Document_and_Entity_Informatio
Document and Entity Information | 6 Months Ended | |
Jun. 30, 2014 | Aug. 01, 2014 | |
Document Information [Line Items] | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 30-Jun-14 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q2 | ' |
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 | ' | 30,714,985 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Operations (USD $) | 3 Months Ended | 6 Months Ended | ||||||
In Thousands, except Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | ||||
Net sales | $205,334 | $199,123 | $379,879 | $388,325 | ||||
Cost and expenses: | ' | ' | ' | ' | ||||
Cost of sales | 163,022 | 155,346 | 309,098 | 305,295 | ||||
Selling, general, and administrative expenses | 23,631 | [1] | 22,314 | [2] | 49,499 | [2] | 46,919 | [2] |
Research, technical, and product development expenses | 1,209 | 982 | 2,193 | 1,983 | ||||
Operating income | 17,472 | 20,481 | 19,089 | 34,128 | ||||
Other income (expense), net | -375 | 700 | 160 | 1,259 | ||||
Interest income | 95 | 50 | 145 | 81 | ||||
Interest expense | -7,724 | -20,693 | -15,331 | -25,489 | ||||
Income (loss) before income taxes | 9,468 | 538 | 4,063 | 9,979 | ||||
Provision for (benefit from) income taxes | 2,357 | -521 | 768 | 3,952 | ||||
Net income attributable to continuing operations | 7,111 | 1,059 | 3,295 | 6,027 | ||||
Net loss attributable to discontinued operations, net of tax | -70 | -389 | -435 | -472 | ||||
Net income (loss) | $7,041 | $670 | $2,860 | $5,555 | ||||
Earnings per share attributable to continuing operations: | ' | ' | ' | ' | ||||
Basic | $0.23 | $0.03 | $0.11 | $0.20 | ||||
Diluted | $0.23 | $0.03 | $0.11 | $0.20 | ||||
Loss per share attributable to discontinued operations: | ' | ' | ' | ' | ||||
Basic | ' | ($0.01) | ($0.01) | ($0.02) | ||||
Diluted | ' | ($0.01) | ($0.01) | ($0.02) | ||||
Weighted-average shares outstanding: | ' | ' | ' | ' | ||||
Basic | 30,499,809 | 30,306,545 | 30,472,209 | 30,266,584 | ||||
Diluted | 30,575,712 | 30,432,874 | 30,579,672 | 30,479,476 | ||||
[1] | The Parent allocates selling, general, and administrative expenses ("SG&A") to the subsidiaries based upon its budgeted annual expenses. A credit in parent SG&A is offset by an equal debit amount in the subsidiaries' SG&A. | |||||||
[2] | 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 | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Net income | $7,041 | $670 | $2,860 | $5,555 |
Other comprehensive income (loss): | ' | ' | ' | ' |
Foreign currency translation | 4,002 | -3,285 | -91 | -5,494 |
Unrealized gain (loss) on investments, net of tax of $10, $(12), $(4) and $(12) | 18 | -21 | -8 | -21 |
Benefit plan amortization, net of tax of $677, $767, $1,354 and $4,942 | 1,105 | 1,250 | 2,210 | 8,074 |
Other comprehensive income (loss), net of tax | 5,125 | -2,056 | 2,111 | 2,559 |
Comprehensive income (loss) | $12,166 | ($1,386) | $4,971 | $8,114 |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statements of Comprehensive Income (Parenthetical) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Unrealized gain (loss) on investments, tax | $10 | ($12) | ($4) | ($12) |
Benefit plan amortization, tax | $677 | $767 | $1,354 | $4,942 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $148,953 | $343,637 |
Short-term investments | 143,602 | ' |
Receivables, less allowance for doubtful accounts of $1,063 and $820 | 109,328 | 105,271 |
Inventories, net | 450,451 | 430,088 |
Costs in excess of billings | 7,331 | 5,377 |
Deferred income taxes | 32,211 | 32,032 |
Assets of discontinued operations | 806 | 5,274 |
Other current assets | 20,629 | 16,947 |
Total current assets | 913,311 | 938,626 |
Property, plant, and equipment, net | 373,976 | 372,340 |
Goodwill | 144,572 | 117,578 |
Other intangible assets, net | 61,264 | 53,754 |
Other noncurrent assets | 22,386 | 23,247 |
Total assets | 1,515,509 | 1,505,545 |
Current liabilities: | ' | ' |
Accounts payable | 80,423 | 79,039 |
Accrued wages and other employee costs | 27,273 | 29,787 |
Unearned revenues | 10,944 | 15,625 |
Liabilities of discontinued operations | ' | 458 |
Other accrued liabilities | 21,423 | 22,574 |
Total current liabilities | 140,063 | 147,483 |
Long-term debt | 442,406 | 430,300 |
Liability for post-retirement benefits | 43,931 | 43,447 |
Liability for pension benefits | 13,121 | 13,787 |
Deferred income taxes | 76,304 | 74,078 |
Unearned revenues | 5,435 | 10,470 |
Other noncurrent liabilities | 12,966 | 12,006 |
Total liabilities | 734,226 | 731,571 |
Commitments and contingencies (Note 16) | ' | ' |
Shareholders' equity: | ' | ' |
Common stock, $0.01 par value; 100,000,000 and 50,000,000 shares authorized; 31,558,149 and 31,399,661 shares issued; 30,708,631 and 30,593,251 shares outstanding | 316 | 314 |
Additional paid-in capital | 535,436 | 532,249 |
Treasury stock, at cost; 849,518 and 806,410 shares | -19,649 | -18,798 |
Accumulated other comprehensive loss | -38,286 | -40,397 |
Retained earnings | 303,466 | 300,606 |
Total shareholders' equity | 781,283 | 773,974 |
Total liabilities and shareholders' equity | $1,515,509 | $1,505,545 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Parenthetical) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
Allowance for doubtful accounts | $1,063 | $820 |
Common stock, par value | $0.01 | $0.01 |
Common stock, shares authorized | 100,000,000 | 50,000,000 |
Common stock, shares issued | 31,558,149 | 31,399,661 |
Common stock, shares outstanding | 30,708,631 | 30,593,251 |
Treasury stock, shares | 849,518 | 806,410 |
Condensed_Consolidated_Stateme3
Condensed Consolidated Statements of Cash Flows (USD $) | 6 Months Ended | |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
OPERATING ACTIVITIES: | ' | ' |
Net income | $2,860 | $5,555 |
Adjustment for non-cash items included in net income: | ' | ' |
Depreciation and amortization | 22,203 | 21,753 |
Goodwill impairment | ' | 484 |
Deferred income taxes | ' | 3,539 |
Stock-based compensation | 2,745 | 3,126 |
Excess tax benefits from stock-based compensation activity | -197 | -376 |
Amortization of discount on long-term debt | 8,915 | 6,569 |
Amortization of debt issuance costs | 928 | 753 |
Deferred financing cost writedown | ' | 1,498 |
Other | -33 | -102 |
Changes in assets and liabilities: | ' | ' |
Receivables | -1,941 | -3,054 |
Inventories | -16,944 | -34,555 |
Accounts payable | -1,102 | -12,900 |
Income taxes payable | -4,187 | -8,356 |
Unearned revenue | -9,703 | 23,352 |
Cost in excess of billings | -1,953 | 1,065 |
Other current assets and liabilities | -4,874 | -11,081 |
Other assets and liabilities | 1,946 | 3,349 |
Cash provided by (used in) operating activities | -1,337 | 619 |
INVESTING ACTIVITIES: | ' | ' |
Purchase of investments | -168,555 | -128,291 |
Acquisitions, net of cash acquired | -37,217 | 10,475 |
Capital expenditures | -13,606 | -19,665 |
Divestitures | 3,281 | 10,475 |
Maturity/sale of investments | 25,000 | ' |
Cash provided by (used in) investing activities | -191,097 | -137,481 |
FINANCING ACTIVITIES: | ' | ' |
Proceeds from exercise of employee stock options | 709 | 1,489 |
Excess tax benefits from stock-based compensation activity | 197 | 376 |
Borrowings on long-term debt | ' | 402,500 |
Repayments on long-term debt | -1,411 | -120,362 |
Purchase of common stock held in treasury | -851 | -399 |
Financing fees | ' | -12,370 |
Cash provided by (used in) financing activities | -1,356 | 271,234 |
Effect of exchange rate changes on cash and cash equivalents | -894 | -129 |
Increase (decrease) in cash and cash equivalents | -194,684 | 134,243 |
Cash and cash equivalents at beginning of period | 343,637 | 97,190 |
Cash and cash equivalents at end of period | 148,953 | 231,433 |
Non-cash investing and financing activities: | ' | ' |
Increase (decrease) in capital expenditures accrued in accounts payable | 1,110 | -5,595 |
Capital leases entered into during the period | 4,722 | ' |
Issuance of common stock for restricted stock awards | $2,781 | $3,378 |
BASIS_OF_PRESENTATION
BASIS OF PRESENTATION | 6 Months Ended |
Jun. 30, 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 as filed with the Securities and Exchange Commission (the “SEC”) on March 18, 2014 (the “Annual Report”). | |
On April 25, 2014, following shareholder approval at the Company’s Annual Meeting of Shareholders (the “Annual Meeting”), the Company filed a Certificate of Amendment with the Ohio Secretary of State which amended the Company’s Amended and Restated Articles of Incorporation by (1) increasing the number of the Company’s authorized common shares from 50,000,000 to 100,000,000 and (2) deleting the authorized but unissued Series A Junior Participating Preferred Stock. |
ORGANIZATION
ORGANIZATION | 6 Months Ended |
Jun. 30, 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 June 3, 2014, the Company acquired all of the issued and outstanding common stock of Dynamet Technology, Inc. (“Dynamet Technology”), an industry innovator in titanium powder metallurgy and a supplier of near-net shape titanium and titanium alloy preforms and components to commercial aerospace, defense, biomedical, and industrial customers. | |
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 acquisitions of Dynamet Technology and 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 and six months ended June 30, 2014. The results of Pierce-Spafford Metals Company, Inc. (“RTI Pierce Spafford”), which was sold in 2013, are reported along with results of RTI Connecticut as discontinued operations for the three and six months ended June 30, 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 presence as an integrated supplier of advanced titanium mill products as well as engineered and fabricated components across the entire supply chain. | |
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; Burlington, Massachusetts; 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 | 6 Months Ended | ||||||||||||||||||||||||||||
Jun. 30, 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 and six months ended June 30, 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 and six months ended June 30, 2013 to establish a full valuation allowance against its Canadian net deferred tax asset, and to correct the related provision for income taxes. The following tables set forth the impact of the revision and restatements, as well as adjustments for the presentation of RTI Connecticut as a discontinued operation, on the Condensed Consolidated Statements of Operations and the Condensed Consolidated Statements of Cash Flows as filed in the Company’s Quarterly Report on Form 10-Q for the period ended June 30, 2013 as filed with the SEC on September 24, 2013. | |||||||||||||||||||||||||||||
Condensed Consolidated Statement of Operations | |||||||||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||||||||
(In thousands, except per share amounts) | |||||||||||||||||||||||||||||
Three Months Ended June 30, 2013 | |||||||||||||||||||||||||||||
Previously | Revision | As | Restatement | As | Discontinued | Currently | |||||||||||||||||||||||
Reported (1) | Adjustment (2) | Revised | Adjustment | Corrected | Operations | Reported | |||||||||||||||||||||||
Net sales | $ | 200,950 | $ | (206 | ) | $ | 200,744 | $ | — | $ | 200,744 | $ | (1,621 | ) | $ | 199,123 | |||||||||||||
Cost and expenses: | |||||||||||||||||||||||||||||
Cost of sales | 156,782 | 15 | 156,797 | — | 156,797 | (1,451 | ) | 155,346 | |||||||||||||||||||||
Selling, general, and administrative expenses | 22,641 | — | 22,641 | — | 22,641 | (327 | ) | 22,314 | |||||||||||||||||||||
Research, technical, and product development expenses | 982 | — | 982 | — | 982 | — | 982 | ||||||||||||||||||||||
Operating income | 20,545 | (221 | ) | 20,324 | — | 20,324 | 157 | 20,481 | |||||||||||||||||||||
Other income, net | 700 | — | 700 | — | 700 | — | 700 | ||||||||||||||||||||||
Interest income | 50 | — | 50 | — | 50 | — | 50 | ||||||||||||||||||||||
Interest expense | (20,693 | ) | — | (20,693 | ) | — | (20,693 | ) | — | (20,693 | ) | ||||||||||||||||||
Income before income taxes | 602 | (221 | ) | 381 | — | 381 | 157 | 538 | |||||||||||||||||||||
Benefit from income taxes | (878 | ) | (89 | ) | (967 | ) | 371 | (596 | ) | 75 | (521 | ) | |||||||||||||||||
Net income attributable to continuing operations | 1,480 | (132 | ) | 1,348 | (371 | ) | 977 | 82 | 1,059 | ||||||||||||||||||||
Net income (loss) attributable to discontinued operations, net of tax | (307 | ) | — | (307 | ) | — | (307 | ) | (82 | ) | (389 | ) | |||||||||||||||||
Net income | $ | 1,173 | $ | (132 | ) | $ | 1,041 | $ | (371 | ) | $ | 670 | $ | — | $ | 670 | |||||||||||||
Earnings per share attributable to continuing operations: | |||||||||||||||||||||||||||||
Basic | $ | 0.05 | $ | — | $ | 0.04 | $ | (0.01 | ) | $ | 0.03 | $ | — | $ | 0.03 | ||||||||||||||
Diluted | $ | 0.05 | $ | — | $ | 0.04 | $ | (0.01 | ) | $ | 0.03 | $ | — | $ | 0.03 | ||||||||||||||
Loss per share attributable to discontinued operations: | |||||||||||||||||||||||||||||
Basic | $ | (0.01 | ) | $ | — | $ | (0.01 | ) | $ | — | $ | (0.01 | ) | $ | — | $ | (0.01 | ) | |||||||||||
Diluted | $ | (0.01 | ) | $ | — | $ | (0.01 | ) | $ | — | $ | (0.01 | ) | $ | — | $ | (0.01 | ) | |||||||||||
(1): | Previously reported balances represent the amounts reported in the Condensed Consolidated Statement of Operations in the Company’s Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2013 as filed with the SEC on September 24, 2013. | ||||||||||||||||||||||||||||
(2): | Amounts presented as Revision Adjustment represent revisions for revenue recognition errors related to certain long-term projects as disclosed in the Company’s Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2013 as filed with the SEC on November 12, 2013. | ||||||||||||||||||||||||||||
Condensed Consolidated Statement of Operations | |||||||||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||||||||
(In thousands, except per share amounts) | |||||||||||||||||||||||||||||
Six Months Ended June 30, 2013 | |||||||||||||||||||||||||||||
Previously | Revision | As Revised | Restatement | As | Discontinued | Currently | |||||||||||||||||||||||
Reported (1) | Adjustment (2) | Adjustment | Corrected | Operations | Reported | ||||||||||||||||||||||||
Net sales | $ | 392,850 | $ | (868 | ) | $ | 391,982 | $ | — | $ | 391,982 | $ | (3,657 | ) | $ | 388,325 | |||||||||||||
Cost and expenses: | |||||||||||||||||||||||||||||
Cost of sales | 308,768 | (11 | ) | 308,757 | — | 308,757 | (3,462 | ) | 305,295 | ||||||||||||||||||||
Selling, general, and administrative expenses | 47,549 | — | 47,549 | — | 47,549 | (630 | ) | 46,919 | |||||||||||||||||||||
Research, technical, and product development expenses | 1,983 | — | 1,983 | — | 1,983 | — | 1,983 | ||||||||||||||||||||||
Operating income | 34,550 | (857 | ) | 33,693 | — | 33,693 | 435 | 34,128 | |||||||||||||||||||||
Other income, net | 1,259 | — | 1,259 | — | 1,259 | — | 1,259 | ||||||||||||||||||||||
Interest income | 81 | — | 81 | — | 81 | — | 81 | ||||||||||||||||||||||
Interest expense | (25,489 | ) | — | (25,489 | ) | — | (25,489 | ) | — | (25,489 | ) | ||||||||||||||||||
Income before income taxes | 10,401 | (857 | ) | 9,544 | — | 9,544 | 435 | 9,979 | |||||||||||||||||||||
Provision for income taxes | 2,104 | (267 | ) | 1,837 | 1,996 | 3,833 | 119 | 3,952 | |||||||||||||||||||||
Net income attributable to continuing operations | 8,297 | (590 | ) | 7,707 | (1,996 | ) | 5,711 | 316 | 6,027 | ||||||||||||||||||||
Net income (loss) attributable to discontinued operations, net of tax | (156 | ) | — | (156 | ) | — | (156 | ) | (316 | ) | (472 | ) | |||||||||||||||||
Net income | $ | 8,141 | $ | (590 | ) | $ | 7,551 | $ | (1,996 | ) | $ | 5,555 | $ | — | $ | 5,555 | |||||||||||||
Earnings per share attributable to continuing operations: | |||||||||||||||||||||||||||||
Basic | $ | 0.27 | $ | (0.02 | ) | $ | 0.25 | $ | (0.07 | ) | $ | 0.19 | $ | 0.01 | $ | 0.2 | |||||||||||||
Diluted | $ | 0.27 | $ | (0.02 | ) | $ | 0.25 | $ | (0.07 | ) | $ | 0.19 | $ | 0.01 | $ | 0.2 | |||||||||||||
Loss per share attributable to discontinued operations: | |||||||||||||||||||||||||||||
Basic | $ | (0.01 | ) | $ | — | $ | (0.01 | ) | $ | — | $ | (0.01 | ) | $ | (0.01 | ) | $ | (0.02 | ) | ||||||||||
Diluted | $ | (0.01 | ) | $ | — | $ | (0.01 | ) | $ | — | $ | (0.01 | ) | $ | (0.01 | ) | $ | (0.02 | ) | ||||||||||
(1): | Previously reported balances represent the amounts reported in the Condensed Consolidated Statement of Operations in the Company’s Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2013 as filed with the SEC on September 24, 2013. | ||||||||||||||||||||||||||||
(2): | Amounts presented as Revision Adjustment represent revisions for revenue recognition errors related to certain long-term projects as disclosed in the Company’s Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2013 as filed with the SEC on November 12, 2013. | ||||||||||||||||||||||||||||
Condensed Consolidated Statement of Cash Flows | |||||||||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||
June 30, 2013 | |||||||||||||||||||||||||||||
Previously | Revision | Restatement | Currently | ||||||||||||||||||||||||||
Reported (1) | Adjustment (2) | Adjustment | Reported | ||||||||||||||||||||||||||
OPERATING ACTIVITIES: | |||||||||||||||||||||||||||||
Net income | $ | 8,141 | $ | (590 | ) | $ | (1,996 | ) | $ | 5,555 | |||||||||||||||||||
Adjustment for non-cash items included in net income: | |||||||||||||||||||||||||||||
Depreciation and amortization | 21,753 | — | — | 21,753 | |||||||||||||||||||||||||
Goodwill impairments | 484 | — | — | 484 | |||||||||||||||||||||||||
Deferred income taxes | 1,810 | (267 | ) | 1,996 | 3,539 | ||||||||||||||||||||||||
Stock-based compensation | 3,126 | — | — | 3,126 | |||||||||||||||||||||||||
Excess tax benefits from stock-based compensation activity | (376 | ) | — | — | (376 | ) | |||||||||||||||||||||||
Amortization of discount on long-term debt | 6,569 | — | — | 6,569 | |||||||||||||||||||||||||
Amortization of deferred financing costs | 753 | — | — | 753 | |||||||||||||||||||||||||
Deferred financing cost writedown | 1,498 | — | — | 1,498 | |||||||||||||||||||||||||
Other | (102 | ) | — | — | (102 | ) | |||||||||||||||||||||||
Changes in assets and liabilities: | |||||||||||||||||||||||||||||
Receivables | (3,054 | ) | — | — | (3,054 | ) | |||||||||||||||||||||||
Inventories | (34,979 | ) | 424 | — | (34,555 | ) | |||||||||||||||||||||||
Accounts payable | (12,900 | ) | — | — | (12,900 | ) | |||||||||||||||||||||||
Income taxes payable | (8,356 | ) | — | — | (8,356 | ) | |||||||||||||||||||||||
Unearned revenue | 22,033 | 1,319 | — | 23,352 | |||||||||||||||||||||||||
Cost in excess of billings | 1,951 | (886 | ) | — | 1,065 | ||||||||||||||||||||||||
Other current assets and liabilities | (11,185 | ) | — | 104 | (11,081 | ) | |||||||||||||||||||||||
Other assets and liabilities | 3,453 | — | (104 | ) | 3,349 | ||||||||||||||||||||||||
Cash provided by (used in) operating activities | 619 | — | — | 619 | |||||||||||||||||||||||||
INVESTING ACTIVITIES: | |||||||||||||||||||||||||||||
Divestitures | 10,475 | — | — | 10,475 | |||||||||||||||||||||||||
Capital expenditures | (19,665 | ) | — | — | (19,665 | ) | |||||||||||||||||||||||
Purchase of investments | (128,291 | ) | — | — | (128,291 | ) | |||||||||||||||||||||||
Cash provided by (used in) investing activities | (137,481 | ) | — | — | (137,481 | ) | |||||||||||||||||||||||
FINANCING ACTIVITIES: | |||||||||||||||||||||||||||||
Proceeds from exercise of employee stock options | 1,489 | — | — | 1,489 | |||||||||||||||||||||||||
Excess tax benefits from stock-based compensation activity | 376 | — | — | 376 | |||||||||||||||||||||||||
Purchase of common stock held in treasury | (399 | ) | — | — | (399 | ) | |||||||||||||||||||||||
Borrowings on long-term debt | 402,500 | — | — | 402,500 | |||||||||||||||||||||||||
Repayments on long-term debt | (120,362 | ) | — | — | (120,362 | ) | |||||||||||||||||||||||
Financing fees | (12,370 | ) | — | — | (12,370 | ) | |||||||||||||||||||||||
Cash provided by (used in) financing activities | 271,234 | — | — | 271,234 | |||||||||||||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | (129 | ) | — | — | (129 | ) | |||||||||||||||||||||||
Decrease in cash and cash equivalents | 134,243 | — | — | 134,243 | |||||||||||||||||||||||||
Cash and cash equivalents at beginning of period | 97,190 | — | — | 97,190 | |||||||||||||||||||||||||
Cash and cash equivalents at end of period | $ | 231,433 | $ | — | $ | — | $ | 231,433 | |||||||||||||||||||||
(1): | Previously reported balances represent the amounts reported in the Condensed Consolidated Statement of Cash Flows in the Company’s Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2013 as filed with the SEC on September 24, 2013. The previously reported changes in inventory, cost in excess of billings, and deferred revenue have been adjusted by $(340), $1,021, and $(681) to correct the prior presentation. | ||||||||||||||||||||||||||||
(2): | Amounts presented as Revision Adjustment represent revisions related to revenue recognition errors related to certain long-term projects, as well as adjustments to goodwill and deferred taxes related to the acquisition of Remmele in 2012, as disclosed in the Company’s Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2013 as filed with the SEC on November 12, 2013. |
ACQUISITIONS
ACQUISITIONS | 6 Months Ended | ||||
Jun. 30, 2014 | |||||
ACQUISITIONS | ' | ||||
Note 4—ACQUISITIONS: | |||||
Dynamet Technology. On June 3, 2014, the Company purchased all of the outstanding common stock of Dynamet Technology for total consideration of approximately $19.2 million, including $15.5 million in cash, $1.6 million in contingent consideration, and the assumption of $2.1 million in liabilities. Dynamet Technology is an industry innovator in titanium powder metallurgy and a supplier of near-net shape titanium and titanium alloy preforms and components to commercial aerospace, defense, biomedical and industrial customers. Subsequent to its acquisition, Dynamet Technology was merged into the Company’s RTI Niles subsidiary, which is part of the Titanium Segment. From the acquisition date through June 30, 2014, Dynamet Technology generated revenues of $0.1 million and an operating loss of $(0.1) million. | |||||
The preliminary purchase price allocation, which has not been finalized, is as follows: | |||||
Assets purchased: | |||||
Current assets, excluding inventory | $ | 392 | |||
Inventories | 174 | ||||
Plant and equipment | 101 | ||||
Intangible assets: | |||||
Customer relationships | 3,500 | ||||
Developed technology | 1,000 | ||||
Backlog | 100 | ||||
Goodwill | 13,954 | ||||
Liabilities assumed: | |||||
Current liabilities | (389 | ) | |||
Deferred tax liabilities | (1,724 | ) | |||
Contingent consideration | (1,600 | ) | |||
Net assets acquired | $ | 15,508 | |||
Goodwill is primarily attributable to the Company’s exposure to new materials and production methods, which could enhance the Company’s existing product offerings, and is not deductible for income tax purposes. Customer relationships and developed technology intangible assets are being amortized over a seven-year useful life, while the backlog intangible asset is being amortized over a one-year useful life. The entire purchase price allocation remained open at June 30, 2014. | |||||
Pro forma financial information has not been prepared for the acquisition of Dynamet Technology as the acquisition was not material to the Condensed Consolidated Financial Statements. | |||||
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 $22.3 million, including $21.7 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 June 30, 2014, RTI Directed Manufacturing generated revenues of $1,352 and an operating loss of $(642). | |||||
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 | 12,982 | ||||
Liabilities assumed: | |||||
Current liabilities | (571 | ) | |||
Net assets acquired | $ | 21,709 | |||
Goodwill is primarily attributable to RTI Directed Manufacturing’s assembled workforce and exposure to new customers for the Company’s products, and without the Federal tax election noted below 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. The Company previously disclosed that it was evaluating the appropriateness of a 338(h)(10) election under the Internal Revenue Code (the “I.R.C.”), which would allow the Company to step-up the tax basis of acquired assets to fair value as presented in the purchase price allocation. The Company has since determined that the election is appropriate, and as a result a significant portion of the purchase price will be deductible for U.S. tax purposes under the provisions of I.R.C Section 197. The entire purchase price allocation remained open at June 30, 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 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 customer relationship intangible asset is being amortized over a seven-year useful life, while the fully-amortized backlog was amortized over a six-month useful life. Goodwill is primarily attributable to the assembled workforce of RTI Extrusions Europe. Goodwill is not deductible for tax purposes. | |||||
DISCONTINUED_OPERATIONS
DISCONTINUED OPERATIONS | 6 Months Ended | ||||||||||||||||
Jun. 30, 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 million has been received as of June 30, 2014 with the remainder expected to be received 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 and six months ended June 30, 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 and six months ended June 30, 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 | Six Months Ended | ||||||||||||||||
June 30, | June 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Net sales | $ | 222 | $ | 3,836 | $ | 804 | $ | 12,529 | |||||||||
Loss before income taxes | (79 | ) | (601 | ) | (574 | ) | (635 | ) | |||||||||
Benefit from income taxes | (9 | ) | (212 | ) | (139 | ) | (163 | ) | |||||||||
Net loss from discontinued operations | (70 | ) | (389 | ) | (435 | ) | (472 | ) | |||||||||
Assets and liabilities of discontinued operations were comprised of the following at June 30, 2014 and December 31, 2013: | |||||||||||||||||
June 30, | December 31, | ||||||||||||||||
2014 | 2013 | ||||||||||||||||
ASSETS | |||||||||||||||||
Accounts receivable, net | $ | 189 | $ | 594 | |||||||||||||
Inventories, net | 617 | 4,555 | |||||||||||||||
