Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2022 | Oct. 31, 2022 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Sep. 30, 2022 | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q3 | |
Entity Registrant Name | RYERSON HOLDING CORPORATION | |
Entity Central Index Key | 0001481582 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 37,012,876 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity File Number | 001-34735 | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 26-1251524 | |
Entity Address, Address Line One | 227 W. Monroe St. | |
Entity Address, Address Line Two | 27th Floor | |
Entity Address, City or Town | Chicago | |
Entity Address, State or Province | IL | |
Entity Address, Postal Zip Code | 60606 | |
City Area Code | 312 | |
Local Phone Number | 292-5000 | |
Title of 12(b) Security | Common Stock, $0.01 par value, 100,000,000 shares authorized | |
Trading Symbol | RYI | |
Security Exchange Name | NYSE |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Statement of Comprehensive Income [Abstract] | ||||
Net sales | $ 1,543.1 | $ 1,575.1 | $ 5,035.4 | $ 4,141.4 |
Cost of materials sold | 1,272.1 | 1,210.5 | 3,888.4 | 3,321.9 |
Gross profit | 271 | 364.6 | 1,147 | 819.5 |
Warehousing, delivery, selling, general, and administrative | 186.5 | 180.2 | 544.7 | 530.3 |
Gain on sale of assets | (3.8) | (107.7) | ||
Operating profit | 84.5 | 184.4 | 606.1 | 396.9 |
Other income and (expense), net | 0.2 | (0.8) | (1) | (1.2) |
Pension settlement charge due to annuitization | (98.3) | (98.3) | ||
Loss on retirement of debt | (1.5) | (5.5) | (21.3) | (5.5) |
Interest and other expense on debt | (7.6) | (13.7) | (26.2) | (40.8) |
Income before income taxes | 75.6 | 66.1 | 557.6 | 251.1 |
Provision for income taxes | 20.5 | 16.1 | 142.3 | 62.2 |
Net income | 55.1 | 50 | 415.3 | 188.9 |
Less: Net income attributable to noncontrolling interest | 0.3 | 0.2 | 1 | |
Net income attributable to Ryerson Holding Corporation | 55.1 | 49.7 | 415.1 | 187.9 |
Comprehensive income | 46 | 137.6 | 407.5 | 282.9 |
Less: Comprehensive income attributable to noncontrolling interest | 0.1 | 0.2 | 0.2 | 0.9 |
Comprehensive income attributable to Ryerson Holding Corporation | $ 45.9 | $ 137.4 | $ 407.3 | $ 282 |
Basic earnings per share | $ 1.49 | $ 1.29 | $ 11 | $ 4.90 |
Diluted earnings per share | 1.46 | 1.27 | 10.78 | 4.84 |
Dividends declared per share | $ 0.150 | $ 0.080 | $ 0.375 | $ 0.080 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Operating activities: | ||
Net income | $ 415.3 | $ 188.9 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ||
Depreciation and amortization | 42.5 | 40.5 |
Stock-based compensation | 6.5 | 4.3 |
Deferred income taxes | 3.3 | 8.9 |
Provision for allowances, claims, and doubtful accounts | 1.9 | 3.8 |
Gain on sale of assets | (3.8) | (107.7) |
Gain on bargain purchase | (0.6) | |
Pension settlement charge | 98.8 | |
Loss on retirement of debt | 21.3 | 5.5 |
Non-cash (gain) loss from derivatives | (18) | 37.7 |
Other items | (1) | |
Change in operating assets and liabilities: | ||
Receivables | (13.8) | (322) |
Inventories | (96.3) | (252) |
Other assets and liabilities | 14.5 | (31.2) |
Accounts payable | (2.8) | 233.6 |
Accrued liabilities | (20.7) | 31.3 |
Accrued taxes payable/receivable | (20.9) | 12.7 |
Deferred employee benefit costs | (7.8) | (24.9) |
Net adjustments | (95.7) | (260.7) |
Net cash provided by (used in) operating activities | 319.6 | (71.8) |
Investing activities: | ||
Acquisitions, net of cash acquired | (25.5) | (14.5) |
Investment in unconsolidated subsidiary | (2) | |
Capital expenditures | (71.2) | (25) |
Proceeds from sale of property, plant, and equipment | 8 | 166 |
Net cash provided by (used in) investing activities | (90.7) | 126.5 |
Financing activities: | ||
Repayment of debt | (320.8) | (156.9) |
Net proceeds of short-term borrowings | 136 | 79.3 |
Credit facility issuance costs | (2.7) | |
Net increase in book overdrafts | 35 | 13.7 |
Principal payments on finance lease obligations | (7.2) | (7.5) |
Dividends paid to shareholders | (14) | (3.1) |
Share repurchases | (49.1) | (0.9) |
Tax withholdings on stock-based compensation awards | (2.7) | |
Net cash used in financing activities | (225.5) | (75.4) |
Net increase (decrease) in cash, cash equivalents, and restricted cash | 3.4 | (20.7) |
Effect of exchange rate changes on cash, cash equivalents, and restricted cash | (3.7) | (0.8) |
Net change in cash, cash equivalents, and restricted cash | (0.3) | (21.5) |
Cash, cash equivalents, and restricted cash—beginning of period | 52.4 | 62.5 |
Cash, cash equivalents, and restricted cash—end of period | 52.1 | 41 |
Cash paid during the period for: | ||
Interest paid to third parties, net | 31 | 47.9 |
Income taxes, net | 160.4 | 42.7 |
Noncash investing activities: | ||
Asset additions under operating leases | 50.5 | 115.4 |
Asset additions under finance leases and sale-leasebacks | $ 2.8 | $ 13.9 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 |
Current assets: | ||
Cash and cash equivalents | $ 50.9 | $ 51.2 |
Restricted cash | 1.2 | 1.2 |
Receivables less provisions of $3.7 at September 30, 2022 and $2.2 at December 31, 2021 | 645.8 | 630.8 |
Inventories | 933.1 | 832.1 |
Prepaid expenses and other current assets | 70 | 77.7 |
Total current assets | 1,701 | 1,593 |
Property, plant, and equipment, at cost | 854.2 | 792.8 |
Less: Accumulated depreciation | 426.3 | 404.5 |
Property, plant, and equipment, net | 427.9 | 388.3 |
Operating lease assets | 242.4 | 211.1 |
Other intangible assets | 41.2 | 42.2 |
Goodwill | 125 | 124.1 |
Deferred charges and other assets | 9.7 | 6.9 |
Total assets | 2,547.2 | 2,365.6 |
Current liabilities: | ||
Accounts payable | 511.4 | 481.2 |
Salaries, wages, and commissions | 61.6 | 76.6 |
Other accrued liabilities | 91.5 | 133.4 |
Short-term debt | 9.6 | 28.8 |
Current portion of operating lease liabilities | 24.8 | 24.9 |
Current portion of deferred employee benefits | 6.1 | 6.1 |
Total current liabilities | 705 | 751 |
Long-term debt | 467.3 | 610.5 |
Deferred employee benefits | 152.6 | 163.3 |
Noncurrent operating lease liabilities | 215.6 | 184.8 |
Deferred income taxes | 98.5 | 94.1 |
Other noncurrent liabilities | 15.6 | 17.3 |
Total liabilities | 1,654.6 | 1,821 |
Commitments and contingencies | ||
Ryerson Holding Corporation stockholders’ equity: | ||
Preferred stock, $0.01 par value; 7,000,000 shares authorized; no shares issued and outstanding at September 30, 2022 and December 31, 2021 | ||
Common stock, $0.01 par value; 100,000,000 shares authorized; 39,059,193 and 38,687,094 shares issued at September 30, 2022 and December 31, 2021, respectively | 0.4 | 0.4 |
Capital in excess of par value | 395.1 | 388.6 |
Retained earnings | 722.6 | 321.7 |
Treasury stock at cost - Common stock, value | (60.2) | (8.4) |
Accumulated other comprehensive loss | (172.9) | (165.1) |
Total Ryerson Holding Corporation stockholders’ equity | 885 | 537.2 |
Noncontrolling interest | 7.6 | 7.4 |
Total equity | 892.6 | 544.6 |
Total liabilities and equity | $ 2,547.2 | $ 2,365.6 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 |
Statement of Financial Position [Abstract] | ||
Receivables, provisions | $ 3.7 | $ 2.2 |
Preferred stock, par value | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 7,000,000 | 7,000,000 |
Preferred Stock Shares Issued | 0 | 0 |
Preferred Stock, Shares Outstanding | 0 | 0 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, shares issued | 39,059,193 | 38,687,094 |
Treasury stock at cost - Common stock, shares | 2,037,671 | 292,932 |
Financial Statements
Financial Statements | 9 Months Ended |
Sep. 30, 2022 | |
Accounting Policies [Abstract] | |
Financial Statements | NOTE 1: FINANCIAL STATEMENTS Ryerson Holding Corporation (“Ryerson Holding”), a Delaware corporation, is the parent company of Joseph T. Ryerson & Son, Inc. (“JT Ryerson”), a Delaware corporation. Affiliates of Platinum Equity, LLC (“Platinum”) own approximately 15,924,478 shares of our common stock, which is approximately 43 % of our outstanding common stock. On May 13, 2022, Platinum sold 3,500,000 shares of its common stock through an underwritten secondary offering. Concurrently, Ryerson Holding completed a share repurchase from Platinum of 1,613,022 shares of common stock. Note 14: Stockholders’ Equity for further information. We are a leading value-added processor and distributor of industrial metals with operations in the United States (“U.S.”) through JT Ryerson, in Canada through our indirect wholly-owned subsidiary Ryerson Canada, Inc., a Canadian corporation (“Ryerson Canada”), and in Mexico through our indirect wholly-owned subsidiary Ryerson Metals de Mexico, S. de R.L. de C.V., a Mexican corporation (“Ryerson Mexico”). In addition to our North American operations, we conduct materials processing and distribution operations in China through an indirect wholly-owned subsidiary, Ryerson China Limited (“Ryerson China”), a Chinese limited liability company. Unless the context indicates otherwise, Ryerson Holding, JT Ryerson, Ryerson Canada, Ryerson China, and Ryerson Mexico, together with their subsidiaries, are collectively referred to herein as “Ryerson,” “we,” “us,” “our,” or the “Company.” Results of operations for any interim period are not necessarily indicative of results of any future periods or for the year. The condensed consolidated financial statements as of September 30, 2022 and for the three-month and nine-month periods ended September 30, 2022 and 2021 are unaudited, but in the opinion of management, include all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of results for such periods. The year-end condensed consolidated balance sheet data contained in this report was derived from audited financial statements, but does not include all disclosures required by U.S. generally accepted accounting principles (“GAAP”). These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and related notes contained in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021 . |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 9 Months Ended |
Sep. 30, 2022 | |
Accounting Standards Update and Change in Accounting Principle [Abstract] | |
Recent Accounting Pronouncements | NOTE 2: RECENT ACCOUNTING PRONOUNCEMENTS Impact of Recently Issued Accounting Standards—Adopted No accounting pronouncements have been issued that impact our financial statements. Impact of Recently Issued Accounting Standards—Not Yet Adopted We consider the applicability and impact of all Accounting Standard Updates (“ASUs”). We assessed the ASUs and determined that they either were not applicable or were not expected to have a material impact on our financial statements. Therefore, there are no accounting pronouncements have been issued that we have not yet adopted. |
Cash, Cash Equivalents, and Res
Cash, Cash Equivalents, and Restricted Cash | 9 Months Ended |
Sep. 30, 2022 | |
Cash and Cash Equivalents [Abstract] | |
Cash, Cash Equivalents, and Restricted Cash | NOTE 3: CASH, CASH EQUIVALENTS, AND RESTRICTED CASH The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the Condensed Consolidated Balance Sheets that sum to the total of the beginning and ending cash balances shown in the Condensed Consolidated Statements of Cash Flows: September 30, December 31, 2022 2021 (In millions) Cash and cash equivalents $ 50.9 $ 51.2 Restricted cash 1.2 1.2 Total cash, cash equivalents, and restricted cash $ 52.1 $ 52.4 We have cash restricted for the purposes of covering letters of credit that can be presented for potential insurance claims. |
Inventories
Inventories | 9 Months Ended |
Sep. 30, 2022 | |
Inventory Disclosure [Abstract] | |
Inventories | NOTE 4: INVENTORIES The Company primarily uses the last-in, first-out (LIFO) method of valuing inventory. In the first quarter of 2022, we changed the method we use to estimate LIFO on an interim basis. This is a change in accounting estimate that is inseparable from a change in accounting principle. Historically, interim LIFO calculations were based on actual inventory levels and costs at each interim period. In the first quarter of 2022, we elected to recognize the interim effects of the LIFO inventory valuation method by projecting expected year-end inventory levels and LIFO costs and allocating that projection to the interim quarters on a pro-rata basis. The change in the LIFO calculation method impacts all profit-based metrics as well as inventories for interim periods. Our annual LIFO calculation will be consistent with prior years and as such, year-end amounts will not be impacted. We believe this change is preferable as it provides a better estimate of LIFO for the full year, creates less volatility in earnings on an interim basis, and makes our results more comparable to our peers. LIFO income was $ 92.7 million for the nine months ended September 30, 2022 compared to LIFO expense of $ 290.9 million during the nine months ended September 30, 2021. LIFO income for the nine months ended September 30, 2022 as compared to the LIFO expense in the nine months ended September 30, 2021 is a result of decreasing forecasted prices for December 2022 as compared to significantly increasing prices in 2021. Inventories, at stated LIFO value, were classified at September 30, 2022 and December 31, 2021 as follows: September 30, December 31, 2022 2021 (In millions) In process and finished products $ 933.1 $ 832.1 If current cost had been used to value inventories, such inventories would have been $ 211 million and $ 303 million higher than reported at September 30, 2022 and December 31, 2021 , respectively. Approximately 88 % of inventories are accounted for under the LIFO method at September 30, 2022 and December 31, 2021. Non-LIFO inventories consist primarily of inventory at our foreign facilities using the moving average cost and the specific cost methods. Substantially all of our inventories consist of finished products. The Company has consignment inventory at certain customer locations, which totaled $ 8.7 million and $ 8.8 million at September 30, 2022 and December 31, 2021 , respectively. |
Property, Plant, and Equipment
Property, Plant, and Equipment | 9 Months Ended |
Sep. 30, 2022 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant, and Equipment | NOTE 5: PROPERTY, PLANT, AND EQUIPMENT During the first nine months of 2021, the Company completed several asset sales, the proceeds of which were, in part, utilized to redeem a portion of the 8.50 % senior secured notes due 2028 (the “2028 Notes”), and also in a continued effort to optimize our facility footprint. Each of these asset sales included leasebacks for varying periods of time, ranging from 21 months to 15 years , and therefore the Company recorded right of use assets of $ 95.1 million and lease liabilities of $ 86.4 million. As a result of these transactions, $ 65.4 million of land and building assets, net of accumulated depreciation, were sold for net cash proceeds of $ 163.2 million, resulting in a total gain of $ 107.7 million. The Company also had normal course asset sale activity during the first nine months of 2022 and 2021 which generated additional cash proceeds of $ 8.0 million and $ 2.8 million, respectively. |
Leases
Leases | 9 Months Ended |
Sep. 30, 2022 | |
Leases [Abstract] | |
Leases | NOTE 6: LEASES In the third quarter of 2022, a long-term operating lease commenced for a new state-of-the-art facility in Centralia, Washington. The starting annual rent is approximately $ 2.8 million per year, with annual increases of 2.25 % over the 20 -year lease term and any renewal terms. The lease includes two renewal options of five years each. Under the terms of the lease agreement, the Company is responsible for all taxes, insurance, and utilities, as well as adequately maintaining the property for the lease term. The initial right of use asset and operating lease liability recorded in the Condensed Consolidated Balance Sheet was $ 51.2 million and $ 46.1 million, respectively, the difference of $ 5.1 million is related to a lease prepayment. |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 9 Months Ended |
Sep. 30, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | NOTE 7: GOODWILL AND OTHER INTANGIBLE ASSETS Goodwill, which represents the excess of cost over the fair value of net assets acquired, amounted to $ 125.0 million and $ 124.1 million at September 30, 2022 and December 31, 2021 , respectively. We recognized $ 0.9 million of additional goodwill during the first nine months of 2022. See Note 8: Acquisitions for further information. Pursuant to Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 350, “ Intangibles – Goodwill and Other, ” we review the recoverability of goodwill annually as of October 1 or whenever significant events or changes occur which might impair the recovery of recorded amounts. The most recently completed impairment test of goodwill was performed as of October 1, 2021 , and it was determined that no impairment existed. Other intangible assets with finite useful lives continue to be amortized over their useful lives. We recorded an additio nal $ 4.2 million of intangible assets during the first nine months of 2022. See Note 8: Acquisitions for further information. We review the recoverability of our long-lived assets whenever events or changes in circumstances indicate the carrying amount of such assets may not be recoverable. |
