Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | |
Mar. 31, 2014 | 2-May-14 | |
Document Information [Line Items] | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 31-Mar-14 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q1 | ' |
Trading Symbol | 'RTI | ' |
Entity Registrant Name | 'RTI INTERNATIONAL METALS INC | ' |
Entity Central Index Key | '0001068717 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Large Accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 30,695,631 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Operations (USD $) | 3 Months Ended | |||
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | ||
Net sales | $174,545 | $189,202 | ||
Cost and expenses: | ' | ' | ||
Cost of sales | 146,076 | 149,949 | ||
Selling, general, and administrative expenses | 25,868 | [1] | 24,605 | [2] |
Research, technical, and product development expenses | 984 | 1,001 | ||
Operating income | 1,617 | 13,647 | ||
Other income (expense), net | 535 | 559 | ||
Interest income | 50 | 31 | ||
Interest expense | -7,607 | -4,796 | ||
Income (loss) before income taxes | -5,405 | 9,441 | ||
Provision for (benefit from) income taxes | -1,589 | 4,473 | ||
Net income (loss) attributable to continuing operations | -3,816 | 4,968 | ||
Net loss attributable to discontinued operations, net of tax | -365 | -83 | ||
Net income (loss) | ($4,181) | $4,885 | ||
Earnings (loss) per share attributable to continuing operations: | ' | ' | ||
Basic | ($0.13) | $0.16 | ||
Diluted | ($0.13) | $0.16 | ||
Loss per share attributable to discontinued operations: | ' | ' | ||
Basic | ($0.01) | ' | ||
Diluted | ($0.01) | ' | ||
Weighted-average shares outstanding: | ' | ' | ||
Basic | 30,445,681 | 30,230,641 | ||
Diluted | 30,445,681 | 30,504,177 | ||
[1] | The Parent allocates selling, general, and administrative expenses ("SG&A") to the subsidiaries based upon its budgeted annual expenses. | |||
[2] | The Parent allocates SG&A to the subsidiaries based upon its budgeted annual expenses. |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Comprehensive Income (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Net income (loss) | ($4,181) | $4,885 |
Other comprehensive income (loss): | ' | ' |
Foreign currency translation | -4,093 | -2,209 |
Unrealized loss on investments, net of tax of $(14) and $0 | -26 | ' |
Benefit plan amortization, net of tax of $678 and $4,175 | 1,105 | 6,824 |
Other comprehensive income (loss), net of tax | -3,014 | 4,615 |
Comprehensive income (loss) | ($7,195) | $9,500 |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statements of Comprehensive Income (Parenthetical) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Unrealized loss on investments, tax | ($14) | $0 |
Benefit plan amortization, tax | $678 | $4,175 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $167,908 | $343,637 |
Short-term investments | 128,197 | ' |
Receivables, less allowance for doubtful accounts of $980 and $820 | 107,699 | 105,271 |
Inventories, net | 452,173 | 430,088 |
Costs in excess of billings | 7,538 | 5,377 |
Deferred income taxes | 32,040 | 32,032 |
Assets of discontinued operations | 1,460 | 5,274 |
Other current assets | 20,424 | 16,947 |
Total current assets | 917,439 | 938,626 |
Property, plant, and equipment, net | 371,450 | 372,340 |
Goodwill | 130,254 | 117,578 |
Other intangible assets, net | 57,516 | 53,754 |
Other noncurrent assets | 23,684 | 23,247 |
Total assets | 1,500,343 | 1,505,545 |
Current liabilities: | ' | ' |
Accounts payable | 81,181 | 79,039 |
Accrued wages and other employee costs | 23,090 | 29,787 |
Unearned revenues | 16,632 | 15,625 |
Liabilities of discontinued operations | ' | 458 |
Other accrued liabilities | 24,347 | 22,574 |
Total current liabilities | 145,250 | 147,483 |
Long-term debt | 434,209 | 430,300 |
Liability for post-retirement benefits | 43,640 | 43,447 |
Liability for pension benefits | 13,454 | 13,787 |
Deferred income taxes | 74,666 | 74,078 |
Unearned revenues | 10,204 | 10,470 |
Other noncurrent liabilities | 11,318 | 12,006 |
Total liabilities | 732,741 | 731,571 |
Commitments and contingencies (Note 16) | ' | ' |
Shareholders' equity: | ' | ' |
Common stock, $0.01 par value; 50,000,000 shares authorized; 31,510,945 and 31,399,661 shares issued; 30,672,172 and 30,593,251 shares outstanding | 315 | 314 |
Additional paid-in capital | 533,921 | 532,249 |
Treasury stock, at cost; 838,773 and 806,410 shares | -19,648 | -18,798 |
Accumulated other comprehensive loss | -43,411 | -40,397 |
Retained earnings | 296,425 | 300,606 |
Total shareholders' equity | 767,602 | 773,974 |
Total liabilities and shareholders' equity | $1,500,343 | $1,505,545 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Parenthetical) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
Allowance for doubtful accounts | $980 | $820 |
Common stock, par value | $0.01 | $0.01 |
Common stock, shares authorized | 50,000,000 | 50,000,000 |
Common stock, shares issued | 31,510,945 | 31,399,661 |
Common stock, shares outstanding | 30,672,172 | 30,593,251 |
Treasury stock, shares | 838,773 | 806,410 |
Condensed_Consolidated_Stateme3
Condensed Consolidated Statements of Cash Flows (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
OPERATING ACTIVITIES: | ' | ' |
Net income (loss) | ($4,181) | $4,885 |
Adjustment for non-cash items included in net income (loss): | ' | ' |
Depreciation and amortization | 10,986 | 11,000 |
Goodwill impairment | ' | 484 |
Deferred income taxes | -31 | 4,797 |
Stock-based compensation | 1,295 | 1,708 |
Excess tax benefits from stock-based compensation activity | -195 | -236 |
Gain on sale of property, plant and equipment | -122 | ' |
Amortization of discount on long-term debt | 4,403 | 2,562 |
Amortization of debt issuance costs | 456 | 325 |
Other | -181 | -41 |
Changes in assets and liabilities: | ' | ' |
Receivables | -2,278 | -9,994 |
Inventories | -21,757 | -25,980 |
Accounts payable | 1,093 | -6,583 |
Income taxes payable | -5,236 | 416 |
Unearned revenue | 1,036 | -4,662 |
Cost in excess of billings | -2,160 | -19 |
Other current assets and liabilities | -3,542 | -10,416 |
Other assets and liabilities | -301 | 1,031 |
Cash provided by (used in) operating activities | -20,715 | -30,723 |
INVESTING ACTIVITIES: | ' | ' |
Purchase of investments | -128,216 | ' |
Acquisitions, net of cash acquired | -21,797 | ' |
Capital expenditures | -6,850 | -9,160 |
Divestitures | 3,281 | ' |
Cash provided by (used in) investing activities | -153,582 | -9,160 |
FINANCING ACTIVITIES: | ' | ' |
Proceeds from exercise of employee stock options | 539 | 1,239 |
Excess tax benefits from stock-based compensation activity | 195 | 236 |
Repayments on long-term debt | -484 | -220 |
Purchase of common stock held in treasury | -850 | -399 |
Cash provided by (used in) financing activities | -600 | 856 |
Effect of exchange rate changes on cash and cash equivalents | -832 | -148 |
Decrease in cash and cash equivalents | -175,729 | -39,175 |
Cash and cash equivalents at beginning of period | 343,637 | 97,190 |
Cash and cash equivalents at end of period | $167,908 | $58,015 |
BASIS_OF_PRESENTATION
BASIS OF PRESENTATION | 3 Months Ended |
Mar. 31, 2014 | |
BASIS OF PRESENTATION | ' |
Note 1—BASIS OF PRESENTATION: | |
The accompanying unaudited Condensed Consolidated Financial Statements of RTI International Metals, Inc. and its subsidiaries (the “Company” or “RTI”) have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X and include the financial position and results of operations for the Company. Accordingly, certain information and note disclosures normally included in annual financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to those rules and regulations, although the Company believes that the disclosures made are adequate to make the information not misleading. In the opinion of management, these financial statements contain all of the adjustments of a normal and recurring nature considered necessary to state fairly the results for the interim periods presented. The results for the interim periods are not necessarily indicative of the results to be expected for the year. | |
The Condensed Consolidated Balance Sheet at December 31, 2013 has been derived from the audited Consolidated Financial Statements at that date, but does not include all of the information and notes required by GAAP for complete financial statements. Although the Company believes that the disclosures are adequate to make the information presented not misleading, it is suggested that these Condensed Consolidated Financial Statements be read in conjunction with accounting policies and Notes to the Consolidated Financial Statements included in the Company’s 2013 Annual Report on Form 10-K (the “Annual Report”) filed with the Securities and Exchange Commission (the “SEC”) on March 18, 2014. |
ORGANIZATION
ORGANIZATION | 3 Months Ended |
Mar. 31, 2014 | |
ORGANIZATION | ' |
Note 2—ORGANIZATION: | |
The Company is a leading producer and global supplier of advanced titanium mill products and a manufacturer of fabricated titanium and specialty metal components for the international aerospace, defense, energy, medical device, and other consumer and industrial markets. It is a successor to entities that have been operating in the titanium industry since 1951. The Company first became publicly traded on the New York Stock Exchange in 1990 under the name RMI Titanium Co. and the symbol “RTI,” and was reorganized into a holding company structure in 1998 under the name RTI International Metals, Inc. | |
On January 22, 2014, the Company acquired all of the issued and outstanding common stock of Directed Manufacturing, Inc. (“RTI Directed Manufacturing”), a leader in additively manufacturing metals and plastics, using 3-D printing technology, for commercial production and engineering development applications. Details of the acquisition of RTI Directed Manufacturing as well as the acquisition of RTI Extrusions Europe in October 2013 are presented in Note 4 to these Condensed Consolidated Financial Statements. | |
The Company completed the sale of the specialty metals business of Bow Steel Corporation (“RTI Connecticut”) on February 21, 2014, for approximately $3.3 million in cash. The results of RTI Connecticut have been presented as discontinued operations for the three months ended March 31, 2014. The results of Pierce-Spafford Metals Company, Inc. (“RTI Pierce Spafford”), which was sold in 2013, are reported with results of RTI Connecticut as discontinued operations for the three months ended March 31, 2013. Refer to Note 5 to these Condensed Consolidated Financial Statements for further details surrounding the discontinued operations of the Company. | |
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 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; 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 | 3 Months Ended | ||||||||||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||||||||||
RESTATEMENTS AND REVISIONS | ' | ||||||||||||||||||||||||||||
Note 3—RESTATEMENTS AND REVISIONS: | |||||||||||||||||||||||||||||
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, the Company revised its Condensed Consolidated Financial Statements for the three months ended March 31, 2013 for computational errors in the calculation of revenues and cost of sales on contracts requiring the application of the percentage-of-completion revenue recognition methodology under ASC 605-35 and opening balance sheet corrections related to deferred taxes and goodwill associated with its acquisition of RTI Remmele Engineering. In the Annual Report, the Company subsequently restated its Condensed Consolidated Financial Statements for the three months ended March 31, 2013 to establish a full valuation allowance against its Canadian net deferred tax asset, and correct the related provision for income taxes. The following tables set forth the impact of the revision and restatement, as well as adjustments for the presentation of RTI Connecticut as a discontinued operation, on the Condensed Consolidated Statement of Operations and the Condensed Consolidated Statement of Cash Flows as filed in the Company’s Amended Quarterly Report on Form 10-Q/A for the period ended March 31, 2013 as filed with the SEC on September 24, 2013. | |||||||||||||||||||||||||||||
Condensed Consolidated Statement of Operations: | |||||||||||||||||||||||||||||
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 Cash Flows: | |||||||||||||||||||||||||||||
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. |
ACQUISITIONS
ACQUISITIONS | 3 Months Ended | ||||
Mar. 31, 2014 | |||||
ACQUISITIONS | ' | ||||
Note 4—ACQUISITIONS: | |||||
RTI Directed Manufacturing. On January 22, 2014, the Company purchased all of the outstanding common stock of RTI Directed Manufacturing for total consideration of approximately $22.4 million, including $21.8 million in cash and the assumption of $0.6 million in liabilities. RTI Directed Manufacturing additively manufactures products using 3-D printing technology for a variety of markets. The results of RTI Directed Manufacturing are reported in the EP&S Segment. From the acquisition date through March 31, 2014, RTI Directed Manufacturing generated revenues of $555 and an operating loss of $(360 ). | |||||
The preliminary purchase price allocation, which has not been finalized, is as follows: | |||||
Assets purchased: | |||||
Current assets, excluding inventory | $ | 746 | |||
Inventories | 663 | ||||
Plant and equipment | 2,589 | ||||
Intangible assets: | |||||
Customer relationships | 3,000 | ||||
Directed Manufacturing trade name | 1,000 | ||||
Developed technology | 1,300 | ||||
Goodwill | 13,070 | ||||
Liabilities assumed: | |||||
Current liabilities | 571 | ||||
Net assets acquired | $ | 21,797 | |||
Goodwill is primarily attributable to RTI Directed Manufacturing’s assembled workforce and exposure to new customers for the Company’s products, and is not deductible for income tax purposes. Customer relationships and developed technology are being amortized over a seven-year useful life. Trade names are not amortized as the Company believes that these assets have an indefinite life and the Company intends to continue the use of the Directed Manufacturing name indefinitely. For purposes of the above purchase price allocation, the Company has assumed a 338(h)(10) election under the Internal Revenue Code, which allows it to step-up the tax basis of acquired assets to fair value as presented in the purchase price allocation. If the Company determines that such an election is not appropriate, the Company would be required to record significant deferred tax liabilities, with a corresponding increase to goodwill. The Company anticipates the treatment of the tax basis of acquired assets to be finalized prior to December 31, 2014. The entire purchase price allocation remained open at March 31, 2014. | |||||
Pro forma financial information has not been prepared for the acquisition of Directed Manufacturing as the acquisition was not material to the Condensed Consolidated Financial Statements. | |||||
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. | |||||
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 | 100 | ||||
Goodwill | 2,285 | ||||
Liabilities assumed: | |||||
Current liabilities | 2,621 | ||||
Deferred tax liabilities | 1,553 | ||||
Net assets acquired | $ | 16,214 | |||
The purchase price allocation was adjusted for the valuation of the customer backlog intangible asset, which decreased $0.1 million from the estimated value at December 31, 2013. As a result of this adjustment, the goodwill balance increased by $0.1 million. The purchase price allocation remains open for the final valuation of fixed assets, intangible assets, and goodwill. |
DISCONTINUED_OPERATIONS
DISCONTINUED OPERATIONS | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
DISCONTINUED OPERATIONS | ' | ||||||||
Note 5—DISCONTINUED OPERATIONS: | |||||||||
As previously disclosed, in conjunction with the reorganization of its reportable segments in 2013, the Company evaluated its long-term growth strategy and determined it would sell or seek other strategic alternatives for its non-core service centers, RTI Connecticut and RTI Pierce Spafford. In February 2014, the Company completed the sale of the assets of RTI Connecticut for approximately $3.3 million in cash. In April 2013, the Company completed the sale of RTI Pierce Spafford for approximately $12.4 million in cash, of which $10.5 has been received as of March 31, 2014 with the remainder expected later in 2014. | |||||||||
The results of RTI Connecticut, including all fair value adjustments and losses on the completed sale have been presented as results from discontinued operations for the three months ended March 31, 2014 on the Company’s Condensed Consolidated Statements of Operations, while the results of both RTI Connecticut and RTI Pierce Spafford are presented as results of discontinued operations for the three months ended March 31, 2013. The assets and liabilities of RTI Connecticut have been classified on the Company’s Condensed Consolidated Balance Sheets as assets and liabilities of discontinued operations. | |||||||||
The Company’s results from discontinued operations are summarized below: | |||||||||
Three Months Ended | |||||||||
March 31, | |||||||||
2014 | 2013 | ||||||||
Net sales | $ | 582 | $ | 8,693 | |||||
Income (loss) before income taxes | (495 | ) | (34 | ) | |||||
Provision for (benefit from) income taxes | (130 | ) | 49 | ||||||
Net income (loss) from discontinued operations | (365 | ) | (83 | ) | |||||
Assets and liabilities of discontinued operations were comprised of the following at March 31, 2014 and December 31, 2013: | |||||||||
March 31, | December 31, | ||||||||
2014 | 2013 | ||||||||
ASSETS | |||||||||
Accounts receivable, net | $ | 643 | $ | 594 | |||||
Inventories, net | 817 | 4,555 | |||||||
Property, plant and equipment, net | — | 105 | |||||||
Other current assets | — | 20 | |||||||
Total assets of discontinued operations | $ | 1,460 | $ | 5,274 | |||||
LIABILITIES | |||||||||
Accounts payable | $ | — | $ | 326 | |||||
Accrued wages and other employment costs | — | 96 | |||||||
Other liabilities | — | 36 | |||||||
Total liabilities of discontinued operations | $ | — | $ | 458 | |||||
ACCUMULATED_OTHER_COMPREHENSIV
ACCUMULATED OTHER COMPREHENSIVE LOSS | 3 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
ACCUMULATED OTHER COMPREHENSIVE LOSS | ' | ||||||||||||||||
Note 6—ACCUMULATED OTHER COMPREHENSIVE LOSS: | |||||||||||||||||
The components of accumulated other comprehensive loss at March 31, 2014 and December 31, 2013 were as follows: | |||||||||||||||||
Foreign | Actuarial | Unrealized | Total | ||||||||||||||
Currency | Losses | Losses | |||||||||||||||
Translation | on Benefit | on | |||||||||||||||
Plans | Investments | ||||||||||||||||
Balance at December 31, 2013 | $ | 5,780 | $ | (46,177 | ) | $ | — | $ | (40,397 | ) | |||||||
Other comprehensive loss before reclassifications, net of tax | (4,093 | ) | — | (26 | ) | (4,119 | ) | ||||||||||
Amounts reclassified from accumulated other comprehensive loss, net of tax | — | 1,105 | — | 1,105 | |||||||||||||
Accumulated other comprehensive loss at March 31, 2014 | $ | 1,687 | $ | (45,072 | ) | $ | (26 | ) | $ | (43,411 | ) | ||||||
Benefit plan losses of $1,105, net of tax, were reclassified from accumulated other comprehensive income to net periodic pension expense during the first quarter of 2014. | |||||||||||||||||
Three Months | |||||||||||||||||
Ended March 31, | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
Amortization of defined benefit pension items | |||||||||||||||||
Actuarial losses and prior service costs | $ | 1,782 | $ | 2,429 | |||||||||||||
Special termination benefits | — | 2,214 | |||||||||||||||
Tax expense | (677 | ) | (1,762 | ) | |||||||||||||
Total reclassifications | $ | 1,105 | $ | 2,881 | |||||||||||||
These amounts have been used in the calculation of net periodic benefit cost for the three months ended March 31, 2014 and 2013. Refer to Note 15 for further information about the Company’s benefit plans. |
STOCKBASED_COMPENSATION
STOCK-BASED COMPENSATION | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
STOCK-BASED COMPENSATION | ' | ||||||||
Note 7—STOCK-BASED COMPENSATION: | |||||||||
Stock Options | |||||||||
