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

12 Months Ended

Dec. 31, 2014

Description of the Business and Summary of 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):

	2014		2013
Raw materials	$	764,883	$	660,384
Supplies		374,599		293,533
Work in progress		128,882		84,710
Finished goods		350,055		276,120

	$	1,618,419	$	1,314,747

Schedule of property, plant and equipment

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

	2014		2013
Land and improvements	$	334,583	$	293,083
Buildings and improvements		713,837		550,226
Plant, machinery and equipment		3,898,275		2,942,684
Construction in progress		63,344		153,821

		5,010,039		3,939,814
Less accumulated depreciation		1,886,133		1,713,680

Property, plant and equipment, net	$	3,123,906	$	2,226,134

Schedule of intangible assets

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

	2014		2013		Useful Life	Weighted Average Amortization Period
Customer and scrap generator relationships	$	419,400	$	408,400	10 to 25 years	19 years
Trademarks		189,800		189,800	Indefinite	—
Trademarks		3,200		3,200	12 years	12 years
Other		—		100	5 years	—

		612,400		601,500		19 years
Less accumulated amortization		241,731		215,341

	$	370,669	$	386,159

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):

2015	$	24,180
2016		21,939
2017		19,157
2018		16,623
2019		15,084
Thereafter		83,886

Total	$	180,869

Schedule of allocation of goodwill to reporting units

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

	2014		2013
OmniSource—Metals Recycling/Ferrous Resources Segment	$	456,727	$	463,247
The Techs—Steel Segment		142,783		142,783
Butler Flat Roll Division, Structural and Rail Division, and Engineered Bar Division—Metals Recycling/Ferrous Resources Segment		95,000		95,000
Roanoke Bar Division—Steel Segment		29,041		29,041
Columbus Flat Roll Division—Steel Segment		19,682		—
New Millennium Building Systems—Steel Fabrication Segment		1,925		1,925

	$	745,158	$	731,996

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):

	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

	2012
	Net Loss (Numerator)		Shares (Denominator)		Per Share Amount
Basic earnings per share	$	163,551		219,159	$	0.75
Dilutive stock options and deferred stock units		—		916
5.125% convertible senior notes		9,432		16,549

Diluted earnings per share	$	172,983		236,624	$	0.73