GUARANTOR SUBSIDIARIES | 9 Months Ended |
Sep. 30, 2014 |
GUARANTOR SUBSIDIARIES | ' |
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Note 19—GUARANTOR SUBSIDIARIES: |
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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 Second Amended and Restated 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. |
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There are no current restrictions on the ability of the Guarantor Subsidiaries to make payments under the guarantees referred to above, except, however, the obligations of each Guarantor Subsidiary under its guarantee will be limited to the maximum amount as will result in obligations of such Guarantor Subsidiary under its guarantee not constituting a fraudulent conveyance or fraudulent transfer for purposes of bankruptcy law, the Uniform Conveyance Act, the Uniform Fraudulent Transfer Act, or any similar Federal or state law. |
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The Condensed Consolidating Statements of Operations for the three and nine months ended September 30, 2013 have been restated 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 tables present the Condensed Consolidating Statements of Operations as presented in the Company’s Quarterly Report on Form 10-Q for the three and nine months ended September 30, 2013 as filed with the SEC on November 12, 2013, and the restated balances as presented in the Annual Report. The restatement impacts 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 restatement adjustments had no impact on the Condensed Consolidating Statement of Cash Flows for the nine months ended September 30, 2013. |
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Condensed Consolidating Statement of Operations and Comprehensive Income |
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Three Months Ended September 30, 2013 |
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(unaudited) |
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| | RTI International | | | Guarantors | | | Non-Guarantors | | | Eliminations | | | Consolidated | |
Metals, Inc. |
| | Previously | | | As | | | Previously | | | As | | | Previously | | | As | | | Previously | | | As | | | Previously | | | As | |
Reported (1) | Restated | Reported (1) | Restated | Reported (1) | Restated | Reported (1) | Restated | Reported (1) | Restated |
Net sales | | $ | — | | | $ | — | | | $ | 128,285 | | | $ | 128,285 | | | $ | 116,754 | | | $ | 115,158 | | | $ | (48,507 | ) | | $ | (48,507 | ) | | $ | 196,532 | | | $ | 194,936 | |
Cost of sales | | | — | | | | — | | | | 103,808 | | | | 103,808 | | | | 96,134 | | | | 94,496 | | | | (48,507 | ) | | $ | (48,507 | ) | | | 151,435 | | | | 149,797 | |
Selling, general, and administrative expenses | | | 712 | | | | 712 | | | | 10,808 | | | | 10,808 | | | | 10,971 | | | | 10,699 | | | | — | | | | — | | | | 22,491 | | | | 22,219 | |
Research, technical, and product development expenses | | | — | | | | — | | | | 1,037 | | | | 1,037 | | | | 4 | | | | 4 | | | | — | | | | — | | | | 1,041 | | | | 1,041 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Operating income (loss) | | | (712 | ) | | | (712 | ) | | | 12,632 | | | | 12,632 | | | | 9,645 | | | | 9,959 | | | | — | | | | — | | | | 21,565 | | | | 21,879 | |
Other income (expense), net | | | 4,120 | | | | 4,120 | | | | (2,520 | ) | | | (2,520 | ) | | | (1,894 | ) | | | (1,894 | ) | | | — | | | | — | | | | (294 | ) | | | (294 | ) |
Interest income (expense), net | | | (5,488 | ) | | | (5,488 | ) | | | (1,571 | ) | | | (1,571 | ) | | | (250 | ) | | | (250 | ) | | | — | | | | — | | | | (7,309 | ) | | | (7,309 | ) |
Equity in earnings of subsidiaries | | | 11,876 | | | | 12,268 | | | | (439 | ) | | | (439 | ) | | | 532 | | | | 532 | | | | (11,969 | ) | | | (12,361 | ) | | | — | | | | — | |
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Income before income taxes | | | 9,796 | | | | 10,188 | | | | 8,102 | | | | 8,102 | | | | 8,033 | | | | 8,347 | | | | (11,969 | ) | | | (12,361 | ) | | | 13,962 | | | | 14,276 | |
Provision for (benefit from) income taxes | | | (2,496 | ) | | | (2,387 | ) | | | 2,665 | | | | 2,665 | | | | 1,501 | | | | 1,423 | | | | — | | | | — | | | | 1,670 | | | | 1,701 | |
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Net income attributable to continuing operations | | | 12,292 | | | | 12,575 | | | | 5,437 | | | | 5.437 | | | | 6,532 | | | | 6,924 | | | | (11,969 | ) | | | (12,361 | ) | | | 12,292 | | | | 12,575 | |
Net loss attributable to discontinued operations, net of tax | | | — | | | | (280 | ) | | | — | | | | — | | | | — | | | | (280 | ) | | | — | | | | 280 | | | | — | | | | (280 | ) |
