Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2023 | Oct. 26, 2023 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Sep. 30, 2023 | |
Document Fiscal Year Focus | 2023 | |
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 | 34,171,334 | |
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, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Statement of Comprehensive Income [Abstract] | ||||
Net sales | $ 1,246.7 | $ 1,543.1 | $ 3,996.3 | $ 5,035.4 |
Cost of materials sold | 997.4 | 1,272.1 | 3,221.9 | 3,888.4 |
Gross profit | 249.3 | 271 | 774.4 | 1,147 |
Warehousing, delivery, selling, general, and administrative | 193 | 186.5 | 589.8 | 544.7 |
Gain on sale of assets | (3.8) | |||
Operating profit | 56.3 | 84.5 | 184.6 | 606.1 |
Other income and (expense), net | 1.2 | 0.2 | 0.8 | (1) |
Loss on retirement of debt | (1.5) | (21.3) | ||
Interest and other expense on debt | (9.3) | (7.6) | (25.2) | (26.2) |
Income before income taxes | 48.2 | 75.6 | 160.2 | 557.6 |
Provision for income taxes | 12.9 | 20.5 | 39.8 | 142.3 |
Net income | 35.3 | 55.1 | 120.4 | 415.3 |
Less: Net income attributable to noncontrolling interest | 0.3 | 0.5 | 0.2 | |
Net income attributable to Ryerson Holding Corporation | 35 | 55.1 | 119.9 | 415.1 |
Comprehensive income | 31.2 | 46 | 118.4 | 407.5 |
Less: Comprehensive income attributable to noncontrolling interest | 0.2 | 0.1 | 0.4 | 0.2 |
Comprehensive income attributable to Ryerson Holding Corporation | $ 31 | $ 45.9 | $ 118 | $ 407.3 |
Basic earnings per share | $ 1.02 | $ 1.49 | $ 3.4 | $ 11 |
Diluted earnings per share | 1 | 1.46 | 3.34 | 10.78 |
Dividends declared per share | $ 0.1825 | $ 0.15 | $ 0.5325 | $ 0.375 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Operating activities: | ||
Net income | $ 120.4 | $ 415.3 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 42.4 | 42.5 |
Stock-based compensation | 10 | 6.5 |
Deferred income taxes | 16.5 | 3.3 |
Provision for allowances, claims, and doubtful accounts | 2.3 | 1.9 |
Gain on sale of assets | (3.8) | |
Gain on bargain purchase | (0.6) | |
Loss on retirement of debt | 21.3 | |
Non-cash gain from derivatives | (8.3) | (18) |
Other items | (0.3) | (1) |
Change in operating assets and liabilities: | ||
Receivables | (25.2) | (13.8) |
Inventories | 101.1 | (96.3) |
Other assets and liabilities | 1.3 | 14.5 |
Accounts payable | 30.5 | (2.8) |
Accrued liabilities | (22.5) | (20.7) |
Accrued taxes payable/receivable | 16.8 | (20.9) |
Deferred employee benefit costs | (10) | (7.8) |
Net adjustments | 154.6 | (95.7) |
Net cash provided by operating activities | 275 | 319.6 |
Investing activities: | ||
Acquisitions, net of cash acquired | (50.2) | (25.5) |
Investment in unconsolidated subsidiary | (2) | |
Capital expenditures | (96.5) | (71.2) |
Proceeds from sale of property, plant, and equipment | 0.1 | 8 |
Proceeds from insurance settlement | 0.3 | |
Other items | (0.5) | |
Net cash used in investing activities | (146.8) | (90.7) |
Financing activities: | ||
Repayment of debt | (1.3) | (320.8) |
Net proceeds (repayments) of short-term borrowings | (0.8) | 136 |
Credit facility issuance costs | (2.7) | |
Net increase in book overdrafts | 7.3 | 35 |
Principal payments on finance lease obligations | (5.1) | (7.2) |
Dividends paid to shareholders | (18.5) | (14) |
Share repurchases | (107.6) | (49.1) |
Tax withholdings on stock-based compensation awards | (3.2) | (2.7) |
Net cash used in financing activities | (129.2) | (225.5) |
Net increase (decrease) in cash, cash equivalents, and restricted cash | (1) | 3.4 |
Effect of exchange rate changes on cash, cash equivalents, and restricted cash | (1) | (3.7) |
Net change in cash, cash equivalents, and restricted cash | (2) | (0.3) |
Cash, cash equivalents, and restricted cash—beginning of period | 40.5 | 52.4 |
Cash, cash equivalents, and restricted cash—end of period | 38.5 | 52.1 |
Cash paid during the period for: | ||
Interest paid to third parties, net | 20.7 | 31 |
Income taxes, net | 6.6 | 160.4 |
Noncash investing activities: | ||
Asset additions under operating leases | 105.1 | 50.5 |
Asset additions under finance leases | $ 3.9 | $ 2.8 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 |
Current assets: | ||
Cash and cash equivalents | $ 37.4 | $ 39.2 |
Restricted cash | 1.1 | 1.3 |
Receivables less provisions of $2.6 at September 30, 2023 and $3.2 at December 31, 2022 | 545 | 514.4 |
Inventories | 699 | 798.5 |
Prepaid expenses and other current assets | 76 | 88.2 |
Total current assets | 1,358.5 | 1,441.6 |
Property, plant, and equipment, at cost | 1,010.7 | 898.6 |
Less: Accumulated depreciation | 466.7 | 440.2 |
Property, plant, and equipment, net | 544 | 458.4 |
Operating lease assets | 321.1 | 240.5 |
Other intangible assets | 60.4 | 50.9 |
Goodwill | 136.2 | 129.2 |
Deferred charges and other assets | 14 | 13.7 |
Total assets | 2,434.2 | 2,334.3 |
Current liabilities: | ||
Accounts payable | 478.2 | 438.4 |
Salaries, wages, and commissions | 43.8 | 67.3 |
Other accrued liabilities | 71.5 | 77.7 |
Short-term debt | 5.9 | 5.8 |
Current portion of operating lease liabilities | 29.4 | 25.2 |
Current portion of deferred employee benefits | 4.8 | 4.8 |
Total current liabilities | 633.6 | 619.2 |
Long-term debt | 360 | 361.2 |
Deferred employee benefits | 110.9 | 118 |
Noncurrent operating lease liabilities | 295.4 | 215.1 |
Deferred income taxes | 130.7 | 113.5 |
Other noncurrent liabilities | 12.5 | 14.3 |
Total liabilities | 1,543.1 | 1,441.3 |
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, 2023 and December 31, 2022 | ||
Common stock, $0.01 par value; 100,000,000 shares authorized; 39,449,759 and 39,059,198 shares issued at September 30, 2023 and December 31, 2022, respectively | 0.4 | 0.4 |
Capital in excess of par value | 407.8 | 397.7 |
Retained earnings | 793.8 | 692.5 |
Treasury stock at cost - Common stock, value | (172.9) | (61.1) |
Accumulated other comprehensive loss | (146.3) | (144.4) |
Total Ryerson Holding Corporation stockholders’ equity | 882.8 | 885.1 |
Noncontrolling interest | 8.3 | 7.9 |
Total equity | 891.1 | 893 |
Total liabilities and equity | $ 2,434.2 | $ 2,334.3 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 |
Statement of Financial Position [Abstract] | ||
Receivables, provisions | $ 2.6 | $ 3.2 |
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 | 39,449,759 | 39,059,198 |
Treasury stock at cost - Common stock, shares | 5,193,820 | 2,070,654 |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Pay vs Performance Disclosure | ||||
Net Income (Loss) | $ 35 | $ 55.1 | $ 119.9 | $ 415.1 |
Insider Trading Arrangements
Insider Trading Arrangements | 9 Months Ended |
Sep. 30, 2023 USD ($) | |
Trading Arrangements, by Individual | |
Material Terms of Trading Arrangement | During the Company’s last fiscal quarter, the Company traded under a Rule 10b5-1 trading arrangement (“10b5-1 Plan”), as defined in Item 408(a) of Regulation S-K. Such 10b5-1 Plan was adopted on August 11, 2023 and will continue until March 1, 2024. Shares of Ryerson stock for up to $ 25,000,000 may be purchased pursuant to the 10b5-1 Plan. |
Rule 10b5-1 Arrangement Adopted | true |
Adoption Date | August 11, 2023 |
Aggregate Available | $ 25,000,000 |
Financial Statements
Financial Statements | 9 Months Ended |
Sep. 30, 2023 | |
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 3,924,478 shares of our common stock, which is approximately 11 % of our outstanding common stock. On February 28, 2023, Platinum sold 2,486,580 shares of its common stock through an underwritten secondary offering. Concurrently, Ryerson Holding completed a share repurchase from Platinum of 1,513,420 shares of common stock. On May 8, 2023, Platinum sold 2,630,700 shares of its common stock through an underwritten secondary offering. Concurrently, Ryerson Holding completed a share repurchase from Platinum of 1,369,300 shares of common stock. Also, on August 8, 2023, Platinum sold 4,000,000 shares of its common stock through an underwritten secondary offering. See Note 12: Stockholders’ Equity for further information. We are a leading value-added processor and distributor of industrial metals with operations in the U.S. through JT Ryerson and other U.S. subsidiaries, 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, 2023 and for the three-month and nine-month periods ended September 30, 2023 and 2022 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, 2022 . |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 9 Months Ended |
Sep. 30, 2023 | |
