax assets, non-current deferred income tax assets, intercompany investments, other accrued liabilities, non-current deferred income taxes, and shareholders' equity were adjusted by $3,598, $-, $(9,842), $(780), $(5,464), and $- for the Parent; by $(2,290), $(25,314), $-, $-, $(20,104), and $(7,500) for the Guarantor Subsidiaries; by $(1,308), $(31), $-, $780, $223, and $(2,342) for the Non-Guarantor Subsidiaries; and by $-, $25,345, $9,842, $-, $25,345, and $9,842 for the Eliminations, to correct the presentation of deferred income tax balances. | |||||||||||||||||
[26] | Previously reported balances represent the amounts reported in the Condensed Consolidated Balance Sheet in the Company's Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2013 as filed with the SEC on November 12, 2013. The previously reported balances of inventory and cost in excess of billings have been adjusted by $(1,242) and $1,242 to correct the prior presentation. | |||||||||||||||||
[27] | Previously reported balances represent the amounts reported in the Condensed Consolidating Balance Sheet in the Company's Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2013 as filed with the SEC on November 12, 2013. The previously reported Guarantor Subsidiary and Consolidated balances of inventory and cost in excess of billings have been adjusted by $(1,242) and $1,242 to correct the prior presentation. The previously reported balances of current deferred income tax assets, non-current deferred income tax assets, intercompany investments, other accrued liabilities, non-current deferred income taxes and shareholders' equity, were adjusted by $4,812, $-, $(11,850), $(685), $(6,353), and $- for the Parent; by $(2,629), $(27,604), $-, $-, $(21,587), and $(8,646) for the Guarantor Subsidiaries; by $(2,183), $(174), $-, $685, $162, and, $(3,204) for the Non-Guarantor Subsidiaries; and by $-, $27,778, $11,850, $-, $27,778, and $11,850 for the Eliminations, to correct the presentation of deferred income tax balances. | |||||||||||||||||
[28] | The previously reported Guarantor Subsidiary and Consolidated balances of inventory, cost in excess of billings, and deferred revenue have been adjusted by $(1,175), $1,344, and $169 to correct the prior presentation. | |||||||||||||||||
[29] | Previously reported balances represent the amounts presented as "Currently Reported" in the Note 2 to the Company's Second Amended Annual Report on Form 10-K/A for the annual period ended December 31, 2012 as filed with the SEC on November 12, 2013. The previously reported balances of inventory, cost in excess of billings, and deferred revenue have been adjusted by $(1,175), $1,344, and $169 to correct the prior presentation. | |||||||||||||||||
[30] | Amounts presented as Revision Adjustment represent revisions for revenue recognition errors related to certain long-term projects as disclosed in the Company's Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2013 as filed with the SEC on November 12, 2013. | |||||||||||||||||
[31] | Amounts presented as Revision Adjustment represent revisions related to revenue recognition errors related to certain long-term projects, as well as adjustments to goodwill and deferred taxes related to the acquisition of Remmele in 2012, as disclosed in the Company's Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2013 as filed with the SEC on November 12, 2013. |
Effects_of_Restatement_on_Cond4
Effects of Restatement on Condensed Consolidated Statement of Cash Flows Quarterly Financial Information (Parenthetical) (Detail) (USD $) | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||||||
In Thousands, unless otherwise specified | Mar. 31, 2013 | Mar. 31, 2012 | Jun. 30, 2013 | Jun. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||
Changes in inventory | $25,980 | $29,743 | $34,555 | $49,871 | $35,851 | $74,061 | $47,139 | $106,565 | ($3,810) | ||
Changes in cost in excess of billings | 19 | -2,677 | -1,065 | -1,769 | 842 | -789 | 3,118 | -459 | 300 | ||
Changes in deferred revenue | -4,662 | 5,630 | 23,352 | 5,917 | 12,636 | 9,076 | -10,509 | 10,059 | -2,606 | ||
Revision Adjustment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Changes in inventory | -111 | [1] | ' | -424 | [1] | ' | ' | ' | ' | ' | ' |
Changes in cost in excess of billings | 7 | [1] | ' | 886 | [1] | ' | ' | ' | ' | ' | ' |
Changes in deferred revenue | 532 | [1] | ' | 1,319 | [1] | ' | ' | ' | ' | ' | ' |
Revision Adjustment | Remmele | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Changes in inventory | 1,040 | -2,288 | -340 | -2,049 | 543 | -2,709 | ' | ' | ' | ||
Changes in cost in excess of billings | -174 | 2,282 | 1,021 | 2,027 | 323 | 2,540 | ' | ' | ' | ||
Changes in deferred revenue | ($866) | $6 | ($681) | $22 | ($866) | $169 | ' | ' | ' | ||
[1] | Amounts presented as Revision Adjustment represent revisions related to revenue recognition errors related to certain long-term projects, as well as adjustments to goodwill and deferred taxes related to the acquisition of Remmele in 2012, as disclosed in the Company's Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2013 as filed with the SEC on November 12, 2013. |
Effects_of_Restatement_or_Revi3
Effects of Restatement or Revision, Condensed Consolidating Statement of Operations and Comprehensive Income (Loss) Quarterly Financial Information (Detail) (USD $) | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||||||||||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Jun. 30, 2013 | Jun. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||||||||||||
Net sales | $200,012 | $194,936 | $199,123 | $189,202 | $185,630 | $180,666 | $182,419 | $151,272 | $388,325 | $333,691 | $583,261 | $514,357 | $783,273 | $699,987 | $488,352 | |||||||||||||
Cost and expenses: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||
Cost of sales | ' | 149,797 | 155,346 | 149,949 | ' | 147,299 | 148,847 | 119,420 | 305,295 | 268,267 | 455,092 | 415,566 | 609,419 | 561,418 | 397,429 | |||||||||||||
Selling, general, and administrative expenses | ' | 22,219 | 22,314 | 24,605 | ' | 21,416 | 22,350 | 20,366 | 46,919 | 42,716 | 69,138 | 64,132 | 92,921 | [1] | 86,621 | 65,650 | ||||||||||||
Research, technical, and product development expenses | ' | 1,041 | 982 | 1,001 | ' | 1,012 | 1,104 | 1,065 | 1,983 | 2,169 | 3,024 | 3,181 | 3,931 | 4,164 | 3,392 | |||||||||||||
Asset and asset-related charges | ' | ' | ' | ' | ' | 1,617 | ' | ' | ' | ' | ' | 1,617 | -372 | 367 | -1,501 | |||||||||||||
Operating income (loss) | 6,008 | 21,879 | 20,481 | 13,647 | 17,556 | 9,322 | 10,118 | 10,421 | 34,128 | 20,539 | 56,007 | 29,861 | 62,015 | 47,417 | 23,382 | |||||||||||||
Other income (expense), net | ' | -294 | 700 | 559 | ' | 16 | 570 | -268 | 1,259 | 302 | 965 | 318 | 938 | -501 | 56 | |||||||||||||
Interest income (expense), net | ' | -7,309 | -20,643 | -4,765 | ' | -4,690 | -4,176 | -4,196 | -25,408 | -8,372 | -32,717 | -13,062 | -40,157 | -17,778 | -15,645 | |||||||||||||
Income (loss) before income taxes | ' | 14,276 | 538 | 9,441 | ' | 4,648 | 6,512 | 5,957 | 9,979 | 12,469 | 24,255 | 17,117 | 22,796 | 29,138 | 7,793 | |||||||||||||
Provision for (benefit from) income taxes | ' | 1,701 | -521 | 4,473 | ' | 2,236 | 4,021 | 4,070 | 3,952 | 8,091 | 5,653 | 10,327 | 7,139 | 15,685 | 10,101 | |||||||||||||
Net income attributable to continuing operations | -2,945 | 12,575 | 1,059 | 4,968 | 6,663 | 2,412 | 2,491 | 1,887 | 6,027 | 4,378 | 18,602 | 6,790 | 15,657 | 13,453 | -2,308 | |||||||||||||
Net income (loss) attributable to discontinued operations, net of tax | ' | -280 | -389 | -83 | ' | 363 | 534 | 681 | -472 | 1,215 | -752 | 1,578 | -1,584 | 1,487 | 2,258 | |||||||||||||
Net income | ' | 12,295 | 670 | 4,885 | ' | 2,775 | 3,025 | 2,568 | 5,555 | 5,593 | 17,850 | 8,368 | 14,073 | 14,940 | [2] | -50 | [2] | |||||||||||
Comprehensive income | ' | 15,558 | -1,386 | 9,500 | ' | 7,372 | 2,284 | 5,418 | 8,114 | 7,702 | 23,672 | 15,074 | 18,680 | 8,786 | -6,563 | |||||||||||||
Previously Reported | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||
Net sales | ' | 196,532 | [3],[4] | 200,950 | [5],[6] | 191,900 | [7],[8] | ' | 182,545 | [9] | 184,462 | [9] | 154,070 | [9] | 392,850 | [5],[6] | 338,532 | [9] | 588,514 | [3],[4] | 521,077 | [9] | ' | 708,090 | [10] | 501,288 | [10] | |
Cost and expenses: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||
Cost of sales | ' | 151,435 | [3],[4] | 156,782 | [5],[6] | 151,986 | [7],[8] | ' | 148,895 | [9] | 150,443 | [9] | 121,563 | [9] | 308,768 | [5],[6] | 272,006 | [9] | 460,192 | [3],[4] | 420,901 | [9] | ' | 568,462 | [10] | 407,660 | [10] | |
Selling, general, and administrative expenses | ' | 22,491 | [3],[4] | 22,641 | [5],[6] | 24,908 | [7],[8] | ' | 21,725 | [9] | 22,678 | [9] | 20,833 | [9] | 47,549 | [5],[6] | 43,511 | [9] | 70,040 | [3],[4] | 65,236 | [9] | ' | ' | ' | |||
Research, technical, and product development expenses | ' | 1,041 | [3],[4] | 982 | [5],[6] | 1,001 | [7],[8] | ' | 1,012 | [9] | 1,104 | [9] | 1,065 | [9] | 1,983 | [5],[6] | 2,169 | [9] | 3,024 | [3],[4] | 3,181 | [9] | ' | ' | ' | |||
Asset and asset-related charges | ' | ' | ' | ' | ' | 1,617 | [9] | ' | ' | ' | ' | ' | 1,617 | [9] | ' | ' | ' | |||||||||||
Operating income (loss) | ' | 21,565 | [3],[4] | 20,545 | [5],[6] | 14,005 | [7],[8] | ' | 9,296 | [9] | 10,237 | [9] | 10,609 | [9] | 34,550 | [5],[6] | 20,846 | [9] | 55,258 | [3],[4] | 30,142 | [9] | ' | 47,111 | [10] | 24,052 | [10] | |
Other income (expense), net | ' | -294 | [3],[4] | 700 | [5],[6] | 559 | [7],[8] | ' | 16 | [9] | 570 | [9] | -268 | [9] | 1,259 | [5],[6] | 302 | [9] | 965 | [3],[4] | 318 | [9] | ' | ' | ' | |||
Interest income (expense), net | ' | -7,309 | [4] | -20,643 | [6] | -4,765 | [7] | ' | -4,690 | -4,176 | -4,196 | -25,408 | [6] | -8,372 | -32,717 | [4] | -13,062 | ' | ' | ' | ||||||||
Income (loss) before income taxes | ' | 13,962 | [3],[4] | 602 | [5],[6] | 9,799 | [7],[8] | ' | 4,622 | [9] | 6,631 | [9] | 6,145 | [9] | 10,401 | [5],[6] | 12,776 | [9] | 23,506 | [3],[4] | 17,398 | [9] | ' | 28,832 | [10] | 8,463 | [10] | |
Provision for (benefit from) income taxes | ' | 1,670 | [3],[4] | -878 | [5],[6] | 2,982 | [7],[8] | ' | 1,423 | [9] | 2,538 | [9] | 2,087 | [9] | 2,104 | [5],[6] | 4,625 | [9] | 3,507 | [3],[4] | 6,048 | [9] | ' | 10,392 | [10] | 4,269 | [10] | |
Net income attributable to continuing operations | ' | 12,292 | [3],[4] | 1,480 | [5],[6] | 6,817 | [7],[8] | ' | 3,199 | [9] | 4,093 | [9] | 4,058 | [9] | 8,297 | [5],[6] | 8,151 | [9] | 19,999 | [3],[4] | 11,350 | [9] | ' | 18,440 | [10] | 4,194 | [10] | |
Net income (loss) attributable to discontinued operations, net of tax | ' | ' | -307 | [5],[6] | 151 | [7],[8] | ' | 389 | [9] | 453 | [9] | 571 | [9] | -156 | [5],[6] | 1,024 | [9] | -156 | [3],[4] | 1,413 | [9] | ' | 1,700 | [10] | 1,838 | [10] | ||
Net income | ' | 12,292 | [3],[4] | 1,173 | [5],[6] | 6,968 | [11],[7],[8] | ' | 3,588 | [9] | 4,546 | [9] | 4,629 | [12],[9] | 8,141 | [13],[5],[6] | 9,175 | [14],[9] | 19,843 | [15],[3],[4] | 12,763 | [16],[9] | ' | 20,140 | [10],[17],[2] | 6,032 | [10],[17],[2] | |
Comprehensive income | ' | 16,251 | [4] | -2,067 | [6] | 10,980 | [7] | ' | 9,297 | 3,173 | 8,032 | 8,913 | [6] | 11,205 | 24,574 | [4] | 20,502 | ' | 14,629 | -842 | ||||||||
RTI International Metals, Inc. | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||
Cost and expenses: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||