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Net income | | $ | 12,292 | | | $ | 12,295 | | | $ | 5,437 | | | $ | 5,437 | | | $ | 6,532 | | | $ | 6,644 | | | $ | (11,969 | ) | | $ | (12,081 | ) | | $ | 12,292 | | | $ | 12,295 | |
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Comprehensive income | | $ | 16,251 | | | $ | 15,558 | | | $ | 6,561 | | | $ | 6,561 | | | $ | 9,224 | | | $ | 8,640 | | | $ | (15,785 | ) | | $ | (15,201 | ) | | $ | 16,251 | | | $ | 15,558 | |
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(1): | Previously reported balances represent the amounts reported in the Condensed Consolidating Statement of Operations in the Company’s Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2013 as filed with the SEC on November 12, 2013. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
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Condensed Consolidating Statement of Operations and Comprehensive Income |
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Nine Months Ended September 30, 2013 |
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(unaudited) |
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| | RTI International | | | Guarantors | | | Non-Guarantors | | | Eliminations | | | Consolidated | |
Metals, Inc. |
| Previously | | | As | | | Previously | | | As | | | Previously | | | As | | | Previously | | | As | | | Previously | | | As | |
Reported (1) | Restated | Reported (1) | Restated | Reported (1) | Restated | Reported (1) | Restated | Reported (1) | Restated |
Net sales | | $ | — | | | $ | — | | | $ | 401,236 | | | $ | 401,236 | | | $ | 343,492 | | | $ | 338,239 | | | $ | (156,214 | ) | | $ | (156,214 | ) | | $ | 588,514 | | | $ | 583,261 | |
Cost of sales | | | — | | | | — | | | | 325,858 | | | | 325,858 | | | | 290,548 | | | | 285,448 | | | | (156,214 | ) | | $ | (156,214 | ) | | | 460,192 | | | | 455,092 | |
Selling, general, and administrative expenses | | | 2,416 | | | | 2,416 | | | | 33,550 | | | | 33,550 | | | | 34,074 | | | | 33,172 | | | | — | | | | — | | | | 70,040 | | | | 69,138 | |
Research, technical, and product development expenses | | | — | | | | — | | | | 3,020 | | | | 3,020 | | | | 4 | | | | 4 | | | | — | | | | — | | | | 3,024 | | | | 3,024 | |
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Operating income (loss) | | | (2,416 | ) | | | (2,416 | ) | | | 38,808 | | | | 38,808 | | | | 18,866 | | | | 19,615 | | | | — | | | | — | | | | 55,258 | | | | 56,007 | |
Other income (expense), net | | | 4,230 | | | | 4,230 | | | | (3,800 | ) | | | (3,800 | ) | | | 535 | | | | 535 | | | | — | | | | — | | | | 965 | | | | 965 | |
Interest income (expense), net | | | (15,510 | ) | | | (15,510 | ) | | | (10,210 | ) | | | (10,210 | ) | | | (6,997 | ) | | | (6,997 | ) | | | — | | | | — | | | | (32,717 | ) | | | (32,717 | ) |
Equity in earnings of subsidiaries | | | 26,681 | | | | 25,277 | | | | (549 | ) | | | (549 | ) | | | 1,485 | | | | 1,485 | | | | (27,617 | ) | | | (26,213 | ) | | | — | | | | — | |
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Income before income taxes | | | 12,985 | | | | 11,581 | | | | 24,249 | | | | 24,249 | | | | 13,889 | | | | 14,638 | | | | (27,617 | ) | | | (26,213 | ) | | | 23,506 | | | | 24,255 | |
Provision for (benefit from) income taxes | | | (7,014 | ) | | | (7,021 | ) | | | 7,541 | | | | 7,541 | | | | 2,980 | | | | 5,133 | | | | — | | | | — | | | | 3,507 | | | | 5,653 | |
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Net income attributable to continuing operations | | | 19,999 | | | | 18,602 | | | | 16,708 | | | | 16,708 | | | | 10,909 | | | | 9,505 | | | | (27,617 | ) | | | (26,213 | ) | | | 19,999 | | | | 18,602 | |
Net loss attributable to discontinued operations, net of tax | | | (156 | ) | | | (752 | ) | | | — | | | | — | | | | (156 | ) | | | (752 | ) | | | 156 | | | | 752 | | | | (156 | ) | | | (752 | ) |
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Net income | | $ | 19,843 | | | $ | 17,850 | | | $ | 16,708 | | | $ | 16,708 | | | $ | 10,753 | | | $ | 8,753 | | | $ | (27,461 | ) | | $ | (25,461 | ) | | $ | 19,843 | | | $ | 17,850 | |
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Comprehensive income | | $ | 24,574 | | | $ | 23,672 | | | $ | 25,089 | | | $ | 25,089 | | | $ | 6,164 | | | $ | 5,255 | | | $ | (31,253 | ) | | $ | (30,344 | ) | | $ | 24,574 | | | $ | 23,672 | |
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(1): | Previously reported balances represent the amounts reported in the Condensed Consolidating Statement of Operations in the Company’s Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2013 as filed with the SEC on November 12, 2013. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
