Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2024 | Apr. 26, 2024 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Mar. 31, 2024 | |
Document Fiscal Year Focus | 2024 | |
Document Fiscal Period Focus | Q1 | |
Entity Registrant Name | RYERSON HOLDING CORPORATION | |
Entity Central Index Key | 0001481582 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 34,335,759 | |
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 | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Statement of Comprehensive Income [Abstract] | ||
Net sales | $ 1,239.2 | $ 1,406.1 |
Cost of materials sold | 1,021.6 | 1,141.9 |
Gross profit | 217.6 | 264.2 |
Warehousing, delivery, selling, general, and administrative | 216.8 | 194.2 |
Operating profit | 0.8 | 70 |
Other income and (expense), net | (0.2) | (0.1) |
Interest and other expense on debt | (10.1) | (7.6) |
Income (loss) before income taxes | (9.5) | 62.3 |
Provision (benefit) for income taxes | (2.1) | 14.8 |
Net income (loss) | (7.4) | 47.5 |
Less: Net income attributable to noncontrolling interest | 0.2 | 0.2 |
Net income (loss) attributable to Ryerson Holding Corporation | (7.6) | 47.3 |
Comprehensive income (loss) | (9.7) | 48.2 |
Less: Comprehensive income attributable to noncontrolling interest | 0.1 | 0.1 |
Comprehensive income (loss) attributable to Ryerson Holding Corporation | $ (9.8) | $ 48.1 |
Basic earnings (loss) per share | $ (0.22) | $ 1.3 |
Diluted earnings (loss) per share | (0.22) | 1.27 |
Dividends declared per share | $ 0.1875 | $ 0.17 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Operating activities: | |||
Net income (loss) | $ (7.4) | $ 47.5 | |
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | |||
Depreciation and amortization | 17.4 | 13.7 | |
Stock-based compensation | 3.3 | 2.5 | |
Deferred income taxes | 1.4 | 4.5 | |
Provision for allowances, claims, and doubtful accounts | 2.3 | 1.6 | |
Pension and other postretirement benefits curtailment gain | (0.3) | ||
Pension settlement charge | 1.7 | ||
Non-cash gain from derivatives | (0.8) | (6.4) | |
Other items | 0.1 | ||
Change in operating assets and liabilities: | |||
Receivables | (82.1) | (94.8) | |
Inventories | (60) | 89.3 | |
Other assets and liabilities | (6.6) | (4.2) | |
Accounts payable | 109.8 | 59 | |
Accrued liabilities | (16.5) | (33.1) | |
Accrued taxes payable/receivable | (9.5) | 7.6 | |
Deferred employee benefit costs | (0.6) | (6.8) | |
Net adjustments | (40.4) | 32.9 | |
Net cash provided by (used in) operating activities | (47.8) | 80.4 | |
Investing activities: | |||
Acquisitions, net of cash acquired | (38.9) | ||
Capital expenditures | (21.8) | (27.8) | |
Proceeds from sale of property, plant, and equipment | 1.4 | ||
Net cash used in investing activities | (20.4) | (66.7) | |
Financing activities: | |||
Repayment of debt | (0.4) | (0.4) | |
Net proceeds of short-term borrowings | 61 | 28.3 | |
Net increase in book overdrafts | 6.5 | 22.9 | |
Principal payments on finance lease obligations | (1.6) | (1.5) | |
Dividends paid to shareholders | (6.4) | (6) | |
Share repurchases | (1) | (53.2) | |
Contingent payment related to acquisitions | (1.9) | ||
Net cash provided by (used in) financing activities | 56.2 | (9.9) | |
Net increase (decrease) in cash, cash equivalents, and restricted cash | (12) | 3.8 | |
Effect of exchange rate changes on cash, cash equivalents, and restricted cash | (0.4) | 0.7 | |
Net change in cash, cash equivalents, and restricted cash | (12.4) | 4.5 | |
Cash, cash equivalents, and restricted cash—beginning of period | 55.4 | 40.5 | $ 40.5 |
Cash, cash equivalents, and restricted cash—end of period | 43 | 45 | $ 55.4 |
Cash paid during the period for: | |||
Interest paid to third parties, net | 10.5 | 6.1 | |
Income taxes, net | 6.4 | 2 | |
Noncash investing activities: | |||
Asset additions under operating leases | 13.1 | $ 13.4 | |
Asset additions under finance leases | $ 0.1 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
Current assets: | ||
Cash and cash equivalents | $ 41.9 | $ 54.3 |
Restricted cash | 1.1 | 1.1 |
Receivables less provisions of $1.9 at March 31, 2024 and $1.7 at December 31, 2023 | 548.5 | 467.7 |
Inventories | 841.2 | 782.5 |
Prepaid expenses and other current assets | 92.6 | 77.8 |
Total current assets | 1,525.3 | 1,383.4 |
Property, plant, and equipment, at cost | 1,081.2 | 1,071.5 |
Less: Accumulated depreciation | 486.5 | 481.9 |
Property, plant, and equipment, net | 594.7 | 589.6 |
Operating lease assets | 353 | 349.4 |
Other intangible assets | 71.1 | 73.7 |
Goodwill | 161 | 157.8 |
Deferred charges and other assets | 15.1 | 15.7 |
Total assets | 2,720.2 | 2,569.6 |
Current liabilities: | ||
Accounts payable | 580 | 463.4 |
Salaries, wages, and commissions | 39.2 | 51.9 |
Other accrued liabilities | 71.8 | 75.9 |
Short-term debt | 3.7 | 8.2 |
Current portion of operating lease liabilities | 30.3 | 30.5 |
Current portion of deferred employee benefits | 4 | 4 |
Total current liabilities | 729 | 633.9 |
Long-term debt | 493.6 | 428.3 |
Deferred employee benefits | 105.5 | 106.7 |
Noncurrent operating lease liabilities | 341.8 | 336.8 |
Deferred income taxes | 140.5 | 135.5 |
Other noncurrent liabilities | 12.6 | 13.9 |
Total liabilities | 1,823 | 1,655.1 |
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 March 31, 2024 and December 31, 2023 | ||
Common stock, $0.01 par value; 100,000,000 shares authorized; 39,887,061 and 39,450,659 shares issued at March 31, 2024 and December 31, 2023, respectively | 0.4 | 0.4 |
Capital in excess of par value | 415.1 | 411.6 |
Retained earnings | 799.2 | 813.2 |
Treasury stock at cost - Common stock of 5,554,635 and 5,413,434 shares at March 31, 2024 and December 31, 2023, respectively | (184) | (179.3) |
Accumulated other comprehensive loss | (142.2) | (140) |
Total Ryerson Holding Corporation stockholders’ equity | 888.5 | 905.9 |
Noncontrolling interest | 8.7 | 8.6 |
Total equity | 897.2 | 914.5 |
Total liabilities and equity | $ 2,720.2 | $ 2,569.6 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
Statement of Financial Position [Abstract] | ||
Receivables, provisions | $ 1.9 | $ 1.7 |
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 | 39,887,061 | 39,450,659 |
Treasury Stock, Shares | 5,554,635 | 5,413,434 |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Pay vs Performance Disclosure | ||
Net Income (Loss) | $ (7.6) | $ 47.3 |
Insider Trading Arrangements
Insider Trading Arrangements - shares | 3 Months Ended | |||
Mar. 22, 2024 | Mar. 07, 2024 | Aug. 11, 2023 | Mar. 31, 2024 | |
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 continued until March 1, 2024 , where shares of Ryerson stock for up to $ 25,000,000 could be purchased pursuant to the 10b5-1 Plan. A new 10b5-1 Plan was adopted on March 7, 2024 and will continue until August 9, 2024 . Shares of Ryerson stock for up to $ 25,000,000 may be purchased pursuant to the new 10b5-1 Plan. On March 22, 2024 , Edward Lehner, President and Chief Executive Officer of the Company entered into a stock trading plan designed to comply with Rule 10b5-1(c) under the Securities Exchange Act of 1934, as amended (the “Plan”). Under the terms of the Plan, Mr. Lehner will sell up to 48,000 shares of the Company’s common stock beginning on July 10, 2024, and continuing through June 30, 2025 . | |||
Rule 10b5-1 Arrangement Adopted | true | true | ||
Adoption Date | March 7, 2024 | August 11, 2023 | ||
Aggregate Available | 25,000,000 | 25,000,000 | ||
End Date | August 9, 2024 | March 1, 2024 | ||
Edward Lehner [Member] | ||||
Trading Arrangements, by Individual | ||||
Adoption Date | March 22, 2024 | |||
Aggregate Available | 48,000 | |||
End Date | June 30, 2025 |
Financial Statements
Financial Statements | 3 Months Ended |
Mar. 31, 2024 | |
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 11.4 % of our outstanding common stock. 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 March 31, 2024 and for the three months ended March 31, 2024 and 2023 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, 2023 . |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 3 Months Ended |
Mar. 31, 2024 | |
