Condensed Consolidating Guarantor Financial Statements | 6 Months Ended |
Jun. 30, 2014 |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | ' |
Condensed Consolidating Guarantor Financial Statements | ' |
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NOTE 12: CONDENSED CONSOLIDATING GUARANTOR FINANCIAL STATEMENTS |
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On October 10, 2012, Ryerson and JT Ryerson issued the 2017 and 2018 Notes. The 2017 Notes are fully and unconditionally guaranteed on a senior secured basis and the 2018 Notes are fully and unconditionally guaranteed on a senior unsecured basis by all of our existing and future domestic subsidiaries that are co-borrowers or guarantee obligations under the Ryerson Credit Facility. Each guarantor of the 2017 and 2018 Notes is 100% owned by Ryerson and the guarantees are joint and several. Ryerson Inc. may only pay dividends to Ryerson Holding to the extent of 50% of future net income, once prior losses are offset. |
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The following are condensed consolidating financial information of Ryerson and its guarantor and non-guarantor subsidiaries and affiliates as of June 30, 2014 and December 31, 2013 and for the three-month and six-month periods ended June 30, 2014 and 2013: |
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RYERSON INC. |
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CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (UNAUDITED) |
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THREE MONTHS ENDED JUNE 30, 2014 |
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(In millions) |
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| | Parent | | | Joseph T. | | | Guarantor | | | Non-guarantor | | | Eliminations | | | Consolidated | |
Ryerson |
Net sales | | $ | — | | | $ | 793 | | | $ | 669.8 | | | $ | 116.8 | | | $ | (648.1 | ) | | $ | 931.5 | |
Cost of materials sold | | | — | | | | 670.3 | | | | 656.8 | | | | 98.1 | | | | (648.1 | ) | | | 777.1 | |
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Gross profit | | | — | | | | 122.7 | | | | 13 | | | | 18.7 | | | | — | | | | 154.4 | |
Warehousing, delivery, selling, general and administrative | | | 1.4 | | | | 95.9 | | | | 6 | | | | 17.1 | | | | — | | | | 120.4 | |
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Operating profit (loss) | | | (1.4 | ) | | | 26.8 | | | | 7 | | | | 1.6 | | | | — | | | | 34 | |
Other income and (expense), net | | | — | | | | 0.1 | | | | — | | | | (1.8 | ) | | | — | | | | (1.7 | ) |
Interest and other expense on debt | | | (3.7 | ) | | | (23.0 | ) | | | — | | | | (0.8 | ) | | | — | | | | (27.5 | ) |
Intercompany transactions: | | | | | | | | | | | | | | | | | | | | | | | | |
Interest expense on intercompany loans | | | (7.5 | ) | | | — | | | | — | | | | — | | | | 7.5 | | | | — | |
Interest income on intercompany loans | | | — | | | | 5.6 | | | | 1.9 | | | | — | | | | (7.5 | ) | | | — | |
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Income (loss) before income taxes | | | (12.6 | ) | | | 9.5 | | | | 8.9 | | | | (1.0 | ) | | | — | | | | 4.8 | |
Provision (benefit) for income taxes | | | (5.0 | ) | | | 4.1 | | | | 4.3 | | | | (1.3 | ) | | | — | | | | 2.1 | |
Equity in earnings of subsidiaries | | | (11.2 | ) | | | (8.6 | ) | | | (1.3 | ) | | | — | | | | 21.1 | | | | — | |
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Net income | | | 3.6 | | | | 14 | | | | 5.9 | | | | 0.3 | | | | (21.1 | ) | | | 2.7 | |