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The following tables present Condensed Consolidating Financial Statements as of September 30, 2014 and December 31, 2013 and for the three and nine months ended September 30, 2014 and 2013: |
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Condensed Consolidating Statement of Operations and Comprehensive Income |
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Three Months Ended September 30, 2014 |
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| | RTI | | | Guarantor | | | Non-Guarantor | | | Eliminations | | | Consolidated | | | | | | | | | | | | | | | | | | | | | |
International | Subsidiaries | Subsidiaries | | | | | | | | | | | | | | | | | | | | |
Metals, Inc. | | | | | | | | | | | | | | | | | | | | | | |
Net sales | | $ | — | | | $ | 124,863 | | | $ | 123,299 | | | $ | (45,904 | ) | | $ | 202,258 | | | | | | | | | | | | | | | | | | | | | |
Costs and expenses: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cost of sales | | | — | | | | 100,997 | | | | 104,304 | | | | (45,904 | ) | | | 159,397 | | | | | | | | | | | | | | | | | | | | | |
Selling, general, and administrative expenses (1) | | | (1,565 | ) | | | 11,277 | | | | 12,020 | | | | — | | | | 21,732 | | | | | | | | | | | | | | | | | | | | | |
Research, technical, and product development expenses | | | — | | | | 1,056 | | | | 25 | | | | — | | | | 1,081 | | | | | | | | | | | | | | | | | | | | | |
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Operating income | | | 1,565 | | | | 11,533 | | | | 6,950 | | | | — | | | | 20,048 | | | | | | | | | | | | | | | | | | | | | |
Other income (expense), net | | | (2,711 | ) | | | 2,036 | | | | 2,018 | | | | — | | | | 1,343 | | | | | | | | | | | | | | | | | | | | | |
Interest expense, net | | | (5,944 | ) | | | (1,048 | ) | | | (771 | ) | | | — | | | | (7,763 | ) | | | | | | | | | | | | | | | | | | | | |
Equity in earnings of subsidiaries | | | 12,554 | | | | 306 | | | | 416 | | | | (13,276 | ) | | | — | | | | | | | | | | | | | | | | | | | | | |
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Income before income taxes | | | 5,464 | | | | 12,827 | | | | 8,613 | | | | (13,276 | ) | | | 13,628 | | | | | | | | | | | | | | | | | | | | | |
Provision for (benefit from) income taxes | | | (6,791 | ) | | | 5,910 | | | | 2,254 | | | | — | | | | 1,373 | | | | | | | | | | | | | | | | | | | | | |
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Net income attributable to continuing operations | | $ | 12,255 | | | $ | 6,917 | | | $ | 6,359 | | | $ | (13,276 | ) | | $ | 12,255 | | | | | | | | | | | | | | | | | | | | | |
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Net income attributable to discontinued operations, net of tax | | $ | 35 | | | $ | — | | | $ | 35 | | | $ | (35 | ) | | $ | 35 | | | | | | | | | | | | | | | | | | | | | |
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Net income | | $ | 12,290 | | | $ | 6,917 | | | $ | 6,394 | | | $ | (13,311 | ) | | $ | 12,290 | | | | | | | | | | | | | | | | | | | | | |
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Comprehensive income | | $ | 7,784 | | | $ | 7,871 | | | $ | 782 | | | $ | (8,653 | ) | | $ | 7,784 | | | | | | | | | | | | | | | | | | | | | |
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-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. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
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Condensed Consolidating Statement of Operations and Comprehensive Income |
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Three Months Ended September 30, 2013 |
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| | RTI International | | | Guarantor | | | Non-Guarantor | | | Eliminations | | | Consolidated | | | | | | | | | | | | | | | | | | | | | |
Metals, Inc. | Subsidiaries | Subsidiaries | (As Restated) | (As Restated) | | | | | | | | | | | | | | | | | | | | |
(As Restated) | (As Restated) | (As Restated) | | | | | | | | | | | | | | | | | | | | | | |
Net sales | | $ | — | | | $ | 128,285 | | | $ | 115,158 | | | $ | (48,507 | ) | | $ | 194,936 | | | | | | | | | | | | | | | | | | | | | |
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Costs and expenses: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cost of sales | | | — | | | | 103,808 | | | | 94,496 | | | | (48,507 | ) | | | 149,797 | | | | | | | | | | | | | | | | | | | | | |
Selling, general, and administrative expenses (1) | | | 712 | | | | 10,808 | | | | 10,699 | | | | — | | | | 22,219 | | | | | | | | | | | | | | | | | | | | | |