Property, plant and equipment, net | — | 105 | |||||||||||||||
Other current assets | — | 20 | |||||||||||||||
Total assets of discontinued operations | $ | 806 | $ | 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 | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
ACCUMULATED OTHER COMPREHENSIVE LOSS | ' | ||||||||||||||||
Note 6—ACCUMULATED OTHER COMPREHENSIVE LOSS: | |||||||||||||||||
The components of accumulated other comprehensive loss at June 30, 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 | (91 | ) | — | (8 | ) | (99 | ) | ||||||||||
Amounts reclassified from accumulated other comprehensive loss, net of tax | — | 2,210 | — | 2,210 | |||||||||||||
Accumulated other comprehensive loss at June 30, 2014 | $ | 5,689 | $ | (43,967 | ) | $ | (8 | ) | $ | (38,286 | ) | ||||||
Amounts reclassified from accumulated other comprehensive income to net periodic pension expense during the three and six months ended June 30, 2014 and 2013 were as follows: | |||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||
June 30, | June 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Amortization of defined benefit pension items | |||||||||||||||||
Actuarial losses and prior service costs | $ | 1,782 | $ | 2,017 | $ | 3,564 | $ | 4,446 | |||||||||
Special termination benefits | — | — | — | 2,214 | |||||||||||||
Tax benefit | (677 | ) | (767 | ) | (1,354 | ) | (2,529 | ) | |||||||||
Total reclassifications | $ | 1,105 | $ | 1,250 | $ | 2,210 | $ | 4,131 | |||||||||
These amounts have been used in the calculation of net periodic benefit cost for the three and six months ended June 30, 2014 and 2013. Refer to Note 15 for further information about the Company’s benefit plans. | |||||||||||||||||
STOCKBASED_COMPENSATION
STOCK-BASED COMPENSATION | 6 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
STOCK-BASED COMPENSATION | ' | ||||||||
Note 7—STOCK-BASED COMPENSATION: | |||||||||
On April 25, 2014, the Company established the 2014 Stock and Incentive Plan (the “2014 Plan”) after receiving approval from its shareholders at the Annual Meeting. The 2014 Plan authorized for issuance 3,500,000 common shares, which includes approximately 711,000 shares that were never issued under the expired RTI International Metals, Inc. 2004 Stock Plan (the “2004 Plan”). Additionally, shares that are currently subject to previously granted awards under the 2004 Plan would become available for awards under the 2014 Plan in the event of forfeiture, expiration or termination of a 2004 Plan award or in the event shares are delivered in payment for or are withheld for taxes in connection with a 2004 Plan award. | |||||||||
Stock Options | |||||||||
A summary of the status of the Company’s stock options as of June 30, 2014, and the activity during the six months then ended, is presented below: | |||||||||
Stock Options | Options | ||||||||
Outstanding at December 31, 2013 | 526,736 | ||||||||
Granted | 93,472 | ||||||||
Forfeited | (18,052 | ) | |||||||
Expired | (20,953 | ) | |||||||
Exercised | (27,080 | ) | |||||||
Outstanding at June 30, 2014 | 554,123 | ||||||||
Exercisable at June 30, 2014 | 393,061 | ||||||||
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 six months ended June 30, 2014 was $15.00. | |||||||||
Restricted Stock | |||||||||
A summary of the status of the Company’s nonvested restricted stock as of June 30, 2014, and the activity during the six months then ended, is presented below: | |||||||||
Nonvested Restricted Stock Awards | Shares | ||||||||
Nonvested at December 31, 2013 | 213,475 | ||||||||
Granted | 93,806 | ||||||||
Vested | (92,259 | ) | |||||||
Forfeited | (15,970 | ) | |||||||
Nonvested at June 30, 2014 | 199,052 | ||||||||
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 six months ended June 30, 2014 was $29.64. | |||||||||
Performance Share Awards | |||||||||
A summary of the Company’s performance share awards as of June 30, 2014, and the activity during the six 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 | 70,875 | 141,750 | |||||||
Vested | (42,442 | ) | (84,884 | ) | |||||
Forfeited | (19,350 | ) | (38,700 | ) | |||||
Outstanding at June 30, 2014 | 163,416 | 326,832 | |||||||
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 payout of the remaining fifty percent of the awards is based upon the Company’s diluted earnings per share growth 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. The weighted-average grant-date fair value of these shares awarded during the six months ended June 30, 2014 was $34.96. |
INCOME_TAXES
INCOME TAXES | 6 Months Ended |
Jun. 30, 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 six months ended June 30, 2014, the estimated annual effective tax rate applied to ordinary income from continuing operations was 24.1%, compared to a rate of 36.6% for the six months ended June 30, 2013. The Company’s effective income tax rate decreased 12.5 percentage points from 2013 principally because no tax expense was recorded on income expected to be earned in 2014 by the Company’s Canadian subsidiary, and no tax benefit was recognized in prior years when Canadian net operating losses generated by this subsidiary were generated. | |
Due to the Canadian subsidiary’s cumulative losses over a number of years, the Company recorded a full valuation allowance at December 31, 2010 and for all subsequent periods, against its Canadian net deferred tax asset position which is principally comprised of net operating losses. At June 30, 2014, the Company’s projected Canadian net deferred tax asset totaled $31.5 million, with an offsetting valuation allowance of the same amount. | |
For the six months ended June 30, 2014 and for the full year, the Company’s Canadian subsidiary is expected to generate taxable income, which will not attract a tax charge for financial statement purposes, since no benefit was recognized in prior years for the net operating losses that are offsetting the current year taxable income. The effect of utilizing these Canadian net operating losses for which a benefit is not currently recognized reduced the Company’s estimated annual effective income tax rate by 2.7 percentage points. | |
Inclusive of discrete items, the Company recorded a provision for income taxes of $768, or 18.9% of pretax income from continuing operations, and $3,952 (as restated), or 39.6% of pretax income from continuing operations, for federal, state, and foreign income taxes for the six months ended June 30, 2014 and 2013, respectively. Discrete items for the six months ended June 30, 2014 were not material; while a $1,225 discrete benefit was reflected for the six months ended June 30, 2013 primarily related to adjustments to prior years’ taxes resulting from the settlement of an audit during that period. |
EARNINGS_PER_SHARE
EARNINGS PER SHARE | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
EARNINGS PER SHARE | ' | ||||||||||||||||
Note 9—EARNINGS PER SHARE: | |||||||||||||||||
Basic earnings per share (“EPS”) was computed by dividing net income attributable to common shareholders by the weighted-average number of shares of Common Stock outstanding for each respective period. Diluted EPS was calculated by dividing net income attributable to common shareholders by the weighted-average of all potentially dilutive shares of Common Stock that were outstanding during the periods presented. 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 June 30, 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. At both June 30, 2014 and 2013, the shares underlying the 2015 Notes and 2019 Notes and certain stock options were excluded from the calculation of diluted EPS as their effects were antidilutive. | |||||||||||||||||
Shares excluded from the calculation of EPS for the three and six months ending June 30, 2014 and 2013 were as follows: | |||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||
June 30, | June 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
2015 Notes | 3,185,213 | 3,185,213 | 3,185,213 | 3,185,213 | |||||||||||||
2019 Notes | 9,885,561 | 9,885,561 | 9,885,561 | 9,885,561 | |||||||||||||
Antidilutive options (1) | 373,583 | 326,043 | 371,192 | 317,013 | |||||||||||||
-1 | Average option price of shares excluded from calculation of earnings per share were $40.38 and $43.01 for the three months ended June 30, 2014 and 2013, respectively and $40.75 and $43.59 for the six months ended June 30, 2014 and 2013, respectively. | ||||||||||||||||
The following illustrates the earnings allocation method utilized in the calculation of basic and diluted earnings per share. Actual weighted-average shares of Common Stock outstanding used in the calculation of basic and diluted earnings per share for the three and six months ended June 30, 2014 and 2013 were as follows: | |||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||
June 30, | June 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
(As Restated) | (As Restated) | ||||||||||||||||
Numerator: | |||||||||||||||||
Net income from continuing operations before allocation of earnings to participating securities | $ | 7,111 | $ | 1,059 | $ | 3,295 | $ | 6,027 | |||||||||
Less: Earnings allocated to participating securities | (44 | ) | (5 | ) | (18 | ) | (39 | ) | |||||||||
Net income from continuing operations attributable to common shareholders, after earnings allocated to participating securities | $ | 7,067 | $ | 1,054 | $ | 3,277 | $ | 5,988 | |||||||||
Net loss from discontinued operations before allocation of earnings to participating securities | $ | (70 | ) | $ | (389 | ) | $ | (435 | ) | $ | (472 | ) | |||||
Less: Earnings allocated to participating securities | — | — | — | — | |||||||||||||
Net loss from discontinued operations attributable to common shareholders, after earnings allocated to participating securities | $ | (70 | ) | $ | (389 | ) | $ | (435 | ) | $ | (472 | ) | |||||
Denominator: | |||||||||||||||||
Basic weighted-average shares outstanding | 30,499,809 | 30,306,545 | 30,472,209 | 30,266,584 | |||||||||||||
Effect of dilutive securities | 75,903 | 126,329 | 107,463 | 212,892 | |||||||||||||
Diluted weighted-average shares outstanding | 30,575,712 | 30,432,874 | 30,579,672 | 30,479,476 | |||||||||||||
Earnings per share attributable to continuing operations: | |||||||||||||||||
Basic | $ | 0.23 | $ | 0.03 | $ | 0.11 | $ | 0.2 | |||||||||
Diluted | $ | 0.23 | $ | 0.03 | $ | 0.11 | $ | 0.2 | |||||||||
Earnings (loss) per share attributable to discontinued operations: | |||||||||||||||||
Basic | $ | — | $ | (0.01 | ) | $ | (0.01 | ) | $ | (0.02 | ) | ||||||
Diluted | $ | — | $ | (0.01 | ) | $ | (0.01 | ) | $ | (0.02 | ) |
CASH_CASH_EQUIVALENTS_AND_SHOR
CASH, CASH EQUIVALENTS AND SHORT-TERM INVESTMENTS | 6 Months Ended | ||||||||||||||||
Jun. 30, 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: | |||||||||||||||||
June 30, | December 31, | ||||||||||||||||
2014 | 2013 | ||||||||||||||||
Cash and cash equivalents: | |||||||||||||||||
Cash | $ | 68,120 | $ | 62,394 | |||||||||||||
Cash equivalents: | |||||||||||||||||
Commercial paper | 24,798 | 150,978 | |||||||||||||||
Money market mutual funds | 56,035 | 130,265 | |||||||||||||||
Total cash and cash equivalents | 148,953 | 343,637 | |||||||||||||||
Short-term investments: | |||||||||||||||||
Commercial paper | 143,602 | — | |||||||||||||||
Total short-term investments | 143,602 | — | |||||||||||||||
Total cash, cash equivalents, and short-term investments | $ | 292,555 | $ | 343,637 | |||||||||||||
The Company had no short-or long-term investments at December 31, 2013. The Company’s short-term investments at June 30, 2014 were as follows: | |||||||||||||||||
Amortized | Gross Unrealized | ||||||||||||||||
Cost | Gains | Losses | Fair Value | ||||||||||||||
As of June 30, 2014 | |||||||||||||||||
Commercial Paper | $ | 143,614 | $ | — | $ | 12 | $ | 143,602 | |||||||||
Total | $ | 143,614 | $ | — | $ | 12 | $ | 143,602 | |||||||||
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 six months ended June 30, 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 June 30, 2014. | |||||||||||||||||
As of June 30, 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 June 30, 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 | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
FAIR VALUE MEASUREMENTS | ' | ||||||||||||||||
Note 11—FAIR VALUE MEASUREMENTS: | |||||||||||||||||
For certain of the Company’s financial instruments and account groupings, including cash, accounts receivable, costs in excess of billings, 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 liabilities and their fair values, which are measured at fair value on a recurring basis, as of June 30, 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 fair value of contingent consideration payable that was classified as Level 3 relates to our probability assessments of expected future revenues related to the Dynamet Technology acquisition. The contingent consideration is to be paid over the next 10 years, and there is no limit to the potential amount of contingent consideration. The Company is still in the process of finalizing the purchase price allocation related to the Dynamet Technology acquisition. The Company held no assets or liabilities measured at fair value on a recurring basis as of December 31, 2013. There were no transfers between levels for the six months ended June 30, 2014. | |||||||||||||||||
Quoted | Significant | Significant | Fair Value | ||||||||||||||
Market Prices | Other Observable | Unobservable | |||||||||||||||
(Level 1) | Inputs | Inputs | |||||||||||||||
(Level 2) | (Level 3) | ||||||||||||||||
Assets measured on a recurring basis as of June 30, 2014: | |||||||||||||||||
Commercial Paper | $ | — | $ | 143,602 | $ | — | $ | 143,602 | |||||||||
Total | $ | — | $ | 143,602 | $ | — | $ | 143,602 | |||||||||
Liabilities measured on a recurring basis as of June 30, 2014: | |||||||||||||||||
Contingent Consideration | $ | — | $ | — | $ | 1,600 | $ | 1,600 | |||||||||
Total | $ | — | $ | — | $ | 1,600 | $ | 1,600 | |||||||||
The carrying amounts and fair values of financial instruments for which the fair value option was not elected were as follows: | |||||||||||||||||
June 30, 2014 | December 31, 2013 | ||||||||||||||||
Carrying | Fair | Carrying | Fair | ||||||||||||||
Amount | Value | Amount | Value | ||||||||||||||
Cash and cash equivalents | $ | 148,953 | $ | 148,953 | $ | 343,637 | $ | 343,637 | |||||||||
Current portion of long-term debt | $ | 2,489 | $ | 2,489 | $ | 1,914 | $ | 1,914 | |||||||||
Long-term debt | $ | 442,406 | $ | 520,541 | $ | 430,300 | $ | 559,986 | |||||||||
The fair value of long-term debt was estimated based on significant observable inputs, including recent trades and trading levels of the outstanding debt on June 30, 2014 and December 31, 2013 (Level 2). |
INVENTORIES
INVENTORIES | 6 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
INVENTORIES | ' | ||||||||
Note 12—INVENTORIES: | |||||||||
Inventories were valued at cost as determined by the last-in, first-out (“LIFO”) method for approximately 49% and 56% of the Company’s inventories at June 30, 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 June 30, 2014 and December 31, 2013, the current FIFO cost of inventories exceeded their LIFO carrying value by $45,374 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: | |||||||||
June 30, | December 31, | ||||||||
2014 | 2013 | ||||||||
Raw materials and supplies | $ | 150,522 | $ | 166,359 | |||||
Work-in-process and finished goods | 345,303 | 314,438 | |||||||
LIFO reserve | (45,374 | ) | (50,709 | ) | |||||
Total inventories | $ | 450,451 | $ | 430,088 | |||||
GOODWILL_AND_OTHER_INTANGIBLE_
GOODWILL AND OTHER INTANGIBLE ASSETS | 6 Months Ended | ||||||||||||
Jun. 30, 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 were no impairments during the first six months of 2014, uncertainties or other factors that could result in a potential impairment in future periods include: | |||||||||||||
• | the Company’s ability to improve the operational performance of its Medical Device Fabrication reporting unit, | ||||||||||||
• | unfavorable changes in program pricing, reductions in expected demand, or future production delays related to the Boeing 787 program, and | ||||||||||||
• | 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. | ||||||||||||
At both June 30, 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 amounts of goodwill attributable to each segment at December 31, 2013 and June 30, 2014 were as follows: | |||||||||||||
Titanium | Engineered | Total | |||||||||||
Segment | Products and | ||||||||||||
Services | |||||||||||||
Segment | |||||||||||||
December 31, 2013 | $ | 9,662 | $ | 107,916 | $ | 117,578 | |||||||
Additions (Note 4) | 13,954 | 12,982 | 26,936 | ||||||||||
Purchase price allocation adjustment | — | 100 | 100 | ||||||||||
Translation adjustment | — | (42 | ) | (42 | ) | ||||||||
June 30, 2014 | $ | 23,616 | $ | 120,956 | $ | 144,572 | |||||||
Intangibles. Intangible assets consist primarily of customer relationships, trade names, and developed technology acquired through various business combinations. The fair values of these intangible assets were originally determined 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 | 2 years or less | ||||||||||||
There were no intangible assets attributable to the Titanium Segment at December 31, 2013. The acquisition of Dynamet Technology in June 2014 is incorporated into the Titanium Segment. The carrying amounts of intangible assets attributable to each segment at December 31, 2013 and June 30, 2014 were as follows: | |||||||||||||
Titanium | Engineered | Total | |||||||||||
Segment | Products and | ||||||||||||
Services | |||||||||||||
Segment | |||||||||||||
December 31, 2013 | $ | — | $ | 53,754 | $ | 53,754 | |||||||
Intangible assets acquired (Note 4) | 4,600 | 5,300 | 9,900 | ||||||||||
Amortization | (54 | ) | (2,202 | ) | (2,256 | ) | |||||||
Translation adjustment | — | (134 | ) | (134 | ) | ||||||||
June 30, 2014 | $ | 4,546 | $ | 56,718 | $ | 61,264 | |||||||
LONGTERM_DEBT
LONG-TERM DEBT | 6 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
LONG-TERM DEBT | ' | ||||||||
Note 14—LONG-TERM DEBT: | |||||||||
Long-term debt consisted of: | |||||||||
June 30, | December 31, | ||||||||
2014 | 2013 | ||||||||
$402.5 million aggregate principal amount 1.625% Convertible Senior Notes due 2019 | $ | 325,702 | $ | 319,569 | |||||
$114.4 million aggregate principal amount 3.000% Convertible Senior Notes due 2015 | 105,847 | 103,065 | |||||||
Capital leases | 13,346 | 9,580 | |||||||
Total debt | 444,895 | 432,214 | |||||||
Less: Current portion of capital leases | (2,489 | ) | (1,914 | ) | |||||
Total long-term debt | $ | 442,406 | $ | 430,300 | |||||
During the three and six months ended June 30, 2014, the Company recorded, as a component of interest expense, long-term debt discount amortization of $4,512 and $8,915, respectively. Interest expense from the amortization of debt issuance costs was $472 and $928 for the three and six months ended June 30, 2014, respectively. No interest was capitalized for the three and six months ended June 30, 2014. | |||||||||
During the three and six months ended June 30, 2013, the Company recorded, as a component of interest expense, long-term debt discount amortization of $3,764 and $6,326, respectively. Interest expense from the amortization of debt issuance costs was $428 and $753 for the three and six months ended June 30, 2013, respectively. The Company did not capitalize any interest during the three or six months ended June 30, 2013. |
EMPLOYEE_BENEFIT_PLANS
EMPLOYEE BENEFIT PLANS | 6 Months Ended | ||||||||||||||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||||||||||||||
EMPLOYEE BENEFIT PLANS | ' | ||||||||||||||||||||||||||||||||
Note 15—EMPLOYEE BENEFIT PLANS: | |||||||||||||||||||||||||||||||||
Components of net periodic pension and other post-retirement benefit costs for the three and six months ended June 30, 2014 and 2013 for those salaried and hourly covered employees were as follows: | |||||||||||||||||||||||||||||||||
Pension Benefits | Other Post-Retirement Benefits | ||||||||||||||||||||||||||||||||
Three Months | Six Months | Three Months | Six Months | ||||||||||||||||||||||||||||||
Ended June 30, | Ended June 30, | Ended June 30, | Ended June 30, | ||||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||||||
Service cost | $ | 527 | $ | 594 | $ | 1,054 | $ | 1,285 | $ | 240 | $ | 177 | $ | 479 | $ | 393 | |||||||||||||||||
Interest cost | 1,966 | 1,715 | 3,932 | 3,381 | 533 | 481 | 1,067 | 958 | |||||||||||||||||||||||||
Expected return on plan assets | (2,827 | ) | (2,615 | ) | (5,652 | ) | (5,199 | ) | — | — | — | — | |||||||||||||||||||||
Amortization of prior service cost | 229 | 248 | 457 | 496 | 172 | 304 | 344 | 607 | |||||||||||||||||||||||||
Amortization of actuarial loss | 1,358 | 1,412 | 2,716 | 3,202 | 23 | 53 | 47 | 141 | |||||||||||||||||||||||||
Special termination benefits | — | — | — | 2,052 | — | — | — | 162 | |||||||||||||||||||||||||
Net periodic benefit cost | $ | 1,253 | $ | 1,354 | $ | 2,507 | $ | 5,217 | $ | 968 | $ | 1,015 | $ | 1,937 | $ | 2,261 | |||||||||||||||||
Additionally, the Company recognized $1,105 and $2,210, net of tax, as a component of accumulated other comprehensive loss related to amortization of actuarial losses and prior service costs, for the three and six months ended June 30, 2014, respectively. | |||||||||||||||||||||||||||||||||
The Company recorded an expense of $2,214 in net periodic benefit cost during the six months ended June 30, 2013 related to the remeasurement of its qualified defined benefit pension plans and post-retirement medical plans as a result of a voluntary early retirement program initiated during the period. There were no related charges during the three or six months ended June 30, 2014. | |||||||||||||||||||||||||||||||||
The Company made no contributions to its qualified defined benefit plans during the six months ended June 30, 2014. The Company expects to make contributions of up to $1,100 during the remainder of 2014 in order to maintain its desired funding status. |
COMMITMENTS_AND_CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 6 Months Ended |
Jun. 30, 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 $0.5 million to $2.1 million in the aggregate. At June 30, 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 June 30, 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 June 30, 2014, there were no payments made related to environmental liabilities, and during the six months ended June 30, 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 | 6 Months Ended | ||||||||||||||||
Jun. 30, 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 by the Company’s Chief Operating Decision Maker based on revenues and 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 | Six Months Ended | ||||||||||||||||
June 30, | June 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
(As Restated) | (As Restated) | ||||||||||||||||
Net sales: | |||||||||||||||||
Titanium Segment | $ | 83,318 | $ | 83,521 | $ | 160,298 | $ | 180,346 | |||||||||
Intersegment sales | 22,547 | 25,350 | 47,593 | 41,618 | |||||||||||||
Total Titanium Segment sales | 105,865 | 108,871 | 207,891 | 221,964 | |||||||||||||
EP&S Segment | 122,016 | 115,602 | 219,581 | 207,979 | |||||||||||||
Intersegment sales | 22,115 | 17,196 | 50,081 | 33,039 | |||||||||||||
Total EP&S Segment sales | 144,131 | 132,798 | 269,662 | 241,018 | |||||||||||||
Eliminations | 44,662 | 42,546 | 97,674 | 74,657 | |||||||||||||
Total consolidated net sales | $ | 205,334 | $ | 199,123 | $ | 379,879 | $ | 388,325 | |||||||||
Operating income: | |||||||||||||||||
Titanium Segment before corporate allocations | $ | 12,381 | $ | 21,474 | $ | 22,810 | $ | 37,611 | |||||||||
Corporate allocations | (4,518 | ) | (4,510 | ) | (9,045 | ) | (9,410 | ) | |||||||||
Total Titanium Segment operating income | 7,863 | 16,964 | 13,765 | 28,201 | |||||||||||||
EP&S Segment before corporate allocations | 15,715 | 7,740 | 17,526 | 16,729 | |||||||||||||
Corporate allocations | (6,106 | ) | (4,223 | ) | (12,202 | ) | (10,802 | ) | |||||||||
Total EP&S Segment operating income | 9,609 | 3,517 | 5,324 | 5,927 | |||||||||||||
Total consolidated operating income | $ | 17,472 | $ | 20,481 | $ | 19,089 | $ | 34,128 | |||||||||
June 30, | December 31, | ||||||||||||||||
2014 | 2013 | ||||||||||||||||
Total assets: | |||||||||||||||||
Titanium Segment | $ | 648,943 | $ | 604,123 | |||||||||||||
EP&S Segment | 616,101 | 585,867 | |||||||||||||||
General corporate assets | 249,659 | 310,281 | |||||||||||||||
Assets of discontinued operations | 806 | 5,274 | |||||||||||||||
Total consolidated assets | $ | 1,515,509 | $ | 1,505,545 | |||||||||||||
NEW_ACCOUNTING_STANDARDS
NEW ACCOUNTING STANDARDS | 6 Months Ended |
Jun. 30, 2014 | |
NEW ACCOUNTING STANDARDS | ' |
Note 18—NEW ACCOUNTING STANDARDS: | |
In June 2014, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) 2014-12, “Compensation—Stock Compensation—Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period.” The amendment requires that a performance target that affects vesting and that could be achieved after the requisite service period is treated as a performance condition. The amendments in this ASU are effective for annual reporting periods beginning after December 15, 2015, including interim periods within that reporting period. Early application is permitted. The Company is currently evaluating the impact of the adoption of this ASU on its Consolidated Financial Statements. | |
In May 2014, the FASB issued ASU 2014-09, “Revenue from Contracts with Customers.” This ASU prescribes that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The amendments in this ASU are effective for annual reporting periods beginning after December 15, 2016, including interim periods within that reporting period. Early application is not permitted. The Company is currently evaluating the impact of the adoption of this ASU on its Consolidated Financial Statements. | |
In April 2014, the FASB issued 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 is currently evaluating the impact of the adoption of this ASU on its 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 six months ended June 30, 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 six months ended June 30, 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 six months ended June 30, 2014 did not have a material impact on the Company’s Condensed Consolidated Financial Statements. |