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 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, 2023 | |
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, 2023 2022 (In millions) Cash and cash equivalents $ 37.4 $ 39.2 Restricted cash 1.1 1.3 Total cash, cash equivalents, and restricted cash $ 38.5 $ 40.5 We have cash restricted for the purpose of covering letters of credit that can be presented for potential insurance claims. |
Inventories
Inventories | 9 Months Ended |
Sep. 30, 2023 | |
Inventory Disclosure [Abstract] | |
Inventories | NOTE 4: INVENTORIES The Company primarily uses the last-in, first-out (LIFO) method of valuing inventory. Interim LIFO calculations are based on projections of expected year-end inventory levels and costs. The year-end projection is then allocated to the interim quarters on a pro-rata basis. Year-end LIFO calculations are based on actual inventory levels and costs. Inventories, at stated LIFO value, were classified at September 30, 2023 and December 31, 2022 as follows: September 30, December 31, 2023 2022 (In millions) In process and finished products $ 699.0 $ 798.5 If current cost had been used to value inventories, such inventories would have been $ 207 million and $ 245 million higher than reported at September 30, 2023 and December 31, 2022, respectively. Approximately 89 % and 90 % of inventories are accounted for under the LIFO method at September 30, 2023 and December 31, 2022, respectively. 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 $ 9.1 million an d $ 7.4 million at September 30, 2023 and December 31, 2022 , respectively. |
Leases
Leases | 9 Months Ended |
Sep. 30, 2023 | |
Leases [Abstract] | |
Leases | NOTE 5: LEASES In the second quarter of 2023, a long-term operating lease commenced for a new state-of-the-art service center facility in University Park, Illinois. The first four months of the rent payments have been abated. The starting annual rent is approximately $ 7.3 million per year, with annual increases of 2.2 % over the 15-year and 4-month lease term. The lease includes four renewal options of five years each at fair market value. Under the terms of the lease agreement, the Company is responsible for all taxes, insurance, and property management fees. The initial right of use asset and operating lease liability recorded in the Condensed Consolidated Balance Sheet was $ 99.9 million. |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 9 Months Ended |
Sep. 30, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | NOTE 6: GOODWILL AND OTHER INTANGIBLE ASSETS Goodwill, which represents the excess of cost over the fair value of net assets acquired, amounted to $ 136.2 million and $ 129.2 million at September 30, 2023 and December 31, 2022, respectively. We recognized $ 7.0 million of additional goodwill during the first nine months of 2023 primarily related to the BLP Holdings, LLC ("BLP") acquisition, see Note 7: Acquisitions for further information, as well as adjustments to purchase accounting related to certain 2022 acquisitions. 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, 2022 , 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 additional $ 15.7 million of intangible assets during the first nine months of 2023. See Note 7: 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, 2023 | |
Business Combinations [Abstract] | |
Acquisitions | NOTE 7: ACQUISITIONS On November 1, 2022, JT Ryerson paid $ 31.8 million to acquire Excelsior, Inc. (“Excelsior”). During the first six months of 2023, JT Ryerson paid an addi tional $ 0.6 million related to the net working capital adjustment. On March 1, 2023, JT Ryerson acquired BLP. Based out of Houston, Texas, BLP is comprised of three divisions: Absolute Metal Products, Metal Cutting Specialists, and Houston Water Jet, serving various industries such as oil and gas, aerospace, telecommunications, and structural fabrication. BLP provides complex fabrication services in addition to toll processing, including saw cutting, machining, and water jet cutting, which will add to Ryerson's value-add processing capabilities. The total amount paid by JT Ryerson for the acquisition amounted to $ 39.9 million. This acquisition is not material to our consolidated financial statements. During the first six months of 2023, JT Ryerson completed the purchase of certain assets from ExOne Operating, LLC. The total amount paid by JT Ryerson for the acquired assets was $ 9.7 million. The transaction qualified for asset acquisition accounting and is not material to our consolidated financial statements. |
Long-Term Debt
Long-Term Debt | 9 Months Ended |
Sep. 30, 2023 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | NOTE 8: LONG-TERM DEBT Long-term debt consisted of the following at September 30, 2023 and December 31, 2022: September 30, December 31, 2023 2022 (In millions) Ryerson Credit Facility $ 365.0 $ 365.0 Foreign debt 3.2 4.0 Other debt 2.7 4.0 Unamortized debt issuance costs and discounts ( 5.0 ) ( 6.0 ) Total debt 365.9 367.0 Less: Short-term foreign debt 3.2 4.0 Less: Other short-term debt 2.7 1.8 Total long-term debt $ 360.0 $ 361.2 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, 2023 , Ryerson had $ 365.0 million of outstanding borrowings, $ 14 million of letters of credit issued, and $ 725 million available under the Ryerson Credit Facility compared to $ 365.0 million of outstanding borrowings, $ 16 million of letters of credit issued, and $ 826 million available at December 31, 2022 . 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 % which matured in June 2022 . Additionally, in November 2019 , we entered into a second 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, as such, we had no interest rate swap instruments outstanding as of September 30, 2023 and December 31, 2022. The weighted average interest rate on outstanding borrowings under the Ryerson Credit Facility was 6.5 % and 5.6 % at September 30, 2023 and December 31, 2022, 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 proceeds (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 a series of repurchases and redemptions between the fourth quarter of 2020 and the third quarter of 2022, in which the entire principal balance of the 2028 Notes was repaid, bringing the balance to zero as of December 31, 2022. During the first nine months of 2022, the company repurchased, redeemed, and retired the remaining 2028 Notes principal amount of $ 300.0 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, resulting in the recognition of $ 1.5 million loss. The total 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. Foreign Debt At September 30, 2023 , Ryerson China's foreign borrowings were $ 2.9 million, which were owed to banks in Asia at a weighted average interest rate of 3.4 % per annum and secured by inventory and property, plant, and equipment. Ryerson China had additional $ 0.3 million debt related to letter of credit drawdowns that incur service charges (an initiation fee ranging between 0.25 % and 0.30 % and a redemption fee ranging between zero and 0.125 % per month), rather than interest. These balances are not secured with any of Ryerson China's assets. At December 31, 2022 , Ryerson China’s foreign borrowings were $ 4.0 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 $ 45 million and $ 44 million at September 30, 2023 and December 31, 2022 , respectively. Letters of credit issued by our foreign subsidiaries were $ 1 million and $ 4 million at September 30, 2023 and December 31, 2022 , respectively. |
Employee Benefits
Employee Benefits | 9 Months Ended |
Sep. 30, 2023 | |
Retirement Benefits [Abstract] | |
Employee Benefits | NOTE 9: 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 2023 2022 2023 2022 (In millions) Components of net periodic benefit cost (credit) Service cost $ 0.4 $ 0.7 $ — $ 0.1 Interest cost 4.0 2.5 0.5 0.3 Expected return on assets ( 4.1 ) ( 3.3 ) — — Settlement credit — ( 0.1 ) — — Recognized actuarial (gain) loss 1.1 2.0 ( 2.1 ) ( 1.5 ) Net periodic benefit cost (credit) $ 1.4 $ 1.8 $ ( 1.6 ) $ ( 1.1 ) Nine Months Ended September 30, Pension Benefits Other Benefits 2023 2022 2023 2022 (In millions) Components of net periodic benefit cost (credit) Service cost $ 1.3 $ 2.1 $ 0.1 $ 0.3 Interest cost 12.1 7.4 1.4 0.9 Expected return on assets ( 12.3 ) ( 10.0 ) — — Recognized actuarial (gain) loss 3.2 6.0 ( 6.2 ) ( 4.4 ) Amortization of prior service credit — — — ( 0.1 ) Net periodic benefit cost (credit) $ 4.3 $ 5.5 $ ( 4.7 ) $ ( 3.3 ) 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 $7 .9 million to the pension plan funds through the nine months ended September 30, 2023, and anticipates that it will have a minimum required pension contribution funding of approximately $ 1.0 million for the remaining three months of 2023. The expected future contributions reflect recent pension funding relief measures under the American Rescue Plan Act (“ARPA”) passed in March 2021. |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | NOTE 10: COMMITMENTS AND CONTINGENCIES There have been no material changes to the contingencies and legal matters from those disclosed in Part I, Item 1: Business - Environment, Health, and Safety Matters, in Note 13 of the Notes to the Consolidated Financial Statements, in Part II, Item 8: Financial Statements in the Company's 2022 Form 10-K, and in Note 10 of the Notes to Condensed Consolidated Financial Statements in Part I, Item 1: Financial Statements in the Company's From 10-Q for the period ended June 30, 2023. |