Research, technical, and product development expenses | | | — | | | | 1,037 | | | | 4 | | | | — | | | | 1,041 | | | | | | | | | | | | | | | | | | | | | |
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Operating income (loss) | | | (712 | ) | | | 12,632 | | | | 9,959 | | | | — | | | | 21,879 | | | | | | | | | | | | | | | | | | | | | |
Other income (expense) | | | 4,120 | | | | (2,520 | ) | | | (1,894 | ) | | | — | | | | (294 | ) | | | | | | | | | | | | | | | | | | | | |
Interest expense, net | | | (5,488 | ) | | | (1,571 | ) | | | (250 | ) | | | — | | | | (7,309 | ) | | | | | | | | | | | | | | | | | | | | |
Equity in earnings of subsidiaries | | | 12,268 | | | | (439 | ) | | | 532 | | | | (12,361 | ) | | | — | | | | | | | | | | | | | | | | | | | | | |
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Income before income taxes | | | 10,188 | | | | 8,102 | | | | 8,347 | | | | (12,361 | ) | | | 14,276 | | | | | | | | | | | | | | | | | | | | | |
Provision for (benefit from) income taxes | | | (2,387 | ) | | | 2,665 | | | | 1,423 | | | | — | | | | 1,701 | | | | | | | | | | | | | | | | | | | | | |
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Net income attributable to continuing operations | | $ | 12,575 | | | $ | 5,437 | | | $ | 6,924 | | | $ | (12,361 | ) | | $ | 12,575 | | | | | | | | | | | | | | | | | | | | | |
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Net loss attributable to discontinued operations, net of tax | | $ | (280 | ) | | $ | — | | | $ | (280 | ) | | $ | 280 | | | $ | (280 | ) | | | | | | | | | | | | | | | | | | | | |
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Net income | | $ | 12,295 | | | $ | 5,437 | | | $ | 6,644 | | | $ | (12,081 | ) | | $ | 12,295 | | | | | | | | | | | | | | | | | | | | | |
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Comprehensive income | | $ | 15,558 | | | $ | 6,561 | | | $ | 8,640 | | | $ | (15,201 | ) | | $ | 15,558 | | | | | | | | | | | | | | | | | | | | | |
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-1 | The Parent allocates SG&A to the subsidiaries based upon its budgeted annual expenses. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
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Condensed Consolidating Statement of Operations and Comprehensive Income |
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Nine Months Ended September 30, 2014 |
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| | RTI International | | | Guarantor | | | Non-Guarantor | | | Eliminations | | | Consolidated | | | | | | | | | | | | | | | | | | | | | |
Metals, Inc. | Subsidiaries | Subsidiaries | | | | | | | | | | | | | | | | | | | | |
Net sales | | $ | — | | | $ | 358,489 | | | $ | 373,034 | | | $ | (149,386 | ) | | $ | 582,137 | | | | | | | | | | | | | | | | | | | | | |
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Costs and expenses: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cost of sales | | | — | | | | 307,350 | | | | 310,531 | | | | (149,386 | ) | | | 468,495 | | | | | | | | | | | | | | | | | | | | | |
Selling, general, and administrative expenses (1) | | | (997 | ) | | | 34,584 | | | | 37,644 | | | | — | | | | 71,231 | | | | | | | | | | | | | | | | | | | | | |
Research, technical, and product development expenses | | | — | | | | 3,236 | | | | 38 | | | | — | | | | 3,274 | | | | | | | | | | | | | | | | | | | | | |
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Operating income | | | 997 | | | | 13,319 | | | | 24,821 | | | | — | | | | 39,137 | | | | | | | | | | | | | | | | | | | | | |
Other income (expense), net | | | (4 | ) | | | 219 | | | | 1,288 | | | | — | | | | 1,503 | | | | | | | | | | | | | | | | | | | | | |
Interest expense, net | | | (17,701 | ) | | | (3,293 | ) | | | (1,955 | ) | | | — | | | | (22,949 | ) | | | | | | | | | | | | | | | | | | | | |
Equity in earnings of subsidiaries | | | 24,089 | | | | 872 | | | | 1,718 | | | | (26,679 | ) | | | — | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Income before income taxes | | | 7,381 | | | | 11,117 | | | | 25,872 | | | | (26,679 | ) | | | 17,691 | | | | | | | | | | | | | | | | | | | | | |
Provision for (benefit from) income taxes | | | (8,169 | ) | | | 4,894 | | | | 5,416 | | | | — | | | | 2,141 | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net income attributable to continuing operations | | $ | 15,550 | | | $ | 6,223 | | | $ | 20,456 | | | $ | (26,679 | ) | | $ | 15,550 | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net loss attributable to discontinued operations, net of tax | | $ | (400 | ) | | $ | — | | | $ | (400 | ) | | $ | 400 | | | $ | (400 | ) | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net income | | $ | 15,150 | | | $ | 6,223 | | | $ | 20,056 | | | $ | (26,279 | ) | | $ | 15,150 | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Comprehensive income | | $ | 12,755 | | | $ | 9,079 | | | $ | 14,353 | | | $ | (23,432 | ) | | $ | 12,755 | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
