Steel Dynamics (STLD) 10-Q 7 Aug 17 2017 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2017	Aug. 01, 2017
Document and Entity Information
Entity Registrant Name	STEEL DYNAMICS INC
Entity Central Index Key	1,022,671
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2017
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q2
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Common Stock, Shares Outstanding		239,872,874

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Current assets
Cash and equivalents	$ 908,843	$ 841,483
Accounts receivable, net	866,716	703,565
Accounts receivable-related parties	20,178	26,219
Inventories	1,418,732	1,275,211
Other current assets	37,188	83,197
Total current assets	3,251,657	2,929,675
Property, plant and equipment, net	2,729,721	2,787,215
Restricted cash	17,373	18,060
Intangible assets, net	269,129	283,977
Goodwill	390,129	393,351
Other assets	12,121	11,454
Total assets	6,670,130	6,423,732
Current liabilities
Accounts payable	467,611	382,126
Accounts payable-related parties	16,392	13,070
Income taxes payable	5,589	5,593
Accrued payroll and benefits	138,360	164,543
Accrued interest	29,632	30,295
Accrued expenses	118,337	113,556
Current maturities of long-term debt	19,971	3,632
Total current liabilities	795,892	712,815
Long-term debt	2,354,337	2,353,194
Deferred income taxes	459,639	448,375
Other liabilities	20,781	20,649
Total liabilities	3,630,649	3,535,033
Commitments and contingencies
Redeemable noncontrolling interests	111,240	111,240
Equity
Common stock voting, $.0025 par value; 900,000,000 shares authorized; 264,161,359 and 264,130,544 shares issued; and 239,872,874 and 243,785,485 shares outstanding, as of June 30, 2017 and December 31, 2016, respectively	641	641
Treasury stock, at cost; 24,288,485 and 20,345,059 shares, as of June 30, 2017 and December 31, 2016 respectively	(551,125)	(416,829)
Additional paid-in capital	1,141,050	1,132,749
Retained earnings	2,490,373	2,210,459
Total Steel Dynamics, Inc. equity	3,080,939	2,927,020
Noncontrolling interests	(152,698)	(149,561)
Total equity	2,928,241	2,777,459
Total liabilities and equity	$ 6,670,130	$ 6,423,732

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Jun. 30, 2017	Dec. 31, 2016
CONSOLIDATED BALANCE SHEETS
Common stock voting, par value (in dollars per share)	$ 0.0025	$ 0.0025
Common stock voting, shares authorized (in shares)	900,000,000	900,000,000
Common stock voting, shares issued (in shares)	264,161,359	264,130,544
Common stock voting, shares outstanding (in shares)	239,872,874	243,785,485
Treasury stock, shares (in shares)	24,288,485	20,345,059

CONSOLIDATED STATEMENTS OF INCO

CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Net sales
Unrelated parties	$ 2,347,304	$ 1,978,984	$ 4,666,967	$ 3,676,988
Related parties	43,416	44,918	91,969	88,215
Total net sales	2,390,720	2,023,902	4,758,936	3,765,203
Costs of goods sold	1,998,202	1,643,519	3,894,264	3,148,784
Gross profit	392,518	380,383	864,672	616,419
Selling, general and administrative expenses	98,433	96,853	201,366	184,383
Profit sharing	21,308	20,176	48,539	29,467
Amortization of intangible assets	7,424	7,232	14,848	14,482
Operating income	265,353	256,122	599,919	388,087
Interest expense, net of capitalized interest	33,869	36,646	67,842	73,689
Other expense (income), net	(3,835)	(1,818)	(7,494)	(3,610)
Income before income taxes	235,319	221,294	539,571	318,008
Income tax expense	82,372	80,851	187,958	116,247
Net income	152,947	140,443	351,613	201,761
Net loss attributable to noncontrolling interests	986	1,526	3,137	2,945
Net income attributable to Steel Dynamics, Inc.	$ 153,933	$ 141,969	$ 354,750	$ 204,706
Basic earnings per share attributable to Steel Dynamics, Inc. stockholders	$ 0.64	$ 0.58	$ 1.47	$ 0.84
Weighted average common shares outstanding - basic (in shares)	241,343	243,655	242,143	243,429
Diluted earnings per share attributable to Steel Dynamics, Inc. stockholders, including the effect of assumed conversions when dilutive (in dollars per share)	$ 0.63	$ 0.58	$ 1.46	$ 0.84
Weighted average common shares and share equivalents outstanding (in shares)	243,021	245,392	243,784	245,000
Dividends declared per share (in dollars per share)	$ 0.155	$ 0.140	$ 0.310	$ 0.280

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Operating activities:
Net income	$ 152,947	$ 140,443	$ 351,613	$ 201,761
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	73,801	74,795	148,858	148,780
Equity-based compensation	6,380	7,236	17,683	17,770
Deferred income taxes	6,849	18,314	14,565	35,401
Other adjustments	(43)	1,035	(147)	1,215
Changes in certain assets and liabilities:
Accounts receivable	(3,746)	(103,598)	(157,110)	(179,194)
Inventories	(57,622)	(108,893)	(144,441)	(26,326)
Other assets	5,418	10,613	7,531	11,161
Accounts payable	(45,445)	53,732	88,364	166,391
Income taxes receivable/payable	(77,587)	34,388	18,732	48,381
Accrued expenses	20,056	29,907	(24,191)	23,660
Net cash provided by operating activities	81,008	157,972	321,457	449,000
Investing activities:
Purchases of property, plant and equipment	(43,274)	(35,686)	(84,951)	(63,394)
Other investing activities	2,387	1,206	29,305	4,260
Net cash used in investing activities	(40,887)	(34,480)	(55,646)	(59,134)
Financing activities:
Issuance of current and long-term debt	51,233	63,655	51,233	84,107
Repayment of current and long-term debt	(34,997)	(81,022)	(36,426)	(85,254)
Dividends paid	(37,527)	(34,090)	(71,657)	(67,515)
Purchases of treasury stock	(76,813)		(138,069)
Other financing activities		3,680	(3,532)	4,430
Net cash used in financing activities	(98,104)	(47,777)	(198,451)	(64,232)
Increase in cash and equivalents	(57,983)	75,715	67,360	325,634
Cash and equivalents at beginning of period	966,826	976,951	841,483	727,032
Cash and equivalents at end of period	908,843	1,052,666	908,843	1,052,666
Supplemental disclosure information:
Cash paid for interest	53,976	45,094	66,625	71,380
Cash paid for income taxes, net	$ 152,116	$ 27,565	$ 153,670	$ 28,264

Description of the Business and

Description of the Business and Significant Accounting Policies	6 Months Ended
	Jun. 30, 2017
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 operations, and steel fabrication operations. Steel Operations Segment. Steel operations include the company’s Butler Flat Roll Division, Columbus Flat Roll Division, The Techs galvanizing lines, Structural and Rail Division, Engineered Bar Products Division, Vulcan Threaded Products, Inc. – acquired August 1, 2016, Roanoke Bar Division, Steel of West Virginia, and Iron Dynamics, a liquid pig iron (scrap substitute) production facility that supplies solely the Butler Flat Roll Division. These operations include electric arc furnace steel mills, producing steel from ferrous scrap and scrap substitutes, utilizing continuous casting, automated rolling mills and numerous downstream coating and bar processing lines. Steel operations accounted for 73% and 72% of the company’s consolidated external net sales during the three months ended June 30, 2017 and 2016 , respectively, and 73% and 71% of the company’s consolidated external net sales during the six months ended June 30, 2017 and 2016 , respectively . Metals Recycling Operations Segment. Metals recycling operations consists solely of OmniSource Corporation (OmniSource), and includes both ferrous and nonferrous processing, transportation, marketing, brokerage, and consulting services. Metals recycling operations accounted for 14% and 15% of the company’s consolidated external net sales during the three months ended June 30, 2017, and 2016, respectively, and 15% of the company’s consolidated external net sales for the six months ended June 30, 2017 , and 2016 . Steel Fabrication Operations Segment. Steel fabrication operations include the company’s eight New Millennium Building Systems’ joist and deck plants located throughout the United States, and in Northern Mexico. Revenues from these plants are generated from the fabrication of trusses, girders, steel joists and steel deck used within the non-residential construction industry. Steel fabrication operations accounted for 8% o f the company’s consolidated external net sales during the three months ended June 30, 2017 and 2016 , and 8% and 9% during the six months ended June 30, 2017 and 2016 . Other. Other operations consists of subsidiary operations that are below the quantitative thresholds required for reportable segments and primarily consist of our idled Minnesota ironmaking operations and other smaller joint ventures. Also included in “Other” are certain unallocated corporate accounts, such as the company’s senior secured credit facility, senior notes, certain other investments and certain profit sharing expenses . 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, 2016 .  Note 1. Description of the Business and Significant Accounting Policies (Continued)  Goodwill . The company’s goodwill is allocated to the following reporting units at June 30, 2017 , and December 31, 2016 , (in thousands):     June 30, December 31,  2017 2016  Steel Operations Segment:  Columbus Flat Roll Division $ 19,682 $ 19,682  The Techs 142,783 142,783  Vulcan Threaded Products 7,824 7,824  Roanoke Bar Division 29,041 29,041  Metals Recycling Operations Segment:  Butler Flat Roll Division, Structural and Rail Division, and  Engineered Bar Division 95,000 95,000  OmniSource 93,874 97,096  Steel Fabrication Operations Segment 1,925 1,925  $ 390,129 $ 393,351  OmniSource goodwill decreased $3.2 million from December 31, 2016 to June 30, 2017 , in recognition of the 2017 tax benefit related to the normal amortization of the component of OmniSource tax-deductible goodwill in excess of book goodwill.  Recently Adopted/Issued Accounting Standards  In July 2015, the FASB issued ASU 2015-11, Inventory (Topic 330): Simplifying the Measurement of Inventory (ASU 2015-11), which requires an entity to measure inventory at the lower of cost and net realizable value, rather than at the lower of cost or market. The company adopted ASU 2015-11 as required in the first quarter of 2017 on a prospective basis, and the adoption had no impact on its financial condition, results of operations, or cash flow. In May 2014, the FASB issued ASU 2014-09, which is codified in ASC 606, Revenue Recognition – Revenue from Contracts with Customers, which amends the guidance in former ASC 605, Revenue Recognition . FASB has since issued clarifying guidance in the form of ASU 2016-08, Revenue from Contracts with Customers: Principal versus Agent Consideration (Reporting Revenue Gross versus Net) , ASU 2016-10, Revenue from Contract with Customers : Identifying Performance Obligations and Licensing , and ASU 2016-12, Revenue from Contracts with Customers: Narrow-Scope Improvements and Practical Expedients, collectively (ASC 606). The core principle of ASC 606 is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. ASC 606 also requires additional disclosures to help users of financial statements better understand the nature, amount, timing, and potential uncertainty of revenue that is recognized. ASC 606 guidance is effective for annual and interim periods beginning after December 15, 2017, but can be early adopted for annual and interim periods ending after December 15, 2016, using a full retrospective or modified retrospective approach. The company is currently working through an adoption plan and has identified current revenue streams and initially analyzed those revenue streams pursuant to the new accounting requirements. The company intends to complete the adoption plan during the second half of 2017, including final determination of whether the accounting impact of ASC 606 significantly differs from the company’s current revenue accounting, evaluating and concluding on the timing and method of adoption and related disclosure, and determine whether implementation of the new standard may affect functions, processes and systems within the company. Based on our analysis within the adoption plan completed to date, the company preliminarily does not believe there will be significant change in the amount or timing of revenue recognized under the new standard, or significant changes required to the company’s functions, processes or systems. The company preliminarily intends to adopt ASU 2014-09 in the first quarter of 2018. These preliminary assessments may however change as we complete the adoption plan. In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842): which establishes a new lease accounting model that requires lessees to recognize a right of use asset and related lease liability for most leases having lease terms of more than 12 months (ASU 2016-02). Leases with a term of 12 months or less will be accounted for similar to existing guidance for operating leases. This new guidance is effective for annual and interim periods beginning after December 15, 2018, but can be early adopted. The company is currently evaluating the impact of the provisions of ASU 2016-02, including the timing of adoption. Reclassifications  The company early adopted, effective December 31, 2016, Improvement to Employee Share-based Payment Accounting (ASU 2016-09). Cash paid to tax authorities from shares withheld to satisfy the company’s statutory income tax withholding obligation of $2.1 million were reclassified to financing activities from operating activities in the six -month period ended June 30 , 2016, statement of cash flows.