Selling, general, and administrative expenses | ' | 712 | 491 | 1,213 | ' | -1,442 | -933 | -102 | 1,704 | -1,035 | 2,416 | -2,477 | 4,799 | [1] | -3,101 | 981 | ||||||||||||
Research, technical, and product development expenses | ' | ' | ' | ' | ' | ' | ' | 95 | ' | 95 | ' | 95 | ' | 95 | ' | |||||||||||||
Operating income (loss) | ' | -712 | -491 | -1,213 | ' | 1,442 | 933 | 7 | -1,704 | 940 | -2,416 | 2,382 | -4,799 | 3,006 | -981 | |||||||||||||
Other income (expense), net | ' | 4,120 | -4,167 | 4,277 | ' | -3 | -32 | -13 | 110 | -45 | 4,230 | -48 | 6,318 | -63 | -92 | |||||||||||||
Interest income (expense), net | ' | -5,488 | -5,605 | -4,417 | ' | -4,358 | -3,903 | -4,014 | -10,022 | -7,917 | -15,510 | -12,275 | -21,291 | -16,639 | -16,299 | |||||||||||||
Equity in earnings of subsidiaries | ' | 12,268 | 7,364 | 5,646 | ' | 4,106 | 2,690 | 5,054 | 13,010 | 7,743 | 25,277 | 11,849 | 21,936 | 20,741 | 10,066 | |||||||||||||
Income (loss) before income taxes | ' | 10,188 | -2,899 | 4,293 | ' | 1,187 | -312 | 1,034 | 1,394 | 721 | 11,581 | 1,908 | 2,164 | 7,045 | -7,306 | |||||||||||||
Provision for (benefit from) income taxes | ' | -2,387 | -3,958 | -675 | ' | -1,225 | -2,803 | -853 | -4,633 | -3,657 | -7,021 | -4,882 | -13,493 | -6,408 | -4,998 | |||||||||||||
Net income attributable to continuing operations | ' | 12,575 | 1,059 | 4,968 | ' | 2,412 | 2,491 | 1,887 | 6,027 | 4,378 | 18,602 | 6,790 | 15,657 | 13,453 | -2,308 | |||||||||||||
Net income (loss) attributable to discontinued operations, net of tax | ' | -280 | -389 | -83 | ' | 363 | 534 | 681 | -472 | 1,215 | -752 | 1,578 | -1,584 | 1,487 | 2,258 | |||||||||||||
Net income | ' | 12,295 | 670 | 4,885 | ' | 2,775 | 3,025 | 2,568 | 5,555 | 5,593 | 17,850 | 8,368 | 14,073 | 14,940 | -50 | |||||||||||||
Comprehensive income | ' | 15,558 | -1,386 | 9,500 | ' | 7,372 | 2,284 | 5,418 | 8,114 | 7,702 | 23,672 | 15,074 | 18,680 | 8,786 | -6,563 | |||||||||||||
RTI International Metals, Inc. | Previously Reported | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||
Cost and expenses: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||
Selling, general, and administrative expenses | ' | 712 | [4] | 491 | [6] | 1,213 | [7] | ' | -1,442 | -933 | -102 | 1,704 | [6] | -1,035 | 2,416 | [4] | -2,477 | ' | ' | ' | ||||||||
Research, technical, and product development expenses | ' | ' | ' | ' | ' | ' | ' | 95 | ' | 95 | ' | 95 | ' | ' | ' | |||||||||||||
Operating income (loss) | ' | -712 | [4] | -491 | [6] | -1,213 | [7] | ' | 1,442 | 933 | 7 | -1,704 | [6] | 940 | -2,416 | [4] | 2,382 | ' | 3,006 | -981 | ||||||||
Other income (expense), net | ' | 4,120 | [4] | -4,167 | [6] | 4,277 | [7] | ' | -3 | -32 | -13 | 110 | [6] | -45 | 4,230 | [4] | -48 | ' | ' | ' | ||||||||
Interest income (expense), net | ' | -5,488 | [4] | -5,605 | [6] | -4,417 | [7] | ' | -4,358 | -3,903 | -4,014 | -10,022 | [6] | -7,917 | -15,510 | [4] | -12,275 | ' | ' | ' | ||||||||
Equity in earnings of subsidiaries | ' | 11,876 | [4] | 8,220 | [6] | 7,175 | [7] | ' | 5,034 | 4,258 | 7,022 | 15,395 | [6] | 11,280 | 26,681 | [4] | 16,314 | ' | 25,832 | 16,568 | ||||||||
Income (loss) before income taxes | ' | 9,796 | [4] | -2,043 | [6] | 5,822 | [7] | ' | 2,115 | 1,256 | 3,002 | 3,779 | [6] | 4,258 | 12,985 | [4] | 6,373 | ' | 12,136 | -804 | ||||||||
Provision for (benefit from) income taxes | ' | -2,496 | [4] | -3,523 | [6] | -995 | [7] | ' | -1,084 | -2,837 | -1,056 | -4,518 | [6] | -3,893 | -7,014 | [4] | -4,977 | ' | -6,304 | -4,998 | ||||||||
Net income attributable to continuing operations | ' | 12,292 | [4] | 1,480 | [6] | 6,817 | [7] | ' | 3,199 | 4,093 | 4,058 | 8,297 | [6] | 8,151 | 19,999 | [4] | 11,350 | ' | 18,440 | 4,194 | ||||||||
Net income (loss) attributable to discontinued operations, net of tax | ' | ' | -307 | [6] | 151 | [7] | ' | 389 | 453 | 571 | -156 | [6] | 1,024 | -156 | [4] | 1,413 | ' | 1,700 | 1,838 | |||||||||
Net income | ' | 12,292 | [4] | 1,173 | [6] | 6,968 | [7] | ' | 3,588 | 4,546 | 4,629 | 8,141 | [6] | 9,175 | 19,843 | [4] | 12,763 | ' | 20,140 | 6,032 | ||||||||
Comprehensive income | ' | 16,251 | [4] | -2,067 | [6] | 10,980 | [7] | ' | 9,297 | 3,173 | 8,032 | 8,913 | [6] | 11,205 | 24,574 | [4] | 20,502 | ' | 14,629 | -842 | ||||||||
Guarantor Subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||
Net sales | ' | 128,285 | 136,778 | 136,173 | ' | 131,132 | 148,017 | 116,796 | 272,951 | 247,734 | 401,236 | 378,866 | 524,003 | 503,018 | 347,963 | |||||||||||||
Cost and expenses: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||
Cost of sales | ' | 103,808 | 108,580 | 113,470 | ' | 114,706 | 127,484 | 96,311 | 222,050 | 209,233 | 325,858 | 323,939 | 426,646 | 426,268 | 296,066 | |||||||||||||
Selling, general, and administrative expenses | ' | 10,808 | 11,034 | 11,708 | ' | 12,048 | 14,635 | 9,013 | 22,742 | 21,324 | 33,550 | 33,372 | 43,842 | [1] | 45,316 | 22,586 | ||||||||||||
Research, technical, and product development expenses | ' | 1,037 | 982 | 1,001 | ' | 1,000 | 1,208 | 930 | 1,983 | 2,024 | 3,020 | 3,024 | 3,925 | 4,007 | 3,232 | |||||||||||||
Asset and asset-related charges | ' | ' | ' | ' | ' | 1,617 | ' | ' | ' | ' | ' | 1,617 | -372 | 367 | ' | |||||||||||||
Operating income (loss) | ' | 12,632 | 16,182 | 9,994 | ' | 1,761 | 4,690 | 10,542 | 26,176 | 15,153 | 38,808 | 16,914 | 34,603 | 27,060 | 26,079 | |||||||||||||
Other income (expense), net | ' | -2,520 | 1,104 | -2,384 | ' | 20 | ' | 280 | -1,280 | 281 | -3,800 | 301 | -5,146 | 38 | -38 | |||||||||||||
Interest income (expense), net | ' | -1,571 | -8,668 | 29 | ' | 36 | -15 | 138 | -8,639 | 159 | -10,210 | 195 | -11,503 | 205 | 1,797 | |||||||||||||
Equity in earnings of subsidiaries | ' | -439 | 263 | -373 | ' | 1,231 | 2,512 | 1,444 | -110 | 3,956 | -549 | 5,185 | -191 | 5,419 | 6,128 | |||||||||||||
Income (loss) before income taxes | ' | 8,102 | 8,881 | 7,266 | ' | 3,048 | 7,187 | 12,404 | 16,147 | 19,549 | 24,249 | 22,595 | 17,763 | 32,722 | 33,966 | |||||||||||||
Provision for (benefit from) income taxes | ' | 2,665 | 2,101 | 2,775 | ' | 705 | 2,926 | 3,030 | 4,876 | 5,968 | 7,541 | 6,673 | 10,964 | 10,726 | 10,257 | |||||||||||||
Net income attributable to continuing operations | ' | 5,437 | 6,780 | 4,491 | ' | 2,343 | 4,261 | 9,374 | 11,271 | 13,581 | 16,708 | 15,922 | 6,799 | 21,996 | 23,709 | |||||||||||||
Net income | ' | 5,437 | 6,780 | 4,491 | ' | 2,343 | 4,261 | 9,374 | 11,271 | 13,581 | 16,708 | 15,922 | 6,799 | 21,996 | 23,709 | |||||||||||||
Comprehensive income | ' | 6,561 | 7,862 | 10,665 | ' | 3,394 | 5,312 | 10,433 | 18,528 | 15,691 | 25,089 | 19,083 | 18,327 | 14,465 | 19,646 | |||||||||||||
Guarantor Subsidiaries | Previously Reported | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||
Net sales | ' | 128,285 | [4] | 136,778 | [6] | 136,173 | [7] | ' | 131,132 | 148,017 | 116,796 | 272,951 | [6] | 247,734 | 401,236 | [4] | 378,866 | ' | 503,018 | 347,963 | ||||||||
Cost and expenses: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||
Cost of sales | ' | 103,808 | [4] | 108,580 | [6] | 113,470 | [7] | ' | 114,706 | 127,484 | 96,311 | 222,050 | [6] | 209,233 | 325,858 | [4] | 323,939 | ' | 426,268 | 296,066 | ||||||||
Selling, general, and administrative expenses | ' | 10,808 | [4] | 11,034 | [6] | 11,708 | [7] | ' | 12,048 | 14,635 | 9,013 | 22,742 | [6] | 21,324 | 33,550 | [4] | 33,372 | ' | ' | ' | ||||||||
Research, technical, and product development expenses | ' | 1,037 | [4] | 982 | [6] | 1,001 | [7] | ' | 1,000 | 1,208 | 930 | 1,983 | [6] | 2,024 | 3,020 | [4] | 3,024 | ' | ' | ' | ||||||||
Asset and asset-related charges | ' | ' | ' | ' | ' | 1,617 | ' | ' | ' | ' | ' | 1,617 | ' | ' | ' | |||||||||||||
Operating income (loss) | ' | 12,632 | [4] | 16,182 | [6] | 9,994 | [7] | ' | 1,761 | 4,690 | 10,542 | 26,176 | [6] | 15,153 | 38,808 | [4] | 16,914 | ' | 27,060 | 26,079 | ||||||||
Other income (expense), net | ' | -2,520 | [4] | 1,104 | [6] | -2,384 | [7] | ' | 20 | ' | 280 | -1,280 | [6] | 281 | -3,800 | [4] | 301 | ' | ' | ' | ||||||||
Interest income (expense), net | ' | -1,571 | [4] | -8,668 | [6] | 29 | [7] | ' | 36 | -15 | 138 | -8,639 | [6] | 159 | -10,210 | [4] | 195 | ' | ' | ' | ||||||||
Equity in earnings of subsidiaries | ' | -439 | [4] | 263 | [6] | -373 | [7] | ' | 1,231 | 2,512 | 1,444 | -110 | [6] | 3,956 | -549 | [4] | 5,185 | ' | 5,419 | 6,128 | ||||||||
Income (loss) before income taxes | ' | 8,102 | [4] | 8,881 | [6] | 7,266 | [7] | ' | 3,048 | 7,187 | 12,404 | 16,147 | [6] | 19,549 | 24,249 | [4] | 22,595 | ' | 32,722 | 33,966 | ||||||||
Provision for (benefit from) income taxes | ' | 2,665 | [4] | 2,101 | [6] | 2,775 | [7] | ' | 705 | 2,926 | 3,030 | 4,876 | [6] | 5,968 | 7,541 | [4] | 6,673 | ' | 10,726 | 10,257 | ||||||||
Net income attributable to continuing operations | ' | 5,437 | [4] | 6,780 | [6] | 4,491 | [7] | ' | 2,343 | 4,261 | 9,374 | 11,271 | [6] | 13,581 | 16,708 | [4] | 15,922 | ' | 21,996 | 23,709 | ||||||||
Net income | ' | 5,437 | [4] | 6,780 | [6] | 4,491 | [7] | ' | 2,343 | 4,261 | 9,374 | 11,271 | [6] | 13,581 | 16,708 | [4] | 15,922 | ' | 21,996 | 23,709 | ||||||||
Comprehensive income | ' | 6,561 | [4] | 7,862 | [6] | 10,665 | [7] | ' | 3,394 | 5,312 | 10,433 | 18,528 | [6] | 15,691 | 25,089 | [4] | 19,083 | ' | 14,465 | 19,646 | ||||||||
Non-Guarantor Subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||
Net sales | ' | 115,158 | 119,617 | 103,464 | ' | 101,739 | 90,597 | 92,587 | 223,081 | 200,263 | 338,239 | 302,002 | 465,331 | 409,470 | 316,219 | |||||||||||||
Cost and expenses: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||
Cost of sales | ' | 94,496 | 104,038 | 86,914 | ' | 84,798 | 77,558 | 81,220 | 190,952 | 173,340 | 285,448 | 258,138 | 388,834 | 347,651 | 277,193 | |||||||||||||
Selling, general, and administrative expenses | ' | 10,699 | 10,789 | 11,684 | ' | 10,810 | 8,648 | 11,455 | 22,473 | 22,427 | 33,172 | 33,237 | 44,280 | [1] | 44,406 | 42,083 | ||||||||||||
Research, technical, and product development expenses | ' | 4 | ' | ' | ' | 12 | -104 | 40 | ' | 50 | 4 | 62 | 6 | 62 | 160 | |||||||||||||
Asset and asset-related charges | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -1,501 | |||||||||||||
Operating income (loss) | ' | 9,959 | 4,790 | 4,866 | ' | 6,119 | 4,495 | -128 | 9,656 | 4,446 | 19,615 | 10,565 | 32,211 | 17,351 | -1,716 | |||||||||||||
Other income (expense), net | ' | -1,894 | 3,763 | -1,334 | ' | -1 | 602 | -535 | 2,429 | 66 | 535 | 65 | -234 | -476 | 186 | |||||||||||||
Interest income (expense), net | ' | -250 | -6,370 | -377 | ' | -368 | -258 | -320 | -6,747 | -614 | -6,997 | -982 | -7,363 | -1,344 | -1,143 | |||||||||||||
Equity in earnings of subsidiaries | ' | 532 | 847 | 106 | ' | 374 | 413 | 1,203 | 953 | 1,616 | 1,485 | 1,990 | 2,165 | 2,138 | -1,055 | |||||||||||||
Income (loss) before income taxes | ' | 8,347 | 3,030 | 3,261 | ' | 6,124 | 5,252 | 220 | 6,291 | 5,514 | 14,638 | 11,638 | 26,779 | 17,669 | -3,728 | |||||||||||||
Provision for (benefit from) income taxes | ' | 1,423 | 1,336 | 2,373 | ' | 2,756 | 3,898 | 1,893 | 3,709 | 5,780 | 5,133 | 8,536 | 9,668 | 11,367 | 4,842 | |||||||||||||
Net income attributable to continuing operations | ' | 6,924 | 1,694 | 888 | ' | 3,368 | 1,354 | -1,673 | 2,582 | -266 | 9,505 | 3,102 | 17,111 | 6,302 | -8,570 | |||||||||||||
Net income (loss) attributable to discontinued operations, net of tax | ' | -280 | -389 | -83 | ' | 363 | 534 | 681 | -472 | 1,215 | -752 | 1,578 | -1,584 | 1,487 | 2,258 | |||||||||||||
Net income | ' | 6,644 | 1,305 | 805 | ' | 3,731 | 1,888 | -992 | 2,110 | 949 | 8,753 | 4,680 | 15,527 | 7,789 | -6,312 | |||||||||||||