Less: Net loss attributable to noncontrolling interest | | | — | | | | — | | | | — | | | | (0.9 | ) | | | — | | | | (0.9 | ) |
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Net income attributable to Ryerson Inc. | | $ | 3.6 | | | $ | 14 | | | $ | 5.9 | | | $ | 1.2 | | | $ | (21.1 | ) | | $ | 3.6 | |
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Comprehensive income | | $ | 7 | | | $ | 13.9 | | | $ | 2.7 | | | $ | 7.2 | | | $ | (24.6 | ) | | $ | 6.2 | |
Less: Comprehensive loss attributable to noncontrolling interest | | | — | | | | — | | | | — | | | | (0.8 | ) | | | — | | | | (0.8 | ) |
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Comprehensive income attributable to Ryerson Inc. | | $ | 7 | | | $ | 13.9 | | | $ | 2.7 | | | $ | 8 | | | $ | (24.6 | ) | | $ | 7 | |
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RYERSON INC. |
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CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (UNAUDITED) |
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THREE MONTHS ENDED JUNE 30, 2013 |
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(In millions) |
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| | Parent | | | Joseph T. | | | Guarantor | | | Non-guarantor | | | Eliminations | | | Consolidated | |
Ryerson |
Net sales | | $ | — | | | $ | 766 | | | $ | 598.7 | | | $ | 121.7 | | | $ | (579.5 | ) | | $ | 906.9 | |
Cost of materials sold | | | — | | | | 636.3 | | | | 587.1 | | | | 104.5 | | | | (579.5 | ) | | | 748.4 | |
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Gross profit | | | — | | | | 129.7 | | | | 11.6 | | | | 17.2 | | | | — | | | | 158.5 | |
Warehousing, delivery, selling, general and administrative | | | 1.2 | | | | 93.3 | | | | 5.7 | | | | 21.2 | | | | — | | | | 121.4 | |
Restructuring and other charges | | | — | | | | — | | | | — | | | | 2.1 | | | | — | | | | 2.1 | |
Impairment charge on goodwill | | | — | | | | — | | | | — | | | | 6.8 | | | | — | | | | 6.8 | |
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Operating profit (loss) | | | (1.2 | ) | | | 36.4 | | | | 5.9 | | | | (12.9 | ) | | | — | | | | 28.2 | |
Other income and (expense), net | | | — | | | | 0.1 | | | | — | | | | 1.9 | | | | — | | | | 2 | |
Interest and other expense on debt | | | (4.0 | ) | | | (23.0 | ) | | | — | | | | (0.8 | ) | | | — | | | | (27.8 | ) |
Intercompany transactions: | | | | | | | | | | | | | | | | | | | | | | | | |
Interest expense on intercompany loans | | | (6.6 | ) | | | — | | | | — | | | | — | | | | 6.6 | | | | — | |
Interest income on intercompany loans | | | — | | | | 4.7 | | | | 1.9 | | | | — | | | | (6.6 | ) | | | — | |
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Income (loss) before income taxes | | | (11.8 | ) | | | 18.2 | | | | 7.8 | | | | (11.8 | ) | | | — | | | | 2.4 | |
Provision (benefit) for income taxes | | | (2.7 | ) | | | 4 | | | | 1.8 | | | | (0.9 | ) | | | — | | | | 2.2 | |
Equity in (earnings) loss of subsidiaries | | | (11.0 | ) | | | (1.6 | ) | | | 3 | | | | — | | | | 9.6 | | | | — | |
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Net income (loss) | | | 1.9 | | | | 15.8 | | | | 3 | | | | (10.9 | ) | | | (9.6 | ) | | | 0.2 | |
Less: Net loss attributable to noncontrolling interest | | | — | | | | — | | | | — | | | | (1.7 | ) | | | — | | | | (1.7 | ) |
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Net income (loss) attributable to Ryerson Inc. | | $ | 1.9 | | | $ | 15.8 | | | $ | 3 | | | $ | (9.2 | ) | | $ | (9.6 | ) | | $ | 1.9 | |