Acquisitions
Acquisitions | 9 Months Ended |
Sep. 30, 2022 | |
Business Combinations [Abstract] | |
Acquisitions | NOTE 8: ACQUISITIONS On February 28, 2022, Ryerson Canada acquired substantially all of the assets of Apogee Steel Fabrication Incorporated (“Apogee”), a sheet metal fabricator located in Mississauga, Ontario, Canada. Apogee is a full-line fabrication company providing sheering, punching, forming, and laser cut processing in addition to welding and hardware assembly services. Apogee provides complex fabrication assemblies in stainless steel, aluminum, and carbon sheet and adds to Ryerson’s value-added processing capabilities. Total amount paid by Ryerson Canada for the acquisition amounted to $ 3.1 million. The acquisition is not material to our consolidated financial statements. On May 9, 2022, JT Ryerson paid $ 2.0 million to acquire a 30 % ownership interest in FreeFORM Manufacturing, LLC (“FreeFORM”), an additive manufacturing and engineering company specializing in metal additive manufacturing including metal binder jet 3D printing and metal injection molding. Founded in 2020, FreeFORM serves manufacturers in a multitude of industries and strategically aligns with Ryerson's current and future customer base. This investment is accounted for using the equity method of accounting in accordance with Accounting Standards ASC 323, " Investments - Equity Method and Joint Ventures ". The investment is not material to our consolidated financial statements. On May 31, 2022, JT Ryerson paid $ 2.9 million to acquire Ford Tool Steels, Inc. (“FTS”), a tool steel processor located in St. Louis, Missouri. FTS serves customers across the Midwest United States with tool steel and alloys, as well as cut-to-length sawing, plate sawing, and grinding and milling services. The transaction resulted in a bargain purchase gain primarily due to higher property, plant, and equipment fair values compared to book values. The Company used a third-party real estate firm to estimate the fair value of the acquired building and internal resources to estimate the fair value of the machinery and equipment. The gain of $ 0.6 million is included in Other income and (expense), net in the Condensed Consolidated Statements of Comprehensive Income. The acquisition is not material to our consolidated financial statements. On August 31, 2022, JT Ryerson paid $ 19.5 million to acquire Howard Precision Metals, Inc. (“Howard”), one of the largest aluminum distributors in the Midwest. Based in Milwaukee, Wisconsin, Howard specializes in value-added processing services including high-quality precision-cut aluminum plate and saw-cut extruded aluminum bar distribution. The acquisition is not material to our consolidated financial statements. |
Long-Term Debt
Long-Term Debt | 9 Months Ended |
Sep. 30, 2022 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | NOTE 9: LONG-TERM DEBT Long-term debt consisted of the following at September 30, 2022 and December 31, 2021: September 30, December 31, 2022 2021 (In millions) Ryerson Credit Facility $ 471.0 $ 316.0 8.50% Senior Secured Notes due 2028 — 300.0 Foreign debt 7.9 27.0 Other debt 4.4 6.0 Unamortized debt issuance costs and discounts ( 6.4 ) ( 9.7 ) Total debt 476.9 639.3 Less: Short-term foreign debt 7.9 27.0 Less: Other short-term debt 1.7 1.8 Total long-term debt $ 467.3 $ 610.5 Ryerson Credit Facility On June 29, 2022 Ryerson entered into a fifth amendment of its revolving credit facility to among other things, increase the facility size from $ 1.0 billion to $ 1.3 billion and to extend the maturity date from November 5, 2025 to June 29, 2027 (as amended, the “Ryerson Credit Facility” or “Credit Facility”). This fifth amendment maintains the ability to convert up to $ 100 million of commitments under the Ryerson Credit Facility into a “first-in, last-out” sub-facility (the “FILO Facility”). Subject to certain limitations, such conversion can be made from time to time (but no more than twice in the aggregate) prior to the date that is two years after June 29, 2022. At September 30, 2022 , Ryerson had $ 471.0 million of outstanding borrowings, $ 15 million of letters of credit issued, and $ 815 million available under the Ryerson Credit Facility compared to $ 316.0 million of outstanding borrowings, $ 14 million of letters of credit issued, and $ 670 million available at December 31, 2021. Total credit availability is limited by the amount of eligible accounts receivable, inventory, and qualified cash pledged as collateral under the agreement insofar as Ryerson is subject to a borrowing base comprised of the aggregate of these three amounts, less applicable reserves. Eligible accounts receivable, at any date of determination, is comprised of the aggregate value of all accounts directly created by a borrower in the ordinary course of business arising out of the sale of goods or the rendering of services, each of which has been invoiced, with such receivables adjusted to exclude various ineligible accounts, including, among other things, those to which a borrower (or guarantor, as applicable) does not have sole and absolute title and accounts arising out of a sale to an employee, officer, director, or affiliate of a borrower (or guarantor, as applicable). Eligible inventory, at any date of determination, is comprised of the net orderly liquidation value of all inventory owned by a borrower. Qualified cash consists of cash in an eligible deposit account that is subject to customary restrictions and liens in favor of the lenders. Amounts outstanding under the Ryerson Credit Facility bear interest at (i) a rate determined by reference to (A) the base rate (the highest of the Federal Funds Rate plus 0.50 %, Bank of America’s prime rate, and the Term Secured Overnight Financing Rate (“SOFR”) plus 1.00 %) or (B) a Term SOFR rate or (ii) for Ryerson Holding’s Canadian subsidiary that is a borrower, (A) the prime rate or base rate (the highest of the Federal Funds Rate plus 0.50 %, Bank of America-Canada Branch’s commercial loan rate, and the Term SOFR rate plus 1.00 %), (B) a Term SOFR rate (for loans denominated in Dollars), or (C) the Canadian Dollar Offered Rate (“CDOR”) (for loans denominated in Canadian Dollars). The spread over the base rate is between 0.25 % and 0.50 % and the spread over the SOFR and CDOR rates is between 1.25 % and 1.50 %, depending on the amount available to be borrowed under the Ryerson Credit Facility; provided that such spreads shall be reduced by 0.125 % if the leverage ratio set forth in the most recently delivered compliance certificate is less than or equal to 3.50 to 1.00. The spread with respect to the FILO Facility, if any, will be determined at the time the commitments under the Ryerson Credit Facility are converted into such FILO Facility. Ryerson also pays commitment fees on amounts not borrowed at a rate of 0.20 %. Overdue amounts and all amounts owed during the existence of a default bear interest at 2.00 % above the rate otherwise applicable thereto. Loans advanced under the FILO Facility may only be prepaid if all then outstanding revolving loans are repaid in full. At times, we may attempt to minimize interest rate risk exposure through the utilization of interest rate swaps, which are derivative financial instruments. In June 2019 , we entered into an interest rate swap to fix interest on $ 60 million of our floating rate debt under the Ryerson Credit Facility at a LIBOR rate of 1.729 % through June 2022 . In November 2019 , we entered into another interest rate swap to fix interest on $ 100 million of our floating rate debt under the Ryerson Credit Facility at a LIBOR rate of 1.539 % through November 2022 . In August 2022, the second interest swap was terminated. The weighted average interest rate on the outstanding borrowings under the Ryerson Credit Facility including any interest rate swaps was 4.4 % and 2.5 % at September 30, 2022 and December 31, 2021, respectively. Borrowings under the Ryerson Credit Facility are secured by first-priority liens on all of the inventory, accounts receivables, lockbox accounts, and related assets of the borrowers and the guarantors. The Ryerson Credit Facility also contains covenants that, among other things, restrict Ryerson Holding and its restricted subsidiaries with respect to the incurrence of debt, the creation of liens, transactions with affiliates, mergers and consolidations, sales of assets, and acquisitions. The Ryerson Credit Facility also requires that, if availability under the Ryerson Credit Facility declines to a certain level, Ryerson maintain a minimum fixed charge coverage ratio as of the end of each fiscal quarter. The Ryerson Credit Facility contains events of default with respect to, among other things, default in the payment of principal when due or the payment of interest, fees, and other amounts due thereunder after a specified grace period, material misrepresentations, failure to perform certain specified covenants, certain bankruptcy events, the invalidity of certain security agreements or guarantees, material judgments, the occurrence of a change of control of Ryerson, and a cross-default to other financing arrangements. If such an event of default occurs, the lenders under the Ryerson Credit Facility will be entitled to various remedies, including acceleration of amounts outstanding under the Ryerson Credit Facility and all other actions permitted to be taken by secured creditors. The lenders under the Ryerson Credit Facility could reject a borrowing request if any event, circumstance, or development has occurred that has had or could reasonably be expected to have a material adverse effect on the Company. If Ryerson Holding, JT Ryerson, any of the other borrowers, or any restricted subsidiaries of JT Ryerson becomes insolvent or commences bankruptcy proceedings, all amounts borrowed under the Ryerson Credit Facility will become immediately due and payable. Net repayments of short-term borrowings that are reflected in the Condensed Consolidated Statements of Cash Flows represent borrowings under the Ryerson Credit Facility with original maturities less than three months. 2028 Notes On July 22, 2020, JT Ryerson issued $ 500 million in aggregate principal amount of its 2028 Senior Secured Notes. The Company completed partial redemptions of $ 200 million utilizing the redemption options available on the 2028 Notes between the fourth quarter of 2020 and the fourth quarter 2021, resulting in an outstanding balance of $ 300 million as of December 31, 2021. During the first nine months of 2022 , the company repurchased, redeemed, and retired the remaining 2028 Notes principal amount of $ 300 million. The total paid to repurchase the 2028 Notes during the first nine months of 2022 was $ 319.2 million. The second quarter 2022 repurchases included a completed tender offer in which $ 132.2 million of the 2028 Notes were tendered for $ 140.8 million. Including $ 2.1 million of debt issuance costs written off as part of the transaction, the total loss related to the tender offer was $ 10.7 million. In the third quarter of 2022 the Company redeemed $ 50.0 million in aggregate principal amount of the 2028 Notes for $ 51.5 million, which was at a redemption price of 103.0 % of the principal amount, resulting in the recognition of a $ 1.5 million loss. In total, the 2022 repurchases resulted in the recognition of a $ 21.3 million loss within other income and (expense), net on the Condensed Consolidated Statement of Comprehensive Income. Additional debt issuance costs of $ 2.6 million related to non-tender repurchases were written off and recognized within interest expense for the nine months ended September 30, 2022. A s a result of the redemptions, there are no 2028 Notes outstanding as of September 30, 2022. While outstanding, the 2028 Notes bore interest at a rate of 8.50 % per annum. Upon issuance, the Company evaluated the redemption options within the 2028 Notes for embedded derivatives and determined that one redemption option required bifurcation as it is not clearly and closely related to the debt agreement. The Company determined the fair value of the embedded derivative as of December 31, 2021, was $ 0.2 million which was recorded within other current assets in the C ondensed Consolidated Balance Sheet. The 2028 Notes are no longer outstanding, therefore, as of September 30, 2022, the fair value of the embedded derivative is zero with the change of $ 0.2 million recognized within other income and (expense), net on the Condensed Consolidated Statements of Comprehensive Income. Ref er to Note 12: Derivatives and Fair Value Measurements for further discussion of the embedded derivative. Foreign Debt At September 30, 2022 , Ryerson China’s foreign borrowings were $ 7.9 million, which were owed to banks in Asia at a weighted average interest rate of 3.6 % per annum and secured by inventory and property, plant, and equipment. At December 31, 2021 , Ryerson China’s foreign borrowings were $ 27.0 million, which were owed to banks in Asia at a weighted average interest rate of 3.6 % per annum and secured by inventory and property, plant, and equipment. Availability under the foreign credit lines was $ 40 million and $ 20 million at September 30, 2022 and December 31, 2021 , respectively. Letters of credit issued by our foreign subsidiaries were $ 2 million and $ 6 million at September 30, 2022 and December 31, 2021 , respectively. |
Employee Benefits
Employee Benefits | 9 Months Ended |
Sep. 30, 2022 | |
Retirement Benefits [Abstract] | |
Employee Benefits | NOTE 10: EMPLOYEE BENEFITS The following tables summarize the components of net periodic benefit cost (credit) for the Ryerson pension plans and postretirement benefit plans other than pension: Three Months Ended September 30, Pension Benefits Other Benefits 2022 2021 2022 2021 (In millions) Components of net periodic benefit cost (credit) Service cost $ 0.7 $ 0.8 $ 0.1 $ 0.2 Interest cost 2.5 2.9 0.3 0.3 Expected return on assets ( 3.3 ) ( 5.8 ) — — Settlement charge (credit) ( 0.1 ) 98.4 — — Recognized actuarial (gain) loss 2.0 3.9 ( 1.5 ) ( 1.5 ) Amortization of prior service credit — — — ( 0.2 ) Net periodic benefit cost (credit) $ 1.8 $ 100.2 $ ( 1.1 ) $ ( 1.2 ) Nine Months Ended September 30, Pension Benefits Other Benefits 2022 2021 2022 2021 (In millions) Components of net periodic benefit cost (credit) Service cost $ 2.1 $ 2.6 $ 0.3 $ 0.4 Interest cost 7.4 8.8 0.9 0.9 Expected return on assets ( 10.0 ) ( 17.6 ) — — Settlement charge - 98.8 — — Recognized actuarial (gain) loss 6.0 11.7 ( 4.4 ) ( 4.5 ) Amortization of prior service credit — — ( 0.1 ) ( 0.4 ) Net periodic benefit cost (credit) $ 5.5 $ 104.3 $ ( 3.3 ) $ ( 3.6 ) Components of net periodic benefit cost (credit), excluding service cost, are included in Other income and (expense), net in our Condensed Consolidated Statement of Comprehensive Income. The Company contributed $ 6.2 million to the pension plan funds through the nine months ended September 30, 2022 , and anticipates that it will have a minimum required pension contribution funding of approximately $ 0.5 million for the remaining three months of 2022. The expected future contributions reflect pension funding relief measures under the American Rescue Plan Act (“ARPA”) passed in March 2021. Effective September 24, 2021, the Ryerson Pension Plan purchased $ 206.6 million of annuities on behalf of a portion of plan participants which, due to the size of the transaction, resulted in settlement accounting. The pension plan was remeasured as of September 30, 2021. The remeasurement resulted in a settlement loss of $ 98.3 million which was recorded within Other income and (expense), net in the Condensed Consolidated Statement of Comprehensive Income as of September 30, 2021. As a result of the remeasurement, the discount rate increased from 2.42 % to 2.80 % and the expected long-term rate of return on pension assets decreased from 5.05 % to 4.35 %. |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | NOTE 11: COMMITMENTS AND CONTINGENCIES In October 2011, the United States Environmental Protection Agency (the “EPA”) named JT Ryerson as one of more than 100 businesses that may be a potentially responsible party (“PRP”) for the Portland Harbor Superfund Site (the “PHS Site”). On January 6, 2017, the EPA issued an initial Record of Decision (“ROD”) regarding the site. The ROD includes a combination of dredging, capping, and enhanced natural recovery that would take approximately thirteen years to construct plus additional time for monitored natural recovery , at an estimated present value cost of $ 1.05 billion. At a December 4, 2018 meeting with the Portland Harbor Participation and Common Interest Group (“PCI Group”), of which JT Ryerson is a member, the EPA indicated that it expected PRPs to submit a plan during 2019 to start remediation of the river and harbor per the ROD within the next two to three years . The EPA met with various PRPs throughout 2019 and 2020 regarding remedial design. The EPA did not include JT Ryerson in those meetings. It did include Schnitzer Steel, which is developing a remedial design plan for the river area which includes the area where the former JT Ryerson facilities were located. Schnitzer Steel’s 2020 disclosures filed with the EPA acknowledged that Schnitzer Steel is the legal successor