Comprehensive income | ' | 8,640 | -1,978 | -1,404 | ' | 7,127 | -57 | 647 | -3,384 | 643 | 5,255 | 7,770 | 8,599 | 9,704 | -7,827 | |||||||||||||
Non-Guarantor Subsidiaries | Previously Reported | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||
Net sales | ' | 116,754 | [4] | 121,444 | [6] | 106,162 | [7] | ' | 103,618 | 92,640 | 95,385 | 227,606 | [6] | 205,104 | 343,492 | [4] | 308,722 | ' | 417,573 | 329,155 | ||||||||
Cost and expenses: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||
Cost of sales | ' | 96,134 | [4] | 105,474 | [6] | 88,951 | [7] | ' | 86,394 | 79,154 | 83,363 | 194,425 | [6] | 177,079 | 290,548 | [4] | 263,473 | ' | 354,695 | 287,424 | ||||||||
Selling, general, and administrative expenses | ' | 10,971 | [4] | 11,116 | [6] | 11,987 | [7] | ' | 11,119 | 8,976 | 11,922 | 23,103 | [6] | 23,222 | 34,074 | [4] | 34,341 | ' | ' | ' | ||||||||
Research, technical, and product development expenses | ' | 4 | [4] | ' | ' | ' | 12 | -104 | 40 | ' | 50 | 4 | [4] | 62 | ' | ' | ' | |||||||||||
Operating income (loss) | ' | 9,645 | [4] | 4,854 | [6] | 5,224 | [7] | ' | 6,093 | 4,614 | 60 | 10,078 | [6] | 4,753 | 18,866 | [4] | 10,846 | ' | 17,045 | -1,046 | ||||||||
Other income (expense), net | ' | -1,894 | [4] | 3,763 | [6] | -1,334 | [7] | ' | -1 | 602 | -535 | 2,429 | [6] | 66 | 535 | [4] | 65 | ' | ' | ' | ||||||||
Interest income (expense), net | ' | -250 | [4] | -6,370 | [6] | -377 | [7] | ' | -368 | -258 | -320 | -6,747 | [6] | -614 | -6,997 | [4] | -982 | ' | ' | ' | ||||||||
Equity in earnings of subsidiaries | ' | 532 | [4] | 847 | [6] | 106 | [7] | ' | 374 | 413 | 1,203 | 953 | [6] | 1,616 | 1,485 | [4] | 1,990 | ' | 2,138 | -1,055 | ||||||||
Income (loss) before income taxes | ' | 8,033 | [4] | 3,094 | [6] | 3,619 | [7] | ' | 6,098 | 5,371 | 408 | 6,713 | [6] | 5,821 | 13,889 | [4] | 11,919 | ' | 17,363 | -3,058 | ||||||||
Provision for (benefit from) income taxes | ' | 1,501 | [4] | 544 | [6] | 1,202 | [7] | ' | 1,802 | 2,449 | 113 | 1,746 | [6] | 2,550 | 2,980 | [4] | 4,352 | ' | 5,970 | -990 | ||||||||
Net income attributable to continuing operations | ' | 6,532 | [4] | 2,550 | [6] | 2,417 | [7] | ' | 4,296 | 2,922 | 295 | 4,967 | [6] | 3,271 | 10,909 | [4] | 7,567 | ' | 11,393 | -2,068 | ||||||||
Net income (loss) attributable to discontinued operations, net of tax | ' | ' | -307 | [6] | 151 | [7] | ' | 389 | 453 | 571 | -156 | [6] | 1,024 | -156 | [4] | 1,413 | ' | 1,700 | 1,838 | |||||||||
Net income | ' | 6,532 | [4] | 2,243 | [6] | 2,568 | [7] | ' | 4,685 | 3,375 | 866 | 4,811 | [6] | 4,295 | 10,753 | [4] | 8,980 | ' | 13,093 | -230 | ||||||||
Comprehensive income | ' | 9,224 | [4] | -2,224 | [6] | -244 | [7] | ' | 9,193 | 798 | 3,058 | -2,470 | [6] | 3,910 | 6,164 | [4] | 13,103 | ' | 15,651 | -2,106 | ||||||||
Eliminations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||
Net sales | ' | -48,507 | -57,272 | -50,435 | ' | -52,205 | -56,195 | -58,111 | -107,707 | -114,306 | -156,214 | -166,511 | ' | -212,501 | -175,830 | |||||||||||||
Cost and expenses: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||
Cost of sales | ' | -48,507 | -57,272 | -50,435 | ' | -52,205 | -56,195 | -58,111 | -107,707 | -114,306 | -156,214 | -166,511 | ' | -212,501 | -175,830 | |||||||||||||
Equity in earnings of subsidiaries | ' | -12,361 | -8,474 | -5,379 | ' | -5,711 | -5,615 | -7,701 | -13,853 | -13,315 | -26,213 | -19,024 | ' | -28,298 | -15,139 | |||||||||||||
Income (loss) before income taxes | ' | -12,361 | -8,474 | -5,379 | ' | -5,711 | -5,615 | -7,701 | -13,853 | -13,315 | -26,213 | -19,024 | ' | -28,298 | -15,139 | |||||||||||||
Net income attributable to continuing operations | ' | -12,361 | -8,474 | -5,379 | ' | -5,711 | -5,615 | -7,701 | -13,853 | -13,315 | -26,213 | -19,024 | ' | -28,298 | -15,139 | |||||||||||||
Net income (loss) attributable to discontinued operations, net of tax | ' | 280 | 389 | 83 | ' | -363 | -534 | -681 | 472 | -1,215 | 752 | -1,578 | ' | -1,487 | -2,258 | |||||||||||||
Net income | ' | -12,081 | -8,085 | -5,296 | ' | -6,074 | -6,149 | -8,382 | -13,381 | -14,530 | -25,461 | -20,602 | ' | -29,785 | -17,397 | |||||||||||||
Comprehensive income | ' | -15,201 | -5,884 | -9,261 | ' | -10,521 | -5,255 | -11,080 | -15,144 | -16,334 | -30,344 | -26,853 | ' | -24,169 | -11,819 | |||||||||||||
Eliminations | Previously Reported | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||
Net sales | ' | -48,507 | [4] | -57,272 | [6] | -50,435 | [7] | ' | -52,205 | -56,195 | -58,111 | -107,707 | [6] | -114,306 | -156,214 | [4] | -166,511 | ' | -212,501 | -175,830 | ||||||||
Cost and expenses: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||
Cost of sales | ' | -48,507 | [4] | -57,272 | [6] | -50,435 | [7] | ' | -52,205 | -56,195 | -58,111 | -107,707 | [6] | -114,306 | -156,214 | [4] | -166,511 | ' | -212,501 | -175,830 | ||||||||
Equity in earnings of subsidiaries | ' | -11,969 | [4] | -9,330 | [6] | -6,908 | [7] | ' | -6,639 | -7,183 | -9,669 | -16,238 | [6] | -16,852 | -27,617 | [4] | -23,489 | ' | -33,389 | -21,641 | ||||||||
Income (loss) before income taxes | ' | -11,969 | [4] | -9,330 | [6] | -6,908 | [7] | ' | -6,639 | -7,183 | -9,669 | -16,238 | [6] | -16,852 | -27,617 | [4] | -23,489 | ' | -33,389 | -21,641 | ||||||||
Net income attributable to continuing operations | ' | -11,969 | [4] | -9,330 | [6] | -6,908 | [7] | ' | -6,639 | -7,183 | -9,669 | -16,238 | [6] | -16,852 | -27,617 | [4] | -23,489 | ' | -33,389 | -21,641 | ||||||||
Net income (loss) attributable to discontinued operations, net of tax | ' | ' | 307 | [6] | -151 | [7] | ' | -389 | -453 | -571 | 156 | [6] | -1,024 | 156 | [4] | -1,413 | ' | -1,700 | -1,838 | |||||||||
Net income | ' | -11,969 | [4] | -9,023 | [6] | -7,059 | [7] | ' | -7,028 | -7,636 | -10,240 | -16,082 | [6] | -17,876 | -27,461 | [4] | -24,902 | ' | -35,089 | -23,479 | ||||||||
Comprehensive income | ' | ($15,785) | [4] | ($5,638) | [6] | ($10,421) | [7] | ' | ($12,587) | ($6,110) | ($13,491) | ($16,058) | [6] | ($19,601) | ($31,253) | [4] | ($32,186) | ' | ($30,116) | ($17,540) | ||||||||
[1] | The Parent allocates selling, general, and administrative expenses ("SG&A") to the subsidiaries based upon its budgeted annual expenses. | |||||||||||||||||||||||||||
[2] | The Company does not present cash flows from discontinued operations, consistent with the FASB's authoritative guidance. Restatement adjustments did not have an impact on cash flows from investing and financing activities. | |||||||||||||||||||||||||||
[3] | Previously reported balances represent the amounts reported in the Condensed Consolidated Statement of Operations in the Company's Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2013 as filed with the SEC on November 12, 2013. | |||||||||||||||||||||||||||
[4] | Previously reported balances represent the amounts reported in the Condensed Consolidating Statement of Operations in the Company's Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2013 as filed with the SEC on November 12, 2013. | |||||||||||||||||||||||||||
[5] | Previously reported balances represent the amounts reported in the Condensed Consolidated Statement of Operations in the Company's Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2013 as filed with the SEC on September 24, 2013. | |||||||||||||||||||||||||||
[6] | Previously reported balances represent the amounts reported in the Condensed Consolidating Statement of Operations in the Company's Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2013 as filed with the SEC on September 24, 2013. | |||||||||||||||||||||||||||
[7] | Previously reported balances represent the amounts reported in the Condensed Consolidating Statement of Operations in the Company's Amended Quarterly Report on Form 10-Q/A for the quarterly period ended March 31, 2013 as filed with the SEC on September 24, 2013. | |||||||||||||||||||||||||||
[8] | Previously reported balances represent the amounts reported in the Condensed Consolidated Statement of Operations in the Company's Amended Quarterly Report on Form 10-Q/A for the quarterly period ended March 31, 2013 as filed with the SEC on September 24, 2013. | |||||||||||||||||||||||||||
[9] | Previously reported balances represent the amounts presented as "Currently Reported" in the Note 2 to the Company's Second Amended Annual Report on Form 10-K/A for the annual period ended December 31, 2012 as filed with the SEC on November 12, 2013. | |||||||||||||||||||||||||||
[10] | Previously reported balances represent the amounts reported in the Consolidated Statement of Operations in the Company's Second Amended Annual Report on Form 10-K/A for the annual period ended December 31, 2012 as filed with the SEC on November 12, 2013. | |||||||||||||||||||||||||||
[11] | Previously reported balances represent the amounts reported in the Condensed Consolidated Statement of Cash Flows in the Company's Amended Quarterly Report on Form 10-Q/A for the quarterly period ended March 31, 2013 as filed with the SEC on September 24, 2013. The previously reported changes in inventory, cost in excess of billings, and deferred revenue have been adjusted by $1,040, $(174), and $(866) to correct the prior presentation. | |||||||||||||||||||||||||||
[12] | Previously reported balances represent the amounts presented as "Currently Reported" in the Note 2 to the Company's Second Amended Annual Report on Form 10-K/A for the annual period ended December 31, 2012 as filed with the SEC on November 12, 2013. The previously reported changes in inventory, cost in excess of billings, and deferred revenue have been adjusted by $(2,288), $2,282, and $6 to correct the prior presentation. | |||||||||||||||||||||||||||
[13] | Previously reported balances represent the amounts reported in the Condensed Consolidated Statement of Cash Flows in the Company's Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2013 as filed with the SEC on September 24, 2013. The previously reported changes in inventory, cost in excess of billings, and deferred revenue have been adjusted by $(340), $1,021, and $(681) to correct the prior presentation. | |||||||||||||||||||||||||||
[14] | Previously reported balances represent the amounts presented as "Currently Reported" in the Note 2 to the Company's Second Amended Annual Report on Form 10-K/A for the annual period ended December 31, 2012 as filed with the SEC on November 12, 2013. The previously reported changes in inventory, cost in excess of billings, and deferred revenue have been adjusted by $(2,049), $2,027, and $22 to correct the prior presentation. | |||||||||||||||||||||||||||
[15] | Previously reported balances represent the amounts reported in the Condensed Consolidated Statement of Cash Flows in the Company's Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2013 as filed with the SEC on November 12, 2013. The previously reported changes in inventory, cost in excess of billings, and deferred revenue have been adjusted by $540, $323, and $(866) to correct the prior presentation. | |||||||||||||||||||||||||||
[16] | Previously reported balances represent the amounts presented as "Currently Reported" in the Note 2 to the Company's Second Amended Annual Report on Form 10-K/A for the annual period ended December 31, 2012 as filed with the SEC on November 12, 2013. The previously reported changes in inventory, cost in excess of billings, and deferred revenue have been adjusted by $(2,709), $2,540, and $169 to correct the prior presentation. | |||||||||||||||||||||||||||
