Condensed Consolidating Guarantor Financial Statements | 9 Months Ended |
Sep. 30, 2014 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
Condensed Consolidating Guarantor Financial Statements | ' |
|
NOTE 12: CONDENSED CONSOLIDATING GUARANTOR FINANCIAL STATEMENTS |
|
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. |
|
The following are condensed consolidating financial information of Ryerson and its guarantor and non-guarantor subsidiaries and affiliates as of September 30, 2014 and December 31, 2013 and for the three-month and nine-month periods ended September 30, 2014 and 2013: |
|
|
|
RYERSON INC. |
|
CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (UNAUDITED) |
|
THREE MONTHS ENDED SEPTEMBER 30, 2014 |
|
(In millions) |
|
|
| | | | | | | | | | | | | | | | | | | | | | | | |
| | Parent | | | Joseph T. | | | Guarantor | | | Non-guarantor | | | Eliminations | | | Consolidated | |
Ryerson |
Net sales | | $ | — | | | $ | 806.3 | | | $ | 714.4 | | | $ | 117.9 | | | $ | (690.7 | ) | | $ | 947.9 | |
Cost of materials sold | | | — | | | | 689.4 | | | | 701 | | | | 98.7 | | | | (690.7 | ) | | | 798.4 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Gross profit | | | — | | | | 116.9 | | | | 13.4 | | | | 19.2 | | | | — | | | | 149.5 | |
Warehousing, delivery, selling, general and administrative | | | 1 | | | | 129.7 | | | | 6.1 | | | | 17.4 | | | | — | | | | 154.2 | |
Gain on sale of assets | | | — | | | | — | | | | — | | | | (1.3 | ) | | | — | | | | (1.3 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Operating profit (loss) | | | (1.0 | ) | | | (12.8 | ) | | | 7.3 | | | | 3.1 | | | | — | | | | (3.4 | ) |
Other income and (expense), net | | | — | | | | (11.1 | ) | | | — | | | | 2.6 | | | | — | | | | (8.5 | ) |
Interest and other expense on debt | | | (3.7 | ) | | | (23.5 | ) | | | — | | | | (0.7 | ) | | | — | | | | (27.9 | ) |
Intercompany transactions: | | | | | | | | | | | | | | | | | | | | | | | | |
Interest expense on intercompany loans | | | (6.9 | ) | | | — | | | | — | | | | — | | | | 6.9 | | | | — | |
Interest income on intercompany loans | | | — | | | | 5.1 | | | | 1.8 | | | | — | | | | (6.9 | ) | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Income (loss) before income taxes | | | (11.6 | ) | | | (42.3 | ) | | | 9.1 | | | | 5 | | | | — | | | | (39.8 | ) |
Provision (benefit) for income taxes | | | 23.8 | | | | (23.2 | ) | | | (13.7 | ) | | | (0.3 | ) | | | — | | | | (13.4 | ) |
Equity in earnings of subsidiaries | | | (9.8 | ) | | | (13.1 | ) | | | (1.9 | ) | | | — | | | | 24.8 | | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net income (loss) | | | (25.6 | ) | | | (6.0 | ) | | | 24.7 | | | | 5.3 | | | | (24.8 | ) | | | (26.4 | ) |
Less: Net loss attributable to noncontrolling interest | | | — | | | | — | | | | — | | | | (0.8 | ) | | | — | | | | (0.8 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net income (loss) attributable to Ryerson Inc. | | | (25.6 | ) | | | (6.0 | ) | | | 24.7 | | | | 6.1 | | | | (24.8 | ) | | | (25.6 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Comprehensive income (loss) | | $ | (32.9 | ) | | $ | (2.1 | ) | | $ | 22.5 | | | $ | (3.8 | ) | | $ | (17.4 | ) | | $ | (33.7 | ) |
Less: Comprehensive loss attributable to noncontrolling interest | | | — | | | | — | | | | — | | | | (0.8 | ) | | | — | | | | (0.8 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Comprehensive income (loss) attributable to Ryerson Inc. | | $ | (32.9 | ) | | $ | (2.1 | ) | | $ | 22.5 | | | $ | (3.0 | ) | | $ | (17.4 | ) | | $ | (32.9 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