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 In November 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standard Update (“ASU”) 2023-07, “Segment Reporting (Topic 280)”. The amendments in this update require public entities to enhance segment disclosures on both an interim and annual basis. These disclosures include, among others, significant segment expenses regularly reviewed by the chief operating decision maker (CODM), an amount for other segment items, and title and position of the CODM and how the CODM uses this information in assessing performance. The ASU is effective for fiscal years beginning after December 15, 2023 and interim periods of fiscal years beginning after December 15, 2024 and should be adopted retrospectively to all prior periods presented in the financial statements. We are still assessing the impact of adoption, but do not expect this guidance to materially impact the consolidated financial statements. In December 2023, FASB issued ASU 2023-09, “Income Taxes (Topic 740)”. The amendments in this update require public businesses to disclose specific categories in the rate reconciliation and further information for reconciling items that meet a quantitative threshold. This update also requires further disclosures of income taxes paid disaggregated by federal, state, and foreign jurisdictions as well as by the individual jurisdiction in which income taxes are paid if the amount paid is equal to or greater than five percent of total income taxes paid. Further, this update requires a disclosure of income or loss from continuing operations before income tax expense disaggregated between domestic and foreign and income tax expense or benefit disaggregated by federal, state, and foreign. This update is effective for annual periods beginning after December 15, 2024 and early adoption is permitted. We do not expect this guidance to materially impact the consolidated financial statements. |
Cash, Cash Equivalents, and Res
Cash, Cash Equivalents, and Restricted Cash | 3 Months Ended |
Mar. 31, 2024 | |
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: March 31, December 31, 2024 2023 (In millions) Cash and cash equivalents $ 41.9 $ 54.3 Restricted cash 1.1 1.1 Total cash, cash equivalents, and restricted cash $ 43.0 $ 55.4 We had cash restricted for the purpose of covering letters of credit that can be presented for potential insurance claims. |
Inventories
Inventories | 3 Months Ended |
Mar. 31, 2024 | |
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 p rojection 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 March 31, 2024 and December 31, 2023 as follows: March 31, December 31, 2024 2023 (In millions) In process and finished products $ 841.2 $ 782.5 If current cost had been used to value inventories, such inventories would have been $ 149 million and $ 148 million higher than reported at March 31, 2024 and December 31, 2023, respectively. Approximately 89 % and 88 % of inventories are accounted for under the LIFO method at March 31, 2024 and December 31, 2023, 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 $ 7.6 million an d $ 7.1 million at March 31, 2024 and December 31, 2023 , respectively. |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 3 Months Ended |
Mar. 31, 2024 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | NOTE 5: GOODWILL AND OTHER INTANGIBLE ASSETS Goodwill, which represents the excess of cost over the fair value of net assets acquired, amounted to $ 161.0 million and $ 157.8 million at March 31, 2024 and December 31, 2023, respectively. We recognized $ 3.2 million of additional goodwill during the first three months of 2024 related to purchase accounting adjustments for acquisitions completed in 2023, see Note 6: Acquisitions for further information. Pursuant to FASB 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, 2023 , and it was determined that no impairment existed. Other intangible assets with finite useful lives continue to be amortized over their useful lives. We did not record any additional intangible assets during the first three months of 2024. 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 | 3 Months Ended |
Mar. 31, 2024 | |
Business Combinations [Abstract] | |
Acquisitions | NOTE 6: ACQUISITIONS 2023 Acquisitions On March 1, 2023, JT Ryerson acquired BLP Holdings, LLC ("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 & gas, aerospace, telecommunications, and structural fabrication. BLP provides complex fabrication services in addition to toll processing, including saw cutting, machining, and water jet cutting. On October 2, 2023, JT Ryerson acquired Norlen Incorporated ("Norlen"). Based out of Schofield, Wisconsin, Norlen is a full-service metal fabricator, providing stamping, machining, painting, and additional value-added fabrication services to industries including agriculture, HVAC, and defense. On November 1, 2023, JT Ryerson acquired TSA Processing ("TSA"). Headquartered in Houston, Texas, with five other locations across the Midwest and Southern United States, TSA is a stainless steel and aluminum coil and sheet processor. On December 1, 2023, JT Ryerson acquired Hudson Tool Steel Corporation ("Hudson"). Hudson is headquartered in Cerritos, California, with two facilities located in the Midwest and Northeast. Hudson is a supplier of tool steels and high-speed, carbon, and alloy steels. The 2023 acquisitions will strengthen and expand JT Ryerson's valued-add services within our industry-leading stainless and aluminum franchises as well as our tool steel capabilities which will allow us to increase our offerings to better serve our diverse customer base across our entire network. In 2023, we paid a total of $ 127.5 million, net of cash acquired for the 2023 acquisitions. As of March 31, 2024, there is $ 2.2 million of unpaid purchase consideration accrued on the Condensed Consolidated Balance Sheet relating to holdback payments expected to be paid within 18 months of the acquisition date, working capital true ups, and contingent consideration. We deemed the 2023 acquisitions individually immaterial, yet significant in the aggregate to the Condensed Consolidated Balance Sheets. Included in the financial results for the three-month periods ended March 31, 2024 and March 31, 2023 was $ 28.3 million and $ 3.0 million of revenue, respectively, and $ 0.1 million and $ 0.4 million of net income, respectively, from the 2023 Acquisitions. The 2023 acquisitions are insignificant to the Company's Condensed Consolidated Statements of Comprehensive Income for the year-ended December 31, 2023. The preliminary allocations of the total purchase price from our combined 2023 acquisitions to the fair values of the assets acquired and liabilities assumed were as follows: (In millions) Cash and cash equivalents $ 5.8 Receivables, less provisions 20.4 Inventories 11.6 Prepaid expenses and other current assets 2.1 Property, plant, and equipment 47.8 Operating lease assets 35.0 Other intangible assets 31.3 Goodwill 29.5 Other noncurrent assets 1.2 Total identifiable assets acquired 184.7 Accounts payable ( 7.2 ) Salaries, wages, and commissions ( 2.0 ) Other accrued liabilities ( 0.7 ) Operating lease liabilities ( 32.4 ) Deferred income taxes ( 6.9 ) Total liabilities assumed ( 49.2 ) Net identifiable assets acquired $ 135.5 The 2023 acquisitions discussed above were all accounted for under the acquisition method of accounting and, accordingly, the purchase price for each transaction has been allocated to the assets acquired and liabilities assumed based on the estimated fair values at the date of each acquisition. As needed, for each transaction the Company used a third-party valuation firm to estimate the fair values of property, plant, and equipment, leases, earn-outs, and intangible assets. Inventory was valued by the Company using acquisition date fair values of the metals. The Condensed Consolidated Balance Sheets reflect the allocations of each acquisition's purchase price as of March 31, 2024 and December 31, 2023. The measurement period for purchase price allocations will end 12 months after each acquisition date. The purchase price allocation for BLP is complete. The purchase price allocations for the remaining 2023 acquisitions are pending the completion of purchase price adjustments. Included in the total purchase price is $ 0.9 million of contingent consideration at fair value. The contingent consideration is based on the attainment of certain financial metrics over the course of 4 years following the acquisition date with a maximum payout of $ 5.1 million. The fair value of the contingent consideration as of acquisition date was determined using a Monte Carlo simulation. As part of the purchase price allocations for the 2023 acquisitions, we allocated $ 7.6 million to trade names and $ 23.7 million to customer relationships with weighted average lives of 14.3 years and 14.0 years, respectively. The goodwill arising from the 2023 acquisitions consists largely of expected strategic benefits, including enhanced operational scale, as well as expansion of acquired product and processing capabilities across our Company. Goodwill increased $ 3.2 million in the first three months of 2024, primarily related to accounting for deferred income taxes recorded for Hudson. 2023 Asset Acquisition 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. 2022 Acquisition Activity On August 31, 2022, JT Ryerson acquired Howard Precision Metals, Inc. ("Howard"). During the first three months of 2024, JT Ryerson paid $ 1.9 million in holdback payments included in financing activities on Condensed Consolidated Statements of Cash Flows. |
