Document and Entity Information
Document and Entity Information - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Feb. 21, 2024 | Jul. 01, 2023 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2023 | ||
Document Fiscal Year Focus | 2023 | ||
Document Fiscal Period Focus | FY | ||
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 | ||
ICFR Auditor Attestation Flag | true | ||
Document Financial Statement Error Correction [Flag] | false | ||
Entity Current Reporting Status | Yes | ||
Entity Shell Company | false | ||
Entity Interactive Data Current | Yes | ||
Entity Voluntary Filers | No | ||
Entity Well-known Seasoned Issuer | 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 Annual 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 | 240,745,037 | ||
Entity Public Float | $ 40,560 | ||
Documents Incorporated by Reference | DOCUMENTS INCORPORATED BY REFERENCE Portions of the registrant's annual report to stockholders for the year ended December 31, 2023, which will be posted to the registrant's website and furnished to the SEC subsequent to the date hereof are incorporated by reference into Part II of this report to the extent described herein. Portions of the registrant’s definitive proxy statement to be filed with the SEC in connection with the registrant’s 2024 Annual Meeting of Stockholders are incorporated by reference into Part III of this report to the extent described herein. | ||
Auditor Name | PricewaterhouseCoopers LLP | ||
Auditor Location | Charlotte, North Carolina | ||
Auditor Firm ID | 238 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Current assets: | ||
Cash and cash equivalents | $ 6,383,298 | $ 4,280,852 |
Short-term investments | 747,479 | 576,946 |
Accounts receivable, net | 2,953,311 | 3,591,030 |
Inventories, net | 5,577,758 | 5,453,531 |
Other current assets | 724,012 | 789,325 |
Total current assets | 16,385,858 | 14,691,684 |
Property, plant and equipment, net | 11,049,767 | 9,616,920 |
Restricted cash and cash equivalents | 3,494 | 80,368 |
Goodwill | 3,968,847 | 3,920,060 |
Other intangible assets, net | 3,108,015 | 3,322,265 |
Other assets | 824,518 | 847,913 |
Total assets | 35,340,499 | 32,479,210 |
Current liabilities: | ||
Short-term debt | 119,211 | 49,081 |
Current portion of long-term debt and finance lease obligations | 74,102 | 28,582 |
Accounts payable | 2,020,289 | 1,649,523 |
Salaries, wages and related accruals | 1,326,390 | 1,654,210 |
Accrued expenses and other current liabilities | 1,054,517 | 948,348 |
Total current liabilities | 4,594,509 | 4,329,744 |
Long-term debt and finance lease obligations due after one year | 6,648,873 | 6,613,687 |
Deferred credits and other liabilities | 1,973,363 | 1,965,873 |
Total liabilities | 13,216,745 | 12,909,304 |
Commitments and contingencies | ||
Nucor stockholders' equity: | ||
Common stock (800,000 shares authorized; 380,154 and 380,154 shares issued, respectively) | 152,061 | 152,061 |
Additional paid-in capital | 2,176,243 | 2,143,520 |
Retained earnings | 28,762,045 | 24,754,873 |
Accumulated other comprehensive loss, net of income taxes | (162,072) | (137,517) |
Treasury stock (135,252 and 126,661 shares, respectively) | (9,987,643) | (8,498,243) |
Total Nucor stockholders’ equity | 20,940,634 | 18,414,694 |
Noncontrolling interests | 1,183,120 | 1,155,212 |
Total equity | 22,123,754 | 19,569,906 |
Total liabilities and equity | $ 35,340,499 | $ 32,479,210 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - shares | Dec. 31, 2023 | Dec. 31, 2022 |
Statement Of Financial Position [Abstract] | ||
Common stock shares authorized | 800,000,000 | 800,000,000 |
Common stock shares issued | 380,154,000 | 380,154,000 |
Treasury stock | 135,252,000 | 126,661,000 |
Consolidated Statements of Earn
Consolidated Statements of Earnings - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income Statement [Abstract] | |||
Net sales | $ 34,713,501 | $ 41,512,467 | $ 36,483,939 |
Costs, expenses and other: | |||
Cost of products sold | 26,899,107 | 29,009,187 | 25,458,525 |
Marketing, administrative and other expenses | 1,584,052 | 1,997,178 | 1,706,609 |
Equity in earnings of unconsolidated affiliates | (12,783) | (10,714) | (103,068) |
Losses and impairments of assets | 101,756 | 62,161 | |
Interest (income) expense, net | (29,632) | 170,216 | 158,854 |
Costs, expenses and other, total | 28,440,744 | 31,267,623 | 27,283,081 |
Earnings before income taxes and noncontrolling interests | 6,272,757 | 10,244,844 | 9,200,858 |
Provision for income taxes | 1,359,966 | 2,165,204 | 2,078,488 |
Net earnings before noncontrolling interests | 4,912,791 | 8,079,640 | 7,122,370 |
Earnings attributable to noncontrolling interests | 387,990 | 472,303 | 294,909 |
Net earnings attributable to Nucor stockholders | $ 4,524,801 | $ 7,607,337 | $ 6,827,461 |
Net earnings per share: | |||
Basic | $ 18.05 | $ 28.88 | $ 23.23 |
Diluted | $ 18 | $ 28.79 | $ 23.16 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |||
Statement Of Comprehensive Income [Abstract] | |||||
Net earnings before noncontrolling interests | $ 4,912,791 | $ 8,079,640 | $ 7,122,370 | ||
Other comprehensive income (loss): | |||||
Net unrealized (loss) gain on hedging derivatives, net of income taxes of ($16,500), $24,300, and $5,000 for 2023, 2022 and 2021, respectively | (52,077) | 76,542 | 15,112 | ||
Reclassification adjustment for gain (loss) on settlement of hedging derivatives included in net earnings, net of income taxes of $3,800, ($16,400), and ($3,100) for 2023, 2022 and 2021, respectively | 12,077 | [1] | (51,554) | [2] | (9,300) |
Foreign currency translation (loss) gain, net of income taxes of $0 for 2023, 2022 and 2021 | 21,041 | (55,348) | (4,041) | ||
Adjustment to early retiree medical plan, net of income taxes of ($1,538), $1,997, and $659 for 2023, 2022 and 2021, respectively | (4,787) | 6,328 | 1,875 | ||
Reclassification adjustment for (gain) loss on early retiree medical plan included in net earnings, net of income taxes of ($255), $671 and ($10) for 2023, 2022 and 2021, respectively | (809) | [1] | 1,797 | [2] | (67) |
Net current-period other comprehensive income (loss) | (24,555) | (22,235) | 3,579 | ||
Comprehensive income | 4,888,236 | 8,057,405 | 7,125,949 | ||
Comprehensive income attributable to noncontrolling interests | 387,990 | 472,303 | 294,909 | ||
Comprehensive income attributable to Nucor stockholders | $ 4,500,246 | $ 7,585,102 | $ 6,831,040 | ||
[1] Includes $ 12,077 and $( 809 ) net-of-tax impact of accumulated other comprehensive income (loss) reclassifications into cost of products sold for net gains on commodity contracts and adjustment to early retiree medical plan, respectively. The tax impacts of these reclassifications were $ 3,800 and $( 255 ), respectively. Includes $( 51,554 ) and $ 1,797 net-of-tax impact of accumulated other comprehensive income (loss) reclassifications into cost of products sold for net gains on commodity contracts and adjustment to early retiree medical plan, respectively. The tax impacts of these reclassifications were $( 16,400 ) and $ 671 , respectively. |
Consolidated Statements of Co_2
Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Statement Of Comprehensive Income [Abstract] | |||
Net unrealized (loss) gain on hedging derivatives, tax | $ (16,500) | $ 24,300 | $ 5,000 |
Reclassification adjustment for gain (loss) on settlement of hedging derivatives included in net earnings, tax effect | 3,800 | (16,400) | (3,100) |
Foreign currency translation (loss) gain, tax | 0 | 0 | 0 |
Adjustment to early retiree medical plan, tax effect | (1,538) | 1,997 | 659 |
Reclassification adjustment for (gain) loss on early retiree medical plan included in net earnings, tax effect | $ (255) | $ 671 | $ (10) |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) shares in Thousands, $ in Thousands | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive (Loss) [Member] | Treasury Stock (at cost) [Member] | Total Nucor Stockholders' Equity [Member] | Noncontrolling Interests [Member] |
BALANCES, beginning of period at Dec. 31, 2020 | $ 11,231,861 | $ 152,061 | $ 2,121,288 | $ 11,343,852 | $ (118,861) | $ (2,709,675) | $ 10,788,665 | $ 443,196 |
BALANCES, shares at beginning of period at Dec. 31, 2020 | 380,154 | 77,909 | ||||||
Net earnings before noncontrolling interests | 7,122,370 | 6,827,461 | 6,827,461 | 294,909 | ||||
Other comprehensive income (loss) | 3,579 | 3,579 | 3,579 | |||||
Stock options exercised | $ 145,255 | 38,434 | $ 106,821 | 145,255 | ||||
Stock options exercised (in shares) | (2,868) | (2,868) | ||||||
Stock option expense | $ 3,825 | 3,825 | 3,825 | |||||
Issuance of stock under award plans, net of forfeitures | 19,305 | (24,539) | $ 43,844 | 19,305 | ||||
Issuance of stock under award plans, net of forfeitures, shares | (1,101) | |||||||
Amortization of unearned compensation | 1,600 | 1,600 | 1,600 | |||||
Treasury stock acquired and net impact of excise tax | (3,276,088) | $ (3,276,088) | (3,276,088) | |||||
Treasury stock acquired and net impact of excise tax ,shares | 33,802 | |||||||
Cash dividends declared | (497,213) | (497,213) | (497,213) | |||||
Distributions to noncontrolling interests | (150,700) | (150,700) | ||||||
BALANCES, end of period at Dec. 31, 2021 | 14,603,794 | $ 152,061 | 2,140,608 | 17,674,100 | (115,282) | $ (5,835,098) | 14,016,389 | 587,405 |
BALANCES, shares at end of period at Dec. 31, 2021 | 380,154 | 107,742 | ||||||
Net earnings before noncontrolling interests | 8,079,640 | 7,607,337 | 7,607,337 | 472,303 | ||||
Other comprehensive income (loss) | (22,235) | (22,235) | (22,235) | |||||
Stock options exercised | $ 22,852 | (2,994) | $ 25,846 | 22,852 | ||||
Stock options exercised (in shares) | (447) | (447) | ||||||
Stock option expense | $ 5,372 | 5,372 | 5,372 | |||||
Issuance of stock under award plans, net of forfeitures | 69,211 | (4,366) | $ 73,577 | 69,211 | ||||
Issuance of stock under award plans, net of forfeitures, shares | (1,206) | |||||||
Amortization of unearned compensation | 4,900 | 4,900 | 4,900 | |||||
Treasury stock acquired and net impact of excise tax | (2,762,568) | $ 2,762,568 | 2,762,568 | |||||
Treasury stock acquired and net impact of excise tax ,shares | 20,572 | |||||||
Cash dividends declared | (526,564) | (526,564) | (526,564) | |||||
Distributions to noncontrolling interests | (332,293) | (332,293) | ||||||
Acquisition | 427,797 | 427,797 | ||||||
BALANCES, end of period at Dec. 31, 2022 | 19,569,906 | $ 152,061 | 2,143,520 | 24,754,873 | (137,517) | $ (8,498,243) | 18,414,694 | 1,155,212 |
BALANCES, shares at end of period at Dec. 31, 2022 | 380,154 | 126,661 | ||||||
Net earnings before noncontrolling interests | 4,912,791 | 4,524,801 | 4,524,801 | 387,990 | ||||
Other comprehensive income (loss) | (24,555) | (24,555) | (24,555) | |||||
Stock options exercised | $ 11,731 | (2,864) | $ 14,595 | 11,731 | ||||
Stock options exercised (in shares) | (210) | (210) | ||||||
Stock option expense | $ 4,706 | 4,706 | 4,706 | |||||
Issuance of stock under award plans, net of forfeitures | 88,265 | 24,577 | $ 63,688 | 88,265 | ||||
Issuance of stock under award plans, net of forfeitures, shares | (951) | |||||||
Amortization of unearned compensation | 6,304 | 6,304 | 6,304 | |||||
Treasury stock acquired and net impact of excise tax | (1,567,683) | $ (1,567,683) | (1,567,683) | |||||
Treasury stock acquired and net impact of excise tax ,shares | 9,752 | |||||||
Cash dividends declared | (517,629) | (517,629) | (517,629) | |||||
Distributions to noncontrolling interests | (435,047) | (435,047) | ||||||
Acquisition | 74,965 | 74,965 | ||||||
BALANCES, end of period at Dec. 31, 2023 | $ 22,123,754 | $ 152,061 | $ 2,176,243 | $ 28,762,045 | $ (162,072) | $ (9,987,643) | $ 20,940,634 | $ 1,183,120 |
BALANCES, shares at end of period at Dec. 31, 2023 | 380,154 | 135,252 |
Consolidated Statements of St_2
Consolidated Statements of Stockholders' Equity (Parenthetical) - $ / shares | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Statement Of Stockholders Equity [Abstract] | |||
Cash dividends declared per share | $ 2.07 | $ 2.01 | $ 1.715 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Operating activities: | |||
Net earnings before noncontrolling interests | $ 4,912,791 | $ 8,079,640 | $ 7,122,370 |
Adjustments: | |||
Depreciation | 930,585 | 826,692 | 735,406 |
Amortization | 237,730 | 234,942 | 129,157 |
Stock-based compensation | 130,162 | 136,834 | 135,775 |
Deferred income taxes | 21,419 | (46,849) | 11,665 |
Distributions from affiliates | 33,621 | 57,071 | 200 |
Equity in earnings of unconsolidated affiliates | (12,783) | (10,714) | (103,068) |
Losses and impairments of assets | 101,756 | 62,161 | |
Changes in assets and liabilities (exclusive of acquisitions and dispositions): | |||
Accounts receivable | 663,825 | 501,225 | (1,392,084) |
Inventories | (75,042) | 962,424 | (2,307,336) |
Accounts payable | 361,146 | (496,234) | 383,428 |
Federal income taxes | 188,344 | (337,359) | 313,679 |
Salaries, wages and related accruals | (290,859) | 155,005 | 997,034 |
Other operating activities | 10,992 | (92,379) | 142,389 |
Cash provided by operating activities | 7,111,931 | 10,072,054 | 6,230,776 |
Investing activities: | |||
Capital expenditures | (2,214,157) | (1,947,897) | (1,621,989) |
Investment in and advances to affiliates | (35,137) | (258) | (237) |
Sale of business | 99,681 | ||
Disposition of plant and equipment | 14,907 | 32,277 | 19,401 |
Acquisitions (net of cash acquired) | (70,824) | (3,553,191) | (1,426,424) |
Purchases of investments | (1,471,528) | (913,898) | (493,889) |
Proceeds from the sale of investments | 1,317,308 | 590,173 | 648,887 |
Other investing activities | (37,000) | (9,596) | 399 |
Cash used in investing activities | (2,496,431) | (5,702,709) | (2,873,852) |
Financing activities: | |||
Net change in short-term debt | (24,870) | (58,642) | 49,817 |
Proceeds from issuance of long-term debt, net of discount | 2,091,934 | 196,990 | |
Repayment of long-term debt | (10,000) | (1,111,000) | |
Bond issuance costs | (13,138) | ||
Proceeds from exercise of stock options | 11,731 | 22,852 | 145,255 |
Payment of tax withholdings on certain stock-based compensation | (49,318) | (64,079) | (73,260) |
Distributions to noncontrolling interests | (435,047) | (332,293) | (150,700) |
Cash dividends | (514,534) | (533,589) | (483,469) |
Acquisition of treasury stock | (1,553,933) | (2,762,568) | (3,276,088) |
Proceeds from government incentives | 275,000 | ||
Other financing activities | (16,840) | (25,340) | (11,424) |
Cash used in financing activities | (2,592,811) | (2,510,863) | (3,602,879) |
Effect of exchange rate changes on cash | 2,883 | (5,920) | (316) |
Increase (decrease) in cash and cash equivalents and restricted cash and cash equivalents | 2,025,572 | 1,852,562 | (246,271) |
Cash and cash equivalents and restricted cash and cash equivalents - beginning of year | 4,361,220 | 2,508,658 | 2,754,929 |
Cash and cash equivalents and restricted cash and cash equivalents - end of year | 6,386,792 | 4,361,220 | 2,508,658 |
Non-cash investing activity: | |||
Change in accrued plant and equipment purchases | $ 1,053 | $ 4,568 | $ 78,375 |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2023 | Sep. 30, 2023 | Jul. 01, 2023 | Apr. 01, 2023 | Dec. 31, 2022 | Oct. 01, 2022 | Jul. 02, 2022 | Apr. 02, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Pay vs Performance Disclosure | |||||||||||
Net Income (Loss) | $ 785,399 | $ 1,141,506 | $ 1,461,354 | $ 1,136,542 | $ 1,255,733 | $ 1,694,748 | $ 2,561,233 | $ 2,095,623 | $ 4,524,801 | $ 7,607,337 | $ 6,827,461 |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Dec. 31, 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 |
Rule 10b51 Arr Modified Flag | false |
NonRule 10b51 Arr Modified Flag | false |
Nature of Operations and Basis
Nature of Operations and Basis of Presentation | 12 Months Ended |
Dec. 31, 2023 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Nature of Operations and Basis of Presentation | 1. Nature of Operations and Basis of Presentation Nature of Operations Nucor is principally a manufacturer of steel and steel products, as well as a scrap broker and processor, with operating facilities and customers primarily located in North America. Principles of Consolidation The consolidated financial statements include Nucor and its controlled subsidiaries, including Nucor-Yamato Steel Company (Limited Partnership) (“Nucor-Yamato”), of which Nucor owns 51 %; California Steel Industries, Inc. (“CSI”), of which Nucor owns 51 %; and Nucor-JFE Steel Mexico, S. de R.L. de C.V. ("NJSM"), of which Nucor owns 51 %. All intercompany transactions are eliminated. Distributions are made to noncontrolling interest partners in Nucor-Yamato in accordance with the limited partnership agreement by mutual agreement of the general partners. At a minimum, sufficient cash is distributed so that each partner may pay its U.S. federal and state income taxes. Distributions are made to noncontrolling interest partners in CSI in accordance with the shareholder agreement. Distributions are made to the noncontrolling interest partner in NJSM in accordance with the joint venture agreement. Use of Estimates The preparation of financial statements in conformity with generally accepted accounting principles in the United States of America requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from these estimates. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 2. Summary of Significant Accounting Policies Cash and Cash Equivalents Cash equivalents are recorded at cost plus accrued interest, which approximates fair value, and have original maturities of three months or less at the date of purchase. Cash and cash equivalents are maintained primarily with a few high-credit quality financial institutions. Short-term Investments Short-term investments are recorded at cost plus accrued interest, which approximates fair value. Unrealized gains and losses on investments classified as available-for-sale are recorded as a component of accumulated other comprehensive income (loss). Management determines the appropriate classification of its investments at the time of purchase and re-evaluates such determination at each balance sheet date. Inventories Inventories are stated at the lower of cost or net realizable value. The Company records any amount required to reduce the carrying value of inventory to net realizable value as a charge to cost of products sold. Scrap and scrap substitute costs are a very significant component of the raw material, semi-finished and finished product inventory balances. The vast majority of the Company’s inventory is recorded on the first-in, first-out method. Production costs are applied to semi-finished and finished product inventory from the approximate period in which they are produced. Property, Plant and Equipment Property, plant and equipment is stated at cost, except for property, plant and equipment acquired through acquisitions which is recorded at acquisition date fair value. With the exception of our natural gas wells, depreciation primarily is provided on a straight-line basis over the estimated useful lives of the assets. Depletion of all capitalized costs associated with our natural gas producing properties is expensed on a unit-of-production basis by individual field as the gas from the proved developed reserves is produced. The costs of acquiring unproved natural gas leasehold acreage are capitalized. When proved reserves are found on unproved properties, the associated leasehold cost is transferred to proved properties. Unproved leases are reviewed periodically for any impairment triggering event, and a valuation allowance is provided for any estimated decline in value. The costs of planned major maintenance activities are capitalized as part of other current assets and amortized over the period until the next scheduled major maintenance activity. All other repairs and maintenance activities are expensed when incurred. Goodwill and Other Intangibles Goodwill is the excess of cost over the fair value of net assets of businesses acquired. Goodwill is not amortized but is tested annually for impairment and whenever events or circumstances change that would make it more likely than not that an impairment may have occurred. We perform our annual impairment analysis as of the first day of the fourth quarter each year. The evaluation of impairment involves comparing the current estimated fair value of each reporting unit, which is a level below the reportable segment, to the recorded value, including goodwill. When appropriate, Nucor performs a qualitative assessment to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount. For certain reporting units, it is necessary to perform a quantitative analysis. In these instances, a discounted cash flow model is used to determine the current estimated fair value of these reporting units. A number of significant assumptions and estimates are involved in the application of the discounted cash flow model to forecast operating cash flows, which could include market growth and market share, sales volumes and prices, raw materials and other costs to produce, discount rate and estimated capital needs. Management considers historical experience and all available information at the time the fair values of its reporting units are estimated. Assumptions in estimating future cash flows are subject to a high degree of judgment and complexity. Changes in