|
|
-1 | The Parent allocates SG&A to the subsidiaries based upon its budgeted annual expenses. A credit in parent SG&A is offset by an equal debit amount in the subsidiaries’ SG&A. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
|
|
Condensed Consolidating Statement of Operations and Comprehensive Income |
|
Nine Months Ended September 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 | | $ | — | | | $ | 401,236 | | | $ | 338,239 | | | $ | (156,214 | ) | | $ | 583,261 | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
Costs and expenses: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cost of sales | | | — | | | | 325,858 | | | | 285,448 | | | | (156,214 | ) | | | 455,092 | | | | | | | | | | | | | | | | | | | | | |
Selling, general, and administrative expenses (1) | | | 2,416 | | | | 33,550 | | | | 33,172 | | | | — | | | | 69,138 | | | | | | | | | | | | | | | | | | | | | |
Research, technical, and product development expenses | | | — | | | | 3,020 | | | | 4 | | | | — | | | | 3,024 | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Operating income (loss) | | | (2,416 | ) | | | 38,808 | | | | 19,615 | | | | — | | | | 56,007 | | | | | | | | | | | | | | | | | | | | | |
Other income (expense) | | | 4,230 | | | | (3,800 | ) | | | 535 | | | | — | | | | 965 | | | | | | | | | | | | | | | | | | | | | |
Interest expense, net | | | (15,510 | ) | | | (10,210 | ) | | | (6,997 | ) | | | — | | | | (32,717 | ) | | | | | | | | | | | | | | | | | | | | |
Equity in earnings of subsidiaries | | | 25,277 | | | | (549 | ) | | | 1,485 | | | | (26,213 | ) | | | — | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Income before income taxes | | | 11,581 | | | | 24,249 | | | | 14,638 | | | | (26,213 | ) | | | 24,255 | | | | | | | | | | | | | | | | | | | | | |
Provision for (benefit from) income taxes | | | (7,021 | ) | | | 7,541 | | | | 5,133 | | | | — | | | | 5,653 | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net income attributable to continuing operations | | $ | 18,602 | | | $ | 16,708 | | | $ | 9,505 | | | $ | (26,213 | ) | | $ | 18,602 | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net loss attributable to discontinued operations, net of tax | | $ | (752 | ) | | $ | — | | | $ | (752 | ) | | $ | 752 | | | $ | (752 | ) | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net income | | $ | 17,850 | | | $ | 16,708 | | | $ | 8,753 | | | $ | (25,461 | ) | | $ | 17,850 | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Comprehensive income | | $ | 23,672 | | | $ | 25,089 | | | $ | 5,255 | | | $ | (30,344 | ) | | $ | 23,672 | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
|
|
-1 | The Parent allocates SG&A to the subsidiaries based upon its budgeted annual expenses. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
|
|
Condensed Consolidating Balance Sheet |
|
As of September 30, 2014 |
|
|
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | RTI | | | Guarantor | | | Non-Guarantor | | | Eliminations | | | Consolidated | | | | | | | | | | | | | | | | | | | | | |
International | Subsidiaries | Subsidiaries | | | | | | | | | | | | | | | | | | | | |
Metals, Inc. | | | | | | | | | | | | | | | | | | | | | | |
ASSETS | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Current assets: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cash and cash equivalents | | $ | — | | | $ | 122,060 | | | $ | 48,282 | | | $ | — | | | $ | 170,342 | | | | | | | | | | | | | | | | | | | | | |
Short-term investments | | | — | | | | 121,968 | | | | — | | | | — | | | | 121,968 | | | | | | | | | | | | | | | | | | | | | |
Receivables, net | | | 1,588 | | | | 65,861 | | | | 76,943 | | | | (23,112 | ) | | | 121,280 | | | | | | | | | | | | | | | | | | | | | |
Inventories, net | | | — | | | | 302,142 | | | | 153,428 | | | | — | | | | 455,570 | | | | | | | | | | | | | | | | | | | | | |
Cost in excess of billings | | | — | | | | 2,620 | | | | 4,397 | | | | — | | | | 7,017 | | | | | | | | | | | | | | | | | | | | | |
Deferred income taxes | | | 27,396 | | | | 2,755 | | | | 2,288 | | | | — | | | | 32,439 | | | | | | | | | | | | | | | | | | | | | |
Assets of discontinued operations | | | — | | | | — | | | | 650 | | | | — | | | | 650 | | | | | | | | | | | | | | | | | | | | | |
Other current assets | | | 13,727 | | | | 2,930 | | | | 4,651 | | | | — | | | | 21,308 | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total current assets | | | 42,711 | | | | 620,336 | | | | 290,639 | | | | (23,112 | ) | | | 930,574 | | | | | | | | | | | | | | | | | | | | | |