A summary of the status of the Company’s stock options as of March 31, 2014, and the activity during the three months then ended, is presented below: | |||||||||
Stock Options | Options | ||||||||
Outstanding at December 31, 2013 | 526,736 | ||||||||
Granted | 92,954 | ||||||||
Forfeited | (8,164 | ) | |||||||
Expired | (3,050 | ) | |||||||
Exercised | (24,080 | ) | |||||||
Outstanding at March 31, 2014 | 584,396 | ||||||||
Exercisable at March 31, 2014 | 413,964 | ||||||||
The fair value of stock options granted was estimated at the date of grant using the Black-Scholes option-pricing model based upon the assumptions noted in the following table: | |||||||||
2014 | |||||||||
Risk-free interest rate | 1.49 | % | |||||||
Expected dividend yield | 0 | % | |||||||
Expected lives (in years) | 5 | ||||||||
Expected volatility | 55 | % | |||||||
The weighted-average grant date fair value of stock option awards granted during the three months ended March 31, 2014 was $15.01. | |||||||||
Restricted Stock | |||||||||
A summary of the status of the Company’s nonvested restricted stock as of March 31, 2014, and the activity during the three months then ended, is presented below: | |||||||||
Nonvested Restricted Stock Awards | Shares | ||||||||
Nonvested at December 31, 2013 | 213,475 | ||||||||
Granted | 53,164 | ||||||||
Vested | (65,704 | ) | |||||||
Forfeited | (5,261 | ) | |||||||
Nonvested at March 31, 2014 | 195,674 | ||||||||
The fair value of restricted stock grants was calculated using the market value of the Company’s Common Stock on the date of issuance. The weighted-average grant date fair value of restricted stock awards granted during the three months ended March 31, 2014 was $31.19. | |||||||||
Performance Share Awards | |||||||||
A summary of the Company’s performance share awards as of March 31, 2014, and the activity during the three months then ended, is presented below: | |||||||||
Performance Share Awards | Awards | Maximum Shares | |||||||
Activity | Eligible to | ||||||||
Receive | |||||||||
Outstanding at December 31, 2013 | 154,333 | 308,666 | |||||||
Granted | 70,306 | 140,612 | |||||||
Vested | (42,442 | ) | (84,884 | ) | |||||
Forfeited | (7,308 | ) | (14,616 | ) | |||||
Outstanding at March 31, 2014 | 174,889 | 349,778 | |||||||
The performance awards issued in 2014 have both market and performance vesting conditions. The payout of fifty percent of the awards is based upon the Company’s total shareholder return compared to the total shareholder return of a relative peer group over a three-year period. These awards were valued using a Monte Carlo model. The weighted-average grant-date fair value of these shares awarded during the three months ended March 31, 2014 was $38.84. The payout of the remaining fifty percent of the awards is based upon the Company’s diluted earnings per share over a three-year period. These awards have been accounted for as awards with performance conditions using the market value of the Company’s Common Stock on the date of issuance. Expense on these awards is recognized over the performance period and is determined based on the probability that the performance targets will be achieved. |
INCOME_TAXES
INCOME TAXES | 3 Months Ended |
Mar. 31, 2014 | |
INCOME TAXES | ' |
Note 8—INCOME TAXES: | |
Management estimates the annual effective income tax rate quarterly, based on current annual forecasted results. Items unrelated to current year ordinary income are recognized entirely in the period identified as a discrete item of tax. The quarterly income tax provision is comprised of tax on ordinary income provided at the most recent estimated annual effective tax rate, adjusted for the tax effect of discrete items. | |
For the three months ended March 31, 2014, the estimated annual effective tax rate applied to ordinary income from continuing operations was 26.3%, compared to a rate of 33.1% for the three months ended March 31, 2013. The Company’s effective income tax rate decreased 6.8 percentage points from 2013 principally due to a change in the mix of foreign and domestic income between the periods. | |
Inclusive of discrete items, the Company recorded a provision for (benefit from) income taxes of $(1,589), or 29.4% of pretax loss from continuing operations, and $4,473 (as restated), or 47.4% of pretax income from continuing operations, for federal, state, and foreign income taxes for the three months ended March 31, 2014 and 2013, respectively. Discrete items for the three months ended March 31, 2014 and 2013 were not material. | |
At December 31, 2010 and for all subsequent periods, the Company recorded a full valuation allowance against its Canadian net deferred tax asset due to the Company’s Canadian subsidiary’s cumulative losses over a number of years, and against certain state deferred tax assets pertaining to the related state tax loss carry-forwards that are not anticipated to generate a tax benefit. At March 31, 2014, the Company’s Canadian net deferred tax asset totaled $31.9 million, with an offsetting valuation allowance of the same amount. For the three months ended March 31, 2014, the Company’s Canadian subsidiary generated taxable income, which partially reduced this valuation allowance. The reduction in the valuation allowance against the Company’s Canadian net deferred tax asset reduced the Company’s estimated annual effective income tax rate by 2.4 percentage points. |
EARNINGS_LOSS_PER_SHARE
EARNINGS (LOSS) PER SHARE | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
EARNINGS (LOSS) PER SHARE | ' | ||||||||
Note 9—EARNINGS (LOSS) PER SHARE: | |||||||||
Basic earnings (loss) per share (“EPS”) was computed by dividing net income (loss) attributable to common shareholders by the weighted-average number of shares of Common Stock outstanding for each respective period. Diluted EPS was calculated by dividing net income attributable to common shareholders by the weighted-average of all potentially dilutive shares of Common Stock that were outstanding during the periods presented. The Company’s restricted stock awards are considered participating securities. As such, the Company uses the two-class method to compute basic and diluted earnings per share. | |||||||||
At March 31, 2014, the Company had $114.4 million aggregate principal amount of its 3.000% Convertible Senior Notes due December 2015 (the “2015 Notes”) and $402.5 million aggregate principal amount of its 1.625% Convertible Senior Notes due October 2019 (the “2019 Notes”) outstanding. As the Company generated a net loss during the three months ended March 31, 2014, the shares underlying the 2019 Notes and the 2015 Notes, as well as the shares underlying all outstanding stock options have been excluded from the calculation of EPS for the period as their effects were antidilutive. At March 31, 2013, the shares underlying the $230 million aggregate principal amount of the 2015 Notes outstanding and certain stock options were excluded from the calculation of EPS as their effects were antidilutive. | |||||||||
Shares excluded from the calculation of EPS for the three months ending March 31, 2014 and 2013 were as follows: | |||||||||
Three Months Ended | |||||||||
March 31, | |||||||||
2014 | 2013 | ||||||||
2015 Notes | 3,185,213 | 6,404,902 | |||||||
2019 Notes | 9,885,561 | N/A | |||||||
Antidilutive options (1) | 579,029 | 310,317 | |||||||
-1 | Average option price of shares excluded from calculation of earnings per share was $44.06 for the three months ended March 31, 2013. | ||||||||
The following illustrates the earnings allocation method utilized in the calculation of basic and diluted earnings per share. Actual weighted-average shares of Common Stock outstanding used in the calculation of basic and diluted earnings per share for the three months ended March 31, 2014 and 2013 were as follows: | |||||||||
Three Months Ended | |||||||||
March 31, | |||||||||
2014 | 2013 | ||||||||
(As Restated) | |||||||||
Numerator: | |||||||||
Net income (loss) from continuing operations before allocation of earnings to participating securities | $ | (3,816 | ) | $ | 4,968 | ||||
Less: Earnings allocated to participating securities | — | (34 | ) | ||||||
Net income (loss) from continuing operations attributable to common shareholders, after earnings allocated to participating securities | $ | (3,816 | ) | $ | 4,934 | ||||
Net loss from discontinued operations before allocation of earnings to participating securities | $ | (365 | ) | $ | (83 | ) | |||
Less: Earnings allocated to participating securities | — | — | |||||||
Net loss from discontinued operations attributable to common shareholders, after earnings allocated to participating securities | $ | (365 | ) | $ | (83 | ) | |||
Denominator: | |||||||||
Basic weighted-average shares outstanding | 30,445,681 | 30,230,641 | |||||||
Effect of dilutive securities | — | 273,536 | |||||||
Diluted weighted-average shares outstanding | 30,445,681 | 30,504,177 | |||||||
Earnings (loss) per share attributable to continuing operations: | |||||||||
Basic | $ | (0.13 | ) | $ | 0.16 | ||||
Diluted | $ | (0.13 | ) | $ | 0.16 | ||||
Earnings (loss) per share attributable to discontinued operations: | |||||||||
Basic | $ | (0.01 | ) | $ | — | ||||
Diluted | $ | (0.01 | ) | $ | — |
CASH_CASH_EQUIVALENTS_AND_SHOR
CASH, CASH EQUIVALENTS AND SHORT-TERM INVESTMENTS | 3 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
CASH, CASH EQUIVALENTS AND SHORT-TERM INVESTMENTS | ' | ||||||||||||||||
Note 10—CASH, CASH EQUIVALENTS AND SHORT-TERM INVESTMENTS: | |||||||||||||||||
Cash and cash equivalents | |||||||||||||||||
The | |||||||||||||||||
Company considers all highly-liquid investments with an original maturity of three months or less to be cash equivalents. Cash equivalents principally consist of investments in short-term money market funds and corporate commercial paper with original maturities of less than 90 days. | |||||||||||||||||
Available-for-sale securities | |||||||||||||||||
Investments with maturities of less than one year are classified as available-for-sale, short-term investments and are recorded at fair value based on market quotes using the specific identification method, with unrealized gains and losses recorded as a component of accumulated other comprehensive loss until realized. Realized gains and losses from the sale of available-for-sale securities, if any, are determined on a specific identification basis. The Company considers these investments to be available-for-sale as they may be sold to fund other investment opportunities as they arise. | |||||||||||||||||
The major categories of the Company’s cash equivalents and available-for-sale, short-term investments are as follows: | |||||||||||||||||
Commercial paper | |||||||||||||||||
The Company invests in high-quality commercial paper issued by highly-rated corporations and governments. By definition, the stated maturity on commercial paper obligations cannot exceed 270 days. | |||||||||||||||||
Money market mutual funds | |||||||||||||||||
The Company invests in money market mutual funds that seek to maintain a stable net asset value of $1.00, while limiting overall exposure to credit, market, and liquidity risks. | |||||||||||||||||
Cash, cash equivalents, and short-term investments consist of the following: | |||||||||||||||||
March 31, | December 31, | ||||||||||||||||
2014 | 2013 | ||||||||||||||||
Cash and cash equivalents: | |||||||||||||||||
Cash | $ | 50,260 | $ | 62,394 | |||||||||||||
Cash equivalents: | |||||||||||||||||
Commercial paper | 61,343 | 150,978 | |||||||||||||||
Money market mutual funds | 56,305 | 130,265 | |||||||||||||||
Total cash and cash equivalents | 167,908 | 343,637 | |||||||||||||||
Short-term investments: | |||||||||||||||||
Commercial paper | 128,197 | — | |||||||||||||||
Total short-term investments | 128,197 | — | |||||||||||||||
Total cash, cash equivalents, and marketable securities | $ | 296,105 | $ | 343,637 | |||||||||||||
The Company had no investments at December 31, 2013. The Company’s short-term investments at March 31, 2014 were as follows: | |||||||||||||||||
Amortized | Gross | Fair Value | |||||||||||||||
Cost | Unrealized | ||||||||||||||||
Gains | Losses | ||||||||||||||||
As of March 31, 2014 | |||||||||||||||||
Commercial Paper | $ | 128,237 | $ | — | $ | 40 | $ | 128,197 | |||||||||
Total | $ | 128,237 | $ | — | $ | 40 | $ | 128,197 | |||||||||
The Company typically purchases its available-for-sale debt securities either at a premium or a discount. The premium or discount is amortized over the remaining term of each security using the interest method. Amortization is recorded as either a decrease to interest income for premiums or an increase to interest income for discounts. For the three months ended March 31, 2014, net amortization of premiums and discounts was immaterial. | |||||||||||||||||
The Company classifies investments maturing within one year as short-term investments. Investments maturing in excess of one year are classified as noncurrent. All of the Company’s investments had contractual maturities of less than one year at March 31, 2014. | |||||||||||||||||
As of March 31, 2014, no investments classified as available-for-sale have been in a continuous unrealized loss position for greater than twelve months. The Company believes that the unrealized losses on the available-for-sale portfolio as of March 31, 2014 are temporary in nature and are related to market interest rate fluctuations and not indicative of a deterioration in the creditworthiness of the issuers. |
FAIR_VALUE_MEASUREMENTS
FAIR VALUE MEASUREMENTS | 3 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
FAIR VALUE MEASUREMENTS | ' | ||||||||||||||||
Note 11—FAIR VALUE MEASUREMENTS: | |||||||||||||||||
For certain of the Company’s financial instruments and account groupings, including cash, short-term investments, accounts receivable, accounts payable, accrued wages and other employee costs, unearned revenue, and other accrued liabilities, the carrying value approximates fair value. | |||||||||||||||||
Listed below are the Company’s assets and their fair values, which are measured at fair value on a recurring basis, as of March 31, 2014. The Company uses trading prices near the balance sheet date to determine the fair value of its assets measured on a recurring basis. The Company held no investments measured at fair value on a recurring basis as of December 31, 2013. There were no transfers between levels for the three months ended March 31, 2014. | |||||||||||||||||
Quoted | Significant | Significant | Fair Value | ||||||||||||||
Market Prices | Other Observable | Unobservable | |||||||||||||||
(Level 1) | Inputs | Inputs | |||||||||||||||
(Level 2) | (Level 3) | ||||||||||||||||
As of March 31, 2014: | |||||||||||||||||
Commercial Paper | $ | — | $ | 128,197 | $ | — | $ | 128,197 | |||||||||
Total | $ | — | $ | 128,197 | $ | — | $ | 128,197 | |||||||||
The carrying amounts and fair values of financial instruments for which the fair value option was not elected were as follows: | |||||||||||||||||
March 31, 2014 | December 31, 2013 | ||||||||||||||||
Carrying | Fair | Carrying | Fair | ||||||||||||||
Amount | Value | Amount | Value | ||||||||||||||
Cash and cash equivalents | $ | 167,908 | $ | 167,908 | $ | 343,637 | $ | 343,637 | |||||||||
Current portion of long-term debt | $ | 1,998 | $ | 1,998 | $ | 1,914 | $ | 1,914 | |||||||||
Long-term debt | $ | 434,209 | $ | 516,371 | $ | 430,300 | $ | 559,986 | |||||||||
The fair value of long-term debt was estimated based on the quoted market prices for the debt (Level 2). |
INVENTORIES
INVENTORIES | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
INVENTORIES | ' | ||||||||
Note 12—INVENTORIES: | |||||||||
Inventories are valued at cost as determined by the last-in, first-out (“LIFO”) method for approximately 57% and 56% of the Company’s inventories at March 31, 2014 and December 31, 2013, respectively. The remaining inventories are valued at cost determined by a combination of the first-in, first-out (“FIFO”) and weighted-average cost methods. Inventory costs generally include materials, labor, and manufacturing overhead (including depreciation). As of March 31, 2014 and December 31, 2013, the current FIFO cost of inventories exceeded their LIFO carrying value by $48,109 and $50,709, respectively. When market conditions indicate an excess of carrying cost over market value, a lower-of-cost-or-market provision is recorded. | |||||||||
Inventories consisted of the following: | |||||||||
March 31, | December 31, | ||||||||
2014 | 2013 | ||||||||
Raw materials and supplies | $ | 150,505 | $ | 166,359 | |||||
Work-in-process and finished goods | 349,777 | 314,438 | |||||||
LIFO reserve | (48,109 | ) | (50,709 | ) | |||||
Total inventories | $ | 452,173 | $ | 430,088 | |||||
GOODWILL_AND_OTHER_INTANGIBLE_
GOODWILL AND OTHER INTANGIBLE ASSETS | 3 Months Ended | ||||||||||||
Mar. 31, 2014 | |||||||||||||
GOODWILL AND OTHER INTANGIBLE ASSETS | ' | ||||||||||||
Note 13—GOODWILL AND OTHER INTANGIBLE ASSETS: | |||||||||||||
Goodwill. The Company does not amortize goodwill; however, the carrying amount of goodwill is tested at least annually for impairment. Absent any events throughout the year which would indicate a potential impairment has occurred, the Company performs its annual impairment testing during the fourth quarter. | |||||||||||||
While there have been no impairments during the first three months of 2014, uncertainties or other factors that could result in a potential impairment in future periods include: | |||||||||||||
• | further long-term production delays, a significant decrease in expected demand, or the Company’s ability to ramp up its production in a cost efficient manner related to the Boeing 787 program, | ||||||||||||
• | any cancellation of one of the other major aerospace programs in which the Company currently participates, including the Joint Strike Fighter program, the Airbus family of aircraft, including the A380 and A350XWB programs, or the Boeing 747-8 program, and | ||||||||||||
• | the Company’s ability to improve its operational performance at its Medical Device Fabrication reporting unit. | ||||||||||||
At both March 31, 2014 and December 31, 2013, the EP&S Segment had accumulated goodwill impairment losses of $22,858, while the Titanium Segment had no accumulated goodwill impairment losses. The carrying amount of goodwill attributable to each segment at December 31, 2013 and March 31, 2014 as follows: | |||||||||||||
Titanium | Engineered | Total | |||||||||||
Segment | Products and | ||||||||||||
Services | |||||||||||||
Segment | |||||||||||||
31-Dec-13 | $ | 9,662 | $ | 107,916 | $ | 117,578 | |||||||
Additions (Note 4) | — | 13,070 | 13,070 | ||||||||||
Purchase price allocation adjustment (Note 4) | — | 100 | 100 | ||||||||||
Translation adjustment | — | (494 | ) | (494 | ) | ||||||||
31-Mar-14 | $ | 9,662 | $ | 120,592 | $ | 130,254 | |||||||
Intangibles. Intangible assets consist primarily of customer relationships, trade names, and developed technology acquired through various business combinations. These intangible assets were valued at fair value at acquisition. In the event that long-term demand or market conditions change and the expected future cash flows associated with these assets are reduced, a write-down or acceleration of the amortization period may be required. Trade names are not amortized, as the Company believes that these assets have an indefinite life as the Company currently intends to continue use of the Remmele and Directed Manufacturing names indefinitely. Other intangible assets are being amortized over the following periods: | |||||||||||||
Intangible Asset | Amortization | ||||||||||||
Period | |||||||||||||
Customer relationships | 7-20 years | ||||||||||||
Developed technology | 7-20 years | ||||||||||||
Backlog | 0-2 years | ||||||||||||
There were no intangible assets attributable to the Titanium Segment at March 31, 2014 or December 31, 2013. The carrying amounts of intangible assets attributable to the Company’s EP&S Segment at December 31, 2013 and March 31, 2014 were as follows: | |||||||||||||
Intangible | |||||||||||||
Assets | |||||||||||||
December 31, 2013.. | $ | 53,754 | |||||||||||
Intangible assets acquired (Note 4) | 5,300 | ||||||||||||
Amortization | (1,124 | ) | |||||||||||
Translation adjustment | (414 | ) | |||||||||||
31-Mar-14 | $ | 57,516 | |||||||||||
LONGTERM_DEBT