Long-Term Debt
Long-Term Debt | 3 Months Ended |
Mar. 31, 2024 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | NOTE 7: LONG-TERM DEBT Long-term debt consisted of the following at March 31, 2024 and December 31, 2023: March 31, December 31, 2024 2023 (In millions) Ryerson Credit Facility $ 498.0 $ 433.0 Foreign debt 1.9 6.0 Other debt 1.8 2.2 Unamortized debt issuance costs and discounts ( 4.4 ) ( 4.7 ) Total debt 497.3 436.5 Less: Short-term foreign debt 1.9 6.0 Less: Other short-term debt 1.8 2.2 Total long-term debt $ 493.6 $ 428.3 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 March 31, 2024 , Ryerson had $ 498.0 million of outstanding borrowings, $ 8 million of letters of credit issued, and $ 597 million available under the Ryerson Credit Facility compared to $ 433.0 million of outstanding borrowings, $ 10 million of letters of credit issued, and $ 560 million available at December 31, 2023 . 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. The weighted average interest rate on outstanding borrowings under the Ryerson Credit Facility wa s 6.5 % and 6.6 % at March 31, 2024 and December 31, 2023, 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 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 of three months or less. Foreign Debt At March 31, 2024, Ryerson China's foreign borrowings we re $ 1.7 million, which were owed to b anks 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 an additional $ 0.2 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, 2023 , Ryerson China’s foreign borrowings were $ 5.4 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 $ 0.6 million debt related to letter of credit drawdowns that incur service charges (an initial fee ranging between 0.15 % and 0.30 % and a redemption fee ranging from zero and 0.13 % per month), rather than interest. These balances are not secured with any of Ryerson China's assets. Availability under the foreign credit lines was $ 45 million and $ 42 million at March 31, 2024 and December 31, 2023, respectively. Letters of credit issued by our foreign subsidiaries were $ 1 million at March 31, 2024 and December 31, 2023 . |
Employee Benefits
Employee Benefits | 3 Months Ended |
Mar. 31, 2024 | |
Retirement Benefits [Abstract] | |
Employee Benefits | NOTE 8: 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 March 31, Pension Benefits Other Benefits 2024 2023 2024 2023 (In millions) Components of net periodic benefit cost (credit) Service cost $ 0.4 $ 0.4 $ 0.1 $ — Interest cost 3.7 4.1 0.4 0.5 Expected return on assets ( 3.8 ) ( 4.1 ) — — Settlement expense 1.7 — — — Curtailment gain ( 0.2 ) — ( 0.1 ) — Recognized actuarial (gain) loss 1.0 1.1 ( 1.8 ) ( 2.1 ) Net periodic benefit cost (credit) $ 2.8 $ 1.5 $ ( 1.4 ) $ ( 1.6 ) Components of net periodic benefit cost (credit), excluding service cost, are included in Other income and (expense), net in our Condensed Consolidated Statement of Comprehensive Income. Due to the closure of CSW's headquarters in Chicago, IL and move to University Park, IL, a significant reduction in the service years of employees occurred between the fourth quarter of 2023 and first quarter of 2024, triggering curtailment accounting. The CSW Pension and Postretirement Benefits plans were remeasured as of February 29, 2024, resulting in a curtailment gain. As t he curtailment was a net gain, the gain is required to be reflected in the periods in which the terminations occur, resulting in a curtailment gain of $ 0.3 million recognized in the first quarter of 2024 and $ 0.5 million recognized in the fourth quarter of 2023 for those terminations occurring during the respective periods. Additionally, the CSW Pension Plan is expecting lump sum payments for 2024 to be in excess of service cost and interest cost therefore, a settlement gain of $ 0.5 million was recorded in the first quarter of 2024. The discount rate for measuring obligations increased from 5.24 % at December 31, 2023 to 5.57 % as of February 29, 2024.The expected long-term rate of return on pension assets has remained unchanged from December 31, 2023 at 3.85 %. In the first quarter of 2024, the Ryerson Canada Bargaining Unit Pension Plan made $ 1.2 million of lump sum payments to plan participants and purchased $ 5.0 million of annuities on behalf of plan participants. The lump sum payments and annuity purchases consisted of all of the existing liabilities of the Ryerson Canada Bargaining Unit Pension Plan, resulting in the termination of the plan. The Ryerson Canada Bargaining Unit Pension Plan was fully funded as of the termination date, and as such, all lump sum payments and annuity purchases were funded with pension plan assets. As a result, the Company recorded a $ 2.2 million settlement loss in the first quarter of 2024. The net pension settlement loss and the curtailment gain were recorded within Other income and (expense), net within the Condensed Consolidated Statement of Comprehensive Income for the three months ended March 31, 2024. The Company contributed $ 0.3 million to the pension plan funds through the three months ended March 31, 2024, and anticipates that it will have a minimum required pension contribution funding of approximately $ 10.8 million for the remaining nine months of 2024. |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2024 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | NOTE 9: 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 and in Note 12 of the Notes to the Consolidated Financial Statements, in Part II, Item 8: Financial Statements in the Company's 2023 Form 10-K. |
Derivatives and Fair Value Meas
Derivatives and Fair Value Measurements | 3 Months Ended |
Mar. 31, 2024 | |
Investments, All Other Investments [Abstract] | |
Derivatives and Fair Value Measurements | NOTE 10: DERIVATIVES AND FAIR VALUE MEASUREMENTS Derivatives The Company may use derivatives to partially offset its business exposure to commodity price, foreign currency, and interest rate fluctuations and their related impact on expected future cash flows and certain existing assets and liabilities. However, the Company may choose not to hedge certain exposures for a variety of reasons including, but not limited to, Company policy, accounting considerations, or the prohibitive economic cost of hedging particular exposures. There can be no assurance the hedges will offset more than a portion of the financial impact resulting from movements in commodity pricing, foreign currency exchange, or interest rates. Interest rate swaps may be entered into to manage interest rate risk associated with the Company’s floating-rate borrowings. We use foreign currency exchange contracts to hedge variability in cash flows in our Canada, Mexico, and China operations when a payment currency is different from our functional currency. From time to time, we may enter into fixed price sales contracts with our customers for certain of our inventory components. We may enter into metal commodity futures and options contracts to reduce volatility in the price of these metals. The Company currently does not account for its commodity contracts 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 March 31, 2024 and December 31, 2023. As of March 31, 2024 and December 31, 2023, all derivative instruments held by the Company were subject to master netting arrangements with various financial institutions. The Company’s accounting policy is to not offset these positions in its Condensed Consolidated Balance Sheets. The gross derivative assets and liabilities presented in the Condensed Consolidated Balance Sheets offset to a net asset of $ 8.6 million and $ 7.9 million as of March 31, 2024 and December 31 , 2023, respectively, when