assumptions and estimates may affect the fair value of goodwill and could result in impairment charges in future periods. Finite-lived intangible assets are amortized over their estimated useful lives on a straight-line or accelerated basis. Long-Lived Asset Impairments We evaluate our property, plant and equipment and finite-lived intangible assets for potential impairment on an individual asset basis or at the lowest level asset grouping for which independent cash flows can be separately identified. Asset impairments are assessed whenever circumstances indicate that the carrying amounts of those productive assets could exceed their projected undiscounted cash flows. When it is determined that impairment exists, the related assets are written down to their estimated fair market value. Equity Method Investments Investments in joint ventures in which Nucor shares control over the financial and operating decisions but in which Nucor is not the primary beneficiary are accounted for under the equity method. Each of the Company’s equity method investments is subject to a review for impairment if, and when, circumstances indicate that a decline in fair value below its carrying amount may have occurred. Examples of such circumstances include, but are not limited to, a significant deterioration in the earnings performance or business prospects of the investee; missed financial projections; a significant adverse change in the regulatory, tax, economic or technological environment of the investee; a significant adverse change in the general market condition of either the geographic area or the industry in which the investee operates; and recurring negative cash flows from operations. If management considers the decline to be other than temporary, the Company would write down the related investment to its estimated fair market value. Revenue Recognition Nucor recognizes revenue when obligations under the terms of contracts with our customers are satisfied and collection is reasonably assured; generally, obligations under the terms of contracts are satisfied upon shipment or when control is transferred. Revenue is measured as the amount of consideration expected to be received in exchange for transferring the goods. In addition, revenue is deferred when cash payments are received or due in advance of performance. See Note 23 for further information. Income Taxes Nucor utilizes the liability method of accounting for income taxes. Under the liability method, deferred taxes are determined based on the temporary differences between the financial statement and tax basis of assets and liabilities using tax rates expected to be in effect during the years in which the basis differences reverse. A valuation allowance is recorded when it is more likely than not that some of the deferred tax assets will not be realized. Nucor recognizes the effect of income tax positions only if those positions are more likely than not of being sustained. Potential accrued interest and penalties related to unrecognized tax benefits are recognized as a component of interest expense and other expenses. Stock-Based Compensation The Company recognizes the cost of stock-based compensation as an expense using fair value measurement methods. The assumptions used to calculate the fair value of stock-based compensation granted are evaluated and revised for new grants, as necessary, to reflect market conditions and experience. Foreign Currency Translation For Nucor’s operations where the functional currency is other than the U.S. dollar, assets and liabilities have been translated at year-end exchange rates, and income and expenses have been translated using average exchange rates for the respective periods. Adjustments resulting from the process of translating an entity’s financial statements into the U.S. dollar have been recorded in accumulated other comprehensive income (loss) and are included in net earnings only upon sale or liquidation of the underlying investments. Foreign currency transaction gains and losses are included in net earnings in the period they occur. Recent Accounting Pronouncements In November 2023, new accounting guidance was issued that updates reportable segment disclosure requirements by requiring disclosures of significant reportable segment expenses that are regularly provided to the Chief Operating Decision Maker (“CODM”) and included within each reported measure of a segment's profit or loss. This new guidance also requires disclosure of the title and position of the individual identified as the CODM and an explanation of how the CODM uses the reported measures of a segment’s profit or loss in assessing segment performance and deciding how to allocate resources. The new guidance is effective for annual periods beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. The new guidance is required to be applied retrospectively to all prior periods presented in the financial statements. Early adoption is also permitted. This new guidance will likely result in additional required disclosures when adopted. The Company is evaluating the impact that the adoption of this new guidance will have on its consolidated financial statements. In December 2023, new accounting guidance was issued related to income tax disclosures. The new guidance requires disaggregated information about a reporting entity’s effective tax rate reconciliation as well as additional information on income taxes paid. The new guidance is effective on a prospective basis for annual periods beginning after December 15, 2024. Early adoption is also permitted for annual financial statements that have not yet been issued or made available for issuance. This new guidance will likely result in additional required disclosures when adopted. The Company is evaluating the impact that the adoption of this new guidance will have on its consolidated financial statements. |
Short-term Investments
Short-term Investments | 12 Months Ended |
Dec. 31, 2023 | |
Text Block [Abstract] | |
Short-term Investments | 3. Short-term Investments Nucor held $ 747.5 million of short-term investments as of December 31, 2023 ($ 576.9 million as of December 31, 2022). The investments held as of December 31, 2023 and December 31, 2022 consisted mainly of several certificates of deposit (“CD’s”), commercial paper and corporate bonds, which were classified as available-for-sale. Interest income on the CD’s and corporate bonds was recorded as earned. No realized or unrealized gains or losses were incurred in 2023, 2022 or 2021 . |
Accounts Receivable
Accounts Receivable | 12 Months Ended |
Dec. 31, 2023 | |
Receivables [Abstract] | |
Accounts Receivable | 4. Accounts Receivable An allowance for doubtful accounts is maintained for estimated losses resulting from the inability of our customers to make required payments. Accounts receivable are stated net of the allowance for doubtful accounts of $ 127.2 million at December 31, 2023 ($ 200.2 million at December 31, 2022 and $ 95.4 million at December 31, 2021 ). |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2023 | |
Inventory Disclosure [Abstract] | |
Inventories | 5. Inventories Inventories consisted of approximately 37 % raw materials and supplies and 63 % finished and semi-finished products at December 31, 2023 and 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. |
Leases
Leases | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure Of Leases [Abstract] | |
Leases | 6. Leases We lease certain equipment, office space and land. Leases with an initial term of 12 months or less are not recorded on the consolidated balance sheet. Most leases include one or more options to renew, with renewal terms that can extend the lease term from one to five years or sometimes more. The exercise of lease renewal options is at our sole discretion and we consider these options in determining the lease term used to establish our right-of-use assets and lease liabilities. Certain leases also include options to purchase the leased property. The depreciable life of assets and leasehold improvements is limited by the expected lease term, unless there is a transfer of title or a purchase option reasonably certain of exercise. We determine that a contract contains a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. In evaluating whether we have the right to control the use of an identified asset, we assess whether or not we have the right to control the use of the identified asset and to obtain substantially all of the economic benefit from the use of the identified asset. As most of our leases do not provide an implicit rate, we use our incremental borrowing rate based on the information available at the commencement date in determining the present value of lease payments. Certain of our lease agreements include payments that adjust periodically for consumption of goods provided by the right-of-use asset in excess of contractually determined minimum amounts and for inflation. These variable lease payments are not significant. Our lease agreements do not contain any material residual value guarantees or material restrictive covenants. Supplemental statement of earnings information related to our leases is as follows (in thousands): Year Ended December 31, Statement of Earnings Classification 2023 2022 2021 Operating lease cost Cost of products sold $ 26,750 $ 23,666 $ 21,503 Operating lease cost Marketing, administrative and 3,199 3,239 2,989 Total operating $ 29,949 $ 26,905 $ 24,492 Finance lease cost: Amortization of leased Cost of products sold $ 19,171 $ 19,113 $ 13,513 Interest on lease Interest expense, net 11,964 12,229 10,670 Total finance lease $ 31,135 $ 31,342 $ 24,183 Total lease cost $ 61,084 $ 58,247 $ 48,675 Supplemental cash flow information related to our leases is as follows (in thousands): Year Ended December 31, 2023 2022 2021 Cash paid for amounts included in measurement of lease Operating cash flows from operating leases $ 30,230 $ 26,518 $ 27,310 Operating cash flows from finance leases $ 11,964 $ 12,229 $ 10,670 Financing cash flows from finance leases $ 16,840 $ 16,008 $ 11,425 Non-cash investing and financing activities: Additions to right-of-use assets obtained from Operating lease liabilities $ 26,955 $ 33,924 $ 19,711 Finance lease liabilities $ 16,473 $ 27,030 $ 99,535 Supplemental balance sheet information related to our leases is as follows (in thousands): December 31, Balance Sheet Classification 2023 2022 Assets: Operating lease Other assets $ 102,878 $ 101,499 Finance lease Property, plant and equipment, net 166,780 169,076 Total leased $ 269,658 $ 270,575 Liabilities: Current operating Accrued expenses and other current liabilities $ 25,405 $ 23,621 Current finance Current portion of long-term debt and 14,102 18,582 Non-current operating Deferred credits and other liabilities 81,673 81,455 Non-current finance Long-term debt and finance lease 174,787 169,804 Total leased $ 295,967 $ 293,462 Weighted-average remaining lease term and discount rate for our leases are as follows: December 31, 2023 Weighted-average remaining lease term - operating leases 7.7 Years Weighted-average remaining lease term - finance leases 14.3 Years Weighted-average discount rate - operating leases 4.0 % Weighted-average discount rate - finance leases 11.7 % The reason for the substantial weighted-average discount rate – finance leases, of 11.7 %, is due to Nucor’s past accounting for the respective finance leases under the former accounting guidance for capital leases. Pursuant to the former lease accounting guidance, the recognition of a capital lease asset and associated capital lease liability could not exceed the fair market value of the leased asset at the lease commencement. Accordingly, the incremental borrowing rate was adjusted upward so that the present value of the minimum lease payments would equal the fair value of the asset. Maturities of lease liabilities by year for our leases were as follows as of December 31, 2023 (in thousands): Operating Leases Finance Leases Maturities of lease liabilities, year ending December 31, 2024 $ 29,014 $ 24,890 2025 22,032 22,391 2026 18,240 20,456 2027 13,569 19,860 2028 11,334 20,059 Thereafter 33,717 160,729 Total lease payments $ 127,906 $ 268,385 Less imputed interest ( 20,828 ) ( 79,496 ) Present value of lease liabilities $ 107,078 $ 188,889 |
Property, Plant and Equipment
Property, Plant and Equipment | 12 Months Ended |
Dec. 31, 2023 | |
Property Plant And Equipment [Abstract] | |
Property, Plant and Equipment | 7. Property, Plant and Equipment Property, Plant and Equipment is carried at historical cost, net of accumulated depreciation. Net Property, Plant and Equipment by major asset class consisted of the following at December 31, 2023 (in thousands): December 31, 2023 2022 Land and improvements, net $ 1,183,173 $ 905,598 Buildings and improvements 2,550,959 2,230,672 Machinery and equipment 16,328,126 15,125,653 Proved oil and gas properties 558,703 558,486 Leasehold interest in unproved oil and gas properties 96,000 96,000 Construction in process and equipment deposits 2,121,788 1,815,638 22,838,749 20,732,047 Less accumulated depreciation ( 11,788,982 ) ( 11,115,127 ) $ 11,049,767 $ 9,616,920 The estimated useful lives primarily range from five to 25 years for land improvements, four to 40 years for buildings and improvements and two to 15 years for machinery and equipment. The useful life for proved oil and gas properties is based on the unit-of-production method and varies by well. Raw Materials Segment Asset Impairments In the second quarter of 2021, Nucor decided that it would not develop a portion of its unproved oil and natural gas properties (“Portion A”) within the contractually specified time period related to Portion A. As a result of this decision, the Company forfeited its leasehold rights for Portion A. The Company recorded a charge of $ 42.0 million to write off the value of Portion A that is included in losses and impairments of assets in the consolidated statement of earnings for the year ended December 31, 2021. The decision not to develop Portion A was heavily influenced by the approaching deadline to commence development combined with Portion A’s expected near-term profitability not achieving management’s desired returns relative to the cost of development. A significant portion of the Company’s remaining leasehold interest in unproved oil and natural gas properties are held by production. The carrying value of the remaining portions of unproved oil and natural gas properties was $ 96.0 million at December 31, 2021. In the fourth quarter of 2022, Nucor decided that it is unlikely to develop the remaining portions of its unproved oil and natural gas properties. As a result of this decision, Nucor recorded a $ 96.0 million impairment charge for the entire balance of those assets, which are included in the raw materials segment. The impairment charge is included in losses and impairments of assets in the consolidated statement of earnings for the year ended December 31, 2022. We retain ownership of our leasehold interest in unproved oil and natural gas properties. The carrying value of the leasehold interest in unproved oil and gas properties was zero at December 31, 2022. Financial Assistance Related to Sheet Mill in West Virginia Nucor received $ 275.0 million of financial assistance in 2022 from the West Virginia Department of Economic Development in connection with Nucor’s planned construction of Nucor Steel West Virginia (NSWV), a sheet mill in Mason County, West Virginia. Nucor will earn the financial assistance if, by the Completion Date (defined in the agreement as on or before December 31, 2026), Nucor meets certain capital investment, full-time jobs creation and total annual payroll criteria. Nucor believes that it is probable we will meet these conditions. Nucor spent $ 179.7 million in 2022 and $ 95.3 million in 2023 in qualifying expenditures for the construction of NSWV, and that amount is included as a contra-asset in construction in process and equipment deposits that are a part of property, plant and equipment, net on the consolidated balance sheet at December 31, 2023. When the NSWV assets are placed into service, the effect of depreciating the assets constructed with the financial assistance will decrease depreciation expense in the statement of earnings. |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 12 Months Ended |
Dec. 31, 2023 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | 8. Goodwill and Other Intangible Assets The change in the net carrying amount of goodwill for the years ended December 31, 2023 and 2022 by segment is as follows: (in thousands) Steel Steel Raw Mills Products Materials Total Balance, December 31, 2021 $ 613,175 $ 1,439,874 $ 774,295 $ 2,827,344 Acquisitions 62,011 1,087,906 — 1,149,917 Divestitures — — ( 39,466 ) ( 39,466 ) Translation — ( 17,735 ) — ( 17,735 ) Balance, December 31, 2022 675,186 2,510,045 734,829 3,920,060 Acquisitions — ( 2,120 ) 44,660 42,540 Translation — 6,247 — 6,247 Balance, December 31, 2023 $ 675,186 $ 2,514,172 $ 779,489 $ 3,968,847 The majority of goodwill is not tax deductible. Intangible assets with estimated useful lives of five to 25 years are amortized on a straight-line or accelerated basis and are comprised of the following: (in thousands) December 31, 2023 December 31, 2022 Gross Accumulated Gross Accumulated Amount Amortization Amount Amortization Customer relationships $ 4,190,156 $ 1,295,778 $ 4,174,724 $ 1,087,834 Trademarks and trade names 372,153 168,363 364,106 142,363 Other 109,747 99,900 109,746 96,114 $ 4,672,056 $ 1,564,041 $ 4,648,576 $ 1,326,311 Intangible asset amortization expense was $ 237.7 million in 2023 ($ 234.9 million in 2022 and $ 129.2 million in 2021). Annual amortization expense is estimated to be $ 235.1 million in 2024, $ 234.1 million in 2025, $ 231.1 million in 2026, $ 227.9 million in 2027 and $ 204.6 million in 2028. The Company completed its annual goodwill impairment testing as of the first day of the fourth quarter for each of 2023, 2022 and 2021 and concluded that as of each such date there was no impairment of goodwill for any of its reporting units. There are no significant historical accumulated impairment charges, by segment or in the aggregate, related to goodwill. |
Equity Investments
Equity Investments | 12 Months Ended |
Dec. 31, 2023 | |
Equity Method Investments And Joint Ventures [Abstract] | |
Equity Investments | 9. Equity Investments The carrying value of our equity investments in domestic and foreign compani es was $ 479.5 million at December 31, 2023 ($ 562.3 million at December 31, 2022), and is recorded in other assets in the consolidated balance sheets. NuMit Nucor owns a 50 % economic and voting interest in NuMit LLC (“NuMit”). NuMit owns 100 % of the equity interest in Steel Technologies LLC, an operator of 32 sheet processing facilities located throughout the United States, Canada and Mexico. Nucor accounts for its investment in NuMit (on a one-month lag basis) under the equity method, as control and risk of loss are shared equally between the members of NuMit. Nucor’s investment in NuMit w as $ 431.9 million at December 31, 2023 ($ 423.9 million at December 31, 2022). Nucor received distributions of $ 32.9 million, $ 55.6 million, and $ 0.2 million from NuMit during 2023, 2022 and 2021, respectively. Nucor-JFE Steel Mexico Nucor previously owned a 50 % economic and voting interest in Nucor-JFE Steel Mexico, S. de R.L. de C.V. (“NJSM”), a 50-50 joint venture with JFE Steel Corporation (“JFE”) of Japan. In October 2023, Nucor purchased an additional 1 % interest in NJSM to bring the total investment to a 51 % controlling interest. Beginning in the fourth quarter of 2023, Nucor has accounted for NJSM on a consolidated basis. See Note 25 for purchase price allocation information related to the step acquisition. Nucor’s investment in NJSM was $ 91.8 million at December 31, 2022. All Equity Investments Nucor reviews its equity investments for impairment if and when circumstances indicate that a decline in fair value below their carrying amounts may have occurred. There were no triggering events that caused management to pursue additional testing of our equity method investments in 2023 . |
Current Liabilities
Current Liabilities | 12 Months Ended |
Dec. 31, 2023 | |
Payables And Accruals [Abstract] | |
Current Liabilities | 10. Current Liabilities Book overdrafts, included in accounts payable in the consolidated balance sheets, were $ 159.0 million at December 31, 2023 ($ 163.6 million at December 31, 2022). Dividends payable, included in accrued expenses and other current liabilities in the consolidated balance sheets, were $ 133.6 million at December 31, 2023 ($ 130.5 million at December 31, 2022 ). |
Debt and Other Financing Arrang
Debt and Other Financing Arrangements | 12 Months Ended |
Dec. 31, 2023 | |
Debt Disclosure [Abstract] | |