Earnings Per Share

Earnings Per Share	6 Months Ended
	Jun. 30, 2017
Earnings Per Share
Earnings Per Share	Note 2. 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 restricted stock units, deferred stock units, stock options and other equity-based awards; and are excluded from the computation in periods in which they have an anti-dilutive effect. There were no anti-dilutive common share equivalents at or for the three and six months ended June 30, 2017 and 2016 .  The following tables present a reconciliation of the numerators and the denominators of the company’s basic and diluted earnings per share computations for the three and six months ended June 30, 2017 and 2016 (in thousands, except per share data):     Three Months Ended June 30,  2017 2016  Net Income Shares Per Share Net Income Shares Per Share  (Numerator) (Denominator) Amount (Numerator) (Denominator) Amount  Basic earnings per share $ 153,933 241,343 $ 0.64 $ 141,969 243,655 $ 0.58  Dilutive common share equivalents - 1,678 - 1,737  Diluted earnings per share $ 153,933 243,021 $ 0.63 $ 141,969 245,392 $ 0.58      Six Months Ended June 30,  2017 2016  Net Income Shares Per Share Net Income Shares Per Share  (Numerator) (Denominator) Amount (Numerator) (Denominator) Amount  Basic earnings per share $ 354,750 242,143 $ 1.47 $ 204,706 243,429 $ 0.84  Dilutive common share equivalents - 1,641 - 1,571  Diluted earnings per share $ 354,750 243,784 $ 1.46 $ 204,706 245,000 $ 0.84  

Inventories

Inventories	6 Months Ended
	Jun. 30, 2017
Inventories
Inventories	Note 3. Inventories  Inventories are stated at lower of cost or net realizable value. Cost is determined using a weighted average cost method for raw materials and supplies, and on a first-in, first-out, basis for other inventory. Inventory consisted of the following (in thousands):        June 30, December 31,  2017 2016  Raw materials $ 616,240 $ 515,924  Supplies 375,453 383,134  Work in progress 124,949 103,606  Finished goods 302,090 272,547  Total inventories $ 1,418,732 $ 1,275,211  

Changes in Equity

Changes in Equity	6 Months Ended
	Jun. 30, 2017
Changes in Equity
Changes in Equity	Note 4. 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.  Additional Redeemable  Common Treasury Paid-In Retained Noncontrolling Total Noncontrolling  Stock Stock Capital Earnings Interests Equity Interests  Balances at December 31, 2016 $ 641 $ (416,829) $ 1,132,749 $ 2,210,459 $ (149,561) $ 2,777,459 $ 111,240  Dividends declared - - - (74,707) - (74,707) -  Share repurchases - (138,069) - - - (138,069) -  Equity-based compensation - 3,773 8,301 (129) - 11,945 -  Comprehensive and net income (loss) - - - 354,750 (3,137) 351,613 -  Balances at June 30, 2017 $ 641 $ (551,125) $ 1,141,050 $ 2,490,373 $ (152,698) $ 2,928,241 $ 111,240 

Derivative Financial Instrument

Derivative Financial Instruments	6 Months Ended
	Jun. 30, 2017
Derivative Financial Instruments
Derivative Financial Instruments	Note 5. Derivative Financial Instruments  The company is exposed to certain risks relating to its ongoing business operations. The company utilizes derivative instruments to mitigate commodity margin risk, interest rate risk and foreign currency exchange rate risk. 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 (primarily aluminum and copper). The company offsets fair value amounts recognized for derivative instruments executed with the same counterparty under master netting agreements.  Commodity Futures Contracts . If the company is “long” on futures contracts, 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 June 30, 2017 :      Commodity Futures Long/Short Metric Tons  Aluminum Long 4,125  Aluminum Short 4,700  Copper Long 8,131  Copper Short 22,169   The following summarizes the location and amounts of the fair values reported on the company’s balance sheets as of June 30, 2017 , and December 31, 2016 , and gains and losses related to derivatives included in the company’s statement of income for the three and six months ended June 30, 2017 and 2016 (in thousands):       Asset Derivatives Liability Derivatives  Balance sheet Fair Value Fair Value  location June 30, 2017 December 31, 2016 June 30, 2017 December 31, 2016  Derivative instruments designated  as fair value hedges  Commodity futures Other current assets $ 597 $ 2,910 $ 2,538 $ 1,300   Derivative instruments not designated  as hedges  Commodity futures Other current assets 1,336 1,150 1,902 783  Total derivative instruments $ 1,933 $ 4,060 $ 4,440 $ 2,083    Note 5. Derivative Financial Instruments (Continued)  The fair value of the above derivative instruments along with required margin deposit amounts with the same counterparty under master netting arrangements totaled $2.4 million at June 30, 2017 , and $3.2 million at December 31, 2016 , are reflected in other current assets in the consolidated balance sheets.     Amount of gain (loss) recognized Location of gain Amount of gain (loss) recognized  Location of gain in income on derivatives (loss) recognized in income on related hedged items  (loss) recognized for the three months ended Hedged items in in income on for the three months ended  in income on June 30, June 30, fair value hedge related hedged June 30, June 30,  derivatives 2017 2016 relationships items 2017 2016  Derivatives in fair value  hedging relationships  Commodity futures Costs of goods sold $ (3,398) $ (477) Firm commitments Costs of goods sold $ 2,167 $ (208)  Inventory Costs of goods sold 1,014 541  Derivatives not designated $ 3,181 $ 333  as hedging instruments  Commodity futures Costs of goods sold $ 2,384 $ 1,116       Amount of gain (loss) recognized Location of gain Amount of gain (loss) recognized  Location of gain in income on derivatives (loss) recognized in income on related hedged items  (loss) recognized for the six months ended Hedged items in in income on for the six months ended  in income on June 30, June 30, fair value hedge on related June 30, June 30,  derivatives 2017 2016 relationships hedged items 2017 2016  Derivatives in fair value  hedging relationships  Commodity futures Costs of goods sold $ (3,551) $ 455 Firm commitments Costs of goods sold $ 2,706 $ (1,430)  Inventory Costs of goods sold 1,509 819  Derivatives not designated $ 4,215 $ (611)  as hedging instruments  Commodity futures Costs of goods sold $ (1,962) $ 244  Derivatives accounted for as fair value hedges had ineffectiveness resulting in gains of $49,000 and losses of $47,000 during the three-month periods ended June 30, 2017 and 2016, respectively; and gains of $97,000 and losses of $91,000 during the six-month periods ended June 30, 2017 and 2016, respectively. Losses excluded from hedge effectiveness testing of $266,000 and $97,000 increased cost of goods sold during the three-month periods ended June 30, 2017 and 2016, respectively. Gains of $567,000 decreased costs of goods sold during the six-month period ended June 30, 2017 , and losses of $65,000 increased costs of goods sold during the six month period ended June 30, 2016 .

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jun. 30, 2017
Fair Value Measurements
Fair Value Measurements	Note 6. 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.          Note 6. Fair Value Measurements (Continued) The following table sets forth financial assets and liabilities measured at fair value on a recurring basis in the consolidated balance sheet and the respective levels to which the fair value measurements are classified within the fair value hierarchy as of June 30, 2017 , and December 31, 2016 (in thousands):      Quoted Prices Significant  in Active Other Significant  Markets for Observable Unobservable  Identical Assets Inputs Inputs  Total (Level 1) (Level 2) (Level 3)  June 30, 2017  Commodity futures – financial assets $ 1,933 $ - $ 1,933 $ -  Commodity futures – financial liabilities 4,440 - 4,440 -   December 31, 2016  Commodity futures – financial assets $ 4,060 $ - $ 4,060 $ -  Commodity futures – financial liabilities 2,083 - 2,083 -  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 $2.5 billion (with a corresponding carrying amount in the consolidated balance sheet of $2.4 billion at June 30, 2017 , and December 31, 2016 ).

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2017
Commitments and Contingencies
Commitments and Contingencies	Note 7. 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 . 

