Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Sep. 30, 2014 | Oct. 31, 2014 | |
Document and Entity Information | ' | ' |
Entity Registrant Name | 'STEEL DYNAMICS INC | ' |
Entity Central Index Key | '0001022671 | ' |
Document Type | '10-Q | ' |
Document Period End Date | 30-Sep-14 | ' |
Amendment Flag | 'false | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Current Reporting Status | 'Yes | ' |
Entity Filer Category | 'Large Accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 240,415,834 |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
CONSOLIDATED_BALANCE_SHEETS
CONSOLIDATED BALANCE SHEETS (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Current assets | ' | ' |
Cash and equivalents | $159,591 | $395,156 |
Accounts receivable, net | 1,013,503 | 664,208 |
Accounts receivable-related parties | 45,165 | 56,392 |
Inventories | 1,664,212 | 1,314,747 |
Deferred income taxes | 18,402 | 17,964 |
Other current assets | 29,263 | 25,167 |
Total current assets | 2,930,136 | 2,473,634 |
Property, plant and equipment, net | 3,420,654 | 2,226,134 |
Restricted cash | 18,257 | 23,827 |
Intangible assets, net | 406,318 | 386,159 |
Goodwill | 727,128 | 731,996 |
Other assets | 75,790 | 91,256 |
Total assets | 7,578,283 | 5,933,006 |
Current liabilities | ' | ' |
Accounts payable | 621,579 | 404,605 |
Accounts payable-related parties | 18,542 | 10,327 |
Income taxes payable | 26,949 | 4,023 |
Accrued payroll and benefits | 107,484 | 93,432 |
Accrued interest | 21,277 | 31,363 |
Accrued expenses | 113,851 | 89,884 |
Current maturities of long-term debt | 131,858 | 341,544 |
Total current liabilities | 1,041,540 | 975,178 |
Long-term debt | ' | ' |
Senior term loan | 189,062 | 220,000 |
Senior notes | 2,700,000 | 1,500,000 |
Other long-term debt | 40,932 | 46,045 |
Total long-term debt | 2,929,994 | 1,766,045 |
Deferred income taxes | 543,838 | 556,038 |
Other liabilities | 24,922 | 23,376 |
Commitments and contingencies | ' | ' |
Redeemable noncontrolling interests | 126,340 | 116,514 |
Equity | ' | ' |
Common stock voting, $.0025 par value; 900,000,000 shares authorized; 260,332,348 and 258,840,350 shares issued; and 240,365,196 and 222,867,408 shares outstanding, as of September 30, 2014 and December 31, 2013,respectively | 649 | 645 |
Treasury stock, at cost; 19,967,152 and 35,972,942 shares, as of September 30, 2014 and December 31, 2013, respectively | -398,818 | -718,529 |
Additional paid-in capital | 1,075,593 | 1,085,694 |
Retained earnings | 2,300,660 | 2,179,513 |
Total Steel Dynamics, Inc. equity | 2,978,084 | 2,547,323 |
Noncontrolling interests | -66,435 | -51,468 |
Total equity | 2,911,649 | 2,495,855 |
Total liabilities and equity | $7,578,283 | $5,933,006 |
CONSOLIDATED_BALANCE_SHEETS_Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
CONSOLIDATED BALANCE SHEETS | ' | ' |
Common stock voting, par value (in dollars per share) | $0.00 | $0.00 |
Common stock voting, shares authorized (in shares) | 900,000,000 | 900,000,000 |
Common stock voting, shares issued (in shares) | 260,332,348 | 258,840,350 |
Common stock voting, shares outstanding (in shares) | 240,365,196 | 222,867,408 |
Treasury stock, shares (in shares) | 19,967,152 | 35,972,942 |
CONSOLIDATED_STATEMENTS_OF_INC
CONSOLIDATED STATEMENTS OF INCOME (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Net sales | ' | ' | ' | ' |
Unrelated parties | $2,276,747 | $1,838,464 | $6,030,408 | $5,302,285 |
Related parties | 62,269 | 73,274 | 208,451 | 206,489 |
Total net sales | 2,339,016 | 1,911,738 | 6,238,859 | 5,508,774 |
Costs of goods sold | 2,050,504 | 1,714,546 | 5,564,272 | 4,987,626 |
Gross profit | 288,512 | 197,192 | 674,587 | 521,148 |
Selling, general and administrative expenses | 80,240 | 67,553 | 223,745 | 198,171 |
Profit sharing | 12,865 | 8,469 | 28,729 | 19,891 |
Amortization of intangible assets | 6,764 | 7,897 | 20,633 | 24,075 |
Impairment charges | ' | ' | ' | 308 |
Total selling, general and administrative expenses | 99,869 | 83,919 | 273,107 | 242,445 |
Operating income | 188,643 | 113,273 | 401,480 | 278,703 |
Interest expense, net of capitalized interest | 31,904 | 30,970 | 92,523 | 97,064 |
Other expense (income), net | 22,072 | -1,852 | 19,687 | -4,144 |
Income before income taxes | 134,667 | 84,155 | 289,270 | 185,783 |
Income taxes | 47,010 | 33,065 | 101,574 | 70,168 |
Net income | 87,657 | 51,090 | 187,696 | 115,615 |
Net loss attributable to noncontrolling interests | 3,516 | 6,396 | 14,359 | 19,044 |
Net income attributable to Steel Dynamics, Inc. | $91,173 | $57,486 | $202,055 | $134,659 |
Basic earnings per share attributable to Steel Dynamics, Inc. stockholders (in dollars per share) | $0.38 | $0.26 | $0.88 | $0.61 |
Weighted average common shares outstanding (in shares) | 240,087 | 220,926 | 229,772 | 220,464 |
Diluted earnings per share attributable to Steel Dynamics, Inc. stockholders, including the effect of assumed conversions when dilutive (in dollars per share) | $0.38 | $0.25 | $0.85 | $0.59 |
Weighted average common shares and share equivalents outstanding (in shares) | 242,244 | 239,001 | 241,895 | 238,497 |
Dividends declared per share (in dollars per share) | $0.12 | $0.11 | $0.35 | $0.33 |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Operating activities: | ' | ' | ' | ' |
Net income | $87,657 | $51,090 | $187,696 | $115,615 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' | ' | ' |
Depreciation and amortization | 65,957 | 58,202 | 181,966 | 172,089 |
Equity-based compensation | 5,104 | 2,515 | 15,572 | 9,612 |
Impairment charges | ' | ' | ' | 308 |
Deferred income taxes | -3,417 | 9,861 | -7,788 | 31,608 |
(Gain) loss on disposal of property, plant and equipment | -662 | 1,739 | 5,435 | 944 |
Changes in certain assets and liabilities: | ' | ' | ' | ' |
Accounts receivable | 30,955 | 254 | -157,691 | -130,510 |
Inventories | 27,212 | -23,648 | 21,088 | 10,360 |
Other assets | -4,928 | -1,727 | 2,776 | 8,414 |
Accounts payable | 9,690 | 59,801 | 28,116 | 52,419 |
Income taxes receivable/payable | 8,062 | 16,354 | 22,491 | -9,972 |
Accrued expenses and liabilities | 23,594 | 8,825 | -1,670 | -15,196 |
Net cash provided by operating activities | 249,224 | 183,266 | 297,991 | 245,691 |
Investing activities: | ' | ' | ' | ' |
Purchases of property, plant and equipment | -24,531 | -52,162 | -82,906 | -146,744 |
Acquisition of business, net of cash acquired | -1,647,463 | ' | -1,647,463 | ' |
Proceeds from maturities of short-term commercial paper | ' | ' | ' | 31,520 |
Other investing activities | 2,959 | 844 | 34,157 | 4,121 |
Net cash used in investing activities | -1,669,035 | -51,318 | -1,696,212 | -111,103 |
Financing activities: | ' | ' | ' | ' |
Issuance of current and long-term debt | 1,394,497 | 9,526 | 1,501,895 | 418,819 |
Repayment of current and long-term debt | -138,533 | -4,097 | -271,191 | -512,100 |
Debt issuance costs | -18,020 | ' | -18,020 | -6,192 |
Exercise of stock options proceeds, including related tax impact | 11,576 | 7,925 | 22,997 | 18,516 |
Contributions from noncontrolling investors, net | -52 | 5,275 | 4,712 | 10,972 |
Dividends paid | -27,556 | -24,274 | -77,737 | -70,464 |
Net cash provided by (used in) financing activities | 1,221,912 | -5,645 | 1,162,656 | -140,449 |
Increase (decrease) in cash and equivalents | -197,899 | 126,303 | -235,565 | -5,861 |
Cash and equivalents at beginning of period | 357,490 | 243,753 | 395,156 | 375,917 |
Cash and equivalents at end of period | 159,591 | 370,056 | 159,591 | 370,056 |
Supplemental disclosure information: | ' | ' | ' | ' |
Cash paid for interest | 40,022 | 40,075 | 100,523 | 107,390 |
Cash paid for federal and state income taxes, net | $41,267 | $3,022 | $86,418 | $41,547 |
Description_of_the_Business_an
Description of the Business and Significant Accounting Policies | 9 Months Ended | |||||||
Sep. 30, 2014 | ||||||||
Description of the Business and Significant Accounting Policies | ' | |||||||
Description of the Business and Significant Accounting Policies | ' | |||||||
Note 1. Description of the Business and Significant Accounting Policies | ||||||||
Description of the Business | ||||||||
Steel Dynamics, Inc. (SDI), together with its subsidiaries (the company), is a domestic manufacturer of steel products and metals recycler. The company has three reporting segments: steel operations, metals recycling and ferrous resources operations, and steel fabrication operations. | ||||||||
Steel Operations. Steel operations include the company’s —Butler Flat Roll Division, Columbus Flat Roll Division (acquired September 16, 2014), The Techs galvanizing lines, Structural and Rail Division, Engineered Bar Products Division, Roanoke Bar Division and Steel of West Virginia. These operations consist of mini-mills, producing steel from steel scrap, using electric arc furnaces, continuous casting, automated rolling mills, and downstream finishing facilities. Steel operations accounted for 62% and 61% of the company’s external net sales during the three-month periods ended September 30, 2014 and 2013, respectively, and 61% and 60% of the company’s external net sales during the nine-month periods ended September 30, 2014 and 2013, respectively. | ||||||||
Metals Recycling and Ferrous Resources Operations. Metals recycling and ferrous resources operations primarily include OmniSource Corporation, the company’s metals recycling, steel scrap procurement, and processing locations, and our two ironmaking initiatives: Iron Dynamics, a liquid pig iron production facility; and our Minnesota iron operations, an iron nugget production facility and operations to supply the nugget facility with its primary raw material, iron concentrate. Metals recycling and ferrous resources operations accounted for 29% and 32% of the company’s external net sales during the three-month periods ended September 30, 2014 and 2013, respectively, and 30% and 33% of the company’s external net sales during the nine-month periods ended September 30, 2014 and 2013, respectively. | ||||||||
Steel Fabrication Operations. Steel fabrication operations include the company’s six New Millennium Building Systems joist and deck plants located throughout the United States and Northern Mexico. Revenues from these plants are generated from the fabrication of trusses, girders, steel joists and steel decking used within the non-residential construction industry. Steel fabrication operations accounted for approximately 8% and 6% of the company’s external net sales during the three-month periods ended September 30, 2014 and 2013, respectively, and 7% and 6% of the company’s external net sales during the nine-month periods ended September 30, 2014 and 2013, respectively. | ||||||||
Significant Accounting Policies | ||||||||
Principles of Consolidation. The consolidated financial statements include the accounts of SDI, together with its wholly and majority-owned or controlled subsidiaries, after elimination of significant intercompany accounts and transactions. Noncontrolling interests represent the noncontrolling owner’s proportionate share in the equity, income, or losses of the company’s majority-owned or controlled consolidated subsidiaries. | ||||||||
Use of Estimates. These financial statements are prepared in conformity with accounting principles generally accepted in the United States and, accordingly, include amounts that require management to make estimates and assumptions that affect the amounts reported in the financial statements and in the notes thereto. Significant items subject to such estimates and assumptions include the carrying value of property, plant and equipment, intangible assets and goodwill; valuation allowances for trade receivables, inventories and deferred income tax assets; unrecognized tax benefits; potential environmental liabilities; and litigation claims and settlements. Actual results may differ from these estimates and assumptions. | ||||||||
In the opinion of management, these financial statements reflect all normal recurring adjustments necessary for a fair presentation of the interim period results. These financial statements and notes should be read in conjunction with the audited financial statements and notes thereto included in the company’s Annual Report on Form 10-K for the year ended December 31, 2013. | ||||||||
Goodwill. The company’s goodwill is allocated to the following reporting units at September 30, 2014, and December 31, 2013, (in thousands): | ||||||||
September 30, | December 31, | |||||||
2014 | 2013 | |||||||
OmniSource — Metals Recycling/Ferrous Resources Segment | $ | 553,379 | $ | 558,247 | ||||
The Techs — Steel Segment | 142,783 | 142,783 | ||||||
Roanoke Bar Division — Steel Segment | 29,041 | 29,041 | ||||||
New Millennium Building Systems — Fabrication Segment | 1,925 | 1,925 | ||||||
$ | 727,128 | $ | 731,996 | |||||
OmniSource goodwill decreased $4.9 million from December 31, 2013 to September 30, 2014, in recognition of the 2014 tax benefit related to the amortization of the component of OmniSource tax-deductible goodwill in excess of book goodwill. | ||||||||
Additional goodwill, if any, allocated to Columbus may be determined after the accounting for the Columbus acquisition is completed (see Note 2). | ||||||||
Recently Issued Accounting Standards. | ||||||||
In May 2014, the FASB issued guidance codified in ASC 606, Revenue Recognition — Revenue from Contracts with Customers, which amends the guidance in former ASC 605, Revenue Recognition. The company is currently evaluating the impact of the provisions of ASC 606. | ||||||||
In August 2014, the FASB issued ASU 2014-15, Presentation of Financial Statements — Going Concern (Subtopic 205-40: Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern), effective for annual and interim periods ending after December 15, 2016. ASU 2014-15 requires management to evaluate whether there are conditions or events, considered in aggregate, that raise substantial doubt about the entity’s ability to continue as a going concern within one year after the date that the financial statements are issued. There are required disclosures if substantial doubt is identified including documentation of principal conditions or events that raised substantial doubt about the entity’s ability to continue as a going concern (before consideration of management’s plans), management’s evaluation of the significance of those conditions or events in relation to the entity’s ability to meet its obligations, and management’s plans that alleviated substantial doubt about the entity’s ability to continue as a going concern. This ASU is not expected to have any impact on our overall results of operations, financial position or cash flows. | ||||||||
Acquisition
Acquisition | 9 Months Ended | |||||||||||||
Sep. 30, 2014 | ||||||||||||||
Acquisition | ' | |||||||||||||
Acquisition | ' | |||||||||||||
Note 2. Acquisition | ||||||||||||||
On September 16, 2014, the company completed its acquisition of 100% of Severstal Columbus, LLC (Columbus), on a debt-free basis, for a purchase price of $1.625 billion, with additional working capital adjustments of $35.3 million. The Columbus acquisition was funded through the issuance of $1.2 billion in Senior Notes (See Note 5), borrowings under the company’s senior secured credit facility and available cash. The company purchased Columbus to significantly expand and diversify its steel operating base with the addition of 3.4 million tons of hot roll steel production capacity diversified with respect to width, gauge, and strength when compared to the capabilities of our Butler Flat Roll Division. Located in northeast Mississippi, Columbus is one of the newest and most technologically advanced sheet steel mini-mills in North America, with access to the high-growth oil country tubular goods (OCTG) and automotive markets. Additionally, is advantageously located to serve the growing markets in the southern U.S. and Mexico, providing the company with geographic diversification and growth opportunities. Columbus’ operating results have been reflected in the company’s financial statements since September 16, 2014, the effective date of the acquisition, in the steel operations reporting segment. Columbus reported revenues of $126.5 million and $13.5 million pretax income during the September 16 to September 30, 2014 period, before giving effect to $14.5 million of purchase accounting related cost of goods sold expenses associated with the estimated step-up in inventory and fixed assets. In conjunction with the acquisition, the company recognized $25.0 million of acquisition and related costs that are included in other expenses in the consolidated income statements for the three- and nine-month periods ended September 30, 2014. | ||||||||||||||
The aggregate purchase price was preliminarily allocated to the opening balance sheet of Columbus as of the September 16, 2014 acquisition date. The following initial allocation of the purchase price (in thousands) is preliminary. The accounting for the acquisition has not yet been completed because we have not finalized the valuations of the acquired assets, assumed liabilities and identifiable intangible assets, including goodwill, if any. | ||||||||||||||
Current assets, net of cash acquired | $ | 551,255 | ||||||||||||
Property, plant & equipment | 1,298,065 | |||||||||||||
Intangible assets | 40,000 | |||||||||||||
Other assets | 3,682 | |||||||||||||
Total assets acquired | 1,893,002 | |||||||||||||
Liabilities assumed | 232,735 | |||||||||||||
Net assets acquired | $ | 1,660,267 | ||||||||||||
We provisionally assigned $40.0 million of intangible assets to customer relationships with an assigned ten-year life. The company plans to utilize an accelerated amortization methodology to follow the pattern in which the economic benefits of the intangible assets are anticipated to be consumed. However, the expected life and specific amortization method is subject to finalization of the company’s valuation process. | ||||||||||||||
Unaudited Pro Forma Results | ||||||||||||||
Columbus’ operating results have been reflected in the company’s financial statements since the effective date of the acquisition, September 16, 2014. The following unaudited pro forma information is presented below as if the Columbus acquisition was completed as of January 1, 2013, (in thousands, except per share amounts): | ||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||
Net Sales | $ | 2,853,272 | $ | 2,408,316 | $ | 7,838,681 | $ | 6,855,029 | ||||||
Net Income attributable to Steel Dynamics, Inc. | $ | 137,516 | $ | 57,948 | $ | 299,681 | $ | 84,118 | ||||||