GUARANTOR_SUBSIDIARIES
GUARANTOR SUBSIDIARIES | 6 Months Ended | ||||||||||||||||||||||||||||||||||||||||
Jun. 30, 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 Statements of Operations for the three and six months ended June 30, 2013 have 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 Statements of Operations as filed in the Company’s Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2013 as filed with the SEC on September 24, 2013 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 adjustments. The revision and restatement adjustments had no impact on the Condensed Consolidating Statement of Cash Flows for the six months ended June 30, 2013. | |||||||||||||||||||||||||||||||||||||||||
Condensed Consolidating Statement of Operations and Comprehensive Income (Loss) | |||||||||||||||||||||||||||||||||||||||||
Three Months June 30, 2013 | |||||||||||||||||||||||||||||||||||||||||
(unaudited) | |||||||||||||||||||||||||||||||||||||||||
RTI International | Guarantors | Non-Guarantors | Eliminations | Consolidated | |||||||||||||||||||||||||||||||||||||
Metals, Inc. | |||||||||||||||||||||||||||||||||||||||||
Previously | As | Previously | As | Previously | As | Previously | As | Previously | As | ||||||||||||||||||||||||||||||||
Reported (1) | Restated | Reported (1) | Restated | Reported (1) | Restated | Reported (1) | Restated | Reported (1) | Restated | ||||||||||||||||||||||||||||||||
Net sales | $ | — | $ | — | $ | 136,778 | $ | 136,778 | $ | 121,444 | $ | 119,617 | $ | (57,272 | ) | $ | (57,272 | ) | $ | 200,950 | $ | 199,123 | |||||||||||||||||||
Cost of sales | — | — | 108,580 | 108,580 | 105,474 | 104,038 | (57,272 | ) | $ | (57,272 | ) | 156,782 | 155,346 | ||||||||||||||||||||||||||||
Selling, general, and administrative expenses | 491 | 491 | 11,034 | 11,034 | 11,116 | 10,789 | — | — | 22,641 | 22,314 | |||||||||||||||||||||||||||||||
Research, technical, and product development expenses | — | — | 982 | 982 | — | — | — | — | 982 | 982 | |||||||||||||||||||||||||||||||
Operating income (loss) | (491 | ) | (491 | ) | 16,182 | 16,182 | 4,854 | 4,790 | — | — | 20,545 | 20,481 | |||||||||||||||||||||||||||||
Other income (expense), net | (4,167 | ) | (4,167 | ) | 1,104 | 1,104 | 3,763 | 3,763 | — | — | 700 | 700 | |||||||||||||||||||||||||||||
Interest income (expense), net | (5,605 | ) | (5,605 | ) | (8,668 | ) | (8,668 | ) | (6,370 | ) | (6,370 | ) | — | — | (20,643 | ) | (20,643 | ) | |||||||||||||||||||||||
Equity in earnings of subsidiaries | 8,220 | 7,364 | 263 | 263 | 847 | 847 | (9,330 | ) | (8,474 | ) | — | — | |||||||||||||||||||||||||||||
Income (loss) before income taxes | (2,043 | ) | (2,899 | ) | 8,881 | 8,881 | 3,094 | 3,030 | (9,330 | ) | (8,474 | ) | 602 | 538 | |||||||||||||||||||||||||||
Provision for (benefit from) income taxes | (3,523 | ) | (3,958 | ) | 2,101 | 2,101 | 544 | 1,336 | — | — | (878 | ) | (521 | ) | |||||||||||||||||||||||||||
Net income attributable to continuing operations | 1,480 | 1,059 | 6,780 | 6,780 | 2,550 | 1,694 | (9,330 | ) | (8,474 | ) | 1,480 | 1,059 | |||||||||||||||||||||||||||||
Net loss attributable to discontinued operations, net of tax | (307 | ) | (389 | ) | — | — | (307 | ) | (389 | ) | 307 | 389 | (307 | ) | (389 | ) | |||||||||||||||||||||||||
Net income | $ | 1,173 | $ | 670 | $ | 6,780 | $ | 6,780 | $ | 2,243 | $ | 1,305 | $ | (9,023 | ) | $ | (8,085 | ) | $ | 1,173 | $ | 670 | |||||||||||||||||||
Comprehensive income (loss) | $ | (2,067 | ) | $ | (1,386 | ) | $ | 7,862 | $ | 7,862 | $ | (2,224 | ) | $ | (1,978 | ) | $ | (5,638 | ) | $ | (5,884 | ) | $ | (2,067 | ) | $ | (1,386 | ) | |||||||||||||
(1): | Previously reported balances represent the amounts reported in the Condensed Consolidating Statement of Operations in the Company’s Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2013 as filed with the SEC on September 24, 2013. | ||||||||||||||||||||||||||||||||||||||||
Condensed Consolidating Statement of Operations and Comprehensive Income | |||||||||||||||||||||||||||||||||||||||||
Six Months Ended June 30, 2013 | |||||||||||||||||||||||||||||||||||||||||
(unaudited) | |||||||||||||||||||||||||||||||||||||||||
RTI International | Guarantors | Non-Guarantors | Eliminations | Consolidated | |||||||||||||||||||||||||||||||||||||
Metals, Inc. | |||||||||||||||||||||||||||||||||||||||||
Previously | As | Previously | As | Previously | As | Previously | As | Previously | As | ||||||||||||||||||||||||||||||||
Reported (1) | Restated | Reported (1) | Restated | Reported (1) | Restated | Reported (1) | Restated | Reported (1) | Restated | ||||||||||||||||||||||||||||||||
Net sales | $ | — | $ | — | $ | 272,951 | $ | 272,951 | $ | 227,606 | $ | 223,081 | $ | (107,707 | ) | $ | (107,707 | ) | $ | 392,850 | $ | 388,325 | |||||||||||||||||||
Cost of sales | — | — | 222,050 | 222,050 | 194,425 | 190,952 | (107,707 | ) | (107,707 | ) | 308,768 | 305,295 | |||||||||||||||||||||||||||||
Selling, general, and administrative expenses | 1,704 | 1,704 | 22,742 | 22,742 | 23,103 | 22,473 | — | — | 47,549 | 46,919 | |||||||||||||||||||||||||||||||
Research, technical, and product development expenses | — | — | 1,983 | 1,983 | — | — | — | — | 1,983 | 1,983 | |||||||||||||||||||||||||||||||
Operating income (loss) | (1,704 | ) | (1,704 | ) | 26,176 | 26,176 | 10,078 | 9,656 | — | — | 34,550 | 34,128 | |||||||||||||||||||||||||||||
Other income (expense), net | 110 | 110 | (1,280 | ) | (1,280 | ) | 2,429 | 2,429 | — | — | 1,259 | 1,259 | |||||||||||||||||||||||||||||
Interest income (expense), net | (10,022 | ) | (10,022 | ) | (8,639 | ) | (8,639 | ) | (6,747 | ) | (6,747 | ) | — | — | (25,408 | ) | (25,408 | ) | |||||||||||||||||||||||
Equity in earnings of subsidiaries | 15,395 | 13,010 | (110 | ) | (110 | ) | 953 | 953 | (16,238 | ) | (13,853 | ) | — | — | |||||||||||||||||||||||||||
Income before income taxes | 3,779 | 1,394 | 16,147 | 16,147 | 6,713 | 6,291 | (16,238 | ) | (13,853 | ) | 10,401 | 9,979 | |||||||||||||||||||||||||||||
Provision for (benefit from) income taxes | (4,518 | ) | (4,633 | ) | 4,876 | 4,876 | 1,746 | 3,709 | — | — | 2,104 | 3,952 | |||||||||||||||||||||||||||||
Net income attributable to continuing operations | 8,297 | 6,027 | 11,271 | 11,271 | 4,967 | 2,582 | (16,238 | ) | (13,853 | ) | 8,297 | 6,027 | |||||||||||||||||||||||||||||
Net loss attributable to discontinued operations, net of tax | (156 | ) | (472 | ) | — | — | (156 | ) | (472 | ) | 156 | 472 | (156 | ) | (472 | ) | |||||||||||||||||||||||||
Net income | $ | 8,141 | $ | 5,555 | $ | 11,271 | $ | 11,271 | $ | 4,811 | $ | 2,110 | $ | (16,082 | ) | $ | (13,381 | ) | $ | 8,141 | $ | 5,555 | |||||||||||||||||||
Comprehensive income | $ | 8,913 | $ | 8,114 | $ | 18,528 | $ | 18,528 | $ | (2,470 | ) | $ | (3,384 | ) | $ | (16,058 | ) | $ | (15,144 | ) | $ | 8,913 | $ | 8,114 | |||||||||||||||||
(1): | Previously reported balances represent the amounts reported in the Condensed Consolidating Statement of Operations in the Company’s Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2013 as filed with the SEC on September 24, 2013. | ||||||||||||||||||||||||||||||||||||||||
The following tables present Condensed Consolidating Financial Statements as of June 30, 2014 and December 31, 2013 and for the three and six months ended June 30, 2014 and 2013: | |||||||||||||||||||||||||||||||||||||||||
Condensed Consolidating Statement of Operations and Comprehensive Income | |||||||||||||||||||||||||||||||||||||||||
Three Months Ended June 30, 2014 | |||||||||||||||||||||||||||||||||||||||||
RTI International | Guarantor | Non-Guarantor | Eliminations | Consolidated | |||||||||||||||||||||||||||||||||||||
Metals, Inc. | Subsidiaries | Subsidiaries | |||||||||||||||||||||||||||||||||||||||
Net sales | $ | — | $ | 119,503 | $ | 135,446 | $ | (49,615 | ) | $ | 205,334 | ||||||||||||||||||||||||||||||
Costs and expenses: | |||||||||||||||||||||||||||||||||||||||||
Cost of sales | — | 104,233 | 108,404 | (49,615 | ) | 163,022 | |||||||||||||||||||||||||||||||||||
Selling, general, and administrative expenses (1) | (379 | ) | 11,149 | 12,861 | — | 23,631 | |||||||||||||||||||||||||||||||||||
Research, technical, and product development expenses | — | 1,196 | 13 | — | 1,209 | ||||||||||||||||||||||||||||||||||||
Operating income | 379 | 2,925 | 14,168 | — | 17,472 | ||||||||||||||||||||||||||||||||||||
Other income (expense), net | 1,217 | (979 | ) | (613 | ) | — | (375 | ) | |||||||||||||||||||||||||||||||||
Interest income (expense), net | (5,942 | ) | (1,043 | ) | (644 | ) | — | (7,629 | ) | ||||||||||||||||||||||||||||||||
Equity in earnings of subsidiaries | 10,077 | 218 | 327 | (10,622 | ) | — | |||||||||||||||||||||||||||||||||||
Income before income taxes | 5,731 | 1,121 | 13,238 | (10,622 | ) | 9,468 | |||||||||||||||||||||||||||||||||||
Provision for (benefit from) income taxes | (1,380 | ) | 514 | 3,223 | — | 2,357 | |||||||||||||||||||||||||||||||||||
Net income (loss) attributable to continuing operations | $ | 7,111 | $ | 607 | $ | 10,015 | $ | (10,622 | ) | $ | 7,111 | ||||||||||||||||||||||||||||||
Net income (loss) attributable to discontinued operations, net of tax | $ | (70 | ) | $ | — | $ | (70 | ) | $ | 70 | $ | (70 | ) | ||||||||||||||||||||||||||||
Net income (loss) | $ | 7,041 | $ | 607 | $ | 9,945 | $ | (10,552 | ) | $ | 7,041 | ||||||||||||||||||||||||||||||
Comprehensive income (loss) | $ | 12,166 | $ | 1,554 | $ | 13,947 | $ | (15,501 | ) | $ | 12,166 | ||||||||||||||||||||||||||||||
-1 | The Parent allocates selling, general, and administrative expenses (“SG&A”) to the subsidiaries based upon its budgeted annual expenses. A credit in parent SG&A is offset by an equal debit amount in the subsidiaries’ SG&A. | ||||||||||||||||||||||||||||||||||||||||
Condensed Consolidating Statement of Operations and Comprehensive Income | |||||||||||||||||||||||||||||||||||||||||
Three Months Ended June 30, 2013 | |||||||||||||||||||||||||||||||||||||||||
RTI International | Guarantor | Non-Guarantor | Eliminations | Consolidated | |||||||||||||||||||||||||||||||||||||
Metals, Inc. | Subsidiaries | Subsidiaries | (As Restated) | (As Restated) | |||||||||||||||||||||||||||||||||||||
(As Restated) | (As Restated) | (As Restated) | |||||||||||||||||||||||||||||||||||||||
Net sales | $ | — | $ | 136,778 | $ | 119,617 | $ | (57,272 | ) | $ | 199,123 | ||||||||||||||||||||||||||||||
Costs and expenses: | |||||||||||||||||||||||||||||||||||||||||
Cost of sales | — | 108,580 | 104,038 | (57,272 | ) | 155,346 | |||||||||||||||||||||||||||||||||||
Selling, general, and administrative expenses (1) | 491 | 11,034 | 10,789 | — | 22,314 | ||||||||||||||||||||||||||||||||||||
Research, technical, and product development expenses | — | 982 | — | — | 982 | ||||||||||||||||||||||||||||||||||||
Operating income | (491 | ) | 16,182 | 4,790 | — | 20,481 | |||||||||||||||||||||||||||||||||||
Other income (expense) | (4,167 | ) | 1,104 | 3,763 | — | 700 | |||||||||||||||||||||||||||||||||||
Interest income (expense), net | (5,605 | ) | (8,668 | ) | (6,370 | ) | — | (20,643 | ) | ||||||||||||||||||||||||||||||||
Equity in earnings of subsidiaries | 7,364 | 263 | 847 | (8,474 | ) | — | |||||||||||||||||||||||||||||||||||
Income before income taxes | (2,899 | ) | 8,881 | 3,030 | (8,474 | ) | 538 | ||||||||||||||||||||||||||||||||||
Provision for (benefit from) income taxes | (3,958 | ) | 2,101 | 1,336 | — | (521 | ) | ||||||||||||||||||||||||||||||||||
Net income attributable to continuing operations | $ | 1,059 | $ | 6,780 | $ | 1,694 | $ | (8,474 | ) | $ | 1,059 | ||||||||||||||||||||||||||||||
Net loss attributable to discontinued operations, net of tax | $ | (389 | ) | $ | — | $ | (389 | ) | $ | 389 | $ | (389 | ) | ||||||||||||||||||||||||||||
Net income | $ | 670 | $ | 6,780 | $ | 1,305 | $ | (8,085 | ) | $ | 670 | ||||||||||||||||||||||||||||||
Comprehensive income (loss) | $ | (1,386 | ) | $ | 7,862 | $ | (1,978 | ) | $ | (5,884 | ) | $ | (1,386 | ) | |||||||||||||||||||||||||||
-1 | The Parent allocates SG&A to the subsidiaries based upon its budgeted annual expenses. | ||||||||||||||||||||||||||||||||||||||||
Condensed Consolidating Statement of Operations and Comprehensive Income | |||||||||||||||||||||||||||||||||||||||||
Six Months Ended June 30, 2014 | |||||||||||||||||||||||||||||||||||||||||
RTI International | Guarantor | Non-Guarantor | Eliminations | Consolidated | |||||||||||||||||||||||||||||||||||||
Metals, Inc. | Subsidiaries | Subsidiaries | |||||||||||||||||||||||||||||||||||||||
Net sales | $ | — | $ | 233,626 | $ | 249,735 | $ | (103,482 | ) | $ | 379,879 | ||||||||||||||||||||||||||||||
Costs and expenses: | |||||||||||||||||||||||||||||||||||||||||
Cost of sales | — | 206,353 | 206,227 | (103,482 | ) | 309,098 | |||||||||||||||||||||||||||||||||||
Selling, general, and administrative expenses (1) | 568 | 23,307 | 25,624 | — | 49,499 | ||||||||||||||||||||||||||||||||||||
Research, technical, and product development expenses | — | 2,180 | 13 | — | 2,193 | ||||||||||||||||||||||||||||||||||||
Operating income | (568 | ) | 1,786 | 17,871 | — | 19,089 | |||||||||||||||||||||||||||||||||||
Other income (expense), net | 2,707 | (1,817 | ) | (730 | ) | — | 160 | ||||||||||||||||||||||||||||||||||
Interest income (expense), net | (11,757 | ) | (2,245 | ) | (1,184 | ) | — | (15,186 | ) | ||||||||||||||||||||||||||||||||
Equity in earnings of subsidiaries | 11,535 | 566 | 1,302 | (13,403 | ) | — | |||||||||||||||||||||||||||||||||||
Income before income taxes | 1,917 | (1,710 | ) | 17,259 | (13,403 | ) | 4,063 | ||||||||||||||||||||||||||||||||||
Provision for (benefit from) income taxes | (1,378 | ) | (1,016 | ) | 3,162 | — | 768 | ||||||||||||||||||||||||||||||||||
Net income (loss) attributable to continuing operations | $ | 3,295 | $ | (694 | ) | $ | 14,097 | $ | (13,403 | ) | $ | 3,295 | |||||||||||||||||||||||||||||
Net income (loss) attributable to discontinued operations, net of tax | $ | (435 | ) | $ | — | $ | (435 | ) | $ | 435 | $ | (435 | ) | ||||||||||||||||||||||||||||
Net income (loss) | $ | 2,860 | $ | (694 | ) | $ | 13,662 | $ | (12,968 | ) | $ | 2,860 | |||||||||||||||||||||||||||||
Comprehensive income (loss) | $ | 4,971 | $ | 1,208 | $ | 13,571 | $ | (14,779 | ) | $ | 4,971 | ||||||||||||||||||||||||||||||
-1 | The Parent allocates SG&A to the subsidiaries based upon its budgeted annual expenses. | ||||||||||||||||||||||||||||||||||||||||
Condensed Consolidating Statement of Operations and Comprehensive Income | |||||||||||||||||||||||||||||||||||||||||
Six Months Ended June 30, 2013 | |||||||||||||||||||||||||||||||||||||||||
RTI | Guarantor | Non-Guarantor | Eliminations | Consolidated | |||||||||||||||||||||||||||||||||||||
International | Subsidiaries | Subsidiaries | (As Restated) | (As Restated) | |||||||||||||||||||||||||||||||||||||
Metals, Inc. | (As Restated) | (As Restated) | |||||||||||||||||||||||||||||||||||||||
(As Restated) | |||||||||||||||||||||||||||||||||||||||||
Net sales | $ | — | $ | 272,951 | $ | 223,081 | $ | (107,707 | ) | $ | 388,325 | ||||||||||||||||||||||||||||||
Costs and expenses: | |||||||||||||||||||||||||||||||||||||||||
Cost of sales | — | 222,050 | 190,952 | (107,707 | ) | 305,295 | |||||||||||||||||||||||||||||||||||
Selling, general, and administrative expenses (1) | 1,704 | 22,742 | 22,473 | — | 46,919 | ||||||||||||||||||||||||||||||||||||
Research, technical, and product development expenses | — | 1,983 | — | — | 1,983 | ||||||||||||||||||||||||||||||||||||
Operating income | (1,704 | ) | 26,176 | 9,656 | — | 34,128 | |||||||||||||||||||||||||||||||||||
Other income (expense) | 110 | (1,280 | ) | 2,429 | — | 1,259 | |||||||||||||||||||||||||||||||||||
Interest income (expense), net | (10,022 | ) | (8,639 | ) | (6,747 | ) | — | (25,408 | ) | ||||||||||||||||||||||||||||||||
Equity in earnings of subsidiaries | 13,010 | (110 | ) | 953 | (13,853 | ) | — | ||||||||||||||||||||||||||||||||||
Income before income taxes | 1,394 | 16,147 | 6,291 | (13,853 | ) | 9,979 | |||||||||||||||||||||||||||||||||||
Provision for (benefit from) income taxes | (4,633 | ) | 4,876 | 3,709 | — | 3,952 | |||||||||||||||||||||||||||||||||||
Net income attributable to continuing operations | $ | 6,027 | $ | 11,271 | $ | 2,582 | $ | (13,853 | ) | $ | 6,027 | ||||||||||||||||||||||||||||||
Net loss attributable to discontinued operations, net of tax | $ | (472 | ) | $ | — | $ | (472 | ) | $ | 472 | $ | (472 | ) | ||||||||||||||||||||||||||||
Net income | $ | 5,555 | $ | 11,271 | $ | 2,110 | $ | (13,381 | ) | $ | 5,555 | ||||||||||||||||||||||||||||||
Comprehensive income (loss) | $ | 8,114 | $ | 18,528 | $ | (3,384 | ) | $ | (15,144 | ) | $ | 8,114 | |||||||||||||||||||||||||||||
-1 | The Parent allocates SG&A to the subsidiaries based upon its budgeted annual expenses. | ||||||||||||||||||||||||||||||||||||||||
Condensed Consolidating Balance Sheet | |||||||||||||||||||||||||||||||||||||||||
As of June 30, 2014 | |||||||||||||||||||||||||||||||||||||||||
RTI | Guarantor | Non-Guarantor | Eliminations | Consolidated | |||||||||||||||||||||||||||||||||||||
International | Subsidiaries | Subsidiaries | |||||||||||||||||||||||||||||||||||||||
Metals, Inc. | |||||||||||||||||||||||||||||||||||||||||
ASSETS | |||||||||||||||||||||||||||||||||||||||||
Current assets: | |||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | 109,935 | $ | 39,018 | $ | — | $ | 148,953 | |||||||||||||||||||||||||||||||
Short-term investments | — | 143,602 | — | — | 143,602 | ||||||||||||||||||||||||||||||||||||
Receivables, net | 1,109 | 53,906 | 76,284 | (21,971 | ) | 109,328 | |||||||||||||||||||||||||||||||||||
Inventories, net | — | 286,086 | 164,365 | — | 450,451 | ||||||||||||||||||||||||||||||||||||
Cost in excess of billings | — | 4,070 | 3,261 | — | 7,331 | ||||||||||||||||||||||||||||||||||||
Deferred income taxes | 27,193 | 2,755 | 2,263 | — | 32,211 | ||||||||||||||||||||||||||||||||||||
Assets of discontinued operations | — | — | 806 | — | 806 | ||||||||||||||||||||||||||||||||||||
Other current assets | 11,405 | 2,679 | 6,545 | — | 20,629 | ||||||||||||||||||||||||||||||||||||
Total current assets | 39,707 | 603,033 | 292,542 | (21,971 | ) | 913,311 | |||||||||||||||||||||||||||||||||||
Property, plant, and equipment, net | 2,263 | 285,086 | 86,627 | — | 373,976 | ||||||||||||||||||||||||||||||||||||
Goodwill | — | 94,511 | 50,061 | — | 144,572 | ||||||||||||||||||||||||||||||||||||
Other intangible assets, net | — | 34,653 | 26,611 | — | 61,264 | ||||||||||||||||||||||||||||||||||||
Other noncurrent assets | 9,487 | 7,184 | 5,715 | — | 22,386 | ||||||||||||||||||||||||||||||||||||
Intercompany investments | 1,258,663 | 27,189 | 7,023 | (1,292,875 | ) | — | |||||||||||||||||||||||||||||||||||
Total assets | $ | 1,310,120 | $ | 1,051,656 | $ | 468,579 | $ | (1,314,846 | ) | $ | 1,515,509 | ||||||||||||||||||||||||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||||||||||||||||||||||||||||||||||||
Current liabilities: | |||||||||||||||||||||||||||||||||||||||||
Accounts payable | $ | 2,223 | $ | 54,452 | $ | 45,719 | $ | (21,971 | ) | $ | 80,423 | ||||||||||||||||||||||||||||||
Accrued wages and other employee costs | 5,607 | 12,994 | 8,672 | — | 27,273 | ||||||||||||||||||||||||||||||||||||
Unearned revenue | — | 10 | 10,934 | — | 10,944 | ||||||||||||||||||||||||||||||||||||
Other accrued liabilities | 5,420 | 3,931 | 12,072 | — | 21,423 | ||||||||||||||||||||||||||||||||||||
Total current liabilities | 13,250 | 71,387 | 77,397 | (21,971 | ) | 140,063 | |||||||||||||||||||||||||||||||||||
Long-term debt | 431,548 | 361 | 10,497 | — | 442,406 | ||||||||||||||||||||||||||||||||||||
Intercompany debt | — | 312,914 | 151,804 | (464,718 | ) | — | |||||||||||||||||||||||||||||||||||
Liability for post-retirement benefits | — | 43,931 | — | — | 43,931 | ||||||||||||||||||||||||||||||||||||
Liability for pension benefits | 6,136 | 6,826 | 159 | — | 13,121 | ||||||||||||||||||||||||||||||||||||
Deferred income taxes | 70,486 | 1,747 | 4,071 | — | 76,304 | ||||||||||||||||||||||||||||||||||||
Unearned revenue | — | — | 5,435 | — | 5,435 | ||||||||||||||||||||||||||||||||||||
Other noncurrent liabilities | 7,417 | 5,247 | 302 | — | 12,966 | ||||||||||||||||||||||||||||||||||||
Total liabilities | 528,837 | 442,413 | 249,665 | (486,689 | ) | 734,226 | |||||||||||||||||||||||||||||||||||
Shareholders’ equity | 781,283 | 609,243 | 218,914 | (828,157 | ) | 781,283 | |||||||||||||||||||||||||||||||||||
Total liabilities and shareholders’ equity | $ | 1,310,120 | $ | 1,051,656 | $ | 468,579 | $ | (1,314,846 | ) | $ | 1,515,509 | ||||||||||||||||||||||||||||||
Condensed Consolidating Balance Sheet | |||||||||||||||||||||||||||||||||||||||||
As of December 31, 2013 | |||||||||||||||||||||||||||||||||||||||||
RTI | Guarantor | Non-Guarantor | Eliminations | Consolidated | |||||||||||||||||||||||||||||||||||||
International | Subsidiaries | Subsidiaries | |||||||||||||||||||||||||||||||||||||||
Metals, Inc. | |||||||||||||||||||||||||||||||||||||||||
ASSETS | |||||||||||||||||||||||||||||||||||||||||
Current assets: | |||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | 312,202 | $ | 31,435 | $ | — | $ | 343,637 | |||||||||||||||||||||||||||||||
Receivables, net | 786 | 57,397 | 69,847 | (22,759 | ) | 105,271 | |||||||||||||||||||||||||||||||||||
Inventories, net | — | 265,621 | 164,467 | — | 430,088 | ||||||||||||||||||||||||||||||||||||
Costs in excess of billings | — | 3,800 | 1,577 | — | 5,377 | ||||||||||||||||||||||||||||||||||||
Deferred income taxes | 31,656 | — | 376 | — | 32,032 | ||||||||||||||||||||||||||||||||||||
Assets of discontinued operations | — | — | 5,274 | — | 5,274 | ||||||||||||||||||||||||||||||||||||
Other current assets | 9,425 | 2,984 | 4,538 | — | 16,947 | ||||||||||||||||||||||||||||||||||||
Total current assets | 41,867 | 642,004 | 277,514 | (22,759 | ) | 938,626 | |||||||||||||||||||||||||||||||||||
Property, plant, and equipment, net | 2,328 | 292,033 | 77,979 | — | 372,340 | ||||||||||||||||||||||||||||||||||||
Goodwill | — | 79,705 | 37,873 | — | 117,578 | ||||||||||||||||||||||||||||||||||||
Other intangible assets, net | — | 31,184 | 22,570 | — | 53,754 | ||||||||||||||||||||||||||||||||||||
Other noncurrent assets | 11,025 | 7,184 | 5,038 | — | 23,247 | ||||||||||||||||||||||||||||||||||||
Intercompany investments | 1,240,671 | 26,623 | 5,721 | (1,273,015 | ) | — | |||||||||||||||||||||||||||||||||||
Total assets | $ | 1,295,891 | $ | 1,078,733 | $ | 426,695 | $ | (1,295,774 | ) | $ | 1,505,545 | ||||||||||||||||||||||||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||||||||||||||||||||||||||||||||||||
Current liabilities: | |||||||||||||||||||||||||||||||||||||||||
Accounts payable | $ | 1,948 | $ | 54,111 | $ | 45,739 | $ | (22,759 | ) | $ | 79,039 | ||||||||||||||||||||||||||||||
Accrued wages and other employee costs | 6,598 | 14,093 | 9,096 | — | 29,787 | ||||||||||||||||||||||||||||||||||||
Unearned revenue | — | 288 | 15,337 | — | 15,625 | ||||||||||||||||||||||||||||||||||||
Liabilities of discontinued operations | — | — | 458 | — | 458 | ||||||||||||||||||||||||||||||||||||
Other accrued liabilities | 6,800 | 5,101 | 10,673 | — | 22,574 | ||||||||||||||||||||||||||||||||||||
Total current liabilities | 15,346 | 73,593 | 81,303 | (22,759 | ) | 147,483 | |||||||||||||||||||||||||||||||||||
Long-term debt | 422,634 | 738 | 6,928 | — | 430,300 | ||||||||||||||||||||||||||||||||||||
Intercompany debt | — | 357,144 | 106,633 | (463,777 | ) | — | |||||||||||||||||||||||||||||||||||
Liability for post-retirement benefits | — | 43,447 | — | — | 43,447 | ||||||||||||||||||||||||||||||||||||
Liability for pension benefits | 5,943 | 7,685 | 159 | — | 13,787 | ||||||||||||||||||||||||||||||||||||
Deferred income taxes | 70,006 | — | 4,072 | — | 74,078 | ||||||||||||||||||||||||||||||||||||
Unearned revenue | — | — | 10,470 | — | 10,470 | ||||||||||||||||||||||||||||||||||||
Other noncurrent liabilities | 7,988 | 3,763 | 255 | — | 12,006 | ||||||||||||||||||||||||||||||||||||
Total liabilities | 521,917 | 486,370 | 209,820 | (486,536 | ) | 731,571 | |||||||||||||||||||||||||||||||||||
Shareholders’ equity | 773,974 | 592,363 | 216,875 | (809,238 | ) | 773,974 | |||||||||||||||||||||||||||||||||||
Total liabilities and shareholders’ equity | $ | 1,295,891 | $ | 1,078,733 | $ | 426,695 | $ | (1,295,774 | ) | $ | 1,505,545 | ||||||||||||||||||||||||||||||
Condensed Consolidating Statement of Cash Flows | |||||||||||||||||||||||||||||||||||||||||
Six Months Ended June 30, 2014 | |||||||||||||||||||||||||||||||||||||||||
RTI | Guarantor | Non-Guarantor | Eliminations | Consolidated | |||||||||||||||||||||||||||||||||||||
International | Subsidiaries | Subsidiaries | |||||||||||||||||||||||||||||||||||||||
Metals, Inc. | |||||||||||||||||||||||||||||||||||||||||
Cash provided by (used in) operating activities | $ | 1,007 | $ | (2,087 | ) | $ | (257 | ) | $ | — | $ | (1,337 | ) | ||||||||||||||||||||||||||||
Investing activities: | |||||||||||||||||||||||||||||||||||||||||
Acquisitions, net of cash acquired | — | (15,508 | ) | (21,709 | ) | — | (37,217 | ) | |||||||||||||||||||||||||||||||||
Capital expenditures | (186 | ) | (7,989 | ) | (5,431 | ) | — | (13,606 | ) | ||||||||||||||||||||||||||||||||
Short-term investments, net | — | (143,555 | ) | — | — | (143,555 | ) | ||||||||||||||||||||||||||||||||||
Divestitures | — | — | 3,281 | — | 3,281 | ||||||||||||||||||||||||||||||||||||
Intercompany debt activity, net | (928 | ) | — | 33,757 | (32,829 | ) | — | ||||||||||||||||||||||||||||||||||
Cash provided by (used in) investing activities | (1,114 | ) | (167,052 | ) | 9,898 | (32,829 | ) | (191,097 | ) | ||||||||||||||||||||||||||||||||
Financing activities: | |||||||||||||||||||||||||||||||||||||||||
Proceeds from exercise of employee stock options | 709 | — | — | — | 709 | ||||||||||||||||||||||||||||||||||||
Excess tax benefits from stock-based compensation activity | 197 | — | — | — | 197 | ||||||||||||||||||||||||||||||||||||
Repayments on long-term debt | — | (475 | ) | (936 | ) | — | (1,411 | ) | |||||||||||||||||||||||||||||||||
Intercompany debt activity, net | — | (32,829 | ) | — | 32,829 | — | |||||||||||||||||||||||||||||||||||
Purchase of common stock held in treasury | (851 | ) | — | — | — | (851 | ) | ||||||||||||||||||||||||||||||||||
Other financing activities | 52 | 176 | (228 | ) | — | — | |||||||||||||||||||||||||||||||||||