|
|
|
RYERSON INC. |
|
CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (UNAUDITED) |
|
THREE MONTHS ENDED SEPTEMBER 30, 2013 |
|
(In millions) |
|
|
| | | | | | | | | | | | | | | | | | | | | | | | |
| | Parent | | | Joseph T. | | | Guarantor | | | Non-guarantor | | | Eliminations | | | Consolidated | |
Ryerson |
Net sales | | $ | — | | | $ | 726.2 | | | $ | 596.5 | | | $ | 116.3 | | | $ | (579.2 | ) | | $ | 859.8 | |
Cost of materials sold | | | — | | | | 599.2 | | | | 585.7 | | | | 99 | | | | (579.2 | ) | | | 704.7 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Gross profit | | | — | | | | 127 | | | | 10.8 | | | | 17.3 | | | | — | | | | 155.1 | |
Warehousing, delivery, selling, general and administrative | | | 1.3 | | | | 91.3 | | | | 6.3 | | | | 20.7 | | | | — | | | | 119.6 | |
Impairment charges on fixed assets | | | — | | | | 1.1 | | | | — | | | | — | | | | — | | | | 1.1 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Operating profit (loss) | | | (1.3 | ) | | | 34.6 | | | | 4.5 | | | | (3.4 | ) | | | — | | | | 34.4 | |
Other income and (expense), net | | | — | | | | — | | | | — | | | | (1.1 | ) | | | — | | | | (1.1 | ) |
Interest and other expense on debt | | | (3.3 | ) | | | (23.1 | ) | | | — | | | | (0.7 | ) | | | — | | | | (27.1 | ) |
Intercompany transactions: | | | | | | | | | | | | | | | | | | | | | | | | |
Interest expense on intercompany loans | | | (7.4 | ) | | | — | | | | — | | | | — | | | | 7.4 | | | | — | |
Interest income on intercompany loans | | | — | | | | 5.5 | | | | 1.9 | | | | — | | | | (7.4 | ) | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Income (loss) before income taxes | | | (12.0 | ) | | | 17 | | | | 6.4 | | | | (5.2 | ) | | | — | | | | 6.2 | |
Provision (benefit) for income taxes | | | (8.6 | ) | | | 12.2 | | | | 5.3 | | | | (6.0 | ) | | | — | | | | 2.9 | |
Equity in earnings of subsidiaries | | | (7.7 | ) | | | (4.7 | ) | | | (4.1 | ) | | | — | | | | 16.5 | | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net income | | | 4.3 | | | | 9.5 | | | | 5.2 | | | | 0.8 | | | | (16.5 | ) | | | 3.3 | |
Less: Net loss attributable to noncontrolling interest | | | — | | | | — | | | | — | | | | (1.0 | ) | | | — | | | | (1.0 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net income attributable to Ryerson Inc. | | $ | 4.3 | | | $ | 9.5 | | | $ | 5.2 | | | $ | 1.8 | | | $ | (16.5 | ) | | $ | 4.3 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Comprehensive income | | $ | 9.8 | | | $ | 10.3 | | | $ | 5.7 | | | $ | 4.7 | | | $ | (21.9 | ) | | $ | 8.6 | |
Less: Comprehensive loss attributable to noncontrolling interest | | | — | | | | — | | | | — | | | | (1.2 | ) | | | — | | | | (1.2 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Comprehensive income attributable to Ryerson Inc. | | $ | 9.8 | | | $ | 10.3 | | | $ | 5.7 | | | $ | 5.9 | | | $ | (21.9 | ) | | $ | 9.8 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
|
|
|
RYERSON INC. |
|
CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (UNAUDITED) |
|
NINE MONTHS ENDED SEPTEMBER 30, 2014 |
|
(In millions) |
|
|
| | | | | | | | | | | | | | | | | | | | | | | | |
| | Parent | | | Joseph T. | | | Guarantor | | | Non-guarantor | | | Eliminations | | | Consolidated | |
Ryerson |
Net sales | | $ | — | | | $ | 2,342.10 | | | $ | 1,952.80 | | | $ | 346.6 | | | $ | (1,887.7 | ) | | $ | 2,753.80 | |
