Description of the Business and Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2020

Description of the Business and Summary of Significant Accounting Policies

Schedule of Inventories

	2020		2019
Raw materials	$	790,324	$	686,831
Supplies		500,497		498,298
Work in progress		162,843		154,669
Finished goods		389,884		349,245
Total inventories	$	1,843,548	$	1,689,043

Schedule of Property, Plant and Equipment

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

	2020		2019
Land and improvements	$	340,495	$	333,879
Buildings and improvements		860,641		805,381
Plant, machinery and equipment		4,827,791		4,594,778
Construction in progress		1,302,689		390,676
		7,331,616		6,124,714
Less accumulated depreciation		3,226,047		2,988,828
Property, plant and equipment, net	$	4,105,569	$	3,135,886

Schedule of Finite-Lived Intangible Assets

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

						Weighted
						Average
					Useful	Amortization
	2020		2019		Life	Period
Customer, vendor and scrap generator relationships	$	526,886	$	501,212	5 to 25 years	21 years
Trade names		147,950		147,950	15 to 25 years	19 years
Other		1,350		1,350	5 years	5 years
		676,186		650,512		21 years
Less accumulated amortization		351,609		322,611
	$	324,577	$	327,901

Schedule of Intangible Assets, Future Amortization Expense

2021	$	29,232
2022		27,840
2023		27,439
2024		26,701
2025		24,783
Thereafter		188,582
Total	$	324,577

Schedule of Goodwill

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

	2020		2019
Steel Operations Segment	$	272,133	$	272,133
Metals Recycling Operations Segment		183,168		178,857
Steel Fabrication Operations Segment		1,925		1,925
	$	457,226	$	452,915

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):

	2020						2019
	Net Income		Shares		Per Share		Net Income		Shares		Per Share
	(Numerator)		(Denominator)		Amount		(Numerator)		(Denominator)		Amount
Basic earnings per share	$	550,822		211,140	$	2.61	$	671,103		219,639	$	3.06
Dilutive common share equivalents		-		1,205				-		1,109
Diluted earnings per share	$	550,822		212,345	$	2.59	$	671,103		220,748	$	3.04

	2018
	Net Income		Shares		Per Share
	(Numerator)		(Denominator)		Amount
Basic earnings per share	$	1,258,379		233,923	$	5.38
Dilutive common share equivalents		-		1,270
Diluted earnings per share	$	1,258,379		235,193	$	5.35