Cash provided by (used in) financing activities | 107 | (33,128 | ) | (1,164 | ) | 32,829 | (1,356 | ) | |||||||||||||||||||||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | (894 | ) | — | (894 | ) | ||||||||||||||||||||||||||||||||||
Increase/(decrease) in cash and cash equivalents | — | (202,267 | ) | 7,583 | — | (194,684 | ) | ||||||||||||||||||||||||||||||||||
Cash and cash equivalents at beginning of period | — | 312,202 | 31,435 | — | 343,637 | ||||||||||||||||||||||||||||||||||||
Cash and cash equivalents at end of period | $ | — | $ | 109,935 | $ | 39,018 | $ | — | $ | 148,953 | |||||||||||||||||||||||||||||||
Condensed Consolidating Statement of Cash Flows | |||||||||||||||||||||||||||||||||||||||||
Six Months Ended June 30, 2013 | |||||||||||||||||||||||||||||||||||||||||
RTI | Guarantor | Non-Guarantor | Eliminations | Consolidated | |||||||||||||||||||||||||||||||||||||
International | Subsidiaries | Subsidiaries | |||||||||||||||||||||||||||||||||||||||
Metals, Inc. | |||||||||||||||||||||||||||||||||||||||||
Cash provided by (used in) operating activities | $ | (2,158 | ) | $ | (4,319 | ) | $ | 7,096 | $ | — | $ | 619 | |||||||||||||||||||||||||||||
Investing activities: | |||||||||||||||||||||||||||||||||||||||||
Acquisitions, net of cash acquired | — | — | 10,475 | — | 10,475 | ||||||||||||||||||||||||||||||||||||
Investments in subsidiaries, net | (2,300 | ) | — | — | 2,300 | — | |||||||||||||||||||||||||||||||||||
Capital expenditures | (558 | ) | (13,917 | ) | (5,190 | ) | — | (19,665 | ) | ||||||||||||||||||||||||||||||||
Investments, net | — | (128,291 | ) | — | — | (128,291 | ) | ||||||||||||||||||||||||||||||||||
Intercompany debt activity, net (1) | (266,663 | ) | — | (18,249 | ) | 284,912 | — | ||||||||||||||||||||||||||||||||||
Cash provided by (used in) investing activities | (269,521 | ) | (142,208 | ) | (12,964 | ) | 287,212 | (137,481 | ) | ||||||||||||||||||||||||||||||||
Financing activities: | |||||||||||||||||||||||||||||||||||||||||
Proceeds from exercise of employee stock options | 1,489 | — | — | — | 1,489 | ||||||||||||||||||||||||||||||||||||
Excess tax benefits from stock-based compensation activity | 376 | — | — | — | 376 | ||||||||||||||||||||||||||||||||||||
Financing fees | (12,370 | ) | (12,370 | ) | |||||||||||||||||||||||||||||||||||||
Parent company investments/dividends, net | — | 579 | 1,721 | (2,300 | ) | — | |||||||||||||||||||||||||||||||||||
Borrowings on long-term debt | 402,500 | — | — | — | 402,500 | ||||||||||||||||||||||||||||||||||||
Repayments on long-term debt | (119,917 | ) | (445 | ) | — | — | (120,362 | ) | |||||||||||||||||||||||||||||||||
Intercompany debt activity, net (1) | — | 284,912 | — | (284,912 | ) | — | |||||||||||||||||||||||||||||||||||
Purchase of common stock held in treasury | (399 | ) | — | — | — | (399 | ) | ||||||||||||||||||||||||||||||||||
Cash provided by (used in) financing activities | 271,679 | 285,046 | 1,721 | (287,212 | ) | 271,234 | |||||||||||||||||||||||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | (129 | ) | — | (129 | ) | ||||||||||||||||||||||||||||||||||
Increase (decrease) in cash and cash equivalents | — | 138,519 | (4,276 | ) | — | 134,243 | |||||||||||||||||||||||||||||||||||
Cash and cash equivalents at beginning of period | — | 87,283 | 9,907 | — | 97,190 | ||||||||||||||||||||||||||||||||||||
Cash and cash equivalents at end of period | $ | — | $ | 225,802 | $ | 5,631 | $ | — | $ | 231,433 | |||||||||||||||||||||||||||||||
(1): | The Condensed Consolidated 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 $(266,663), $(18,249), and $284,912 and increased (decreased) cash flows from financing activities for the RTI International Metals, Inc. Parent Company, Non-Guarantor Subsidiaries, and Eliminations by $266,663, $18,249, and $(284,912), respectively. |
RESTATEMENTS_AND_REVISIONS_Tab
RESTATEMENTS AND REVISIONS (Tables) | 6 Months Ended | ||||||||||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||||||||||
Effects of Restatement on Consolidated Statements of Operations | ' | ||||||||||||||||||||||||||||
Condensed Consolidated Statement of Operations | |||||||||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||||||||
(In thousands, except per share amounts) | |||||||||||||||||||||||||||||
Three Months Ended June 30, 2013 | |||||||||||||||||||||||||||||
Previously | Revision | As | Restatement | As | Discontinued | Currently | |||||||||||||||||||||||
Reported (1) | Adjustment (2) | Revised | Adjustment | Corrected | Operations | Reported | |||||||||||||||||||||||
Net sales | $ | 200,950 | $ | (206 | ) | $ | 200,744 | $ | — | $ | 200,744 | $ | (1,621 | ) | $ | 199,123 | |||||||||||||
Cost and expenses: | |||||||||||||||||||||||||||||
Cost of sales | 156,782 | 15 | 156,797 | — | 156,797 | (1,451 | ) | 155,346 | |||||||||||||||||||||
Selling, general, and administrative expenses | 22,641 | — | 22,641 | — | 22,641 | (327 | ) | 22,314 | |||||||||||||||||||||
Research, technical, and product development expenses | 982 | — | 982 | — | 982 | — | 982 | ||||||||||||||||||||||
Operating income | 20,545 | (221 | ) | 20,324 | — | 20,324 | 157 | 20,481 | |||||||||||||||||||||
Other income, net | 700 | — | 700 | — | 700 | — | 700 | ||||||||||||||||||||||
Interest income | 50 | — | 50 | — | 50 | — | 50 | ||||||||||||||||||||||
Interest expense | (20,693 | ) | — | (20,693 | ) | — | (20,693 | ) | — | (20,693 | ) | ||||||||||||||||||
Income before income taxes | 602 | (221 | ) | 381 | — | 381 | 157 | 538 | |||||||||||||||||||||
Benefit from income taxes | (878 | ) | (89 | ) | (967 | ) | 371 | (596 | ) | 75 | (521 | ) | |||||||||||||||||
Net income attributable to continuing operations | 1,480 | (132 | ) | 1,348 | (371 | ) | 977 | 82 | 1,059 | ||||||||||||||||||||
Net income (loss) attributable to discontinued operations, net of tax | (307 | ) | — | (307 | ) | — | (307 | ) | (82 | ) | (389 | ) | |||||||||||||||||
Net income | $ | 1,173 | $ | (132 | ) | $ | 1,041 | $ | (371 | ) | $ | 670 | $ | — | $ | 670 | |||||||||||||
Earnings per share attributable to continuing operations: | |||||||||||||||||||||||||||||
Basic | $ | 0.05 | $ | — | $ | 0.04 | $ | (0.01 | ) | $ | 0.03 | $ | — | $ | 0.03 | ||||||||||||||
Diluted | $ | 0.05 | $ | — | $ | 0.04 | $ | (0.01 | ) | $ | 0.03 | $ | — | $ | 0.03 | ||||||||||||||
Loss per share attributable to discontinued operations: | |||||||||||||||||||||||||||||
Basic | $ | (0.01 | ) | $ | — | $ | (0.01 | ) | $ | — | $ | (0.01 | ) | $ | — | $ | (0.01 | ) | |||||||||||
Diluted | $ | (0.01 | ) | $ | — | $ | (0.01 | ) | $ | — | $ | (0.01 | ) | $ | — | $ | (0.01 | ) | |||||||||||
(1): | Previously reported balances represent the amounts reported in the Condensed Consolidated Statement of Operations in the Company’s Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2013 as filed with the SEC on September 24, 2013. | ||||||||||||||||||||||||||||
(2): | Amounts presented as Revision Adjustment represent revisions for revenue recognition errors related to certain long-term projects as disclosed in the Company’s Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2013 as filed with the SEC on November 12, 2013. | ||||||||||||||||||||||||||||
Condensed Consolidated Statement of Operations | |||||||||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||||||||
(In thousands, except per share amounts) | |||||||||||||||||||||||||||||
Six Months Ended June 30, 2013 | |||||||||||||||||||||||||||||
Previously | Revision | As Revised | Restatement | As | Discontinued | Currently | |||||||||||||||||||||||
Reported (1) | Adjustment (2) | Adjustment | Corrected | Operations | Reported | ||||||||||||||||||||||||
Net sales | $ | 392,850 | $ | (868 | ) | $ | 391,982 | $ | — | $ | 391,982 | $ | (3,657 | ) | $ | 388,325 | |||||||||||||
Cost and expenses: | |||||||||||||||||||||||||||||
Cost of sales | 308,768 | (11 | ) | 308,757 | — | 308,757 | (3,462 | ) | 305,295 | ||||||||||||||||||||
Selling, general, and administrative expenses | 47,549 | — | 47,549 | — | 47,549 | (630 | ) | 46,919 | |||||||||||||||||||||
Research, technical, and product development expenses | 1,983 | — | 1,983 | — | 1,983 | — | 1,983 | ||||||||||||||||||||||
Operating income | 34,550 | (857 | ) | 33,693 | — | 33,693 | 435 | 34,128 | |||||||||||||||||||||
Other income, net | 1,259 | — | 1,259 | — | 1,259 | — | 1,259 | ||||||||||||||||||||||
Interest income | 81 | — | 81 | — | 81 | — | 81 | ||||||||||||||||||||||
Interest expense | (25,489 | ) | — | (25,489 | ) | — | (25,489 | ) | — | (25,489 | ) | ||||||||||||||||||
Income before income taxes | 10,401 | (857 | ) | 9,544 | — | 9,544 | 435 | 9,979 | |||||||||||||||||||||
Provision for income taxes | 2,104 | (267 | ) | 1,837 | 1,996 | 3,833 | 119 | 3,952 | |||||||||||||||||||||
Net income attributable to continuing operations | 8,297 | (590 | ) | 7,707 | (1,996 | ) | 5,711 | 316 | 6,027 | ||||||||||||||||||||
Net income (loss) attributable to discontinued operations, net of tax | (156 | ) | — | (156 | ) | — | (156 | ) | (316 | ) | (472 | ) | |||||||||||||||||
Net income | $ | 8,141 | $ | (590 | ) | $ | 7,551 | $ | (1,996 | ) | $ | 5,555 | $ | — | $ | 5,555 | |||||||||||||
Earnings per share attributable to continuing operations: | |||||||||||||||||||||||||||||
Basic | $ | 0.27 | $ | (0.02 | ) | $ | 0.25 | $ | (0.07 | ) | $ | 0.19 | $ | 0.01 | $ | 0.2 | |||||||||||||
Diluted | $ | 0.27 | $ | (0.02 | ) | $ | 0.25 | $ | (0.07 | ) | $ | 0.19 | $ | 0.01 | $ | 0.2 | |||||||||||||
Loss per share attributable to discontinued operations: | |||||||||||||||||||||||||||||
Basic | $ | (0.01 | ) | $ | — | $ | (0.01 | ) | $ | — | $ | (0.01 | ) | $ | (0.01 | ) | $ | (0.02 | ) | ||||||||||
Diluted | $ | (0.01 | ) | $ | — | $ | (0.01 | ) | $ | — | $ | (0.01 | ) | $ | (0.01 | ) | $ | (0.02 | ) | ||||||||||
(1): | Previously reported balances represent the amounts reported in the Condensed Consolidated Statement of Operations in the Company’s Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2013 as filed with the SEC on September 24, 2013. | ||||||||||||||||||||||||||||
(2): | Amounts presented as Revision Adjustment represent revisions for revenue recognition errors related to certain long-term projects as disclosed in the Company’s Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2013 as filed with the SEC on November 12, 2013. | ||||||||||||||||||||||||||||
Effects of Restatement on Consolidated Statements of Cash Flow | ' | ||||||||||||||||||||||||||||
Condensed Consolidated Statement of Cash Flows | |||||||||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||
June 30, 2013 | |||||||||||||||||||||||||||||
Previously | Revision | Restatement | Currently | ||||||||||||||||||||||||||
Reported (1) | Adjustment (2) | Adjustment | Reported | ||||||||||||||||||||||||||
OPERATING ACTIVITIES: | |||||||||||||||||||||||||||||
Net income | $ | 8,141 | $ | (590 | ) | $ | (1,996 | ) | $ | 5,555 | |||||||||||||||||||
Adjustment for non-cash items included in net income: | |||||||||||||||||||||||||||||
Depreciation and amortization | 21,753 | — | — | 21,753 | |||||||||||||||||||||||||
Goodwill impairments | 484 | — | — | 484 | |||||||||||||||||||||||||
Deferred income taxes | 1,810 | (267 | ) | 1,996 | 3,539 | ||||||||||||||||||||||||
Stock-based compensation | 3,126 | — | — | 3,126 | |||||||||||||||||||||||||
Excess tax benefits from stock-based compensation activity | (376 | ) | — | — | (376 | ) | |||||||||||||||||||||||
Amortization of discount on long-term debt | 6,569 | — | — | 6,569 | |||||||||||||||||||||||||
Amortization of deferred financing costs | 753 | — | — | 753 | |||||||||||||||||||||||||
Deferred financing cost writedown | 1,498 | — | — | 1,498 | |||||||||||||||||||||||||
Other | (102 | ) | — | — | (102 | ) | |||||||||||||||||||||||
Changes in assets and liabilities: | |||||||||||||||||||||||||||||
Receivables | (3,054 | ) | — | — | (3,054 | ) | |||||||||||||||||||||||
Inventories | (34,979 | ) | 424 | — | (34,555 | ) | |||||||||||||||||||||||
Accounts payable | (12,900 | ) | — | — | (12,900 | ) | |||||||||||||||||||||||
Income taxes payable | (8,356 | ) | — | — | (8,356 | ) | |||||||||||||||||||||||
Unearned revenue | 22,033 | 1,319 | — | 23,352 | |||||||||||||||||||||||||
Cost in excess of billings | 1,951 | (886 | ) | — | 1,065 | ||||||||||||||||||||||||
Other current assets and liabilities | (11,185 | ) | — | 104 | (11,081 | ) | |||||||||||||||||||||||
Other assets and liabilities | 3,453 | — | (104 | ) | 3,349 | ||||||||||||||||||||||||
Cash provided by (used in) operating activities | 619 | — | — | 619 | |||||||||||||||||||||||||
INVESTING ACTIVITIES: | |||||||||||||||||||||||||||||
Divestitures | 10,475 | — | — | 10,475 | |||||||||||||||||||||||||
Capital expenditures | (19,665 | ) | — | — | (19,665 | ) | |||||||||||||||||||||||
Purchase of investments | (128,291 | ) | — | — | (128,291 | ) | |||||||||||||||||||||||
Cash provided by (used in) investing activities | (137,481 | ) | — | — | (137,481 | ) | |||||||||||||||||||||||
FINANCING ACTIVITIES: | |||||||||||||||||||||||||||||
Proceeds from exercise of employee stock options | 1,489 | — | — | 1,489 | |||||||||||||||||||||||||
Excess tax benefits from stock-based compensation activity | 376 | — | — | 376 | |||||||||||||||||||||||||
Purchase of common stock held in treasury | (399 | ) | — | — | (399 | ) | |||||||||||||||||||||||
Borrowings on long-term debt | 402,500 | — | — | 402,500 | |||||||||||||||||||||||||
Repayments on long-term debt | (120,362 | ) | — | — | (120,362 | ) | |||||||||||||||||||||||
Financing fees | (12,370 | ) | — | — | (12,370 | ) | |||||||||||||||||||||||
Cash provided by (used in) financing activities | 271,234 | — | — | 271,234 | |||||||||||||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | (129 | ) | — | — | (129 | ) | |||||||||||||||||||||||
Decrease in cash and cash equivalents | 134,243 | — | — | 134,243 | |||||||||||||||||||||||||
Cash and cash equivalents at beginning of period | 97,190 | — | — | 97,190 | |||||||||||||||||||||||||
Cash and cash equivalents at end of period | $ | 231,433 | $ | — | $ | — | $ | 231,433 | |||||||||||||||||||||
(1): | Previously reported balances represent the amounts reported in the Condensed Consolidated Statement of Cash Flows in the Company’s Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2013 as filed with the SEC on September 24, 2013. The previously reported changes in inventory, cost in excess of billings, and deferred revenue have been adjusted by $(340), $1,021, and $(681) to correct the prior presentation. | ||||||||||||||||||||||||||||
(2): | Amounts presented as Revision Adjustment represent revisions related to revenue recognition errors related to certain long-term projects, as well as adjustments to goodwill and deferred taxes related to the acquisition of Remmele in 2012, as disclosed in the Company’s Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2013 as filed with the SEC on November 12, 2013. |
ACQUISITIONS_Tables
ACQUISITIONS (Tables) | 6 Months Ended | ||||
Jun. 30, 2014 | |||||
Dynamet Technology, Inc | ' | ||||
Summary of Purchase Price Allocation | ' | ||||
The preliminary purchase price allocation, which has not been finalized, is as follows: | |||||
Assets purchased: | |||||
Current assets, excluding inventory | $ | 392 | |||
Inventories | 174 | ||||
Plant and equipment | 101 | ||||
Intangible assets: | |||||
Customer relationships | 3,500 | ||||
Developed technology | 1,000 | ||||
Backlog | 100 | ||||
Goodwill | 13,954 | ||||
Liabilities assumed: | |||||
Current liabilities | (389 | ) | |||
Deferred tax liabilities | (1,724 | ) | |||
Contingent consideration | (1,600 | ) | |||
Net assets acquired | $ | 15,508 | |||
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 | 12,982 | ||||
Liabilities assumed: | |||||
Current liabilities | (571 | ) | |||
Net assets acquired | $ | 21,709 | |||
RTI Extrusions Europe Limited | ' | ||||
Summary of Purchase Price Allocation | ' | ||||
The purchase price allocation, which has 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) | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Financial Information of Discontinued Operations | ' | ||||||||||||||||
The Company’s results from discontinued operations are summarized below: | |||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||
June 30, | June 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Net sales | $ | 222 | $ | 3,836 | $ | 804 | $ | 12,529 | |||||||||
Loss before income taxes | (79 | ) | (601 | ) | (574 | ) | (635 | ) | |||||||||
Benefit from income taxes | (9 | ) | (212 | ) | (139 | ) | (163 | ) | |||||||||
Net loss from discontinued operations | (70 | ) | (389 | ) | (435 | ) | (472 | ) | |||||||||
Assets and liabilities of discontinued operations were comprised of the following at June 30, 2014 and December 31, 2013: | |||||||||||||||||
June 30, | December 31, | ||||||||||||||||
2014 | 2013 | ||||||||||||||||
ASSETS | |||||||||||||||||
Accounts receivable, net | $ | 189 | $ | 594 | |||||||||||||
Inventories, net | 617 | 4,555 | |||||||||||||||
Property, plant and equipment, net | — | 105 | |||||||||||||||
Other current assets | — | 20 | |||||||||||||||
Total assets of discontinued operations | $ | 806 | $ | 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) | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Components of Accumulated Other Comprehensive Income | ' | ||||||||||||||||
The components of accumulated other comprehensive loss at June 30, 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 | (91 | ) | — | (8 | ) | (99 | ) | ||||||||||
Amounts reclassified from accumulated other comprehensive loss, net of tax | — | 2,210 | — | 2,210 | |||||||||||||
Accumulated other comprehensive loss at June 30, 2014 | $ | 5,689 | $ | (43,967 | ) | $ | (8 | ) | $ | (38,286 | ) | ||||||
Amounts Reclassified from Accumulated Other Comprehensive Loss | ' | ||||||||||||||||
Amounts reclassified from accumulated other comprehensive income to net periodic pension expense during the three and six months ended June 30, 2014 and 2013 were as follows: | |||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||
June 30, | June 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Amortization of defined benefit pension items | |||||||||||||||||
Actuarial losses and prior service costs | $ | 1,782 | $ | 2,017 | $ | 3,564 | $ | 4,446 | |||||||||
Special termination benefits | — | — | — | 2,214 | |||||||||||||
Tax benefit | (677 | ) | (767 | ) | (1,354 | ) | (2,529 | ) | |||||||||
Total reclassifications | $ | 1,105 | $ | 1,250 | $ | 2,210 | $ | 4,131 | |||||||||
STOCKBASED_COMPENSATION_Tables
STOCK-BASED COMPENSATION (Tables) | 6 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Summary of Stock Options Activity | ' | ||||||||
A summary of the status of the Company’s stock options as of June 30, 2014, and the activity during the six months then ended, is presented below: | |||||||||
Stock Options | Options | ||||||||
Outstanding at December 31, 2013 | 526,736 | ||||||||
Granted | 93,472 | ||||||||
Forfeited | (18,052 | ) | |||||||
Expired | (20,953 | ) | |||||||
Exercised | (27,080 | ) | |||||||
Outstanding at June 30, 2014 | 554,123 | ||||||||
Exercisable at June 30, 2014 | 393,061 | ||||||||
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 June 30, 2014, and the activity during the six months then ended, is presented below: | |||||||||
Nonvested Restricted Stock Awards | Shares | ||||||||
Nonvested at December 31, 2013 | 213,475 | ||||||||
Granted | 93,806 | ||||||||
Vested | (92,259 | ) | |||||||
Forfeited | (15,970 | ) | |||||||
Nonvested at June 30, 2014 | 199,052 | ||||||||
Summary of Company's Performance Share Award | ' | ||||||||
A summary of the Company’s performance share awards as of June 30, 2014, and the activity during the six 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 | 70,875 | 141,750 | |||||||
Vested | (42,442 | ) | (84,884 | ) | |||||
Forfeited | (19,350 | ) | (38,700 | ) | |||||
Outstanding at June 30, 2014 | 163,416 | 326,832 | |||||||
EARNINGS_PER_SHARE_Tables
EARNINGS PER SHARE (Tables) | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Shares Excluded from Calculation of Earnings per Share | ' | ||||||||||||||||
Shares excluded from the calculation of EPS for the three and six months ending June 30, 2014 and 2013 were as follows: | |||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||
June 30, | June 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
2015 Notes | 3,185,213 | 3,185,213 | 3,185,213 | 3,185,213 | |||||||||||||
2019 Notes | 9,885,561 | 9,885,561 | 9,885,561 | 9,885,561 | |||||||||||||
Antidilutive options (1) | 373,583 | 326,043 | 371,192 | 317,013 | |||||||||||||
-1 | Average option price of shares excluded from calculation of earnings per share were $40.38 and $43.01 for the three months ended June 30, 2014 and 2013, respectively and $40.75 and $43.59 for the six months ended June 30, 2014 and 2013, respectively. | ||||||||||||||||
Schedule of Weighted-Average Shares of Common Stock Outstanding | ' | ||||||||||||||||
The following illustrates the earnings allocation method utilized in the calculation of basic and diluted earnings per share. Actual weighted-average shares of Common Stock outstanding used in the calculation of basic and diluted earnings per share for the three and six months ended June 30, 2014 and 2013 were as follows: | |||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||
June 30, | June 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
(As Restated) | (As Restated) | ||||||||||||||||
Numerator: | |||||||||||||||||
Net income from continuing operations before allocation of earnings to participating securities | $ | 7,111 | $ | 1,059 | $ | 3,295 | $ | 6,027 | |||||||||
Less: Earnings allocated to participating securities | (44 | ) | (5 | ) | (18 | ) | (39 | ) | |||||||||
Net income from continuing operations attributable to common shareholders, after earnings allocated to participating securities | $ | 7,067 | $ | 1,054 | $ | 3,277 | $ | 5,988 | |||||||||
Net loss from discontinued operations before allocation of earnings to participating securities | $ | (70 | ) | $ | (389 | ) | $ | (435 | ) | $ | (472 | ) | |||||
Less: Earnings allocated to participating securities | — | — | — | — | |||||||||||||
Net loss from discontinued operations attributable to common shareholders, after earnings allocated to participating securities | $ | (70 | ) | $ | (389 | ) | $ | (435 | ) | $ | (472 | ) | |||||
Denominator: | |||||||||||||||||
Basic weighted-average shares outstanding | 30,499,809 | 30,306,545 | 30,472,209 | 30,266,584 | |||||||||||||
Effect of dilutive securities | 75,903 | 126,329 | 107,463 | 212,892 | |||||||||||||
Diluted weighted-average shares outstanding | 30,575,712 | 30,432,874 | 30,579,672 | 30,479,476 | |||||||||||||
Earnings per share attributable to continuing operations: | |||||||||||||||||
Basic | $ | 0.23 | $ | 0.03 | $ | 0.11 | $ | 0.2 | |||||||||
Diluted | $ | 0.23 | $ | 0.03 | $ | 0.11 | $ | 0.2 | |||||||||
Earnings (loss) per share attributable to discontinued operations: | |||||||||||||||||
Basic | $ | — | $ | (0.01 | ) | $ | (0.01 | ) | $ | (0.02 | ) | ||||||
Diluted | $ | — | $ | (0.01 | ) | $ | (0.01 | ) | $ | (0.02 | ) |
CASH_CASH_EQUIVALENTS_AND_SHOR1
CASH, CASH EQUIVALENTS AND SHORT-TERM INVESTMENTS (Tables) | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Cash, Cash Equivalents, Short-Term Investments, and Marketable Securities | ' | ||||||||||||||||
Cash, cash equivalents, and short-term investments consist of the following: | |||||||||||||||||
June 30, | December 31, | ||||||||||||||||
2014 | 2013 | ||||||||||||||||
Cash and cash equivalents: | |||||||||||||||||
Cash | $ | 68,120 | $ | 62,394 | |||||||||||||
Cash equivalents: | |||||||||||||||||
Commercial paper | 24,798 | 150,978 | |||||||||||||||
Money market mutual funds | 56,035 | 130,265 | |||||||||||||||
Total cash and cash equivalents | 148,953 | 343,637 | |||||||||||||||
Short-term investments: | |||||||||||||||||
Commercial paper | 143,602 | — | |||||||||||||||
Total short-term investments | 143,602 | — | |||||||||||||||
Total cash, cash equivalents, and short-term investments | $ | 292,555 | $ | 343,637 | |||||||||||||
Short-Term Investments and Marketable Securities | ' | ||||||||||||||||
The Company had no short-or long-term investments at December 31, 2013. The Company’s short-term investments at June 30, 2014 were as follows: | |||||||||||||||||
Amortized | Gross Unrealized | ||||||||||||||||
Cost | Gains | Losses | Fair Value | ||||||||||||||
As of June 30, 2014 | |||||||||||||||||
Commercial Paper | $ | 143,614 | $ | — | $ | 12 | $ | 143,602 | |||||||||
Total | $ | 143,614 | $ | — | $ | 12 | $ | 143,602 | |||||||||
FAIR_VALUE_MEASUREMENTS_Tables
FAIR VALUE MEASUREMENTS (Tables) | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Fair Values of Assets and Liabilities Measured on Recurring Basis | ' | ||||||||||||||||
Listed below are the Company’s assets and liabilities and their fair values, which are measured at fair value on a recurring basis, as of June 30, 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 fair value of contingent consideration payable that was classified as Level 3 relates to our probability assessments of expected future revenues related to the Dynamet Technology acquisition. The contingent consideration is to be paid over the next 10 years, and there is no limit to the potential amount of contingent consideration. The Company is still in the process of finalizing the purchase price allocation related to the Dynamet Technology acquisition. The Company held no assets or liabilities measured at fair value on a recurring basis as of December 31, 2013. There were no transfers between levels for the six months ended June 30, 2014. | |||||||||||||||||
Quoted | Significant | Significant | Fair Value | ||||||||||||||
Market Prices | Other Observable | Unobservable | |||||||||||||||
(Level 1) | Inputs | Inputs | |||||||||||||||
(Level 2) | (Level 3) | ||||||||||||||||
Assets measured on a recurring basis as of June 30, 2014: | |||||||||||||||||
Commercial Paper | $ | — | $ | 143,602 | $ | — | $ | 143,602 | |||||||||
Total | $ | — | $ | 143,602 | $ | — | $ | 143,602 | |||||||||
Liabilities measured on a recurring basis as of June 30, 2014: | |||||||||||||||||
Contingent Consideration | $ | — | $ | — | $ | 1,600 | $ | 1,600 | |||||||||
Total | $ | — | $ | — | $ | 1,600 | $ | 1,600 | |||||||||
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: | |||||||||||||||||
June 30, 2014 | December 31, 2013 | ||||||||||||||||