Property, plant, and equipment, net | | | 2,120 | | | | 283,391 | | | | 88,790 | | | | — | | | | 374,301 | | | | | | | | | | | | | | | | | | | | | |
Goodwill | | | — | | | | 94,911 | | | | 50,539 | | | | — | | | | 145,450 | | | | | | | | | | | | | | | | | | | | | |
Other intangible assets, net | | | — | | | | 33,573 | | | | 25,152 | | | | — | | | | 58,725 | | | | | | | | | | | | | | | | | | | | | |
Other noncurrent assets | | | 8,954 | | | | 7,104 | | | | 6,013 | | | | — | | | | 22,071 | | | | | | | | | | | | | | | | | | | | | |
Intercompany investments (1) | | | 1,275,690 | | | | 148,296 | | | | 55,251 | | | | (1,479,237 | ) | | | — | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total assets | | $ | 1,329,475 | | | $ | 1,187,611 | | | $ | 516,384 | | | $ | (1,502,349 | ) | | $ | 1,531,121 | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
LIABILITIES AND SHAREHOLDERS’ EQUITY | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Current liabilities: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Accounts payable | | $ | 1,796 | | | $ | 56,383 | | | $ | 51,297 | | | $ | (23,112 | ) | | $ | 86,364 | | | | | | | | | | | | | | | | | | | | | |
Accrued wages and other employee costs | | | 5,328 | | | | 16,137 | | | | 8,230 | | | | — | | | | 29,695 | | | | | | | | | | | | | | | | | | | | | |
Unearned revenue | | | — | | | | 43 | | | | 7,776 | | | | — | | | | 7,819 | | | | | | | | | | | | | | | | | | | | | |
Other accrued liabilities | | | 7,402 | | | | 6,970 | | | | 10,767 | | | | — | | | | 25,139 | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total current liabilities | | | 14,526 | | | | 79,533 | | | | 78,070 | | | | (23,112 | ) | | | 149,017 | | | | | | | | | | | | | | | | | | | | | |
Long-term debt | | | 436,100 | | | | 296 | | | | 10,213 | | | | — | | | | 446,609 | | | | | | | | | | | | | | | | | | | | | |
Intercompany debt | | | 9,124 | | | | 47,812 | | | | 240,157 | | | | (297,093 | ) | | | — | | | | | | | | | | | | | | | | | | | | | |
Liability for post-retirement benefits | | | — | | | | 44,219 | | | | — | | | | — | | | | 44,219 | | | | | | | | | | | | | | | | | | | | | |
Liability for pension benefits | | | 5,679 | | | | 5,571 | | | | 159 | | | | — | | | | 11,409 | | | | | | | | | | | | | | | | | | | | | |
Deferred income taxes | | | 68,074 | | | | 1,748 | | | | 3,865 | | | | — | | | | 73,687 | | | | | | | | | | | | | | | | | | | | | |
Unearned revenue | | | — | | | | — | | | | 4,755 | | | | — | | | | 4,755 | | | | | | | | | | | | | | | | | | | | | |
Other noncurrent liabilities | | | 5,493 | | | | 5,172 | | | | 281 | | | | — | | | | 10,946 | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total liabilities | | | 538,996 | | | | 184,351 | | | | 337,500 | | | | (320,205 | ) | | | 740,642 | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Shareholders’ equity | | | 790,479 | | | | 1,003,260 | | | | 178,884 | | | | (1,182,144 | ) | | | 790,479 | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total liabilities and shareholders’ equity | | $ | 1,329,475 | | | $ | 1,187,611 | | | $ | 516,384 | | | $ | (1,502,349 | ) | | $ | 1,531,121 | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
|
|
-1 | Intercompany investments include equity investments and intercompany loans receivable from legal entities not included within the same consolidation. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
|
|
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) (2) | | | 1,240,671 | | | | 108,693 | | | | 109,638 | | | | (1,459,002 | ) | | | — | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total assets | | $ | 1,295,891 | | | $ | 1,160,803 | | | $ | 530,612 | | | $ | (1,481,761 | ) | | $ | 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 (2) | | | — | | | | 402,114 | | | | 210,550 | | | | (612,664 | ) | | | — | | | | | | | | | | | | | | | | | | | | | |
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 | | | | 531,340 | | | | 313,737 | | | | (635,423 | ) | | | 731,571 | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Shareholders’ equity (2) | | | 773,974 | | | | 629,463 | | | | 216,875 | | | | (846,338 | ) | | | 773,974 | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total liabilities and shareholders’ equity | | $ | 1,295,891 | | | $ | 1,160,803 | | | $ | 530,612 | | | $ | (1,481,761 | ) | | $ | 1,505,545 | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
|
|
-1 | Intercompany investments include equity investments and intercompany loans receivable from legal entities not included within the same consolidation. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