incorporating the effects of master netting arrangements. Asset Derivatives Liability Derivatives Balance Sheet Location March 31, 2024 December 31, 2023 Balance Sheet Location March 31, 2024 December 31, 2023 Derivatives not designated as hedging instruments under ASC 815 (In millions) Metal commodity contracts Prepaid expenses and $ 11.4 $ 12.7 Other accrued $ 2.8 $ 4.8 The following table presents the volume of the Company’s activity in derivative instruments as of March 31, 2024 and December 31, 2023: Notional Amount Derivative Instruments March 31, 2024 December 31, 2023 Unit of Measurement Hot roll coil swap contracts 69,418 64,819 Tons Aluminum swap contracts 13,829 20,319 Tons Nickel swap contracts 1,556 1,375 Tons Foreign currency exchange contracts 2.8 million 1.6 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 months ended March 31, 2024 and 2023: 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 March 31, on Derivatives 2024 2023 Metal commodity contracts Cost of materials sold $ ( 0.9 ) $ 7.6 Foreign exchange contracts Other income and (expense), net 0.1 — Total $ ( 0.8 ) $ 7.6 Fair Value Measurements The Company has various commodity derivatives to lock in hot roll coil, nickel, and aluminum prices for varying time periods. The fair value of hot roll coil, nickel, and aluminum 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 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 and foreign exchange contract term varies in the number of months, but in general, contracts are between 1 to 12 months in length. As the fair value of each commodity and foreign exchange contract is determined using inputs other than quoted prices that are directly observable (Level 2 inputs) and the market approach valuation technique, as described in ASC 820, “Fair Value Measurement", these derivatives balances are classified as Level 2 within the fair value hierarchy. 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 90 days . See the Condensed Consolidated Balance Sheets for the March 31, 2024 and December 31, 2023 values of these assets and liabilities. |
Stockholders' Equity, Accumulat
Stockholders' Equity, Accumulated Other Comprehensive Income (Loss) and Noncontrolling Interest | 3 Months Ended |
Mar. 31, 2024 | |
Equity [Abstract] | |
Stockholders' Equity, Accumulated Other Comprehensive Income (Loss), and Noncontrolling Interest | NOTE 11: 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. Ryerson did not offer any shares of its common stock in the transaction and did not receive any of the proceeds from the sale of the shares offered by Platinum. The Company funded the share repurchase with cash on hand. The following table details changes in Ryerson Holding Corporation Stockholders’ Equity accounts for the three months ended March 31, 2024: 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, 2024 39,451 $ 0.4 ( 5,413 ) $ ( 179.3 ) $ 411.6 $ 813.2 $ ( 52.2 ) $ ( 87.8 ) $ 8.6 $ 914.5 Net income (loss) — — — — — ( 7.6 ) — — 0.2 ( 7.4 ) Foreign currency translation — — — — — — ( 3.3 ) — ( 0.1 ) ( 3.4 ) Changes in defined benefit pension and other post-retirement benefit plans, net of tax of $ 0.7 — — — — — — — 1.1 — 1.1 Share repurchases, net of tax of zero — — ( 31 ) ( 1.0 ) — — — — — ( 1.0 ) Stock-based compensation expense, net 436 — ( 111 ) ( 3.7 ) 3.3 — — — — ( 0.4 ) Cash dividends and dividend equivalents — — — — 0.2 ( 6.4 ) — — — ( 6.2 ) Balance at March 31, 2024 39,887 $ 0.4 ( 5,555 ) $ ( 184.0 ) $ 415.1 $ 799.2 $ ( 55.5 ) $ ( 86.7 ) $ 8.7 $ 897.2 The following table details changes in Ryerson Holding Corporation Stockholders’ Equity accounts for the three months ended March 31, 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 The following table details changes in accumulated other comprehensive income (loss), net of tax, for the three months ended March 31, 2024: Changes in Accumulated Other Comprehensive Foreign Benefit (In millions) Balance at January 1, 2024 $ ( 52.2 ) $ ( 87.8 ) Other comprehensive income (loss) before reclassifications ( 3.3 ) 0.8 Amounts reclassified from accumulated other comprehensive income (loss) into net income (loss) — 0.3 Net current-period other comprehensive income (loss) ( 3.3 ) 1.1 Balance at March 31, 2024 $ ( 55.5 ) $ ( 86.7 ) The following table details the reclassifications out of accumulated other comprehensive income (loss) for the three months ended March 31, 2024: Reclassifications Out of Accumulated Other Comprehensive Income (Loss) Amount reclassified from Accumulated Other Comprehensive Income (Loss) Three Months Ended Affected line item in the Condensed Consolidated Statements of Comprehensive Income (Loss) Details about Accumulated Other March 31, 2024 March 31, 2023 Comprehensive Income (Loss) Components (In millions) Amortization of defined benefit pension and other post-retirement benefit plan items Actuarial gain $ ( 0.8 ) $ ( 1.0 ) Other income and (expense), net Pension settlement loss 1.7 — Other income and (expense), net Curtailment gain ( 0.3 ) — Other income and (expense), net Total before tax 0.6 ( 1.0 ) Tax expense (benefit) ( 0.3 ) 0.3 Net of tax $ 0.3 $ ( 0.7 ) |
Revenue Recognition
Revenue Recognition | 3 Months Ended |
Mar. 31, 2024 | |
Revenue Recognition [Abstract] | |
Revenue Recognition | NOTE 12: 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 March 31, Product Line 2024 2023 Carbon Steel Flat 28 % 25 % Carbon Steel Plate 10 10 Carbon Steel Long 13 14 Stainless Steel Flat 15 17 Stainless Steel Plate 5 5 Stainless Steel Long 4 5 Aluminum Flat 16 15 Aluminum Plate 3 2 Aluminum Long 4 5 Other 2 2 Total 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 March 31, 2024 2023 Net Sales (In millions) United States $ 1,125.3 $ 1,288.3 Foreign countries 113.9 117.8 Total $ 1,239.2 $ 1,406.1 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 March 31, Timing of Revenue Recognition 2024 2023 Revenue on products with an alternative use 86 % 88 % Revenue on products with no alternative use 14 12 Total 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 $ 550.4 million and $ 469.4 million as of March 31, 2024 and December 31, 2023, 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 $ 23.1 million and $ 18.8 million at March 31, 2024 and December 31, 2023 , respectively. Contract liabilities amounted to $ 17.2 million and $ 16.1 million at March 31, 2024 and December 31, 2023, respectively. Contract liabilities satisfied during the three-month period ended March 31, 2024 amounted t o $ 2.3 mi llion. 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 | 3 Months Ended |
Mar. 31, 2024 | |
Credit Loss [Abstract] | |
Provision for Credit Losses | NOTE 13: 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 March 31, 2024: Changes in Provision for Expected Credit Losses (In millions) Balance at January 1, 2024 $ 1.7 Current period provision 0.6 Write-offs charged against allowance ( 0.3 ) Translation ( 0.1 ) Balance at March 31, 2024 $ 1.9 |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2024 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | NOTE 14: INCOME TAXES For the three months ended March 31, 2024, the Company recorded an income tax benefit of $ 2.1 million compared to income tax expense of $ 14.8 million in the prior year. The income tax benefit and expense for the three months ended March 31, 2024 and 2023 primarily represent taxes at federal and local statutory rates where the Company operates, adjusted for certain one-time items. The decrease in income tax in the first three months of 2024 compared to the first three months of 2023 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 $ 4.0 million at both March 31, 2024 and December 31, 2023. The Company accounts for uncertain income tax positions in accordance with ASC 740. We anticipate that certain statutes of limitation will close within the next twelve months resulting in the immaterial reduction of the reserve for uncertain tax benefits related to various intercompany transactions. No changes were recorded in the first three months of 2024; therefore, the balance of $ 2.7 million as of December 31, 2023 remains unchanged. |
Earnings Per Share
Earnings Per Share | 3 Months Ended |