Debt and Other Financing Arrangements | 11. Debt and Other Financing Arrangements December 31, (in thousands) 2023 2022 Industrial revenue bonds due from 2025 to 2061 (1) $ 1,349,230 $ 1,349,230 NJSM notes due from 2024 to 2026 (2) 80,000 — Notes, 2.000 %, due 2025 500,000 500,000 Notes, 3.950 %, due 2025 500,000 500,000 Notes, 4.300 %, due 2027 500,000 500,000 Term notes, 2.950 %, due 2027 (3) 58,040 67,866 Notes, 3.950 %, due 2028 500,000 500,000 Notes, 2.700 %, due 2030 500,000 500,000 Notes, 3.125 %, due 2032 550,000 550,000 Notes, 6.400 %, due 2037 543,331 543,331 Notes, 5.200 %, due 2043 338,133 338,133 Notes, 4.400 %, due 2048 329,219 329,219 Notes, 3.850 %, due 2052 550,000 550,000 Notes, 2.979 %, due 2055 439,312 439,312 Finance lease obligations 188,889 188,386 Total long-term debt and finance lease obligations 6,926,154 6,855,477 Less premium on debt exchange 171,162 169,737 Less debt issuance costs 32,017 43,471 Total amounts outstanding 6,722,975 6,642,269 Less current maturities of long-term debt (2) (3) 60,000 10,000 Less current portion of finance lease obligations 14,102 18,582 Total long-term debt and finance lease obligations due after $ 6,648,873 $ 6,613,687 (1) The industrial revenue bonds had variable rates ranging from 4.20 % to 5.10 % at December 31, 2023 and 3.65 % to 4.28 % at December 31, 2022. (2) The NJSM notes relate to borrowings of NJSM under its General Financing Agreement and Promissory Note (the “NJSM Facility”). The maximum amount NJSM could borrow under the NJSM facility was $ 80.0 million at December 31, 2023. The NJSM facility is uncommitted. Borrowings under the NJSM facility had variable rates ranging from 2.46 % to 6.78 % at December 31, 2023. (3) The term notes were assumed in conjunction with the acquisition of 51 % ownership of CSI on February 1, 2022. The original principal amount of the notes was $ 101.0 million, with a fixed rate of 2.95 % until September 30, 2026 when they will convert to a floating rate. Payments of $ 2.5 million are due quarterly along with accrued interest. The term notes mature on March 31, 2027 . (See Note 25.) Annual aggregate long-term debt maturities are: $ 60.0 million in 2024, $ 1.01 billion in 2025, $ 61.5 million in 2026, $ 528.0 million in 2027, $ 549.5 million in 2028 and $ 4.53 billion thereafter. Nucor's $ 1.75 billion revolving credit facility remains undrawn and has a maturity date of November 5, 2026 . Costs associated with the amendment were immaterial. The unsecured revolving credit facility provides up to $ 1.75 billion in revolving loans and allows up to $ 500.0 million in additional commitments at Nucor’s election in accordance with the terms set forth in the credit agreement. Up to $ 100.0 million of the credit facility is available for the issuance of letters of credit and up to $ 500.0 million is available for the issuance of revolving loans for Nucor subsidiaries in accordance with the terms set forth in the credit agreement. The credit facility provides for a pricing grid based upon the credit rating of Nucor’s senior unsecured long-term debt and, alternatively, interest rates quoted by lenders in connection with competitive bidding. The credit facility includes customary financial and other covenants, including a limit on the ratio of funded debt to total capital of 60 %, a limit on Nucor’s ability to pledge the Company’s assets and a limit on consolidati ons, mergers and sales of assets. As of December 31, 2023, Nucor’s funded debt to total capital ratio was 24 %, and Nucor was in compliance with all covenants under the credit facility. No borrowings were outstanding under the credit facilit y as of December 31, 2023 and 2022. On March 11, 2022, Nucor completed the issuance and sale of $ 550.0 million aggregate principal amount of its 3.125 % Notes due 2032 (the “2032 Notes”) and $ 550.0 million aggregate principal amount of its 3.850 % Notes due 2052 (the “2052 Notes” and, together with the 2032 Notes, the “2032/2052 Notes”). The net proceeds from the issuance and sale of the 2032/2052 Notes were used along with cash on hand to redeem all of the outstanding $ 600.0 million aggregate principal amount of our 4.125 % Notes due 2022 (the “2022 Notes”) and $ 500.0 million aggregate principal amount of our 4.000 % Notes due 2023 (the “2023 Notes”) pursuant to the terms of the indenture governing the 2022 Notes and the 2023 Notes. The net proceeds from the issuance and sale of the 2032/2052 Notes were $ 1.09 billion, after expenses and the underwriting discount. Costs of $ 15.3 million associated with the issuance and sale of the 2032/2052 Notes have been capitalized and will be amortized over the life of the March 2022 Notes. On April 25, 2022, Nucor redeemed all $ 500.0 million aggregate principal amount outstanding of the 2023 Notes using a portion of the net proceeds from the issuance and sale of the 2032/2052 Notes. On August 15, 2022, Nucor redeemed all $ 600.0 million aggregate principal amount outstanding of the 2022 Notes using the remaining portion of the net proceeds from the issuance and sale of the 2032/2052 Notes. On May 23, 2022, Nucor completed the issuance and sale of $ 500.0 million aggregate principal amount of its 3.950 % Notes due 2025 (the “2025 Notes”) and $ 500.0 million aggregate principal amount of its 4.300 % Notes due 2027 (the “2027 Notes” and, together with the 2025 Notes, the “2025/2027 Notes”). The net proceeds from the issuance and sale of the 2025/2027 Notes were used for general corporate purposes and to pay a portion of the purchase price for the acquisition of C.H.I. The n et proceeds from the issuance and sale of the 2025/2027 Notes were $ 991.9 million, after expenses and the underwriting discount. Costs of $ 5.9 million associated with the issuance and sale of the 2025/2027 Notes have been capitalized and will be amortized over the life of the 2025/2027 Notes. Harris Steel has credit facilities totaling approximately $ 18.7 million, with no outstanding borrowings at December 31, 2023 and 2022. The business of Nucor Trading S.A. is financed by uncommitted trade credit arrangements with a number of European banking institutions. As of December 31, 2023, Nucor Trading S.A. had outstanding borrowings of $ 24.2 million ($ 49.1 million as of December 31, 2022). NJSM maintains an uncommitted trade credit agreement with three banking institutions. As of December 31, 2023, NJSM had outstanding borrowings of $ 95.0 million under the trade credit agreement. Nucor Trading S.A. and NJSM's credit arrangements are presented in short-term debt in the consolidated balance sheet . Letters of credit totaling $ 57.7 million were outstanding as of December 31, 2023 ($ 43.5 million as of December 31, 2022), related to certain obligations, including workers’ compensation, utilities deposits and credit arrangements by Nucor Trading S.A. for commitments to purchase inventories. |
Capital Stock
Capital Stock | 12 Months Ended |
Dec. 31, 2023 | |
Text Block [Abstract] | |
Capital Stock | 12. Capital Stock The par value of Nucor’s common stock is $ 0.40 per share and there are 800 million shares authorized. In addition, 250,000 shares of preferred stock, par value $ 4.00 per share, are authorized, with preferences, rights and restrictions as may be fixed by the Board of Directors. There are no shares of preferred stock issued or outstanding. Dividends declared per share were $ 2.070 in 2023 ($ 2.010 in 2022 and $ 1.715 per share in 2021). The Company repurchased approximately $ 1.55 billion of its common stock in 2023 (approximately $ 2.76 billion in 2022 and $ 3.28 billion in 2021). On May 11, 2023, the Company announced that the Board of Directors had approved a 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 are 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. At December 31, 2023, the Company had approximately $ 3.32 billion available for share repurchases under the program authorized by the Company’s Board of Directors. |
Derivative Financial Instrument
Derivative Financial Instruments | 12 Months Ended |
Dec. 31, 2023 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |
Derivative Financial Instruments | 13. Derivative Financial Instruments The following tables summarize information regarding Nucor’s derivative financial instruments (in thousands): Fair Value at December 31, Fair Value of Derivative Financial Consolidated Balance Sheet Location 2023 2022 Asset derivatives designated Commodity contracts Other current assets $ — $ 17,200 Commodity contracts Other assets — 17,200 Total asset derivatives $ — $ 34,400 Liability derivatives designated Commodity contracts Accrued expenses and other current liabilities $ ( 14,700 ) $ — Commodity contracts Deferred credits and other liabilities ( 3,600 ) — Total liability derivatives ( 18,300 ) — Liability derivatives not designated Commodity contracts Accrued expenses and other current liabilities ( 4,382 ) ( 501 ) Foreign exchange contracts Accrued expenses and other current liabilities ( 529 ) ( 869 ) Total liability derivatives not ( 4,911 ) ( 1,370 ) Total liability derivatives $ ( 23,211 ) $ ( 1,370 ) The Effect of Derivative Financial Instruments on the Consolidated Statements of Earnings Derivatives Designated as Hedging Instruments for the Year Ended December 31, (in thousands) Amount of Gain or (Loss), Net of Tax, Amount of Gain or (Loss), Reclassified from Amount of Gain or (Loss), Statement of Net of Tax, Recognized Accumulated OCI into Net of Tax, Recognized Derivatives in Cash Flow Earnings in OCI on Derivatives Earnings on Derivatives in Earnings on Derivatives Hedging Relationships Location (Effective Portion) (Effective Portion) (Ineffective Portion) 2023 2022 2021 2023 2022 2021 2023 2022 2021 Commodity contracts Cost of products sold $ ( 52,077 ) $ 76,542 $ 15,112 $ ( 12,077 ) $ 51,554 $ 9,300 $ — $ — $ — Derivatives Not Designated as Hedging Instruments for the Year Ended December 31, (in thousands) Amount of Gain or (Loss) Derivatives Not Designated Statement of Earnings Recognized in Earnings on as Hedging Instruments Location Derivatives 2023 2022 2021 Commodity contracts Cost of products sold $ 3,300 $ 3,311 $ ( 27,777 ) Foreign exchange contracts Cost of products sold ( 856 ) 11,641 8,114 Total $ 2,444 $ 14,952 $ ( 19,663 ) At December 31, 2023 , natural gas swaps covering approximately 44.0 million MMBTUs (extending through December 2026) were outstanding. |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 14. Fair Value Measurements The following table summarizes information regarding Nucor’s financial assets and liabilities that are measured at fair value. Nucor does not have any non-financial assets or liabilities that are measured at fair value on a recurring basis. (in thousands) Fair Value Measurements at Reporting Date Using Quoted Prices in Active Significant Carrying Markets for Other Significant Amount in Identical Observable Unobservable Consolidated Assets Inputs Inputs Description Balance Sheets (Level 1) (Level 2) (Level 3) As of December 31, 2023 Assets: Cash equivalents $ 5,724,549 $ 5,724,549 $ — $ — Short-term investments 747,479 747,479 — — Derivative contracts — — — — Restricted cash and cash 3,494 3,494 — — Other assets 47,020 4,245 — 42,775 Total assets $ 6,522,542 $ 6,479,767 $ — $ 42,775 Liabilities: Derivative contracts $ ( 23,211 ) $ — $ ( 23,211 ) $ — As of December 31, 2022 Assets: Cash equivalents $ 3,182,631 $ 3,182,631 $ — $ — Short-term investments 576,946 576,946 — — Derivative contracts 34,400 — 34,400 — Restricted cash and cash 80,368 80,368 — — 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 and an investment in a publicly traded nuclear power equipment manufacturer are classified under Level 1 because such measurements are based on quoted market prices in active markets for identical assets. 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. Fair value measurements of Nucor's investments in privately held companies, most of which is in a nuclear fusion technology company, are classified under Level 3 because such measurements are based on unobservable inputs that indicate a change in fair value, including the transaction price in the event of a change in ownership of the investee (e.g. the sale of other investors' interest in the company) or the transaction price in the event of additional equity issuances of the investee. There were no transfers between 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 $ 6.22 billion at December 31, 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 December 31, 2023 and 2022 , or similar debt with the same maturities, ratings and interest rates. |
Contingencies
Contingencies | 12 Months Ended |
Dec. 31, 2023 | |
Commitments And Contingencies Disclosure [Abstract] | |
Contingencies | 15. 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 | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Stock-Based Compensation | 16. Stock-Based Compensation Overview The Company maintains the Nucor Corporation 2014 Omnibus Incentive Compensation Plan (the “Omnibus Plan”) under which the Company may award stock-based compensation to key employees, officers and non-employee directors. The Company’s stockholders approved an amendment and restatement of the Omnibus Plan on May 14, 2020. The Company also amended the Omnibus Plan on September 14, 2023. The Omnibus Plan, as amended and restated, permits the award of stock options, restricted stock units, restricted shares and other stock-based awards for up to 19.0 million shares of the Company’s common stock. As of December 31, 2023 , 4.3 million shares remained available for award under the Omnibus Plan. The Company also maintains a number of inactive plans under which stock-based awards remain outstanding but no further awards may be made. As of December 31, 2023, 0.1 million sha res were reserved for issuance upon the future settlement of outstanding awards under such inactive plans. Stock Options Stock options may be granted to Nucor’s key employees, officers and non-employee directors with exercise prices at 100 % of the market value on the date of the grant. The stock options granted are generally exercisable at the end of three years and have a term of 10 years. A summary of activity under Nucor’s stock option plans is as follows (shares in thousands): Year Ended December 31, 2023 2022 2021 Weighted- Weighted- Weighted- Average Average Average Exercise Exercise Exercise Shares Price Shares Price Shares Price Number of shares under stock options: Outstanding at beginning of year 837 $ 66.76 1,186 $ 55.58 3,916 $ 50.03 Granted 91 $ 133.03 98 $ 130.71 138 $ 110.74 Exercised ( 210 ) $ 55.85 ( 447 ) $ 51.14 ( 2,868 ) $ 50.65 Canceled — $ — — $ — — $ — Outstanding at end of year 718 $ 78.33 837 $ 66.76 1,186 $ 55.58 Stock options exercisable at end of year 433 $ 48.33 313 $ 59.60 523 $ 54.71 The total intrinsic value of stock options (the amount by which the stock price exceeded the exercise price of the stock option on the date of exercise) that were exercised during 2023 wa s $ 24.5 million ($ 32.2 million in 2022 and $ 67.8 million in 2021). The following table summarizes information about stock options outstanding at December 31, 2023 (shares in thousands): Options Outstanding Options Exercisable Weighted- Average Weighted- Weighted- Range of Number Remaining Average Number Average Exercise Prices Outstanding Life Price Exercisable Price $ 40.00 - $ 60.00 379 6.3 years $ 43.06 379 $ 43.06 $ 60.01 - $ 75.00 33 4.4 years $ 65.80 33 $ 65.80 $ 75.01 - $ 100.00 — 0.0 years $ — — $ — $ 100.01 - $ 120.00 122 7.4 years $ 110.74 15 $ 110.74 $ 120.01 - $ 133.03 184 8.9 years $ 131.86 6 $ 130.71 $ 40.00 - $ 133.03 718 7.1 years $ 78.33 433 $ 48.33 As of December 31, 2023, the total aggregate intrinsic value of stock options outstanding and stock options exer cisable was $ 68.7 million and $ 54.5 million, respectively. The grant date fair value of stock options granted wa s $ 49.62 per share in 2023 ($ 45.27 per share in 2022 and $ 32.30 per share in 2021 ). The fair value was estimated using the Black-Scholes options pricing model with the following assumptions: 2023 2022 2021 Exercise price $ 133.03 $ 130.71 $ 110.74 Expected dividend yield 1.53 % 1.53 % 1.46 % Expected stock price volatility 37.55 % 35.77 % 32.86 % Risk-free interest rate 3.66 % 2.98 % 1.28 % Expected life (years) 6.5 6.5 6.5 Stock options granted to employees who are eligible for retirement on the date of the grant are expensed immediately since these awards vest upon retirement from the Company. Retirement, for purposes of vesting in these stock options, means termination of employment after satisfying age and years of service requirements. Similarly, stock options granted to employees who will become retirement-eligible prior to the end of the vesting term are expensed over the period through which the employee will become retirement-eligible. Compensation expense for stock options granted to employees who will not become retirement-eligible prior to the end of the vesting term is recognized on a straight-line basis over the vesting period. Compensation expense for stock options was $ 4.7 million i n 2023 ($ 5.4 million in 2022 and $ 3.8 million in 2021). As of December 31, 2023 , unrecognized compensation expense related to stock options was $ 2.0 million, which is expected to be recognized over a weighted-average period of 1.9 years. Restricted Stock Units Nucor annually grants restricted stock units (“RSUs”) to key employees, officers and non-employee directors. The RSUs granted to key employees and officers vest and are converted to common stock in three equal installments on each of the first three anniversaries of the grant date, provided that a portion of the RSUs awarded to an officer prior to 2018 vest only upon the officer’s retirement. Retirement, for purposes of vesting in these RSUs only, means termination of employment with approval of the Compensation and Executive Development Committee of the Board of Directors after satisfying age and years of service requirements. RSUs granted to a non-employee director are fully vested on the grant date and are payable to the non-employee director in the form of common stock after the termination of the director’s service on the Board of Directors. RSUs granted to employees who are eligible for retirement on the date of the grant are expensed immediately, and RSUs granted to employees who will become retirement-eligible prior to the end of the vesting term are expensed over the period through which the employee will become retirement-eligible since these awards vest upon retirement from the Company. Compensation expense for RSUs granted to employees who will not become retirement-eligible prior to the end of the vesting term is recognized on a straight-line basis over the vesting period. Cash dividend equivalents are paid to holders of RSUs each quarter. Dividend equivalents paid on RSUs expected to vest are recognized as a reduction in retained earnings. The fair value of an RSU is determined based on the closing price of Nucor’s common stock on the date of the grant. A summary of Nucor’s RSU activity is as follows (shares in thousands): Year Ended December 31, 2023 2022 2021 Grant Date Grant Date Grant Date Shares Fair Value Shares Fair Value Shares Fair Value Restricted stock units: Unvested at beginning of year 1,003 $ 98.66 1,167 $ 60.45 1,830 $ 47.33 Granted 831 $ 133.03 774 $ 130.71 397 $ 110.74 Vested ( 873 ) $ 102.79 ( 916 ) $ 77.21 ( 997 ) $ 57.09 Canceled ( 14 ) $ 106.76 ( 22 ) $ 93.73 ( 63 ) $ 49.54 Unvested at end of year 947 $ 124.89 1,003 $ 98.66 1,167 $ 60.45 Compensation expense for RSUs was $ 88.1 million i n 2023 ($ 80.4 million in 2022 and $ 52.1 million in 2021). The total fair value of shares vested during 2023 was $ 120.7 million ($ 120.0 million in 2022 and $ 109.5 million in 2021). As of December 31, 2023, unrecognized compensation expense related to unv ested RSUs was $ 83.9 million, which is expected to be recognized over a weighted-average period of 1.3 years. Restricted Stock Awards Prior to their expiration effective December 31, 2017, the Nucor Corporation Senior Officers Long-Term Incentive Plan and the Nucor Corporation Senior Officers Annual Incentive Plan authorized the award of shares of common stock to officers subject to certain conditions and restrictions. Effective January 1, 2018, the Company adopted supplements to the Omnibus Plan with terms that permit the award of shares of common stock to officers subject to the conditions and restrictions described below, which are substantially similar to those of the expired Senior Officers Long-Term Incentive Plan and Senior Officers Annual Incentive Plan. The expired Senior Officers Long-Term Incentive Plan, together with the applicable supplement, is referred to below as the “LTIP,” and the expired Senior Officers Annual Incentive Plan, together with the applicable supplement, is referred to below as the “AIP.” The LTIP provides for the award of shares of restricted common stock at the end of each LTIP performance measurement period at no cost to officers if certain financial performance goals are met during the period. One-third of the LTIP restricted stock award vests upon each of the first three anniversaries of the award date or, if earlier, upon the officer’s attainment of age 55 while employed by Nucor. Although participants are entitled to cash dividends and may vote such awarded shares, the sale or transfer of such shares is limited during the restricted period. The AIP provides for the payment of annual cash incentive awards. An AIP participant may elect, however, to defer payment of up to one-half of an AIP award. In such event, the deferred AIP award is converted into common stock units and credited with a deferral incentive, in the form of additional common stock units, equal to 25 % of the number of common stock units attributable to the deferred AIP award. Common stock units attributable to deferred AIP awards are fully vested. Common stock units credited as a deferral incentive vest upon the AIP participant’s attainment of age 55 while employed by Nucor. Vested common stock units are paid to AIP participants in the form of shares of common stock following their termination of employment with Nucor. A summary of Nucor’s restricted stock activity under the AIP and the LTIP is as follows (shares in thousands): Year Ended December 31, 2023 2022 2021 Grant Date Grant Date Grant Date Shares Fair Value Shares Fair Value Shares Fair Value Restricted stock units and restricted Unvested at beginning of year 209 $ 108.55 107 $ 57.17 127 $ 49.94 Granted 414 $ 171.38 465 $ 128.62 262 $ 65.61 Vested ( 406 ) $ 152.68 ( 356 ) $ 119.29 ( 273 ) $ 62.17 Canceled ( 7 ) $ 154.05 ( 7 ) $ 113.86 ( 9 ) $ 48.75 Unvested at end of year 210 $ 145.55 209 $ 108.55 107 $ 57.17 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 $ 37.8 million in 2023 ($ 51.0 million in 2022 and $ 79.9 million in 2021). The total fair value of shares vested during 2023 was $ 68.8 million ($ 45.9 million in 2022 and $ 19.6 million in 2021). As of December 31, 2023, unrecognized compensation expense related to unvested restricted stock awards was $ 7.5 million, which is expected to be recognized over a weighted-average period of 1.6 years. |