Cost of materials sold | | | — | | | | 1,984.50 | | | | 1,914.50 | | | | 290.9 | | | | (1,887.7 | ) | | | 2,302.20 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Gross profit | | | — | | | | 357.6 | | | | 38.3 | | | | 55.7 | | | | — | | | | 451.6 | |
Warehousing, delivery, selling, general and administrative | | | 3.7 | | | | 318.2 | | | | 18.2 | | | | 52.3 | | | | — | | | | 392.4 | |
Gain on sale of assets | | | — | | | | — | | | | — | | | | (1.3 | ) | | | — | | | | (1.3 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Operating profit (loss) | | | (3.7 | ) | | | 39.4 | | | | 20.1 | | | | 4.7 | | | | — | | | | 60.5 | |
Other income and (expense), net | | | — | | | | (11.0 | ) | | | — | | | | 2.8 | | | | — | | | | (8.2 | ) |
Interest and other expense on debt | | | (11.2 | ) | | | (69.5 | ) | | | — | | | | (2.1 | ) | | | — | | | | (82.8 | ) |
Intercompany transactions: | | | | | | | | | | | | | | | | | | | | | | | | |
Interest expense on intercompany loans | | | (21.9 | ) | | | — | | | | — | | | | — | | | | 21.9 | | | | — | |
Interest income on intercompany loans | | | — | | | | 16.2 | | | | 5.7 | | | | — | | | | (21.9 | ) | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Income (loss) before income taxes | | | (36.8 | ) | | | (24.9 | ) | | | 25.8 | | | | 5.4 | | | | — | | | | (30.5 | ) |
Provision (benefit) for income taxes | | | 8.8 | | | | (12.9 | ) | | | (3.7 | ) | | | — | | | | — | | | | (7.8 | ) |
Equity in earnings of subsidiaries | | | (25.5 | ) | | | (31.4 | ) | | | (2.0 | ) | | | — | | | | 58.9 | | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net income (loss) | | | (20.1 | ) | | | 19.4 | | | | 31.5 | | | | 5.4 | | | | (58.9 | ) | | | (22.7 | ) |
Less: Net loss attributable to noncontrolling interest | | | — | | | | — | | | | — | | | | (2.6 | ) | | | — | | | | (2.6 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net income (loss) attributable to Ryerson Inc. | | $ | (20.1 | ) | | $ | 19.4 | | | $ | 31.5 | | | $ | 8 | | | $ | (58.9 | ) | | $ | (20.1 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Comprehensive income (loss) | | $ | (31.0 | ) | | $ | 23.2 | | | $ | 26 | | | $ | (3.9 | ) | | $ | (48.0 | ) | | $ | (33.7 | ) |
Less: Comprehensive loss attributable to noncontrolling interest | | | — | | | | — | | | | — | | | | (2.7 | ) | | | — | | | | (2.7 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Comprehensive income (loss) attributable to Ryerson Inc. | | $ | (31.0 | ) | | $ | 23.2 | | | $ | 26 | | | $ | (1.2 | ) | | $ | (48.0 | ) | | $ | (31.0 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
|
|
|
RYERSON INC. |
|
CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (UNAUDITED) |
|
NINE MONTHS ENDED SEPTEMBER 30, 2013 |
|
(In millions) |
|
|
| | | | | | | | | | | | | | | | | | | | | | | | |
| | Parent | | | Joseph T. | | | Guarantor | | | Non-guarantor | | | Eliminations | | | Consolidated | |
Ryerson |
Net sales | | $ | — | | | $ | 2,241.90 | | | $ | 1,800.00 | | | $ | 360.7 | | | $ | (1,744.8 | ) | | $ | 2,657.80 | |
Cost of materials sold | | | — | | | | 1,857.40 | | | | 1,766.20 | | | | 309.6 | | | | (1,744.8 | ) | | | 2,188.40 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Gross profit | | | — | | | | 384.5 | | | | 33.8 | | | | 51.1 | | | | — | | | | 469.4 | |
Warehousing, delivery, selling, general and administrative | | | 3.8 | | | | 278.9 | | | | 17.5 | | | | 62.5 | | | | — | | | | 362.7 | |
