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Note 15 - Segment Information | 9 Months Ended
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Sep. 30, 2021
Notes to Financial Statements |
Segment Reporting Disclosure [Text Block] |
15. | Segment Information:
The Company follows the accounting guidance that requires the utilization of a “management approach” to define and report the financial results of operating segments. The management approach defines operating segments along the lines used by the Company’s chief operating decision maker (CODM) to assess performance and make operating and resource allocation decisions. The CODM evaluates performance and allocates resources based primarily on operating income (loss). The operating segments are based primarily on internal management reporting. The Company operates in three reportable segments: specialty metals flat products, carbon flat products, and tubular and pipe products. The specialty metals flat products segment and the carbon flat products segment are at times consolidated and referred to as the flat products segments, as certain of the flat products segments’ assets and resources are shared by the specialty metals and carbon flat products segments and both segments’ products are stored in the shared facilities and, in some locations, processed on shared equipment. Corporate expenses are reported as a separate line item for segment reporting purposes. Corporate expenses include the unallocated expenses related to managing the entire Company (i.e., all three segments), including compensation for certain personnel, expenses related to being a publicly traded entity such as board of directors’ expenses, audit expenses, and various other professional fees. The following table provides financial information by segment and reconciles the Company’s operating income by segment to the consolidated income before income taxes for the three and six months ended June 30, 2021 and 2020, respectively.
|  | For the Three Months Ended |  |  | For the Nine Months Ended |
|  | September 30, |  |  | September 30, |
(in thousands) |  | 2021 |  |  | 2020 |  |  | 2021 |  |  | 2020 |
Net sales |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Specialty metals flat products |  | $ | 164,179 |  |  | $ | 80,904 |  |  | $ | 428,533 |  |  | $ | 223,887 |
Carbon flat products |  |  | 404,596 |  |  |  | 167,948 |  |  |  | 976,480 |  |  |  | 511,726 |
Tubular and pipe products |  |  | 99,691 |  |  |  | 51,069 |  |  |  | 282,654 |  |  |  | 166,984 |
Total net sales |  | $ | 668,466 |  |  | $ | 299,921 |  |  | $ | 1,687,667 |  |  | $ | 902,597 |
Restructuring and other charges |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Specialty metals flat products |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | 27 |
Carbon flat products |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 3,559 |
Tubular and pipe products |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Corporate |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Total restructuring and other charges |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | 3,586 |
Depreciation and amortization |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Specialty metals flat products |  | $ | 858 |  |  | $ | 513 |  |  | $ | 2,662 |  |  | $ | 1,457 |
Carbon flat products |  |  | 2,698 |  |  |  | 2,852 |  |  |  | 8,570 |  |  |  | 8,932 |
Tubular and pipe products |  |  | 1,239 |  |  |  | 1,344 |  |  |  | 4,035 |  |  |  | 4,076 |
Corporate |  |  | 18 |  |  |  | 18 |  |  |  | 54 |  |  |  | 102 |
Total depreciation and amortization |  | $ | 4,813 |  |  | $ | 4,727 |  |  | $ | 15,321 |  |  | $ | 14,567 |
Operating income (loss) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Specialty metals flat products |  | $ | 24,663 |  |  | $ | 2,448 |  |  | $ | 46,387 |  |  | $ | 7,174 |
Carbon flat products |  |  | 37,164 |  |  |  | (1,604 | ) |  |  | 88,797 |  |  |  | (12,378 | )
Tubular and pipe products |  |  | 2,354 |  |  |  | 744 |  |  |  | 11,713 |  |  |  | 7,274 |
Corporate expenses |  |  | (2,021 | ) |  |  | (1,951 | ) |  |  | (10,711 | ) |  |  | (6,867 | )
Total operating income (loss) |  | $ | 62,160 |  |  | $ | (363 | ) |  | $ | 136,186 |  |  | $ | (4,797 | )
Other income (loss), net |  |  | (15 | ) |  |  | (25 | ) |  |  | (24 | ) |  |  | (68 | )
Income (loss) before interest and income taxes |  |  | 62,145 |  |  |  | (388 | ) |  |  | 136,162 |  |  |  | (4,865 | )
Interest and other expense on debt |  |  | 1,947 |  |  |  | 1,693 |  |  |  | 5,618 |  |  |  | 5,823 |
Income (loss) before income taxes |  | $ | 60,198 |  |  | $ | (2,081 | ) |  | $ | 130,544 |  |  | $ | (10,688 | )
|  | For the Nine Months Ended |
|  | September 30, |
(in thousands) |  | 2021 |  |  | 2020 |
Capital expenditures |  |  |  |  |  |  |  |
Flat products segments |  | $ | 6,172 |  |  | $ | 6,818 |
Tubular and pipe products |  |  | 1,566 |  |  |  | 1,150 |
Corporate |  |  | - |  |  |  | - |
Total capital expenditures |  | $ | 7,738 |  |  | $ | 7,968 |
|  | As of |
|  | September 30, |  |  | December 31, |
(in thouands) |  | 2021 |  |  | 2020 |
Assets |  |  |  |  |  |  |  |
Flat products segments |  | $ | 721,133 |  |  | $ | 404,269 |
Tubular and pipe products |  |  | 249,566 |  |  |  | 235,516 |
Corporate |  |  | 607 |  |  |  | 820 |
Total assets |  | $ | 971,306 |  |  | $ | 640,605 |
There were no material revenue transactions between the specialty metals products, carbon flat products and tubular and pipe products segments. On September 17, 2021, the Company sold substantially all of the assets related to its Detroit operation. The Detroit operation was primarily included in the carbon flat-rolled segment. The Company sells certain products internationally, primarily in Canada and Mexico. International sales are immaterial to the consolidated financial results and to the individual segments’ results.

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8924-108599 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 34 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8981-108599 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8721-108599 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 40 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9031-108599 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (f) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (e) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 26 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8844-108599 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9038-108599 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8736-108599 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 42 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9054-108599 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8657-108599 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8721-108599 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI http://asc.fasb.org/topic&trid=2134510 + Details
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