Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended |
Mar. 31, 2014 | |
Document And Entity Information [Abstract] | ' |
Document Type | 'S-1/A |
Amendment Flag | 'false |
Document Period End Date | 31-Mar-14 |
Entity Registrant Name | 'RYERSON HOLDING CORP |
Entity Central Index Key | '0001481582 |
Entity Filer Category | 'Non-accelerated Filer |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Comprehensive Income (USD $) | 3 Months Ended | 12 Months Ended | ||||
In Millions, except Per Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Statement Of Income And Comprehensive Income [Abstract] | ' | ' | ' | ' | ' | |
Net Sales | $874.40 | $891.10 | [1] | $3,460.30 | $4,024.70 | $4,729.80 |
Cost of materials sold | 726.7 | 735.3 | 2,843.70 | 3,315.10 | 4,071 | |
Gross profit | 147.7 | 155.8 | [1] | 616.6 | 709.6 | 658.8 |
Warehousing, delivery, selling, general and administrative | 117.8 | 121.6 | 480.1 | 508.9 | 539.7 | |
Impairment charge on fixed assets | ' | 0.9 | 3.2 | 1 | 7.8 | |
Restructuring and other charges | ' | ' | 1.9 | 1.1 | 11.1 | |
Impairment charges on fixed assets and goodwill | ' | ' | 10 | 1 | 9.3 | |
Pension and other postretirement benefits curtailment gain | ' | ' | ' | -1.7 | ' | |
Operating profit | 29.9 | 33.3 | 124.6 | 200.3 | 98.7 | |
Other expense: | ' | ' | ' | ' | ' | |
Other income and (expense), net | 2 | 1.2 | -0.2 | -33.5 | 4.6 | |
Interest and other expense on debt | -27.4 | -28.4 | -110.5 | -126.5 | -123.1 | |
Income (loss) before income taxes | 4.5 | 6.1 | [1] | 13.9 | 40.3 | -19.8 |
Provision (benefit) for income taxes | 3.1 | 0.9 | -112.3 | -5.5 | -11 | |
Net income | 1.4 | 5.2 | [1] | 126.2 | 45.8 | -8.8 |
Less: Net loss attributable to noncontrolling interest | -0.2 | -0.4 | -1.1 | -1.3 | -0.7 | |
Net income (loss) attributable to Ryerson Holding Corporation | 1.6 | 5.6 | [1] | 127.3 | 47.1 | -8.1 |
Comprehensive income (loss) | -5.6 | 6.2 | 190 | 8 | -85.1 | |
Less: Comprehensive loss attributable to noncontrolling interest | -0.2 | -0.4 | -1.2 | -1.7 | -0.5 | |
Comprehensive income (loss)attributable to Ryerson Holding Corporation | ($5.40) | $6.60 | $191.20 | $9.70 | ($84.60) | |
Basic and diluted income (loss) per share | $0.08 | $0.26 | [1] | $5.99 | $2.22 | ($0.38) |
[1] | Included in the first quarter 2013 results is an impairment charge of $0.9 million related to certain assets held for sale to recognize the assets at their fair value less cost to sell. |
Consolidated_Statements_Of_Com
Consolidated Statements Of Comprehensive Income (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||||||||
In Millions, unless otherwise specified | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||||||
Statement Of Income And Comprehensive Income [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Net income (loss) | $1.40 | $118 | [1] | $2.80 | [2] | $0.20 | [3] | $5.20 | [4] | ($10.50) | [5] | $16 | $15.40 | [6] | $24.90 | $126.20 | $45.80 | ($8.80) |
Other comprehensive income (loss), before tax: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Foreign currency translation adjustments | ' | ' | ' | ' | ' | ' | ' | ' | ' | -12.9 | 3.9 | -1.3 | ||||||
Unrealized gain (loss) on available-for-sale investment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7.7 | -9.8 | ||||||
Changes in defined benefit pension and other post-retirement benefit plans | ' | ' | ' | ' | ' | ' | ' | ' | ' | 126.2 | -51.5 | -66.7 | ||||||
Other comprehensive income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | ' | 113.3 | -39.9 | -77.8 | ||||||
Total comprehensive income (loss), before tax | ' | ' | ' | ' | ' | ' | ' | ' | ' | 239.5 | 5.9 | -86.6 | ||||||
Income tax provision (benefit) related to items of other comprehensive income | ' | ' | ' | ' | ' | ' | ' | ' | ' | 49.5 | -2.1 | -1.5 | ||||||
Comprehensive income (loss), after tax | -5.6 | ' | ' | ' | 6.2 | ' | ' | ' | ' | 190 | 8 | -85.1 | ||||||
Less: comprehensive loss attributable to the noncontrolling interest | -0.2 | ' | ' | ' | -0.4 | ' | ' | ' | ' | -1.2 | -1.7 | -0.5 | ||||||
Comprehensive income (loss) attributable to Ryerson Holding Corporation | ($5.40) | ' | ' | ' | $6.60 | ' | ' | ' | ' | $191.20 | $9.70 | ($84.60) | ||||||
[1] | Included in the fourth quarter 2013 results is an impairment charge of $1.2 million related to certain assets held for sale to recognize the assets at their appraised fair value less cost to sell and an income tax benefit of $118.2 million primarily related to a reduction in valuation allowance previously recorded against U.S. deferred tax assets. | |||||||||||||||||
[2] | Included in the third quarter 2013 results is an impairment charge of $1.1 million related to certain assets held for sale to recognize the assets at their fair value less cost to sell. | |||||||||||||||||
[3] | Included in the second quarter 2013 results is an impairment charge of $6.8 million to reduce the carrying value of goodwill at a reporting unit to its implied fair value. The second quarter also includes a $2.1 million restructuring charge related to the closure of a facility. | |||||||||||||||||
[4] | Included in the first quarter 2013 results is an impairment charge of $0.9 million related to certain assets held for sale to recognize the assets at their fair value less cost to sell. | |||||||||||||||||
[5] | Included in the fourth quarter 2012 results is an impairment charge of $0.1 million related to certain assets held for sale to recognize the assets at their fair value less cost to sell, $1.1 million restructuring charges primarily for employee-related costs resulting from a facility closure, a $32.8 million loss on the redemption of the Ryerson Notes and Ryerson Holding Notes, and a $1.7 million curtailment gain related to an amendment of a Canadian post-retirement medical and life insurance plan. The fourth quarter of 2012 also included an income tax benefit of $15.2 million related to the release of valuation allowance associated with certain state deferred tax assets. | |||||||||||||||||
[6] | Included in the second quarter 2012 results is an impairment charge of $0.9 million related to certain assets held for sale to recognize the assets at their fair value less cost to sell. |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Cash Flows (USD $) | 3 Months Ended | 12 Months Ended | ||||
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Operating Activities: | ' | ' | ' | ' | ' | |
Net income | $1.40 | $5.20 | [1] | $126.20 | $45.80 | ($8.80) |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ' | ' | ' | ' | ' | |
Depreciation and amortization | 10.8 | 11.2 | 46.6 | 47 | 43 | |
Deferred income taxes | 5.1 | 0.8 | -112.7 | -9.2 | -11.6 | |
Provision for allowances, claims and doubtful accounts | 0.9 | 0.9 | -0.7 | 1.7 | 3.4 | |
Restructuring and other charges | ' | ' | 1.9 | 1.1 | 11.1 | |
Impairment charge on fixed assets | ' | 0.9 | 3.2 | 1 | 7.8 | |
Noncash interest expense related to debt discount amortization | ' | ' | ' | 39 | 41.5 | |
Impairment charges on fixed assets and goodwill | ' | ' | 10 | 1 | 9.3 | |
Gain on bargain purchase | ' | ' | ' | ' | -5.8 | |
Pension and other postretirement benefits curtailment gain | ' | ' | ' | -1.7 | ' | |
Loss on retirement of debt | ' | ' | ' | 32.8 | 0.2 | |
Other items | -0.1 | ' | 0.8 | 2.8 | 1.2 | |
Change in operating assets and liabilities, net of the effects of acquisitions: | ' | ' | ' | ' | ' | |
Receivables | -53.8 | -41.4 | 9.9 | 120.8 | -1.7 | |
Inventories | 25.1 | -6 | 4.4 | -5.8 | 92.9 | |
Other assets | 0.2 | -0.1 | 6.3 | 9.8 | 10.9 | |
Accounts payable | 30 | 54.5 | 15.7 | -38.3 | -71.7 | |
Accrued liabilities | 21.9 | 17.3 | -3.8 | -8.4 | -14.7 | |
Accrued taxes payable/receivable | -3.1 | -1.2 | 0.8 | -2.4 | 1.9 | |
Deferred employee benefit costs | -13.3 | -12.4 | -57.3 | -49.5 | -46.6 | |
Net adjustments | 23.7 | 24.5 | -78.1 | 140.7 | 63.3 | |
Net cash provided by (used in) operating activities | 25.1 | 29.7 | 48.1 | 186.5 | 54.5 | |
Investing Activities: | ' | ' | ' | ' | ' | |
Acquisitions, net of cash acquired | ' | ' | ' | -5.1 | -95.2 | |
(Increase) Decrease in restricted cash | ' | -0.1 | 2.1 | 1.4 | 16.7 | |
Capital expenditures | -3.4 | -4 | -20.2 | -40.8 | -47 | |
Investment in joint venture | ' | ' | ' | -2.9 | ' | |
Increase in cash due to consolidation of joint venture | ' | ' | ' | 3 | ' | |
Proceeds from sales of property, plant and equipment | 0.1 | 0.2 | 4.6 | 11.6 | 11.3 | |
Other investments | ' | ' | ' | -2.5 | -0.8 | |
Net cash provided by (used in) investing activities | -3.3 | -3.9 | -13.5 | -35.3 | -115 | |
Financing activities: | ' | ' | ' | ' | ' | |
Long term debt issued | ' | ' | ' | 900 | ' | |
Long term debt retired | ' | ' | ' | -829.5 | ' | |
Repayment of debt | ' | ' | ' | ' | -11.8 | |
Net proceeds/(repayments) of short-term borrowings | -19.8 | -41.1 | -10.6 | -149 | 68.5 | |
Long-term debt issuance costs | ' | -0.2 | -0.9 | -18.1 | ' | |
Credit facility issuance costs | ' | ' | -3.7 | ' | -15.8 | |
Net increase (decrease) in book overdrafts | 25 | 19.9 | -4.4 | -11.8 | 17 | |
Principal payments on capital lease obligation | -0.2 | ' | -0.4 | ' | ' | |
Distributions made to parent | ' | ' | ' | -35 | ' | |
Acquisition of treasury stock | ' | ' | -6.6 | ' | ' | |
Net cash provided by (used in) financing activities | 5 | -21.4 | -26.6 | -143.4 | 57.9 | |
Net increase (decrease) in cash and cash equivalents | 26.8 | 4.4 | 8 | 7.8 | -2.6 | |
Effect of exchange rate changes on cash and cash equivalents | -3.8 | -1.3 | -4.8 | 1.7 | 1.7 | |
Net change in cash and cash equivalents | 23 | 3.1 | 3.2 | 9.5 | -0.9 | |
Cash and cash equivalents-beginning of period | 74.4 | 71.2 | 71.2 | 61.7 | 62.6 | |
Cash and cash equivalents-end of period | 97.4 | 74.3 | 74.4 | 71.2 | 61.7 | |
Cash paid (received) during the period for: | ' | ' | ' | ' | ' | |
Interest paid to third parties | 3.5 | 4.6 | 103.3 | 67.6 | 71.5 | |
Income taxes, net | 0.4 | 0.9 | 1.2 | 5.2 | -3.1 | |
Noncash investing activities: | ' | ' | ' | ' | ' | |
Asset additions under capital leases | $2.70 | ' | $1.50 | ' | ' | |
[1] | Included in the first quarter 2013 results is an impairment charge of $0.9 million related to certain assets held for sale to recognize the assets at their fair value less cost to sell. |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | |||
Current assets: | ' | ' | ' |
Cash and cash equivalents | $97.40 | $74.40 | $71.20 |
Restricted cash | 1.8 | 1.8 | 3.9 |
Receivables less provision for allowances, claims and doubtful accounts | 433.5 | 381.9 | 394.1 |
Inventories | 706.2 | 733 | 741.5 |
Prepaid expenses and other current assets | 49.4 | 48.2 | 42.4 |
Total current assets | 1,288.30 | 1,239.30 | 1,253.10 |
Property, plant, and equipment, at cost | 641.3 | 638.9 | 636.9 |
Less: Accumulated depreciation | 204.5 | 197.2 | 164.6 |
Property, plant and equipment, net | 436.8 | 441.7 | 472.3 |
Deferred income taxes | 94.7 | 97.4 | 41 |
Other intangible assets | 49.7 | 51.2 | 57.4 |
Goodwill | 91.6 | 91.6 | 96.6 |
Deferred charges and other assets | 28.4 | 30.6 | 33.7 |
Total assets | 1,989.50 | 1,951.80 | 1,954.10 |
Current liabilities: | ' | ' | ' |
Accounts payable | 261.7 | 207.3 | 196.3 |
Accrued liabilities: | ' | ' | ' |
Salaries, wages and commissions | 32 | 32.9 | 32.1 |
Deferred income taxes | 122.3 | 122.2 | 123.5 |
Other accrued liabilities | 71.7 | 52.3 | ' |
Interest on debt | ' | 19.3 | 21.2 |
Other accrued liabilities | ' | 33 | 33.8 |
Short-term debt | 32.5 | 32.3 | 35.3 |
Current portion of deferred employee benefits | 13.5 | 13.6 | 14.2 |
Total current liabilities | 533.7 | 460.6 | 456.4 |
Long-term debt | 1,242.50 | 1,262.50 | 1,270.10 |
Deferred employee benefits | 306.3 | 320.8 | 504.4 |
Taxes and other credits | 21.5 | 16.7 | 15.4 |
Total liabilities | 2,104 | 2,060.60 | 2,246.30 |
Commitments and contingencies | ' | ' | ' |
Redeemable noncontrolling interest | 1.2 | 1.3 | 1.7 |
Ryerson Holding Corporation stockholders' equity (deficit): | ' | ' | ' |
Common stock, value | 0.2 | 0.2 | 0.2 |
Capital in excess of par value | 189.7 | 189.7 | 189.7 |
Accumulated deficit | -105.6 | -107.1 | -234.4 |
Acquisition of treasury stock | -6.6 | -6.6 | ' |
Accumulated other comprehensive loss | -195.2 | -188.2 | -252.1 |
Total Ryerson Holding Corporation stockholders' equity (deficit) | -117.5 | -112 | -296.6 |
Noncontrolling interest | 1.8 | 1.9 | 2.7 |
Total equity (deficit) | -115.7 | -110.1 | -293.9 |
Total liabilities and equity | 1,989.50 | 1,951.80 | 1,954.10 |
Unaudited Pro Forma [Member] | ' | ' | ' |
Current assets: | ' | ' | ' |
Cash and cash equivalents | 97.4 | ' | ' |
Restricted cash | 1.8 | ' | ' |
Receivables less provision for allowances, claims and doubtful accounts | 433.5 | ' | ' |
Inventories | 706.2 | ' | ' |
Prepaid expenses and other current assets | 49.4 | ' | ' |
Total current assets | 1,288.30 | ' | ' |
Property, plant, and equipment, at cost | 641.3 | ' | ' |
Less: Accumulated depreciation | 204.5 | ' | ' |
Property, plant and equipment, net | 436.8 | ' | ' |
Deferred income taxes | 94.7 | ' | ' |
Other intangible assets | 49.7 | ' | ' |
Goodwill | 91.6 | ' | ' |
Deferred charges and other assets | 28.4 | ' | ' |
Total assets | 1,989.50 | ' | ' |
Current liabilities: | ' | ' | ' |
Accounts payable | 261.7 | ' | ' |
Accrued liabilities: | ' | ' | ' |
Salaries, wages and commissions | 32 | ' | ' |
Deferred income taxes | 122.3 | ' | ' |
Other accrued liabilities | 71.7 | ' | ' |
Short-term debt | 32.5 | ' | ' |
Current portion of deferred employee benefits | 13.5 | ' | ' |
Total current liabilities | 533.7 | ' | ' |
Long-term debt | 1,267.50 | ' | ' |
Deferred employee benefits | 306.3 | ' | ' |
Taxes and other credits | 21.5 | ' | ' |
Total liabilities | 2,129 | ' | ' |
Commitments and contingencies | ' | ' | ' |
Redeemable noncontrolling interest | 1.2 | ' | ' |
Ryerson Holding Corporation stockholders' equity (deficit): | ' | ' | ' |
Common stock, value | 0.2 | ' | ' |
Capital in excess of par value | 189.7 | ' | ' |
Accumulated deficit | -130.6 | ' | ' |
Acquisition of treasury stock | -6.6 | ' | ' |
Accumulated other comprehensive loss | -195.2 | ' | ' |
Total Ryerson Holding Corporation stockholders' equity (deficit) | -142.5 | ' | ' |
Noncontrolling interest | 1.8 | ' | ' |
Total equity (deficit) | -140.7 | ' | ' |
Total liabilities and equity | $1,989.50 | ' | ' |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Parenthetical) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, except Share data, unless otherwise specified | |||
Provision for allowances, claims and doubtful accounts | $6.30 | $5.40 | $7.10 |
Common stock, par value | $0.01 | $0.01 | $0.01 |
Common stock, shares authorized | 42,500,000 | 42,500,000 | 42,500,000 |
Common stock, shares issued | 21,250,000 | 21,250,000 | 21,250,000 |
Treasury Stock Shares | 212,500 | 212,500 | ' |
Unaudited Pro Forma [Member] | ' | ' | ' |
Provision for allowances, claims and doubtful accounts | $6.30 | ' | ' |
Common stock, par value | $0.01 | ' | ' |
Common stock, shares authorized | 42,500,000 | ' | ' |
Common stock, shares issued | 21,250,000 | ' | ' |
Treasury Stock Shares | 212,500 | ' | ' |
Consolidated_Statements_Of_Sto
Consolidated Statements Of Stockholders' Equity (Deficit) (USD $) | Total | Common Stock [Member] | Treasury Stock [Member] | Capital in Excess of Par Value [Member] | Accumulated Deficit [Member] | Foreign Currency Translation [Member] | Benefit Plan Liabilities [Member] | Unrealized Gain (Loss) on Available- For-Sale Investments [Member] | Noncontrolling Interest [Member] | Redeemable Non- controlling Interest [Member] |
In Millions, except Share data | ||||||||||
Beginning Balance at Dec. 31, 2010 | ($182.50) | $0.20 | ' | $224.70 | ($273.40) | ($6.60) | ($137) | $5.40 | $4.20 | ' |
Balance, Shares at Dec. 31, 2010 | ' | 21,250,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Net income (loss) | -8.8 | ' | ' | ' | -8.1 | ' | ' | ' | -0.7 | ' |
Foreign currency translation | -1.3 | ' | ' | ' | ' | -1.5 | ' | ' | 0.2 | ' |
Changes in defined benefit pension and other post-retirement benefit plans, net of tax | -65.2 | ' | ' | ' | ' | ' | -65.2 | ' | ' | ' |
Unrealized gain on available-for-sale investment | -9.8 | ' | ' | ' | ' | ' | ' | -9.8 | ' | ' |
Ending Balance at Dec. 31, 2011 | -267.6 | 0.2 | ' | 224.7 | -281.5 | -8.1 | -202.2 | -4.4 | 3.7 | ' |
Balance, Shares at Dec. 31, 2011 | ' | 21,250,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Net income (loss) | 46.1 | ' | ' | ' | 47.1 | ' | ' | ' | -1 | ' |
Net income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | ' | -0.3 |
Net income (loss) | 45.8 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Foreign currency translation | 4.3 | ' | ' | ' | ' | 4.3 | ' | ' | ' | ' |
Foreign currency translation | ' | ' | ' | ' | ' | ' | ' | ' | ' | -0.4 |
Distributions to parent | -35 | ' | ' | -35 | ' | ' | ' | ' | ' | ' |
Changes in defined benefit pension and other post-retirement benefit plans, net of tax | -49.4 | ' | ' | ' | ' | ' | -49.4 | ' | ' | ' |
Unrealized gain on available-for-sale investment | 7.7 | ' | ' | ' | ' | ' | ' | 7.7 | ' | ' |
Fair value of noncontrolling interest associated with business acquired | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.4 |
Ending Balance at Dec. 31, 2012 | 1.7 | ' | ' | ' | ' | ' | ' | ' | ' | 1.7 |
Ending Balance at Dec. 31, 2012 | -293.9 | 0.2 | ' | 189.7 | -234.4 | -3.8 | -251.6 | 3.3 | 2.7 | ' |
Balance, Shares at Dec. 31, 2012 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Balance, Shares at Dec. 31, 2012 | 21,250,000 | 21,250,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Net income (loss) | 126.4 | ' | ' | ' | 127.3 | ' | ' | ' | -0.9 | ' |
Net income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | ' | -0.2 |
Net income (loss) | 126.2 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Foreign currency translation | -12.7 | ' | ' | ' | ' | -12.8 | ' | ' | 0.1 | ' |
Foreign currency translation | ' | ' | ' | ' | ' | ' | ' | ' | ' | -0.2 |
Changes in defined benefit pension and other post-retirement benefit plans, net of tax | 76.7 | ' | ' | ' | ' | ' | 76.7 | ' | ' | ' |
Acquisition of treasury stock | -6.6 | ' | -6.6 | ' | ' | ' | ' | ' | ' | ' |
Acquisition of treasury stock, Shares | ' | ' | 213,000 | ' | ' | ' | ' | ' | ' | ' |
Ending Balance at Dec. 31, 2013 | 1.3 | ' | ' | ' | ' | ' | ' | ' | ' | 1.3 |
Ending Balance at Dec. 31, 2013 | -110.1 | 0.2 | -6.6 | 189.7 | -107.1 | -16.6 | -174.9 | 3.3 | 1.9 | ' |
Balance, Shares at Dec. 31, 2013 | 212,500 | ' | 213,000 | ' | ' | ' | ' | ' | ' | ' |
Balance, Shares at Dec. 31, 2013 | 21,250,000 | 21,250,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Net income (loss) | 1.5 | ' | ' | ' | 1.6 | ' | ' | ' | -0.1 | ' |
Net income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | ' | -0.1 |
Net income (loss) | 1.4 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Foreign currency translation | -7.1 | ' | ' | ' | ' | -7.1 | ' | ' | ' | ' |
Changes in defined benefit pension and other post-retirement benefit plans, net of tax | 0.2 | ' | ' | ' | ' | ' | 0.2 | ' | ' | ' |
Acquisition of treasury stock | -6.6 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unrealized gain on available-for-sale investment | -0.1 | ' | ' | ' | ' | ' | ' | -0.1 | ' | ' |
Ending Balance at Mar. 31, 2014 | 1.2 | ' | ' | ' | ' | ' | ' | ' | ' | 1.2 |
Ending Balance at Mar. 31, 2014 | ($115.70) | $0.20 | ($6.60) | $189.70 | ($105.50) | ($23.70) | ($174.70) | $3.20 | ($1.80) | ' |
Balance, Shares at Mar. 31, 2014 | 212,500 | ' | 213,000 | ' | ' | ' | ' | ' | ' | ' |
Balance, Shares at Mar. 31, 2014 | 21,250,000 | 21,250,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Consolidated_Statements_Of_Sto1
Consolidated Statements Of Stockholders' Equity (Deficit) (Parenthetical) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Statement Of Stockholders Equity [Abstract] | ' | ' | ' |
Changes in defined benefit pension and other post-retirement benefit plans, tax benefit (provision) | ($49.50) | $2.10 | $1.50 |
Summary_of_Accounting_and_Fina
Summary of Accounting and Financial Policies | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Accounting Policies [Abstract] | ' | ||||
Summary of Accounting and Financial Policies | ' | ||||
Note 1: Summary of Accounting and Financial Policies | |||||
Business Description and Basis of Presentation. Ryerson Holding Corporation (“Ryerson Holding”), a Delaware corporation, is the parent company of Ryerson Inc. (“Ryerson”), a Delaware corporation. Ryerson Holding is 100% owned by affiliates of Platinum Equity, LLC (“Platinum”). | |||||
On October 19, 2007, the merger (the “Platinum Acquisition”) of Rhombus Merger Corporation (“Merger Sub”), a Delaware corporation and a wholly-owned subsidiary of Ryerson Holding, with and into Ryerson, was consummated in accordance with the Agreement and Plan of Merger, dated July 24, 2007, by and among Ryerson, Ryerson Holding and Merger Sub. Upon the closing of the Platinum Acquisition, Ryerson became a wholly-owned subsidiary of Ryerson Holding. | |||||
Ryerson conducts materials distribution operations in the United States through its wholly-owned direct subsidiary Joseph T. Ryerson & Son, Inc. (“JT Ryerson”), a Delaware corporation, in Canada through its indirect wholly-owned subsidiary Ryerson Canada, Inc., a Canadian corporation (“Ryerson Canada”) and in Mexico through its 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 distribution operations in China through Ryerson China Limited (“Ryerson China”), a company in which we have a 100% ownership percentage and in Brazil through Açofran Aços e Metais Ltda (“Açofran”), a company in which we have had a 50% direct ownership percentage since February 17, 2012. Unless the context indicates otherwise, Ryerson Holding, Ryerson, JT Ryerson, Ryerson Canada, Ryerson China, Ryerson Mexico and Açofran together with their subsidiaries, are collectively referred to herein as “Ryerson Holding,” “we,” “us,” “our,” or the “Company.” | |||||
Principles of Consolidation. The Company consolidates entities in which it owns or controls more than 50% of the voting shares. All significant intercompany balances and transactions have been eliminated in consolidation. Additionally, variable interest entities that do not have sufficient equity investment to permit the entity to finance its activities without additional subordinated support from other parties or whose equity investors lack the characteristics of a controlling financial interest for which the Company is the primary beneficiary are included in the consolidated financial statements. There were no such variable entities that were required to be consolidated as of December 31, 2013 or 2012. | |||||
Business Segments. Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 280, “Segment Reporting” (“ASC 280”), establishes standards for reporting information on operating segments in interim and annual financial statements. Our Chief Executive Officer, together with the Operating Committee selected by our Board of Directors, serve as our Chief Operating Decision Maker (“CODM”). Our CODM reviews our financial information for purposes of making operational decisions and assessing financial performance. The CODM views our business globally as metals service centers. We have one operating and reportable segment, metal service centers, in accordance with the criteria set forth in ASC 280. | |||||
Use of Estimates. The preparation of financial statements in conformity with Generally Accepted Accounting Principles (“GAAP”) in the United States requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and related notes to the financial statements. Changes in such estimates may affect amounts reported in future periods. | |||||
Equity Investments. Investments in affiliates in which the Company’s ownership is 20% to 50% are accounted for by the equity method. Equity income is reported in “Other income and (expense), net” in the Consolidated Statements of Operations. Equity income during the years ended December 31, 2013, 2012 and 2011 totaled $0.3 million, $0.2 million and $0.1 million, respectively. | |||||
Revenue Recognition. Revenue is recognized in accordance with FASB ASC 605, “Revenue Recognition.” Revenue is recognized upon delivery of product to customers. The timing of shipment is substantially the same as the timing of delivery to customers given the proximity of the Company’s distribution sites to its customers. Revenue is recorded net of returns, allowances, customer discounts and incentives. Sales taxes collected from customers and remitted to governmental authorities are accounted for on a net (excluded from revenues) basis. | |||||
Provision for allowances, claims and doubtful accounts. We perform ongoing credit evaluations of customers and set credit limits based upon review of the customers’ current credit information and payment history. The Company monitors customer payments and maintains a provision for estimated credit losses based on historical experience and specific customer collection issues that the Company has identified. Estimation of such losses requires adjusting historical loss experience for current economic conditions and judgments about the probable effects of economic conditions on certain customers. The Company cannot guarantee that the rate of future credit losses will be similar to past experience. Provisions for allowances and claims 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. | |||||
Shipping and Handling Fees and Costs. Shipping and handling fees billed to customers are classified in “Net Sales” in our Consolidated Statement of Operations. Shipping and handling costs, primarily distribution costs, are classified in “Warehousing, delivery, selling, general and administrative” expenses in our Consolidated Statement of Operations. These costs totaled $83.9 million, $87.3 million and $94.8 million for the years ended December 31, 2013, 2012 and 2011, respectively. | |||||
Benefits for Retired Employees. The Company recognizes the funded status of its defined benefit pension and other postretirement plans in the Consolidated Balance Sheets, with changes in the funded status recognized through accumulated other comprehensive income (loss), net of tax, in the year in which the changes occur. The estimated cost of the Company’s defined benefit pension plan and its postretirement medical benefits are determined annually after considering information provided by consulting actuaries. Key factors used in developing estimates of these liabilities include assumptions related to discount rates, rates of return on investments, future compensation costs, healthcare cost trends, benefit payment patterns and other factors. The cost of these benefits for retirees is accrued during their term of employment. Pensions are funded primarily in accordance with the requirements of the Employee Retirement Income Security Act (“ERISA”) of 1974 and the Pension Protection Act of 2006 into a trust established for the Ryerson Pension Plan. Costs for retired employee medical benefits are funded when claims are submitted. Certain salaried employees are covered by a defined contribution plan, for which the cost is expensed in the period earned. | |||||
Cash Equivalents. Cash equivalents reflected in the financial statements are highly liquid, short-term investments with original maturities of three months or less that are an integral part of the Company’s cash management portfolio. Checks issued in excess of funds on deposit at the bank represent “book” overdrafts and are reclassified to accounts payable. Amounts reclassified totaled $33.1 million and $37.5 million at December 31, 2013 and 2012, respectively. | |||||
Inventory Valuation. Inventories are stated at the lower of cost or market value. We use the last-in, first-out (“LIFO”) method for valuing our domestic inventories. We use the weighted-average cost and the specific cost methods for valuing our foreign inventories. | |||||
Property, Plant and Equipment. Property, plant and equipment, including land use rights, are depreciated for financial reporting purposes using the straight-line method over the estimated useful lives of the assets. The provision for depreciation in all periods presented is based on the following estimated useful lives of the assets: | |||||
Land improvements | 20 years | ||||
Buildings | 45 years | ||||
Machinery and equipment | 10-15 years | ||||
Furniture and fixtures | 10 years | ||||
Transportation equipment | 3-6 years | ||||
Land use rights | 50 years | ||||
Expenditures for normal repairs and maintenance are charged against income in the period incurred. | |||||
Goodwill. In accordance with FASB ASC 350, “Intangibles—Goodwill and Other” (“ASC 350”), goodwill is reviewed at least annually for impairment or whenever indicators of potential impairment exist. We test for impairment of goodwill by assessing various qualitative factors with respect to developments in our business and the overall economy and calculating the fair value of a reporting unit using the discounted cash flow method, as necessary. If we determine that it is more likely than not that the fair value of a reporting unit is less than the carrying value based on our qualitative assessment, we will proceed to the two-step goodwill impairment test. In step one, we compare the fair value of the reporting unit in which goodwill resides to its carrying value. If the carrying amount exceeds the fair value, the second step of the goodwill impairment test is performed to measure the amount of the impairment loss, if any. In the second step, the implied fair value of the goodwill is estimated as the fair value of the reporting unit used in the first step less the fair value of all other net tangible and intangible assets of the reporting unit. If the carrying amount of goodwill exceeds its implied fair value, an impairment loss is recognized in an amount equal to that excess, not to exceed the carrying amount of the goodwill. The fair value of the reporting units are estimated using an average of an income approach and a market approach as this combination is deemed to be the most indicative of fair value in an orderly transaction between market participants. | |||||
Long-lived Assets and Other Intangible Assets. Long-lived assets held and used by the Company are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. The Company estimates the future cash flows expected to result from the use of the asset and its eventual disposition. If the sum of the expected future cash flows (undiscounted and without interest charges) is less than the carrying amount of the asset, an impairment is recognized. Any related impairment loss is calculated based upon comparison of the fair value to the carrying value of the asset. Separate intangible assets that have finite useful lives are amortized over their useful lives. An impaired intangible asset would be written down to fair value, using the discounted cash flow method. | |||||
Deferred Financing Costs. Deferred financing costs associated with the issuance of debt are being amortized using the effective interest method over the life of the debt. | |||||
Income Taxes. Deferred tax assets or liabilities reflect temporary differences between amounts of assets and liabilities for financial and tax reporting. Such amounts are adjusted, as appropriate, to reflect changes in enacted tax rates expected to be in effect when the temporary differences reverse. A valuation allowance is established to offset any deferred tax assets if, based upon the available evidence, it is more likely than not that some or all of the deferred tax assets will not be realized. The determination of the amount of a valuation allowance to be provided on recorded deferred tax assets involves estimates regarding (1) the timing and amount of the reversal of taxable temporary differences, (2) expected future taxable income, (3) the impact of tax planning strategies and (4) the ability to carry back tax losses to offset prior taxable income. In assessing the need for a valuation allowance, the Company considers all available positive and negative evidence, including past operating results, projections of future taxable income and the feasibility of ongoing tax planning strategies. The projections of future taxable income include a number of estimates and assumptions regarding volume, pricing, costs and industry cyclicality. | |||||
Significant judgment is required in determining income tax provisions and in evaluating tax positions. In the normal course of business, the Company and its subsidiaries are examined by various federal, state and foreign tax authorities. The Company records the impact of a tax position, if that position is more likely than not to be sustained on audit, based on the technical merits of the position. The Company regularly assesses the potential outcomes of these examinations and any future examinations for the current or prior years in determining the adequacy of our provision for income taxes. The Company continually assesses the likelihood and amount of potential adjustments and adjusts the income tax provision, the current tax liability and deferred taxes in the period in which the facts that give rise to a revision become known. | |||||
The Company recognizes the benefit of tax positions when a benefit is more likely than not (i.e., greater than 50% likely) to be sustained on its technical merits. Recognized tax benefits are measured at the largest amount that is more likely than not to be sustained, based on cumulative probability, in final settlement of the position. The Company recognizes interest and penalties related to unrecognized tax benefits as a component of income tax expense. | |||||
Earnings Per Share Data. Basic earnings (loss) per share (“EPS”) is computed by dividing net earnings (loss) available to common stockholders by the weighted average number of common shares outstanding for the period. Diluted earnings (loss) per share is computed by giving effect to all dilutive potential common shared that were outstanding during the period. Basic earnings (loss) per share excludes the dilutive effect of common stock equivalents such as stock options and warrants, while diluted earnings (loss) per share, assuming dilution, includes such dilutive effects. Subsequent to October 19, 2007, Ryerson Holdings does not have any securities or other items that are convertible into common shares, therefore basic and fully diluted EPS are the same. | |||||
Foreign Currency. The Company translates assets and liabilities of its foreign subsidiaries, where the functional currency is the local currency, into U.S. dollars at the current rate of exchange on the last day of the reporting period. Revenues and expenses are translated at the average monthly exchange rates prevailing during the year. | |||||
For foreign currency transactions, the Company translates these amounts to the Company’s functional currency at the exchange rate effective on the invoice date. If the exchange rate changes between the time of purchase and the time actual payment is made, a foreign exchange transaction gain or loss results which is included in determining net income (loss) for the year. The Company recognized $3.7 million of exchange gains, $1.5 million of exchange losses and $0.8 million of exchange losses for the years ended December 31, 2013, 2012 and 2011, respectively. These amounts are primarily classified in “Other income and (expense), net” in our Consolidated Statements of Operations. | |||||
Recent Accounting Pronouncements | |||||
In February 2013, the FASB issued Accounting Standards Update (“ASU”) 2013-2, “Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income.” This guidance requires an entity to present, either on the face of the financial statements or as a disclosure in the notes, significant amounts reclassified out of accumulated other comprehensive income by the respective line items of net income, but only if the amount reclassified is required under GAAP to be reclassified to net income in its entirety in the same reporting period. For other amounts that are not required under GAAP to be reclassified in their entirety to net income, the guidance requires an entity to cross-reference to other disclosures required under GAAP that provide additional detail about those amounts. This guidance is effective for our fiscal year beginning January 1, 2013. We adopted this guidance for our fiscal year beginning January 1, 2013. The adoption did not have a material impact on our financial statements. | |||||
In July 2013, the FASB issued ASU 2013-11 “Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists.” ASU 2013 -11 was issued to promote consistency among financial statement issuers and amends ASC 740, “Income Taxes,” to provide clarification of the financial statement presentation of an unrecognized tax benefit when a net operating loss carryforward, a similar tax loss, or a tax credit carryforward exists. According to ASU 2013-11, an unrecognized tax benefit or a portion of an unrecognized tax benefit should be presented in the financial statements as a reduction of a deferred tax asset for a net operating loss carryforward, a similar tax loss, or a tax credit carryforward, with certain exceptions. The revised guidance is effective for interim and annual periods beginning after December 15, 2013 with early adoption permitted. We will adopt this guidance for our fiscal year beginning January 1, 2014. We do not expect the adoption to have a material impact on our financial statements. |
Acquisitions
Acquisitions | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Business Combinations [Abstract] | ' | ||||||||
Acquisitions | ' | ||||||||
Note 2: Acquisitions | |||||||||
Singer Steel Company | |||||||||
On March 14, 2011, the Company acquired all the issued and outstanding capital stock of Singer Steel Company (“Singer”). Singer is a full-service steel value-added processor with state-of-the-art processing equipment. We believe that Singer’s capabilities strongly enhance Ryerson’s offering in the Midwest and Northeast United States. | |||||||||
The fair value of the consideration totaled $23.6 million on the acquisition date, of which $20.0 million was paid on the date of acquisition and $3.6 million was paid in 2012. | |||||||||
The following table summarizes the fair values of the assets acquired and liabilities assumed at the acquisition date. The Company used a third-party valuation firm to estimate the fair values of the property, plant and equipment and intangible assets. Inventory was valued by the Company using acquisition date fair values of the metals. | |||||||||
At March 14, | |||||||||
2011 | |||||||||
(In millions) | |||||||||
Cash | $ | 0.3 | |||||||
Restricted cash | 6.5 | ||||||||
Accounts receivable | 7.3 | ||||||||
Inventory | 16.3 | ||||||||
Property, plant, and equipment | 8.2 | ||||||||
Intangible assets | 4.3 | ||||||||
Other assets | 0.2 | ||||||||
Total identifiable assets acquired | 43.1 | ||||||||
Current liabilities | 11.4 | ||||||||
Deferred tax liabilities | 2.3 | ||||||||
Total liabilities assumed | 13.7 | ||||||||
Net identifiable assets acquired | 29.4 | ||||||||
Bargain purchase | (5.8 | ) | |||||||
Net assets acquired | $ | 23.6 | |||||||
The fair value of accounts receivables acquired was $7.3 million, with a gross amount of $7.8 million. The Company expected $0.5 million to be uncollectible. | |||||||||
Of the $4.3 million of acquired intangible assets, $2.2 million was assigned to customer relationships with a useful life of 7 years, $1.7 million was assigned to trademarks with a useful life of 5 years and $0.4 million was assigned to a license agreement with a useful life of 7 years. | |||||||||
The transaction resulted in a bargain purchase primarily due to the fair value of acquired intangible assets and higher inventory valuation related to rising metals prices. The gain is included in other income and (expense), net in the Statement of Operations. The Company has recognized $0.4 million in acquisition-related fees, which is included in warehousing, delivery, selling, general and administrative expenses. | |||||||||
Included in the 2011 financial results is $36.1 million of revenue and $9.4 million (includes the $5.8 million bargain purchase gain) of net income from Singer since the acquisition date. | |||||||||
Turret Steel | |||||||||
On December 9, 2011, the Company acquired all the issued and outstanding capital stock of Turret Steel Industries, Inc., Sunbelt-Turret Steel, Inc., Wilcox-Turret Cold Drawn, Inc., and Imperial Trucking Company, LLC (collectively, “Turret”). Turret is a premier distributor of Special Bar Quality Carbon and Alloy bar products. We believe that Turret’s product offerings strongly enhance Ryerson’s strategy of increasing its presence in long and fabricated products. | |||||||||
Ryerson acquired Turret for a cash purchase price of $78.8 million, plus assumption of approximately $6.5 million of debt on the acquisition date. A total of $1.5 million of the $78.8 million cash purchase price was held back and paid to the seller in June 2012. The terms of the agreement also include deferred cash consideration payouts, totaling a maximum of $36.0 million over a period of 5 years, which are contingent on the seller’s continued employment with Ryerson as well as the financial performance of Turret. The deferred cash consideration will be recognized as compensation expense and recorded as it is incurred over the five year period. | |||||||||
The following table summarizes the fair values of the assets acquired and liabilities assumed at the acquisition date. The Company used a third-party valuation firm to estimate the fair values of the property, plant and equipment and intangible assets. Inventory was valued by the Company using acquisition date fair values of the metals. | |||||||||
At December 9, | |||||||||
2011 | |||||||||
(In millions) | |||||||||
Cash | $ | 1.8 | |||||||
Accounts receivable | 12 | ||||||||
Inventory | 26.7 | ||||||||
Property, plant, and equipment | 2.9 | ||||||||
Intangible assets | 45.1 | ||||||||
Goodwill | 25.1 | ||||||||
Other assets | 1.2 | ||||||||
Total identifiable assets acquired | 114.8 | ||||||||
Current liabilities | 17.5 | ||||||||
Deferred tax liabilities | 18.5 | ||||||||
Total liabilities assumed | 36 | ||||||||
Net assets acquired | $ | 78.8 | |||||||
The fair value of accounts receivables acquired was $12.0 million, with a gross amount of $12.4 million. The Company expected $0.4 million to be uncollectible. | |||||||||
Of the $45.1 million of acquired intangible assets, $27.8 million was assigned to customer relationships with useful lives between 7 and 11 years, $17.0 million was assigned to trademarks with a useful life of 20 years and $0.3 million was assigned to a covenant not to compete with a useful life of 7 years. The Company recognized $25.1 million of goodwill, reflecting management’s expected synergies. | |||||||||
The Company has recognized $0.4 million in acquisition-related fees, which is included in warehousing, delivery, selling, general and administrative expenses. | |||||||||
Included in the 2011 financial results is $5.6 million of revenue and $17.0 million of net income, which includes $16.6 million of tax benefits, from Turret since the acquisition date. | |||||||||
The following unaudited pro forma information presents consolidated results of operations for the year ended December 31, 2012 and 2011 as if the acquisitions of Singer and Turret on March 14, 2011 and December 9, 2011, respectively, had occurred on January 1, 2011: | |||||||||
Pro Forma | |||||||||
Year Ended December 31, | |||||||||
2012 | 2011 | ||||||||
(In millions) | |||||||||
Net sales | $ | 4,024.70 | $ | 4,866.80 | |||||
Net income (loss) attributable to Ryerson Holding Corporation | 47.1 | (23.1 | ) | ||||||
The 2011 supplemental pro forma net income (loss) was adjusted to exclude the $5.8 million bargain purchase gain and $18.0 million of tax benefits realized in 2011 as they are nonrecurring items. | |||||||||
Açofran | |||||||||
On February 17, 2012, the Company acquired 50% of the issued and outstanding capital stock of Açofran, a long products distributor located in São Paulo, Brazil. The Company fully consolidates Açofran based on voting control. The Company is party to a put option arrangement with respect to the securities that represent the noncontrolling interest of Açofran. The put is exercisable by the minority shareholders outside of the Company’s control by requiring the Company to redeem the minority shareholders’ equity stake in the subsidiary at a put price based on earnings before interest, income tax, depreciation and amortization expense and net debt. The redeemable noncontrolling interest is classified as mezzanine equity and measured at the greater of estimated redemption value at the end of each reporting period or the historical cost basis of the noncontrolling interest adjusted for earnings and foreign currency allocations. The resulting increase or decrease in the estimated redemption amount is adjusted with a corresponding charge against retained earnings, or in the absence of retained earnings, additional paid-in-capital. The acquisition is not material to our consolidated financial statements. |
Restricted_Cash
Restricted Cash | 12 Months Ended |
Dec. 31, 2013 | |
Receivables [Abstract] | ' |
Restricted Cash | ' |
Note 3: Restricted Cash | |
We have cash restricted for purposes of covering letters of credit that can be presented for potential insurance claims, which totaled $1.8 million and $3.8 million as of December 31, 2013 and 2012, respectively. In addition, Ryerson China has a restricted cash balance of zero million and $0.1 million as of December 31, 2013 and 2012, respectively, which is primarily related to letters of credit that can be presented for product material purchases. |
Inventories
Inventories | 3 Months Ended | 12 Months Ended | ||||||||||||||||
Mar. 31, 2014 | Dec. 31, 2013 | |||||||||||||||||
Inventory Disclosure [Abstract] | ' | ' | ||||||||||||||||
Inventories | ' | ' | ||||||||||||||||
NOTE 3: INVENTORIES | Note 4: Inventories | |||||||||||||||||
The Company primarily uses the last-in, first-out (LIFO) method of valuing inventory. Interim LIFO calculations are based on actual inventory levels. | Inventories, at stated LIFO value, were classified at December 31, 2013 and 2012 as follows: | |||||||||||||||||
Inventories, at stated LIFO value, were classified at March 31, 2014 and December 31, 2013 as follows: | ||||||||||||||||||
At December 31, | ||||||||||||||||||
March 31, | December 31, | 2013 | 2012 | |||||||||||||||
2014 | 2013 | (In millions) | ||||||||||||||||
(In millions) | In process and finished products | $ | 733 | $ | 741.5 | |||||||||||||
In process and finished products | $ | 706.2 | $ | 733 | If current cost had been used to value inventories, such inventories would have been $67 million lower and $34 million lower than reported at December 31, 2013 and 2012, respectively. Approximately 91% and 88% of inventories are accounted for under the LIFO method at December 31, 2013 and 2012, respectively. Non-LIFO inventories consist primarily of inventory at our foreign facilities using the weighted-average cost and the specific cost methods. Substantially all of our inventories consist of finished products. | |||||||||||||
If current cost had been used to value inventories, such inventories would have been $58 million and $67 million lower than reported at March 31, 2014 and December 31, 2013, respectively. Approximately 89% and 91% of inventories are accounted for under the LIFO method at March 31, 2014 and December 31, 2013, respectively. Non-LIFO inventories consist primarily of inventory at our foreign facilities using the weighted-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 $11.1 million and $11.7 million at March 31, 2014 and December 31, 2013, respectively. | The Company has consignment inventory at certain customer locations, which totaled $11.7 million and $11.3 million at December 31, 2013 and 2012, respectively. |
Property_Plant_and_Equipment
Property, Plant and Equipment | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Property Plant And Equipment [Abstract] | ' | ||||||||
Property, Plant and Equipment | ' | ||||||||
Note 5: Property, Plant and Equipment | |||||||||
Property, plant and equipment consisted of the following at December 31, 2013 and 2012: | |||||||||
At December 31, | |||||||||
2013 | 2012 | ||||||||
(In millions) | |||||||||
Land and land improvements | $ | 98.9 | $ | 98.3 | |||||
Buildings and leasehold improvements | 192.2 | 197.1 | |||||||
Machinery, equipment and other | 345.4 | 334.5 | |||||||
Construction in progress | 2.4 | 7 | |||||||
Total | 638.9 | 636.9 | |||||||
Less: Accumulated depreciation | (197.2 | ) | (164.6 | ) | |||||
Net property, plant and equipment | $ | 441.7 | $ | 472.3 | |||||
The Company recorded $3.2 million, $1.0 million, and $7.8 million of impairment charges in 2013, 2012 and 2011, respectively, related to fixed assets. The impairment charges recorded in 2013, 2012 and 2011 related to certain assets held for sale in order to recognize the assets at their fair value less cost to sell in accordance with FASB ASC 360-10-35-43, “Property, Plant and Equipment—Other Presentation Matters.” The fair values of each property were determined based on appraisals obtained from a third party, pending sales contracts or recent listing agreements with third party brokerage firms. The Company had $4.7 million and $3.6 million of assets held for sale, classified within “Prepaid expenses and other assets” as of December 31, 2013 and 2012, respectively. |
Intangible_Assets
Intangible Assets | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Goodwill And Intangible Assets Disclosure [Abstract] | ' | ||||||||||||||||||||||||
Intangible Assets | ' | ||||||||||||||||||||||||
Note 6: Intangible Assets | |||||||||||||||||||||||||
The following summarizes the components of intangible assets at December 31, 2013 and 2012: | |||||||||||||||||||||||||
At December 31, 2013 | At December 31, 2012 | ||||||||||||||||||||||||
Gross | Accumulated | Net | Gross | Accumulated | Net | ||||||||||||||||||||
Carrying | Amortization | Carrying | Amortization | ||||||||||||||||||||||
Amount | Amount | ||||||||||||||||||||||||
Amortized intangible assets | (In millions) | ||||||||||||||||||||||||