The information presented is for information purposes only and is not necessarily indicative of the actual results that would have occurred had the acquisition been consummated at the beginning of the respective period, nor are they necessarily indicative of future operating results of the combined companies under the ownership and management of the company. The 2014 and 2013 pro forma results reflect Columbus operations for the three- and nine-month periods ended September 30, 2014 and 2013. As the unaudited pro forma information is presented as if the merger had occurred on January 1, 2013, the gross margin reduction related to the estimated step-up in inventory of $17.7 million and acquisition and related costs of $25.0 million is reflected in the first quarter of 2013. Therefore, the effect of these items is included in the nine-month period ended September 30, 2013 unaudited pro forma results presented above, but not in the nine-month period ended September 30, 2014, or either of the three-month periods. |
Earnings_Per_Share
Earnings Per Share | 9 Months Ended | |||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||
Earnings Per Share | ' | |||||||||||||||||
Earnings Per Share | ' | |||||||||||||||||
Note 3. Earnings Per Share | ||||||||||||||||||
Basic earnings per share is based on the weighted average shares of common stock outstanding during the period. Diluted earnings per share assumes the weighted average dilutive effect of common share equivalents outstanding during the period applied to the company’s basic earnings per share. Common share equivalents represent potentially dilutive stock options, restricted stock units, deferred stock units, and dilutive shares related to the company’s 5.125% Convertible Senior Notes, which matured on June 15, 2014 and were dilutive through then; and are excluded from the computation in periods in which they have an anti-dilutive effect. No options to purchase shares were anti-dilutive at September 30, 2014, while options to purchase 2.4 million shares were anti-dilutive at September 30, 2013. | ||||||||||||||||||
The following table presents a reconciliation of the numerators and the denominators of the company’s basic and diluted earnings per share computations for net income attributable to Steel Dynamics, Inc. (in thousands, except per share data): | ||||||||||||||||||
Three Months Ended September 30, | ||||||||||||||||||
2014 | 2013 | |||||||||||||||||
Net Income | Shares | Per Share | Net Income | Shares | Per Share | |||||||||||||
(Numerator) | (Denominator) | Amount | (Numerator) | (Denominator) | Amount | |||||||||||||
Basic earnings per share | $ | 91,173 | 240,087 | $ | 0.38 | $ | 57,486 | 220,926 | $ | 0.26 | ||||||||
Dilutive common share equivalents | — | 2,157 | — | 1,366 | ||||||||||||||
5.125% Convertible Senior Notes, net of tax | — | — | 2,358 | 16,709 | ||||||||||||||
Diluted earnings per share | $ | 91,173 | 242,244 | $ | 0.38 | $ | 59,844 | 239,001 | $ | 0.25 | ||||||||
Nine Months Ended September 30, | ||||||||||||||||||
2014 | 2013 | |||||||||||||||||
Net Income | Shares | Per Share | Net Income | Shares | Per Share | |||||||||||||
(Numerator) | (Denominator) | Amount | (Numerator) | (Denominator) | Amount | |||||||||||||
Basic earnings per share | $ | 202,055 | 229,772 | $ | 0.88 | $ | 134,659 | 220,464 | $ | 0.61 | ||||||||
Dilutive common share equivalents | — | 1,852 | — | 1,363 | ||||||||||||||
5.125% Convertible Senior Notes, net of tax | 4,327 | 10,271 | 7,074 | 16,670 | ||||||||||||||
Diluted earnings per share | $ | 206,382 | 241,895 | $ | 0.85 | $ | 141,733 | 238,497 | $ | 0.59 | ||||||||
Inventories
Inventories | 9 Months Ended | |||||||
Sep. 30, 2014 | ||||||||
Inventories | ' | |||||||
Inventories | ' | |||||||
Note 4. Inventories | ||||||||
Inventories are stated at lower of cost or market. Cost is determined using a weighted average cost method for scrap, and on a first-in, first-out basis for all other inventory. Inventory consisted of the following (in thousands): | ||||||||
September 30, | December 31, | |||||||
2014 | 2013 | |||||||
Raw materials | $ | 766,209 | $ | 660,384 | ||||
Supplies | 365,504 | 293,533 | ||||||
Work in progress | 148,712 | 84,710 | ||||||
Finished goods | 383,787 | 276,120 | ||||||
Total inventories | $ | 1,664,212 | $ | 1,314,747 | ||||
Debt
Debt | 9 Months Ended | |||
Sep. 30, 2014 | ||||
Debt | ' | |||
Debt | ' | |||
Note 5. Debt | ||||
On September 9, 2014, the company issued $700.0 million of 5.125% Senior Notes due 2021 (2021 Senior Notes) and $500.0 million of 5.500% Senior Notes due 2024 (2024 Senior Notes), combined the Senior Notes. The proceeds from the issuance of the Senior Notes, along with cash on hand and borrowings under the company’s senior secured credit facility were used to fund the September 16, 2014 acquisition of Columbus. Interest on the Senior Notes is due semiannually on October 1 and April 1, with the first payment due on April 1, 2015. The Senior Notes are unsecured and rank pari passu with all existing and future senior unsubordinated unsecured indebtedness and senior in right of payment to all subordinated indebtedness. | ||||
· | The 2021 Senior Notes are redeemable at any time on and after October 1, 2017. The redemption price (expressed as a percentage of principal amount) is 102.563% during the period October 1, 2017 to September 30, 2018; 101.281% during the period October 1, 2018 to September 30, 2019; and 100% on and after October 1, 2019; each plus accrued interest to, but excluding, the redemption date. In addition, at any time prior to October 1, 2017, the company may redeem up to 35% of the principal amount of the 2021 Senior Notes at the redemption price of 105.125% of its principal amount plus accrued interest to, but excluding, the redemption date, with the net cash proceeds from one or more sales of the company’s common stock. At any time prior to October 1, 2017, the company may redeem some or all of the 2021 Senior Notes by paying a “make-whole” premium plus accrued interest to, but excluding, the redemption date. | |||
· | The 2024 Senior Notes are redeemable at any time on and after October 1, 2019. The redemption price (expressed as a percentage of principal amount) is 102.750% during the period October 1, 2019 to September 30, 2020; 101.833% during the period October 1, 2020 to September 30, 2021; 100.917% during the period October 1, 2021 to September 30, 2022; and 100% on and after October 1, 2022; each plus accrued interest to, but excluding, the redemption date. In addition, at any time prior to October 1, 2017, the company may redeem up to 35% of the principal amount of the 2024 Senior Notes at the redemption price of 105.500 of its principal amount plus accrued interest to, but excluding, the redemption date, with the net cash proceeds from one or more sales of the company’s common stock. At any time prior to October 1, 2019, the company may redeem some or all of the 2024 Senior Notes by paying a “make-whole” premium plus accrued interest to, but excluding, the redemption date. | |||
Holders of $271.8 million principal amount of the company’s 5.125% Convertible Senior Notes due June 15, 2014 (the “Notes”) exercised their option to convert the Notes into shares of common stock by the close of business on June 12, 2014, the conversion election deadline. The conversion rate provided under the terms of the Notes was 58.4731 shares of common stock per $1,000 principal amount of Notes, equivalent to a conversion price of approximately $17.10 per share of common stock, resulting in the company issuing a total of 15,893,457 shares of common stock from treasury shares upon conversion of the Notes. The remaining $15.7 million of the outstanding Notes was paid in cash on June 16, 2014. | ||||
Changes_in_Equity
Changes in Equity | 9 Months Ended | ||||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||||
Changes in Equity | ' | ||||||||||||||||||||||
Changes in Equity | ' | ||||||||||||||||||||||
Note 6. Changes in Equity | |||||||||||||||||||||||
The following table provides a reconciliation of the beginning and ending carrying amounts of total equity, equity attributable to stockholders of Steel Dynamics, Inc. and equity and redeemable amounts attributable to the noncontrolling interests (in thousands): | |||||||||||||||||||||||
Stockholders of Steel Dynamics, Inc. | |||||||||||||||||||||||
Common | Additional | Retained | Treasury | Noncontrolling | Total | Redeemable | |||||||||||||||||
Paid-In | Noncontrolling | ||||||||||||||||||||||
Stock | Capital | Earnings | Stock | Interests | Equity | Interests | |||||||||||||||||
Balances at January 1, 2014 | $ | 645 | $ | 1,085,694 | $ | 2,179,513 | $ | (718,529 | ) | $ | (51,468 | ) | $ | 2,495,855 | $ | 116,514 | |||||||
Proceeds from the exercise of stock options, including related tax effect | 4 | 23,075 | — | — | — | 23,079 | — | ||||||||||||||||
Dividends declared | — | — | (80,863 | ) | — | — | (80,863 | ) | — | ||||||||||||||
Conversion of 5.125% Convertible Senior Notes | — | (45,650 | ) | — | 317,451 | — | 271,801 | — | |||||||||||||||
Equity-based compensation and issuance of restricted stock | — | 12,474 | (45 | ) | 2,260 | — | 14,689 | — | |||||||||||||||
Contributions from noncontrolling investors | — | — | — | — | 97 | 97 | 9,826 | ||||||||||||||||
Distributions to noncontrolling investors | — | — | — | — | (705 | ) | (705 | ) | — | ||||||||||||||
Net income (loss) | — | — | 202,055 | — | (14,359 | ) | 187,696 | — | |||||||||||||||
Balances at September 30, 2014 | $ | 649 | $ | 1,075,593 | $ | 2,300,660 | $ | (398,818 | ) | $ | (66,435 | ) | $ | 2,911,649 | $ | 126,340 | |||||||
Derivative_Financial_Instrumen
Derivative Financial Instruments | 9 Months Ended | |||||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||||
Derivative Financial Instruments | ' | |||||||||||||||||||
Derivative Financial Instruments | ' | |||||||||||||||||||
Note 7. Derivative Financial Instruments | ||||||||||||||||||||
The company is exposed to certain risks relating to its ongoing business operations. The company utilizes derivative instruments to mitigate interest rate risk, foreign currency exchange rate risk, and commodity margin risk. Interest rate swaps may be entered into to manage interest rate risk associated with the company’s fixed and floating-rate borrowings. Forward exchange contracts on various foreign currencies may be entered into to manage foreign currency exchange rate risk as necessary. No interest rate swaps or forward exchange contracts on foreign currency existed for the periods presented. The company routinely enters into forward exchange traded futures and option contracts to manage the price risk associated with nonferrous metals inventory as well as purchases and sales of nonferrous metals (specifically aluminum, copper, nickel and silver). The company offsets fair value amounts recognized for derivative instruments executed with the same counterparty under master netting agreements. The company designates certain of its nonferrous metals, forward exchange futures contracts as fair value hedges of inventory and firm sales commitments. | ||||||||||||||||||||
Commodity Futures Contracts. If the company is “long” on a futures contract, it means the company has more futures contracts purchased than futures contracts sold for the underlying commodity. If the company is “short” on a futures contract, it means the company has more futures contracts sold than futures contracts purchased for the underlying commodity. The following summarizes the company’s futures contract commitments as of September 30, 2014 (MT represents metric tons and Lbs represents pounds): | ||||||||||||||||||||
Commodity Futures | Long/Short | Total | ||||||||||||||||||
Aluminum | Long | 3,300 | MT | |||||||||||||||||
Aluminum | Short | 3,975 | MT | |||||||||||||||||
Copper | Long | 6,226 | MT | |||||||||||||||||
Copper | Short | 18,296 | MT | |||||||||||||||||
Silver | Short | 343 | Lbs | |||||||||||||||||
The following summarizes the location and amounts of the fair values reported on the company’s balance sheets as of September 30, 2014, and December 31, 2013, and gains and losses related to derivatives included in the company’s statement of income for the three- and nine-month periods ended September 30, 2014 and 2013 (in thousands): | ||||||||||||||||||||
Asset Derivatives | Liability Derivatives | |||||||||||||||||||
Fair Value | Fair Value | |||||||||||||||||||
Balance sheet location | September 30, | December 31, 2013 | September 30, | December 31, 2013 | ||||||||||||||||
2014 | 2014 | |||||||||||||||||||
Derivative instruments designated as fair value hedges - | ||||||||||||||||||||
Commodity futures | Other current assets | $ | 3,373 | $ | 658 | $ | 528 | $ | 1,886 | |||||||||||
Derivative instruments not designated as hedges - | ||||||||||||||||||||
Commodity futures | Other current assets | $ | 1,757 | $ | 352 | $ | 697 | 2,601 | ||||||||||||
Total derivative instruments | $ | 5,130 | $ | 1,010 | $ | 1,225 | $ | 4,487 | ||||||||||||
The fair value of the above derivative instruments along with required margin deposit amounts with the same counterparty under master netting arrangements, which totaled $7.0 million at September 30, 2014 and $3.6 million at December 31, 2013, are reflected in other current assets in the consolidated balance sheet. | ||||||||||||||||||||
Location of gain (loss) | Amount of gain (loss) recognized | Hedged items | Location of gain (loss) | Amount of gain (loss) recognized | ||||||||||||||||
in income on derivatives for the | in income on related hedged items | |||||||||||||||||||
three months ended | for the three months ended | |||||||||||||||||||
recognized in income | September 30, | September 30, | in fair value hedge | recognized in income | September 30, | September 30, | ||||||||||||||
on derivatives | 2014 | 2013 | relationships | on related hedged item | 2014 | 2013 | ||||||||||||||
Derivatives in fair value hedging relationships - | ||||||||||||||||||||
Commodity futures | Costs of goods sold | $ | 4,371 | $ | 381 | Firm commitments | Costs of goods sold | $ | 784 | $ | (1,736 | ) | ||||||||
Inventory | Costs of goods sold | (4,163 | ) | 364 | ||||||||||||||||
$ | (3,379 | ) | $ | (1,372 | ) | |||||||||||||||
Derivatives not designated as hedging instruments - | ||||||||||||||||||||
Commodity futures | Costs of goods sold | $ | 2,672 | $ | (2,836 | ) | ||||||||||||||
Location of gain (loss) | Amount of gain recognized in | Hedged items | Location of gain (loss) | Amount of gain (loss) recognized in | ||||||||||||||||
income on derivatives for the nine | income on related hedged items for | |||||||||||||||||||
months ended | the nine months ended | |||||||||||||||||||
recognized in income on | September 30, | September 30, | in fair value hedge | recognized in income on | September 30, | September 30, | ||||||||||||||
derivatives | 2014 | 2013 | relationships | related hedged item | 2014 | 2013 | ||||||||||||||
Derivatives in fair value hedging relationships - | ||||||||||||||||||||
Commodity futures | Costs of goods sold | $ | 3,356 | $ | 7,773 | Firm commitments | Costs of goods sold | $ | 1,115 | $ | 877 | |||||||||
Inventory | Costs of goods sold | (3,805 | ) | (8,458 | ) | |||||||||||||||
$ | (2,690 | ) | $ | (7,581 | ) | |||||||||||||||
Derivatives not designated as hedging instruments - | ||||||||||||||||||||
Commodity futures | Costs of goods sold | $ | 8,598 | $ | 3,793 | |||||||||||||||
Derivatives accounted for as fair value hedges had ineffectiveness resulting in losses of $229,000 and $312,000 during the three-month periods ended September 30, 2014 and 2013, respectively; and a gain of $227,000 and loss of $199,000 during the nine-month periods ended September 30, 2014 and 2013, respectively. A gain excluded from hedge effectiveness testing of $1.2 million reduced costs of goods sold and a loss of $678,000 increased costs of goods sold during the three-month periods ended September 30, 2014 and 2013, respectively. Gain excluded from hedge effectiveness testing of $439,000 and $392,000 reduced cost of goods sold during the nine-month periods ended September 30, 2014 and 2013, respectively. | ||||||||||||||||||||
Fair_Value_Measurements
Fair Value Measurements | 9 Months Ended | |||||||||||||
Sep. 30, 2014 | ||||||||||||||
Fair Value Measurements | ' | |||||||||||||
Fair Value Measurements | ' | |||||||||||||
Note 8. Fair Value Measurements | ||||||||||||||
FASB accounting standards provide a comprehensive framework for measuring fair value and sets forth a definition of fair value and establishes a hierarchy prioritizing the inputs to valuation techniques, giving the highest priority to quoted prices in active markets for identical assets and liabilities and the lowest priority to unobservable value inputs. Levels within the hierarchy are defined as follows: | ||||||||||||||
· | Level 1—Unadjusted quoted prices for identical assets and liabilities in active markets; | |||||||||||||
· | Level 2—Quoted prices for similar assets and liabilities in active markets (other than those included in Level 1) which are observable for the asset or liability, either directly or indirectly; and | |||||||||||||
· | Level 3—Valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable. | |||||||||||||
The following table sets forth financial assets and liabilities measured at fair value in the consolidated balance sheets and the respective levels to which the fair value measurements are classified within the fair value hierarchy as of September 30, 2014, and December 31, 2013 (in thousands): | ||||||||||||||
Total | Quoted Prices in | Significant | Significant | |||||||||||
Active Markets | Other | Unobservable | ||||||||||||
for Identical | Observable | Inputs | ||||||||||||
Assets | Inputs | (Level 3) | ||||||||||||
(Level 1) | (Level 2) | |||||||||||||
September 30, 2014 | ||||||||||||||
Commodity futures — financial assets | $ | 5,130 | $ | — | $ | 5,130 | $ | — | ||||||
Commodity futures — financial liabilities | 1,225 | — | 1,225 | — | ||||||||||
December 31, 2013 | ||||||||||||||
Commodity futures — financial assets | $ | 1,010 | $ | — | $ | 1,010 | $ | — | ||||||
Commodity futures — financial liabilities | 4,487 | — | 4,487 | — | ||||||||||
The carrying amounts of financial instruments including cash and equivalents approximate fair value. The fair values of commodity futures contracts are estimated by the use of quoted market prices, estimates obtained from brokers, and other appropriate valuation techniques based on references available. The fair value of long-term debt, including current maturities, as determined by quoted market prices (Level 2), was approximately $3.1 billion and $2.3 billion (with a corresponding carrying amount in the consolidated balance sheets of $3.1 billion and $2.1 billion) at September 30, 2014 and December 31, 2013, respectively. Assets and liabilities acquired in business combinations are recorded at their fair value as of the date of acquisition. Refer to Note 2 for the provisional fair values of assets acquired and liabilities assumed in connection with the company’s Columbus acquisition. | ||||||||||||||
