Condensed Consolidating Information (Tables)

3 Months Ended

Mar. 31, 2017

Condensed Consolidating Information

Schedule of Condensed Consolidating Balance Sheets

Condensed Consolidating Balance Sheets (in thousands)
					Combined		Consolidating		Total
As of March 31, 2017	Parent		Guarantors		Non-Guarantors		Adjustments		Consolidated
Cash and equivalents	$	936,047	$	10,986	$	19,793	$	-	$	966,826
Accounts receivable, net		277,244		1,372,691		35,115		(801,903)		883,147
Inventories		624,594		694,956		52,100		(10,100)		1,361,550
Other current assets		22,277		9,026		5,101		(2,962)		33,442
Total current assets		1,860,162		2,087,659		112,109		(814,965)		3,244,965
Property, plant and equipment, net		889,697		1,666,091		204,756		-		2,760,544
Intangible assets, net		-		245,158		31,395		-		276,553
Goodwill		-		383,916		7,824		-		391,740
Other assets, including investments in subs		2,696,497		7,678		5,560		(2,679,502)		30,233
Total assets	$	5,446,356	$	4,390,502	$	361,644	$	(3,494,467)	$	6,704,035
Accounts payable	$	195,273	$	341,361	$	95,142	$	(100,818)	$	530,958
Accrued expenses		248,907		209,587		7,249		(118,219)		347,524
Current maturities of long-term debt		688		-		32,345		(30,068)		2,965
Total current liabilities		444,868		550,948		134,736		(249,105)		881,447
Long-term debt		2,325,394		-		171,392		(143,042)		2,353,744
Other liabilities		(359,085)		1,111,191		38,108		(316,077)		474,137
Total liabilities		2,411,177		1,662,139		344,236		(708,224)		3,709,328
Redeemable noncontrolling interests		-		-		111,240		-		111,240
Common stock		641		1,727,859		14,908		(1,742,767)		641
Treasury stock		(475,072)		-		-		-		(475,072)
Additional paid-in-capital		1,135,892		128,076		779,678		(907,754)		1,135,892
Retained earnings (deficit)		2,373,718		872,428		(736,706)		(135,722)		2,373,718
Total Steel Dynamics, Inc. equity		3,035,179		2,728,363		57,880		(2,786,243)		3,035,179
Noncontrolling interests		-		-		(151,712)		-		(151,712)
Total equity		3,035,179		2,728,363		(93,832)		(2,786,243)		2,883,467
Total liabilities and equity	$	5,446,356	$	4,390,502	$	361,644	$	(3,494,467)	$	6,704,035

Note 9.  Condensed Consolidating Information (Continued)

					Combined		Consolidating		Total
As of December 31, 2016	Parent		Guarantors		Non-Guarantors		Adjustments		Consolidated
Cash and equivalents	$	766,685	$	54,677	$	20,121	$	-	$	841,483
Accounts receivable, net		229,148		1,257,245		23,689		(780,298)		729,784
Inventories		587,319		639,148		58,696		(9,952)		1,275,211
Other current assets		45,049		36,062		4,447		(2,361)		83,197
Total current assets		1,628,201		1,987,132		106,953		(792,611)		2,929,675
Property, plant and equipment, net		899,370		1,679,751		208,094		-		2,787,215
Intangible assets, net		-		251,919		32,058		-		283,977
Goodwill		-		385,527		7,824		-		393,351
Other assets, including investments in subs		2,769,884		7,335		5,832		(2,753,537)		29,514
Total assets	$	5,297,455	$	4,311,664	$	360,761	$	(3,546,148)	$	6,423,732
Accounts payable	$	141,089	$	265,764	$	89,659	$	(101,316)	$	395,196
Accrued expenses		198,085		220,917		8,793		(113,808)		313,987
Current maturities of long-term debt		674		700		29,347		(27,089)		3,632
Total current liabilities		339,848		487,381		127,799		(242,213)		712,815
Long-term debt		2,324,298		-		168,566		(139,670)		2,353,194
Other liabilities		(293,711)		1,219,444		42,482		(499,191)		469,024
Total liabilities		2,370,435		1,706,825		338,847		(881,074)		3,535,033
Redeemable noncontrolling interests		-		-		111,240		-		111,240
Common stock		641		1,727,859		14,908		(1,742,767)		641
Treasury stock		(416,829)		-		-		-		(416,829)
Additional paid-in-capital		1,132,749		128,076		779,678		(907,754)		1,132,749
Retained earnings (deficit)		2,210,459		748,904		(734,351)		(14,553)		2,210,459
Total Steel Dynamics, Inc. equity		2,927,020		2,604,839		60,235		(2,665,074)		2,927,020
Noncontrolling interests		-		-		(149,561)		-		(149,561)
Total equity		2,927,020		2,604,839		(89,326)		(2,665,074)		2,777,459
Total liabilities and equity	$	5,297,455	$	4,311,664	$	360,761	$	(3,546,148)	$	6,423,732

Schedule of Condensed Consolidating Statements of Operations

Condensed Consolidating Statements of Operations (in thousands)
For the three months ended,					Combined		Consolidating		Total
March 31, 2017	Parent		Guarantors		Non-Guarantors		Adjustments		Consolidated
Net sales	$	924,566	$	2,572,238	$	143,408	$	(1,271,996)	$	2,368,216
Costs of goods sold		711,579		2,289,664		138,041		(1,243,222)		1,896,062
Gross profit		212,987		282,574		5,367		(28,774)		472,154
Selling, general and administrative		61,655		76,282		5,053		(5,402)		137,588
Operating income		151,332		206,292		314		(23,372)		334,566
Interest expense, net of capitalized interest		18,081		15,123		3,266		(2,497)		33,973
Other (income) expense, net		(3,254)		(2,667)		(236)		2,498		(3,659)
Income (loss) before income taxes and
equity in net income of subsidiaries		136,505		193,836		(2,716)		(23,373)		304,252
Income taxes		41,585		70,311		1,790		(8,100)		105,586
		94,920		123,525		(4,506)		(15,273)		198,666
Equity in net income of subsidiaries		105,897		-		-		(105,897)		-
Net loss attributable to noncontrolling interests		-		-		2,151		-		2,151
Net income (loss) attributable to Steel Dynamics, Inc.	$	200,817	$	123,525	$	(2,355)	$	(121,170)	$	200,817

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 income 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 income 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

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, 2017	Parent		Guarantors		Non-Guarantors		Adjustments		Consolidated
Net cash provided by operating activities	$	101,995	$	132,733	$	(644)	$	6,365	$	240,449
Net cash used in investing activities		(19,409)		(1,510)		(192)		6,352		(14,759)
Net cash provided by (used in) financing activities		86,776		(174,914)		508		(12,717)		(100,347)
Increase (decrease) in cash and equivalents		169,362		(43,691)		(328)		-		125,343
Cash and equivalents at beginning of period		766,685		54,677		20,121		-		841,483
Cash and equivalents at end of period	$	936,047	$	10,986	$	19,793	$	-	$	966,826

For the three months ended,					Combined		Consolidating		Total
March 31, 2016	Parent		Guarantors		Non-Guarantors		Adjustments		Consolidated
Net cash provided by (used in) operating activities	$	121,483	$	179,289	$	(6,917)	$	(2,827)	$	291,028
Net cash used in investing activities		(7,318)		(9,974)		(4,108)		(3,254)		(24,654)
Net cash provided by (used in) financing activities		136,648		(176,209)		17,025		6,081		(16,455)
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