Carrying | Fair | Carrying | Fair | ||||||||||||||
Amount | Value | Amount | Value | ||||||||||||||
Cash and cash equivalents | $ | 148,953 | $ | 148,953 | $ | 343,637 | $ | 343,637 | |||||||||
Current portion of long-term debt | $ | 2,489 | $ | 2,489 | $ | 1,914 | $ | 1,914 | |||||||||
Long-term debt | $ | 442,406 | $ | 520,541 | $ | 430,300 | $ | 559,986 |
INVENTORIES_Tables
INVENTORIES (Tables) | 6 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Components of Inventories | ' | ||||||||
Inventories consisted of the following: | |||||||||
June 30, | December 31, | ||||||||
2014 | 2013 | ||||||||
Raw materials and supplies | $ | 150,522 | $ | 166,359 | |||||
Work-in-process and finished goods | 345,303 | 314,438 | |||||||
LIFO reserve | (45,374 | ) | (50,709 | ) | |||||
Total inventories | $ | 450,451 | $ | 430,088 | |||||
GOODWILL_AND_OTHER_INTANGIBLE_1
GOODWILL AND OTHER INTANGIBLE ASSETS (Tables) | 6 Months Ended | ||||||||||||
Jun. 30, 2014 | |||||||||||||
Schedule of Carrying Amounts of Goodwill Attributable to Segment | ' | ||||||||||||
The carrying amounts of goodwill attributable to each segment at December 31, 2013 and June 30, 2014 were as follows: | |||||||||||||
Titanium | Engineered | Total | |||||||||||
Segment | Products and | ||||||||||||
Services | |||||||||||||
Segment | |||||||||||||
December 31, 2013 | $ | 9,662 | $ | 107,916 | $ | 117,578 | |||||||
Additions (Note 4) | 13,954 | 12,982 | 26,936 | ||||||||||
Purchase price allocation adjustment | — | 100 | 100 | ||||||||||
Translation adjustment | — | (42 | ) | (42 | ) | ||||||||
June 30, 2014 | $ | 23,616 | $ | 120,956 | $ | 144,572 | |||||||
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 | 2 years or less | ||||||||||||
Schedule of Carrying Amount of Intangible Assets Attributable to Each Segment | ' | ||||||||||||
The carrying amounts of intangible assets attributable to each segment at December 31, 2013 and June 30, 2014 were as follows: | |||||||||||||
Titanium | Engineered | Total | |||||||||||
Segment | Products and | ||||||||||||
Services | |||||||||||||
Segment | |||||||||||||
December 31, 2013 | $ | — | $ | 53,754 | $ | 53,754 | |||||||
Intangible assets acquired (Note 4) | 4,600 | 5,300 | 9,900 | ||||||||||
Amortization | (54 | ) | (2,202 | ) | (2,256 | ) | |||||||
Translation adjustment | — | (134 | ) | (134 | ) | ||||||||
June 30, 2014 | $ | 4,546 | $ | 56,718 | $ | 61,264 | |||||||
LONGTERM_DEBT_Tables
LONG-TERM DEBT (Tables) | 6 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Schedule of Long-Term Debt | ' | ||||||||
Long-term debt consisted of: | |||||||||
June 30, | December 31, | ||||||||
2014 | 2013 | ||||||||
$402.5 million aggregate principal amount 1.625% Convertible Senior Notes due 2019 | $ | 325,702 | $ | 319,569 | |||||
$114.4 million aggregate principal amount 3.000% Convertible Senior Notes due 2015 | 105,847 | 103,065 | |||||||
Capital leases | 13,346 | 9,580 | |||||||
Total debt | 444,895 | 432,214 | |||||||
Less: Current portion of capital leases | (2,489 | ) | (1,914 | ) | |||||
Total long-term debt | $ | 442,406 | $ | 430,300 | |||||
EMPLOYEE_BENEFIT_PLANS_Tables
EMPLOYEE BENEFIT PLANS (Tables) | 6 Months Ended | ||||||||||||||||||||||||||||||||
Jun. 30, 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 and six months ended June 30, 2014 and 2013 for those salaried and hourly covered employees were as follows: | |||||||||||||||||||||||||||||||||
Pension Benefits | Other Post-Retirement Benefits | ||||||||||||||||||||||||||||||||
Three Months | Six Months | Three Months | Six Months | ||||||||||||||||||||||||||||||
Ended June 30, | Ended June 30, | Ended June 30, | Ended June 30, | ||||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||||||
Service cost | $ | 527 | $ | 594 | $ | 1,054 | $ | 1,285 | $ | 240 | $ | 177 | $ | 479 | $ | 393 | |||||||||||||||||
Interest cost | 1,966 | 1,715 | 3,932 | 3,381 | 533 | 481 | 1,067 | 958 | |||||||||||||||||||||||||
Expected return on plan assets | (2,827 | ) | (2,615 | ) | (5,652 | ) | (5,199 | ) | — | — | — | — | |||||||||||||||||||||
Amortization of prior service cost | 229 | 248 | 457 | 496 | 172 | 304 | 344 | 607 | |||||||||||||||||||||||||
Amortization of actuarial loss | 1,358 | 1,412 | 2,716 | 3,202 | 23 | 53 | 47 | 141 | |||||||||||||||||||||||||
Special termination benefits | — | — | — | 2,052 | — | — | — | 162 | |||||||||||||||||||||||||
Net periodic benefit cost | $ | 1,253 | $ | 1,354 | $ | 2,507 | $ | 5,217 | $ | 968 | $ | 1,015 | $ | 1,937 | $ | 2,261 | |||||||||||||||||
SEGMENT_REPORTING_Tables
SEGMENT REPORTING (Tables) | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Summary of Geographic Area Information Property, Plant and Equipment | ' | ||||||||||||||||
A summary of financial information by reportable segment is as follows: | |||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||
June 30, | June 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
(As Restated) | (As Restated) | ||||||||||||||||
Net sales: | |||||||||||||||||
Titanium Segment | $ | 83,318 | $ | 83,521 | $ | 160,298 | $ | 180,346 | |||||||||
Intersegment sales | 22,547 | 25,350 | 47,593 | 41,618 | |||||||||||||
Total Titanium Segment sales | 105,865 | 108,871 | 207,891 | 221,964 | |||||||||||||
EP&S Segment | 122,016 | 115,602 | 219,581 | 207,979 | |||||||||||||
Intersegment sales | 22,115 | 17,196 | 50,081 | 33,039 | |||||||||||||
Total EP&S Segment sales | 144,131 | 132,798 | 269,662 | 241,018 | |||||||||||||
Eliminations | 44,662 | 42,546 | 97,674 | 74,657 | |||||||||||||
Total consolidated net sales | $ | 205,334 | $ | 199,123 | $ | 379,879 | $ | 388,325 | |||||||||
Operating income: | |||||||||||||||||
Titanium Segment before corporate allocations | $ | 12,381 | $ | 21,474 | $ | 22,810 | $ | 37,611 | |||||||||
Corporate allocations | (4,518 | ) | (4,510 | ) | (9,045 | ) | (9,410 | ) | |||||||||
Total Titanium Segment operating income | 7,863 | 16,964 | 13,765 | 28,201 | |||||||||||||
EP&S Segment before corporate allocations | 15,715 | 7,740 | 17,526 | 16,729 | |||||||||||||
Corporate allocations | (6,106 | ) | (4,223 | ) | (12,202 | ) | (10,802 | ) | |||||||||
Total EP&S Segment operating income | 9,609 | 3,517 | 5,324 | 5,927 | |||||||||||||
Total consolidated operating income | $ | 17,472 | $ | 20,481 | $ | 19,089 | $ | 34,128 | |||||||||
Summary of Financial Information by Reportable Segment | ' | ||||||||||||||||
June 30, | December 31, | ||||||||||||||||
2014 | 2013 | ||||||||||||||||
Total assets: | |||||||||||||||||
Titanium Segment | $ | 648,943 | $ | 604,123 | |||||||||||||
EP&S Segment | 616,101 | 585,867 | |||||||||||||||
General corporate assets | 249,659 | 310,281 | |||||||||||||||
Assets of discontinued operations | 806 | 5,274 | |||||||||||||||
Total consolidated assets | $ | 1,515,509 | $ | 1,505,545 | |||||||||||||
GUARANTOR_SUBSIDIARIES_Tables
GUARANTOR SUBSIDIARIES (Tables) | 6 Months Ended | ||||||||||||||||||||||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||||||||||||||||||||||
Schedule of Condensed Consolidating Statement of Operations and Comprehensive Income, Restatement Adjustments | ' | ||||||||||||||||||||||||||||||||||||||||
Condensed Consolidating Statement of Operations and Comprehensive Income (Loss) | |||||||||||||||||||||||||||||||||||||||||
Three Months June 30, 2013 | |||||||||||||||||||||||||||||||||||||||||
(unaudited) | |||||||||||||||||||||||||||||||||||||||||
RTI International | Guarantors | Non-Guarantors | Eliminations | Consolidated | |||||||||||||||||||||||||||||||||||||
Metals, Inc. | |||||||||||||||||||||||||||||||||||||||||
Previously | As | Previously | As | Previously | As | Previously | As | Previously | As | ||||||||||||||||||||||||||||||||
Reported (1) | Restated | Reported (1) | Restated | Reported (1) | Restated | Reported (1) | Restated | Reported (1) | Restated | ||||||||||||||||||||||||||||||||
Net sales | $ | — | $ | — | $ | 136,778 | $ | 136,778 | $ | 121,444 | $ | 119,617 | $ | (57,272 | ) | $ | (57,272 | ) | $ | 200,950 | $ | 199,123 | |||||||||||||||||||
Cost of sales | — | — | 108,580 | 108,580 | 105,474 | 104,038 | (57,272 | ) | $ | (57,272 | ) | 156,782 | 155,346 | ||||||||||||||||||||||||||||
Selling, general, and administrative expenses | 491 | 491 | 11,034 | 11,034 | 11,116 | 10,789 | — | — | 22,641 | 22,314 | |||||||||||||||||||||||||||||||
Research, technical, and product development expenses | — | — | 982 | 982 | — | — | — | — | 982 | 982 | |||||||||||||||||||||||||||||||
Operating income (loss) | (491 | ) | (491 | ) | 16,182 | 16,182 | 4,854 | 4,790 | — | — | 20,545 | 20,481 | |||||||||||||||||||||||||||||
Other income (expense), net | (4,167 | ) | (4,167 | ) | 1,104 | 1,104 | 3,763 | 3,763 | — | — | 700 | 700 | |||||||||||||||||||||||||||||
Interest income (expense), net | (5,605 | ) | (5,605 | ) | (8,668 | ) | (8,668 | ) | (6,370 | ) | (6,370 | ) | — | — | (20,643 | ) | (20,643 | ) | |||||||||||||||||||||||
Equity in earnings of subsidiaries | 8,220 | 7,364 | 263 | 263 | 847 | 847 | (9,330 | ) | (8,474 | ) | — | — | |||||||||||||||||||||||||||||
Income (loss) before income taxes | (2,043 | ) | (2,899 | ) | 8,881 | 8,881 | 3,094 | 3,030 | (9,330 | ) | (8,474 | ) | 602 | 538 | |||||||||||||||||||||||||||
Provision for (benefit from) income taxes | (3,523 | ) | (3,958 | ) | 2,101 | 2,101 | 544 | 1,336 | — | — | (878 | ) | (521 | ) | |||||||||||||||||||||||||||
Net income attributable to continuing operations | 1,480 | 1,059 | 6,780 | 6,780 | 2,550 | 1,694 | (9,330 | ) | (8,474 | ) | 1,480 | 1,059 | |||||||||||||||||||||||||||||
Net loss attributable to discontinued operations, net of tax | (307 | ) | (389 | ) | — | — | (307 | ) | (389 | ) | 307 | 389 | (307 | ) | (389 | ) | |||||||||||||||||||||||||
Net income | $ | 1,173 | $ | 670 | $ | 6,780 | $ | 6,780 | $ | 2,243 | $ | 1,305 | $ | (9,023 | ) | $ | (8,085 | ) | $ | 1,173 | $ | 670 | |||||||||||||||||||
Comprehensive income (loss) | $ | (2,067 | ) | $ | (1,386 | ) | $ | 7,862 | $ | 7,862 | $ | (2,224 | ) | $ | (1,978 | ) | $ | (5,638 | ) | $ | (5,884 | ) | $ | (2,067 | ) | $ | (1,386 | ) | |||||||||||||
(1): | Previously reported balances represent the amounts reported in the Condensed Consolidating Statement of Operations in the Company’s Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2013 as filed with the SEC on September 24, 2013. | ||||||||||||||||||||||||||||||||||||||||
Condensed Consolidating Statement of Operations and Comprehensive Income | |||||||||||||||||||||||||||||||||||||||||
Six Months Ended June 30, 2013 | |||||||||||||||||||||||||||||||||||||||||
(unaudited) | |||||||||||||||||||||||||||||||||||||||||
RTI International | Guarantors | Non-Guarantors | Eliminations | Consolidated | |||||||||||||||||||||||||||||||||||||
Metals, Inc. | |||||||||||||||||||||||||||||||||||||||||
Previously | As | Previously | As | Previously | As | Previously | As | Previously | As | ||||||||||||||||||||||||||||||||
Reported (1) | Restated | Reported (1) | Restated | Reported (1) | Restated | Reported (1) | Restated | Reported (1) | Restated | ||||||||||||||||||||||||||||||||
Net sales | $ | — | $ | — | $ | 272,951 | $ | 272,951 | $ | 227,606 | $ | 223,081 | $ | (107,707 | ) | $ | (107,707 | ) | $ | 392,850 | $ | 388,325 | |||||||||||||||||||
Cost of sales | — | — | 222,050 | 222,050 | 194,425 | 190,952 | (107,707 | ) | (107,707 | ) | 308,768 | 305,295 | |||||||||||||||||||||||||||||
Selling, general, and administrative expenses | 1,704 | 1,704 | 22,742 | 22,742 | 23,103 | 22,473 | — | — | 47,549 | 46,919 | |||||||||||||||||||||||||||||||
Research, technical, and product development expenses | — | — | 1,983 | 1,983 | — | — | — | — | 1,983 | 1,983 | |||||||||||||||||||||||||||||||
Operating income (loss) | (1,704 | ) | (1,704 | ) | 26,176 | 26,176 | 10,078 | 9,656 | — | — | 34,550 | 34,128 | |||||||||||||||||||||||||||||
Other income (expense), net | 110 | 110 | (1,280 | ) | (1,280 | ) | 2,429 | 2,429 | — | — | 1,259 | 1,259 | |||||||||||||||||||||||||||||
Interest income (expense), net | (10,022 | ) | (10,022 | ) | (8,639 | ) | (8,639 | ) | (6,747 | ) | (6,747 | ) | — | — | (25,408 | ) | (25,408 | ) | |||||||||||||||||||||||
Equity in earnings of subsidiaries | 15,395 | 13,010 | (110 | ) | (110 | ) | 953 | 953 | (16,238 | ) | (13,853 | ) | — | — | |||||||||||||||||||||||||||
Income before income taxes | 3,779 | 1,394 | 16,147 | 16,147 | 6,713 | 6,291 | (16,238 | ) | (13,853 | ) | 10,401 | 9,979 | |||||||||||||||||||||||||||||
Provision for (benefit from) income taxes | (4,518 | ) | (4,633 | ) | 4,876 | 4,876 | 1,746 | 3,709 | — | — | 2,104 | 3,952 | |||||||||||||||||||||||||||||
Net income attributable to continuing operations | 8,297 | 6,027 | 11,271 | 11,271 | 4,967 | 2,582 | (16,238 | ) | (13,853 | ) | 8,297 | 6,027 | |||||||||||||||||||||||||||||
Net loss attributable to discontinued operations, net of tax | (156 | ) | (472 | ) | — | — | (156 | ) | (472 | ) | 156 | 472 | (156 | ) | (472 | ) | |||||||||||||||||||||||||
Net income | $ | 8,141 | $ | 5,555 | $ | 11,271 | $ | 11,271 | $ | 4,811 | $ | 2,110 | $ | (16,082 | ) | $ | (13,381 | ) | $ | 8,141 | $ | 5,555 | |||||||||||||||||||
Comprehensive income | $ | 8,913 | $ | 8,114 | $ | 18,528 | $ | 18,528 | $ | (2,470 | ) | $ | (3,384 | ) | $ | (16,058 | ) | $ | (15,144 | ) | $ | 8,913 | $ | 8,114 | |||||||||||||||||
(1): | Previously reported balances represent the amounts reported in the Condensed Consolidating Statement of Operations in the Company’s Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2013 as filed with the SEC on September 24, 2013. | ||||||||||||||||||||||||||||||||||||||||
Schedule of Condensed Consolidating Statement of Operations and Comprehensive Income | ' | ||||||||||||||||||||||||||||||||||||||||
The following tables present Condensed Consolidating Financial Statements as of June 30, 2014 and December 31, 2013 and for the three and six months ended June 30, 2014 and 2013: | |||||||||||||||||||||||||||||||||||||||||
Condensed Consolidating Statement of Operations and Comprehensive Income | |||||||||||||||||||||||||||||||||||||||||
Three Months Ended June 30, 2014 | |||||||||||||||||||||||||||||||||||||||||
RTI International | Guarantor | Non-Guarantor | Eliminations | Consolidated | |||||||||||||||||||||||||||||||||||||
Metals, Inc. | Subsidiaries | Subsidiaries | |||||||||||||||||||||||||||||||||||||||
Net sales | $ | — | $ | 119,503 | $ | 135,446 | $ | (49,615 | ) | $ | 205,334 | ||||||||||||||||||||||||||||||
Costs and expenses: | |||||||||||||||||||||||||||||||||||||||||
Cost of sales | — | 104,233 | 108,404 | (49,615 | ) | 163,022 | |||||||||||||||||||||||||||||||||||
Selling, general, and administrative expenses (1) | (379 | ) | 11,149 | 12,861 | — | 23,631 | |||||||||||||||||||||||||||||||||||
Research, technical, and product development expenses | — | 1,196 | 13 | — | 1,209 | ||||||||||||||||||||||||||||||||||||
Operating income | 379 | 2,925 | 14,168 | — | 17,472 | ||||||||||||||||||||||||||||||||||||
Other income (expense), net | 1,217 | (979 | ) | (613 | ) | — | (375 | ) | |||||||||||||||||||||||||||||||||
Interest income (expense), net | (5,942 | ) | (1,043 | ) | (644 | ) | — | (7,629 | ) | ||||||||||||||||||||||||||||||||
Equity in earnings of subsidiaries | 10,077 | 218 | 327 | (10,622 | ) | — | |||||||||||||||||||||||||||||||||||
Income before income taxes | 5,731 | 1,121 | 13,238 | (10,622 | ) | 9,468 | |||||||||||||||||||||||||||||||||||
Provision for (benefit from) income taxes | (1,380 | ) | 514 | 3,223 | — | 2,357 | |||||||||||||||||||||||||||||||||||
Net income (loss) attributable to continuing operations | $ | 7,111 | $ | 607 | $ | 10,015 | $ | (10,622 | ) | $ | 7,111 | ||||||||||||||||||||||||||||||
Net income (loss) attributable to discontinued operations, net of tax | $ | (70 | ) | $ | — | $ | (70 | ) | $ | 70 | $ | (70 | ) | ||||||||||||||||||||||||||||
Net income (loss) | $ | 7,041 | $ | 607 | $ | 9,945 | $ | (10,552 | ) | $ | 7,041 | ||||||||||||||||||||||||||||||
Comprehensive income (loss) | $ | 12,166 | $ | 1,554 | $ | 13,947 | $ | (15,501 | ) | $ | 12,166 | ||||||||||||||||||||||||||||||
-1 | The Parent allocates selling, general, and administrative expenses (“SG&A”) to the subsidiaries based upon its budgeted annual expenses. A credit in parent SG&A is offset by an equal debit amount in the subsidiaries’ SG&A. | ||||||||||||||||||||||||||||||||||||||||
Condensed Consolidating Statement of Operations and Comprehensive Income | |||||||||||||||||||||||||||||||||||||||||
Three Months Ended June 30, 2013 | |||||||||||||||||||||||||||||||||||||||||
RTI International | Guarantor | Non-Guarantor | Eliminations | Consolidated | |||||||||||||||||||||||||||||||||||||
Metals, Inc. | Subsidiaries | Subsidiaries | (As Restated) | (As Restated) | |||||||||||||||||||||||||||||||||||||
(As Restated) | (As Restated) | (As Restated) | |||||||||||||||||||||||||||||||||||||||
Net sales | $ | — | $ | 136,778 | $ | 119,617 | $ | (57,272 | ) | $ | 199,123 | ||||||||||||||||||||||||||||||
Costs and expenses: | |||||||||||||||||||||||||||||||||||||||||
Cost of sales | — | 108,580 | 104,038 | (57,272 | ) | 155,346 | |||||||||||||||||||||||||||||||||||
Selling, general, and administrative expenses (1) | 491 | 11,034 | 10,789 | — | 22,314 | ||||||||||||||||||||||||||||||||||||
Research, technical, and product development expenses | — | 982 | — | — | 982 | ||||||||||||||||||||||||||||||||||||
Operating income | (491 | ) | 16,182 | 4,790 | — | 20,481 | |||||||||||||||||||||||||||||||||||
Other income (expense) | (4,167 | ) | 1,104 | 3,763 | — | 700 | |||||||||||||||||||||||||||||||||||
Interest income (expense), net | (5,605 | ) | (8,668 | ) | (6,370 | ) | — | (20,643 | ) | ||||||||||||||||||||||||||||||||
Equity in earnings of subsidiaries | 7,364 | 263 | 847 | (8,474 | ) | — | |||||||||||||||||||||||||||||||||||
Income before income taxes | (2,899 | ) | 8,881 | 3,030 | (8,474 | ) | 538 | ||||||||||||||||||||||||||||||||||
Provision for (benefit from) income taxes | (3,958 | ) | 2,101 | 1,336 | — | (521 | ) | ||||||||||||||||||||||||||||||||||
Net income attributable to continuing operations | $ | 1,059 | $ | 6,780 | $ | 1,694 | $ | (8,474 | ) | $ | 1,059 | ||||||||||||||||||||||||||||||
Net loss attributable to discontinued operations, net of tax | $ | (389 | ) | $ | — | $ | (389 | ) | $ | 389 | $ | (389 | ) | ||||||||||||||||||||||||||||
Net income | $ | 670 | $ | 6,780 | $ | 1,305 | $ | (8,085 | ) | $ | 670 | ||||||||||||||||||||||||||||||
Comprehensive income (loss) | $ | (1,386 | ) | $ | 7,862 | $ | (1,978 | ) | $ | (5,884 | ) | $ | (1,386 | ) | |||||||||||||||||||||||||||
-1 | The Parent allocates SG&A to the subsidiaries based upon its budgeted annual expenses. | ||||||||||||||||||||||||||||||||||||||||
Condensed Consolidating Statement of Operations and Comprehensive Income | |||||||||||||||||||||||||||||||||||||||||
Six Months Ended June 30, 2014 | |||||||||||||||||||||||||||||||||||||||||
RTI International | Guarantor | Non-Guarantor | Eliminations | Consolidated | |||||||||||||||||||||||||||||||||||||
Metals, Inc. | Subsidiaries | Subsidiaries | |||||||||||||||||||||||||||||||||||||||
Net sales | $ | — | $ | 233,626 | $ | 249,735 | $ | (103,482 | ) | $ | 379,879 | ||||||||||||||||||||||||||||||
Costs and expenses: | |||||||||||||||||||||||||||||||||||||||||
Cost of sales | — | 206,353 | 206,227 | (103,482 | ) | 309,098 | |||||||||||||||||||||||||||||||||||
Selling, general, and administrative expenses (1) | 568 | 23,307 | 25,624 | — | 49,499 | ||||||||||||||||||||||||||||||||||||
Research, technical, and product development expenses | — | 2,180 | 13 | — | 2,193 | ||||||||||||||||||||||||||||||||||||
Operating income | (568 | ) | 1,786 | 17,871 | — | 19,089 | |||||||||||||||||||||||||||||||||||
Other income (expense), net | 2,707 | (1,817 | ) | (730 | ) | — | 160 | ||||||||||||||||||||||||||||||||||
Interest income (expense), net | (11,757 | ) | (2,245 | ) | (1,184 | ) | — | (15,186 | ) | ||||||||||||||||||||||||||||||||
Equity in earnings of subsidiaries | 11,535 | 566 | 1,302 | (13,403 | ) | — | |||||||||||||||||||||||||||||||||||
Income before income taxes | 1,917 | (1,710 | ) | 17,259 | (13,403 | ) | 4,063 | ||||||||||||||||||||||||||||||||||
Provision for (benefit from) income taxes | (1,378 | ) | (1,016 | ) | 3,162 | — | 768 | ||||||||||||||||||||||||||||||||||
Net income (loss) attributable to continuing operations | $ | 3,295 | $ | (694 | ) | $ | 14,097 | $ | (13,403 | ) | $ | 3,295 | |||||||||||||||||||||||||||||
Net income (loss) attributable to discontinued operations, net of tax | $ | (435 | ) | $ | — | $ | (435 | ) | $ | 435 | $ | (435 | ) | ||||||||||||||||||||||||||||
Net income (loss) | $ | 2,860 | $ | (694 | ) | $ | 13,662 | $ | (12,968 | ) | $ | 2,860 | |||||||||||||||||||||||||||||
Comprehensive income (loss) | $ | 4,971 | $ | 1,208 | $ | 13,571 | $ | (14,779 | ) | $ | 4,971 | ||||||||||||||||||||||||||||||
-1 | The Parent allocates SG&A to the subsidiaries based upon its budgeted annual expenses. | ||||||||||||||||||||||||||||||||||||||||
Condensed Consolidating Statement of Operations and Comprehensive Income | |||||||||||||||||||||||||||||||||||||||||
Six Months Ended June 30, 2013 | |||||||||||||||||||||||||||||||||||||||||
RTI | Guarantor | Non-Guarantor | Eliminations | Consolidated | |||||||||||||||||||||||||||||||||||||
International | Subsidiaries | Subsidiaries | (As Restated) | (As Restated) | |||||||||||||||||||||||||||||||||||||
Metals, Inc. | (As Restated) | (As Restated) | |||||||||||||||||||||||||||||||||||||||
(As Restated) | |||||||||||||||||||||||||||||||||||||||||
Net sales | $ | — | $ | 272,951 | $ | 223,081 | $ | (107,707 | ) | $ | 388,325 | ||||||||||||||||||||||||||||||
Costs and expenses: | |||||||||||||||||||||||||||||||||||||||||
Cost of sales | — | 222,050 | 190,952 | (107,707 | ) | 305,295 | |||||||||||||||||||||||||||||||||||
Selling, general, and administrative expenses (1) | 1,704 | 22,742 | 22,473 | — | 46,919 | ||||||||||||||||||||||||||||||||||||
Research, technical, and product development expenses | — | 1,983 | — | — | 1,983 | ||||||||||||||||||||||||||||||||||||
Operating income | (1,704 | ) | 26,176 | 9,656 | — | 34,128 | |||||||||||||||||||||||||||||||||||
Other income (expense) | 110 | (1,280 | ) | 2,429 | — | 1,259 | |||||||||||||||||||||||||||||||||||
Interest income (expense), net | (10,022 | ) | (8,639 | ) | (6,747 | ) | — | (25,408 | ) | ||||||||||||||||||||||||||||||||
Equity in earnings of subsidiaries | 13,010 | (110 | ) | 953 | (13,853 | ) | — | ||||||||||||||||||||||||||||||||||
Income before income taxes | 1,394 | 16,147 | 6,291 | (13,853 | ) | 9,979 | |||||||||||||||||||||||||||||||||||
Provision for (benefit from) income taxes | (4,633 | ) | 4,876 | 3,709 | — | 3,952 | |||||||||||||||||||||||||||||||||||
Net income attributable to continuing operations | $ | 6,027 | $ | 11,271 | $ | 2,582 | $ | (13,853 | ) | $ | 6,027 | ||||||||||||||||||||||||||||||
Net loss attributable to discontinued operations, net of tax | $ | (472 | ) | $ | — | $ | (472 | ) | $ | 472 | $ | (472 | ) | ||||||||||||||||||||||||||||
Net income | $ | 5,555 | $ | 11,271 | $ | 2,110 | $ | (13,381 | ) | $ | 5,555 | ||||||||||||||||||||||||||||||
Comprehensive income (loss) | $ | 8,114 | $ | 18,528 | $ | (3,384 | ) | $ | (15,144 | ) | $ | 8,114 | |||||||||||||||||||||||||||||
-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 June 30, 2014 | |||||||||||||||||||||||||||||||||||||||||
RTI | Guarantor | Non-Guarantor | Eliminations | Consolidated | |||||||||||||||||||||||||||||||||||||
International | Subsidiaries | Subsidiaries | |||||||||||||||||||||||||||||||||||||||
Metals, Inc. | |||||||||||||||||||||||||||||||||||||||||
ASSETS | |||||||||||||||||||||||||||||||||||||||||
Current assets: | |||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | 109,935 | $ | 39,018 | $ | — | $ | 148,953 | |||||||||||||||||||||||||||||||
Short-term investments | — | 143,602 | — | — | 143,602 | ||||||||||||||||||||||||||||||||||||
Receivables, net | 1,109 | 53,906 | 76,284 | (21,971 | ) | 109,328 | |||||||||||||||||||||||||||||||||||
Inventories, net | — | 286,086 | 164,365 | — | 450,451 | ||||||||||||||||||||||||||||||||||||
Cost in excess of billings | — | 4,070 | 3,261 | — | 7,331 | ||||||||||||||||||||||||||||||||||||
Deferred income taxes | 27,193 | 2,755 | 2,263 | — | 32,211 | ||||||||||||||||||||||||||||||||||||
Assets of discontinued operations | — | — | 806 | — | 806 | ||||||||||||||||||||||||||||||||||||
Other current assets | 11,405 | 2,679 | 6,545 | — | 20,629 | ||||||||||||||||||||||||||||||||||||
Total current assets | 39,707 | 603,033 | 292,542 | (21,971 | ) | 913,311 | |||||||||||||||||||||||||||||||||||
Property, plant, and equipment, net | 2,263 | 285,086 | 86,627 | — | 373,976 | ||||||||||||||||||||||||||||||||||||
Goodwill | — | 94,511 | 50,061 | — | 144,572 | ||||||||||||||||||||||||||||||||||||
Other intangible assets, net | — | 34,653 | 26,611 | — | 61,264 | ||||||||||||||||||||||||||||||||||||
Other noncurrent assets | 9,487 | 7,184 | 5,715 | — | 22,386 | ||||||||||||||||||||||||||||||||||||
Intercompany investments | 1,258,663 | 27,189 | 7,023 | (1,292,875 | ) | — | |||||||||||||||||||||||||||||||||||
Total assets | $ | 1,310,120 | $ | 1,051,656 | $ | 468,579 | $ | (1,314,846 | ) | $ | 1,515,509 | ||||||||||||||||||||||||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||||||||||||||||||||||||||||||||||||
Current liabilities: | |||||||||||||||||||||||||||||||||||||||||
Accounts payable | $ | 2,223 | $ | 54,452 | $ | 45,719 | $ | (21,971 | ) | $ | 80,423 | ||||||||||||||||||||||||||||||
Accrued wages and other employee costs | 5,607 | 12,994 | 8,672 | — | 27,273 | ||||||||||||||||||||||||||||||||||||
Unearned revenue | — | 10 | 10,934 | — | 10,944 | ||||||||||||||||||||||||||||||||||||
Other accrued liabilities | 5,420 | 3,931 | 12,072 | — | 21,423 | ||||||||||||||||||||||||||||||||||||
Total current liabilities | 13,250 | 71,387 | 77,397 | (21,971 | ) | 140,063 | |||||||||||||||||||||||||||||||||||
Long-term debt | 431,548 | 361 | 10,497 | — | 442,406 | ||||||||||||||||||||||||||||||||||||
Intercompany debt | — | 312,914 | 151,804 | (464,718 | ) | — | |||||||||||||||||||||||||||||||||||
Liability for post-retirement benefits | — | 43,931 | — | — | 43,931 | ||||||||||||||||||||||||||||||||||||
Liability for pension benefits | 6,136 | 6,826 | 159 | — | 13,121 | ||||||||||||||||||||||||||||||||||||
Deferred income taxes | 70,486 | 1,747 | 4,071 | — | 76,304 | ||||||||||||||||||||||||||||||||||||
Unearned revenue | — | — | 5,435 | — | 5,435 | ||||||||||||||||||||||||||||||||||||
