Note 14. Condensed Consolidating Information

Certain 100%-owned subsidiaries of SDI have fully and unconditionally guaranteed all of the indebtedness relating to the issuance of the company's senior unsecured notes due 2019, 2021, 2022, 2023 and 2024. Following are the company's condensed consolidating financial statements, including the guarantors, which present the financial position, results of operations, and cash flows of (i) SDI (in each case, reflecting investments in its consolidated subsidiaries under the equity method of accounting), (ii) the guarantor subsidiaries of SDI, which includes Columbus Flat Roll Division since acquired on September 16, 2014, (iii) the non-guarantor subsidiaries of SDI, and (iv) the eliminations necessary to arrive at the information on a consolidated basis. The following statements should be read in conjunction with the accompanying consolidated financial statements, and notes thereto.

Condensed Consolidating Balance Sheets (in thousands)

As of December 31, 2015	Parent			Guarantors		Combined Non-Guarantors			Consolidating Adjustments			Total Consolidated
Cash and equivalents	$	636,877		$	81,976	$	8,179		$	—		$	727,032
Accounts receivable, net		200,094			1,056,285		29,775			(672,549	)		613,605
Inventories		539,963			573,924		35,004			499			1,149,390
Other current assets		21,654			25,415		1,676			(831	)		47,914

Total current assets		1,398,588			1,737,600		74,634			(672,881	)		2,537,941
Property, plant and equipment, net		958,212			1,703,932		291,077			(2,011	)		2,951,210
Intangible assets, net		—			278,960		—			—			278,960
Goodwill		—			397,470		—			—			397,470
Other assets, including investments in subs		2,941,710			10,040		6,137			(2,921,386	)		36,501

Total assets	$	5,298,510		$	4,128,002	$	371,848		$	(3,596,278	)	$	6,202,082


Accounts payable	$	100,751		$	183,344	$	68,948		$	(69,688	)	$	283,355
Accrued expenses		141,552			185,873		4,779			(96,949	)		235,255
Current maturities of long-term debt		13,122			700		24,975			(22,117	)		16,680

Total current liabilities		255,425			369,917		98,702			(188,754	)		535,290
Long-term debt		2,546,606			361		177,897			(146,888	)		2,577,976
Other liabilities		(183,248	)		1,342,541		63,020			(804,948	)		417,365
Redeemable noncontrolling interests		—			—		126,340			—			126,340
Common stock		638			1,727,859		18,120			(1,745,979	)		638
Treasury stock		(396,455	)		—		—			—			(396,455	)
Additional paid-in-capital		1,110,253			117,737		646,787			(764,524	)		1,110,253
Retained earnings (deficit)		1,965,291			569,587		(624,402	)		54,815			1,965,291

Total Steel Dynamics, Inc. equity		2,679,727			2,415,183		40,505			(2,455,688	)		2,679,727
Noncontrolling interests		—			—		(134,616	)		—			(134,616	)

Total equity		2,679,727			2,415,183		(94,111	)		(2,455,688	)		2,545,111

Total liabilities and equity	$	5,298,510		$	4,128,002	$	371,848		$	(3,596,278	)	$	6,202,082

As of December 31, 2014	Parent			Guarantors		Combined Non-Guarantors			Consolidating Adjustments			Total Consolidated
Cash and equivalents	$	265,313		$	81,690	$	14,360		$	—		$	361,363
Accounts receivable, net		321,493			1,176,849		44,696			(640,213	)		902,825
Inventories		662,970			862,796		94,916			(2,263	)		1,618,419
Other current assets		59,243			8,416		6,465			(18,469	)		55,655

Total current assets		1,309,019			2,129,751		160,437			(660,945	)		2,938,262
Property, plant and equipment, net		1,002,407			1,826,208		297,505			(2,214	)		3,123,906
Intangible assets, net		—			370,669		—			—			370,669
Goodwill		—			745,158		—			—			745,158
Other assets, including investments in subs		3,858,706			24,810		6,255			(3,834,607	)		55,164

Total assets	$	6,170,132		$	5,096,596	$	464,197		$	(4,497,766	)	$	7,233,159


Accounts payable	$	151,517		$	371,037	$	98,886		$	(110,384	)	$	511,056
Accrued expenses		191,433			166,101		11,695			(76,163	)		293,066
Current maturities of long-term debt		13,073			777		73,767			(41,157	)		46,460

Total current liabilities		356,023			537,915		184,348			(227,704	)		850,582
Long-term debt		2,900,375			624		158,333			(123,943	)		2,935,389
Other liabilities		719			1,807,989		28,559			(1,311,946	)		525,321
Redeemable noncontrolling interests		—			—		126,340			—			126,340
Common stock		635			1,727,859		18,121			(1,745,980	)		635
Treasury stock		(398,898	)		—		—			—			(398,898	)
Additional paid-in-capital		1,083,435			117,737		635,156			(752,893	)		1,083,435
Retained earnings (deficit)		2,227,843			904,472		(569,172	)		(335,300	)		2,227,843

Total Steel Dynamics, Inc. equity		2,913,015			2,750,068		84,105			(2,834,173	)		2,913,015
Noncontrolling interests		—			—		(117,488	)		—			(117,488	)

Total equity		2,913,015			2,750,068		(33,383	)		(2,834,173	)		2,795,527

Total liabilities and equity	$	6,170,132		$	5,096,596	$	464,197		$	(4,497,766	)	$	7,233,159

Condensed Consolidating Statements of Operations (in thousands)

For the Year Ended, December 31, 2015	Parent			Guarantors			Combined Non-Guarantors			Consolidating Adjustments			Total Consolidated
Net sales	$	2,908,904		$	8,132,043		$	361,944		$	(3,808,480	)	$	7,594,411
Costs of goods sold		2,515,621			7,646,411			420,281			(3,719,620	)		6,862,693

Gross profit (loss)		393,283			485,632			(58,337	)		(88,860	)		731,718
Selling, general and administrative		128,929			254,106			11,893			(18,926	)		376,002
Asset impairment charges		—			428,500			—			—			428,500

Operating income (loss)		264,354			(196,974	)		(70,230	)		(69,934	)		(72,784	)
Interest expense, net of capitalized interest		75,457			76,009			6,969			(4,485	)		153,950
Other (income) expense, net		13,970			332			(3,404	)		4,485			15,383

Income (loss) before income taxes and equity in net loss of subsidiaries		174,927			(273,315	)		(73,795	)		(69,934	)		(242,117	)
Income taxes (benefit)		(124,626	)		61,571			(4,627	)		(29,265	)		(96,947	)

		299,553			(334,886	)		(69,168	)		(40,669	)		(145,170	)
Equity in net loss of subsidiaries		(429,864	)		—			—			429,864			—
Net loss attributable to noncontrolling interests		—			—			14,859			—			14,859

Net income (loss) attributable to Steel Dynamics, Inc.	$	(130,311	)	$	(334,886	)	$	(54,309	)	$	389,195		$	(130,311	)

For the Year Ended, December 31, 2014	Parent			Guarantors			Combined Non-Guarantors			Consolidating Adjustments			Total Consolidated
Net sales	$	3,904,488		$	9,761,236		$	527,584		$	(5,437,356	)	$	8,755,952
Costs of goods sold		3,305,269			9,212,977			598,428			(5,326,933	)		7,789,741

Gross profit (loss)		599,219			548,259			(70,844	)		(110,423	)		966,211
Selling, general and administrative		149,374			241,163			13,503			(18,149	)		385,891
Asset impairment charges		—			—			260,000			—			260,000

Operating income (loss)		449,845			307,096			(344,347	)		(92,274	)		320,320
Interest expense, net of capitalized interest		78,442			56,006			7,745			(4,930	)		137,263
Other (income) expense, net		18,976			(23	)		(5,629	)		4,930			18,254

Income (loss) before income taxes and equity in net loss of subsidiaries		352,427			251,113			(346,463	)		(92,274	)		164,803
Income taxes (benefit)		14,064			96,315			(1,095	)		(36,131	)		73,153