Derivatives and Fair Value Meas
Derivatives and Fair Value Measurements | 9 Months Ended |
Sep. 30, 2023 | |
Investments, All Other Investments [Abstract] | |
Derivatives and Fair Value Measurements | NOTE 11: 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. 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. We may enter into interest rate swaps 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 % which matured in June 2022. Additionally, 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 this forward agreement, therefore, no interest rate swaps remained outstanding as of September 30, 2023 or December 31, 2022. Upon entering into the swaps, the interest rate reset dates 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 swaps and terminated its hedge accounting treatment. Prior to de-designation, the Company marked the interest rate swaps 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. The following table summarizes the location and fair value amount of our derivative instruments reported in our Condensed Consolidated Balance Sheets as of September 30, 2023 and December 31, 2022: Asset Derivatives Liability Derivatives Balance Sheet Location September 30, 2023 December 31, 2022 Balance Sheet Location September 30, 2023 December 31, 2022 Derivatives not designated as hedging instruments under ASC 815 (In millions) Metal commodity contracts Prepaid expenses and $ 7.4 $ 8.5 Other accrued $ 2.6 $ 12.1 Diesel fuel commodity contracts Prepaid expenses and — 0.1 Other accrued — — Total derivatives $ 7.4 $ 8.6 $ 2.6 $ 12.1 The following table presents the volume of the Company’s activity in derivative instruments as of September 30, 2023 and December 31, 2022: Notional Amount Derivative Instruments September 30, 2023 December 31, 2022 Unit of Measurement Hot roll coil swap contracts 11,517 40,036 Tons Aluminum swap contracts 16,291 21,116 Tons Nickel swap contracts 1,111 1,525 Tons Diesel fuel swap contracts — 70,000 Gallons Foreign currency exchange contracts 2.1 million 2.3 million U.S. dollars The following 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, 2023 and 2022: Derivatives not designated as hedging Location of Gain/(Loss) Amount of Gain/(Loss) Recognized in Income on Derivatives instruments under ASC 815 Recognized in Income Three Months Ended September 30, Nine Months Ended September 30, on Derivatives 2023 2022 2023 2022 Metal commodity contracts Cost of materials sold $ 2.4 $ ( 3.0 ) $ 9.5 $ ( 1.6 ) Diesel fuel commodity contracts Warehousing, delivery, selling, general, and administrative — ( 0.1 ) — 1.1 2018 Notes embedded derivative Other income and (expense), net — — — ( 0.2 ) Foreign exchange contracts Other income and (expense), net 0.1 0.1 — 0.1 Interest rate swaps Interest and other expense on debt — — — 0.8 Total $ 2.5 $ ( 3.0 ) $ 9.5 $ 0.2 Amount of Gain/(Loss) Reclassified from Interest rate swaps (subsequent to de-designation) Interest and other expense on debt $ — $ ( 0.5 ) $ — $ ( 1.9 ) Fair Value Measurements 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 FASB ASC 820, "Fair Value Measurement", which are classified as Level 2 inputs within the fair value hierarchy. 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 the interest rate swap was 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 were derived based on the terms of our interest rate swap, as well as published discount factors, and projected forward LIBOR rates. The estimated fair value of the Company’s cash and cash equivalents, restricted cash, receivables less provisions, and accounts payable approximate their carrying amounts due to the short-term nature of these financial instruments. The estimated fair value of the Company's long-term debt and the current portions thereof equal the carrying amounts due to the short-term nature of the underlying borrowings on the Ryerson Credit Facility which are typically for terms of 30 to 60 days. See the Condensed Consolidated Balance Sheets for the September 30, 2023 and December 31, 2022 values of these assets and liabilities. |
Stockholders' Equity, Accumulat
Stockholders' Equity, Accumulated Other Comprehensive Income (Loss) and Noncontrolling Interest | 9 Months Ended |
Sep. 30, 2023 | |
Equity [Abstract] | |
Stockholders' Equity, Accumulated Other Comprehensive Income (Loss), and Noncontrolling Interest | NOTE 12: STOCKHOLDERS’ EQUITY, ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS), AND NONCONTROLLING INTEREST On February 28, 2023, Platinum closed on an underwritten secondary offering of 2,486,580 shares of its common stock. Concurrently, Ryerson Holding completed a share repurchase from Platinum of 1,513,420 shares of common stock for $ 53.0 million. On May 8, 2023, Platinum closed on another underwritten secondary offering of 2,630,700 shares of its common stock. Concurrently, Ryerson Holding completed a share repurchase from Platinum of 1,369,300 shares of common stock for $ 50.0 million. On August 8, 2023, Platinum closed on another underwritten secondary offering of 4,000,000 shares of its common stock. Ryerson Holding did no t repurchase shares from Platinum during this offering. In all three transactions, 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 by Platinum. The Company funded the share repurchases with cash on hand. Following the closing of these three transactions, Platinum's ownership of our common stock decreased from approximately 43 % to approximately 11 %. The following table details changes in Ryerson Holding Corporation Stockholders’ Equity accounts for each quarterly period of the nine months ended September 30, 2023: Accumulated Other Common Treasury Capital in Retained Earnings Foreign Benefit Plan Non-controlling Total Shares Dollars Shares Dollars Dollars Dollars Dollars Dollars Dollars Dollars (In millions, except shares in thousands) Balance at January 1, 2023 39,059 $ 0.4 ( 2,071 ) $ ( 61.1 ) $ 397.7 $ 692.5 $ ( 56.9 ) $ ( 87.5 ) $ 7.9 $ 893.0 Net income — — — — — 47.3 — — 0.2 47.5 Foreign currency translation — — — — — — 1.5 — ( 0.1 ) 1.4 Changes in defined benefit pension and other post-retirement benefit plans, net of tax of $ 0.3 — — — — — — — ( 0.7 ) — ( 0.7 ) Share repurchases, net of tax of $ 0.4 — — ( 1,518 ) ( 53.6 ) — — — — — ( 53.6 ) Stock-based compensation expense, net 390 — ( 90 ) ( 3.2 ) 2.5 — — — — ( 0.7 ) Cash dividends and dividend equivalents — — — — 0.1 ( 6.0 ) — — — ( 5.9 ) Balance at March 31, 2023 39,449 $ 0.4 ( 3,679 ) $ ( 117.9 ) $ 400.3 $ 733.8 $ ( 55.4 ) $ ( 88.2 ) $ 8.0 $ 881.0 Net income — — — — — 37.6 — — — 37.6 Foreign currency translation — — — — — — 2.0 — 0.1 2.1 Changes in defined benefit pension and other post-retirement benefit plans, net of tax of $ 0.3 — — — — — — — ( 0.7 ) — ( 0.7 ) Share repurchases, net of tax $ 0.5 — — ( 1,382 ) ( 51.0 ) — — — — — ( 51.0 ) Stock-based compensation expense, net — — — — 3.7 — — — — 3.7 Issuance of common stock 1 — — — — — — — — — Cash dividends and dividend equivalents — — — — — ( 6.3 ) — — — ( 6.3 ) Balance at June 30, 2023 39,450 $ 0.4 ( 5,061 ) $ ( 168.9 ) $ 404.0 $ 765.1 $ ( 53.4 ) $ ( 88.9 ) $ 8.1 $ 866.4 Net income — — — — — 35.0 — — 0.3 35.3 Foreign currency translation — — — — — — ( 3.3 ) — ( 0.1 ) ( 3.4 ) Changes in defined benefit pension and other post-retirement benefit plans, net of tax of $ 0.3 — — — — — — — ( 0.7 ) — ( 0.7 ) Share repurchases, net of tax $ 0.1 — — ( 133 ) ( 4.0 ) — — — — — ( 4.0 ) Stock-based compensation expense, net — — — — 3.8 — — — — 3.8 Cash dividends and dividend equivalents — — — — — ( 6.3 ) — — — ( 6.3 ) Balance at September 30, 2023 39,450 $ 0.4 ( 5,194 ) $ ( 172.9 ) $ 407.8 $ 793.8 $ ( 56.7 ) $ ( 89.6 ) $ 8.3 $ 891.1 The following