to the prior operators (including JT Ryerson) in the designated area. On February 12, 2021, the EPA announced that one hundred percent ( 100 %) of the PHS Site is now in the active remedial design phase. In June 2021, the EPA issued a Fact Sheet setting forth the status of the entire site. The primary area of relevance for JT Ryerson is River Mile 3.5 East, with Swan Island Basin being of secondary interest. For River Mile 3.5 East, remedial design work is ongoing; the Sufficiency Assessment and the Pre-Design Investigation work plans are finalized, and design investigation sampling is underway. Schnitzer Steel and MMGL Corp. are the working parties for River Mile 3.5 East. For Swan Island, remedial design is just beginning, with Daimler Trucks, Shipyard Commerce, and various government entities as the working parties. JT Ryerson has not been asked to participate in the remedial design phase. The PCI Group has engaged a third party to prepare cost estimates for each of the Sediment Management Areas at the site. That work is still in progress and is expected to be completed in 2022. In the meantime, the voting parties of the PCI Group (which does not include JT Ryerson) have begun the “advocacy process,” during which the voting parties submit written arguments to the Allocation Team regarding how costs should be allocated among the various PRPs. This process is anticipated to be completed sometime in 2022 or early 2023. Once the advocacy process is completed, the Allocation Team will prepare a proposed allocation of costs among the PRPs. All PRPs, including JT Ryerson, will then participate in the “mediation process,” during which the PRPs will attempt to agree on a final cost allocation. The mediation process is currently anticipated to occur sometime in late 2022 or early 2023. The EPA has stated that it is willing to consider de minimis settlements, which JT Ryerson is trying to pursue; however, the EPA has not begun meeting with any of the smaller parties who have requested de minimis or de micromis status, stating that it does not have sufficient information to determine whether any parties meet such criteria and does not intend to begin those considerations until after the remedial design work is completed. It has met with selected parties that we believe to be larger targets. JT Ryerson has not been invited to meet with the EPA. As a result of the ongoing negotiations and filings over the ROD and the EPA’s decision not to meet with smaller parties, we cannot determine how allocations will be made and whether a de minimus settlement can be reached with the EPA. As the EPA has not yet allocated responsibility for the contamination among the potentially responsible parties, including JT Ryerson, we do not currently have sufficient information available to us to determine whether the ROD will be executed as currently stated, whether and to what extent JT Ryerson may be held responsible for any of the identified contamination, and how much (if any) of the final plan’s costs might ultimately be allocated to JT Ryerson. Therefore, management cannot predict the ultimate outcome of this matter or estimate a range of potential loss at this time. There are various other claims and pending actions against the Company. The amount of liability, if any, for those claims and actions as of September 30, 2022 , is not determinable but, in the opinion of management, such liability, if any, will not have a material adverse effect on the Company’s financial position, results of operations, or cash flows. We maintain liability insurance coverage to assist in protecting our assets from losses arising from or related to activities associated with business operations. |
Derivatives and Fair Value Meas
Derivatives and Fair Value Measurements | 9 Months Ended |
Sep. 30, 2022 | |
Investments, All Other Investments [Abstract] | |
Derivatives and Fair Value Measurements | NOTE 12: DERIVATIVES AND FAIR VALUE MEASUREMENTS Derivatives The Company may use derivatives to partially offset its business exposure to commodity price, foreign currency, and interest rate fluctuations and their related impact on expected future cash flows and certain existing assets and liabilities. However, the Company may choose not to hedge certain exposures for a variety of reasons including, but not limited to, Company policy, accounting considerations, or the prohibitive economic cost of hedging particular exposures. There can be no assurance the hedges will offset more than a portion of the financial impact resulting from movements in commodity pricing, foreign currency exchange, or interest rates. Interest rate swaps are entered into to manage interest rate risk associated with the Company’s floating-rate borrowings. We use foreign currency exchange contracts to hedge variability in cash flows in our Canada, Mexico, and China operations when a payment currency is different from our functional currency. From time to time, we may enter into fixed price sales contracts with our customers for certain of our inventory components. We may enter into metal commodity futures and options contracts to reduce volatility in the price of these metals. We may also enter into fixed price natural gas contracts and diesel fuel derivative contracts to manage the price risk of forecasted purchases of natural gas and diesel fuel. At times we may have receive variable, pay fixed, interest rate swaps to manage the exposure to variable interest rates of the Ryerson Credit Facility. In June 2019, we entered into a forward agreement for $ 60 million of “pay fixed” interest at 1.729 % through June 2022, and in November 2019, we entered into a forward agreement for $ 100 million of “pay fixed” interest at 1.539 % through November 2022. In August 2022, we terminated our $ 100 million forward agreement, therefore, no interest rate swaps remain outstanding. Upon entering into the swaps, the interest rate reset date and critical terms matched the terms of our existing debt and anticipated critical terms of future debt under the Ryerson Credit Facility; however, this was no longer the case once the Ryerson Credit Facility was amended on November 5, 2020. As such, effective November 1, 2020 the Company de-designated its interest rate swap and terminated its hedge accounting treatment. Prior to de-designation, the Company marked this interest rate swap to market with changes in fair value being recorded in accumulated other comprehensive income. Subsequent to de-designation, changes in fair value were recorded in current earnings. The unrealized loss as of the de-designation date remained in accumulated other comprehensive income and was amortized into earnings as the forecasted interest payments affected earnings. The Company currently does not account for its commodity and foreign exchange derivative contracts as hedges but rather marks them to market with a corresponding offset to current earnings. The Company regularly reviews the creditworthiness of its derivative counterparties and does not expect to incur a significant loss from the failure of any counterparties to perform under any agreements. In the fourth quarter of 2020, in connection with the redemption options under the 2028 Notes, the Company recorded an embedded derivative in other current assets on its Condensed Consolidated Balance Sheet, with changes in value recorded within other income and (expense), net within the Condensed Consolidated Statement of Comprehensive Income; see Note 9: Long-term Debt for further details. Embedded derivatives are separated from the host contract and carried at fair value when: (a) the embedded derivative possesses economic characteristics that are not clearly and closely related to the economic characteristics of the host contract; (b) the instrument is not measured at fair value under other applicable GAAP standards, and (c) a separate, stand-alone instrument with the same terms would qualify as a derivative instrument. The Company concluded that the embedded derivative within the 2028 Notes met these criteria and, as such, must be valued separate and apart from the 2028 Notes at fair value each reporting period. The follow ing table summarizes the location and fair value amount of our derivative instruments reported in our Condensed Consolidated Balance Sheets as of September 30, 2022 and December 31, 2021: Asset Derivatives Liability Derivatives Balance Sheet Location September 30, 2022 December 31, 2021 Balance Sheet Location September 30, 2022 December 31, 2021 Derivatives not designated as hedging instruments under ASC 815 (In millions) Metal commodity contracts Prepaid expenses and $ 18.1 $ 13.0 Other accrued $ 21.9 $ 35.1 Diesel fuel commodity contracts Prepaid expenses and 0.3 — Other accrued — — 2028 Notes embedded derivative Prepaid expenses and — 0.2 Other accrued — — Foreign exchange contracts Prepaid expenses and 0.1 — Other accrued — — Interest rate swaps Prepaid expenses and other current assets — — Other accrued liabilities — 1.4 Total derivatives $ 18.5 $ 13.2 $ 21.9 $ 36.5 The followi ng table presents the volume of the Company’s activity in derivative instruments as of September 30, 2022 and December 31, 2021: Notional Amount Derivative Instruments At September 30, 2022 At December 31, 2021 Unit of Measurement Hot roll coil swap contracts 77,952 176,859 Tons Aluminum swap contracts 8,452 20,949 Tons Nickel swap contracts 487 857 Tons Diesel fuel swap contracts 280,000 840,000 Gallons Foreign currency exchange contracts 1.5 million 4.5 million U.S. dollars Interest rate swap contracts — 160 million U.S. dollars The follo wing table summarizes the location and amount of gains and losses on derivatives not designated as hedging instruments reported in our Condensed Consolidated Statements of Comprehensive Income for the three and nine months ended September 30, 2022 and 2021: Derivatives not designated as Location of Gain/(Loss) Amount of Gain/(Loss) Recognized in Income on Derivatives hedging instruments Recognized in Income Three Months Ended September 30, Nine Months Ended September 30, under ASC 815 on Derivatives 2022 2021 2022 2021 Metal commodity contracts Cost of materials sold $ ( 3.0 ) $ ( 3.8 ) $ ( 1.6 ) $ ( 43.9 ) Diesel fuel commodity contracts Warehousing, delivery, selling, general, and administrative ( 0.1 ) — 1.1 — 2028 Notes embedded derivative Other income and (expense), net — ( 0.9 ) ( 0.2 ) ( 1.9 ) Foreign exchange contracts Other income and (expense), net 0.1 — 0.1 0.2 Interest rate swaps Interest and other expense on debt — ( 0.1 ) 0.8 ( 0.1 ) Total $ ( 3.0 ) $ ( 4.8 ) $ 0.2 $ ( 45.7 ) Amount of Gain/(Loss) Reclassified from Interest rate swaps (subsequent to de-designation) Interest and other expense on debt $ ( 0.5 ) $ ( 0.5 ) $ ( 1.9 ) $ ( 1.6 ) Fair Value Measurements To increase consistency and comparability in fair value measurements, FASB ASC 820 “ Fair Value Measurement ” (“ASC 820”) establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value into three levels as follows: 1. Level 1 – quoted prices (unadjusted) in active markets for identical assets or liabilities that the Company has the ability to access as of the reporting date. 2. Level 2 – inputs other than quoted prices included within Level 1 that are directly observable for the asset or liability or indirectly observable through corroboration with observable market data. 3. Level 3 – unobservable inputs, such as internally-developed pricing models for the asset or liability due to little or no market activity for the asset or liability. The following table presents assets and liabilities measured and recorded at fair value on our Condensed Consolidated Balance Sheet on a recurring basis and their level within the fair value hierarchy as of September 30, 2022: At September 30, 2022 Level 1 Level 2 Level 3 (In millions) Assets Derivatives: Derivatives not designated as hedging instruments under ASC 815: Metal commodity contracts $ — $ 18.1 $ — Diesel fuel commodity contracts — 0.3 — Foreign currency contracts — 0.1 — Interest rate swaps — — — Total derivatives $ — $ 18.5 $ — Liabilities Derivatives: Derivatives not designated as hedging instruments under ASC 815: Metal commodity contracts $ — $ 21.9 $ — The following table presents assets and liabilities measured and recorded at fair value on our Condensed Consolidated Balance Sheet on a recurring basis and their level within the fair value hierarchy as of December 31, 2021: At December 31, 2021 Level 1 Level 2 Level 3 (In millions) Assets Derivatives: Derivatives not designated as hedging instruments under ASC 815: Metal commodity contracts $ — $ 13.0 $ — 2028 Notes embedded derivative — — 0.2 Total derivatives $ — $ 13.0 $ 0.2 Liabilities Derivatives: Derivatives not designated as hedging instruments under ASC 815: Metal commodity contracts $ — $ 35.1 $ — Interest rate swaps — 1.4 — Total derivatives $ — $ 36.5 $ — The fair value of each commodity, diesel fuel, and interest rate swap derivative contract is determined using Level 2 inputs and the market approach valuation technique, as described in ASC 820. The Company has various commodity derivatives to lock in hot roll coil, nickel, aluminum, and diesel fuel prices for varying time periods. The fair value of hot roll coil, nickel, aluminum, and diesel fuel derivatives is determined based on the spot price each individual contract was purchased at and compared with the one-month daily average actual spot price on the Chicago Mercantile Exchange (hot roll coil and diesel fuel) and the London Metals Exchange (nickel and aluminum), respectively, for the commodity on the valuation date. In addition, the Company has numerous foreign exchange contracts to hedge variability in cash flows when a payment currency is different from our functional currency. The Company defines the fair value of foreign exchange contracts as the amount of the difference between the contracted and current market value at the end of the period. The Company estimates the current market value of foreign exchange contracts by obtaining month-end market quotes of foreign exchange rates and forward rates for contracts with similar terms. The Company uses the exchange rates provided by Reuters. Each commodity, diesel fuel, and foreign exchange contract term varies in the number of months, but in general, contracts are between 1 to 12 months in length. The fair value of our interest rate swap is based on the sum of all future net present value cash flows for the fixed and floating leg of the swap. The future cash flows are derived based on the terms of our interest rate swap, as well as published discount factors, and projected forward interest rates. The fair value of the embedded derivative is determined using Level 3 inputs based on the Black-Derman-Toy lattice model and the “with-and-without” approach. This method estimates the value of the 2028 Notes both with and without the embedded derivative. The value of the embedded derivative is the difference between the two methods. The value of the 2028 Notes with the embedded derivative is based on recent trading prices of the 2028 Notes (Level 1 inputs). Determining the value of the 2028 Notes without the embedded derivative requires significant judgements made by management such as the probability of redemption linked transactions occurring, the cash flows expected to be generated from these transactions, as well as the timing of these transactions (Level 3 inputs). The 2028 Notes were fully redeemed in July 2022, as such the value of the embedded derivative as of September 30, 2022 is zero . The changes in financial instruments measured at fair value for which the Company has used Level 3 inputs to determine fair value are as follows: 2028 Notes Embedded Derivative (In millions) Balance at January 1, 2022 $ 0.2 Unrealized loss recorded in other income and (expense), net ( 0.2 ) Balance at September 30, 2022 $ — 2028 Notes Embedded Derivative (In millions) Balance at January 1, 2021 $ 2.3 Unrealized loss recorded in other income and (expense), net ( 1.9 ) Balance at September 30, 2021 $ 0.4 The carrying and estimated fair values of our financial instruments at September 30, 2022 and December 31, 2021 were as follows: At September 30, 2022 At December 31, 2021 Carrying Amount Fair Value Carrying Amount Fair Value (In millions) Cash and cash equivalents $ 50.9 $ 50.9 $ 51.2 $ 51.2 Restricted cash 1.2 1.2 1.2 1.2 Receivables less provisions 645.8 645.8 630.8 630.8 Accounts payable 511.4 511.4 481.2 481.2 Long-term debt, including current portion 476.9 476.9 639.3 666.8 The estimated fair value of the Company’s cash and cash equivalents, restricted cash, receivables less provisions, accounts payable, and long-term debt approximate their carrying amounts due to the short-term nature of these financial instruments. The underlying borrowings on the Ryerson Credit Facility are typically for terms of 30 to 60 days . |
Stock-Based Compensation
Stock-Based Compensation | 9 Months Ended |
Sep. 30, 2022 | |
Share-Based Payment Arrangement [Abstract] | |