Mar. 31, 2024 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | NOTE 15: EARNINGS PER SHARE Basic earnings per share attributable to Ryerson Holding’s common stock is determined based on earnings for the period divided by the weighted average number of common shares outstanding during the period. Diluted earnings per share attributable to Ryerson Holding’s common stock considers the effect of potential common shares, unless inclusion of the potential common shares would have an antidilutive effect. The weighted average number of shares excluded as they would have had an antidilutive effect were 701,940 and zero for the three-month periods ended March 31, 2024 and March 31, 2023, respectively. The following table sets forth the calculation of basic and dilut ed earnings per share: Three Months Ended March 31, Basic and diluted earnings per share 2024 2023 (In millions, except number of shares which are reflected in thousands and per share data) Numerator: Net income (loss) attributable to Ryerson Holding Corporation $ ( 7.6 ) $ 47.3 Denominator: Weighted average shares outstanding 34,023 36,453 Dilutive effect of stock-based awards — 792 Weighted average shares outstanding adjusted for dilutive securities 34,023 37,245 Earnings (loss) per share Basic $ ( 0.22 ) $ 1.30 Diluted $ ( 0.22 ) $ 1.27 |
Subsequent Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2024 | |
Subsequent Events [Abstract] | |
Subsequent Events | NOTE 16: SUBSEQUENT EVENTS On April 30,2024 , the Board of Directors declared a quarterly cash dividend in the amount of $ 0.1875 per share of common stock, payable on June 20, 2024 , to stockholders of record as of June 6, 2024 . Future quarterly dividends, if any, will be subject to Board approval. |
Summary of Accounting and Finan
Summary of Accounting and Financial Policies (Policies) | 3 Months Ended |
Mar. 31, 2024 | |
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 In November 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standard Update (“ASU”) 2023-07, “Segment Reporting (Topic 280)”. The amendments in this update require public entities to enhance segment disclosures on both an interim and annual basis. These disclosures include, among others, significant segment expenses regularly reviewed by the chief operating decision maker (CODM), an amount for other segment items, and title and position of the CODM and how the CODM uses this information in assessing performance. The ASU is effective for fiscal years beginning after December 15, 2023 and interim periods of fiscal years beginning after December 15, 2024 and should be adopted retrospectively to all prior periods presented in the financial statements. We are still assessing the impact of adoption, but do not expect this guidance to materially impact the consolidated financial statements. In December 2023, FASB issued ASU 2023-09, “Income Taxes (Topic 740)”. The amendments in this update require public businesses to disclose specific categories in the rate reconciliation and further information for reconciling items that meet a quantitative threshold. This update also requires further disclosures of income taxes paid disaggregated by federal, state, and foreign jurisdictions as well as by the individual jurisdiction in which income taxes are paid if the amount paid is equal to or greater than five percent of total income taxes paid. Further, this update requires a disclosure of income or loss from continuing operations before income tax expense disaggregated between domestic and foreign and income tax expense or benefit disaggregated by federal, state, and foreign. This update is effective for annual periods beginning after December 15, 2024 and early adoption is permitted. We do not expect this guidance to materially impact the consolidated financial statements. |
Cash, Cash Equivalents, and R_2
Cash, Cash Equivalents, and Restricted Cash (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
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: March 31, December 31, 2024 2023 (In millions) Cash and cash equivalents $ 41.9 $ 54.3 Restricted cash 1.1 1.1 Total cash, cash equivalents, and restricted cash $ 43.0 $ 55.4 |
Inventories (Tables)
Inventories (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventories | Inventories, at stated LIFO value, were classified at March 31, 2024 and December 31, 2023 as follows: March 31, December 31, 2024 2023 (In millions) In process and finished products $ 841.2 $ 782.5 |
Acquisitions (Tables)
Acquisitions (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Business Combinations [Abstract] | |
Summary of Preliminary Allocations of Total Purchase Price from Acquisitions to Fair Values of Assets Acquired and Liabilities Assumed | The preliminary allocations of the total purchase price from our combined 2023 acquisitions to the fair values of the assets acquired and liabilities assumed were as follows: (In millions) Cash and cash equivalents $ 5.8 Receivables, less provisions 20.4 Inventories 11.6 Prepaid expenses and other current assets 2.1 Property, plant, and equipment 47.8 Operating lease assets 35.0 Other intangible assets 31.3 Goodwill 29.5 Other noncurrent assets 1.2 Total identifiable assets acquired 184.7 Accounts payable ( 7.2 ) Salaries, wages, and commissions ( 2.0 ) Other accrued liabilities ( 0.7 ) Operating lease liabilities ( 32.4 ) Deferred income taxes ( 6.9 ) Total liabilities assumed ( 49.2 ) Net identifiable assets acquired $ 135.5 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | Long-term debt consisted of the following at March 31, 2024 and December 31, 2023: March 31, December 31, 2024 2023 (In millions) Ryerson Credit Facility $ 498.0 $ 433.0 Foreign debt 1.9 6.0 Other debt 1.8 2.2 Unamortized debt issuance costs and discounts ( 4.4 ) ( 4.7 ) Total debt 497.3 436.5 Less: Short-term foreign debt 1.9 6.0 Less: Other short-term debt 1.8 2.2 Total long-term debt $ 493.6 $ 428.3 |
Employee Benefits (Tables)
Employee Benefits (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
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 March 31, Pension Benefits Other Benefits 2024 2023 2024 2023 (In millions) Components of net periodic benefit cost (credit) Service cost $ 0.4 $ 0.4 $ 0.1 $ — Interest cost 3.7 4.1 0.4 0.5 Expected return on assets ( 3.8 ) ( 4.1 ) — — Settlement expense 1.7 — — — Curtailment gain ( 0.2 ) — ( 0.1 ) — Recognized actuarial (gain) loss 1.0 1.1 ( 1.8 ) ( 2.1 ) Net periodic benefit cost (credit) $ 2.8 $ 1.5 $ ( 1.4 ) $ ( 1.6 ) |
Derivatives and Fair Value Me_2
Derivatives and Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
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 March 31, 2024 and December 31, 2023. As of March 31, 2024 and December 31, 2023, all derivative instruments held by the Company were subject to master netting arrangements with various financial institutions. The Company’s accounting policy is to not offset these positions in its Condensed Consolidated Balance Sheets. The gross derivative assets and liabilities presented in the Condensed Consolidated Balance Sheets offset to a net asset of $ 8.6 million and $ 7.9 million as of March 31, 2024 and December 31 , 2023, respectively, when incorporating the effects of master netting arrangements. Asset Derivatives Liability Derivatives Balance Sheet Location March 31, 2024 December 31, 2023 Balance Sheet Location March 31, 2024 December 31, 2023 Derivatives not designated as hedging instruments under ASC 815 (In millions) Metal commodity contracts Prepaid expenses and $ 11.4 $ 12.7 Other accrued $ 2.8 $ 4.8 |
Volume of Company 's Activity in Derivative Instruments | The following table presents the volume of the Company’s activity in derivative instruments as of March 31, 2024 and December 31, 2023: Notional Amount Derivative Instruments March 31, 2024 December 31, 2023 Unit of Measurement Hot roll coil swap contracts 69,418 64,819 Tons Aluminum swap contracts 13,829 20,319 Tons Nickel swap contracts 1,556 1,375 Tons Foreign currency exchange contracts 2.8 million 1.6 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 months ended March 31, 2024 and 2023: 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 March 31, on Derivatives 2024 2023 Metal commodity contracts Cost of materials sold $ ( 0.9 ) $ 7.6 Foreign exchange contracts Other income and (expense), net 0.1 — Total $ ( 0.8 ) $ 7.6 |
Stockholders' Equity, Accumul_2
Stockholders' Equity, Accumulated Other Comprehensive Income (Loss) and Noncontrolling Interest (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Equity [Abstract] | |