[17] | Previously reported balances represent the amounts reported in the Consolidated Balance Sheet in the Company's Second Amended Annual Report on Form 10-K/A for the annual period ended December 31, 2012 as filed with the SEC on November 12, 2013. |
Effects_of_Restatement_or_Revi4
Effects of Restatement or Revision, Condensed Consolidating Balance Sheet Quarterly Financial Information (Detail) (USD $) | Dec. 31, 2013 | Oct. 02, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | ||||||||
In Thousands, unless otherwise specified | |||||||||||||||||||
Current assets: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Cash and cash equivalents | $343,637 | ' | $315,021 | $231,433 | $58,015 | $97,190 | $73,389 | $99,525 | $117,872 | $156,842 | $376,951 | ||||||||
Short term investments | ' | ' | 45,187 | 128,205 | ' | ' | 3,998 | ' | ' | ' | ' | ||||||||
Receivables, net | 105,271 | ' | 118,123 | 106,287 | 113,263 | 104,354 | 113,329 | 102,561 | 101,637 | ' | ' | ||||||||
Inventories, net | 430,088 | ' | 412,456 | 409,227 | 401,333 | 375,441 | 342,682 | 316,473 | 297,059 | ' | ' | ||||||||
Costs in excess of billings | 5,377 | ' | 4,667 | 2,760 | 3,844 | 3,825 | 3,495 | 2,515 | 1,607 | ' | ' | ||||||||
Deferred income taxes | 32,032 | ' | 31,406 | 31,690 | 31,110 | 31,380 | 22,059 | 20,775 | 20,475 | ' | ' | ||||||||
Assets of discontinued operations | 5,274 | ' | 7,582 | 8,076 | 23,919 | 25,168 | 27,158 | 28,165 | 29,581 | ' | ' | ||||||||
Other current assets | 16,947 | ' | 22,908 | 21,968 | 11,749 | 11,270 | 11,160 | 13,269 | 11,269 | ' | ' | ||||||||
Total current assets | 938,626 | ' | 957,350 | 939,646 | 643,233 | 648,628 | 597,270 | 583,283 | 579,500 | ' | ' | ||||||||
Property, plant, and equipment, net | 372,340 | ' | 367,738 | 368,246 | 371,176 | 375,819 | 367,658 | 365,618 | 361,337 | 289,239 | ' | ||||||||
Goodwill | 117,578 | 131,958 | 129,773 | 129,498 | 130,016 | 130,252 | 131,248 | 133,212 | 133,237 | 54,125 | ' | ||||||||
Other intangible assets, net | 53,754 | ' | 53,042 | 53,826 | 55,228 | 56,495 | 57,664 | 58,251 | 59,527 | ' | ' | ||||||||
Other noncurrent assets | 23,247 | ' | 14,910 | 13,681 | 8,067 | 8,898 | 8,353 | 8,792 | 8,476 | ' | ' | ||||||||
Total assets | 1,505,545 | ' | 1,522,813 | 1,504,897 | 1,207,720 | 1,220,092 | 1,162,193 | 1,149,156 | 1,142,077 | 1,100,599 | ' | ||||||||
Marketable securities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Current liabilities: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Accounts payable | 79,039 | ' | 74,692 | 70,455 | 79,245 | 90,735 | 66,312 | 60,651 | 63,325 | ' | ' | ||||||||
Accrued wages and employee costs | 29,787 | ' | 29,697 | 26,254 | 21,729 | 33,996 | 29,307 | 24,752 | 19,578 | ' | ' | ||||||||
Unearned revenue | 15,625 | ' | 38,467 | 49,315 | 22,483 | 25,864 | 34,692 | 36,866 | 36,589 | ' | ' | ||||||||
Liabilities of discontinued operations | 458 | ' | 471 | 501 | 3,269 | 3,431 | 4,190 | 4,087 | 5,588 | ' | ' | ||||||||
Other accrued liabilities | 22,574 | ' | 26,017 | 19,793 | 25,832 | 22,518 | 27,554 | 21,876 | 21,886 | ' | ' | ||||||||
Total current liabilities | 147,483 | ' | 169,344 | 166,318 | 152,558 | 176,544 | 162,055 | 148,232 | 146,966 | ' | ' | ||||||||
Long-term debt | 430,300 | ' | 419,249 | 415,220 | 200,663 | 198,337 | 196,079 | 193,727 | 191,189 | ' | ' | ||||||||
Liability for post-retirement benefits | 43,447 | ' | 44,112 | 43,944 | 43,729 | 45,066 | 42,220 | 42,000 | 41,806 | ' | ' | ||||||||
Liability for pension benefits | 13,787 | ' | 10,297 | 14,923 | 15,229 | 20,711 | 2,555 | 13,402 | 15,097 | ' | ' | ||||||||
Deferred income taxes | 74,078 | ' | 78,512 | 79,990 | 50,564 | 46,384 | 34,252 | 35,229 | 33,894 | ' | ' | ||||||||
Unearned revenue | 10,470 | ' | 12,033 | 12,496 | 12,792 | 13,013 | 3,240 | 3,385 | 3,504 | ' | ' | ||||||||
Other noncurrent liabilities | 12,006 | ' | 12,134 | 12,307 | 12,129 | 11,798 | 8,908 | 8,969 | 8,895 | ' | ' | ||||||||
Total liabilities | 731,571 | ' | 745,681 | 745,198 | 487,664 | 511,853 | 449,309 | 444,944 | 441,351 | ' | ' | ||||||||
Total shareholders' equity | 773,974 | ' | 777,132 | 759,699 | 720,056 | 708,239 | 712,884 | 704,212 | 700,726 | 694,640 | 696,529 | ||||||||
Total liabilities and shareholders' equity | 1,505,545 | ' | 1,522,813 | 1,504,897 | 1,207,720 | 1,220,092 | 1,162,193 | 1,149,156 | 1,142,077 | ' | ' | ||||||||
Previously Reported | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Current assets: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Cash and cash equivalents | ' | ' | 315,021 | [1],[2],[3] | 231,433 | [4],[5],[6] | 58,015 | [7],[8],[9] | 97,190 | [1],[4],[7] | 73,389 | [10],[11],[12] | 99,525 | [13],[14],[15],[16] | 117,872 | [17],[18],[19] | 156,842 | [10],[13],[17] | ' |
Short term investments | ' | ' | 45,187 | [2],[3] | 128,205 | [5],[6] | ' | ' | 3,998 | [11],[12] | ' | ' | ' | ' | |||||
Receivables, net | ' | ' | 118,827 | [2],[3] | 106,880 | [5],[6] | 114,075 | [8],[9] | 105,317 | [20],[21] | 114,248 | [11],[12] | 103,757 | [14],[15],[16] | 103,163 | [18],[19] | ' | ' | |
Inventories, net | ' | ' | 419,158 | [2],[3] | 420,793 | [5],[6] | 413,233 | [8],[9] | 384,417 | [20],[21] | 351,654 | [11],[12] | 325,334 | [14],[15],[16] | 306,031 | [18],[19] | ' | ' | |
Costs in excess of billings | ' | ' | 4,667 | [2],[3] | 1,455 | [5],[6] | 3,418 | [8],[9] | ' | 3,495 | [11],[12] | 2,515 | [14],[15],[16] | 1,607 | [18],[19] | ' | ' | ||
Deferred income taxes | ' | ' | 31,406 | [2],[3] | 30,675 | [5],[6] | 30,184 | [8],[9] | ' | 22,059 | [11],[12] | 20,775 | [14],[15],[16] | 20,475 | [18],[19] | ' | ' | ||
Assets of discontinued operations | ' | ' | ' | ' | 14,971 | [8],[9] | 14,741 | [20] | 16,799 | [11],[12] | 17,633 | [14],[15],[16] | 18,598 | [18],[19] | ' | ' | |||
Other current assets | ' | ' | 23,041 | [2],[3] | 21,990 | [5],[6] | 11,749 | [8],[9] | ' | 11,160 | [11],[12] | 13,269 | [14],[15],[16] | 11,269 | [18],[19] | ' | ' | ||
Total current assets | ' | ' | 957,307 | [2],[3] | 941,431 | [5],[6] | 645,645 | [8],[9] | 648,140 | [20],[21] | 596,802 | [11],[12] | 582,808 | [14],[15],[16] | 579,015 | [18],[19] | ' | ' | |
Property, plant, and equipment, net | ' | ' | 367,849 | [2],[3] | 368,363 | [5],[6] | 371,299 | [8],[9] | 375,949 | [20],[21] | 367,768 | [11],[12] | 365,735 | [14],[15],[16] | 361,464 | [18],[19] | ' | ' | |
Goodwill | ' | ' | 129,838 | [2],[3] | 134,823 | [5],[6] | 135,341 | [8],[9] | 130,610 | [20],[21] | 131,606 | [11],[12] | 133,570 | [14],[15],[16] | 133,595 | [18],[19] | ' | ' | |
Other intangible assets, net | ' | ' | 53,042 | [2],[3] | 53,826 | [5],[6] | 55,228 | [8],[9] | ' | 57,664 | [11],[12] | 58,251 | [14],[15],[16] | 59,527 | [18],[19] | ' | ' | ||
Deferred income taxes | ' | ' | 29,435 | [2],[3] | 29,615 | [5],[6] | 29,624 | [8],[9] | 33,287 | [20],[21] | 32,197 | [11],[12] | 29,239 | [14],[15],[16] | 29,111 | [18],[19] | ' | ' | |
Other noncurrent assets | ' | ' | 14,910 | [2],[3] | 13,681 | [5],[6] | 8,067 | [8],[9] | 8,866 | [20] | 8,353 | [11],[12] | 8,792 | [14],[15],[16] | 8,476 | [18],[19] | ' | ' | |
Total assets | ' | ' | 1,552,381 | [2],[3] | 1,541,739 | [5],[6] | 1,245,204 | [8],[9] | 1,253,347 | [20],[21] | 1,194,390 | [11],[12] | 1,178,395 | [14],[15],[16] | 1,171,188 | [18],[19] | ' | ' | |
Marketable securities | ' | ' | ' | ' | ' | ' | ' | [11] | ' | ' | ' | ' | |||||||
Current liabilities: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Accounts payable | ' | ' | 75,039 | [2],[3] | 70,796 | [5],[6] | 79,587 | [8],[9] | 91,661 | [20] | 67,166 | [11],[12] | 61,084 | [14],[15],[16] | 64,837 | [18],[19] | ' | ' | |
Accrued wages and employee costs | ' | ' | 29,801 | [2],[3] | 26,355 | [5],[6] | 21,826 | [8],[9] | 34,096 | [20] | 29,445 | [11],[12] | 24,871 | [14],[15],[16] | 19,690 | [18],[19] | ' | ' | |
Unearned revenue | ' | ' | 38,467 | [2],[3] | 49,885 | [5],[6] | 23,840 | [8],[9] | 25,864 | [20] | 34,692 | [11],[12] | 36,866 | [14],[15],[16] | 36,589 | [18],[19] | ' | ' | |
Liabilities of discontinued operations | ' | ' | ' | ' | 2,821 | [8],[9] | 2,332 | [20] | 3,198 | [11],[12] | 3,494 | [14],[15],[16] | 3,879 | [18],[19] | ' | ' | |||
Other accrued liabilities | ' | ' | 26,037 | [2],[3] | 19,852 | [5],[6] | 25,379 | [8],[9] | 22,550 | [20],[21] | 27,458 | [11],[12] | 21,680 | [14],[15],[16] | 21,768 | [18],[19] | ' | ' | |
Total current liabilities | ' | ' | 169,344 | [2],[3] | 166,888 | [5],[6] | 153,453 | [8],[9] | 176,503 | [20],[21] | 161,959 | [11],[12] | 147,995 | [14],[15],[16] | 146,763 | [18],[19] | ' | ' | |
Long-term debt | ' | ' | 419,249 | [2],[3] | 415,220 | [5],[6] | 200,663 | [8],[9] | ' | 196,079 | [11],[12] | 193,727 | [14],[15],[16] | 191,189 | [18],[19] | ' | ' | ||
Liability for post-retirement benefits | ' | ' | 44,112 | [2],[3] | 43,944 | [5],[6] | 43,729 | [8],[9] | ' | 42,220 | [11],[12] | 42,000 | [14],[15],[16] | 41,806 | [18],[19] | ' | ' | ||
Liability for pension benefits | ' | ' | 10,297 | [2],[3] | 14,923 | [5],[6] | 15,229 | [8],[9] | ' | 2,555 | [11],[12] | 13,402 | [14],[15],[16] | 15,097 | [18],[19] | ' | ' | ||
Deferred income taxes | ' | ' | 73,882 | [2],[3] | 81,190 | [5],[6] | 51,400 | [8],[9] | 46,384 | [20],[21] | 33,663 | [11],[12] | 33,749 | [14],[15],[16] | 33,141 | [18],[19] | ' | ' | |
Unearned revenue | ' | ' | 12,033 | [2],[3] | 12,496 | [5],[6] | 12,792 | [8],[9] | 13,013 | [20] | 3,240 | [11],[12] | 3,385 | [14],[15],[16] | 3,504 | [18],[19] | ' | ' | |
Other noncurrent liabilities | ' | ' | 12,134 | [2],[3] | 12,307 | [5],[6] | 12,129 | [8],[9] | ' | 8,908 | [11],[12] | 8,969 | [14],[15],[16] | 8,895 | [18],[19] | ' | ' | ||
Total liabilities | ' | ' | 741,051 | [2],[3] | 746,968 | [5],[6] | 489,395 | [8],[9] | 511,812 | [20],[21] | 448,624 | [11],[12] | 443,227 | [14],[15],[16] | 440,395 | [18],[19] | ' | ' | |
Total shareholders' equity | ' | ' | 811,330 | [2],[3] | 794,771 | [5],[6] | 755,809 | [8],[9] | 741,535 | [20],[21] | 745,766 | [11],[12] | 735,168 | [14],[15],[16] | 730,793 | [18],[19] | ' | ' | |
Total liabilities and shareholders' equity | ' | ' | 1,552,381 | [2],[3] | 1,541,739 | [5],[6] | 1,245,204 | [8],[9] | 1,253,347 | [20],[21] | 1,194,390 | [11],[12] | 1,178,395 | [14],[15],[16] | 1,171,188 | [18],[19] | ' | ' | |
RTI International Metals, Inc. | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Current assets: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Receivables, net | 786 | ' | 716 | 725 | 1,049 | 126 | 126 | 162 | 209 | ' | ' | ||||||||
Deferred income taxes | 31,656 | ' | 31,290 | 31,574 | 30,994 | 31,264 | 22,059 | 20,775 | 20,475 | ' | ' | ||||||||
Other current assets | 9,425 | ' | 16,075 | 14,902 | 5,355 | 5,410 | 3,624 | 3,874 | 5,340 | ' | ' | ||||||||
Total current assets | 41,867 | ' | 48,081 | 47,201 | 37,398 | 36,800 | 25,809 | 24,811 | 26,024 | ' | ' | ||||||||
Property, plant, and equipment, net | 2,328 | ' | 2,124 | 1,769 | 1,464 | 1,327 | 1,336 | 543 | 634 | ' | ' | ||||||||
Other noncurrent assets | 11,025 | ' | 10,982 | 9,598 | 3,792 | 4,149 | 4,442 | 4,768 | 4,329 | ' | ' | ||||||||
Intercompany investments | 1,240,671 | ' | 1,240,173 | 1,218,576 | 952,158 | 931,041 | 932,734 | 919,907 | 911,011 | ' | ' | ||||||||
Total assets | 1,295,891 | ' | 1,301,360 | 1,277,144 | 994,812 | 973,317 | 964,321 | 950,029 | 941,998 | ' | ' | ||||||||
Marketable securities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Current liabilities: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Accounts payable | 1,948 | ' | 1,256 | 2,080 | 1,355 | 1,177 | 1,003 | 1,021 | 1,111 | ' | ' | ||||||||
