Document and Entity Information
Document and Entity Information | 9 Months Ended |
Sep. 30, 2023 shares | |
Cover [Abstract] | |
Document Type | 10-Q |
Amendment Flag | false |
Document Period End Date | Sep. 30, 2023 |
Document Fiscal Year Focus | 2023 |
Document Fiscal Period Focus | Q3 |
Trading Symbol | NUE |
Entity Registrant Name | NUCOR CORPORATION |
Entity Central Index Key | 0000073309 |
Current Fiscal Year End Date | --12-31 |
Entity Filer Category | Large Accelerated Filer |
Entity Emerging Growth Company | false |
Entity Small Business | false |
Entity Current Reporting Status | Yes |
Entity Shell Company | false |
Entity Interactive Data Current | Yes |
Title of 12(b) Security | Common Stock, par value $0.40 per share |
Security Exchange Name | NYSE |
Entity Incorporation, State or Country Code | DE |
Document Quarterly Report | true |
Document Transition Report | false |
Entity File Number | 1-4119 |
Entity Tax Identification Number | 13-1860817 |
Entity Address, Address Line One | 1915 Rexford Road |
Entity Address, City or Town | Charlotte |
Entity Address, State or Province | NC |
Entity Address, Postal Zip Code | 28211 |
City Area Code | 704 |
Local Phone Number | 366-7000 |
Entity Common Stock, Shares Outstanding | 245,838,999 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Earnings - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Oct. 01, 2022 | Sep. 30, 2023 | Oct. 01, 2022 | |
Income Statement [Abstract] | ||||
Net sales | $ 8,775,734 | $ 10,500,755 | $ 27,008,970 | $ 32,788,511 |
Costs, expenses and other: | ||||
Cost of products sold | 6,854,934 | 7,657,364 | 20,588,294 | 22,382,718 |
Marketing, administrative and other expenses | 385,768 | 486,560 | 1,229,051 | 1,574,355 |
Equity in losses (earnings) of unconsolidated affiliates | 1,083 | (8,438) | (3,671) | (23,246) |
Interest (income) expense, net | (14,133) | 42,347 | 648 | 143,245 |
Costs, expenses and other, total | 7,227,652 | 8,177,833 | 21,814,322 | 24,077,072 |
Earnings before income taxes and noncontrolling interests | 1,548,082 | 2,322,922 | 5,194,648 | 8,711,439 |
Provision for income taxes | 326,827 | 523,879 | 1,154,689 | 1,958,044 |
Net earnings before noncontrolling interests | 1,221,255 | 1,799,043 | 4,039,959 | 6,753,395 |
Earnings attributable to noncontrolling interests | 79,749 | 104,295 | 300,557 | 401,791 |
Net earnings attributable to Nucor stockholders | $ 1,141,506 | $ 1,694,748 | $ 3,739,402 | $ 6,351,604 |
Net earnings per share: | ||||
Basic | $ 4.58 | $ 6.51 | $ 14.86 | $ 23.9 |
Diluted | $ 4.57 | $ 6.5 | $ 14.83 | $ 23.85 |
Average shares outstanding: | ||||
Basic | 248,504 | 259,102 | 250,752 | 264,655 |
Diluted | 248,916 | 259,526 | 251,179 | 265,239 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2023 | Oct. 01, 2022 | Sep. 30, 2023 | Oct. 01, 2022 | |||||
Statement Of Comprehensive Income [Abstract] | ||||||||
Net earnings before noncontrolling interests | $ 1,221,255 | $ 1,799,043 | $ 4,039,959 | $ 6,753,395 | ||||
Other comprehensive income (loss): | ||||||||
Net unrealized (loss) income on hedging derivatives, net of income taxes of $(1,500) and $8,800 for the third quarter of 2023 and 2022, respectively, and $(10,700) and $30,700 for the first nine months of 2023 and 2022, respectively | (4,779) | 27,411 | (33,782) | 97,025 | ||||
Reclassification adjustment for settlement of hedging derivatives included in net earnings, net of income taxes of $1,100 and $(5,200) for the third quarter of 2023 and 2022, respectively, and $3,100 and $(11,700) for the first nine months of 2023 and 2022, respectively | 3,579 | [1] | (16,311) | [2] | 9,982 | [1] | (36,837) | [2] |
Foreign currency translation gain (loss), net of income taxes of $0 for the third quarter and first nine months of 2023 and 2022 | (18,655) | (43,843) | 12,490 | (48,459) | ||||
Net current-period other comprehensive income (loss) | (19,855) | (32,743) | (11,310) | 11,729 | ||||
Comprehensive income | 1,201,400 | 1,766,300 | 4,028,649 | 6,765,124 | ||||
Comprehensive income attributable to noncontrolling interests | 79,749 | 104,295 | 300,557 | 401,791 | ||||
Comprehensive income attributable to Nucor stockholders | $ 1,121,651 | $ 1,662,005 | $ 3,728,092 | $ 6,363,333 | ||||
[1] Includes $ 3,579 and $ 9,982 net-of-tax impact of accumulated other comprehensive income (loss) reclassifications into cost of products sold for net gains on commodity contracts in the third quarter and first nine months of 2023 , respectively. The tax impact of those reclassifications was $ 1,100 and $ 3,100 in the third quarter and first nine months of 2023 , respectively. Includes $( 16,311 ) and $( 36,837 ) net-of-tax impact of accumulated other comprehensive income (loss) reclassifications into cost of products sold for net gains on commodity contracts in the third quarter and first nine months of 2022 , respectively. The tax impact of those reclassifications was $( 5,200 ) and $( 11,700 ) in the third quarter and first nine months of 2022 , respectively. |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Oct. 01, 2022 | Sep. 30, 2023 | Oct. 01, 2022 | |
Statement Of Comprehensive Income [Abstract] | ||||
Net unrealized (loss) income on hedging derivatives, tax | $ (1,500) | $ 8,800 | $ (10,700) | $ 30,700 |
Reclassification adjustment for settlement of hedging derivatives included in net income, tax effect | 1,100 | (5,200) | 3,100 | (11,700) |
Foreign currency translation gain (loss), tax | $ 0 | $ 0 | $ 0 | $ 0 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Current assets: | ||
Cash and cash equivalents | $ 5,855,950 | $ 4,280,852 |
Short-term investments | 863,140 | 576,946 |
Accounts receivable, net | 3,427,697 | 3,591,030 |
Inventories, net | 5,246,365 | 5,453,531 |
Other current assets | 555,784 | 789,325 |
Total current assets | 15,948,936 | 14,691,684 |
Property, plant and equipment, net | 10,355,848 | 9,616,920 |
Restricted cash and cash equivalents | 12,832 | 80,368 |
Goodwill | 3,922,267 | 3,920,060 |
Other intangible assets, net | 3,146,973 | 3,322,265 |
Other assets | 880,930 | 847,913 |
Total assets | 34,267,786 | 32,479,210 |
Current liabilities: | ||
Short-term debt | 35,938 | 49,081 |
Current portion of long-term debt and finance lease obligations | 24,934 | 28,582 |
Accounts payable | 1,854,707 | 1,649,523 |
Salaries, wages and related accruals | 1,268,771 | 1,654,210 |
Accrued expenses and other current liabilities | 1,099,498 | 948,348 |
Total current liabilities | 4,283,848 | 4,329,744 |
Long-term debt and finance lease obligations due after one year | 6,620,586 | 6,613,687 |
Deferred credits and other liabilities | 1,854,270 | 1,965,873 |
Total liabilities | 12,758,704 | 12,909,304 |
Commitments and contingencies | ||
Nucor stockholders' equity: | ||
Common stock | 152,061 | 152,061 |
Additional paid-in capital | 2,165,635 | 2,143,520 |
Retained earnings | 28,110,225 | 24,754,873 |
Accumulated other comprehensive loss, net of income taxes | (148,827) | (137,517) |
Treasury stock | (9,813,377) | (8,498,243) |
Total Nucor stockholders' equity | 20,465,717 | 18,414,694 |
Noncontrolling interests | 1,043,365 | 1,155,212 |
Total equity | 21,509,082 | 19,569,906 |
Total liabilities and equity | $ 34,267,786 | $ 32,479,210 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2023 | Oct. 01, 2022 | |
Operating activities: | ||
Net earnings before noncontrolling interests | $ 4,039,959 | $ 6,753,395 |
Adjustments: | ||
Depreciation | 681,153 | 609,933 |
Amortization | 175,701 | 164,480 |
Stock-based compensation | 101,107 | 99,838 |
Deferred income taxes | (25,750) | (33,116) |
Distributions from affiliates | 18,621 | 25,571 |
Equity in earnings of unconsolidated affiliates | (3,671) | (23,246) |
Changes in assets and liabilities (exclusive of acquisitions and dispositions): | ||
Accounts receivable | 171,621 | (104,751) |
Inventories | 209,056 | 371,068 |
Accounts payable | 164,479 | (299,760) |
Federal income taxes | 240,667 | (302,335) |
Salaries, wages and related accruals | (347,026) | 121,243 |
Other operating activities | 165,692 | 156,201 |
Cash provided by operating activities | 5,591,609 | 7,538,521 |
Investing activities: | ||
Capital expenditures | (1,496,248) | (1,430,125) |
Investment in and advances to affiliates | (35,106) | (246) |
Sale of business | 99,681 | |
Disposition of plant and equipment | 8,617 | 27,278 |
Acquisitions (net of cash acquired) | (3,549,764) | |
Purchases of investments | (1,200,136) | (563,770) |
Proceeds from the sale of investments | 917,332 | 439,348 |
Other investing activities | (35,001) | (9,595) |
Cash used in investing activities | (1,840,542) | (4,987,193) |
Financing activities: | ||
Net change in short-term debt | (13,142) | (43,074) |
Proceeds from issuance of long-term debt, net of discount | 2,091,934 | |
Repayment of long-term debt | (7,500) | (1,108,500) |
Bond issuance costs | (13,138) | |
Proceeds from exercise of stock options | 10,350 | 21,604 |
Payment of tax withholdings on certain stock-based compensation | (44,456) | (62,869) |
Distributions to noncontrolling interests | (412,404) | (300,772) |
Cash dividends | (387,996) | (404,150) |
Acquisition of treasury stock | (1,376,757) | (2,359,971) |
Proceeds from government incentives | 275,000 | |
Other financing activities | (12,437) | (21,085) |
Cash used in financing activities | (2,244,342) | (1,925,021) |
Effect of exchange rate changes on cash | 837 | (5,221) |
Increase in cash and cash equivalents and restricted cash and cash equivalents | 1,507,562 | 621,086 |
Cash and cash equivalents and restricted cash and cash equivalents - beginning of year | 4,361,220 | 2,508,658 |
Cash and cash equivalents and restricted cash and cash equivalents - end of nine months | 5,868,782 | 3,129,744 |
Non-cash investing activity: | ||
Change in accrued plant and equipment purchases | $ 40,126 | $ (31,469) |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Oct. 01, 2022 | Sep. 30, 2023 | Oct. 01, 2022 | |
Pay vs Performance Disclosure | ||||
Net Income (Loss) | $ 1,141,506 | $ 1,694,748 | $ 3,739,402 | $ 6,351,604 |
Insider Trading Arrangements
Insider Trading Arrangements | 9 Months Ended |
Sep. 30, 2023 | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
Basis of Interim Presentation
Basis of Interim Presentation | 9 Months Ended |
Sep. 30, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Interim Presentation | 1. Basis of Interim Presentation The information furnished in this Item 1 reflects all adjustments which are, in the opinion of management, necessary to make a fair statement of the results for the interim periods presented and are of a normal and recurring nature unless otherwise noted. The information furnished has not been audited; however, the December 31, 2022 condensed consolidated balance sheet data was derived from audited financial statements but does not include all disclosures required by accounting principles generally accepted in the United States of America. The unaudited condensed consolidated financial statements included in this Item 1 should be read in conjunction with the audited consolidated financial statements and the notes thereto included in Nucor’s Annual Report on Form 10-K for the year ended December 31, 2022 . |
