Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Feb. 19, 2021 | Jun. 30, 2020 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Document Period End Date | Dec. 31, 2020 | ||
Document Fiscal Year Focus | 2020 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | RYI | ||
Entity Registrant Name | RYERSON HOLDING CORPORATION | ||
Entity Central Index Key | 0001481582 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Entity Interactive Data Current | Yes | ||
Entity File Number | 001-34735 | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Common Stock, Shares Outstanding | 38,117,397 | ||
Entity Public Float | $ 78,979,779 | ||
Title of 12(b) Security | Common Stock, $0.01 par value, 100,000,000 shares authorized | ||
Security Exchange Name | NYSE | ||
Entity Tax Identification Number | 26-1251524 | ||
Entity Address, Address Line One | 227 W. Monroe St., | ||
Entity Address, Address Line Two | 27th Floor | ||
Entity Address, City or Town | Chicago | ||
Entity Address, State or Province | IL | ||
Entity Address, Postal Zip Code | 60606 | ||
City Area Code | 312 | ||
Local Phone Number | 292-5000 | ||
ICFR Auditor Attestation Flag | true | ||
Documents Incorporated by Reference | The information required to be furnished pursuant to Part III of this Form 10-K will be set forth in, and incorporated by reference from, the registrant’s definitive proxy statement for the annual meeting of stockholders (the “2020 Proxy Statement”), which will be filed with the Securities and Exchange Commission not later than 120 days after the end of the fiscal year ended December 31, 2020. |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income Statement [Abstract] | |||
Net sales | $ 3,466.6 | $ 4,501.6 | $ 4,408.4 |
Cost of materials sold | 2,845.5 | 3,673.7 | 3,650.3 |
Gross profit | 621.1 | 827.9 | 758.1 |
Warehousing, delivery, selling, general, and administrative | 554.3 | 636.8 | 614.7 |
Gain on sale of assets | (20.6) | ||
Gain on insurance settlement | (1.5) | ||
Restructuring and other charges | 2.2 | 2.4 | 4.2 |
Operating profit | 64.6 | 210.8 | 139.2 |
Other expense: | |||
Other income and (expense), net | 5.3 | (0.6) | 8.6 |
Gain on bargain purchase | 70 | ||
Pension settlement charges | (65.9) | (1.6) | (0.2) |
Loss on retirement of debt | (17.7) | (0.2) | (1.7) |
Interest and other expense on debt | (76.4) | (93.2) | (99.2) |
Income (loss) before income taxes | (90.1) | 115.2 | 116.7 |
Provision (benefit) for income taxes | (24.8) | 32.5 | 10.3 |
Net income (loss) | (65.3) | 82.7 | 106.4 |
Less: Net income attributable to noncontrolling interest | 0.5 | 0.3 | 0.4 |
Net income (loss) attributable to Ryerson Holding Corporation | $ (65.8) | $ 82.4 | $ 106 |
Basic earnings (loss) per share | $ (1.73) | $ 2.19 | $ 2.84 |
Diluted earnings (loss) per share | $ (1.73) | $ 2.17 | $ 2.81 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Statement Of Income And Comprehensive Income [Abstract] | |||
Net income (loss) | $ (65.3) | $ 82.7 | $ 106.4 |
Other comprehensive income (loss), before tax: | |||
Foreign currency translation adjustments | 1.6 | 4.3 | (8.2) |
Loss on intra-entity foreign currency transactions | (3) | ||
Gain (loss) on cash flow hedges | (3.8) | (1.8) | 0.5 |
Changes in defined benefit pension and other post-retirement benefit plans | 41.8 | 14 | (22.3) |
Other comprehensive income (loss), before tax | 39.6 | 16.5 | (33) |
Income tax provision (benefit) related to items of other comprehensive income (loss) | 9.5 | 2.6 | (4.5) |
Comprehensive income (loss), after tax | (35.2) | 96.6 | 77.9 |
Less: Comprehensive income attributable to the noncontrolling interest | 0.5 | 0.4 | 0.4 |
Comprehensive income (loss) attributable to Ryerson Holding Corporation | $ (35.7) | $ 96.2 | $ 77.5 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Operating activities: | |||
Net income (loss) | $ (65.3) | $ 82.7 | $ 106.4 |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||
Depreciation and amortization | 53.9 | 58.4 | 52.9 |
Stock-based compensation | 1.9 | 3.1 | 3.3 |
Deferred income taxes | (16.6) | 48 | 7.8 |
Provision for allowances, claims, and doubtful accounts | (0.7) | 3.5 | 3.7 |
Restructuring and other charges | 2.2 | 2.4 | 4.2 |
Gain on bargain purchase | (70) | ||
Loss on retirement of debt | 17.7 | 0.2 | 1.7 |
Gain on sale of assets | (20.6) | ||
Non-cash (gain) loss from derivatives | (10.6) | 0.6 | 2.7 |
Gain on insurance settlement | (1.5) | ||
Pension settlement charge | 65.9 | 1.6 | 0.2 |
Other items | 0.2 | 1.2 | (0.5) |
Change in operating assets and liabilities, net of effects of acquisitions: | |||
Receivables | 46.7 | 92.5 | (64.8) |
Inventories | 138.9 | 65.9 | (21.4) |
Other assets and liabilities | 13 | 4.9 | (7.3) |
Accounts payable | 25.8 | (78.2) | 58.4 |
Accrued liabilities | 16.7 | (34.6) | 16.8 |
Accrued taxes payable/receivable | (1.2) | (7.6) | 2.2 |
Deferred employee benefit costs | (10.6) | (29.4) | (38.9) |
Net adjustments | 343.2 | 110.4 | (49) |
Net cash provided by operating activities | 277.9 | 193.1 | 57.4 |
Investing activities: | |||
Acquisitions, net of cash acquired | (169.7) | ||
Capital expenditures | (26) | (45.8) | (38.4) |
Proceeds from sale of property, plant, and equipment | 0.1 | 70.4 | 5.9 |
Proceeds from insurance settlement | 1.8 | 2 | |
Net cash provided by (used in) investing activities | (25.9) | 26.4 | (200.2) |
Financing activities: | |||
Long term debt issued | 500 | ||
Repayment of debt | (654.7) | (12.7) | (52.4) |
Net proceeds (repayments) of short-term borrowings | (93.8) | (164.6) | 149.9 |
Bond issuance costs | (10.9) | ||
Credit facility issuance costs | (4.9) | (0.6) | |
Net increase (decrease) in book overdrafts | 27.4 | 0.1 | 6.3 |
Principal payments on finance lease obligations | (13.1) | (13.6) | (13.7) |
Contingent payment related to acquisitions | (1.3) | (0.9) | |
Proceeds from sale leaseback transactions | 8.3 | 4.5 | |
Purchase of subsidiary shares from noncontrolling interest | (0.2) | ||
Dividends paid to non-controlling interest | (0.2) | ||
Net cash provided by (used in) financing activities | (250.2) | (183.8) | 92.9 |
Net increase (decrease) in cash, cash equivalents, and restricted cash | 1.8 | 35.7 | (49.9) |
Effect of exchange rate changes on cash, cash equivalents, and restricted cash | 0.9 | (0.2) | (4.3) |
Net change in cash, cash equivalents, and restricted cash | 2.7 | 35.5 | (54.2) |
Cash, cash equivalents, and restricted cash—beginning of period | 59.8 | 24.3 | 78.5 |
Cash, cash equivalents, and restricted cash—end of period | 62.5 | 59.8 | 24.3 |
Cash paid (received) during the period for: | |||
Interest paid to third parties, net | 62 | 88.3 | 92.8 |
Income taxes, net | (5.7) | (6.6) | 2.1 |
Noncash investing activities: | |||
Asset additions under adoption of accounting principle ASC 842 | 82.3 | ||
Asset additions under operating leases | 1.6 | 64.8 | |
Asset additions under finance leases and failed sale-leasebacks | $ 3.6 | 2.2 | 12.9 |
Asset additions under financing arrangements | 2.2 | $ 4.6 | |
Noncash financing activities: | |||
Short term debt converted to finance lease | $ 7.6 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Current assets: | ||
Cash and cash equivalents | $ 61.4 | $ 11 |
Restricted cash (Note 3) | 1.1 | 48.8 |
Receivables less provisions of $1.7 in 2020 and $3.5 in 2019 | 378.9 | 425.1 |
Inventories (Note 4) | 604.5 | 742.9 |
Prepaid expenses and other current assets | 57.5 | 52.2 |
Total current assets | 1,103.4 | 1,280 |
Property, plant, and equipment, net of accumulated depreciation (Note 5) | 421.8 | 439.7 |
Operating lease assets (Note 6) | 108.3 | 128.2 |
Other intangible assets (Note 7) | 43.2 | 50.6 |
Goodwill (Note 8) | 120.3 | 120.3 |
Deferred charges and other assets | 5.1 | 2.7 |
Total assets | 1,802.1 | 2,021.5 |
Current liabilities: | ||
Accounts payable | 365.1 | 311.5 |
Accrued liabilities: | ||
Salaries, wages, and commissions | 43.1 | 35.3 |
Interest on debt | 17.6 | 9.4 |
Other accrued liabilities | 60.7 | 58.6 |
Short-term debt (Note 10) | 13.8 | 49.2 |
Current portion of operating lease liabilities (Note 6) | 20.7 | 20.9 |
Current portion of deferred employee benefits (Note 11) | 6.6 | 7 |
Total current liabilities | 527.6 | 491.9 |
Long-term debt (Note 10) | 726.2 | 932.6 |
Deferred employee benefits (Note 11) | 231.6 | 217.5 |
Noncurrent operating lease liabilities (Note 6) | 93 | 112.8 |
Deferred income taxes (Note 18) | 58.2 | 65.2 |
Other noncurrent liabilities | 20.4 | 22.9 |
Total liabilities | 1,657 | 1,842.9 |
Commitments and contingencies (Note 12) | ||
Ryerson Holding Corporation stockholders’ equity: | ||
Preferred stock, value | ||
Common stock, $0.01 par value; 100,000,000 shares authorized and 38,329,897 shares issued at 2020; 100,000,000 shares authorized and 37,996,261 issued at 2019 | 0.4 | 0.4 |
Capital in excess of par value | 383.1 | 381.2 |
Retained earnings | 33.8 | 99.6 |
Treasury stock at cost - Common stock, value | (6.6) | (6.6) |
Accumulated other comprehensive loss | (271.9) | (302) |
Total Ryerson Holding Corporation stockholders’ equity | 138.8 | 172.6 |
Noncontrolling interest | 6.3 | 6 |
Total equity | 145.1 | 178.6 |
Total liabilities and equity | $ 1,802.1 | $ 2,021.5 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Statement Of Financial Position [Abstract] | ||
Receivables, provisions | $ 1.7 | $ 3.5 |
Preferred stock, par value | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 7,000,000 | 7,000,000 |
Preferred stock, shares issued | 0 | 0 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, shares issued | 38,329,897 | 37,996,261 |
Treasury stock at cost - Common stock, shares | 212,500 | 212,500 |
Consolidated Statements Of Stoc
Consolidated Statements Of Stockholders' Equity - USD ($) $ in Millions | Total | Common Stock [Member] | Treasury Stock [Member] | Capital in Excess of Par Value [Member] | Retained Earnings (Accumulated Deficit) [Member] | Foreign Currency Translation [Member] | Benefit Plan Liabilities [Member] | Unrealized Gain (Loss) on Equity Securities [Member] | Cash Flow Hedge - Interest Rate Swap [Member] | Noncontrolling Interest [Member] |
Beginning Balance at Dec. 31, 2017 | $ (7.4) | $ 0.4 | $ (6.6) | $ 377.6 | $ (95.1) | $ (41.6) | $ (246.3) | $ 1 | $ 0.6 | $ 2.6 |
Beginning Balance, shares at Dec. 31, 2017 | 37,421,000 | |||||||||
Beginning Balance Treasury Stock, shares at Dec. 31, 2017 | 213,000 | |||||||||
Net income (loss) | 106.4 | 106 | 0.4 | |||||||
Foreign currency translation | (8.2) | (8.2) | ||||||||
Loss on intra-entity foreign currency transactions | (3) | (3) | ||||||||
Changes in defined benefit pension and other post-retirement benefit plans, net of tax | (17.7) | (17.7) | ||||||||
Adoption of accounting principle | ASU 2016-01 [Member] | 1 | $ (1) | ||||||||
Adoption of accounting principle | ASC 606 [Member] | 2.3 | 2.3 | ||||||||
Stock-based compensation expense | 3.3 | 3.3 | ||||||||
Stock-based compensation expense, shares | 235,000 | |||||||||
Purchase of subsidiary shares from noncontrolling interest | (0.2) | 0.1 | (0.3) | |||||||
Cash flow hedge - interest rate swap, net of tax | 0.4 | 0.4 | ||||||||
Ending Balance at Dec. 31, 2018 | 75.9 | $ 0.4 | $ (6.6) | 381 | 14.2 | (52.8) | (264) | 1 | 2.7 | |
Ending Balance, shares at Dec. 31, 2018 | 37,656,000 | |||||||||
Ending Balance Treasury Stock, shares at Dec. 31, 2018 | 213,000 | |||||||||
Net income (loss) | 82.7 | 82.4 | 0.3 | |||||||
Foreign currency translation | 4.3 | 4.2 | 0.1 | |||||||
Changes in defined benefit pension and other post-retirement benefit plans, net of tax | 10.9 | 10.9 | ||||||||
Adoption of accounting principle | ASU 2016-02 [Member] | 3 | 3 | ||||||||
Stock-based compensation expense | 3.1 | 3.1 | ||||||||
Stock-based compensation expense, shares | 340,000 | |||||||||
Purchase of subsidiary shares from noncontrolling interest | (2.9) | 2.9 | ||||||||
Cash flow hedge - interest rate swap, net of tax | (1.3) | (1.3) | ||||||||
Ending Balance at Dec. 31, 2019 | $ 178.6 | $ 0.4 | $ (6.6) | 381.2 | 99.6 | (48.6) | (253.1) | (0.3) | 6 | |
Ending Balance, shares at Dec. 31, 2019 | 37,996,261 | 37,996,000 | ||||||||
Ending Balance Treasury Stock, shares at Dec. 31, 2019 | 212,500 | 213,000 | ||||||||
Net income (loss) | $ (65.3) | (65.8) | 0.5 | |||||||
Foreign currency translation | 1.6 | 1.6 | ||||||||
Changes in defined benefit pension and other post-retirement benefit plans, net of tax | 31.3 | 31.3 | ||||||||
Stock-based compensation expense | 1.9 | 1.9 | ||||||||
Stock-based compensation expense, shares | 334,000 | |||||||||
Dividends paid to noncontrolling interest | (0.2) | (0.2) | ||||||||
Cash flow hedge - interest rate swap, net of tax | (2.8) | (2.8) | ||||||||
Ending Balance at Dec. 31, 2020 | $ 145.1 | $ 0.4 | $ (6.6) | $ 383.1 | $ 33.8 | $ (47) | $ (221.8) | $ (3.1) | $ 6.3 | |
Ending Balance, shares at Dec. 31, 2020 | 38,329,897 | 38,330,000 | ||||||||
Ending Balance Treasury Stock, shares at Dec. 31, 2020 | 212,500 | 213,000 |
Consolidated Statements Of St_2
Consolidated Statements Of Stockholders' Equity (Parenthetical) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Statement Of Stockholders Equity [Abstract] | |||
Changes in defined benefit pension and other post-retirement benefit plans, tax benefit (provision) | $ 10.5 | $ 3.1 | $ 4.6 |
Changes in interest rate swap, tax | $ 1 | $ 0.5 | 0.1 |
Changes due to adoption of ASC 606, tax | $ 0.7 |
Summary of Accounting and Finan
Summary of Accounting and Financial Policies | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Summary of Accounting and Financial Policies | Note 1: Summary of Accounting and Financial Policies Business Description and Basis of Presentation. Ryerson Holding Corporation (“Ryerson Holding”), a Delaware corporation, is the parent company of Joseph T. Ryerson & Son, Inc. (“JT Ryerson”), a Delaware corporation. Affiliates of Platinum Equity, LLC (“Platinum”) own approximately 21,037,500 shares of our common stock, which is approximately 55% of our issued and outstanding common stock. We are a leading value-added processor and distributor of industrial metals with operations in the United States through JT Ryerson, in Canada through our indirect wholly-owned subsidiary Ryerson Canada, Inc., a Canadian corporation (“Ryerson Canada”), and in Mexico through our indirect wholly-owned subsidiary Ryerson Metals de Mexico, S. de R.L. de C.V., a Mexican corporation (“Ryerson Mexico”). In addition to our North American operations, we conduct materials processing and distribution operations in China through an indirect wholly-owned subsidiary, Ryerson China Limited (“Ryerson China”), a Chinese limited liability company. Unless the context indicates otherwise, Ryerson Holding, JT Ryerson, Ryerson Canada, Ryerson China, and Ryerson Mexico together with their subsidiaries, are collectively referred to herein as “Ryerson,” “we,” “us,” “our,” or the “Company.” Principles of Consolidation. The Company consolidates entities in which it owns or controls more than 50% of the voting shares. All significant intercompany balances and transactions have been eliminated in consolidation Business Segments. Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 280, “ ” (“ASC 280”), establishes standards for reporting information on operating segments in interim and annual financial statements. Our Chief Executive Officer, together with our Board of Directors, serve as our Chief Operating Decision Maker (“CODM”). Our CODM reviews our financial information for purposes of making operational decisions and assessing financial performance. The CODM views our business globally as metals service centers. We have one operating and reportable segment, metal service centers, in accordance with the criteria set forth in ASC 280. Use of Estimates . The preparation of financial statements in conformity with Generally Accepted Accounting Principles (“GAAP”) in the United States requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and related notes to the financial statements. Changes in such estimates may affect amounts reported in future periods. Reclassifications. Certain amounts in the 2019 and 2018 financial statements, as previously reported, have been revised to conform to the 2020 presentation. These changes did not have a material impact on the presentation of the consolidated financial statements. Revenue Recognition. Revenue is recognized in accordance with FASB ASC 606, “ ” (“ASC 606”). Revenue is recognized based on the consideration expected to be received for delivery of as-is or processed metal products when, or as, the Company satisfies its contractual obligation to transfer control of a product to a customer, which we refer to as a performance obligation. See Note 16: Revenue Recognition for further details. Provision for allowances, claims, and doubtful accounts . The Company adopted Accounting Standards Update (“ASU”) 2016-13, “Financial Instruments – Credit Losses: Measurement of Credit Losses on Financial Instruments” (“ASU 2016-13”) as of January 1, 2020. Results for 2020 follow the guidance under ASC 326 “ Financial Instruments – Credit Losses ” (“ASC 326”), while prior period amounts continue to be reported in accordance with previously applicable GAAP. The Company monitors customer payments and maintains a provision for estimated credit losses based on historical experience and specific customer collection issues that the Company has identified. Estimation of such losses requires adjusting historical loss experience for current economic conditions and judgments about the probable effects of economic conditions on certain customers. See Note 17: Provision for Credit Losses for further details. Shipping and Handling Fees and Costs. Shipping and handling fees billed to customers are classified in net sales in our Consolidated Statement of Operations. Shipping and handling costs, primarily distribution costs, are classified in warehousing, delivery, selling, general, and administrative expenses in our Consolidated Statement of Operations. These costs totaled $113.7 million, $126.7 million, and $112.3 million for the years ended December 31, 2020, 2019, and 2018, respectively the Company has elected to treat shipping and handling costs as an activity necessary to fulfill the performance obligation to transfer product to the customer and not as a separate performance obligation. Shipping and handling costs are estimated at quarter end in proportion to revenue recognized for transactions where actual costs are not yet known. Benefits for Retired Employees. The Company recognizes the funded status of its defined benefit pension and other postretirement plans in the Consolidated Balance Sheets, with changes in the funded status recognized through accumulated other comprehensive income (loss), in the year in which the changes occur. Service cost is included in warehousing, delivery, selling, general, and administrative expenses and all other components of net benefit costs are recognized in other income and (expense), net, in the Consolidated Statement of Operations. The estimated cost of the Company’s defined benefit pension plan and its postretirement medical benefits are determined annually or upon plan remeasurement after considering information provided by consulting actuaries. Key factors used in developing estimates of these liabilities include assumptions related to discount rates, rates of return on investments, mortality rates, future compensation costs, healthcare cost trends, benefit payment patterns, and other factors. The cost of these benefits for retirees is accrued during their term of employment. Pensions are funded primarily in accordance with the requirements of the Employee Retirement Income Security Act (“ERISA”) of 1974 and the Pension Protection Act of 2006. Costs for retired employee medical benefits are funded when claims are submitted. Certain employees are covered by a defined contribution plan, for which the cost is expensed in the period earned. Cash Equivalents. Cash equivalents reflected in the financial statements are highly liquid, short-term investments with original maturities of three months or less. Checks issued in excess of funds on deposit at the bank represent “book” overdrafts. We reclassified $84.9 million and $57.6 million to accounts payable at December 31, 2020 and 2019, respectively. Inventory Valuation . Inventories are stated at the lower of cost or market value. We primarily use the last-in, first-out (“LIFO”) method for valuing our domestic inventories. We use the moving average cost and the specific cost methods for valuing our foreign inventories. Property, Plant, and Equipment. Property, plant, and equipment, including land use rights and finance lease assets, are depreciated for financial reporting purposes using the straight-line method over the estimated useful lives of the assets. The provision for depreciation in all periods presented is based on the following estimated useful lives of the assets: Land improvements 20 years Buildings 45 years Machinery and equipment 10-15 years Furniture and fixtures 10 years Transportation equipment 3-6 years Land use rights 50 years Expenditures for normal repairs and maintenance are charged against income in the period incurred. Leases. For the years ended December 31, 2020 and 2019, leases are recognized in accordance with FASB ASC 842, “ ” (“ASC 842”). In the year ended December 31, 2018, leases are recognized in accordance with FASB ASC 840, “Leases” (“ASC 840”). The Company leases various assets including real estate, trucks, trailers, mobile equipment, processing equipment, and IT equipment. See discussion of the adoption of ASC 842 within Recent Accounting Pronouncements below and Note 6: Leases, for further details on accounting treatment. Goodwill. In accordance with FASB ASC 350, “ ” (“ASC 350”), goodwill is reviewed at least annually for impairment or whenever indicators of potential impairment exist. We test for impairment of goodwill by assessing various qualitative factors with respect to developments in our business and the overall economy and calculating the fair value of a reporting unit using the discounted cash flow method, as necessary. If we determine that it is more likely than not that the fair value of a reporting unit is less than the carrying value based on our qualitative assessment, we will proceed to the quantitative goodwill impairment test, in which we compare the fair value of the reporting unit where the goodwill resides to its carrying value. If the carrying amount of goodwill exceeds its implied fair value, an impairment loss is recognized in an amount equal to that excess, not to exceed the carrying amount of the goodwill. The fair value of the reporting unit is estimated using a combination of an income approach and a market approach as this combination is deemed to be the most indicative of fair value in an orderly transaction between market participants. Long-lived Assets and Other Intangible Assets . Long-lived assets held and used by the Company are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. The Company estimates the future cash flows expected to result from the use of the asset and its eventual disposition. If the sum of the expected future cash flows (undiscounted and without interest charges) is less than the carrying amount of the asset, an impairment is recognized. Any related impairment loss is calculated based upon comparison of the fair value to the carrying value of the asset. Separate intangible assets that have finite useful lives are amortized over their useful lives. An impaired intangible asset would be written down to fair value, using the discounted cash flow method. Accrued Vacation Liability. In 2019, the Company changed its vacation policy such that employees earn their vacation for the current year as work is performed throughout the year and forfeit any unused vacation at the end of the year, with the exception of a partial rollover allowance subject to a cap. Under the previous policy, vacation was earned in advance of work being performed for the subsequent year. As a result of this policy change, the Company recorded a reduction of $11.0 million to accrued vacation expense. The adjustment is included within warehousing, delivery, general, and administrative expense within the Consolidated Statement of Operations in 2019. Deferred Financing Costs. Deferred financing costs associated with the issuance of debt are being amortized using either the effective interest method or straight line method over the life of the debt in accordance with FASB ASC 470, (“ASC 470”) Deferred financing costs related to a recognized debt liability are presented in the balance sheet as a direct deduction from the carrying amount of the related debt liability. Foreign Currency. The Company translates assets and liabilities of its foreign subsidiaries, where the functional currency is the local currency, into U.S. dollars at the current rate of exchange on the last day of the reporting period. Revenues and expenses are translated at the average monthly exchange rates prevailing during the year. For foreign currency transactions, the Company translates these amounts to the Company’s functional currency at the exchange rate effective on the invoice date. If the exchange rate changes between the time of purchase and the time actual payment is made, a foreign exchange transaction gain or loss results which is included in determining net income (loss) for the year. The Company recognized zero exchange gains/losses, $2.4 million exchange loss, and a $3.0 million exchange gain for the years ended December 31, 2020, 2019 and 2018, respectively. These amounts are primarily classified in “Other income and (expense), net” in our Consolidated Statements of Operations. Income Taxes. Deferred tax assets or liabilities reflect temporary differences between amounts of assets and liabilities for financial and tax reporting. Such amounts are adjusted, as appropriate, to reflect changes in enacted tax rates expected to be in effect when the temporary differences reverse. A valuation allowance is established to offset any deferred tax assets if, based upon the available evidence, it is more likely than not that some or all of the deferred tax assets will not be realized. The determination of the amount of a valuation allowance to be provided on recorded deferred tax assets involves estimates regarding (1) the timing and amount of the reversal of taxable temporary differences, (2) expected future taxable income, (3) the impact of tax planning strategies, and (4) the ability to carry back tax losses to offset prior taxable income. In assessing the need for a valuation allowance, the Company considers all available positive and negative evidence, including past operating results, projections of future taxable income, and the feasibility of ongoing tax planning strategies. The projections of future taxable income include a number of estimates and assumptions regarding volume, pricing, costs, and industry cyclicality. Significant judgment is required in determining income tax provisions and in evaluating tax positions. In the normal course of business, the Company and its subsidiaries are examined by various federal, state, and foreign tax authorities. The Company records the impact of a tax position, if that position is more likely than not to be sustained in audit, based on the technical merits of the position. The Company regularly assesses the potential outcomes of these examinations and any future examinations for the current or prior years in determining the adequacy of our provision for income taxes. The Company continually assesses the likelihood and amount of potential adjustments and adjusts the income tax provision, the current tax liability, and deferred taxes in the period in which the facts that give rise to a revision become known. The Company recognizes the benefit of tax positions when a benefit is more likely than not (i.e., greater than 50% likely) to be sustained on its technical merits. Recognized tax benefits are measured at the largest amount that is more likely than not to be sustained, based on cumulative probability, in final settlement of the position. The Company recognizes interest and penalties related to unrecognized tax benefits as a component of income tax expense. Earnings Per Share Data. Basic earnings per share (“EPS”) is computed by dividing net earnings available to common stockholders by the weighted average number of common shares outstanding for the period. Diluted earnings per share is computed by giving effect to all dilutive potential common shares that were outstanding during the period, unless inclusion of the potential common shares would have an antidilutive effect. Basic earnings per share excludes the dilutive effect of common stock equivalents such as stock options and warrants, while diluted earnings per share, assuming dilution, includes such dilutive effects. Recent Accounting Pronouncements Impact of Recently Issued Accounting Standards–Adopted In June 2016, the FASB issued ASU 2016-13. The standard and subsequently issued amendments require financial assets measured at amortized cost basis to be presented at the net amount expected to be collected, thus eliminating the probable initial recognition threshold and instead reflecting the current estimate of all expected credit losses. The update is effective for interim and annual reporting periods beginning after December 15, 2019. In August 2018, the FASB issued ASU 2018-15, “ Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract. In March 2020, the FASB issued ASU 2020-04, “Reference Rate Reform (Topic 848).” The amendments in this update provide optional expedients and exceptions for applying Generally Accepted Accounting Principles (“GAAP”) to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. The amendments apply only to contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. The expedients and exceptions provided by the amendments do not apply to contract modifications made and hedging relationships entered into or evaluated after December 31, 2022, except for hedging relationships existing as of December 31, 2022, that an entity has elected certain optional expedients for and that are retained through the end of the hedging relationship. In January 2021, the FASB issued ASU 2021-01, which clarifies that certain optional expedients and exceptions in Topic 848 for contract modifications and hedge accounting apply to derivatives that are affected by the discounting transition. The amendments in these updates are effective for all entities as of March 12, 2020 through December 31, 2022. We adopted this guidance as of March 12, 2020 and there was no impact to our financial statements as no in-scope contract modifications occurred. Impact of Recently Issued Accounting Standards–Not Yet Adopted In December 2019, the FASB issued ASU 2019-12, “ Income Taxes – Simplifying the Accounting for Income Taxes |
Acquisitions
Acquisitions | 12 Months Ended |
Dec. 31, 2020 | |
Business Combinations [Abstract] | |
Acquisitions | Note 2: Acquisitions On July 2, 2018 (“the acquisition date”) JT Ryerson purchased Central Steel and Wire Company (“CS&W”). CS&W is a leading metal service center with locations across the Central and Eastern United States offering a wide selection of products and capabilities, with a commercial portfolio centered on bar, tube, plate, and steel products. The following table summarizes the fair values of the assets acquired and liabilities assumed at the acquisition date. At July 2, 2018 (In millions) Cash and cash equivalents $ 10.0 Receivables, less provisions 80.0 Inventories 179.8 Prepaid expenses and other current assets 1.7 Property, plant, and equipment 66.5 Other intangible assets 16.1 Total identifiable assets acquired 354.1 Accounts payable (49.7 ) Salaries, wages, and commissions (4.9 ) Other accrued liabilities (6.5 ) Deferred income taxes (27.7 ) Deferred employee benefits (31.8 ) Total liabilities assumed (120.6 ) Net identifiable assets acquired 233.5 Bargain purchase gain (70.0 ) Total purchase price $ 163.5 The Company used third-party valuation firms to estimate the fair values of property, plant, and equipment and intangible assets as well as to remeasure the deferred employee benefits liabilities. Inventory was valued by the Company using acquisition date fair values of the metals. The fair value of accounts receivables acquired was $80.0 million, with a gross amount of $81.8 million. The Company expected $1.8 million to be uncollectible. The $16.1 million of acquired intangible assets is related to a trademark acquired with a useful life of 10 years. The transaction resulted in a bargain purchase gain of $70.0 million primarily due to higher inventory and property, plant, and equipment fair values compared to book values. The Company believes that the bargain purchase gain was primarily the result of the decision by majority stockholders of CS&W to sell their interests as CS&W had been experiencing increasing net losses. The agreed upon purchase price reflected the fact the seller would have needed to incur significant costs on future integration initiatives and to upgrade their infrastructure and computer systems in order to restore CS&W to a profitable basis. With our existing nationwide service center operations, we believe that our infrastructure will allow the necessary operational improvements to be implemented more efficiently than the seller. The Company recognized $1.6 million in acquisition-related fees, which was included in Warehousing, delivery, selling, general, and administrative expense in the Consolidated Statements of Operations in 2018. Included in the year ended December 31, 2019 financial results was revenue of $576.3 million and a net loss of $13.1 million from CS&W. Included in the year ended December 31, 2018 financial results was $347.5 million of revenue and $58.3 million (includes the $70.0 million bargain purchase gain) of net income from CS&W since the acquisition date. The following unaudited pro forma information presents consolidated results of operations for the year ended December 31, 2019 and 2018 as if the acquisition of CS&W on July 2, 2018 had occurred on January 1, 2018: Pro Forma For the Year Ended December 31, 2019 2018 (In millions) Net sales $ 4,501.6 $ 4,767.7 Net income attributable to Ryerson Holding Corporation 82.4 15.2 The 2018 supplemental pro forma net income attributable to Ryerson Holding Corporation was adjusted to exclude the $70.0 million CS&W bargain purchase gain realized in 2018 as it is a nonrecurring item. On April 2, 2018, Ryerson Holding acquired Fanello Industries, LLC, a privately owned metal service company located in Lavonia, Georgia. |
Cash, Cash Equivalents, and Res
Cash, Cash Equivalents, and Restricted Cash | 12 Months Ended |
Dec. 31, 2020 | |
Cash And Cash Equivalents [Abstract] | |
Cash, Cash Equivalents, and Restricted Cash | Note 3: Cash, Cash Equivalents, and Restricted Cash The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the Consolidated Balance Sheets that sum to the total of the beginning and ending cash balances shown in the Consolidated Statements of Cash Flows: At December 31, 2020 2019 (In millions) Cash and cash equivalents $ 61.4 $ 11.0 Restricted cash 1.1 48.8 Total cash, cash equivalents, and restricted cash $ 62.5 $ 59.8 As part of the indenture for our $650 million senior secured notes due in 2022 (the “2022 Notes”), which was satisfied and discharged on July 22, 2020, proceeds from the sale of property, plant, and equipment that was collateral under such indenture were deposited into a restricted cash account. The cash could have been withdrawn from this restricted account upon meeting certain requirements, to fund activities such as debt repayment and future capital expenditures. In December 2019, we signed and closed a sale-leaseback transaction for a group of service center properties, |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2020 | |
Inventory Disclosure [Abstract] | |
Inventories | Note 4: Inventories Inventories, at stated LIFO value, were classified at December 31, 2020 and 2019 as follows: At December 31, 2020 2019 (In millions) In process and finished products $ 604.5 $ 742.9 If current cost had been used to value inventories, such inventories would have been $63 million lower and $51 million lower than reported at December 31, 2020 and 2019, respectively. Approximately 91% of inventories are accounted for under the LIFO method at December 31, 2020 and 2019. Non-LIFO inventories consist primarily of inventory at our foreign facilities using the moving average cost and the specific cost methods. Substantially all of our inventories consist of finished products. The Company has consignment inventory at certain customer locations, which totaled $4.8 million and $5.6 million at December 31, 2020 and 2019, respectively. |
