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

12 Months Ended

Dec. 31, 2022

Description of the Business and Summary of Significant Accounting Policies

Schedule of Inventories

	2022		2021
Raw materials	$	1,608,344	$	1,870,300
Supplies		629,074		552,616
Work in progress		256,071		402,207
Finished goods		636,475		706,007
Total inventories	$	3,129,964	$	3,531,130

Schedule of Property, Plant and Equipment

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

	2022		2021
Land and improvements	$	521,881	$	350,898
Buildings and improvements		1,238,824		873,131
Plant, machinery and equipment		6,683,237		5,193,405
Construction in progress		780,741		1,839,110
		9,224,683		8,256,544
Less accumulated depreciation		3,851,018		3,505,114
Property, plant and equipment, net	$	5,373,665	$	4,751,430

Schedule of Finite-Lived Intangible Assets

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

						Weighted
						Average
					Useful	Amortization
	2022		2021		Life	Period
Customer, vendor and scrap generator relationships	$	420,512	$	526,886	10 to 25 years	23 years
Trade names		147,950		147,950	15 to 25 years	19 years
Other		600		1,350	5 years	5 years
		569,062		676,186		22 years
Less accumulated amortization		301,555		380,841
	$	267,507	$	295,345

Schedule of Intangible Assets, Future Amortization Expense

Estimated amortization expense related to amortizable intangibles for the years ending December 31 is as follows (in thousands):

2023	$	27,439
2024		26,701
2025		24,783
2026		23,820
2027		21,837
Thereafter		142,927
Total	$	267,507

Schedule of Goodwill

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

	2022		2021
Steel Operations Segment	$	272,133	$	272,133
Metals Recycling Operations Segment		228,009		179,777
Steel Fabrication Operations Segment		1,925		1,925
	$	502,067	$	453,835

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):

	2022						2021
	Net Income		Shares		Per Share		Net Income		Shares		Per Share
	(Numerator)		(Denominator)		Amount		(Numerator)		(Denominator)		Amount
Basic earnings per share	$	3,862,674		183,393	$	21.06	$	3,214,066		205,115	$	15.67
Dilutive common share equivalents		-		1,229				-		1,500
Diluted earnings per share	$	3,862,674		184,622	$	20.92	$	3,214,066		206,615	$	15.56

	2020
	Net Income		Shares		Per Share
	(Numerator)		(Denominator)		Amount
Basic earnings per share	$	550,822		211,140	$	2.61
Dilutive common share equivalents		-		1,205
Diluted earnings per share	$	550,822		212,345	$	2.59