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Comprehensive income (loss) | | $ | (6.2 | ) | | $ | 16.6 | | | $ | 0.6 | | | $ | (17.2 | ) | | $ | (1.6 | ) | | $ | (7.8 | ) |
Less: Comprehensive loss attributable to noncontrolling interest | | | — | | | | — | | | | — | | | | (1.6 | ) | | | — | | | | (1.6 | ) |
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Comprehensive income (loss) attributable to Ryerson Inc. | | $ | (6.2 | ) | | $ | 16.6 | | | $ | 0.6 | | | $ | (15.6 | ) | | $ | (1.6 | ) | | $ | (6.2 | ) |
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RYERSON INC. |
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CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (UNAUDITED) |
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SIX MONTHS ENDED JUNE 30, 2014 |
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(In millions) |
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| | Parent | | | Joseph T. | | | Guarantor | | | Non-guarantor | | | Eliminations | | | Consolidated | |
Ryerson |
Net sales | | $ | — | | | $ | 1,535.80 | | | $ | 1,238.40 | | | $ | 228.7 | | | $ | (1,197.0 | ) | | $ | 1,805.90 | |
Cost of materials sold | | | — | | | | 1,295.10 | | | | 1,213.50 | | | | 192.2 | | | | (1,197.0 | ) | | | 1,503.80 | |
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Gross profit | | | — | | | | 240.7 | | | | 24.9 | | | | 36.5 | | | | — | | | | 302.1 | |
Warehousing, delivery, selling, general and administrative | | | 2.7 | | | | 188.5 | | | | 12.1 | | | | 34.9 | | | | — | | | | 238.2 | |
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Operating profit (loss) | | | (2.7 | ) | | | 52.2 | | | | 12.8 | | | | 1.6 | | | | — | | | | 63.9 | |
Other income and (expense), net | | | — | | | | 0.1 | | | | — | | | | 0.2 | | | | — | | | | 0.3 | |
Interest and other expense on debt | | | (7.5 | ) | | | (46.0 | ) | | | — | | | | (1.4 | ) | | | — | | | | (54.9 | ) |
Intercompany transactions: | | | | | | | | | | | | | | | | | | | | | | | | |
Interest expense on intercompany loans | | | (15.0 | ) | | | — | | | | — | | | | — | | | | 12 | | | | — | |
Interest income on intercompany loans | | | — | | | | 11.1 | | | | 3.9 | | | | — | | | | (12.0 | ) | | | — | |
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Income (loss) before income taxes | | | (25.2 | ) | | | 17.4 | | | | 16.7 | | | | 0.4 | | | | — | | | | 9.3 | |
Provision (benefit) for income taxes | | | (15.0 | ) | | | 10.3 | | | | 10 | | | | 0.3 | | | | — | | | | 5.6 | |
Equity in earnings of subsidiaries | | | (15.7 | ) | | | (18.3 | ) | | | (0.1 | ) | | | — | | | | 34.1 | | | | — | |
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Net income | | | 5.5 | | | | 25.4 | | | | 6.8 | | | | 0.1 | | | | (34.1 | ) | | | 3.7 | |
Less: Net loss attributable to noncontrolling interest | | | — | | | | — | | | | — | | | | (1.8 | ) | | | — | | | | (1.8 | ) |
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Net income attributable to Ryerson Inc. | | $ | 5.5 | | | $ | 25.4 | | | $ | 6.8 | | | $ | 1.9 | | | $ | (34.1 | ) | | $ | 5.5 | |
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Comprehensive income (loss) | | $ | 1.9 | | | $ | 25.3 | | | $ | 3.5 | | | $ | (0.1 | ) | | $ | (30.6 | ) | | $ | — | |
Less: Comprehensive loss attributable to noncontrolling interest | | | — | | | | — | | | | — | | | | (1.9 | ) | | | — | | | | (1.9 | ) |
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Comprehensive income attributable to Ryerson Inc. | | $ | 1.9 | | | $ | 25.3 | | | $ | 3.5 | | | $ | 1.8 | | | $ | (30.6 | ) | | $ | 1.9 | |
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RYERSON INC. |
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CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (UNAUDITED) |
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SIX MONTHS ENDED JUNE 30, 2013 |
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(In millions) |
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| | Parent | | | Joseph T. | | | Guarantor | | | Non-guarantor | | | Eliminations | | | Consolidated | |
Ryerson |
Net sales | | $ | — | | | $ | 1,515.70 | | | $ | 1,203.50 | | | $ | 244.4 | | | $ | (1,165.6 | ) | | $ | 1,798.00 | |
Cost of materials sold | | | — | | | | 1,258.20 | | | | 1,180.50 | | | | 210.6 | | | | (1,165.6 | ) | | | 1,483.70 | |
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Gross profit | | | — | | | | 257.5 | | | | 23 | | | | 33.8 | | | | — | | | | 314.3 | |
Warehousing, delivery, selling, general and administrative | | | 2.5 | | | | 187.6 | | | | 11.2 | | | | 41.8 | | | | — | | | | 243.1 | |
Restructuring and other charges | | | — | | | | — | | | | — | | | | 2.1 | | | | | | | | 2.1 | |
Impairment charges on fixed assets and goodwill | | | — | | | | 0.9 | | | | — | | | | 6.8 | | | | — | | | | 7.7 | |
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Operating profit (loss) | | | (2.5 | ) | | | 69 | | | | 11.8 | | | | (16.9 | ) | | | — | | | | 61.4 | |
Other income and (expense), net | | | — | | | | 0.2 | | | | — | | | | 3 | | | | — | | | | 3.2 | |
Interest and other expense on debt | | | (8.6 | ) | | | (46.1 | ) | | | — | | | | (1.5 | ) | | | — | | | | (56.2 | ) |
Intercompany transactions: | | | | | | | | | | | | | | | | | | | | | | | | |
Interest expense on intercompany loans | | | (12.0 | ) | | | — | | | | — | | | | — | | | | 12 | | | | — | |
Interest income on intercompany loans | | | — | | | | 8.1 | | | | 3.9 | | | | — | | | | (12.0 | ) | | | — | |
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Income (loss) before income taxes | | | (23.1 | ) | | | 31.2 | | | | 15.7 | | | | (15.4 | ) | | | — | | | | 8.4 | |
Provision (benefit) for income taxes | | | (4.4 | ) | | | 6.1 | | | | 3 | | | | (1.4 | ) | | | — | | | | 3.3 | |
Equity in (earnings) loss of subsidiaries | | | (27.7 | ) | | | (9.6 | ) | | | 3.9 | | | | — | | | | 33.4 | | | | — | |
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Net income (loss) | | | 9 | | | | 34.7 | | | | 8.8 | | | | (14.0 | ) | | | (33.4 | ) | | | 5.1 | |
Less: Net loss attributable to noncontrolling interest | | | — | | | | — | | | | — | | | | (3.9 | ) | | | — | | | | (3.9 | ) |
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Net income (loss) attributable to Ryerson Inc. | | $ | 9 | | | $ | 34.7 | | | $ | 8.8 | | | $ | (10.1 | ) | | $ | (33.4 | ) | | $ | 9 | |
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Comprehensive income (loss) | | $ | 2 | | | $ | 36.4 | | | $ | 10.1 | | | $ | (23.8 | ) | | $ | (26.4 | ) | | $ | (1.7 | ) |
Less: Comprehensive loss attributable to noncontrolling interest | | | — | | | | — | | | | — | | | | (3.7 | ) | | | — | | | | (3.7 | ) |
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Comprehensive income (loss) attributable to Ryerson Inc. | | $ | 2 | | | $ | 36.4 | | | $ | 10.1 | | | $ | (20.1 | ) | | $ | (26.4 | ) | | $ | 2 | |
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RYERSON INC. |
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CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS (UNAUDITED) |
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SIX MONTHS ENDED JUNE 30, 2014 |