Segment Information

Segment Information	6 Months Ended
	Jun. 30, 2017
Segment Information
Segment Information	Note 8. Segment Information  The company’s operations are primarily organized and managed by reportable operating segments, which are steel operations, metals recycling operations, and steel fabrication operations. The segment operations are more fully described in Note 1 to the financial statements. 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 sales and any related profits are eliminated in consolidation. Amounts included in the category “Other” are from subsidiary operations that are below the quantitative thresholds required for reportable segments and primarily consist of our Minnesota ironmaking operations and several small joint ventures. In addition, “Other” also includes certain unallocated corporate accounts, such as the company’s senior secured credit facility, senior notes, certain other investments and certain profit sharing expenses.  Note 8. Segment Information (Continued)  The company’s segment results are as follows (in thousands):     Metals Steel  For the three months ended Steel Recycling Fabrication  June 30, 2017 Operations Operations Operations Other Eliminations Consolidated   Net Sales  External $ 1,690,973 $ 298,457 $ 197,834 $ 91,083 $ - $ 2,278,347  External Non-U.S. 67,269 45,072 32 - - 112,373  Other segments 63,710 350,487 143 615 (414,955) -  1,821,952 694,016 198,009 91,698 (414,955) 2,390,720  Operating income (loss) 269,929 16,495 20,147 (43,110) (1) 1,892 (2) 265,353  Income (loss) before income taxes 248,562 14,582 18,633 (48,350) 1,892 235,319  Depreciation and amortization 56,150 11,993 2,906 2,752 - 73,801  Capital expenditures 36,707 3,174 3,073 320 - 43,274   As of June 30, 2017  Assets $ 4,309,720 $ 1,009,650 $ 368,360 $ 1,123,951 (3) $ (141,551) (4) $ 6,670,130       Footnotes related to the three months ended June 30, 2017, segment results (in millions):   (1) Corporate SG&A $ (13.4) (2) Gross profit increase from intra-company sales $ 1.9  Company-wide equity-based compensation (7.1)  Profit sharing (20.1)  Other, net (2.5)  $ (43.1)   (3) Cash and equivalents $ 860.2 (4) Elimination of intra-company receivables $ (117.6)  Accounts receivable 12.8 Elimination of intra-company debt (11.6)  Inventories 39.5 Other (12.4)  Property, plant and equipment, net 163.9 $ (141.6)  Intra-company debt 11.6  Other 36.0  $ 1,124.0 Note 8. Segment Information (Continued)     Metals Steel  For the three months ended Steel Recycling Fabrication  June 30, 2016 Operations Operations Operations Other Eliminations Consolidated   Net Sales  External $ 1,408,993 $ 271,985 $ 170,477 $ 75,450 $ - $ 1,926,905  External Non-U.S. 57,711 39,075 65 146 - 96,997  Other segments 66,594 279,664 1,178 1,269 (348,705) -  1,533,298 590,724 171,720 76,865 (348,705) 2,023,902  Operating income (loss) 273,111 11,093 23,470 (45,569) (1) (5,983) (2) 256,122  Income (loss) before income taxes 250,683 8,086 21,514 (53,006) (5,983) 221,294  Depreciation and amortization 53,675 14,250 2,762 4,160 (52) 74,795  Capital expenditures 30,098 4,482 567 539 - 35,686       Footnotes related to the three months ended June 30, 2016, segment results (in millions):   (1) Corporate SG&A $ (14.8) (2) Gross profit decrease from intra-company sales $ (6.0)  Company-wide equity-based compensation (7.3)  Profit sharing (18.5)  Other, net (5.0)  $ (45.6)       Metals Steel  For the six months ended Steel Recycling Fabrication  June 30, 2017 Operations Operations Operations Other Eliminations Consolidated   Net Sales  External $ 3,324,603 $ 609,408 $ 391,869 $ 180,034 $ - $ 4,505,914  External Non-U.S. 154,972 97,957 93 - - 253,022  Other segments 118,053 706,788 155 949 (825,945) -  3,597,628 1,414,153 392,117 180,983 (825,945) 4,758,936  Operating income (loss) 618,461 34,344 43,873 (97,080) (1) 321 (2) 599,919  Income (loss) before income taxes 575,326 30,654 40,972 (107,702) 321 539,571  Depreciation and amortization 112,481 25,028 5,877 5,472 - 148,858  Capital expenditures 70,285 9,950 4,224 492 - 84,951       Footnotes related to the six months ended June 30, 2017, segment results (in millions):   (1) Corporate SG&A $ (25.8) (2) Gross profit increase from intra-company sales $ 0.3  Company-wide equity-based compensation (16.7)  Profit sharing (46.6)  Other, net (8.0)  $ (97.1)  Note 8. Segment Information (Continued)      Metals Steel  For the six months ended Steel Recycling Fabrication  June 30, 2016 Operations Operations Operations Other Eliminations Consolidated   Net Sales  External $ 2,565,962 $ 508,742 $ 350,518 $ 150,076 $ - $ 3,575,298  External Non-U.S. 117,918 71,725 79 183 - 189,905  Other segments 107,806 497,442 1,204 2,495 (608,947) -  2,791,686 1,077,909 351,801 152,754 (608,947) 3,765,203  Operating income (loss) 405,386 13,860 55,486 (77,499) (1) (9,146) (2) 388,087  Income (loss) before income taxes 360,058 7,863 51,530 (92,297) (9,146) 318,008  Depreciation and amortization 106,158 28,830 5,583 8,312 (103) 148,780  Capital expenditures 54,002 7,562 1,171 659 - 63,394       Footnotes related to the six months ended June 30, 2016, segment results (in millions):   (1) Corporate SG&A $ (25.9) (2) Gross profit decrease from intra-company sales $ (9.1)  Company-wide equity-based compensation (14.3)  Profit sharing (26.7)  Other, net (10.6)  $ (77.5)  

Condensed Consolidating Informa

Condensed Consolidating Information	6 Months Ended
	Jun. 30, 2017
Condensed Consolidating Information
Condensed Consolidating Information	Note 9. 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 unsecured notes due 2021, 2022, 2023, 2024 and 2026. 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, (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, 2016 .       Condensed Consolidating Balance Sheets (in thousands)  Combined Consolidating Total  As of June 30, 2017 Parent Guarantors Non-Guarantors Adjustments Consolidated  Cash and equivalents $ 858,083 $ 43,416 $ 7,344 $ - $ 908,843  Accounts receivable, net 288,263 1,394,316 39,611 (835,296) 886,894  Inventories 629,757 731,165 67,141 (9,331) 1,418,732  Other current assets 21,575 14,191 4,627 (3,205) 37,188  Total current assets 1,797,678 2,183,088 118,723 (847,832) 3,251,657  Property, plant and equipment, net 884,642 1,643,556 201,523 - 2,729,721  Intangible assets, net - 238,397 30,732 - 269,129  Goodwill - 382,305 7,824 - 390,129  Other assets, including investments in subs 2,673,406 7,587 5,487 (2,656,986) 29,494  Total assets $ 5,355,726 $ 4,454,933 $ 364,289 $ (3,504,818) $ 6,670,130   Accounts payable $ 184,903 $ 318,990 $ 90,871 $ (110,761) $ 484,003  Accrued expenses 175,777 231,871 8,456 (124,186) 291,918  Current maturities of long-term debt 702 - 45,908 (26,639) 19,971  Total current liabilities 361,382 550,861 145,235 (261,586) 795,892  Long-term debt 2,326,538 - 168,681 (140,882) 2,354,337  Other liabilities (413,133) 1,071,249 29,044 (206,740) 480,420  Total liabilities 2,274,787 1,622,110 342,960 (609,208) 3,630,649   Redeemable noncontrolling interests - - 111,240 - 111,240   Common stock 641 1,727,859 14,908 (1,742,767) 641  Treasury stock (551,125) - - - (551,125)  Additional paid-in-capital 1,141,050 128,076 785,678 (913,754) 1,141,050  Retained earnings (deficit) 2,490,373 976,888 (737,799) (239,089) 2,490,373  Total Steel Dynamics, Inc. equity 3,080,939 2,832,823 62,787 (2,895,610) 3,080,939  Noncontrolling interests - - (152,698) - (152,698)  Total equity 3,080,939 2,832,823 (89,911) (2,895,610) 2,928,241  Total liabilities and equity $ 5,355,726 $ 4,454,933 $ 364,289 $ (3,504,818) $ 6,670,130  Note 9. Condensed Consolidating Information (Continued)      Combined Consolidating Total  As of December 31, 2016 Parent Guarantors Non-Guarantors Adjustments Consolidated  Cash and equivalents $ 766,685 $ 54,677 $ 20,121 $ - $ 841,483  Accounts receivable, net 229,148 1,257,245 23,689 (780,298) 729,784  Inventories 587,319 639,148 58,696 (9,952) 1,275,211  Other current assets 45,049 36,062 4,447 (2,361) 83,197  Total current assets 1,628,201 1,987,132 106,953 (792,611) 2,929,675  Property, plant and equipment, net 899,370 1,679,751 208,094 - 2,787,215  Intangible assets, net - 251,919 32,058 - 283,977  Goodwill - 385,527 7,824 - 393,351  Other assets, including investments in subs 2,769,884 7,335 5,832 (2,753,537) 29,514  Total assets $ 5,297,455 $ 4,311,664 $ 360,761 $ (3,546,148) $ 6,423,732   Accounts payable $ 141,089 $ 265,764 $ 89,659 $ (101,316) $ 395,196  Accrued expenses 198,085 220,917 8,793 (113,808) 313,987  Current maturities of long-term debt 674 700 29,347 (27,089) 3,632  Total current liabilities 339,848 487,381 127,799 (242,213) 712,815  Long-term debt 2,324,298 - 168,566 (139,670) 2,353,194  Other liabilities (293,711) 1,219,444 42,482 (499,191) 469,024  Total liabilities 2,370,435 1,706,825 338,847 (881,074) 3,535,033   Redeemable noncontrolling interests - - 111,240 - 111,240   Common stock 641 1,727,859 14,908 (1,742,767) 641  Treasury stock (416,829) - - - (416,829)  Additional paid-in-capital 1,132,749 128,076 779,678 (907,754) 1,132,749  Retained earnings (deficit) 2,210,459 748,904 (734,351) (14,553) 2,210,459  Total Steel Dynamics, Inc. equity 2,927,020 2,604,839 60,235 (2,665,074) 2,927,020  Noncontrolling interests - - (149,561) - (149,561)  Total equity 2,927,020 2,604,839 (89,326) (2,665,074) 2,777,459  Total liabilities and equity $ 5,297,455 $ 4,311,664 $ 360,761 $ (3,546,148) $ 6,423,732 Note 9. Condensed Consolidating Information (Continued)     Condensed Consolidating Statements of Operations (in thousands)   For the three months ended, Combined Consolidating Total  June 30, 2017 Parent Guarantors Non-Guarantors Adjustments Consolidated  Net sales $ 926,855 $ 2,614,676 $ 144,938 $ (1,295,749) $ 2,390,720  Costs of goods sold 767,047 2,362,604 137,052 (1,268,501) 1,998,202  Gross profit 159,808 252,072 7,886 (27,248) 392,518  Selling, general and administrative 50,942 75,720 5,304 (4,801) 127,165  Operating income 108,866 176,352 2,582 (22,447) 265,353  Interest expense, net of capitalized interest 18,441 14,641 3,047 (2,260) 33,869  Other (income) expense, net (3,869) (2,146) (79) 2,259 (3,835)  Income (loss) before income taxes and  equity in net income of subsidiaries 94,294 163,857 (386) (22,446) 235,319  Income taxes 29,142 59,397 1,692 (7,859) 82,372  65,152 104,460 (2,078) (14,587) 152,947  Equity in net income of subsidiaries 88,781 - - (88,781) -  Net loss attributable to noncontrolling interests - - 986 - 986  Net income (loss) attributable to Steel Dynamics, Inc. $ 153,933 $ 104,460 $ (1,092) $ (103,368) $ 153,933      For the three months ended, Combined Consolidating Total  June 30, 2016 Parent Guarantors Non-Guarantors Adjustments Consolidated  Net sales $ 793,990 $ 2,206,348 $ 89,545 $ (1,065,981) $ 2,023,902  Costs of goods sold 627,246 1,957,570 94,986 (1,036,283) 1,643,519  Gross profit (loss) 166,744 248,778 (5,441) (29,698) 380,383  Selling, general and administrative 53,999 72,808 2,416 (4,962) 124,261  Operating income (loss) 112,745 175,970 (7,857) (24,736) 256,122  Interest expense, net of capitalized interest 17,837 18,352 2,451 (1,994) 36,646  Other (income) expense, net (2,271) 1,885 (3,426) 1,994 (1,818)  Income (loss) before income taxes and  equity in net income of subsidiaries 97,179 155,733 (6,882) (24,736) 221,294  Income taxes (benefit) 31,700 58,779 (589) (9,039) 80,851  65,479 96,954 (6,293) (15,697) 140,443  Equity in net income of subsidiaries 76,490 - - (76,490) -  Net loss attributable to noncontrolling interests - - 1,526 - 1,526  Net income (loss) attributable to Steel Dynamics, Inc. $ 141,969 $ 96,954 $ (4,767) $ (92,187) $ 141,969 Note 9. Condensed Consolidating Information (Continued)     For the six months ended, Combined Consolidating Total  June 30, 2017 Parent Guarantors Non-Guarantors Adjustments Consolidated  Net sales $ 1,851,421 $ 5,186,914 $ 288,346 $ (2,567,745) $ 4,758,936  Costs of goods sold 1,478,626 4,652,268 275,093 (2,511,723) 3,894,264  Gross profit (loss) 372,795 534,646 13,253 (56,022) 864,672  Selling, general and administrative 112,597 152,002 10,357 (10,203) 264,753  Operating income (loss) 260,198 382,644 2,896 (45,819) 599,919  Interest expense, net of capitalized interest 36,522 29,764 6,313 (4,757) 67,842  Other (income) expense, net (7,123) (4,813) (315) 4,757 (7,494)  Income (loss) before income taxes and  equity in net income of subsidiaries 230,799 357,693 (3,102) (45,819) 539,571  Income taxes (benefit) 70,727 129,708 3,482 (15,959) 187,958  160,072 227,985 (6,584) (29,860) 351,613  Equity in net income of subsidiaries 194,678 - - (194,678) -  Net loss attributable to noncontrolling interests - - 3,137 - 3,137  Net income (loss) attributable to Steel Dynamics, Inc. $ 354,750 $ 227,985 $ (3,447) $ (224,538) $ 354,750      For the six months ended, Combined Consolidating Total  June 30, 2016 Parent Guarantors Non-Guarantors Adjustments Consolidated  Net sales $ 1,451,804 $ 4,063,692 $ 175,285 $ (1,925,578) $ 3,765,203  Costs of goods sold 1,175,425 3,659,391 186,016 (1,872,048) 3,148,784  Gross profit (loss) 276,379 404,301 (10,731) (53,530) 616,419  Selling, general and administrative 92,601 140,008 5,218 (9,495) 228,332  Operating income (loss) 183,778 264,293 (15,949) (44,035) 388,087  Interest expense, net of capitalized interest 36,024 36,752 4,711 (3,798) 73,689  Other (income) expense, net (4,479) 4,075 (7,004) 3,798 (3,610)  Income (loss) before income taxes and -  equity in net income of subsidiaries 152,233 223,466 (13,656) (44,035) 318,008  Income taxes (benefit) 48,968 84,274 (860) (16,135) 116,247  103,265 139,192 (12,796) (27,900) 201,761  Equity in net income of subsidiaries 101,441 - - (101,441) -  Net loss attributable to noncontrolling interests 2,945 2,945  Net income (loss) attributable to Steel Dynamics, Inc. $ 204,706 $ 139,192 $ (9,851) $ (129,341) $ 204,706  Note 9. Condensed Consolidating Information (Continued)     Condensed Consolidating Statements of Cash Flows (in thousands)   For the six months ended, Combined Consolidating Total  June 30, 2017 Parent Guarantors Non-Guarantors Adjustments Consolidated   Net cash provided (used in) by operating activities $ 60,686 $ 279,513 $ (19,857) $ 1,115 $ 321,457  Net cash used in investing activities (33,305) (22,599) (503) 761 (55,646)  Net cash provided by (used in) financing activities 64,017 (268,175) 7,583 (1,876) (198,451)  Increase (decrease) in cash and equivalents 91,398 (11,261) (12,777) - 67,360  Cash and equivalents at beginning of period 766,685 54,677 20,121 - 841,483  Cash and equivalents at end of period $ 858,083 $ 43,416 $ 7,344 $ - $ 908,843       For the six months ended, Combined Consolidating Total  June 30, 2016 Parent Guarantors Non-Guarantors Adjustments Consolidated   Net cash provided by (used in) operating activities $ 185,848 $ 264,839 $ (2,066) $ 379 $ 449,000  Net cash used in investing activities (19,031) (35,026) (4,746) (331) (59,134)  Net cash provided by (used in) financing activities 143,324 (222,896) 15,388 (48) (64,232)  Increase in cash and equivalents 310,141 6,917 8,576 - 325,634  Cash and equivalents at beginning of period 636,877 81,976 8,179 - 727,032  Cash and equivalents at end of period $ 947,018 $ 88,893 $ 16,755 $ - $ 1,052,666  