		338,363			154,798			(345,368	)		(56,143	)		91,650
Equity in net loss of subsidiaries		(181,339	)		—			—			181,339			—
Net loss attributable to noncontrolling interests		—			—			65,374			—			65,374

Net income (loss) attributable to Steel Dynamics, Inc.	$	157,024		$	154,798		$	(279,994	)	$	125,196		$	157,024

For the Year Ended, December 31, 2013	Parent			Guarantors		Combined Non-Guarantors			Consolidating Adjustments			Total Consolidated
Net sales	$	3,466,691		$	8,219,499	$	347,288		$	(4,660,554	)	$	7,372,924
Costs of goods sold		2,981,591			7,805,367		440,064			(4,573,242	)		6,653,780

Gross profit (loss)		485,100			414,132		(92,776	)		(87,312	)		719,144
Selling, general and administrative		118,975			219,531		10,548			(16,435	)		332,619

Operating income (loss)		366,125			194,601		(103,324	)		(70,877	)		386,525
Interest expense, net of capitalized interest		81,361			43,879		7,259			(4,771	)		127,728
Other (income) expense, net		(7,358	)		3,401		(4,847	)		4,771			(4,033	)

Income (loss) before income taxes and equity in net income of subsidiaries		292,122			147,321		(105,736	)		(70,877	)		262,830
Income taxes		63,670			54,448		6,406			(25,210	)		99,314

		228,452			92,873		(112,142	)		(45,667	)		163,516
Equity in net loss of subsidiaries		(39,138	)		—		—			39,138			—
Net loss attributable to noncontrolling interests		—			—		25,798			—			25,798

Net income (loss) attributable to Steel Dynamics, Inc.	$	189,314		$	92,873	$	(86,344	)	$	(6,529	)	$	189,314

Condensed Consolidating Statements of Cash Flows (in thousands)

For the Year Ended, December 31, 2015	Parent			Guarantors			Combined Non-Guarantors			Consolidating Adjustments			Total Consolidated
Net cash provided by operating activities	$	413,870		$	601,437		$	19,388		$	3,788		$	1,038,483
Net cash used in investing activities		(64,457	)		(89,751	)		(15,703	)		20,284			(149,627	)
Net cash provided by (used in) financing activities		22,151			(511,400	)		(9,866	)		(24,072	)		(523,187	)

Increase (decrease) in cash and equivalents		371,564			286			(6,181	)		—			365,669
Cash and equivalents at beginning of period		265,313			81,690			14,360			—			361,363

Cash and equivalents at end of period	$	636,877		$	81,976		$	8,179		$	—		$	727,032

For the Year Ended, December 31, 2014	Parent			Guarantors			Combined Non-Guarantors			Consolidating Adjustments			Total Consolidated
Net cash provided by (used in) operating activities	$	400,204		$	279,080		$	(38,666	)	$	(23,046	)	$	617,572
Net cash used in investing activities		(1,690,363	)		(8,883	)		(23,206	)		(24,815	)		(1,747,267	)
Net cash provided by (used in) financing activities		1,234,606			(249,655	)		63,090			47,861			1,095,902

Increase (decrease) in cash and equivalents		(55,553	)		20,542			1,218			—			(33,793	)
Cash and equivalents at beginning of period		320,866			61,148			13,142			—			395,156

Cash and equivalents at end of period	$	265,313		$	81,690		$	14,360		$	—		$	361,363

For the Year Ended, December 31, 2013	Parent			Guarantors			Combined Non-Guarantors			Consolidating Adjustments			Total Consolidated
Net cash provided by (used in) operating activities	$	190,616		$	190,885		$	(80,525	)	$	11,199		$	312,175
Net cash used in investing activities		(170,561	)		(41,415	)		(23,086	)		82,217			(152,845	)
Net cash provided by (used in) financing activities		(21,896	)		(129,997	)		105,218			(93,416	)		(140,091	)

Increase (decrease) in cash and equivalents		(1,841	)		19,473			1,607			—			19,239
Cash and equivalents at beginning of period		322,707			41,675			11,535			—			375,917

Cash and equivalents at end of period	$	320,866		$	61,148		$	13,142		$	—		$	395,156