-2 | The Condensed Consolidating Balance sheet has been adjusted to correct the prior presentation of intercompany debt and investment balances. Previously, certain intercompany debt and investment balances had been netted, resulting in the understatement of total assets and liabilities of both the Guarantor Subsidiaries and Non-Guarantor Subsidiaries, as well as understatement of Guarantor Subsidiaries Shareholders’ Equity. These adjustments increased (decreased) intercompany investments by $82,070, $103,917, and $(185,987); intercompany debt by $44,970, $103,917, and $(148,887); and shareholders’ equity by $37,100, $-, and $(37,100) for Guarantor Subsidiaries, Non-Guarantor Subsidiaries, and Eliminations, respectively. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
|
|
Condensed Consolidating Statement of Cash Flows |
|
Nine Months Ended September 30, 2014 |
|
|
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | RTI | | | Guarantor | | | Non-Guarantor | | | Eliminations | | | Consolidated | | | | | | | | | | | | | | | | | | | | | |
International | Subsidiaries | Subsidiaries | | | | | | | | | | | | | | | | | | | | |
Metals, Inc. | | | | | | | | | | | | | | | | | | | | | | |
Cash provided by (used in) operating activities | | $ | 39,351 | | | $ | 8,601 | | | $ | 15,538 | | | $ | (50,893 | ) | | $ | 12,597 | | | | | | | | | | | | | | | | | | | | | |
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Investing activities: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Investments in subsidiaries, net | | | (346,642 | ) | | | — | | | | — | | | | 346,642 | | | | — | | | | | | | | | | | | | | | | | | | | | |
Acquisitions, net of cash acquired | | | — | | | | (15,508 | ) | | | (21,709 | ) | | | — | | | | (37,217 | ) | | | | | | | | | | | | | | | | | | | | |
Capital expenditures | | | (185 | ) | | | (13,403 | ) | | | (12,506 | ) | | | — | | | | (26,094 | ) | | | | | | | | | | | | | | | | | | | | |
Short-term investments, net | | | — | | | | (121,882 | ) | | | — | | | | — | | | | (121,882 | ) | | | | | | | | | | | | | | | | | | | | |
Divestitures | | | — | | | | — | | | | 3,281 | | | | — | | | | 3,281 | | | | | | | | | | | | | | | | | | | | | |
Intercompany debt activity, net | | | 298,197 | | | | (39,582 | ) | | | 56,105 | | | | (314,720 | ) | | | — | | | | | | | | | | | | | | | | | | | | | |
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Cash provided by (used in) investing activities | | | (48,630 | ) | | | (190,375 | ) | | | 25,171 | | | | 31,922 | | | | (181,912 | ) | | | | | | | | | | | | | | | | | | | | |
Financing activities: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Proceeds from exercise of employee stock options | | | 807 | | | | — | | | | — | | | | — | | | | 807 | | | | | | | | | | | | | | | | | | | | | |
Excess tax benefits from stock-based compensation activity | | | 199 | | | | — | | | | — | | | | — | | | | 199 | | | | | | | | | | | | | | | | | | | | | |
Parent company investments, net of distributions | | | — | | | | 346,642 | | | | (50,893 | ) | | | (295,749 | ) | | | — | | | | | | | | | | | | | | | | | | | | | |
Repayments on long-term debt | | | — | | | | (708 | ) | | | (744 | ) | | | — | | | | (1,452 | ) | | | | | | | | | | | | | | | | | | | | |
Intercompany debt activity, net | | | 9,124 | | | | (354,302 | ) | | | 30,458 | | | | 314,720 | | | | — | | | | | | | | | | | | | | | | | | | | | |
Purchase of common stock held in treasury | | | (851 | ) | | | — | | | | — | | | | — | | | | (851 | ) | | | | | | | | | | | | | | | | | | | | |
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Cash provided by (used in) financing activities | | | 9,279 | | | | (8,368 | ) | | | (21,179 | ) | | | 18,971 | | | | (1,297 | ) | | | | | | | | | | | | | | | | | | | | |
Effect of exchange rate changes on cash and cash equivalents | | | — | | | | — | | | | (2,683 | ) | | | — | | | | (2,683 | ) | | | | | | | | | | | | | | | | | | | | |
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Increase (decrease) in cash and cash equivalents | | | — | | | | (190,142 | ) | | | 16,847 | | | | — | | | | (173,295 | ) | | | | | | | | | | | | | | | | | | | | |
Cash and cash equivalents at beginning of period | | | — | | | | 312,202 | | | | 31,435 | | | | — | | | | 343,637 | | | | | | | | | | | | | | | | | | | | | |
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Cash and cash equivalents at end of period | | $ | — | | | $ | 122,060 | | | $ | 48,282 | | | $ | — | | | $ | 170,342 | | | | | | | | | | | | | | | | | | | | | |
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Condensed Consolidating Statement of Cash Flows |
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Nine Months Ended September 30, 2013 |