Description of the Business a15

Description of the Business and Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2017
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, 2016 .
Goodwill	Goodwill . The company’s goodwill is allocated to the following reporting units at June 30, 2017 , and December 31, 2016 , (in thousands):     June 30, December 31,  2017 2016  Steel Operations Segment:  Columbus Flat Roll Division $ 19,682 $ 19,682  The Techs 142,783 142,783  Vulcan Threaded Products 7,824 7,824  Roanoke Bar Division 29,041 29,041  Metals Recycling Operations Segment:  Butler Flat Roll Division, Structural and Rail Division, and  Engineered Bar Division 95,000 95,000  OmniSource 93,874 97,096  Steel Fabrication Operations Segment 1,925 1,925  $ 390,129 $ 393,351  OmniSource goodwill decreased $3.2 million from December 31, 2016 to June 30, 2017 , in recognition of the 2017 tax benefit related to the normal amortization of the component of OmniSource tax-deductible goodwill in excess of book goodwill.
Recently Issued Accounting Standards	Recently Adopted/Issued Accounting Standards  In July 2015, the FASB issued ASU 2015-11, Inventory (Topic 330): Simplifying the Measurement of Inventory (ASU 2015-11), which requires an entity to measure inventory at the lower of cost and net realizable value, rather than at the lower of cost or market. The company adopted ASU 2015-11 as required in the first quarter of 2017 on a prospective basis, and the adoption had no impact on its financial condition, results of operations, or cash flow. In May 2014, the FASB issued ASU 2014-09, which is codified in ASC 606, Revenue Recognition – Revenue from Contracts with Customers, which amends the guidance in former ASC 605, Revenue Recognition . FASB has since issued clarifying guidance in the form of ASU 2016-08, Revenue from Contracts with Customers: Principal versus Agent Consideration (Reporting Revenue Gross versus Net) , ASU 2016-10, Revenue from Contract with Customers : Identifying Performance Obligations and Licensing , and ASU 2016-12, Revenue from Contracts with Customers: Narrow-Scope Improvements and Practical Expedients, collectively (ASC 606). The core principle of ASC 606 is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. ASC 606 also requires additional disclosures to help users of financial statements better understand the nature, amount, timing, and potential uncertainty of revenue that is recognized. ASC 606 guidance is effective for annual and interim periods beginning after December 15, 2017, but can be early adopted for annual and interim periods ending after December 15, 2016, using a full retrospective or modified retrospective approach. The company is currently working through an adoption plan and has identified current revenue streams and initially analyzed those revenue streams pursuant to the new accounting requirements. The company intends to complete the adoption plan during the second half of 2017, including final determination of whether the accounting impact of ASC 606 significantly differs from the company’s current revenue accounting, evaluating and concluding on the timing and method of adoption and related disclosure, and determine whether implementation of the new standard may affect functions, processes and systems within the company. Based on our analysis within the adoption plan completed to date, the company preliminarily does not believe there will be significant change in the amount or timing of revenue recognized under the new standard, or significant changes required to the company’s functions, processes or systems. The company preliminarily intends to adopt ASU 2014-09 in the first quarter of 2018. These preliminary assessments may however change as we complete the adoption plan. In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842): which establishes a new lease accounting model that requires lessees to recognize a right of use asset and related lease liability for most leases having lease terms of more than 12 months (ASU 2016-02). Leases with a term of 12 months or less will be accounted for similar to existing guidance for operating leases. This new guidance is effective for annual and interim periods beginning after December 15, 2018, but can be early adopted. The company is currently evaluating the impact of the provisions of ASU 2016-02, including the timing of adoption.

Description of the Business a16

Description of the Business and Significant Accounting Policies (Tables)	6 Months Ended
	Jun. 30, 2017
Description of the Business and Significant Accounting Policies
Schedule of Goodwill	The company’s goodwill is allocated to the following reporting units at June 30, 2017 , and December 31, 2016 , (in thousands):     June 30, December 31,  2017 2016  Steel Operations Segment:  Columbus Flat Roll Division $ 19,682 $ 19,682  The Techs 142,783 142,783  Vulcan Threaded Products 7,824 7,824  Roanoke Bar Division 29,041 29,041  Metals Recycling Operations Segment:  Butler Flat Roll Division, Structural and Rail Division, and  Engineered Bar Division 95,000 95,000  OmniSource 93,874 97,096  Steel Fabrication Operations Segment 1,925 1,925  $ 390,129 $ 393,351 

Earnings Per Share (Tables)

Earnings Per Share (Tables)	6 Months Ended
	Jun. 30, 2017
Earnings Per Share
Reconciliation of Basic and Diluted Earnings Per Share	The following tables present a reconciliation of the numerators and the denominators of the company’s basic and diluted earnings per share computations for the three and six months ended June 30, 2017 and 2016 (in thousands, except per share data):     Three Months Ended June 30,  2017 2016  Net Income Shares Per Share Net Income Shares Per Share  (Numerator) (Denominator) Amount (Numerator) (Denominator) Amount  Basic earnings per share $ 153,933 241,343 $ 0.64 $ 141,969 243,655 $ 0.58  Dilutive common share equivalents - 1,678 - 1,737  Diluted earnings per share $ 153,933 243,021 $ 0.63 $ 141,969 245,392 $ 0.58      Six Months Ended June 30,  2017 2016  Net Income Shares Per Share Net Income Shares Per Share  (Numerator) (Denominator) Amount (Numerator) (Denominator) Amount  Basic earnings per share $ 354,750 242,143 $ 1.47 $ 204,706 243,429 $ 0.84  Dilutive common share equivalents - 1,641 - 1,571  Diluted earnings per share $ 354,750 243,784 $ 1.46 $ 204,706 245,000 $ 0.84 

Inventories (Tables)

Inventories (Tables)	6 Months Ended
	Jun. 30, 2017
Inventories
Schedule of Inventories	Inventories are stated at lower of cost or net realizable value. Cost is determined using a weighted average cost method for raw materials and supplies, and on a first-in, first-out, basis for other inventory. Inventory consisted of the following (in thousands):        June 30, December 31,  2017 2016  Raw materials $ 616,240 $ 515,924  Supplies 375,453 383,134  Work in progress 124,949 103,606  Finished goods 302,090 272,547  Total inventories $ 1,418,732 $ 1,275,211 

Changes in Equity (Tables)

Changes in Equity (Tables)	6 Months Ended
	Jun. 30, 2017
Changes in Equity
Schedule of stockholders' 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.  Additional Redeemable  Common Treasury Paid-In Retained Noncontrolling Total Noncontrolling  Stock Stock Capital Earnings Interests Equity Interests  Balances at December 31, 2016 $ 641 $ (416,829) $ 1,132,749 $ 2,210,459 $ (149,561) $ 2,777,459 $ 111,240  Dividends declared - - - (74,707) - (74,707) -  Share repurchases - (138,069) - - - (138,069) -  Equity-based compensation - 3,773 8,301 (129) - 11,945 -  Comprehensive and net income (loss) - - - 354,750 (3,137) 351,613 -  Balances at June 30, 2017 $ 641 $ (551,125) $ 1,141,050 $ 2,490,373 $ (152,698) $ 2,928,241 $ 111,240 