Customer relationships | $ | 46.9 | $ | (13.6 | ) | $ | 33.3 | $ | 47 | $ | (9.6 | ) | $ | 37.4 | |||||||||||
Developed technology / product know-how | 1.9 | (1.3 | ) | 0.6 | 1.9 | (0.9 | ) | 1 | |||||||||||||||||
Non-compete agreements | 1.4 | (0.9 | ) | 0.5 | 1.4 | (0.6 | ) | 0.8 | |||||||||||||||||
Trademarks | 19.7 | (3.2 | ) | 16.5 | 19.8 | (1.9 | ) | 17.9 | |||||||||||||||||
Licenses | 0.5 | (0.2 | ) | 0.3 | 0.4 | (0.1 | ) | 0.3 | |||||||||||||||||
Total intangible assets | $ | 70.4 | $ | (19.2 | ) | $ | 51.2 | $ | 70.5 | $ | (13.1 | ) | $ | 57.4 | |||||||||||
Amortization expense related to intangible assets for the years ended December 31, 2013, 2012 and 2011 was $6.1 million, $6.0 million, and $2.7 million, respectively. | |||||||||||||||||||||||||
Intangible assets are amortized over a period between 2 and 20 years. Estimated amortization expense related to intangible assets at December 31, 2013, for each of the years in the five year period ending December 31, 2018 and thereafter is as follows: | |||||||||||||||||||||||||
Estimated | |||||||||||||||||||||||||
Amortization Expense | |||||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||
For the year ended December 31, 2014 | $ | 6 | |||||||||||||||||||||||
For the year ended December 31, 2015 | 5.6 | ||||||||||||||||||||||||
For the year ended December 31, 2016 | 4.8 | ||||||||||||||||||||||||
For the year ended December 31, 2017 | 4.6 | ||||||||||||||||||||||||
For the year ended December 31, 2018 | 4.3 | ||||||||||||||||||||||||
For the years ended thereafter | 25.9 |
Goodwill
Goodwill | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Goodwill And Intangible Assets Disclosure [Abstract] | ' | ||||||||||||
Goodwill | ' | ||||||||||||
Note 7: Goodwill | |||||||||||||
The following is a summary of changes in the carrying amount of goodwill for the years ended December 31, 2013 and 2012: | |||||||||||||
Cost | Accumulated | Carrying | |||||||||||
Impairment | Amount | ||||||||||||
(In millions) | |||||||||||||
Balance at January 1, 2012 | $ | 97.8 | $ | (1.5 | ) | $ | 96.3 | ||||||
Acquisitions | 0.2 | — | 0.2 | ||||||||||
Changes due to foreign currency translation | 0.1 | — | 0.1 | ||||||||||
Balance at December 31, 2012 | $ | 98.1 | $ | (1.5 | ) | $ | 96.6 | ||||||
Impairment charge | — | (6.8 | ) | (6.8 | ) | ||||||||
Changes in purchase price allocation | 2 | — | 2 | ||||||||||
Changes due to foreign currency translation | (0.2 | ) | — | (0.2 | ) | ||||||||
Balance at December 31, 2013 | $ | 99.9 | $ | (8.3 | ) | $ | 91.6 | ||||||
In 2013, the Company made goodwill adjustments to the purchase price related to the 2007 Platinum Acquisition of $2.0 million in order to correct certain initial purchase price allocation errors related to consent payments paid in the retirement of debt as well as deferred tax asset balances that existed prior to the Platinum Acquisition. Consent payments to retire debt of $4.4 million were recorded in other income and (expense), net, with an offset to provision for income taxes of $1.4 million, resulting in a decrease in goodwill of $3.0 million. The net non-current deferred tax asset balance was adjusted by $5.0 million to correct the initial purchase price allocation error that was not recorded, resulting in an increase in goodwill of $5.0 million. The net effect of these entries resulted in reducing net income by $3.0 million in 2013. | |||||||||||||
In 2012, the Company recognized $0.2 million of goodwill related to the Acofran acquisition, which is not deductible for income tax purposes. | |||||||||||||
Pursuant to 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. We performed an interim impairment test of goodwill as of June 30, 2013 for one reporting unit as a result of its financial performance for the first half of 2013 compared to its forecasted results. In the first step, the fair value of the reporting unit was compared to the carrying value. The fair value of the reporting unit was estimated using an average of a market approach and income approach as this combination is deemed to be the most indicative of our fair value in an orderly transaction between market participants and is consistent with the methodology used for the goodwill impairment test in the prior quarter. Based on this evaluation, it was determined that the fair value of the reporting unit was less than the carrying value. As required by ASC 350, the Company then performed an allocation of the fair value to all the assets and liabilities of the reporting unit, including identifiable intangible assets, based on their fair values, to determine the implied fair value of goodwill. Accordingly, the Company recorded a goodwill impairment charge of $6.8 million in the second quarter of 2013 for the difference between the carrying value of the goodwill in the reporting unit and its implied fair value. The remaining goodwill balance for this reporting unit is zero. | |||||||||||||
Based on our October 1, 2013 annual goodwill impairment test, we have determined there was no additional impairment in 2013. |
Restructuring_and_Other_Charge
Restructuring and Other Charges | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Restructuring And Related Activities [Abstract] | ' | ||||||||||||
Restructuring and Other Charges | ' | ||||||||||||
Note 8: Restructuring and Other Charges | |||||||||||||
The following summarizes restructuring accrual activity for the years ended December 31, 2013, 2012 and 2011: | |||||||||||||
Employee | Tenancy | Total | |||||||||||
Related | and Other | Restructuring | |||||||||||
Costs | Costs | Costs | |||||||||||
(In millions) | |||||||||||||
Balance at January 1, 2011 | $ | 0.1 | $ | 0.2 | $ | 0.3 | |||||||
Restructuring charges | 11.1 | — | 11.1 | ||||||||||
Cash payments | (5.3 | ) | (0.2 | ) | (5.5 | ) | |||||||
Adjustments for pension and other post-retirement termination non-cash charges | (1.4 | ) | — | (1.4 | ) | ||||||||
Balance at December 31, 2011 | $ | 4.5 | $ | — | $ | 4.5 | |||||||
Restructuring charges | 1.3 | 0.2 | 1.5 | ||||||||||
Reduction to reserve | (0.4 | ) | — | (0.4 | ) | ||||||||
Cash payments | (4.4 | ) | (0.2 | ) | (4.6 | ) | |||||||
Balance at December 31, 2012 | $ | 1 | $ | — | $ | 1 | |||||||
Restructuring charges | — | 2.1 | 2.1 | ||||||||||
Reduction to reserve | (0.2 | ) | — | (0.2 | ) | ||||||||
Cash payments | (0.7 | ) | (0.5 | ) | (1.2 | ) | |||||||
Balance at December 31, 2013 | $ | 0.1 | $ | 1.6 | $ | 1.7 | |||||||
2013 | |||||||||||||
In 2013, the Company recorded a charge of $2.1 million related to a facility closure. The charge consists of tenancy-related costs, primarily future lease payments. In 2012, the Company recorded a $1.3 million charge for employee-related costs for this facility closure, which is discussed below. In 2013, the Company also recorded a $0.2 million reduction to the reserve for employee-related costs and credited restructuring and other charges in the Consolidated Statements of Operations. During 2013, the Company paid $0.7 million for employee-related costs and $0.5 million for tenancy-related costs for this facility closure. The remaining tenancy-related costs of $1.6 million are expected to be paid through 2019. The remaining $0.1 million balance in employee-related costs is expected to be paid during the first half of 2014. | |||||||||||||
2012 | |||||||||||||
In 2012, the Company recorded a charge of $1.3 million related to the closure of one of its facilities. The charge consists of employee-related costs, primarily severance for 42 employees. In the fourth quarter of 2012, the Company paid $0.3 million in employee costs related to this facility closure. | |||||||||||||
During 2012, the Company paid $4.0 million in employee costs and $0.2 million in tenancy costs related to its October 2011 reorganization plan. The Company also recorded a $0.4 million reduction to this reorganization reserve for employee-related costs and recorded a charge of $0.2 million related to tenancy costs. The $0.2 million net credit reduced the reserve for the October 2011 reorganization to zero and was credited to restructuring and other charges in the Consolidated Statements of Operations. | |||||||||||||
In 2012, the Company paid the remaining $0.1 million of employee costs related to the facility closed in the fourth quarter of 2010. | |||||||||||||
2011 | |||||||||||||
In October 2011, the Company implemented a reorganization plan that reduced headcount by 292 employees resulting in a restructuring charge of $9.8 million recorded in the fourth quarter. The Company reduced headcount in a continued effort to decentralize functions to its regions as well as to execute management’s strategy of focusing on long and fabricated product sales. The charge consists of restructuring expenses of $8.4 million for employee-related costs, primarily severance, and additional non-cash pensions and other post-retirement benefit costs totaling $1.4 million. In the fourth quarter of 2011, the Company paid $4.0 million in employee costs related to this restructuring. | |||||||||||||
In 2011, the Company recorded an additional charge of $1.3 million related to the closure of one of its facilities for which it had recorded a charge of $12.5 million in the fourth quarter of 2010. The charge consists of additional employee-related costs, primarily severance. In 2011, the Company paid $1.3 million in employee costs related to this facility closure. | |||||||||||||
During 2011, the Company paid the remaining $0.2 million of tenancy and other costs related to the exit plan liability recorded on October 19, 2007. |
Debt
Debt | 3 Months Ended | 12 Months Ended | ||||||||||||||||
Mar. 31, 2014 | Dec. 31, 2013 | |||||||||||||||||
Debt Disclosure [Abstract] | ' | ' | ||||||||||||||||
Debt | ' | ' | ||||||||||||||||
NOTE 5: LONG-TERM DEBT | Note 9: Debt | |||||||||||||||||
Long-term debt consisted of the following at March 31, 2014 and December 31, 2013: | Long-term debt consisted of the following at December 31, 2013 and 2012: | |||||||||||||||||
March 31, | December 31, | At December 31, | ||||||||||||||||
2014 | 2013 | 2013 | 2012 | |||||||||||||||
(In millions) | (In millions) | |||||||||||||||||
Ryerson Secured Credit Facility | $ | 342.5 | $ | 369.1 | Ryerson Secured Credit Facility | $ | 369.1 | $ | 383.5 | |||||||||
9% Senior Secured Notes due 2017 | 600 | 600 | 9% Senior Secured Notes due 2017 | 600 | 600 | |||||||||||||
11 1/4% Senior Notes due 2018 | 300 | 300 | 11 1/4% Senior Notes due 2018 | 300 | 300 | |||||||||||||
Foreign debt | 32.5 | 25.7 | Foreign debt | 25.7 | 21.9 | |||||||||||||
Total debt | 1,275.00 | 1,294.80 | Total debt | 1,294.80 | 1,305.40 | |||||||||||||
Less: | Less: | |||||||||||||||||
Short-term credit facility borrowings | — | 6.6 | Short-term credit facility borrowings | 6.6 | 13.5 | |||||||||||||
Short-term foreign debt | 32.5 | 25.7 | Foreign debt | 25.7 | 21.8 | |||||||||||||
Total long-term debt | $ | 1,242.50 | $ | 1,262.50 | Total long-term debt | $ | 1,262.50 | $ | 1,270.10 | |||||||||
Ryerson Credit Facility | The principal payments required to be made on debt during the next five fiscal years are shown below: | |||||||||||||||||
On April 3, 2013, Ryerson amended and restated its $1.35 billion revolving credit facility agreement (as amended and restated, the “Ryerson Credit Facility”), to, among other things, extend the maturity date to the earlier of (a) April 3, 2018 or (b) August 16, 2017 (60 days prior to the scheduled maturity date of the 9% Senior Secured Notes due October 15, 2017 (“2017 Notes”)), if the 2017 Notes are then outstanding. At March 31, 2014, Ryerson had $342.5 million of outstanding borrowings, $27 million of letters of credit issued and $292 million available under the $1.35 billion Ryerson Credit Facility compared to $369.1 million of outstanding borrowings, $27 million of letters of credit issued and $234 million available at December 31, 2013. Total credit availability is limited by the amount of eligible accounts receivable and inventory pledged as collateral under the agreement insofar as Ryerson is subject to a borrowing base comprised of the aggregate of these two amounts, less applicable reserves. Eligible accounts receivable, at any date of determination, are 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 rendition 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 does not have sole and absolute title and accounts arising out of a sale to an employee, officer, director, or affiliate of a borrower. Eligible inventory, at any date of determination, is comprised of the aggregate value of all inventory owned by a borrower, with such inventory adjusted to exclude various ineligible inventory, including, among other things, any inventory that is classified as “supplies” or is unsaleable in the ordinary course of business and 50% of the value of any inventory that (i) has not been sold or processed within a 180 day period and (ii) which is calculated to have more than 365 days of supply based upon the immediately preceding 6 months consumption. The weighted average interest rate on the borrowings under the Ryerson Credit Facility was 2.2 percent and 2.1 percent at March 31, 2014 and December 31, 2013, respectively. | ||||||||||||||||||
The total $1.35 billion revolving credit facility has an allocation of $1.215 billion to Ryerson’s subsidiaries in the United States and an allocation of $135 million to Ryerson Canada. Amounts outstanding under the U.S. facility bear interest at a rate determined by reference to the base rate (Bank of America’s prime rate) or a LIBOR rate or, for the Canadian facility a rate determined by reference to the Canadian base rate (Bank of America-Canada Branch’s “Base Rate” for loans in U.S. Dollars in Canada) or the BA rate (average annual rate applicable to Canadian Dollar bankers’ acceptances) or a LIBOR rate and the Canadian prime rate (Bank of America-Canada Branch’s “Prime Rate.”). The spread over the base rate and Canadian prime rate is between 0.50% and 1.00% and the spread over the LIBOR and for the bankers’ acceptances is between 1.50% and 2.00%, depending on the amount available to be borrowed. Overdue amounts and all amounts owed during the existence of a default bear interest at 2% above the rate otherwise applicable thereto. The Company also pays commitment fees on amounts not borrowed at a rate between 0.25% and 0.375% depending on the average borrowings as a percentage of the total $1.35 billion agreement during a rolling three month period. | ||||||||||||||||||
Amount | ||||||||||||||||||
Borrowings under the Ryerson Credit Facility are secured by (i) in the case of the U.S. facility, first-priority liens on all of the inventory, accounts receivable, lockbox accounts (excluding any proceeds therein of collateral securing the 2017 Notes on a first priority lien basis) and related U.S. assets of Ryerson, the U.S. subsidiary borrowers and certain other U.S. subsidiaries of Ryerson that act as guarantors, and (ii) in the case of the Canadian facility, the assets securing the U.S. Facility and also first priority liens on all of the inventory, accounts receivable, lockbox accounts and related assets of Ryerson’s Canadian subsidiary borrower and its Canadian subsidiaries that act as guarantors thereof. | (In millions) | |||||||||||||||||
The Ryerson Credit Facility contains covenants that, among other things, restrict Ryerson and its 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 such facility falls below a certain level, the Company maintain a minimum fixed charge coverage ratio as of the end of each calendar month. | For the year ended December 31, 2014 | $ | 25.7 | |||||||||||||||
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 and the occurrence of a change of control of Ryerson. 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. | For the year ended December 31, 2015 | — | ||||||||||||||||
The lenders under the Ryerson Credit Facility have the ability to 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 Ryerson. If Ryerson or any significant subsidiaries of the other borrowers becomes insolvent or commences bankruptcy proceedings, all amounts borrowed under the Ryerson Credit Facility will become immediately due and payable. | For the year ended December 31, 2016 | — | ||||||||||||||||
Proceeds from borrowings under the Ryerson Credit Facility and repayments of borrowings thereunder that are reflected in the Consolidated Statements of Cash Flows represent borrowings under the Company’s revolving credit agreement with original maturities greater than three months. Net proceeds (repayments) under the Ryerson Credit Facility represent borrowings under the Ryerson Credit Facility with original maturities less than three months. | For the year ended December 31, 2017 | 969.1 | ||||||||||||||||
2017 and 2018 Notes | For the year ended December 31, 2018 | 300 | ||||||||||||||||
On October 10, 2012, Ryerson and its wholly owned subsidiary, Joseph T. Ryerson & Son, Inc., issued $600 million in aggregate principal amount of the 2017 Notes and $300 million in aggregate principal amount of the 11 1/4% Senior Notes due 2018 (the “2018 Notes” and, together with the 2017 Notes, the “2017 and 2018 Notes”). The 2017 Notes bear interest at a rate of 9% per annum. The 2018 Notes bear interest at a rate of 11.25% per annum. The 2017 Notes are fully and unconditionally guaranteed on a senior secured basis and the 2018 Notes are fully and unconditionally guaranteed on a senior unsecured basis by all of our existing and future domestic subsidiaries that are co-borrowers or guarantee obligations under the Ryerson Credit Facility. | For the years ended thereafter | — | ||||||||||||||||
The 2017 Notes and related guarantees are secured by a first-priority lien on substantially all of our and our guarantors’ present and future assets located in the United States (other than receivables, inventory, related general intangibles, certain other assets and proceeds thereof), subject to certain exceptions and customary permitted liens. The 2017 Notes and related guarantees are secured on a second-priority basis by a lien on the assets that secure our obligations under the Ryerson Credit Facility. The 2018 Notes are not secured. The 2017 and 2018 Notes contain customary covenants that, among other things, limit, subject to certain exceptions, our ability, and the ability of our restricted subsidiaries, to incur additional indebtedness, pay dividends on our capital stock or repurchase our capital stock, make investments, sell assets, engage in acquisitions, mergers or consolidations or create liens or use assets as security in other transactions. Subject to certain exceptions, Ryerson may only pay dividends to Ryerson Holding to the extent of 50% of future net income, once prior losses are offset. | Ryerson Credit Facility | |||||||||||||||||
On April 3, 2013, Ryerson amended and restated its $1.35 billion revolving credit facility agreement (as amended and restated, the “Ryerson Credit Facility”), to, among other things, extend the maturity date to the earlier of (a) April 3, 2018 or (b) August 16, 2017 (60 days prior to the scheduled maturity date of the 9% Senior Secured Notes due October 15, 2017 (“2017 Notes”)), if the 2017 Notes are then outstanding. At December 31, 2013, Ryerson had $369.1 million of outstanding borrowings, $27 million of letters of credit issued and $234 million available under the $1.35 billion Ryerson Credit Facility compared to $383.5 million of outstanding borrowings, $27 million of letters of credit issued and $293 million available at December 31, 2012. Total credit availability is limited by the amount of eligible accounts receivable and inventory pledged as collateral under the agreement insofar as Ryerson is subject to a borrowing base comprised of the aggregate of these two amounts, less applicable reserves. Eligible accounts receivable, at any date of determination, are 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 rendition 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 does not have sole and absolute title and accounts arising out of a sale to an employee, officer, director, or affiliate of a borrower. Eligible inventory, at any date of determination, is comprised of the aggregate value of all inventory owned by a borrower, with such inventory adjusted to exclude various ineligible inventory, including, among other things, any inventory that is classified as “supplies” or is unsaleable in the ordinary course of business and 50% of the value of any inventory that (i) has not been sold or processed within a 180 day period and (ii) which is calculated to have more than 365 days of supply based upon the immediately preceding 6 months consumption. The weighted average interest rate on the borrowings under the Ryerson Credit Facility was 2.1 percent and 2.6 percent at December 31, 2013 and December 31, 2012, respectively. | ||||||||||||||||||
The 2017 Notes will become redeemable by the Company, in whole or in part, at any time on or after April 15, 2015 (the “2017 Redemption Date”) and the 2018 Notes will become redeemable, in whole or in part, at any time on or after October 15, 2015 (the “2018 Redemption Date”), in each case at specified redemption prices. The 2017 and 2018 Notes are redeemable prior to such dates, as applicable, at a redemption price equal to 100% of the principal amount, together with accrued and unpaid interest, if any, to the redemption date, plus a make-whole premium. Additionally, we may redeem up to 35% of each of the 2017 and 2018 Notes prior to the 2017 Redemption Date or 2018 Redemption Date, as applicable, with net cash proceeds from certain equity offerings at a price equal to (a) 109.000%, with respect to the 2017 Notes and (b) 111.250%, with respect to the 2018 Notes, of the principal amount thereof, plus any accrued and unpaid interest. If a change of control occurs, Ryerson must offer to purchase the 2017 and 2018 Notes at 101% of their principal amount, plus accrued and unpaid interest. | The total $1.35 billion revolving credit facility has an allocation of $1.215 billion to Ryerson’s subsidiaries in the United States and an allocation of $135 million to Ryerson Canada. Amounts outstanding under the U.S. facility bear interest at a rate determined by reference to the base rate (Bank of America’s prime rate) or a LIBOR rate or, for the Canadian facility a rate determined by reference to the Canadian base rate (Bank of America-Canada Branch’s “Base Rate” for loans in U.S. Dollars in Canada) or the BA rate (average annual rate applicable to Canadian Dollar bankers’ acceptances) or a LIBOR rate and the Canadian prime rate (Bank of America-Canada Branch’s “Prime Rate.”). The spread over the base rate and Canadian prime rate is between 0.50% and 1.00% and the spread over the LIBOR and for the bankers’ acceptances is between 1.50% and 2.00%, depending on the amount available to be borrowed. The spread was fixed at 0.75% over the base rate and Canadian prime rate and 1.75% over the LIBOR rate and bankers’ acceptance rate through December 31, 2013. Overdue amounts and all amounts owed during the existence of a default bear interest at 2% above the rate otherwise applicable thereto. The Company also pays commitment fees on amounts not borrowed at a rate between 0.25% and 0.375% depending on the average borrowings as a percentage of the total $1.35 billion agreement during a rolling three month period. | |||||||||||||||||
Pursuant to registration rights agreements relating to the 2017 and 2018 Notes, we agreed to file with the SEC by July 7, 2013, registration statements with respect to offers to exchange each of the 2017 and 2018 Notes for new issues of our debt securities registered under the Securities Act, with terms substantially identical to those of the 2017 and 2018 Notes and to consummate such exchange offers no later than October 5, 2013. Ryerson completed the exchange offer on September 10, 2013. As a result of completing the exchange offer, Ryerson satisfied its obligation under the registration rights agreements covering each of the 2017 and 2018 Notes. | Borrowings under the Ryerson Credit Facility are secured by (i) in the case of the U.S. facility, first-priority liens on all of the inventory, accounts receivable, lockbox accounts (excluding any proceeds therein of collateral securing the 2017 Notes on a first priority lien basis) and related U.S. assets of Ryerson, the U.S. subsidiary borrowers and certain other U.S. subsidiaries of Ryerson that act as guarantors, and (ii) in the case of the Canadian facility, the assets securing the U.S. Facility and also first priority liens on all of the inventory, accounts receivable, lockbox accounts and related assets of Ryerson’s Canadian subsidiary borrower and its Canadian subsidiaries that act as guarantors thereof. | |||||||||||||||||
Foreign Debt | The Ryerson Credit Facility contains covenants that, among other things, restrict Ryerson and its 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 such facility falls below a certain level, the Company maintain a minimum fixed charge coverage ratio as of the end of each calendar month. | |||||||||||||||||
At March 31, 2014, Ryerson China’s total foreign borrowings were $32.5 million, which were owed to banks in Asia at a weighted average interest rate of 4.6% and secured by inventory and property, plant and equipment. At December 31, 2013, Ryerson China’s total foreign borrowings were $25.7 million, which were owed to banks in Asia at a weighted average interest rate of 4.3% and secured by inventory and property, plant and equipment. | 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 and the occurrence of a change of control of Ryerson. 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. | |||||||||||||||||
Availability under the foreign credit lines was $16 million and $22 million at March 31, 2014 and December 31, 2013, respectively. Letters of credit issued by our foreign subsidiaries totaled $3 million and $4 million at March 31, 2014 and December 31, 2013, respectively. | ||||||||||||||||||
The lenders under the Ryerson Credit Facility have the ability to 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 Ryerson. If Ryerson or any significant subsidiaries of the other borrowers becomes insolvent or commences bankruptcy proceedings, all amounts borrowed under the Ryerson Credit Facility will become immediately due and payable. | ||||||||||||||||||
Proceeds from borrowings under the Ryerson Credit Facility and repayments of borrowings thereunder that are reflected in the Consolidated Statements of Cash Flows represent borrowings under the Company’s revolving credit agreement with original maturities greater than three months. Net proceeds (repayments) under the Ryerson Credit Facility represent borrowings under the Ryerson Credit Facility with original maturities less than three months. | ||||||||||||||||||
2017 and 2018 Notes | ||||||||||||||||||
On October 10, 2012, Ryerson and its wholly owned subsidiary, Joseph T. Ryerson & Son, Inc., issued $600 million in aggregate principal amount of the 2017 Notes and $300 million in aggregate principal amount of the 11 1/4% Senior Notes due 2018 (the “2018 Notes” and, together with the 2017 Notes, the “2017 and 2018 Notes”). The 2017 Notes bear interest at a rate of 9% per annum. The 2018 Notes bear interest at a rate of 11.25% per annum. The 2017 Notes are fully and unconditionally guaranteed on a senior secured basis and the 2018 Notes are fully and unconditionally guaranteed on a senior unsecured basis by all of our existing and future domestic subsidiaries that are co-borrowers or guarantee obligations under the Ryerson Credit Facility. | ||||||||||||||||||
The 2017 Notes and related guarantees are secured by a first-priority lien on substantially all of our and our guarantors’ present and future assets located in the United States (other than receivables, inventory, related general intangibles, certain other assets and proceeds thereof), subject to certain exceptions and customary permitted liens. The 2017 Notes and related guarantees are secured on a second-priority basis by a lien on the assets that secure our obligations under the Ryerson Credit Facility. The 2018 Notes are not secured. The 2017 and 2018 Notes contain customary covenants that, among other things, limit, subject to certain exceptions, our ability, and the ability of our restricted subsidiaries, to incur additional indebtedness, pay dividends on our capital stock or repurchase our capital stock, make investments, sell assets, engage in acquisitions, mergers or consolidations or create liens or use assets as security in other transactions. Subject to certain exceptions, Ryerson may only pay dividends to Ryerson Holding to the extent of 50% of future net income, once prior losses are offset. As a result of these restrictions, the restricted net assets of consolidated subsidiaries exceed 25 percent of consolidated net assets as of December 31, 2013. Restricted net assets as of December 31, 2013 were $174.5 million. See Schedule I for condensed financial information of the parent company. | ||||||||||||||||||
The 2017 Notes will become redeemable by the Company, in whole or in part, at any time on or after April 15, 2015 (the “2017 Redemption Date”) and the 2018 Notes will become redeemable, in whole or in part, at any time on or after October 15, 2015 (the “2018 Redemption Date”), in each case at specified redemption prices. The 2017 and 2018 Notes are redeemable prior to such dates, as applicable, at a redemption price equal to 100% of the principal amount, together with accrued and unpaid interest, if any, to the redemption date, plus a make-whole premium. Additionally, we may redeem up to 35% of each of the 2017 and 2018 Notes prior to the 2017 Redemption Date or 2018 Redemption Date, as applicable, with net cash proceeds from certain equity offerings at a price equal to (a) 109.000%, with respect to the 2017 Notes and (b) 111.250%, with respect to the 2018 Notes, of the principal amount thereof, plus any accrued and unpaid interest. If a change of control occurs, Ryerson must offer to purchase the 2017 and 2018 Notes at 101% of their principal amount, plus accrued and unpaid interest. | ||||||||||||||||||
Pursuant to registration rights agreements relating to the 2017 and 2018 Notes, we agreed to file with the SEC by July 7, 2013, registration statements with respect to offers to exchange each of the 2017 and 2018 Notes for new issues of our debt securities registered under the Securities Act, with terms substantially identical to those of the 2017 and 2018 Notes and to consummate such exchange offers no later than October 5, 2013. Ryerson completed the exchange offer on September 10, 2013. As a result of completing the exchange offer, Ryerson satisfied its obligation under the registration rights agreements covering each of the 2017 and 2018 Notes. | ||||||||||||||||||
The Company used the net proceeds from the 2017 and 2018 Notes (i) to repay in full the 14 1/2 Senior Discount Notes due 2015 (“Ryerson Holding Notes”), plus accrued and unpaid interest thereon up to, but not including, the repayment date, (ii) to repay in full the Company’s outstanding Floating Rate Senior Secured Notes due November 1, 2014 (“2014 Notes” and, together with the 2015 Notes, the “Ryerson Notes”), plus accrued and unpaid interest thereon up to, but not including, the repayment date, (iii) to repay outstanding indebtedness under the Ryerson Credit Facility and (iv) to pay related fees, expenses and premiums. | ||||||||||||||||||
Ryerson Holding Notes | ||||||||||||||||||
As of November 1, 2012, all of the Ryerson Holding Notes were repurchased or redeemed and cancelled. The Company recorded a $15.6 million loss on the repurchase and cancellation of debt related to the Ryerson Holding Notes within other income and (expense), net on the Consolidated Statements of Operations. | ||||||||||||||||||
2014 and 2015 Notes | ||||||||||||||||||
As of November 1, 2012, all of the Ryerson Notes were repurchased or redeemed and cancelled. The Company recorded a $17.2 million loss on the repurchase and cancellation of debt related to the Ryerson Notes within other income and (expense), net on the Consolidated Statements of Operations. | ||||||||||||||||||
During 2011, $7.5 million principal amount of the 2015 Notes were repurchased for $7.7 million and retired, resulting in the recognition of a $0.2 million loss within other income and (expense), net on the Consolidated Statements of Operations. | ||||||||||||||||||
Foreign Debt | ||||||||||||||||||
At December 31, 2013, Ryerson China’s total foreign borrowings were $25.7 million, which were owed to banks in Asia at a weighted average interest rate of 4.3% and secured by inventory and property, plant and equipment. At December 31, 2012, Ryerson China’s total foreign borrowings were $21.4 million, which were owed to banks in Asia at a weighted average interest rate of 4.8% and secured by inventory and property, plant and equipment. At December 31, 2013, Açofran had no total foreign borrowings. At December 31, 2012, Açofran’s total foreign borrowings were $0.5 million, which were owed to foreign banks at a weighted average interest rate of 11.2%. | ||||||||||||||||||
Availability under the foreign credit lines was $22 million and $21 million at December 31, 2013 and December 31, 2012, respectively. Letters of credit issued by our foreign subsidiaries totaled $4 million and $8 million at December 31, 2013 and December 31, 2012, respectively. |
Employee_Benefits
Employee Benefits | 3 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||||||||||||||||
Mar. 31, 2014 | Dec. 31, 2013 | |||||||||||||||||||||||||||||||||||||||||
Compensation And Retirement Disclosure [Abstract] | ' | ' | ||||||||||||||||||||||||||||||||||||||||
Employee Benefits | ' | ' | ||||||||||||||||||||||||||||||||||||||||
NOTE 6: EMPLOYEE BENEFITS | Note 10: Employee Benefits | |||||||||||||||||||||||||||||||||||||||||
The following table summarizes the components of net periodic benefit cost for the three month periods ended March 31, 2014 and 2013 for the Ryerson pension plans and postretirement benefits other than pension: | The Company accounts for its pension and postretirement plans in accordance with FASB ASC 715, “Compensation—Retirement Benefits” (“ASC 715”). In addition to requirements for an employer to recognize in its consolidated balance sheet an asset for a plan’s overfunded status or a liability for a plan’s underfunded status and to recognize changes in the funded status of a defined benefit postretirement plan in the year in which the changes occur, ASC 715 requires an employer to measure a plan’s assets and its obligations that determine its funded status as of the end of the employer’s fiscal year. | |||||||||||||||||||||||||||||||||||||||||
Prior to January 1, 1998, the Company’s non-contributory defined benefit pension plan covered certain employees, retirees and their beneficiaries. Benefits provided to participants of the plan were based on pay and years of service for salaried employees and years of service and a fixed rate or a rate determined by job grade for all wage employees, including employees under collective bargaining agreements. | ||||||||||||||||||||||||||||||||||||||||||
Effective January 1, 1998, the Company froze the benefits accrued under its defined benefit pension plan for certain salaried employees and instituted a defined contribution plan. Effective March 31, 2000, benefits for certain salaried employees of J. M. Tull Metals Company and AFCO Metals, subsidiaries that were merged into JT Ryerson, were similarly frozen, with the employees becoming participants in the Company’s defined contribution plan. Salaried employees who vested in their benefits accrued under the defined benefit plan at December 31, 1997 and March 31, 2000, are entitled to those benefits upon retirement. For the years ended December 31, 2013, 2012 and 2011, expense recognized for its defined contribution plans was $6.9 million, $6.8 million and $7.0 million, respectively. | ||||||||||||||||||||||||||||||||||||||||||
Three Months Ended March 31, | In 2012, the Company amended the terms of one of our Canadian post-retirement medical and life insurance plans which effectively eliminated benefits to a group of employees unless these individuals agreed to retire by December 31, 2015. These actions meet the definition of a curtailment under FASB ASC 715-30-15 and resulted in a curtailment gain of $1.7 million for the year ended December 31, 2012. | |||||||||||||||||||||||||||||||||||||||||
Pension Benefits | Other Benefits | The Company has other deferred employee benefit plans, including supplemental pension plans, the liability for which totaled $16.6 million and $18.5 million at December 31, 2013 and 2012, respectively. | ||||||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | Summary of Assumptions and Activity | ||||||||||||||||||||||||||||||||||||||
(In millions) | The tables included below provide reconciliations of benefit obligations and fair value of plan assets of the Company plans as well as the funded status and components of net periodic benefit costs for each period related to each plan. The Company uses a December 31 measurement date to determine the pension and other postretirement benefit information. The assumptions used to determine benefit obligations at the end of the periods and net periodic benefit costs for the Pension Benefits for U.S. plans were as follows: | |||||||||||||||||||||||||||||||||||||||||
Components of net periodic benefit cost | ||||||||||||||||||||||||||||||||||||||||||
Service cost | $ | — | $ | 1 | $ | — | $ | — | ||||||||||||||||||||||||||||||||||
Interest cost | 10 | 9 | 1 | 1 | Year Ended | Year Ended | Year Ended | |||||||||||||||||||||||||||||||||||
Expected return on assets | (12 | ) | (11 | ) | — | — | December 31, | December 31, | December 31, | |||||||||||||||||||||||||||||||||
Recognized actuarial net (gain) loss | 3 | 3 | (2 | ) | (2 | ) | 2013 | 2012 | 2011 | |||||||||||||||||||||||||||||||||
Discount rate for calculating obligations | 4.8 | % | 4 | % | 4.9 | % | ||||||||||||||||||||||||||||||||||||
Net periodic benefit cost (credit) | $ | 1 | $ | 2 | $ | (1 | ) | $ | (1 | ) | Discount rate for calculating net periodic benefit cost | 4 | 4.9 | 5.35 | ||||||||||||||||||||||||||||
Expected rate of return on plan assets | 8.2 | 8.75 | 8.75 | |||||||||||||||||||||||||||||||||||||||
Contributions | Rate of compensation increase—benefit obligations | 2.8 | 3 | 3 | ||||||||||||||||||||||||||||||||||||||
The Company has contributed $10.6 million to the pension plan fund through the three months ended March 31, 2014 and anticipates that it will have a minimum required pension contribution funding of approximately $57 million for the remaining nine months of 2014. | Rate of compensation increase—net periodic benefit cost | 3 | 3 | 3 | ||||||||||||||||||||||||||||||||||||||
The expected rate of return on U.S. plan assets is 8.00% for 2014. | ||||||||||||||||||||||||||||||||||||||||||
The assumptions used to determine benefit obligations at the end of the periods and net periodic benefit costs for the Other Postretirement Benefits, primarily health care, for U.S. plans were as follows: | ||||||||||||||||||||||||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||||||||||||||||||||||
Discount rate for calculating obligations | 4.35 | % | 3.6 | % | 4.6 | % | ||||||||||||||||||||||||||||||||||||
Discount rate for calculating net periodic benefit cost | 3.6 | 4.6 | 5.25 | |||||||||||||||||||||||||||||||||||||||
Rate of compensation increase—benefit obligations | 2.8 | 3 | 3 | |||||||||||||||||||||||||||||||||||||||
Rate of compensation increase—net periodic benefit cost | 3 | 3 | 3 | |||||||||||||||||||||||||||||||||||||||
The assumptions used to determine benefit obligations at the end of the periods and net periodic benefit costs for the Pension Benefits for Canadian plans were as follows: | ||||||||||||||||||||||||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||||||||||||||||||||||
Discount rate for calculating obligations | 4.6 | % | 4.2 | % | 4.75 | % | ||||||||||||||||||||||||||||||||||||
Discount rate for calculating net periodic benefit cost | 4.2 | 4.75 | 5.25 | |||||||||||||||||||||||||||||||||||||||
Expected rate of return on plan assets | 6.5 | 6.5 | 7 | |||||||||||||||||||||||||||||||||||||||
Rate of compensation increase | 3.5 | 3.5 | 3.5 | |||||||||||||||||||||||||||||||||||||||
The expected rate of return on Canadian plan assets is 6.50% for 2014. | ||||||||||||||||||||||||||||||||||||||||||
The assumptions used to determine benefit obligations at the end of the periods and net periodic benefit costs for the Other Postretirement Benefits, primarily healthcare, for Canadian plans were as follows: | ||||||||||||||||||||||||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||||||||||||||||||||||
Discount rate for calculating obligations | 4.4 | % | 4.1 | % | 4.8 | % | ||||||||||||||||||||||||||||||||||||
Discount rate for calculating net periodic benefit cost | 4.1 | 4.8 | 5.25 | |||||||||||||||||||||||||||||||||||||||
Rate of compensation increase | 3.5 | 3.5 | 3.5 | |||||||||||||||||||||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||||||||||||||||||||||||
Pension Benefits | Other Benefits | |||||||||||||||||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||||||||||||||||
Change in Benefit Obligation | ||||||||||||||||||||||||||||||||||||||||||
Benefit obligation at beginning of year | $ | 930 | $ | 856 | $ | 130 | $ | 143 | ||||||||||||||||||||||||||||||||||
Service cost | 3 | 3 | 1 | 1 | ||||||||||||||||||||||||||||||||||||||
Interest cost | 36 | 41 | 4 | 6 | ||||||||||||||||||||||||||||||||||||||
Plan amendments | — | — | — | (11 | ) | |||||||||||||||||||||||||||||||||||||
Actuarial (gain) loss | (68 | ) | 81 | (7 | ) | 6 | ||||||||||||||||||||||||||||||||||||
Special termination benefits | — | 1 | — | — | ||||||||||||||||||||||||||||||||||||||
Effect of changes in exchange rates | (4 | ) | 1 | (1 | ) | 1 | ||||||||||||||||||||||||||||||||||||
Curtailment gain | — | — | — | (2 | ) | |||||||||||||||||||||||||||||||||||||
Benefits paid (net of participant contributions and Medicare subsidy) | (55 | ) | (53 | ) | (13 | ) | (14 | ) | ||||||||||||||||||||||||||||||||||
Benefit obligation at end of year | $ | 842 | $ | 930 | $ | 114 | $ | 130 | ||||||||||||||||||||||||||||||||||
Accumulated benefit obligation at end of year | $ | 838 | $ | 925 | N/A | N/A | ||||||||||||||||||||||||||||||||||||
Change in Plan Assets | ||||||||||||||||||||||||||||||||||||||||||
Plan assets at fair value at beginning of year | $ | 560 | $ | 497 | $ | — | $ | — | ||||||||||||||||||||||||||||||||||
Actual return on plan assets | 89 | 69 | — | — | ||||||||||||||||||||||||||||||||||||||
Employer contributions | 48 | 46 | 14 | 15 | ||||||||||||||||||||||||||||||||||||||
Effect of changes in exchange rates | (3 | ) | 1 | — | — | |||||||||||||||||||||||||||||||||||||
Benefits paid (net of participant contributions) | (55 | ) | (53 | ) | (14 | ) | (15 | ) | ||||||||||||||||||||||||||||||||||
Plan assets at fair value at end of year | $ | 639 | $ | 560 | $ | — | $ | — | ||||||||||||||||||||||||||||||||||
Reconciliation of Amount Recognized | ||||||||||||||||||||||||||||||||||||||||||
Funded status | $ | (203 | ) | $ | (370 | ) | $ | (114 | ) | $ | (130 | ) | ||||||||||||||||||||||||||||||
Amounts recognized in balance sheet consist of: | ||||||||||||||||||||||||||||||||||||||||||
Current liabilities | $ | — | $ | — | $ | (12 | ) | $ | (13 | ) | ||||||||||||||||||||||||||||||||
Non-current liabilities | (203 | ) | (370 | ) | (102 | ) | (117 | ) | ||||||||||||||||||||||||||||||||||
Net benefit liability at the end of the year | $ | (203 | ) | $ | (370 | ) | $ | (114 | ) | $ | (130 | ) | ||||||||||||||||||||||||||||||
Canadian benefit obligations represented $55 million and $60 million of the Company’s total Pension Benefits obligations at December 31, 2013 and 2012, respectively. Canadian plan assets represented $47 million and $48 million of the Company’s total plan assets at fair value at December 31, 2013 and 2012, respectively. In addition, Canadian benefit obligations represented $15 million and $16 million of the Company’s total Other Benefits obligation at December 31, 2013 and 2012, respectively. | ||||||||||||||||||||||||||||||||||||||||||
Amounts recognized in accumulated other comprehensive income (loss) at December 31, 2013 and 2012 consist of the following: | ||||||||||||||||||||||||||||||||||||||||||
At December 31, | ||||||||||||||||||||||||||||||||||||||||||
Pension Benefits | Other Benefits | |||||||||||||||||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||||||||||||||||
Amounts recognized in accumulated other comprehensive income (loss), pre–tax, consists of | ||||||||||||||||||||||||||||||||||||||||||
Net actuarial (gain) loss | $ | 276 | $ | 403 | $ | (73 | ) | $ | (73 | ) | ||||||||||||||||||||||||||||||||
Prior service cost (credit) | 2 | 1 | (10 | ) | (12 | ) | ||||||||||||||||||||||||||||||||||||
Total | $ | 278 | $ | 404 | $ | (83 | ) | $ | (85 | ) | ||||||||||||||||||||||||||||||||
Net actuarial losses of $10.4 million and prior service costs of $0.2 million for pension benefits and net actuarial gains of $7.9 million and prior service credits of $1.6 million for other postretirement benefits are expected to be amortized from accumulated other comprehensive income (loss) into net periodic benefit cost over the next fiscal year. | ||||||||||||||||||||||||||||||||||||||||||
Amounts recognized in other comprehensive income (loss) for the years ended December 31, 2013 and 2012 consist of the following: | ||||||||||||||||||||||||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||||||||||||||||||||||||
Pension Benefits | Other Benefits | |||||||||||||||||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||||||||||||||||
Amounts recognized in other comprehensive income (loss), pre–tax, consists of | ||||||||||||||||||||||||||||||||||||||||||
Net actuarial loss (gain) | $ | (112 | ) | $ | 58 | $ | (7 | ) | $ | 6 | ||||||||||||||||||||||||||||||||
Amortization of net actuarial loss (gain) | (14 | ) | (11 | ) | 7 | 8 | ||||||||||||||||||||||||||||||||||||
Prior service cost (credit) | — | — | 2 | (11 | ) | |||||||||||||||||||||||||||||||||||||
Total | $ | (126 | ) | $ | 47 | $ | 2 | $ | 3 | |||||||||||||||||||||||||||||||||
For benefit obligation measurement purposes for U.S. plans at December 31, 2013, the annual rate of increase in the per capita cost of covered health care benefits for participants under 65 was 7.5 percent, grading down to 5 percent in 2020, the level at which it is expected to remain. At December 31, 2013 the rate for participants over 65 was 7.25 percent, grading down to 5 percent in 2018, plus a risk adjustment of 0.6 percent grading down to zero percent in 2062, the level at which it is expected to remain. For measurement purposes for U.S. plans at December 31, 2012, the annual rate of increase in the per capita cost of covered health care benefits for participants under 65 was 7 percent, grading down to 5 percent in 2020, the level at which it is expected to remain. At December 31, 2012 the rate for participants over 65 was 6.5 percent, grading down to 5 percent in 2018, plus a risk adjustment of 0.6 percent grading down to zero percent in 2062, the level at which it is expected to remain. For measurement purposes for U.S. plans at December 31, 2011, the annual rate of increase in the per capita cost of covered health care benefits was 8.0 percent for all participants, grading down to 5 percent in 2017, the level at which it is expected to remain. | ||||||||||||||||||||||||||||||||||||||||||
For benefit obligation measurement purposes for Canadian plans at December 31, 2013 and December 31, 2012, the annual rate of increase in the per capita cost of covered health care benefits was 8 percent per annum, grading down to 4.5 percent in 2033, the level at which it is expected to remain. For measurement purposes for Canadian plans at December 31, 2011, the annual rate of increase in the per capita cost of covered health care benefits was 12 percent per annum, grading down to 5 percent in 2023, the level at which it is expected to remain. | ||||||||||||||||||||||||||||||||||||||||||
The components of the Company’s net periodic benefit cost for the years ended December 31, 2013, 2012 and 2011 are as follows: | ||||||||||||||||||||||||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||||||||||||||||||||||||
Pension Benefits | Other Benefits | |||||||||||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | 2013 | 2012 | 2011 | |||||||||||||||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||||||||||||||||
Components of net periodic benefit cost | ||||||||||||||||||||||||||||||||||||||||||
Service cost | $ | 3 | $ | 3 | $ | 3 | $ | 1 | $ | 1 | $ | 1 | ||||||||||||||||||||||||||||||
Interest cost | 36 | 41 | 42 | 4 | 6 | 8 | ||||||||||||||||||||||||||||||||||||
Expected return on assets | (45 | ) | (45 | ) | (47 | ) | — | — | — | |||||||||||||||||||||||||||||||||
Recognized actuarial loss (gain) | 14 | 11 | 6 | (7 | ) | (7 | ) | (4 | ) | |||||||||||||||||||||||||||||||||
Amortization of prior service credit | — | — | — | (2 | ) | — | — | |||||||||||||||||||||||||||||||||||
Special termination benefits | — | — | 1 | — | — | 1 | ||||||||||||||||||||||||||||||||||||
Curtailment gain | — | — | — | — | (2 | ) | — | |||||||||||||||||||||||||||||||||||
Net periodic benefit cost (credit) | $ | 8 | $ | 10 | $ | 5 | $ | (4 | ) | $ | (2 | ) | $ | 6 | ||||||||||||||||||||||||||||
The assumed health care cost trend rate has an effect on the amounts reported for the health care plans. For purposes of determining net periodic benefit cost for U.S plans, the annual rate of increase in the per capita cost of covered health care benefits for participants under 65 was 7 percent, grading down to 5 percent in 2020, the level at which it is expected to remain. At December 31, 2013 the rate for participants over 65 was 6.5 percent, grading down to 5 percent in 2018, plus a risk adjustment of 0.6 percent grading down to zero percent in 2062, the level at which it is expected to remain. For purposes of determining net periodic benefit cost for Canadian plans, the annual rate of increase in the per capita cost of covered health care benefits was 8 percent for the year ended December 31, 2013, grading down to 4.5 percent in 2033. | ||||||||||||||||||||||||||||||||||||||||||
