Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2018 | Apr. 30, 2018 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2018 | |
Document Fiscal Year Focus | 2,018 | |
Document Fiscal Period Focus | Q1 | |
Trading Symbol | RYI | |
Entity Registrant Name | RYERSON HOLDING CORPORATION | |
Entity Central Index Key | 1,481,582 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 37,295,942 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Statement Of Income And Comprehensive Income [Abstract] | ||
Net sales | $ 941.3 | $ 814.5 |
Cost of materials sold | 776.4 | 653.9 |
Gross profit | 164.9 | 160.6 |
Warehousing, delivery, selling, general, and administrative | 130.5 | 119.4 |
Operating profit | 34.4 | 41.2 |
Other income and (expense), net | 3.6 | 2.4 |
Interest and other expense on debt | (23.3) | (21.8) |
Income before income taxes | 14.7 | 21.8 |
Provision for income taxes | 4.1 | 6.8 |
Net income | 10.6 | 15 |
Less: Net income attributable to noncontrolling interest | 0.2 | 0.2 |
Net income attributable to Ryerson Holding Corporation | 10.4 | 14.8 |
Comprehensive income | 9.6 | 16.3 |
Less: Comprehensive income attributable to noncontrolling interest | 0.2 | 0.5 |
Comprehensive income attributable to Ryerson Holding Corporation | $ 9.4 | $ 15.8 |
Basic and diluted earnings per share | $ 0.28 | $ 0.40 |
Condensed Consolidated Stateme3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Operating activities: | ||
Net income | $ 10.6 | $ 15 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ||
Depreciation and amortization | 11.5 | 10.7 |
Stock-based compensation | 0.7 | 0.3 |
Deferred income taxes | 3 | 6.6 |
Provision for allowances, claims and doubtful accounts | 1.2 | 0.3 |
Non-cash loss from derivatives | 0.8 | 0.1 |
Other items | (0.1) | (0.2) |
Change in operating assets and liabilities: | ||
Receivables | (95.7) | (81.9) |
Inventories | (62) | (52.8) |
Other assets | 6.3 | 1 |
Accounts payable | 145.4 | 60.1 |
Accrued liabilities | 18.3 | 16.2 |
Accrued taxes payable/receivable | 0.6 | (1.2) |
Deferred employee benefit costs | (8.9) | (6.9) |
Net adjustments | 21.1 | (47.7) |
Net cash provided by (used in) operating activities | 31.7 | (32.7) |
Investing activities: | ||
Acquisitions, net of cash acquired | (49.4) | |
Capital expenditures | (7.6) | (4) |
Proceeds from sale of property, plant, and equipment | 0.1 | 1.7 |
Net cash used in investing activities | (7.5) | (51.7) |
Financing activities: | ||
Repayment of debt | (0.1) | |
Net proceeds (repayments) of short-term borrowings | (12.4) | 26.8 |
Net increase (decrease) in book overdrafts | (17.4) | 41.8 |
Principal payments on capital lease obligations | (3.1) | (2.8) |
Proceeds from sale-leaseback transactions | 9.7 | |
Net cash provided by (used in) financing activities | (33) | 75.5 |
Net decrease in cash, cash equivalents, and restricted cash | (8.8) | (8.9) |
Effect of exchange rate changes on cash, cash equivalents, and restricted cash | (0.9) | 0.5 |
Net change in cash, cash equivalents, and restricted cash | (9.7) | (8.4) |
Cash, cash equivalents, and restricted cash—beginning of period | 78.5 | 81.7 |
Cash, cash equivalents, and restricted cash—end of period | 68.8 | 73.3 |
Cash paid during the period for: | ||
Interest paid to third parties | 3.9 | 2.5 |
Income taxes, net | 0.6 | 0.7 |
Noncash investing activities: | ||
Asset additions under capital leases and sale-leasebacks | 1.9 | $ 15.2 |
Asset additions under financing arrangements | $ 0.3 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Millions | Mar. 31, 2018 | Dec. 31, 2017 |
Current assets: | ||
Cash and cash equivalents | $ 67.7 | $ 77.4 |
Restricted cash | 1.1 | 1.1 |
Receivables less provision for allowances, claims and doubtful accounts | 473.6 | 376.3 |
Inventories | 669.5 | 616.5 |
Prepaid expenses and other current assets | 37.5 | 32.6 |
Total current assets | 1,249.4 | 1,103.9 |
Property, plant, and equipment, at cost | 752.9 | 742.7 |
Less: Accumulated depreciation | 330.5 | 319.8 |
Property, plant and equipment, net | 422.4 | 422.9 |
Deferred income taxes | 13.7 | 17.9 |
Other intangible assets | 45.3 | 46.9 |
Goodwill | 115.3 | 115.3 |
Deferred charges and other assets | 6 | 5 |
Total assets | 1,852.1 | 1,711.9 |
Current liabilities: | ||
Accounts payable | 402.5 | 275 |
Salaries, wages, and commissions | 37.2 | 40.3 |
Other accrued liabilities | 84.6 | 58.4 |
Short-term debt | 30.3 | 21.3 |
Current portion of deferred employee benefits | 7.7 | 7.7 |
Total current liabilities | 562.3 | 402.7 |
Long-term debt | 1,004.2 | 1,024.4 |
Deferred employee benefits | 233 | 243.5 |
Other noncurrent liabilities | 47.4 | 48.7 |
Total liabilities | 1,846.9 | 1,719.3 |
Commitments and contingencies | ||
Ryerson Holding Corporation stockholders’ equity (deficit): | ||
Preferred stock, value | ||
Common stock, value | 0.4 | 0.4 |
Capital in excess of par value | 378.3 | 377.6 |
Accumulated deficit | (81.4) | (95.1) |
Treasury stock at cost - Common stock, value | (6.6) | (6.6) |
Accumulated other comprehensive loss | (288.3) | (286.3) |
Total Ryerson Holding Corporation stockholders’ equity (deficit) | 2.4 | (10) |
Noncontrolling interest | 2.8 | 2.6 |
Total equity (deficit) | 5.2 | (7.4) |
Total liabilities and equity | $ 1,852.1 | $ 1,711.9 |
Condensed Consolidated Balance5
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions | Mar. 31, 2018 | Dec. 31, 2017 |
Statement Of Financial Position [Abstract] | ||
Receivables, provision for allowances, claims and doubtful accounts | $ 2 | $ 4.9 |
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 | 37,421,081 |
Treasury stock at cost - Common stock, shares | 212,500 | 212,500 |
Financial Statements
Financial Statements | 3 Months Ended |
Mar. 31, 2018 | |
Accounting Policies [Abstract] | |
Financial Statements | NOTE 1: FINANCIAL STATEMENTS Ryerson Holding Corporation (“Ryerson Holding”), a Delaware corporation, is the parent company of Joseph T. Ryerson & Son, Inc. (“JT Ryerson”), a Delaware corporation. Affiliates of Platinum Equity, LLC (“Platinum”) own approximately 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 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.” Results of operations for any interim period are not necessarily indicative of results of any other periods or for the year. The condensed consolidated financial statements as of March 31, 2018 and for the three months ended March 31, 2018 and 2017 are unaudited, but in the opinion of management, include all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of results for such periods. The year-end condensed consolidated balance sheet data contained in this report was derived from audited financial statements, but does not include all disclosures required by accounting principles generally accepted in the United States of America. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and related notes contained in the Company’s Annual Report on Form 10-K for the year ended December 31, 2017. |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 3 Months Ended |
Mar. 31, 2018 | |
New Accounting Pronouncements And Changes In Accounting Principles [Abstract] | |
Recent Accounting Pronouncements | NOTE 2: RECENT ACCOUNTING PRONOUNCEMENTS Impact of Recently Issued Accounting Standards—Adopted In May 2014, the FASB issued ASU 2014-09, “ Revenue from Contracts with Customers, Revenue from Contracts with Customers Revenue Recognition In January 2016, the FASB issued ASU 2016-01, “ Financial Instruments – Overall: Recognition and Measurement of Financial Assets and Financial Liabilities Technical corrections and improvements to Financial Instruments – Overall (Subtopic 825-10) – 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. We adopted this guidance for our fiscal year beginning January 1, 2018. The adoption of this guidance resulted in a reclassification of $1.0 million from accumulated other comprehensive income to retained earnings. 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. In October 2016, the FASB issued ASU 2016-16, “ Income Taxes – Intra-Entity Transfers of Assets Other Than Inventory ” . The adoption of this guidance did not have an impact on our consolidated financial statements. In November 2016, the FASB issued ASU 2016-18 “ Statement of Cash Flows – Restricted Cash using a retrospective transition method to each period presented The adoption of this guidance did not have a material impact on our consolidated financial statements. The previous disclosure for restricted cash within investing activities was removed and the beginning and ending balances of restricted cash are now included in the cash and cash-equivalents balances in our Condensed Consolidated Statements of Cash Flows. There was no impact on the cash flows from operations. See Note 3: Cash, Cash Equivalents, and Restricted Cash for additional required disclosures. 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 Impact of Recently Issued Accounting Standards—Not Yet Adopted 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. Entities are required to use a modified retrospective approach for leases that exist or are entered into after the beginning of the earliest comparative period in the financial statements, and have the option to use certain relief. Early adoption is permitted. The FASB recently proposed an optional transition alternative, currently subject to approval, which would allow for application of the guidance at the beginning of the period in which it is adopted, rather than at the beginning of the earliest comparative period presented. We will adopt this guidance for our fiscal year beginning January 1, 2019. The Company has established a cross-functional project team to implement the updated lease guidance and is in the process of evaluating existing contracts for embedded leases and implementing a lease software to be used for lease tracking and reporting. We are still assessing the impact of adoption on our consolidated financial statements and will assess the method of transition if the optional transition alternative is formally approved. 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 February 2018, the FASB issued ASU 2018-02, “ Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income |
Cash, Cash Equivalents, and Res
Cash, Cash Equivalents, and Restricted Cash | 3 Months Ended |
Mar. 31, 2018 | |
Cash And Cash Equivalents [Abstract] | |
Cash, Cash Equivalents, and Restricted Cash | NOTE 3: CASH, CASH EQUIVALENTS, AND RESTRICTED CASH The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the Condensed Consolidated Balance Sheets that sum to the total of the beginning and ending cash balances shown in the Condensed Consolidated Statements of Cash Flows: March 31, December 31, 2018 2017 (In millions) Cash and cash equivalents $ 67.7 $ 77.4 Restricted cash 1.1 1.1 Total cash, cash equivalents, and restricted cash $ 68.8 $ 78.5 We have cash restricted for purposes of covering letters of credit that can be presented for potential insurance claims. |
Inventories
Inventories | 3 Months Ended |
Mar. 31, 2018 | |
Inventory Disclosure [Abstract] | |
Inventories | NOTE 4: INVENTORIES The Company primarily uses the last-in, first-out (LIFO) method of valuing inventory. Interim LIFO calculations are based on actual inventory levels. Inventories, at stated LIFO value, were classified at March 31, 2018 and December 31, 2017 as follows: March 31, December 31, 2018 2017 (In millions) In process and finished products $ 669.5 $ 616.5 If current cost had been used to value inventories, such inventories would have been $59 million The Company has consignment inventory at certain customer locations, which totaled $8.7 million and $8.9 million at March 31, 2018 and December 31, 2017, respectively. |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 3 Months Ended |
Mar. 31, 2018 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | NOTE 5: GOODWILL AND OTHER INTANGIBLE ASSETS Goodwill, which represents the excess of cost over the fair value of net assets acquired, amounted to $115.3 million Intangibles – Goodwill and Other, October 1, 2017, and it Other intangible assets with finite useful lives continue to be amortized over their useful lives. During the first three months of 2017, we recognized $11.5 million in intangibles related to the acquisitions discussed in Note 6: Acquisitions. We review the recoverability of our long-lived assets whenever events or changes in circumstances indicate the carrying amount of such assets may not be recoverable. |
Acquisitions
Acquisitions | 3 Months Ended |
Mar. 31, 2018 | |
Business Combinations [Abstract] | |
Acquisitions | NOTE 6: ACQUISITIONS 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. On February 15, 2017, Ryerson Holding acquired Guy Metals, Inc. (“Guy Metals”), . The acquisition is not material to our consolidated financial statements. |
Long-Term Debt
Long-Term Debt | 3 Months Ended |
Mar. 31, 2018 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | NOTE 7: LONG-TERM DEBT Long-term debt consisted of the following at March 31, 2018 and December 31, 2017: March 31, December 31, 2018 2017 (In millions) Ryerson Credit Facility $ 366.2 $ 384.2 11.00% Senior Secured Notes due 2022 650.0 650.0 Foreign debt 26.9 21.3 Other debt 4.2 3.9 Unamortized debt issuance costs and discounts (12.8 ) (13.7 ) Total debt 1,034.5 1,045.7 Less: Short-term foreign debt 26.9 21.3 Less: Other short-term debt 3.4 — Total long-term debt $ 1,004.2 $ 1,024.4 Ryerson Credit Facility O n 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 March 31, 2018 , Ryerson had $366.2 million of outstanding borrowings, $12 million of letters of credit issued, and $323 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 3.0 percent and 2.8 percent at March 31, 2018 and December 31, 2017, 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 Condensed Consolidated Statements of Cash Flows represent borrowings under the Ryerson 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. Foreign Debt At March 31, 2018, Ryerson China’s foreign borrowings were $26.9 million, which were owed to banks in Asia at a weighted average interest rate of 3.9% per annum and secured by inventory and property, plant, and equipment. At December 31, 2017, Ryerson China’s foreign borrowings were $21.3 million rate of 3.7% Availability under the foreign credit lines was $19 million and $25 million at March 31, 2018 and December 31, 2017, respectively. Letters of credit issued by our foreign subsidiaries were $5 million and $3 million at March 31, 2018 and December 31, 2017, respectively. |
Employee Benefits
Employee Benefits | 3 Months Ended |
Mar. 31, 2018 | |
Compensation And Retirement Disclosure [Abstract] | |
Employee Benefits | NOTE 8: EMPLOYEE BENEFITS The following table summarizes the components of net periodic benefit (credit) cost for the three months ended March 31, 2018 and 2017 for the Ryerson pension plans and postretirement benefits other than pension: Three Months Ended March 31, Pension Benefits Other Benefits 2018 2017 2018 2017 (In millions) Components of net periodic benefit (credit) cost Interest cost $ 6 $ 7 $ 1 $ 1 Expected return on assets (10 ) (10 ) — — Recognized actuarial (gain) loss 4 3 (2 ) (2 ) Amortization of prior service credit — — (1 ) (1 ) Net periodic benefit credit $ — $ — $ (2 ) $ (2 ) The Company has contributed $5 million to the pension plan fund through the three months ended March 31, 2018 and anticipates that it will have a minimum required pension contribution funding of approximately $23 million for the remaining nine months of 2018. |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2018 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | NOTE 9: COMMITMENTS AND CONTINGENCIES 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 its 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 other claims and pending actions against the Company. The amount of liability, if any, for those claims and actions at March 31, 2018 is not determinable but, in the opinion of management, such liability, if any, will not have a material adverse effect on the Company’s financial position, results of operations, or cash flows. We maintain liability insurance coverage to assist in protecting our assets from losses arising from or related to activities associated with business operations. |
Derivatives and Fair Value Meas
Derivatives and Fair Value Measurements | 3 Months Ended |
Mar. 31, 2018 | |
Investments All Other Investments [Abstract] | |
Derivatives and Fair Value Measurements | NOTE 10: 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 March 31, 2018 was an asset of $1.9 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 Condensed Consolidated Balance Sheets as of March 31, 2018 and December 31, 2017: Asset Derivatives Liability Derivatives Balance Sheet Location March 31, 2018 December 31, 2017 Balance Sheet Location March 31, 2018 December 31, 2017 (In millions) Derivatives not designated as hedging instruments under ASC 815 Metal commodity contracts Prepaid expenses and other current assets $ 1.9 $ 2.8 Other accrued liabilities $ 3.8 $ 3.9 Foreign exchange contracts Prepaid expenses and other current assets 0.2 0.1 Other accrued liabilities — — Derivatives designated as hedging instruments under ASC 815 Interest rate swaps Deferred charges and other assets 1.9 1.0 Taxes and other credits — — Total derivatives $ 4.0 $ 3.9 $ 3.8 $ 3.9 As of March 31, 2018 and December 31, 2017, the Company’s foreign currency exchange contracts had a U.S. dollar notional amount of $5.5 million and $5.1 million tons The following table summarizes the location and amount of gains and losses on derivatives not designated as hedging instruments reported in our Condensed Consolidated Statements of Comprehensive Income for the three months ended March 31, 2018 and 2017: Amount of Gain/(Loss) Recognized in Income on Derivatives Derivatives not designated as hedging instruments Location of Gain/(Loss) Recognized in Income Three Months Ended March 31, under ASC 815 on Derivatives 2018 2017 (In millions) Metal commodity contracts Cost of materials sold $ (0.4 ) $ 1.3 Foreign exchange contracts Other income and (expense), net 0.2 — Total $ (0.2 ) $ 1.3 The total amount of gains and losses on derivatives designated as hedging instruments reported within interest and other expense on debt in our Condensed Consolidated Statement of Comprehensive Income for the three months ended March 31, 2018 and 2017 was zero. As of March 31, 2018, the portion of the interest rate swap fair value that would be reclassified into earnings during the next 12 months as interest income is approximately $0.7 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 Condensed Consolidated Balance Sheet on a recurring basis and their level within the fair value hierarchy as of March 31, 2018: At March 31, 2018 Level 1 Level 2 Level 3 (In millions) Assets Prepaid and other current assets: Equity securities $ 0.1 $ — $ — Derivatives: Derivatives not designated as hedging instruments under ASC 815: Metal commodity contracts $ — $ 1.9 $ — Foreign exchange contracts — 0.2 — Derivatives designated as hedging instruments under ASC 815: Interest rate swaps — 1.9 — Total derivatives $ — $ 4.0 $ — Liabilities Derivatives: Derivatives not designated as hedging instruments under ASC 815: Metal commodity contracts $ — $ 3.8 $ — The following table presents assets and liabilities measured and recorded at fair value on our Condensed Consolidated Balance Sheet on a recurring basis and their level within the fair value hierarchy as of December 31, 2017: At December 31, 2017 Level 1 Level 2 Level 3 (In millions) Assets Prepaid and other current assets: Equity securities $ 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 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. 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 The carrying and estimated fair values of our financial instruments at March 31, 2018 and December 31, 2017 were as follows: At March 31, 2018 At December 31, 2017 Carrying Amount Fair Value Carrying Amount Fair Value (In millions) Cash and cash equivalents $ 67.7 $ 67.7 $ 77.4 $ 77.4 Restricted cash 1.1 1.1 1.1 1.1 Receivables less provision for allowances, claims, and doubtful accounts 473.6 473.6 376.3 376.3 Accounts payable 402.5 402.5 275.0 275.0 Long-term debt, including current portion 1,034.5 1,102.0 1,045.7 1,125.9 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). Equity Securities The Company had $0.1 million of equity securities, classified within “Prepaid expenses and other current assets,” as of March 31, 2018 and December 31, 2017. Subsequent to the adoption of ASU 2016-01, management values these investments at fair value with changes in fair value recognized in other income (expense), net. The amount of gain (loss) recognized in the Condensed Consolidated Statement of Comprehensive Income in the three months ended March 31, 2018 was zero. Prior to the adoption of ASU 2016-01, management valued these investments at fair value with changes in fair value recognized in accumulated other comprehensive income. The $1.0 million balance outstanding within accumulated other comprehensive income related to these investments at December 31, 2017 was reclassed to retained earnings upon adoption of ASU 2016-01. There is no maturity date for these investments. Sales during the three months ended March 31, 2018 were immaterial. |
Stockholders' Equity (Deficit),
Stockholders' Equity (Deficit), Accumulated Other Comprehensive Income (Loss) and Noncontrolling Interest | 3 Months Ended |
Mar. 31, 2018 | |
Equity [Abstract] | |
Stockholders' Equity (Deficit), Accumulated Other Comprehensive Income (Loss) and Noncontrolling Interest | NOTE 11: STOCKHOLDERS’ EQUITY (DEFICIT), ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS), AND NONCONTROLLING INTEREST The following table details changes in these accounts: Ryerson Holding Corporation Stockholders' Equity (Deficit) Accumulated Other Comprehensive Income (Loss) Common Stock Treasury Stock Capital in Excess of Par Value Accumulated Deficit Foreign Currency Translation Benefit Plan Liabilities Unrealized Gain (Loss) on Equity Securities Cash Flow Hedge- Interest Rate Swap Non-controlling Interest Total Equity Shares Dollars Shares Dollars Dollars Dollars Dollars Dollars Dollars Dollars Dollars Dollars (In millions, except shares in thousands) Balance at January 1, 2018 37,421 $ 0.4 213 $ (6.6 ) $ 377.6 $ (95.1 ) $ (41.6 ) $ (246.3 ) $ 1.0 $ 0.6 $ 2.6 $ (7.4 ) Net income — — — — — 10.4 — — — — 0.2 10.6 Foreign currency translation — — — — — — (1.4 ) — — — — (1.4 ) 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 of $0.3 — — — — — — — 1.0 — — — 1.0 Adoption of accounting principal ASU 2016-01 — — — — — 1.0 — — (1.0 ) — — — Adoption of accounting principal ASC 606, net of tax of $0.7 — — — — — 2.3 — — — — — 2.3 Stock-based compensation expense — — — — 0.7 — — — — — — 0.7 Cash flow hedge - interest rate swap, net of tax of $0.5 — — — — — — — — — 0.7 — 0.7 Balance at March 31, 2018 37,421 $ 0.4 213 $ (6.6 ) $ 378.3 $ (81.4 ) $ (44.3 ) $ (245.3 ) $ — $ 1.3 $ 2.8 $ 5.2 The following table details changes in accumulated other comprehensive income (loss), net of tax, for the three months ended March 31, 2018: Changes in Accumulated Other Comprehensive Income (Loss) by Component, net of tax Foreign Currency Translation Benefit Plan Liabilities Cash Flow Hedge - Interest Rate Swap (In millions) Balance at January 1, 2018 $ (41.6 ) $ (246.3 ) $ 0.6 Other comprehensive income (loss) before reclassifications (2.7 ) — 0.7 Amounts reclassified from accumulated other comprehensive income into net income — 1.0 — Net current-period other comprehensive income (loss) (2.7 ) 1.0 0.7 Balance at March 31, 2018 $ (44.3 ) $ (245.3 ) $ 1.3 The following table details the reclassifications out of accumulated other comprehensive income (loss) for the three months ended March 31, 2018 and 2017: Reclassifications Out of Accumulated Other Comprehensive Income (Loss) Amounts reclassified from Accumulated Other Comprehensive Income (Loss) Three Months Ended Affected line item in the Condensed Details about Accumulated Other March 31, 2018 March 31, 2017 Consolidated Statements of Comprehensive Income (Loss) Components (In millions) Comprehensive Income Amortization of defined benefit pension and other post- retirement benefit plan items Actuarial loss $ 2.0 $ 1.6 Warehousing, delivery, selling, general, and administrative Prior service credits (0.7 ) (0.8 ) Warehousing, delivery, selling, general, and administrative Total before tax 1.3 0.8 Tax benefit (0.3 ) (0.3 ) Net of tax $ 1.0 $ 0.5 |
Revenue Recognition
Revenue Recognition | 3 Months Ended |
Mar. 31, 2018 | |
Revenue Recognition [Abstract] | |
Revenue Recognition | NOTE 12: REVENUE RECOGNITION We are a leading metals service center that distributes and provides value-added processing of industrial metals with operations in the United States, Canada, Mexico, and China. We purchase large quantities of metal products from primary producers and sell these materials in smaller quantities to a wide variety of metals-consuming industries. More than 75% of the metals products sold are processed by us by burning, sawing, slitting, blanking, cutting to length, or other techniques. Revenue Accounting Policy In May 2014, the FASB issued ASC 606 which supersedes the revenue recognition requirements in ASC 605, and requires entities to recognize revenue when control of the promised goods or services is transferred to customers at an amount that reflects the consideration to which the entity expects to be entitled to in exchange for those goods or services. The Company adopted ASC $12.3 million. The net impact on retained earnings associated with these revenues was $2.3 million. ASC “ Impacts on Financial Statements Periods prior to January 1, 2018 Revenue is recognized in accordance with ASC 605. Revenue is recognized upon delivery of product to customers and 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. Periods commencing January 1, 2018 Revenue is recognized based on the consideration expected to be received for delivery of as-is or processed metal products when, or as, the Company satisfies its contractual obligation to transfer control of a product to a customer, which we refer to as a performance obligation. Predominately all of our contracts contain a single performance obligation. The majority of our revenue is recognized at a point in time. The Company has determined that the most definitive demonstration that control has transferred to a customer is physical delivery, with the exception of bill and hold and consignment transactions. The Company’s bill-and-hold transactions are arrangements where a customer requests that we bill them for a product even though we retain physical possession of the product until it is subsequently delivered to the customer. Bill and hold revenue is recorded when all of the criteria within ASC Revenues associated with products which we believe have no alternative use, and where the Company has an enforceable right to payment, are recognized on an over time basis . Products with no alternative use include products made from unique alloys, custom extrusions, non-standard gauges, items that been processed to a custom size that cannot be cost effectively reworked to a standard size, or items processed to customer specific drawings or specifications. Over-time revenues Ryerson uses both input and output methods of measuring progress towards completion based on the type and extent of processing completed. Input methods are used for complex processing with multiple steps occurring over multiple days. Under the input method, the measure of performance, commonly called percentage of completion, is t he ratio of costs incurred to date to the total estimated costs at completion for the products. Significant judgment is required in determining which products qualify for over time revenue recognition, the methodology to be used in calculating the progress toward completion, and estimating the costs incurred to date and the total cost at completion. 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. Prices are generally fixed at the time of order confirmation. At each quarter end, the Company calculates an estimate of potential cash discounts and returns and allowances that could be taken by customers that are associated with outstanding accounts receivable, as well as estimates of customer rebates. Cash discounts and returns and allowances are calculated based on historical experience. Customer rebates are estimated based on actual sales and projections over the rebate period. The Company has elected to treat shipping and handling costs as an activity necessary to fulfill the performance obligation to transfer product to the customer and not as a separate performance obligation. Shipping and handling costs are estimated at quarter end in proportion to revenue recognized for transactions where actual costs are not yet known. Shipping and handling costs are included in Warehousing, delivery, selling, general, and administrative expense. The balance recognized related to shipping and handling costs was a net contract asset $0.1 million as of March 31, 2018. The Company’s performance obligations are typically short-term in nature. As a result, the Company has elected the practical expedient that provides an exemption of the disclosure requirements regarding information about remaining performance obligations on contracts that have original expected durations of one year or less. Disaggregated Revenue We have one operating and reportable segment, metals service centers. The Company derives substantially all of its sales from the distribution of metals. The following table shows the Company’s percentage of sales by major product line: Three Months Ended March 31, Product Line 2018 2017 Carbon Steel Flat 27 % 27 % Carbon Steel Plate 10 10 Carbon Steel Long 12 13 Stainless Steel Flat 17 19 Stainless Steel Plate 4 4 Stainless Steel Long 4 4 Aluminum Flat 16 15 Aluminum Plate 3 3 Aluminum Long 5 4 Other 2 1 Total 100 % 100 % A significant majority of the Company’s sales are attributable to its U.S. operations. The only operations attributed to foreign countries relate to the Company’s subsidiaries in Canada, China, and Mexico. The following table summarizes consolidated financial information of our operations by geographic location based on where sales originated: Three Months Ended March 31, Net Sales 2018 2017 (In millions) United States $ 835.3 $ 718.0 Foreign countries 106.0 96.5 Total $ 941.3 $ 814.5 As stated above, revenue is recognized either at a point in time or over time based on the type of product that is being sold to the customer with products that are determined to have no alternative use being recognized over time. The following table summarizes revenues by the type of item sold: Timing of Revenue Recognition Three Months Ended March 31, 2018 Revenue on products with an alternative use 90 % Revenue on products with no alternative use 10 Total 100 % Contract Balances A receivable is recognized in the period in which an invoice is issued, which is generally when the product is delivered to the customer. Payment terms on invoiced amounts are typically 30 days from the invoice date. We do not have any contracts with significant financing components. Receivables, which are included in accounts receivables within the Condensed Consolidated Balance Sheet, from contracts with customers were $475.6 million and $381.2 million as of March 31, 2018 and at the adoption of ASC 606, respectively. Contract assets, which consist primarily of revenues recognized over time that have not yet been invoiced and estimates of the value of inventory that will be received in conjunction with product returns changes in the contract assets and the contract liabilities balances during the period are as follows: Contract Assets Contract Liabilities (In millions) Beginning balance at adoption, January 1, 2018 $ 14.2 $ 3.9 Transferred to receivables from contract assets (10.1 ) — Satisfied contract liability from beginning of the period — (0.2 ) Contract assets added for products with no alternative during the period 8.5 — Changes to reserves 0.2 (1.2 ) Reclass from contract liability to contract asset 1.8 1.8 Ending balance as of March 31, 2018 $ 14.6 $ 4.3 Impacts on Financial Statements The following table summarizes the impacts of adopting ASC As reported March 31, 2018 ASC 606 Adjustments Balances without adoption of ASC 606 (In millions) Net sales $ 941.3 $ 1.6 $ 942.9 Cost of materials sold 776.4 1.8 778.2 Gross profit 164.9 (0.2 ) 164.7 Warehousing, delivery, selling, general, and administrative 130.5 0.2 130.7 Operating profit 34.4 (0.4 ) 34.0 Other income and (expense), net 3.6 — 3.6 Interest and other expense on debt (23.3 ) — (23.3 ) Income before income taxes 14.7 (0.4 ) 14.3 Provision for income taxes 4.1 (0.1 ) 4.0 Net income 10.6 (0.3 ) 10.3 Less: Net income attributable to noncontrolling interest 0.2 — 0.2 Net income attributable to Ryerson Holding Corporation $ 10.4 $ (0.3 ) $ 10.1 Basic and diluted earnings per share $ 0.28 $ (0.01 ) $ 0.27 The following table summarizes the impacts of adopting ASC As reported March 31, 2018 ASC 606 Adjustments Balances without adoption of ASC 606 (In millions) Operating activities: Net income $ 10.6 $ (0.3 ) $ 10.3 Adjustments to reconcile net income to net cash provided by (used in) operating activities: Deferred Income Taxes $ 3.0 $ (0.1 ) 2.9 Other non cash adjustments 14.1 — 14.1 Change in operating assets and liabilities: Receivables (95.7 ) — (95.7 ) Inventories (62.0 ) 1.8 (60.2 ) Other assets 6.3 (1.6 ) 4.7 Accounts payable 145.4 — 145.4 Accrued liabilities 18.3 0.2 18.5 Accrued taxes payable/receivable 0.6 — 0.6 Deferred employee benefit costs (8.9 ) — (8.9 ) Net adjustments 21.1 0.3 21.4 Net cash used in operating activities 31.7 — 31.7 The following table summarizes the impacts of adopting ASC 606 on the Company’s current year Condensed Consolidated Balance Sheet: As reported March 31, 2018 ASC 606 Adjustments Balances without adoption of ASC 606 (In millions) Cash, cash equivalents, and restricted cash $ 68.8 $ — $ 68.8 Accounts receivable, net 473.6 (3.5 ) 470.1 Inventories 669.5 9.1 678.6 Prepaid expenses and other current assets 37.5 (14.5 ) 23.0 Total current assets 1,249.4 (8.9 ) 1,240.5 Property, plant and equipment, net 422.4 — 422.4 Deferred income taxes 13.7 0.8 14.5 Other noncurrent assets 166.6 — 166.6 Total assets $ 1,852.1 $ (8.1 ) $ 1,844.0 Accounts payable $ 402.5 $ — $ 402.5 Salaries, wages and commissions 37.2 — 37.2 Other accrued liabilities 84.6 (5.5 ) 79.1 Short-term debt 30.3 — 30.3 Current portion of deferred employee benefits 7.7 — 7.7 Total current liabilities 562.3 (5.5 ) 556.8 Long-term debt 1,004.2 — 1,004.2 Deferred employee benefits 233.0 — 233.0 Other noncurrent liabilities 47.4 — 47.4 Total liabilities 1,846.9 (5.5 ) 1,841.4 Accumulated deficit (81.4 ) (2.6 ) (84.0 ) Additional paid-in capital, accumulated other comprehensive loss, and noncontrolling interest 86.6 — 86.6 Total equity (deficit) 5.2 (2.6 ) 2.6 Total liabilities and equity $ 1,852.1 $ (8.1 ) $ 1,844.0 |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2018 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | NOTE 13: INCOME TAXES For the three months ended March 31, 2018, the Company recorded an income tax expense of The effective tax rate for the three months ended March 31, 2018 also reflects the reduced federal corporate income tax rate as a result of the enactment of the U.S. Tax Act in December 2017. We continue to analyze the different aspects of the U.S. Tax Act which could potentially affect the provisional estimates that were recorded at December 31, 2017. In accordance with ASC 740, “ Income Taxes this determination, we analyze, among other things, our recent history of earnings, the nature and timing of reversing book-tax temporary differences, tax planning strategies, and future income. The Company maintains a valuation allowance on certain foreign and U.S. federal and state deferred tax assets until such time as in management’s judgment, considering all available positive and negative evidence, the Company determines that these deferred tax assets are more likely than not realizable. The valuation allowance is reviewed quarterly and will be maintained until sufficient positive evidence exists to support the reversal of some or all of the valuation allowance. The valuation allowance was $24.3 million and $24.4 million at March 31, 2018 and December 31, 2017, respectively. The U.S. Tax Cuts and Jobs Act (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, states that an entity can make an accounting policy election to either recognize deferred taxes for temporary basis differences expected to reverse as GILTI in future years or provide for the tax expense related to GILTI in the year the tax is incurred. Given the complexity of the GILTI provisions, we are still evaluating the effects of these provisions. However, at March 31, 2018, we have estimated the income tax expense associated with the current year to be $0.7 million. |
Earnings Per Share
Earnings Per Share | 3 Months Ended |
Mar. 31, 2018 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | NOTE 14: EARNINGS PER SHARE Basic earnings per share attributable to Ryerson Holding’s common stock is determined based on earnings for the period divided by the weighted average number of common shares outstanding during the period. Diluted earnings per share attributable to Ryerson Holding’s common stock considers the effect of potential common shares, unless inclusion of the potential common shares would have an antidilutive effect. The following table sets forth the calculation of basic and diluted earnings per share: Three Months Ended March 31, Basic and diluted earnings per share 2018 2017 (In millions, except share and per share data) Numerator: Net income attributable to Ryerson Holding Corporation $ 10.4 $ 14.8 Denominator: Weighted average shares outstanding 37,208,581 37,132,617 Dilutive effect of stock-based awards 329,979 153,643 Weighted average shares outstanding adjusted for dilutive securities 37,538,560 37,286,260 Earnings per share Basic and diluted $ 0.28 $ 0.40 |
Subsequent Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2018 | |
Subsequent Events [Abstract] | |
Subsequent Events | NOTE 15: SUBSEQUENT EVENTS On April 2, 2018, Ryerson Holding acquired Fanello Industries, a privately owned metal service company located in Lavonia, Georgia. The acquisition is not material to our consolidated financial statements. |
Summary of Accounting and Finan
Summary of Accounting and Financial Policies (Policies) | 3 Months Ended |
Mar. 31, 2018 | |
Accounting Policies [Abstract] | |
Recent Accounting Pronouncements | Impact of Recently Issued Accounting Standards—Adopted In May 2014, the FASB issued ASU 2014-09, “ Revenue from Contracts with Customers, Revenue from Contracts with Customers Revenue Recognition In January 2016, the FASB issued ASU 2016-01, “ Financial Instruments – Overall: Recognition and Measurement of Financial Assets and Financial Liabilities Technical corrections and improvements to Financial Instruments – Overall (Subtopic 825-10) – 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. We adopted this guidance for our fiscal year beginning January 1, 2018. The adoption of this guidance resulted in a reclassification of $1.0 million from accumulated other comprehensive income to retained earnings. 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. In October 2016, the FASB issued ASU 2016-16, “ Income Taxes – Intra-Entity Transfers of Assets Other Than Inventory ” . The adoption of this guidance did not have an impact on our consolidated financial statements. In November 2016, the FASB issued ASU 2016-18 “ Statement of Cash Flows – Restricted Cash using a retrospective transition method to each period presented The adoption of this guidance did not have a material impact on our consolidated financial statements. The previous disclosure for restricted cash within investing activities was removed and the beginning and ending balances of restricted cash are now included in the cash and cash-equivalents balances in our Condensed Consolidated Statements of Cash Flows. There was no impact on the cash flows from operations. See Note 3: Cash, Cash Equivalents, and Restricted Cash for additional required disclosures. 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 Impact of Recently Issued Accounting Standards—Not Yet Adopted 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. Entities are required to use a modified retrospective approach for leases that exist or are entered into after the beginning of the earliest comparative period in the financial statements, and have the option to use certain relief. Early adoption is permitted. The FASB recently proposed an optional transition alternative, currently subject to approval, which would allow for application of the guidance at the beginning of the period in which it is adopted, rather than at the beginning of the earliest comparative period presented. We will adopt this guidance for our fiscal year beginning January 1, 2019. The Company has established a cross-functional project team to implement the updated lease guidance and is in the process of evaluating existing contracts for embedded leases and implementing a lease software to be used for lease tracking and reporting. We are still assessing the impact of adoption on our consolidated financial statements and will assess the method of transition if the optional transition alternative is formally approved. 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 February 2018, the FASB issued ASU 2018-02, “ Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income |
Cash, Cash Equivalents, and R22
Cash, Cash Equivalents, and Restricted Cash (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Cash And Cash Equivalents [Abstract] | |
Reconciliation of Cash, Cash Equivalents, and Restricted Cash | The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the Condensed Consolidated Balance Sheets that sum to the total of the beginning and ending cash balances shown in the Condensed Consolidated Statements of Cash Flows: March 31, December 31, 2018 2017 (In millions) Cash and cash equivalents $ 67.7 $ 77.4 Restricted cash 1.1 1.1 Total cash, cash equivalents, and restricted cash $ 68.8 $ 78.5 |
Inventories (Tables)
Inventories (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventories | Inventories, at stated LIFO value, were classified at March 31, 2018 and December 31, 2017 as follows: March 31, December 31, 2018 2017 (In millions) In process and finished products $ 669.5 $ 616.5 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | Long-term debt consisted of the following at March 31, 2018 and December 31, 2017: March 31, December 31, 2018 2017 (In millions) Ryerson Credit Facility $ 366.2 $ 384.2 11.00% Senior Secured Notes due 2022 650.0 650.0 Foreign debt 26.9 21.3 Other debt 4.2 3.9 Unamortized debt issuance costs and discounts (12.8 ) (13.7 ) Total debt 1,034.5 1,045.7 Less: Short-term foreign debt 26.9 21.3 Less: Other short-term debt 3.4 — Total long-term debt $ 1,004.2 $ 1,024.4 |
Employee Benefits (Tables)
Employee Benefits (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Compensation And Retirement Disclosure [Abstract] | |
Components of Net Periodic Benefit (Credit) Cost | The following table summarizes the components of net periodic benefit (credit) cost for the three months ended March 31, 2018 and 2017 for the Ryerson pension plans and postretirement benefits other than pension: Three Months Ended March 31, Pension Benefits Other Benefits 2018 2017 2018 2017 (In millions) Components of net periodic benefit (credit) cost Interest cost $ 6 $ 7 $ 1 $ 1 Expected return on assets (10 ) (10 ) — — Recognized actuarial (gain) loss 4 3 (2 ) (2 ) Amortization of prior service credit — — (1 ) (1 ) Net periodic benefit credit $ — $ — $ (2 ) $ (2 ) |
Derivatives and Fair Value Me26
Derivatives and Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Investments All Other Investments [Abstract] | |
Location and Fair Value Amount of Derivative Instruments | The following table summarizes the location and fair value amount of our derivative instruments reported in our Condensed Consolidated Balance Sheets as of March 31, 2018 and December 31, 2017: Asset Derivatives Liability Derivatives Balance Sheet Location March 31, 2018 December 31, 2017 Balance Sheet Location March 31, 2018 December 31, 2017 (In millions) Derivatives not designated as hedging instruments under ASC 815 Metal commodity contracts Prepaid expenses and other current assets $ 1.9 $ 2.8 Other accrued liabilities $ 3.8 $ 3.9 Foreign exchange contracts Prepaid expenses and other current assets 0.2 0.1 Other accrued liabilities — — Derivatives designated as hedging instruments under ASC 815 Interest rate swaps Deferred charges and other assets 1.9 1.0 Taxes and other credits — — Total derivatives $ 4.0 $ 3.9 $ 3.8 $ 3.9 |
Location and Amount of Gains and Losses on Derivatives Not Designated as Hedging Instruments Reported in Condensed Consolidated Statements of Comprehensive Income | The following table summarizes the location and amount of gains and losses on derivatives not designated as hedging instruments reported in our Condensed Consolidated Statements of Comprehensive Income for the three months ended March 31, 2018 and 2017: Amount of Gain/(Loss) Recognized in Income on Derivatives Derivatives not designated as hedging instruments Location of Gain/(Loss) Recognized in Income Three Months Ended March 31, under ASC 815 on Derivatives 2018 2017 (In millions) Metal commodity contracts Cost of materials sold $ (0.4 ) $ 1.3 Foreign exchange contracts Other income and (expense), net 0.2 — Total $ (0.2 ) $ 1.3 |
Assets and Liabilities Measured and Recorded at Fair Value | The following table presents assets and liabilities measured and recorded at fair value on our Condensed Consolidated Balance Sheet on a recurring basis and their level within the fair value hierarchy as of March 31, 2018: At March 31, 2018 Level 1 Level 2 Level 3 (In millions) Assets Prepaid and other current assets: Equity securities $ 0.1 $ — $ — Derivatives: Derivatives not designated as hedging instruments under ASC 815: Metal commodity contracts $ — $ 1.9 $ — Foreign exchange contracts — 0.2 — Derivatives designated as hedging instruments under ASC 815: Interest rate swaps — 1.9 — Total derivatives $ — $ 4.0 $ — Liabilities Derivatives: Derivatives not designated as hedging instruments under ASC 815: Metal commodity contracts $ — $ 3.8 $ — The following table presents assets and liabilities measured and recorded at fair value on our Condensed Consolidated Balance Sheet on a recurring basis and their level within the fair value hierarchy as of December 31, 2017: At December 31, 2017 Level 1 Level 2 Level 3 (In millions) Assets Prepaid and other current assets: Equity securities $ 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 $ — |
Carrying and Estimated Fair Values of Financial Instruments | The carrying and estimated fair values of our financial instruments at March 31, 2018 and December 31, 2017 were as follows: At March 31, 2018 At December 31, 2017 Carrying Amount Fair Value Carrying Amount Fair Value (In millions) Cash and cash equivalents $ 67.7 $ 67.7 $ 77.4 $ 77.4 Restricted cash 1.1 1.1 1.1 1.1 Receivables less provision for allowances, claims, and doubtful accounts 473.6 473.6 376.3 376.3 Accounts payable 402.5 402.5 275.0 275.0 Long-term debt, including current portion 1,034.5 1,102.0 1,045.7 1,125.9 |
Stockholders' Equity (Deficit27
Stockholders' Equity (Deficit), Accumulated Other Comprehensive Income (Loss) and Noncontrolling Interest (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Equity [Abstract] | |
Change in Stockholders' Equity (Deficit), Accumulated Other Comprehensive Income (Loss) and Noncontrolling Interest | The following table details changes in these accounts: Ryerson Holding Corporation Stockholders' Equity (Deficit) Accumulated Other Comprehensive Income (Loss) Common Stock Treasury Stock Capital in Excess of Par Value Accumulated Deficit Foreign Currency Translation Benefit Plan Liabilities Unrealized Gain (Loss) on Equity Securities Cash Flow Hedge- Interest Rate Swap Non-controlling Interest Total Equity Shares Dollars Shares Dollars Dollars Dollars Dollars Dollars Dollars Dollars Dollars Dollars (In millions, except shares in thousands) Balance at January 1, 2018 37,421 $ 0.4 213 $ (6.6 ) $ 377.6 $ (95.1 ) $ (41.6 ) $ (246.3 ) $ 1.0 $ 0.6 $ 2.6 $ (7.4 ) Net income — — — — — 10.4 — — — — 0.2 10.6 Foreign currency translation — — — — — — (1.4 ) — — — — (1.4 ) 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 of $0.3 — — — — — — — 1.0 — — — 1.0 Adoption of accounting principal ASU 2016-01 — — — — — 1.0 — — (1.0 ) — — — Adoption of accounting principal ASC 606, net of tax of $0.7 — — — — — 2.3 — — — — — 2.3 Stock-based compensation expense — — — — 0.7 — — — — — — 0.7 Cash flow hedge - interest rate swap, net of tax of $0.5 — — — — — — — — — 0.7 — 0.7 Balance at March 31, 2018 37,421 $ 0.4 213 $ (6.6 ) $ 378.3 $ (81.4 ) $ (44.3 ) $ (245.3 ) $ — $ 1.3 $ 2.8 $ 5.2 |
Changes in Accumulated Other Comprehensive Income/(Loss) Net of Tax by Component | The following table details changes in accumulated other comprehensive income (loss), net of tax, for the three months ended March 31, 2018: Changes in Accumulated Other Comprehensive Income (Loss) by Component, net of tax Foreign Currency Translation Benefit Plan Liabilities Cash Flow Hedge - Interest Rate Swap (In millions) Balance at January 1, 2018 $ (41.6 ) $ (246.3 ) $ 0.6 Other comprehensive income (loss) before reclassifications (2.7 ) — 0.7 Amounts reclassified from accumulated other comprehensive income into net income — 1.0 — Net current-period other comprehensive income (loss) (2.7 ) 1.0 0.7 Balance at March 31, 2018 $ (44.3 ) $ (245.3 ) $ 1.3 |
Reclassifications Out of Accumulated Other Comprehensive Income (Loss) | The following table details the reclassifications out of accumulated other comprehensive income (loss) for the three months ended March 31, 2018 and 2017: Reclassifications Out of Accumulated Other Comprehensive Income (Loss) Amounts reclassified from Accumulated Other Comprehensive Income (Loss) Three Months Ended Affected line item in the Condensed Details about Accumulated Other March 31, 2018 March 31, 2017 Consolidated Statements of Comprehensive Income (Loss) Components (In millions) Comprehensive Income Amortization of defined benefit pension and other post- retirement benefit plan items Actuarial loss $ 2.0 $ 1.6 Warehousing, delivery, selling, general, and administrative Prior service credits (0.7 ) (0.8 ) Warehousing, delivery, selling, general, and administrative Total before tax 1.3 0.8 Tax benefit (0.3 ) (0.3 ) Net of tax $ 1.0 $ 0.5 |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Revenue Recognition [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: Three Months Ended March 31, Product Line 2018 2017 Carbon Steel Flat 27 % 27 % Carbon Steel Plate 10 10 Carbon Steel Long 12 13 Stainless Steel Flat 17 19 Stainless Steel Plate 4 4 Stainless Steel Long 4 4 Aluminum Flat 16 15 Aluminum Plate 3 3 Aluminum Long 5 4 Other 2 1 Total 100 % 100 % |
Summary of Consolidated Financial Information of our Operations by Geographic Location | The following table summarizes consolidated financial information of our operations by geographic location based on where sales originated: Three Months Ended March 31, Net Sales 2018 2017 (In millions) United States $ 835.3 $ 718.0 Foreign countries 106.0 96.5 Total $ 941.3 $ 814.5 |
Summary of Revenues by Type of Item Sold | The following table summarizes revenues by the type of item sold: Timing of Revenue Recognition Three Months Ended March 31, 2018 Revenue on products with an alternative use 90 % Revenue on products with no alternative use 10 Total 100 % |
Summary of Significant Changes in Contract Assets and Contract Liabilities Balances | Significant changes in the contract assets and the contract liabilities balances during the period are as follows: Contract Assets Contract Liabilities (In millions) Beginning balance at adoption, January 1, 2018 $ 14.2 $ 3.9 Transferred to receivables from contract assets (10.1 ) — Satisfied contract liability from beginning of the period — (0.2 ) Contract assets added for products with no alternative during the period 8.5 — Changes to reserves 0.2 (1.2 ) Reclass from contract liability to contract asset 1.8 1.8 Ending balance as of March 31, 2018 $ 14.6 $ 4.3 |
Summary of Impacts of Adopting ASC 606 on Financial Statements | The following table summarizes the impacts of adopting ASC As reported March 31, 2018 ASC 606 Adjustments Balances without adoption of ASC 606 (In millions) Net sales $ 941.3 $ 1.6 $ 942.9 Cost of materials sold 776.4 1.8 778.2 Gross profit 164.9 (0.2 ) 164.7 Warehousing, delivery, selling, general, and administrative 130.5 0.2 130.7 Operating profit 34.4 (0.4 ) 34.0 Other income and (expense), net 3.6 — 3.6 Interest and other expense on debt (23.3 ) — (23.3 ) Income before income taxes 14.7 (0.4 ) 14.3 Provision for income taxes 4.1 (0.1 ) 4.0 Net income 10.6 (0.3 ) 10.3 Less: Net income attributable to noncontrolling interest 0.2 — 0.2 Net income attributable to Ryerson Holding Corporation $ 10.4 $ (0.3 ) $ 10.1 Basic and diluted earnings per share $ 0.28 $ (0.01 ) $ 0.27 The following table summarizes the impacts of adopting ASC As reported March 31, 2018 ASC 606 Adjustments Balances without adoption of ASC 606 (In millions) Operating activities: Net income $ 10.6 $ (0.3 ) $ 10.3 Adjustments to reconcile net income to net cash provided by (used in) operating activities: Deferred Income Taxes $ 3.0 $ (0.1 ) 2.9 Other non cash adjustments 14.1 — 14.1 Change in operating assets and liabilities: Receivables (95.7 ) — (95.7 ) Inventories (62.0 ) 1.8 (60.2 ) Other assets 6.3 (1.6 ) 4.7 Accounts payable 145.4 — 145.4 Accrued liabilities 18.3 0.2 18.5 Accrued taxes payable/receivable 0.6 — 0.6 Deferred employee benefit costs (8.9 ) — (8.9 ) Net adjustments 21.1 0.3 21.4 Net cash used in operating activities 31.7 — 31.7 As reported March 31, 2018 ASC 606 Adjustments Balances without adoption of ASC 606 (In millions) Cash, cash equivalents, and restricted cash $ 68.8 $ — $ 68.8 Accounts receivable, net 473.6 (3.5 ) 470.1 Inventories 669.5 9.1 678.6 Prepaid expenses and other current assets 37.5 (14.5 ) 23.0 Total current assets 1,249.4 (8.9 ) 1,240.5 Property, plant and equipment, net 422.4 — 422.4 Deferred income taxes 13.7 0.8 14.5 Other noncurrent assets 166.6 — 166.6 Total assets $ 1,852.1 $ (8.1 ) $ 1,844.0 Accounts payable $ 402.5 $ — $ 402.5 Salaries, wages and commissions 37.2 — 37.2 Other accrued liabilities 84.6 (5.5 ) 79.1 Short-term debt 30.3 — 30.3 Current portion of deferred employee benefits 7.7 — 7.7 Total current liabilities 562.3 (5.5 ) 556.8 Long-term debt 1,004.2 — 1,004.2 Deferred employee benefits 233.0 — 233.0 Other noncurrent liabilities 47.4 — 47.4 Total liabilities 1,846.9 (5.5 ) 1,841.4 Accumulated deficit (81.4 ) (2.6 ) (84.0 ) Additional paid-in capital, accumulated other comprehensive loss, and noncontrolling interest 86.6 — 86.6 Total equity (deficit) 5.2 (2.6 ) 2.6 Total liabilities and equity $ 1,852.1 $ (8.1 ) $ 1,844.0 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Earnings Per Share [Abstract] | |
Calculation of Basic and Diluted Earnings Per Share | The following table sets forth the calculation of basic and diluted earnings per share: Three Months Ended March 31, Basic and diluted earnings per share 2018 2017 (In millions, except share and per share data) Numerator: Net income attributable to Ryerson Holding Corporation $ 10.4 $ 14.8 Denominator: Weighted average shares outstanding 37,208,581 37,132,617 Dilutive effect of stock-based awards 329,979 153,643 Weighted average shares outstanding adjusted for dilutive securities 37,538,560 37,286,260 Earnings per share Basic and diluted $ 0.28 $ 0.40 |
Financial Statements - Addition
Financial Statements - Additional Information (Detail) | Mar. 31, 2018shares |
Accounting Policies [Abstract] | |
Parent company shares owned by affiliates | 21,037,500 |
Parent company percentage owned by affiliates | 57.00% |
Recent Accounting Pronounceme31
Recent Accounting Pronouncements - Additional Information (Detail) - USD ($) $ in Millions | Jan. 01, 2018 | Dec. 31, 2017 |
ASU 2016-01 [Member] | ||
Recent Accounting Pronouncements [Line Items] | ||
Reclassification of accumulated other comprehensive income to retained earnings | $ 1 | $ 1 |
ASU 2017-07 [Member] | ||
Recent Accounting Pronouncements [Line Items] | ||
Effect of adoption of guidance | $ 2.1 |
Cash, Cash Equivalents, and R32
Cash, Cash Equivalents, and Restricted Cash- Reconciliation of Cash, Cash Equivalents, and Restricted Cash (Detail) - USD ($) $ in Millions | Mar. 31, 2018 | Dec. 31, 2017 | Mar. 31, 2017 | Dec. 31, 2016 |
Cash And Cash Equivalents [Abstract] | ||||
Cash and cash equivalents | $ 67.7 | $ 77.4 | ||
Restricted cash | 1.1 | 1.1 | ||
Total cash, cash equivalents, and restricted cash | $ 68.8 | $ 78.5 | $ 73.3 | $ 81.7 |
Inventories - Schedule of Inven
Inventories - Schedule of Inventories (Detail) - USD ($) $ in Millions | Mar. 31, 2018 | Dec. 31, 2017 |
Inventory Disclosure [Abstract] | ||
In process and finished products | $ 669.5 | $ 616.5 |
Inventories - Additional Inform
Inventories - Additional Information (Detail) - USD ($) $ in Millions | Mar. 31, 2018 | Dec. 31, 2017 |
Inventory Disclosure [Abstract] | ||
Amount by which current cost used to value inventories is lower than LIFO valued inventories | $ 59 | $ 71 |
Inventories accounted under the LIFO method | 89.00% | 89.00% |
Consignment inventory | $ 8.7 | $ 8.9 |
Goodwill and Other Intangible35
Goodwill and Other Intangible Assets - Additional Information (Detail) - USD ($) | 3 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Dec. 31, 2017 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |||
Goodwill | $ 115,300,000 | $ 115,300,000 | |
Impairment charge | $ 0 | ||
Goodwill recognized from business acquisitions | $ 12,500,000 | ||
Intangibles assets recognized from business acquisitions | $ 11,500,000 |
Acquisitions - Additional Infor
Acquisitions - Additional Information (Detail) | 3 Months Ended |
Mar. 31, 2018 | |
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. |
Long-Term Debt - Long-Term Debt
Long-Term Debt - Long-Term Debt (Detail) - USD ($) $ in Millions | Mar. 31, 2018 | Dec. 31, 2017 |
Debt Instrument [Line Items] | ||
Foreign debt | $ 26.9 | $ 21.3 |
Other debt | 4.2 | 3.9 |
Unamortized debt issuance costs and discounts | (12.8) | (13.7) |
Total debt | 1,034.5 | 1,045.7 |
Less: Other short-term debt | 3.4 | |
Total long-term debt | 1,004.2 | 1,024.4 |
2022 Notes [Member] | ||
Debt Instrument [Line Items] | ||
11.00% Senior Secured Notes due 2022 | 650 | 650 |
Ryerson Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Ryerson Credit Facility | $ 366.2 | $ 384.2 |
Long-Term Debt - Ryerson Credit
Long-Term Debt - Ryerson Credit Facility - Additional Information (Detail) - USD ($) | Nov. 16, 2016 | Mar. 31, 2018 | Dec. 31, 2017 | 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 | $ 366,200,000 | $ 384,200,000 | ||
Letters of credit | 12,000,000 | 12,000,000 | ||
Available credit facility | $ 323,000,000 | $ 264,000,000 | ||
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, the Canadian borrower) in the ordinary course of business arising out of the sale of goods or the rendering of services, each of which has been invoiced, with such receivables adjusted to exclude various ineligible accounts, including, among other things, those to which a borrower (or guarantor, as applicable) does not have sole and absolute title and accounts arising out of a sale to an employee, officer, director, or affiliate of a borrower (or guarantor, as applicable). Eligible inventory, at any date of determination, is comprised of the net orderly liquidation value of all inventory owned by a borrower (and in the case of Canadian accounts, the Canadian borrower). 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 | 3.00% | 2.80% | ||
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 |
Long-Term Debt - 2022 Notes - A
Long-Term Debt - 2022 Notes - Additional Information (Detail) - 2022 Notes [Member] - USD ($) | 3 Months Ended | |
Mar. 31, 2018 | May 24, 2016 | |
Debt Instrument [Line Items] | ||
Aggregate amount of senior notes issued | $ 650,000,000 | |
Debt Instrument Percentage | 11.00% | |
Joseph T. Ryerson [Member] | ||
Debt Instrument [Line Items] | ||
Maximum percentage of dividend of future net income | 50.00% | |
Redeemable in twelve months beginning May 15, 2019 [Member] | ||
Debt Instrument [Line Items] | ||
Redemption price as a percentage of principal amount | 105.50% | |
Redeemable in twelve months beginning May 15, 2020 [Member] | ||
Debt Instrument [Line Items] | ||
Redemption price as a percentage of principal amount | 102.75% | |
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% | |
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% | |
Redeemable before May 15, 2019 [Member] | Maximum [Member] | ||
Debt Instrument [Line Items] | ||
Optional redemption amount prior to redemption date | 35.00% |
Long-Term Debt - Foreign Debt -
Long-Term Debt - Foreign Debt - Additional Information (Detail) - USD ($) $ in Millions | Mar. 31, 2018 | Dec. 31, 2017 |
Debt Instrument [Line Items] | ||
Foreign debt | $ 26.9 | $ 21.3 |
Foreign Debt [Member] | ||
Debt Instrument [Line Items] | ||
Available credit facility | 19 | 25 |
Letters of credit issued by our foreign subsidiaries | 5 | 3 |
Foreign Debt [Member] | Owed to Banks [Member] | Ryerson China [Member] | ||
Debt Instrument [Line Items] | ||
Foreign debt | $ 26.9 | $ 21.3 |
Weighted average interest rate | 3.90% | 3.70% |
Employee Benefits - Components
Employee Benefits - Components of Net Periodic Benefit (Credit) Cost (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Pension Benefits [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Interest cost | $ 6 | $ 7 |
Expected return on assets | (10) | (10) |
Recognized actuarial (gain) loss | 4 | 3 |
Other Benefits [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Interest cost | 1 | 1 |
Recognized actuarial (gain) loss | (2) | (2) |
Amortization of prior service credit | (1) | (1) |
Net periodic benefit credit | $ (2) | $ (2) |
Employee Benefits - Additional
Employee Benefits - Additional Information (Detail) $ in Millions | 3 Months Ended |
Mar. 31, 2018USD ($) | |
Compensation And Retirement Disclosure [Abstract] | |
Contribution to the pension plan fund | $ 5 |
Anticipated minimum required pension contribution funding for the remainder of fiscal period | $ 23 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) - USD ($) $ in Millions | Jan. 06, 2017 | Mar. 31, 2018 |
Commitments And Contingencies Disclosure [Abstract] | ||
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 |
Derivatives and Fair Value Me44
Derivatives and Fair Value Measurements - Additional Information (Detail) | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2018USD ($)T | Mar. 31, 2017USD ($) | Dec. 31, 2017USD ($)T | Jan. 01, 2018USD ($) | |
Derivatives Fair Value [Line Items] | ||||
Equity securities | $ 100,000 | $ 100,000 | ||
ASU 2016-01 [Member] | ||||
Derivatives Fair Value [Line Items] | ||||
'Reclassification of accumulated other comprehensive income to retained earnings | 1,000,000 | $ 1,000,000 | ||
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 and Other Expense on Debt [Member] | ||||
Derivatives Fair Value [Line Items] | ||||
Gains and losses on derivatives designated as hedging instruments | $ 0 | $ 0 | ||
Other Income Expense, Net [Member] | ASU 2016-01 [Member] | ||||
Derivatives Fair Value [Line Items] | ||||
Gains and losses on derivatives designated as hedging instruments | 0 | |||
Interest Rate Swap [Member] | ||||
Derivatives Fair Value [Line Items] | ||||
Fair value of interest rate swaps | 1,900,000 | |||
Derivative gain (loss) to be reclassified into interest expenses during next 12 months | 700,000 | |||
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 | $ 5,500,000 | $ 5,100,000 | ||
Nickel Swap Contracts [Member] | ||||
Derivatives Fair Value [Line Items] | ||||
Commodity notional value | T | 409 | 453 | ||
Hot Roll Steel Coil Swap [Member] | ||||
Derivatives Fair Value [Line Items] | ||||
Commodity notional value | T | 3,940 | 5,252 | ||
Aluminum Swap Contracts [Member] | ||||
Derivatives Fair Value [Line Items] | ||||
Commodity notional value | T | 18,615 | 15,102 | ||
Zinc Contracts [Member] | ||||
Derivatives Fair Value [Line Items] | ||||
Commodity notional value | T | 9,072 | 3,402 | ||
Ryerson Credit Facility Hedged by Interest Rate Swap [Member] | ||||
Derivatives Fair Value [Line Items] | ||||
Derivative notional amount | $ 150,000,000 | $ 150,000,000 |
Derivatives and Fair Value Me45
Derivatives and Fair Value Measurements - Location and Fair Value Amount of Derivative Instruments (Detail) - USD ($) $ in Millions | Mar. 31, 2018 | Dec. 31, 2017 |
Derivatives Fair Value [Line Items] | ||
Asset Derivatives, Fair Value | $ 4 | $ 3.9 |
Liability Derivatives, Fair Value | 3.8 | 3.9 |
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 | 1.9 | 2.8 |
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 | 3.8 | 3.9 |
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 | 0.2 | 0.1 |
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 | $ 1.9 | $ 1 |
Derivatives and Fair Value Me46
Derivatives and Fair Value Measurements - Location and Amount of Gains and Losses on Derivatives Not Designated as Hedging Instruments Reported in Condensed Consolidated Statements of Comprehensive Income (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Derivative Instruments Gain Loss [Line Items] | ||
Amount of Gain/(Loss) Recognized in Income on Derivatives | $ (0.8) | $ (0.1) |
Derivatives Not Designated as Hedging Instruments under ASC 815 [Member] | ||
Derivative Instruments Gain Loss [Line Items] | ||
Amount of Gain/(Loss) Recognized in Income on Derivatives | (0.2) | 1.3 |
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 | (0.4) | $ 1.3 |
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 | $ 0.2 |
Derivatives and Fair Value Me47
Derivatives and Fair Value Measurements - Assets and Liabilities Measured and Recorded at Fair Value (Detail) - USD ($) $ in Millions | Mar. 31, 2018 | Dec. 31, 2017 |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Equity securities | $ 0.1 | $ 0.1 |
Asset Derivatives, Fair Value | 4 | 3.9 |
Liability Derivatives, Fair Value | 3.8 | 3.9 |
Derivatives Not Designated as Hedging Instruments under ASC 815 [Member] | Metal Commodity Contracts [Member] | Prepaid Expenses and Other Current Assets [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Asset Derivatives, Fair Value | 1.9 | 2.8 |
Derivatives Not Designated as Hedging Instruments under ASC 815 [Member] | Foreign Exchange Contracts [Member] | Prepaid Expenses and Other Current Assets [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Asset Derivatives, Fair Value | 0.2 | 0.1 |
Fair Value, Measurements, Recurring [Member] | Level 1 [Member] | Prepaid Expenses and Other Current Assets [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Equity securities | 0.1 | 0.1 |
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 | 4 | |
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 | 1.9 | 2.8 |
Liability Derivatives, Fair Value | 3.8 | 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 | 0.2 | 0.1 |
Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | 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 | |
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 | $ 1.9 | $ 1 |
Derivatives and Fair Value Me48
Derivatives and Fair Value Measurements - Carrying and Estimated Fair Values Financial Instruments (Detail) - USD ($) $ in Millions | Mar. 31, 2018 | Dec. 31, 2017 |
Carrying Amount [Member] | ||
Derivatives Fair Value [Line Items] | ||
Cash and cash equivalents | $ 67.7 | $ 77.4 |
Restricted cash | 1.1 | 1.1 |
Receivables less provision for allowances, claims, and doubtful accounts | 473.6 | 376.3 |
Accounts payable | 402.5 | 275 |
Long-term debt, including current portion | 1,034.5 | 1,045.7 |
Fair Value [Member] | ||
Derivatives Fair Value [Line Items] | ||
Cash and cash equivalents | 67.7 | 77.4 |
Restricted cash | 1.1 | 1.1 |
Receivables less provision for allowances, claims, and doubtful accounts | 473.6 | 376.3 |
Accounts payable | 402.5 | 275 |
Long-term debt, including current portion | $ 1,102 | $ 1,125.9 |
Stockholders' Equity (Deficit49
Stockholders' Equity (Deficit), Accumulated Other Comprehensive Income (Loss) and Noncontrolling Interest - Change in Stockholders' Equity (Deficit) (Detail) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Jan. 01, 2018 | |
Beginning Balance | $ (7.4) | ||
Beginning Balance, shares | 37,421,081 | ||
Net income | $ 10.6 | $ 15 | |
Foreign currency translation | (1.4) | ||
Loss on intra-entity foreign currency transactions | (1.3) | ||
Changes in defined benefit pension and other post-retirement benefit plans, net of tax | 1 | ||
Stock-based compensation expense | 0.7 | ||
Cash flow hedge - interest rate swap, net of tax of $0.5 | 0.7 | ||
Ending Balance | $ 5.2 | ||
Ending Balance, shares | 37,421,081 | ||
ASU 606 [Member] | |||
Adoption of accounting principal | $ 2.3 | ||
Common Stock [Member] | |||
Beginning Balance | $ 0.4 | ||
Beginning Balance, shares | 37,421,000 | ||
Ending Balance | $ 0.4 | ||
Ending Balance, shares | 37,421,000 | ||
Treasury Stock [Member] | |||
Beginning Balance | $ (6.6) | ||
Beginning Balance, shares | 213,000 | ||
Ending Balance | $ (6.6) | ||
Ending Balance, shares | 213,000 | ||
Capital in Excess of Par Value [Member] | |||
Beginning Balance | $ 377.6 | ||
Stock-based compensation expense | 0.7 | ||
Ending Balance | 378.3 | ||
Accumulated Deficit [Member] | |||
Beginning Balance | (95.1) | ||
Net income | 10.4 | ||
Ending Balance | (81.4) | ||
Accumulated Deficit [Member] | ASU 2016-01 [Member] | |||
Adoption of accounting principal | 1 | ||
Accumulated Deficit [Member] | ASU 606 [Member] | |||
Adoption of accounting principal | 2.3 | $ 2.3 | |
Foreign Currency Translation [Member] | |||
Beginning Balance | (41.6) | ||
Foreign currency translation | (1.4) | ||
Loss on intra-entity foreign currency transactions | (1.3) | ||
Ending Balance | (44.3) | ||
Benefit Plan Liabilities [Member] | |||
Beginning Balance | (246.3) | ||
Changes in defined benefit pension and other post-retirement benefit plans, net of tax | 1 | ||
Ending Balance | (245.3) | ||
Unrealized Gain (Loss) on Equity Securities [Member] | |||
Beginning Balance | 1 | ||
Unrealized Gain (Loss) on Equity Securities [Member] | ASU 2016-01 [Member] | |||
Adoption of accounting principal | (1) | ||
Cash Flow Hedge - Interest Rate Swap [Member] | |||
Beginning Balance | 0.6 | ||
Cash flow hedge - interest rate swap, net of tax of $0.5 | 0.7 | ||
Ending Balance | 1.3 | ||
Non-controlling Interest [Member] | |||
Beginning Balance | 2.6 | ||
Net income | 0.2 | ||
Ending Balance | $ 2.8 |
Stockholders' Equity (Deficit50
Stockholders' Equity (Deficit), Accumulated Other Comprehensive Income (Loss) and Noncontrolling Interest - Change in Stockholders' Equity (Deficit) (Parenthetical) (Detail) $ in Millions | 3 Months Ended |
Mar. 31, 2018USD ($) | |
Equity [Abstract] | |
Changes in defined benefit pension and other post-retirement benefit plans, tax | $ 0.3 |
Changes due to adoption of ASC 606, tax | 0.7 |
Changes in interest rate swap, tax | $ 0.5 |
Stockholders' Equity (Deficit51
Stockholders' Equity (Deficit), Accumulated Other Comprehensive Income (Loss) and Noncontrolling Interest - Changes in Accumulated Other Comprehensive Income/(Loss) Net of Tax by Component (Detail) $ in Millions | 3 Months Ended |
Mar. 31, 2018USD ($) | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |
Beginning Balance | $ (7.4) |
Ending Balance | 5.2 |
Foreign Currency Translation [Member] | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |
Beginning Balance | (41.6) |
Other comprehensive income (loss) before reclassifications | (2.7) |
Net current-period other comprehensive income (loss) | (2.7) |
Ending Balance | (44.3) |
Benefit Plan Liabilities [Member] | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |
Beginning Balance | (246.3) |
Amounts reclassified from accumulated other comprehensive income into net income | 1 |
Net current-period other comprehensive income (loss) | 1 |
Ending Balance | (245.3) |
Cash Flow Hedge - Interest Rate Swap [Member] | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |
Beginning Balance | 0.6 |
Other comprehensive income (loss) before reclassifications | 0.7 |
Net current-period other comprehensive income (loss) | 0.7 |
Ending Balance | $ 1.3 |
Stockholders' Equity (Deficit52
Stockholders' Equity (Deficit), Accumulated Other Comprehensive Income (Loss) and Noncontrolling Interest - Reclassifications Out of Accumulated Other Comprehensive Income (Loss) (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
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 | $ 2 | $ 1.6 |
Amortization of Defined Benefit Pension and Other Post-retirement Benefit Plan Items, Prior Service Credits [Member] | ||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | ||
Reclassifications out of AOCI | (0.7) | (0.8) |
Amortization of Defined Benefit Pension and Other Post-retirement Benefit Plan Items [Member] | ||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | ||
Reclassifications out of AOCI | 1.3 | 0.8 |
Tax benefit | (0.3) | (0.3) |
Net of tax | $ 1 | $ 0.5 |
Revenue Recognition - Additiona
Revenue Recognition - Additional Information (Detail) - USD ($) $ in Millions | Jan. 01, 2018 | Mar. 31, 2018 |
Revenue Initial Application Period Cumulative Effect Transition [Line Items] | ||
Net contract asset related to shipping and handling costs | $ 0.1 | |
Payment terms on invoiced amounts | 30 days | |
Accounts receivables from contracts with customers | $ 475.6 | |
Adoption of ASC 606 [Member] | ||
Revenue Initial Application Period Cumulative Effect Transition [Line Items] | ||
Revenue recognition under transition method adjustment | $ 12.3 | |
Revenue recognition under transition method adjustment | 2.3 | |
Accounts receivables from contracts with customers | 381.2 | |
Adoption of ASC 606 [Member] | Accumulated Deficit [Member] | ||
Revenue Initial Application Period Cumulative Effect Transition [Line Items] | ||
Revenue recognition under transition method adjustment | $ 2.3 | $ 2.3 |
Minimum [Member] | ||
Revenue Initial Application Period Cumulative Effect Transition [Line Items] | ||
Percentage of revenue from product sales | 75.00% | |
Maximum [Member] | ||
Revenue Initial Application Period Cumulative Effect Transition [Line Items] | ||
Performance obligations on contracts have expected duration | 1 year |
Revenue Recognition - Percentag
Revenue Recognition - Percentage of Sales by Major Product Lines (Detail) | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Product Line | ||
Percentage of sales by major product lines | 100.00% | 100.00% |
Carbon Steel Flat [Member] | ||
Product Line | ||
Percentage of sales by major product lines | 27.00% | 27.00% |
Carbon Steel Plate [Member] | ||
Product Line | ||
Percentage of sales by major product lines | 10.00% | 10.00% |
Carbon Steel Long [Member] | ||
Product Line | ||
Percentage of sales by major product lines | 12.00% | 13.00% |
Stainless Steel Flat [Member] | ||
Product Line | ||
Percentage of sales by major product lines | 17.00% | 19.00% |
Stainless Steel Plate [Member] | ||
Product Line | ||
Percentage of sales by major product lines | 4.00% | 4.00% |
Stainless Steel Long [Member] | ||
Product Line | ||
Percentage of sales by major product lines | 4.00% | 4.00% |
Aluminum Flat [Member] | ||
Product Line | ||
Percentage of sales by major product lines | 16.00% | 15.00% |
Aluminum Plate [Member] | ||
Product Line | ||
Percentage of sales by major product lines | 3.00% | 3.00% |
Aluminum Long [Member] | ||
Product Line | ||
Percentage of sales by major product lines | 5.00% | 4.00% |
Other [Member] | ||
Product Line | ||
Percentage of sales by major product lines | 2.00% | 1.00% |
Revenue Recognition - Summary o
Revenue Recognition - Summary of Consolidated Financial Information of our Operations by Geographic Location (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Disaggregation Of Revenue [Line Items] | ||
Net sales | $ 941.3 | $ 814.5 |
United States [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Net sales | 835.3 | 718 |
Foreign Countries [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Net sales | $ 106 | $ 96.5 |
Revenue Recognition - Summary56
Revenue Recognition - Summary of Revenues by Type of Item Sold (Detail) | 3 Months Ended |
Mar. 31, 2018 | |
Disaggregation Of Revenue [Line Items] | |
Total | 100.00% |
Revenue Recognized Point In Time | |
Disaggregation Of Revenue [Line Items] | |
Revenue on products with an alternative use | 90.00% |
Revenue Recognized Over Time | |
Disaggregation Of Revenue [Line Items] | |
Revenue on products with no alternative use | 10.00% |
Revenue Recognition - Summary57
Revenue Recognition - Summary of Significant Changes in Contract Assets and Contract Liabilities Balances (Detail) $ in Millions | 3 Months Ended |
Mar. 31, 2018USD ($) | |
Changes in the Contract Assets | |
Beginning balance at adoption, January 1, 2018 | $ 14.2 |
Transferred to receivables from contract assets | (10.1) |
Contract assets added for products with no alternative during the period | 8.5 |
Changes to reserves | 0.2 |
Reclass from contract liability to contract asset | 1.8 |
Ending balance as of March 31, 2018 | 14.6 |
Changes in the Contract Liabilities | |
Beginning balance at adoption, January 1, 2018 | 3.9 |
Satisfied contract liability from beginning of the period | (0.2) |
Changes to reserves | (1.2) |
Reclass from contract liability to contract asset | 1.8 |
Ending balance as of March 31, 2018 | $ 4.3 |
Revenue Recognition - Summary58
Revenue Recognition - Summary of Impacts of Adopting ASC 606 Condensed Consolidated Statements of Operations (Detail) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Revenue Initial Application Period Cumulative Effect Transition [Line Items] | ||
Net sales | $ 941.3 | $ 814.5 |
Cost of materials sold | 776.4 | 653.9 |
Gross profit | 164.9 | 160.6 |
Warehousing, delivery, selling, general, and administrative | 130.5 | 119.4 |
Operating profit | 34.4 | 41.2 |
Other income and (expense), net | 3.6 | 2.4 |
Interest and other expense on debt | (23.3) | (21.8) |
Income before income taxes | 14.7 | 21.8 |
Provision for income taxes | 4.1 | 6.8 |
Net income | 10.6 | 15 |
Less: Net income attributable to noncontrolling interest | 0.2 | 0.2 |
Net income attributable to Ryerson Holding Corporation | $ 10.4 | $ 14.8 |
Basic and diluted earnings per share | $ 0.28 | $ 0.40 |
Adjustments [Member] | ASU 606 [Member] | ||
Revenue Initial Application Period Cumulative Effect Transition [Line Items] | ||
Net sales | $ 1.6 | |
Cost of materials sold | 1.8 | |
Gross profit | (0.2) | |
Warehousing, delivery, selling, general, and administrative | 0.2 | |
Operating profit | (0.4) | |
Income before income taxes | (0.4) | |
Provision for income taxes | (0.1) | |
Net income | (0.3) | |
Net income attributable to Ryerson Holding Corporation | $ (0.3) | |
Basic and diluted earnings per share | $ (0.01) | |
Balance without Adoption of ASC 606 [Member] | ||
Revenue Initial Application Period Cumulative Effect Transition [Line Items] | ||
Net sales | $ 942.9 | |
Cost of materials sold | 778.2 | |
Gross profit | 164.7 | |
Warehousing, delivery, selling, general, and administrative | 130.7 | |
Operating profit | 34 | |
Other income and (expense), net | 3.6 | |
Interest and other expense on debt | (23.3) | |
Income before income taxes | 14.3 | |
Provision for income taxes | 4 | |
Net income | 10.3 | |
Less: Net income attributable to noncontrolling interest | 0.2 | |
Net income attributable to Ryerson Holding Corporation | $ 10.1 | |
Basic and diluted earnings per share | $ 0.27 |
Revenue Recognition - Summary59
Revenue Recognition - Summary of Impacts of Adopting ASC 606 Condensed Consolidated Statements of Cash Flow (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Operating activities: | ||
Net income | $ 10.6 | $ 15 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ||
Deferred income taxes | 3 | 6.6 |
Other non cash adjustments | 14.1 | |
Change in operating assets and liabilities: | ||
Receivables | (95.7) | (81.9) |
Inventories | (62) | (52.8) |
Other assets | 6.3 | 1 |
Accounts payable | 145.4 | 60.1 |
Accrued liabilities | 18.3 | 16.2 |
Accrued taxes payable/receivable | 0.6 | (1.2) |
Deferred employee benefit costs | (8.9) | (6.9) |
Net adjustments | 21.1 | (47.7) |
Net cash provided by (used in) operating activities | 31.7 | $ (32.7) |
Adjustments [Member] | ASU 606 [Member] | ||
Operating activities: | ||
Net income | (0.3) | |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ||
Deferred income taxes | (0.1) | |
Change in operating assets and liabilities: | ||
Inventories | 1.8 | |
Other assets | (1.6) | |
Accrued liabilities | 0.2 | |
Net adjustments | 0.3 | |
Balance without Adoption of ASC 606 [Member] | ||
Operating activities: | ||
Net income | 10.3 | |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ||
Deferred income taxes | 2.9 | |
Other non cash adjustments | 14.1 | |
Change in operating assets and liabilities: | ||
Receivables | (95.7) | |
Inventories | (60.2) | |
Other assets | 4.7 | |
Accounts payable | 145.4 | |
Accrued liabilities | 18.5 | |
Accrued taxes payable/receivable | 0.6 | |
Deferred employee benefit costs | (8.9) | |
Net adjustments | 21.4 | |
Net cash provided by (used in) operating activities | $ 31.7 |
Revenue Recognition - Summary60
Revenue Recognition - Summary of Impacts of Adopting ASC 606 Condensed Consolidated Statements of Balance Sheet (Detail) - USD ($) $ in Millions | Mar. 31, 2018 | Dec. 31, 2017 | Mar. 31, 2017 | Dec. 31, 2016 |
Revenue Initial Application Period Cumulative Effect Transition [Line Items] | ||||
Cash, cash equivalents, and restricted cash | $ 68.8 | $ 78.5 | $ 73.3 | $ 81.7 |
Accounts receivable, net | 473.6 | |||
Inventories | 669.5 | 616.5 | ||
Prepaid expenses and other current assets | 37.5 | 32.6 | ||
Total current assets | 1,249.4 | 1,103.9 | ||
Property, plant and equipment, net | 422.4 | 422.9 | ||
Deferred income taxes | 13.7 | 17.9 | ||
Other noncurrent assets | 166.6 | |||
Total assets | 1,852.1 | 1,711.9 | ||
Accounts payable | 402.5 | 275 | ||
Salaries, wages and commissions | 37.2 | 40.3 | ||
Other accrued liabilities | 84.6 | 58.4 | ||
Short-term debt | 30.3 | 21.3 | ||
Current portion of deferred employee benefits | 7.7 | 7.7 | ||
Total current liabilities | 562.3 | 402.7 | ||
Long-term debt | 1,004.2 | 1,024.4 | ||
Deferred employee benefits | 233 | 243.5 | ||
Other noncurrent liabilities | 47.4 | 48.7 | ||
Total liabilities | 1,846.9 | 1,719.3 | ||
Accumulated deficit | (81.4) | (95.1) | ||
Additional paid-in capital, accumulated other comprehensive loss, and noncontrolling interest | 86.6 | |||
Total equity (deficit) | 5.2 | (7.4) | ||
Total liabilities and equity | 1,852.1 | $ 1,711.9 | ||
Adjustments [Member] | ASU 606 [Member] | ||||
Revenue Initial Application Period Cumulative Effect Transition [Line Items] | ||||
Accounts receivable, net | (3.5) | |||
Inventories | 9.1 | |||
Prepaid expenses and other current assets | (14.5) | |||
Total current assets | (8.9) | |||
Deferred income taxes | 0.8 | |||
Total assets | (8.1) | |||
Other accrued liabilities | (5.5) | |||
Total current liabilities | (5.5) | |||
Total liabilities | (5.5) | |||
Accumulated deficit | (2.6) | |||
Total equity (deficit) | (2.6) | |||
Total liabilities and equity | (8.1) | |||
Balance without Adoption of ASC 606 [Member] | ||||
Revenue Initial Application Period Cumulative Effect Transition [Line Items] | ||||
Cash, cash equivalents, and restricted cash | 68.8 | |||
Accounts receivable, net | 470.1 | |||
Inventories | 678.6 | |||
Prepaid expenses and other current assets | 23 | |||
Total current assets | 1,240.5 | |||
Property, plant and equipment, net | 422.4 | |||
Deferred income taxes | 14.5 | |||
Other noncurrent assets | 166.6 | |||
Total assets | 1,844 | |||
Accounts payable | 402.5 | |||
Salaries, wages and commissions | 37.2 | |||
Other accrued liabilities | 79.1 | |||
Short-term debt | 30.3 | |||
Current portion of deferred employee benefits | 7.7 | |||
Total current liabilities | 556.8 | |||
Long-term debt | 1,004.2 | |||
Deferred employee benefits | 233 | |||
Other noncurrent liabilities | 47.4 | |||
Total liabilities | 1,841.4 | |||
Accumulated deficit | (84) | |||
Additional paid-in capital, accumulated other comprehensive loss, and noncontrolling interest | 86.6 | |||
Total equity (deficit) | 2.6 | |||
Total liabilities and equity | $ 1,844 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |||
Provision for income taxes | $ 4.1 | $ 6.8 | |
Valuation allowance | 24.3 | $ 24.4 | |
Estimated income tax expense associated with TCJA Act | $ 0.7 |
Earnings Per Share - Calculatio
Earnings Per Share - Calculation of Basic and Diluted Earnings Per Share (Detail) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Numerator: | ||
Net income attributable to Ryerson Holding Corporation | $ 10.4 | $ 14.8 |
Denominator: | ||
Weighted average shares outstanding | 37,208,581 | 37,132,617 |
Dilutive effect of stock-based awards | 329,979 | 153,643 |
Weighted average shares outstanding adjusted for dilutive securities | 37,538,560 | 37,286,260 |
Earnings per share | ||
Basic and diluted earnings per share | $ 0.28 | $ 0.40 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Detail) - Fanello Industries [Member] - Subsequent Events [Member] | Apr. 02, 2018 |
Subsequent Event [Line Items] | |
Effective date of acquisition | Apr. 2, 2018 |
Description of business acquisition | On April 2, 2018, Ryerson Holding acquired Fanello Industries, a privately owned metal service company located in Lavonia, Georgia. |