Derivative Financial Instrume20

Derivative Financial Instruments (Tables)	6 Months Ended
	Jun. 30, 2017
Derivative Financial Instruments
Schedule of Notional Amounts of Outstanding Derivative Positions	. The following summarizes the company’s futures contract commitments as of June 30, 2017 :      Commodity Futures Long/Short Metric Tons  Aluminum Long 4,125  Aluminum Short 4,700  Copper Long 8,131  Copper Short 22,169  
Schedule of Derivative Instruments Statements of Financial Performance and Financial Position	The following summarizes the location and amounts of the fair values reported on the company’s balance sheets as of June 30, 2017 , and December 31, 2016 , and gains and losses related to derivatives included in the company’s statement of income for the three and six months ended June 30, 2017 and 2016 (in thousands):       Asset Derivatives Liability Derivatives  Balance sheet Fair Value Fair Value  location June 30, 2017 December 31, 2016 June 30, 2017 December 31, 2016  Derivative instruments designated  as fair value hedges  Commodity futures Other current assets $ 597 $ 2,910 $ 2,538 $ 1,300   Derivative instruments not designated  as hedges  Commodity futures Other current assets 1,336 1,150 1,902 783  Total derivative instruments $ 1,933 $ 4,060 $ 4,440 $ 2,083    Note 5. Derivative Financial Instruments (Continued)  The fair value of the above derivative instruments along with required margin deposit amounts with the same counterparty under master netting arrangements totaled $2.4 million at June 30, 2017 , and $3.2 million at December 31, 2016 , are reflected in other current assets in the consolidated balance sheets.     Amount of gain (loss) recognized Location of gain Amount of gain (loss) recognized  Location of gain in income on derivatives (loss) recognized in income on related hedged items  (loss) recognized for the three months ended Hedged items in in income on for the three months ended  in income on June 30, June 30, fair value hedge related hedged June 30, June 30,  derivatives 2017 2016 relationships items 2017 2016  Derivatives in fair value  hedging relationships  Commodity futures Costs of goods sold $ (3,398) $ (477) Firm commitments Costs of goods sold $ 2,167 $ (208)  Inventory Costs of goods sold 1,014 541  Derivatives not designated $ 3,181 $ 333  as hedging instruments  Commodity futures Costs of goods sold $ 2,384 $ 1,116       Amount of gain (loss) recognized Location of gain Amount of gain (loss) recognized  Location of gain in income on derivatives (loss) recognized in income on related hedged items  (loss) recognized for the six months ended Hedged items in in income on for the six months ended  in income on June 30, June 30, fair value hedge on related June 30, June 30,  derivatives 2017 2016 relationships hedged items 2017 2016  Derivatives in fair value  hedging relationships  Commodity futures Costs of goods sold $ (3,551) $ 455 Firm commitments Costs of goods sold $ 2,706 $ (1,430)  Inventory Costs of goods sold 1,509 819  Derivatives not designated $ 4,215 $ (611)  as hedging instruments  Commodity futures Costs of goods sold $ (1,962) $ 244 

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 2017
Fair Value Measurements
Schedule of assets and liabilities measured at fair value on a recurring basis	Note 6. Fair Value Measurements (Continued) The following table sets forth financial assets and liabilities measured at fair value on a recurring basis in the consolidated balance sheet and the respective levels to which the fair value measurements are classified within the fair value hierarchy as of June 30, 2017 , and December 31, 2016 (in thousands):      Quoted Prices Significant  in Active Other Significant  Markets for Observable Unobservable  Identical Assets Inputs Inputs  Total (Level 1) (Level 2) (Level 3)  June 30, 2017  Commodity futures – financial assets $ 1,933 $ - $ 1,933 $ -  Commodity futures – financial liabilities 4,440 - 4,440 -   December 31, 2016  Commodity futures – financial assets $ 4,060 $ - $ 4,060 $ -  Commodity futures – financial liabilities 2,083 - 2,083 - 

Segment Information (Tables)

Segment Information (Tables)	6 Months Ended
	Jun. 30, 2017
Segment Information
Schedule of operating segment results	Note 8. Segment Information (Continued)  The company’s segment results are as follows (in thousands):     Metals Steel  For the three months ended Steel Recycling Fabrication  June 30, 2017 Operations Operations Operations Other Eliminations Consolidated   Net Sales  External $ 1,690,973 $ 298,457 $ 197,834 $ 91,083 $ - $ 2,278,347  External Non-U.S. 67,269 45,072 32 - - 112,373  Other segments 63,710 350,487 143 615 (414,955) -  1,821,952 694,016 198,009 91,698 (414,955) 2,390,720  Operating income (loss) 269,929 16,495 20,147 (43,110) (1) 1,892 (2) 265,353  Income (loss) before income taxes 248,562 14,582 18,633 (48,350) 1,892 235,319  Depreciation and amortization 56,150 11,993 2,906 2,752 - 73,801  Capital expenditures 36,707 3,174 3,073 320 - 43,274   As of June 30, 2017  Assets $ 4,309,720 $ 1,009,650 $ 368,360 $ 1,123,951 (3) $ (141,551) (4) $ 6,670,130       Footnotes related to the three months ended June 30, 2017, segment results (in millions):   (1) Corporate SG&A $ (13.4) (2) Gross profit increase from intra-company sales $ 1.9  Company-wide equity-based compensation (7.1)  Profit sharing (20.1)  Other, net (2.5)  $ (43.1)   (3) Cash and equivalents $ 860.2 (4) Elimination of intra-company receivables $ (117.6)  Accounts receivable 12.8 Elimination of intra-company debt (11.6)  Inventories 39.5 Other (12.4)  Property, plant and equipment, net 163.9 $ (141.6)  Intra-company debt 11.6  Other 36.0  $ 1,124.0 Note 8. Segment Information (Continued)     Metals Steel  For the three months ended Steel Recycling Fabrication  June 30, 2016 Operations Operations Operations Other Eliminations Consolidated   Net Sales  External $ 1,408,993 $ 271,985 $ 170,477 $ 75,450 $ - $ 1,926,905  External Non-U.S. 57,711 39,075 65 146 - 96,997  Other segments 66,594 279,664 1,178 1,269 (348,705) -  1,533,298 590,724 171,720 76,865 (348,705) 2,023,902  Operating income (loss) 273,111 11,093 23,470 (45,569) (1) (5,983) (2) 256,122  Income (loss) before income taxes 250,683 8,086 21,514 (53,006) (5,983) 221,294  Depreciation and amortization 53,675 14,250 2,762 4,160 (52) 74,795  Capital expenditures 30,098 4,482 567 539 - 35,686       Footnotes related to the three months ended June 30, 2016, segment results (in millions):   (1) Corporate SG&A $ (14.8) (2) Gross profit decrease from intra-company sales $ (6.0)  Company-wide equity-based compensation (7.3)  Profit sharing (18.5)  Other, net (5.0)  $ (45.6)       Metals Steel  For the six months ended Steel Recycling Fabrication  June 30, 2017 Operations Operations Operations Other Eliminations Consolidated   Net Sales  External $ 3,324,603 $ 609,408 $ 391,869 $ 180,034 $ - $ 4,505,914  External Non-U.S. 154,972 97,957 93 - - 253,022  Other segments 118,053 706,788 155 949 (825,945) -  3,597,628 1,414,153 392,117 180,983 (825,945) 4,758,936  Operating income (loss) 618,461 34,344 43,873 (97,080) (1) 321 (2) 599,919  Income (loss) before income taxes 575,326 30,654 40,972 (107,702) 321 539,571  Depreciation and amortization 112,481 25,028 5,877 5,472 - 148,858  Capital expenditures 70,285 9,950 4,224 492 - 84,951       Footnotes related to the six months ended June 30, 2017, segment results (in millions):   (1) Corporate SG&A $ (25.8) (2) Gross profit increase from intra-company sales $ 0.3  Company-wide equity-based compensation (16.7)  Profit sharing (46.6)  Other, net (8.0)  $ (97.1)  Note 8. Segment Information (Continued)      Metals Steel  For the six months ended Steel Recycling Fabrication  June 30, 2016 Operations Operations Operations Other Eliminations Consolidated   Net Sales  External $ 2,565,962 $ 508,742 $ 350,518 $ 150,076 $ - $ 3,575,298  External Non-U.S. 117,918 71,725 79 183 - 189,905  Other segments 107,806 497,442 1,204 2,495 (608,947) -  2,791,686 1,077,909 351,801 152,754 (608,947) 3,765,203  Operating income (loss) 405,386 13,860 55,486 (77,499) (1) (9,146) (2) 388,087  Income (loss) before income taxes 360,058 7,863 51,530 (92,297) (9,146) 318,008  Depreciation and amortization 106,158 28,830 5,583 8,312 (103) 148,780  Capital expenditures 54,002 7,562 1,171 659 - 63,394       Footnotes related to the six months ended June 30, 2016, segment results (in millions):   (1) Corporate SG&A $ (25.9) (2) Gross profit decrease from intra-company sales $ (9.1)  Company-wide equity-based compensation (14.3)  Profit sharing (26.7)  Other, net (10.6)  $ (77.5) 