A one-percentage-point change in the assumed health care cost trend rate would have the following effects: | ||||||||||||||||||||||||||||||||||||||||||
1% increase | 1% decrease | |||||||||||||||||||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||||||||||||||||
Effect on service cost plus interest cost | $ | 0.2 | $ | (0.2 | ) | |||||||||||||||||||||||||||||||||||||
Effect on postretirement benefit obligation | 4.1 | (3.4 | ) | |||||||||||||||||||||||||||||||||||||||
Pension Trust Assets | ||||||||||||||||||||||||||||||||||||||||||
The expected long-term rate of return on pension trust assets is 6.50% to 8.00% based on the historical investment returns of the trust, the forecasted returns of the asset classes and a survey of comparable pension plan sponsors. | ||||||||||||||||||||||||||||||||||||||||||
The Company’s pension trust weighted-average asset allocations at December 31, 2013 and 2012, by asset category are as follows: | ||||||||||||||||||||||||||||||||||||||||||
Trust Assets at | ||||||||||||||||||||||||||||||||||||||||||
December 31, | ||||||||||||||||||||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||||||||||||||||||||
Equity securities | 70 | % | 64 | % | ||||||||||||||||||||||||||||||||||||||
Debt securities | 19 | 22 | ||||||||||||||||||||||||||||||||||||||||
Real Estate | 3 | 3 | ||||||||||||||||||||||||||||||||||||||||
Other | 8 | 11 | ||||||||||||||||||||||||||||||||||||||||
Total | 100 | % | 100 | % | ||||||||||||||||||||||||||||||||||||||
The Board of Directors of Ryerson has general supervisory authority over the Pension Trust Fund and approves the investment policies and plan asset target allocation. An internal management committee provides on-going oversight of plan assets in accordance with the approved policies and asset allocation ranges and has the authority to appoint and dismiss investment managers. The investment policy objectives are to maximize long-term return from a diversified pool of assets while minimizing the risk of large losses, and to maintain adequate liquidity to permit timely payment of all benefits. The policies include diversification requirements and restrictions on concentration in any one single issuer or asset class. The currently approved asset investment classes are cash; fixed income; domestic equities; international equities; real estate; private equities and hedge funds of funds. Company management allocates the plan assets among the approved investment classes and provides appropriate directions to the investment managers pursuant to such allocations. | ||||||||||||||||||||||||||||||||||||||||||
The approved target ranges and allocations as of the December 31, 2013 measurement date were as follows: | ||||||||||||||||||||||||||||||||||||||||||
Range | Target | |||||||||||||||||||||||||||||||||||||||||
Equity securities | 35-85 | % | 63 | % | ||||||||||||||||||||||||||||||||||||||
Debt securities | 30-Oct | 22 | ||||||||||||||||||||||||||||||||||||||||
Real Estate | 0-10 | 9 | ||||||||||||||||||||||||||||||||||||||||
Other | 0-10 | 6 | ||||||||||||||||||||||||||||||||||||||||
Total | 100 | % | ||||||||||||||||||||||||||||||||||||||||
The fair value of Ryerson’s pension plan assets at December 31, 2013 by asset category are as follows: See Note 16 for the definitions of Level 1, 2, and 3 fair value measurements. | ||||||||||||||||||||||||||||||||||||||||||
Fair Value Measurements at | ||||||||||||||||||||||||||||||||||||||||||
December 31, 2013 | ||||||||||||||||||||||||||||||||||||||||||
Asset Category | Total | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 11.9 | $ | 11.9 | $ | — | $ | — | ||||||||||||||||||||||||||||||||||
Equity securities: | ||||||||||||||||||||||||||||||||||||||||||
US large cap | 158.9 | — | 158.9 | — | ||||||||||||||||||||||||||||||||||||||
US small/mid cap | 62.6 | — | 62.6 | — | ||||||||||||||||||||||||||||||||||||||
Canadian large cap | 5.7 | — | 5.7 | — | ||||||||||||||||||||||||||||||||||||||
Canadian small cap | 1.4 | — | 1.4 | — | ||||||||||||||||||||||||||||||||||||||
Other international companies | 218.8 | — | 218.8 | — | ||||||||||||||||||||||||||||||||||||||
Fixed income securities: | ||||||||||||||||||||||||||||||||||||||||||
Investment grade debt | 118.8 | — | 118.8 | — | ||||||||||||||||||||||||||||||||||||||
Other types of investments: | ||||||||||||||||||||||||||||||||||||||||||
Commodity funds | 1.4 | — | 1.4 | — | ||||||||||||||||||||||||||||||||||||||
Multi-strategy funds | 28.6 | — | — | 28.6 | ||||||||||||||||||||||||||||||||||||||
Private equity funds | 12.7 | — | — | 12.7 | ||||||||||||||||||||||||||||||||||||||
Real estate | 18.1 | — | 17.5 | 0.6 | ||||||||||||||||||||||||||||||||||||||
Total | $ | 638.9 | $ | 11.9 | $ | 585.1 | $ | 41.9 | ||||||||||||||||||||||||||||||||||
The fair value of Ryerson’s pension plan assets at December 31, 2012 by asset category are as follows: | ||||||||||||||||||||||||||||||||||||||||||
Fair Value Measurements at | ||||||||||||||||||||||||||||||||||||||||||
December 31, 2012 | ||||||||||||||||||||||||||||||||||||||||||
Asset Category | Total | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 11.1 | $ | 11.1 | $ | — | $ | — | ||||||||||||||||||||||||||||||||||
Equity securities: | ||||||||||||||||||||||||||||||||||||||||||
US large cap | 121 | — | 121 | — | ||||||||||||||||||||||||||||||||||||||
US small/mid cap | 45.4 | — | 45.4 | — | ||||||||||||||||||||||||||||||||||||||
Canadian large cap | 6.4 | — | 6.4 | — | ||||||||||||||||||||||||||||||||||||||
Canadian small cap | 1.6 | — | 1.6 | — | ||||||||||||||||||||||||||||||||||||||
Other international companies | 183.1 | — | 183.1 | — | ||||||||||||||||||||||||||||||||||||||
Fixed income securities: | ||||||||||||||||||||||||||||||||||||||||||
Investment grade debt | 122.7 | — | 122.7 | — | ||||||||||||||||||||||||||||||||||||||
Other types of investments: | ||||||||||||||||||||||||||||||||||||||||||
Commodity funds | 1.5 | — | 1.5 | — | ||||||||||||||||||||||||||||||||||||||
Multi-strategy funds | 26.7 | — | — | 26.7 | ||||||||||||||||||||||||||||||||||||||
Private equity funds | 22.5 | — | — | 22.5 | ||||||||||||||||||||||||||||||||||||||
Real estate | 17.7 | — | 17 | 0.7 | ||||||||||||||||||||||||||||||||||||||
Total | $ | 559.7 | $ | 11.1 | $ | 498.7 | $ | 49.9 | ||||||||||||||||||||||||||||||||||
The pension assets classified as Level 2 investments in both 2013 and 2012 are part of common collective trust investments. | ||||||||||||||||||||||||||||||||||||||||||
Fair Value Measurements Using Significant Unobservable Inputs | ||||||||||||||||||||||||||||||||||||||||||
(Level 3) | ||||||||||||||||||||||||||||||||||||||||||
Multi- | Private Equity | Real Estate | Total | |||||||||||||||||||||||||||||||||||||||
Strategy | Funds | |||||||||||||||||||||||||||||||||||||||||
Hedge funds | ||||||||||||||||||||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||||||||||||||||
Beginning balance at January 1, 2011 | $ | 6 | $ | 31.5 | $ | 3.8 | $ | 41.3 | ||||||||||||||||||||||||||||||||||
Actual return on plan assets: | ||||||||||||||||||||||||||||||||||||||||||
Relating to assets still held at the reporting date | 0.2 | 0.3 | 0.2 | 0.7 | ||||||||||||||||||||||||||||||||||||||
Relating to assets sold during the period | — | 0.7 | (0.2 | ) | 0.5 | |||||||||||||||||||||||||||||||||||||
Purchases | — | 1.4 | — | 1.4 | ||||||||||||||||||||||||||||||||||||||
Sales | (3.5 | ) | (5.6 | ) | (1.3 | ) | (10.4 | ) | ||||||||||||||||||||||||||||||||||
Ending balance at December 31, 2011 | $ | 2.7 | $ | 28.3 | $ | 2.5 | $ | 33.5 | ||||||||||||||||||||||||||||||||||
Actual return on plan assets: | ||||||||||||||||||||||||||||||||||||||||||
Relating to assets still held at the reporting date | 1.7 | 0.5 | (0.3 | ) | 1.9 | |||||||||||||||||||||||||||||||||||||
Relating to assets sold during the period | (0.5 | ) | 2.4 | 0.8 | 2.7 | |||||||||||||||||||||||||||||||||||||
Purchases | 25 | 0.5 | — | 25.5 | ||||||||||||||||||||||||||||||||||||||
Sales | (2.2 | ) | (9.2 | ) | (2.3 | ) | (13.7 | ) | ||||||||||||||||||||||||||||||||||
Ending balance at December 31, 2012 | $ | 26.7 | $ | 22.5 | $ | 0.7 | $ | 49.9 | ||||||||||||||||||||||||||||||||||
Actual return on plan assets: | ||||||||||||||||||||||||||||||||||||||||||
Relating to assets still held at the reporting date | 1.9 | (1.1 | ) | — | 0.8 | |||||||||||||||||||||||||||||||||||||
Relating to assets sold during the period | — | 2.6 | 0.1 | 2.7 | ||||||||||||||||||||||||||||||||||||||
Sales | — | (11.3 | ) | (0.2 | ) | (11.5 | ) | |||||||||||||||||||||||||||||||||||
Ending balance at December 31, 2013 | $ | 28.6 | $ | 12.7 | $ | 0.6 | $ | 41.9 | ||||||||||||||||||||||||||||||||||
Securities listed on one or more national securities exchanges are valued at their last reported sales price on the date of valuation. If no sale occurred on the valuation date, the security is valued at the mean of the last “bid” and “ask” prices on the valuation date. | ||||||||||||||||||||||||||||||||||||||||||
Corporate and government bonds which are not listed or admitted to trading on any securities exchanges are valued at the average mean of the last bid and ask prices on the valuation date based on quotations supplied by recognized quotation services or by reputable broker dealers. | ||||||||||||||||||||||||||||||||||||||||||
The non-publicly traded securities, other securities or instruments for which reliable market quotations are not available are valued at each investment manager’s discretion. Valuations will depend on facts and circumstances known as of the valuation date and application of certain valuation methods. | ||||||||||||||||||||||||||||||||||||||||||
Contributions | ||||||||||||||||||||||||||||||||||||||||||
The Company contributed $48.0 million, $45.9 million, and $43.9 million for the years ended December 31, 2013, 2012 and 2011, respectively, to improve the funded status of the plans. The Company anticipates that it will have a minimum required pension contribution funding of approximately $68 million in 2014. | ||||||||||||||||||||||||||||||||||||||||||
Estimated Future Benefit Payments | ||||||||||||||||||||||||||||||||||||||||||
Pension | Other | |||||||||||||||||||||||||||||||||||||||||
Benefits | Benefits | |||||||||||||||||||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||||||||||||||||
2014 | $ | 56.5 | $ | 12.7 | ||||||||||||||||||||||||||||||||||||||
2015 | 56.9 | 11.6 | ||||||||||||||||||||||||||||||||||||||||
2016 | 57.3 | 11.1 | ||||||||||||||||||||||||||||||||||||||||
2017 | 57.6 | 10.4 | ||||||||||||||||||||||||||||||||||||||||
2018 | 57.9 | 9.8 | ||||||||||||||||||||||||||||||||||||||||
2019-2023 | 291.3 | 40.1 | ||||||||||||||||||||||||||||||||||||||||
Multiemployer Pension and Other Postretirement Plans | ||||||||||||||||||||||||||||||||||||||||||
Ryerson participates in two multiemployer pension plans covering 66 employees at 4 locations. Total contributions to the plans were $0.5 million, $0.5 million, and $0.4 million for the years ended December 31, 2013, 2012, and 2011, respectively. Ryerson’s contributions represent less than 5% of the total contributions to the plans. Ryerson maintains positive employee relations at all locations. During 2012, the Company exited and reentered the pension plan at one of the covered locations in an effort to reduce the overall pension liability. The transaction resulted in a withdrawal liability of $1.0 million, which will be paid over a period of 25 years. The balance of the withdrawal liability as of December 31, 2013 and 2012 was $0.5 million and $0.6 million, respectively. The Company’s participation in these plans is not material to our financial statements. |
Commitments_and_Contingencies
Commitments and Contingencies | 3 Months Ended | 12 Months Ended |
Mar. 31, 2014 | Dec. 31, 2013 | |
Commitments And Contingencies Disclosure [Abstract] | ' | ' |
Commitments and Contingencies | ' | ' |
NOTE 7: COMMITMENTS AND CONTINGENCIES | Note 11: Commitments and Contingencies | |
From time to time, we are named as a defendant in legal actions incidental to our ordinary course of business. We do not believe that the resolution of these claims will have a material adverse effect on our financial position, results of operations or cash flows. We maintain liability insurance coverage to assist in protecting our assets from losses arising from or related to activities associated with business operations. | Lease Obligations & Other | |
On December 27, 2011, Nancy Hoffman, Mark Hoffman, and Karen Hoffman (collectively, the “plaintiffs”) filed a sixth amended complaint in the Circuit Court of Cook County, Illinois naming JT Ryerson and three other entities as defendants (collectively, the “defendants”) in a lawsuit (Nancy Hoffman, et.al. v. Dorlan Crane, et.al.). That complaint asserted negligence and loss of consortium counts against the defendants for personal injuries allegedly suffered by plaintiffs resulting from a motor vehicle accident. On February 10, 2012, a jury returned a verdict against the defendants and awarded damages totaling $27.7 million for which the defendants are purportedly jointly and severally liable. On August 28, 2012, our post-trial motion was denied. On September 24, 2012, we filed our Notice of Appeal to the Appellate Court of Illinois, First Judicial District. That appeal is now fully briefed and we are awaiting either oral argument (which has been requested) or a decision. Any potential loss ranges from zero to $27.7 million plus interest. We believe that any loss will be covered by insurance. At this time, the Company cannot predict the likely outcome of this matter. | The Company leases buildings and equipment under noncancellable operating leases expiring in various years through 2025. Future minimum rental commitments are estimated to total $125.1 million, including approximately $25.3 million in 2014, $21.5 million in 2015, $18.6 million in 2016, $14.8 million in 2017, $11.2 million in 2018 and $33.7 million thereafter. | |
In October 2011, the United States Environmental Protection Agency named us as one of more than 100 businesses that may be a potentially responsible party for the Portland Harbor Superfund Site (“Portland Harbor”). We do not currently have sufficient information available to us to determine the total cost of any required investigation or remediation of the Portland Harbor site and therefore, management cannot predict the ultimate outcome of this matter or estimate a range of potential loss at this time. | Rental expense under operating leases totaled $32.9 million, $32.6 million, and $30.5 million for the years ended December 31, 2013, 2012 and 2011, respectively. | |
There are other various claims and pending actions against the Company. The amount of liability, if any, for those claims and actions at March 31, 2014 is not determinable but, in the opinion of management, such liability, if any, will not have a material adverse effect on the Company’s financial position, results of operations or cash flows. | ||
To fulfill contractual requirements for certain customers in 2014, the Company has entered into certain fixed-price noncancellable contractual obligations. These purchase obligations aggregated to $43.3 million at December 31, 2103 with $42.2 million to be paid in 2014 and $1.1 million to be paid in 2015. | ||
Concentrations of Various Risks | ||
The Company’s financial instruments consist of cash and cash equivalents, accounts receivable, available-for-sale investments, derivative instruments, accounts payable, and notes payable. In the case of cash, accounts receivable and accounts payable, the carrying amount on the balance sheet approximates the fair values due to the short-term nature of these instruments. The available-for-sale investments in common stock are adjusted to fair value each period with unrealized gains and losses recorded within accumulated other comprehensive income. The derivative instruments are marked to market each period. The fair value of notes payable is disclosed in Note 16. | ||
The Company’s financial instruments that are exposed to concentrations of credit risk consist primarily of derivative financial instruments and trade accounts receivable. Our derivative financial instruments are contracts placed with major financial institutions. Credit is generally extended to customers based upon an evaluation of each customer’s financial condition, with terms consistent in the industry and no collateral required. Concentrations of credit risk with respect to trade accounts receivable are limited due to the large number of customers and their dispersion across geographic areas. | ||
The Company has signed supply agreements with certain vendors which may obligate the Company to make cash deposits based on the spot price of aluminum at the end of each month. These cash deposits offset amounts payable to the vendor when inventory is received. We made no cash deposits for the year ended December 31, 2013. We have no exposure as of December 31, 2013. | ||
Approximately 12% of our total labor force is covered by collective bargaining agreements. There are collective bargaining agreements that will expire in fiscal 2014, which cover less than 4% of our total labor force. We believe that our overall relationship with our employees is good. | ||
Litigation | ||
From time to time, we are named as a defendant in legal actions incidental to our ordinary course of business. We do not believe that the resolution of these claims will have a material adverse effect on our financial position, results of operations or cash flows. We maintain liability insurance coverage to assist in protecting our assets from losses arising from or related to activities associated with business operations. | ||
On December 27, 2011, Nancy Hoffman, Mark Hoffman, and Karen Hoffman (collectively, the “plaintiffs”) filed a sixth amended complaint in the Circuit Court of Cook County, Illinois naming JT Ryerson and three other entities as defendants (collectively, the “defendants”) in a lawsuit (Nancy Hoffman, et.al. v. Dorlan Crane, et.al.). That complaint asserted negligence and loss of consortium counts against the defendants for personal injuries allegedly suffered by plaintiffs resulting from a motor vehicle accident. On February 10, 2012, a jury returned a verdict against the defendants and awarded damages totaling $27.7 million for which the defendants are purportedly jointly and severally liable. On August 28, 2012, our post-trial motion was denied. On September 24, 2012, we filed our Notice of Appeal to the Appellate Court of Illinois, First Judicial District. That appeal is now fully briefed and we are awaiting either oral argument (which has been requested) or a decision. Any potential loss ranges from zero to $27.7 million plus interest. We believe that any loss will be covered by insurance. At this time, the Company cannot predict the likely outcome of this matter. | ||
In October 2011, the United States Environmental Protection Agency named us as one of more than 100 businesses that may be a potentially responsible party for the Portland Harbor Superfund Site (“Portland Harbor”). We do not currently have sufficient information available to us to determine the total cost of any required investigation or remediation of the Portland Harbor site and therefore, management cannot predict the ultimate outcome of this matter or estimate a range of potential loss at this time. | ||
There are various claims and pending actions against the Company. The amount of liability, if any, for those claims and actions at December 31, 2013 is not determinable but, in the opinion of management, such liability, if any, will not have a material adverse effect on the Company’s financial position, results of operations or cash flows. |
Related_Parties
Related Parties | 3 Months Ended | 12 Months Ended |
Mar. 31, 2014 | Dec. 31, 2013 | |
Related Party Transactions [Abstract] | ' | ' |
Related Parties | ' | ' |
NOTE 10: RELATED PARTIES | Note 12: Related Parties | |
JT Ryerson pays an affiliate of Platinum an annual advisory fee of up to $5.0 million pursuant to a corporate advisory services agreement. The advisory fee recorded in the first three months of 2014 and 2013 was $1.3 million. | The Company pays an affiliate of Platinum an annual advisory fee of up to $5.0 million pursuant to a corporate advisory services agreement. The advisory fee was $5.0 million for each of the years ended December 31, 2013, 2012 and 2011. | |
We declared and made a distribution of $35.0 million to our stockholders in the fourth quarter of 2012. | ||
Sales_by_Product
Sales by Product | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Sales By Product Category [Abstract] | ' | ||||||||||||
Sales by Product | ' | ||||||||||||
Note 13: Sales by Product | |||||||||||||
The Company derives substantially all of its sales from the distribution of metals. The following table shows the Company’s percentage of sales by major product line: | |||||||||||||
Year Ended December 31, | |||||||||||||
Product Line | 2013 | 2012 | 2011 | ||||||||||
(Percentage of Sales) | |||||||||||||
Carbon Steel Flat | 26 | % | 25 | % | 27 | % | |||||||
Carbon Steel Plate | 11 | 13 | 11 | ||||||||||
Carbon Steel Long | 15 | 15 | 10 | ||||||||||
Stainless Steel Flat | 16 | 15 | 18 | ||||||||||
Stainless Steel Plate | 4 | 4 | 4 | ||||||||||
Stainless Steel Long | 3 | 4 | 4 | ||||||||||
Aluminum Flat | 15 | 14 | 15 | ||||||||||
Aluminum Plate | 3 | 3 | 3 | ||||||||||
Aluminum Long | 4 | 4 | 4 | ||||||||||
Other | 3 | 3 | 4 | ||||||||||
Total | 100 | % | 100 | % | 100 | % | |||||||
No customer accounted for more than 2 percent of Company sales for the years ended December 31, 2013, 2012 and 2011. The top ten customers accounted for less than 11 percent of its sales for the year ended December 31, 2013. A significant majority of the Company’s sales are attributable to its U.S. operations and a significant majority of its long-lived assets are located in the United States. The only operations attributed to foreign countries relate to the Company’s subsidiaries in Canada, China, Mexico and Brazil, which in aggregate comprised 14 percent, 13 percent and 14 percent of the Company’s sales during the years ended December 31, 2013, 2012 and 2011, respectively. Canadian, Chinese, Mexican and Brazilian assets were 15 percent, 16 percent and 15 percent of total Company assets at December 31, 2013, 2012 and 2011, respectively. |
Other_Matters
Other Matters | 12 Months Ended |
Dec. 31, 2013 | |
Equity Method Investments And Joint Ventures [Abstract] | ' |
Other Matters | ' |
Note 14: Other Matters | |
Equity Investment | |
Automated Laser Fabrication Co., LLC. In 2011, the Company invested $0.8 million in Automated Laser Fabrication Co., LLC (“ALF”) for a 38 percent equity interest. ALF is a steel processing company located in Streetsboro, Ohio. The Company accounts for this investment under the equity method of accounting. The Company’s investment in this joint venture is not considered material to the Company’s consolidated financial position or results of operations. |
Compensation_Plan
Compensation Plan | 12 Months Ended |
Dec. 31, 2013 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' |
Compensation Plan | ' |
Note 15: Compensation Plan | |
Participation Plan | |
In 2009, Ryerson Holding adopted the 2009 Participation Plan (as amended and restated, the “Participation Plan”). The purpose of the Participation Plan is to provide incentive compensation to key employees of the Company by granting performance units. The value of the performance units is related to the appreciation in the value of the Company from and after the date of grant and the performance units vest over a period specified in the applicable award agreement, which typically vest over 44 months. The Participation Plan may be altered, amended or terminated by the Company at any time. All performance units will terminate upon termination of the Participation Plan or expiration on March 31, 2014. Participants in the Participation Plan may be entitled to receive compensation for their vested units if certain performance-based “qualifying events” occur during the participant’s employment with the Company or during a short period following the participant’s death. | |
There are two “qualifying events” defined in the Participation Plan: (1) A “qualifying sale event” in which there is a sale of some or all of the stock of Ryerson Holding then held by Ryerson Holding’s principal stockholders and (2) A “qualifying distribution” in which Ryerson Holding pays a cash dividend to its principal stockholders. Upon the occurrence of a Qualifying Event, participants with vested units may receive an amount equal to the difference between: (i) the value (as defined by the Participation Plan) of the units on the date of the qualifying event, and (ii) the value of the units assigned on the date of grant. No amounts are due to participants until the total cash dividends and net proceeds from the sale of common stock to Ryerson Holding’s principal stockholder exceeds $875 million. Upon termination, with or without cause, units are forfeited, except in the case of death, as described in the Participation Plan. As of December 31, 2013, 87,500,000 units have been authorized. As of December 31,2012, 37,187,500 units were outstanding and vested. In 2013, 35,875,000 units were granted and 8,750,000 units were forfeited. As of December 31, 2013, 64,312,500 units are outstanding and 38,937,500 units have vested as of the date hereof. The Company is accounting for this Participation Plan in accordance with FASB ASC 718, “Compensation-Stock Compensation” (“ASC 718”). Since the occurrence of future “qualifying events” is not determinable or estimable, no liability or expense has been recognized to date. The fair value of the performance units are based upon cash dividends to and net proceeds from sales of common stock of Ryerson Holding by its principal stockholders through the end of each period that have occurred or are probable. The fair value of the performance units on their grant date was zero. The fair value of the performance units at December 31, 2013, which included accumulated cash distributions from 2009 through 2013 of $305.3 million, was zero. |
Derivatives_and_Fair_Value_Mea
Derivatives and Fair Value Measurements | 3 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||
Mar. 31, 2014 | Dec. 31, 2013 | |||||||||||||||||||||||||||||||||||||||||||||||||
Investments All Other Investments [Abstract] | ' | ' | ||||||||||||||||||||||||||||||||||||||||||||||||
Derivatives and Fair Value Measurements | ' | ' | ||||||||||||||||||||||||||||||||||||||||||||||||
NOTE 8: DERIVATIVES AND FAIR VALUE MEASUREMENTS | Note 16: Derivatives and Fair Value Measurements | |||||||||||||||||||||||||||||||||||||||||||||||||
Derivatives | Derivatives | |||||||||||||||||||||||||||||||||||||||||||||||||
The Company is exposed to certain risks relating to its ongoing business operations. The primary risks managed by using derivative instruments are interest rate risk, foreign currency risk, and commodity price risk. Interest rate swaps are entered into to manage interest rate risk associated with the Company’s floating-rate borrowings. We use foreign currency exchange contracts to hedge our Canadian subsidiaries’ variability in cash flows from the forecasted payment of currencies other than the 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 periodically to reduce volatility in the price of metals. We may also enter into natural gas price swaps to manage the price risk of forecasted purchases of natural gas. The Company currently does not account for its 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 Company is exposed to certain risks relating to its ongoing business operations. The primary risks managed by using derivative instruments are interest rate risk, foreign currency risk, and commodity price risk. Interest rate swaps are entered into to manage interest rate risk associated with the Company’s floating-rate borrowings. We use foreign currency exchange contracts to hedge our Canadian subsidiaries’ variability in cash flows from the forecasted payment of currencies other than the 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 periodically to reduce volatility in the price of metals. We may also enter into natural gas price swaps to manage the price risk of forecasted purchases of natural gas. The Company currently does not account for its 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 Consolidated Balance Sheets as of March 31, 2014 and December 31, 2013: | The following table summarizes the location and fair value amount of our derivative instruments reported in our Consolidated Balance Sheet as of December 31, 2013 and 2012: | |||||||||||||||||||||||||||||||||||||||||||||||||
Asset Derivatives | Liability Derivatives | Asset Derivatives | Liability Derivatives | |||||||||||||||||||||||||||||||||||||||||||||||
March 31, 2014 | December 31, 2013 | March 31, 2014 | December 31, 2013 | December 31, 2013 | December 31, 2012 | December 31, 2013 | December 31, 2012 | |||||||||||||||||||||||||||||||||||||||||||
Balance | Fair Value | Balance | Fair Value | Balance | Fair Value | Balance | Fair Value | Balance | Fair Value | Balance | Fair Value | Balance | Fair Value | Balance | Fair Value | |||||||||||||||||||||||||||||||||||
Sheet | Sheet | Sheet | Sheet | Sheet | Sheet | Sheet | Sheet | |||||||||||||||||||||||||||||||||||||||||||
Location | Location | Location | Location | Location | Location | Location | Location | |||||||||||||||||||||||||||||||||||||||||||
(In millions) | (In millions) | |||||||||||||||||||||||||||||||||||||||||||||||||
Derivatives not designated as hedging instruments under ASC 815 | Derivatives not designated as hedging instruments under ASC 815 | |||||||||||||||||||||||||||||||||||||||||||||||||
Commodity contracts | Prepaid expenses and other current assets | $ | — | Prepaid expenses and other current assets | $ | — | Other | $ | — | Other | $ | 0.2 | Commodity contracts | Prepaid expenses and other current assets | $ | — | Prepaid expenses and other current assets | $ | 0.2 | Other | $ | 0.2 | Other | $ | — | |||||||||||||||||||||||||
accrued | accrued | accrued | accrued | |||||||||||||||||||||||||||||||||||||||||||||||
liabilities | liabilities | liabilities | liabilities | |||||||||||||||||||||||||||||||||||||||||||||||
As of December 31, 2013 and 2012, the Company’s foreign currency exchange contracts had a U.S. dollar notional amount of $2.2 million and $0.7 million, respectively. As of December 31, 2013 and 2012, the Company had 131 tons and 182 tons, respectively, of nickel futures or option contracts related to forecasted purchases. As of December 31, 2013 and 2012, the Company had 4,600 tons and 1,300 tons, respectively, of hot roll steel coil option contracts related to forecasted purchases. The Company has aluminum price swaps related to forecasted purchases, which had a notional amount of 195 tons and 80 tons as of December 31, 2013 and 2012, respectively. | ||||||||||||||||||||||||||||||||||||||||||||||||||
As of March 31, 2014 and December 31, 2013, the Company’s foreign currency exchange contracts had a U.S. dollar notional amount of $3.6 million and $2.2 million, respectively. As of March 31, 2014 and December 31, 2013, the Company had 97 tons and 131 tons, respectively, of nickel futures or option contracts related to forecasted purchases. As of March 31, 2014 and December 31, 2013, the Company had 3,180 tons and 4,600 tons, respectively, of hot roll steel coil option contracts related to forecasted purchases. The Company has aluminum price swaps related to forecasted purchases, which had a notional amount of 50 tons and 195 tons as of March 31, 2014 and December 31, 2013, respectively. | The following table summarizes the location and amount of gains and losses reported in our Consolidated Statements of Operations for the years ended December 31, 2013, 2012 and 2011: | |||||||||||||||||||||||||||||||||||||||||||||||||
The following table summarizes the location and amount of gains and losses reported in our Consolidated Statements of Comprehensive Income for the three months ended March 31, 2014 and 2013: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Derivatives not designated as hedging | Location of Gain/(Loss) | Amount of Gain/(Loss) | ||||||||||||||||||||||||||||||||||||||||||||||||
Derivatives not designated as hedging | Location of Gain/(Loss) | Amount of Gain/(Loss) | instruments under ASC 815 | Recognized in Income on | Recognized in Income on Derivatives | |||||||||||||||||||||||||||||||||||||||||||||
instruments under ASC 815 | Recognized in Income on | Recognized in Income on Derivatives | Derivative | Year Ended December 31, | ||||||||||||||||||||||||||||||||||||||||||||||
Derivatives | Three Months Ended March 31, | 2013 | 2012 | 2011 | ||||||||||||||||||||||||||||||||||||||||||||||
2014 | 2013 | (In millions) | ||||||||||||||||||||||||||||||||||||||||||||||||
(In millions) | Foreign exchange contracts | Other income and (expense), net | $ | — | $ | 0.1 | $ | 0.2 | ||||||||||||||||||||||||||||||||||||||||||
Metal commodity contracts | Cost of materials sold | $ | 0.2 | $ | (0.3 | ) | Commodity contracts | Cost of materials sold | (0.3 | ) | 1.3 | (1.9 | ) | |||||||||||||||||||||||||||||||||||||
Natural gas commodity contracts | Warehousing, delivery, selling, general and administrative | — | — | (0.1 | ) | |||||||||||||||||||||||||||||||||||||||||||||
Fair Value Measurements | ||||||||||||||||||||||||||||||||||||||||||||||||||
To increase consistency and comparability in fair value measurements, ASC 820 establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value into three levels as follows: | Total | $ | (0.3 | ) | $ | 1.4 | $ | (1.8 | ) | |||||||||||||||||||||||||||||||||||||||||
1 | Level 1—quoted prices (unadjusted) in active markets for identical assets or liabilities that the Company has the ability to access as of the reporting date. | Fair Value Measurements | ||||||||||||||||||||||||||||||||||||||||||||||||
To increase consistency and comparability in fair value measurements, ASC 820 establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value into three levels as follows: | ||||||||||||||||||||||||||||||||||||||||||||||||||
2 | Level 2—inputs other than quoted prices included within Level 1 that are directly observable for the asset or liability or indirectly observable through corroboration with observable market data. | |||||||||||||||||||||||||||||||||||||||||||||||||
1 | Level 1—quoted prices (unadjusted) in active markets for identical assets or liabilities that the Company has the ability to access as of the reporting date. | |||||||||||||||||||||||||||||||||||||||||||||||||
3 | Level 3—unobservable inputs, such as internally-developed pricing models for the asset or liability due to little or no market activity for the asset or liability. | |||||||||||||||||||||||||||||||||||||||||||||||||
2 | Level 2—inputs other than quoted prices included within Level 1 that are directly observable for the asset or liability or indirectly observable through corroboration with observable market data. | |||||||||||||||||||||||||||||||||||||||||||||||||
The following table presents assets and liabilities measured and recorded at fair value on our Consolidated Balance Sheets on a recurring basis and their level within the fair value hierarchy as of March 31, 2014: | ||||||||||||||||||||||||||||||||||||||||||||||||||
3 | Level 3—unobservable inputs, such as internally-developed pricing models for the asset or liability due to little or no market activity for the asset or liability. | |||||||||||||||||||||||||||||||||||||||||||||||||
At March 31, 2014 | The following table presents assets and liabilities measured and recorded at fair value on our Consolidated Balance Sheets on a recurring basis and their level within the fair value hierarchy as of December 31, 2013: | |||||||||||||||||||||||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | ||||||||||||||||||||||||||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Assets | At December 31, 2013 | |||||||||||||||||||||||||||||||||||||||||||||||||
Cash equivalents: | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||||||||||||||||||||||||||
Commercial paper | $ | 35.9 | $ | — | $ | — | (In millions) | |||||||||||||||||||||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||||||||||||||||||||||||
Prepaid and other current assets: | Cash equivalents: | |||||||||||||||||||||||||||||||||||||||||||||||||
Common stock—available-for-sale investment | $ | 20.6 | $ | — | $ | — | Commercial paper | $ | 39.9 | $ | — | $ | — | |||||||||||||||||||||||||||||||||||||
The following table presents assets and liabilities measured and recorded at fair value on our Consolidated Balance Sheets on a recurring basis and their level within the fair value hierarchy as of December 31, 2013: | Prepaid and other current assets: | |||||||||||||||||||||||||||||||||||||||||||||||||
Common stock—available-for-sale investment | $ | 20.7 | $ | — | $ | — | ||||||||||||||||||||||||||||||||||||||||||||
At December 31, 2013 | Liabilities | |||||||||||||||||||||||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Mark-to-market derivatives: | |||||||||||||||||||||||||||||||||||||||||||||||
(In millions) | Commodity contracts | $ | — | $ | 0.2 | $ | — | |||||||||||||||||||||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||||||||||||||||||||||||
Cash equivalents: | The following table presents assets and liabilities measured and recorded at fair value on our Consolidated Balance Sheets on a recurring basis and their level within the fair value hierarchy as of December 31, 2012: | |||||||||||||||||||||||||||||||||||||||||||||||||
Commercial paper | $ | 39.9 | $ | — | $ | — | ||||||||||||||||||||||||||||||||||||||||||||
Prepaid and other current assets: | At December 31, 2012 | |||||||||||||||||||||||||||||||||||||||||||||||||
Common stock—available-for-sale investment | $ | 20.7 | $ | — | $ | — | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Liabilities | Assets | |||||||||||||||||||||||||||||||||||||||||||||||||
Mark-to-market derivatives: | Cash equivalents: | |||||||||||||||||||||||||||||||||||||||||||||||||
Commodity contracts | $ | — | $ | 0.2 | $ | — | Commercial paper | $ | 28.3 | $ | — | $ | — | |||||||||||||||||||||||||||||||||||||
The fair value of each derivative contract is determined using Level 2 inputs and the market approach valuation technique, as described in ASC 820. The Company has various commodity derivatives to lock in nickel prices for varying time periods. The fair value of derivatives is determined by comparing the spot price of each individual contract to the forward market price for a similar contract as published by the London Metal Exchange as of the valuation date. The Company also has commodity derivatives to lock in hot roll coil and aluminum prices for varying time periods. The fair value of derivatives is determined by comparing the spot price of each individual contract to the forward market price of a similar contract for the commodity as published by the Chicago Mercantile Exchange as of the valuation date. In addition, the Company has numerous foreign exchange contracts to hedge our Canadian subsidiaries’ variability in cash flows from the forecasted payment of currencies other than the functional currency, the Canadian dollar. The Company defines the fair value of foreign exchange contracts as the amount of the difference between the contracted and forward 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 contract term varies in the number of months, but on average is between 3 to 12 months in length. | Prepaid and other current assets: | |||||||||||||||||||||||||||||||||||||||||||||||||
The carrying and estimated fair values of the Company’s financial instruments at March 31, 2014 and December 31, 2013 were as follows: | Common stock – available-for-sale investment | $ | 20.7 | $ | — | $ | — | |||||||||||||||||||||||||||||||||||||||||||
Mark-to-market derivatives: | ||||||||||||||||||||||||||||||||||||||||||||||||||
At March 31, 2014 | At December 31, 2013 | Commodity contracts | $ | — | $ | 0.2 | $ | — | ||||||||||||||||||||||||||||||||||||||||||
Carrying | Fair Value | Carrying | Fair Value | |||||||||||||||||||||||||||||||||||||||||||||||
Amount | Amount | The fair value of each derivative contract is determined using Level 2 inputs and the market approach valuation technique, as described in ASC 820. The Company has various commodity derivatives to lock in nickel prices for varying time periods. The fair value of these 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 London Metals Exchange for nickel on the valuation date. The Company also has commodity derivatives to lock in hot roll coil and aluminum prices for varying time periods. The fair value of these 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 New York Mercantile Exchange for the commodity on the valuation date. In addition, the Company has numerous foreign exchange contracts to hedge our Canadian subsidiaries’ variability in cash flows from the forecasted payment of currencies other than the functional currency, the Canadian dollar. 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 contract term varies in the number of months, but on average is between 3 to 12 months in length. | ||||||||||||||||||||||||||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 97.4 | $ | 97.4 | $ | 74.4 | $ | 74.4 | The following table presents assets and liabilities measured and recorded at fair value on our Consolidated Balance Sheets on a non-recurring basis and their level within the fair value hierarchy as of December 31, 2013: | |||||||||||||||||||||||||||||||||||||||||
Restricted cash | 1.8 | 1.8 | 1.8 | 1.8 | ||||||||||||||||||||||||||||||||||||||||||||||
Receivables less provision for allowances, claims and doubtful accounts | 433.5 | 433.5 | 381.9 | 381.9 | ||||||||||||||||||||||||||||||||||||||||||||||
Accounts payable | 261.7 | 261.7 | 207.3 | 207.3 | At December 31, 2013 | |||||||||||||||||||||||||||||||||||||||||||||
Long-term debt, including current portion | 1,275.00 | 1,356.70 | 1,294.80 | 1,348.80 | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||||||||||||||||||||||||
The estimated fair value of the Company’s cash and cash equivalents, receivables less provision for allowances, claims and doubtful accounts 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 is determined by using quoted market prices of Company debt securities (Level 2 inputs). | Assets | |||||||||||||||||||||||||||||||||||||||||||||||||
Assets Held for Sale | Other current assets—assets held for sale (Note 5) | $ | — | $ | 4.7 | $ | — | |||||||||||||||||||||||||||||||||||||||||||
The Company had $4.6 million and $4.7 million of assets held for sale, classified within “prepaid expenses and other current assets,” as of March 31, 2014 and December 31, 2013, respectively. The Company recorded zero and $0.9 million of impairment charges in the three months ended March 31, 2014 and 2013, respectively, related to certain assets held for sale in order to recognize the assets at their fair value less cost to sell in accordance with ASC 360-10-35-43, “Property, Plant and Equipment—Other Presentation Matters.” The fair values less costs to sell of long-lived assets held for sale are assessed each reporting period that they remain classified as held for sale. Any increase or decrease in the held for sale long-lived asset’s fair value less cost to sell is reported as an adjustment to its carrying amount, except that the adjusted carrying amount cannot exceed the carrying amount of the long-lived asset at the time it was initially classified as held for sale. The fair values of each property were determined based on appraisals obtained from a third-party, pending sales contracts, or recent listing agreements with third-party brokerage firms. | The following table presents assets and liabilities measured and recorded at fair value on our Consolidated Balance Sheets on a non-recurring basis and their level within the fair value hierarchy as of December 31, 2012: | |||||||||||||||||||||||||||||||||||||||||||||||||
The following table presents those assets that were measured and recorded at fair value on our Consolidated Balance Sheets on a non-recurring basis and their level within the fair value hierarchy at March 31, 2014: | ||||||||||||||||||||||||||||||||||||||||||||||||||
At December 31, 2012 | ||||||||||||||||||||||||||||||||||||||||||||||||||
March 31, 2014 | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | (In millions) | |||||||||||||||||||||||||||||||||||||||||||||||
(In millions) | Assets | |||||||||||||||||||||||||||||||||||||||||||||||||
Assets | Other current assets—assets held for sale (Note 5) | $ | — | $ | 3.6 | $ | — | |||||||||||||||||||||||||||||||||||||||||||
Prepaid expenses and other current assets—assets held for sale | $ | — | $ | 4.6 | $ | — | The carrying and estimated fair values of the Company’s financial instruments at December 31, 2013 and 2012 were as follows: | |||||||||||||||||||||||||||||||||||||||||||
The following table presents those assets that were measured and recorded at fair value on our Consolidated Balance Sheets on a non-recurring basis and their level within the fair value hierarchy at December 31, 2013: | ||||||||||||||||||||||||||||||||||||||||||||||||||
At December 31, 2013 | At December 31, 2012 | |||||||||||||||||||||||||||||||||||||||||||||||||
At December 31, 2013 | Carrying | Fair Value | Carrying | Fair Value | ||||||||||||||||||||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Amount | Amount | ||||||||||||||||||||||||||||||||||||||||||||||
(In millions) | (In millions) | |||||||||||||||||||||||||||||||||||||||||||||||||
Assets | Cash and cash equivalents | $ | 74.4 | $ | 74.4 | $ | 71.2 | $ | 71.2 | |||||||||||||||||||||||||||||||||||||||||
Prepaid expenses and other current assets—assets held for sale | $ | — | $ | 4.7 | $ | — | Restricted cash | 1.8 | 1.8 | 3.9 | 3.9 | |||||||||||||||||||||||||||||||||||||||
Available-For-Sale Investments | Receivables less provision for allowances, claims and doubtful accounts | 381.9 | 381.9 | 394.1 | 394.1 | |||||||||||||||||||||||||||||||||||||||||||||
The Company has classified investments made during 2010 and 2012 as available-for-sale at the time of their purchase. Investments classified as available-for-sale are recorded at fair value with the related unrealized gains and losses included in accumulated other comprehensive income. Management evaluates investments in an unrealized loss position on whether an other-than-temporary impairment has occurred on a periodic basis. Factors considered by management in assessing whether an other-than-temporary impairment has occurred include: the nature of the investment; whether the decline in fair value is attributable to specific adverse conditions affecting the investment; the financial condition of the investee; the severity and the duration of the impairment; and whether we intend to sell the investment or will be required to sell the investment before recovery of its amortized cost basis. When it is determined that an other-than-temporary impairment has occurred, the investment is written down to its fair value at the end of the period in which it is determined that an other-than-temporary decline has occurred. As of March 31, 2014, the investment was in a gross unrealized gain position. Realized gains and losses are recorded within the statement of operations upon sale of the security and are based on specific identification. | Accounts payable | 207.3 | 207.3 | 196.3 | 196.3 | |||||||||||||||||||||||||||||||||||||||||||||
Long-term debt, including current portion | 1,294.80 | 1,348.80 | 1,305.40 | 1,296.40 | ||||||||||||||||||||||||||||||||||||||||||||||
The Company’s available-for-sale securities as of March 31, 2014 can be summarized as follows: | The estimated fair value of the Company’s cash and cash equivalents, receivables less provision for allowances, claims and doubtful accounts 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 is determined by using quoted market prices of Company debt securities (Level 2 inputs). | |||||||||||||||||||||||||||||||||||||||||||||||||
Available-For-Sale Investments | ||||||||||||||||||||||||||||||||||||||||||||||||||
The Company has classified investments made during 2010 and 2012 as available-for-sale at the time of their purchase. Investments classified as available-for-sale are recorded at fair value with the related unrealized gains and losses included in accumulated other comprehensive income. Management evaluates investments in an unrealized loss position on whether an other-than-temporary impairment has occurred on a periodic basis. Factors considered by management in assessing whether an other-than-temporary impairment has occurred include: the nature of the investment; whether the decline in fair value is attributable to specific adverse conditions affecting the investment; the financial condition of the investee; the severity and the duration of the impairment; and whether we intend to sell the investment or will be required to sell the investment before recovery of its amortized cost basis. When it is determined that an other-than-temporary impairment has occurred, the investment is written down to its market value at the end of the period in which it is determined that an other-than-temporary decline has occurred. As of December 31, 2013, the investment was in a gross unrealized gain position. Realized gains and losses are recorded within the statement of operations upon sale of the security and are based on specific identification. | ||||||||||||||||||||||||||||||||||||||||||||||||||
At March 31, 2014 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Cost | Gross | Gross | Fair Value | The Company’s available-for-sale securities as of December 31, 2013 can be summarized as follows: | ||||||||||||||||||||||||||||||||||||||||||||||
Unrealized | Unrealized | |||||||||||||||||||||||||||||||||||||||||||||||||
Gains | Losses | |||||||||||||||||||||||||||||||||||||||||||||||||
(In millions) | At December 31, 2013 | |||||||||||||||||||||||||||||||||||||||||||||||||
Common stock | $ | 17.4 | $ | 3.2 | $ | — | $ | 20.6 | Cost | Gross Unrealized | Gross | Fair Value | ||||||||||||||||||||||||||||||||||||||
The Company’s available-for-sale securities as of December 31, 2013 can be summarized as follows: | Gains | Unrealized | ||||||||||||||||||||||||||||||||||||||||||||||||
Losses | ||||||||||||||||||||||||||||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||||||||||||||||||||||||
At December 31, 2013 | Common stock | $ | 17.4 | $ | 3.3 | $ | — | $ | 20.7 | |||||||||||||||||||||||||||||||||||||||||
Cost | Gross | Gross | Fair Value | The Company’s available-for-sale securities as of December 31, 2012 can be summarized as follows: | ||||||||||||||||||||||||||||||||||||||||||||||
Unrealized | Unrealized | |||||||||||||||||||||||||||||||||||||||||||||||||
Gains | Losses | |||||||||||||||||||||||||||||||||||||||||||||||||
(In millions) | At December 31, 2012 | |||||||||||||||||||||||||||||||||||||||||||||||||
Common stock | $ | 17.4 | $ | 3.3 | $ | — | $ | 20.7 | Cost | Gross Unrealized | Gross | Fair Value | ||||||||||||||||||||||||||||||||||||||
There is no maturity date for these investments and there have been no sales during the three months ended March 31, 2014. | Gains | Unrealized | ||||||||||||||||||||||||||||||||||||||||||||||||
Losses | ||||||||||||||||||||||||||||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Common stock | $ | 17.4 | $ | 3.3 | $ | — | $ | 20.7 | ||||||||||||||||||||||||||||||||||||||||||
There is no maturity date for this investment and there have been no sales for the years ended December 31, 2013, 2012 and 2011. |
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Income | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Equity [Abstract] | ' | ||||||||||||
Accumulated Other Comprehensive Income | ' | ||||||||||||
Note 17: Accumulated Other Comprehensive Income | |||||||||||||
The following table details the changes in accumulated other comprehensive income (loss) for the year ended December 31, 2013: | |||||||||||||
Changes in Accumulated Other Comprehensive | |||||||||||||
Income (Loss) by Component | |||||||||||||
Foreign | Benefit Plan | Unrealized | |||||||||||
Currency | Liabilities | Gain on | |||||||||||
Translation | Available- | ||||||||||||
For-Sale | |||||||||||||
Investments | |||||||||||||
(In millions) | |||||||||||||
Balance at January 1, 2013 | $ | (3.8 | ) | $ | (251.6 | ) | $ | 3.3 | |||||
Other comprehensive income (loss) before reclassifications | (12.8 | ) | 80.1 | — | |||||||||
Amounts reclassified from accumulated other comprehensive income | — | (3.4 | ) | — | |||||||||
Net current-period other comprehensive income (loss) | (12.8 | ) | 76.7 | — | |||||||||
Balance at December 31, 2013 | $ | (16.6 | ) | $ | (174.9 | ) | $ | 3.3 | |||||
The following table details the reclassifications out of accumulated other comprehensive income (loss) for the year ended December 31, 2013: | |||||||||||||
Reclassifications Out of Accumulated Other Comprehensive Income (Loss) | |||||||||||||
Details about Accumulated Other Comprehensive | Amount reclassified from | Affected line item in the Condensed | |||||||||||
Income (Loss) Components | Accumulated Other | Consolidated Statements of | |||||||||||
Comprehensive Income (Loss) | Comprehensive Income | ||||||||||||
For the Year Ended | |||||||||||||
31-Dec-13 | |||||||||||||
(In millions) | |||||||||||||
Amortization of defined benefit pension and other post-retirement benefit plan items | |||||||||||||
Actuarial gain | $ | (6.6 | ) | Warehousing, delivery, selling, general and administrative | |||||||||
Prior service cost | 1.4 | Warehousing, delivery, selling, general and administrative | |||||||||||
Total before tax | (5.2 | ) | |||||||||||
Tax provision | 1.8 | ||||||||||||
Net of tax | $ | (3.4 | ) | ||||||||||
Income_Taxes
Income Taxes | 3 Months Ended | 12 Months Ended | ||||||||||||
Mar. 31, 2014 | Dec. 31, 2013 | |||||||||||||
Income Tax Disclosure [Abstract] | ' | ' | ||||||||||||
Income Taxes | ' | ' | ||||||||||||
NOTE 11: INCOME TAXES | Note 18: Income Taxes | |||||||||||||
For the three months ended March 31, 2014, the Company recorded income tax expense from operations of $3.1 million compared to $0.9 million in the prior year. The $3.1 million tax expense in the first quarter of 2014 primarily represents taxes at local statutory rates where the Company operates, but generally excludes any tax benefit for losses in jurisdictions with historical losses. | The elements of the provision (benefit) for income taxes were as follows: | |||||||||||||
In accordance with FASB ASC 740, “Income Taxes,” 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. After considering both the positive and negative evidence available, in the second quarter of 2009, the Company determined that it was more-likely-than-not that it would not realize a portion of its U.S. deferred tax assets. As a result, the Company established a valuation allowance against a portion of its U.S. deferred tax assets. In 2013, the Company recognized a total net tax benefit of $124.2 million due to the release of a portion of the valuation allowance as the Company determined it is more likely than not that certain deferred tax assets will be realized. | ||||||||||||||
The Company will continue to maintain a valuation allowance on certain foreign and U.S. federal and state 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 $23.1 million at March 31, 2014 and December 31, 2013. | Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | ||||||||||||
(In millions) | ||||||||||||||
Income (loss) before income tax: | ||||||||||||||
U.S. | $ | 35.5 | $ | 47.5 | $ | (14.8 | ) | |||||||
Foreign | (21.6 | ) | (7.2 | ) | (5.0 | ) | ||||||||
$ | 13.9 | $ | 40.3 | $ | (19.8 | ) | ||||||||
Current income taxes: | ||||||||||||||
Federal | $ | (0.1 | ) | $ | — | $ | (5.3 | ) | ||||||
Foreign | (0.1 | ) | 0.6 | 5.4 | ||||||||||
State | 0.6 | 3.1 | 0.5 | |||||||||||
0.4 | 3.7 | 0.6 | ||||||||||||
Deferred income taxes | (112.7 | ) | (9.2 | ) | (11.6 | ) | ||||||||
Total tax provision (benefit) | $ | (112.3 | ) | $ | (5.5 | ) | $ | (11.0 | ) | |||||
Income taxes differ from the amounts computed by applying the federal tax rate as follows: | ||||||||||||||
Year Ended December 31, | ||||||||||||||
2013 | 2012 | 2011 | ||||||||||||
(In millions) | ||||||||||||||
Federal income tax expense (benefit) computed at statutory tax rate of 35% | $ | 4.9 | $ | 14.1 | $ | (6.9 | ) | |||||||
Additional taxes or credits from: | ||||||||||||||
State and local income taxes, net of federal income tax effect | 3 | 3 | 2 | |||||||||||
Non-deductible expenses and non-taxable income | 5.1 | 1.9 | (1.1 | ) | ||||||||||
Foreign income not includable in federal taxable income | 1.9 | 0.3 | 5.8 | |||||||||||
Effect of acquisition related elections and settlements (1) | (2.2 | ) | (7.1 | ) | — | |||||||||
Valuation allowance changes (net) (2) | (124.2 | ) | (19.2 | ) | (11.7 | ) | ||||||||
All other, net | (0.8 | ) | 1.5 | 0.9 | ||||||||||
Total income tax provision (benefit) | $ | (112.3 | ) | $ | (5.5 | ) | $ | (11.0 | ) | |||||
-1 | Includes a $8.5 million deferred tax benefit in 2012 related to a tax election corresponding with the acquisition of Turret, for which an offsetting valuation allowance was also recorded in 2012. | |||||||||||||
-2 | The 2012 change in valuation allowance includes a benefit from the use of U.S. federal and state net operating loss carryforwards totaling approximately $4 million. | |||||||||||||
The components of the deferred income tax assets and liabilities arising under FASB ASC 740, “Income Taxes” (“ASC 740”) were as follows: | ||||||||||||||
At December 31, | ||||||||||||||
2013 | 2012 | |||||||||||||
(In millions) | ||||||||||||||
Deferred tax assets: | ||||||||||||||
AMT tax credit carryforwards | $ | 30 | $ | 30 | ||||||||||
Post-retirement benefits other than pensions | 43 | 49 | ||||||||||||
Federal and foreign net operating loss carryforwards | 70 | 64 | ||||||||||||
State net operating loss carryforwards | 12 | 12 | ||||||||||||
Pension liability | 74 | 143 | ||||||||||||
Other deductible temporary differences | 17 | 16 | ||||||||||||
Less: valuation allowances | (23 | ) | (147 | ) | ||||||||||
$ | 223 | $ | 167 | |||||||||||
Deferred tax liabilities: | ||||||||||||||
Fixed asset basis difference | $ | 104 | $ | 109 | ||||||||||
Inventory basis difference | 129 | 130 | ||||||||||||
Other intangibles | 15 | 11 | ||||||||||||
248 | 250 | |||||||||||||
Net deferred tax liability | $ | (25 | ) | $ | (83 | ) | ||||||||
The Company recognized a total net tax benefit of $124.2 million related to 2013 changes in valuation allowance. As described in Note 1, the Company assesses the need for a valuation allowance considering all available positive and negative evidence, including past operating results, projections of future taxable income and the feasibility of ongoing tax planning strategies. The fourth quarter of 2013 was the first quarter in which Company’s overall US operations had sustained an operating profit in both the preceding cumulative three fiscal year period and in each of its two preceding fiscal years, providing objective evidence of Ryerson’s ability to earn future profits. Combined with Ryerson’s projections of future income providing additional subjective evidence of Ryerson’s ability to earn future profits and management’s judgment, the Company determined that these deferred tax assets were more likely than not realizable and accordingly the valuation allowance was no longer required. | ||||||||||||||
The Company will continue to maintain a valuation allowance on certain U.S. federal and state 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 Company had available at December 31, 2013, federal AMT credit carryforwards of approximately $30 million, which may be used indefinitely to reduce regular federal income taxes. | ||||||||||||||
The Company’s deferred tax assets also include $60 million related to U.S. federal net operating loss (“NOL”) carryforwards which expire in 17 years, $12 million related to state NOL carryforwards which expire generally in 1 to 20 years and $10 million related to foreign NOL carryforwards which expire in 1 to 5 years, available at December 31, 2013. | ||||||||||||||
Earnings from the Company’s foreign subsidiaries are considered to be indefinitely reinvested and, accordingly, no provision for U.S. federal and state income taxes or foreign withholding tax has been made in our consolidated financial statements related to the indefinitely reinvested earnings. At December 31, 2013, the Company had approximately $74 million of undistributed foreign earnings on which no U.S. tax expense has been recorded, predominately in Canada. A distribution of these non-U.S. earnings in the form of dividends or otherwise would subject the Company to both U.S. federal and state income taxes, as adjusted for tax credits and foreign withholding taxes. A determination of the amount of any unrecognized deferred income tax liability on the undistributed earnings is predominately dependent upon the availability of tax credits in the U.S., which is dependent on a number of factors including the timing of future distributions, the mix of distributions and the amount of both U.S. and non-U.S. source income in future years. Modeling of the many future potential scenarios and the related unrecognized deferred tax liability is therefore not practicable. None of the Company’s other foreign subsidiaries have a material amount of assets available for repatriation. | ||||||||||||||
The Company’s foreign subsidiaries in Canada and China held approximately $53 million and $8 million, respectively, in cash and short term investments at the end of 2013 that, if repatriated, would cause the Company to accrue additional U.S. income taxes. The Company does not intend to repatriate these funds. | ||||||||||||||
The Company accounts for uncertain income tax positions in accordance with ASC 740. A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows: | ||||||||||||||
Unrecognized | ||||||||||||||
Tax Benefits | ||||||||||||||
(In millions) | ||||||||||||||
Unrecognized tax benefits balance at January 1, 2011 | $ | 6.4 | ||||||||||||
Gross increases—tax positions in current periods | 1.5 | |||||||||||||
Settlements and closing of statute of limitations | (0.9 | ) | ||||||||||||
Unrecognized tax benefits balance at December 31, 2011 | $ | 7 | ||||||||||||
Gross increases—tax positions in current periods | 2 | |||||||||||||
Unrecognized tax benefits balance at December 31, 2012 | $ | 9 | ||||||||||||
Gross increases—tax positions in current periods | 0.4 | |||||||||||||
Settlements and closing of statute of limitations | (0.6 | ) | ||||||||||||
Unrecognized tax benefits balance at December 31, 2013 | $ | 8.8 | ||||||||||||
Ryerson and its subsidiaries are subject to U.S. federal income tax as well as income tax of multiple state and foreign jurisdictions. The Company has substantially concluded all U.S. federal income tax matters for years through 2009. Substantially all state and local income tax matters have been concluded through 2006. However, a change by a state in subsequent years would result in an insignificant change to the Company’s state tax liability. The Company has substantially concluded foreign income tax matters through 2009 for all significant foreign jurisdictions. | ||||||||||||||
We recognize interest and penalties related to uncertain tax positions in income tax expense. As of December 31, 2013 and 2012, we had approximately $1.1 million and $1.0 million of accrued interest related to uncertain tax positions, respectively. Total amount of unrecognized tax benefits that would affect our effective tax rate if recognized is $6.3 million and $9.0 million as of December 31, 2013 and 2012, respectively. Although a larger portion of the unrecognized tax benefit may affect the effective tax rate, currently, the benefit would be in the form of a deferred tax asset fully offset by a valuation allowance. |
Earnings_Per_Share
Earnings Per Share | 3 Months Ended | 12 Months Ended | ||||||||||||||||||||
Mar. 31, 2014 | Dec. 31, 2013 | |||||||||||||||||||||
Earnings Per Share [Abstract] | ' | ' | ||||||||||||||||||||
Earnings per Share | ' | ' | ||||||||||||||||||||
NOTE 12: EARNINGS PER SHARE | Note 19: Earnings per Share | |||||||||||||||||||||
On July 16, 2007, Ryerson Holding was capitalized with 21,250,000 shares of common stock by Platinum Equity, LLC. All shares outstanding are common shares and have equal voting, liquidation and preference rights. | On July 16, 2007, Ryerson Holding was capitalized with 21,250,000 shares of common stock by Platinum Equity, LLC. All shares outstanding are common shares and have equal voting, liquidation and preference rights. | |||||||||||||||||||||
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 EPS 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. Subsequent to October 19, 2007, Ryerson Holding does not have any securities or other items that are convertible into common shares, therefore basic and fully diluted EPS are the same. | 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 EPS 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. Subsequent to October 19, 2007, Ryerson Holding does not have any securities or other items that are convertible into common shares, therefore basic and fully diluted EPS are the same. | |||||||||||||||||||||
The following table sets forth the calculation of basic and diluted earnings per share: | The following table sets forth the calculation of basic and diluted earnings (loss) per share: | |||||||||||||||||||||
Three Months Ended March 31, | Year Ended December 31, | |||||||||||||||||||||
Basic and diluted earnings per share | 2014 | 2013 | Basic and diluted earnings (loss) per share | 2013 | 2012 | 2011 | ||||||||||||||||
(In millions, except per share data) | (In millions, except per share data) | |||||||||||||||||||||
Net income available to common stockholders | $ | 1.6 | $ | 5.6 | Net income (loss) available to common stockholders | $ | 127.3 | $ | 47.1 | $ | (8.1 | ) | ||||||||||
Average shares of common stock outstanding | 21 | 21.3 | Average shares of common stock outstanding | 21.3 | 21.3 | 21.3 | ||||||||||||||||
Basic and diluted earnings per share | $ | 0.08 | $ | 0.26 | Basic and diluted earnings (loss) per share | $ | 5.99 | $ | 2.22 | $ | (0.38 | ) | ||||||||||
Subsequent_Events
Subsequent Events | 3 Months Ended | 12 Months Ended |
Mar. 31, 2014 | Dec. 31, 2013 | |
Subsequent Events [Abstract] | ' | ' |
Subsequent Events | ' | ' |
NOTE 13: SUBSEQUENT EVENTS | Note 20: Subsequent Events | |
On June 3, 2014, the appellate court affirmed the judgment of the trial court regarding the Nancy Hoffman, et. al. v. Dorlan Crane, et. al. case discussed in Note 7. We are in the process of considering whether to seek further review. We continue to believe any loss will be covered by insurance. | On June 3, 2014, the appellate court affirmed the judgment of the trial court regarding the Nancy Hoffman, et. al. v. Dorlan Crane, et. al. case discussed in Note 11. We are in the process of considering whether to seek further review. We continue to believe any loss will be covered by insurance. | |
JT Ryerson, one of our subsidiaries, is party to a corporate advisory services agreement with Platinum Advisors, an affiliate of Platinum, pursuant to which Platinum Advisors provides JT Ryerson certain business, management, administrative and financial advice. On July 23, 2014, JT Ryerson’s Board of Directors approved the termination of this services agreement contingent on the closing of the initial public offering. As consideration for terminating the advisory fee payable thereunder, JT Ryerson will pay Platinum Advisors or its affiliates $25.0 million. The Company will recognize the termination fee within Warehousing, delivery, selling, general and administrative expense upon the closing of the initial public offering. The unaudited pro forma balance sheet presents the effect of funding the termination payment to Platinum Advisors or its affiliates. The unaudited pro forma balance sheet is presented for informational purposes only in accordance with Staff Accounting Bulletin Topic 1.B.3. | JT Ryerson, one of our subsidiaries, is party to a corporate advisory services agreement with Platinum Advisors, an affiliate of Platinum, pursuant to which Platinum Advisors provides JT Ryerson certain business, management, administrative and financial advice. On July 23, 2014, JT Ryerson’s Board of Directors approved the termination of this services agreement contingent on the closing of the initial public offering. As consideration for terminating the advisory fee payable thereunder, JT Ryerson will pay Platinum Advisors or its affiliates $25.0 million. The Company will recognize the termination fee within Warehousing, delivery, selling, general and administrative expense upon the closing of the initial public offering. The unaudited pro forma balance sheet presents the effect of funding the termination payment to Platinum Advisors or its affiliates. The unaudited pro forma balance sheet is presented for informational purposes only in accordance with Staff Accounting Bulletin Topic 1.B.3. | |
Investor Rights Agreement | ||
Ryerson Holding and Platinum are party to an investor rights agreement and have agreed to enter into the Investor Rights Agreement upon the consummation of this offering that will provide for, among other things, demand, piggyback and Form S-3 registration rights and board nomination rights. | Investor Rights Agreement | |
The Investor Rights Agreement will provide that Platinum may make written demands of us to require us to register the shares of our common stock owned by Platinum; provided, however that we will not be obligated to effect more than two such demand registrations. In addition, Platinum will have piggyback registration rights entitling them to require us to register shares of our common stock owned by them in connection with any registration statements filed by us after the completion of this offering, subject to certain exceptions. Upon the closing of this offering, we have agreed to use commercially reasonable efforts to qualify for registration on Form S-3 for secondary sales. After we have qualified for the use of Form S-3, Platinum will, subject to certain exceptions, have the right to request an unlimited number of registrations on Form S-3. We will not be obligated to effect a registration unless certain pricing or timing conditions are first satisfied. | Ryerson Holding and Platinum are party to an investor rights agreement and have agreed to enter into the Investor Rights Agreement upon the consummation of this offering that will provide for, among other things, demand, piggyback and Form S-3 registration rights and board nomination rights. | |
The Investor Rights Agreement provides that we will indemnify Platinum against losses suffered by it in connection with any untrue or alleged untrue statement of a material fact contained in any prospectus, offering circular, or other document delivered or made available to investors (or in any related registration statement or any amendment or supplement thereto) or any omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statement therein not misleading, except insofar as the same may be caused by or contained in any information furnished in writing to us by Platinum for use therein. | The Investor Rights Agreement will provide that Platinum may make written demands of us to require us to register the shares of our common stock owned by Platinum; provided, however that we will not be obligated to effect more than two such demand registrations. In addition, Platinum will have piggyback registration rights entitling them to require us to register shares of our common stock owned by them in connection with any registration statements filed by us after the completion of this offering, subject to certain exceptions. Upon the closing of this offering, we have agreed to use commercially reasonable efforts to qualify for registration on Form S-3 for secondary sales. After we have qualified for the use of Form S-3, Platinum will, subject to certain exceptions, have the right to request an unlimited number of registrations on Form S-3. We will not be obligated to effect a registration unless certain pricing or timing conditions are first satisfied. | |
The Investor Rights Agreement will provide that for so long as Platinum collectively beneficially owns at least (i) 30% of the voting power of the outstanding capital stock of the Company, Platinum will have the right to nominate for election to the board of directors of the Company no fewer than that number of directors that would constitute a majority of the number of directors if there were no vacancies on the board, (ii) at least 15% but less than 30% of the voting power of the outstanding capital stock of the Company, Platinum will have the right to nominate two directors and (iii) at least 5% but less than 15% of the voting power of the outstanding capital stock of the Company, Platinum will have the right to nominate one director. The agreement will also provide that if the size of the board of directors is increased or decreased at any time, Platinum’s nomination rights will be proportionately increased or decreased, respectively, rounded up to the nearest whole number, except that if the board of directors increases its size within 180 days of the date of the agreement, Platinum will have the right to designate director nominees to fill each newly created directorship. | The Investor Rights Agreement provides that we will indemnify Platinum against losses suffered by it in connection with any untrue or alleged untrue statement of a material fact contained in any prospectus, offering circular, or other document delivered or made available to investors (or in any related registration statement or any amendment or supplement thereto) or any omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statement therein not misleading, except insofar as the same may be caused by or contained in any information furnished in writing to us by Platinum for use therein. | |
The Investor Rights Agreement was negotiated among management and Platinum, and we believe the Investor Rights Agreement is on arm’s-length terms. | The Investor Rights Agreement will provide that for so long as Platinum collectively beneficially owns at least (i) 30% of the voting power of the outstanding capital stock of the Company, Platinum will have the right to nominate for election to the board of directors of the Company no fewer than that number of directors that would constitute a majority of the number of directors if there were no vacancies on the board, (ii) at least 15% but less than 30% of the voting power of the outstanding capital stock of the Company, Platinum will have the right to nominate two directors and (iii) at least 5% but less than 15% of the voting power of the outstanding capital stock of the Company, Platinum will have the right to nominate one director. The agreement will also provide that if the size of the board of directors is increased or decreased at any time, Platinum’s nomination rights will be proportionately increased or decreased, respectively, rounded up to the nearest whole number, except that if the board of directors increases its size within 180 days of the date of the agreement, Platinum will have the right to designate director nominees to fill each newly created directorship. | |
On July 23, 2014, our Board of Directors approved a 4.25 for 1.00 stock split of the Company’s common stock to be effected prior to the closing of this offering. Per share and share amounts presented herein have been adjusted for all periods presented to give retroactive effect to the 4.25 for 1.00 stock split. | The Investor Rights Agreement was negotiated among management and Platinum, and we believe the Investor Rights Agreement is on arm’s-length terms. | |
On July 23, 2014, our Board of Directors approved a 4.25 for 1.00 stock split of the Company’s common stock to be effected prior to the closing of this offering. Per share and share amounts presented herein have been adjusted for all periods presented to give retroactive effect to the 4.25 for 1.00 stock split. | ||
Supplementary_Financial_Data
Supplementary Financial Data | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | ||||||||||||||||||||||||
Supplementary Financial Data | ' | ||||||||||||||||||||||||
RYERSON HOLDING CORPORATION AND SUBSIDIARY COMPANIES | |||||||||||||||||||||||||
SUPPLEMENTARY FINANCIAL DATA (UNAUDITED) | |||||||||||||||||||||||||
SUMMARY BY QUARTER | |||||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||
Net Sales | Gross | Income (Loss) | Net Income | Net Income | Basic and | ||||||||||||||||||||
Profit | Before | (Loss) | (Loss) | Diluted | |||||||||||||||||||||
Income | Attributable | Earnings | |||||||||||||||||||||||
Taxes | to Ryerson | (Loss) per | |||||||||||||||||||||||
Holding | Share | ||||||||||||||||||||||||
Corporation | |||||||||||||||||||||||||
2012 | |||||||||||||||||||||||||
First Quarter | $ | 1,121.60 | $ | 190.8 | $ | 27.5 | $ | 24.9 | $ | 25 | $ | 1.18 | |||||||||||||
Second Quarter (1) | 1,090.60 | 184 | 19.8 | 15.4 | 15.6 | 0.73 | |||||||||||||||||||
Third Quarter | 962.2 | 180.5 | 18.6 | 16 | 16.4 | 0.77 | |||||||||||||||||||
Fourth Quarter (2) | 850.3 | 154.3 | (25.6 | ) | (10.5 | ) | (9.9 | ) | (0.46 | ) | |||||||||||||||
Year | $ | 4,024.70 | $ | 709.6 | $ | 40.3 | $ | 45.8 | $ | 47.1 | $ | 2.22 | |||||||||||||
2013 | |||||||||||||||||||||||||
First Quarter (3) | $ | 891.1 | $ | 155.8 | $ | 6.1 | $ | 5.2 | $ | 5.6 | $ | 0.26 | |||||||||||||
Second Quarter (4) | 906.9 | 158.5 | 2.4 | 0.2 | 0.5 | 0.02 | |||||||||||||||||||
Third Quarter (5) | 859.8 | 155.1 | 5.6 | 2.8 | 3 | 0.14 | |||||||||||||||||||
Fourth Quarter (6) | 802.5 | 147.2 | (0.2 | ) | 118 | 118.2 | 5.56 | ||||||||||||||||||
Year | $ | 3,460.30 | $ | 616.6 | $ | 13.9 | $ | 126.2 | $ | 127.3 | $ | 5.99 | |||||||||||||
-1 | Included in the second quarter 2012 results is an impairment charge of $0.9 million related to certain assets held for sale to recognize the assets at their fair value less cost to sell. | ||||||||||||||||||||||||
-2 | Included in the fourth quarter 2012 results is an impairment charge of $0.1 million related to certain assets held for sale to recognize the assets at their fair value less cost to sell, $1.1 million restructuring charges primarily for employee-related costs resulting from a facility closure, a $32.8 million loss on the redemption of the Ryerson Notes and Ryerson Holding Notes, and a $1.7 million curtailment gain related to an amendment of a Canadian post-retirement medical and life insurance plan. The fourth quarter of 2012 also included an income tax benefit of $15.2 million related to the release of valuation allowance associated with certain state deferred tax assets. | ||||||||||||||||||||||||
-3 | Included in the first quarter 2013 results is an impairment charge of $0.9 million related to certain assets held for sale to recognize the assets at their fair value less cost to sell. | ||||||||||||||||||||||||
-4 | Included in the second quarter 2013 results is an impairment charge of $6.8 million to reduce the carrying value of goodwill at a reporting unit to its implied fair value. The second quarter also includes a $2.1 million restructuring charge related to the closure of a facility. | ||||||||||||||||||||||||
-5 | Included in the third quarter 2013 results is an impairment charge of $1.1 million related to certain assets held for sale to recognize the assets at their fair value less cost to sell. | ||||||||||||||||||||||||
-6 | Included in the fourth quarter 2013 results is an impairment charge of $1.2 million related to certain assets held for sale to recognize the assets at their appraised fair value less cost to sell and an income tax benefit of $118.2 million primarily related to a reduction in valuation allowance previously recorded against U.S. deferred tax assets. |
Schedule_I_Condensed_Financial
Schedule I - Condensed Financial Information Of Registrant | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Condensed Financial Information Of Parent Company Only Disclosure [Abstract] | ' | ||||||||||||
Schedule I - Condensed Financial Information Of Registrant | ' | ||||||||||||
SCHEDULE I—CONDENSED FINANCIAL INFORMATION OF REGISTRANT | |||||||||||||
RYERSON HOLDING CORPORATION | |||||||||||||
(Parent Company Only) | |||||||||||||
STATEMENTS OF OPERATIONS | |||||||||||||
(In millions) | |||||||||||||
Year ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Administrative and other expenses | $ | (0.9 | ) | $ | (1.0 | ) | $ | (0.1 | ) | ||||
Other income and (expense), net | — | (15.6 | ) | — | |||||||||
Interest and other expense on debt | — | (40.1 | ) | (43.0 | ) | ||||||||
Equity in income of subsidiaries | 80.5 | 103.8 | 35 | ||||||||||
Income (loss) before income taxes | 79.6 | 47.1 | (8.1 | ) | |||||||||
Benefit for income taxes | (47.7 | ) | — | — | |||||||||
Net income (loss) | $ | 127.3 | $ | 47.1 | $ | (8.1 | ) | ||||||
See Notes to Condensed Financial Statements. | |||||||||||||
SCHEDULE I—CONDENSED FINANCIAL INFORMATION OF REGISTRANT | |||||||||||||
RYERSON HOLDING CORPORATION | |||||||||||||
(Parent Company Only) | |||||||||||||
STATEMENTS OF COMPREHENSIVE INCOME | |||||||||||||
(In millions) | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Net income (loss) | $ | 127.3 | $ | 47.1 | $ | (8.1 | ) | ||||||
Other comprehensive income (loss), before tax: | |||||||||||||
Foreign currency translation adjustments | (12.8 | ) | 4.3 | (1.5 | ) | ||||||||
Unrealized gain (loss) on available-for-sale investment | — | 7.7 | (9.8 | ) | |||||||||
Changes in defined benefit pension and other post-retirement benefit plans | 126.2 | (51.5 | ) | (66.7 | ) | ||||||||
Other comprehensive loss | 113.4 | (39.5 | ) | (78.0 | ) | ||||||||
Total comprehensive income (loss), before tax | 240.7 | 7.6 | (86.1 | ) | |||||||||
Income tax benefit related to items of other comprehensive income | 49.5 | (2.1 | ) | (1.5 | ) | ||||||||
Comprehensive income (loss), after tax | $ | 191.2 | $ | 9.7 | $ | (84.6 | ) | ||||||
See Notes to Condensed Financial Statements. | |||||||||||||
SCHEDULE I—CONDENSED FINANCIAL INFORMATION OF REGISTRANT | |||||||||||||
RYERSON HOLDING CORPORATION | |||||||||||||
(Parent Company Only) | |||||||||||||
STATEMENTS OF CASH FLOWS | |||||||||||||
(In millions) | |||||||||||||
Year ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Operating Activities: | |||||||||||||
Net income (loss) | $ | 127.3 | $ | 47.1 | $ | (8.1 | ) | ||||||
Adjustments to reconcile net income (loss) to net | |||||||||||||
cash provided by (used in) operating activities: | |||||||||||||
Equity in earnings of subsidiaries | (80.5 | ) | (103.8 | ) | (35.0 | ) | |||||||
Deferred income taxes | (47.7 | ) | — | — | |||||||||
Noncash interest expense related to debt discount amortization | — | 39 | 41.5 | ||||||||||
Loss on retirement of debt | — | 15.6 | — | ||||||||||
Decrease in receivables from subsidiaries | 1 | 0.6 | 0.7 | ||||||||||
Decrease in other assets | — | 1 | 0.9 | ||||||||||
Increase (decrease) in accrued liabilities | (0.1 | ) | 0.5 | — | |||||||||
Net adjustments | (127.3 | ) | (47.1 | ) | 8.1 | ||||||||
Net cash provided by (used in) operating activities | — | — | — | ||||||||||
Investing Activities: | |||||||||||||
Dividends received from subsidiaries | 6.6 | 379.9 | — | ||||||||||
Net cash provided by investing activities | 6.6 | 379.9 | — | ||||||||||
Financing activities: | |||||||||||||
Long term debt retired | — | (344.9 | ) | — | |||||||||
Distributions made | — | (35.0 | ) | — | |||||||||
Acquisition of treasury stock | (6.6 | ) | — | — | |||||||||
Net cash used in financing activities | (6.6 | ) | (379.9 | ) | — | ||||||||
Net increase (decrease) in cash and cash equivalents | — | — | — | ||||||||||
Cash and cash equivalents—beginning of period | 0.4 | 0.4 | 0.4 | ||||||||||
Cash and cash equivalents—end of period | $ | 0.4 | $ | 0.4 | $ | 0.4 | |||||||
See Notes to Condensed Financial Statements. | |||||||||||||
SCHEDULE I—CONDENSED FINANCIAL INFORMATION OF REGISTRANT | |||||||||||||
RYERSON HOLDING CORPORATION | |||||||||||||
(Parent Company Only) | |||||||||||||
BALANCE SHEETS | |||||||||||||
(In millions, except shares) | |||||||||||||
At December 31, | |||||||||||||
2013 | 2012 | ||||||||||||
Assets | |||||||||||||
Current assets: | |||||||||||||
Cash and cash equivalents | $ | 0.4 | $ | 0.4 | |||||||||
Receivable from subsidiaries | 10.4 | 11.4 | |||||||||||
Total current assets | 10.8 | 11.8 | |||||||||||
Deferred income taxes | 47.7 | — | |||||||||||
Total assets | $ | 58.5 | $ | 11.8 | |||||||||
Liabilities | |||||||||||||
Accrued liabilities | $ | 0.4 | $ | 0.5 | |||||||||
Total current liabilities | 0.4 | 0.5 | |||||||||||
Dividends in excess of investment in subsidiaries | 170.1 | 307.9 | |||||||||||
Total liabilities | 170.5 | 308.4 | |||||||||||
Ryerson Holding Corporation Stockholders’ equity (deficit) | |||||||||||||
Common stock, $0.01 par value; 42,500,000 share authorized; 21,250,000 shares issued at 2013 and 2012 | 0.2 | 0.2 | |||||||||||
Capital in excess of par value | 189.7 | 189.7 | |||||||||||
Accumulated deficit | (107.1 | ) | (234.4 | ) | |||||||||
Treasury stock at cost—Common stock of 212,500 shares in 2013 and none in 2012 | (6.6 | ) | — | ||||||||||
Accumulated other comprehensive loss | (188.2 | ) | (252.1 | ) | |||||||||
Total Ryerson Holding Corporation stockholders’ equity (deficit) | (112.0 | ) | (296.6 | ) | |||||||||
Total liabilities and stockholders’ equity | $ | 58.5 | $ | 11.8 | |||||||||
See Notes to Condensed Financial Statements. | |||||||||||||
SCHEDULE I—CONDENSED FINANCIAL INFORMATION OF REGISTRANT | |||||||||||||
RYERSON HOLDING CORPORATION | |||||||||||||
(Parent Company Only) | |||||||||||||
NOTES TO FINANCIAL STATEMENTS | |||||||||||||
(In millions) | |||||||||||||
Note 1: Basis of presentation | |||||||||||||
In the parent company only financial statements, the Company’s investment in subsidiaries is stated at cost plus equity in undistributed earnings of subsidiaries since the date of acquisition. The Company’s share of net income of its unconsolidated subsidiaries is included in consolidated income using the equity method. The parent company only financial statements should be read in conjunction with the Company’s consolidated financial statements. | |||||||||||||
Note 2: Debt | |||||||||||||
As of November 1, 2012, all of the Ryerson Holding Notes were repurchased or redeemed and cancelled. During 2012 the Company recorded a $15.6 million loss on the repurchase and cancellation of debt related to the Ryerson Holding Notes within other income and (expense), net on the Statements of Operations. | |||||||||||||
Note 3: Guarantee | |||||||||||||
Ryerson Holding has guaranteed $35 million of loans made between three of its wholly-owned subsidiaries. These loans are payable on demand. | |||||||||||||
Note 4: Dividends from subsidiaries | |||||||||||||
Cash dividends paid to Ryerson Holding Corporation from the Company’s consolidated subsidiaries was $6.6 million and $379.9 million for the years ended December 31, 2013 and 2012, respectively. No cash dividends were paid for the year ended December 31, 2011. | |||||||||||||
Note 5: Subsequent events | |||||||||||||
On July 23, 2014, our Board of Directors approved a 4.25 for 1.00 stock split of the Company’s common stock to be effected prior to the closing of this offering. Per share and share amounts presented herein have been adjusted for all periods to give retroactive effect to the 4.25 for 1.00 stock split. | |||||||||||||
Schedule_II_Valuation_And_Qual
Schedule II -Valuation And Qualifying Accounts | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Valuation And Qualifying Accounts [Abstract] | ' | ||||||||||||||||||||||||
Schedule II -Valuation And Qualifying Accounts | ' | ||||||||||||||||||||||||
RYERSON HOLDING CORPORATION AND SUBSIDIARY COMPANIES | |||||||||||||||||||||||||
SCHEDULE II—VALUATION AND QUALIFYING ACCOUNTS | |||||||||||||||||||||||||
FOR THE YEARS ENDED DECEMBER 31, 2013, 2012 AND 2011 | |||||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||
Provision for Allowances | |||||||||||||||||||||||||
Balance at | Acquisition of | Additions | Additions | Deductions | Balance | ||||||||||||||||||||
Beginning | Business | Charged | Charged | from | at End | ||||||||||||||||||||
of Period | (Credited) | to Other | Reserves | of Period | |||||||||||||||||||||
to Income | Comprehensive | ||||||||||||||||||||||||
Income | |||||||||||||||||||||||||
Year ended December 31, 2013 | |||||||||||||||||||||||||
Allowance for doubtful accounts | $ | 7.1 | $ | — | $ | (0.7 | ) | $ | — | $ | (1.0 | )(A) | $ | 5.4 | |||||||||||
Valuation allowance—deferred tax assets | 147.3 | — | (124.2 | ) | — | — | 23.1 | ||||||||||||||||||
Year ended December 31, 2012 | |||||||||||||||||||||||||
Allowance for doubtful accounts | $ | 7.7 | $ | — | $ | 1.7 | $ | — | $ | (2.3 | )(A) | $ | 7.1 | ||||||||||||
Valuation allowance—deferred tax assets | 151.7 | 1.2 | (B) | (19.2 | ) | 13.6 | — | 147.3 | |||||||||||||||||
Year ended December 31, 2011 | |||||||||||||||||||||||||
Allowance for doubtful accounts | $ | 8.7 | $ | — | $ | 3.4 | $ | — | $ | (4.4 | )(A) | $ | 7.7 | ||||||||||||
Valuation allowance—deferred tax assets | 136.6 | — | (11.7 | ) | 26.8 | — | 151.7 | ||||||||||||||||||
NOTES: | |||||||||||||||||||||||||
(A) | Bad debts written off during the year | ||||||||||||||||||||||||
(B) | Reserve of $1.2 million was acquired in acquisition of Açofran |
Financial_Statements
Financial Statements | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Accounting Policies [Abstract] | ' | ||||||||
Financial Statements | ' | ||||||||
NOTE 1: FINANCIAL STATEMENTS | |||||||||
Ryerson Holding Corporation (“Ryerson Holding”), a Delaware corporation, is the parent company of Ryerson Inc. (“Ryerson”). Ryerson Holding is 100% owned by affiliates of Platinum Equity, LLC (“Platinum”). | |||||||||
Ryerson conducts materials distribution operations in the United States through its wholly-owned direct subsidiary Joseph T. Ryerson & Son, Inc. (“JT Ryerson”), a Delaware corporation, in Canada through its indirect wholly-owned subsidiary Ryerson Canada, Inc., a Canadian corporation (“Ryerson Canada”) and in Mexico through its 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 distribution operations in China through Ryerson China Limited (“Ryerson China”), a company in which we have a 100% ownership percentage and in Brazil through Açofran Aços e Metais Ltda (“Açofran”), a company in which we have a 50% direct ownership percentage since February 17, 2012. Unless the context indicates otherwise, Ryerson Holding, Ryerson, JT Ryerson, Ryerson Canada, Ryerson China, Ryerson Mexico and Açofran together with their subsidiaries, are collectively referred to herein as “we,” “us,” “our,” or the “Company.” | |||||||||
The following table shows our percentage of sales by major product lines for the three months ended March 31, 2014 and 2013, respectively: | |||||||||
Three Months Ended | |||||||||
March 31, | |||||||||
Product Line | 2014 | 2013 | |||||||
Carbon Steel Flat | 26 | % | 25 | % | |||||
Carbon Steel Plate | 11 | 12 | |||||||
Carbon Steel Long | 17 | 15 | |||||||
Stainless Steel Flat | 15 | 16 | |||||||
Stainless Steel Plate | 4 | 4 | |||||||
Stainless Steel Long | 3 | 4 | |||||||
Aluminum Flat | 14 | 14 | |||||||
Aluminum Plate | 3 | 3 | |||||||
Aluminum Long | 4 | 4 | |||||||
Other | 3 | 3 | |||||||
Total | 100 | % | 100 | % | |||||
Results of operations for any interim period are not necessarily indicative of results of any other periods or for the year. The financial statements as of March 31, 2014 and for the three-month periods ended March 31, 2014 and 2013 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 accounting principles generally accepted in the United States of America. These financial statements should be read in conjunction with the financial statements and related notes contained in the Company’s Annual Report for the year ended December 31, 2013. |
Recent_Accounting_Pronouncemen
Recent Accounting Pronouncements | 3 Months Ended |
Mar. 31, 2014 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | ' |
Recent Accounting Pronouncements | ' |
NOTE 2: RECENT ACCOUNTING PRONOUNCEMENTS | |
In July 2013, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2013-11 “Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists.” ASU 2013 -11 was issued to promote consistency among financial statement issuers and amends Accounting Standards Codification (“ASC”) 740, “Income Taxes,” to provide clarification of the financial statement presentation of an unrecognized tax benefit when a net operating loss carryforward, a similar tax loss, or a tax credit carryforward exists. According to ASU 2013-11, an unrecognized tax benefit or a portion of an unrecognized tax benefit should be presented in the financial statements as a reduction of a deferred tax asset for a net operating loss carryforward, a similar tax loss, or a tax credit carryforward, with certain exceptions. The revised guidance is effective for interim and annual periods beginning after December 15, 2013 with early adoption permitted. We adopted this guidance for our fiscal year beginning January 1, 2014. The adoption did not have a material impact on our financial statements. | |
In April 2014, the FASB issued ASU 2014-08 “Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity.” This update amends the criteria for reporting discontinued operations to, among other things, raise the threshold for disposals to qualify as discontinued operations. Under the revised standard, a discontinued operation must represent a strategic shift that has or will have a major effect on an entity’s operations and financial results. The revised standard will also allow an entity to have certain continuing cash flows or involvement with the component after the disposal. This update is effective for interim and annual reporting periods, beginning after December 15, 2014, with early adoption permitted. We will adopt this guidance for our fiscal year beginning January 1, 2015. We do not expect the adoption to have a material impact on our financial statements. | |
In May 2014, the FASB issued ASU 2014-09 “Revenue from Contracts with Customers”, which creates ASC 606 “Revenue from Contracts with Customers” and supersedes the revenue recognition requirements in ASC 605 “Revenue Recognition”. The update outlines a comprehensive model for all entities to use in accounting for revenue arising from contracts with customers as well as required disclosures. This update is effective for annual reporting periods, beginning after December 15, 2016. We will adopt this guidance for our fiscal year beginning January 1, 2017. We do not expect the adoption to have a material impact on our financial statements. |
Goodwill_and_Other_Intangible_
Goodwill and Other Intangible Assets | 3 Months Ended |
Mar. 31, 2014 | |
Goodwill And Intangible Assets Disclosure [Abstract] | ' |
Goodwill and Other Intangible Assets | ' |
NOTE 4: GOODWILL AND OTHER INTANGIBLE ASSETS | |
Goodwill, which represents the excess of cost over the fair value of net assets acquired, amounted to $91.6 million at March 31, 2014. Pursuant to 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, 2013 and it was determined that no impairment existed. Other intangible assets with finite useful lives continue to be amortized over their useful lives. 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. |
Stockholders_Equity_Deficit_Ac
Stockholders' Equity (Deficit), Accumulated Other Comprehensive Income and Redeemable Noncontrolling Interest | 3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||||||||||||||||||||||||||||||
Equity [Abstract] | ' | ||||||||||||||||||||||||||||||||||||||||||||||||
Stockholders' Equity (Deficit), Accumulated Other Comprehensive Income and Redeemable Noncontrolling Interest | ' | ||||||||||||||||||||||||||||||||||||||||||||||||
NOTE 9: STOCKHOLDERS’ EQUITY (DEFICIT), ACCUMULATED OTHER COMPREHENSIVE INCOME AND REDEEMABLE NONCONTROLLING INTEREST | |||||||||||||||||||||||||||||||||||||||||||||||||
The following table details changes in these accounts: | |||||||||||||||||||||||||||||||||||||||||||||||||
Ryerson Holding Corporation Stockholders | |||||||||||||||||||||||||||||||||||||||||||||||||
Accumulated Other | |||||||||||||||||||||||||||||||||||||||||||||||||
Comprehensive Income (Loss) | |||||||||||||||||||||||||||||||||||||||||||||||||
Common | Treasury | Capital in | Accumulated | Foreign | Benefit | Unrealized | Noncontrolling | Total | Redeemable | ||||||||||||||||||||||||||||||||||||||||
Stock | Stock | Excess of | Deficit | Currency | Plan | Gain on | Interest | Equity | Noncontrolling | ||||||||||||||||||||||||||||||||||||||||
Par Value | Translation | Liabilities | Available- | Interest | |||||||||||||||||||||||||||||||||||||||||||||
For-Sale | |||||||||||||||||||||||||||||||||||||||||||||||||
Investments | |||||||||||||||||||||||||||||||||||||||||||||||||
Shares | Dollars | Shares | Dollars | Dollars | Dollars | Dollars | Dollars | Dollars | Dollars | Dollars | Dollars | ||||||||||||||||||||||||||||||||||||||
(In millions, except shares in thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||
Balance at January 1, 2014 | 21,250 | $ | 0.2 | 213 | $ | (6.6 | ) | $ | 189.7 | $ | (107.1 | ) | $ | (16.6 | ) | $ | (174.9 | ) | $ | 3.3 | $ | 1.9 | $ | (110.1 | ) | $ | 1.3 | ||||||||||||||||||||||
Net income (loss) | — | — | — | — | — | 1.6 | — | — | — | (0.1 | ) | 1.5 | (0.1 | ) | |||||||||||||||||||||||||||||||||||
Foreign currency translation | — | — | — | — | — | — | (7.1 | ) | — | — | — | (7.1 | ) | — | |||||||||||||||||||||||||||||||||||
Changes in defined benefit pension and other post-retirement benefit plans | — | — | — | — | — | — | — | 0.2 | — | — | 0.2 | — | |||||||||||||||||||||||||||||||||||||
Unrealized loss on available-for-sale investment | — | — | — | — | — | — | — | — | (0.1 | ) | — | (0.1 | ) | — | |||||||||||||||||||||||||||||||||||
Balance at March 31, 2014 | 21,250 | $ | 0.2 | 213 | $ | (6.6 | ) | $ | 189.7 | $ | (105.5 | ) | $ | (23.7 | ) | $ | (174.7 | ) | $ | 3.2 | $ | (1.8 | ) | $ | (115.7 | ) | $ | 1.2 | |||||||||||||||||||||
The following table details the changes in accumulated other comprehensive income (loss) for the three month period ended March 31, 2014: | |||||||||||||||||||||||||||||||||||||||||||||||||
Changes in Accumulated Other Comprehensive | |||||||||||||||||||||||||||||||||||||||||||||||||
Income (Loss) by Component | |||||||||||||||||||||||||||||||||||||||||||||||||
Foreign | Benefit Plan | Unrealized | |||||||||||||||||||||||||||||||||||||||||||||||
Currency | Liabilities | Gain on | |||||||||||||||||||||||||||||||||||||||||||||||
Translation | Available- | ||||||||||||||||||||||||||||||||||||||||||||||||
For-Sale | |||||||||||||||||||||||||||||||||||||||||||||||||
Investments | |||||||||||||||||||||||||||||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||||||||||||||||||||||||||
Balance at January 1, 2014 | $ | (16.6 | ) | $ | (174.9 | ) | $ | 3.3 | |||||||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss) before reclassifications | (7.1 | ) | — | (0.1 | ) | ||||||||||||||||||||||||||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive income | — | 0.2 | — | ||||||||||||||||||||||||||||||||||||||||||||||
Net current-period other comprehensive income (loss) | (7.1 | ) | 0.2 | (0.1 | ) | ||||||||||||||||||||||||||||||||||||||||||||
Balance at March 31, 2014 | $ | (23.7 | ) | $ | (174.7 | ) | $ | 3.2 | |||||||||||||||||||||||||||||||||||||||||
The following table details the reclassifications out of accumulated other comprehensive income (loss) for the three month periods ended March 31, 2014 and 2013: | |||||||||||||||||||||||||||||||||||||||||||||||||
Reclassifications Out of Accumulated Other Comprehensive Income (Loss) | |||||||||||||||||||||||||||||||||||||||||||||||||
Details about Accumulated Other Comprehensive | Amount reclassified from | Affected line item in the Condensed | |||||||||||||||||||||||||||||||||||||||||||||||
Income (Loss) Components | Accumulated Other | Consolidated Statements of | |||||||||||||||||||||||||||||||||||||||||||||||
Comprehensive Income (Loss) | Comprehensive Income | ||||||||||||||||||||||||||||||||||||||||||||||||
For the Three Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||
March 31, 2014 | March 31, 2013 | ||||||||||||||||||||||||||||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||||||||||||||||||||||||||
Amortization of defined benefit pension and other post-retirement benefit plan items | |||||||||||||||||||||||||||||||||||||||||||||||||
Actuarial loss | $ | 0.6 | $ | 1.6 | Warehousing, delivery, selling, general and administrative | ||||||||||||||||||||||||||||||||||||||||||||
Prior service credit | (0.4 | ) | (0.4 | ) | Warehousing, delivery, selling, general and administrative | ||||||||||||||||||||||||||||||||||||||||||||
Total before tax | 0.2 | 1.2 | |||||||||||||||||||||||||||||||||||||||||||||||
Tax provision | — | 0.1 | |||||||||||||||||||||||||||||||||||||||||||||||
Net of tax | $ | 0.2 | $ | 1.1 | |||||||||||||||||||||||||||||||||||||||||||||
Summary_of_Accounting_and_Fina1
Summary of Accounting and Financial Policies (Policies) | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Business Description and Basis of Presentation | ' | ||||
Business Description and Basis of Presentation. Ryerson Holding Corporation (“Ryerson Holding”), a Delaware corporation, is the parent company of Ryerson Inc. (“Ryerson”), a Delaware corporation. Ryerson Holding is 100% owned by affiliates of Platinum Equity, LLC (“Platinum”). | |||||
On October 19, 2007, the merger (the “Platinum Acquisition”) of Rhombus Merger Corporation (“Merger Sub”), a Delaware corporation and a wholly-owned subsidiary of Ryerson Holding, with and into Ryerson, was consummated in accordance with the Agreement and Plan of Merger, dated July 24, 2007, by and among Ryerson, Ryerson Holding and Merger Sub. Upon the closing of the Platinum Acquisition, Ryerson became a wholly-owned subsidiary of Ryerson Holding. | |||||
Ryerson conducts materials distribution operations in the United States through its wholly-owned direct subsidiary Joseph T. Ryerson & Son, Inc. (“JT Ryerson”), a Delaware corporation, in Canada through its indirect wholly-owned subsidiary Ryerson Canada, Inc., a Canadian corporation (“Ryerson Canada”) and in Mexico through its 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 distribution operations in China through Ryerson China Limited (“Ryerson China”), a company in which we have a 100% ownership percentage and in Brazil through Açofran Aços e Metais Ltda (“Açofran”), a company in which we have had a 50% direct ownership percentage since February 17, 2012. Unless the context indicates otherwise, Ryerson Holding, Ryerson, JT Ryerson, Ryerson Canada, Ryerson China, Ryerson Mexico and Açofran together with their subsidiaries, are collectively referred to herein as “Ryerson Holding,” “we,” “us,” “our,” or the “Company.” | |||||
Basis of presentation | ' | ||||
Principles of Consolidation. The Company consolidates entities in which it owns or controls more than 50% of the voting shares. All significant intercompany balances and transactions have been eliminated in consolidation. Additionally, variable interest entities that do not have sufficient equity investment to permit the entity to finance its activities without additional subordinated support from other parties or whose equity investors lack the characteristics of a controlling financial interest for which the Company is the primary beneficiary are included in the consolidated financial statements. There were no such variable entities that were required to be consolidated as of December 31, 2013 or 2012. | |||||
Business Segments | ' | ||||
Business Segments. Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 280, “Segment Reporting” (“ASC 280”), establishes standards for reporting information on operating segments in interim and annual financial statements. Our Chief Executive Officer, together with the Operating Committee selected by our Board of Directors, serve as our Chief Operating Decision Maker (“CODM”). Our CODM reviews our financial information for purposes of making operational decisions and assessing financial performance. The CODM views our business globally as metals service centers. We have one operating and reportable segment, metal service centers, in accordance with the criteria set forth in ASC 280. | |||||
Use of Estimates | ' | ||||
Use of Estimates. The preparation of financial statements in conformity with Generally Accepted Accounting Principles (“GAAP”) in the United States requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and related notes to the financial statements. Changes in such estimates may affect amounts reported in future periods. | |||||
Equity Investments | ' | ||||
Equity Investments. Investments in affiliates in which the Company’s ownership is 20% to 50% are accounted for by the equity method. Equity income is reported in “Other income and (expense), net” in the Consolidated Statements of Operations. Equity income during the years ended December 31, 2013, 2012 and 2011 totaled $0.3 million, $0.2 million and $0.1 million, respectively. | |||||
Revenue Recognition | ' | ||||
Revenue Recognition. Revenue is recognized in accordance with FASB ASC 605, “Revenue Recognition.” Revenue is recognized upon delivery of product to customers. The timing of shipment is substantially the same as the timing of delivery to customers given the proximity of the Company’s distribution sites to its customers. Revenue is recorded net of returns, allowances, customer discounts and incentives. Sales taxes collected from customers and remitted to governmental authorities are accounted for on a net (excluded from revenues) basis. | |||||
Provision for Allowances, Claims and Doubtful Accounts | ' | ||||
Provision for allowances, claims and doubtful accounts. We perform ongoing credit evaluations of customers and set credit limits based upon review of the customers’ current credit information and payment history. The Company monitors customer payments and maintains a provision for estimated credit losses based on historical experience and specific customer collection issues that the Company has identified. Estimation of such losses requires adjusting historical loss experience for current economic conditions and judgments about the probable effects of economic conditions on certain customers. The Company cannot guarantee that the rate of future credit losses will be similar to past experience. Provisions for allowances and claims 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. | |||||
Shipping and Handling Fees and Costs | ' | ||||
Shipping and Handling Fees and Costs. Shipping and handling fees billed to customers are classified in “Net Sales” in our Consolidated Statement of Operations. Shipping and handling costs, primarily distribution costs, are classified in “Warehousing, delivery, selling, general and administrative” expenses in our Consolidated Statement of Operations. These costs totaled $83.9 million, $87.3 million and $94.8 million for the years ended December 31, 2013, 2012 and 2011, respectively. | |||||
Benefits for Retired Employees | ' | ||||
Benefits for Retired Employees. The Company recognizes the funded status of its defined benefit pension and other postretirement plans in the Consolidated Balance Sheets, with changes in the funded status recognized through accumulated other comprehensive income (loss), net of tax, in the year in which the changes occur. The estimated cost of the Company’s defined benefit pension plan and its postretirement medical benefits are determined annually after considering information provided by consulting actuaries. Key factors used in developing estimates of these liabilities include assumptions related to discount rates, rates of return on investments, future compensation costs, healthcare cost trends, benefit payment patterns and other factors. The cost of these benefits for retirees is accrued during their term of employment. Pensions are funded primarily in accordance with the requirements of the Employee Retirement Income Security Act (“ERISA”) of 1974 and the Pension Protection Act of 2006 into a trust established for the Ryerson Pension Plan. Costs for retired employee medical benefits are funded when claims are submitted. Certain salaried employees are covered by a defined contribution plan, for which the cost is expensed in the period earned. | |||||
Cash Equivalents | ' | ||||
Cash Equivalents. Cash equivalents reflected in the financial statements are highly liquid, short-term investments with original maturities of three months or less that are an integral part of the Company’s cash management portfolio. Checks issued in excess of funds on deposit at the bank represent “book” overdrafts and are reclassified to accounts payable. Amounts reclassified totaled $33.1 million and $37.5 million at December 31, 2013 and 2012, respectively. | |||||
Inventory Valuation | ' | ||||
Inventory Valuation. Inventories are stated at the lower of cost or market value. We use the last-in, first-out (“LIFO”) method for valuing our domestic inventories. We use the weighted-average cost and the specific cost methods for valuing our foreign inventories. | |||||
Property, Plant and Equipment | ' | ||||
Property, Plant and Equipment. Property, plant and equipment, including land use rights, are depreciated for financial reporting purposes using the straight-line method over the estimated useful lives of the assets. The provision for depreciation in all periods presented is based on the following estimated useful lives of the assets: | |||||
Land improvements | 20 years | ||||
Buildings | 45 years | ||||
Machinery and equipment | 10-15 years | ||||
Furniture and fixtures | 10 years | ||||
Transportation equipment | 3-6 years | ||||
Land use rights | 50 years | ||||
Expenditures for normal repairs and maintenance are charged against income in the period incurred. | |||||
Goodwill | ' | ||||
Goodwill. In accordance with FASB ASC 350, “Intangibles—Goodwill and Other” (“ASC 350”), goodwill is reviewed at least annually for impairment or whenever indicators of potential impairment exist. We test for impairment of goodwill by assessing various qualitative factors with respect to developments in our business and the overall economy and calculating the fair value of a reporting unit using the discounted cash flow method, as necessary. If we determine that it is more likely than not that the fair value of a reporting unit is less than the carrying value based on our qualitative assessment, we will proceed to the two-step goodwill impairment test. In step one, we compare the fair value of the reporting unit in which goodwill resides to its carrying value. If the carrying amount exceeds the fair value, the second step of the goodwill impairment test is performed to measure the amount of the impairment loss, if any. In the second step, the implied fair value of the goodwill is estimated as the fair value of the reporting unit used in the first step less the fair value of all other net tangible and intangible assets of the reporting unit. If the carrying amount of goodwill exceeds its implied fair value, an impairment loss is recognized in an amount equal to that excess, not to exceed the carrying amount of the goodwill. The fair value of the reporting units are estimated using an average of an income approach and a market approach as this combination is deemed to be the most indicative of fair value in an orderly transaction between market participants. | |||||
Long-lived Assets and Other Intangible Assets | ' | ||||
Long-lived Assets and Other Intangible Assets. Long-lived assets held and used by the Company are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. The Company estimates the future cash flows expected to result from the use of the asset and its eventual disposition. If the sum of the expected future cash flows (undiscounted and without interest charges) is less than the carrying amount of the asset, an impairment is recognized. Any related impairment loss is calculated based upon comparison of the fair value to the carrying value of the asset. Separate intangible assets that have finite useful lives are amortized over their useful lives. An impaired intangible asset would be written down to fair value, using the discounted cash flow method. | |||||
Deferred Financing Costs | ' | ||||
Deferred Financing Costs. Deferred financing costs associated with the issuance of debt are being amortized using the effective interest method over the life of the debt. | |||||
Income Taxes | ' | ||||
Income Taxes. Deferred tax assets or liabilities reflect temporary differences between amounts of assets and liabilities for financial and tax reporting. Such amounts are adjusted, as appropriate, to reflect changes in enacted tax rates expected to be in effect when the temporary differences reverse. A valuation allowance is established to offset any deferred tax assets if, based upon the available evidence, it is more likely than not that some or all of the deferred tax assets will not be realized. The determination of the amount of a valuation allowance to be provided on recorded deferred tax assets involves estimates regarding (1) the timing and amount of the reversal of taxable temporary differences, (2) expected future taxable income, (3) the impact of tax planning strategies and (4) the ability to carry back tax losses to offset prior taxable income. In assessing the need for a valuation allowance, the Company considers all available positive and negative evidence, including past operating results, projections of future taxable income and the feasibility of ongoing tax planning strategies. The projections of future taxable income include a number of estimates and assumptions regarding volume, pricing, costs and industry cyclicality. | |||||
Significant judgment is required in determining income tax provisions and in evaluating tax positions. In the normal course of business, the Company and its subsidiaries are examined by various federal, state and foreign tax authorities. The Company records the impact of a tax position, if that position is more likely than not to be sustained on audit, based on the technical merits of the position. The Company regularly assesses the potential outcomes of these examinations and any future examinations for the current or prior years in determining the adequacy of our provision for income taxes. The Company continually assesses the likelihood and amount of potential adjustments and adjusts the income tax provision, the current tax liability and deferred taxes in the period in which the facts that give rise to a revision become known. | |||||
The Company recognizes the benefit of tax positions when a benefit is more likely than not (i.e., greater than 50% likely) to be sustained on its technical merits. Recognized tax benefits are measured at the largest amount that is more likely than not to be sustained, based on cumulative probability, in final settlement of the position. The Company recognizes interest and penalties related to unrecognized tax benefits as a component of income tax expense. | |||||
Earnings Per Share Data | ' | ||||
Earnings Per Share Data. Basic earnings (loss) per share (“EPS”) is computed by dividing net earnings (loss) available to common stockholders by the weighted average number of common shares outstanding for the period. Diluted earnings (loss) per share is computed by giving effect to all dilutive potential common shared that were outstanding during the period. Basic earnings (loss) per share excludes the dilutive effect of common stock equivalents such as stock options and warrants, while diluted earnings (loss) per share, assuming dilution, includes such dilutive effects. Subsequent to October 19, 2007, Ryerson Holdings does not have any securities or other items that are convertible into common shares, therefore basic and fully diluted EPS are the same. | |||||
Foreign Currency | ' | ||||
Foreign Currency. The Company translates assets and liabilities of its foreign subsidiaries, where the functional currency is the local currency, into U.S. dollars at the current rate of exchange on the last day of the reporting period. Revenues and expenses are translated at the average monthly exchange rates prevailing during the year. | |||||
For foreign currency transactions, the Company translates these amounts to the Company’s functional currency at the exchange rate effective on the invoice date. If the exchange rate changes between the time of purchase and the time actual payment is made, a foreign exchange transaction gain or loss results which is included in determining net income (loss) for the year. The Company recognized $3.7 million of exchange gains, $1.5 million of exchange losses and $0.8 million of exchange losses for the years ended December 31, 2013, 2012 and 2011, respectively. These amounts are primarily classified in “Other income and (expense), net” in our Consolidated Statements of Operations. | |||||
Recent Accounting Pronouncements | ' | ||||
Recent Accounting Pronouncements | |||||
In February 2013, the FASB issued Accounting Standards Update (“ASU”) 2013-2, “Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income.” This guidance requires an entity to present, either on the face of the financial statements or as a disclosure in the notes, significant amounts reclassified out of accumulated other comprehensive income by the respective line items of net income, but only if the amount reclassified is required under GAAP to be reclassified to net income in its entirety in the same reporting period. For other amounts that are not required under GAAP to be reclassified in their entirety to net income, the guidance requires an entity to cross-reference to other disclosures required under GAAP that provide additional detail about those amounts. This guidance is effective for our fiscal year beginning January 1, 2013. We adopted this guidance for our fiscal year beginning January 1, 2013. The adoption did not have a material impact on our financial statements. | |||||
In July 2013, the FASB issued ASU 2013-11 “Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists.” ASU 2013 -11 was issued to promote consistency among financial statement issuers and amends ASC 740, “Income Taxes,” to provide clarification of the financial statement presentation of an unrecognized tax benefit when a net operating loss carryforward, a similar tax loss, or a tax credit carryforward exists. According to ASU 2013-11, an unrecognized tax benefit or a portion of an unrecognized tax benefit should be presented in the financial statements as a reduction of a deferred tax asset for a net operating loss carryforward, a similar tax loss, or a tax credit carryforward, with certain exceptions. The revised guidance is effective for interim and annual periods beginning after December 15, 2013 with early adoption permitted. We will adopt this guidance for our fiscal year beginning January 1, 2014. We do not expect the adoption to have a material impact on our financial statements. | |||||
Ryerson Holding Corporation [Member] | ' | ||||
Basis of presentation | ' | ||||
Note 1: Basis of presentation | |||||
In the parent company only financial statements, the Company’s investment in subsidiaries is stated at cost plus equity in undistributed earnings of subsidiaries since the date of acquisition. The Company’s share of net income of its unconsolidated subsidiaries is included in consolidated income using the equity method. The parent company only financial statements should be read in conjunction with the Company’s consolidated financial statements. |
Summary_of_Accounting_and_Fina2
Summary of Accounting and Financial Policies (Tables) | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Accounting Policies [Abstract] | ' | ||||
Estimated Useful Lives of Assets | ' | ||||
The provision for depreciation in all periods presented is based on the following estimated useful lives of the assets: | |||||
Land improvements | 20 years | ||||
Buildings | 45 years | ||||
Machinery and equipment | 10-15 years | ||||
Furniture and fixtures | 10 years | ||||
Transportation equipment | 3-6 years | ||||
Land use rights | 50 years |
Acquisitions_Tables
Acquisitions (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Unaudited Pro Forma Information Presents Consolidated Results of Operations | ' | ||||||||
The following unaudited pro forma information presents consolidated results of operations for the year ended December 31, 2012 and 2011 as if the acquisitions of Singer and Turret on March 14, 2011 and December 9, 2011, respectively, had occurred on January 1, 2011: | |||||||||
Pro Forma | |||||||||
Year Ended December 31, | |||||||||
2012 | 2011 | ||||||||
(In millions) | |||||||||
Net sales | $ | 4,024.70 | $ | 4,866.80 | |||||
Net income (loss) attributable to Ryerson Holding Corporation | 47.1 | (23.1 | ) | ||||||
Singer Steel Company [Member] | ' | ||||||||
Summary of Estimated Fair Values of Assets Acquired and Liabilities | ' | ||||||||
The following table summarizes the fair values of the assets acquired and liabilities assumed at the acquisition date. The Company used a third-party valuation firm to estimate the fair values of the property, plant and equipment and intangible assets. Inventory was valued by the Company using acquisition date fair values of the metals. | |||||||||
At March 14, | |||||||||
2011 | |||||||||
(In millions) | |||||||||
Cash | $ | 0.3 | |||||||
Restricted cash | 6.5 | ||||||||
Accounts receivable | 7.3 | ||||||||
Inventory | 16.3 | ||||||||
Property, plant, and equipment | 8.2 | ||||||||
Intangible assets | 4.3 | ||||||||
Other assets | 0.2 | ||||||||
Total identifiable assets acquired | 43.1 | ||||||||
Current liabilities | 11.4 | ||||||||
Deferred tax liabilities | 2.3 | ||||||||
Total liabilities assumed | 13.7 | ||||||||
Net identifiable assets acquired | 29.4 | ||||||||
Bargain purchase | (5.8 | ) | |||||||
Net assets acquired | $ | 23.6 | |||||||
Turret Steel [Member] | ' | ||||||||
Summary of Estimated Fair Values of Assets Acquired and Liabilities | ' | ||||||||
The following table summarizes the fair values of the assets acquired and liabilities assumed at the acquisition date. The Company used a third-party valuation firm to estimate the fair values of the property, plant and equipment and intangible assets. Inventory was valued by the Company using acquisition date fair values of the metals. | |||||||||
At December 9, | |||||||||
2011 | |||||||||
(In millions) | |||||||||
Cash | $ | 1.8 | |||||||
Accounts receivable | 12 | ||||||||
Inventory | 26.7 | ||||||||
Property, plant, and equipment | 2.9 | ||||||||
Intangible assets | 45.1 | ||||||||
Goodwill | 25.1 | ||||||||
Other assets | 1.2 | ||||||||
Total identifiable assets acquired | 114.8 | ||||||||
Current liabilities | 17.5 | ||||||||
Deferred tax liabilities | 18.5 | ||||||||
Total liabilities assumed | 36 | ||||||||
Net assets acquired | $ | 78.8 | |||||||
Inventories_Tables
Inventories (Tables) | 3 Months Ended | 12 Months Ended | ||||||||||||||||
Mar. 31, 2014 | Dec. 31, 2013 | |||||||||||||||||
Inventory Disclosure [Abstract] | ' | ' | ||||||||||||||||
Schedule of Inventories | ' | ' | ||||||||||||||||
Inventories, at stated LIFO value, were classified at March 31, 2014 and December 31, 2013 as follows: | Inventories, at stated LIFO value, were classified at December 31, 2013 and 2012 as follows: | |||||||||||||||||
March 31, | December 31, | At December 31, | ||||||||||||||||
2014 | 2013 | 2013 | 2012 | |||||||||||||||
(In millions) | (In millions) | |||||||||||||||||
In process and finished products | $ | 706.2 | $ | 733 | In process and finished products | $ | 733 | $ | 741.5 |
Property_Plant_and_Equipment_T
Property, Plant and Equipment (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Property Plant And Equipment [Abstract] | ' | ||||||||
Schedule of Property Plant and Equipment | ' | ||||||||
Property, plant and equipment consisted of the following at December 31, 2013 and 2012: | |||||||||
At December 31, | |||||||||
2013 | 2012 | ||||||||
(In millions) | |||||||||
Land and land improvements | $ | 98.9 | $ | 98.3 | |||||
Buildings and leasehold improvements | 192.2 | 197.1 | |||||||
Machinery, equipment and other | 345.4 | 334.5 | |||||||
Construction in progress | 2.4 | 7 | |||||||
Total | 638.9 | 636.9 | |||||||
Less: Accumulated depreciation | (197.2 | ) | (164.6 | ) | |||||
Net property, plant and equipment | $ | 441.7 | $ | 472.3 | |||||
Intangible_Assets_Tables
Intangible Assets (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Goodwill And Intangible Assets Disclosure [Abstract] | ' | ||||||||||||||||||||||||
Components of Intangible Assets | ' | ||||||||||||||||||||||||
The following summarizes the components of intangible assets at December 31, 2013 and 2012: | |||||||||||||||||||||||||
At December 31, 2013 | At December 31, 2012 | ||||||||||||||||||||||||
Gross | Accumulated | Net | Gross | Accumulated | Net | ||||||||||||||||||||
Carrying | Amortization | Carrying | Amortization | ||||||||||||||||||||||
Amount | Amount | ||||||||||||||||||||||||
Amortized intangible assets | (In millions) | ||||||||||||||||||||||||
Customer relationships | $ | 46.9 | $ | (13.6 | ) | $ | 33.3 | $ | 47 | $ | (9.6 | ) | $ | 37.4 | |||||||||||
Developed technology / product know-how | 1.9 | (1.3 | ) | 0.6 | 1.9 | (0.9 | ) | 1 | |||||||||||||||||
Non-compete agreements | 1.4 | (0.9 | ) | 0.5 | 1.4 | (0.6 | ) | 0.8 | |||||||||||||||||
Trademarks | 19.7 | (3.2 | ) | 16.5 | 19.8 | (1.9 | ) | 17.9 | |||||||||||||||||
Licenses | 0.5 | (0.2 | ) | 0.3 | 0.4 | (0.1 | ) | 0.3 | |||||||||||||||||
Total intangible assets | $ | 70.4 | $ | (19.2 | ) | $ | 51.2 | $ | 70.5 | $ | (13.1 | ) | $ | 57.4 | |||||||||||
Estimated Amortization Expense Related to Intangible Assets | ' | ||||||||||||||||||||||||
Estimated amortization expense related to intangible assets at December 31, 2013, for each of the years in the five year period ending December 31, 2018 and thereafter is as follows: | |||||||||||||||||||||||||
Estimated | |||||||||||||||||||||||||
Amortization Expense | |||||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||
For the year ended December 31, 2014 | $ | 6 | |||||||||||||||||||||||
For the year ended December 31, 2015 | 5.6 | ||||||||||||||||||||||||
For the year ended December 31, 2016 | 4.8 | ||||||||||||||||||||||||
For the year ended December 31, 2017 | 4.6 | ||||||||||||||||||||||||
For the year ended December 31, 2018 | 4.3 | ||||||||||||||||||||||||
For the years ended thereafter | 25.9 |
Goodwill_Tables
Goodwill (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Goodwill And Intangible Assets Disclosure [Abstract] | ' | ||||||||||||
Changes in Carrying Amount of Goodwill | ' | ||||||||||||
The following is a summary of changes in the carrying amount of goodwill for the years ended December 31, 2013 and 2012: | |||||||||||||
Cost | Accumulated | Carrying | |||||||||||
Impairment | Amount | ||||||||||||
(In millions) | |||||||||||||
Balance at January 1, 2012 | $ | 97.8 | $ | (1.5 | ) | $ | 96.3 | ||||||
Acquisitions | 0.2 | — | 0.2 | ||||||||||
Changes due to foreign currency translation | 0.1 | — | 0.1 | ||||||||||
Balance at December 31, 2012 | $ | 98.1 | $ | (1.5 | ) | $ | 96.6 | ||||||
Impairment charge | — | (6.8 | ) | (6.8 | ) | ||||||||
Changes in purchase price allocation | 2 | — | 2 | ||||||||||
Changes due to foreign currency translation | (0.2 | ) | — | (0.2 | ) | ||||||||
Balance at December 31, 2013 | $ | 99.9 | $ | (8.3 | ) | $ | 91.6 | ||||||
Restructuring_and_Other_Charge1
Restructuring and Other Charges (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Restructuring And Related Activities [Abstract] | ' | ||||||||||||
Restructuring Accrual Activity | ' | ||||||||||||
The following summarizes restructuring accrual activity for the years ended December 31, 2013, 2012 and 2011: | |||||||||||||
Employee | Tenancy | Total | |||||||||||
Related | and Other | Restructuring | |||||||||||
Costs | Costs | Costs | |||||||||||
(In millions) | |||||||||||||
Balance at January 1, 2011 | $ | 0.1 | $ | 0.2 | $ | 0.3 | |||||||
Restructuring charges | 11.1 | — | 11.1 | ||||||||||
Cash payments | (5.3 | ) | (0.2 | ) | (5.5 | ) | |||||||
Adjustments for pension and other post-retirement termination non-cash charges | (1.4 | ) | — | (1.4 | ) | ||||||||
Balance at December 31, 2011 | $ | 4.5 | $ | — | $ | 4.5 | |||||||
Restructuring charges | 1.3 | 0.2 | 1.5 | ||||||||||
Reduction to reserve | (0.4 | ) | — | (0.4 | ) | ||||||||
Cash payments | (4.4 | ) | (0.2 | ) | (4.6 | ) | |||||||
Balance at December 31, 2012 | $ | 1 | $ | — | $ | 1 | |||||||
Restructuring charges | — | 2.1 | 2.1 | ||||||||||
Reduction to reserve | (0.2 | ) | — | (0.2 | ) | ||||||||
Cash payments | (0.7 | ) | (0.5 | ) | (1.2 | ) | |||||||
Balance at December 31, 2013 | $ | 0.1 | $ | 1.6 | $ | 1.7 | |||||||
Debt_Tables
Debt (Tables) | 3 Months Ended | 12 Months Ended | ||||||||||||||||
Mar. 31, 2014 | Dec. 31, 2013 | |||||||||||||||||
Debt Disclosure [Abstract] | ' | ' | ||||||||||||||||
Long-Term Debt | ' | ' | ||||||||||||||||
Long-term debt consisted of the following at March 31, 2014 and December 31, 2013: | Long-term debt consisted of the following at December 31, 2013 and 2012: | |||||||||||||||||
March 31, | December 31, | At December 31, | ||||||||||||||||
2014 | 2013 | 2013 | 2012 | |||||||||||||||
(In millions) | (In millions) | |||||||||||||||||
Ryerson Secured Credit Facility | $ | 342.5 | $ | 369.1 | Ryerson Secured Credit Facility | $ | 369.1 | $ | 383.5 | |||||||||
9% Senior Secured Notes due 2017 | 600 | 600 | 9% Senior Secured Notes due 2017 | 600 | 600 | |||||||||||||
11 1/4% Senior Notes due 2018 | 300 | 300 | 11 1/4% Senior Notes due 2018 | 300 | 300 | |||||||||||||
Foreign debt | 32.5 | 25.7 | Foreign debt | 25.7 | 21.9 | |||||||||||||
Total debt | 1,275.00 | 1,294.80 | Total debt | 1,294.80 | 1,305.40 | |||||||||||||
Less: | Less: | |||||||||||||||||
Short-term credit facility borrowings | — | 6.6 | Short-term credit facility borrowings | 6.6 | 13.5 | |||||||||||||
Short-term foreign debt | 32.5 | 25.7 | Foreign debt | 25.7 | 21.8 | |||||||||||||
Total long-term debt | $ | 1,242.50 | $ | 1,262.50 | Total long-term debt | $ | 1,262.50 | $ | 1,270.10 | |||||||||
Principal Payments on Debt | ' | ' | ||||||||||||||||
The principal payments required to be made on debt during the next five fiscal years are shown below: | ||||||||||||||||||
Amount | ||||||||||||||||||
(In millions) | ||||||||||||||||||
For the year ended December 31, 2014 | $ | 25.7 | ||||||||||||||||
For the year ended December 31, 2015 | — | |||||||||||||||||
For the year ended December 31, 2016 | — | |||||||||||||||||
For the year ended December 31, 2017 | 969.1 | |||||||||||||||||
For the year ended December 31, 2018 | 300 | |||||||||||||||||
For the years ended thereafter | — |
Employee_Benefits_Tables
Employee Benefits (Tables) | 3 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||||||||||||||||
Mar. 31, 2014 | Dec. 31, 2013 | |||||||||||||||||||||||||||||||||||||||||
Components of Benefit Obligation and Net Obligation Recognized in Financial Statements | ' | ' | ||||||||||||||||||||||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||||||||||||||||||||||||
Pension Benefits | Other Benefits | |||||||||||||||||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||||||||||||||||
Change in Benefit Obligation | ||||||||||||||||||||||||||||||||||||||||||
Benefit obligation at beginning of year | $ | 930 | $ | 856 | $ | 130 | $ | 143 | ||||||||||||||||||||||||||||||||||
Service cost | 3 | 3 | 1 | 1 | ||||||||||||||||||||||||||||||||||||||
Interest cost | 36 | 41 | 4 | 6 | ||||||||||||||||||||||||||||||||||||||
Plan amendments | — | — | — | (11 | ) | |||||||||||||||||||||||||||||||||||||
Actuarial (gain) loss | (68 | ) | 81 | (7 | ) | 6 | ||||||||||||||||||||||||||||||||||||
Special termination benefits | — | 1 | — | — | ||||||||||||||||||||||||||||||||||||||
Effect of changes in exchange rates | (4 | ) | 1 | (1 | ) | 1 | ||||||||||||||||||||||||||||||||||||
Curtailment gain | — | — | — | (2 | ) | |||||||||||||||||||||||||||||||||||||
Benefits paid (net of participant contributions and Medicare subsidy) | (55 | ) | (53 | ) | (13 | ) | (14 | ) | ||||||||||||||||||||||||||||||||||
Benefit obligation at end of year | $ | 842 | $ | 930 | $ | 114 | $ | 130 | ||||||||||||||||||||||||||||||||||
Accumulated benefit obligation at end of year | $ | 838 | $ | 925 | N/A | N/A | ||||||||||||||||||||||||||||||||||||
Change in Plan Assets | ||||||||||||||||||||||||||||||||||||||||||
Plan assets at fair value at beginning of year | $ | 560 | $ | 497 | $ | — | $ | — | ||||||||||||||||||||||||||||||||||
Actual return on plan assets | 89 | 69 | — | — | ||||||||||||||||||||||||||||||||||||||
Employer contributions | 48 | 46 | 14 | 15 | ||||||||||||||||||||||||||||||||||||||
Effect of changes in exchange rates | (3 | ) | 1 | — | — | |||||||||||||||||||||||||||||||||||||
Benefits paid (net of participant contributions) | (55 | ) | (53 | ) | (14 | ) | (15 | ) | ||||||||||||||||||||||||||||||||||
Plan assets at fair value at end of year | $ | 639 | $ | 560 | $ | — | $ | — | ||||||||||||||||||||||||||||||||||
Reconciliation of Amount Recognized | ||||||||||||||||||||||||||||||||||||||||||
Funded status | $ | (203 | ) | $ | (370 | ) | $ | (114 | ) | $ | (130 | ) | ||||||||||||||||||||||||||||||
Amounts recognized in balance sheet consist of: | ||||||||||||||||||||||||||||||||||||||||||
Current liabilities | $ | — | $ | — | $ | (12 | ) | $ | (13 | ) | ||||||||||||||||||||||||||||||||
Non-current liabilities | (203 | ) | (370 | ) | (102 | ) | (117 | ) | ||||||||||||||||||||||||||||||||||
Net benefit liability at the end of the year | $ | (203 | ) | $ | (370 | ) | $ | (114 | ) | $ | (130 | ) | ||||||||||||||||||||||||||||||
Amounts Recognized in Accumulated Other Comprehensive Income (loss) | ' | ' | ||||||||||||||||||||||||||||||||||||||||
The following table details the changes in accumulated other comprehensive income (loss) for the three month period ended March 31, 2014: | The following table details the changes in accumulated other comprehensive income (loss) for the year ended December 31, 2013: | |||||||||||||||||||||||||||||||||||||||||
Changes in Accumulated Other Comprehensive | Changes in Accumulated Other Comprehensive | |||||||||||||||||||||||||||||||||||||||||
Income (Loss) by Component | Income (Loss) by Component | |||||||||||||||||||||||||||||||||||||||||
Foreign | Benefit Plan | Unrealized | Foreign | Benefit Plan | Unrealized | |||||||||||||||||||||||||||||||||||||
Currency | Liabilities | Gain on | Currency | Liabilities | Gain on | |||||||||||||||||||||||||||||||||||||
Translation | Available- | Translation | Available- | |||||||||||||||||||||||||||||||||||||||
For-Sale | For-Sale | |||||||||||||||||||||||||||||||||||||||||
Investments | Investments | |||||||||||||||||||||||||||||||||||||||||
(In millions) | (In millions) | |||||||||||||||||||||||||||||||||||||||||
Balance at January 1, 2014 | $ | (16.6 | ) | $ | (174.9 | ) | $ | 3.3 | Balance at January 1, 2013 | $ | (3.8 | ) | $ | (251.6 | ) | $ | 3.3 | |||||||||||||||||||||||||
Other comprehensive income (loss) before reclassifications | (7.1 | ) | — | (0.1 | ) | Other comprehensive income (loss) before reclassifications | (12.8 | ) | 80.1 | — | ||||||||||||||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive income | — | 0.2 | — | Amounts reclassified from accumulated other comprehensive income | — | (3.4 | ) | — | ||||||||||||||||||||||||||||||||||
Net current-period other comprehensive income (loss) | (7.1 | ) | 0.2 | (0.1 | ) | Net current-period other comprehensive income (loss) | (12.8 | ) | 76.7 | — | ||||||||||||||||||||||||||||||||
Balance at March 31, 2014 | $ | (23.7 | ) | $ | (174.7 | ) | $ | 3.2 | Balance at December 31, 2013 | $ | (16.6 | ) | $ | (174.9 | ) | $ | 3.3 | |||||||||||||||||||||||||
Amounts Recognized in Other Comprehensive Income (loss) | ' | ' | ||||||||||||||||||||||||||||||||||||||||
Amounts recognized in other comprehensive income (loss) for the years ended December 31, 2013 and 2012 consist of the following: | ||||||||||||||||||||||||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||||||||||||||||||||||||
Pension Benefits | Other Benefits | |||||||||||||||||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||||||||||||||||
Amounts recognized in other comprehensive income (loss), pre–tax, consists of | ||||||||||||||||||||||||||||||||||||||||||
Net actuarial loss (gain) | $ | (112 | ) | $ | 58 | $ | (7 | ) | $ | 6 | ||||||||||||||||||||||||||||||||
Amortization of net actuarial loss (gain) | (14 | ) | (11 | ) | 7 | 8 | ||||||||||||||||||||||||||||||||||||
Prior service cost (credit) | — | — | 2 | (11 | ) | |||||||||||||||||||||||||||||||||||||
Total | $ | (126 | ) | $ | 47 | $ | 2 | $ | 3 | |||||||||||||||||||||||||||||||||
Components of Net Periodic Benefit Cost | ' | ' | ||||||||||||||||||||||||||||||||||||||||
The following table summarizes the components of net periodic benefit cost for the three month periods ended March 31, 2014 and 2013 for the Ryerson pension plans and postretirement benefits other than pension: | The components of the Company’s net periodic benefit cost for the years ended December 31, 2013, 2012 and 2011 are as follows: | |||||||||||||||||||||||||||||||||||||||||
Three Months Ended March 31, | Year Ended December 31, | |||||||||||||||||||||||||||||||||||||||||
Pension Benefits | Other Benefits | Pension Benefits | Other Benefits | |||||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2013 | 2012 | 2011 | 2013 | 2012 | 2011 | |||||||||||||||||||||||||||||||||
(In millions) | (In millions) | |||||||||||||||||||||||||||||||||||||||||
Components of net periodic benefit cost | Components of net periodic benefit cost | |||||||||||||||||||||||||||||||||||||||||
Service cost | $ | — | $ | 1 | $ | — | $ | — | Service cost | $ | 3 | $ | 3 | $ | 3 | $ | 1 | $ | 1 | $ | 1 | |||||||||||||||||||||
Interest cost | 10 | 9 | 1 | 1 | Interest cost | 36 | 41 | 42 | 4 | 6 | 8 | |||||||||||||||||||||||||||||||
Expected return on assets | (12 | ) | (11 | ) | — | — | Expected return on assets | (45 | ) | (45 | ) | (47 | ) | — | — | — | ||||||||||||||||||||||||||
Recognized actuarial net (gain) loss | 3 | 3 | (2 | ) | (2 | ) | Recognized actuarial loss (gain) | 14 | 11 | 6 | (7 | ) | (7 | ) | (4 | ) | ||||||||||||||||||||||||||
Amortization of prior service credit | — | — | — | (2 | ) | — | — | |||||||||||||||||||||||||||||||||||
Net periodic benefit cost (credit) | $ | 1 | $ | 2 | $ | (1 | ) | $ | (1 | ) | Special termination benefits | — | — | 1 | — | — | 1 | |||||||||||||||||||||||||
Curtailment gain | — | — | — | — | (2 | ) | — | |||||||||||||||||||||||||||||||||||
Net periodic benefit cost (credit) | $ | 8 | $ | 10 | $ | 5 | $ | (4 | ) | $ | (2 | ) | $ | 6 | ||||||||||||||||||||||||||||
Effects of One-Percentage-Point Change in Assumed Health Care Cost Trend Rates | ' | ' | ||||||||||||||||||||||||||||||||||||||||
A one-percentage-point change in the assumed health care cost trend rate would have the following effects: | ||||||||||||||||||||||||||||||||||||||||||
1% increase | 1% decrease | |||||||||||||||||||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||||||||||||||||
Effect on service cost plus interest cost | $ | 0.2 | $ | (0.2 | ) | |||||||||||||||||||||||||||||||||||||
Effect on postretirement benefit obligation | 4.1 | (3.4 | ) | |||||||||||||||||||||||||||||||||||||||
Asset Allocations by Asset Category | ' | ' | ||||||||||||||||||||||||||||||||||||||||
The Company’s pension trust weighted-average asset allocations at December 31, 2013 and 2012, by asset category are as follows: | ||||||||||||||||||||||||||||||||||||||||||
Trust Assets at | ||||||||||||||||||||||||||||||||||||||||||
December 31, | ||||||||||||||||||||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||||||||||||||||||||
Equity securities | 70 | % | 64 | % | ||||||||||||||||||||||||||||||||||||||
Debt securities | 19 | 22 | ||||||||||||||||||||||||||||||||||||||||
Real Estate | 3 | 3 | ||||||||||||||||||||||||||||||||||||||||
Other | 8 | 11 | ||||||||||||||||||||||||||||||||||||||||
Total | 100 | % | 100 | % | ||||||||||||||||||||||||||||||||||||||
Fair Values of Pension Plan Assets | ' | ' | ||||||||||||||||||||||||||||||||||||||||
The fair value of Ryerson’s pension plan assets at December 31, 2013 by asset category are as follows: See Note 16 for the definitions of Level 1, 2, and 3 fair value measurements. | ||||||||||||||||||||||||||||||||||||||||||
Fair Value Measurements at | ||||||||||||||||||||||||||||||||||||||||||
December 31, 2013 | ||||||||||||||||||||||||||||||||||||||||||
Asset Category | Total | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 11.9 | $ | 11.9 | $ | — | $ | — | ||||||||||||||||||||||||||||||||||
Equity securities: | ||||||||||||||||||||||||||||||||||||||||||
US large cap | 158.9 | — | 158.9 | — | ||||||||||||||||||||||||||||||||||||||
US small/mid cap | 62.6 | — | 62.6 | — | ||||||||||||||||||||||||||||||||||||||
Canadian large cap | 5.7 | — | 5.7 | — | ||||||||||||||||||||||||||||||||||||||
Canadian small cap | 1.4 | — | 1.4 | — | ||||||||||||||||||||||||||||||||||||||
Other international companies | 218.8 | — | 218.8 | — | ||||||||||||||||||||||||||||||||||||||
Fixed income securities: | ||||||||||||||||||||||||||||||||||||||||||
Investment grade debt | 118.8 | — | 118.8 | — | ||||||||||||||||||||||||||||||||||||||
Other types of investments: | ||||||||||||||||||||||||||||||||||||||||||
Commodity funds | 1.4 | — | 1.4 | — | ||||||||||||||||||||||||||||||||||||||
Multi-strategy funds | 28.6 | — | — | 28.6 | ||||||||||||||||||||||||||||||||||||||
Private equity funds | 12.7 | — | — | 12.7 | ||||||||||||||||||||||||||||||||||||||
Real estate | 18.1 | — | 17.5 | 0.6 | ||||||||||||||||||||||||||||||||||||||
Total | $ | 638.9 | $ | 11.9 | $ | 585.1 | $ | 41.9 | ||||||||||||||||||||||||||||||||||
The fair value of Ryerson’s pension plan assets at December 31, 2012 by asset category are as follows: | ||||||||||||||||||||||||||||||||||||||||||
Fair Value Measurements at | ||||||||||||||||||||||||||||||||||||||||||
December 31, 2012 | ||||||||||||||||||||||||||||||||||||||||||
Asset Category | Total | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 11.1 | $ | 11.1 | $ | — | $ | — | ||||||||||||||||||||||||||||||||||
Equity securities: | ||||||||||||||||||||||||||||||||||||||||||
US large cap | 121 | — | 121 | — | ||||||||||||||||||||||||||||||||||||||
US small/mid cap | 45.4 | — | 45.4 | — | ||||||||||||||||||||||||||||||||||||||
Canadian large cap | 6.4 | — | 6.4 | — | ||||||||||||||||||||||||||||||||||||||
Canadian small cap | 1.6 | — | 1.6 | — | ||||||||||||||||||||||||||||||||||||||
Other international companies | 183.1 | — | 183.1 | — | ||||||||||||||||||||||||||||||||||||||
Fixed income securities: | ||||||||||||||||||||||||||||||||||||||||||
Investment grade debt | 122.7 | — | 122.7 | — | ||||||||||||||||||||||||||||||||||||||
Other types of investments: | ||||||||||||||||||||||||||||||||||||||||||
Commodity funds | 1.5 | — | 1.5 | — | ||||||||||||||||||||||||||||||||||||||
Multi-strategy funds | 26.7 | — | — | 26.7 | ||||||||||||||||||||||||||||||||||||||
Private equity funds | 22.5 | — | — | 22.5 | ||||||||||||||||||||||||||||||||||||||
Real estate | 17.7 | — | 17 | 0.7 | ||||||||||||||||||||||||||||||||||||||
Total | $ | 559.7 | $ | 11.1 | $ | 498.7 | $ | 49.9 | ||||||||||||||||||||||||||||||||||
Fair Value Measurements Using Significant Unobservable Inputs | ' | ' | ||||||||||||||||||||||||||||||||||||||||
The pension assets classified as Level 2 investments in both 2013 and 2012 are part of common collective trust investments. | ||||||||||||||||||||||||||||||||||||||||||
Fair Value Measurements Using Significant Unobservable Inputs | ||||||||||||||||||||||||||||||||||||||||||
(Level 3) | ||||||||||||||||||||||||||||||||||||||||||
Multi- | Private Equity | Real Estate | Total | |||||||||||||||||||||||||||||||||||||||
Strategy | Funds | |||||||||||||||||||||||||||||||||||||||||
Hedge funds | ||||||||||||||||||||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||||||||||||||||
Beginning balance at January 1, 2011 | $ | 6 | $ | 31.5 | $ | 3.8 | $ | 41.3 | ||||||||||||||||||||||||||||||||||
Actual return on plan assets: | ||||||||||||||||||||||||||||||||||||||||||
Relating to assets still held at the reporting date | 0.2 | 0.3 | 0.2 | 0.7 | ||||||||||||||||||||||||||||||||||||||
Relating to assets sold during the period | — | 0.7 | (0.2 | ) | 0.5 | |||||||||||||||||||||||||||||||||||||
Purchases | — | 1.4 | — | 1.4 | ||||||||||||||||||||||||||||||||||||||
Sales | (3.5 | ) | (5.6 | ) | (1.3 | ) | (10.4 | ) | ||||||||||||||||||||||||||||||||||
Ending balance at December 31, 2011 | $ | 2.7 | $ | 28.3 | $ | 2.5 | $ | 33.5 | ||||||||||||||||||||||||||||||||||
Actual return on plan assets: | ||||||||||||||||||||||||||||||||||||||||||
Relating to assets still held at the reporting date | 1.7 | 0.5 | (0.3 | ) | 1.9 | |||||||||||||||||||||||||||||||||||||
Relating to assets sold during the period | (0.5 | ) | 2.4 | 0.8 | 2.7 | |||||||||||||||||||||||||||||||||||||
Purchases | 25 | 0.5 | — | 25.5 | ||||||||||||||||||||||||||||||||||||||
Sales | (2.2 | ) | (9.2 | ) | (2.3 | ) | (13.7 | ) | ||||||||||||||||||||||||||||||||||
Ending balance at December 31, 2012 | $ | 26.7 | $ | 22.5 | $ | 0.7 | $ | 49.9 | ||||||||||||||||||||||||||||||||||
Actual return on plan assets: | ||||||||||||||||||||||||||||||||||||||||||
Relating to assets still held at the reporting date | 1.9 | (1.1 | ) | — | 0.8 | |||||||||||||||||||||||||||||||||||||
Relating to assets sold during the period | — | 2.6 | 0.1 | 2.7 | ||||||||||||||||||||||||||||||||||||||
Sales | — | (11.3 | ) | (0.2 | ) | (11.5 | ) | |||||||||||||||||||||||||||||||||||
Ending balance at December 31, 2013 | $ | 28.6 | $ | 12.7 | $ | 0.6 | $ | 41.9 | ||||||||||||||||||||||||||||||||||
Estimated Future Benefit Payments | ' | ' | ||||||||||||||||||||||||||||||||||||||||
Estimated Future Benefit Payments | ||||||||||||||||||||||||||||||||||||||||||
Pension | Other | |||||||||||||||||||||||||||||||||||||||||
Benefits | Benefits | |||||||||||||||||||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||||||||||||||||
2014 | $ | 56.5 | $ | 12.7 | ||||||||||||||||||||||||||||||||||||||
2015 | 56.9 | 11.6 | ||||||||||||||||||||||||||||||||||||||||
2016 | 57.3 | 11.1 | ||||||||||||||||||||||||||||||||||||||||
2017 | 57.6 | 10.4 | ||||||||||||||||||||||||||||||||||||||||
2018 | 57.9 | 9.8 | ||||||||||||||||||||||||||||||||||||||||
2019-2023 | 291.3 | 40.1 | ||||||||||||||||||||||||||||||||||||||||
Other Postretirement Benefits for U.S. plans [Member] | ' | ' | ||||||||||||||||||||||||||||||||||||||||
Assumptions Used for Retirement Benefit Plans | ' | ' | ||||||||||||||||||||||||||||||||||||||||
The assumptions used to determine benefit obligations at the end of the periods and net periodic benefit costs for the Other Postretirement Benefits, primarily health care, for U.S. plans were as follows: | ||||||||||||||||||||||||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||||||||||||||||||||||
Discount rate for calculating obligations | 4.35 | % | 3.6 | % | 4.6 | % | ||||||||||||||||||||||||||||||||||||
Discount rate for calculating net periodic benefit cost | 3.6 | 4.6 | 5.25 | |||||||||||||||||||||||||||||||||||||||
Rate of compensation increase—benefit obligations | 2.8 | 3 | 3 | |||||||||||||||||||||||||||||||||||||||
Rate of compensation increase—net periodic benefit cost | 3 | 3 | 3 | |||||||||||||||||||||||||||||||||||||||
Pension Benefits for Canadian plans [Member] | ' | ' | ||||||||||||||||||||||||||||||||||||||||
Assumptions Used for Retirement Benefit Plans | ' | ' | ||||||||||||||||||||||||||||||||||||||||
The assumptions used to determine benefit obligations at the end of the periods and net periodic benefit costs for the Pension Benefits for Canadian plans were as follows: | ||||||||||||||||||||||||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||||||||||||||||||||||
Discount rate for calculating obligations | 4.6 | % | 4.2 | % | 4.75 | % | ||||||||||||||||||||||||||||||||||||
Discount rate for calculating net periodic benefit cost | 4.2 | 4.75 | 5.25 | |||||||||||||||||||||||||||||||||||||||
Expected rate of return on plan assets | 6.5 | 6.5 | 7 | |||||||||||||||||||||||||||||||||||||||
Rate of compensation increase | 3.5 | 3.5 | 3.5 | |||||||||||||||||||||||||||||||||||||||
Other Postretirement Benefits for Canadian plans [Member] | ' | ' | ||||||||||||||||||||||||||||||||||||||||
Assumptions Used for Retirement Benefit Plans | ' | ' | ||||||||||||||||||||||||||||||||||||||||
The assumptions used to determine benefit obligations at the end of the periods and net periodic benefit costs for the Other Postretirement Benefits, primarily healthcare, for Canadian plans were as follows: | ||||||||||||||||||||||||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||||||||||||||||||||||
Discount rate for calculating obligations | 4.4 | % | 4.1 | % | 4.8 | % | ||||||||||||||||||||||||||||||||||||
Discount rate for calculating net periodic benefit cost | 4.1 | 4.8 | 5.25 | |||||||||||||||||||||||||||||||||||||||
Rate of compensation increase | 3.5 | 3.5 | 3.5 | |||||||||||||||||||||||||||||||||||||||
Benefit Plan Liabilities [Member] | ' | ' | ||||||||||||||||||||||||||||||||||||||||
Amounts Recognized in Accumulated Other Comprehensive Income (loss) | ' | ' | ||||||||||||||||||||||||||||||||||||||||
Amounts recognized in accumulated other comprehensive income (loss) at December 31, 2013 and 2012 consist of the following: | ||||||||||||||||||||||||||||||||||||||||||
At December 31, | ||||||||||||||||||||||||||||||||||||||||||
Pension Benefits | Other Benefits | |||||||||||||||||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||||||||||||||||
Amounts recognized in accumulated other comprehensive income (loss), pre–tax, consists of | ||||||||||||||||||||||||||||||||||||||||||
Net actuarial (gain) loss | $ | 276 | $ | 403 | $ | (73 | ) | $ | (73 | ) | ||||||||||||||||||||||||||||||||
Prior service cost (credit) | 2 | 1 | (10 | ) | (12 | ) | ||||||||||||||||||||||||||||||||||||
Total | $ | 278 | $ | 404 | $ | (83 | ) | $ | (85 | ) | ||||||||||||||||||||||||||||||||
Pension Benefits for U.S. plans [Member] | ' | ' | ||||||||||||||||||||||||||||||||||||||||
Assumptions Used for Retirement Benefit Plans | ' | ' | ||||||||||||||||||||||||||||||||||||||||
The assumptions used to determine benefit obligations at the end of the periods and net periodic benefit costs for the Pension Benefits for U.S. plans were as follows: | ||||||||||||||||||||||||||||||||||||||||||
Year Ended | Year Ended | Year Ended | ||||||||||||||||||||||||||||||||||||||||
December 31, | December 31, | December 31, | ||||||||||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||||||||||||||||||||||
Discount rate for calculating obligations | 4.8 | % | 4 | % | 4.9 | % | ||||||||||||||||||||||||||||||||||||
Discount rate for calculating net periodic benefit cost | 4 | 4.9 | 5.35 | |||||||||||||||||||||||||||||||||||||||
Expected rate of return on plan assets | 8.2 | 8.75 | 8.75 | |||||||||||||||||||||||||||||||||||||||
Rate of compensation increase—benefit obligations | 2.8 | 3 | 3 | |||||||||||||||||||||||||||||||||||||||
Rate of compensation increase—net periodic benefit cost | 3 | 3 | 3 | |||||||||||||||||||||||||||||||||||||||
Target Ranges and Allocations | ' | ' | ||||||||||||||||||||||||||||||||||||||||
Asset Allocations by Asset Category | ' | ' | ||||||||||||||||||||||||||||||||||||||||
The approved target ranges and allocations as of the December 31, 2013 measurement date were as follows: | ||||||||||||||||||||||||||||||||||||||||||
Range | Target | |||||||||||||||||||||||||||||||||||||||||
Equity securities | 35-85 | % | 63 | % | ||||||||||||||||||||||||||||||||||||||
Debt securities | 30-Oct | 22 | ||||||||||||||||||||||||||||||||||||||||
Real Estate | 0-10 | 9 | ||||||||||||||||||||||||||||||||||||||||
Other | 0-10 | 6 | ||||||||||||||||||||||||||||||||||||||||
Total | 100 | % | ||||||||||||||||||||||||||||||||||||||||
Financial_Statements_Tables
Financial Statements (Tables) | 3 Months Ended | 12 Months Ended | ||||||||||||||||||||
Mar. 31, 2014 | Dec. 31, 2013 | |||||||||||||||||||||
Sales By Product Category [Abstract] | ' | ' | ||||||||||||||||||||
Percentage of Sales by Major Product Lines | ' | ' | ||||||||||||||||||||
The following table shows our percentage of sales by major product lines for the three months ended March 31, 2014 and 2013, respectively: | The following table shows the Company’s percentage of sales by major product line: | |||||||||||||||||||||
Three Months Ended | Year Ended December 31, | |||||||||||||||||||||
March 31, | Product Line | 2013 | 2012 | 2011 | ||||||||||||||||||
Product Line | 2014 | 2013 | (Percentage of Sales) | |||||||||||||||||||
Carbon Steel Flat | 26 | % | 25 | % | Carbon Steel Flat | 26 | % | 25 | % | 27 | % | |||||||||||
Carbon Steel Plate | 11 | 12 | Carbon Steel Plate | 11 | 13 | 11 | ||||||||||||||||
Carbon Steel Long | 17 | 15 | Carbon Steel Long | 15 | 15 | 10 | ||||||||||||||||
Stainless Steel Flat | 15 | 16 | Stainless Steel Flat | 16 | 15 | 18 | ||||||||||||||||
Stainless Steel Plate | 4 | 4 | Stainless Steel Plate | 4 | 4 | 4 | ||||||||||||||||
Stainless Steel Long | 3 | 4 | Stainless Steel Long | 3 | 4 | 4 | ||||||||||||||||
Aluminum Flat | 14 | 14 | Aluminum Flat | 15 | 14 | 15 | ||||||||||||||||
Aluminum Plate | 3 | 3 | Aluminum Plate | 3 | 3 | 3 | ||||||||||||||||
Aluminum Long | 4 | 4 | Aluminum Long | 4 | 4 | 4 | ||||||||||||||||
Other | 3 | 3 | Other | 3 | 3 | 4 | ||||||||||||||||
Total | 100 | % | 100 | % | Total | 100 | % | 100 | % | 100 | % | |||||||||||
Derivatives_and_Fair_Value_Mea1
Derivatives and Fair Value Measurements (Tables) | 3 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||
Mar. 31, 2014 | Dec. 31, 2013 | |||||||||||||||||||||||||||||||||||||||||||||||||
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 Consolidated Balance Sheets as of March 31, 2014 and December 31, 2013: | The following table summarizes the location and fair value amount of our derivative instruments reported in our Consolidated Balance Sheet as of December 31, 2013 and 2012: | |||||||||||||||||||||||||||||||||||||||||||||||||
Asset Derivatives | Liability Derivatives | Asset Derivatives | Liability Derivatives | |||||||||||||||||||||||||||||||||||||||||||||||
March 31, 2014 | December 31, 2013 | March 31, 2014 | December 31, 2013 | December 31, 2013 | December 31, 2012 | December 31, 2013 | December 31, 2012 | |||||||||||||||||||||||||||||||||||||||||||
Balance | Fair Value | Balance | Fair Value | Balance | Fair Value | Balance | Fair Value | Balance | Fair Value | Balance | Fair Value | Balance | Fair Value | Balance | Fair Value | |||||||||||||||||||||||||||||||||||
Sheet | Sheet | Sheet | Sheet | Sheet | Sheet | Sheet | Sheet | |||||||||||||||||||||||||||||||||||||||||||
Location | Location | Location | Location | Location | Location | Location | Location | |||||||||||||||||||||||||||||||||||||||||||
(In millions) | (In millions) | |||||||||||||||||||||||||||||||||||||||||||||||||
Derivatives not designated as hedging instruments under ASC 815 | Derivatives not designated as hedging instruments under ASC 815 | |||||||||||||||||||||||||||||||||||||||||||||||||
Commodity contracts | Prepaid expenses and other current assets | $ | — | Prepaid expenses and other current assets | $ | — | Other | $ | — | Other | $ | 0.2 | Commodity contracts | Prepaid expenses and other current assets | $ | — | Prepaid expenses and other current assets | $ | 0.2 | Other | $ | 0.2 | Other | $ | — | |||||||||||||||||||||||||
accrued | accrued | accrued | accrued | |||||||||||||||||||||||||||||||||||||||||||||||
liabilities | liabilities | liabilities | liabilities | |||||||||||||||||||||||||||||||||||||||||||||||
Location and Amount of Gains and Losses Reported in Consolidated Statements of Comprehensive Income | ' | ' | ||||||||||||||||||||||||||||||||||||||||||||||||
The following table summarizes the location and amount of gains and losses reported in our Consolidated Statements of Comprehensive Income for the three months ended March 31, 2014 and 2013: | The following table summarizes the location and amount of gains and losses reported in our Consolidated Statements of Operations for the years ended December 31, 2013, 2012 and 2011: | |||||||||||||||||||||||||||||||||||||||||||||||||
Derivatives not designated as hedging | Location of Gain/(Loss) | Amount of Gain/(Loss) | Derivatives not designated as hedging | Location of Gain/(Loss) | Amount of Gain/(Loss) | |||||||||||||||||||||||||||||||||||||||||||||
instruments under ASC 815 | Recognized in Income on | Recognized in Income on Derivatives | instruments under ASC 815 | Recognized in Income on | Recognized in Income on Derivatives | |||||||||||||||||||||||||||||||||||||||||||||
Derivatives | Three Months Ended March 31, | Derivative | Year Ended December 31, | |||||||||||||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2013 | 2012 | 2011 | ||||||||||||||||||||||||||||||||||||||||||||||
(In millions) | (In millions) | |||||||||||||||||||||||||||||||||||||||||||||||||
Metal commodity contracts | Cost of materials sold | $ | 0.2 | $ | (0.3 | ) | Foreign exchange contracts | Other income and (expense), net | $ | — | $ | 0.1 | $ | 0.2 | ||||||||||||||||||||||||||||||||||||
Commodity contracts | Cost of materials sold | (0.3 | ) | 1.3 | (1.9 | ) | ||||||||||||||||||||||||||||||||||||||||||||
Natural gas commodity contracts | Warehousing, delivery, selling, general and administrative | — | — | (0.1 | ) | |||||||||||||||||||||||||||||||||||||||||||||
Total | $ | (0.3 | ) | $ | 1.4 | $ | (1.8 | ) | ||||||||||||||||||||||||||||||||||||||||||
Assets and Liabilities Measured and Recorded at Fair Value | ' | ' | ||||||||||||||||||||||||||||||||||||||||||||||||
The following table presents assets and liabilities measured and recorded at fair value on our Consolidated Balance Sheets on a recurring basis and their level within the fair value hierarchy as of March 31, 2014: | The following table presents assets and liabilities measured and recorded at fair value on our Consolidated Balance Sheets on a recurring basis and their level within the fair value hierarchy as of December 31, 2013: | |||||||||||||||||||||||||||||||||||||||||||||||||
At March 31, 2014 | At December 31, 2013 | |||||||||||||||||||||||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||||||||||||||||||||||||
(In millions) | (In millions) | |||||||||||||||||||||||||||||||||||||||||||||||||
Assets | Assets | |||||||||||||||||||||||||||||||||||||||||||||||||
Cash equivalents: | Cash equivalents: | |||||||||||||||||||||||||||||||||||||||||||||||||
Commercial paper | $ | 35.9 | $ | — | $ | — | Commercial paper | $ | 39.9 | $ | — | $ | — | |||||||||||||||||||||||||||||||||||||
Prepaid and other current assets: | Prepaid and other current assets: | |||||||||||||||||||||||||||||||||||||||||||||||||
Common stock—available-for-sale investment | $ | 20.6 | $ | — | $ | — | Common stock—available-for-sale investment | $ | 20.7 | $ | — | $ | — | |||||||||||||||||||||||||||||||||||||
The following table presents assets and liabilities measured and recorded at fair value on our Consolidated Balance Sheets on a recurring basis and their level within the fair value hierarchy as of December 31, 2013: | Liabilities | |||||||||||||||||||||||||||||||||||||||||||||||||
Mark-to-market derivatives: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Commodity contracts | $ | — | $ | 0.2 | $ | — | ||||||||||||||||||||||||||||||||||||||||||||
At December 31, 2013 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | The following table presents assets and liabilities measured and recorded at fair value on our Consolidated Balance Sheets on a recurring basis and their level within the fair value hierarchy as of December 31, 2012: | |||||||||||||||||||||||||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||||||||||||||||||||||||
Cash equivalents: | At December 31, 2012 | |||||||||||||||||||||||||||||||||||||||||||||||||
Commercial paper | $ | 39.9 | $ | — | $ | — | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Prepaid and other current assets: | Assets | |||||||||||||||||||||||||||||||||||||||||||||||||
Common stock—available-for-sale investment | $ | 20.7 | $ | — | $ | — | Cash equivalents: | |||||||||||||||||||||||||||||||||||||||||||
Commercial paper | $ | 28.3 | $ | — | $ | — | ||||||||||||||||||||||||||||||||||||||||||||
Liabilities | ||||||||||||||||||||||||||||||||||||||||||||||||||
Mark-to-market derivatives: | Prepaid and other current assets: | |||||||||||||||||||||||||||||||||||||||||||||||||
Commodity contracts | $ | — | $ | 0.2 | $ | — | Common stock – available-for-sale investment | $ | 20.7 | $ | — | $ | — | |||||||||||||||||||||||||||||||||||||
Mark-to-market derivatives: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Commodity contracts | $ | — | $ | 0.2 | $ | — | ||||||||||||||||||||||||||||||||||||||||||||
Assets and Liabilities Measured and Recorded at Fair Value on Non-Recurring Basis | ' | ' | ||||||||||||||||||||||||||||||||||||||||||||||||
The following table presents those assets that were measured and recorded at fair value on our Consolidated Balance Sheets on a non-recurring basis and their level within the fair value hierarchy at March 31, 2014: | The following table presents assets and liabilities measured and recorded at fair value on our Consolidated Balance Sheets on a non-recurring basis and their level within the fair value hierarchy as of December 31, 2013: | |||||||||||||||||||||||||||||||||||||||||||||||||
March 31, 2014 | At December 31, 2013 | |||||||||||||||||||||||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||||||||||||||||||||||||
(In millions) | (In millions) | |||||||||||||||||||||||||||||||||||||||||||||||||
Assets | Assets | |||||||||||||||||||||||||||||||||||||||||||||||||
Prepaid expenses and other current assets—assets held for sale | $ | — | $ | 4.6 | $ | — | Other current assets—assets held for sale (Note 5) | $ | — | $ | 4.7 | $ | — | |||||||||||||||||||||||||||||||||||||
The following table presents those assets that were measured and recorded at fair value on our Consolidated Balance Sheets on a non-recurring basis and their level within the fair value hierarchy at December 31, 2013: | The following table presents assets and liabilities measured and recorded at fair value on our Consolidated Balance Sheets on a non-recurring basis and their level within the fair value hierarchy as of December 31, 2012: | |||||||||||||||||||||||||||||||||||||||||||||||||
At December 31, 2013 | At December 31, 2012 | |||||||||||||||||||||||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||||||||||||||||||||||||
(In millions) | (In millions) | |||||||||||||||||||||||||||||||||||||||||||||||||
Assets | Assets | |||||||||||||||||||||||||||||||||||||||||||||||||
Prepaid expenses and other current assets—assets held for sale | $ | — | $ | 4.7 | $ | — | Other current assets—assets held for sale (Note 5) | $ | — | $ | 3.6 | $ | — | |||||||||||||||||||||||||||||||||||||
Carrying and Estimated Fair Values of Financial Instruments | ' | ' | ||||||||||||||||||||||||||||||||||||||||||||||||
The carrying and estimated fair values of the Company’s financial instruments at March 31, 2014 and December 31, 2013 were as follows: | The carrying and estimated fair values of the Company’s financial instruments at December 31, 2013 and 2012 were as follows: | |||||||||||||||||||||||||||||||||||||||||||||||||
At March 31, 2014 | At December 31, 2013 | At December 31, 2013 | At December 31, 2012 | |||||||||||||||||||||||||||||||||||||||||||||||
Carrying | Fair Value | Carrying | Fair Value | Carrying | Fair Value | Carrying | Fair Value | |||||||||||||||||||||||||||||||||||||||||||
Amount | Amount | Amount | Amount | |||||||||||||||||||||||||||||||||||||||||||||||
(In millions) | (In millions) | |||||||||||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 97.4 | $ | 97.4 | $ | 74.4 | $ | 74.4 | Cash and cash equivalents | $ | 74.4 | $ | 74.4 | $ | 71.2 | $ | 71.2 | |||||||||||||||||||||||||||||||||
Restricted cash | 1.8 | 1.8 | 1.8 | 1.8 | Restricted cash | 1.8 | 1.8 | 3.9 | 3.9 | |||||||||||||||||||||||||||||||||||||||||
Receivables less provision for allowances, claims and doubtful accounts | 433.5 | 433.5 | 381.9 | 381.9 | Receivables less provision for allowances, claims and doubtful accounts | 381.9 | 381.9 | 394.1 | 394.1 | |||||||||||||||||||||||||||||||||||||||||
Accounts payable | 261.7 | 261.7 | 207.3 | 207.3 | Accounts payable | 207.3 | 207.3 | 196.3 | 196.3 | |||||||||||||||||||||||||||||||||||||||||
Long-term debt, including current portion | 1,275.00 | 1,356.70 | 1,294.80 | 1,348.80 | Long-term debt, including current portion | 1,294.80 | 1,348.80 | 1,305.40 | 1,296.40 | |||||||||||||||||||||||||||||||||||||||||
Available-for-sale Securities | ' | ' | ||||||||||||||||||||||||||||||||||||||||||||||||
The Company’s available-for-sale securities as of March 31, 2014 can be summarized as follows: | The Company’s available-for-sale securities as of December 31, 2013 can be summarized as follows: | |||||||||||||||||||||||||||||||||||||||||||||||||
At March 31, 2014 | At December 31, 2013 | |||||||||||||||||||||||||||||||||||||||||||||||||
Cost | Gross | Gross | Fair Value | Cost | Gross Unrealized | Gross | Fair Value | |||||||||||||||||||||||||||||||||||||||||||
Unrealized | Unrealized | Gains | Unrealized | |||||||||||||||||||||||||||||||||||||||||||||||
Gains | Losses | Losses | ||||||||||||||||||||||||||||||||||||||||||||||||
(In millions) | (In millions) | |||||||||||||||||||||||||||||||||||||||||||||||||
Common stock | $ | 17.4 | $ | 3.2 | $ | — | $ | 20.6 | Common stock | $ | 17.4 | $ | 3.3 | $ | — | $ | 20.7 | |||||||||||||||||||||||||||||||||
The Company’s available-for-sale securities as of December 31, 2013 can be summarized as follows: | The Company’s available-for-sale securities as of December 31, 2012 can be summarized as follows: | |||||||||||||||||||||||||||||||||||||||||||||||||
At December 31, 2013 | At December 31, 2012 | |||||||||||||||||||||||||||||||||||||||||||||||||
Cost | Gross | Gross | Fair Value | Cost | Gross Unrealized | Gross | Fair Value | |||||||||||||||||||||||||||||||||||||||||||
Unrealized | Unrealized | Gains | Unrealized | |||||||||||||||||||||||||||||||||||||||||||||||
Gains | Losses | Losses | ||||||||||||||||||||||||||||||||||||||||||||||||
(In millions) | (In millions) | |||||||||||||||||||||||||||||||||||||||||||||||||
Common stock | $ | 17.4 | $ | 3.3 | $ | — | $ | 20.7 | Common stock | $ | 17.4 | $ | 3.3 | $ | — | $ | 20.7 |
Stockholders_Equity_Deficit_Ac1
Stockholders' Equity (Deficit), Accumulated Other Comprehensive Income and Redeemable Noncontrolling Interest (Tables) | 3 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mar. 31, 2014 | Dec. 31, 2013 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity [Abstract] | ' | ' | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reclassifications Out of Accumulated Other Comprehensive Income (Loss) | ' | ' | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
The following table details the reclassifications out of accumulated other comprehensive income (loss) for the three month periods ended March 31, 2014 and 2013: | The following table details the reclassifications out of accumulated other comprehensive income (loss) for the year ended December 31, 2013: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reclassifications Out of Accumulated Other Comprehensive Income (Loss) | Reclassifications Out of Accumulated Other Comprehensive Income (Loss) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Details about Accumulated Other Comprehensive | Amount reclassified from | Affected line item in the Condensed | Details about Accumulated Other Comprehensive | Amount reclassified from | Affected line item in the Condensed | |||||||||||||||||||||||||||||||||||||||||||||||||||
Income (Loss) Components | Accumulated Other | Consolidated Statements of | Income (Loss) Components | Accumulated Other | Consolidated Statements of | |||||||||||||||||||||||||||||||||||||||||||||||||||
Comprehensive Income (Loss) | Comprehensive Income | Comprehensive Income (Loss) | Comprehensive Income | |||||||||||||||||||||||||||||||||||||||||||||||||||||
For the Three Months Ended | For the Year Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
March 31, 2014 | March 31, 2013 | 31-Dec-13 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
(In millions) | (In millions) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amortization of defined benefit pension and other post-retirement benefit plan items | Amortization of defined benefit pension and other post-retirement benefit plan items | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Actuarial loss | $ | 0.6 | $ | 1.6 | Warehousing, delivery, selling, general and administrative | Actuarial gain | $ | (6.6 | ) | Warehousing, delivery, selling, general and administrative | ||||||||||||||||||||||||||||||||||||||||||||||
Prior service credit | (0.4 | ) | (0.4 | ) | Warehousing, delivery, selling, general and administrative | Prior service cost | 1.4 | Warehousing, delivery, selling, general and administrative | ||||||||||||||||||||||||||||||||||||||||||||||||
Total before tax | 0.2 | 1.2 | Total before tax | (5.2 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||
Tax provision | — | 0.1 | Tax provision | 1.8 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Net of tax | $ | 0.2 | $ | 1.1 | Net of tax | $ | (3.4 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||
Stockholders Equity | ' | ' | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
The following table details changes in these accounts: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ryerson Holding Corporation Stockholders | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accumulated Other | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Comprehensive Income (Loss) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common | Treasury | Capital in | Accumulated | Foreign | Benefit | Unrealized | Noncontrolling | Total | Redeemable | |||||||||||||||||||||||||||||||||||||||||||||||
Stock | Stock | Excess of | Deficit | Currency | Plan | Gain on | Interest | Equity | Noncontrolling | |||||||||||||||||||||||||||||||||||||||||||||||
Par Value | Translation | Liabilities | Available- | Interest | ||||||||||||||||||||||||||||||||||||||||||||||||||||
For-Sale | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares | Dollars | Shares | Dollars | Dollars | Dollars | Dollars | Dollars | Dollars | Dollars | Dollars | Dollars | |||||||||||||||||||||||||||||||||||||||||||||
(In millions, except shares in thousands) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at January 1, 2014 | 21,250 | $ | 0.2 | 213 | $ | (6.6 | ) | $ | 189.7 | $ | (107.1 | ) | $ | (16.6 | ) | $ | (174.9 | ) | $ | 3.3 | $ | 1.9 | $ | (110.1 | ) | $ | 1.3 | |||||||||||||||||||||||||||||
Net income (loss) | — | — | — | — | — | 1.6 | — | — | — | (0.1 | ) | 1.5 | (0.1 | ) | ||||||||||||||||||||||||||||||||||||||||||
Foreign currency translation | — | — | — | — | — | — | (7.1 | ) | — | — | — | (7.1 | ) | — | ||||||||||||||||||||||||||||||||||||||||||
Changes in defined benefit pension and other post-retirement benefit plans | — | — | — | — | — | — | — | 0.2 | — | — | 0.2 | — | ||||||||||||||||||||||||||||||||||||||||||||
Unrealized loss on available-for-sale investment | — | — | — | — | — | — | — | — | (0.1 | ) | — | (0.1 | ) | — | ||||||||||||||||||||||||||||||||||||||||||
Balance at March 31, 2014 | 21,250 | $ | 0.2 | 213 | $ | (6.6 | ) | $ | 189.7 | $ | (105.5 | ) | $ | (23.7 | ) | $ | (174.7 | ) | $ | 3.2 | $ | (1.8 | ) | $ | (115.7 | ) | $ | 1.2 | ||||||||||||||||||||||||||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||
Elements of Provision (Benefit) for Income Taxes | ' | ||||||||||||
The elements of the provision (benefit) for income taxes were as follows: | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(In millions) | |||||||||||||
Income (loss) before income tax: | |||||||||||||
U.S. | $ | 35.5 | $ | 47.5 | $ | (14.8 | ) | ||||||
Foreign | (21.6 | ) | (7.2 | ) | (5.0 | ) | |||||||
$ | 13.9 | $ | 40.3 | $ | (19.8 | ) | |||||||
Current income taxes: | |||||||||||||
Federal | $ | (0.1 | ) | $ | — | $ | (5.3 | ) | |||||
Foreign | (0.1 | ) | 0.6 | 5.4 | |||||||||
State | 0.6 | 3.1 | 0.5 | ||||||||||
0.4 | 3.7 | 0.6 | |||||||||||
Deferred income taxes | (112.7 | ) | (9.2 | ) | (11.6 | ) | |||||||
Total tax provision (benefit) | $ | (112.3 | ) | $ | (5.5 | ) | $ | (11.0 | ) | ||||
Reconciliation of Income Taxes with Amounts Computed by Applying Federal Tax Rate | ' | ||||||||||||
Income taxes differ from the amounts computed by applying the federal tax rate as follows: | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(In millions) | |||||||||||||
Federal income tax expense (benefit) computed at statutory tax rate of 35% | $ | 4.9 | $ | 14.1 | $ | (6.9 | ) | ||||||
Additional taxes or credits from: | |||||||||||||
State and local income taxes, net of federal income tax effect | 3 | 3 | 2 | ||||||||||
Non-deductible expenses and non-taxable income | 5.1 | 1.9 | (1.1 | ) | |||||||||
Foreign income not includable in federal taxable income | 1.9 | 0.3 | 5.8 | ||||||||||
Effect of acquisition related elections and settlements (1) | (2.2 | ) | (7.1 | ) | — | ||||||||
Valuation allowance changes (net) (2) | (124.2 | ) | (19.2 | ) | (11.7 | ) | |||||||
All other, net | (0.8 | ) | 1.5 | 0.9 | |||||||||
Total income tax provision (benefit) | $ | (112.3 | ) | $ | (5.5 | ) | $ | (11.0 | ) | ||||
-1 | Includes a $8.5 million deferred tax benefit in 2012 related to a tax election corresponding with the acquisition of Turret, for which an offsetting valuation allowance was also recorded in 2012. | ||||||||||||
-2 | The 2012 change in valuation allowance includes a benefit from the use of U.S. federal and state net operating loss carryforwards totaling approximately $4 million. | ||||||||||||
Components of Deferred Income Tax Assets and Liabilities | ' | ||||||||||||
The components of the deferred income tax assets and liabilities arising under FASB ASC 740, “Income Taxes” (“ASC 740”) were as follows: | |||||||||||||
At December 31, | |||||||||||||
2013 | 2012 | ||||||||||||
(In millions) | |||||||||||||
Deferred tax assets: | |||||||||||||
AMT tax credit carryforwards | $ | 30 | $ | 30 | |||||||||
Post-retirement benefits other than pensions | 43 | 49 | |||||||||||
Federal and foreign net operating loss carryforwards | 70 | 64 | |||||||||||
State net operating loss carryforwards | 12 | 12 | |||||||||||
Pension liability | 74 | 143 | |||||||||||
Other deductible temporary differences | 17 | 16 | |||||||||||
Less: valuation allowances | (23 | ) | (147 | ) | |||||||||
$ | 223 | $ | 167 | ||||||||||
Deferred tax liabilities: | |||||||||||||
Fixed asset basis difference | $ | 104 | $ | 109 | |||||||||
Inventory basis difference | 129 | 130 | |||||||||||
Other intangibles | 15 | 11 | |||||||||||
248 | 250 | ||||||||||||
Net deferred tax liability | $ | (25 | ) | $ | (83 | ) | |||||||
Reconciliation of Unrecognized Tax Benefits | ' | ||||||||||||
A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows: | |||||||||||||
Unrecognized | |||||||||||||
Tax Benefits | |||||||||||||
(In millions) | |||||||||||||
Unrecognized tax benefits balance at January 1, 2011 | $ | 6.4 | |||||||||||
Gross increases—tax positions in current periods | 1.5 | ||||||||||||
Settlements and closing of statute of limitations | (0.9 | ) | |||||||||||
Unrecognized tax benefits balance at December 31, 2011 | $ | 7 | |||||||||||
Gross increases—tax positions in current periods | 2 | ||||||||||||
Unrecognized tax benefits balance at December 31, 2012 | $ | 9 | |||||||||||
Gross increases—tax positions in current periods | 0.4 | ||||||||||||
Settlements and closing of statute of limitations | (0.6 | ) | |||||||||||
Unrecognized tax benefits balance at December 31, 2013 | $ | 8.8 | |||||||||||
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 3 Months Ended | 12 Months Ended | ||||||||||||||||||||
Mar. 31, 2014 | Dec. 31, 2013 | |||||||||||||||||||||
Earnings Per Share [Abstract] | ' | ' | ||||||||||||||||||||
Calculation of Basic and Diluted Earnings (loss) Per Share | ' | ' | ||||||||||||||||||||
The following table sets forth the calculation of basic and diluted earnings per share: | The following table sets forth the calculation of basic and diluted earnings (loss) per share: | |||||||||||||||||||||
Three Months Ended March 31, | Year Ended December 31, | |||||||||||||||||||||
Basic and diluted earnings per share | 2014 | 2013 | Basic and diluted earnings (loss) per share | 2013 | 2012 | 2011 | ||||||||||||||||
(In millions, except per share data) | (In millions, except per share data) | |||||||||||||||||||||
Net income available to common stockholders | $ | 1.6 | $ | 5.6 | Net income (loss) available to common stockholders | $ | 127.3 | $ | 47.1 | $ | (8.1 | ) | ||||||||||
Average shares of common stock outstanding | 21 | 21.3 | Average shares of common stock outstanding | 21.3 | 21.3 | 21.3 | ||||||||||||||||
Basic and diluted earnings per share | $ | 0.08 | $ | 0.26 | Basic and diluted earnings (loss) per share | $ | 5.99 | $ | 2.22 | $ | (0.38 | ) | ||||||||||
Supplementary_Financial_Data_T
Supplementary Financial Data (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | ||||||||||||||||||||||||
Summary by Quarter | ' | ||||||||||||||||||||||||
SUMMARY BY QUARTER | |||||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||
Net Sales | Gross | Income (Loss) | Net Income | Net Income | Basic and | ||||||||||||||||||||
Profit | Before | (Loss) | (Loss) | Diluted | |||||||||||||||||||||
Income | Attributable | Earnings | |||||||||||||||||||||||
Taxes | to Ryerson | (Loss) per | |||||||||||||||||||||||
Holding | Share | ||||||||||||||||||||||||
Corporation | |||||||||||||||||||||||||
2012 | |||||||||||||||||||||||||
First Quarter | $ | 1,121.60 | $ | 190.8 | $ | 27.5 | $ | 24.9 | $ | 25 | $ | 1.18 | |||||||||||||
Second Quarter (1) | 1,090.60 | 184 | 19.8 | 15.4 | 15.6 | 0.73 | |||||||||||||||||||
Third Quarter | 962.2 | 180.5 | 18.6 | 16 | 16.4 | 0.77 | |||||||||||||||||||
Fourth Quarter (2) | 850.3 | 154.3 | (25.6 | ) | (10.5 | ) | (9.9 | ) | (0.46 | ) | |||||||||||||||
Year | $ | 4,024.70 | $ | 709.6 | $ | 40.3 | $ | 45.8 | $ | 47.1 | $ | 2.22 | |||||||||||||
2013 | |||||||||||||||||||||||||
First Quarter (3) | $ | 891.1 | $ | 155.8 | $ | 6.1 | $ | 5.2 | $ | 5.6 | $ | 0.26 | |||||||||||||
Second Quarter (4) | 906.9 | 158.5 | 2.4 | 0.2 | 0.5 | 0.02 | |||||||||||||||||||
Third Quarter (5) | 859.8 | 155.1 | 5.6 | 2.8 | 3 | 0.14 | |||||||||||||||||||
Fourth Quarter (6) | 802.5 | 147.2 | (0.2 | ) | 118 | 118.2 | 5.56 | ||||||||||||||||||
Year | $ | 3,460.30 | $ | 616.6 | $ | 13.9 | $ | 126.2 | $ | 127.3 | $ | 5.99 | |||||||||||||
-1 | Included in the second quarter 2012 results is an impairment charge of $0.9 million related to certain assets held for sale to recognize the assets at their fair value less cost to sell. | ||||||||||||||||||||||||
-2 | Included in the fourth quarter 2012 results is an impairment charge of $0.1 million related to certain assets held for sale to recognize the assets at their fair value less cost to sell, $1.1 million restructuring charges primarily for employee-related costs resulting from a facility closure, a $32.8 million loss on the redemption of the Ryerson Notes and Ryerson Holding Notes, and a $1.7 million curtailment gain related to an amendment of a Canadian post-retirement medical and life insurance plan. The fourth quarter of 2012 also included an income tax benefit of $15.2 million related to the release of valuation allowance associated with certain state deferred tax assets. | ||||||||||||||||||||||||
-3 | Included in the first quarter 2013 results is an impairment charge of $0.9 million related to certain assets held for sale to recognize the assets at their fair value less cost to sell. | ||||||||||||||||||||||||
-4 | Included in the second quarter 2013 results is an impairment charge of $6.8 million to reduce the carrying value of goodwill at a reporting unit to its implied fair value. The second quarter also includes a $2.1 million restructuring charge related to the closure of a facility. | ||||||||||||||||||||||||
-5 | Included in the third quarter 2013 results is an impairment charge of $1.1 million related to certain assets held for sale to recognize the assets at their fair value less cost to sell. | ||||||||||||||||||||||||
-6 | Included in the fourth quarter 2013 results is an impairment charge of $1.2 million related to certain assets held for sale to recognize the assets at their appraised fair value less cost to sell and an income tax benefit of $118.2 million primarily related to a reduction in valuation allowance previously recorded against U.S. deferred tax assets. | ||||||||||||||||||||||||
Summary_of_Accounting_and_Fina3
Summary of Accounting and Financial Policies - Additional Information (Detail) (USD $) | 12 Months Ended | |||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Mar. 31, 2014 |
Summary of Accounting and Financial Policies [Line Items] | ' | ' | ' | ' |
Parent company percentage owned by affiliates | 100.00% | ' | ' | 100.00% |
Equity income | $0.30 | $0.20 | $0.10 | ' |
Shipping and handling costs | 83.9 | 87.3 | 94.8 | ' |
Book Overdrafts | 33.1 | 37.5 | ' | ' |
Foreign Currency transaction gain (loss) | $3.70 | ($1.50) | ($0.80) | ' |
Acofran [Member] | ' | ' | ' | ' |
Summary of Accounting and Financial Policies [Line Items] | ' | ' | ' | ' |
Ownership percentage by parent | 50.00% | ' | ' | 50.00% |
Ryerson China [Member] | ' | ' | ' | ' |
Summary of Accounting and Financial Policies [Line Items] | ' | ' | ' | ' |
Ownership percentage by parent | 100.00% | ' | ' | 100.00% |
Minimum [Member] | ' | ' | ' | ' |
Summary of Accounting and Financial Policies [Line Items] | ' | ' | ' | ' |
Investments in affiliates by equity method | 20.00% | ' | ' | ' |
Maximum [Member] | ' | ' | ' | ' |
Summary of Accounting and Financial Policies [Line Items] | ' | ' | ' | ' |
Investments in affiliates by equity method | 50.00% | ' | ' | ' |
Summary_of_Accounting_and_Fina4
Summary of Accounting and Financial Policies - Estimated Useful Lives of Assets (Detail) | 12 Months Ended |
Dec. 31, 2013 | |
Land Improvements [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Property, Plant and Equipment, Useful Life | '20 years |
Buildings [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Property, Plant and Equipment, Useful Life | '45 years |
Machinery and Equipment [Member] | Minimum [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Property, Plant and Equipment, Useful Life | '10 years |
Machinery and Equipment [Member] | Maximum [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Property, Plant and Equipment, Useful Life | '15 years |
Furniture and Fixtures [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Property, Plant and Equipment, Useful Life | '10 years |
Transportation Equipment [Member] | Minimum [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Property, Plant and Equipment, Useful Life | '3 years |
Transportation Equipment [Member] | Maximum [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Property, Plant and Equipment, Useful Life | '6 years |
Land Use Rights [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Property, Plant and Equipment, Useful Life | '50 years |
Acquisitions_Additional_Inform
Acquisitions - Additional Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||||||
In Millions, unless otherwise specified | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Feb. 17, 2012 | Mar. 14, 2011 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Mar. 14, 2011 | Dec. 31, 2013 | Mar. 14, 2011 | Dec. 31, 2013 | Mar. 14, 2011 | Dec. 09, 2011 | Dec. 31, 2013 | Dec. 31, 2011 | Dec. 09, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 09, 2011 | Dec. 31, 2013 | Dec. 09, 2011 | ||||||
Minimum [Member] | Maximum [Member] | Acofran [Member] | Singer Steel Company [Member] | Singer Steel Company [Member] | Singer Steel Company [Member] | Singer Steel Company [Member] | Singer Steel Company [Member] | Singer Steel Company [Member] | Singer Steel Company [Member] | Singer Steel Company [Member] | Singer Steel Company [Member] | Turret Steel [Member] | Turret Steel [Member] | Turret Steel [Member] | Turret Steel [Member] | Turret Steel [Member] | Turret Steel [Member] | Turret Steel [Member] | Turret Steel [Member] | Turret Steel [Member] | Turret Steel [Member] | |||||||||||||||||||
Customer Relationships [Member] | Customer Relationships [Member] | Trademarks [Member] | Trademarks [Member] | Licenses [Member] | Licenses [Member] | Customer Relationships [Member] | Customer Relationships [Member] | Customer Relationships [Member] | Trademarks [Member] | Trademarks [Member] | Non-compete Agreements [Member] | Non-compete Agreements [Member] | ||||||||||||||||||||||||||||
Minimum [Member] | Maximum [Member] | |||||||||||||||||||||||||||||||||||||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Net assets acquired | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $23.60 | ' | ' | ' | ' | ' | ' | ' | ' | $78.80 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Cash paid for acquisition | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 20 | 3.6 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Accounts receivable | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7.3 | ' | ' | ' | ' | ' | ' | ' | ' | 12 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Accounts receivables gross amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7.8 | ' | ' | ' | ' | ' | ' | ' | ' | 12.4 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Accounts receivables, estimated uncollectible | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.5 | ' | ' | ' | ' | ' | ' | ' | ' | 0.4 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Customer relationships, trademarks, license agreement | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4.3 | ' | ' | ' | 2.2 | ' | 1.7 | ' | 0.4 | 45.1 | ' | ' | 27.8 | ' | ' | ' | 17 | ' | 0.3 | ||||||
Useful life | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '2 years | '20 years | ' | ' | ' | ' | '7 years | ' | '5 years | ' | '7 years | ' | ' | ' | ' | ' | '7 years | '11 years | '20 years | ' | '7 years | ' | ||||||
Acquisition-related fees | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.4 | ' | ' | ' | ' | ' | ' | ' | ' | 0.4 | ' | ' | ' | ' | ' | ' | ' | ||||||
Revenue | 874.4 | 802.5 | [1] | 859.8 | [2] | 906.9 | [3] | 891.1 | [4] | 850.3 | [5] | 962.2 | 1,090.60 | [6] | 1,121.60 | 3,460.30 | 4,024.70 | 4,729.80 | ' | ' | ' | ' | ' | 36.1 | ' | ' | ' | ' | ' | ' | ' | ' | 5.6 | ' | ' | ' | ' | ' | ' | ' |
Net income (loss) | 1.4 | 118 | [1] | 2.8 | [2] | 0.2 | [3] | 5.2 | [4] | -10.5 | [5] | 16 | 15.4 | [6] | 24.9 | 126.2 | 45.8 | -8.8 | ' | ' | ' | ' | ' | 9.4 | ' | ' | ' | ' | ' | ' | ' | ' | 17 | ' | ' | ' | ' | ' | ' | ' |
Gain on bargain purchase | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5.8 | ' | ' | ' | 5.8 | ' | 5.8 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Debt on the acquisition date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6.5 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Cash purchase price held back | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.5 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Deferred cash consideration payouts | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 36 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Consideration payment period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '5 years | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Goodwill | 91.6 | 91.6 | ' | 0 | ' | 96.6 | ' | ' | ' | 91.6 | 96.6 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 25.1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Tax benefit | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $18 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $16.60 | ' | ' | ' | ' | ' | ' | ' | ||||||
Business acquisition acquired equity interest | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
[1] | Included in the fourth quarter 2013 results is an impairment charge of $1.2 million related to certain assets held for sale to recognize the assets at their appraised fair value less cost to sell and an income tax benefit of $118.2 million primarily related to a reduction in valuation allowance previously recorded against U.S. deferred tax assets. | |||||||||||||||||||||||||||||||||||||||
[2] | Included in the third quarter 2013 results is an impairment charge of $1.1 million related to certain assets held for sale to recognize the assets at their fair value less cost to sell. | |||||||||||||||||||||||||||||||||||||||
[3] | Included in the second quarter 2013 results is an impairment charge of $6.8 million to reduce the carrying value of goodwill at a reporting unit to its implied fair value. The second quarter also includes a $2.1 million restructuring charge related to the closure of a facility. | |||||||||||||||||||||||||||||||||||||||
[4] | Included in the first quarter 2013 results is an impairment charge of $0.9 million related to certain assets held for sale to recognize the assets at their fair value less cost to sell. | |||||||||||||||||||||||||||||||||||||||
[5] | Included in the fourth quarter 2012 results is an impairment charge of $0.1 million related to certain assets held for sale to recognize the assets at their fair value less cost to sell, $1.1 million restructuring charges primarily for employee-related costs resulting from a facility closure, a $32.8 million loss on the redemption of the Ryerson Notes and Ryerson Holding Notes, and a $1.7 million curtailment gain related to an amendment of a Canadian post-retirement medical and life insurance plan. The fourth quarter of 2012 also included an income tax benefit of $15.2 million related to the release of valuation allowance associated with certain state deferred tax assets. | |||||||||||||||||||||||||||||||||||||||
[6] | Included in the second quarter 2012 results is an impairment charge of $0.9 million related to certain assets held for sale to recognize the assets at their fair value less cost to sell. |
Acquisitions_Summary_of_Estima
Acquisitions - Summary of Estimated Fair Values of Assets Acquired and Liabilities (Detail) (USD $) | 12 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | ||||
In Millions, unless otherwise specified | Dec. 31, 2011 | Mar. 31, 2014 | Dec. 31, 2013 | Jun. 30, 2013 | Dec. 31, 2012 | Mar. 14, 2011 | Dec. 31, 2011 | Dec. 09, 2011 |
Singer Steel Company [Member] | Singer Steel Company [Member] | Turret Steel [Member] | ||||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Cash | ' | ' | ' | ' | ' | $0.30 | ' | $1.80 |
Restricted cash | ' | ' | ' | ' | ' | 6.5 | ' | ' |
Accounts receivable | ' | ' | ' | ' | ' | 7.3 | ' | 12 |
Inventory | ' | ' | ' | ' | ' | 16.3 | ' | 26.7 |
Property, plant, and equipment | ' | ' | ' | ' | ' | 8.2 | ' | 2.9 |
Intangible assets | ' | ' | ' | ' | ' | 4.3 | ' | 45.1 |
Goodwill | ' | 91.6 | 91.6 | 0 | 96.6 | ' | ' | 25.1 |
Other assets | ' | ' | ' | ' | ' | 0.2 | ' | 1.2 |
Total identifiable assets acquired | ' | ' | ' | ' | ' | 43.1 | ' | 114.8 |
Current liabilities | ' | ' | ' | ' | ' | 11.4 | ' | 17.5 |
Deferred tax liabilities | ' | ' | ' | ' | ' | 2.3 | ' | 18.5 |
Total liabilities assumed | ' | ' | ' | ' | ' | 13.7 | ' | 36 |
Net identifiable assets acquired | ' | ' | ' | ' | ' | 29.4 | ' | ' |
Bargain purchase | -5.8 | ' | ' | ' | ' | -5.8 | -5.8 | ' |
Net assets acquired | ' | ' | ' | ' | ' | $23.60 | ' | $78.80 |
Acquisitions_Pro_Forma_Informa
Acquisitions - Pro Forma Information Presents Consolidated Results of Operations (Detail) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2012 | Dec. 31, 2011 |
Business Combinations [Abstract] | ' | ' |
Net sales | $4,024.70 | $4,866.80 |
Net income (loss) attributable to Ryerson Holding Corporation | $47.10 | ($23.10) |
Restricted_Cash_Additional_Inf
Restricted Cash - Additional Information (Detail) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | |||
Restricted Cash and Cash Equivalents Items [Line Items] | ' | ' | ' |
Restricted cash | $1.80 | $1.80 | $3.90 |
Letter of Credit [Member] | ' | ' | ' |
Restricted Cash and Cash Equivalents Items [Line Items] | ' | ' | ' |
Restricted cash | ' | 1.8 | 3.8 |
Letter of Credit [Member] | Ryerson China [Member] | ' | ' | ' |
Restricted Cash and Cash Equivalents Items [Line Items] | ' | ' | ' |
Restricted cash | ' | $0 | $0.10 |
Inventories_Schedule_of_Invent
Inventories - Schedule of Inventories (Detail) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | |||
Inventory Disclosure [Abstract] | ' | ' | ' |
In process and finished products | $706.20 | $733 | $741.50 |
Inventories_Additional_Informa
Inventories - Additional Information (Detail) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | |||
Inventory Disclosure [Abstract] | ' | ' | ' |
Amount by which current cost used to value inventories is lower than LIFO valued inventories | $58 | $67 | $34 |
Inventories accounted under the LIFO method | 89.00% | 91.00% | 88.00% |
Consignment inventory | $11.10 | $11.70 | $11.30 |
Property_Plant_and_Equipment_S
Property, Plant and Equipment - Schedule of Property Plant and Equipment (Detail) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | |||
Property Plant And Equipment [Abstract] | ' | ' | ' |
Land and land improvements | ' | $98.90 | $98.30 |
Buildings and leasehold improvements | ' | 192.2 | 197.1 |
Machinery, equipment and other | ' | 345.4 | 334.5 |
Construction in progress | ' | 2.4 | 7 |
Total | 641.3 | 638.9 | 636.9 |
Less: Accumulated depreciation | -204.5 | -197.2 | -164.6 |
Net property, plant and equipment | $436.80 | $441.70 | $472.30 |
Property_Plant_and_Equipment_A
Property, Plant and Equipment - Additional Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Property Plant And Equipment [Abstract] | ' | ' | ' | ' | ' |
Impairment charges related to fixed assets | ' | $0.90 | $3.20 | $1 | $7.80 |
Assets held for sale | $4.60 | ' | $4.70 | $3.60 | ' |
Intangible_Assets_Components_o
Intangible Assets - Components of Intangible Assets (Detail) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | |||
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' |
Gross Carrying Amount | ' | $70.40 | $70.50 |
Accumulated Amortization | ' | -19.2 | -13.1 |
Net | 49.7 | 51.2 | 57.4 |
Customer Relationships [Member] | ' | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' |
Gross Carrying Amount | ' | 46.9 | 47 |
Accumulated Amortization | ' | -13.6 | -9.6 |
Net | ' | 33.3 | 37.4 |
Developed Technology / Product Know-How [Member] | ' | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' |
Gross Carrying Amount | ' | 1.9 | 1.9 |
Accumulated Amortization | ' | -1.3 | -0.9 |
Net | ' | 0.6 | 1 |
Non-compete Agreements [Member] | ' | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' |
Gross Carrying Amount | ' | 1.4 | 1.4 |
Accumulated Amortization | ' | -0.9 | -0.6 |
Net | ' | 0.5 | 0.8 |
Trademarks [Member] | ' | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' |
Gross Carrying Amount | ' | 19.7 | 19.8 |
Accumulated Amortization | ' | -3.2 | -1.9 |
Net | ' | 16.5 | 17.9 |
Licenses [Member] | ' | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' |
Gross Carrying Amount | ' | 0.5 | 0.4 |
Accumulated Amortization | ' | -0.2 | -0.1 |
Net | ' | $0.30 | $0.30 |
Intangible_Assets_Additional_I
Intangible Assets - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' |
Amortization expense | $6.10 | $6 | $2.70 |
Minimum [Member] | ' | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' |
Amortization period of Intangible assets | '2 years | ' | ' |
Maximum [Member] | ' | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' |
Amortization period of Intangible assets | '20 years | ' | ' |
Intangible_Assets_Estimated_Am
Intangible Assets - Estimated Amortization Expenses Related to Intangible Assets (Detail) (USD $) | Dec. 31, 2013 |
In Millions, unless otherwise specified | |
Finite Lived Intangible Assets Future Amortization Expense [Abstract] | ' |
For the year ended December 31, 2014 | $6 |
For the year ended December 31, 2015 | 5.6 |
For the year ended December 31, 2016 | 4.8 |
For the year ended December 31, 2017 | 4.6 |
For the year ended December 31, 2018 | 4.3 |
For the years ended thereafter | $25.90 |
Goodwill_Changes_in_Carrying_A
Goodwill - Changes in Carrying Amount of Goodwill (Detail) (USD $) | 3 Months Ended | 12 Months Ended | 12 Months Ended | |||||||
In Millions, unless otherwise specified | Jun. 30, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 |
Cost [Member] | Cost [Member] | Accumulated Goodwill Impairment [Member] | Accumulated Goodwill Impairment [Member] | Carrying Amount [Member] | Carrying Amount [Member] | |||||
Goodwill [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Goodwill cost, beginning balance | ' | ' | ' | ' | $98.10 | $97.80 | ' | ' | ' | ' |
Goodwill, Accumulated Impairment, beginning balance | ' | ' | ' | ' | ' | ' | -1.5 | -1.5 | ' | ' |
Impairment charge | -6.8 | ' | ' | ' | ' | ' | -6.8 | ' | -6.8 | ' |
Changes in purchase price allocation | ' | ' | ' | ' | 2 | ' | ' | ' | 2 | ' |
Goodwill, Accumulated Impairment, ending balance | ' | ' | ' | ' | ' | ' | -8.3 | -1.5 | ' | ' |
Goodwill, carrying amount, beginning balance | ' | 91.6 | 91.6 | 96.6 | ' | ' | ' | ' | 96.6 | 96.3 |
Acquisitions | ' | ' | ' | ' | ' | 0.2 | ' | ' | ' | 0.2 |
Changes due to foreign currency translation | ' | ' | ' | ' | -0.2 | 0.1 | ' | ' | -0.2 | 0.1 |
Goodwill, carrying amount, ending balance | 0 | 91.6 | 91.6 | 96.6 | ' | ' | ' | ' | 91.6 | 96.6 |
Goodwill cost, ending balance | ' | ' | ' | ' | $99.90 | $98.10 | ' | ' | ' | ' |
Goodwill_Additional_Informatio
Goodwill - Additional Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||||||||
In Millions, unless otherwise specified | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||||||
Reporting_Unit | ||||||||||||||||||
Goodwill [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Payments to retire debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $829.50 | ' | ||||||
Provision for income taxes | 3.1 | ' | ' | ' | 0.9 | ' | ' | ' | ' | -112.3 | -5.5 | -11 | ||||||
Net non-current deferred tax asset balance, adjustment | 94.7 | 97.4 | ' | ' | ' | 41 | ' | ' | ' | 97.4 | 41 | ' | ||||||
Effect of error correction, net income | 1.6 | 118.2 | [1] | 3 | [2] | 0.5 | [3] | 5.6 | [4] | -9.9 | [5] | 16.4 | 15.6 | [6] | 25 | 127.3 | 47.1 | -8.1 |
Reporting unit tested for goodwill | ' | ' | ' | 1 | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Impairment charges in the second quarter | ' | ' | ' | 6.8 | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Goodwill | 91.6 | 91.6 | ' | 0 | ' | 96.6 | ' | ' | ' | 91.6 | 96.6 | ' | ||||||
Error Correction | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Goodwill [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Changes in purchase price allocation | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2 | ' | ' | ||||||
Payments to retire debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4.4 | ' | ' | ||||||
Provision for income taxes | ' | ' | ' | ' | ' | ' | ' | ' | ' | -1.4 | ' | ' | ||||||
Effect of error correction, decrease in goodwill | ' | ' | ' | ' | ' | ' | ' | ' | ' | -3 | ' | ' | ||||||
Net non-current deferred tax asset balance, adjustment | ' | 5 | ' | ' | ' | ' | ' | ' | ' | 5 | ' | ' | ||||||
Effect of error correction, increase in goodwill | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5 | ' | ' | ||||||
Effect of error correction, net income | ' | ' | ' | ' | ' | ' | ' | ' | ' | -3 | ' | ' | ||||||
Acofran [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Goodwill [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Goodwill related to acquisition | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0.20 | ' | ||||||
[1] | Included in the fourth quarter 2013 results is an impairment charge of $1.2 million related to certain assets held for sale to recognize the assets at their appraised fair value less cost to sell and an income tax benefit of $118.2 million primarily related to a reduction in valuation allowance previously recorded against U.S. deferred tax assets. | |||||||||||||||||
[2] | Included in the third quarter 2013 results is an impairment charge of $1.1 million related to certain assets held for sale to recognize the assets at their fair value less cost to sell. | |||||||||||||||||
[3] | Included in the second quarter 2013 results is an impairment charge of $6.8 million to reduce the carrying value of goodwill at a reporting unit to its implied fair value. The second quarter also includes a $2.1 million restructuring charge related to the closure of a facility. | |||||||||||||||||
[4] | Included in the first quarter 2013 results is an impairment charge of $0.9 million related to certain assets held for sale to recognize the assets at their fair value less cost to sell. | |||||||||||||||||
[5] | Included in the fourth quarter 2012 results is an impairment charge of $0.1 million related to certain assets held for sale to recognize the assets at their fair value less cost to sell, $1.1 million restructuring charges primarily for employee-related costs resulting from a facility closure, a $32.8 million loss on the redemption of the Ryerson Notes and Ryerson Holding Notes, and a $1.7 million curtailment gain related to an amendment of a Canadian post-retirement medical and life insurance plan. The fourth quarter of 2012 also included an income tax benefit of $15.2 million related to the release of valuation allowance associated with certain state deferred tax assets. | |||||||||||||||||
[6] | Included in the second quarter 2012 results is an impairment charge of $0.9 million related to certain assets held for sale to recognize the assets at their fair value less cost to sell. |
Restructuring_and_Other_Charge2
Restructuring and Other Charges - Restructuring Accrual Activity (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Restructuring Reserve [Roll Forward] | ' | ' | ' |
Beginning balance | $1 | $4.50 | $0.30 |
Restructuring charges | 2.1 | 1.5 | 11.1 |
Reduction to reserve | -0.2 | -0.4 | ' |
Cash payments | -1.2 | -4.6 | -5.5 |
Adjustments for pension and other post-retirement termination non-cash charges | ' | ' | -1.4 |
Ending balance | 1.7 | 1 | 4.5 |
Employee Related Costs [Member] | ' | ' | ' |
Restructuring Reserve [Roll Forward] | ' | ' | ' |
Beginning balance | 1 | 4.5 | 0.1 |
Restructuring charges | ' | 1.3 | 11.1 |
Reduction to reserve | -0.2 | -0.4 | ' |
Cash payments | -0.7 | -4.4 | -5.3 |
Adjustments for pension and other post-retirement termination non-cash charges | ' | ' | -1.4 |
Ending balance | 0.1 | 1 | 4.5 |
Tenancy and Other Costs [Member] | ' | ' | ' |
Restructuring Reserve [Roll Forward] | ' | ' | ' |
Beginning balance | ' | ' | 0.2 |
Restructuring charges | 2.1 | 0.2 | ' |
Cash payments | -0.5 | -0.2 | -0.2 |
Ending balance | $1.60 | ' | ' |
Restructuring_and_Other_Charge3
Restructuring and Other Charges - Additional Information (Detail) (USD $) | 12 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 1 Months Ended | 3 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | ||||||||||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2010 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Oct. 31, 2011 | Dec. 31, 2011 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2011 |
Facility Closing [Member] | Facility Closing [Member] | Facility Closing [Member] | Facility Closing [Member] | Facility Closing [Member] | Facility Closing [Member] | Facility Closing [Member] | Facility Closing [Member] | Facility Closing [Member] | Facility Closing [Member] | Facility Closing [Member] | October 2011 Reorganization Plan [Member] | October 2011 Reorganization Plan [Member] | October 2011 Reorganization Plan [Member] | October 2011 Reorganization Plan [Member] | October 2011 Reorganization Plan [Member] | October 2011 Reorganization Plan [Member] | October 2011 Reorganization Plan [Member] | Two Thousand Seven Plan [Member] | |||||
Employees | Employee Costs [Member] | Employee Costs [Member] | Employee Costs [Member] | Employee Costs [Member] | Employee Costs [Member] | Tenancy-related Costs [Member] | Tenancy-related Costs [Member] | Employees | Employee Costs [Member] | Employee Costs [Member] | Tenancy-related Costs [Member] | Pension And Other Postretirement Cost [Member] | Tenancy-related Costs [Member] | ||||||||||
Scenario, Forecast [Member] | Scenario, Forecast [Member] | ||||||||||||||||||||||
First half of 2014 | Through 2019 | ||||||||||||||||||||||
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restructuring charges | $2.10 | $1.50 | $11.10 | ' | $12.50 | $2.10 | $1.30 | $1.30 | ' | ' | $1.30 | ' | ' | ' | ' | ' | $9.80 | ' | $8.40 | ' | $0.20 | $1.40 | ' |
Reduction to reserve | -0.2 | -0.4 | ' | ' | ' | ' | ' | ' | ' | -0.2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | -0.4 | ' | ' | ' |
Restructuring cost cash payment | 1.2 | 4.6 | 5.5 | ' | ' | ' | ' | ' | 0.3 | 0.7 | 0.1 | 1.3 | ' | 0.5 | ' | ' | ' | ' | 4 | 4 | 0.2 | ' | 0.2 |
Restructuring cost expected to be paid | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.1 | ' | 1.6 | ' | ' | ' | ' | ' | ' | ' | ' |
Number of employees impacted | ' | ' | ' | ' | ' | ' | 42 | ' | ' | ' | ' | ' | ' | ' | ' | 292 | ' | ' | ' | ' | ' | ' | ' |
Restructuring reserve | $1.70 | $1 | $4.50 | $0.30 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0 | ' | ' | ' | ' | ' |
LongTerm_Debt_LongTerm_Debt_De
Long-Term Debt - Long-Term Debt (Detail) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Debt Instrument [Line Items] | ' | ' | ' |
Foreign debt | $32,500,000 | $25,700,000 | $21,900,000 |
Total debt | 1,275,000,000 | 1,294,800,000 | 1,305,400,000 |
Total long-term debt | 1,242,500,000 | 1,262,500,000 | 1,270,100,000 |
2017 Notes [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Senior Notes | 600,000,000 | 600,000,000 | 600,000,000 |
2018 Notes [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Senior Notes | 300,000,000 | 300,000,000 | 300,000,000 |
Short-term credit facility borrowings [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Short-term credit facility borrowings | ' | 6,600,000 | 13,500,000 |
Short-term foreign debt [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Foreign debt | 32,500,000 | 25,700,000 | 21,800,000 |
Ryerson Secured Credit Facility [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Ryerson Secured Credit Facility | $342,500,000 | $369,100,000 | $383,500,000 |
Debt_Principal_Payments_on_Deb
Debt - Principal Payments on Debt (Detail) (USD $) | Dec. 31, 2013 |
Debt Disclosure [Abstract] | ' |
For the year ended December 31, 2014 | $25,700,000 |
For the year ended December 31, 2015 | ' |
For the year ended December 31, 2016 | ' |
For the year ended December 31, 2017 | 969,100,000 |
For the year ended December 31, 2018 | 300,000,000 |
For the years ended thereafter | ' |
LongTerm_Debt_Ryerson_Credit_F
Long-Term Debt - Ryerson Credit Facility - Additional Information (Detail) (Ryerson Secured Credit Facility [Member], USD $) | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2014 | Dec. 31, 2013 | Apr. 03, 2013 | Dec. 31, 2012 | |
Debt Instrument [Line Items] | ' | ' | ' | ' |
Amended and restated credit facility agreement | $1,350,000,000 | $1,350,000,000 | $1,350,000,000 | ' |
Outstanding borrowings | 342,500,000 | 369,100,000 | ' | 383,500,000 |
Letters of credit | 27,000,000 | 27,000,000 | ' | 27,000,000 |
Available Credit Facility | 292,000,000 | 234,000,000 | ' | 293,000,000 |
Line of credit facility, description of collateral | 'Total credit availability is limited by the amount of eligible accounts receivable and inventory pledged as collateral under the agreement insofar as Ryerson is subject to a borrowing base comprised of the aggregate of these two amounts, less applicable reserves. Eligible accounts receivable, at any date of determination, are 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 rendition 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 does not have sole and absolute title and accounts arising out of a sale to an employee, officer, director, or affiliate of a borrower. Eligible inventory, at any date of determination, is comprised of the aggregate value of all inventory owned by a borrower, with such inventory adjusted to exclude various ineligible inventory, including, among other things, any inventory that is classified as bsuppliesb or is unsaleable in the ordinary course of business and 50% of the value of any inventory that (i) has not been sold or processed within a 180 day period and (ii) which is calculated to have more than 365 days of supply based upon the immediately preceding 6 months consumption. | 'Total credit availability is limited by the amount of eligible accounts receivable and inventory pledged as collateral under the agreement insofar as Ryerson is subject to a borrowing base comprised of the aggregate of these two amounts, less applicable reserves. Eligible accounts receivable, at any date of determination, are 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 rendition 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 does not have sole and absolute title and accounts arising out of a sale to an employee, officer, director, or affiliate of a borrower. Eligible inventory, at any date of determination, is comprised of the aggregate value of all inventory owned by a borrower, with such inventory adjusted to exclude various ineligible inventory, including, among other things, any inventory that is classified as bsuppliesb or is unsaleable in the ordinary course of business and 50% of the value of any inventory that (i) has not been sold or processed within a 180 day period and (ii) which is calculated to have more than 365 days of supply based upon the immediately preceding 6 months consumption. | ' | ' |
Weighted average interest rate | 2.20% | 2.10% | ' | 2.60% |
Default bear interest rate | 2.00% | 2.00% | ' | ' |
Base Rate and Canadian Prime Rate [Member] | ' | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' | ' |
Percentage of spread over amount available to be borrowed | ' | 0.75% | ' | ' |
LIBOR and Banker's Acceptance Rate [Member] | ' | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' | ' |
Percentage of spread over amount available to be borrowed | ' | 1.75% | ' | ' |
Scenario 2 [Member] | ' | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' | ' |
Credit facility scenario 2 maturity description of ("2017 Notes") | 'August 16, 2017 (60 days prior to the scheduled maturity date of the 9% Senior Secured Notes due October 15,2017 ("2017 Notes"), if the 2017 Notes are then outstanding. | 'August 16, 2017 (60 days prior to the scheduled maturity date of the 9% Senior Secured Notes due October 15, 2017 ("2017 Notes")), if the 2017 Notes are then outstanding. | ' | ' |
Credit facility maturity date | 16-Aug-17 | 16-Aug-17 | ' | ' |
Scenario 1 [Member] | ' | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' | ' |
Credit facility maturity date | 3-Apr-18 | 3-Apr-18 | ' | ' |
Minimum [Member] | ' | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' | ' |
Commitment fess on amounts not borrowed | 0.25% | 0.25% | ' | ' |
Minimum [Member] | Base Rate and Canadian Prime Rate [Member] | ' | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' | ' |
Percentage of spread over amount available to be borrowed | 0.50% | 0.50% | ' | ' |
Minimum [Member] | LIBOR and Banker's Acceptance Rate [Member] | ' | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' | ' |
Percentage of spread over amount available to be borrowed | 1.50% | 1.50% | ' | ' |
Maximum [Member] | ' | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' | ' |
Commitment fess on amounts not borrowed | 0.38% | 0.38% | ' | ' |
Maximum [Member] | Base Rate and Canadian Prime Rate [Member] | ' | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' | ' |
Percentage of spread over amount available to be borrowed | 1.00% | 1.00% | ' | ' |
Maximum [Member] | LIBOR and Banker's Acceptance Rate [Member] | ' | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' | ' |
Percentage of spread over amount available to be borrowed | 2.00% | 2.00% | ' | ' |
US Subsidiaries [Member] | ' | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' | ' |
Amended and restated credit facility agreement | 1,215,000,000 | 1,215,000,000 | ' | ' |
Canadian Subsidiaries [Member] | ' | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' | ' |
Amended and restated credit facility agreement | $135,000,000 | $135,000,000 | ' | ' |
LongTerm_Debt_2017_and_2018_No
Long-Term Debt - 2017 and 2018 Notes - Additional Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2014 | Dec. 31, 2013 | Oct. 10, 2012 | |
2017 Notes [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Aggregate amount of senior notes issued | ' | ' | $600,000,000 |
Debt Instrument Percentage | ' | ' | 9.00% |
Redemption price as a percentage of principal amount Prior to Redemption date | 109.00% | 109.00% | ' |
2017 Notes [Member] | Minimum [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Notes redemption date | 15-Apr-15 | 15-Apr-15 | ' |
2018 Notes [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Aggregate amount of senior notes issued | ' | ' | 300,000,000 |
Debt Instrument Percentage | ' | ' | 11.25% |
Redemption price as a percentage of principal amount Prior to Redemption date | 111.25% | 111.25% | ' |
2018 Notes [Member] | Minimum [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Notes redemption date | 15-Oct-15 | 15-Oct-15 | ' |
2017 and 2018 Notes [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Maximum percentage of dividend of future net income | 50.00% | 50.00% | ' |
Percent of consolidated net assets that restricted net assets of consolidated subsidiaries exceeded | ' | 25.00% | ' |
Restricted net assets | ' | 174,500,000 | ' |
Redemption price as a percentage of principal amount | 100.00% | 100.00% | ' |
Optional redemption amount prior to redemption date | 35.00% | 35.00% | ' |
2017 and 2018 Notes [Member] | Change Of Control Event [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Redemption price as a percentage of principal amount | 101.00% | 101.00% | ' |
LongTerm_Debt_Ryerson_Holding_
Long-Term Debt - Ryerson Holding Notes - Additional Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2011 |
Debt Instrument [Line Items] | ' | ' | ' |
Gain (loss) on repurchase and cancellation of debt | ($32.80) | ($32.80) | ($0.20) |
Ryerson Holding Corporation [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Gain (loss) on repurchase and cancellation of debt | ' | -15.6 | ' |
Ryerson Holding Corporation [Member] | Ryerson Holding Notes [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Gain (loss) on repurchase and cancellation of debt | ' | ($15.60) | ' |
LongTerm_Debt_2014_and_2015_No
Long-Term Debt - 2014 and 2015 Notes - Additional Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||
In Millions, unless otherwise specified | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2011 |
2014 and 2015 Notes [Member] | 2015 Notes [Member] | ||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' |
Gain (Loss) on Repurchase of Debt Instrument | ($32.80) | ($32.80) | ($0.20) | ($17.20) | ($0.20) |
Principal Amount Of Debt Instrument Repurchased | ' | ' | ' | ' | 7.5 |
Debt Instruments Senior Notes Retired | ' | ' | $11.80 | ' | $7.70 |
LongTerm_Debt_Foreign_Debt_Add
Long-Term Debt - Foreign Debt - Additional Information (Detail) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | |||
Debt Instrument [Line Items] | ' | ' | ' |
Foreign debt | $32.50 | $25.70 | $21.90 |
Owed to Banks [Member] | Ryerson China [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Foreign debt | 32.5 | 25.7 | 21.4 |
Owed to Banks [Member] | Acofran [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Foreign debt | ' | 0 | 0.5 |
Foreign Debt [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Available Credit Facility | 16 | 22 | 21 |
Letters of credit issued by our foreign subsidiaries | $3 | $4 | $8 |
Foreign Debt [Member] | Owed to Banks [Member] | Ryerson China [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Weighted average interest rate | 4.60% | 4.30% | 4.80% |
Foreign Debt [Member] | Owed to Banks [Member] | Acofran [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Weighted average interest rate | ' | ' | 11.20% |
Employee_Benefits_Additional_I
Employee Benefits - Additional Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended | ||
In Millions, unless otherwise specified | Mar. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' | ' |
Defined Contribution Plan Expense | ' | $6.90 | $6.80 | $7 |
Other deferred employee benefit plans | ' | 16.6 | 18.5 | ' |
Defined benefit plan, fair value of plan assets | ' | 638.9 | 559.7 | ' |
Contribution to the pension plan fund | 10.6 | 48 | 45.9 | 43.9 |
Anticipated minimum required pension contribution funding | ' | 68 | ' | ' |
Anticipated minimum required pension contribution funding for the remaining nine months of 2014 | 57 | ' | ' | ' |
Minimum [Member] | ' | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' | ' |
Defined Benefit Plan Expected Return On Plan Assets Percentage | ' | 6.50% | ' | ' |
Maximum [Member] | ' | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' | ' |
Defined Benefit Plan Expected Return On Plan Assets Percentage | ' | 8.00% | ' | ' |
Pension Benefits for Canadian plans [Member] | ' | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' | ' |
Defined Benefit Plan Expected Return On Plan Assets Percentage | ' | 6.50% | 6.50% | 7.00% |
Defined benefit plan, benefit obligation | ' | 55 | 60 | ' |
Defined benefit plan, fair value of plan assets | ' | 47 | 48 | ' |
Pension Benefits for U.S. plans [Member] | ' | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' | ' |
Defined Benefit Plan Expected Return On Plan Assets Percentage | ' | 8.20% | 8.75% | 8.75% |
Other Postretirement Benefits for Canadian plans [Member] | ' | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' | ' |
Defined benefit plan, benefit obligation | ' | 15 | 16 | ' |
Pension Benefits [Member] | ' | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' | ' |
Defined benefit plan, benefit obligation | ' | 842 | 930 | 856 |
Defined benefit plan, fair value of plan assets | ' | 639 | 560 | 497 |
Net actuarial gains (losses) expected to be amortized from accumulated other comprehensive income (loss) | ' | -10.4 | ' | ' |
Prior service costs (credits) expected to be amortized from accumulated other comprehensive income (loss) | ' | 0.2 | ' | ' |
Other Benefits [Member] | ' | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' | ' |
Defined benefit plan, benefit obligation | ' | 114 | 130 | 143 |
Net actuarial gains (losses) expected to be amortized from accumulated other comprehensive income (loss) | ' | 7.9 | ' | ' |
Prior service costs (credits) expected to be amortized from accumulated other comprehensive income (loss) | ' | ($1.60) | ' | ' |
Scenario, Forecast [Member] | Pension Benefits for Canadian plans [Member] | ' | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' | ' |
Defined Benefit Plan Expected Return On Plan Assets Percentage | ' | 6.50% | ' | ' |
Scenario, Forecast [Member] | Pension Benefits for U.S. plans [Member] | ' | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' | ' |
Defined Benefit Plan Expected Return On Plan Assets Percentage | ' | 8.00% | ' | ' |
Employee_Benefits_Other_Postre
Employee Benefits - Other Postretirement Benefits for Canadian Plans - Additional Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' | ' |
Pension and other postretirement benefits curtailment gain (loss) | ' | ' | $1.70 | ' |
Other Postretirement Benefits for Canadian plans [Member] | ' | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' | ' |
Pension and other postretirement benefits curtailment gain (loss) | $1.70 | ' | $1.70 | ' |
Annual rate of increase in per capita cost of covered health care benefits, rate | ' | 8.00% | 8.00% | 12.00% |
Annual rate of increase in per capita cost of covered health care benefits, ultimate rate | ' | 4.50% | 4.50% | 5.00% |
Annual rate of increase in per capita cost of covered health care benefits, date | '2033 | '2033 | '2033 | '2023 |
Employee_Benefits_Assumptions_
Employee Benefits - Assumptions Used for Retirement Benefit Plans (Detail) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Other Postretirement Benefits for U.S. plans [Member] | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
Discount rate for calculating obligations | 4.35% | 3.60% | 4.60% |
Discount rate for calculating net periodic benefit cost | 3.60% | 4.60% | 5.25% |
Rate of compensation increase - benefit obligations | 2.80% | 3.00% | 3.00% |
Rate of compensation increase | 3.00% | 3.00% | 3.00% |
Pension Benefits for Canadian plans [Member] | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
Discount rate for calculating obligations | 4.60% | 4.20% | 4.75% |
Discount rate for calculating net periodic benefit cost | 4.20% | 4.75% | 5.25% |
Expected rate of return on plan assets | 6.50% | 6.50% | 7.00% |
Rate of compensation increase | 3.50% | 3.50% | 3.50% |
Other Postretirement Benefits for Canadian plans [Member] | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
Discount rate for calculating obligations | 4.40% | 4.10% | 4.80% |
Discount rate for calculating net periodic benefit cost | 4.10% | 4.80% | 5.25% |
Rate of compensation increase | 3.50% | 3.50% | 3.50% |
Pension Benefits for U.S. plans [Member] | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
Discount rate for calculating obligations | 4.80% | 4.00% | 4.90% |
Discount rate for calculating net periodic benefit cost | 4.00% | 4.90% | 5.35% |
Expected rate of return on plan assets | 8.20% | 8.75% | 8.75% |
Rate of compensation increase - benefit obligations | 2.80% | 3.00% | 3.00% |
Rate of compensation increase | 3.00% | 3.00% | 3.00% |
Employee_Benefits_Benefit_Obli
Employee Benefits - Benefit Obligations and Net Periodic Benefit Costs (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Change in Benefit Obligation | ' | ' | ' | ' | ' |
Curtailment gain | ' | ' | ' | ($1.70) | ' |
Change in Plan Assets | ' | ' | ' | ' | ' |
Ending balance | ' | ' | 638.9 | 559.7 | ' |
Current liabilities | -13.5 | ' | -13.6 | -14.2 | ' |
Non-current liabilities | -306.3 | ' | -320.8 | -504.4 | ' |
Pension Benefits [Member] | ' | ' | ' | ' | ' |
Change in Benefit Obligation | ' | ' | ' | ' | ' |
Benefit obligation at beginning of year | 842 | 930 | 930 | 856 | ' |
Service cost | ' | 1 | 3 | 3 | 3 |
Interest cost | 10 | 9 | 36 | 41 | 42 |
Actuarial (gain) loss | ' | ' | -68 | 81 | ' |
Special termination benefits | ' | ' | ' | 1 | 1 |
Effect of changes in exchange rates | ' | ' | -4 | 1 | ' |
Benefits paid (net of participant contributions and Medicare subsidy) | ' | ' | -55 | -53 | ' |
Benefit obligation at end of year | ' | ' | 842 | 930 | 856 |
Accumulated benefit obligation at end of year | ' | ' | 838 | 925 | ' |
Change in Plan Assets | ' | ' | ' | ' | ' |
Beginning balance | 639 | 560 | 560 | 497 | ' |
Actual return on plan assets | ' | ' | 89 | 69 | ' |
Employer contributions | ' | ' | 48 | 46 | ' |
Effect of changes in exchange rates | ' | ' | -3 | 1 | ' |
Benefits paid (net of participant contributions) | ' | ' | -55 | -53 | ' |
Ending balance | ' | ' | 639 | 560 | 497 |
Funded status | ' | ' | -203 | -370 | ' |
Non-current liabilities | ' | ' | -203 | -370 | ' |
Net benefit liability at the end of the year | ' | ' | -203 | -370 | ' |
Other Benefits [Member] | ' | ' | ' | ' | ' |
Change in Benefit Obligation | ' | ' | ' | ' | ' |
Benefit obligation at beginning of year | 114 | 130 | 130 | 143 | ' |
Service cost | ' | ' | 1 | 1 | 1 |
Interest cost | 1 | 1 | 4 | 6 | 8 |
Plan amendments | ' | ' | ' | -11 | ' |
Actuarial (gain) loss | ' | ' | -7 | 6 | ' |
Special termination benefits | ' | ' | ' | ' | 1 |
Effect of changes in exchange rates | ' | ' | -1 | 1 | ' |
Curtailment gain | ' | ' | ' | -2 | ' |
Benefits paid (net of participant contributions and Medicare subsidy) | ' | ' | -13 | -14 | ' |
Benefit obligation at end of year | ' | ' | 114 | 130 | 143 |
Change in Plan Assets | ' | ' | ' | ' | ' |
Employer contributions | ' | ' | 14 | 15 | ' |
Benefits paid (net of participant contributions) | ' | ' | -14 | -15 | ' |
Funded status | ' | ' | -114 | -130 | ' |
Current liabilities | ' | ' | -12 | -13 | ' |
Non-current liabilities | ' | ' | -102 | -117 | ' |
Net benefit liability at the end of the year | ' | ' | ($114) | ($130) | ' |
Employee_Benefits_Amounts_Reco
Employee Benefits - Amounts Recognized in Accumulated Other Comprehensive Income (Loss) (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Pension Benefits [Member] | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' |
Net actuarial (gain) loss | $276 | $403 |
Prior service cost (credit) | 2 | 1 |
Total | 278 | 404 |
Other Benefits [Member] | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' |
Net actuarial (gain) loss | -73 | -73 |
Prior service cost (credit) | -10 | -12 |
Total | ($83) | ($85) |
Employee_Benefits_Amounts_Reco1
Employee Benefits - Amounts Recognized in Other Comprehensive Income (Loss) (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
Total | ($126.20) | $51.50 | $66.70 |
Pension Benefits [Member] | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
Net actuarial loss (gain) | -112 | 58 | ' |
Amortization of net actuarial loss (gain) | -14 | -11 | ' |
Total | -126 | 47 | ' |
Other Benefits [Member] | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
Net actuarial loss (gain) | -7 | 6 | ' |
Amortization of net actuarial loss (gain) | 7 | 8 | ' |
Prior service cost (credit) | 2 | -11 | ' |
Total | $2 | $3 | ' |
Employee_Benefits_Other_Postre1
Employee Benefits - Other Postretirement Benefits for U.S. Plans - Additional Information (Detail) (Other Postretirement Benefits for U.S. plans [Member]) | 12 Months Ended | |||||
Dec. 31, 2013 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | |
Under 65 [Member] | Under 65 [Member] | Over 65 [Member] | Over 65 [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' | ' | ' | ' |
Annual rate of increase in per capita cost of covered health care benefits, rate | 7.00% | 8.00% | 7.50% | 7.00% | 7.25% | 6.50% |
Annual rate of increase in per capita cost of covered health care benefits, ultimate rate | 5.00% | 5.00% | 5.00% | 5.00% | 5.00% | 5.00% |
Annual rate of increase in per capita cost of covered health care benefits, date | '2020 | '2017 | '2020 | '2020 | '2018 | '2018 |
Annual rate of increase in per capita cost of covered health care benefits, risk adjustment | ' | ' | ' | ' | 0.60% | 0.60% |
Annual rate of increase in per capita cost of covered health care benefits, risk adjustment | ' | ' | ' | ' | 0.00% | 0.00% |
Annual rate of increase in per capita cost of covered health care benefits, risk adjustment date | ' | ' | ' | ' | '2062 | '2062 |
Employee_Benefits_Components_o
Employee Benefits - Components of Net Periodic Benefit Cost (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' | ' | ' |
Curtailment gain | ' | ' | ' | ($1.70) | ' |
Pension Benefits [Member] | ' | ' | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' | ' | ' |
Service cost | ' | 1 | 3 | 3 | 3 |
Interest cost | 10 | 9 | 36 | 41 | 42 |
Expected return on assets | -12 | -11 | -45 | -45 | -47 |
Recognized actuarial net (gain) loss | 3 | 3 | 14 | 11 | 6 |
Special termination benefits | ' | ' | ' | 1 | 1 |
Net periodic benefit cost (credit) | 1 | 2 | 8 | 10 | 5 |
Other Benefits [Member] | ' | ' | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' | ' | ' |
Service cost | ' | ' | 1 | 1 | 1 |
Interest cost | 1 | 1 | 4 | 6 | 8 |
Recognized actuarial net (gain) loss | -2 | -2 | -7 | -7 | -4 |
Amortization of prior service credit | ' | ' | -2 | ' | ' |
Special termination benefits | ' | ' | ' | ' | 1 |
Curtailment gain | ' | ' | ' | -2 | ' |
Net periodic benefit cost (credit) | ($1) | ($1) | ($4) | ($2) | $6 |
Employee_Benefits_Effects_of_O
Employee Benefits - Effects of One Percentage Point Change In Assumed Health Care Cost Trend Rates (Detail) (USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2013 |
Compensation And Retirement Disclosure [Abstract] | ' |
Effect on service cost plus interest cost, 1% increase | $0.20 |
Effect on postretirement benefit obligation, 1% increase | 4.1 |
Effect on service cost plus interest cost, 1% decrease | -0.2 |
Effect on postretirement benefit obligation, 1% decrease | ($3.40) |
Employee_Benefits_Weighted_Ave
Employee Benefits - Weighted Average Asset Allocations (Detail) | Dec. 31, 2013 | Dec. 31, 2012 |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' |
Defined benefit plan weighted average asset allocation | 100.00% | 100.00% |
Equity Securities [Member] | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' |
Defined benefit plan weighted average asset allocation | 70.00% | 64.00% |
Debt Securities [Member] | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' |
Defined benefit plan weighted average asset allocation | 19.00% | 22.00% |
Real Estate [Member] | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' |
Defined benefit plan weighted average asset allocation | 3.00% | 3.00% |
Other [Member] | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' |
Defined benefit plan weighted average asset allocation | 8.00% | 11.00% |
Employee_Benefits_Target_Range
Employee Benefits - Target Ranges and Allocations (Detail) | 12 Months Ended |
Dec. 31, 2013 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' |
Target allocation | 100.00% |
Equity Securities [Member] | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' |
Target Allocation, minimum | 35.00% |
Target Allocation, maximum | 85.00% |
Target allocation | 63.00% |
Debt Securities [Member] | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' |
Target Allocation, minimum | 10.00% |
Target Allocation, maximum | 30.00% |
Target allocation | 22.00% |
Real Estate [Member] | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' |
Target Allocation, minimum | 0.00% |
Target Allocation, maximum | 10.00% |
Target allocation | 9.00% |
Other [Member] | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' |
Target Allocation, minimum | 0.00% |
Target Allocation, maximum | 10.00% |
Target allocation | 6.00% |
Employee_Benefits_Fair_Value_o
Employee Benefits - Fair Value of Pension Plan Assets by Asset Category (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
In Millions, unless otherwise specified | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' | ' |
Defined benefit plan, fair value of plan assets | $638.90 | $559.70 | ' | ' |
Cash and Cash Equivalents [Member] | ' | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' | ' |
Defined benefit plan, fair value of plan assets | 11.9 | 11.1 | ' | ' |
Equity Securities [Member] | US Large Cap [Member] | ' | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' | ' |
Defined benefit plan, fair value of plan assets | 158.9 | 121 | ' | ' |
Equity Securities [Member] | US Small/Mid Cap [Member] | ' | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' | ' |
Defined benefit plan, fair value of plan assets | 62.6 | 45.4 | ' | ' |
Equity Securities [Member] | Canadian Large Cap [Member] | ' | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' | ' |
Defined benefit plan, fair value of plan assets | 5.7 | 6.4 | ' | ' |
Equity Securities [Member] | Canadian Small Cap [Member] | ' | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' | ' |
Defined benefit plan, fair value of plan assets | 1.4 | 1.6 | ' | ' |
Equity Securities [Member] | Other International Companies [Member] | ' | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' | ' |
Defined benefit plan, fair value of plan assets | 218.8 | 183.1 | ' | ' |
Fixed Income Securities [Member] | Investment Grade Debt [Member] | ' | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' | ' |
Defined benefit plan, fair value of plan assets | 118.8 | 122.7 | ' | ' |
Other Investments [Member] | Commodity funds [Member] | ' | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' | ' |
Defined benefit plan, fair value of plan assets | 1.4 | 1.5 | ' | ' |
Other Investments [Member] | Multi-strategy funds [Member] | ' | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' | ' |
Defined benefit plan, fair value of plan assets | 28.6 | 26.7 | ' | ' |
Other Investments [Member] | Private equity funds [Member] | ' | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' | ' |
Defined benefit plan, fair value of plan assets | 12.7 | 22.5 | ' | ' |
Real estate [Member] | ' | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' | ' |
Defined benefit plan, fair value of plan assets | 18.1 | 17.7 | ' | ' |
Level 1 [Member] | ' | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' | ' |
Defined benefit plan, fair value of plan assets | 11.9 | 11.1 | ' | ' |
Level 1 [Member] | Cash and Cash Equivalents [Member] | ' | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' | ' |
Defined benefit plan, fair value of plan assets | 11.9 | 11.1 | ' | ' |
Level 2 [Member] | ' | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' | ' |
Defined benefit plan, fair value of plan assets | 585.1 | 498.7 | ' | ' |
Level 2 [Member] | Equity Securities [Member] | US Large Cap [Member] | ' | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' | ' |
Defined benefit plan, fair value of plan assets | 158.9 | 121 | ' | ' |
Level 2 [Member] | Equity Securities [Member] | US Small/Mid Cap [Member] | ' | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' | ' |
Defined benefit plan, fair value of plan assets | 62.6 | 45.4 | ' | ' |
Level 2 [Member] | Equity Securities [Member] | Canadian Large Cap [Member] | ' | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' | ' |
Defined benefit plan, fair value of plan assets | 5.7 | 6.4 | ' | ' |
Level 2 [Member] | Equity Securities [Member] | Canadian Small Cap [Member] | ' | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' | ' |
Defined benefit plan, fair value of plan assets | 1.4 | 1.6 | ' | ' |
Level 2 [Member] | Equity Securities [Member] | Other International Companies [Member] | ' | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' | ' |
Defined benefit plan, fair value of plan assets | 218.8 | 183.1 | ' | ' |
Level 2 [Member] | Fixed Income Securities [Member] | Investment Grade Debt [Member] | ' | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' | ' |
Defined benefit plan, fair value of plan assets | 118.8 | 122.7 | ' | ' |
Level 2 [Member] | Other Investments [Member] | Commodity funds [Member] | ' | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' | ' |
Defined benefit plan, fair value of plan assets | 1.4 | 1.5 | ' | ' |
Level 2 [Member] | Real estate [Member] | ' | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' | ' |
Defined benefit plan, fair value of plan assets | 17.5 | 17 | ' | ' |
Level 3 [Member] | ' | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' | ' |
Defined benefit plan, fair value of plan assets | 41.9 | 49.9 | 33.5 | 41.3 |
Level 3 [Member] | Other Investments [Member] | Multi-strategy funds [Member] | ' | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' | ' |
Defined benefit plan, fair value of plan assets | 28.6 | 26.7 | ' | ' |
Level 3 [Member] | Other Investments [Member] | Private equity funds [Member] | ' | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' | ' |
Defined benefit plan, fair value of plan assets | 12.7 | 22.5 | ' | ' |
Level 3 [Member] | Real estate [Member] | ' | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' | ' |
Defined benefit plan, fair value of plan assets | $0.60 | $0.70 | ' | ' |
Employee_Benefits_Fair_Value_M
Employee Benefits - Fair Value Measurements Using Significant Unobservable Inputs (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
Ending balance | $638.90 | $559.70 | ' |
Level 3 [Member] | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
Beginning balance | 49.9 | 33.5 | 41.3 |
Relating to assets still held at the reporting date | 0.8 | 1.9 | 0.7 |
Relating to assets sold during the period | 2.7 | 2.7 | 0.5 |
Purchases | ' | 25.5 | 1.4 |
Sales | -11.5 | -13.7 | -10.4 |
Ending balance | 41.9 | 49.9 | 33.5 |
Level 3 [Member] | Multi-Strategy Hedge funds [Member] | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
Beginning balance | 26.7 | 2.7 | 6 |
Relating to assets still held at the reporting date | 1.9 | 1.7 | 0.2 |
Relating to assets sold during the period | ' | -0.5 | ' |
Purchases | ' | 25 | ' |
Sales | ' | -2.2 | -3.5 |
Ending balance | 28.6 | 26.7 | 2.7 |
Level 3 [Member] | Private Equity Funds [Member] | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
Beginning balance | 22.5 | 28.3 | 31.5 |
Relating to assets still held at the reporting date | -1.1 | 0.5 | 0.3 |
Relating to assets sold during the period | 2.6 | 2.4 | 0.7 |
Purchases | ' | 0.5 | 1.4 |
Sales | -11.3 | -9.2 | -5.6 |
Ending balance | 12.7 | 22.5 | 28.3 |
Level 3 [Member] | Real Estate [Member] | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
Beginning balance | 0.7 | 2.5 | 3.8 |
Relating to assets still held at the reporting date | ' | -0.3 | 0.2 |
Relating to assets sold during the period | 0.1 | 0.8 | -0.2 |
Sales | -0.2 | -2.3 | -1.3 |
Ending balance | $0.60 | $0.70 | $2.50 |
Employee_Benefits_Estimated_Fu
Employee Benefits - Estimated Future Benefit Payments (Detail) (USD $) | Dec. 31, 2013 |
In Millions, unless otherwise specified | |
Pension Benefits [Member] | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' |
2014 | $56.50 |
2015 | 56.9 |
2016 | 57.3 |
2017 | 57.6 |
2018 | 57.9 |
2019-2023 | 291.3 |
Other Benefits [Member] | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' |
2014 | 12.7 |
2015 | 11.6 |
2016 | 11.1 |
2017 | 10.4 |
2018 | 9.8 |
2019-2023 | $40.10 |
Employee_Benefits_Multiemploye
Employee Benefits - Multiemployer Pension and Other Postretirement Plans - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Location | |||
Employees | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
Multiemployer plans description | 'Ryerson participates in two multiemployer pension plans covering 66 employees at 4 locations. | ' | ' |
Multiemployer pension plan covered employees | 66 | ' | ' |
Multiemployer pension plan covered locations | 4 | ' | ' |
Multiemployer plan contributions | $0.50 | $0.50 | $0.40 |
Pension withdrawal liability | 0.5 | 0.6 | ' |
Period of Withdrawal pension liability Payment | '25 years | ' | ' |
Location One [Member] | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
Pension withdrawal liability | $1 | ' | ' |
Maximum [Member] | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
Percentage of contributions to the plans | 5.00% | ' | ' |
Commitments_and_Contingencies_
Commitments and Contingencies - Additional Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended | ||
In Millions, unless otherwise specified | Mar. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Commitments And Contingencies [Line Items] | ' | ' | ' | ' |
Future minimum rental commitment total | ' | $125.10 | ' | ' |
Future minimum rental commitment year 2014 | ' | 25.3 | ' | ' |
Future minimum rental commitment year 2015 | ' | 21.5 | ' | ' |
Future minimum rental commitment year 2016 | ' | 18.6 | ' | ' |
Future minimum rental commitment year 2017 | ' | 14.8 | ' | ' |
Future minimum rental commitment year 2018 | ' | 11.2 | ' | ' |
Future minimum rental commitment year thereafter | ' | 33.7 | ' | ' |
Rental expense under operating leases | ' | 32.9 | 32.6 | 30.5 |
Purchase obligations | ' | 43.3 | ' | ' |
Purchase obligations to be paid in 2014 | ' | 42.2 | ' | ' |
Purchase obligations to be paid in 2015 | ' | 1.1 | ' | ' |
Cash deposit to offset amounts payable | ' | 0 | ' | ' |
Percentage of total labor expired under collective bargaining agreement | ' | 12.00% | ' | ' |
Potential loss range minimum | 0 | 0 | ' | ' |
Potential loss range maximum | 27.7 | 27.7 | ' | ' |
Total awarded value for damages to plaintiffs | $27.70 | $27.70 | ' | ' |
Fiscal Year 2014 [Member] | ' | ' | ' | ' |
Commitments And Contingencies [Line Items] | ' | ' | ' | ' |
Percentage of total labor expired under collective bargaining agreement | ' | 4.00% | ' | ' |
Maximum [Member] | ' | ' | ' | ' |
Commitments And Contingencies [Line Items] | ' | ' | ' | ' |
Noncancellable operating leases expire period | ' | '2025 | ' | ' |
Related_Parties_Additional_Inf
Related Parties - Additional Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended | ||||
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Related Party Transactions [Abstract] | ' | ' | ' | ' | ' | ' |
Annual related party advisory fee maximum | $5 | ' | ' | $5 | ' | ' |
Payment of advisory fee recorded | 1.3 | 1.3 | ' | 5 | 5 | 5 |
Distributions to Ryerson Holding | ' | ' | $35 | ' | $35 | ' |
Sales_by_Product_Percentage_of
Sales by Product - Percentage of Sales by Major Product Line (Detail) | 3 Months Ended | 12 Months Ended | |||
Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Revenue from External Customer [Line Items] | ' | ' | ' | ' | ' |
Percentage of sales by major product lines | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% |
Carbon Steel Flat [Member] | ' | ' | ' | ' | ' |
Revenue from External Customer [Line Items] | ' | ' | ' | ' | ' |
Percentage of sales by major product lines | 26.00% | 25.00% | 26.00% | 25.00% | 27.00% |
Carbon Steel Plate [Member] | ' | ' | ' | ' | ' |
Revenue from External Customer [Line Items] | ' | ' | ' | ' | ' |
Percentage of sales by major product lines | 11.00% | 12.00% | 11.00% | 13.00% | 11.00% |
Carbon Steel Long [Member] | ' | ' | ' | ' | ' |
Revenue from External Customer [Line Items] | ' | ' | ' | ' | ' |
Percentage of sales by major product lines | 17.00% | 15.00% | 15.00% | 15.00% | 10.00% |
Stainless Steel Flat [Member] | ' | ' | ' | ' | ' |
Revenue from External Customer [Line Items] | ' | ' | ' | ' | ' |
Percentage of sales by major product lines | 15.00% | 16.00% | 16.00% | 15.00% | 18.00% |
Stainless Steel Plate [Member] | ' | ' | ' | ' | ' |
Revenue from External Customer [Line Items] | ' | ' | ' | ' | ' |
Percentage of sales by major product lines | 4.00% | 4.00% | 4.00% | 4.00% | 4.00% |
Stainless Steel Long [Member] | ' | ' | ' | ' | ' |
Revenue from External Customer [Line Items] | ' | ' | ' | ' | ' |
Percentage of sales by major product lines | 3.00% | 4.00% | 3.00% | 4.00% | 4.00% |
Aluminum Flat [Member] | ' | ' | ' | ' | ' |
Revenue from External Customer [Line Items] | ' | ' | ' | ' | ' |
Percentage of sales by major product lines | 14.00% | 14.00% | 15.00% | 14.00% | 15.00% |
Aluminum Plate [Member] | ' | ' | ' | ' | ' |
Revenue from External Customer [Line Items] | ' | ' | ' | ' | ' |
Percentage of sales by major product lines | 3.00% | 3.00% | 3.00% | 3.00% | 3.00% |
Aluminum Long [Member] | ' | ' | ' | ' | ' |
Revenue from External Customer [Line Items] | ' | ' | ' | ' | ' |
Percentage of sales by major product lines | 4.00% | 4.00% | 4.00% | 4.00% | 4.00% |
Other [Member] | ' | ' | ' | ' | ' |
Revenue from External Customer [Line Items] | ' | ' | ' | ' | ' |
Percentage of sales by major product lines | 3.00% | 3.00% | 3.00% | 3.00% | 4.00% |
Sales_by_Product_Additional_In
Sales by Product - Additional Information (Detail) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Sales By Product Category [Abstract] | ' | ' | ' |
Percentage Of Consolidated Sales From Foreign Countries | 14.00% | 13.00% | 14.00% |
Percentage of assets in foreign country | 15.00% | 16.00% | 15.00% |
Percentage one customer to total sales | 2.00% | 2.00% | 2.00% |
Percentage top ten customers to total sales | 11.00% | ' | ' |
Other_Matters_Additional_Infor
Other Matters - Additional Information (Detail) (Automated Laser Fabrication Co., LLC ("ALF") [Member], USD $) | Dec. 31, 2011 |
In Millions, unless otherwise specified | |
Automated Laser Fabrication Co., LLC ("ALF") [Member] | ' |
Schedule of Equity Method Investments [Line Items] | ' |
Equity method investment | $0.80 |
Equity method investment, ownership percentage | 38.00% |
Compensation_Plan_Additional_I
Compensation Plan - Additional Information (Detail) (Performance Shares [Member], USD $) | 12 Months Ended | ||||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2009 |
Performance Shares [Member] | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' |
Performance units vest period | '44 months | ' | ' | ' | ' |
Performance units, expiration date | 31-Mar-14 | ' | ' | ' | ' |
Proceed from sale of common stock | $875 | ' | ' | ' | ' |
Share based compensation authorized | 87,500,000 | ' | ' | ' | ' |
Share based compensation granted | 35,875,000 | ' | ' | ' | ' |
Share based compensation forfeited | 8,750,000 | ' | ' | ' | ' |
Share based compensation vested | 38,937,500 | 37,187,500 | ' | ' | ' |
Share based compensation outstanding | 64,312,500 | 37,187,500 | ' | ' | ' |
Grant date fair value of performance units | 0 | 0 | 0 | 0 | 0 |
Cash distributions | $305.30 | ' | ' | ' | ' |
Derivative_and_Fair_Value_Meas
Derivative and Fair Value Measurements - Location of Fair Value Amount of Our Derivative Instruments (Detail) (Derivatives not designated as hedging instruments under ASC 815 [Member], Commodity contracts [Member], USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | Other accrued liabilities [Member] | Prepaid expenses and other current assets [Member] |
Derivatives, Fair Value [Line Items] | ' | ' |
Liability Derivatives, Fair Value | $0.20 | ' |
Asset Derivatives, Fair Value | ' | $0.20 |
Derivatives_and_Fair_Value_Mea2
Derivatives and Fair Value Measurements - Additional Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Derivatives, Fair Value [Line Items] | ' | ' | ' | ' | ' |
Proceeds from sale of investments | $0 | ' | $0 | $0 | $0 |
Assets held for sale | 4.6 | ' | 4.7 | 3.6 | ' |
Impairment charge of asset held for sale | ' | 0.9 | 3.2 | 1 | 7.8 |
Minimum [Member] | ' | ' | ' | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' | ' | ' | ' |
Contract term for exchange contracts | '3 months | ' | '3 months | ' | ' |
Maximum [Member] | ' | ' | ' | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' | ' | ' | ' |
Contract term for exchange contracts | '12 months | ' | '12 months | ' | ' |
Foreign Exchange Forward [Member] | ' | ' | ' | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' | ' | ' | ' |
Notional amount of foreign currency exchange contracts | $3.60 | ' | $2.20 | $0.70 | ' |
Nickel Futures or Option Contracts [Member] | ' | ' | ' | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' | ' | ' | ' |
Commodity notional value | 97 | ' | 131 | 182 | ' |
Hot Roll Steel Coil Option [Member] | ' | ' | ' | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' | ' | ' | ' |
Commodity notional value | 3,180 | ' | 4,600 | 1,300 | ' |
Aluminum Price Swaps [Member] | ' | ' | ' | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' | ' | ' | ' |
Commodity notional value | 50 | ' | 195 | 80 | ' |
Derivatives_and_Fair_Value_Mea3
Derivatives and Fair Value Measurements - Location and Amount of Gains and Losses Reported in Consolidated Statements of Comprehensive Income (Detail) (Derivatives not designated as hedging instruments under ASC 815 [Member], USD $) | 3 Months Ended | 12 Months Ended | |||
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' | ' |
Amount of Gain/ (Loss) Recognized in Income on Derivatives, Total | ' | ' | ($0.30) | $1.40 | ($1.80) |
Foreign Exchange Contracts [Member] | Other Income Expense Net [Member] | ' | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' | ' |
Amount of Gain/ (Loss) Recognized in Income on Derivatives, Total | ' | ' | ' | 0.1 | 0.2 |
Commodity contracts [Member] | Cost of Sales [Member] | ' | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' | ' |
Amount of Gain/ (Loss) Recognized in Income on Derivatives, Total | 0.2 | -0.3 | -0.3 | 1.3 | -1.9 |
Natural Gas Commodity [Member] | Warehousing Delivery Selling General And Administrative [Member] | ' | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' | ' |
Amount of Gain/ (Loss) Recognized in Income on Derivatives, Total | ' | ' | ' | ' | ($0.10) |
Derivatives_and_Fair_Value_Mea4
Derivatives and Fair Value Measurements - Assets and Liabilities Measured and Recorded at Fair Value on Recurring Basis (Detail) (Fair Value, Measurements, Recurring [Member], USD $) | Mar. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | |||
Level 1 [Member] | Commodity contracts [Member] | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Mark-to-market liability derivatives | ' | ' | ' |
Mark-to-market asset derivatives | ' | ' | ' |
Level 2 [Member] | Commodity contracts [Member] | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Mark-to-market liability derivatives | ' | 0.2 | ' |
Mark-to-market asset derivatives | ' | ' | 0.2 |
Commercial Paper [Member] | Level 1 [Member] | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Cash equivalents | 35.9 | 39.9 | 28.3 |
Commercial Paper [Member] | Level 2 [Member] | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Cash equivalents | ' | ' | ' |
Common stock - available-for-sale investment [Member] | Level 1 [Member] | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Prepaid and other current assets | 20.6 | 20.7 | 20.7 |
Common stock - available-for-sale investment [Member] | Level 2 [Member] | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Prepaid and other current assets | ' | ' | ' |
Derivatives_and_Fair_Value_Mea5
Derivatives and Fair Value Measurements - Assets and Liabilities Measured and Recorded at Fair Value on Non Recurring Basis (Detail) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Prepaid expenses and other current assets - assets held for sale | $4.60 | $4.70 | $3.60 |
Level 2 [Member] | Fair Value, Measurements, Nonrecurring [Member] | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Prepaid expenses and other current assets - assets held for sale | $4.60 | $4.70 | $3.60 |
Derivatives_and_Fair_Value_Mea6
Derivatives and Fair Value Measurements - Carrying and Estimated Fair Values Financial Instruments (Detail) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
In Millions, unless otherwise specified | ||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' | ' | ' | ' |
Cash and cash equivalents, Carrying Amount | $97.40 | $74.40 | $74.30 | $71.20 | $61.70 | $62.60 |
Restricted Cash, Carrying Amount | 1.8 | 1.8 | ' | 3.9 | ' | ' |
Receivables less provision for allowances, claims and doubtful accounts, Carrying Amount | 433.5 | 381.9 | ' | 394.1 | ' | ' |
Accounts payable, Carrying Amount | 261.7 | 207.3 | ' | 196.3 | ' | ' |
Long-term debt, including current portion, Carrying Amount | 1,275 | 1,294.80 | ' | 1,305.40 | ' | ' |
Fair Value [Member] | ' | ' | ' | ' | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' | ' | ' | ' |
Cash and cash equivalents, Fair Value | 97.4 | 74.4 | ' | 71.2 | ' | ' |
Restricted Cash, Fair Value | 1.8 | 1.8 | ' | 3.9 | ' | ' |
Receivables less provision for allowances, claims and doubtful accounts, Fair Value | 433.5 | 381.9 | ' | 394.1 | ' | ' |
Accounts payable, Fair Value | 261.7 | 207.3 | ' | 196.3 | ' | ' |
Long-term debt, including current portion, Fair Value | 1,356.70 | 1,348.80 | ' | 1,296.40 | ' | ' |
Carrying Amount [Member] | ' | ' | ' | ' | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' | ' | ' | ' |
Cash and cash equivalents, Carrying Amount | 97.4 | 74.4 | ' | 71.2 | ' | ' |
Restricted Cash, Carrying Amount | 1.8 | 1.8 | ' | 3.9 | ' | ' |
Receivables less provision for allowances, claims and doubtful accounts, Carrying Amount | 433.5 | 381.9 | ' | 394.1 | ' | ' |
Accounts payable, Carrying Amount | 261.7 | 207.3 | ' | 196.3 | ' | ' |
Long-term debt, including current portion, Carrying Amount | $1,275 | $1,294.80 | ' | $1,305.40 | ' | ' |
Derivatives_and_Fair_Value_Mea7
Derivatives and Fair Value Measurements - Available-for-Sale Securities (Detail) (Common Stock [Member], USD $) | Mar. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | |||
Common Stock [Member] | ' | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ' |
Cost | $17.40 | $17.40 | $17.40 |
Gross Unrealized Gains | 3.2 | 3.3 | 3.3 |
Gross Unrealized Losses | ' | ' | ' |
Fair Value | $20.60 | $20.70 | $20.70 |
Stockholders_Equity_Deficit_Ac2
Stockholders' Equity (Deficit) Accumulated Other Comprehensive Income and Redeemable Noncontrolling Interest - Schedule of Changes in Accumulated Other Comprehensive Income (Loss) (Detail) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2012 |
In Millions, unless otherwise specified | Foreign Currency Translation [Member] | Foreign Currency Translation [Member] | Benefit Plan Liabilities [Member] | Benefit Plan Liabilities [Member] | Unrealized Gain (Loss) on Available- For-Sale Investments [Member] | Unrealized Gain (Loss) on Available- For-Sale Investments [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accumulated other comprehensive income (loss) net of tax, beginning balance | ($195.20) | ($188.20) | ($252.10) | ($16.60) | ($3.80) | ($174.90) | ($251.60) | $3.30 | $3.30 |
Other comprehensive income (loss) before reclassifications | ' | ' | ' | -7.1 | -12.8 | ' | 80.1 | -0.1 | ' |
Reclassification from accumulated other comprehensive income, period net of tax | ' | ' | ' | ' | ' | 0.2 | -3.4 | ' | ' |
Net current-period other comprehensive income (loss) | ' | ' | ' | -7.1 | -12.8 | 0.2 | 76.7 | -0.1 | ' |
Accumulated other comprehensive income (loss) net of tax, ending balance | ($195.20) | ($188.20) | ($252.10) | ($23.70) | ($16.60) | ($174.70) | ($174.90) | $3.20 | $3.30 |
Stockholders_Equity_Deficit_Ac3
Stockholders' Equity (Deficit) Accumulated Other Comprehensive Income and Redeemable Noncontrolling Interest - Schedule of Reclassifications Out of Accumulated Other Comprehensive Income (Loss) (Detail) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||||||||
In Millions, unless otherwise specified | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Total before tax | $4.50 | ($0.20) | [1] | $5.60 | [2] | $2.40 | [3] | $6.10 | [4] | ($25.60) | [5] | $18.60 | $19.80 | [6] | $27.50 | $13.90 | $40.30 | ($19.80) |
Tax provision | -3.1 | ' | ' | ' | -0.9 | ' | ' | ' | ' | 112.3 | 5.5 | 11 | ||||||
Net of tax | 1.4 | 118 | [1] | 2.8 | [2] | 0.2 | [3] | 5.2 | [4] | -10.5 | [5] | 16 | 15.4 | [6] | 24.9 | 126.2 | 45.8 | -8.8 |
Benefit Plan Liabilities [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Total before tax | 0.2 | ' | ' | ' | 1.2 | ' | ' | ' | ' | -5.2 | ' | ' | ||||||
Tax provision | ' | ' | ' | ' | 0.1 | ' | ' | ' | ' | 1.8 | ' | ' | ||||||
Net of tax | 0.2 | ' | ' | ' | 1.1 | ' | ' | ' | ' | -3.4 | ' | ' | ||||||
Benefit Plan Liabilities [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | Warehousing Delivery Selling General And Administrative [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Actuarial gain | 0.6 | ' | ' | ' | 1.6 | ' | ' | ' | ' | -6.6 | ' | ' | ||||||
Prior service cost | ($0.40) | ' | ' | ' | ($0.40) | ' | ' | ' | ' | $1.40 | ' | ' | ||||||
[1] | Included in the fourth quarter 2013 results is an impairment charge of $1.2 million related to certain assets held for sale to recognize the assets at their appraised fair value less cost to sell and an income tax benefit of $118.2 million primarily related to a reduction in valuation allowance previously recorded against U.S. deferred tax assets. | |||||||||||||||||
[2] | Included in the third quarter 2013 results is an impairment charge of $1.1 million related to certain assets held for sale to recognize the assets at their fair value less cost to sell. | |||||||||||||||||
[3] | Included in the second quarter 2013 results is an impairment charge of $6.8 million to reduce the carrying value of goodwill at a reporting unit to its implied fair value. The second quarter also includes a $2.1 million restructuring charge related to the closure of a facility. | |||||||||||||||||
[4] | Included in the first quarter 2013 results is an impairment charge of $0.9 million related to certain assets held for sale to recognize the assets at their fair value less cost to sell. | |||||||||||||||||
[5] | Included in the fourth quarter 2012 results is an impairment charge of $0.1 million related to certain assets held for sale to recognize the assets at their fair value less cost to sell, $1.1 million restructuring charges primarily for employee-related costs resulting from a facility closure, a $32.8 million loss on the redemption of the Ryerson Notes and Ryerson Holding Notes, and a $1.7 million curtailment gain related to an amendment of a Canadian post-retirement medical and life insurance plan. The fourth quarter of 2012 also included an income tax benefit of $15.2 million related to the release of valuation allowance associated with certain state deferred tax assets. | |||||||||||||||||
[6] | Included in the second quarter 2012 results is an impairment charge of $0.9 million related to certain assets held for sale to recognize the assets at their fair value less cost to sell. |
Income_Taxes_Elements_of_Provi
Income Taxes - Elements of Provision (Benefit) for Income Taxes (Detail) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||||||||
In Millions, unless otherwise specified | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||||||
Income (loss) before income tax: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
U.S. | ' | ' | ' | ' | ' | ' | ' | ' | ' | $35.50 | $47.50 | ($14.80) | ||||||
Foreign | ' | ' | ' | ' | ' | ' | ' | ' | ' | -21.6 | -7.2 | -5 | ||||||
Income (loss) before income taxes | 4.5 | -0.2 | [1] | 5.6 | [2] | 2.4 | [3] | 6.1 | [4] | -25.6 | [5] | 18.6 | 19.8 | [6] | 27.5 | 13.9 | 40.3 | -19.8 |
Current income taxes: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Federal | ' | ' | ' | ' | ' | ' | ' | ' | ' | -0.1 | ' | -5.3 | ||||||
Foreign | ' | ' | ' | ' | ' | ' | ' | ' | ' | -0.1 | 0.6 | 5.4 | ||||||
State | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.6 | 3.1 | 0.5 | ||||||
Current income taxes | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.4 | 3.7 | 0.6 | ||||||
Deferred income taxes | 5.1 | ' | ' | ' | 0.8 | ' | ' | ' | ' | -112.7 | -9.2 | -11.6 | ||||||
Total income tax provision (benefit) | $3.10 | ' | ' | ' | $0.90 | ' | ' | ' | ' | ($112.30) | ($5.50) | ($11) | ||||||
[1] | Included in the fourth quarter 2013 results is an impairment charge of $1.2 million related to certain assets held for sale to recognize the assets at their appraised fair value less cost to sell and an income tax benefit of $118.2 million primarily related to a reduction in valuation allowance previously recorded against U.S. deferred tax assets. | |||||||||||||||||
[2] | Included in the third quarter 2013 results is an impairment charge of $1.1 million related to certain assets held for sale to recognize the assets at their fair value less cost to sell. | |||||||||||||||||
[3] | Included in the second quarter 2013 results is an impairment charge of $6.8 million to reduce the carrying value of goodwill at a reporting unit to its implied fair value. The second quarter also includes a $2.1 million restructuring charge related to the closure of a facility. | |||||||||||||||||
[4] | Included in the first quarter 2013 results is an impairment charge of $0.9 million related to certain assets held for sale to recognize the assets at their fair value less cost to sell. | |||||||||||||||||
[5] | Included in the fourth quarter 2012 results is an impairment charge of $0.1 million related to certain assets held for sale to recognize the assets at their fair value less cost to sell, $1.1 million restructuring charges primarily for employee-related costs resulting from a facility closure, a $32.8 million loss on the redemption of the Ryerson Notes and Ryerson Holding Notes, and a $1.7 million curtailment gain related to an amendment of a Canadian post-retirement medical and life insurance plan. The fourth quarter of 2012 also included an income tax benefit of $15.2 million related to the release of valuation allowance associated with certain state deferred tax assets. | |||||||||||||||||
[6] | Included in the second quarter 2012 results is an impairment charge of $0.9 million related to certain assets held for sale to recognize the assets at their fair value less cost to sell. |
Income_Taxes_Reconciliation_of
Income Taxes - Reconciliation of Income Taxes with Amounts Computed by Applying Federal Tax Rate (Detail) (USD $) | 3 Months Ended | 12 Months Ended | ||||||
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Income Tax Disclosure [Abstract] | ' | ' | ' | ' | ' | |||
Federal income tax expense (benefit) computed at statutory tax rate of 35% | ' | ' | $4.90 | $14.10 | ($6.90) | |||
Additional taxes or credits from: | ' | ' | ' | ' | ' | |||
State and local income taxes, net of federal income tax effect | ' | ' | 3 | 3 | 2 | |||
Non-deductible expenses and non-taxable income | ' | ' | 5.1 | 1.9 | -1.1 | |||
Foreign income not includable in federal taxable income | ' | ' | 1.9 | 0.3 | 5.8 | |||
Effect of acquisition related elections and settlements | ' | ' | -2.2 | [1] | -7.1 | [1] | ' | |
Valuation allowance changes (net) | ' | ' | -124.2 | [2] | -19.2 | [2] | -11.7 | [2] |
All other, net | ' | ' | -0.8 | 1.5 | 0.9 | |||
Total income tax provision (benefit) | $3.10 | $0.90 | ($112.30) | ($5.50) | ($11) | |||
[1] | Includes a $8.5 million deferred tax benefit in 2012 related to a tax election corresponding with the acquisition of Turret, for which an offsetting valuation allowance was also recorded in 2012. | |||||||
[2] | The 2012 change in valuation allowance includes a benefit from the use of U.S. federal and state net operating loss carryforwards totaling approximately $4 million. |
Income_Taxes_Reconciliation_of1
Income Taxes - Reconciliation of Income Taxes with Amounts Computed by Applying Federal Tax Rate (Parenthetical) (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Reconciliation Of Effective Income Tax Rate [Line Items] | ' | ' | ' | ' | ' |
Statutory tax rate | ' | ' | 35.00% | 35.00% | 35.00% |
Deferred tax benefit | $5.10 | $0.80 | ($112.70) | ($9.20) | ($11.60) |
US Federal And State Net [Member] | ' | ' | ' | ' | ' |
Reconciliation Of Effective Income Tax Rate [Line Items] | ' | ' | ' | ' | ' |
U.S. federal and state net operating loss carryforwards | ' | ' | ' | 4 | ' |
Turret Steel [Member] | ' | ' | ' | ' | ' |
Reconciliation Of Effective Income Tax Rate [Line Items] | ' | ' | ' | ' | ' |
Deferred tax benefit | ' | ' | ' | ($8.50) | ' |
Income_Taxes_Components_of_Def
Income Taxes - Components of Deferred Income Tax Assets and Liabilities (Detail) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | |||
Deferred tax assets: | ' | ' | ' |
AMT tax credit carryforwards | ' | $30 | $30 |
Post-retirement benefits other than pensions | ' | 43 | 49 |
Federal and foreign net operating loss carryforwards | ' | 70 | 64 |
State net operating loss carryforwards | ' | 12 | 12 |
Pension liability | ' | 74 | 143 |
Other deductible temporary differences | ' | 17 | 16 |
Less: valuation allowances | -23.1 | -23.1 | -147 |
Deferred tax assets, net | ' | 223 | 167 |
Deferred tax liabilities: | ' | ' | ' |
Fixed asset basis difference | ' | 104 | 109 |
Inventory basis difference | ' | 129 | 130 |
Other intangibles | ' | 15 | 11 |
Deferred tax liabilities | ' | 248 | 250 |
Net deferred tax liability | ' | ($25) | ($83) |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended | ||||||
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Income Tax [Line Items] | ' | ' | ' | ' | ' | |||
Net tax benefit related to changes in valuation allowance | ' | ' | ($124.20) | [1] | ($19.20) | [1] | ($11.70) | [1] |
Federal AMT credit carryforwards | ' | ' | 30 | 30 | ' | |||
Federal net operating loss carry-forwards | ' | ' | 60 | ' | ' | |||
State net operating loss carry-forwards | ' | ' | 12 | 12 | ' | |||
Foreign net operating loss carry-forwards | ' | ' | 10 | ' | ' | |||
Undistributed foreign earnings | ' | ' | 74 | ' | ' | |||
Accrued interest related to uncertain tax positions | ' | ' | 1.1 | 1 | ' | |||
Unrecognized tax benefits that would affect effective tax rate if recognized | ' | ' | 6.3 | 9 | ' | |||
Provision (benefit) for income taxes | 3.1 | 0.9 | -112.3 | -5.5 | -11 | |||
Valuation allowance | 23.1 | ' | 23.1 | 147 | ' | |||
Domestic Tax Authority [Member] | ' | ' | ' | ' | ' | |||
Income Tax [Line Items] | ' | ' | ' | ' | ' | |||
Net operating loss carry-forwards expiration period | ' | ' | '17 years | ' | ' | |||
State and Local Jurisdiction [Member] | Minimum [Member] | ' | ' | ' | ' | ' | |||
Income Tax [Line Items] | ' | ' | ' | ' | ' | |||
Net operating loss carry-forwards expiration period | ' | ' | '1 year | ' | ' | |||
State and Local Jurisdiction [Member] | Maximum [Member] | ' | ' | ' | ' | ' | |||
Income Tax [Line Items] | ' | ' | ' | ' | ' | |||
Net operating loss carry-forwards expiration period | ' | ' | '20 years | ' | ' | |||
Foreign Tax Authority [Member] | Canada [Member] | ' | ' | ' | ' | ' | |||
Income Tax [Line Items] | ' | ' | ' | ' | ' | |||
Cash and Short term investments | ' | ' | 53 | ' | ' | |||
Foreign Tax Authority [Member] | CHINA | ' | ' | ' | ' | ' | |||
Income Tax [Line Items] | ' | ' | ' | ' | ' | |||
Cash and Short term investments | ' | ' | $8 | ' | ' | |||
Foreign Tax Authority [Member] | Minimum [Member] | ' | ' | ' | ' | ' | |||
Income Tax [Line Items] | ' | ' | ' | ' | ' | |||
Net operating loss carry-forwards expiration period | ' | ' | '1 year | ' | ' | |||
Foreign Tax Authority [Member] | Maximum [Member] | ' | ' | ' | ' | ' | |||
Income Tax [Line Items] | ' | ' | ' | ' | ' | |||
Net operating loss carry-forwards expiration period | ' | ' | '5 years | ' | ' | |||
[1] | The 2012 change in valuation allowance includes a benefit from the use of U.S. federal and state net operating loss carryforwards totaling approximately $4 million. |
Income_Taxes_Reconciliation_of2
Income Taxes - Reconciliation of Unrecognized Tax Benefits (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income Tax Disclosure [Abstract] | ' | ' | ' |
Unrecognized tax benefits beginning balance | $9 | $7 | $6.40 |
Gross increases - tax positions in current periods | 0.4 | 2 | 1.5 |
Settlements and closing of statute of limitations | -0.6 | ' | -0.9 |
Unrecognized tax benefits ending balance | $8.80 | $9 | $7 |
Earnings_Per_Share_Additional_
Earnings Per Share - Additional Information (Detail) | Mar. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Jul. 16, 2007 |
Earnings Per Share [Abstract] | ' | ' | ' | ' |
Common stock, shares issued | 21,250,000 | 21,250,000 | 21,250,000 | 21,250,000 |
Calculation_of_Basic_and_Dilut
Calculation of Basic and Diluted Earnings (loss) Per Share (Detail) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||||||||
In Millions, except Per Share data, unless otherwise specified | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||||||
Earnings Per Share [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Net income (loss) available to common stockholders | $1.60 | $118.20 | [1] | $3 | [2] | $0.50 | [3] | $5.60 | [4] | ($9.90) | [5] | $16.40 | $15.60 | [6] | $25 | $127.30 | $47.10 | ($8.10) |
Average shares of common stock outstanding | 21 | ' | ' | ' | 21.3 | ' | ' | ' | ' | 21.3 | 21.3 | 21.3 | ||||||
Basic and diluted earnings (loss) per share | $0.08 | $5.56 | [1] | $0.14 | [2] | $0.02 | [3] | $0.26 | [4] | ($0.46) | [5] | $0.77 | $0.73 | [6] | $1.18 | $5.99 | $2.22 | ($0.38) |
[1] | Included in the fourth quarter 2013 results is an impairment charge of $1.2 million related to certain assets held for sale to recognize the assets at their appraised fair value less cost to sell and an income tax benefit of $118.2 million primarily related to a reduction in valuation allowance previously recorded against U.S. deferred tax assets. | |||||||||||||||||
[2] | Included in the third quarter 2013 results is an impairment charge of $1.1 million related to certain assets held for sale to recognize the assets at their fair value less cost to sell. | |||||||||||||||||
[3] | Included in the second quarter 2013 results is an impairment charge of $6.8 million to reduce the carrying value of goodwill at a reporting unit to its implied fair value. The second quarter also includes a $2.1 million restructuring charge related to the closure of a facility. | |||||||||||||||||
[4] | Included in the first quarter 2013 results is an impairment charge of $0.9 million related to certain assets held for sale to recognize the assets at their fair value less cost to sell. | |||||||||||||||||
[5] | Included in the fourth quarter 2012 results is an impairment charge of $0.1 million related to certain assets held for sale to recognize the assets at their fair value less cost to sell, $1.1 million restructuring charges primarily for employee-related costs resulting from a facility closure, a $32.8 million loss on the redemption of the Ryerson Notes and Ryerson Holding Notes, and a $1.7 million curtailment gain related to an amendment of a Canadian post-retirement medical and life insurance plan. The fourth quarter of 2012 also included an income tax benefit of $15.2 million related to the release of valuation allowance associated with certain state deferred tax assets. | |||||||||||||||||
[6] | Included in the second quarter 2012 results is an impairment charge of $0.9 million related to certain assets held for sale to recognize the assets at their fair value less cost to sell. |
Subsequent_Events_Additional_I
Subsequent Events - Additional Information (Detail) (USD $) | 0 Months Ended | 3 Months Ended | 12 Months Ended | ||||
In Millions, unless otherwise specified | Jul. 23, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 |
Subsequent Event | Platinum [Member] | Platinum [Member] | Platinum [Member] | Platinum [Member] | Platinum [Member] | Platinum [Member] | |
Thirty Percent Or More Voting Power [Member] | Thirty Percent Or More Voting Power [Member] | At least 15% but less than 30% of the voting power [Member] | At least 15% but less than 30% of the voting power [Member] | At least 5% but less than 15% of the voting power [Member] | At least 5% but less than 15% of the voting power [Member] | ||
Directors | Directors | Directors | Directors | ||||
Subsequent Event [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Advisory agreement termination fee | $25 | ' | ' | ' | ' | ' | ' |
Termination of advisory services, approval date | 23-Jul-14 | ' | ' | ' | ' | ' | ' |
Number of directors | ' | '30% of the voting power of the outstanding capital stock of the Company, Platinum will have the right to nominate for election to the board of directors of the Company no fewer than that number of directors that would constitute a majority of the number of directors if there were no vacancies on the board | '30% of the voting power of the outstanding capital stock of the Company, Platinum will have the right to nominate for election to the board of directors of the Company no fewer than that number of directors that would constitute a majority of the number of directors if there were no vacancies on the board | ' | ' | ' | ' |
Number of directors | ' | ' | ' | 2 | 2 | 1 | 1 |
Stock split ratio | 4.25 | ' | ' | ' | ' | ' | ' |
Stock split, approval date | 23-Jul-14 | ' | ' | ' | ' | ' | ' |
Summary_by_Quarter_Detail
Summary by Quarter (Detail) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||||||||
In Millions, except Per Share data, unless otherwise specified | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||||||
Supplemental Financial Information [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Net Sales | $874.40 | $802.50 | [1] | $859.80 | [2] | $906.90 | [3] | $891.10 | [4] | $850.30 | [5] | $962.20 | $1,090.60 | [6] | $1,121.60 | $3,460.30 | $4,024.70 | $4,729.80 |
Gross Profit | 147.7 | 147.2 | [1] | 155.1 | [2] | 158.5 | [3] | 155.8 | [4] | 154.3 | [5] | 180.5 | 184 | [6] | 190.8 | 616.6 | 709.6 | 658.8 |
Income (loss) before income taxes | 4.5 | -0.2 | [1] | 5.6 | [2] | 2.4 | [3] | 6.1 | [4] | -25.6 | [5] | 18.6 | 19.8 | [6] | 27.5 | 13.9 | 40.3 | -19.8 |
Net income (loss) | 1.4 | 118 | [1] | 2.8 | [2] | 0.2 | [3] | 5.2 | [4] | -10.5 | [5] | 16 | 15.4 | [6] | 24.9 | 126.2 | 45.8 | -8.8 |
Net Income (Loss) Attributable to Ryerson Holding Corporation | $1.60 | $118.20 | [1] | $3 | [2] | $0.50 | [3] | $5.60 | [4] | ($9.90) | [5] | $16.40 | $15.60 | [6] | $25 | $127.30 | $47.10 | ($8.10) |
Basic and diluted earnings (loss) per share | $0.08 | $5.56 | [1] | $0.14 | [2] | $0.02 | [3] | $0.26 | [4] | ($0.46) | [5] | $0.77 | $0.73 | [6] | $1.18 | $5.99 | $2.22 | ($0.38) |
[1] | Included in the fourth quarter 2013 results is an impairment charge of $1.2 million related to certain assets held for sale to recognize the assets at their appraised fair value less cost to sell and an income tax benefit of $118.2 million primarily related to a reduction in valuation allowance previously recorded against U.S. deferred tax assets. | |||||||||||||||||
[2] | Included in the third quarter 2013 results is an impairment charge of $1.1 million related to certain assets held for sale to recognize the assets at their fair value less cost to sell. | |||||||||||||||||
[3] | Included in the second quarter 2013 results is an impairment charge of $6.8 million to reduce the carrying value of goodwill at a reporting unit to its implied fair value. The second quarter also includes a $2.1 million restructuring charge related to the closure of a facility. | |||||||||||||||||
[4] | Included in the first quarter 2013 results is an impairment charge of $0.9 million related to certain assets held for sale to recognize the assets at their fair value less cost to sell. | |||||||||||||||||
[5] | Included in the fourth quarter 2012 results is an impairment charge of $0.1 million related to certain assets held for sale to recognize the assets at their fair value less cost to sell, $1.1 million restructuring charges primarily for employee-related costs resulting from a facility closure, a $32.8 million loss on the redemption of the Ryerson Notes and Ryerson Holding Notes, and a $1.7 million curtailment gain related to an amendment of a Canadian post-retirement medical and life insurance plan. The fourth quarter of 2012 also included an income tax benefit of $15.2 million related to the release of valuation allowance associated with certain state deferred tax assets. | |||||||||||||||||
[6] | Included in the second quarter 2012 results is an impairment charge of $0.9 million related to certain assets held for sale to recognize the assets at their fair value less cost to sell. |
Summary_by_Quarter_Parenthetic
Summary by Quarter (Parenthetical) (Detail) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||
In Millions, unless otherwise specified | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Jun. 30, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Supplemental Financial Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Impairment charges on fixed assets and goodwill | ' | $1.20 | $1.10 | $6.80 | ' | $0.10 | $0.90 | $10 | $1 | $9.30 |
Restructuring charge | ' | ' | ' | 2.1 | ' | 1.1 | ' | 1.9 | 1.1 | 11.1 |
Loss on redemption of notes | ' | ' | ' | ' | ' | -32.8 | ' | ' | -32.8 | -0.2 |
Pension and other postretirement benefits curtailment gain (loss) | ' | ' | ' | ' | ' | ' | ' | ' | 1.7 | ' |
Income tax benefit | ' | 118.2 | ' | ' | ' | 15.2 | ' | ' | ' | ' |
Impairment charge on fixed assets | ' | ' | ' | ' | 0.9 | ' | ' | 3.2 | 1 | 7.8 |
Other Postretirement Benefits for Canadian plans [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Supplemental Financial Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Pension and other postretirement benefits curtailment gain (loss) | ' | ' | ' | ' | ' | $1.70 | ' | ' | $1.70 | ' |
Condensed_Statements_of_Operat
Condensed Statements of Operations (Detail) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||||||||
In Millions, unless otherwise specified | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||||||
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Other income and (expense), net | $2 | ' | ' | ' | $1.20 | ' | ' | ' | ' | ($0.20) | ($33.50) | $4.60 | ||||||
Interest and other expense on debt | -27.4 | ' | ' | ' | -28.4 | ' | ' | ' | ' | -110.5 | -126.5 | -123.1 | ||||||
Income (loss) before income taxes | 4.5 | -0.2 | [1] | 5.6 | [2] | 2.4 | [3] | 6.1 | [4] | -25.6 | [5] | 18.6 | 19.8 | [6] | 27.5 | 13.9 | 40.3 | -19.8 |
Benefit for income taxes | 3.1 | ' | ' | ' | 0.9 | ' | ' | ' | ' | -112.3 | -5.5 | -11 | ||||||
Net income (loss) attributable to Ryerson Holding Corporation | 1.6 | 118.2 | [1] | 3 | [2] | 0.5 | [3] | 5.6 | [4] | -9.9 | [5] | 16.4 | 15.6 | [6] | 25 | 127.3 | 47.1 | -8.1 |
Ryerson Holding Corporation [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Administrative and other expenses | ' | ' | ' | ' | ' | ' | ' | ' | ' | -0.9 | -1 | -0.1 | ||||||
Other income and (expense), net | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -15.6 | ' | ||||||
Interest and other expense on debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -40.1 | -43 | ||||||
Equity in income (loss) of subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | ' | 80.5 | 103.8 | 35 | ||||||
Income (loss) before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | ' | 79.6 | 47.1 | -8.1 | ||||||
Benefit for income taxes | ' | ' | ' | ' | ' | ' | ' | ' | ' | -47.7 | ' | ' | ||||||
Net income (loss) attributable to Ryerson Holding Corporation | ' | ' | ' | ' | ' | ' | ' | ' | ' | $127.30 | $47.10 | ($8.10) | ||||||
[1] | Included in the fourth quarter 2013 results is an impairment charge of $1.2 million related to certain assets held for sale to recognize the assets at their appraised fair value less cost to sell and an income tax benefit of $118.2 million primarily related to a reduction in valuation allowance previously recorded against U.S. deferred tax assets. | |||||||||||||||||
[2] | Included in the third quarter 2013 results is an impairment charge of $1.1 million related to certain assets held for sale to recognize the assets at their fair value less cost to sell. | |||||||||||||||||
[3] | Included in the second quarter 2013 results is an impairment charge of $6.8 million to reduce the carrying value of goodwill at a reporting unit to its implied fair value. The second quarter also includes a $2.1 million restructuring charge related to the closure of a facility. | |||||||||||||||||
[4] | Included in the first quarter 2013 results is an impairment charge of $0.9 million related to certain assets held for sale to recognize the assets at their fair value less cost to sell. | |||||||||||||||||
[5] | Included in the fourth quarter 2012 results is an impairment charge of $0.1 million related to certain assets held for sale to recognize the assets at their fair value less cost to sell, $1.1 million restructuring charges primarily for employee-related costs resulting from a facility closure, a $32.8 million loss on the redemption of the Ryerson Notes and Ryerson Holding Notes, and a $1.7 million curtailment gain related to an amendment of a Canadian post-retirement medical and life insurance plan. The fourth quarter of 2012 also included an income tax benefit of $15.2 million related to the release of valuation allowance associated with certain state deferred tax assets. | |||||||||||||||||
[6] | Included in the second quarter 2012 results is an impairment charge of $0.9 million related to certain assets held for sale to recognize the assets at their fair value less cost to sell. |
Condensed_Statements_of_Compre
Condensed Statements of Comprehensive Income (Detail) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||||||||
In Millions, unless otherwise specified | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||||||
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Net income (loss) | $1.60 | $118.20 | [1] | $3 | [2] | $0.50 | [3] | $5.60 | [4] | ($9.90) | [5] | $16.40 | $15.60 | [6] | $25 | $127.30 | $47.10 | ($8.10) |
Other comprehensive income (loss), before tax: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Foreign currency translation adjustments | ' | ' | ' | ' | ' | ' | ' | ' | ' | -12.9 | 3.9 | -1.3 | ||||||
Unrealized gain (loss) on available-for-sale investment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7.7 | -9.8 | ||||||
Changes in defined benefit pension and other post-retirement benefit plans | ' | ' | ' | ' | ' | ' | ' | ' | ' | 126.2 | -51.5 | -66.7 | ||||||
Other comprehensive loss | ' | ' | ' | ' | ' | ' | ' | ' | ' | 113.3 | -39.9 | -77.8 | ||||||
Total comprehensive income (loss), before tax | ' | ' | ' | ' | ' | ' | ' | ' | ' | 239.5 | 5.9 | -86.6 | ||||||
Income tax benefit related to items of other comprehensive income | ' | ' | ' | ' | ' | ' | ' | ' | ' | 49.5 | -2.1 | -1.5 | ||||||
Comprehensive income (loss)attributable to Ryerson Holding Corporation | -5.4 | ' | ' | ' | 6.6 | ' | ' | ' | ' | 191.2 | 9.7 | -84.6 | ||||||
Ryerson Holding Corporation [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Net income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | ' | 127.3 | 47.1 | -8.1 | ||||||
Other comprehensive income (loss), before tax: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Foreign currency translation adjustments | ' | ' | ' | ' | ' | ' | ' | ' | ' | -12.8 | 4.3 | -1.5 | ||||||
Unrealized gain (loss) on available-for-sale investment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7.7 | -9.8 | ||||||
Changes in defined benefit pension and other post-retirement benefit plans | ' | ' | ' | ' | ' | ' | ' | ' | ' | 126.2 | -51.5 | -66.7 | ||||||
Other comprehensive loss | ' | ' | ' | ' | ' | ' | ' | ' | ' | 113.4 | -39.5 | -78 | ||||||
Total comprehensive income (loss), before tax | ' | ' | ' | ' | ' | ' | ' | ' | ' | 240.7 | 7.6 | -86.1 | ||||||
Income tax benefit related to items of other comprehensive income | ' | ' | ' | ' | ' | ' | ' | ' | ' | 49.5 | -2.1 | -1.5 | ||||||
Comprehensive income (loss)attributable to Ryerson Holding Corporation | ' | ' | ' | ' | ' | ' | ' | ' | ' | $191.20 | $9.70 | ($84.60) | ||||||
[1] | Included in the fourth quarter 2013 results is an impairment charge of $1.2 million related to certain assets held for sale to recognize the assets at their appraised fair value less cost to sell and an income tax benefit of $118.2 million primarily related to a reduction in valuation allowance previously recorded against U.S. deferred tax assets. | |||||||||||||||||
[2] | Included in the third quarter 2013 results is an impairment charge of $1.1 million related to certain assets held for sale to recognize the assets at their fair value less cost to sell. | |||||||||||||||||
[3] | Included in the second quarter 2013 results is an impairment charge of $6.8 million to reduce the carrying value of goodwill at a reporting unit to its implied fair value. The second quarter also includes a $2.1 million restructuring charge related to the closure of a facility. | |||||||||||||||||
[4] | Included in the first quarter 2013 results is an impairment charge of $0.9 million related to certain assets held for sale to recognize the assets at their fair value less cost to sell. | |||||||||||||||||
[5] | Included in the fourth quarter 2012 results is an impairment charge of $0.1 million related to certain assets held for sale to recognize the assets at their fair value less cost to sell, $1.1 million restructuring charges primarily for employee-related costs resulting from a facility closure, a $32.8 million loss on the redemption of the Ryerson Notes and Ryerson Holding Notes, and a $1.7 million curtailment gain related to an amendment of a Canadian post-retirement medical and life insurance plan. The fourth quarter of 2012 also included an income tax benefit of $15.2 million related to the release of valuation allowance associated with certain state deferred tax assets. | |||||||||||||||||
[6] | Included in the second quarter 2012 results is an impairment charge of $0.9 million related to certain assets held for sale to recognize the assets at their fair value less cost to sell. |
Condensed_Statements_of_Cash_F
Condensed Statements of Cash Flows (Detail) (USD $) | 3 Months Ended | 12 Months Ended | ||||
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Operating Activities: | ' | ' | ' | ' | ' | |
Net income (loss) | $1.60 | $5.60 | [1] | $127.30 | $47.10 | ($8.10) |
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | ' | ' | ' | ' | ' | |
Deferred income taxes | 5.1 | 0.8 | -112.7 | -9.2 | -11.6 | |
Noncash interest expense related to debt discount amortization | ' | ' | ' | 39 | 41.5 | |
Loss on retirement of debt | ' | ' | ' | 32.8 | 0.2 | |
Decrease in receivables from subsidiaries | -53.8 | -41.4 | 9.9 | 120.8 | -1.7 | |
Decrease in other assets | 0.2 | -0.1 | 6.3 | 9.8 | 10.9 | |
Increase (decrease) in accrued liabilities | 21.9 | 17.3 | -3.8 | -8.4 | -14.7 | |
Net adjustments | 23.7 | 24.5 | -78.1 | 140.7 | 63.3 | |
Net cash provided by (used in) operating activities | 25.1 | 29.7 | 48.1 | 186.5 | 54.5 | |
Investing Activities: | ' | ' | ' | ' | ' | |
Net cash provided by (used in) investing activities | -3.3 | -3.9 | -13.5 | -35.3 | -115 | |
Financing activities: | ' | ' | ' | ' | ' | |
Long term debt retired | ' | ' | ' | -829.5 | ' | |
Distributions made | ' | ' | ' | -35 | ' | |
Acquisition of treasury stock | ' | ' | -6.6 | ' | ' | |
Net cash provided by (used in) financing activities | 5 | -21.4 | -26.6 | -143.4 | 57.9 | |
Net change in cash and cash equivalents | 23 | 3.1 | 3.2 | 9.5 | -0.9 | |
Cash and cash equivalents-beginning of period | 74.4 | 71.2 | 71.2 | 61.7 | 62.6 | |
Cash and cash equivalents-end of period | 97.4 | 74.3 | 74.4 | 71.2 | 61.7 | |
Ryerson Holding Corporation [Member] | ' | ' | ' | ' | ' | |
Operating Activities: | ' | ' | ' | ' | ' | |
Net income (loss) | ' | ' | 127.3 | 47.1 | -8.1 | |
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | ' | ' | ' | ' | ' | |
Equity in earnings of subsidiaries | ' | ' | -80.5 | -103.8 | -35 | |
Deferred income taxes | ' | ' | -47.7 | ' | ' | |
Noncash interest expense related to debt discount amortization | ' | ' | ' | 39 | 41.5 | |
Loss on retirement of debt | ' | ' | ' | 15.6 | ' | |
Decrease in receivables from subsidiaries | ' | ' | 1 | 0.6 | 0.7 | |
Decrease in other assets | ' | ' | ' | 1 | 0.9 | |
Increase (decrease) in accrued liabilities | ' | ' | -0.1 | 0.5 | ' | |
Net adjustments | ' | ' | -127.3 | -47.1 | 8.1 | |
Net cash provided by (used in) operating activities | ' | ' | ' | ' | ' | |
Investing Activities: | ' | ' | ' | ' | ' | |
Dividends received from subsidiaries | ' | ' | 6.6 | 379.9 | 0 | |
Net cash provided by (used in) investing activities | ' | ' | 6.6 | 379.9 | ' | |
Financing activities: | ' | ' | ' | ' | ' | |
Long term debt retired | ' | ' | ' | -344.9 | ' | |
Distributions made | ' | ' | ' | -35 | ' | |
Acquisition of treasury stock | ' | ' | -6.6 | ' | ' | |
Net cash provided by (used in) financing activities | ' | ' | -6.6 | -379.9 | ' | |
Net change in cash and cash equivalents | ' | ' | ' | ' | ' | |
Cash and cash equivalents-beginning of period | ' | 0.4 | 0.4 | 0.4 | 0.4 | |
Cash and cash equivalents-end of period | ' | ' | $0.40 | $0.40 | $0.40 | |
[1] | Included in the first quarter 2013 results is an impairment charge of $0.9 million related to certain assets held for sale to recognize the assets at their fair value less cost to sell. |
Condensed_Statements_of_Balanc
Condensed Statements of Balance Sheets (Detail) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
In Millions, unless otherwise specified | ||||||
Current assets: | ' | ' | ' | ' | ' | ' |
Cash and cash equivalents | $97.40 | $74.40 | $74.30 | $71.20 | $61.70 | $62.60 |
Total current assets | 1,288.30 | 1,239.30 | ' | 1,253.10 | ' | ' |
Deferred income taxes | 94.7 | 97.4 | ' | 41 | ' | ' |
Total assets | 1,989.50 | 1,951.80 | ' | 1,954.10 | ' | ' |
Liabilities | ' | ' | ' | ' | ' | ' |
Total current liabilities | 533.7 | 460.6 | ' | 456.4 | ' | ' |
Total liabilities | 2,104 | 2,060.60 | ' | 2,246.30 | ' | ' |
Ryerson Holding Corporation Stockholders' equity (deficit) | ' | ' | ' | ' | ' | ' |
Common stock, value | 0.2 | 0.2 | ' | 0.2 | ' | ' |
Capital in excess of par value | 189.7 | 189.7 | ' | 189.7 | ' | ' |
Accumulated deficit | -105.6 | -107.1 | ' | -234.4 | ' | ' |
Treasury stock Value | -6.6 | -6.6 | ' | ' | ' | ' |
Accumulated other comprehensive loss | -195.2 | -188.2 | ' | -252.1 | ' | ' |
Total Ryerson Holding Corporation stockholders' equity (deficit) | -117.5 | -112 | ' | -296.6 | ' | ' |
Total liabilities and equity | 1,989.50 | 1,951.80 | ' | 1,954.10 | ' | ' |
Ryerson Holding Corporation [Member] | ' | ' | ' | ' | ' | ' |
Current assets: | ' | ' | ' | ' | ' | ' |
Cash and cash equivalents | ' | 0.4 | ' | 0.4 | 0.4 | 0.4 |
Receivable from subsidiaries | ' | 10.4 | ' | 11.4 | ' | ' |
Total current assets | ' | 10.8 | ' | 11.8 | ' | ' |
Deferred income taxes | ' | 47.7 | ' | ' | ' | ' |
Total assets | ' | 58.5 | ' | 11.8 | ' | ' |
Liabilities | ' | ' | ' | ' | ' | ' |
Accrued liabilities | ' | 0.4 | ' | 0.5 | ' | ' |
Total current liabilities | ' | 0.4 | ' | 0.5 | ' | ' |
Dividends in excess of investment in subsidiaries | ' | 170.1 | ' | 307.9 | ' | ' |
Total liabilities | ' | 170.5 | ' | 308.4 | ' | ' |
Ryerson Holding Corporation Stockholders' equity (deficit) | ' | ' | ' | ' | ' | ' |
Common stock, value | ' | 0.2 | ' | 0.2 | ' | ' |
Capital in excess of par value | ' | 189.7 | ' | 189.7 | ' | ' |
Accumulated deficit | ' | -107.1 | ' | -234.4 | ' | ' |
Treasury stock Value | ' | -6.6 | ' | ' | ' | ' |
Accumulated other comprehensive loss | ' | -188.2 | ' | -252.1 | ' | ' |
Total Ryerson Holding Corporation stockholders' equity (deficit) | ' | -112 | ' | -296.6 | ' | ' |
Total liabilities and equity | ' | $58.50 | ' | $11.80 | ' | ' |
Condensed_Statements_of_Balanc1
Condensed Statements of Balance Sheets (Parenthetical) (Detail) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Jul. 16, 2007 |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' |
Common stock, par value | $0.01 | $0.01 | $0.01 | ' |
Common stock, shares authorized | 42,500,000 | 42,500,000 | 42,500,000 | ' |
Common stock, shares issued | 21,250,000 | 21,250,000 | 21,250,000 | 21,250,000 |
Treasury Stock Shares | 212,500 | 212,500 | ' | ' |
Ryerson Holding Corporation [Member] | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' |
Common stock, par value | ' | $0.01 | $0.01 | ' |
Common stock, shares authorized | ' | 42,500,000 | 42,500,000 | ' |
Common stock, shares issued | ' | 21,250,000 | 21,250,000 | ' |
Treasury Stock Shares | ' | 212,500 | 0 | ' |
Condensed_Financial_Informatio
Condensed Financial Information of Registrant (Debt) - Additional Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2011 |
Debt Instrument [Line Items] | ' | ' | ' |
Loss on retirement of debt | ($32.80) | ($32.80) | ($0.20) |
Ryerson Holding Corporation [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Loss on retirement of debt | ' | ($15.60) | ' |
Condensed_Financial_Informatio1
Condensed Financial Information of Registrant (Guarantee) - Additional Information (Detail) (Ryerson Holding Corporation [Member], USD $) | Dec. 31, 2013 |
In Millions, unless otherwise specified | |
Ryerson Holding Corporation [Member] | ' |
Guarantor Obligations [Line Items] | ' |
Loans guaranteed | $35 |
Condensed_Financial_Informatio2
Condensed Financial Information of Registrant (Dividends from Subsidiaries) - Additional Information (Detail) (Ryerson Holding Corporation [Member], USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Ryerson Holding Corporation [Member] | ' | ' | ' |
Dividend Declared And Paid [Line Items] | ' | ' | ' |
Cash dividends paid | $6.60 | $379.90 | $0 |
Condensed_Financial_Informatio3
Condensed Financial Information of Registrant (Subsequent Events) - Additional Information (Detail) (Subsequent Event) | 0 Months Ended |
Jul. 23, 2014 | |
Subsequent Event | ' |
Subsequent Event [Line Items] | ' |
Stock split ratio | 4.25 |
Stock split, approval date | 23-Jul-14 |
Valuation_and_Qualifying_Accou
Valuation and Qualifying Accounts - Valuation and Qualifying Accounts (Detail) (USD $) | 12 Months Ended | |||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 30, 2011 | |||
Allowance for Doubtful Accounts [Member] | ' | ' | ' | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | ' | ' | ' | |||
Balance at Beginning of Period | $7.10 | $7.70 | $8.70 | |||
Additions Charged (Credited) to Income | -0.7 | 1.7 | 3.4 | |||
Deductions from Reserves | -1 | [1] | -2.3 | [1] | -4.4 | [1] |
Balance at End of Period | 5.4 | 7.1 | 7.7 | |||
Valuation allowance deferred tax assets [Member] | ' | ' | ' | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | ' | ' | ' | |||
Balance at Beginning of Period | 147.3 | 151.7 | 136.6 | |||
Acquisition of Business | ' | 1.2 | [2] | ' | ||
Additions Charged (Credited) to Income | -124.2 | -19.2 | -11.7 | |||
Additions Charged to Other Comprehensive Income | ' | 13.6 | 26.8 | |||
Balance at End of Period | $23.10 | $147.30 | $151.70 | |||
[1] | Bad debts written off during the year | |||||
[2] | Reserve of $1.2 million was acquired in acquisition of AC'ofran |
Valuation_and_Qualifying_Accou1
Valuation and Qualifying Accounts - Valuation and Qualifying Accounts (Parenthetical) (Detail) (Acofran [Member], USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2012 |
Acofran [Member] | ' |
Valuation and Qualifying Accounts Disclosure [Line Items] | ' |
Reserve acquired | $1.20 |
Financial_Statements_Additiona
Financial Statements - Additional Information (Detail) | Mar. 31, 2014 | Dec. 31, 2013 |
Summary of Accounting and Financial Policies [Line Items] | ' | ' |
Parent company percentage owned by affiliates | 100.00% | 100.00% |
Acofran [Member] | ' | ' |
Summary of Accounting and Financial Policies [Line Items] | ' | ' |
Ownership percentage by parent | 50.00% | 50.00% |
Ryerson China [Member] | ' | ' |
Summary of Accounting and Financial Policies [Line Items] | ' | ' |
Ownership percentage by parent | 100.00% | 100.00% |
Financial_Statements_Percentag
Financial Statements - Percentage of Sales by Major Product Line (Detail) | 3 Months Ended | 12 Months Ended | |||
Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Revenue from External Customer [Line Items] | ' | ' | ' | ' | ' |
Percentage of sales by major product lines | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% |
Carbon Steel Flat [Member] | ' | ' | ' | ' | ' |
Revenue from External Customer [Line Items] | ' | ' | ' | ' | ' |
Percentage of sales by major product lines | 26.00% | 25.00% | 26.00% | 25.00% | 27.00% |
Carbon Steel Plate [Member] | ' | ' | ' | ' | ' |
Revenue from External Customer [Line Items] | ' | ' | ' | ' | ' |
Percentage of sales by major product lines | 11.00% | 12.00% | 11.00% | 13.00% | 11.00% |
Carbon Steel Long [Member] | ' | ' | ' | ' | ' |
Revenue from External Customer [Line Items] | ' | ' | ' | ' | ' |
Percentage of sales by major product lines | 17.00% | 15.00% | 15.00% | 15.00% | 10.00% |
Stainless Steel Flat [Member] | ' | ' | ' | ' | ' |
Revenue from External Customer [Line Items] | ' | ' | ' | ' | ' |
Percentage of sales by major product lines | 15.00% | 16.00% | 16.00% | 15.00% | 18.00% |
Stainless Steel Plate [Member] | ' | ' | ' | ' | ' |
Revenue from External Customer [Line Items] | ' | ' | ' | ' | ' |
Percentage of sales by major product lines | 4.00% | 4.00% | 4.00% | 4.00% | 4.00% |
Stainless Steel Long [Member] | ' | ' | ' | ' | ' |
Revenue from External Customer [Line Items] | ' | ' | ' | ' | ' |
Percentage of sales by major product lines | 3.00% | 4.00% | 3.00% | 4.00% | 4.00% |
Aluminum Flat [Member] | ' | ' | ' | ' | ' |
Revenue from External Customer [Line Items] | ' | ' | ' | ' | ' |
Percentage of sales by major product lines | 14.00% | 14.00% | 15.00% | 14.00% | 15.00% |
Aluminum Plate [Member] | ' | ' | ' | ' | ' |
Revenue from External Customer [Line Items] | ' | ' | ' | ' | ' |
Percentage of sales by major product lines | 3.00% | 3.00% | 3.00% | 3.00% | 3.00% |
Aluminum Long [Member] | ' | ' | ' | ' | ' |
Revenue from External Customer [Line Items] | ' | ' | ' | ' | ' |
Percentage of sales by major product lines | 4.00% | 4.00% | 4.00% | 4.00% | 4.00% |
Other [Member] | ' | ' | ' | ' | ' |
Revenue from External Customer [Line Items] | ' | ' | ' | ' | ' |
Percentage of sales by major product lines | 3.00% | 3.00% | 3.00% | 3.00% | 4.00% |
Recovered_Sheet1
Goodwill And Other Intangible Assets- Additional Information (Detail) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | Jun. 30, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||||
Goodwill And Intangible Assets Disclosure [Abstract] | ' | ' | ' | ' |
Goodwill | $91.60 | $91.60 | $0 | $96.60 |
Stockholders_Equity_Deficit_Ac4
Stockholders' Equity (Deficit) Accumulated Other Comprehensive Income and Redeemable Noncontrolling Interest - Change in Stockholders' Equity (Deficit), Accumulated Other Comprehensive Income and Redeemable Noncontrolling Interest (Detail) (USD $) | 3 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | |||||||||||||||||||||||||
In Millions, except Share data, unless otherwise specified | Mar. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Jul. 16, 2007 | Mar. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Mar. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2010 | Mar. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Mar. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Mar. 31, 2014 | Dec. 31, 2012 | Dec. 31, 2011 | Mar. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Mar. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | Treasury Stock [Member] | Treasury Stock [Member] | Capital in Excess of Par Value [Member] | Capital in Excess of Par Value [Member] | Capital in Excess of Par Value [Member] | Capital in Excess of Par Value [Member] | Capital in Excess of Par Value [Member] | Accumulated Deficit [Member] | Accumulated Deficit [Member] | Accumulated Deficit [Member] | Accumulated Deficit [Member] | Foreign Currency Translation [Member] | Foreign Currency Translation [Member] | Foreign Currency Translation [Member] | Foreign Currency Translation [Member] | Benefit Plan Liabilities [Member] | Benefit Plan Liabilities [Member] | Benefit Plan Liabilities [Member] | Benefit Plan Liabilities [Member] | Unrealized Gain (Loss) on Available- For-Sale Investments [Member] | Unrealized Gain (Loss) on Available- For-Sale Investments [Member] | Unrealized Gain (Loss) on Available- For-Sale Investments [Member] | Noncontrolling Interest [Member] | Noncontrolling Interest [Member] | Noncontrolling Interest [Member] | Noncontrolling Interest [Member] | Redeemable Non- controlling Interest [Member] | Redeemable Non- controlling Interest [Member] | Redeemable Non- controlling Interest [Member] | ||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Beginning Balance | ($110.10) | ($293.90) | ($267.60) | ($182.50) | ' | $0.20 | $0.20 | $0.20 | $0.20 | $0.20 | ($6.60) | ($6.60) | $189.70 | $189.70 | $189.70 | $224.70 | $224.70 | ($107.10) | ($234.40) | ($281.50) | ($273.40) | ($16.60) | ($3.80) | ($8.10) | ($6.60) | ($174.90) | ($251.60) | ($202.20) | ($137) | $3.30 | ($4.40) | $5.40 | $1.90 | $2.70 | $3.70 | $4.20 | ' | ' | ' |
Beginning Balance | 1.3 | 1.7 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.3 | 1.7 | ' |
Balance, Shares | 21,250,000 | 21,250,000 | ' | ' | 21,250,000 | 21,250,000 | 21,250,000 | 21,250,000 | 21,250,000 | 21,250,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Beginning Balance, shares | 212,500 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 213,000 | 213,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income (loss) | 1.5 | 126.4 | 46.1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.6 | 127.3 | 47.1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -0.1 | -0.9 | -1 | ' | ' | ' | ' |
Net income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -0.1 | -0.2 | -0.3 |
Foreign currency translation | -7.1 | -12.7 | 4.3 | -1.3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -7.1 | -12.8 | 4.3 | -1.5 | ' | ' | ' | ' | ' | ' | ' | ' | 0.1 | ' | 0.2 | ' | ' | ' |
Changes in defined benefit pension and other post-retirement benefit plans | 0.2 | 76.7 | -49.4 | -65.2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.2 | 76.7 | -49.4 | -65.2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unrealized loss on available-for-sale investment | -0.1 | ' | 7.7 | -9.8 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -0.1 | 7.7 | -9.8 | ' | ' | ' | ' | ' | ' | ' |
Ending Balance | -115.7 | -110.1 | -293.9 | -267.6 | ' | 0.2 | 0.2 | 0.2 | 0.2 | 0.2 | -6.6 | -6.6 | 189.7 | 189.7 | 189.7 | 224.7 | 224.7 | -105.5 | -107.1 | -234.4 | -273.4 | -23.7 | -16.6 | -3.8 | -8.1 | -174.7 | -174.9 | -251.6 | -202.2 | 3.2 | 3.3 | -4.4 | -1.8 | 1.9 | 2.7 | 3.7 | ' | ' | ' |
Ending Balance | $1.20 | $1.30 | $1.70 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $1.20 | $1.30 | $1.70 |
Balance, Shares | 21,250,000 | 21,250,000 | 21,250,000 | ' | 21,250,000 | 21,250,000 | 21,250,000 | 21,250,000 | 21,250,000 | 21,250,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Balance, Shares | 212,500 | 212,500 | ' | ' | ' | ' | ' | ' | ' | ' | 213,000 | 213,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |