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

12 Months Ended

Dec. 31, 2021

Description of the Business and Summary of Significant Accounting Policies

Schedule of Inventories

	2021		2020
Raw materials	$	1,870,300	$	790,324
Supplies		552,616		500,497
Work in progress		402,207		162,843
Finished goods		706,007		389,884
Total inventories	$	3,531,130	$	1,843,548

Schedule of Property, Plant and Equipment

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

	2021		2020
Land and improvements	$	350,898	$	340,495
Buildings and improvements		873,131		860,641
Plant, machinery and equipment		5,193,405		4,827,791
Construction in progress		1,839,110		1,302,689
		8,256,544		7,331,616
Less accumulated depreciation		3,505,114		3,226,047
Property, plant and equipment, net	$	4,751,430	$	4,105,569

Schedule of Finite-Lived Intangible Assets

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

						Weighted
						Average
					Useful	Amortization
	2021		2020		Life	Period
Customer, vendor and scrap generator relationships	$	526,886	$	526,886	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		676,186		21 years
Less accumulated amortization		380,841		351,609
	$	295,345	$	324,577

Schedule of Intangible Assets, Future Amortization Expense

2022	$	27,840
2023		27,439
2024		26,701
2025		24,783
2026		23,820
Thereafter		164,762
Total	$	295,345

Schedule of Goodwill

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

	2021		2020
Steel Operations Segment	$	272,133	$	272,133
Metals Recycling Operations Segment		179,777		183,168
Steel Fabrication Operations Segment		1,925		1,925
	$	453,835	$	457,226

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):

	2021						2020
	Net Income		Shares		Per Share		Net Income		Shares		Per Share
	(Numerator)		(Denominator)		Amount		(Numerator)		(Denominator)		Amount
Basic earnings per share	$	3,214,066		205,115	$	15.67	$	550,822		211,140	$	2.61
Dilutive common share equivalents		-		1,500				-		1,205
Diluted earnings per share	$	3,214,066		206,615	$	15.56	$	550,822		212,345	$	2.59

	2019
	Net Income		Shares		Per Share
	(Numerator)		(Denominator)		Amount
Basic earnings per share	$	671,103		219,639	$	3.06
Dilutive common share equivalents		-		1,109
Diluted earnings per share	$	671,103		220,748	$	3.04