Commitments_and_Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2014 | |
Commitments and Contingencies | ' |
Commitments and Contingencies | ' |
Note 9. Commitments and Contingencies | |
The company is involved in various routine litigation matters, including administrative proceedings, regulatory proceedings, governmental investigations, environmental matters, and commercial and construction contract disputes, none of which are expected to have a material impact on our financial condition, results of operations, or liquidity. | |
The company is involved, along with other steel manufacturing companies, in a class action antitrust complaint filed in federal court in Chicago, Illinois in September 2008, which alleges a conspiracy to fix, raise, maintain and stabilize the price at which steel products were sold in the United States during a period between 2005 and 2007, by artificially restricting the supply of such steel products. All but one of the complaints were brought on behalf of a purported class consisting of all direct purchasers of steel products. The other complaint was brought on behalf of a purported class consisting of all indirect purchasers of steel products within the same time period. A ninth complaint, in December 2010, was brought on behalf of indirect purchasers of steel products in Tennessee and has been consolidated with the original complaints. All complaints seek treble damages and costs, including reasonable attorney fees, pre- and post-judgment interest and injunctive relief. Following a period of discovery relating to class certification matters, plaintiffs’ motion for class action certification filed in 2012, and briefing by both sides, the court, on March 5 — 7 and April 11, 2014, held a class certification hearing. At the conclusion of the hearing, the court took the class certification issue under advisement. It’s unclear when the court will issue its ruling. | |
Due to the uncertain nature of litigation, the company cannot presently determine the ultimate outcome of this litigation. However, we have determined, based on the information available at this time, that there is not presently a “reasonable possibility” (as that term is defined in ASC 450-20-20), that the outcome of these legal proceedings would have a material impact on our financial condition, results of operations, or liquidity. Although not presently necessary or appropriate to make a dollar estimate of exposure to loss, if any, in connection with the above matter, we may in the future determine that a loss accrual is necessary. Although we may make loss accruals, if and as warranted, any amounts that we may accrue from time to time could vary significantly from the amounts we actually pay, due to inherent uncertainties and the inherent shortcomings of the estimation process, the uncertainties involved in litigation and other factors. Additionally, an adverse result could have a material effect on our financial condition, results of operations and liquidity. | |
Segment_Information
Segment Information | 9 Months Ended | |||||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||||
Segment Information | ' | |||||||||||||||||||
Segment Information | ' | |||||||||||||||||||
Note 10. Segment Information | ||||||||||||||||||||
The company has three reportable segments: steel operations, metals recycling and ferrous resources operations, and steel fabrication operations. Columbus is reported in the steel operations reporting segment from its September 16, 2014 acquisition date. The segment operations are described in Note 1 to the financial statements. Revenues included in the category “Other” are from subsidiary operations that are below the quantitative thresholds required for reportable segments and primarily consist of further processing, slitting, and sale of certain steel products and the resale of certain secondary and excess steel products. In addition, “Other” also includes certain unallocated corporate accounts, such as the company’s senior secured credit facility, senior notes, 5.125% Convertible Senior Notes (which matured on June 15, 2014), certain other investments, and certain profit sharing expenses. | ||||||||||||||||||||
The company’s operations are primarily organized and managed by operating segment. Operating segment performance and resource allocations are primarily based on operating results before income taxes. The accounting policies of the reportable segments are consistent with those described in Note 1 to the financial statements. Intra-segment and intra-company sales and any related profits are eliminated in consolidation. Refer to the company’s Annual Report on Form 10-K for the year ended December 31, 2013, for more information related to the company’s segment reporting. The company’s segment results for the three- and nine-month periods ended September 30, 2014 and 2013 are as follows (in thousands): | ||||||||||||||||||||
For the three months ended | Metals Recycling / | Steel Fabrication | ||||||||||||||||||
September 30, 2014 | Steel Operations | Ferrous Resources | Operations | Other | Eliminations | Consolidated | ||||||||||||||
Net Sales | ||||||||||||||||||||
External | $ | 1,400,370 | $ | 609,098 | $ | 189,993 | $ | 25,084 | $ | — | $ | 2,224,545 | ||||||||
External Non-U.S. | 50,842 | 63,299 | — | 330 | — | 114,471 | ||||||||||||||
Other segments | 75,320 | 326,090 | 43 | 8,340 | (409,793 | ) | — | |||||||||||||
1,526,532 | 998,487 | 190,036 | 33,754 | (409,793 | ) | 2,339,016 | ||||||||||||||
Operating income (loss) | 200,116 | (5,330 | ) | 19,474 | (26,733 | )(1) | 1,116 | -2 | 188,643 | |||||||||||
Income (loss) before income taxes | 184,589 | (11,724 | ) | 17,877 | (57,191 | )(7) | 1,116 | 134,667 | ||||||||||||
Depreciation and amortization | 32,998 | 28,775 | 2,974 | 1,262 | (52 | ) | 65,957 | |||||||||||||
Capital expenditures | 12,195 | 11,599 | 477 | 260 | — | 24,531 | ||||||||||||||
As of September 30, 2014 | ||||||||||||||||||||
Assets | 4,553,924 | 2,531,821 | 315,381 | 427,654 | -3 | (250,497 | )(4) | 7,578,283 | ||||||||||||
Liabilities | 821,796 | 651,128 | 34,386 | 3,273,198 | -5 | (240,214 | )(6) | 4,540,294 | ||||||||||||
Footnotes related to the three months ended September 30, 2014 segment results (in millions): | ||||||||||||||||||||
-1 | Corporate SG&A | $ | (12.4 | ) | ||||||||||||||||
Company-wide equity-based compensation | (5.1 | ) | ||||||||||||||||||
Profit sharing | (11.6 | ) | ||||||||||||||||||
Other, net | 2.4 | |||||||||||||||||||
$ | (26.7 | ) | ||||||||||||||||||
-2 | Gross profit increase from intra-company sales | $ | 1.1 | |||||||||||||||||
-3 | Cash and equivalents | $ | 80.3 | |||||||||||||||||
Accounts receivable | 12.8 | |||||||||||||||||||
Inventories | 15.2 | |||||||||||||||||||
Deferred income taxes | 18.3 | |||||||||||||||||||
Property, plant and equipment, net | 70.2 | |||||||||||||||||||
Debt issuance costs | 39.6 | |||||||||||||||||||
Intra-company debt | 160.2 | |||||||||||||||||||
Other | 31.1 | |||||||||||||||||||
$ | 427.7 | |||||||||||||||||||
-4 | Elimination of intra-company receivables | $ | (80.7 | ) | ||||||||||||||||
Elimination of intra-company debt | (160.2 | ) | ||||||||||||||||||
Other | (9.6 | ) | ||||||||||||||||||
$ | (250.5 | ) | ||||||||||||||||||
-5 | Accounts payable | $ | 76.9 | |||||||||||||||||
Income taxes payable | 26.9 | |||||||||||||||||||
Accrued interest | 21.1 | |||||||||||||||||||
Accrued profit sharing | 25.2 | |||||||||||||||||||
Debt | 2,990.20 | |||||||||||||||||||
Deferred income taxes | 97.4 | |||||||||||||||||||
Other | 35.5 | |||||||||||||||||||
$ | 3,273.20 | |||||||||||||||||||
-6 | Elimination of intra-company payables | $ | (81.2 | ) | ||||||||||||||||
Elimination of intra-company debt | (160.2 | ) | ||||||||||||||||||
Other | 1.2 | |||||||||||||||||||
$ | (240.2 | ) | ||||||||||||||||||
-7 | Includes $25.0 million of acquisition and bridge financing costs associated with the acquisition of Columbus. | |||||||||||||||||||
For the three months ended | Metals Recycling / | Steel Fabrication | ||||||||||||||||||
September 30, 2013 | Steel Operations | Ferrous Resources | Operations | Other | Eliminations | Consolidated | ||||||||||||||
Net Sales | ||||||||||||||||||||
External | $ | 1,102,048 | $ | 557,765 | $ | 119,134 | $ | 24,593 | $ | — | $ | 1,803,540 | ||||||||
External Non-U.S. | 60,381 | 47,616 | — | 201 | — | 108,198 | ||||||||||||||
Other segments | 54,537 | 313,113 | 134 | 7,918 | (375,702 | ) | — | |||||||||||||
1,216,966 | 918,494 | 119,268 | 32,712 | (375,702 | ) | 1,911,738 | ||||||||||||||
Operating income (loss) | 146,564 | (17,135 | ) | 3,265 | (17,274 | )(1) | (2,147 | )(2) | 113,273 | |||||||||||
Income (loss) before income taxes | 133,041 | (24,567 | ) | 1,751 | (23,922 | ) | (2,148 | ) | 84,155 | |||||||||||
Depreciation and amortization | 26,815 | 27,713 | 2,219 | 1,506 | (51 | ) | 58,202 | |||||||||||||
Capital expenditures | 33,985 | 17,385 | 297 | 495 | — | 52,162 | ||||||||||||||
As of September 30, 2013 | ||||||||||||||||||||
Assets | 2,581,798 | 2,530,979 | 272,786 | 699,244 | -3 | (210,502 | )(4) | 5,874,305 | ||||||||||||
Liabilities | 533,966 | 593,674 | 22,908 | 2,366,273 | -5 | (200,304 | )(6) | 3,316,517 | ||||||||||||
Footnotes related to the three months ended September 30, 2013 segment results (in millions): | ||||||||||||||||||||
-1 | Corporate SG&A | $ | (9.2 | ) | ||||||||||||||||
Company-wide equity-based compensation | (2.1 | ) | ||||||||||||||||||
Profit sharing | (7.4 | ) | ||||||||||||||||||
Other, net | 1.4 | |||||||||||||||||||
Total | $ | (17.3 | ) | |||||||||||||||||
-2 | Gross profit reduction from intra-company sales | $ | (2.1 | ) | ||||||||||||||||
-3 | Cash and equivalents | $ | 325.8 | |||||||||||||||||
Accounts receivable | 13.4 | |||||||||||||||||||
Inventories | 14 | |||||||||||||||||||
Deferred income taxes | 25.2 | |||||||||||||||||||
Property, plant and equipment, net | 72.9 | |||||||||||||||||||
Debt issuance costs, net | 27.7 | |||||||||||||||||||
Intra-company debt | 153.6 | |||||||||||||||||||
Other | 66.6 | |||||||||||||||||||
Total | $ | 699.2 | ||||||||||||||||||
-4 | Elimination of intra-company receivables | $ | (46.9 | ) | ||||||||||||||||
Elimination of intra-company debt | (153.6 | ) | ||||||||||||||||||
Other | (10.0 | ) | ||||||||||||||||||
Total | $ | (210.5 | ) | |||||||||||||||||
-5 | Accounts payable | $ | 43.1 | |||||||||||||||||
Income taxes payable | 7.7 | |||||||||||||||||||
Accrued interest | 22.9 | |||||||||||||||||||
Accrued profit sharing | 19.5 | |||||||||||||||||||
Debt | 2,041.80 | |||||||||||||||||||
Deferred income taxes | 204.6 | |||||||||||||||||||
Other | 26.7 | |||||||||||||||||||
Total | $ | 2,366.30 | ||||||||||||||||||
-6 | Elimination of intra-company payables | $ | (47.3 | ) | ||||||||||||||||
Elimination of intra-company debt | (153.6 | ) | ||||||||||||||||||
Other | 0.6 | |||||||||||||||||||
Total | $ | (200.3 | ) | |||||||||||||||||
For the nine months ended | Metals Recycling / | Steel Fabrication | ||||||||||||||||||
September 30, 2014 | Steel Operations | Ferrous Resources | Operations | Other | Eliminations | Consolidated | ||||||||||||||
Net Sales | ||||||||||||||||||||
External | $ | 3,675,696 | $ | 1,714,440 | $ | 440,706 | $ | 69,886 | $ | — | $ | 5,900,728 | ||||||||
External Non-U.S. | 158,218 | 178,947 | — | 966 | — | 338,131 | ||||||||||||||
Other segments | 188,854 | 973,635 | 43 | 22,322 | (1,184,854 | ) | — | |||||||||||||
4,022,768 | 2,867,022 | 440,749 | 93,174 | (1,184,854 | ) | 6,238,859 | ||||||||||||||
Operating income (loss) | 461,708 | (26,902 | ) | 30,190 | (67,437 | )(1) | 3,921 | -2 | 401,480 | |||||||||||
Income (loss) before income taxes | 419,181 | (47,054 | ) | 25,628 | (112,406 | )(3) | 3,921 | 289,270 | ||||||||||||
Depreciation and amortization | 89,244 | 81,266 | 7,597 | 4,013 | (154 | ) | 181,966 | |||||||||||||
Capital expenditures | 47,133 | 33,762 | 1,324 | 687 | — | 82,906 | ||||||||||||||
Footnotes related to the nine months ended September 30, 2014 segment results (in millions): | ||||||||||||||||||||
-1 | Corporate SG&A | $ | (31.7 | ) | ||||||||||||||||
Company-wide equity-based compensation | (14.4 | ) | ||||||||||||||||||
Profit sharing | (25.2 | ) | ||||||||||||||||||
Other, net | 3.9 | |||||||||||||||||||
Total | $ | (67.4 | ) | |||||||||||||||||
-2 | Gross profit increase from intra-company sales | $ | 3.9 | |||||||||||||||||
-3 | Includes $25.0 million of acquisition and bridge financing costs associated with the acquisition of Columbus. | |||||||||||||||||||
For the nine months ended | Metals Recycling / | Steel Fabrication | ||||||||||||||||||
September 30, 2013 | Steel Operations | Ferrous Resources | Operations | Other | Eliminations | Consolidated | ||||||||||||||
Net Sales | ||||||||||||||||||||
External | $ | 3,152,111 | $ | 1,653,975 | $ | 316,526 | $ | 64,792 | $ | — | $ | 5,187,404 | ||||||||
External Non-U.S. | 162,646 | 158,026 | — | 698 | — | 321,370 | ||||||||||||||
Other segments | 168,482 | 865,143 | 1,276 | 20,198 | (1,055,099 | ) | — | |||||||||||||
3,483,239 | 2,677,144 | 317,802 | 85,688 | (1,055,099 | ) | 5,508,774 | ||||||||||||||
Operating income (loss) | 351,410 | (34,210 | ) | 7,125 | (48,147 | )(1) | 2,525 | -2 | 278,703 | |||||||||||
Income (loss) before income taxes | 309,780 | (56,860 | ) | 2,475 | (72,136 | ) | 2,524 | 185,783 | ||||||||||||
Depreciation and amortization | 79,698 | 81,553 | 6,455 | 4,536 | (153 | ) | 172,089 | |||||||||||||
Capital expenditures | 93,244 | 49,999 | 2,000 | 1,501 | — | 146,744 | ||||||||||||||
Footnotes related to the nine months ended September 30, 2013 segment results (in millions): | ||||||||||||||||||||
-1 | Corporate SG&A | $ | (26.3 | ) | ||||||||||||||||
Company-wide equity-based compensation | (7.3 | ) | ||||||||||||||||||
Profit sharing | (16.5 | ) | ||||||||||||||||||
Other, net | 2 | |||||||||||||||||||
Total | $ | (48.1 | ) | |||||||||||||||||
-2 | Gross profit increase from intra-company sales | $ | 2.5 | |||||||||||||||||
Condensed_Consolidating_Inform
Condensed Consolidating Information | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Condensed Consolidating Information | ' | ||||||||||||||||
Condensed Consolidating Information | ' | ||||||||||||||||
Note 11. Condensed Consolidating Information | |||||||||||||||||
Certain 100%-owned subsidiaries of SDI have fully and unconditionally guaranteed all of the indebtedness relating to the issuance of the company’s senior notes due 2019, 2020, 2021, 2022, 2023, and 2024. Following are the company’s condensed consolidating financial statements, including the guarantors, which present the financial position, results of operations and cash flows of (i) SDI (in each case, reflecting investments in its consolidated subsidiaries under the equity method of accounting), (ii) the guarantor subsidiaries of SDI, which includes Columbus since its acquisition on September 16, 2014, (iii) the non-guarantor subsidiaries of SDI, and (iv) the eliminations necessary to arrive at the information on a consolidated basis. The following statements should be read in conjunction with the accompanying consolidated financial statements and the company’s Annual Report on Form 10-K for the year ended December 31, 2013. | |||||||||||||||||
Condensed Consolidating Balance Sheets (in thousands) | |||||||||||||||||
Combined | Consolidating | Total | |||||||||||||||
As of September 30, 2014 | Parent | Guarantors | Non-Guarantors | Adjustments | Consolidated | ||||||||||||
Cash and equivalents | $ | 74,925 | $ | 70,695 | $ | 13,971 | $ | — | $ | 159,591 | |||||||
Accounts receivable, net | 325,667 | 1,312,449 | 59,672 | (639,120 | ) | 1,058,668 | |||||||||||
Inventories | 695,441 | 856,685 | 115,089 | (3,003 | ) | 1,664,212 | |||||||||||
Other current assets | 52,092 | 7,761 | 6,289 | (18,477 | ) | 47,665 | |||||||||||
Total current assets | 1,148,125 | 2,247,590 | 195,021 | (660,600 | ) | 2,930,136 | |||||||||||
Property, plant and equipment, net | 1,020,150 | 1,846,279 | 556,490 | (2,265 | ) | 3,420,654 | |||||||||||
Intangible assets, net | — | 406,318 | — | — | 406,318 | ||||||||||||
Goodwill | — | 727,128 | — | — | 727,128 | ||||||||||||
Other assets, including investments in subs | 4,249,944 | 24,717 | 6,870 | (4,187,484 | ) | 94,047 | |||||||||||
Total assets | $ | 6,418,219 | $ | 5,252,032 | $ | 758,381 | $ | (4,850,349 | ) | $ | 7,578,283 | ||||||
Accounts payable | $ | 213,990 | $ | 449,535 | $ | 111,505 | $ | (134,909 | ) | $ | 640,121 | ||||||
Accrued expenses | 161,890 | 161,000 | 11,636 | (64,965 | ) | 269,561 | |||||||||||
Current maturities of long-term debt | 98,374 | 756 | 72,368 | (39,640 | ) | 131,858 | |||||||||||
Total current liabilities | 474,254 | 611,291 | 195,509 | (239,514 | ) | 1,041,540 | |||||||||||
Long-term debt | 2,894,071 | 624 | 184,044 | (148,745 | ) | 2,929,994 | |||||||||||
Other liabilities | 71,810 | 1,940,011 | 36,691 | (1,479,752 | ) | 568,760 | |||||||||||
Redeemable noncontrolling interests | — | — | 126,340 | — | 126,340 | ||||||||||||
Common stock | 649 | 1,727,859 | 18,121 | (1,745,980 | ) | 649 | |||||||||||
Treasury stock | (398,818 | ) | — | — | — | (398,818 | ) | ||||||||||
Additional paid-in-capital | 1,075,593 | 117,737 | 601,282 | (719,019 | ) | 1,075,593 | |||||||||||
Retained earnings (deficit) | 2,300,660 | 854,510 | (337,171 | ) | (517,339 | ) | 2,300,660 | ||||||||||
Total Steel Dynamics, Inc. equity | 2,978,084 | 2,700,106 | 282,232 | (2,982,338 | ) | 2,978,084 | |||||||||||
Noncontrolling interests | — | — | (66,435 | ) | — | (66,435 | ) | ||||||||||
Total equity | 2,978,084 | 2,700,106 | 215,797 | (2,982,338 | ) | 2,911,649 | |||||||||||
Total liabilities and equity | $ | 6,418,219 | $ | 5,252,032 | $ | 758,381 | $ | (4,850,349 | ) | $ | 7,578,283 | ||||||
Combined | Consolidating | Total | |||||||||||||||
As of December 31, 2013 | Parent | Guarantors | Non-Guarantors | Adjustments | Consolidated | ||||||||||||
Cash and equivalents | $ | 320,866 | $ | 61,148 | $ | 13,142 | $ | — | $ | 395,156 | |||||||
Accounts receivable, net | 309,691 | 874,707 | 32,018 | (495,816 | ) | 720,600 | |||||||||||
Inventories | 673,763 | 557,640 | 91,199 | (7,855 | ) | 1,314,747 | |||||||||||
Other current assets | 50,228 | 8,399 | 3,259 | (18,755 | ) | 43,131 | |||||||||||
Total current assets | 1,354,548 | 1,501,894 | 139,618 | (522,426 | ) | 2,473,634 | |||||||||||
Property, plant and equipment, net | 1,046,093 | 619,617 | 562,843 | (2,419 | ) | 2,226,134 | |||||||||||
Intangible assets, net | — | 386,159 | — | — | 386,159 | ||||||||||||
Goodwill | — | 731,996 | — | — | 731,996 | ||||||||||||
Other assets, including investments in subs | 2,630,411 | 21,789 | 8,092 | (2,545,209 | ) | 115,083 | |||||||||||
Total assets | $ | 5,031,052 | $ | 3,261,455 | $ | 710,553 | $ | (3,070,054 | ) | $ | 5,933,006 | ||||||
Accounts payable | $ | 160,255 | $ | 258,406 | $ | 60,987 | $ | (64,716 | ) | $ | 414,932 | ||||||