Other noncurrent liabilities | 7,417 | 5,247 | 302 | — | 12,966 | ||||||||||||||||||||||||||||||||||||
Total liabilities | 528,837 | 442,413 | 249,665 | (486,689 | ) | 734,226 | |||||||||||||||||||||||||||||||||||
Shareholders’ equity | 781,283 | 609,243 | 218,914 | (828,157 | ) | 781,283 | |||||||||||||||||||||||||||||||||||
Total liabilities and shareholders’ equity | $ | 1,310,120 | $ | 1,051,656 | $ | 468,579 | $ | (1,314,846 | ) | $ | 1,515,509 | ||||||||||||||||||||||||||||||
Condensed Consolidating Balance Sheet | |||||||||||||||||||||||||||||||||||||||||
As of December 31, 2013 | |||||||||||||||||||||||||||||||||||||||||
RTI | Guarantor | Non-Guarantor | Eliminations | Consolidated | |||||||||||||||||||||||||||||||||||||
International | Subsidiaries | Subsidiaries | |||||||||||||||||||||||||||||||||||||||
Metals, Inc. | |||||||||||||||||||||||||||||||||||||||||
ASSETS | |||||||||||||||||||||||||||||||||||||||||
Current assets: | |||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | 312,202 | $ | 31,435 | $ | — | $ | 343,637 | |||||||||||||||||||||||||||||||
Receivables, net | 786 | 57,397 | 69,847 | (22,759 | ) | 105,271 | |||||||||||||||||||||||||||||||||||
Inventories, net | — | 265,621 | 164,467 | — | 430,088 | ||||||||||||||||||||||||||||||||||||
Costs in excess of billings | — | 3,800 | 1,577 | — | 5,377 | ||||||||||||||||||||||||||||||||||||
Deferred income taxes | 31,656 | — | 376 | — | 32,032 | ||||||||||||||||||||||||||||||||||||
Assets of discontinued operations | — | — | 5,274 | — | 5,274 | ||||||||||||||||||||||||||||||||||||
Other current assets | 9,425 | 2,984 | 4,538 | — | 16,947 | ||||||||||||||||||||||||||||||||||||
Total current assets | 41,867 | 642,004 | 277,514 | (22,759 | ) | 938,626 | |||||||||||||||||||||||||||||||||||
Property, plant, and equipment, net | 2,328 | 292,033 | 77,979 | — | 372,340 | ||||||||||||||||||||||||||||||||||||
Goodwill | — | 79,705 | 37,873 | — | 117,578 | ||||||||||||||||||||||||||||||||||||
Other intangible assets, net | — | 31,184 | 22,570 | — | 53,754 | ||||||||||||||||||||||||||||||||||||
Other noncurrent assets | 11,025 | 7,184 | 5,038 | — | 23,247 | ||||||||||||||||||||||||||||||||||||
Intercompany investments | 1,240,671 | 26,623 | 5,721 | (1,273,015 | ) | — | |||||||||||||||||||||||||||||||||||
Total assets | $ | 1,295,891 | $ | 1,078,733 | $ | 426,695 | $ | (1,295,774 | ) | $ | 1,505,545 | ||||||||||||||||||||||||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||||||||||||||||||||||||||||||||||||
Current liabilities: | |||||||||||||||||||||||||||||||||||||||||
Accounts payable | $ | 1,948 | $ | 54,111 | $ | 45,739 | $ | (22,759 | ) | $ | 79,039 | ||||||||||||||||||||||||||||||
Accrued wages and other employee costs | 6,598 | 14,093 | 9,096 | — | 29,787 | ||||||||||||||||||||||||||||||||||||
Unearned revenue | — | 288 | 15,337 | — | 15,625 | ||||||||||||||||||||||||||||||||||||
Liabilities of discontinued operations | — | — | 458 | — | 458 | ||||||||||||||||||||||||||||||||||||
Other accrued liabilities | 6,800 | 5,101 | 10,673 | — | 22,574 | ||||||||||||||||||||||||||||||||||||
Total current liabilities | 15,346 | 73,593 | 81,303 | (22,759 | ) | 147,483 | |||||||||||||||||||||||||||||||||||
Long-term debt | 422,634 | 738 | 6,928 | — | 430,300 | ||||||||||||||||||||||||||||||||||||
Intercompany debt | — | 357,144 | 106,633 | (463,777 | ) | — | |||||||||||||||||||||||||||||||||||
Liability for post-retirement benefits | — | 43,447 | — | — | 43,447 | ||||||||||||||||||||||||||||||||||||
Liability for pension benefits | 5,943 | 7,685 | 159 | — | 13,787 | ||||||||||||||||||||||||||||||||||||
Deferred income taxes | 70,006 | — | 4,072 | — | 74,078 | ||||||||||||||||||||||||||||||||||||
Unearned revenue | — | — | 10,470 | — | 10,470 | ||||||||||||||||||||||||||||||||||||
Other noncurrent liabilities | 7,988 | 3,763 | 255 | — | 12,006 | ||||||||||||||||||||||||||||||||||||
Total liabilities | 521,917 | 486,370 | 209,820 | (486,536 | ) | 731,571 | |||||||||||||||||||||||||||||||||||
Shareholders’ equity | 773,974 | 592,363 | 216,875 | (809,238 | ) | 773,974 | |||||||||||||||||||||||||||||||||||
Total liabilities and shareholders’ equity | $ | 1,295,891 | $ | 1,078,733 | $ | 426,695 | $ | (1,295,774 | ) | $ | 1,505,545 | ||||||||||||||||||||||||||||||
Condensed Consolidating Statement of Cash Flows | ' | ||||||||||||||||||||||||||||||||||||||||
Condensed Consolidating Statement of Cash Flows | |||||||||||||||||||||||||||||||||||||||||
Six Months Ended June 30, 2014 | |||||||||||||||||||||||||||||||||||||||||
RTI | Guarantor | Non-Guarantor | Eliminations | Consolidated | |||||||||||||||||||||||||||||||||||||
International | Subsidiaries | Subsidiaries | |||||||||||||||||||||||||||||||||||||||
Metals, Inc. | |||||||||||||||||||||||||||||||||||||||||
Cash provided by (used in) operating activities | $ | 1,007 | $ | (2,087 | ) | $ | (257 | ) | $ | — | $ | (1,337 | ) | ||||||||||||||||||||||||||||
Investing activities: | |||||||||||||||||||||||||||||||||||||||||
Acquisitions, net of cash acquired | — | (15,508 | ) | (21,709 | ) | — | (37,217 | ) | |||||||||||||||||||||||||||||||||
Capital expenditures | (186 | ) | (7,989 | ) | (5,431 | ) | — | (13,606 | ) | ||||||||||||||||||||||||||||||||
Short-term investments, net | — | (143,555 | ) | — | — | (143,555 | ) | ||||||||||||||||||||||||||||||||||
Divestitures | — | — | 3,281 | — | 3,281 | ||||||||||||||||||||||||||||||||||||
Intercompany debt activity, net | (928 | ) | — | 33,757 | (32,829 | ) | — | ||||||||||||||||||||||||||||||||||
Cash provided by (used in) investing activities | (1,114 | ) | (167,052 | ) | 9,898 | (32,829 | ) | (191,097 | ) | ||||||||||||||||||||||||||||||||
Financing activities: | |||||||||||||||||||||||||||||||||||||||||
Proceeds from exercise of employee stock options | 709 | — | — | — | 709 | ||||||||||||||||||||||||||||||||||||
Excess tax benefits from stock-based compensation activity | 197 | — | — | — | 197 | ||||||||||||||||||||||||||||||||||||
Repayments on long-term debt | — | (475 | ) | (936 | ) | — | (1,411 | ) | |||||||||||||||||||||||||||||||||
Intercompany debt activity, net | — | (32,829 | ) | — | 32,829 | — | |||||||||||||||||||||||||||||||||||
Purchase of common stock held in treasury | (851 | ) | — | — | — | (851 | ) | ||||||||||||||||||||||||||||||||||
Other financing activities | 52 | 176 | (228 | ) | — | — | |||||||||||||||||||||||||||||||||||
Cash provided by (used in) financing activities | 107 | (33,128 | ) | (1,164 | ) | 32,829 | (1,356 | ) | |||||||||||||||||||||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | (894 | ) | — | (894 | ) | ||||||||||||||||||||||||||||||||||
Increase/(decrease) in cash and cash equivalents | — | (202,267 | ) | 7,583 | — | (194,684 | ) | ||||||||||||||||||||||||||||||||||
Cash and cash equivalents at beginning of period | — | 312,202 | 31,435 | — | 343,637 | ||||||||||||||||||||||||||||||||||||
Cash and cash equivalents at end of period | $ | — | $ | 109,935 | $ | 39,018 | $ | — | $ | 148,953 | |||||||||||||||||||||||||||||||
Condensed Consolidating Statement of Cash Flows | |||||||||||||||||||||||||||||||||||||||||
Six Months Ended June 30, 2013 | |||||||||||||||||||||||||||||||||||||||||
RTI | Guarantor | Non-Guarantor | Eliminations | Consolidated | |||||||||||||||||||||||||||||||||||||
International | Subsidiaries | Subsidiaries | |||||||||||||||||||||||||||||||||||||||
Metals, Inc. | |||||||||||||||||||||||||||||||||||||||||
Cash provided by (used in) operating activities | $ | (2,158 | ) | $ | (4,319 | ) | $ | 7,096 | $ | — | $ | 619 | |||||||||||||||||||||||||||||
Investing activities: | |||||||||||||||||||||||||||||||||||||||||
Acquisitions, net of cash acquired | — | — | 10,475 | — | 10,475 | ||||||||||||||||||||||||||||||||||||
Investments in subsidiaries, net | (2,300 | ) | — | — | 2,300 | — | |||||||||||||||||||||||||||||||||||
Capital expenditures | (558 | ) | (13,917 | ) | (5,190 | ) | — | (19,665 | ) | ||||||||||||||||||||||||||||||||
Investments, net | — | (128,291 | ) | — | — | (128,291 | ) | ||||||||||||||||||||||||||||||||||
Intercompany debt activity, net (1) | (266,663 | ) | — | (18,249 | ) | 284,912 | — | ||||||||||||||||||||||||||||||||||
Cash provided by (used in) investing activities | (269,521 | ) | (142,208 | ) | (12,964 | ) | 287,212 | (137,481 | ) | ||||||||||||||||||||||||||||||||
Financing activities: | |||||||||||||||||||||||||||||||||||||||||
Proceeds from exercise of employee stock options | 1,489 | — | — | — | 1,489 | ||||||||||||||||||||||||||||||||||||
Excess tax benefits from stock-based compensation activity | 376 | — | — | — | 376 | ||||||||||||||||||||||||||||||||||||
Financing fees | (12,370 | ) | (12,370 | ) | |||||||||||||||||||||||||||||||||||||
Parent company investments/dividends, net | — | 579 | 1,721 | (2,300 | ) | — | |||||||||||||||||||||||||||||||||||
Borrowings on long-term debt | 402,500 | — | — | — | 402,500 | ||||||||||||||||||||||||||||||||||||
Repayments on long-term debt | (119,917 | ) | (445 | ) | — | — | (120,362 | ) | |||||||||||||||||||||||||||||||||
Intercompany debt activity, net (1) | — | 284,912 | — | (284,912 | ) | — | |||||||||||||||||||||||||||||||||||
Purchase of common stock held in treasury | (399 | ) | — | — | — | (399 | ) | ||||||||||||||||||||||||||||||||||
Cash provided by (used in) financing activities | 271,679 | 285,046 | 1,721 | (287,212 | ) | 271,234 | |||||||||||||||||||||||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | (129 | ) | — | (129 | ) | ||||||||||||||||||||||||||||||||||
Increase (decrease) in cash and cash equivalents | — | 138,519 | (4,276 | ) | — | 134,243 | |||||||||||||||||||||||||||||||||||
Cash and cash equivalents at beginning of period | — | 87,283 | 9,907 | — | 97,190 | ||||||||||||||||||||||||||||||||||||
Cash and cash equivalents at end of period | $ | — | $ | 225,802 | $ | 5,631 | $ | — | $ | 231,433 | |||||||||||||||||||||||||||||||
(1): | The Condensed Consolidated 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 $(266,663), $(18,249), and $284,912 and increased (decreased) cash flows from financing activities for the RTI International Metals, Inc. Parent Company, Non-Guarantor Subsidiaries, and Eliminations by $266,663, $18,249, and $(284,912), respectively. |
Basis_of_Presentation_Addition
Basis of Presentation - Additional Information (Detail) | Jun. 30, 2014 | Dec. 31, 2013 |
Nature Of Business [Line Items] | ' | ' |
Common stock, shares authorized | 100,000,000 | 50,000,000 |
Organization_Additional_Inform
Organization - Additional Information (Detail) (USD $) | 6 Months Ended | 0 Months Ended | |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Feb. 21, 2014 |
Segment | RTI Connecticut | ||
Business Acquisition [Line Items] | ' | ' | ' |
Cash receipts from disposal of subsidiary | $3,281 | $10,475 | $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 | 6 Months Ended | ||||||
In Thousands, except Per Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | ||||
Net sales | $205,334 | $199,123 | $379,879 | $388,325 | ||||
Cost and expenses: | ' | ' | ' | ' | ||||
Cost of sales | 163,022 | 155,346 | 309,098 | 305,295 | ||||
Selling, general, and administrative expenses | 23,631 | [1] | 22,314 | [2] | 49,499 | [2] | 46,919 | [2] |
Research, technical, and product development expenses | 1,209 | 982 | 2,193 | 1,983 | ||||
Operating income | 17,472 | 20,481 | 19,089 | 34,128 | ||||
Other income, net | -375 | 700 | 160 | 1,259 | ||||
Interest income | 95 | 50 | 145 | 81 | ||||
Interest expense | -7,724 | -20,693 | -15,331 | -25,489 | ||||
Income before income taxes | 9,468 | 538 | 4,063 | 9,979 | ||||
Provision (benefit) for income taxes | 2,357 | -521 | 768 | 3,952 | ||||
Net income attributable to continuing operations | 7,111 | 1,059 | 3,295 | 6,027 | ||||
Net income (loss) attributable to discontinued operations, net of tax | -70 | -389 | -435 | -472 | ||||
Net income | 7,041 | 670 | 2,860 | 5,555 | ||||
Earnings per share attributable to continuing operations: | ' | ' | ' | ' | ||||
Basic | $0.23 | $0.03 | $0.11 | $0.20 | ||||
Diluted | $0.23 | $0.03 | $0.11 | $0.20 | ||||
Loss per share attributable to discontinued operations: | ' | ' | ' | ' | ||||
Basic | ' | ($0.01) | ($0.01) | ($0.02) | ||||
Diluted | ' | ($0.01) | ($0.01) | ($0.02) | ||||
Previously Reported | ' | ' | ' | ' | ||||
Net sales | ' | 200,950 | [3],[4] | ' | 392,850 | [3],[4] | ||
Cost and expenses: | ' | ' | ' | ' | ||||
Cost of sales | ' | 156,782 | [3],[4] | ' | 308,768 | [3],[4] | ||
Selling, general, and administrative expenses | ' | 22,641 | [3],[4] | ' | 47,549 | [3],[4] | ||
Research, technical, and product development expenses | ' | 982 | [3],[4] | ' | 1,983 | [3],[4] | ||
Operating income | ' | 20,545 | [3],[4] | ' | 34,550 | [3],[4] | ||
Other income, net | ' | 700 | [3],[4] | ' | 1,259 | [3],[4] | ||
Interest income | ' | 50 | [3] | ' | 81 | [3] | ||
Interest expense | ' | -20,693 | [3] | ' | -25,489 | [3] | ||
Income before income taxes | ' | 602 | [3],[4] | ' | 10,401 | [3],[4] | ||
Provision (benefit) for income taxes | ' | -878 | [3],[4] | ' | 2,104 | [3],[4] | ||
Net income attributable to continuing operations | ' | 1,480 | [3],[4] | ' | 8,297 | [3],[4] | ||
Net income (loss) attributable to discontinued operations, net of tax | ' | -307 | [3],[4] | ' | -156 | [3],[4] | ||
Net income | ' | 1,173 | [3],[4] | ' | 8,141 | [3],[4],[5] | ||
Earnings per share attributable to continuing operations: | ' | ' | ' | ' | ||||
Basic | ' | $0.05 | [3] | ' | $0.27 | [3] | ||
Diluted | ' | $0.05 | [3] | ' | $0.27 | [3] | ||
Loss per share attributable to discontinued operations: | ' | ' | ' | ' | ||||
Basic | ' | ($0.01) | [3] | ' | ($0.01) | [3] | ||
Diluted | ' | ($0.01) | [3] | ' | ($0.01) | [3] | ||
Revision Adjustment | ' | ' | ' | ' | ||||
Net sales | ' | -206 | [6] | ' | -868 | [6] | ||
Cost and expenses: | ' | ' | ' | ' | ||||
Cost of sales | ' | 15 | [6] | ' | -11 | [6] | ||
Operating income | ' | -221 | [6] | ' | -857 | [6] | ||
Income before income taxes | ' | -221 | [6] | ' | -857 | [6] | ||
Provision (benefit) for income taxes | ' | -89 | [6] | ' | -267 | [6] | ||
Net income attributable to continuing operations | ' | -132 | [6] | ' | -590 | [6] | ||
Net income | ' | -132 | [6] | ' | -590 | [6],[7] | ||
Earnings per share attributable to continuing operations: | ' | ' | ' | ' | ||||
Basic | ' | ' | ' | ($0.02) | [6] | |||
Diluted | ' | ' | ' | ($0.02) | [6] | |||
As Revised | ' | ' | ' | ' | ||||
Net sales | ' | 200,744 | ' | 391,982 | ||||
Cost and expenses: | ' | ' | ' | ' | ||||
Cost of sales | ' | 156,797 | ' | 308,757 | ||||
Selling, general, and administrative expenses | ' | 22,641 | ' | 47,549 | ||||
Research, technical, and product development expenses | ' | 982 | ' | 1,983 | ||||
Operating income | ' | 20,324 | ' | 33,693 | ||||
Other income, net | ' | 700 | ' | 1,259 | ||||
Interest income | ' | 50 | ' | 81 | ||||
Interest expense | ' | -20,693 | ' | -25,489 | ||||
Income before income taxes | ' | 381 | ' | 9,544 | ||||
Provision (benefit) for income taxes | ' | -967 | ' | 1,837 | ||||
Net income attributable to continuing operations | ' | 1,348 | ' | 7,707 | ||||
Net income (loss) attributable to discontinued operations, net of tax | ' | -307 | ' | -156 | ||||
Net income | ' | 1,041 | ' | 7,551 | ||||
Earnings per share attributable to continuing operations: | ' | ' | ' | ' | ||||
Basic | ' | $0.04 | ' | $0.25 | ||||
Diluted | ' | $0.04 | ' | $0.25 | ||||
Loss per share attributable to discontinued operations: | ' | ' | ' | ' | ||||
Basic | ' | ($0.01) | ' | ($0.01) | ||||
Diluted | ' | ($0.01) | ' | ($0.01) | ||||
Restatement Adjustment | ' | ' | ' | ' | ||||
Cost and expenses: | ' | ' | ' | ' | ||||
Provision (benefit) for income taxes | ' | 371 | ' | 1,996 | ||||
Net income attributable to continuing operations | ' | -371 | ' | -1,996 | ||||
Net income | ' | -371 | ' | -1,996 | ||||
Earnings per share attributable to continuing operations: | ' | ' | ' | ' | ||||
Basic | ' | ($0.01) | ' | ($0.07) | ||||
Diluted | ' | ($0.01) | ' | ($0.07) | ||||
As Corrected | ' | ' | ' | ' | ||||
Net sales | ' | 200,744 | ' | 391,982 | ||||
Cost and expenses: | ' | ' | ' | ' | ||||
Cost of sales | ' | 156,797 | ' | 308,757 | ||||
Selling, general, and administrative expenses | ' | 22,641 | ' | 47,549 | ||||
Research, technical, and product development expenses | ' | 982 | ' | 1,983 | ||||
Operating income | ' | 20,324 | ' | 33,693 | ||||
Other income, net | ' | 700 | ' | 1,259 | ||||
Interest income | ' | 50 | ' | 81 | ||||
Interest expense | ' | -20,693 | ' | -25,489 | ||||
Income before income taxes | ' | 381 | ' | 9,544 | ||||
Provision (benefit) for income taxes | ' | -596 | ' | 3,833 | ||||
Net income attributable to continuing operations | ' | 977 | ' | 5,711 | ||||
Net income (loss) attributable to discontinued operations, net of tax | ' | -307 | ' | -156 | ||||
Net income | ' | 670 | ' | 5,555 | ||||
Earnings per share attributable to continuing operations: | ' | ' | ' | ' | ||||
Basic | ' | $0.03 | ' | $0.19 | ||||
Diluted | ' | $0.03 | ' | $0.19 | ||||
Loss per share attributable to discontinued operations: | ' | ' | ' | ' | ||||
Basic | ' | ($0.01) | ' | ($0.01) | ||||
Diluted | ' | ($0.01) | ' | ($0.01) | ||||
Discontinued | ' | ' | ' | ' | ||||
Net sales | ' | -1,621 | ' | -3,657 | ||||
Cost and expenses: | ' | ' | ' | ' | ||||
Cost of sales | ' | -1,451 | ' | -3,462 | ||||
Selling, general, and administrative expenses | ' | -327 | ' | -630 | ||||
Operating income | ' | 157 | ' | 435 | ||||
Income before income taxes | ' | 157 | ' | 435 | ||||
Provision (benefit) for income taxes | ' | 75 | ' | 119 | ||||
Net income attributable to continuing operations | ' | 82 | ' | 316 | ||||
Net income (loss) attributable to discontinued operations, net of tax | ' | ($82) | ' | ($316) | ||||
Earnings per share attributable to continuing operations: | ' | ' | ' | ' | ||||
Basic | ' | ' | ' | $0.01 | ||||
Diluted | ' | ' | ' | $0.01 | ||||
Loss 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. A credit in parent SG&A is offset by an equal debit amount in the subsidiaries' SG&A. | |||||||
[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 Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2013 as filed with the SEC on September 24, 2013. | |||||||
[4] | Previously reported balances represent the amounts reported in the Condensed Consolidating Statement of Operations in the Company's Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2013 as filed with the SEC on September 24, 2013. | |||||||
[5] | Previously reported balances represent the amounts reported in the Condensed Consolidated Statement of Cash Flows in the Company's Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2013 as filed with the SEC on September 24, 2013. The previously reported changes in inventory, cost in excess of billings, and deferred revenue have been adjusted by $(340), $1,021, and $(681) to correct the prior presentation. | |||||||
[6] | 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. | |||||||
[7] | 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 $) | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | |
OPERATING ACTIVITIES: | ' | ' | |
Net income | $2,860 | $5,555 | |
Adjustment for non-cash items included in net income: | ' | ' | |
Depreciation and amortization | 22,203 | 21,753 | |
Goodwill impairments | ' | 484 | |
Deferred income taxes | ' | 3,539 | |
Stock-based compensation | 2,745 | 3,126 | |
Excess tax benefits from stock-based compensation activity | -197 | -376 | |
Amortization of discount on long-term debt | 8,915 | 6,569 | |
Amortization of deferred financing costs | ' | 753 | |
Deferred financing cost writedown | ' | 1,498 | |
Other | -33 | -102 | |
Changes in assets and liabilities: | ' | ' | |
Receivables | -1,941 | -3,054 | |
Inventories | -16,944 | -34,555 | |
Accounts payable | -1,102 | -12,900 | |
Income taxes payable | -4,187 | -8,356 | |
Unearned revenue | -9,703 | 23,352 | |
Cost in excess of billings | -1,953 | 1,065 | |
Other current assets and liabilities | -4,874 | -11,081 | |
Other assets and liabilities | 1,946 | 3,349 | |
Cash provided by (used in) operating activities | -1,337 | 619 | |
INVESTING ACTIVITIES: | ' | ' | |
Divestitures | 3,281 | 10,475 | |
Capital expenditures | -13,606 | -19,665 | |
Purchase of investments | -168,555 | -128,291 | |
Cash provided by (used in) investing activities | -191,097 | -137,481 | |
FINANCING ACTIVITIES: | ' | ' | |
Proceeds from exercise of employee stock options | 709 | 1,489 | |
Excess tax benefits from stock-based compensation activity | 197 | 376 | |
Purchase of common stock held in treasury | -851 | -399 | |
Borrowings on long-term debt | ' | 402,500 | |
Repayments on long-term debt | -1,411 | -120,362 | |
Financing fees | ' | -12,370 | |
Cash provided by (used in) financing activities | -1,356 | 271,234 | |
Effect of exchange rate changes on cash and cash equivalents | -894 | -129 | |
Decrease in cash and cash equivalents | -194,684 | 134,243 | |
Cash and cash equivalents at beginning of period | 343,637 | 97,190 | |
Cash and cash equivalents at end of period | 148,953 | 231,433 | |
Previously Reported | ' | ' | |
OPERATING ACTIVITIES: | ' | ' | |
Net income | ' | 8,141 | [1],[2],[3] |
Adjustment for non-cash items included in net income: | ' | ' | |
Depreciation and amortization | ' | 21,753 | [2] |
Goodwill impairments | ' | 484 | [2] |
Deferred income taxes | ' | 1,810 | [2] |
Stock-based compensation | ' | 3,126 | [2] |
Excess tax benefits from stock-based compensation activity | ' | -376 | [2] |
Amortization of discount on long-term debt | ' | 6,569 | [2] |
Amortization of deferred financing costs | ' | 753 | [2] |
Deferred financing cost writedown | ' | 1,498 | [2] |
Other | ' | -102 | [2] |
Changes in assets and liabilities: | ' | ' | |
Receivables | ' | -3,054 | [2] |
Inventories | ' | -34,979 | [2] |
Accounts payable | ' | -12,900 | [2] |
Income taxes payable | ' | -8,356 | [2] |
Unearned revenue | ' | 22,033 | [2] |
Cost in excess of billings | ' | 1,951 | [2] |
Other current assets and liabilities | ' | -11,185 | [2] |
Other assets and liabilities | ' | 3,453 | [2] |
Cash provided by (used in) operating activities | ' | 619 | [2] |
INVESTING ACTIVITIES: | ' | ' | |
Divestitures | ' | 10,475 | [2] |
Capital expenditures | ' | -19,665 | [2] |
Purchase of investments | ' | -128,291 | [2] |
Cash provided by (used in) investing activities | ' | -137,481 | [2] |
FINANCING ACTIVITIES: | ' | ' | |
Proceeds from exercise of employee stock options | ' | 1,489 | [2] |
Excess tax benefits from stock-based compensation activity | ' | 376 | [2] |
Purchase of common stock held in treasury | ' | -399 | [2] |
Borrowings on long-term debt | ' | 402,500 | [2] |
Repayments on long-term debt | ' | -120,362 | [2] |
Financing fees | ' | -12,370 | [2] |
Cash provided by (used in) financing activities | ' | 271,234 | [2] |
Effect of exchange rate changes on cash and cash equivalents | ' | -129 | [2] |
Decrease in cash and cash equivalents | ' | 134,243 | [2] |
Cash and cash equivalents at beginning of period | ' | 97,190 | [2] |
Cash and cash equivalents at end of period | ' | 231,433 | [2] |
Revision Adjustment | ' | ' | |
OPERATING ACTIVITIES: | ' | ' | |
Net income | ' | -590 | [4],[5] |
Adjustment for non-cash items included in net income: | ' | ' | |
Deferred income taxes | ' | -267 | [5] |
Changes in assets and liabilities: | ' | ' | |
Inventories | ' | 424 | [5] |
Unearned revenue | ' | 1,319 | [5] |
Cost in excess of billings | ' | -886 | [5] |
Restatement Adjustment | ' | ' | |
OPERATING ACTIVITIES: | ' | ' | |
Net income | ' | -1,996 | |
Adjustment for non-cash items included in net income: | ' | ' | |
Deferred income taxes | ' | 1,996 | |
Changes in assets and liabilities: | ' | ' | |
Other current assets and liabilities | ' | 104 | |
Other assets and liabilities | ' | ($104) | |
[1] | Previously reported balances represent the amounts reported in the Condensed Consolidated Statement of Operations in the Company's Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2013 as filed with the SEC on September 24, 2013. | ||
[2] | Previously reported balances represent the amounts reported in the Condensed Consolidated Statement of Cash Flows in the Company's Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2013 as filed with the SEC on September 24, 2013. The previously reported changes in inventory, cost in excess of billings, and deferred revenue have been adjusted by $(340), $1,021, and $(681) to correct the prior presentation. | ||
[3] | Previously reported balances represent the amounts reported in the Condensed Consolidating Statement of Operations in the Company's Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2013 as filed with the SEC on September 24, 2013. | ||
[4] | 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. | ||
[5] | 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 $) | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | Revision Adjustment | ||
Remmele | |||
Inventory | $450,451 | $430,088 | ($340) |
Cost in excess of billings | 7,331 | 5,377 | 1,021 |
Deferred revenue | $10,944 | $15,625 | ($681) |
Acquisition_Additional_Informa
Acquisition - Additional Information (Detail) (USD $) | 6 Months Ended | 0 Months Ended | 6 Months Ended | 0 Months Ended | 6 Months Ended | ||||||
Jun. 30, 2014 | Jun. 30, 2014 | Oct. 02, 2013 | Jun. 03, 2014 | Jun. 03, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jan. 22, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | |
Customer Relationships | Backlog | RTI Extrusions Europe Limited | Dynamet Technology, Inc | Dynamet Technology, Inc | Dynamet Technology, Inc | Dynamet Technology, Inc | Dynamet Technology, Inc | RTI Directed Manufacturing | RTI Directed Manufacturing | RTI Directed Manufacturing | |
Customer Relationships | Developed technologies | Backlog | Customer Relationships | Developed technologies | |||||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Acquisition of issued and outstanding common stock | ' | ' | $20,400,000 | $19,200,000 | ' | ' | ' | ' | $22,300,000 | ' | ' |
Cash paid for acquisition | ' | ' | 16,200,000 | 15,500,000 | ' | ' | ' | ' | 21,700,000 | ' | ' |
Assumption of liabilities | ' | ' | 4,200,000 | 2,100,000 | ' | ' | ' | ' | 600,000 | ' | ' |
Contingent consideration | ' | ' | ' | ' | 1,600,000 | ' | ' | ' | ' | ' | ' |
Revenue since acquisition date | ' | ' | ' | 100,000 | ' | ' | ' | ' | 1,352,000 | ' | ' |
Operating income (loss) since acquisition date | ' | ' | ' | ($100,000) | ' | ' | ' | ' | ($642,000) | ' | ' |