Stock-Based Compensation | NOTE 13: STOCK-BASED COMPENSATION Under the 2014 Omnibus Incentive Plan (“2014 Plan”), as amended, which is the Company’s only equity compensation plan, we may grant stock options and other equity-based awards, including restricted stock units (“RSUs”) and performance stock units (“PSUs”), to certain employees. Awards that expire or are forfeited without delivery of shares generally become available for future issuance under the plan. As stock options are exercised, and RSUs and PSUs vest, we issue new shares of Ryerson common stock. Each RSU and PSU consists of the right to receive one share of our common stock. RSUs also have dividend equivalent rights equal to the accrued cash dividends while grants are outstanding. Dividend equivalent rights are subject to the same vesting and other terms and conditions as the underlying RSUs. All rights under RSUs and PSUs are generally forfeited upon employee termination. Stock based compensation expense related to stock options, RSUs, and PSUs was $ 6.5 million and $ 4.3 million for the nine months ended September 30, 2022 and 2021, respectively. For the nine months ended September 30, 2022 and 2021 , 1,300 and zero stock options were exercised, respectively . A summary of the status of our unvested RSUs and PSUs as of September 30, 2022 and changes during the nine months then ended is as follows: Shares Weighted Average Grant Date Fair Value Per Unit (In thousands) Restricted Stock Units Unvested at January 1, 2022 317 $ 12.00 Granted (1) 198 34.44 Vested ( 155 ) 10.56 Forfeited ( 3 ) 18.45 Unvested at September 30, 2022 357 $ 25.00 Performance Stock Units Unvested at January 1, 2022 684 $ 10.62 Granted 277 35.02 Vested ( 215 ) 8.56 Forfeited ( 5 ) 14.53 Unvested at September 30, 2022 741 $ 20.31 Shares reserved for future grants 952 (1) The RSU shares granted line includes dividend shares declared after the grant date that will vest with their respective RSU tranche. The fair value of the 2022 RSUs and PSUs granted was $ 35.02 per share, determined by the closing price of our common stock on the grant date. The Company’s RSU awards vest in three separate and equal tranches over a three-year period. PSUs cliff vest on the third anniversary of the grant date, subject to achieving market or performance conditions. Each tranche vests annually on March 31, following the date of grant. In the nine months ended September 30, 2022, we made payments of $ 2.7 million to tax authorities on our employees’ behalf for shares withheld related to net share settlements. Withholding related to this remittance is reflected in the stock-based compensation expense, net caption of our consolidated statements of stockholders' equity. |
Stockholders' Equity, Accumulat
Stockholders' Equity, Accumulated Other Comprehensive Income (Loss) and Noncontrolling Interest | 9 Months Ended |
Sep. 30, 2022 | |
Equity [Abstract] | |
Stockholders' Equity, Accumulated Other Comprehensive Income (Loss), and Noncontrolling Interest | NOTE 14: STOCKHOLDERS’ EQUITY, ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS), AND NONCONTROLLING INTEREST On May 13, 2022, Platinum closed on an underwritten secondary offering of 3,500,000 shares of its common stock. Concurrently, Ryerson Holding completed a share repurchase from Platinum of 1,613,022 shares of common stock for $ 47.7 million . Ryerson did no t offer any shares of its common stock in the transaction and did no t receive any of the proceeds from the sale of the shares offered by Platinum. The Company funded the share repurchase with cash on hand. Following the closing of these transactions, Platinum's ownership of our common stock decreased from approximately 54 % to approximately 43 % and Ryerson Holding is no longer a “controlled company” within the meaning of the corporate governance standards of The New York Stock Exchange. The following table details changes in Ryerson Holding Corporation Stockholders’ Equity accounts for the three quarters ended September 30, 2022: Accumulated Other Common Treasury Capital in Retained Earnings Foreign Benefit Plan Interest Rate Swap Non-controlling Total Shares Dollars Shares Dollars Dollars Dollars Dollars Dollars Dollars Dollars Dollars (In millions, except shares in thousands) Balance at January 1, 2022 38,687 $ 0.4 ( 293 ) $ ( 8.4 ) $ 388.6 $ 321.7 $ ( 49.1 ) $ ( 114.5 ) $ ( 1.5 ) $ 7.4 $ 544.6 Net income — — — — — 163.6 — — — 0.2 163.8 Foreign currency translation — — — — — — 1.5 — — — 1.5 Changes in defined benefit pension and other post-retirement benefit plans, net of tax of $ 0.1 — — — — — — — 0.7 — — 0.7 Share repurchases — — ( 20 ) ( 0.5 ) — — — — — — ( 0.5 ) Stock-based compensation expense, net 371 — ( 77 ) ( 2.7 ) 1.3 — — — — — ( 1.4 ) Cash dividends and dividend equivalents — — — — — ( 3.9 ) — — — — ( 3.9 ) Interest rate swap, net of tax of zero — — — — — — — — 0.7 — 0.7 Balance at March 31, 2022 39,058 $ 0.4 ( 390 ) $ ( 11.6 ) $ 389.9 $ 481.4 $ ( 47.6 ) $ ( 113.8 ) $ ( 0.8 ) $ 7.6 $ 705.5 Net income — — — — — 196.4 — — — — 196.4 Foreign currency translation — — — — — — ( 2.2 ) — — ( 0.1 ) ( 2.3 ) Changes in defined benefit pension and other post-retirement benefit plans, net of tax of $ 0.4 — — — — — — — 0.2 — — 0.2 Share repurchases — — ( 1,613 ) ( 47.7 ) — — — — — — ( 47.7 ) Stock-based compensation expense, net 1 — — — 2.6 — — — — — 2.6 Cash dividends and dividend equivalents — — — — — ( 4.7 ) — — — — ( 4.7 ) Interest rate swap, net of tax of $ 0.2 — — — — — — — — 0.5 — 0.5 Balance at June 30, 2022 39,059 $ 0.4 ( 2,003 ) $ ( 59.3 ) $ 392.5 $ 673.1 $ ( 49.8 ) $ ( 113.6 ) $ ( 0.3 ) $ 7.5 $ 850.5 Net income — — — — — 55.1 — — — — 55.1 Foreign currency translation — — — — — — ( 9.9 ) — — 0.1 ( 9.8 ) Changes in defined benefit pension and other post-retirement benefit plans, net of tax of $ 0.1 — — — — — — — 0.4 — — 0.4 Share repurchases — — ( 35 ) ( 0.9 ) — — — — — — ( 0.9 ) Stock-based compensation expense, net — — — — 2.6 — — — — — 2.6 Cash dividends and dividend equivalents — — — — — ( 5.6 ) — — — — ( 5.6 ) Interest rate swap, net of tax of $ 0.2 — — — — — — — — 0.3 — 0.3 Balance at September 30, 2022 39,059 $ 0.4 ( 2,038 ) $ ( 60.2 ) $ 395.1 $ 722.6 $ ( 59.7 ) $ ( 113.2 ) $ — $ 7.6 $ 892.6 The following table details changes in Ryerson Holding Corporation Stockholders’ Equity accounts for the three quarters ended September 30, 2021: Accumulated Other Common Treasury Capital in Retained Earnings Foreign Benefit Plan Interest Rate Swap Non-controlling Total Shares Dollars Shares Dollars Dollars Dollars Dollars Dollars Dollars Dollars Dollars (In millions, except shares in thousands) Balance at January 1, 2021 38,330 $ 0.4 ( 213 ) $ ( 6.6 ) $ 383.1 $ 33.8 $ ( 47.0 ) $ ( 221.8 ) $ ( 3.1 ) $ 6.3 $ 145.1 Net income — — — — — 25.3 — — — 0.3 25.6 Foreign currency translation — — — — — — 0.1 — — ( 0.1 ) — Changes in defined benefit pension and other post-retirement benefit plans, net of tax of $ 0.5 — — — — — — — 2.0 — — 2.0 Stock-based compensation expense — — — — 1.6 — — — — — 1.6 Interest rate swap, net of tax of $ 0.1 — — — — — — — — 0.4 — 0.4 Balance at March 31, 2021 38,330 $ 0.4 ( 213 ) $ ( 6.6 ) $ 384.7 $ 59.1 $ ( 46.9 ) $ ( 219.8 ) $ ( 2.7 ) $ 6.5 $ 174.7 Net income — — — — — 112.9 — — — 0.4 113.3 Foreign currency translation — — — — — — 1.5 — — 0.1 1.6 Changes in defined benefit pension and other post-retirement benefit plans, net of tax of $ 0.6 — — — — — — — 2.0 — — 2.0 Stock-based compensation expense 357.0 — — — 1.5 — — — — — 1.5 Interest rate swap, net of tax of $ 0.2 — — — — — — — — 0.4 — 0.4 Balance at June 30, 2021 38,687 $ 0.4 ( 213 ) $ ( 6.6 ) $ 386.2 $ 172.0 $ ( 45.4 ) $ ( 217.8 ) $ ( 2.3 ) $ 7.0 $ 293.5 Net income — — — — — 49.7 — — — 0.3 50.0 Foreign currency translation — — — — — — ( 3.4 ) — — ( 0.1 ) ( 3.5 ) Changes in defined benefit pension and other post-retirement benefit plans, net of tax of $ 31.1 — — — — — — — 90.7 — — 90.7 Share repurchases — — ( 38.0 ) ( 0.9 ) — — — — — — ( 0.9 ) Stock-based compensation expense — — — — 1.2 — — — — — 1.2 Cash dividends and dividend equivalents — — — — — ( 3.1 ) — — — — ( 3.1 ) Interest rate swap, net of tax of $ 0.1 — — — — — — — — 0.4 — 0.4 Balance at September 30, 2021 38,687 $ 0.4 ( 251 ) $ ( 7.5 ) $ 387.4 $ 218.6 $ ( 48.8 ) $ ( 127.1 ) $ ( 1.9 ) $ 7.2 $ 428.3 The following table details changes in accumulated other comprehensive income (loss), net of tax, for the nine months ended September 30, 2022: Changes in Accumulated Other Comprehensive Foreign Benefit Interest Rate Swap (In millions) Balance at January 1, 2022 $ ( 49.1 ) $ ( 114.5 ) $ ( 1.5 ) Other comprehensive loss before reclassifications ( 10.6 ) — — Amounts reclassified from accumulated other comprehensive income into net income — 1.3 1.5 Net current-period other comprehensive income (loss) ( 10.6 ) 1.3 1.5 Balance at September 30, 2022 $ ( 59.7 ) $ ( 113.2 ) $ — The following table details the reclassifications out of accumulated other comprehensive income (loss) for the three-month and nine-month periods ended September 30, 2022: Reclassifications Out of Accumulated Other Comprehensive Income (Loss) Amount reclassified from Accumulated Other Comprehensive Income (Loss) Three Months Ended Nine Months Ended Affected line item in the Condensed Details about Accumulated Other September 30, 2022 Consolidated Statements of Comprehensive Income (Loss) Components (In millions) Comprehensive Income Amortization of defined benefit pension and other post-retirement benefit plan items Actuarial loss $ 0.6 $ 1.8 Other income and (expense), net Pension settlement ( 0.1 ) — Other income and (expense), net Prior service credits — ( 0.1 ) Other income and (expense), net Total before tax 0.5 1.7 Tax benefit ( 0.1 ) ( 0.4 ) Net of tax $ 0.4 $ 1.3 Interest rate swap Realized swap interest $ 0.5 $ 1.9 Interest and other expense on debt Tax benefit ( 0.2 ) ( 0.4 ) Net of tax $ 0.3 $ 1.5 The following table details the reclassifications out of accumulated other comprehensive income (loss) for the three-month and nine-month periods ended September 30, 2021: Reclassifications Out of Accumulated Other Comprehensive Income (Loss) Amount reclassified from Accumulated Other Comprehensive Income (Loss) Three Months Ended Nine Months Ended Affected line item in the Condensed Details about Accumulated Other September 30, 2021 Consolidated Statements of Comprehensive Income (Loss) Components (In millions) Comprehensive Income Amortization of defined benefit pension and other post-retirement benefit plan items Actuarial loss $ 2.4 $ 7.3 Other income and (expense), net Pension settlement 98.4 98.8 Other income and (expense), net Prior service credits ( 0.1 ) ( 0.3 ) Other income and (expense), net Total before tax 100.7 105.8 Tax benefit ( 23.1 ) ( 24.2 ) Net of tax $ 77.6 $ 81.6 Interest rate swap Realized swap interest $ 0.5 $ 1.6 Interest and other expense on debt Tax benefit ( 0.1 ) ( 0.4 ) Net of tax $ 0.4 $ 1.2 |
Revenue Recognition
Revenue Recognition | 9 Months Ended |
Sep. 30, 2022 | |
Revenue Recognition [Abstract] | |
Revenue Recognition | NOTE 15: REVENUE RECOGNITION We are a leading value-added processor and distributor of industrial metals with operations in the United States, Canada, Mexico, and China. We purchase large quantities of metal products from primary producers and sell these materials in smaller quantities to a wide variety of metals-consuming industries. Nearly 80 % of the metals products sold are processed by us to a specified thickness, length, width, shape, and surface quality pursuant to specific customer orders. Disaggregated Revenue We have one operating and reportable segment, metals service centers. The Company derives substantially all of its sales from the distribution of metals. The following table shows the Company’s percentage of sales by major product line: Three Months Ended Nine Months Ended September 30, September 30, Product Line 2022 2021 2022 2021 Carbon Steel Flat 31 % 31 % 30 % 31 % Carbon Steel Plate 10 10 10 10 Carbon Steel Long 14 13 13 13 Stainless Steel Flat 15 19 17 18 Stainless Steel Plate 4 5 4 4 Stainless Steel Long 5 4 5 4 Aluminum Flat 14 11 13 13 Aluminum Plate 2 2 2 2 Aluminum Long 4 4 4 4 Other 1 1 2 1 Total 100 % 100 % 100 % 100 % A significant majority of the Company’s sales are attributable to its U.S. operations. The only operations attributed to foreign countries relate to the Company’s subsidiaries in Canada, China, and Mexico. The following table summarizes consolidated financial information of our operations by geographic location based on where sales originated: Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Net Sales (In millions) United States 1,401.0 $ 1,431.3 $ 4,594.2 $ 3,733.8 Foreign countries 142.1 143.8 $ 441.2 407.6 Total $ 1,543.1 $ 1,575.1 $ 5,035.4 $ 4,141.4 Revenue is recognized either at a point in time or over time based on if the contract has an enforceable right to payment and the type of product that is being sold to the customer, with products that are determined to have no alternative use being recognized over time. The following table summarizes revenues by the type of item sold: Three Months Ended September 30, Nine Months Ended September 30, Timing of Revenue Recognition 2022 2021 2022 2021 Revenue on products with an alternative use 89 % 90 % 90 % 90 % Revenue on products with no alternative use 11 10 10 10 Total 100 % 100 % 100 % 100 % Contract Balances A receivable is recognized in the period in which an invoice is issued, which is generally when the product is delivered to the customer. Payment terms on invoiced amounts are typically 30 days from the invoice date. We do not have any contracts with significant financing components. Receivables, which are included in accounts receivables within the Condensed Consolidated Balance Sheet, from contracts with customers were $ 649.5 million and $ 633.0 million as of September 30, 2022 and December 31, 2021, respectively. Contract assets, which consist primarily of revenues recognized over time that have not yet been invoiced and estimates of the value of inventory that will be received in conjunction with product returns, are reported in prepaid expenses and other current assets within the Condensed Consolidated Balance Sheets. Contract liabilities, which consist primarily of accruals associated with amounts that will be paid to customers for volume rebates, cash discounts, sales returns and allowances, estimates of shipping and handling costs associated with performance obligations recorded over time, and bill and hold transactions are reported in other accrued liabilities within the Condensed Consolidated Balance Sheets. Significant changes in the contract assets and the contract liabilities balances during the period are as follows: Contract Assets Contract Liabilities (In millions) Beginning Balance at January 1, 2022 $ 21.3 $ 15.1 Contract liability satisfied during the period — ( 17.1 ) Contract liability incurred during the period — 21.2 Net change in contract assets and liabilities for products with no alternative use during the period ( 4.3 ) — Changes to reserves 0.3 1.3 Ending Balance at September 30, 2022 $ 17.3 $ 20.5 The Company’s performance obligations are typically short term in nature. As a result, the Company has elected the practical expedient that provides an exemption of the disclosure requirements regarding information about remaining performance obligations on contracts that have original expected durations of one year or less. |
Provision for Credit Losses
Provision for Credit Losses | 9 Months Ended |
Sep. 30, 2022 | |
Credit Loss [Abstract] | |
Provision for Credit Losses | NOTE 16: PROVISION FOR CREDIT LOSSES Provisions for allowances and claims on accounts receivables and contract assets are based upon historical rates, expected trends, and estimates of potential returns, allowances, customer discounts, and incentives. The Company considers all available information when assessing the adequacy of the provision for allowances, claims, and doubtful accounts. The Company performs ongoing credit evaluations of customers and sets credit limits based upon review of the customers’ current credit information, payment history, and the current economic and industry environments. The Company’s credit loss reserve consists of two parts: a) a provision for estimated credit losses based on historical experience and b) a reserve for specific customer collection issues that the Company has identified. Estimation of credit losses requires adjusting historical loss experience for current economic conditions and judgments about the probable effects of economic conditions on certain customers. The following table provides a reconciliation of the provision for credit losses reported within the Condensed Consolidated Balance Sheets as of September 30, 2022: Changes in Provision for Expected Credit Losses (In millions) Balance at January 1, 2022 $ 2.2 Current period provision 1.5 Write-offs charged against allowance ( 0.5 ) Recoveries 0.4 Translation 0.1 Balance at September 30, 2022 $ 3.7 |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2022 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | NOTE 17: INCOME TAXES For the three months ended September 30, 2022, the Company recorded income tax expense of $ 20.5 million compared to $ 16.1 million in the prior year. The income tax expense for the three months ended September 30, 2022 and 2021 primarily represent taxes at federal and local statutory rates where the Company operates. For the nine months ended September 30, 2022, the Company recorded income tax expense of $ 142.3 million compared to $ 62.2 million in the prior year. The income tax expense for the nine months ended September 30, 2022 and 2021 primarily represent taxes at federal and local statutory rates where the Company operates. The increase in the income tax provision in the first nine months of 2022 compared to the first nine months of 2021 is primarily a result of the increase in actual and forecasted earnings between the two periods. As required by ASC 740, the Company assesses the realizability of its deferred tax assets. The Company records a valuation allowance when, based upon the evaluation of all available evidence, it is more-likely-than-not that all or a portion of the deferred tax assets will not be realized. In making this determination, we analyze, among other things, our recent history of earnings, the nature and timing of reversing book-tax temporary differences, tax planning strategies, and future income. The Company maintains a valuation allowance on certain foreign and U.S. federal deferred tax assets until such time as in management’s judgment, considering all available positive and negative evidence, the Company determines that these deferred tax assets are more likely than not realizable. The valuation allowance is reviewed quarterly and will be maintained until sufficient positive evidence exists to support the reversal of some or all of the valuation allowance. The valuation allowance was $ 5.0 million at both September 30, 2022 and December 31, 2021. The Company accounts for uncertain income tax positions in accordance with ASC 740. We anticipate that certain statutes of limitation will close within the next twelve months resulting in the immaterial reduction of the reserve for uncertain tax benefits related to various intercompany transactions. No changes were recorded in the first nine months of 2022 ; therefore, the balance of $ 0.8 million at December 31, 2021 remains unchanged. |