Change in Stockholders' Equity (Deficit), Accumulated Other Comprehensive Income (Loss) and Noncontrolling Interest | The following table details changes in Ryerson Holding Corporation Stockholders’ Equity accounts for the three months ended March 31, 2024: 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, 2024 39,451 $ 0.4 ( 5,413 ) $ ( 179.3 ) $ 411.6 $ 813.2 $ ( 52.2 ) $ ( 87.8 ) $ 8.6 $ 914.5 Net income (loss) — — — — — ( 7.6 ) — — 0.2 ( 7.4 ) Foreign currency translation — — — — — — ( 3.3 ) — ( 0.1 ) ( 3.4 ) Changes in defined benefit pension and other post-retirement benefit plans, net of tax of $ 0.7 — — — — — — — 1.1 — 1.1 Share repurchases, net of tax of zero — — ( 31 ) ( 1.0 ) — — — — — ( 1.0 ) Stock-based compensation expense, net 436 — ( 111 ) ( 3.7 ) 3.3 — — — — ( 0.4 ) Cash dividends and dividend equivalents — — — — 0.2 ( 6.4 ) — — — ( 6.2 ) Balance at March 31, 2024 39,887 $ 0.4 ( 5,555 ) $ ( 184.0 ) $ 415.1 $ 799.2 $ ( 55.5 ) $ ( 86.7 ) $ 8.7 $ 897.2 The following table details changes in Ryerson Holding Corporation Stockholders’ Equity accounts for the three months ended March 31, 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 |
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 three months ended March 31, 2024: Changes in Accumulated Other Comprehensive Foreign Benefit (In millions) Balance at January 1, 2024 $ ( 52.2 ) $ ( 87.8 ) Other comprehensive income (loss) before reclassifications ( 3.3 ) 0.8 Amounts reclassified from accumulated other comprehensive income (loss) into net income (loss) — 0.3 Net current-period other comprehensive income (loss) ( 3.3 ) 1.1 Balance at March 31, 2024 $ ( 55.5 ) $ ( 86.7 ) |
Reclassifications Out of Accumulated Other Comprehensive Income (Loss) | The following table details the reclassifications out of accumulated other comprehensive income (loss) for the three months ended March 31, 2024: Reclassifications Out of Accumulated Other Comprehensive Income (Loss) Amount reclassified from Accumulated Other Comprehensive Income (Loss) Three Months Ended Affected line item in the Condensed Consolidated Statements of Comprehensive Income (Loss) Details about Accumulated Other March 31, 2024 March 31, 2023 Comprehensive Income (Loss) Components (In millions) Amortization of defined benefit pension and other post-retirement benefit plan items Actuarial gain $ ( 0.8 ) $ ( 1.0 ) Other income and (expense), net Pension settlement loss 1.7 — Other income and (expense), net Curtailment gain ( 0.3 ) — Other income and (expense), net Total before tax 0.6 ( 1.0 ) Tax expense (benefit) ( 0.3 ) 0.3 Net of tax $ 0.3 $ ( 0.7 ) |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
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 March 31, Product Line 2024 2023 Carbon Steel Flat 28 % 25 % Carbon Steel Plate 10 10 Carbon Steel Long 13 14 Stainless Steel Flat 15 17 Stainless Steel Plate 5 5 Stainless Steel Long 4 5 Aluminum Flat 16 15 Aluminum Plate 3 2 Aluminum Long 4 5 Other 2 2 Total 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 March 31, 2024 2023 Net Sales (In millions) United States $ 1,125.3 $ 1,288.3 Foreign countries 113.9 117.8 Total $ 1,239.2 $ 1,406.1 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 March 31, Timing of Revenue Recognition 2024 2023 Revenue on products with an alternative use 86 % 88 % Revenue on products with no alternative use 14 12 Total 100 % 100 % |
Provision for Credit Losses (Ta
Provision for Credit Losses (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
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 March 31, 2024: Changes in Provision for Expected Credit Losses (In millions) Balance at January 1, 2024 $ 1.7 Current period provision 0.6 Write-offs charged against allowance ( 0.3 ) Translation ( 0.1 ) Balance at March 31, 2024 $ 1.9 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
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 March 31, Basic and diluted earnings per share 2024 2023 (In millions, except number of shares which are reflected in thousands and per share data) Numerator: Net income (loss) attributable to Ryerson Holding Corporation $ ( 7.6 ) $ 47.3 Denominator: Weighted average shares outstanding 34,023 36,453 Dilutive effect of stock-based awards — 792 Weighted average shares outstanding adjusted for dilutive securities 34,023 37,245 Earnings (loss) per share Basic $ ( 0.22 ) $ 1.30 Diluted $ ( 0.22 ) $ 1.27 |
Financial Statements - Addition
Financial Statements - Additional Information (Detail) | Mar. 31, 2024 shares |
Financial Statements [Abstract] | |
Parent company shares owned by affiliates | 3,924,478 |
Parent company percentage owned by affiliates | 11.40% |
Cash, Cash Equivalents, and R_3
Cash, Cash Equivalents, and Restricted Cash - Reconciliation of Cash, Cash Equivalents, and Restricted Cash (Detail) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
Cash and Cash Equivalents [Abstract] | ||
Cash and cash equivalents | $ 41.9 | $ 54.3 |
Restricted cash | 1.1 | 1.1 |
Total cash, cash equivalents, and restricted cash | $ 43 | $ 55.4 |
Inventories - Additional Inform
Inventories - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Dec. 31, 2023 | |
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 | $ 149 | $ 148 |
Inventories accounted under the LIFO method | 89% | 88% |
Consignment inventory | $ 7.6 | $ 7.1 |
Inventories - Schedule of Inven
Inventories - Schedule of Inventories (Detail) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
Inventory Disclosure [Abstract] | ||
In process and finished products | $ 841.2 | $ 782.5 |
Leases - Additional Information
Leases - Additional Information (Details) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
Lessee, Lease, Description [Line Items] | ||
Right of use assets | $ 353 | $ 349.4 |
Goodwill and Other Intangible_2
Goodwill and Other Intangible Assets - Additional Information (Detail) - USD ($) | 3 Months Ended | |
Mar. 31, 2024 | Dec. 31, 2023 | |
Acquired Indefinite-Lived Intangible Assets [Line Items] | ||
Goodwill | $ 161,000,000 | $ 157,800,000 |
Annual goodwill impairment test date | Oct. 01, 2023 | |
Impairment charge | $ 0 | |
2023 Acquisitions [Member] | ||
Acquired Indefinite-Lived Intangible Assets [Line Items] | ||
Goodwill | $ 29,500,000 | |
Current year adjustments to goodwill | $ 3,200,000 |
Acquisitions - Additional Infor
Acquisitions - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | 12 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | Jun. 30, 2023 | Dec. 31, 2023 | |
Business Acquisition [Line Items] | ||||
Payments to acquire business, net of cash acquired | $ 38.9 | |||
Revenue | $ 1,239.2 | 1,406.1 | ||
Net income | (7.4) | 47.5 | ||
Contingent consideration, total purchase price | $ 0.9 | |||
J T Ryerson [Member] | ||||
Business Acquisition [Line Items] | ||||
Revenue | 28.3 | 3 | ||
Net income | 0.1 | $ 0.4 | ||
Ex One Operating Llc [Member] | ||||
Business Acquisition [Line Items] | ||||
Payments to acquire business | $ 9.7 | |||
Howard [Member] | ||||
Business Acquisition [Line Items] | ||||
Payments to acquire business | 1.9 | |||
2023 Acquisitions [Member] | ||||
Business Acquisition [Line Items] | ||||
Payments to acquire business, net of cash acquired | 127.5 | |||
Unpaid purchase consideration | 2.2 | |||
Maximum payout of contingent consideration | 5.1 | |||
Goodwill increased during period | $ 3.2 | |||
2023 Acquisitions [Member] | Trade Names [Member] | ||||
Business Acquisition [Line Items] | ||||
Intangibles assets recognized from business acquisitions | $ 7.6 | |||
Business combination, useful life of intangible assets acquired | 14 years 3 months 18 days | |||
2023 Acquisitions [Member] | Customer Relationships [Member] | ||||
Business Acquisition [Line Items] | ||||
Intangibles assets recognized from business acquisitions | $ 23.7 | |||
Business combination, useful life of intangible assets acquired | 14 years |
Acquisitions - Purchase Price A
Acquisitions - Purchase Price Allocation (Details) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
Business Acquisition [Line Items] | ||
Goodwill | $ 161 | $ 157.8 |
2023 Acquisitions [Member] | ||
Business Acquisition [Line Items] | ||
Cash and cash equivalents | 5.8 | |
Receivables, less provisions | 20.4 | |
Inventories | 11.6 | |
Prepaid expenses and other current assets | 2.1 | |
Property, plant, and equipment | 47.8 | |
Operating lease assets | 35 | |
Other intangible assets | 31.3 | |
Goodwill | 29.5 | |
Other noncurrent assets | 1.2 | |
Total identifiable assets acquired | 184.7 | |
Accounts payable | (7.2) | |
Salaries, wages, and commissions | (2) | |
Other accrued liabilities | (0.7) | |
Operating lease liabilities | (32.4) | |
Deferred income taxes | (6.9) | |
Total liabilities assumed | (49.2) | |