Accrued wages and employee costs | 6,598 | ' | 5,763 | 4,989 | 3,487 | 6,519 | 5,177 | 4,465 | 3,160 | ' | ' | ||||||||
Other accrued liabilities | 6,800 | ' | 8,911 | 4,955 | 8,806 | 3,277 | 10,444 | 5,845 | 6,150 | ' | ' | ||||||||
Total current liabilities | 15,346 | ' | 15,930 | 12,024 | 13,648 | 10,973 | 16,624 | 11,331 | 10,421 | ' | ' | ||||||||
Long-term debt | 422,634 | ' | 418,269 | 414,004 | 199,206 | 196,644 | 194,153 | 191,699 | 189,313 | ' | ' | ||||||||
Liability for pension benefits | 5,943 | ' | 6,856 | 6,767 | 6,678 | 6,419 | 4,976 | 6,133 | 6,227 | ' | ' | ||||||||
Deferred income taxes | 70,006 | ' | 75,030 | 76,508 | 47,082 | 42,902 | 30,416 | 31,393 | 30,058 | ' | ' | ||||||||
Other noncurrent liabilities | 7,988 | ' | 8,143 | 8,142 | 8,142 | 8,140 | 5,268 | 5,261 | 5,253 | ' | ' | ||||||||
Total liabilities | 521,917 | ' | 527,228 | 517,445 | 274,756 | 265,078 | 251,437 | 245,817 | 241,272 | ' | ' | ||||||||
Total shareholders' equity | 773,974 | ' | 777,132 | 759,699 | 720,056 | 708,239 | 712,884 | 704,212 | 700,726 | ' | ' | ||||||||
Total liabilities and shareholders' equity | 1,295,891 | ' | 1,301,360 | 1,277,144 | 994,812 | 973,317 | 964,321 | 950,029 | 941,998 | ' | ' | ||||||||
RTI International Metals, Inc. | Previously Reported | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Current assets: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Receivables, net | ' | ' | 716 | [3] | 725 | [6] | 1,049 | [9] | 126 | [22] | 126 | [23] | 162 | [16] | 209 | [24] | ' | ' | |
Deferred income taxes | ' | ' | 31,290 | [3] | 30,559 | [6] | 30,068 | [9] | ' | 22,059 | [23] | 20,775 | [16] | 20,475 | [24] | ' | ' | ||
Other current assets | ' | ' | 16,361 | [3] | 15,080 | [6] | 5,355 | [9] | ' | 4,021 | [23] | 4,271 | [16] | 5,737 | [24] | ' | ' | ||
Total current assets | ' | ' | 48,367 | [3] | 46,364 | [6] | 36,472 | [9] | 36,800 | [22] | 26,206 | [23] | 25,208 | [16] | 26,421 | [24] | ' | ' | |
Property, plant, and equipment, net | ' | ' | 2,124 | [3] | 1,769 | [6] | 1,464 | [9] | 1,327 | [22] | 1,336 | [23] | 543 | [16] | 634 | [24] | ' | ' | |
Other noncurrent assets | ' | ' | 10,982 | [3] | 9,598 | [6] | 3,792 | [9] | ' | 4,442 | [23] | 4,768 | [16] | 4,329 | [24] | ' | ' | ||
Intercompany investments | ' | ' | 1,274,085 | [3] | 1,259,553 | [6] | 993,293 | [9] | 964,044 | [22] | 965,123 | [23] | 950,229 | [16] | 940,478 | [24] | ' | ' | |
Total assets | ' | ' | 1,335,558 | [3] | 1,317,284 | [6] | 1,035,021 | [9] | 1,006,320 | [22] | 997,107 | [23] | 980,748 | [16] | 971,862 | [24] | ' | ' | |
Marketable securities | ' | ' | ' | ' | ' | ' | ' | [23] | ' | ' | ' | ' | |||||||
Current liabilities: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Accounts payable | ' | ' | 1,256 | [3] | 2,080 | [6] | 1,355 | [9] | ' | 1,003 | [23] | 1,021 | [16] | 1,111 | [24] | ' | ' | ||
Accrued wages and employee costs | ' | ' | 5,763 | [3] | 4,989 | [6] | 3,487 | [9] | ' | 5,177 | [23] | 4,465 | [16] | 3,160 | [24] | ' | ' | ||
Other accrued liabilities | ' | ' | 8,911 | [3] | 4,955 | [6] | 8,194 | [9] | 2,984 | [22] | 10,348 | [23] | 5,608 | [16] | 5,947 | [24] | ' | ' | |
Total current liabilities | ' | ' | 15,930 | [3] | 12,024 | [6] | 13,036 | [9] | 10,680 | [22] | 16,528 | [23] | 11,094 | [16] | 10,218 | [24] | ' | ' | |
Long-term debt | ' | ' | 418,269 | [3] | 414,004 | [6] | 199,206 | [9] | ' | 194,153 | [23] | 191,699 | [16] | 189,313 | [24] | ' | ' | ||
Liability for pension benefits | ' | ' | 6,856 | [3] | 6,767 | [6] | 6,678 | [9] | ' | 4,976 | [23] | 6,133 | [16] | 6,227 | [24] | ' | ' | ||
Deferred income taxes | ' | ' | 75,030 | [3] | 81,576 | [6] | 52,150 | [9] | 42,902 | [22] | 30,416 | [23] | 31,393 | [16] | 30,058 | [24] | ' | ' | |
Other noncurrent liabilities | ' | ' | 8,143 | [3] | 8,142 | [6] | 8,142 | [9] | ' | 5,268 | [23] | 5,261 | [16] | 5,253 | [24] | ' | ' | ||
Total liabilities | ' | ' | 524,228 | [3] | 522,513 | [6] | 279,212 | [9] | 264,785 | [22] | 251,341 | [23] | 245,580 | [16] | 241,069 | [24] | ' | ' | |
Total shareholders' equity | ' | ' | 811,330 | [3] | 794,771 | [6] | 755,809 | [9] | 741,535 | [22] | 745,766 | [23] | 735,168 | [16] | 730,793 | [24] | ' | ' | |
Total liabilities and shareholders' equity | ' | ' | 1,335,558 | [3] | 1,317,284 | [6] | 1,035,021 | [9] | 1,006,320 | [22] | 997,107 | [23] | 980,748 | [16] | 971,862 | [24] | ' | ' | |
Guarantor Subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Current assets: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Cash and cash equivalents | 312,202 | ' | 263,561 | 225,802 | 50,601 | 87,283 | 69,907 | 92,864 | 109,419 | 144,271 | 350,629 | ||||||||
Short term investments | ' | ' | 45,187 | 128,205 | ' | ' | 3,998 | ' | ' | ' | ' | ||||||||
Receivables, net | 57,397 | ' | 64,790 | 66,951 | 76,104 | 72,773 | 80,480 | 76,198 | 77,874 | ' | ' | ||||||||
Inventories, net | 265,621 | ' | 251,257 | 240,396 | 237,340 | 220,290 | 188,662 | 176,305 | 166,538 | ' | ' | ||||||||
Costs in excess of billings | 3,800 | ' | 1,242 | 544 | 1,739 | 1,565 | 1,344 | 1,857 | 1,602 | ' | ' | ||||||||
Other current assets | 2,984 | ' | 1,676 | 2,040 | 2,483 | 2,072 | 4,070 | 4,565 | 4,496 | ' | ' | ||||||||
Total current assets | 642,004 | ' | 627,713 | 663,938 | 368,267 | 383,983 | 348,461 | 351,789 | 359,929 | ' | ' | ||||||||
Property, plant, and equipment, net | 292,033 | ' | 297,308 | 301,157 | 303,604 | 308,467 | 301,681 | 301,438 | 296,407 | ' | ' | ||||||||
Goodwill | 79,705 | ' | 93,665 | 93,665 | 93,665 | 93,665 | 94,494 | 96,942 | 96,942 | ' | ' | ||||||||
Other intangible assets, net | 31,184 | ' | 33,226 | 33,869 | 34,511 | 35,152 | 35,795 | 36,436 | 37,079 | ' | ' | ||||||||
Other noncurrent assets | 7,184 | ' | 201 | 201 | 201 | 892 | 2,781 | 201 | 201 | ' | ' | ||||||||
Intercompany investments | 26,623 | ' | 26,265 | 26,704 | 26,441 | 26,814 | 26,492 | 25,350 | 22,840 | ' | ' | ||||||||
Total assets | 1,078,733 | ' | 1,078,378 | 1,119,534 | 826,689 | 848,973 | 809,704 | 812,156 | 813,398 | ' | ' | ||||||||
Marketable securities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Current liabilities: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Accounts payable | 54,111 | ' | 55,171 | 48,293 | 57,013 | 70,086 | 46,543 | 43,562 | 48,077 | ' | ' | ||||||||
Accrued wages and employee costs | 14,093 | ' | 15,594 | 13,406 | 12,091 | 16,368 | 15,629 | 13,477 | 11,248 | ' | ' | ||||||||
Unearned revenue | 288 | ' | ' | 185 | 1,237 | 1,555 | 674 | 726 | 804 | ' | ' | ||||||||
Other accrued liabilities | 5,101 | ' | 8,054 | 6,961 | 7,156 | 9,197 | 9,192 | 7,823 | 10,752 | ' | ' | ||||||||
Total current liabilities | 73,593 | ' | 78,819 | 68,845 | 77,497 | 97,206 | 72,038 | 65,588 | 70,881 | ' | ' | ||||||||
Long-term debt | 738 | ' | 980 | 1,216 | 1,457 | 1,693 | 1,926 | 2,028 | 1,876 | ' | ' | ||||||||
Intercompany debt | 357,144 | ' | 350,821 | 403,142 | 109,444 | 118,229 | 112,535 | 111,916 | 113,669 | ' | ' | ||||||||
Liability for post-retirement benefits | 43,447 | ' | 44,112 | 43,944 | 43,729 | 45,066 | 42,220 | 42,000 | 41,806 | ' | ' | ||||||||
Liability for pension benefits | 7,685 | ' | 3,281 | 7,997 | 8,392 | 14,133 | ' | 6,730 | 8,193 | ' | ' | ||||||||
Other noncurrent liabilities | 3,763 | ' | 3,753 | 3,950 | 3,785 | 3,434 | 3,430 | 3,491 | 3,464 | ' | ' | ||||||||
Total liabilities | 486,370 | ' | 481,766 | 529,094 | 244,304 | 279,761 | 232,149 | 231,753 | 239,889 | ' | ' | ||||||||
Total shareholders' equity | 592,363 | ' | 596,612 | 599,440 | 582,385 | 569,212 | 577,555 | 580,403 | 573,509 | ' | ' | ||||||||
Total liabilities and shareholders' equity | 1,078,733 | ' | 1,078,378 | 1,119,534 | 826,689 | 848,973 | 809,704 | 812,156 | 813,398 | ' | ' | ||||||||
Guarantor Subsidiaries | Previously Reported | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Current assets: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Cash and cash equivalents | ' | ' | 263,561 | [3] | 225,802 | [6] | 50,601 | [9] | ' | 69,907 | [11],[23] | 92,864 | [15],[16] | 109,419 | [19],[24] | ' | ' | ||
Short term investments | ' | ' | 45,187 | [3] | 128,205 | [6] | ' | ' | 3,998 | [11],[23] | ' | ' | ' | ' | |||||
Receivables, net | ' | ' | 64,790 | [3] | 66,951 | [6] | 76,104 | [9] | 72,773 | [21],[22] | 80,480 | [11],[23] | 76,198 | [15],[16] | 77,874 | [19],[24] | ' | ' | |
Inventories, net | ' | ' | 251,257 | [3] | 240,396 | [6] | 237,340 | [9] | 220,290 | [21],[22] | 188,662 | [11],[23] | 176,305 | [15],[16] | 166,538 | [19],[24] | ' | ' | |
Costs in excess of billings | ' | ' | 1,242 | [3] | 544 | [6] | 1,739 | [9] | ' | 1,344 | [11],[23] | 1,857 | [15],[16] | 1,602 | [19],[24] | ' | ' | ||
Other current assets | ' | ' | 1,676 | [3] | 2,040 | [6] | 2,483 | [9] | ' | 4,070 | [11],[23] | 4,565 | [15],[16] | 4,496 | [19],[24] | ' | ' | ||
Total current assets | ' | ' | 627,713 | [3] | 663,938 | [6] | 368,267 | [9] | 383,983 | [21],[22] | 348,461 | [11],[23] | 351,789 | [15],[16] | 359,929 | [19],[24] | ' | ' | |
Property, plant, and equipment, net | ' | ' | 297,308 | [3] | 301,157 | [6] | 303,604 | [9] | 308,467 | [21],[22] | 301,681 | [11],[23] | 301,438 | [15],[16] | 296,407 | [19],[24] | ' | ' | |
Goodwill | ' | ' | 93,665 | [3] | 98,925 | [6] | 98,925 | [9] | 93,665 | [21],[22] | 94,494 | [11],[23] | 96,942 | [15],[16] | 96,942 | [19],[24] | ' | ' | |
Other intangible assets, net | ' | ' | 33,226 | [3] | 33,869 | [6] | 34,511 | [9] | ' | 35,795 | [11],[23] | 36,436 | [15],[16] | 37,079 | [19],[24] | ' | ' | ||
Other noncurrent assets | ' | ' | 201 | [3] | 201 | [6] | 201 | [9] | ' | 2,781 | [11],[23] | 201 | [15],[16] | 201 | [19],[24] | ' | ' | ||
Intercompany investments | ' | ' | 26,265 | [3] | 26,704 | [6] | 26,441 | [9] | 26,814 | [21],[22] | 26,492 | [11],[23] | 25,350 | [15],[16] | 22,840 | [19],[24] | ' | ' | |
Total assets | ' | ' | 1,078,378 | [3] | 1,124,794 | [6] | 831,949 | [9] | 848,973 | [21],[22] | 809,704 | [11],[23] | 812,156 | [15],[16] | 813,398 | [19],[24] | ' | ' | |
Marketable securities | ' | ' | ' | ' | ' | ' | ' | [11],[23] | ' | ' | ' | ' | |||||||
Current liabilities: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Accounts payable | ' | ' | 55,171 | [3] | 48,293 | [6] | 57,013 | [9] | ' | 46,543 | [11],[23] | 43,562 | [15],[16] | 48,077 | [19],[24] | ' | ' | ||
Accrued wages and employee costs | ' | ' | 15,594 | [3] | 13,406 | [6] | 12,091 | [9] | ' | 15,629 | [11],[23] | 13,477 | [15],[16] | 11,248 | [19],[24] | ' | ' | ||
Unearned revenue | ' | ' | ' | 185 | [6] | 1,237 | [9] | ' | 674 | [11],[23] | 726 | [15],[16] | 804 | [19],[24] | ' | ' | |||
Other accrued liabilities | ' | ' | 8,054 | [3] | 6,961 | [6] | 7,156 | [9] | 9,197 | [21],[22] | 9,192 | [11],[23] | 7,823 | [15],[16] | 10,752 | [19],[24] | ' | ' | |
Total current liabilities | ' | ' | 78,819 | [3] | 68,845 | [6] | 77,497 | [9] | 97,206 | [21],[22] | 72,038 | [11],[23] | 65,588 | [15],[16] | 70,881 | [19],[24] | ' | ' | |
Long-term debt | ' | ' | 980 | [3] | 1,216 | [6] | 1,457 | [9] | ' | 1,926 | [11],[23] | 2,028 | [15],[16] | 1,876 | [19],[24] | ' | ' | ||
Intercompany debt | ' | ' | 350,821 | [3] | 403,142 | [6] | 109,444 | [9] | ' | 112,535 | [11],[23] | 111,916 | [15],[16] | 113,669 | [19],[24] | ' | ' | ||
Liability for post-retirement benefits | ' | ' | 44,112 | [3] | 43,944 | [6] | 43,729 | [9] | ' | 42,220 | [11],[23] | 42,000 | [15],[16] | 41,806 | [19],[24] | ' | ' | ||
Liability for pension benefits | ' | ' | 3,281 | [3] | 7,997 | [6] | 8,392 | [9] | ' | ' | 6,730 | [15],[16] | 8,193 | [19],[24] | ' | ' | |||