table details changes in Ryerson Holding Corporation Stockholders’ Equity accounts for each quarterly period of the nine months 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 — — — — 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 accumulated other comprehensive income (loss), net of tax, for the nine months ended September 30, 2023: Changes in Accumulated Other Comprehensive Foreign Benefit (In millions) Balance at January 1, 2023 $ ( 56.9 ) $ ( 87.5 ) Other comprehensive income before reclassifications 0.2 — Amounts reclassified from accumulated other comprehensive income into net income — ( 2.1 ) Net current-period other comprehensive income (loss) 0.2 ( 2.1 ) Balance at September 30, 2023 $ ( 56.7 ) $ ( 89.6 ) The following table details the reclassifications out of accumulated other comprehensive income (loss) for the three-month and nine-month periods ended September 30, 2023: 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 Consolidated Statements of Comprehensive Income Details about Accumulated Other September 30, 2023 Comprehensive Income (Loss) Components (In millions) Amortization of defined benefit pension and other post-retirement benefit plan items Actuarial gain $ ( 1.0 ) $ ( 3.0 ) Other income and (expense), net Total before tax ( 1.0 ) ( 3.0 ) Tax expense 0.3 0.9 Net of tax $ ( 0.7 ) $ ( 2.1 ) 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 Consolidated Statements of Comprehensive Income Details about Accumulated Other September 30, 2022 Comprehensive Income (Loss) Components (In millions) 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 |
Revenue Recognition
Revenue Recognition | 9 Months Ended |
Sep. 30, 2023 | |
Revenue Recognition [Abstract] | |
Revenue Recognition | NOTE 13: REVENUE RECOGNITION Net sales include product revenue and shipping and handling charges, net of estimated sales returns and any related sales incentives. Revenue is measured as the amount of consideration the Company expects to receive in exchange for transferring products. We have one operating and reportable segment, metals service centers. The Company derives substantially all of its revenue from the distribution of metals. The following table shows the Company’s percentage of sales disaggregated by major product line: Three Months Ended Nine Months Ended September 30, September 30, Product Line 2023 2022 2023 2022 Carbon Steel Flat 27 % 31 % 26 % 30 % Carbon Steel Plate 11 10 10 10 Carbon Steel Long 14 14 14 13 Stainless Steel Flat 15 15 16 17 Stainless Steel Plate 5 4 5 4 Stainless Steel Long 4 5 5 5 Aluminum Flat 15 14 15 13 Aluminum Plate 3 2 3 2 Aluminum Long 4 4 4 4 Other 2 1 2 2 Total 100 % 100 % 100 % 100 % A significant majority of the Company’s sales are attributable to its U.S. operations. The only sales 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, 2023 2022 2023 2022 Net Sales (In millions) United States $ 1,130.2 $ 1,401.0 $ 3,642.3 $ 4,594.2 Foreign countries 116.5 142.1 354.0 441.2 Total $ 1,246.7 $ 1,543.1 $ 3,996.3 $ 5,035.4 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 2023 2022 2023 2022 Revenue on products with an alternative use 87 % 89 % 87 % 90 % Revenue on products with no alternative use 13 11 13 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 $ 547.6 million and $ 517.6 million as of September 30, 2023 and December 31, 2022, respectively. Contract assets, which consist primarily of revenues recognized over time that have not yet been invoiced and the value of inventory, as estimated, 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. Contract assets amounted to $ 20.0 million and $ 20.4 million at September 30, 2023 and December 31, 2022, respectively. Contract liabilities amounted to $ 16.9 and $ 16.2 million at September 30, 2023 and December 31, 2022, respectively. 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, 2023 | |
Credit Loss [Abstract] | |
Provision for Credit Losses | NOTE 14: 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, 2023: Changes in Provision for Expected Credit Losses (In millions) Balance at January 1, 2023 $ 3.2 Current period provision 2.1 Write-offs charged against allowance ( 2.8 ) Recoveries 0.2 Translation ( 0.2 ) Balance at September 30, 2023 $ 2.6 |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2023 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | NOTE 15: INCOME TAXES For the three months ended September 30, 2023, the Company recorded income tax expense of $ 12.9 million compared to $ 20.5 million in the prior year. The income tax expense for the three months ended September 30, 2023 and 2022 primarily represent taxes at federal and local statutory rates where the Company operates, but generally exclude any tax benefit for losses in jurisdictions with historical losses. For the nine months ended September 30, 2023, the Company recorded income tax expense of $ 39.8 million compa red to $ 142.3 million in the prior year. The income tax expense for the nine months ended September 30, 2023 and 2022 primarily represent taxes at federal and local statutory rates where the Company operates, but generally exclude any tax benefit for losses in jurisdictions with historical losses. The decrease in the income tax provision in the first nine months of 2023 compared to the first nine months of 2022 is primarily a result of the decrease 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, 2023 and December 31, 2022. 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 twelv e months resulting in the immaterial reduction of the reserve for uncertain tax benefits related to various intercompany transactions. No material changes were recorded in the first nine months of 2023. The balance amounted to $ 1.7 million and $ 1.6 million as of September 30, 2023 and December 31, 2022, respectively. |
Earnings Per Share
Earnings Per Share | 9 Months Ended |
Sep. 30, 2023 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | NOTE 16: 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 w ere zero for the three and nine-month periods ended September 30, 2023, and 195,147 and 131,397 for the three and nine-month periods ended September 30, 2022, respectively. The following table sets forth the calculation of basic and dilut ed earnings per share: Three Months Ended September 30, Nine Months Ended September 30, Basic and diluted earnings per share 2023 2022 2023 2022 (In millions, except number of shares which are reflected in thousands and per share data) Numerator: Net income attributable to Ryerson Holding Corporation $ 35.0 $ 55.1 $ 119.9 $ 415.1 Denominator: Weighted average shares outstanding 34,349 37,050 35,244 37,742 Dilutive effect of stock-based awards 546 712 613 756 Weighted average shares outstanding adjusted for dilutive securities 34,895 37,762 35,857 38,498 Earnings per share Basic $ 1.02 $ 1.49 $ 3.40 $ 11.00 Diluted $ 1.00 $ 1.46 $ 3.34 $ 10.78 |
Subsequent Events
Subsequent Events | 9 Months Ended |
Sep. 30, 2023 | |
Subsequent Events [Abstract] | |
Subsequent Events | NOTE 17: SUBSEQUENT EVENTS Acquisition. On October 2, 2023 , JT Ryerson paid $ 30.2 million to acquire Norlen Incorporated ("Norlen"). Based in Schofield, WI, Norlen is a full-service metal fabricator and provides stamping, machining, painting, and additional value-added fabrication services to industries including agriculture, HVAC, and defense. The acquisition is not material to our financial statements. Dividends. On October 30, 2023 , the Board of Directors declared a quarterly cash dividend in the amount of $ 0.1850 per share of common stock, payable on December 14, 2023 , to stockholders of record as of November 30, 2023 . 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, 2023 | |
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 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, 2023 | |
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, 2023 2022 (In millions) Cash and cash equivalents $ 37.4 $ 39.2 Restricted cash 1.1 1.3 Total cash, cash equivalents, and restricted cash $ 38.5 $ 40.5 |
Inventories (Tables)
Inventories (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventories | Inventories, at stated LIFO value, were classified at September 30, 2023 and December 31, 2022 as follows: September 30, December 31, 2023 2022 (In millions) In process and finished products $ 699.0 $ 798.5 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | Long-term debt consisted of the following at September 30, 2023 and December 31, 2022: September 30, December 31, 2023 2022 (In millions) Ryerson Credit Facility $ 365.0 $ 365.0 Foreign debt 3.2 4.0 Other debt 2.7 4.0 Unamortized debt issuance costs and discounts ( 5.0 ) ( 6.0 ) Total debt 365.9 367.0 Less: Short-term foreign debt 3.2 4.0 Less: Other short-term debt 2.7 1.8 Total long-term debt $ 360.0 $ 361.2 |
