Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Feb. 14, 2014 | Jun. 30, 2013 | |
Document and Entity Information | ' | ' | ' |
Entity Registrant Name | 'STEEL DYNAMICS INC | ' | ' |
Entity Central Index Key | '0001022671 | ' | ' |
Document Type | '10-K | ' | ' |
Document Period End Date | 31-Dec-13 | ' | ' |
Amendment Flag | 'false | ' | ' |
Current Fiscal Year End Date | '--12-31 | ' | ' |
Entity Well-known Seasoned Issuer | 'Yes | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Filer Category | 'Large Accelerated Filer | ' | ' |
Entity Public Float | ' | ' | $2,496,693,575 |
Entity Common Stock, Shares Outstanding | ' | 223,004,874 | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
CONSOLIDATED_BALANCE_SHEETS
CONSOLIDATED BALANCE SHEETS (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Current assets | ' | ' |
Cash and equivalents | $395,156 | $375,917 |
Investments in short-term commercial paper | ' | 31,520 |
Accounts receivable, net of related allowances of $11,004 and $11,571 as of December 31, 2013 and 2012, respectively | 664,208 | 599,499 |
Accounts receivable-related parties | 56,392 | 42,864 |
Inventories | 1,314,747 | 1,202,507 |
Deferred income taxes | 17,964 | 23,449 |
Other current assets | 25,167 | 20,469 |
Total current assets | 2,473,634 | 2,296,225 |
Property, plant and equipment, net | 2,226,134 | 2,231,198 |
Restricted cash | 23,827 | 27,749 |
Intangible assets, net of accumulated amortization of $215,341 and $184,865 as of December 31, 2013 and 2012, respectively | 386,159 | 416,635 |
Goodwill | 731,996 | 738,542 |
Other assets | 91,256 | 105,067 |
Total assets | 5,933,006 | 5,815,416 |
Current liabilities | ' | ' |
Accounts payable | 404,605 | 344,953 |
Accounts payable-related parties | 10,327 | 15,144 |
Income taxes payable | 4,023 | 16,941 |
Accrued payroll and benefits | 93,432 | 85,802 |
Accrued interest | 31,363 | 35,306 |
Accrued expenses | 89,884 | 81,900 |
Current maturities of long-term debt | 341,544 | 29,631 |
Total current liabilities | 975,178 | 609,677 |
Long-term debt | ' | ' |
Term note | 220,000 | 247,500 |
Senior notes | 1,500,000 | 1,600,000 |
Convertible senior notes | ' | 287,496 |
Other long-term debt | 46,045 | 37,610 |
Total long-term debt | 1,766,045 | 2,172,606 |
Deferred income taxes | 556,038 | 537,304 |
Other liabilities | 23,376 | 19,173 |
Commitments and contingencies | ' | ' |
Redeemable noncontrolling interests | 116,514 | 98,814 |
Equity | ' | ' |
Common stock voting, $.0025 par value; 900,000,000 shares authorized; 258,840,350 and 255,592,901 shares issued; and 222,867,408 and 219,522,655 shares outstanding, as of December 31, 2013 and 2012, respectively | 645 | 637 |
Treasury stock, at cost; 35,972,942 and 36,070,246 shares, as of December 31, 2013, and 2012, respectively | -718,529 | -720,479 |
Additional paid-in capital | 1,085,694 | 1,037,687 |
Retained earnings | 2,179,513 | 2,087,620 |
Total Steel Dynamics, Inc. equity | 2,547,323 | 2,405,465 |
Noncontrolling interests | -51,468 | -27,623 |
Total equity | 2,495,855 | 2,377,842 |
Total liabilities and equity | $5,933,006 | $5,815,416 |
CONSOLIDATED_BALANCE_SHEETS_Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, except Share data, unless otherwise specified | ||
Accounts receivable, related allowances (in dollars) | $11,004 | $11,571 |
Intangible assets, accumulated amortization (in dollars) | $215,341 | $184,865 |
Common stock voting, par value (in dollars per share) | $0.00 | $0.00 |
Common stock voting, shares authorized (in shares) | 900,000,000 | 900,000,000 |
Common stock voting, shares issued (in shares) | 258,840,350 | 255,592,901 |
Common stock voting, shares outstanding (in shares) | 222,867,408 | 219,522,655 |
Treasury stock, shares (in shares) | 35,972,942 | 36,070,246 |
CONSOLIDATED_STATEMENTS_OF_INC
CONSOLIDATED STATEMENTS OF INCOME (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Net sales | ' | ' | ' |
Unrelated parties | $7,087,101 | $7,007,417 | $7,718,714 |
Related parties | 285,823 | 282,817 | 278,786 |
Total net sales | 7,372,924 | 7,290,234 | 7,997,500 |
Costs of goods sold | 6,653,780 | 6,570,336 | 7,065,982 |
Gross profit | 719,144 | 719,898 | 931,518 |
Selling, general and administrative expenses | 272,777 | 257,943 | 263,595 |
Profit sharing | 27,764 | 26,987 | 43,149 |
Amortization of intangible assets | 31,770 | 35,553 | 39,954 |
Impairment charges | 308 | 8,250 | ' |
Operating income | 386,525 | 391,165 | 584,820 |
Interest expense, net of capitalized interest | 127,728 | 158,585 | 176,977 |
Other (income) expense, net | -4,033 | 28,514 | -16,476 |
Income before income taxes | 262,830 | 204,066 | 424,319 |
Income taxes | 99,314 | 61,785 | 158,627 |
Net income | 163,516 | 142,281 | 265,692 |
Net loss attributable to noncontrolling interests | 25,798 | 21,270 | 12,428 |
Net income attributable to Steel Dynamics, Inc. | $189,314 | $163,551 | $278,120 |
Basic earnings per share attributable to Steel Dynamics, Inc. stockholders (in dollars per share) | $0.86 | $0.75 | $1.27 |
Weighted average common shares outstanding (in shares) | 220,916 | 219,159 | 218,471 |
Diluted earnings per share attributable to Steel Dynamics, Inc. stockholders, including the effect of assumed conversions when dilutive (in dollars per share) | $0.83 | $0.73 | $1.22 |
Weighted average common shares and share equivalents outstanding (in shares) | 238,996 | 236,624 | 235,992 |
Dividends declared per share (in dollars per share) | $0.44 | $0.40 | $0.40 |
CONSOLIDATED_STATEMENTS_OF_EQU
CONSOLIDATED STATEMENTS OF EQUITY (USD $) | Total | Common Stock | Additional Paid-In Capital | Retained Earnings | Treasury Stock | Noncontrolling Interests | Redeemable Noncontrolling Interests |
In Thousands, except Share data, unless otherwise specified | |||||||
Balances at Dec. 31, 2010 | $2,076,835 | $633 | $998,728 | $1,821,133 | ($727,624) | ($16,035) | $54,294 |
Balances (in shares) at Dec. 31, 2010 | ' | ' | ' | ' | 36,428,000 | ' | ' |
Balances (in shares) at Dec. 31, 2010 | ' | 217,575,000 | ' | ' | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity | ' | ' | ' | ' | ' | ' | ' |
Proceeds from exercise of stock options, including related tax effect | 13,396 | 3 | 13,393 | ' | ' | ' | ' |
Proceeds from exercise of stock options, including related tax effect (in shares) | ' | 1,050,000 | ' | ' | ' | ' | ' |
Dividends declared | -87,452 | ' | ' | -87,452 | ' | ' | ' |
Contributions from noncontrolling investors | 12,989 | ' | ' | ' | ' | 12,989 | 16,400 |
Distributions to noncontrolling investors | -567 | ' | ' | ' | ' | -567 | ' |
Equity-based compensation | 19,007 | ' | 14,036 | ' | 4,971 | ' | ' |
Equity-based compensation (in shares) | ' | 249,000 | ' | ' | -249,000 | ' | ' |
Comprehensive income and net income (loss) | 265,692 | ' | ' | 278,120 | ' | -12,428 | ' |
Balances at Dec. 31, 2011 | 2,299,900 | 636 | 1,026,157 | 2,011,801 | -722,653 | -16,041 | 70,694 |
Balances (in shares) at Dec. 31, 2011 | ' | ' | ' | ' | 36,179,000 | ' | ' |
Balances (in shares) at Dec. 31, 2011 | ' | 218,874,000 | ' | ' | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity | ' | ' | ' | ' | ' | ' | ' |
Proceeds from exercise of stock options, including related tax effect | 3,662 | 1 | 3,661 | ' | ' | ' | ' |
Proceeds from exercise of stock options, including related tax effect (in shares) | ' | 445,000 | ' | ' | ' | ' | ' |
Dividends declared | -87,698 | ' | ' | -87,698 | ' | ' | ' |
Conversion of 5.125% convertible senior notes | 4 | ' | -1 | ' | 5 | ' | ' |
Contributions from noncontrolling investors | 9,839 | ' | ' | ' | ' | 9,839 | 28,120 |
Distributions to noncontrolling investors | -151 | ' | ' | ' | ' | -151 | ' |
Equity-based compensation | 10,005 | ' | 7,870 | -34 | 2,169 | ' | ' |
Equity-based compensation (in shares) | ' | 204,000 | ' | ' | -109,000 | ' | ' |
Comprehensive income and net income (loss) | 142,281 | ' | ' | 163,551 | ' | -21,270 | ' |
Balances at Dec. 31, 2012 | 2,377,842 | 637 | 1,037,687 | 2,087,620 | -720,479 | -27,623 | 98,814 |
Balances (in shares) at Dec. 31, 2012 | 36,070,246 | ' | ' | ' | 36,070,000 | ' | ' |
Balances (in shares) at Dec. 31, 2012 | 219,522,655 | 219,523,000 | ' | ' | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity | ' | ' | ' | ' | ' | ' | ' |
Proceeds from exercise of stock options, including related tax effect | 37,508 | 8 | 37,660 | ' | -160 | ' | ' |
Proceeds from exercise of stock options, including related tax effect (in shares) | ' | 3,132,000 | ' | ' | ' | ' | ' |
Dividends declared | -97,375 | ' | ' | -97,375 | ' | ' | ' |
Conversion of 5.125% convertible senior notes | 4 | ' | ' | ' | 4 | ' | ' |
Acquisition of noncontrolling interest | ' | ' | -2,232 | ' | ' | 2,232 | ' |
Contributions from noncontrolling investors | 160 | ' | ' | ' | ' | 160 | 17,700 |
Distributions to noncontrolling investors | -439 | ' | ' | ' | ' | -439 | ' |
Equity-based compensation | 14,639 | ' | 12,579 | -46 | 2,106 | ' | ' |
Equity-based compensation (in shares) | ' | 212,000 | ' | ' | -97,000 | ' | ' |
Comprehensive income and net income (loss) | 163,516 | ' | ' | 189,314 | ' | -25,798 | ' |
Balances at Dec. 31, 2013 | $2,495,855 | $645 | $1,085,694 | $2,179,513 | ($718,529) | ($51,468) | $116,514 |
Balances (in shares) at Dec. 31, 2013 | 35,972,942 | ' | ' | ' | 35,973,000 | ' | ' |
Balances (in shares) at Dec. 31, 2013 | 222,867,408 | 222,867,000 | ' | ' | ' | ' | ' |
CONSOLIDATED_STATEMENTS_OF_EQU1
CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) (Convertible senior notes) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Convertible senior notes | ' | ' | ' |
Note stated interest rate (as a percent) | 5.13% | 5.13% | 5.13% |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Operating activities: | ' | ' | ' |
Net income | $163,516 | $142,281 | $265,692 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' | ' |
Depreciation and amortization | 230,928 | 225,216 | 222,607 |
Impairment charges | 308 | 8,250 | ' |
Equity-based compensation | 15,504 | 12,481 | 17,283 |
Deferred income taxes | 30,737 | 54,528 | 34,436 |
(Gain) loss on disposal of property, plant and equipment | 1,082 | 509 | -3,925 |
Changes in certain assets and liabilities: | ' | ' | ' |
Accounts receivable | -78,237 | 85,977 | -100,602 |
Inventories | -108,025 | 13,845 | -85,523 |
Other assets | 13,705 | -1,337 | 5,683 |
Accounts payable | 40,141 | -32,593 | 56,551 |
Income taxes receivable/payable | -12,494 | 21,644 | 26,242 |
Accrued expenses | 15,010 | -85,107 | 47,911 |
Net cash provided by operating activities | 312,175 | 445,694 | 486,355 |
Investing activities: | ' | ' | ' |
Purchases of property, plant and equipment | -186,843 | -223,525 | -167,007 |
Proceeds from maturities of (investments in) short-term commercial paper, net | 31,520 | 53,310 | -84,830 |
Other investing activities | 2,478 | -21,386 | 16,000 |
Net cash used in investing activities | -152,845 | -191,601 | -235,837 |
Financing activities: | ' | ' | ' |
Issuance of current and long-term debt | 423,965 | 1,049,969 | 10,103 |
Repayments of current and long-term debt | -517,978 | -1,258,842 | -7,740 |
Proceeds from exercise of stock options, including related tax effect | 37,508 | 3,662 | 13,396 |
Contributions from noncontrolling investors | 17,860 | 37,959 | 27,389 |
Distributions to noncontrolling investors | -439 | -151 | -567 |
Dividends paid | -94,812 | -87,633 | -81,882 |
Debt issuance costs | -6,195 | -13,901 | -6,969 |
Net cash used in financing activities | -140,091 | -268,937 | -46,270 |
Increase (decrease) in cash and equivalents | 19,239 | -14,844 | 204,248 |
Cash and equivalents at beginning of year | 375,917 | 390,761 | 186,513 |
Cash and equivalents at end of year | $395,156 | $375,917 | $390,761 |
Description_of_the_Business_an
Description of the Business and Summary of Significant Accounting Policies | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||
Description of the Business and Summary of Significant Accounting Policies | ' | |||||||||||||||||||
Description of the Business and Summary of Significant Accounting Policies | ' | |||||||||||||||||||
Note 1. Description of the Business and Summary of Significant Accounting Policies | ||||||||||||||||||||
Description of the Business | ||||||||||||||||||||
Steel Dynamics, Inc. (SDI), together with its subsidiaries (the company), is a domestic manufacturer of steel products and metals recycler. The company has three reporting segments: steel operations, metals recycling and ferrous resources operations, and steel fabrication operations. Approximately 11% of the company's workforce is represented by collective bargaining agreements, and two of these agreements affecting 451 employees at two locations expire during 2014. | ||||||||||||||||||||
Steel Operations | ||||||||||||||||||||
Steel operations include the company's Flat Roll Division, Structural and Rail Division, Engineered Bar Products Division, Roanoke Bar Division, Steel of West Virginia and The Techs operations. These operations consist of mini-mills, producing steel from steel scrap, using electric arc furnaces, continuous casting, automated rolling mills, and downstream finishing facilities. Steel operations accounted for 61%, 62%, and 61% of the company's consolidated net sales during 2013, 2012, and 2011, respectively. The Flat Roll Division accounted for 27% of the company's consolidated net sales during 2013, 2012, and 2011. | ||||||||||||||||||||
The Flat Roll Division sells a broad range of hot rolled, cold rolled and coated steel products, including a large variety of specialty products such as light gauge hot rolled, galvanized, and painted products. The Structural and Rail Division sells structural steel beams, pilings and a variety of rail for the railroad industry. The Engineered Bar Products Division primarily sells special bar quality and merchant bar quality rounds and round-cornered squares. The Roanoke Bar Division primarily sells merchant steel products, including angles, plain rounds, flats and channels. Steel of West Virginia primarily sells merchant beams, channels and specialty structural steel sections. The Techs operates three galvanizing lines specializing in the galvanizing of specific types of flat rolled steels in non-automotive applications. The company's steel operations sell directly to end users and service centers. These products are used in numerous industry sectors, including the automotive, construction, commercial, transportation, industrial machinery, and energy markets. | ||||||||||||||||||||
Metals Recycling and Ferrous Resources Operations | ||||||||||||||||||||
Metals recycling and ferrous resources operations primarily include OmniSource Corporation (OmniSource), the company's metals recycling, steel scrap procurement, and processing locations, and our two ironmaking initiatives: Iron Dynamics (IDI), a liquid pig iron production facility; and our Minnesota iron operations, an iron nugget production facility and operations to supply the nugget facility with its primary raw material, iron concentrate. IDI primarily produces liquid pig iron, which is used as a scrap substitute raw material input exclusively at our Flat Roll Division. Our Minnesota iron operations consists of Mesabi Nugget, (owned 81% by us); our potential future iron mining operations, Mesabi Mining; and, our iron tailings operation, Mining Resources (owned 80% by us). Metals recycling ferrous resources operations accounted for 32%, 32%, and 35% of the company's consolidated net sales during 2013, 2012, and 2011, respectively. | ||||||||||||||||||||
The Mesabi Nugget iron nugget production facility utilizes a pioneering production process, which from time to time has experienced operational, quality control and production cost challenges. The facility commenced initial production of iron nuggets in 2010. We have continued to modify, re-engineer and further refine this production process and have changed or modified equipment configurations with resulting increased plant availability, increased production, and improved quality. During the fourth quarter of 2013, we focused on the reduction of production costs and the improvement of product yield. Certain meaningful adjunct trials that began in the latter half of the fourth quarter have continued into 2014, with some encouraging results. However, toward the end of the first quarter of 2014, we expect that we will be able to assess whether, or to what extent, further process improvements, if any, are justifiable. Mining Resources, the facility that supplies the nugget production facility's primary raw material, iron concentrate, started operations in 2012, and effectively ramped up operations in 2013. The impact of losses from our Minnesota iron operations on 2013 net income was approximately $42 million, or $0.18 per diluted share. | ||||||||||||||||||||
Three years subsequent to Mesabi Nugget achieving certain performance measures (which as of December 31, 2013, had not been met), the noncontrolling investor may elect to require the company to purchase at par value all (but not less than all) of the units it owns at the time of such election. At any time after that same date, the company may elect to purchase at par value all of the units owned by the noncontrolling investor. The $101.4 million and $84.3 million par value owned by the noncontrolling investor at December 31, 2013 and 2012, respectively, has been reported as redeemable noncontrolling interest in the consolidated balance sheets. | ||||||||||||||||||||
On the fifth anniversary of the effective date of the formation of Mining Resources (2016), the noncontrolling investor has a non-transferable, non-assignable right to require the company to purchase at fair value all (but not less than all) of the units it owns at that time. The $15.1 million and $14.5 million value owned by the noncontrolling investor at December 31, 2013 and 2012, respectively, has been reported as redeemable noncontrolling interest in the consolidated balance sheet. | ||||||||||||||||||||
Steel Fabrication Operations | ||||||||||||||||||||
Steel fabrication operations include the company's six New Millennium Building System's joist and deck plants located throughout the United States and Northern Mexico. Revenues from these plants are generated from the fabrication of trusses, girders, steel joists and steel decking used within the non-residential construction industry. Steel fabrication operations accounted for 6%, 5%, and 3% of the company's consolidated net sales during 2013, 2012, and 2011, respectively. | ||||||||||||||||||||
Summary of Significant Accounting Policies | ||||||||||||||||||||
Principles of Consolidation | ||||||||||||||||||||
The consolidated financial statements include the accounts of SDI, together with its wholly and majority owned or controlled subsidiaries, after elimination of significant intercompany accounts and transactions. Noncontrolling interests represent the noncontrolling owner's proportionate share in the equity, income, or losses of the company's majority-owned or controlled consolidated subsidiaries. | ||||||||||||||||||||
Use of Estimates | ||||||||||||||||||||
These financial statements are prepared in conformity with accounting principles generally accepted in the United States, and accordingly, include amounts that require management to make estimates and assumptions that affect the amounts reported in the financial statements and in the notes thereto. Significant items subject to such estimates and assumptions include the carrying value of property, plant and equipment, intangible assets and goodwill; valuation allowances for trade receivables, inventories and deferred income tax assets; unrecognized tax benefits; potential environmental liabilities; and litigation claims and settlements. Actual results may differ from these estimates and assumptions. | ||||||||||||||||||||
Revenue Recognition and Allowances for Doubtful Accounts | ||||||||||||||||||||
Except for the steel fabrication operations segment, the company recognizes revenues from sales and the allowance for estimated returns from these sales at the time the title of the product transfers. Provision is made for estimated product returns and customer claims based on historical experience. If the historical data used in the estimates does not reflect future returns and claims trends, additional provision may be necessary. The company's steel fabrication operations segment recognizes revenues from construction contracts using a percentage-of-completion methodology based on steel tons used on completed units to-date as a percentage of estimated total steel tons required by each contract. The allowance for doubtful accounts is based on the company's best estimate of probable credit losses, along with historical experience. | ||||||||||||||||||||
Cash and Equivalents | ||||||||||||||||||||
Cash and equivalents include all highly liquid investments with a maturity of three months or less at the date of acquisition. Restricted cash is primarily funds held in escrow as required by various insurance and government organizations. | ||||||||||||||||||||
Inventories | ||||||||||||||||||||
Inventories are stated at lower of cost or market. Cost is determined using a weighted average cost method for scrap, and on a first-in, first-out, basis for other inventory. Inventory consisted of the following at December 31 (in thousands): | ||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||
Raw materials | $ | 660,384 | $ | 594,388 | ||||||||||||||||
Supplies | 293,533 | 278,494 | ||||||||||||||||||
Work in progress | 84,710 | 82,934 | ||||||||||||||||||
Finished goods | 276,120 | 246,691 | ||||||||||||||||||
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$ | 1,314,747 | $ | 1,202,507 | |||||||||||||||||
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Investments | ||||||||||||||||||||
The company's investments in short-term commercial paper, none held at December 31, 2013, are treated as trading securities. | ||||||||||||||||||||
The company has investments in certain joint ventures and closely-held companies in which ownership varies between 49% and 50%. For these investments where the company does not have effective control, the company accounts for the investment using the equity method of accounting. Investments in companies in which the company does not exercise control and its ownership is less than 20% are carried at cost. These investments are reflected in other long-term assets on the company's balance sheet in an amount of $17.8 million and $22.7 million at December 31, 2013 and 2012, respectively. | ||||||||||||||||||||
Property, Plant and Equipment | ||||||||||||||||||||
Property, plant and equipment are stated at cost, which includes capitalized interest on construction-in-progress amounts, and is reduced by proceeds received from certain state and local government grants and other capital cost reimbursements. The company assigns each fixed asset a useful life ranging from 3 to 15 years for plant, machinery and equipment and 10 to 40 years for buildings and improvements. Repairs and maintenance are expensed as incurred. Depreciation is provided utilizing the straight-line depreciation methodology, or the units-of-production depreciation methodology for certain production related assets, based on units produced, subject to a minimum and maximum level. Depreciation expense was $192.4 million, $179.9 million, and $176.5 million for the years ended December 31, 2013, 2012, and 2011, respectively. | ||||||||||||||||||||
The company's property, plant and equipment at December 31 consisted of the following (in thousands): | ||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||
Land and improvements | $ | 293,083 | $ | 288,360 | ||||||||||||||||
Buildings and improvements | 550,226 | 524,530 | ||||||||||||||||||
Plant, machinery and equipment | 2,942,684 | 2,810,106 | ||||||||||||||||||
Construction in progress | 153,821 | 138,763 | ||||||||||||||||||
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3,939,814 | 3,761,759 | |||||||||||||||||||
Less accumulated depreciation | 1,713,680 | 1,530,561 | ||||||||||||||||||
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Property, plant and equipment, net | $ | 2,226,134 | $ | 2,231,198 | ||||||||||||||||
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Intangible Assets | ||||||||||||||||||||
The company's intangible assets, at December 31, consisted of the following (in thousands): | ||||||||||||||||||||
2013 | 2012 | Useful Life | Weighted | |||||||||||||||||
Average | ||||||||||||||||||||
Amortization | ||||||||||||||||||||
Period | ||||||||||||||||||||
Customer and scrap generator relationships | $ | 408,400 | $ | 408,400 | 10 to 25 years | 20 years | ||||||||||||||
Trademarks | 189,800 | 189,800 | Indefinite | — | ||||||||||||||||
Trademarks | 3,200 | 3,200 | 12 years | 12 years | ||||||||||||||||
Other | 100 | 100 | 5 years | 5 years | ||||||||||||||||
| | | | | | | | | | | ||||||||||
601,500 | 601,500 | 20 years | ||||||||||||||||||
Less accumulated amortization | 215,341 | 184,865 | ||||||||||||||||||
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$ | 386,159 | $ | 416,635 | |||||||||||||||||
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The company utilizes an accelerated amortization methodology for customer and scrap generator relationships in order to follow the pattern in which the economic benefits of the amounts are anticipated to be consumed. Finite-lived trademarks are amortized using a straight line methodology. Amortization of intangible assets was $30.5 million, $34.3 million, and $38.3 million for the years ended December 31, 2013, 2012, and 2011, respectively. Estimated amortization expense, related to amortizable intangibles, for the years ending December 31 is as follows (in thousands): | ||||||||||||||||||||
2014 | $ | 26,090 | ||||||||||||||||||
2015 | 23,390 | |||||||||||||||||||
2016 | 20,902 | |||||||||||||||||||
2017 | 18,193 | |||||||||||||||||||
2018 | 15,764 | |||||||||||||||||||
Thereafter | 92,020 | |||||||||||||||||||
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Total | $ | 196,359 | ||||||||||||||||||
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| | | | | ||||||||||||||||
Impairment of Long-Lived Tangible and Finite-Lived Intangible Assets | ||||||||||||||||||||
The company reviews long-lived assets for impairment whenever events or changes in circumstances indicate the carrying amount of such assets may not be recoverable. Impairment losses are recorded on long-lived assets used in operations when indicators of impairment are present and the undiscounted cash flows estimated to be generated by those assets are less than the assets' carrying amounts. The impairment loss is measured by comparing the fair value of the asset to its carrying amount. We consider various factors and determine whether an impairment test is necessary, including by way of examples, a significant and prolonged deterioration in operating results and projected cash flows, significant changes in the extent or manner in which an asset is used, technological advances with respect to assets which would potentially render them obsolete, our strategy and capital planning, and the economic climate in markets to be served. | ||||||||||||||||||||
In the third quarter of 2012, the company determined that it would terminate two small joint venture entities, which were not aligned with the company's long-term strategic focus. The decision to terminate these joint ventures triggered an assessment for impairment based on estimated realizable values, resulting in an impairment charge of $8.3 million being recorded in 2012, and further adjustments in 2013 of $308,000. As these joint ventures are not reported within any of the company's reportable segments, reported segment results were not affected. | ||||||||||||||||||||
Goodwill | ||||||||||||||||||||
The company's goodwill is allocated to the following reporting units at December 31, (in thousands): | ||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||
OmniSource—Metals Recycling/Ferrous Resources Segment | $ | 558,247 | $ | 564,793 | ||||||||||||||||
The Techs—Steel Segment | 142,783 | 142,783 | ||||||||||||||||||
Roanoke Bar Division—Steel Segment | 29,041 | 29,041 | ||||||||||||||||||
New Millennium Building Systems—Steel Fabrication Segment | 1,925 | 1,925 | ||||||||||||||||||
| | | | | | | | |||||||||||||
$ | 731,996 | $ | 738,542 | |||||||||||||||||
| | | | | | | | |||||||||||||
| | | | | | | | |||||||||||||
OmniSource goodwill decreased $6.5 million from December 31, 2012 to December 31, 2013 in recognition of the 2013 tax benefit related to the amortization of the component of OmniSource tax-deductible goodwill in excess of book goodwill. | ||||||||||||||||||||
Impairment of Goodwill and Indefinite-Lived Intangible Assets | ||||||||||||||||||||
At least once annually or when indicators of impairment exist, the company performs an impairment test for goodwill and other indefinite-lived intangible assets. Goodwill is allocated to various reporting units, which are generally one level below the company's operating segments. The company utilizes a two-stepped approach to evaluate goodwill impairment. The first step of the test determines if there is potential goodwill impairment. In this step the company compares the fair value of the reporting unit to its carrying amount (which includes goodwill). The fair value of the reporting unit is determined by using an estimate of future cash flows utilizing a risk-adjusted discount rate to calculate the net present value of future cash flows (income approach), and by using a market approach based upon an analysis of valuation metrics of comparable peer companies. If the carrying amount exceeds the fair value, the company performs the second step of the test, which measures the amount of impairment loss to be recorded, if any. In the second step, the company compares the carrying amount of the goodwill to the implied fair value of the goodwill based on the net fair value of the recognized and unrecognized assets and liabilities of the reporting unit. If the implied fair value is less than the carrying value, an impairment loss is recorded to the extent that the fair value of the goodwill is less than its carrying value. | ||||||||||||||||||||
The company tests indefinite-lived intangible assets for impairment through the comparison of the fair value of the specific intangible asset with its carrying amount. The fair value of the intangible asset is determined by using an estimate of future cash flows attributable to the asset and a risk-adjusted discount rate to compute a net present value of future cash flows. If the fair value is less than the carrying value, an impairment loss is recorded in an amount equal to the excess in carrying value. | ||||||||||||||||||||
During 2013, the company changed its annual testing date for impairment of the carrying values of goodwill and indefinite-lived intangible assets for its OmniSource reporting unit from November 1 to October 1, consistent with the annual testing date of its other reporting units. Management believes that this voluntary change in accounting method is preferable under the circumstances as it 1) brings consistency to the timing of testing for all the company's reporting units; 2) uses asset carrying values determined at the end of the quarterly financial statement close process; and 3) provides the company with additional time to prepare and complete the impairment test, including measurement of the indicated amount of impairment, if any, prior to the issuance of its annual financial statements. This voluntary change in accounting principle was not made to delay, accelerate or avoid an impairment charge. This change was not applied retrospectively as it was impracticable to do so because retrospective application would require the application of significant estimates and assumptions with the use of hindsight. Accordingly, the change was applied prospectively. | ||||||||||||||||||||
Equity-Based Compensation | ||||||||||||||||||||
The company has several stock-based employee compensation plans which are more fully described in Note 5. Compensation expense for restricted stock units, deferred stock units, restricted stock, and performance awards is recorded over the vesting periods using the fair value as determined by the closing fair market value of the company's common stock on the grant date, and with respect to performance awards, an estimate of probability of award achievement during the performance period. Compensation expense for stock options is recorded over the vesting period using the fair value on the grant date, as calculated using the Black-Scholes model. Compensation expense for stock-based employee compensation plans, including stock options, restricted stock units, deferred stock units, restricted stock, and performance awards, was $15.5 million, $12.5 million, and $17.3 million for the years ended December 31, 2013, 2012, and 2011, respectively. | ||||||||||||||||||||
Income Taxes | ||||||||||||||||||||
The company accounts for income taxes and the related accounts under the liability method. Deferred tax liabilities and assets are determined based on the difference between the financial statement and tax bases of assets and liabilities using enacted rates expected to be in effect during the year in which the basis differences reverse. | ||||||||||||||||||||
Earnings Per Share | ||||||||||||||||||||
Basic earnings per share is based on the weighted average shares of common stock outstanding during the period. Diluted earnings per share assumes the weighted average dilutive effect of common share equivalents outstanding during the period applied to the company's basic earnings per share. Common share equivalents represent potentially dilutive stock options, restricted stock units, deferred stock units, and dilutive shares related to the company's convertible subordinated debt; and are excluded from the computation in periods in which they have an anti-dilutive effect. Options to purchase 4.5 million shares and 4.0 million shares were anti-dilutive at December 31, 2012 and 2011, respectively. | ||||||||||||||||||||
The following table presents a reconciliation of the numerators and the denominators of the company's basic and diluted earnings per share computations for the years ended December 31 (in thousands, except per share data): | ||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||
Net Income | Shares | Per Share | Net Income | Shares | Per Share | |||||||||||||||
(Numerator) | (Denominator) | Amount | (Numerator) | (Denominator) | Amount | |||||||||||||||
Basic earnings per share | $ | 189,314 | 220,916 | $ | 0.86 | $ | 163,551 | 219,159 | $ | 0.75 | ||||||||||
Dilutive stock options, deferred stock units, and restricted stock units | — | 1,392 | — | 916 | ||||||||||||||||
5.125% convertible senior notes | 9,432 | 16,688 | 9,432 | 16,549 | ||||||||||||||||
| | | | | | | | | | | | | | | | | | | | |
Diluted earnings per share | $ | 198,746 | 238,996 | $ | 0.83 | $ | 172,983 | 236,624 | $ | 0.73 | ||||||||||
| | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | |
2011 | ||||||||||||||||||||
Net Loss | Shares | Per Share | ||||||||||||||||||
(Numerator) | (Denominator) | Amount | ||||||||||||||||||
Basic earnings per share | $ | 278,120 | 218,471 | $ | 1.27 | |||||||||||||||
Dilutive stock options and deferred stock units | — | 1,139 | ||||||||||||||||||
5.125% convertible senior notes | 9,432 | 16,382 | ||||||||||||||||||
| | | | | | | | | | | ||||||||||
Diluted earnings per share | $ | 287,552 | 235,992 | $ | 1.22 | |||||||||||||||
| | | | | | | | | | | ||||||||||
| | | | | | | | | | | ||||||||||
Concentration of Credit Risk | ||||||||||||||||||||
Financial instruments that potentially subject the company to significant concentrations of credit risk principally consist of temporary cash investments, short-term commercial paper, and accounts receivable. The company places its temporary cash and short-term commercial paper investments with high credit quality financial institutions and companies, and limits the amount of credit exposure from any one entity. The company is exposed to credit risk in the event of nonpayment by customers. The company mitigates its exposure to credit risk, which it generally extends initially on an unsecured basis, by performing ongoing credit evaluations and taking further action if necessary, such as requiring letters of credit or other security interests to support the customer receivable. Management's estimation of the allowance for doubtful accounts is based upon known credit risks, historical loss experience and current economic conditions affecting the company's customers. Customer accounts receivable are charged off when all collection efforts have been exhausted and the amounts are deemed uncollectible. Heidtman Steel Products (Heidtman), a related party, accounted for 7% of the company's net accounts receivable at December 31, 2013, and 6% at December 31, 2012. | ||||||||||||||||||||
Derivative Financial Instruments | ||||||||||||||||||||
The company recognizes all derivatives as either assets or liabilities in the consolidated balance sheets and measures those instruments at fair value. Derivatives that are not designated as hedges must be adjusted to fair value through earnings. Changes in the fair value of derivatives that are designated as hedges, depending on the nature of the hedge, are recognized as either an offset against the change in fair value of the hedged balance sheet item in the case of fair value hedges or as other comprehensive income in the case of cash flow hedges, until the hedged item is recognized in earnings. The ineffective portion of a derivative's change in fair value is immediately recognized in earnings. The company offsets fair value amounts recognized for derivative instruments executed with the same counterparty under master netting agreements. | ||||||||||||||||||||
In the normal course of business, the company may have involvement with derivative financial instruments related to managing fluctuations in interest rates, foreign exchange rates, and forward contracts in various commodities. At the time of acquiring these financial instruments, the company designates and assigns these instruments as hedges of specific assets, liabilities or anticipated transactions. When hedged assets or liabilities are sold or extinguished, or the anticipated transaction being hedged is no longer expected to occur, the company recognizes the gain or loss on the designated hedged financial instrument. | ||||||||||||||||||||
The company routinely enters into forward contracts in various commodities, primarily nonferrous metals in our Metals Recycling and Ferrous Resources operations, to reduce exposure to commodity related price fluctuations. The company does not enter into these derivative financial instruments for speculative purposes. Prior to 2013, these forward contracts had not been designated as hedges and accordingly, the company recognized the change in fair value in cost of goods sold. In 2013, the company began to designate certain of its nonferrous metals forward exchange futures contracts as fair value hedges of inventory and firm sales commitments. | ||||||||||||||||||||
LongTerm_Debt
Long-Term Debt | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Long-Term Debt | ' | |||||||
Long-Term Debt | ' | |||||||
Note 2. Long-Term Debt | ||||||||
The company's borrowings consisted of the following at December 31 (in thousands): | ||||||||
2013 | 2012 | |||||||
Term loan | $ | 247,500 | $ | 261,250 | ||||
5.125% convertible senior notes due 2014 | 287,493 | 287,496 | ||||||
63/4% senior notes due 2015, repaid in 2013 | — | 500,000 | ||||||
61/8% senior notes due 2019 | 400,000 | 400,000 | ||||||
75/8% senior notes due 2020 | 350,000 | 350,000 | ||||||
63/8% senior notes due 2022 | 350,000 | 350,000 | ||||||
51/4% senior notes due 2023 | 400,000 | — | ||||||
Other obligations | 72,596 | 53,491 | ||||||
| | | | | | | | |
Total debt | 2,107,589 | 2,202,237 | ||||||
Less current maturities | 341,544 | 29,631 | ||||||
| | | | | | | | |
Long-term debt | $ | 1,766,045 | $ | 2,172,606 | ||||
| | | | | | | | |
| | | | | | | | |
Refinancing Activity | ||||||||
In March 2013, the company issued $400.0 million of 51/4% Senior Notes due 2023 (2023 Senior Notes). A portion of the proceeds from the issuance of the 2023 Senior Notes was used to fund the March 2013 purchase of $301.7 million (plus accrued interest) of the company's 63/4% Senior Notes due 2015 (2015 Senior Notes) pursuant to a tender offer. In April 2013, the company used the remaining proceeds from the issuance of the 2023 Senior Notes, along with available cash, to repay the remaining outstanding 2015 Senior Notes due in the principal amount of $198.3 million (plus accrued interest). As a result of the tender offer and repurchase of the 2015 Senior Notes, the company recorded expenses related to tender premiums, unamortized debt issuance costs write-off, and tender expenses of $2.6 million, which are reflected in other expenses in the consolidated statement of income for the year ended December 31, 2013. | ||||||||
In January 2012, the company expanded its senior secured credit facility (Facility) by adding a $275.0 million term loan that matures on September 30, 2016 (Term Loan). The company used the net proceeds of the Term Loan, together with available cash, to fund the purchase of $279.7 million (plus accrued interest) of the company's 73/8% Senior Notes due 2012 (2012 Senior Notes) pursuant to a tender offer. In August 2012, the company also issued $400.0 million of 61/8% Senior Notes due 2019 (2019 Senior Notes) and $350.0 million of 63/8% Senior Notes due 2022 (2022 Senior Notes). A portion of the net proceeds from the issuance of the 2019 and 2022 Senior Notes were used to fund the purchase of another $62.2 million (plus accrued interest) of the company's 2012 Senior Notes and $410.5 million (plus accrued interest) of the company's 73/4% Senior Notes due 2016 (2016 Senior Notes), pursuant to tender offers; and redemption of the then remaining $89.5 million (plus accrued interest) outstanding 2016 Senior Notes. The remaining proceeds from the issuance of the 2019 and 2022 Senior Notes along with available cash were used for the September 2012 extinguishment of the then remaining $358.1 million (plus accrued interest through the November 1, 2012 maturity date) outstanding 2012 Senior Notes. | ||||||||
At the conclusion of this 2012 refinancing activity, all $700.0 million of the 2012 Senior Notes and $500.0 million of the 2016 Senior Notes were paid off; and new debt was issued in the form of the $275.0 million Term Loan, the $400.0 million 2019 Senior Notes, and the $350.0 million 2022 Senior Notes. The refinancing activity during 2012 resulted in the company recording expenses of $40.3 million related to tender and call premiums, write off of unamortized debt issuance costs, loss on early extinguishment of debt, and tender expenses, which are reflected in other expenses in the consolidated statement of income for the year ended December 31, 2012. | ||||||||
Senior Secured Credit Facility, due 2016 | ||||||||
The company's senior secured credit facility (Facility), which provides a $1.1 billion revolver (Revolver), matures in September 2016. Subject to certain conditions, the company has the opportunity to increase the Revolver size by an additional $125.0 million. The Facility is guaranteed by certain of the company's subsidiaries; and is secured by substantially all of the company's and its wholly-owned subsidiaries' receivables and inventories, and by pledges of all shares of the company's wholly-owned subsidiaries' capital stock. The Revolver is available to fund working capital, capital expenditures, and other general corporate purposes. The $275.0 million Term Loan under the expanded Facility matures on September 30, 2016. Quarterly principal payments under the Term Loan are required to be made in amounts ranging from 1.25% to 3.75% of the original principal amount, with the unpaid principal balance of approximately $158 million due on the maturity date. Interest on the Term Loan is based on the Facility's pricing grid (1.8% at December 31, 2013), and is payable quarterly. | ||||||||
The Facility pricing grid is adjusted quarterly and is based on the company's leverage of total debt to last-twelve-month's (LTM) adjusted EBITDA (earnings before interest, taxes, depreciation, amortization, and certain other non-cash transactions). The minimum pricing is LIBOR plus 1.00% or Prime, and the maximum pricing is LIBOR plus 2.00% or Prime plus 1.00%. In addition, the company is subject to an unused commitment fee of between 0.25% and 0.45% (based on leverage of total debt to LTM adjusted EBITDA) which is applied to the unused portion of the $1.1 billion revolver each quarter. | ||||||||
The Facility contains financial covenants and other covenants pertaining to our ability to make capital expenditures; incur indebtedness; permit liens on property; enter into transactions with affiliates; make restricted payments or investments; enter into mergers, acquisitions or consolidations; conduct asset sales; pay dividends or distributions and enter into other specified transactions and activities. Our ability to borrow funds within the terms of the Revolver is dependent upon our continued compliance with the financial and other covenants. The Facility also contains a borrowing base requirement regarding the maximum availability of the Revolver. The company's Revolver must be the lesser of: | ||||||||
I. | ||||||||
$1.1 billion less other applicable commitments, such as letters of credit and other secured debt, as defined within the credit agreement, or; | ||||||||
II. | ||||||||
The sum of 85% of the company's eligible accounts receivable and 65% of the company's eligible inventories, less other applicable commitments, such as letters of credit and other secured debt, as defined within the credit agreement. | ||||||||
At December 31, 2013, the company had $1.1 billion of availability on the Revolver, $13.8 million of outstanding letters of credit and other obligations which reduce availability, and there were no borrowings outstanding. | ||||||||
The financial covenants under the company's Facility state that it must maintain an interest coverage ratio of not less than 2.50:1.00. The company's interest coverage ratio is calculated by dividing its LTM consolidated adjusted EBITDA by its LTM gross interest expense less amortization of financing fees. In addition, a net debt (as defined in the Facility) to consolidated LTM adjusted EBITDA ratio (leverage ratio) of not more than 5.00:1.00 must be maintained. If the net debt to EBITDA ratio exceeds 3.50:1:00 at any time, the company's ability to make certain payments as defined in the credit agreement (which includes cash dividends to stockholders and share purchases, among other things), is limited. At December 31, 2013, the company's interest coverage ratio and net debt leverage ratio were 5.30:1.00 and 2.60:1.00, respectively. The company was therefore in compliance with these covenants at December 31, 2013, and anticipates remaining in compliance during the next twelve months. | ||||||||
5.125% Convertible Senior Notes, due 2014 | ||||||||
The 5.125% Convertible Senior Notes mature in June 2014 (Convertible Senior Notes). The Convertible Senior Notes are non-cancelable prior to June 2014 and bear interest at 5.125% payable semi-annually in arrears on June 15 and December 15 of each year. Note holders can convert the Convertible Senior Notes into the company's common stock at a current conversion rate of 58.342 per $1,000 principal amount of notes (16,772,830 shares). The conversion rate is fixed, except for standard anti-dilution provisions related to such events as the issuance of common stock as a dividend or distribution, the effect of a share split or share combination, issuance to all or substantially all holders of our common stock certain rights or warrants to subscribe for or purchase shares of our common stock, pay cash dividends or distributions to all or substantially all holders of our common stock other than regular quarterly cash dividends exceeding an established threshold amount per share ($0.075), or if we make a payment in respect of a tender offer or exchange offer for our common stock. In addition, on or after June 20, 2012, if the last reported sales price of the company's common stock for 20 or more trading days in a period of 30 consecutive trading days ending on the trading day prior to the date the company provides the notice of redemption to holders exceeds 130% of the applicable conversion price ($17.14 per share at December 31, 2013) in effect on each such trading day, the company may redeem for cash all or part of the Convertible Senior Notes at a price equal to 100.000% of the principal amount of the Convertible Senior Notes to be redeemed, plus accrued and unpaid interest. The Convertible Senior Notes are equal in right of payment with all existing and future senior unsecured indebtedness and senior in right of payment to all subordinated indebtedness. | ||||||||
61/8% Senior Notes due 2019 | ||||||||
In August 2012, the company issued $400.0 million of 61/8% Senior Notes due 2019 (2019 Senior Notes). Interest on the 2019 Senior Notes is due semiannually on February 15 and August 15 of each year. Before August 15, 2015, the company may redeem up to 35% of each of the 2019 Senior Notes at a redemption price (expressed as a percentage of principal amount) of 106.125% of their principal amount, using the proceeds from the sales of the company's common stock. The 2019 Senior Notes contain provisions that allow the company to redeem the notes any time on or after August 15, 2016 at a redemption price of 103.063%, on or after August 15, 2017 at a redemption price of 101.531%, and on or after August 15, 2018 at a redemption price of 100.000%. At any time prior to August 15, 2016, the company may redeem some or all of the 2019 Senior Notes by paying a "make-whole" premium. The 2019 Senior Notes are in equal right of payment with all existing and future senior unsecured indebtedness and senior in right of payment to all subordinated indebtedness. | ||||||||
75/8% Senior Notes due 2020 | ||||||||
The company has $350.0 million of 75/8% senior notes due 2020 (2020 Senior Notes). Interest on the 2020 Senior Notes is due semi-annually on March 15 and September 15 of each year. The company may redeem the 2020 Senior Notes at any time after March 15, 2015 at a redemption price (expressed as a percentage of principal amount) of 103.813%, on or after March 15, 2016 at a redemption price of 102.542%, on or after March 15, 2017 at a redemption price of 101.271%, and on or after March 15, 2018 at a redemption price of 100.000%. The 2020 Senior Notes are equal in right of payment with all existing and future senior unsecured indebtedness and senior in right of payment to all subordinated indebtedness. | ||||||||
63/8% Senior Notes due 2022 | ||||||||
In August 2012, the company issued $350.0 million of 63/8% Senior Notes due 2022 (2022 Senior Notes). Interest on the 2022 Senior Notes is due semiannually on February 15 and August 15 of each year with the first payment due on February 15, 2013. Before August 15, 2015, the company may redeem up to 35% of the 2022 Senior Notes at a redemption price (expressed as a percentage of the principal amount) of 106.375% of their principal amount, using the proceeds from the sales of the company's common stock. The 2022 Senior Notes contain provisions that allow the company to redeem the notes any time on or after August 15, 2017 at a redemption price of 103.188%, on or after August 15, 2018 at a redemption price of 102.125%, on or after August 15, 2019 at a redemption price of 101.063%, and on or after August 15, 2020 at a redemption price of 100.000%. At any time prior to August 15, 2017, the company may redeem some or all of the 2022 Senior Notes by paying a "make-whole" premium. The 2022 Senior Notes are in equal right of payment with all existing and future senior unsecured indebtedness and senior in right of payment to all subordinated indebtedness. | ||||||||
51/4% Senior Notes due 2023 | ||||||||
In March 2013, the company issued $400.0 million of 51/4% Senior Notes due 2023 (2023 Senior Notes). Interest on the 2023 Senior Notes is due semiannually on April 15 and October 15 of each year. Before April 15, 2016, the company may redeem up to 35% of the principal amount of the 2023 Senior Notes with the net cash proceeds from one or more sales of the company's common stock at a redemption price (expressed as a percentage of principal amount) of 105.250%. The 2023 Senior Notes contain provisions that allow the company to redeem the notes at any time after April 15, 2018 at a redemption price of 102.625%; on or after April 14, 2019 at a redemption price of 101.750%; on or after April 14, 2020 at a redemption price of 100.875%; and on and after April 15, 2021 at a redemption price of 100.000%. The 2023 Senior Notes are in equal right of payment with all existing and future senior unsecured indebtedness and senior in right of payment to all subordinated indebtedness. | ||||||||
Other Secured Obligations | ||||||||
Mesabi Nugget Loan Participation. Pursuant to the construction and financing of the Mesabi Nugget iron-nugget project, the company entered into financing arrangements with Mesabi Nugget. The amended agreements provide Mesabi Nugget with an $80.0 million revolving credit facility and $79.5 million in a term facility. Under these agreements, the company is the lender (with first lien security rights on substantially all of Mesabi Nugget's assets) and Mesabi Nugget is the borrower. Under the term agreement the company sold and assigned to Kobe a $4.5 million participation interest. The remaining portion of the outstanding loan balances between the company and Mesabi Nugget are eliminated through consolidation. The remaining $4.5 million (less current portion of $901,000) of Kobe loan participation is included in the company's consolidated other long term debt at December 31, 2013. The weighted average interest rate on this debt at December 31, 2013 was 2.7%. | ||||||||
Minnesota Economic Development State Loans. Mesabi Nugget loans from various Minnesota state agencies related to the construction and ultimate operation of the company's Mesabi Nugget project. These loans require monthly principal and interest payments, at a 3.5% interest rate through February 2017, and then changing to 5.0% through maturity in 2028. Amounts due under these loans were $27.2 million and $28.8 million at December 31, 2013 and 2012, respectively. | ||||||||
Other. The company has an electricity transmission facility loan which bears interest at 8.1%, with monthly principal and interest payments required through maturity in 2022. The company has an unused $4.0 million stand-by letter of credit in conjunction with this loan. The outstanding principal balance was $6.0 million and $6.4 million as of December 31, 2013 and 2012, respectively. One of the company's controlled subsidiaries entered into a secured credit agreement in 2012 which provides a revolving variable rate (3.25% at December 31, 2013) credit facility of up to $34.0 million, subject to a borrowing base determined from eligible accounts receivable and inventory. Interest is payable monthly. The outstanding principal balance was $20.1 million and $10.0 million as of December 31, 2013 and 2012, respectively. In 2013, one of the company's controlled subsidiaries entered into financing agreements for certain equipment which bear interest at 6.0%, with monthly principal and interest payments required through maturities in 2027 and 2028. The outstanding principal balance of these agreements was $11.2 million at December 31, 2013. | ||||||||
Outstanding Debt Maturities | ||||||||
Maturities of outstanding debt as of December 31, 2013; are as follows (in thousands): | ||||||||
2014 | $ | 341,544 | ||||||
2015 | 45,009 | |||||||
2016 | 183,132 | |||||||
2017 | 3,646 | |||||||
2018 | 3,785 | |||||||
Thereafter | 1,530,473 | |||||||
| | | | | ||||
$ | 2,107,589 | |||||||
| | | | | ||||
| | | | | ||||
The company capitalizes interest on all qualifying construction-in-progress assets. For the years ended December 31, 2013, 2012 and 2011, total interest costs incurred were $132.3 million, $160.0 million, and $178.7 million, respectively, of which $4.6 million, $1.4 million and $1.7 million, respectively, were capitalized. Cash paid for interest was $129.5 million, $154.1 million, and $171.8 million for the years ended December 31, 2013, 2012, and 2011, respectively. | ||||||||
Income_Taxes
Income Taxes | 12 Months Ended | ||||||||||
Dec. 31, 2013 | |||||||||||
Income Taxes | ' | ||||||||||
Income Taxes | ' | ||||||||||
Note 3. Income Taxes | |||||||||||
The company files a consolidated federal income tax return. Net cash paid for taxes was $72.4 million, $46.9 million and $75.9 million for the years ended December 31, 2013, 2012 and 2011, respectively. The current and deferred federal and state income tax expense (benefit) for the years ended December 31 is as follows (in thousands): | |||||||||||
2013 | 2012 | 2011 | |||||||||
Current income tax expense | $ | 72,599 | $ | 11,334 | $ | 128,209 | |||||
Deferred income tax expense | 26,715 | 50,451 | 30,418 | ||||||||
| | | | | | | | | | | |
Total income tax expense | $ | 99,314 | $ | 61,785 | $ | 158,627 | |||||
| | | | | | | | | | | |
| | | | | | | | | | | |
A reconciliation of the statutory tax rates to the actual effective tax rates for the years ended December 31, are as follows: | |||||||||||
2013 | 2012 | 2011 | |||||||||
Statutory federal tax rate | 35 | % | 35 | % | 35 | % | |||||
State income taxes, net of federal benefit | 3.8 | 3.4 | 3.5 | ||||||||
Audit settlements | — | (9.6 | ) | — | |||||||
Other permanent differences | (1.0 | ) | 1.5 | (1.1 | ) | ||||||
| | | | | | | | | | | |
Effective tax rate | 37.8 | % | 30.3 | % | 37.4 | % | |||||
| | | | | | | | | | | |
| | | | | | | | | | | |
Significant components of the company's deferred tax assets and liabilities at December 31 are as follows (in thousands): | |||||||||||
2013 | 2012 | ||||||||||
Deferred tax assets | |||||||||||
Accrued expenses and allowances | $ | 23,497 | $ | 22,714 | |||||||
Inventories | 3,621 | 9,643 | |||||||||
Net operating loss carryforwards | 18,690 | 15,375 | |||||||||
Other | 6,238 | 78 | |||||||||
| | | | | | | | ||||
Subtotal | 52,046 | 47,810 | |||||||||
Less: valuation allowance | (10,641 | ) | (4,773 | ) | |||||||
| | | | | | | | ||||
Total net deferred tax assets | 41,405 | 43,037 | |||||||||
| | | | | | | | ||||
Deferred tax liabilities | |||||||||||
Property, plant and equipment | (474,088 | ) | (465,273 | ) | |||||||
Intangible assets | (94,936 | ) | (79,998 | ) | |||||||
Other | (10,426 | ) | (11,621 | ) | |||||||
| | | | | | | | ||||
Total deferred tax liabilities | (579,450 | ) | (556,892 | ) | |||||||
| | | | | | | | ||||
Net deferred tax liability | $ | (538,045 | ) | $ | (513,855 | ) | |||||
| | | | | | | | ||||
| | | | | | | | ||||
Certain wholly-owned and controlled subsidiaries of the company file separate federal and state income tax returns. These subsidiaries have generated federal net operating loss carryforwards of $31.8 million and state net operating loss carryforwards which principally expire in the years 2024 to 2033. Management has considered the scheduled reversal of the deferred tax liabilities, historical taxable losses, projected taxable income and tax planning strategies in determining that it is more likely than not that the some of the deferred tax assets relating to the tax loss carryforwards of the subsidiaries will not be realized. Based on these evaluations, valuation allowances of $10.6 million and $4.8 million have been recorded as of December 31, 2013 and 2012, respectively. | |||||||||||
A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows (in thousands): | |||||||||||
2013 | 2012 | 2011 | |||||||||
Balance at January 1 | $ | 22,245 | $ | 64,555 | $ | 49,396 | |||||
Increases related to current year tax positions | 1,050 | — | 2,046 | ||||||||
Increases related to prior year tax positions | 3,760 | 741 | 13,785 | ||||||||
Decreases related to prior year tax positions | (491 | ) | (40,741 | ) | (196 | ) | |||||
Settlements with taxing authorities | — | (2,310 | ) | (476 | ) | ||||||
| | | | | | | | | | | |
Balance at December 31 | $ | 26,564 | $ | 22,245 | $ | 64,555 | |||||
| | | | | | | | | | | |
| | | | | | | | | | | |
Included in the balance of unrecognized tax benefits at December 31, 2013 are potential benefits of $13.1 million that, if recognized, would affect the effective tax rate. The company recognizes interest and penalties related to its tax contingencies on a net-of-tax basis in income tax expense. During the year ended December 31, 2013, the company recognized interest expense of $0.8 million, net of tax. In addition to the unrecognized tax benefits in the table above, the company had $7.4 million accrued for the payment of interest and penalties at December 31, 2013. | |||||||||||
The company files income tax returns in the U.S. federal jurisdiction as well as income tax returns in various state jurisdictions. The Internal Revenue Service (IRS) has completed its examinations of the years 2004 through 2009 and has effectively settled those years with the company. The IRS is currently examining the company's federal income tax returns for the years 2010 and 2011. At this time the company does not believe there will be any significant examination adjustments that would result in a material change to the company's financial position or results of operations. It is reasonably possible that the amount of unrecognized tax benefits could change in the next twelve months as a result of these federal income tax audits, and state income tax audits. Based on the current audits in process, the payment of taxes as a result of audit settlements could be in an amount from zero to $13.7 million by the end of 2014. With few exceptions, the company is no longer subject to federal, state and local income tax examinations by tax authorities for years ended before 2010. | |||||||||||
Shareholders_Equity
Shareholders' Equity | 12 Months Ended |
Dec. 31, 2013 | |
Shareholders' Equity | ' |
Shareholders' Equity | ' |
Note 4. Shareholders' Equity | |
Cash Dividends | |
The company declared cash dividends of $97.4 million, or $0.44 per common share, during 2013; $87.7 million, or $0.40 per common share, during 2012; and $87.5 million, or $0.40 per common share, during 2011. The company paid cash dividends of $94.8 million, $87.6 million and $81.9 million during 2013, 2012 and 2011, respectively. | |
Treasury Stock | |
The company's board of directors has authorized the company to repurchase shares of the company's common stock through open market trades. The company did not repurchase any shares during the three-year period ended December 31, 2013. As of December 31, 2013, the company had remaining authorization to repurchase approximately 3.6 million additional shares. The repurchase program does not have an expiration date. | |
Equitybased_Incentive_Plans
Equity-based Incentive Plans | 12 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
Equity-based Incentive Plans | ' | |||||||||||||
Equity-based Incentive Plans | ' | |||||||||||||
Note 5. Equity-based Incentive Plans | ||||||||||||||
2006 Amended and Restated Equity Incentive Plan (2006 Plan) | ||||||||||||||
The company's stockholders approved the 2006 Plan at the company's annual meeting of stockholders held May 18, 2006, at which time the company reserved 16.0 million shares of common stock for issuance upon exercise of options or other equity grants under the 2006 Plan. An additional 15.5 million shares of the company's common stock were reserved for issuance under the 2006 Plan at the company's annual meeting of shareholders held May 17, 2012. The 2006 Plan was designed to attract, motivate and retain qualified persons that are able to make important contributions to the company's success. To accomplish these objectives, the 2006 Plan provides for awards of equity-based incentives through granting of stock options, restricted stock units (RSUs), deferred stock units (DSUs), restricted stock awards, unrestricted stock awards, stock appreciation rights, and performance awards. The 2006 Plan uses a fungible share concept under which any awards that are not a full-value award, such as stock options and stock appreciation rights, will be counted against the share limit as one share for each share of common stock, and awards that are full-value awards, such as RSUs, DSUs, restricted and unrestricted stock awards, and performance awards, will be counted against the share limit as 2.09 shares for each one share of common stock. At December 31, 2013, there were 12.0 million shares in the fungible share reserve still available for issuance. | ||||||||||||||
In November 2012, the company began to grant substantially all of the company's employees restricted stock units, rather than stock options. The RSUs, which are granted annually in November at no cost to employees, vest 100% over the shorter of two years from grant date or upon the recipient reaching retirement eligible age (591/2 years), and are issued to employees upon vesting. Prior to 2012, substantially all of the company's employees were eligible for the stock option element of the 2006 Plan, pursuant to which the options vested 100% six months after the date of grant, with a maximum term of five years. Options were granted each May and November (through 2011) at an exercise price of 100% of the fair market value of the company's common stock on the date of grant. The company satisfies stock options and restricted stock units with newly issued shares, and satisfies restricted stock awards, deferred stock units, and performance awards with treasury shares. | ||||||||||||||
Pursuant to the 2006 Plan, the company's Board of Directors adopted the Long-term Incentive Compensation Program (LTIP), a performance-based program directed toward key senior executives of the company, as determined at the discretion of the Compensation Committee of the Board of Directors. Awards are in shares of the company's common stock. Once earned on the basis of performance, there is an additional two-year service-based vesting requirement. The performance period is generally three years; however, certain transition awards may be issued with shorter performance periods. Performance is measured in terms of equal portions of revenue growth, operating margin, return on invested capital and return on equity of the company as compared to a pre-established group of steel sector competitors. Awards earned can range from zero to 100% of the annual compensation of the named company executives in the year of award. The Compensation Committee granted one and two-year performance-period transition awards and a three-year performance-period award, for which a total of 684,000 shares of the company's common stock may be issued over the respective performance and additional two-year service-based vesting periods. Pursuant to a one-year performance-period transition award, 95,000 shares of the company's common stock have been earned, which have or will be issued in equal numbers of shares in each of 2013, 2014 and 2015. | ||||||||||||||
In addition to the RSUs and stock options granted during the three year period ended December 31, 2013, presented below, the company awarded 53,000, 79,000 and 42,000 DSUs in 2013, 2012 and 2011, respectively; and issued 35,000, 27,000 and 160,000 shares of restricted stock in 2013, 2012 and 2011, respectively. | ||||||||||||||
Restricted Stock Units (RSU) | ||||||||||||||
A summary of the company's RSU activity and outstanding RSUs as of December 31, 2013 are presented below (dollars in thousands except grant date fair value): | ||||||||||||||
Number of | Weighted Average | Aggregate Intrinsic | Unrecognized | |||||||||||
RSUs | Grant | Value | Compensation | |||||||||||
Date Fair Value | ||||||||||||||
Outstanding RSUs as of January 1, 2012 | — | $ | — | |||||||||||
Granted | 1,422,448 | 11.95 | ||||||||||||
Vested | (143,666 | ) | 12.65 | |||||||||||
Forfeited | (9,475 | ) | 11.92 | |||||||||||
| | | | | | | | | | | | | | |
As of December 31, 2012 | 1,269,307 | 11.87 | $ | 17,428 | $ | 12,318 | ||||||||
Granted | 1,293,140 | 18.16 | ||||||||||||
Vested | (170,398 | ) | 17.74 | |||||||||||
Forfeited | (112,406 | ) | 12.48 | |||||||||||
| | | | | | | | | | | | | | |
As of December 31, 2013 (nonvested) | 2,279,643 | 14.97 | 44,544 | 22,197 | ||||||||||
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | | |
The weighted average remaining life before vesting of the outstanding RSUs as of December 31, 2013, is 1.4 years. The fair value of RSUs vesting during 2013 and 2012 was $3.3 million and $1.8 million, respectively, and was net-share settled such that the company withheld shares with value equivalent to the employees' minimum statutory obligation for the applicable income and other employment taxes, and remitted the cash to the appropriate taxing authorities. The total shares withheld in 2013 and 2012 were approximately 63,000 and 49,000 shares, respectively, and were based on the value of the RSUs on their vesting dates as determined by the company's closing stock price. | ||||||||||||||
Stock Options | ||||||||||||||
A summary of the company's stock option activity and certain information concerning the company's outstanding options as of December 31, 2013 are presented below. There were no stock options granted in 2012 or 2013. | ||||||||||||||
Number of | Weighted Average | Weighted Average | ||||||||||||
Options | Exercise Price | Fair Value | ||||||||||||
Outstanding options as of January 1, 2011 | 7,406,393 | $ | 14.91 | $ | 5.14 | |||||||||
Granted | 2,742,904 | 14.34 | 5.36 | |||||||||||
Exercised | (1,047,297 | ) | 11.37 | 4.28 | ||||||||||
Forfeited | (499,718 | ) | 16.61 | 6.15 | ||||||||||
| | | | | | | | | | | ||||
As of December 31, 2011 | 8,602,282 | 15.06 | 5.25 | |||||||||||
Exercised | (451,135 | ) | 6.7 | 2.67 | ||||||||||
Forfeited | (1,077,438 | ) | 21.85 | 6.04 | ||||||||||
| | | | | | | | | | | ||||
As of December 31, 2012 | 7,073,709 | 14.56 | 5.3 | |||||||||||
Exercised | (3,134,953 | ) | 11.02 | 4.19 | ||||||||||
Forfeited | (681,586 | ) | 29.52 | 9.01 | ||||||||||
| | | | | | | | | | | ||||
As of December 31, 2013 | 3,257,170 | 14.84 | 5.58 | |||||||||||
| | | | | | | | | | | ||||
| | | | | | | | | | | ||||
Range of Exercise Price | Exercisable | Weighted Average | Weighted Average Exercise | |||||||||||
Outstanding | Remaining | Price of Exercisable | ||||||||||||
Options | Contractual Life | Outstanding | ||||||||||||
(Years) | Options | |||||||||||||
$10 to $15 | 1,573,068 | 1.9 | $ | 13.18 | ||||||||||
$15 to $20 | 1,684,102 | 1.9 | 16.4 | |||||||||||
The aggregate intrinsic value of options exercised was $18.7 million, $3.1 million, and $7.4 million for the years ended December 31, 2013, 2012, and 2011, respectively. The aggregate intrinsic value of options which were outstanding and exercisable as of December 31, 2013 was $15.3 million, and there is no unrecognized stock option compensation expense at December 31, 2013. | ||||||||||||||
The disclosures related to the effect of equity-based compensation expense for stock options granted during the year ended December 31, 2011, are based on the fair value of stock option awards estimated on the date of grant using the Black-Scholes option valuation model with the following assumptions: | ||||||||||||||
2011 | ||||||||||||||
Volatility(1) | 65.1 - 66.3 | % | ||||||||||||
Risk-free interest rate(2) | 0.4 - 1.4 | % | ||||||||||||
Dividend yield(3) | 2.3 - 2.5 | % | ||||||||||||
Expected life (years)(4) | 2.8 - 4.1 | |||||||||||||
-1 | ||||||||||||||
The volatility is based on the historical volatility of the company's stock. | ||||||||||||||
-2 | ||||||||||||||
The risk-free interest rate is based on the U.S. Treasury strip rate for the expected life of the option. | ||||||||||||||
-3 | ||||||||||||||
The expected dividend yield is based on the company's latest annualized dividend rate and recent historical market prices of the underlying common stock at the date of grant. | ||||||||||||||
-4 | ||||||||||||||
The expected life in years is determined primarily from historical stock option exercise data. | ||||||||||||||
2013 Executive Incentive Compensation Plan (Executive Plan) | ||||||||||||||
Pursuant to the company's existing Executive Plan, certain officers and other senior management members of the company are eligible to receive cash bonuses based on predetermined formulas. In the event the cash portion of the bonus exceeds the predetermined maximum cash payout, the excess bonus is distributed as common stock of the company, which vests over a three-year period. A total of 2.5 million shares have been reserved under this plan, which was amended, and approved by stockholders, during 2013. At December 31, 2013, 2.5 million shares under the Executive Plan remained available for issuance. Pursuant to the Executive Plan, shares were awarded with a market value of approximately $157,000 for the award year 2013, $135,000 for the award year 2012 and $4.0 million for the award year 2011. | ||||||||||||||
2004 Employee Stock Purchase Plan | ||||||||||||||
The 2004 Employee Stock Purchase Plan allows eligible employees, at their election, to purchase shares of the company's stock on the open market at fair market value with a designated broker through payroll deductions. The maximum allowable payroll deduction for the plan, excluding company matching contributions, is $10,400 in any calendar year. The company provides matching contributions of 10% of employees' payroll deductions. The company's total expense for the plan was $354,000, $354,000, and $328,000 for the years ended December 31, 2013, 2012, and 2011, respectively. | ||||||||||||||
Derivative_Financial_Instrumen
Derivative Financial Instruments | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Derivative Financial Instruments | ' | |||||||||||||||
Derivative Financial Instruments | ' | |||||||||||||||
Note 6. Derivative Financial Instruments | ||||||||||||||||
The company is exposed to certain risks relating to its ongoing business operations. The company utilizes derivative instruments to mitigate interest rate risk, foreign currency exchange rate risk, and commodity margin risk. Interest rate swaps may be entered into to manage interest rate risk associated with the company's fixed and floating-rate borrowings. Forward exchange contracts on various foreign currencies may be entered into to manage foreign currency exchange rate risk as necessary. No interest rate swaps or significant forward exchange contracts on foreign currency have been entered into during the three year period ended December 31, 2013. The company routinely enters into forward exchange traded futures and option contracts to manage the price risk associated with nonferrous metals inventory as well as purchases and sales of nonferrous metals (specifically aluminum, copper, nickel and silver). The company offsets fair value amounts recognized for derivative instruments executed with the same counterparty under master netting agreements. The company began to designate certain of its nonferrous metals forward exchange futures contracts as fair value hedges of copper inventory and firm sales commitments in January 2013. | ||||||||||||||||
Commodity futures contracts. If the company is "long" on futures contracts, it means the company has more futures contracts purchased than futures contracts sold for the underlying commodity. If the company is "short" on a futures contract, it means the company has more futures contracts sold than futures contracts purchased for the underlying commodity. The following summarizes the company's commodity futures contract commitments as of December 31, 2013 (MT represents metric tons and Lbs represents pounds): | ||||||||||||||||
Commodity | Long/Short | Total | ||||||||||||||
Aluminum | Long | 2,925 | MT | |||||||||||||
Aluminum | Short | 2,175 | MT | |||||||||||||
Copper | Long | 2,751 | MT | |||||||||||||
Copper | Short | 14,844 | MT | |||||||||||||
Silver | Short | 343 | Lbs | |||||||||||||
The following summarizes the location and amounts of the fair values reported on the company's balance sheets and gains or losses related to derivatives included in the company's statements of income as of and for the years ended December 31 (in thousands): | ||||||||||||||||
Asset Derivatives | Liability Derivatives | |||||||||||||||
Fair Value | Fair Value | |||||||||||||||
Balance sheet | December 31, | December 31, | December 31, | December 31, | ||||||||||||
location | 2013 | 2012 | 2013 | 2012 | ||||||||||||
Derivative instruments designated as fair value hedges— | ||||||||||||||||
Commodity futures | Other current assets | $ | 658 | $ | 1,886 | |||||||||||
Derivative instruments not designated as hedges— | ||||||||||||||||
Commodity futures | Other current assets | $ | 352 | $ | 4,024 | $ | 2,601 | $ | 1,854 | |||||||
| | | | | | | | | | | | | | | | |
Total derivative instruments | $ | 1,010 | $ | 4,024 | $ | 4,487 | $ | 1,854 | ||||||||
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
The fair value of the above derivative instruments along with required margin deposit amounts with the same counterparty under master netting arrangements, which total $3.6 million at December 31, 2013, is reflected in other current assets in the consolidated balance sheet. | ||||||||||||||||
Location of gain | Amount of | Hedged items in | Location of gain (loss) | Amount of | ||||||||||||
recognized in | gain | fair value hedge | recognized in income | gain (loss) | ||||||||||||
income on | recognized in | relationships | on related hedged item | recognized in | ||||||||||||
derivatives | income on | income on | ||||||||||||||
derivatives | related hedged | |||||||||||||||
for the year | items for the | |||||||||||||||
ended | year ended | |||||||||||||||
December 31, | December 31, | |||||||||||||||
2013 | 2013 | |||||||||||||||
Derivatives in fair value hedging relationships— | ||||||||||||||||
Commodity futures | Costs of goods sold | $ | 7,509 | Firm commitments | Costs of goods sold | $ | 120 | |||||||||
| | | | | | | | | | | | | | |||
| | | | | | | | | | | | | | |||
Inventory | Costs of goods sold | (7,437 | ) | |||||||||||||
| | | | | | | | | | | | | | |||
$ | (7,317 | ) | ||||||||||||||
| | | | | | | | | | | | | | |||
| | | | | | | | | | | | | | |||
Derivatives not designated as hedging instruments— | ||||||||||||||||
Commodity futures | Costs of goods sold | $ | 2,097 | |||||||||||||
| | | | | | | | | | | | | | |||
| | | | | | | | | | | | | | |||
Amount of gain (loss) | ||||||||||||||||
recognized in income | ||||||||||||||||
on derivatives for the | ||||||||||||||||
years ended | ||||||||||||||||
Location of gain (loss) | December 31, | December 31, | ||||||||||||||
recognized in income | 2012 | 2011 | ||||||||||||||
on derivatives | ||||||||||||||||
Derivatives not designated as hedging instruments— | ||||||||||||||||
Commodity futures | Costs of goods sold | $ | (892 | ) | $ | 12,531 | ||||||||||
| | | | | | | | | | |||||||
| | | | | | | | | | |||||||
Derivatives accounted for as fair value hedges had ineffectiveness resulting in a loss of $206,000 for the year ended December 31, 2013; and a gain excluded from hedge effectiveness testing of $398,000 that reduced costs of goods sold for the year ended December 31, 2013. | ||||||||||||||||
Fair_Value_Measurements
Fair Value Measurements | 12 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
Fair Value Measurements | ' | |||||||||||||
Fair Value Measurements | ' | |||||||||||||
Note 7. Fair Value Measurements | ||||||||||||||
FASB accounting standards provide a comprehensive framework for measuring fair value and sets forth a definition of fair value and establishes a hierarchy prioritizing the inputs to valuation techniques, giving the highest priority to quoted prices in active markets for identical assets and liabilities and the lowest priority to unobservable value inputs. Levels within the hierarchy are defined as follows: | ||||||||||||||
• | ||||||||||||||
Level 1—Unadjusted quoted prices for identical assets and liabilities in active markets; | ||||||||||||||
• | ||||||||||||||
Level 2—Quoted prices for similar assets and liabilities in active markets (other than those included in Level 1) which are observable for the asset or liability, either directly or indirectly; and | ||||||||||||||
• | ||||||||||||||
Level 3—Valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable. | ||||||||||||||
The following table sets forth financial assets and liabilities measured at fair value in the consolidated balance sheet and the respective levels to which the fair value measurements are classified within the fair value hierarchy as of December 31 (in thousands): | ||||||||||||||
Total | Quoted Prices | Significant | Significant | |||||||||||
in Active | Other | Unobservable | ||||||||||||
Markets for | Observable | Inputs | ||||||||||||
Identical Assets | Inputs | (Level 3) | ||||||||||||
(Level 1) | (Level 2) | |||||||||||||
2013 | ||||||||||||||
Commodity futures—financial assets | $ | 1,010 | $ | — | $ | 1,010 | $ | — | ||||||
Commodity futures—financial liabilities | 4,487 | — | 4,487 | — | ||||||||||
2012 | ||||||||||||||
Investment in short-term commercial paper | $ | 31,520 | $ | — | $ | 31,520 | $ | — | ||||||
Commodity futures and options—financial assets | 4,024 | — | 4,024 | — | ||||||||||
Commodity futures—financial liabilities | 1,854 | — | 1,854 | — | ||||||||||
The carrying amounts of financial instruments including cash and equivalents approximate fair value. The fair values of short-term commercial paper and commodity futures contracts are estimated by the use of quoted market prices, estimates obtained from brokers, and other appropriate valuation techniques based on references available. The fair value of long-term debt, including current maturities, as determined by quoted market prices (Level 2), was approximately $2.3 billion and $2.3 billion (with a corresponding carrying amount in the consolidated balance sheet of $2.1 billion and $2.2 billion) at December 31, 2013 and 2012, respectively. | ||||||||||||||
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Commitments and Contingencies | ' | ||||
Commitments and Contingencies | ' | ||||
Note 8. Commitments and Contingencies | |||||
The company has entered into certain commitments with suppliers which are of a customary nature. Commitments have been entered into relating to future expected requirements for such commodities as electricity, natural gas and its transportation services, fuel, air products, and zinc. Certain commitments contain provisions which require that the company "take or pay" for specified quantities at fixed prices without regard to actual usage for periods of up to 46 months for physical commodity requirements, for up to 7 years for commodity transportation requirements, and for up to 14 years for air products. The company utilized such "take or pay" requirements during the past three years under these contracts. The company believes that production requirements will be such that consumption of the products or services purchased under these commitments will occur in the normal production process. | |||||
The company's commitments for these agreements with "take or pay" or other similar commitment provisions for the years ending December 31, as follows (in thousands): | |||||
2014 | $ | 79,527 | |||
2015 | 9,439 | ||||
2016 | 5,587 | ||||
2017 | 3,744 | ||||
2018 | 2,425 | ||||
Thereafter | 10,132 | ||||
| | | | | |
$ | 110,854 | ||||
| | | | | |
| | | | | |
The company purchases its electricity consumed at its Flat Roll Division pursuant to a contract which extends through December 2014, and designates 160 hours annually as "interruptible service." The contract also establishes an agreed fixed-rate energy charge per Mill/kWh consumed for each year through the expiration of the agreement. | |||||
At December 31, 2013, the company has outstanding commitments of $29.4 million related to ongoing construction of property, plant, and equipment related primarily to steel operations. The company's commitments for operating leases are discussed in Note 11. | |||||
The company is involved in various routine litigation matters, including administrative proceedings, regulatory proceedings, governmental investigations, environmental matters, and commercial and construction contract disputes, none of which are expected to have a material impact on our financial condition, results of operations, or liquidity. | |||||
The company is involved, along with eight other steel manufacturing companies, in a class action antitrust complaint filed in federal court in Chicago, Illinois in September 2008, which alleges a conspiracy to fix, raise, maintain and stabilize the price at which steel products were sold in the United States during a period between 2005 and 2007, by artificially restricting the supply of such steel products. All but one of the complaints were brought on behalf of a purported class consisting of all direct purchasers of steel products. The other complaint was brought on behalf of a purported class consisting of all indirect purchasers of steel products within the same time period. A ninth complaint, in December 2010, was brought on behalf of indirect purchasers of steel products in Tennessee and has been consolidated with the original complaints. All complaints seek treble damages and costs, including reasonable attorney fees, pre- and post-judgment interest and injunctive relief. In January 2009, Steel Dynamics and the other defendants filed a Joint Motion to Dismiss all of the direct purchaser lawsuits, but this motion was denied in June 2009. Following a period of preliminary discovery relating to class certification matters, Plaintiffs filed their Motion for Class Certification in May 2012, and on February 28, 2013, Defendants filed their Joint Memorandum in Opposition to Plaintiffs' Motion for Class Certification, together with joint motions to exclude the expert opinions of both of Plaintiffs' two retained experts. On October 15, 2013, Plaintiffs submitted their Reply papers, and the defendants have submitted their additional responses as well. A hearing on class certification and Daubert issues has been scheduled for March 5-7, 2014. | |||||
Due to the uncertain nature of litigation, the company cannot presently determine the ultimate outcome of this litigation. However, we have determined, based on the information available at this time, that there is not presently a "reasonable possibility" (as that term is defined in ASC 450-20-20), that the outcome of these legal proceedings would have a material impact on our financial condition, results of operations, or liquidity. Although not presently necessary or appropriate to make a dollar estimate of exposure to loss, if any, in connection with the above matter, we may in the future determine that a loss accrual is necessary. Although we may make loss accruals, if and as warranted, any amounts that we may accrue from time to time could vary significantly from the amounts we actually pay, due to inherent uncertainties and the inherent shortcomings of the estimation process, the uncertainties involved in litigation and other factors. Additionally, an adverse result could have a material effect on our financial condition, results of operations and liquidity. | |||||
Transactions_with_Affiliated_C
Transactions with Affiliated Companies | 12 Months Ended | ||||||||||
Dec. 31, 2013 | |||||||||||
Transactions with Affiliated Companies | ' | ||||||||||
Transactions with Affiliated Companies | ' | ||||||||||
Note 9. Transactions with Affiliated Companies | |||||||||||
The company sells flat rolled products and occasionally purchases ferrous materials from Heidtman. The president and chief executive officer of Heidtman is a member of the company's board of directors and a stockholder of the company. Transactions with Heidtman for the years ended December 31, are as follows (in thousands): | |||||||||||
2013 | 2012 | 2011 | |||||||||
Sales | $ | 236,075 | $ | 244,531 | $ | 242,300 | |||||
Percentage of consolidated net sales | 3 | % | 3 | % | 3 | % | |||||
Accounts receivable | 51,760 | 38,093 | 35,646 | ||||||||
Purchases | 5,562 | 11,372 | 18,998 | ||||||||
Accounts payable | 391 | 800 | 882 | ||||||||
On September 15, 2009, the company purchased from Heidtman a 32 acre tract of land adjacent to the company's Flat Roll Division together with a 387,000 square foot building for a purchase price of $9.3 million. Contemporaneously the company purchased from Heidtman equipment located at this site for a purchase price of $18.6 million. Immediately following the acquisition of this property, the company leased the real estate and equipment back to Heidtman for a term of five years, which the company accounted for as a direct financing lease. Heidtman has used the real estate and equipment in its steel processing operations, paying the company monthly rental of approximately $289,000. At any time during the lease term, Heidtman had the option to repurchase the real estate and equipment for $27.9 million, which they exercised in January 2014, satisfying the $27.9 million direct financing lease receivable, which was reflected in other non-current assets in the company's December 31, 2013 balance sheet. | |||||||||||
The company also purchases and sells recycled and scrap metal with other smaller affiliated companies. These transactions are as follows (in thousands): | |||||||||||
2013 | 2012 | 2011 | |||||||||
Sales | $ | 49,748 | $ | 38,286 | $ | 36,486 | |||||
Accounts receivable | 4,632 | 4,771 | 7,247 | ||||||||
Purchases | 111,048 | 238,114 | 239,395 | ||||||||
Accounts payable | 9,936 | 14,344 | 5,702 |
Retirement_Plans
Retirement Plans | 12 Months Ended |
Dec. 31, 2013 | |
Retirement Plans | ' |
Retirement Plans | ' |
Note 10. Retirement Plans | |
The company sponsors several 401(k) retirement savings and profit sharing plans (Plans) for eligible employees, which are considered "qualified plans" for federal income tax purposes. The company's total expense for the Plans was $25.2 million, $22.9 million, and $37.2 million for the years ended December 31, 2013, 2012, and 2011, respectively. In 2013, the company's profit sharing component is 8% of consolidated pretax income excluding noncontrolling interest and other items. Previously, the company's profit sharing component consisted of 2% of consolidated pretax earnings plus a unique percentage of each of the company's operating segments' pretax earnings after allocation of certain corporate expenses. The resulting company profit sharing component was $23.1 million, $20.5 million, and $35.1 million for the years ended December 31, 2013, 2012, and 2011, respectively; of which $18.5 million, $14.3 million, and $17.5 million, respectively, was directed by the company's board of directors to be contributed to the Plans, with the remaining amounts each year paid directly to the Plans' participants. | |
Leases
Leases | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Leases | ' | ||||
Leases | ' | ||||
Note 11. Leases | |||||
The company has operating leases relating to principally transportation and other equipment and real estate. Certain leases include escalation clauses and/or purchase options. The company paid $13.5 million, $14.8 million, and $16.8 million for operating leases for the years ended December 31, 2013, 2012, and 2011, respectively. At December 31, 2013, future minimum payments for all non-cancelable operating leases with an initial or remaining term of one year or more are as follows (in thousands): | |||||
2014 | $ | 10,957 | |||
2015 | 8,823 | ||||
2016 | 7,240 | ||||
2017 | 4,614 | ||||
2018 | 4,422 | ||||
Thereafter | 11,617 | ||||
| | | | | |
$ | 47,673 | ||||
| | | | | |
| | | | | |
Segment_Information
Segment Information | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||
Segment Information | ' | |||||||||||||||||||
Segment Information | ' | |||||||||||||||||||
Note 12. Segment Information | ||||||||||||||||||||
The company has three reportable segments: steel operations, metals recycling and ferrous resources operations, and steel fabrication operations. These operations are described in Note 1 to the financial statements. Revenues included in the category "Other" are from subsidiary operations that are below the quantitative thresholds required for reportable segments and primarily consist of further processing, slitting, and sale of certain steel products and the resale of certain secondary and excess steel products. In addition, "Other" also includes certain unallocated corporate accounts, such as the company's senior secured credit facility, senior notes, convertible senior notes, certain other investments and certain profit sharing expenses. | ||||||||||||||||||||
The company's operations are primarily organized and managed by operating segment. Operating segment performance and resource allocations are primarily based on operating results before income taxes. The accounting policies of the reportable segments are consistent with those described in Note 1 to the financial statements. Intra-segment sales and any related profits are eliminated in consolidation. | ||||||||||||||||||||
The company's segment results for the years ended December 31, are as follows (in thousands): | ||||||||||||||||||||
For the Year Ended December 31, 2013 | Steel | Metals | Steel | Other | Eliminations | Consolidated | ||||||||||||||
Operations | Recycling / | Fabrication | ||||||||||||||||||
Ferrous | Operations | |||||||||||||||||||
Resources | ||||||||||||||||||||
Net Sales | ||||||||||||||||||||
External | $ | 4,256,077 | $ | 2,173,863 | $ | 438,254 | $ | 87,532 | $ | — | $ | 6,955,726 | ||||||||
External Non-U.S. | 205,380 | 210,978 | — | 840 | — | 417,198 | ||||||||||||||
Other segments | 306,547 | 1,278,645 | 1,401 | 26,954 | (1,613,547 | ) | — | |||||||||||||
| | | | | | | | | | | | | | | | | | | | |
4,768,004 | 3,663,486 | 439,655 | 115,326 | (1,613,547 | ) | 7,372,924 | ||||||||||||||
| | | | | | | | | | | | | | | | | | | | |
Operating income (loss) | 504,384 | (52,468 | ) | 7,003 | -71,446 | -1 | -948 | -2 | 386,525 | |||||||||||
Income (loss) before income taxes | 449,405 | (84,826 | ) | 827 | (101,628 | ) | (948 | ) | 262,830 | |||||||||||
Depreciation and amortization | 106,603 | 109,847 | 8,736 | 5,946 | (204 | ) | 230,928 | |||||||||||||
Capital expenditures | 121,835 | 60,678 | 2,166 | 2,164 | — | 186,843 | ||||||||||||||
As of December 31, 2013 | ||||||||||||||||||||
Assets | 2,642,866 | 2,549,626 | 270,215 | 686,594 | -3 | -216,295 | -4 | 5,933,006 | ||||||||||||
Liabilities | 563,924 | 588,232 | 22,704 | 2,349,722 | -5 | -203,945 | -6 | 3,320,637 | ||||||||||||
Footnotes related to the twelve months ended December 31, 2013 segment results (in millions): | ||||||||||||||||||||
-1 | Corporate SG&A | $ | (37.3 | ) | -2 | Gross profit decrease from intra-company sales | $ | (0.9 | ) | |||||||||||
| | | | | | | | | | | | | | |||||||
| | | | | | | | | | | | | | |||||||
Company-wide equity-based compensation | (13.9 | ) | ||||||||||||||||||
Profit sharing | (23.1 | ) | ||||||||||||||||||
Other, net | 2.9 | |||||||||||||||||||
| | | | | | | | | | | | | | |||||||
$ | (71.4 | ) | ||||||||||||||||||
| | | | | | | | | | | | | | |||||||
| | | | | | | | | | | | | | |||||||
-3 | Cash and equivalents | $ | 325.7 | -4 | Elimination of intra-company receivables | $ | (43.5 | ) | ||||||||||||
Accounts receivable | 8.5 | Elimination of intra-company debt | (159.3 | ) | ||||||||||||||||
Inventories | 10.4 | Other | (13.5 | ) | ||||||||||||||||
| | | | | | | | | | | | | | |||||||
Deferred income taxes | 23.2 | $ | (216.3 | ) | ||||||||||||||||
| | | | | | | | | | | | | | |||||||
| | | | | | | | | | | | | | |||||||
Property, plant and equipment, net | 72.5 | |||||||||||||||||||
Debt issuance costs | 26 | |||||||||||||||||||
Intra-company debt | 159.3 | |||||||||||||||||||
Other | 61 | |||||||||||||||||||
| | | | | | | | | | | | | | |||||||
$ | 686.6 | |||||||||||||||||||
| | | | | | | | | | | | | | |||||||
| | | | | | | | | | | | | | |||||||
-5 | Accounts payable | $ | 36.3 | -6 | Elimination of intra-company payables | $ | (43.9 | ) | ||||||||||||
Income taxes payable | 4 | Elimination of intra-company debt | (159.3 | ) | ||||||||||||||||
Accrued interest | 31.2 | Other | (0.8 | ) | ||||||||||||||||
| | | | | | | | | | | | | | |||||||
Accrued profit sharing | 23.4 | $ | (204.0 | ) | ||||||||||||||||
| | | | | | | | | | | | | | |||||||
| | | | | | | | | | | | | | |||||||
Debt | 2,038.30 | |||||||||||||||||||
Deferred income taxes | 190.2 | |||||||||||||||||||
Other | 26.3 | |||||||||||||||||||
| | | | | | | | | | | | | | |||||||
$ | 2,349.70 | |||||||||||||||||||
| | | | | | | | | | | | | | |||||||
| | | | | | | | | | | | | | |||||||
For the Year Ended December 31, 2012 | Steel | Metals | Steel | Other | Eliminations | Consolidated | ||||||||||||||
Operations | Recycling / | Fabrication | ||||||||||||||||||
Ferrous | Operations | |||||||||||||||||||
Resources | ||||||||||||||||||||
Net Sales | ||||||||||||||||||||
External | $ | 4,294,437 | $ | 2,116,537 | $ | 371,084 | $ | 69,307 | $ | — | $ | 6,851,365 | ||||||||
External Non-U.S. | 212,351 | 226,061 | — | 457 | — | 438,869 | ||||||||||||||
Other segments | 194,320 | 1,269,198 | 322 | 17,698 | (1,481,538 | ) | — | |||||||||||||
| | | | | | | | | | | | | | | | | | | | |
4,701,108 | 3,611,796 | 371,406 | 87,462 | (1,481,538 | ) | 7,290,234 | ||||||||||||||
| | | | | | | | | | | | | | | | | | | | |
Operating income (loss) | 495,640 | (36,508 | ) | 2,114 | -66,829 | -1 | -3,252 | -2 | 391,165 | |||||||||||
Income (loss) before income taxes | 425,509 | (70,433 | ) | (4,580 | ) | (143,178 | ) | (3,252 | ) | 204,066 | ||||||||||
Depreciation and amortization | 104,222 | 103,993 | 8,025 | 9,180 | (204 | ) | 225,216 | |||||||||||||
Capital expenditures | 55,786 | 159,768 | 5,735 | 2,236 | — | 223,525 | ||||||||||||||
As of December 31, 2012 | ||||||||||||||||||||
Assets | 2,485,235 | 2,568,233 | 242,747 | 714,069 | -3 | -194,868 | -4 | 5,815,416 | ||||||||||||
Liabilities | 525,351 | 484,017 | 15,983 | 2,497,750 | -5 | -184,341 | -6 | 3,338,760 | ||||||||||||
Footnotes related to the twelve months ended December 31, 2012 segment results (in millions): | ||||||||||||||||||||
-1 | Corporate SG&A | $ | (32.3 | ) | -2 | Gross profit decrease from intra-company sales | $ | (3.3 | ) | |||||||||||
| | | | | | | | | | | | | | |||||||
| | | | | | | | | | | | | | |||||||
Company-wide equity-based compensation | (8.3 | ) | ||||||||||||||||||
Profit sharing | (20.5 | ) | ||||||||||||||||||
Other, net | (5.7 | ) | ||||||||||||||||||
| | | | | | | | | | | | | | |||||||
$ | (66.8 | ) | ||||||||||||||||||
| | | | | | | | | | | | | | |||||||
| | | | | | | | | | | | | | |||||||
-3 | Cash and equivalents | $ | 327.1 | -4 | Elimination of intra-company receivables | $ | (41.4 | ) | ||||||||||||
Investments in short-term commercial paper | 31.5 | Elimination of intra-company debt | (141.1 | ) | ||||||||||||||||
Accounts receivable | 8.7 | Other | (12.4 | ) | ||||||||||||||||
| | | | | | | | | | | | | | |||||||
Inventories | 11.5 | $ | (194.9 | ) | ||||||||||||||||
| | | | | | | | | | | | | | |||||||
| | | | | | | | | | | | | | |||||||
Deferred income taxes | 23.4 | |||||||||||||||||||
Property, plant and equipment, net | 75.5 | |||||||||||||||||||
Debt issuance costs | 27.9 | |||||||||||||||||||
Intra-company debt | 141.1 | |||||||||||||||||||
Other | 67.4 | |||||||||||||||||||
| | | | | | | | | | | | | | |||||||
$ | 714.1 | |||||||||||||||||||
| | | | | | | | | | | | | | |||||||
| | | | | | | | | | | | | | |||||||
-5 | Accounts payable | $ | 32.2 | -6 | Elimination of intra-company payables | $ | (41.7 | ) | ||||||||||||
Income taxes payable | 17.1 | Elimination of intra-company debt | (141.1 | ) | ||||||||||||||||
Accrued interest | 35.1 | Other | (1.5 | ) | ||||||||||||||||
| | | | | | | | | | | | | | |||||||
Accrued profit sharing | 20.7 | $ | (184.3 | ) | ||||||||||||||||
| | | | | | | | | | | | | | |||||||
| | | | | | | | | | | | | | |||||||
Debt | 2,152.20 | |||||||||||||||||||
Deferred income taxes | 218.2 | |||||||||||||||||||
Other | 22.3 | |||||||||||||||||||
| | | | | | | | | | | | | | |||||||
$ | 2,497.80 | |||||||||||||||||||
| | | | | | | | | | | | | | |||||||
| | | | | | | | | | | | | | |||||||
For the Year Ended December 31, 2011 | Steel | Metals | Steel | Other | Eliminations | Consolidated | ||||||||||||||
Operations | Recycling / | Fabrication | ||||||||||||||||||
Ferrous | Operations | |||||||||||||||||||
Resources | ||||||||||||||||||||
Net Sales | ||||||||||||||||||||
External | $ | 4,676,898 | $ | 2,473,511 | $ | 275,783 | $ | 92,856 | $ | — | $ | 7,519,048 | ||||||||
External Non-U.S. | 182,319 | 295,552 | — | 581 | — | 478,452 | ||||||||||||||
Other segments | 211,089 | 1,383,505 | 625 | 11,711 | (1,606,930 | ) | — | |||||||||||||
| | | | | | | | | | | | | | | | | | | | |
5,070,306 | 4,152,568 | 276,408 | 105,148 | (1,606,930 | ) | 7,997,500 | ||||||||||||||
| | | | | | | | | | | | | | | | | | | | |
Operating income (loss) | 658,120 | 26,597 | (6,584 | ) | -95,141 | -1 | 1,828 | -2 | 584,820 | |||||||||||
Income (loss) before income taxes | 574,108 | (16,706 | ) | (13,573 | ) | (121,233 | ) | 1,723 | 424,319 | |||||||||||
Depreciation and amortization | 108,477 | 101,893 | 6,751 | 5,690 | (204 | ) | 222,607 | |||||||||||||
Capital expenditures | 43,998 | 103,142 | 2,205 | 17,662 | — | 167,007 | ||||||||||||||
As of December 31, 2011 | ||||||||||||||||||||
Assets | 2,598,767 | 2,561,722 | 227,663 | 789,322 | -3 | -198,248 | -4 | 5,979,226 | ||||||||||||
Liabilities | 495,425 | 528,629 | 13,768 | 2,759,894 | -5 | -189,084 | -6 | 3,608,632 | ||||||||||||
Footnotes related to the twelve months ended December 31, 2011 segment results (in millions): | ||||||||||||||||||||
-1 | Corporate SG&A | $ | (46.7 | ) | -2 | Gross profit increase from intra-company sales | $ | 1.8 | ||||||||||||
| | | | | | | | | | | | | | |||||||
| | | | | | | | | | | | | | |||||||
Company-wide stock option expense | (14.8 | ) | ||||||||||||||||||
Profit sharing | (35.1 | ) | ||||||||||||||||||
Other, net | 1.5 | |||||||||||||||||||
| | | | | | | | | | | | | | |||||||
$ | (95.1 | ) | ||||||||||||||||||
| | | | | | | | | | | | | | |||||||
| | | | | | | | | | | | | | |||||||
-3 | Cash and equivalents | $ | 314.9 | -4 | Elimination of intra-company receivables | $ | (36.1 | ) | ||||||||||||
Investments in short-term commercial paper | 84.8 | Elimination of intra-company debt | (152.8 | ) | ||||||||||||||||
Accounts receivable | 7.8 | Other | (9.3 | ) | ||||||||||||||||
| | | | | | | | | | | | | | |||||||
Inventories | 9.7 | $ | (198.2 | ) | ||||||||||||||||
| | | | | | | | | | | | | | |||||||
| | | | | | | | | | | | | | |||||||
Income taxes receivable | 16.7 | |||||||||||||||||||
Deferred income taxes | 25.3 | |||||||||||||||||||
Property, plant and equipment, net | 85.7 | |||||||||||||||||||
Debt issuance costs | 23.9 | |||||||||||||||||||
Intra-company debt | 152.8 | |||||||||||||||||||
Other | 67.7 | |||||||||||||||||||
| | | | | | | | | | | | | | |||||||
$ | 789.3 | |||||||||||||||||||
| | | | | | | | | | | | | | |||||||
| | | | | | | | | | | | | | |||||||
-5 | Accounts payable | $ | 28.7 | -6 | Elimination of intra-company payables | $ | (36.1 | ) | ||||||||||||
Income taxes payable | 11.1 | Elimination of intra-company debt | (152.8 | ) | ||||||||||||||||
Accrued interest | 33.7 | Other | (0.2 | ) | ||||||||||||||||
| | | | | | | | | | | | | | |||||||
Accrued profit sharing | 35.8 | $ | (189.1 | ) | ||||||||||||||||
| | | | | | | | | | | | | | |||||||
| | | | | | | | | | | | | | |||||||
Debt | 2,341.90 | |||||||||||||||||||
Deferred income taxes | 217.6 | |||||||||||||||||||
Other | 91.1 | |||||||||||||||||||
| | | | | | | | | | | | | | |||||||
$ | 2,759.90 | |||||||||||||||||||
| | | | | | | | | | | | | | |||||||
| | | | | | | | | | | | | | |||||||
Condensed_Consolidating_Inform
Condensed Consolidating Information | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Condensed Consolidating Information | ' | ||||||||||||||||
Condensed Consolidating Information | ' | ||||||||||||||||
Note 13. Condensed Consolidating Information | |||||||||||||||||
Certain 100%-owned subsidiaries of SDI have fully and unconditionally guaranteed all of the indebtedness relating to the issuance of the company's senior notes due 2014, 2019, 2020, 2022 and 2023. Following are the company's condensed consolidating financial statements, including the guarantors, which present the financial position, results of operations and cash flows of (i) SDI (in each case, reflecting investments in its consolidated subsidiaries under the equity method of accounting), (ii) the guarantor subsidiaries of SDI, (iii) the non-guarantor subsidiaries of SDI, and (iv) the eliminations necessary to arrive at the information on a consolidated basis. The following statements should be read in conjunction with the accompanying consolidated financial statements, and notes thereto. | |||||||||||||||||
Condensed Consolidating Balance Sheets (in thousands) | |||||||||||||||||
As of December 31, 2013 | Parent | Guarantors | Combined | Consolidating | Total | ||||||||||||
Non-Guarantors | Adjustments | Consolidated | |||||||||||||||
Cash and equivalents | $ | 320,866 | $ | 61,148 | $ | 13,142 | $ | — | $ | 395,156 | |||||||
Accounts receivable, net | 309,691 | 874,707 | 32,018 | (495,816 | ) | 720,600 | |||||||||||
Inventories | 673,763 | 557,640 | 91,199 | (7,855 | ) | 1,314,747 | |||||||||||
Other current assets | 50,228 | 8,399 | 3,259 | (18,755 | ) | 43,131 | |||||||||||
| | | | | | | | | | | | | | | | | |
Total current assets | 1,354,548 | 1,501,894 | 139,618 | (522,426 | ) | 2,473,634 | |||||||||||
Property, plant and equipment, net | 1,046,093 | 619,617 | 562,843 | (2,419 | ) | 2,226,134 | |||||||||||
Intangible assets, net | — | 386,159 | — | — | 386,159 | ||||||||||||
Goodwill | — | 731,996 | — | — | 731,996 | ||||||||||||
Other assets, including investments in subs | 2,630,411 | 21,789 | 8,092 | (2,545,209 | ) | 115,083 | |||||||||||
| | | | | | | | | | | | | | | | | |
Total assets | $ | 5,031,052 | $ | 3,261,455 | $ | 710,553 | $ | (3,070,054 | ) | $ | 5,933,006 | ||||||
| | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
Accounts payable | $ | 160,255 | $ | 258,406 | $ | 60,987 | $ | (64,716 | ) | $ | 414,932 | ||||||
Accrued expenses | 142,055 | 115,182 | 10,694 | (49,229 | ) | 218,702 | |||||||||||
Current maturities of long-term debt | 315,521 | 300 | 52,163 | (26,440 | ) | 341,544 | |||||||||||
| | | | | | | | | | | | | | | | | |
Total current liabilities | 617,831 | 373,888 | 123,844 | (140,385 | ) | 975,178 | |||||||||||
Long-term debt | 1,725,433 | — | 204,385 | (163,773 | ) | 1,766,045 | |||||||||||
Other liabilities | 140,465 | 1,986,260 | 34,895 | (1,582,206 | ) | 579,414 | |||||||||||
Redeemable noncontrolling interest | — | — | 116,514 | — | 116,514 | ||||||||||||
Common stock | 645 | 33,896 | 18,121 | (52,017 | ) | 645 | |||||||||||
Treasury stock | (718,529 | ) | — | — | — | (718,529 | ) | ||||||||||
Additional paid-in-capital | 1,085,694 | 117,737 | 552,946 | (670,683 | ) | 1,085,694 | |||||||||||
Retained earnings (deficit) | 2,179,513 | 749,674 | (288,684 | ) | (460,990 | ) | 2,179,513 | ||||||||||
| | | | | | | | | | | | | | | | | |
Total Steel Dynamics, Inc. equity | 2,547,323 | 901,307 | 282,383 | (1,183,690 | ) | 2,547,323 | |||||||||||
Noncontrolling interests | — | — | (51,468 | ) | — | (51,468 | ) | ||||||||||
| | | | | | | | | | | | | | | | | |
Total equity | 2,547,323 | 901,307 | 230,915 | (1,183,690 | ) | 2,495,855 | |||||||||||
| | | | | | | | | | | | | | | | | |
Total liabilities and equity | $ | 5,031,052 | $ | 3,261,455 | $ | 710,553 | $ | (3,070,054 | ) | $ | 5,933,006 | ||||||
| | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
As of December 31, 2012 | Parent | Guarantors | Combined | Consolidating | Total | ||||||||||||
Non-Guarantors | Adjustments | Consolidated | |||||||||||||||
Cash and equivalents | $ | 322,707 | $ | 41,675 | $ | 11,535 | $ | — | $ | 375,917 | |||||||
Investments in short-term commercial paper | 31,520 | — | — | — | 31,520 | ||||||||||||
Accounts receivable, net | 277,428 | 772,868 | 11,293 | (419,226 | ) | 642,363 | |||||||||||
Inventories | 564,882 | 536,331 | 107,422 | (6,128 | ) | 1,202,507 | |||||||||||
Other current assets | 51,268 | 7,253 | 4,006 | (18,609 | ) | 43,918 | |||||||||||
| | | | | | | | | | | | | | | | | |
Total current assets | 1,247,805 | 1,358,127 | 134,256 | (443,963 | ) | 2,296,225 | |||||||||||
Property, plant and equipment, net | 1,017,587 | 664,332 | 551,903 | (2,624 | ) | 2,231,198 | |||||||||||
Intangible assets, net | — | 416,635 | — | — | 416,635 | ||||||||||||
Goodwill | — | 738,542 | — | — | 738,542 | ||||||||||||
Other assets, including investments in subs | 2,768,360 | 30,862 | 9,189 | (2,675,595 | ) | 132,816 | |||||||||||
| | | | | | | | | | | | | | | | | |
Total assets | $ | 5,033,752 | $ | 3,208,498 | $ | 695,348 | $ | (3,122,182 | ) | $ | 5,815,416 | ||||||
| | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
Accounts payable | $ | 150,191 | $ | 219,415 | $ | 56,472 | $ | (65,981 | ) | $ | 360,097 | ||||||
Accrued expenses | 144,719 | 98,484 | 9,877 | (33,131 | ) | 219,949 | |||||||||||
Current maturities of long-term debt | 14,237 | 300 | 52,595 | (37,501 | ) | 29,631 | |||||||||||
| | | | | | | | | | | | | | | | | |
Total current liabilities | 309,147 | 318,199 | 118,944 | (136,613 | ) | 609,677 | |||||||||||
Long-term debt | 2,140,958 | — | 169,223 | (137,575 | ) | 2,172,606 | |||||||||||
Other liabilities | 178,182 | 2,087,957 | 41,581 | (1,751,243 | ) | 556,477 | |||||||||||
Redeemable noncontrolling interest | — | — | 98,814 | — | 98,814 | ||||||||||||
Common stock | 637 | 33,896 | 18,121 | (52,017 | ) | 637 | |||||||||||
Treasury stock | (720,479 | ) | — | — | — | (720,479 | ) | ||||||||||
Additional paid-in-capital | 1,037,687 | 117,737 | 476,677 | (594,414 | ) | 1,037,687 | |||||||||||
Retained earnings (deficit) | 2,087,620 | 650,709 | (200,389 | ) | (450,320 | ) | 2,087,620 | ||||||||||
| | | | | | | | | | | | | | | | | |
Total Steel Dynamics, Inc. equity | 2,405,465 | 802,342 | 294,409 | (1,096,751 | ) | 2,405,465 | |||||||||||
Noncontrolling interests | — | — | (27,623 | ) | — | (27,623 | ) | ||||||||||
| | | | | | | | | | | | | | | | | |
Total equity | 2,405,465 | 802,342 | 266,786 | (1,096,751 | ) | 2,377,842 | |||||||||||
| | | | | | | | | | | | | | | | | |
Total liabilities and equity | $ | 5,033,752 | $ | 3,208,498 | $ | 695,348 | $ | (3,122,182 | ) | $ | 5,815,416 | ||||||
| | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
Condensed Consolidating Statements of Operations (in thousands) | |||||||||||||||||
For the Year Ended, December 31, 2013 | Parent | Guarantors | Combined | Consolidating | Total | ||||||||||||
Non-Guarantors | Adjustments | Consolidated | |||||||||||||||
Net sales | $ | 3,466,691 | $ | 8,219,499 | $ | 347,288 | $ | (4,660,554 | ) | $ | 7,372,924 | ||||||
Costs of goods sold | 2,981,591 | 7,805,367 | 440,064 | (4,573,242 | ) | 6,653,780 | |||||||||||
| | | | | | | | | | | | | | | | | |
Gross profit (loss) | 485,100 | 414,132 | (92,776 | ) | (87,312 | ) | 719,144 | ||||||||||
Selling, general and administrative | 118,975 | 219,531 | 10,548 | (16,435 | ) | 332,619 | |||||||||||
| | | | | | | | | | | | | | | | | |
Operating income (loss) | 366,125 | 194,601 | (103,324 | ) | (70,877 | ) | 386,525 | ||||||||||
Interest expense, net of capitalized interest | 81,361 | 43,879 | 7,259 | (4,771 | ) | 127,728 | |||||||||||
Other (income) expense, net | (7,358 | ) | 3,401 | (4,847 | ) | 4,771 | (4,033 | ) | |||||||||
| | | | | | | | | | | | | | | | | |
Income (loss) before income taxes and equity in net income of subsidiaries | 292,122 | 147,321 | (105,736 | ) | (70,877 | ) | 262,830 | ||||||||||
Income taxes | 63,670 | 54,448 | 6,406 | (25,210 | ) | 99,314 | |||||||||||
| | | | | | | | | | | | | | | | | |
228,452 | 92,873 | (112,142 | ) | (45,667 | ) | 163,516 | |||||||||||
Equity in net loss of subsidiaries | (39,138 | ) | — | — | 39,138 | — | |||||||||||
Net loss attributable to noncontrolling interests | — | — | 25,798 | — | 25,798 | ||||||||||||
| | | | | | | | | | | | | | | | | |
Net income (loss) attributable to Steel Dynamics, Inc. | $ | 189,314 | $ | 92,873 | $ | (86,344 | ) | $ | (6,529 | ) | $ | 189,314 | |||||
| | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
For the Year Ended, December 31, 2012 | Parent | Guarantors | Combined | Consolidating | Total | ||||||||||||
Non-Guarantors | Adjustments | Consolidated | |||||||||||||||
Net sales | $ | 3,431,978 | $ | 8,322,995 | $ | 177,527 | $ | (4,642,266 | ) | $ | 7,290,234 | ||||||
Costs of goods sold | 2,977,756 | 7,906,392 | 257,604 | (4,571,416 | ) | 6,570,336 | |||||||||||
| | | | | | | | | | | | | | | | | |
Gross profit (loss) | 454,222 | 416,603 | (80,077 | ) | (70,850 | ) | 719,898 | ||||||||||
Selling, general and administrative | 102,142 | 218,515 | 24,081 | (16,005 | ) | 328,733 | |||||||||||
| | | | | | | | | | | | | | | | | |
Operating income (loss) | 352,080 | 198,088 | (104,158 | ) | (54,845 | ) | 391,165 | ||||||||||
Interest expense, net of capitalized interest | 104,058 | 53,186 | 6,630 | (5,289 | ) | 158,585 | |||||||||||
Other (income) expense, net | 28,677 | (1,531 | ) | (3,921 | ) | 5,289 | 28,514 | ||||||||||
| | | | | | | | | | | | | | | | | |
Income (loss) before income taxes and equity in net income of subsidiaries | 219,345 | 146,433 | (106,867 | ) | (54,845 | ) | 204,066 | ||||||||||
Income taxes | 26,611 | 51,011 | 247 | (16,084 | ) | 61,785 | |||||||||||
| | | | | | | | | | | | | | | | | |
192,734 | 95,422 | (107,114 | ) | (38,761 | ) | 142,281 | |||||||||||
Equity in net income of subsidiaries | (29,183 | ) | — | — | 29,183 | — | |||||||||||
Net loss attributable to noncontrolling interests | — | — | 21,270 | — | 21,270 | ||||||||||||
| | | | | | | | | | | | | | | | | |
Net income (loss) attributable to Steel Dynamics, Inc. | $ | 163,551 | $ | 95,422 | $ | (85,844 | ) | $ | (9,578 | ) | $ | 163,551 | |||||
| | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
For the Year Ended, December 31, 2011 | Parent | Guarantors | Combined | Consolidating | Total | ||||||||||||
Non-Guarantors | Adjustments | Consolidated | |||||||||||||||
Net sales | $ | 3,701,928 | $ | 9,062,305 | $ | 190,739 | $ | (4,957,472 | ) | $ | 7,997,500 | ||||||
Costs of goods sold | 3,099,941 | 8,604,620 | 251,528 | (4,890,107 | ) | 7,065,982 | |||||||||||
| | | | | | | | | | | | | | | | | |
Gross profit (loss) | 601,987 | 457,685 | (60,789 | ) | (67,365 | ) | 931,518 | ||||||||||
Selling, general and administrative | 135,509 | 217,717 | 9,184 | (15,712 | ) | 346,698 | |||||||||||
| | | | | | | | | | | | | | | | | |
Operating income (loss) | 466,478 | 239,968 | (69,973 | ) | (51,653 | ) | 584,820 | ||||||||||
Interest expense, net of capitalized interest | 104,008 | 71,487 | 8,784 | (7,302 | ) | 176,977 | |||||||||||
Other (income) expense, net | (12,663 | ) | (8,012 | ) | (3,209 | ) | 7,408 | (16,476 | ) | ||||||||
| | | | | | | | | | | | | | | | | |
Income (loss) before income taxes and equity in net income of subsidiaries | 375,133 | 176,493 | (75,548 | ) | (51,759 | ) | 424,319 | ||||||||||
Income taxes (benefit) | 111,532 | 66,734 | (151 | ) | (19,488 | ) | 158,627 | ||||||||||
| | | | | | | | | | | | | | | | | |
263,601 | 109,759 | (75,397 | ) | (32,271 | ) | 265,692 | |||||||||||
Equity in net income of subsidiaries | 14,519 | — | — | (14,519 | ) | — | |||||||||||
Net loss attributable to noncontrolling interests | — | — | 12,428 | — | 12,428 | ||||||||||||
| | | | | | | | | | | | | | | | | |
Net income (loss) attributable to Steel Dynamics, Inc. | $ | 278,120 | $ | 109,759 | $ | (62,969 | ) | $ | (46,790 | ) | $ | 278,120 | |||||
| | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
Condensed Consolidating Statements of Cash Flows (in thousands) | |||||||||||||||||
For the Year Ended, December 31, 2013 | Parent | Guarantors | Combined | Consolidating | Total | ||||||||||||
Non-Guarantors | Adjustments | Consolidated | |||||||||||||||
Net cash provided by (used in) operating activities | $ | 190,616 | $ | 190,885 | $ | (80,525 | ) | $ | 11,199 | $ | 312,175 | ||||||
Net cash used in investing activities | (170,561 | ) | (41,415 | ) | (23,086 | ) | 82,217 | (152,845 | ) | ||||||||
Net cash provided by (used in) financing activities | (21,896 | ) | (129,997 | ) | 105,218 | (93,416 | ) | (140,091 | ) | ||||||||
| | | | | | | | | | | | | | | | | |
Increase (decrease) in cash and equivalents | (1,841 | ) | 19,473 | 1,607 | — | 19,239 | |||||||||||
Cash and equivalents at beginning of period | 322,707 | 41,675 | 11,535 | — | 375,917 | ||||||||||||
| | | | | | | | | | | | | | | | | |
Cash and equivalents at end of period | $ | 320,866 | $ | 61,148 | $ | 13,142 | $ | — | $ | 395,156 | |||||||
| | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
For the Year Ended, December 31, 2012 | Parent | Guarantors | Combined | Consolidating | Total | ||||||||||||
Non-Guarantors | Adjustments | Consolidated | |||||||||||||||
Net cash provided by (used in) operating activities | $ | 306,613 | $ | 209,579 | $ | (76,363 | ) | $ | 5,865 | $ | 445,694 | ||||||
Net cash used in investing activities | (104,242 | ) | (107,274 | ) | (95,314 | ) | 115,229 | (191,601 | ) | ||||||||
Net cash provided by (used in) financing activities | (180,737 | ) | (119,329 | ) | 152,223 | (121,094 | ) | (268,937 | ) | ||||||||
| | | | | | | | | | | | | | | | | |
Increase (decrease) in cash and equivalents | 21,634 | (17,024 | ) | (19,454 | ) | — | (14,844 | ) | |||||||||
Cash and equivalents at beginning of period | 301,073 | 58,699 | 30,989 | — | 390,761 | ||||||||||||
| | | | | | | | | | | | | | | | | |
Cash and equivalents at end of period | $ | 322,707 | $ | 41,675 | $ | 11,535 | $ | — | $ | 375,917 | |||||||
| | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
For the Year Ended, December 31, 2011 | Parent | Guarantors | Combined | Consolidating | Total | ||||||||||||
Non-Guarantors | Adjustments | Consolidated | |||||||||||||||
Net cash provided by (used in) operating activities | $ | 380,171 | $ | 173,574 | $ | (68,110 | ) | $ | 720 | $ | 486,355 | ||||||
Net cash used in investing activities | (230,314 | ) | (50,576 | ) | (65,144 | ) | 110,197 | (235,837 | ) | ||||||||
Net cash provided by (used in) financing activities | (22,347 | ) | (74,927 | ) | 161,921 | (110,917 | ) | (46,270 | ) | ||||||||
| | | | | | | | | | | | | | | | | |
Increase in cash and equivalents | 127,510 | 48,071 | 28,667 | — | 204,248 | ||||||||||||
Cash and equivalents at beginning of period | 173,563 | 10,628 | 2,322 | — | 186,513 | ||||||||||||
| | | | | | | | | | | | | | | | | |
Cash and equivalents at end of period | $ | 301,073 | $ | 58,699 | $ | 30,989 | $ | — | $ | 390,761 | |||||||
| | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
Quarterly_Financial_Informatio
Quarterly Financial Information (unaudited, in thousands, except per share data) | 12 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
Quarterly Financial Information (unaudited, in thousands, except per share data) | ' | |||||||||||||
Quarterly Financial Information (unaudited, in thousands, except per share data) | ' | |||||||||||||
Note 14. Quarterly Financial Information (unaudited, in thousands, except per share data) | ||||||||||||||
1st Quarter | 2nd Quarter | 3rd Quarter | 4th Quarter | |||||||||||
2013:00:00 | ||||||||||||||
Net sales | $ | 1,795,696 | $ | 1,801,340 | $ | 1,911,738 | $ | 1,864,150 | ||||||
Gross profit | 176,264 | 147,692 | 197,192 | 197,996 | ||||||||||
Operating income | 96,232 | 69,198 | 113,273 | 107,822 | ||||||||||
Net income | 41,252 | 23,273 | 51,090 | 47,901 | ||||||||||
Net income attributable to Steel Dynamics, Inc. | 48,215 | 28,958 | 57,486 | 54,655 | ||||||||||
Earnings per share: | ||||||||||||||
Basic | 0.22 | 0.13 | 0.26 | 0.25 | ||||||||||
Diluted | 0.21 | 0.13 | 0.25 | 0.24 | ||||||||||
2012:00:00 | ||||||||||||||
Net sales | $ | 1,982,040 | $ | 1,909,803 | $ | 1,693,390 | $ | 1,705,001 | ||||||
Gross profit | 201,264 | 182,136 | 156,401 | 180,097 | ||||||||||
Operating income | 119,816 | 103,699 | 72,721 | 94,929 | ||||||||||
Net income | 41,777 | 39,305 | 6,105 | 55,094 | ||||||||||
Net income attributable to Steel Dynamics, Inc. | 45,675 | 44,472 | 12,833 | 60,571 | ||||||||||
Earnings per share: | ||||||||||||||
Basic | 0.21 | 0.2 | 0.06 | 0.28 | ||||||||||
Diluted | 0.2 | 0.2 | 0.06 | 0.27 | ||||||||||
The first and third quarter of 2012 reflect other non-operating expenses of $13.9 million and $26.4 million, respectively, associated with the cost of long-term debt refinancing activity, as discussed in Note 2—Long-Term Debt. | ||||||||||||||
Earnings per share are computed independently for each of the quarters presented. Therefore, the sum of the quarterly earnings per share may not equal the total for the year. | ||||||||||||||
Description_of_the_Business_an1
Description of the Business and Summary of Significant Accounting Policies (Policies) | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||
Description of the Business and Summary of Significant Accounting Policies | ' | |||||||||||||||||||
Principles of Consolidation | ' | |||||||||||||||||||
Principles of Consolidation | ||||||||||||||||||||
The consolidated financial statements include the accounts of SDI, together with its wholly and majority owned or controlled subsidiaries, after elimination of significant intercompany accounts and transactions. Noncontrolling interests represent the noncontrolling owner's proportionate share in the equity, income, or losses of the company's majority-owned or controlled consolidated subsidiaries. | ||||||||||||||||||||
Use of Estimates | ' | |||||||||||||||||||
Use of Estimates | ||||||||||||||||||||
These financial statements are prepared in conformity with accounting principles generally accepted in the United States, and accordingly, include amounts that require management to make estimates and assumptions that affect the amounts reported in the financial statements and in the notes thereto. Significant items subject to such estimates and assumptions include the carrying value of property, plant and equipment, intangible assets and goodwill; valuation allowances for trade receivables, inventories and deferred income tax assets; unrecognized tax benefits; potential environmental liabilities; and litigation claims and settlements. Actual results may differ from these estimates and assumptions. | ||||||||||||||||||||
Revenue Recognition and Allowances for Doubtful Accounts | ' | |||||||||||||||||||
Revenue Recognition and Allowances for Doubtful Accounts | ||||||||||||||||||||
Except for the steel fabrication operations segment, the company recognizes revenues from sales and the allowance for estimated returns from these sales at the time the title of the product transfers. Provision is made for estimated product returns and customer claims based on historical experience. If the historical data used in the estimates does not reflect future returns and claims trends, additional provision may be necessary. The company's steel fabrication operations segment recognizes revenues from construction contracts using a percentage-of-completion methodology based on steel tons used on completed units to-date as a percentage of estimated total steel tons required by each contract. The allowance for doubtful accounts is based on the company's best estimate of probable credit losses, along with historical experience. | ||||||||||||||||||||
Cash and Equivalents | ' | |||||||||||||||||||
Cash and Equivalents | ||||||||||||||||||||
Cash and equivalents include all highly liquid investments with a maturity of three months or less at the date of acquisition. Restricted cash is primarily funds held in escrow as required by various insurance and government organizations. | ||||||||||||||||||||
Inventories | ' | |||||||||||||||||||
Inventories | ||||||||||||||||||||
Inventories are stated at lower of cost or market. Cost is determined using a weighted average cost method for scrap, and on a first-in, first-out, basis for other inventory. Inventory consisted of the following at December 31 (in thousands): | ||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||
Raw materials | $ | 660,384 | $ | 594,388 | ||||||||||||||||
Supplies | 293,533 | 278,494 | ||||||||||||||||||
Work in progress | 84,710 | 82,934 | ||||||||||||||||||
Finished goods | 276,120 | 246,691 | ||||||||||||||||||
| | | | | | | | |||||||||||||
$ | 1,314,747 | $ | 1,202,507 | |||||||||||||||||
| | | | | | | | |||||||||||||
| | | | | | | | |||||||||||||
Investments | ' | |||||||||||||||||||
Investments | ||||||||||||||||||||
The company's investments in short-term commercial paper, none held at December 31, 2013, are treated as trading securities. | ||||||||||||||||||||
The company has investments in certain joint ventures and closely-held companies in which ownership varies between 49% and 50%. For these investments where the company does not have effective control, the company accounts for the investment using the equity method of accounting. Investments in companies in which the company does not exercise control and its ownership is less than 20% are carried at cost. These investments are reflected in other long-term assets on the company's balance sheet in an amount of $17.8 million and $22.7 million at December 31, 2013 and 2012, respectively. | ||||||||||||||||||||
Property, Plant and Equipment | ' | |||||||||||||||||||
Property, Plant and Equipment | ||||||||||||||||||||
Property, plant and equipment are stated at cost, which includes capitalized interest on construction-in-progress amounts, and is reduced by proceeds received from certain state and local government grants and other capital cost reimbursements. The company assigns each fixed asset a useful life ranging from 3 to 15 years for plant, machinery and equipment and 10 to 40 years for buildings and improvements. Repairs and maintenance are expensed as incurred. Depreciation is provided utilizing the straight-line depreciation methodology, or the units-of-production depreciation methodology for certain production related assets, based on units produced, subject to a minimum and maximum level. Depreciation expense was $192.4 million, $179.9 million, and $176.5 million for the years ended December 31, 2013, 2012, and 2011, respectively. | ||||||||||||||||||||
The company's property, plant and equipment at December 31 consisted of the following (in thousands): | ||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||
Land and improvements | $ | 293,083 | $ | 288,360 | ||||||||||||||||
Buildings and improvements | 550,226 | 524,530 | ||||||||||||||||||
Plant, machinery and equipment | 2,942,684 | 2,810,106 | ||||||||||||||||||
Construction in progress | 153,821 | 138,763 | ||||||||||||||||||
| | | | | | | | |||||||||||||
3,939,814 | 3,761,759 | |||||||||||||||||||
Less accumulated depreciation | 1,713,680 | 1,530,561 | ||||||||||||||||||
| | | | | | | | |||||||||||||
Property, plant and equipment, net | $ | 2,226,134 | $ | 2,231,198 | ||||||||||||||||
| | | | | | | | |||||||||||||
| | | | | | | | |||||||||||||
Intangible Assets | ' | |||||||||||||||||||
Intangible Assets | ||||||||||||||||||||
The company's intangible assets, at December 31, consisted of the following (in thousands): | ||||||||||||||||||||
2013 | 2012 | Useful Life | Weighted | |||||||||||||||||
Average | ||||||||||||||||||||
Amortization | ||||||||||||||||||||
Period | ||||||||||||||||||||
Customer and scrap generator relationships | $ | 408,400 | $ | 408,400 | 10 to 25 years | 20 years | ||||||||||||||
Trademarks | 189,800 | 189,800 | Indefinite | — | ||||||||||||||||
Trademarks | 3,200 | 3,200 | 12 years | 12 years | ||||||||||||||||
Other | 100 | 100 | 5 years | 5 years | ||||||||||||||||
| | | | | | | | | | | ||||||||||
601,500 | 601,500 | 20 years | ||||||||||||||||||
Less accumulated amortization | 215,341 | 184,865 | ||||||||||||||||||
| | | | | | | | | | | ||||||||||
$ | 386,159 | $ | 416,635 | |||||||||||||||||
| | | | | | | | | | | ||||||||||
| | | | | | | | | | | ||||||||||
The company utilizes an accelerated amortization methodology for customer and scrap generator relationships in order to follow the pattern in which the economic benefits of the amounts are anticipated to be consumed. Finite-lived trademarks are amortized using a straight line methodology. Amortization of intangible assets was $30.5 million, $34.3 million, and $38.3 million for the years ended December 31, 2013, 2012, and 2011, respectively. Estimated amortization expense, related to amortizable intangibles, for the years ending December 31 is as follows (in thousands): | ||||||||||||||||||||
2014 | $ | 26,090 | ||||||||||||||||||
2015 | 23,390 | |||||||||||||||||||
2016 | 20,902 | |||||||||||||||||||
2017 | 18,193 | |||||||||||||||||||
2018 | 15,764 | |||||||||||||||||||
Thereafter | 92,020 | |||||||||||||||||||
| | | | | ||||||||||||||||
Total | $ | 196,359 | ||||||||||||||||||
| | | | | ||||||||||||||||
| | | | | ||||||||||||||||
Impairment of Long-Lived Tangible and Finite-Lived Intangible Assets | ' | |||||||||||||||||||
Impairment of Long-Lived Tangible and Finite-Lived Intangible Assets | ||||||||||||||||||||
The company reviews long-lived assets for impairment whenever events or changes in circumstances indicate the carrying amount of such assets may not be recoverable. Impairment losses are recorded on long-lived assets used in operations when indicators of impairment are present and the undiscounted cash flows estimated to be generated by those assets are less than the assets' carrying amounts. The impairment loss is measured by comparing the fair value of the asset to its carrying amount. We consider various factors and determine whether an impairment test is necessary, including by way of examples, a significant and prolonged deterioration in operating results and projected cash flows, significant changes in the extent or manner in which an asset is used, technological advances with respect to assets which would potentially render them obsolete, our strategy and capital planning, and the economic climate in markets to be served. | ||||||||||||||||||||
In the third quarter of 2012, the company determined that it would terminate two small joint venture entities, which were not aligned with the company's long-term strategic focus. The decision to terminate these joint ventures triggered an assessment for impairment based on estimated realizable values, resulting in an impairment charge of $8.3 million being recorded in 2012, and further adjustments in 2013 of $308,000. As these joint ventures are not reported within any of the company's reportable segments, reported segment results were not affected. | ||||||||||||||||||||
Goodwill | ' | |||||||||||||||||||
Goodwill | ||||||||||||||||||||
The company's goodwill is allocated to the following reporting units at December 31, (in thousands): | ||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||
OmniSource—Metals Recycling/Ferrous Resources Segment | $ | 558,247 | $ | 564,793 | ||||||||||||||||
The Techs—Steel Segment | 142,783 | 142,783 | ||||||||||||||||||
Roanoke Bar Division—Steel Segment | 29,041 | 29,041 | ||||||||||||||||||
New Millennium Building Systems—Steel Fabrication Segment | 1,925 | 1,925 | ||||||||||||||||||
| | | | | | | | |||||||||||||
$ | 731,996 | $ | 738,542 | |||||||||||||||||
| | | | | | | | |||||||||||||
| | | | | | | | |||||||||||||
OmniSource goodwill decreased $6.5 million from December 31, 2012 to December 31, 2013 in recognition of the 2013 tax benefit related to the amortization of the component of OmniSource tax-deductible goodwill in excess of book goodwill. | ||||||||||||||||||||
Impairment of Goodwill and Indefinite-Lived Intangible Assets | ' | |||||||||||||||||||
Impairment of Goodwill and Indefinite-Lived Intangible Assets | ||||||||||||||||||||
At least once annually or when indicators of impairment exist, the company performs an impairment test for goodwill and other indefinite-lived intangible assets. Goodwill is allocated to various reporting units, which are generally one level below the company's operating segments. The company utilizes a two-stepped approach to evaluate goodwill impairment. The first step of the test determines if there is potential goodwill impairment. In this step the company compares the fair value of the reporting unit to its carrying amount (which includes goodwill). The fair value of the reporting unit is determined by using an estimate of future cash flows utilizing a risk-adjusted discount rate to calculate the net present value of future cash flows (income approach), and by using a market approach based upon an analysis of valuation metrics of comparable peer companies. If the carrying amount exceeds the fair value, the company performs the second step of the test, which measures the amount of impairment loss to be recorded, if any. In the second step, the company compares the carrying amount of the goodwill to the implied fair value of the goodwill based on the net fair value of the recognized and unrecognized assets and liabilities of the reporting unit. If the implied fair value is less than the carrying value, an impairment loss is recorded to the extent that the fair value of the goodwill is less than its carrying value. | ||||||||||||||||||||
The company tests indefinite-lived intangible assets for impairment through the comparison of the fair value of the specific intangible asset with its carrying amount. The fair value of the intangible asset is determined by using an estimate of future cash flows attributable to the asset and a risk-adjusted discount rate to compute a net present value of future cash flows. If the fair value is less than the carrying value, an impairment loss is recorded in an amount equal to the excess in carrying value. | ||||||||||||||||||||
During 2013, the company changed its annual testing date for impairment of the carrying values of goodwill and indefinite-lived intangible assets for its OmniSource reporting unit from November 1 to October 1, consistent with the annual testing date of its other reporting units. Management believes that this voluntary change in accounting method is preferable under the circumstances as it 1) brings consistency to the timing of testing for all the company's reporting units; 2) uses asset carrying values determined at the end of the quarterly financial statement close process; and 3) provides the company with additional time to prepare and complete the impairment test, including measurement of the indicated amount of impairment, if any, prior to the issuance of its annual financial statements. This voluntary change in accounting principle was not made to delay, accelerate or avoid an impairment charge. This change was not applied retrospectively as it was impracticable to do so because retrospective application would require the application of significant estimates and assumptions with the use of hindsight. Accordingly, the change was applied prospectively. | ||||||||||||||||||||
Equity-Based Compensation | ' | |||||||||||||||||||
Equity-Based Compensation | ||||||||||||||||||||
The company has several stock-based employee compensation plans which are more fully described in Note 5. Compensation expense for restricted stock units, deferred stock units, restricted stock, and performance awards is recorded over the vesting periods using the fair value as determined by the closing fair market value of the company's common stock on the grant date, and with respect to performance awards, an estimate of probability of award achievement during the performance period. Compensation expense for stock options is recorded over the vesting period using the fair value on the grant date, as calculated using the Black-Scholes model. Compensation expense for stock-based employee compensation plans, including stock options, restricted stock units, deferred stock units, restricted stock, and performance awards, was $15.5 million, $12.5 million, and $17.3 million for the years ended December 31, 2013, 2012, and 2011, respectively. | ||||||||||||||||||||
Income Taxes | ' | |||||||||||||||||||
Income Taxes | ||||||||||||||||||||
The company accounts for income taxes and the related accounts under the liability method. Deferred tax liabilities and assets are determined based on the difference between the financial statement and tax bases of assets and liabilities using enacted rates expected to be in effect during the year in which the basis differences reverse. | ||||||||||||||||||||
Earnings Per Share | ' | |||||||||||||||||||
Earnings Per Share | ||||||||||||||||||||
Basic earnings per share is based on the weighted average shares of common stock outstanding during the period. Diluted earnings per share assumes the weighted average dilutive effect of common share equivalents outstanding during the period applied to the company's basic earnings per share. Common share equivalents represent potentially dilutive stock options, restricted stock units, deferred stock units, and dilutive shares related to the company's convertible subordinated debt; and are excluded from the computation in periods in which they have an anti-dilutive effect. Options to purchase 4.5 million shares and 4.0 million shares were anti-dilutive at December 31, 2012 and 2011, respectively. | ||||||||||||||||||||
The following table presents a reconciliation of the numerators and the denominators of the company's basic and diluted earnings per share computations for the years ended December 31 (in thousands, except per share data): | ||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||
Net Income | Shares | Per Share | Net Income | Shares | Per Share | |||||||||||||||
(Numerator) | (Denominator) | Amount | (Numerator) | (Denominator) | Amount | |||||||||||||||
Basic earnings per share | $ | 189,314 | 220,916 | $ | 0.86 | $ | 163,551 | 219,159 | $ | 0.75 | ||||||||||
Dilutive stock options, deferred stock units, and restricted stock units | — | 1,392 | — | 916 | ||||||||||||||||
5.125% convertible senior notes | 9,432 | 16,688 | 9,432 | 16,549 | ||||||||||||||||
| | | | | | | | | | | | | | | | | | | | |
Diluted earnings per share | $ | 198,746 | 238,996 | $ | 0.83 | $ | 172,983 | 236,624 | $ | 0.73 | ||||||||||
| | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | |
2011 | ||||||||||||||||||||
Net Loss | Shares | Per Share | ||||||||||||||||||
(Numerator) | (Denominator) | Amount | ||||||||||||||||||
Basic earnings per share | $ | 278,120 | 218,471 | $ | 1.27 | |||||||||||||||
Dilutive stock options and deferred stock units | — | 1,139 | ||||||||||||||||||
5.125% convertible senior notes | 9,432 | 16,382 | ||||||||||||||||||
| | | | | | | | | | | ||||||||||
Diluted earnings per share | $ | 287,552 | 235,992 | $ | 1.22 | |||||||||||||||
| | | | | | | | | | | ||||||||||
| | | | | | | | | | | ||||||||||
Concentration of Credit Risk | ' | |||||||||||||||||||
Concentration of Credit Risk | ||||||||||||||||||||
Financial instruments that potentially subject the company to significant concentrations of credit risk principally consist of temporary cash investments, short-term commercial paper, and accounts receivable. The company places its temporary cash and short-term commercial paper investments with high credit quality financial institutions and companies, and limits the amount of credit exposure from any one entity. The company is exposed to credit risk in the event of nonpayment by customers. The company mitigates its exposure to credit risk, which it generally extends initially on an unsecured basis, by performing ongoing credit evaluations and taking further action if necessary, such as requiring letters of credit or other security interests to support the customer receivable. Management's estimation of the allowance for doubtful accounts is based upon known credit risks, historical loss experience and current economic conditions affecting the company's customers. Customer accounts receivable are charged off when all collection efforts have been exhausted and the amounts are deemed uncollectible. Heidtman Steel Products (Heidtman), a related party, accounted for 7% of the company's net accounts receivable at December 31, 2013, and 6% at December 31, 2012. | ||||||||||||||||||||
Derivative Financial Instruments | ' | |||||||||||||||||||
Derivative Financial Instruments | ||||||||||||||||||||
The company recognizes all derivatives as either assets or liabilities in the consolidated balance sheets and measures those instruments at fair value. Derivatives that are not designated as hedges must be adjusted to fair value through earnings. Changes in the fair value of derivatives that are designated as hedges, depending on the nature of the hedge, are recognized as either an offset against the change in fair value of the hedged balance sheet item in the case of fair value hedges or as other comprehensive income in the case of cash flow hedges, until the hedged item is recognized in earnings. The ineffective portion of a derivative's change in fair value is immediately recognized in earnings. The company offsets fair value amounts recognized for derivative instruments executed with the same counterparty under master netting agreements. | ||||||||||||||||||||
In the normal course of business, the company may have involvement with derivative financial instruments related to managing fluctuations in interest rates, foreign exchange rates, and forward contracts in various commodities. At the time of acquiring these financial instruments, the company designates and assigns these instruments as hedges of specific assets, liabilities or anticipated transactions. When hedged assets or liabilities are sold or extinguished, or the anticipated transaction being hedged is no longer expected to occur, the company recognizes the gain or loss on the designated hedged financial instrument. | ||||||||||||||||||||
The company routinely enters into forward contracts in various commodities, primarily nonferrous metals in our Metals Recycling and Ferrous Resources operations, to reduce exposure to commodity related price fluctuations. The company does not enter into these derivative financial instruments for speculative purposes. Prior to 2013, these forward contracts had not been designated as hedges and accordingly, the company recognized the change in fair value in cost of goods sold. In 2013, the company began to designate certain of its nonferrous metals forward exchange futures contracts as fair value hedges of inventory and firm sales commitments. | ||||||||||||||||||||
Description_of_the_Business_an2
Description of the Business and Summary of Significant Accounting Policies (Tables) | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||
Description of the Business and Summary of Significant Accounting Policies | ' | |||||||||||||||||||
Schedule of inventories | ' | |||||||||||||||||||
Inventory consisted of the following at December 31 (in thousands): | ||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||
Raw materials | $ | 660,384 | $ | 594,388 | ||||||||||||||||
Supplies | 293,533 | 278,494 | ||||||||||||||||||
Work in progress | 84,710 | 82,934 | ||||||||||||||||||
Finished goods | 276,120 | 246,691 | ||||||||||||||||||
| | | | | | | | |||||||||||||
$ | 1,314,747 | $ | 1,202,507 | |||||||||||||||||
| | | | | | | | |||||||||||||
| | | | | | | | |||||||||||||
Schedule of property, plant and equipment | ' | |||||||||||||||||||
The company's property, plant and equipment at December 31 consisted of the following (in thousands): | ||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||
Land and improvements | $ | 293,083 | $ | 288,360 | ||||||||||||||||
Buildings and improvements | 550,226 | 524,530 | ||||||||||||||||||
Plant, machinery and equipment | 2,942,684 | 2,810,106 | ||||||||||||||||||
Construction in progress | 153,821 | 138,763 | ||||||||||||||||||
| | | | | | | | |||||||||||||
3,939,814 | 3,761,759 | |||||||||||||||||||
Less accumulated depreciation | 1,713,680 | 1,530,561 | ||||||||||||||||||
| | | | | | | | |||||||||||||
Property, plant and equipment, net | $ | 2,226,134 | $ | 2,231,198 | ||||||||||||||||
| | | | | | | | |||||||||||||
| | | | | | | | |||||||||||||
Schedule of intangible assets | ' | |||||||||||||||||||
The company's intangible assets, at December 31, consisted of the following (in thousands): | ||||||||||||||||||||
2013 | 2012 | Useful Life | Weighted | |||||||||||||||||
Average | ||||||||||||||||||||
Amortization | ||||||||||||||||||||
Period | ||||||||||||||||||||
Customer and scrap generator relationships | $ | 408,400 | $ | 408,400 | 10 to 25 years | 20 years | ||||||||||||||
Trademarks | 189,800 | 189,800 | Indefinite | — | ||||||||||||||||
Trademarks | 3,200 | 3,200 | 12 years | 12 years | ||||||||||||||||
Other | 100 | 100 | 5 years | 5 years | ||||||||||||||||
| | | | | | | | | | | ||||||||||
601,500 | 601,500 | 20 years | ||||||||||||||||||
Less accumulated amortization | 215,341 | 184,865 | ||||||||||||||||||
| | | | | | | | | | | ||||||||||
$ | 386,159 | $ | 416,635 | |||||||||||||||||
| | | | | | | | | | | ||||||||||
| | | | | | | | | | | ||||||||||
Schedule of estimated amortization expense, related to amortizable intangibles | ' | |||||||||||||||||||
Estimated amortization expense, related to amortizable intangibles, for the years ending December 31 is as follows (in thousands): | ||||||||||||||||||||
2014 | $ | 26,090 | ||||||||||||||||||
2015 | 23,390 | |||||||||||||||||||
2016 | 20,902 | |||||||||||||||||||
2017 | 18,193 | |||||||||||||||||||
2018 | 15,764 | |||||||||||||||||||
Thereafter | 92,020 | |||||||||||||||||||
| | | | | ||||||||||||||||
Total | $ | 196,359 | ||||||||||||||||||
| | | | | ||||||||||||||||
| | | | | ||||||||||||||||
Schedule of allocation of goodwill to reporting units | ' | |||||||||||||||||||
The company's goodwill is allocated to the following reporting units at December 31, (in thousands): | ||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||
OmniSource—Metals Recycling/Ferrous Resources Segment | $ | 558,247 | $ | 564,793 | ||||||||||||||||
The Techs—Steel Segment | 142,783 | 142,783 | ||||||||||||||||||
Roanoke Bar Division—Steel Segment | 29,041 | 29,041 | ||||||||||||||||||
New Millennium Building Systems—Steel Fabrication Segment | 1,925 | 1,925 | ||||||||||||||||||
| | | | | | | | |||||||||||||
$ | 731,996 | $ | 738,542 | |||||||||||||||||
| | | | | | | | |||||||||||||
| | | | | | | | |||||||||||||
Schedule of reconciliation of the numerators and denominators used in calculating basic and diluted earnings per share | ' | |||||||||||||||||||
The following table presents a reconciliation of the numerators and the denominators of the company's basic and diluted earnings per share computations for the years ended December 31 (in thousands, except per share data): | ||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||
Net Income | Shares | Per Share | Net Income | Shares | Per Share | |||||||||||||||
(Numerator) | (Denominator) | Amount | (Numerator) | (Denominator) | Amount | |||||||||||||||
Basic earnings per share | $ | 189,314 | 220,916 | $ | 0.86 | $ | 163,551 | 219,159 | $ | 0.75 | ||||||||||
Dilutive stock options, deferred stock units, and restricted stock units | — | 1,392 | — | 916 | ||||||||||||||||
5.125% convertible senior notes | 9,432 | 16,688 | 9,432 | 16,549 | ||||||||||||||||
| | | | | | | | | | | | | | | | | | | | |
Diluted earnings per share | $ | 198,746 | 238,996 | $ | 0.83 | $ | 172,983 | 236,624 | $ | 0.73 | ||||||||||
| | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | |
2011 | ||||||||||||||||||||
Net Loss | Shares | Per Share | ||||||||||||||||||
(Numerator) | (Denominator) | Amount | ||||||||||||||||||
Basic earnings per share | $ | 278,120 | 218,471 | $ | 1.27 | |||||||||||||||
Dilutive stock options and deferred stock units | — | 1,139 | ||||||||||||||||||
5.125% convertible senior notes | 9,432 | 16,382 | ||||||||||||||||||
| | | | | | | | | | | ||||||||||
Diluted earnings per share | $ | 287,552 | 235,992 | $ | 1.22 | |||||||||||||||
| | | | | | | | | | | ||||||||||
| | | | | | | | | | | ||||||||||
LongTerm_Debt_Tables
Long-Term Debt (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Long-Term Debt | ' | |||||||
Schedule of long-term debt | ' | |||||||
The company's borrowings consisted of the following at December 31 (in thousands): | ||||||||
2013 | 2012 | |||||||
Term loan | $ | 247,500 | $ | 261,250 | ||||
5.125% convertible senior notes due 2014 | 287,493 | 287,496 | ||||||
63/4% senior notes due 2015, repaid in 2013 | — | 500,000 | ||||||
61/8% senior notes due 2019 | 400,000 | 400,000 | ||||||
75/8% senior notes due 2020 | 350,000 | 350,000 | ||||||
63/8% senior notes due 2022 | 350,000 | 350,000 | ||||||
51/4% senior notes due 2023 | 400,000 | — | ||||||
Other obligations | 72,596 | 53,491 | ||||||
| | | | | | | | |
Total debt | 2,107,589 | 2,202,237 | ||||||
Less current maturities | 341,544 | 29,631 | ||||||
| | | | | | | | |
Long-term debt | $ | 1,766,045 | $ | 2,172,606 | ||||
| | | | | | | | |
| | | | | | | | |
Schedule of outstanding debt maturities | ' | |||||||
Maturities of outstanding debt as of December 31, 2013; are as follows (in thousands): | ||||||||
2014 | $ | 341,544 | ||||||
2015 | 45,009 | |||||||
2016 | 183,132 | |||||||
2017 | 3,646 | |||||||
2018 | 3,785 | |||||||
Thereafter | 1,530,473 | |||||||
| | | | | ||||
$ | 2,107,589 | |||||||
| | | | | ||||
| | | | | ||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | ||||||||||
Dec. 31, 2013 | |||||||||||
Income Taxes | ' | ||||||||||
Schedule of current and deferred federal and state income tax expense (benefit) | ' | ||||||||||
The current and deferred federal and state income tax expense (benefit) for the years ended December 31 is as follows (in thousands): | |||||||||||
2013 | 2012 | 2011 | |||||||||
Current income tax expense | $ | 72,599 | $ | 11,334 | $ | 128,209 | |||||
Deferred income tax expense | 26,715 | 50,451 | 30,418 | ||||||||
| | | | | | | | | | | |
Total income tax expense | $ | 99,314 | $ | 61,785 | $ | 158,627 | |||||
| | | | | | | | | | | |
| | | | | | | | | | | |
Schedule of reconciliation of statutory tax rates to actual effective tax rates | ' | ||||||||||
2013 | 2012 | 2011 | |||||||||
Statutory federal tax rate | 35 | % | 35 | % | 35 | % | |||||
State income taxes, net of federal benefit | 3.8 | 3.4 | 3.5 | ||||||||
Audit settlements | — | (9.6 | ) | — | |||||||
Other permanent differences | (1.0 | ) | 1.5 | (1.1 | ) | ||||||
| | | | | | | | | | | |
Effective tax rate | 37.8 | % | 30.3 | % | 37.4 | % | |||||
| | | | | | | | | | | |
| | | | | | | | | | | |
Schedule of components of deferred tax assets and liabilities | ' | ||||||||||
Significant components of the company's deferred tax assets and liabilities at December 31 are as follows (in thousands): | |||||||||||
2013 | 2012 | ||||||||||
Deferred tax assets | |||||||||||
Accrued expenses and allowances | $ | 23,497 | $ | 22,714 | |||||||
Inventories | 3,621 | 9,643 | |||||||||
Net operating loss carryforwards | 18,690 | 15,375 | |||||||||
Other | 6,238 | 78 | |||||||||
| | | | | | | | ||||
Subtotal | 52,046 | 47,810 | |||||||||
Less: valuation allowance | (10,641 | ) | (4,773 | ) | |||||||
| | | | | | | | ||||
Total net deferred tax assets | 41,405 | 43,037 | |||||||||
| | | | | | | | ||||
Deferred tax liabilities | |||||||||||
Property, plant and equipment | (474,088 | ) | (465,273 | ) | |||||||
Intangible assets | (94,936 | ) | (79,998 | ) | |||||||
Other | (10,426 | ) | (11,621 | ) | |||||||
| | | | | | | | ||||
Total deferred tax liabilities | (579,450 | ) | (556,892 | ) | |||||||
| | | | | | | | ||||
Net deferred tax liability | $ | (538,045 | ) | $ | (513,855 | ) | |||||
| | | | | | | | ||||
| | | | | | | | ||||
Schedule of reconciliation of beginning and ending amount of unrecognized tax benefits | ' | ||||||||||
A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows (in thousands): | |||||||||||
2013 | 2012 | 2011 | |||||||||
Balance at January 1 | $ | 22,245 | $ | 64,555 | $ | 49,396 | |||||
Increases related to current year tax positions | 1,050 | — | 2,046 | ||||||||
Increases related to prior year tax positions | 3,760 | 741 | 13,785 | ||||||||
Decreases related to prior year tax positions | (491 | ) | (40,741 | ) | (196 | ) | |||||
Settlements with taxing authorities | — | (2,310 | ) | (476 | ) | ||||||
| | | | | | | | | | | |
Balance at December 31 | $ | 26,564 | $ | 22,245 | $ | 64,555 | |||||
| | | | | | | | | | | |
| | | | | | | | | | | |
Equitybased_Incentive_Plans_Ta
Equity-based Incentive Plans (Tables) | 12 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
Equity-based Incentive Plans | ' | |||||||||||||
Summary of the company's RSU activity and outstanding RSU's | ' | |||||||||||||
A summary of the company's RSU activity and outstanding RSUs as of December 31, 2013 are presented below (dollars in thousands except grant date fair value): | ||||||||||||||
Number of | Weighted Average | Aggregate Intrinsic | Unrecognized | |||||||||||
RSUs | Grant | Value | Compensation | |||||||||||
Date Fair Value | ||||||||||||||
Outstanding RSUs as of January 1, 2012 | — | $ | — | |||||||||||
Granted | 1,422,448 | 11.95 | ||||||||||||
Vested | (143,666 | ) | 12.65 | |||||||||||
Forfeited | (9,475 | ) | 11.92 | |||||||||||
| | | | | | | | | | | | | | |
As of December 31, 2012 | 1,269,307 | 11.87 | $ | 17,428 | $ | 12,318 | ||||||||
Granted | 1,293,140 | 18.16 | ||||||||||||
Vested | (170,398 | ) | 17.74 | |||||||||||
Forfeited | (112,406 | ) | 12.48 | |||||||||||
| | | | | | | | | | | | | | |
As of December 31, 2013 (nonvested) | 2,279,643 | 14.97 | 44,544 | 22,197 | ||||||||||
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | | |
Schedule of stock option activity for all plans | ' | |||||||||||||
Number of | Weighted Average | Weighted Average | ||||||||||||
Options | Exercise Price | Fair Value | ||||||||||||
Outstanding options as of January 1, 2011 | 7,406,393 | $ | 14.91 | $ | 5.14 | |||||||||
Granted | 2,742,904 | 14.34 | 5.36 | |||||||||||
Exercised | (1,047,297 | ) | 11.37 | 4.28 | ||||||||||
Forfeited | (499,718 | ) | 16.61 | 6.15 | ||||||||||
| | | | | | | | | | | ||||
As of December 31, 2011 | 8,602,282 | 15.06 | 5.25 | |||||||||||
Exercised | (451,135 | ) | 6.7 | 2.67 | ||||||||||
Forfeited | (1,077,438 | ) | 21.85 | 6.04 | ||||||||||
| | | | | | | | | | | ||||
As of December 31, 2012 | 7,073,709 | 14.56 | 5.3 | |||||||||||
Exercised | (3,134,953 | ) | 11.02 | 4.19 | ||||||||||
Forfeited | (681,586 | ) | 29.52 | 9.01 | ||||||||||
| | | | | | | | | | | ||||
As of December 31, 2013 | 3,257,170 | 14.84 | 5.58 | |||||||||||
| | | | | | | | | | | ||||
| | | | | | | | | | | ||||
Schedule of information concerning outstanding options, by range of exercise price | ' | |||||||||||||
Range of Exercise Price | Exercisable | Weighted Average | Weighted Average Exercise | |||||||||||
Outstanding | Remaining | Price of Exercisable | ||||||||||||
Options | Contractual Life | Outstanding | ||||||||||||
(Years) | Options | |||||||||||||
$10 to $15 | 1,573,068 | 1.9 | $ | 13.18 | ||||||||||
$15 to $20 | 1,684,102 | 1.9 | 16.4 | |||||||||||
Schedule of valuation assumptions used in determining the fair value of stock options | ' | |||||||||||||
2011 | ||||||||||||||
Volatility(1) | 65.1 - 66.3 | % | ||||||||||||
Risk-free interest rate(2) | 0.4 - 1.4 | % | ||||||||||||
Dividend yield(3) | 2.3 - 2.5 | % | ||||||||||||
Expected life (years)(4) | 2.8 - 4.1 | |||||||||||||
-1 | ||||||||||||||
The volatility is based on the historical volatility of the company's stock. | ||||||||||||||
-2 | ||||||||||||||
The risk-free interest rate is based on the U.S. Treasury strip rate for the expected life of the option. | ||||||||||||||
-3 | ||||||||||||||
The expected dividend yield is based on the company's latest annualized dividend rate and recent historical market prices of the underlying common stock at the date of grant. | ||||||||||||||
-4 | ||||||||||||||
The expected life in years is determined primarily from historical stock option exercise data. | ||||||||||||||
Derivative_Financial_Instrumen1
Derivative Financial Instruments (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Derivative Financial Instruments | ' | |||||||||||||||
Commodity option and futures contract commitments for non monetary notional amount | ' | |||||||||||||||
The following summarizes the company's commodity futures contract commitments as of December 31, 2013 (MT represents metric tons and Lbs represents pounds): | ||||||||||||||||
Commodity | Long/Short | Total | ||||||||||||||
Aluminum | Long | 2,925 | MT | |||||||||||||
Aluminum | Short | 2,175 | MT | |||||||||||||
Copper | Long | 2,751 | MT | |||||||||||||
Copper | Short | 14,844 | MT | |||||||||||||
Silver | Short | 343 | Lbs | |||||||||||||
Summary of the location and amounts of the fair values and gains or losses related to derivatives included in the entity's financial statements | ' | |||||||||||||||
The following summarizes the location and amounts of the fair values reported on the company's balance sheets and gains or losses related to derivatives included in the company's statements of income as of and for the years ended December 31 (in thousands): | ||||||||||||||||
Asset Derivatives | Liability Derivatives | |||||||||||||||
Fair Value | Fair Value | |||||||||||||||
Balance sheet | December 31, | December 31, | December 31, | December 31, | ||||||||||||
location | 2013 | 2012 | 2013 | 2012 | ||||||||||||
Derivative instruments designated as fair value hedges— | ||||||||||||||||
Commodity futures | Other current assets | $ | 658 | $ | 1,886 | |||||||||||
Derivative instruments not designated as hedges— | ||||||||||||||||
Commodity futures | Other current assets | $ | 352 | $ | 4,024 | $ | 2,601 | $ | 1,854 | |||||||
| | | | | | | | | | | | | | | | |
Total derivative instruments | $ | 1,010 | $ | 4,024 | $ | 4,487 | $ | 1,854 | ||||||||
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
Location of gain | Amount of | Hedged items in | Location of gain (loss) | Amount of | ||||||||||||
recognized in | gain | fair value hedge | recognized in income | gain (loss) | ||||||||||||
income on | recognized in | relationships | on related hedged item | recognized in | ||||||||||||
derivatives | income on | income on | ||||||||||||||
derivatives | related hedged | |||||||||||||||
for the year | items for the | |||||||||||||||
ended | year ended | |||||||||||||||
December 31, | December 31, | |||||||||||||||
2013 | 2013 | |||||||||||||||
Derivatives in fair value hedging relationships— | ||||||||||||||||
Commodity futures | Costs of goods sold | $ | 7,509 | Firm commitments | Costs of goods sold | $ | 120 | |||||||||
| | | | | | | | | | | | | | |||
| | | | | | | | | | | | | | |||
Inventory | Costs of goods sold | (7,437 | ) | |||||||||||||
| | | | | | | | | | | | | | |||
$ | (7,317 | ) | ||||||||||||||
| | | | | | | | | | | | | | |||
| | | | | | | | | | | | | | |||
Derivatives not designated as hedging instruments— | ||||||||||||||||
Commodity futures | Costs of goods sold | $ | 2,097 | |||||||||||||
| | | | | | | | | | | | | | |||
| | | | | | | | | | | | | | |||
Amount of gain (loss) | ||||||||||||||||
recognized in income | ||||||||||||||||
on derivatives for the | ||||||||||||||||
years ended | ||||||||||||||||
Location of gain (loss) | December 31, | December 31, | ||||||||||||||
recognized in income | 2012 | 2011 | ||||||||||||||
on derivatives | ||||||||||||||||
Derivatives not designated as hedging instruments— | ||||||||||||||||
Commodity futures | Costs of goods sold | $ | (892 | ) | $ | 12,531 | ||||||||||
| | | | | | | | | | |||||||
| | | | | | | | | | |||||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 12 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
Fair Value Measurements | ' | |||||||||||||
Schedule of assets and liabilities measured at fair value on a recurring basis | ' | |||||||||||||
The following table sets forth financial assets and liabilities measured at fair value in the consolidated balance sheet and the respective levels to which the fair value measurements are classified within the fair value hierarchy as of December 31 (in thousands): | ||||||||||||||
Total | Quoted Prices | Significant | Significant | |||||||||||
in Active | Other | Unobservable | ||||||||||||
Markets for | Observable | Inputs | ||||||||||||
Identical Assets | Inputs | (Level 3) | ||||||||||||
(Level 1) | (Level 2) | |||||||||||||
2013 | ||||||||||||||
Commodity futures—financial assets | $ | 1,010 | $ | — | $ | 1,010 | $ | — | ||||||
Commodity futures—financial liabilities | 4,487 | — | 4,487 | — | ||||||||||
2012 | ||||||||||||||
Investment in short-term commercial paper | $ | 31,520 | $ | — | $ | 31,520 | $ | — | ||||||
Commodity futures and options—financial assets | 4,024 | — | 4,024 | — | ||||||||||
Commodity futures—financial liabilities | 1,854 | — | 1,854 | — |
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Commitments and Contingencies | ' | ||||
Schedule of commitments for agreements with "take or pay" or other similar commitment provisions | ' | ||||
The company's commitments for these agreements with "take or pay" or other similar commitment provisions for the years ending December 31, as follows (in thousands): | |||||
2014 | $ | 79,527 | |||
2015 | 9,439 | ||||
2016 | 5,587 | ||||
2017 | 3,744 | ||||
2018 | 2,425 | ||||
Thereafter | 10,132 | ||||
| | | | | |
$ | 110,854 | ||||
| | | | | |
| | | | | |
Transactions_with_Affiliated_C1
Transactions with Affiliated Companies (Tables) | 12 Months Ended | ||||||||||
Dec. 31, 2013 | |||||||||||
Heidtman Steel Products (Heidtman) | ' | ||||||||||
Transactions with affiliated entities | ' | ||||||||||
Schedule of transactions with affiliated companies | ' | ||||||||||
Transactions with Heidtman for the years ended December 31, are as follows (in thousands): | |||||||||||
2013 | 2012 | 2011 | |||||||||
Sales | $ | 236,075 | $ | 244,531 | $ | 242,300 | |||||
Percentage of consolidated net sales | 3 | % | 3 | % | 3 | % | |||||
Accounts receivable | 51,760 | 38,093 | 35,646 | ||||||||
Purchases | 5,562 | 11,372 | 18,998 | ||||||||
Accounts payable | 391 | 800 | 882 | ||||||||
Other smaller affiliated entities | ' | ||||||||||
Transactions with affiliated entities | ' | ||||||||||
Schedule of transactions with affiliated companies | ' | ||||||||||
These transactions are as follows (in thousands): | |||||||||||
2013 | 2012 | 2011 | |||||||||
Sales | $ | 49,748 | $ | 38,286 | $ | 36,486 | |||||
Accounts receivable | 4,632 | 4,771 | 7,247 | ||||||||
Purchases | 111,048 | 238,114 | 239,395 | ||||||||
Accounts payable | 9,936 | 14,344 | 5,702 |
Leases_Tables
Leases (Tables) | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Leases | ' | ||||
Schedule of future minimum payments of non-cancelable operating leases | ' | ||||
At December 31, 2013, future minimum payments for all non-cancelable operating leases with an initial or remaining term of one year or more are as follows (in thousands): | |||||
2014 | $ | 10,957 | |||
2015 | 8,823 | ||||
2016 | 7,240 | ||||
2017 | 4,614 | ||||
2018 | 4,422 | ||||
Thereafter | 11,617 | ||||
| | | | | |
$ | 47,673 | ||||
| | | | | |
| | | | | |
Segment_Information_Tables
Segment Information (Tables) | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||
Segment Information | ' | |||||||||||||||||||
Schedule of operating segment results | ' | |||||||||||||||||||
The company's segment results for the years ended December 31, are as follows (in thousands): | ||||||||||||||||||||
For the Year Ended December 31, 2013 | Steel | Metals | Steel | Other | Eliminations | Consolidated | ||||||||||||||
Operations | Recycling / | Fabrication | ||||||||||||||||||
Ferrous | Operations | |||||||||||||||||||
Resources | ||||||||||||||||||||
Net Sales | ||||||||||||||||||||
External | $ | 4,256,077 | $ | 2,173,863 | $ | 438,254 | $ | 87,532 | $ | — | $ | 6,955,726 | ||||||||
External Non-U.S. | 205,380 | 210,978 | — | 840 | — | 417,198 | ||||||||||||||
Other segments | 306,547 | 1,278,645 | 1,401 | 26,954 | (1,613,547 | ) | — | |||||||||||||
| | | | | | | | | | | | | | | | | | | | |
4,768,004 | 3,663,486 | 439,655 | 115,326 | (1,613,547 | ) | 7,372,924 | ||||||||||||||
| | | | | | | | | | | | | | | | | | | | |
Operating income (loss) | 504,384 | (52,468 | ) | 7,003 | -71,446 | -1 | -948 | -2 | 386,525 | |||||||||||
Income (loss) before income taxes | 449,405 | (84,826 | ) | 827 | (101,628 | ) | (948 | ) | 262,830 | |||||||||||
Depreciation and amortization | 106,603 | 109,847 | 8,736 | 5,946 | (204 | ) | 230,928 | |||||||||||||
Capital expenditures | 121,835 | 60,678 | 2,166 | 2,164 | — | 186,843 | ||||||||||||||
As of December 31, 2013 | ||||||||||||||||||||
Assets | 2,642,866 | 2,549,626 | 270,215 | 686,594 | -3 | -216,295 | -4 | 5,933,006 | ||||||||||||
Liabilities | 563,924 | 588,232 | 22,704 | 2,349,722 | -5 | -203,945 | -6 | 3,320,637 | ||||||||||||
Footnotes related to the twelve months ended December 31, 2013 segment results (in millions): | ||||||||||||||||||||
-1 | Corporate SG&A | $ | (37.3 | ) | -2 | Gross profit decrease from intra-company sales | $ | (0.9 | ) | |||||||||||
| | | | | | | | | | | | | | |||||||
| | | | | | | | | | | | | | |||||||
Company-wide equity-based compensation | (13.9 | ) | ||||||||||||||||||
Profit sharing | (23.1 | ) | ||||||||||||||||||
Other, net | 2.9 | |||||||||||||||||||
| | | | | | | | | | | | | | |||||||
$ | (71.4 | ) | ||||||||||||||||||
| | | | | | | | | | | | | | |||||||
| | | | | | | | | | | | | | |||||||
-3 | Cash and equivalents | $ | 325.7 | -4 | Elimination of intra-company receivables | $ | (43.5 | ) | ||||||||||||
Accounts receivable | 8.5 | Elimination of intra-company debt | (159.3 | ) | ||||||||||||||||
Inventories | 10.4 | Other | (13.5 | ) | ||||||||||||||||
| | | | | | | | | | | | | | |||||||
Deferred income taxes | 23.2 | $ | (216.3 | ) | ||||||||||||||||
| | | | | | | | | | | | | | |||||||
| | | | | | | | | | | | | | |||||||
Property, plant and equipment, net | 72.5 | |||||||||||||||||||
Debt issuance costs | 26 | |||||||||||||||||||
Intra-company debt | 159.3 | |||||||||||||||||||
Other | 61 | |||||||||||||||||||
| | | | | | | | | | | | | | |||||||
$ | 686.6 | |||||||||||||||||||
| | | | | | | | | | | | | | |||||||
| | | | | | | | | | | | | | |||||||
-5 | Accounts payable | $ | 36.3 | -6 | Elimination of intra-company payables | $ | (43.9 | ) | ||||||||||||
Income taxes payable | 4 | Elimination of intra-company debt | (159.3 | ) | ||||||||||||||||
Accrued interest | 31.2 | Other | (0.8 | ) | ||||||||||||||||
| | | | | | | | | | | | | | |||||||
Accrued profit sharing | 23.4 | $ | (204.0 | ) | ||||||||||||||||
| | | | | | | | | | | | | | |||||||
| | | | | | | | | | | | | | |||||||
Debt | 2,038.30 | |||||||||||||||||||
Deferred income taxes | 190.2 | |||||||||||||||||||
Other | 26.3 | |||||||||||||||||||
| | | | | | | | | | | | | | |||||||
$ | 2,349.70 | |||||||||||||||||||
| | | | | | | | | | | | | | |||||||
| | | | | | | | | | | | | | |||||||
For the Year Ended December 31, 2012 | Steel | Metals | Steel | Other | Eliminations | Consolidated | ||||||||||||||
Operations | Recycling / | Fabrication | ||||||||||||||||||
Ferrous | Operations | |||||||||||||||||||
Resources | ||||||||||||||||||||
Net Sales | ||||||||||||||||||||
External | $ | 4,294,437 | $ | 2,116,537 | $ | 371,084 | $ | 69,307 | $ | — | $ | 6,851,365 | ||||||||
External Non-U.S. | 212,351 | 226,061 | — | 457 | — | 438,869 | ||||||||||||||
Other segments | 194,320 | 1,269,198 | 322 | 17,698 | (1,481,538 | ) | — | |||||||||||||
| | | | | | | | | | | | | | | | | | | | |
4,701,108 | 3,611,796 | 371,406 | 87,462 | (1,481,538 | ) | 7,290,234 | ||||||||||||||
| | | | | | | | | | | | | | | | | | | | |
Operating income (loss) | 495,640 | (36,508 | ) | 2,114 | -66,829 | -1 | -3,252 | -2 | 391,165 | |||||||||||
Income (loss) before income taxes | 425,509 | (70,433 | ) | (4,580 | ) | (143,178 | ) | (3,252 | ) | 204,066 | ||||||||||
Depreciation and amortization | 104,222 | 103,993 | 8,025 | 9,180 | (204 | ) | 225,216 | |||||||||||||
Capital expenditures | 55,786 | 159,768 | 5,735 | 2,236 | — | 223,525 | ||||||||||||||
As of December 31, 2012 | ||||||||||||||||||||
Assets | 2,485,235 | 2,568,233 | 242,747 | 714,069 | -3 | -194,868 | -4 | 5,815,416 | ||||||||||||
Liabilities | 525,351 | 484,017 | 15,983 | 2,497,750 | -5 | -184,341 | -6 | 3,338,760 | ||||||||||||
Footnotes related to the twelve months ended December 31, 2012 segment results (in millions): | ||||||||||||||||||||
-1 | Corporate SG&A | $ | (32.3 | ) | -2 | Gross profit decrease from intra-company sales | $ | (3.3 | ) | |||||||||||
| | | | | | | | | | | | | | |||||||
| | | | | | | | | | | | | | |||||||
Company-wide equity-based compensation | (8.3 | ) | ||||||||||||||||||
Profit sharing | (20.5 | ) | ||||||||||||||||||
Other, net | (5.7 | ) | ||||||||||||||||||
| | | | | | | | | | | | | | |||||||
$ | (66.8 | ) | ||||||||||||||||||
| | | | | | | | | | | | | | |||||||
| | | | | | | | | | | | | | |||||||
-3 | Cash and equivalents | $ | 327.1 | -4 | Elimination of intra-company receivables | $ | (41.4 | ) | ||||||||||||
Investments in short-term commercial paper | 31.5 | Elimination of intra-company debt | (141.1 | ) | ||||||||||||||||
Accounts receivable | 8.7 | Other | (12.4 | ) | ||||||||||||||||
| | | | | | | | | | | | | | |||||||
Inventories | 11.5 | $ | (194.9 | ) | ||||||||||||||||
| | | | | | | | | | | | | | |||||||
| | | | | | | | | | | | | | |||||||
Deferred income taxes | 23.4 | |||||||||||||||||||
Property, plant and equipment, net | 75.5 | |||||||||||||||||||
Debt issuance costs | 27.9 | |||||||||||||||||||
Intra-company debt | 141.1 | |||||||||||||||||||
Other | 67.4 | |||||||||||||||||||
| | | | | | | | | | | | | | |||||||
$ | 714.1 | |||||||||||||||||||
| | | | | | | | | | | | | | |||||||
| | | | | | | | | | | | | | |||||||
-5 | Accounts payable | $ | 32.2 | -6 | Elimination of intra-company payables | $ | (41.7 | ) | ||||||||||||
Income taxes payable | 17.1 | Elimination of intra-company debt | (141.1 | ) | ||||||||||||||||
Accrued interest | 35.1 | Other | (1.5 | ) | ||||||||||||||||
| | | | | | | | | | | | | | |||||||
Accrued profit sharing | 20.7 | $ | (184.3 | ) | ||||||||||||||||
| | | | | | | | | | | | | | |||||||
| | | | | | | | | | | | | | |||||||
Debt | 2,152.20 | |||||||||||||||||||
Deferred income taxes | 218.2 | |||||||||||||||||||
Other | 22.3 | |||||||||||||||||||
| | | | | | | | | | | | | | |||||||
$ | 2,497.80 | |||||||||||||||||||
| | | | | | | | | | | | | | |||||||
| | | | | | | | | | | | | | |||||||
For the Year Ended December 31, 2011 | Steel | Metals | Steel | Other | Eliminations | Consolidated | ||||||||||||||
Operations | Recycling / | Fabrication | ||||||||||||||||||
Ferrous | Operations | |||||||||||||||||||
Resources | ||||||||||||||||||||
Net Sales | ||||||||||||||||||||
External | $ | 4,676,898 | $ | 2,473,511 | $ | 275,783 | $ | 92,856 | $ | — | $ | 7,519,048 | ||||||||
External Non-U.S. | 182,319 | 295,552 | — | 581 | — | 478,452 | ||||||||||||||
Other segments | 211,089 | 1,383,505 | 625 | 11,711 | (1,606,930 | ) | — | |||||||||||||
| | | | | | | | | | | | | | | | | | | | |
5,070,306 | 4,152,568 | 276,408 | 105,148 | (1,606,930 | ) | 7,997,500 | ||||||||||||||
| | | | | | | | | | | | | | | | | | | | |
Operating income (loss) | 658,120 | 26,597 | (6,584 | ) | -95,141 | -1 | 1,828 | -2 | 584,820 | |||||||||||
Income (loss) before income taxes | 574,108 | (16,706 | ) | (13,573 | ) | (121,233 | ) | 1,723 | 424,319 | |||||||||||
Depreciation and amortization | 108,477 | 101,893 | 6,751 | 5,690 | (204 | ) | 222,607 | |||||||||||||
Capital expenditures | 43,998 | 103,142 | 2,205 | 17,662 | — | 167,007 | ||||||||||||||
As of December 31, 2011 | ||||||||||||||||||||
Assets | 2,598,767 | 2,561,722 | 227,663 | 789,322 | -3 | -198,248 | -4 | 5,979,226 | ||||||||||||
Liabilities | 495,425 | 528,629 | 13,768 | 2,759,894 | -5 | -189,084 | -6 | 3,608,632 | ||||||||||||
Footnotes related to the twelve months ended December 31, 2011 segment results (in millions): | ||||||||||||||||||||
-1 | Corporate SG&A | $ | (46.7 | ) | -2 | Gross profit increase from intra-company sales | $ | 1.8 | ||||||||||||
| | | | | | | | | | | | | | |||||||
| | | | | | | | | | | | | | |||||||
Company-wide stock option expense | (14.8 | ) | ||||||||||||||||||
Profit sharing | (35.1 | ) | ||||||||||||||||||
Other, net | 1.5 | |||||||||||||||||||
| | | | | | | | | | | | | | |||||||
$ | (95.1 | ) | ||||||||||||||||||
| | | | | | | | | | | | | | |||||||
| | | | | | | | | | | | | | |||||||
-3 | Cash and equivalents | $ | 314.9 | -4 | Elimination of intra-company receivables | $ | (36.1 | ) | ||||||||||||
Investments in short-term commercial paper | 84.8 | Elimination of intra-company debt | (152.8 | ) | ||||||||||||||||
Accounts receivable | 7.8 | Other | (9.3 | ) | ||||||||||||||||
| | | | | | | | | | | | | | |||||||
Inventories | 9.7 | $ | (198.2 | ) | ||||||||||||||||
| | | | | | | | | | | | | | |||||||
| | | | | | | | | | | | | | |||||||
Income taxes receivable | 16.7 | |||||||||||||||||||
Deferred income taxes | 25.3 | |||||||||||||||||||
Property, plant and equipment, net | 85.7 | |||||||||||||||||||
Debt issuance costs | 23.9 | |||||||||||||||||||
Intra-company debt | 152.8 | |||||||||||||||||||
Other | 67.7 | |||||||||||||||||||
| | | | | | | | | | | | | | |||||||
$ | 789.3 | |||||||||||||||||||
| | | | | | | | | | | | | | |||||||
| | | | | | | | | | | | | | |||||||
-5 | Accounts payable | $ | 28.7 | -6 | Elimination of intra-company payables | $ | (36.1 | ) | ||||||||||||
Income taxes payable | 11.1 | Elimination of intra-company debt | (152.8 | ) | ||||||||||||||||
Accrued interest | 33.7 | Other | (0.2 | ) | ||||||||||||||||
| | | | | | | | | | | | | | |||||||
Accrued profit sharing | 35.8 | $ | (189.1 | ) | ||||||||||||||||
| | | | | | | | | | | | | | |||||||
| | | | | | | | | | | | | | |||||||
Debt | 2,341.90 | |||||||||||||||||||
Deferred income taxes | 217.6 | |||||||||||||||||||
Other | 91.1 | |||||||||||||||||||
| | | | | | | | | | | | | | |||||||
$ | 2,759.90 | |||||||||||||||||||
| | | | | | | | | | | | | | |||||||
| | | | | | | | | | | | | | |||||||
Condensed_Consolidating_Inform1
Condensed Consolidating Information (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Condensed Consolidating Information | ' | ||||||||||||||||
Schedule of Condensed Consolidating Balance Sheets | ' | ||||||||||||||||
Condensed Consolidating Balance Sheets (in thousands) | |||||||||||||||||
As of December 31, 2013 | Parent | Guarantors | Combined | Consolidating | Total | ||||||||||||
Non-Guarantors | Adjustments | Consolidated | |||||||||||||||
Cash and equivalents | $ | 320,866 | $ | 61,148 | $ | 13,142 | $ | — | $ | 395,156 | |||||||
Accounts receivable, net | 309,691 | 874,707 | 32,018 | (495,816 | ) | 720,600 | |||||||||||
Inventories | 673,763 | 557,640 | 91,199 | (7,855 | ) | 1,314,747 | |||||||||||
Other current assets | 50,228 | 8,399 | 3,259 | (18,755 | ) | 43,131 | |||||||||||
| | | | | | | | | | | | | | | | | |
Total current assets | 1,354,548 | 1,501,894 | 139,618 | (522,426 | ) | 2,473,634 | |||||||||||
Property, plant and equipment, net | 1,046,093 | 619,617 | 562,843 | (2,419 | ) | 2,226,134 | |||||||||||
Intangible assets, net | — | 386,159 | — | — | 386,159 | ||||||||||||
Goodwill | — | 731,996 | — | — | 731,996 | ||||||||||||
Other assets, including investments in subs | 2,630,411 | 21,789 | 8,092 | (2,545,209 | ) | 115,083 | |||||||||||
| | | | | | | | | | | | | | | | | |
Total assets | $ | 5,031,052 | $ | 3,261,455 | $ | 710,553 | $ | (3,070,054 | ) | $ | 5,933,006 | ||||||
| | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
Accounts payable | $ | 160,255 | $ | 258,406 | $ | 60,987 | $ | (64,716 | ) | $ | 414,932 | ||||||
Accrued expenses | 142,055 | 115,182 | 10,694 | (49,229 | ) | 218,702 | |||||||||||
Current maturities of long-term debt | 315,521 | 300 | 52,163 | (26,440 | ) | 341,544 | |||||||||||
| | | | | | | | | | | | | | | | | |
Total current liabilities | 617,831 | 373,888 | 123,844 | (140,385 | ) | 975,178 | |||||||||||
Long-term debt | 1,725,433 | — | 204,385 | (163,773 | ) | 1,766,045 | |||||||||||
Other liabilities | 140,465 | 1,986,260 | 34,895 | (1,582,206 | ) | 579,414 | |||||||||||
Redeemable noncontrolling interest | — | — | 116,514 | — | 116,514 | ||||||||||||
Common stock | 645 | 33,896 | 18,121 | (52,017 | ) | 645 | |||||||||||
Treasury stock | (718,529 | ) | — | — | — | (718,529 | ) | ||||||||||
Additional paid-in-capital | 1,085,694 | 117,737 | 552,946 | (670,683 | ) | 1,085,694 | |||||||||||
Retained earnings (deficit) | 2,179,513 | 749,674 | (288,684 | ) | (460,990 | ) | 2,179,513 | ||||||||||
| | | | | | | | | | | | | | | | | |
Total Steel Dynamics, Inc. equity | 2,547,323 | 901,307 | 282,383 | (1,183,690 | ) | 2,547,323 | |||||||||||
Noncontrolling interests | — | — | (51,468 | ) | — | (51,468 | ) | ||||||||||
| | | | | | | | | | | | | | | | | |
Total equity | 2,547,323 | 901,307 | 230,915 | (1,183,690 | ) | 2,495,855 | |||||||||||
| | | | | | | | | | | | | | | | | |
Total liabilities and equity | $ | 5,031,052 | $ | 3,261,455 | $ | 710,553 | $ | (3,070,054 | ) | $ | 5,933,006 | ||||||
| | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
As of December 31, 2012 | Parent | Guarantors | Combined | Consolidating | Total | ||||||||||||
Non-Guarantors | Adjustments | Consolidated | |||||||||||||||
Cash and equivalents | $ | 322,707 | $ | 41,675 | $ | 11,535 | $ | — | $ | 375,917 | |||||||
Investments in short-term commercial paper | 31,520 | — | — | — | 31,520 | ||||||||||||
Accounts receivable, net | 277,428 | 772,868 | 11,293 | (419,226 | ) | 642,363 | |||||||||||
Inventories | 564,882 | 536,331 | 107,422 | (6,128 | ) | 1,202,507 | |||||||||||
Other current assets | 51,268 | 7,253 | 4,006 | (18,609 | ) | 43,918 | |||||||||||
| | | | | | | | | | | | | | | | | |
Total current assets | 1,247,805 | 1,358,127 | 134,256 | (443,963 | ) | 2,296,225 | |||||||||||
Property, plant and equipment, net | 1,017,587 | 664,332 | 551,903 | (2,624 | ) | 2,231,198 | |||||||||||
Intangible assets, net | — | 416,635 | — | — | 416,635 | ||||||||||||
Goodwill | — | 738,542 | — | — | 738,542 | ||||||||||||
Other assets, including investments in subs | 2,768,360 | 30,862 | 9,189 | (2,675,595 | ) | 132,816 | |||||||||||
| | | | | | | | | | | | | | | | | |
Total assets | $ | 5,033,752 | $ | 3,208,498 | $ | 695,348 | $ | (3,122,182 | ) | $ | 5,815,416 | ||||||
| | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
Accounts payable | $ | 150,191 | $ | 219,415 | $ | 56,472 | $ | (65,981 | ) | $ | 360,097 | ||||||
Accrued expenses | 144,719 | 98,484 | 9,877 | (33,131 | ) | 219,949 | |||||||||||
Current maturities of long-term debt | 14,237 | 300 | 52,595 | (37,501 | ) | 29,631 | |||||||||||
| | | | | | | | | | | | | | | | | |
Total current liabilities | 309,147 | 318,199 | 118,944 | (136,613 | ) | 609,677 | |||||||||||
Long-term debt | 2,140,958 | — | 169,223 | (137,575 | ) | 2,172,606 | |||||||||||
Other liabilities | 178,182 | 2,087,957 | 41,581 | (1,751,243 | ) | 556,477 | |||||||||||
Redeemable noncontrolling interest | — | — | 98,814 | — | 98,814 | ||||||||||||
Common stock | 637 | 33,896 | 18,121 | (52,017 | ) | 637 | |||||||||||
Treasury stock | (720,479 | ) | — | — | — | (720,479 | ) | ||||||||||
Additional paid-in-capital | 1,037,687 | 117,737 | 476,677 | (594,414 | ) | 1,037,687 | |||||||||||
Retained earnings (deficit) | 2,087,620 | 650,709 | (200,389 | ) | (450,320 | ) | 2,087,620 | ||||||||||
| | | | | | | | | | | | | | | | | |
Total Steel Dynamics, Inc. equity | 2,405,465 | 802,342 | 294,409 | (1,096,751 | ) | 2,405,465 | |||||||||||
Noncontrolling interests | — | — | (27,623 | ) | — | (27,623 | ) | ||||||||||
| | | | | | | | | | | | | | | | | |
Total equity | 2,405,465 | 802,342 | 266,786 | (1,096,751 | ) | 2,377,842 | |||||||||||
| | | | | | | | | | | | | | | | | |
Total liabilities and equity | $ | 5,033,752 | $ | 3,208,498 | $ | 695,348 | $ | (3,122,182 | ) | $ | 5,815,416 | ||||||
| | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
Schedule of Condensed Consolidating Statements of Operations | ' | ||||||||||||||||
Condensed Consolidating Statements of Operations (in thousands) | |||||||||||||||||
For the Year Ended, December 31, 2013 | Parent | Guarantors | Combined | Consolidating | Total | ||||||||||||
Non-Guarantors | Adjustments | Consolidated | |||||||||||||||
Net sales | $ | 3,466,691 | $ | 8,219,499 | $ | 347,288 | $ | (4,660,554 | ) | $ | 7,372,924 | ||||||
Costs of goods sold | 2,981,591 | 7,805,367 | 440,064 | (4,573,242 | ) | 6,653,780 | |||||||||||
| | | | | | | | | | | | | | | | | |
Gross profit (loss) | 485,100 | 414,132 | (92,776 | ) | (87,312 | ) | 719,144 | ||||||||||
Selling, general and administrative | 118,975 | 219,531 | 10,548 | (16,435 | ) | 332,619 | |||||||||||
| | | | | | | | | | | | | | | | | |
Operating income (loss) | 366,125 | 194,601 | (103,324 | ) | (70,877 | ) | 386,525 | ||||||||||
Interest expense, net of capitalized interest | 81,361 | 43,879 | 7,259 | (4,771 | ) | 127,728 | |||||||||||
Other (income) expense, net | (7,358 | ) | 3,401 | (4,847 | ) | 4,771 | (4,033 | ) | |||||||||
| | | | | | | | | | | | | | | | | |
Income (loss) before income taxes and equity in net income of subsidiaries | 292,122 | 147,321 | (105,736 | ) | (70,877 | ) | 262,830 | ||||||||||
Income taxes | 63,670 | 54,448 | 6,406 | (25,210 | ) | 99,314 | |||||||||||
| | | | | | | | | | | | | | | | | |
228,452 | 92,873 | (112,142 | ) | (45,667 | ) | 163,516 | |||||||||||
Equity in net loss of subsidiaries | (39,138 | ) | — | — | 39,138 | — | |||||||||||
Net loss attributable to noncontrolling interests | — | — | 25,798 | — | 25,798 | ||||||||||||
| | | | | | | | | | | | | | | | | |
Net income (loss) attributable to Steel Dynamics, Inc. | $ | 189,314 | $ | 92,873 | $ | (86,344 | ) | $ | (6,529 | ) | $ | 189,314 | |||||
| | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
For the Year Ended, December 31, 2012 | Parent | Guarantors | Combined | Consolidating | Total | ||||||||||||
Non-Guarantors | Adjustments | Consolidated | |||||||||||||||
Net sales | $ | 3,431,978 | $ | 8,322,995 | $ | 177,527 | $ | (4,642,266 | ) | $ | 7,290,234 | ||||||
Costs of goods sold | 2,977,756 | 7,906,392 | 257,604 | (4,571,416 | ) | 6,570,336 | |||||||||||
| | | | | | | | | | | | | | | | | |
Gross profit (loss) | 454,222 | 416,603 | (80,077 | ) | (70,850 | ) | 719,898 | ||||||||||
Selling, general and administrative | 102,142 | 218,515 | 24,081 | (16,005 | ) | 328,733 | |||||||||||
| | | | | | | | | | | | | | | | | |
Operating income (loss) | 352,080 | 198,088 | (104,158 | ) | (54,845 | ) | 391,165 | ||||||||||
Interest expense, net of capitalized interest | 104,058 | 53,186 | 6,630 | (5,289 | ) | 158,585 | |||||||||||
Other (income) expense, net | 28,677 | (1,531 | ) | (3,921 | ) | 5,289 | 28,514 | ||||||||||
| | | | | | | | | | | | | | | | | |
Income (loss) before income taxes and equity in net income of subsidiaries | 219,345 | 146,433 | (106,867 | ) | (54,845 | ) | 204,066 | ||||||||||
Income taxes | 26,611 | 51,011 | 247 | (16,084 | ) | 61,785 | |||||||||||
| | | | | | | | | | | | | | | | | |
192,734 | 95,422 | (107,114 | ) | (38,761 | ) | 142,281 | |||||||||||
Equity in net income of subsidiaries | (29,183 | ) | — | — | 29,183 | — | |||||||||||
Net loss attributable to noncontrolling interests | — | — | 21,270 | — | 21,270 | ||||||||||||
| | | | | | | | | | | | | | | | | |
Net income (loss) attributable to Steel Dynamics, Inc. | $ | 163,551 | $ | 95,422 | $ | (85,844 | ) | $ | (9,578 | ) | $ | 163,551 | |||||
| | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
For the Year Ended, December 31, 2011 | Parent | Guarantors | Combined | Consolidating | Total | ||||||||||||
Non-Guarantors | Adjustments | Consolidated | |||||||||||||||
Net sales | $ | 3,701,928 | $ | 9,062,305 | $ | 190,739 | $ | (4,957,472 | ) | $ | 7,997,500 | ||||||
Costs of goods sold | 3,099,941 | 8,604,620 | 251,528 | (4,890,107 | ) | 7,065,982 | |||||||||||
| | | | | | | | | | | | | | | | | |
Gross profit (loss) | 601,987 | 457,685 | (60,789 | ) | (67,365 | ) | 931,518 | ||||||||||
Selling, general and administrative | 135,509 | 217,717 | 9,184 | (15,712 | ) | 346,698 | |||||||||||
| | | | | | | | | | | | | | | | | |
Operating income (loss) | 466,478 | 239,968 | (69,973 | ) | (51,653 | ) | 584,820 | ||||||||||
Interest expense, net of capitalized interest | 104,008 | 71,487 | 8,784 | (7,302 | ) | 176,977 | |||||||||||
Other (income) expense, net | (12,663 | ) | (8,012 | ) | (3,209 | ) | 7,408 | (16,476 | ) | ||||||||
| | | | | | | | | | | | | | | | | |
Income (loss) before income taxes and equity in net income of subsidiaries | 375,133 | 176,493 | (75,548 | ) | (51,759 | ) | 424,319 | ||||||||||
Income taxes (benefit) | 111,532 | 66,734 | (151 | ) | (19,488 | ) | 158,627 | ||||||||||
| | | | | | | | | | | | | | | | | |
263,601 | 109,759 | (75,397 | ) | (32,271 | ) | 265,692 | |||||||||||
Equity in net income of subsidiaries | 14,519 | — | — | (14,519 | ) | — | |||||||||||
Net loss attributable to noncontrolling interests | — | — | 12,428 | — | 12,428 | ||||||||||||
| | | | | | | | | | | | | | | | | |
Net income (loss) attributable to Steel Dynamics, Inc. | $ | 278,120 | $ | 109,759 | $ | (62,969 | ) | $ | (46,790 | ) | $ | 278,120 | |||||
| | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
Schedule of Condensed Consolidating Statements of Cash Flows | ' | ||||||||||||||||
Condensed Consolidating Statements of Cash Flows (in thousands) | |||||||||||||||||
For the Year Ended, December 31, 2013 | Parent | Guarantors | Combined | Consolidating | Total | ||||||||||||
Non-Guarantors | Adjustments | Consolidated | |||||||||||||||
Net cash provided by (used in) operating activities | $ | 190,616 | $ | 190,885 | $ | (80,525 | ) | $ | 11,199 | $ | 312,175 | ||||||
Net cash used in investing activities | (170,561 | ) | (41,415 | ) | (23,086 | ) | 82,217 | (152,845 | ) | ||||||||
Net cash provided by (used in) financing activities | (21,896 | ) | (129,997 | ) | 105,218 | (93,416 | ) | (140,091 | ) | ||||||||
| | | | | | | | | | | | | | | | | |
Increase (decrease) in cash and equivalents | (1,841 | ) | 19,473 | 1,607 | — | 19,239 | |||||||||||
Cash and equivalents at beginning of period | 322,707 | 41,675 | 11,535 | — | 375,917 | ||||||||||||
| | | | | | | | | | | | | | | | | |
Cash and equivalents at end of period | $ | 320,866 | $ | 61,148 | $ | 13,142 | $ | — | $ | 395,156 | |||||||
| | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
For the Year Ended, December 31, 2012 | Parent | Guarantors | Combined | Consolidating | Total | ||||||||||||
Non-Guarantors | Adjustments | Consolidated | |||||||||||||||
Net cash provided by (used in) operating activities | $ | 306,613 | $ | 209,579 | $ | (76,363 | ) | $ | 5,865 | $ | 445,694 | ||||||
Net cash used in investing activities | (104,242 | ) | (107,274 | ) | (95,314 | ) | 115,229 | (191,601 | ) | ||||||||
Net cash provided by (used in) financing activities | (180,737 | ) | (119,329 | ) | 152,223 | (121,094 | ) | (268,937 | ) | ||||||||
| | | | | | | | | | | | | | | | | |
Increase (decrease) in cash and equivalents | 21,634 | (17,024 | ) | (19,454 | ) | — | (14,844 | ) | |||||||||
Cash and equivalents at beginning of period | 301,073 | 58,699 | 30,989 | — | 390,761 | ||||||||||||
| | | | | | | | | | | | | | | | | |
Cash and equivalents at end of period | $ | 322,707 | $ | 41,675 | $ | 11,535 | $ | — | $ | 375,917 | |||||||
| | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
For the Year Ended, December 31, 2011 | Parent | Guarantors | Combined | Consolidating | Total | ||||||||||||
Non-Guarantors | Adjustments | Consolidated | |||||||||||||||
Net cash provided by (used in) operating activities | $ | 380,171 | $ | 173,574 | $ | (68,110 | ) | $ | 720 | $ | 486,355 | ||||||
Net cash used in investing activities | (230,314 | ) | (50,576 | ) | (65,144 | ) | 110,197 | (235,837 | ) | ||||||||
Net cash provided by (used in) financing activities | (22,347 | ) | (74,927 | ) | 161,921 | (110,917 | ) | (46,270 | ) | ||||||||
| | | | | | | | | | | | | | | | | |
Increase in cash and equivalents | 127,510 | 48,071 | 28,667 | — | 204,248 | ||||||||||||
Cash and equivalents at beginning of period | 173,563 | 10,628 | 2,322 | — | 186,513 | ||||||||||||
| | | | | | | | | | | | | | | | | |
Cash and equivalents at end of period | $ | 301,073 | $ | 58,699 | $ | 30,989 | $ | — | $ | 390,761 | |||||||
| | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
Quarterly_Financial_Informatio1
Quarterly Financial Information (unaudited, in thousands, except per share data) (Tables) | 12 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
Quarterly Financial Information (unaudited, in thousands, except per share data) | ' | |||||||||||||
Schedule of quarterly financial information | ' | |||||||||||||
Quarterly Financial Information (unaudited, in thousands, except per share data) | ||||||||||||||
1st Quarter | 2nd Quarter | 3rd Quarter | 4th Quarter | |||||||||||
2013:00:00 | ||||||||||||||
Net sales | $ | 1,795,696 | $ | 1,801,340 | $ | 1,911,738 | $ | 1,864,150 | ||||||
Gross profit | 176,264 | 147,692 | 197,192 | 197,996 | ||||||||||
Operating income | 96,232 | 69,198 | 113,273 | 107,822 | ||||||||||
Net income | 41,252 | 23,273 | 51,090 | 47,901 | ||||||||||
Net income attributable to Steel Dynamics, Inc. | 48,215 | 28,958 | 57,486 | 54,655 | ||||||||||
Earnings per share: | ||||||||||||||
Basic | 0.22 | 0.13 | 0.26 | 0.25 | ||||||||||
Diluted | 0.21 | 0.13 | 0.25 | 0.24 | ||||||||||
2012:00:00 | ||||||||||||||
Net sales | $ | 1,982,040 | $ | 1,909,803 | $ | 1,693,390 | $ | 1,705,001 | ||||||
Gross profit | 201,264 | 182,136 | 156,401 | 180,097 | ||||||||||
Operating income | 119,816 | 103,699 | 72,721 | 94,929 | ||||||||||
Net income | 41,777 | 39,305 | 6,105 | 55,094 | ||||||||||
Net income attributable to Steel Dynamics, Inc. | 45,675 | 44,472 | 12,833 | 60,571 | ||||||||||
Earnings per share: | ||||||||||||||
Basic | 0.21 | 0.2 | 0.06 | 0.28 | ||||||||||
Diluted | 0.2 | 0.2 | 0.06 | 0.27 |
Description_of_the_Business_an3
Description of the Business and Summary of Significant Accounting Policies (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
segment | |||||||||||
agreement | |||||||||||
employee | |||||||||||
location | |||||||||||
Description of the Business and Summary of Significant Accounting Policies | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of reporting segments | ' | ' | ' | ' | ' | ' | ' | ' | 3 | ' | ' |
Workforce represented by collective bargaining agreements (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | 11.00% | ' | ' |
Number of collective bargaining agreements that expires in 2014 | ' | ' | ' | ' | ' | ' | ' | ' | 2 | ' | ' |
Number of employees under a collective bargaining agreement that expires in 2014 | ' | ' | ' | ' | ' | ' | ' | ' | 451 | ' | ' |
Number of locations subject to collective bargaining agreements that expire in 2014 | ' | ' | ' | ' | ' | ' | ' | ' | 2 | ' | ' |
Segment Reporting Information | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income | $47,901 | $51,090 | $23,273 | $41,252 | $55,094 | $6,105 | $39,305 | $41,777 | $163,516 | $142,281 | $265,692 |
Diluted earnings per share (in dollars per share) | $0.24 | $0.25 | $0.13 | $0.21 | $0.27 | $0.06 | $0.20 | $0.20 | $0.83 | $0.73 | $1.22 |
Redeemable noncontrolling interests | 116,514 | ' | ' | ' | 98,814 | ' | ' | ' | 116,514 | 98,814 | ' |
Minnesota iron operations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income | ' | ' | ' | ' | ' | ' | ' | ' | -42,000 | ' | ' |
Diluted earnings per share (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ($0.18) | ' | ' |
Mesabi Nugget | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of years subsequent to achievement of performance measures | ' | ' | ' | ' | ' | ' | ' | ' | '3 years | ' | ' |
Steel Operations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of external net sales | ' | ' | ' | ' | ' | ' | ' | ' | 61.00% | 62.00% | 61.00% |
Steel Operations | Flat Roll Division | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of external net sales | ' | ' | ' | ' | ' | ' | ' | ' | 27.00% | 27.00% | 27.00% |
Steel Operations | The Techs Operations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of galvanizing lines | ' | ' | ' | ' | ' | ' | ' | ' | 3 | ' | ' |
Metals Recycling and Ferrous Resources Operations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of external net sales | ' | ' | ' | ' | ' | ' | ' | ' | 32.00% | 32.00% | 35.00% |
Number of iron making initiatives | ' | ' | ' | ' | ' | ' | ' | ' | 2 | ' | ' |
Metals Recycling and Ferrous Resources Operations | Mesabi Nugget | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of ownership interest in facility | ' | ' | ' | ' | ' | ' | ' | ' | 81.00% | ' | ' |
Redeemable noncontrolling interests | 101,400 | ' | ' | ' | 84,300 | ' | ' | ' | 101,400 | 84,300 | ' |
Metals Recycling and Ferrous Resources Operations | Mining Resources | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of ownership interest in facility | ' | ' | ' | ' | ' | ' | ' | ' | 80.00% | ' | ' |
Redeemable noncontrolling interests | $15,100 | ' | ' | ' | $14,500 | ' | ' | ' | $15,100 | $14,500 | ' |
Steel Fabrication Operations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of external net sales | ' | ' | ' | ' | ' | ' | ' | ' | 6.00% | 5.00% | 3.00% |
Number of plants | ' | ' | ' | ' | ' | ' | ' | ' | 6 | ' | ' |
Description_of_the_Business_an4
Description of the Business and Summary of Significant Accounting Policies (Details 2) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Inventories | ' | ' | ' |
Raw materials | $660,384,000 | $594,388,000 | ' |
Supplies | 293,533,000 | 278,494,000 | ' |
Work in progress | 84,710,000 | 82,934,000 | ' |
Finished goods | 276,120,000 | 246,691,000 | ' |
Total inventories | 1,314,747,000 | 1,202,507,000 | ' |
Property, plant and equipment | ' | ' | ' |
Property, plant and equipment | 3,939,814,000 | 3,761,759,000 | ' |
Less accumulated depreciation | 1,713,680,000 | 1,530,561,000 | ' |
Property, plant and equipment, net | 2,226,134,000 | 2,231,198,000 | ' |
Depreciation expense | 192,400,000 | 179,900,000 | 176,500,000 |
Investments | ' | ' | ' |
Investments in short-term commercial paper treated as trading securities | 0 | ' | ' |
Investments | 17,800,000 | 22,700,000 | ' |
Minimum | ' | ' | ' |
Investments | ' | ' | ' |
Ownership percentage of equity method investment | 49.00% | ' | ' |
Maximum | ' | ' | ' |
Investments | ' | ' | ' |
Ownership percentage of equity method investment | 50.00% | ' | ' |
Land and improvements | ' | ' | ' |
Property, plant and equipment | ' | ' | ' |
Property, plant and equipment | 293,083,000 | 288,360,000 | ' |
Buildings and improvements | ' | ' | ' |
Property, plant and equipment | ' | ' | ' |
Property, plant and equipment | 550,226,000 | 524,530,000 | ' |
Buildings and improvements | Minimum | ' | ' | ' |
Property, plant and equipment | ' | ' | ' |
Property, plant and equipment useful life | '10 years | ' | ' |
Buildings and improvements | Maximum | ' | ' | ' |
Property, plant and equipment | ' | ' | ' |
Property, plant and equipment useful life | '40 years | ' | ' |
Plant, machinery and equipment | ' | ' | ' |
Property, plant and equipment | ' | ' | ' |
Property, plant and equipment | 2,942,684,000 | 2,810,106,000 | ' |
Plant, machinery and equipment | Minimum | ' | ' | ' |
Property, plant and equipment | ' | ' | ' |
Property, plant and equipment useful life | '3 years | ' | ' |
Plant, machinery and equipment | Maximum | ' | ' | ' |
Property, plant and equipment | ' | ' | ' |
Property, plant and equipment useful life | '15 years | ' | ' |
Construction in progress | ' | ' | ' |
Property, plant and equipment | ' | ' | ' |
Property, plant and equipment | $153,821,000 | $138,763,000 | ' |
Description_of_the_Business_an5
Description of the Business and Summary of Significant Accounting Policies (Details 3) (USD $) | 3 Months Ended | 12 Months Ended | ||
Sep. 30, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
JointVenture | ||||
Intangible Assets | ' | ' | ' | ' |
Gross assets | ' | $601,500,000 | $601,500,000 | ' |
Less accumulated amortization | ' | 215,341,000 | 184,865,000 | ' |
Net assets | ' | 386,159,000 | 416,635,000 | ' |
Amortization expense | ' | 30,500,000 | 34,300,000 | 38,300,000 |
Estimated amortization expense | ' | ' | ' | ' |
2014 | ' | 26,090,000 | ' | ' |
2015 | ' | 23,390,000 | ' | ' |
2016 | ' | 20,902,000 | ' | ' |
2017 | ' | 18,193,000 | ' | ' |
2018 | ' | 15,764,000 | ' | ' |
Thereafter | ' | 92,020,000 | ' | ' |
Total | ' | 196,359,000 | ' | ' |
Impairment of Long-Lived Tangible and Finite-Lived Intangible Assets | ' | ' | ' | ' |
Number of small joint ventures terminated | 2 | ' | ' | ' |
Asset impairment charges | ' | 308,000 | 8,250,000 | ' |
Weighted average | ' | ' | ' | ' |
Intangible Assets | ' | ' | ' | ' |
Amortization Period | ' | '20 years | ' | ' |
Trademarks | ' | ' | ' | ' |
Intangible Assets | ' | ' | ' | ' |
Gross assets | ' | 189,800,000 | 189,800,000 | ' |
Customer and scrap generator relationships | ' | ' | ' | ' |
Intangible Assets | ' | ' | ' | ' |
Gross assets | ' | 408,400,000 | 408,400,000 | ' |
Customer and scrap generator relationships | Minimum | ' | ' | ' | ' |
Intangible Assets | ' | ' | ' | ' |
Amortization Period | ' | '10 years | ' | ' |
Customer and scrap generator relationships | Maximum | ' | ' | ' | ' |
Intangible Assets | ' | ' | ' | ' |
Amortization Period | ' | '25 years | ' | ' |
Customer and scrap generator relationships | Weighted average | ' | ' | ' | ' |
Intangible Assets | ' | ' | ' | ' |
Amortization Period | ' | '20 years | ' | ' |
Trademarks | ' | ' | ' | ' |
Intangible Assets | ' | ' | ' | ' |
Gross assets | ' | 3,200,000 | 3,200,000 | ' |
Amortization Period | ' | '12 years | ' | ' |
Trademarks | Weighted average | ' | ' | ' | ' |
Intangible Assets | ' | ' | ' | ' |
Amortization Period | ' | '12 years | ' | ' |
Other | ' | ' | ' | ' |
Intangible Assets | ' | ' | ' | ' |
Gross assets | ' | $100,000 | $100,000 | ' |
Amortization Period | ' | '5 years | ' | ' |
Other | Weighted average | ' | ' | ' | ' |
Intangible Assets | ' | ' | ' | ' |
Amortization Period | ' | '5 years | ' | ' |
Description_of_the_Business_an6
Description of the Business and Summary of Significant Accounting Policies (Details 4) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Goodwill | ' | ' | ' |
Goodwill | $731,996,000 | $738,542,000 | ' |
Equity-Based Compensation | ' | ' | ' |
Compensation expense for stock options | 15,500,000 | 12,500,000 | 17,300,000 |
Omni Source - Metals Recycling/Ferrous Resources Segment | ' | ' | ' |
Goodwill | ' | ' | ' |
Goodwill | 558,247,000 | 564,793,000 | ' |
Goodwill decrease due to tax benefit related to the amortization of the component | 6,500,000 | ' | ' |
The Techs - Steel Segment | ' | ' | ' |
Goodwill | ' | ' | ' |
Goodwill | 142,783,000 | 142,783,000 | ' |
Roanoke Bar Division - Steel Segment | ' | ' | ' |
Goodwill | ' | ' | ' |
Goodwill | 29,041,000 | 29,041,000 | ' |
New Millennium Building Systems - Steel Fabrication Segment | ' | ' | ' |
Goodwill | ' | ' | ' |
Goodwill | $1,925,000 | $1,925,000 | ' |
Description_of_the_Business_an7
Description of the Business and Summary of Significant Accounting Policies (Details 5) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Net Income (Numerator) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Basic earnings - net income (loss) (in dollars) | $54,655 | $57,486 | $28,958 | $48,215 | $60,571 | $12,833 | $44,472 | $45,675 | $189,314 | $163,551 | $278,120 |
5.125% convertible senior notes, net of tax (in dollars) | ' | ' | ' | ' | ' | ' | ' | ' | 9,432 | 9,432 | 9,432 |
Diluted earnings - net income (loss) (in dollars) | ' | ' | ' | ' | ' | ' | ' | ' | $198,746 | $172,983 | $287,552 |
Shares (Denominator) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted average common shares outstanding (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | 220,916,000 | 219,159,000 | 218,471,000 |
Dilutive common share equivalents (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | 1,392,000 | 916,000 | 1,139,000 |
5.125% convertible senior notes, net of tax (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | 16,688,000 | 16,549,000 | 16,382,000 |
Weighted average common shares outstanding - diluted (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | 238,996,000 | 236,624,000 | 235,992,000 |
Per Share Amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Basic earnings per share (in dollars per share) | $0.25 | $0.26 | $0.13 | $0.22 | $0.28 | $0.06 | $0.20 | $0.21 | $0.86 | $0.75 | $1.27 |
Diluted earnings per share (in dollars per share) | $0.24 | $0.25 | $0.13 | $0.21 | $0.27 | $0.06 | $0.20 | $0.20 | $0.83 | $0.73 | $1.22 |
5.125% convertible senior notes, due 2014 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Antidilutive securities excluded from computation of earnings per share amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stated interest rate on convertible senior notes (as a percent) | 5.13% | ' | ' | ' | 5.13% | ' | ' | ' | 5.13% | 5.13% | 5.13% |
Options | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Antidilutive securities excluded from computation of earnings per share amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Antidilutive securities excluded from computation of earnings per share amount (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,500,000 | 4,000,000 |
Description_of_the_Business_an8
Description of the Business and Summary of Significant Accounting Policies (Details 6) (Credit risk) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Concentration of credit risk | ' | ' |
Number of institutions exposed to credit risk | 1 | ' |
Accounts receivable | ' | ' |
Concentration of credit risk | ' | ' |
Percentage of consolidated net accounts receivable from related party | 7.00% | 6.00% |
LongTerm_Debt_Details
Long-Term Debt (Details) (USD $) | 3 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Sep. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Jan. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Apr. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Aug. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Mar. 31, 2010 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Aug. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Mar. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | Aug. 31, 2012 | Jan. 31, 2012 | Aug. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | |
Minnesota Economic Development State Loans | Minnesota Economic Development State Loans | Electric Utility Development Loans | Electric Utility Development Loans | Term Loan maturing in 2016 | Term Loan maturing in 2016 | Term Loan maturing in 2016 | Term Loan maturing in 2016 | Term Loan maturing in 2016 | 5.125% convertible senior notes, due 2014 | 5.125% convertible senior notes, due 2014 | 5.125% convertible senior notes, due 2014 | 6 3/4% senior notes, due 2015, repaid in 2013 | 6 3/4% senior notes, due 2015, repaid in 2013 | 6 3/4% senior notes, due 2015, repaid in 2013 | 6 3/4% senior notes, due 2015, repaid in 2013 | 6 1/8% senior notes, due 2019 | 6 1/8% senior notes, due 2019 | 6 1/8% senior notes, due 2019 | 6 1/8% senior notes, due 2019 | 6 1/8% senior notes, due 2019 | 6 1/8% senior notes, due 2019 | 6 1/8% senior notes, due 2019 | 7 5/8% senior notes, due 2020 | 7 5/8% senior notes, due 2020 | 7 5/8% senior notes, due 2020 | 7 5/8% senior notes, due 2020 | 7 5/8% senior notes, due 2020 | 7 5/8% senior notes, due 2020 | 7 5/8% senior notes, due 2020 | 6 3/8% Senior Notes, due 2022 | 6 3/8% Senior Notes, due 2022 | 6 3/8% Senior Notes, due 2022 | 6 3/8% Senior Notes, due 2022 | 6 3/8% Senior Notes, due 2022 | 6 3/8% Senior Notes, due 2022 | 6 3/8% Senior Notes, due 2022 | 6 3/8% Senior Notes, due 2022 | 5 1/4% Senior Notes due 2023 | 5 1/4% Senior Notes due 2023 | 5 1/4% Senior Notes due 2023 | 5 1/4% Senior Notes due 2023 | 5 1/4% Senior Notes due 2023 | 5 1/4% Senior Notes due 2023 | 5 1/4% Senior Notes due 2023 | 7 3/8% senior notes, due 2012 | 7 3/8% senior notes, due 2012 | 7 3/8% senior notes, due 2012 | 7 3/8% senior notes, due 2012 | 7 3/4% senior notes, due 2016 | 7 3/4% senior notes, due 2016 | Other obligations | Other obligations | Senior secured revolving credit facility, due 2016 | Senior secured revolving credit facility, due 2016 | Senior secured revolving credit facility, due 2016 | Senior secured revolving credit facility, due 2016 | Senior secured revolving credit facility, due 2016 | Senior secured revolving credit facility, due 2016 | Senior secured revolving credit facility, due 2016 | Senior secured revolving credit | Term loan facilities | Mesabi Nugget Loan Participation | Mesabi Nugget Loan Participation | Mesabi Nugget Loan Participation | Revolving credit facility entered into by a controlled subsidiary | Revolving credit facility entered into by a controlled subsidiary | Financing agreements entered into by a controlled subsidiary | ||||||
Minimum | Maximum | D | Debt redemption before August 15, 2015 | Debt redemption on or after August 15, 2016 | Debt redemption on or after August 15, 2017 | Debt redemption on or after August 15, 2018 | Debt redemption after March 15, 2015 | Debt redemption on or after March 15, 2016 | Debt redemption on or after March 15, 2017 | Debt redemption on or after March 15, 2018 | Debt redemption before August 15, 2015 | Debt redemption on or after August 15, 2017 | Debt redemption on or after August 15, 2018 | Debt redemption on or after August 15, 2019 | Debt redemption on or after August 15, 2020 | Debt redemption before April 15, 2016 | Debt redemption on or after April 15, 2018 | Debt redemption on or after April 15, 2019 | Debt redemption on or after April 15, 2020 | Debt redemption on or after April 15, 2021 | Minimum | Minimum | Minimum | Maximum | Maximum | Maximum | Mesabi Nugget | Mesabi Nugget | Kobe Iron Nugget, LLC (Kobe) | Mesabi Nugget | subsidiary | subsidiary | |||||||||||||||||||||||||||||||||||||||||
LIBOR | Prime | LIBOR | Prime | Kobe Iron Nugget, LLC (Kobe) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Long Term Debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total debt | ' | ' | $2,107,589,000 | $2,202,237,000 | ' | ' | ' | ' | ' | $247,500,000 | $261,250,000 | ' | ' | ' | $287,493,000 | $287,496,000 | ' | ' | ' | ' | $500,000,000 | $400,000,000 | $400,000,000 | ' | ' | ' | ' | ' | $350,000,000 | $350,000,000 | ' | ' | ' | ' | ' | $350,000,000 | $350,000,000 | ' | ' | ' | ' | ' | ' | $400,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $72,596,000 | $53,491,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $4,500,000 | ' | ' | ' |
Less current maturities | ' | ' | 341,544,000 | 29,631,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 901,000 | ' | ' | ' |
Long-term debt | ' | ' | 1,766,045,000 | 2,172,606,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stated interest rate (as a percent) | ' | ' | ' | ' | ' | 3.50% | ' | 8.10% | ' | ' | ' | ' | ' | ' | 5.13% | 5.13% | 5.13% | ' | ' | ' | 6.75% | 6.13% | 6.13% | 6.13% | ' | ' | ' | ' | 7.63% | 7.63% | 7.63% | ' | ' | ' | ' | 6.38% | 6.38% | 6.38% | ' | ' | ' | ' | ' | 5.25% | 5.25% | ' | ' | ' | ' | ' | ' | ' | ' | 7.38% | 7.75% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6.00% |
Debt issued | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 275,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 400,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 350,000,000 | ' | ' | ' | ' | ' | ' | 400,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt repurchased | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 198,300,000 | 301,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 62,200,000 | 279,700,000 | 410,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Expenses recorded related to tender offer and early payoff of Senior Notes related to tender premiums, unamortized debt issuance cost write-off, and tender expenses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt extinguished | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 358,100,000 | ' | ' | ' | 89,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Repayments of debt | ' | ' | 517,978,000 | 1,258,842,000 | 7,740,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 700,000,000 | ' | ' | ' | 500,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum borrowing capacity of credit facility | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,100,000,000 | ' | ' | ' | ' | ' | ' | 80,000,000 | 79,500,000 | ' | ' | ' | ' | 34,000,000 | ' |
Outstanding principal balance | ' | ' | ' | ' | ' | 27,200,000 | 28,800,000 | 6,000,000 | 6,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10,000,000 | 20,100,000 | 11,200,000 |
Additional amount by which facility size can be increased | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 125,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Quarterly principal payment as a percent of the original principal amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.25% | 3.75% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unpaid principal balance payment | ' | ' | 183,132,000 | ' | ' | ' | ' | ' | ' | 158,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Effective interest rate ( as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.80% | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6.75% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3.25% | ' |
Reference rate, description | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'LIBOR | 'Prime | ' | 'LIBOR | 'Prime | ' | ' | ' | ' | ' | ' | ' | ' |
Interest rate added to the base rate (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.00% | ' | ' | 2.00% | 1.00% | ' | ' | ' | ' | ' | ' | ' | ' |
Unused commitment fee (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.25% | ' | ' | 0.45% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Availability on the senior secured revolver | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,100,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percent of eligible accounts receivable included in maximum availability of credit facility calculation | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 85.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percent of eligible inventories included in maximum availability of credit facility calculation | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 65.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Outstanding letters of credit and other obligations which reduce availability | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 13,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Borrowings outstanding | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Consolidated interest coverage ratio | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5.3 | 2.5 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Leverage ratio | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.6 | ' | ' | ' | 5 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Threshold debt leverage ratio upon exceeding which payment restrictions occur | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3.5 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Convertible debt rate, basis for conversion | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.058342 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Convertible debt, shares issued | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 16,772,830 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Threshold amount to pay cash dividends or distributions to holders of common stock (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0.08 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of days within 30 consecutive trading days in which the closing price of the entity's common stock must exceed the conversion price for the notes to be redeemable | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 20 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of consecutive trading days during which the closing price of the entity's common stock must exceed the conversion price for at least 20 or more trading days in order for the notes to be redeemable | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '30 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Minimum sales price as percentage of conversion price considered for redemption of notes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 130.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Conversion price per share (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $17.14 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Redemption price of debt instrument (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum redemption of debt instrument (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 35.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 35.00% | ' | ' | ' | ' | ' | ' | 35.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Redemption price of debt instrument (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 106.13% | 103.06% | 101.53% | 100.00% | ' | ' | ' | 103.81% | 102.54% | 101.27% | 100.00% | ' | ' | ' | 106.38% | 103.19% | 102.13% | 101.06% | 100.00% | ' | ' | 105.25% | 102.63% | 101.75% | 100.88% | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Expenses recorded for tender and call premiums, loss on early extinguishment of debt, unamortized debt issuance cost write-off, and tender expenses | 26,400,000 | 13,900,000 | ' | 40,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from sale of participation interest | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,500,000 | ' | ' | ' | ' |
Debt, weighted average interest rate (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.70% | ' | ' | ' | ' | ' |
Interest rate percent after February 2017 | ' | ' | ' | ' | ' | 5.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Period for which adjusted EBITDA is considered for pricing of credit facility | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '12 months | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Outstanding letters of credit | ' | ' | ' | ' | ' | ' | ' | $4,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of company's controlled subsidiaries that entered into an agreement | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1 | ' | 1 |
LongTerm_Debt_Details_2
Long-Term Debt (Details 2) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Maturities of outstanding debt | ' | ' | ' |
2014 | $341,544,000 | ' | ' |
2015 | 45,009,000 | ' | ' |
2016 | 183,132,000 | ' | ' |
2017 | 3,646,000 | ' | ' |
2018 | 3,785,000 | ' | ' |
Thereafter | 1,530,473,000 | ' | ' |
Total debt | 2,107,589,000 | 2,202,237,000 | ' |
Interest costs | ' | ' | ' |
Interest costs incurred | 132,300,000 | 160,000,000 | 178,700,000 |
Interest costs incurred capitalized | 4,600,000 | 1,400,000 | 1,700,000 |
Cash paid for interest | $129,500,000 | $154,100,000 | $171,800,000 |
Income_Taxes_Details
Income Taxes (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Income Taxes | ' | ' | ' |
Net cash paid for taxes | $72,400,000 | $46,900,000 | $75,900,000 |
Income tax expense (benefit) | ' | ' | ' |
Current income tax expense | 72,599,000 | 11,334,000 | 128,209,000 |
Deferred income tax expense | 26,715,000 | 50,451,000 | 30,418,000 |
Total income tax expense | 99,314,000 | 61,785,000 | 158,627,000 |
Effective tax rate | ' | ' | ' |
Statutory federal tax rate (as a percent) | 35.00% | 35.00% | 35.00% |
State income taxes, net of federal benefit (as a percent) | 3.80% | 3.40% | 3.50% |
Audit settlements (as a percent) | ' | -9.60% | ' |
Other permanent differences (as a percent) | -1.00% | 1.50% | -1.10% |
Effective tax rate (as a percent) | 37.80% | 30.30% | 37.40% |
Deferred tax assets | ' | ' | ' |
Accrued expenses and allowances | 23,497,000 | 22,714,000 | ' |
Inventories | 3,621,000 | 9,643,000 | ' |
Net operating loss carryforwards | 18,690,000 | 15,375,000 | ' |
Other | 6,238,000 | 78,000 | ' |
Subtotal | 52,046,000 | 47,810,000 | ' |
Less: valuation allowance | -10,641,000 | -4,773,000 | ' |
Total net deferred tax assets | 41,405,000 | 43,037,000 | ' |
Deferred tax liabilities | ' | ' | ' |
Property, plant and equipment | -474,088,000 | -465,273,000 | ' |
Intangible assets | -94,936,000 | -79,998,000 | ' |
Other | -10,426,000 | -11,621,000 | ' |
Total deferred tax liabilities | -579,450,000 | -556,892,000 | ' |
Net deferred tax liability | -538,045,000 | -513,855,000 | ' |
Federal | ' | ' | ' |
Operating loss carryforwards | ' | ' | ' |
Net operating loss carryforwards | $31,800,000 | ' | ' |
Income_Taxes_Details_2
Income Taxes (Details 2) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Reconciliation of beginning and ending balance of unrecognized tax benefits | ' | ' | ' |
Balance at the beginning of the period | $22,245,000 | $64,555,000 | $49,396,000 |
Increases related to current year tax positions | 1,050,000 | ' | 2,046,000 |
Increases related to prior year tax positions | 3,760,000 | 741,000 | 13,785,000 |
Decreases related to prior year tax positions | -491,000 | -40,741,000 | -196,000 |
Settlements with taxing authorities | ' | -2,310,000 | -476,000 |
Balance at the end of the period | 26,564,000 | 22,245,000 | 64,555,000 |
Unrecognized tax benefits that, if recognized, would impact effective tax rate | 13,100,000 | ' | ' |
Interest expenses, net of tax | 800,000 | ' | ' |
Accrued interest and penalties | 7,400,000 | ' | ' |
Income tax examinations | ' | ' | ' |
Expected payment of taxes as a result of audit settlement, lower bound | 0 | ' | ' |
Expected payment of taxes as a result of audit settlement, upper bound | $13,700,000 | ' | ' |
Shareholders_Equity_Details
Shareholders' Equity (Details) (USD $) | 12 Months Ended | ||
In Thousands, except Share data in Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Cash dividends | ' | ' | ' |
Cash dividend declared | $97,375 | $87,698 | $87,452 |
Cash dividend declared per share (in dollars per share) | $0.44 | $0.40 | $0.40 |
Cash dividend paid | $94,812 | $87,633 | $81,882 |
Treasury Stock | ' | ' | ' |
Remaining authorization to repurchase treasury stock (in shares) | 3.6 | ' | ' |
Equitybased_Incentive_Plans_De
Equity-based Incentive Plans (Details) (2006 Amended and Restated Equity Incentive Plan (2006 Plan), USD $) | 0 Months Ended | 12 Months Ended | |||||||||||||
17-May-12 | Dec. 31, 2013 | 18-May-06 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Stock options | Performance shares | Performance shares | Performance shares | Restricted stock units | Restricted stock units | Restricted stock | Restricted stock | Restricted stock | Deferred stock units | Deferred stock units | Deferred stock units | ||||
Senior executives | Senior executives | Senior executives | |||||||||||||
Minimum | Maximum | ||||||||||||||
Equity-based Incentive Plans | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Original number of shares authorized for issuance | ' | ' | 16,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Additional number of shares authorized for issuance | 15,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares available for issuance | ' | 12,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares that may be issued | ' | ' | ' | ' | 684,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Factor used for granting of stock options and stock appreciation rights against the share limit of the awards that are not full value awards (in shares) | ' | 1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Factor used for granting of RSUs, DSUs, restricted and unrestricted stock awards and performance awards against the share limit of the awards that are full value awards | ' | 2.09 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Vesting percentage | ' | ' | ' | 100.00% | ' | ' | ' | 100.00% | ' | ' | ' | ' | ' | ' | ' |
Vesting period | ' | ' | ' | '6 months | '2 years | ' | ' | '2 years | ' | ' | ' | ' | ' | ' | ' |
Term of award | ' | ' | ' | '5 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Options exercise price as a percentage of fair value of common stock | ' | ' | ' | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Eligible age for retirement | ' | ' | ' | ' | ' | ' | ' | '59 years 6 months | ' | ' | ' | ' | ' | ' | ' |
Performance period | ' | ' | ' | ' | '3 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Awards earned as percentage of annual compensation | ' | ' | ' | ' | ' | 0.00% | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' |
Transition period one | ' | ' | ' | ' | '1 year | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Transition period two | ' | ' | ' | ' | '2 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Earned (in shares) | ' | ' | ' | ' | 95,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of RSU's | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Outstanding at the beginning of the period (in shares) | ' | ' | ' | ' | ' | ' | ' | 1,269,307 | ' | ' | ' | ' | ' | ' | ' |
Granted (in shares) | ' | ' | ' | ' | ' | ' | ' | 1,293,140 | 1,422,448 | 35,000 | 27,000 | 160,000 | 53,000 | 79,000 | 42,000 |
Vested (in shares) | ' | ' | ' | ' | ' | ' | ' | -170,398 | -143,666 | ' | ' | ' | ' | ' | ' |
Forfeited (in shares) | ' | ' | ' | ' | ' | ' | ' | -112,406 | -9,475 | ' | ' | ' | ' | ' | ' |
Outstanding at the end of the period (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | 2,279,643 | 1,269,307 | ' | ' | ' | ' | ' | ' |
Weighted Average Grant Date Fair Value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Outstanding, at the beginning of the period (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | $11.87 | ' | ' | ' | ' | ' | ' | ' |
Granted (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | $18.16 | $11.95 | ' | ' | ' | ' | ' | ' |
Vested (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | $17.74 | $12.65 | ' | ' | ' | ' | ' | ' |
Forfeited (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | $12.48 | $11.92 | ' | ' | ' | ' | ' | ' |
Outstanding, at the end of the period (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | $14.97 | $11.87 | ' | ' | ' | ' | ' | ' |
Aggregate Intrinsic Value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate Intrinsic Value | ' | ' | ' | ' | ' | ' | ' | $44,544,000 | $17,428,000 | ' | ' | ' | ' | ' | ' |
Unrecognized Compensation | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unrecognized Compensation | ' | ' | ' | ' | ' | ' | ' | 22,197,000 | 12,318,000 | ' | ' | ' | ' | ' | ' |
Weighted average remaining life before vesting of the outstanding RSU's | ' | ' | ' | ' | ' | ' | ' | '1 year 4 months 24 days | ' | ' | ' | ' | ' | ' | ' |
Fair value of vesting during the period | ' | ' | ' | ' | ' | ' | ' | $3,300,000 | $1,800,000 | ' | ' | ' | ' | ' | ' |
Number of withheld shares | ' | ' | ' | ' | ' | ' | ' | 63,000 | 49,000 | ' | ' | ' | ' | ' | ' |
Equitybased_Incentive_Plans_De1
Equity-based Incentive Plans (Details 2) (Stock options, USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Stock options | ' | ' | ' |
Options | ' | ' | ' |
Balance at the beginning of the period (in shares) | 7,073,709 | 8,602,282 | 7,406,393 |
Granted (in shares) | 0 | 0 | 2,742,904 |
Exercised (in shares) | -3,134,953 | -451,135 | -1,047,297 |
Forfeited (in shares) | -681,586 | -1,077,438 | -499,718 |
Balance at the end of the period (in shares) | 3,257,170 | 7,073,709 | 8,602,282 |
Weighted Average Exercise Price | ' | ' | ' |
Balance at the beginning of the period (in dollars per share) | $14.56 | $15.06 | $14.91 |
Granted (in dollars per share) | ' | ' | $14.34 |
Exercised (in dollars per share) | $11.02 | $6.70 | $11.37 |
Forfeited (in dollars per share) | $29.52 | $21.85 | $16.61 |
Balance at the end of the period (in dollars per share) | $14.84 | $14.56 | $15.06 |
Weighted Average Fair Value | ' | ' | ' |
Balance at the beginning of the period (in dollars per share) | $5.30 | $5.25 | $5.14 |
Granted (in dollars per share) | ' | ' | $5.36 |
Exercised (in dollars per share) | $4.19 | $2.67 | $4.28 |
Forfeited (in dollars per share) | $9.01 | $6.04 | $6.15 |
Balance at the end of the period (in dollars per share) | $5.58 | $5.30 | $5.25 |
Equitybased_Incentive_Plans_De2
Equity-based Incentive Plans (Details 3) (USD $) | 12 Months Ended |
Dec. 31, 2013 | |
Range of Exercise Price $10 to $15 | ' |
Stock options outstanding and exercisable by exercise price range | ' |
Exercise price per share, low end of the range (in dollars per share) | $10 |
Exercise price per share, high end of the range (in dollars per share) | $15 |
Exercisable Options (in shares) | 1,573,068 |
Weighted Average Remaining Contractual Life | '1 year 10 months 24 days |
Weighted Average Exercise Price Exercisable Options (in dollars per share) | $13.18 |
Range of Exercise Price $15 to $20 | ' |
Stock options outstanding and exercisable by exercise price range | ' |
Exercise price per share, low end of the range (in dollars per share) | $15 |
Exercise price per share, high end of the range (in dollars per share) | $20 |
Exercisable Options (in shares) | 1,684,102 |
Weighted Average Remaining Contractual Life | '1 year 10 months 24 days |
Weighted Average Exercise Price Exercisable Options (in dollars per share) | $16.40 |
Equitybased_Incentive_Plans_De3
Equity-based Incentive Plans (Details 4) (USD $) | 12 Months Ended | ||
Share data in Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Other Share-based Compensation Disclosures | ' | ' | ' |
Total expenses for the plan | $15,500,000 | $12,500,000 | $17,300,000 |
Stock options | ' | ' | ' |
Equity Based Compensation | ' | ' | ' |
Aggregate intrinsic value of options exercised (in dollars) | 18,700,000 | 3,100,000 | 7,400,000 |
Aggregate intrinsic value of options that are currently outstanding and that are expected to be exercised (in dollars) | 15,300,000 | ' | ' |
Unrecognized stock option compensation expense | 0 | ' | ' |
Fair value assumptions | ' | ' | ' |
Volatility minimum (as a percent) | ' | ' | 65.10% |
Volatility maximum (as a percent) | ' | ' | 66.30% |
Risk-free interest rate minimum (as a percent) | ' | ' | 0.40% |
Risk-free interest rate maximum (as a percent) | ' | ' | 1.40% |
Stock options | Minimum | ' | ' | ' |
Fair value assumptions | ' | ' | ' |
Dividend yield (as a percent) | ' | ' | 2.30% |
Expected life | ' | ' | '2 years 9 months 18 days |
Stock options | Maximum | ' | ' | ' |
Fair value assumptions | ' | ' | ' |
Dividend yield (as a percent) | ' | ' | 2.50% |
Expected life | ' | ' | '4 years 1 month 6 days |
2013 Executive Incentive Compensation Plan (Executive Plan) | ' | ' | ' |
Fair value assumptions | ' | ' | ' |
Vesting period | '3 years | ' | ' |
Original number of shares authorized for issuance | 2.5 | ' | ' |
Remaining number of shares available for issuance | 2.5 | ' | ' |
Other Share-based Compensation Disclosures | ' | ' | ' |
Market value of award | 157,000 | 135,000 | 4,000,000 |
2004 Employee Stock Purchase Plan | ' | ' | ' |
Other Share-based Compensation Disclosures | ' | ' | ' |
Maximum annual allowable payroll deduction per employee | 10,400 | ' | ' |
Employer's matching contribution of employees' payroll deductions (as a percent) | 10.00% | ' | ' |
Total expenses for the plan | $354,000 | $354,000 | $328,000 |
Derivative_Financial_Instrumen2
Derivative Financial Instruments (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Fair values of derivative instruments, balance sheet | ' | ' | ' |
Commodity futures, asset derivatives (in dollars) | $1,010,000 | $4,024,000 | ' |
Commodity futures, liability derivatives (in dollars) | 4,487,000 | 1,854,000 | ' |
Gains or losses on derivative instruments, statement of income | ' | ' | ' |
Amount of loss recognized in income on related hedged items | 206,000 | ' | ' |
Gain excluded from hedge effectiveness testing | 398,000 | ' | ' |
Other current assets | ' | ' | ' |
Fair values of derivative instruments, balance sheet | ' | ' | ' |
Fair value of derivatives including required margin deposits | 3,600,000 | ' | ' |
Designated | ' | ' | ' |
Gains or losses on derivative instruments, statement of income | ' | ' | ' |
Amount of gain (loss) recognized in income on related hedged items | -7,317,000 | ' | ' |
Commodity contract | Not designated | Costs of goods sold | ' | ' | ' |
Gains or losses on derivative instruments, statement of income | ' | ' | ' |
Amount of gain (loss) recognized in income on derivatives | 2,097,000 | -892,000 | 12,531,000 |
Commodity contract | Not designated | Other current assets | ' | ' | ' |
Fair values of derivative instruments, balance sheet | ' | ' | ' |
Commodity futures, asset derivatives (in dollars) | 352,000 | 4,024,000 | ' |
Commodity futures, liability derivatives (in dollars) | 2,601,000 | 1,854,000 | ' |
Commodity contract | Futures | Designated | Costs of goods sold | ' | ' | ' |
Gains or losses on derivative instruments, statement of income | ' | ' | ' |
Amount of gain (loss) recognized in income on related hedged items | 7,509,000 | ' | ' |
Commodity contract | Futures | Designated | Other current assets | ' | ' | ' |
Fair values of derivative instruments, balance sheet | ' | ' | ' |
Commodity futures, asset derivatives (in dollars) | 658,000 | ' | ' |
Commodity futures, liability derivatives (in dollars) | 1,886,000 | ' | ' |
Commodity contract | Futures | Aluminum | Long | ' | ' | ' |
Commodity contract commitments | ' | ' | ' |
Commodity contract (in MT/Lbs) | 2,925 | ' | ' |
Commodity contract | Futures | Aluminum | Short | ' | ' | ' |
Commodity contract commitments | ' | ' | ' |
Commodity contract (in MT/Lbs) | 2,175 | ' | ' |
Commodity contract | Futures | Copper | Long | ' | ' | ' |
Commodity contract commitments | ' | ' | ' |
Commodity contract (in MT/Lbs) | 2,751 | ' | ' |
Commodity contract | Futures | Copper | Short | ' | ' | ' |
Commodity contract commitments | ' | ' | ' |
Commodity contract (in MT/Lbs) | 14,844 | ' | ' |
Commodity contract | Futures | Silver | Short | ' | ' | ' |
Commodity contract commitments | ' | ' | ' |
Commodity contract (in MT/Lbs) | 343 | ' | ' |
Interest rate swap | ' | ' | ' |
Commodity contract commitments | ' | ' | ' |
Number of derivative instruments | 0 | ' | ' |
Forward exchange contracts on foreign currency | ' | ' | ' |
Commodity contract commitments | ' | ' | ' |
Number of derivative instruments | 0 | ' | ' |
Firm commitments | Designated | Costs of goods sold | ' | ' | ' |
Gains or losses on derivative instruments, statement of income | ' | ' | ' |
Amount of gain (loss) recognized in income on related hedged items | 120,000 | ' | ' |
Inventory | Designated | Costs of goods sold | ' | ' | ' |
Gains or losses on derivative instruments, statement of income | ' | ' | ' |
Amount of gain (loss) recognized in income on related hedged items | ($7,437,000) | ' | ' |
Fair_Value_Measurements_Detail
Fair Value Measurements (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Assets and liabilities subject to fair value measurements | ' | ' |
Investments in short-term commercial paper | ' | $31,520,000 |
Carrying amount of long-term debt, including current maturities | 2,107,589,000 | 2,202,237,000 |
Recurring basis | Total | ' | ' |
Assets and liabilities subject to fair value measurements | ' | ' |
Investments in short-term commercial paper | ' | 31,520,000 |
Carrying amount of long-term debt, including current maturities | 2,100,000,000 | 2,200,000,000 |
Recurring basis | Total | Commodity contract | Futures | ' | ' |
Assets and liabilities subject to fair value measurements | ' | ' |
Commodity futures and options - financial assets | 1,010,000 | 4,024,000 |
Commodity futures - financial liabilities | 4,487,000 | 1,854,000 |
Recurring basis | Level 2 | ' | ' |
Assets and liabilities subject to fair value measurements | ' | ' |
Investments in short-term commercial paper | ' | 31,520,000 |
Fair value of long-term debt, including current maturities | 2,300,000,000 | 2,300,000,000 |
Recurring basis | Level 2 | Commodity contract | Futures | ' | ' |
Assets and liabilities subject to fair value measurements | ' | ' |
Commodity futures and options - financial assets | 1,010,000 | 4,024,000 |
Commodity futures - financial liabilities | $4,487,000 | $1,854,000 |
Commitments_and_Contingencies_1
Commitments and Contingencies (Details) (USD $) | 12 Months Ended |
Dec. 31, 2013 | |
expert | |
complaint | |
company | |
Company's commitments for agreements with take or pay or other similar commitment provisions | ' |
Outstanding construction-related commitments | $29,400,000 |
Number of other steel manufacturing companies also served with a class action antitrust complaint | 8 |
Number of the complaints not brought on behalf of steel product purchasers | 1 |
Number of retained experts | 2 |
Commitments with suppliers "take or pay" | ' |
Company's commitments for agreements with take or pay or other similar commitment provisions | ' |
2014 | 79,527,000 |
2015 | 9,439,000 |
2016 | 5,587,000 |
2017 | 3,744,000 |
2018 | 2,425,000 |
Thereafter | 10,132,000 |
Total | $110,854,000 |
Physical commodity requirements utilization period | '3 years |
Commitments with suppliers "take or pay" | Maximum | ' |
Commitment and contingencies | ' |
Commodity actual usage period | '46 months |
Commodity transportation requirements period | '7 years |
Commodity transportation requirements period for air products | '14 years |
Electricity purchase commitment | ' |
Company's commitments for agreements with take or pay or other similar commitment provisions | ' |
Annual "interruptible service" period at Flat Roll Division | '160 hours |
Transactions_with_Affiliated_C2
Transactions with Affiliated Companies (Details) (USD $) | 12 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | ||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Sep. 15, 2009 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Jan. 31, 2014 | Sep. 15, 2009 | Sep. 15, 2009 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Heidtman Steel Products (Heidtman) | Heidtman Steel Products (Heidtman) | Heidtman Steel Products (Heidtman) | Heidtman Steel Products (Heidtman) | Heidtman Steel Products (Heidtman) | Heidtman Steel Products (Heidtman) | Heidtman Steel Products (Heidtman) | Other smaller affiliated entities | Other smaller affiliated entities | Other smaller affiliated entities | ||||
acre | Subsequent event | Land and Building | Equipment | ||||||||||
sqft | |||||||||||||
Transactions with affiliated entities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Sales | $285,823,000 | $282,817,000 | $278,786,000 | ' | $236,075,000 | $244,531,000 | $242,300,000 | ' | ' | ' | $49,748,000 | $38,286,000 | $36,486,000 |
Percentage of consolidated net sales | ' | ' | ' | ' | 3.00% | 3.00% | 3.00% | ' | ' | ' | ' | ' | ' |
Accounts receivable | 56,392,000 | 42,864,000 | ' | ' | 51,760,000 | 38,093,000 | 35,646,000 | ' | ' | ' | 4,632,000 | 4,771,000 | 7,247,000 |
Purchases | ' | ' | ' | ' | 5,562,000 | 11,372,000 | 18,998,000 | ' | ' | ' | 111,048,000 | 238,114,000 | 239,395,000 |
Accounts payable | ' | ' | ' | ' | 391,000 | 800,000 | 882,000 | ' | ' | ' | 9,936,000 | 14,344,000 | 5,702,000 |
Area of land (in acres) | ' | ' | ' | 32 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Area of building (in square foot) | ' | ' | ' | 387,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Purchase price paid for land, building and equipment | 186,843,000 | 223,525,000 | 167,007,000 | ' | ' | ' | ' | ' | 9,300,000 | 18,600,000 | ' | ' | ' |
Lease term | ' | ' | ' | '5 years | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Monthly rental expense for real estate and equipment | ' | ' | ' | ' | 289,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Repurchase option | ' | ' | ' | ' | 27,900,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Direct financing lease receivable paid | ' | ' | ' | ' | ' | ' | ' | $27,900,000 | ' | ' | ' | ' | ' |
Retirement_Plans_Details
Retirement Plans (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Retirement Plans | ' | ' | ' |
Total expenses recognized under 401 (k) Plan | $25.20 | $22.90 | $37.20 |
Percentage of employer's profit sharing contribution | 8.00% | 2.00% | ' |
Profit sharing component | 23.1 | 20.5 | 35.1 |
Employer's contribution to profit sharing plans for eligible employees | $18.50 | $14.30 | $17.50 |
Leases_Details
Leases (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Leases | ' | ' | ' |
Payment for operating leases | $13,500,000 | $14,800,000 | $16,800,000 |
Future minimum payments | ' | ' | ' |
2014 | 10,957,000 | ' | ' |
2015 | 8,823,000 | ' | ' |
2016 | 7,240,000 | ' | ' |
2017 | 4,614,000 | ' | ' |
2018 | 4,422,000 | ' | ' |
Thereafter | 11,617,000 | ' | ' |
Total | $47,673,000 | ' | ' |
Segment_Information_Details
Segment Information (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
segment | |||||||||||
Segment Information | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of reporting segments | ' | ' | ' | ' | ' | ' | ' | ' | 3 | ' | ' |
Segment Reporting Information | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total net sales | $1,864,150 | $1,911,738 | $1,801,340 | $1,795,696 | $1,705,001 | $1,693,390 | $1,909,803 | $1,982,040 | $7,372,924 | $7,290,234 | $7,997,500 |
Operating income (loss) | 107,822 | 113,273 | 69,198 | 96,232 | 94,929 | 72,721 | 103,699 | 119,816 | 386,525 | 391,165 | 584,820 |
Income (loss) before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 262,830 | 204,066 | 424,319 |
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 230,928 | 225,216 | 222,607 |
Capital expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 186,843 | 223,525 | 167,007 |
Assets | 5,933,006 | ' | ' | ' | 5,815,416 | ' | ' | ' | 5,933,006 | 5,815,416 | 5,979,226 |
Liabilities | 3,320,637 | ' | ' | ' | 3,338,760 | ' | ' | ' | 3,320,637 | 3,338,760 | 3,608,632 |
U.S. | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total net sales | ' | ' | ' | ' | ' | ' | ' | ' | 6,955,726 | 6,851,365 | 7,519,048 |
Non-U.S. | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total net sales | ' | ' | ' | ' | ' | ' | ' | ' | 417,198 | 438,869 | 478,452 |
Steel Operations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Capital expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 121,835 | 55,786 | 43,998 |
Steel Operations | U.S. | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total net sales | ' | ' | ' | ' | ' | ' | ' | ' | 4,256,077 | 4,294,437 | 4,676,898 |
Steel Operations | Non-U.S. | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total net sales | ' | ' | ' | ' | ' | ' | ' | ' | 205,380 | 212,351 | 182,319 |
Metals Recycling/Ferrous Resources | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Capital expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 60,678 | 159,768 | 103,142 |
Metals Recycling/Ferrous Resources | U.S. | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total net sales | ' | ' | ' | ' | ' | ' | ' | ' | 2,173,863 | 2,116,537 | 2,473,511 |
Metals Recycling/Ferrous Resources | Non-U.S. | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total net sales | ' | ' | ' | ' | ' | ' | ' | ' | 210,978 | 226,061 | 295,552 |
Steel Fabrication Operations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Capital expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 2,166 | 5,735 | 2,205 |
Steel Fabrication Operations | U.S. | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total net sales | ' | ' | ' | ' | ' | ' | ' | ' | 438,254 | 371,084 | 275,783 |
Other | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Capital expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 2,164 | 2,236 | 17,662 |
Other | U.S. | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total net sales | ' | ' | ' | ' | ' | ' | ' | ' | 87,532 | 69,307 | 92,856 |
Other | Non-U.S. | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total net sales | ' | ' | ' | ' | ' | ' | ' | ' | 840 | 457 | 581 |
Operating segment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total net sales | ' | ' | ' | ' | ' | ' | ' | ' | 7,372,924 | 7,290,234 | 7,997,500 |
Operating segment | Steel Operations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total net sales | ' | ' | ' | ' | ' | ' | ' | ' | 4,768,004 | 4,701,108 | 5,070,306 |
Operating income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | 504,384 | 495,640 | 658,120 |
Income (loss) before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 449,405 | 425,509 | 574,108 |
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 106,603 | 104,222 | 108,477 |
Assets | 2,642,866 | ' | ' | ' | 2,485,235 | ' | ' | ' | 2,642,866 | 2,485,235 | 2,598,767 |
Liabilities | 563,924 | ' | ' | ' | 525,351 | ' | ' | ' | 563,924 | 525,351 | 495,425 |
Operating segment | Metals Recycling/Ferrous Resources | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total net sales | ' | ' | ' | ' | ' | ' | ' | ' | 3,663,486 | 3,611,796 | 4,152,568 |
Operating income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | -52,468 | -36,508 | 26,597 |
Income (loss) before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | -84,826 | -70,433 | -16,706 |
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 109,847 | 103,993 | 101,893 |
Assets | 2,549,626 | ' | ' | ' | 2,568,233 | ' | ' | ' | 2,549,626 | 2,568,233 | 2,561,722 |
Liabilities | 588,232 | ' | ' | ' | 484,017 | ' | ' | ' | 588,232 | 484,017 | 528,629 |
Operating segment | Steel Fabrication Operations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total net sales | ' | ' | ' | ' | ' | ' | ' | ' | 439,655 | 371,406 | 276,408 |
Operating income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | 7,003 | 2,114 | -6,584 |
Income (loss) before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 827 | -4,580 | -13,573 |
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 8,736 | 8,025 | 6,751 |
Assets | 270,215 | ' | ' | ' | 242,747 | ' | ' | ' | 270,215 | 242,747 | 227,663 |
Liabilities | 22,704 | ' | ' | ' | 15,983 | ' | ' | ' | 22,704 | 15,983 | 13,768 |
Operating segment | Other | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total net sales | ' | ' | ' | ' | ' | ' | ' | ' | 115,326 | 87,462 | 105,148 |
Operating income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | -71,446 | -66,829 | -95,141 |
Income (loss) before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | -101,628 | -143,178 | -121,233 |
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 5,946 | 9,180 | 5,690 |
Assets | 686,594 | ' | ' | ' | 714,069 | ' | ' | ' | 686,594 | 714,069 | 789,322 |
Liabilities | 2,349,722 | ' | ' | ' | 2,497,750 | ' | ' | ' | 2,349,722 | 2,497,750 | 2,759,894 |
Eliminations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total net sales | ' | ' | ' | ' | ' | ' | ' | ' | -1,613,547 | -1,481,538 | -1,606,930 |
Operating income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | -948 | -3,252 | 1,828 |
Income (loss) before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | -948 | -3,252 | 1,723 |
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | -204 | -204 | -204 |
Assets | -216,295 | ' | ' | ' | -194,868 | ' | ' | ' | -216,295 | -194,868 | -198,248 |
Liabilities | -203,945 | ' | ' | ' | -184,341 | ' | ' | ' | -203,945 | -184,341 | -189,084 |
Eliminations | Steel Operations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total net sales | ' | ' | ' | ' | ' | ' | ' | ' | 306,547 | 194,320 | 211,089 |
Eliminations | Metals Recycling/Ferrous Resources | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total net sales | ' | ' | ' | ' | ' | ' | ' | ' | 1,278,645 | 1,269,198 | 1,383,505 |
Eliminations | Steel Fabrication Operations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total net sales | ' | ' | ' | ' | ' | ' | ' | ' | 1,401 | 322 | 625 |
Eliminations | Other | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total net sales | ' | ' | ' | ' | ' | ' | ' | ' | $26,954 | $17,698 | $11,711 |
Segment_Information_Details_2
Segment Information (Details 2) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | |
Operating income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Profit sharing | ' | ' | ' | ' | ' | ' | ' | ' | ($27,764,000) | ($26,987,000) | ($43,149,000) | ' |
Operating income | 107,822,000 | 113,273,000 | 69,198,000 | 96,232,000 | 94,929,000 | 72,721,000 | 103,699,000 | 119,816,000 | 386,525,000 | 391,165,000 | 584,820,000 | ' |
Assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash and equivalents | 395,156,000 | ' | ' | ' | 375,917,000 | ' | ' | ' | 395,156,000 | 375,917,000 | 390,761,000 | 186,513,000 |
Investments in short-term commercial paper | ' | ' | ' | ' | 31,520,000 | ' | ' | ' | ' | 31,520,000 | ' | ' |
Accounts receivable | 664,208,000 | ' | ' | ' | 599,499,000 | ' | ' | ' | 664,208,000 | 599,499,000 | ' | ' |
Inventories | 1,314,747,000 | ' | ' | ' | 1,202,507,000 | ' | ' | ' | 1,314,747,000 | 1,202,507,000 | ' | ' |
Deferred income taxes | 17,964,000 | ' | ' | ' | 23,449,000 | ' | ' | ' | 17,964,000 | 23,449,000 | ' | ' |
Property, plant and equipment, net | 2,226,134,000 | ' | ' | ' | 2,231,198,000 | ' | ' | ' | 2,226,134,000 | 2,231,198,000 | ' | ' |
Other | 115,083,000 | ' | ' | ' | 132,816,000 | ' | ' | ' | 115,083,000 | 132,816,000 | ' | ' |
Total assets | 5,933,006,000 | ' | ' | ' | 5,815,416,000 | ' | ' | ' | 5,933,006,000 | 5,815,416,000 | 5,979,226,000 | ' |
Liabilities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accounts payable | 414,932,000 | ' | ' | ' | 360,097,000 | ' | ' | ' | 414,932,000 | 360,097,000 | ' | ' |
Income taxes payable | 4,023,000 | ' | ' | ' | 16,941,000 | ' | ' | ' | 4,023,000 | 16,941,000 | ' | ' |
Accrued interest | 31,363,000 | ' | ' | ' | 35,306,000 | ' | ' | ' | 31,363,000 | 35,306,000 | ' | ' |
Debt | 2,107,589,000 | ' | ' | ' | 2,202,237,000 | ' | ' | ' | 2,107,589,000 | 2,202,237,000 | ' | ' |
Deferred income taxes | 556,038,000 | ' | ' | ' | 537,304,000 | ' | ' | ' | 556,038,000 | 537,304,000 | ' | ' |
Liabilities | 3,320,637,000 | ' | ' | ' | 3,338,760,000 | ' | ' | ' | 3,320,637,000 | 3,338,760,000 | 3,608,632,000 | ' |
Operating segment | Other | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Operating income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Corporate SG & A | ' | ' | ' | ' | ' | ' | ' | ' | -37,300,000 | -32,300,000 | -46,700,000 | ' |
Company-wide equity- based compensation | ' | ' | ' | ' | ' | ' | ' | ' | -13,900,000 | -8,300,000 | -14,800,000 | ' |
Profit sharing | ' | ' | ' | ' | ' | ' | ' | ' | -23,100,000 | -20,500,000 | -35,100,000 | ' |
Other, net | ' | ' | ' | ' | ' | ' | ' | ' | 2,900,000 | -5,700,000 | 1,500,000 | ' |
Operating income | ' | ' | ' | ' | ' | ' | ' | ' | -71,446,000 | -66,829,000 | -95,141,000 | ' |
Assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash and equivalents | 325,700,000 | ' | ' | ' | 327,100,000 | ' | ' | ' | 325,700,000 | 327,100,000 | 314,900,000 | ' |
Investments in short-term commercial paper | ' | ' | ' | ' | 31,500,000 | ' | ' | ' | ' | 31,500,000 | 84,800,000 | ' |
Accounts receivable | 8,500,000 | ' | ' | ' | 8,700,000 | ' | ' | ' | 8,500,000 | 8,700,000 | 7,800,000 | ' |
Inventories | 10,400,000 | ' | ' | ' | 11,500,000 | ' | ' | ' | 10,400,000 | 11,500,000 | 9,700,000 | ' |
Income taxes receivable | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 16,700,000 | ' |
Deferred income taxes | 23,200,000 | ' | ' | ' | 23,400,000 | ' | ' | ' | 23,200,000 | 23,400,000 | 25,300,000 | ' |
Property, plant and equipment, net | 72,500,000 | ' | ' | ' | 75,500,000 | ' | ' | ' | 72,500,000 | 75,500,000 | 85,700,000 | ' |
Debt issuance costs, net | 26,000,000 | ' | ' | ' | 27,900,000 | ' | ' | ' | 26,000,000 | 27,900,000 | 23,900,000 | ' |
Intra-company debt | 159,300,000 | ' | ' | ' | 141,100,000 | ' | ' | ' | 159,300,000 | 141,100,000 | 152,800,000 | ' |
Other | 61,000,000 | ' | ' | ' | 67,400,000 | ' | ' | ' | 61,000,000 | 67,400,000 | 67,700,000 | ' |
Total assets | 686,594,000 | ' | ' | ' | 714,069,000 | ' | ' | ' | 686,594,000 | 714,069,000 | 789,322,000 | ' |
Liabilities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accounts payable | 36,300,000 | ' | ' | ' | 32,200,000 | ' | ' | ' | 36,300,000 | 32,200,000 | 28,700,000 | ' |
Income taxes payable | 4,000,000 | ' | ' | ' | 17,100,000 | ' | ' | ' | 4,000,000 | 17,100,000 | 11,100,000 | ' |
Accrued interest | 31,200,000 | ' | ' | ' | 35,100,000 | ' | ' | ' | 31,200,000 | 35,100,000 | 33,700,000 | ' |
Accrued profit sharing | 23,400,000 | ' | ' | ' | 20,700,000 | ' | ' | ' | 23,400,000 | 20,700,000 | 35,800,000 | ' |
Debt | 2,038,300,000 | ' | ' | ' | 2,152,200,000 | ' | ' | ' | 2,038,300,000 | 2,152,200,000 | 2,341,900,000 | ' |
Deferred income taxes | 190,200,000 | ' | ' | ' | 218,200,000 | ' | ' | ' | 190,200,000 | 218,200,000 | 217,600,000 | ' |
Other | 26,300,000 | ' | ' | ' | 22,300,000 | ' | ' | ' | 26,300,000 | 22,300,000 | 91,100,000 | ' |
Liabilities | $2,349,722,000 | ' | ' | ' | $2,497,750,000 | ' | ' | ' | $2,349,722,000 | $2,497,750,000 | $2,759,894,000 | ' |
Segment_Information_Details_3
Segment Information (Details 3) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Operating income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gross profit increase (reduction) from intra-company sales | $197,996,000 | $197,192,000 | $147,692,000 | $176,264,000 | $180,097,000 | $156,401,000 | $182,136,000 | $201,264,000 | $719,144,000 | $719,898,000 | $931,518,000 |
Assets elimination | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Elimination of intra-company receivables | 720,600,000 | ' | ' | ' | 642,363,000 | ' | ' | ' | 720,600,000 | 642,363,000 | ' |
Other | 115,083,000 | ' | ' | ' | 132,816,000 | ' | ' | ' | 115,083,000 | 132,816,000 | ' |
Total assets | 5,933,006,000 | ' | ' | ' | 5,815,416,000 | ' | ' | ' | 5,933,006,000 | 5,815,416,000 | 5,979,226,000 |
Liabilities elimination | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Elimination of intra-company payables | 414,932,000 | ' | ' | ' | 360,097,000 | ' | ' | ' | 414,932,000 | 360,097,000 | ' |
Liabilities | 3,320,637,000 | ' | ' | ' | 3,338,760,000 | ' | ' | ' | 3,320,637,000 | 3,338,760,000 | 3,608,632,000 |
Eliminations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Operating income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gross profit increase (reduction) from intra-company sales | ' | ' | ' | ' | ' | ' | ' | ' | -900,000 | -3,300,000 | 1,800,000 |
Assets elimination | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Elimination of intra-company receivables | -43,500,000 | ' | ' | ' | -41,400,000 | ' | ' | ' | -43,500,000 | -41,400,000 | -36,100,000 |
Elimination of intra-company debt | -159,300,000 | ' | ' | ' | -141,100,000 | ' | ' | ' | -159,300,000 | -141,100,000 | -152,800,000 |
Other | -13,500,000 | ' | ' | ' | -12,400,000 | ' | ' | ' | -13,500,000 | -12,400,000 | -9,300,000 |
Total assets | -216,295,000 | ' | ' | ' | -194,868,000 | ' | ' | ' | -216,295,000 | -194,868,000 | -198,248,000 |
Liabilities elimination | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Elimination of intra-company payables | -43,900,000 | ' | ' | ' | -41,700,000 | ' | ' | ' | -43,900,000 | -41,700,000 | -36,100,000 |
Elimination of intra-company debt | -159,300,000 | ' | ' | ' | -141,100,000 | ' | ' | ' | -159,300,000 | -141,100,000 | -152,800,000 |
Other liabilities | -800,000 | ' | ' | ' | -1,500,000 | ' | ' | ' | -800,000 | -1,500,000 | -200,000 |
Liabilities | ($203,945,000) | ' | ' | ' | ($184,341,000) | ' | ' | ' | ($203,945,000) | ($184,341,000) | ($189,084,000) |
Condensed_Consolidating_Inform2
Condensed Consolidating Information (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
Condensed Consolidating Balance Sheets | ' | ' | ' | ' |
Ownership interest in subsidiaries (as a percent) | 100.00% | ' | ' | ' |
Cash and equivalents | $395,156,000 | $375,917,000 | $390,761,000 | $186,513,000 |
Investments in short-term commercial paper | ' | 31,520,000 | ' | ' |
Accounts receivable, net | 720,600,000 | 642,363,000 | ' | ' |
Inventories | 1,314,747,000 | 1,202,507,000 | ' | ' |
Other current assets | 43,131,000 | 43,918,000 | ' | ' |
Total current assets | 2,473,634,000 | 2,296,225,000 | ' | ' |
Property, plant and equipment, net | 2,226,134,000 | 2,231,198,000 | ' | ' |
Intangible assets, net | 386,159,000 | 416,635,000 | ' | ' |
Goodwill | 731,996,000 | 738,542,000 | ' | ' |
Other assets, including investments in subs | 115,083,000 | 132,816,000 | ' | ' |
Total assets | 5,933,006,000 | 5,815,416,000 | 5,979,226,000 | ' |
Accounts payable | 414,932,000 | 360,097,000 | ' | ' |
Accrued expenses | 218,702,000 | 219,949,000 | ' | ' |
Current maturities of long-term debt | 341,544,000 | 29,631,000 | ' | ' |
Total current liabilities | 975,178,000 | 609,677,000 | ' | ' |
Long-term debt | 1,766,045,000 | 2,172,606,000 | ' | ' |
Other liabilities | 579,414,000 | 556,477,000 | ' | ' |
Redeemable noncontrolling interests | 116,514,000 | 98,814,000 | ' | ' |
Common stock | 645,000 | 637,000 | ' | ' |
Treasury stock | -718,529,000 | -720,479,000 | ' | ' |
Additional paid-in capital | 1,085,694,000 | 1,037,687,000 | ' | ' |
Retained earnings (deficit) | 2,179,513,000 | 2,087,620,000 | ' | ' |
Total Steel Dynamics, Inc. equity | 2,547,323,000 | 2,405,465,000 | ' | ' |
Noncontrolling interests | -51,468,000 | -27,623,000 | ' | ' |
Total equity | 2,495,855,000 | 2,377,842,000 | 2,299,900,000 | 2,076,835,000 |
Total liabilities and equity | 5,933,006,000 | 5,815,416,000 | ' | ' |
Reportable legal entity | Parent | ' | ' | ' | ' |
Condensed Consolidating Balance Sheets | ' | ' | ' | ' |
Cash and equivalents | 320,866,000 | 322,707,000 | 301,073,000 | 173,563,000 |
Investments in short-term commercial paper | ' | 31,520,000 | ' | ' |
Accounts receivable, net | 309,691,000 | 277,428,000 | ' | ' |
Inventories | 673,763,000 | 564,882,000 | ' | ' |
Other current assets | 50,228,000 | 51,268,000 | ' | ' |
Total current assets | 1,354,548,000 | 1,247,805,000 | ' | ' |
Property, plant and equipment, net | 1,046,093,000 | 1,017,587,000 | ' | ' |
Other assets, including investments in subs | 2,630,411,000 | 2,768,360,000 | ' | ' |
Total assets | 5,031,052,000 | 5,033,752,000 | ' | ' |
Accounts payable | 160,255,000 | 150,191,000 | ' | ' |
Accrued expenses | 142,055,000 | 144,719,000 | ' | ' |
Current maturities of long-term debt | 315,521,000 | 14,237,000 | ' | ' |
Total current liabilities | 617,831,000 | 309,147,000 | ' | ' |
Long-term debt | 1,725,433,000 | 2,140,958,000 | ' | ' |
Other liabilities | 140,465,000 | 178,182,000 | ' | ' |
Common stock | 645,000 | 637,000 | ' | ' |
Treasury stock | -718,529,000 | -720,479,000 | ' | ' |
Additional paid-in capital | 1,085,694,000 | 1,037,687,000 | ' | ' |
Retained earnings (deficit) | 2,179,513,000 | 2,087,620,000 | ' | ' |
Total Steel Dynamics, Inc. equity | 2,547,323,000 | 2,405,465,000 | ' | ' |
Total equity | 2,547,323,000 | 2,405,465,000 | ' | ' |
Total liabilities and equity | 5,031,052,000 | 5,033,752,000 | ' | ' |
Reportable legal entity | Guarantors | ' | ' | ' | ' |
Condensed Consolidating Balance Sheets | ' | ' | ' | ' |
Cash and equivalents | 61,148,000 | 41,675,000 | 58,699,000 | 10,628,000 |
Accounts receivable, net | 874,707,000 | 772,868,000 | ' | ' |
Inventories | 557,640,000 | 536,331,000 | ' | ' |
Other current assets | 8,399,000 | 7,253,000 | ' | ' |
Total current assets | 1,501,894,000 | 1,358,127,000 | ' | ' |
Property, plant and equipment, net | 619,617,000 | 664,332,000 | ' | ' |
Intangible assets, net | 386,159,000 | 416,635,000 | ' | ' |
Goodwill | 731,996,000 | 738,542,000 | ' | ' |
Other assets, including investments in subs | 21,789,000 | 30,862,000 | ' | ' |
Total assets | 3,261,455,000 | 3,208,498,000 | ' | ' |
Accounts payable | 258,406,000 | 219,415,000 | ' | ' |
Accrued expenses | 115,182,000 | 98,484,000 | ' | ' |
Current maturities of long-term debt | 300,000 | 300,000 | ' | ' |
Total current liabilities | 373,888,000 | 318,199,000 | ' | ' |
Other liabilities | 1,986,260,000 | 2,087,957,000 | ' | ' |
Common stock | 33,896,000 | 33,896,000 | ' | ' |
Additional paid-in capital | 117,737,000 | 117,737,000 | ' | ' |
Retained earnings (deficit) | 749,674,000 | 650,709,000 | ' | ' |
Total Steel Dynamics, Inc. equity | 901,307,000 | 802,342,000 | ' | ' |
Total equity | 901,307,000 | 802,342,000 | ' | ' |
Total liabilities and equity | 3,261,455,000 | 3,208,498,000 | ' | ' |
Reportable legal entity | Combined Non-Guarantors | ' | ' | ' | ' |
Condensed Consolidating Balance Sheets | ' | ' | ' | ' |
Cash and equivalents | 13,142,000 | 11,535,000 | 30,989,000 | 2,322,000 |
Accounts receivable, net | 32,018,000 | 11,293,000 | ' | ' |
Inventories | 91,199,000 | 107,422,000 | ' | ' |
Other current assets | 3,259,000 | 4,006,000 | ' | ' |
Total current assets | 139,618,000 | 134,256,000 | ' | ' |
Property, plant and equipment, net | 562,843,000 | 551,903,000 | ' | ' |
Other assets, including investments in subs | 8,092,000 | 9,189,000 | ' | ' |
Total assets | 710,553,000 | 695,348,000 | ' | ' |
Accounts payable | 60,987,000 | 56,472,000 | ' | ' |
Accrued expenses | 10,694,000 | 9,877,000 | ' | ' |
Current maturities of long-term debt | 52,163,000 | 52,595,000 | ' | ' |
Total current liabilities | 123,844,000 | 118,944,000 | ' | ' |
Long-term debt | 204,385,000 | 169,223,000 | ' | ' |
Other liabilities | 34,895,000 | 41,581,000 | ' | ' |
Redeemable noncontrolling interests | 116,514,000 | 98,814,000 | ' | ' |
Common stock | 18,121,000 | 18,121,000 | ' | ' |
Additional paid-in capital | 552,946,000 | 476,677,000 | ' | ' |
Retained earnings (deficit) | -288,684,000 | -200,389,000 | ' | ' |
Total Steel Dynamics, Inc. equity | 282,383,000 | 294,409,000 | ' | ' |
Noncontrolling interests | -51,468,000 | -27,623,000 | ' | ' |
Total equity | 230,915,000 | 266,786,000 | ' | ' |
Total liabilities and equity | 710,553,000 | 695,348,000 | ' | ' |
Consolidating Adjustments | ' | ' | ' | ' |
Condensed Consolidating Balance Sheets | ' | ' | ' | ' |
Accounts receivable, net | -495,816,000 | -419,226,000 | ' | ' |
Inventories | -7,855,000 | -6,128,000 | ' | ' |
Other current assets | -18,755,000 | -18,609,000 | ' | ' |
Total current assets | -522,426,000 | -443,963,000 | ' | ' |
Property, plant and equipment, net | -2,419,000 | -2,624,000 | ' | ' |
Other assets, including investments in subs | -2,545,209,000 | -2,675,595,000 | ' | ' |
Total assets | -3,070,054,000 | -3,122,182,000 | ' | ' |
Accounts payable | -64,716,000 | -65,981,000 | ' | ' |
Accrued expenses | -49,229,000 | -33,131,000 | ' | ' |
Current maturities of long-term debt | -26,440,000 | -37,501,000 | ' | ' |
Total current liabilities | -140,385,000 | -136,613,000 | ' | ' |
Long-term debt | -163,773,000 | -137,575,000 | ' | ' |
Other liabilities | -1,582,206,000 | -1,751,243,000 | ' | ' |
Common stock | -52,017,000 | -52,017,000 | ' | ' |
Additional paid-in capital | -670,683,000 | -594,414,000 | ' | ' |
Retained earnings (deficit) | -460,990,000 | -450,320,000 | ' | ' |
Total Steel Dynamics, Inc. equity | -1,183,690,000 | -1,096,751,000 | ' | ' |
Total equity | -1,183,690,000 | -1,096,751,000 | ' | ' |
Total liabilities and equity | ($3,070,054,000) | ($3,122,182,000) | ' | ' |
Condensed_Consolidating_Inform3
Condensed Consolidating Information (Details 2) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Condensed Consolidating Statements of Operations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | $1,864,150 | $1,911,738 | $1,801,340 | $1,795,696 | $1,705,001 | $1,693,390 | $1,909,803 | $1,982,040 | $7,372,924 | $7,290,234 | $7,997,500 |
Costs of goods sold | ' | ' | ' | ' | ' | ' | ' | ' | 6,653,780 | 6,570,336 | 7,065,982 |
Gross profit | 197,996 | 197,192 | 147,692 | 176,264 | 180,097 | 156,401 | 182,136 | 201,264 | 719,144 | 719,898 | 931,518 |
Selling, general and administrative | ' | ' | ' | ' | ' | ' | ' | ' | 332,619 | 328,733 | 346,698 |
Operating income | 107,822 | 113,273 | 69,198 | 96,232 | 94,929 | 72,721 | 103,699 | 119,816 | 386,525 | 391,165 | 584,820 |
Interest expense, net of capitalized interest | ' | ' | ' | ' | ' | ' | ' | ' | 127,728 | 158,585 | 176,977 |
Other (income) expense, net | ' | ' | ' | ' | ' | ' | ' | ' | -4,033 | 28,514 | -16,476 |
Income before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 262,830 | 204,066 | 424,319 |
Income taxes (benefit) | ' | ' | ' | ' | ' | ' | ' | ' | 99,314 | 61,785 | 158,627 |
Net income | 47,901 | 51,090 | 23,273 | 41,252 | 55,094 | 6,105 | 39,305 | 41,777 | 163,516 | 142,281 | 265,692 |
Net loss attributable to noncontrolling interests | ' | ' | ' | ' | ' | ' | ' | ' | 25,798 | 21,270 | 12,428 |
Net income attributable to Steel Dynamics, Inc. | 54,655 | 57,486 | 28,958 | 48,215 | 60,571 | 12,833 | 44,472 | 45,675 | 189,314 | 163,551 | 278,120 |
Reportable legal entity | Parent | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Condensed Consolidating Statements of Operations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | 3,466,691 | 3,431,978 | 3,701,928 |
Costs of goods sold | ' | ' | ' | ' | ' | ' | ' | ' | 2,981,591 | 2,977,756 | 3,099,941 |
Gross profit | ' | ' | ' | ' | ' | ' | ' | ' | 485,100 | 454,222 | 601,987 |
Selling, general and administrative | ' | ' | ' | ' | ' | ' | ' | ' | 118,975 | 102,142 | 135,509 |
Operating income | ' | ' | ' | ' | ' | ' | ' | ' | 366,125 | 352,080 | 466,478 |
Interest expense, net of capitalized interest | ' | ' | ' | ' | ' | ' | ' | ' | 81,361 | 104,058 | 104,008 |
Other (income) expense, net | ' | ' | ' | ' | ' | ' | ' | ' | -7,358 | 28,677 | -12,663 |
Income before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 292,122 | 219,345 | 375,133 |
Income taxes (benefit) | ' | ' | ' | ' | ' | ' | ' | ' | 63,670 | 26,611 | 111,532 |
Net income | ' | ' | ' | ' | ' | ' | ' | ' | 228,452 | 192,734 | 263,601 |
Equity in net income (loss) of subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | -39,138 | -29,183 | 14,519 |
Net income attributable to Steel Dynamics, Inc. | ' | ' | ' | ' | ' | ' | ' | ' | 189,314 | 163,551 | 278,120 |
Reportable legal entity | Guarantors | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Condensed Consolidating Statements of Operations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | 8,219,499 | 8,322,995 | 9,062,305 |
Costs of goods sold | ' | ' | ' | ' | ' | ' | ' | ' | 7,805,367 | 7,906,392 | 8,604,620 |
Gross profit | ' | ' | ' | ' | ' | ' | ' | ' | 414,132 | 416,603 | 457,685 |
Selling, general and administrative | ' | ' | ' | ' | ' | ' | ' | ' | 219,531 | 218,515 | 217,717 |
Operating income | ' | ' | ' | ' | ' | ' | ' | ' | 194,601 | 198,088 | 239,968 |
Interest expense, net of capitalized interest | ' | ' | ' | ' | ' | ' | ' | ' | 43,879 | 53,186 | 71,487 |
Other (income) expense, net | ' | ' | ' | ' | ' | ' | ' | ' | 3,401 | -1,531 | -8,012 |
Income before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 147,321 | 146,433 | 176,493 |
Income taxes (benefit) | ' | ' | ' | ' | ' | ' | ' | ' | 54,448 | 51,011 | 66,734 |
Net income | ' | ' | ' | ' | ' | ' | ' | ' | 92,873 | 95,422 | 109,759 |
Net income attributable to Steel Dynamics, Inc. | ' | ' | ' | ' | ' | ' | ' | ' | 92,873 | 95,422 | 109,759 |
Reportable legal entity | Combined Non-Guarantors | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Condensed Consolidating Statements of Operations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | 347,288 | 177,527 | 190,739 |
Costs of goods sold | ' | ' | ' | ' | ' | ' | ' | ' | 440,064 | 257,604 | 251,528 |
Gross profit | ' | ' | ' | ' | ' | ' | ' | ' | -92,776 | -80,077 | -60,789 |
Selling, general and administrative | ' | ' | ' | ' | ' | ' | ' | ' | 10,548 | 24,081 | 9,184 |
Operating income | ' | ' | ' | ' | ' | ' | ' | ' | -103,324 | -104,158 | -69,973 |
Interest expense, net of capitalized interest | ' | ' | ' | ' | ' | ' | ' | ' | 7,259 | 6,630 | 8,784 |
Other (income) expense, net | ' | ' | ' | ' | ' | ' | ' | ' | -4,847 | -3,921 | -3,209 |
Income before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | -105,736 | -106,867 | -75,548 |
Income taxes (benefit) | ' | ' | ' | ' | ' | ' | ' | ' | 6,406 | 247 | -151 |
Net income | ' | ' | ' | ' | ' | ' | ' | ' | -112,142 | -107,114 | -75,397 |
Net loss attributable to noncontrolling interests | ' | ' | ' | ' | ' | ' | ' | ' | 25,798 | 21,270 | 12,428 |
Net income attributable to Steel Dynamics, Inc. | ' | ' | ' | ' | ' | ' | ' | ' | -86,344 | -85,844 | -62,969 |
Consolidating Adjustments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Condensed Consolidating Statements of Operations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | -4,660,554 | -4,642,266 | -4,957,472 |
Costs of goods sold | ' | ' | ' | ' | ' | ' | ' | ' | -4,573,242 | -4,571,416 | -4,890,107 |
Gross profit | ' | ' | ' | ' | ' | ' | ' | ' | -87,312 | -70,850 | -67,365 |
Selling, general and administrative | ' | ' | ' | ' | ' | ' | ' | ' | -16,435 | -16,005 | -15,712 |
Operating income | ' | ' | ' | ' | ' | ' | ' | ' | -70,877 | -54,845 | -51,653 |
Interest expense, net of capitalized interest | ' | ' | ' | ' | ' | ' | ' | ' | -4,771 | -5,289 | -7,302 |
Other (income) expense, net | ' | ' | ' | ' | ' | ' | ' | ' | 4,771 | 5,289 | 7,408 |
Income before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | -70,877 | -54,845 | -51,759 |
Income taxes (benefit) | ' | ' | ' | ' | ' | ' | ' | ' | -25,210 | -16,084 | -19,488 |
Net income | ' | ' | ' | ' | ' | ' | ' | ' | -45,667 | -38,761 | -32,271 |
Equity in net income (loss) of subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | 39,138 | 29,183 | -14,519 |
Net income attributable to Steel Dynamics, Inc. | ' | ' | ' | ' | ' | ' | ' | ' | ($6,529) | ($9,578) | ($46,790) |
Condensed_Consolidating_Inform4
Condensed Consolidating Information (Details 3) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Condensed Consolidating Statements of Cash Flows | ' | ' | ' |
Net cash provided by (used in) operating activities | $312,175 | $445,694 | $486,355 |
Net cash used in investing activities | -152,845 | -191,601 | -235,837 |
Net cash provided by (used in) financing activities | -140,091 | -268,937 | -46,270 |
Increase (decrease) in cash and equivalents | 19,239 | -14,844 | 204,248 |
Cash and equivalents at beginning of year | 375,917 | 390,761 | 186,513 |
Cash and equivalents at end of year | 395,156 | 375,917 | 390,761 |
Reportable legal entity | Parent | ' | ' | ' |
Condensed Consolidating Statements of Cash Flows | ' | ' | ' |
Net cash provided by (used in) operating activities | 190,616 | 306,613 | 380,171 |
Net cash used in investing activities | -170,561 | -104,242 | -230,314 |
Net cash provided by (used in) financing activities | -21,896 | -180,737 | -22,347 |
Increase (decrease) in cash and equivalents | -1,841 | 21,634 | 127,510 |
Cash and equivalents at beginning of year | 322,707 | 301,073 | 173,563 |
Cash and equivalents at end of year | 320,866 | 322,707 | 301,073 |
Reportable legal entity | Guarantors | ' | ' | ' |
Condensed Consolidating Statements of Cash Flows | ' | ' | ' |
Net cash provided by (used in) operating activities | 190,885 | 209,579 | 173,574 |
Net cash used in investing activities | -41,415 | -107,274 | -50,576 |
Net cash provided by (used in) financing activities | -129,997 | -119,329 | -74,927 |
Increase (decrease) in cash and equivalents | 19,473 | -17,024 | 48,071 |
Cash and equivalents at beginning of year | 41,675 | 58,699 | 10,628 |
Cash and equivalents at end of year | 61,148 | 41,675 | 58,699 |
Reportable legal entity | Combined Non-Guarantors | ' | ' | ' |
Condensed Consolidating Statements of Cash Flows | ' | ' | ' |
Net cash provided by (used in) operating activities | -80,525 | -76,363 | -68,110 |
Net cash used in investing activities | -23,086 | -95,314 | -65,144 |
Net cash provided by (used in) financing activities | 105,218 | 152,223 | 161,921 |
Increase (decrease) in cash and equivalents | 1,607 | -19,454 | 28,667 |
Cash and equivalents at beginning of year | 11,535 | 30,989 | 2,322 |
Cash and equivalents at end of year | 13,142 | 11,535 | 30,989 |
Consolidating Adjustments | ' | ' | ' |
Condensed Consolidating Statements of Cash Flows | ' | ' | ' |
Net cash provided by (used in) operating activities | 11,199 | 5,865 | 720 |
Net cash used in investing activities | 82,217 | 115,229 | 110,197 |
Net cash provided by (used in) financing activities | ($93,416) | ($121,094) | ($110,917) |
Quarterly_Financial_Informatio2
Quarterly Financial Information (unaudited, in thousands, except per share data) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Quarterly Financial Information (unaudited, in thousands, except per share data) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | $1,864,150,000 | $1,911,738,000 | $1,801,340,000 | $1,795,696,000 | $1,705,001,000 | $1,693,390,000 | $1,909,803,000 | $1,982,040,000 | $7,372,924,000 | $7,290,234,000 | $7,997,500,000 |
Gross profit | 197,996,000 | 197,192,000 | 147,692,000 | 176,264,000 | 180,097,000 | 156,401,000 | 182,136,000 | 201,264,000 | 719,144,000 | 719,898,000 | 931,518,000 |
Operating income | 107,822,000 | 113,273,000 | 69,198,000 | 96,232,000 | 94,929,000 | 72,721,000 | 103,699,000 | 119,816,000 | 386,525,000 | 391,165,000 | 584,820,000 |
Net income | 47,901,000 | 51,090,000 | 23,273,000 | 41,252,000 | 55,094,000 | 6,105,000 | 39,305,000 | 41,777,000 | 163,516,000 | 142,281,000 | 265,692,000 |
Net income attributable to Steel Dynamics, Inc. | 54,655,000 | 57,486,000 | 28,958,000 | 48,215,000 | 60,571,000 | 12,833,000 | 44,472,000 | 45,675,000 | 189,314,000 | 163,551,000 | 278,120,000 |
Earnings per share: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Basic (in dollars per share) | $0.25 | $0.26 | $0.13 | $0.22 | $0.28 | $0.06 | $0.20 | $0.21 | $0.86 | $0.75 | $1.27 |
Diluted (in dollars per share) | $0.24 | $0.25 | $0.13 | $0.21 | $0.27 | $0.06 | $0.20 | $0.20 | $0.83 | $0.73 | $1.22 |
Other non-operating expenses | ' | ' | ' | ' | ' | $26,400,000 | ' | $13,900,000 | ' | $40,300,000 | ' |