Net identifiable assets acquired | $ 135.5 |
Long-Term Debt - Long-Term Debt
Long-Term Debt - Long-Term Debt (Detail) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
Debt Instrument [Line Items] | ||
Other debt | $ 1.8 | $ 2.2 |
Unamortized debt issuance costs and discounts | (4.4) | (4.7) |
Total debt | 497.3 | 436.5 |
Less: Other short-term debt | 1.8 | 2.2 |
Total long-term debt | 493.6 | 428.3 |
Ryerson Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Ryerson Credit Facility | 498 | 433 |
Foreign Debt [Member] | ||
Debt Instrument [Line Items] | ||
Foreign debt | 1.9 | 6 |
Less: Short-term foreign debt | $ 1.9 | $ 6 |
Long-Term Debt - Ryerson Credit
Long-Term Debt - Ryerson Credit Facility - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | |||
Jun. 29, 2022 | Mar. 31, 2024 | Dec. 31, 2023 | 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 | $ 498 | $ 433 | ||
Letters of credit | 8 | 10 | ||
Available credit facility | $ 597 | $ 560 | ||
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% | 6.60% | ||
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] | US Borrower [Member] | Term SOFR Rate [Member] | ||||
Debt Instrument [Line Items] | ||||
Spread over base interest rate | 1% | |||
Ryerson Credit Facility [Member] | US Borrower [Member] | Prime Rate [Member] | ||||
Debt Instrument [Line Items] | ||||
Spread over base interest rate | 0.50% | |||
Ryerson Credit Facility [Member] | Canadian Borrower [Member] | Term SOFR 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 - Foreign Debt -
Long-Term Debt - Foreign Debt - Additional Information (Detail) - Foreign Debt [Member] - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
Debt Instrument [Line Items] | ||
Foreign debt | $ 1.9 | $ 6 |
Available credit facility | 45 | 42 |
Letters of credit issued by our foreign subsidiaries | $ 1 | $ 1 |
Ryerson China [Member] | Minimum [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument initiation fee rate | 0.25% | 0.15% |
Debt instrument redemption fee rate | 0% | 0% |
Ryerson China [Member] | Maximum [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument initiation fee rate | 0.30% | 0.30% |
Debt instrument redemption fee rate | 0.125% | 0.13% |
Owed to Banks [Member] | Ryerson China [Member] | ||
Debt Instrument [Line Items] | ||
Foreign debt | $ 1.7 | $ 5.4 |
Weighted average interest rate | 3.40% | 3.40% |
Letter of Credit Drawdowns [Member] | Ryerson China [Member] | ||
Debt Instrument [Line Items] | ||
Foreign debt | $ 0.2 | $ 0.6 |
Employee Benefits - Components
Employee Benefits - Components of Net Periodic Benefit Cost (Credit) (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Curtailment gain | $ (0.3) | |
Pension Benefits [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Service cost | 0.4 | $ 0.4 |
Interest cost | 3.7 | 4.1 |
Expected return on assets | (3.8) | (4.1) |
Settlement expense | 1.7 | |
Curtailment gain | (0.2) | |
Recognized actuarial (gain) loss | 1 | 1.1 |
Net periodic benefit cost (credit) | 2.8 | 1.5 |
Other Postretirement Benefits [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Service cost | 0.1 | |
Interest cost | 0.4 | 0.5 |
Curtailment gain | (0.1) | |
Recognized actuarial (gain) loss | (1.8) | (2.1) |
Net periodic benefit cost (credit) | $ (1.4) | $ (1.6) |
Employee Benefits - Additional
Employee Benefits - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2024 | Dec. 31, 2023 | Dec. 31, 2023 | Feb. 29, 2024 | |
Defined Benefit Plan Disclosure [Line Items] | ||||
Curtailment gain | $ 0.3 | |||
Discount rate | 5.24% | 5.24% | 5.57% | |
Expected long-term rate of return on pension assets | 3.85% | |||
Ryerson Canada Bargaining Unit Pension Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Loss on pension settlement | 2.2 | |||
Ryerson Canada Bargaining Unit Pension Plan [Member] | Lump Sum Payments [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Payment price for purchased annuities on behalf of participants | 1.2 | |||
Ryerson Canada Bargaining Unit Pension Plan [Member] | Plan Participants Annuities Purchased [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Payment price for purchased annuities on behalf of participants | 5 | |||
Central Steel and Wire Retirement Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Curtailment gain | 0.3 | $ 0.5 | ||
Settlement gain | 0.5 | |||
Pension Benefits [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Curtailment gain | 0.2 | |||
Contribution to the pension plan fund | 0.3 | |||
Anticipated minimum required pension contribution funding | $ 10.8 |
Derivatives and Fair Value Me_3
Derivatives and Fair Value Measurements - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Dec. 31, 2023 | |
Derivatives Fair Value [Line Items] | ||
Derivative asset, subject to master netting arrangement, after offset | $ 8.6 | $ 7.9 |
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 | |
Ryerson Credit Facility [Member] | ||
Derivatives Fair Value [Line Items] | ||
Credit facility terms | 30 to 90 days |
Derivatives and Fair Value Me_4
Derivatives and Fair Value Measurements - Location and Fair Value Amount of Derivative Instruments (Detail) - Derivatives Not Designated as Hedging Instruments under ASC 815 [Member] - Metal Commodity Contracts [Member] - Level 2 [Member] - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
Derivatives Fair Value [Line Items] | ||
Asset Derivatives, Fair Value | $ 11.4 | $ 12.7 |
Derivative Asset, Statement of Financial Position [Extensible Enumeration] | Prepaid Expense and Other Assets, Current | Prepaid Expense and Other Assets, Current |
Other Accrued Liabilities [Member] | ||
Derivatives Fair Value [Line Items] | ||
Liability Derivatives, Fair Value | $ 2.8 | $ 4.8 |
Derivatives and Fair Value Me_5
Derivatives and Fair Value Measurements - Volume of Company 's Activity in Derivative Instruments (Detail) $ in Millions | 3 Months Ended | 12 Months Ended |
Mar. 31, 2024 USD ($) T | Dec. 31, 2023 USD ($) T | |
Hot Roll Coil Swap Contracts [Member] | ||
Derivatives Fair Value [Line Items] | ||
Notional Amount | 69,418 | 64,819 |
Aluminum Swap Contracts [Member] | ||
Derivatives Fair Value [Line Items] | ||
Notional Amount | 13,829 | 20,319 |
Nickel Swap Contracts [Member] | ||
Derivatives Fair Value [Line Items] | ||
Notional Amount | 1,556 | 1,375 |
Foreign Exchange Contracts [Member] | ||
Derivatives Fair Value [Line Items] | ||
Derivative notional amount | $ | $ 2.8 | $ 1.6 |
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 | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Derivative Instruments Gain Loss [Line Items] | ||
Amount of Gain/ (Loss) Recognized in Income on Derivatives | $ 0.8 | $ 6.4 |
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 | (0.8) | 7.6 |
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 | $ (0.9) | $ 7.6 |
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Cost of Goods and Services Sold | Cost of Goods and Services Sold |
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 | |
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Nonoperating Income (Expense) |
Stockholders' Equity, Accumul_3
Stockholders' Equity, Accumulated Other Comprehensive Income (Loss) and Noncontrolling Interest - Additional Information (Detail) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 | Feb. 28, 2023 |
Stockholders' Equity, Accumulated Other Comprehensive Income (Loss) and Noncontrolling Interest [Line Items] | |||
Treasury Stock, Common, Shares | 5,554,635 | 5,413,434 | |
Platinum Equity LLC [Member] | |||
Stockholders' Equity, Accumulated Other Comprehensive Income (Loss) and Noncontrolling Interest [Line Items] | |||
Common shares sold by affiliate | 2,486,580 | ||
Treasury Stock, Common, Shares | 1,513,420 | ||
Treasury common stock, value | $ 53 |
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 | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Beginning Balance | $ 914.5 | $ 893 |
Beginning Balance, shares | 39,450,659 | |
Beginning Balance Treasury Stock, shares | 5,413,434 | |
Net income (loss) | $ (7.4) | 47.5 |
Foreign currency translation | (3.4) | 1.4 |
Changes in defined benefit pension and other post-retirement benefit plans, net of tax | 1.1 | (0.7) |
Share repurchases, net of tax | (1) | (53.6) |
Stock-based compensation expense | (0.4) | (0.7) |
Cash dividends and dividend equivalents | (6.2) | (5.9) |
Ending Balance | $ 897.2 | 881 |
Ending Balance, shares | 39,887,061 | |
Ending Balance Treasury Stock, shares | 5,554,635 | |
Common Stock [Member] | ||