Other noncurrent liabilities | ' | ' | 3,753 | [3] | 3,950 | [6] | 3,785 | [9] | ' | 3,430 | [11],[23] | 3,491 | [15],[16] | 3,464 | [19],[24] | ' | ' | ||
Total liabilities | ' | ' | 481,766 | [3] | 529,094 | [6] | 244,304 | [9] | 279,761 | [21],[22] | 232,149 | [11],[23] | 231,753 | [15],[16] | 239,889 | [19],[24] | ' | ' | |
Total shareholders' equity | ' | ' | 596,612 | [3] | 595,700 | [6] | 587,645 | [9] | 569,212 | [21],[22] | 577,555 | [11],[23] | 580,403 | [15],[16] | 573,509 | [19],[24] | ' | ' | |
Total liabilities and shareholders' equity | ' | ' | 1,078,378 | [3] | 1,124,794 | [6] | 831,949 | [9] | 848,973 | [21],[22] | 809,704 | [11],[23] | 812,156 | [15],[16] | 813,398 | [19],[24] | ' | ' | |
Non-Guarantor Subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Current assets: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Cash and cash equivalents | 31,435 | ' | 51,460 | 5,631 | 7,414 | 9,907 | 3,482 | 6,661 | 8,453 | 12,571 | 26,322 | ||||||||
Receivables, net | 69,847 | ' | 75,463 | 62,254 | 62,642 | 58,676 | 62,196 | 59,489 | 62,772 | ' | ' | ||||||||
Inventories, net | 164,467 | ' | 161,199 | 168,831 | 163,993 | 155,151 | 154,020 | 140,168 | 130,521 | ' | ' | ||||||||
Costs in excess of billings | 1,577 | ' | 3,425 | 2,216 | 2,105 | 2,260 | 2,151 | 658 | 5 | ' | ' | ||||||||
Deferred income taxes | 376 | ' | 116 | 116 | 116 | 116 | ' | ' | ' | ' | ' | ||||||||
Assets of discontinued operations | 5,274 | ' | 7,582 | 8,076 | 23,919 | 25,168 | 27,158 | 28,165 | 29,581 | ' | ' | ||||||||
Other current assets | 4,538 | ' | 5,157 | 5,026 | 3,911 | 3,788 | 4,846 | 4,830 | 3,360 | ' | ' | ||||||||
Total current assets | 277,514 | ' | 304,402 | 252,150 | 264,100 | 255,066 | 253,853 | 239,971 | 234,692 | ' | ' | ||||||||
Property, plant, and equipment, net | 77,979 | ' | 68,306 | 65,320 | 66,108 | 66,025 | 64,641 | 63,637 | 64,296 | ' | ' | ||||||||
Goodwill | 37,873 | ' | 36,108 | 35,833 | 36,351 | 36,587 | 36,754 | 36,270 | 36,295 | ' | ' | ||||||||
Other intangible assets, net | 22,570 | ' | 19,816 | 19,957 | 20,717 | 21,343 | 21,869 | 21,815 | 22,448 | ' | ' | ||||||||
Other noncurrent assets | 5,038 | ' | 3,727 | 3,882 | 4,074 | 3,857 | 3,710 | 3,823 | 3,946 | ' | ' | ||||||||
Intercompany investments | 5,721 | ' | 5,221 | 4,689 | 5,130 | 3,736 | 3,408 | 3,034 | 2,621 | ' | ' | ||||||||
Total assets | 426,695 | ' | 437,580 | 381,831 | 396,480 | 386,614 | 384,235 | 368,550 | 364,298 | ' | ' | ||||||||
Marketable securities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Current liabilities: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Accounts payable | 45,739 | ' | 41,111 | 43,725 | 47,409 | 46,693 | 48,239 | 49,356 | 53,350 | ' | ' | ||||||||
Accrued wages and employee costs | 9,096 | ' | 8,340 | 7,859 | 6,151 | 11,109 | 8,501 | 6,810 | 5,170 | ' | ' | ||||||||
Unearned revenue | 15,337 | ' | 38,467 | 49,130 | 21,246 | 24,309 | 34,018 | 36,140 | 35,785 | ' | ' | ||||||||
Liabilities of discontinued operations | 458 | ' | 471 | 501 | 3,269 | 3,431 | 4,190 | 4,087 | 5,588 | ' | ' | ||||||||
Other accrued liabilities | 10,673 | ' | 9,052 | 7,877 | 9,870 | 10,044 | 9,298 | 8,208 | 6,916 | ' | ' | ||||||||
Total current liabilities | 81,303 | ' | 97,441 | 109,092 | 87,945 | 95,586 | 104,246 | 104,601 | 106,809 | ' | ' | ||||||||
Long-term debt | 6,928 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Intercompany debt | 106,633 | ' | 111,758 | 86,039 | 119,403 | 104,084 | 106,684 | 100,929 | 98,057 | ' | ' | ||||||||
Liability for pension benefits | 159 | ' | 160 | 159 | 159 | 159 | 159 | 539 | 677 | ' | ' | ||||||||
Deferred income taxes | 4,072 | ' | 3,482 | 3,482 | 3,482 | 3,482 | 3,836 | 3,836 | 3,836 | ' | ' | ||||||||
Unearned revenue | 10,470 | ' | 12,033 | 12,496 | 12,792 | 13,013 | 3,240 | 3,385 | 3,504 | ' | ' | ||||||||
Other noncurrent liabilities | 255 | ' | 238 | 215 | 202 | 224 | 210 | 217 | 199 | ' | ' | ||||||||
Total liabilities | 209,820 | ' | 225,112 | 211,483 | 223,983 | 216,548 | 218,375 | 213,507 | 213,082 | ' | ' | ||||||||
Total shareholders' equity | 216,875 | ' | 212,468 | 170,348 | 172,497 | 170,066 | 165,860 | 155,043 | 151,216 | ' | ' | ||||||||
Total liabilities and shareholders' equity | 426,695 | ' | 437,580 | 381,831 | 396,480 | 386,614 | 384,235 | 368,550 | 364,298 | ' | ' | ||||||||
Non-Guarantor Subsidiaries | Previously Reported | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Current assets: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Cash and cash equivalents | ' | ' | 51,460 | [3] | 5,631 | [6] | 7,414 | [9] | ' | 3,482 | [23] | 6,661 | [16] | 8,453 | [24] | ' | ' | ||
Receivables, net | ' | ' | 76,167 | [3] | 62,847 | [6] | 63,454 | [9] | 59,639 | [22] | 63,115 | [23] | 60,685 | [16] | 64,298 | [24] | ' | ' | |
Inventories, net | ' | ' | 167,901 | [3] | 180,397 | [6] | 175,893 | [9] | 164,127 | [22] | 162,992 | [23] | 149,029 | [16] | 139,493 | [24] | ' | ' | |
Costs in excess of billings | ' | ' | 3,425 | [3] | 911 | [6] | 1,679 | [9] | ' | 2,151 | [23] | 658 | [16] | 5 | [24] | ' | ' | ||
Deferred income taxes | ' | ' | 116 | [3] | 116 | [6] | 116 | [9] | ' | ' | ' | ' | ' | ' | |||||
Assets of discontinued operations | ' | ' | ' | ' | 14,971 | [9] | ' | 16,799 | [23] | 17,633 | [16] | 18,598 | [24] | ' | ' | ||||
Other current assets | ' | ' | 5,004 | [3] | 4,870 | [6] | 3,911 | [9] | ' | 4,449 | [23] | 4,433 | [16] | 2,963 | [24] | ' | ' | ||
Total current assets | ' | ' | 304,073 | [3] | 254,772 | [6] | 267,438 | [9] | 254,578 | [22] | 252,988 | [23] | 239,099 | [16] | 233,810 | [24] | ' | ' | |
Property, plant, and equipment, net | ' | ' | 68,417 | [3] | 65,437 | [6] | 66,231 | [9] | 66,155 | [22] | 64,751 | [23] | 63,754 | [16] | 64,423 | [24] | ' | ' | |
Goodwill | ' | ' | 36,173 | [3] | 35,898 | [6] | 36,416 | [9] | 36,945 | [22] | 37,112 | [23] | 36,628 | [16] | 36,653 | [24] | ' | ' | |
Other intangible assets, net | ' | ' | 19,816 | [3] | 19,957 | [6] | 20,717 | [9] | ' | 21,869 | [23] | 21,815 | [16] | 22,448 | [24] | ' | ' | ||
Deferred income taxes | ' | ' | 34,065 | [3] | 33,483 | [6] | 33,856 | [9] | 33,287 | [22] | 32,786 | [23] | 30,719 | [16] | 29,864 | [24] | ' | ' | |
Other noncurrent assets | ' | ' | 3,727 | [3] | 3,882 | [6] | 4,074 | [9] | ' | 3,710 | [23] | 3,823 | [16] | 3,946 | [24] | ' | ' | ||
Intercompany investments | ' | ' | 5,221 | [3] | 4,689 | [6] | 5,130 | [9] | 3,736 | [22] | 3,408 | [23] | 3,034 | [16] | 2,621 | [24] | ' | ' | |
Total assets | ' | ' | 471,492 | [3] | 418,118 | [6] | 433,862 | [9] | 419,869 | [22] | 416,624 | [23] | 398,872 | [16] | 393,765 | [24] | ' | ' | |
Marketable securities | ' | ' | ' | ' | ' | ' | ' | [23] | ' | ' | ' | ' | |||||||
Current liabilities: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Accounts payable | ' | ' | 41,458 | [3] | 44,066 | [6] | 47,751 | [9] | ' | 49,093 | [23] | 49,789 | [16] | 54,862 | [24] | ' | ' | ||
Accrued wages and employee costs | ' | ' | 8,444 | [3] | 7,960 | [6] | 6,248 | [9] | ' | 8,639 | [23] | 6,929 | [16] | 5,282 | [24] | ' | ' | ||
Unearned revenue | ' | ' | 38,467 | [3] | 49,700 | [6] | 22,603 | [9] | ' | 34,018 | [23] | 36,140 | [16] | 35,785 | [24] | ' | ' | ||
Liabilities of discontinued operations | ' | ' | ' | ' | 2,821 | [9] | ' | 3,198 | [23] | 3,494 | [16] | 3,879 | [24] | ' | ' | ||||
Other accrued liabilities | ' | ' | 9,072 | [3] | 7,936 | [6] | 10,029 | [9] | 10,369 | [22] | 9,298 | [23] | 8,249 | [16] | 7,001 | [24] | ' | ' | |
Total current liabilities | ' | ' | 97,441 | [3] | 109,662 | [6] | 89,452 | [9] | 95,838 | [22] | 104,246 | [23] | 104,601 | [16] | 106,809 | [24] | ' | ' | |
Intercompany debt | ' | ' | 111,758 | [3] | 86,039 | [6] | 119,403 | [9] | ' | 106,684 | [23] | 100,929 | [16] | 98,057 | [24] | ' | ' | ||
Liability for pension benefits | ' | ' | 160 | [3] | 159 | [6] | 159 | [9] | ' | 159 | [23] | 539 | [16] | 677 | [24] | ' | ' | ||
Deferred income taxes | ' | ' | 3,482 | [3] | 3,482 | [6] | 3,482 | [9] | 3,482 | [22] | 3,836 | [23] | 3,836 | [16] | 3,836 | [24] | ' | ' | |
Unearned revenue | ' | ' | 12,033 | [3] | 12,496 | [6] | 12,792 | [9] | ' | 3,240 | [23] | 3,385 | [16] | 3,504 | [24] | ' | ' | ||
Other noncurrent liabilities | ' | ' | 238 | [3] | 215 | [6] | 202 | [9] | ' | 210 | [23] | 217 | [16] | 199 | [24] | ' | ' | ||
Total liabilities | ' | ' | 225,112 | [3] | 212,053 | [6] | 225,490 | [9] | 216,800 | [22] | 218,375 | [23] | 213,507 | [16] | 213,082 | [24] | ' | ' | |
Total shareholders' equity | ' | ' | 246,380 | [3] | 206,065 | [6] | 208,372 | [9] | 203,069 | [22] | 198,249 | [23] | 185,365 | [16] | 180,683 | [24] | ' | ' | |
Total liabilities and shareholders' equity | ' | ' | 471,492 | [3] | 418,118 | [6] | 433,862 | [9] | 419,869 | [22] | 416,624 | [23] | 398,872 | [16] | 393,765 | [24] | ' | ' | |
Eliminations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Current assets: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Receivables, net | -22,759 | ' | -22,846 | -23,643 | -26,532 | -27,221 | -29,473 | -33,288 | -39,218 | ' | ' | ||||||||
Other current assets | ' | ' | ' | ' | ' | ' | -1,380 | ' | -1,927 | ' | ' | ||||||||
Total current assets | -22,759 | ' | -22,846 | -23,643 | -26,532 | -27,221 | -30,853 | -33,288 | -41,145 | ' | ' | ||||||||
Other noncurrent assets | ' | ' | ' | ' | ' | ' | -2,580 | ' | ' | ' | ' | ||||||||
Intercompany investments | -1,273,015 | ' | -1,271,659 | -1,249,969 | -983,729 | -961,591 | -962,634 | -948,291 | -936,472 | ' | ' | ||||||||
Total assets | -1,295,774 | ' | -1,294,505 | -1,273,612 | -1,010,261 | -988,812 | -996,067 | -981,579 | -9,077,617 | ' | ' | ||||||||
Marketable securities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Current liabilities: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Accounts payable | -22,759 | ' | -22,846 | -23,643 | -26,532 | -27,221 | -29,473 | -33,288 | -39,213 | ' | ' | ||||||||
Other accrued liabilities | ' | ' | ' | ' | ' | ' | -1,380 | ' | -1,932 | ' | ' | ||||||||
Total current liabilities | -22,759 | ' | -22,846 | -23,643 | -26,532 | -27,221 | -30,853 | -33,288 | -41,145 | ' | ' | ||||||||
Intercompany debt | -463,777 | ' | -462,579 | -489,181 | -228,847 | -222,313 | -219,219 | -212,845 | -211,726 | ' | ' | ||||||||
Liability for pension benefits | ' | ' | ' | ' | ' | ' | -2,580 | ' | ' | ' | ' | ||||||||
Other noncurrent liabilities | ' | ' | ' | ' | ' | ' | ' | ' | -21 | ' | ' | ||||||||
Total liabilities | -486,536 | ' | -485,425 | -512,824 | -255,379 | -249,534 | -252,652 | -246,133 | -252,892 | ' | ' | ||||||||
Total shareholders' equity | -809,238 | ' | -809,080 | -760,788 | -754,882 | -739,278 | -743,415 | -735,446 | -724,725 | ' | ' | ||||||||
Total liabilities and shareholders' equity | -1,295,774 | ' | -1,294,505 | -1,273,612 | -1,010,261 | -988,812 | -996,067 | -981,579 | -977,617 | ' | ' | ||||||||
Eliminations | Previously Reported | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Current assets: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Receivables, net | ' | ' | -22,846 | [3] | -23,643 | [6] | -26,532 | [9] | -27,221 | [22] | -29,473 | [23] | -33,288 | [16] | -39,218 | [24] | ' | ' | |
Other current assets | ' | ' | ' | ' | ' | ' | -1,380 | [23] | ' | -1,927 | [24] | ' | ' | ||||||
Total current assets | ' | ' | -22,846 | [3] | -23,643 | [6] | -26,532 | [9] | -27,221 | [22] | -30,853 | [23] | -33,288 | [16] | -41,145 | [24] | ' | ' | |
Deferred income taxes | ' | ' | -4,630 | [3] | -3,868 | [6] | -4,232 | [9] | ' | -589 | [23] | -1,480 | [16] | -753 | [24] | ' | ' | ||