Earnings Per Share
Earnings Per Share | 9 Months Ended |
Sep. 30, 2022 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | NOTE 18: EARNINGS PER SHARE Basic earnings per share attributable to Ryerson Holding’s common stock is determined based on earnings for the period divided by the weighted average number of common shares outstanding during the period. Diluted earnings per share attributable to Ryerson Holding’s common stock considers the effect of potential common shares, unless inclusion of the potential common shares would have an antidilutive effect. The weighted-average number of shares excluded as they would have had an antidilutive effect were 195,147 and 131,397 for the three-month and nine-month periods ended September 30, 2022, respectively, and 44,909 and 42,262 for the three-month and nine-month periods ended September 30, 2021, respectively. The following table sets forth the calculation of basic and diluted earnings per share: Three Months Ended September 30, Nine Months Ended September 30, Basic and diluted earnings per share 2022 2021 2022 2021 (In millions, except number of shares which are reflected in thousands and per share data) Numerator: Net income attributable to Ryerson Holding Corporation $ 55.1 $ 49.7 $ 415.1 $ 187.9 Denominator: Weighted average shares outstanding 37,050 38,470 37,742 38,350 Dilutive effect of stock-based awards 712 621 756 472 Weighted average shares outstanding adjusted for dilutive securities 37,762 39,091 38,498 38,822 Earnings per share Basic $ 1.49 $ 1.29 $ 11.00 $ 4.90 Diluted $ 1.46 $ 1.27 $ 10.78 $ 4.84 |
Subsequent Events
Subsequent Events | 9 Months Ended |
Sep. 30, 2022 | |
Subsequent Events [Abstract] | |
Subsequent Events | NOTE 19: SUBSEQUENT EVENTS Acquisition. On November 1, 2022, JT Ryerson acquired Excelsior, Inc. (“Excelsior”). Based in Fresno, California, Excelsior is a full-service fabrication and machining company with advanced processing capabilities including machining centers, laser and waterjet cutting, welding, and complex assemblies. The acquisition is not material to our financial statements. Dividends. On November 2, 2022 , the Board of Directors declared a quarterly cash dividend in the amount of $ 0.16 per share of common stock, payable on December 15, 2022 , to stockholders of record as of December 1, 2022 . Future quarterly dividends, if any, will be subject to Board approval. |
Summary of Accounting and Finan
Summary of Accounting and Financial Policies (Policies) | 9 Months Ended |
Sep. 30, 2022 | |
Accounting Policies [Abstract] | |
Recent Accounting Pronouncements | Impact of Recently Issued Accounting Standards—Adopted No accounting pronouncements have been issued that impact our financial statements. Impact of Recently Issued Accounting Standards—Not Yet Adopted We consider the applicability and impact of all Accounting Standard Updates (“ASUs”). We assessed the ASUs and determined that they either were not applicable or were not expected to have a material impact on our financial statements. Therefore, there are no accounting pronouncements have been issued that we have not yet adopted. |
Cash, Cash Equivalents, and R_2
Cash, Cash Equivalents, and Restricted Cash (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Cash and Cash Equivalents [Abstract] | |
Reconciliation of Cash, Cash Equivalents, and Restricted Cash | The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the Condensed Consolidated Balance Sheets that sum to the total of the beginning and ending cash balances shown in the Condensed Consolidated Statements of Cash Flows: September 30, December 31, 2022 2021 (In millions) Cash and cash equivalents $ 50.9 $ 51.2 Restricted cash 1.2 1.2 Total cash, cash equivalents, and restricted cash $ 52.1 $ 52.4 |
Inventories (Tables)
Inventories (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventories | Inventories, at stated LIFO value, were classified at September 30, 2022 and December 31, 2021 as follows: September 30, December 31, 2022 2021 (In millions) In process and finished products $ 933.1 $ 832.1 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | Long-term debt consisted of the following at September 30, 2022 and December 31, 2021: September 30, December 31, 2022 2021 (In millions) Ryerson Credit Facility $ 471.0 $ 316.0 8.50% Senior Secured Notes due 2028 — 300.0 Foreign debt 7.9 27.0 Other debt 4.4 6.0 Unamortized debt issuance costs and discounts ( 6.4 ) ( 9.7 ) Total debt 476.9 639.3 Less: Short-term foreign debt 7.9 27.0 Less: Other short-term debt 1.7 1.8 Total long-term debt $ 467.3 $ 610.5 |
Employee Benefits (Tables)
Employee Benefits (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Retirement Benefits [Abstract] | |
Components of Net Periodic Benefit Cost (Credit) | The following tables summarize the components of net periodic benefit cost (credit) for the Ryerson pension plans and postretirement benefit plans other than pension: Three Months Ended September 30, Pension Benefits Other Benefits 2022 2021 2022 2021 (In millions) Components of net periodic benefit cost (credit) Service cost $ 0.7 $ 0.8 $ 0.1 $ 0.2 Interest cost 2.5 2.9 0.3 0.3 Expected return on assets ( 3.3 ) ( 5.8 ) — — Settlement charge (credit) ( 0.1 ) 98.4 — — Recognized actuarial (gain) loss 2.0 3.9 ( 1.5 ) ( 1.5 ) Amortization of prior service credit — — — ( 0.2 ) Net periodic benefit cost (credit) $ 1.8 $ 100.2 $ ( 1.1 ) $ ( 1.2 ) Nine Months Ended September 30, Pension Benefits Other Benefits 2022 2021 2022 2021 (In millions) Components of net periodic benefit cost (credit) Service cost $ 2.1 $ 2.6 $ 0.3 $ 0.4 Interest cost 7.4 8.8 0.9 0.9 Expected return on assets ( 10.0 ) ( 17.6 ) — — Settlement charge - 98.8 — — Recognized actuarial (gain) loss 6.0 11.7 ( 4.4 ) ( 4.5 ) Amortization of prior service credit — — ( 0.1 ) ( 0.4 ) Net periodic benefit cost (credit) $ 5.5 $ 104.3 $ ( 3.3 ) $ ( 3.6 ) |
Derivatives and Fair Value Me_2
Derivatives and Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Investments, All Other Investments [Abstract] | |
Location and Fair Value Amount of Derivative Instruments | The follow ing table summarizes the location and fair value amount of our derivative instruments reported in our Condensed Consolidated Balance Sheets as of September 30, 2022 and December 31, 2021: Asset Derivatives Liability Derivatives Balance Sheet Location September 30, 2022 December 31, 2021 Balance Sheet Location September 30, 2022 December 31, 2021 Derivatives not designated as hedging instruments under ASC 815 (In millions) Metal commodity contracts Prepaid expenses and $ 18.1 $ 13.0 Other accrued $ 21.9 $ 35.1 Diesel fuel commodity contracts Prepaid expenses and 0.3 — Other accrued — — 2028 Notes embedded derivative Prepaid expenses and — 0.2 Other accrued — — Foreign exchange contracts Prepaid expenses and 0.1 — Other accrued — — Interest rate swaps Prepaid expenses and other current assets — — Other accrued liabilities — 1.4 Total derivatives $ 18.5 $ 13.2 $ 21.9 $ 36.5 |
Volume of Company 's Activity in Derivative Instruments | The followi ng table presents the volume of the Company’s activity in derivative instruments as of September 30, 2022 and December 31, 2021: Notional Amount Derivative Instruments At September 30, 2022 At December 31, 2021 Unit of Measurement Hot roll coil swap contracts 77,952 176,859 Tons Aluminum swap contracts 8,452 20,949 Tons Nickel swap contracts 487 857 Tons Diesel fuel swap contracts 280,000 840,000 Gallons Foreign currency exchange contracts 1.5 million 4.5 million U.S. dollars Interest rate swap contracts — 160 million U.S. dollars |
Location and Amount of Gains and Losses on Derivatives Not Designated as Hedging Instruments Reported in Condensed Consolidated Statements of Comprehensive Income | The follo wing table summarizes the location and amount of gains and losses on derivatives not designated as hedging instruments reported in our Condensed Consolidated Statements of Comprehensive Income for the three and nine months ended September 30, 2022 and 2021: Derivatives not designated as Location of Gain/(Loss) Amount of Gain/(Loss) Recognized in Income on Derivatives hedging instruments Recognized in Income Three Months Ended September 30, Nine Months Ended September 30, under ASC 815 on Derivatives 2022 2021 2022 2021 Metal commodity contracts Cost of materials sold $ ( 3.0 ) $ ( 3.8 ) $ ( 1.6 ) $ ( 43.9 ) Diesel fuel commodity contracts Warehousing, delivery, selling, general, and administrative ( 0.1 ) — 1.1 — 2028 Notes embedded derivative Other income and (expense), net — ( 0.9 ) ( 0.2 ) ( 1.9 ) Foreign exchange contracts Other income and (expense), net 0.1 — 0.1 0.2 Interest rate swaps Interest and other expense on debt — ( 0.1 ) 0.8 ( 0.1 ) Total $ ( 3.0 ) $ ( 4.8 ) $ 0.2 $ ( 45.7 ) Amount of Gain/(Loss) Reclassified from Interest rate swaps (subsequent to de-designation) Interest and other expense on debt $ ( 0.5 ) $ ( 0.5 ) $ ( 1.9 ) $ ( 1.6 ) |
Assets and Liabilities Measured and Recorded at Fair Value | The following table presents assets and liabilities measured and recorded at fair value on our Condensed Consolidated Balance Sheet on a recurring basis and their level within the fair value hierarchy as of September 30, 2022: At September 30, 2022 Level 1 Level 2 Level 3 (In millions) Assets Derivatives: Derivatives not designated as hedging instruments under ASC 815: Metal commodity contracts $ — $ 18.1 $ — Diesel fuel commodity contracts — 0.3 — Foreign currency contracts — 0.1 — Interest rate swaps — — — Total derivatives $ — $ 18.5 $ — Liabilities Derivatives: Derivatives not designated as hedging instruments under ASC 815: Metal commodity contracts $ — $ 21.9 $ — The following table presents assets and liabilities measured and recorded at fair value on our Condensed Consolidated Balance Sheet on a recurring basis and their level within the fair value hierarchy as of December 31, 2021: At December 31, 2021 Level 1 Level 2 Level 3 (In millions) Assets Derivatives: Derivatives not designated as hedging instruments under ASC 815: Metal commodity contracts $ — $ 13.0 $ — 2028 Notes embedded derivative — — 0.2 Total derivatives $ — $ 13.0 $ 0.2 Liabilities Derivatives: Derivatives not designated as hedging instruments under ASC 815: Metal commodity contracts $ — $ 35.1 $ — Interest rate swaps — 1.4 — Total derivatives $ — $ 36.5 $ — |
Financial Instruments Measured at Fair Value | The changes in financial instruments measured at fair value for which the Company has used Level 3 inputs to determine fair value are as follows: 2028 Notes Embedded Derivative (In millions) Balance at January 1, 2022 $ 0.2 Unrealized loss recorded in other income and (expense), net ( 0.2 ) Balance at September 30, 2022 $ — 2028 Notes Embedded Derivative (In millions) Balance at January 1, 2021 $ 2.3 Unrealized loss recorded in other income and (expense), net ( 1.9 ) Balance at September 30, 2021 $ 0.4 |
Carrying and Estimated Fair Values of Financial Instruments | The carrying and estimated fair values of our financial instruments at September 30, 2022 and December 31, 2021 were as follows: At September 30, 2022 At December 31, 2021 Carrying Amount Fair Value Carrying Amount Fair Value (In millions) Cash and cash equivalents $ 50.9 $ 50.9 $ 51.2 $ 51.2 Restricted cash 1.2 1.2 1.2 1.2 Receivables less provisions 645.8 645.8 630.8 630.8 Accounts payable 511.4 511.4 481.2 481.2 Long-term debt, including current portion 476.9 476.9 639.3 666.8 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Share-Based Payment Arrangement [Abstract] | |
Summary of the Activity For Unvested Restricted Stock Units and Performance Stock Units | A summary of the status of our unvested RSUs and PSUs as of September 30, 2022 and changes during the nine months then ended is as follows: Shares Weighted Average Grant Date Fair Value Per Unit (In thousands) Restricted Stock Units Unvested at January 1, 2022 317 $ 12.00 Granted (1) 198 34.44 Vested ( 155 ) 10.56 Forfeited ( 3 ) 18.45 Unvested at September 30, 2022 357 $ 25.00 Performance Stock Units Unvested at January 1, 2022 684 $ 10.62 Granted 277 35.02 Vested ( 215 ) 8.56 Forfeited ( 5 ) 14.53 Unvested at September 30, 2022 741 $ 20.31 Shares reserved for future grants 952 (1) The RSU shares granted line includes dividend shares declared after the grant date that will vest with their respective RSU tranche. |
Stockholders' Equity, Accumul_2
Stockholders' Equity, Accumulated Other Comprehensive Income (Loss) and Noncontrolling Interest (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Equity [Abstract] | |
Change in Stockholders' Equity (Deficit), Accumulated Other Comprehensive Income (Loss) and Noncontrolling Interest | The following table details changes in Ryerson Holding Corporation Stockholders’ Equity accounts for the three quarters ended September 30, 2022: Accumulated Other Common Treasury Capital in Retained Earnings Foreign Benefit Plan Interest Rate Swap Non-controlling Total Shares Dollars Shares Dollars Dollars Dollars Dollars Dollars Dollars Dollars Dollars (In millions, except shares in thousands) Balance at January 1, 2022 38,687 $ 0.4 ( 293 ) $ ( 8.4 ) $ 388.6 $ 321.7 $ ( 49.1 ) $ ( 114.5 ) $ ( 1.5 ) $ 7.4 $ 544.6 Net income — — — — — 163.6 — — — 0.2 163.8 Foreign currency translation — — — — — — 1.5 — — — 1.5 Changes in defined benefit pension and other post-retirement benefit plans, net of tax of $ 0.1 — — — — — — — 0.7 — — 0.7 Share repurchases — — ( 20 ) ( 0.5 ) — — — — — — ( 0.5 ) Stock-based compensation expense, net 371 — ( 77 ) ( 2.7 ) 1.3 — — — — — ( 1.4 ) Cash dividends and dividend equivalents — — — — — ( 3.9 ) — — — — ( 3.9 ) Interest rate swap, net of tax of zero — — — — — — — — 0.7 — 0.7 Balance at March 31, 2022 39,058 $ 0.4 ( 390 ) $ ( 11.6 ) $ 389.9 $ 481.4 $ ( 47.6 ) $ ( 113.8 ) $ ( 0.8 ) $ 7.6 $ 705.5 Net income — — — — — 196.4 — — — — 196.4 Foreign currency translation — — — — — — ( 2.2 ) — — ( 0.1 ) ( 2.3 ) Changes in defined benefit pension and other post-retirement benefit plans, net of tax of $ 0.4 — — — — — — — 0.2 — — 0.2 Share repurchases — — ( 1,613 ) ( 47.7 ) — — — — — — ( 47.7 ) Stock-based compensation expense, net 1 — — — 2.6 — — — — — 2.6 Cash dividends and dividend equivalents — — — — — ( 4.7 ) — — — — ( 4.7 ) Interest rate swap, net of tax of $ 0.2 — — — — — — — — 0.5 — 0.5 Balance at June 30, 2022 39,059 $ 0.4 ( 2,003 ) $ ( 59.3 ) $ 392.5 $ 673.1 $ ( 49.8 ) $ ( 113.6 ) $ ( 0.3 ) $ 7.5 $ 850.5 Net income — — — — — 55.1 — — — — 55.1 Foreign currency translation — — — — — — ( 9.9 ) — — 0.1 ( 9.8 ) Changes in defined benefit pension and other post-retirement benefit plans, net of tax of $ 0.1 — — — — — — — 0.4 — — 0.4 Share repurchases — — ( 35 ) ( 0.9 ) — — — — — — ( 0.9 ) Stock-based compensation expense, net — — — — 2.6 — — — — — 2.6 Cash dividends and dividend equivalents — — — — — ( 5.6 ) — — — — ( 5.6 ) Interest rate swap, net of tax of $ 0.2 — — — — — — — — 0.3 — 0.3 Balance at September 30, 2022 39,059 $ 0.4 ( 2,038 ) $ ( 60.2 ) $ 395.1 $ 722.6 $ ( 59.7 ) $ ( 113.2 ) $ — $ 7.6 $ 892.6 The following table details changes in Ryerson Holding Corporation Stockholders’ Equity accounts for the three quarters ended September 30, 2021: Accumulated Other Common Treasury Capital in Retained Earnings Foreign Benefit Plan Interest Rate Swap Non-controlling Total Shares Dollars Shares Dollars Dollars Dollars Dollars Dollars Dollars Dollars Dollars (In millions, except shares in thousands) Balance at January 1, 2021 38,330 $ 0.4 ( 213 ) $ ( 6.6 ) $ 383.1 $ 33.8 $ ( 47.0 ) $ ( 221.8 ) $ ( 3.1 ) $ 6.3 $ 145.1 Net income — — — — — 25.3 — — — 0.3 25.6 Foreign currency translation — — — — — — 0.1 — — ( 0.1 ) — Changes in defined benefit pension and other post-retirement benefit plans, net of tax of $ 0.5 — — — — — — — 2.0 — — 2.0 Stock-based compensation expense — — — — 1.6 — — — — — 1.6 Interest rate swap, net of tax of $ 0.1 — — — — — — — — 0.4 — 0.4 Balance at March 31, 2021 38,330 $ 0.4 ( 213 ) $ ( 6.6 ) $ 384.7 $ 59.1 $ ( 46.9 ) $ ( 219.8 ) $ ( 2.7 ) $ 6.5 $ 174.7 Net income — — — — — 112.9 — — — 0.4 113.3 Foreign currency translation — — — — — — 1.5 — — 0.1 1.6 Changes in defined benefit pension and other post-retirement benefit plans, net of tax of $ 0.6 — — — — — — — 2.0 — — 2.0 Stock-based compensation expense 357.0 — — — 1.5 — — — — — 1.5 Interest rate swap, net of tax of $ 0.2 — — — — — — — — 0.4 — 0.4 Balance at June 30, 2021 38,687 $ 0.4 ( 213 ) $ ( 6.6 ) $ 386.2 $ 172.0 $ ( 45.4 ) $ ( 217.8 ) $ ( 2.3 ) $ 7.0 $ 293.5 Net income — — — — — 49.7 — — — 0.3 50.0 Foreign currency translation — — — — — — ( 3.4 ) — — ( 0.1 ) ( 3.5 ) Changes in defined benefit pension and other post-retirement benefit plans, net of tax of $ 31.1 — — — — — — — 90.7 — — 90.7 Share repurchases — — ( 38.0 ) ( 0.9 ) — — — — — — ( 0.9 ) Stock-based compensation expense — — — — 1.2 — — — — — 1.2 Cash dividends and dividend equivalents — — — — — ( 3.1 ) — — — — ( 3.1 ) Interest rate swap, net of tax of $ 0.1 — — — — — — — — 0.4 — 0.4 Balance at September 30, 2021 38,687 $ 0.4 ( 251 ) $ ( 7.5 ) $ 387.4 $ 218.6 $ ( 48.8 ) $ ( 127.1 ) $ ( 1.9 ) $ 7.2 $ 428.3 |