Accrued expenses | 142,055 | 115,182 | 10,694 | (49,229 | ) | 218,702 | |||||||||||
Current maturities of long-term debt | 315,521 | 300 | 52,163 | (26,440 | ) | 341,544 | |||||||||||
Total current liabilities | 617,831 | 373,888 | 123,844 | (140,385 | ) | 975,178 | |||||||||||
Long-term debt | 1,725,433 | — | 204,385 | (163,773 | ) | 1,766,045 | |||||||||||
Other liabilities | 140,465 | 1,986,260 | 34,895 | (1,582,206 | ) | 579,414 | |||||||||||
Redeemable noncontrolling interest | — | — | 116,514 | — | 116,514 | ||||||||||||
Common stock | 645 | 33,896 | 18,121 | (52,017 | ) | 645 | |||||||||||
Treasury stock | (718,529 | ) | — | — | — | (718,529 | ) | ||||||||||
Additional paid-in-capital | 1,085,694 | 117,737 | 552,946 | (670,683 | ) | 1,085,694 | |||||||||||
Retained earnings (deficit) | 2,179,513 | 749,674 | (288,684 | ) | (460,990 | ) | 2,179,513 | ||||||||||
Total Steel Dynamics, Inc. equity | 2,547,323 | 901,307 | 282,383 | (1,183,690 | ) | 2,547,323 | |||||||||||
Noncontrolling interests | — | — | (51,468 | ) | — | (51,468 | ) | ||||||||||
Total equity | 2,547,323 | 901,307 | 230,915 | (1,183,690 | ) | 2,495,855 | |||||||||||
Total liabilities and equity | $ | 5,031,052 | $ | 3,261,455 | $ | 710,553 | $ | (3,070,054 | ) | $ | 5,933,006 | ||||||
Condensed Consolidating Statements of Operations (in thousands) | |||||||||||||||||
For the three months ended, | Combined | Consolidating | Total | ||||||||||||||
September 30, 2014 | Parent | Guarantors | Non-Guarantors | Adjustments | Consolidated | ||||||||||||
Net sales | $ | 1,044,207 | $ | 2,609,731 | $ | 150,551 | $ | (1,465,473 | ) | $ | 2,339,016 | ||||||
Costs of goods sold | 856,372 | 2,469,396 | 162,094 | (1,437,358 | ) | 2,050,504 | |||||||||||
Gross profit (loss) | 187,835 | 140,335 | (11,543 | ) | (28,115 | ) | 288,512 | ||||||||||
Selling, general and administrative | 40,932 | 59,878 | 3,601 | (4,542 | ) | 99,869 | |||||||||||
Operating income (loss) | 146,903 | 80,457 | (15,144 | ) | (23,573 | ) | 188,643 | ||||||||||
Interest expense, net of capitalized interest | 18,965 | 12,238 | 1,958 | (1,257 | ) | 31,904 | |||||||||||
Other (income) expense, net | 22,548 | (202 | ) | (1,530 | ) | 1,256 | 22,072 | ||||||||||
Income (loss) before income taxes and equity in net income of subsidiaries | 105,390 | 68,421 | (15,572 | ) | (23,572 | ) | 134,667 | ||||||||||
Income taxes (benefit) | 30,605 | 24,754 | (561 | ) | (7,788 | ) | 47,010 | ||||||||||
74,785 | 43,667 | (15,011 | ) | (15,784 | ) | 87,657 | |||||||||||
Equity in net loss of subsidiaries | 16,388 | — | — | (16,388 | ) | — | |||||||||||
Net loss attributable to noncontrolling interests | — | — | 3,516 | — | 3,516 | ||||||||||||
Net income (loss) attributable to Steel Dynamics, Inc. | $ | 91,173 | $ | 43,667 | $ | (11,495 | ) | $ | (32,172 | ) | $ | 91,173 | |||||
For the three months ended, | Combined | Consolidating | Total | ||||||||||||||
September 30, 2013 | Parent | Guarantors | Non-Guarantors | Adjustments | Consolidated | ||||||||||||
Net sales | $ | 902,280 | $ | 2,136,327 | $ | 91,198 | $ | (1,218,067 | ) | $ | 1,911,738 | ||||||
Costs of goods sold | 760,589 | 2,025,470 | 114,408 | (1,185,921 | ) | 1,714,546 | |||||||||||
Gross profit (loss) | 141,691 | 110,857 | (23,210 | ) | (32,146 | ) | 197,192 | ||||||||||
Selling, general and administrative | 30,073 | 55,348 | 2,622 | (4,124 | ) | 83,919 | |||||||||||
Operating income (loss) | 111,618 | 55,509 | (25,832 | ) | (28,022 | ) | 113,273 | ||||||||||
Interest expense, net of capitalized interest | 19,733 | 10,561 | 1,915 | (1,239 | ) | 30,970 | |||||||||||
Other (income) expense, net | (2,423 | ) | 631 | (1,301 | ) | 1,241 | (1,852 | ) | |||||||||
Income (loss) before income taxes and equity in net loss of subsidiaries | 94,308 | 44,317 | (26,446 | ) | (28,024 | ) | 84,155 | ||||||||||
Income taxes (benefit) | 24,930 | 16,579 | 2,004 | (10,448 | ) | 33,065 | |||||||||||
69,378 | 27,738 | (28,450 | ) | (17,576 | ) | 51,090 | |||||||||||
Equity in net loss of subsidiaries | (11,892 | ) | — | — | 11,892 | — | |||||||||||
Net loss attributable to noncontrolling interests | — | — | 6,396 | — | 6,396 | ||||||||||||
Net income (loss) attributable to Steel Dynamics, Inc. | $ | 57,486 | $ | 27,738 | $ | (22,054 | ) | $ | (5,684 | ) | $ | 57,486 | |||||
For the nine months ended, | Combined | Consolidating | Total | ||||||||||||||
September 30, 2014 | Parent | Guarantors | Non-Guarantors | Adjustments | Consolidated | ||||||||||||
Net sales | $ | 2,915,339 | $ | 7,035,579 | $ | 377,639 | $ | (4,089,698 | ) | $ | 6,238,859 | ||||||
Costs of goods sold | 2,477,791 | 6,668,153 | 427,029 | (4,008,701 | ) | 5,564,272 | |||||||||||
Gross profit (loss) | 437,548 | 367,426 | (49,390 | ) | (80,997 | ) | 674,587 | ||||||||||
Selling, general and administrative | 105,185 | 170,578 | 10,415 | (13,071 | ) | 273,107 | |||||||||||
Operating income (loss) | 332,363 | 196,848 | (59,805 | ) | (67,926 | ) | 401,480 | ||||||||||
Interest expense, net of capitalized interest | 57,357 | 33,093 | 5,824 | (3,751 | ) | 92,523 | |||||||||||
Other (income) expense, net | 20,016 | 147 | (4,226 | ) | 3,750 | 19,687 | |||||||||||
Income (loss) before income taxes and equity in net loss of subsidiaries | 254,990 | 163,608 | (61,403 | ) | (67,925 | ) | 289,270 | ||||||||||
Income taxes (benefit) | 64,480 | 58,772 | 949 | (22,627 | ) | 101,574 | |||||||||||
190,510 | 104,836 | (62,352 | ) | (45,298 | ) | 187,696 | |||||||||||
Equity in net loss of subsidiaries | 11,545 | — | — | (11,545 | ) | — | |||||||||||
Net loss attributable to noncontrolling interests | — | — | 14,359 | — | 14,359 | ||||||||||||
Net income (loss) attributable to Steel Dynamics, Inc. | $ | 202,055 | $ | 104,836 | $ | (47,993 | ) | $ | (56,843 | ) | $ | 202,055 | |||||
For the nine months ended, | Combined | Consolidating | Total | ||||||||||||||
September 30, 2013 | Parent | Guarantors | Non-Guarantors | Adjustments | Consolidated | ||||||||||||
Net sales | $ | 2,566,286 | $ | 6,150,327 | $ | 245,607 | $ | (3,453,446 | ) | $ | 5,508,774 | ||||||
Costs of goods sold | 2,220,737 | 5,840,025 | 318,163 | (3,391,299 | ) | 4,987,626 | |||||||||||
Gross profit (loss) | 345,549 | 310,302 | (72,556 | ) | (62,147 | ) | 521,148 | ||||||||||
Selling, general and administrative | 83,675 | 164,104 | 7,433 | (12,767 | ) | 242,445 | |||||||||||
Operating income (loss) | 261,874 | 146,198 | (79,989 | ) | (49,380 | ) | 278,703 | ||||||||||
Interest expense, net of capitalized interest | 61,927 | 33,351 | 5,405 | (3,619 | ) | 97,064 | |||||||||||
Other (income) expense, net | (4,776 | ) | 645 | (3,633 | ) | 3,620 | (4,144 | ) | |||||||||
Income (loss) before income taxes and equity in net loss of subsidiaries | 204,723 | 112,202 | (81,761 | ) | (49,381 | ) | 185,783 | ||||||||||
Income taxes (benefit) | 41,945 | 41,712 | 4,085 | (17,574 | ) | 70,168 | |||||||||||
162,778 | 70,490 | (85,846 | ) | (31,807 | ) | 115,615 | |||||||||||
Equity in net loss of subsidiaries | (28,119 | ) | — | — | 28,119 | — | |||||||||||
Net loss attributable to noncontrolling interests | — | — | 19,044 | — | 19,044 | ||||||||||||
Net income (loss) attributable to Steel Dynamics, Inc. | $ | 134,659 | $ | 70,490 | $ | (66,802 | ) | $ | (3,688 | ) | $ | 134,659 | |||||
Condensed Consolidating Statements of Cash Flows (in thousands) | |||||||||||||||||
For the nine months ended, | Combined | Consolidating | Total | ||||||||||||||
September 30, 2014 | Parent | Guarantors | Non-Guarantors | Adjustments | Consolidated | ||||||||||||
Net cash provided by (used in) operating activities | $ | 258,952 | $ | 80,298 | $ | (41,245 | ) | $ | (14 | ) | $ | 297,991 | |||||
Net cash provided by (used in) investing activities | (1,692,967 | ) | 15,023 | (16,740 | ) | (1,528 | ) | (1,696,212 | ) | ||||||||
Net cash provided by (used in) financing activities | 1,188,074 | (85,774 | ) | 58,814 | 1,542 | 1,162,656 | |||||||||||
Decrease in cash and equivalents | (245,941 | ) | 9,547 | 829 | — | (235,565 | ) | ||||||||||
Cash and equivalents at beginning of period | 320,866 | 61,148 | 13,142 | — | 395,156 | ||||||||||||
Cash and equivalents at end of period | $ | 74,925 | $ | 70,695 | $ | 13,971 | $ | –– | $ | 159,591 | |||||||
For the nine months ended, | Combined | Consolidating | Total | ||||||||||||||
September 30, 2013 | Parent | Guarantors | Non-Guarantors | Adjustments | Consolidated | ||||||||||||
Net cash provided by (used in) operating activities | $ | 126,404 | $ | 164,383 | $ | (56,636 | ) | $ | 11,540 | $ | 245,691 | ||||||
Net cash used in investing activities | (115,979 | ) | (28,654 | ) | (20,230 | ) | 53,760 | (111,103 | ) | ||||||||
Net cash provided by (used in) financing activities | (10,920 | ) | (139,694 | ) | 75,465 | (65,300 | ) | (140,449 | ) | ||||||||
Decrease in cash and equivalents | (495 | ) | (3,965 | ) | (1,401 | ) | — | (5,861 | ) | ||||||||
Cash and equivalents at beginning of period | 322,707 | 41,675 | 11,535 | — | 375,917 | ||||||||||||
Cash and equivalents at end of period | $ | 322,212 | $ | 37,710 | $ | 10,134 | $ | –– | $ | 370,056 | |||||||
Description_of_the_Business_an1
Description of the Business and Summary of Significant Accounting Policies (Policies) | 9 Months Ended | |||||||
Sep. 30, 2014 | ||||||||
Description of the Business and Significant Accounting Policies | ' | |||||||
Principles of Consolidation | ' | |||||||
Principles of Consolidation. The consolidated financial statements include the accounts of SDI, together with its wholly and majority-owned or controlled subsidiaries, after elimination of significant intercompany accounts and transactions. Noncontrolling interests represent the noncontrolling owner’s proportionate share in the equity, income, or losses of the company’s majority-owned or controlled consolidated subsidiaries. | ||||||||
Use of Estimates | ' | |||||||
Use of Estimates. These financial statements are prepared in conformity with accounting principles generally accepted in the United States and, accordingly, include amounts that require management to make estimates and assumptions that affect the amounts reported in the financial statements and in the notes thereto. Significant items subject to such estimates and assumptions include the carrying value of property, plant and equipment, intangible assets and goodwill; valuation allowances for trade receivables, inventories and deferred income tax assets; unrecognized tax benefits; potential environmental liabilities; and litigation claims and settlements. Actual results may differ from these estimates and assumptions. | ||||||||
In the opinion of management, these financial statements reflect all normal recurring adjustments necessary for a fair presentation of the interim period results. These financial statements and notes should be read in conjunction with the audited financial statements and notes thereto included in the company’s Annual Report on Form 10-K for the year ended December 31, 2013. | ||||||||
Goodwill | ' | |||||||
Goodwill. The company’s goodwill is allocated to the following reporting units at September 30, 2014, and December 31, 2013, (in thousands): | ||||||||
September 30, | December 31, | |||||||
2014 | 2013 | |||||||
OmniSource — Metals Recycling/Ferrous Resources Segment | $ | 553,379 | $ | 558,247 | ||||
The Techs — Steel Segment | 142,783 | 142,783 | ||||||
Roanoke Bar Division — Steel Segment | 29,041 | 29,041 | ||||||
New Millennium Building Systems — Fabrication Segment | 1,925 | 1,925 | ||||||
$ | 727,128 | $ | 731,996 | |||||
OmniSource goodwill decreased $4.9 million from December 31, 2013 to September 30, 2014, in recognition of the 2014 tax benefit related to the amortization of the component of OmniSource tax-deductible goodwill in excess of book goodwill. | ||||||||
Additional goodwill, if any, allocated to Columbus may be determined after the accounting for the Columbus acquisition is completed (see Note 2). | ||||||||
Recently Issued Accounting Standards | ' | |||||||
Recently Issued Accounting Standards. | ||||||||
In May 2014, the FASB issued guidance codified in ASC 606, Revenue Recognition — Revenue from Contracts with Customers, which amends the guidance in former ASC 605, Revenue Recognition. The company is currently evaluating the impact of the provisions of ASC 606. | ||||||||
In August 2014, the FASB issued ASU 2014-15, Presentation of Financial Statements — Going Concern (Subtopic 205-40: Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern), effective for annual and interim periods ending after December 15, 2016. ASU 2014-15 requires management to evaluate whether there are conditions or events, considered in aggregate, that raise substantial doubt about the entity’s ability to continue as a going concern within one year after the date that the financial statements are issued. There are required disclosures if substantial doubt is identified including documentation of principal conditions or events that raised substantial doubt about the entity’s ability to continue as a going concern (before consideration of management’s plans), management’s evaluation of the significance of those conditions or events in relation to the entity’s ability to meet its obligations, and management’s plans that alleviated substantial doubt about the entity’s ability to continue as a going concern. This ASU is not expected to have any impact on our overall results of operations, financial position or cash flows. | ||||||||
Description_of_the_Business_an2
Description of the Business and Summary of Significant Accounting Policies (Tables) | 9 Months Ended | |||||||
Sep. 30, 2014 | ||||||||
Description of the Business and Significant Accounting Policies | ' | |||||||
Schedule of allocation of goodwill to reporting units | ' | |||||||
The company’s goodwill is allocated to the following reporting units at September 30, 2014, and December 31, 2013, (in thousands): | ||||||||
September 30, | December 31, | |||||||
2014 | 2013 | |||||||
OmniSource — Metals Recycling/Ferrous Resources Segment | $ | 553,379 | $ | 558,247 | ||||
The Techs — Steel Segment | 142,783 | 142,783 | ||||||
Roanoke Bar Division — Steel Segment | 29,041 | 29,041 | ||||||
New Millennium Building Systems — Fabrication Segment | 1,925 | 1,925 | ||||||
$ | 727,128 | $ | 731,996 | |||||
Acquisition_Tables
Acquisition (Tables) | 9 Months Ended | |||||||||||||
Sep. 30, 2014 | ||||||||||||||
Acquisition | ' | |||||||||||||
Schedule of initial allocation of the purchase price | ' | |||||||||||||
The following initial allocation of the purchase price (in thousands) is preliminary. The accounting for the acquisition has not yet been completed because we have not finalized the valuations of the acquired assets, assumed liabilities and identifiable intangible assets, including goodwill, if any. | ||||||||||||||
Current assets, net of cash acquired | $ | 551,255 | ||||||||||||
Property, plant & equipment | 1,298,065 | |||||||||||||
Intangible assets | 40,000 | |||||||||||||
Other assets | 3,682 | |||||||||||||
Total assets acquired | 1,893,002 | |||||||||||||
Liabilities assumed | 232,735 | |||||||||||||
Net assets acquired | $ | 1,660,267 | ||||||||||||
Schedule of unaudited pro forma information | ' | |||||||||||||
The following unaudited pro forma information is presented below as if the Columbus acquisition was completed as of January 1, 2013, (in thousands, except per share amounts): | ||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||
Net Sales | $ | 2,853,272 | $ | 2,408,316 | $ | 7,838,681 | $ | 6,855,029 | ||||||
Net Income attributable to Steel Dynamics, Inc. | $ | 137,516 | $ | 57,948 | $ | 299,681 | $ | 84,118 | ||||||
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 9 Months Ended | |||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||
Earnings Per Share | ' | |||||||||||||||||
Schedule of reconciliation of the numerators and denominators used in calculating basic and diluted earnings per share | ' | |||||||||||||||||
The following table presents a reconciliation of the numerators and the denominators of the company’s basic and diluted earnings per share computations for net income attributable to Steel Dynamics, Inc. (in thousands, except per share data): | ||||||||||||||||||
Three Months Ended September 30, | ||||||||||||||||||
2014 | 2013 | |||||||||||||||||
Net Income | Shares | Per Share | Net Income | Shares | Per Share | |||||||||||||
(Numerator) | (Denominator) | Amount | (Numerator) | (Denominator) | Amount | |||||||||||||
Basic earnings per share | $ | 91,173 | 240,087 | $ | 0.38 | $ | 57,486 | 220,926 | $ | 0.26 | ||||||||
Dilutive common share equivalents | — | 2,157 | — | 1,366 | ||||||||||||||
5.125% Convertible Senior Notes, net of tax | — | — | 2,358 | 16,709 | ||||||||||||||
Diluted earnings per share | $ | 91,173 | 242,244 | $ | 0.38 | $ | 59,844 | 239,001 | $ | 0.25 | ||||||||
Nine Months Ended September 30, | ||||||||||||||||||
2014 | 2013 | |||||||||||||||||
Net Income | Shares | Per Share | Net Income | Shares | Per Share | |||||||||||||
(Numerator) | (Denominator) | Amount | (Numerator) | (Denominator) | Amount | |||||||||||||
Basic earnings per share | $ | 202,055 | 229,772 | $ | 0.88 | $ | 134,659 | 220,464 | $ | 0.61 | ||||||||
Dilutive common share equivalents | — | 1,852 | — | 1,363 | ||||||||||||||
5.125% Convertible Senior Notes, net of tax | 4,327 | 10,271 | 7,074 | 16,670 | ||||||||||||||
Diluted earnings per share | $ | 206,382 | 241,895 | $ | 0.85 | $ | 141,733 | 238,497 | $ | 0.59 | ||||||||
Inventories_Tables
Inventories (Tables) | 9 Months Ended | |||||||
Sep. 30, 2014 | ||||||||
Inventories | ' | |||||||
Schedule of inventories | ' | |||||||
Inventory consisted of the following (in thousands): | ||||||||
September 30, | December 31, | |||||||
2014 | 2013 | |||||||
Raw materials | $ | 766,209 | $ | 660,384 | ||||
Supplies | 365,504 | 293,533 | ||||||
Work in progress | 148,712 | 84,710 | ||||||
Finished goods | 383,787 | 276,120 | ||||||
Total inventories | $ | 1,664,212 | $ | 1,314,747 | ||||
Changes_in_Equity_Tables
Changes in Equity (Tables) | 9 Months Ended | ||||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||||
Changes in Equity | ' | ||||||||||||||||||||||
Schedule of stockholders' equity | ' | ||||||||||||||||||||||
Stockholders of Steel Dynamics, Inc. | |||||||||||||||||||||||
Common | Additional | Retained | Treasury | Noncontrolling | Total | Redeemable | |||||||||||||||||
Paid-In | Noncontrolling | ||||||||||||||||||||||
Stock | Capital | Earnings | Stock | Interests | Equity | Interests | |||||||||||||||||
Balances at January 1, 2014 | $ | 645 | $ | 1,085,694 | $ | 2,179,513 | $ | (718,529 | ) | $ | (51,468 | ) | $ | 2,495,855 | $ | 116,514 | |||||||
Proceeds from the exercise of stock options, including related tax effect | 4 | 23,075 | — | — | — | 23,079 | — | ||||||||||||||||
Dividends declared | — | — | (80,863 | ) | — | — | (80,863 | ) | — | ||||||||||||||
