Description of the Business and Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2015

Description of the Business and Significant Accounting Policies

Inventories

Inventories are stated at lower of cost or market. Cost is determined using a weighted average cost method for scrap, and on a first-in, first-out, basis for other inventory. Inventory consisted of the following at December 31 (in thousands):

	2015		2014
Raw materials	$	419,608	$	764,883
Supplies		396,349		374,599
Work in progress		90,486		128,882
Finished goods		242,947		350,055

	$	1,149,390	$	1,618,419

Schedule of property, plant and equipment

The company's property, plant and equipment at December 31 consisted of the following (in thousands):

	2015		2014
Land and improvements	$	328,739	$	334,583
Buildings and improvements		706,708		713,837
Plant, machinery and equipment		3,966,181		3,898,275
Construction in progress		76,074		63,344

		5,077,702		5,010,039
Less accumulated depreciation		2,126,492		1,886,133

Property, plant and equipment, net	$	2,951,210	$	3,123,906

Schedule of intangible assets

The company's intangible assets, at December 31, consisted of the following (in thousands):

	2015		2014		Useful Life	Weighted Average Amortization Period
Customer and scrap generator relationships	$	420,400	$	419,400	10 to 25 years	19 years
Trade names		121,300		189,800	Indefinite	—
Trade name		3,200		3,200	12 years	12 years

		544,900		612,400		19 years
Less accumulated amortization		265,940		241,731

	$	278,960	$	370,669

Schedule of estimated amortization expense, related to amortizable intangibles

Estimated amortization expense, related to amortizable intangibles, for the years ending December 31 is as follows (in thousands):

2016	$	22,039
2017		19,257
2018		16,723
2019		15,184
2020		13,365
Thereafter		71,092

Total	$	157,660

Schedule of allocation of goodwill to reporting units

The company's goodwill is allocated to the following reporting units at December 31, (in thousands):

	2015		2014
OmniSource—Metals Recycling Operations Segment	$	109,039	$	456,727
Butler Flat Roll Division, Structural and Rail Division, and Engineered Bar Division—Metals Recycling Operations Segment		95,000		95,000
The Techs—Steel Operations Segment		142,783		142,783
Roanoke Bar Division—Steel Operations Segment		29,041		29,041
Columbus Flat Roll Division—Steel Operation Segment		19,682		19,682
New Millennium Building Systems—Steel Fabrication Operations Segment		1,925		1,925

	$	397,470	$	745,158

Schedule of reconciliation of the numerators and denominators used in calculating basic and diluted earnings per share

The following table presents a reconciliation of the numerators and the denominators of the company's basic and diluted earnings per share computations for the years ended December 31 (in thousands, except per share data):

	2015
	Net Loss (Numerator)			Shares (Denominator)		Per Share Amount
Basic earnings per share	$	(130,311	)		242,017	$	(0.54	)
Dilutive stock options, deferred stock units, and restricted stock units		—			—

Diluted earnings per share	$	(130,311	)		242,017	$	(0.54	)

	2014						2013
	Net Income (Numerator)		Shares (Denominator)		Per Share Amount		Net Income (Numerator)		Shares (Denominator)		Per Share Amount
Basic earnings per share	$	157,024		232,547	$	0.68	$	189,314		220,916	$	0.86
Dilutive stock options, deferred stock units, and restricted stock units		—		1,828				—		1,392
5.125% convertible senior notes		4,327		7,703				9,432		16,688

Diluted earnings per share	$	161,351		242,078	$	0.67	$	198,746		238,996	$	0.83