LONG-TERM DEBT | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
LONG-TERM DEBT | ' | ||||||||
Note 14—LONG-TERM DEBT: | |||||||||
Long-term debt consisted of: | |||||||||
March 31, | December 31, | ||||||||
2014 | 2013 | ||||||||
$402.5 million aggregate principal amount 1.625% Convertible Senior Notes due 2019 | $ | 322,583 | $ | 319,569 | |||||
$114.4 million aggregate principal amount 3.000% Convertible Senior Notes due 2015 | 104,454 | $ | 103,065 | ||||||
Capital leases | 9,170 | 9,580 | |||||||
Total debt | 436,207 | 432,214 | |||||||
Less: Current portion of capital leases | (1,998 | ) | (1,914 | ) | |||||
Total long-term debt | $ | 434,209 | $ | 430,300 | |||||
During the three months ended March 31, 2014 and 2013, the Company recorded, as a component of interest expense, long-term debt discount amortization of $4,403 and $2,562, respectively. Interest expense from the amortization of debt issuance costs were $455 and $325 for the three months ended March 31, 2014 and 2013, respectively. No interest was capitalized for the three months ended March 31, 2014. |
EMPLOYEE_BENEFIT_PLANS
EMPLOYEE BENEFIT PLANS | 3 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
EMPLOYEE BENEFIT PLANS | ' | ||||||||||||||||
Note 15—EMPLOYEE BENEFIT PLANS: | |||||||||||||||||
Components of net periodic pension and other post-retirement benefit costs for the three months ended March 31, 2014 and 2013 for those salaried and hourly covered employees were as follows: | |||||||||||||||||
Pension Benefits | Other Post- | ||||||||||||||||
Retirement | |||||||||||||||||
Benefits | |||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Service cost | $ | 527 | $ | 691 | $ | 239 | $ | 216 | |||||||||
Interest cost | 1,966 | 1,666 | 534 | 477 | |||||||||||||
Expected return on plan assets | (2,825 | ) | (2,584 | ) | — | — | |||||||||||
Amortization of prior service cost | 228 | 248 | 172 | 303 | |||||||||||||
Amortization of actuarial loss | 1,358 | 1,790 | 24 | 88 | |||||||||||||
Special termination benefits | — | 2,052 | — | 162 | |||||||||||||
Net periodic benefit cost | $ | 1,254 | $ | 3,863 | $ | 969 | $ | 1,246 | |||||||||
The Company recorded an expense of $2,214 in net periodic benefit cost during the three months ended March 31, 2013 related to the remeasurement of its qualified defined benefit pension plans and post-retirement medical plans as a result of a voluntary early retirement program initiated during the quarter. There were no related charges during the three months ended March 31, 2014. Additionally, the Company recognized $1,105, net of tax, as a component of accumulated other comprehensive loss related to amortization of actuarial losses and prior service costs, at March 31, 2014. | |||||||||||||||||
The Company made no contributions to its qualified defined benefit plans during the three months ended March 31, 2014. The Company expects to make contributions of up to $9.4 million during the remainder of 2014 in order to maintain its desired funding status. |
COMMITMENTS_AND_CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 3 Months Ended |
Mar. 31, 2014 | |
COMMITMENTS AND CONTINGENCIES | ' |
Note 16—COMMITMENTS AND CONTINGENCIES: | |
From time to time, the Company is involved in litigation relating to claims arising out of its operations in the normal course of business. In the Company’s opinion, the ultimate liability, if any, resulting from these matters will have no significant effect on its Condensed Consolidated Financial Statements. Given the critical nature of many of the aerospace end uses for the Company’s products, including specifically their use in critical rotating parts of gas turbine engines, the Company maintains aircraft products liability insurance of $500 million, which includes grounding liability. | |
Environmental Matters | |
Based on available information, the Company believes that its share of possible environmental-related costs is in a range from $0.6 million to $2.1 million in the aggregate. At both March 31, 2014 and December 31, 2013, the amount accrued for future environmental-related costs was $1.2 million and $1.3 million, respectively. Of the total amount accrued at March 31, 2014, $0.1 million was expected to be paid within the next twelve months, and was included as a component of other accrued liabilities on the Company’s Condensed Consolidated Balance Sheet. The remaining $1.1 million was recorded as a component of other noncurrent liabilities. During the three months ended March 31, 2014, the Company made payments of $0.1 million related to its environmental liabilities. | |
Other Matters | |
The Company is also the subject of, or a party to, a number of other pending or threatened legal actions involving a variety of matters incidental to its business. The Company is of the opinion that the ultimate resolution of these matters will not have a material adverse effect on the results of the operations, cash flows, or the financial position of the Company. |
SEGMENT_REPORTING
SEGMENT REPORTING | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
SEGMENT REPORTING | ' | ||||||||
Note 17—SEGMENT REPORTING: | |||||||||
The Company has two reportable segments: the Titanium Segment and the EP&S Segment. The EP&S Segment utilizes the Titanium Segment as its primary source of titanium mill products. Reportable segments are measured based on segment operating income after an allocation of certain corporate items such as general corporate overhead and expenses. Assets of general corporate activities include unallocated cash and deferred taxes. | |||||||||
A summary of financial information by reportable segment is as follows: | |||||||||
Three Months Ended | |||||||||
March 31, | |||||||||
2014 | 2013 | ||||||||
(As Restated) | |||||||||
Net sales: | |||||||||
Titanium Segment | $ | 76,980 | $ | 96,825 | |||||
Intersegment sales | 25,046 | 16,268 | |||||||
Total Titanium Segment sales | 102,026 | 113,093 | |||||||
EP&S Segment | 97,565 | 92,377 | |||||||
Intersegment sales | 27,966 | 15,843 | |||||||
Total EP&S Segment sales | 125,531 | 108,220 | |||||||
Eliminations | 53,012 | 32,111 | |||||||
Total consolidated net sales | $ | 174,545 | $ | 189,202 | |||||
Operating income (loss): | |||||||||
Titanium Segment before corporate allocations | $ | 10,429 | $ | 16,137 | |||||
Corporate allocations | (4,527 | ) | (4,900 | ) | |||||
Total Titanium Segment operating income | 5,902 | 11,237 | |||||||
EP&S Segment before corporate allocations | 1,811 | 8,092 | |||||||
Corporate allocations | (6,096 | ) | (5,682 | ) | |||||
Total EP&S Segment operating income (loss) | (4,285 | ) | 2,410 | ||||||
Total consolidated operating income | $ | 1,617 | $ | 13,647 | |||||
March 31, | December 31, | ||||||||
2014 | 2013 | ||||||||
Total assets: | |||||||||
Titanium Segment | $ | 629,929 | $ | 604,123 | |||||
EP&S Segment | 605,271 | 585,867 | |||||||
General corporate assets | 263,683 | 310,281 | |||||||
Assets of discontinued operations | 1,460 | 5,274 | |||||||
Total consolidated assets | $ | 1,500,343 | $ | 1,505,545 | |||||
NEW_ACCOUNTING_STANDARDS
NEW ACCOUNTING STANDARDS | 3 Months Ended |
Mar. 31, 2014 | |
NEW ACCOUNTING STANDARDS | ' |
Note 18—NEW ACCOUNTING STANDARDS: | |
In April 2014, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) 2014-08, “Presentation of Financial Statements and Property, Plant, and Equipment – Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity.” This ASU amends the requirements for reporting discontinued operations to include only disposals of a component or groups of components of an entity if the disposal represents a strategic shift that has or will have a major effect on the entity’s operations and financial results. The amendment requires additional disclosure regarding disposals that meet the criteria for discontinued operations in the ASU, and is effective for all disposals within annual and interim periods beginning on or after December 15, 2014. Early adoption is permitted for disposals that have not been reported in financial statements previously issued. The Company does not expect this guidance to have a material impact on its Condensed Consolidated Financial Statements. | |
In July 2013, the FASB issued 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 adoption of this guidance during the first quarter of 2014 did not have a material impact on the Company’s Condensed Consolidated Financial Statements. | |
In March 2013, the FASB issued ASU 2013-05, “Foreign Currency Matters – Parent’s Accounting for the Cumulative Translation Adjustment upon Derecognition of Certain Subsidiaries or Groups of Assets within a Foreign Entity or of an Investment in a Foreign Entity.” This ASU clarifies the applicable guidance for the release of the cumulative translation adjustment under current U.S. GAAP. The amendments in this ASU are effective prospectively for annual and interim reporting periods beginning after December 15, 2013. The adoption of this guidance during the first quarter of 2014 did not have a material impact on the Company’s Condensed Consolidated Financial Statements. | |
In February 2013, the FASB issued ASU 2013-04, “Liabilities – Obligations Resulting from Joint and Several Liability Arrangements for Which the Total Amount of the Obligation is Fixed at the Reporting Date.” This ASU provides guidance for the recognition, measurement, and disclosure of obligations resulting from joint and several liability arrangements for which the total amount of the obligation within the scope of the ASU is fixed at the reporting date. The amendments in this ASU are effective prospectively for annual and interim reporting periods beginning after December 15, 2013. The adoption of this guidance during the first quarter of 2014 did not have a material impact on the Company’s Condensed Consolidated Financial Statements. |
GUARANTOR_SUBSIDIARIES
GUARANTOR SUBSIDIARIES | 3 Months Ended | ||||||||||||||||||||||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||||||||||||||||||||||
GUARANTOR SUBSIDIARIES | ' | ||||||||||||||||||||||||||||||||||||||||
Note 19—GUARANTOR SUBSIDIARIES: | |||||||||||||||||||||||||||||||||||||||||
The 2015 Notes and 2019 Notes (together, the “Notes”) are jointly and severally, fully and unconditionally (subject to the customary exceptions discussed below) guaranteed by several 100% owned subsidiaries (the “Guarantor Subsidiaries”) of RTI International Metals, Inc. (the “Parent”). Each Guarantor Subsidiary would be automatically released from its guarantee of the Notes if either (i) it ceased to be a guarantor under the Parent’s Credit Agreement or (ii) it ceased to be a direct or indirect subsidiary of the Parent. Separate financial statements of the Parent and each of the Guarantor Subsidiaries are not presented because the guarantees are full and unconditional (subject to the aforementioned customary exceptions) and the Guarantor Subsidiaries are jointly and severally liable. The Company believes separate financial statements and other disclosures concerning the Guarantor Subsidiaries would not be material to investors in the Notes. | |||||||||||||||||||||||||||||||||||||||||
There are no current restrictions on the ability of the Guarantor Subsidiaries to make payments under the guarantees referred to above, except, however, the obligations of each Subsidiary Guarantor under its guarantee will be limited to the maximum amount as will result in obligations of such Subsidiary Guarantor under its guarantee not constituting a fraudulent conveyance or fraudulent transfer for purposes of bankruptcy law, the Uniform Conveyance Act, the Uniform Fraudulent Transfer Act, or any similar Federal or state law. | |||||||||||||||||||||||||||||||||||||||||
The Condensed Consolidating Statement of Operations for the three months ended March 31, 2013 has been revised and restated for the correction of an error in the calculation of revenues and cost of sales related to contracts requiring the application of the percentage-of-completion revenue recognition methodology under ASC 605-35 and to correct the provision for income taxes related to the establishment of a full valuation allowance against the Company’s Canadian net deferred tax asset. The following table presents the Condensed Consolidating Statement of Operations as filed in the Company’s Amended Quarterly Report on Form 10-Q for the three months ended March 31, 2013 as filed with the SEC on September 24, 2013 and the restated balances as filed in the Annual Report. The revision and restatement impacts mainly revenues, cost of sales, the provision for income taxes, and all related subtotals for the non-guarantor subsidiaries. The non-guarantor subsidiary results have also been recast for the presentation of RTI Connecticut as a discontinued operation. Refer to Note 3 for details of restatement and revision adjustments. The revision and restatement adjustments had no impact on the Condensed Consolidating Statement of Cash Flows for the months ended March 31, 2013. | |||||||||||||||||||||||||||||||||||||||||
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. | ||||||||||||||||||||||||||||||||||||||||
The following tables present Condensed Consolidating Financial Statements as of March 31, 2014 and December 31, 2013 and for the three months ended March 31, 2014 and 2013: | |||||||||||||||||||||||||||||||||||||||||
Condensed Consolidating Statement of Operations and Comprehensive Income | |||||||||||||||||||||||||||||||||||||||||
Three Months Ended March 31, 2014 | |||||||||||||||||||||||||||||||||||||||||
RTI International | Guarantor | Non-Guarantor | Eliminations | Consolidated | |||||||||||||||||||||||||||||||||||||
Metals, Inc. | Subsidiaries | Subsidiaries | |||||||||||||||||||||||||||||||||||||||
Net sales | $ | — | $ | 114,123 | $ | 114,289 | $ | (53,867 | ) | $ | 174,545 | ||||||||||||||||||||||||||||||
Costs and expenses: | |||||||||||||||||||||||||||||||||||||||||
Cost of sales | — | 102,120 | 97,823 | (53,867 | ) | 146,076 | |||||||||||||||||||||||||||||||||||
Selling, general, and administrative expenses (1) | 947 | 12,158 | 12,763 | — | 25,868 | ||||||||||||||||||||||||||||||||||||
Research, technical, and product development expenses | — | 984 | — | — | 984 | ||||||||||||||||||||||||||||||||||||
Operating income | (947 | ) | (1,139 | ) | 3,703 | — | 1,617 | ||||||||||||||||||||||||||||||||||
Other income (expense), net | 1,490 | (838 | ) | (117 | ) | — | 535 | ||||||||||||||||||||||||||||||||||
Interest income (expense), net | (5,815 | ) | (1,202 | ) | (540 | ) | — | (7,557 | ) | ||||||||||||||||||||||||||||||||
Equity in earnings of subsidiaries | 1,458 | 348 | 975 | (2,781 | ) | — | |||||||||||||||||||||||||||||||||||
Income before income taxes | (3,814 | ) | (2,831 | ) | 4,021 | (2,781 | ) | (5,405 | ) | ||||||||||||||||||||||||||||||||
Provision for (benefit from) income taxes | 2 | (1,530 | ) | (61 | ) | — | (1,589 | ) | |||||||||||||||||||||||||||||||||
Net income (loss) attributable to continuing operations | $ | (3,816 | ) | $ | (1,301 | ) | $ | 4,082 | $ | (2,781 | ) | $ | (3,816 | ) | |||||||||||||||||||||||||||
Net income (loss) attributable to discontinued operations, net of tax | $ | (365 | ) | $ | — | $ | (365 | ) | $ | 365 | $ | (365 | ) | ||||||||||||||||||||||||||||
Net income (loss) | $ | (4,181 | ) | $ | (1,301 | ) | $ | 3,717 | $ | (2,416 | ) | $ | (4,181 | ) | |||||||||||||||||||||||||||
Comprehensive income (loss) | $ | (7,195 | ) | $ | (346 | ) | $ | (376 | ) | $ | 722 | $ | (7,195 | ) | |||||||||||||||||||||||||||
-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 | |||||||||||||||||||||||||||||||||||||||||
Three Months Ended March 31, 2013 | |||||||||||||||||||||||||||||||||||||||||
RTI International | Guarantor | Non-Guarantor | Eliminations | Consolidated | |||||||||||||||||||||||||||||||||||||
Metals, Inc. | Subsidiaries | Subsidiaries | (As Restated) | (As Restated) | |||||||||||||||||||||||||||||||||||||
(As Restated) | (As Restated) | (As Restated) | |||||||||||||||||||||||||||||||||||||||
Net sales | $ | — | $ | 136,173 | $ | 103,464 | $ | (50,435 | ) | $ | 189,202 | ||||||||||||||||||||||||||||||
Costs and expenses: | |||||||||||||||||||||||||||||||||||||||||
Cost of sales | — | 113,470 | 86,914 | (50,435 | ) | 149,949 | |||||||||||||||||||||||||||||||||||
Selling, general, and administrative expenses (1) | 1,213 | 11,708 | 11,684 | — | 24,605 | ||||||||||||||||||||||||||||||||||||
Research, technical, and product development expenses | — | 1,001 | — | — | 1,001 | ||||||||||||||||||||||||||||||||||||
Operating income | (1,213 | ) | 9,994 | 4,866 | — | 13,647 | |||||||||||||||||||||||||||||||||||
Other income (expense) | 4,277 | (2,384 | ) | (1,334 | ) | — | 559 | ||||||||||||||||||||||||||||||||||
Interest income (expense), net | (4,417 | ) | 29 | (377 | ) | — | (4,765 | ) | |||||||||||||||||||||||||||||||||
Equity in earnings of subsidiaries | 5,646 | (373 | ) | 106 | (5,379 | ) | — | ||||||||||||||||||||||||||||||||||
Income before income taxes | 4,293 | 7,266 | 3,261 | (5,379 | ) | 9,441 | |||||||||||||||||||||||||||||||||||
Provision for (benefit from) income taxes | (675 | ) | 2,775 | 2,373 | — | 4,473 | |||||||||||||||||||||||||||||||||||
Net income attributable to continuing operations | $ | 4,968 | $ | 4,491 | $ | 888 | $ | (5,379 | ) | $ | 4,968 | ||||||||||||||||||||||||||||||
Net loss attributable to discontinued operations, net of tax | $ | (83 | ) | $ | — | $ | (83 | ) | $ | 83 | $ | (83 | ) | ||||||||||||||||||||||||||||
Net income | $ | 4,885 | $ | 4,491 | $ | 805 | $ | (5,296 | ) | $ | 4,885 | ||||||||||||||||||||||||||||||
Comprehensive income (loss) | $ | 9,500 | $ | 10,665 | $ | (1,404 | ) | $ | (9,261 | ) | $ | 9,500 | |||||||||||||||||||||||||||||
-1 | The Parent allocates SG&A to the subsidiaries based upon its budgeted annual expenses. | ||||||||||||||||||||||||||||||||||||||||
Condensed Consolidating Balance Sheet | |||||||||||||||||||||||||||||||||||||||||
As of March 31, 2014 | |||||||||||||||||||||||||||||||||||||||||
RTI | Guarantor | Non-Guarantor | Eliminations | Consolidated | |||||||||||||||||||||||||||||||||||||
International | Subsidiaries | Subsidiaries | |||||||||||||||||||||||||||||||||||||||
Metals, Inc. | |||||||||||||||||||||||||||||||||||||||||
ASSETS | |||||||||||||||||||||||||||||||||||||||||
Current assets: | |||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | 136,217 | $ | 31,691 | $ | — | $ | 167,908 | |||||||||||||||||||||||||||||||
Short-term investments | — | 128,197 | — | — | 128,197 | ||||||||||||||||||||||||||||||||||||
Receivables, net | 1,153 | 62,289 | 72,573 | (28,316 | ) | 107,699 | |||||||||||||||||||||||||||||||||||
Inventories, net | — | 277,630 | 174,543 | — | 452,173 | ||||||||||||||||||||||||||||||||||||
Cost in excess of billings | — | 4,323 | 3,215 | — | 7,538 | ||||||||||||||||||||||||||||||||||||
Deferred income taxes | 27,193 | 2,580 | 2,267 | — | 32,040 | ||||||||||||||||||||||||||||||||||||
Assets of discontinued operations | — | — | 1,460 | — | 1,460 | ||||||||||||||||||||||||||||||||||||
Other current assets | 11,653 | 2,786 | 5,985 | — | 20,424 | ||||||||||||||||||||||||||||||||||||
Total current assets | 39,999 | 614,022 | 291,734 | (28,316 | ) | 917,439 | |||||||||||||||||||||||||||||||||||
Property, plant, and equipment, net | 2,407 | 288,374 | 80,669 | — | 371,450 | ||||||||||||||||||||||||||||||||||||
Goodwill | — | 80,558 | 49,696 | — | 130,254 | ||||||||||||||||||||||||||||||||||||
Other intangible assets, net | — | 30,611 | 26,905 | — | 57,516 | ||||||||||||||||||||||||||||||||||||
Other noncurrent assets | 10,570 | 7,184 | 5,930 | — | 23,684 | ||||||||||||||||||||||||||||||||||||
Intercompany investments | 1,244,394 | 26,971 | 6,696 | (1,278,061 | ) | — | |||||||||||||||||||||||||||||||||||
Total assets | $ | 1,297,370 | $ | 1,047,720 | $ | 461,630 | $ | (1,306,377 | ) | $ | 1,500,343 | ||||||||||||||||||||||||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||||||||||||||||||||||||||||||||||||
Current liabilities: | |||||||||||||||||||||||||||||||||||||||||
Accounts payable | $ | 1,825 | $ | 57,136 | $ | 50,536 | $ | (28,316 | ) | $ | 81,181 | ||||||||||||||||||||||||||||||
Accrued wages and other employee costs | 4,242 | 11,994 | 6,854 | — | 23,090 | ||||||||||||||||||||||||||||||||||||
Unearned revenue | — | — | 16,632 | — | 16,632 | ||||||||||||||||||||||||||||||||||||
Other accrued liabilities | 12,636 | 3,854 | 7,857 | — | 24,347 | ||||||||||||||||||||||||||||||||||||