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(In millions) |
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| | Parent | | | Joseph T. | | | Guarantor | | | Non-guarantor | | | Eliminations | | | Consolidated | |
Ryerson |
OPERATING ACTIVITIES: | | | | | | | | | | | | | | | | | | | | | | | | |
Net income | | $ | 5.5 | | | $ | 25.4 | | | $ | 6.8 | | | $ | 0.1 | | | $ | (34.1 | ) | | $ | 3.7 | |
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Non-cash expenses | | | (9.0 | ) | | | 25.3 | | | | 9.1 | | | | 3.3 | | | | 1.5 | | | | 30.2 | |
Equity in earnings of subsidiaries | | | (15.7 | ) | | | (18.3 | ) | | | (0.1 | ) | | | — | | | | 34.1 | | | | — | |
Changes in working capital | | | 3.8 | | | | 13.6 | | | | (25.5 | ) | | | (14.9 | ) | | | (1.5 | ) | | | (24.5 | ) |
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Net adjustments | | | (20.9 | ) | | | 20.6 | | | | (16.5 | ) | | | (11.6 | ) | | | 34.1 | | | | 5.7 | |
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Net cash provided by (used in) operating activities | | | (15.4 | ) | | | 46 | | | | (9.7 | ) | | | (11.5 | ) | | | — | | | | 9.4 | |
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INVESTING ACTIVITIES: | | | | | | | | | | | | | | | | | | | | | | | | |
Capital expenditures | | | — | | | | (7.2 | ) | | | (0.4 | ) | | | (0.6 | ) | | | — | | | | (8.2 | ) |
Loan to related companies | | | — | | | | (40.7 | ) | | | (19.0 | ) | | | — | | | | 59.7 | | | | — | |
Other investing activities | | | (0.3 | ) | | | 1.2 | | | | — | | | | 0.1 | | | | 0.1 | | | | 1.1 | |
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Net cash provided by (used in) investing activities | | | (0.3 | ) | | | (46.7 | ) | | | (19.4 | ) | | | (0.5 | ) | | | 59.8 | | | | (7.1 | ) |
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FINANCING ACTIVITIES: | | | | | | | | | | | | | | | | | | | | | | | | |
Net proceeds/(repayments) of short term borrowings | | | (44.1 | ) | | | — | | | | — | | | | 4.1 | | | | — | | | | (40.0 | ) |
Proceeds from intercompany borrowings | | | 59.7 | | | | — | | | | — | | | | — | | | | (59.7 | ) | | | — | |
Net increase book overdrafts | | | 0.2 | | | | 2.2 | | | | 45.1 | | | | — | | | | — | | | | 47.5 | |
Other financing activities | | | — | | | | (0.5 | ) | | | — | | | | 0.1 | | | | (0.1 | ) | | | (0.5 | ) |
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Net cash provided by financing activities | | | 15.8 | | | | 1.7 | | | | 45.1 | | | | 4.2 | | | | (59.8 | ) | | | 7 | |
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Net increase (decrease) in cash and cash equivalents | | | 0.1 | | | | 1 | | | | 16 | | | | (7.8 | ) | | | — | | | | 9.3 | |
Effect of exchange rates | | | — | | | | — | | | | — | | | | (0.8 | ) | | | — | | | | (0.8 | ) |
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Net change in cash and cash equivalents | | | 0.1 | | | | 1 | | | | 16 | | | | (8.6 | ) | | | — | | | | 8.5 | |
Beginning cash and cash equivalents | | | — | | | | 7.8 | | | | 2.4 | | | | 63.8 | | | | — | | | | 74 | |
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Ending cash and cash equivalents | | $ | 0.1 | | | $ | 8.8 | | | $ | 18.4 | | | $ | 55.2 | | | $ | — | | | $ | 82.5 | |
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RYERSON INC. |
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CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS (UNAUDITED) |
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SIX MONTHS ENDED JUNE 30, 2013 |
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(In millions) |