Condensed Consolidating Infor23

Condensed Consolidating Information (Tables)	6 Months Ended
	Jun. 30, 2017
Condensed Consolidating Information
Schedule of Condensed Consolidating Balance Sheets	    Condensed Consolidating Balance Sheets (in thousands)  Combined Consolidating Total  As of June 30, 2017 Parent Guarantors Non-Guarantors Adjustments Consolidated  Cash and equivalents $ 858,083 $ 43,416 $ 7,344 $ - $ 908,843  Accounts receivable, net 288,263 1,394,316 39,611 (835,296) 886,894  Inventories 629,757 731,165 67,141 (9,331) 1,418,732  Other current assets 21,575 14,191 4,627 (3,205) 37,188  Total current assets 1,797,678 2,183,088 118,723 (847,832) 3,251,657  Property, plant and equipment, net 884,642 1,643,556 201,523 - 2,729,721  Intangible assets, net - 238,397 30,732 - 269,129  Goodwill - 382,305 7,824 - 390,129  Other assets, including investments in subs 2,673,406 7,587 5,487 (2,656,986) 29,494  Total assets $ 5,355,726 $ 4,454,933 $ 364,289 $ (3,504,818) $ 6,670,130   Accounts payable $ 184,903 $ 318,990 $ 90,871 $ (110,761) $ 484,003  Accrued expenses 175,777 231,871 8,456 (124,186) 291,918  Current maturities of long-term debt 702 - 45,908 (26,639) 19,971  Total current liabilities 361,382 550,861 145,235 (261,586) 795,892  Long-term debt 2,326,538 - 168,681 (140,882) 2,354,337  Other liabilities (413,133) 1,071,249 29,044 (206,740) 480,420  Total liabilities 2,274,787 1,622,110 342,960 (609,208) 3,630,649   Redeemable noncontrolling interests - - 111,240 - 111,240   Common stock 641 1,727,859 14,908 (1,742,767) 641  Treasury stock (551,125) - - - (551,125)  Additional paid-in-capital 1,141,050 128,076 785,678 (913,754) 1,141,050  Retained earnings (deficit) 2,490,373 976,888 (737,799) (239,089) 2,490,373  Total Steel Dynamics, Inc. equity 3,080,939 2,832,823 62,787 (2,895,610) 3,080,939  Noncontrolling interests - - (152,698) - (152,698)  Total equity 3,080,939 2,832,823 (89,911) (2,895,610) 2,928,241  Total liabilities and equity $ 5,355,726 $ 4,454,933 $ 364,289 $ (3,504,818) $ 6,670,130  Note 9. Condensed Consolidating Information (Continued)      Combined Consolidating Total  As of December 31, 2016 Parent Guarantors Non-Guarantors Adjustments Consolidated  Cash and equivalents $ 766,685 $ 54,677 $ 20,121 $ - $ 841,483  Accounts receivable, net 229,148 1,257,245 23,689 (780,298) 729,784  Inventories 587,319 639,148 58,696 (9,952) 1,275,211  Other current assets 45,049 36,062 4,447 (2,361) 83,197  Total current assets 1,628,201 1,987,132 106,953 (792,611) 2,929,675  Property, plant and equipment, net 899,370 1,679,751 208,094 - 2,787,215  Intangible assets, net - 251,919 32,058 - 283,977  Goodwill - 385,527 7,824 - 393,351  Other assets, including investments in subs 2,769,884 7,335 5,832 (2,753,537) 29,514  Total assets $ 5,297,455 $ 4,311,664 $ 360,761 $ (3,546,148) $ 6,423,732   Accounts payable $ 141,089 $ 265,764 $ 89,659 $ (101,316) $ 395,196  Accrued expenses 198,085 220,917 8,793 (113,808) 313,987  Current maturities of long-term debt 674 700 29,347 (27,089) 3,632  Total current liabilities 339,848 487,381 127,799 (242,213) 712,815  Long-term debt 2,324,298 - 168,566 (139,670) 2,353,194  Other liabilities (293,711) 1,219,444 42,482 (499,191) 469,024  Total liabilities 2,370,435 1,706,825 338,847 (881,074) 3,535,033   Redeemable noncontrolling interests - - 111,240 - 111,240   Common stock 641 1,727,859 14,908 (1,742,767) 641  Treasury stock (416,829) - - - (416,829)  Additional paid-in-capital 1,132,749 128,076 779,678 (907,754) 1,132,749  Retained earnings (deficit) 2,210,459 748,904 (734,351) (14,553) 2,210,459  Total Steel Dynamics, Inc. equity 2,927,020 2,604,839 60,235 (2,665,074) 2,927,020  Noncontrolling interests - - (149,561) - (149,561)  Total equity 2,927,020 2,604,839 (89,326) (2,665,074) 2,777,459  Total liabilities and equity $ 5,297,455 $ 4,311,664 $ 360,761 $ (3,546,148) $ 6,423,732 
Schedule of Condensed Consolidating Statements of Operations	     Condensed Consolidating Statements of Operations (in thousands)   For the three months ended, Combined Consolidating Total  June 30, 2017 Parent Guarantors Non-Guarantors Adjustments Consolidated  Net sales $ 926,855 $ 2,614,676 $ 144,938 $ (1,295,749) $ 2,390,720  Costs of goods sold 767,047 2,362,604 137,052 (1,268,501) 1,998,202  Gross profit 159,808 252,072 7,886 (27,248) 392,518  Selling, general and administrative 50,942 75,720 5,304 (4,801) 127,165  Operating income 108,866 176,352 2,582 (22,447) 265,353  Interest expense, net of capitalized interest 18,441 14,641 3,047 (2,260) 33,869  Other (income) expense, net (3,869) (2,146) (79) 2,259 (3,835)  Income (loss) before income taxes and  equity in net income of subsidiaries 94,294 163,857 (386) (22,446) 235,319  Income taxes 29,142 59,397 1,692 (7,859) 82,372  65,152 104,460 (2,078) (14,587) 152,947  Equity in net income of subsidiaries 88,781 - - (88,781) -  Net loss attributable to noncontrolling interests - - 986 - 986  Net income (loss) attributable to Steel Dynamics, Inc. $ 153,933 $ 104,460 $ (1,092) $ (103,368) $ 153,933      For the three months ended, Combined Consolidating Total  June 30, 2016 Parent Guarantors Non-Guarantors Adjustments Consolidated  Net sales $ 793,990 $ 2,206,348 $ 89,545 $ (1,065,981) $ 2,023,902  Costs of goods sold 627,246 1,957,570 94,986 (1,036,283) 1,643,519  Gross profit (loss) 166,744 248,778 (5,441) (29,698) 380,383  Selling, general and administrative 53,999 72,808 2,416 (4,962) 124,261  Operating income (loss) 112,745 175,970 (7,857) (24,736) 256,122  Interest expense, net of capitalized interest 17,837 18,352 2,451 (1,994) 36,646  Other (income) expense, net (2,271) 1,885 (3,426) 1,994 (1,818)  Income (loss) before income taxes and  equity in net income of subsidiaries 97,179 155,733 (6,882) (24,736) 221,294  Income taxes (benefit) 31,700 58,779 (589) (9,039) 80,851  65,479 96,954 (6,293) (15,697) 140,443  Equity in net income of subsidiaries 76,490 - - (76,490) -  Net loss attributable to noncontrolling interests - - 1,526 - 1,526  Net income (loss) attributable to Steel Dynamics, Inc. $ 141,969 $ 96,954 $ (4,767) $ (92,187) $ 141,969 Note 9. Condensed Consolidating Information (Continued)     For the six months ended, Combined Consolidating Total  June 30, 2017 Parent Guarantors Non-Guarantors Adjustments Consolidated  Net sales $ 1,851,421 $ 5,186,914 $ 288,346 $ (2,567,745) $ 4,758,936  Costs of goods sold 1,478,626 4,652,268 275,093 (2,511,723) 3,894,264  Gross profit (loss) 372,795 534,646 13,253 (56,022) 864,672  Selling, general and administrative 112,597 152,002 10,357 (10,203) 264,753  Operating income (loss) 260,198 382,644 2,896 (45,819) 599,919  Interest expense, net of capitalized interest 36,522 29,764 6,313 (4,757) 67,842  Other (income) expense, net (7,123) (4,813) (315) 4,757 (7,494)  Income (loss) before income taxes and  equity in net income of subsidiaries 230,799 357,693 (3,102) (45,819) 539,571  Income taxes (benefit) 70,727 129,708 3,482 (15,959) 187,958  160,072 227,985 (6,584) (29,860) 351,613  Equity in net income of subsidiaries 194,678 - - (194,678) -  Net loss attributable to noncontrolling interests - - 3,137 - 3,137  Net income (loss) attributable to Steel Dynamics, Inc. $ 354,750 $ 227,985 $ (3,447) $ (224,538) $ 354,750      For the six months ended, Combined Consolidating Total  June 30, 2016 Parent Guarantors Non-Guarantors Adjustments Consolidated  Net sales $ 1,451,804 $ 4,063,692 $ 175,285 $ (1,925,578) $ 3,765,203  Costs of goods sold 1,175,425 3,659,391 186,016 (1,872,048) 3,148,784  Gross profit (loss) 276,379 404,301 (10,731) (53,530) 616,419  Selling, general and administrative 92,601 140,008 5,218 (9,495) 228,332  Operating income (loss) 183,778 264,293 (15,949) (44,035) 388,087  Interest expense, net of capitalized interest 36,024 36,752 4,711 (3,798) 73,689  Other (income) expense, net (4,479) 4,075 (7,004) 3,798 (3,610)  Income (loss) before income taxes and -  equity in net income of subsidiaries 152,233 223,466 (13,656) (44,035) 318,008  Income taxes (benefit) 48,968 84,274 (860) (16,135) 116,247  103,265 139,192 (12,796) (27,900) 201,761  Equity in net income of subsidiaries 101,441 - - (101,441) -  Net loss attributable to noncontrolling interests 2,945 2,945  Net income (loss) attributable to Steel Dynamics, Inc. $ 204,706 $ 139,192 $ (9,851) $ (129,341) $ 204,706 
Schedule of Condensed Consolidating Statements of Cash Flows	  Condensed Consolidating Statements of Cash Flows (in thousands)   For the six months ended, Combined Consolidating Total  June 30, 2017 Parent Guarantors Non-Guarantors Adjustments Consolidated   Net cash provided (used in) by operating activities $ 60,686 $ 279,513 $ (19,857) $ 1,115 $ 321,457  Net cash used in investing activities (33,305) (22,599) (503) 761 (55,646)  Net cash provided by (used in) financing activities 64,017 (268,175) 7,583 (1,876) (198,451)  Increase (decrease) in cash and equivalents 91,398 (11,261) (12,777) - 67,360  Cash and equivalents at beginning of period 766,685 54,677 20,121 - 841,483  Cash and equivalents at end of period $ 858,083 $ 43,416 $ 7,344 $ - $ 908,843       For the six months ended, Combined Consolidating Total  June 30, 2016 Parent Guarantors Non-Guarantors Adjustments Consolidated   Net cash provided by (used in) operating activities $ 185,848 $ 264,839 $ (2,066) $ 379 $ 449,000  Net cash used in investing activities (19,031) (35,026) (4,746) (331) (59,134)  Net cash provided by (used in) financing activities 143,324 (222,896) 15,388 (48) (64,232)  Increase in cash and equivalents 310,141 6,917 8,576 - 325,634  Cash and equivalents at beginning of period 636,877 81,976 8,179 - 727,032  Cash and equivalents at end of period $ 947,018 $ 88,893 $ 16,755 $ - $ 1,052,666 

Description of the Business a24

Description of the Business and Significant Accounting Policies (Segments) (Details)	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Steel Operations
Segment Reporting Information
Percentage of external net sales	73.00%	72.00%	73.00%	71.00%
Metals Recycling Operations
Segment Reporting Information
Percentage of external net sales	14.00%	15.00%	15.00%	15.00%
Steel Fabrication Operations
Segment Reporting Information
Percentage of external net sales	8.00%	8.00%	8.00%	9.00%

Description of the Business a25

Description of the Business and Significant Accounting Policies (Goodwill) (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2017	Dec. 31, 2016
Goodwill
Goodwill	$ 390,129	$ 393,351
OmniSource
Goodwill
Goodwill decrease due to tax benefit related to the normal amortization of the component	3,200
Steel Operations | Columbus Flat Roll Division
Goodwill
Goodwill	19,682	19,682
Steel Operations | The Techs
Goodwill
Goodwill	142,783	142,783
Steel Operations | Vulcan Steel Products [Member]
Goodwill
Goodwill	7,824	7,824
Steel Operations | Roanoke Bar Division
Goodwill
Goodwill	29,041	29,041
Metals Recycling Operations | Butler Flat Roll Division, Structural and Rail Division, and Engineered Bar Division
Goodwill
Goodwill	95,000	95,000
Metals Recycling Operations | OmniSource
Goodwill
Goodwill	93,874	97,096
Steel Fabrication Operations | New Millennium Building Systems
Goodwill
Goodwill	$ 1,925	$ 1,925

Description of the Business a26

Description of the Business and Significant Accounting Policies (Recently Adopted/Issued Accounting Standards) (Details) $ in Millions	3 Months Ended
	Jun. 30, 2016USD ($)
Accounting Standards Update 2016-09 [Member]
New Accounting Pronouncement, Early Adoption [Line Items]
Cash paid to tax authorities from shares withheld to satisfy statutory income tax withholding obligation	$ 2.1

Earnings Per Share (Details)

Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Net Income (Numerator)
Basic earnings per share - net income (in dollars)	$ 153,933	$ 141,969	$ 354,750	$ 204,706
Diluted earnings per share - net income (in dollars)	$ 153,933	$ 141,969	$ 354,750	$ 204,706
Weighted average common shares outstanding (in shares)
Weighted average common shares outstanding - basic (in shares)	241,343	243,655	242,143	243,429
Dilutive common share equivalents (in shares)	1,678	1,737	1,641	1,571
Weighted average common shares outstanding - diluted (in shares)	243,021	245,392	243,784	245,000
Per Share Amount
Basic (in dollars per share)	$ 0.64	$ 0.58	$ 1.47	$ 0.84
Diluted (in dollars per share)	$ 0.63	$ 0.58	$ 1.46	$ 0.84

Inventories (Details)

Inventories (Details) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Inventories
Raw materials	$ 616,240	$ 515,924
Supplies	375,453	383,134
Work in progress	124,949	103,606
Finished goods	302,090	272,547
Total inventories	$ 1,418,732	$ 1,275,211

Changes in Equity (Rollforward)

Changes in Equity (Rollforward) (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2017USD ($)
Balances	$ 2,777,459
Dividends declared	(74,707)
Share repurchases	(138,069)
Equity-based compensation	11,945
Comprehensive and net income (loss)	351,613
Balances	2,928,241
Common Stock
Balances	641
Balances	641
Treasury Stock
Balances	(416,829)
Share repurchases	(138,069)
Equity-based compensation	3,773
Balances	(551,125)
Additional Paid-In Capital
Balances	1,132,749
Equity-based compensation	8,301
Balances	1,141,050
Retained Earnings
Balances	2,210,459
Dividends declared	(74,707)
Equity-based compensation	(129)
Comprehensive and net income (loss)	354,750
Balances	2,490,373
Noncontrolling Interests
Balances	(149,561)
Comprehensive and net income (loss)	(3,137)
Balances	(152,698)
Redeemable Noncontrolling Interest
Balances	111,240
Balances	$ 111,240