Total current liabilities | 18,703 | 72,984 | 81,879 | (28,316 | ) | 145,250 | |||||||||||||||||||||||||||||||||||
Long-term debt | 427,036 | 493 | 6,680 | — | 434,209 | ||||||||||||||||||||||||||||||||||||
Intercompany debt | — | 327,477 | 137,369 | (464,846 | ) | — | |||||||||||||||||||||||||||||||||||
Liability for post-retirement benefits | — | 43,640 | — | — | 43,640 | ||||||||||||||||||||||||||||||||||||
Liability for pension benefits | 6,040 | 7,255 | 159 | — | 13,454 | ||||||||||||||||||||||||||||||||||||
Deferred income taxes | 70,595 | — | 4,071 | — | 74,666 | ||||||||||||||||||||||||||||||||||||
Unearned revenue | — | — | 10,204 | — | 10,204 | ||||||||||||||||||||||||||||||||||||
Other noncurrent liabilities | 7,394 | 3,658 | 266 | — | 11,318 | ||||||||||||||||||||||||||||||||||||
Total liabilities | 529,768 | 455,507 | 240,628 | (493,162 | ) | 732,741 | |||||||||||||||||||||||||||||||||||
Shareholders’ equity | 767,602 | 592,213 | 221,002 | (813,215 | ) | 767,602 | |||||||||||||||||||||||||||||||||||
Total liabilities and shareholders’ equity | $ | 1,297,370 | $ | 1,047,720 | $ | 461,630 | $ | (1,306,377 | ) | $ | 1,500,343 | ||||||||||||||||||||||||||||||
Condensed Consolidating Balance Sheet | |||||||||||||||||||||||||||||||||||||||||
As of December 31, 2013 | |||||||||||||||||||||||||||||||||||||||||
RTI International | Guarantor | Non-Guarantor | Eliminations | Consolidated | |||||||||||||||||||||||||||||||||||||
Metals, Inc. | Subsidiaries | Subsidiaries | |||||||||||||||||||||||||||||||||||||||
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 Statement of Cash Flows | |||||||||||||||||||||||||||||||||||||||||
Three Months Ended March 31, 2014 | |||||||||||||||||||||||||||||||||||||||||
RTI International | Guarantor | Non-Guarantor | Eliminations | Consolidated | |||||||||||||||||||||||||||||||||||||
Metals, Inc. | Subsidiaries | Subsidiaries | |||||||||||||||||||||||||||||||||||||||
Cash provided by (used in) operating activities | $ | 1,279 | $ | (13,239 | ) | $ | (8,755 | ) | $ | — | $ | (20,715 | ) | ||||||||||||||||||||||||||||
Investing activities: | |||||||||||||||||||||||||||||||||||||||||
Investments in subsidiaries, net | — | (852 | ) | 852 | — | — | |||||||||||||||||||||||||||||||||||
Acquisitions, net of cash acquired | — | — | (21,797 | ) | — | (21,797 | ) | ||||||||||||||||||||||||||||||||||
Capital expenditures | (43 | ) | (4,026 | ) | (2,781 | ) | — | (6,850 | ) | ||||||||||||||||||||||||||||||||
Short-term investments, net | — | (128,216 | ) | — | — | (128,216 | ) | ||||||||||||||||||||||||||||||||||
Divestitures | — | — | 3,281 | — | 3,281 | ||||||||||||||||||||||||||||||||||||
Intercompany debt activity, net | (1,120 | ) | — | 30,761 | (29,641 | ) | — | ||||||||||||||||||||||||||||||||||
Cash provided by (used in) investing activities | (1,163 | ) | (133,094 | ) | 10,316 | (29,641 | ) | (153,582 | ) | ||||||||||||||||||||||||||||||||
Financing activities: | |||||||||||||||||||||||||||||||||||||||||
Proceeds from exercise of employee stock options | 539 | — | — | — | 539 | ||||||||||||||||||||||||||||||||||||
Excess tax benefits from stock-based compensation activity | 195 | — | — | — | 195 | ||||||||||||||||||||||||||||||||||||
Parent company investments, net | — | 234 | (234 | ) | — | — | |||||||||||||||||||||||||||||||||||
Repayments on long-term debt | — | (245 | ) | (239 | ) | — | (484 | ) | |||||||||||||||||||||||||||||||||
Intercompany debt activity, net | — | (29,641 | ) | — | 29,641 | — | |||||||||||||||||||||||||||||||||||
Purchase of common stock held in treasury | (850 | ) | — | — | — | (850 | ) | ||||||||||||||||||||||||||||||||||
Cash provided by (used in) financing activities | (116 | ) | (29,652 | ) | (473 | ) | 29,641 | (600 | ) | ||||||||||||||||||||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | (832 | ) | — | (832 | ) | ||||||||||||||||||||||||||||||||||
Increase (decrease) in cash and cash equivalents | — | (175,985 | ) | 256 | — | (175,729 | ) | ||||||||||||||||||||||||||||||||||
Cash and cash equivalents at beginning of period | — | 312,202 | 31,435 | — | 343,637 | ||||||||||||||||||||||||||||||||||||
Cash and cash equivalents at end of period | $ | — | $ | 136,217 | $ | 31,691 | $ | — | $ | 167,908 | |||||||||||||||||||||||||||||||
Condensed Consolidating Statement of Cash Flows | |||||||||||||||||||||||||||||||||||||||||
Three Months Ended March 31, 2013 | |||||||||||||||||||||||||||||||||||||||||
RTI International | Guarantor | Non-Guarantor | Eliminations | Consolidated | |||||||||||||||||||||||||||||||||||||
Metals, Inc. | Subsidiaries | Subsidiaries | |||||||||||||||||||||||||||||||||||||||
Cash provided by (used in) operating activities | $ | 6,727 | $ | (21,290 | ) | $ | (16,160 | ) | $ | — | $ | (30,723 | ) | ||||||||||||||||||||||||||||
Investing activities: | |||||||||||||||||||||||||||||||||||||||||
Acquisitions, net of cash acquired | — | — | — | — | |||||||||||||||||||||||||||||||||||||
Investments in subsidiaries, net | (2,300 | ) | — | — | 2,300 | — | |||||||||||||||||||||||||||||||||||
Capital expenditures | (220 | ) | (6,420 | ) | (2,520 | ) | (9,160 | ) | |||||||||||||||||||||||||||||||||
Investments, net | — | — | — | — | |||||||||||||||||||||||||||||||||||||
Intercompany debt activity, net (1) | (5,283 | ) | — | 14,069 | (8,786 | ) | — | ||||||||||||||||||||||||||||||||||
Cash provided by (used in) investing activities | (7,803 | ) | (6,420 | ) | 11,549 | (6,486 | ) | (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 | ||||||||||||||||||||||||||||||||||||
Parent company investments/dividends, net | — | 34 | 2,266 | (2,300 | ) | — | |||||||||||||||||||||||||||||||||||
Repayments on long-term debt | — | (220 | ) | — | — | (220 | ) | ||||||||||||||||||||||||||||||||||
Intercompany debt activity, net (1) | — | (8,786 | ) | — | 8,786 | — | |||||||||||||||||||||||||||||||||||
Purchase of common stock held in treasury | (399 | ) | — | — | — | (399 | ) | ||||||||||||||||||||||||||||||||||
Cash provided by (used in) financing activities | 1,076 | (8,972 | ) | 2,266 | 6,486 | 856 | |||||||||||||||||||||||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | (148 | ) | — | (148 | ) | ||||||||||||||||||||||||||||||||||
Increase (decrease) in cash and cash equivalents | — | (36,682 | ) | (2,493 | ) | — | (39,175 | ) | |||||||||||||||||||||||||||||||||
Cash and cash equivalents at beginning of period | 87,283 | 9,907 | — | 97,190 | |||||||||||||||||||||||||||||||||||||
Cash and cash equivalents at end of period | $ | — | $ | 50,601 | $ | 7,414 | $ | — | $ | 58,015 | |||||||||||||||||||||||||||||||
(1): | The Condensed Consolidating Statements of Cash Flows have been adjusted to reclassify intercompany debt activities between investing and financing activities, 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, Non-Guarantor Subsidiaries, and Eliminations by $(5,283), $14,069, and $(8,786) and increased (decreased) cash flows from financing activities for the RTI International Metals, Inc. Parent Company, Non-Guarantor Subsidiaries, and Eliminations by $5,283, $(14,069), and $8,786, respectively. |
RESTATEMENTS_AND_REVISIONS_Tab
RESTATEMENTS AND REVISIONS (Tables) | 3 Months Ended | ||||||||||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||||||||||
Effects of Restatement on Consolidated Statements of Operations | ' | ||||||||||||||||||||||||||||
Condensed Consolidated Statement of Operations: | |||||||||||||||||||||||||||||
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. | ||||||||||||||||||||||||||||
Effects of Restatement on Consolidated Statements of Cash Flow | ' | ||||||||||||||||||||||||||||
Condensed Consolidated Statement of Cash Flows: | |||||||||||||||||||||||||||||
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. |
ACQUISITIONS_Tables
ACQUISITIONS (Tables) | 3 Months Ended | ||||
Mar. 31, 2014 | |||||
RTI Directed Manufacturing | ' | ||||
Summary of Purchase Price Allocation | ' | ||||
The preliminary purchase price allocation, which has not been finalized, is as follows: | |||||
Assets purchased: | |||||
Current assets, excluding inventory | $ | 746 | |||
Inventories | 663 | ||||
Plant and equipment | 2,589 | ||||
Intangible assets: | |||||
Customer relationships | 3,000 | ||||
Directed Manufacturing trade name | 1,000 | ||||
Developed technology | 1,300 | ||||
Goodwill | 13,070 | ||||
Liabilities assumed: | |||||
Current liabilities | 571 | ||||
Net assets acquired | $ | 21,797 | |||
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 | 100 | ||||
Goodwill | 2,285 | ||||
Liabilities assumed: | |||||
Current liabilities | 2,621 | ||||
Deferred tax liabilities | 1,553 | ||||
Net assets acquired | $ | 16,214 | |||
DISCONTINUED_OPERATIONS_Tables
DISCONTINUED OPERATIONS (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Financial Information of Discontinued Operations | ' | ||||||||
The Company’s results from discontinued operations are summarized below: | |||||||||
Three Months Ended | |||||||||
March 31, | |||||||||
2014 | 2013 | ||||||||
Net sales | $ | 582 | $ | 8,693 | |||||
Income (loss) before income taxes | (495 | ) | (34 | ) | |||||
Provision for (benefit from) income taxes | (130 | ) | 49 | ||||||
Net income (loss) from discontinued operations | (365 | ) | (83 | ) | |||||
Assets and liabilities of discontinued operations were comprised of the following at March 31, 2014 and December 31, 2013: | |||||||||
March 31, | December 31, | ||||||||
2014 | 2013 | ||||||||
ASSETS | |||||||||
Accounts receivable, net | $ | 643 | $ | 594 | |||||
Inventories, net | 817 | 4,555 | |||||||
Property, plant and equipment, net | — | 105 | |||||||
Other current assets | — | 20 | |||||||
Total assets of discontinued operations | $ | 1,460 | $ | 5,274 | |||||
LIABILITIES | |||||||||
Accounts payable | $ | — | $ | 326 | |||||
Accrued wages and other employment costs | — | 96 | |||||||
Other liabilities | — | 36 | |||||||
Total liabilities of discontinued operations | $ | — | $ | 458 | |||||
ACCUMULATED_OTHER_COMPREHENSIV1
ACCUMULATED OTHER COMPREHENSIVE LOSS (Tables) | 3 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
Components of Accumulated Other Comprehensive Income | ' | ||||||||||||||||
The components of accumulated other comprehensive loss at March 31, 2014 and December 31, 2013 were as follows: | |||||||||||||||||
Foreign | Actuarial | Unrealized | Total | ||||||||||||||
Currency | Losses | Losses | |||||||||||||||
Translation | on Benefit | on | |||||||||||||||
Plans | Investments | ||||||||||||||||
Balance at December 31, 2013 | $ | 5,780 | $ | (46,177 | ) | $ | — | $ | (40,397 | ) | |||||||
Other comprehensive loss before reclassifications, net of tax | (4,093 | ) | — | (26 | ) | (4,119 | ) | ||||||||||
Amounts reclassified from accumulated other comprehensive loss, net of tax | — | 1,105 | — | 1,105 | |||||||||||||
Accumulated other comprehensive loss at March 31, 2014 | $ | 1,687 | $ | (45,072 | ) | $ | (26 | ) | $ | (43,411 | ) | ||||||
Benefit Plan Losses Reclassified from Accumulated Other Comprehensive Loss | ' | ||||||||||||||||
Benefit plan losses of $1,105, net of tax, were reclassified from accumulated other comprehensive income to net periodic pension expense during the first quarter of 2014. | |||||||||||||||||
Three Months | |||||||||||||||||
Ended March 31, | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
Amortization of defined benefit pension items | |||||||||||||||||
Actuarial losses and prior service costs | $ | 1,782 | $ | 2,429 | |||||||||||||
Special termination benefits | — | 2,214 | |||||||||||||||
Tax expense | (677 | ) | (1,762 | ) | |||||||||||||
Total reclassifications | $ | 1,105 | $ | 2,881 | |||||||||||||
STOCKBASED_COMPENSATION_Tables
STOCK-BASED COMPENSATION (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Summary of Stock Options Activity | ' | ||||||||
A summary of the status of the Company’s stock options as of March 31, 2014, and the activity during the three months then ended, is presented below: | |||||||||
Stock Options | Options | ||||||||
Outstanding at December 31, 2013 | 526,736 | ||||||||
Granted | 92,954 | ||||||||
Forfeited | (8,164 | ) | |||||||
Expired | (3,050 | ) | |||||||
Exercised | (24,080 | ) | |||||||
Outstanding at March 31, 2014 | 584,396 | ||||||||
Exercisable at March 31, 2014 | 413,964 | ||||||||
Schedule of Fair Value of Stock Options Granted | ' | ||||||||
The fair value of stock options granted was estimated at the date of grant using the Black-Scholes option-pricing model based upon the assumptions noted in the following table: | |||||||||
2014 | |||||||||
Risk-free interest rate | 1.49 | % | |||||||
Expected dividend yield | 0 | % | |||||||
Expected lives (in years) | 5 | ||||||||
Expected volatility | 55 | % | |||||||
Summary Nonvested Restricted Stock Awards | ' | ||||||||
A summary of the status of the Company’s nonvested restricted stock as of March 31, 2014, and the activity during the three months then ended, is presented below: | |||||||||
Nonvested Restricted Stock Awards | Shares | ||||||||
Nonvested at December 31, 2013 | 213,475 | ||||||||
Granted | 53,164 | ||||||||
Vested | (65,704 | ) | |||||||
Forfeited | (5,261 | ) | |||||||
Nonvested at March 31, 2014 | 195,674 | ||||||||
Summary of Company's Performance Share Award | ' | ||||||||
A summary of the Company’s performance share awards as of March 31, 2014, and the activity during the three months then ended, is presented below: | |||||||||
Performance Share Awards | Awards | Maximum Shares | |||||||
Activity | Eligible to | ||||||||
Receive | |||||||||
Outstanding at December 31, 2013 | 154,333 | 308,666 | |||||||
Granted | 70,306 | 140,612 | |||||||
Vested | (42,442 | ) | (84,884 | ) | |||||
Forfeited | (7,308 | ) | (14,616 | ) | |||||
Outstanding at March 31, 2014 | 174,889 | 349,778 | |||||||
EARNINGS_LOSS_PER_SHARE_Tables
EARNINGS (LOSS) PER SHARE (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Shares Excluded from Calculation of Earnings per Share | ' | ||||||||
Shares excluded from the calculation of EPS for the three months ending March 31, 2014 and 2013 were as follows: | |||||||||
Three Months Ended | |||||||||
March 31, | |||||||||
2014 | 2013 | ||||||||
2015 Notes | 3,185,213 | 6,404,902 | |||||||
2019 Notes | 9,885,561 | N/A | |||||||
Antidilutive options (1) | 579,029 | 310,317 | |||||||
-1 | Average option price of shares excluded from calculation of earnings per share was $44.06 for the three months ended March 31, 2013. | ||||||||
Schedule of Weighted-Average Shares of Common Stock Outstanding | ' | ||||||||
Actual weighted-average shares of Common Stock outstanding used in the calculation of basic and diluted earnings per share for the three months ended March 31, 2014 and 2013 were as follows: | |||||||||
Three Months Ended | |||||||||
March 31, | |||||||||
2014 | 2013 | ||||||||
(As Restated) | |||||||||
Numerator: | |||||||||
Net income (loss) from continuing operations before allocation of earnings to participating securities | $ | (3,816 | ) | $ | 4,968 | ||||
Less: Earnings allocated to participating securities | — | (34 | ) | ||||||
Net income (loss) from continuing operations attributable to common shareholders, after earnings allocated to participating securities | $ | (3,816 | ) | $ | 4,934 | ||||
Net loss from discontinued operations before allocation of earnings to participating securities | $ | (365 | ) | $ | (83 | ) | |||
Less: Earnings allocated to participating securities | — | — | |||||||
Net loss from discontinued operations attributable to common shareholders, after earnings allocated to participating securities | $ | (365 | ) | $ | (83 | ) | |||
Denominator: | |||||||||
Basic weighted-average shares outstanding | 30,445,681 | 30,230,641 | |||||||
Effect of dilutive securities | — | 273,536 | |||||||
Diluted weighted-average shares outstanding | 30,445,681 | 30,504,177 | |||||||
Earnings (loss) per share attributable to continuing operations: | |||||||||
Basic | $ | (0.13 | ) | $ | 0.16 | ||||
Diluted | $ | (0.13 | ) | $ | 0.16 | ||||
Earnings (loss) per share attributable to discontinued operations: | |||||||||
Basic | $ | (0.01 | ) | $ | — | ||||
Diluted | $ | (0.01 | ) | $ | — |
CASH_CASH_EQUIVALENTS_AND_SHOR1
CASH, CASH EQUIVALENTS AND SHORT-TERM INVESTMENTS (Tables) | 3 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
Cash, Cash Equivalents, Short-Term Investments, and Marketable Securities | ' | ||||||||||||||||
Cash, cash equivalents, and short-term investments consist of the following: | |||||||||||||||||
March 31, | December 31, | ||||||||||||||||
2014 | 2013 | ||||||||||||||||
Cash and cash equivalents: | |||||||||||||||||
Cash | $ | 50,260 | $ | 62,394 | |||||||||||||
Cash equivalents: | |||||||||||||||||
Commercial paper | 61,343 | 150,978 | |||||||||||||||
Money market mutual funds | 56,305 | 130,265 | |||||||||||||||
Total cash and cash equivalents | 167,908 | 343,637 | |||||||||||||||
Short-term investments: | |||||||||||||||||
Commercial paper | 128,197 | — | |||||||||||||||
Total short-term investments | 128,197 | — | |||||||||||||||
Total cash, cash equivalents, and marketable securities | $ | 296,105 | $ | 343,637 | |||||||||||||
Short-Term Investments and Marketable Securities | ' | ||||||||||||||||
The Company had no investments at December 31, 2013. The Company’s short-term investments at March 31, 2014 were as follows: | |||||||||||||||||
Amortized | Gross | Fair Value | |||||||||||||||
Cost | Unrealized | ||||||||||||||||
Gains | Losses | ||||||||||||||||
As of March 31, 2014 | |||||||||||||||||
Commercial Paper | $ | 128,237 | $ | — | $ | 40 | $ | 128,197 | |||||||||
Total | $ | 128,237 | $ | — | $ | 40 | $ | 128,197 | |||||||||
FAIR_VALUE_MEASUREMENTS_Tables
FAIR VALUE MEASUREMENTS (Tables) | 3 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
Fair Values of Assets and Liabilities Measured on Recurring Basis | ' | ||||||||||||||||
Listed below are the Company’s assets and their fair values, which are measured at fair value on a recurring basis, as of March 31, 2014. The Company uses trading prices near the balance sheet date to determine the fair value of its assets measured on a recurring basis. The Company held no investments measured at fair value on a recurring basis as of December 31, 2013. There were no transfers between levels for the three months ended March 31, 2014. | |||||||||||||||||
Quoted | Significant | Significant | Fair Value | ||||||||||||||
Market Prices | Other Observable | Unobservable | |||||||||||||||
(Level 1) | Inputs | Inputs | |||||||||||||||
(Level 2) | (Level 3) | ||||||||||||||||
As of March 31, 2014: | |||||||||||||||||
Commercial Paper | $ | — | $ | 128,197 | $ | — | $ | 128,197 | |||||||||
Total | $ | — | $ | 128,197 | $ | — | $ | 128,197 | |||||||||
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: | |||||||||||||||||
March 31, 2014 | December 31, 2013 | ||||||||||||||||
Carrying | Fair | Carrying | Fair | ||||||||||||||
Amount | Value | Amount | Value | ||||||||||||||
Cash and cash equivalents | $ | 167,908 | $ | 167,908 | $ | 343,637 | $ | 343,637 | |||||||||
Current portion of long-term debt | $ | 1,998 | $ | 1,998 | $ | 1,914 | $ | 1,914 | |||||||||
Long-term debt | $ | 434,209 | $ | 516,371 | $ | 430,300 | $ | 559,986 |
INVENTORIES_Tables
INVENTORIES (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Components of Inventories | ' | ||||||||
Inventories consisted of the following: | |||||||||
March 31, | December 31, | ||||||||
2014 | 2013 | ||||||||
Raw materials and supplies | $ | 150,505 | $ | 166,359 | |||||
Work-in-process and finished goods | 349,777 | 314,438 | |||||||
LIFO reserve | (48,109 | ) | (50,709 | ) | |||||
Total inventories | $ | 452,173 | $ | 430,088 | |||||
GOODWILL_AND_OTHER_INTANGIBLE_1
GOODWILL AND OTHER INTANGIBLE ASSETS (Tables) | 3 Months Ended | ||||||||||||
Mar. 31, 2014 | |||||||||||||
Schedule of Carrying Amount of Goodwill Attributable to Segment | ' | ||||||||||||
The carrying amount of goodwill attributable to each segment at December 31, 2013 and March 31, 2014 as follows: | |||||||||||||
Titanium | Engineered | Total | |||||||||||
Segment | Products and | ||||||||||||
Services | |||||||||||||
Segment | |||||||||||||
31-Dec-13 | $ | 9,662 | $ | 107,916 | $ | 117,578 | |||||||
Additions (Note 4) | — | 13,070 | 13,070 | ||||||||||
Purchase price allocation adjustment (Note 4) | — | 100 | 100 | ||||||||||
Translation adjustment | — | (494 | ) | (494 | ) | ||||||||