Conversion of 5.125% Convertible Senior Notes | — | (45,650 | ) | — | 317,451 | — | 271,801 | — | |||||||||||||||
Equity-based compensation and issuance of restricted stock | — | 12,474 | (45 | ) | 2,260 | — | 14,689 | — | |||||||||||||||
Contributions from noncontrolling investors | — | — | — | — | 97 | 97 | 9,826 | ||||||||||||||||
Distributions to noncontrolling investors | — | — | — | — | (705 | ) | (705 | ) | — | ||||||||||||||
Net income (loss) | — | — | 202,055 | — | (14,359 | ) | 187,696 | — | |||||||||||||||
Balances at September 30, 2014 | $ | 649 | $ | 1,075,593 | $ | 2,300,660 | $ | (398,818 | ) | $ | (66,435 | ) | $ | 2,911,649 | $ | 126,340 | |||||||
Derivative_Financial_Instrumen1
Derivative Financial Instruments (Tables) | 9 Months Ended | |||||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||||
Derivative Financial Instruments | ' | |||||||||||||||||||
Commodity option and futures contract commitments for non monetary notional amount | ' | |||||||||||||||||||
The following summarizes the company’s futures contract commitments as of September 30, 2014 (MT represents metric tons and Lbs represents pounds): | ||||||||||||||||||||
Commodity Futures | Long/Short | Total | ||||||||||||||||||
Aluminum | Long | 3,300 | MT | |||||||||||||||||
Aluminum | Short | 3,975 | MT | |||||||||||||||||
Copper | Long | 6,226 | MT | |||||||||||||||||
Copper | Short | 18,296 | MT | |||||||||||||||||
Silver | Short | 343 | Lbs | |||||||||||||||||
Summary of the location and amounts of the fair values and gains or losses related to derivatives included in the entity's financial statements | ' | |||||||||||||||||||
The following summarizes the location and amounts of the fair values reported on the company’s balance sheets as of September 30, 2014, and December 31, 2013, and gains and losses related to derivatives included in the company’s statement of income for the three- and nine-month periods ended September 30, 2014 and 2013 (in thousands): | ||||||||||||||||||||
Asset Derivatives | Liability Derivatives | |||||||||||||||||||
Fair Value | Fair Value | |||||||||||||||||||
Balance sheet location | September 30, | December 31, 2013 | September 30, | December 31, 2013 | ||||||||||||||||
2014 | 2014 | |||||||||||||||||||
Derivative instruments designated as fair value hedges - | ||||||||||||||||||||
Commodity futures | Other current assets | $ | 3,373 | $ | 658 | $ | 528 | $ | 1,886 | |||||||||||
Derivative instruments not designated as hedges - | ||||||||||||||||||||
Commodity futures | Other current assets | $ | 1,757 | $ | 352 | $ | 697 | 2,601 | ||||||||||||
Total derivative instruments | $ | 5,130 | $ | 1,010 | $ | 1,225 | $ | 4,487 | ||||||||||||
Location of gain (loss) | Amount of gain (loss) recognized | Hedged items | Location of gain (loss) | Amount of gain (loss) recognized | ||||||||||||||||
in income on derivatives for the | in income on related hedged items | |||||||||||||||||||
three months ended | for the three months ended | |||||||||||||||||||
recognized in income | September 30, | September 30, | in fair value hedge | recognized in income | September 30, | September 30, | ||||||||||||||
on derivatives | 2014 | 2013 | relationships | on related hedged item | 2014 | 2013 | ||||||||||||||
Derivatives in fair value hedging relationships - | ||||||||||||||||||||
Commodity futures | Costs of goods sold | $ | 4,371 | $ | 381 | Firm commitments | Costs of goods sold | $ | 784 | $ | (1,736 | ) | ||||||||
Inventory | Costs of goods sold | (4,163 | ) | 364 | ||||||||||||||||
$ | (3,379 | ) | $ | (1,372 | ) | |||||||||||||||
Derivatives not designated as hedging instruments - | ||||||||||||||||||||
Commodity futures | Costs of goods sold | $ | 2,672 | $ | (2,836 | ) | ||||||||||||||
Location of gain (loss) | Amount of gain recognized in | Hedged items | Location of gain (loss) | Amount of gain (loss) recognized in | ||||||||||||||||
income on derivatives for the nine | income on related hedged items for | |||||||||||||||||||
months ended | the nine months ended | |||||||||||||||||||
recognized in income on | September 30, | September 30, | in fair value hedge | recognized in income on | September 30, | September 30, | ||||||||||||||
derivatives | 2014 | 2013 | relationships | related hedged item | 2014 | 2013 | ||||||||||||||
Derivatives in fair value hedging relationships - | ||||||||||||||||||||
Commodity futures | Costs of goods sold | $ | 3,356 | $ | 7,773 | Firm commitments | Costs of goods sold | $ | 1,115 | $ | 877 | |||||||||
Inventory | Costs of goods sold | (3,805 | ) | (8,458 | ) | |||||||||||||||
$ | (2,690 | ) | $ | (7,581 | ) | |||||||||||||||
Derivatives not designated as hedging instruments - | ||||||||||||||||||||
Commodity futures | Costs of goods sold | $ | 8,598 | $ | 3,793 | |||||||||||||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 9 Months Ended | |||||||||||||
Sep. 30, 2014 | ||||||||||||||
Fair Value Measurements | ' | |||||||||||||
Schedule of assets and liabilities measured at fair value on a recurring basis | ' | |||||||||||||
The following table sets forth financial assets and liabilities measured at fair value in the consolidated balance sheets and the respective levels to which the fair value measurements are classified within the fair value hierarchy as of September 30, 2014, and December 31, 2013 (in thousands): | ||||||||||||||
Total | Quoted Prices in | Significant | Significant | |||||||||||
Active Markets | Other | Unobservable | ||||||||||||
for Identical | Observable | Inputs | ||||||||||||
Assets | Inputs | (Level 3) | ||||||||||||
(Level 1) | (Level 2) | |||||||||||||
September 30, 2014 | ||||||||||||||
Commodity futures — financial assets | $ | 5,130 | $ | — | $ | 5,130 | $ | — | ||||||
Commodity futures — financial liabilities | 1,225 | — | 1,225 | — | ||||||||||
December 31, 2013 | ||||||||||||||
Commodity futures — financial assets | $ | 1,010 | $ | — | $ | 1,010 | $ | — | ||||||
Commodity futures — financial liabilities | 4,487 | — | 4,487 | — | ||||||||||
Segment_Information_Tables
Segment Information (Tables) | 9 Months Ended | |||||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||||
Segment Information | ' | |||||||||||||||||||
Schedule of operating segment results | ' | |||||||||||||||||||
The company’s segment results for the three- and nine-month periods ended September 30, 2014 and 2013 are as follows (in thousands): | ||||||||||||||||||||
For the three months ended | Metals Recycling / | Steel Fabrication | ||||||||||||||||||
September 30, 2014 | Steel Operations | Ferrous Resources | Operations | Other | Eliminations | Consolidated | ||||||||||||||
Net Sales | ||||||||||||||||||||
External | $ | 1,400,370 | $ | 609,098 | $ | 189,993 | $ | 25,084 | $ | — | $ | 2,224,545 | ||||||||
External Non-U.S. | 50,842 | 63,299 | — | 330 | — | 114,471 | ||||||||||||||
Other segments | 75,320 | 326,090 | 43 | 8,340 | (409,793 | ) | — | |||||||||||||
1,526,532 | 998,487 | 190,036 | 33,754 | (409,793 | ) | 2,339,016 | ||||||||||||||
Operating income (loss) | 200,116 | (5,330 | ) | 19,474 | (26,733 | )(1) | 1,116 | -2 | 188,643 | |||||||||||
Income (loss) before income taxes | 184,589 | (11,724 | ) | 17,877 | (57,191 | )(7) | 1,116 | 134,667 | ||||||||||||
Depreciation and amortization | 32,998 | 28,775 | 2,974 | 1,262 | (52 | ) | 65,957 | |||||||||||||
Capital expenditures | 12,195 | 11,599 | 477 | 260 | — | 24,531 | ||||||||||||||
As of September 30, 2014 | ||||||||||||||||||||
Assets | 4,553,924 | 2,531,821 | 315,381 | 427,654 | -3 | (250,497 | )(4) | 7,578,283 | ||||||||||||
Liabilities | 821,796 | 651,128 | 34,386 | 3,273,198 | -5 | (240,214 | )(6) | 4,540,294 | ||||||||||||
Footnotes related to the three months ended September 30, 2014 segment results (in millions): | ||||||||||||||||||||
-1 | Corporate SG&A | $ | (12.4 | ) | ||||||||||||||||
Company-wide equity-based compensation | (5.1 | ) | ||||||||||||||||||
Profit sharing | (11.6 | ) | ||||||||||||||||||
Other, net | 2.4 | |||||||||||||||||||
$ | (26.7 | ) | ||||||||||||||||||
-2 | Gross profit increase from intra-company sales | $ | 1.1 | |||||||||||||||||
-3 | Cash and equivalents | $ | 80.3 | |||||||||||||||||
Accounts receivable | 12.8 | |||||||||||||||||||
Inventories | 15.2 | |||||||||||||||||||
Deferred income taxes | 18.3 | |||||||||||||||||||
Property, plant and equipment, net | 70.2 | |||||||||||||||||||
Debt issuance costs | 39.6 | |||||||||||||||||||
Intra-company debt | 160.2 | |||||||||||||||||||
Other | 31.1 | |||||||||||||||||||
$ | 427.7 | |||||||||||||||||||
-4 | Elimination of intra-company receivables | $ | (80.7 | ) | ||||||||||||||||
Elimination of intra-company debt | (160.2 | ) | ||||||||||||||||||
Other | (9.6 | ) | ||||||||||||||||||
$ | (250.5 | ) | ||||||||||||||||||
-5 | Accounts payable | $ | 76.9 | |||||||||||||||||
Income taxes payable | 26.9 | |||||||||||||||||||
Accrued interest | 21.1 | |||||||||||||||||||
Accrued profit sharing | 25.2 | |||||||||||||||||||
Debt | 2,990.20 | |||||||||||||||||||
Deferred income taxes | 97.4 | |||||||||||||||||||
Other | 35.5 | |||||||||||||||||||
$ | 3,273.20 | |||||||||||||||||||
-6 | Elimination of intra-company payables | $ | (81.2 | ) | ||||||||||||||||
Elimination of intra-company debt | (160.2 | ) | ||||||||||||||||||
Other | 1.2 | |||||||||||||||||||
$ | (240.2 | ) | ||||||||||||||||||
-7 | Includes $25.0 million of acquisition and bridge financing costs associated with the acquisition of Columbus. | |||||||||||||||||||
For the three months ended | Metals Recycling / | Steel Fabrication | ||||||||||||||||||
September 30, 2013 | Steel Operations | Ferrous Resources | Operations | Other | Eliminations | Consolidated | ||||||||||||||
Net Sales | ||||||||||||||||||||
External | $ | 1,102,048 | $ | 557,765 | $ | 119,134 | $ | 24,593 | $ | — | $ | 1,803,540 | ||||||||
External Non-U.S. | 60,381 | 47,616 | — | 201 | — | 108,198 | ||||||||||||||
Other segments | 54,537 | 313,113 | 134 | 7,918 | (375,702 | ) | — | |||||||||||||
1,216,966 | 918,494 | 119,268 | 32,712 | (375,702 | ) | 1,911,738 | ||||||||||||||
Operating income (loss) | 146,564 | (17,135 | ) | 3,265 | (17,274 | )(1) | (2,147 | )(2) | 113,273 | |||||||||||
Income (loss) before income taxes | 133,041 | (24,567 | ) | 1,751 | (23,922 | ) | (2,148 | ) | 84,155 | |||||||||||
Depreciation and amortization | 26,815 | 27,713 | 2,219 | 1,506 | (51 | ) | 58,202 | |||||||||||||
Capital expenditures | 33,985 | 17,385 | 297 | 495 | — | 52,162 | ||||||||||||||
As of September 30, 2013 | ||||||||||||||||||||
Assets | 2,581,798 | 2,530,979 | 272,786 | 699,244 | -3 | (210,502 | )(4) | 5,874,305 | ||||||||||||
Liabilities | 533,966 | 593,674 | 22,908 | 2,366,273 | -5 | (200,304 | )(6) | 3,316,517 | ||||||||||||
Footnotes related to the three months ended September 30, 2013 segment results (in millions): | ||||||||||||||||||||
-1 | Corporate SG&A | $ | (9.2 | ) | ||||||||||||||||
Company-wide equity-based compensation | (2.1 | ) | ||||||||||||||||||
Profit sharing | (7.4 | ) | ||||||||||||||||||
Other, net | 1.4 | |||||||||||||||||||
Total | $ | (17.3 | ) | |||||||||||||||||
-2 | Gross profit reduction from intra-company sales | $ | (2.1 | ) | ||||||||||||||||
-3 | Cash and equivalents | $ | 325.8 | |||||||||||||||||
Accounts receivable | 13.4 | |||||||||||||||||||
Inventories | 14 | |||||||||||||||||||
Deferred income taxes | 25.2 | |||||||||||||||||||
Property, plant and equipment, net | 72.9 | |||||||||||||||||||
Debt issuance costs, net | 27.7 | |||||||||||||||||||
Intra-company debt | 153.6 | |||||||||||||||||||
Other | 66.6 | |||||||||||||||||||
Total | $ | 699.2 | ||||||||||||||||||
-4 | Elimination of intra-company receivables | $ | (46.9 | ) | ||||||||||||||||
Elimination of intra-company debt | (153.6 | ) | ||||||||||||||||||
Other | (10.0 | ) | ||||||||||||||||||
Total | $ | (210.5 | ) | |||||||||||||||||
-5 | Accounts payable | $ | 43.1 | |||||||||||||||||
Income taxes payable | 7.7 | |||||||||||||||||||
Accrued interest | 22.9 | |||||||||||||||||||
Accrued profit sharing | 19.5 | |||||||||||||||||||
Debt | 2,041.80 | |||||||||||||||||||
Deferred income taxes | 204.6 | |||||||||||||||||||
Other | 26.7 | |||||||||||||||||||
Total | $ | 2,366.30 | ||||||||||||||||||
-6 | Elimination of intra-company payables | $ | (47.3 | ) | ||||||||||||||||
Elimination of intra-company debt | (153.6 | ) | ||||||||||||||||||
Other | 0.6 | |||||||||||||||||||
Total | $ | (200.3 | ) | |||||||||||||||||
For the nine months ended | Metals Recycling / | Steel Fabrication | ||||||||||||||||||
September 30, 2014 | Steel Operations | Ferrous Resources | Operations | Other | Eliminations | Consolidated | ||||||||||||||
Net Sales | ||||||||||||||||||||
External | $ | 3,675,696 | $ | 1,714,440 | $ | 440,706 | $ | 69,886 | $ | — | $ | 5,900,728 | ||||||||
External Non-U.S. | 158,218 | 178,947 | — | 966 | — | 338,131 | ||||||||||||||
Other segments | 188,854 | 973,635 | 43 | 22,322 | (1,184,854 | ) | — | |||||||||||||
4,022,768 | 2,867,022 | 440,749 | 93,174 | (1,184,854 | ) | 6,238,859 | ||||||||||||||
Operating income (loss) | 461,708 | (26,902 | ) | 30,190 | (67,437 | )(1) | 3,921 | -2 | 401,480 | |||||||||||
Income (loss) before income taxes | 419,181 | (47,054 | ) | 25,628 | (112,406 | )(3) | 3,921 | 289,270 | ||||||||||||
Depreciation and amortization | 89,244 | 81,266 | 7,597 | 4,013 | (154 | ) | 181,966 | |||||||||||||
Capital expenditures | 47,133 | 33,762 | 1,324 | 687 | — | 82,906 | ||||||||||||||
Footnotes related to the nine months ended September 30, 2014 segment results (in millions): | ||||||||||||||||||||
-1 | Corporate SG&A | $ | (31.7 | ) | ||||||||||||||||
Company-wide equity-based compensation | (14.4 | ) | ||||||||||||||||||
Profit sharing | (25.2 | ) | ||||||||||||||||||
Other, net | 3.9 | |||||||||||||||||||
Total | $ | (67.4 | ) | |||||||||||||||||
-2 | Gross profit increase from intra-company sales | $ | 3.9 | |||||||||||||||||
-3 | Includes $25.0 million of acquisition and bridge financing costs associated with the acquisition of Columbus. | |||||||||||||||||||
For the nine months ended | Metals Recycling / | Steel Fabrication | ||||||||||||||||||
September 30, 2013 | Steel Operations | Ferrous Resources | Operations | Other | Eliminations | Consolidated | ||||||||||||||
Net Sales | ||||||||||||||||||||
External | $ | 3,152,111 | $ | 1,653,975 | $ | 316,526 | $ | 64,792 | $ | — | $ | 5,187,404 | ||||||||
External Non-U.S. | 162,646 | 158,026 | — | 698 | — | 321,370 | ||||||||||||||
Other segments | 168,482 | 865,143 | 1,276 | 20,198 | (1,055,099 | ) | — | |||||||||||||
3,483,239 | 2,677,144 | 317,802 | 85,688 | (1,055,099 | ) | 5,508,774 | ||||||||||||||
Operating income (loss) | 351,410 | (34,210 | ) | 7,125 | (48,147 | )(1) | 2,525 | -2 | 278,703 | |||||||||||
Income (loss) before income taxes | 309,780 | (56,860 | ) | 2,475 | (72,136 | ) | 2,524 | 185,783 | ||||||||||||
Depreciation and amortization | 79,698 | 81,553 | 6,455 | 4,536 | (153 | ) | 172,089 | |||||||||||||
Capital expenditures | 93,244 | 49,999 | 2,000 | 1,501 | — | 146,744 | ||||||||||||||
Footnotes related to the nine months ended September 30, 2013 segment results (in millions): | ||||||||||||||||||||
-1 | Corporate SG&A | $ | (26.3 | ) | ||||||||||||||||
Company-wide equity-based compensation | (7.3 | ) | ||||||||||||||||||
Profit sharing | (16.5 | ) | ||||||||||||||||||
Other, net | 2 | |||||||||||||||||||
Total | $ | (48.1 | ) | |||||||||||||||||
-2 | Gross profit increase from intra-company sales | $ | 2.5 | |||||||||||||||||
Condensed_Consolidating_Inform1
Condensed Consolidating Information (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Condensed Consolidating Information | ' | ||||||||||||||||
Schedule of Condensed Consolidating Balance Sheets | ' | ||||||||||||||||
Condensed Consolidating Balance Sheets (in thousands) | |||||||||||||||||
Combined | Consolidating | Total | |||||||||||||||
As of September 30, 2014 | Parent | Guarantors | Non-Guarantors | Adjustments | Consolidated | ||||||||||||
Cash and equivalents | $ | 74,925 | $ | 70,695 | $ | 13,971 | $ | — | $ | 159,591 | |||||||
Accounts receivable, net | 325,667 | 1,312,449 | 59,672 | (639,120 | ) | 1,058,668 | |||||||||||
Inventories | 695,441 | 856,685 | 115,089 | (3,003 | ) | 1,664,212 | |||||||||||
Other current assets | 52,092 | 7,761 | 6,289 | (18,477 | ) | 47,665 | |||||||||||
Total current assets | 1,148,125 | 2,247,590 | 195,021 | (660,600 | ) | 2,930,136 | |||||||||||
Property, plant and equipment, net | 1,020,150 | 1,846,279 | 556,490 | (2,265 | ) | 3,420,654 | |||||||||||
Intangible assets, net | — | 406,318 | — | — | 406,318 | ||||||||||||
Goodwill | — | 727,128 | — | — | 727,128 | ||||||||||||
Other assets, including investments in subs | 4,249,944 | 24,717 | 6,870 | (4,187,484 | ) | 94,047 | |||||||||||
Total assets | $ | 6,418,219 | $ | 5,252,032 | $ | 758,381 | $ | (4,850,349 | ) | $ | 7,578,283 | ||||||
Accounts payable | $ | 213,990 | $ | 449,535 | $ | 111,505 | $ | (134,909 | ) | $ | 640,121 | ||||||
Accrued expenses | 161,890 | 161,000 | 11,636 | (64,965 | ) | 269,561 | |||||||||||
Current maturities of long-term debt | 98,374 | 756 | 72,368 | (39,640 | ) | 131,858 | |||||||||||
Total current liabilities | 474,254 | 611,291 | 195,509 | (239,514 | ) | 1,041,540 | |||||||||||
Long-term debt | 2,894,071 | 624 | 184,044 | (148,745 | ) | 2,929,994 | |||||||||||
Other liabilities | 71,810 | 1,940,011 | 36,691 | (1,479,752 | ) | 568,760 | |||||||||||
Redeemable noncontrolling interests | — | — | 126,340 | — | 126,340 | ||||||||||||
Common stock | 649 | 1,727,859 | 18,121 | (1,745,980 | ) | 649 | |||||||||||
Treasury stock | (398,818 | ) | — | — | — | (398,818 | ) | ||||||||||
Additional paid-in-capital | 1,075,593 | 117,737 | 601,282 | (719,019 | ) | 1,075,593 | |||||||||||
Retained earnings (deficit) | 2,300,660 | 854,510 | (337,171 | ) | (517,339 | ) | 2,300,660 | ||||||||||
Total Steel Dynamics, Inc. equity | 2,978,084 | 2,700,106 | 282,232 | (2,982,338 | ) | 2,978,084 | |||||||||||
Noncontrolling interests | — | — | (66,435 | ) | — | (66,435 | ) | ||||||||||
Total equity | 2,978,084 | 2,700,106 | 215,797 | (2,982,338 | ) | 2,911,649 | |||||||||||
Total liabilities and equity | $ | 6,418,219 | $ | 5,252,032 | $ | 758,381 | $ | (4,850,349 | ) | $ | 7,578,283 | ||||||
Combined | Consolidating | Total | |||||||||||||||
As of December 31, 2013 | Parent | Guarantors | Non-Guarantors | Adjustments | Consolidated | ||||||||||||
Cash and equivalents | $ | 320,866 | $ | 61,148 | $ | 13,142 | $ | — | $ | 395,156 | |||||||
Accounts receivable, net | 309,691 | 874,707 | 32,018 | (495,816 | ) | 720,600 | |||||||||||
Inventories | 673,763 | 557,640 | 91,199 | (7,855 | ) | 1,314,747 | |||||||||||
Other current assets | 50,228 | 8,399 | 3,259 | (18,755 | ) | 43,131 | |||||||||||
Total current assets | 1,354,548 | 1,501,894 | 139,618 | (522,426 | ) | 2,473,634 | |||||||||||
Property, plant and equipment, net | 1,046,093 | 619,617 | 562,843 | (2,419 | ) | 2,226,134 | |||||||||||