Derivative Financial Instrume30

Derivative Financial Instruments (Narrative) (Details) - Futures - Commodity contract - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016	Dec. 31, 2016
Other current assets
Commodity contract commitments
Fair value of derivatives including required margin deposits	$ 2,400		$ 2,400		$ 3,200
Designated as hedging instrument
Gains or losses on derivative instruments, statement of income
Ineffectiveness - amount of gain (loss) recognized in income on related hedged items	49	$ (47)	97	$ (91)
Gain (loss) excluded from hedge effectiveness testing	$ (266)	$ (97)	$ 567	$ (65)

Derivative Financial Instrume31

Derivative Financial Instruments (Schedule of Notional Amounts of Outstanding Derivative Positions) (Details) - Futures	6 Months Ended
	Jun. 30, 2017T
Aluminum | Long
Derivative [Line Items]
Commodity contract (in MT/Lbs)	4,125
Aluminum | Short
Derivative [Line Items]
Commodity contract (in MT/Lbs)	4,700
Copper | Long
Derivative [Line Items]
Commodity contract (in MT/Lbs)	8,131
Copper | Short
Derivative [Line Items]
Commodity contract (in MT/Lbs)	22,169

Derivative Financial Instrume32

Derivative Financial Instruments (Schedule of Derivatives Instruments Statements of Financial Performance and Financial Position) (Details) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Commodity futures, asset derivatives	$ 1,933	$ 4,060
Commodity futures, liability derivatives	4,440	2,083
Futures | Commodity contract | Designated as hedging instrument | Other current assets
Commodity futures, asset derivatives	597	2,910
Commodity futures, liability derivatives	2,538	1,300
Futures | Commodity contract | Not designated as hedging instrument | Other current assets
Commodity futures, asset derivatives	1,336	1,150
Commodity futures, liability derivatives	$ 1,902	$ 783

Derivative Financial Instrume33

Derivative Financial Instruments (Schedule of Derivatives Instruments Statements of Financial Position) (Details) - Cost of goods sold - Futures - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Designated as hedging instrument
Amount of gain (loss) recognized in income on derivatives	$ (3,398)	$ (477)	$ (3,551)	$ 455
Amount of gain (loss) recognized in income on related hedged items	3,181	333	4,215	(611)
Designated as hedging instrument | Firm commitments
Amount of gain (loss) recognized in income on related hedged items	2,167	(208)	2,706	(1,430)
Designated as hedging instrument | Inventory
Amount of gain (loss) recognized in income on related hedged items	1,014	541	1,509	819
Not designated as hedging instrument
Amount of gain (loss) recognized in income on derivatives	$ 2,384	$ 1,116	$ (1,962)	$ 244

Fair Value Measurements (Detail

Fair Value Measurements (Details) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Assets and liabilities subject to fair value measurements
Commodity futures - financial assets	$ 1,933	$ 4,060
Commodity futures - financial liabilities	4,440	2,083
Fair value of long-term debt, including current maturities	2,500,000
Outstanding Balance	2,400,000	2,400,000
Futures | Recurring | Commodity contract
Assets and liabilities subject to fair value measurements
Commodity futures - financial assets	1,933	4,060
Commodity futures - financial liabilities	4,440	2,083
Futures | Recurring | Fair Value, Inputs, Level 2 [Member] | Commodity contract
Assets and liabilities subject to fair value measurements
Commodity futures - financial assets	1,933	4,060
Commodity futures - financial liabilities	$ 4,440	$ 2,083

Segment Information - Results (

Segment Information - Results (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016	Dec. 31, 2016
Segment Reporting Information
Net sales	$ 2,390,720	$ 2,023,902	$ 4,758,936	$ 3,765,203
Operating income (loss)	265,353	256,122	599,919	388,087
Income (loss) before income taxes	235,319	221,294	539,571	318,008
Depreciation and amortization	73,801	74,795	148,858	148,780
Capital expenditures	43,274	35,686	84,951	63,394
Assets	6,670,130		6,670,130		$ 6,423,732
U.S.
Segment Reporting Information
Net sales	2,278,347	1,926,905	4,505,914	3,575,298
Non-U.S.
Segment Reporting Information
Net sales	112,373	96,997	253,022	189,905
Steel Operations
Segment Reporting Information
Net sales	1,821,952	1,533,298	3,597,628	2,791,686
Operating income (loss)	269,929	273,111	618,461	405,386
Income (loss) before income taxes	248,562	250,683	575,326	360,058
Depreciation and amortization	56,150	53,675	112,481	106,158
Capital expenditures	36,707	30,098	70,285	54,002
Assets	4,309,720		4,309,720
Steel Operations | Other segments
Segment Reporting Information
Net sales	63,710	66,594	118,053	107,806
Steel Operations | U.S.
Segment Reporting Information
Net sales	1,690,973	1,408,993	3,324,603	2,565,962
Steel Operations | Non-U.S.
Segment Reporting Information
Net sales	67,269	57,711	154,972	117,918
Metals Recycling Operations
Segment Reporting Information
Net sales	694,016	590,724	1,414,153	1,077,909
Operating income (loss)	16,495	11,093	34,344	13,860
Income (loss) before income taxes	14,582	8,086	30,654	7,863
Depreciation and amortization	11,993	14,250	25,028	28,830
Capital expenditures	3,174	4,482	9,950	7,562
Assets	1,009,650		1,009,650
Metals Recycling Operations | Other segments
Segment Reporting Information
Net sales	350,487	279,664	706,788	497,442
Metals Recycling Operations | U.S.
Segment Reporting Information
Net sales	298,457	271,985	609,408	508,742
Metals Recycling Operations | Non-U.S.
Segment Reporting Information
Net sales	45,072	39,075	97,957	71,725
Steel Fabrication Operations
Segment Reporting Information
Net sales	198,009	171,720	392,117	351,801
Operating income (loss)	20,147	23,470	43,873	55,486
Income (loss) before income taxes	18,633	21,514	40,972	51,530
Depreciation and amortization	2,906	2,762	5,877	5,583
Capital expenditures	3,073	567	4,224	1,171
Assets	368,360		368,360
Steel Fabrication Operations | Other segments
Segment Reporting Information
Net sales	143	1,178	155	1,204
Steel Fabrication Operations | U.S.
Segment Reporting Information
Net sales	197,834	170,477	391,869	350,518
Steel Fabrication Operations | Non-U.S.
Segment Reporting Information
Net sales	32	65	93	79
Other
Segment Reporting Information
Net sales	91,698	76,865	180,983	152,754
Operating income (loss)	(43,110)	(45,569)	(97,080)	(77,499)
Income (loss) before income taxes	(48,350)	(53,006)	(107,702)	(92,297)
Depreciation and amortization	2,752	4,160	5,472	8,312
Capital expenditures	320	539	492	659
Assets	1,123,951		1,123,951
Other | Other segments
Segment Reporting Information
Net sales	615	1,269	949	2,495
Other | U.S.
Segment Reporting Information
Net sales	91,083	75,450	180,034	150,076
Other | Non-U.S.
Segment Reporting Information
Net sales		146		183
Eliminations
Segment Reporting Information
Net sales	(414,955)	(348,705)	(825,945)	(608,947)
Operating income (loss)	1,892	(5,983)	321	(9,146)
Income (loss) before income taxes	1,892	(5,983)	321	(9,146)
Depreciation and amortization		(52)		(103)
Assets	(141,551)		(141,551)
Eliminations | Other segments
Segment Reporting Information
Net sales	$ (414,955)	$ (348,705)	$ (825,945)	$ (608,947)

Segment Information - Other Foo

Segment Information - Other Footnote (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016	Mar. 31, 2017	Dec. 31, 2016	Mar. 31, 2016	Dec. 31, 2015
Operating income (loss)
Corporate SG & A	$ (98,433)	$ (96,853)	$ (201,366)	$ (184,383)
Profit sharing	(21,308)	(20,176)	(48,539)	(29,467)
Operating income (loss)	265,353	256,122	599,919	388,087
Assets
Cash and equivalents	908,843	1,052,666	908,843	1,052,666	$ 966,826	$ 841,483	$ 976,951	$ 727,032
Accounts receivable	886,894		886,894			729,784
Inventories	1,418,732		1,418,732			1,275,211
Property, plant and equipment, net	2,729,721		2,729,721			2,787,215
Other	29,494		29,494			29,514
Total assets	6,670,130		6,670,130			$ 6,423,732
Other
Operating income (loss)
Corporate SG & A	(13,400)	(14,800)	(25,800)	(25,900)
Company-wide equity-based compensation	(7,100)	(7,300)	(16,700)	(14,300)
Profit sharing	(20,100)	(18,500)	(46,600)	(26,700)
Other, net	(2,500)	(5,000)	(8,000)	(10,600)
Operating income (loss)	(43,110)	(45,569)	(97,080)	(77,499)
Assets
Cash and equivalents	860,200		860,200
Accounts receivable	12,800		12,800
Inventories	39,500		39,500
Property, plant and equipment, net	163,900		163,900
Intra Company Debt	11,600		11,600
Other	36,000		36,000
Total assets	1,123,951		1,123,951
Metals Recycling Operations
Operating income (loss)
Operating income (loss)	16,495	$ 11,093	34,344	$ 13,860
Assets
Total assets	$ 1,009,650		$ 1,009,650

Segment Information - Eliminati

Segment Information - Eliminations Footnote (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016	Dec. 31, 2016
Operating income (loss)
Operating income (loss)	$ 265,353	$ 256,122	$ 599,919	$ 388,087
Gross profit	392,518	380,383	864,672	616,419
Assets elimination
Accounts receivable	886,894		886,894		$ 729,784
Other	29,494		29,494		29,514
Total assets	6,670,130		6,670,130		$ 6,423,732
Eliminations
Operating income (loss)
Operating income (loss)	1,892	$ (5,983)	321	$ (9,146)
Assets elimination
Accounts receivable	(117,600)		(117,600)
Elimination of intra-company debt	(11,600)		(11,600)
Other	(12,400)		(12,400)
Total assets	$ (141,551)		$ (141,551)