31-Mar-14 | $ | 9,662 | $ | 120,592 | $ | 130,254 | |||||||
Intangible Assets Amortization Period | ' | ||||||||||||
Other intangible assets are being amortized over the following periods: | |||||||||||||
Intangible Asset | Amortization | ||||||||||||
Period | |||||||||||||
Customer relationships | 7-20 years | ||||||||||||
Developed technology | 7-20 years | ||||||||||||
Backlog | 0-2 years | ||||||||||||
Schedule of Carrying Amount of Intangible Assets Attributable to Engineered Products and Services Segment | ' | ||||||||||||
The carrying amounts of intangible assets attributable to the Company’s EP&S Segment at December 31, 2013 and March 31, 2014 were as follows: | |||||||||||||
Intangible | |||||||||||||
Assets | |||||||||||||
December 31, 2013.. | $ | 53,754 | |||||||||||
Intangible assets acquired (Note 4) | 5,300 | ||||||||||||
Amortization | (1,124 | ) | |||||||||||
Translation adjustment | (414 | ) | |||||||||||
31-Mar-14 | $ | 57,516 | |||||||||||
LONGTERM_DEBT_Tables
LONG-TERM DEBT (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Schedule of Long-Term Debt | ' | ||||||||
Long-term debt consisted of: | |||||||||
March 31, | December 31, | ||||||||
2014 | 2013 | ||||||||
$402.5 million aggregate principal amount 1.625% Convertible Senior Notes due 2019 | $ | 322,583 | $ | 319,569 | |||||
$114.4 million aggregate principal amount 3.000% Convertible Senior Notes due 2015 | 104,454 | $ | 103,065 | ||||||
Capital leases | 9,170 | 9,580 | |||||||
Total debt | 436,207 | 432,214 | |||||||
Less: Current portion of capital leases | (1,998 | ) | (1,914 | ) | |||||
Total long-term debt | $ | 434,209 | $ | 430,300 | |||||
EMPLOYEE_BENEFIT_PLANS_Tables
EMPLOYEE BENEFIT PLANS (Tables) | 3 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
Components of Net Periodic Pension and Other Post-Retirement Benefit Cost | ' | ||||||||||||||||
Components of net periodic pension and other post-retirement benefit costs for the three months ended March 31, 2014 and 2013 for those salaried and hourly covered employees were as follows: | |||||||||||||||||
Pension Benefits | Other Post- | ||||||||||||||||
Retirement | |||||||||||||||||
Benefits | |||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Service cost | $ | 527 | $ | 691 | $ | 239 | $ | 216 | |||||||||
Interest cost | 1,966 | 1,666 | 534 | 477 | |||||||||||||
Expected return on plan assets | (2,825 | ) | (2,584 | ) | — | — | |||||||||||
Amortization of prior service cost | 228 | 248 | 172 | 303 | |||||||||||||
Amortization of actuarial loss | 1,358 | 1,790 | 24 | 88 | |||||||||||||
Special termination benefits | — | 2,052 | — | 162 | |||||||||||||
Net periodic benefit cost | $ | 1,254 | $ | 3,863 | $ | 969 | $ | 1,246 | |||||||||
SEGMENT_REPORTING_Tables
SEGMENT REPORTING (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Summary of Geographic Area Information Property, Plant and Equipment | ' | ||||||||
A summary of financial information by reportable segment is as follows: | |||||||||
Three Months Ended | |||||||||
March 31, | |||||||||
2014 | 2013 | ||||||||
(As Restated) | |||||||||
Net sales: | |||||||||
Titanium Segment | $ | 76,980 | $ | 96,825 | |||||
Intersegment sales | 25,046 | 16,268 | |||||||
Total Titanium Segment sales | 102,026 | 113,093 | |||||||
EP&S Segment | 97,565 | 92,377 | |||||||
Intersegment sales | 27,966 | 15,843 | |||||||
Total EP&S Segment sales | 125,531 | 108,220 | |||||||
Eliminations | 53,012 | 32,111 | |||||||
Total consolidated net sales | $ | 174,545 | $ | 189,202 | |||||
Operating income (loss): | |||||||||
Titanium Segment before corporate allocations | $ | 10,429 | $ | 16,137 | |||||
Corporate allocations | (4,527 | ) | (4,900 | ) | |||||
Total Titanium Segment operating income | 5,902 | 11,237 | |||||||
EP&S Segment before corporate allocations | 1,811 | 8,092 | |||||||
Corporate allocations | (6,096 | ) | (5,682 | ) | |||||
Total EP&S Segment operating income (loss) | (4,285 | ) | 2,410 | ||||||
Total consolidated operating income | $ | 1,617 | $ | 13,647 | |||||
Summary of Financial Information by Reportable Segment | ' | ||||||||
March 31, | December 31, | ||||||||
2014 | 2013 | ||||||||
Total assets: | |||||||||
Titanium Segment | $ | 629,929 | $ | 604,123 | |||||
EP&S Segment | 605,271 | 585,867 | |||||||
General corporate assets | 263,683 | 310,281 | |||||||
Assets of discontinued operations | 1,460 | 5,274 | |||||||
Total consolidated assets | $ | 1,500,343 | $ | 1,505,545 | |||||
GUARANTOR_SUBSIDIARIES_Tables
GUARANTOR SUBSIDIARIES (Tables) | 3 Months Ended | ||||||||||||||||||||||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||||||||||||||||||||||
Schedule of Condensed Consolidating Statement of Operations and Comprehensive Income, Restatement Adjustments | ' | ||||||||||||||||||||||||||||||||||||||||
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. | ||||||||||||||||||||||||||||||||||||||||
Schedule of Condensed Consolidating Statement of Operations and Comprehensive Income | ' | ||||||||||||||||||||||||||||||||||||||||
Condensed Consolidating Statement of Operations and Comprehensive Income | |||||||||||||||||||||||||||||||||||||||||
Three Months Ended March 31, 2014 | |||||||||||||||||||||||||||||||||||||||||
RTI International | Guarantor | Non-Guarantor | Eliminations | Consolidated | |||||||||||||||||||||||||||||||||||||
Metals, Inc. | Subsidiaries | Subsidiaries | |||||||||||||||||||||||||||||||||||||||
Net sales | $ | — | $ | 114,123 | $ | 114,289 | $ | (53,867 | ) | $ | 174,545 | ||||||||||||||||||||||||||||||
Costs and expenses: | |||||||||||||||||||||||||||||||||||||||||
Cost of sales | — | 102,120 | 97,823 | (53,867 | ) | 146,076 | |||||||||||||||||||||||||||||||||||
Selling, general, and administrative expenses (1) | 947 | 12,158 | 12,763 | — | 25,868 | ||||||||||||||||||||||||||||||||||||
Research, technical, and product development expenses | — | 984 | — | — | 984 | ||||||||||||||||||||||||||||||||||||
Operating income | (947 | ) | (1,139 | ) | 3,703 | — | 1,617 | ||||||||||||||||||||||||||||||||||
Other income (expense), net | 1,490 | (838 | ) | (117 | ) | — | 535 | ||||||||||||||||||||||||||||||||||
Interest income (expense), net | (5,815 | ) | (1,202 | ) | (540 | ) | — | (7,557 | ) | ||||||||||||||||||||||||||||||||
Equity in earnings of subsidiaries | 1,458 | 348 | 975 | (2,781 | ) | — | |||||||||||||||||||||||||||||||||||
Income before income taxes | (3,814 | ) | (2,831 | ) | 4,021 | (2,781 | ) | (5,405 | ) | ||||||||||||||||||||||||||||||||
Provision for (benefit from) income taxes | 2 | (1,530 | ) | (61 | ) | — | (1,589 | ) | |||||||||||||||||||||||||||||||||
Net income (loss) attributable to continuing operations | $ | (3,816 | ) | $ | (1,301 | ) | $ | 4,082 | $ | (2,781 | ) | $ | (3,816 | ) | |||||||||||||||||||||||||||
Net income (loss) attributable to discontinued operations, net of tax | $ | (365 | ) | $ | — | $ | (365 | ) | $ | 365 | $ | (365 | ) | ||||||||||||||||||||||||||||
Net income (loss) | $ | (4,181 | ) | $ | (1,301 | ) | $ | 3,717 | $ | (2,416 | ) | $ | (4,181 | ) | |||||||||||||||||||||||||||
Comprehensive income (loss) | $ | (7,195 | ) | $ | (346 | ) | $ | (376 | ) | $ | 722 | $ | (7,195 | ) | |||||||||||||||||||||||||||
-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 | |||||||||||||||||||||||||||||||||||||||||
Three Months Ended March 31, 2013 | |||||||||||||||||||||||||||||||||||||||||
RTI International | Guarantor | Non-Guarantor | Eliminations | Consolidated | |||||||||||||||||||||||||||||||||||||
Metals, Inc. | Subsidiaries | Subsidiaries | (As Restated) | (As Restated) | |||||||||||||||||||||||||||||||||||||
(As Restated) | (As Restated) | (As Restated) | |||||||||||||||||||||||||||||||||||||||
Net sales | $ | — | $ | 136,173 | $ | 103,464 | $ | (50,435 | ) | $ | 189,202 | ||||||||||||||||||||||||||||||
Costs and expenses: | |||||||||||||||||||||||||||||||||||||||||
Cost of sales | — | 113,470 | 86,914 | (50,435 | ) | 149,949 | |||||||||||||||||||||||||||||||||||
Selling, general, and administrative expenses (1) | 1,213 | 11,708 | 11,684 | — | 24,605 | ||||||||||||||||||||||||||||||||||||
Research, technical, and product development expenses | — | 1,001 | — | — | 1,001 | ||||||||||||||||||||||||||||||||||||
Operating income | (1,213 | ) | 9,994 | 4,866 | — | 13,647 | |||||||||||||||||||||||||||||||||||
Other income (expense) | 4,277 | (2,384 | ) | (1,334 | ) | — | 559 | ||||||||||||||||||||||||||||||||||
Interest income (expense), net | (4,417 | ) | 29 | (377 | ) | — | (4,765 | ) | |||||||||||||||||||||||||||||||||
Equity in earnings of subsidiaries | 5,646 | (373 | ) | 106 | (5,379 | ) | — | ||||||||||||||||||||||||||||||||||
Income before income taxes | 4,293 | 7,266 | 3,261 | (5,379 | ) | 9,441 | |||||||||||||||||||||||||||||||||||
Provision for (benefit from) income taxes | (675 | ) | 2,775 | 2,373 | — | 4,473 | |||||||||||||||||||||||||||||||||||
Net income attributable to continuing operations | $ | 4,968 | $ | 4,491 | $ | 888 | $ | (5,379 | ) | $ | 4,968 | ||||||||||||||||||||||||||||||
Net loss attributable to discontinued operations, net of tax | $ | (83 | ) | $ | — | $ | (83 | ) | $ | 83 | $ | (83 | ) | ||||||||||||||||||||||||||||
Net income | $ | 4,885 | $ | 4,491 | $ | 805 | $ | (5,296 | ) | $ | 4,885 | ||||||||||||||||||||||||||||||
Comprehensive income (loss) | $ | 9,500 | $ | 10,665 | $ | (1,404 | ) | $ | (9,261 | ) | $ | 9,500 | |||||||||||||||||||||||||||||
-1 | The Parent allocates SG&A to the subsidiaries based upon its budgeted annual expenses. | ||||||||||||||||||||||||||||||||||||||||
Schedule of Condensed Consolidating Balance Sheet | ' | ||||||||||||||||||||||||||||||||||||||||
Condensed Consolidating Balance Sheet | |||||||||||||||||||||||||||||||||||||||||
As of March 31, 2014 | |||||||||||||||||||||||||||||||||||||||||
RTI | Guarantor | Non-Guarantor | Eliminations | Consolidated | |||||||||||||||||||||||||||||||||||||
International | Subsidiaries | Subsidiaries | |||||||||||||||||||||||||||||||||||||||
Metals, Inc. | |||||||||||||||||||||||||||||||||||||||||
ASSETS | |||||||||||||||||||||||||||||||||||||||||
Current assets: | |||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | 136,217 | $ | 31,691 | $ | — | $ | 167,908 | |||||||||||||||||||||||||||||||
Short-term investments | — | 128,197 | — | — | 128,197 | ||||||||||||||||||||||||||||||||||||
Receivables, net | 1,153 | 62,289 | 72,573 | (28,316 | ) | 107,699 | |||||||||||||||||||||||||||||||||||
Inventories, net | — | 277,630 | 174,543 | — | 452,173 | ||||||||||||||||||||||||||||||||||||
Cost in excess of billings | — | 4,323 | 3,215 | — | 7,538 | ||||||||||||||||||||||||||||||||||||
Deferred income taxes | 27,193 | 2,580 | 2,267 | — | 32,040 | ||||||||||||||||||||||||||||||||||||
Assets of discontinued operations | — | — | 1,460 | — | 1,460 | ||||||||||||||||||||||||||||||||||||
Other current assets | 11,653 | 2,786 | 5,985 | — | 20,424 | ||||||||||||||||||||||||||||||||||||
Total current assets | 39,999 | 614,022 | 291,734 | (28,316 | ) | 917,439 | |||||||||||||||||||||||||||||||||||
Property, plant, and equipment, net | 2,407 | 288,374 | 80,669 | — | 371,450 | ||||||||||||||||||||||||||||||||||||
Goodwill | — | 80,558 | 49,696 | — | 130,254 | ||||||||||||||||||||||||||||||||||||
Other intangible assets, net | — | 30,611 | 26,905 | — | 57,516 | ||||||||||||||||||||||||||||||||||||
Other noncurrent assets | 10,570 | 7,184 | 5,930 | — | 23,684 | ||||||||||||||||||||||||||||||||||||
Intercompany investments | 1,244,394 | 26,971 | 6,696 | (1,278,061 | ) | — | |||||||||||||||||||||||||||||||||||
Total assets | $ | 1,297,370 | $ | 1,047,720 | $ | 461,630 | $ | (1,306,377 | ) | $ | 1,500,343 | ||||||||||||||||||||||||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||||||||||||||||||||||||||||||||||||
Current liabilities: | |||||||||||||||||||||||||||||||||||||||||
Accounts payable | $ | 1,825 | $ | 57,136 | $ | 50,536 | $ | (28,316 | ) | $ | 81,181 | ||||||||||||||||||||||||||||||
Accrued wages and other employee costs | 4,242 | 11,994 | 6,854 | — | 23,090 | ||||||||||||||||||||||||||||||||||||
Unearned revenue | — | — | 16,632 | — | 16,632 | ||||||||||||||||||||||||||||||||||||
Other accrued liabilities | 12,636 | 3,854 | 7,857 | — | 24,347 | ||||||||||||||||||||||||||||||||||||
Total current liabilities | 18,703 | 72,984 | 81,879 | (28,316 | ) | 145,250 | |||||||||||||||||||||||||||||||||||
Long-term debt | 427,036 | 493 | 6,680 | — | 434,209 | ||||||||||||||||||||||||||||||||||||
Intercompany debt | — | 327,477 | 137,369 | (464,846 | ) | — | |||||||||||||||||||||||||||||||||||
Liability for post-retirement benefits | — | 43,640 | — | — | 43,640 | ||||||||||||||||||||||||||||||||||||
Liability for pension benefits | 6,040 | 7,255 | 159 | — | 13,454 | ||||||||||||||||||||||||||||||||||||
Deferred income taxes | 70,595 | — | 4,071 | — | 74,666 | ||||||||||||||||||||||||||||||||||||
Unearned revenue | — | — | 10,204 | — | 10,204 | ||||||||||||||||||||||||||||||||||||
Other noncurrent liabilities | 7,394 | 3,658 | 266 | — | 11,318 | ||||||||||||||||||||||||||||||||||||
Total liabilities | 529,768 | 455,507 | 240,628 | (493,162 | ) | 732,741 | |||||||||||||||||||||||||||||||||||
Shareholders’ equity | 767,602 | 592,213 | 221,002 | (813,215 | ) | 767,602 | |||||||||||||||||||||||||||||||||||
Total liabilities and shareholders’ equity | $ | 1,297,370 | $ | 1,047,720 | $ | 461,630 | $ | (1,306,377 | ) | $ | 1,500,343 | ||||||||||||||||||||||||||||||
Condensed Consolidating Balance Sheet | |||||||||||||||||||||||||||||||||||||||||
As of December 31, 2013 | |||||||||||||||||||||||||||||||||||||||||
RTI International | Guarantor | Non-Guarantor | Eliminations | Consolidated | |||||||||||||||||||||||||||||||||||||
Metals, Inc. | Subsidiaries | Subsidiaries | |||||||||||||||||||||||||||||||||||||||
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 Statement of Cash Flows | ' | ||||||||||||||||||||||||||||||||||||||||
Condensed Consolidating Statement of Cash Flows | |||||||||||||||||||||||||||||||||||||||||
Three Months Ended March 31, 2014 | |||||||||||||||||||||||||||||||||||||||||
RTI International | Guarantor | Non-Guarantor | Eliminations | Consolidated | |||||||||||||||||||||||||||||||||||||
Metals, Inc. | Subsidiaries | Subsidiaries | |||||||||||||||||||||||||||||||||||||||
Cash provided by (used in) operating activities | $ | 1,279 | $ | (13,239 | ) | $ | (8,755 | ) | $ | — | $ | (20,715 | ) | ||||||||||||||||||||||||||||
Investing activities: | |||||||||||||||||||||||||||||||||||||||||
Investments in subsidiaries, net | — | (852 | ) | 852 | — | — | |||||||||||||||||||||||||||||||||||
Acquisitions, net of cash acquired | — | — | (21,797 | ) | — | (21,797 | ) | ||||||||||||||||||||||||||||||||||
Capital expenditures | (43 | ) | (4,026 | ) | (2,781 | ) | — | (6,850 | ) | ||||||||||||||||||||||||||||||||
Short-term investments, net | — | (128,216 | ) | — | — | (128,216 | ) | ||||||||||||||||||||||||||||||||||
Divestitures | — | — | 3,281 | — | 3,281 | ||||||||||||||||||||||||||||||||||||
Intercompany debt activity, net | (1,120 | ) | — | 30,761 | (29,641 | ) | — | ||||||||||||||||||||||||||||||||||
Cash provided by (used in) investing activities | (1,163 | ) | (133,094 | ) | 10,316 | (29,641 | ) | (153,582 | ) | ||||||||||||||||||||||||||||||||
Financing activities: | |||||||||||||||||||||||||||||||||||||||||
Proceeds from exercise of employee stock options | 539 | — | — | — | 539 | ||||||||||||||||||||||||||||||||||||
Excess tax benefits from stock-based compensation activity | 195 | — | — | — | 195 | ||||||||||||||||||||||||||||||||||||
Parent company investments, net | — | 234 | (234 | ) | — | — | |||||||||||||||||||||||||||||||||||
Repayments on long-term debt | — | (245 | ) | (239 | ) | — | (484 | ) | |||||||||||||||||||||||||||||||||
Intercompany debt activity, net | — | (29,641 | ) | — | 29,641 | — | |||||||||||||||||||||||||||||||||||
Purchase of common stock held in treasury | (850 | ) | — | — | — | (850 | ) | ||||||||||||||||||||||||||||||||||
Cash provided by (used in) financing activities | (116 | ) | (29,652 | ) | (473 | ) | 29,641 | (600 | ) | ||||||||||||||||||||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | (832 | ) | — | (832 | ) | ||||||||||||||||||||||||||||||||||
Increase (decrease) in cash and cash equivalents | — | (175,985 | ) | 256 | — | (175,729 | ) | ||||||||||||||||||||||||||||||||||
Cash and cash equivalents at beginning of period | — | 312,202 | 31,435 | — | 343,637 | ||||||||||||||||||||||||||||||||||||
Cash and cash equivalents at end of period | $ | — | $ | 136,217 | $ | 31,691 | $ | — | $ | 167,908 | |||||||||||||||||||||||||||||||
Condensed Consolidating Statement of Cash Flows | |||||||||||||||||||||||||||||||||||||||||
Three Months Ended March 31, 2013 | |||||||||||||||||||||||||||||||||||||||||
RTI International | Guarantor | Non-Guarantor | Eliminations | Consolidated | |||||||||||||||||||||||||||||||||||||
Metals, Inc. | Subsidiaries | Subsidiaries | |||||||||||||||||||||||||||||||||||||||
Cash provided by (used in) operating activities | $ | 6,727 | $ | (21,290 | ) | $ | (16,160 | ) | $ | — | $ | (30,723 | ) | ||||||||||||||||||||||||||||
Investing activities: | |||||||||||||||||||||||||||||||||||||||||
Acquisitions, net of cash acquired | — | — | — | — | |||||||||||||||||||||||||||||||||||||
Investments in subsidiaries, net | (2,300 | ) | — | — | 2,300 | — | |||||||||||||||||||||||||||||||||||
Capital expenditures | (220 | ) | (6,420 | ) | (2,520 | ) | (9,160 | ) | |||||||||||||||||||||||||||||||||
Investments, net | — | — | — | — | |||||||||||||||||||||||||||||||||||||
Intercompany debt activity, net (1) | (5,283 | ) | — | 14,069 | (8,786 | ) | — | ||||||||||||||||||||||||||||||||||
Cash provided by (used in) investing activities | (7,803 | ) | (6,420 | ) | 11,549 | (6,486 | ) | (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 | ||||||||||||||||||||||||||||||||||||
Parent company investments/dividends, net | — | 34 | 2,266 | (2,300 | ) | — | |||||||||||||||||||||||||||||||||||
Repayments on long-term debt | — | (220 | ) | — | — | (220 | ) | ||||||||||||||||||||||||||||||||||
Intercompany debt activity, net (1) | — | (8,786 | ) | — | 8,786 | — | |||||||||||||||||||||||||||||||||||
Purchase of common stock held in treasury | (399 | ) | — | — | — | (399 | ) | ||||||||||||||||||||||||||||||||||
Cash provided by (used in) financing activities | 1,076 | (8,972 | ) | 2,266 | 6,486 | 856 | |||||||||||||||||||||||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | (148 | ) | — | (148 | ) | ||||||||||||||||||||||||||||||||||
Increase (decrease) in cash and cash equivalents | — | (36,682 | ) | (2,493 | ) | — | (39,175 | ) | |||||||||||||||||||||||||||||||||
Cash and cash equivalents at beginning of period | 87,283 | 9,907 | — | 97,190 | |||||||||||||||||||||||||||||||||||||
Cash and cash equivalents at end of period | $ | — | $ | 50,601 | $ | 7,414 | $ | — | $ | 58,015 | |||||||||||||||||||||||||||||||
(1): | The Condensed Consolidating Statements of Cash Flows have been adjusted to reclassify intercompany debt activities between investing and financing activities, 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, Non-Guarantor Subsidiaries, and Eliminations by $(5,283), $14,069, and $(8,786) and increased (decreased) cash flows from financing activities for the RTI International Metals, Inc. Parent Company, Non-Guarantor Subsidiaries, and Eliminations by $5,283, $(14,069), and $8,786, respectively. |
Organization_Additional_Inform
Organization - Additional Information (Detail) (USD $) | 3 Months Ended | 0 Months Ended | 1 Months Ended |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Feb. 24, 2014 | Feb. 28, 2014 |
Segment | RTI Connecticut | RTI Connecticut | |
Business Acquisition [Line Items] | ' | ' | ' |
Cash receipts from disposal of subsidiary | $3,281 | $3,300 | $3,300 |
Number of operating segments | 2 | ' | ' |
Effects_of_Restatement_on_Cons
Effects of Restatement on Consolidated Statements of Operations (Detail) (USD $) | 3 Months Ended | |||
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | ||
Net sales | $174,545 | $189,202 | ||
Cost and expenses: | ' | ' | ||
Cost of sales | 146,076 | 149,949 | ||
Selling, general, and administrative expenses | 25,868 | [1] | 24,605 | [2] |
Research, technical, and product development expenses | 984 | 1,001 | ||
Operating income | 1,617 | 13,647 | ||
Other income, net | 535 | 559 | ||
Interest income | 50 | 31 | ||
Interest expense | -7,607 | -4,796 | ||