Intangible assets, net | — | 386,159 | — | — | 386,159 | ||||||||||||
Goodwill | — | 731,996 | — | — | 731,996 | ||||||||||||
Other assets, including investments in subs | 2,630,411 | 21,789 | 8,092 | (2,545,209 | ) | 115,083 | |||||||||||
Total assets | $ | 5,031,052 | $ | 3,261,455 | $ | 710,553 | $ | (3,070,054 | ) | $ | 5,933,006 | ||||||
Accounts payable | $ | 160,255 | $ | 258,406 | $ | 60,987 | $ | (64,716 | ) | $ | 414,932 | ||||||
Accrued expenses | 142,055 | 115,182 | 10,694 | (49,229 | ) | 218,702 | |||||||||||
Current maturities of long-term debt | 315,521 | 300 | 52,163 | (26,440 | ) | 341,544 | |||||||||||
Total current liabilities | 617,831 | 373,888 | 123,844 | (140,385 | ) | 975,178 | |||||||||||
Long-term debt | 1,725,433 | — | 204,385 | (163,773 | ) | 1,766,045 | |||||||||||
Other liabilities | 140,465 | 1,986,260 | 34,895 | (1,582,206 | ) | 579,414 | |||||||||||
Redeemable noncontrolling interest | — | — | 116,514 | — | 116,514 | ||||||||||||
Common stock | 645 | 33,896 | 18,121 | (52,017 | ) | 645 | |||||||||||
Treasury stock | (718,529 | ) | — | — | — | (718,529 | ) | ||||||||||
Additional paid-in-capital | 1,085,694 | 117,737 | 552,946 | (670,683 | ) | 1,085,694 | |||||||||||
Retained earnings (deficit) | 2,179,513 | 749,674 | (288,684 | ) | (460,990 | ) | 2,179,513 | ||||||||||
Total Steel Dynamics, Inc. equity | 2,547,323 | 901,307 | 282,383 | (1,183,690 | ) | 2,547,323 | |||||||||||
Noncontrolling interests | — | — | (51,468 | ) | — | (51,468 | ) | ||||||||||
Total equity | 2,547,323 | 901,307 | 230,915 | (1,183,690 | ) | 2,495,855 | |||||||||||
Total liabilities and equity | $ | 5,031,052 | $ | 3,261,455 | $ | 710,553 | $ | (3,070,054 | ) | $ | 5,933,006 | ||||||
Schedule of Condensed Consolidating Statements of Operations | ' | ||||||||||||||||
Condensed Consolidating Statements of Operations (in thousands) | |||||||||||||||||
For the three months ended, | Combined | Consolidating | Total | ||||||||||||||
September 30, 2014 | Parent | Guarantors | Non-Guarantors | Adjustments | Consolidated | ||||||||||||
Net sales | $ | 1,044,207 | $ | 2,609,731 | $ | 150,551 | $ | (1,465,473 | ) | $ | 2,339,016 | ||||||
Costs of goods sold | 856,372 | 2,469,396 | 162,094 | (1,437,358 | ) | 2,050,504 | |||||||||||
Gross profit (loss) | 187,835 | 140,335 | (11,543 | ) | (28,115 | ) | 288,512 | ||||||||||
Selling, general and administrative | 40,932 | 59,878 | 3,601 | (4,542 | ) | 99,869 | |||||||||||
Operating income (loss) | 146,903 | 80,457 | (15,144 | ) | (23,573 | ) | 188,643 | ||||||||||
Interest expense, net of capitalized interest | 18,965 | 12,238 | 1,958 | (1,257 | ) | 31,904 | |||||||||||
Other (income) expense, net | 22,548 | (202 | ) | (1,530 | ) | 1,256 | 22,072 | ||||||||||
Income (loss) before income taxes and equity in net income of subsidiaries | 105,390 | 68,421 | (15,572 | ) | (23,572 | ) | 134,667 | ||||||||||
Income taxes (benefit) | 30,605 | 24,754 | (561 | ) | (7,788 | ) | 47,010 | ||||||||||
74,785 | 43,667 | (15,011 | ) | (15,784 | ) | 87,657 | |||||||||||
Equity in net loss of subsidiaries | 16,388 | — | — | (16,388 | ) | — | |||||||||||
Net loss attributable to noncontrolling interests | — | — | 3,516 | — | 3,516 | ||||||||||||
Net income (loss) attributable to Steel Dynamics, Inc. | $ | 91,173 | $ | 43,667 | $ | (11,495 | ) | $ | (32,172 | ) | $ | 91,173 | |||||
For the three months ended, | Combined | Consolidating | Total | ||||||||||||||
September 30, 2013 | Parent | Guarantors | Non-Guarantors | Adjustments | Consolidated | ||||||||||||
Net sales | $ | 902,280 | $ | 2,136,327 | $ | 91,198 | $ | (1,218,067 | ) | $ | 1,911,738 | ||||||
Costs of goods sold | 760,589 | 2,025,470 | 114,408 | (1,185,921 | ) | 1,714,546 | |||||||||||
Gross profit (loss) | 141,691 | 110,857 | (23,210 | ) | (32,146 | ) | 197,192 | ||||||||||
Selling, general and administrative | 30,073 | 55,348 | 2,622 | (4,124 | ) | 83,919 | |||||||||||
Operating income (loss) | 111,618 | 55,509 | (25,832 | ) | (28,022 | ) | 113,273 | ||||||||||
Interest expense, net of capitalized interest | 19,733 | 10,561 | 1,915 | (1,239 | ) | 30,970 | |||||||||||
Other (income) expense, net | (2,423 | ) | 631 | (1,301 | ) | 1,241 | (1,852 | ) | |||||||||
Income (loss) before income taxes and equity in net loss of subsidiaries | 94,308 | 44,317 | (26,446 | ) | (28,024 | ) | 84,155 | ||||||||||
Income taxes (benefit) | 24,930 | 16,579 | 2,004 | (10,448 | ) | 33,065 | |||||||||||
69,378 | 27,738 | (28,450 | ) | (17,576 | ) | 51,090 | |||||||||||
Equity in net loss of subsidiaries | (11,892 | ) | — | — | 11,892 | — | |||||||||||
Net loss attributable to noncontrolling interests | — | — | 6,396 | — | 6,396 | ||||||||||||
Net income (loss) attributable to Steel Dynamics, Inc. | $ | 57,486 | $ | 27,738 | $ | (22,054 | ) | $ | (5,684 | ) | $ | 57,486 | |||||
For the nine months ended, | Combined | Consolidating | Total | ||||||||||||||
September 30, 2014 | Parent | Guarantors | Non-Guarantors | Adjustments | Consolidated | ||||||||||||
Net sales | $ | 2,915,339 | $ | 7,035,579 | $ | 377,639 | $ | (4,089,698 | ) | $ | 6,238,859 | ||||||
Costs of goods sold | 2,477,791 | 6,668,153 | 427,029 | (4,008,701 | ) | 5,564,272 | |||||||||||
Gross profit (loss) | 437,548 | 367,426 | (49,390 | ) | (80,997 | ) | 674,587 | ||||||||||
Selling, general and administrative | 105,185 | 170,578 | 10,415 | (13,071 | ) | 273,107 | |||||||||||
Operating income (loss) | 332,363 | 196,848 | (59,805 | ) | (67,926 | ) | 401,480 | ||||||||||
Interest expense, net of capitalized interest | 57,357 | 33,093 | 5,824 | (3,751 | ) | 92,523 | |||||||||||
Other (income) expense, net | 20,016 | 147 | (4,226 | ) | 3,750 | 19,687 | |||||||||||
Income (loss) before income taxes and equity in net loss of subsidiaries | 254,990 | 163,608 | (61,403 | ) | (67,925 | ) | 289,270 | ||||||||||
Income taxes (benefit) | 64,480 | 58,772 | 949 | (22,627 | ) | 101,574 | |||||||||||
190,510 | 104,836 | (62,352 | ) | (45,298 | ) | 187,696 | |||||||||||
Equity in net loss of subsidiaries | 11,545 | — | — | (11,545 | ) | — | |||||||||||
Net loss attributable to noncontrolling interests | — | — | 14,359 | — | 14,359 | ||||||||||||
Net income (loss) attributable to Steel Dynamics, Inc. | $ | 202,055 | $ | 104,836 | $ | (47,993 | ) | $ | (56,843 | ) | $ | 202,055 | |||||
For the nine months ended, | Combined | Consolidating | Total | ||||||||||||||
September 30, 2013 | Parent | Guarantors | Non-Guarantors | Adjustments | Consolidated | ||||||||||||
Net sales | $ | 2,566,286 | $ | 6,150,327 | $ | 245,607 | $ | (3,453,446 | ) | $ | 5,508,774 | ||||||
Costs of goods sold | 2,220,737 | 5,840,025 | 318,163 | (3,391,299 | ) | 4,987,626 | |||||||||||
Gross profit (loss) | 345,549 | 310,302 | (72,556 | ) | (62,147 | ) | 521,148 | ||||||||||
Selling, general and administrative | 83,675 | 164,104 | 7,433 | (12,767 | ) | 242,445 | |||||||||||
Operating income (loss) | 261,874 | 146,198 | (79,989 | ) | (49,380 | ) | 278,703 | ||||||||||
Interest expense, net of capitalized interest | 61,927 | 33,351 | 5,405 | (3,619 | ) | 97,064 | |||||||||||
Other (income) expense, net | (4,776 | ) | 645 | (3,633 | ) | 3,620 | (4,144 | ) | |||||||||
Income (loss) before income taxes and equity in net loss of subsidiaries | 204,723 | 112,202 | (81,761 | ) | (49,381 | ) | 185,783 | ||||||||||
Income taxes (benefit) | 41,945 | 41,712 | 4,085 | (17,574 | ) | 70,168 | |||||||||||
162,778 | 70,490 | (85,846 | ) | (31,807 | ) | 115,615 | |||||||||||
Equity in net loss of subsidiaries | (28,119 | ) | — | — | 28,119 | — | |||||||||||
Net loss attributable to noncontrolling interests | — | — | 19,044 | — | 19,044 | ||||||||||||
Net income (loss) attributable to Steel Dynamics, Inc. | $ | 134,659 | $ | 70,490 | $ | (66,802 | ) | $ | (3,688 | ) | $ | 134,659 | |||||
Schedule of Condensed Consolidating Statements of Cash Flows | ' | ||||||||||||||||
Condensed Consolidating Statements of Cash Flows (in thousands) | |||||||||||||||||
For the nine months ended, | Combined | Consolidating | Total | ||||||||||||||
September 30, 2014 | Parent | Guarantors | Non-Guarantors | Adjustments | Consolidated | ||||||||||||
Net cash provided by (used in) operating activities | $ | 258,952 | $ | 80,298 | $ | (41,245 | ) | $ | (14 | ) | $ | 297,991 | |||||
Net cash provided by (used in) investing activities | (1,692,967 | ) | 15,023 | (16,740 | ) | (1,528 | ) | (1,696,212 | ) | ||||||||
Net cash provided by (used in) financing activities | 1,188,074 | (85,774 | ) | 58,814 | 1,542 | 1,162,656 | |||||||||||
Decrease in cash and equivalents | (245,941 | ) | 9,547 | 829 | — | (235,565 | ) | ||||||||||
Cash and equivalents at beginning of period | 320,866 | 61,148 | 13,142 | — | 395,156 | ||||||||||||
Cash and equivalents at end of period | $ | 74,925 | $ | 70,695 | $ | 13,971 | $ | –– | $ | 159,591 | |||||||
For the nine months ended, | Combined | Consolidating | Total | ||||||||||||||
September 30, 2013 | Parent | Guarantors | Non-Guarantors | Adjustments | Consolidated | ||||||||||||
Net cash provided by (used in) operating activities | $ | 126,404 | $ | 164,383 | $ | (56,636 | ) | $ | 11,540 | $ | 245,691 | ||||||
Net cash used in investing activities | (115,979 | ) | (28,654 | ) | (20,230 | ) | 53,760 | (111,103 | ) | ||||||||
Net cash provided by (used in) financing activities | (10,920 | ) | (139,694 | ) | 75,465 | (65,300 | ) | (140,449 | ) | ||||||||
Decrease in cash and equivalents | (495 | ) | (3,965 | ) | (1,401 | ) | — | (5,861 | ) | ||||||||
Cash and equivalents at beginning of period | 322,707 | 41,675 | 11,535 | — | 375,917 | ||||||||||||
Cash and equivalents at end of period | $ | 322,212 | $ | 37,710 | $ | 10,134 | $ | –– | $ | 370,056 | |||||||
Description_of_the_Business_an3
Description of the Business and Significant Accounting Policies (Details) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | |
Description of the Business and Significant Accounting Policies | ' | ' | ' | ' |
Number of reporting segments | ' | ' | 3 | ' |
Steel Operations | ' | ' | ' | ' |
Segment Reporting Information | ' | ' | ' | ' |
Percentage of external net sales | 62.00% | 61.00% | 61.00% | 60.00% |
Metals Recycling/Ferrous Resources | ' | ' | ' | ' |
Segment Reporting Information | ' | ' | ' | ' |
Percentage of external net sales | 29.00% | 32.00% | 30.00% | 33.00% |
Number of iron making initiatives | ' | ' | 2 | ' |
Steel Fabrication Operations | ' | ' | ' | ' |
Segment Reporting Information | ' | ' | ' | ' |
Percentage of external net sales | 8.00% | 6.00% | 7.00% | 6.00% |
Number of New Millennium Building Systems joist and deck plants | ' | ' | 6 | ' |
Description_of_the_Business_an4
Description of the Business and Significant Accounting Policies (Details 2) (USD $) | 9 Months Ended | |
Sep. 30, 2014 | Dec. 31, 2013 | |
Goodwill | ' | ' |
Goodwill | $727,128,000 | $731,996,000 |
Omni Source - Metals Recycling/Ferrous Resources Segment | ' | ' |
Goodwill | ' | ' |
Goodwill | 553,379,000 | 558,247,000 |
Goodwill decrease due to tax benefit related to the amortization of the component | 4,900,000 | ' |
The Techs - Steel Segment | ' | ' |
Goodwill | ' | ' |
Goodwill | 142,783,000 | 142,783,000 |
Roanoke Bar Division - Steel Segment | ' | ' |
Goodwill | ' | ' |
Goodwill | 29,041,000 | 29,041,000 |
New Millennium Building Systems - Fabrication Segment | ' | ' |
Goodwill | ' | ' |
Goodwill | $1,925,000 | $1,925,000 |
Acquisition_Details
Acquisition (Details) (Severstal Columbus LLC, USD $) | 0 Months Ended | 3 Months Ended | 9 Months Ended | ||||
Sep. 16, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 16, 2014 | |
MT | |||||||
Business Acquisition Information | ' | ' | ' | ' | ' | ' | ' |
Business acquisition percentage | ' | ' | ' | ' | ' | ' | 100.00% |
Purchase price | $1,625,000,000 | ' | ' | ' | ' | ' | ' |
Working capital adjustments | 35,300,000 | ' | ' | ' | ' | ' | ' |
Additional production capacity due to acquisition (in million tons) | 3.4 | ' | ' | ' | ' | ' | ' |
Revenue since acquisition | ' | 126,500,000 | ' | ' | ' | ' | ' |
Pre-tax income since acquisition | ' | 13,500,000 | ' | ' | ' | ' | ' |
Purchase accounting related expenses | ' | 14,500,000 | ' | ' | ' | ' | ' |
Acquisition and related costs | ' | ' | 25,000,000 | ' | 25,000,000 | ' | ' |
Net assets acquired | ' | ' | ' | ' | ' | ' | ' |
Current assets, net of cash acquired | ' | ' | ' | ' | ' | ' | 551,255,000 |
Property, plant & equipment | ' | ' | ' | ' | ' | ' | 1,298,065,000 |
Intangible assets | ' | ' | ' | ' | ' | ' | 40,000,000 |
Other assets | ' | ' | ' | ' | ' | ' | 3,682,000 |
Total assets acquired | ' | ' | ' | ' | ' | ' | 1,893,002,000 |
Liabilities assumed | ' | ' | ' | ' | ' | ' | 232,735,000 |
Net assets acquired | ' | ' | ' | ' | ' | ' | 1,660,267,000 |
Amortization of intangible assets | ' | ' | ' | ' | ' | ' | ' |
Expected life | '10 years | ' | ' | ' | ' | ' | ' |
Unaudited pro forma results | ' | ' | ' | ' | ' | ' | ' |
Net sales | ' | ' | 2,853,272,000 | 2,408,316,000 | 7,838,681,000 | 6,855,029,000 | ' |
Net Income attributable to Steel Dynamics, Inc. | ' | ' | 137,516,000 | 57,948,000 | 299,681,000 | 84,118,000 | ' |
Pro forma step-up inventory expense | ' | ' | ' | ' | ' | 17,700,000 | ' |
Pro forma acquisition costs | ' | ' | ' | ' | ' | 25,000,000 | ' |
Customer Relationships | ' | ' | ' | ' | ' | ' | ' |
Amortization of intangible assets | ' | ' | ' | ' | ' | ' | ' |
Preliminary intangible assets | 40,000,000 | ' | ' | ' | ' | ' | ' |
Senior Notes | ' | ' | ' | ' | ' | ' | ' |
Business Acquisition Information | ' | ' | ' | ' | ' | ' | ' |
Issuance of Senior Notes | $1,200,000,000 | ' | ' | ' | ' | ' | $1,200,000,000 |
Earnings_Per_Share_Details
Earnings Per Share (Details) (USD $) | 3 Months Ended | 9 Months Ended | 9 Months Ended | |||||
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Jun. 15, 2014 | Jun. 12, 2014 | Sep. 30, 2014 | Sep. 30, 2013 |
5.125% convertible senior notes, due 2014 | 5.125% convertible senior notes, due 2014 | Options | Options | |||||
Antidilutive securities excluded from computation of earnings per share amount | ' | ' | ' | ' | ' | ' | ' | ' |
Stated interest rate (as a percent) | ' | ' | ' | ' | 5.13% | 5.13% | ' | ' |
Antidilutive securities excluded from computation of earnings per share amount (in shares) | ' | ' | ' | ' | ' | ' | 0 | 2,400,000 |
Net Income (Numerator) | ' | ' | ' | ' | ' | ' | ' | ' |
Basic earnings - net income (loss) (in dollars) | $91,173 | $57,486 | $202,055 | $134,659 | ' | ' | ' | ' |
5.125% convertible senior notes, net of tax (in dollars) | ' | 2,358 | 4,327 | 7,074 | ' | ' | ' | ' |
Diluted earnings - net income (loss) (in dollars) | $91,173 | $59,844 | $206,382 | $141,733 | ' | ' | ' | ' |
Shares (Denominator) | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted average common shares outstanding (in shares) | 240,087,000 | 220,926,000 | 229,772,000 | 220,464,000 | ' | ' | ' | ' |
Dilutive common share equivalents (in shares) | 2,157,000 | 1,366,000 | 1,852,000 | 1,363,000 | ' | ' | ' | ' |
5.125% convertible senior notes, net of tax (in shares) | ' | 16,709,000 | 10,271,000 | 16,670,000 | ' | ' | ' | ' |
Weighted average common shares outstanding - diluted (in shares) | 242,244,000 | 239,001,000 | 241,895,000 | 238,497,000 | ' | ' | ' | ' |
Per Share Amount | ' | ' | ' | ' | ' | ' | ' | ' |
Basic earnings per share (in dollars per share) | $0.38 | $0.26 | $0.88 | $0.61 | ' | ' | ' | ' |
Diluted earnings per share (in dollars per share) | $0.38 | $0.25 | $0.85 | $0.59 | ' | ' | ' | ' |
Inventories_Details
Inventories (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Inventories | ' | ' |
Raw materials | $766,209 | $660,384 |
Supplies | 365,504 | 293,533 |
Work in progress | 148,712 | 84,710 |
Finished goods | 383,787 | 276,120 |
Total inventories | $1,664,212 | $1,314,747 |
Debt_Details
Debt (Details) (USD $) | 3 Months Ended | 9 Months Ended | 0 Months Ended | 0 Months Ended | |||||||||||||||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 09, 2014 | Sep. 09, 2014 | Jun. 16, 2014 | Jun. 12, 2014 | Jun. 15, 2014 | Jun. 12, 2014 | Sep. 09, 2014 | Sep. 09, 2014 | Sep. 09, 2014 | Sep. 09, 2014 | Sep. 09, 2014 | Sep. 09, 2014 | Sep. 09, 2014 | Sep. 09, 2014 | Sep. 09, 2014 | |
Senior Notes 5.125% due 2021 | Senior Notes 5.500% due 2024 | 5.125% convertible senior notes, due 2014 | 5.125% convertible senior notes, due 2014 | 5.125% convertible senior notes, due 2014 | 5.125% convertible senior notes, due 2014 | Debt Instrument Redemption Period One | Debt Instrument Redemption Period One | Debt Instrument Redemption Period Two | Debt Instrument Redemption Period Two | Debt Instrument Redemption Period Three | Debt Instrument Redemption Period Three | Debt Instrument Redemption Period Four | Debt Instrument Redemption Period Four | Debt Instrument Redemption Period Five | |||||
Senior Notes 5.125% due 2021 | Senior Notes 5.500% due 2024 | Senior Notes 5.125% due 2021 | Senior Notes 5.500% due 2024 | Senior Notes 5.125% due 2021 | Senior Notes 5.500% due 2024 | Senior Notes 5.125% due 2021 | Senior Notes 5.500% due 2024 | Senior Notes 5.500% due 2024 | |||||||||||
Debt Information | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt issued | ' | ' | ' | ' | $700,000,000 | $500,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stated interest rate (as a percent) | ' | ' | ' | ' | 5.13% | 5.50% | ' | ' | 5.13% | 5.13% | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Redemption price of debt instrument (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 105.13% | 105.50% | 102.56% | 102.75% | 101.28% | 101.83% | 100.00% | 100.92% | 100.00% |
Maximum redemption of debt instrument (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 35.00% | 35.00% | ' | ' | ' | ' | ' | ' | ' |
Principal amount of debt converted | ' | ' | ' | ' | ' | ' | ' | 271,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Convertible debt rate, basis for conversion | ' | ' | ' | ' | ' | ' | ' | 0.0584731 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Conversion price per share (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | $17.10 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares issued upon conversion | ' | ' | ' | ' | ' | ' | ' | 15,893,457 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Remaining outstanding Notes paid in cash | $138,533,000 | $4,097,000 | $271,191,000 | $512,100,000 | ' | ' | $15,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Changes_in_Equity_Details
Changes in Equity (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Increase (Decrease) in Equity | ' | ' | ' | ' |
Balances | ' | ' | $2,495,855 | ' |
Proceeds from the exercise of stock options, including related tax effect | ' | ' | 23,079 | ' |
Dividends declared | ' | ' | -80,863 | ' |
Conversion of 5.125% convertible senior notes | ' | ' | 271,801 | ' |
Equity based compensation and issuance of restricted stock | ' | ' | 14,689 | ' |