Changes in Accumulated Other Comprehensive Income/(Loss) Net of Tax by Component | The following table details changes in accumulated other comprehensive income (loss), net of tax, for the nine months ended September 30, 2022: Changes in Accumulated Other Comprehensive Foreign Benefit Interest Rate Swap (In millions) Balance at January 1, 2022 $ ( 49.1 ) $ ( 114.5 ) $ ( 1.5 ) Other comprehensive loss before reclassifications ( 10.6 ) — — Amounts reclassified from accumulated other comprehensive income into net income — 1.3 1.5 Net current-period other comprehensive income (loss) ( 10.6 ) 1.3 1.5 Balance at September 30, 2022 $ ( 59.7 ) $ ( 113.2 ) $ — |
Reclassifications Out of Accumulated Other Comprehensive Income (Loss) | The following table details the reclassifications out of accumulated other comprehensive income (loss) for the three-month and nine-month periods ended September 30, 2022: Reclassifications Out of Accumulated Other Comprehensive Income (Loss) Amount reclassified from Accumulated Other Comprehensive Income (Loss) Three Months Ended Nine Months Ended Affected line item in the Condensed Details about Accumulated Other September 30, 2022 Consolidated Statements of Comprehensive Income (Loss) Components (In millions) Comprehensive Income Amortization of defined benefit pension and other post-retirement benefit plan items Actuarial loss $ 0.6 $ 1.8 Other income and (expense), net Pension settlement ( 0.1 ) — Other income and (expense), net Prior service credits — ( 0.1 ) Other income and (expense), net Total before tax 0.5 1.7 Tax benefit ( 0.1 ) ( 0.4 ) Net of tax $ 0.4 $ 1.3 Interest rate swap Realized swap interest $ 0.5 $ 1.9 Interest and other expense on debt Tax benefit ( 0.2 ) ( 0.4 ) Net of tax $ 0.3 $ 1.5 The following table details the reclassifications out of accumulated other comprehensive income (loss) for the three-month and nine-month periods ended September 30, 2021: Reclassifications Out of Accumulated Other Comprehensive Income (Loss) Amount reclassified from Accumulated Other Comprehensive Income (Loss) Three Months Ended Nine Months Ended Affected line item in the Condensed Details about Accumulated Other September 30, 2021 Consolidated Statements of Comprehensive Income (Loss) Components (In millions) Comprehensive Income Amortization of defined benefit pension and other post-retirement benefit plan items Actuarial loss $ 2.4 $ 7.3 Other income and (expense), net Pension settlement 98.4 98.8 Other income and (expense), net Prior service credits ( 0.1 ) ( 0.3 ) Other income and (expense), net Total before tax 100.7 105.8 Tax benefit ( 23.1 ) ( 24.2 ) Net of tax $ 77.6 $ 81.6 Interest rate swap Realized swap interest $ 0.5 $ 1.6 Interest and other expense on debt Tax benefit ( 0.1 ) ( 0.4 ) Net of tax $ 0.4 $ 1.2 |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Revenue Recognition [Abstract] | |
Summary of Disaggregated Revenue | The Company derives substantially all of its sales from the distribution of metals. The following table shows the Company’s percentage of sales by major product line: Three Months Ended Nine Months Ended September 30, September 30, Product Line 2022 2021 2022 2021 Carbon Steel Flat 31 % 31 % 30 % 31 % Carbon Steel Plate 10 10 10 10 Carbon Steel Long 14 13 13 13 Stainless Steel Flat 15 19 17 18 Stainless Steel Plate 4 5 4 4 Stainless Steel Long 5 4 5 4 Aluminum Flat 14 11 13 13 Aluminum Plate 2 2 2 2 Aluminum Long 4 4 4 4 Other 1 1 2 1 Total 100 % 100 % 100 % 100 % A significant majority of the Company’s sales are attributable to its U.S. operations. The only operations attributed to foreign countries relate to the Company’s subsidiaries in Canada, China, and Mexico. The following table summarizes consolidated financial information of our operations by geographic location based on where sales originated: Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Net Sales (In millions) United States 1,401.0 $ 1,431.3 $ 4,594.2 $ 3,733.8 Foreign countries 142.1 143.8 $ 441.2 407.6 Total $ 1,543.1 $ 1,575.1 $ 5,035.4 $ 4,141.4 Revenue is recognized either at a point in time or over time based on if the contract has an enforceable right to payment and the type of product that is being sold to the customer, with products that are determined to have no alternative use being recognized over time. The following table summarizes revenues by the type of item sold: Three Months Ended September 30, Nine Months Ended September 30, Timing of Revenue Recognition 2022 2021 2022 2021 Revenue on products with an alternative use 89 % 90 % 90 % 90 % Revenue on products with no alternative use 11 10 10 10 Total 100 % 100 % 100 % 100 % |
Summary of Significant Changes in Contract Assets and Contract Liabilities Balances | Significant changes in the contract assets and the contract liabilities balances during the period are as follows: Contract Assets Contract Liabilities (In millions) Beginning Balance at January 1, 2022 $ 21.3 $ 15.1 Contract liability satisfied during the period — ( 17.1 ) Contract liability incurred during the period — 21.2 Net change in contract assets and liabilities for products with no alternative use during the period ( 4.3 ) — Changes to reserves 0.3 1.3 Ending Balance at September 30, 2022 $ 17.3 $ 20.5 |
Provision for Credit Losses (Ta
Provision for Credit Losses (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Credit Loss [Abstract] | |
Schedule of Reconciliation of Provision for Credit Losses | The following table provides a reconciliation of the provision for credit losses reported within the Condensed Consolidated Balance Sheets as of September 30, 2022: Changes in Provision for Expected Credit Losses (In millions) Balance at January 1, 2022 $ 2.2 Current period provision 1.5 Write-offs charged against allowance ( 0.5 ) Recoveries 0.4 Translation 0.1 Balance at September 30, 2022 $ 3.7 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Earnings Per Share [Abstract] | |
Calculation of Basic and Diluted Earnings Per Share | The following table sets forth the calculation of basic and diluted earnings per share: Three Months Ended September 30, Nine Months Ended September 30, Basic and diluted earnings per share 2022 2021 2022 2021 (In millions, except number of shares which are reflected in thousands and per share data) Numerator: Net income attributable to Ryerson Holding Corporation $ 55.1 $ 49.7 $ 415.1 $ 187.9 Denominator: Weighted average shares outstanding 37,050 38,470 37,742 38,350 Dilutive effect of stock-based awards 712 621 756 472 Weighted average shares outstanding adjusted for dilutive securities 37,762 39,091 38,498 38,822 Earnings per share Basic $ 1.49 $ 1.29 $ 11.00 $ 4.90 Diluted $ 1.46 $ 1.27 $ 10.78 $ 4.84 |
Financial Statements - Addition
Financial Statements - Additional Information (Detail) - shares | Sep. 30, 2022 | May 13, 2022 |
Parent company shares owned by affiliates | 15,924,478 | |
Parent company percentage owned by affiliates | 43% | |
Platinum Equity LLC [Member] | ||
Common shares sold by affiliate | 3,500,000 | |
Treasury Stock, Common, Shares | 1,613,022 | |
Parent company percentage owned by affiliates | 43% | 54% |
Cash, Cash Equivalents, and R_3
Cash, Cash Equivalents, and Restricted Cash - Reconciliation of Cash, Cash Equivalents, and Restricted Cash (Detail) - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 |
Cash and Cash Equivalents [Abstract] | ||
Cash and cash equivalents | $ 50.9 | $ 51.2 |
Restricted cash | 1.2 | 1.2 |
Total cash, cash equivalents, and restricted cash | $ 52.1 | $ 52.4 |
Inventories - Additional Inform
Inventories - Additional Information (Detail) - USD ($) $ in Millions | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | |
Inventory Disclosure [Abstract] | |||
LIFO inventory related additional information | In the first quarter of 2022, we elected to recognize the interim effects of the LIFO inventory valuation method by projecting expected year-end inventory levels and LIFO costs and allocating that projection to the interim quarters on a pro-rata basis. | ||
LIFO expense (income) | $ 92.7 | $ 290.9 | |
Inventory LIFO reserve | $ 211 | $ 303 | |
Inventories accounted under the LIFO method | 88% | 88% | |
Consignment inventory | $ 8.7 | $ 8.8 |
Inventories - Schedule of Inven
Inventories - Schedule of Inventories (Detail) - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 |
Inventory Disclosure [Abstract] | ||
In process and finished products | $ 933.1 | $ 832.1 |
Property, Plant, and Equipment
Property, Plant, and Equipment - Additional Information (Detail) - USD ($) $ in Millions | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | |
Property, Plant and Equipment [Line Items] | |||
Right of use assets | $ 242.4 | $ 211.1 | |
Gain from sale leaseback transaction | 3.8 | $ 107.7 | |
Additional cash proceeds from the sale of assets | $ 8 | 2.8 | |
Land and Building [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Land and building assets, net of accumulated depreciation | 65.4 | ||
Sale leaseback transaction, net cash proceeds | 163.2 | ||
Gain from sale leaseback transaction | 107.7 | ||
Sale Lease Back Transaction [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Right of use assets | 95.1 | ||
Lease liabilities | $ 86.4 | ||
Minimum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Sale Leaseback Transaction, Lease Terms | 21 months | ||
Maximum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Sale Leaseback Transaction, Lease Terms | 15 years | ||
Senior Notes [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Debt Instrument, Interest Rate, Stated Percentage | 8.50% |
Leases - Additional Information
Leases - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2022 | Dec. 31, 2021 | |
Lessee, Lease, Description [Line Items] | |||
Right of use assets | $ 242.4 | $ 242.4 | $ 211.1 |
Operating lease liability | 215.6 | $ 215.6 | $ 184.8 |
Facility in Centralia, Washington [Member] | |||
Lessee, Lease, Description [Line Items] | |||
Annual rent | $ 2.8 | ||
Percentage of annual increase in rent expense | 2.25% | ||
Lease term | 20 years | 20 years | |
Lessee, Operating Lease, Existence of Option to Extend [true false] | true | ||
Renewal term in each option | 5 years | 5 years | |
Description of renewal option | The lease includes two renewal options of five years each. | ||
Right of use assets | $ 51.2 | $ 51.2 | |
Operating lease liability | $ 46.1 | 46.1 | |
Lease prepayment | $ 5.1 |
Goodwill and Other Intangible_2
Goodwill and Other Intangible Assets - Additional Information (Detail) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2022 | Dec. 31, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Goodwill | $ 125 | $ 124.1 |
Additional goodwill during acquisitions | $ 0.9 | |
Annual goodwill impairment test date | Oct. 01, 2021 | |
Impairment charge | $ 0 | |
Intangibles assets from acquisitions | $ 4.2 |
Acquisitions - Additional Infor
Acquisitions - Additional Information (Detail) - USD ($) $ in Millions | 9 Months Ended | ||||
Aug. 31, 2022 | May 31, 2022 | May 09, 2022 | Feb. 28, 2022 | Sep. 30, 2022 | |
Business Acquisition [Line Items] | |||||
Cash Paid for Equity Method Investment | $ 2 | ||||
Bargain purchase gain | $ 0.6 | ||||
FreeFORM Manufacturing, LLC [Member] | |||||
Business Acquisition [Line Items] | |||||
Cash Paid for Equity Method Investment | $ 2 | ||||
Percentage of ownership interest acquired | 30% | ||||
Apogee Steel Fabrication Incorporated [Member] | |||||
Business Acquisition [Line Items] | |||||
Payments to acquire business | $ 3.1 | ||||
Ford Tool Steels, Inc. [Member] | |||||
Business Acquisition [Line Items] | |||||
Payments to acquire business | $ 2.9 | ||||
Bargain purchase gain | $ 0.6 | ||||
Howard Precision Metals, Inc [Member] | |||||
Business Acquisition [Line Items] | |||||
Payments to acquire business | $ 19.5 |
Long-Term Debt - Long-Term Debt
Long-Term Debt - Long-Term Debt (Detail) - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 |
Debt Instrument [Line Items] | ||
Foreign debt | $ 7.9 | $ 27 |
Other debt | 4.4 | 6 |
Unamortized debt issuance costs and discounts | (6.4) | (9.7) |
Total debt | 476.9 | 639.3 |
Less: Other short-term debt | 1.7 | 1.8 |
Total long-term debt | 467.3 | 610.5 |
Ryerson Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Ryerson Credit Facility | $ 471 | 316 |
2028 Notes [Member] | ||
Debt Instrument [Line Items] | ||
Senior secured notes | $ 300 |
Long-Term Debt - Ryerson Credit
Long-Term Debt - Ryerson Credit Facility - Additional Information (Detail) - USD ($) $ in Millions | 1 Months Ended | 9 Months Ended | ||||
Jun. 29, 2022 | Nov. 30, 2019 | Jun. 30, 2019 | Sep. 30, 2022 | Jun. 28, 2022 | Dec. 31, 2021 | |
Ryerson Credit Facility [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Revolving credit facility maximum borrowing capacity | $ 1,300 | $ 1,000 | ||||
Credit facility maturity date | Jun. 29, 2027 | |||||
Outstanding borrowings | $ 471 | $ 316 | ||||
Letters of credit | 15 | 14 | ||||
Available credit facility | $ 815 | $ 670 | ||||
Line of credit facility, description of collateral | Total credit availability is limited by the amount of eligible accounts receivable, inventory, and qualified cash pledged as collateral under the agreement insofar as Ryerson is subject to a borrowing base comprised of the aggregate of these three amounts, less applicable reserves. Eligible accounts receivable, at any date of determination, is comprised of the aggregate value of all accounts directly created by a borrower in the ordinary course of business arising out of the sale of goods or the rendering of services, each of which has been invoiced, with such receivables adjusted to exclude various ineligible accounts, including, among other things, those to which a borrower (or guarantor, as applicable) does not have sole and absolute title and accounts arising out of a sale to an employee, officer, director, or affiliate of a borrower (or guarantor, as applicable). Eligible inventory, at any date of determination, is comprised of the net orderly liquidation value of all inventory owned by a borrower. Qualified cash consists of cash in an eligible deposit account that is subject to customary restrictions and liens in favor of the lenders. | |||||
Debt instrument basis spread reduction rate | 0.125% | |||||
Debt instrument basis spread leverage ratio | 3.50 | |||||
Default bear interest rate | 2% | |||||
Commitment fees on amounts not borrowed | 0.20% | |||||
Weighted average interest rate | 4.40% | 2.50% | ||||
Ryerson Credit Facility [Member] | First Interest Rate Swap [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Interest rate swap agreement date | 2019-06 | |||||
Hedged debt amount | $ 60 | |||||
Derivative fixed interest rate | 1.729% | |||||
Derivative maturity period | 2022-06 | |||||
Ryerson Credit Facility [Member] | Second Interest Rate Swap [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Interest rate swap agreement date | 2019-11 | |||||
Hedged debt amount | $ 100 | |||||
Derivative fixed interest rate | 1.539% | |||||
Derivative maturity period | 2022-11 | |||||
Ryerson Credit Facility [Member] | London Interbank Offered Rate (LIBOR) | First Interest Rate Swap [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Derivative fixed interest rate | 1.729% | |||||
Ryerson Credit Facility [Member] | London Interbank Offered Rate (LIBOR) | Second Interest Rate Swap [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Derivative fixed interest rate | 1.539% | |||||
Ryerson Credit Facility [Member] | Term SOFR Rate [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Spread over base interest rate | 1% | |||||
Ryerson Credit Facility [Member] | US Borrower [Member] | Federal Funds Rate [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Spread over base interest rate | 0.50% | |||||
Ryerson Credit Facility [Member] | Canadian Borrower [Member] | Prime Rate and Term S O F R Rate [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Spread over base interest rate | 1% | |||||
Ryerson Credit Facility [Member] | Minimum [Member] | Base Rate [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Spread over base interest rate | 0.25% | |||||
Ryerson Credit Facility [Member] | Minimum [Member] | S O F R and C D O R Rates [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Spread over base interest rate | 1.25% | |||||
Ryerson Credit Facility [Member] | Maximum [Member] | Base Rate [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Spread over base interest rate | 0.50% | |||||
Ryerson Credit Facility [Member] | Maximum [Member] | S O F R and C D O R Rates [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Spread over base interest rate | 1.50% | |||||
Old Revolving Credit Facility [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Credit facility maturity date | Nov. 05, 2025 | |||||
First In Last Out Subfacility | Ryerson Credit Facility [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Amount of borrow under FILO Facility | $ 100 | |||||
FILO facility expiration | 2 years |
Long-Term Debt - 2028 Notes - A
Long-Term Debt - 2028 Notes - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||
Sep. 30, 2022 | Jun. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | Jul. 22, 2020 | |
Debt Instrument [Line Items] | |||||||
Gain (loss) on retirement of debt | $ (21.3) | $ (5.5) | |||||
Loss on retirement of debt | $ 1.5 | $ 5.5 | 21.3 | $ 5.5 | |||
2028 Notes [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt Instrument, Face Amount | $ 500 | ||||||
Principal Amount For Partial Redemption | $ 200 | ||||||
Debt principal amount remained outstanding | 0 | 0 | 300 | ||||
Debt instrument repurchased, redeemed, and retired | 50 | 300 | |||||
2028 Notes Embedded Derivative Fair Value | 0 | 0 | $ 0.2 | ||||
Change in embedded derivative fair value | 0.2 | ||||||
Cash outflow to retire debt | $ 51.5 | $ 319.2 | |||||
Redemption price as a percentage of principal amount | 103% | ||||||
Gain (loss) on retirement of debt | $ (1.5) | ||||||
Debt Instrument Interest Rate Stated Percentage | 8.50% | 8.50% | |||||
2028 Notes [Member] | Tender Offer [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt instrument repurchased, redeemed, and retired | $ 132.2 | ||||||
Principal amount of debt instrument repurchased | 132.2 | ||||||
Cash outflow to retire debt | 140.8 | ||||||
Gain (loss) on retirement of debt | 10.7 | ||||||
Debt issuance cost written off | $ 2.1 | ||||||
2028 Notes [Member] | Other Income and (Expense), Net [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Loss on retirement of debt | $ 21.3 | ||||||
2028 Notes [Member] | Interest Expense [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt issuance cost written off | $ 2.6 |
Long-Term Debt - Foreign Debt -
Long-Term Debt - Foreign Debt - Additional Information (Detail) - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 |
Debt Instrument [Line Items] | ||
Foreign debt | $ 7.9 | $ 27 |
Foreign Debt [Member] | ||
Debt Instrument [Line Items] | ||
Available credit facility | 40 | 20 |
Letters of credit issued by our foreign subsidiaries | 2 | 6 |
Foreign Debt [Member] | Owed to Banks [Member] | Ryerson China [Member] | ||
Debt Instrument [Line Items] | ||
Foreign debt | $ 7.9 | $ 27 |
Weighted average interest rate | 3.60% | 3.60% |
Employee Benefits - Components
Employee Benefits - Components of Net Periodic Benefit Cost (Credit) (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Settlement charge (credit) | $ (98.8) | |||
Pension Benefits [Member] | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Service cost | $ 0.7 | $ 0.8 | $ 2.1 | 2.6 |
Interest cost | 2.5 | 2.9 | 7.4 | 8.8 |
Expected return on assets | (3.3) | (5.8) | (10) | (17.6) |
Settlement charge (credit) | (0.1) | 98.4 | 98.8 | |
Recognized actuarial (gain) loss | 2 | 3.9 | 6 | 11.7 |
Net periodic benefit cost (credit) | 1.8 | 100.2 | 5.5 | 104.3 |
Other Postretirement Benefits [Member] | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Service cost | 0.1 | 0.2 | 0.3 | 0.4 |
Interest cost | 0.3 | 0.3 | 0.9 | 0.9 |
Recognized actuarial (gain) loss | (1.5) | (1.5) | (4.4) | (4.5) |
Amortization of prior service credit | (0.2) | (0.1) | (0.4) | |
Net periodic benefit cost (credit) | $ (1.1) | $ (1.2) | $ (3.3) | $ (3.6) |
Employee Benefits - Additional
Employee Benefits - Additional Information (Detail) - USD ($) $ in Millions | 9 Months Ended | |||
Sep. 30, 2021 | Sep. 24, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Defined Benefit Plan Disclosure [Line Items] | ||||
Payment price for purchased annuities on behalf of participants | $ 206.6 | |||
Pension settlement charge due to annuitization | $ (98.3) | |||
Discount rate | 2.80% | 2.42% | ||
Expected long-term rate of return on pension assets | 4.35% | 5.05% | ||
Pension Benefits [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Contribution to the pension plan fund | $ 6.2 | |||
Anticipated minimum required pension contribution funding | $ 0.5 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) - USD ($) $ in Millions | 9 Months Ended | |
Jan. 02, 2020 | Sep. 30, 2022 | |
Loss Contingencies [Line Items] | ||
Record of decision description | The ROD includes a combination of dredging, capping, and enhanced natural recovery that would take approximately thirteen years to construct plus additional time for monitored natural recovery | |
Estimated present value cost for construction and recovery | $ 1,050 | |
Remediation plan description | the EPA indicated that it expected PRPs to submit a plan during 2019 to start remediation of the river and harbor per the ROD within the next two to three years. | |
Percentage of acreage on remediation | 100% | |
Minimum [Member] | ||
Loss Contingencies [Line Items] | ||
Remediation plan due date | 2 years | |
Maximum [Member] | ||
Loss Contingencies [Line Items] | ||
Remediation plan due date | 3 years |
Derivatives and Fair Value Me_3
Derivatives and Fair Value Measurements - Additional Information (Detail) - USD ($) $ in Millions | 1 Months Ended | 9 Months Ended | |||
Aug. 31, 2022 | Sep. 30, 2022 | Dec. 31, 2021 | Nov. 30, 2019 | Jun. 30, 2019 | |
2028 Notes [Member] | |||||
Derivatives Fair Value [Line Items] | |||||
Value of embedded derivative | $ 0 | $ 0.2 | |||
Minimum [Member] | |||||
Derivatives Fair Value [Line Items] | |||||
General term for commodity and exchange contracts | 1 month | ||||
Maximum [Member] | |||||
Derivatives Fair Value [Line Items] | |||||
General term for commodity and exchange contracts | 12 months | ||||
Interest Rate Swaps [Member] | |||||
Derivatives Fair Value [Line Items] | |||||
Value of derivatives terminated | $ 100 | ||||
Derivative notional amount | $ 0 | $ 160 | |||
Ryerson Credit Facility [Member] | |||||
Derivatives Fair Value [Line Items] | |||||
Credit facility terms | 30 to 60 days | ||||
Ryerson Credit Facility [Member] | Second Interest Rate Swap [Member] | |||||
Derivatives Fair Value [Line Items] | |||||
Derivative notional amount | $ 100 | ||||
Derivative fixed interest rate | 1.539% | ||||
Ryerson Credit Facility [Member] | Interest Rate Swaps [Member] | |||||
Derivatives Fair Value [Line Items] | |||||
Derivative notional amount | $ 60 | ||||
Derivative fixed interest rate | 1.729% |
Derivatives and Fair Value Me_4
Derivatives and Fair Value Measurements - Location and Fair Value Amount of Derivative Instruments (Detail) - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 |
Derivatives Fair Value [Line Items] | ||
Asset Derivatives, Fair Value | $ 18.5 | $ 13.2 |
Derivative Asset, Statement of Financial Position [Extensible Enumeration] | Prepaid Expense and Other Assets, Current | Prepaid Expense and Other Assets, Current |
Liability Derivatives, Fair Value | $ 21.9 | $ 36.5 |
Derivatives Not Designated as Hedging Instruments under ASC 815 [Member] | Metal Commodity Contracts [Member] | ||
Derivatives Fair Value [Line Items] | ||
Asset Derivatives, Fair Value | 18.1 | 13 |
Derivatives Not Designated as Hedging Instruments under ASC 815 [Member] | Metal Commodity Contracts [Member] | Other Accrued Liabilities [Member] | ||
Derivatives Fair Value [Line Items] | ||
Liability Derivatives, Fair Value | 21.9 | 35.1 |
Derivatives Not Designated as Hedging Instruments under ASC 815 [Member] | Diesel Fuel Commodity Contracts [Member] | ||
Derivatives Fair Value [Line Items] | ||
Asset Derivatives, Fair Value | 0.3 | |
Derivatives Not Designated as Hedging Instruments under ASC 815 [Member] | 2028 Notes Embedded Derivative [Member] | ||
Derivatives Fair Value [Line Items] | ||
Asset Derivatives, Fair Value | 0.2 | |
Derivatives Not Designated as Hedging Instruments under ASC 815 [Member] | Foreign Exchange Contract [Member] | ||
Derivatives Fair Value [Line Items] | ||
Asset Derivatives, Fair Value | $ 0.1 | |
Derivatives Not Designated as Hedging Instruments under ASC 815 [Member] | Interest Rate Swaps [Member] | Other Accrued Liabilities [Member] | ||
Derivatives Fair Value [Line Items] | ||
Liability Derivatives, Fair Value | $ 1.4 |
Derivatives and Fair Value Me_5
Derivatives and Fair Value Measurements - Volume of Company 's Activity in Derivative Instruments (Detail) $ in Millions | 9 Months Ended | 12 Months Ended |
Sep. 30, 2022 USD ($) T gal | Dec. 31, 2021 USD ($) T gal | |
Hot Roll Coil Swap Contracts [Member] | ||
Derivatives Fair Value [Line Items] | ||
Notional Amount | 77,952 | 176,859 |
Aluminum Swap Contracts [Member] | ||
Derivatives Fair Value [Line Items] | ||
Notional Amount | 8,452 | 20,949 |
Nickel Swap Contracts [Member] | ||
Derivatives Fair Value [Line Items] | ||
Notional Amount | 487 | 857 |
Diesel Fuel Swap Contracts [Member] | ||
Derivatives Fair Value [Line Items] | ||
Notional Amount | gal | 280,000 | 840,000 |
Foreign Exchange Contracts [Member] | ||
Derivatives Fair Value [Line Items] | ||
Derivative notional amount | $ | $ 1.5 | $ 4.5 |
Interest Rate Swaps [Member] | ||
Derivatives Fair Value [Line Items] | ||
Derivative notional amount | $ | $ 0 | $ 160 |
Derivatives and Fair Value Me_6
Derivatives and Fair Value Measurements - Location and Amount of Gains and Losses on Derivatives Not Designated as Hedging Instruments Reported in Condensed Consolidated Statements of Comprehensive Income (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Derivative Instruments Gain Loss [Line Items] | ||||
Amount of Gain/ (Loss) Recognized in Income on Derivatives | $ 18 | $ (37.7) | ||
Derivatives Not Designated as Hedging Instruments under ASC 815 [Member] | ||||
Derivative Instruments Gain Loss [Line Items] | ||||
Amount of Gain/ (Loss) Recognized in Income on Derivatives | $ (3) | $ (4.8) | 0.2 | (45.7) |
Derivatives Not Designated as Hedging Instruments under ASC 815 [Member] | Metal Commodity Contracts [Member] | ||||
Derivative Instruments Gain Loss [Line Items] | ||||
Amount of Gain/ (Loss) Recognized in Income on Derivatives | $ (3) | $ (3.8) | $ (1.6) | $ (43.9) |
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Cost of Goods and Services Sold | Cost of Goods and Services Sold | Cost of Goods and Services Sold | Cost of Goods and Services Sold |
Derivatives Not Designated as Hedging Instruments under ASC 815 [Member] | Diesel Fuel Commodity Contracts [Member] | ||||
Derivative Instruments Gain Loss [Line Items] | ||||
Amount of Gain/ (Loss) Recognized in Income on Derivatives | $ (0.1) | $ 1.1 | ||
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Selling, General and Administrative Expense | Selling, General and Administrative Expense | ||
Derivatives Not Designated as Hedging Instruments under ASC 815 [Member] | 2028 Notes Embedded Derivative [Member] | ||||
Derivative Instruments Gain Loss [Line Items] | ||||
Amount of Gain/ (Loss) Recognized in Income on Derivatives | $ (0.9) | $ (0.2) | $ (1.9) | |
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Nonoperating Income (Expense) | Nonoperating Income (Expense) | Nonoperating Income (Expense) | |
Derivatives Not Designated as Hedging Instruments under ASC 815 [Member] | Foreign Exchange Contracts [Member] | ||||
Derivative Instruments Gain Loss [Line Items] | ||||
Amount of Gain/ (Loss) Recognized in Income on Derivatives | $ 0.1 | $ 0.1 | $ 0.2 | |
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Nonoperating Income (Expense) | Nonoperating Income (Expense) | Nonoperating Income (Expense) | |
Derivatives Not Designated as Hedging Instruments under ASC 815 [Member] | Interest Rate Swaps [Member] | ||||
Derivative Instruments Gain Loss [Line Items] | ||||
Amount of Gain/ (Loss) Recognized in Income on Derivatives | $ (0.1) | $ 0.8 | $ (0.1) | |
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Interest and Debt Expense | Interest and Debt Expense | Interest and Debt Expense | |
Derivatives Not Designated as Hedging Instruments under ASC 815 [Member] | Interest Rate Swaps [Member] | Interest and Other Expense on Debt [Member] | ||||
Derivative Instruments Gain Loss [Line Items] | ||||
Amount of Gain/(Loss) Reclassified from Accumulated Other Comprehensive Income into Income | $ (0.5) | $ (0.5) | $ (1.9) | $ (1.6) |
Derivatives and Fair Value Me_7
Derivatives and Fair Value Measurements - Assets and Liabilities Measured and Recorded at Fair Value (Detail) - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Asset Derivatives, Fair Value | $ 18.5 | $ 13.2 |
Liability Derivatives, Fair Value | 21.9 | 36.5 |
Derivatives Not Designated as Hedging Instruments under ASC 815 [Member] | Metal Commodity Contracts [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Asset Derivatives, Fair Value | 18.1 | 13 |
Derivatives Not Designated as Hedging Instruments under ASC 815 [Member] | 2028 Notes Embedded Derivative [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Asset Derivatives, Fair Value | 0.2 | |
Derivatives Not Designated as Hedging Instruments under ASC 815 [Member] | Diesel Fuel Commodity Contracts [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Asset Derivatives, Fair Value | 0.3 | |
Fair Value, Measurements, Recurring [Member] | Derivatives Not Designated as Hedging Instruments under ASC 815 [Member] | Level 2 [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Asset Derivatives, Fair Value | 18.5 | 13 |
Liability Derivatives, Fair Value | 36.5 | |
Fair Value, Measurements, Recurring [Member] | Derivatives Not Designated as Hedging Instruments under ASC 815 [Member] | Level 2 [Member] | Metal Commodity Contracts [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Asset Derivatives, Fair Value | 18.1 | 13 |
Liability Derivatives, Fair Value | 21.9 | 35.1 |
Fair Value, Measurements, Recurring [Member] | Derivatives Not Designated as Hedging Instruments under ASC 815 [Member] | Level 2 [Member] | Diesel Fuel Commodity Contracts [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Asset Derivatives, Fair Value | 0.3 | |
Fair Value, Measurements, Recurring [Member] | Derivatives Not Designated as Hedging Instruments under ASC 815 [Member] | Level 2 [Member] | Foreign currency contracts [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Asset Derivatives, Fair Value | $ 0.1 | |
Fair Value, Measurements, Recurring [Member] | Derivatives Not Designated as Hedging Instruments under ASC 815 [Member] | Level 2 [Member] | Interest Rate Swaps [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Liability Derivatives, Fair Value | 1.4 | |
Fair Value, Measurements, Recurring [Member] | Derivatives Not Designated as Hedging Instruments under ASC 815 [Member] | Level 3 [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Asset Derivatives, Fair Value | 0.2 | |
Fair Value, Measurements, Recurring [Member] | Derivatives Not Designated as Hedging Instruments under ASC 815 [Member] | Level 3 [Member] | 2028 Notes Embedded Derivative [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Asset Derivatives, Fair Value | $ 0.2 |
Derivatives and Fair Value Me_8
Derivatives and Fair Value Measurements - Financial Instruments Measured at Fair Value (Details) - 2028 Notes Embedded Derivative [Member] - Level 3 [Member] - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||
Beginning balance | $ 0.2 | $ 2.3 |
Unrealized loss recorded in other income and (expense), net | $ (0.2) | (1.9) |
Ending balance | $ 0.4 |
Derivatives and Fair Value Me_9
Derivatives and Fair Value Measurements - Carrying and Estimated Fair Values Financial Instruments (Detail) - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 |
Carrying Amount [Member] | ||
Derivatives Fair Value [Line Items] | ||
Cash and cash equivalents | $ 50.9 | $ 51.2 |
Restricted cash | 1.2 | 1.2 |
Receivables less provisions | 645.8 | 630.8 |
Accounts payable | 511.4 | 481.2 |
Long-term debt, including current portion | 476.9 | 639.3 |
Fair Value [Member] | ||
Derivatives Fair Value [Line Items] | ||
Cash and cash equivalents | 50.9 | 51.2 |
Restricted cash | 1.2 | 1.2 |
Receivables less provisions | 645.8 | 630.8 |
Accounts payable | 511.4 | 481.2 |
Long-term debt, including current portion | $ 476.9 | $ 666.8 |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 9 Months Ended | |
Mar. 31, 2022 | Sep. 30, 2022 | Sep. 30, 2021 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Stock based compensation expense | $ 6.5 | $ 4.3 | |
Stock options exercised | 1,300 | 0 | |
Tax payments related to net share settlements | $ 2.7 | ||
Restricted Stock Units (RSUs) | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Weighted Average Grant Date Fair Value | $ 35.02 | ||
Vesting period | 3 years | ||
Performance Stock Units [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Weighted Average Grant Date Fair Value | $ 35.02 | ||
Vesting period | 3 years |
Stock-Based Compensation - Summ
Stock-Based Compensation - Summary of The Activity for Unvested Restricted Stock Units and Performance Stock Units (Details) shares in Thousands | 9 Months Ended | |
Sep. 30, 2022 $ / shares shares | ||
Restricted Stock Units (RSUs) | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Shares Unvested, Beginning Balance | shares | 317 | |
Shares,Granted | shares | 198 | [1] |
Shares,Vested | shares | (155) | |
Shares,Forfeited | shares | (3) | |
Shares Unvested, Ending Balance | shares | 357 | |
Weighted Average Grant Date Fair Value Per Unit, Beginning Balance | $ / shares | $ 12 | |
Weighted Average Grant Date Fair Value | $ / shares | 34.44 | [1] |
Weighted Average Grant Date Fair Value | $ / shares | 35.02 | |
Weighted Average Grant Date Fair Value Per Unit,Vested | $ / shares | 10.56 | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value | $ / shares | 18.45 | |
Weighted Average Grant Date Fair Value Per Unit, Ending Balance | $ / shares | $ 25 | |
Performance Stock Units [Member] | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Shares Unvested, Beginning Balance | shares | 684 | |
Shares,Granted | shares | 277 | |
Shares,Vested | shares | (215) | |
Shares,Forfeited | shares | (5) | |
Shares Unvested, Ending Balance | shares | 741 | |
Shares reserved for future grants | shares | 952 | |
Weighted Average Grant Date Fair Value Per Unit, Beginning Balance | $ / shares | $ 10.62 | |
Weighted Average Grant Date Fair Value | $ / shares | 35.02 | |
Weighted Average Grant Date Fair Value Per Unit,Vested | $ / shares | 8.56 | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value | $ / shares | 14.53 | |
Weighted Average Grant Date Fair Value Per Unit, Ending Balance | $ / shares | $ 20.31 | |
[1] The RSU shares granted line includes dividend shares declared after the grant date that will vest with their respective RSU tranche. |
Stockholders' Equity, Accumul_3
Stockholders' Equity, Accumulated Other Comprehensive Income (Loss) and Noncontrolling Interest - Additional Information (Detail) - USD ($) | May 13, 2022 | Sep. 30, 2022 |
Stockholders' Equity, Accumulated Other Comprehensive Income (Loss) and Noncontrolling Interest [Line Items] | ||
Parent company percentage owned by affiliates | 43% | |
Platinum Equity LLC [Member] | ||
Stockholders' Equity, Accumulated Other Comprehensive Income (Loss) and Noncontrolling Interest [Line Items] | ||
Common shares sold by affiliate | 3,500,000 | |
Common stock shares repurchased | 1,613,022 | |
Common stock value repurchased | $ 47,700,000 | |
Number of shares offered | 0 | |
Proceeds from issuance of common stock | $ 0 | |
Parent company percentage owned by affiliates | 54% | 43% |
Stockholders' Equity, Accumul_4
Stockholders' Equity, Accumulated Other Comprehensive Income (Loss) and Noncontrolling Interest - Change in Stockholders' Equity (Deficit) (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Beginning Balance | $ 850.5 | $ 705.5 | $ 544.6 | $ 293.5 | $ 174.7 | $ 145.1 | $ 544.6 | $ 145.1 |
Beginning Balance, shares | 38,687,094 | 38,687,094 | ||||||
Beginning Balance Treasury Stock, shares | 292,932 | 292,932 | ||||||
Net income | 55.1 | 196.4 | $ 163.8 | 50 | 113.3 | 25.6 | $ 415.3 | 188.9 |
Foreign currency translation | (9.8) | (2.3) | 1.5 | (3.5) | 1.6 | |||
Changes in defined benefit pension and other post-retirement benefit plans, net of tax | 0.4 | 0.2 | 0.7 | 90.7 | 2 | 2 | ||
Share repurchases | (0.9) | (47.7) | (0.5) | (0.9) | ||||
Stock-based compensation expense, net | 2.6 | 2.6 | (1.4) | 1.2 | 1.5 | 1.6 | ||
Cash dividends and dividend equivalents | (5.6) | (4.7) | (3.9) | (3.1) | ||||
Interest rate swap, net of tax | 0.3 | 0.5 | 0.7 | 0.4 | 0.4 | 0.4 | ||
Ending Balance | $ 892.6 | 850.5 | 705.5 | 428.3 | 293.5 | 174.7 | $ 892.6 | 428.3 |
Ending Balance, shares | 39,059,193 | 39,059,193 | ||||||
Ending Balance Treasury Stock, shares | 2,037,671 | 2,037,671 | ||||||
Common Stock [Member] | ||||||||
Beginning Balance | $ 0.4 | $ 0.4 | $ 0.4 | $ 0.4 | $ 0.4 | $ 0.4 | $ 0.4 | $ 0.4 |
Beginning Balance, shares | 39,059,000 | 39,058,000 | 38,687,000 | 38,687,000 | 38,330,000 | 38,330,000 | 38,687,000 | 38,330,000 |
Stock-based compensation expense, net, shares | 1,000 | 371,000 | 357,000 | |||||
Ending Balance | $ 0.4 | $ 0.4 | $ 0.4 | $ 0.4 | $ 0.4 | $ 0.4 | $ 0.4 | $ 0.4 |
Ending Balance, shares | 39,059,000 | 39,059,000 | 39,058,000 | 38,687,000 | 38,687,000 | 38,330,000 | 39,059,000 | 38,687,000 |
Treasury Stock [Member] | ||||||||
Beginning Balance | $ (59.3) | $ (11.6) | $ (8.4) | $ (6.6) | $ (6.6) | $ (6.6) | $ (8.4) | $ (6.6) |
Beginning Balance Treasury Stock, shares | (2,003,000) | (390,000) | (293,000) | (213,000) | (213,000) | (213,000) | (293,000) | (213,000) |
Share repurchases | $ (0.9) | $ (47.7) | $ (0.5) | $ (0.9) | ||||
Shares repurchases treasury stock, Shares | (35,000) | (1,613,000) | (20,000) | (38,000) | ||||
Stock-based compensation expense, net, treasury stock, shares | (77,000) | |||||||
Stock-based compensation expense, net, treasury stock, amount | $ (2.7) | |||||||
Ending Balance | $ (60.2) | $ (59.3) | $ (11.6) | $ (7.5) | $ (6.6) | $ (6.6) | $ (60.2) | $ (7.5) |
Ending Balance Treasury Stock, shares | (2,038,000) | (2,003,000) | (390,000) | (251,000) | (213,000) | (213,000) | (2,038,000) | (251,000) |
Capital in Excess of Par Value [Member] | ||||||||
Beginning Balance | $ 392.5 | $ 389.9 | $ 388.6 | $ 386.2 | $ 384.7 | $ 383.1 | $ 388.6 | $ 383.1 |
Stock-based compensation expense, net | 2.6 | 2.6 | 1.3 | 1.2 | 1.5 | 1.6 | ||
Ending Balance | 395.1 | 392.5 | 389.9 | 387.4 | 386.2 | 384.7 | 395.1 | 387.4 |
Retained Earnings (Accumulated Deficit) [Member] | ||||||||
Beginning Balance | 673.1 | 481.4 | 321.7 | 172 | 59.1 | 33.8 | 321.7 | 33.8 |
Net income | 55.1 | 196.4 | 163.6 | 49.7 | 112.9 | 25.3 | ||
Cash dividends and dividend equivalents | (5.6) | (4.7) | (3.9) | (3.1) | ||||
Ending Balance | 722.6 | 673.1 | 481.4 | 218.6 | 172 | 59.1 | 722.6 | 218.6 |
Foreign Currency Translation [Member] | ||||||||
Beginning Balance | (49.8) | (47.6) | (49.1) | (45.4) | (46.9) | (47) | (49.1) | (47) |
Foreign currency translation | (9.9) | (2.2) | 1.5 | (3.4) | 1.5 | 0.1 | ||
Ending Balance | (59.7) | (49.8) | (47.6) | (48.8) | (45.4) | (46.9) | (59.7) | (48.8) |
Benefit Plan Liabilities [Member] | ||||||||
Beginning Balance | (113.6) | (113.8) | (114.5) | (217.8) | (219.8) | (221.8) | (114.5) | (221.8) |
Changes in defined benefit pension and other post-retirement benefit plans, net of tax | 0.4 | 0.2 | 0.7 | 90.7 | 2 | 2 | ||
Ending Balance | (113.2) | (113.6) | (113.8) | (127.1) | (217.8) | (219.8) | (113.2) | (127.1) |
Interest Rate Swap [Member] | ||||||||
Beginning Balance | (0.3) | (0.8) | (1.5) | (2.3) | (2.7) | (3.1) | (1.5) | (3.1) |
Interest rate swap, net of tax | 0.3 | 0.5 | 0.7 | 0.4 | 0.4 | 0.4 | ||
Ending Balance | (0.3) | (0.8) | (1.9) | (2.3) | (2.7) | (1.9) | ||
Non-controlling Interest [Member] | ||||||||
Beginning Balance | 7.5 | 7.6 | 7.4 | 7 | 6.5 | 6.3 | 7.4 | 6.3 |
Net income | 0.2 | 0.3 | 0.4 | 0.3 | ||||
Foreign currency translation | 0.1 | (0.1) | (0.1) | 0.1 | (0.1) | |||
Ending Balance | $ 7.6 | $ 7.5 | $ 7.6 | $ 7.2 | $ 7 | $ 6.5 | $ 7.6 | $ 7.2 |
Stockholders' Equity, Accumul_5
Stockholders' Equity, Accumulated Other Comprehensive Income (Loss) and Noncontrolling Interest - Change in Stockholders' Equity (Deficit) (Parenthetical) (Detail) - USD ($) $ in Millions | 3 Months Ended | |||||
Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | |
Equity [Abstract] | ||||||
Changes in defined benefit pension and other post-retirement benefit plans, tax | $ 0.1 | $ 0.4 | $ 0.1 | $ 31.1 | $ 0.6 | $ 0.5 |
Changes in interest rate swap, tax | $ 0.2 | $ 0.2 | $ 0 | $ 0.1 | $ 0.2 | $ 0.1 |
Stockholders' Equity, Accumul_6
Stockholders' Equity, Accumulated Other Comprehensive Income (Loss) and Noncontrolling Interest - Changes in Accumulated Other Comprehensive Income/(Loss) Net of Tax by Component (Detail) $ in Millions | 9 Months Ended |
Sep. 30, 2022 USD ($) | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |
Accumulated other comprehensive income (loss) net of tax, beginning balance | $ (165.1) |
Accumulated other comprehensive income (loss) net of tax, ending balance | (172.9) |
Foreign Currency Translation [Member] | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |
Accumulated other comprehensive income (loss) net of tax, beginning balance | (49.1) |
Other comprehensive income before reclassifications | (10.6) |
Net current-period other comprehensive income | (10.6) |
Accumulated other comprehensive income (loss) net of tax, ending balance | (59.7) |
Benefit Plan Liabilities [Member] | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |
Accumulated other comprehensive income (loss) net of tax, beginning balance | (114.5) |
Amounts reclassified from accumulated other comprehensive income into net income | 1.3 |
Net current-period other comprehensive income | 1.3 |
Accumulated other comprehensive income (loss) net of tax, ending balance | (113.2) |
Interest Rate Swap [Member] | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |
Accumulated other comprehensive income (loss) net of tax, beginning balance | (1.5) |
Amounts reclassified from accumulated other comprehensive income into net income | 1.5 |
Net current-period other comprehensive income | 1.5 |
Accumulated other comprehensive income (loss) net of tax, ending balance | $ 0 |
Stockholders' Equity, Accumul_7
Stockholders' Equity, Accumulated Other Comprehensive Income (Loss) and Noncontrolling Interest - Reclassifications Out of Accumulated Other Comprehensive Income (Loss) (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | ||||||||
Tax benefit | $ 0.2 | $ 0.2 | $ 0 | $ 0.1 | $ 0.2 | $ 0.1 | ||
Interest Rate Swaps [Member] | ||||||||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | ||||||||
Realized swap interest | 0.5 | 0.5 | $ 1.9 | $ 1.6 | ||||
Tax benefit | (0.2) | (0.1) | (0.4) | (0.4) | ||||
Net of tax | 0.3 | 0.4 | 1.5 | 1.2 | ||||
Amortization of Defined Benefit Pension and Other Post-retirement Benefit Plan Items, Actuarial Loss [Member] | ||||||||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | ||||||||
Reclassifications out of AOCI | 0.6 | 2.4 | 1.8 | 7.3 | ||||
Amortization of Defined Benefit Pension and Other Post-retirement Benefit Plan Items, Pension Settlement [Member] | ||||||||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | ||||||||
Reclassifications out of AOCI | (0.1) | 98.4 | 98.8 | |||||
Amortization of Defined Benefit Pension and Other Post-retirement Benefit Plan Items, Prior Service Credits [Member] | ||||||||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | ||||||||
Reclassifications out of AOCI | (0.1) | (0.1) | (0.3) | |||||
Amortization of Defined Benefit Pension and Other Post-retirement Benefit Plan Items [Member] | ||||||||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | ||||||||
Reclassifications out of AOCI | 0.5 | 100.7 | 1.7 | 105.8 | ||||
Tax expense (benefit) | (0.1) | (23.1) | 0.4 | (24.2) | ||||
Net of tax | $ 0.4 | $ 77.6 | $ 1.3 | $ 81.6 |
Revenue Recognition - Additiona
Revenue Recognition - Additional Information (Detail) $ in Millions | 9 Months Ended | |
Sep. 30, 2022 USD ($) Segment | Dec. 31, 2021 USD ($) | |
Disaggregation of Revenue [Line Items] | ||
Number of operating segments | 1 | |
Number of reportable segments | 1 | |
Payment terms on invoiced amounts | 30 days | |
Accounts receivables from contracts with customers | $ | $ 649.5 | $ 633 |
Minimum [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Percentage of revenue from product sales | 80% |
Revenue Recognition - Percentag
Revenue Recognition - Percentage of Sales by Major Product Lines (Detail) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Product Line | ||||
Percentage of sales by major product lines | 100% | 100% | 100% | 100% |
Carbon Steel Flat [Member] | ||||
Product Line | ||||
Percentage of sales by major product lines | 31% | 31% | 30% | 31% |
Carbon Steel Plate [Member] | ||||
Product Line | ||||
Percentage of sales by major product lines | 10% | 10% | 10% | 10% |
Carbon Steel Long [Member] | ||||
Product Line | ||||
Percentage of sales by major product lines | 14% | 13% | 13% | 13% |
Stainless Steel Flat [Member] | ||||
Product Line | ||||
Percentage of sales by major product lines | 15% | 19% | 17% | 18% |
Stainless Steel Plate [Member] | ||||
Product Line | ||||
Percentage of sales by major product lines | 4% | 5% | 4% | 4% |
Stainless Steel Long [Member] | ||||
Product Line | ||||
Percentage of sales by major product lines | 5% | 4% | 5% | 4% |
Aluminum Flat [Member] | ||||
Product Line | ||||
Percentage of sales by major product lines | 14% | 11% | 13% | 13% |
Aluminum Plate [Member] | ||||
Product Line | ||||
Percentage of sales by major product lines | 2% | 2% | 2% | 2% |
Aluminum Long [Member] | ||||
Product Line | ||||
Percentage of sales by major product lines | 4% | 4% | 4% | 4% |
Other [Member] | ||||
Product Line | ||||
Percentage of sales by major product lines | 1% | 1% | 2% | 1% |
Revenue Recognition - Summary o
Revenue Recognition - Summary of Consolidated Financial Information of our Operations by Geographic Location (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Disaggregation Of Revenue [Line Items] | ||||
Net sales | $ 1,543.1 | $ 1,575.1 | $ 5,035.4 | $ 4,141.4 |
United States [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net sales | 1,401 | 1,431.3 | 4,594.2 | 3,733.8 |
Foreign Countries [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net sales | $ 142.1 | $ 143.8 | $ 441.2 | $ 407.6 |
Revenue Recognition - Summary_2
Revenue Recognition - Summary of Revenues by Type of Item Sold (Detail) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Disaggregation Of Revenue [Line Items] | ||||
Total | 100% | 100% | 100% | 100% |
Revenue Recognized Point In Time | ||||
Disaggregation Of Revenue [Line Items] | ||||
Revenue on products with an alternative use | 89% | 90% | 90% | 90% |
Revenue Recognized Over Time | ||||
Disaggregation Of Revenue [Line Items] | ||||
Revenue on products with no alternative use | 11% | 10% | 10% | 10% |
Revenue Recognition - Summary_3
Revenue Recognition - Summary of Significant Changes in Contract Assets and Contract Liabilities Balances (Detail) $ in Millions | 9 Months Ended |
Sep. 30, 2022 USD ($) | |
Changes in the Contract Assets | |
Beginning Balance | $ 21.3 |
Net change in contract assets for products with no alternative use during the period | (4.3) |
Changes to reserves | 0.3 |
Ending Balance | 17.3 |
Changes in the Contract Liabilities | |
Beginning Balance | 15.1 |
Contract liability satisfied during the period | (17.1) |
Contract liability incurred during the period | 21.2 |
Changes to reserves | 1.3 |
Ending Balance | $ 20.5 |
Revenue Recognition - Additio_2
Revenue Recognition - Additional Information 1 (Detail) | Sep. 30, 2022 |
Maximum [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2022-10-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Performance obligations on contracts have expected duration | 1 year |
Provision for Credit Losses - S
Provision for Credit Losses - Schedule of Reconciliation of Provision for Credit Losses (Detail) $ in Millions | 9 Months Ended |
Sep. 30, 2022 USD ($) | |
Credit Loss [Abstract] | |
Balance at January 1, 2022 | $ 2.2 |
Current period provision | 1.5 |
Write-offs charged against allowance | (0.5) |
Recoveries | 0.4 |
Translation | 0.1 |
Balance at September 30, 2022 | $ 3.7 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |||||
Provision for income taxes | $ 20.5 | $ 16.1 | $ 142.3 | $ 62.2 | |
Valuation allowance | 5 | 5 | $ 5 | ||
Unrecognized tax benefits balance | $ 0.8 | $ 0.8 | $ 0.8 |
Earnings Per Share - Additional
Earnings Per Share - Additional Information (Detail) - shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Earnings Per Share [Abstract] | ||||
Weighted average number of shares excluded from computation of earnings per share | 195,147 | 44,909 | 131,397 | 42,262 |
Earnings Per Share - Calculatio
Earnings Per Share - Calculation of Basic and Diluted Earnings Per Share (Detail) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Numerator: | ||||
Net Income (Loss) Attributable to Parent | $ 55.1 | $ 49.7 | $ 415.1 | $ 187.9 |
Denominator: | ||||
Weighted average shares outstanding | 37,050,000 | 38,470,000 | 37,742,000 | 38,350,000 |
Dilutive effect of stock-based awards | 712,000 | 621,000 | 756,000 | 472,000 |
Weighted average shares outstanding adjusted for dilutive securities | 37,762,000 | 39,091,000 | 38,498,000 | 38,822,000 |
Earnings Per Share Basic Diluted [Abstract] | ||||
Basic | $ 1.49 | $ 1.29 | $ 11 | $ 4.90 |
Diluted | $ 1.46 | $ 1.27 | $ 10.78 | $ 4.84 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Detail) - Subsequent Event [Member] | Nov. 02, 2022 $ / shares |
Subsequent Event [Line Items] | |
Quarterly Cash Dividends Per Share Declared | $ 0.16 |
Common Stock [Member] | |
Subsequent Event [Line Items] | |
Dividends Payable, Date declared | Nov. 02, 2022 |
Dividend Payable, Date to be paid | Dec. 15, 2022 |
Dividends Payable, Date of Record | Dec. 01, 2022 |