Income before income taxes | -5,405 | 9,441 | ||
Provision for income taxes | -1,589 | 4,473 | ||
Net income attributable to continuing operations | -3,816 | 4,968 | ||
Net income (loss) attributable to discontinued operations, net of tax | -365 | -83 | ||
Net income (loss) | -4,181 | 4,885 | ||
Earnings per share attributable to continuing operations: | ' | ' | ||
Basic | ($0.13) | $0.16 | ||
Diluted | ($0.13) | $0.16 | ||
Earnings per share attributable to discontinued operations: | ' | ' | ||
Basic | ($0.01) | ' | ||
Diluted | ($0.01) | ' | ||
Previously Reported | ' | ' | ||
Net sales | ' | 191,900 | [3] | |
Cost and expenses: | ' | ' | ||
Cost of sales | ' | 151,986 | [3] | |
Selling, general, and administrative expenses | ' | 24,908 | [3] | |
Research, technical, and product development expenses | ' | 1,001 | [3] | |
Operating income | ' | 14,005 | [3] | |
Other income, net | ' | 559 | [3] | |
Interest income | ' | 31 | [3] | |
Interest expense | ' | -4,796 | [3] | |
Income before income taxes | ' | 9,799 | [3] | |
Provision for income taxes | ' | 2,982 | [3] | |
Net income attributable to continuing operations | ' | 6,817 | [3] | |
Net income (loss) attributable to discontinued operations, net of tax | ' | 151 | [3] | |
Net income (loss) | ' | 6,968 | [3],[4] | |
Earnings per share attributable to continuing operations: | ' | ' | ||
Basic | ' | $0.22 | [3] | |
Diluted | ' | $0.22 | [3] | |
Revision Adjustment | ' | ' | ||
Net sales | ' | -662 | [5] | |
Cost and expenses: | ' | ' | ||
Cost of sales | ' | -26 | [5] | |
Operating income | ' | -636 | [5] | |
Income before income taxes | ' | -636 | [5] | |
Provision for income taxes | ' | -178 | [5] | |
Net income attributable to continuing operations | ' | -458 | [5] | |
Net income (loss) | ' | -458 | [5],[6] | |
Earnings per share attributable to continuing operations: | ' | ' | ||
Basic | ' | ($0.02) | [5] | |
Diluted | ' | ($0.02) | [5] | |
As Revised | ' | ' | ||
Net sales | ' | 191,238 | ||
Cost and expenses: | ' | ' | ||
Cost of sales | ' | 151,960 | ||
Selling, general, and administrative expenses | ' | 24,908 | ||
Research, technical, and product development expenses | ' | 1,001 | ||
Operating income | ' | 13,369 | ||
Other income, net | ' | 559 | ||
Interest income | ' | 31 | ||
Interest expense | ' | -4,796 | ||
Income before income taxes | ' | 9,163 | ||
Provision for income taxes | ' | 2,804 | ||
Net income attributable to continuing operations | ' | 6,359 | ||
Net income (loss) attributable to discontinued operations, net of tax | ' | 151 | ||
Net income (loss) | ' | 6,510 | ||
Earnings per share attributable to continuing operations: | ' | ' | ||
Basic | ' | $0.21 | ||
Diluted | ' | $0.21 | ||
Restatement Adjustment | ' | ' | ||
Cost and expenses: | ' | ' | ||
Provision for income taxes | ' | 1,625 | ||
Net income attributable to continuing operations | ' | -1,625 | ||
Net income (loss) | ' | -1,625 | ||
Earnings per share attributable to continuing operations: | ' | ' | ||
Basic | ' | ($0.05) | ||
Diluted | ' | ($0.05) | ||
As Corrected | ' | ' | ||
Net sales | ' | 191,238 | ||
Cost and expenses: | ' | ' | ||
Cost of sales | ' | 151,960 | ||
Selling, general, and administrative expenses | ' | 24,908 | ||
Research, technical, and product development expenses | ' | 1,001 | ||
Operating income | ' | 13,369 | ||
Other income, net | ' | 559 | ||
Interest income | ' | 31 | ||
Interest expense | ' | -4,796 | ||
Income before income taxes | ' | 9,163 | ||
Provision for income taxes | ' | 4,429 | ||
Net income attributable to continuing operations | ' | 4,734 | ||
Net income (loss) attributable to discontinued operations, net of tax | ' | 151 | ||
Net income (loss) | ' | 4,885 | ||
Earnings per share attributable to continuing operations: | ' | ' | ||
Basic | ' | $0.16 | ||
Diluted | ' | $0.15 | ||
Discontinued | ' | ' | ||
Net sales | ' | -2,036 | ||
Cost and expenses: | ' | ' | ||
Cost of sales | ' | -2,011 | ||
Selling, general, and administrative expenses | ' | -303 | ||
Operating income | ' | 278 | ||
Income before income taxes | ' | 278 | ||
Provision for income taxes | ' | 44 | ||
Net income attributable to continuing operations | ' | 234 | ||
Net income (loss) attributable to discontinued operations, net of tax | ' | ($234) | ||
Earnings per share attributable to continuing operations: | ' | ' | ||
Basic | ' | $0.01 | ||
Diluted | ' | $0.01 | ||
Earnings per share attributable to discontinued operations: | ' | ' | ||
Basic | ' | ($0.01) | ||
Diluted | ' | ($0.01) | ||
[1] | The Parent allocates selling, general, and administrative expenses ("SG&A") to the subsidiaries based upon its budgeted annual expenses. | |||
[2] | The Parent allocates SG&A to the subsidiaries based upon its budgeted annual expenses. | |||
[3] | 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. | |||
[4] | 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. | |||
[5] | 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. | |||
[6] | 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_Cons1
Effects of Restatement on Consolidated Statements of Cash Flow (Detail) (USD $) | 3 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | |
OPERATING ACTIVITIES: | ' | ' | |
Net income | ($4,181) | $4,885 | |
Adjustment for non-cash items included in net income: | ' | ' | |
Depreciation and amortization | 10,986 | 11,000 | |
Asset and asset-related charges (income) | ' | ' | |
Goodwill impairments | ' | 484 | |
Deferred income taxes | -31 | 4,797 | |
Stock-based compensation | 1,295 | 1,708 | |
Excess tax benefits from stock-based compensation activity | -195 | -236 | |
(Gain) loss on sale of property, plant and equipment | -122 | ' | |
Amortization of discount on long-term debt | 4,403 | 2,562 | |
Amortization of deferred financing costs | ' | 325 | |
Other | -181 | -41 | |
Changes in assets and liabilities: | ' | ' | |
Receivables | -2,278 | -9,994 | |
Inventories | -21,757 | -25,980 | |
Accounts payable | 1,093 | -6,583 | |
Income taxes payable | -5,236 | 416 | |
Unearned revenue | 1,036 | -4,662 | |
Cost in excess of billings | -2,160 | -19 | |
Liability for pension benefits | ' | ' | |
Other current assets and liabilities | -3,542 | -10,416 | |
Other assets and liabilities | -301 | 1,031 | |
Cash provided by (used in) operating activities | -20,715 | -30,723 | |
INVESTING ACTIVITIES: | ' | ' | |
Acquisitions, net of cash required | -21,797 | ' | |
Maturity/sale of investments | ' | ' | |
Capital expenditures | -6,850 | -9,160 | |
Purchase of investments | -128,216 | ' | |
Proceeds from disposal of property, plant, and equipment | ' | ' | |
Cash provided by (used in) investing activities | -153,582 | -9,160 | |
FINANCING ACTIVITIES: | ' | ' | |
Proceeds from exercise of employee stock options | 539 | 1,239 | |
Excess tax benefits from stock-based compensation activity | 195 | 236 | |
Purchase of common stock held in treasury | -850 | -399 | |
Repayments on long-term debt | -484 | -220 | |
Cash provided by (used in) financing activities | -600 | 856 | |
Effect of exchange rate changes on cash and cash equivalents | -832 | -148 | |
Decrease in cash and cash equivalents | -175,729 | -39,175 | |
Cash and cash equivalents at beginning of period | 343,637 | 97,190 | |
Cash and cash equivalents at end of period | 167,908 | 58,015 | |
Previously Reported | ' | ' | |
OPERATING ACTIVITIES: | ' | ' | |
Net income | ' | 6,968 | [1],[2] |
Adjustment for non-cash items included in net income: | ' | ' | |
Depreciation and amortization | ' | 11,000 | [2] |
Asset and asset-related charges (income) | ' | ' | [2] |
Goodwill impairments | ' | 484 | [2] |
Deferred income taxes | ' | 3,350 | [2] |
Stock-based compensation | ' | 1,708 | [2] |
Excess tax benefits from stock-based compensation activity | ' | -236 | [2] |
(Gain) loss on sale of property, plant and equipment | ' | ' | [2] |
Amortization of discount on long-term debt | ' | 2,562 | [2] |
Amortization of deferred financing costs | ' | 325 | [2] |
Other | ' | -41 | [2] |
Changes in assets and liabilities: | ' | ' | |
Receivables | ' | -9,994 | [2] |
Inventories | ' | -26,091 | [2] |
Accounts payable | ' | -6,583 | [2] |
Income taxes payable | ' | 416 | [2] |
Unearned revenue | ' | -5,194 | [2] |
Cost in excess of billings | ' | -12 | [2] |
Liability for pension benefits | ' | ' | [2] |
Other current assets and liabilities | ' | -10,520 | [2] |
Other assets and liabilities | ' | 1,135 | [2] |
Cash provided by (used in) operating activities | ' | -30,723 | [2] |
INVESTING ACTIVITIES: | ' | ' | |
Acquisitions, net of cash required | ' | ' | [2] |
Maturity/sale of investments | ' | ' | [2] |
Capital expenditures | ' | -9,160 | [2] |
Purchase of investments | ' | ' | [2] |
Proceeds from disposal of property, plant, and equipment | ' | ' | [2] |
Cash provided by (used in) investing activities | ' | -9,160 | [2] |
FINANCING ACTIVITIES: | ' | ' | |
Proceeds from exercise of employee stock options | ' | 1,239 | [2] |
Excess tax benefits from stock-based compensation activity | ' | 236 | [2] |
Purchase of common stock held in treasury | ' | -399 | [2] |
Repayments on long-term debt | ' | -220 | [2] |
Cash provided by (used in) financing activities | ' | 856 | [2] |
Effect of exchange rate changes on cash and cash equivalents | ' | -148 | [2] |
Decrease in cash and cash equivalents | ' | -39,175 | [2] |
Cash and cash equivalents at beginning of period | ' | 97,190 | [2] |
Cash and cash equivalents at end of period | ' | 58,015 | [2] |
Revision Adjustment | ' | ' | |
OPERATING ACTIVITIES: | ' | ' | |
Net income | ' | -458 | [3],[4] |
Adjustment for non-cash items included in net income: | ' | ' | |
Asset and asset-related charges (income) | ' | ' | [4] |
Deferred income taxes | ' | -178 | [4] |
(Gain) loss on sale of property, plant and equipment | ' | ' | [4] |
Changes in assets and liabilities: | ' | ' | |
Inventories | ' | 111 | [4] |
Unearned revenue | ' | 532 | [4] |
Cost in excess of billings | ' | -7 | [4] |
Liability for pension benefits | ' | ' | [4] |
INVESTING ACTIVITIES: | ' | ' | |
Acquisitions, net of cash required | ' | ' | [4] |
Maturity/sale of investments | ' | ' | [4] |
Purchase of investments | ' | ' | [4] |
Proceeds from disposal of property, plant, and equipment | ' | ' | [4] |
Restatement Adjustment | ' | ' | |
OPERATING ACTIVITIES: | ' | ' | |
Net income | ' | -1,625 | |
Adjustment for non-cash items included in net income: | ' | ' | |
Asset and asset-related charges (income) | ' | ' | |
Deferred income taxes | ' | 1,625 | |
(Gain) loss on sale of property, plant and equipment | ' | ' | |
Changes in assets and liabilities: | ' | ' | |
Liability for pension benefits | ' | ' | |
Other current assets and liabilities | ' | 104 | |
Other assets and liabilities | ' | -104 | |
INVESTING ACTIVITIES: | ' | ' | |
Acquisitions, net of cash required | ' | ' | |
Maturity/sale of investments | ' | ' | |
Purchase of investments | ' | ' | |
Proceeds from disposal of property, plant, and equipment | ' | ' | |
[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] | 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. | ||
[3] | 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. | ||
[4] | 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_Cons2
Effects of Restatement on Consolidated Statements of Cash Flow (Parenthetical) (Detail) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2013 |
In Thousands, unless otherwise specified | Restatement Adjustment | ||
Remmele | |||
Inventory | $452,173 | $430,088 | $1,040 |
Cost in excess of billings | 7,538 | 5,377 | -174 |
Deferred revenue | $16,632 | $15,625 | ($866) |
Acquisition_Additional_Informa
Acquisition - Additional Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended | 1 Months Ended | 0 Months Ended | 3 Months Ended |
Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jan. 22, 2014 | Mar. 31, 2014 | |
Customer Backlog | RTI Extrusions Europe Limited | RTI Directed Manufacturing | RTI Directed Manufacturing | ||
Customer Relationships | |||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' |
Acquisition of issued and outstanding common stock | ' | ' | $20,400,000 | $22,400,000 | ' |
Cash paid for acquisition | ' | ' | 16,200,000 | 21,800,000 | ' |
Assumption of liabilities | ' | ' | 4,200,000 | 600,000 | ' |
Revenue of RTI extrusions Europe limited since acquisition date | ' | ' | ' | 555,000 | ' |
Operating loss of RTI extrusions Europe limited since acquisition date | ' | ' | ' | -360,000 | ' |
Intangible Assets, amortization period | ' | ' | ' | ' | '7 years |
Purchase price allication adjustment | ' | 100,000 | ' | ' | ' |
Increase in goodwill | $100,000 | ' | ' | ' | ' |
Purchase_Price_Allocation_Deta
Purchase Price Allocation (Detail) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | Jan. 22, 2014 | Jan. 22, 2014 | Jan. 22, 2014 | Jan. 22, 2014 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 |
In Thousands, unless otherwise specified | RTI Directed Manufacturing | RTI Directed Manufacturing | RTI Directed Manufacturing | RTI Directed Manufacturing | RTI Extrusions Europe Limited | RTI Extrusions Europe Limited | RTI Extrusions Europe Limited | ||
Customer Relationships | Directed Manufacturing trade name | Developed technologies | Customer Relationships | Backlog | |||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Current assets, excluding inventory | ' | ' | $746 | ' | ' | ' | $4,827 | ' | ' |
Inventories | ' | ' | 663 | ' | ' | ' | 5,230 | ' | ' |
Plant and equipment | ' | ' | 2,589 | ' | ' | ' | 4,346 | ' | ' |
Intangible assets | ' | ' | ' | 3,000 | 1,000 | 1,300 | ' | 3,600 | 100 |
Goodwill | 130,254 | 117,578 | 13,070 | ' | ' | ' | 2,285 | ' | ' |
Current liabilities | ' | ' | 571 | ' | ' | ' | 2,621 | ' | ' |
Deferred tax liabilities | ' | ' | ' | ' | ' | ' | 1,553 | ' | ' |
Net assets acquired | ' | ' | $21,797 | ' | ' | ' | $16,214 | ' | ' |
Discontinued_Operations_Additi
Discontinued Operations - Additional Information (Detail) (USD $) | 3 Months Ended | 0 Months Ended | 1 Months Ended | 3 Months Ended | |
Mar. 31, 2014 | Feb. 24, 2014 | Feb. 28, 2014 | Apr. 30, 2013 | Mar. 31, 2014 | |
RTI Connecticut | RTI Connecticut | 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 | $3,281,000 | $3,300,000 | $3,300,000 | $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 $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' |
Net sales | $582 | $8,693 |
Income (loss) before income taxes | -495 | -34 |
Provision for (benefit from) income taxes | -130 | 49 |
Net income (loss) from discontinued operations | ($365) | ($83) |
Assets_and_Liabilities_of_Disc
Assets and Liabilities of Discontinued Operations (Detail) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
ASSETS | ' | ' |
Accounts receivable, net | $643 | $594 |
Inventories, net | 817 | 4,555 |
Property, plant and equipment, net | ' | 105 |
Other current assets | ' | 20 |
Total assets of discontinued operations | 1,460 | 5,274 |
LIABILITIES | ' | ' |
Accounts payable | ' | 326 |
Accrued wages and other employment costs | ' | 96 |
Other liabilities | ' | 36 |
Total liabilities of discontinued operations | ' | $458 |
Components_of_Accumulated_Othe
Components of Accumulated Other Comprehensive Loss (Detail) (USD $) | 3 Months Ended |
In Thousands, unless otherwise specified | Mar. 31, 2014 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' |
Balance at December 31, 2013 | ($40,397) |
Other comprehensive loss before reclassifications, net of tax | -4,119 |
Amounts reclassified from accumulated other comprehensive loss, net of tax | 1,105 |
Accumulated other comprehensive loss at March 31, 2014 | -43,411 |
Foreign Currency Translation | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' |
Balance at December 31, 2013 | 5,780 |
Other comprehensive loss before reclassifications, net of tax | -4,093 |
Accumulated other comprehensive loss at March 31, 2014 | 1,687 |
Actuarial Losses on Benefit Plans | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' |
Balance at December 31, 2013 | -46,177 |
Amounts reclassified from accumulated other comprehensive loss, net of tax | 1,105 |
Accumulated other comprehensive loss at March 31, 2014 | -45,072 |
Unrealized Loss on Investments | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' |
Other comprehensive loss before reclassifications, net of tax | -26 |
Accumulated other comprehensive loss at March 31, 2014 | ($26) |
Recovered_Sheet1
Accumulated Other Comprehensive Loss - Additional Information (Detail) (USD $) | 3 Months Ended |
In Thousands, unless otherwise specified | Mar. 31, 2014 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' |
Benefit plan loss, reclassified from accumulated other comprehensive income to net periodic pension expense | $1,105 |
Amounts_Reclassified_from_Accu
Amounts Reclassified from Accumulated Other Comprehensive Loss (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' |
Total reclassifications | $1,105 | $6,824 |
Amortization of defined benefit pension items | ' | ' |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' |
Actuarial losses | 1,782 | 2,429 |
Special termination benefits | ' | 2,214 |
Tax expense | -677 | -1,762 |
Total reclassifications | $1,105 | $2,881 |
Summary_of_Stock_Options_Activ
Summary of Stock Options Activity (Detail) | 3 Months Ended |
Mar. 31, 2014 | |
Shares | ' |
Stock Options, Beginning Balance | 526,736 |
Granted | 92,954 |
Forfeited | -8,164 |
Expired | -3,050 |
Exercised | -24,080 |
Stock Options, Ending Balance | 584,396 |
Stock Options, Exercisable | 413,964 |
Schedule_of_Fair_Value_of_Stoc
Schedule of Fair Value of Stock Options Granted (Detail) (Stock Options) | 3 Months Ended |
Mar. 31, 2014 | |
Stock Options | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Risk-free interest rate | 1.49% |
Expected dividend yield | 0.00% |
Expected lives (in years) | '5 years |
Expected volatility | 55.00% |
Stock_Based_Compensation_Addit
Stock Based Compensation - Additional Information (Detail) (USD $) | 3 Months Ended |
Mar. 31, 2014 | |
Stock Options | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Weighted-average fair value of stock option awards granted | $15.01 |
Restricted Stock | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Weighted-average fair value of stock awards granted | $31.19 |
Performance Shares | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Weighted-average fair value of stock awards granted | $38.84 |
Percentage of Payout based upon Company's total shareholder return compared to total shareholder return of a relative peer group over a three-year period. | 50.00% |
Percentage of Payout based upon the Company's diluted earnings per share over a three-year period | 50.00% |
Summary_of_Nonvested_Restricte
Summary of Nonvested Restricted Stock Awards (Detail) (Restricted Stock) | 3 Months Ended |
Mar. 31, 2014 | |
Restricted Stock | ' |
Shares | ' |
Beginning Balance | 213,475 |
Granted | 53,164 |
Vested | -65,704 |
Forfeited | -5,261 |
Ending Balance | 195,674 |
Summary_of_Companys_Performanc
Summary of Company's Performance Share Award (Detail) (Performance Shares) | 3 Months Ended |
Mar. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Beginning Balance | 154,333 |
Granted | 70,306 |
Vested | -42,442 |
Forfeited | -7,308 |
Ending Balance | 174,889 |
Maximum | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Beginning Balance | 308,666 |
Granted | 140,612 |
Vested | -84,884 |
Forfeited | -14,616 |
Ending Balance | 349,778 |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) (USD $) | 3 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Income Tax Disclosure [Line Items] | ' | ' |
Effective income tax rate | 26.30% | 33.10% |
Company's effective income tax rate increase (decrease) | 6.80% | ' |
Provision for income tax | ($1,589,000) | $4,473,000 |
Percentage of provision for income tax | 29.40% | 47.40% |
Percentage of reduction in effective tax rate | 2.40% | ' |
Net deferred tax asset | 31,900,000 | ' |
Offsetting valuation allowance | $31,900,000 | ' |
Earnings_Loss_Per_Share_Additi
Earnings (Loss) Per Share - Additional Information (Detail) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2013 |
In Millions, unless otherwise specified | |||
3.0% Convertible Senior Notes Due 2015 | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Aggregate principal amount of convertible senior notes | $114.40 | ' | $230 |
Convertible senior notes, interest rate | 3.00% | 3.00% | ' |
Convertible senior notes, maturity period | '2015-12 | ' | ' |
1.625% Convertible Senior Notes Due 2019 | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Aggregate principal amount of convertible senior notes | $402.50 | ' | ' |
Convertible senior notes, interest rate | 1.63% | 1.63% | ' |
Convertible senior notes, maturity period | '2019-10 | ' | ' |
Shares_Excluded_from_Calculati
Shares Excluded from Calculation of Earnings per Share (Detail) | 3 Months Ended | |||
Mar. 31, 2014 | Mar. 31, 2013 | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ||
Antidilutive options | 579,029 | [1] | 310,317 | [1] |
3.0% Convertible Senior Notes Due 2015 | ' | ' | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ||
Antidilutive options | 3,185,213 | 6,404,902 | ||
1.625% Convertible Senior Notes Due 2019 | ' | ' | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ||
Antidilutive options | 9,885,561 | ' | ||
[1] | Average option price of shares excluded from calculation of earnings per share was $44.06 for the three months ended March 31, 2013. |
Shares_Excluded_from_Calculati1
Shares Excluded from Calculation of Earnings per Share (Parenthetical) (Detail) (USD $) | 3 Months Ended |
Mar. 31, 2013 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' |
Average price of options to purchase | $44.06 |
Schedule_of_WeightedAverage_Sh
Schedule of Weighted-Average Shares of Common Stock Outstanding (Detail) (USD $) | 3 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Earnings Per Share [Line Items] | ' | ' |
Net income (loss) from continuing operations before allocation of earnings to participating securities | ($3,816) | $4,968 |
Net loss from discontinued operations before allocation of earnings to participating securities | -365 | -83 |
Basic weighted-average shares outstanding | 30,445,681 | 30,230,641 |
Effect of dilutive securities | ' | 273,536 |
Diluted weighted-average shares outstanding | 30,445,681 | 30,504,177 |
Earnings (loss) per share attributable to continuing operations: | ' | ' |
Basic | ($0.13) | $0.16 |
Diluted | ($0.13) | $0.16 |
Earnings (loss) per share attributable to discontinued operations: | ' | ' |
Basic | ($0.01) | ' |
Diluted | ($0.01) | ' |
Basic Earnings Per Share | ' | ' |
Earnings Per Share [Line Items] | ' | ' |
Net income (loss) from continuing operations before allocation of earnings to participating securities | -3,816 | 4,968 |
Less: Earnings allocated to participating securities | ' | -34 |
Net income (loss) from continuing operations attributable to common shareholders, after earnings allocated to participating securities | -3,816 | 4,934 |
Discontinued | ' | ' |
Earnings Per Share [Line Items] | ' | ' |
Net income (loss) from continuing operations attributable to common shareholders, after earnings allocated to participating securities | ($365) | ($83) |
Recovered_Sheet2
Cash, Cash Equivalents and Short-Term Investments - Additional Information (Detail) (USD $) | Mar. 31, 2014 |
Investment | |
Cash And Cash Equivalents And Investments [Line Items] | ' |
Stable net asset value | $1 |
Available-for-sale investments, continuous unrealized loss position greater than twelve months, number of investments | 0 |
Cash_Cash_Equivalents_ShortTer
Cash, Cash Equivalents, Short-Term Investments and Marketable Securities (Detail) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||||
Cash and cash equivalents: | ' | ' | ' | ' |
Cash | $50,260 | $62,394 | ' | ' |
Cash equivalents: | ' | ' | ' | ' |
Commercial paper | 61,343 | 150,978 | ' | ' |
Money market mutual funds | 56,305 | 130,265 | ' | ' |
Total cash and cash equivalents | 167,908 | 343,637 | 58,015 | 97,190 |
Short-term investments: | ' | ' | ' | ' |
Short-term investments | 128,197 | ' | ' | ' |
Total cash, cash equivalents, and marketable securities | 296,105 | 343,637 | ' | ' |
Commercial paper | ' | ' | ' | ' |
Short-term investments: | ' | ' | ' | ' |
Short-term investments | $128,197 | ' | ' | ' |
ShortTerm_Investments_and_Mark
Short-Term Investments and Marketable Securities (Detail) (USD $) | Mar. 31, 2014 |
In Thousands, unless otherwise specified | |
Schedule Of Short Term Investments And Available For Sale Securities [Line Items] | ' |
Cost | $128,237 |
Gains | ' |
Losses | 40 |
Fair Value | 128,197 |
Commercial Paper | ' |
Schedule Of Short Term Investments And Available For Sale Securities [Line Items] | ' |
Cost | 128,237 |
Gains | ' |
Losses | 40 |
Fair Value | $128,197 |
Fair_Values_of_Assets_and_Liab
Fair Values of Assets and Liabilities Measured on Recurring Basis (Detail) (USD $) | Mar. 31, 2014 |
In Thousands, unless otherwise specified | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' |
Fair Value | $128,197 |
Commercial Paper | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' |
Fair Value | 128,197 |
Significant Other Observable Inputs (Level 2) | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' |
Fair Value | 128,197 |
Significant Other Observable Inputs (Level 2) | Commercial Paper | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' |
Fair Value | $128,197 |
Schedule_of_Carrying_Amounts_a
Schedule of Carrying Amounts and Fair Values of Financial Instruments (Detail) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Carrying Amount | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Cash and cash equivalents | $167,908 | $343,637 |
Current portion of long-term debt | 1,998 | 1,914 |
Long-term debt | 434,209 | 430,300 |
Fair Value | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Cash and cash equivalents | 167,908 | 343,637 |
Current portion of long-term debt | 1,998 | 1,914 |
Long-term debt | $516,371 | $559,986 |
Inventories_Additional_Informa
Inventories - Additional Information (Detail) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Inventory [Line Items] | ' | ' |
Percentage of inventories valued under LIFO | 57.00% | 56.00% |
Value of current FIFO cost of inventories exceeded the LIFO carrying value | $48,109 | $50,709 |
Components_of_Inventories_Deta
Components of Inventories (Detail) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Inventory [Line Items] | ' | ' |
Raw materials and supplies | $150,505 | $166,359 |
Work-in-process and finished goods | 349,777 | 314,438 |
LIFO reserve | -48,109 | -50,709 |
Total inventories | $452,173 | $430,088 |
Recovered_Sheet3
Goodwill and Other Intangible Assets - Additional Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 |
Engineered Products and Services Segment | Engineered Products and Services Segment | Titanium Segment | Titanium Segment | ||
Goodwill [Line Items] | ' | ' | ' | ' | ' |
Accumulated goodwill impairment loss | $484 | $22,858 | $22,858 | $0 | $0 |
Schedule_of_Carrying_Amount_of
Schedule of Carrying Amount of Goodwill Attributable to Segment (Detail) (USD $) | 3 Months Ended | 3 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 |
Titanium Segment | Titanium Segment | Engineered Products and Services Segment | ||
Goodwill [Line Items] | ' | ' | ' | ' |
Beginning Balance | $117,578 | $9,662 | $9,662 | $107,916 |
Additions (Note 4) | 13,070 | ' | ' | 13,070 |
Purchase price allocation adjustment (Note 4) | 100 | ' | ' | 100 |
Translation adjustment | -494 | ' | ' | -494 |
Ending Balance | $130,254 | $9,662 | $9,662 | $120,592 |
Intangible_Assets_Amortization
Intangible Assets Amortization Period (Detail) | 3 Months Ended |
Mar. 31, 2014 | |
Customer Relationships | Minimum | ' |
Acquired Finite-Lived Intangible Assets [Line Items] | ' |
Amortization Period | '7 years |
Customer Relationships | Maximum | ' |
Acquired Finite-Lived Intangible Assets [Line Items] | ' |
Amortization Period | '20 years |
Developed Technology | Minimum | ' |
Acquired Finite-Lived Intangible Assets [Line Items] | ' |
Amortization Period | '7 years |
Developed Technology | Maximum | ' |
Acquired Finite-Lived Intangible Assets [Line Items] | ' |
Amortization Period | '20 years |
Backlog | Minimum | ' |
Acquired Finite-Lived Intangible Assets [Line Items] | ' |
Amortization Period | '0 years |
Backlog | Maximum | ' |
Acquired Finite-Lived Intangible Assets [Line Items] | ' |
Amortization Period | '2 years |
Carrying_Amount_of_Intangible_
Carrying Amount of Intangible Assets (Detail) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 |
In Thousands, unless otherwise specified | Engineered Products and Services Segment | ||
Schedule Of Intangible Assets By Segment [Line Items] | ' | ' | ' |
Beginning balance | $57,516 | $53,754 | $53,754 |
Intangible assets acquired (Note 4) | ' | ' | 5,300 |
Amortization | ' | ' | -1,124 |
Translation adjustment | ' | ' | -414 |
Ending balance | $57,516 | $53,754 | $57,516 |
Schedule_of_Longterm_Debt_Deta
Schedule of Long-term Debt (Detail) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Debt Instrument [Line Items] | ' | ' |
Capital leases | $9,170 | $9,580 |
Total debt | 436,207 | 432,214 |
Less: Current portion of capital leases | -1,998 | -1,914 |
Total long-term debt | 434,209 | 430,300 |
1.625% Convertible Senior Notes Due 2019 | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Convertible senior notes | 322,583 | 319,569 |
3.0% Convertible Senior Notes Due 2015 | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Convertible senior notes | $104,454 | $103,065 |
Schedule_of_Longterm_Debt_Pare
Schedule of Long-term Debt (Parenthetical) (Detail) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
1.625% Convertible Senior Notes Due 2019 | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Convertible senior notes, aggregate principal amount payable | $402.50 | $402.50 |
Convertible senior notes, interest rate | 1.63% | 1.63% |
Convertible senior notes, maturity year | '2019 | '2019 |
3.0% Convertible Senior Notes Due 2015 | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Convertible senior notes, aggregate principal amount payable | $114.40 | $114.40 |
Convertible senior notes, interest rate | 3.00% | 3.00% |
Convertible senior notes, maturity year | '2015 | '2015 |
Longterm_Debt_Additional_Infor
Long-term Debt - Additional Information (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Debt Instrument [Line Items] | ' | ' |
Amortization of discount on long-term debt | $4,403 | $2,562 |
Amortization of debt issuance costs | 456 | 325 |
Total interest capitalized | 0 | 0 |
3.0% Convertible Senior Notes Due 2015 | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Amortization of debt issuance costs | $455 | $325 |
Components_of_Net_Periodic_Pen
Components of Net Periodic Pension and Other Post-retirement Benefit Cost (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Net periodic benefit cost | $0 | ' |
Pension Benefits | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Service cost | 527 | 691 |
Interest cost | 1,966 | 1,666 |
Expected return on plan assets | -2,825 | -2,584 |
Amortization of prior service cost | 228 | 248 |
Amortization of actuarial loss | 1,358 | 1,790 |
Special termination benefits | ' | 2,052 |
Net periodic benefit cost | 1,254 | 3,863 |
Other Post-Retirement Benefits | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Service cost | 239 | 216 |
Interest cost | 534 | 477 |
Amortization of prior service cost | 172 | 303 |
Amortization of actuarial loss | 24 | 88 |
Special termination benefits | ' | 162 |
Net periodic benefit cost | $969 | $1,246 |
Employee_Benefit_Plans_Additio
Employee Benefit Plans - Additional Information (Detail) (USD $) | 3 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Voluntary Early Retirement Program | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' |
Net periodic benefit cost | $0 | $2,214,000 |
Component of accumulated other comprehensive loss related to amortization of actuarial losses and prior service costs | 1,105,000 | ' |
Cash contribution to maintain desired funding status | 9,400,000 | ' |
Company contributions to defined benefit plans | $0 | ' |
Commitments_and_Contingencies_
Commitments and Contingencies - Additional Information (Detail) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Dec. 31, 2013 |
Commitments and Contingencies [Line Items] | ' | ' |
Products liability insurance | $500 | ' |
Environment related cost, minimum | 0.6 | ' |
Environment related cost, maximum | 2.1 | ' |
Accrued environmental-related costs for future | 1.2 | 1.3 |
Accrued environmental-related costs expected to be paid within one year | 0.1 | ' |
Accrued environmental-related costs expected to prepaid after twelve months | 1.1 | ' |
Payments for Environmental Liabilities | $0.10 | ' |
Segment_Reporting_Additional_I
Segment Reporting - Additional Information (Detail) | 0 Months Ended |
Jan. 31, 2013 | |
Segment | |
Number of reportable segments | 2 |
Summary_of_Financial_Informati
Summary of Financial Information by Reportable Segment (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Segment Reporting Information [Line Items] | ' | ' |
Net sales | $174,545 | $189,202 |
Operating income (loss) | 1,617 | 13,647 |
Titanium Segment | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Net sales | 102,026 | 113,093 |
Operating income (loss) | 5,902 | 11,237 |
Engineered Products and Services Segment | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Net sales | 125,531 | 108,220 |
Operating income (loss) | -4,285 | 2,410 |
Operating Segments | Titanium Segment | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Net sales | 76,980 | 96,825 |
Operating income (loss) | 10,429 | 16,137 |
Operating Segments | Engineered Products and Services Segment | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Net sales | 97,565 | 92,377 |
Operating income (loss) | 1,811 | 8,092 |
Intersegment Eliminations | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Net sales | 53,012 | 32,111 |
Intersegment Eliminations | Titanium Segment | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Net sales | -25,046 | -16,268 |
Intersegment Eliminations | Engineered Products and Services Segment | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Net sales | -27,966 | -15,843 |
Corporate, Non-Segment | Titanium Segment | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Operating income (loss) | -4,527 | -4,900 |
Corporate, Non-Segment | Engineered Products and Services Segment | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Operating income (loss) | ($6,096) | ($5,682) |
Summary_of_Total_Assets_Detail
Summary of Total Assets (Detail) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ' | ' |
Total assets | $1,500,343 | $1,505,545 |
Operating Segments | Titanium Segment | ' | ' |
Segment Reporting, Asset Reconciling Item [Line Items] | ' | ' |
Total assets | 629,929 | 604,123 |
Operating Segments | Engineered Products and Services Segment | ' | ' |
Segment Reporting, Asset Reconciling Item [Line Items] | ' | ' |
Total assets | 605,271 | 585,867 |
Corporate, Non-Segment | ' | ' |
Segment Reporting, Asset Reconciling Item [Line Items] | ' | ' |
Total assets | 263,683 | 310,281 |
Discontinued Operations | ' | ' |
Segment Reporting, Asset Reconciling Item [Line Items] | ' | ' |
Total assets | $1,460 | $5,274 |
Guarantor_Subsidiaries_Additio
Guarantor Subsidiaries - Additional Information (Detail) | 3 Months Ended |
Mar. 31, 2014 | |
Guarantor Subsidiaries [Line Items] | ' |
Subsidiary ownership percentage | 100.00% |
Schedule_of_Condensed_Consolid
Schedule of Condensed Consolidating Statement of Operations and Comprehensive Income, Restatement Adjustments (Detail) (USD $) | 3 Months Ended | |||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | ||
Condensed Financial Statements, Captions [Line Items] | ' | ' | ||
Net sales | $174,545 | $189,202 | ||
Cost of sales | 146,076 | 149,949 | ||
Selling, general, and administrative expenses | 25,868 | [1] | 24,605 | [2] |
Research, technical, and product development expenses | ' | 1,001 | ||
Operating income | 1,617 | 13,647 | ||
Other income (expense), net | 535 | 559 | ||
Interest income (expense), net | -7,557 | -4,765 | ||
Income before income taxes | -5,405 | 9,441 | ||
Provision for (benefit from) income taxes | -1,589 | 4,473 | ||
Net income attributable to continuing operations | -3,816 | 4,968 | ||
Net income (loss) attributable to discontinued operations, net of tax | -365 | -83 | ||
Net income | -4,181 | 4,885 | ||
Comprehensive income | -7,195 | 9,500 | ||
Previously Reported | ' | ' | ||
Condensed Financial Statements, Captions [Line Items] | ' | ' | ||
Net sales | ' | 191,900 | [3] | |
Cost of sales | ' | 151,986 | [3] | |
Selling, general, and administrative expenses | ' | 24,908 | [3] | |
Research, technical, and product development expenses | ' | 1,001 | [3] | |
Operating income | ' | 14,005 | [3] | |
Other income (expense), net | ' | 559 | [3] | |
Interest income (expense), net | ' | -4,765 | [3] | |
Income before income taxes | ' | 9,799 | [3] | |
Provision for (benefit from) income taxes | ' | 2,982 | [3] | |
Net income attributable to continuing operations | ' | 6,817 | [3] | |
Net income (loss) attributable to discontinued operations, net of tax | ' | 151 | [3] | |
Net income | ' | 6,968 | [3],[4] | |
Comprehensive income | ' | 10,980 | [3] | |
Eliminations | ' | ' | ||
Condensed Financial Statements, Captions [Line Items] | ' | ' | ||
Net sales | -53,867 | -50,435 | ||
Cost of sales | -53,867 | -50,435 | ||
Equity in earnings of subsidiaries | -2,781 | -5,379 | ||
Income before income taxes | -2,781 | -5,379 | ||
Net income attributable to continuing operations | -2,781 | -5,379 | ||
Net income (loss) attributable to discontinued operations, net of tax | 365 | 83 | ||
Net income | -2,416 | -5,296 | ||
Comprehensive income | 722 | -9,261 | ||
Eliminations | Previously Reported | ' | ' | ||
Condensed Financial Statements, Captions [Line Items] | ' | ' | ||
Net sales | ' | -50,435 | [3] | |
Cost of sales | ' | -50,435 | [3] | |
Equity in earnings of subsidiaries | ' | -6,908 | [3] | |
Income before income taxes | ' | -6,908 | [3] | |
Net income attributable to continuing operations | ' | -6,908 | [3] | |
Net income (loss) attributable to discontinued operations, net of tax | ' | -151 | [3] | |
Net income | ' | -7,059 | [3] | |
Comprehensive income | ' | -10,421 | [3] | |
RTI International Metals, Inc. | ' | ' | ||
Condensed Financial Statements, Captions [Line Items] | ' | ' | ||
Selling, general, and administrative expenses | 947 | [1] | 1,213 | [2] |
Operating income | -947 | -1,213 | ||
Other income (expense), net | 1,490 | 4,277 | ||
Interest income (expense), net | -5,815 | -4,417 | ||
Equity in earnings of subsidiaries | 1,458 | 5,646 | ||
Income before income taxes | -3,814 | 4,293 | ||
Provision for (benefit from) income taxes | 2 | -675 | ||
Net income attributable to continuing operations | -3,816 | 4,968 | ||
Net income (loss) attributable to discontinued operations, net of tax | -365 | -83 | ||
Net income | -4,181 | 4,885 | ||
Comprehensive income | -7,195 | 9,500 | ||
RTI International Metals, Inc. | Previously Reported | ' | ' | ||
Condensed Financial Statements, Captions [Line Items] | ' | ' | ||
Selling, general, and administrative expenses | ' | 1,213 | [3] | |
Operating income | ' | -1,213 | [3] | |
Other income (expense), net | ' | 4,277 | [3] | |
Interest income (expense), net | ' | -4,417 | [3] | |
Equity in earnings of subsidiaries | ' | 7,175 | [3] | |
Income before income taxes | ' | 5,822 | [3] | |
Provision for (benefit from) income taxes | ' | -995 | [3] | |
Net income attributable to continuing operations | ' | 6,817 | [3] | |
Net income (loss) attributable to discontinued operations, net of tax | ' | 151 | [3] | |
Net income | ' | 6,968 | [3] | |
Comprehensive income | ' | 10,980 | [3] | |
Guarantor Subsidiaries | ' | ' | ||
Condensed Financial Statements, Captions [Line Items] | ' | ' | ||
Net sales | 114,123 | 136,173 | ||
Cost of sales | 102,120 | 113,470 | ||
Selling, general, and administrative expenses | 12,158 | [1] | 11,708 | [2] |
Research, technical, and product development expenses | ' | 1,001 | ||
Operating income | -1,139 | 9,994 | ||
Other income (expense), net | -838 | -2,384 | ||
Interest income (expense), net | -1,202 | 29 | ||
Equity in earnings of subsidiaries | 348 | -373 | ||
Income before income taxes | -2,831 | 7,266 | ||
Provision for (benefit from) income taxes | -1,530 | 2,775 | ||
Net income attributable to continuing operations | -1,301 | 4,491 | ||
Net income | -1,301 | 4,491 | ||
Comprehensive income | -346 | 10,665 | ||
Guarantor Subsidiaries | Previously Reported | ' | ' | ||
Condensed Financial Statements, Captions [Line Items] | ' | ' | ||
Net sales | ' | 136,173 | [3] | |