Contributions from noncontrolling investors | ' | ' | 97 | ' |
Distributions to noncontrolling investors | ' | ' | -705 | ' |
Net income (loss) | 87,657 | 51,090 | 187,696 | 115,615 |
Balances | 2,911,649 | ' | 2,911,649 | ' |
Common Stock | ' | ' | ' | ' |
Increase (Decrease) in Equity | ' | ' | ' | ' |
Balances | ' | ' | 645 | ' |
Proceeds from the exercise of stock options, including related tax effect | ' | ' | 4 | ' |
Balances | 649 | ' | 649 | ' |
Additional Paid-in Capital | ' | ' | ' | ' |
Increase (Decrease) in Equity | ' | ' | ' | ' |
Balances | ' | ' | 1,085,694 | ' |
Proceeds from the exercise of stock options, including related tax effect | ' | ' | 23,075 | ' |
Conversion of 5.125% convertible senior notes | ' | ' | -45,650 | ' |
Equity based compensation and issuance of restricted stock | ' | ' | 12,474 | ' |
Balances | 1,075,593 | ' | 1,075,593 | ' |
Retained Earnings | ' | ' | ' | ' |
Increase (Decrease) in Equity | ' | ' | ' | ' |
Balances | ' | ' | 2,179,513 | ' |
Dividends declared | ' | ' | -80,863 | ' |
Equity based compensation and issuance of restricted stock | ' | ' | -45 | ' |
Net income (loss) | ' | ' | 202,055 | ' |
Balances | 2,300,660 | ' | 2,300,660 | ' |
Treasury Stock | ' | ' | ' | ' |
Increase (Decrease) in Equity | ' | ' | ' | ' |
Balances | ' | ' | -718,529 | ' |
Conversion of 5.125% convertible senior notes | ' | ' | 317,451 | ' |
Equity based compensation and issuance of restricted stock | ' | ' | 2,260 | ' |
Balances | -398,818 | ' | -398,818 | ' |
Noncontrolling Interest | ' | ' | ' | ' |
Increase (Decrease) in Equity | ' | ' | ' | ' |
Balances | ' | ' | -51,468 | ' |
Contributions from noncontrolling investors | ' | ' | 97 | ' |
Distributions to noncontrolling investors | ' | ' | -705 | ' |
Net income (loss) | ' | ' | -14,359 | ' |
Balances | -66,435 | ' | -66,435 | ' |
Redeemable Noncontrolling Interest | ' | ' | ' | ' |
Increase (Decrease) in Equity | ' | ' | ' | ' |
Balances | ' | ' | 116,514 | ' |
Contributions from noncontrolling investors | ' | ' | 9,826 | ' |
Balances | $126,340 | ' | $126,340 | ' |
Derivative_Financial_Instrumen2
Derivative Financial Instruments (Details) (USD $) | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | |||||||||||||||||||||||||||||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | |
Designated as Hedging Instrument | Designated as Hedging Instrument | Designated as Hedging Instrument | Designated as Hedging Instrument | Futures | Futures | Futures | Futures | Futures | Commodity Contract | Commodity Contract | Commodity Contract | Commodity Contract | Commodity Contract | Commodity Contract | Commodity Contract | Commodity Contract | Commodity Contract | Commodity Contract | Commodity Contract | Commodity Contract | Commodity Contract | Commodity Contract | Commodity Contract | Commodity Contract | Commodity Contract | Commodity Contract | Commodity Contract | Commodity Contract | Interest Rate Swap | Interest Rate Swap | Foreign Exchange Forward | Foreign Exchange Forward | Hedged Items Firm Commitment | Hedged Items Firm Commitment | Hedged Items Firm Commitment | Hedged Items Firm Commitment | Hedged Items Inventory | Hedged Items Inventory | Hedged Items Inventory | Hedged Items Inventory | |
Aluminum | Aluminum | Copper | Copper | Silver | Futures | Futures | Futures | Futures | Futures | Futures | Futures | Futures | Futures | Futures | Futures | Futures | Futures | Futures | Futures | Futures | Futures | Futures | Futures | Futures | derivative | derivative | derivative | derivative | Designated as Hedging Instrument | Designated as Hedging Instrument | Designated as Hedging Instrument | Designated as Hedging Instrument | Designated as Hedging Instrument | Designated as Hedging Instrument | Designated as Hedging Instrument | Designated as Hedging Instrument | |||||
Long | Short | Long | Short | Short | Other Current Assets | Other Current Assets | Designated as Hedging Instrument | Designated as Hedging Instrument | Designated as Hedging Instrument | Designated as Hedging Instrument | Designated as Hedging Instrument | Designated as Hedging Instrument | Designated as Hedging Instrument | Designated as Hedging Instrument | Designated as Hedging Instrument | Designated as Hedging Instrument | Not Designated as Hedging Instrument | Not Designated as Hedging Instrument | Not Designated as Hedging Instrument | Not Designated as Hedging Instrument | Not Designated as Hedging Instrument | Not Designated as Hedging Instrument | Cost of Sales | Cost of Sales | Cost of Sales | Cost of Sales | Cost of Sales | Cost of Sales | Cost of Sales | Cost of Sales | |||||||||||
MT | MT | MT | MT | lb | Cost of Sales | Cost of Sales | Cost of Sales | Cost of Sales | Other Current Assets | Other Current Assets | Cost of Sales | Cost of Sales | Cost of Sales | Cost of Sales | Other Current Assets | Other Current Assets | |||||||||||||||||||||||||
Commodity contract commitments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of derivative instruments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' |
Commodity contract (in MT/Lbs) | ' | ' | ' | ' | 3,300 | 3,975 | 6,226 | 18,296 | 343 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair values of derivative instruments, balance sheet | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Commodity futures, asset derivatives (in dollars) | ' | ' | ' | ' | ' | ' | ' | ' | ' | $5,130,000 | $1,010,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $3,373,000 | $658,000 | ' | ' | ' | ' | $1,757,000 | $352,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Commodity futures, liability derivatives (in dollars) | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,225,000 | 4,487,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 528,000 | 1,886,000 | ' | ' | ' | ' | 697,000 | 2,601,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair value of derivatives including required margin deposits | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7,000,000 | 3,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gains or losses on derivative instruments, statement of income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount of gain (loss) recognized in income on derivatives | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,371,000 | 381,000 | 3,356,000 | 7,773,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount of gain (loss) recognized in income on related hedged items | -3,379,000 | -1,372,000 | -2,690,000 | -7,581,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 784,000 | -1,736,000 | 1,115,000 | 877,000 | -4,163,000 | 364,000 | -3,805,000 | -8,458,000 |
Amount of gain recognized in income on derivatives | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,672,000 | -2,836,000 | 8,598,000 | 3,793,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Ineffectiveness - amount of gain (loss) recognized in income on related hedged items | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -229,000 | -312,000 | 227,000 | -199,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gain (loss) excluded from hedge effectiveness testing | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $1,200,000 | ($678,000) | $439,000 | $392,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair_Value_Measurements_Detail
Fair Value Measurements (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
Commodity Contract | Futures | ' | ' |
Assets and liabilities subject to fair value measurements | ' | ' |
Commodity futures - financial assets | $5,130,000 | $1,010,000 |
Commodity futures - financial liabilities | 1,225,000 | 4,487,000 |
Recurring | Level 2 | ' | ' |
Assets and liabilities subject to fair value measurements | ' | ' |
Fair value of long-term debt, including current maturities | 3,100,000,000 | 2,300,000,000 |
Carrying amount of long-term debt, including current maturities | 3,100,000,000 | 2,100,000,000 |
Recurring | Level 2 | Commodity Contract | Futures | ' | ' |
Assets and liabilities subject to fair value measurements | ' | ' |
Commodity futures - financial assets | 5,130,000 | 1,010,000 |
Commodity futures - financial liabilities | 1,225,000 | 4,487,000 |
Recurring | Total | Commodity Contract | Futures | ' | ' |
Assets and liabilities subject to fair value measurements | ' | ' |
Commodity futures - financial assets | 5,130,000 | 1,010,000 |
Commodity futures - financial liabilities | $1,225,000 | $4,487,000 |
Commitments_and_Contingencies_
Commitments and Contingencies (Details) | Sep. 30, 2014 |
complaint | |
Commitments and Contingencies | ' |
Number of the complaints not brought on behalf of steel product purchasers | 1 |
Segment_Information_Details
Segment Information (Details) (USD $) | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Jun. 15, 2014 | Jun. 12, 2014 |
segment | U.S. | U.S. | U.S. | U.S. | Non-U.S. | Non-U.S. | Non-U.S. | Non-U.S. | Steel Operations | Steel Operations | Steel Operations | Steel Operations | Metals Recycling/Ferrous Resources | Metals Recycling/Ferrous Resources | Metals Recycling/Ferrous Resources | Metals Recycling/Ferrous Resources | Steel Fabrication Operations | Steel Fabrication Operations | Steel Fabrication Operations | Steel Fabrication Operations | Other | Other | Other | Other | Operating Segment | Operating Segment | Operating Segment | Operating Segment | Operating Segment | Operating Segment | Operating Segment | Operating Segment | Operating Segment | Operating Segment | Operating Segment | Operating Segment | Operating Segment | Operating Segment | Operating Segment | Operating Segment | Operating Segment | Operating Segment | Operating Segment | Operating Segment | Operating Segment | Operating Segment | Operating Segment | Operating Segment | Operating Segment | Operating Segment | Operating Segment | Operating Segment | Operating Segment | Operating Segment | Operating Segment | Operating Segment | Operating Segment | Operating Segment | Operating Segment | Operating Segment | Operating Segment | Operating Segment | Operating Segment | Operating Segment | Operating Segment | Operating Segment | Operating Segment | Operating Segment | Operating Segment | Operating Segment | Operating Segment | Operating Segment | Operating Segment | Operating Segment | Operating Segment | Operating Segment | Operating Segment | Operating Segment | Operating Segment | Operating Segment | Operating Segment | Operating Segment | Operating Segment | Operating Segment | Operating Segment | Operating Segment | Operating Segment | Operating Segment | Eliminations | Eliminations | Eliminations | Eliminations | Eliminations | Eliminations | Eliminations | Eliminations | 5.125% convertible senior notes, due 2014 | 5.125% convertible senior notes, due 2014 | |||||
Steel Operations | Steel Operations | Steel Operations | Steel Operations | Steel Operations | Steel Operations | Steel Operations | Steel Operations | Steel Operations | Steel Operations | Steel Operations | Steel Operations | Steel Operations | Steel Operations | Steel Operations | Steel Operations | Metals Recycling/Ferrous Resources | Metals Recycling/Ferrous Resources | Metals Recycling/Ferrous Resources | Metals Recycling/Ferrous Resources | Metals Recycling/Ferrous Resources | Metals Recycling/Ferrous Resources | Metals Recycling/Ferrous Resources | Metals Recycling/Ferrous Resources | Metals Recycling/Ferrous Resources | Metals Recycling/Ferrous Resources | Metals Recycling/Ferrous Resources | Metals Recycling/Ferrous Resources | Metals Recycling/Ferrous Resources | Metals Recycling/Ferrous Resources | Metals Recycling/Ferrous Resources | Metals Recycling/Ferrous Resources | Steel Fabrication Operations | Steel Fabrication Operations | Steel Fabrication Operations | Steel Fabrication Operations | Steel Fabrication Operations | Steel Fabrication Operations | Steel Fabrication Operations | Steel Fabrication Operations | Steel Fabrication Operations | Steel Fabrication Operations | Steel Fabrication Operations | Steel Fabrication Operations | Other | Other | Other | Other | Other | Other | Other | Other | Other | Other | Other | Other | Other | Other | Other | Other | Other segments | Other segments | Other segments | Other segments | ||||||||||||||||||||||||||||||||||||||||
Other segments | Other segments | Other segments | Other segments | U.S. | U.S. | U.S. | U.S. | Non-U.S. | Non-U.S. | Non-U.S. | Non-U.S. | Other segments | Other segments | Other segments | Other segments | U.S. | U.S. | U.S. | U.S. | Non-U.S. | Non-U.S. | Non-U.S. | Non-U.S. | Other segments | Other segments | Other segments | Other segments | U.S. | U.S. | U.S. | U.S. | Other segments | Other segments | Other segments | Other segments | U.S. | U.S. | U.S. | U.S. | Non-U.S. | Non-U.S. | Non-U.S. | Non-U.S. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Information | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of reporting segments | ' | ' | 3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stated interest rate (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5.13% | 5.13% |
Total net sales | $2,339,016 | $1,911,738 | $6,238,859 | $5,508,774 | ' | $2,224,545 | $1,803,540 | $5,900,728 | $5,187,404 | $114,471 | $108,198 | $338,131 | $321,370 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $2,339,016 | $1,911,738 | $6,238,859 | $5,508,774 | $1,526,532 | $1,216,966 | $4,022,768 | $3,483,239 | $75,320 | $54,537 | $188,854 | $168,482 | $1,400,370 | $1,102,048 | $3,675,696 | $3,152,111 | $50,842 | $60,381 | $158,218 | $162,646 | $998,487 | $918,494 | $2,867,022 | $2,677,144 | $326,090 | $313,113 | $973,635 | $865,143 | $609,098 | $557,765 | $1,714,440 | $1,653,975 | $63,299 | $47,616 | $178,947 | $158,026 | $190,036 | $119,268 | $440,749 | $317,802 | $43 | $134 | $43 | $1,276 | $189,993 | $119,134 | $440,706 | $316,526 | $33,754 | $32,712 | $93,174 | $85,688 | $8,340 | $7,918 | $22,322 | $20,198 | $25,084 | $24,593 | $69,886 | $64,792 | $330 | $201 | $966 | $698 | ($409,793) | ($375,702) | ($1,184,854) | ($1,055,099) | ($409,793) | ($375,702) | ($1,184,854) | ($1,055,099) | ' | ' |
Operating income (loss) | 188,643 | 113,273 | 401,480 | 278,703 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 200,116 | 146,564 | 461,708 | 351,410 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -5,330 | -17,135 | -26,902 | -34,210 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 19,474 | 3,265 | 30,190 | 7,125 | ' | ' | ' | ' | ' | ' | ' | ' | -26,733 | -17,274 | -67,437 | -48,147 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,116 | -2,147 | 3,921 | 2,525 | ' | ' | ' | ' | ' | ' |
Income (loss) before income taxes | 134,667 | 84,155 | 289,270 | 185,783 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 184,589 | 133,041 | 419,181 | 309,780 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -11,724 | -24,567 | -47,054 | -56,860 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 17,877 | 1,751 | 25,628 | 2,475 | ' | ' | ' | ' | ' | ' | ' | ' | -57,191 | -23,922 | -112,406 | -72,136 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,116 | -2,148 | 3,921 | 2,524 | ' | ' | ' | ' | ' | ' |
Depreciation and amortization | 65,957 | 58,202 | 181,966 | 172,089 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 32,998 | 26,815 | 89,244 | 79,698 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 28,775 | 27,713 | 81,266 | 81,553 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,974 | 2,219 | 7,597 | 6,455 | ' | ' | ' | ' | ' | ' | ' | ' | 1,262 | 1,506 | 4,013 | 4,536 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -52 | -51 | -154 | -153 | ' | ' | ' | ' | ' | ' |
Capital expenditures | 24,531 | 52,162 | 82,906 | 146,744 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 12,195 | 33,985 | 47,133 | 93,244 | 11,599 | 17,385 | 33,762 | 49,999 | 477 | 297 | 1,324 | 2,000 | 260 | 495 | 687 | 1,501 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Assets | 7,578,283 | 5,874,305 | 7,578,283 | 5,874,305 | 5,933,006 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,553,924 | 2,581,798 | 4,553,924 | 2,581,798 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,531,821 | 2,530,979 | 2,531,821 | 2,530,979 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 315,381 | 272,786 | 315,381 | 272,786 | ' | ' | ' | ' | ' | ' | ' | ' | 427,654 | 699,244 | 427,654 | 699,244 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -250,497 | -210,502 | -250,497 | -210,502 | ' | ' | ' | ' | ' | ' |
Liabilities | $4,540,294 | $3,316,517 | $4,540,294 | $3,316,517 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $821,796 | $533,966 | $821,796 | $533,966 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $651,128 | $593,674 | $651,128 | $593,674 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $34,386 | $22,908 | $34,386 | $22,908 | ' | ' | ' | ' | ' | ' | ' | ' | $3,273,198 | $2,366,273 | $3,273,198 | $2,366,273 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ($240,214) | ($200,304) | ($240,214) | ($200,304) | ' | ' | ' | ' | ' | ' |
Segment_Information_Details_2
Segment Information (Details 2) (USD $) | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2013 | Dec. 31, 2012 | |
Operating income (loss) | ' | ' | ' | ' | ' | ' | ' | ' |
Corporate SG & A | ($80,240,000) | ($67,553,000) | ($223,745,000) | ($198,171,000) | ' | ' | ' | ' |
Profit sharing | -12,865,000 | -8,469,000 | -28,729,000 | -19,891,000 | ' | ' | ' | ' |
Operating income | 188,643,000 | 113,273,000 | 401,480,000 | 278,703,000 | ' | ' | ' | ' |
Assets | ' | ' | ' | ' | ' | ' | ' | ' |
Cash and equivalents | 159,591,000 | 370,056,000 | 159,591,000 | 370,056,000 | 357,490,000 | 395,156,000 | 243,753,000 | 375,917,000 |
Accounts receivable | 1,013,503,000 | ' | 1,013,503,000 | ' | ' | 664,208,000 | ' | ' |
Inventories | 1,664,212,000 | ' | 1,664,212,000 | ' | ' | 1,314,747,000 | ' | ' |
Deferred income taxes | 18,402,000 | ' | 18,402,000 | ' | ' | 17,964,000 | ' | ' |
Property, plant and equipment, net | 3,420,654,000 | ' | 3,420,654,000 | ' | ' | 2,226,134,000 | ' | ' |
Other | 94,047,000 | ' | 94,047,000 | ' | ' | 115,083,000 | ' | ' |
Total assets | 7,578,283,000 | 5,874,305,000 | 7,578,283,000 | 5,874,305,000 | ' | 5,933,006,000 | ' | ' |
Liabilities | ' | ' | ' | ' | ' | ' | ' | ' |
Accounts payable | 640,121,000 | ' | 640,121,000 | ' | ' | 414,932,000 | ' | ' |
Income taxes payable | 26,949,000 | ' | 26,949,000 | ' | ' | 4,023,000 | ' | ' |
Accrued interest | 21,277,000 | ' | 21,277,000 | ' | ' | 31,363,000 | ' | ' |
Deferred income taxes | 543,838,000 | ' | 543,838,000 | ' | ' | 556,038,000 | ' | ' |
Liabilities | 4,540,294,000 | 3,316,517,000 | 4,540,294,000 | 3,316,517,000 | ' | ' | ' | ' |
Operating Segment | Other | ' | ' | ' | ' | ' | ' | ' | ' |
Operating income (loss) | ' | ' | ' | ' | ' | ' | ' | ' |
Corporate SG & A | -12,400,000 | -9,200,000 | -31,700,000 | -26,300,000 | ' | ' | ' | ' |
Company-wide equity- based compensation | -5,100,000 | -2,100,000 | -14,400,000 | -7,300,000 | ' | ' | ' | ' |