Employee Benefit Plans
Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2023 | |
Compensation And Retirement Disclosure [Abstract] | |
Employee Benefit Plans | 17. Employee Benefit Plans 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 $ 611.1 million in 2023 ($ 994.2 million in 2022 and $ 869.9 million in 2021). The related liability for these benefits is included in salaries, wages and related accruals in the consolidated balance sheets. Nucor also has a medical plan covering certain eligible early retirees. The unfunded obligation, included in deferred credits and other liabilities in the consolidated balance sheets, totaled $ 33.2 million at December 31, 2023 ($ 25.6 million at December 31, 2022). The expense associated with this early retiree medical plan totaled $ 0.3 million in 2023 ($ 2.3 million in 2022 and $ 1.8 million in 2021 ). The discount rate used by Nucor in determining its benefit obligation was 5.01 % in 2023 ( 5.24 % in 2022 and 2.81 % in 2021). The health care cost increase trend rate used was 6.8 % i n 2023 ( 6.3 % in 2022 and 5.3 % in 2021). The health care cost increase trend rate is projected to decline gradually to 4.0 % by 2049 . |
Interest (Income) Expense
Interest (Income) Expense | 12 Months Ended |
Dec. 31, 2023 | |
Banking And Thrift Interest [Abstract] | |
Interest (Income) Expense | 18. Interest (Income) Expense The components of net interest (income) expense are as follows (in thousands): Year Ended December 31, 2023 2022 2021 Interest expense $ 245,954 $ 218,911 $ 163,121 Interest income ( 275,586 ) ( 48,695 ) ( 4,267 ) Interest expense, net $ ( 29,632 ) $ 170,216 $ 158,854 Interest paid was $ 257.1 million in 2023 ($ 229.5 million in 2022 and $ 170.7 million in 2021 ). |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 19. Income Taxes Components of earnings before income taxes and noncontrolling interests are as follows (in thousands): Year Ended December 31, 2023 2022 2021 United States $ 6,203,409 $ 10,212,850 $ 9,076,921 Foreign 69,348 31,994 123,937 $ 6,272,757 $ 10,244,844 $ 9,200,858 The provision for income taxes consists of the following (in thousands): Year Ended December 31, 2023 2022 2021 Current: Federal $ 1,127,369 $ 1,894,848 $ 1,753,376 State 194,186 304,323 293,752 Foreign 16,992 12,882 19,695 Total current 1,338,547 2,212,053 2,066,823 Deferred: Federal 20,621 77,961 10,916 State ( 18,738 ) ( 120,440 ) ( 3,042 ) Foreign 19,536 ( 4,370 ) 3,791 Total deferred 21,419 ( 46,849 ) 11,665 Total provision for income taxes $ 1,359,966 $ 2,165,204 $ 2,078,488 A reconciliation of the federal statutory tax rate ( 21 %) to the total provision is as follows: Year Ended December 31, 2023 2022 2021 Taxes computed at statutory rate 21.00 % 21.00 % 21.00 % State income taxes, net of federal income tax benefit 2.14 % 1.41 % 2.49 % Federal research credit - 0.51 % - 0.10 % - 0.07 % Equity in losses of foreign joint venture 0.17 % 0.11 % — Foreign rate differential 0.10 % — - 0.03 % Noncontrolling interests - 1.27 % - 0.85 % - 0.67 % Other, net 0.05 % - 0.44 % - 0.13 % Provision for income taxes 21.68 % 21.13 % 22.59 % For the year ended December 31, 2023, the effective tax rate on continuing operations was 21.68 % compared to 21.13 % for the year ended December 31, 2022. The 2023 effective tax rate includes an increased impact, when compared to 2022, from the Federal research credit and Noncontrolling interests lines. The 2022 effective tax rate included a net tax benefit of $ 76.4 million (- 0.75 %) for state tax credits, and a net tax benefit of $ 88.0 million (- 0.86 %) related to a change in the valuation allowance of a state deferred tax asset. Both items are included in the State income taxes, net of federal income tax benefit line. Deferred tax assets and liabilities resulted from the following (in thousands): December 31, 2023 2022 Deferred tax assets: Accrued liabilities and reserves $ 252,794 $ 236,132 Allowance for doubtful accounts 39,102 55,160 Inventory 141,460 143,384 Research and development expenditures 133,935 42,109 Post-retirement benefits 8,571 7,997 Hedges 5,146 — Net operating loss carryforward 93,794 30,295 Tax credit carryforwards 215,630 162,498 Other deferred tax assets 12,016 10,894 Valuation allowance ( 210,084 ) ( 77,510 ) Total deferred tax assets 692,364 610,959 Deferred tax liabilities: Holdbacks and amounts not due under contracts ( 15,714 ) ( 16,016 ) Hedges — ( 7,426 ) Intangibles ( 706,174 ) ( 724,450 ) Property, plant and equipment ( 1,170,080 ) ( 1,050,579 ) Other deferred tax liabilities ( 48,579 ) ( 51,726 ) Book/Tax differences on debt modifications ( 43,869 ) ( 45,458 ) Total deferred tax liabilities ( 1,984,416 ) ( 1,895,655 ) Total net deferred tax liabilities $ ( 1,292,052 ) $ ( 1,284,696 ) Non-current deferred tax assets included in other assets in the consolidated balance sheets were $ 40.7 million at December 31, 2023 ($ 19.3 million at December 31, 2022). Non-current deferred tax liabilities included in deferred credits and other liabilities in the consolidated balance sheets were $ 1.33 billion at December 31, 2023 ( $ 1.30 billion at December 31, 2022). Current federal and state income taxes receivable included in other current assets in the consolidated balance sheets were $ 346.1 million at December 31, 2023 ($ 564.7 million at December 31, 2022). Nucor paid $ 1.06 billion in net federal, state and foreign income taxes in 2023 ($ 2.63 billion and $ 1.68 billion in 2022 and 2021, respectively). Nucor has not recognized deferred tax liabilities on its investment in foreign subsidiaries with undistributed earnings that satisfy the permanent reinvestment requirements (the deferred tax liabilities on the investments not permanently reinvested are immaterial). While Nucor considers future earnings to be permanently reinvested, it is expected that potential future distributions will likely be nontaxable. If this assertion of permanent reinvestment were to change, there may be deferred tax liabilities related to the withholding tax impacts on the actual distribution of certain cumulative undistributed foreign earnings, but the Company believes this amount to be immaterial. State NOL carryforwards were $ 185.1 million at December 31, 2023 ($ 285.4 million at December 31, 2022). If unused, they will expire between 2024 and 2043 . Foreign NOL carryforwards were $ 325.6 million at December 31, 2023 ($ 79.4 million at December 31, 2022). If unused, the foreign NOL carryforwards will expire between 2026 and 2042 . At December 31, 2023, Nucor had approximately $ 188.3 million of unrecognized tax benefits, of which $ 187.6 million would affect Nucor's effective tax rate, if recognized. At December 31, 2022, Nucor had approximately $ 141.7 million of unrecognized tax benefits, of which $ 141.1 million would affect Nucor's effective tax rate, if recognized. A reconciliation of the beginning and ending amounts of unrecognized tax benefits recorded in deferred credits and other liabilities in the consolidated balance sheets is as follows (in thousands): December 31, 2023 2022 2021 Balance at beginning of year $ 141,692 $ 95,136 $ 47,965 Additions based on tax positions related to current year 44,113 54,438 52,853 Reductions based on tax positions related to — — — Additions based on tax positions related to prior years 9,886 13,473 2,405 Reductions based on tax positions related to ( 496 ) ( 9,275 ) ( 3,060 ) Reductions due to settlements with taxing authorities — — — Reductions due to statute of limitations lapse ( 6,941 ) ( 12,080 ) ( 5,027 ) Balance at end of year $ 188,254 $ 141,692 $ 95,136 We estimate that in the next 12 months, our gross uncertain tax positions, exclusive of interest, could decrease by as much as $ 5.6 million, as a result of the expiration of the applicable statute of limitations. During 2023, Nucor recognized $ 10.4 million of expense in interest and penalties ($ 9.4 million of expense in 2022 and $ 5.5 million of expense in 2021). The interest and penalties are included in interest expense, net and marketing, administrative and other expenses, respectively, in the consolidated statements of earnings. As of December 31, 2023, Nucor had approximately $ 37.4 million of accrued interest and penalties related to uncertain tax positions (approximately $ 26.9 million at December 31, 2022). The accrued interest and penalties are included in accrued expenses and other current liabilities and deferred credits and other liabilities, respectively, in the consolidated balance sheets. 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 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 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). |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) | 12 Months Ended |
Dec. 31, 2023 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Income (Loss) | 20. Accumulated Other Comprehensive Income (Loss) The following tables reflect the changes in accumulated other comprehensive income (loss) by component (in thousands): Gains and Foreign Adjustment Hedging Gains Retiree Total December 31, 2022 $ 26,100 $ ( 180,216 ) $ 16,599 $ ( 137,517 ) Other comprehensive income ( 52,077 ) 21,041 ( 4,787 ) ( 35,823 ) Amounts reclassified from (1) 12,077 — ( 809 ) 11,268 Net current-period other ( 40,000 ) 21,041 ( 5,596 ) ( 24,555 ) December 31, 2023 $ ( 13,900 ) $ ( 159,175 ) $ 11,003 $ ( 162,072 ) (1) Includes $ 12,077 and $( 809 ) net-of-tax impact of accumulated other comprehensive income (loss) reclassifications into cost of products sold for net gains on commodity contracts and adjustment to early retiree medical plan, respectively. The tax impacts of these reclassifications were $ 3,800 and $( 255 ), respectively. Gains and Foreign Adjustment Hedging Gains Retiree Total December 31, 2021 $ 1,112 $ ( 124,868 ) $ 8,474 $ ( 115,282 ) Other comprehensive income 76,542 ( 55,348 ) 6,328 27,522 Amounts reclassified from (2) ( 51,554 ) — 1,797 ( 49,757 ) Net current-period other 24,988 ( 55,348 ) 8,125 ( 22,235 ) December 31, 2022 $ 26,100 $ ( 180,216 ) $ 16,599 $ ( 137,517 ) Includes $( 51,554 ) and $ 1,797 net-of-tax impact of accumulated other comprehensive income (loss) reclassifications into cost of products sold for net gains on commodity contracts and adjustment to early retiree medical plan, respectively. The tax impacts of these reclassifications were $( 16,400 ) and $ 671 , respectively. |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 31, 2023 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | 21. Earnings Per Share The computations of basic and diluted net earnings per share are as follows (in thousands, except per share data): Year Ended December 31, 2023 2022 2021 Basic net earnings per share: Basic net earnings $ 4,524,801 $ 7,607,337 $ 6,827,461 Earnings allocated to participating securities ( 16,946 ) ( 31,172 ) ( 32,311 ) Net earnings available to common stockholders $ 4,507,855 $ 7,576,165 $ 6,795,150 Basic average shares outstanding 249,773 262,348 292,491 Basic net earnings per share $ 18.05 $ 28.88 $ 23.23 Diluted net earnings per share: Diluted net earnings $ 4,524,801 $ 7,607,337 $ 6,827,461 Earnings allocated to participating securities ( 16,897 ) ( 31,057 ) ( 32,190 ) Net earnings available to common stockholders $ 4,507,904 $ 7,576,280 $ 6,795,271 Diluted average shares outstanding: Basic average shares outstanding 249,773 262,348 292,491 Dilutive effect of stock options and other 639 828 899 250,412 263,176 293,390 Diluted net earnings per share $ 18.00 $ 28.79 $ 23.16 The following stock options were excluded from the computation of diluted net earnings per share because their effect would have been anti-dilutive (shares in thousands): Year Ended December 31, 2023 2022 2021 Anti-dilutive stock options: Weighted-average shares - 25 145 Weighted-average exercise price $ - $ 130.71 $ 91.06 |
Segments
Segments | 12 Months Ended |
Dec. 31, 2023 | |
Segment Reporting [Abstract] | |
Segments | 22. 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 businesses; rebar distribution businesses; and Nucor’s equity method investments in NuMit and NJSM (the latter of which Nucor acquired an additional 1 % interest in the fourth quarter of 2023, bringing our total equity ownership to a 51 % controlling interest). 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, steel grating, tubular products businesses, steel racking, piling products business, wire and wire mesh, overhead doors, 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, two facilities that produce direct reduced iron 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 were as follows (in thousands): Year Ended December 31, 2023 2022 2021 Net sales to external customers: Steel mills $ 20,092,662 $ 24,189,858 $ 24,145,396 Steel products 12,758,939 15,060,328 9,727,943 Raw materials 1,861,900 2,262,281 2,610,600 $ 34,713,501 $ 41,512,467 $ 36,483,939 Intercompany sales: Steel mills $ 4,812,479 $ 5,859,367 $ 6,297,688 Steel products 455,816 547,219 360,063 Raw materials 12,363,577 13,715,176 15,762,685 Corporate/eliminations ( 17,631,872 ) ( 20,121,762 ) ( 22,420,436 ) $ — $ — $ — Depreciation expense: Steel mills $ 610,510 $ 529,005 $ 465,733 Steel products 131,189 115,501 99,248 Raw materials 173,657 171,060 159,886 Corporate 15,229 11,126 10,539 $ 930,585 $ 826,692 $ 735,406 Amortization expense: Steel mills $ 7,829 $ 7,829 $ 7,829 Steel products 202,129 199,379 93,160 Raw materials 27,772 27,734 28,168 $ 237,730 $ 234,942 $ 129,157 Earnings before income taxes and noncontrolling Steel mills $ 3,712,470 $ 7,199,087 $ 9,735,020 Steel products 3,443,950 4,093,105 1,291,450 Raw materials 253,506 496,823 549,956 Corporate/eliminations ( 1,137,169 ) ( 1,544,171 ) ( 2,375,568 ) $ 6,272,757 $ 10,244,844 $ 9,200,858 Segment assets: Steel mills $ 15,407,266 $ 14,157,229 $ 13,235,463 Steel products 10,914,870 12,087,145 7,845,010 Raw materials 3,546,759 3,383,114 3,870,806 Corporate/eliminations 5,471,604 2,851,722 871,793 $ 35,340,499 $ 32,479,210 $ 25,823,072 Capital expenditures: Steel mills $ 1,440,478 $ 1,453,277 $ 1,336,276 Steel products 367,170 267,128 187,152 Raw materials 352,642 181,680 128,765 Corporate 54,920 50,380 48,171 $ 2,215,210 $ 1,952,465 $ 1,700,364 Net sales by product were as follows (in thousands). Further product group breakdown is impracticable. Year Ended December 31, 2023 2022 2021 Net sales to external customers: Sheet $ 9,146,676 $ 11,437,799 $ 12,675,679 Bar 5,993,751 7,031,798 6,039,187 Structural 2,429,211 2,928,072 2,597,768 Plate 2,523,024 2,792,188 2,832,762 Tubular Products 1,588,211 1,944,532 2,194,732 Rebar Fabrication 2,181,929 2,205,960 1,794,658 Joist 2,211,965 2,958,235 1,351,235 Deck 1,712,474 2,392,438 1,167,162 Other Steel Products 5,064,360 5,559,164 3,220,155 Raw Materials 1,861,900 2,262,281 2,610,601 $ 34,713,501 $ 41,512,467 $ 36,483,939 |
Revenue
Revenue | 12 Months Ended |
Dec. 31, 2023 | |
Revenue From Contract With Customer [Abstract] | |
Revenue | 23. Revenue Nucor recognizes revenue when obligations under the terms of contracts with our customers are satisfied and collection is reasonably assured; generally, obligations under the terms of contracts are satisfied upon shipment or when control is transferred. Revenue is measured as the amount of consideration expected to be received in exchange for transferring the goods. In addition, revenue is deferred when cash payments are received or due in advance of performance. The durations of Nucor’s contracts with customers are generally one year or less. Customer payment terms are generally 30 days. 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 $ 313.8 million as of December 31, 2023 ($ 285.0 million as of December 31, 2022), and are included in accrued expenses and other current liabilities in the consolidated balance sheets. The amount of revenue reclassified from the December 31, 2022 contract liabilities balance during 2023 was approximately $ 191.8 million . Nucor disaggregates its revenues by major source in the same manner as presented in the net sales by product table in the segment footnote (see Note 22). Steel Mills Segment Sheet – For the majority of sheet products, we transfer control and recognize a sale when we ship the product from the sheet mill to our customer. The amount of consideration we receive and revenue we recognize for spot market sales are based upon prevailing prices at the time of sale. The amount of consideration we receive and revenue we recognize for contract customers are based primarily on pricing formulas that incorporate monthly or quarterly price adjustments which reflect changes in the current market-based indices and/or raw material costs near the time of shipment. The amount of tons sold to contract customers at any given time depends on a variety of factors, including our consideration of current and future market conditions, our strategy to appropriately balance spot and contract tons in a manner to meet our customers’ requirements while considering the expected profitability, our desire to sustain a diversified customer base and our end-use customers’ perceptions about future market conditions. These contracts are typically one year or less . Contract sales within the steel mills segment are most notable in our sheet operations, as it is common for contract sales to account for the majority of sheet sales in a given year. Bar, Structural and Plate – For the majority of bar, structural and plate products, we transfer control and recognize a sale when we ship the product from the mill to our customer. The significant majority of bar, structural and plate product sales are spot market sales, and the amount of consideration we receive and revenue we recognize for those sales are based upon prevailing prices at the time of sale. Steel Products Segment Tubular Products – The tubular products businesses transfer control and recognize a sale when the products are shipped from our operating locations to our customers. The majority of tubular product sales are spot market sales, and the amount of consideration we receive and revenue we recognize for those sales are based upon prevailing prices at the time of sale. Rebar Fabrication – The majority of revenue is derived from contracts with customers for the supply of fabricated rebar. As the majority of contracts with customers are fixed price contracts to complete a job, control transfers over time and revenue is recognized (if collection is reasonably assured) over time using an input method, based on the amount of rebar shipped from the Company’s operating locations relative to the total expected amount of rebar required to complete the job. For contracts to supply fabricated rebar and install it at the customer’s job site, there are two performance obligations: (1) the supply of the fabricated rebar and (2) the installation of the supplied rebar at the customer’s job site. For the supply of fabricated rebar performance obligation, the transaction price allocated to this performance obligation is determined at the start of the contract, based on the awarded contract price for the supplied fabricated rebar and revenue is recognized over time based on the amount of rebar shipped from the Company’s operating locations relative to the total expected amount of rebar required to complete the job. For the installation of supplied rebar performance obligation, the transaction price allocated to this performance obligation is determined at the start of the contract, based on the awarded contract price for the installation of fabricated rebar and revenue is recognized over time based on the amount of rebar installed relative to the total expected amount of rebar required to be installed to complete the job. While a majority of the contracts with customers are fixed price contracts to complete a job, variable consideration can occur from contract modifications relating to change orders and price escalations caused by changes in underlying material costs. In these situations, the additional variable consideration is recognized cumulatively in the period in which the contract modification is approved and collection is reasonably assured unless the change order relates to additional distinct goods or services at standalone selling prices in which case they are accounted for prospectively. Management reviews these situations on a case-by-case basis and considers a variety of factors, including relevant experience with similar types of performance obligations, the Company’s experience with the customer and collectability considerations. Other Steel Products – Other steel products include our joist, deck, cold finish, metal building systems, insulated metal panels, piling, overhead doors, and the other remaining businesses that comprise the steel products segment. Generally, for these businesses, we transfer control and recognize a sale when we ship the product from our operating locations to our customers. The amount of consideration we receive and revenue we recognize for those sales are agreed upon with the customers before the product is shipped. Included in the other steel products businesses is Nucor Warehouse Systems (“NWS”). The majority of NWS’s revenues are related to supply and installation contracts. Revenue on NWS’s supply and installation contracts is primarily recognized over time, typically between three and six months , using the cost-to-cost input measure (e.g., costs incurred to date relative to total estimated costs at completion) to measure progress because it best depicts the transfer of assets to the customer which occurs as the Company incurs costs on the contracts. Raw Materials Segment The majority of the raw materials segment revenue from outside customers is generated by DJJ. We transfer control and recognize a sale based on the terms of the agreement with the customer, which is generally when the product has met the delivery requirements. The amount of consideration we receive and revenue we recognize for those sales is based on the contract with the customer, which generally reflects current market prices at the time the contract is entered into. |
