$STLD
STEEL DYNAMICS INC

2021 Q2 Form 10-Q Financial Statement

#000155837021009240 Filed on July 26, 2021

View on sec.gov

Income Statement

Concept 2021 Q2 2020 Q2
Revenue $4.465B $2.094B
YoY Change 113.21% -24.41%
Cost Of Revenue $3.266B $1.810B
YoY Change 80.43% -22.96%
Gross Profit $1.200B $284.4M
YoY Change 321.79% -32.47%
Gross Profit Margin 26.87% 13.58%
Selling, General & Admin $236.5M $118.4M
YoY Change 99.76% -13.03%
% of Gross Profit 19.71% 41.63%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $87.05M $78.72M
YoY Change 10.58% -2.71%
% of Gross Profit 7.26% 27.68%
Operating Expenses $244.0M $125.6M
YoY Change 94.23% -7.74%
Operating Profit $955.7M $158.9M
YoY Change 501.66% -44.27%
Interest Expense $14.90M $27.70M
YoY Change -46.22% -14.29%
% of Operating Profit 1.56% 17.44%
Other Income/Expense, Net -$10.04M -$28.10M
YoY Change -64.28% -761.4%
Pretax Income $930.8M $103.0M
YoY Change 803.29% -59.9%
Income Tax $218.6M $24.28M
% Of Pretax Income 23.48% 23.56%
Net Earnings $712.2M $78.77M
YoY Change 804.21% -59.97%
Net Earnings / Revenue 15.95% 3.76%
Basic Earnings Per Share $3.35 $0.36
Diluted Earnings Per Share $3.32 $0.36
COMMON SHARES
Basic Shares Outstanding 209.6M 210.3M
Diluted Shares Outstanding 211.2M 211.4M

Balance Sheet

Concept 2021 Q2 2020 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.114B $1.566B
YoY Change -28.88% 43.54%
Cash & Equivalents $1.114B $1.496B
Short-Term Investments $70.00M
Other Short-Term Assets $98.51M $39.04M
YoY Change 152.31% -36.25%
Inventory $2.482B $1.567B
Prepaid Expenses
Receivables $1.565B $841.6M
Other Receivables $0.00 $0.00
Total Short-Term Assets $5.265B $4.016B
YoY Change 31.1% -0.19%
LONG-TERM ASSETS
Property, Plant & Equipment $4.527B $3.587B
YoY Change 26.19% 21.72%
Goodwill $455.5M $451.2M
YoY Change 0.96% -14.29%
Intangibles $309.7M $313.5M
YoY Change -1.22% 22.32%
Long-Term Investments
YoY Change
Other Assets $130.1M $100.0M
YoY Change 30.06% -4.1%
Total Long-Term Assets $5.422B $4.452B
YoY Change 21.79% 16.12%
TOTAL ASSETS
Total Short-Term Assets $5.265B $4.016B
Total Long-Term Assets $5.422B $4.452B
Total Assets $10.69B $8.468B
YoY Change 26.2% 7.77%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.167B $696.8M
YoY Change 67.48% 35.02%
Accrued Expenses $200.8M $154.2M
YoY Change 30.22% 2.04%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $93.51M $73.93M
YoY Change 26.48% 2.49%
Total Short-Term Liabilities $1.852B $1.115B
YoY Change 66.06% 20.49%
LONG-TERM LIABILITIES
Long-Term Debt $3.016B $2.637B
YoY Change 14.4% 11.92%
Other Long-Term Liabilities $136.2M $73.24M
YoY Change 85.96% 4.33%
Total Long-Term Liabilities $3.153B $2.710B
YoY Change 16.34% 11.7%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.852B $1.115B
Total Long-Term Liabilities $3.153B $2.710B
Total Liabilities $5.657B $4.328B
YoY Change 30.69% 13.62%
SHAREHOLDERS EQUITY
Retained Earnings $5.783B $4.577B
YoY Change 26.36% 7.67%
Common Stock $1.211B $1.192B
YoY Change 1.61% 2.06%
Preferred Stock
YoY Change
Treasury Stock (at cost) $2.007B $1.624B
YoY Change 23.59% 19.92%
Treasury Stock Shares $61.31M $55.71M
Shareholders Equity $5.020B $4.145B
YoY Change
Total Liabilities & Shareholders Equity $10.69B $8.468B
YoY Change 26.2% 7.77%

Cashflow Statement

Concept 2021 Q2 2020 Q2
OPERATING ACTIVITIES
Net Income $712.2M $78.77M
YoY Change 804.21% -59.97%
Depreciation, Depletion And Amortization $87.05M $78.72M
YoY Change 10.58% -2.71%
Cash From Operating Activities $587.2M $486.0M
YoY Change 20.83% 34.45%
INVESTING ACTIVITIES
Capital Expenditures $277.2M $309.7M
YoY Change -10.5% 263.86%
Acquisitions
YoY Change
Other Investing Activities -$1.859M -$803.0K
YoY Change 131.51% -12.05%
Cash From Investing Activities -$275.3M -$159.3M
YoY Change 72.89% 546.42%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $393.2M
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -443.3M -65.39M
YoY Change 577.98% -57.9%
NET CHANGE
Cash From Operating Activities 587.2M 486.0M
Cash From Investing Activities -275.3M -159.3M
Cash From Financing Activities -443.3M -65.39M
Net Change In Cash -131.4M 261.4M
YoY Change -150.29% 43.97%
FREE CASH FLOW
Cash From Operating Activities $587.2M $486.0M
Capital Expenditures $277.2M $309.7M
Free Cash Flow $310.0M $176.3M
YoY Change 75.86% -36.21%

Facts In Submission

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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 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 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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CY2020Q2 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
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CY2019Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2021Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2020Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2021Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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1119244000
CY2020Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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us-gaap Interest Paid Net
InterestPaidNet
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us-gaap Interest Paid Net
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us-gaap Income Taxes Paid Net
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us-gaap Income Taxes Paid Net
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1948000
us-gaap Number Of Reportable Segments
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us-gaap Weighted Average Number Of Shares Outstanding Basic
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us-gaap Net Income Loss Available To Common Stockholders Diluted
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262836000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
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us-gaap Use Of Estimates
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<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;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; valuation allowances 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:10pt;margin:0pt;"><span style="visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:0pt;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">Note 1. Description of the Business and Significant Accounting Policies (Continued)</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;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, 2020.</p>
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CY2021Q1 us-gaap Restricted Cash And Cash Equivalents
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CY2020Q2 us-gaap Restricted Cash And Cash Equivalents
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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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3987508000
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CY2020Q2 us-gaap Derivative Excluded Component Gain Loss Recognized In Earnings
DerivativeExcludedComponentGainLossRecognizedInEarnings
2400
us-gaap Derivative Excluded Component Gain Loss Recognized In Earnings
DerivativeExcludedComponentGainLossRecognizedInEarnings
1600000
us-gaap Derivative Excluded Component Gain Loss Recognized In Earnings
DerivativeExcludedComponentGainLossRecognizedInEarnings
59000
CY2021Q2 us-gaap Gain Loss From Components Excluded From Assessment Of Fair Value Hedge Effectiveness Net
GainLossFromComponentsExcludedFromAssessmentOfFairValueHedgeEffectivenessNet
-3400000
CY2020Q2 us-gaap Gain Loss From Components Excluded From Assessment Of Fair Value Hedge Effectiveness Net
GainLossFromComponentsExcludedFromAssessmentOfFairValueHedgeEffectivenessNet
-1200000
us-gaap Gain Loss From Components Excluded From Assessment Of Fair Value Hedge Effectiveness Net
GainLossFromComponentsExcludedFromAssessmentOfFairValueHedgeEffectivenessNet
1900000
us-gaap Gain Loss From Components Excluded From Assessment Of Fair Value Hedge Effectiveness Net
GainLossFromComponentsExcludedFromAssessmentOfFairValueHedgeEffectivenessNet
205000
CY2021Q2 us-gaap Other Comprehensive Income Loss Cash Flow Hedge Gain Loss Before Reclassification And Tax
OtherComprehensiveIncomeLossCashFlowHedgeGainLossBeforeReclassificationAndTax
34800000
CY2020Q2 us-gaap Other Comprehensive Income Loss Cash Flow Hedge Gain Loss Before Reclassification And Tax
OtherComprehensiveIncomeLossCashFlowHedgeGainLossBeforeReclassificationAndTax
480000
us-gaap Other Comprehensive Income Loss Cash Flow Hedge Gain Loss Before Reclassification And Tax
OtherComprehensiveIncomeLossCashFlowHedgeGainLossBeforeReclassificationAndTax
44100000
us-gaap Other Comprehensive Income Loss Cash Flow Hedge Gain Loss Before Reclassification And Tax
OtherComprehensiveIncomeLossCashFlowHedgeGainLossBeforeReclassificationAndTax
491000
CY2021Q2 us-gaap Other Comprehensive Income Loss Cash Flow Hedge Gain Loss Reclassification Before Tax
OtherComprehensiveIncomeLossCashFlowHedgeGainLossReclassificationBeforeTax
2800000
CY2020Q2 us-gaap Other Comprehensive Income Loss Cash Flow Hedge Gain Loss Reclassification Before Tax
OtherComprehensiveIncomeLossCashFlowHedgeGainLossReclassificationBeforeTax
236000
us-gaap Other Comprehensive Income Loss Cash Flow Hedge Gain Loss Reclassification Before Tax
OtherComprehensiveIncomeLossCashFlowHedgeGainLossReclassificationBeforeTax
7200000
us-gaap Other Comprehensive Income Loss Cash Flow Hedge Gain Loss Reclassification Before Tax
OtherComprehensiveIncomeLossCashFlowHedgeGainLossReclassificationBeforeTax
198000
CY2021Q2 us-gaap Price Risk Cash Flow Hedge Unrealized Gain Loss To Be Reclassified During Next12 Months
PriceRiskCashFlowHedgeUnrealizedGainLossToBeReclassifiedDuringNext12Months
39400000
stld Period With In Which Company Expects To Reclassify Net Gains On Derivative Instruments From Oci To Earnings
PeriodWithInWhichCompanyExpectsToReclassifyNetGainsOnDerivativeInstrumentsFromOciToEarnings
P12M
CY2021Q2 us-gaap Long Term Debt
LongTermDebt
3100000000
CY2020Q4 us-gaap Long Term Debt
LongTermDebt
3100000000
CY2021Q2 us-gaap Revenues
Revenues
4465308000
CY2021Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
955735000
CY2021Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
930798000
CY2021Q2 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
87047000
CY2021Q2 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
277206000
CY2021Q2 us-gaap Assets
Assets
10687331000
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
us-gaap Revenues
Revenues
8009905000
us-gaap Operating Income Loss
OperatingIncomeLoss
1549934000
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
1497657000
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
173966000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
587069000
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

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