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| | | | | | | | | | | | | | | | | | | | | | | | |
| | Parent | | | Joseph T. | | | Guarantor | | | Non-guarantor | | | Eliminations | | | Consolidated | |
Ryerson |
OPERATING ACTIVITIES: | | | | | | | | | | | | | | | | | | | | | | | | |
Net income (loss) | | $ | 9 | | | $ | 34.7 | | | $ | 8.8 | | | $ | (14.0 | ) | | $ | (33.4 | ) | | $ | 5.1 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Non-cash expenses | | | (0.1 | ) | | | 21.7 | | | | 1.5 | | | | 12 | | | | — | | | | 35.1 | |
Equity in (earnings) loss of subsidiaries | | | (27.7 | ) | | | (9.6 | ) | | | 3.9 | | | | — | | | | 33.4 | | | | — | |
Changes in working capital | | | 629.4 | | | | 1,021.70 | | | | (1,650.6 | ) | | | 10.7 | | | | — | | | | 11.2 | |
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Net adjustments | | | 601.6 | | | | 1,033.80 | | | | (1,645.2 | ) | | | 22.7 | | | | 33.4 | | | | 46.3 | |
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Net cash provided by (used in) operating activities | | | 610.6 | | | | 1,068.50 | | | | (1,636.4 | ) | | | 8.7 | | | | — | | | | 51.4 | |
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INVESTING ACTIVITIES: | | | | | | | | | | | | | | | | | | | | | | | | |
Capital expenditures | | | — | | | | (8.0 | ) | | | (0.3 | ) | | | (2.2 | ) | | | — | | | | (10.5 | ) |
Loan to related companies | | | — | | | | (399.7 | ) | | | — | | | | — | | | | 399.7 | | | | — | |
Loan repayment from related companies | | | 494.6 | | | | — | | | | 1,458.30 | | | | — | | | | (1,952.9 | ) | | | — | |
Investment in related companies | | | — | | | | (173.2 | ) | | | — | | | | — | | | | 173.2 | | | | — | |
Other investing activities | | | — | | | | 3 | | | | — | | | | 0.1 | | | | — | | | | 3.1 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net cash provided by (used in) investing activities | | | 494.6 | | | | (577.9 | ) | | | 1,458.00 | | | | (2.1 | ) | | | (1,380.0 | ) | | | (7.4 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
FINANCING ACTIVITIES: | | | | | | | | | | | | | | | | | | | | | | | | |
Net proceeds/(repayments) of short term borrowings | | | (38.6 | ) | | | — | | | | — | | | | 1.8 | | | | — | | | | (36.8 | ) |
Proceeds from intercompany borrowings | | | 399.7 | | | | — | | | | — | | | | — | | | | (399.7 | ) | | | — | |
Repayment of intercompany borrowings | | | (1,458.3 | ) | | | (494.6 | ) | | | — | | | | — | | | | 1,952.90 | | | | — | |
Net increase/(decrease) book overdrafts | | | — | | | | (0.3 | ) | | | 6.4 | | | | — | | | | — | | | | 6.1 | |
Capital contribution | | | — | | | | — | | | | 173.2 | | | | — | | | | (173.2 | ) | | | — | |
Other financing activities | | | (3.2 | ) | | | (0.6 | ) | | | — | | | | (0.5 | ) | | | — | | | | (4.3 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net cash provided by (used in) financing activities | | | (1,100.4 | ) | | | (495.5 | ) | | | 179.6 | | | | 1.3 | | | | 1,380.00 | | | | (35.0 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net increase (decrease) in cash and cash equivalents | | | 4.8 | | | | (4.9 | ) | | | 1.2 | | | | 7.9 | | | | — | | | | 9 | |
Effect of exchange rates | | | — | | | | 0.2 | | | | — | | | | (4.3 | ) | | | — | | | | (4.1 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net change in cash and cash equivalents | | | 4.8 | | | | (4.7 | ) | | | 1.2 | | | | 3.6 | | | | — | | | | 4.9 | |