Restricted Cash and Cash Equiva
Restricted Cash and Cash Equivalents | 12 Months Ended |
Dec. 31, 2023 | |
Restricted Cash And Cash Equivalents [Abstract] | |
Restricted Cash and Cash Equivalents | 24. Restricted Cash and Cash Equivalents As of December 31, 2023, restricted cash and cash equivalents totaled $ 3.5 million ($ 80.4 million as of December 31, 2022 ), and primarily consisted of net proceeds from the issuance of $ 197.0 million in August 2021 and $ 162.6 million in July 2020 of 40-year variable-rate Green Bonds. The restricted cash and cash equivalents related to the debt issuance are being held in a trust account and will be used to partially fund the capital costs, in particular the expenditures associated with pollution prevention and control (including waste recycling and waste reduction), of the construction of Nucor’s plate mill located in Brandenburg, Kentucky. Funds will be disbursed from the trust account as qualified expenditures for the construction of the Brandenburg facility are made ($ 78.9 million during 2023 and $ 64.2 million during 2022). Interest earned on funds held in the trust account is subject to the same usage requirements as the bond proceeds principal. Since the restricted cash, interest and dividends must be used for the construction of the Brandenburg facility and relate to a long-term liability, the entire balance has been classified as a non-current asset. |
Acquisitions
Acquisitions | 12 Months Ended |
Dec. 31, 2023 | |
Business Combinations [Abstract] | |
Acquisitions | 25. Acquisitions Acquisition of Additional Interest in NJSM On October 27, 2023, Nucor used cash on hand to acquire an additional 1 % equity interest in NJSM bringing our total equity ownership to a 51 % controlling interest. We believe this acquisition allows NJSM to benefit from Nucor's galvanized sheet sales expertise in North America. Prior to this transaction, we accounted for our 50 % ownership in NJSM under the equity method. As part of the purchase price allocation for this step acquisition, we remeasured our previously held interest as of the acquisition date which resulted in a $ 21.0 million loss recorded in marketing, administrative and other expenses. Neither our previously held equity interest in NJSM nor the loss on remeasuring the equity interest are material to our financial statements. We allocated the purchase price for NJSM to its individual assets acquired and liabilities assumed. While the purchase price allocation is substantially complete, it is still preliminary and subject to change. The following table summarizes the fair values of the assets acquired and liabilities assumed of NJSM, as well as the fair value of the 49 % noncontrolling interest not acquired by Nucor, as of October 27, 2023, the date of acquisition (in thousands): Cash $ 11,050 Accounts receivable 10,968 Inventory 44,661 Other current assets 18,053 Property, plant and equipment 257,537 Goodwill — Other intangible assets — Other assets 612 Total assets acquired 342,881 Short-term debt 95,000 Current portion of long-term debt 50,000 Other current liabilities 13,502 Long-term debt due after one year 30,000 Other liabilities 1,379 Total liabilities assumed 189,881 Net assets acquired at 100% 153,000 Less: fair value of Noncontrolling interest 74,970 Net assets acquired at 51% $ 78,030 The determination of the fair value of noncontrolling interest was calculated using the implied value of 100 % of the enterprise value as the purchase price included an immaterial implied control premium on a per-share basis and the noncontrolling interest shareholder will benefit from the transaction and participate in the economic benefits of NJSM after the acquisition. The NJSM financial results were included as part of the steel mills segment (see Note 22) beginning on October 27, 2023, the acquisition date. Pro-forma results of operations for the Company would not be materially different as a result of the acquisition of NJSM and, therefore, this information is not presented. Acquisition of C.H.I. On June 24, 2022, Nucor used cash on hand to acquire the assets of C.H.I. for a purchase price, net of cash acquired, of approximately $ 3.00 billion. C.H.I. is a leading manufacturer of overhead doors for residential and commercial markets in the United States and Canada. Commercial overhead doors are used in warehousing and retail, areas that Nucor has focused its attention on recently through other value-added products such as insulated metal panels (CENTRIA, Metl-Span and TrueCore brands) and steel racking solutions (Nucor Warehouse Systems). It is expected that the C.H.I. acquisition also will benefit from Nucor’s recent paint line investments at its Hickman, Arkansas and Crawfordsville, Indiana sheet mills. The C.H.I. financial results are included as part of the steel products segment (see Note 22) beginning on June 24, 2022, the date Nucor acquired it. We allocated the purchase price for C.H.I. to its individual assets acquired and liabilities assumed. The following table summarizes the fair values of the assets acquired and liabilities assumed of C.H.I. as of June 24, 2022, the date of acquisition (in thousands): Cash $ 159,066 Accounts receivable 77,530 Inventory 52,515 Other current assets 18,177 Property, plant and equipment 117,392 Goodwill 1,033,192 Other intangible assets 2,389,180 Other assets 9,559 Total assets acquired 3,856,611 Current liabilities 75,146 Deferred income taxes 578,019 Other liabilities 7,509 Total liabilities assumed 660,674 Net assets acquired $ 3,195,937 The following table summarizes the purchase price allocation to the identifiable intangible assets of C.H.I. as of June 24, 2022, the date of acquisition (in thousands, except years): Weighted- Average Life Customer relationships $ 2,242,000 25 years Trademarks and trade names 147,000 13 years Backlog 180 1 year $ 2,389,180 The goodwill of $ 1.04 billion is calculated as the excess of the purchase price over the fair values of the assets acquired and liabilities assumed and has been allocated to the steel products segment (see Note 8). The goodwill is attributable to expected synergies within the steel products segment. Goodwill recognized for tax purposes was $ 5.6 million, all of which is deductible for tax purposes. Pro-forma results of operations for the Company would not be materially different as a result of the acquisition of C.H.I. and, therefore, this information is not presented. Acquisition of CSI On February 1, 2022, Nucor used cash on hand to acquire a 51 % controlling ownership position in CSI by purchasing a 50 % equity interest from a subsidiary of Vale S.A. for a cash purchase price of approximately $ 400.0 million, adjusted for net debt and working capital at closing, as well as a 1 % equity interest from JFE Steel Corporation. CSI is a flat-rolled steel converter located in California with the capability to produce more than two million tons of finished steel and steel products annually. The company has five product lines, including hot rolled, pickled and oiled, cold rolled, galvanized and electric resistance welded (“ERW”) pipe. Key end-use markets served by CSI include customers in the construction, service center and energy industries. We believe this acquisition helps give Nucor a strong presence in the Western region of the United States and grows our ability to produce a wide range of value-added sheet products. The CSI financial results were included as part of the steel mills segment (see Note 22) beginning on February 1, 2022, the date Nucor acquired its 51 % controlling ownership position. We allocated the purchase price for CSI to its individual assets acquired and liabilities assumed. The purchase price allocation is complete. The following table summarizes the fair values of 100 % of the assets and liabilities of CSI, as well as the fair value of the 49 % noncontrolling interest not acquired by Nucor, as of February 1, 2022, the date Nucor acquired its 51% controlling ownership position (in thousands): Cash $ 98,537 Accounts receivable 159,257 Inventory 354,614 Other current assets 5,298 Property, plant and equipment 566,714 Goodwill 62,011 Other intangible assets — Other assets 7,071 Total assets acquired 1,253,502 Current portion of long-term debt 9,826 Other current liabilities 162,808 Long-term debt due after one year 67,866 Other liabilities 139,947 Total liabilities assumed 380,447 Net assets acquired at 100% 873,055 Less: Fair value of noncontrolling interest 427,797 Net assets acquired at 51% $ 445,258 The determination of the fair value of the noncontrolling interest was calculated using the implied value of 100 % of the enterprise value of the business using the purchase price as the purchase price did not include a control premium on a per-share basis and the noncontrolling interest shareholder will participate equally in the economic benefits of CSI after the acquisition. The goodwill of $ 62.0 million is calculated as the excess of the purchase price over the fair values of the assets acquired and liabilities assumed and has been allocated to the steel mills segment (see Note 8). The goodwill is attributable to the assembled workforce acquired, expanding our Western United States presence and CSI’s value-added product capabilities. None of the goodwill is deductible for tax purposes. Pro-forma results of operations for the Company would not be materially different as a result of the acquisition of CSI and, therefore, this information is not presented. Acquisition of IMP Business of Cornerstone On August 9, 2021, Nucor used cash on hand to acquire the assets of the insulated metal panels, or, IMP, business of Cornerstone Building Brands, Inc. (“Cornerstone”) for a purchase price of $ 1.00 billion. The Company believes this acquisition will broaden the value-added solutions that Nucor Buildings group provides to targeted end markets such as warehousing, distribution and data centers. We expect these end-use markets to continue to grow in the coming years and that the use of IMP products within them will also increase. IMPs facilitate cost-effective climate control in the built environment and reduce energy usage and overall operations-related GHG emissions for owners and lessees. The acquired IMP business is comprised of two industry leading brands, CENTRIA and Metl-Span, and has seven manufacturing facilities located throughout North America, complementing Nucor’s existing IMP business, TrueCore, LLC. The IMP business financial results are included as part of the steel products segment (see Note 22) beginning on August 9, 2021, the date Nucor acquired it. We have allocated the purchase price for the IMP business to its individual assets acquired and liabilities assumed. The following table summarizes the fair values of the assets acquired and liabilities assumed of the IMP business as of August 9, 2021, the date of acquisition (in thousands): Cash $ — Accounts receivable 47,037 Inventory 73,000 Other current assets 4,478 Property, plant and equipment 102,966 Goodwill 480,167 Other intangible assets 364,000 Other assets 13,515 Total assets acquired 1,085,163 Current liabilities 46,620 Other liabilities 12,855 Total liabilities assumed 59,475 Net assets acquired $ 1,025,688 The following table summarizes the purchase price allocation to the identifiable intangible assets of the IMP business as of August 9, 2021, the date of acquisition (in thousands, except years): Weighted- Average Life Customer relationships $ 309,000 10 years Trademarks and trade name 45,000 10 years Backlog 10,000 1 year $ 364,000 The goodwill of $ 480.2 million is calculated as the excess of the purchase price over the fair values of the assets acquired and liabilities assumed and has been allocated to the steel products segment (see Note 8). The goodwill is attributable to expected synergies within the steel products segment. Goodwill recognized for tax purposes was $ 480.2 million, all of which is deductible for tax purposes. Pro-forma results of operations for the Company would not be materially different as a result of the acquisition of the IMP business and, therefore, this information is not presented. Acquisition of Hannibal On August 20, 2021, Nucor used cash on hand to acquire Hannibal for a purchase price of $ 370.0 million. Nucor purchased 100 % of Hannibal's outstanding shares from its Employee Stock Ownership Plan. Hannibal is a leading national provider of steel racking solutions to warehouses. We expect that Hannibal’s business, serving customers in the e-commerce, industrial, food storage and retail segments, will also continue to grow in the coming years. Hannibal has manufacturing facilities in Los Angeles and Houston, as well as three distribution centers. Hannibal’s financial results are included as part of the steel products segment (see Note 22) beginning on August 20, 2021, the date Nucor acquired it. We have allocated the purchase price for Hannibal to its individual assets acquired and liabilities assumed. The following table summarizes the fair values of the assets acquired and liabilities assumed of Hannibal as of August 20, 2021, the date of acquisition (in thousands): Cash $ 124,655 Accounts receivable 115,728 Inventory 65,005 Other current assets 2,113 Property, plant and equipment 116,955 Goodwill 84,922 Other intangible assets 201,700 Other assets 8,776 Total assets acquired 719,854 Current liabilities 228,750 Finance lease obligations 80,124 Other liabilities 13,155 Total liabilities assumed 322,029 Net assets acquired $ 397,825 The following table summarizes the purchase price allocation to the identifiable intangible assets of Hannibal as of August 20, 2021, the date of acquisition (in thousands, except years): Weighted- Average Life Customer relationships $ 144,000 10 years Trademarks and trade name 26,000 7 years Backlog 31,700 1 year $ 201,700 The goodwill of $ 84.9 million is calculated as the excess of the purchase price over the fair values of the assets acquired and liabilities assumed and has been allocated to the steel products segment (see Note 8). The goodwill is attributable to expected synergies within the steel products segment. Goodwill recognized for tax purposes was $ 84.9 million, all of which is deductible for tax purposes. Pro-forma results of operations for the Company would not be materially different as a result of the acquisition of Hannibal and, therefore, this information is not presented. Other Acquisitions Other smaller acquisitions, exclusive of purchase price adjustments made and net of cash acquired, totaled approximately $ 70.8 million, $ 169.6 million and $ 134.8 million in 2023, 2022 and 2021, respectively. Pro-forma results of operations for the Company would not be materially different if the aggregate acquisitions made during 2023, 2022 and 2021 were included and, therefore, this information is not presented. |
Quarterly Information (Unaudite
Quarterly Information (Unaudited) | 12 Months Ended |
Dec. 31, 2023 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Information (Unaudited) | 26. Quarterly Information (Unaudited) (in thousands, except per share data) Year Ended December 31, 2023 First Quarter Second Quarter Third Quarter Fourth Quarter Net sales $ 8,709,980 $ 9,523,256 $ 8,775,734 $ 7,704,531 Gross margin 1,998,202 2,501,674 1,920,800 1,393,718 Net earnings before noncontrolling interests 1,231,629 1,587,075 1,221,255 872,832 Net earnings attributable to Nucor 1,136,542 1,461,354 1,141,506 785,399 Net earnings per share: Basic $ 4.47 $ 5.82 $ 4.58 $ 3.17 Diluted $ 4.45 $ 5.81 $ 4.57 $ 3.16 (in thousands, except per share data) Year Ended December 31, 2022 First Quarter Second Quarter Third Quarter Fourth Quarter Net sales $ 10,493,282 $ 11,794,474 $ 10,500,755 $ 8,723,956 Gross margin 3,458,139 4,104,263 2,843,391 2,097,487 Net earnings before noncontrolling interests (1) 2,227,115 2,727,237 1,799,043 1,326,245 Net earnings attributable to Nucor (1) 2,095,623 2,561,233 1,694,748 1,255,733 Net earnings per share: Basic $ 7.69 $ 9.69 $ 6.51 $ 4.90 Diluted $ 7.67 $ 9.67 $ 6.50 $ 4.89 (1) Fourth quarter of 2022 results include an after-tax net benefit of $ 60.4 million related to state tax credits, an after-tax net benefit of $ 88.0 million related to a change in the valuation allowance of a state deferred tax asset, and a pre-tax $ 96.0 million write-off of the remaining carrying value of our leasehold interest in unproved oil and gas properties. This charge is included in the raw materials segment. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Cash and Cash Equivalents | Cash and Cash Equivalents Cash equivalents are recorded at cost plus accrued interest, which approximates fair value, and have original maturities of three months or less at the date of purchase. Cash and cash equivalents are maintained primarily with a few high-credit quality financial institutions. |
Short-term Investments | Short-term Investments Short-term investments are recorded at cost plus accrued interest, which approximates fair value. Unrealized gains and losses on investments classified as available-for-sale are recorded as a component of accumulated other comprehensive income (loss). Management determines the appropriate classification of its investments at the time of purchase and re-evaluates such determination at each balance sheet date. |
Inventories | Inventories Inventories are stated at the lower of cost or net realizable value. The Company records any amount required to reduce the carrying value of inventory to net realizable value as a charge to cost of products sold. Scrap and scrap substitute costs are a very significant component of the raw material, semi-finished and finished product inventory balances. The vast majority of the Company’s inventory is recorded on the first-in, first-out method. Production costs are applied to semi-finished and finished product inventory from the approximate period in which they are produced. |
Property, Plant and Equipment | Property, Plant and Equipment Property, plant and equipment is stated at cost, except for property, plant and equipment acquired through acquisitions which is recorded at acquisition date fair value. With the exception of our natural gas wells, depreciation primarily is provided on a straight-line basis over the estimated useful lives of the assets. Depletion of all capitalized costs associated with our natural gas producing properties is expensed on a unit-of-production basis by individual field as the gas from the proved developed reserves is produced. The costs of acquiring unproved natural gas leasehold acreage are capitalized. When proved reserves are found on unproved properties, the associated leasehold cost is transferred to proved properties. Unproved leases are reviewed periodically for any impairment triggering event, and a valuation allowance is provided for any estimated decline in value. The costs of planned major maintenance activities are capitalized as part of other current assets and amortized over the period until the next scheduled major maintenance activity. All other repairs and maintenance activities are expensed when incurred. |