Employee Benefits (Tables)
Employee Benefits (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
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 2023 2022 2023 2022 (In millions) Components of net periodic benefit cost (credit) Service cost $ 0.4 $ 0.7 $ — $ 0.1 Interest cost 4.0 2.5 0.5 0.3 Expected return on assets ( 4.1 ) ( 3.3 ) — — Settlement credit — ( 0.1 ) — — Recognized actuarial (gain) loss 1.1 2.0 ( 2.1 ) ( 1.5 ) Net periodic benefit cost (credit) $ 1.4 $ 1.8 $ ( 1.6 ) $ ( 1.1 ) Nine Months Ended September 30, Pension Benefits Other Benefits 2023 2022 2023 2022 (In millions) Components of net periodic benefit cost (credit) Service cost $ 1.3 $ 2.1 $ 0.1 $ 0.3 Interest cost 12.1 7.4 1.4 0.9 Expected return on assets ( 12.3 ) ( 10.0 ) — — Recognized actuarial (gain) loss 3.2 6.0 ( 6.2 ) ( 4.4 ) Amortization of prior service credit — — — ( 0.1 ) Net periodic benefit cost (credit) $ 4.3 $ 5.5 $ ( 4.7 ) $ ( 3.3 ) |
Derivatives and Fair Value Me_2
Derivatives and Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Investments, All Other Investments [Abstract] | |
Location and Fair Value Amount of Derivative Instruments | The following table summarizes the location and fair value amount of our derivative instruments reported in our Condensed Consolidated Balance Sheets as of September 30, 2023 and December 31, 2022: Asset Derivatives Liability Derivatives Balance Sheet Location September 30, 2023 December 31, 2022 Balance Sheet Location September 30, 2023 December 31, 2022 Derivatives not designated as hedging instruments under ASC 815 (In millions) Metal commodity contracts Prepaid expenses and $ 7.4 $ 8.5 Other accrued $ 2.6 $ 12.1 Diesel fuel commodity contracts Prepaid expenses and — 0.1 Other accrued — — Total derivatives $ 7.4 $ 8.6 $ 2.6 $ 12.1 |
Volume of Company 's Activity in Derivative Instruments | The following table presents the volume of the Company’s activity in derivative instruments as of September 30, 2023 and December 31, 2022: Notional Amount Derivative Instruments September 30, 2023 December 31, 2022 Unit of Measurement Hot roll coil swap contracts 11,517 40,036 Tons Aluminum swap contracts 16,291 21,116 Tons Nickel swap contracts 1,111 1,525 Tons Diesel fuel swap contracts — 70,000 Gallons Foreign currency exchange contracts 2.1 million 2.3 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 following 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, 2023 and 2022: Derivatives not designated as hedging Location of Gain/(Loss) Amount of Gain/(Loss) Recognized in Income on Derivatives instruments under ASC 815 Recognized in Income Three Months Ended September 30, Nine Months Ended September 30, on Derivatives 2023 2022 2023 2022 Metal commodity contracts Cost of materials sold $ 2.4 $ ( 3.0 ) $ 9.5 $ ( 1.6 ) Diesel fuel commodity contracts Warehousing, delivery, selling, general, and administrative — ( 0.1 ) — 1.1 2018 Notes embedded derivative Other income and (expense), net — — — ( 0.2 ) Foreign exchange contracts Other income and (expense), net 0.1 0.1 — 0.1 Interest rate swaps Interest and other expense on debt — — — 0.8 Total $ 2.5 $ ( 3.0 ) $ 9.5 $ 0.2 Amount of Gain/(Loss) Reclassified from Interest rate swaps (subsequent to de-designation) Interest and other expense on debt $ — $ ( 0.5 ) $ — $ ( 1.9 ) |
Stockholders' Equity, Accumul_2
Stockholders' Equity, Accumulated Other Comprehensive Income (Loss) and Noncontrolling Interest (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
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 each quarterly period of the nine months ended September 30, 2023: Accumulated Other Common Treasury Capital in Retained Earnings Foreign Benefit Plan Non-controlling Total Shares Dollars Shares Dollars Dollars Dollars Dollars Dollars Dollars Dollars (In millions, except shares in thousands) Balance at January 1, 2023 39,059 $ 0.4 ( 2,071 ) $ ( 61.1 ) $ 397.7 $ 692.5 $ ( 56.9 ) $ ( 87.5 ) $ 7.9 $ 893.0 Net income — — — — — 47.3 — — 0.2 47.5 Foreign currency translation — — — — — — 1.5 — ( 0.1 ) 1.4 Changes in defined benefit pension and other post-retirement benefit plans, net of tax of $ 0.3 — — — — — — — ( 0.7 ) — ( 0.7 ) Share repurchases, net of tax of $ 0.4 — — ( 1,518 ) ( 53.6 ) — — — — — ( 53.6 ) Stock-based compensation expense, net 390 — ( 90 ) ( 3.2 ) 2.5 — — — — ( 0.7 ) Cash dividends and dividend equivalents — — — — 0.1 ( 6.0 ) — — — ( 5.9 ) Balance at March 31, 2023 39,449 $ 0.4 ( 3,679 ) $ ( 117.9 ) $ 400.3 $ 733.8 $ ( 55.4 ) $ ( 88.2 ) $ 8.0 $ 881.0 Net income — — — — — 37.6 — — — 37.6 Foreign currency translation — — — — — — 2.0 — 0.1 2.1 Changes in defined benefit pension and other post-retirement benefit plans, net of tax of $ 0.3 — — — — — — — ( 0.7 ) — ( 0.7 ) Share repurchases, net of tax $ 0.5 — — ( 1,382 ) ( 51.0 ) — — — — — ( 51.0 ) Stock-based compensation expense, net — — — — 3.7 — — — — 3.7 Issuance of common stock 1 — — — — — — — — — Cash dividends and dividend equivalents — — — — — ( 6.3 ) — — — ( 6.3 ) Balance at June 30, 2023 39,450 $ 0.4 ( 5,061 ) $ ( 168.9 ) $ 404.0 $ 765.1 $ ( 53.4 ) $ ( 88.9 ) $ 8.1 $ 866.4 Net income — — — — — 35.0 — — 0.3 35.3 Foreign currency translation — — — — — — ( 3.3 ) — ( 0.1 ) ( 3.4 ) Changes in defined benefit pension and other post-retirement benefit plans, net of tax of $ 0.3 — — — — — — — ( 0.7 ) — ( 0.7 ) Share repurchases, net of tax $ 0.1 — — ( 133 ) ( 4.0 ) — — — — — ( 4.0 ) Stock-based compensation expense, net — — — — 3.8 — — — — 3.8 Cash dividends and dividend equivalents — — — — — ( 6.3 ) — — — ( 6.3 ) Balance at September 30, 2023 39,450 $ 0.4 ( 5,194 ) $ ( 172.9 ) $ 407.8 $ 793.8 $ ( 56.7 ) $ ( 89.6 ) $ 8.3 $ 891.1 The following table details changes in Ryerson Holding Corporation Stockholders’ Equity accounts for each quarterly period of the nine months 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 — — — — 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 |
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, 2023: Changes in Accumulated Other Comprehensive Foreign Benefit (In millions) Balance at January 1, 2023 $ ( 56.9 ) $ ( 87.5 ) Other comprehensive income before reclassifications 0.2 — Amounts reclassified from accumulated other comprehensive income into net income — ( 2.1 ) Net current-period other comprehensive income (loss) 0.2 ( 2.1 ) Balance at September 30, 2023 $ ( 56.7 ) $ ( 89.6 ) |
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, 2023: 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 Consolidated Statements of Comprehensive Income Details about Accumulated Other September 30, 2023 Comprehensive Income (Loss) Components (In millions) Amortization of defined benefit pension and other post-retirement benefit plan items Actuarial gain $ ( 1.0 ) $ ( 3.0 ) Other income and (expense), net Total before tax ( 1.0 ) ( 3.0 ) Tax expense 0.3 0.9 Net of tax $ ( 0.7 ) $ ( 2.1 ) 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 Consolidated Statements of Comprehensive Income Details about Accumulated Other September 30, 2022 Comprehensive Income (Loss) Components (In millions) 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 |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Revenue Recognition [Abstract] | |
Summary of Disaggregated Revenue | The Company derives substantially all of its revenue from the distribution of metals. The following table shows the Company’s percentage of sales disaggregated by major product line: Three Months Ended Nine Months Ended September 30, September 30, Product Line 2023 2022 2023 2022 Carbon Steel Flat 27 % 31 % 26 % 30 % Carbon Steel Plate 11 10 10 10 Carbon Steel Long 14 14 14 13 Stainless Steel Flat 15 15 16 17 Stainless Steel Plate 5 4 5 4 Stainless Steel Long 4 5 5 5 Aluminum Flat 15 14 15 13 Aluminum Plate 3 2 3 2 Aluminum Long 4 4 4 4 Other 2 1 2 2 Total 100 % 100 % 100 % 100 % A significant majority of the Company’s sales are attributable to its U.S. operations. The only sales 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, 2023 2022 2023 2022 Net Sales (In millions) United States $ 1,130.2 $ 1,401.0 $ 3,642.3 $ 4,594.2 Foreign countries 116.5 142.1 354.0 441.2 Total $ 1,246.7 $ 1,543.1 $ 3,996.3 $ 5,035.4 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 2023 2022 2023 2022 Revenue on products with an alternative use 87 % 89 % 87 % 90 % Revenue on products with no alternative use 13 11 13 10 Total 100 % 100 % 100 % 100 % |