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| | RTI | | | Guarantor | | | Non-Guarantor | | | Eliminations | | | Consolidated | | | | | | | | | | | | | | | | | | | | | |
International | Subsidiaries | Subsidiaries | | | | | | | | | | | | | | | | | | | | |
Metals, Inc. | | | | | | | | | | | | | | | | | | | | | | |
Cash provided by (used in) operating activities | | $ | 3,413 | | | $ | 8,745 | | | $ | (5,818 | ) | | $ | — | | | $ | 6,340 | | | | | | | | | | | | | | | | | | | | | |
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Investing activities: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Acquisitions, net of cash acquired | | | — | | | | — | | | | 10,475 | | | | — | | | | 10,475 | | | | | | | | | | | | | | | | | | | | | |
Investments in subsidiaries, net | | | (34,492 | ) | | | — | | | | — | | | | 34,492 | | | | — | | | | | | | | | | | | | | | | | | | | | |
Capital expenditures | | | (946 | ) | | | (19,229 | ) | | | (6,182 | ) | | | — | | | | (26,357 | ) | | | | | | | | | | | | | | | | | | | | |
Investments, net | | | — | | | | (45,367 | ) | | | — | | | | — | | | | (45,367 | ) | | | | | | | | | | | | | | | | | | | | |
Intercompany debt activity, net (1) | | | (240,267 | ) | | | (5,507 | ) | | | 2,156 | | | | 243,618 | | | | — | | | | | | | | | | | | | | | | | | | | | |
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Cash provided by (used in) investing activities | | | (275,705 | ) | | | (70,103 | ) | | | 6,449 | | | | 278,110 | | | | (61,249 | ) | | | | | | | | | | | | | | | | | | | | |
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Financing activities: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Proceeds from exercise of employee stock options | | | 1,960 | | | | — | | | | — | | | | — | | | | 1,960 | | | | | | | | | | | | | | | | | | | | | |
Excess tax benefits from stock-based compensation activity | | | 405 | | | | — | | | | — | | | | — | | | | 405 | | | | | | | | | | | | | | | | | | | | | |
Financing fees | | | (12,370 | ) | | | — | | | | — | | | | — | | | | (12,370 | ) | | | | | | | | | | | | | | | | | | | | |
Parent company investments/dividends, net | | | — | | | | 99 | | | | 34,393 | | | | (34,492 | ) | | | — | | | | | | | | | | | | | | | | | | | | | |
Borrowings on long-term debt | | | 402,500 | | | | — | | | | — | | | | — | | | | 402,500 | | | | | | | | | | | | | | | | | | | | | |
Repayments on long-term debt | | | (119,917 | ) | | | (673 | ) | | | — | | | | — | | | | (120,590 | ) | | | | | | | | | | | | | | | | | | | | |
Intercompany debt activity, net (1) | | | — | | | | 238,111 | | | | 5,507 | | | | (243,618 | ) | | | — | | | | | | | | | | | | | | | | | | | | | |
Purchase of common stock held in treasury | | | (399 | ) | | | — | | | | — | | | | — | | | | (399 | ) | | | | | | | | | | | | | | | | | | | | |
Other financing activities | | | 113 | | | | 99 | | | | (212 | ) | | | — | | | | — | | | | | | | | | | | | | | | | | | | | | |
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Cash provided by financing activities | | | 272,292 | | | | 237,636 | | | | 39,688 | | | | (278,110 | ) | | | 271,506 | | | | | | | | | | | | | | | | | | | | | |
Effect of exchange rate changes on cash and cash equivalents | | | — | | | | — | | | | 1,234 | | | | — | | | | 1,234 | | | | | | | | | | | | | | | | | | | | | |
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Increase in cash and cash equivalents | | | — | | | | 176,278 | | | | 41,553 | | | | — | | | | 217,831 | | | | | | | | | | | | | | | | | | | | | |
Cash and cash equivalents at beginning of period | | | — | | | | 87,283 | | | | 9,907 | | | | — | | | | 97,190 | | | | | | | | | | | | | | | | | | | | | |
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Cash and cash equivalents at end of period | | $ | — | | | $ | 263,561 | | | $ | 51,460 | | | $ | — | | | $ | 315,021 | | | | | | | | | | | | | | | | | | | | | |
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-1 | The Condensed Consolidating Statements of Cash Flows have been adjusted to revise the presentation of intercompany debt activities to present gross investing and financing activities, rather than net financing activities as previously reported. These adjustments increased (decreased) cash flows from investing activities for the Parent, Guarantor Subsidiaries, Non-Guarantor Subsidiaries, and Eliminations by $(240,267), $(5,507), $2,156 and $243,618 and increased (decreased) cash flows from financing activities for the Parent, Guarantor Subsidiaries, Non-Guarantor Subsidiaries, and Eliminations by $240,267, $5,507, $(2,156) and $(243,618), respectively. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |