Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Feb. 28, 2018 | Jun. 30, 2017 | |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2017 | ||
Document Fiscal Year Focus | 2,017 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | RYI | ||
Entity Registrant Name | RYERSON HOLDING CORPORATION | ||
Entity Central Index Key | 1,481,582 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 37,208,581 | ||
Entity Public Float | $ 155,628,802 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Income Statement [Abstract] | |||
Net sales | $ 3,364.7 | $ 2,859.7 | $ 3,167.2 |
Cost of materials sold | 2,782.2 | 2,289.1 | 2,599.5 |
Gross profit | 582.5 | 570.6 | 567.7 |
Warehousing, delivery, selling, general and administrative | 472.5 | 436.4 | 450.8 |
Gain on sale of assets | (1.9) | ||
Restructuring and other charges | 1 | 2.5 | |
Impairment charges on assets | 7.7 | ||
Operating profit | 110 | 133.2 | 108.6 |
Other expense: | |||
Other income and (expense), net | (2.3) | (17.2) | (10.4) |
Interest and other expense on debt | (91) | (89.9) | (96.3) |
Income before income taxes | 16.7 | 26.1 | 1.9 |
Provision (benefit) for income taxes | (1.3) | 7.2 | 3.7 |
Net income (loss) | 18 | 18.9 | (1.8) |
Less: Net income (loss) attributable to noncontrolling interest | 0.9 | 0.2 | (1.3) |
Net income (loss) attributable to Ryerson Holding Corporation | $ 17.1 | $ 18.7 | $ (0.5) |
Basic earnings (loss) per share | $ 0.46 | $ 0.55 | $ (0.02) |
Diluted earnings (loss) per share | $ 0.46 | $ 0.54 | $ (0.02) |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Statement Of Income And Comprehensive Income [Abstract] | |||
Net income (loss) | $ 18 | $ 18.9 | $ (1.8) |
Other comprehensive income (loss), before tax: | |||
Foreign currency translation adjustments | 5.6 | 1.1 | (12.9) |
Gain (loss) on intra-entity foreign currency transactions | 3.2 | 1.3 | (8.6) |
Unrealized loss on available-for-sale investment | (0.3) | (1.8) | (8.9) |
Other-than-temporary impairment on available-for-sale investment | 0.2 | 4.7 | 12.3 |
Liquidation of investment in foreign entity | 1.3 | ||
Gain on cash flow hedges | 1 | ||
Changes in defined benefit pension and other post-retirement benefit plans | 18 | (10.6) | 7.8 |
Other comprehensive income (loss), before tax | 27.7 | (4) | (10.3) |
Income tax provision (benefit) related to items of other comprehensive income (loss) | 6 | (3.3) | 5.8 |
Comprehensive income (loss), after tax | 39.7 | 18.2 | (17.9) |
Less: Comprehensive income (loss) attributable to the noncontrolling interest | 1.1 | 0.3 | (1.8) |
Comprehensive income (loss) attributable to Ryerson Holding Corporation | $ 38.6 | $ 17.9 | $ (16.1) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Operating activities: | |||
Net income (loss) | $ 18 | $ 18.9 | $ (1.8) |
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | |||
Depreciation and amortization | 47.1 | 42.5 | 43.7 |
Stock-based compensation | 2.2 | 1.4 | 0.7 |
Deferred income taxes | (9.2) | 4.7 | 3.2 |
Provision for allowances, claims, and doubtful accounts | 1.5 | 3.1 | 2.3 |
Restructuring and other charges | 1 | 2.5 | |
Gain on sale of assets | (1.9) | ||
Impairment charges on assets | 7.7 | ||
Other-than-temporary impairment charge on available-for-sale investments | 0.2 | 4.7 | 12.3 |
(Gain) loss on retirement of debt | 8.7 | (0.3) | |
Premium and fees paid related to debt modification | (15.7) | ||
Non-cash (gain) loss from derivatives | 3 | (5.4) | 2.3 |
Liquidation of investment in foreign entity | 1.2 | ||
Other items | (0.7) | 0.3 | (0.2) |
Change in operating assets and liabilities, net of effects of acquisitions: | |||
Receivables | (44) | (22.5) | 88 |
Inventories | (42.9) | (6.5) | 178.1 |
Other assets | (8.1) | 12.7 | 6.8 |
Accounts payable | 58.3 | 20.5 | (12.4) |
Accrued liabilities | 4.6 | (5.2) | (20.2) |
Accrued taxes payable/receivable | 6.3 | 1.2 | (1.7) |
Deferred employee benefit costs | (38.4) | (40.7) | (50.2) |
Net adjustments | (20.1) | 6 | 260.7 |
Net cash provided by (used in) operating activities | (2.1) | 24.9 | 258.9 |
Investing activities: | |||
Acquisitions, net of cash acquired | (50.3) | (1.1) | (8.8) |
(Increase) decrease in restricted cash | (0.1) | 0.2 | 0.8 |
Capital expenditures | (25.1) | (23) | (22.3) |
Proceeds from sale of property, plant, and equipment | 3.8 | 3.2 | 10.4 |
Proceeds from insurance settlement | 0.6 | ||
Other investing activities | 1.3 | ||
Net cash used in investing activities | (71.7) | (20.7) | (18) |
Financing activities: | |||
Net proceeds from issuance of common stock | 71.5 | ||
Long-term debt issued | 650 | ||
Repayment of debt | (0.2) | (738.8) | (59.9) |
Net proceeds/(repayments) of short-term borrowings | 74.3 | 37 | (164.4) |
Credit facility issuance costs | (1.3) | (4) | |
Net increase (decrease) in book overdrafts | (18) | 3.6 | (3.5) |
Long-term debt issuance costs | (5.2) | 0 | |
Principal payments on capital lease obligations | (14.4) | (4.8) | (1.9) |
Proceeds from sale leaseback transactions | 24.9 | 1.7 | |
Contributions from non-controlling interest | 0.4 | ||
Net cash provided by (used in) financing activities | 66.6 | 12.4 | (232) |
Net increase (decrease) in cash and cash equivalents | (7.2) | 16.6 | 8.9 |
Effect of exchange rate changes on cash and cash equivalents | 3.9 | 0.9 | (5.7) |
Net change in cash and cash equivalents | (3.3) | 17.5 | 3.2 |
Cash and cash equivalents—beginning of period | 80.7 | 63.2 | 60 |
Cash and cash equivalents—end of period | 77.4 | 80.7 | 63.2 |
Cash paid during the period for: | |||
Interest paid to third parties | 84.9 | 89.2 | 86.7 |
Income taxes, net | 1.7 | 1.8 | 3.2 |
Noncash investing activities: | |||
Asset additions under capital leases and sale-leasebacks | 42.8 | $ 5.3 | $ 11.5 |
Asset additions under financing arrangements | $ 3 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Current assets: | ||
Cash and cash equivalents | $ 77.4 | $ 80.7 |
Restricted cash (Note 3) | 1.1 | 1 |
Receivables less provision for allowances, claims and doubtful accounts | 376.3 | 326 |
Inventories (Note 4) | 616.5 | 563.4 |
Prepaid expenses and other current assets | 32.6 | 26.7 |
Total current assets | 1,103.9 | 997.8 |
Property, plant, and equipment, net of accumulated depreciation (Note 5) | 422.9 | 388.2 |
Deferred income taxes (Note 17) | 17.9 | 24.4 |
Other intangible assets (Note 6) | 46.9 | 40.8 |
Goodwill (Note 7) | 115.3 | 103.2 |
Deferred charges and other assets | 5 | 4.3 |
Total assets | 1,711.9 | 1,558.7 |
Current liabilities: | ||
Accounts payable | 275 | 230.4 |
Accrued liabilities: | ||
Salaries, wages, and commissions | 40.3 | 36.8 |
Interest on debt | 10 | 9.8 |
Other accrued liabilities | 48.4 | 27.9 |
Short-term debt (Note 9) | 21.3 | 19.2 |
Current portion of deferred employee benefits | 7.7 | 8.3 |
Total current liabilities | 402.7 | 332.4 |
Long-term debt (Note 9) | 1,024.4 | 944.3 |
Deferred employee benefits (Note 10) | 243.5 | 298.8 |
Other noncurrent liabilities | 48.7 | 32.5 |
Total liabilities | 1,719.3 | 1,608 |
Commitments and contingencies (Note 11) | ||
Ryerson Holding Corporation stockholders’ equity (deficit): | ||
Preferred stock, value | ||
Common stock, value | 0.4 | 0.4 |
Capital in excess of par value | 377.6 | 375.4 |
Accumulated deficit | (95.1) | (112.2) |
Treasury stock at cost - Common stock, value | (6.6) | (6.6) |
Accumulated other comprehensive loss | (286.3) | (307.8) |
Total Ryerson Holding Corporation stockholders’ equity (deficit) | (10) | (50.8) |
Noncontrolling interest | 2.6 | 1.5 |
Total equity (deficit) | (7.4) | (49.3) |
Total liabilities and equity | $ 1,711.9 | $ 1,558.7 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Statement Of Financial Position [Abstract] | ||
Receivables, provision for allowances, claims and doubtful accounts | $ 4.9 | $ 4.6 |
Preferred stock, par value | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 7,000,000 | 7,000,000 |
Preferred stock, shares issued | 0 | 0 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, shares issued | 37,421,081 | 37,345,117 |
Treasury stock at cost - Common stock, shares | 212,500 | 212,500 |
Consolidated Statements Of Stoc
Consolidated Statements Of Stockholders' Equity - USD ($) $ in Millions | 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] | Cash Flow Hedge - Interest Rate Swap [Member] | Noncontrolling Interest [Member] | Redeemable Non- controlling Interest [Member] |
Beginning Balance at Dec. 31, 2014 | $ (124.5) | $ 0.3 | $ (6.6) | $ 302 | $ (130.4) | $ (32.8) | $ (255.8) | $ (2.8) | $ 1.6 | ||
Beginning Balance, shares at Dec. 31, 2014 | 32,250,000 | ||||||||||
Beginning Balance Treasury Stock, shares at Dec. 31, 2014 | 213,000 | ||||||||||
Beginning Balance, Redeemable Noncontrolling Interest at Dec. 31, 2014 | $ 1 | ||||||||||
Net income (loss) | (1.2) | (0.5) | (0.7) | ||||||||
Net income (loss) | (0.6) | ||||||||||
Foreign currency translation | (12.6) | (12.4) | (0.2) | (0.3) | |||||||
Gain (loss) on intra-entity foreign currency transactions | (8.6) | (8.6) | |||||||||
Changes in defined benefit pension and other post-retirement benefit plans, net of tax | 3.3 | 3.3 | |||||||||
Unrealized loss on available-for-sale investment, net of tax benefit | (5.5) | (5.5) | |||||||||
Other-than-temporary impairment, net of tax | 7.6 | 7.6 | |||||||||
Stock-based compensation expense | 0.6 | 0.6 | |||||||||
Stock-based compensation expense, shares | 62,000 | ||||||||||
Ending Balance at Dec. 31, 2015 | (140.9) | $ 0.3 | $ (6.6) | 302.6 | (130.9) | (53.8) | (252.5) | (0.7) | 0.7 | ||
Ending Balance, shares at Dec. 31, 2015 | 32,312,000 | ||||||||||
Ending Balance Treasury Stock, shares at Dec. 31, 2015 | 213,000 | ||||||||||
Ending Balance, Redeemable Noncontrolling Interest at Dec. 31, 2015 | 0.1 | ||||||||||
Net income (loss) | 19.5 | 18.7 | 0.8 | ||||||||
Net income (loss) | (0.6) | ||||||||||
Foreign currency translation | 1.1 | 1.1 | |||||||||
Gain (loss) on intra-entity foreign currency transactions | 1.3 | 1.3 | |||||||||
Changes in defined benefit pension and other post-retirement benefit plans, net of tax | (6.2) | (6.2) | |||||||||
Unrealized loss on available-for-sale investment, net of tax benefit | (1.1) | (1.1) | |||||||||
Other-than-temporary impairment, net of tax | 2.9 | 2.9 | |||||||||
Stock-based compensation expense | 1.4 | 1.4 | |||||||||
Stock-based compensation expense, shares | 33,000 | ||||||||||
Issuance of common stock | 71.5 | $ 0.1 | 71.4 | ||||||||
Issuance of common stock, shares | 5,000,000 | ||||||||||
Contributions from non-controlling interest | 0.4 | ||||||||||
Liquidation of investment in foreign entity | 1.2 | 1.2 | $ 0.1 | ||||||||
Ending Balance at Dec. 31, 2016 | $ (49.3) | $ 0.4 | $ (6.6) | 375.4 | (112.2) | (50.2) | (258.7) | 1.1 | 1.5 | ||
Ending Balance, shares at Dec. 31, 2016 | 37,345,117 | 37,345,000 | |||||||||
Ending Balance Treasury Stock, shares at Dec. 31, 2016 | 212,500 | 213,000 | |||||||||
Net income (loss) | $ 18 | 17.1 | 0.9 | ||||||||
Foreign currency translation | 5.6 | 5.4 | 0.2 | ||||||||
Gain (loss) on intra-entity foreign currency transactions | 3.2 | 3.2 | |||||||||
Changes in defined benefit pension and other post-retirement benefit plans, net of tax | 12.4 | 12.4 | |||||||||
Unrealized loss on available-for-sale investment, net of tax benefit | (0.2) | (0.2) | |||||||||
Other-than-temporary impairment, net of tax | 0.1 | 0.1 | |||||||||
Stock-based compensation expense | 2.2 | 2.2 | |||||||||
Stock-based compensation expense, shares | 76,000 | ||||||||||
Cash flow hedge - interest rate swap, net of tax | 0.6 | $ 0.6 | |||||||||
Ending Balance at Dec. 31, 2017 | $ (7.4) | $ 0.4 | $ (6.6) | $ 377.6 | $ (95.1) | $ (41.6) | $ (246.3) | $ 1 | $ 0.6 | $ 2.6 | |
Ending Balance, shares at Dec. 31, 2017 | 37,421,081 | 37,421,000 | |||||||||
Ending Balance Treasury Stock, shares at Dec. 31, 2017 | 212,500 | 213,000 |
Consolidated Statements Of Sto8
Consolidated Statements Of Stockholders' Equity (Parenthetical) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Statement Of Stockholders Equity [Abstract] | |||
Changes in defined benefit pension and other post-retirement benefit plans, tax benefit (provision) | $ 5.6 | $ 4.4 | $ 4.5 |
Tax benefit, unrealized loss on available-for-sale investment | 0.1 | 0.7 | 3.4 |
Other-than-temporary impairment, tax | 0.1 | $ 1.8 | $ 4.7 |
Changes in interest rate swap, tax | $ 0.4 |
Summary of Accounting and Finan
Summary of Accounting and Financial Policies | 12 Months Ended |
Dec. 31, 2017 | |
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 Joseph T. Ryerson & Son, Inc. (“JT Ryerson”), a Delaware corporation. Affiliates of Platinum Equity, LLC (“Platinum”) own approximately 21,037,500 shares of our common stock, which is approximately 57% of our issued and outstanding common stock. We are a leading value-added processor and distributor of industrial metals with operations in the United States through JT Ryerson, in Canada through our indirect wholly-owned subsidiary Ryerson Canada, Inc., a Canadian corporation (“Ryerson Canada”), and in Mexico through our indirect wholly-owned subsidiary Ryerson Metals de Mexico, S. de R.L. de C.V., a Mexican corporation (“Ryerson Mexico”). In addition to our North American operations, we conduct materials processing and distribution operations in China through an indirect wholly-owned subsidiary, Ryerson China Limited (“Ryerson China”). Unless the context indicates otherwise, Ryerson Holding, JT Ryerson, Ryerson Canada, Ryerson China, and Ryerson Mexico together with their subsidiaries, are collectively referred to herein as “Ryerson,” “we,” “us,” “our,” or the “Company.” 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. Business Segments. Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 280, “ ” (“ASC 280”), establishes standards for reporting information on operating segments in interim and annual financial statements. Our Chief Executive Officer, together with 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. Reclassifications. Certain amounts in the 2016 and 2015 financial statements, as previously reported, have been revised to conform to the 2017 presentation. These changes did not have a material impact on the presentation of the consolidated financial statements. 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, 2017, 2016, and 2015 totaled $0.1 million, $0.2 million, and $0.2 million, respectively. Revenue Recognition. Revenue is recognized in accordance with FASB ASC 605, “ .” Revenue is recognized upon delivery of product to 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 $84.8 million, $76.4 million, and $77.8 million for the years ended December 31, 2017, 2016, and 2015, 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. Checks issued in excess of funds on deposit at the bank represent “book” overdrafts. We reclassified $51.2 million and $69.2 million to accounts payable at December 31, 2017 and 2016, respectively. Inventory Valuation . Inventories are stated at the lower of cost or market value. We primarily use the last-in, first-out (“LIFO”) method for valuing our domestic inventories. We use the moving average cost and the specific cost methods for valuing our foreign inventories. Property, Plant, and Equipment. Property, plant, and equipment, including land use rights and capital lease assets, 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, “ ” (“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 quantitative goodwill impairment test, in which we compare the fair value of the reporting unit where the goodwill resides to its carrying value. 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 is estimated using a combination 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. Deferred financing costs related to a recognized debt liability are presented in the balance sheet as a direct deduction from the carrying amount of the related debt liability. 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 shares that were outstanding during the period, unless inclusion of the potential common shares would have an antidilutive effect. 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. 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 $2.8 Recent Accounting Pronouncements Impact of Recently Issued Accounting Standards–Adopted In March 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) 2016-07, “Investments – Equity Method and Joint Ventures: Simplifying the Transition to the Equity Method of Accounting.” In January 2017, the FASB issued ASU 2017-01, “ Clarifying the Definition of a Business In January 2017, the FASB issued ASU 2017-04, “ Simplifying the Test for Goodwill Impairment In August 2017, the FASB issued ASU 2017-12, “ Targeted Improvements to Accounting for Hedging Activities Impact of Recently Issued Accounting Standards – In May 2014, the FASB issued ASU 2014-09, “ Revenue from Contracts with Customers, Revenue from Contracts with Customers Revenue Recognition. We have established a project management team to analyze the impact of the new standard. The team has evaluated our different revenue streams and reviewed representative contracts with customers to identify if there are differences that would result from the application of the new standard as compared to our current accounting policies and practices. Under the new standard, the Company will recognize revenue on an over time basis for a subset of revenues associated with custom fabricated products instead of upon delivery of the fabricated product to the customer. The Company is finalizing the quantification of the effects on our consolidated financial statements. We will record the cumulative adjustment to the opening balance of retained earnings as of the date of adoption. We anticipate that the net transition adjustment recorded to retained earnings will be between $1 million and $4 million. The Company has also implemented new business processes and internal controls in order to recognize revenue in accordance with the new standard. In January 2016, the FASB issued ASU 2016-01, " Financial Instruments – Overall: Recognition and Measurement of Financial Assets and Financial Liabilities. he amendments should be applied by means of a cumulative-effect adjustment to the balance sheet as of the beginning of the fiscal year of adoption. The amendments related to equity securities without readily determinable fair values (including disclosure requirements) should be applied prospectively to equity investments that exist as of the date of adoption. Early adoption is permitted. We will adopt this guidance for our fiscal year beginning January 1, 2018. In February 2016, the FASB issued ASU 2016-02, “ Leases ” codified in ASC 842, “ Leases. ” The guidance requires lessees to recognize assets and liabilities on the balance sheet for the rights and obligations created by all leases with terms of more than 12 months. The amendment also will require disclosures designed to give financial statement users information on the amount, timing, and uncertainty of cash flows arising from leases. These disclosures include qualitative and quantitative information. The update is effective for interim and annual reporting periods beginning after December 15, 2018. Early adoption is permitted. In June 2016, the FASB issued ASU 2016-13, “ Financial Instruments – Credit Losses: Measurement of Credit Losses on Financial Instruments. ” The amendment requires financial assets measured at amortized cost basis to be presented at the net amount expected to be collected, thus eliminating the probable initial recognition threshold and instead reflecting the current estimate of all expected credit losses. The amendment also requires that credit losses relating to available-for-sale debt securities be recorded through an allowance for credit losses rather than a write-down, thus enabling the ability to record reversals of credit losses in current period net income. The update is effective for interim and annual reporting periods beginning after December 15, 2019. Early adoption is permitted . In August 2016, the FASB issued ASU 2016-15, “ Statement of Cash Flows – Classification of Certain Cash Receipts and Certain Cash Payments. ” The amendments address the diversity in practice in how certain cash receipts and cash payments are presented and classified in the statement of cash flows. The update is effective for interim and annual reporting periods beginning after December 15, 2017. Early adoption is permitted. The adoption of this guidance is not expected to have a material impact on our consolidated financial statements In October 2016, the FASB issued ASU 2016-16, “Income Taxes – Intra-Entity Transfers of Assets Other Than Inventory . ” The adoption of this guidance is not expected to have a material impact on our consolidated financial statements In November 2016, the FASB issued ASU 2016-18 “Statement of Cash Flows – Restricted Cash.” The amendments should be applied using a retrospective transition method to each period presented. The adoption of this guidance is not expected to have a material impact on our consolidated financial statements . In March 2017, the FASB issued ASU 2017-07, “ Compensation – Retirement Benefits: Improving the Presentation of Net Periodic Pension Cost and Net Periodic Post Retirement Benefit Cost . In May 2017, the FASB issued ASU 2017-09, “ Compensation – Stock Compensation: Scope of Modification Accounting |
Acquisitions
Acquisitions | 12 Months Ended |
Dec. 31, 2017 | |
Business Combinations [Abstract] | |
Acquisitions | Note 2: Acquisitions The Laserflex Corporation On January 19, 2017, Ryerson Holding acquired The Laserflex Corporation (“Laserflex”), a privately-owned metal fabricator specializing in laser fabrication metal processing and welding with locations in Columbus, Ohio and Wellford, South Carolina. The acquisition is not material to our consolidated financial statements. Guy Metals, Inc. On February 15, 2017, Ryerson Holding acquired Guy Metals, Inc. (“Guy Metals”), a privately-owned metal service center company located in Hammond, Wisconsin. The acquisition is not material to our consolidated financial statements. Southern Tool Steel On August 3, 2015, the Company acquired all of the issued and outstanding capital stock of Southern Tool Steel, Inc. (“Southern Tool”). Southern Tool is a distributor of long products, predominantly processed bars and tool steel, and is based in Chattanooga, TN. The acquisition is not material to our consolidated financial statements. |
Restricted Cash
Restricted Cash | 12 Months Ended |
Dec. 31, 2017 | |
Cash And Cash Equivalents [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 $1.1 million and $1.0 million as of December 31, 2017 and 2016, respectively. |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2017 | |
Inventory Disclosure [Abstract] | |
Inventories | Note 4: Inventories Inventories, at stated LIFO value, were classified at December 31, 2017 and 2016 as follows: At December 31, 2017 2016 (In millions) In process and finished products $ 616.5 $ 563.4 If current cost had been used to value inventories, such inventories would have been $71 million and $115 million lower than reported at December 31, 2017 and 2016, respectively. Approximately 89% Inventories are stated at the lower of cost or market value. We record amounts required, if any, to reduce the carrying value of inventory to its lower of cost or market as a charge to cost of materials sold. $23.9 million at December 31, 2017 and 2016, respectively. The Company has consignment inventory at certain customer locations, which totaled $8.9 million and $11.1 million at December 31, 2017 and 2016, respectively. |
Property, Plant and Equipment
Property, Plant and Equipment | 12 Months Ended |
Dec. 31, 2017 | |
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, 2017 and 2016: At December 31, 2017 2016 (In millions) Land and land improvements $ 92.6 $ 89.1 Buildings and leasehold improvements 198.8 191.2 Machinery, equipment, and other 377.9 361.2 Capital and financing leases 65.5 23.5 Construction in progress 7.9 3.7 Total 742.7 668.7 Less: Accumulated depreciation (319.8 ) (280.5 ) Net property, plant, and equipment $ 422.9 $ 388.2 The Company recorded impairment charges related to fixed assets of $0.1 million, $0.4 million, and $7.5 million for the years ended December 31, 2017, 2016, and 2015, respectively. The impairment charges recorded in 2017 and 2016 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 |
Definite-Lived Intangible Asset
Definite-Lived Intangible Assets | 12 Months Ended |
Dec. 31, 2017 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Definite-Lived Intangible Assets | Note 6: Definite-Lived Intangible Assets The following summarizes the components of definite-lived intangible assets at December 31, 2017 and 2016: At December 31, 2017 At December 31, 2016 Weighted Average Amortizable Life in Years Gross Carrying Amount Accumulated Amortization Net Gross Carrying Amount Accumulated Amortization Net (In millions) Amortizable intangible assets Customer relationships 13.1 $ 56.9 $ (29.7 ) $ 27.2 $ 51.4 $ (25.4 ) $ 26.0 Developed technology / product know-how 7.9 4.6 (2.2 ) 2.4 1.9 (1.9 ) — Non-compete agreements 5.6 0.9 (0.4 ) 0.5 0.5 (0.3 ) 0.2 Trademarks 16.2 25.4 (8.6 ) 16.8 21.8 (7.3 ) 14.5 Licenses 7.0 0.5 (0.5 ) — 0.5 (0.4 ) 0.1 Total definite-lived intangible assets $ 88.3 $ (41.4 ) $ 46.9 $ 76.1 $ (35.3 ) $ 40.8 Amortization expense related to intangible assets for the years ended December 31, 2017, 2016, and 2015 was $6.1 “Impairment and Disposal of Long-Lived Assets,” Estimated amortization expense related to intangible assets at December 31, 2017, for each of the years in the five year period ending December 31, 2022 and thereafter is as follows: Estimated Amortization (In millions) For the year ended December 31, 2018 $ 6.0 For the year ended December 31, 2019 5.8 For the year ended December 31, 2020 5.5 For the year ended December 31, 2021 4.6 For the year ended December 31, 2022 4.5 For the years ended thereafter 20.5 |
Goodwill
Goodwill | 12 Months Ended |
Dec. 31, 2017 | |
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, 2017 and 2016: Cost Accumulated Impairment Carrying Amount (In millions) Balance at January 1, 2016 $ 111.5 $ (8.3 ) $ 103.2 Acquisitions — — $ — Balance at December 31, 2016 $ 111.5 $ (8.3 ) $ 103.2 Acquisitions 12.1 — 12.1 Balance at December 31, 2017 $ 123.6 $ (8.3 ) $ 115.3 In 2017, the Company recognized $12.1 million of goodwill within the US reporting unit related to both the Laserflex acquisition, which will be deductible for income tax purposes, and the Guy Metals acquisition, which is not deductible for income tax purposes. Pursuant to ASC 350, “ Intangibles – Goodwill and Other, |
Restructuring and Other Charges
Restructuring and Other Charges | 12 Months Ended |
Dec. 31, 2017 | |
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, 2017, 2016, and 2015: Employee Related Costs Tenancy and Other Costs Total Restructuring Costs (In millions) Balance at January 1, 2015 $ — $ 0.7 $ 0.7 Restructuring charges 2.2 0.3 2.5 Cash payments (0.8 ) (0.4 ) (1.2 ) Adjustments for pension and other post-retirement termination non-cash charges (0.2 ) — (0.2 ) Changes due to foreign currency translations — (0.1 ) (0.1 ) Balance at Year Ended December 31, 2015 $ 1.2 $ 0.5 $ 1.7 Restructuring charges — 1.0 1.0 Cash payments (0.7 ) (0.5 ) (1.2 ) Reclassification — 0.2 0.2 (Reduction)/addition to reserve (0.3 ) 0.1 (0.2 ) Balance at December 31, 2016 $ 0.2 $ 1.3 $ 1.5 Restructuring charges — 0.8 0.8 Cash payments — (0.5 ) (0.5 ) Reclassification — 0.1 0.1 Reduction to reserve (0.2 ) — (0.2 ) Balance at December 31, 2017 $ — $ 1.7 $ 1.7 2017 In 2017, the Company recorded an $0.8 million charge in warehousing, delivery, selling, general, and administrative expense in the Consolidated Statements of Operations to increase the reserve for tenancy-related costs for a facility closed in 2013. The Company paid $0.4 million in costs related to this facility closure and also reclassified an existing $0.1 million liability for future lease payments to the restructuring reserve. In addition, the Company paid $0.1 million in costs related to a facility closed in 2016. The remaining $1.7 million of tenancy-related costs are expected to be paid through 2025. During 2017, the Company recorded a $0.2 million reduction to the reserve for employee-related costs and credited warehousing, delivery, selling, general, and administrative expense in the Consolidated Statements of Operations. This action fully utilized the remaining reserve for employee-related costs. 2016 In 2016, the Company recorded a charge of $1.0 million related to a facility closure, which consists of tenancy-related costs, primarily future lease payments. The Company paid $0.2 million in costs related to this facility closure and reclassified an existing $0.2 million liability for future lease payments at this facility to the restructuring reserve. The Company also paid $0.3 million in costs related to a facility closed in 2013 and recorded an addition of $0.1 million to the reserve for tenancy-related costs, which was charged to warehousing, delivery, selling, general, and administrative expense in the Consolidated Statements of Operations. During 2016, the Company paid $0.7 million in employee-related costs related to restructuring actions taken in the fourth quarter of 2015. The Company also recorded a $0.3 million reduction to the reserve for employee-related costs and credited warehousing, delivery, selling, general, and administrative expense in the Consolidated Statements of Operations. 2015 In 2015, the Company recorded a charge of $2.2 million for employee costs related to expense reduction actions taken in the fourth quarter of 2015. The charge consists primarily of severance costs for 140 employees in addition to $0.2 million of non-cash pensions and other post-retirement benefit costs. During 2015, the Company paid $0.8 million in costs related to this expense reduction initiative. In 2015, the Company also recorded a $0.3 million charge to increase the reserve for tenancy-related costs for a facility closed in 2013. During 2015, the Company paid $0.4 million in tenancy costs related to this facility. |
Debt
Debt | 12 Months Ended |
Dec. 31, 2017 | |
Debt Disclosure [Abstract] | |
Debt | Note 9: Debt Long-term debt consisted of the following at December 31, 2017 and 2016: At December 31, 2017 2016 (In millions) Ryerson Credit Facility $ 384.2 $ 312.0 11 % Senior Secured Notes due 2022 650.0 650.0 Foreign debt 21.3 19.2 Other debt 3.9 — Unamortized debt issuance costs and discounts (13.7 ) (17.7 ) Total debt 1,045.7 963.5 Less: Short-term foreign debt 21.3 19.2 Total long-term debt $ 1,024.4 $ 944.3 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, 2018 $ 21.3 For the year ended December 31, 2019 3.4 For the year ended December 31, 2020 0.1 For the year ended December 31, 2021 384.3 For the year ended December 31, 2022 650.2 For the years ended thereafter 0.1 Ryerson Credit Facility On November 16, 2016, Ryerson entered into an amendment with respect to its $1.0 billion revolving credit facility (as amended, the “Ryerson Credit Facility”), to reduce the total facility size from $1.0 billion (the “Old Credit Facility”) to $750 million, reduce the interest rate on outstanding borrowings by 25 basis points, reduce commitment fees on amounts not borrowed by 2.5 basis points, and to extend the maturity date to November 16, 2021. At December 31 , 2017, Ryerson had $384.2 million of outstanding borrowings, $12 million of letters of credit issued, and $264 million available under The Ryerson Credit Facility has an allocation of $660 million to the Company’s subsidiaries in the United States and an allocation of $90 million to Ryerson Holding’s Canadian subsidiary that is a borrower. Amounts outstanding under the Ryerson Ryerson We attempt to minimize interest rate risk exposure through the utilization of interest rate swaps, which are derivative financial instruments. In March 2017, we entered into an interest rate swap to fix interest on $150 million of our floating rate debt under the Ryerson Credit Facility at a rate of 1.658% through March 2020. The swap has reset dates and critical terms that match our existing debt and the anticipated critical terms of future debt. The weighted average interest rate on the outstanding borrowings under the Ryerson Credit Facility including the interest rate swap was 2.8 percent and 2.2 percent at December 31, 2017 and 2016, respectively. Borrowings under the Ryerson The Ryerson Ryerson Ryerson The Ryerson Ryerson Ryerson The lenders under the Ryerson Ryerson Net proceeds of short-term borrowings that are reflected in the Consolidated Statements of Cash Flows represent borrowings under the Ryerson Credit Facility with original maturities less than three months. 2022 Notes On May 24, 2016, JT Ryerson issued $650 million in aggregate principal amount of the 2022 Notes (the “2022 Notes”). The 2022 Notes bear interest at a rate of 11.00% per annum. The 2022 Notes are fully and unconditionally guaranteed on a senior secured basis by all of our existing and future domestic subsidiaries that are co-borrowers or that have guarantee obligations under the Ryerson Credit Facility. The 2022 Notes and the related guarantees are secured by a first-priority security interest in substantially all of JT Ryerson’s and each guarantor’s present and future assets located in the United States (other than receivables, inventory, cash, deposit accounts and related general intangibles, certain other assets and proceeds thereof), subject to certain exceptions and customary permitted liens. The 2022 Notes and the related guarantees are also secured on a second-priority basis by a lien on the assets that secure JT Ryerson’s and the Company’s obligations under the Ryerson Credit Facility. The 2022 Notes will be redeemable, in whole or in part, at any time on or after May 15, 2019 at certain redemption prices. The redemption price for the 2022 Notes if redeemed during the twelve months beginning (i) May 15, 2019 is 105.50%, (ii) May 15, 2020 is 102.75%, and (iii) May 15, 2021 and thereafter is 100.00%. JT Ryerson may redeem some or all of the 2022 Notes before May 15, 2019 at a redemption price of 100.00% of the principal amount, plus accrued and unpaid interest, if any, to the redemption date, plus a “make-whole” premium. In addition, JT Ryerson may redeem up to 35% of the 2022 Notes before May 15, 2019 with respect to the 2022 Notes with the net cash proceeds from certain equity offerings at a price equal to 111.00%, with respect to the 2022 Notes, of the principal amount thereof, plus any accrued and unpaid interest, if any. JT Ryerson may be required to make an offer to purchase the 2022 Notes upon the sale of assets or upon a change of control. The 2022 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, JT 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, 2017. Restricted net assets as of December 31, 2017 were $247.2 million. The net proceeds from the issuance of the 2022 Notes, along with borrowings under the Ryerson Credit Facility, were used to (i) repurchase and/or redeem in full the $569.9 million balance of JT Ryerson’s 9.00% Senior Secured Notes due 2017 (the “2017 Notes”), plus accrued and unpaid interest thereon up to, but not including, the repayment date, (ii) repurchase $95.0 million of JT Ryerson’s 11.25% Senior Secured Notes due 2018 (the “2018 Notes”), and (iii) pay related fees, expenses and premiums The Company applied the provisions of ASC 470-50, “ Modifications and Extinguishments” During the year 2016, a principal amount of $75.4 million of the 2018 Notes were repurchased for $68.0 million and retired, resulting in the recognition of an $7.4 million gain within other income and (expense), net on the Consolidated Statement of Operations. Including the $16.1 million loss on the redemption of the $569.9 million balance of the 2017 Notes and repurchase of $95.0 million of the 2018 Notes, the Company recognized a total net loss of $8.7 million within other income and (expense), net on the Consolidated Statement of Operations during year 2016. During the year 2015, a principal amount of $30.1 Foreign Debt At December 31, 2017, Ryerson China’s total foreign borrowings were $21.3 million, which were owed to banks in Asia at a weighted average interest rate of 3.7% per annum and secured by inventory and property, plant, and equipment. At December 31, 2016, Ryerson China’s total foreign borrowings were $19.2 million, which were owed to banks in Asia at a weighted average interest rate of 4.4% per annum and secured by inventory and property, plant, and equipment. Availability under the Ryerson China’s credit facility was $25 million |
Employee Benefits
Employee Benefits | 12 Months Ended |
Dec. 31, 2017 | |
Compensation And Retirement Disclosure [Abstract] | |
Employee Benefits | Note 10: Employee Benefits The Company accounts for its pension and postretirement plans in accordance with FASB ASC 715, “ Compensation – Retirement Benefits 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, 2017, 2016, and 2015, expense recognized for its defined contribution plans was $7.2 million, $6.9 million, and $5.9 million, respectively. In the fourth quarter of 2015, we changed the method we use to estimate the service and interest components of net periodic benefit cost for the pension and other postretirement benefits starting in 2016. This change compared to the previous method resulted in a decrease of $8.4 million in the service and interest components for pension cost in 2016. Historically, we estimated these service and interest cost components utilizing a single weighted-average discount rate derived from the yield curve used to measure the benefit obligation at the beginning of the period. We elected to utilize a full yield curve approach in the estimation of these components by applying the specific spot rates along the yield curve used in the determination of the benefit obligation to the relevant projected cash flows. We made this change to provide a more precise measurement of service and interest costs by improving the correlation between projected benefit cash flows to the corresponding spot yield curve rates. This change did not affect the measurement of our total benefit obligations. We accounted for this change as a change in estimate that was inseparable from a change in accounting principle and accordingly accounted for it prospectively. Effective May 19, 2017, the Company froze the benefits accrued under a portion of its defined benefit pension plan for certain wage employees. The freeze impacted a significant number of active accruing participants, therefore, curtailment accounting was required, and the pension plan was remeasured as of May 31, 2017. The remeasurement resulted in a curtailment loss of $0.1 million, which was recorded within warehousing, delivery, selling, general, and administrative expense within the Consolidated Statements of Operations. The Company has other deferred employee benefit plans, including supplemental pension plans, the liability for which totaled $17.3 million and $17.0 million at December 31, 2017 and 2016, respectively. Summary of Assumptions and Activity 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 Company had an additional measurement date of May 31, 2017 for our U.S. defined pension benefit due to the plan freeze discussed above. The expected rate of return on plan assets is determined based on the market-related value of the assets, recognizing any gains or losses over a four year period. The method we have chosen for amortizing actuarial gains and losses is to recognize amounts in excess of a 10% corridor (10% of the greater of the projected benefit obligation or plan assets) and are amortized over the average expected remaining lifetime of the participants in the pension plan and over the average expected remaining service period for the other postretirement benefits. 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: June 1 to December 31, 2017 January 1 to May 31, 2017 Year Ended December 31, 2016 Year Ended December 31, 2015 Discount rate for calculating obligations 3.64 % 3.86 % 4.14 % 4.41 % Discount rate for calculating service cost 4.20 4.51 4.80 4.05 Discount rate for calculating interest cost 3.18 3.44 3.55 4.05 Expected rate of return on plan assets 6.95 6.75 7.10 7.40 Rate of compensation increase – benefit obligations 2.90 2.70 2.70 2.80 Rate of compensation increase – net periodic benefit cost 2.70 2.70 2.80 2.80 The expected rate of return on U.S. plan assets is 6.70% for 2018. 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, 2017 2016 2015 Discount rate for calculating obligations 3.57 % 3.99 % 4.21 % Discount rate for calculating service cost 4.25 4.59 3.80 Discount rate for calculating interest cost 3.19 3.19 3.80 Rate of compensation increase – benefit obligations 3.00 2.50 2.80 Rate of compensation increase – net periodic benefit cost 2.50 2.80 2.80 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, 2017 2016 2015 Salaried Bargaining Salaried Bargaining Salaried Bargaining Discount rate for calculating obligations 3.31 % 3.32 % 3.64 % 3.71 % 3.70 % 3.87 % Discount rate for calculating net periodic benefit cost 3.64 3.71 3.70 3.87 3.80 3.80 Expected rate of return on plan assets 5.50 5.25 5.75 5.50 6.00 5.75 Rate of compensation increase 3.00 3.00 3.25 3.25 3.25 3.25 The expected rate of return on Canadian plan assets for 2018 is 5.25% for the Ryerson Salaried Plan (approximately 79% of total Canadian plan assets) and 4.50% for the Ryerson Bargaining Unit Plan (approximately 21% of total Canadian plan assets). 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, 2017 2016 2015 Discount rate for calculating obligations 3.31 % 3.54 % 3.64 % Discount rate for calculating net periodic benefit cost 3.61 3.64 3.80 Rate of compensation increase 3.00 3.25 3.25 Year Ended December 31, Pension Benefits Other Benefits 2017 2016 2017 2016 (In millions) Change in Benefit Obligation Benefit obligation at beginning of year $ 803 $ 846 $ 74 $ 82 Service cost 1 1 — — Interest cost 26 29 3 3 Actuarial (gain) loss 41 9 (1 ) (4 ) Effect of changes in exchange rates 3 1 1 1 Lump sums paid (23 ) (28 ) — — Benefits paid (net of participant contributions and Medicare subsidy) (54 ) (55 ) (8 ) (8 ) Benefit obligation at end of year $ 797 $ 803 $ 69 $ 74 Accumulated benefit obligation at end of year $ 795 $ 801 N/A N/A Change in Plan Assets Plan assets at fair value at beginning of year $ 587 $ 608 $ — $ — Actual return on plan assets 97 39 — — Employer contributions 22 22 8 8 Effect of changes in exchange rates 3 1 — — Lump sums paid (23 ) (28 ) — — Benefits paid (net of participant contributions) (54 ) (55 ) (8 ) (8 ) Plan assets at fair value at end of year $ 632 $ 587 $ — $ — Reconciliation of Amount Recognized Funded status $ (165 ) $ (216 ) $ (69 ) $ (74 ) Amounts recognized in balance sheet consist of: Current liabilities $ — $ — $ (7 ) $ (7 ) Non-current liabilities (165 ) (216 ) (62 ) (67 ) Net benefit liability at the end of the year $ (165 ) $ (216 ) $ (69 ) $ (74 ) Canadian benefit obligations represented $46 million of the Company’s total Pension Benefits obligations at December 31, 2017 and $44 million at December 31, 2016. Canadian plan assets represented $44 million of the Company’s total plan assets at fair value at December 31, 2017 and $39 million at December 31, 2016. In addition, Canadian benefit obligations represented $12 million of the Company’s total Other Benefits obligation at December 31, 2017 and $11 million at December 31, 2016. The pension benefit obligation increased by $47 million due to a decrease in the year over year discount rate, decreased $5 million during the year ended December 31, 2017 due to updated mortality rates based on updated mortality tables released by the Society of Actuaries in 2017, and decreased an additional $4 million due to the demographic assumption studies concluded in 2017. The pension benefit obligation decreased $11 million during the year ended December 31, 2016 due to updated mortality rates based on updated mortality tables released by the Society of Actuaries in 2016 and increased by $26 million due to a decrease in the year over year discount rate. Amounts recognized in accumulated other comprehensive income (loss) at December 31, 2017 and 2016 consist of the following: At December 31, Pension Benefits Other Benefits 2017 2016 2017 2016 (In millions) Amounts recognized in accumulated other comprehensive income (loss), pre–tax, consist of Net actuarial loss (gain) $ 372 $ 400 $ (57 ) $ (64 ) Prior service cost (credit) — 1 (9 ) (12 ) Net loss (gain) $ 372 $ 401 $ (66 ) $ (76 ) Net actuarial losses of $15.3 million and prior service costs of $0.1 million for pension benefits and net actuarial gains of $7.3 million and prior service credits of $3.1 million for other postretirement benefits are expected to be amortized from accumulated other comprehensive income (loss) into net periodic benefit cost in 2018. Amounts recognized in other comprehensive income (loss) for the years ended December 31, 2017 and 2016 consist of the following: Year Ended December 31, Pension Benefits Other Benefits 2017 2016 2017 2016 (In millions) Amounts recognized in other comprehensive income (loss), pre–tax, consist of Net actuarial loss (gain) $ (15 ) $ 15 $ (1 ) $ (4 ) Amortization of net actuarial loss (gain) (14 ) (13 ) 8 8 Amortization of prior service cost (credit) — — 3 3 Net loss (gain) $ (29 ) $ 2 $ 10 $ 7 For benefit obligation measurement purposes for U.S. plans at December 31, 2017, the annual rate of increase in the per capita cost of covered health care benefits for participants under 65 was 7.0 percent, grading down to 4.5 percent in 2026, the level at which it is expected to remain. At December 31, 2017, the rate for participants over 65 was 7.0 percent, grading down to 4.5 percent in 2026, plus a risk adjustment of 0.65 percent grading down to zero percent in 2022, the level at which it is expected to remain. For measurement purposes for U.S. plans at December 31, 2016, the annual rate of increase in the per capita cost of covered health care benefits for participants under 65 was 6.75 percent, grading down to 4.5 percent in 2026, the level at which it is expected to remain. At December 31, 2016, the rate for participants over 65 was 10 percent, grading down to 4.5 percent in 2026, plus a risk adjustment of 0.65 percent grading down to zero percent in 2022, the level at which it is expected to remain. For benefit obligation measurement purposes for Canadian plans at December 31, 2017, the annual rate of increase in the per capita cost of covered health care benefits was 7.3 percent per annum, grading down to 4.5 percent in 2033, the level at which it is expected to remain. For benefit obligation measurement purposes for Canadian plans at December 31, 2016, the annual rate of increase in the per capita cost of covered health care benefits was 7.5 percent per annum, grading down to 4.5 percent in 2033, 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, 2017, 2016, and 2015 are as follows: Year Ended December 31, Pension Benefits Other Benefits 2017 2016 2015 2017 2016 2015 (In millions) Components of net periodic benefit cost Service cost $ 1 $ 1 $ 2 $ — $ — $ — Interest cost 26 29 37 3 3 4 Expected return on assets (42 ) (45 ) (48 ) — — — Recognized actuarial loss (gain) 15 13 14 (8 ) (8 ) (8 ) Amortization of prior service credit — — — (3 ) (3 ) (2 ) Curtailment loss — — 1 — — — Net periodic benefit cost (credit) $ — $ (2 ) $ 6 $ (8 ) $ (8 ) $ (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 capital cost of covered health care benefits for participants under 65 was 6.75 percent, grading down to 4.5 percent in 2026, the level at which it is expected to remain. The rate for participants over 65 was 10.0 percent, grading down to 4.5 percent in 2026, plus a risk adjustment of 0.65 percent grading down to zero percent in 2022, 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 7.48 percent per annum, grading down to 4.5 percent in 2033, the level at which it is expected to remain. 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 $ 0.1 $ (0.1 ) Effect on postretirement benefit obligation 2.9 (2.8 ) Pension Trust Assets The expected long-term rate of return on pension trust assets is 4.50% to 6.70% 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, 2017 and 2016, by asset category are as follows: Trust Assets at December 31, 2017 2016 Equity securities 57 % 62 % Debt securities 26 21 Real Estate 5 4 Other 12 13 Total 100 % 100 % The Board of Directors of JT 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, 2017 measurement date were as follows: Range Target Equity securities 23-66% 59 % Debt securities 20-64 28 Real estate 1-7 6 Other 6-14 7 Total 100 % The fair value of our pension plan assets at December 31, 2017 by asset category are as follows. See Note 15 for the definitions of Level 1, 2, and 3 fair value measurements. Fair Value Measurements at December 31, 2017 Asset Category Total Level 1 Level 2 Level 3 (In millions) Cash and cash equivalents $ 15 $ 15 $ — $ — Equity securities: US large cap 89 — 89 — US small/mid cap 28 — 28 — Canadian large cap 5 — 5 — Canadian small cap 1 — 1 — International companies 146 — 146 — Global companies 95 — 95 — Fixed income securities: Investment grade debt 161 — 161 — Other types of investments: Commodity funds 3 — 3 — Multi-strategy funds 2 — 2 — Investments valued at net asset value 53 — — — Real estate 34 — 34 — Total $ 632 $ 15 $ 564 $ — The fair value of our pension plan assets at December 31, 2016 by asset category are as follows: Fair Value Measurements at December 31, 2016 Asset Category Total Level 1 Level 2 Level 3 (In millions) Cash and cash equivalents $ 15 $ 15 $ — $ — Equity securities: US large cap 101 — 101 — US small/mid cap 33 — 33 — Canadian large cap 5 — 5 — Canadian small cap 1 — 1 — International companies 134 — 134 — Global companies 90 — 90 — Fixed income securities: Investment grade debt 122 — 122 — Other types of investments: Commodity funds 3 — 3 — Multi-strategy funds 2 — 2 — Investments valued at net asset value 58 — — — Real estate 23 — 23 — Total $ 587 $ 15 $ 514 $ — The pension assets classified as Level 2 investments in both 2017 and 2016 are part of common collective trust investments. Certain investments that are measured at fair value using the net asset value per share practical expedient have not been classified in the fair value hierarchy in accordance with ASU 2015-07. The fair value amounts presented above are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Consolidated Balance Sheets. 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 $21.7 million, $22.1 million, and $42.5 million for the years ended December 31, 2017, 2016, and 2015, respectively, to improve the funded status of the plans. The Company anticipates that it will have a minimum required pension contribution funding of approximately $28 million in 2018. Estimated Future Benefit Payments Pension Benefits Other Benefits (In millions) 2018 $ 53 $ 7 2019 53 6 2020 53 6 2021 53 5 2022 52 5 2023-2027 249 21 Multiemployer Pension and Other Postretirement Plans We participate in two multiemployer pension plans covering 48 employees at 4 locations. Total contributions to the plans were $0.4 million |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2017 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Note 11: Commitments and Contingencies Lease Obligations & Other The Company leases buildings and equipment under noncancellable operating leases expiring in various years through 2027 . Rental expense under operating leases totaled $28.5 million, $30.0 million, and $31.8 million for the years ended December 31, 2017, 2016, and 2015, respectively. The Company leases equipment under capital leases expiring in various years through 2022 . To fulfill contractual requirements for certain customers in 2017, the Company has entered into certain fixed-price noncancellable contractual obligations. These purchase obligations aggregated to $32.0 million at December 31, 2017 with $32.0 million to be paid in 2018. 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 value 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 15. 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, 2017. We have no exposure as of December 31, 2017. Approximately 10% of our total labor force is covered by collective bargaining agreements. There are collective bargaining agreements that will expire in fiscal 2018, which covers 3% of our total labor force. We believe that our overall relationship with our employees is good. Litigation In October 2011, the United States Environmental Protection Agency (the “EPA”) named us as one of more than 100 businesses that may be a potentially responsible party for the Portland Harbor Superfund Site (the “PHS Site”). On January 6, 2017, the EPA issued an initial Record of Decision (“ROD”) regarding the site. The ROD includes a combination of dredging, capping, and enhanced natural recovery that would take approximately thirteen years to construct plus additional time for monitored natural recovery, at an estimated present value cost of $1.05 billion. The EPA has now requested a Pre-Remedial Design Report (“Pre-RD”) to help determine if the ROD is appropriate or should be reduced. The Pre-RD is due on May 9, 2019, and a revised ROD should be issued sometime thereafter. The EPA has not yet allocated responsibility for the contamination among the potentially responsible parties, including JT Ryerson. We do not currently have sufficient information available to us to determine whether the ROD will be executed as currently stated, whether and to what extent JT Ryerson may be held responsible for any of the identified contamination, and how much (if any) of the final plan’s costs might ultimately be allocated to JT Ryerson. Therefore, management cannot predict the ultimate outcome of this matter or estimate a range of potential loss at this time. There are various claims and pending actions against the Company. The amount of liability, if any, for those claims and actions at December 31, 2017 is not determinable but, in the opinion of management, such liability, if any, will not have a material adverse effect on the Company’s financial position, results of operations, or cash flows. We maintain liability insurance coverage to assist in protecting our assets from losses arising from or related to activities associated with business operations. |
Related Parties
Related Parties | 12 Months Ended |
Dec. 31, 2017 | |
Related Party Transactions [Abstract] | |
Related Parties | Note 12: Related Parties JT Ryerson, one of our subsidiaries, was party to a corporate advisory services agreement with Platinum Advisors, an affiliate of Platinum, pursuant to which Platinum Advisors provided 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 of Ryerson Holding common stock, which occurred on August 13, 2014. As consideration for terminating the advisory fee payable thereunder, Platinum Advisors and its affiliates were paid $15.0 million in August 2014, with an additional $10.0 million paid in August 2015. The Company recognized the $25.0 million termination fee within Warehousing, delivery, selling, general, and administrative expense during the third quarter of 2014. |
Segment Information
Segment Information | 12 Months Ended |
Dec. 31, 2017 | |
Segment Reporting [Abstract] | |
Segment Information | Note 13: Segment Information We have one operating and reportable segment, metals service centers. The Company derives substantially all of its sales from the distribution of metals. The following table shows the Company’s percentage of sales by major product line: Year Ended December 31, 2017 2016 2015 Product Line (Percentage of Sales) Carbon Steel Flat 28 % 28 % 25 % Carbon Steel Plate 10 9 11 Carbon Steel Long 12 13 16 Stainless Steel Flat 18 17 16 Stainless Steel Plate 4 4 4 Stainless Steel Long 4 3 3 Aluminum Flat 15 16 16 Aluminum Plate 3 3 3 Aluminum Long 4 5 4 Other 2 2 2 Total 100 % 100 % 100 % No customer accounted for more than 2 percent of Company sales for the years ended December 31, 2017, 2016, and 2015. The top ten customers accounted for less than 12 percent of its sales for the year ended December 31, 2017, 2016, and 2015. 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, and Mexico, which in aggregate comprised 12 percent, 13 percent, and 13 percent of the Company’s sales during the years ended December 31, 2017, 2016, and 2015, respectively. Canadian, Chinese, and Mexican long-lived assets were 7 percent of total Company long-lived assets at December 31, 2017, 2016, and 2015. The following tables summarize consolidated financial information of our operations by geographic location based on where sales originated from: Year Ended December 31, Net Sales 2017 2016 2015 (In millions) United States $ 2,962.4 $ 2,485.9 $ 2,770.3 Foreign countries 402.3 373.8 396.9 Total $ 3,364.7 $ 2,859.7 $ 3,167.2 At December 31, Long-Lived Assets 2017 2016 2015 (In millions) United States $ 395.3 $ 362.5 $ 373.9 Foreign countries 27.6 25.7 26.4 Total $ 422.9 $ 388.2 $ 400.3 |
Other Matters
Other Matters | 12 Months Ended |
Dec. 31, 2017 | |
Equity Method Investments And Joint Ventures [Abstract] | |
Other Matters | Note 14: Other Matters Equity Investment In 2011 Ryerson acquired a 38 percent equity interest in Automated Laser Fabrication Co., LLC (“ALF”). 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. Liquidation of Investment in Foreign Entity On February 17, 2012, the Company acquired 50 percent of the issued and outstanding capital stock of Açofran Aços e Metais Ltda (“Açofran”), a long products distributor located in São Paulo, Brazil. The Company fully consolidated Açofran based on voting control. The Company was party to a put option arrangement with respect to the securities that represent the noncontrolling interest of Açofran. The put was 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 was 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. As of December 31, 2016, the Company substantially liquidated its investment in Acofran. In accordance with ASC 830-30-40, “Foreign Currency Matters,” Other income and (expense), net on the Consolidated Statement of Operations during 2016 . |
Derivatives and Fair Value Meas
Derivatives and Fair Value Measurements | 12 Months Ended |
Dec. 31, 2017 | |
Investments All Other Investments [Abstract] | |
Derivatives and Fair Value Measurements | Note 15: Derivatives and Fair Value Measurements 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 variability in cash flows when a payment currency is different from our functional currency. From time to time, we may enter into fixed price sales contracts with our customers for certain of our inventory components. We may enter into metal commodity futures and options contracts to reduce volatility in the price of these metals. We may also enter into natural gas and diesel fuel price swaps to manage the price risk of forecasted purchases of natural gas and diesel fuel. We have a receive variable, pay fixed, interest rate swap to manage the exposure to variable interest rates of the Ryerson Credit Facility. In March 2017, we entered into a forward agreement for $150 million of “pay fixed” interest at 1.658%, “receive variable” interest to manage the risk of increasing variable interest rates. The interest rate reset dates and critical terms match the terms of our existing debt and anticipated critical terms of future debt under the Ryerson Credit Facility. The fair value of the interest rate swap as of December 31, 2017 was an asset of $1.0 million. The Company currently does not account for its commodity contracts and foreign exchange derivative contracts as hedges but rather marks them to market with a corresponding offset to current earnings. The Company accounts for its interest rate swap as a cash flow hedge of floating-rate borrowings with changes in fair value being recorded in accumulated other comprehensive income. 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 Sheet as of December 31, 2017 and 2016: Asset Derivatives Liability Derivatives Fair Value Fair Value Balance Sheet Location December 31, 2017 December 31, 2016 Balance Sheet Location December 31, 2017 December 31, 2016 (In millions) Derivatives not designated as hedging instruments under ASC 815 Metal commodity contracts Prepaid expenses and other current assets $ 2.8 $ 2.0 Other accrued liabilities $ 3.9 $ 0.2 Foreign exchange contracts Prepaid expenses and other current assets 0.1 — Other accrued liabilities — — Derivatives designated as hedging instruments under ASC 815 Interest rate swaps Deferred charges and other assets 1.0 — Taxes and other credits — — Total derivatives $ 3.9 $ 2.0 $ 3.9 $ 0.2 As of December 31, 2017 and 2016 the Company’s foreign currency exchange contracts had a U.S. dollar notional amount of $5.1 million and $2.3 million, respectively. As of December 31, 2017 and 2016, the Company had 453 tons and 296 tons, respectively, of nickel swap contracts related to forecasted purchases. As of December 31, 2017 and 2016, the Company had 5,252 tons and 11,998 tons, respectively, of hot roll coil swap contracts related to forecasted purchases. The Company has aluminum swap contracts related to forecasted purchases, which had a notional amount of 15,102 tons and 8,466 tons as of December 31, 2017 and 2016, respectively. As of December 31, 2017 and 2016, the Company has zero gallons and 39,000 gallons, respectively, of diesel fuel swap contracts related to forecasted purchases. The following table summarizes the location and amount of gains and losses on derivatives not designated as hedging instruments reported in our Consolidated Statements of Operations for the years ended December 31, 2017, 2016, and 2015: Amount of Gain/ (Loss) Recognized in Income on Derivatives Year Ended December 31, Derivatives not designated as hedging instruments under ASC 815 Location of Gain/(Loss) Recognized in Income on Derivatives 2017 2016 2015 (In millions) Metal commodity contracts Cost of materials sold $ 3.1 $ 10.0 $ (11.8 ) Diesel fuel commodity contracts Warehousing, general, and administrative — 0.1 (0.4 ) Foreign exchange contracts Other income and (expense), net — (0.1 ) 0.1 Total $ 3.1 $ 10.0 $ (12.1 ) The following table summarizes the location and amount of gains and losses on derivatives designated as hedging instruments reported in our Consolidated Statements of Operations for the years ended December 31, 2017, 2016, and 2015: Amount of Gain/(Loss) Reclassified from Other Comprehensive Income into Income Year Ended December 31, Derivatives designated as hedging instruments under ASC 815 Location of Gain/(Loss) Recognized in Income on Derivatives 2017 2016 2015 (In millions) Interest rate swaps Interest and other expense on debt $ (0.7 ) $ — $ — As of December 31, 2017, the portion of the $1.0 million interest rate swap asset that would be reclassified into earnings during the next 12 months as interest income is approximately $0.2 million. 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: 1. Level 1—quoted prices (unadjusted) in active markets for identical assets or liabilities that the Company has the ability to access as of the reporting date. 2. Level 2—inputs other than quoted prices included within Level 1 that are directly observable for the asset or liability or indirectly observable through corroboration with observable market data. 3. Level 3—unobservable inputs, such as internally-developed pricing models for the asset or liability due to little or no market activity for the asset or liability. The following table presents assets and liabilities measured and recorded at fair value on our Consolidated Balance Sheets on a recurring basis and their level within the fair value hierarchy as of December 31, 2017: At December 31, 2017 Level 1 Level 2 Level 3 (In millions) Assets Prepaid and other current assets: Common stock – available-for-sale investment $ 0.1 $ — $ — Derivatives: Derivatives not designated as hedging instruments under ASC 815: Metal commodity contracts $ — $ 2.8 $ — Foreign exchange contracts — 0.1 — Derivatives designated as hedging instruments under ASC 815: Interest rate swaps — 1.0 — Total derivatives $ — $ 3.9 $ — Liabilities Derivatives: Derivatives not designated as hedging instruments under ASC 815: Metal commodity contracts $ — $ 3.9 $ — 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, 2016: At December 31, 2016 Level 1 Level 2 Level 3 (In millions) Assets Prepaid and other current assets: Common stock – available-for-sale investment $ 0.4 $ — $ — Derivatives not designated as hedging instruments under ASC 815: Metal commodity contracts $ — $ 2.0 $ — Liabilities Derivatives not designated as hedging instruments under ASC 815: Metal commodity contracts $ — $ 0.2 $ — 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 and zinc 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 and zinc on the valuation date. The Company also has commodity derivatives to lock in hot roll coil, iron ore, and aluminum prices for varying time periods. The fair value of hot roll coil, iron ore, and aluminum derivatives is determined based on the spot price each individual contract was purchased at and compared with the one-month daily average actual spot price on the Chicago Mercantile Exchange, the Singapore Exchange, and the London Metals Exchange, respectively, for the commodity on the valuation date. The Company had various commodity derivatives to lock in diesel 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 of the Platts Index for Gulf Coast Ultra Low Sulfur Diesel on the valuation date. In addition, the Company has numerous foreign exchange contracts to hedge variability in cash flows when a payment currency is different from our functional currency. The Company defines the fair value of foreign exchange contracts as the amount of the difference between the contracted and current market value at the end of the period. The Company estimates the current market value of foreign exchange contracts by obtaining month-end market quotes of foreign exchange rates and forward rates for contracts with similar terms. The Company uses the exchange rates provided by Reuters. Each commodity and foreign exchange contract term varies in the number of months, but in general, contracts are between 3 to 12 months in length. The fair value of our interest rate swap is based on the sum of all future net present value cash flows for the fixed and floating leg of the swap. The future cash flows are derived based on the terms of our interest rate swap, as well as published discount factors, and projected forward LIBOR rates. The carrying and estimated fair values of the Company’s financial instruments at December 31, 2017 and 2016 were as follows: At December 31, 2017 At December 31, 2016 Carrying Amount Fair Value Carrying Amount Fair Value (In millions) Cash and cash equivalents $ 77.4 $ 77.4 $ 80.7 $ 80.7 Restricted cash 1.1 1.1 1.0 1.0 Receivables less provision for allowances, claims, and doubtful accounts 376.3 376.3 326.0 326.0 Accounts payable 275.0 275.0 230.4 230.4 Long-term debt, including current portion 1,045.7 1,125.9 963.5 1,034.2 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). 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 (Level 2 inputs). There were no assets or liabilities classified as held for sale as of December 31, 2017. The following table presents assets and liabilities measured and recorded at fair value on the Consolidated Balance Sheets on a non-recurring basis and their level within the fair value hierarchy as of December 31, 2016: At December 31, 2016 Level 1 Level 2 Level 3 (In millions) Assets Prepaid expenses and other current assets - assets held for sale (Note 5) $ — $ 3.6 $ — 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. In 2015 and 2016, the financial condition of the investee declined and the investment was in an unrealized loss position. Based on the duration and severity of our unrealized loss, management determined that an other-than-temporary impairment occurred and thus recognized impairment charges within other income and (expense), net of $12.3 million and $4.7 million, for the years ended December 31, 2016 and 2015, respectively. The financial condition of the investee further declined during the second quarter of 2017, therefore, management determined that an other-than-temporary impairment occurred and recognized an additional $0.2 million impairment charge within other income and (expense), net. As of December 31, 2017, the investment has been in an unrealized loss position from its adjusted cost basis for six months. Management does not currently intend to sell the investment before recovery of its adjusted cost basis. Realized gains and losses are recorded within the Consolidated Statements of Comprehensive Income upon sale of the security and are based on specific identification. The Company’s available-for-sale securities as of December 31, 2017 can be summarized as follows: At December 31, 2017 Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value (In millions) Common stock $ 0.2 $ — $ (0.1 ) $ 0.1 The Company’s available-for-sale securities as of December 31, 2016 can be summarized as follows: At December 31, 2016 Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value (In millions) Common stock $ 0.4 $ — $ — $ 0.4 There is no maturity date for this investment and there have been no sales for the years ended December 31, 2017, 2016, and 2015. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income | 12 Months Ended |
Dec. 31, 2017 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Income | Note 16: Accumulated Other Comprehensive Income The following table details the changes in accumulated other comprehensive income (loss) for the years ended December 31, 2017 and December 31, 2016: Changes in Accumulated Other Comprehensive Income (Loss) by Component, net of tax Foreign Currency Translation Benefit Plan Liabilities Available- For-Sale Investments Cash Flow Hedge - Interest Rate Swap (In millions) Balance at January 1, 2016 $ (53.8 ) $ (252.5 ) $ (0.7 ) $ — Other comprehensive income (loss) before reclassifications 2.4 (5.0 ) (1.1 ) — Amounts reclassified from accumulated other comprehensive income (loss) 1.2 (1.2 ) 2.9 — Net current-period other comprehensive income (loss) 3.6 (6.2 ) 1.8 — Balance at December 31, 2016 $ (50.2 ) $ (258.7 ) $ 1.1 $ — Other comprehensive income (loss) before reclassifications 8.6 15.4 (0.2 ) 0.2 Amounts reclassified from accumulated other comprehensive income (loss) — (3.0 ) 0.1 0.4 Net current-period other comprehensive income (loss) 8.6 12.4 (0.1 ) 0.6 Balance at December 31, 2017 $ (41.6 ) $ (246.3 ) $ 1.0 $ 0.6 The following tables detail the reclassifications out of accumulated other comprehensive income (loss) for the years ended December 31, 2017 and December 31, 2016: Reclassifications Details about Accumulated Other Comprehensive Income (Loss) Components Amount reclassified from Accumulated Other Comprehensive Income (Loss) Affected line item in the Consolidated Statements of Comprehensive Income For the Year Ended December 31, 2017 (In millions) Amortization of defined benefit pension and other post-retirement benefit plan items Actuarial gain $ (6.9 ) Warehousing, general, and administrative Prior service cost 2.9 Warehousing, delivery, selling, general, and administrative Total before tax (4.0 ) Tax provision 1.0 Net of tax $ (3.0 ) Other-than-temporary impairment Other-than-temporary impairment charge $ 0.2 Other income and (expense), net Tax benefit (0.1 ) Net of tax $ 0.1 Cash flow hedge - interest rate swap Realized swap interest loss $ 0.7 Interest and other expense on debt Tax benefit (0.3 ) Net of tax $ 0.4 Reclassifications Out of Accumulated Other Comprehensive Income Details about Accumulated Other Comprehensive Income (Loss) Components Amount reclassified from Accumulated Other Comprehensive Income (Loss) Affected line item in the Consolidated Statements of Comprehensive Income For the Year Ended December 31, 2016 (In millions) Liquidation of investment in foreign entity Foreign currency translation $ 1.2 Other income and (expense), net Tax provision (benefit) — Net of tax $ 1.2 Amortization of defined benefit pension and other post-retirement benefit plan items Actuarial gain $ (4.7 ) Warehousing, general, and administrative Prior service cost 2.9 Warehousing, delivery, selling, general, and administrative Total before tax (1.8 ) Tax provision 0.6 Net of tax $ (1.2 ) Other-than-temporary impairment Other-than-temporary impairment charge $ 4.7 Other income and (expense), net Tax benefit (1.8 ) Net of tax $ 2.9 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 17: Income Taxes The elements of the provision (benefit) for income taxes were as follows: Year Ended December 31, 2017 2016 2015 (In millions) Income (loss) before income tax: U.S. $ 11.3 $ 20.1 $ 13.2 Foreign 5.4 6.0 (11.3 ) $ 16.7 $ 26.1 $ 1.9 Current income taxes: Federal $ 5.6 $ (0.3 ) $ (0.3 ) Foreign 1.8 2.8 1.2 State 0.5 — (0.4 ) 7.9 2.5 0.5 Deferred income taxes (9.2 ) 4.7 3.2 Total income tax provision (benefit) $ (1.3 ) $ 7.2 $ 3.7 Income taxes differ from the amounts computed by applying the federal tax rate as follows: Year Ended December 31, 2017 2016 2015 (In millions) Federal income tax expense computed at statutory tax rate of 35% $ 5.8 $ 9.1 $ 0.7 Additional taxes or credits from: State and local income taxes, net of federal income tax effect (0.8 ) (0.7 ) (0.5 ) Non-deductible expenses and non-taxable income 0.2 (1.2 ) 1.8 Foreign income (expense) not includable in federal taxable income (0.2 ) 2.8 0.8 Valuation allowance changes (net) (2.9 ) (2.6 ) 0.1 Changes in uncertain tax positions (1.0 ) (0.3 ) — Effect of U.S. Tax Cuts and Jobs Act - deemed repatriation transaction tax 7.2 — — Effect of U.S. Tax Cuts and Jobs Act - revaluation of deferred taxes (10.6 ) — — All other, net 1.0 0.1 0.8 Total income tax provision (benefit) $ (1.3 ) $ 7.2 $ 3.7 The U.S. Tax Cuts and Jobs Act (the “Act”), enacted on December 22, 2017, significantly changes U.S. corporate income tax laws by, among other things, reducing the U.S. corporate income tax rate to 21% starting in 2018 and creating a territorial tax system with a one-time mandatory tax on previously deferred foreign earnings of U.S. subsidiaries. Under ASC Topic 740, the effects of changes in tax rates and laws on deferred tax balances are recognized in the period in which the new legislation is enacted. As a result of the Act, we have recorded a benefit for the revaluation of our deferred tax assets of $10.6 million during the fourth quarter of 2017 within the provision (benefit) for income taxes line of the Consolidated Statement of Operations. The Act subjects a US shareholder to tax on global intangible low-taxed income (“GILTI”) earned by certain foreign subsidiaries. The FASB Staff Q&A, Topic 740, No. 5, Accounting for Global Intangible Low-Taxed Income The components of the deferred income tax assets and liabilities arising under FASB ASC 740, “ Income Taxes At December 31, 2017 2016 (In millions) Deferred tax assets: AMT tax credit carryforwards $ 30 $ 30 Post-retirement benefits other than pensions 15 28 Federal and foreign net operating loss carryforwards 59 84 State net operating loss carryforwards 19 12 Pension liability 46 85 Other deductible temporary differences 27 25 Less: valuation allowances (24 ) (20 ) $ 172 $ 244 Deferred tax liabilities: Fixed asset basis difference $ 53 $ 81 Inventory basis difference 92 129 Other intangibles 9 13 154 223 Net deferred tax asset $ 18 $ 21 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, 2017, federal AMT credit carryforwards of approximately $30 million, which as a result of the US Tax Cuts and Jobs Act will be refundable beginning in 2019 to the extent not utilized to offset future federal income tax liabilities of the Company. The Company’s deferred tax assets also include $53 million related to U.S. federal net operating loss (“NOL”) carryforwards which expire in 15 years, $19 million related to state NOL carryforwards which expire generally in 1 to 20 years, and $6 million related to foreign NOL carryforwards which expire in 1 to 5 years, available at December 31, 2017. 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, 2017, the Company had approximately $112 million of undistributed foreign earnings, predominately in Canada and China. As a result of the US Tax Cuts and Jobs Act passed during the year, a significant portion of these earnings were deemed repatriated. The Company has recorded a $7.2 million provisional estimate of the US tax liability on this deemed distribution in the current year (“Transition Tax”). Staff Accounting Bulletin No. 118, “Income Tax Accounting Implications of the Tax Cuts and Jobs Act,” allows for reporting provisional amounts based on reasonable estimates for items for which accounting is incomplete. Of the $7.2 million of estimated tax expense, $0.5 million is reflected in our deferred tax balances and $6.7 million is reflected in income taxes payable. We have chosen to include an estimate of the Transition Tax due to the complex nature of the calculation and the short amount of time between passing of the legislation and the filing of our financial statements. 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, 2015 $ 7.6 Gross increases – tax positions in current periods — Settlements and closing of statute of limitations — Unrecognized tax benefits balance at December 31, 2015 $ 7.6 Gross increases – tax positions in current periods — Settlements and closing of statute of limitations (0.3 ) Unrecognized tax benefits balance at December 31, 2016 $ 7.3 Gross increases – tax positions in current periods — Settlements and closing of statute of limitations (1.0 ) Unrecognized tax benefits balance at December 31, 2017 $ 6.3 The Company 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 all years through 2009. Substantially all state and local income tax matters have been concluded through 2006. 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. We had approximately $1.7 million of accrued interest related to uncertain tax positions at December 31, 2017 and 2016, respectively. The total amount of unrecognized tax benefits that would affect our effective tax rate if recognized was $4.6 and $5.6 million as of December 31, 2017 and 2016, respectively. |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 31, 2017 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Note 18: Earnings Per Share On July 16, 2007, Ryerson Holding was capitalized with 21,250,000 shares of common stock by Platinum Equity, LLC. On August 13, 2014, Ryerson Holding completed an initial public offering of 11 million shares of common stock at a price to the public of $11.00 per share. On July 25, 2016, Ryerson Holding closed an underwritten public offering of 5 million shares of common stock at a price to the public of $15.25 per share. All shares outstanding are common shares and have equal voting, liquidation, and preference rights. Basic earnings (loss) per share attributable to Ryerson Holding’s common stock is determined based on earnings (loss) for the period divided by the weighted average number of common shares outstanding during the period. Diluted earnings (loss) per share attributable to Ryerson Holding’s common stock considers the effect of potential common shares, unless inclusion of the potential common shares would have an antidilutive effect. Stock-based awards with a grant price greater than the average market price of our common stock are excluded from the calculation of diluted earnings per share because the impact would have been antidilutive. The weighted average number of shares excluded were 100,068, zero, and 39,283 for the twelve-month periods ended December 31, 2017, 2016, and 2015, respectively. The following table sets forth the calculation of basic and diluted earnings (loss) per share: Years Ended December 31, Basic and diluted earnings (loss) per share 2017 2016 2015 (In millions, except share and per share data) Numerator: Net income (loss) attributable to Ryerson Holding Corporation $ 17.1 $ 18.7 $ (0.5 ) Denominator: Weighted average shares outstanding 37,176,398 34,295,829 32,057,764 Dilutive effect of stock-based awards 117,804 105,417 — Weighted average shares outstanding adjusted for dilutive securities 37,294,202 34,401,246 32,057,764 Earnings (loss) per share Basic $ 0.46 $ 0.55 $ (0.02 ) Diluted $ 0.46 $ 0.54 $ (0.02 ) |
Supplementary Financial Data (U
Supplementary Financial Data (Unaudited) | 12 Months Ended |
Dec. 31, 2017 | |
Quarterly Financial Information Disclosure [Abstract] | |
Supplementary Financial Data (Unaudited) | RYERSON HOLDING CORPORATION AND SUBSIDIARY COMPANIES SUPPLEMENTARY FINANCIAL DATA (UNAUDITED) SUMMARY BY QUARTER (In millions except per share data) Net Sales Gross Profit Income (Loss) Before Income Taxes Net Income (Loss) Net Income (Loss) Attributable to Ryerson Holding Corporation Basic Earnings (Loss) per Share Diluted Earnings (Loss) per Share 2016 First Quarter (1) $ 702.6 $ 147.6 $ 21.6 $ 13.5 $ 13.5 $ 0.42 $ 0.42 Second Quarter (2) 739.8 163.0 9.7 5.4 5.6 0.17 0.17 Third Quarter 735.1 145.4 10.0 8.4 8.2 0.23 0.23 Fourth Quarter (3) 682.2 114.6 (15.2 ) (8.4 ) (8.6 ) (0.23 ) (0.23 ) Year $ 2,859.7 $ 570.6 $ 26.1 $ 18.9 $ 18.7 $ 0.55 $ 0.54 2017 First Quarter $ 814.5 $ 160.6 $ 21.8 $ 15.0 $ 14.8 $ 0.40 $ 0.40 Second Quarter (4) 875.4 140.4 — 0.8 0.6 0.02 0.02 Third Quarter 864.2 145.0 1.2 1.9 1.7 0.05 0.05 Fourth Quarter 810.6 136.5 (6.3 ) 0.3 — — — Year $ 3,364.7 $ 582.5 $ 16.7 $ 18.0 $ 17.1 $ 0.46 $ 0.46 (1) Included in the first quarter 2016 results is an $8.2 million gain on the repurchase of debt. (2) Included in the second quarter 2016 results is a $15.1 million loss on the repurchase of debt. The second quarter of 2016 also included a $2.8 million charge due to an other-than-temporary-impairment recognized on an available-for-sale investment. (3) Included in the fourth quarter 2016 results is a $1.5 million loss on repurchase of debt. The fourth quarter of 2016 also included a $1.9 million charge due to an other-than-temporary-impairment recognized on an available-for-sale investment. (4) Included in the second quarter 2017 results is a $0.2 million charge due to an other-than-temporary impairment recognized on an available-for-sale investment. |
Schedule I - Condensed Financia
Schedule I - Condensed Financial Information Of Registrant | 12 Months Ended |
Dec. 31, 2017 | |
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, 2017 2016 2015 Administrative and other expenses $ (0.8 ) $ (0.8 ) $ (0.9 ) Interest income on intercompany loans 6.5 — — Equity in income of subsidiaries 23.6 3.4 10.2 Income before income taxes 29.3 2.6 9.3 Provision (benefit) for income taxes 12.2 (16.1 ) 9.8 Net income (loss) $ 17.1 $ 18.7 $ (0.5 ) 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, 2017 2016 2015 Net income (loss) $ 17.1 $ 18.7 $ (0.5 ) Other comprehensive income (loss), before tax: Foreign currency translation adjustments 5.4 1.1 (12.4 ) Gain (loss) on intra-entity foreign currency transactions 3.2 1.3 (8.6 ) Unrealized loss on available-for-sale investment (0.3 ) (1.8 ) (8.9 ) Other-than-temporary impairment on available-for-sale investment 0.2 4.7 12.3 Liquidation of investment in foreign entity — 1.2 — Gain on cash flow hedges 1.0 — — Changes in defined benefit pension and other post-retirement benefit plans 18.0 (10.6 ) 7.8 Other comprehensive income (loss), before tax 27.5 (4.1 ) (9.8 ) Income tax provision (benefit) related to items of other comprehensive income (loss) 6.0 (3.3 ) 5.8 Comprehensive income (loss), after tax $ 38.6 $ 17.9 $ (16.1 ) 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, 2017 2016 2015 Operating Activities: Net income (loss) $ 17.1 $ 18.7 $ (0.5 ) Adjustments to reconcile net income (loss) to net cash provided by operating activities: Equity in earnings of subsidiaries (23.6 ) (3.4 ) (10.2 ) Deferred income taxes 12.2 (16.1 ) 9.3 (Increase) decrease in receivables/payables from subsidiaries (5.6 ) 1.5 11.4 Decrease in other assets — — 0.2 Decrease in accounts payable — — (10.0 ) Increase (decrease) in accrued liabilities — (0.5 ) 0.1 Net adjustments (17.0 ) (18.5 ) 0.8 Net cash provided by operating activities 0.1 0.2 0.3 Investing Activities: Investment in subsidiaries — — (11.4 ) Loan to related company — (71.7 ) — Net cash used in investing activities — (71.7 ) (11.4 ) Financing activities: Net proceeds from issuance of common stock — 71.5 — Net cash provided by financing activities — 71.5 — Net increase (decrease) in cash and cash equivalents 0.1 — (11.1 ) Cash and cash equivalents—beginning of period — — 11.1 Cash and cash equivalents—end of period $ 0.1 $ — $ — 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, 2017 2016 Assets Cash and cash equivalents $ 0.1 $ — Receivable from subsidiaries 4.1 — Total current assets 4.2 — Long-term receivable from subsidiaries 71.7 71.7 Deferred income taxes 33.8 46.0 Total assets $ 109.7 $ 117.7 Liabilities Accrued liabilities $ 0.1 $ 0.1 Payable to subsidiaries — 1.5 Total current liabilities 0.1 1.6 Dividends in excess of investment in subsidiaries 119.6 166.9 Total liabilities 119.7 168.5 Ryerson Holding Corporation Stockholders’ equity (deficit) Preferred stock, $0.01 par value; 7,000,000 shares authorized and no shares issued at 2017 and 2016 — — Common stock, $0.01 par value; 100,000,000 shares authorized and 37,421,081 shares issued at 2017; 100,000,000 shares authorized and 37,345,117 issued at 2016 0.4 0.4 Capital in excess of par value 377.6 375.4 Accumulated deficit (95.1 ) (112.2 ) Treasury stock at cost – Common stock of 212,500 shares in 2017 and 2016 (6.6 ) (6.6 ) Accumulated other comprehensive loss (286.3 ) (307.8 ) Total Ryerson Holding Corporation stockholders’ equity (deficit) (10.0 ) (50.8 ) Total liabilities and stockholders’ equity $ 109.7 $ 117.7 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, Ryerson Holding’s investment in subsidiaries is stated at cost plus equity in undistributed earnings of subsidiaries since the date of acquisition. Ryerson Holding’s share of net income (loss) 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: Guarantees On May 24, 2016, Ryerson Holding provided an unconditional guarantee of the 2022 Notes, jointly and severally with the other guarantors of the 2022 Notes. Ryerson Holding previously guaranteed the 2017 Notes and 2018 Notes until their repayment in 2016. Note 3: Dividends from subsidiaries There were no cash dividends paid to Ryerson Holding from its consolidated subsidiaries for the years ended December 31, 2017, 2016, and 2015. |
Schedule II -Valuation And Qual
Schedule II -Valuation And Qualifying Accounts | 12 Months Ended |
Dec. 31, 2017 | |
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, 2017, 2016, AND 2015 (In millions) Provision for Allowances Balance at Beginning of Period Acquisition of Business Additions Charged (Credited) to Income Additions Charged to Other Comprehensive Income (Loss) Deductions from Reserves Balance at End of Period Year Ended December 31, 2017 Allowance for doubtful accounts $ 4.6 $ — $ 1.5 $ — $ (1.2 ) (A) $ 4.9 Valuation allowance—deferred tax assets 20.0 — 4.4 — — 24.4 Year Ended December 31, 2016 Allowance for doubtful accounts $ 5.2 $ — $ 3.1 $ — $ (3.7 ) (A) $ 4.6 Valuation allowance—deferred tax assets 22.6 — (2.6 ) — — 20.0 Year Ended December 31, 2015 Allowance for doubtful accounts $ 5.3 $ — $ 2.3 $ — $ (2.4 ) (A) $ 5.2 Valuation allowance—deferred tax assets 22.5 — 0.1 — — 22.6 NOTES: (A) Bad debts written off during the year. |
Summary of Accounting and Fin30
Summary of Accounting and Financial Policies (Policies) | 12 Months Ended |
Dec. 31, 2017 | |
Accounting Policies [Abstract] | |
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 Joseph T. Ryerson & Son, Inc. (“JT Ryerson”), a Delaware corporation. Affiliates of Platinum Equity, LLC (“Platinum”) own approximately 21,037,500 shares of our common stock, which is approximately 57% of our issued and outstanding common stock. We are a leading value-added processor and distributor of industrial metals with operations in the United States through JT Ryerson, in Canada through our indirect wholly-owned subsidiary Ryerson Canada, Inc., a Canadian corporation (“Ryerson Canada”), and in Mexico through our indirect wholly-owned subsidiary Ryerson Metals de Mexico, S. de R.L. de C.V., a Mexican corporation (“Ryerson Mexico”). In addition to our North American operations, we conduct materials processing and distribution operations in China through an indirect wholly-owned subsidiary, Ryerson China Limited (“Ryerson China”). Unless the context indicates otherwise, Ryerson Holding, JT Ryerson, Ryerson Canada, Ryerson China, and Ryerson Mexico together with their subsidiaries, are collectively referred to herein as “Ryerson,” “we,” “us,” “our,” or the “Company.” |
Principles of Consolidation | 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. |
Business Segments | Business Segments. Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 280, “ ” (“ASC 280”), establishes standards for reporting information on operating segments in interim and annual financial statements. Our Chief Executive Officer, together with 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. |
Reclassifications | Reclassifications. Certain amounts in the 201 6 and 2015 financial statements, as previously reported, have been revised to conform to the 2017 presentation. These changes did not have a material impact on the presentation of the consolidated financial statements. |
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, 2017, 2016, and 2015 totaled $0.1 million, $0.2 million, and $0.2 million, respectively. |
Revenue Recognition | Revenue Recognition. Revenue is recognized in accordance with FASB ASC 605, “ .” Revenue is recognized upon delivery of product to 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 $84.8 million, $76.4 million, and $77.8 million for the years ended December 31, 2017, 2016, and 2015, 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. Checks issued in excess of funds on deposit at the bank represent “book” overdrafts. We reclassified $ 51.2 million and $69.2 million to accounts payable at December 31, 2017 and 2016, respectively. |
Inventory Valuation | Inventory Valuation . Inventories are stated at the lower of cost or market value. We primarily use the last-in, first-out (“LIFO”) method for valuing our domestic inventories. We use the moving 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 and capital lease assets, 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, “ ” (“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 quantitative goodwill impairment test, in which we compare the fair value of the reporting unit where the goodwill resides to its carrying value. 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 is estimated using a combination 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. Deferred financing costs related to a recognized debt liability are presented in the balance sheet as a direct deduction from the carrying amount of the related debt liability. |
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 shares that were outstanding during the period , unless inclusion of the potential common shares would have an antidilutive effect. 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. |
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 $2.8 |
Recent Accounting Pronouncements | Recent Accounting Pronouncements Impact of Recently Issued Accounting Standards–Adopted In March 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) 2016-07, “Investments – Equity Method and Joint Ventures: Simplifying the Transition to the Equity Method of Accounting.” In January 2017, the FASB issued ASU 2017-01, “ Clarifying the Definition of a Business In January 2017, the FASB issued ASU 2017-04, “ Simplifying the Test for Goodwill Impairment In August 2017, the FASB issued ASU 2017-12, “ Targeted Improvements to Accounting for Hedging Activities Impact of Recently Issued Accounting Standards – In May 2014, the FASB issued ASU 2014-09, “ Revenue from Contracts with Customers, Revenue from Contracts with Customers Revenue Recognition. We have established a project management team to analyze the impact of the new standard. The team has evaluated our different revenue streams and reviewed representative contracts with customers to identify if there are differences that would result from the application of the new standard as compared to our current accounting policies and practices. Under the new standard, the Company will recognize revenue on an over time basis for a subset of revenues associated with custom fabricated products instead of upon delivery of the fabricated product to the customer. The Company is finalizing the quantification of the effects on our consolidated financial statements. We will record the cumulative adjustment to the opening balance of retained earnings as of the date of adoption. We anticipate that the net transition adjustment recorded to retained earnings will be between $1 million and $4 million. The Company has also implemented new business processes and internal controls in order to recognize revenue in accordance with the new standard. In January 2016, the FASB issued ASU 2016-01, " Financial Instruments – Overall: Recognition and Measurement of Financial Assets and Financial Liabilities. he amendments should be applied by means of a cumulative-effect adjustment to the balance sheet as of the beginning of the fiscal year of adoption. The amendments related to equity securities without readily determinable fair values (including disclosure requirements) should be applied prospectively to equity investments that exist as of the date of adoption. Early adoption is permitted. We will adopt this guidance for our fiscal year beginning January 1, 2018. In February 2016, the FASB issued ASU 2016-02, “ Leases ” codified in ASC 842, “ Leases. ” The guidance requires lessees to recognize assets and liabilities on the balance sheet for the rights and obligations created by all leases with terms of more than 12 months. The amendment also will require disclosures designed to give financial statement users information on the amount, timing, and uncertainty of cash flows arising from leases. These disclosures include qualitative and quantitative information. The update is effective for interim and annual reporting periods beginning after December 15, 2018. Early adoption is permitted. In June 2016, the FASB issued ASU 2016-13, “ Financial Instruments – Credit Losses: Measurement of Credit Losses on Financial Instruments. ” The amendment requires financial assets measured at amortized cost basis to be presented at the net amount expected to be collected, thus eliminating the probable initial recognition threshold and instead reflecting the current estimate of all expected credit losses. The amendment also requires that credit losses relating to available-for-sale debt securities be recorded through an allowance for credit losses rather than a write-down, thus enabling the ability to record reversals of credit losses in current period net income. The update is effective for interim and annual reporting periods beginning after December 15, 2019. Early adoption is permitted . In August 2016, the FASB issued ASU 2016-15, “ Statement of Cash Flows – Classification of Certain Cash Receipts and Certain Cash Payments. ” The amendments address the diversity in practice in how certain cash receipts and cash payments are presented and classified in the statement of cash flows. The update is effective for interim and annual reporting periods beginning after December 15, 2017. Early adoption is permitted. The adoption of this guidance is not expected to have a material impact on our consolidated financial statements In October 2016, the FASB issued ASU 2016-16, “Income Taxes – Intra-Entity Transfers of Assets Other Than Inventory . ” The adoption of this guidance is not expected to have a material impact on our consolidated financial statements In November 2016, the FASB issued ASU 2016-18 “Statement of Cash Flows – Restricted Cash.” The amendments should be applied using a retrospective transition method to each period presented. The adoption of this guidance is not expected to have a material impact on our consolidated financial statements . In March 2017, the FASB issued ASU 2017-07, “ Compensation – Retirement Benefits: Improving the Presentation of Net Periodic Pension Cost and Net Periodic Post Retirement Benefit Cost . In May 2017, the FASB issued ASU 2017-09, “ Compensation – Stock Compensation: Scope of Modification Accounting |
Summary of Accounting and Fin31
Summary of Accounting and Financial Policies (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
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 |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventories | Inventories, at stated LIFO value, were classified at December 31, 2017 and 2016 as follows: At December 31, 2017 2016 (In millions) In process and finished products $ 616.5 $ 563.4 |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Property Plant And Equipment [Abstract] | |
Schedule of Property Plant and Equipment | Property, plant, and equipment consisted of the following at December 31, 2017 and 2016: At December 31, 2017 2016 (In millions) Land and land improvements $ 92.6 $ 89.1 Buildings and leasehold improvements 198.8 191.2 Machinery, equipment, and other 377.9 361.2 Capital and financing leases 65.5 23.5 Construction in progress 7.9 3.7 Total 742.7 668.7 Less: Accumulated depreciation (319.8 ) (280.5 ) Net property, plant, and equipment $ 422.9 $ 388.2 |
Definite-Lived Intangible Ass34
Definite-Lived Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Components of Definite-Lived Intangible Assets | The following summarizes the components of definite-lived intangible assets at December 31, 2017 and 2016: At December 31, 2017 At December 31, 2016 Weighted Average Amortizable Life in Years Gross Carrying Amount Accumulated Amortization Net Gross Carrying Amount Accumulated Amortization Net (In millions) Amortizable intangible assets Customer relationships 13.1 $ 56.9 $ (29.7 ) $ 27.2 $ 51.4 $ (25.4 ) $ 26.0 Developed technology / product know-how 7.9 4.6 (2.2 ) 2.4 1.9 (1.9 ) — Non-compete agreements 5.6 0.9 (0.4 ) 0.5 0.5 (0.3 ) 0.2 Trademarks 16.2 25.4 (8.6 ) 16.8 21.8 (7.3 ) 14.5 Licenses 7.0 0.5 (0.5 ) — 0.5 (0.4 ) 0.1 Total definite-lived intangible assets $ 88.3 $ (41.4 ) $ 46.9 $ 76.1 $ (35.3 ) $ 40.8 |
Estimated Amortization Expense Related to Intangible Assets | Estimated amortization expense related to intangible assets at December 31, 2017, for each of the years in the five year period ending December 31, 2022 and thereafter is as follows: Estimated Amortization (In millions) For the year ended December 31, 2018 $ 6.0 For the year ended December 31, 2019 5.8 For the year ended December 31, 2020 5.5 For the year ended December 31, 2021 4.6 For the year ended December 31, 2022 4.5 For the years ended thereafter 20.5 |
Goodwill (Tables)
Goodwill (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
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, 2017 and 2016: Cost Accumulated Impairment Carrying Amount (In millions) Balance at January 1, 2016 $ 111.5 $ (8.3 ) $ 103.2 Acquisitions — — $ — Balance at December 31, 2016 $ 111.5 $ (8.3 ) $ 103.2 Acquisitions 12.1 — 12.1 Balance at December 31, 2017 $ 123.6 $ (8.3 ) $ 115.3 |
Restructuring and Other Charg36
Restructuring and Other Charges (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Restructuring And Related Activities [Abstract] | |
Restructuring Accrual Activity | The following summarizes restructuring accrual activity for the years ended December 31, 2017, 2016, and 2015: Employee Related Costs Tenancy and Other Costs Total Restructuring Costs (In millions) Balance at January 1, 2015 $ — $ 0.7 $ 0.7 Restructuring charges 2.2 0.3 2.5 Cash payments (0.8 ) (0.4 ) (1.2 ) Adjustments for pension and other post-retirement termination non-cash charges (0.2 ) — (0.2 ) Changes due to foreign currency translations — (0.1 ) (0.1 ) Balance at Year Ended December 31, 2015 $ 1.2 $ 0.5 $ 1.7 Restructuring charges — 1.0 1.0 Cash payments (0.7 ) (0.5 ) (1.2 ) Reclassification — 0.2 0.2 (Reduction)/addition to reserve (0.3 ) 0.1 (0.2 ) Balance at December 31, 2016 $ 0.2 $ 1.3 $ 1.5 Restructuring charges — 0.8 0.8 Cash payments — (0.5 ) (0.5 ) Reclassification — 0.1 0.1 Reduction to reserve (0.2 ) — (0.2 ) Balance at December 31, 2017 $ — $ 1.7 $ 1.7 |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | Long-term debt consisted of the following at December 31, 2017 and 2016: At December 31, 2017 2016 (In millions) Ryerson Credit Facility $ 384.2 $ 312.0 11 % Senior Secured Notes due 2022 650.0 650.0 Foreign debt 21.3 19.2 Other debt 3.9 — Unamortized debt issuance costs and discounts (13.7 ) (17.7 ) Total debt 1,045.7 963.5 Less: Short-term foreign debt 21.3 19.2 Total long-term debt $ 1,024.4 $ 944.3 |
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, 2018 $ 21.3 For the year ended December 31, 2019 3.4 For the year ended December 31, 2020 0.1 For the year ended December 31, 2021 384.3 For the year ended December 31, 2022 650.2 For the years ended thereafter 0.1 |
Employee Benefits (Tables)
Employee Benefits (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Components of Benefit Obligation and Net Obligation Recognized in Financial Statements | Year Ended December 31, Pension Benefits Other Benefits 2017 2016 2017 2016 (In millions) Change in Benefit Obligation Benefit obligation at beginning of year $ 803 $ 846 $ 74 $ 82 Service cost 1 1 — — Interest cost 26 29 3 3 Actuarial (gain) loss 41 9 (1 ) (4 ) Effect of changes in exchange rates 3 1 1 1 Lump sums paid (23 ) (28 ) — — Benefits paid (net of participant contributions and Medicare subsidy) (54 ) (55 ) (8 ) (8 ) Benefit obligation at end of year $ 797 $ 803 $ 69 $ 74 Accumulated benefit obligation at end of year $ 795 $ 801 N/A N/A Change in Plan Assets Plan assets at fair value at beginning of year $ 587 $ 608 $ — $ — Actual return on plan assets 97 39 — — Employer contributions 22 22 8 8 Effect of changes in exchange rates 3 1 — — Lump sums paid (23 ) (28 ) — — Benefits paid (net of participant contributions) (54 ) (55 ) (8 ) (8 ) Plan assets at fair value at end of year $ 632 $ 587 $ — $ — Reconciliation of Amount Recognized Funded status $ (165 ) $ (216 ) $ (69 ) $ (74 ) Amounts recognized in balance sheet consist of: Current liabilities $ — $ — $ (7 ) $ (7 ) Non-current liabilities (165 ) (216 ) (62 ) (67 ) Net benefit liability at the end of the year $ (165 ) $ (216 ) $ (69 ) $ (74 ) |
Amounts Recognized in Accumulated Other Comprehensive Income (Loss) | Amounts recognized in accumulated other comprehensive income (loss) at December 31, 2017 and 2016 consist of the following: At December 31, Pension Benefits Other Benefits 2017 2016 2017 2016 (In millions) Amounts recognized in accumulated other comprehensive income (loss), pre–tax, consist of Net actuarial loss (gain) $ 372 $ 400 $ (57 ) $ (64 ) Prior service cost (credit) — 1 (9 ) (12 ) Net loss (gain) $ 372 $ 401 $ (66 ) $ (76 ) |
Amounts Recognized in Other Comprehensive Income (Loss) | Amounts recognized in other comprehensive income (loss) for the years ended December 31, 2017 and 2016 consist of the following: Year Ended December 31, Pension Benefits Other Benefits 2017 2016 2017 2016 (In millions) Amounts recognized in other comprehensive income (loss), pre–tax, consist of Net actuarial loss (gain) $ (15 ) $ 15 $ (1 ) $ (4 ) Amortization of net actuarial loss (gain) (14 ) (13 ) 8 8 Amortization of prior service cost (credit) — — 3 3 Net loss (gain) $ (29 ) $ 2 $ 10 $ 7 |
Components of Net Periodic Benefit Cost | The components of the Company’s net periodic benefit cost for the years ended December 31, 2017, 2016, and 2015 are as follows: Year Ended December 31, Pension Benefits Other Benefits 2017 2016 2015 2017 2016 2015 (In millions) Components of net periodic benefit cost Service cost $ 1 $ 1 $ 2 $ — $ — $ — Interest cost 26 29 37 3 3 4 Expected return on assets (42 ) (45 ) (48 ) — — — Recognized actuarial loss (gain) 15 13 14 (8 ) (8 ) (8 ) Amortization of prior service credit — — — (3 ) (3 ) (2 ) Curtailment loss — — 1 — — — Net periodic benefit cost (credit) $ — $ (2 ) $ 6 $ (8 ) $ (8 ) $ (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 $ 0.1 $ (0.1 ) Effect on postretirement benefit obligation 2.9 (2.8 ) |
Asset Allocations by Asset Category | The Company’s pension trust weighted-average asset allocations at December 31, 2017 and 2016, by asset category are as follows: Trust Assets at December 31, 2017 2016 Equity securities 57 % 62 % Debt securities 26 21 Real Estate 5 4 Other 12 13 Total 100 % 100 % |
Fair Values of Pension Plan Assets | The fair value of our pension plan assets at December 31, 2017 by asset category are as follows. See Note 15 for the definitions of Level 1, 2, and 3 fair value measurements. Fair Value Measurements at December 31, 2017 Asset Category Total Level 1 Level 2 Level 3 (In millions) Cash and cash equivalents $ 15 $ 15 $ — $ — Equity securities: US large cap 89 — 89 — US small/mid cap 28 — 28 — Canadian large cap 5 — 5 — Canadian small cap 1 — 1 — International companies 146 — 146 — Global companies 95 — 95 — Fixed income securities: Investment grade debt 161 — 161 — Other types of investments: Commodity funds 3 — 3 — Multi-strategy funds 2 — 2 — Investments valued at net asset value 53 — — — Real estate 34 — 34 — Total $ 632 $ 15 $ 564 $ — The fair value of our pension plan assets at December 31, 2016 by asset category are as follows: Fair Value Measurements at December 31, 2016 Asset Category Total Level 1 Level 2 Level 3 (In millions) Cash and cash equivalents $ 15 $ 15 $ — $ — Equity securities: US large cap 101 — 101 — US small/mid cap 33 — 33 — Canadian large cap 5 — 5 — Canadian small cap 1 — 1 — International companies 134 — 134 — Global companies 90 — 90 — Fixed income securities: Investment grade debt 122 — 122 — Other types of investments: Commodity funds 3 — 3 — Multi-strategy funds 2 — 2 — Investments valued at net asset value 58 — — — Real estate 23 — 23 — Total $ 587 $ 15 $ 514 $ — |
Estimated Future Benefit Payments | Estimated Future Benefit Payments Pension Benefits Other Benefits (In millions) 2018 $ 53 $ 7 2019 53 6 2020 53 6 2021 53 5 2022 52 5 2023-2027 249 21 |
Target Ranges and Allocations | |
Asset Allocations by Asset Category | The approved target ranges and allocations as of the December 31, 2017 measurement date were as follows: Range Target Equity securities 23-66% 59 % Debt securities 20-64 28 Real estate 1-7 6 Other 6-14 7 Total 100 % |
U.S. Plans [Member] | Pension Benefits [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: June 1 to December 31, 2017 January 1 to May 31, 2017 Year Ended December 31, 2016 Year Ended December 31, 2015 Discount rate for calculating obligations 3.64 % 3.86 % 4.14 % 4.41 % Discount rate for calculating service cost 4.20 4.51 4.80 4.05 Discount rate for calculating interest cost 3.18 3.44 3.55 4.05 Expected rate of return on plan assets 6.95 6.75 7.10 7.40 Rate of compensation increase – benefit obligations 2.90 2.70 2.70 2.80 Rate of compensation increase – net periodic benefit cost 2.70 2.70 2.80 2.80 |
U.S. Plans [Member] | Other Postretirement Benefits [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, 2017 2016 2015 Discount rate for calculating obligations 3.57 % 3.99 % 4.21 % Discount rate for calculating service cost 4.25 4.59 3.80 Discount rate for calculating interest cost 3.19 3.19 3.80 Rate of compensation increase – benefit obligations 3.00 2.50 2.80 Rate of compensation increase – net periodic benefit cost 2.50 2.80 2.80 |
Canadian Plans [Member] | Pension Benefits [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, 2017 2016 2015 Salaried Bargaining Salaried Bargaining Salaried Bargaining Discount rate for calculating obligations 3.31 % 3.32 % 3.64 % 3.71 % 3.70 % 3.87 % Discount rate for calculating net periodic benefit cost 3.64 3.71 3.70 3.87 3.80 3.80 Expected rate of return on plan assets 5.50 5.25 5.75 5.50 6.00 5.75 Rate of compensation increase 3.00 3.00 3.25 3.25 3.25 3.25 |
Canadian Plans [Member] | Other Postretirement Benefits [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, 2017 2016 2015 Discount rate for calculating obligations 3.31 % 3.54 % 3.64 % Discount rate for calculating net periodic benefit cost 3.61 3.64 3.80 Rate of compensation increase 3.00 3.25 3.25 |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Segment Reporting [Abstract] | |
Percentage of Sales by Major Product Lines | 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, 2017 2016 2015 Product Line (Percentage of Sales) Carbon Steel Flat 28 % 28 % 25 % Carbon Steel Plate 10 9 11 Carbon Steel Long 12 13 16 Stainless Steel Flat 18 17 16 Stainless Steel Plate 4 4 4 Stainless Steel Long 4 3 3 Aluminum Flat 15 16 16 Aluminum Plate 3 3 3 Aluminum Long 4 5 4 Other 2 2 2 Total 100 % 100 % 100 % |
Summary of Consolidated Financial Information of our Operations by Geographic Location | The following tables summarize consolidated financial information of our operations by geographic location based on where sales originated from: Year Ended December 31, Net Sales 2017 2016 2015 (In millions) United States $ 2,962.4 $ 2,485.9 $ 2,770.3 Foreign countries 402.3 373.8 396.9 Total $ 3,364.7 $ 2,859.7 $ 3,167.2 At December 31, Long-Lived Assets 2017 2016 2015 (In millions) United States $ 395.3 $ 362.5 $ 373.9 Foreign countries 27.6 25.7 26.4 Total $ 422.9 $ 388.2 $ 400.3 |
Derivatives and Fair Value Me40
Derivatives and Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
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 Sheet as of December 31, 2017 and 2016: Asset Derivatives Liability Derivatives Fair Value Fair Value Balance Sheet Location December 31, 2017 December 31, 2016 Balance Sheet Location December 31, 2017 December 31, 2016 (In millions) Derivatives not designated as hedging instruments under ASC 815 Metal commodity contracts Prepaid expenses and other current assets $ 2.8 $ 2.0 Other accrued liabilities $ 3.9 $ 0.2 Foreign exchange contracts Prepaid expenses and other current assets 0.1 — Other accrued liabilities — — Derivatives designated as hedging instruments under ASC 815 Interest rate swaps Deferred charges and other assets 1.0 — Taxes and other credits — — Total derivatives $ 3.9 $ 2.0 $ 3.9 $ 0.2 |
Location and Amount of Gains and Losses on Derivatives Not Designated as Hedging Instruments Reported in Consolidated Statements of Operations | The following table summarizes the location and amount of gains and losses on derivatives not designated as hedging instruments reported in our Consolidated Statements of Operations for the years ended December 31, 2017, 2016, and 2015: Amount of Gain/ (Loss) Recognized in Income on Derivatives Year Ended December 31, Derivatives not designated as hedging instruments under ASC 815 Location of Gain/(Loss) Recognized in Income on Derivatives 2017 2016 2015 (In millions) Metal commodity contracts Cost of materials sold $ 3.1 $ 10.0 $ (11.8 ) Diesel fuel commodity contracts Warehousing, general, and administrative — 0.1 (0.4 ) Foreign exchange contracts Other income and (expense), net — (0.1 ) 0.1 Total $ 3.1 $ 10.0 $ (12.1 ) |
Location and Amount of Gains and Losses on Derivatives Designated as Hedging Instruments Reported in Condensed Consolidated Statements of Operations | The following table summarizes the location and amount of gains and losses on derivatives designated as hedging instruments reported in our Consolidated Statements of Operations for the years ended December 31, 2017, 2016, and 2015: Amount of Gain/(Loss) Reclassified from Other Comprehensive Income into Income Year Ended December 31, Derivatives designated as hedging instruments under ASC 815 Location of Gain/(Loss) Recognized in Income on Derivatives 2017 2016 2015 (In millions) Interest rate swaps Interest and other expense on debt $ (0.7 ) $ — $ — |
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 December 31, 2017: At December 31, 2017 Level 1 Level 2 Level 3 (In millions) Assets Prepaid and other current assets: Common stock – available-for-sale investment $ 0.1 $ — $ — Derivatives: Derivatives not designated as hedging instruments under ASC 815: Metal commodity contracts $ — $ 2.8 $ — Foreign exchange contracts — 0.1 — Derivatives designated as hedging instruments under ASC 815: Interest rate swaps — 1.0 — Total derivatives $ — $ 3.9 $ — Liabilities Derivatives: Derivatives not designated as hedging instruments under ASC 815: Metal commodity contracts $ — $ 3.9 $ — 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, 2016: At December 31, 2016 Level 1 Level 2 Level 3 (In millions) Assets Prepaid and other current assets: Common stock – available-for-sale investment $ 0.4 $ — $ — Derivatives not designated as hedging instruments under ASC 815: Metal commodity contracts $ — $ 2.0 $ — Liabilities Derivatives not designated as hedging instruments under ASC 815: Metal commodity contracts $ — $ 0.2 $ — |
Carrying and Estimated Fair Values of Financial Instruments | The carrying and estimated fair values of the Company’s financial instruments at December 31, 2017 and 2016 were as follows: At December 31, 2017 At December 31, 2016 Carrying Amount Fair Value Carrying Amount Fair Value (In millions) Cash and cash equivalents $ 77.4 $ 77.4 $ 80.7 $ 80.7 Restricted cash 1.1 1.1 1.0 1.0 Receivables less provision for allowances, claims, and doubtful accounts 376.3 376.3 326.0 326.0 Accounts payable 275.0 275.0 230.4 230.4 Long-term debt, including current portion 1,045.7 1,125.9 963.5 1,034.2 |
Assets and Liabilities Measured and Recorded at Fair Value on Non-Recurring Basis | There were no assets or liabilities classified as held for sale as of December 31, 2017. The following table presents assets and liabilities measured and recorded at fair value on the Consolidated Balance Sheets on a non-recurring basis and their level within the fair value hierarchy as of December 31, 2016: At December 31, 2016 Level 1 Level 2 Level 3 (In millions) Assets Prepaid expenses and other current assets - assets held for sale (Note 5) $ — $ 3.6 $ — |
Available-for-sale Securities | The Company’s available-for-sale securities as of December 31, 2017 can be summarized as follows: At December 31, 2017 Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value (In millions) Common stock $ 0.2 $ — $ (0.1 ) $ 0.1 The Company’s available-for-sale securities as of December 31, 2016 can be summarized as follows: At December 31, 2016 Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value (In millions) Common stock $ 0.4 $ — $ — $ 0.4 |
Accumulated Other Comprehensi41
Accumulated Other Comprehensive Income (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Equity [Abstract] | |
Changes in Accumulated Other Comprehensive Income/(Loss) by Component, Net of Tax | The following table details the changes in accumulated other comprehensive income (loss) for the years ended December 31, 2017 and December 31, 2016: Changes in Accumulated Other Comprehensive Income (Loss) by Component, net of tax Foreign Currency Translation Benefit Plan Liabilities Available- For-Sale Investments Cash Flow Hedge - Interest Rate Swap (In millions) Balance at January 1, 2016 $ (53.8 ) $ (252.5 ) $ (0.7 ) $ — Other comprehensive income (loss) before reclassifications 2.4 (5.0 ) (1.1 ) — Amounts reclassified from accumulated other comprehensive income (loss) 1.2 (1.2 ) 2.9 — Net current-period other comprehensive income (loss) 3.6 (6.2 ) 1.8 — Balance at December 31, 2016 $ (50.2 ) $ (258.7 ) $ 1.1 $ — Other comprehensive income (loss) before reclassifications 8.6 15.4 (0.2 ) 0.2 Amounts reclassified from accumulated other comprehensive income (loss) — (3.0 ) 0.1 0.4 Net current-period other comprehensive income (loss) 8.6 12.4 (0.1 ) 0.6 Balance at December 31, 2017 $ (41.6 ) $ (246.3 ) $ 1.0 $ 0.6 |
Reclassifications Out of Accumulated Other Comprehensive Income (Loss) | The following tables detail the reclassifications out of accumulated other comprehensive income (loss) for the years ended December 31, 2017 and December 31, 2016: Reclassifications Details about Accumulated Other Comprehensive Income (Loss) Components Amount reclassified from Accumulated Other Comprehensive Income (Loss) Affected line item in the Consolidated Statements of Comprehensive Income For the Year Ended December 31, 2017 (In millions) Amortization of defined benefit pension and other post-retirement benefit plan items Actuarial gain $ (6.9 ) Warehousing, general, and administrative Prior service cost 2.9 Warehousing, delivery, selling, general, and administrative Total before tax (4.0 ) Tax provision 1.0 Net of tax $ (3.0 ) Other-than-temporary impairment Other-than-temporary impairment charge $ 0.2 Other income and (expense), net Tax benefit (0.1 ) Net of tax $ 0.1 Cash flow hedge - interest rate swap Realized swap interest loss $ 0.7 Interest and other expense on debt Tax benefit (0.3 ) Net of tax $ 0.4 Reclassifications Out of Accumulated Other Comprehensive Income Details about Accumulated Other Comprehensive Income (Loss) Components Amount reclassified from Accumulated Other Comprehensive Income (Loss) Affected line item in the Consolidated Statements of Comprehensive Income For the Year Ended December 31, 2016 (In millions) Liquidation of investment in foreign entity Foreign currency translation $ 1.2 Other income and (expense), net Tax provision (benefit) — Net of tax $ 1.2 Amortization of defined benefit pension and other post-retirement benefit plan items Actuarial gain $ (4.7 ) Warehousing, general, and administrative Prior service cost 2.9 Warehousing, delivery, selling, general, and administrative Total before tax (1.8 ) Tax provision 0.6 Net of tax $ (1.2 ) Other-than-temporary impairment Other-than-temporary impairment charge $ 4.7 Other income and (expense), net Tax benefit (1.8 ) Net of tax $ 2.9 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
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, 2017 2016 2015 (In millions) Income (loss) before income tax: U.S. $ 11.3 $ 20.1 $ 13.2 Foreign 5.4 6.0 (11.3 ) $ 16.7 $ 26.1 $ 1.9 Current income taxes: Federal $ 5.6 $ (0.3 ) $ (0.3 ) Foreign 1.8 2.8 1.2 State 0.5 — (0.4 ) 7.9 2.5 0.5 Deferred income taxes (9.2 ) 4.7 3.2 Total income tax provision (benefit) $ (1.3 ) $ 7.2 $ 3.7 |
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, 2017 2016 2015 (In millions) Federal income tax expense computed at statutory tax rate of 35% $ 5.8 $ 9.1 $ 0.7 Additional taxes or credits from: State and local income taxes, net of federal income tax effect (0.8 ) (0.7 ) (0.5 ) Non-deductible expenses and non-taxable income 0.2 (1.2 ) 1.8 Foreign income (expense) not includable in federal taxable income (0.2 ) 2.8 0.8 Valuation allowance changes (net) (2.9 ) (2.6 ) 0.1 Changes in uncertain tax positions (1.0 ) (0.3 ) — Effect of U.S. Tax Cuts and Jobs Act - deemed repatriation transaction tax 7.2 — — Effect of U.S. Tax Cuts and Jobs Act - revaluation of deferred taxes (10.6 ) — — All other, net 1.0 0.1 0.8 Total income tax provision (benefit) $ (1.3 ) $ 7.2 $ 3.7 |
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 At December 31, 2017 2016 (In millions) Deferred tax assets: AMT tax credit carryforwards $ 30 $ 30 Post-retirement benefits other than pensions 15 28 Federal and foreign net operating loss carryforwards 59 84 State net operating loss carryforwards 19 12 Pension liability 46 85 Other deductible temporary differences 27 25 Less: valuation allowances (24 ) (20 ) $ 172 $ 244 Deferred tax liabilities: Fixed asset basis difference $ 53 $ 81 Inventory basis difference 92 129 Other intangibles 9 13 154 223 Net deferred tax asset $ 18 $ 21 |
Reconciliation of Unrecognized Tax Benefits | 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, 2015 $ 7.6 Gross increases – tax positions in current periods — Settlements and closing of statute of limitations — Unrecognized tax benefits balance at December 31, 2015 $ 7.6 Gross increases – tax positions in current periods — Settlements and closing of statute of limitations (0.3 ) Unrecognized tax benefits balance at December 31, 2016 $ 7.3 Gross increases – tax positions in current periods — Settlements and closing of statute of limitations (1.0 ) Unrecognized tax benefits balance at December 31, 2017 $ 6.3 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
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 (loss) per share: Years Ended December 31, Basic and diluted earnings (loss) per share 2017 2016 2015 (In millions, except share and per share data) Numerator: Net income (loss) attributable to Ryerson Holding Corporation $ 17.1 $ 18.7 $ (0.5 ) Denominator: Weighted average shares outstanding 37,176,398 34,295,829 32,057,764 Dilutive effect of stock-based awards 117,804 105,417 — Weighted average shares outstanding adjusted for dilutive securities 37,294,202 34,401,246 32,057,764 Earnings (loss) per share Basic $ 0.46 $ 0.55 $ (0.02 ) Diluted $ 0.46 $ 0.54 $ (0.02 ) |
Supplementary Financial Data 44
Supplementary Financial Data (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Summary by Quarter | Net Sales Gross Profit Income (Loss) Before Income Taxes Net Income (Loss) Net Income (Loss) Attributable to Ryerson Holding Corporation Basic Earnings (Loss) per Share Diluted Earnings (Loss) per Share 2016 First Quarter (1) $ 702.6 $ 147.6 $ 21.6 $ 13.5 $ 13.5 $ 0.42 $ 0.42 Second Quarter (2) 739.8 163.0 9.7 5.4 5.6 0.17 0.17 Third Quarter 735.1 145.4 10.0 8.4 8.2 0.23 0.23 Fourth Quarter (3) 682.2 114.6 (15.2 ) (8.4 ) (8.6 ) (0.23 ) (0.23 ) Year $ 2,859.7 $ 570.6 $ 26.1 $ 18.9 $ 18.7 $ 0.55 $ 0.54 2017 First Quarter $ 814.5 $ 160.6 $ 21.8 $ 15.0 $ 14.8 $ 0.40 $ 0.40 Second Quarter (4) 875.4 140.4 — 0.8 0.6 0.02 0.02 Third Quarter 864.2 145.0 1.2 1.9 1.7 0.05 0.05 Fourth Quarter 810.6 136.5 (6.3 ) 0.3 — — — Year $ 3,364.7 $ 582.5 $ 16.7 $ 18.0 $ 17.1 $ 0.46 $ 0.46 (1) Included in the first quarter 2016 results is an $8.2 million gain on the repurchase of debt. (2) Included in the second quarter 2016 results is a $15.1 million loss on the repurchase of debt. The second quarter of 2016 also included a $2.8 million charge due to an other-than-temporary-impairment recognized on an available-for-sale investment. (3) Included in the fourth quarter 2016 results is a $1.5 million loss on repurchase of debt. The fourth quarter of 2016 also included a $1.9 million charge due to an other-than-temporary-impairment recognized on an available-for-sale investment. (4) Included in the second quarter 2017 results is a $0.2 million charge due to an other-than-temporary impairment recognized on an available-for-sale investment. |
Summary of Accounting and Fin45
Summary of Accounting and Financial Policies - Additional Information (Detail) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017USD ($)Segmentshares | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | |
Summary Of Accounting And Financial Policies [Line Items] | |||
Parent company percentage owned by affiliates | 57.00% | ||
Parent company shares owned by affiliates | shares | 21,037,500 | ||
Number of operating segment | Segment | 1 | ||
Number of reportable segment | Segment | 1 | ||
Shipping and handling costs | $ 84.8 | $ 76.4 | $ 77.8 |
Book overdrafts | 51.2 | 69.2 | |
Foreign currency transaction (loss) gain | (2.8) | (4) | 3.3 |
Common Stock [Member] | |||
Summary Of Accounting And Financial Policies [Line Items] | |||
Available for sale investment | 0.1 | 0.4 | |
Other Income and (Expense), Net [Member] | |||
Summary Of Accounting And Financial Policies [Line Items] | |||
Equity income | $ 0.1 | $ 0.2 | $ 0.2 |
Minimum [Member] | |||
Summary Of Accounting And Financial Policies [Line Items] | |||
Equity method investment, ownership percentage | 20.00% | ||
Net transition adjustment recorded to retained earnings | $ 1 | ||
Maximum [Member] | |||
Summary Of Accounting And Financial Policies [Line Items] | |||
Equity method investment, ownership percentage | 50.00% | ||
Net transition adjustment recorded to retained earnings | $ 4 | ||
Consolidated Entity [Member] | Minimum [Member] | |||
Summary Of Accounting And Financial Policies [Line Items] | |||
Consolidates entities voting shares percentage | 50.00% |
Summary of Accounting and Fin46
Summary of Accounting and Financial Policies - Estimated Useful Lives of Assets (Detail) | 12 Months Ended |
Dec. 31, 2017 | |
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 |
Furniture and Fixtures [Member] | |
Property Plant And Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 10 years |
Land Use Rights [Member] | |
Property Plant And Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 50 years |
Minimum [Member] | Machinery and Equipment [Member] | |
Property Plant And Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 10 years |
Minimum [Member] | Transportation Equipment [Member] | |
Property Plant And Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 3 years |
Maximum [Member] | Machinery and Equipment [Member] | |
Property Plant And Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 15 years |
Maximum [Member] | Transportation Equipment [Member] | |
Property Plant And Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 6 years |
Acquisitions - Additional Infor
Acquisitions - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2017 | |
The Laserflex Corporation [Member] | |
Business Acquisition [Line Items] | |
Effective date of acquisition | Jan. 19, 2017 |
Description of business acquisition | On January 19, 2017, Ryerson Holding acquired The Laserflex Corporation (“Laserflex”), a privately-owned metal fabricator specializing in laser fabrication metal processing and welding with locations in Columbus, Ohio and Wellford, South Carolina. |
Guy Metals, Inc [Member] | |
Business Acquisition [Line Items] | |
Effective date of acquisition | Feb. 15, 2017 |
Description of business acquisition | On February 15, 2017, Ryerson Holding acquired Guy Metals, Inc. (“Guy Metals”), a privately-owned metal service center company located in Hammond, Wisconsin. |
Southern Tool [Member] | |
Business Acquisition [Line Items] | |
Effective date of acquisition | Aug. 3, 2015 |
Description of business acquisition | On August 3, 2015, the Company acquired all of the issued and outstanding capital stock of Southern Tool Steel, Inc. (“Southern Tool”). Southern Tool is a distributor of long products, predominantly processed bars and tool steel, and is based in Chattanooga, TN. |
Restricted Cash - Additional In
Restricted Cash - Additional Information (Detail) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Restricted Cash And Cash Equivalents Items [Line Items] | ||
Restricted cash | $ 1.1 | $ 1 |
Letter of Credit [Member] | ||
Restricted Cash And Cash Equivalents Items [Line Items] | ||
Restricted cash | $ 1.1 | $ 1 |
Inventories - Schedule of Inven
Inventories - Schedule of Inventories (Detail) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Inventory Disclosure [Abstract] | ||
In process and finished products | $ 616.5 | $ 563.4 |
Inventories - Additional Inform
Inventories - Additional Information (Detail) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Inventory Disclosure [Abstract] | ||
Amount by which current cost used to value inventories is lower than LIFO valued inventories | $ 71 | $ 115 |
Inventories accounted under the LIFO method | 89.00% | 90.00% |
Lower of cost or market reserve | $ 0 | $ 23.9 |
Consignment inventory | $ 8.9 | $ 11.1 |
Property, Plant and Equipment -
Property, Plant and Equipment - Schedule of Property Plant and Equipment (Detail) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Property Plant And Equipment [Abstract] | ||
Land and land improvements | $ 92.6 | $ 89.1 |
Buildings and leasehold improvements | 198.8 | 191.2 |
Machinery, equipment, and other | 377.9 | 361.2 |
Capital and financing leases | 65.5 | 23.5 |
Construction in progress | 7.9 | 3.7 |
Total | 742.7 | 668.7 |
Less: Accumulated depreciation | (319.8) | (280.5) |
Net property, plant, and equipment | $ 422.9 | $ 388.2 |
Property, Plant and Equipment52
Property, Plant and Equipment - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Property Plant And Equipment [Line Items] | |||
Impairment charges related to fixed assets | $ 0.1 | $ 0.4 | $ 7.5 |
Assets held for sale | 0 | 3.6 | |
Assets At Their Fair Value Less Cost [Member] | |||
Property Plant And Equipment [Line Items] | |||
Impairment charges related to fixed assets | 2.9 | ||
Do Not Have Recoverable Carrying Value [Member] | |||
Property Plant And Equipment [Line Items] | |||
Impairment charges related to fixed assets | 4.6 | ||
Assets Held for Sale [Member] | |||
Property Plant And Equipment [Line Items] | |||
Gain on sale of assets held for sale | $ 0.5 | $ 0 | $ 1.9 |
Definite-Lived Intangible Ass53
Definite-Lived Intangible Assets - Components of Definite-Lived Intangible Assets (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Finite Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 88.3 | $ 76.1 |
Accumulated Amortization | (41.4) | (35.3) |
Net | $ 46.9 | 40.8 |
Customer Relationships [Member] | ||
Finite Lived Intangible Assets [Line Items] | ||
Weighted Average Amortizable Life in Years | 13 years 1 month 6 days | |
Gross Carrying Amount | $ 56.9 | 51.4 |
Accumulated Amortization | (29.7) | (25.4) |
Net | $ 27.2 | 26 |
Developed Technology / Product Know-How [Member] | ||
Finite Lived Intangible Assets [Line Items] | ||
Weighted Average Amortizable Life in Years | 7 years 10 months 24 days | |
Gross Carrying Amount | $ 4.6 | 1.9 |
Accumulated Amortization | (2.2) | (1.9) |
Net | $ 2.4 | |
Non-compete Agreements [Member] | ||
Finite Lived Intangible Assets [Line Items] | ||
Weighted Average Amortizable Life in Years | 5 years 7 months 6 days | |
Gross Carrying Amount | $ 0.9 | 0.5 |
Accumulated Amortization | (0.4) | (0.3) |
Net | $ 0.5 | 0.2 |
Trademarks [Member] | ||
Finite Lived Intangible Assets [Line Items] | ||
Weighted Average Amortizable Life in Years | 16 years 2 months 12 days | |
Gross Carrying Amount | $ 25.4 | 21.8 |
Accumulated Amortization | (8.6) | (7.3) |
Net | $ 16.8 | 14.5 |
Licenses [Member] | ||
Finite Lived Intangible Assets [Line Items] | ||
Weighted Average Amortizable Life in Years | 7 years | |
Gross Carrying Amount | $ 0.5 | 0.5 |
Accumulated Amortization | $ (0.5) | (0.4) |
Net | $ 0.1 |
Definite-Lived Intangible Ass54
Definite-Lived Intangible Assets - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |||
Amortization expense | $ 6.1 | $ 5.4 | $ 6.3 |
Impairment charges | $ 0.2 |
Definite-Lived Intangible Ass55
Definite-Lived Intangible Assets - Estimated Amortization Expenses Related to Intangible Assets (Detail) $ in Millions | Dec. 31, 2017USD ($) |
Finite Lived Intangible Assets Future Amortization Expense [Abstract] | |
For the year ended December 31, 2018 | $ 6 |
For the year ended December 31, 2019 | 5.8 |
For the year ended December 31, 2020 | 5.5 |
For the year ended December 31, 2021 | 4.6 |
For the year ended December 31, 2022 | 4.5 |
For the years ended thereafter | $ 20.5 |
Goodwill - Changes in Carrying
Goodwill - Changes in Carrying Amount of Goodwill (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Goodwill [Line Items] | |||
Goodwill, carrying amount, beginning balance | $ 103.2 | ||
Goodwill, carrying amount, ending balance | 115.3 | $ 103.2 | |
Carrying Amount [Member] | |||
Goodwill [Line Items] | |||
Goodwill, carrying amount, beginning balance | 103.2 | 103.2 | |
Acquisitions | 12.1 | 0 | |
Goodwill, carrying amount, ending balance | 115.3 | 103.2 | |
Accumulated Goodwill Impairment [Member] | |||
Goodwill [Line Items] | |||
Goodwill, Accumulated Impairment | (8.3) | (8.3) | $ (8.3) |
Cost [Member] | |||
Goodwill [Line Items] | |||
Goodwill cost, beginning balance | 111.5 | 111.5 | |
Acquisitions | 12.1 | 0 | |
Goodwill cost, ending balance | $ 123.6 | $ 111.5 |
Goodwill - Additional Informati
Goodwill - Additional Information (Detail) $ in Millions | 12 Months Ended |
Dec. 31, 2017USD ($) | |
Goodwill [Line Items] | |
Impairment charge | $ 0 |
The Laserflex Corporation and Guy Metals, Inc [Member] | |
Goodwill [Line Items] | |
Goodwill recognized from business acquisitions | $ 12.1 |
Restructuring and Other Charg58
Restructuring and Other Charges - Restructuring Accrual Activity (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Restructuring Cost and Reserve [Line Items] | |||
Beginning balance | $ 1.5 | $ 1.7 | $ 0.7 |
Restructuring charges | 0.8 | 1 | 2.5 |
Cash payments | (0.5) | (1.2) | (1.2) |
Reclassification | 0.1 | 0.2 | |
(Reduction)/addition to reserve | (0.2) | (0.2) | |
Adjustments for pension and other post-retirement termination non-cash charges | (0.2) | ||
Changes due to foreign currency translations | (0.1) | ||
Ending balance | 1.7 | 1.5 | 1.7 |
Employee Related Costs [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Beginning balance | 0.2 | 1.2 | |
Restructuring charges | 2.2 | ||
Cash payments | (0.7) | (0.8) | |
(Reduction)/addition to reserve | (0.2) | (0.3) | |
Adjustments for pension and other post-retirement termination non-cash charges | (0.2) | ||
Ending balance | 0.2 | 1.2 | |
Tenancy and Other Costs [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Beginning balance | 1.3 | 0.5 | 0.7 |
Restructuring charges | 0.8 | 1 | 0.3 |
Cash payments | (0.5) | (0.5) | (0.4) |
Reclassification | 0.1 | 0.2 | |
(Reduction)/addition to reserve | 0.1 | ||
Changes due to foreign currency translations | (0.1) | ||
Ending balance | $ 1.7 | $ 1.3 | $ 0.5 |
Restructuring and Other Charg59
Restructuring and Other Charges - Additional Information (Detail) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($)Employee | |
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges | $ 0.8 | $ 1 | $ 2.5 |
Restructuring payments | 0.5 | 1.2 | 1.2 |
Reclassification liability for future lease payments to reserve | 0.1 | 0.2 | |
(Reduction)/addition to reserve | (0.2) | (0.2) | |
Non-cash pensions and other post-retirement benefit costs | 0.2 | ||
Employee Costs [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges | 2.2 | ||
Restructuring payments | 0.7 | $ 0.8 | |
(Reduction)/addition to reserve | (0.2) | (0.3) | |
Number of employees impacted | Employee | 140 | ||
Non-cash pensions and other post-retirement benefit costs | $ 0.2 | ||
Tenancy-related Costs [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges | 0.3 | ||
Restructuring payments | 0.4 | 0.2 | $ 0.4 |
Reclassification liability for future lease payments to reserve | 0.1 | 0.2 | |
Restructuring cost expected to be paid | 1.7 | ||
(Reduction)/addition to reserve | 0.1 | ||
Tenancy-related Costs [Member] | Facility Closing [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges | 0.8 | 1 | |
Restructuring payments | $ 0.1 | $ 0.3 |
Debt - Long-Term Debt (Detail)
Debt - Long-Term Debt (Detail) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Debt Instrument [Line Items] | ||
Foreign debt | $ 21.3 | $ 19.2 |
Other debt | 3.9 | |
Unamortized debt issuance costs and discounts | (13.7) | (17.7) |
Total debt | 1,045.7 | 963.5 |
Total long-term debt | 1,024.4 | 944.3 |
2022 Notes [Member] | ||
Debt Instrument [Line Items] | ||
11 % Senior Secured Notes due 2022 | 650 | 650 |
Ryerson Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Ryerson Credit Facility | $ 384.2 | $ 312 |
Debt - Principal Payments on De
Debt - Principal Payments on Debt (Detail) $ in Millions | Dec. 31, 2017USD ($) |
Debt Disclosure [Abstract] | |
For the year ended December 31, 2018 | $ 21.3 |
For the year ended December 31, 2019 | 3.4 |
For the year ended December 31, 2020 | 0.1 |
For the year ended December 31, 2021 | 384.3 |
For the year ended December 31, 2022 | 650.2 |
For the years ended thereafter | $ 0.1 |
Debt - Ryerson Credit Facility
Debt - Ryerson Credit Facility - Additional Information (Detail) - USD ($) | Nov. 16, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Mar. 31, 2017 |
Ryerson Credit Facility [Member] | ||||
Debt Instrument [Line Items] | ||||
Revolving credit facility maximum borrowing capacity | $ 750,000,000 | |||
Credit facility maturity date | Nov. 16, 2021 | |||
Reduction in interest rate on outstanding borrowing | 0.25% | |||
Reduction in commitment fees on amounts not borrowed | 0.025% | |||
Outstanding borrowings | $ 384,200,000 | $ 312,000,000 | ||
Letters of credit | 12,000,000 | 16,000,000 | ||
Available credit facility | $ 264,000,000 | $ 225,000,000 | ||
Line of credit facility, description of collateral | Total credit availability is limited by the amount of eligible accounts receivable, inventory, and qualified cash pledged as collateral under the agreement insofar as Ryerson is subject to a borrowing base comprised of the aggregate of these three amounts, less applicable reserves. Eligible accounts receivable, at any date of determination, is comprised of the aggregate value of all accounts directly created by a borrower (and in the case of Canadian accounts, a Canadian guarantor) in the ordinary course of business arising out of the sale of goods or the rendering of services, each of which has been invoiced, with such receivables adjusted to exclude various ineligible accounts, including, among other things, those to which a borrower (or guarantor, as applicable) does not have sole and absolute title and accounts arising out of a sale to an employee, officer, director, or affiliate of a borrower (or guarantor, as applicable). Eligible inventory, at any date of determination, is comprised of the net orderly liquidation value of all inventory owned by a borrower (and in the case of Canadian accounts, a Canadian guarantor). Qualified cash consists of cash in an eligible deposit account that is subject to customary restrictions and liens in favor of the lenders. | |||
Default bear interest rate | 2.00% | |||
Commitment fees on amounts not borrowed | 0.23% | |||
Ryerson Credit Facility [Member] | Interest Rate Swap [Member] | ||||
Debt Instrument [Line Items] | ||||
Interest rate swap agreement date | Mar. 31, 2017 | |||
Hedged debt amount | $ 150,000,000 | |||
Derivative fixed interest rate | 1.658% | |||
Derivative maturity period | 2020-03 | |||
Weighted average interest rate | 2.80% | 2.20% | ||
Ryerson Credit Facility [Member] | Federal Funds Rate [Member] | ||||
Debt Instrument [Line Items] | ||||
Percentage of spread over amount available to be borrowed | 0.50% | |||
Ryerson Credit Facility [Member] | Prime Rate and One Month LIBOR Rate [Member] | ||||
Debt Instrument [Line Items] | ||||
Percentage of spread over amount available to be borrowed | 1.00% | |||
Ryerson Credit Facility [Member] | 30 Day LIBOR Rate [Member] | ||||
Debt Instrument [Line Items] | ||||
Percentage of spread over amount available to be borrowed | 1.00% | |||
Ryerson Credit Facility [Member] | One Month Canadian Bankers Acceptance Rate [Member] | ||||
Debt Instrument [Line Items] | ||||
Percentage of spread over amount available to be borrowed | 1.00% | |||
Ryerson Credit Facility [Member] | US Subsidiaries [Member] | ||||
Debt Instrument [Line Items] | ||||
Revolving credit facility maximum borrowing capacity | $ 660,000,000 | |||
Ryerson Credit Facility [Member] | Canadian Subsidiaries [Member] | ||||
Debt Instrument [Line Items] | ||||
Revolving credit facility maximum borrowing capacity | $ 90,000,000 | |||
Ryerson Credit Facility [Member] | Canadian Subsidiaries [Member] | Federal Funds Rate [Member] | ||||
Debt Instrument [Line Items] | ||||
Percentage of spread over amount available to be borrowed | 0.50% | |||
Ryerson Credit Facility [Member] | Minimum [Member] | Base Rate and Canadian Prime Rate [Member] | ||||
Debt Instrument [Line Items] | ||||
Percentage of spread over amount available to be borrowed | 0.25% | |||
Ryerson Credit Facility [Member] | Minimum [Member] | LIBOR and Banker's Acceptance Rate [Member] | ||||
Debt Instrument [Line Items] | ||||
Percentage of spread over amount available to be borrowed | 1.25% | |||
Ryerson Credit Facility [Member] | Maximum [Member] | Base Rate and Canadian Prime Rate [Member] | ||||
Debt Instrument [Line Items] | ||||
Percentage of spread over amount available to be borrowed | 0.50% | |||
Ryerson Credit Facility [Member] | Maximum [Member] | LIBOR and Banker's Acceptance Rate [Member] | ||||
Debt Instrument [Line Items] | ||||
Percentage of spread over amount available to be borrowed | 1.50% | |||
Old Revolving Credit Facility [Member] | ||||
Debt Instrument [Line Items] | ||||
Revolving credit facility maximum borrowing capacity | $ 1,000,000,000 |
Debt - 2022 Notes - Additional
Debt - 2022 Notes - Additional Information (Detail) - USD ($) | May 24, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Debt Instrument [Line Items] | ||||
Gain (loss) on retirement of debt | $ (8,700,000) | $ 300,000 | ||
2022 Notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Aggregate amount of senior notes issued | $ 650,000,000 | |||
Debt Instrument Percentage | 11.00% | |||
2022 Notes [Member] | Joseph T. Ryerson [Member] | ||||
Debt Instrument [Line Items] | ||||
Maximum percentage of dividend of future net income | 50.00% | |||
Restricted net assets percentage | 25.00% | |||
Restricted net assets | $ 247,200,000 | |||
2022 Notes [Member] | Redeemable in twelve months beginning May 15, 2019 [Member] | ||||
Debt Instrument [Line Items] | ||||
Redemption price as a percentage of principal amount | 105.50% | |||
2022 Notes [Member] | Redeemable in twelve months beginning May 15, 2020 [Member] | ||||
Debt Instrument [Line Items] | ||||
Redemption price as a percentage of principal amount | 102.75% | |||
2022 Notes [Member] | Redeemable in twelve months beginning May 15, 2021 and thereafter [Member] | ||||
Debt Instrument [Line Items] | ||||
Redemption price as a percentage of principal amount | 100.00% | |||
2022 Notes [Member] | Redeemable before May 15, 2019 [Member] | ||||
Debt Instrument [Line Items] | ||||
Redemption price as a percentage of principal amount | 100.00% | |||
Optional redemption price as a percentage of principal amount | 111.00% | |||
2022 Notes [Member] | Redeemable before May 15, 2019 [Member] | Maximum [Member] | ||||
Debt Instrument [Line Items] | ||||
Optional redemption amount prior to redemption date | 35.00% | |||
2017 Notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument Percentage | 9.00% | |||
Principal amount of debt instrument repurchased | $ 569,900,000 | 30,100,000 | ||
Debt instruments senior notes retired | 29,400,000 | |||
2017 Notes [Member] | Other Income and (Expense), Net [Member] | ||||
Debt Instrument [Line Items] | ||||
Gain (loss) on retirement of debt | $ (16,100,000) | 700,000 | ||
2018 Notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument Percentage | 11.25% | |||
Principal amount of debt instrument repurchased | $ 95,000,000 | 75,400,000 | 30,100,000 | |
Debt instruments senior notes retired | 68,000,000 | 30,500,000 | ||
2018 Notes [Member] | Other Income and (Expense), Net [Member] | ||||
Debt Instrument [Line Items] | ||||
Gain (loss) on retirement of debt | $ 7,400,000 | $ (400,000) |
Debt - Foreign Debt - Additiona
Debt - Foreign Debt - Additional Information (Detail) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Debt Instrument [Line Items] | ||
Foreign debt | $ 21.3 | $ 19.2 |
Foreign Debt [Member] | ||
Debt Instrument [Line Items] | ||
Available credit facility | 25 | 26 |
Letters of credit issued by our foreign subsidiaries | 3 | 6 |
Foreign Debt [Member] | Owed to Banks [Member] | Ryerson China [Member] | ||
Debt Instrument [Line Items] | ||
Foreign debt | $ 21.3 | $ 19.2 |
Weighted average interest rate | 3.70% | 4.40% |
Employee Benefits - Additional
Employee Benefits - Additional Information (Detail) $ in Millions | 5 Months Ended | 7 Months Ended | 12 Months Ended | ||||
May 31, 2017 | Dec. 31, 2017USD ($) | Dec. 31, 2018 | Dec. 31, 2017USD ($)EmployeeLocation | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||||
Defined Contribution Plan Expense | $ 7.2 | $ 6.9 | $ 5.9 | ||||
Decrease in service and interest costs compared to previous method | 8.4 | ||||||
Curtailment loss | 0.1 | ||||||
Other deferred employee benefit plans | $ 17.3 | $ 17.3 | 17 | ||||
Defined benefit plan return on plan asset gain loss recognized period | 4 years | ||||||
Defined benefit plan return on plan asset gain loss recognized, description | The method we have chosen for amortizing actuarial gains and losses is to recognize amounts in excess of a 10% corridor (10% of the greater of the projected benefit obligation or plan assets) and are amortized over the average expected remaining lifetime of the participants in the pension plan and over the average expected remaining service period for the other postretirement benefits. | ||||||
Defined Benefit Plan, Fair Value Of Plan Assets | 632 | $ 632 | 587 | ||||
Defined benefit plan benefit obligation period increase (decrease) | (5) | (11) | |||||
Increase in defined benefit plan benefit obligation | 47 | 26 | |||||
Additional decrease in defined benefit plan benefit obligation | 4 | ||||||
Contribution to the pension plan fund | 21.7 | 22.1 | 42.5 | ||||
Anticipated minimum required pension contribution funding | 28 | $ 28 | |||||
Multiemployer plans description | Ryerson participate in two multiemployer pension plans covering 48 employees at 4 locations. | ||||||
Multiemployer pension plan covered employees | Employee | 48 | ||||||
Multiemployer pension plan covered locations | Location | 4 | ||||||
Multiemployer plan contributions | $ 0.4 | 0.4 | 0.4 | ||||
Pension withdrawal liability | 0.5 | $ 0.5 | 0.5 | ||||
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 | $ 1 | |||||
Minimum [Member] | |||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||||
Defined Benefit Plan Expected Return On Plan Assets Percentage | 4.50% | ||||||
Maximum [Member] | |||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||||
Defined Benefit Plan Expected Return On Plan Assets Percentage | 6.70% | ||||||
Percentage of contributions to the plans | 5.00% | ||||||
Pension Benefits [Member] | |||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||||
Curtailment loss | 1 | ||||||
Defined benefit plan, benefit obligation | 797 | $ 797 | 803 | 846 | |||
Defined Benefit Plan, Fair Value Of Plan Assets | 632 | 632 | 587 | 608 | |||
Net actuarial gains (losses) expected to be amortized from accumulated other comprehensive income (loss) | (15.3) | (15.3) | |||||
Prior service costs (credits) expected to be amortized from accumulated other comprehensive income (loss) | 0.1 | 0.1 | |||||
Other Benefits [Member] | |||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||||
Defined benefit plan, benefit obligation | 69 | 69 | $ 74 | $ 82 | |||
Net actuarial gains (losses) expected to be amortized from accumulated other comprehensive income (loss) | 7.3 | 7.3 | |||||
Prior service costs (credits) expected to be amortized from accumulated other comprehensive income (loss) | $ (3.1) | $ (3.1) | |||||
U.S. Plans [Member] | Pension Benefits [Member] | |||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||||
Defined Benefit Plan Expected Return On Plan Assets Percentage | 6.75% | 6.95% | 7.10% | 7.40% | |||
U.S. Plans [Member] | Pension Benefits [Member] | Scenario, Forecast [Member] | |||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||||
Defined Benefit Plan Expected Return On Plan Assets Percentage | 6.70% | ||||||
U.S. Plans [Member] | Other Benefits [Member] | Under 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% | 7.00% | 6.75% | 6.75% | |||
Annual rate of increase in per capita cost of covered health care benefits, ultimate rate | 4.50% | 4.50% | 4.50% | 4.50% | |||
Annual rate of increase in per capita cost of covered health care benefits, date | 2,026 | 2,026 | 2,026 | ||||
U.S. Plans [Member] | Other Benefits [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% | 7.00% | 10.00% | 10.00% | |||
Annual rate of increase in per capita cost of covered health care benefits, ultimate rate | 4.50% | 4.50% | 4.50% | 4.50% | |||
Annual rate of increase in per capita cost of covered health care benefits, date | 2,026 | 2,026 | 2,026 | ||||
Annual rate of increase in per capita cost of covered health care benefits, risk adjustment rate | 0.65% | 0.65% | 0.65% | ||||
Annual rate of increase in per capita cost of covered health care benefits, risk adjustment ultimate rate | 0.00% | 0.00% | 0.00% | ||||
Annual rate of increase in per capita cost of covered health care benefits, risk adjustment date | 2,022 | 2,022 | 2,022 | ||||
Canadian Plans [Member] | Pension Benefits [Member] | |||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||||
Defined benefit plan, benefit obligation | $ 46 | $ 46 | $ 44 | ||||
Defined Benefit Plan, Fair Value Of Plan Assets | 44 | $ 44 | $ 39 | ||||
Canadian Plans [Member] | Pension Benefits [Member] | Ryerson Salaried Plan [Member] | |||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||||
Defined Benefit Plan Expected Return On Plan Assets Percentage | 5.50% | 5.75% | 6.00% | ||||
Defined Benefit Plan description | 5.25% for the Ryerson Salaried Plan (approximately 79% of total Canadian plan assets) | ||||||
Canadian Plans [Member] | Pension Benefits [Member] | Ryerson Bargaining Unit Plan [Member] | |||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||||
Defined Benefit Plan Expected Return On Plan Assets Percentage | 5.25% | 5.50% | 5.75% | ||||
Defined Benefit Plan description | 4.50% for the Ryerson Bargaining Unit Plan (approximately 21% of total Canadian plan assets). | ||||||
Canadian Plans [Member] | Pension Benefits [Member] | Scenario, Forecast [Member] | Ryerson Salaried Plan [Member] | |||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||||
Defined Benefit Plan Expected Return On Plan Assets Percentage | 5.25% | ||||||
Defined benefit plan assets, percentage | 79.00% | ||||||
Canadian Plans [Member] | Pension Benefits [Member] | Scenario, Forecast [Member] | Ryerson Bargaining Unit Plan [Member] | |||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||||
Defined Benefit Plan Expected Return On Plan Assets Percentage | 4.50% | ||||||
Defined benefit plan assets, percentage | 21.00% | ||||||
Canadian Plans [Member] | Other Benefits [Member] | |||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||||
Defined benefit plan, benefit obligation | $ 12 | $ 12 | $ 11 | ||||
Annual rate of increase in per capita cost of covered health care benefits, rate | 7.30% | 7.30% | 7.50% | 7.48% | |||
Annual rate of increase in per capita cost of covered health care benefits, ultimate rate | 4.50% | 4.50% | 4.50% | 4.50% | |||
Annual rate of increase in per capita cost of covered health care benefits, date | 2,033 | 2,033 | 2,033 |
Employee Benefits - Assumptions
Employee Benefits - Assumptions Used for Retirement Benefit Plans (Detail) | 5 Months Ended | 7 Months Ended | 12 Months Ended | ||||
May 31, 2017 | Dec. 31, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Sep. 09, 2014 | |
U.S. Plans [Member] | Pension Benefits [Member] | |||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||||
Discount rate for calculating obligations | 3.86% | 3.64% | 3.64% | 4.14% | 4.41% | ||
Discount rate for calculating service cost | 4.51% | 4.20% | 4.80% | 4.05% | |||
Discount rate for calculating interest cost | 3.44% | 3.18% | 3.55% | 4.05% | |||
Expected rate of return on plan assets | 6.75% | 6.95% | 7.10% | 7.40% | |||
Rate of compensation increase - benefit obligations | 2.70% | 2.90% | 2.90% | 2.70% | 2.80% | ||
Rate of compensation increase | 2.70% | 2.70% | 2.80% | 2.80% | |||
U.S. Plans [Member] | Other Postretirement Benefits [Member] | |||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||||
Discount rate for calculating obligations | 3.57% | 3.57% | 3.99% | 4.21% | |||
Discount rate for calculating service cost | 4.25% | 4.59% | 3.80% | ||||
Discount rate for calculating interest cost | 3.19% | 3.19% | 3.80% | ||||
Rate of compensation increase - benefit obligations | 3.00% | 3.00% | 2.50% | 2.80% | |||
Rate of compensation increase | 2.50% | 2.80% | 2.80% | ||||
Canadian Plans [Member] | Pension Benefits [Member] | Ryerson Salaried Plan [Member] | |||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||||
Discount rate for calculating obligations | 3.31% | 3.31% | 3.64% | 3.70% | |||
Discount rate for calculating net periodic benefit cost | 3.64% | 3.70% | 3.80% | ||||
Expected rate of return on plan assets | 5.50% | 5.75% | 6.00% | ||||
Rate of compensation increase | 3.00% | 3.25% | 3.25% | ||||
Canadian Plans [Member] | Pension Benefits [Member] | Ryerson Bargaining Unit Plan [Member] | |||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||||
Discount rate for calculating obligations | 3.32% | 3.32% | 3.71% | 3.87% | |||
Discount rate for calculating net periodic benefit cost | 3.71% | 3.87% | 3.80% | ||||
Expected rate of return on plan assets | 5.25% | 5.50% | 5.75% | ||||
Rate of compensation increase | 3.00% | 3.25% | 3.25% | ||||
Canadian Plans [Member] | Other Postretirement Benefits [Member] | |||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||||
Discount rate for calculating obligations | 3.31% | 3.31% | 3.54% | 3.64% | |||
Discount rate for calculating net periodic benefit cost | 3.61% | 3.64% | 3.80% | ||||
Rate of compensation increase | 3.00% | 3.25% | 3.25% |
Employee Benefits - Components
Employee Benefits - Components of Benefit Obligation and Net Obligation Recognized in Financial Statements (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Change in Plan Assets | |||
Beginning balance | $ 587 | ||
Ending balance | 632 | $ 587 | |
Amounts recognized in balance sheet consist of: | |||
Current liabilities | (7.7) | (8.3) | |
Non-current liabilities | (243.5) | (298.8) | |
Pension Benefits [Member] | |||
Change in Benefit Obligation | |||
Benefit obligation at beginning of year | 803 | 846 | |
Service cost | 1 | 1 | $ 2 |
Interest cost | 26 | 29 | 37 |
Actuarial (gain) loss | 41 | 9 | |
Effect of changes in exchange rates | 3 | 1 | |
Lump sums paid | (23) | (28) | |
Benefits paid (net of participant contributions and Medicare subsidy) | (54) | (55) | |
Benefit obligation at end of year | 797 | 803 | 846 |
Accumulated benefit obligation at end of year | 795 | 801 | |
Change in Plan Assets | |||
Beginning balance | 587 | 608 | |
Actual return on plan assets | 97 | 39 | |
Employer contributions | 22 | 22 | |
Effect of changes in exchange rates | 3 | 1 | |
Lump sums paid | (23) | (28) | |
Benefits paid (net of participant contributions) | (54) | (55) | |
Ending balance | 632 | 587 | 608 |
Funded status | (165) | (216) | |
Amounts recognized in balance sheet consist of: | |||
Non-current liabilities | (165) | (216) | |
Net benefit liability at the end of the year | (165) | (216) | |
Other Postretirement Benefits [Member] | |||
Change in Benefit Obligation | |||
Benefit obligation at beginning of year | 74 | 82 | |
Interest cost | 3 | 3 | 4 |
Actuarial (gain) loss | (1) | (4) | |
Effect of changes in exchange rates | 1 | 1 | |
Benefits paid (net of participant contributions and Medicare subsidy) | (8) | (8) | |
Benefit obligation at end of year | 69 | 74 | $ 82 |
Change in Plan Assets | |||
Employer contributions | 8 | 8 | |
Benefits paid (net of participant contributions) | (8) | (8) | |
Funded status | (69) | (74) | |
Amounts recognized in balance sheet consist of: | |||
Current liabilities | (7) | (7) | |
Non-current liabilities | (62) | (67) | |
Net benefit liability at the end of the year | $ (69) | $ (74) |
Employee Benefits - Amounts Rec
Employee Benefits - Amounts Recognized in Accumulated Other Comprehensive Income (Loss) (Detail) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Pension Benefits [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Net actuarial loss (gain) | $ 372 | $ 400 |
Prior service cost (credit) | 1 | |
Net loss (gain) | 372 | 401 |
Other Benefits [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Net actuarial loss (gain) | (57) | (64) |
Prior service cost (credit) | (9) | (12) |
Net loss (gain) | $ (66) | $ (76) |
Employee Benefits - Amounts R69
Employee Benefits - Amounts Recognized in Other Comprehensive Income (Loss) (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Net loss (gain) | $ (18) | $ 10.6 | $ (7.8) |
Pension Benefits [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Net actuarial loss (gain) | (15) | 15 | |
Amortization of net actuarial loss (gain) | (14) | (13) | |
Net loss (gain) | (29) | 2 | |
Other Postretirement Benefits [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Net actuarial loss (gain) | (1) | (4) | |
Amortization of net actuarial loss (gain) | 8 | 8 | |
Amortization of prior service cost (credit) | 3 | 3 | |
Net loss (gain) | $ 10 | $ 7 |
Employee Benefits - Component70
Employee Benefits - Components of Net Periodic Benefit Cost (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Curtailment loss | $ 0.1 | ||
Pension Benefits [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Service cost | 1 | $ 1 | $ 2 |
Interest cost | 26 | 29 | 37 |
Expected return on assets | (42) | (45) | (48) |
Recognized actuarial loss (gain) | 15 | 13 | 14 |
Curtailment loss | 1 | ||
Net periodic benefit cost (credit) | (2) | 6 | |
Other Benefits [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Interest cost | 3 | 3 | 4 |
Recognized actuarial loss (gain) | (8) | (8) | (8) |
Amortization of prior service credit | (3) | (3) | (2) |
Net periodic benefit cost (credit) | $ (8) | $ (8) | $ (6) |
Employee Benefits - Effects of
Employee Benefits - Effects of One-Percentage-Point Change in Assumed Health Care Cost Trend Rates (Detail) $ in Millions | 12 Months Ended |
Dec. 31, 2017USD ($) | |
Defined Benefit Plan Effect Of One Percentage Point Change In Assumed Health Care Cost Trend Rates [Abstract] | |
Effect on service cost plus interest cost, 1% increase | $ 0.1 |
Effect on postretirement benefit obligation, 1% increase | 2.9 |
Effect on service cost plus interest cost, 1% decrease | (0.1) |
Effect on postretirement benefit obligation, 1% decrease | $ (2.8) |
Employee Benefits - Weighted Av
Employee Benefits - Weighted Average Asset Allocation (Detail) | Dec. 31, 2017 | Dec. 31, 2016 |
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 | 57.00% | 62.00% |
Debt Securities [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Defined benefit plan weighted average asset allocation | 26.00% | 21.00% |
Real Estate [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Defined benefit plan weighted average asset allocation | 5.00% | 4.00% |
Other [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Defined benefit plan weighted average asset allocation | 12.00% | 13.00% |
Employee Benefits - Target Rang
Employee Benefits - Target Ranges and Allocations (Detail) | Dec. 31, 2017 |
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 | 59.00% |
Equity Securities [Member] | Minimum [Member] | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Target allocation | 23.00% |
Equity Securities [Member] | Maximum [Member] | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Target allocation | 66.00% |
Debt Securities [Member] | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Target allocation | 28.00% |
Debt Securities [Member] | Minimum [Member] | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Target allocation | 20.00% |
Debt Securities [Member] | Maximum [Member] | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Target allocation | 64.00% |
Real Estate [Member] | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Target allocation | 6.00% |
Real Estate [Member] | Minimum [Member] | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Target allocation | 1.00% |
Real Estate [Member] | Maximum [Member] | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Target allocation | 7.00% |
Other [Member] | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Target allocation | 7.00% |
Other [Member] | Minimum [Member] | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Target allocation | 6.00% |
Other [Member] | Maximum [Member] | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Target allocation | 14.00% |
Employee Benefits - Fair Value
Employee Benefits - Fair Value of Pension Plan Assets by Asset Category (Detail) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Defined Benefit Plan, Fair Value Of Plan Assets | $ 632 | $ 587 |
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 | 15 | 15 |
Real Estate [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Defined Benefit Plan, Fair Value Of Plan Assets | 34 | 23 |
Level 1 [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Defined Benefit Plan, Fair Value Of Plan Assets | 15 | 15 |
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 | 15 | 15 |
Level 2 [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Defined Benefit Plan, Fair Value Of Plan Assets | 564 | 514 |
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 | 34 | 23 |
US Large Cap [Member] | Equity Securities [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Defined Benefit Plan, Fair Value Of Plan Assets | 89 | 101 |
US Large Cap [Member] | Level 2 [Member] | Equity Securities [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Defined Benefit Plan, Fair Value Of Plan Assets | 89 | 101 |
US Small/Mid Cap [Member] | Equity Securities [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Defined Benefit Plan, Fair Value Of Plan Assets | 28 | 33 |
US Small/Mid Cap [Member] | Level 2 [Member] | Equity Securities [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Defined Benefit Plan, Fair Value Of Plan Assets | 28 | 33 |
Canadian Large Cap [Member] | Equity Securities [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Defined Benefit Plan, Fair Value Of Plan Assets | 5 | 5 |
Canadian Large Cap [Member] | Level 2 [Member] | Equity Securities [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Defined Benefit Plan, Fair Value Of Plan Assets | 5 | 5 |
Canadian Small Cap [Member] | Equity Securities [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Defined Benefit Plan, Fair Value Of Plan Assets | 1 | 1 |
Canadian Small Cap [Member] | Level 2 [Member] | Equity Securities [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Defined Benefit Plan, Fair Value Of Plan Assets | 1 | 1 |
International Companies [Member] | Equity Securities [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Defined Benefit Plan, Fair Value Of Plan Assets | 146 | 134 |
International Companies [Member] | Level 2 [Member] | Equity Securities [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Defined Benefit Plan, Fair Value Of Plan Assets | 146 | 134 |
Global Companies [Member] | Equity Securities [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Defined Benefit Plan, Fair Value Of Plan Assets | 95 | 90 |
Global Companies [Member] | Level 2 [Member] | Equity Securities [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Defined Benefit Plan, Fair Value Of Plan Assets | 95 | 90 |
Investment Grade Debt [Member] | Fixed Income Securities | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Defined Benefit Plan, Fair Value Of Plan Assets | 161 | 122 |
Investment Grade Debt [Member] | Level 2 [Member] | Fixed Income Securities | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Defined Benefit Plan, Fair Value Of Plan Assets | 161 | 122 |
Commodity Funds [Member] | Other Investments [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Defined Benefit Plan, Fair Value Of Plan Assets | 3 | 3 |
Commodity Funds [Member] | Level 2 [Member] | Other Investments [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Defined Benefit Plan, Fair Value Of Plan Assets | 3 | 3 |
Multi-Strategy Funds [Member] | Other Investments [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Defined Benefit Plan, Fair Value Of Plan Assets | 2 | 2 |
Multi-Strategy Funds [Member] | Level 2 [Member] | Other Investments [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Defined Benefit Plan, Fair Value Of Plan Assets | 2 | 2 |
Investments Valued at Net Asset Value [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Defined Benefit Plan, Fair Value Of Plan Assets | $ 53 | $ 58 |
Employee Benefits - Estimated F
Employee Benefits - Estimated Future Benefit Payments (Detail) $ in Millions | Dec. 31, 2017USD ($) |
Pension Benefits [Member] | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
2,018 | $ 53 |
2,019 | 53 |
2,020 | 53 |
2,021 | 53 |
2,022 | 52 |
2023-2027 | 249 |
Other Benefits [Member] | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
2,018 | 7 |
2,019 | 6 |
2,020 | 6 |
2,021 | 5 |
2,022 | 5 |
2023-2027 | $ 21 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) - USD ($) | Jan. 06, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Loss Contingencies [Line Items] | ||||
Future minimum rental commitment total | $ 89,700,000 | |||
Future minimum rental commitment year 2018 | 20,500,000 | |||
Future minimum rental commitment year 2019 | 18,400,000 | |||
Future minimum rental commitment year 2020 | 14,700,000 | |||
Future minimum rental commitment year 2021 | 12,300,000 | |||
Future minimum rental commitment year 2022 | 9,000,000 | |||
Future minimum rental commitment year thereafter | 14,800,000 | |||
Rental expense under operating leases | 28,500,000 | $ 30,000,000 | $ 31,800,000 | |
Future minimum rental commitment total | 36,500,000 | |||
Future minimum rental commitment year 2018 | 11,900,000 | |||
Future minimum rental commitment year 2019 | 10,700,000 | |||
Future minimum rental commitment year 2020 | 8,300,000 | |||
Future minimum rental commitment year 2021 | 3,900,000 | |||
Future minimum rental commitment year 2022 | 1,700,000 | |||
Purchase obligations | 32,000,000 | |||
Purchase obligations to be paid in 2018 | 32,000,000 | |||
Cash deposit to offset amounts payable | $ 0 | |||
Percentage of total labor force covered by collective bargaining agreements | 10.00% | |||
Percentage of total labor force covered by collective bargaining agreements in current fiscal year | 3.00% | |||
Record of decision description | The ROD includes a combination of dredging, capping, and enhanced natural recovery that would take approximately thirteen years to construct plus additional time for monitored natural recovery | |||
Estimated present value cost for construction and recovery | $ 1,050,000,000 | |||
Maximum [Member] | ||||
Loss Contingencies [Line Items] | ||||
Noncancellable operating leases expire period | 2,027 | |||
Capital leases expire period | 2,022 |
Related Parties - Additional In
Related Parties - Additional Information (Detail) - Platinum Advisors [Member] - USD ($) $ in Millions | 1 Months Ended | 3 Months Ended | |
Aug. 31, 2015 | Aug. 31, 2014 | Sep. 30, 2014 | |
Related Party Transaction [Line Items] | |||
Payment of advisory services termination fee | $ 10 | $ 15 | |
Recognized termination fee | $ 25 |
Segment Information - Additiona
Segment Information - Additional Information (Detail) - Segment | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Segment Reporting [Abstract] | |||
Number of operating segment | 1 | ||
Percentage Of Consolidated Sales From Foreign Countries | 12.00% | 13.00% | 13.00% |
Percentage of long-lived assets in foreign country | 7.00% | 7.00% | 7.00% |
Percentage one customer to total sales | 2.00% | 2.00% | 2.00% |
Percentage top ten customers to total sales | 12.00% | 12.00% | 12.00% |
Segment Information - Percentag
Segment Information - Percentage of Sales by Major Product Line (Detail) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Revenue from External Customer [Line Items] | |||
Percentage of sales by major product lines | 100.00% | 100.00% | 100.00% |
Carbon Steel Flat [Member] | |||
Revenue from External Customer [Line Items] | |||
Percentage of sales by major product lines | 28.00% | 28.00% | 25.00% |
Carbon Steel Plate [Member] | |||
Revenue from External Customer [Line Items] | |||
Percentage of sales by major product lines | 10.00% | 9.00% | 11.00% |
Carbon Steel Long [Member] | |||
Revenue from External Customer [Line Items] | |||
Percentage of sales by major product lines | 12.00% | 13.00% | 16.00% |
Stainless Steel Flat [Member] | |||
Revenue from External Customer [Line Items] | |||
Percentage of sales by major product lines | 18.00% | 17.00% | 16.00% |
Stainless Steel Plate [Member] | |||
Revenue from External Customer [Line Items] | |||
Percentage of sales by major product lines | 4.00% | 4.00% | 4.00% |
Stainless Steel Long [Member] | |||
Revenue from External Customer [Line Items] | |||
Percentage of sales by major product lines | 4.00% | 3.00% | 3.00% |
Aluminum Flat [Member] | |||
Revenue from External Customer [Line Items] | |||
Percentage of sales by major product lines | 15.00% | 16.00% | 16.00% |
Aluminum Plate [Member] | |||
Revenue from External Customer [Line Items] | |||
Percentage of sales by major product lines | 3.00% | 3.00% | 3.00% |
Aluminum Long [Member] | |||
Revenue from External Customer [Line Items] | |||
Percentage of sales by major product lines | 4.00% | 5.00% | 4.00% |
Other [Member] | |||
Revenue from External Customer [Line Items] | |||
Percentage of sales by major product lines | 2.00% | 2.00% | 2.00% |
Segment Information - Summary o
Segment Information - Summary of Consolidated Financial Information of our Operations by Geographic Location (Detail) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | [1] | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | [3] | Mar. 31, 2016 | [4] | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | ||
Revenues From External Customers And Long Lived Assets [Line Items] | |||||||||||||||
Net Sales | $ 810.6 | $ 864.2 | $ 875.4 | $ 814.5 | $ 682.2 | [2] | $ 735.1 | $ 739.8 | $ 702.6 | $ 3,364.7 | $ 2,859.7 | $ 3,167.2 | |||
Long-Lived Assets | 422.9 | 388.2 | 422.9 | 388.2 | 400.3 | ||||||||||
United States [Member] | |||||||||||||||
Revenues From External Customers And Long Lived Assets [Line Items] | |||||||||||||||
Net Sales | 2,962.4 | 2,485.9 | 2,770.3 | ||||||||||||
Long-Lived Assets | 395.3 | 362.5 | 395.3 | 362.5 | 373.9 | ||||||||||
Foreign Countries [Member] | |||||||||||||||
Revenues From External Customers And Long Lived Assets [Line Items] | |||||||||||||||
Net Sales | 402.3 | 373.8 | 396.9 | ||||||||||||
Long-Lived Assets | $ 27.6 | $ 25.7 | $ 27.6 | $ 25.7 | $ 26.4 | ||||||||||
[1] | Included in the second quarter 2017 results is a $0.2 million charge due to an other-than-temporary impairment recognized on an available-for-sale investment. | ||||||||||||||
[2] | Included in the fourth quarter 2016 results is a $1.5 million loss on repurchase of debt. The fourth quarter of 2016 also included a $1.9 million charge due to an other-than-temporary-impairment recognized on an available-for-sale investment. | ||||||||||||||
[3] | Included in the second quarter 2016 results is a $15.1 million loss on the repurchase of debt. The second quarter of 2016 also included a $2.8 million charge due to an other-than-temporary-impairment recognized on an available-for-sale investment. | ||||||||||||||
[4] | Included in the first quarter 2016 results is an $8.2 million gain on the repurchase of debt. |
Other Matters - Additional Info
Other Matters - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Feb. 17, 2012 | Dec. 31, 2011 | |
Reclassification of Accumulated Other Comprehensive Adjustment Income (Loss) [Member] | |||
Schedule Of Equity Method Investments [Line Items] | |||
Foreign currency translation | $ 1.2 | ||
Acofran Acos e Metais Ltda [Member] | |||
Schedule Of Equity Method Investments [Line Items] | |||
Business acquisition acquired entity interest | 50.00% | ||
Automated Laser Fabrication Co., LLC ("ALF") [Member] | |||
Schedule Of Equity Method Investments [Line Items] | |||
Equity method investment, ownership percentage | 38.00% |
Derivatives and Fair Value Me82
Derivatives and Fair Value Measurements - Additional Information (Detail) | 3 Months Ended | 12 Months Ended | |||||
Jun. 30, 2017USD ($) | Dec. 31, 2016USD ($) | Jun. 30, 2016USD ($) | Dec. 31, 2017USD ($)T | Dec. 31, 2016USD ($)Tgal | Dec. 31, 2015USD ($) | Mar. 31, 2017USD ($) | |
Derivatives Fair Value [Line Items] | |||||||
Other-than-temporary impairment charge on available-for-sale investments | $ 200,000 | $ 1,900,000 | $ 2,800,000 | $ 200,000 | $ 4,700,000 | $ 12,300,000 | |
Proceeds from sale of investments | $ 0 | 0 | $ 0 | ||||
Minimum [Member] | |||||||
Derivatives Fair Value [Line Items] | |||||||
General contract term for exchange contracts | 3 months | ||||||
Maximum [Member] | |||||||
Derivatives Fair Value [Line Items] | |||||||
General contract term for exchange contracts | 12 months | ||||||
Interest Rate Swap [Member] | |||||||
Derivatives Fair Value [Line Items] | |||||||
Fair value of interest rate swaps | $ 1,000,000 | ||||||
Portion of interest rate swap asset | 1,000,000 | ||||||
Derivative gain (loss) to be reclassified into interest income during next 12 months | 200,000 | ||||||
Interest Rate Swap [Member] | Ryerson Credit Facility [Member] | |||||||
Derivatives Fair Value [Line Items] | |||||||
Derivative notional amount | $ 150,000,000 | ||||||
Derivative fixed interest rate | 1.658% | ||||||
Foreign Exchange Forward [Member] | |||||||
Derivatives Fair Value [Line Items] | |||||||
Derivative notional amount | $ 2,300,000 | $ 5,100,000 | $ 2,300,000 | ||||
Nickel Swap Contracts [Member] | |||||||
Derivatives Fair Value [Line Items] | |||||||
Commodity notional value | T | 453 | 296 | |||||
Hot Roll Steel Coil Swap [Member] | |||||||
Derivatives Fair Value [Line Items] | |||||||
Commodity notional value | T | 5,252 | 11,998 | |||||
Aluminum Swap Contracts [Member] | |||||||
Derivatives Fair Value [Line Items] | |||||||
Commodity notional value | T | 15,102 | 8,466 | |||||
Zinc Contracts [Member] | |||||||
Derivatives Fair Value [Line Items] | |||||||
Commodity notional value | T | 3,402 | ||||||
Diesel Fuel Hedge Contracts [Member] | |||||||
Derivatives Fair Value [Line Items] | |||||||
Commodity notional value | gal | 39,000 | ||||||
Ryerson Credit Facility Hedged by Interest Rate Swap [Member] | |||||||
Derivatives Fair Value [Line Items] | |||||||
Derivative notional amount | $ 150,000,000 |
Derivatives and Fair Value Me83
Derivatives and Fair Value Measurements - Location and Fair Value Amount of Derivative Instruments (Detail) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Interest Rate Swap [Member] | ||
Derivatives Fair Value [Line Items] | ||
Asset Derivatives, Fair Value | $ 1 | |
Derivatives Not Designated as Hedging Instruments under ASC 815 [Member] | Metal Commodity Contracts [Member] | Prepaid Expenses and Other Current Assets [Member] | ||
Derivatives Fair Value [Line Items] | ||
Asset Derivatives, Fair Value | 2.8 | $ 2 |
Derivatives Not Designated as Hedging Instruments under ASC 815 [Member] | Metal Commodity Contracts [Member] | Other Accrued Liabilities [Member] | ||
Derivatives Fair Value [Line Items] | ||
Liability Derivatives, Fair Value | 3.9 | 0.2 |
Derivatives Not Designated as Hedging Instruments under ASC 815 [Member] | Foreign Exchange Contracts [Member] | Prepaid Expenses and Other Current Assets [Member] | ||
Derivatives Fair Value [Line Items] | ||
Asset Derivatives, Fair Value | 0.1 | |
Derivatives designated as hedging instruments under ASC 815 [Member] | ||
Derivatives Fair Value [Line Items] | ||
Asset Derivatives, Fair Value | 3.9 | 2 |
Liability Derivatives, Fair Value | 3.9 | $ 0.2 |
Derivatives designated as hedging instruments under ASC 815 [Member] | Interest Rate Swap [Member] | Deferred charges and other assets [Member] | ||
Derivatives Fair Value [Line Items] | ||
Asset Derivatives, Fair Value | $ 1 |
Derivatives and Fair Value Me84
Derivatives and Fair Value Measurements - Location and Amount of Gains and Losses on Derivatives Not Designated as Hedging Instruments Reported in Consolidated Statements of Operations (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Derivative Instruments Gain Loss [Line Items] | |||
Amount of Gain/ (Loss) Recognized in Income on Derivatives | $ (3) | $ 5.4 | $ (2.3) |
Derivatives Not Designated as Hedging Instruments under ASC 815 [Member] | |||
Derivative Instruments Gain Loss [Line Items] | |||
Amount of Gain/ (Loss) Recognized in Income on Derivatives | 3.1 | 10 | (12.1) |
Derivatives Not Designated as Hedging Instruments under ASC 815 [Member] | Metal Commodity Contracts [Member] | Cost of Materials Sold [Member] | |||
Derivative Instruments Gain Loss [Line Items] | |||
Amount of Gain/ (Loss) Recognized in Income on Derivatives | $ 3.1 | 10 | (11.8) |
Derivatives Not Designated as Hedging Instruments under ASC 815 [Member] | Foreign Exchange Contracts [Member] | Other Income and (Expense), Net [Member] | |||
Derivative Instruments Gain Loss [Line Items] | |||
Amount of Gain/ (Loss) Recognized in Income on Derivatives | (0.1) | 0.1 | |
Derivatives Not Designated as Hedging Instruments under ASC 815 [Member] | Diesel Fuel Commodity Contracts [Member] | Warehousing Delivery Selling General and Administrative [Member] | |||
Derivative Instruments Gain Loss [Line Items] | |||
Amount of Gain/ (Loss) Recognized in Income on Derivatives | $ 0.1 | $ (0.4) |
Derivatives and Fair Value Me85
Derivatives and Fair Value Measurements - Location and Amount of Gains and Losses on Derivatives Designated as Hedging Instruments Reported in Condensed Consolidated Statements of Operations (Detail) $ in Millions | 12 Months Ended |
Dec. 31, 2017USD ($) | |
Derivatives designated as hedging instruments under ASC 815 [Member] | Interest Rate Swap [Member] | Interest and Other Expense on Debt [Member] | |
Derivative Instruments Gain Loss [Line Items] | |
Amount of Gain/(Loss) Reclassified from Other Comprehensive Income into Income | $ (0.7) |
Derivatives and Fair Value Me86
Derivatives and Fair Value Measurements - Assets and Liabilities Measured and Recorded at Fair Value (Detail) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Interest Rate Swap [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Asset Derivatives, Fair Value | $ 1 | |
Derivatives Not Designated as Hedging Instruments under ASC 815 [Member] | Metal Commodity Contracts [Member] | Prepaid and Other Current Assets [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Asset Derivatives, Fair Value | 2.8 | $ 2 |
Derivatives designated as hedging instruments under ASC 815 [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Asset Derivatives, Fair Value | 3.9 | 2 |
Liability Derivatives, Fair Value | 3.9 | 0.2 |
Fair Value, Measurements, Recurring [Member] | Level 1 [Member] | Common Stock [Member] | Prepaid and Other Current Assets [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Available for sale investment | 0.1 | 0.4 |
Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Asset Derivatives, Fair Value | 3.9 | |
Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | Derivatives Not Designated as Hedging Instruments under ASC 815 [Member] | Metal Commodity Contracts [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Asset Derivatives, Fair Value | 2 | |
Liability Derivatives, Fair Value | $ 0.2 | |
Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | Derivatives Not Designated as Hedging Instruments under ASC 815 [Member] | Metal Commodity Contracts [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Asset Derivatives, Fair Value | 2.8 | |
Liability Derivatives, Fair Value | 3.9 | |
Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | Derivatives Not Designated as Hedging Instruments under ASC 815 [Member] | Foreign Exchange Contracts [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Asset Derivatives, Fair Value | 0.1 | |
Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | Derivatives designated as hedging instruments under ASC 815 [Member] | Interest Rate Swap [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Asset Derivatives, Fair Value | $ 1 |
Derivatives and Fair Value Me87
Derivatives and Fair Value Measurements - Carrying and Estimated Fair Values Financial Instruments (Detail) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Carrying Amount [Member] | ||
Derivatives Fair Value [Line Items] | ||
Cash and cash equivalents | $ 77.4 | $ 80.7 |
Restricted cash | 1.1 | 1 |
Receivables less provision for allowances, claims and doubtful accounts | 376.3 | 326 |
Accounts payable | 275 | 230.4 |
Long-term debt, including current portion | 1,045.7 | 963.5 |
Fair Value [Member] | ||
Derivatives Fair Value [Line Items] | ||
Cash and cash equivalents | 77.4 | 80.7 |
Restricted cash | 1.1 | 1 |
Receivables less provision for allowances, claims and doubtful accounts | 376.3 | 326 |
Accounts payable | 275 | 230.4 |
Long-term debt, including current portion | $ 1,125.9 | $ 1,034.2 |
Derivatives and Fair Value Me88
Derivatives and Fair Value Measurements - Assets and Liabilities Measured and Recorded at Fair Value on Non Recurring Basis (Detail) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Prepaid expenses and other current assets - assets held for sale (Note 5) | $ 0 | $ 3.6 |
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 (Note 5) | $ 3.6 |
Derivatives and Fair Value Me89
Derivatives and Fair Value Measurements - Available-for-Sale Securities (Detail) - Common Stock [Member] - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Schedule Of Available For Sale Securities [Line Items] | ||
Cost | $ 0.2 | $ 0.4 |
Gross Unrealized Losses | (0.1) | |
Fair Value | $ 0.1 | $ 0.4 |
Accumulated Other Comprehensi90
Accumulated Other Comprehensive Income - Changes in Accumulated Other Comprehensive Income/(Loss) by Component, Net of Tax (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Accumulated other comprehensive income (loss) net of tax, beginning balance | $ (307.8) | |
Accumulated other comprehensive income (loss) net of tax, ending balance | (286.3) | $ (307.8) |
Foreign Currency Translation [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Accumulated other comprehensive income (loss) net of tax, beginning balance | (50.2) | (53.8) |
Other comprehensive income (loss) before reclassifications | 8.6 | 2.4 |
Amounts reclassified from accumulated other comprehensive income (loss) | 1.2 | |
Net current-period other comprehensive income (loss) | 8.6 | 3.6 |
Accumulated other comprehensive income (loss) net of tax, ending balance | (41.6) | (50.2) |
Benefit Plan Liabilities [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Accumulated other comprehensive income (loss) net of tax, beginning balance | (258.7) | (252.5) |
Other comprehensive income (loss) before reclassifications | 15.4 | (5) |
Amounts reclassified from accumulated other comprehensive income (loss) | (3) | (1.2) |
Net current-period other comprehensive income (loss) | 12.4 | (6.2) |
Accumulated other comprehensive income (loss) net of tax, ending balance | (246.3) | (258.7) |
Available-For-Sale Investments [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Accumulated other comprehensive income (loss) net of tax, beginning balance | 1.1 | (0.7) |
Other comprehensive income (loss) before reclassifications | (0.2) | (1.1) |
Amounts reclassified from accumulated other comprehensive income (loss) | 0.1 | 2.9 |
Net current-period other comprehensive income (loss) | (0.1) | 1.8 |
Accumulated other comprehensive income (loss) net of tax, ending balance | 1 | $ 1.1 |
Cash Flow Hedge - Interest Rate Swap [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Other comprehensive income (loss) before reclassifications | 0.2 | |
Amounts reclassified from accumulated other comprehensive income (loss) | 0.4 | |
Net current-period other comprehensive income (loss) | 0.6 | |
Accumulated other comprehensive income (loss) net of tax, ending balance | $ 0.6 |
Accumulated Other Comprehensi91
Accumulated Other Comprehensive Income - Reclassifications Out of Accumulated Other Comprehensive Income (Loss) (Detail) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | [1] | Mar. 31, 2017 | Dec. 31, 2016 | [2] | Sep. 30, 2016 | Jun. 30, 2016 | [3] | Mar. 31, 2016 | [4] | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | |||||||||||||||
Other income and (expense), net | $ (2.3) | $ (17.2) | $ (10.4) | ||||||||||||
Tax benefit | 1.3 | (7.2) | (3.7) | ||||||||||||
Net income (loss) | $ 0.3 | $ 1.9 | $ 0.8 | $ 15 | $ (8.4) | $ 8.4 | $ 5.4 | $ 13.5 | 18 | 18.9 | $ (1.8) | ||||
Reclassification out of Accumulated Other Comprehensive Income [Member] | |||||||||||||||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | |||||||||||||||
Foreign currency translation | 1.2 | ||||||||||||||
Net of tax | 1.2 | ||||||||||||||
Other-than-temporary Impairment [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | |||||||||||||||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | |||||||||||||||
Other income and (expense), net | 0.2 | 4.7 | |||||||||||||
Tax benefit | (0.1) | (1.8) | |||||||||||||
Net income (loss) | 0.1 | 2.9 | |||||||||||||
Cash Flow Hedge - Interest Rate Swap [Member] | |||||||||||||||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | |||||||||||||||
Net of tax | (0.4) | ||||||||||||||
Realized swap interest loss | 0.7 | ||||||||||||||
Tax benefit | (0.3) | ||||||||||||||
Net of tax | 0.4 | ||||||||||||||
Amortization of Defined Benefit Pension and Other Post-retirement Benefit Plan Items, Actuarial Loss [Member] | |||||||||||||||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | |||||||||||||||
Reclassifications out of AOCI | (6.9) | (4.7) | |||||||||||||
Amortization of Defined Benefit Pension and Other Post-retirement Benefit Plan Items, Prior Service Cost [Member] | |||||||||||||||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | |||||||||||||||
Reclassifications out of AOCI | 2.9 | 2.9 | |||||||||||||
Amortization of Defined Benefit Pension and Other Post-retirement Benefit Plan Items [Member] | |||||||||||||||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | |||||||||||||||
Reclassifications out of AOCI | (4) | (1.8) | |||||||||||||
Tax provision | 1 | 0.6 | |||||||||||||
Net of tax | $ (3) | $ (1.2) | |||||||||||||
[1] | Included in the second quarter 2017 results is a $0.2 million charge due to an other-than-temporary impairment recognized on an available-for-sale investment. | ||||||||||||||
[2] | Included in the fourth quarter 2016 results is a $1.5 million loss on repurchase of debt. The fourth quarter of 2016 also included a $1.9 million charge due to an other-than-temporary-impairment recognized on an available-for-sale investment. | ||||||||||||||
[3] | Included in the second quarter 2016 results is a $15.1 million loss on the repurchase of debt. The second quarter of 2016 also included a $2.8 million charge due to an other-than-temporary-impairment recognized on an available-for-sale investment. | ||||||||||||||
[4] | Included in the first quarter 2016 results is an $8.2 million gain on the repurchase of debt. |
Income Taxes - Elements of Prov
Income Taxes - Elements of Provision (Benefit) for Income Taxes (Detail) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | [1] | Sep. 30, 2016 | Jun. 30, 2016 | [2] | Mar. 31, 2016 | [3] | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Income (loss) before income tax: | |||||||||||||
U.S. | $ 11.3 | $ 20.1 | $ 13.2 | ||||||||||
Foreign | 5.4 | 6 | (11.3) | ||||||||||
Income before income taxes | $ (6.3) | $ 1.2 | $ 21.8 | $ (15.2) | $ 10 | $ 9.7 | $ 21.6 | 16.7 | 26.1 | 1.9 | |||
Current income taxes: | |||||||||||||
Federal | 5.6 | (0.3) | (0.3) | ||||||||||
Foreign | 1.8 | 2.8 | 1.2 | ||||||||||
State | 0.5 | (0.4) | |||||||||||
Current income taxes | 7.9 | 2.5 | 0.5 | ||||||||||
Deferred income taxes | (9.2) | 4.7 | 3.2 | ||||||||||
Total income tax provision (benefit) | $ (1.3) | $ 7.2 | $ 3.7 | ||||||||||
[1] | Included in the fourth quarter 2016 results is a $1.5 million loss on repurchase of debt. The fourth quarter of 2016 also included a $1.9 million charge due to an other-than-temporary-impairment recognized on an available-for-sale investment. | ||||||||||||
[2] | Included in the second quarter 2016 results is a $15.1 million loss on the repurchase of debt. The second quarter of 2016 also included a $2.8 million charge due to an other-than-temporary-impairment recognized on an available-for-sale investment. | ||||||||||||
[3] | Included in the first quarter 2016 results is an $8.2 million gain on the repurchase of debt. |
Income Taxes - Reconciliation o
Income Taxes - Reconciliation of Income Taxes with Amounts Computed by Applying Federal Tax Rate (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |||
Federal income tax expense computed at statutory tax rate of 35% | $ 5.8 | $ 9.1 | $ 0.7 |
Additional taxes or credits from: | |||
State and local income taxes, net of federal income tax effect | (0.8) | (0.7) | (0.5) |
Non-deductible expenses and non-taxable income | 0.2 | (1.2) | 1.8 |
Foreign income (expense) not includable in federal taxable income | (0.2) | 2.8 | 0.8 |
Valuation allowance changes (net) | (2.9) | (2.6) | 0.1 |
Changes in uncertain tax positions | (1) | (0.3) | |
Effect of U.S. Tax Cuts and Jobs Act - deemed repatriation transaction tax | 7.2 | ||
Effect of U.S. Tax Cuts and Jobs Act - revaluation of deferred taxes | (10.6) | ||
All other, net | 1 | 0.1 | 0.8 |
Total income tax provision (benefit) | $ (1.3) | $ 7.2 | $ 3.7 |
Income Taxes - Reconciliation94
Income Taxes - Reconciliation of Income Taxes with Amounts Computed by Applying Federal Tax Rate (Parenthetical) (Detail) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |||
Statutory tax rate | 35.00% | 35.00% | 35.00% |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Income Tax [Line Items] | |||||
U.S. corporate income tax rate | 35.00% | 35.00% | 35.00% | ||
Benefit for revaluation of deferred tax assets | $ 10.6 | ||||
Federal AMT credit carryforwards | 30 | $ 30 | $ 30 | ||
Federal net operating loss carry-forwards | 53 | 53 | |||
State net operating loss carry-forwards | 19 | 19 | 12 | ||
Foreign net operating loss carry-forwards | 6 | 6 | |||
Undistributed foreign earnings | 112 | 112 | |||
Provisional estimate of the US tax liability | 7.2 | ||||
Deferred tax balances | 0.5 | ||||
Income taxes payable | $ 6.7 | ||||
Tax cuts and jobs act of 2017, accounting complete | false | ||||
Accrued interest related to uncertain tax positions | 1.7 | $ 1.7 | 1.7 | ||
Unrecognized tax benefits that would affect effective tax rate if recognized | $ 4.6 | $ 4.6 | $ 5.6 | ||
Domestic Tax Authority [Member] | |||||
Income Tax [Line Items] | |||||
Net operating loss carry-forwards expiration period | 15 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] | 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 | ||||
Scenario, Forecast [Member] | |||||
Income Tax [Line Items] | |||||
U.S. corporate income tax rate | 21.00% |
Income Taxes - Components of De
Income Taxes - Components of Deferred Income Tax Assets and Liabilities (Detail) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Deferred tax assets: | ||
AMT tax credit carryforwards | $ 30 | $ 30 |
Post-retirement benefits other than pensions | 15 | 28 |
Federal and foreign net operating loss carryforwards | 59 | 84 |
State net operating loss carryforwards | 19 | 12 |
Pension liability | 46 | 85 |
Other deductible temporary differences | 27 | 25 |
Less: valuation allowances | (24) | (20) |
Deferred tax assets, net | 172 | 244 |
Deferred tax liabilities: | ||
Fixed asset basis difference | 53 | 81 |
Inventory basis difference | 92 | 129 |
Other intangibles | 9 | 13 |
Deferred tax liabilities | 154 | 223 |
Net deferred tax asset | $ 18 | $ 21 |
Income Taxes - Reconciliation97
Income Taxes - Reconciliation of Unrecognized Tax Benefits (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |||
Unrecognized tax benefits beginning balance | $ 7.3 | $ 7.6 | $ 7.6 |
Gross increases – tax positions in current periods | 0 | 0 | 0 |
Settlements and closing of statute of limitations | (1) | (0.3) | |
Unrecognized tax benefits ending balance | $ 6.3 | $ 7.3 | $ 7.6 |
Earnings Per Share - Additional
Earnings Per Share - Additional Information (Detail) - $ / shares | Jul. 25, 2016 | Aug. 13, 2014 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Jul. 16, 2007 |
Earnings Per Share [Abstract] | ||||||
Common stock, shares issued | 37,421,081 | 37,345,117 | 21,250,000 | |||
Issuance of common stock in connection with public offering, shares | 5,000,000 | 11,000,000 | ||||
Common stock issued per share | $ 15.25 | $ 11 | ||||
Weighted average number of shares excluded from computation of earnings per share | 100,068 | 0 | 39,283 |
Earnings Per Share - Calculatio
Earnings Per Share - Calculation of Basic and Diluted Earnings (Loss) Per Share (Detail) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 12 Months Ended | ||||||||||||
Sep. 30, 2017 | Jun. 30, 2017 | [1] | Mar. 31, 2017 | Dec. 31, 2016 | [2] | Sep. 30, 2016 | Jun. 30, 2016 | [3] | Mar. 31, 2016 | [4] | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Numerator: | ||||||||||||||
Net income (loss) attributable to Ryerson Holding Corporation | $ 1.7 | $ 0.6 | $ 14.8 | $ (8.6) | $ 8.2 | $ 5.6 | $ 13.5 | $ 17.1 | $ 18.7 | $ (0.5) | ||||
Denominator: | ||||||||||||||
Weighted average shares outstanding | 37,176,398 | 34,295,829 | 32,057,764 | |||||||||||
Dilutive effect of stock-based awards | 117,804 | 105,417 | ||||||||||||
Weighted average shares outstanding adjusted for dilutive securities | 37,294,202 | 34,401,246 | 32,057,764 | |||||||||||
Earnings (loss) per share | ||||||||||||||
Basic | $ 0.05 | $ 0.02 | $ 0.40 | $ (0.23) | $ 0.23 | $ 0.17 | $ 0.42 | $ 0.46 | $ 0.55 | $ (0.02) | ||||
Diluted | $ 0.05 | $ 0.02 | $ 0.40 | $ (0.23) | $ 0.23 | $ 0.17 | $ 0.42 | $ 0.46 | $ 0.54 | $ (0.02) | ||||
[1] | Included in the second quarter 2017 results is a $0.2 million charge due to an other-than-temporary impairment recognized on an available-for-sale investment. | |||||||||||||
[2] | Included in the fourth quarter 2016 results is a $1.5 million loss on repurchase of debt. The fourth quarter of 2016 also included a $1.9 million charge due to an other-than-temporary-impairment recognized on an available-for-sale investment. | |||||||||||||
[3] | Included in the second quarter 2016 results is a $15.1 million loss on the repurchase of debt. The second quarter of 2016 also included a $2.8 million charge due to an other-than-temporary-impairment recognized on an available-for-sale investment. | |||||||||||||
[4] | Included in the first quarter 2016 results is an $8.2 million gain on the repurchase of debt. |
Summary by Quarter (Detail)
Summary by Quarter (Detail) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | [1] | Mar. 31, 2017 | Dec. 31, 2016 | [2] | Sep. 30, 2016 | Jun. 30, 2016 | [3] | Mar. 31, 2016 | [4] | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Supplemental Financial Information [Abstract] | |||||||||||||||
Net sales | $ 810.6 | $ 864.2 | $ 875.4 | $ 814.5 | $ 682.2 | $ 735.1 | $ 739.8 | $ 702.6 | $ 3,364.7 | $ 2,859.7 | $ 3,167.2 | ||||
Gross profit | 136.5 | 145 | 140.4 | 160.6 | 114.6 | 145.4 | 163 | 147.6 | 582.5 | 570.6 | 567.7 | ||||
Income (Loss) Before Income Taxes | (6.3) | 1.2 | 21.8 | (15.2) | 10 | 9.7 | 21.6 | 16.7 | 26.1 | 1.9 | |||||
Net income (loss) | $ 0.3 | 1.9 | 0.8 | 15 | (8.4) | 8.4 | 5.4 | 13.5 | 18 | 18.9 | (1.8) | ||||
Net income (loss) attributable to Ryerson Holding Corporation | $ 1.7 | $ 0.6 | $ 14.8 | $ (8.6) | $ 8.2 | $ 5.6 | $ 13.5 | $ 17.1 | $ 18.7 | $ (0.5) | |||||
Basic earnings (loss) per share | $ 0.05 | $ 0.02 | $ 0.40 | $ (0.23) | $ 0.23 | $ 0.17 | $ 0.42 | $ 0.46 | $ 0.55 | $ (0.02) | |||||
Diluted earnings (loss) per share | $ 0.05 | $ 0.02 | $ 0.40 | $ (0.23) | $ 0.23 | $ 0.17 | $ 0.42 | $ 0.46 | $ 0.54 | $ (0.02) | |||||
[1] | Included in the second quarter 2017 results is a $0.2 million charge due to an other-than-temporary impairment recognized on an available-for-sale investment. | ||||||||||||||
[2] | Included in the fourth quarter 2016 results is a $1.5 million loss on repurchase of debt. The fourth quarter of 2016 also included a $1.9 million charge due to an other-than-temporary-impairment recognized on an available-for-sale investment. | ||||||||||||||
[3] | Included in the second quarter 2016 results is a $15.1 million loss on the repurchase of debt. The second quarter of 2016 also included a $2.8 million charge due to an other-than-temporary-impairment recognized on an available-for-sale investment. | ||||||||||||||
[4] | Included in the first quarter 2016 results is an $8.2 million gain on the repurchase of debt. |
Summary by Quarter (Parenthetic
Summary by Quarter (Parenthetical) (Detail) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||
Jun. 30, 2017 | Dec. 31, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Supplemental Financial Information [Abstract] | |||||||
Gain (Loss) on repurchase of debt Instrument | $ (1.5) | $ (15.1) | $ 8.2 | ||||
Other than temporary impairment | $ 0.2 | $ 1.9 | $ 2.8 | $ 0.2 | $ 4.7 | $ 12.3 |
Condensed Statements of Operati
Condensed Statements of Operations (Detail) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||||||||||||
Sep. 30, 2017 | Jun. 30, 2017 | [1] | Mar. 31, 2017 | Dec. 31, 2016 | [2] | Sep. 30, 2016 | Jun. 30, 2016 | [3] | Mar. 31, 2016 | [4] | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Condensed Financial Statements Captions [Line Items] | ||||||||||||||
Provision (benefit) for income taxes | $ (1.3) | $ 7.2 | $ 3.7 | |||||||||||
Net income (loss) attributable to Ryerson Holding Corporation | $ 1.7 | $ 0.6 | $ 14.8 | $ (8.6) | $ 8.2 | $ 5.6 | $ 13.5 | 17.1 | 18.7 | (0.5) | ||||
Parent [Member] | ||||||||||||||
Condensed Financial Statements Captions [Line Items] | ||||||||||||||
Administrative and other expenses | (0.8) | (0.8) | (0.9) | |||||||||||
Interest income on intercompany loans | 6.5 | |||||||||||||
Equity in income of subsidiaries | 23.6 | 3.4 | 10.2 | |||||||||||
Income before income taxes | 29.3 | 2.6 | 9.3 | |||||||||||
Provision (benefit) for income taxes | 12.2 | (16.1) | 9.8 | |||||||||||
Net income (loss) attributable to Ryerson Holding Corporation | $ 17.1 | $ 18.7 | $ (0.5) | |||||||||||
[1] | Included in the second quarter 2017 results is a $0.2 million charge due to an other-than-temporary impairment recognized on an available-for-sale investment. | |||||||||||||
[2] | Included in the fourth quarter 2016 results is a $1.5 million loss on repurchase of debt. The fourth quarter of 2016 also included a $1.9 million charge due to an other-than-temporary-impairment recognized on an available-for-sale investment. | |||||||||||||
[3] | Included in the second quarter 2016 results is a $15.1 million loss on the repurchase of debt. The second quarter of 2016 also included a $2.8 million charge due to an other-than-temporary-impairment recognized on an available-for-sale investment. | |||||||||||||
[4] | Included in the first quarter 2016 results is an $8.2 million gain on the repurchase of debt. |
Condensed Statements of Compreh
Condensed Statements of Comprehensive Income (Detail) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||||||||||||
Sep. 30, 2017 | Jun. 30, 2017 | [1] | Mar. 31, 2017 | Dec. 31, 2016 | [2] | Sep. 30, 2016 | Jun. 30, 2016 | [3] | Mar. 31, 2016 | [4] | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Condensed Financial Statements Captions [Line Items] | ||||||||||||||
Net income (loss) | $ 1.7 | $ 0.6 | $ 14.8 | $ (8.6) | $ 8.2 | $ 5.6 | $ 13.5 | $ 17.1 | $ 18.7 | $ (0.5) | ||||
Other comprehensive income (loss), before tax: | ||||||||||||||
Foreign currency translation adjustments | 5.6 | 1.1 | (12.9) | |||||||||||
Gain (loss) on intra-entity foreign currency transactions | 3.2 | 1.3 | (8.6) | |||||||||||
Unrealized loss on available-for-sale investment | (0.3) | (1.8) | (8.9) | |||||||||||
Other-than-temporary impairment on available-for-sale investment | 0.2 | 4.7 | 12.3 | |||||||||||
Liquidation of investment in foreign entity | 1.3 | |||||||||||||
Gain on cash flow hedges | 1 | |||||||||||||
Changes in defined benefit pension and other post-retirement benefit plans | 18 | (10.6) | 7.8 | |||||||||||
Other comprehensive income (loss), before tax | 27.7 | (4) | (10.3) | |||||||||||
Income tax provision (benefit) related to items of other comprehensive income (loss) | 6 | (3.3) | 5.8 | |||||||||||
Comprehensive income (loss) attributable to Ryerson Holding Corporation | 38.6 | 17.9 | (16.1) | |||||||||||
Parent [Member] | ||||||||||||||
Condensed Financial Statements Captions [Line Items] | ||||||||||||||
Net income (loss) | 17.1 | 18.7 | (0.5) | |||||||||||
Other comprehensive income (loss), before tax: | ||||||||||||||
Foreign currency translation adjustments | 5.4 | 1.1 | (12.4) | |||||||||||
Gain (loss) on intra-entity foreign currency transactions | 3.2 | 1.3 | (8.6) | |||||||||||
Unrealized loss on available-for-sale investment | (0.3) | (1.8) | (8.9) | |||||||||||
Other-than-temporary impairment on available-for-sale investment | 0.2 | 4.7 | 12.3 | |||||||||||
Liquidation of investment in foreign entity | 1.2 | |||||||||||||
Gain on cash flow hedges | 1 | |||||||||||||
Changes in defined benefit pension and other post-retirement benefit plans | 18 | (10.6) | 7.8 | |||||||||||
Other comprehensive income (loss), before tax | 27.5 | (4.1) | (9.8) | |||||||||||
Income tax provision (benefit) related to items of other comprehensive income (loss) | 6 | (3.3) | 5.8 | |||||||||||
Comprehensive income (loss) attributable to Ryerson Holding Corporation | $ 38.6 | $ 17.9 | $ (16.1) | |||||||||||
[1] | Included in the second quarter 2017 results is a $0.2 million charge due to an other-than-temporary impairment recognized on an available-for-sale investment. | |||||||||||||
[2] | Included in the fourth quarter 2016 results is a $1.5 million loss on repurchase of debt. The fourth quarter of 2016 also included a $1.9 million charge due to an other-than-temporary-impairment recognized on an available-for-sale investment. | |||||||||||||
[3] | Included in the second quarter 2016 results is a $15.1 million loss on the repurchase of debt. The second quarter of 2016 also included a $2.8 million charge due to an other-than-temporary-impairment recognized on an available-for-sale investment. | |||||||||||||
[4] | Included in the first quarter 2016 results is an $8.2 million gain on the repurchase of debt. |
Condensed Statements of Cash Fl
Condensed Statements of Cash Flows (Detail) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||||||||||||
Sep. 30, 2017 | Jun. 30, 2017 | [1] | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | [3] | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |||
Operating Activities: | ||||||||||||||
Net income (loss) | $ 1.7 | $ 0.6 | $ 14.8 | $ (8.6) | [2] | $ 8.2 | $ 5.6 | $ 13.5 | [4] | $ 17.1 | $ 18.7 | $ (0.5) | ||
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ||||||||||||||
Deferred income taxes | (9.2) | 4.7 | 3.2 | |||||||||||
Decrease in accounts payable | 58.3 | 20.5 | (12.4) | |||||||||||
Increase (decrease) in accrued liabilities | 4.6 | (5.2) | (20.2) | |||||||||||
Net adjustments | (20.1) | 6 | 260.7 | |||||||||||
Net cash provided by (used in) operating activities | (2.1) | 24.9 | 258.9 | |||||||||||
Investing Activities: | ||||||||||||||
Net cash used in investing activities | (71.7) | (20.7) | (18) | |||||||||||
Financing activities: | ||||||||||||||
Net proceeds from issuance of common stock | 71.5 | |||||||||||||
Net cash provided by (used in) financing activities | 66.6 | 12.4 | (232) | |||||||||||
Net change in cash and cash equivalents | (3.3) | 17.5 | 3.2 | |||||||||||
Cash and cash equivalents—beginning of period | $ 80.7 | $ 63.2 | 80.7 | 63.2 | 60 | |||||||||
Cash and cash equivalents—end of period | $ 80.7 | 77.4 | 80.7 | 63.2 | ||||||||||
Parent [Member] | ||||||||||||||
Operating Activities: | ||||||||||||||
Net income (loss) | 17.1 | 18.7 | (0.5) | |||||||||||
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ||||||||||||||
Equity in earnings of subsidiaries | (23.6) | (3.4) | (10.2) | |||||||||||
Deferred income taxes | 12.2 | (16.1) | 9.3 | |||||||||||
(Increase) decrease in receivables/payables from subsidiaries | (5.6) | 1.5 | 11.4 | |||||||||||
Decrease in other assets | 0.2 | |||||||||||||
Decrease in accounts payable | (10) | |||||||||||||
Increase (decrease) in accrued liabilities | (0.5) | 0.1 | ||||||||||||
Net adjustments | (17) | (18.5) | 0.8 | |||||||||||
Net cash provided by (used in) operating activities | 0.1 | 0.2 | 0.3 | |||||||||||
Investing Activities: | ||||||||||||||
Investment in subsidiaries | (11.4) | |||||||||||||
Loan to related company | (71.7) | |||||||||||||
Net cash used in investing activities | (71.7) | (11.4) | ||||||||||||
Financing activities: | ||||||||||||||
Net proceeds from issuance of common stock | 71.5 | |||||||||||||
Net cash provided by (used in) financing activities | $ 71.5 | |||||||||||||
Net change in cash and cash equivalents | 0.1 | (11.1) | ||||||||||||
Cash and cash equivalents—beginning of period | $ 11.1 | |||||||||||||
Cash and cash equivalents—end of period | $ 0.1 | |||||||||||||
[1] | Included in the second quarter 2017 results is a $0.2 million charge due to an other-than-temporary impairment recognized on an available-for-sale investment. | |||||||||||||
[2] | Included in the fourth quarter 2016 results is a $1.5 million loss on repurchase of debt. The fourth quarter of 2016 also included a $1.9 million charge due to an other-than-temporary-impairment recognized on an available-for-sale investment. | |||||||||||||
[3] | Included in the second quarter 2016 results is a $15.1 million loss on the repurchase of debt. The second quarter of 2016 also included a $2.8 million charge due to an other-than-temporary-impairment recognized on an available-for-sale investment. | |||||||||||||
[4] | Included in the first quarter 2016 results is an $8.2 million gain on the repurchase of debt. |
Condensed Statements of Balance
Condensed Statements of Balance Sheets (Detail) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Assets | ||||
Cash and cash equivalents | $ 77.4 | $ 80.7 | $ 63.2 | $ 60 |
Receivable from subsidiaries | 376.3 | 326 | ||
Total current assets | 1,103.9 | 997.8 | ||
Deferred income taxes | 17.9 | 24.4 | ||
Total assets | 1,711.9 | 1,558.7 | ||
Liabilities | ||||
Total current liabilities | 402.7 | 332.4 | ||
Total liabilities | 1,719.3 | 1,608 | ||
Ryerson Holding Corporation Stockholders’ equity (deficit) | ||||
Preferred stock, value | ||||
Common stock, value | 0.4 | 0.4 | ||
Capital in excess of par value | 377.6 | 375.4 | ||
Accumulated deficit | (95.1) | (112.2) | ||
Treasury stock at cost - Common stock, value | (6.6) | (6.6) | ||
Accumulated other comprehensive loss | (286.3) | (307.8) | ||
Total Ryerson Holding Corporation stockholders’ equity (deficit) | (10) | (50.8) | ||
Total liabilities and equity | 1,711.9 | 1,558.7 | ||
Parent [Member] | ||||
Assets | ||||
Cash and cash equivalents | 0.1 | $ 11.1 | ||
Receivable from subsidiaries | 4.1 | |||
Total current assets | 4.2 | |||
Long-term receivable from subsidiaries | 71.7 | 71.7 | ||
Deferred income taxes | 33.8 | 46 | ||
Total assets | 109.7 | 117.7 | ||
Liabilities | ||||
Accrued liabilities | 0.1 | 0.1 | ||
Payable to subsidiaries | 1.5 | |||
Total current liabilities | 0.1 | 1.6 | ||
Dividends in excess of investment in subsidiaries | 119.6 | 166.9 | ||
Total liabilities | 119.7 | 168.5 | ||
Ryerson Holding Corporation Stockholders’ equity (deficit) | ||||
Preferred stock, value | ||||
Common stock, value | 0.4 | 0.4 | ||
Capital in excess of par value | 377.6 | 375.4 | ||
Accumulated deficit | (95.1) | (112.2) | ||
Treasury stock at cost - Common stock, value | (6.6) | (6.6) | ||
Accumulated other comprehensive loss | (286.3) | (307.8) | ||
Total Ryerson Holding Corporation stockholders’ equity (deficit) | (10) | (50.8) | ||
Total liabilities and equity | $ 109.7 | $ 117.7 |
Condensed Statements of Bala106
Condensed Statements of Balance Sheets (Parenthetical) (Detail) - $ / shares | Dec. 31, 2017 | Dec. 31, 2016 | Jul. 16, 2007 |
Condensed Financial Statements Captions [Line Items] | |||
Preferred stock, par value | $ 0.01 | $ 0.01 | |
Preferred stock, shares authorized | 7,000,000 | 7,000,000 | |
Preferred stock, shares issued | 0 | 0 | |
Common stock, par value | $ 0.01 | $ 0.01 | |
Common stock, shares authorized | 100,000,000 | 100,000,000 | |
Common stock, shares issued | 37,421,081 | 37,345,117 | 21,250,000 |
Treasury stock at cost - Common stock, shares | 212,500 | 212,500 | |
Parent [Member] | |||
Condensed Financial Statements Captions [Line Items] | |||
Preferred stock, par value | $ 0.01 | $ 0.01 | |
Preferred stock, shares authorized | 7,000,000 | 7,000,000 | |
Preferred stock, shares issued | 0 | 0 | |
Common stock, par value | $ 0.01 | $ 0.01 | |
Common stock, shares authorized | 100,000,000 | 100,000,000 | |
Common stock, shares issued | 37,421,081 | 37,345,117 | |
Treasury stock at cost - Common stock, shares | 212,500 | 212,500 |
Condensed Financial Information
Condensed Financial Information of Registrant (Dividends from Subsidiaries) - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Parent [Member] | |||
Dividend Declared And Paid [Line Items] | |||
Cash dividends paid | $ 0 | $ 0 | $ 0 |
Valuation and Qualifying Accoun
Valuation and Qualifying Accounts - Valuation and Qualifying Accounts (Detail) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | ||
Allowance for Doubtful Accounts [Member] | ||||
Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Balance at Beginning of Period | $ 4.6 | $ 5.2 | $ 5.3 | |
Additions Charged (Credited) to Income | 1.5 | 3.1 | 2.3 | |
Deductions from Reserves | [1] | (1.2) | (3.7) | (2.4) |
Balance at End of Period | 4.9 | 4.6 | 5.2 | |
Valuation Allowance Deferred Tax Assets [Member] | ||||
Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Balance at Beginning of Period | 20 | 22.6 | 22.5 | |
Additions Charged (Credited) to Income | 4.4 | (2.6) | 0.1 | |
Balance at End of Period | $ 24.4 | $ 20 | $ 22.6 | |
[1] | Bad debts written off during the year. |