2018 Form 10-K Financial Statement

#000002244418000035 Filed on October 25, 2018

View on sec.gov

Income Statement

Concept 2018 2017 Q3 2017 Q2
Revenue $4.644B $1.261B $1.261B
YoY Change 1.62% 14.36% 13.5%
Cost Of Revenue $4.022B $977.1M $896.3M
YoY Change 21.03% 1078.65% -14.8%
Gross Profit $622.2M $119.3M $148.4M
YoY Change -50.11% -24.7% -9.68%
Gross Profit Margin 13.4% 9.46% 11.77%
Selling, General & Admin $401.5M $105.0M $93.42M
YoY Change 3.64% 43.64% -18.66%
% of Gross Profit 64.53% 88.02% 62.93%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $131.7M $32.10M $32.20M
YoY Change 5.27% 1.9% 0.94%
% of Gross Profit 21.16% 26.91% 21.69%
Operating Expenses $401.5M $105.0M $93.42M
YoY Change 3.64% 43.64% -18.66%
Operating Profit $220.7M $14.29M $55.02M
YoY Change -74.32% -83.25% 11.16%
Interest Expense $40.96M $6.400M $12.45M
YoY Change -7.23% -135.16% -15.53%
% of Operating Profit 18.56% 44.8% 22.62%
Other Income/Expense, Net
YoY Change
Pretax Income $86.73M -$16.00M $42.57M
YoY Change 240.04% -20.4% -7.02%
Income Tax $30.15M -$6.000M $11.01M
% Of Pretax Income 34.76% 25.85%
Net Earnings $138.5M -$29.54M $39.27M
YoY Change 198.94% 22449.62% 103.16%
Net Earnings / Revenue 2.98% -2.34% 3.11%
Basic Earnings Per Share $1.19 -$0.25 $0.34
Diluted Earnings Per Share $1.17 -$0.25 $0.34
COMMON SHARES
Basic Shares Outstanding 116.8M shares 115.9M shares
Diluted Shares Outstanding 118.1M shares 117.2M shares

Balance Sheet

Concept 2018 2017 Q3 2017 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $622.5M $252.6M $275.8M
YoY Change 146.44% -51.19% -43.0%
Cash & Equivalents $622.5M $285.9M $275.8M
Short-Term Investments
Other Short-Term Assets $116.2M $140.1M $108.2M
YoY Change -73.42% 26.86% -25.33%
Inventory $589.0M $462.6M $798.0M
Prepaid Expenses
Receivables $749.5M $561.4M $870.0M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $2.077B $1.714B $2.052B
YoY Change 21.2% -16.32% 1.02%
LONG-TERM ASSETS
Property, Plant & Equipment $1.075B $1.052B $1.017B
YoY Change 2.22% 17.5% 14.24%
Goodwill $64.92M $66.76M
YoY Change -2.2% 0.65%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $97.70M $144.6M $139.0M
YoY Change -25.93% 19.22% 12.96%
Total Long-Term Assets $1.251B $1.261B $1.223B
YoY Change -0.8% 16.48% 13.26%
TOTAL ASSETS
Total Short-Term Assets $2.077B $1.714B $2.052B
Total Long-Term Assets $1.251B $1.261B $1.223B
Total Assets $3.328B $2.975B $3.275B
YoY Change 11.87% -4.97% 5.27%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $261.3M $226.5M $346.5M
YoY Change 15.36% -6.98% 46.39%
Accrued Expenses $242.3M $275.0M $258.3M
YoY Change -4.79% 4.52% 9.44%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $19.70M $19.20M $311.7M
YoY Change 2.6% -93.88% 2759.63%
Total Short-Term Liabilities $541.9M $608.4M $916.5M
YoY Change -10.93% -25.9% 88.05%
LONG-TERM LIABILITIES
Long-Term Debt $1.139B $805.6M $751.7M
YoY Change 41.34% 6.29% -29.6%
Other Long-Term Liabilities $116.3M $111.0M $126.9M
YoY Change 4.77% -8.51% 9.52%
Total Long-Term Liabilities $1.255B $111.0M $126.9M
YoY Change 36.91% -8.51% 9.52%
TOTAL LIABILITIES
Total Short-Term Liabilities $541.9M $608.4M $916.5M
Total Long-Term Liabilities $1.255B $111.0M $126.9M
Total Liabilities $1.835B $1.574B $1.857B
YoY Change 16.55% -10.73% 6.26%
SHAREHOLDERS EQUITY
Retained Earnings $1.364B $1.407B
YoY Change -0.67% 1.47%
Common Stock $350.5M $339.8M
YoY Change -2.64% -4.7%
Preferred Stock
YoY Change
Treasury Stock (at cost) $232.1M $232.2M
YoY Change -8.21% -8.23%
Treasury Stock Shares 13.27M shares 13.27M shares
Shareholders Equity $1.493B $1.401B $1.418B
YoY Change
Total Liabilities & Shareholders Equity $3.328B $2.975B $3.275B
YoY Change 11.87% -4.97% 5.27%

Cashflow Statement

Concept 2018 2017 Q3 2017 Q2
OPERATING ACTIVITIES
Net Income $138.5M -$29.54M $39.27M
YoY Change 198.94% 22449.62% 103.16%
Depreciation, Depletion And Amortization $131.7M $32.10M $32.20M
YoY Change 5.27% 1.9% 0.94%
Cash From Operating Activities -$433.9M -$542.2M $6.900M
YoY Change -17.08% -777.75% -96.04%
INVESTING ACTIVITIES
Capital Expenditures $174.7M -$51.00M -$71.30M
YoY Change -18.05% -13.27% 69.36%
Acquisitions $6.980M
YoY Change -87.55%
Other Investing Activities $696.6M $853.3M -$41.90M
YoY Change -13.82% 1448.64% -8480.0%
Cash From Investing Activities $521.9M $802.3M -$113.2M
YoY Change -12.3% -21213.16% 172.12%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $0.00
YoY Change
Debt Paid & Issued, Net $19.97M
YoY Change -97.2%
Cash From Financing Activities $259.4M -271.3M -13.90M
YoY Change -179.95% 1243.07% -54.72%
