Condensed Consolidating Information (Tables)

9 Months Ended

Sep. 30, 2015

Condensed Consolidating Information

Schedule of Condensed Consolidating Balance Sheets

						Combined			Consolidating			Total
As of September 30, 2015	Parent			Guarantors		Non-Guarantors			Adjustments			Consolidated
Cash and equivalents	$	410,170		$	52,752	$	10,868		$	—		$	473,790
Accounts receivable, net	235,529			1,199,733		40,496			(676,733		)	799,025
Inventories	613,697			673,646		36,150			(2,096		)	1,321,397
Other current assets	61,961			11,830		1,150			(17,358		)	57,583
Total current assets	1,321,357			1,937,961		88,664			(696,187		)	2,651,795
Property, plant and equipment, net	966,388			1,754,945		294,388			(2,062		)	3,013,659
Intangible assets, net	—			353,561		—			—			353,561
Goodwill	—			740,243		—			—			740,243
Other assets, including investments in subs	3,570,277			22,075		6,454			(3,515,523		)	83,283
Total assets	$	5,858,022		$	4,808,785	$	389,506		$	(4,213,772	)	$	6,842,541
Accounts payable	$	122,112		$	273,957	$	79,370		$	(89,069	)	$	386,370
Accrued expenses	156,735			186,923		5,681			(89,435		)	259,904
Current maturities of long-term debt	13,109			700		57,253			(39,478		)	31,584
Total current liabilities	291,956			461,580		142,304			(217,982		)	677,858
Long-term debt	2,582,524			347		163,728			(130,780		)	2,615,819
Other liabilities	23,645			1,505,018		34,545			(970,129		)	593,079
Redeemable noncontrolling interests	—			—		126,340			—			126,340
Common stock	636			1,727,859		18,121			(1,745,980		)	636
Treasury stock	(396,473		)	—		—			—			(396,473		)
Additional paid-in-capital	1,104,833			117,737		650,858			(768,596		)	1,104,832
Retained earnings (deficit)	2,250,901			996,244		(615,939		)	(380,305		)	2,250,901
Total Steel Dynamics, Inc. equity	2,959,897			2,841,840		53,040			(2,894,881		)	2,959,896
Noncontrolling interests	—			—		(130,451		)	—			(130,451		)
Total equity	2,959,897			2,841,840		(77,411		)	(2,894,881		)	2,829,445
Total liabilities and equity	$	5,858,022		$	4,808,785	$	389,506		$	(4,213,772	)	$	6,842,541

						Combined			Consolidating			Total
As of December 31, 2014	Parent			Guarantors		Non-Guarantors			Adjustments			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	94,634			8,416		6,577			(18,469		)	91,158
Total current assets	1,344,410			2,129,751		160,549			(660,945		)	2,973,765
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	3,900,691			24,810		6,635			(3,834,607		)	97,529
Total assets	$	6,247,508		$	5,096,596	$	464,689		$	(4,497,766	)	$	7,311,027
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	2,942,360			624		158,665			(123,943		)	2,977,706
Other liabilities	36,110			1,807,989		28,719			(1,311,946		)	560,872
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	$	6,247,508		$	5,096,596	$	464,689		$	(4,497,766	)	$	7,311,027

Schedule of Condensed Consolidating Statements of Operations

For the three months ended,						Combined			Consolidating			Total
September 30, 2015	Parent		Guarantors			Non-Guarantors			Adjustments			Consolidated
Net sales	$	735,250	$	2,103,824		$	96,204		$	(984,355	)	$	1,950,923
Costs of goods sold	619,833		1,965,364			99,864			(962,864		)	1,722,197
Gross profit (loss)	115,417		138,460			(3,660		)	(21,491		)	228,726
Selling, general and administrative	35,235		64,259			2,845			(4,642		)	97,697
Operating income (loss)	80,182		74,201			(6,505		)	(16,849		)	131,029
Interest expense, net of capitalized interest	18,312		18,138			1,692			(1,058		)	37,084
Other (income) expense, net	252		(631		)	(440		)	1,058			239
Income (loss) before income taxes and equity in net loss of subsidiaries	61,618		56,694			(7,757		)	(16,849		)	93,706
Income taxes (benefit)	20,169		21,697			(421		)	(6,606		)	34,839
	41,449		34,997			(7,336		)	(10,243		)	58,867
Equity in net loss of subsidiaries	19,168		—			—			(19,168		)	—
Net loss attributable to noncontrolling interests	—		—			1,750			—			1,750
Net income (loss) attributable to Steel Dynamics, Inc.	$	60,617	$	34,997		$	(5,586	)	$	(29,411	)	$	60,617

