SCHN 2017 Annual Report

53 / Schnitzer Steel Industries, Inc. Form 10-K 2017 SCHNITZER STEEL INDUSTRIES, INC. CONSOLIDATED BALANCE SHEETS (in thousands) August 31, 2017 2016 Assets Current assets: Cash and cash equivalents $ 7,287 $ 26,819 Accounts receivable, net 138,998 113,952 Inventories 166,942 132,972 Refundable income taxes 2,366 1,254 Prepaid expenses and other current assets 22,357 24,809 Total current assets 337,950 299,806 Property, plant and equipment, net 390,629 392,820 Investments in joint ventures 11,204 13,616 Goodwill 167,835 166,847 Intangibles, net 4,424 4,931 Other assets 21,713 13,409 Total assets $ 933,755 $ 891,429 Liabilities and Equity Current liabilities: Short-term borrowings $ 721 $ 8,374 Accounts payable 94,674 58,439 Accrued payroll and related liabilities 41,593 29,116 Environmental liabilities 2,007 1,967 Accrued income taxes 9 — Other accrued liabilities 37,256 35,758 Total current liabilities 176,260 133,654 Deferred income taxes 19,147 16,682 Long-term debt, net of current maturities 144,403 184,144 Environmental liabilities, net of current portion 46,391 44,383 Other long-term liabilities 10,061 11,134 Total liabilities 396,262 389,997 Commitments and contingencies (Note 9) Schnitzer Steel Industries, Inc. (“SSI”) shareholders’ equity: Preferred stock – 20,000 shares $1.00 par value authorized, none issued — — Class A common stock – 75,000 shares $1.00 par value authorized, 26,859 and 26,482 shares issued and outstanding 26,859 26,482 Class B common stock – 25,000 shares $1.00 par value authorized, 200 and 306 shares issued and outstanding 200 306 Additional paid-in capital 38,050 30,948 Retained earnings 503,770 480,100 Accumulated other comprehensive loss (35,293) (40,115) Total SSI shareholders’ equity 533,586 497,721 Noncontrolling interests 3,907 3,711 Total equity 537,493 501,432 Total liabilities and equity $ 933,755 $ 891,429 See Notes to the Consolidated Financial Statements.