Profit sharing | -11,600,000 | -7,400,000 | -25,200,000 | -16,500,000 | ' | ' | ' | ' |
Other, net | 2,400,000 | 1,400,000 | 3,900,000 | 2,000,000 | ' | ' | ' | ' |
Operating income | -26,733,000 | -17,274,000 | -67,437,000 | -48,147,000 | ' | ' | ' | ' |
Assets | ' | ' | ' | ' | ' | ' | ' | ' |
Cash and equivalents | 80,300,000 | 325,800,000 | 80,300,000 | 325,800,000 | ' | ' | ' | ' |
Accounts receivable | 12,800,000 | 13,400,000 | 12,800,000 | 13,400,000 | ' | ' | ' | ' |
Inventories | 15,200,000 | 14,000,000 | 15,200,000 | 14,000,000 | ' | ' | ' | ' |
Deferred income taxes | 18,300,000 | 25,200,000 | 18,300,000 | 25,200,000 | ' | ' | ' | ' |
Property, plant and equipment, net | 70,200,000 | 72,900,000 | 70,200,000 | 72,900,000 | ' | ' | ' | ' |
Debt issuance costs, net | 39,600,000 | 27,700,000 | 39,600,000 | 27,700,000 | ' | ' | ' | ' |
Intra-company debt | 160,200,000 | 153,600,000 | 160,200,000 | 153,600,000 | ' | ' | ' | ' |
Other | 31,100,000 | 66,600,000 | 31,100,000 | 66,600,000 | ' | ' | ' | ' |
Total assets | 427,654,000 | 699,244,000 | 427,654,000 | 699,244,000 | ' | ' | ' | ' |
Liabilities | ' | ' | ' | ' | ' | ' | ' | ' |
Accounts payable | 76,900,000 | 43,100,000 | 76,900,000 | 43,100,000 | ' | ' | ' | ' |
Income taxes payable | 26,900,000 | 7,700,000 | 26,900,000 | 7,700,000 | ' | ' | ' | ' |
Accrued interest | 21,100,000 | 22,900,000 | 21,100,000 | 22,900,000 | ' | ' | ' | ' |
Accrued profit sharing | 25,200,000 | 19,500,000 | 25,200,000 | 19,500,000 | ' | ' | ' | ' |
Debt | 2,990,200,000 | 2,041,800,000 | 2,990,200,000 | 2,041,800,000 | ' | ' | ' | ' |
Deferred income taxes | 97,400,000 | 204,600,000 | 97,400,000 | 204,600,000 | ' | ' | ' | ' |
Other | 35,500,000 | 26,700,000 | 35,500,000 | 26,700,000 | ' | ' | ' | ' |
Liabilities | $3,273,198,000 | $2,366,273,000 | $3,273,198,000 | $2,366,273,000 | ' | ' | ' | ' |
Segment_Information_Details_3
Segment Information (Details 3) (USD $) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | |
Operating income (loss) | ' | ' | ' | ' | ' |
Gross profit increase (decrease) from intra-company sales | $288,512,000 | $197,192,000 | $674,587,000 | $521,148,000 | ' |
Assets elimination | ' | ' | ' | ' | ' |
Elimination of intra-company receivables | 1,058,668,000 | ' | 1,058,668,000 | ' | 720,600,000 |
Other | 94,047,000 | ' | 94,047,000 | ' | 115,083,000 |
Total assets | 7,578,283,000 | 5,874,305,000 | 7,578,283,000 | 5,874,305,000 | 5,933,006,000 |
Liabilities elimination | ' | ' | ' | ' | ' |
Elimination of intra-company payables | 640,121,000 | ' | 640,121,000 | ' | 414,932,000 |
Liabilities | 4,540,294,000 | 3,316,517,000 | 4,540,294,000 | 3,316,517,000 | ' |
Eliminations | ' | ' | ' | ' | ' |
Operating income (loss) | ' | ' | ' | ' | ' |
Gross profit increase (decrease) from intra-company sales | 1,100,000 | -2,100,000 | 3,900,000 | 2,500,000 | ' |
Assets elimination | ' | ' | ' | ' | ' |
Elimination of intra-company receivables | -80,700,000 | -46,900,000 | -80,700,000 | -46,900,000 | ' |
Elimination of intra-company debt | -160,200,000 | -153,600,000 | -160,200,000 | -153,600,000 | ' |
Other | -9,600,000 | -10,000,000 | -9,600,000 | -10,000,000 | ' |
Total assets | -250,497,000 | -210,502,000 | -250,497,000 | -210,502,000 | ' |
Liabilities elimination | ' | ' | ' | ' | ' |
Elimination of intra-company payables | -81,200,000 | -47,300,000 | -81,200,000 | -47,300,000 | ' |
Elimination of intra-company debt | -160,200,000 | -153,600,000 | -160,200,000 | -153,600,000 | ' |
Other | 1,200,000 | 600,000 | 1,200,000 | 600,000 | ' |
Liabilities | -240,214,000 | -200,304,000 | -240,214,000 | -200,304,000 | ' |
Severstal Columbus LLC | ' | ' | ' | ' | ' |
Acquisition | ' | ' | ' | ' | ' |
Acquisition and related costs | $25,000,000 | ' | $25,000,000 | ' | ' |
Condensed_Consolidating_Inform2
Condensed Consolidating Information (Details) (USD $) | Sep. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||||||
Condensed Consolidating Balance Sheets | ' | ' | ' | ' | ' | ' |
Ownership interest in subsidiaries (as a percent) | 100.00% | ' | ' | ' | ' | ' |
Cash and equivalents | $159,591 | $357,490 | $395,156 | $370,056 | $243,753 | $375,917 |
Accounts receivable, net | 1,058,668 | ' | 720,600 | ' | ' | ' |
Inventories | 1,664,212 | ' | 1,314,747 | ' | ' | ' |
Other current assets | 47,665 | ' | 43,131 | ' | ' | ' |
Total current assets | 2,930,136 | ' | 2,473,634 | ' | ' | ' |
Property, plant and equipment, net | 3,420,654 | ' | 2,226,134 | ' | ' | ' |
Intangible assets, net | 406,318 | ' | 386,159 | ' | ' | ' |
Goodwill | 727,128 | ' | 731,996 | ' | ' | ' |
Other assets, including investments in subs | 94,047 | ' | 115,083 | ' | ' | ' |
Total assets | 7,578,283 | ' | 5,933,006 | 5,874,305 | ' | ' |
Accounts payable | 640,121 | ' | 414,932 | ' | ' | ' |
Accrued expenses | 269,561 | ' | 218,702 | ' | ' | ' |
Current maturities of long-term debt | 131,858 | ' | 341,544 | ' | ' | ' |
Total current liabilities | 1,041,540 | ' | 975,178 | ' | ' | ' |
Long-term debt | 2,929,994 | ' | 1,766,045 | ' | ' | ' |
Other liabilities | 568,760 | ' | 579,414 | ' | ' | ' |
Redeemable noncontrolling interests | 126,340 | ' | 116,514 | ' | ' | ' |
Common stock | 649 | ' | 645 | ' | ' | ' |
Treasury stock | -398,818 | ' | -718,529 | ' | ' | ' |
Additional paid-in capital | 1,075,593 | ' | 1,085,694 | ' | ' | ' |
Retained earnings (deficit) | 2,300,660 | ' | 2,179,513 | ' | ' | ' |
Total Steel Dynamics, Inc. equity | 2,978,084 | ' | 2,547,323 | ' | ' | ' |
Noncontrolling interests | -66,435 | ' | -51,468 | ' | ' | ' |
Total equity | 2,911,649 | ' | 2,495,855 | ' | ' | ' |
Total liabilities and equity | 7,578,283 | ' | 5,933,006 | ' | ' | ' |
Reportable legal entity | Parent | ' | ' | ' | ' | ' | ' |
Condensed Consolidating Balance Sheets | ' | ' | ' | ' | ' | ' |
Cash and equivalents | 74,925 | ' | 320,866 | 322,212 | ' | 322,707 |
Accounts receivable, net | 325,667 | ' | 309,691 | ' | ' | ' |
Inventories | 695,441 | ' | 673,763 | ' | ' | ' |
Other current assets | 52,092 | ' | 50,228 | ' | ' | ' |
Total current assets | 1,148,125 | ' | 1,354,548 | ' | ' | ' |
Property, plant and equipment, net | 1,020,150 | ' | 1,046,093 | ' | ' | ' |
Other assets, including investments in subs | 4,249,944 | ' | 2,630,411 | ' | ' | ' |
Total assets | 6,418,219 | ' | 5,031,052 | ' | ' | ' |
Accounts payable | 213,990 | ' | 160,255 | ' | ' | ' |
Accrued expenses | 161,890 | ' | 142,055 | ' | ' | ' |
Current maturities of long-term debt | 98,374 | ' | 315,521 | ' | ' | ' |
Total current liabilities | 474,254 | ' | 617,831 | ' | ' | ' |
Long-term debt | 2,894,071 | ' | 1,725,433 | ' | ' | ' |
Other liabilities | 71,810 | ' | 140,465 | ' | ' | ' |
Common stock | 649 | ' | 645 | ' | ' | ' |
Treasury stock | -398,818 | ' | -718,529 | ' | ' | ' |
Additional paid-in capital | 1,075,593 | ' | 1,085,694 | ' | ' | ' |
Retained earnings (deficit) | 2,300,660 | ' | 2,179,513 | ' | ' | ' |
Total Steel Dynamics, Inc. equity | 2,978,084 | ' | 2,547,323 | ' | ' | ' |
Total equity | 2,978,084 | ' | 2,547,323 | ' | ' | ' |
Total liabilities and equity | 6,418,219 | ' | 5,031,052 | ' | ' | ' |
Reportable legal entity | Guarantors | ' | ' | ' | ' | ' | ' |
Condensed Consolidating Balance Sheets | ' | ' | ' | ' | ' | ' |
Cash and equivalents | 70,695 | ' | 61,148 | 37,710 | ' | 41,675 |
Accounts receivable, net | 1,312,449 | ' | 874,707 | ' | ' | ' |
Inventories | 856,685 | ' | 557,640 | ' | ' | ' |
Other current assets | 7,761 | ' | 8,399 | ' | ' | ' |
Total current assets | 2,247,590 | ' | 1,501,894 | ' | ' | ' |
Property, plant and equipment, net | 1,846,279 | ' | 619,617 | ' | ' | ' |
Intangible assets, net | 406,318 | ' | 386,159 | ' | ' | ' |
Goodwill | 727,128 | ' | 731,996 | ' | ' | ' |
Other assets, including investments in subs | 24,717 | ' | 21,789 | ' | ' | ' |
Total assets | 5,252,032 | ' | 3,261,455 | ' | ' | ' |
Accounts payable | 449,535 | ' | 258,406 | ' | ' | ' |
Accrued expenses | 161,000 | ' | 115,182 | ' | ' | ' |
Current maturities of long-term debt | 756 | ' | 300 | ' | ' | ' |
Total current liabilities | 611,291 | ' | 373,888 | ' | ' | ' |
Long-term debt | 624 | ' | ' | ' | ' | ' |
Other liabilities | 1,940,011 | ' | 1,986,260 | ' | ' | ' |
Common stock | 1,727,859 | ' | 33,896 | ' | ' | ' |
Additional paid-in capital | 117,737 | ' | 117,737 | ' | ' | ' |
Retained earnings (deficit) | 854,510 | ' | 749,674 | ' | ' | ' |
Total Steel Dynamics, Inc. equity | 2,700,106 | ' | 901,307 | ' | ' | ' |
Total equity | 2,700,106 | ' | 901,307 | ' | ' | ' |
Total liabilities and equity | 5,252,032 | ' | 3,261,455 | ' | ' | ' |
Reportable legal entity | Combined Non-Guarantors | ' | ' | ' | ' | ' | ' |
Condensed Consolidating Balance Sheets | ' | ' | ' | ' | ' | ' |
Cash and equivalents | 13,971 | ' | 13,142 | 10,134 | ' | 11,535 |
Accounts receivable, net | 59,672 | ' | 32,018 | ' | ' | ' |
Inventories | 115,089 | ' | 91,199 | ' | ' | ' |
Other current assets | 6,289 | ' | 3,259 | ' | ' | ' |
Total current assets | 195,021 | ' | 139,618 | ' | ' | ' |
Property, plant and equipment, net | 556,490 | ' | 562,843 | ' | ' | ' |
Other assets, including investments in subs | 6,870 | ' | 8,092 | ' | ' | ' |
Total assets | 758,381 | ' | 710,553 | ' | ' | ' |
Accounts payable | 111,505 | ' | 60,987 | ' | ' | ' |
Accrued expenses | 11,636 | ' | 10,694 | ' | ' | ' |
Current maturities of long-term debt | 72,368 | ' | 52,163 | ' | ' | ' |
Total current liabilities | 195,509 | ' | 123,844 | ' | ' | ' |
Long-term debt | 184,044 | ' | 204,385 | ' | ' | ' |
Other liabilities | 36,691 | ' | 34,895 | ' | ' | ' |
Redeemable noncontrolling interests | 126,340 | ' | 116,514 | ' | ' | ' |
Common stock | 18,121 | ' | 18,121 | ' | ' | ' |
Additional paid-in capital | 601,282 | ' | 552,946 | ' | ' | ' |
Retained earnings (deficit) | -337,171 | ' | -288,684 | ' | ' | ' |
Total Steel Dynamics, Inc. equity | 282,232 | ' | 282,383 | ' | ' | ' |
Noncontrolling interests | -66,435 | ' | -51,468 | ' | ' | ' |
Total equity | 215,797 | ' | 230,915 | ' | ' | ' |
Total liabilities and equity | 758,381 | ' | 710,553 | ' | ' | ' |
Consolidating Adjustments | ' | ' | ' | ' | ' | ' |
Condensed Consolidating Balance Sheets | ' | ' | ' | ' | ' | ' |
Accounts receivable, net | -639,120 | ' | -495,816 | ' | ' | ' |
Inventories | -3,003 | ' | -7,855 | ' | ' | ' |
Other current assets | -18,477 | ' | -18,755 | ' | ' | ' |
Total current assets | -660,600 | ' | -522,426 | ' | ' | ' |
Property, plant and equipment, net | -2,265 | ' | -2,419 | ' | ' | ' |
Other assets, including investments in subs | -4,187,484 | ' | -2,545,209 | ' | ' | ' |
Total assets | -4,850,349 | ' | -3,070,054 | ' | ' | ' |
Accounts payable | -134,909 | ' | -64,716 | ' | ' | ' |
Accrued expenses | -64,965 | ' | -49,229 | ' | ' | ' |
Current maturities of long-term debt | -39,640 | ' | -26,440 | ' | ' | ' |
Total current liabilities | -239,514 | ' | -140,385 | ' | ' | ' |
Long-term debt | -148,745 | ' | -163,773 | ' | ' | ' |
Other liabilities | -1,479,752 | ' | -1,582,206 | ' | ' | ' |
Common stock | -1,745,980 | ' | -52,017 | ' | ' | ' |
Additional paid-in capital | -719,019 | ' | -670,683 | ' | ' | ' |
Retained earnings (deficit) | -517,339 | ' | -460,990 | ' | ' | ' |
Total Steel Dynamics, Inc. equity | -2,982,338 | ' | -1,183,690 | ' | ' | ' |
Total equity | -2,982,338 | ' | -1,183,690 | ' | ' | ' |
Total liabilities and equity | ($4,850,349) | ' | ($3,070,054) | ' | ' | ' |
Condensed_Consolidating_Inform3
Condensed Consolidating Information (Details 2) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Condensed Consolidating Statements of Operations | ' | ' | ' | ' |
Net sales | $2,339,016 | $1,911,738 | $6,238,859 | $5,508,774 |
Costs of goods sold | 2,050,504 | 1,714,546 | 5,564,272 | 4,987,626 |
Gross profit | 288,512 | 197,192 | 674,587 | 521,148 |
Selling, general and administrative | 99,869 | 83,919 | 273,107 | 242,445 |
Operating income | 188,643 | 113,273 | 401,480 | 278,703 |
Interest expense, net of capitalized interest | 31,904 | 30,970 | 92,523 | 97,064 |
Other (income) expense, net | 22,072 | -1,852 | 19,687 | -4,144 |
Income before income taxes | 134,667 | 84,155 | 289,270 | 185,783 |
Income taxes (benefit) | 47,010 | 33,065 | 101,574 | 70,168 |
Net income | 87,657 | 51,090 | 187,696 | 115,615 |
Net loss attributable to noncontrolling interests | 3,516 | 6,396 | 14,359 | 19,044 |
Net income attributable to Steel Dynamics, Inc. | 91,173 | 57,486 | 202,055 | 134,659 |
Reportable legal entity | Parent | ' | ' | ' | ' |
Condensed Consolidating Statements of Operations | ' | ' | ' | ' |
Net sales | 1,044,207 | 902,280 | 2,915,339 | 2,566,286 |
Costs of goods sold | 856,372 | 760,589 | 2,477,791 | 2,220,737 |
Gross profit | 187,835 | 141,691 | 437,548 | 345,549 |
Selling, general and administrative | 40,932 | 30,073 | 105,185 | 83,675 |
Operating income | 146,903 | 111,618 | 332,363 | 261,874 |
Interest expense, net of capitalized interest | 18,965 | 19,733 | 57,357 | 61,927 |
Other (income) expense, net | 22,548 | -2,423 | 20,016 | -4,776 |
Income before income taxes | 105,390 | 94,308 | 254,990 | 204,723 |
Income taxes (benefit) | 30,605 | 24,930 | 64,480 | 41,945 |
Net income | 74,785 | 69,378 | 190,510 | 162,778 |
Equity in net loss of subsidiaries | 16,388 | -11,892 | 11,545 | -28,119 |
Net income attributable to Steel Dynamics, Inc. | 91,173 | 57,486 | 202,055 | 134,659 |
Reportable legal entity | Guarantors | ' | ' | ' | ' |
Condensed Consolidating Statements of Operations | ' | ' | ' | ' |
Net sales | 2,609,731 | 2,136,327 | 7,035,579 | 6,150,327 |
Costs of goods sold | 2,469,396 | 2,025,470 | 6,668,153 | 5,840,025 |
Gross profit | 140,335 | 110,857 | 367,426 | 310,302 |
Selling, general and administrative | 59,878 | 55,348 | 170,578 | 164,104 |
Operating income | 80,457 | 55,509 | 196,848 | 146,198 |
Interest expense, net of capitalized interest | 12,238 | 10,561 | 33,093 | 33,351 |
Other (income) expense, net | -202 | 631 | 147 | 645 |
Income before income taxes | 68,421 | 44,317 | 163,608 | 112,202 |
Income taxes (benefit) | 24,754 | 16,579 | 58,772 | 41,712 |
Net income | 43,667 | 27,738 | 104,836 | 70,490 |
Net income attributable to Steel Dynamics, Inc. | 43,667 | 27,738 | 104,836 | 70,490 |
Reportable legal entity | Combined Non-Guarantors | ' | ' | ' | ' |
Condensed Consolidating Statements of Operations | ' | ' | ' | ' |
Net sales | 150,551 | 91,198 | 377,639 | 245,607 |
Costs of goods sold | 162,094 | 114,408 | 427,029 | 318,163 |
Gross profit | -11,543 | -23,210 | -49,390 | -72,556 |
Selling, general and administrative | 3,601 | 2,622 | 10,415 | 7,433 |
Operating income | -15,144 | -25,832 | -59,805 | -79,989 |
Interest expense, net of capitalized interest | 1,958 | 1,915 | 5,824 | 5,405 |
Other (income) expense, net | -1,530 | -1,301 | -4,226 | -3,633 |
Income before income taxes | -15,572 | -26,446 | -61,403 | -81,761 |
Income taxes (benefit) | -561 | 2,004 | 949 | 4,085 |
Net income | -15,011 | -28,450 | -62,352 | -85,846 |
Net loss attributable to noncontrolling interests | 3,516 | 6,396 | 14,359 | 19,044 |
Net income attributable to Steel Dynamics, Inc. | -11,495 | -22,054 | -47,993 | -66,802 |
Consolidating Adjustments | ' | ' | ' | ' |
Condensed Consolidating Statements of Operations | ' | ' | ' | ' |
Net sales | -1,465,473 | -1,218,067 | -4,089,698 | -3,453,446 |
Costs of goods sold | -1,437,358 | -1,185,921 | -4,008,701 | -3,391,299 |
Gross profit | -28,115 | -32,146 | -80,997 | -62,147 |
Selling, general and administrative | -4,542 | -4,124 | -13,071 | -12,767 |
Operating income | -23,573 | -28,022 | -67,926 | -49,380 |
Interest expense, net of capitalized interest | -1,257 | -1,239 | -3,751 | -3,619 |
Other (income) expense, net | 1,256 | 1,241 | 3,750 | 3,620 |
Income before income taxes | -23,572 | -28,024 | -67,925 | -49,381 |
Income taxes (benefit) | -7,788 | -10,448 | -22,627 | -17,574 |
Net income | -15,784 | -17,576 | -45,298 | -31,807 |
Equity in net loss of subsidiaries | -16,388 | 11,892 | -11,545 | 28,119 |
Net income attributable to Steel Dynamics, Inc. | ($32,172) | ($5,684) | ($56,843) | ($3,688) |
Condensed_Consolidating_Inform4
Condensed Consolidating Information (Details 3) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Condensed Consolidating Statements of Cash Flows | ' | ' | ' | ' |
Net cash provided by (used in) operating activities | $249,224 | $183,266 | $297,991 | $245,691 |
Net cash provided by (used in) investing activities | -1,669,035 | -51,318 | -1,696,212 | -111,103 |
Net cash provided by (used in) financing activities | 1,221,912 | -5,645 | 1,162,656 | -140,449 |
Increase (decrease) in cash and equivalents | -197,899 | 126,303 | -235,565 | -5,861 |
Cash and equivalents at beginning of period | 357,490 | 243,753 | 395,156 | 375,917 |
Cash and equivalents at end of period | 159,591 | 370,056 | 159,591 | 370,056 |
Reportable legal entity | Parent | ' | ' | ' | ' |
Condensed Consolidating Statements of Cash Flows | ' | ' | ' | ' |
Net cash provided by (used in) operating activities | ' | ' | 258,952 | 126,404 |
Net cash provided by (used in) investing activities | ' | ' | -1,692,967 | -115,979 |
Net cash provided by (used in) financing activities | ' | ' | 1,188,074 | -10,920 |
Increase (decrease) in cash and equivalents | ' | ' | -245,941 | -495 |
Cash and equivalents at beginning of period | ' | ' | 320,866 | 322,707 |
Cash and equivalents at end of period | 74,925 | 322,212 | 74,925 | 322,212 |
Reportable legal entity | Guarantors | ' | ' | ' | ' |
Condensed Consolidating Statements of Cash Flows | ' | ' | ' | ' |
Net cash provided by (used in) operating activities | ' | ' | 80,298 | 164,383 |
Net cash provided by (used in) investing activities | ' | ' | 15,023 | -28,654 |
Net cash provided by (used in) financing activities | ' | ' | -85,774 | -139,694 |
Increase (decrease) in cash and equivalents | ' | ' | 9,547 | -3,965 |
Cash and equivalents at beginning of period | ' | ' | 61,148 | 41,675 |
Cash and equivalents at end of period | 70,695 | 37,710 | 70,695 | 37,710 |
Reportable legal entity | Combined Non-Guarantors | ' | ' | ' | ' |
Condensed Consolidating Statements of Cash Flows | ' | ' | ' | ' |
Net cash provided by (used in) operating activities | ' | ' | -41,245 | -56,636 |
Net cash provided by (used in) investing activities | ' | ' | -16,740 | -20,230 |
Net cash provided by (used in) financing activities | ' | ' | 58,814 | 75,465 |
Increase (decrease) in cash and equivalents | ' | ' | 829 | -1,401 |
Cash and equivalents at beginning of period | ' | ' | 13,142 | 11,535 |
Cash and equivalents at end of period | 13,971 | 10,134 | 13,971 | 10,134 |
Consolidating Adjustments | ' | ' | ' | ' |
Condensed Consolidating Statements of Cash Flows | ' | ' | ' | ' |
Net cash provided by (used in) operating activities | ' | ' | -14 | 11,540 |
Net cash provided by (used in) investing activities | ' | ' | -1,528 | 53,760 |
Net cash provided by (used in) financing activities | ' | ' | $1,542 | ($65,300) |