Beginning Balance | $ 0.4 | $ 0.4 |
Beginning Balance, shares | 39,451,000 | 39,059,000 |
Stock-based compensation expense, treasury stock, shares | 436,000 | 390,000 |
Ending Balance | $ 0.4 | $ 0.4 |
Ending Balance, shares | 39,887,000 | 39,449,000 |
Treasury Stock [Member] | ||
Beginning Balance | $ (179.3) | $ (61.1) |
Beginning Balance Treasury Stock, shares | (5,413,000) | (2,071,000) |
Share repurchases, net of tax | $ (1) | $ (53.6) |
Shares repurchases, net of tax, treasury stock, Shares | (31,000) | (1,518,000) |
Stock-based compensation expense, treasury stock, shares | (111,000) | (90,000) |
Stock-based compensation expense, treasury stock, amount | $ (3.7) | $ (3.2) |
Ending Balance | $ (184) | $ (117.9) |
Ending Balance Treasury Stock, shares | (5,555,000) | (3,679,000) |
Capital in Excess of Par Value [Member] | ||
Beginning Balance | $ 411.6 | $ 397.7 |
Stock-based compensation expense | 3.3 | 2.5 |
Cash dividends and dividend equivalents | 0.2 | 0.1 |
Ending Balance | 415.1 | 400.3 |
Retained Earnings [Member] | ||
Beginning Balance | 813.2 | 692.5 |
Net income (loss) | (7.6) | 47.3 |
Cash dividends and dividend equivalents | (6.4) | (6) |
Ending Balance | 799.2 | 733.8 |
Foreign Currency Translation [Member] | ||
Beginning Balance | (52.2) | (56.9) |
Foreign currency translation | (3.3) | 1.5 |
Ending Balance | (55.5) | (55.4) |
Benefit Plan Liabilities [Member] | ||
Beginning Balance | (87.8) | (87.5) |
Changes in defined benefit pension and other post-retirement benefit plans, net of tax | 1.1 | (0.7) |
Ending Balance | (86.7) | (88.2) |
Non-controlling Interest [Member] | ||
Beginning Balance | 8.6 | 7.9 |
Net income (loss) | 0.2 | 0.2 |
Foreign currency translation | (0.1) | (0.1) |
Ending Balance | $ 8.7 | $ 8 |
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 | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Equity [Abstract] | ||
Changes in defined benefit pension and other post-retirement benefit plans, tax | $ 0.7 | $ 0.3 |
Share repurchases, tax | $ 0 | $ 0.4 |
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 | 3 Months Ended |
Mar. 31, 2024 USD ($) | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |
Accumulated other comprehensive income (loss) net of tax, beginning balance | $ (140) |
Accumulated other comprehensive income (loss) net of tax, ending balance | (142.2) |
Foreign Currency Translation [Member] | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |
Accumulated other comprehensive income (loss) net of tax, beginning balance | (52.2) |
Other comprehensive income (loss) before reclassifications | (3.3) |
Net current-period other comprehensive income (loss) | (3.3) |
Accumulated other comprehensive income (loss) net of tax, ending balance | (55.5) |
Benefit Plan Liabilities [Member] | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |
Accumulated other comprehensive income (loss) net of tax, beginning balance | (87.8) |
Other comprehensive income (loss) before reclassifications | 0.8 |
Amounts reclassified from accumulated other comprehensive income (loss) into net income (loss) | 0.3 |
Net current-period other comprehensive income (loss) | 1.1 |
Accumulated other comprehensive income (loss) net of tax, ending balance | $ (86.7) |
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 | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Amortization of Defined Benefit Pension and Other Post-retirement Benefit Plan Items, Actuarial Gain [Member] | ||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | ||
Reclassifications out of AOCI | $ (0.8) | $ (1) |
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 | 1.7 | |
Accumulated Defined Benefit Plans Adjustment Net Curtailment Including Portion Attributable To Noncontrolling Interest [Member] | ||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | ||
Reclassifications out of AOCI | (0.3) | |
Amortization of Defined Benefit Pension and Other Post-retirement Benefit Plan Items [Member] | ||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | ||
Reclassifications out of AOCI | 0.6 | (1) |
Tax expense (benefit) | (0.3) | 0.3 |
Net of tax | $ 0.3 | $ (0.7) |
Revenue Recognition - Additiona
Revenue Recognition - Additional Information (Detail) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 USD ($) Segment | Dec. 31, 2023 USD ($) | |
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 | $ 550.4 | $ 469.4 |
Contract assets | 23.1 | 18.8 |
Contract liabilities | 17.2 | $ 16.1 |
Contract liability satisfied amount | $ 2.3 |
Revenue Recognition - Percentag
Revenue Recognition - Percentage of Sales by Major Product Lines (Detail) | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Product Line | ||
Percentage of sales by major product lines | 100% | 100% |
Carbon Steel Flat [Member] | ||
Product Line | ||
Percentage of sales by major product lines | 28% | 25% |
Carbon Steel Plate [Member] | ||
Product Line | ||
Percentage of sales by major product lines | 10% | 10% |
Carbon Steel Long [Member] | ||
Product Line | ||
Percentage of sales by major product lines | 13% | 14% |
Stainless Steel Flat [Member] | ||
Product Line | ||
Percentage of sales by major product lines | 15% | 17% |
Stainless Steel Plate [Member] | ||
Product Line | ||
Percentage of sales by major product lines | 5% | 5% |
Stainless Steel Long [Member] | ||
Product Line | ||
Percentage of sales by major product lines | 4% | 5% |
Aluminum Flat [Member] | ||
Product Line | ||
Percentage of sales by major product lines | 16% | 15% |
Aluminum Plate [Member] | ||
Product Line | ||
Percentage of sales by major product lines | 3% | 2% |
Aluminum Long [Member] | ||
Product Line | ||
Percentage of sales by major product lines | 4% | 5% |
Other [Member] | ||
Product Line | ||
Percentage of sales by major product lines | 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 | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Disaggregation Of Revenue [Line Items] | ||
Net sales | $ 1,239.2 | $ 1,406.1 |
United States [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Net sales | 1,125.3 | 1,288.3 |
Foreign Countries [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Net sales | $ 113.9 | $ 117.8 |
Revenue Recognition - Summary_2
Revenue Recognition - Summary of Revenues by Type of Item Sold (Detail) | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Disaggregation Of Revenue [Line Items] | ||
Total | 100% | 100% |
Revenue Recognized Point In Time | ||
Disaggregation Of Revenue [Line Items] | ||
Revenue on products with an alternative use | 86% | 88% |
Revenue Recognized Over Time | ||
Disaggregation Of Revenue [Line Items] | ||
Revenue on products with no alternative use | 14% | 12% |
Revenue Recognition - Additio_2
Revenue Recognition - Additional Information 1 (Detail) | Mar. 31, 2024 |
Maximum [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2024-04-01 | |
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 | 3 Months Ended |
Mar. 31, 2024 USD ($) | |
Credit Loss [Abstract] | |
Balance at January 1, 2024 | $ 1.7 |
Current period provision | 0.6 |
Write-offs charged against allowance | (0.3) |
Translation | (0.1) |
Balance at March 31, 2024 | $ 1.9 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Income Tax Disclosure [Abstract] | |||
Provision for income taxes | $ (2.1) | $ 14.8 | |
Valuation allowance | $ 4 | $ 4 | |
Unrecognized tax benefits balance | $ 2.7 |
Earnings Per Share - Additional
Earnings Per Share - Additional Information (Detail) - shares | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Earnings Per Share [Abstract] | ||
Weighted average number of shares excluded from computation of earnings per share | 701,940 | 0 |
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 | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Numerator: | ||
Net Income (Loss) Attributable to Parent | $ (7.6) | $ 47.3 |
Denominator: | ||
Weighted average shares outstanding | 34,023 | 36,453 |
Dilutive effect of stock-based awards | 0 | 792 |
Weighted average shares outstanding adjusted for dilutive securities | 34,023 | 37,245 |
Earnings Per Share Basic Diluted [Abstract] | ||
Basic | $ (0.22) | $ 1.3 |
Diluted | $ (0.22) | $ 1.27 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Detail) - Subsequent Event [Member] | Apr. 30, 2024 $ / shares |
Subsequent Event [Line Items] | |
Quarterly Cash Dividends Per Share Declared | $ 0.1875 |
Dividends Payable, Date declared | Apr. 30, 2024 |
Dividend Payable, Date to be paid | Jun. 20, 2024 |
Dividends Payable, Date of Record | Jun. 06, 2024 |