Provision for Credit Losses (Ta
Provision for Credit Losses (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
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, 2023: Changes in Provision for Expected Credit Losses (In millions) Balance at January 1, 2023 $ 3.2 Current period provision 2.1 Write-offs charged against allowance ( 2.8 ) Recoveries 0.2 Translation ( 0.2 ) Balance at September 30, 2023 $ 2.6 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Earnings Per Share [Abstract] | |
Calculation of Basic and Diluted Earnings Per Share | The following table sets forth the calculation of basic and dilut ed earnings per share: Three Months Ended September 30, Nine Months Ended September 30, Basic and diluted earnings per share 2023 2022 2023 2022 (In millions, except number of shares which are reflected in thousands and per share data) Numerator: Net income attributable to Ryerson Holding Corporation $ 35.0 $ 55.1 $ 119.9 $ 415.1 Denominator: Weighted average shares outstanding 34,349 37,050 35,244 37,742 Dilutive effect of stock-based awards 546 712 613 756 Weighted average shares outstanding adjusted for dilutive securities 34,895 37,762 35,857 38,498 Earnings per share Basic $ 1.02 $ 1.49 $ 3.40 $ 11.00 Diluted $ 1.00 $ 1.46 $ 3.34 $ 10.78 |
Financial Statements - Addition
Financial Statements - Additional Information (Detail) - shares | Sep. 30, 2023 | Aug. 08, 2023 | May 08, 2023 | Feb. 28, 2023 | Dec. 31, 2022 |
Treasury Stock, Common, Shares | 5,193,820 | 2,070,654 | |||
Parent company shares owned by affiliates | 3,924,478 | ||||
Parent company percentage owned by affiliates | 11% | ||||
Platinum Equity LLC [Member] | |||||
Common shares sold by affiliate | 4,000,000 | 2,630,700 | 2,486,580 | ||
Treasury Stock, Common, Shares | 0 | 1,369,300 | 1,513,420 | ||
Parent company percentage owned by affiliates | 11% | 43% |
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, 2023 | Dec. 31, 2022 |
Cash and Cash Equivalents [Abstract] | ||
Cash and cash equivalents | $ 37.4 | $ 39.2 |
Restricted cash | 1.1 | 1.3 |
Total cash, cash equivalents, and restricted cash | $ 38.5 | $ 40.5 |
Inventories - Additional Inform
Inventories - Additional Information (Detail) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2023 | Dec. 31, 2022 | |
Inventory Disclosure [Abstract] | ||
LIFO inventory related additional information | Interim LIFO calculations are based on projections of expected year-end inventory levels and costs. The year-end projection is then allocated to the interim quarters on a pro-rata basis. Year-end LIFO calculations are based on actual inventory levels and costs. | |
Inventory LIFO reserve | $ 207 | $ 245 |
Inventories accounted under the LIFO method | 89% | 90% |
Consignment inventory | $ 9.1 | $ 7.4 |
Inventories - Schedule of Inven
Inventories - Schedule of Inventories (Detail) - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 |
Inventory Disclosure [Abstract] | ||
In process and finished products | $ 699 | $ 798.5 |
Leases - Additional Information
Leases - Additional Information (Details) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2023 | Dec. 31, 2022 | |
Lessee, Lease, Description [Line Items] | ||
Real estate leases option to renew description | The lease includes four renewal options of five years each | |
Real estate leases, Existence of option to extend [true false] | true | |
Real estate leases option to extend lease term | 5 years | |
Right of use assets | $ 321.1 | $ 240.5 |
Facility in University Park, Illinois [Member] | ||
Lessee, Lease, Description [Line Items] | ||
Annual rent | $ 7.3 | |
Percentage of annual increase in rent expense | 2.20% | |
Lease term | 15 years 4 months | |
Right of use assets | $ 99.9 | |
Lease liabilities | $ 99.9 |
Goodwill and Other Intangible_2
Goodwill and Other Intangible Assets - Additional Information (Detail) - USD ($) | 9 Months Ended | |
Sep. 30, 2023 | Dec. 31, 2022 | |
Acquired Indefinite-Lived Intangible Assets [Line Items] | ||
Goodwill | $ 136,200,000 | $ 129,200,000 |
Annual goodwill impairment test date | Oct. 01, 2022 | |
Impairment charge | $ 0 | |
Intangibles assets from acquisitions | 15,700,000 | |
BLP Holdings, LLC [Member] | ||
Acquired Indefinite-Lived Intangible Assets [Line Items] | ||
Additional goodwill during acquisitions | $ 7,000,000 |
Acquisitions - Additional Infor
Acquisitions - Additional Information (Detail) - USD ($) $ in Millions | 6 Months Ended | ||
Mar. 01, 2023 | Nov. 01, 2022 | Jun. 30, 2023 | |
Excelsior, Inc [Member] | |||
Business Acquisition [Line Items] | |||
Payments to acquire business | $ 31.8 | ||
Business acquisition working capital adjustment net | $ 0.6 | ||
BLP Holdings, LLC [Member] | |||
Business Acquisition [Line Items] | |||
Payments to acquire business | $ 39.9 | ||
ExOne Operating, LLC [Member] | |||
Business Acquisition [Line Items] | |||
Payments to acquire business | $ 9.7 |
Long-Term Debt - Long-Term Debt
Long-Term Debt - Long-Term Debt (Detail) - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 |
Debt Instrument [Line Items] | ||
Foreign debt | $ 3.2 | $ 4 |
Other debt | 2.7 | 4 |
Unamortized debt issuance costs and discounts | (5) | (6) |
Total debt | 365.9 | 367 |
Less: Short-term foreign debt | 3.2 | 4 |
Less: Other short-term debt | 2.7 | 1.8 |
Total long-term debt | 360 | 361.2 |
Ryerson Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Ryerson Credit Facility | $ 365 | $ 365 |
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, 2023 | Dec. 31, 2022 | Jun. 28, 2022 | |
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 | $ 365 | $ 365 | ||||
Letters of credit | 14 | 16 | ||||
Available credit facility | $ 725 | $ 826 | ||||
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 | 3.5 | |||||
Default bear interest rate | 2% | |||||
Commitment fees on amounts not borrowed | 0.20% | |||||
Weighted average interest rate | 6.50% | 5.60% | ||||
Ryerson Credit Facility [Member] | First Interest Rate Swap [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Interest rate swap agreement date | 2019-11 | 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] | ||||||
Hedged debt amount | $ 100 | |||||
Derivative fixed interest rate | 1.539% | |||||
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 available to be borrowed 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 | |||
Sep. 30, 2022 | Jun. 30, 2022 | Sep. 30, 2022 | Dec. 31, 2022 | Jul. 22, 2020 | |
Debt Instrument [Line Items] | |||||
Loss on retirement of debt | $ 21.3 | ||||
2028 Notes [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Face Amount | $ 500 | ||||
Debt instrument repurchased, redeemed, and retired | $ 50 | 300 | |||
Debt principal amount remained outstanding | $ 0 | ||||
Cash outflow to retire debt | 51.5 | 319.2 | |||
Loss on retirement of debt | $ (1.5) | ||||
2028 Notes [Member] | Tender Offer [Member] | |||||
Debt Instrument [Line Items] | |||||
Principal amount of debt instrument repurchased | $ 132.2 | ||||
Cash outflow to retire debt | 140.8 | ||||
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, 2023 | Dec. 31, 2022 |
Debt Instrument [Line Items] | ||
Foreign debt | $ 3.2 | $ 4 |
Foreign Debt [Member] | ||
Debt Instrument [Line Items] | ||
Available credit facility | 45 | 44 |
Letters of credit issued by our foreign subsidiaries | $ 1 | 4 |
Foreign Debt [Member] | Ryerson China [Member] | Minimum [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument initiation fee rate | 0.25% | |
Debt instrument redemption fee rate | 0% | |
Foreign Debt [Member] | Ryerson China [Member] | Maximum [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument initiation fee rate | 0.30% | |
Debt instrument redemption fee rate | 0.125% | |
Foreign Debt [Member] | Owed to Banks [Member] | Ryerson China [Member] | ||
Debt Instrument [Line Items] | ||
Foreign debt | $ 2.9 | $ 4 |
Weighted average interest rate | 3.40% | 3.60% |
Foreign Debt [Member] | Letter of Credit Drawdowns [Member] | Ryerson China [Member] | ||
Debt Instrument [Line Items] | ||
Foreign debt | $ 0.3 |
Employee Benefits - Components
Employee Benefits - Components of Net Periodic Benefit Cost (Credit) (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Pension Benefits [Member] | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Service cost | $ 0.4 | $ 0.7 | $ 1.3 | $ 2.1 |
Interest cost | 4 | 2.5 | 12.1 | 7.4 |
Expected return on assets | (4.1) | (3.3) | (12.3) | (10) |
Settlement credit | (0.1) | |||
Recognized actuarial (gain) loss | 1.1 | 2 | 3.2 | 6 |
Net periodic benefit cost (credit) | 1.4 | 1.8 | 4.3 | 5.5 |