Cost of sales | ' | 113,470 | [3] | |
Selling, general, and administrative expenses | ' | 11,708 | [3] | |
Research, technical, and product development expenses | ' | 1,001 | [3] | |
Operating income | ' | 9,994 | [3] | |
Other income (expense), net | ' | -2,384 | [3] | |
Interest income (expense), net | ' | 29 | [3] | |
Equity in earnings of subsidiaries | ' | -373 | [3] | |
Income before income taxes | ' | 7,266 | [3] | |
Provision for (benefit from) income taxes | ' | 2,775 | [3] | |
Net income attributable to continuing operations | ' | 4,491 | [3] | |
Net income | ' | 4,491 | [3] | |
Comprehensive income | ' | 10,665 | [3] | |
Non-Guarantor Subsidiaries | ' | ' | ||
Condensed Financial Statements, Captions [Line Items] | ' | ' | ||
Net sales | 114,289 | 103,464 | ||
Cost of sales | 97,823 | 86,914 | ||
Selling, general, and administrative expenses | 12,763 | [1] | 11,684 | [2] |
Operating income | 3,703 | 4,866 | ||
Other income (expense), net | -117 | -1,334 | ||
Interest income (expense), net | -540 | -377 | ||
Equity in earnings of subsidiaries | 975 | 106 | ||
Income before income taxes | 4,021 | 3,261 | ||
Provision for (benefit from) income taxes | -61 | 2,373 | ||
Net income attributable to continuing operations | 4,082 | 888 | ||
Net income (loss) attributable to discontinued operations, net of tax | -365 | -83 | ||
Net income | 3,717 | 805 | ||
Comprehensive income | -376 | -1,404 | ||
Non-Guarantor Subsidiaries | Previously Reported | ' | ' | ||
Condensed Financial Statements, Captions [Line Items] | ' | ' | ||
Net sales | ' | 106,162 | [3] | |
Cost of sales | ' | 88,951 | [3] | |
Selling, general, and administrative expenses | ' | 11,987 | [3] | |
Operating income | ' | 5,224 | [3] | |
Other income (expense), net | ' | -1,334 | [3] | |
Interest income (expense), net | ' | -377 | [3] | |
Equity in earnings of subsidiaries | ' | 106 | [3] | |
Income before income taxes | ' | 3,619 | [3] | |
Provision for (benefit from) income taxes | ' | 1,202 | [3] | |
Net income attributable to continuing operations | ' | 2,417 | [3] | |
Net income (loss) attributable to discontinued operations, net of tax | ' | 151 | [3] | |
Net income | ' | 2,568 | [3] | |
Comprehensive income | ' | ($244) | [3] | |
[1] | The Parent allocates selling, general, and administrative expenses ("SG&A") to the subsidiaries based upon its budgeted annual expenses. | |||
[2] | The Parent allocates SG&A to the subsidiaries based upon its budgeted annual expenses. | |||
[3] | 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. | |||
[4] | 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. |
Schedule_of_Condensed_Consolid1
Schedule of Condensed Consolidating Statement of Operations and Comprehensive Income (Detail) (USD $) | 3 Months Ended | |||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | ||
Condensed Financial Statements, Captions [Line Items] | ' | ' | ||
Net sales | $174,545 | $189,202 | ||
Costs and expenses: | ' | ' | ||
Cost of sales | 146,076 | 149,949 | ||
Selling, general, and administrative expenses | 25,868 | [1] | 24,605 | [2] |
Research, technical, and product development expenses | 984 | 1,001 | ||
Operating income | 1,617 | 13,647 | ||
Other income (expense) | 535 | 559 | ||
Interest income (expense), net | -7,557 | -4,765 | ||
Income (loss) before income taxes | -5,405 | 9,441 | ||
Provision for (benefit from) income taxes | -1,589 | 4,473 | ||
Net income (loss) attributable to continuing operations | -3,816 | 4,968 | ||
Net income (loss) attributable to discontinued operations, net of tax | -365 | -83 | ||
Net income (loss) | -4,181 | 4,885 | ||
Comprehensive income (loss) | -7,195 | 9,500 | ||
RTI International Metals, Inc. | ' | ' | ||
Costs and expenses: | ' | ' | ||
Selling, general, and administrative expenses | 947 | [1] | 1,213 | [2] |
Operating income | -947 | -1,213 | ||
Other income (expense) | 1,490 | 4,277 | ||
Interest income (expense), net | -5,815 | -4,417 | ||
Equity in earnings of subsidiaries | 1,458 | 5,646 | ||
Income (loss) before income taxes | -3,814 | 4,293 | ||
Provision for (benefit from) income taxes | 2 | -675 | ||
Net income (loss) attributable to continuing operations | -3,816 | 4,968 | ||
Net income (loss) attributable to discontinued operations, net of tax | -365 | -83 | ||
Net income (loss) | -4,181 | 4,885 | ||
Comprehensive income (loss) | -7,195 | 9,500 | ||
Guarantor Subsidiaries | ' | ' | ||
Condensed Financial Statements, Captions [Line Items] | ' | ' | ||
Net sales | 114,123 | 136,173 | ||
Costs and expenses: | ' | ' | ||
Cost of sales | 102,120 | 113,470 | ||
Selling, general, and administrative expenses | 12,158 | [1] | 11,708 | [2] |
Research, technical, and product development expenses | 984 | 1,001 | ||
Operating income | -1,139 | 9,994 | ||
Other income (expense) | -838 | -2,384 | ||
Interest income (expense), net | -1,202 | 29 | ||
Equity in earnings of subsidiaries | 348 | -373 | ||
Income (loss) before income taxes | -2,831 | 7,266 | ||
Provision for (benefit from) income taxes | -1,530 | 2,775 | ||
Net income (loss) attributable to continuing operations | -1,301 | 4,491 | ||
Net income (loss) | -1,301 | 4,491 | ||
Comprehensive income (loss) | -346 | 10,665 | ||
Non-Guarantor Subsidiaries | ' | ' | ||
Condensed Financial Statements, Captions [Line Items] | ' | ' | ||
Net sales | 114,289 | 103,464 | ||
Costs and expenses: | ' | ' | ||
Cost of sales | 97,823 | 86,914 | ||
Selling, general, and administrative expenses | 12,763 | [1] | 11,684 | [2] |
Operating income | 3,703 | 4,866 | ||
Other income (expense) | -117 | -1,334 | ||
Interest income (expense), net | -540 | -377 | ||
Equity in earnings of subsidiaries | 975 | 106 | ||
Income (loss) before income taxes | 4,021 | 3,261 | ||
Provision for (benefit from) income taxes | -61 | 2,373 | ||
Net income (loss) attributable to continuing operations | 4,082 | 888 | ||
Net income (loss) attributable to discontinued operations, net of tax | -365 | -83 | ||
Net income (loss) | 3,717 | 805 | ||
Comprehensive income (loss) | -376 | -1,404 | ||
Eliminations | ' | ' | ||
Condensed Financial Statements, Captions [Line Items] | ' | ' | ||
Net sales | -53,867 | -50,435 | ||
Costs and expenses: | ' | ' | ||
Cost of sales | -53,867 | -50,435 | ||
Equity in earnings of subsidiaries | -2,781 | -5,379 | ||
Income (loss) before income taxes | -2,781 | -5,379 | ||
Net income (loss) attributable to continuing operations | -2,781 | -5,379 | ||
Net income (loss) attributable to discontinued operations, net of tax | 365 | 83 | ||
Net income (loss) | -2,416 | -5,296 | ||
Comprehensive income (loss) | $722 | ($9,261) | ||
[1] | The Parent allocates selling, general, and administrative expenses ("SG&A") to the subsidiaries based upon its budgeted annual expenses. | |||
[2] | The Parent allocates SG&A to the subsidiaries based upon its budgeted annual expenses. |
Schedule_of_Condensed_Consolid2
Schedule of Condensed Consolidating Balance Sheet (Detail) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||||
Current assets: | ' | ' | ' | ' |
Cash and cash equivalents | $167,908 | $343,637 | $58,015 | $97,190 |
Short-term investments | 128,197 | ' | ' | ' |
Receivables, net | 107,699 | 105,271 | ' | ' |
Inventories, net | 452,173 | 430,088 | ' | ' |
Cost in excess of billings | 7,538 | 5,377 | ' | ' |
Deferred income taxes | 32,040 | 32,032 | ' | ' |
Assets of discontinued operations | 1,460 | 5,274 | ' | ' |
Other current assets | 20,424 | 16,947 | ' | ' |
Total current assets | 917,439 | 938,626 | ' | ' |
Property, plant, and equipment, net | 371,450 | 372,340 | ' | ' |
Goodwill | 130,254 | 117,578 | ' | ' |
Other intangible assets, net | 57,516 | 53,754 | ' | ' |
Other noncurrent assets | 23,684 | 23,247 | ' | ' |
Total assets | 1,500,343 | 1,505,545 | ' | ' |
Current liabilities: | ' | ' | ' | ' |
Accounts payable | 81,181 | 79,039 | ' | ' |
Accrued wages and other employee costs | 23,090 | 29,787 | ' | ' |
Unearned revenue | 16,632 | 15,625 | ' | ' |
Liabilities of discontinued operations | ' | 458 | ' | ' |
Other accrued liabilities | 24,347 | 22,574 | ' | ' |
Total current liabilities | 145,250 | 147,483 | ' | ' |
Long-term debt | 434,209 | 430,300 | ' | ' |
Liability for post-retirement benefits | 43,640 | 43,447 | ' | ' |
Liability for pension benefits | 13,454 | 13,787 | ' | ' |
Deferred income taxes | 74,666 | 74,078 | ' | ' |
Unearned revenue | 10,204 | 10,470 | ' | ' |
Other noncurrent liabilities | 11,318 | 12,006 | ' | ' |
Total liabilities | 732,741 | 731,571 | ' | ' |
Shareholders' equity | 767,602 | 773,974 | ' | ' |
Total liabilities and shareholders' equity | 1,500,343 | 1,505,545 | ' | ' |
RTI International Metals, Inc. | ' | ' | ' | ' |
Current assets: | ' | ' | ' | ' |
Receivables, net | 1,153 | 786 | ' | ' |
Deferred income taxes | 27,193 | 31,656 | ' | ' |
Other current assets | 11,653 | 9,425 | ' | ' |
Total current assets | 39,999 | 41,867 | ' | ' |
Property, plant, and equipment, net | 2,407 | 2,328 | ' | ' |
Other noncurrent assets | 10,570 | 11,025 | ' | ' |
Intercompany investments | 1,244,394 | 1,240,671 | ' | ' |
Total assets | 1,297,370 | 1,295,891 | ' | ' |
Current liabilities: | ' | ' | ' | ' |
Accounts payable | 1,825 | 1,948 | ' | ' |
Accrued wages and other employee costs | 4,242 | 6,598 | ' | ' |
Other accrued liabilities | 12,636 | 6,800 | ' | ' |
Total current liabilities | 18,703 | 15,346 | ' | ' |
Long-term debt | 427,036 | 422,634 | ' | ' |
Liability for pension benefits | 6,040 | 5,943 | ' | ' |
Deferred income taxes | 70,595 | 70,006 | ' | ' |
Other noncurrent liabilities | 7,394 | 7,988 | ' | ' |
Total liabilities | 529,768 | 521,917 | ' | ' |
Shareholders' equity | 767,602 | 773,974 | ' | ' |
Total liabilities and shareholders' equity | 1,297,370 | 1,295,891 | ' | ' |
Guarantor Subsidiaries | ' | ' | ' | ' |
Current assets: | ' | ' | ' | ' |
Cash and cash equivalents | 136,217 | 312,202 | 50,601 | 87,283 |
Short-term investments | 128,197 | ' | ' | ' |
Receivables, net | 62,289 | 57,397 | ' | ' |
Inventories, net | 277,630 | 265,621 | ' | ' |
Cost in excess of billings | 4,323 | 3,800 | ' | ' |
Deferred income taxes | 2,580 | ' | ' | ' |
Other current assets | 2,786 | 2,984 | ' | ' |
Total current assets | 614,022 | 642,004 | ' | ' |
Property, plant, and equipment, net | 288,374 | 292,033 | ' | ' |
Goodwill | 80,558 | 79,705 | ' | ' |
Other intangible assets, net | 30,611 | 31,184 | ' | ' |
Other noncurrent assets | 7,184 | 7,184 | ' | ' |
Intercompany investments | 26,971 | 26,623 | ' | ' |
Total assets | 1,047,720 | 1,078,733 | ' | ' |
Current liabilities: | ' | ' | ' | ' |
Accounts payable | 57,136 | 54,111 | ' | ' |
Accrued wages and other employee costs | 11,994 | 14,093 | ' | ' |
Unearned revenue | ' | 288 | ' | ' |
Other accrued liabilities | 3,854 | 5,101 | ' | ' |
Total current liabilities | 72,984 | 73,593 | ' | ' |
Long-term debt | 493 | 738 | ' | ' |
Intercompany debt | 327,477 | 357,144 | ' | ' |
Liability for post-retirement benefits | 43,640 | 43,447 | ' | ' |
Liability for pension benefits | 7,255 | 7,685 | ' | ' |
Other noncurrent liabilities | 3,658 | 3,763 | ' | ' |
Total liabilities | 455,507 | 486,370 | ' | ' |
Shareholders' equity | 592,213 | 592,363 | ' | ' |
Total liabilities and shareholders' equity | 1,047,720 | 1,078,733 | ' | ' |
Non-Guarantor Subsidiaries | ' | ' | ' | ' |
Current assets: | ' | ' | ' | ' |
Cash and cash equivalents | 31,691 | 31,435 | 7,414 | 9,907 |
Receivables, net | 72,573 | 69,847 | ' | ' |
Inventories, net | 174,543 | 164,467 | ' | ' |
Cost in excess of billings | 3,215 | 1,577 | ' | ' |
Deferred income taxes | 2,267 | 376 | ' | ' |
Assets of discontinued operations | 1,460 | 5,274 | ' | ' |
Other current assets | 5,985 | 4,538 | ' | ' |
Total current assets | 291,734 | 277,514 | ' | ' |
Property, plant, and equipment, net | 80,669 | 77,979 | ' | ' |
Goodwill | 49,696 | 37,873 | ' | ' |
Other intangible assets, net | 26,905 | 22,570 | ' | ' |
Other noncurrent assets | 5,930 | 5,038 | ' | ' |
Intercompany investments | 6,696 | 5,721 | ' | ' |
Total assets | 461,630 | 426,695 | ' | ' |
Current liabilities: | ' | ' | ' | ' |
Accounts payable | 50,536 | 45,739 | ' | ' |
Accrued wages and other employee costs | 6,854 | 9,096 | ' | ' |
Unearned revenue | 16,632 | 15,337 | ' | ' |
Liabilities of discontinued operations | ' | 458 | ' | ' |
Other accrued liabilities | 7,857 | 10,673 | ' | ' |
Total current liabilities | 81,879 | 81,303 | ' | ' |
Long-term debt | 6,680 | 6,928 | ' | ' |
Intercompany debt | 137,369 | 106,633 | ' | ' |
Liability for pension benefits | 159 | 159 | ' | ' |
Deferred income taxes | 4,071 | 4,072 | ' | ' |
Unearned revenue | 10,204 | 10,470 | ' | ' |
Other noncurrent liabilities | 266 | 255 | ' | ' |
Total liabilities | 240,628 | 209,820 | ' | ' |
Shareholders' equity | 221,002 | 216,875 | ' | ' |
Total liabilities and shareholders' equity | 461,630 | 426,695 | ' | ' |
Eliminations | ' | ' | ' | ' |
Current assets: | ' | ' | ' | ' |
Receivables, net | -28,316 | -22,759 | ' | ' |
Total current assets | -28,316 | -22,759 | ' | ' |
Intercompany investments | -1,278,061 | -1,273,015 | ' | ' |
Total assets | -1,306,377 | -1,295,774 | ' | ' |
Current liabilities: | ' | ' | ' | ' |
Accounts payable | -28,316 | -22,759 | ' | ' |
Total current liabilities | -28,316 | -22,759 | ' | ' |
Intercompany debt | -464,846 | -463,777 | ' | ' |
Total liabilities | -493,162 | -486,536 | ' | ' |
Shareholders' equity | -813,215 | -809,238 | ' | ' |
Total liabilities and shareholders' equity | ($1,306,377) | ($1,295,774) | ' | ' |
Schedule_of_Condensed_Consolid3
Schedule of Condensed Consolidating Statement of Cash Flows (Detail) (USD $) | 3 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | |
Condensed Financial Statements, Captions [Line Items] | ' | ' | |
Cash provided by (used in) operating activities | ($20,715) | ($30,723) | |
INVESTING ACTIVITIES: | ' | ' | |
Acquisitions, net of cash acquired | -21,797 | ' | |
Capital expenditures | -6,850 | -9,160 | |
Short-term investments, net | -128,216 | ' | |
Divestitures | 3,281 | ' | |
Cash provided by (used in) investing activities | -153,582 | -9,160 | |
Investments, net | ' | ' | |
FINANCING ACTIVITIES: | ' | ' | |
Proceeds from exercise of employee stock options | 539 | 1,239 | |
Excess tax benefits from stock-based compensation activity | 195 | 236 | |
Repayments on long-term debt | -484 | -220 | |
Purchase of common stock held in treasury | -850 | -399 | |
Cash provided by (used in) financing activities | -600 | 856 | |
Effect of exchange rate changes on cash and cash equivalents | -832 | -148 | |
Increase (decrease) in cash and cash equivalents | -175,729 | -39,175 | |
Cash and cash equivalents at beginning of period | 343,637 | 97,190 | |
Cash and cash equivalents at end of period | 167,908 | 58,015 | |
RTI International Metals, Inc. | ' | ' | |
Condensed Financial Statements, Captions [Line Items] | ' | ' | |
Cash provided by (used in) operating activities | 1,279 | 6,727 | |
INVESTING ACTIVITIES: | ' | ' | |
Investments in subsidiaries, net | ' | -2,300 | |
Capital expenditures | -43 | -220 | |
Intercompany debt activity, net | -1,120 | -5,283 | [1] |
Cash provided by (used in) investing activities | -1,163 | -7,803 | |
Investments, net | ' | ' | |
FINANCING ACTIVITIES: | ' | ' | |
Proceeds from exercise of employee stock options | 539 | 1,239 | |
Excess tax benefits from stock-based compensation activity | 195 | 236 | |
Purchase of common stock held in treasury | -850 | -399 | |
Cash provided by (used in) financing activities | -116 | 1,076 | |
Guarantor Subsidiaries | ' | ' | |
Condensed Financial Statements, Captions [Line Items] | ' | ' | |
Cash provided by (used in) operating activities | -13,239 | -21,290 | |
INVESTING ACTIVITIES: | ' | ' | |
Investments in subsidiaries, net | -852 | ' | |
Capital expenditures | -4,026 | -6,420 | |
Short-term investments, net | -128,216 | ' | |
Cash provided by (used in) investing activities | -133,094 | -6,420 | |
Investments, net | ' | ' | |
FINANCING ACTIVITIES: | ' | ' | |
Parent company investments, net | 234 | 34 | |
Repayments on long-term debt | -245 | -220 | |
Intercompany debt activity, net | -29,641 | -8,786 | [1] |
Cash provided by (used in) financing activities | -29,652 | -8,972 | |
Increase (decrease) in cash and cash equivalents | -175,985 | -36,682 | |
Cash and cash equivalents at beginning of period | 312,202 | 87,283 | |
Cash and cash equivalents at end of period | 136,217 | 50,601 | |
Non-Guarantor Subsidiaries | ' | ' | |
Condensed Financial Statements, Captions [Line Items] | ' | ' | |
Cash provided by (used in) operating activities | -8,755 | -16,160 | |
INVESTING ACTIVITIES: | ' | ' | |
Investments in subsidiaries, net | 852 | ' | |
Acquisitions, net of cash acquired | -21,797 | ' | |
Capital expenditures | -2,781 | -2,520 | |
Divestitures | 3,281 | ' | |
Intercompany debt activity, net | 30,761 | 14,069 | [1] |
Cash provided by (used in) investing activities | 10,316 | 11,549 | |
Investments, net | ' | ' | |
FINANCING ACTIVITIES: | ' | ' | |
Parent company investments, net | -234 | 2,266 | |
Repayments on long-term debt | -239 | ' | |
Cash provided by (used in) financing activities | -473 | 2,266 | |
Effect of exchange rate changes on cash and cash equivalents | -832 | -148 | |
Increase (decrease) in cash and cash equivalents | 256 | -2,493 | |
Cash and cash equivalents at beginning of period | 31,435 | 9,907 | |
Cash and cash equivalents at end of period | 31,691 | 7,414 | |
Eliminations | ' | ' | |
INVESTING ACTIVITIES: | ' | ' | |
Investments in subsidiaries, net | ' | 2,300 | |
Intercompany debt activity, net | -29,641 | -8,786 | [1] |
Cash provided by (used in) investing activities | -29,641 | -6,486 | |
Investments, net | ' | ' | |
FINANCING ACTIVITIES: | ' | ' | |
Parent company investments, net | ' | -2,300 | |
Intercompany debt activity, net | 29,641 | 8,786 | [1] |
Cash provided by (used in) financing activities | $29,641 | $6,486 | |
[1] | The Condensed Consolidating Statements of Cash Flows have been adjusted to reclassify intercompany debt activities between investing and financing activities, 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, Non-Guarantor Subsidiaries, and Eliminations by $(5,283), $14,069, and $(8,786) and increased (decreased) cash flows from financing activities for the RTI International Metals, Inc. Parent Company, Non-Guarantor Subsidiaries, and Eliminations by $5,283, $(14,069), and $8,786, respectively. |
Schedule_of_Condensed_Consolid4
Schedule of Condensed Consolidating Statement of Cash Flows (Parenthetical) (Detail) (USD $) | 3 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | |
Eliminations | ' | ' | |
Condensed Financial Statements, Captions [Line Items] | ' | ' | |
Increased (decreased) cash flows from investing activities | ($29,641) | ($8,786) | [1] |
Increased (decreased) cash flows from financing activities | 29,641 | 8,786 | [1] |
Cash Flows from Financing Activities | Eliminations | ' | ' | |
Condensed Financial Statements, Captions [Line Items] | ' | ' | |
Increased (decreased) cash flows from financing activities | ' | 8,786 | |
RTI International Metals, Inc. | ' | ' | |
Condensed Financial Statements, Captions [Line Items] | ' | ' | |
Increased (decreased) cash flows from investing activities | -1,120 | -5,283 | [1] |
RTI International Metals, Inc. | Cash Flows from Financing Activities | ' | ' | |
Condensed Financial Statements, Captions [Line Items] | ' | ' | |
Increased (decreased) cash flows from financing activities | ' | 5,283 | |
Non-Guarantor Subsidiaries | ' | ' | |
Condensed Financial Statements, Captions [Line Items] | ' | ' | |
Increased (decreased) cash flows from investing activities | 30,761 | 14,069 | [1] |
Non-Guarantor Subsidiaries | Cash Flows from Financing Activities | ' | ' | |
Condensed Financial Statements, Captions [Line Items] | ' | ' | |
Increased (decreased) cash flows from financing activities | ' | ($14,069) | |
[1] | The Condensed Consolidating Statements of Cash Flows have been adjusted to reclassify intercompany debt activities between investing and financing activities, 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, Non-Guarantor Subsidiaries, and Eliminations by $(5,283), $14,069, and $(8,786) and increased (decreased) cash flows from financing activities for the RTI International Metals, Inc. Parent Company, Non-Guarantor Subsidiaries, and Eliminations by $5,283, $(14,069), and $8,786, respectively. |