Inventories
Inventories | 9 Months Ended |
Sep. 30, 2023 | |
Inventory Disclosure [Abstract] | |
Inventories | 2. Inventories Inventories consisted of approximately 37 % raw materials and supplies and 63 % finished and semi-finished products at September 30, 2023 ( 37 % and 63 %, respectively, at December 31, 2022 ). Nucor’s manufacturing process consists of a continuous, vertically integrated process from which products are sold to customers at various stages throughout the process. Since most steel products can be classified as either finished or semi-finished products, these two categories of inventory are combined. |
Property, Plant and Equipment
Property, Plant and Equipment | 9 Months Ended |
Sep. 30, 2023 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | 3. Property, Plant and Equipment Property, plant and equipment is recorded net of accumulated depreciation of $ 11.66 billion at September 30, 2023 ($ 11.12 billion at December 31, 2022). |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 9 Months Ended |
Sep. 30, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | 4. Goodwill and Other Intangible Assets The change in the net carrying amount of goodwill for the nine months ended September 30, 2023 by segment was as follows (in thousands): Steel Mills Steel Products Raw Materials Total Balance at December 31, 2022 $ 675,186 $ 2,510,045 $ 734,829 $ 3,920,060 Acquisitions - ( 2,120 ) - ( 2,120 ) Translation - 4,327 - 4,327 Balance at September 30, 2023 $ 675,186 $ 2,512,252 $ 734,829 $ 3,922,267 Nucor completed its most recent annual goodwill impairment testing as of the first day of the fourth quarter of 2022 and concluded that as of such date there was no impairment of goodwill for any of its reporting units. The annual assessment performed in 2022 for one of the Company’s reporting units, Rebar Fabrication (which is included in the Steel Products segment), used forward-looking projections in future cash flows. The fair value of this reporting unit exceeded its carrying value by approximately 34 % in the most recent assessment. If our assessment of the relevant facts and circumstances changes, including if the expected future performance of this reporting unit declines from the most recent assessment, non-cash impairment charges may be required. Total goodwill associated with the Rebar Fabrication reporting unit was $ 351.5 million as of September 30, 2023 ($ 347.6 million as of December 31, 2022 ). An impairment of goodwill may also lead us to record an impairment of other intangible assets. Total finite-lived intangible assets associated with the Rebar Fabrication reporting unit were $ 31.3 million as of September 30, 2023 ($ 36.3 million as of December 31, 2022). There have been no triggering events requiring an interim assessment for impairment of the Rebar Fabrication reporting unit since the most recent annual goodwill impairment testing date. Intangible assets with estimated useful lives of five to 25 years are amortized on a straight-line or accelerated basis and consisted of the following as of September 30, 2023 and December 31, 2022 (in thousands): September 30, 2023 December 31, 2022 Gross Amount Accumulated Gross Amount Accumulated Customer relationships $ 4,175,065 $ 1,243,668 $ 4,174,724 $ 1,087,834 Trademarks and trade names 364,173 159,369 364,106 142,363 Other 109,747 98,975 109,746 96,114 $ 4,648,985 $ 1,502,012 $ 4,648,576 $ 1,326,311 Intangible asset amortization expense in the third quarter of 2023 and 2022 was $ 58.5 million and $ 77.2 million, respectively, and $ 175.7 million and $ 164.5 million in the first nine months of 2023 and 2022, respectively. Annual amortization expense is estimated to be $ 232.8 million in 2023 ; $ 233.3 million in 2024; $ 232.3 million in 2025; $ 229.4 million in 2026; and $ 225.1 million in 2027. |
Current Liabilities
Current Liabilities | 9 Months Ended |
Sep. 30, 2023 | |
Payables and Accruals [Abstract] | |
Current Liabilities | 5. Current Liabilities Book overdrafts, included in accounts payable in the condensed consolidated balance sheets, were $ 155.2 million at September 30, 2023 ($ 163.6 million at December 31, 2022 ). Dividends payable, included in accrued expenses and other current liabilities in the condensed consolidated balance sheets, were $ 126.6 million at September 30, 2023 ($ 130.5 million at December 31, 2022 ). |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Sep. 30, 2023 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 6. Fair Value Measurements The following table summarizes information regarding Nucor’s financial assets and financial liabilities that were measured at fair value as of September 30, 2023 and December 31, 2022 (in thousands). Nucor does not have any non-financial assets or non-financial liabilities that are measured at fair value on a recurring basis. Fair Value Measurements at Reporting Date Using Description Carrying Quoted Prices Significant Significant As of September 30, 2023 Assets: Cash equivalents $ 5,224,958 $ 5,224,958 $ - $ - Short-term investments 863,140 863,140 - - Restricted cash and cash equivalents 12,832 12,832 - - Derivative contracts 4,345 - 4,345 - Total assets $ 6,105,276 $ 6,100,931 $ 4,345 $ - Liabilities: Derivative contracts $ ( 3,027 ) $ - $ ( 3,027 ) $ - As of December 31, 2022 Assets: Cash equivalents $ 3,182,631 $ 3,182,631 $ - $ - Short-term investments 576,946 576,946 - - Restricted cash and cash equivalents 80,368 80,368 - - Derivative contracts 34,400 - 34,400 - Total assets $ 3,874,345 $ 3,839,945 $ 34,400 $ - Liabilities: Derivative contracts $ ( 1,370 ) $ - $ ( 1,370 ) $ - Fair value measurements for Nucor’s cash equivalents, short-term investments and restricted cash and cash equivalents are classified under Level 1 because such measurements are based on quoted market prices in active markets for identical assets. Our short-term investments at September 30, 2023 consisted of certificates of deposit, commercial paper and corporate notes. Fair value measurements for Nucor’s derivatives, which are typically commodity or foreign exchange contracts, are classified under Level 2 because such measurements are based on published market prices for similar assets or are estimated based on observable inputs such as interest rates, yield curves, credit risks, spot and future commodity prices, and spot and future exchange rates. There were no transfers between the levels in the fair value hierarchy for the periods presented. The fair value of short-term and long-term debt, including current maturities, was approximately $ 5.77 billion at September 30, 2023 (approximately $ 5.93 billion at December 31, 2022). The debt fair value estimates are classified under Level 2 because such estimates are based on readily available market prices of our debt at September 30, 2023 and December 31, 2022 , or similar debt with the same maturities, ratings and interest rates. |
Contingencies
Contingencies | 9 Months Ended |
Sep. 30, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contingencies | 7. Contingencies We are from time to time a party to various lawsuits, claims and other legal proceedings that arise in the ordinary course of business. With respect to all such lawsuits, claims and proceedings, we record reserves when it is probable a liability has been incurred and the amount of loss can be reasonably estimated. We do not believe that any of these proceedings, individually or in the aggregate, would be expected to have a material adverse effect on our results of operations, financial position or cash flows. Nucor maintains liability insurance with self-insurance limits for certain risks. |
Stock-Based Compensation
Stock-Based Compensation | 9 Months Ended |
Sep. 30, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Stock-Based Compensation | 8. Stock-Based Compensation Stock Options A summary of activity under Nucor’s stock option plans for the first nine months of 2023 is as follows (shares and aggregate intrinsic value in thousands): Weighted- Weighted- Average Average Aggregate Exercise Remaining Intrinsic Shares Price Contractual Life Value Number of shares under stock options: Outstanding at beginning of year 837 $ 66.76 Granted 91 $ 133.03 Exercised ( 181 ) $ 57.10 $ 20,865 Canceled - $ - Outstanding at September 30, 2023 747 $ 77.16 7.3 years $ 59,133 Stock options exercisable at September 30, 2023 462 $ 48.31 6.4 years $ 49,910 Co mpensation expense for stock options was $ 0.4 million and $ 0.5 million in the third quarter of 2023 and 2022 , respectively, and $ 4.3 million and $ 4.9 million in the first nine months of 2023 and 2022, respectively. As of September 30, 2023 , unrecognized compensation expense related to stock options was $ 2.4 million, which we expect to recognize over a weighted-average period of 2.0 years. Restricted Stock Units A summary of Nucor’s restricted stock unit (“RSU”) activity for the first nine months of 2023 is as follows (shares in thousands): Shares Grant Date Restricted stock units: Unvested at beginning of year 1,003 $ 98.66 Granted 831 $ 133.03 Vested ( 870 ) $ 102.72 Canceled ( 12 ) $ 103.58 Unvested at September 30, 2023 952 $ 124.91 Compensation expense for RSUs was $ 14.0 million and $ 16.3 million in the third quarter of 2023 and 2022 , respectively, and $ 74.7 million and $ 67.2 million in the first nine months of 2023 and 2022, respectively. As of September 30, 2023 , unrecognized compensation expense related to unvested RSUs was $ 97.6 million, which we expect to recognize over a weighted-average period of 1.5 years. Restricted Stock Awards A summary of Nucor’s restricted stock activity under the Nucor Corporation Senior Officers Annual Incentive Plan (a supplement to the Nucor Corporation 2014 Omnibus Incentive Compensation Plan, the “AIP”) and the Nucor Corporation Senior Officers Long-Term Incentive Plan (a supplement to the Nucor Corporation 2014 Omnibus Incentive Compensation Plan, the “LTIP”) for the first nine months of 2023 is as follows (shares in thousands): Grant Date Shares Fair Value Restricted stock units and restricted stock awards: Unvested at beginning of year 209 $ 108.55 Granted 414 $ 171.38 Vested ( 406 ) $ 152.68 Canceled ( 7 ) $ 154.05 Unvested at September 30, 2023 210 $ 145.55 Compensation expense for common stock and common stock units awarded under the AIP and the LTIP is recorded over the performance measurement and vesting periods based on the anticipated number and market value of shares of common stock and common stock units to be awarded. Compensation expense for anticipated awards based upon Nucor’s financial performance, exclusive of amounts payable in cash, was $ 3.1 million and $ 8.9 million in the third quarter of 2023 and 2022 , respectively, and $ 22.5 million and $ 27.7 million in the first nine months of 2023 and 2022, respectively. As of September 30, 2023 , unrecognized compensation expense related to unvested restricted stock awards was $ 9.1 million, which we expect to recognize over a weighted-average period of 1.8 years. |
Employee Benefit Plan
Employee Benefit Plan | 9 Months Ended |
Sep. 30, 2023 | |
Retirement Benefits [Abstract] | |
Employee Benefit Plan | 9. Employee Benefit Plan Nucor makes contributions to a Profit Sharing and Retirement Savings Plan for qualified employees based on the profitability of the Company. Nucor’s expense for these benefits totaled $ 148.6 m illion and $ 214.4 million in the third quarter of 2023 and 2022, respectively, and $ 505.2 million and $ 834.3 million in the first nine months of 2023 and 2022 , respectively. The related liability for these benefits is included in salaries, wages and related accruals in the condensed consolidated balance sheets. |
Interest (Income) Expense
Interest (Income) Expense | 9 Months Ended |
Sep. 30, 2023 | |
Banking and Thrift, Interest [Abstract] | |
Interest (Income) Expense | 10. Interest (Income) Expense The components of net interest (income) expense for the third quarter and first nine months of 2023 and 2022 are as follows (in thousands): Three Months (13 Weeks) Ended Nine Months (39 Weeks) Ended September 30, 2023 October 1, 2022 September 30, 2023 October 1, 2022 Interest expense $ 63,228 $ 54,569 $ 186,716 $ 162,159 Interest income ( 77,361 ) ( 12,222 ) ( 186,068 ) ( 18,914 ) Interest (income) expense, net $ ( 14,133 ) $ 42,347 $ 648 $ 143,245 |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2023 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 11. Income Taxes The effective tax rate for the third quarter of 2023 was 21.1 % compared to 22.6 % for the third quarter of 2022.The decrease in the effective tax rate for the third quarter of 2023 as compared to the third quarter of 2022 was primarily due to increased federal tax credits and the change in relative proportions of net earnings attributable to noncontrolling interests to total pre-tax earnings between the periods . The Internal Revenue Service (the “IRS”) is currently examining Nucor’s 2015, 2019, and 2020 federal income tax returns. Nucor has concluded U.S. federal income tax matters for the tax years through 2014, and for the tax years 2016 and 2018. The tax years 2017, 2021, and 2022 remain open to examination by the IRS. The 2015 through 2021 Canadian income tax returns for Harris Steel Group Inc. and certain related affiliates are currently under examination by the Canada Revenue Agency. The tax years 2016 through 2022 remain open to examination by other major taxing jurisdictions to which Nucor is subject (primarily Canada, Trinidad & Tobago, and other state and local jurisdictions). Non-current deferred tax assets included in other assets in the condensed consolidated balance sheets were $ 9.4 million at September 30, 2023 ($ 19.3 million at December 31, 2022). Non-current deferred tax liabilities included in deferred credits and other liabilities in the condensed consolidated balance sheets were $ 1.26 billion at September 30, 2023 ($ 1.30 billion at December 31, 2022). |
Stockholders' Equity
Stockholders' Equity | 9 Months Ended |
Sep. 30, 2023 | |
Equity [Abstract] | |
Stockholders' Equity | 12. Stockholders’ Equity The following tables reflect the changes in stockholders’ equity attributable to Nucor and the noncontrolling interests of Nucor’s joint ventures, Nucor-Yamato Steel Company (Limited Partnership) (“NYS”) and California Steel Industries, Inc. (“CSI”), in both of which Nucor owns 51 %, for the three months and nine months ended September 30, 2023 and October 1, 2022 (in thousands): Three Months (13 Weeks) Ended September 30, 2023 Accumulated Total Additional Other Treasury Stock Nucor Common Stock Paid-in Retained Comprehensive (at cost) Stockholders' Noncontrolling Total Shares Amount Capital Earnings Income (Loss) Shares Amount Equity Interests BALANCES, July 1, 2023 $ 20,940,928 380,154 $ 152,061 $ 2,149,693 $ 27,095,661 $ ( 128,972 ) 131,431 $ ( 9,314,764 ) $ 19,953,679 $ 987,249 Net earnings before noncontrolling interests 1,221,255 - - - 1,141,506 - - - 1,141,506 79,749 Other comprehensive income (loss) ( 19,855 ) - - - - ( 19,855 ) - - ( 19,855 ) - Stock options exercised 3,227 - - ( 386 ) - - ( 50 ) 3,613 3,227 - Stock option expense 392 - - 392 - - - - 392 - Issuance of stock under award plans, 16,353 - - 14,337 - - ( 28 ) 2,016 16,353 - Amortization of unearned 1,599 - - 1,599 - - - - 1,599 - Treasury stock acquired and net impact of excise tax ( 504,242 ) - - - - - 2,962 ( 504,242 ) ( 504,242 ) - Cash dividends declared ( 126,942 ) - - - ( 126,942 ) - - - ( 126,942 ) - Distributions to noncontrolling ( 23,633 ) - - - - - - - - ( 23,633 ) BALANCES, September 30, 2023 $ 21,509,082 380,154 $ 152,061 $ 2,165,635 $ 28,110,225 $ ( 148,827 ) 134,315 $ ( 9,813,377 ) $ 20,465,717 $ 1,043,365 Nine Months (39 Weeks) Ended September 30, 2023 Accumulated Total Additional Other Treasury Stock Nucor Common Stock Paid-in Retained Comprehensive (at cost) Stockholders' Noncontrolling Total Shares Amount Capital Earnings Income (Loss) Shares Amount Equity Interests BALANCES, December 31, 2022 $ 19,569,906 380,154 $ 152,061 $ 2,143,520 $ 24,754,873 $ ( 137,517 ) 126,661 $ ( 8,498,243 ) $ 18,414,694 $ 1,155,212 Net earnings before noncontrolling interests 4,039,959 - - - 3,739,402 - - - 3,739,402 300,557 Other comprehensive income (loss) ( 11,310 ) - - - - ( 11,310 ) - - ( 11,310 ) - Stock options exercised 10,350 - - ( 2,135 ) - - ( 181 ) 12,485 10,350 - Stock option expense 4,314 - - 4,314 - - - - 4,314 - Issuance of stock under award plans, 76,322 - - 15,072 - - ( 917 ) 61,250 76,322 - Amortization of unearned 4,864 - - 4,864 - - - - 4,864 - Treasury stock acquired and net impact of excise tax ( 1,388,869 ) - - - - - 8,752 ( 1,388,869 ) ( 1,388,869 ) - Cash dividends declared ( 384,050 ) - - - ( 384,050 ) - - - ( 384,050 ) - Distributions to noncontrolling ( 412,404 ) - - - - - - - - ( 412,404 ) BALANCES, September 30, 2023 $ 21,509,082 380,154 $ 152,061 $ 2,165,635 $ 28,110,225 $ ( 148,827 ) 134,315 $ ( 9,813,377 ) $ 20,465,717 $ 1,043,365 Three Months (13 Weeks) Ended October 1, 2022 Accumulated Total Additional Other Treasury Stock Nucor Common Stock Paid-in Retained Comprehensive (at cost) Stockholders' Noncontrolling Total Shares Amount Capital Earnings Income (Loss) Shares Amount Equity Interests BALANCES, July 2, 2022 $ 17,852,808 380,154 $ 152,061 $ 2,115,178 $ 22,064,383 $ ( 70,810 ) 118,368 $ ( 7,452,168 ) $ 16,808,644 $ 1,044,164 Net earnings before noncontrolling interests 1,799,043 - - - 1,694,748 - - - 1,694,748 104,295 Other comprehensive income (loss) ( 32,743 ) - - - - ( 32,743 ) - - ( 32,743 ) - Stock options exercised 2,784 - - ( 1,181 ) - - ( 62 ) 3,965 2,784 - Stock option expense 475 - - 475 - - - - 475 - Issuance of stock under award plans, 15,009 - - 12,949 - - ( 31 ) 2,060 15,009 - Amortization of unearned 1,100 - - 1,100 - - - - 1,100 - Treasury stock acquired ( 652,078 ) - - - - - 5,334 ( 652,078 ) ( 652,078 ) - Cash dividends declared ( 129,482 ) - - - ( 129,482 ) - - - ( 129,482 ) - Distributions to noncontrolling ( 32,237 ) - - - - - - - - ( 32,237 ) BALANCES, October 1, 2022 $ 18,824,679 380,154 $ 152,061 $ 2,128,521 $ 23,629,649 $ ( 103,553 ) 123,609 $ ( 8,098,221 ) $ 17,708,457 $ 1,116,222 Nine Months (39 Weeks) Ended October 1, 2022 Accumulated Total Additional Other Treasury Stock Nucor Common Stock Paid-in Retained Comprehensive (at cost) Stockholders' Noncontrolling Total Shares Amount Capital Earnings Income (Loss) Shares Amount Equity Interests BALANCES, December 31, 2021 $ 14,603,794 380,154 $ 152,061 $ 2,140,608 $ 17,674,100 $ ( 115,282 ) 107,742 $ ( 5,835,098 ) $ 14,016,389 $ 587,405 Net earnings before noncontrolling interests 6,753,395 - - - 6,351,604 - - - 6,351,604 401,791 Other comprehensive income (loss) 11,729 - - - - 11,729 - - 11,729 - Stock options exercised 21,604 - - ( 2,489 ) - - ( 421 ) 24,093 21,604 - Stock option expense 4,897 - - 4,897 - - - - 4,897 - Issuance of stock under award plans, 54,560 - - ( 18,195 ) - - ( 1,194 ) 72,755 54,560 - Amortization of unearned 3,700 - - 3,700 - - - - 3,700 - Treasury stock acquired ( 2,359,971 ) - - - - - 17,482 ( 2,359,971 ) ( 2,359,971 ) - Cash dividends declared ( 396,055 ) - - - ( 396,055 ) - - - ( 396,055 ) - Distributions to noncontrolling ( 300,772 ) - - - - - - - - ( 300,772 ) Acquisition of noncontrolling interest in CSI 427,798 - - - - - - - - 427,798 BALANCES, October 1, 2022 $ 18,824,679 380,154 $ 152,061 $ 2,128,521 $ 23,629,649 $ ( 103,553 ) 123,609 $ ( 8,098,221 ) $ 17,708,457 $ 1,116,222 Dividends declared per share were $ 0.51 per share in the third quarter of 2023 ($ 0.50 per share in the third quarter of 2022 ) and $ 1.53 per share in the first nine months of 2023 ($ 1.50 per share in the first nine months of 2022). On May 11, 2023, the Company announced that its Board of Directors had approved a new share repurchase program under which the Company is authorized to repurchase up to $ 4.00 billion of the Company’s common stock and terminated all previously authorized share repurchase programs. Share repurchases will be made from time to time in the open market at prevailing market prices or through private transactions or block trades. The timing and amount of repurchases will depend on market conditions, share price, applicable legal requirements and other factors. The share repurchase authorization is discretionary and has no expiration date. As of September 30, 2023 , the Company had approximately $ 3.50 billion available for share repurchases under the program authorized by the Company’s Board of Directors. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) | 9 Months Ended |
Sep. 30, 2023 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Income (Loss) | 13. Accumulated Other Comprehensive Income (Loss) The following tables reflect the changes in accumulated other comprehensive income (loss) by component for the three months and nine months ended September 30, 2023 and October 1, 2022 (in thousands): Three-Month (13-Week) Period Ended September 30, 2023 Gains and (Losses) on Foreign Currency Adjustment to Early Hedging Derivatives Gains (Losses) Retiree Medical Plan Total Accumulated other comprehensive $ 3,500 $ ( 149,071 ) $ 16,599 $ ( 128,972 ) Other comprehensive income ( 4,779 ) ( 18,655 ) - ( 23,434 ) Amounts reclassified from (1) 3,579 - - 3,579 Net current-period other ( 1,200 ) ( 18,655 ) - ( 19,855 ) Accumulated other comprehensive $ 2,300 $ ( 167,726 ) $ 16,599 $ ( 148,827 ) Nine-Month (39-Week) Period Ended September 30, 2023 Gains and (Losses) on Foreign Currency Adjustment to Early Hedging Derivatives Gains (Losses) Retiree Medical Plan Total Accumulated other comprehensive $ 26,100 $ ( 180,216 ) $ 16,599 $ ( 137,517 ) Other comprehensive income ( 33,782 ) 12,490 - ( 21,292 ) Amounts reclassified from (1) 9,982 - - 9,982 Net current-period other ( 23,800 ) 12,490 - ( 11,310 ) Accumulated other comprehensive $ 2,300 $ ( 167,726 ) $ 16,599 $ ( 148,827 ) (1) Includes $ 3,579 and $ 9,982 net-of-tax impact of accumulated other comprehensive income (loss) reclassifications into cost of products sold for net gains on commodity contracts in the third quarter and first nine months of 2023 , respectively. The tax impact of those reclassifications was $ 1,100 and $ 3,100 in the third quarter and first nine months of 2023 , respectively. Three-Month (13-Week) Period Ended October 1, 2022 Gains and (Losses) on Foreign Currency Adjustment to Early Hedging Derivatives Gains (Losses) Retiree Medical Plan Total Accumulated other comprehensive $ 50,200 $ ( 129,484 ) $ 8,474 $ ( 70,810 ) Other comprehensive income (loss) 27,411 ( 43,843 ) - ( 16,432 ) Amounts reclassified from (2) ( 16,311 ) - - ( 16,311 ) Net current-period other 11,100 ( 43,843 ) - ( 32,743 ) Accumulated other comprehensive $ 61,300 $ ( 173,327 ) $ 8,474 $ ( 103,553 ) Nine-Month (39-Week) Period Ended October 1, 2022 Gains and (Losses) on Foreign Currency Adjustment to Early Hedging Derivatives Gains (Losses) Retiree Medical Plan Total Accumulated other comprehensive $ 1,112 $ ( 124,868 ) $ 8,474 $ ( 115,282 ) Other comprehensive income (loss) 97,025 ( 48,459 ) - 48,566 Amounts reclassified from (2) ( 36,837 ) - - ( 36,837 ) Net current-period other 60,188 ( 48,459 ) - 11,729 Accumulated other comprehensive $ 61,300 $ ( 173,327 ) $ 8,474 $ ( 103,553 ) (2) Includes $( 16,311 ) and $( 36,837 ) net-of-tax impact of accumulated other comprehensive income (loss) reclassifications into cost of products sold for net gains on commodity contracts in the third quarter and first nine months of 2022 , respectively. The tax impact of those reclassifications was $( 5,200 ) and $( 11,700 ) in the third quarter and first nine months of 2022 , respectively. |
Segments
Segments | 9 Months Ended |
Sep. 30, 2023 | |
Segment Reporting [Abstract] | |
Segments | 14. Segments Nucor reports its results in the following segments: steel mills, steel products and raw materials. The steel mills segment includes carbon and alloy steel in sheet, bars, structural and plate; steel trading and rebar distribution businesses; and Nucor’s equity method investments in NuMit LLC (“NuMit”) and Nucor-JFE Steel Mexico, S. de R.L. de C.V. ("NJSM"). The steel products segment includes steel joists and joist girders, steel deck, fabricated concrete reinforcing steel, cold finished steel, precision castings, steel fasteners, metal building systems, insulated metal panels, overhead doors, steel grating, tubular products, steel racking, piling products, wire and wire mesh, and utility towers and structures. The raw materials segment includes The David J. Joseph Company and its affiliates (“DJJ”), primarily a scrap broker and processor; Nu-Iron Unlimited and Nucor Steel Louisiana LLC (“Nucor Steel Louisiana”), two facilities that produce direct reduced iron (“DRI”) used by the steel mills; and our natural gas production operations. Corporate/eliminations include items such as net interest expense on long-term debt, charges and credits associated with changes in allowances to eliminate intercompany profit in inventory, profit sharing expense and stock-based compensation. Corporate assets primarily include cash and cash equivalents, short-term investments, restricted cash and cash equivalents, allowances to eliminate intercompany profit in inventory, deferred income tax assets, federal and state income taxes receivable and investments in and advances to affiliates. Nucor’s results by segment for the third quarter and first nine months of 2023 and 2022 were as follows (in thousands): Three Months (13 Weeks) Ended Nine Months (39 Weeks) Ended September 30, 2023 October 1, 2022 September 30, 2023 October 1, 2022 Net sales to external customers: Steel mills $ 5,091,479 $ 5,908,153 $ 15,636,508 $ 19,682,829 Steel products 3,235,969 4,087,107 9,954,828 11,253,143 Raw materials 448,286 505,495 1,417,634 1,852,539 $ 8,775,734 $ 10,500,755 $ 27,008,970 $ 32,788,511 Intercompany sales: Steel mills $ 1,201,648 $ 1,486,378 $ 3,726,346 $ 4,843,199 Steel products 132,481 139,146 333,099 391,141 Raw materials 2,894,079 3,690,120 9,653,600 11,382,329 Corporate/eliminations ( 4,228,208 ) ( 5,315,644 ) ( 13,713,045 ) ( 16,616,669 ) $ - $ - $ - $ - Earnings before income taxes and Steel mills $ 882,614 $ 1,287,855 $ 3,124,549 $ 6,682,432 Steel products 806,731 1,196,845 2,788,322 3,011,644 Raw materials 71,367 279,189 267,918 638,640 Corporate/eliminations ( 212,630 ) ( 440,967 ) ( 986,141 ) ( 1,621,277 ) $ 1,548,082 $ 2,322,922 $ 5,194,648 $ 8,711,439 September 30, 2023 December 31, 2022 Segment assets: Steel mills $ 14,786,460 $ 14,157,229 Steel products 11,199,598 12,087,145 Raw materials 3,287,907 3,383,114 Corporate/eliminations 4,993,821 2,851,722 $ 34,267,786 $ 32,479,210 |
Revenue
Revenue | 9 Months Ended |
Sep. 30, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Revenue | 15. Revenue The following tables disaggregate our revenue by major source for the third quarter and first nine months of 2023 and 2022 (in thousands): Three Months (13 Weeks) Ended September 30, 2023 Nine Months (39 Weeks) Ended September 30, 2023 Steel Steel Raw Total Steel Steel Raw Total Sheet $ 2,351,705 $ - $ - $ 2,351,705 $ 7,100,216 $ - $ - $ 7,100,216 Bar 1,448,433 - - 1,448,433 4,646,285 - - 4,646,285 Structural 626,633 - - 626,633 1,846,892 - - 1,846,892 Plate 664,708 - - 664,708 2,043,115 - - 2,043,115 Tubular Products - 370,472 - 370,472 - 1,246,006 - 1,246,006 Rebar Fabrication - 604,684 - 604,684 - 1,718,615 - 1,718,615 Joist - 528,018 - 528,018 - 1,802,809 - 1,802,809 Deck - 411,352 - 411,352 - 1,370,570 - 1,370,570 Other Steel Products - 1,321,443 - 1,321,443 - 3,816,828 - 3,816,828 Raw Materials - - 448,286 448,286 - - 1,417,634 1,417,634 $ 5,091,479 $ 3,235,969 $ 448,286 $ 8,775,734 $ 15,636,508 $ 9,954,828 $ 1,417,634 $ 27,008,970 Three Months (13 Weeks) Ended October 1, 2022 Nine Months (39 Weeks) Ended October 1, 2022 Steel Steel Raw Total Steel Steel Raw Total Sheet $ 2,712,426 $ - $ - $ 2,712,426 $ 9,511,822 $ - $ - $ 9,511,822 Bar 1,761,335 - - 1,761,335 5,581,529 - - 5,581,529 Structural 785,930 - - 785,930 2,352,322 - - 2,352,322 Plate 648,462 - - 648,462 2,237,156 - - 2,237,156 Tubular Products - 459,427 - 459,427 - 1,583,818 - 1,583,818 Rebar Fabrication - 628,923 - 628,923 - 1,653,155 - 1,653,155 Joist - 789,249 - 789,249 - 2,089,366 - 2,089,366 Deck - 634,901 - 634,901 - 1,768,224 - 1,768,224 Other Steel Products - 1,574,607 - 1,574,607 - 4,158,580 - 4,158,580 Raw Materials - - 505,495 505,495 - - 1,852,539 1,852,539 $ 5,908,153 $ 4,087,107 $ 505,495 $ 10,500,755 $ 19,682,829 $ 11,253,143 $ 1,852,539 $ 32,788,511 Contract liabilities are primarily related to deferred revenue resulting from cash payments received in advance from customers to protect against credit risk. Contract liabilities totaled $ 333.5 million as of September 30, 2023 ($ 285.0 million as of December 31, 2022 ) and are included in accrued expenses and other current liabilities in the condensed consolidated balance sheets. |
Earnings Per Share
Earnings Per Share | 9 Months Ended |
Sep. 30, 2023 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | 16. Earnings Per Share The computations of basic and diluted net earnings per share for the third quarter and first nine months of 2023 and 2022 are as follows (in thousands, except per share amounts): Three Months (13 Weeks) Ended Nine Months (39 Weeks) Ended September 30, 2023 October 1, 2022 September 30, 2023 October 1, 2022 Basic net earnings per share: Basic net earnings $ 1,141,506 $ 1,694,748 $ 3,739,402 $ 6,351,604 Earnings allocated to participating securities ( 4,501 ) ( 6,893 ) ( 13,788 ) ( 26,238 ) Net earnings available to common $ 1,137,005 $ 1,687,855 $ 3,725,614 $ 6,325,366 Basic average shares outstanding 248,504 259,102 250,752 264,655 Basic net earnings per share $ 4.58 $ 6.51 $ 14.86 $ 23.90 Diluted net earnings per share: Diluted net earnings $ 1,141,506 $ 1,694,748 $ 3,739,402 $ 6,351,604 Earnings allocated to participating securities ( 4,488 ) ( 6,872 ) ( 13,747 ) ( 26,145 ) Net earnings available to common $ 1,137,018 $ 1,687,876 $ 3,725,655 $ 6,325,459 Diluted average shares outstanding: Basic average shares outstanding 248,504 259,102 250,752 264,655 Dilutive effect of stock options and other 412 424 427 584 248,916 259,526 251,179 265,239 Diluted net earnings per share $ 4.57 $ 6.50 $ 14.83 $ 23.85 The following stock options were excluded from the computation of diluted net earnings per share for the third quarter and first nine months of 2023 and 2022 because their effect would have been anti-dilutive (shares in thousands): Three Months (13 Weeks) Ended Nine Months (39 Weeks) Ended September 30, 2023 October 1, 2022 September 30, 2023 October 1, 2022 Anti-dilutive stock options: Weighted-average shares - 98 - 33 Weighted-average exercise price $ - $ 130.71 $ - $ 130.71 |
Goodwill and Other Intangible_2
Goodwill and Other Intangible Assets (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Change in Net Carrying Amount of Goodwill by Segment | The change in the net carrying amount of goodwill for the nine months ended September 30, 2023 by segment was as follows (in thousands): Steel Mills Steel Products Raw Materials Total Balance at December 31, 2022 $ 675,186 $ 2,510,045 $ 734,829 $ 3,920,060 Acquisitions - ( 2,120 ) - ( 2,120 ) Translation - 4,327 - 4,327 Balance at September 30, 2023 $ 675,186 $ 2,512,252 $ 734,829 $ 3,922,267 |
Schedule of Intangible Assets | Intangible assets with estimated useful lives of five to 25 years are amortized on a straight-line or accelerated basis and consisted of the following as of September 30, 2023 and December 31, 2022 (in thousands): September 30, 2023 December 31, 2022 Gross Amount Accumulated Gross Amount Accumulated Customer relationships $ 4,175,065 $ 1,243,668 $ 4,174,724 $ 1,087,834 Trademarks and trade names 364,173 159,369 364,106 142,363 Other 109,747 98,975 109,746 96,114 $ 4,648,985 $ 1,502,012 $ 4,648,576 $ 1,326,311 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Fair Value Disclosures [Abstract] | |
Schedule of Financial Assets and Liabilities Measured at Fair Value | The following table summarizes information regarding Nucor’s financial assets and financial liabilities that were measured at fair value as of September 30, 2023 and December 31, 2022 (in thousands). Nucor does not have any non-financial assets or non-financial liabilities that are measured at fair value on a recurring basis. Fair Value Measurements at Reporting Date Using Description Carrying Quoted Prices Significant Significant As of September 30, 2023 Assets: Cash equivalents $ 5,224,958 $ 5,224,958 $ - $ - Short-term investments 863,140 863,140 - - Restricted cash and cash equivalents 12,832 12,832 - - Derivative contracts 4,345 - 4,345 - Total assets $ 6,105,276 $ 6,100,931 $ 4,345 $ - Liabilities: Derivative contracts $ ( 3,027 ) $ - $ ( 3,027 ) $ - As of December 31, 2022 Assets: Cash equivalents $ 3,182,631 $ 3,182,631 $ - $ - Short-term investments 576,946 576,946 - - Restricted cash and cash equivalents 80,368 80,368 - - Derivative contracts 34,400 - 34,400 - Total assets $ 3,874,345 $ 3,839,945 $ 34,400 $ - Liabilities: Derivative contracts $ ( 1,370 ) $ - $ ( 1,370 ) $ - |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Summary of Stock Option Plans Activity | A summary of activity under Nucor’s stock option plans for the first nine months of 2023 is as follows (shares and aggregate intrinsic value in thousands): Weighted- Weighted- Average Average Aggregate Exercise Remaining Intrinsic Shares Price Contractual Life Value Number of shares under stock options: Outstanding at beginning of year 837 $ 66.76 Granted 91 $ 133.03 Exercised ( 181 ) $ 57.10 $ 20,865 Canceled - $ - Outstanding at September 30, 2023 747 $ 77.16 7.3 years $ 59,133 Stock options exercisable at September 30, 2023 462 $ 48.31 6.4 years $ 49,910 |
Summary of Nucor's Restricted Stock Unit ("RSU") Activity | A summary of Nucor’s restricted stock unit (“RSU”) activity for the first nine months of 2023 is as follows (shares in thousands): Shares Grant Date Restricted stock units: Unvested at beginning of year 1,003 $ 98.66 Granted 831 $ 133.03 Vested ( 870 ) $ 102.72 Canceled ( 12 ) $ 103.58 Unvested at September 30, 2023 952 $ 124.91 |
Summary of Nucor's Restricted Stock Activity under AIP and LTIP | A summary of Nucor’s restricted stock activity under the Nucor Corporation Senior Officers Annual Incentive Plan (a supplement to the Nucor Corporation 2014 Omnibus Incentive Compensation Plan, the “AIP”) and the Nucor Corporation Senior Officers Long-Term Incentive Plan (a supplement to the Nucor Corporation 2014 Omnibus Incentive Compensation Plan, the “LTIP”) for the first nine months of 2023 is as follows (shares in thousands): Grant Date Shares Fair Value Restricted stock units and restricted stock awards: Unvested at beginning of year 209 $ 108.55 Granted 414 $ 171.38 Vested ( 406 ) $ 152.68 Canceled ( 7 ) $ 154.05 Unvested at September 30, 2023 210 $ 145.55 |
Interest (Income) Expense (Tabl
Interest (Income) Expense (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Banking and Thrift, Interest [Abstract] | |
Schedule of Components of Net Interest (Income) Expense | The components of net interest (income) expense for the third quarter and first nine months of 2023 and 2022 are as follows (in thousands): Three Months (13 Weeks) Ended Nine Months (39 Weeks) Ended September 30, 2023 October 1, 2022 September 30, 2023 October 1, 2022 Interest expense $ 63,228 $ 54,569 $ 186,716 $ 162,159 Interest income ( 77,361 ) ( 12,222 ) ( 186,068 ) ( 18,914 ) Interest (income) expense, net $ ( 14,133 ) $ 42,347 $ 648 $ 143,245 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Equity [Abstract] | |
Schedule Of Changes In Stock Holders Equity | The following tables reflect the changes in stockholders’ equity attributable to Nucor and the noncontrolling interests of Nucor’s joint ventures, Nucor-Yamato Steel Company (Limited Partnership) (“NYS”) and California Steel Industries, Inc. (“CSI”), in both of which Nucor owns 51 %, for the three months and nine months ended September 30, 2023 and October 1, 2022 (in thousands): Three Months (13 Weeks) Ended September 30, 2023 Accumulated Total Additional Other Treasury Stock Nucor Common Stock Paid-in Retained Comprehensive (at cost) Stockholders' Noncontrolling Total Shares Amount Capital Earnings Income (Loss) Shares Amount Equity Interests BALANCES, July 1, 2023 $ 20,940,928 380,154 $ 152,061 $ 2,149,693 $ 27,095,661 $ ( 128,972 ) 131,431 $ ( 9,314,764 ) $ 19,953,679 $ 987,249 Net earnings before noncontrolling interests 1,221,255 - - - 1,141,506 - - - 1,141,506 79,749 Other comprehensive income (loss) ( 19,855 ) - - - - ( 19,855 ) - - ( 19,855 ) - Stock options exercised 3,227 - - ( 386 ) - - ( 50 ) 3,613 3,227 - Stock option expense 392 - - 392 - - - - 392 - Issuance of stock under award plans, 16,353 - - 14,337 - - ( 28 ) 2,016 16,353 - Amortization of unearned 1,599 - - 1,599 - - - - 1,599 - Treasury stock acquired and net impact of excise tax ( 504,242 ) - - - - - 2,962 ( 504,242 ) ( 504,242 ) - Cash dividends declared ( 126,942 ) - - - ( 126,942 ) - - - ( 126,942 ) - Distributions to noncontrolling ( 23,633 ) - - - - - - - - ( 23,633 ) BALANCES, September 30, 2023 $ 21,509,082 380,154 $ 152,061 $ 2,165,635 $ 28,110,225 $ ( 148,827 ) 134,315 $ ( 9,813,377 ) $ 20,465,717 $ 1,043,365 Nine Months (39 Weeks) Ended September 30, 2023 Accumulated Total Additional Other Treasury Stock Nucor Common Stock Paid-in Retained Comprehensive (at cost) Stockholders' Noncontrolling Total Shares Amount Capital Earnings Income (Loss) Shares Amount Equity Interests BALANCES, December 31, 2022 $ 19,569,906 380,154 $ 152,061 $ 2,143,520 $ 24,754,873 $ ( 137,517 ) 126,661 $ ( 8,498,243 ) $ 18,414,694 $ 1,155,212 Net earnings before noncontrolling interests 4,039,959 - - - 3,739,402 - - - 3,739,402 300,557 Other comprehensive income (loss) ( 11,310 ) - - - - ( 11,310 ) - - ( 11,310 ) - Stock options exercised 10,350 - - ( 2,135 ) - - ( 181 ) 12,485 10,350 - Stock option expense 4,314 - - 4,314 - - - - 4,314 - Issuance of stock under award plans, 76,322 - - 15,072 - - ( 917 ) 61,250 76,322 - Amortization of unearned 4,864 - - 4,864 - - - - 4,864 - Treasury stock acquired and net impact of excise tax ( 1,388,869 ) - - - - - 8,752 ( 1,388,869 ) ( 1,388,869 ) - Cash dividends declared ( 384,050 ) - - - ( 384,050 ) - - - ( 384,050 ) - Distributions to noncontrolling ( 412,404 ) - - - - - - - - ( 412,404 ) BALANCES, September 30, 2023 $ 21,509,082 380,154 $ 152,061 $ 2,165,635 $ 28,110,225 $ ( 148,827 ) 134,315 $ ( 9,813,377 ) $ 20,465,717 $ 1,043,365 Three Months (13 Weeks) Ended October 1, 2022 Accumulated Total Additional Other Treasury Stock Nucor Common Stock Paid-in Retained Comprehensive (at cost) Stockholders' Noncontrolling Total Shares Amount Capital Earnings Income (Loss) Shares Amount Equity Interests BALANCES, July 2, 2022 $ 17,852,808 380,154 $ 152,061 $ 2,115,178 $ 22,064,383 $ ( 70,810 ) 118,368 $ ( 7,452,168 ) $ 16,808,644 $ 1,044,164 Net earnings before noncontrolling interests 1,799,043 - - - 1,694,748 - - - 1,694,748 104,295 Other comprehensive income (loss) ( 32,743 ) - - - - ( 32,743 ) - - ( 32,743 ) - Stock options exercised 2,784 - - ( 1,181 ) - - ( 62 ) 3,965 2,784 - Stock option expense 475 - - 475 - - - - 475 - Issuance of stock under award plans, 15,009 - - 12,949 - - ( 31 ) 2,060 15,009 - Amortization of unearned 1,100 - - 1,100 - - - - 1,100 - Treasury stock acquired ( 652,078 ) - - - - - 5,334 ( 652,078 ) ( 652,078 ) - Cash dividends declared ( 129,482 ) - - - ( 129,482 ) - - - ( 129,482 ) - Distributions to noncontrolling ( 32,237 ) - - - - - - - - ( 32,237 ) BALANCES, October 1, 2022 $ 18,824,679 380,154 $ 152,061 $ 2,128,521 $ 23,629,649 $ ( 103,553 ) 123,609 $ ( 8,098,221 ) $ 17,708,457 $ 1,116,222 Nine Months (39 Weeks) Ended October 1, 2022 Accumulated Total Additional Other Treasury Stock Nucor Common Stock Paid-in Retained Comprehensive (at cost) Stockholders' Noncontrolling Total Shares Amount Capital Earnings Income (Loss) Shares Amount Equity Interests BALANCES, December 31, 2021 $ 14,603,794 380,154 $ 152,061 $ 2,140,608 $ 17,674,100 $ ( 115,282 ) 107,742 $ ( 5,835,098 ) $ 14,016,389 $ 587,405 Net earnings before noncontrolling interests 6,753,395 - - - 6,351,604 - - - 6,351,604 401,791 Other comprehensive income (loss) 11,729 - - - - 11,729 - - 11,729 - Stock options exercised 21,604 - - ( 2,489 ) - - ( 421 ) 24,093 21,604 - Stock option expense 4,897 - - 4,897 - - - - 4,897 - Issuance of stock under award plans, 54,560 - - ( 18,195 ) - - ( 1,194 ) 72,755 54,560 - Amortization of unearned 3,700 - - 3,700 - - - - 3,700 - Treasury stock acquired ( 2,359,971 ) - - - - - 17,482 ( 2,359,971 ) ( 2,359,971 ) - Cash dividends declared ( 396,055 ) - - - ( 396,055 ) - - - ( 396,055 ) - Distributions to noncontrolling ( 300,772 ) - - - - - - - - ( 300,772 ) Acquisition of noncontrolling interest in CSI 427,798 - - - - - - - - 427,798 BALANCES, October 1, 2022 $ 18,824,679 380,154 $ 152,061 $ 2,128,521 $ 23,629,649 $ ( 103,553 ) 123,609 $ ( 8,098,221 ) $ 17,708,457 $ 1,116,222 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Loss) (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Equity [Abstract] | |
Components of Accumulated Other Comprehensive Income (Loss) | The following tables reflect the changes in accumulated other comprehensive income (loss) by component for the three months and nine months ended September 30, 2023 and October 1, 2022 (in thousands): Three-Month (13-Week) Period Ended September 30, 2023 Gains and (Losses) on Foreign Currency Adjustment to Early Hedging Derivatives Gains (Losses) Retiree Medical Plan Total Accumulated other comprehensive $ 3,500 $ ( 149,071 ) $ 16,599 $ ( 128,972 ) Other comprehensive income ( 4,779 ) ( 18,655 ) - ( 23,434 ) Amounts reclassified from (1) 3,579 - - 3,579 Net current-period other ( 1,200 ) ( 18,655 ) - ( 19,855 ) Accumulated other comprehensive $ 2,300 $ ( 167,726 ) $ 16,599 $ ( 148,827 ) Nine-Month (39-Week) Period Ended September 30, 2023 Gains and (Losses) on Foreign Currency Adjustment to Early Hedging Derivatives Gains (Losses) Retiree Medical Plan Total Accumulated other comprehensive $ 26,100 $ ( 180,216 ) $ 16,599 $ ( 137,517 ) Other comprehensive income ( 33,782 ) 12,490 - ( 21,292 ) Amounts reclassified from (1) 9,982 - - 9,982 Net current-period other ( 23,800 ) 12,490 - ( 11,310 ) Accumulated other comprehensive $ 2,300 $ ( 167,726 ) $ 16,599 $ ( 148,827 ) (1) Includes $ 3,579 and $ 9,982 net-of-tax impact of accumulated other comprehensive income (loss) reclassifications into cost of products sold for net gains on commodity contracts in the third quarter and first nine months of 2023 , respectively. The tax impact of those reclassifications was $ 1,100 and $ 3,100 in the third quarter and first nine months of 2023 , respectively. Three-Month (13-Week) Period Ended October 1, 2022 Gains and (Losses) on Foreign Currency Adjustment to Early Hedging Derivatives Gains (Losses) Retiree Medical Plan Total Accumulated other comprehensive $ 50,200 $ ( 129,484 ) $ 8,474 $ ( 70,810 ) Other comprehensive income (loss) 27,411 ( 43,843 ) - ( 16,432 ) Amounts reclassified from (2) ( 16,311 ) - - ( 16,311 ) Net current-period other 11,100 ( 43,843 ) - ( 32,743 ) Accumulated other comprehensive $ 61,300 $ ( 173,327 ) $ 8,474 $ ( 103,553 ) Nine-Month (39-Week) Period Ended October 1, 2022 Gains and (Losses) on Foreign Currency Adjustment to Early Hedging Derivatives Gains (Losses) Retiree Medical Plan Total Accumulated other comprehensive $ 1,112 $ ( 124,868 ) $ 8,474 $ ( 115,282 ) Other comprehensive income (loss) 97,025 ( 48,459 ) - 48,566 Amounts reclassified from (2) ( 36,837 ) - - ( 36,837 ) Net current-period other 60,188 ( 48,459 ) - 11,729 Accumulated other comprehensive $ 61,300 $ ( 173,327 ) $ 8,474 $ ( 103,553 ) Includes $( 16,311 ) and $( 36,837 ) net-of-tax impact of accumulated other comprehensive income (loss) reclassifications into cost of products sold for net gains on commodity contracts in the third quarter and first nine months of 2022 , respectively. The tax impact of those reclassifications was $( 5,200 ) and $( 11,700 ) in the third quarter and first nine months of 2022 , respectively. |
Segments (Tables)
Segments (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Segment Reporting [Abstract] | |
Segments | Nucor’s results by segment for the third quarter and first nine months of 2023 and 2022 were as follows (in thousands): Three Months (13 Weeks) Ended Nine Months (39 Weeks) Ended September 30, 2023 October 1, 2022 September 30, 2023 October 1, 2022 Net sales to external customers: Steel mills $ 5,091,479 $ 5,908,153 $ 15,636,508 $ 19,682,829 Steel products 3,235,969 4,087,107 9,954,828 11,253,143 Raw materials 448,286 505,495 1,417,634 1,852,539 $ 8,775,734 $ 10,500,755 $ 27,008,970 $ 32,788,511 Intercompany sales: Steel mills $ 1,201,648 $ 1,486,378 $ 3,726,346 $ 4,843,199 Steel products 132,481 139,146 333,099 391,141 Raw materials 2,894,079 3,690,120 9,653,600 11,382,329 Corporate/eliminations ( 4,228,208 ) ( 5,315,644 ) ( 13,713,045 ) ( 16,616,669 ) $ - $ - $ - $ - Earnings before income taxes and Steel mills $ 882,614 $ 1,287,855 $ 3,124,549 $ 6,682,432 Steel products 806,731 1,196,845 2,788,322 3,011,644 Raw materials 71,367 279,189 267,918 638,640 Corporate/eliminations ( 212,630 ) ( 440,967 ) ( 986,141 ) ( 1,621,277 ) $ 1,548,082 $ 2,322,922 $ 5,194,648 $ 8,711,439 September 30, 2023 December 31, 2022 Segment assets: Steel mills $ 14,786,460 $ 14,157,229 Steel products 11,199,598 12,087,145 Raw materials 3,287,907 3,383,114 Corporate/eliminations 4,993,821 2,851,722 $ 34,267,786 $ 32,479,210 |
Revenue (Tables)
Revenue (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Schedule of Net Sales Disaggregates by Major Source | The following tables disaggregate our revenue by major source for the third quarter and first nine months of 2023 and 2022 (in thousands): Three Months (13 Weeks) Ended September 30, 2023 Nine Months (39 Weeks) Ended September 30, 2023 Steel Steel Raw Total Steel Steel Raw Total Sheet $ 2,351,705 $ - $ - $ 2,351,705 $ 7,100,216 $ - $ - $ 7,100,216 Bar 1,448,433 - - 1,448,433 4,646,285 - - 4,646,285 Structural 626,633 - - 626,633 1,846,892 - - 1,846,892 Plate 664,708 - - 664,708 2,043,115 - - 2,043,115 Tubular Products - 370,472 - 370,472 - 1,246,006 - 1,246,006 Rebar Fabrication - 604,684 - 604,684 - 1,718,615 - 1,718,615 Joist - 528,018 - 528,018 - 1,802,809 - 1,802,809 Deck - 411,352 - 411,352 - 1,370,570 - 1,370,570 Other Steel Products - 1,321,443 - 1,321,443 - 3,816,828 - 3,816,828 Raw Materials - - 448,286 448,286 - - 1,417,634 1,417,634 $ 5,091,479 $ 3,235,969 $ 448,286 $ 8,775,734 $ 15,636,508 $ 9,954,828 $ 1,417,634 $ 27,008,970 Three Months (13 Weeks) Ended October 1, 2022 Nine Months (39 Weeks) Ended October 1, 2022 Steel Steel Raw Total Steel Steel Raw Total Sheet $ 2,712,426 $ - $ - $ 2,712,426 $ 9,511,822 $ - $ - $ 9,511,822 Bar 1,761,335 - - 1,761,335 5,581,529 - - 5,581,529 Structural 785,930 - - 785,930 2,352,322 - - 2,352,322 Plate 648,462 - - 648,462 2,237,156 - - 2,237,156 Tubular Products - 459,427 - 459,427 - 1,583,818 - 1,583,818 Rebar Fabrication - 628,923 - 628,923 - 1,653,155 - 1,653,155 Joist - 789,249 - 789,249 - 2,089,366 - 2,089,366 Deck - 634,901 - 634,901 - 1,768,224 - 1,768,224 Other Steel Products - 1,574,607 - 1,574,607 - 4,158,580 - 4,158,580 Raw Materials - - 505,495 505,495 - - 1,852,539 1,852,539 $ 5,908,153 $ 4,087,107 $ 505,495 $ 10,500,755 $ 19,682,829 $ 11,253,143 $ 1,852,539 $ 32,788,511 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Earnings Per Share [Abstract] | |
Computations of Basic and Diluted Net Earnings Per Share | The computations of basic and diluted net earnings per share for the third quarter and first nine months of 2023 and 2022 are as follows (in thousands, except per share amounts): Three Months (13 Weeks) Ended Nine Months (39 Weeks) Ended September 30, 2023 October 1, 2022 September 30, 2023 October 1, 2022 Basic net earnings per share: Basic net earnings $ 1,141,506 $ 1,694,748 $ 3,739,402 $ 6,351,604 Earnings allocated to participating securities ( 4,501 ) ( 6,893 ) ( 13,788 ) ( 26,238 ) Net earnings available to common $ 1,137,005 $ 1,687,855 $ 3,725,614 $ 6,325,366 Basic average shares outstanding 248,504 259,102 250,752 264,655 Basic net earnings per share $ 4.58 $ 6.51 $ 14.86 $ 23.90 Diluted net earnings per share: Diluted net earnings $ 1,141,506 $ 1,694,748 $ 3,739,402 $ 6,351,604 Earnings allocated to participating securities ( 4,488 ) ( 6,872 ) ( 13,747 ) ( 26,145 ) Net earnings available to common $ 1,137,018 $ 1,687,876 $ 3,725,655 $ 6,325,459 Diluted average shares outstanding: Basic average shares outstanding 248,504 259,102 250,752 264,655 Dilutive effect of stock options and other 412 424 427 584 248,916 259,526 251,179 265,239 Diluted net earnings per share $ 4.57 $ 6.50 $ 14.83 $ 23.85 |
Anti-dilutive Stock Options | The following stock options were excluded from the computation of diluted net earnings per share for the third quarter and first nine months of 2023 and 2022 because their effect would have been anti-dilutive (shares in thousands): Three Months (13 Weeks) Ended Nine Months (39 Weeks) Ended September 30, 2023 October 1, 2022 September 30, 2023 October 1, 2022 Anti-dilutive stock options: Weighted-average shares - 98 - 33 Weighted-average exercise price $ - $ 130.71 $ - $ 130.71 |
Inventories - Additional Inform
Inventories - Additional Information (Detail) | Sep. 30, 2023 | Dec. 31, 2022 |
Inventory Disclosure [Abstract] | ||
Raw materials and supplies in inventory, percentage | 37% | 37% |
Finished and semi-finished products in inventory, percentage | 63% | 63% |
Property, Plant and Equipment -
Property, Plant and Equipment - Additional Information (Detail) - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 |
Property, Plant and Equipment [Abstract] | ||
Accumulated depreciation | $ 11,660 | $ 11,120 |
Goodwill and Other Intangible_3
Goodwill and Other Intangible Assets - Schedule of Change in Net Carrying Amount of Goodwill by Segment (Detail) $ in Thousands | 9 Months Ended |
Sep. 30, 2023 USD ($) | |
Goodwill [Line Items] | |
Balance, beginning of period | $ 3,920,060 |
Acquisitions | (2,120) |
Translation | 4,327 |
Balance, end of period | 3,922,267 |
Steel Mills [Member] | |
Goodwill [Line Items] | |
Balance, beginning of period | 675,186 |
Balance, end of period | 675,186 |
Steel Products [Member] | |
Goodwill [Line Items] | |
Balance, beginning of period | 2,510,045 |
Acquisitions | (2,120) |
Translation | 4,327 |
Balance, end of period | 2,512,252 |
Raw Materials [Member] | |
Goodwill [Line Items] | |
Balance, beginning of period | 734,829 |
Balance, end of period | $ 734,829 |
Goodwill and Other Intangible_4
Goodwill and Other Intangible Assets - Additional Information (Detail) - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2023 | Oct. 01, 2022 | Sep. 30, 2023 | Oct. 01, 2022 | Dec. 31, 2022 | |
Finite And Indefinite Lived Intangible Assets [Line Items] | |||||
Impairment of goodwill | $ 0 | ||||
Goodwill | $ 3,922,267,000 | 3,922,267,000 | $ 3,920,060,000 | ||
Finite-lived intangible assets | 3,146,973,000 | 3,146,973,000 | 3,322,265,000 | ||
Intangible asset amortization expense | 58,500,000 | $ 77,200,000 | 175,700,000 | $ 164,500,000 | |
Future amortization expense, in 2023 | 232,800,000 | 232,800,000 | |||
Future amortization expense, in 2024 | 233,300,000 | 233,300,000 | |||
Future amortization expense, in 2025 | 232,300,000 | 232,300,000 | |||
Future amortization expense, in 2026 | 229,400,000 | 229,400,000 | |||
Future amortization expense, in 2027 | $ 225,100,000 | $ 225,100,000 | |||
Minimum [Member] | |||||
Finite And Indefinite Lived Intangible Assets [Line Items] | |||||
Intangible assets, useful life | 5 years | 5 years | |||
Maximum [Member] | |||||
Finite And Indefinite Lived Intangible Assets [Line Items] | |||||
Intangible assets, useful life | 25 years | 25 years | |||
Steel Products [Member] | |||||
Finite And Indefinite Lived Intangible Assets [Line Items] | |||||
Goodwill | $ 2,512,252,000 | $ 2,512,252,000 | $ 2,510,045,000 | ||
Steel Products [Member] | Rebar Fabrication [Member] | |||||
Finite And Indefinite Lived Intangible Assets [Line Items] | |||||
Percentage of fair value exceeded carrying value | 34% | ||||
Goodwill | 351,500,000 | 351,500,000 | $ 347,600,000 | ||
Finite-lived intangible assets | $ 31,300,000 | $ 31,300,000 | $ 36,300,000 |
Goodwill and Other Intangible_5
Goodwill and Other Intangible Assets - Schedule of Intangible Assets (Detail) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets, Gross Amount | $ 4,648,985 | $ 4,648,576 |
Intangible assets, Accumulated Amortization | 1,502,012 | 1,326,311 |
Customer Relationships [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets, Gross Amount | 4,175,065 | 4,174,724 |
Intangible assets, Accumulated Amortization | 1,243,668 | 1,087,834 |
Trademarks and Trade Names [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets, Gross Amount | 364,173 | 364,106 |
Intangible assets, Accumulated Amortization | 159,369 | 142,363 |
Other [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets, Gross Amount | 109,747 | 109,746 |
Intangible assets, Accumulated Amortization | $ 98,975 | $ 96,114 |
Current Liabilities - Additiona
Current Liabilities - Additional Information (Detail) - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 |
Liabilities, Current [Abstract] | ||
Book overdrafts | $ 155.2 | $ 163.6 |
Dividends payable, current | $ 126.6 | $ 130.5 |
Fair Value Measurements - Sched
Fair Value Measurements - Schedule of Financial Assets and Liabilities Measured at Fair Value (Detail) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Short-term investments | $ 863,140 | $ 576,946 |
Total assets | 34,267,786 | 32,479,210 |
Reported Value Measurement [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash equivalents | 5,224,958 | 3,182,631 |
Short-term investments | 863,140 | 576,946 |
Restricted cash and cash equivalents | 12,832 | 80,368 |
Derivative contracts, assets | 4,345 | 34,400 |
Total assets | 6,105,276 | 3,874,345 |
Derivative contracts, liabilities | (3,027) | (1,370) |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash equivalents | 5,224,958 | 3,182,631 |
Short-term investments | 863,140 | 576,946 |
Restricted cash and cash equivalents | 12,832 | 80,368 |
Total assets | 6,100,931 | 3,839,945 |
Significant Other Observable Inputs (Level 2) [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative contracts, assets | 4,345 | 34,400 |
Total assets | 4,345 | 34,400 |
Derivative contracts, liabilities | $ (3,027) | $ (1,370) |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Detail) - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 |
Fair Value Disclosures [Abstract] | ||
Fair value of short-term and long-term debt, including current maturities | $ 5,770 | $ 5,930 |
Stock-Based Compensation - Sche
Stock-Based Compensation - Schedule of Stock Option Plans Activity (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 9 Months Ended |
Sep. 30, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Outstanding at beginning of year, Shares | 837 |
Granted, Shares | 91 |
Exercised, Shares | (181) |
Outstanding at September 30, 2023, Shares | 747 |
Stock options exercisable at September 30, 2023, Shares | 462 |
Outstanding at beginning of year, Weighted - Average Exercise Price | $ 66.76 |
Granted, Weighted - Average Exercise Price | 133.03 |
Exercised, Weighted - Average Exercise Price | 57.1 |
Outstanding at September 30, 2023, Weighted - Average Exercise Price | 77.16 |
Stock options exercisable at September 30, 2023, Weighted - Average Exercise Price | $ 48.31 |
Outstanding, Weighted - Average Remaining Contractual Life | 7 years 3 months 18 days |
Stock options exercisable, Weighted - Average Remaining Contractual Life | 6 years 4 months 24 days |
Exercised, Aggregate Intrinsic Value | $ 20,865 |
Outstanding at September 30, 2023, Aggregate Intrinsic Value | 59,133 |
Stock options exercisable, Aggregate Intrinsic Value | $ 49,910 |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Oct. 01, 2022 | Sep. 30, 2023 | Oct. 01, 2022 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Compensation expenses for stock options | $ 0.4 | $ 0.5 | $ 4.3 | $ 4.9 |
Stock Options [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Unrecognized compensation expense related to stock | 2.4 | $ 2.4 | ||
Weighted-average recognition period for unrecognized compensation expense related to stock (years) | 2 years | |||
Restricted Stock Units [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Unrecognized compensation expense related to stock | 97.6 | $ 97.6 | ||
Weighted-average recognition period for unrecognized compensation expense related to stock (years) | 1 year 6 months | |||
Compensation expense | 14 | 16.3 | $ 74.7 | 67.2 |
Restricted Stock Awards and Units [Member] | AIP and LTIP [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Unrecognized compensation expense related to stock | 9.1 | $ 9.1 | ||
Weighted-average recognition period for unrecognized compensation expense related to stock (years) | 1 year 9 months 18 days | |||
Compensation expense | $ 3.1 | $ 8.9 | $ 22.5 | $ 27.7 |
Stock-Based Compensation - Summ
Stock-Based Compensation - Summary of Nucor's Restricted Stock Unit ("RSU") Activity (Detail) - Restricted Stock Units [Member] shares in Thousands | 9 Months Ended |
Sep. 30, 2023 $ / shares shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unvested at beginning of year, Shares | shares | 1,003 |
Granted, Shares | shares | 831 |
Vested, Shares | shares | (870) |
Canceled, Shares | shares | (12) |
Unvested at September 30, 2023, Shares | shares | 952 |
Unvested at beginning of year, Grant Date Fair Value Per Share | $ / shares | $ 98.66 |
Granted, Grant Date Fair Value Per Share | $ / shares | 133.03 |
Vested, Grant Date Fair Value Per Share | $ / shares | 102.72 |
Canceled, Grant Date Fair Value Per Share | $ / shares | 103.58 |
Unvested at September 30, 2023, Grant Date Fair Value Per Share | $ / shares | $ 124.91 |
Stock-Based Compensation - Su_2
Stock-Based Compensation - Summary of Nucor's Restricted Stock Activity under AIP and LTIP (Detail) - Restricted Stock Units and Restricted Stock Awards [Member] shares in Thousands | 9 Months Ended |
Sep. 30, 2023 $ / shares shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unvested at beginning of year, Shares | shares | 209 |
Granted, Shares | shares | 414 |
Vested, Shares | shares | (406) |
Canceled, Shares | shares | (7) |
Unvested at September 30, 2023, Shares | shares | 210 |
Unvested at beginning of year, Grant Date Fair Value Per Share | $ / shares | $ 108.55 |
Granted, Grant Date Fair Value Per Share | $ / shares | 171.38 |
Vested, Grant Date Fair Value Per Share | $ / shares | 152.68 |
Canceled, Grant Date Fair Value Per Share | $ / shares | 154.05 |
Unvested at September 30, 2023, Grant Date Fair Value Per Share | $ / shares | $ 145.55 |
Employee Benefit Plan - Additio
Employee Benefit Plan - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Oct. 01, 2022 | Sep. 30, 2023 | Oct. 01, 2022 | |
Employee Benefit Plan [Abstract] | ||||
Profit Sharing and Retirement Savings Plan, plan expense | $ 148.6 | $ 214.4 | $ 505.2 | $ 834.3 |
Interest (Income) Expense - Sch
Interest (Income) Expense - Schedule of Components of Net Interest (Income) Expense (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Oct. 01, 2022 | Sep. 30, 2023 | Oct. 01, 2022 | |
Interest Revenue (Expense), Net [Abstract] | ||||
Interest expense | $ 63,228 | $ 54,569 | $ 186,716 | $ 162,159 |
Interest income | (77,361) | (12,222) | (186,068) | (18,914) |
Interest (income) expense, net | $ (14,133) | $ 42,347 | $ 648 | $ 143,245 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | ||
Sep. 30, 2023 | Oct. 01, 2022 | Dec. 31, 2022 | |
Income Tax Disclosure [Abstract] | |||
Effective income tax rate | 21.10% | 22.60% | |
Non-current deferred tax liabilities included in deferred credits and other liabilities | $ 1,260 | $ 1,300 | |
Non-current deferred tax assets included in other assets | $ 9.4 | $ 19.3 |
Stockholders' Equity - Addition
Stockholders' Equity - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2023 | Oct. 01, 2022 | Sep. 30, 2023 | Oct. 01, 2022 | May 11, 2023 | |
Dividends declared per share | $ 0.51 | $ 0.50 | $ 1.53 | $ 1.50 | |
Common Stock [Member] | |||||
Share repurchase program, available repurchase amount | $ 3,500 | $ 3,500 | |||
Common Stock [Member] | Maximum [Member] | |||||
Stock Repurchase Program, Authorized Amount | $ 4,000 | ||||
Nucor-Yamato Steel Company and California Steel Industries [Member] | |||||
Noncontrolling interest, ownership percentage by parent | 51% | 51% | 51% | 51% |
Stockholders' Equity - Schedule
Stockholders' Equity - Schedule of Change in Stockholder's Equity (Detail) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Oct. 01, 2022 | Sep. 30, 2023 | Oct. 01, 2022 | |
BALANCES, beginning of period | $ 20,940,928 | $ 17,852,808 | $ 19,569,906 | $ 14,603,794 |
Net earnings before noncontrolling interests | 1,221,255 | 1,799,043 | 4,039,959 | 6,753,395 |
Other comprehensive income (loss) | (19,855) | (32,743) | (11,310) | 11,729 |
Stock options exercised | 3,227 | 2,784 | $ 10,350 | 21,604 |
Stock options exercised (in shares) | 181 | |||
Stock option expense | 392 | 475 | $ 4,314 | 4,897 |
Issuance of stock under award plans, net of forfeitures | 16,353 | 15,009 | 76,322 | 54,560 |
Amortization of unearned compensation | 1,599 | 1,100 | 4,864 | 3,700 |
Treasury stock acquired and net impact of excise tax | (504,242) | (652,078) | (1,388,869) | (2,359,971) |
Cash dividends declared | (126,942) | (129,482) | (384,050) | (396,055) |
Distributions to noncontrolling interests | (23,633) | (32,237) | (412,404) | (300,772) |
Acquisition of noncontrolling interest in CSI | 427,798 | |||
BALANCES, end of period | 21,509,082 | 18,824,679 | 21,509,082 | 18,824,679 |
Common Stock [Member] | ||||
BALANCES, beginning of period | $ 152,061 | $ 152,061 | $ 152,061 | $ 152,061 |
BALANCES, shares at beginning of period | 380,154 | 380,154 | 380,154 | 380,154 |
BALANCES, end of period | $ 152,061 | $ 152,061 | $ 152,061 | $ 152,061 |
BALANCES, shares at end of period | 380,154 | 380,154 | 380,154 | 380,154 |
Additional Paid-in Capital [Member] | ||||
BALANCES, beginning of period | $ 2,149,693 | $ 2,115,178 | $ 2,143,520 | $ 2,140,608 |
Stock options exercised | (386) | (1,181) | (2,135) | (2,489) |
Stock option expense | 392 | 475 | 4,314 | 4,897 |
Issuance of stock under award plans, net of forfeitures | 14,337 | 12,949 | 15,072 | (18,195) |
Amortization of unearned compensation | 1,599 | 1,100 | 4,864 | 3,700 |
BALANCES, end of period | 2,165,635 | 2,128,521 | 2,165,635 | 2,128,521 |
Retained Earnings [Member] | ||||
BALANCES, beginning of period | 27,095,661 | 22,064,383 | 24,754,873 | 17,674,100 |
Net earnings before noncontrolling interests | 1,141,506 | 1,694,748 | 3,739,402 | 6,351,604 |
Cash dividends declared | (126,942) | (129,482) | (384,050) | (396,055) |
BALANCES, end of period | 28,110,225 | 23,629,649 | 28,110,225 | 23,629,649 |
Accumulated Other Comprehensive Income (Loss) [Member] | ||||
BALANCES, beginning of period | (128,972) | (70,810) | (137,517) | (115,282) |
Other comprehensive income (loss) | (19,855) | (32,743) | (11,310) | 11,729 |
BALANCES, end of period | (148,827) | (103,553) | (148,827) | (103,553) |
Treasury Stock (at cost) [Member] | ||||
BALANCES, beginning of period | $ (9,314,764) | $ (7,452,168) | $ (8,498,243) | $ (5,835,098) |
BALANCES, shares at beginning of period | 131,431 | 118,368 | 126,661 | 107,742 |
Stock options exercised | $ 3,613 | $ 3,965 | $ 12,485 | $ 24,093 |
Stock options exercised (in shares) | (50) | (62) | (181) | (421) |
Issuance of stock under award plans, net of forfeitures | $ 2,016 | $ 2,060 | $ 61,250 | $ 72,755 |
Issuance of stock under award plans, net of forfeitures, shares | (28) | (31) | (917) | (1,194) |
Treasury stock acquired and net impact of excise tax | $ (504,242) | $ (652,078) | $ (1,388,869) | $ (2,359,971) |
Treasury stock acquired and net impact of excise tax (in shares) | 2,962 | 5,334 | 8,752 | 17,482 |
BALANCES, end of period | $ (9,813,377) | $ (8,098,221) | $ (9,813,377) | $ (8,098,221) |
BALANCES, shares at end of period | 134,315 | 123,609 | 134,315 | 123,609 |
Total Nucor Stockholders' Equity [Member] | ||||
BALANCES, beginning of period | $ 19,953,679 | $ 16,808,644 | $ 18,414,694 | $ 14,016,389 |
Net earnings before noncontrolling interests | 1,141,506 | 1,694,748 | 3,739,402 | 6,351,604 |
Other comprehensive income (loss) | (19,855) | (32,743) | (11,310) | 11,729 |
Stock options exercised | 3,227 | 2,784 | 10,350 | 21,604 |
Stock option expense | 392 | 475 | 4,314 | 4,897 |
Issuance of stock under award plans, net of forfeitures | 16,353 | 15,009 | 76,322 | 54,560 |
Amortization of unearned compensation | 1,599 | 1,100 | 4,864 | 3,700 |
Treasury stock acquired and net impact of excise tax | (504,242) | (652,078) | (1,388,869) | (2,359,971) |
Cash dividends declared | (126,942) | (129,482) | (384,050) | (396,055) |
BALANCES, end of period | 20,465,717 | 17,708,457 | 20,465,717 | 17,708,457 |
Noncontrolling Interests [Member] | ||||
BALANCES, beginning of period | 987,249 | 1,044,164 | 1,155,212 | 587,405 |
Net earnings before noncontrolling interests | 79,749 | 104,295 | 300,557 | 401,791 |
Distributions to noncontrolling interests | (23,633) | (32,237) | (412,404) | (300,772) |
Acquisition of noncontrolling interest in CSI | 427,798 | |||
BALANCES, end of period | $ 1,043,365 | $ 1,116,222 | $ 1,043,365 | $ 1,116,222 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income (Loss) - Components of Accumulated Other Comprehensive Income (Loss) (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2023 | Oct. 01, 2022 | Sep. 30, 2023 | Oct. 01, 2022 | |||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ||||||||
Beginning Balance, Gains and (Losses) on Hedging Derivatives | $ 3,500 | $ 50,200 | $ 26,100 | $ 1,112 | ||||
Other comprehensive income (loss) before reclassifications, Gains and (Losses) on Hedging Derivatives | (4,779) | 27,411 | (33,782) | 97,025 | ||||
Amounts reclassified from accumulated other comprehensive income (loss) into earnings, Gains and (Losses) on Hedging Derivatives | 3,579 | [1] | (16,311) | [2] | 9,982 | [1] | (36,837) | [2] |
Net current-period other comprehensive income (loss), Gains and (Losses) on Hedging Derivatives | (1,200) | 11,100 | (23,800) | 60,188 | ||||
Ending Balance, Gains and (Losses) on Hedging Derivatives | 2,300 | 61,300 | 2,300 | 61,300 | ||||
Beginning Balance, Foreign Currency Gains (Losses) | (149,071) | (129,484) | (180,216) | (124,868) | ||||
Other comprehensive income (loss) before reclassifications, Foreign Currency Gains (Losses) | (18,655) | (43,843) | 12,490 | (48,459) | ||||
Net current-period other comprehensive income (loss), Foreign Currency Gains (Losses) | (18,655) | (43,843) | 12,490 | (48,459) | ||||
Ending Balance, Foreign Currency Gains (Losses) | (167,726) | (173,327) | (167,726) | (173,327) | ||||
Beginning Balance, Adjustment to Early Retiree Medical Plan | 16,599 | 8,474 | 16,599 | 8,474 | ||||
Ending Balance, Adjustment to Early Retiree Medical Plan | 16,599 | 8,474 | 16,599 | 8,474 | ||||
Beginning Balance | (128,972) | (70,810) | (137,517) | (115,282) | ||||
Other comprehensive income (loss) before reclassifications | (23,434) | (16,432) | (21,292) | 48,566 | ||||
Amounts reclassified from accumulated other comprehensive income (loss) into earnings | 3,579 | [1] | (16,311) | [2] | 9,982 | [1] | (36,837) | [2] |
Net current-period other comprehensive income (loss) | (19,855) | (32,743) | (11,310) | 11,729 | ||||
Ending Balance | $ (148,827) | $ (103,553) | $ (148,827) | $ (103,553) | ||||
[1] Includes $ 3,579 and $ 9,982 net-of-tax impact of accumulated other comprehensive income (loss) reclassifications into cost of products sold for net gains on commodity contracts in the third quarter and first nine months of 2023 , respectively. The tax impact of those reclassifications was $ 1,100 and $ 3,100 in the third quarter and first nine months of 2023 , respectively. Includes $( 16,311 ) and $( 36,837 ) net-of-tax impact of accumulated other comprehensive income (loss) reclassifications into cost of products sold for net gains on commodity contracts in the third quarter and first nine months of 2022 , respectively. The tax impact of those reclassifications was $( 5,200 ) and $( 11,700 ) in the third quarter and first nine months of 2022 , respectively. |
Accumulated Other Comprehensi_4
Accumulated Other Comprehensive Income (Loss) - Components of Accumulated Other Comprehensive Income (Loss) (Parenthetical) (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2023 | Oct. 01, 2022 | Sep. 30, 2023 | Oct. 01, 2022 | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||
Amounts reclassified from accumulated other comprehensive income (loss) into earnings, Gains and (Losses) on Hedging Derivatives | $ 3,579 | [1] | $ (16,311) | [2] | $ 9,982 | [1] | $ (36,837) | [2] |
Reclassification adjustment for (gain) loss on settlement of hedging derivatives included in net earnings, tax effect | 1,100 | (5,200) | 3,100 | (11,700) | ||||
Cost of Products Sold [Member] | ||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||
Amounts reclassified from accumulated other comprehensive income (loss) into earnings, Gains and (Losses) on Hedging Derivatives | 3,579 | (16,311) | 9,982 | (36,837) | ||||
Reclassification adjustment for (gain) loss on settlement of hedging derivatives included in net earnings, tax effect | $ 1,100 | $ (5,200) | $ 3,100 | $ (11,700) | ||||
[1] Includes $ 3,579 and $ 9,982 net-of-tax impact of accumulated other comprehensive income (loss) reclassifications into cost of products sold for net gains on commodity contracts in the third quarter and first nine months of 2023 , respectively. The tax impact of those reclassifications was $ 1,100 and $ 3,100 in the third quarter and first nine months of 2023 , respectively. Includes $( 16,311 ) and $( 36,837 ) net-of-tax impact of accumulated other comprehensive income (loss) reclassifications into cost of products sold for net gains on commodity contracts in the third quarter and first nine months of 2022 , respectively. The tax impact of those reclassifications was $( 5,200 ) and $( 11,700 ) in the third quarter and first nine months of 2022 , respectively. |
Segments - Segments (Detail)
Segments - Segments (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2023 | Oct. 01, 2022 | Sep. 30, 2023 | Oct. 01, 2022 | Dec. 31, 2022 | |
Segment Reporting Information [Line Items] | |||||
Net sales | $ 8,775,734 | $ 10,500,755 | $ 27,008,970 | $ 32,788,511 | |
Earnings (losses) before income taxes and noncontrolling interests | 1,548,082 | 2,322,922 | 5,194,648 | 8,711,439 | |
Total assets | 34,267,786 | 34,267,786 | $ 32,479,210 | ||
Operating Segments [Member] | Steel Mills [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Net sales | 5,091,479 | 5,908,153 | 15,636,508 | 19,682,829 | |
Earnings (losses) before income taxes and noncontrolling interests | 882,614 | 1,287,855 | 3,124,549 | 6,682,432 | |
Total assets | 14,786,460 | 14,786,460 | 14,157,229 | ||
Operating Segments [Member] | Steel Products [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Net sales | 3,235,969 | 4,087,107 | 9,954,828 | 11,253,143 | |
Earnings (losses) before income taxes and noncontrolling interests | 806,731 | 1,196,845 | 2,788,322 | 3,011,644 | |
Total assets | 11,199,598 | 11,199,598 | 12,087,145 | ||
Operating Segments [Member] | Raw Materials [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Net sales | 448,286 | 505,495 | 1,417,634 | 1,852,539 | |
Earnings (losses) before income taxes and noncontrolling interests | 71,367 | 279,189 | 267,918 | 638,640 | |
Total assets | 3,287,907 | 3,287,907 | 3,383,114 | ||
Intercompany Eliminations [Member] | Steel Mills [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Net sales | 1,201,648 | 1,486,378 | 3,726,346 | 4,843,199 | |
Intercompany Eliminations [Member] | Steel Products [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Net sales | 132,481 | 139,146 | 333,099 | 391,141 | |
Intercompany Eliminations [Member] | Raw Materials [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Net sales | 2,894,079 | 3,690,120 | 9,653,600 | 11,382,329 | |
Corporate and Eliminations Items [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Net sales | (4,228,208) | (5,315,644) | (13,713,045) | (16,616,669) | |
Earnings (losses) before income taxes and noncontrolling interests | (212,630) | $ (440,967) | (986,141) | $ (1,621,277) | |
Corporate/eliminations [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Total assets | $ 4,993,821 | $ 4,993,821 | $ 2,851,722 |
Revenue - Schedule of Net Sales
Revenue - Schedule of Net Sales Disaggregates by Major Source (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Oct. 01, 2022 | Sep. 30, 2023 | Oct. 01, 2022 | |
Revenue from Contract with Customers [Line Items] | ||||
Revenues | $ 8,775,734 | $ 10,500,755 | $ 27,008,970 | $ 32,788,511 |
Sheet [Member] | ||||
Revenue from Contract with Customers [Line Items] | ||||
Revenues | 2,351,705 | 2,712,426 | 7,100,216 | 9,511,822 |
Bar [Member] | ||||
Revenue from Contract with Customers [Line Items] | ||||
Revenues | 1,448,433 | 1,761,335 | 4,646,285 | 5,581,529 |
Structural [Member] | ||||
Revenue from Contract with Customers [Line Items] | ||||
Revenues | 626,633 | 785,930 | 1,846,892 | 2,352,322 |
Plate [Member] | ||||
Revenue from Contract with Customers [Line Items] | ||||
Revenues | 664,708 | 648,462 | 2,043,115 | 2,237,156 |
Tubular Products [Member] | ||||
Revenue from Contract with Customers [Line Items] | ||||
Revenues | 370,472 | 459,427 | 1,246,006 | 1,583,818 |
Rebar Fabrication [Member] | ||||
Revenue from Contract with Customers [Line Items] | ||||
Revenues | 604,684 | 628,923 | 1,718,615 | 1,653,155 |
Joist [Member] | ||||
Revenue from Contract with Customers [Line Items] | ||||
Revenues | 528,018 | 789,249 | 1,802,809 | 2,089,366 |
Deck [Member] | ||||
Revenue from Contract with Customers [Line Items] | ||||
Revenues | 411,352 | 634,901 | 1,370,570 | 1,768,224 |
Other Steel Products [Member] | ||||
Revenue from Contract with Customers [Line Items] | ||||
Revenues | 1,321,443 | 1,574,607 | 3,816,828 | 4,158,580 |
Raw Materials [Member] | ||||
Revenue from Contract with Customers [Line Items] | ||||
Revenues | 448,286 | 505,495 | 1,417,634 | 1,852,539 |
Steel Mills [Member] | ||||
Revenue from Contract with Customers [Line Items] | ||||
Revenues | 5,091,479 | 5,908,153 | 15,636,508 | 19,682,829 |
Steel Mills [Member] | Sheet [Member] | ||||
Revenue from Contract with Customers [Line Items] | ||||
Revenues | 2,351,705 | 2,712,426 | 7,100,216 | 9,511,822 |
Steel Mills [Member] | Bar [Member] | ||||
Revenue from Contract with Customers [Line Items] | ||||
Revenues | 1,448,433 | 1,761,335 | 4,646,285 | 5,581,529 |
Steel Mills [Member] | Structural [Member] | ||||
Revenue from Contract with Customers [Line Items] | ||||
Revenues | 626,633 | 785,930 | 1,846,892 | 2,352,322 |
Steel Mills [Member] | Plate [Member] | ||||
Revenue from Contract with Customers [Line Items] | ||||
Revenues | 664,708 | 648,462 | 2,043,115 | 2,237,156 |
Steel Products [Member] | ||||
Revenue from Contract with Customers [Line Items] | ||||
Revenues | 3,235,969 | 4,087,107 | 9,954,828 | 11,253,143 |
Steel Products [Member] | Tubular Products [Member] | ||||
Revenue from Contract with Customers [Line Items] | ||||
Revenues | 370,472 | 459,427 | 1,246,006 | 1,583,818 |
Steel Products [Member] | Rebar Fabrication [Member] | ||||
Revenue from Contract with Customers [Line Items] | ||||
Revenues | 604,684 | 628,923 | 1,718,615 | 1,653,155 |
Steel Products [Member] | Joist [Member] | ||||
Revenue from Contract with Customers [Line Items] | ||||
Revenues | 528,018 | 789,249 | 1,802,809 | 2,089,366 |
Steel Products [Member] | Deck [Member] | ||||
Revenue from Contract with Customers [Line Items] | ||||
Revenues | 411,352 | 634,901 | 1,370,570 | 1,768,224 |
Steel Products [Member] | Other Steel Products [Member] | ||||
Revenue from Contract with Customers [Line Items] | ||||
Revenues | 1,321,443 | 1,574,607 | 3,816,828 | 4,158,580 |
Raw Materials [Member] | ||||
Revenue from Contract with Customers [Line Items] | ||||
Revenues | 448,286 | 505,495 | 1,417,634 | 1,852,539 |
Raw Materials [Member] | Raw Materials [Member] | ||||
Revenue from Contract with Customers [Line Items] | ||||
Revenues | $ 448,286 | $ 505,495 | $ 1,417,634 | $ 1,852,539 |
Revenue - Additional Informatio
Revenue - Additional Information (Detail) - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 |
Revenue from Contract with Customer [Abstract] | ||
Contract liabilities | $ 333.5 | $ 285 |
Earnings Per Share - Computatio
Earnings Per Share - Computations of Basic and Diluted Net Earnings Per Share (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Oct. 01, 2022 | Sep. 30, 2023 | Oct. 01, 2022 | |
Earnings Per Share [Abstract] | ||||
Net Income (Loss) | $ 1,141,506 | $ 1,694,748 | $ 3,739,402 | $ 6,351,604 |
Earnings allocated to participating securities, Basic | (4,501) | (6,893) | (13,788) | (26,238) |
Net earnings available to common stockholders, Basic | $ 1,137,005 | $ 1,687,855 | $ 3,725,614 | $ 6,325,366 |
Basic average shares outstanding | 248,504 | 259,102 | 250,752 | 264,655 |
Basic net earnings per share | $ 4.58 | $ 6.51 | $ 14.86 | $ 23.9 |
Diluted net earnings | $ 1,141,506 | $ 1,694,748 | $ 3,739,402 | $ 6,351,604 |
Earnings allocated to participating securities, Diluted | (4,488) | (6,872) | (13,747) | (26,145) |
Net earnings available to common stockholders, Diluted | $ 1,137,018 | $ 1,687,876 | $ 3,725,655 | $ 6,325,459 |
Dilutive effect of stock options and other | 412 | 424 | 427 | 584 |
Diluted average shares outstanding | 248,916 | 259,526 | 251,179 | 265,239 |
Diluted net earnings per share | $ 4.57 | $ 6.5 | $ 14.83 | $ 23.85 |
Earnings Per Share - Anti-dilut
Earnings Per Share - Anti-dilutive Stock Options (Detail) - $ / shares shares in Thousands | 3 Months Ended | 9 Months Ended |
Oct. 01, 2022 | Oct. 01, 2022 | |
Earnings Per Share [Abstract] | ||
Weighted-average shares | 98 | 33 |
Weighted-average exercise price | $ 130.71 | $ 130.71 |