Goodwill and Other Intangibles | Goodwill and Other Intangibles Goodwill is the excess of cost over the fair value of net assets of businesses acquired. Goodwill is not amortized but is tested annually for impairment and whenever events or circumstances change that would make it more likely than not that an impairment may have occurred. We perform our annual impairment analysis as of the first day of the fourth quarter each year. The evaluation of impairment involves comparing the current estimated fair value of each reporting unit, which is a level below the reportable segment, to the recorded value, including goodwill. When appropriate, Nucor performs a qualitative assessment to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount. For certain reporting units, it is necessary to perform a quantitative analysis. In these instances, a discounted cash flow model is used to determine the current estimated fair value of these reporting units. A number of significant assumptions and estimates are involved in the application of the discounted cash flow model to forecast operating cash flows, which could include market growth and market share, sales volumes and prices, raw materials and other costs to produce, discount rate and estimated capital needs. Management considers historical experience and all available information at the time the fair values of its reporting units are estimated. Assumptions in estimating future cash flows are subject to a high degree of judgment and complexity. Changes in assumptions and estimates may affect the fair value of goodwill and could result in impairment charges in future periods. Finite-lived intangible assets are amortized over their estimated useful lives on a straight-line or accelerated basis. |
Long-Lived Asset Impairments | Long-Lived Asset Impairments We evaluate our property, plant and equipment and finite-lived intangible assets for potential impairment on an individual asset basis or at the lowest level asset grouping for which independent cash flows can be separately identified. Asset impairments are assessed whenever circumstances indicate that the carrying amounts of those productive assets could exceed their projected undiscounted cash flows. When it is determined that impairment exists, the related assets are written down to their estimated fair market value. |
Equity Method Investments | Equity Method Investments Investments in joint ventures in which Nucor shares control over the financial and operating decisions but in which Nucor is not the primary beneficiary are accounted for under the equity method. Each of the Company’s equity method investments is subject to a review for impairment if, and when, circumstances indicate that a decline in fair value below its carrying amount may have occurred. Examples of such circumstances include, but are not limited to, a significant deterioration in the earnings performance or business prospects of the investee; missed financial projections; a significant adverse change in the regulatory, tax, economic or technological environment of the investee; a significant adverse change in the general market condition of either the geographic area or the industry in which the investee operates; and recurring negative cash flows from operations. If management considers the decline to be other than temporary, the Company would write down the related investment to its estimated fair market value. |
Revenue Recognition | Revenue Recognition Nucor recognizes revenue when obligations under the terms of contracts with our customers are satisfied and collection is reasonably assured; generally, obligations under the terms of contracts are satisfied upon shipment or when control is transferred. Revenue is measured as the amount of consideration expected to be received in exchange for transferring the goods. In addition, revenue is deferred when cash payments are received or due in advance of performance. See Note 23 for further information. |
Income Taxes | Income Taxes Nucor utilizes the liability method of accounting for income taxes. Under the liability method, deferred taxes are determined based on the temporary differences between the financial statement and tax basis of assets and liabilities using tax rates expected to be in effect during the years in which the basis differences reverse. A valuation allowance is recorded when it is more likely than not that some of the deferred tax assets will not be realized. Nucor recognizes the effect of income tax positions only if those positions are more likely than not of being sustained. Potential accrued interest and penalties related to unrecognized tax benefits are recognized as a component of interest expense and other expenses. |
Stock-Based Compensation | Stock-Based Compensation The Company recognizes the cost of stock-based compensation as an expense using fair value measurement methods. The assumptions used to calculate the fair value of stock-based compensation granted are evaluated and revised for new grants, as necessary, to reflect market conditions and experience. |
Foreign Currency Translation | Foreign Currency Translation For Nucor’s operations where the functional currency is other than the U.S. dollar, assets and liabilities have been translated at year-end exchange rates, and income and expenses have been translated using average exchange rates for the respective periods. Adjustments resulting from the process of translating an entity’s financial statements into the U.S. dollar have been recorded in accumulated other comprehensive income (loss) and are included in net earnings only upon sale or liquidation of the underlying investments. Foreign currency transaction gains and losses are included in net earnings in the period they occur. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In November 2023, new accounting guidance was issued that updates reportable segment disclosure requirements by requiring disclosures of significant reportable segment expenses that are regularly provided to the Chief Operating Decision Maker (“CODM”) and included within each reported measure of a segment's profit or loss. This new guidance also requires disclosure of the title and position of the individual identified as the CODM and an explanation of how the CODM uses the reported measures of a segment’s profit or loss in assessing segment performance and deciding how to allocate resources. The new guidance is effective for annual periods beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. The new guidance is required to be applied retrospectively to all prior periods presented in the financial statements. Early adoption is also permitted. This new guidance will likely result in additional required disclosures when adopted. The Company is evaluating the impact that the adoption of this new guidance will have on its consolidated financial statements. In December 2023, new accounting guidance was issued related to income tax disclosures. The new guidance requires disaggregated information about a reporting entity’s effective tax rate reconciliation as well as additional information on income taxes paid. The new guidance is effective on a prospective basis for annual periods beginning after December 15, 2024. Early adoption is also permitted for annual financial statements that have not yet been issued or made available for issuance. This new guidance will likely result in additional required disclosures when adopted. The Company is evaluating the impact that the adoption of this new guidance will have on its consolidated financial statements. |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure Of Leases [Abstract] | |
Supplemental statement of earnings information leases operating finance | Supplemental statement of earnings information related to our leases is as follows (in thousands): Year Ended December 31, Statement of Earnings Classification 2023 2022 2021 Operating lease cost Cost of products sold $ 26,750 $ 23,666 $ 21,503 Operating lease cost Marketing, administrative and 3,199 3,239 2,989 Total operating $ 29,949 $ 26,905 $ 24,492 Finance lease cost: Amortization of leased Cost of products sold $ 19,171 $ 19,113 $ 13,513 Interest on lease Interest expense, net 11,964 12,229 10,670 Total finance lease $ 31,135 $ 31,342 $ 24,183 Total lease cost $ 61,084 $ 58,247 $ 48,675 |
Supplemental cash flow information leases operating finance | Supplemental cash flow information related to our leases is as follows (in thousands): Year Ended December 31, 2023 2022 2021 Cash paid for amounts included in measurement of lease Operating cash flows from operating leases $ 30,230 $ 26,518 $ 27,310 Operating cash flows from finance leases $ 11,964 $ 12,229 $ 10,670 Financing cash flows from finance leases $ 16,840 $ 16,008 $ 11,425 Non-cash investing and financing activities: Additions to right-of-use assets obtained from Operating lease liabilities $ 26,955 $ 33,924 $ 19,711 Finance lease liabilities $ 16,473 $ 27,030 $ 99,535 |
Lessee balance sheet information | Supplemental balance sheet information related to our leases is as follows (in thousands): December 31, Balance Sheet Classification 2023 2022 Assets: Operating lease Other assets $ 102,878 $ 101,499 Finance lease Property, plant and equipment, net 166,780 169,076 Total leased $ 269,658 $ 270,575 Liabilities: Current operating Accrued expenses and other current liabilities $ 25,405 $ 23,621 Current finance Current portion of long-term debt and 14,102 18,582 Non-current operating Deferred credits and other liabilities 81,673 81,455 Non-current finance Long-term debt and finance lease 174,787 169,804 Total leased $ 295,967 $ 293,462 |
Weighted average lease term discount rate finance operating | Weighted-average remaining lease term and discount rate for our leases are as follows: December 31, 2023 Weighted-average remaining lease term - operating leases 7.7 Years Weighted-average remaining lease term - finance leases 14.3 Years Weighted-average discount rate - operating leases 4.0 % Weighted-average discount rate - finance leases 11.7 % |
Lessee operating finance lease liability maturity | Maturities of lease liabilities by year for our leases were as follows as of December 31, 2023 (in thousands): Operating Leases Finance Leases Maturities of lease liabilities, year ending December 31, 2024 $ 29,014 $ 24,890 2025 22,032 22,391 2026 18,240 20,456 2027 13,569 19,860 2028 11,334 20,059 Thereafter 33,717 160,729 Total lease payments $ 127,906 $ 268,385 Less imputed interest ( 20,828 ) ( 79,496 ) Present value of lease liabilities $ 107,078 $ 188,889 |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Property Plant And Equipment [Abstract] | |
Schedule of Property, Plant and Equipment | Property, Plant and Equipment is carried at historical cost, net of accumulated depreciation. Net Property, Plant and Equipment by major asset class consisted of the following at December 31, 2023 (in thousands): December 31, 2023 2022 Land and improvements, net $ 1,183,173 $ 905,598 Buildings and improvements 2,550,959 2,230,672 Machinery and equipment 16,328,126 15,125,653 Proved oil and gas properties 558,703 558,486 Leasehold interest in unproved oil and gas properties 96,000 96,000 Construction in process and equipment deposits 2,121,788 1,815,638 22,838,749 20,732,047 Less accumulated depreciation ( 11,788,982 ) ( 11,115,127 ) $ 11,049,767 $ 9,616,920 |
Goodwill and Other Intangible_2
Goodwill and Other Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 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 years ended December 31, 2023 and 2022 by segment is as follows: (in thousands) Steel Steel Raw Mills Products Materials Total Balance, December 31, 2021 $ 613,175 $ 1,439,874 $ 774,295 $ 2,827,344 Acquisitions 62,011 1,087,906 — 1,149,917 Divestitures — — ( 39,466 ) ( 39,466 ) Translation — ( 17,735 ) — ( 17,735 ) Balance, December 31, 2022 675,186 2,510,045 734,829 3,920,060 Acquisitions — ( 2,120 ) 44,660 42,540 Translation — 6,247 — 6,247 Balance, December 31, 2023 $ 675,186 $ 2,514,172 $ 779,489 $ 3,968,847 |
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 are comprised of the following: (in thousands) December 31, 2023 December 31, 2022 Gross Accumulated Gross Accumulated Amount Amortization Amount Amortization Customer relationships $ 4,190,156 $ 1,295,778 $ 4,174,724 $ 1,087,834 Trademarks and trade names 372,153 168,363 364,106 142,363 Other 109,747 99,900 109,746 96,114 $ 4,672,056 $ 1,564,041 $ 4,648,576 $ 1,326,311 |
Debt and Other Financing Arra_2
Debt and Other Financing Arrangements (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Debt Disclosure [Abstract] | |
Schedule of Debt and Other Financing Arrangements | December 31, (in thousands) 2023 2022 Industrial revenue bonds due from 2025 to 2061 (1) $ 1,349,230 $ 1,349,230 NJSM notes due from 2024 to 2026 (2) 80,000 — Notes, 2.000 %, due 2025 500,000 500,000 Notes, 3.950 %, due 2025 500,000 500,000 Notes, 4.300 %, due 2027 500,000 500,000 Term notes, 2.950 %, due 2027 (3) 58,040 67,866 Notes, 3.950 %, due 2028 500,000 500,000 Notes, 2.700 %, due 2030 500,000 500,000 Notes, 3.125 %, due 2032 550,000 550,000 Notes, 6.400 %, due 2037 543,331 543,331 Notes, 5.200 %, due 2043 338,133 338,133 Notes, 4.400 %, due 2048 329,219 329,219 Notes, 3.850 %, due 2052 550,000 550,000 Notes, 2.979 %, due 2055 439,312 439,312 Finance lease obligations 188,889 188,386 Total long-term debt and finance lease obligations 6,926,154 6,855,477 Less premium on debt exchange 171,162 169,737 Less debt issuance costs 32,017 43,471 Total amounts outstanding 6,722,975 6,642,269 Less current maturities of long-term debt (2) (3) 60,000 10,000 Less current portion of finance lease obligations 14,102 18,582 Total long-term debt and finance lease obligations due after $ 6,648,873 $ 6,613,687 (1) The industrial revenue bonds had variable rates ranging from 4.20 % to 5.10 % at December 31, 2023 and 3.65 % to 4.28 % at December 31, 2022. (2) The NJSM notes relate to borrowings of NJSM under its General Financing Agreement and Promissory Note (the “NJSM Facility”). The maximum amount NJSM could borrow under the NJSM facility was $ 80.0 million at December 31, 2023. The NJSM facility is uncommitted. Borrowings under the NJSM facility had variable rates ranging from 2.46 % to 6.78 % at December 31, 2023. (3) The term notes were assumed in conjunction with the acquisition of 51 % ownership of CSI on February 1, 2022. The original principal amount of the notes was $ 101.0 million, with a fixed rate of 2.95 % until September 30, 2026 when they will convert to a floating rate. Payments of $ 2.5 million are due quarterly along with accrued interest. The term notes mature on March 31, 2027 . (See Note 25.) |
Derivative Financial Instrume_2
Derivative Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Fair Values of Derivative Financial Instruments | The following tables summarize information regarding Nucor’s derivative financial instruments (in thousands): Fair Value at December 31, Fair Value of Derivative Financial Consolidated Balance Sheet Location 2023 2022 Asset derivatives designated Commodity contracts Other current assets $ — $ 17,200 Commodity contracts Other assets — 17,200 Total asset derivatives $ — $ 34,400 Liability derivatives designated Commodity contracts Accrued expenses and other current liabilities $ ( 14,700 ) $ — Commodity contracts Deferred credits and other liabilities ( 3,600 ) — Total liability derivatives ( 18,300 ) — Liability derivatives not designated Commodity contracts Accrued expenses and other current liabilities ( 4,382 ) ( 501 ) Foreign exchange contracts Accrued expenses and other current liabilities ( 529 ) ( 869 ) Total liability derivatives not ( 4,911 ) ( 1,370 ) Total liability derivatives $ ( 23,211 ) $ ( 1,370 ) |
Derivatives Designated as Hedging Instrument [Member] | |
Effect of Derivatives Financial Instruments on Consolidated Statements of Earnings | The Effect of Derivative Financial Instruments on the Consolidated Statements of Earnings Derivatives Designated as Hedging Instruments for the Year Ended December 31, (in thousands) Amount of Gain or (Loss), Net of Tax, Amount of Gain or (Loss), Reclassified from Amount of Gain or (Loss), Statement of Net of Tax, Recognized Accumulated OCI into Net of Tax, Recognized Derivatives in Cash Flow Earnings in OCI on Derivatives Earnings on Derivatives in Earnings on Derivatives Hedging Relationships Location (Effective Portion) (Effective Portion) (Ineffective Portion) 2023 2022 2021 2023 2022 2021 2023 2022 2021 Commodity contracts Cost of products sold $ ( 52,077 ) $ 76,542 $ 15,112 $ ( 12,077 ) $ 51,554 $ 9,300 $ — $ — $ — |
Derivatives Not Designated as Hedging Instrument [Member] | |
Effect of Derivatives Financial Instruments on Consolidated Statements of Earnings | Derivatives Not Designated as Hedging Instruments for the Year Ended December 31, (in thousands) Amount of Gain or (Loss) Derivatives Not Designated Statement of Earnings Recognized in Earnings on as Hedging Instruments Location Derivatives 2023 2022 2021 Commodity contracts Cost of products sold $ 3,300 $ 3,311 $ ( 27,777 ) Foreign exchange contracts Cost of products sold ( 856 ) 11,641 8,114 Total $ 2,444 $ 14,952 $ ( 19,663 ) |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 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 liabilities that are measured at fair value. Nucor does not have any non-financial assets or liabilities that are measured at fair value on a recurring basis. (in thousands) Fair Value Measurements at Reporting Date Using Quoted Prices in Active Significant Carrying Markets for Other Significant Amount in Identical Observable Unobservable Consolidated Assets Inputs Inputs Description Balance Sheets (Level 1) (Level 2) (Level 3) As of December 31, 2023 Assets: Cash equivalents $ 5,724,549 $ 5,724,549 $ — $ — Short-term investments 747,479 747,479 — — Derivative contracts — — — — Restricted cash and cash 3,494 3,494 — — Other assets 47,020 4,245 — 42,775 Total assets $ 6,522,542 $ 6,479,767 $ — $ 42,775 Liabilities: Derivative contracts $ ( 23,211 ) $ — $ ( 23,211 ) $ — As of December 31, 2022 Assets: Cash equivalents $ 3,182,631 $ 3,182,631 $ — $ — Short-term investments 576,946 576,946 — — Derivative contracts 34,400 — 34,400 — Restricted cash and cash 80,368 80,368 — — 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) | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Summary of Stock Option Plans Activity | A summary of activity under Nucor’s stock option plans is as follows (shares in thousands): Year Ended December 31, 2023 2022 2021 Weighted- Weighted- Weighted- Average Average Average Exercise Exercise Exercise Shares Price Shares Price Shares Price Number of shares under stock options: Outstanding at beginning of year 837 $ 66.76 1,186 $ 55.58 3,916 $ 50.03 Granted 91 $ 133.03 98 $ 130.71 138 $ 110.74 Exercised ( 210 ) $ 55.85 ( 447 ) $ 51.14 ( 2,868 ) $ 50.65 Canceled — $ — — $ — — $ — Outstanding at end of year 718 $ 78.33 837 $ 66.76 1,186 $ 55.58 Stock options exercisable at end of year 433 $ 48.33 313 $ 59.60 523 $ 54.71 |
Summary of Stock Options Outstanding | The following table summarizes information about stock options outstanding at December 31, 2023 (shares in thousands): Options Outstanding Options Exercisable Weighted- Average Weighted- Weighted- Range of Number Remaining Average Number Average Exercise Prices Outstanding Life Price Exercisable Price $ 40.00 - $ 60.00 379 6.3 years $ 43.06 379 $ 43.06 $ 60.01 - $ 75.00 33 4.4 years $ 65.80 33 $ 65.80 $ 75.01 - $ 100.00 — 0.0 years $ — — $ — $ 100.01 - $ 120.00 122 7.4 years $ 110.74 15 $ 110.74 $ 120.01 - $ 133.03 184 8.9 years $ 131.86 6 $ 130.71 $ 40.00 - $ 133.03 718 7.1 years $ 78.33 433 $ 48.33 |
Schedule of Grant Date Fair Value Black-Scholes Options-Pricing Model Assumptions | The fair value was estimated using the Black-Scholes options pricing model with the following assumptions: 2023 2022 2021 Exercise price $ 133.03 $ 130.71 $ 110.74 Expected dividend yield 1.53 % 1.53 % 1.46 % Expected stock price volatility 37.55 % 35.77 % 32.86 % Risk-free interest rate 3.66 % 2.98 % 1.28 % Expected life (years) 6.5 6.5 6.5 |
Summary of Nucor's RSU Activity | A summary of Nucor’s RSU activity is as follows (shares in thousands): Year Ended December 31, 2023 2022 2021 Grant Date Grant Date Grant Date Shares Fair Value Shares Fair Value Shares Fair Value Restricted stock units: Unvested at beginning of year 1,003 $ 98.66 1,167 $ 60.45 1,830 $ 47.33 Granted 831 $ 133.03 774 $ 130.71 397 $ 110.74 Vested ( 873 ) $ 102.79 ( 916 ) $ 77.21 ( 997 ) $ 57.09 Canceled ( 14 ) $ 106.76 ( 22 ) $ 93.73 ( 63 ) $ 49.54 Unvested at end of year 947 $ 124.89 1,003 $ 98.66 1,167 $ 60.45 |
Summary of Nucor's Restricted Stock Activity under AIP and LTIP | A summary of Nucor’s restricted stock activity under the AIP and the LTIP is as follows (shares in thousands): Year Ended December 31, 2023 2022 2021 Grant Date Grant Date Grant Date Shares Fair Value Shares Fair Value Shares Fair Value Restricted stock units and restricted Unvested at beginning of year 209 $ 108.55 107 $ 57.17 127 $ 49.94 Granted 414 $ 171.38 465 $ 128.62 262 $ 65.61 Vested ( 406 ) $ 152.68 ( 356 ) $ 119.29 ( 273 ) $ 62.17 Canceled ( 7 ) $ 154.05 ( 7 ) $ 113.86 ( 9 ) $ 48.75 Unvested at end of year 210 $ 145.55 209 $ 108.55 107 $ 57.17 |
Interest (Income) Expense (Tabl
Interest (Income) Expense (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Banking And Thrift Interest [Abstract] | |
Schedule of Components of Net Interest (Income) Expense | The components of net interest (income) expense are as follows (in thousands): Year Ended December 31, 2023 2022 2021 Interest expense $ 245,954 $ 218,911 $ 163,121 Interest income ( 275,586 ) ( 48,695 ) ( 4,267 ) Interest expense, net $ ( 29,632 ) $ 170,216 $ 158,854 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Components of Earnings Before Income Taxes and Noncontrolling Interests | Components of earnings before income taxes and noncontrolling interests are as follows (in thousands): Year Ended December 31, 2023 2022 2021 United States $ 6,203,409 $ 10,212,850 $ 9,076,921 Foreign 69,348 31,994 123,937 $ 6,272,757 $ 10,244,844 $ 9,200,858 |