Beginning cash and cash equivalents | | | 0.2 | | | | 15.3 | | | | 1.9 | | | | 53.4 | | | | — | | | | 70.8 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ending cash and cash equivalents | | $ | 5 | | | $ | 10.6 | | | $ | 3.1 | | | $ | 57 | | | $ | — | | | $ | 75.7 | |
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|
|
RYERSON INC. |
|
CONDENSED CONSOLIDATING BALANCE SHEET (UNAUDITED) |
|
JUNE 30, 2014 |
|
(In millions) |
|
|
| | | | | | | | | | | | | | | | | | | | | | | | |
| | Parent | | | Joseph T. | | | Guarantor | | | Non-guarantor | | | Eliminations | | | Consolidated | |
Ryerson |
ASSETS | | | | | | | | | | | | | | | | | | | | | | | | |
Cash and cash equivalents | | $ | 0.1 | | | $ | 8.8 | | | $ | 18.4 | | | $ | 55.2 | | | $ | — | | | $ | 82.5 | |
Receivables less provision for allowances, claims and doubtful accounts | | | 3.8 | | | | 359 | | | | 12.5 | | | | 91.1 | | | | — | | | | 466.4 | |
Inventories | | | — | | | | 622.1 | | | | 24.8 | | | | 76.1 | | | | — | | | | 723 | |
Intercompany receivable | | | — | | | | 154.8 | | | | 131.3 | | | | — | | | | (286.1 | ) | | | — | |
Other current assets | | | 0.4 | | | | 9 | | | | 15.5 | | | | 16.4 | | | | (1.7 | ) | | | 39.6 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total current assets | | | 4.3 | | | | 1,153.70 | | | | 202.5 | | | | 238.8 | | | | (287.8 | ) | | | 1,311.50 | |
Investments in subsidiaries | | | 1,017.90 | | | | 434.3 | | | | 34.1 | | | | — | | | | (1,486.3 | ) | | | — | |
Intercompany notes receivable | | | — | | | | 446.8 | | | | 242.8 | | | | — | | | | (689.6 | ) | | | — | |
Property, plant and equipment net of accumulated depreciation | | | — | | | | 382.5 | | | | 3.4 | | | | 58 | | | | — | | | | 443.9 | |
Other noncurrent assets | | | 114.6 | | | | 37.7 | | | | 62.4 | | | | 5.7 | | | | (7.3 | ) | | | 213.1 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total assets | | $ | 1,136.80 | | | $ | 2,455.00 | | | $ | 545.2 | | | $ | 302.5 | | | $ | (2,471.0 | ) | | $ | 1,968.50 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
LIABILITIES AND STOCKHOLDERS’ EQUITY | | | | | | | | | | | | | | | | | | | | | | | | |
Accounts payable | | $ | — | | | $ | 53.4 | | | $ | 229.1 | | | $ | 36.7 | | | $ | 0.1 | | | $ | 319.3 | |
Intercompany payable | | | 251.4 | | | | — | | | | — | | | | 34.8 | | | | (286.2 | ) | | | — | |
Deferred income taxes | | | 1.3 | | | | 119.1 | | | | 0.5 | | | | — | | | | (1.9 | ) | | | 119 | |
Other current liabilities | | | 3 | | | | 89.1 | | | | 4.2 | | | | 39.7 | | | | 0.2 | | | | 136.2 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total current liabilities | | | 255.7 | | | | 261.6 | | | | 233.8 | | | | 111.2 | | | | (287.8 | ) | | | 574.5 | |
Long-term debt | | | 325 | | | | 900 | | | | — | | | | — | | | | — | | | | 1,225.00 | |
Long-term debt – intercompany | | | 689.6 | | | | — | | | | — | | | | — | | | | (689.6 | ) | | | — | |
Deferred employee benefits | | | 0.7 | | | | 264.3 | | | | — | | | | 24.8 | | | | — | | | | 289.8 | |
Taxes and other credits | | | 5.9 | | | | 11.4 | | | | 10.4 | | | | 2 | | | | (7.3 | ) | | | 22.4 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total liabilities | | | 1,276.90 | | | | 1,437.30 | | | | 244.2 | | | | 138 | | | | (984.7 | ) | | | 2,111.70 | |
Redeemable noncontrolling interest | | | — | | | | — | | | | — | | | | 1.2 | | | | — | | | | 1.2 | |
Ryerson Inc. stockholders’ equity | | | (140.1 | ) | | | 1,017.70 | | | | 301 | | | | 167.6 | | | | (1,486.3 | ) | | | (140.1 | ) |
Noncontrolling interest | | | — | | | | — | | | | — | | | | (4.3 | ) | | | — | | | | (4.3 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total liabilities and equity | | $ | 1,136.80 | | | $ | 2,455.00 | | | $ | 545.2 | | | $ | 302.5 | | | $ | (2,471.0 | ) | | $ | 1,968.50 | |