Other Postretirement Benefits [Member] | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Service cost | 0.1 | 0.1 | 0.3 | |
Interest cost | 0.5 | 0.3 | 1.4 | 0.9 |
Recognized actuarial (gain) loss | (2.1) | (1.5) | (6.2) | (4.4) |
Amortization of prior service credit | (0.1) | |||
Net periodic benefit cost (credit) | $ (1.6) | $ (1.1) | $ (4.7) | $ (3.3) |
Employee Benefits - Additional
Employee Benefits - Additional Information (Detail) - Pension Benefits [Member] $ in Millions | 9 Months Ended |
Sep. 30, 2023 USD ($) | |
Defined Benefit Plan Disclosure [Line Items] | |
Contribution to the pension plan fund | $ 0.9 |
Anticipated minimum required pension contribution funding | $ 1 |
Derivatives and Fair Value Me_3
Derivatives and Fair Value Measurements - Additional Information (Detail) - USD ($) | 9 Months Ended | |||
Sep. 30, 2023 | Dec. 31, 2022 | Nov. 30, 2019 | Jun. 30, 2019 | |
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] | ||||
Derivative notional amount | $ 0 | $ 0 | ||
Ryerson Credit Facility [Member] | Second Interest Rate Swap [Member] | ||||
Derivatives Fair Value [Line Items] | ||||
Derivative notional amount | $ 100,000,000 | |||
Derivative fixed interest rate | 1.539% | |||
Ryerson Credit Facility [Member] | Interest Rate Swaps [Member] | ||||
Derivatives Fair Value [Line Items] | ||||
Derivative notional amount | $ 60,000,000 | |||
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, 2023 | Dec. 31, 2022 |
Derivatives Fair Value [Line Items] | ||
Asset Derivatives, Fair Value | $ 7.4 | $ 8.6 |
Liability Derivatives, Fair Value | 2.6 | 12.1 |
Derivatives Not Designated as Hedging Instruments under ASC 815 [Member] | Metal Commodity Contracts [Member] | ||
Derivatives Fair Value [Line Items] | ||
Asset Derivatives, Fair Value | $ 7.4 | $ 8.5 |
Derivative Asset, Statement of Financial Position [Extensible Enumeration] | Prepaid Expense and Other Assets, Current | Prepaid Expense and Other Assets, Current |
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 | $ 2.6 | $ 12.1 |
Derivatives Not Designated as Hedging Instruments under ASC 815 [Member] | Diesel Fuel Commodity Contracts [Member] | ||
Derivatives Fair Value [Line Items] | ||
Asset Derivatives, Fair Value | $ 0.1 | |
Derivative Asset, Statement of Financial Position [Extensible Enumeration] | Prepaid Expense and Other Assets, Current | Prepaid Expense and Other Assets, Current |
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, 2023 USD ($) T | Dec. 31, 2022 USD ($) T gal | |
Hot Roll Coil Swap Contracts [Member] | ||
Derivatives Fair Value [Line Items] | ||
Notional Amount | 11,517 | 40,036 |
Aluminum Swap Contracts [Member] | ||
Derivatives Fair Value [Line Items] | ||
Notional Amount | 16,291 | 21,116 |
Nickel Swap Contracts [Member] | ||
Derivatives Fair Value [Line Items] | ||
Notional Amount | 1,111 | 1,525 |
Diesel Fuel Swap Contracts [Member] | ||
Derivatives Fair Value [Line Items] | ||
Notional Amount | gal | 70,000 | |
Foreign Exchange Contracts [Member] | ||
Derivatives Fair Value [Line Items] | ||
Derivative notional amount | $ | $ 2.1 | $ 2.3 |
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, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Derivative Instruments Gain Loss [Line Items] | ||||
Amount of Gain/ (Loss) Recognized in Income on Derivatives | $ 8.3 | $ 18 | ||
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 | $ 2.5 | $ (3) | 9.5 | 0.2 |
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 | $ 2.4 | $ (3) | $ 9.5 | $ (1.6) |
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] | 2018 Notes Embedded Derivative [Member] | ||||
Derivative Instruments Gain Loss [Line Items] | ||||
Amount of Gain/ (Loss) Recognized in Income on Derivatives | $ (0.2) | |||
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | 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 | $ 0.1 | |
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 | $ 0.8 | |||
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Interest and Debt Expense | |||
Amount of Gain/(Loss) Reclassified from Accumulated Other Comprehensive Income into Income | $ (0.5) | $ (1.9) | ||
Derivative Instrument, Gain (Loss) Reclassified from AOCI into Income, Effective Portion, Statement of Income or Comprehensive Income [Extensible Enumeration] | Interest and Debt Expense | Interest and Debt Expense |
Stockholders' Equity, Accumul_3
Stockholders' Equity, Accumulated Other Comprehensive Income (Loss) and Noncontrolling Interest - Additional Information (Detail) - USD ($) | Feb. 28, 2023 | Sep. 30, 2023 | Aug. 08, 2023 | May 08, 2023 | Dec. 31, 2022 |
Stockholders' Equity, Accumulated Other Comprehensive Income (Loss) and Noncontrolling Interest [Line Items] | |||||
Common stock shares repurchased | 5,193,820 | 2,070,654 | |||
Parent company percentage owned by affiliates | 11% | ||||
Platinum Equity LLC [Member] | |||||
Stockholders' Equity, Accumulated Other Comprehensive Income (Loss) and Noncontrolling Interest [Line Items] | |||||
Common shares sold by affiliate | 2,486,580 | 4,000,000 | 2,630,700 | ||
Common stock shares repurchased | 1,513,420 | 0 | 1,369,300 | ||
Common stock value repurchased | $ 53,000,000 | $ 50,000,000 | |||
Issuance of common stock, shares | 0 | ||||
Proceeds from issuance of common stock | $ 0 | ||||
Parent company percentage owned by affiliates | 43% | 11% |
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, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Beginning Balance | $ 866.4 | $ 881 | $ 893 | $ 850.5 | $ 705.5 | $ 544.6 | $ 893 | $ 544.6 |
Beginning Balance, shares | 39,059,198 | 39,059,198 | ||||||
Beginning Balance Treasury Stock, shares | 2,070,654 | 2,070,654 | ||||||
Net income | 35.3 | 37.6 | $ 47.5 | 55.1 | 196.4 | 163.8 | $ 120.4 | 415.3 |
Foreign currency translation | (3.4) | 2.1 | 1.4 | (9.8) | (2.3) | 1.5 | ||
Changes in defined benefit pension and other post-retirement benefit plans, net of tax | (0.7) | (0.7) | (0.7) | 0.4 | 0.2 | 0.7 | ||
Share repurchases, net of tax | (4) | (51) | (53.6) | (0.9) | (47.7) | (0.5) | ||
Stock-based compensation expense | 3.8 | 3.7 | (0.7) | 2.6 | 2.6 | (1.4) | ||
Cash dividends and dividend equivalents | (6.3) | (6.3) | (5.9) | (5.6) | (4.7) | (3.9) | ||
Interest rate swap, net of tax | 0.3 | 0.5 | 0.7 | |||||
Ending Balance | $ 891.1 | 866.4 | 881 | 892.6 | 850.5 | 705.5 | $ 891.1 | 892.6 |
Ending Balance, shares | 39,449,759 | 39,449,759 | ||||||
Ending Balance Treasury Stock, shares | 5,193,820 | 5,193,820 | ||||||
Common Stock [Member] | ||||||||
Beginning Balance | $ 0.4 | $ 0.4 | $ 0.4 | $ 0.4 | $ 0.4 | $ 0.4 | $ 0.4 | $ 0.4 |
Beginning Balance, shares | 39,450,000 | 39,449,000 | 39,059,000 | 39,059,000 | 39,058,000 | 38,687,000 | 39,059,000 | 38,687,000 |
Stock-based compensation expense, treasury stock, shares | 390,000 | 1 | 371 | |||||
Issuance of common stock, shares | 1,000 | |||||||
Ending Balance | $ 0.4 | $ 0.4 | $ 0.4 | $ 0.4 | $ 0.4 | $ 0.4 | $ 0.4 | $ 0.4 |
Ending Balance, shares | 39,450,000 | 39,450,000 | 39,449,000 | 39,059,000 | 39,059,000 | 39,058,000 | 39,450,000 | 39,059,000 |
Treasury Stock [Member] | ||||||||
Beginning Balance | $ (168.9) | $ (117.9) | $ (61.1) | $ (59.3) | $ (11.6) | $ (8.4) | $ (61.1) | $ (8.4) |
Beginning Balance Treasury Stock, shares | (5,061,000) | (3,679,000) | (2,071,000) | (2,003,000) | (390,000) | (293,000) | (2,071,000) | (293,000) |
Share repurchases, net of tax | $ (4) | $ (51) | $ (53.6) | $ (0.9) | $ (47.7) | $ (0.5) | ||
Shares repurchases, net of tax, treasury stock, Shares | (133,000) | (1,382,000) | (1,518,000) | (35) | (1,613) | (20) | ||
Stock-based compensation expense, treasury stock, shares | (90,000) | (77) | ||||||
Stock-based compensation expense, treasury stock, amount | $ (3.2) | $ (2.7) | ||||||
Ending Balance | $ (172.9) | $ (168.9) | $ (117.9) | $ (60.2) | $ (59.3) | $ (11.6) | $ (172.9) | $ (60.2) |
Ending Balance Treasury Stock, shares | (5,194,000) | (5,061,000) | (3,679,000) | (2,038,000) | (2,003,000) | (390,000) | (5,194,000) | (2,038,000) |
Capital in Excess of Par Value [Member] | ||||||||
Beginning Balance | $ 404 | $ 400.3 | $ 397.7 | $ 392.5 | $ 389.9 | $ 388.6 | $ 397.7 | $ 388.6 |
Stock-based compensation expense | 3.8 | 3.7 | 2.5 | 2.6 | 2.6 | 1.3 | ||
Cash dividends and dividend equivalents | 0.1 | |||||||
Ending Balance | 407.8 | 404 | 400.3 | 395.1 | 392.5 | 389.9 | 407.8 | 395.1 |
Retained Earnings (Accumulated Deficit) [Member] | ||||||||
Beginning Balance | 765.1 | 733.8 | 692.5 | 673.1 | 481.4 | 321.7 | 692.5 | 321.7 |
Net income | 35 | 37.6 | 47.3 | 55.1 | 196.4 | 163.6 | ||
