Description of the Business and Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2019

Description of the Business and Significant Accounting Policies

Schedule of Inventories

	2019		2018
Raw materials	$	686,831	$	810,766
Supplies		498,298		436,828
Work in progress		154,669		195,224
Finished goods		349,245		416,350
Total inventories	$	1,689,043	$	1,859,168

Schedule of Property, Plant and Equipment

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

	2019		2018
Land and improvements	$	333,879	$	331,926
Buildings and improvements		805,381		778,701
Plant, machinery and equipment		4,594,778		4,416,212
Construction in progress		390,676		158,131
		6,124,714		5,684,970
Less accumulated depreciation		2,988,828		2,739,203
Property, plant and equipment, net	$	3,135,886	$	2,945,767

Schedule of Finite-Lived Intangible Assets

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

						Weighted
						Average
					Useful	Amortization
	2019		2018		Life	Period
Customer and scrap generator relationships	$	501,212	$	435,262	5 to 25 years	22 years
Trade names		147,950		127,350	15 to 25 years	19 years
Other		1,350		2,165	5 years	5 years
		650,512		564,777		21 years
Less accumulated amortization		322,611		294,449
	$	327,901	$	270,328

Schedule of Intangible Assets, Future Amortization Expense

2020	$	28,199
2021		26,202
2022		25,263
2023		23,937
2024		23,683
Thereafter		200,617
Total	$	327,901

Schedule of Goodwill

The company’s goodwill consisted of the following at December 31 (in thousands):

	2019		2018
Steel Operations Segment	$	272,133	$	245,473
Metals Recycling Operations Segment		178,857		182,247
Steel Fabrication Operations Segment		1,925		1,925
	$	452,915	$	429,645

Reconciliation of 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):

	2019						2018
	Net Income		Shares		Per Share		Net Income		Shares		Per Share
	(Numerator)		(Denominator)		Amount		(Numerator)		(Denominator)		Amount
Basic earnings per share	$	671,103		219,639	$	3.06	$	1,258,379		233,923	$	5.38
Dilutive common share equivalents		-		1,109				-		1,270
Diluted earnings per share	$	671,103		220,748	$	3.04	$	1,258,379		235,193	$	5.35

	2017
	Net Income		Shares		Per Share
	(Numerator)		(Denominator)		Amount
Basic earnings per share	$	812,741		240,132	$	3.38
Dilutive common share equivalents		-		1,649
Diluted earnings per share	$	812,741		241,781	$	3.36