Other noncurrent assets | ' | ' | ' | ' | ' | ' | -2,580 | [23] | ' | ' | ' | ' | |||||||
Intercompany investments | ' | ' | -1,305,571 | [3] | -1,290,946 | [6] | -1,024,864 | [9] | -994,594 | [22] | -995,023 | [23] | -978,613 | [16] | -965,939 | [24] | ' | ' | |
Total assets | ' | ' | -1,333,047 | [3] | -1,318,457 | [6] | -1,051,396 | [9] | -1,021,815 | [22] | -1,029,045 | [23] | -1,013,381 | [16] | -1,007,837 | [24] | ' | ' | |
Marketable securities | ' | ' | ' | ' | ' | ' | ' | [23] | ' | ' | ' | ' | |||||||
Current liabilities: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Accounts payable | ' | ' | -22,846 | [3] | -23,643 | [6] | -26,532 | [9] | ' | -29,473 | [23] | -33,288 | [16] | -39,213 | [24] | ' | ' | ||
Other accrued liabilities | ' | ' | ' | ' | ' | ' | -1,380 | [23] | ' | -1,932 | [24] | ' | ' | ||||||
Total current liabilities | ' | ' | -22,846 | [3] | -23,643 | [6] | -26,532 | [9] | -27,221 | [22] | -30,853 | [23] | -33,288 | [16] | -41,145 | [24] | ' | ' | |
Intercompany debt | ' | ' | -462,579 | [3] | -489,181 | [6] | -228,847 | [9] | ' | -219,219 | [23] | -212,845 | [16] | -211,726 | [24] | ' | ' | ||
Liability for pension benefits | ' | ' | ' | ' | ' | ' | -2,580 | [23] | ' | ' | ' | ' | |||||||
Deferred income taxes | ' | ' | -4,630 | [3] | -3,868 | [6] | -4,232 | [9] | ' | -589 | [23] | -1,480 | [16] | -753 | [24] | ' | ' | ||
Other noncurrent liabilities | ' | ' | ' | ' | ' | ' | ' | ' | -21 | [24] | ' | ' | |||||||
Total liabilities | ' | ' | -490,055 | [3] | -516,692 | [6] | -259,611 | [9] | -249,534 | [22] | -253,241 | [23] | -247,613 | [16] | -253,645 | [24] | ' | ' | |
Total shareholders' equity | ' | ' | -842,992 | [3] | -801,765 | [6] | -796,017 | [9] | -772,281 | [22] | -775,804 | [23] | -765,768 | [16] | -754,192 | [24] | ' | ' | |
Total liabilities and shareholders' equity | ' | ' | ($1,333,047) | [3] | ($1,318,457) | [6] | ($1,055,628) | [9] | ($1,021,815) | [22] | ($1,029,045) | [23] | $1,013,381 | [16] | ($1,007,837) | [24] | ' | ' | |
[1] | Previously reported balances represent the amounts reported in the Condensed Consolidated Statement of Cash Flows in the Company's Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2013 as filed with the SEC on November 12, 2013. The previously reported changes in inventory, cost in excess of billings, and deferred revenue have been adjusted by $540, $323, and $(866) to correct the prior presentation. | ||||||||||||||||||
[2] | Previously reported balances represent the amounts reported in the Condensed Consolidated Balance Sheet in the Company's Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2013 as filed with the SEC on November 12, 2013. The previously reported balances of inventory and cost in excess of billings have been adjusted by $(1,242) and $1,242 to correct the prior presentation. | ||||||||||||||||||
[3] | Previously reported balances represent the amounts reported in the Condensed Consolidating Balance Sheet in the Company's Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2013 as filed with the SEC on November 12, 2013. The previously reported Guarantor Subsidiary and Consolidated balances of inventory and cost in excess of billings have been adjusted by $(1,242) and $1,242 to correct the prior presentation. The previously reported balances of current deferred income tax assets, non-current deferred income tax assets, intercompany investments, other accrued liabilities, non-current deferred income taxes and shareholders' equity, were adjusted by $4,812, $-, $(11,850), $(685), $(6,353), and $- for the Parent; by $(2,629), $(27,604), $-, $-, $(21,587), and $(8,646) for the Guarantor Subsidiaries; by $(2,183), $(174), $-, $685, $162, and, $(3,204) for the Non-Guarantor Subsidiaries; and by $-, $27,778, $11,850, $-, $27,778, and $11,850 for the Eliminations, to correct the presentation of deferred income tax balances. | ||||||||||||||||||
[4] | Previously reported balances represent the amounts reported in the Condensed Consolidated Statement of Cash Flows in the Company's Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2013 as filed with the SEC on September 24, 2013. The previously reported changes in inventory, cost in excess of billings, and deferred revenue have been adjusted by $(340), $1,021, and $(681) to correct the prior presentation. | ||||||||||||||||||
[5] | Previously reported balances represent the amounts reported in the Condensed Consolidated Balance Sheet in the Company's Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2013 as filed with the SEC on September 24, 2013. The previously reported balances of inventory, cost in excess of billings, and deferred revenue have been adjusted by $(359), $544, and $185 to correct the prior presentation. | ||||||||||||||||||
[6] | Previously reported balances represent the amounts reported in the Condensed Consolidating Balance Sheet in the Company's Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2013 as filed with the SEC on September 24, 2013. The previously reported Guarantor Subsidiary and Consolidated balances of inventory, cost in excess of billings, and deferred revenue have been adjusted by $(359), $544, and $185 to correct the prior presentation. The previously reported balances of current deferred income tax assets, non-current deferred income tax assets, intercompany investments, other accrued liabilities, non-current deferred income taxes, and shareholders' equity, were adjusted by $4,081, $-, $(6,671), $(685), $(1,905), and $- for the Parent; by $(2,437), $(28,271), $-, $-, $(26,646), and $(4,062) for the Guarantor Subsidiaries; by $(1,644), $(169), $-, $685, $111, and $(2,609) for the Non-Guarantor Subsidiaries; and by $-, $28,440, $6,671, $-, $28,440, and $6,671 for the Eliminations, to correct the presentation of deferred income tax balances. | ||||||||||||||||||
[7] | Previously reported balances represent the amounts reported in the Condensed Consolidated Statement of Cash Flows in the Company's Amended Quarterly Report on Form 10-Q/A for the quarterly period ended March 31, 2013 as filed with the SEC on September 24, 2013. The previously reported changes in inventory, cost in excess of billings, and deferred revenue have been adjusted by $1,040, $(174), and $(866) to correct the prior presentation. | ||||||||||||||||||
[8] | Previously reported balances represent the amounts reported in the Condensed Consolidated Balance Sheet in the Company's Amended Quarterly Report on Form 10-Q/A for the quarterly period ended March 31, 2013 as filed with the SEC on September 24, 2013. The previously reported balances of inventory and cost in excess of billings have been adjusted by $(1,739) and $1,739 to correct the prior presentation. | ||||||||||||||||||
[9] | Previously reported balances represent the amounts reported in the Condensed Consolidating Balance Sheet in the Company's Amended Quarterly Report on Form 10-Q/A for the quarterly period ended March 31, 2013 as filed with the SEC on September 24, 2013. The previously reported Guarantor Subsidiary and Consolidated balances of inventory and cost in excess of billings have been adjusted by $(1,739) and $1,739 to correct the prior presentation. The previously reported balances of current deferred income tax assets, non-current deferred income tax assets, intercompany investments, other accrued liabilities, non-current deferred income taxes and shareholders' equity, were adjusted by $3,590, $-, $(6,790), $(685), $(2,515), and $- for the Parent; by $(2,437), $(28,939), $-, $-, $(26,657) and $(4,719) for the Guarantor Subsidiaries; by $(1,153), $(174), $-, $685, $59, and $(2,071) for the Non-Guarantor Subsidiaries; and by $-, $29,113, $6,790, $-, $29,113, and $6,790 for the Eliminations, to correct the presentation of deferred income tax balances. | ||||||||||||||||||
[10] | Previously reported balances represent the amounts presented as "Currently Reported" in the Note 2 to the Company's Second Amended Annual Report on Form 10-K/A for the annual period ended December 31, 2012 as filed with the SEC on November 12, 2013. The previously reported changes in inventory, cost in excess of billings, and deferred revenue have been adjusted by $(2,709), $2,540, and $169 to correct the prior presentation. | ||||||||||||||||||
[11] | The previously reported Guarantor Subsidiary and Consolidated balances of inventory, cost in excess of billings, and deferred revenue have been adjusted by $(1,175), $1,344, and $169 to correct the prior presentation. | ||||||||||||||||||
[12] | Previously reported balances represent the amounts presented as "Currently Reported" in the Note 2 to the Company's Second Amended Annual Report on Form 10-K/A for the annual period ended December 31, 2012 as filed with the SEC on November 12, 2013. The previously reported balances of inventory, cost in excess of billings, and deferred revenue have been adjusted by $(1,175), $1,344, and $169 to correct the prior presentation. | ||||||||||||||||||
[13] | Previously reported balances represent the amounts presented as "Currently Reported" in the Note 2 to the Company's Second Amended Annual Report on Form 10-K/A for the annual period ended December 31, 2012 as filed with the SEC on November 12, 2013. The previously reported changes in inventory, cost in excess of billings, and deferred revenue have been adjusted by $(2,049), $2,027, and $22 to correct the prior presentation. | ||||||||||||||||||
[14] | Previously reported balances represent the amounts presented as "Currently Reported" in the Note 2 to the Company's Second Amended Annual Report on Form 10-K/A for the annual period ended December 31, 2012 as filed with the SEC on November 12, 2013. The previously reported balances of inventory, cost in excess of billings, and deferred revenue have been adjusted by $(1,835), $1,857, and $22 to correct the prior presentation. | ||||||||||||||||||
[15] | The previously Guarantor Subsidiary and Consolidated balances of inventory, cost in excess of billings, and deferred revenue have been adjusted by $(1,835), $1,857, and $22 to correct the prior presentation. | ||||||||||||||||||
[16] | The previously reported balances of current deferred income tax assets, non-current deferred income tax assets, intercompany investments, other accrued liabilities, non-current deferred income taxes, and shareholders' equity were adjusted by $3,598, $-, $(9,842), $(780), $(5,464), and $- for the Parent; by $(2,290), $(25,314), $-, $-, $(20,104), and $(7,500) for the Guarantor Subsidiaries; by $(1,308), $(31), $-, $780, $223, and $(2,342) for the Non-Guarantor Subsidiaries; and by $-, $25,345, $9,842, $-, $25,345, and $9,842 for the Eliminations, to correct the presentation of deferred income tax balances. | ||||||||||||||||||
[17] | Previously reported balances represent the amounts presented as "Currently Reported" in the Note 2 to the Company's Second Amended Annual Report on Form 10-K/A for the annual period ended December 31, 2012 as filed with the SEC on November 12, 2013. The previously reported changes in inventory, cost in excess of billings, and deferred revenue have been adjusted by $(2,288), $2,282, and $6 to correct the prior presentation. | ||||||||||||||||||
[18] | Previously reported balances represent the amounts presented as "Currently Reported" in the Note 2 to the Company's Second Amended Annual Report on Form 10-K/A for the annual period ended December 31, 2012 as filed with the SEC on November 12, 2013. The previously reported balances of inventory, cost in excess of billings, and deferred revenue have been adjusted by $(1,596), $1,602, and $6 to correct the prior presentation. | ||||||||||||||||||