For the three months ended,						Combined			Consolidating			Total
September 30, 2014	Parent		Guarantors			Non-Guarantors			Adjustments			Consolidated
Net sales	$	1,044,207	$	2,609,731		$	150,551		$	(1,465,473	)	$	2,339,016
Costs of goods sold	856,372		2,469,396			162,094			(1,437,358		)	2,050,504
Gross profit (loss)	187,835		140,335			(11,543		)	(28,115		)	288,512
Selling, general and administrative	40,932		59,878			3,601			(4,542		)	99,869
Operating income (loss)	146,903		80,457			(15,144		)	(23,573		)	188,643
Interest expense, net of capitalized interest	18,965		12,238			1,958			(1,257		)	31,904
Other (income) expense, net	22,548		(202		)	(1,530		)	1,256			22,072
Income (loss) before income taxes and equity in net income of subsidiaries	105,390		68,421			(15,572		)	(23,572		)	134,667
Income taxes (benefit)	30,605		24,754			(561		)	(7,788		)	47,010
	74,785		43,667			(15,011		)	(15,784		)	87,657
Equity in net loss of subsidiaries	16,388		—			—			(16,388		)	—
Net loss attributable to noncontrolling interests	—		—			3,516			—			3,516
Net income (loss) attributable to Steel Dynamics, Inc.	$	91,173	$	43,667		$	(11,495	)	$	(32,172	)	$	91,173

For the nine months ended,						Combined			Consolidating			Total
September 30, 2015	Parent		Guarantors			Non-Guarantors			Adjustments			Consolidated
Net sales	$	2,300,024	$	6,447,974		$	302,657		$	(3,047,290	)	$	6,003,365
Costs of goods sold	1,982,667		6,056,514			352,980			(2,976,307		)	5,415,854
Gross profit (loss)	317,357		391,460			(50,323		)	(70,983		)	587,511
Selling, general and administrative	95,883		188,028			8,878			(13,637		)	279,152
Operating income (loss)	221,474		203,432			(59,201		)	(57,346		)	308,359
Interest expense, net of capitalized interest	57,015		58,354			5,084			(3,119		)	117,334
Other (income) expense, net	15,131		(597		)	(2,434		)	3,119			15,219
Income (loss) before income taxes and equity in net loss of subsidiaries	149,328		145,675			(61,851		)	(57,346		)	175,806
Income taxes (benefit)	35,207		53,903			(4,047		)	(20,403		)	64,660
	114,121		91,772			(57,804		)	(36,943		)	111,146
Equity in net loss of subsidiaries	8,807		—			—			(8,807		)	—
Net loss attributable to noncontrolling interests	—		—			11,782			—			11,782
Net income (loss) attributable to Steel Dynamics, Inc.	$	122,928	$	91,772		$	(46,022	)	$	(45,750	)	$	122,928

For the nine months ended,					Combined			Consolidating			Total
September 30, 2014	Parent		Guarantors		Non-Guarantors			Adjustments			Consolidated
Net sales	$	2,915,339	$	7,035,579	$	377,639		$	(4,089,698	)	$	6,238,859
Costs of goods sold	2,477,791		6,668,153		427,029			(4,008,701		)	5,564,272
Gross profit (loss)	437,548		367,426		(49,390		)	(80,997		)	674,587
Selling, general and administrative	105,185		170,578		10,415			(13,071		)	273,107
Operating income (loss)	332,363		196,848		(59,805		)	(67,926		)	401,480
Interest expense, net of capitalized interest	57,357		33,093		5,824			(3,751		)	92,523
Other (income) expense, net	20,016		147		(4,226		)	3,750			19,687
Income (loss) before income taxes and equity in net loss of subsidiaries	254,990		163,608		(61,403		)	(67,925		)	289,270
Income taxes (benefit)	64,480		58,772		949			(22,627		)	101,574
	190,510		104,836		(62,352		)	(45,298		)	187,696
Equity in net loss of subsidiaries	11,545		—		—			(11,545		)	—
Net loss attributable to noncontrolling interests	—		—		14,359			—			14,359
Net income (loss) attributable to Steel Dynamics, Inc.	$	202,055	$	104,836	$	(47,993	)	$	(56,843	)	$	202,055

Schedule of Condensed Consolidating Statements of Cash Flows

For the nine months ended,							Combined			Consolidating			Total
September 30, 2015	Parent			Guarantors			Non-Guarantors			Adjustments			Consolidated
Net cash provided by (used in) operating activities	$	306,941		$	400,910		$	(4,302	)	$	4,748		$	708,297
Net cash used in investing activities	(35,100		)	(82,737		)	(12,796		)	5,359			(125,274		)
Net cash provided by (used in) financing activities	(126,984		)	(347,111		)	13,606			(10,107		)	(470,596		)
Increase (decrease) in cash and equivalents	144,857			(28,938		)	(3,492		)	—			112,427
Cash and equivalents at beginning of period	265,313			81,690			14,360			—			361,363
Cash and equivalents at end of period	$	410,170		$	52,752		$	10,868		$	—		$	473,790

For the nine months ended,							Combined			Consolidating			Total
September 30, 2014	Parent			Guarantors			Non-Guarantors			Adjustments			Consolidated
Net cash provided by (used in) operating activities	$	258,952		$	80,298		$	(41,245	)	$	(14	)	$	297,991
Net cash provided by (used in) investing activities	(1,692,967		)	15,023			(16,740		)	(1,528		)	(1,696,212		)
Net cash provided by (used in) financing activities	1,188,074			(85,774		)	58,814			1,542			1,162,656
Increase (decrease) in cash and equivalents	(245,941		)	9,547			829			—			(235,565		)
Cash and equivalents at beginning of period	320,866			61,148			13,142			—			395,156
Cash and equivalents at end of period	$	74,925		$	70,695		$	13,971		$	—		$	159,591