Property, Plant and Equipment
Property, Plant and Equipment | 12 Months Ended |
Dec. 31, 2020 | |
Property Plant And Equipment [Abstract] | |
Property, Plant and Equipment | Note 5: Property, Plant, and Equipment Property, plant, and equipment consisted of the following at December 31, 2020 and 2019: At December 31, 2020 2019 (In millions) Land and land improvements $ 88.0 $ 89.4 Buildings and leasehold improvements 202.3 199.0 Machinery, equipment, and other 451.6 432.3 Finance leases 66.5 73.2 Construction in progress 14.5 12.6 Total 822.9 806.5 Less: Accumulated depreciation (401.1 ) (366.8 ) Net property, plant, and equipment $ 421.8 $ 439.7 The Company recorded impairment charges related to fixed assets of zero, zero, and $0.2 million for the years ended December 31, 2020, 2019, and 2018, respectively. The impairment charges recorded in 2018 related to certain assets held for sale in order to recognize the assets at their fair value less cost to sell, in accordance with FASB ASC 360-10-35-43, “ Property, Plant, and Equipment – Other Presentation Matters In December 2019, the Company signed and closed a sale-leaseback transaction for a group of service center properties that resulted in the recognition of a gain on sale of assets of $20.6 million, with total net proceeds of $61.5 million. See Note 6: Leases for further details. |
Leases
Leases | 12 Months Ended |
Dec. 31, 2020 | |
Leases [Abstract] | |
Leases | Note 6: Leases The Company leases various assets including real estate, trucks, trailers, mobile equipment, processing equipment, and IT equipment. The Company has noncancelable operating leases expiring at various times through 2032, and finance leases expiring at various times through 2027. Policy Elections & Practical Expedients The Company has made an accounting policy election not to record leases with an initial term of twelve months or less (“short term leases”) on the balance sheet as allowed within ASC 842. Short term lease expense is recognized on a straight-line basis over the lease term. The Company has elected to apply the practical expedient that allows for the combination of lease and non-lease components for all asset classes. In addition, the Company elected the package of practical expedients permitted under the transition guidance within the new standard, which among other things, allowed the Company to carry forward the historical lease classification for leases that existed at the transition date. Significant Judgments Many of our real estate leases include one or more options to renew, with renewal terms that can extend the lease term from one to 5 years or more. To determine the expected lease term, we include any noncancelable periods within the lease agreement as well as any periods covered by an option to extend the lease if we are reasonably certain to exercise the option. The equipment leases do not typically include options for renewal but do include options for purchase at the end of the lease. We determine the likelihood of exercising the option for purchase by assessing the option price versus the estimated fair value at the end of the lease term to determine if the option price is low enough that we are reasonably certain to exercise it. The depreciable life of finance lease assets and leasehold improvements are limited by the expected lease term, unless there is a transfer of title or purchase option reasonably certain of exercise. Lease payments include fixed payments, the exercise price of a purchase option that is reasonably certain of exercise, variable payments based on a known index, and the amount probable that the Company will owe under a residual value guarantee. Variable lease payments that are not based on a known index are not included in lease payments and are expensed as incurred. The discount rate used to determine the amount of right of use assets, lease liabilities, and lease classification is the interest rate implicit in the lease, when known. If the rate implicit in the lease is not known, the Company will use its incremental borrowing rate defined as the interest rate swap rate that approximates the lease term plus the long-term expected spread on the $1.0 billion revolving credit facility amended as of November 5, 2020 (the “Ryerson Credit Facility”). In December 2019, we sold and leased back a group of service center properties located in Arizona, Arkansas, Georgia, New York, Ohio, Texas, Virginia, and Washington for net proceeds of approximately $61.5 million. The total annual rent for the properties is approximately $4.3 million for the first year and is subject to annual rent escalations over the 12-year lease term. Under the terms of the lease agreement, the Company is responsible for all taxes, insurance, and utilities and is required to adequately maintain the properties for the lease term. The lease includes two renewal options for five years each. The transaction met the requirements for sale leaseback accounting under ASC 842 and ASC 606. Accordingly, the Company recognized the sale of the properties, which resulted in a gain of approximately $20.6 million recorded in the Consolidated Statement of Operations. The related land and buildings were removed from property, plant, and equipment and operating lease assets and liabilities of $47.8 million, respectively, were recorded in the Consolidated Balance Sheets. The following table summarizes the location and amount of lease assets and lease liabilities reported in our Consolidated Balance Sheet as of December 31, 2020 and 2019: At December 31, Leases Balance Sheet Location 2020 2019 (In millions) Assets Operating lease assets Operating lease assets $ 108.3 $ 128.2 Finance lease assets Property, plant, and equipment, net (a) 45.5 54.2 Total lease assets $ 153.8 $ 182.4 Liabilities Current Operating Current portion of operating lease liabilities $ 20.7 $ 20.9 Finance Other accrued liabilities 9.0 12.4 Noncurrent Operating Noncurrent operating lease liabilities 93.0 112.8 Finance Other noncurrent liabilities 14.3 18.7 Total lease liabilities $ 137.0 $ 164.8 (a) Finance lease assets are recorded net of accumulated amortization of $21.0 million and $19.0 million as of December 31, 2020 and 2019, respectively. Rental expense under operating leases totaled $29.4 million, $26.8 million, and $27.9 million for the years ended December 31, 2020, 2019, and 2018 respectively. The following table summarizes the location and amount of lease expense reported in our Consolidated Statements of Operations for the twelve months ended December 31, 2020 and 2019: Year Ended December 31, Lease Expense Location of Lease Expense Recognized in Income 2020 2019 (In millions) Operating lease expense Warehousing, delivery, selling, general, and administrative $ 23.9 $ 20.7 Finance lease expense Amortization of lease assets Warehousing, delivery, selling, general, and administrative 6.4 6.9 Interest on lease liabilities Interest and other expense on debt 1.2 1.6 Variable lease expense Warehousing, delivery, selling, general, and administrative 3.1 3.1 Short-term lease expense Warehousing, delivery, selling, general, and administrative 2.4 3.0 Total lease expense $ 37.0 $ 35.3 The following table presents maturity analysis of lease liabilities at December 31, 2020: Maturity of Lease Liabilities Operating Leases (a) Finance Leases (In millions) 2021 $ 24.1 $ 10.0 2022 20.4 6.6 2023 17.0 4.0 2024 15.7 3.2 2025 12.2 0.8 After 2025 38.9 0.3 Total lease payments 128.3 24.9 Less: Interest (b) (14.6 ) (1.6 ) Present value of lease liabilities (c) $ 113.7 $ 23.3 (a) There were no operating leases with options to extend lease terms that are reasonably certain of being exercised or operating leases signed but not yet commenced. (b) Calculated using the discount rate for each lease. (c) Includes the current portion of $20.7 million for operating leases and $9.0 million for finance leases. The following table shows the weighted-average remaining lease term and discount rate for operating and finance leases, respectively, at December 31, 2020 and 2019: At December 31, Lease Term and Discount Rate 2020 2019 Weighted-average remaining lease term (years) Operating leases 7.3 7.9 Finance leases 2.8 2.8 Weighted-average discount rate Operating leases 3.4 % 3.6 % Finance leases 4.4 % 4.8 % Information reported in our Consolidated Statement of Cash Flows for the twelve months ended December 31, 2020 and 2019 is summarized below: Year Ended December 31, Other Information 2020 2019 (In millions) Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from operating leases $ 25.3 $ 21.4 Operating cash flows from finance leases 1.2 1.6 Financing cash flows from finance leases 13.1 13.6 Assets obtained in exchange for lease obligations: Adoption of accounting principle ASC 842 — 82.3 Operating leases 1.6 64.8 Finance leases 3.6 2.2 |
Definite-Lived Intangible Asset
Definite-Lived Intangible Assets | 12 Months Ended |
Dec. 31, 2020 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Definite-Lived Intangible Assets | Note 7: Definite-Lived Intangible Assets The following summarizes the components of definite-lived intangible assets at December 31, 2020 and 2019: At December 31, 2020 At December 31, 2019 Remaining Weighted Average Amortizable Life in Years Gross Carrying Amount Accumulated Amortization Net Gross Carrying Amount Accumulated Amortization Net (In millions) Amortizable intangible assets Customer relationships 14.4 $ 57.7 $ (41.4 ) $ 16.3 $ 58.1 $ (37.9 ) $ 20.2 Developed technology / product know-how 10.0 4.6 (3.0 ) 1.6 4.6 (2.7 ) 1.9 Non-compete agreements 5.0 0.5 (0.4 ) 0.1 0.6 (0.4 ) 0.2 Trademarks 13.7 42.3 (17.1 ) 25.2 42.3 (14.0 ) 28.3 Licenses — 0.5 (0.5 ) — 0.5 (0.5 ) — Total definite-lived intangible assets $ 105.6 $ (62.4 ) $ 43.2 $ 106.1 $ (55.5 ) $ 50.6 Amortization expense related to intangible assets reported in warehousing, delivery, selling, general, and administrative expense in our Consolidated Statements of Operations for the years ended December 31, 2020, 2019, and 2018 was $7.4 Estimated amortization expense related to intangible assets at December 31, 2020, for each of the years in the five year period ending December 31, 2025 and thereafter is as follows: Estimated Amortization (In millions) For the year ended December 31, 2021 $ 6.4 For the year ended December 31, 2022 6.3 For the year ended December 31, 2023 5.1 For the year ended December 31, 2024 5.1 For the year ended December 31, 2025 4.9 For the years ended thereafter 15.4 |
Goodwill
Goodwill | 12 Months Ended |
Dec. 31, 2020 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Goodwill | Note 8: Goodwill Goodwill represents the excess of cost over the fair value of net assets acquired. The following is a summary of changes in the carrying amount of goodwill for the years ended December 31, 2020 and 2019: Cost Accumulated Impairment Carrying Amount (In millions) Balance at January 1, 2019 $ 128.6 $ (8.3 ) $ 120.3 Acquisitions — — $ — Balance at December 31, 2019 $ 128.6 $ (8.3 ) $ 120.3 Acquisitions — — — Balance at December 31, 2020 $ 128.6 $ (8.3 ) $ 120.3 Pursuant to ASC 350, “ Intangibles – Goodwill and Other, Due to the COVID-19 pandemic and its effect on our demand levels and stock price, as well as the overall economy, we performed a quantitative impairment test of goodwill as of May 31, 2020. It was determined that no impairment existed. On October 1, 2020 we performed a qualitative impairment test of goodwill and it was determined that no impairment existed. Our Critical Accounting Policies and Estimates for goodwill and intangibles assets are disclosed in Note 1 to the Consolidated Financial Statements and discussed in Management’s Discussion and Analysis. We continue to monitor the significant global economic uncertainty as a result of the COVID-19 pandemic to assess the outlook for demand for our products and the impact on our business and our overall financial performance. A lack of further recovery or a deterioration in current market conditions, a trend of weaker than expected financial performance in our business, or a lack of further recovery or a decline in the Company’s market capitalization, among other factors, could result in an impairment charge in future periods which could have a material adverse effect on our financial statements. |
Restructuring and Other Charges
Restructuring and Other Charges | 12 Months Ended |
Dec. 31, 2020 | |
Restructuring And Related Activities [Abstract] | |
Restructuring and Other Charges | Note 9: Restructuring and Other Charges The following summarizes restructuring accrual activity for the years ended December 31, 2020, 2019, and 2018: Employee Related Costs Tenancy and Other Costs Total Restructuring Costs (In millions) Balance at January 1, 2018 $ — $ 1.7 $ 1.7 Restructuring charges 3.6 0.6 4.2 Cash payments (3.2 ) (0.8 ) (4.0 ) Balance at December 31, 2018 $ 0.4 $ 1.5 $ 1.9 Restructuring charges 2.1 0.3 2.4 Cash payments (1.5 ) (0.9 ) (2.4 ) Balance at December 31, 2019 $ 1.0 $ 0.9 $ 1.9 Restructuring charges 2.2 — 2.2 Cash payments (2.7 ) (0.3 ) (3.0 ) Addition to reserve — 0.1 0.1 Balance at December 31, 2020 $ 0.5 $ 0.7 $ 1.2 2020 In 2020, the Company recorded a $2.2 million charge for employee-related costs primarily for severance costs for corporate staff reductions. The Company paid $1.9 million of the employee costs related to these actions. In addition, the Company paid $0.8 million related to 2019 staff reductions. The remaining $0.5 million of employee-related costs are expected to be paid in 2021. During 2020, the Company also paid $0.3 million for costs related to facilities closed in prior years and recorded an addition of $0.1 million to the reserve for tenancy-related costs, which was charged to warehousing, delivery, selling, general, and administrative expense in the Consolidated Statements of Operations. The remaining $0.7 million of tenancy-related costs are expected to be paid through 2025. 2019 In 2019, the Company recorded a $2.1 million charge for employee-related costs primarily for severance costs for corporate staff reductions. The Company paid $1.2 million of the employee costs related to these actions. In addition, the Company paid $0.3 million related to 2018 staff reductions. During 2019, the Company also recorded a $0.3 million charge to increase the reserve for tenancy-related costs for a facility closed in 2013. The Company paid $0.9 million in 2019 for costs related to facilities closed in prior years. 2018 In 2018, the Company recorded a $3.6 million charge for employee-related costs primarily for severance costs for corporate staff reductions and two facility closures. The Company paid $3.2 million of the employee costs related to these actions. During 2018, the Company also recorded a $0.6 million charge to increase the reserve for tenancy-related costs for a facility closed in 2013. The Company paid $0.8 million in costs related to this facility closure. |
Debt
Debt | 12 Months Ended |
Dec. 31, 2020 | |
Debt Disclosure [Abstract] | |
Debt | Note 10: Debt Long-term debt consisted of the following at December 31, 2020 and 2019: At December 31, 2020 2019 (In millions) Ryerson Credit Facility $ 285.0 $ 377.7 8.50% Senior Secured Notes due 2028 450.0 — 11.00 % Senior Secured Notes due 2022 — 587.9 Foreign debt 12.1 13.2 Other debt 7.8 9.5 Unamortized debt issuance costs and discounts (14.9 ) (6.5 ) Total debt 740.0 981.8 Less: Ryerson Credit Facility - "first in, last out" subfacility — 34.3 Short-term foreign debt 12.1 13.2 Other short-term debt 1.7 1.7 Total long-term debt $ 726.2 $ 932.6 The principal payments required to be made on debt during the next five fiscal years are shown below: Amount (In millions) For the year ended December 31, 2021 $ 13.8 For the year ended December 31, 2022 1.8 For the year ended December 31, 2023 1.9 For the year ended December 31, 2024 2.4 For the year ended December 31, 2025 285.0 For the years ended thereafter 450.0 Ryerson Credit Facility On November 16, 2016, Ryerson entered into an amendment with respect to its $1.0 billion revolving credit facility (as amended, the “Old Credit Facility”), to reduce the total facility size from $1.0 billion to $750 million, reduce the interest rate on outstanding borrowings by 25 basis points, reduce commitment fees on amounts not borrowed by 2.5 basis points, and to extend the maturity date to November 16, 2021. The Old Credit Facility was amended a second time on June 28, 2018, to increase the facility size from $750 million to $1.0 billion. On September 23, 2019, a third amendment was entered into to supplement the facility and add a U.S. “first-in, last-out” sub-facility of $67.9 million (the “Old FILO Facility”). The Old FILO Facility was equal in subordination with the other borrowings under the revolving credit facility and matured as of June 30, 2020. The Old FILO Facility supplemented our borrowing capacity by providing additional collateral on eligible accounts receivable and inventory. On November 5, 2020, Ryerson entered into a fourth amendment to extend the maturity date to November 5, 2025. The aggregate facility size of $1.0 billion remained unchanged. The fourth amendment also added the ability to convert up to $100 million of commitments under the Ryerson Credit Facility into a “first-in, last-out” sub-facility (the “FILO Facility”). Subject to certain limitations, such conversion can be made from time to time (but no more than twice in the aggregate) prior to the date that is two years after November 5, 2020. At December 31, 2020 , Ryerson had $285.0 million of outstanding borrowings, $11 million of letters of credit issued and $277 million available under the Ryerson Credit Facility Amounts outstanding under the Ryerson Credit Facility bear interest at (i) a rate determined by reference to (A) the base rate (the highest of the Federal Funds Rate plus 0.50%, Bank of America, N.A.’s prime rate, and the one-month LIBOR rate plus 1.00%, however, in no event shall the base rate be less than 1.25%), or (B) a LIBOR rate (with a floor of 0.25%) or, (ii) for Ryerson Holding’s Canadian subsidiary that is a borrower, (A) a rate determined by reference to the Canadian base rate (the greatest of the Federal Funds Rate plus 0.50%, Bank of America-Canada Branch’s “base rate” for commercial loans in U.S. Dollars made at its “base rate”, and the 30 day LIBOR rate plus 1.00%), (B) the prime rate (the greater of Bank of America-Canada Branch’s “prime rate” for commercial loans made by it in Canada in Canadian Dollars and the one-month Canadian bankers’ acceptance rate (with a floor of 0.25%) plus 1.00%, or (C) the bankers’ acceptance rate, however, in no event shall the Canadian base rate or the Canadian prime rate be less than 1.25%). Until November 5, 2021 the spread over the base rate and prime rate is fixed at 0.50% and the spread over the LIBOR for the bankers’ acceptances is fixed at 1.50%. After November 5, 2021, the spread over the base rate and prime rate will be between 0.25% and 0.50% and the spread over the LIBOR for the bankers’ acceptances will be between 1.25% and 1.50%, depending on the amount available to be borrowed under the Ryerson Credit Facility. The spread with respect to the FILO Facility, if any, will be determined at the time the commitments under the Ryerson Credit Facility are converted into such FILO Facility. Ryerson also pays commitment fees on amounts not borrowed at a rate of 0.225%. Overdue amounts and all amounts owed during the existence of a default bear interest at 2.00% above the rate otherwise applicable thereto. Loans advanced under the FILO Facility may only be prepaid if all then outstanding revolving loans are repaid in full. We attempt to minimize interest rate risk exposure through the utilization of interest rate swaps, which are derivative financial instruments. In March 2017, we entered into an interest rate swap to fix interest on $150 million of our floating rate debt under the Ryerson Credit Facility at a rate of 1.658% through March 2020. In June 2019, we entered into a second interest rate swap to fix interest on $60 million of our floating rate debt under the Ryerson Credit Facility at a rate of 1.729% through June 2022. In November 2019, we entered into a third interest rate swap to fix interest on $100 million of our floating rate debt under the Ryerson Credit Facility at a rate of 1.539% through November 2022. The weighted average interest rate on the outstanding borrowings under the Ryerson Credit Facility including the interest rate swap was 2.9% and 3.2% at December 31, 2020 and 2019, respectively. Borrowings under the Ryerson The Ryerson Ryerson Ryerson The Ryerson Ryerson Ryerson The lenders under the Ryerson Ryerson Net proceeds of short-term borrowings that are reflected in the Consolidated Statements of Cash Flows represent borrowings under the Ryerson Credit Facility with original maturities less than three months. 2022 and 2028 Notes On July 22, 2020, JT Ryerson issued $500 million in aggregate principal amount of its 8.50% senior secured notes due 2028 (the “2028 Notes”). The 2028 Notes bear interest at a rate of 8.50% per annum. The 2028 Notes are fully and unconditionally guaranteed on a senior secured basis by all of our existing and future domestic subsidiaries that are co-borrowers or that have guarantee obligations under the Ryerson Credit Facility. The net proceeds from the issuance of the 2028 Notes, along with available cash, were used to (i) redeem all of the 11.0% Senior Secured Notes due 2022 (“2022 Notes”) and (ii) pay related transaction fees, expenses, and premiums. On July 22, 2020, JT Ryerson distributed an irrevocable notice of redemption to the holders of its 2022 Notes. The redemption of the remaining $530.3 million of JT Ryerson’s outstanding 2022 Notes occurred on August 21, 2020. On July 22, 2020, JT Ryerson satisfied and discharged the indenture governing the 2022 Notes. The Company applied the provisions of ASC 470-50, “Modifications and Extinguishments” in accounting for the issuance of the 2028 Notes and redemption of the 2022 Notes. It was determined that while the issuance was private, the terms of the issuance were similar to a public debt issuance due to the facts that (i) no single investor or small group of investors held a significant concentration of both the old and the new debt, (ii) none of the old investors were included in negotiations with the underwriter in setting the terms of the debt issuance, and (iii) and the old investors had the opportunity to participate in the new issuance in the same manner as new investors. As the issuance was similar to a public debt issuance, extinguishment accounting was applied. The Company recorded a $17.1 million loss within other income and (expense), net on the Consolidated Statement of Operations during the third quarter of 2020, which consists of the redemption fees paid to the creditors and unamortized debt issuance costs written off related to the 2022 Notes. Additionally, the costs incurred with third parties for arrangement fees, legal, and other services related to the 2028 Notes were capitalized and are being amortized over the life of the new debt using the effective interest method. The 2028 Notes and the related guarantees are secured by a first-priority security interest in substantially all of JT Ryerson’s and each guarantor’s present and future assets located in the United States (other than receivables, inventory, cash deposit accounts and certain other assets, and proceeds thereof, which are secured pursuant to a second-priority security interest), subject to certain exceptions and customary permitted liens. The 2028 Notes will be redeemable, in whole or in part, at any time on or after August 1, 2023 at certain redemption prices. The redemption price for the 2028 Notes if redeemed during the twelve months beginning (i) August 1, 2023 is 104.250%, (ii) August 1, 2024 is 102.125%, and (iii) August 1, 2025 and thereafter is 100.000%. All redemption amounts also include accrued and unpaid interest, if any, to, but not including, the redemption date. JT Ryerson may also redeem some or all of the 2028 Notes before August 1, 2023 at a redemption price of 100.000% of the principal amount, plus accrued and unpaid interest, if any, to, but not including, the redemption date, plus a “make-whole” premium. In addition, JT Ryerson may redeem up to 40% of the outstanding 2028 Notes before August 1, 2023 with the net cash proceeds from certain equity offerings at a price equal to 108.500% of the principal amount of the Notes, plus accrued but unpaid interest, if any, to, but not including, the redemption date. Furthermore, JT Ryerson may redeem the 2028 Notes at any time and from time to time prior to August 1, 2023 in an aggregate principal amount equal to up to 10% of the original aggregate principal amount of the 2028 Notes during each twelve month period commencing on July 22, 2020 at a redemption price of 103.000%, plus accrued and unpaid interest, if any, to, but not including, the redemption date. JT Ryerson may also redeem the 2028 Notes at any time prior to August 1, 2022 in an aggregate principal amount equal to $100.0 million on a one-time basis from the net cash proceeds received from the sale of real property, at a redemption price of 104.000% plus accrued and unpaid interest, if any, to, but not including, the redemption date. In addition, JT Ryerson may be required to make an offer to purchase the 2028 Notes upon the sale of certain assets or upon a change of control. The Company evaluated the redemption options within the 2028 Notes for embedded derivatives and determined that one redemption option required bifurcation as it is not clearly and closely related to the debt agreement. The Company recorded the embedded derivative as of December 31, 2020 with a value of $2.3 million within other current assets in the Consolidated Balance Sheet, with any change in value recognized within other income and (expense), net on the Consolidated Statement of Operations. As the embedded derivative was determined to have a value of zero as of July 22, 2020 it is not recorded as a debt discount or within interest expense on the Consolidated Statement of Operations. Refer to Note 14: Derivatives and Fair Value Measurements for further discussion of the embedded derivative. The 2028 Notes contain customary covenants that, among other things, limit, subject to certain exceptions, our ability, and the ability of our restricted subsidiaries, to incur additional indebtedness, pay dividends on our capital stock or repurchase our capital stock, make investments, sell assets, engage in acquisitions, mergers, or consolidations, or create liens or use assets as security in other transactions. As a result of these restrictions, the restricted net assets of consolidated subsidiaries exceeded 25 percent of consolidated net assets as of December 31, 2020. Restricted net assets as of December 31, 2020 were $323.3 million. During the fourth quarter of 2020, a principal amount of $50.0 million of the 2028 Notes were redeemed for $51.5 million and retired, resulting in the recognition of a $1.5 million loss within other income and (expense), net on the Consolidated Statement of Operations. During the first six months of 2020, a principal amount of $57.6 million of the 2022 Notes were repurchased for $56.7 million and retired, resulting in the recognition of a $0.9 million gain within other income and (expense), net on the Consolidated Statement of Operations. During 2019, a principal amount of $ 11.6 million of the 2022 Notes were repurchased for $ 11.8 million and retired, resulting in the recognition of a $ 0.2 million loss within other income and (expense), net on the Consolidated Statement of Operations. During 2018, a principal amount of $50.5 million of the 2022 Notes were repurchased for $52.2 million and retired, resulting in the recognition of a $1.7 million loss within other income and (expense), net on the Consolidated Statement of Operations. Foreign Debt At December 31, 2020, Ryerson China’s total foreign borrowings were $12.1 million, which were owed to banks in Asia at a weighted average interest rate of 3.6% per annum and secured by inventory and property, plant, and equipment. At December 31, 2019, Ryerson China’s total foreign borrowings were $13.2 million, which were owed to banks in Asia at a weighted average interest rate of 4.3% per annum and secured by inventory and property, plant, and equipment. Availability under Ryerson China’s credit facility was $35 million |
Employee Benefits
Employee Benefits | 12 Months Ended |
Dec. 31, 2020 | |
Compensation And Retirement Disclosure [Abstract] | |
Employee Benefits | Note 11: Employee Benefits The Company accounts for its pension and postretirement plans in accordance with FASB ASC 715, “ Compensation – Retirement Benefits Prior to January 1, 1998, the Company’s non-contributory defined benefit pension plan (“Ryerson Pension Plan” or “RPP”) covered certain employees, retirees, and their beneficiaries. Benefits provided to participants of the plan were based on pay and years of service for salaried employees and years of service and a fixed rate or a rate determined by job grade for all wage employees, including employees under collective bargaining agreements. Effective January 1, 1998, the Company froze the benefits accrued under its defined benefit pension plan for certain salaried employees and instituted a defined contribution plan. Effective March 31, 2000, benefits for certain salaried employees of J. M. Tull Metals Company and AFCO Metals, subsidiaries that were merged into JT Ryerson, were similarly frozen, with the employees becoming participants in the Company’s defined contribution plan. Employees who vested in their benefits accrued under the defined benefit plan at December 31, 1997 and March 31, 2000, are entitled to those benefits upon retirement. The Company offers a defined contribution plan to eligible employees. For the years ended December 31, 2020, 2019, and 2018, expense recognized for the defined contribution plans was $4.3 million, $8.8 million, and $8.0 million, respectively. The company match on defined contribution plans was suspended for a portion of 2020 as part of the Company’s pandemic response, resulting in decreased expense in 2020. Effective September 28, 2020, the Ryerson Pension Plan purchased $95.2 million of annuities on behalf of a portion of plan participants which resulted in settlement accounting. The pension plan was remeasured as of September 30, 2020. The remeasurement resulted in a settlement loss of $52.5 million. At the time of remeasurement, the discount rate decreased from 3.15% to 2.59% and the expected long-term rate of return on pension assets decreased from 5.75% to 5.25%. Effective December 1, 2020, Ryerson offered a lump sum payout to terminated vested participants of the Ryerson Pension Plan. Lump sums of $19.7 million were paid out to plan participants that elected the lump sum option in early December 2020 and the pension plan was remeasured as of November 30, 2020. The remeasurement resulted in a settlement loss of $10.5 million. At the time of remeasurement, the discount rate decreased from 2.59% to 2.42% and the expected long-term rate of return on pension assets decreased from 5.25% to 5.15%. CS&W also has a non-contributory defined benefit pension plan (“Central Steel and Wire Retirement Plan” or “CSWPP”), which covers certain employees, retirees, and their beneficiaries. CSWPP paid $14.3 million in lump sums and annuity purchases during 2020, $14.3 million in 2019, and $5.8 million from July 2, 2018 through December 31, 2018. Because the payouts were more than the fiscal year service cost plus interest in 2020, 2019, and 2018, settlement accounting was reflected at each year end resulting in a settlement loss of $2.9 million, $1.6 million, and $0.2 million in 2020, 2019, and 2018, respectively. The payouts in 2020 and 2019 are based on normal, recurring activity for the CSWPP therefore, they have been reflected within the benefits paid lines of the pension obligation and pension asset rollforward table below. In August 2019, the Central Steel and Wire Retirement Plan was closed to new entrants such that employees hired after July 1, 2018 are not entered into the plan. This plan change did not impact the plan obligation as of December 31, 2019. The Company’s U.S. other postretirement benefit plans include the Ryerson Postretirement Welfare Plans (“Ryerson OPEB”) and Central Steel and Wire Postretirement Medical Plan (“CSW OPEB”). The Company has other deferred employee benefit plans, including supplemental pension plans, the liability for which totaled Summary of Assumptions and Activity The tables included below provide reconciliations of benefit obligations and fair value of plan assets of the Company plans as well as the funded status and components of net periodic benefit costs for each period related to each plan. The Company uses a December 31 measurement date to determine the pension and other postretirement benefit information. The Company had additional measurement dates of September 30, 2020 and November 30, 2020 due to the annuitization and lump sum transactions described above. The expected rate of return on plan assets is determined based on the market-related value of the assets, recognizing any gains or losses over a four year period. The assumptions used to determine benefit obligations at the end of the periods and net periodic benefit costs for the Pension Benefits for U.S. plans were as follows: Ryerson Pension Plan Year Ended December 31, 2020 October 1 to November 30, 2020 January 1 to September 30, 2020 Year Ended December 31, 2019 Year Ended December 31, 2018 Discount rate for calculating obligations 2.42 % 2.59 % 3.15 % 3.15 % 4.32 % Discount rate for calculating service cost 2.59 2.76 3.38 4.53 3.84 Discount rate for calculating interest cost 1.76 1.87 2.72 3.93 3.24 Expected rate of return on plan assets 5.15 5.25 5.75 6.35 6.70 Rate of compensation increase – benefit obligations 3.00 3.00 3.00 3.00 3.00 Rate of compensation increase – net periodic benefit cost 3.00 3.00 3.00 3.00 2.90 Central Steel and Wire Retirement Plan Year Ended December 31, 2020 Year Ended December 31, 2019 July 2 to December 31, 2018 Discount rate for calculating obligations 3.09 % 3.53 % 4.59 % Discount rate for calculating service cost 3.63 4.67 4.49 Discount rate for calculating interest cost 3.33 4.43 4.22 Expected rate of return on plan assets 3.20 4.00 4.70 Rate of compensation increase – benefit obligations 3.00 3.00 3.00 Rate of compensation increase – net periodic benefit cost 3.00 3.00 3.00 The expected rate of return on plan assets is 5.05% for RPP and 2.05% for CSWPP for 2021. The assumptions used to determine benefit obligations at the end of the periods and net periodic benefit costs for the Other Postretirement Benefits, primarily health care, for U.S. plans were as follows: Ryerson Postretirement Welfare Plans Year Ended December 31, 2020 Year Ended December 31, 2019 Year Ended December 31, 2018 Discount rate for calculating obligations 2.45 % 3.13 % 4.26 % Discount rate for calculating service cost 3.37 4.43 3.74 Discount rate for calculating interest cost 2.66 3.82 3.09 Rate of compensation increase – benefit obligations 3.00 3.00 3.00 Rate of compensation increase – net periodic benefit cost 3.00 3.00 3.00 Central Steel and Wire Postretirement Medical Plan Year Ended December 31, 2020 Year Ended December 31, 2019 July 2 to December 31, 2018 Discount rate for calculating obligations 2.37 % 3.08 % 4.23 % Discount rate for calculating service cost 3.30 4.45 4.35 Discount rate for calculating interest cost 2.63 3.82 3.83 The assumptions used to determine benefit obligations at the end of the periods and net periodic benefit costs for the Pension Benefits for Canadian plans were as follows: Year Ended December 31, 2020 2019 2018 Salaried Bargaining Salaried Bargaining Salaried Bargaining Discount rate for calculating obligations 2.32 % 2.34 % 3.00 % 3.01 % 3.56 % 3.58 % Discount rate for calculating net periodic benefit cost 3.00 3.01 3.56 3.58 3.31 3.32 Expected rate of return on plan assets 4.75 3.00 5.25 3.50 5.25 4.50 Rate of compensation increase 3.00 3.00 3.00 3.00 3.00 3.00 The expected rate of return on Canadian plan assets for 2021 is 4.25% for the Ryerson Salaried Plan (approximately 78% of total Canadian plan assets) and 1.75% for the Ryerson Bargaining Unit Plan (approximately 22% of total Canadian plan assets). The assumptions used to determine benefit obligations at the end of the periods and net periodic benefit costs for the Other Postretirement Benefits, primarily healthcare, for Canadian plans were as follows: Year Ended December 31, 2020 2019 2018 Discount rate for calculating obligations 2.19 % 2.97 % 3.53 % Discount