Condensed Consolidating Infor38

Condensed Consolidating Information - Balance Sheets (Details) - USD ($) $ in Thousands	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015
Condensed Consolidating Balance Sheets
Cash and equivalents	$ 908,843	$ 966,826	$ 841,483	$ 1,052,666	$ 976,951	$ 727,032
Accounts receivable, net	886,894		729,784
Inventories	1,418,732		1,275,211
Other current assets	37,188		83,197
Total current assets	3,251,657		2,929,675
Property, plant and equipment, net	2,729,721		2,787,215
Intangible assets, net	269,129		283,977
Goodwill	390,129		393,351
Other assets, including investments in subs	29,494		29,514
Total assets	6,670,130		6,423,732
Accounts payable	484,003		395,196
Accrued expenses	291,918		313,987
Current maturities of long-term debt	19,971		3,632
Total current liabilities	795,892		712,815
Long-term debt	2,354,337		2,353,194
Other liabilities	480,420		469,024
Total liabilities	3,630,649		3,535,033
Redeemable noncontrolling interests	111,240		111,240
Common stock	641		641
Treasury stock	(551,125)		(416,829)
Additional paid-in capital	1,141,050		1,132,749
Retained earnings (deficit)	2,490,373		2,210,459
Total Steel Dynamics, Inc. equity	3,080,939		2,927,020
Noncontrolling interests	(152,698)		(149,561)
Total equity	2,928,241		2,777,459
Total liabilities and equity	6,670,130		6,423,732
Parent
Condensed Consolidating Balance Sheets
Cash and equivalents	858,083		766,685	947,018		636,877
Accounts receivable, net	288,263		229,148
Inventories	629,757		587,319
Other current assets	21,575		45,049
Total current assets	1,797,678		1,628,201
Property, plant and equipment, net	884,642		899,370
Other assets, including investments in subs	2,673,406		2,769,884
Total assets	5,355,726		5,297,455
Accounts payable	184,903		141,089
Accrued expenses	175,777		198,085
Current maturities of long-term debt	702		674
Total current liabilities	361,382		339,848
Long-term debt	2,326,538		2,324,298
Other liabilities	(413,133)		(293,711)
Total liabilities	2,274,787		2,370,435
Common stock	641		641
Treasury stock	(551,125)		(416,829)
Additional paid-in capital	1,141,050		1,132,749
Retained earnings (deficit)	2,490,373		2,210,459
Total Steel Dynamics, Inc. equity	3,080,939		2,927,020
Total equity	3,080,939		2,927,020
Total liabilities and equity	5,355,726		5,297,455
Guarantors
Condensed Consolidating Balance Sheets
Cash and equivalents	43,416		54,677	88,893		81,976
Accounts receivable, net	1,394,316		1,257,245
Inventories	731,165		639,148
Other current assets	14,191		36,062
Total current assets	2,183,088		1,987,132
Property, plant and equipment, net	1,643,556		1,679,751
Intangible assets, net	238,397		251,919
Goodwill	382,305		385,527
Other assets, including investments in subs	7,587		7,335
Total assets	4,454,933		4,311,664
Accounts payable	318,990		265,764
Accrued expenses	231,871		220,917
Current maturities of long-term debt			700
Total current liabilities	550,861		487,381
Other liabilities	1,071,249		1,219,444
Total liabilities	1,622,110		1,706,825
Common stock	1,727,859		1,727,859
Additional paid-in capital	128,076		128,076
Retained earnings (deficit)	976,888		748,904
Total Steel Dynamics, Inc. equity	2,832,823		2,604,839
Total equity	2,832,823		2,604,839
Total liabilities and equity	4,454,933		4,311,664
Combined Non-Guarantors
Condensed Consolidating Balance Sheets
Cash and equivalents	7,344		20,121	$ 16,755		$ 8,179
Accounts receivable, net	39,611		23,689
Inventories	67,141		58,696
Other current assets	4,627		4,447
Total current assets	118,723		106,953
Property, plant and equipment, net	201,523		208,094
Intangible assets, net	30,732		32,058
Goodwill	7,824		7,824
Other assets, including investments in subs	5,487		5,832
Total assets	364,289		360,761
Accounts payable	90,871		89,659
Accrued expenses	8,456		8,793
Current maturities of long-term debt	45,908		29,347
Total current liabilities	145,235		127,799
Long-term debt	168,681		168,566
Other liabilities	29,044		42,482
Total liabilities	342,960		338,847
Redeemable noncontrolling interests	111,240		111,240
Common stock	14,908		14,908
Additional paid-in capital	785,678		779,678
Retained earnings (deficit)	(737,799)		(734,351)
Total Steel Dynamics, Inc. equity	62,787		60,235
Noncontrolling interests	(152,698)		(149,561)
Total equity	(89,911)		(89,326)
Total liabilities and equity	364,289		360,761
Consolidating Adjustments
Condensed Consolidating Balance Sheets
Accounts receivable, net	(835,296)		(780,298)
Inventories	(9,331)		(9,952)
Other current assets	(3,205)		(2,361)
Total current assets	(847,832)		(792,611)
Other assets, including investments in subs	(2,656,986)		(2,753,537)
Total assets	(3,504,818)		(3,546,148)
Accounts payable	(110,761)		(101,316)
Accrued expenses	(124,186)		(113,808)
Current maturities of long-term debt	(26,639)		(27,089)
Total current liabilities	(261,586)		(242,213)
Long-term debt	(140,882)		(139,670)
Other liabilities	(206,740)		(499,191)
Total liabilities	(609,208)		(881,074)
Common stock	(1,742,767)		(1,742,767)
Additional paid-in capital	(913,754)		(907,754)
Retained earnings (deficit)	(239,089)		(14,553)
Total Steel Dynamics, Inc. equity	(2,895,610)		(2,665,074)
Total equity	(2,895,610)		(2,665,074)
Total liabilities and equity	$ (3,504,818)		$ (3,546,148)

Condensed Consolidating Infor39

Condensed Consolidating Information - Statements of Operations (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Condensed Consolidating Statements of Operations
Net sales	$ 2,390,720	$ 2,023,902	$ 4,758,936	$ 3,765,203
Costs of goods sold	1,998,202	1,643,519	3,894,264	3,148,784
Gross profit	392,518	380,383	864,672	616,419
Selling, general and administrative	127,165	124,261	264,753	228,332
Operating income	265,353	256,122	599,919	388,087
Interest expense, net of capitalized interest	33,869	36,646	67,842	73,689
Other (income) expense, net	(3,835)	(1,818)	(7,494)	(3,610)
Income before income taxes	235,319	221,294	539,571	318,008
Income taxes (benefit)	82,372	80,851	187,958	116,247
Net income	152,947	140,443	351,613	201,761
Net loss attributable to noncontrolling interests	986	1,526	3,137	2,945
Net income attributable to Steel Dynamics, Inc.	153,933	141,969	354,750	204,706
Parent
Condensed Consolidating Statements of Operations
Net sales	926,855	793,990	1,851,421	1,451,804
Costs of goods sold	767,047	627,246	1,478,626	1,175,425
Gross profit	159,808	166,744	372,795	276,379
Selling, general and administrative	50,942	53,999	112,597	92,601
Operating income	108,866	112,745	260,198	183,778
Interest expense, net of capitalized interest	18,441	17,837	36,522	36,024
Other (income) expense, net	(3,869)	(2,271)	(7,123)	(4,479)
Income before income taxes	94,294	97,179	230,799	152,233
Income taxes (benefit)	29,142	31,700	70,727	48,968
Net income	65,152	65,479	160,072	103,265
Equity in net income of subsidiaries	88,781	76,490	194,678	101,441
Net income attributable to Steel Dynamics, Inc.	153,933	141,969	354,750	204,706
Guarantors
Condensed Consolidating Statements of Operations
Net sales	2,614,676	2,206,348	5,186,914	4,063,692
Costs of goods sold	2,362,604	1,957,570	4,652,268	3,659,391
Gross profit	252,072	248,778	534,646	404,301
Selling, general and administrative	75,720	72,808	152,002	140,008
Operating income	176,352	175,970	382,644	264,293
Interest expense, net of capitalized interest	14,641	18,352	29,764	36,752
Other (income) expense, net	(2,146)	1,885	(4,813)	4,075
Income before income taxes	163,857	155,733	357,693	223,466
Income taxes (benefit)	59,397	58,779	129,708	84,274
Net income	104,460	96,954	227,985	139,192
Net income attributable to Steel Dynamics, Inc.	104,460	96,954	227,985	139,192
Combined Non-Guarantors
Condensed Consolidating Statements of Operations
Net sales	144,938	89,545	288,346	175,285
Costs of goods sold	137,052	94,986	275,093	186,016
Gross profit	7,886	(5,441)	13,253	(10,731)
Selling, general and administrative	5,304	2,416	10,357	5,218
Operating income	2,582	(7,857)	2,896	(15,949)
Interest expense, net of capitalized interest	3,047	2,451	6,313	4,711
Other (income) expense, net	(79)	(3,426)	(315)	(7,004)
Income before income taxes	(386)	(6,882)	(3,102)	(13,656)
Income taxes (benefit)	1,692	(589)	3,482	(860)
Net income	(2,078)	(6,293)	(6,584)	(12,796)
Net loss attributable to noncontrolling interests	986	1,526	3,137	2,945
Net income attributable to Steel Dynamics, Inc.	(1,092)	(4,767)	(3,447)	(9,851)
Consolidating Adjustments
Condensed Consolidating Statements of Operations
Net sales	(1,295,749)	(1,065,981)	(2,567,745)	(1,925,578)
Costs of goods sold	(1,268,501)	(1,036,283)	(2,511,723)	(1,872,048)
Gross profit	(27,248)	(29,698)	(56,022)	(53,530)
Selling, general and administrative	(4,801)	(4,962)	(10,203)	(9,495)
Operating income	(22,447)	(24,736)	(45,819)	(44,035)
Interest expense, net of capitalized interest	(2,260)	(1,994)	(4,757)	(3,798)
Other (income) expense, net	2,259	1,994	4,757	3,798
Income before income taxes	(22,446)	(24,736)	(45,819)	(44,035)
Income taxes (benefit)	(7,859)	(9,039)	(15,959)	(16,135)
Net income	(14,587)	(15,697)	(29,860)	(27,900)
Equity in net income of subsidiaries	(88,781)	(76,490)	(194,678)	(101,441)
Net income attributable to Steel Dynamics, Inc.	$ (103,368)	$ (92,187)	$ (224,538)	$ (129,341)

Condensed Consolidating Infor40

Condensed Consolidating Information - Statements of Cash Flows (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Condensed Consolidating Statements of Cash Flows
Net cash provided by (used in) operating activities	$ 81,008	$ 157,972	$ 321,457	$ 449,000
Net cash used in investing activities	(40,887)	(34,480)	(55,646)	(59,134)
Net cash provided by (used in) financing activities	(98,104)	(47,777)	(198,451)	(64,232)
Increase in cash and equivalents	(57,983)	75,715	67,360	325,634
Cash and equivalents at beginning of period	966,826	976,951	841,483	727,032
Cash and equivalents at end of period	908,843	1,052,666	908,843	1,052,666
Parent
Condensed Consolidating Statements of Cash Flows
Net cash provided by (used in) operating activities			60,686	185,848
Net cash used in investing activities			(33,305)	(19,031)
Net cash provided by (used in) financing activities			64,017	143,324
Increase in cash and equivalents			91,398	310,141
Cash and equivalents at beginning of period			766,685	636,877
Cash and equivalents at end of period	858,083	947,018	858,083	947,018
Guarantors
Condensed Consolidating Statements of Cash Flows
Net cash provided by (used in) operating activities			279,513	264,839
Net cash used in investing activities			(22,599)	(35,026)
Net cash provided by (used in) financing activities			(268,175)	(222,896)
Increase in cash and equivalents			(11,261)	6,917
Cash and equivalents at beginning of period			54,677	81,976
Cash and equivalents at end of period	43,416	88,893	43,416	88,893
Combined Non-Guarantors
Condensed Consolidating Statements of Cash Flows
Net cash provided by (used in) operating activities			(19,857)	(2,066)
Net cash used in investing activities			(503)	(4,746)
Net cash provided by (used in) financing activities			7,583	15,388
Increase in cash and equivalents			(12,777)	8,576
Cash and equivalents at beginning of period			20,121	8,179
Cash and equivalents at end of period	$ 7,344	$ 16,755	7,344	16,755
Consolidating Adjustments
Condensed Consolidating Statements of Cash Flows
Net cash provided by (used in) operating activities			1,115	379
Net cash used in investing activities			761	(331)
Net cash provided by (used in) financing activities			$ (1,876)	$ (48)