Cash dividends and dividend equivalents | (6.3) | (6.3) | (6) | (5.6) | (4.7) | (3.9) | ||
Ending Balance | 793.8 | 765.1 | 733.8 | 722.6 | 673.1 | 481.4 | 793.8 | 722.6 |
Foreign Currency Translation [Member] | ||||||||
Beginning Balance | (53.4) | (55.4) | (56.9) | (49.8) | (47.6) | (49.1) | (56.9) | (49.1) |
Foreign currency translation | (3.3) | 2 | 1.5 | (9.9) | (2.2) | 1.5 | ||
Ending Balance | (56.7) | (53.4) | (55.4) | (59.7) | (49.8) | (47.6) | (56.7) | (59.7) |
Benefit Plan Liabilities [Member] | ||||||||
Beginning Balance | (88.9) | (88.2) | (87.5) | (113.6) | (113.8) | (114.5) | (87.5) | (114.5) |
Changes in defined benefit pension and other post-retirement benefit plans, net of tax | (0.7) | (0.7) | (0.7) | 0.4 | 0.2 | 0.7 | ||
Ending Balance | (89.6) | (88.9) | (88.2) | (113.2) | (113.6) | (113.8) | (89.6) | (113.2) |
Interest Rate Swap [Member] | ||||||||
Beginning Balance | (0.3) | (0.8) | (1.5) | (1.5) | ||||
Interest rate swap, net of tax | 0.3 | 0.5 | 0.7 | |||||
Ending Balance | (0.3) | (0.8) | ||||||
Non-controlling Interest [Member] | ||||||||
Beginning Balance | 8.1 | 8 | 7.9 | 7.5 | 7.6 | 7.4 | 7.9 | 7.4 |
Net income | 0.3 | 0.2 | 0.2 | |||||
Foreign currency translation | (0.1) | 0.1 | (0.1) | 0.1 | (0.1) | |||
Ending Balance | $ 8.3 | $ 8.1 | $ 8 | $ 7.6 | $ 7.5 | $ 7.6 | $ 8.3 | $ 7.6 |
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, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | |
Equity [Abstract] | ||||||
Changes in defined benefit pension and other post-retirement benefit plans, tax | $ 0.3 | $ 0.3 | $ 0.3 | $ 0.1 | $ 0.4 | $ 0.1 |
Share repurchases, tax | $ 0.1 | $ 0.5 | $ 0.4 | |||
Changes in interest rate swap, tax | $ 0.2 | $ 0.2 | $ 0 |
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, 2023 USD ($) | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |
Accumulated other comprehensive income (loss) net of tax, beginning balance | $ (144.4) |
Accumulated other comprehensive income (loss) net of tax, ending balance | (146.3) |
Foreign Currency Translation [Member] | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |
Accumulated other comprehensive income (loss) net of tax, beginning balance | (56.9) |
Other comprehensive income before reclassifications | 0.2 |
Net current-period other comprehensive income | 0.2 |
Accumulated other comprehensive income (loss) net of tax, ending balance | (56.7) |
Benefit Plan Liabilities [Member] | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |
Accumulated other comprehensive income (loss) net of tax, beginning balance | (87.5) |
Amounts reclassified from accumulated other comprehensive income into net income | (2.1) |
Net current-period other comprehensive income | (2.1) |
Accumulated other comprehensive income (loss) net of tax, ending balance | $ (89.6) |
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, 2023 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | ||||||
Tax benefit | $ 0.2 | $ 0.2 | $ 0 | |||
Interest Rate Swaps [Member] | ||||||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | ||||||
Realized swap interest | 0.5 | $ 1.9 | ||||
Tax benefit | (0.2) | (0.4) | ||||
Net of tax | 0.4 | 1.3 | ||||
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 | $ (1) | 0.6 | $ (3) | 1.8 | ||
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) | |||||
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) | |||||
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 | (1) | 0.5 | (3) | 1.7 | ||
Tax expense (benefit) | 0.3 | 0.9 | 0.4 | |||
Net of tax | $ (0.7) | 0.3 | $ (2.1) | $ 1.5 | ||
Amortization of Defined Benefit Pension and Other Post-retirement Benefit Plan Items [Member] | Interest Rate Swaps [Member] | ||||||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | ||||||
Tax expense (benefit) | $ 0.1 |
Revenue Recognition - Additiona
Revenue Recognition - Additional Information (Detail) $ in Millions | 9 Months Ended | |
Sep. 30, 2023 USD ($) Segment | Dec. 31, 2022 USD ($) | |
Disaggregation of Revenue [Line Items] | ||
Number of operating segments | Segment | 1 | |
Number of reportable segments | Segment | 1 | |
Payment terms on invoiced amounts | 30 days | |
Accounts receivables from contracts with customers | $ 547.6 | $ 517.6 |
Contract assets | 20 | 20.4 |
Contract liabilities | $ 16.9 | $ 16.2 |
Revenue Recognition - Percentag
Revenue Recognition - Percentage of Sales by Major Product Lines (Detail) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
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 | 27% | 31% | 26% | 30% |
Carbon Steel Plate [Member] | ||||
Product Line | ||||
Percentage of sales by major product lines | 11% | 10% | 10% | 10% |
Carbon Steel Long [Member] | ||||
Product Line | ||||
Percentage of sales by major product lines | 14% | 14% | 14% | 13% |
Stainless Steel Flat [Member] | ||||
Product Line | ||||
Percentage of sales by major product lines | 15% | 15% | 16% | 17% |
Stainless Steel Plate [Member] | ||||
Product Line | ||||
Percentage of sales by major product lines | 5% | 4% | 5% | 4% |
Stainless Steel Long [Member] | ||||
Product Line | ||||
Percentage of sales by major product lines | 4% | 5% | 5% | 5% |
Aluminum Flat [Member] | ||||
Product Line | ||||
Percentage of sales by major product lines | 15% | 14% | 15% | 13% |
Aluminum Plate [Member] | ||||
Product Line | ||||
Percentage of sales by major product lines | 3% | 2% | 3% | 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 | 2% | 1% | 2% | 2% |
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, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Disaggregation Of Revenue [Line Items] | ||||
Net sales | $ 1,246.7 | $ 1,543.1 | $ 3,996.3 | $ 5,035.4 |
United States [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net sales | 1,130.2 | 1,401 | 3,642.3 | 4,594.2 |
Foreign Countries [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net sales | $ 116.5 | $ 142.1 | $ 354 | $ 441.2 |
Revenue Recognition - Summary_2
Revenue Recognition - Summary of Revenues by Type of Item Sold (Detail) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
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 | 87% | 89% | 87% | 90% |
Revenue Recognized Over Time | ||||
Disaggregation Of Revenue [Line Items] | ||||
Revenue on products with no alternative use | 13% | 11% | 13% | 10% |
Revenue Recognition - Additio_2
Revenue Recognition - Additional Information 1 (Detail) | Sep. 30, 2023 |
Maximum [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2023-10-01 | |
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, 2023 USD ($) | |
Credit Loss [Abstract] | |
Balance at January 1, 2023 | $ 3.2 |
Current period provision | 2.1 |
Write-offs charged against allowance | (2.8) |
Recoveries | 0.2 |
Translation | (0.2) |
Balance at September 30, 2023 | $ 2.6 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | |
Income Tax Disclosure [Abstract] | |||||
Provision for income taxes | $ 12.9 | $ 20.5 | $ 39.8 | $ 142.3 | |
Valuation allowance | 5 | 5 | $ 5 | ||
Unrecognized tax benefits balance | $ 1.7 | $ 1.7 | $ 1.6 |
Earnings Per Share - Additional
Earnings Per Share - Additional Information (Detail) - shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Earnings Per Share [Abstract] | ||||
Weighted average number of shares excluded from computation of earnings per share | 0 | 195,147 | 0 | 131,397 |
Earnings Per Share - Calculatio
Earnings Per Share - Calculation of Basic and Diluted Earnings Per Share (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Numerator: | ||||
Net Income (Loss) Attributable to Parent | $ 35 | $ 55.1 | $ 119.9 | $ 415.1 |
Denominator: | ||||
Weighted average shares outstanding | 34,349 | 37,050 | 35,244 | 37,742 |
Dilutive effect of stock-based awards | 546 | 712 | 613 | 756 |
Weighted average shares outstanding adjusted for dilutive securities | 34,895 | 37,762 | 35,857 | 38,498 |
Earnings Per Share Basic Diluted [Abstract] | ||||
Basic | $ 1.02 | $ 1.49 | $ 3.4 | $ 11 |
Diluted | $ 1 | $ 1.46 | $ 3.34 | $ 10.78 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Detail) - Subsequent Event [Member] - USD ($) $ / shares in Units, $ in Millions | Oct. 30, 2023 | Oct. 02, 2023 |
Subsequent Event [Line Items] | ||
Quarterly Cash Dividends Per Share Declared | $ 0.185 | |
Norlen Incorporated [Member] | ||
Subsequent Event [Line Items] | ||
Acquisition date | Oct. 02, 2023 | |
Payments to acquire business | $ 30.2 | |
Common Stock [Member] | ||
Subsequent Event [Line Items] | ||
Dividends Payable, Date declared | Oct. 30, 2023 | |
Dividend Payable, Date to be paid | Dec. 14, 2023 | |
Dividends Payable, Date of Record | Nov. 30, 2023 |