rate for calculating net periodic benefit cost 2.97 3.53 3.31 Rate of compensation increase 3.00 3.00 3.00 Year Ended December 31, Pension Benefits Other Benefits 2020 2019 2020 2019 (In millions) Change in Benefit Obligation Benefit obligation at beginning of year $ 771.8 $ 760.0 $ 69.2 $ 69.8 Service cost 3.4 3.4 0.6 0.6 Interest cost 18.7 28.7 1.7 2.5 Actuarial loss 54.5 64.6 0.7 1.2 Effect of changes in exchange rates 1.0 2.1 0.3 0.6 Company restructuring 0.2 — — — Lump sums paid (114.9 ) (24.4 ) — — Benefits paid (net of participant contributions and subsidies) (60.0 ) (62.6 ) (4.2 ) (5.5 ) Benefit obligation at end of year $ 674.7 $ 771.8 $ 68.3 $ 69.2 Accumulated benefit obligation at end of year $ 661.4 $ 759.8 N/A N/A Change in Plan Assets Plan assets at fair value at beginning of year $ 631.8 $ 578.7 $ — $ — Actual return on plan assets 55.4 112.4 — — Employer contributions 7.1 25.7 4.3 5.7 Effect of changes in exchange rates 0.9 2.0 — — Lump sums paid (114.9 ) (24.4 ) — — Benefits paid (net of participant contributions) (60.0 ) (62.6 ) (4.3 ) (5.7 ) Plan assets at fair value at end of year $ 520.3 $ 631.8 $ — $ — Reconciliation of Amount Recognized Funded status $ (154.4 ) $ (140.0 ) $ 68.3 $ 69.2 Amounts recognized in balance sheet consist of: Non-current assets $ 0.9 $ 0.8 $ — $ — Current liabilities — — (5.6 ) (5.9 ) Non-current liabilities (155.3 ) (140.8 ) (62.7 ) (63.3 ) Net benefit liability at the end of the year $ (154.4 ) $ (140.0 ) $ (68.3 ) $ (69.2 ) Canadian benefit obligations represented $48 million of the Company’s total Pension Benefits obligations at December 31, 2020 and 2019. Canadian plan assets represented $45 million of the Company’s total plan assets at fair value at December 31, 2020 and $43 million at December 31, 2019. In addition, Canadian benefit obligations represented $15 million of the Company’s total Other Benefits obligation at December 31, 2020 and $14 million at December 31, 2019. The U.S. pension benefit obligations recorded as of December 31, 2020 and 2019 were impacted by changes in assumptions. During the year ended December 31, 2020 the pension benefit obligation increased by $62 million due to a decrease in the year over discount rate. The pension benefit obligation decreased by $6 million due to updated mortality tables and $1 million due to salary scale updates. During the year ended December 31, 2019 the pension benefit obligation increased by $87 million due to a decrease in the year over year discount rate, decreased $19 million due to updated mortality tables, and decreased $5 million due to demographic population changes. Amounts recognized in accumulated other comprehensive income (loss) at December 31, 2020 and 2019 consist of the following: At December 31, Pension Benefits Other Benefits 2020 2019 2020 2019 (In millions) Amounts recognized in accumulated other comprehensive income (loss), pre–tax, consist of Net actuarial loss (gain) $ 314.3 $ 366.2 $ (41.2 ) $ (49.1 ) Prior service loss (credit) — 0.1 (0.6 ) (2.7 ) Net loss (gain) $ 314.3 $ 366.3 $ (41.8 ) $ (51.8 ) Amounts recognized in other comprehensive income (loss) for the years ended December 31, 2020 and 2019 consist of the following: Year Ended December 31, Pension Benefits Other Benefits 2020 2019 2020 2019 (In millions) Amounts recognized in other comprehensive income (loss), pre–tax, consist of Net actuarial loss (gain) $ 29.9 $ (11.3 ) $ 0.8 $ 1.3 Amortization of net actuarial loss (gain) (16.4 ) (14.8 ) 6.9 7.7 Amortization of prior service cost (credit) (0.1 ) (0.1 ) 2.2 3.1 Settlement charge (65.9 ) (1.6 ) — — Net loss (gain) $ (52.5 ) $ (27.8 ) $ 9.9 $ 12.1 For benefit obligation measurement purposes for Ryerson U.S. plans at December 31, 2020, the annual rate of increase in the per capita cost of covered health care benefits for participants under 65 was 6.2 percent, grading down to 4.5 percent in 2030, the level at which it is expected to remain. The rate for participants over 65 was 6.5 percent grading down to 4.5 percent in 2030. For measurement purposes for U.S. plans at December 31, 2019, the annual rate of increase in the per capita cost of covered health care benefits for all participants was 7.25 percent, grading down to 4.5 percent in 2026, the level at which it is expected to remain. For benefit obligation measurement purposes for Canadian plans, at December 31, 2020 and 2019, the annual rate of increase in the per capita cost of covered health care benefits was 6.95 percent per annum, grading down to 4.5 percent in 2033, the level at which it is expected to remain. The components of the Company’s net periodic benefit cost for the years ended December 31, 2020, 2019, and 2018 are as follows: Year Ended December 31, Pension Benefits Other Benefits 2020 2019 2018 2020 2019 2018 (In millions) Components of net periodic benefit cost Service cost $ 3.4 $ 3.4 $ 2.4 $ 0.6 $ 0.6 $ 0.4 Interest cost 18.7 28.7 26.0 1.7 2.5 2.3 Expected return on assets (30.6 ) (36.4 ) (40.3 ) — — — Recognized actuarial loss (gain) 16.4 14.8 15.3 (6.9 ) (7.7 ) (7.3 ) Amortization of prior service cost (credit) 0.1 0.1 0.1 (2.2 ) (3.1 ) (3.1 ) Settlement expense 65.9 1.6 0.2 — — — Net periodic benefit cost (credit) $ 73.9 $ 12.2 $ 3.7 $ (6.8 ) $ (7.7 ) $ (7.7 ) The assumed health care cost trend rate has an effect on the amounts reported for the health care plans. For purposes of determining net periodic benefit cost for U.S plans, the annual rate of increase in the per capital cost of covered health care benefits for all participants was 7.25 percent, grading down to 4.5 percent in 2026, the level at which it is expected to remain. For purposes of determining net periodic benefit cost for Canadian plans, the annual rate of increase in the per capita cost of covered health care benefits was 6.95 percent per annum, grading down to 4.5 percent in 2033, the level at which it is expected to remain. Pension Trust Assets The expected long-term rate of return on pension trust assets is 1.75% to 5.05% based on the historical investment returns of the trust, the forecasted returns of the asset classes, and a survey of comparable pension plan sponsors. The Company’s pension trust weighted-average asset allocations at December 31, 2020 and 2019, by asset category are as follows: Trust Assets at December 31, 2020 2019 Equity securities 34 % 35 % Debt securities 47 48 Real Estate 12 10 Other 7 7 Total 100 % 100 % The investment policies and plan asset target allocations are established by Ryerson’s internal management Employee Benefits Committee, as delegated by the Board of Directors, in consultation with investment advisors. The Employee Benefits Committee provides on-going oversight of the plan assets in accordance with the approved policies and asset allocation ranges and has the authority to appoint and dismiss investment managers. The investment policy objectives are to seek a competitive rate of return relative to an appropriate level of risk depending on the funded status of each plan and the timing of expected benefit payments. As plan funded status improves, the asset allocations will move along a predetermined, de-risking glide path that reallocates capital from growth assets to fixed income assets in order to preserve asset gains and reduce funded status volatility. The currently approved asset investment classes are cash, fixed income, domestic equities, international equities, real estate, private equities, and hedge funds of funds. The approved target ranges and allocations as of the December 31, 2020 measurement date were as follows: Range Target Equity securities 0-49% 40 % Debt securities 37-100 41 Real estate 0-14 12 Other 0-8 7 Total 100 % The fair value of our pension plan assets at December 31, 2020 by asset category are as follows. See Note 14 for the definitions of Level 1, 2, and 3 fair value measurements. Fair Value Measurements at December 31, 2020 Asset Category Total Level 1 Level 2 Level 3 (In millions) Cash and cash equivalents $ 7 $ 7 $ — $ — Equity securities: US large cap 54 — 54 — US small/mid cap 11 — 11 — International companies 45 — 45 — Global companies 68 — 68 — Fixed income securities: Investment grade debt 242 — 242 — Non investment grade debt 3 — 3 — Other types of investments: Hedge fund 2 — 2 — Real estate 1 — 1 — Investments valued at net asset value 87 — — — Total $ 520 $ 7 $ 426 $ — The fair value of our pension plan assets at December 31, 2019 by asset category are as follows: Fair Value Measurements at December 31, 2019 Asset Category Total Level 1 Level 2 Level 3 (In millions) Cash and cash equivalents $ 14 $ 6 $ 8 $ — Equity securities: US large cap 67 4 63 — US small/mid cap 11 1 10 — International companies 63 3 60 — Global companies 82 — 82 — Fixed income securities: Investment grade debt 300 11 289 — Other types of investments: Commodity funds 2 — 2 — Real estate 66 1 65 Investments valued at net asset value 27 — — — Total $ 632 $ 26 $ 579 $ — The pension assets classified as Level 2 investments in 2020 were part of common collective trust investments and hedge funds. The pension assets classified as Level 2 in 2019 are part of common collective trust investments and bank trust funds. Certain investments that are measured at fair value using the net asset value per share practical expedient have not been classified in the fair value hierarchy in accordance with ASU 2015-07, Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent) Securities listed on one or more national securities exchanges are valued at their last reported sales price on the date of valuation. If no sale occurred on the valuation date, the security is valued at the mean of the last “bid” and “ask” prices on the valuation date. Corporate and government bonds which are not listed or admitted to trading on any securities exchanges are valued at the average mean of the last bid and ask prices on the valuation date based on quotations supplied by recognized quotation services or by reputable broker dealers. The non-publicly traded securities, other securities, or instruments for which reliable market quotations are not available are valued at each investment manager’s discretion. Valuations will depend on facts and circumstances known as of the valuation date and application of certain valuation methods. Contributions The Company contributed $7.1 million, $25.7 million, and $27.0 million for the years ended December 31, 2020, 2019, and 2018, respectively, to improve the funded status of the plans. The Company elected to defer the remaining $12.1 million of U.S. contributions due in 2020 to 2021, as permitted under the Coronavirus Aid, Relief, and Economic Security Act (“the CARES Act”) that was passed in March 2020. The Company anticipates that it will have a minimum required pension contribution funding of approximately $29.7 million in 2021, which includes the $12.1 million of pension contributions deferred from 2020. Estimated Future Benefit Payments Pension Benefits Other Benefits (In millions) 2021 $ 47 $ 6 2022 48 5 2023 46 5 2024 45 4 2025 44 4 2026-2030 207 17 Multiemployer Pension and Other Postretirement Plans We participate in two multiemployer pension plans covering 48 employees at 4 locations. Total contributions to the plans were $0.3 million |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2020 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Note 12: Commitments and Contingencies Purchase Obligations To fulfill contractual requirements for certain customers in 2020, the Company has entered into certain fixed price noncancellable contractual obligations. These purchase obligations aggregated to $7.6 million at December 31, 2020 with $7.4 million and $0.2 million coming due in 2021 and 2022, respectively. Concentrations of Various Risks The Company’s financial instruments consist of cash and cash equivalents, accounts receivable, derivative instruments, accounts payable, and notes payable. In the case of cash, accounts receivable, and accounts payable, the carrying amount on the balance sheet approximates the fair value due to the short-term nature of these instruments. The derivative instruments are marked to market each period. The fair value of notes payable is disclosed in Note 14. The Company’s financial instruments that are exposed to concentrations of credit risk consist primarily of derivative financial instruments and trade accounts receivable. Our derivative financial instruments are contracts placed with major financial institutions. Credit is generally extended to customers based upon an evaluation of each customer’s financial condition, with terms consistent in the industry and no collateral required. Concentrations of credit risk with respect to trade accounts receivable are limited due to the large number of customers and their dispersion across geographic areas. Approximately 9% of our total labor force is covered by collective bargaining agreements. There are collective bargaining agreements that will expire in fiscal 2021, which cover 2% of our total labor force. We believe that our overall relationship with our employees is good. Litigation In October 2011, the United States Environmental Protection Agency (the “EPA”) named JT Ryerson as one of more than 100 businesses that may be a potentially responsible party (“PRP”) for the Portland Harbor Superfund Site (the “PHS Site”). On January 6, 2017, the EPA issued an initial Record of Decision (“ROD”) regarding the site. The ROD includes a combination of dredging, two to three-year On December 9, 2019, a PRP group met with Administrator Wheeler, the head of the EPA, to discuss updating the ROD as recent testing indicates that the levels of contamination have “drastically improved” and, thus, remediation should be much less drastic than that in the current ROD. Administrator Wheeler directed regional EPA staff to again review the ROD before moving forward with any enforcement action. On March 3, 2020, the regional EPA issued a letter to the PRP group, essentially rejecting the request but noting that new data would be used for fine-tuning the implementation of the remedy and to that extent could result in less active remediation. The EPA indicated in a January 2, 2020 “progress update” letter that it is negotiating with certain parties to perform remedial design work at five unspecified areas which comprise 52% of the overall acreage subject to remediation. In late March 2020, the EPA issued a Unilateral Administrative Order for Remedial Design to Schnitzer Steel, ordering it to develop a remedial design plan for the river area which includes the area where our former facilities were. Schnitzer filed a petition for relief from the remedy required by the ROD as well as disclosures required by the EPA. Schnitzer’s 2020 disclosures made no mention of JT Ryerson and acknowledged that Schnitzer is the legal successor to the prior operator in the designated area. The EPA has stated that it is willing to consider de minimis settlements, which JT Ryerson is trying to pursue; however, the EPA has not begun meeting with any of the smaller parties who have requested de minimis or de micromis status, stating that it does not have sufficient information to determine whether any parties meet such criteria and does not intend to begin those considerations until after the remedial design work is completed. It has met with selected parties that we believe to be larger targets. JT Ryerson has not been invited to meet with the EPA. As a result of the ongoing negotiations and filings over the ROD and the EPA’s decision not to meet with smaller parties, we cannot determine how allocations will be made and whether a de minimus settlement can be reached with the EPA. As the EPA has not yet allocated responsibility for the contamination among the potentially responsible parties, including JT Ryerson, we do not currently have sufficient information available to us to determine whether the ROD will be executed as currently stated, whether and to what extent JT Ryerson may be held responsible for any of the identified contamination, and how much (if any) of the final plan’s costs might ultimately be allocated to JT Ryerson. Therefore, management cannot predict the ultimate outcome of this matter or estimate a range of potential loss at this time. There are various other claims and pending actions against the Company. The amount of liability, if any, for those claims and actions as of December 31, 2020 is not determinable but, in the opinion of management, such liability, if any, will not have a material adverse effect on the Company’s financial position, results of operations, or cash flows. We maintain liability insurance coverage to assist in protecting our assets from losses arising from or related to activities associated with business operations. |
Segment Information
Segment Information | 12 Months Ended |
Dec. 31, 2020 | |
Segment Reporting [Abstract] | |
Segment Information | Note 13: Segment Information We have one operating and reportable segment, metals service centers. The Company derives substantially all of its sales from the distribution of metals. See Note 16: Revenue Recognition for the Company’s percentage of sales by major product line. No customer, including their subcontractors, accounted for more than 6 percent of Company sales for the years ended December 31, 2020, 2019, and 2018. The top ten customers accounted for less than 15 percent of our sales for the years ended December 31, 2020, 2019, and 2018. A significant majority of the Company’s sales are attributable to its U.S. operations and a significant majority of its long-lived assets are located in the United States. The only operations attributed to foreign countries relate to the Company’s subsidiaries in Canada, China, and Mexico, which in aggregate comprised 11 percent, 9 percent, and 10 percent of the Company’s sales during the years ended December 31, 2020, 2019, and 2018, respectively. Canadian, Chinese, and Mexican long-lived assets were 8 percent, 9 percent, and 5 percent of total Company long-lived assets at December 31, 2020, 2019, and 2018, respectively. The following tables summarize consolidated financial information of our operations by geographic location based on where sales originated: Year Ended December 31, Net Sales 2020 2019 2018 (In millions) United States $ 3,089.7 $ 4,076.8 $ 3,950.5 Foreign countries 376.9 424.8 457.9 Total $ 3,466.6 $ 4,501.6 $ 4,408.4 At December 31, Long-Lived Assets 2020 2019 2018 (In millions) United States $ 485.1 $ 519.1 $ 464.1 Foreign countries 45.0 48.8 24.9 Total $ 530.1 $ 567.9 $ 489.0 |
Derivatives and Fair Value Meas
Derivatives and Fair Value Measurements | 12 Months Ended |
Dec. 31, 2020 | |
Investments All Other Investments [Abstract] | |
Derivatives and Fair Value Measurements | Note 14: Derivatives and Fair Value Measurements Derivatives The Company may use derivatives to partially offset its business exposure to commodity price, foreign currency, and interest rate fluctuations and their related impact on expected future cash flows and certain existing assets and liabilities. However, the Company may choose not to hedge certain exposures for a variety of reasons including, but not limited to, Company policy, accounting considerations, or the prohibitive economic cost of hedging particular exposures. There can be no assurance the hedges will offset more than a portion of the financial impact resulting from movements in commodity pricing, foreign currency exchange, or interest rates. Interest rate swaps are entered into to manage interest rate risk associated with the Company’s floating-rate borrowings. We use foreign currency exchange contracts to hedge variability in cash flows in our Canada, Mexico, and China operations when a payment currency is different from our functional currency. From time to time, we may enter into fixed price sales contracts with our customers for certain of our inventory components. We may enter into metal commodity futures and options contracts to reduce volatility in the price of these metals. We may also enter into fixed price natural gas contracts and diesel fuel derivative contracts to manage the price risk of forecasted purchases of natural gas and diesel fuel. We have two receive variable, pay fixed, interest rate swaps to manage the exposure to variable interest rates of the Ryerson Credit Facility. In June 2019, we entered into a forward agreement for $60 million of “pay fixed” interest at 1.729% through June 2022 and in November 2019, we entered into a forward agreement for $100 million of “pay fixed” interest at 1.539% through November 2022. Upon entering into the swaps, the interest rate reset dates and critical terms matched the terms of our existing debt and anticipated critical terms of future debt under the Old Credit Facility, however, this was no longer the case once the Ryerson Credit Facility was amended on November 5, 2020. As such, effective November 1, 2020 the Company de-designated its interest rate swaps and terminated its hedge accounting treatment. Prior to de-designation, the Company marked these interest rate swaps to market with changes in fair value being recorded in accumulated other comprehensive income. Subsequent to de-designation, changes in fair value are recorded in current earnings. The unrealized loss on the hedges as of the de-designation date remains in accumulated other comprehensive income and is being amortized into earnings as the forecasted interest payments affect earnings. The fair value of the interest rate swap as of December 31, 2020 was a net liability of $4.0 million. The Company currently does not account for its commodity contracts and foreign exchange derivative contracts as hedges but rather marks them to market with a corresponding offset to current earnings. The Company made an accounting policy election to offset the fair value of derivative liabilities with related cash collateral. The Company offset is zero and $2.7 million of fair value liabilities with cash held as collateral by the counterparty as of December 31, 2020, and 2019, respectively. The Company regularly reviews the creditworthiness of its derivative counterparties and does not expect to incur a significant loss from the failure of any counterparties to perform under any agreements. In connection with the redemption options under the 2028 Notes, the Company recorded an embedded derivative in other current assets on its Consolidated Balance Sheet, with the offset to other income and (expense), net within the Consolidated Statement of Operations, see Note 10: Debt, for further details. Embedded derivatives are separated from the host contract and carried at fair value when: (a) the embedded derivative possesses economic characteristics that are not clearly and closely related to the economic characteristics of the host contract; (b) the instrument is not measured at fair value under other applicable GAAP standards, and (c) a separate, stand-alone instrument with the same terms would qualify as a derivative instrument. The Company has concluded that the embedded derivative within the 2028 Notes met these criteria and, as such, must be valued separate and apart from the 2028 Notes at fair value each reporting period. The following table summarizes the location and fair value amount of our derivative instruments reported in our Consolidated Balance Sheet as of December 31, 2020 and 2019: Asset Derivatives Liability Derivatives Fair Value Fair Value Balance Sheet Location December 31, 2020 December 31, 2019 Balance Sheet Location December 31, 2020 December 31, 2019 (In millions) Derivatives not designated as hedging instruments under ASC 815 Metal commodity contracts Prepaid expenses and other current assets $ 16.0 $ 5.0 Other accrued liabilities $ 11.9 $ 9.4 (a) Diesel fuel contracts Prepaid expenses and other current assets — 0.1 Other accrued liabilities — — 2028 Notes embedded derivative Prepaid expenses and other current assets 2.3 — Other accrued liabilities — — Foreign exchange contracts Prepaid expenses and other current assets — — Other accrued liabilities 0.2 — Interest rate swaps Deferred charges and other assets — — Other noncurrent liabilities 4.0 — Derivatives designated as hedging instruments under ASC 815 Interest rate swaps Deferred charges and other assets — — Other noncurrent liabilities — 0.2 Total derivatives $ 18.3 $ 5.1 $ 16.1 (a) $ 9.6 (a) (a) The offsetting cash collateral balance of $2.7 million held by the derivative counterparty brings the net metal commodity contract liability to $6.7 million and the net total derivative liability balance to $6.9 million. The following table presents the volume of the Company’s activity in derivative instruments as of December 31, 2020 and 2019: Notional Amount Derivative Instruments At December 31, 2020 At December 31, 2019 Unit of Measurement Iron ore swap contracts — 420,000 Tons Hot roll coil swap contracts 125,220 47,155 Tons Diesel fuel swap contracts — 38,000 Barrels Aluminum swap contracts 20,264 23,949 Tons Nickel swap contracts 345 3,164 Tons Foreign currency exchange contracts 7.4 million 2.0 million U.S. dollars Interest rate swaps 160 million 310 million U.S. dollars The following table summarizes the location and amount of gains and losses on derivatives not designated as hedging instruments reported in our Consolidated Statements of Operations for the years ended December 31, 2020, 2019, and 2018: Amount of Gain/ (Loss) Recognized in Income on Derivatives Amount of Gain/ (Loss) Reclassified from Other Comprehensive Income into Income Year Ended December 31, Year Ended December 31, Derivatives not designated as hedging instruments under ASC 815 Location of Gain/(Loss) Recognized in Income on Derivatives 2020 2019 2018 2020 2019 2018 (In millions) Metal commodity contracts Cost of materials sold $ 5.3 $ (9.1 ) $ (3.1 ) $ — $ — $ — Diesel fuel commodity contracts Warehousing, general, and administrative — 0.7 — — — — 2028 Notes embedded derivative Other income and (expense), net 2.3 — — — — — Foreign exchange contracts Other income and (expense), net (0.2 ) (0.1 ) 0.2 — — — Interest rate swaps Interest and other expense on debt 0.3 — — (0.2 ) $ — $ — Total $ 7.7 $ (8.5 ) $ (2.9 ) $ (0.2 ) $ — $ — As of December 31, 2020, the portion of the interest rate swap fair value that would be reclassified into earnings during the next 12 months as interest expense is approximately $2.2 million. The following table summarizes the location and amount of gains and losses on derivatives designated as hedging instruments reported in our Consolidated Statements of Operations for the years ended December 31, 2020, 2019, and 2018: Amount of Gain/ (Loss) Reclassified from Other Comprehensive Income into Income Year Ended December 31, Derivatives designated as hedging instruments under ASC 815 Location of Gain/(Loss) Recognized in Income on Derivatives 2020 2019 2018 (In millions) Interest rate swaps Interest and other expense on debt $ (1.3 ) $ 1.1 $ 0.5 Fair Value Measurements To increase consistency and comparability, FASB ASC 820 “ Fair Value Measurement 1. Level 1—quoted prices (unadjusted) in active markets for identical assets or liabilities that the Company has the ability to access as of the reporting date. 2. Level 2—inputs other than quoted prices included within Level 1 that are directly observable for the asset or liability or indirectly observable through corroboration with observable market data. 3. Level 3—unobservable inputs, such as internally-developed pricing models for the asset or liability due to little or no market activity for the asset or liability. The following table presents assets and liabilities measured and recorded at fair value on our Consolidated Balance Sheet on a recurring basis and their level within the fair value hierarchy as of December 31, 2020: At December 31, 2020 Level 1 Level 2 Level 3 (In millions) Assets Derivatives: Derivatives not designated as hedging instruments under ASC 815: Metal commodity contracts $ — $ 16.0 $ — 2028 Notes embedded derivative — — 2.3 Total derivatives $ — $ 16.0 $ 2.3 Liabilities Derivatives: Derivatives not designated as hedging instruments under ASC 815: Metal commodity contracts $ — $ 11.9 $ — Foreign Exchange Contracts — 0.2 — Interest Rate Swaps — 4.0 — Total derivatives $ — $ 16.1 $ — The following table presents assets and liabilities measured and recorded at fair value on our Consolidated Balance Sheet on a recurring basis and their level within the fair value hierarchy as of December 31, 2019: At December 31, 2019 Level 1 Level 2 Level 3 (In millions) Assets Derivatives: Derivatives not designated as hedging instruments under ASC 815: Metal commodity contracts $ — $ 5.0 $ — Diesel fuel contracts — 0.1 — Total derivatives $ — $ 5.1 $ — Liabilities Derivatives: Derivatives not designated as hedging instruments under ASC 815: Metal commodity contracts $ — $ 9.4 (a) $ — Derivatives designated as hedging instruments under ASC 815: Interest rate swaps — 0.2 — Total derivatives $ — $ 9.6 (a) $ — (a) The offsetting cash collateral balance of $2.7 million held by the derivative counterparty brings the net metal commodity contract liability to $6.7 million and the net total derivative liability balance to $6.9 million. The fair value of each commodity, diesel fuel, and swap derivative contract is determined using Level 2 inputs and the market approach valuation technique, as described in ASC 820. The Company has various commodity derivatives to lock in nickel prices for varying time periods. The fair value of these derivatives is determined based on the spot price each individual contract was purchased at and compared with the one-month daily average actual spot price on the London Metals Exchange for nickel on the valuation date. The Company also has commodity derivatives to lock in hot roll coil, diesel fuel, iron ore, and aluminum prices for varying time periods. The fair value of hot roll coil, diesel fuel, iron ore, and aluminum derivatives is determined based on the spot price each individual contract was purchased at and compared with the one-month daily average actual spot price on the Chicago Mercantile Exchange (hot roll coil and diesel fuel), the Singapore Exchange, and the London Metals Exchange, respectively, for the commodity on the valuation date. In addition, the Company has numerous foreign exchange contracts to hedge variability in cash flows when a payment currency is different from our functional currency. The Company defines the fair value of foreign exchange contracts as the amount of the difference between the contracted and current market value at the end of the period. The Company estimates the current market value of foreign exchange contracts by obtaining month-end market quotes of foreign exchange rates and forward rates for contracts with similar terms. The Company uses the exchange rates provided by Reuters. Each commodity and foreign exchange contract term varies in the number of months, but in general, contracts are between 1 to 12 months in length. The fair value of our interest rate swap is based on the sum of all future net present value cash flows for the fixed and floating leg of the swap. The future cash flows are derived based on the terms of our interest rate swap, as well as published discount factors, and projected forward LIBOR rates. The fair value of the embedded derivative is determined using Level 3 inputs based on the Black-Derman-Toy lattice model and the “with-and-without” approach. This method estimates the value of the 2028 Notes both with and without the embedded derivative. The value of the embedded derivative is the difference between the two methods. The value of the 2028 Notes with the embedded derivative is based on recent trading prices of the 2028 Notes (Level 1 inputs). Determining the value of the 2028 Notes without the embedded derivative requires significant judgements made by management such as the probability of redemption linked transactions occurring, the cash flows expected to be generated from these transactions, as well as the timing of these transactions (Level 3 inputs). As of December 31, 2020 the embedded derivative is as an asset of $2.3 million and the gain associated with initially recording this balance was recorded within other income and (expense), net within the Consolidated Statement of Operations. As this Level 3 balance was initially recorded in the fourth quarter of 2020 a rollforward of Level 3 asset balances is not presented. Changes to the projections made by the Company’s management after December 31, 2020 can affect the future value of this asset. The carrying and estimated fair values of the Company’s financial instruments at December 31, 2020 and 2019 were as follows: At December 31, 2020 At December 31, 2019 Carrying Amount Fair Value Carrying Amount Fair Value (In millions) Cash and cash equivalents $ 61.4 $ 61.4 $ 11.0 $ 11.0 Restricted cash 1.1 1.1 48.8 48.8 Receivables less provision 378.9 378.9 425.1 425.1 Accounts payable 365.1 365.1 311.5 311.5 Long-term debt, including current portion 740.0 800.3 981.8 1,014.4 The estimated fair value of the Company’s cash and cash equivalents, restricted cash, receivables less provisions, and accounts payable approximate their carrying amounts due to the short-term nature of these financial instruments. The estimated fair value of the Company’s long-term debt and the current portions thereof is determined by using quoted market prices of Company debt securities (Level 2 inputs). |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income | 12 Months Ended |
Dec. 31, 2020 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Income | Note 15: Accumulated Other Comprehensive Income The following table details the changes in accumulated other comprehensive income (loss) for the years ended December 31, 2020 and December 31, 2019: Changes in Accumulated Other Comprehensive Income (Loss) by Component, net of tax Foreign Currency Translation Benefit Plan Liabilities Cash Flow Hedge - Interest Rate Swap (In millions) Balance at January 1, 2019 $ (52.8 ) $ (264.0 ) $ 1.0 Other comprehensive income (loss) before reclassifications 4.0 6.6 (0.5 ) Amounts reclassified from accumulated other comprehensive income (loss) 0.2 4.3 (0.8 ) Net current-period other comprehensive income (loss) 4.2 10.9 (1.3 ) Balance at December 31, 2019 $ (48.6 ) $ (253.1 ) $ (0.3 ) Other comprehensive income (loss) before reclassifications 1.6 (23.4 ) (4.1 ) Amounts reclassified from accumulated other comprehensive income (loss) — 54.7 1.3 Net current-period other comprehensive income (loss) 1.6 31.3 (2.8 ) Balance at December 31, 2020 $ (47.0 ) $ (221.8 ) $ (3.1 ) The following tables detail the reclassifications out of accumulated other comprehensive income (loss) for the years ended December 31, 2020 and December 31, 2019: Reclassifications Details about Accumulated Other Comprehensive Income (Loss) Components Amount reclassified from Accumulated Other Comprehensive Income (Loss) Affected line item in the Consolidated Statements of Operations For the Year Ended December 31, 2020 (In millions) Amortization of defined benefit pension and other post-retirement benefit plan items Actuarial gain $ 9.6 Other income and (expense), net Pension settlement 65.9 Other income and (expense), net Prior service cost (2.0 ) Other income and (expense), net Total before tax 73.5 Tax provision (18.8 ) Net of tax $ 54.7 Cash flow hedge - interest rate swap Realized swap interest (prior to de-designation) $ 1.3 Interest and other expense on debt Realized swap interest (subsequent to de-designation) 0.3 Interest and other expense on debt Total before tax 1.6 Tax provision (0.3 ) Net of tax $ 1.3 Reclassifications Out of Accumulated Other Comprehensive Income Details about Accumulated Other Comprehensive Income (Loss) Components Amount reclassified from Accumulated Other Comprehensive Income (Loss) Affected line item in the Consolidated Statements of Operations For the Year Ended December 31, 2019 (In millions) Foreign Currency Translation Foreign currency translation gain $ 0.2 Other income and (expense), net Tax provision — Net of tax $ 0.2 Amortization of defined benefit pension and other post-retirement benefit plan items Actuarial gain $ 7.2 Other income and (expense), net Pension settlement 1.6 Other income and (expense), net Prior service cost (3.0 ) Other income and (expense), net Total before tax 5.8 Tax provision (1.5 ) Net of tax $ 4.3 Cash flow hedge - interest rate swap Realized swap interest $ (1.1 ) Interest and other expense on debt Tax benefit 0.3 Net of tax $ (0.8 ) |
Revenue Recognition
Revenue Recognition | 12 Months Ended |
Dec. 31, 2020 | |
Revenue Recognition [Abstract] | |