Restructuring and other charges | | | — | | | | — | | | | — | | | | 2.1 | | | | | | | | 2.1 | |
Impairment charges on fixed assets and goodwill | | | — | | | | 2 | | | | — | | | | 6.8 | | | | — | | | | 8.8 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Operating profit (loss) | | | (3.8 | ) | | | 103.6 | | | | 16.3 | | | | (20.3 | ) | | | — | | | | 95.8 | |
Other income and (expense), net | | | — | | | | 0.2 | | | | — | | | | 1.9 | | | | — | | | | 2.1 | |
Interest and other expense on debt | | | (11.9 | ) | | | (69.2 | ) | | | — | | | | (2.2 | ) | | | — | | | | (83.3 | ) |
Intercompany transactions: | | | | | | | | | | | | | | | | | | | | | | | | |
Interest expense on intercompany loans | | | (19.4 | ) | | | — | | | | — | | | | — | | | | 19.4 | | | | — | |
Interest income on intercompany loans | | | — | | | | 13.6 | | | | 5.8 | | | | — | | | | (19.4 | ) | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Income (loss) before income taxes | | | (35.1 | ) | | | 48.2 | | | | 22.1 | | | | (20.6 | ) | | | — | | | | 14.6 | |
Provision (benefit) for income taxes | | | (13.0 | ) | | | 18.3 | | | | 8.3 | | | | (7.4 | ) | | | — | | | | 6.2 | |
Equity in earnings of subsidiaries | | | (35.4 | ) | | | (14.3 | ) | | | (0.2 | ) | | | — | | | | 49.9 | | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net income (loss) | | | 13.3 | | | | 44.2 | | | | 14 | | | | (13.2 | ) | | | (49.9 | ) | | | 8.4 | |
Less: Net loss attributable to noncontrolling interest | | | — | | | | — | | | | — | | | | (4.9 | ) | | | — | | | | (4.9 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net income (loss) attributable to Ryerson Inc. | | $ | 13.3 | | | $ | 44.2 | | | $ | 14 | | | $ | (8.3 | ) | | $ | (49.9 | ) | | $ | 13.3 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Comprehensive income (loss) | | $ | 11.8 | | | $ | 46.7 | | | $ | 15.8 | | | $ | (19.1 | ) | | $ | (48.3 | ) | | $ | 6.9 | |
Less: Comprehensive loss attributable to noncontrolling interest | | | — | | | | — | | | | — | | | | (4.9 | ) | | | — | | | | (4.9 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Comprehensive income (loss) attributable to Ryerson Inc. | | $ | 11.8 | | | $ | 46.7 | | | $ | 15.8 | | | $ | (14.2 | ) | | $ | (48.3 | ) | | $ | 11.8 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
|
|
|
RYERSON INC. |
|
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS (UNAUDITED) |
|
NINE MONTHS ENDED SEPTEMBER 30, 2014 |
|
(In millions) |
|
|
| | | | | | | | | | | | | | | | | | | | | | | | |
| | Parent | | | Joseph T. | | | Guarantor | | | Non-guarantor | | | Eliminations | | | Consolidated | |
Ryerson |
OPERATING ACTIVITIES: | | | | | | | | | | | | | | | | | | | | | | | | |
Net income | | $ | (20.1 | ) | | $ | 19.4 | | | $ | 31.5 | | | $ | 5.4 | | | $ | (58.9 | ) | | $ | (22.7 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Non-cash expenses | | | 4.2 | | | | 21.5 | | | | 3.2 | | | | 4.3 | | | | 1.5 | | | | 34.7 | |
Equity in earnings of subsidiaries | | | (25.5 | ) | | | (31.4 | ) | | | (2.0 | ) | | | — | | | | 58.9 | | | | — | |
Changes in working capital | | | 16.3 | | | | (15.7 | ) | | | (37.4 | ) | | | (18.3 | ) | | | (1.5 | ) | | | (56.6 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net adjustments | | | (5.0 | ) | | | (25.6 | ) | | | (36.2 | ) | | | (14.0 | ) | | | 58.9 | | | | (21.9 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net cash used in operating activities | | | (25.1 | ) | | | (6.2 | ) | | | (4.7 | ) | | | (8.6 | ) | | | — | | | | (44.6 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
INVESTING ACTIVITIES: | | | | | | | | | | | | | | | | | | | | | | | | |
Capital expenditures | | | — | | | | (12.2 | ) | | | (0.3 | ) | | | (1.2 | ) | | | — | | | | (13.7 | ) |
Loan to related companies | | | — | | | | — | | | | (16.4 | ) | | | — | | | | 16.4 | | | | — | |
Loan repayment from related parties | | | — | | | | 129.9 | | | | — | | | | — | | | | (129.9 | ) | | | — | |
Other investing activities | | | (0.3 | ) | | | 1.3 | | | | — | | | | 2.7 | | | | 0.1 | | | | 3.8 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net cash provided by (used in) investing activities | | | (0.3 | ) | | | 119 | | | | (16.7 | ) | | | 1.5 | | | | (113.4 | ) | | | (9.9 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
FINANCING ACTIVITIES: | | | | | | | | | | | | | | | | | | | | | | | | |
Repayment of debt | | | — | | | | (110.7 | ) | | | — | | | | — | | | | — | | | | (110.7 | ) |
Net proceeds of short-term borrowings | | | 28.5 | | | | — | | | | — | | | | 4 | | | | — | | | | 32.5 | |
Proceeds from intercompany borrowings | | | 16.4 | | | | — | | | | — | | | | — | | | | (16.4 | ) | | | — | |
Repayment of intercompany borrowings | | | (129.9 | ) | | | — | | | | — | | | | — | | | | 129.9 | | | | — | |
Net increase book overdrafts | | | 0.2 | | | | 1.3 | | | | 20.3 | | | | — | | | | — | | | | 21.8 | |
Capital contribution | | | 110.7 | | | | — | | | | — | | | | 0.1 | | | | (0.1 | ) | | | 110.7 | |
Other financing activities | | | — | | | | (0.7 | ) | | | — | | | | — | | | | — | | | | (0.7 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net cash provided by financing activities | | | 25.9 | | | | (110.1 | ) | | | 20.3 | | | | 4.1 | | | | 113.4 | | | | 53.6 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net increase (decrease) in cash and cash equivalents | | | 0.5 | | | | 2.7 | | | | (1.1 | ) | | | (3.0 | ) | | | — | | | | (0.9 | ) |
Effect of exchange rates | | | — | | | | — | | | | 0.1 | | | | (4.6 | ) | | | — | | | | (4.5 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net change in cash and cash equivalents | | | 0.5 | | | | 2.7 | | | | (1.0 | ) | | | (7.6 | ) | | | — | | | | (5.4 | ) |
Beginning cash and cash equivalents | | | — | | | | 7.8 | | | | 2.4 | | | | 63.8 | | | | — | | | | 74 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ending cash and cash equivalents | | $ | 0.5 | | | $ | 10.5 | | | $ | 1.4 | | | $ | 56.2 | | | $ | — | | | $ | 68.6 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
|
|
|
RYERSON INC. |
|
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS (UNAUDITED) |
|
NINE MONTHS ENDED SEPTEMBER 30, 2013 |
|
(In millions) |
|
|
| | | | | | | | | | | | | | | | | | | | | | | | |
| | Parent | | | Joseph T. | | | Guarantor | | | Non-guarantor | | | Eliminations | | | Consolidated | |
Ryerson |
OPERATING ACTIVITIES: | | | | | | | | | | | | | | | | | | | | | | | | |
Net income (loss) | | $ | 13.3 | | | $ | 44.2 | | | $ | 14 | | | $ | (13.2 | ) | | $ | (49.9 | ) | | $ | 8.4 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Non-cash expenses | | | (0.1 | ) | | | 37.8 | | | | 2.5 | | | | 13.1 | | | | — | | | | 53.3 | |
Equity in (earnings) loss of subsidiaries | | | (35.4 | ) | | | (14.3 | ) | | | (0.2 | ) | | | — | | | | 49.9 | | | | — | |
Changes in working capital | | | 616.5 | | | | 1,038.00 | | | | (1,640.1 | ) | | | 11.9 | | | | — | | | | 26.3 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net adjustments | | | 581 | | | | 1,061.50 | | | | (1,637.8 | ) | | | 25 | | | | 49.9 | | | | 79.6 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net cash provided by (used in) operating activities | | | 594.3 | | | | 1,105.70 | | | | (1,623.8 | ) | | | 11.8 | | | | — | | | | 88 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
INVESTING ACTIVITIES: | | | | | | | | | | | | | | | | | | | | | | | | |
Capital expenditures | | | — | | | | (13.2 | ) | | | (0.5 | ) | | | (2.8 | ) | | | — | | | | (16.5 | ) |
Loan to related companies | | | — | | | | (432.4 | ) | | | — | | | | — | | | | 432.4 | | | | — | |
Loan repayment from related companies | | | 494.6 | | | | — | | | | 1,444.70 | | | | — | | | | (1,939.3 | ) | | | — | |
Investment in related companies | | | — | | | | (173.2 | ) | | | — | | | | — | | | | 173.2 | | | | — | |
Other investing activities | | | (0.9 | ) | | | 4.3 | | | | — | | | | 0.2 | | | | — | | | | 3.6 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net cash provided by (used in) investing activities | | | 493.7 | | | | (614.5 | ) | | | 1,444.20 | | | | (2.6 | ) | | | (1,333.7 | ) | | | (12.9 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
FINANCING ACTIVITIES: | | | | | | | | | | | | | | | | | | | | | | | | |
Net repayments of short term borrowings | | | (65.0 | ) | | | — | | | | — | | | | (0.3 | ) | | | — | | | | (65.3 | ) |
Proceeds from intercompany borrowings | | | 432.4 | | | | — | | | | — | | | | — | | | | (432.4 | ) | | | — | |
Repayment of intercompany borrowings | | | (1,444.7 | ) | | | (494.6 | ) | | | — | | | | — | | | | 1,939.30 | | | | — | |
Capital contribution | | | — | | | | — | | | | 173.2 | | | | — | | | | (173.2 | ) | | | — | |
Other financing activities | | | (3.2 | ) | | | (1.3 | ) | | | 7.8 | | | | (0.5 | ) | | | — | | | | 2.8 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net cash provided by (used in) financing activities | | | (1,080.5 | ) | | | (495.9 | ) | | | 181 | | | | (0.8 | ) | | | 1,333.70 | | | | (62.5 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net increase (decrease) in cash and cash equivalents | | | 7.5 | | | | (4.7 | ) | | | 1.4 | | | | 8.4 | | | | — | | | | 12.6 | |
Effect of exchange rates | | | — | | | | — | | | | (0.1 | ) | | | (2.6 | ) | | | — | | | | (2.7 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net change in cash and cash equivalents | | | 7.5 | | | | (4.7 | ) | | | 1.3 | | | | 5.8 | | | | — | | | | 9.9 | |
Beginning cash and cash equivalents | | | 0.2 | | | | 15.3 | | | | 1.9 | | | | 53.4 | | | | — | | | | 70.8 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ending cash and cash equivalents | | $ | 7.7 | | | $ | 10.6 | | | $ | 3.2 | | | $ | 59.2 | | | $ | — | | | $ | 80.7 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
|
|
|
RYERSON INC. |
|
CONDENSED CONSOLIDATING BALANCE SHEET (UNAUDITED) |
|
SEPTEMBER 30, 2014 |
|
(In millions) |
|
|
| | | | | | | | | | | | | | | | | | | | | | | | |
| | Parent | | | Joseph T. | | | Guarantor | | | Non-guarantor | | | Eliminations | | | Consolidated | |
Ryerson |
ASSETS | | | | | | | | | | | | | | | | | | | | | | | | |
Cash and cash equivalents | | $ | 0.5 | | | $ | 10.5 | | | $ | 1.4 | | | $ | 56.2 | | | $ | — | | | $ | 68.6 | |
Receivables less provision for allowances, claims and doubtful accounts | | | 1 | | | | 366.8 | | | | 13.2 | | | | 87.2 | | | | — | | | | 468.2 | |
Inventories | | | — | | | | 632.8 | | | | 27.1 | | | | 76.1 | | | | — | | | | 736 | |
Intercompany receivable | | | — | | | | 157 | | | | 137.6 | | | | — | | | | (294.6 | ) | | | — | |
Other current assets | | | 0.2 | | | | 10 | | | | 12 | | | | 17.8 | | | | (1.0 | ) | | | 39 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total current assets | | | 1.7 | | | | 1,177.10 | | | | 191.3 | | | | 237.3 | | | | (295.6 | ) | | | 1,311.80 | |
Investments in subsidiaries | | | 1,020.20 | | | | 447.4 | | | | 36.1 | | | | — | | | | (1,503.7 | ) | | | — | |
Intercompany notes receivable | | | — | | | | 276.2 | | | | 240.2 | | | | — | | | | (516.4 | ) | | | — | |
Property, plant and equipment net of accumulated depreciation | | | — | | | | 373.4 | | | | 3.3 | | | | 57.2 | | | | — | | | | 433.9 | |
Other noncurrent assets | | | 101.1 | | | | 57 | | | | 61.7 | | | | 5.1 | | | | (3.4 | ) | | | 221.5 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total assets | | $ | 1,123.00 | | | $ | 2,331.10 | | | $ | 532.6 | | | $ | 299.6 | | | $ | (2,319.1 | ) | | $ | 1,967.20 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
LIABILITIES AND STOCKHOLDERS’ EQUITY | | | | | | | | | | | | | | | | | | | | | | | | |
Accounts payable | | $ | — | | | $ | 45.9 | | | $ | 201.6 | | | $ | 38.6 | | | $ | (0.1 | ) | | $ | 286 | |
Intercompany payable | | | 261.2 | | | | — | | | | — | | | | 33.3 | | | | (294.5 | ) | | | — | |
Deferred income taxes | | | 1.3 | | | | 119.1 | | | | 0.5 | | | | — | | | | (3.2 | ) | | | 117.7 | |
Other current liabilities | | | 2.9 | | | | 109.2 | | | | 4.3 | | | | 41.8 | | | | — | | | | 158.2 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total current liabilities | | | 265.4 | | | | 274.2 | | | | 206.4 | | | | 113.7 | | | | (297.8 | ) | | | 561.9 | |
Long-term debt | | | 397.6 | | | | 800.5 | | | | — | | | | — | | | | — | | | | 1,198.10 | |
Long-term debt – intercompany | | | 516.4 | | | | — | | | | — | | | | — | | | | (516.4 | ) | | | — | |
Deferred employee benefits | | | 0.7 | | | | 229.8 | | | | — | | | | 23.2 | | | | — | | | | 253.7 | |
Taxes and other credits | | | 5.2 | | | | 11.1 | | | | 2.6 | | | | 2 | | | | (1.2 | ) | | | 19.7 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total liabilities | | | 1,185.30 | | | | 1,315.60 | | | | 209 | | | | 138.9 | | | | (815.4 | ) | | | 2,033.40 | |
Redeemable noncontrolling interest | | | — | | | | — | | | | — | | | | 1.2 | | | | — | | | | 1.2 | |
Ryerson Inc. stockholders’ equity | | | (62.3 | ) | | | 1,015.50 | | | | 323.6 | | | | 164.6 | | | | (1,503.7 | ) | | | (62.3 | ) |
Noncontrolling interest | | | — | | | | — | | | | — | | | | (5.1 | ) | | | — | | | | (5.1 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total liabilities and equity | | $ | 1,123.00 | | | $ | 2,331.10 | | | $ | 532.6 | | | $ | 299.6 | | | $ | (2,319.1 | ) | | $ | 1,967.20 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
|
|
|
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 | | $ | — | | | $ | 35.1 | | | $ | 132.8 | | | $ | 39.1 | | | $ | 0.2 | | | $ | 207.2 | |
Intercompany payable | | | 247.6 | | | | — | | | | — | | | | 35 | | | | (282.6 | ) | | | — | |
Deferred income taxes | | | 2.9 | | | | 119.1 | | | | 0.5 | | | | — | | | | (1.5 | ) | | | 121 | |
Other current liabilities | | | 8.8 | | | | 85.5 | | | | 1.7 | | | | 36.7 | | | | 0.2 | | | | 132.9 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
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 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
|
|