[19] | The previously reported Guarantor Subsidiary and Consolidated balances of inventory, cost in excess of billings, and deferred revenue have been adjusted by $(1,596), $1,602, and $6 to correct the prior presentation. | ||||||||||||||||||
[20] | Previously reported balances represent the amounts reported in the Consolidated Balance Sheet in the Company's Second Amended Annual Report on Form 10-K/A for the annual period ended December 31, 2012 as filed with the SEC on November 12, 2013. The previously reported balances of inventory, cost in excess of billings, and deferred revenue have been adjusted by $(699), $1,565, and $866 to correct the prior presentation. | ||||||||||||||||||
[21] | The previously reported Guarantor Subsidiary and Consolidated balances of inventory and cost in excess of billings, have been adjusted by $(699) and, $1,565 to correct the prior presentation. | ||||||||||||||||||
[22] | The previously reported balances of current deferred income tax assets, non-current deferred income tax assets, intercompany investments, other accrued liabilities, non-current deferred income taxes, and shareholders' equity were adjusted by $4,786, $-, $(16,823), $(685), $(11,320) and $- for the Parent; by $(2,543), $(32,757), $-, $-, $(21,590), and $(13,710) for the Guarantor Subsidiaries; by $(2,243), $(146), $-, $685, $7 and $(3,113) for the Non-Guarantor Subsidiaries; and by $-, $32,903, $16,823, $-, $32,903 and $16,823 for the Eliminations, to correct the presentation of deferred income tax balances. | ||||||||||||||||||
[23] | The previously reported balances of current deferred income tax assets, non-current deferred income tax assets, intercompany investments, other accrued liabilities, non-current deferred income taxes, and shareholders' equity were adjusted by $4,883, $-, $(12,214), $(780), $(6,551), and $- for the Parent; by $(2,593), $(26,313), $-, $-, $(20,104), and $(8,802) for the Guarantor Subsidiaries; by $(2,290), $(32), $-, $780, $310, and $(3,412) for the Non-Guarantor Subsidiaries; and by $-, $26,345, $12,214, $-, $26,345, and $12,214 for the Eliminations, to correct the presentation of deferred income tax balances. | ||||||||||||||||||
[24] | The previously reported balances of current deferred income tax assets, non-current deferred income tax assets, intercompany investments, other accrued liabilities, non-current deferred income taxes, and shareholders' equity were adjusted by $3,298, $-, $(10,752), $(764), $(6,690), and $- for the Parent; by $(2,290), $(25,995), $-, $-, $(19,560), and $(8,725) for the Guarantor Subsidiaries; by $(1,008), $(33), $-, $764, $222, and $(2,027) for the Non-Guarantor Subsidiaries; and by $-, $26,028, $10,752, $-, $26,028, and $10,752 for the Eliminations, to correct the presentation of deferred income tax balances. |
Effects_of_Restatement_or_Revi5
Effects of Restatement or Revision, Condensed Consolidating Balance Sheet Quarterly Financial Information (Parenthetical) (Detail) (USD $) | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | ||
In Thousands, unless otherwise specified | ||||||||||||
Inventory | $430,088 | $412,456 | $409,227 | $401,333 | $375,441 | $342,682 | $316,473 | $297,059 | ' | ' | ||
Cost in excess of billings | 5,377 | 4,667 | 2,760 | 3,844 | 3,825 | 3,495 | 2,515 | 1,607 | ' | ' | ||
Current deferred income tax assets | 32,032 | 31,406 | 31,690 | 31,110 | 31,380 | 22,059 | 20,775 | 20,475 | ' | ' | ||
Other accrued liabilities | 22,574 | 26,017 | 19,793 | 25,832 | 22,518 | 27,554 | 21,876 | 21,886 | ' | ' | ||
Non-current deferred income taxes | 74,078 | 78,512 | 79,990 | 50,564 | 46,384 | 34,252 | 35,229 | 33,894 | ' | ' | ||
Shareholders' equity | 773,974 | 777,132 | 759,699 | 720,056 | 708,239 | 712,884 | 704,212 | 700,726 | 694,640 | 696,529 | ||
Deferred revenue | 15,625 | 38,467 | 49,315 | 22,483 | 25,864 | 34,692 | 36,866 | 36,589 | ' | ' | ||
Revision Adjustment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Inventory | ' | ' | -4,265 | [1] | -3,952 | [1] | ' | ' | ' | ' | ' | ' |
Cost in excess of billings | ' | ' | 1,305 | [1] | 426 | [1] | ' | ' | ' | ' | ' | ' |
Current deferred income tax assets | ' | ' | 1,015 | [1] | 926 | [1] | ' | ' | ' | ' | ' | ' |
Non-current deferred income taxes | ' | ' | -5,068 | [1] | -5,068 | [1] | ' | ' | ' | ' | ' | ' |
Shareholders' equity | ' | ' | -1,567 | [1] | -1,435 | [1] | ' | ' | ' | ' | ' | ' |
Deferred revenue | ' | ' | -570 | [1] | -1,357 | [1] | ' | ' | ' | ' | ' | ' |
RTI International Metals, Inc. | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Current deferred income tax assets | 31,656 | 31,290 | 31,574 | 30,994 | 31,264 | 22,059 | 20,775 | 20,475 | ' | ' | ||
Intercompany investments | 1,240,671 | 1,240,173 | 1,218,576 | 952,158 | 931,041 | 932,734 | 919,907 | 911,011 | ' | ' | ||
Other accrued liabilities | 6,800 | 8,911 | 4,955 | 8,806 | 3,277 | 10,444 | 5,845 | 6,150 | ' | ' | ||
Non-current deferred income taxes | 70,006 | 75,030 | 76,508 | 47,082 | 42,902 | 30,416 | 31,393 | 30,058 | ' | ' | ||
Shareholders' equity | 773,974 | 777,132 | 759,699 | 720,056 | 708,239 | 712,884 | 704,212 | 700,726 | ' | ' | ||
RTI International Metals, Inc. | Revision Adjustment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Current deferred income tax assets | ' | 4,812 | 4,081 | 3,590 | 4,786 | 4,883 | 3,598 | 3,298 | ' | ' | ||
Intercompany investments | ' | -11,850 | -6,671 | -6,790 | -16,823 | -12,214 | -9,842 | -10,752 | ' | ' | ||
Other accrued liabilities | ' | -685 | -685 | -685 | -685 | -780 | -780 | -764 | ' | ' | ||
Non-current deferred income taxes | ' | -6,353 | -1,905 | -2,515 | -11,320 | -6,551 | 5,464 | -6,690 | ' | ' | ||
Guarantor Subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Inventory | 265,621 | 251,257 | 240,396 | 237,340 | 220,290 | 188,662 | 176,305 | 166,538 | ' | ' | ||
Cost in excess of billings | 3,800 | 1,242 | 544 | 1,739 | 1,565 | 1,344 | 1,857 | 1,602 | ' | ' | ||
Intercompany investments | 26,623 | 26,265 | 26,704 | 26,441 | 26,814 | 26,492 | 25,350 | 22,840 | ' | ' | ||
Other accrued liabilities | 5,101 | 8,054 | 6,961 | 7,156 | 9,197 | 9,192 | 7,823 | 10,752 | ' | ' | ||
Shareholders' equity | 592,363 | 596,612 | 599,440 | 582,385 | 569,212 | 577,555 | 580,403 | 573,509 | ' | ' | ||
Deferred revenue | 288 | ' | 185 | 1,237 | 1,555 | 674 | 726 | 804 | ' | ' | ||
Guarantor Subsidiaries | Revision Adjustment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Inventory | ' | -1,242 | -359 | -1,739 | -699 | -1,175 | -1,835 | -1,596 | ' | ' | ||
Cost in excess of billings | ' | 1,242 | 544 | 1,739 | 1,565 | 1,344 | 1,857 | 1,602 | ' | ' | ||
Current deferred income tax assets | ' | -2,629 | -2,437 | -2,437 | -2,543 | -2,593 | -2,290 | -2,290 | ' | ' | ||
Non-current deferred income tax assets | ' | -27,604 | -28,271 | -28,939 | -32,757 | -26,313 | -25,314 | -25,995 | ' | ' | ||
Non-current deferred income taxes | ' | -21,587 | -26,646 | -26,657 | -21,590 | -20,104 | -20,104 | -19,560 | ' | ' | ||
Shareholders' equity | ' | -8,646 | -4,062 | -4,719 | -13,710 | -8,802 | -7,500 | -8,725 | ' | ' | ||
Deferred revenue | ' | ' | 185 | ' | ' | 169 | 22 | 6 | ' | ' | ||
Non-Guarantor Subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Inventory | 164,467 | 161,199 | 168,831 | 163,993 | 155,151 | 154,020 | 140,168 | 130,521 | ' | ' | ||
Cost in excess of billings | 1,577 | 3,425 | 2,216 | 2,105 | 2,260 | 2,151 | 658 | 5 | ' | ' | ||
Current deferred income tax assets | 376 | 116 | 116 | 116 | 116 | ' | ' | ' | ' | ' | ||
Intercompany investments | 5,721 | 5,221 | 4,689 | 5,130 | 3,736 | 3,408 | 3,034 | 2,621 | ' | ' | ||
Other accrued liabilities | 10,673 | 9,052 | 7,877 | 9,870 | 10,044 | 9,298 | 8,208 | 6,916 | ' | ' | ||
Non-current deferred income taxes | 4,072 | 3,482 | 3,482 | 3,482 | 3,482 | 3,836 | 3,836 | 3,836 | ' | ' | ||
Shareholders' equity | 216,875 | 212,468 | 170,348 | 172,497 | 170,066 | 165,860 | 155,043 | 151,216 | ' | ' | ||
Deferred revenue | 15,337 | 38,467 | 49,130 | 21,246 | 24,309 | 34,018 | 36,140 | 35,785 | ' | ' | ||
Non-Guarantor Subsidiaries | Revision Adjustment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Current deferred income tax assets | ' | -2,183 | -1,644 | -1,153 | -2,243 | -2,290 | -1,308 | -1,008 | ' | ' | ||
Non-current deferred income tax assets | ' | -174 | -169 | -174 | -146 | -32 | -31 | -33 | ' | ' | ||
Other accrued liabilities | ' | 685 | 685 | 685 | 685 | 780 | 780 | 764 | ' | ' | ||
Non-current deferred income taxes | ' | 162 | 111 | 59 | 7 | 310 | 223 | 222 | ' | ' | ||
Shareholders' equity | ' | -3,204 | -2,609 | -2,071 | -3,113 | -3,412 | -2,342 | -2,027 | ' | ' | ||
Eliminations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Intercompany investments | -1,273,015 | -1,271,659 | -1,249,969 | -983,729 | -961,591 | -962,634 | -948,291 | -936,472 | ' | ' | ||
Other accrued liabilities | ' | ' | ' | ' | ' | -1,380 | ' | -1,932 | ' | ' | ||
Shareholders' equity | -809,238 | -809,080 | -760,788 | -754,882 | -739,278 | -743,415 | -735,446 | -724,725 | ' | ' | ||
Eliminations | Revision Adjustment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Non-current deferred income tax assets | ' | -27,778 | 28,440 | 29,113 | 32,903 | 26,345 | 25,345 | -26,028 | ' | ' | ||
Intercompany investments | ' | 11,850 | 6,671 | 6,790 | 16,823 | 12,214 | 9,842 | 10,752 | ' | ' | ||
Non-current deferred income taxes | ' | 27,778 | 28,440 | 29,113 | 32,903 | -26,345 | 25,345 | -26,028 | ' | ' | ||
Shareholders' equity | ' | 11,850 | 6,671 | 6,790 | 16,823 | 12,214 | 9,842 | 10,752 | ' | ' | ||
Consolidated | Revision Adjustment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Inventory | ' | -1,242 | -359 | -1,739 | -699 | -1,175 | -1,835 | -1,596 | ' | ' | ||
Cost in excess of billings | ' | 1,242 | 544 | 1,739 | 1,565 | 1,344 | 1,857 | 1,602 | ' | ' | ||
Deferred revenue | ' | ' | $185 | ' | ' | $169 | $22 | $6 | ' | ' | ||
[1] | Amounts presented as Revision Adjustment represent revisions related to revenue recognition errors related to certain long-term projects, as well as adjustments to goodwill and deferred taxes related to the acquisition of Remmele in 2012, as disclosed in the Company's Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2013 as filed with the SEC on November 12, 2013. |
Subsequent_Events_Additional_I
Subsequent Events - Additional Information (Detail) (Subsequent Event, USD $) | 0 Months Ended | |
In Millions, unless otherwise specified | Feb. 21, 2014 | Jan. 22, 2014 |
RTI Connecticut | Directed Manufacturing, Inc | |
Subsequent Event [Line Items] | ' | ' |
Cash paid for acquisition | ' | $23 |
Sale of assets of RTI Connecticut | $3.30 | ' |
Valuation_and_Qualifying_Accou
Valuation and Qualifying Accounts (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Allowance for Doubtful Accounts | ' | ' | ' |
Valuation and Qualifying Accounts Disclosure [Line Items] | ' | ' | ' |
Balance at beginning of year | ($721) | ($847) | ($420) |
(Charged) credited to costs and expenses | -99 | 126 | -427 |
Balance at end of year | -820 | -721 | -847 |
Valuation Allowance of Deferred Tax Assets | ' | ' | ' |
Valuation and Qualifying Accounts Disclosure [Line Items] | ' | ' | ' |
Balance at beginning of year | -37,726 | -31,766 | -26,064 |
(Charged) credited to costs and expenses | -1,720 | -5,326 | -6,063 |
(Charged) credited to other accounts | 2,274 | -634 | 361 |
Balance at end of year | ($37,172) | ($37,726) | ($31,766) |