Condensed Consolidating Information (Tables)

3 Months Ended

Mar. 31, 2016

Condensed Consolidating Information

Schedule of Condensed Consolidating Balance Sheets

Condensed Consolidating Balance Sheets (in thousands)

						Combined			Consolidating			Total
As of March 31, 2016	Parent			Guarantors		Non-Guarantors			Adjustments			Consolidated
Cash and equivalents	$	887,690		$	75,082	$	14,179		$	—		$	976,951
Accounts receivable, net	219,883			1,128,020		32,979			(691,681		)	689,201
Inventories	516,467			518,657		34,105			(2,406		)	1,066,823
Other current assets	19,602			20,902		2,128			(1,374		)	41,258
Total current assets	1,643,642			1,742,661		83,391			(695,461		)	2,774,233
Property, plant and equipment, net	948,732			1,677,310		290,103			(1,959		)	2,914,186
Intangible assets, net	—			272,528		—			—			272,528
Goodwill	—			395,872		—			—			395,872
Other assets, including investments in subs	2,778,142			10,003		6,128			(2,759,450		)	34,823
Total assets	$	5,370,516		$	4,098,374	$	379,622		$	(3,456,870	)	$	6,391,642
Accounts payable	$	138,423		$	281,926	$	66,679		$	(73,453	)	$	413,575
Accrued expenses	146,230			185,090		4,590			(99,209		)	236,701
Current maturities of long-term debt	13,134			700		34,034			(25,098		)	22,770
Total current liabilities	297,787			467,716		105,303			(197,760		)	673,046
Long-term debt	2,544,789			—		171,390			(140,651		)	2,575,528
Other liabilities	(189,269		)	1,173,238		70,280			(618,687		)	435,562
Redeemable noncontrolling interests	—			—		126,340			—			126,340
Common stock	639			1,727,859		18,120			(1,745,979		)	639
Treasury stock	(392,348		)	—		—			—			(392,348		)
Additional paid-in-capital	1,115,008			117,737		653,787			(771,524		)	1,115,008
Retained earnings (deficit)	1,993,910			611,824		(629,555		)	17,731			1,993,910
Total Steel Dynamics, Inc. equity	2,717,209			2,457,420		42,352			(2,499,772		)	2,717,209
Noncontrolling interests	—			—		(136,043		)	—			(136,043		)
Total equity	2,717,209			2,457,420		(93,691		)	(2,499,772		)	2,581,166
Total liabilities and equity	$	5,370,516		$	4,098,374	$	379,622		$	(3,456,870	)	$	6,391,642

Condensed Consolidating Balance Sheets (in thousands)

						Combined			Consolidating			Total
As of December 31, 2015	Parent			Guarantors		Non-Guarantors			Adjustments			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

Schedule of Condensed Consolidating Statements of Operations

Condensed Consolidating Statements of Operations (in thousands)

For the three months ended,						Combined			Consolidating			Total
March 31, 2016	Parent			Guarantors		Non-Guarantors			Adjustments			Consolidated
Net sales	$	657,814		$	1,857,344	$	85,740		$	(859,597	)	$	1,741,301
Costs of goods sold	548,179			1,701,821		91,030			(835,765		)	1,505,265
Gross profit (loss)	109,635			155,523		(5,290		)	(23,832		)	236,036
Selling, general and administrative	38,602			67,200		2,802			(4,533		)	104,071
Operating income (loss)	71,033			88,323		(8,092		)	(19,299		)	131,965
Interest expense, net of capitalized interest	18,187			18,400		2,260			(1,804		)	37,043
Other (income) expense, net	(2,208		)	2,190		(3,578		)	1,804			(1,792		)
Income (loss) before income taxes and equity in net loss of subsidiaries	55,054			67,733		(6,774		)	(19,299		)	96,714
Income taxes (benefit)	17,268			25,495		(271		)	(7,096		)	35,396
	37,786			42,238		(6,503		)	(12,203		)	61,318
Equity in net loss of subsidiaries	24,951			—		—			(24,951		)	—
Net loss attributable to noncontrolling interests	—			—		1,419			—			1,419
Net income (loss) attributable to Steel Dynamics, Inc.	$	62,737		$	42,238	$	(5,084	)	$	(37,154	)	$	62,737

For the three months ended,						Combined			Consolidating			Total
March 31, 2015	Parent			Guarantors		Non-Guarantors			Adjustments			Consolidated
Net sales	$	798,718		$	2,191,009	$	104,573		$	(1,046,865	)	$	2,047,435
Costs of goods sold	693,575			2,072,125		118,781			(1,024,088		)	1,860,393
Gross profit (loss)	105,143			118,884		(14,208		)	(22,777		)	187,042
Selling, general and administrative	30,743			58,033		3,365			(4,870		)	87,271
Operating income (loss)	74,400			60,851		(17,573		)	(17,907		)	99,771
Interest expense, net of capitalized interest	20,537			21,840		1,734			(1,024		)	43,087
Other (income) expense, net	15,652			688		(1,172		)	1,024			16,192
Income (loss) before income taxes and equity in net loss of subsidiaries	38,211			38,323		(18,135		)	(17,907		)	40,492
Income taxes (benefit)	6,941			13,034		(1,116		)	(5,321		)	13,538
	31,270			25,289		(17,019		)	(12,586		)	26,954
Equity in net loss of subsidiaries	(509		)	—		—			509			—
Net loss attributable to noncontrolling interests	—			—		3,807			—			3,807
Net income (loss) attributable to Steel Dynamics, Inc.	$	30,761		$	25,289	$	(13,212	)	$	(12,077	)	$	30,761

Schedule of Condensed Consolidating Statements of Cash Flows

Condensed Consolidating Statements of Cash Flows (in thousands)

For the three months ended,							Combined			Consolidating			Total
March 31, 2016	Parent			Guarantors			Non-Guarantors			Adjustments			Consolidated
Net cash provided by operating activities	$	119,354		$	179,289		$	(6,917	)	$	(2,827	)	$	288,899
Net cash used in investing activities	(7,318		)	(9,974		)	(4,108		)	(3,254		)	(24,654		)
Net cash provided by (used in) financing activities	138,777			(176,209		)	17,025			6,081			(14,326		)
Increase (decrease) in cash and equivalents	250,813			(6,894		)	6,000			—			249,919
Cash and equivalents at beginning of period	636,877			81,976			8,179			—			727,032
Cash and equivalents at end of period	$	887,690		$	75,082		$	14,179		$	—		$	976,951

For the three months ended,							Combined			Consolidating			Total
March 31, 2015	Parent			Guarantors			Non-Guarantors			Adjustments			Consolidated
Net cash provided by operating activities	$	102,678		$	114,451		$	9,456		$	8,122		$	234,707
Net cash used in investing activities	(18,547		)	(12,949		)	(9,727		)	9,535			(31,688		)
Net cash used in financing activities	(218,903		)	(166,134		)	(706		)	(17,657		)	(403,400		)
Decrease in cash and equivalents	(134,772		)	(64,632		)	(977		)	—			(200,381		)
Cash and equivalents at beginning of period	265,313			81,690			14,360			—			361,363
Cash and equivalents at end of period	$	130,541		$	17,058		$	13,383		$	—		$	160,982