NET CHANGE
Cash From Operating Activities -$433.9M -542.2M 6.900M
Cash From Investing Activities $521.9M 802.3M -113.2M
Cash From Financing Activities $259.4M -271.3M -13.90M
Net Change In Cash $346.7M -11.20M -120.2M
YoY Change -236.61% -120.0% -218.07%
FREE CASH FLOW
Cash From Operating Activities -$433.9M -$542.2M $6.900M
Capital Expenditures $174.7M -$51.00M -$71.30M
Free Cash Flow -$608.6M -$491.2M $78.20M
YoY Change -17.36% -453.89% -63.83%

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P3Y
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218000 USD
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183411000 USD
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55829000 USD
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25506000 USD
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20148000 USD
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IncomeLossFromContinuingOperationsBeforeIncomeTaxesForeign
39945000 USD
CY2018 us-gaap Income Loss From Continuing Operations Before Income Taxes Foreign
IncomeLossFromContinuingOperationsBeforeIncomeTaxesForeign
78653000 USD
CY2016 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
75977000 USD
CY2017 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
65451000 USD
CY2018 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
165384000 USD
CY2016 us-gaap Income Loss From Continuing Operations Including Portion Attributable To Noncontrolling Interest
IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest
62001000 USD
CY2017 us-gaap Income Loss From Continuing Operations Including Portion Attributable To Noncontrolling Interest
IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest
50175000 USD
CY2018 us-gaap Income Loss From Continuing Operations Including Portion Attributable To Noncontrolling Interest
IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest
135237000 USD
CY2016 us-gaap Income Loss From Continuing Operations Per Basic Share
IncomeLossFromContinuingOperationsPerBasicShare
0.54
CY2017 us-gaap Income Loss From Continuing Operations Per Basic Share
IncomeLossFromContinuingOperationsPerBasicShare
0.43
CY2018 us-gaap Income Loss From Continuing Operations Per Basic Share
IncomeLossFromContinuingOperationsPerBasicShare
1.16
CY2016 us-gaap Income Loss From Continuing Operations Per Diluted Share
IncomeLossFromContinuingOperationsPerDilutedShare
0.53
CY2017 us-gaap Income Loss From Continuing Operations Per Diluted Share
IncomeLossFromContinuingOperationsPerDilutedShare
0.43
CY2018 us-gaap Income Loss From Continuing Operations Per Diluted Share
IncomeLossFromContinuingOperationsPerDilutedShare
1.14
CY2016 us-gaap Income Loss From Discontinued Operations Net Of Tax
IncomeLossFromDiscontinuedOperationsNetOfTax
-7239000 USD
CY2017 us-gaap Income Loss From Discontinued Operations Net Of Tax
IncomeLossFromDiscontinuedOperationsNetOfTax
-3843000 USD
CY2018 us-gaap Income Loss From Discontinued Operations Net Of Tax
IncomeLossFromDiscontinuedOperationsNetOfTax
3269000 USD
CY2016 us-gaap Income Loss From Discontinued Operations Net Of Tax Per Basic Share
IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicShare
-0.06
CY2017 us-gaap Income Loss From Discontinued Operations Net Of Tax Per Basic Share
IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicShare
-0.03
CY2018 us-gaap Income Loss From Discontinued Operations Net Of Tax Per Basic Share
IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicShare
0.03
CY2016 us-gaap Income Loss From Discontinued Operations Net Of Tax Per Diluted Share
IncomeLossFromDiscontinuedOperationsNetOfTaxPerDilutedShare
-0.06
CY2017 us-gaap Income Loss From Discontinued Operations Net Of Tax Per Diluted Share
IncomeLossFromDiscontinuedOperationsNetOfTaxPerDilutedShare
-0.03
CY2018 us-gaap Income Loss From Discontinued Operations Net Of Tax Per Diluted Share
IncomeLossFromDiscontinuedOperationsNetOfTaxPerDilutedShare
0.03
CY2016 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
13976000 USD
CY2017 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
15276000 USD
CY2018 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
30147000 USD
CY2016 us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance
75822000 USD
CY2017 us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance
113135000 USD
CY2018 us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance
-20839000 USD
CY2016 us-gaap Income Tax Reconciliation Deductions Qualified Production Activities
IncomeTaxReconciliationDeductionsQualifiedProductionActivities
4694000 USD
CY2017 us-gaap Income Tax Reconciliation Deductions Qualified Production Activities
IncomeTaxReconciliationDeductionsQualifiedProductionActivities
1407000 USD
CY2018 us-gaap Income Tax Reconciliation Deductions Qualified Production Activities
IncomeTaxReconciliationDeductionsQualifiedProductionActivities
0 USD
CY2016 us-gaap Income Tax Reconciliation Foreign Income Tax Rate Differential
IncomeTaxReconciliationForeignIncomeTaxRateDifferential
-1719000 USD
CY2017 us-gaap Income Tax Reconciliation Foreign Income Tax Rate Differential
IncomeTaxReconciliationForeignIncomeTaxRateDifferential
-7518000 USD
CY2018 us-gaap Income Tax Reconciliation Foreign Income Tax Rate Differential
IncomeTaxReconciliationForeignIncomeTaxRateDifferential
-5973000 USD
CY2016 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate
26592000 USD
CY2017 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate
22908000 USD
CY2018 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate
42471000 USD
CY2016 us-gaap Income Tax Reconciliation Nondeductible Expense Restructuring Charges
IncomeTaxReconciliationNondeductibleExpenseRestructuringCharges
0 USD
CY2017 us-gaap Income Tax Reconciliation Nondeductible Expense Restructuring Charges
IncomeTaxReconciliationNondeductibleExpenseRestructuringCharges
0 USD
CY2018 us-gaap Income Tax Reconciliation Nondeductible Expense Restructuring Charges
IncomeTaxReconciliationNondeductibleExpenseRestructuringCharges
18926000 USD
CY2016 us-gaap Income Tax Reconciliation Other Adjustments
IncomeTaxReconciliationOtherAdjustments
5053000 USD
CY2017 us-gaap Income Tax Reconciliation Other Adjustments
IncomeTaxReconciliationOtherAdjustments
2042000 USD
CY2018 us-gaap Income Tax Reconciliation Other Adjustments
IncomeTaxReconciliationOtherAdjustments
407000 USD
CY2016 us-gaap Income Tax Reconciliation State And Local Income Taxes
IncomeTaxReconciliationStateAndLocalIncomeTaxes
2185000 USD
CY2017 us-gaap Income Tax Reconciliation State And Local Income Taxes
IncomeTaxReconciliationStateAndLocalIncomeTaxes
1490000 USD
CY2018 us-gaap Income Tax Reconciliation State And Local Income Taxes
IncomeTaxReconciliationStateAndLocalIncomeTaxes
2317000 USD
CY2016 us-gaap Income Tax Reconciliation Tax Credits Research
IncomeTaxReconciliationTaxCreditsResearch
1357000 USD
CY2017 us-gaap Income Tax Reconciliation Tax Credits Research
IncomeTaxReconciliationTaxCreditsResearch
1034000 USD
CY2018 us-gaap Income Tax Reconciliation Tax Credits Research
IncomeTaxReconciliationTaxCreditsResearch
4707000 USD
CY2016 us-gaap Income Tax Reconciliation Tax Exempt Income
IncomeTaxReconciliationTaxExemptIncome
16063000 USD
CY2017 us-gaap Income Tax Reconciliation Tax Exempt Income
IncomeTaxReconciliationTaxExemptIncome
19259000 USD
CY2018 us-gaap Income Tax Reconciliation Tax Exempt Income
IncomeTaxReconciliationTaxExemptIncome
17414000 USD
CY2016 us-gaap Income Taxes Paid
IncomeTaxesPaid
50201000 USD
CY2017 us-gaap Income Taxes Paid
IncomeTaxesPaid
30963000 USD
CY2018 us-gaap Income Taxes Paid
IncomeTaxesPaid
7198000 USD
CY2016 us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
-43577000 USD
CY2017 us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
93478000 USD
CY2018 us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
-20163000 USD
CY2016 us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
-142510000 USD
CY2017 us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
78527000 USD
CY2018 us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
10802000 USD
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IncreaseDecreaseInInventories
-209555000 USD
CY2017 us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
98835000 USD
CY2018 us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
43198000 USD
CY2016 us-gaap Increase Decrease In Other Operating Capital Net
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-12486000 USD
CY2017 us-gaap Increase Decrease In Other Operating Capital Net
IncreaseDecreaseInOtherOperatingCapitalNet
63785000 USD
CY2018 us-gaap Increase Decrease In Other Operating Capital Net
IncreaseDecreaseInOtherOperatingCapitalNet
15423000 USD
CY2016 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
1412336 shares
CY2017 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
1709942 shares
CY2018 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
1323265 shares
CY2016 us-gaap Interest Costs Capitalized
InterestCostsCapitalized
3600000 USD
CY2017 us-gaap Interest Costs Capitalized
InterestCostsCapitalized
9800000 USD
CY2018 us-gaap Interest Costs Capitalized
InterestCostsCapitalized
7300000 USD
CY2016 us-gaap Interest Expense
InterestExpense
62973000 USD
CY2017 us-gaap Interest Expense
InterestExpense
44151000 USD
CY2018 us-gaap Interest Expense
InterestExpense
40957000 USD
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74715000 USD
CY2017 us-gaap Interest Paid Net
InterestPaidNet
65672000 USD
CY2018 us-gaap Interest Paid Net
InterestPaidNet
39972000 USD
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InterestPayableCurrentAndNoncurrent
7735000 USD
CY2018Q3 us-gaap Interest Payable Current And Noncurrent
InterestPayableCurrentAndNoncurrent
13840000 USD
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InventoryWriteDown
1407000 USD
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InventoryNet
462648000 USD
CY2018Q3 us-gaap Inventory Net
InventoryNet
589005000 USD
CY2017Q3 us-gaap Inventory Raw Materials
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116800000 USD
CY2018Q3 us-gaap Long Term Debt And Capital Lease Obligations Current
LongTermDebtAndCapitalLeaseObligationsCurrent
19746000 USD
CY2018Q3 us-gaap Inventory Raw Materials
InventoryRawMaterials
177700000 USD
CY2016 us-gaap Inventory Write Down
InventoryWriteDown
15555000 USD
CY2017 us-gaap Inventory Write Down
InventoryWriteDown
21529000 USD
CY2017Q3 us-gaap Land
Land
81570000 USD
CY2018Q3 us-gaap Land
Land
85288000 USD
CY2017Q3 us-gaap Liabilities
Liabilities
1574201000 USD
CY2018Q3 us-gaap Liabilities
Liabilities
1834721000 USD
CY2017Q3 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
2975131000 USD
CY2018Q3 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
3328304000 USD
CY2017Q3 us-gaap Liabilities Current
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608438000 USD
CY2018Q3 us-gaap Liabilities Current
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541943000 USD
CY2017Q3 us-gaap Liabilities Of Disposal Group Including Discontinued Operation Current
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87828000 USD
CY2018Q3 us-gaap Liabilities Of Disposal Group Including Discontinued Operation Current
LiabilitiesOfDisposalGroupIncludingDiscontinuedOperationCurrent
1917000 USD
CY2017Q3 us-gaap Long Term Debt And Capital Lease Obligations
LongTermDebtAndCapitalLeaseObligations
805580000 USD
CY2018Q3 us-gaap Long Term Debt And Capital Lease Obligations
LongTermDebtAndCapitalLeaseObligations
1138619000 USD
CY2017Q3 us-gaap Long Term Debt And Capital Lease Obligations Current
LongTermDebtAndCapitalLeaseObligationsCurrent
19182000 USD
CY2018Q3 us-gaap Long Term Debt Maturities Repayments Of Principal After Year Five
LongTermDebtMaturitiesRepaymentsOfPrincipalAfterYearFive
666239000 USD
CY2018Q3 us-gaap Long Term Debt Maturities Repayments Of Principal In Next Twelve Months
LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths
19746000 USD
CY2018Q3 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Five
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFive
332860000 USD
CY2018Q3 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Four
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour
123802000 USD
CY2018Q3 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Three
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree
12256000 USD
CY2018Q3 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Two
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo
15226000 USD
CY2017Q3 us-gaap Machinery And Equipment Gross
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1720299000 USD
CY2018Q3 us-gaap Machinery And Equipment Gross
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1918342000 USD
CY2017Q3 us-gaap Minority Interest
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173000 USD
CY2018Q3 us-gaap Minority Interest
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186000 USD
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-377718000 USD
CY2017 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-324493000 USD
CY2018 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
259432000 USD
CY2016 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-153870000 USD
CY2017 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-102587000 USD
CY2018 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-70675000 USD
CY2016 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
586865000 USD
CY2017 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
174472000 USD
CY2018 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
158680000 USD
CY2016 us-gaap Net Income Loss
NetIncomeLoss
54762000 USD
CY2016Q4 us-gaap Net Income Loss
NetIncomeLoss
6275000 USD
CY2017Q1 us-gaap Net Income Loss
NetIncomeLoss
30332000 USD
CY2017Q2 us-gaap Net Income Loss
NetIncomeLoss
39266000 USD
CY2017Q3 us-gaap Net Income Loss
NetIncomeLoss
-29540000 USD
CY2017 us-gaap Net Income Loss
NetIncomeLoss
46332000 USD
CY2017Q4 us-gaap Net Income Loss
NetIncomeLoss
36810000 USD
CY2018Q1 us-gaap Net Income Loss
NetIncomeLoss
10169000 USD
CY2018Q2 us-gaap Net Income Loss
NetIncomeLoss
39965000 USD
CY2018Q3 us-gaap Net Income Loss
NetIncomeLoss
51560000 USD
CY2018 us-gaap Net Income Loss
NetIncomeLoss
138506000 USD
CY2018 us-gaap New Accounting Pronouncement Or Change In Accounting Principle Effect Of Adoption Quantification
NewAccountingPronouncementOrChangeInAccountingPrincipleEffectOfAdoptionQuantification
-259000 USD
CY2016Q3 us-gaap Noncurrent Assets
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987419000 USD
CY2017Q3 us-gaap Noncurrent Assets
NoncurrentAssets
1159876000 USD
CY2018Q3 us-gaap Noncurrent Assets
NoncurrentAssets
1172607000 USD
CY2018 us-gaap Number Of Operating Segments
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4 segments
CY2018Q3 us-gaap Operating Leases Future Minimum Payments Due
OperatingLeasesFutureMinimumPaymentsDue
65144000 USD
CY2018Q3 us-gaap Operating Leases Future Minimum Payments Due Current
OperatingLeasesFutureMinimumPaymentsDueCurrent
22714000 USD
CY2018Q3 us-gaap Operating Leases Future Minimum Payments Due In Five Years
OperatingLeasesFutureMinimumPaymentsDueInFiveYears
6063000 USD
CY2018Q3 us-gaap Operating Leases Future Minimum Payments Due In Four Years
OperatingLeasesFutureMinimumPaymentsDueInFourYears
8338000 USD
CY2018Q3 us-gaap Operating Leases Future Minimum Payments Due In Three Years
OperatingLeasesFutureMinimumPaymentsDueInThreeYears
10692000 USD
CY2018Q3 us-gaap Operating Leases Future Minimum Payments Due In Two Years
OperatingLeasesFutureMinimumPaymentsDueInTwoYears
15477000 USD
CY2018Q3 us-gaap Operating Leases Future Minimum Payments Due Thereafter
OperatingLeasesFutureMinimumPaymentsDueThereafter
1860000 USD
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OperatingLeasesRentExpenseNet
40700000 USD
CY2017 us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
37300000 USD
CY2018 us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
38000000 USD
CY2017Q3 us-gaap Other Assets Current
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140136000 USD
CY2018Q3 us-gaap Other Assets Current
OtherAssetsCurrent
115533000 USD
CY2017Q3 us-gaap Other Assets Noncurrent
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144639000 USD
CY2018Q3 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
111751000 USD
CY2016 us-gaap Other Comprehensive Income Defined Benefit Plans Net Unamortized Gain Loss Arising During Period Net Of Tax
OtherComprehensiveIncomeDefinedBenefitPlansNetUnamortizedGainLossArisingDuringPeriodNetOfTax
-132000 USD
CY2017 us-gaap Other Comprehensive Income Defined Benefit Plans Net Unamortized Gain Loss Arising During Period Net Of Tax
OtherComprehensiveIncomeDefinedBenefitPlansNetUnamortizedGainLossArisingDuringPeriodNetOfTax
439000 USD
CY2018 us-gaap Other Comprehensive Income Defined Benefit Plans Net Unamortized Gain Loss Arising During Period Net Of Tax
OtherComprehensiveIncomeDefinedBenefitPlansNetUnamortizedGainLossArisingDuringPeriodNetOfTax
-138000 USD
CY2016 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Gain Loss Arising During Period Net Of Tax
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax
-11771000 USD
CY2017 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Gain Loss Arising During Period Net Of Tax
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax
30509000 USD
CY2018 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Gain Loss Arising During Period Net Of Tax
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax
-13938000 USD
CY2016 us-gaap Other Comprehensive Income Loss Amortization Adjustment From Aoci Pension And Other Postretirement Benefit Plans For Net Prior Service Cost Credit Net Of Tax
OtherComprehensiveIncomeLossAmortizationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansForNetPriorServiceCostCreditNetOfTax
-58000 USD
CY2017 us-gaap Other Comprehensive Income Loss Amortization Adjustment From Aoci Pension And Other Postretirement Benefit Plans For Net Prior Service Cost Credit Net Of Tax
OtherComprehensiveIncomeLossAmortizationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansForNetPriorServiceCostCreditNetOfTax
-70000 USD
CY2018 us-gaap Other Comprehensive Income Loss Amortization Adjustment From Aoci Pension And Other Postretirement Benefit Plans For Net Prior Service Cost Credit Net Of Tax
OtherComprehensiveIncomeLossAmortizationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansForNetPriorServiceCostCreditNetOfTax
-62000 USD
CY2016 us-gaap Other Comprehensive Income Loss Before Reclassifications Before Tax
OtherComprehensiveIncomeLossBeforeReclassificationsBeforeTax
-9951000 USD
CY2017 us-gaap Other Comprehensive Income Loss Before Reclassifications Before Tax
OtherComprehensiveIncomeLossBeforeReclassificationsBeforeTax
32190000 USD
CY2018 us-gaap Other Comprehensive Income Loss Before Reclassifications Before Tax
OtherComprehensiveIncomeLossBeforeReclassificationsBeforeTax
-14454000 USD
CY2016 us-gaap Other Comprehensive Income Loss Derivatives Qualifying As Hedges Net Of Tax
OtherComprehensiveIncomeLossDerivativesQualifyingAsHedgesNetOfTax
-119000 USD
CY2017 us-gaap Other Comprehensive Income Loss Derivatives Qualifying As Hedges Net Of Tax
OtherComprehensiveIncomeLossDerivativesQualifyingAsHedgesNetOfTax
-599000 USD
CY2018 us-gaap Other Comprehensive Income Loss Derivatives Qualifying As Hedges Net Of Tax
OtherComprehensiveIncomeLossDerivativesQualifyingAsHedgesNetOfTax
-231000 USD
CY2016 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
826000 USD
CY2017 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
31477000 USD
CY2018 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
-11859000 USD
CY2016 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Reclassification Adjustment From Aoci Realized Upon Sale Or Liquidation Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationReclassificationAdjustmentFromAOCIRealizedUponSaleOrLiquidationNetOfTax
-12597000 USD
CY2017 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Reclassification Adjustment From Aoci Realized Upon Sale Or Liquidation Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationReclassificationAdjustmentFromAOCIRealizedUponSaleOrLiquidationNetOfTax
-968000 USD
CY2018 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Reclassification Adjustment From Aoci Realized Upon Sale Or Liquidation Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationReclassificationAdjustmentFromAOCIRealizedUponSaleOrLiquidationNetOfTax
-2079000 USD
CY2016 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
621000 USD
CY2017 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
31401000 USD
CY2018 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
-12164000 USD
CY2016 us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Net Of Tax
OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax
86000 USD
CY2017 us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Net Of Tax
OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax
-523000 USD
CY2018 us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Net Of Tax
OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax
74000 USD
CY2016 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci On Derivatives Net Of Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIOnDerivativesNetOfTax
1737000 USD
CY2017 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci On Derivatives Net Of Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIOnDerivativesNetOfTax
1355000 USD
CY2018 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci On Derivatives Net Of Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIOnDerivativesNetOfTax
279000 USD
CY2016 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci Pension And Other Postretirement Benefit Plans For Net Gain Loss Net Of Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansForNetGainLossNetOfTax
-104000 USD
CY2017 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci Pension And Other Postretirement Benefit Plans For Net Gain Loss Net Of Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansForNetGainLossNetOfTax
-154000 USD
CY2018 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci Pension And Other Postretirement Benefit Plans For Net Gain Loss Net Of Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansForNetGainLossNetOfTax
-126000 USD
CY2016 us-gaap Other Comprehensive Income Loss Tax
OtherComprehensiveIncomeLossTax
-140000 USD
CY2017 us-gaap Other Comprehensive Income Loss Tax
OtherComprehensiveIncomeLossTax
27000 USD
CY2018 us-gaap Other Comprehensive Income Loss Tax
OtherComprehensiveIncomeLossTax
273000 USD
CY2016 us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Before Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodBeforeTax
1618000 USD
CY2017 us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Before Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodBeforeTax
756000 USD
CY2018 us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Before Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodBeforeTax
48000 USD
CY2016 us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax
1618000 USD
CY2017 us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax
756000 USD
CY2018 us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax
48000 USD
CY2017Q3 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
111023000 USD
CY2018Q3 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
116325000 USD
CY2016 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
30595000 USD
CY2017 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
0 USD
CY2018 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
0 USD
CY2016 us-gaap Payments Of Debt Extinguishment Costs
PaymentsOfDebtExtinguishmentCosts
11127000 USD
CY2017 us-gaap Payments Of Debt Extinguishment Costs
PaymentsOfDebtExtinguishmentCosts
22672000 USD
CY2018 us-gaap Payments Of Debt Extinguishment Costs
PaymentsOfDebtExtinguishmentCosts
0 USD
CY2016 us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
0 USD
CY2017 us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
4449000 USD
CY2018 us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
5254000 USD
CY2016 us-gaap Payments Of Dividends Common Stock
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CY2018 us-gaap Nature Of Operations
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<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">NOTE 1. NATURE OF OPERATIONS</font><font style="font-family:inherit;font-size:10pt;font-weight:bold;"> </font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Nature of Operations</font><font style="font-family:inherit;font-size:10pt;"> </font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">As a vertically integrated organization, Commercial Metals Company ("CMC," and together with its consolidated subsidiaries, the "Company") manufactures, recycles, and markets steel and metal products, related materials and services through a network including </font><font style="font-family:inherit;font-size:10pt;">four</font><font style="font-family:inherit;font-size:10pt;"> </font><font style="font-family:inherit;font-size:10pt;">electric arc furnace ("EAF") mini mills</font><font style="font-family:inherit;font-size:10pt;">, </font><font style="font-family:inherit;font-size:10pt;">two</font><font style="font-family:inherit;font-size:10pt;"> </font><font style="font-family:inherit;font-size:10pt;">EAF micro mills</font><font style="font-family:inherit;font-size:10pt;">, </font><font style="font-family:inherit;font-size:10pt;">a</font><font style="font-family:inherit;font-size:10pt;"> </font><font style="font-family:inherit;font-size:10pt;">rerolling mill</font><font style="font-family:inherit;font-size:10pt;">, </font><font style="font-family:inherit;font-size:10pt;">steel fabrication and processing plants</font><font style="font-family:inherit;font-size:10pt;">, </font><font style="font-family:inherit;font-size:10pt;">construction-related product warehouses</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">metal recycling facilities</font><font style="font-family:inherit;font-size:10pt;"> in the </font><font style="font-family:inherit;font-size:10pt;">U.S. and Poland</font><font style="font-family:inherit;font-size:10pt;">.</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company has </font><font style="font-family:inherit;font-size:10pt;">four</font><font style="font-family:inherit;font-size:10pt;"> reportable segments: </font><font style="font-family:inherit;font-size:10pt;">Americas Recycling</font><font style="font-family:inherit;font-size:10pt;">, </font><font style="font-family:inherit;font-size:10pt;">Americas Mills</font><font style="font-family:inherit;font-size:10pt;">, </font><font style="font-family:inherit;font-size:10pt;">Americas Fabrication</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">International Mill</font><font style="font-family:inherit;font-size:10pt;">.</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Americas Recycling</font><font style="font-family:inherit;font-size:10pt;">&#160;</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Americas Recycling segment processes scrap metals for use as a raw material by manufacturers of new metal products. This segment sells scrap metals to steel mills and foundries, aluminum sheet and ingot manufacturers, brass and bronze ingot makers, copper refineries and mills, secondary lead smelters, specialty steel mills, high temperature alloy manufacturers and other consumers. </font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Americas Mills</font><font style="font-family:inherit;font-size:10pt;font-weight:bold;"> </font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Americas Mills segment, through our </font><font style="font-family:inherit;font-size:10pt;">three</font><font style="font-family:inherit;font-size:10pt;"> </font><font style="font-family:inherit;font-size:10pt;">EAF mini mills</font><font style="font-family:inherit;font-size:10pt;">, </font><font style="font-family:inherit;font-size:10pt;">two</font><font style="font-family:inherit;font-size:10pt;"> </font><font style="font-family:inherit;font-size:10pt;">EAF micro mills</font><font style="font-family:inherit;font-size:10pt;">, and </font><font style="font-family:inherit;font-size:10pt;">rerolling mill</font><font style="font-family:inherit;font-size:10pt;">, manufactures finished long steel products including reinforcing bar ("rebar"), merchant bar, light structural, and other special sections as well as semi-finished billets for re-rolling and forging applications. This segment's products are sold to the construction, service center, transportation, steel warehousing, fabrication, energy, petrochemical and original equipment manufacturing industries. The Americas Mills segment also includes </font><font style="font-family:inherit;font-size:10pt;">eight</font><font style="font-family:inherit;font-size:10pt;"> </font><font style="font-family:inherit;font-size:10pt;font-weight:normal;">scrap metal processing facilities</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">two</font><font style="font-family:inherit;font-size:10pt;"> </font><font style="font-family:inherit;font-size:10pt;font-weight:normal;">scrap metal shredders</font><font style="font-family:inherit;font-size:10pt;"> that directly support the steel mills.</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Americas Fabrication</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Americas Fabrication segment consists of the Company's rebar fabrication operations, fence post manufacturing facilities, construction-related product facilities and facilities that heat-treat steel to strengthen and provide flexibility. Fabricated steel products are used primarily in the construction of commercial and non-commercial buildings, hospitals, convention centers, industrial plants, power plants, highways, bridges, arenas, stadiums and dams. </font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">International Mill</font><font style="font-family:inherit;font-size:10pt;font-style:italic;"> </font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The International Mill segment is comprised of the Company's mini mill, recycling and fabrication operations in Poland. This segment manufactures rebar, merchant bar, and wire rod as well as semi-finished billets. In addition, this segment's fabrication operations sell fabricated rebar, fabricated mesh, assembled rebar cages and other rebar by-products. The International Mill's products are sold primarily to fabricators, manufacturers, distributors and construction companies.</font></div></div>
CY2018 us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Use of Estimates</font><font style="font-family:inherit;font-size:10pt;"> </font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The preparation of the Company's consolidated financial statements in accordance with accounting principles generally accepted in the United States ("GAAP") requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and reported amounts of net sales and expenses during the reporting period. Significant items subject to such estimates and assumptions include the valuation of assets received in acquisitions; the carrying value of inventory and long-lived assets, including goodwill; valuation allowances for receivables and deferred income taxes; percentage of completion accounting method for revenue recognition; share-based compensation; potential litigation claims and settlements; environmental liabilities; and the carrying value of assets held for sale. Actual results could differ significantly from these estimates and assumptions.</font></div></div>

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