$STLD
STEEL DYNAMICS INC

2020 Q2 Form 10-Q Financial Statement

#000155837020010152 Filed on August 10, 2020

View on sec.gov

Income Statement

Concept 2020 Q2 2019 Q2
Revenue $2.094B $2.771B
YoY Change -24.41% -10.35%
Cost Of Revenue $1.810B $2.349B
YoY Change -22.96% -3.65%
Gross Profit $284.4M $421.2M
YoY Change -32.47% -35.41%
Gross Profit Margin 13.58% 15.2%
Selling, General & Admin $118.4M $136.1M
YoY Change -13.03% -9.36%
% of Gross Profit 41.63% 32.32%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $78.72M $80.91M
YoY Change -2.71% 2.26%
% of Gross Profit 27.68% 19.21%
Operating Expenses $125.6M $136.1M
YoY Change -7.74% -9.36%
Operating Profit $158.9M $285.0M
YoY Change -44.27% -43.21%
Interest Expense $27.70M $32.32M
YoY Change -14.29% 2.57%
% of Operating Profit 17.44% 11.34%
Other Income/Expense, Net -$28.10M $4.249M
YoY Change -761.4% -15.61%
Pretax Income $103.0M $257.0M
YoY Change -59.9% -45.95%
Income Tax $24.28M $60.21M
% Of Pretax Income 23.56% 23.43%
Net Earnings $78.77M $196.7M
YoY Change -59.97% -45.74%
Net Earnings / Revenue 3.76% 7.1%
Basic Earnings Per Share $0.36 $0.88
Diluted Earnings Per Share $0.36 $0.87
COMMON SHARES
Basic Shares Outstanding 210.3M 221.5M
Diluted Shares Outstanding 211.4M 222.5M

Balance Sheet

Concept 2020 Q2 2019 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.566B $1.091B
YoY Change 43.54% 34.19%
Cash & Equivalents $1.496B $972.6M
Short-Term Investments $70.00M $118.0M
Other Short-Term Assets $39.04M $61.25M
YoY Change -36.25% 65.54%
Inventory $1.567B $1.803B
Prepaid Expenses
Receivables $841.6M $1.069B
Other Receivables $0.00 $0.00
Total Short-Term Assets $4.016B $4.024B
YoY Change -0.19% 5.39%
LONG-TERM ASSETS
Property, Plant & Equipment $3.587B $2.947B
YoY Change 21.72% 1.31%
Goodwill $451.2M $526.5M
YoY Change -14.29%
Intangibles $313.5M $256.3M
YoY Change 22.32%
Long-Term Investments
YoY Change
Other Assets $100.0M $104.3M
YoY Change -4.1% 301.18%
Total Long-Term Assets $4.452B $3.834B
YoY Change 16.12% 4.0%
TOTAL ASSETS
Total Short-Term Assets $4.016B $4.024B
Total Long-Term Assets $4.452B $3.834B
Total Assets $8.468B $7.858B
YoY Change 7.77% 4.7%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $696.8M $516.1M
YoY Change 35.02% -23.65%
Accrued Expenses $154.2M $151.2M
YoY Change 2.04% -53.63%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $73.93M $72.13M
YoY Change 2.49% 300.73%
Total Short-Term Liabilities $1.115B $925.7M
YoY Change 20.49% -12.58%
LONG-TERM LIABILITIES
Long-Term Debt $2.637B $2.356B
YoY Change 11.92% 0.17%
Other Long-Term Liabilities $73.24M $70.20M
YoY Change 4.33% 289.98%
Total Long-Term Liabilities $2.710B $2.426B
YoY Change 11.7% 2.37%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.115B $925.7M
Total Long-Term Liabilities $2.710B $2.426B
Total Liabilities $4.328B $3.810B
YoY Change 13.62% 1.37%
SHAREHOLDERS EQUITY
Retained Earnings $4.577B $4.250B
YoY Change 7.67%
Common Stock $1.192B $1.168B
YoY Change 2.06%
Preferred Stock
YoY Change
Treasury Stock (at cost) $1.624B $1.354B
YoY Change 19.92%
Treasury Stock Shares $55.71M $45.76M
Shareholders Equity $4.145B $4.064B
YoY Change
Total Liabilities & Shareholders Equity $8.468B $7.858B
YoY Change 7.77% 4.7%