Provision for Income Taxes | The provision for income taxes consists of the following (in thousands): Year Ended December 31, 2023 2022 2021 Current: Federal $ 1,127,369 $ 1,894,848 $ 1,753,376 State 194,186 304,323 293,752 Foreign 16,992 12,882 19,695 Total current 1,338,547 2,212,053 2,066,823 Deferred: Federal 20,621 77,961 10,916 State ( 18,738 ) ( 120,440 ) ( 3,042 ) Foreign 19,536 ( 4,370 ) 3,791 Total deferred 21,419 ( 46,849 ) 11,665 Total provision for income taxes $ 1,359,966 $ 2,165,204 $ 2,078,488 |
Reconciliation of the Federal Statutory Tax Rate to Total Provisions | A reconciliation of the federal statutory tax rate ( 21 %) to the total provision is as follows: Year Ended December 31, 2023 2022 2021 Taxes computed at statutory rate 21.00 % 21.00 % 21.00 % State income taxes, net of federal income tax benefit 2.14 % 1.41 % 2.49 % Federal research credit - 0.51 % - 0.10 % - 0.07 % Equity in losses of foreign joint venture 0.17 % 0.11 % — Foreign rate differential 0.10 % — - 0.03 % Noncontrolling interests - 1.27 % - 0.85 % - 0.67 % Other, net 0.05 % - 0.44 % - 0.13 % Provision for income taxes 21.68 % 21.13 % 22.59 % |
Deferred Tax Assets and Liabilities | Deferred tax assets and liabilities resulted from the following (in thousands): December 31, 2023 2022 Deferred tax assets: Accrued liabilities and reserves $ 252,794 $ 236,132 Allowance for doubtful accounts 39,102 55,160 Inventory 141,460 143,384 Research and development expenditures 133,935 42,109 Post-retirement benefits 8,571 7,997 Hedges 5,146 — Net operating loss carryforward 93,794 30,295 Tax credit carryforwards 215,630 162,498 Other deferred tax assets 12,016 10,894 Valuation allowance ( 210,084 ) ( 77,510 ) Total deferred tax assets 692,364 610,959 Deferred tax liabilities: Holdbacks and amounts not due under contracts ( 15,714 ) ( 16,016 ) Hedges — ( 7,426 ) Intangibles ( 706,174 ) ( 724,450 ) Property, plant and equipment ( 1,170,080 ) ( 1,050,579 ) Other deferred tax liabilities ( 48,579 ) ( 51,726 ) Book/Tax differences on debt modifications ( 43,869 ) ( 45,458 ) Total deferred tax liabilities ( 1,984,416 ) ( 1,895,655 ) Total net deferred tax liabilities $ ( 1,292,052 ) $ ( 1,284,696 ) |
Reconciliation of the Beginning and Ending Amounts of Unrecognized Tax Benefits | A reconciliation of the beginning and ending amounts of unrecognized tax benefits recorded in deferred credits and other liabilities in the consolidated balance sheets is as follows (in thousands): December 31, 2023 2022 2021 Balance at beginning of year $ 141,692 $ 95,136 $ 47,965 Additions based on tax positions related to current year 44,113 54,438 52,853 Reductions based on tax positions related to — — — Additions based on tax positions related to prior years 9,886 13,473 2,405 Reductions based on tax positions related to ( 496 ) ( 9,275 ) ( 3,060 ) Reductions due to settlements with taxing authorities — — — Reductions due to statute of limitations lapse ( 6,941 ) ( 12,080 ) ( 5,027 ) Balance at end of year $ 188,254 $ 141,692 $ 95,136 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Loss) (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Equity [Abstract] | |
Components of Accumulated Other Comprehensive Income (Loss) | The following tables reflect the changes in accumulated other comprehensive income (loss) by component (in thousands): Gains and Foreign Adjustment Hedging Gains Retiree Total December 31, 2022 $ 26,100 $ ( 180,216 ) $ 16,599 $ ( 137,517 ) Other comprehensive income ( 52,077 ) 21,041 ( 4,787 ) ( 35,823 ) Amounts reclassified from (1) 12,077 — ( 809 ) 11,268 Net current-period other ( 40,000 ) 21,041 ( 5,596 ) ( 24,555 ) December 31, 2023 $ ( 13,900 ) $ ( 159,175 ) $ 11,003 $ ( 162,072 ) (1) Includes $ 12,077 and $( 809 ) net-of-tax impact of accumulated other comprehensive income (loss) reclassifications into cost of products sold for net gains on commodity contracts and adjustment to early retiree medical plan, respectively. The tax impacts of these reclassifications were $ 3,800 and $( 255 ), respectively. Gains and Foreign Adjustment Hedging Gains Retiree Total December 31, 2021 $ 1,112 $ ( 124,868 ) $ 8,474 $ ( 115,282 ) Other comprehensive income 76,542 ( 55,348 ) 6,328 27,522 Amounts reclassified from (2) ( 51,554 ) — 1,797 ( 49,757 ) Net current-period other 24,988 ( 55,348 ) 8,125 ( 22,235 ) December 31, 2022 $ 26,100 $ ( 180,216 ) $ 16,599 $ ( 137,517 ) Includes $( 51,554 ) and $ 1,797 net-of-tax impact of accumulated other comprehensive income (loss) reclassifications into cost of products sold for net gains on commodity contracts and adjustment to early retiree medical plan, respectively. The tax impacts of these reclassifications were $( 16,400 ) and $ 671 , respectively. |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Earnings Per Share [Abstract] | |
Computations of Basic and Diluted Net Earnings Per Share | The computations of basic and diluted net earnings per share are as follows (in thousands, except per share data): Year Ended December 31, 2023 2022 2021 Basic net earnings per share: Basic net earnings $ 4,524,801 $ 7,607,337 $ 6,827,461 Earnings allocated to participating securities ( 16,946 ) ( 31,172 ) ( 32,311 ) Net earnings available to common stockholders $ 4,507,855 $ 7,576,165 $ 6,795,150 Basic average shares outstanding 249,773 262,348 292,491 Basic net earnings per share $ 18.05 $ 28.88 $ 23.23 Diluted net earnings per share: Diluted net earnings $ 4,524,801 $ 7,607,337 $ 6,827,461 Earnings allocated to participating securities ( 16,897 ) ( 31,057 ) ( 32,190 ) Net earnings available to common stockholders $ 4,507,904 $ 7,576,280 $ 6,795,271 Diluted average shares outstanding: Basic average shares outstanding 249,773 262,348 292,491 Dilutive effect of stock options and other 639 828 899 250,412 263,176 293,390 Diluted net earnings per share $ 18.00 $ 28.79 $ 23.16 |
Anti-dilutive Stock Options | The following stock options were excluded from the computation of diluted net earnings per share because their effect would have been anti-dilutive (shares in thousands): Year Ended December 31, 2023 2022 2021 Anti-dilutive stock options: Weighted-average shares - 25 145 Weighted-average exercise price $ - $ 130.71 $ 91.06 |
Segments (Tables)
Segments (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Segment Reporting [Abstract] | |
Segments | Nucor’s results by segment were as follows (in thousands): Year Ended December 31, 2023 2022 2021 Net sales to external customers: Steel mills $ 20,092,662 $ 24,189,858 $ 24,145,396 Steel products 12,758,939 15,060,328 9,727,943 Raw materials 1,861,900 2,262,281 2,610,600 $ 34,713,501 $ 41,512,467 $ 36,483,939 Intercompany sales: Steel mills $ 4,812,479 $ 5,859,367 $ 6,297,688 Steel products 455,816 547,219 360,063 Raw materials 12,363,577 13,715,176 15,762,685 Corporate/eliminations ( 17,631,872 ) ( 20,121,762 ) ( 22,420,436 ) $ — $ — $ — Depreciation expense: Steel mills $ 610,510 $ 529,005 $ 465,733 Steel products 131,189 115,501 99,248 Raw materials 173,657 171,060 159,886 Corporate 15,229 11,126 10,539 $ 930,585 $ 826,692 $ 735,406 Amortization expense: Steel mills $ 7,829 $ 7,829 $ 7,829 Steel products 202,129 199,379 93,160 Raw materials 27,772 27,734 28,168 $ 237,730 $ 234,942 $ 129,157 Earnings before income taxes and noncontrolling Steel mills $ 3,712,470 $ 7,199,087 $ 9,735,020 Steel products 3,443,950 4,093,105 1,291,450 Raw materials 253,506 496,823 549,956 Corporate/eliminations ( 1,137,169 ) ( 1,544,171 ) ( 2,375,568 ) $ 6,272,757 $ 10,244,844 $ 9,200,858 Segment assets: Steel mills $ 15,407,266 $ 14,157,229 $ 13,235,463 Steel products 10,914,870 12,087,145 7,845,010 Raw materials 3,546,759 3,383,114 3,870,806 Corporate/eliminations 5,471,604 2,851,722 871,793 $ 35,340,499 $ 32,479,210 $ 25,823,072 Capital expenditures: Steel mills $ 1,440,478 $ 1,453,277 $ 1,336,276 Steel products 367,170 267,128 187,152 Raw materials 352,642 181,680 128,765 Corporate 54,920 50,380 48,171 $ 2,215,210 $ 1,952,465 $ 1,700,364 |
Schedule of Net Sale by Product to External Customers | Net sales by product were as follows (in thousands). Further product group breakdown is impracticable. Year Ended December 31, 2023 2022 2021 Net sales to external customers: Sheet $ 9,146,676 $ 11,437,799 $ 12,675,679 Bar 5,993,751 7,031,798 6,039,187 Structural 2,429,211 2,928,072 2,597,768 Plate 2,523,024 2,792,188 2,832,762 Tubular Products 1,588,211 1,944,532 2,194,732 Rebar Fabrication 2,181,929 2,205,960 1,794,658 Joist 2,211,965 2,958,235 1,351,235 Deck 1,712,474 2,392,438 1,167,162 Other Steel Products 5,064,360 5,559,164 3,220,155 Raw Materials 1,861,900 2,262,281 2,610,601 $ 34,713,501 $ 41,512,467 $ 36,483,939 |
Acquisitions (Tables)
Acquisitions (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
C.H.I. Overhead Doors [Member] | |
Summary of Fair Values of Assets Acquired and Liabilities Assumed | The following table summarizes the fair values of the assets acquired and liabilities assumed of C.H.I. as of June 24, 2022, the date of acquisition (in thousands): Cash $ 159,066 Accounts receivable 77,530 Inventory 52,515 Other current assets 18,177 Property, plant and equipment 117,392 Goodwill 1,033,192 Other intangible assets 2,389,180 Other assets 9,559 Total assets acquired 3,856,611 Current liabilities 75,146 Deferred income taxes 578,019 Other liabilities 7,509 Total liabilities assumed 660,674 Net assets acquired $ 3,195,937 |
Summary of Purchase Price Allocation to Identifiable Intangible Assets | The following table summarizes the purchase price allocation to the identifiable intangible assets of C.H.I. as of June 24, 2022, the date of acquisition (in thousands, except years): Weighted- Average Life Customer relationships $ 2,242,000 25 years Trademarks and trade names 147,000 13 years Backlog 180 1 year $ 2,389,180 |
CSI [Member] | |
Summary of Fair Values of Assets Acquired and Liabilities Assumed | The following table summarizes the fair values of 100 % of the assets and liabilities of CSI, as well as the fair value of the 49 % noncontrolling interest not acquired by Nucor, as of February 1, 2022, the date Nucor acquired its 51% controlling ownership position (in thousands): Cash $ 98,537 Accounts receivable 159,257 Inventory 354,614 Other current assets 5,298 Property, plant and equipment 566,714 Goodwill 62,011 Other intangible assets — Other assets 7,071 Total assets acquired 1,253,502 Current portion of long-term debt 9,826 Other current liabilities 162,808 Long-term debt due after one year 67,866 Other liabilities 139,947 Total liabilities assumed 380,447 Net assets acquired at 100% 873,055 Less: Fair value of noncontrolling interest 427,797 Net assets acquired at 51% $ 445,258 |
Cornerstone Building Brands, Inc., Insulated Metal Panels ("IMP") [Member] | |
Summary of Fair Values of Assets Acquired and Liabilities Assumed | The following table summarizes the fair values of the assets acquired and liabilities assumed of the IMP business as of August 9, 2021, the date of acquisition (in thousands): Cash $ — Accounts receivable 47,037 Inventory 73,000 Other current assets 4,478 Property, plant and equipment 102,966 Goodwill 480,167 Other intangible assets 364,000 Other assets 13,515 Total assets acquired 1,085,163 Current liabilities 46,620 Other liabilities 12,855 Total liabilities assumed 59,475 Net assets acquired $ 1,025,688 |
Summary of Purchase Price Allocation to Identifiable Intangible Assets | The following table summarizes the purchase price allocation to the identifiable intangible assets of the IMP business as of August 9, 2021, the date of acquisition (in thousands, except years): Weighted- Average Life Customer relationships $ 309,000 10 years Trademarks and trade name 45,000 10 years Backlog 10,000 1 year $ 364,000 |
Hannibal Industries Inc [Member] | |
Summary of Fair Values of Assets Acquired and Liabilities Assumed | The following table summarizes the fair values of the assets acquired and liabilities assumed of Hannibal as of August 20, 2021, the date of acquisition (in thousands): Cash $ 124,655 Accounts receivable 115,728 Inventory 65,005 Other current assets 2,113 Property, plant and equipment 116,955 Goodwill 84,922 Other intangible assets 201,700 Other assets 8,776 Total assets acquired 719,854 Current liabilities 228,750 Finance lease obligations 80,124 Other liabilities 13,155 Total liabilities assumed 322,029 Net assets acquired $ 397,825 |
Summary of Purchase Price Allocation to Identifiable Intangible Assets | The following table summarizes the purchase price allocation to the identifiable intangible assets of Hannibal as of August 20, 2021, the date of acquisition (in thousands, except years): Weighted- Average Life Customer relationships $ 144,000 10 years Trademarks and trade name 26,000 7 years Backlog 31,700 1 year $ 201,700 |
Quarterly Information (Unaudi_2
Quarterly Information (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of Quarterly Information | (in thousands, except per share data) Year Ended December 31, 2023 First Quarter Second Quarter Third Quarter Fourth Quarter Net sales $ 8,709,980 $ 9,523,256 $ 8,775,734 $ 7,704,531 Gross margin 1,998,202 2,501,674 1,920,800 1,393,718 Net earnings before noncontrolling interests 1,231,629 1,587,075 1,221,255 872,832 Net earnings attributable to Nucor 1,136,542 1,461,354 1,141,506 785,399 Net earnings per share: Basic $ 4.47 $ 5.82 $ 4.58 $ 3.17 Diluted $ 4.45 $ 5.81 $ 4.57 $ 3.16 (in thousands, except per share data) Year Ended December 31, 2022 First Quarter Second Quarter Third Quarter Fourth Quarter Net sales $ 10,493,282 $ 11,794,474 $ 10,500,755 $ 8,723,956 Gross margin 3,458,139 4,104,263 2,843,391 2,097,487 Net earnings before noncontrolling interests (1) 2,227,115 2,727,237 1,799,043 1,326,245 Net earnings attributable to Nucor (1) 2,095,623 2,561,233 1,694,748 1,255,733 Net earnings per share: Basic $ 7.69 $ 9.69 $ 6.51 $ 4.90 Diluted $ 7.67 $ 9.67 $ 6.50 $ 4.89 (1) Fourth quarter of 2022 results include an after-tax net benefit of $ 60.4 million related to state tax credits, an after-tax net benefit of $ 88.0 million related to a change in the valuation allowance of a state deferred tax asset, and a pre-tax $ 96.0 million write-off of the remaining carrying value of our leasehold interest in unproved oil and gas properties. This charge is included in the raw materials segment. |
Nature of Operations and Basi_2
Nature of Operations and Basis of Presentation - Additional Information (Detail) | Dec. 31, 2023 | Oct. 27, 2023 | Oct. 26, 2023 |
Nucor-Yamato Steel Company [Member] | |||
Summary Of Organization And Operations [Line Items] | |||
Noncontrolling interest, ownership percentage by parent | 51% | ||
CSI [Member] | |||
Summary Of Organization And Operations [Line Items] | |||
Noncontrolling interest, ownership percentage by parent | 51% | ||
NJSM [Member] | |||
Summary Of Organization And Operations [Line Items] | |||
Noncontrolling interest, ownership percentage by parent | 51% | 51% | 50% |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Cash equivalents original maturity period | three months or less |
Short-term Investments - Additi
Short-term Investments - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Short Term Investments [Abstract] | |||
Short-term investments held | $ 747,479,000 | $ 576,946,000 | |
Realized or unrealized gains or losses | $ 0 | $ 0 | $ 0 |
Accounts Receivable - Additiona
Accounts Receivable - Additional Information (Detail) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Accounts Receivable Net [Abstract] | |||
Allowance for doubtful accounts receivable | $ 127.2 | $ 200.2 | $ 95.4 |
Inventories - Additional Inform
Inventories - Additional Information (Detail) | Dec. 31, 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% |
Leases - Additional Information
Leases - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of Leases [Line Items] | |
Operating lease, renewal term | can extend the lease term from one to five years or sometimes |
Weighted-average discount rate - finance leases | 11.70% |
Minimum [Member] | |
Disclosure of Leases [Line Items] | |
Operating lease, renewal period | 1 year |
Maximum [Member] | |
Disclosure of Leases [Line Items] | |
Operating lease, renewal period | 5 years |
Leases - Quantitative data rela
Leases - Quantitative data related to our leases (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of Leases [Line Items] | |||
Operating lease cost | $ 29,949 | $ 26,905 | $ 24,492 |
Finance lease cost: | |||
Total finance lease cost | 31,135 | 31,342 | 24,183 |
Total lease cost | 61,084 | 58,247 | 48,675 |
Cash paid for amounts included in measurement of lease liabilities: | |||
Operating cash flows from operating leases | 30,230 | 26,518 | 27,310 |
Operating cash flows from finance leases | 11,964 | 12,229 | 10,670 |
Financing cash flows from finance leases | 16,840 | 16,008 | 11,425 |
Additions to right-of-use assets obtained from | |||
Operating lease liabilities | 26,955 | 33,924 | 19,711 |
Finance lease liabilities | 16,473 | 27,030 | 99,535 |
Assets: | |||
Operating lease assets | $ 102,878 | $ 101,499 | |
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] | Other assets | Other assets | |
Finance lease assets | $ 166,780 | $ 169,076 | |
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] | Property, plant and equipment, net | Property, plant and equipment, net | |
Total leased assets | $ 269,658 | $ 270,575 | |
Liabilities | |||
Current operating | $ 25,405 | $ 23,621 | |
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] | Accrued expenses and other current liabilities | Accrued expenses and other current liabilities | |
Current finance | $ 14,102 | $ 18,582 | |
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] | Current portion of long-term debt and finance lease obligations | Current portion of long-term debt and finance lease obligations | |
Non-current operating | $ 81,673 | $ 81,455 | |
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration] | Deferred credits and other liabilities | Deferred credits and other liabilities | |
Non-current finance | $ 174,787 | $ 169,804 | |
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration] | Long-term debt and finance lease obligations due after one year | Long-term debt and finance lease obligations due after one year | |
Total leased liabilities | $ 295,967 | $ 293,462 | |
Weighted-average remaining lease term - operating leases | 7 years 8 months 12 days | ||
Weighted-average remaining lease term - finance leases | 14 years 3 months 18 days | ||
Weighted-average discount rate - operating leases | 4% | ||
Weighted-average discount rate - finance leases | 11.70% | ||
Maturity Of Lease Liabilities [Abstract] | |||
2024 | $ 29,014 | ||
2025 | 22,032 | ||
2026 | 18,240 | ||
2027 | 13,569 | ||
2028 | 11,334 | ||
Thereafter | 33,717 | ||
Total lease payments | 127,906 | ||
Less imputed interest | (20,828) | ||
Present value of lease liabilities | 107,078 | ||
2024 | 24,890 | ||
2025 | 22,391 | ||
2026 | 20,456 | ||
2027 | 19,860 | ||
2028 | 20,059 | ||
Thereafter | 160,729 | ||
Total lease payments | 268,385 | ||
Less imputed interest | (79,496) | ||
Present value of lease liabilities | 188,889 | 188,386 | |
Cost of Products Sold | |||
Disclosure of Leases [Line Items] | |||
Operating lease cost | 26,750 | 23,666 | 21,503 |
Finance lease cost: | |||
Amortization of leased assets | 19,171 | 19,113 | 13,513 |
Marketing, Administrative and Other Expenses | |||
Disclosure of Leases [Line Items] | |||
Operating lease cost | 3,199 | 3,239 | 2,989 |
Interest Expense, Net | |||
Finance lease cost: | |||
Interest on lease liabilities | $ 11,964 | $ 12,229 | $ 10,670 |
Property, Plant and Equipment -
Property, Plant and Equipment - Schedule of Property, Plant and Equipment (Detail) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | $ 22,838,749 | $ 20,732,047 | |
Less accumulated depreciation | (11,788,982) | (11,115,127) | |
Property, plant and equipment, net, total | 11,049,767 | 9,616,920 | |
Land and Improvements, Net [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | 1,183,173 | 905,598 | |
Buildings and Improvements [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | 2,550,959 | 2,230,672 | |
Machinery and Equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | 16,328,126 | 15,125,653 | |
Proved Oil and Gas Properties [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | 558,703 | 558,486 | |
Leasehold Interest in Unproved Oil and Gas Properties [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | 96,000 | 96,000 | |
Property, plant and equipment, net, total | 0 | $ 96,000 | |
Construction in Process and Equipment Deposits [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | $ 2,121,788 | $ 1,815,638 |
Property, Plant and Equipment_2
Property, Plant and Equipment - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Property, Plant and Equipment [Line Items] | ||||
Non-cash impairment charge | $ 101,756 | $ 62,161 | ||
Property, plant and equipment, net | $ 9,616,920 | $ 11,049,767 | 9,616,920 | |
Government financial assistance | 275,000 | |||
Land and Improvements, Net [Member] | Minimum [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Estimated useful lives range | 5 years | |||
