Condensed Consolidating Information (Tables)

6 Months Ended

Jun. 30, 2019

Condensed Consolidating Information Disclosure Abstract

Schedule of Condensed Consolidating Balance Sheets

Condensed Consolidating Balance Sheets (in thousands)
					Combined		Consolidating		Total
As of June 30, 2019	Parent		Guarantors		Non-Guarantors		Adjustments		Consolidated
Cash and equivalents	$	914,541	$	50,670	$	7,350	$	-	$	972,561
Short-term investments		109,154		5,000		-		-		114,154
Accounts receivable, net		324,548		1,696,820		70,968		(1,019,457)		1,072,879
Inventories		748,921		977,754		87,342		(11,258)		1,802,759
Other current assets		46,197		18,698		3,754		(7,401)		61,248
Total current assets		2,143,361		2,748,942		169,414		(1,038,116)		4,023,601
Property, plant and equipment, net		883,970		1,902,632		160,641		-		2,947,243
Intangible assets, net		-		256,302		-		-		256,302
Goodwill		-		427,950		98,512		-		526,462
Other assets, including investments in subs		2,838,285		65,100		6,800		(2,805,879)		104,306
Total assets	$	5,865,616	$	5,400,926	$	435,367	$	(3,843,995)	$	7,857,914
Accounts payable	$	174,596	$	331,110	$	88,182	$	(68,732)	$	525,156
Accrued expenses		180,887		296,932		20,068		(169,438)		328,449
Current maturities of long-term debt		826		1,165		93,176		(23,036)		72,131
Total current liabilities		356,309		629,207		201,426		(261,206)		925,736
Long-term debt		2,329,916		-		170,842		(144,841)		2,355,917
Other liabilities		(885,161)		1,244,276		33,352		135,513		527,980
Total liabilities		1,801,064		1,873,483		405,620		(270,534)		3,809,633
Redeemable noncontrolling interests		-		-		139,930		-		139,930
Common stock		645		1,727,859		15,016		(1,742,875)		645
Treasury stock		(1,354,157)		-		-		-		(1,354,157)
Additional paid-in-capital		1,167,505		683,048		787,572		(1,470,620)		1,167,505
Retained earnings (deficit)		4,250,419		1,116,598		(756,632)		(359,966)		4,250,419
Accumulated other comprehensive loss		140		(62)		-		-		78
Total Steel Dynamics, Inc. equity		4,064,552		3,527,443		45,956		(3,573,461)		4,064,490
Noncontrolling interests		-		-		(156,139)		-		(156,139)
Total equity		4,064,552		3,527,443		(110,183)		(3,573,461)		3,908,351
Total liabilities and equity	$	5,865,616	$	5,400,926	$	435,367	$	(3,843,995)	$	7,857,914

Note 11. Condensed Consolidating Information (Continued)

					Combined		Consolidating		Total
As of December 31, 2018	Parent		Guarantors		Non-Guarantors		Adjustments		Consolidated
Cash and equivalents	$	809,763	$	13,491	$	4,966	$	-	$	828,220
Short-term investments		198,783		30,000		-		-		228,783
Accounts receivable, net		340,439		1,635,168		26,655		(958,506)		1,043,756
Inventories		793,174		1,038,702		39,214		(11,922)		1,859,168
Other current assets		56,578		18,627		3,994		(6,469)		72,730
Total current assets		2,198,737		2,735,988		74,829		(976,897)		4,032,657
Property, plant and equipment, net		871,482		1,918,198		156,087		-		2,945,767
Intangible assets, net		-		270,328		-		-		270,328
Goodwill		-		429,645		-		-		429,645
Other assets, including investments in subs		2,862,556		5,593		5,557		(2,848,540)		25,166
Total assets	$	5,932,775	$	5,359,752	$	236,473	$	(3,825,437)	$	7,703,563
Accounts payable	$	209,156	$	330,156	$	74,353	$	(62,911)	$	550,754
Accrued expenses		296,528		295,668		11,171		(159,218)		444,149
Current maturities of long-term debt		793		1,355		51,079		(28,993)		24,234
Total current liabilities		506,477		627,179		136,603		(251,122)		1,019,137
Long-term debt		2,327,798		381		166,226		(141,916)		2,352,489
Other liabilities		(836,571)		1,447,464		31,791		(197,976)		444,708
Total liabilities		1,997,704		2,075,024		334,620		(591,014)		3,816,334
Redeemable noncontrolling interests		-		-		111,240		-		111,240
Common stock		645		1,727,859		15,016		(1,742,875)		645
Treasury stock		(1,184,243)		-		-		-		(1,184,243)
Additional paid-in-capital		1,160,048		683,048		695,502		(1,378,550)		1,160,048
Retained earnings (deficit)		3,958,320		873,821		(760,823)		(112,998)		3,958,320
Accumulated other comprehensive income		301		-		-		-		301
Total Steel Dynamics, Inc. equity		3,935,071		3,284,728		(50,305)		(3,234,423)		3,935,071
Noncontrolling interests		-		-		(159,082)		-		(159,082)
Total equity		3,935,071		3,284,728		(209,387)		(3,234,423)		3,775,989
Total liabilities and equity	$	5,932,775	$	5,359,752	$	236,473	$	(3,825,437)	$	7,703,563

Schedule of Condensed Consolidating Statements of Operations

Condensed Consolidating Statements of Operations (in thousands)
For the three months ended,					Combined		Consolidating		Total
June 30, 2019	Parent		Guarantors		Non-Guarantors		Adjustments		Consolidated
Net sales	$	1,097,010	$	3,016,389	$	233,907	$	(1,576,791)	$	2,770,515
Costs of goods sold		908,232		2,772,874		214,487		(1,546,244)		2,349,349
Gross profit		188,778		243,515		19,420		(30,547)		421,166
Selling, general and administrative		61,028		72,576		8,134		(5,604)		136,134
Operating income		127,750		170,939		11,286		(24,943)		285,032
Interest expense, net of capitalized interest		19,448		11,805		3,623		(2,555)		32,321
Other income, net		(4,958)		(1,795)		(265)		2,769		(4,249)
Income before income taxes and
equity in net income of subsidiaries		113,260		160,929		7,928		(25,157)		256,960
Income taxes		27,033		38,885		264		(5,968)		60,214
		86,227		122,044		7,664		(19,189)		196,746
Equity in net income of subsidiaries		108,075		-		-		(108,075)		-
Net income attributable to noncontrolling interests		-		-		(2,444)		-		(2,444)
Net income attributable to Steel Dynamics, Inc.	$	194,302	$	122,044	$	5,220	$	(127,264)	$	194,302

Note 11. Condensed Consolidating Information (Continued)

For the three months ended,					Combined		Consolidating		Total
June 30, 2018	Parent		Guarantors		Non-Guarantors		Adjustments		Consolidated
Net sales	$	1,294,096	$	3,405,216	$	156,308	$	(1,765,095)	$	3,090,525
Costs of goods sold		970,636		3,038,284		153,104		(1,723,581)		2,438,443
Gross profit		323,460		366,932		3,204		(41,514)		652,082
Selling, general and administrative		77,088		75,923		2,400		(5,216)		150,195
Operating income (loss)		246,372		291,009		804		(36,298)		501,887
Interest expense, net of capitalized interest		19,386		11,593		3,089		(2,556)		31,512
Other income, net		(5,975)		(1,595)		(13)		2,548		(5,035)
Income (loss) before income taxes and
equity in net income of subsidiaries		232,961		281,011		(2,272)		(36,290)		475,410
Income taxes (benefit)		51,738		69,910		(101)		(8,709)		112,838
		181,223		211,101		(2,171)		(27,581)		362,572
Equity in net income of subsidiaries		181,226		-		-		(181,226)		-
Net income attributable to noncontrolling interests		-		-		(123)		-		(123)
Net income (loss) attributable to Steel Dynamics, Inc.	$	362,449	$	211,101	$	(2,294)	$	(208,807)	$	362,449

For the six months ended,					Combined		Consolidating		Total
June 30, 2019	Parent		Guarantors		Non-Guarantors		Adjustments		Consolidated
Net sales	$	2,221,745	$	6,126,618	$	405,790	$	(3,166,203)	$	5,587,950
Costs of goods sold		1,814,227		5,638,863		379,947		(3,099,823)		4,733,214
Gross profit		407,518		487,755		25,843		(66,380)		854,736
Selling, general and administrative		130,034		147,159		12,064		(11,395)		277,862
Operating income		277,484		340,596		13,779		(54,985)		576,874
Interest expense, net of capitalized interest		38,102		23,571		6,837		(5,067)		63,443
Other income, net		(12,358)		(3,172)		(557)		5,495		(10,592)
Income before income taxes and
equity in net income of subsidiaries		251,740		320,197		7,499		(55,413)		524,023
Income taxes		57,797		77,419		367		(13,133)		122,450
		193,943		242,778		7,132		(42,280)		401,573
Equity in net income of subsidiaries		204,687		-		-		(204,687)		-
Net income attributable to noncontrolling interests		-		-		(2,943)		-		(2,943)
Net income attributable to Steel Dynamics, Inc.	$	398,630	$	242,778	$	4,189	$	(246,967)	$	398,630

For the six months ended,					Combined		Consolidating		Total
June 30, 2018	Parent		Guarantors		Non-Guarantors		Adjustments		Consolidated
Net sales	$	2,330,770	$	6,263,935	$	273,305	$	(3,173,610)	$	5,694,400
Costs of goods sold		1,789,781		5,620,035		271,602		(3,102,516)		4,578,902
Gross profit		540,989		643,900		1,703		(71,094)		1,115,498
Selling, general and administrative		140,015		155,295		5,576		(10,672)		290,214
Operating income (loss)		400,974		488,605		(3,873)		(60,422)		825,284
Interest expense, net of capitalized interest		38,009		24,304		6,355		(5,260)		63,408
Other income, net		(11,178)		(3,320)		(259)		5,259		(9,498)
Income (loss) before income taxes and
equity in net income of subsidiaries		374,143		467,621		(9,969)		(60,421)		771,374
Income taxes		81,484		116,328		110		(14,595)		183,327
		292,659		351,293		(10,079)		(45,826)		588,047
Equity in net income of subsidiaries		297,341		-		-		(297,341)		-
Net loss attributable to noncontrolling interests		-		-		1,953		-		1,953
Net income (loss) attributable to Steel Dynamics, Inc.	$	590,000	$	351,293	$	(8,126)	$	(343,167)	$	590,000

Schedule of Condensed Consolidating Statements of Cash Flows

Condensed Consolidating Statements of Cash Flows (in thousands)
For the six months ended,					Combined		Consolidating		Total
June 30, 2019	Parent		Guarantors		Non-Guarantors		Adjustments		Consolidated
Net cash provided by operating activities	$	144,979	$	397,633	$	2,850	$	(2,436)	$	543,026
Net cash used in investing activities		(66,379)		(44,890)		(2,761)		(3,032)		(117,062)
Net cash provided by (used in) financing activities		26,178		(315,537)		2,283		5,468		(281,608)
Increase in cash, cash equivalents and
restricted cash		104,778		37,206		2,372		-		144,356
Cash, cash equivalents, and restricted cash
at beginning of period		809,763		14,368		10,292		-		834,423
Cash, cash equivalents, and restricted cash
at end of period	$	914,541	$	51,574	$	12,664	$	-	$	978,779

For the six months ended,					Combined		Consolidating		Total
June 30, 2018	Parent		Guarantors		Non-Guarantors		Adjustments		Consolidated
Net cash provided by operating activities	$	190,271	$	300,720	$	190	$	12,787	$	503,968
Net cash used in investing activities		(528,618)		(59,728)		(4,901)		1,915		(591,332)
Net cash provided by (used in) financing activities		45,037		(255,401)		3,769		(14,702)		(221,297)
Decrease in cash, cash equivalents and		(293,310)		(14,409)		(942)		-		(308,661)
restricted cash
Cash, cash equivalents, and restricted cash		1,002,230		20,748		12,107		-		1,035,085
at beginning of period
Cash, cash equivalents, and restricted cash
at end of period	$	708,920	$	6,339	$	11,165	$	-	$	726,424