Cashflow Statement

Concept 2020 Q2 2019 Q2
OPERATING ACTIVITIES
Net Income $78.77M $196.7M
YoY Change -59.97% -45.74%
Depreciation, Depletion And Amortization $78.72M $80.91M
YoY Change -2.71% 2.26%
Cash From Operating Activities $486.0M $361.5M
YoY Change 34.45% 10.87%
INVESTING ACTIVITIES
Capital Expenditures $309.7M $85.12M
YoY Change 263.86% 54.19%
Acquisitions
YoY Change
Other Investing Activities -$803.0K -$913.0K
YoY Change -12.05% 38.96%
Cash From Investing Activities -$159.3M -$24.64M
YoY Change 546.42% -95.08%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $93.14M
YoY Change 89.51%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -65.39M -155.3M
YoY Change -57.9% 72.42%
NET CHANGE
Cash From Operating Activities 486.0M 361.5M
Cash From Investing Activities -159.3M -24.64M
Cash From Financing Activities -65.39M -155.3M
Net Change In Cash 261.4M 181.5M
YoY Change 43.97% -168.5%
FREE CASH FLOW
Cash From Operating Activities $486.0M $361.5M
Capital Expenditures $309.7M $85.12M
Free Cash Flow $176.3M $276.4M
YoY Change -36.21% 2.04%

Facts In Submission

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us-gaap Comprehensive Income Net Of Tax Attributable To Noncontrolling Interest
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us-gaap Comprehensive Income Net Of Tax Attributable To Noncontrolling Interest
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us-gaap Comprehensive Income Net Of Tax
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us-gaap Comprehensive Income Net Of Tax
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us-gaap Profit Loss
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us-gaap Depreciation Depletion And Amortization
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us-gaap Depreciation Depletion And Amortization
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us-gaap Share Based Compensation
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us-gaap Deferred Income Tax Expense Benefit
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us-gaap Deferred Income Tax Expense Benefit
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us-gaap Other Operating Activities Cash Flow Statement
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us-gaap Increase Decrease In Other Operating Assets
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CY2020Q2 us-gaap Increase Decrease In Accounts Payable
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us-gaap Increase Decrease In Accounts Payable
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CY2020Q2 us-gaap Increase Decrease In Income Taxes Payable Net Of Income Taxes Receivable
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us-gaap Increase Decrease In Income Taxes Payable Net Of Income Taxes Receivable
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us-gaap Increase Decrease In Income Taxes Payable Net Of Income Taxes Receivable
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CY2019Q2 us-gaap Increase Decrease In Accrued Liabilities
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us-gaap Net Cash Provided By Used In Operating Activities
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us-gaap Net Cash Provided By Used In Operating Activities
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us-gaap Payments To Acquire Property Plant And Equipment
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us-gaap Payments To Acquire Property Plant And Equipment
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us-gaap Proceeds From Maturities Prepayments And Calls Of Shortterm Investments
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us-gaap Proceeds From Maturities Prepayments And Calls Of Shortterm Investments
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us-gaap Payments For Proceeds From Other Investing Activities
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us-gaap Payments For Proceeds From Other Investing Activities
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CY2019Q2 us-gaap Net Cash Provided By Used In Investing Activities
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us-gaap Net Cash Provided By Used In Investing Activities
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us-gaap Net Cash Provided By Used In Investing Activities
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us-gaap Proceeds From Issuance Of Debt
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us-gaap Proceeds From Issuance Of Debt
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us-gaap Repayments Of Debt
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us-gaap Repayments Of Debt
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us-gaap Payments Of Dividends Common Stock
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us-gaap Payments Of Dividends Common Stock
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us-gaap Payments For Repurchase Of Common Stock
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us-gaap Payments For Repurchase Of Common Stock
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CY2019Q2 us-gaap Proceeds From Payments For Other Financing Activities
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us-gaap Proceeds From Payments For Other Financing Activities
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us-gaap Proceeds From Payments For Other Financing Activities
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CY2019Q2 us-gaap Net Cash Provided By Used In Financing Activities
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us-gaap Net Cash Provided By Used In Financing Activities
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us-gaap Net Cash Provided By Used In Financing Activities
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CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
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CY2019Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
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us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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CY2020Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
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CY2019Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
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CY2019Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2018Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
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CY2020Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
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CY2019Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
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CY2020Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
1502342000
CY2019Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
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InterestPaidNet
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us-gaap Interest Paid Net
InterestPaidNet
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us-gaap Interest Paid Net
InterestPaidNet
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IncomeTaxesPaidNet
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CY2019Q2 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
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us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
1948000
us-gaap Income Taxes Paid Net
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us-gaap Number Of Reportable Segments
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us-gaap Use Of Estimates
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<p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-indent:18pt;margin:0pt 0pt 12pt 0pt;"><span style="font-style:italic;font-weight:bold;">Use of Estimates. </span>These consolidated financial statements are prepared in conformity with accounting principles generally accepted in the United States, and accordingly, include amounts that require management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and in the notes thereto. Significant items subject to such estimates and assumptions include the carrying value of property, plant and equipment, intangible assets, and goodwill; allowances for credit losses for trade receivables, inventories and deferred income tax assets; unrecognized tax benefits; potential environmental liabilities; and litigation claims and settlements. Actual results may differ from these estimates and assumptions.</p><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-indent:18pt;margin:0pt 0pt 12pt 0pt;">In the opinion of management, these financial statements reflect all normal recurring adjustments necessary for a fair presentation of the interim period results. These consolidated financial statements and notes should be read in conjunction with the audited financial statements and notes thereto included in the company’s Annual Report on Form 10-K for the year ended December 31, 2019.</p>
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CY2020Q1 us-gaap Restricted Cash And Cash Equivalents
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CY2019Q2 us-gaap Restricted Cash And Cash Equivalents
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CY2019Q1 us-gaap Restricted Cash And Cash Equivalents
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CY2018Q4 us-gaap Restricted Cash And Cash Equivalents
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us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
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us-gaap Earnings Per Share Diluted
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us-gaap Weighted Average Number Of Diluted Shares Outstanding
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Goodwill
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us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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CY2020Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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CY2020Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
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us-gaap Earnings Per Share Basic
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us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
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us-gaap Earnings Per Share Diluted
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CY2020Q2 us-gaap Derivative Fair Value Of Derivative Asset
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CY2019Q4 us-gaap Derivative Fair Value Of Derivative Asset
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CY2020Q2 us-gaap Derivative Fair Value Of Derivative Liability
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CY2019Q4 us-gaap Derivative Fair Value Of Derivative Liability
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CY2019Q2 us-gaap Derivative Excluded Component Gain Loss Recognized In Earnings
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us-gaap Derivative Excluded Component Gain Loss Recognized In Earnings
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us-gaap Derivative Excluded Component Gain Loss Recognized In Earnings
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32000
CY2020Q2 us-gaap Gain Loss From Components Excluded From Assessment Of Fair Value Hedge Effectiveness Net
GainLossFromComponentsExcludedFromAssessmentOfFairValueHedgeEffectivenessNet
-1200000
CY2019Q2 us-gaap Gain Loss From Components Excluded From Assessment Of Fair Value Hedge Effectiveness Net
GainLossFromComponentsExcludedFromAssessmentOfFairValueHedgeEffectivenessNet
1700000
us-gaap Gain Loss From Components Excluded From Assessment Of Fair Value Hedge Effectiveness Net
GainLossFromComponentsExcludedFromAssessmentOfFairValueHedgeEffectivenessNet
205000
us-gaap Gain Loss From Components Excluded From Assessment Of Fair Value Hedge Effectiveness Net
GainLossFromComponentsExcludedFromAssessmentOfFairValueHedgeEffectivenessNet
-519000
CY2020Q2 us-gaap Other Comprehensive Income Loss Cash Flow Hedge Gain Loss Before Reclassification And Tax
OtherComprehensiveIncomeLossCashFlowHedgeGainLossBeforeReclassificationAndTax
480000
CY2019Q2 us-gaap Other Comprehensive Income Loss Cash Flow Hedge Gain Loss Before Reclassification And Tax
OtherComprehensiveIncomeLossCashFlowHedgeGainLossBeforeReclassificationAndTax
88000
us-gaap Other Comprehensive Income Loss Cash Flow Hedge Gain Loss Before Reclassification And Tax
OtherComprehensiveIncomeLossCashFlowHedgeGainLossBeforeReclassificationAndTax
491000
us-gaap Other Comprehensive Income Loss Cash Flow Hedge Gain Loss Before Reclassification And Tax
OtherComprehensiveIncomeLossCashFlowHedgeGainLossBeforeReclassificationAndTax
147000
CY2020Q2 us-gaap Other Comprehensive Income Loss Cash Flow Hedge Gain Loss Reclassification Before Tax
OtherComprehensiveIncomeLossCashFlowHedgeGainLossReclassificationBeforeTax
236000
CY2019Q2 us-gaap Other Comprehensive Income Loss Cash Flow Hedge Gain Loss Reclassification Before Tax
OtherComprehensiveIncomeLossCashFlowHedgeGainLossReclassificationBeforeTax
157000
us-gaap Other Comprehensive Income Loss Cash Flow Hedge Gain Loss Reclassification Before Tax
OtherComprehensiveIncomeLossCashFlowHedgeGainLossReclassificationBeforeTax
198000
us-gaap Other Comprehensive Income Loss Cash Flow Hedge Gain Loss Reclassification Before Tax
OtherComprehensiveIncomeLossCashFlowHedgeGainLossReclassificationBeforeTax
440000
CY2020Q2 us-gaap Price Risk Cash Flow Hedge Unrealized Gain Loss To Be Reclassified During Next12 Months
PriceRiskCashFlowHedgeUnrealizedGainLossToBeReclassifiedDuringNext12Months
284000
stld Period With In Which Company Expects To Reclassify Net Gains On Derivative Instruments From Oci To Earnings
PeriodWithInWhichCompanyExpectsToReclassifyNetGainsOnDerivativeInstrumentsFromOciToEarnings
P12M
CY2020Q2 us-gaap Long Term Debt
LongTermDebt
2700000000
CY2019Q4 us-gaap Long Term Debt
LongTermDebt
2800000000
CY2020Q2 us-gaap Revenues
Revenues
2094305000
CY2020Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
158850000
CY2020Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
103045000
CY2020Q2 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
78721000
CY2020Q2 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
309716000
CY2020Q2 us-gaap Assets
Assets
8468341000
CY2019Q2 us-gaap Revenues
Revenues
2770515000
CY2019Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
285032000
CY2019Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
256960000
CY2019Q2 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
80911000
CY2019Q2 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
85120000
us-gaap Revenues
Revenues
4669405000
us-gaap Operating Income Loss
OperatingIncomeLoss
432536000
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
351301000
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
158980000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
527251000
us-gaap Revenues
Revenues
5587950000
us-gaap Operating Income Loss
OperatingIncomeLoss
576874000
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
524023000
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
161085000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
139556000

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