Intangible Assets, amortization period | '7 years | '6 months | ' | ' | ' | '7 years | '7 years | '1 year | ' | '7 years | '7 years |
Purchase_Price_Allocation_Deta
Purchase Price Allocation (Detail) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 03, 2014 | Jun. 03, 2014 | Jun. 03, 2014 | Jun. 03, 2014 | 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 | Dynamet Technology, Inc | Dynamet Technology, Inc | Dynamet Technology, Inc | Dynamet Technology, Inc | 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 | Developed technologies | Backlog | Customer Relationships | Directed Manufacturing trade name | Developed technologies | Customer Relationships | Backlog | ||||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Current assets, excluding inventory | ' | ' | $392 | ' | ' | ' | $746 | ' | ' | ' | $4,827 | ' | ' |
Inventories | ' | ' | 174 | ' | ' | ' | 663 | ' | ' | ' | 5,230 | ' | ' |
Plant and equipment | ' | ' | 101 | ' | ' | ' | 2,589 | ' | ' | ' | 4,346 | ' | ' |
Intangible assets | ' | ' | ' | 3,500 | 1,000 | 100 | ' | 3,000 | 1,000 | 1,300 | ' | 3,600 | 100 |
Goodwill | 144,572 | 117,578 | 13,954 | ' | ' | ' | 12,982 | ' | ' | ' | 2,285 | ' | ' |
Current liabilities | ' | ' | -389 | ' | ' | ' | -571 | ' | ' | ' | -2,621 | ' | ' |
Deferred tax liabilities | ' | ' | -1,724 | ' | ' | ' | ' | ' | ' | ' | -1,553 | ' | ' |
Contingent consideration | ' | ' | -1,600 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net assets acquired | ' | ' | $15,508 | ' | ' | ' | $21,709 | ' | ' | ' | $16,214 | ' | ' |
Discontinued_Operations_Additi
Discontinued Operations - Additional Information (Detail) (USD $) | 6 Months Ended | 0 Months Ended | 1 Months Ended | 6 Months Ended | |
Jun. 30, 2014 | Jun. 30, 2013 | Feb. 21, 2014 | Apr. 30, 2013 | Jun. 30, 2014 | |
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 | $10,475,000 | $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 | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' | ' |
Net sales | $222 | $3,836 | $804 | $12,529 |
Loss before income taxes | -79 | -601 | -574 | -635 |
Benefit from income taxes | -9 | -212 | -139 | -163 |
Net loss from discontinued operations | ($70) | ($389) | ($435) | ($472) |
Assets_and_Liabilities_of_Disc
Assets and Liabilities of Discontinued Operations (Detail) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
ASSETS | ' | ' |
Accounts receivable, net | $189 | $594 |
Inventories, net | 617 | 4,555 |
Property, plant and equipment, net | ' | 105 |
Other current assets | ' | 20 |
Total assets of discontinued operations | 806 | 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 $) | 6 Months Ended |
In Thousands, unless otherwise specified | Jun. 30, 2014 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' |
Balance at December 31, 2013 | ($40,397) |
Other comprehensive loss before reclassifications, net of tax | -99 |
Amounts reclassified from accumulated other comprehensive loss, net of tax | 2,210 |
Accumulated other comprehensive loss at June 30, 2014 | -38,286 |
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 | -91 |
Accumulated other comprehensive loss at June 30, 2014 | 5,689 |
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 | 2,210 |
Accumulated other comprehensive loss at June 30, 2014 | -43,967 |
Unrealized Loss on Investments | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' |
Other comprehensive loss before reclassifications, net of tax | -8 |
Accumulated other comprehensive loss at June 30, 2014 | ($8) |
Amounts_Reclassified_from_Accu
Amounts Reclassified from Accumulated Other Comprehensive Loss (Detail) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' |
Total reclassifications | $1,105 | $1,250 | $2,210 | $8,074 |
Amortization of defined benefit pension items | ' | ' | ' | ' |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' |
Actuarial losses and prior service costs | 1,782 | 2,017 | 3,564 | 4,446 |
Special termination benefits | ' | ' | ' | 2,214 |
Tax benefit | -677 | -767 | -1,354 | -2,529 |
Total reclassifications | $1,105 | $1,250 | $2,210 | $4,131 |
Stock_Based_Compensation_Addit
Stock Based Compensation - Additional Information (Detail) (USD $) | Apr. 25, 2014 | Apr. 25, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 |
2004 Plan | Stock Options | Restricted Stock | Performance Shares | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' |
Number of shares authorized for issuance | 3,500,000 | ' | ' | ' | ' |
Shares that were never issued under the plan | ' | 711,000 | ' | ' | ' |
Weighted-average fair value of stock option awards granted | ' | ' | $15 | ' | ' |
Weighted-average fair value of stock awards granted | ' | ' | ' | $29.64 | $34.96 |
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_Stock_Options_Activ
Summary of Stock Options Activity (Detail) | 6 Months Ended |
Jun. 30, 2014 | |
Shares | ' |
Stock Options, Beginning Balance | 526,736 |
Granted | 93,472 |
Forfeited | -18,052 |
Expired | -20,953 |
Exercised | -27,080 |
Stock Options, Ending Balance | 554,123 |
Stock Options, Exercisable | 393,061 |
Schedule_of_Fair_Value_of_Stoc
Schedule of Fair Value of Stock Options Granted (Detail) (Stock Options) | 6 Months Ended |
Jun. 30, 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% |
Summary_of_Nonvested_Restricte
Summary of Nonvested Restricted Stock Awards (Detail) (Restricted Stock) | 6 Months Ended |
Jun. 30, 2014 | |
Restricted Stock | ' |
Shares | ' |
Beginning Balance | 213,475 |
Granted | 93,806 |
Vested | -92,259 |
Forfeited | -15,970 |
Ending Balance | 199,052 |
Summary_of_Companys_Performanc
Summary of Company's Performance Share Award (Detail) (Performance Shares) | 6 Months Ended |
Jun. 30, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Beginning Balance | 154,333 |
Granted | 70,875 |
Vested | -42,442 |
Forfeited | -19,350 |
Ending Balance | 163,416 |
Maximum | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Beginning Balance | 308,666 |
Granted | 141,750 |
Vested | -84,884 |
Forfeited | -38,700 |
Ending Balance | 326,832 |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) (USD $) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | |
Income Tax Disclosure [Line Items] | ' | ' | ' | ' |
Effective income tax rate | ' | ' | 24.10% | 36.60% |
Company's effective income tax rate increase (decrease) | ' | ' | -12.50% | ' |
Percentage of reduction in effective tax rate | ' | ' | 2.70% | ' |
Net deferred tax asset | $31,500,000 | ' | $31,500,000 | ' |
Offsetting valuation allowance | 31,500,000 | ' | 31,500,000 | ' |
Provision for income tax | 2,357,000 | -521,000 | 768,000 | 3,952,000 |
Percentage of provision for income tax | ' | ' | 18.90% | 39.60% |
Discrete benefit | ' | ' | ' | ($1,225,000) |
Earnings_Per_Share_Additional_
Earnings Per Share - Additional Information (Detail) (USD $) | 6 Months Ended | |
In Millions, unless otherwise specified | Jun. 30, 2014 | Dec. 31, 2013 |
3.0% Convertible Senior Notes Due 2015 | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Aggregate principal amount of convertible senior notes | $114.40 | ' |
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 | 6 Months Ended | ||||||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | |||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | ' | ||||
Antidilutive options | 373,583 | [1] | 326,043 | [1] | 371,192 | [1] | 317,013 | [1] |
3.0% Convertible Senior Notes Due 2015 | ' | ' | ' | ' | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | ' | ||||
Antidilutive options | 3,185,213 | 3,185,213 | 3,185,213 | 3,185,213 | ||||
1.625% Convertible Senior Notes Due 2019 | ' | ' | ' | ' | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | ' | ||||
Antidilutive options | 9,885,561 | 9,885,561 | 9,885,561 | 9,885,561 | ||||
[1] | Average option price of shares excluded from calculation of earnings per share were $40.38 and $43.01 for the three months ended June 30, 2014 and 2013, respectively and $40.75 and $43.59 for the six months ended June 30, 2014 and 2013, respectively. |
Shares_Excluded_from_Calculati1
Shares Excluded from Calculation of Earnings per Share (Parenthetical) (Detail) (USD $) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | ' |
Average price of options to purchase | $40.38 | $43.01 | $40.75 | $43.59 |
Schedule_of_WeightedAverage_Sh
Schedule of Weighted-Average Shares of Common Stock Outstanding (Detail) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Earnings Per Share [Line Items] | ' | ' | ' | ' |
Net income from continuing operations before allocation of earnings to participating securities | $7,111 | $1,059 | $3,295 | $6,027 |
Net loss from discontinued operations before allocation of earnings to participating securities | -70 | -389 | -435 | -472 |
Basic weighted-average shares outstanding | 30,499,809 | 30,306,545 | 30,472,209 | 30,266,584 |
Effect of dilutive securities | 75,903 | 126,329 | 107,463 | 212,892 |
Diluted weighted-average shares outstanding | 30,575,712 | 30,432,874 | 30,579,672 | 30,479,476 |
Earnings per share attributable to continuing operations: | ' | ' | ' | ' |
Basic | $0.23 | $0.03 | $0.11 | $0.20 |
Diluted | $0.23 | $0.03 | $0.11 | $0.20 |
Earnings (loss) per share attributable to discontinued operations: | ' | ' | ' | ' |
Basic | ' | ($0.01) | ($0.01) | ($0.02) |
Diluted | ' | ($0.01) | ($0.01) | ($0.02) |
Basic Earnings Per Share | ' | ' | ' | ' |
Earnings Per Share [Line Items] | ' | ' | ' | ' |
Net income from continuing operations before allocation of earnings to participating securities | 7,111 | 1,059 | 3,295 | 6,027 |
Less: Earnings allocated to participating securities | -44 | -5 | -18 | -39 |
Net income from continuing operations attributable to common shareholders, after earnings allocated to participating securities | 7,067 | 1,054 | 3,277 | 5,988 |
Discontinued | ' | ' | ' | ' |
Earnings Per Share [Line Items] | ' | ' | ' | ' |
Net income from continuing operations attributable to common shareholders, after earnings allocated to participating securities | ($70) | ($389) | ($435) | ($472) |
Recovered_Sheet1
Cash, Cash Equivalents and Short-Term Investments - Additional Information (Detail) (USD $) | Jun. 30, 2014 |
Investment | |
Cash And Cash Equivalents And Investments [Line Items] | ' |
Stable net asset value | $1,000 |
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 $) | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||||
Cash and cash equivalents: | ' | ' | ' | ' |
Cash | $68,120 | $62,394 | ' | ' |
Cash equivalents: | ' | ' | ' | ' |
Commercial paper | 24,798 | 150,978 | ' | ' |
Money market mutual funds | 56,035 | 130,265 | ' | ' |
Total cash and cash equivalents | 148,953 | 343,637 | 231,433 | 97,190 |
Short-term investments: | ' | ' | ' | ' |
Short-term investments | 143,602 | ' | ' | ' |
Total cash, cash equivalents, and short-term investments | 292,555 | 343,637 | ' | ' |
Commercial paper | ' | ' | ' | ' |
Short-term investments: | ' | ' | ' | ' |
Short-term investments | $143,602 | ' | ' | ' |
ShortTerm_Investments_and_Mark
Short-Term Investments and Marketable Securities (Detail) (USD $) | Jun. 30, 2014 |
In Thousands, unless otherwise specified | |
Schedule Of Short Term Investments And Available For Sale Securities [Line Items] | ' |
Amortized Cost | $143,614 |
Gross Unrealized Gains | 0 |
Gross Unrealized Losses | 12 |
Fair Value | 143,602 |
Commercial Paper | ' |
Schedule Of Short Term Investments And Available For Sale Securities [Line Items] | ' |
Amortized Cost | 143,614 |
Gross Unrealized Gains | 0 |
Gross Unrealized Losses | 12 |
Fair Value | $143,602 |
Fair_Value_Measurements_Additi
Fair Value Measurements - Additional Information (Detail) | 6 Months Ended |
Jun. 30, 2014 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' |
Contingent consideration term of payment | '10 years |
Fair_Values_of_Assets_and_Liab
Fair Values of Assets and Liabilities Measured on Recurring Basis (Detail) (USD $) | Jun. 30, 2014 |
In Thousands, unless otherwise specified | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' |
Assets fair Value | $143,602 |
Contingent Consideration | 1,600 |
Total | 1,600 |
Commercial Paper | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' |
Assets fair Value | 143,602 |
Significant Other Observable Inputs (Level 2) | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' |
Assets fair Value | 143,602 |
Significant Other Observable Inputs (Level 2) | Commercial Paper | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' |
Assets fair Value | 143,602 |
Significant Unobservable Inputs (Level 3) | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' |
Contingent Consideration | 1,600 |
Total | $1,600 |
Schedule_of_Carrying_Amounts_a
Schedule of Carrying Amounts and Fair Values of Financial Instruments (Detail) (USD $) | Jun. 30, 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 | $148,953 | $343,637 |
Current portion of long-term debt | 2,489 | 1,914 |
Long-term debt | 442,406 | 430,300 |
Fair Value | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Cash and cash equivalents | 148,953 | 343,637 |
Current portion of long-term debt | 2,489 | 1,914 |
Long-term debt | $520,541 | $559,986 |
Inventories_Additional_Informa
Inventories - Additional Information (Detail) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Inventory [Line Items] | ' | ' |
Percentage of inventories valued under LIFO | 49.00% | 56.00% |
Value of current FIFO cost of inventories exceeded the LIFO carrying value | $45,374 | $50,709 |
Components_of_Inventories_Deta
Components of Inventories (Detail) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Inventory [Line Items] | ' | ' |
Raw materials and supplies | $150,522 | $166,359 |
Work-in-process and finished goods | 345,303 | 314,438 |
LIFO reserve | -45,374 | -50,709 |
Total inventories | $450,451 | $430,088 |
Recovered_Sheet2
Goodwill and Other Intangible Assets - Additional Information (Detail) (USD $) | 6 Months Ended | 12 Months Ended | 6 Months Ended | 12 Months Ended | |
In Thousands, unless otherwise specified | Jun. 30, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 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 |
Intangible assets | ' | ' | ' | ' | $0 |
Schedule_of_Carrying_Amounts_o
Schedule of Carrying Amounts of Goodwill Attributable to Segment (Detail) (USD $) | 6 Months Ended |
In Thousands, unless otherwise specified | Jun. 30, 2014 |
Goodwill [Line Items] | ' |
Beginning Balance | $117,578 |
Additions (Note 4) | 26,936 |
Purchase price allocation adjustment | 100 |
Translation adjustment | -42 |
Ending Balance | 144,572 |
Titanium Segment | ' |
Goodwill [Line Items] | ' |
Beginning Balance | 9,662 |
Additions (Note 4) | 13,954 |
Ending Balance | 23,616 |
Engineered Products and Services Segment | ' |
Goodwill [Line Items] | ' |
Beginning Balance | 107,916 |
Additions (Note 4) | 12,982 |
Purchase price allocation adjustment | 100 |
Translation adjustment | -42 |
Ending Balance | $120,956 |
Intangible_Assets_Amortization
Intangible Assets Amortization Period (Detail) | 6 Months Ended |
Jun. 30, 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 | Maximum | ' |
Acquired Finite-Lived Intangible Assets [Line Items] | ' |
Amortization Period | '2 years |
Carrying_Amount_of_Intangible_
Carrying Amount of Intangible Assets (Detail) (USD $) | 6 Months Ended |
In Thousands, unless otherwise specified | Jun. 30, 2014 |
Schedule Of Intangible Assets By Segment [Line Items] | ' |
Beginning balance | $53,754 |
Intangible assets acquired (Note 4) | 9,900 |
Amortization | -2,256 |
Translation adjustment | -134 |
Ending balance | 61,264 |
Titanium Segment | ' |
Schedule Of Intangible Assets By Segment [Line Items] | ' |
Intangible assets acquired (Note 4) | 4,600 |
Amortization | -54 |
Ending balance | 4,546 |
Engineered Products and Services Segment | ' |
Schedule Of Intangible Assets By Segment [Line Items] | ' |
Beginning balance | 53,754 |
Intangible assets acquired (Note 4) | 5,300 |
Amortization | -2,202 |
Translation adjustment | -134 |
Ending balance | $56,718 |
Schedule_of_Longterm_Debt_Deta
Schedule of Long-term Debt (Detail) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Debt Instrument [Line Items] | ' | ' |
Capital leases | $13,346 | $9,580 |
Total debt | 444,895 | 432,214 |
Less: Current portion of capital leases | -2,489 | -1,914 |
Total long-term debt | 442,406 | 430,300 |
Total debt | 444,895 | 432,214 |
1.625% Convertible Senior Notes Due 2019 | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Convertible senior notes | 325,702 | 319,569 |
3.0% Convertible Senior Notes Due 2015 | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Convertible senior notes | $105,847 | $103,065 |
Schedule_of_Longterm_Debt_Pare
Schedule of Long-term Debt (Parenthetical) (Detail) (USD $) | 6 Months Ended | 12 Months Ended |
In Millions, unless otherwise specified | Jun. 30, 2014 | Dec. 31, 2013 |
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 | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Debt Instrument [Line Items] | ' | ' | ' | ' |
Amortization of discount on long-term debt | $4,512 | $3,764 | $8,915 | $6,326 |
Amortization of debt issuance costs | ' | ' | 928 | 753 |
Total interest capitalized | 0 | 0 | 0 | 0 |
3.0% Convertible Senior Notes Due 2015 | ' | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' | ' |
Amortization of debt issuance costs | $472 | $428 | $928 | $753 |
Components_of_Net_Periodic_Pen
Components of Net Periodic Pension and Other Post-retirement Benefit Cost (Detail) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Net periodic benefit cost | $0 | ' | $0 | ' |
Pension Benefits | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Service cost | 527 | 594 | 1,054 | 1,285 |
Interest cost | 1,966 | 1,715 | 3,932 | 3,381 |
Expected return on plan assets | -2,827 | -2,615 | -5,652 | -5,199 |
Amortization of prior service cost | 229 | 248 | 457 | 496 |
Amortization of actuarial loss | 1,358 | 1,412 | 2,716 | 3,202 |
Special termination benefits | ' | ' | ' | 2,052 |
Net periodic benefit cost | 1,253 | 1,354 | 2,507 | 5,217 |
Other Post-Retirement Benefits | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Service cost | 240 | 177 | 479 | 393 |
Interest cost | 533 | 481 | 1,067 | 958 |
Amortization of prior service cost | 172 | 304 | 344 | 607 |
Amortization of actuarial loss | 23 | 53 | 47 | 141 |
Special termination benefits | ' | ' | ' | 162 |
Net periodic benefit cost | $968 | $1,015 | $1,937 | $2,261 |
Employee_Benefit_Plans_Additio
Employee Benefit Plans - Additional Information (Detail) (USD $) | 3 Months Ended | 6 Months Ended | |
Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2013 | |
Voluntary Early Retirement Program | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
Net periodic benefit cost | $0 | $0 | $2,214,000 |
Component of accumulated other comprehensive loss related to amortization of actuarial losses and prior service costs | 1,105,000 | 2,210,000 | ' |
Cash contribution to maintain desired funding status | ' | 0 | ' |
Company contributions to defined benefit plans | ' | $1,100,000 | ' |
Commitments_and_Contingencies_
Commitments and Contingencies - Additional Information (Detail) (USD $) | 3 Months Ended | 6 Months Ended | |
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2013 |
Commitments and Contingencies [Line Items] | ' | ' | ' |
Products liability insurance | $500 | $500 | ' |
Environment related cost, minimum | 0.5 | 0.5 | ' |
Environment related cost, maximum | 2.1 | 2.1 | ' |
Accrued environmental-related costs for future | 1.2 | 1.2 | 1.3 |
Accrued environmental-related costs expected to be paid within one year | 0.1 | 0.1 | ' |
Accrued environmental-related costs expected to prepaid after twelve months | 1.1 | 1.1 | ' |
Payments for Environmental Liabilities | $0 | $0.10 | ' |
Segment_Reporting_Additional_I
Segment Reporting - Additional Information (Detail) | 6 Months Ended |
Jun. 30, 2013 | |
Segment | |
Number of reportable segments | 2 |
Summary_of_Financial_Informati
Summary of Financial Information by Reportable Segment (Detail) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Net sales | $205,334 | $199,123 | $379,879 | $388,325 |
Operating income (loss) | 17,472 | 20,481 | 19,089 | 34,128 |
Titanium Segment | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Net sales | 105,865 | 108,871 | 207,891 | 221,964 |
Operating income (loss) | 7,863 | 16,964 | 13,765 | 28,201 |
Engineered Products and Services Segment | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Net sales | 144,131 | 132,798 | 269,662 | 241,018 |
Operating income (loss) | 9,609 | 3,517 | 5,324 | 5,927 |
Operating Segments | Titanium Segment | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Net sales | 83,318 | 83,521 | 160,298 | 180,346 |
Operating income (loss) | 12,381 | 21,474 | 22,810 | 37,611 |
Operating Segments | Engineered Products and Services Segment | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Net sales | 122,016 | 115,602 | 219,581 | 207,979 |
Operating income (loss) | 15,715 | 7,740 | 17,526 | 16,729 |
Intersegment Eliminations | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Net sales | 44,662 | 42,546 | 97,674 | 74,657 |
Intersegment Eliminations | Titanium Segment | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Net sales | 22,547 | 25,350 | 47,593 | 41,618 |
Intersegment Eliminations | Engineered Products and Services Segment | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Net sales | 22,115 | 17,196 | 50,081 | 33,039 |
Corporate, Non-Segment | Titanium Segment | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Operating income (loss) | -4,518 | -4,510 | -9,045 | -9,410 |
Corporate, Non-Segment | Engineered Products and Services Segment | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Operating income (loss) | ($6,106) | ($4,223) | ($12,202) | ($10,802) |
Summary_of_Total_Assets_Detail
Summary of Total Assets (Detail) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ' | ' |
Total assets | $1,515,509 | $1,505,545 |
Operating Segments | Titanium Segment | ' | ' |
Segment Reporting, Asset Reconciling Item [Line Items] | ' | ' |
Total assets | 648,943 | 604,123 |
Operating Segments | Engineered Products and Services Segment | ' | ' |
Segment Reporting, Asset Reconciling Item [Line Items] | ' | ' |
Total assets | 616,101 | 585,867 |
Corporate, Non-Segment | ' | ' |
Segment Reporting, Asset Reconciling Item [Line Items] | ' | ' |
Total assets | 249,659 | 310,281 |
Discontinued Operations | ' | ' |
Segment Reporting, Asset Reconciling Item [Line Items] | ' | ' |
Total assets | $806 | $5,274 |
Guarantor_Subsidiaries_Additio
Guarantor Subsidiaries - Additional Information (Detail) | 6 Months Ended |
Jun. 30, 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 | 6 Months Ended | ||||||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | ||||
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ||||
Net sales | $205,334 | $199,123 | $379,879 | $388,325 | ||||
Cost of sales | 163,022 | 155,346 | 309,098 | 305,295 | ||||
Selling, general, and administrative expenses | 23,631 | [1] | 22,314 | [2] | 49,499 | [2] | 46,919 | [2] |
Research, technical, and product development expenses | 1,209 | 982 | 2,193 | 1,983 | ||||
Operating income (loss) | 17,472 | 20,481 | 19,089 | 34,128 | ||||
Other income (expense), net | -375 | 700 | 160 | 1,259 | ||||
Interest income (expense), net | -7,629 | -20,643 | -15,186 | -25,408 | ||||
Income (loss) before income taxes | 9,468 | 538 | 4,063 | 9,979 | ||||
Provision for (benefit from) income taxes | 2,357 | -521 | 768 | 3,952 | ||||
Net income (loss) attributable to continuing operations | 7,111 | 1,059 | 3,295 | 6,027 | ||||
Net income (loss) attributable to discontinued operations, net of tax | -70 | -389 | -435 | -472 | ||||
Net income | 7,041 | 670 | 2,860 | 5,555 | ||||
Comprehensive income (loss) | 12,166 | -1,386 | 4,971 | 8,114 | ||||
Previously Reported | ' | ' | ' | ' | ||||
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ||||
Net sales | ' | 200,950 | [3],[4] | ' | 392,850 | [3],[4] | ||
Cost of sales | ' | 156,782 | [3],[4] | ' | 308,768 | [3],[4] | ||
Selling, general, and administrative expenses | ' | 22,641 | [3],[4] | ' | 47,549 | [3],[4] | ||
Research, technical, and product development expenses | ' | 982 | [3],[4] | ' | 1,983 | [3],[4] | ||
Operating income (loss) | ' | 20,545 | [3],[4] | ' | 34,550 | [3],[4] | ||
Other income (expense), net | ' | 700 | [3],[4] | ' | 1,259 | [3],[4] | ||
Interest income (expense), net | ' | -20,643 | [4] | ' | -25,408 | [4] | ||
Income (loss) before income taxes | ' | 602 | [3],[4] | ' | 10,401 | [3],[4] | ||
Provision for (benefit from) income taxes | ' | -878 | [3],[4] | ' | 2,104 | [3],[4] | ||
Net income (loss) attributable to continuing operations | ' | 1,480 | [3],[4] | ' | 8,297 | [3],[4] | ||
Net income (loss) attributable to discontinued operations, net of tax | ' | -307 | [3],[4] | ' | -156 | [3],[4] | ||
Net income | ' | 1,173 | [3],[4] | ' | 8,141 | [3],[4],[5] | ||
Comprehensive income (loss) | ' | -2,067 | [4] | ' | 8,913 | [4] | ||
Eliminations | ' | ' | ' | ' | ||||
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ||||
Net sales | -49,615 | -57,272 | -103,482 | -107,707 | ||||
Cost of sales | -49,615 | -57,272 | -103,482 | -107,707 | ||||
Equity in earnings of subsidiaries | -10,622 | -8,474 | -13,403 | -13,853 | ||||
Income (loss) before income taxes | -10,622 | -8,474 | -13,403 | -13,853 | ||||
Net income (loss) attributable to continuing operations | -10,622 | -8,474 | -13,403 | -13,853 | ||||
Net income (loss) attributable to discontinued operations, net of tax | 70 | 389 | 435 | 472 | ||||
Net income | -10,552 | -8,085 | -12,968 | -13,381 | ||||
Comprehensive income (loss) | -15,501 | -5,884 | -14,779 | -15,144 | ||||
Eliminations | Previously Reported | ' | ' | ' | ' | ||||
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ||||
Net sales | ' | -57,272 | [4] | ' | -107,707 | [4] | ||
Cost of sales | ' | -57,272 | [4] | ' | -107,707 | [4] | ||
Equity in earnings of subsidiaries | ' | -9,330 | [4] | ' | -16,238 | [4] | ||
Income (loss) before income taxes | ' | -9,330 | [4] | ' | -16,238 | [4] | ||
Net income (loss) attributable to continuing operations | ' | -9,330 | [4] | ' | -16,238 | [4] | ||
Net income (loss) attributable to discontinued operations, net of tax | ' | 307 | [4] | ' | 156 | [4] | ||
Net income | ' | -9,023 | [4] | ' | -16,082 | [4] | ||
Comprehensive income (loss) | ' | -5,638 | [4] | ' | -16,058 | [4] | ||
RTI International Metals, Inc. | ' | ' | ' | ' | ||||
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ||||
Selling, general, and administrative expenses | -379 | [1] | 491 | [2] | 568 | [2] | 1,704 | [2] |
Operating income (loss) | 379 | -491 | -568 | -1,704 | ||||
Other income (expense), net | 1,217 | -4,167 | 2,707 | 110 | ||||
Interest income (expense), net | -5,942 | -5,605 | -11,757 | -10,022 | ||||
Equity in earnings of subsidiaries | 10,077 | 7,364 | 11,535 | 13,010 | ||||
Income (loss) before income taxes | 5,731 | -2,899 | 1,917 | 1,394 | ||||
Provision for (benefit from) income taxes | -1,380 | -3,958 | -1,378 | -4,633 | ||||
Net income (loss) attributable to continuing operations | 7,111 | 1,059 | 3,295 | 6,027 | ||||
Net income (loss) attributable to discontinued operations, net of tax | -70 | -389 | -435 | -472 | ||||
Net income | 7,041 | 670 | 2,860 | 5,555 | ||||
Comprehensive income (loss) | 12,166 | -1,386 | 4,971 | 8,114 | ||||
RTI International Metals, Inc. | Previously Reported | ' | ' | ' | ' | ||||
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ||||
Selling, general, and administrative expenses | ' | 491 | [4] | ' | 1,704 | [4] | ||
Operating income (loss) | ' | -491 | [4] | ' | -1,704 | [4] | ||
Other income (expense), net | ' | -4,167 | [4] | ' | 110 | [4] | ||
Interest income (expense), net | ' | -5,605 | [4] | ' | -10,022 | [4] | ||
Equity in earnings of subsidiaries | ' | 8,220 | [4] | ' | 15,395 | [4] | ||
Income (loss) before income taxes | ' | -2,043 | [4] | ' | 3,779 | [4] | ||
Provision for (benefit from) income taxes | ' | -3,523 | [4] | ' | -4,518 | [4] | ||
Net income (loss) attributable to continuing operations | ' | 1,480 | [4] | ' | 8,297 | [4] | ||
Net income (loss) attributable to discontinued operations, net of tax | ' | -307 | [4] | ' | -156 | [4] | ||
Net income | ' | 1,173 | [4] | ' | 8,141 | [4] | ||
Comprehensive income (loss) | ' | -2,067 | [4] | ' | 8,913 | [4] | ||
Guarantor Subsidiaries | ' | ' | ' | ' | ||||
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ||||
Net sales | 119,503 | 136,778 | 233,626 | 272,951 | ||||
Cost of sales | 104,233 | 108,580 | 206,353 | 222,050 | ||||
Selling, general, and administrative expenses | 11,149 | [1] | 11,034 | [2] | 23,307 | [2] | 22,742 | [2] |
Research, technical, and product development expenses | 1,196 | 982 | 2,180 | 1,983 | ||||
Operating income (loss) | 2,925 | 16,182 | 1,786 | 26,176 | ||||
Other income (expense), net | -979 | 1,104 | -1,817 | -1,280 | ||||
Interest income (expense), net | -1,043 | -8,668 | -2,245 | -8,639 | ||||
Equity in earnings of subsidiaries | 218 | 263 | 566 | -110 | ||||
Income (loss) before income taxes | 1,121 | 8,881 | -1,710 | 16,147 | ||||
Provision for (benefit from) income taxes | 514 | 2,101 | -1,016 | 4,876 | ||||
Net income (loss) attributable to continuing operations | 607 | 6,780 | -694 | 11,271 | ||||
Net income | 607 | 6,780 | -694 | 11,271 | ||||
Comprehensive income (loss) | 1,554 | 7,862 | 1,208 | 18,528 | ||||
Guarantor Subsidiaries | Previously Reported | ' | ' | ' | ' | ||||
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ||||
Net sales | ' | 136,778 | [4] | ' | 272,951 | [4] | ||
Cost of sales | ' | 108,580 | [4] | ' | 222,050 | [4] | ||
Selling, general, and administrative expenses | ' | 11,034 | [4] | ' | 22,742 | [4] | ||
Research, technical, and product development expenses | ' | 982 | [4] | ' | 1,983 | [4] | ||
Operating income (loss) | ' | 16,182 | [4] | ' | 26,176 | [4] | ||
Other income (expense), net | ' | 1,104 | [4] | ' | -1,280 | [4] | ||
Interest income (expense), net | ' | -8,668 | [4] | ' | -8,639 | [4] | ||
Equity in earnings of subsidiaries | ' | 263 | [4] | ' | -110 | [4] | ||
Income (loss) before income taxes | ' | 8,881 | [4] | ' | 16,147 | [4] | ||
Provision for (benefit from) income taxes | ' | 2,101 | [4] | ' | 4,876 | [4] | ||
Net income (loss) attributable to continuing operations | ' | 6,780 | [4] | ' | 11,271 | [4] | ||
Net income | ' | 6,780 | [4] | ' | 11,271 | [4] | ||
Comprehensive income (loss) | ' | 7,862 | [4] | ' | 18,528 | [4] | ||
Non-Guarantor Subsidiaries | ' | ' | ' | ' | ||||
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ||||
Net sales | 135,446 | 119,617 | 249,735 | 223,081 | ||||
Cost of sales | 108,404 | 104,038 | 206,227 | 190,952 | ||||
Selling, general, and administrative expenses | 12,861 | [1] | 10,789 | [2] | 25,624 | [2] | 22,473 | [2] |
Research, technical, and product development expenses | 13 | ' | 13 | ' | ||||
Operating income (loss) | 14,168 | 4,790 | 17,871 | 9,656 | ||||
Other income (expense), net | -613 | 3,763 | -730 | 2,429 | ||||
Interest income (expense), net | -644 | -6,370 | -1,184 | -6,747 | ||||
Equity in earnings of subsidiaries | 327 | 847 | 1,302 | 953 | ||||
Income (loss) before income taxes | 13,238 | 3,030 | 17,259 | 6,291 | ||||
Provision for (benefit from) income taxes | 3,223 | 1,336 | 3,162 | 3,709 | ||||
Net income (loss) attributable to continuing operations | 10,015 | 1,694 | 14,097 | 2,582 | ||||
Net income (loss) attributable to discontinued operations, net of tax | -70 | -389 | -435 | -472 | ||||
Net income | 9,945 | 1,305 | 13,662 | 2,110 | ||||
Comprehensive income (loss) | 13,947 | -1,978 | 13,571 | -3,384 | ||||
Non-Guarantor Subsidiaries | Previously Reported | ' | ' | ' | ' | ||||
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ||||
Net sales | ' | 121,444 | [4] | ' | 227,606 | [4] | ||
Cost of sales | ' | 105,474 | [4] | ' | 194,425 | [4] | ||
Selling, general, and administrative expenses | ' | 11,116 | [4] | ' | 23,103 | [4] | ||
Operating income (loss) | ' | 4,854 | [4] | ' | 10,078 | [4] | ||
Other income (expense), net | ' | 3,763 | [4] | ' | 2,429 | [4] | ||
Interest income (expense), net | ' | -6,370 | [4] | ' | -6,747 | [4] | ||
Equity in earnings of subsidiaries | ' | 847 | [4] | ' | 953 | [4] | ||
Income (loss) before income taxes | ' | 3,094 | [4] | ' | 6,713 | [4] | ||
Provision for (benefit from) income taxes | ' | 544 | [4] | ' | 1,746 | [4] | ||
Net income (loss) attributable to continuing operations | ' | 2,550 | [4] | ' | 4,967 | [4] | ||
Net income (loss) attributable to discontinued operations, net of tax | ' | -307 | [4] | ' | -156 | [4] | ||
Net income | ' | 2,243 | [4] | ' | 4,811 | [4] | ||
Comprehensive income (loss) | ' | ($2,224) | [4] | ' | ($2,470) | [4] | ||
[1] | The Parent allocates selling, general, and administrative expenses ("SG&A") to the subsidiaries based upon its budgeted annual expenses. A credit in parent SG&A is offset by an equal debit amount in the subsidiaries' SG&A. | |||||||
[2] | 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 Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2013 as filed with the SEC on September 24, 2013. | |||||||
[4] | Previously reported balances represent the amounts reported in the Condensed Consolidating Statement of Operations in the Company's Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2013 as filed with the SEC on September 24, 2013. | |||||||
[5] | Previously reported balances represent the amounts reported in the Condensed Consolidated Statement of Cash Flows in the Company's Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2013 as filed with the SEC on September 24, 2013. The previously reported changes in inventory, cost in excess of billings, and deferred revenue have been adjusted by $(340), $1,021, and $(681) to correct the prior presentation. |
Schedule_of_Condensed_Consolid1
Schedule of Condensed Consolidating Statement of Operations and Comprehensive Income (Detail) (USD $) | 3 Months Ended | 6 Months Ended | ||||||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | ||||
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ||||
Net sales | $205,334 | $199,123 | $379,879 | $388,325 | ||||
Costs and expenses: | ' | ' | ' | ' | ||||
Cost of sales | 163,022 | 155,346 | 309,098 | 305,295 | ||||
Selling, general, and administrative expenses | 23,631 | [1] | 22,314 | [2] | 49,499 | [2] | 46,919 | [2] |
Research, technical, and product development expenses | 1,209 | 982 | 2,193 | 1,983 | ||||
Operating income (loss) | 17,472 | 20,481 | 19,089 | 34,128 | ||||
Other income (expense), net | -375 | 700 | 160 | 1,259 | ||||
Interest income (expense), net | -7,629 | -20,643 | -15,186 | -25,408 | ||||
Income (loss) before income taxes | 9,468 | 538 | 4,063 | 9,979 | ||||
Provision for (benefit from) income taxes | 2,357 | -521 | 768 | 3,952 | ||||
Net income (loss) attributable to continuing operations | 7,111 | 1,059 | 3,295 | 6,027 | ||||
Net income (loss) attributable to discontinued operations, net of tax | -70 | -389 | -435 | -472 | ||||
Net income (loss) | 7,041 | 670 | 2,860 | 5,555 | ||||
Comprehensive income (loss) | 12,166 | -1,386 | 4,971 | 8,114 | ||||
RTI International Metals, Inc. | ' | ' | ' | ' | ||||
Costs and expenses: | ' | ' | ' | ' | ||||
Selling, general, and administrative expenses | -379 | [1] | 491 | [2] | 568 | [2] | 1,704 | [2] |
Operating income (loss) | 379 | -491 | -568 | -1,704 | ||||
Other income (expense), net | 1,217 | -4,167 | 2,707 | 110 | ||||
Interest income (expense), net | -5,942 | -5,605 | -11,757 | -10,022 | ||||
Equity in earnings of subsidiaries | 10,077 | 7,364 | 11,535 | 13,010 | ||||
Income (loss) before income taxes | 5,731 | -2,899 | 1,917 | 1,394 | ||||
Provision for (benefit from) income taxes | -1,380 | -3,958 | -1,378 | -4,633 | ||||
Net income (loss) attributable to continuing operations | 7,111 | 1,059 | 3,295 | 6,027 | ||||
Net income (loss) attributable to discontinued operations, net of tax | -70 | -389 | -435 | -472 | ||||
Net income (loss) | 7,041 | 670 | 2,860 | 5,555 | ||||
Comprehensive income (loss) | 12,166 | -1,386 | 4,971 | 8,114 | ||||
Guarantor Subsidiaries | ' | ' | ' | ' | ||||
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ||||
Net sales | 119,503 | 136,778 | 233,626 | 272,951 | ||||
Costs and expenses: | ' | ' | ' | ' | ||||
Cost of sales | 104,233 | 108,580 | 206,353 | 222,050 | ||||
Selling, general, and administrative expenses | 11,149 | [1] | 11,034 | [2] | 23,307 | [2] | 22,742 | [2] |
Research, technical, and product development expenses | 1,196 | 982 | 2,180 | 1,983 | ||||
Operating income (loss) | 2,925 | 16,182 | 1,786 | 26,176 | ||||
Other income (expense), net | -979 | 1,104 | -1,817 | -1,280 | ||||
Interest income (expense), net | -1,043 | -8,668 | -2,245 | -8,639 | ||||
Equity in earnings of subsidiaries | 218 | 263 | 566 | -110 | ||||
Income (loss) before income taxes | 1,121 | 8,881 | -1,710 | 16,147 | ||||
Provision for (benefit from) income taxes | 514 | 2,101 | -1,016 | 4,876 | ||||
Net income (loss) attributable to continuing operations | 607 | 6,780 | -694 | 11,271 | ||||
Net income (loss) | 607 | 6,780 | -694 | 11,271 | ||||
Comprehensive income (loss) | 1,554 | 7,862 | 1,208 | 18,528 | ||||
Non-Guarantor Subsidiaries | ' | ' | ' | ' | ||||
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ||||
Net sales | 135,446 | 119,617 | 249,735 | 223,081 | ||||
Costs and expenses: | ' | ' | ' | ' | ||||
Cost of sales | 108,404 | 104,038 | 206,227 | 190,952 | ||||
Selling, general, and administrative expenses | 12,861 | [1] | 10,789 | [2] | 25,624 | [2] | 22,473 | [2] |
Research, technical, and product development expenses | 13 | ' | 13 | ' | ||||
Operating income (loss) | 14,168 | 4,790 | 17,871 | 9,656 | ||||
Other income (expense), net | -613 | 3,763 | -730 | 2,429 | ||||
Interest income (expense), net | -644 | -6,370 | -1,184 | -6,747 | ||||
Equity in earnings of subsidiaries | 327 | 847 | 1,302 | 953 | ||||
Income (loss) before income taxes | 13,238 | 3,030 | 17,259 | 6,291 | ||||
Provision for (benefit from) income taxes | 3,223 | 1,336 | 3,162 | 3,709 | ||||
Net income (loss) attributable to continuing operations | 10,015 | 1,694 | 14,097 | 2,582 | ||||
Net income (loss) attributable to discontinued operations, net of tax | -70 | -389 | -435 | -472 | ||||
Net income (loss) | 9,945 | 1,305 | 13,662 | 2,110 | ||||
Comprehensive income (loss) | 13,947 | -1,978 | 13,571 | -3,384 | ||||
Eliminations | ' | ' | ' | ' | ||||
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ||||
Net sales | -49,615 | -57,272 | -103,482 | -107,707 | ||||
Costs and expenses: | ' | ' | ' | ' | ||||
Cost of sales | -49,615 | -57,272 | -103,482 | -107,707 | ||||
Equity in earnings of subsidiaries | -10,622 | -8,474 | -13,403 | -13,853 | ||||
Income (loss) before income taxes | -10,622 | -8,474 | -13,403 | -13,853 | ||||
Net income (loss) attributable to continuing operations | -10,622 | -8,474 | -13,403 | -13,853 | ||||
Net income (loss) attributable to discontinued operations, net of tax | 70 | 389 | 435 | 472 | ||||
Net income (loss) | -10,552 | -8,085 | -12,968 | -13,381 | ||||
Comprehensive income (loss) | ($15,501) | ($5,884) | ($14,779) | ($15,144) | ||||
[1] | The Parent allocates selling, general, and administrative expenses ("SG&A") to the subsidiaries based upon its budgeted annual expenses. A credit in parent SG&A is offset by an equal debit amount in the subsidiaries' SG&A. | |||||||
[2] | 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 $) | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||||
Current assets: | ' | ' | ' | ' |
Cash and cash equivalents | $148,953 | $343,637 | $231,433 | $97,190 |
Short-term investments | 143,602 | ' | ' | ' |
Receivables, net | 109,328 | 105,271 | ' | ' |
Inventories, net | 450,451 | 430,088 | ' | ' |
Cost in excess of billings | 7,331 | 5,377 | ' | ' |
Deferred income taxes | 32,211 | 32,032 | ' | ' |
Assets of discontinued operations | 806 | 5,274 | ' | ' |
Other current assets | 20,629 | 16,947 | ' | ' |
Total current assets | 913,311 | 938,626 | ' | ' |
Property, plant, and equipment, net | 373,976 | 372,340 | ' | ' |
Goodwill | 144,572 | 117,578 | ' | ' |
Other intangible assets, net | 61,264 | 53,754 | ' | ' |
Other noncurrent assets | 22,386 | 23,247 | ' | ' |
Total assets | 1,515,509 | 1,505,545 | ' | ' |
Current liabilities: | ' | ' | ' | ' |
Accounts payable | 80,423 | 79,039 | ' | ' |
Accrued wages and other employee costs | 27,273 | 29,787 | ' | ' |
Unearned revenue | 10,944 | 15,625 | ' | ' |
Liabilities of discontinued operations | ' | 458 | ' | ' |
Other accrued liabilities | 21,423 | 22,574 | ' | ' |
Total current liabilities | 140,063 | 147,483 | ' | ' |
Long-term debt | 442,406 | 430,300 | ' | ' |
Liability for post-retirement benefits | 43,931 | 43,447 | ' | ' |
Liability for pension benefits | 13,121 | 13,787 | ' | ' |
Deferred income taxes | 76,304 | 74,078 | ' | ' |
Unearned revenue | 5,435 | 10,470 | ' | ' |
Other noncurrent liabilities | 12,966 | 12,006 | ' | ' |
Total liabilities | 734,226 | 731,571 | ' | ' |
Shareholders' equity | 781,283 | 773,974 | ' | ' |
Total liabilities and shareholders' equity | 1,515,509 | 1,505,545 | ' | ' |
RTI International Metals, Inc. | ' | ' | ' | ' |
Current assets: | ' | ' | ' | ' |
Receivables, net | 1,109 | 786 | ' | ' |
Deferred income taxes | 27,193 | 31,656 | ' | ' |
Other current assets | 11,405 | 9,425 | ' | ' |
Total current assets | 39,707 | 41,867 | ' | ' |
Property, plant, and equipment, net | 2,263 | 2,328 | ' | ' |
Other noncurrent assets | 9,487 | 11,025 | ' | ' |
Intercompany investments | 1,258,663 | 1,240,671 | ' | ' |
Total assets | 1,310,120 | 1,295,891 | ' | ' |
Current liabilities: | ' | ' | ' | ' |
Accounts payable | 2,223 | 1,948 | ' | ' |
Accrued wages and other employee costs | 5,607 | 6,598 | ' | ' |
Other accrued liabilities | 5,420 | 6,800 | ' | ' |
Total current liabilities | 13,250 | 15,346 | ' | ' |
Long-term debt | 431,548 | 422,634 | ' | ' |
Liability for pension benefits | 6,136 | 5,943 | ' | ' |
Deferred income taxes | 70,486 | 70,006 | ' | ' |
Other noncurrent liabilities | 7,417 | 7,988 | ' | ' |
Total liabilities | 528,837 | 521,917 | ' | ' |
Shareholders' equity | 781,283 | 773,974 | ' | ' |
Total liabilities and shareholders' equity | 1,310,120 | 1,295,891 | ' | ' |
Guarantor Subsidiaries | ' | ' | ' | ' |
Current assets: | ' | ' | ' | ' |
Cash and cash equivalents | 109,935 | 312,202 | 225,802 | 87,283 |
Short-term investments | 143,602 | ' | ' | ' |
Receivables, net | 53,906 | 57,397 | ' | ' |
Inventories, net | 286,086 | 265,621 | ' | ' |
Cost in excess of billings | 4,070 | 3,800 | ' | ' |
Deferred income taxes | 2,755 | ' | ' | ' |
Other current assets | 2,679 | 2,984 | ' | ' |
Total current assets | 603,033 | 642,004 | ' | ' |
Property, plant, and equipment, net | 285,086 | 292,033 | ' | ' |
Goodwill | 94,511 | 79,705 | ' | ' |
Other intangible assets, net | 34,653 | 31,184 | ' | ' |
Other noncurrent assets | 7,184 | 7,184 | ' | ' |
Intercompany investments | 27,189 | 26,623 | ' | ' |
Total assets | 1,051,656 | 1,078,733 | ' | ' |
Current liabilities: | ' | ' | ' | ' |
Accounts payable | 54,452 | 54,111 | ' | ' |
Accrued wages and other employee costs | 12,994 | 14,093 | ' | ' |
Unearned revenue | 10 | 288 | ' | ' |
Other accrued liabilities | 3,931 | 5,101 | ' | ' |
Total current liabilities | 71,387 | 73,593 | ' | ' |
Long-term debt | 361 | 738 | ' | ' |
Intercompany debt | 312,914 | 357,144 | ' | ' |
Liability for post-retirement benefits | 43,931 | 43,447 | ' | ' |
Liability for pension benefits | 6,826 | 7,685 | ' | ' |
Deferred income taxes | 1,747 | ' | ' | ' |
Other noncurrent liabilities | 5,247 | 3,763 | ' | ' |
Total liabilities | 442,413 | 486,370 | ' | ' |
Shareholders' equity | 609,243 | 592,363 | ' | ' |
Total liabilities and shareholders' equity | 1,051,656 | 1,078,733 | ' | ' |
Non-Guarantor Subsidiaries | ' | ' | ' | ' |
Current assets: | ' | ' | ' | ' |
Cash and cash equivalents | 39,018 | 31,435 | 5,631 | 9,907 |
Receivables, net | 76,284 | 69,847 | ' | ' |
Inventories, net | 164,365 | 164,467 | ' | ' |
Cost in excess of billings | 3,261 | 1,577 | ' | ' |
Deferred income taxes | 2,263 | 376 | ' | ' |
Assets of discontinued operations | 806 | 5,274 | ' | ' |
Other current assets | 6,545 | 4,538 | ' | ' |
Total current assets | 292,542 | 277,514 | ' | ' |
Property, plant, and equipment, net | 86,627 | 77,979 | ' | ' |
Goodwill | 50,061 | 37,873 | ' | ' |
Other intangible assets, net | 26,611 | 22,570 | ' | ' |
Other noncurrent assets | 5,715 | 5,038 | ' | ' |
Intercompany investments | 7,023 | 5,721 | ' | ' |
Total assets | 468,579 | 426,695 | ' | ' |
Current liabilities: | ' | ' | ' | ' |
Accounts payable | 45,719 | 45,739 | ' | ' |
Accrued wages and other employee costs | 8,672 | 9,096 | ' | ' |
Unearned revenue | 10,934 | 15,337 | ' | ' |
Liabilities of discontinued operations | ' | 458 | ' | ' |
Other accrued liabilities | 12,072 | 10,673 | ' | ' |
Total current liabilities | 77,397 | 81,303 | ' | ' |
Long-term debt | 10,497 | 6,928 | ' | ' |
Intercompany debt | 151,804 | 106,633 | ' | ' |
Liability for pension benefits | 159 | 159 | ' | ' |
Deferred income taxes | 4,071 | 4,072 | ' | ' |
Unearned revenue | 5,435 | 10,470 | ' | ' |
Other noncurrent liabilities | 302 | 255 | ' | ' |
Total liabilities | 249,665 | 209,820 | ' | ' |
Shareholders' equity | 218,914 | 216,875 | ' | ' |
Total liabilities and shareholders' equity | 468,579 | 426,695 | ' | ' |
Eliminations | ' | ' | ' | ' |
Current assets: | ' | ' | ' | ' |
Receivables, net | -21,971 | -22,759 | ' | ' |
Total current assets | -21,971 | -22,759 | ' | ' |
Intercompany investments | -1,292,875 | -1,273,015 | ' | ' |
Total assets | -1,314,846 | -1,295,774 | ' | ' |
Current liabilities: | ' | ' | ' | ' |
Accounts payable | -21,971 | -22,759 | ' | ' |
Total current liabilities | -21,971 | -22,759 | ' | ' |
Intercompany debt | -464,718 | -463,777 | ' | ' |
Total liabilities | -486,689 | -486,536 | ' | ' |
Shareholders' equity | -828,157 | -809,238 | ' | ' |
Total liabilities and shareholders' equity | ($1,314,846) | ($1,295,774) | ' | ' |
Schedule_of_Condensed_Consolid3
Schedule of Condensed Consolidating Statement of Cash Flows (Detail) (USD $) | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | |
Condensed Financial Statements, Captions [Line Items] | ' | ' | |
Cash provided by (used in) operating activities | ($1,337) | $619 | |
INVESTING ACTIVITIES: | ' | ' | |
Acquisitions, net of cash acquired | -37,217 | 10,475 | |
Capital expenditures | -13,606 | -19,665 | |
Short-term investments, net | -143,555 | ' | |
Divestitures | 3,281 | 10,475 | |
Cash provided by (used in) investing activities | -191,097 | -137,481 | |
Investments, net | ' | -128,291 | |
FINANCING ACTIVITIES: | ' | ' | |
Proceeds from exercise of employee stock options | 709 | 1,489 | |
Excess tax benefits from stock-based compensation activity | 197 | 376 | |
Repayments on long-term debt | -1,411 | -120,362 | |
Purchase of common stock held in treasury | -851 | -399 | |
Cash provided by (used in) financing activities | -1,356 | 271,234 | |
Financing fees | ' | -12,370 | |
Borrowings on long-term debt | ' | 402,500 | |
Effect of exchange rate changes on cash and cash equivalents | -894 | -129 | |
Increase (decrease) in cash and cash equivalents | -194,684 | 134,243 | |
Cash and cash equivalents at beginning of period | 343,637 | 97,190 | |
Cash and cash equivalents at end of period | 148,953 | 231,433 | |
RTI International Metals, Inc. | ' | ' | |
Condensed Financial Statements, Captions [Line Items] | ' | ' | |
Cash provided by (used in) operating activities | 1,007 | -2,158 | |
INVESTING ACTIVITIES: | ' | ' | |
Capital expenditures | -186 | -558 | |
Intercompany debt activity, net | -928 | -266,663 | [1] |
Cash provided by (used in) investing activities | -1,114 | -269,521 | |
Investments in subsidiaries, net | ' | -2,300 | |
FINANCING ACTIVITIES: | ' | ' | |
Proceeds from exercise of employee stock options | 709 | 1,489 | |
Excess tax benefits from stock-based compensation activity | 197 | 376 | |
Repayments on long-term debt | ' | -119,917 | |
Purchase of common stock held in treasury | -851 | -399 | |
Other financing activities | 52 | ' | |
Cash provided by (used in) financing activities | 107 | 271,679 | |
Financing fees | ' | -12,370 | |
Borrowings on long-term debt | ' | 402,500 | |
Guarantor Subsidiaries | ' | ' | |
Condensed Financial Statements, Captions [Line Items] | ' | ' | |
Cash provided by (used in) operating activities | -2,087 | -4,319 | |
INVESTING ACTIVITIES: | ' | ' | |
Acquisitions, net of cash acquired | -15,508 | ' | |
Capital expenditures | -7,989 | -13,917 | |
Short-term investments, net | -143,555 | ' | |
Cash provided by (used in) investing activities | -167,052 | -142,208 | |
Investments, net | ' | -128,291 | |
FINANCING ACTIVITIES: | ' | ' | |
Repayments on long-term debt | -475 | -445 | |
Intercompany debt activity, net | -32,829 | 284,912 | [1] |
Other financing activities | 176 | ' | |
Cash provided by (used in) financing activities | -33,128 | 285,046 | |
Parent company investments/dividends, net | ' | 579 | |
Increase (decrease) in cash and cash equivalents | -202,267 | 138,519 | |
Cash and cash equivalents at beginning of period | 312,202 | 87,283 | |
Cash and cash equivalents at end of period | 109,935 | 225,802 | |
Non-Guarantor Subsidiaries | ' | ' | |
Condensed Financial Statements, Captions [Line Items] | ' | ' | |
Cash provided by (used in) operating activities | -257 | 7,096 | |
INVESTING ACTIVITIES: | ' | ' | |
Acquisitions, net of cash acquired | -21,709 | 10,475 | |
Capital expenditures | -5,431 | -5,190 | |
Divestitures | 3,281 | ' | |
Intercompany debt activity, net | 33,757 | -18,249 | [1] |
Cash provided by (used in) investing activities | 9,898 | -12,964 | |
FINANCING ACTIVITIES: | ' | ' | |
Repayments on long-term debt | -936 | ' | |
Other financing activities | -228 | ' | |
Cash provided by (used in) financing activities | -1,164 | 1,721 | |
Parent company investments/dividends, net | ' | 1,721 | |
Effect of exchange rate changes on cash and cash equivalents | -894 | -129 | |
Increase (decrease) in cash and cash equivalents | 7,583 | -4,276 | |
Cash and cash equivalents at beginning of period | 31,435 | 9,907 | |
Cash and cash equivalents at end of period | 39,018 | 5,631 | |
Eliminations | ' | ' | |
INVESTING ACTIVITIES: | ' | ' | |
Intercompany debt activity, net | -32,829 | 284,912 | [1] |
Cash provided by (used in) investing activities | -32,829 | 287,212 | |
Investments in subsidiaries, net | ' | 2,300 | |
FINANCING ACTIVITIES: | ' | ' | |
Intercompany debt activity, net | 32,829 | -284,912 | [1] |
Cash provided by (used in) financing activities | 32,829 | -287,212 | |
Parent company investments/dividends, net | ' | ($2,300) | |
[1] | The Condensed Consolidated 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 $(266,663), $(18,249), and $284,912 and increased (decreased) cash flows from financing activities for the RTI International Metals, Inc. Parent Company, Non-Guarantor Subsidiaries, and Eliminations by $266,663, $18,249, and $(284,912), respectively. |
Schedule_of_Condensed_Consolid4
Schedule of Condensed Consolidating Statement of Cash Flows (Parenthetical) (Detail) (USD $) | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | |
RTI International Metals, Inc. | ' | ' | |
Condensed Financial Statements, Captions [Line Items] | ' | ' | |
Increased (decreased) cash flows from investing activities | ($928) | ($266,663) | [1] |
Non-Guarantor Subsidiaries | ' | ' | |
Condensed Financial Statements, Captions [Line Items] | ' | ' | |
Increased (decreased) cash flows from investing activities | 33,757 | -18,249 | [1] |
Cash Flows from Financing Activities | RTI International Metals, Inc. | ' | ' | |
Condensed Financial Statements, Captions [Line Items] | ' | ' | |
Increased (decreased) cash flows from financing activities | ' | 266,663 | |
Cash Flows from Financing Activities | Non-Guarantor Subsidiaries | ' | ' | |
Condensed Financial Statements, Captions [Line Items] | ' | ' | |
Increased (decreased) cash flows from financing activities | ' | 18,249 | |
Eliminations | ' | ' | |
Condensed Financial Statements, Captions [Line Items] | ' | ' | |
Increased (decreased) cash flows from investing activities | -32,829 | 284,912 | [1] |
Increased (decreased) cash flows from financing activities | 32,829 | -284,912 | [1] |
Eliminations | Cash Flows from Financing Activities | ' | ' | |
Condensed Financial Statements, Captions [Line Items] | ' | ' | |
Increased (decreased) cash flows from financing activities | ' | ($284,912) | |
[1] | The Condensed Consolidated 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 $(266,663), $(18,249), and $284,912 and increased (decreased) cash flows from financing activities for the RTI International Metals, Inc. Parent Company, Non-Guarantor Subsidiaries, and Eliminations by $266,663, $18,249, and $(284,912), respectively. |