Revenue Recognition | Note 16: Revenue Recognition We are a leading metals service center that distributes and provides value-added processing of industrial metals with operations in the United States, Canada, Mexico, and China. We purchase large quantities of metal products from primary producers and sell these materials in smaller quantities to a wide variety of metals-consuming industries. More than 75% of the metals products sold are processed by us by bending, beveling, blanking, blasting, burning, cutting-to-length, drilling, embossing, flattening, forming, grinding, laser cutting, machining, notching, painting, perforating, polishing, punching, rolling, sawing, scribing, shearing, slitting, stamping, tapping, threading, welding, or other techniques to process materials to a specified thickness, length, width, shape, and surface quality pursuant to specific customer orders. Revenue Accounting Policy In May 2014, the FASB issued ASC 606 which supersedes the revenue recognition requirements in ASC 605 “ Revenue Recognition The Company adopted ASC $12.3 million. The net impact on retained earnings associated with these revenues was $2.3 million. Revenue is recognized based on the consideration expected to be received for delivery of as-is or processed metal products when, or as, the Company satisfies its contractual obligation to transfer control of a product to a customer, which we refer to as a performance obligation. Predominately all of our contracts contain a single performance obligation. The majority of our revenue is recognized at a point in time. The Company has determined that the most definitive demonstration that control has transferred to a customer is physical delivery, with the exception of bill and hold and consignment transactions. The Company’s bill-and-hold transactions are arrangements where a customer requests that we bill them for a product even though we retain physical possession of the product until it is subsequently delivered to the customer. Bill and hold revenue is recorded when all of the criteria within ASC Revenues associated with products which we believe have no alternative use, and where the Company has an enforceable right to payment, are recognized on an over time basis . Products with no alternative use include products made from unique alloys, custom extrusions, non-standard gauges, items that been processed to a custom size that cannot be cost effectively reworked to a standard size, or items processed to customer specific drawings or specifications. Over-time revenues Ryerson uses both input and output methods of measuring progress towards completion based on the type and extent of processing completed. Input methods are used for complex processing with multiple steps occurring over multiple days. Under the input method, the measure of performance, commonly called percentage of completion, is t he ratio of costs incurred to date to the total estimated costs at completion for the products. Significant judgment is required in determining which products qualify for over time revenue recognition, the methodology to be used in calculating the progress toward completion, and estimating the costs incurred to date and the total cost at completion. Revenue is recorded net of returns, allowances, customer discounts, and incentives. Sales taxes collected from customers and remitted to governmental authorities are accounted for on a net (excluded from revenues) basis. Prices are generally fixed at the time of order confirmation. At each quarter end, the Company calculates an estimate of potential cash discounts and returns and allowances that could be taken by customers that are associated with outstanding accounts receivable, as well as estimates of customer rebates. Cash discounts and returns and allowances are calculated based on historical experience. Customer rebates are estimated based on actual sales and projections over the rebate period. The Company has elected to treat shipping and handling costs as an activity necessary to fulfill the performance obligation to transfer product to the customer and not as a separate performance obligation. Shipping and handling costs are estimated at quarter end in proportion to revenue recognized for transactions where actual costs are not yet known. Shipping and handling costs are included in Warehousing, delivery, selling, general, and administrative expense. The balance recognized related to accrued shipping and handling costs was zero at December 31, 2020 and was a net contract liability of $0.1 million at December 31, 2019. The Company’s performance obligations are typically short-term in nature. As a result, the Company has elected the practical expedient that provides an exemption of the disclosure requirements regarding information about remaining performance obligations on contracts that have original expected durations of one year or less. Disaggregated Revenue We have one operating and reportable segment, metals service centers. The Company derives substantially all of its sales from the distribution of metals. The following table shows the Company’s percentage of sales by major product line: Year Ended December 31, 2020 2019 2018 Product Line (Percentage of Sales) Carbon Steel Flat 27 % 26 % 27 % Carbon Steel Plate 9 11 11 Carbon Steel Long 14 16 14 Stainless Steel Flat 16 15 16 Stainless Steel Plate 5 4 4 Stainless Steel Long 5 4 4 Aluminum Flat 14 15 15 Aluminum Plate 3 2 3 Aluminum Long 5 5 4 Other 2 2 2 Total 100 % 100 % 100 % A significant majority of the Company’s sales are attributable to its U.S. operations. The only operations attributed to foreign countries relate to the Company’s subsidiaries in Canada, China, and Mexico. See Note 13: Segment Information for the Company’s consolidated financial information of our operations by geographic location based on where sales originated. Revenue is recognized either at a point in time or over time based on if the contract has an enforceable right to payment and the type of product that is being sold to the customer with products that are determined to have no alternative use being recognized over time. The following table summarizes revenues by the type of item sold: Years Ended December 31, Timing of Revenue Recognition 2020 2019 2018 Revenue on products with an alternative use 89 % 88 % 88 % Revenue on products with no alternative use 11 12 12 Total 100 % 100 % 100 % Contract Balances A receivable is recognized in the period in which an invoice is issued, which is generally when the product is delivered to the customer. Payment terms on invoiced amounts are typically 30 days from the invoice date. We do not have any contracts with significant financing components. Receivables, which are included in accounts receivables within the Consolidated Balance Sheet, from contracts with customers were $380.7 million and $428.6 million as of December 31, 2020 and December 31, 2019, respectively. Contract assets, which consist primarily of revenues recognized over time that have not yet been invoiced and estimates of the value of inventory that will be received in conjunction with product returns paid to customers for volume rebates, cash discounts, sales returns and allowances, customer prepayments, estimates of shipping and handling costs associated with performance obligations recorded over time, and bill and hold transactions are reported in other accrued liabilities within the Consolidated Balance Sheet. Significant changes in the contract assets and the contract liabilities balances during the period are as follows: Contract Assets Contract Liabilities 2020 2019 2020 2019 (In millions) Beginning Balance $ 13.5 $ 16.6 $ 10.5 $ 10.0 Contract liability satisfied during the period — — (11.8 ) (9.2 ) Contract liability incurred during the period — — 12.9 8.2 Net change in contract assets and liabilities for products with no alternative use during the period (2.0 ) (1.5 ) — — Changes to reserves (0.7 ) 0.2 (0.8 ) 3.3 Reclass between contract liability and contract asset — (1.8 ) — (1.8 ) Ending Balance $ 10.8 $ 13.5 $ 10.8 $ 10.5 |
Provision for Credit Losses
Provision for Credit Losses | 12 Months Ended |
Dec. 31, 2020 | |
Credit Loss [Abstract] | |
Provision for Credit Losses | Note 17: Provision for Credit Losses The Company adopted ASU 2016-13 as of January 1, 2020. Results for all reporting periods follow the guidance under ASC 326 with periods beginning after January 1, 2020 conforming to ASU 2016-13 while prior period amounts continue to be reported in accordance with previously applicable GAAP. Total adjustments as a result of adopting the new guidance were immaterial to the financial statements. Provisions for allowances and claims on accounts receivables and contract assets are based upon historical rates, expected trends, and estimates of potential returns, allowances, customer discounts, and incentives. The Company considers all available information when assessing the adequacy of the provision for allowances, claims, and doubtful accounts. The Company performs ongoing credit evaluations of customers and sets credit limits based upon review of the customers’ current credit information, payment history, and the current economic and industry environments. The Company’s credit loss reserve consists of two parts: a) a provision for estimated credit losses based on historical experience and b) a reserve for specific customer collection issues that the Company has identified. Estimation of credit losses requires adjusting historical loss experience for current economic conditions and judgments about the probable effects of economic conditions on certain customers. We have reviewed recent events and circumstances due to the COVID-19 pandemic in relation to our provision for credit losses and have not made any material adjustments as of December 31, 2020. The following table provides a reconciliation of the provision for credit losses reported within the Consolidated Balance Sheets as of December 31, 2020: Changes in Provision for Expected Credit Losses (In millions) Balance at January 1, 2020 $ 3.5 Current period provision 0.3 Write-offs charged against allowance (2.3 ) Recoveries against allowance 0.2 Balance at December 31, 2020 $ 1.7 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 18: Income Taxes The elements of the provision (benefit) for income taxes were as follows: Year Ended December 31, 2020 2019 2018 (In millions) Income (loss) before income tax: U.S. $ (106.0 ) $ 103.4 $ 100.6 Foreign 15.9 11.8 16.1 $ (90.1 ) $ 115.2 $ 116.7 Current income tax provision (benefit): Federal $ (11.6 ) $ (19.0 ) $ (1.3 ) Foreign 1.5 2.1 3.7 State 1.9 1.4 0.1 (8.2 ) (15.5 ) 2.5 Deferred income tax provision (benefit) (16.6 ) 48.0 7.8 Total income tax provision (benefit) $ (24.8 ) $ 32.5 $ 10.3 Income taxes differ from the amounts computed by applying the federal tax rate as follows: Year Ended December 31, 2020 2019 2018 (In millions) Federal income tax expense (benefit) computed at statutory tax rate of 21% in 2020, 2019, and 2018 $ (18.9 ) $ 24.2 $ 24.5 Additional taxes or credits from: State and local income taxes, net of federal income tax effect (4.6 ) 4.9 1.4 Non-deductible expenses and non-taxable income 0.3 1.8 (13.6 ) Foreign income not includable in federal taxable income 0.8 0.7 0.9 Valuation allowance changes, net (0.4 ) (0.4 ) (4.3 ) Changes in uncertain tax positions (1.9 ) (1.5 ) — Effect of U.S. Tax Cuts and Jobs Act - deemed repatriation transaction tax & GILTI (0.6 ) 2.4 0.8 All other, net 0.5 0.4 0.6 Total income tax provision (benefit) $ (24.8 ) $ 32.5 $ 10.3 The U.S. Tax Cuts and Jobs Act subjects a US shareholder to tax on global intangible low-taxed income (“GILTI”) earned by certain foreign subsidiaries. The FASB Staff Q&A, Topic 740, No. 5, Accounting for Global Intangible Low-Taxed Income The components of the deferred income tax assets and liabilities arising under FASB ASC 740, “ Income Taxes At December 31, 2020 2019 (In millions) Deferred tax assets: AMT tax credit carryforwards $ — $ 12 Post-retirement benefits other than pensions 18 18 Federal and foreign net operating loss carryforwards 30 23 State net operating loss carryforwards 18 16 Pension liability 43 38 Other deductible temporary differences 13 32 Less: valuation allowances (7 ) (14 ) $ 115 $ 125 Deferred tax liabilities: Fixed asset basis difference $ 63 $ 64 Inventory basis difference 100 115 Other intangibles 10 11 173 190 Net deferred tax liability $ (58 ) $ (65 ) On March 27, 2020, the CARES Act was enacted in response to the COVID-19 pandemic. The CARES Act, among other things, allowed for the acceleration of refunds for prior years alternative minimum tax (“AMT”) credits as well as increased the amount of deferred interest expense deduction included in our “Other deductible temporary differences.” The Company will continue to maintain a valuation allowance on certain U.S. federal and state deferred tax assets until such time as in management’s judgment, considering all available positive and negative evidence, the Company determines that these deferred tax assets are more likely than not realizable. Earnings from the Company’s foreign subsidiaries are considered to be indefinitely reinvested and, accordingly, no provision for U.S. federal and state income taxes or foreign withholding tax has been made in our consolidated financial statements related to the indefinitely reinvested earnings. At December 31, 2020, the Company had approximately $50 million of undistributed foreign earnings, predominately in Canada and China. As a result of the US Tax Cuts and Jobs Act passed during 2017, a significant portion of these earnings were deemed repatriated. Were the Company to distribute these non-U.S. earnings in the form of dividends or otherwise in the future, it would no longer be subject to U.S. federal income taxes. A determination of the amount of any unrecognized deferred income tax liability on the undistributed earnings is predominately dependent upon the applicability of foreign withholding taxes and potential U.S. state income taxes. Modeling of the many future potential scenarios and the related unrecognized deferred tax liability is therefore not practicable. None of the Company’s other foreign subsidiaries have a material amount of assets available for repatriation. The Company accounts for uncertain income tax positions in accordance with ASC 740. A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows: Unrecognized Tax Benefits (In millions) Unrecognized tax benefits balance at January 1, 2018 $ 6.5 Gross increases – tax positions in current periods — Settlements and closing of statute of limitations (0.6 ) Unrecognized tax benefits balance at December 31, 2018 $ 5.9 Gross increases – tax positions in current periods — Settlements and closing of statute of limitations (1.5 ) Unrecognized tax benefits balance at December 31, 2019 $ 4.4 Gross increases – tax positions in current periods — Settlements and closing of statute of limitations (1.9 ) Unrecognized tax benefits balance at December 31, 2020 $ 2.5 The Company and its subsidiaries are subject to U.S. federal income tax as well as income tax of multiple state and foreign jurisdictions. The Company has substantially concluded all U.S. federal income tax matters for all years through 2009. Substantially all state and local income tax matters have been concluded through 2006. The Company has substantially concluded foreign income tax matters through 2009 for all significant foreign jurisdictions. We recognize interest and penalties related to uncertain tax positions in income tax expense. We had approximately $0.8 million and $1.8 million of accrued interest related to uncertain tax positions at December 31, 2020 and 2019, respectively. The total amount of unrecognized tax benefits that would affect our effective tax rate if recognized was $1.7 million and $2.6 million as of December 31, 2020 and 2019, respectively. |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 31, 2020 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Note 19: Earnings Per Share On July 16, 2007, Ryerson Holding was capitalized with 21,250,000 shares of common stock by Platinum Equity, LLC. On August 13, 2014, Ryerson Holding completed an initial public offering of 11 million shares of common stock at a price to the public of $11.00 per share. On July 25, 2016, Ryerson Holding closed an underwritten public offering of 5 million shares of common stock at a price to the public of $15.25 per share. All shares outstanding are common shares and have equal voting, liquidation, and preference rights. Basic earnings per share attributable to Ryerson Holding’s common stock is determined based on earnings or loss for the period divided by the weighted average number of common shares outstanding during the period. Diluted earnings per share attributable to Ryerson Holding’s common stock considers the effect of potential common shares, unless inclusion of the potential common shares would have an antidilutive effect. The weighted average number of shares excluded were 289,759, zero, and zero for years ended December 31, 2020, 2019, and 2018, respectively. The following table sets forth the calculation of basic and diluted earnings per share: Years Ended December 31, Basic and diluted earnings per share 2020 2019 2018 (In millions, except share and per share data) Numerator: Net income (loss) attributable to Ryerson Holding Corporation $ (65.8 ) $ 82.4 $ 106.0 Denominator: Weighted average shares outstanding 38,025,122 37,697,648 37,329,580 Dilutive effect of stock-based awards — 263,856 342,732 Weighted average shares outstanding adjusted for dilutive securities 38,025,122 37,961,504 37,672,312 Earnings (loss) per share Basic $ (1.73 ) $ 2.19 $ 2.84 Diluted $ (1.73 ) $ 2.17 $ 2.81 |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2020 | |
Subsequent Events [Abstract] | |
Subsequent Events | Note 20: Subsequent Events On January 28, 2021 Ryerson c ompleted a sale of its facility located in Renton, Washington for proceeds of $ million , resulting in a gain of $ 20.3 million . The Company entered into a lease to leaseback the property for a period of two years and recorded an associated right of use asset and lease liability of $ million and $ million, respectively. The proceeds from the sale will be used for general corporate purposes such as capital expenditure and debt payments. |
Schedule I - Condensed Financia
Schedule I - Condensed Financial Information Of Registrant | 12 Months Ended |
Dec. 31, 2020 | |
Condensed Financial Information Of Parent Company Only Disclosure [Abstract] | |
Schedule I - Condensed Financial Information Of Registrant | SCHEDULE I—CONDENSED FINANCIAL INFORMATION OF REGISTRANT RYERSON HOLDING CORPORATION (Parent Company Only) STATEMENTS OF OPERATIONS (In millions) Year ended December 31, 2020 2019 2018 Administrative and other expenses $ (1.0 ) $ (1.0 ) $ (0.9 ) Interest income on intercompany loans 6.4 6.5 6.4 Equity in income (loss) of subsidiaries (69.9 ) 77.6 110.9 Income (loss) before income taxes (64.5 ) 83.1 116.4 Provision for income taxes 1.3 0.7 10.4 Net income (loss) $ (65.8 ) $ 82.4 $ 106.0 See Notes to Condensed Financial Statements. SCHEDULE I—CONDENSED FINANCIAL INFORMATION OF REGISTRANT RYERSON HOLDING CORPORATION (Parent Company Only) STATEMENTS OF COMPREHENSIVE INCOME (In millions) Year Ended December 31, 2020 2019 2018 Net income (loss) $ (65.8 ) $ 82.4 $ 106.0 Other comprehensive income (loss), before tax: Foreign currency translation adjustments 1.6 4.2 (8.2 ) Loss on intra-entity foreign currency transactions — — (3.0 ) Gain (loss) on cash flow hedges (3.8 ) (1.8 ) 0.5 Changes in defined benefit pension and other post-retirement benefit plans 41.8 14.0 (22.3 ) Other comprehensive income (loss), before tax 39.6 16.4 (33.0 ) Income tax provision (benefit) related to items of other comprehensive income (loss) 9.5 2.6 (4.5 ) Comprehensive income (loss), after tax $ (35.7 ) $ 96.2 $ 77.5 See Notes to Condensed Financial Statements. SCHEDULE I—CONDENSED FINANCIAL INFORMATION OF REGISTRANT RYERSON HOLDING CORPORATION (Parent Company Only) STATEMENTS OF CASH FLOWS (In millions) Year ended December 31, 2020 2019 2018 Operating Activities: Net income (loss) $ (65.8 ) $ 82.4 $ 106.0 Adjustments to reconcile net income to net cash provided by operating activities: Equity in (earnings) losses of subsidiaries 69.9 (77.6 ) (110.9 ) Deferred income taxes 22.1 (3.3 ) 10.4 Increase in receivables/payables from subsidiaries (26.2 ) (1.6 ) (5.4 ) Increase in other assets — — (0.1 ) Increase in accrued liabilities — 0.1 — Net adjustments 65.8 (82.4 ) (106.0 ) Net cash provided by operating activities — — — Net increase in cash, cash equivalents, and restricted cash — — — Cash, cash equivalents, and restricted cash—beginning of period 0.1 0.1 0.1 Cash, cash equivalents, and restricted cash—end of period $ 0.1 $ 0.1 $ 0.1 See Notes to Condensed Financial Statements. SCHEDULE I—CONDENSED FINANCIAL INFORMATION OF REGISTRANT RYERSON HOLDING CORPORATION (Parent Company Only) BALANCE SHEETS (In millions, except shares and per share data) At December 31, 2020 2019 Assets Cash and cash equivalents $ 0.1 $ 0.1 Prepaid expenses and other assets 0.1 0.1 Receivable from subsidiaries 37.3 11.1 Total current assets 37.5 11.3 Investment in subsidiaries 25.2 63.1 Long-term receivable from subsidiaries 71.7 71.7 Deferred income taxes 4.6 26.7 Total assets $ 139.0 $ 172.8 Liabilities Accrued liabilities $ 0.2 $ 0.2 Total current liabilities 0.2 0.2 Total liabilities 0.2 0.2 Ryerson Holding Corporation Stockholders’ equity Preferred stock, $0.01 par value; 7,000,000 shares authorized and no shares issued at 2020 and 2019 — — Common stock, $0.01 par value; 100,000,000 shares authorized and 38,329,897 shares issued at 2020; 100,000,000 shares authorized and 37,996,261 issued at 2019 0.4 0.4 Capital in excess of par value 383.1 381.2 Retained earnings 33.8 99.6 Treasury stock at cost – Common stock of 212,500 shares in 2020 and 2019 (6.6 ) (6.6 ) Accumulated other comprehensive loss (271.9 ) (302.0 ) Total Ryerson Holding Corporation stockholders’ equity 138.8 172.6 Total liabilities and stockholders’ equity $ 139.0 $ 172.8 See Notes to Condensed Financial Statements. SCHEDULE I—CONDENSED FINANCIAL INFORMATION OF REGISTRANT RYERSON HOLDING CORPORATION (Parent Company Only) NOTES TO FINANCIAL STATEMENTS Note 1: Basis of presentation In the parent company only financial statements, Ryerson Holding’s investment in subsidiaries is stated at cost plus equity in undistributed earnings of subsidiaries since the date of acquisition. Ryerson Holding’s share of net income of its unconsolidated subsidiaries is included in consolidated income using the equity method. The parent company only financial statements should be read in conjunction with the Company’s consolidated financial statements. Note 2: Guarantees Ryerson Holding unconditionally guarantees the 2028 Notes, jointly and severally with the other guarantors of the 2028 Notes. Note 3: Dividends from subsidiaries There were no cash dividends paid to Ryerson Holding from its consolidated subsidiaries for the years ended December 31, 2020, 2019, and 2018. |
Schedule II -Valuation And Qual
Schedule II -Valuation And Qualifying Accounts | 12 Months Ended |
Dec. 31, 2020 | |
Valuation And Qualifying Accounts [Abstract] | |
Schedule II -Valuation And Qualifying Accounts | RYERSON HOLDING CORPORATION AND SUBSIDIARY COMPANIES SCHEDULE II—VALUATION AND QUALIFYING ACCOUNTS FOR THE YEARS ENDED DECEMBER 31, 2020, 2019, AND 2018 (In millions) Balance at Beginning of Period Additions Charged (Credited) to Income Deductions from Reserves Balance at End of Period Year Ended December 31, 2020 Allowance for doubtful accounts $ 3.5 $ 0.3 $ (2.1 ) (A) $ 1.7 Valuation allowance—deferred tax assets 13.7 (0.4 ) (6.7 ) (B) 6.6 Year Ended December 31, 2019 Allowance for doubtful accounts $ 2.5 $ 4.0 $ (3.0 ) (A) $ 3.5 Valuation allowance—deferred tax assets 29.3 (0.4 ) (15.2 ) (B) 13.7 Year Ended December 31, 2018 Allowance for doubtful accounts $ 4.9 $ 2.4 $ (4.8 ) (A) (C) $ 2.5 Valuation allowance—deferred tax assets 24.4 7.0 (2.1 ) (D) 29.3 NOTES: (A) Bad debts written off of $2.3 million, $3.0 million, and $1.8 million for the years ended December 31, 2020, 2019, and 2018, respectively. (B) Reversals of valuation allowances due to the expiration of state net operating losses and changes to the foreign tax credits. ( C ) Reclassed $3.0 million to contract liability as a result of ASC 606 adoption. ( D ) Reversals of valuation allowances due to the expiration of state and foreign net operating losses. |
Summary of Accounting and Fin_2
Summary of Accounting and Financial Policies (Policies) | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Business Description and Basis of Presentation | Business Description and Basis of Presentation. Ryerson Holding Corporation (“Ryerson Holding”), a Delaware corporation, is the parent company of Joseph T. Ryerson & Son, Inc. (“JT Ryerson”), a Delaware corporation. Affiliates of Platinum Equity, LLC (“Platinum”) own approximately 21,037,500 shares of our common stock, which is approximately 55% of our issued and outstanding common stock. We are a leading value-added processor and distributor of industrial metals with operations in the United States through JT Ryerson, in Canada through our indirect wholly-owned subsidiary Ryerson Canada, Inc., a Canadian corporation (“Ryerson Canada”), and in Mexico through our indirect wholly-owned subsidiary Ryerson Metals de Mexico, S. de R.L. de C.V., a Mexican corporation (“Ryerson Mexico”). In addition to our North American operations, we conduct materials processing and distribution operations in China through an indirect wholly-owned subsidiary, Ryerson China Limited (“Ryerson China”), a Chinese limited liability company. Unless the context indicates otherwise, Ryerson Holding, JT Ryerson, Ryerson Canada, Ryerson China, and Ryerson Mexico together with their subsidiaries, are collectively referred to herein as “Ryerson,” “we,” “us,” “our,” or the “Company.” |
Principles of Consolidation | Principles of Consolidation. The Company consolidates entities in which it owns or controls more than 50% of the voting shares. All significant intercompany balances and transactions have been eliminated in consolidation |
Business Segments | Business Segments. Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 280, “ ” (“ASC 280”), establishes standards for reporting information on operating segments in interim and annual financial statements. Our Chief Executive Officer, together with our Board of Directors, serve as our Chief Operating Decision Maker (“CODM”). Our CODM reviews our financial information for purposes of making operational decisions and assessing financial performance. The CODM views our business globally as metals service centers. We have one operating and reportable segment, metal service centers, in accordance with the criteria set forth in ASC 280. |
Use of Estimates | Use of Estimates . The preparation of financial statements in conformity with Generally Accepted Accounting Principles (“GAAP”) in the United States requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and related notes to the financial statements. Changes in such estimates may affect amounts reported in future periods. |
Reclassifications | Reclassifications. Certain amounts in the 2019 and 2018 financial statements, as previously reported, have been revised to conform to the 2020 presentation. These changes did not have a material impact on the presentation of the consolidated financial statements. |
Revenue Recognition | Revenue Recognition. Revenue is recognized in accordance with FASB ASC 606, “ ” (“ASC 606”). Revenue is recognized based on the consideration expected to be received for delivery of as-is or processed metal products when, or as, the Company satisfies its contractual obligation to transfer control of a product to a customer, which we refer to as a performance obligation. See Note 16: Revenue Recognition for further details. |
Provision for Allowances, Claims and Doubtful Accounts | Provision for allowances, claims, and doubtful accounts . The Company adopted Accounting Standards Update (“ASU”) 2016-13, “Financial Instruments – Credit Losses: Measurement of Credit Losses on Financial Instruments” (“ASU 2016-13”) as of January 1, 2020. Results for 2020 follow the guidance under ASC 326 “ Financial Instruments – Credit Losses ” (“ASC 326”), while prior period amounts continue to be reported in accordance with previously applicable GAAP. The Company monitors customer payments and maintains a provision for estimated credit losses based on historical experience and specific customer collection issues that the Company has identified. Estimation of such losses requires adjusting historical loss experience for current economic conditions and judgments about the probable effects of economic conditions on certain customers. See Note 17: Provision for Credit Losses for further details. |
Shipping and Handling Fees and Costs | Shipping and Handling Fees and Costs. Shipping and handling fees billed to customers are classified in net sales in our Consolidated Statement of Operations. Shipping and handling costs, primarily distribution costs, are classified in warehousing, delivery, selling, general, and administrative expenses in our Consolidated Statement of Operations. These costs totaled $113.7 million, $126.7 million, and $112.3 million for the years ended December 31, 2020, 2019, and 2018, respectively the Company has elected to treat shipping and handling costs as an activity necessary to fulfill the performance obligation to transfer product to the customer and not as a separate performance obligation. Shipping and handling costs are estimated at quarter end in proportion to revenue recognized for transactions where actual costs are not yet known. |
Benefits for Retired Employees | Benefits for Retired Employees. The Company recognizes the funded status of its defined benefit pension and other postretirement plans in the Consolidated Balance Sheets, with changes in the funded status recognized through accumulated other comprehensive income (loss), in the year in which the changes occur. Service cost is included in warehousing, delivery, selling, general, and administrative expenses and all other components of net benefit costs are recognized in other income and (expense), net, in the Consolidated Statement of Operations. The estimated cost of the Company’s defined benefit pension plan and its postretirement medical benefits are determined annually or upon plan remeasurement after considering information provided by consulting actuaries. Key factors used in developing estimates of these liabilities include assumptions related to discount rates, rates of return on investments, mortality rates, future compensation costs, healthcare cost trends, benefit payment patterns, and other factors. The cost of these benefits for retirees is accrued during their term of employment. Pensions are funded primarily in accordance with the requirements of the Employee Retirement Income Security Act (“ERISA”) of 1974 and the Pension Protection Act of 2006. Costs for retired employee medical benefits are funded when claims are submitted. Certain employees are covered by a defined contribution plan, for which the cost is expensed in the period earned. |
Cash Equivalents | Cash Equivalents. Cash equivalents reflected in the financial statements are highly liquid, short-term investments with original maturities of three months or less. Checks issued in excess of funds on deposit at the bank represent “book” overdrafts. We reclassified $84.9 million and $57.6 million to accounts payable at December 31, 2020 and 2019, respectively. |
Inventory Valuation | Inventory Valuation . Inventories are stated at the lower of cost or market value. We primarily use the last-in, first-out (“LIFO”) method for valuing our domestic inventories. We use the moving average cost and the specific cost methods for valuing our foreign inventories. |
Property, Plant and Equipment | Property, Plant, and Equipment. Property, plant, and equipment, including land use rights and finance lease assets, are depreciated for financial reporting purposes using the straight-line method over the estimated useful lives of the assets. The provision for depreciation in all periods presented is based on the following estimated useful lives of the assets: Land improvements 20 years Buildings 45 years Machinery and equipment 10-15 years Furniture and fixtures 10 years Transportation equipment 3-6 years Land use rights 50 years Expenditures for normal repairs and maintenance are charged against income in the period incurred. |
Leases | Leases. For the years ended December 31, 2020 and 2019, leases are recognized in accordance with FASB ASC 842, “ ” (“ASC 842”). In the year ended December 31, 2018, leases are recognized in accordance with FASB ASC 840, “Leases” (“ASC 840”). The Company leases various assets including real estate, trucks, trailers, mobile equipment, processing equipment, and IT equipment. See discussion of the adoption of ASC 842 within Recent Accounting Pronouncements below and Note 6: Leases, for further details on accounting treatment. Policy Elections & Practical Expedients The Company has made an accounting policy election not to record leases with an initial term of twelve months or less (“short term leases”) on the balance sheet as allowed within ASC 842. Short term lease expense is recognized on a straight-line basis over the lease term. The Company has elected to apply the practical expedient that allows for the combination of lease and non-lease components for all asset classes. In addition, the Company elected the package of practical expedients permitted under the transition guidance within the new standard, which among other things, allowed the Company to carry forward the historical lease classification for leases that existed at the transition date. Significant Judgments Many of our real estate leases include one or more options to renew, with renewal terms that can extend the lease term from one to 5 years or more. To determine the expected lease term, we include any noncancelable periods within the lease agreement as well as any periods covered by an option to extend the lease if we are reasonably certain to exercise the option. The equipment leases do not typically include options for renewal but do include options for purchase at the end of the lease. We determine the likelihood of exercising the option for purchase by assessing the option price versus the estimated fair value at the end of the lease term to determine if the option price is low enough that we are reasonably certain to exercise it. The depreciable life of finance lease assets and leasehold improvements are limited by the expected lease term, unless there is a transfer of title or purchase option reasonably certain of exercise. Lease payments include fixed payments, the exercise price of a purchase option that is reasonably certain of exercise, variable payments based on a known index, and the amount probable that the Company will owe under a residual value guarantee. Variable lease payments that are not based on a known index are not included in lease payments and are expensed as incurred. The discount rate used to determine the amount of right of use assets, lease liabilities, and lease classification is the interest rate implicit in the lease, when known. If the rate implicit in the lease is not known, the Company will use its incremental borrowing rate defined as the interest rate swap rate that approximates the lease term plus the long-term expected spread on the $1.0 billion revolving credit facility amended as of November 5, 2020 (the “Ryerson Credit Facility”). |
Goodwill | Goodwill. In accordance with FASB ASC 350, “ ” (“ASC 350”), goodwill is reviewed at least annually for impairment or whenever indicators of potential impairment exist. We test for impairment of goodwill by assessing various qualitative factors with respect to developments in our business and the overall economy and calculating the fair value of a reporting unit using the discounted cash flow method, as necessary. If we determine that it is more likely than not that the fair value of a reporting unit is less than the carrying value based on our qualitative assessment, we will proceed to the quantitative goodwill impairment test, in which we compare the fair value of the reporting unit where the goodwill resides to its carrying value. If the carrying amount of goodwill exceeds its implied fair value, an impairment loss is recognized in an amount equal to that excess, not to exceed the carrying amount of the goodwill. The fair value of the reporting unit is estimated using a combination of an income approach and a market approach as this combination is deemed to be the most indicative of fair value in an orderly transaction between market participants. |
Long-lived Assets and Other Intangible Assets | Long-lived Assets and Other Intangible Assets . Long-lived assets held and used by the Company are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. The Company estimates the future cash flows expected to result from the use of the asset and its eventual disposition. If the sum of the expected future cash flows (undiscounted and without interest charges) is less than the carrying amount of the asset, an impairment is recognized. Any related impairment loss is calculated based upon comparison of the fair value to the carrying value of the asset. Separate intangible assets that have finite useful lives are amortized over their useful lives. An impaired intangible asset would be written down to fair value, using the discounted cash flow method. |
Accrued Vacation Liability | Accrued Vacation Liability. In 2019, the Company changed its vacation policy such that employees earn their vacation for the current year as work is performed throughout the year and forfeit any unused vacation at the end of the year, with the exception of a partial rollover allowance subject to a cap. Under the previous policy, vacation was earned in advance of work being performed for the subsequent year. As a result of this policy change, the Company recorded a reduction of $11.0 million to accrued vacation expense. The adjustment is included within warehousing, delivery, general, and administrative expense within the Consolidated Statement of Operations in 2019. |
Deferred Financing Costs | Deferred Financing Costs. Deferred financing costs associated with the issuance of debt are being amortized using either the effective interest method or straight line method over the life of the debt in accordance with FASB ASC 470, (“ASC 470”) Deferred financing costs related to a recognized debt liability are presented in the balance sheet as a direct deduction from the carrying amount of the related debt liability. |
Foreign Currency | Foreign Currency. The Company translates assets and liabilities of its foreign subsidiaries, where the functional currency is the local currency, into U.S. dollars at the current rate of exchange on the last day of the reporting period. Revenues and expenses are translated at the average monthly exchange rates prevailing during the year. For foreign currency transactions, the Company translates these amounts to the Company’s functional currency at the exchange rate effective on the invoice date. If the exchange rate changes between the time of purchase and the time actual payment is made, a foreign exchange transaction gain or loss results which is included in determining net income (loss) for the year. The Company recognized zero exchange gains/losses, $2.4 million exchange loss, and a $3.0 million exchange gain for the years ended December 31, 2020, 2019 and 2018, respectively. These amounts are primarily classified in “Other income and (expense), net” in our Consolidated Statements of Operations. |
Income Taxes | Income Taxes. Deferred tax assets or liabilities reflect temporary differences between amounts of assets and liabilities for financial and tax reporting. Such amounts are adjusted, as appropriate, to reflect changes in enacted tax rates expected to be in effect when the temporary differences reverse. A valuation allowance is established to offset any deferred tax assets if, based upon the available evidence, it is more likely than not that some or all of the deferred tax assets will not be realized. The determination of the amount of a valuation allowance to be provided on recorded deferred tax assets involves estimates regarding (1) the timing and amount of the reversal of taxable temporary differences, (2) expected future taxable income, (3) the impact of tax planning strategies, and (4) the ability to carry back tax losses to offset prior taxable income. In assessing the need for a valuation allowance, the Company considers all available positive and negative evidence, including past operating results, projections of future taxable income, and the feasibility of ongoing tax planning strategies. The projections of future taxable income include a number of estimates and assumptions regarding volume, pricing, costs, and industry cyclicality. Significant judgment is required in determining income tax provisions and in evaluating tax positions. In the normal course of business, the Company and its subsidiaries are examined by various federal, state, and foreign tax authorities. The Company records the impact of a tax position, if that position is more likely than not to be sustained in audit, based on the technical merits of the position. The Company regularly assesses the potential outcomes of these examinations and any future examinations for the current or prior years in determining the adequacy of our provision for income taxes. The Company continually assesses the likelihood and amount of potential adjustments and adjusts the income tax provision, the current tax liability, and deferred taxes in the period in which the facts that give rise to a revision become known. The Company recognizes the benefit of tax positions when a benefit is more likely than not (i.e., greater than 50% likely) to be sustained on its technical merits. Recognized tax benefits are measured at the largest amount that is more likely than not to be sustained, based on cumulative probability, in final settlement of the position. The Company recognizes interest and penalties related to unrecognized tax benefits as a component of income tax expense. |
Earnings Per Share Data | Earnings Per Share Data. Basic earnings per share (“EPS”) is computed by dividing net earnings available to common stockholders by the weighted average number of common shares outstanding for the period. Diluted earnings per share is computed by giving effect to all dilutive potential common shares that were outstanding during the period, unless inclusion of the potential common shares would have an antidilutive effect. Basic earnings per share excludes the dilutive effect of common stock equivalents such as stock options and warrants, while diluted earnings per share, assuming dilution, includes such dilutive effects. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements Impact of Recently Issued Accounting Standards–Adopted In June 2016, the FASB issued ASU 2016-13. The standard and subsequently issued amendments require financial assets measured at amortized cost basis to be presented at the net amount expected to be collected, thus eliminating the probable initial recognition threshold and instead reflecting the current estimate of all expected credit losses. The update is effective for interim and annual reporting periods beginning after December 15, 2019. In August 2018, the FASB issued ASU 2018-15, “ Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract. In March 2020, the FASB issued ASU 2020-04, “Reference Rate Reform (Topic 848).” The amendments in this update provide optional expedients and exceptions for applying Generally Accepted Accounting Principles (“GAAP”) to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. The amendments apply only to contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. The expedients and exceptions provided by the amendments do not apply to contract modifications made and hedging relationships entered into or evaluated after December 31, 2022, except for hedging relationships existing as of December 31, 2022, that an entity has elected certain optional expedients for and that are retained through the end of the hedging relationship. In January 2021, the FASB issued ASU 2021-01, which clarifies that certain optional expedients and exceptions in Topic 848 for contract modifications and hedge accounting apply to derivatives that are affected by the discounting transition. The amendments in these updates are effective for all entities as of March 12, 2020 through December 31, 2022. We adopted this guidance as of March 12, 2020 and there was no impact to our financial statements as no in-scope contract modifications occurred. Impact of Recently Issued Accounting Standards–Not Yet Adopted In December 2019, the FASB issued ASU 2019-12, “ Income Taxes – Simplifying the Accounting for Income Taxes |
Revenue Accounting Policy | We are a leading metals service center that distributes and provides value-added processing of industrial metals with operations in the United States, Canada, Mexico, and China. We purchase large quantities of metal products from primary producers and sell these materials in smaller quantities to a wide variety of metals-consuming industries. More than 75% of the metals products sold are processed by us by bending, beveling, blanking, blasting, burning, cutting-to-length, drilling, embossing, flattening, forming, grinding, laser cutting, machining, notching, painting, perforating, polishing, punching, rolling, sawing, scribing, shearing, slitting, stamping, tapping, threading, welding, or other techniques to process materials to a specified thickness, length, width, shape, and surface quality pursuant to specific customer orders. Revenue Accounting Policy In May 2014, the FASB issued ASC 606 which supersedes the revenue recognition requirements in ASC 605 “ Revenue Recognition The Company adopted ASC $12.3 million. The net impact on retained earnings associated with these revenues was $2.3 million. Revenue is recognized based on the consideration expected to be received for delivery of as-is or processed metal products when, or as, the Company satisfies its contractual obligation to transfer control of a product to a customer, which we refer to as a performance obligation. Predominately all of our contracts contain a single performance obligation. The majority of our revenue is recognized at a point in time. The Company has determined that the most definitive demonstration that control has transferred to a customer is physical delivery, with the exception of bill and hold and consignment transactions. The Company’s bill-and-hold transactions are arrangements where a customer requests that we bill them for a product even though we retain physical possession of the product until it is subsequently delivered to the customer. Bill and hold revenue is recorded when all of the criteria within ASC Revenues associated with products which we believe have no alternative use, and where the Company has an enforceable right to payment, are recognized on an over time basis . Products with no alternative use include products made from unique alloys, custom extrusions, non-standard gauges, items that been processed to a custom size that cannot be cost effectively reworked to a standard size, or items processed to customer specific drawings or specifications. Over-time revenues Ryerson uses both input and output methods of measuring progress towards completion based on the type and extent of processing completed. Input methods are used for complex processing with multiple steps occurring over multiple days. Under the input method, the measure of performance, commonly called percentage of completion, is t he ratio of costs incurred to date to the total estimated costs at completion for the products. Significant judgment is required in determining which products qualify for over time revenue recognition, the methodology to be used in calculating the progress toward completion, and estimating the costs incurred to date and the total cost at completion. Revenue is recorded net of returns, allowances, customer discounts, and incentives. Sales taxes collected from customers and remitted to governmental authorities are accounted for on a net (excluded from revenues) basis. Prices are generally fixed at the time of order confirmation. At each quarter end, the Company calculates an estimate of potential cash discounts and returns and allowances that could be taken by customers that are associated with outstanding accounts receivable, as well as estimates of customer rebates. Cash discounts and returns and allowances are calculated based on historical experience. Customer rebates are estimated based on actual sales and projections over the rebate period. The Company has elected to treat shipping and handling costs as an activity necessary to fulfill the performance obligation to transfer product to the customer and not as a separate performance obligation. Shipping and handling costs are estimated at quarter end in proportion to revenue recognized for transactions where actual costs are not yet known. Shipping and handling costs are included in Warehousing, delivery, selling, general, and administrative expense. The balance recognized related to accrued shipping and handling costs was zero at December 31, 2020 and was a net contract liability of $0.1 million at December 31, 2019. The Company’s performance obligations are typically short-term in nature. As a result, the Company has elected the practical expedient that provides an exemption of the disclosure requirements regarding information about remaining performance obligations on contracts that have original expected durations of one year or less. |
Summary of Accounting and Fin_3
Summary of Accounting and Financial Policies (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Estimated Useful Lives of Assets | The provision for depreciation in all periods presented is based on the following estimated useful lives of the assets: Land improvements 20 years Buildings 45 years Machinery and equipment 10-15 years Furniture and fixtures 10 years Transportation equipment 3-6 years Land use rights 50 years |
Acquisitions (Tables)
Acquisitions (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Business Combinations [Abstract] | |
Summary of Fair Values of Assets Acquired and Liabilities Assumed | The following table summarizes the fair values of the assets acquired and liabilities assumed at the acquisition date. At July 2, 2018 (In millions) Cash and cash equivalents $ 10.0 Receivables, less provisions 80.0 Inventories 179.8 Prepaid expenses and other current assets 1.7 Property, plant, and equipment 66.5 Other intangible assets 16.1 Total identifiable assets acquired 354.1 Accounts payable (49.7 ) Salaries, wages, and commissions (4.9 ) Other accrued liabilities (6.5 ) Deferred income taxes (27.7 ) Deferred employee benefits (31.8 ) Total liabilities assumed (120.6 ) Net identifiable assets acquired 233.5 Bargain purchase gain (70.0 ) Total purchase price $ 163.5 |
Summary of Unaudited Pro forma Information Presents Consolidated Results of Operation | The following unaudited pro forma information presents consolidated results of operations for the year ended December 31, 2019 and 2018 as if the acquisition of CS&W on July 2, 2018 had occurred on January 1, 2018: Pro Forma For the Year Ended December 31, 2019 2018 (In millions) Net sales $ 4,501.6 $ 4,767.7 Net income attributable to Ryerson Holding Corporation 82.4 15.2 |
Cash, Cash Equivalents, and R_2
Cash, Cash Equivalents, and Restricted Cash (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Cash And Cash Equivalents [Abstract] | |
Reconciliation of Cash, Cash Equivalents, and Restricted Cash | The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the Consolidated Balance Sheets that sum to the total of the beginning and ending cash balances shown in the Consolidated Statements of Cash Flows: At December 31, 2020 2019 (In millions) Cash and cash equivalents $ 61.4 $ 11.0 Restricted cash 1.1 48.8 Total cash, cash equivalents, and restricted cash $ 62.5 $ 59.8 |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventories | Inventories, at stated LIFO value, were classified at December 31, 2020 and 2019 as follows: At December 31, 2020 2019 (In millions) In process and finished products $ 604.5 $ 742.9 |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Property Plant And Equipment [Abstract] | |
Schedule of Property Plant and Equipment | Property, plant, and equipment consisted of the following at December 31, 2020 and 2019: At December 31, 2020 2019 (In millions) Land and land improvements $ 88.0 $ 89.4 Buildings and leasehold improvements 202.3 199.0 Machinery, equipment, and other 451.6 432.3 Finance leases 66.5 73.2 Construction in progress 14.5 12.6 Total 822.9 806.5 Less: Accumulated depreciation (401.1 ) (366.8 ) Net property, plant, and equipment $ 421.8 $ 439.7 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Leases [Abstract] | |
Summary of Location and Amount of Lease Assets and Lease Liabilities | The following table summarizes the location and amount of lease assets and lease liabilities reported in our Consolidated Balance Sheet as of December 31, 2020 and 2019: At December 31, Leases Balance Sheet Location 2020 2019 (In millions) Assets Operating lease assets Operating lease assets $ 108.3 $ 128.2 Finance lease assets Property, plant, and equipment, net (a) 45.5 54.2 Total lease assets $ 153.8 $ 182.4 Liabilities Current Operating Current portion of operating lease liabilities $ 20.7 $ 20.9 Finance Other accrued liabilities 9.0 12.4 Noncurrent Operating Noncurrent operating lease liabilities 93.0 112.8 Finance Other noncurrent liabilities 14.3 18.7 Total lease liabilities $ 137.0 $ 164.8 (a) Finance lease assets are recorded net of accumulated amortization of $21.0 million and $19.0 million as of December 31, 2020 and 2019, respectively. |
Summary of Location and Amount of Lease Expense | The following table summarizes the location and amount of lease expense reported in our Consolidated Statements of Operations for the twelve months ended December 31, 2020 and 2019: Year Ended December 31, Lease Expense Location of Lease Expense Recognized in Income 2020 2019 (In millions) Operating lease expense Warehousing, delivery, selling, general, and administrative $ 23.9 $ 20.7 Finance lease expense Amortization of lease assets Warehousing, delivery, selling, general, and administrative 6.4 6.9 Interest on lease liabilities Interest and other expense on debt 1.2 1.6 Variable lease expense Warehousing, delivery, selling, general, and administrative 3.1 3.1 Short-term lease expense Warehousing, delivery, selling, general, and administrative 2.4 3.0 Total lease expense $ 37.0 $ 35.3 |
Schedule of Maturity Analysis of Lease Liabilities | The following table presents maturity analysis of lease liabilities at December 31, 2020: Maturity of Lease Liabilities Operating Leases (a) Finance Leases (In millions) 2021 $ 24.1 $ 10.0 2022 20.4 6.6 2023 17.0 4.0 2024 15.7 3.2 2025 12.2 0.8 After 2025 38.9 0.3 Total lease payments 128.3 24.9 Less: Interest (b) (14.6 ) (1.6 ) Present value of lease liabilities (c) $ 113.7 $ 23.3 (a) There were no operating leases with options to extend lease terms that are reasonably certain of being exercised or operating leases signed but not yet commenced. (b) Calculated using the discount rate for each lease. (c) Includes the current portion of $20.7 million for operating leases and $9.0 million for finance leases. |
Schedule of Weighted-Average Remaining Lease Term and Discount Rate for Operating and Finance Leases | The following table shows the weighted-average remaining lease term and discount rate for operating and finance leases, respectively, at December 31, 2020 and 2019: At December 31, Lease Term and Discount Rate 2020 2019 Weighted-average remaining lease term (years) Operating leases 7.3 7.9 Finance leases 2.8 2.8 Weighted-average discount rate Operating leases 3.4 % 3.6 % Finance leases 4.4 % 4.8 % |
Schedule of Information Reported in Consolidated Statement of Cash Flows | Information reported in our Consolidated Statement of Cash Flows for the twelve months ended December 31, 2020 and 2019 is summarized below: Year Ended December 31, Other Information 2020 2019 (In millions) Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from operating leases $ 25.3 $ 21.4 Operating cash flows from finance leases 1.2 1.6 Financing cash flows from finance leases 13.1 13.6 Assets obtained in exchange for lease obligations: Adoption of accounting principle ASC 842 — 82.3 Operating leases 1.6 64.8 Finance leases 3.6 2.2 |
Definite-Lived Intangible Ass_2
Definite-Lived Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Components of Definite-Lived Intangible Assets | The following summarizes the components of definite-lived intangible assets at December 31, 2020 and 2019: At December 31, 2020 At December 31, 2019 Remaining Weighted Average Amortizable Life in Years Gross Carrying Amount Accumulated Amortization Net Gross Carrying Amount Accumulated Amortization Net (In millions) Amortizable intangible assets Customer relationships 14.4 $ 57.7 $ (41.4 ) $ 16.3 $ 58.1 $ (37.9 ) $ 20.2 Developed technology / product know-how 10.0 4.6 (3.0 ) 1.6 4.6 (2.7 ) 1.9 Non-compete agreements 5.0 0.5 (0.4 ) 0.1 0.6 (0.4 ) 0.2 Trademarks 13.7 42.3 (17.1 ) 25.2 42.3 (14.0 ) 28.3 Licenses — 0.5 (0.5 ) — 0.5 (0.5 ) — Total definite-lived intangible assets $ 105.6 $ (62.4 ) $ 43.2 $ 106.1 $ (55.5 ) $ 50.6 |
Estimated Amortization Expense Related to Intangible Assets | Estimated amortization expense related to intangible assets at December 31, 2020, for each of the years in the five year period ending December 31, 2025 and thereafter is as follows: Estimated Amortization (In millions) For the year ended December 31, 2021 $ 6.4 For the year ended December 31, 2022 6.3 For the year ended December 31, 2023 5.1 For the year ended December 31, 2024 5.1 For the year ended December 31, 2025 4.9 For the years ended thereafter 15.4 |
Goodwill (Tables)
Goodwill (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Changes in Carrying Amount of Goodwill | Goodwill represents the excess of cost over the fair value of net assets acquired. The following is a summary of changes in the carrying amount of goodwill for the years ended December 31, 2020 and 2019: Cost Accumulated Impairment Carrying Amount (In millions) Balance at January 1, 2019 $ 128.6 $ (8.3 ) $ 120.3 Acquisitions — — $ — Balance at December 31, 2019 $ 128.6 $ (8.3 ) $ 120.3 Acquisitions — — — Balance at December 31, 2020 $ 128.6 $ (8.3 ) $ 120.3 |
Restructuring and Other Charg_2
Restructuring and Other Charges (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Restructuring And Related Activities [Abstract] | |
Restructuring Accrual Activity | The following summarizes restructuring accrual activity for the years ended December 31, 2020, 2019, and 2018: Employee Related Costs Tenancy and Other Costs Total Restructuring Costs (In millions) Balance at January 1, 2018 $ — $ 1.7 $ 1.7 Restructuring charges 3.6 0.6 4.2 Cash payments (3.2 ) (0.8 ) (4.0 ) Balance at December 31, 2018 $ 0.4 $ 1.5 $ 1.9 Restructuring charges 2.1 0.3 2.4 Cash payments (1.5 ) (0.9 ) (2.4 ) Balance at December 31, 2019 $ 1.0 $ 0.9 $ 1.9 Restructuring charges 2.2 — 2.2 Cash payments (2.7 ) (0.3 ) (3.0 ) Addition to reserve — 0.1 0.1 Balance at December 31, 2020 $ 0.5 $ 0.7 $ 1.2 |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | Long-term debt consisted of the following at December 31, 2020 and 2019: At December 31, 2020 2019 (In millions) Ryerson Credit Facility $ 285.0 $ 377.7 8.50% Senior Secured Notes due 2028 450.0 — 11.00 % Senior Secured Notes due 2022 — 587.9 Foreign debt 12.1 13.2 Other debt 7.8 9.5 Unamortized debt issuance costs and discounts (14.9 ) (6.5 ) Total debt 740.0 981.8 Less: Ryerson Credit Facility - "first in, last out" subfacility — 34.3 Short-term foreign debt 12.1 13.2 Other short-term debt 1.7 1.7 Total long-term debt $ 726.2 $ 932.6 |
Principal Payments on Debt | The principal payments required to be made on debt during the next five fiscal years are shown below: Amount (In millions) For the year ended December 31, 2021 $ 13.8 For the year ended December 31, 2022 1.8 For the year ended December 31, 2023 1.9 For the year ended December 31, 2024 2.4 For the year ended December 31, 2025 285.0 For the years ended thereafter 450.0 |
Employee Benefits (Tables)
Employee Benefits (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Components of Benefit Obligation and Net Obligation Recognized in Financial Statements | Year Ended December 31, Pension Benefits Other Benefits 2020 2019 2020 2019 (In millions) Change in Benefit Obligation Benefit obligation at beginning of year $ 771.8 $ 760.0 $ 69.2 $ 69.8 Service cost 3.4 3.4 0.6 0.6 Interest cost 18.7 28.7 1.7 2.5 Actuarial loss 54.5 64.6 0.7 1.2 Effect of changes in exchange rates 1.0 2.1 0.3 0.6 Company restructuring 0.2 — — — Lump sums paid (114.9 ) (24.4 ) — — Benefits paid (net of participant contributions and subsidies) (60.0 ) (62.6 ) (4.2 ) (5.5 ) Benefit obligation at end of year $ 674.7 $ 771.8 $ 68.3 $ 69.2 Accumulated benefit obligation at end of year $ 661.4 $ 759.8 N/A N/A Change in Plan Assets Plan assets at fair value at beginning of year $ 631.8 $ 578.7 $ — $ — Actual return on plan assets 55.4 112.4 — — Employer contributions 7.1 25.7 4.3 5.7 Effect of changes in exchange rates 0.9 2.0 — — Lump sums paid (114.9 ) (24.4 ) — — Benefits paid (net of participant contributions) (60.0 ) (62.6 ) (4.3 ) (5.7 ) Plan assets at fair value at end of year $ 520.3 $ 631.8 $ — $ — Reconciliation of Amount Recognized Funded status $ (154.4 ) $ (140.0 ) $ 68.3 $ 69.2 Amounts recognized in balance sheet consist of: Non-current assets $ 0.9 $ 0.8 $ — $ — Current liabilities — — (5.6 ) (5.9 ) Non-current liabilities (155.3 ) (140.8 ) (62.7 ) (63.3 ) Net benefit liability at the end of the year $ (154.4 ) $ (140.0 ) $ (68.3 ) $ (69.2 ) |
Amounts Recognized in Accumulated Other Comprehensive Income (Loss) | Amounts recognized in accumulated other comprehensive income (loss) at December 31, 2020 and 2019 consist of the following: At December 31, Pension Benefits Other Benefits 2020 2019 2020 2019 (In millions) Amounts recognized in accumulated other comprehensive income (loss), pre–tax, consist of Net actuarial loss (gain) $ 314.3 $ 366.2 $ (41.2 ) $ (49.1 ) Prior service loss (credit) — 0.1 (0.6 ) (2.7 ) Net loss (gain) $ 314.3 $ 366.3 $ (41.8 ) $ (51.8 ) |
Amounts Recognized in Other Comprehensive Income (Loss) | Amounts recognized in other comprehensive income (loss) for the years ended December 31, 2020 and 2019 consist of the following: Year Ended December 31, Pension Benefits Other Benefits 2020 2019 2020 2019 (In millions) Amounts recognized in other comprehensive income (loss), pre–tax, consist of Net actuarial loss (gain) $ 29.9 $ (11.3 ) $ 0.8 $ 1.3 Amortization of net actuarial loss (gain) (16.4 ) (14.8 ) 6.9 7.7 Amortization of prior service cost (credit) (0.1 ) (0.1 ) 2.2 3.1 Settlement charge (65.9 ) (1.6 ) — — Net loss (gain) $ (52.5 ) $ (27.8 ) $ 9.9 $ 12.1 |
Components of Net Periodic Benefit Cost | The components of the Company’s net periodic benefit cost for the years ended December 31, 2020, 2019, and 2018 are as follows: Year Ended December 31, Pension Benefits Other Benefits 2020 2019 2018 2020 2019 2018 (In millions) Components of net periodic benefit cost Service cost $ 3.4 $ 3.4 $ 2.4 $ 0.6 $ 0.6 $ 0.4 Interest cost 18.7 28.7 26.0 1.7 2.5 2.3 Expected return on assets (30.6 ) (36.4 ) (40.3 ) — — — Recognized actuarial loss (gain) 16.4 14.8 15.3 (6.9 ) (7.7 ) (7.3 ) Amortization of prior service cost (credit) 0.1 0.1 0.1 (2.2 ) (3.1 ) (3.1 ) Settlement expense 65.9 1.6 0.2 — — — Net periodic benefit cost (credit) $ 73.9 $ 12.2 $ 3.7 $ (6.8 ) $ (7.7 ) $ (7.7 ) |
Asset Allocations by Asset Category | The Company’s pension trust weighted-average asset allocations at December 31, 2020 and 2019, by asset category are as follows: Trust Assets at December 31, 2020 2019 Equity securities 34 % 35 % Debt securities 47 48 Real Estate 12 10 Other 7 7 Total 100 % 100 % |
Fair Values of Pension Plan Assets | The fair value of our pension plan assets at December 31, 2020 by asset category are as follows. See Note 14 for the definitions of Level 1, 2, and 3 fair value measurements. Fair Value Measurements at December 31, 2020 Asset Category Total Level 1 Level 2 Level 3 (In millions) Cash and cash equivalents $ 7 $ 7 $ — $ — Equity securities: US large cap 54 — 54 — US small/mid cap 11 — 11 — International companies 45 — 45 — Global companies 68 — 68 — Fixed income securities: Investment grade debt 242 — 242 — Non investment grade debt 3 — 3 — Other types of investments: Hedge fund 2 — 2 — Real estate 1 — 1 — Investments valued at net asset value 87 — — — Total $ 520 $ 7 $ 426 $ — The fair value of our pension plan assets at December 31, 2019 by asset category are as follows: Fair Value Measurements at December 31, 2019 Asset Category Total Level 1 Level 2 Level 3 (In millions) Cash and cash equivalents $ 14 $ 6 $ 8 $ — Equity securities: US large cap 67 4 63 — US small/mid cap 11 1 10 — International companies 63 3 60 — Global companies 82 — 82 — Fixed income securities: Investment grade debt 300 11 289 — Other types of investments: Commodity funds 2 — 2 — Real estate 66 1 65 Investments valued at net asset value 27 — — — Total $ 632 $ 26 $ 579 $ — |
Estimated Future Benefit Payments | Estimated Future Benefit Payments Pension Benefits Other Benefits (In millions) 2021 $ 47 $ 6 2022 48 5 2023 46 5 2024 45 4 2025 44 4 2026-2030 207 17 |
Target Ranges and Allocations | |
Asset Allocations by Asset Category | The approved target ranges and allocations as of the December 31, 2020 measurement date were as follows: Range Target Equity securities 0-49% 40 % Debt securities 37-100 41 Real estate 0-14 12 Other 0-8 7 Total 100 % |
Pension Benefits [Member] | |
Assumptions Used for Retirement Benefit Plans | The assumptions used to determine benefit obligations at the end of the periods and net periodic benefit costs for the Pension Benefits for U.S. plans were as follows: Ryerson Pension Plan Year Ended December 31, 2020 October 1 to November 30, 2020 January 1 to September 30, 2020 Year Ended December 31, 2019 Year Ended December 31, 2018 Discount rate for calculating obligations 2.42 % 2.59 % 3.15 % 3.15 % 4.32 % Discount rate for calculating service cost 2.59 2.76 3.38 4.53 3.84 Discount rate for calculating interest cost 1.76 1.87 2.72 3.93 3.24 Expected rate of return on plan assets 5.15 5.25 5.75 6.35 6.70 Rate of compensation increase – benefit obligations 3.00 3.00 3.00 3.00 3.00 Rate of compensation increase – net periodic benefit cost 3.00 3.00 3.00 3.00 2.90 Central Steel and Wire Retirement Plan Year Ended December 31, 2020 Year Ended December 31, 2019 July 2 to December 31, 2018 Discount rate for calculating obligations 3.09 % 3.53 % 4.59 % Discount rate for calculating service cost 3.63 4.67 4.49 Discount rate for calculating interest cost 3.33 4.43 4.22 Expected rate of return on plan assets 3.20 4.00 4.70 Rate of compensation increase – benefit obligations 3.00 3.00 3.00 Rate of compensation increase – net periodic benefit cost 3.00 3.00 3.00 The assumptions used to determine benefit obligations at the end of the periods and net periodic benefit costs for the Pension Benefits for Canadian plans were as follows: Year Ended December 31, 2020 2019 2018 Salaried Bargaining Salaried Bargaining Salaried Bargaining Discount rate for calculating obligations 2.32 % 2.34 % 3.00 % 3.01 % 3.56 % 3.58 % Discount rate for calculating net periodic benefit cost 3.00 3.01 3.56 3.58 3.31 3.32 Expected rate of return on plan assets 4.75 3.00 5.25 3.50 5.25 4.50 Rate of compensation increase 3.00 3.00 3.00 3.00 3.00 3.00 |
Other Postretirement Benefits [Member] | |
Assumptions Used for Retirement Benefit Plans | The assumptions used to determine benefit obligations at the end of the periods and net periodic benefit costs for the Other Postretirement Benefits, primarily health care, for U.S. plans were as follows: Ryerson Postretirement Welfare Plans Year Ended December 31, 2020 Year Ended December 31, 2019 Year Ended December 31, 2018 Discount rate for calculating obligations 2.45 % 3.13 % 4.26 % Discount rate for calculating service cost 3.37 4.43 3.74 Discount rate for calculating interest cost 2.66 3.82 3.09 Rate of compensation increase – benefit obligations 3.00 3.00 3.00 Rate of compensation increase – net periodic benefit cost 3.00 3.00 3.00 Central Steel and Wire Postretirement Medical Plan Year Ended December 31, 2020 Year Ended December 31, 2019 July 2 to December 31, 2018 Discount rate for calculating obligations 2.37 % 3.08 % 4.23 % Discount rate for calculating service cost 3.30 4.45 4.35 Discount rate for calculating interest cost 2.63 3.82 3.83 The assumptions used to determine benefit obligations at the end of the periods and net periodic benefit costs for the Other Postretirement Benefits, primarily healthcare, for Canadian plans were as follows: Year Ended December 31, 2020 2019 2018 Discount rate for calculating obligations 2.19 % 2.97 % 3.53 % Discount rate for calculating net periodic benefit cost 2.97 3.53 3.31 Rate of compensation increase 3.00 3.00 3.00 |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Segment Reporting [Abstract] | |
Summary of Consolidated Financial Information of our Operations by Geographic Location | The following tables summarize consolidated financial information of our operations by geographic location based on where sales originated: Year Ended December 31, Net Sales 2020 2019 2018 (In millions) United States $ 3,089.7 $ 4,076.8 $ 3,950.5 Foreign countries 376.9 424.8 457.9 Total $ 3,466.6 $ 4,501.6 $ 4,408.4 At December 31, Long-Lived Assets 2020 2019 2018 (In millions) United States $ 485.1 $ 519.1 $ 464.1 Foreign countries 45.0 48.8 24.9 Total $ 530.1 $ 567.9 $ 489.0 |
Derivatives and Fair Value Me_2
Derivatives and Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Investments All Other Investments [Abstract] | |
Location and Fair Value Amount of Derivative Instruments | The following table summarizes the location and fair value amount of our derivative instruments reported in our Consolidated Balance Sheet as of December 31, 2020 and 2019: Asset Derivatives Liability Derivatives Fair Value Fair Value Balance Sheet Location December 31, 2020 December 31, 2019 Balance Sheet Location December 31, 2020 December 31, 2019 (In millions) Derivatives not designated as hedging instruments under ASC 815 Metal commodity contracts Prepaid expenses and other current assets $ 16.0 $ 5.0 Other accrued liabilities $ 11.9 $ 9.4 (a) Diesel fuel contracts Prepaid expenses and other current assets — 0.1 Other accrued liabilities — — 2028 Notes embedded derivative Prepaid expenses and other current assets 2.3 — Other accrued liabilities — — Foreign exchange contracts Prepaid expenses and other current assets — — Other accrued liabilities 0.2 — Interest rate swaps Deferred charges and other assets — — Other noncurrent liabilities 4.0 — Derivatives designated as hedging instruments under ASC 815 Interest rate swaps Deferred charges and other assets — — Other noncurrent liabilities — 0.2 Total derivatives $ 18.3 $ 5.1 $ 16.1 (a) $ 9.6 (a) (a) The offsetting cash collateral balance of $2.7 million held by the derivative counterparty brings the net metal commodity contract liability to $6.7 million and the net total derivative liability balance to $6.9 million. |
Volume of Company 's Activity in Derivative Instruments | The following table presents the volume of the Company’s activity in derivative instruments as of December 31, 2020 and 2019: Notional Amount Derivative Instruments At December 31, 2020 At December 31, 2019 Unit of Measurement Iron ore swap contracts — 420,000 Tons Hot roll coil swap contracts 125,220 47,155 Tons Diesel fuel swap contracts — 38,000 Barrels Aluminum swap contracts 20,264 23,949 Tons Nickel swap contracts 345 3,164 Tons Foreign currency exchange contracts 7.4 million 2.0 million U.S. dollars Interest rate swaps 160 million 310 million U.S. dollars |
Location and Amount of Gains and Losses on Derivatives Not Designated as Hedging Instruments Reported in Consolidated Statements of Operations | The following table summarizes the location and amount of gains and losses on derivatives not designated as hedging instruments reported in our Consolidated Statements of Operations for the years ended December 31, 2020, 2019, and 2018: Amount of Gain/ (Loss) Recognized in Income on Derivatives Amount of Gain/ (Loss) Reclassified from Other Comprehensive Income into Income Year Ended December 31, Year Ended December 31, Derivatives not designated as hedging instruments under ASC 815 Location of Gain/(Loss) Recognized in Income on Derivatives 2020 2019 2018 2020 2019 2018 (In millions) Metal commodity contracts Cost of materials sold $ 5.3 $ (9.1 ) $ (3.1 ) $ — $ — $ — Diesel fuel commodity contracts Warehousing, general, and administrative — 0.7 — — — — 2028 Notes embedded derivative Other income and (expense), net 2.3 — — — — — Foreign exchange contracts Other income and (expense), net (0.2 ) (0.1 ) 0.2 — — — Interest rate swaps Interest and other expense on debt 0.3 — — (0.2 ) $ — $ — Total $ 7.7 $ (8.5 ) $ (2.9 ) $ (0.2 ) $ — $ — |
Location and Amount of Gains and Losses on Derivatives Designated as Hedging Instruments Reported in Consolidated Statements of Operations | The following table summarizes the location and amount of gains and losses on derivatives designated as hedging instruments reported in our Consolidated Statements of Operations for the years ended December 31, 2020, 2019, and 2018: Amount of Gain/ (Loss) Reclassified from Other Comprehensive Income into Income Year Ended December 31, Derivatives designated as hedging instruments under ASC 815 Location of Gain/(Loss) Recognized in Income on Derivatives 2020 2019 2018 (In millions) Interest rate swaps Interest and other expense on debt $ (1.3 ) $ 1.1 $ 0.5 |
Assets and Liabilities Measured and Recorded at Fair Value | The following table presents assets and liabilities measured and recorded at fair value on our Consolidated Balance Sheet on a recurring basis and their level within the fair value hierarchy as of December 31, 2020: At December 31, 2020 Level 1 Level 2 Level 3 (In millions) Assets Derivatives: Derivatives not designated as hedging instruments under ASC 815: Metal commodity contracts $ — $ 16.0 $ — 2028 Notes embedded derivative — — 2.3 Total derivatives $ — $ 16.0 $ 2.3 Liabilities Derivatives: Derivatives not designated as hedging instruments under ASC 815: Metal commodity contracts $ — $ 11.9 $ — Foreign Exchange Contracts — 0.2 — Interest Rate Swaps — 4.0 — Total derivatives $ — $ 16.1 $ — The following table presents assets and liabilities measured and recorded at fair value on our Consolidated Balance Sheet on a recurring basis and their level within the fair value hierarchy as of December 31, 2019: At December 31, 2019 Level 1 Level 2 Level 3 (In millions) Assets Derivatives: Derivatives not designated as hedging instruments under ASC 815: Metal commodity contracts $ — $ 5.0 $ — Diesel fuel contracts — 0.1 — Total derivatives $ — $ 5.1 $ — Liabilities Derivatives: Derivatives not designated as hedging instruments under ASC 815: Metal commodity contracts $ — $ 9.4 (a) $ — Derivatives designated as hedging instruments under ASC 815: Interest rate swaps — 0.2 — Total derivatives $ — $ 9.6 (a) $ — (a) The offsetting cash collateral balance of $2.7 million held by the derivative counterparty brings the net metal commodity contract liability to $6.7 million and the net total derivative liability balance to $6.9 million. |
Carrying and Estimated Fair Values of Financial Instruments | The carrying and estimated fair values of the Company’s financial instruments at December 31, 2020 and 2019 were as follows: At December 31, 2020 At December 31, 2019 Carrying Amount Fair Value Carrying Amount Fair Value (In millions) Cash and cash equivalents $ 61.4 $ 61.4 $ 11.0 $ 11.0 Restricted cash 1.1 1.1 48.8 48.8 Receivables less provision 378.9 378.9 425.1 425.1 Accounts payable 365.1 365.1 311.5 311.5 Long-term debt, including current portion 740.0 800.3 981.8 1,014.4 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Equity [Abstract] | |
Changes in Accumulated Other Comprehensive Income/(Loss) Net of Tax by Component | The following table details the changes in accumulated other comprehensive income (loss) for the years ended December 31, 2020 and December 31, 2019: Changes in Accumulated Other Comprehensive Income (Loss) by Component, net of tax Foreign Currency Translation Benefit Plan Liabilities Cash Flow Hedge - Interest Rate Swap (In millions) Balance at January 1, 2019 $ (52.8 ) $ (264.0 ) $ 1.0 Other comprehensive income (loss) before reclassifications 4.0 6.6 (0.5 ) Amounts reclassified from accumulated other comprehensive income (loss) 0.2 4.3 (0.8 ) Net current-period other comprehensive income (loss) 4.2 10.9 (1.3 ) Balance at December 31, 2019 $ (48.6 ) $ (253.1 ) $ (0.3 ) Other comprehensive income (loss) before reclassifications 1.6 (23.4 ) (4.1 ) Amounts reclassified from accumulated other comprehensive income (loss) — 54.7 1.3 Net current-period other comprehensive income (loss) 1.6 31.3 (2.8 ) Balance at December 31, 2020 $ (47.0 ) $ (221.8 ) $ (3.1 ) |
Reclassifications Out of Accumulated Other Comprehensive Income (Loss) | The following tables detail the reclassifications out of accumulated other comprehensive income (loss) for the years ended December 31, 2020 and December 31, 2019: Reclassifications Details about Accumulated Other Comprehensive Income (Loss) Components Amount reclassified from Accumulated Other Comprehensive Income (Loss) Affected line item in the Consolidated Statements of Operations For the Year Ended December 31, 2020 (In millions) Amortization of defined benefit pension and other post-retirement benefit plan items Actuarial gain $ 9.6 Other income and (expense), net Pension settlement 65.9 Other income and (expense), net Prior service cost (2.0 ) Other income and (expense), net Total before tax 73.5 Tax provision (18.8 ) Net of tax $ 54.7 Cash flow hedge - interest rate swap Realized swap interest (prior to de-designation) $ 1.3 Interest and other expense on debt Realized swap interest (subsequent to de-designation) 0.3 Interest and other expense on debt Total before tax 1.6 Tax provision (0.3 ) Net of tax $ 1.3 Reclassifications Out of Accumulated Other Comprehensive Income Details about Accumulated Other Comprehensive Income (Loss) Components Amount reclassified from Accumulated Other Comprehensive Income (Loss) Affected line item in the Consolidated Statements of Operations For the Year Ended December 31, 2019 (In millions) Foreign Currency Translation Foreign currency translation gain $ 0.2 Other income and (expense), net Tax provision — Net of tax $ 0.2 Amortization of defined benefit pension and other post-retirement benefit plan items Actuarial gain $ 7.2 Other income and (expense), net Pension settlement 1.6 Other income and (expense), net Prior service cost (3.0 ) Other income and (expense), net Total before tax 5.8 Tax provision (1.5 ) Net of tax $ 4.3 Cash flow hedge - interest rate swap Realized swap interest $ (1.1 ) Interest and other expense on debt Tax benefit 0.3 Net of tax $ (0.8 ) |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Revenue Recognition [Abstract] | |
Summary of Disaggregated Revenue | The Company derives substantially all of its sales from the distribution of metals. The following table shows the Company’s percentage of sales by major product line: Year Ended December 31, 2020 2019 2018 Product Line (Percentage of Sales) Carbon Steel Flat 27 % 26 % 27 % Carbon Steel Plate 9 11 11 Carbon Steel Long 14 16 14 Stainless Steel Flat 16 15 16 Stainless Steel Plate 5 4 4 Stainless Steel Long 5 4 4 Aluminum Flat 14 15 15 Aluminum Plate 3 2 3 Aluminum Long 5 5 4 Other 2 2 2 Total 100 % 100 % 100 % Revenue is recognized either at a point in time or over time based on if the contract has an enforceable right to payment and the type of product that is being sold to the customer with products that are determined to have no alternative use being recognized over time. The following table summarizes revenues by the type of item sold: Years Ended December 31, Timing of Revenue Recognition 2020 2019 2018 Revenue on products with an alternative use 89 % 88 % 88 % Revenue on products with no alternative use 11 12 12 Total 100 % 100 % 100 % |
Summary of Significant Changes in Contract Assets and Contract Liabilities Balances | Significant changes in the contract assets and the contract liabilities balances during the period are as follows: Contract Assets Contract Liabilities 2020 2019 2020 2019 (In millions) Beginning Balance $ 13.5 $ 16.6 $ 10.5 $ 10.0 Contract liability satisfied during the period — — (11.8 ) (9.2 ) Contract liability incurred during the period — — 12.9 8.2 Net change in contract assets and liabilities for products with no alternative use during the period (2.0 ) (1.5 ) — — Changes to reserves (0.7 ) 0.2 (0.8 ) 3.3 Reclass between contract liability and contract asset — (1.8 ) — (1.8 ) Ending Balance $ 10.8 $ 13.5 $ 10.8 $ 10.5 |
Provision for Credit Losses (Ta
Provision for Credit Losses (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Credit Loss [Abstract] | |
Schedule of Reconciliation of Provision for Credit Losses | The following table provides a reconciliation of the provision for credit losses reported within the Consolidated Balance Sheets as of December 31, 2020: Changes in Provision for Expected Credit Losses (In millions) Balance at January 1, 2020 $ 3.5 Current period provision 0.3 Write-offs charged against allowance (2.3 ) Recoveries against allowance 0.2 Balance at December 31, 2020 $ 1.7 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
Elements of Provision (Benefit) for Income Taxes | The elements of the provision (benefit) for income taxes were as follows: Year Ended December 31, 2020 2019 2018 (In millions) Income (loss) before income tax: U.S. $ (106.0 ) $ 103.4 $ 100.6 Foreign 15.9 11.8 16.1 $ (90.1 ) $ 115.2 $ 116.7 Current income tax provision (benefit): Federal $ (11.6 ) $ (19.0 ) $ (1.3 ) Foreign 1.5 2.1 3.7 State 1.9 1.4 0.1 (8.2 ) (15.5 ) 2.5 Deferred income tax provision (benefit) (16.6 ) 48.0 7.8 Total income tax provision (benefit) $ (24.8 ) $ 32.5 $ 10.3 |
Reconciliation of Income Taxes with Amounts Computed by Applying Federal Tax Rate | Income taxes differ from the amounts computed by applying the federal tax rate as follows: Year Ended December 31, 2020 2019 2018 (In millions) Federal income tax expense (benefit) computed at statutory tax rate of 21% in 2020, 2019, and 2018 $ (18.9 ) $ 24.2 $ 24.5 Additional taxes or credits from: State and local income taxes, net of federal income tax effect (4.6 ) 4.9 1.4 Non-deductible expenses and non-taxable income 0.3 1.8 (13.6 ) Foreign income not includable in federal taxable income 0.8 0.7 0.9 Valuation allowance changes, net (0.4 ) (0.4 ) (4.3 ) Changes in uncertain tax positions (1.9 ) (1.5 ) — Effect of U.S. Tax Cuts and Jobs Act - deemed repatriation transaction tax & GILTI (0.6 ) 2.4 0.8 All other, net 0.5 0.4 0.6 Total income tax provision (benefit) $ (24.8 ) $ 32.5 $ 10.3 |
Components of Deferred Income Tax Assets and Liabilities | The components of the deferred income tax assets and liabilities arising under FASB ASC 740, “ Income Taxes At December 31, 2020 2019 (In millions) Deferred tax assets: AMT tax credit carryforwards $ — $ 12 Post-retirement benefits other than pensions 18 18 Federal and foreign net operating loss carryforwards 30 23 State net operating loss carryforwards 18 16 Pension liability 43 38 Other deductible temporary differences 13 32 Less: valuation allowances (7 ) (14 ) $ 115 $ 125 Deferred tax liabilities: Fixed asset basis difference $ 63 $ 64 Inventory basis difference 100 115 Other intangibles 10 11 173 190 Net deferred tax liability $ (58 ) $ (65 ) |
Reconciliation of Unrecognized Tax Benefits | The Company accounts for uncertain income tax positions in accordance with ASC 740. A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows: Unrecognized Tax Benefits (In millions) Unrecognized tax benefits balance at January 1, 2018 $ 6.5 Gross increases – tax positions in current periods — Settlements and closing of statute of limitations (0.6 ) Unrecognized tax benefits balance at December 31, 2018 $ 5.9 Gross increases – tax positions in current periods — Settlements and closing of statute of limitations (1.5 ) Unrecognized tax benefits balance at December 31, 2019 $ 4.4 Gross increases – tax positions in current periods — Settlements and closing of statute of limitations (1.9 ) Unrecognized tax benefits balance at December 31, 2020 $ 2.5 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Earnings Per Share [Abstract] | |
Calculation of Basic and Diluted Earnings Per Share | The following table sets forth the calculation of basic and diluted earnings per share: Years Ended December 31, Basic and diluted earnings per share 2020 2019 2018 (In millions, except share and per share data) Numerator: Net income (loss) attributable to Ryerson Holding Corporation $ (65.8 ) $ 82.4 $ 106.0 Denominator: Weighted average shares outstanding 38,025,122 37,697,648 37,329,580 Dilutive effect of stock-based awards — 263,856 342,732 Weighted average shares outstanding adjusted for dilutive securities 38,025,122 37,961,504 37,672,312 Earnings (loss) per share Basic $ (1.73 ) $ 2.19 $ 2.84 Diluted $ (1.73 ) $ 2.17 $ 2.81 |
Summary of Accounting and Fin_4
Summary of Accounting and Financial Policies - Additional Information (Detail) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020USD ($)Segmentshares | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | |
Summary Of Accounting And Financial Policies [Line Items] | |||
Parent company percentage owned by affiliates | 55.00% | ||
Parent company shares owned by affiliates | shares | 21,037,500 | ||
Number of operating segment | Segment | 1 | ||
Number of reportable segment | Segment | 1 | ||
Book overdrafts | $ 84.9 | $ 57.6 | |
Foreign currency transaction (loss) gain | 0 | 2.4 | $ (3) |
Warehousing, Delivery, General, and Administrative Expense [Member] | |||
Summary Of Accounting And Financial Policies [Line Items] | |||
Reduction in accrued vacation expense | 11 | ||
Shipping and Handling [Member] | |||
Summary Of Accounting And Financial Policies [Line Items] | |||
Shipping and handling costs | $ 113.7 | $ 126.7 | $ 112.3 |
Minimum [Member] | |||
Summary Of Accounting And Financial Policies [Line Items] | |||
Consolidates entities voting shares percentage | 50.00% |
Summary of Accounting and Fin_5
Summary of Accounting and Financial Policies - Estimated Useful Lives of Assets (Detail) | 12 Months Ended |
Dec. 31, 2020 | |
Land Improvements [Member] | |
Property Plant And Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 20 years |
Buildings [Member] | |
Property Plant And Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 45 years |
Furniture and Fixtures [Member] | |
Property Plant And Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 10 years |
Land Use Rights [Member] | |
Property Plant And Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 50 years |
Minimum [Member] | Machinery and Equipment [Member] | |
Property Plant And Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 10 years |
Minimum [Member] | Transportation Equipment [Member] | |
Property Plant And Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 3 years |
Maximum [Member] | Machinery and Equipment [Member] | |
Property Plant And Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 15 years |
Maximum [Member] | Transportation Equipment [Member] | |
Property Plant And Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 6 years |
Acquisitions - Additional Infor
Acquisitions - Additional Information (Detail) - USD ($) $ in Millions | Jul. 02, 2018 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Business Acquisition [Line Items] | ||||
Bargain purchase gain | $ 70 | |||
Revenue | $ 3,466.6 | $ 4,501.6 | 4,408.4 | |
Net income (loss) | $ (65.8) | 82.4 | 106 | |
Trademark [Member] | ||||
Business Acquisition [Line Items] | ||||
Business combination, useful life of intangible assets acquired | 13 years 8 months 12 days | |||
Central Steel & Wire Company [Member] | ||||
Business Acquisition [Line Items] | ||||
Effective date of acquisition | Jul. 2, 2018 | |||
Description of business acquisition | On July 2, 2018 (“the acquisition date”) JT Ryerson purchased Central Steel and Wire Company (“CS&W”). CS&W is a leading metal service center with locations across the Central and Eastern United States offering a wide selection of products and capabilities, with a commercial portfolio centered on bar, tube, plate, and steel products. | |||
Business combination, fair value of consideration | $ 163.5 | |||
Business combination, fair value of accounts receivables acquired | 80 | |||
Business combination, accounts receivables acquired, gross | 81.8 | |||
Business combination, accounts receivables, expected uncollectible | 1.8 | |||
Bargain purchase gain | 70 | 70 | ||
Business combination, acquisition related fees | 1.6 | |||
Revenue | 576.3 | 347.5 | ||
Net income (loss) | $ (13.1) | 58.3 | ||
Central Steel & Wire Company [Member] | Non-recurring Adjustment [Member] | ||||
Business Acquisition [Line Items] | ||||
Bargain purchase gain | 70 | |||
Central Steel & Wire Company [Member] | Other Income and (Expense), Net [Member] | ||||
Business Acquisition [Line Items] | ||||
Bargain purchase gain | $ 70 | |||
Central Steel & Wire Company [Member] | Trademark [Member] | ||||
Business Acquisition [Line Items] | ||||
Intangibles assets recognized from business acquisitions | $ 16.1 | |||
Business combination, useful life of intangible assets acquired | 10 years | |||
Fanello Industries [Member] | ||||
Business Acquisition [Line Items] | ||||
Effective date of acquisition | Apr. 2, 2018 | |||
Description of business acquisition | On April 2, 2018, Ryerson Holding acquired Fanello Industries, LLC, a privately owned metal service company located in Lavonia, Georgia. |
Acquisitions - Summary of Fair
Acquisitions - Summary of Fair Values of Assets Acquired and Liabilities Assumed (Detail) - USD ($) $ in Millions | Jul. 02, 2018 | Dec. 31, 2018 |
Business Acquisition [Line Items] | ||
Bargain purchase gain | $ (70) | |
Central Steel & Wire Company [Member] | ||
Business Acquisition [Line Items] | ||
Cash and cash equivalents | $ 10 | |
Receivables, less provisions | 80 | |
Inventories | 179.8 | |
Prepaid expenses and other current assets | 1.7 | |
Property, plant, and equipment | 66.5 | |
Other intangible assets | 16.1 | |
Total identifiable assets acquired | 354.1 | |
Accounts payable | (49.7) | |
Salaries, wages, and commissions | (4.9) | |
Other accrued liabilities | (6.5) | |
Deferred income taxes | (27.7) | |
Deferred employee benefits | (31.8) | |
Total liabilities assumed | (120.6) | |
Net identifiable assets acquired | 233.5 | |
Bargain purchase gain | (70) | $ (70) |
Total purchase price | $ 163.5 |
Acquisitions - Summary of Unaud
Acquisitions - Summary of Unaudited Pro Forma Information Presents Consolidated Results of Operation (Detail) - Central Steel & Wire Company [Member] - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Business Acquisition [Line Items] | ||
Net sales | $ 4,501.6 | $ 4,767.7 |
Net income attributable to Ryerson Holding Corporation | $ 82.4 | $ 15.2 |
Cash, Cash Equivalents, and R_3
Cash, Cash Equivalents, and Restricted Cash - Reconciliation of Cash, Cash Equivalents, and Restricted Cash (Detail) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Cash And Cash Equivalents [Abstract] | ||
Cash and cash equivalents | $ 61.4 | $ 11 |
Restricted cash | 1.1 | 48.8 |
Total cash, cash equivalents, and restricted cash | $ 62.5 | $ 59.8 |
Cash, Cash Equivalents, and R_4
Cash, Cash Equivalents, and Restricted Cash - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2020 | Jul. 22, 2020 | |
Restricted Cash And Cash Equivalents Items [Line Items] | |||
Net proceeds from sale leaseback transaction | $ 61,500,000 | ||
Restricted cash | 48,800,000 | $ 1,100,000 | |
Property Plant and Equipment [Member] | |||
Restricted Cash And Cash Equivalents Items [Line Items] | |||
Restricted cash | 47,600,000 | 0 | |
Senior Secured Notes Due in 2022 [Member] | |||
Restricted Cash And Cash Equivalents Items [Line Items] | |||
Debt instrument, face amount | $ 650,000,000 | ||
Letter Of Credit [Member] | |||
Restricted Cash And Cash Equivalents Items [Line Items] | |||
Restricted cash | $ 1,200,000 | $ 1,100,000 |
Inventories - Schedule of Inven
Inventories - Schedule of Inventories (Detail) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Inventory Disclosure [Abstract] | ||
In process and finished products | $ 604.5 | $ 742.9 |
Inventories - Additional Inform
Inventories - Additional Information (Detail) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Inventory Disclosure [Abstract] | ||
Amount by which inventory stated at last-in first-out (LIFO) is less than (in excess of) inventory stated at current cost | $ 63 | $ 51 |
Inventories accounted under the LIFO method | 91.00% | 91.00% |
Consignment inventory | $ 4.8 | $ 5.6 |
Property, Plant and Equipment -
Property, Plant and Equipment - Schedule of Property Plant and Equipment (Detail) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Property Plant And Equipment [Abstract] | ||
Land and land improvements | $ 88 | $ 89.4 |
Buildings and leasehold improvements | 202.3 | 199 |
Machinery, equipment, and other | 451.6 | 432.3 |
Finance leases | 66.5 | 73.2 |
Construction in progress | 14.5 | 12.6 |
Total | 822.9 | 806.5 |
Less: Accumulated depreciation | (401.1) | (366.8) |
Net property, plant, and equipment | $ 421.8 | $ 439.7 |
Property, Plant and Equipment_2
Property, Plant and Equipment - Additional Information (Detail) - USD ($) $ in Millions | 1 Months Ended | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Property Plant And Equipment [Line Items] | ||||
Impairment charges related to fixed assets | $ 0 | $ 0 | $ 0.2 | |
Assets held for sale | $ 1.5 | 4 | 1.5 | |
Gain on sale of assets | 20.6 | 20.6 | ||
Net proceeds from sale leaseback transaction | $ 61.5 | |||
Assets Held for Sale [Member] | ||||
Property Plant And Equipment [Line Items] | ||||
Gain on sale of assets held for sale | $ 0 | $ 0.4 | $ 0 |
Leases - Additional Information
Leases - Additional Information (Detail) | 1 Months Ended | 12 Months Ended | |||||
Dec. 31, 2019USD ($)Lease | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($)Lease | Dec. 31, 2018USD ($) | Nov. 05, 2020USD ($) | Jun. 28, 2018USD ($) | ||
Lessee Lease Description [Line Items] | |||||||
Real estate leases option to renew description | Many of our real estate leases include one or more options to renew, with renewal terms that can extend the lease term from one to 5 years or more. To determine the expected lease term, we include any noncancelable periods within the lease agreement as well as any periods covered by an option to extend the lease if we are reasonably certain to exercise the option. The equipment leases do not typically include options for renewal but do include options for purchase at the end of the lease. We determine the likelihood of exercising the option for purchase by assessing the option price versus the estimated fair value at the end of the lease term to determine if the option price is low enough that we are reasonably certain to exercise it. The depreciable life of finance lease assets and leasehold improvements are limited by the expected lease term, unless there is a transfer of title or purchase option reasonably certain of exercise. | ||||||
Real estate leases, Existence of option to extend [true false] | true | ||||||
Net proceeds from sale leaseback transaction | $ 61,500,000 | ||||||
Gain from sale leaseback transaction | 20,600,000 | $ 20,600,000 | |||||
Operating lease assets | 128,200,000 | $ 108,300,000 | 128,200,000 | ||||
Operating lease liability | [1],[2] | 113,700,000 | |||||
Rental expense under operating leases | 29,400,000 | 26,800,000 | $ 27,900,000 | ||||
Sale Leaseback Transaction [Member] | |||||||
Lessee Lease Description [Line Items] | |||||||
Net proceeds from sale leaseback transaction | 61,500,000 | ||||||
Sale leaseback transaction, annual rent payments in year one | $ 4,300,000 | $ 4,300,000 | |||||
Sale leaseback transaction, lease term | 12 years | ||||||
Sale leaseback transaction, number of renewal options | Lease | 2 | 2 | |||||
Sale leaseback transaction, renewal term | 5 years | ||||||
Gain from sale leaseback transaction | $ 20,600,000 | ||||||
Operating lease assets | $ 47,800,000 | 47,800,000 | |||||
Operating lease liability | $ 47,800,000 | $ 47,800,000 | |||||
Ryerson Credit Facility [Member] | |||||||
Lessee Lease Description [Line Items] | |||||||
Revolving credit facility maximum borrowing capacity | $ 1,000,000,000 | $ 1,000,000,000 | $ 1,000,000,000 | ||||
Maximum [Member] | |||||||
Lessee Lease Description [Line Items] | |||||||
Noncancelable operating leases expire period | 2032 | ||||||
Finance leases expire period | 2027 | ||||||
Real estate leases option to extend lease term | 5 years | ||||||
Minimum [Member] | |||||||
Lessee Lease Description [Line Items] | |||||||
Real estate leases option to extend lease term | 1 year | ||||||
[1] | Includes the current portion of $20.7 million for operating leases and $9.0 million for finance leases. | ||||||
[2] | There were no operating leases with options to extend lease terms that are reasonably certain of being exercised or operating leases signed but not yet commenced. |
Leases - Summary of Location an
Leases - Summary of Location and Amount of Lease Assets and Lease Liabilities (Detail) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 | |
Assets | |||
Operating lease assets | $ 108.3 | $ 128.2 | |
Finance lease assets | 45.5 | $ 54.2 | |
Finance lease, Right-of-use asset, Statement of financial position [Extensible List] | [1] | us-gaap:PropertyPlantAndEquipmentNet | |
Total lease assets | 153.8 | $ 182.4 | |
Liabilities | |||
Operating lease liabilities, current | 20.7 | 20.9 | |
Finance lease liabilities, current | 9 | $ 12.4 | |
Finance lease, Liability, Current, Statement of financial position [Extensible List] | us-gaap:OtherAccruedLiabilitiesCurrent | ||
Operating lease liabilities, noncurrent | 93 | $ 112.8 | |
Finance lease liabilities, noncurrent | 14.3 | $ 18.7 | |
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List] | us-gaap:OtherLiabilitiesNoncurrent | ||
Total lease liabilities | $ 137 | $ 164.8 | |
[1] | Finance lease assets are recorded net of accumulated amortization of $21.0 million and $19.0 million as of December 31, 2020 and 2019, respectively. |
Leases - Summary of Location _2
Leases - Summary of Location and Amount of Lease Assets and Lease Liabilities (Parenthetical) (Detail) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Lessee Lease Description [Line Items] | ||
Accumulated amortization | $ 401.1 | $ 366.8 |
Finance Lease [Member] | ||
Lessee Lease Description [Line Items] | ||
Accumulated amortization | $ 21 | $ 19 |
Leases - Summary of Location _3
Leases - Summary of Location and Amount of Lease Expense (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Lease Expense | ||
Total lease expense | $ 37 | $ 35.3 |
Warehousing, Delivery, Selling, General, and Administrative [Member] | ||
Lease Expense | ||
Operating lease expense | 23.9 | 20.7 |
Finance lease expense | ||
Amortization of lease assets | 6.4 | 6.9 |
Variable lease expense | 3.1 | 3.1 |
Short-term lease expense | 2.4 | 3 |
Interest and Other Expense on Debt [Member] | ||
Finance lease expense | ||
Interest on lease liabilities | $ 1.2 | $ 1.6 |
Leases - Schedule of Maturity A
Leases - Schedule of Maturity Analysis of Lease Liabilities (Detail) $ in Millions | Dec. 31, 2020USD ($) | |
Operating Leases | ||
2021 | $ 24.1 | [1] |
2022 | 20.4 | [1] |
2023 | 17 | [1] |
2024 | 15.7 | [1] |
2025 | 12.2 | [1] |
After 2025 | 38.9 | [1] |
Total lease payments | 128.3 | [1] |
Less: Interest | (14.6) | [1],[2] |
Present value of lease liabilities | 113.7 | [1],[3] |
Finance Leases | ||
2021 | 10 | |
2022 | 6.6 | |
2023 | 4 | |
2024 | 3.2 | |
2025 | 0.8 | |
After 2025 | 0.3 | |
Total lease payments | 24.9 | |
Less: Interest | (1.6) | [2] |
Present value of lease liabilities | $ 23.3 | [3] |
[1] | There were no operating leases with options to extend lease terms that are reasonably certain of being exercised or operating leases signed but not yet commenced. | |
[2] | Calculated using the discount rate for each lease. | |
[3] | Includes the current portion of $20.7 million for operating leases and $9.0 million for finance leases. |
Leases - Schedule of Maturity_2
Leases - Schedule of Maturity Analysis of Lease Liabilities (Parenthetical) (Detail) - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 |
Leases [Abstract] | ||
Operating leases with options to extend lease terms that are reasonably certain of being exercised | $ 0 | |
Operating leases, current portion | 20,700,000 | $ 20,900,000 |
Finance leases, current portion | $ 9,000,000 | $ 12,400,000 |
Leases - Schedule of Weighted-A
Leases - Schedule of Weighted-Average Remaining Lease Term and Discount Rate for Operating and Finance Leases (Detail) | Dec. 31, 2020 | Dec. 31, 2019 |
Leases [Abstract] | ||
Operating leases, Weighted-average remaining lease term | 7 years 3 months 18 days | 7 years 10 months 24 days |
Finance leases, Weighted-average remaining lease term | 2 years 9 months 18 days | 2 years 9 months 18 days |
Operating leases, Weighted-average discount rate | 3.40% | 3.60% |
Finance leases, Weighted-average discount rate | 4.40% | 4.80% |
Leases - Schedule of Informatio
Leases - Schedule of Information Reported in Consolidated Statement of Cash Flows (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Cash paid for amounts included in the measurement of lease liabilities | |||
Operating cash flows from operating leases | $ 25.3 | $ 21.4 | |
Operating cash flows from finance leases | 1.2 | 1.6 | |
Financing cash flows from finance leases | 13.1 | 13.6 | $ 13.7 |
Assets obtained in exchange for lease obligations: | |||
Asset additions under adoption of accounting principle ASC 842 | 82.3 | ||
Operating leases | 1.6 | 64.8 | |
Finance leases | $ 3.6 | 2.2 | $ 12.9 |
ASU 2016-02 [Member] | |||
Assets obtained in exchange for lease obligations: | |||
Asset additions under adoption of accounting principle ASC 842 | $ 82.3 |
Definite-Lived Intangible Ass_3
Definite-Lived Intangible Assets - Components of Definite-Lived Intangible Assets (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Finite Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 105.6 | $ 106.1 |
Accumulated Amortization | (62.4) | (55.5) |
Net | $ 43.2 | 50.6 |
Customer Relationships [Member] | ||
Finite Lived Intangible Assets [Line Items] | ||
Remaining Weighted Average Amortizable Life in Years | 14 years 4 months 24 days | |
Gross Carrying Amount | $ 57.7 | 58.1 |
Accumulated Amortization | (41.4) | (37.9) |
Net | $ 16.3 | 20.2 |
Developed Technology / Product Know-How [Member] | ||
Finite Lived Intangible Assets [Line Items] | ||
Remaining Weighted Average Amortizable Life in Years | 10 years | |
Gross Carrying Amount | $ 4.6 | 4.6 |
Accumulated Amortization | (3) | (2.7) |
Net | $ 1.6 | 1.9 |
Non-compete Agreements [Member] | ||
Finite Lived Intangible Assets [Line Items] | ||
Remaining Weighted Average Amortizable Life in Years | 5 years | |
Gross Carrying Amount | $ 0.5 | 0.6 |
Accumulated Amortization | (0.4) | (0.4) |
Net | $ 0.1 | 0.2 |
Trademarks [Member] | ||
Finite Lived Intangible Assets [Line Items] | ||
Remaining Weighted Average Amortizable Life in Years | 13 years 8 months 12 days | |
Gross Carrying Amount | $ 42.3 | 42.3 |
Accumulated Amortization | (17.1) | (14) |
Net | $ 25.2 | 28.3 |
Licenses [Member] | ||
Finite Lived Intangible Assets [Line Items] | ||
Remaining Weighted Average Amortizable Life in Years | 0 years | |
Gross Carrying Amount | $ 0.5 | 0.5 |
Accumulated Amortization | $ (0.5) | $ (0.5) |
Definite-Lived Intangible Ass_4
Definite-Lived Intangible Assets - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Warehousing, Delivery, Selling, General and Administrative Expense [Member] | |||
Finite Lived Intangible Assets [Line Items] | |||
Amortization expense | $ 7.4 | $ 7.5 | $ 6.9 |
Definite-Lived Intangible Ass_5
Definite-Lived Intangible Assets - Estimated Amortization Expense Related to Intangible Assets (Detail) $ in Millions | Dec. 31, 2020USD ($) |
Finite Lived Intangible Assets Future Amortization Expense [Abstract] | |
For the year ended December 31, 2021 | $ 6.4 |
For the year ended December 31, 2022 | 6.3 |
For the year ended December 31, 2023 | 5.1 |
For the year ended December 31, 2024 | 5.1 |
For the year ended December 31, 2025 | 4.9 |
For the years ended thereafter | $ 15.4 |
Goodwill - Changes in Carrying
Goodwill - Changes in Carrying Amount of Goodwill (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Goodwill [Line Items] | |||
Goodwill, carrying amount, beginning balance | $ 120.3 | ||
Goodwill, carrying amount, ending balance | 120.3 | $ 120.3 | |
Carrying Amount [Member] | |||
Goodwill [Line Items] | |||
Goodwill, carrying amount, beginning balance | 120.3 | 120.3 | |
Acquisitions | 0 | 0 | |
Goodwill, carrying amount, ending balance | 120.3 | 120.3 | |
Accumulated Goodwill Impairment [Member] | |||
Goodwill [Line Items] | |||
Goodwill, Accumulated Impairment | (8.3) | (8.3) | $ (8.3) |
Cost [Member] | |||
Goodwill [Line Items] | |||
Goodwill cost, beginning balance | 128.6 | 128.6 | |
Acquisitions | 0 | 0 | |
Goodwill cost, ending balance | $ 128.6 | $ 128.6 |
Goodwill - Additional Informati
Goodwill - Additional Information (Detail) $ in Millions | 12 Months Ended |
Dec. 31, 2020USD ($) | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Impairment charge | $ 0 |
Restructuring and Other Charg_3
Restructuring and Other Charges - Restructuring Accrual Activity (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Restructuring Cost and Reserve [Line Items] | |||
Beginning balance | $ 1.9 | $ 1.9 | $ 1.7 |
Restructuring charges | 2.2 | 2.4 | 4.2 |
Cash payments | (3) | (2.4) | (4) |
Addition to reserve | 0.1 | ||
Ending balance | 1.2 | 1.9 | 1.9 |
Employee Related Costs [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Beginning balance | 1 | 0.4 | |
Restructuring charges | 2.2 | 2.1 | 3.6 |
Cash payments | (2.7) | (1.5) | (3.2) |
Ending balance | 0.5 | 1 | 0.4 |
Tenancy and Other Costs [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Beginning balance | 0.9 | 1.5 | 1.7 |
Restructuring charges | 0.3 | 0.6 | |
Cash payments | (0.3) | (0.9) | (0.8) |
Addition to reserve | 0.1 | ||
Ending balance | $ 0.7 | $ 0.9 | $ 1.5 |
Restructuring and Other Charg_4
Restructuring and Other Charges - Additional Information (Detail) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($)Facility | |
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges | $ 2.2 | $ 2.4 | $ 4.2 |
Restructuring payments related to employee costs | 1.9 | 1.2 | |
Restructuring payments related to staff reductions | 0.8 | 0.3 | |
Restructuring payments | 3 | 2.4 | $ 4 |
Restructuring and related number of facility closure | Facility | 2 | ||
Employee Costs [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges | 2.2 | 2.1 | $ 3.6 |
Restructuring cost expected to be paid next fiscal year | 0.5 | ||
Restructuring payments | 2.7 | 1.5 | 3.2 |
Facility Closing [Member] | Tenancy-related Costs [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges | 0.3 | 0.3 | 0.6 |
Restructuring payments | $ 0.7 | $ 0.9 | $ 0.8 |
Debt - Long-Term Debt (Detail)
Debt - Long-Term Debt (Detail) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Debt Instrument [Line Items] | ||
Foreign debt | $ 12.1 | $ 13.2 |
Other debt | 7.8 | 9.5 |
Unamortized debt issuance costs and discounts | (14.9) | (6.5) |
Total debt | 740 | 981.8 |
Other short-term debt | 1.7 | 1.7 |
Long-term debt (Note 10) | 726.2 | 932.6 |
Total debt | 740 | 981.8 |
2028 Notes [Member] | ||
Debt Instrument [Line Items] | ||
Senior secured notes | 450 | |
2022 Notes [Member] | ||
Debt Instrument [Line Items] | ||
Senior secured notes | 587.9 | |
Ryerson Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Ryerson Credit Facility | $ 285 | 377.7 |
Ryerson Credit Facility [Member] | FILO Facility [Member] | ||
Debt Instrument [Line Items] | ||
Ryerson Credit Facility - "first in, last out" subfacility | $ 34.3 |
Debt - Principal Payments on De
Debt - Principal Payments on Debt (Detail) $ in Millions | Dec. 31, 2020USD ($) |
Debt Disclosure [Abstract] | |
For the year ended December 31, 2021 | $ 13.8 |
For the year ended December 31, 2022 | 1.8 |
For the year ended December 31, 2023 | 1.9 |
For the year ended December 31, 2024 | 2.4 |
For the year ended December 31, 2025 | 285 |
For the years ended thereafter | $ 450 |
Debt - Ryerson Credit Facility
Debt - Ryerson Credit Facility - Additional Information (Detail) - USD ($) | Sep. 23, 2019 | Nov. 16, 2016 | Nov. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2017 | Dec. 31, 2020 | Nov. 05, 2020 | Dec. 31, 2019 | Jun. 28, 2018 |
Ryerson Credit Facility [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Revolving credit facility maximum borrowing capacity | $ 1,000,000,000 | $ 1,000,000,000 | $ 1,000,000,000 | ||||||
Credit facility maturity date | Nov. 5, 2025 | ||||||||
Outstanding borrowings | $ 285,000,000 | $ 377,700,000 | |||||||
Letters of credit | 11,000,000 | 11,000,000 | |||||||
Available credit facility | $ 277,000,000 | $ 348,000,000 | |||||||
Line of credit facility, description of collateral | Total credit availability is limited by the amount of eligible accounts receivable, inventory, and qualified cash pledged as collateral under the agreement insofar as Ryerson is subject to a borrowing base comprised of the aggregate of these three amounts, less applicable reserves. Eligible accounts receivable, at any date of determination, is comprised of the aggregate value of all accounts directly created by a borrower in the ordinary course of business arising out of the sale of goods or the rendering of services, each of which has been invoiced, with such receivables adjusted to exclude various ineligible accounts, including, among other things, those to which a borrower (or guarantor, as applicable) does not have sole and absolute title and accounts arising out of a sale to an employee, officer, director, or affiliate of a borrower (or guarantor, as applicable). Eligible inventory, at any date of determination, is comprised of the net orderly liquidation value of all inventory owned by a borrower. Qualified cash consists of cash in an eligible deposit account that is subject to customary restrictions and liens in favor of the lenders. | ||||||||
Default bear interest rate | 2.00% | ||||||||
Commitment fees on amounts not borrowed | 0.225% | ||||||||
Ryerson Credit Facility [Member] | Interest Rate Swap [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Interest rate swap agreement date | 2017-03 | ||||||||
Hedged debt amount | $ 150,000,000 | ||||||||
Derivative fixed interest rate | 1.658% | ||||||||
Derivative maturity period | 2020-03 | ||||||||
Ryerson Credit Facility [Member] | Second Interest Rate Swap [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Interest rate swap agreement date | 2019-06 | ||||||||
Hedged debt amount | $ 60,000,000 | ||||||||
Derivative fixed interest rate | 1.729% | ||||||||
Derivative maturity period | 2022-06 | ||||||||
Ryerson Credit Facility [Member] | Third Interest Rate Swap [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Interest rate swap agreement date | 2019-11 | ||||||||
Hedged debt amount | $ 100,000,000 | ||||||||
Derivative fixed interest rate | 1.539% | ||||||||
Derivative maturity period | 2022-11 | ||||||||
Ryerson Credit Facility [Member] | All Interest Rate Swap [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Weighted average interest rate | 2.90% | 3.20% | |||||||
Ryerson Credit Facility [Member] | Federal Funds Rate [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Spread over base interest rate | 0.50% | ||||||||
Ryerson Credit Facility [Member] | Base Rate | |||||||||
Debt Instrument [Line Items] | |||||||||
Fixed floor of the base rate | 1.25% | ||||||||
Ryerson Credit Facility [Member] | Prime Rate and One Month LIBOR Rate [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Spread over base interest rate | 1.00% | ||||||||
Ryerson Credit Facility [Member] | London Interbank Offered Rate (LIBOR) | |||||||||
Debt Instrument [Line Items] | |||||||||
Fixed floor of the LIBOR rate | 0.25% | ||||||||
Ryerson Credit Facility [Member] | Canadian Subsidiaries | Federal Funds Rate [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Spread over base interest rate | 0.50% | ||||||||
Ryerson Credit Facility [Member] | Canadian Subsidiaries | 30 Day LIBOR Rate [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Spread over base interest rate | 1.00% | ||||||||
Ryerson Credit Facility [Member] | Canadian Subsidiaries | One Month Canadian Bankers Acceptance Rate [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Spread over base interest rate | 1.00% | ||||||||
Ryerson Credit Facility [Member] | Canadian Subsidiaries | Banker's Acceptance Rate [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Fixed floor of Canadian base rate or Canadian prime rate | 1.25% | ||||||||
Ryerson Credit Facility [Member] | Minimum [Member] | Canadian Subsidiaries | Base Rate and Canadian Prime Rate [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Fixed floor of Canadian base rate or Canadian prime rate | 0.25% | ||||||||
Old Revolving Credit Facility [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Revolving credit facility maximum borrowing capacity | $ 1,000,000,000 | ||||||||
Credit facility maturity date | Nov. 16, 2021 | ||||||||
Reduction in interest rate on outstanding borrowing | 0.25% | ||||||||
Reduction in commitment fees on amounts not borrowed | 0.025% | ||||||||
Amended Old Credit Facility [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Revolving credit facility maximum borrowing capacity | $ 750,000,000 | ||||||||
Old FILO Facility [Member] | Ryerson Credit Facility [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Revolving credit facility maximum borrowing capacity | $ 67,900,000 | ||||||||
Credit facility maturity date | Jun. 30, 2020 | ||||||||
FILO Facility [Member] | Ryerson Credit Facility [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Amount of borrow under FILO Facility | $ 100,000,000 | ||||||||
Until November 5, 2021 [Member] | Ryerson Credit Facility [Member] | London Interbank Offered Rate (LIBOR) | |||||||||
Debt Instrument [Line Items] | |||||||||
Spread over base interest rate | 1.50% | ||||||||
Until November 5, 2021 [Member] | Ryerson Credit Facility [Member] | Minimum [Member] | Base Rate and Canadian Prime Rate [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Spread over base interest rate | 0.50% | ||||||||
After November 5, 2021 [Member] | Ryerson Credit Facility [Member] | Minimum [Member] | London Interbank Offered Rate (LIBOR) | |||||||||
Debt Instrument [Line Items] | |||||||||
Spread over base interest rate | 1.25% | ||||||||
After November 5, 2021 [Member] | Ryerson Credit Facility [Member] | Minimum [Member] | Base Rate and Prime Rate [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Spread over base interest rate | 0.25% | ||||||||
After November 5, 2021 [Member] | Ryerson Credit Facility [Member] | Maximum [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Spread over base interest rate | 0.50% | ||||||||
After November 5, 2021 [Member] | Ryerson Credit Facility [Member] | Maximum [Member] | London Interbank Offered Rate (LIBOR) | |||||||||
Debt Instrument [Line Items] | |||||||||
Spread over base interest rate | 1.50% |
Debt - 2028 Notes - Additional
Debt - 2028 Notes - Additional Information (Detail) - USD ($) $ in Millions | Aug. 21, 2020 | Dec. 31, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Jul. 22, 2020 |
Debt Instrument [Line Items] | ||||||
Loss on retirement of debt | $ (17.7) | $ (0.2) | $ (1.7) | |||
Debt instrument, face amount | $ 2.3 | 2.3 | ||||
Gain (loss) on retirement of debt | (17.7) | $ (0.2) | $ (1.7) | |||
2028 Notes [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument, face amount | $ 500 | |||||
Debt Instrument Interest Rate Stated Percentage | 8.50% | |||||
Loss on retirement of debt | $ 17.1 | |||||
Debt instrument, face amount | 2.3 | 2.3 | ||||
Principal amount of debt instrument repurchased | 50 | $ 50 | ||||
Debt instruments senior notes retired | 51.5 | |||||
2028 Notes [Member] | Other Income and (Expense), Net [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Gain (loss) on retirement of debt | 1.5 | |||||
2028 Notes [Member] | Joseph T. Ryerson [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Restricted net assets percentage | 25.00% | |||||
Restricted net assets | $ 323.3 | $ 323.3 | ||||
2028 Notes [Member] | Redeemable in twelve months beginning August 1, 2023 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Redemption price as a percentage of principal amount | 104.25% | |||||
2028 Notes [Member] | Redeemable in twelve months beginning August 1, 2024 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Redemption price as a percentage of principal amount | 102.125% | |||||
2028 Notes [Member] | Redeemable in twelve months beginning August 1, 2025 and thereafter [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Redemption price as a percentage of principal amount | 100.00% | |||||
2028 Notes [Member] | Redeemable before August 1, 2023 Including Make Whole Premium [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Redemption price as a percentage of principal amount | 100.00% | |||||
2028 Notes [Member] | Redeemable before August 1, 2023 with the net cash proceeds from certain equity offerings [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Redemption price as a percentage of principal amount | 108.50% | |||||
Percentage of principal amount debt can be redeemed | 40.00% | |||||
2028 Notes [Member] | Redeemable each twelve months commencing on July 22, 2020 and prior to August 1, 2023 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Redemption price as a percentage of principal amount | 103.00% | |||||
Percentage of principal amount debt can be redeemed | 10.00% | |||||
2028 Notes [Member] | Redeemable one time prior to August 1, 2022 from the net cash proceeds received from the sale of real property [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Redemption price as a percentage of principal amount | 104.00% | |||||
Principal Amount Debt Can Be Redeemed | $ 100 |
Debt - 2022 Notes - Additional
Debt - 2022 Notes - Additional Information (Detail) - USD ($) $ in Millions | Aug. 21, 2020 | Jun. 30, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Jul. 22, 2020 |
Debt Instrument [Line Items] | ||||||
Gain (loss) on retirement of debt | $ (17.7) | $ (0.2) | $ (1.7) | |||
2022 Notes [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument Interest Rate Stated Percentage | 11.00% | |||||
Gross amount of debt extinguished | $ 530.3 | |||||
Principal amount of debt instrument repurchased | $ 57.6 | 11.6 | 50.5 | |||
Debt instruments senior notes retired | 56.7 | 11.8 | 52.2 | |||
2022 Notes [Member] | Other Income and (Expense), Net [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Gain (loss) on retirement of debt | $ 0.9 | $ 0.2 | $ 1.7 |
Debt - Foreign Debt - Additiona
Debt - Foreign Debt - Additional Information (Detail) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Debt Instrument [Line Items] | ||
Foreign debt | $ 12.1 | $ 13.2 |
Foreign Debt [Member] | ||
Debt Instrument [Line Items] | ||
Available credit facility | 35 | 32 |
Letters of credit issued by our foreign subsidiaries | 6 | 6 |
Foreign Debt [Member] | Owed to Banks [Member] | Ryerson China [Member] | ||
Debt Instrument [Line Items] | ||
Foreign debt | $ 12.1 | $ 13.2 |
Weighted average interest rate | 3.60% | 4.30% |
Employee Benefits - Additional
Employee Benefits - Additional Information (Detail) $ in Millions | Dec. 01, 2020USD ($) | Nov. 30, 2020 | Sep. 30, 2020USD ($) | Sep. 28, 2020USD ($) | Nov. 30, 2020USD ($) | Nov. 30, 2020 | Dec. 31, 2018USD ($) | Sep. 30, 2020 | Dec. 31, 2021 | Dec. 31, 2020USD ($)EmployeeLocation | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2014 | Dec. 31, 2012USD ($) |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||||||||||||
Defined Contribution Plan Expense | $ 4.3 | $ 8.8 | $ 8 | |||||||||||
Payment price for purchased annuities on behalf of participants | $ 19.7 | $ 95.2 | ||||||||||||
Pension settlement charge due to annuitization | $ 52.5 | $ 10.5 | ||||||||||||
Discount rate | 2.42% | 2.59% | 2.59% | 3.15% | ||||||||||
Expected long-term rate of return on pension assets | 5.15% | 5.25% | 5.25% | 5.75% | ||||||||||
Other deferred employee benefit plans | $ 15.5 | 15.3 | ||||||||||||
Defined benefit plan return on plan asset gain loss recognized period | 4 years | |||||||||||||
Defined Benefit Plan, Fair Value Of Plan Assets | $ 520 | 632 | ||||||||||||
Contribution to the pension plan fund | 7.1 | 25.7 | 27 | |||||||||||
Pension contributions deferred until next fiscal year | 12.1 | |||||||||||||
Anticipated minimum required pension contribution funding | $ 29.7 | |||||||||||||
Minimum [Member] | ||||||||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||||||||||||
Expected long-term rate of return on pension assets | 1.75% | |||||||||||||
Maximum [Member] | ||||||||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||||||||||||
Expected long-term rate of return on pension assets | 5.05% | |||||||||||||
Change in Increase (Decrease) in Discount Rate [Member] | ||||||||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||||||||||||
Defined benefit plan benefit obligation period increase (decrease) | $ 62 | 87 | ||||||||||||
Decrease Due to Updated Mortality Tables [Member] | ||||||||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||||||||||||
Defined benefit plan benefit obligation period increase (decrease) | 6 | 19 | ||||||||||||
Decrease Due To Salary Scale Updates [Member] | ||||||||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||||||||||||
Defined benefit plan benefit obligation period increase (decrease) | 1 | |||||||||||||
Decrease Due to Demographic Population Changes [Member] | ||||||||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||||||||||||
Defined benefit plan benefit obligation period increase (decrease) | 5 | |||||||||||||
Pension Benefits [Member] | ||||||||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||||||||||||
Defined Benefit Plan, Benefit Obligation, Benefits Paid | 114.9 | 24.4 | ||||||||||||
Defined benefit plan, benefit obligation | $ 760 | 674.7 | 771.8 | 760 | ||||||||||
Defined Benefit Plan, Fair Value Of Plan Assets | 578.7 | 520.3 | 631.8 | 578.7 | ||||||||||
Other Postretirement Benefits [Member] | ||||||||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||||||||||||
Defined benefit plan, benefit obligation | 69.8 | $ 68.3 | $ 69.2 | $ 69.8 | ||||||||||
U.S. Plans [Member] | Other Postretirement Benefits [Member] | ||||||||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||||||||||||
Annual rate of increase in per capita cost of covered health care benefits, rate | 7.25% | |||||||||||||
Annual rate of increase in per capita cost of covered health care benefits, ultimate rate | 4.50% | |||||||||||||
Annual rate of increase in per capita cost of covered health care benefits, date | 2026 | |||||||||||||
U.S. Plans [Member] | Other Postretirement Benefits [Member] | Under 65 [Member] | ||||||||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||||||||||||
Annual rate of increase in per capita cost of covered health care benefits, rate | 6.20% | 7.25% | ||||||||||||
Annual rate of increase in per capita cost of covered health care benefits, ultimate rate | 4.50% | 4.50% | ||||||||||||
Annual rate of increase in per capita cost of covered health care benefits, date | 2030 | 2026 | ||||||||||||
U.S. Plans [Member] | Other Postretirement Benefits [Member] | Over 65 [Member] | ||||||||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||||||||||||
Annual rate of increase in per capita cost of covered health care benefits, rate | 6.50% | |||||||||||||
Annual rate of increase in per capita cost of covered health care benefits, ultimate rate | 4.50% | |||||||||||||
Annual rate of increase in per capita cost of covered health care benefits, date | 2030 | |||||||||||||
Canadian Plans [Member] | Pension Benefits [Member] | ||||||||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||||||||||||
Defined benefit plan, benefit obligation | $ 48 | $ 48 | ||||||||||||
Defined Benefit Plan, Fair Value Of Plan Assets | $ 45 | $ 43 | ||||||||||||
Canadian Plans [Member] | Other Postretirement Benefits [Member] | ||||||||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||||||||||||
Discount rate | 2.97% | 3.53% | 3.31% | |||||||||||
Defined benefit plan, benefit obligation | $ 15 | $ 14 | ||||||||||||
Annual rate of increase in per capita cost of covered health care benefits, rate | 6.95% | 6.95% | 6.95% | |||||||||||
Annual rate of increase in per capita cost of covered health care benefits, ultimate rate | 4.50% | 4.50% | 4.50% | |||||||||||
Annual rate of increase in per capita cost of covered health care benefits, date | 2033 | 2033 | 2033 | |||||||||||
Central Steel and Wire Retirement Plan [Member] | ||||||||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||||||||||||
Defined Benefit Plan, Benefit Obligation, Benefits Paid | $ 5.8 | $ 14.3 | $ 14.3 | |||||||||||
Settlement loss | $ 2.9 | $ 1.6 | $ 0.2 | |||||||||||
Central Steel and Wire Retirement Plan [Member] | U.S. Plans [Member] | ||||||||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||||||||||||
Expected long-term rate of return on pension assets | 4.70% | 3.20% | 4.00% | |||||||||||
Central Steel and Wire Retirement Plan [Member] | U.S. Plans [Member] | Scenario Forecast [Member] | ||||||||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||||||||||||
Expected long-term rate of return on pension assets | 2.05% | |||||||||||||
Ryerson Pension Plan [Member] | U.S. Plans [Member] | ||||||||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||||||||||||
Expected long-term rate of return on pension assets | 5.25% | 5.75% | 5.15% | 6.35% | 6.70% | |||||||||
Ryerson Pension Plan [Member] | U.S. Plans [Member] | Scenario Forecast [Member] | ||||||||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||||||||||||
Expected long-term rate of return on pension assets | 5.05% | |||||||||||||
Ryerson Salaried Plan [Member] | Canadian Plans [Member] | Pension Benefits [Member] | ||||||||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||||||||||||
Discount rate | 3.00% | 3.56% | 3.31% | |||||||||||
Expected long-term rate of return on pension assets | 4.75% | 5.25% | 5.25% | |||||||||||
Defined benefit plan assets, percentage | 78.00% | |||||||||||||
Ryerson Salaried Plan [Member] | Canadian Plans [Member] | Scenario Forecast [Member] | Pension Benefits [Member] | ||||||||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||||||||||||
Expected long-term rate of return on pension assets | 4.25% | |||||||||||||
Ryerson Bargaining Unit Plan [Member] | Canadian Plans [Member] | Pension Benefits [Member] | ||||||||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||||||||||||
Discount rate | 3.01% | 3.58% | 3.32% | |||||||||||
Expected long-term rate of return on pension assets | 3.00% | 3.50% | 4.50% | |||||||||||
Defined benefit plan assets, percentage | 22.00% | |||||||||||||
Ryerson Bargaining Unit Plan [Member] | Canadian Plans [Member] | Scenario Forecast [Member] | Pension Benefits [Member] | ||||||||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||||||||||||
Expected long-term rate of return on pension assets | 1.75% | |||||||||||||
Multiemployer Pension and Other Postretirement Plans [Member] | ||||||||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||||||||||||
Multiemployer plans description | Ryerson participate in two multiemployer pension plans covering 48 employees at 4 locations. | |||||||||||||
Multiemployer pension plan covered employees | Employee | 48 | |||||||||||||
Multiemployer pension plan covered locations | Location | 4 | |||||||||||||
Multiemployer plan contributions | $ 0.3 | $ 0.4 | $ 0.4 | |||||||||||
Pension withdrawal liability | $ 0.5 | $ 0.4 | $ 0.5 | $ 1 | ||||||||||
Period of Withdrawal pension liability Payment | 25 years | |||||||||||||
Multiemployer Pension and Other Postretirement Plans [Member] | Maximum [Member] | ||||||||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||||||||||||
Percentage of contributions to the plans | 5.00% |
Employee Benefits - Assumptions
Employee Benefits - Assumptions Used for Retirement Benefit Plans (Detail) | Nov. 30, 2020 | Sep. 30, 2020 | Nov. 30, 2020 | Nov. 30, 2020 | Dec. 31, 2018 | Sep. 30, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||||||
Discount rate | 2.42% | 2.59% | 2.59% | 3.15% | |||||
Expected rate of return on plan assets | 5.15% | 5.25% | 5.25% | 5.75% | |||||
UNITED STATES | Ryerson Pension Plan [Member] | |||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||||||
Discount rate for calculating obligations | 2.59% | 3.15% | 2.59% | 2.59% | 4.32% | 3.15% | 2.42% | 3.15% | 4.32% |
Discount rate for calculating service cost | 2.76% | 3.38% | 2.59% | 4.53% | 3.84% | ||||
Discount rate for calculating interest cost | 1.87% | 2.72% | 1.76% | 3.93% | 3.24% | ||||
Expected rate of return on plan assets | 5.25% | 5.75% | 5.15% | 6.35% | 6.70% | ||||
Rate of compensation increase - benefit obligations | 3.00% | 3.00% | 3.00% | 3.00% | 3.00% | 3.00% | 3.00% | 3.00% | 3.00% |
Rate of compensation increase | 3.00% | 3.00% | 3.00% | 3.00% | 2.90% | ||||
UNITED STATES | Ryerson Pension Plan [Member] | Other Postretirement Benefits [Member] | |||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||||||
Discount rate for calculating obligations | 4.26% | 2.45% | 3.13% | 4.26% | |||||
Discount rate for calculating service cost | 3.37% | 4.43% | 3.74% | ||||||
Discount rate for calculating interest cost | 2.66% | 3.82% | 3.09% | ||||||
Rate of compensation increase - benefit obligations | 3.00% | 3.00% | 3.00% | 3.00% | |||||
Rate of compensation increase | 3.00% | 3.00% | 3.00% | ||||||
UNITED STATES | Central Steel and Wire Retirement Plan [Member] | |||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||||||
Discount rate for calculating obligations | 4.59% | 3.09% | 3.53% | 4.59% | |||||
Discount rate for calculating service cost | 4.49% | 3.63% | 4.67% | ||||||
Discount rate for calculating interest cost | 4.22% | 3.33% | 4.43% | ||||||
Expected rate of return on plan assets | 4.70% | 3.20% | 4.00% | ||||||
Rate of compensation increase - benefit obligations | 3.00% | 3.00% | 3.00% | 3.00% | |||||
Rate of compensation increase | 3.00% | 3.00% | 3.00% | ||||||
UNITED STATES | Central Steel and Wire Postretirement Medical Plan [Member] | Other Postretirement Benefits [Member] | |||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||||||
Discount rate for calculating obligations | 4.23% | 2.37% | 3.08% | 4.23% | |||||
Discount rate for calculating service cost | 4.35% | 3.30% | 4.45% | ||||||
Discount rate for calculating interest cost | 3.83% | 2.63% | 3.82% | ||||||
Canadian Plans [Member] | Other Postretirement Benefits [Member] | |||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||||||
Discount rate for calculating obligations | 3.53% | 2.19% | 2.97% | 3.53% | |||||
Discount rate | 2.97% | 3.53% | 3.31% | ||||||
Rate of compensation increase | 3.00% | 3.00% | 3.00% | ||||||
Canadian Plans [Member] | Ryerson Salaried Plan [Member] | Pension Benefits [Member] | |||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||||||
Discount rate for calculating obligations | 3.56% | 2.32% | 3.00% | 3.56% | |||||
Discount rate | 3.00% | 3.56% | 3.31% | ||||||
Expected rate of return on plan assets | 4.75% | 5.25% | 5.25% | ||||||
Rate of compensation increase | 3.00% | 3.00% | 3.00% | ||||||
Canadian Plans [Member] | Ryerson Bargaining Unit Plan [Member] | Pension Benefits [Member] | |||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||||||
Discount rate for calculating obligations | 3.58% | 2.34% | 3.01% | 3.58% | |||||
Discount rate | 3.01% | 3.58% | 3.32% | ||||||
Expected rate of return on plan assets | 3.00% | 3.50% | 4.50% | ||||||
Rate of compensation increase | 3.00% | 3.00% | 3.00% |
Employee Benefits - Components
Employee Benefits - Components of Benefit Obligation and Net Obligation Recognized in Financial Statements (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Change in Plan Assets | |||
Beginning balance | $ 632 | ||
Ending balance | 520 | $ 632 | |
Amounts recognized in balance sheet consist of: | |||
Current liabilities | (6.6) | (7) | |
Non-current liabilities | (231.6) | (217.5) | |
Pension Benefits [Member] | |||
Change in Benefit Obligation | |||
Benefit obligation at beginning of year | 771.8 | 760 | |
Service cost | 3.4 | 3.4 | $ 2.4 |
Interest cost | 18.7 | 28.7 | 26 |
Actuarial loss | 54.5 | 64.6 | |
Effect of changes in exchange rates | 1 | 2.1 | |
Lump sums paid | (114.9) | (24.4) | |
Benefits paid (net of participant contributions) | (60) | (62.6) | |
Benefit obligation at end of year | 674.7 | 771.8 | 760 |
Company restructuring | 0.2 | ||
Accumulated benefit obligation at end of year | 661.4 | 759.8 | |
Change in Plan Assets | |||
Beginning balance | 631.8 | 578.7 | |
Actual return on plan assets | 55.4 | 112.4 | |
Employer contributions | 7.1 | 25.7 | |
Effect of changes in exchange rates | 0.9 | 2 | |
Lump sums paid | (114.9) | (24.4) | |
Benefits paid (net of participant contributions) | (60) | (62.6) | |
Ending balance | 520.3 | 631.8 | 578.7 |
Funded status | (154.4) | (140) | |
Amounts recognized in balance sheet consist of: | |||
Non-current assets | 0.9 | 0.8 | |
Non-current liabilities | (155.3) | (140.8) | |
Net benefit liability at the end of the year | (154.4) | (140) | |
Other Postretirement Benefits [Member] | |||
Change in Benefit Obligation | |||
Benefit obligation at beginning of year | 69.2 | 69.8 | |
Service cost | 0.6 | 0.6 | 0.4 |
Interest cost | 1.7 | 2.5 | 2.3 |
Actuarial loss | 0.7 | 1.2 | |
Effect of changes in exchange rates | 0.3 | 0.6 | |
Benefits paid (net of participant contributions) | (4.3) | (5.7) | |
Benefits paid (net of participant contributions and subsidies) | (4.2) | (5.5) | |
Benefit obligation at end of year | 68.3 | 69.2 | $ 69.8 |
Change in Plan Assets | |||
Employer contributions | 4.3 | 5.7 | |
Benefits paid (net of participant contributions) | (4.3) | (5.7) | |
Funded status | 68.3 | 69.2 | |
Amounts recognized in balance sheet consist of: | |||
Current liabilities | (5.6) | (5.9) | |
Non-current liabilities | (62.7) | (63.3) | |
Net benefit liability at the end of the year | $ (68.3) | $ (69.2) |
Employee Benefits - Amounts Rec
Employee Benefits - Amounts Recognized in Accumulated Other Comprehensive Income (Loss) (Detail) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Pension Benefits [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Net actuarial loss (gain) | $ 314.3 | $ 366.2 |
Prior service loss (credit) | 0.1 | |
Net loss (gain) | 314.3 | 366.3 |
Other Postretirement Benefits [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Net actuarial loss (gain) | (41.2) | (49.1) |
Prior service loss (credit) | (0.6) | (2.7) |
Net loss (gain) | $ (41.8) | $ (51.8) |
Employee Benefits - Amounts R_2
Employee Benefits - Amounts Recognized in Other Comprehensive Income (Loss) (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Pension settlement charge | $ 65.9 | $ 1.6 | $ 0.2 |
Net loss (gain) | (41.8) | (14) | 22.3 |
Pension Benefits [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Net actuarial loss (gain) | 29.9 | (11.3) | |
Amortization of net actuarial loss (gain) | (16.4) | (14.8) | |
Amortization of prior service cost (credit) | (0.1) | (0.1) | |
Pension settlement charge | (65.9) | (1.6) | $ (0.2) |
Net loss (gain) | (52.5) | (27.8) | |
Other Postretirement Benefits [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Net actuarial loss (gain) | 0.8 | 1.3 | |
Amortization of net actuarial loss (gain) | 6.9 | 7.7 | |
Amortization of prior service cost (credit) | 2.2 | 3.1 | |
Net loss (gain) | $ 9.9 | $ 12.1 |
Employee Benefits - Component_2
Employee Benefits - Components of Net Periodic Benefit Cost (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Pension settlement charges | $ (65.9) | $ (1.6) | $ (0.2) |
Pension Benefits [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Service cost | 3.4 | 3.4 | 2.4 |
Interest cost | 18.7 | 28.7 | 26 |
Expected return on assets | (30.6) | (36.4) | (40.3) |
Recognized actuarial loss (gain) | 16.4 | 14.8 | 15.3 |
Amortization of prior service cost (credit) | 0.1 | 0.1 | 0.1 |
Pension settlement charges | 65.9 | 1.6 | 0.2 |
Net periodic benefit cost (credit) | 73.9 | 12.2 | 3.7 |
Other Postretirement Benefits [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Service cost | 0.6 | 0.6 | 0.4 |
Interest cost | 1.7 | 2.5 | 2.3 |
Recognized actuarial loss (gain) | (6.9) | (7.7) | (7.3) |
Amortization of prior service cost (credit) | (2.2) | (3.1) | (3.1) |
Net periodic benefit cost (credit) | $ (6.8) | $ (7.7) | $ (7.7) |
Employee Benefits - Weighted Av
Employee Benefits - Weighted Average Asset Allocation (Detail) | Dec. 31, 2020 | Dec. 31, 2019 |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Defined benefit plan weighted average asset allocation | 100.00% | 100.00% |
Equity Securities [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Defined benefit plan weighted average asset allocation | 34.00% | 35.00% |
Debt Securities [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Defined benefit plan weighted average asset allocation | 47.00% | 48.00% |
Real Estate [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Defined benefit plan weighted average asset allocation | 12.00% | 10.00% |
Other [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Defined benefit plan weighted average asset allocation | 7.00% | 7.00% |
Employee Benefits - Target Rang
Employee Benefits - Target Ranges and Allocations (Detail) | Dec. 31, 2020 |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Target allocation | 100.00% |
Equity Securities [Member] | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Target allocation | 40.00% |
Equity Securities [Member] | Minimum [Member] | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Target allocation | 0.00% |
Equity Securities [Member] | Maximum [Member] | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Target allocation | 49.00% |
Debt Securities [Member] | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Target allocation | 41.00% |
Debt Securities [Member] | Minimum [Member] | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Target allocation | 37.00% |
Debt Securities [Member] | Maximum [Member] | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Target allocation | 100.00% |
Real Estate [Member] | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Target allocation | 12.00% |
Real Estate [Member] | Minimum [Member] | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Target allocation | 0.00% |
Real Estate [Member] | Maximum [Member] | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Target allocation | 14.00% |
Other [Member] | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Target allocation | 7.00% |
Other [Member] | Minimum [Member] | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Target allocation | 0.00% |
Other [Member] | Maximum [Member] | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Target allocation | 8.00% |
Employee Benefits - Fair Value
Employee Benefits - Fair Value of Pension Plan Assets by Asset Category (Detail) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Defined Benefit Plan, Fair Value Of Plan Assets | $ 520 | $ 632 |
Cash and Cash Equivalents [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Defined Benefit Plan, Fair Value Of Plan Assets | 7 | 14 |
US Large Cap [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Defined Benefit Plan, Fair Value Of Plan Assets | 54 | 67 |
US Small/Mid Cap [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Defined Benefit Plan, Fair Value Of Plan Assets | 11 | 11 |
International Companies [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Defined Benefit Plan, Fair Value Of Plan Assets | 45 | 63 |
Global Companies [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Defined Benefit Plan, Fair Value Of Plan Assets | 68 | 82 |
Non Investment Grade Debt [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Defined Benefit Plan, Fair Value Of Plan Assets | 3 | |
Investment Grade Debt [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Defined Benefit Plan, Fair Value Of Plan Assets | 242 | 300 |
Hedge Fund [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Defined Benefit Plan, Fair Value Of Plan Assets | 2 | |
Investments Valued at Net Asset Value [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Defined Benefit Plan, Fair Value Of Plan Assets | 87 | 27 |
Real Estate [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Defined Benefit Plan, Fair Value Of Plan Assets | 1 | 66 |
Other Investments [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Defined Benefit Plan, Fair Value Of Plan Assets | 2 | |
Level 2 [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Defined Benefit Plan, Fair Value Of Plan Assets | 7 | 26 |
Level 2 [Member] | Cash and Cash Equivalents [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Defined Benefit Plan, Fair Value Of Plan Assets | 7 | 6 |
Level 2 [Member] | US Large Cap [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Defined Benefit Plan, Fair Value Of Plan Assets | 4 | |
Level 2 [Member] | US Small/Mid Cap [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Defined Benefit Plan, Fair Value Of Plan Assets | 1 | |
Level 2 [Member] | International Companies [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Defined Benefit Plan, Fair Value Of Plan Assets | 3 | |
Level 2 [Member] | Investment Grade Debt [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Defined Benefit Plan, Fair Value Of Plan Assets | 11 | |
Level 2 [Member] | Real Estate [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Defined Benefit Plan, Fair Value Of Plan Assets | 1 | |
Level 2 [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Defined Benefit Plan, Fair Value Of Plan Assets | 426 | 579 |
Level 2 [Member] | Cash and Cash Equivalents [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Defined Benefit Plan, Fair Value Of Plan Assets | 8 | |
Level 2 [Member] | US Large Cap [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Defined Benefit Plan, Fair Value Of Plan Assets | 54 | 63 |
Level 2 [Member] | US Small/Mid Cap [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Defined Benefit Plan, Fair Value Of Plan Assets | 11 | 10 |
Level 2 [Member] | International Companies [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Defined Benefit Plan, Fair Value Of Plan Assets | 45 | 60 |
Level 2 [Member] | Global Companies [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Defined Benefit Plan, Fair Value Of Plan Assets | 68 | 82 |
Level 2 [Member] | Non Investment Grade Debt [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Defined Benefit Plan, Fair Value Of Plan Assets | 3 | |
Level 2 [Member] | Investment Grade Debt [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Defined Benefit Plan, Fair Value Of Plan Assets | 242 | 289 |
Level 2 [Member] | Hedge Fund [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Defined Benefit Plan, Fair Value Of Plan Assets | 2 | |
Level 2 [Member] | Real Estate [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Defined Benefit Plan, Fair Value Of Plan Assets | $ 1 | 65 |
Level 2 [Member] | Other Investments [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Defined Benefit Plan, Fair Value Of Plan Assets | $ 2 |
Employee Benefits - Estimated F
Employee Benefits - Estimated Future Benefit Payments (Detail) $ in Millions | Dec. 31, 2020USD ($) |
Pension Benefits [Member] | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
2021 | $ 47 |
2022 | 48 |
2023 | 46 |
2024 | 45 |
2025 | 44 |
2026-2030 | 207 |
Other Postretirement Benefits [Member] | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
2021 | 6 |
2022 | 5 |
2023 | 5 |
2024 | 4 |
2025 | 4 |
2026-2030 | $ 17 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) $ in Millions | Jan. 02, 2020Area | Jan. 06, 2017USD ($) | Dec. 31, 2020USD ($) |
Loss Contingencies [Line Items] | |||
Purchase obligations | $ 7.6 | ||
Purchase obligations to be paid in 2021 | 7.4 | ||
Purchase obligations to be paid in 2022 | $ 0.2 | ||
Percentage of total labor force covered by collective bargaining agreements | 9.00% | ||
Percentage of total labor force covered by collective bargaining agreements in current fiscal year | 2.00% | ||
Record of decision description | The ROD includes a combination of dredging, capping, and enhanced natural recovery that would take approximately thirteen years to construct plus additional time for monitored natural recovery | ||
Estimated present value cost for construction and recovery | $ 1,050 | ||
Remediation plan description | the EPA indicated that it expected PRPs to submit a plan during 2019 to start remediation of the river and harbor per the original ROD within the next two to three years. The EPA also indicated that it expected allocation of amounts among the parties to be determined in the same two to three-year time frame. | ||
Number of areas to perform remedial design work | Area | 5 | ||
Percentage of acreage on remediation | 52.00% | ||
Minimum [Member] | |||
Loss Contingencies [Line Items] | |||
Remediation plan due date | 2 years | ||
Remediation plan allocation of amount due date | 2 years | ||
Maximum [Member] | |||
Loss Contingencies [Line Items] | |||
Remediation plan due date | 3 years | ||
Remediation plan allocation of amount due date | 3 years |
Segment Information - Additiona
Segment Information - Additional Information (Detail) - Segment | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Segment Reporting [Abstract] | |||
Number of operating segment | 1 | ||
Percentage Of Consolidated Sales From Foreign Countries | 11.00% | 9.00% | 10.00% |
Percentage of long-lived assets in foreign country | 8.00% | 9.00% | 5.00% |
Percentage one customer to total sales | 6.00% | 6.00% | 6.00% |
Percentage top ten customers to total sales | 15.00% | 15.00% | 15.00% |
Segment Information - Summary o
Segment Information - Summary of Consolidated Financial Information of our Operations by Geographic Location (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Revenues From External Customers And Long Lived Assets [Line Items] | |||
Net sales | $ 3,466.6 | $ 4,501.6 | $ 4,408.4 |
Long-Lived Assets | 530.1 | 567.9 | 489 |
United States [Member] | |||
Revenues From External Customers And Long Lived Assets [Line Items] | |||
Net sales | 3,089.7 | 4,076.8 | 3,950.5 |
Long-Lived Assets | 485.1 | 519.1 | 464.1 |
Foreign Countries [Member] | |||
Revenues From External Customers And Long Lived Assets [Line Items] | |||
Net sales | 376.9 | 424.8 | 457.9 |
Long-Lived Assets | $ 45 | $ 48.8 | $ 24.9 |
Derivatives and Fair Value Me_3
Derivatives and Fair Value Measurements - Additional Information (Detail) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2020USD ($)DerivativeInstrument | Dec. 31, 2019USD ($) | Nov. 30, 2019USD ($) | Jun. 30, 2019USD ($) | Mar. 31, 2017 | |
Derivatives Fair Value [Line Items] | |||||
Fair value of interest rate swaps | $ 4 | ||||
Derivative liabilities, offset against cash collateral | 0 | $ 2.7 | |||
Debt instrument, face amount | $ 2.3 | ||||
Minimum [Member] | |||||
Derivatives Fair Value [Line Items] | |||||
General term for commodity and exchange contracts | 1 month | ||||
Maximum [Member] | |||||
Derivatives Fair Value [Line Items] | |||||
General term for commodity and exchange contracts | 12 months | ||||
Interest Rate Swap [Member] | |||||
Derivatives Fair Value [Line Items] | |||||
Derivative notional amount | $ 160 | $ 310 | |||
Derivative gain (loss) to be reclassified into interest income during next 12 months | $ 2.2 | ||||
Ryerson Credit Facility [Member] | |||||
Derivatives Fair Value [Line Items] | |||||
Number of derivative instruments | DerivativeInstrument | 2 | ||||
Ryerson Credit Facility [Member] | Second Interest Rate Swaps [Member] | |||||
Derivatives Fair Value [Line Items] | |||||
Derivative notional amount | $ 60 | ||||
Derivative fixed interest rate | 1.729% | ||||
Ryerson Credit Facility [Member] | Third Interest Rate Swaps [Member] | |||||
Derivatives Fair Value [Line Items] | |||||
Derivative notional amount | $ 100 | ||||
Derivative fixed interest rate | 1.539% | ||||
Ryerson Credit Facility [Member] | Interest Rate Swap [Member] | |||||
Derivatives Fair Value [Line Items] | |||||
Derivative fixed interest rate | 1.658% |
Derivatives and Fair Value Me_4
Derivatives and Fair Value Measurements - Location and Fair Value Amount of Derivative Instruments (Detail) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 | |
Derivatives Fair Value [Line Items] | |||
Asset Derivatives, Fair Value | $ 18.3 | $ 5.1 | |
Liability Derivatives, Fair Value | 16.1 | 9.6 | |
Derivatives Not Designated as Hedging Instruments under ASC 815 [Member] | Metal Commodity Contracts [Member] | Prepaid Expenses and Other Current Assets [Member] | |||
Derivatives Fair Value [Line Items] | |||
Asset Derivatives, Fair Value | 16 | 5 | |
Derivatives Not Designated as Hedging Instruments under ASC 815 [Member] | Metal Commodity Contracts [Member] | Other Accrued Liabilities [Member] | |||
Derivatives Fair Value [Line Items] | |||
Liability Derivatives, Fair Value | 11.9 | 9.4 | [1] |
Derivatives Not Designated as Hedging Instruments under ASC 815 [Member] | Foreign Exchange Contracts [Member] | Other Accrued Liabilities [Member] | |||
Derivatives Fair Value [Line Items] | |||
Liability Derivatives, Fair Value | 0.2 | ||
Derivatives Not Designated as Hedging Instruments under ASC 815 [Member] | Diesel Fuel Contracts [Member] | Prepaid Expenses and Other Current Assets [Member] | |||
Derivatives Fair Value [Line Items] | |||
Asset Derivatives, Fair Value | 0.1 | ||
Derivatives Not Designated as Hedging Instruments under ASC 815 [Member] | 2028 Notes Embedded Derivative [Member] | Prepaid Expenses and Other Current Assets [Member] | |||
Derivatives Fair Value [Line Items] | |||
Asset Derivatives, Fair Value | 2.3 | ||
Derivatives Not Designated as Hedging Instruments under ASC 815 [Member] | Interest Rate Swap [Member] | Other Noncurrent Liabilities [Member] | |||
Derivatives Fair Value [Line Items] | |||
Liability Derivatives, Fair Value | $ 4 | ||
Designated as Hedging Instrument | Interest Rate Swap [Member] | Other Noncurrent Liabilities [Member] | |||
Derivatives Fair Value [Line Items] | |||
Liability Derivatives | $ 0.2 | ||
[1] | The offsetting cash collateral balance of $2.7 million held by the derivative counterparty brings the net metal commodity contract liability to $6.7 million and the net total derivative liability balance to $6.9 million. |
Derivatives and Fair Value Me_5
Derivatives and Fair Value Measurements - Location and Fair Value Amount of Derivative Instruments (Parenthetical) (Detail) $ in Millions | Dec. 31, 2019USD ($) |
Derivative Liability Net of Cash Collateral [Member] | |
Derivatives Fair Value [Line Items] | |
Derivative liability balance | $ 6.9 |
Derivatives Not Designated as Hedging Instruments under ASC 815 [Member] | Metal Commodity Contracts [Member] | Other Accrued Liabilities [Member] | Derivative Counterparty [Member] | |
Derivatives Fair Value [Line Items] | |
Derivative liabilities, offsetting cash collateral | 2.7 |
Derivative liability balance | $ 6.7 |
Derivatives and Fair Value Me_6
Derivatives and Fair Value Measurements - Volume of Company 's Activity in Derivative Instruments (Detail) $ in Millions | 12 Months Ended | |
Dec. 31, 2020USD ($)T | Dec. 31, 2019USD ($)Tbbl | |
Iron Ore Swap Contracts [Member] | ||
Derivatives Fair Value [Line Items] | ||
Notional Amount | 420,000 | |
Hot Roll Coil Swap Contracts [Member] | ||
Derivatives Fair Value [Line Items] | ||
Notional Amount | 125,220 | 47,155 |
Diesel Fuel Swap Contracts [Member] | ||
Derivatives Fair Value [Line Items] | ||
Notional Amount | bbl | 38,000 | |
Aluminum Swap Contracts [Member] | ||
Derivatives Fair Value [Line Items] | ||
Notional Amount | 20,264 | 23,949 |
Nickel Swap Contracts [Member] | ||
Derivatives Fair Value [Line Items] | ||
Notional Amount | 345 | 3,164 |
Foreign Exchange Contracts [Member] | ||
Derivatives Fair Value [Line Items] | ||
Derivative notional amount | $ | $ 7.4 | $ 2 |
Interest Rate Swaps [Member] | ||
Derivatives Fair Value [Line Items] | ||
Derivative notional amount | $ | $ 160 | $ 310 |
Derivatives and Fair Value Me_7
Derivatives and Fair Value Measurements - Location and Amount of Gains and Losses on Derivatives Not Designated as Hedging Instruments Reported in Consolidated Statements of Operations (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Derivative Instruments Gain Loss [Line Items] | |||
Amount of Gain/ (Loss) Recognized in Income on Derivatives | $ 10.6 | $ (0.6) | $ (2.7) |
Derivatives Not Designated as Hedging Instruments under ASC 815 [Member] | |||
Derivative Instruments Gain Loss [Line Items] | |||
Amount of Gain/ (Loss) Recognized in Income on Derivatives | 7.7 | (8.5) | (2.9) |
Amount of Gain/ (Loss) Reclassified from Other Comprehensive Income into Income | (0.2) | ||
Derivatives Not Designated as Hedging Instruments under ASC 815 [Member] | Metal Commodity Contracts [Member] | Cost of Materials Sold [Member] | |||
Derivative Instruments Gain Loss [Line Items] | |||
Amount of Gain/ (Loss) Recognized in Income on Derivatives | 5.3 | (9.1) | (3.1) |
Derivatives Not Designated as Hedging Instruments under ASC 815 [Member] | Foreign Exchange Contracts [Member] | Other Income and (Expense), Net [Member] | |||
Derivative Instruments Gain Loss [Line Items] | |||
Amount of Gain/ (Loss) Recognized in Income on Derivatives | (0.2) | (0.1) | $ 0.2 |
Derivatives Not Designated as Hedging Instruments under ASC 815 [Member] | Diesel Fuel Commodity Contracts | Warehousing, Delivery, Selling, General, and Administrative [Member] | |||
Derivative Instruments Gain Loss [Line Items] | |||
Amount of Gain/ (Loss) Recognized in Income on Derivatives | $ 0.7 | ||
Derivatives Not Designated as Hedging Instruments under ASC 815 [Member] | 2028 Notes Embedded Derivative [Member] | Other Income and (Expense), Net [Member] | |||
Derivative Instruments Gain Loss [Line Items] | |||
Amount of Gain/ (Loss) Recognized in Income on Derivatives | 2.3 | ||
Derivatives Not Designated as Hedging Instruments under ASC 815 [Member] | Interest Rate Swap [Member] | Interest and Other Expense on Debt [Member] | |||
Derivative Instruments Gain Loss [Line Items] | |||
Amount of Gain/ (Loss) Recognized in Income on Derivatives | 0.3 | ||
Amount of Gain/ (Loss) Reclassified from Other Comprehensive Income into Income | $ (0.2) |
Derivatives and Fair Value Me_8
Derivatives and Fair Value Measurements - Location and Amount of Gains and Losses on Derivatives Designated as Hedging Instruments Reported in Consolidated Statements of Operations (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Designated as Hedging Instrument | Interest Rate Swaps [Member] | Interest and Other Expense on Debt [Member] | |||
Derivative Instruments Gain Loss [Line Items] | |||
Amount of Gain/ (Loss) Reclassified from Other Comprehensive Income into Income | $ (1.3) | $ 1.1 | $ 0.5 |
Derivatives and Fair Value Me_9
Derivatives and Fair Value Measurements - Assets and Liabilities Measured and Recorded at Fair Value (Detail) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Asset Derivatives, Fair Value | $ 18.3 | $ 5.1 | |
Liability Derivatives, Fair Value | 16.1 | 9.6 | |
Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Asset Derivatives, Fair Value | 5.1 | ||
Liability Derivatives, Fair Value | 16.1 | 9.6 | [1] |
Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | Diesel Fuel Contracts [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Asset Derivatives, Fair Value | 0.1 | ||
Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | Derivatives Not Designated as Hedging Instruments under ASC 815 [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Asset Derivatives, Fair Value | 16 | ||
Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | Derivatives Not Designated as Hedging Instruments under ASC 815 [Member] | Metal Commodity Contracts [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Asset Derivatives, Fair Value | 16 | 5 | |
Liability Derivatives, Fair Value | 11.9 | 9.4 | [1] |
Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | Derivatives Not Designated as Hedging Instruments under ASC 815 [Member] | Foreign Exchange Contracts [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Liability Derivatives, Fair Value | 0.2 | ||
Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | Derivatives Not Designated as Hedging Instruments under ASC 815 [Member] | Interest Rate Swaps [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Liability Derivatives, Fair Value | 4 | ||
Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | Designated as Hedging Instrument | Interest Rate Swaps [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Liability Derivatives, Fair Value | $ 0.2 | ||
Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | Derivatives Not Designated as Hedging Instruments under ASC 815 [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Asset Derivatives, Fair Value | 2.3 | ||
Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | Derivatives Not Designated as Hedging Instruments under ASC 815 [Member] | 2028 Notes Embedded Derivative [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Asset Derivatives, Fair Value | $ 2.3 | ||
[1] | The offsetting cash collateral balance of $2.7 million held by the derivative counterparty brings the net metal commodity contract liability to $6.7 million and the net total derivative liability balance to $6.9 million. |
Derivatives and Fair Value M_10
Derivatives and Fair Value Measurements - Assets and Liabilities Measured and Recorded at Fair Value (Parenthetical) (Detail) - Fair Value, Measurements, Recurring [Member] - Level 2 [Member] - Derivative Counterparty [Member] $ in Millions | Dec. 31, 2019USD ($) |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |
Derivative liability balance | $ 6.9 |
Derivatives Not Designated as Hedging Instruments under ASC 815 [Member] | Metal Commodity Contracts [Member] | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |
Derivative liabilities, offsetting cash collateral | 2.7 |
Derivative liability balance | $ 6.7 |
Derivatives and Fair Value M_11
Derivatives and Fair Value Measurements - Carrying and Estimated Fair Values Financial Instruments (Detail) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Carrying Amount [Member] | ||
Derivatives Fair Value [Line Items] | ||
Cash and cash equivalents | $ 61.4 | $ 11 |
Restricted cash | 1.1 | 48.8 |
Receivables less provision | 378.9 | 425.1 |
Accounts payable | 365.1 | 311.5 |
Long-term debt, including current portion | 740 | 981.8 |
Fair Value [Member] | ||
Derivatives Fair Value [Line Items] | ||
Cash and cash equivalents | 61.4 | 11 |
Restricted cash | 1.1 | 48.8 |
Receivables less provision | 378.9 | 425.1 |
Accounts payable | 365.1 | 311.5 |
Long-term debt, including current portion | $ 800.3 | $ 1,014.4 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income - Changes in Accumulated Other Comprehensive Income/(Loss) Net of Tax by Component (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Accumulated other comprehensive income (loss) net of tax, beginning balance | $ (302) | |
Accumulated other comprehensive income (loss) net of tax, ending balance | (271.9) | $ (302) |
Foreign Currency Translation [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Accumulated other comprehensive income (loss) net of tax, beginning balance | (48.6) | (52.8) |
Other comprehensive income (loss) before reclassifications | 1.6 | 4 |
Amounts reclassified from accumulated other comprehensive income (loss) | 0.2 | |
Net current-period other comprehensive income (loss) | 1.6 | 4.2 |
Accumulated other comprehensive income (loss) net of tax, ending balance | (47) | (48.6) |
Benefit Plan Liabilities [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Accumulated other comprehensive income (loss) net of tax, beginning balance | (253.1) | (264) |
Other comprehensive income (loss) before reclassifications | (23.4) | 6.6 |
Amounts reclassified from accumulated other comprehensive income (loss) | 54.7 | 4.3 |
Net current-period other comprehensive income (loss) | 31.3 | 10.9 |
Accumulated other comprehensive income (loss) net of tax, ending balance | (221.8) | (253.1) |
Cash Flow Hedge - Interest Rate Swap [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Accumulated other comprehensive income (loss) net of tax, beginning balance | (0.3) | 1 |
Other comprehensive income (loss) before reclassifications | (4.1) | (0.5) |
Amounts reclassified from accumulated other comprehensive income (loss) | 1.3 | (0.8) |
Net current-period other comprehensive income (loss) | (2.8) | (1.3) |
Accumulated other comprehensive income (loss) net of tax, ending balance | $ (3.1) | $ (0.3) |
Accumulated Other Comprehensi_4
Accumulated Other Comprehensive Income - Reclassifications Out of Accumulated Other Comprehensive Income (Loss) (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Cash Flow Hedge - Interest Rate Swap [Member] | ||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | ||
Net of tax | $ (1.3) | $ 0.8 |
Realized swap interest | 1.6 | (1.1) |
Tax provision (benefit) | (0.3) | 0.3 |
Net of tax | 1.3 | (0.8) |
Amortization of Defined Benefit Pension and Other Post-retirement Benefit Plan Items, Actuarial Gain [Member] | ||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | ||
Reclassifications out of AOCI | 9.6 | 7.2 |
Amortization of Defined Benefit Pension and Other Post-retirement Benefit Plan Items, Pension Settlement [Member] | ||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | ||
Reclassifications out of AOCI | 65.9 | 1.6 |
Amortization of Defined Benefit Pension and Other Post-retirement Benefit Plan Items, Prior Service Cost [Member] | ||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | ||
Reclassifications out of AOCI | (2) | (3) |
Amortization of Defined Benefit Pension and Other Post-retirement Benefit Plan Items [Member] | ||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | ||
Reclassifications out of AOCI | 73.5 | 5.8 |
Tax provision | (18.8) | (1.5) |
Net of tax | 54.7 | 4.3 |
Tax provision | 18.8 | 1.5 |
Accumulated Gain Loss Net Cash Flow Hedge Parent Realized Swap Interest Prior to De-Designation [Member] | ||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | ||
Realized swap interest | 1.3 | |
Accumulated Gain Loss Net Cash Flow Hedge Parent Realized Swap Interest Subsequent to De-Designation [Member] | ||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | ||
Realized swap interest | $ 0.3 | |
Accumulated Foreign Currency Adjustment Including Portion Attributable to Noncontrolling Interest [Member] | ||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | ||
Reclassifications out of AOCI | 0.2 | |
Accumulated Foreign Currency Adjustment Including Portion Attributable to Noncontrolling Interest [Member] | Reclassification out of Accumulated Other Comprehensive Income | ||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | ||
Net of tax | $ 0.2 |
Revenue Recognition - Additiona
Revenue Recognition - Additional Information (Detail) $ in Millions | Jan. 01, 2018USD ($) | Dec. 31, 2020USD ($)Segment | Dec. 31, 2019USD ($) |
Revenue Initial Application Period Cumulative Effect Transition [Line Items] | |||
Net contract liability related to accrued shipping and handling costs | $ 0 | $ 0.1 | |
Number of operating segments | Segment | 1 | ||
Number of reportable segments | Segment | 1 | ||
Payment terms on invoiced amounts | 30 days | ||
Accounts receivables from contracts with customers | $ 380.7 | $ 428.6 | |
ASC 606 [Member] | |||
Revenue Initial Application Period Cumulative Effect Transition [Line Items] | |||
Revenue recognition under transition method adjustment | $ 12.3 | ||
ASC 606 [Member] | Retained Earnings (Accumulated Deficit) [Member] | |||
Revenue Initial Application Period Cumulative Effect Transition [Line Items] | |||
Revenue recognition under transition method adjustment | $ 2.3 | ||
Minimum [Member] | |||
Revenue Initial Application Period Cumulative Effect Transition [Line Items] | |||
Percentage of revenue from product sales | 75.00% |
Revenue Recognition - Additio_2
Revenue Recognition - Additional Information 1 (Detail) | Dec. 31, 2020 |
Maximum [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2021-01-01 | |
Revenue Initial Application Period Cumulative Effect Transition [Line Items] | |
Performance obligations on contracts have expected duration | 1 year |
Revenue Recognition - Percentag
Revenue Recognition - Percentage of Sales by Major Product Lines (Detail) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Product Line | |||
Percentage of sales by major product lines | 100.00% | 100.00% | 100.00% |
Carbon Steel Flat [Member] | |||
Product Line | |||
Percentage of sales by major product lines | 27.00% | 26.00% | 27.00% |
Carbon Steel Plate [Member] | |||
Product Line | |||
Percentage of sales by major product lines | 9.00% | 11.00% | 11.00% |
Carbon Steel Long [Member] | |||
Product Line | |||
Percentage of sales by major product lines | 14.00% | 16.00% | 14.00% |
Stainless Steel Flat [Member] | |||
Product Line | |||
Percentage of sales by major product lines | 16.00% | 15.00% | 16.00% |
Stainless Steel Plate [Member] | |||
Product Line | |||
Percentage of sales by major product lines | 5.00% | 4.00% | 4.00% |
Stainless Steel Long [Member] | |||
Product Line | |||
Percentage of sales by major product lines | 5.00% | 4.00% | 4.00% |
Aluminum Flat [Member] | |||
Product Line | |||
Percentage of sales by major product lines | 14.00% | 15.00% | 15.00% |
Aluminum Plate [Member] | |||
Product Line | |||
Percentage of sales by major product lines | 3.00% | 2.00% | 3.00% |
Aluminum Long [Member] | |||
Product Line | |||
Percentage of sales by major product lines | 5.00% | 5.00% | 4.00% |
Other [Member] | |||
Product Line | |||
Percentage of sales by major product lines | 2.00% | 2.00% | 2.00% |
Revenue Recognition - Summary o
Revenue Recognition - Summary of Revenues by Type of Item Sold (Detail) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Disaggregation Of Revenue [Line Items] | |||
Total | 100.00% | 100.00% | 100.00% |
Revenue Recognized Point In Time | |||
Disaggregation Of Revenue [Line Items] | |||
Revenue on products with an alternative use | 89.00% | 88.00% | 88.00% |
Revenue Recognized Over Time | |||
Disaggregation Of Revenue [Line Items] | |||
Revenue on products with no alternative use | 11.00% | 12.00% | 12.00% |
Revenue Recognition - Summary_2
Revenue Recognition - Summary of Significant Changes in Contract Assets and Contract Liabilities Balances (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Changes in the Contract Assets | ||
Beginning Balance | $ 13.5 | $ 16.6 |
Net change in contract assets for products with no alternative use during the period | (2) | (1.5) |
Changes to reserves | (0.7) | 0.2 |
Reclass between contract liability and contract asset | (1.8) | |
Ending Balance | 10.8 | 13.5 |
Changes in the Contract Liabilities | ||
Beginning Balance | 10.5 | 10 |
Contract liability satisfied during the period | (11.8) | (9.2) |
Contract liability incurred during the period | 12.9 | 8.2 |
Changes to reserves | (0.8) | 3.3 |
Reclass between contract liability and contract asset | (1.8) | |
Ending Balance | $ 10.8 | $ 10.5 |
Provision for Credit Losses - S
Provision for Credit Losses - Schedule of Reconciliation of Provision for Credit Losses (Detail) $ in Millions | 12 Months Ended |
Dec. 31, 2021USD ($) | |
Credit Loss [Abstract] | |
Balance at January 1, 2020 | $ 3.5 |
Current period provision | 0.3 |
Write-offs charged against allowance | (2.3) |
Recoveries against allowance | 0.2 |
Balance at December 31, 2020 | $ 1.7 |
Income Taxes - Elements of Prov
Income Taxes - Elements of Provision (Benefit) for Income Taxes (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income (loss) before income tax: | |||
U.S. | $ (106) | $ 103.4 | $ 100.6 |
Foreign | 15.9 | 11.8 | 16.1 |
Income (loss) before income taxes | (90.1) | 115.2 | 116.7 |
Current income tax provision (benefit): | |||
Federal | (11.6) | (19) | (1.3) |
Foreign | 1.5 | 2.1 | 3.7 |
State | 1.9 | 1.4 | 0.1 |
Current income taxes | (8.2) | (15.5) | 2.5 |
Deferred income taxes | (16.6) | 48 | 7.8 |
Total income tax provision (benefit) | $ (24.8) | $ 32.5 | $ 10.3 |
Income Taxes - Reconciliation o
Income Taxes - Reconciliation of Income Taxes with Amounts Computed by Applying Federal Tax Rate (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |||
Federal income tax expense (benefit) computed at statutory tax rate of 21% in 2020, 2019, and 2018 | $ (18.9) | $ 24.2 | $ 24.5 |
Additional taxes or credits from: | |||
State and local income taxes, net of federal income tax effect | (4.6) | 4.9 | 1.4 |
Non-deductible expenses and non-taxable income | 0.3 | 1.8 | (13.6) |
Foreign income not includable in federal taxable income | 0.8 | 0.7 | 0.9 |
Valuation allowance changes, net | (0.4) | (0.4) | (4.3) |
Changes in uncertain tax positions | (1.9) | (1.5) | |
Effect of U.S. Tax Cuts and Jobs Act - deemed repatriation transaction tax & GILTI | (0.6) | 2.4 | 0.8 |
All other, net | 0.5 | 0.4 | 0.6 |
Total income tax provision (benefit) | $ (24.8) | $ 32.5 | $ 10.3 |
Income Taxes - Reconciliation_2
Income Taxes - Reconciliation of Income Taxes with Amounts Computed by Applying Federal Tax Rate (Parenthetical) (Detail) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |||
Statutory tax rate | 21.00% | 21.00% | 21.00% |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income Tax [Line Items] | |||
Provision for income taxes | $ (24.8) | $ 32.5 | $ 10.3 |
Federal net operating loss carry-forwards | 29 | ||
State net operating loss carry-forwards | 18 | 16 | |
Foreign net operating loss carry-forwards | 1 | ||
Undistributed foreign earnings | 50 | ||
Accrued interest related to uncertain tax positions | 0.8 | 1.8 | |
Unrecognized tax benefits that would affect effective tax rate if recognized | 1.7 | $ 2.6 | |
GILTI [Member] | |||
Income Tax [Line Items] | |||
Provision for income taxes | $ 0.6 | ||
Domestic Tax Authority [Member] | |||
Income Tax [Line Items] | |||
Net operating loss carry-forwards expiration period | 12 years | ||
State and Local Jurisdiction [Member] | Minimum [Member] | |||
Income Tax [Line Items] | |||
Net operating loss carry-forwards expiration period | 1 year | ||
State and Local Jurisdiction [Member] | Maximum [Member] | |||
Income Tax [Line Items] | |||
Net operating loss carry-forwards expiration period | 20 years | ||
Foreign Tax Authority [Member] | Minimum [Member] | |||
Income Tax [Line Items] | |||
Net operating loss carry-forwards expiration period | 1 year | ||
Foreign Tax Authority [Member] | Maximum [Member] | |||
Income Tax [Line Items] | |||
Net operating loss carry-forwards expiration period | 5 years |
Income Taxes - Components of De
Income Taxes - Components of Deferred Income Tax Assets and Liabilities (Detail) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Deferred tax assets: | ||
AMT tax credit carryforwards | $ 12 | |
Post-retirement benefits other than pensions | $ 18 | 18 |
Federal and foreign net operating loss carryforwards | 30 | 23 |
State net operating loss carryforwards | 18 | 16 |
Pension liability | 43 | 38 |
Other deductible temporary differences | 13 | 32 |
Less: valuation allowances | (7) | (14) |
Deferred tax assets, net | 115 | 125 |
Deferred tax liabilities: | ||
Fixed asset basis difference | 63 | 64 |
Inventory basis difference | 100 | 115 |
Other intangibles | 10 | 11 |
Deferred tax liabilities | 173 | 190 |
Net deferred tax liability | $ (58) | $ (65) |
Income Taxes - Reconciliation_3
Income Taxes - Reconciliation of Unrecognized Tax Benefits (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |||
Unrecognized tax benefits beginning balance | $ 4.4 | $ 5.9 | $ 6.5 |
Gross increases – tax positions in current periods | 0 | 0 | |
Settlements and closing of statute of limitations | (1.9) | (1.5) | (0.6) |
Unrecognized tax benefits ending balance | $ 2.5 | $ 4.4 | $ 5.9 |
Earnings Per Share - Additional
Earnings Per Share - Additional Information (Detail) - $ / shares | Jul. 25, 2016 | Aug. 13, 2014 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Jul. 16, 2007 |
Earnings Per Share [Abstract] | ||||||
Common stock, shares issued | 38,329,897 | 37,996,261 | 21,250,000 | |||
Issuance of common stock in connection with public offering, shares | 5,000,000 | 11,000,000 | ||||
Common stock issued per share | $ 15.25 | $ 11 | ||||
Weighted average number of shares excluded from computation of earnings per share | 289,759 | 0 | 0 |
Earnings Per Share - Calculatio
Earnings Per Share - Calculation of Basic and Diluted Earnings Per Share (Detail) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Numerator: | |||
Net income (loss) attributable to Ryerson Holding Corporation | $ (65.8) | $ 82.4 | $ 106 |
Denominator: | |||
Weighted average shares outstanding | 38,025,122 | 37,697,648 | 37,329,580 |
Dilutive effect of stock-based awards | 263,856 | 342,732 | |
Weighted average shares outstanding adjusted for dilutive securities | 38,025,122 | 37,961,504 | 37,672,312 |
Earnings (loss) per share | |||
Basic | $ (1.73) | $ 2.19 | $ 2.84 |
Diluted | $ (1.73) | $ 2.17 | $ 2.81 |
Subsequent Events (Detail)
Subsequent Events (Detail) - USD ($) | Jan. 28, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Subsequent Event [Line Items] | |||
Operating lease assets | $ 108,300,000 | $ 128,200,000 | |
Subsequent Event [Member] | |||
Subsequent Event [Line Items] | |||
Proceeds from sale of property | $ 26,300,000 | ||
Gain (Loss) on sale of properties | 20,300,000 | ||
Operating lease assets | 2,500,000 | ||
Lease liability | $ 2,400,000 | ||
Sale leaseback transaction, lease terms | two years |
Condensed Statements of Operati
Condensed Statements of Operations (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Condensed Financial Statements Captions [Line Items] | |||
Provision for income taxes | $ (24.8) | $ 32.5 | $ 10.3 |
Net income (loss) attributable to Ryerson Holding Corporation | (65.8) | 82.4 | 106 |
Parent [Member] | |||
Condensed Financial Statements Captions [Line Items] | |||
Administrative and other expenses | (1) | (1) | (0.9) |
Interest income on intercompany loans | 6.4 | 6.5 | 6.4 |
Equity in income (loss) of subsidiaries | (69.9) | 77.6 | 110.9 |
Income (loss) before income taxes | (64.5) | 83.1 | 116.4 |
Provision for income taxes | 1.3 | 0.7 | 10.4 |
Net income (loss) attributable to Ryerson Holding Corporation | $ (65.8) | $ 82.4 | $ 106 |
Condensed Statements of Compreh
Condensed Statements of Comprehensive Income (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Condensed Financial Statements Captions [Line Items] | |||
Net income (loss) | $ (65.8) | $ 82.4 | $ 106 |
Other comprehensive income (loss), before tax: | |||
Foreign currency translation adjustments | 1.6 | 4.3 | (8.2) |
Loss on intra-entity foreign currency transactions | (3) | ||
Gain (loss) on cash flow hedges | (3.8) | (1.8) | 0.5 |
Changes in defined benefit pension and other post-retirement benefit plans | 41.8 | 14 | (22.3) |
Other comprehensive income (loss), before tax | 39.6 | 16.5 | (33) |
Income tax provision (benefit) related to items of other comprehensive income (loss) | 9.5 | 2.6 | (4.5) |
Comprehensive income (loss) attributable to Ryerson Holding Corporation | (35.7) | 96.2 | 77.5 |
Parent [Member] | |||
Condensed Financial Statements Captions [Line Items] | |||
Net income (loss) | (65.8) | 82.4 | 106 |
Other comprehensive income (loss), before tax: | |||
Foreign currency translation adjustments | 1.6 | 4.2 | (8.2) |
Loss on intra-entity foreign currency transactions | (3) | ||
Gain (loss) on cash flow hedges | (3.8) | (1.8) | 0.5 |
Changes in defined benefit pension and other post-retirement benefit plans | 41.8 | 14 | (22.3) |
Other comprehensive income (loss), before tax | 39.6 | 16.4 | (33) |
Income tax provision (benefit) related to items of other comprehensive income (loss) | 9.5 | 2.6 | (4.5) |
Comprehensive income (loss) attributable to Ryerson Holding Corporation | $ (35.7) | $ 96.2 | $ 77.5 |
Condensed Statements of Cash Fl
Condensed Statements of Cash Flows (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Operating Activities: | |||
Net income (loss) | $ (65.3) | $ 82.7 | $ 106.4 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Deferred income taxes | (16.6) | 48 | 7.8 |
Increase in accrued liabilities | 16.7 | (34.6) | 16.8 |
Net adjustments | 343.2 | 110.4 | (49) |
Net cash provided by operating activities | 277.9 | 193.1 | 57.4 |
Net increase in cash, cash equivalents, and restricted cash | 2.7 | 35.5 | (54.2) |
Cash, cash equivalents, and restricted cash—beginning of period | 59.8 | 24.3 | 78.5 |
Cash, cash equivalents, and restricted cash—end of period | 62.5 | 59.8 | 24.3 |
Parent [Member] | |||
Operating Activities: | |||
Net income (loss) | (65.8) | 82.4 | 106 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Equity in (earnings) losses of subsidiaries | 69.9 | (77.6) | (110.9) |
Deferred income taxes | 22.1 | (3.3) | 10.4 |
Increase in receivables/payables from subsidiaries | (26.2) | (1.6) | (5.4) |
Increase in other assets | (0.1) | ||
Increase in accrued liabilities | 0.1 | ||
Net adjustments | 65.8 | (82.4) | (106) |
Cash, cash equivalents, and restricted cash—beginning of period | 0.1 | 0.1 | 0.1 |
Cash, cash equivalents, and restricted cash—end of period | $ 0.1 | $ 0.1 | $ 0.1 |
Condensed Statements of Balance
Condensed Statements of Balance Sheets (Detail) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Assets | ||
Cash and cash equivalents | $ 61.4 | $ 11 |
Prepaid expenses and other current assets | 57.5 | 52.2 |
Receivable from subsidiaries | 378.9 | 425.1 |
Total current assets | 1,103.4 | 1,280 |
Total assets | 1,802.1 | 2,021.5 |
Liabilities | ||
Total current liabilities | 527.6 | 491.9 |
Total liabilities | 1,657 | 1,842.9 |
Ryerson Holding Corporation Stockholders’ equity | ||
Preferred stock, value | ||
Common stock, $0.01 par value; 100,000,000 shares authorized and 38,329,897 shares issued at 2020; 100,000,000 shares authorized and 37,996,261 issued at 2019 | 0.4 | 0.4 |
Capital in excess of par value | 383.1 | 381.2 |
Retained earnings | 33.8 | 99.6 |
Treasury stock at cost - Common stock, value | (6.6) | (6.6) |
Accumulated other comprehensive loss | (271.9) | (302) |
Total Ryerson Holding Corporation stockholders’ equity | 138.8 | 172.6 |
Total liabilities and equity | 1,802.1 | 2,021.5 |
Parent [Member] | ||
Assets | ||
Cash and cash equivalents | 0.1 | 0.1 |
Prepaid expenses and other current assets | 0.1 | 0.1 |
Receivable from subsidiaries | 37.3 | 11.1 |
Total current assets | 37.5 | 11.3 |
Investment in subsidiaries | 25.2 | 63.1 |
Long-term receivable from subsidiaries | 71.7 | 71.7 |
Deferred income taxes | 4.6 | 26.7 |
Total assets | 139 | 172.8 |
Liabilities | ||
Accrued liabilities | 0.2 | 0.2 |
Total current liabilities | 0.2 | 0.2 |
Total liabilities | 0.2 | 0.2 |
Ryerson Holding Corporation Stockholders’ equity | ||
Preferred stock, value | ||
Common stock, $0.01 par value; 100,000,000 shares authorized and 38,329,897 shares issued at 2020; 100,000,000 shares authorized and 37,996,261 issued at 2019 | 0.4 | 0.4 |
Capital in excess of par value | 383.1 | 381.2 |
Retained earnings | 33.8 | 99.6 |
Treasury stock at cost - Common stock, value | (6.6) | (6.6) |
Accumulated other comprehensive loss | (271.9) | (302) |
Total Ryerson Holding Corporation stockholders’ equity | 138.8 | 172.6 |
Total liabilities and equity | $ 139 | $ 172.8 |
Condensed Statements of Balan_2
Condensed Statements of Balance Sheets (Parenthetical) (Detail) - $ / shares | Dec. 31, 2020 | Dec. 31, 2019 | Jul. 16, 2007 |
Condensed Financial Statements Captions [Line Items] | |||
Preferred stock, par value | $ 0.01 | $ 0.01 | |
Preferred stock, shares authorized | 7,000,000 | 7,000,000 | |
Preferred stock, shares issued | 0 | 0 | |
Common stock, par value | $ 0.01 | $ 0.01 | |
Common stock, shares authorized | 100,000,000 | 100,000,000 | |
Common stock, shares issued | 38,329,897 | 37,996,261 | 21,250,000 |
Treasury stock at cost - Common stock, shares | 212,500 | 212,500 | |
Parent [Member] | |||
Condensed Financial Statements Captions [Line Items] | |||
Preferred stock, par value | $ 0.01 | $ 0.01 | |
Preferred stock, shares authorized | 7,000,000 | 7,000,000 | |
Preferred stock, shares issued | 0 | 0 | |
Common stock, par value | $ 0.01 | $ 0.01 | |
Common stock, shares authorized | 100,000,000 | 100,000,000 | |
Common stock, shares issued | 38,329,897 | 37,996,261 | |
Treasury stock at cost - Common stock, shares | 212,500 | 212,500 |
Condensed Financial Information
Condensed Financial Information of Registrant (Dividends from Subsidiaries) - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Parent [Member] | |||
Dividend Declared And Paid [Line Items] | |||
Cash dividends paid | $ 0 | $ 0 | $ 0 |
Valuation and Qualifying Accoun
Valuation and Qualifying Accounts - Valuation and Qualifying Accounts (Detail) - USD ($) $ in Millions | 12 Months Ended | ||||||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |||||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||||||
Deductions from Reserves | $ 2.3 | $ 3 | $ 1.8 | ||||
Allowance for Doubtful Accounts [Member] | |||||||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||||||
Balance at Beginning of Period | 3.5 | 2.5 | 4.9 | ||||
Additions Charged (Credited) to Income | 0.3 | 4 | 2.4 | ||||
Deductions from Reserves | [1] | (2.1) | (3) | (4.8) | [2] | ||
Balance at End of Period | 1.7 | 3.5 | 2.5 | ||||
Valuation Allowance Deferred Tax Assets [Member] | |||||||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||||||
Balance at Beginning of Period | 13.7 | 29.3 | 24.4 | ||||
Additions Charged (Credited) to Income | (0.4) | (0.4) | 7 | ||||
Deductions from Reserves | (6.7) | [3] | (15.2) | [3] | (2.1) | [4] | |
Balance at End of Period | $ 6.6 | $ 13.7 | $ 29.3 | ||||
[1] | Bad debts written off of $2.3 million, $3.0 million, and $1.8 million for the years ended December 31, 2020, 2019, and 2018, respectively. | ||||||
[2] | Reclassed $3.0 million to contract liability as a result of ASC 606 adoption. | ||||||
[3] | Reversals of valuation allowances due to the expiration of state net operating losses and changes to the foreign tax credits. | ||||||
[4] | Reversals of valuation allowances due to the expiration of state and foreign net operating losses. |
Valuation and Qualifying Acco_2
Valuation and Qualifying Accounts - Valuation and Qualifying Accounts (Parenthetical) (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Bad debts written off | $ 2.3 | $ 3 | $ 1.8 |
Adoption of ASC 606 [Member] | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Reclassed to contract liability | $ 3 |