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|
|
RYERSON INC. |
|
CONDENSED CONSOLIDATING BALANCE SHEET |
|
31-Dec-13 |
|
(In millions) |
|
|
| | | | | | | | | | | | | | | | | | | | | | | | |
| | Parent | | | Joseph T. | | | Guarantor | | | Non-guarantor | | | Eliminations | | | Consolidated | |
Ryerson |
ASSETS | | | | | | | | | | | | | | | | | | | | | | | | |
Cash and cash equivalents | | $ | — | | | $ | 7.8 | | | $ | 2.4 | | | $ | 63.8 | | | $ | — | | | $ | 74 | |
Receivables less provision for allowances, claims and doubtful accounts | | | 3.5 | | | | 290.4 | | | | 8.8 | | | | 82.7 | | | | — | | | | 385.4 | |
Inventories | | | — | | | | 637.1 | | | | 25.8 | | | | 70.1 | | | | — | | | | 733 | |
Intercompany receivable | | | — | | | | 227 | | | | 55.2 | | | | — | | | | (282.2 | ) | | | — | |
Other current assets | | | — | | | | 11.4 | | | | 20.8 | | | | 18.8 | | | | (1.5 | ) | | | 49.5 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total current assets | | | 3.5 | | | | 1,173.70 | | | | 113 | | | | 235.4 | | | | (283.7 | ) | | | 1,241.90 | |
Investments in subsidiaries | | | 1,005.70 | | | | 416 | | | | 34 | | | | — | | | | (1,455.7 | ) | | | — | |
Intercompany notes receivable | | | — | | | | 406.1 | | | | 223.8 | | | | — | | | | (629.9 | ) | | | — | |
Property, plant and equipment net of accumulated depreciation | | | — | | | | 387.8 | | | | 3.1 | | | | 61.8 | | | | — | | | | 452.7 | |
Other noncurrent assets | | | 107.3 | | | | 48.5 | | | | 64 | | | | 5.8 | | | | (2.2 | ) | | | 223.4 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total assets | | $ | 1,116.50 | | | $ | 2,432.10 | | | $ | 437.9 | | | $ | 303 | | | $ | (2,371.5 | ) | | $ | 1,918.00 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
LIABILITIES AND STOCKHOLDERS’ EQUITY | | | | | | | | | | | | | | | | | | | | | | | | |
Accounts payable | | $ | (0.2 | ) | | $ | 35.1 | | | $ | 132.8 | | | $ | 39.1 | | | $ | 0.4 | | | $ | 207.2 | |
Intercompany payable | | | 247.6 | | | | — | | | | — | | | | 35 | | | | (282.6 | ) | | | — | |
Other current liabilities | | | 11.9 | | | | 204.6 | | | | 2.2 | | | | 36.7 | | | | (1.5 | ) | | | 253.9 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total current liabilities | | | 259.3 | | | | 239.7 | | | | 135 | | | | 110.8 | | | | (283.7 | ) | | | 461.1 | |
Long-term debt | | | 362.5 | | | | 900 | | | | — | | | | — | | | | — | | | | 1,262.50 | |
Long-term debt – intercompany | | | 629.9 | | | | — | | | | — | | | | — | | | | (629.9 | ) | | | — | |
Deferred employee benefits | | | 0.6 | | | | 294.4 | | | | — | | | | 25.8 | | | | — | | | | 320.8 | |
Taxes and other credits | | | 6.2 | | | | 5.6 | | | | 5.3 | | | | 1.9 | | | | (2.2 | ) | | | 16.8 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total liabilities | | | 1,258.50 | | | | 1,439.70 | | | | 140.3 | | | | 138.5 | | | | (915.8 | ) | | | 2,061.20 | |
Redeemable noncontrolling interest | | | — | | | | — | | | | — | | | | 1.3 | | | | — | | | | 1.3 | |
Ryerson Inc. stockholders’ equity | | | (142.0 | ) | | | 992.4 | | | | 297.6 | | | | 165.7 | | | | (1,455.7 | ) | | | (142.0 | ) |
Noncontrolling interest | | | — | | | | — | | | | — | | | | (2.5 | ) | | | — | | | | (2.5 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total liabilities and equity | | $ | 1,116.50 | | | $ | 2,432.10 | | | $ | 437.9 | | | $ | 303 | | | $ | (2,371.5 | ) | | $ | 1,918.00 | |
| | | | | | | | | | | | | | | | | | | | | | | | |