Land and Improvements, Net [Member] | Maximum [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Estimated useful lives range | 25 years | |||
Buildings and Improvements [Member] | Minimum [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Estimated useful lives range | 4 years | |||
Buildings and Improvements [Member] | Maximum [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Estimated useful lives range | 40 years | |||
Machinery and Equipment [Member] | Minimum [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Estimated useful lives range | 2 years | |||
Machinery and Equipment [Member] | Maximum [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Estimated useful lives range | 15 years | |||
Leasehold Interest in Unproved Oil and Gas Properties [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Non-cash impairment charge | 96,000 | 42,000 | ||
Property, plant and equipment, net | $ 0 | 0 | $ 96,000 | |
Construction in Process and Equipment Deposits [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Amount of qualifying expenditures included as contra asset in CIP | $ 95,300 | $ 179,700 |
Goodwill and Other Intangible_3
Goodwill and Other Intangible Assets - Schedule of Change in Net Carrying Amount of Goodwill by Segment (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Goodwill [Line Items] | ||
Balance, beginning of period | $ 3,920,060 | $ 2,827,344 |
Acquisitions | 42,540 | 1,149,917 |
Divestitures | (39,466) | |
Translation | 6,247 | (17,735) |
Balance, end of period | 3,968,847 | 3,920,060 |
Steel Mills [Member] | ||
Goodwill [Line Items] | ||
Balance, beginning of period | 675,186 | 613,175 |
Acquisitions | 62,011 | |
Balance, end of period | 675,186 | 675,186 |
Steel Products [Member] | ||
Goodwill [Line Items] | ||
Balance, beginning of period | 2,510,045 | 1,439,874 |
Acquisitions | (2,120) | 1,087,906 |
Translation | 6,247 | (17,735) |
Balance, end of period | 2,514,172 | 2,510,045 |
Raw Materials [Member] | ||
Goodwill [Line Items] | ||
Balance, beginning of period | 734,829 | 774,295 |
Acquisitions | 44,660 | |
Divestitures | (39,466) | |
Balance, end of period | $ 779,489 | $ 734,829 |
Goodwill and Other Intangible_4
Goodwill and Other Intangible Assets - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Finite And Indefinite Lived Intangible Assets [Line Items] | |||
Intangible asset amortization expense | $ 237,700,000 | $ 234,900,000 | $ 129,200,000 |
Future amortization expense, in 2024 | 235,100,000 | ||
Future amortization expense, in 2025 | 234,100,000 | ||
Future amortization expense, in 2026 | 231,100,000 | ||
Future amortization expense, in 2027 | 227,900,000 | ||
Future amortization expense, in 2028 | 204,600,000 | ||
Impairment of goodwill | 0 | 0 | 0 |
Goodwill | 3,968,847,000 | 3,920,060,000 | $ 2,827,344,000 |
Finite-lived intangible assets | $ 3,108,015,000 | $ 3,322,265,000 | |
Minimum [Member] | |||
Finite And Indefinite Lived Intangible Assets [Line Items] | |||
Intangible assets, useful life | 5 years | ||
Maximum [Member] | |||
Finite And Indefinite Lived Intangible Assets [Line Items] | |||
Intangible assets, useful life | 25 years |
Goodwill and Other Intangible_5
Goodwill and Other Intangible Assets - Schedule of Intangible Assets (Detail) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets, Gross Amount | $ 4,672,056 | $ 4,648,576 |
Intangible assets, Accumulated Amortization | 1,564,041 | 1,326,311 |
Customer Relationships [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets, Gross Amount | 4,190,156 | 4,174,724 |
Intangible assets, Accumulated Amortization | 1,295,778 | 1,087,834 |
Trademarks and Trade Names [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets, Gross Amount | 372,153 | 364,106 |
Intangible assets, Accumulated Amortization | 168,363 | 142,363 |
Other [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets, Gross Amount | 109,747 | 109,746 |
Intangible assets, Accumulated Amortization | $ 99,900 | $ 96,114 |
Equity Investments - Additional
Equity Investments - Additional Information (Detail) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2023 USD ($) Facility | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Oct. 27, 2023 | Oct. 26, 2023 | |
Schedule Of Equity Method Investments [Line Items] | |||||
Equity method investments | $ 479.5 | $ 562.3 | |||
Nucor JFE Steel Mexico [Member] | |||||
Schedule Of Equity Method Investments [Line Items] | |||||
Noncontrolling interest, ownership percentage by parent | 51% | 51% | 50% | ||
Additional equity investment interest percent purchased | 1% | 1% | |||
NuMit LLC [Member] | |||||
Schedule Of Equity Method Investments [Line Items] | |||||
Equity method investment, ownership percentage | 50% | ||||
Equity method investments | $ 431.9 | 423.9 | |||
Distributions from affiliates | $ 32.9 | 55.6 | $ 0.2 | ||
Steel Technologies LLC [Member] | |||||
Schedule Of Equity Method Investments [Line Items] | |||||
Equity method investment, ownership percentage | 100% | ||||
Number of sheet processing facilities operated by Steel Technologies | Facility | 32 | ||||
Nucor-JFE Steel Mexico [Member] | |||||
Schedule Of Equity Method Investments [Line Items] | |||||
Equity method investment, ownership percentage | 50% | ||||
Equity method investments | $ 91.8 |
Current Liabilities - Additiona
Current Liabilities - Additional Information (Detail) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Liabilities Current [Abstract] | ||
Book overdrafts | $ 159 | $ 163.6 |
Dividends payable, current | $ 133.6 | $ 130.5 |
Debt and Other Financing Arra_3
Debt and Other Financing Arrangements - Schedule of Debt and Other Financing Arrangements (Detail) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | May 23, 2022 | Mar. 11, 2022 |
Debt Instrument [Line Items] | ||||
Finance lease obligations | $ 188,889 | $ 188,386 | ||
Total long-term debt and finance lease obligations | 6,926,154 | 6,855,477 | ||
Less premium on debt exchange | 171,162 | 169,737 | ||
Less debt issuance costs | 32,017 | 43,471 | $ 5,900 | $ 15,300 |
Total amounts outstanding | 6,722,975 | 6,642,269 | ||
Less current maturities of long-term debt | 60,000 | 10,000 | ||
Less current portion of finance lease obligations | 14,102 | 18,582 | ||
Total long-term debt and finance lease obligations due after one year | 6,648,873 | 6,613,687 | ||
Notes, 2.000%, due 2025 [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt instrument face amount | 500,000 | 500,000 | ||
Notes, 3.950%, due 2025 [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt instrument face amount | 500,000 | 500,000 | 500,000 | |
Notes, 4.300%, due 2027 [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt instrument face amount | 500,000 | 500,000 | $ 500,000 | |
Term Notes, 2.950%, due 2027 [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt instrument face amount | 58,040 | 67,866 | ||
Notes, 3.950%, due 2028 [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt instrument face amount | 500,000 | 500,000 | ||
Notes, 2.700%, due 2030 [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt instrument face amount | 500,000 | 500,000 | ||
Notes, 3.125%, due 2032 [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt instrument face amount | 550,000 | 550,000 | 550,000 | |
Notes, 6.400%, due 2037 [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt instrument face amount | 543,331 | 543,331 | ||
Notes, 5.200%, due 2043 [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt instrument face amount | 338,133 | 338,133 | ||
Notes, 4.400%, due 2048 [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt instrument face amount | 329,219 | 329,219 | ||
Notes, 3.850%, due 2052 [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt instrument face amount | 550,000 | 550,000 | $ 550,000 | |
Notes, 2.979%, due 2055 [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt instrument face amount | 439,312 | 439,312 | ||
Industrial Revenue Bonds [Member] | Due from 2025 to 2061 [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt instrument face amount | 1,349,230 | $ 1,349,230 | ||
NUE NJSM Notes [Member] | NJSM notes due from 2024 to 2026 [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt instrument face amount | $ 80,000 |
Debt and Other Financing Arra_4
Debt and Other Financing Arrangements - Schedule of Debt and Other Financing Arrangements (Parenthetical) (Detail) - USD ($) | 12 Months Ended | ||||
May 23, 2022 | Mar. 11, 2022 | Feb. 01, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | |
CSI [Member] | |||||
Debt Instrument [Line Items] | |||||
Acquired controlling ownership percentage | 51% | ||||
Due from 2025 to 2061 [Member] | Industrial Revenue Bonds [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt instrument - maturity year - start | 2025 | ||||
Debt instrument - maturity year - end | 2061 | ||||
Principal amount of notes | $ 1,349,230,000 | $ 1,349,230,000 | |||
Due from 2025 to 2061 [Member] | Industrial Revenue Bonds [Member] | Minimum [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt instrument interest rate | 4.20% | 3.65% | |||
Due from 2025 to 2061 [Member] | Industrial Revenue Bonds [Member] | Maximum [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt instrument interest rate | 5.10% | 4.28% | |||
NJSM notes due from 2024 to 2026 [Member] | NUE NJSM Notes [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt instrument - maturity year - start | 2024 | ||||
Debt instrument - maturity year - end | 2026 | ||||
Line of credit facility maximum borrowing capacity | $ 80,000,000 | ||||
Principal amount of notes | $ 80,000,000 | ||||
NJSM notes due from 2024 to 2026 [Member] | NUE NJSM Notes [Member] | Minimum [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt instrument interest rate | 2.46% | ||||
NJSM notes due from 2024 to 2026 [Member] | NUE NJSM Notes [Member] | Maximum [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt instrument interest rate | 6.78% | ||||
Notes, 2.000%, due 2025 [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt instrument interest rate | 2% | ||||
Debt instrument - maturity year | 2025 | ||||
Principal amount of notes | $ 500,000,000 | $ 500,000,000 | |||
Notes, 3.950%, due 2025 [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt instrument interest rate | 3.95% | 3.95% | |||
Debt instrument - maturity year | 2025 | 2025 | |||
Principal amount of notes | $ 500,000,000 | $ 500,000,000 | 500,000,000 | ||
Notes, 4.300%, due 2027 [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt instrument interest rate | 4.30% | 4.30% | |||
Debt instrument - maturity year | 2027 | 2027 | |||
Principal amount of notes | $ 500,000,000 | $ 500,000,000 | 500,000,000 | ||
Term Notes, 2.950%, due 2027 [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt instrument interest rate | 2.95% | ||||
Debt instrument - maturity year | 2027 | ||||
Principal amount of notes | $ 58,040,000 | 67,866,000 | |||
Term Notes, 2.950%, due 2027 [Member] | CSI [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt instrument interest rate | 2.95% | ||||
Acquired controlling ownership percentage | 51% | ||||
Principal amount of notes | $ 101,000,000 | ||||
Payments due quarterly | $ 2,500,000 | ||||
Maturity period | Mar. 31, 2027 | ||||
Notes, 3.950%, due 2028 [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt instrument interest rate | 3.95% | ||||
Debt instrument - maturity year | 2028 | ||||
Principal amount of notes | $ 500,000,000 | 500,000,000 | |||
Notes, 2.700%, due 2030 [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt instrument interest rate | 2.70% | ||||
Debt instrument - maturity year | 2030 | ||||
Principal amount of notes | $ 500,000,000 | 500,000,000 | |||
Notes, 3.125%, due 2032 [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt instrument interest rate | 3.125% | 3.125% | |||
Debt instrument - maturity year | 2032 | 2032 | |||
Principal amount of notes | $ 550,000,000 | $ 550,000,000 | 550,000,000 | ||
Notes, 6.400%, due 2037 [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt instrument interest rate | 6.40% | ||||
Debt instrument - maturity year | 2037 | ||||
Principal amount of notes | $ 543,331,000 | 543,331,000 | |||
Notes, 5.200%, due 2043 [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt instrument interest rate | 5.20% | ||||
Debt instrument - maturity year | 2043 | ||||
Principal amount of notes | $ 338,133,000 | 338,133,000 | |||
Notes, 4.400%, due 2048 [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt instrument interest rate | 4.40% | ||||
Debt instrument - maturity year | 2048 | ||||
Principal amount of notes | $ 329,219,000 | 329,219,000 | |||
Notes, 3.850%, due 2052 [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt instrument interest rate | 3.85% | 3.85% | |||
Debt instrument - maturity year | 2052 | 2052 | |||
Principal amount of notes | $ 550,000,000 | $ 550,000,000 | 550,000,000 | ||
Notes, 2.979%, due 2055 [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt instrument interest rate | 2.979% | ||||
Debt instrument - maturity year | 2055 | ||||
Principal amount of notes | $ 439,312,000 | $ 439,312,000 |
Debt and Other Financing Arra_5
Debt and Other Financing Arrangements - Additional Information (Detail) - USD ($) | 12 Months Ended | |||||
Aug. 15, 2022 | May 23, 2022 | Apr. 25, 2022 | Mar. 11, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | |
Debt Instrument [Line Items] | ||||||
Annual aggregate long-term debt maturities - 2024 | $ 60,000,000 | |||||
Annual aggregate long-term debt maturities - 2025 | 1,010,000,000 | |||||
Annual aggregate long-term debt maturities - 2026 | 61,500,000 | |||||
Annual aggregate long-term debt maturities - 2027 | 528,000,000 | |||||
Annual aggregate long-term debt maturities - 2028 | 549,500,000 | |||||
Annual aggregate long-term debt maturities - thereafter | 4,530,000,000 | |||||
Net proceeds of debt issuance and sale of notes after expenses and the underwriting discount | $ 991,900,000 | $ 1,090,000,000 | ||||
Debt issuance and sale costs of Notes | 5,900,000 | 15,300,000 | 32,017,000 | $ 43,471,000 | ||
Redemption amount | 10,000,000 | 1,111,000,000 | ||||
Short-term borrowings | 119,211,000 | 49,081,000 | ||||
Letters of credit outstanding | 57,700,000 | 43,500,000 | ||||
Harris Steel [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Line of credit facility maximum borrowing capacity | 18,700,000 | |||||
Line of credit | 0 | 0 | ||||
Nucor Trading S.A. [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Short-term borrowings | 24,200,000 | 49,100,000 | ||||
NJSM [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Short-term borrowings | 95,000,000 | |||||
Notes, 3.125%, due 2032 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument face amount | $ 550,000,000 | $ 550,000,000 | 550,000,000 | |||
Debt instrument interest rate | 3.125% | 3.125% | ||||
Debt instrument - maturity year | 2032 | 2032 | ||||
Notes, 3.850%, due 2052 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument face amount | $ 550,000,000 | $ 550,000,000 | 550,000,000 | |||
Debt instrument interest rate | 3.85% | 3.85% | ||||
Debt instrument - maturity year | 2052 | 2052 | ||||
Notes, 4.125%, due 2022 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument face amount | $ 600,000,000 | |||||
Debt instrument interest rate | 4.125% | |||||
Debt instrument - maturity year | 2022 | |||||
Redemption amount | $ 600,000,000 | |||||
Notes, 4.000%, due 2023 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument face amount | $ 500,000,000 | |||||
Debt instrument interest rate | 4% | |||||
Debt instrument - maturity year | 2023 | |||||
Redemption amount | $ 500,000,000 | |||||
Notes, 3.950%, due 2025 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument face amount | $ 500,000,000 | $ 500,000,000 | 500,000,000 | |||
Debt instrument interest rate | 3.95% | 3.95% | ||||
Debt instrument - maturity year | 2025 | 2025 | ||||
Notes, 4.300%, due 2027 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument face amount | $ 500,000,000 | $ 500,000,000 | 500,000,000 | |||
Debt instrument interest rate | 4.30% | 4.30% | ||||
Debt instrument - maturity year | 2027 | 2027 | ||||
Revolving Credit Facility [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Line of credit facility maximum borrowing capacity | $ 1,750,000,000 | |||||
Line of revolving credit facility expiration date | Nov. 05, 2026 | |||||
Ratio on the limit of funded debt to capital on credit facility | 60% | |||||
Line of credit | $ 0 | $ 0 | ||||
Ratio funded debt to total capital | 24% | |||||
Letter of Credit [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Line of credit facility maximum borrowing capacity | $ 100,000,000 | |||||
Additional Commitments at Nucor's Election in Accordance with Terms of Credit Agreement [Member] | Revolving Credit Facility [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Credit facility availability | 500,000,000 | |||||
Revolving Loans For Nucor Subsidiaries [Member] | Revolving Credit Facility [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Line of credit facility maximum borrowing capacity | $ 500,000,000 |
Capital Stock - Additional Info
Capital Stock - Additional Information (Detail) - USD ($) | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | May 11, 2023 | |
Capital Stock [Line Items] | ||||
The par value of common stock | $ 0.4 | |||
Common stock shares authorized | 800,000,000 | 800,000,000 | ||
Preferred stock shares authorized | 250,000 | |||
Preferred stock par value per share | $ 4 | |||
Preferred stock shares issued | 0 | |||
Preferred stock shares outstanding | 0 | |||
Dividends declared per share | $ 2.07 | $ 2.01 | $ 1.715 | |
Repurchase of common stock | $ 1,553,933,000 | $ 2,762,568,000 | $ 3,276,088,000 | |
Common Stock [Member] | ||||
Capital Stock [Line Items] | ||||
Share repurchase program, available repurchase amount | $ 3,320,000,000 | |||
Common Stock [Member] | Maximum [Member] | ||||
Capital Stock [Line Items] | ||||
Stock Repurchase Program, Authorized Amount | $ 4,000,000,000 |
Derivative Financial Instrume_3
Derivative Financial Instruments - Fair Values of Derivative Financial Instruments (Detail) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Derivatives, Fair Value [Line Items] | ||
Derivative Liabilities, Fair Value | $ (23,211) | $ (1,370) |
Derivative Liability, Statement of Financial Position [Extensible Enumeration] | Accrued Liabilities Current | Accrued Liabilities Current |
Derivatives Designated as Hedging Instrument [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Assets, Fair Value | $ 34,400 | |
Derivative Liabilities, Fair Value | $ (18,300) | |
Derivatives Not Designated as Hedging Instrument [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liabilities, Fair Value | (4,911) | (1,370) |
Commodity Contracts [Member] | Derivatives Designated as Hedging Instrument [Member] | Other Current Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Assets, Fair Value | 17,200 | |
Commodity Contracts [Member] | Derivatives Designated as Hedging Instrument [Member] | Other Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Assets, Fair Value | 17,200 | |
Commodity Contracts [Member] | Derivatives Designated as Hedging Instrument [Member] | Accrued Expenses and Other Current Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liabilities, Fair Value | (14,700) | |
Commodity Contracts [Member] | Derivatives Designated as Hedging Instrument [Member] | Deferred Credits and Other Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liabilities, Fair Value | (3,600) | |
Commodity Contracts [Member] | Derivatives Not Designated as Hedging Instrument [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liabilities, Fair Value | $ (4,382) | $ (501) |
Derivative Liability, Statement of Financial Position [Extensible Enumeration] | Accrued Liabilities Current | Accrued Liabilities Current |
Foreign Exchange Contracts [Member] | Derivatives Not Designated as Hedging Instrument [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liabilities, Fair Value | $ (529) | $ (869) |
Derivative Liability, Statement of Financial Position [Extensible Enumeration] | Accrued Liabilities Current | Accrued Liabilities Current |
Derivative Financial Instrume_4
Derivative Financial Instruments - Effect of Derivatives Financial Instruments on Consolidated Statements of Earnings (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of Gain or (Loss), Net of Tax, Recognized in OCI on Derivatives (Effective Portion) | $ (52,077) | $ 76,542 | $ 15,112 |
Derivatives Not Designated as Hedging Instrument [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of Gain or (Loss) Recognized in Earnings on Derivatives | 2,444 | 14,952 | (19,663) |
Cost of Products Sold [Member] | Commodity Contracts [Member] | Derivatives Designated as Hedging Instrument [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of Gain or (Loss), Net of Tax, Recognized in OCI on Derivatives (Effective Portion) | (52,077) | 76,542 | 15,112 |
Amount of Gain or (Loss), Net of Tax, Reclassified from Accumulated OCI into Earnings on Derivatives (Effective Portion) | (12,077) | 51,554 | 9,300 |
Cost of Products Sold [Member] | Commodity Contracts [Member] | Derivatives Not Designated as Hedging Instrument [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of Gain or (Loss) Recognized in Earnings on Derivatives | 3,300 | 3,311 | (27,777) |
Cost of Products Sold [Member] | Foreign Exchange Contracts [Member] | Derivatives Not Designated as Hedging Instrument [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of Gain or (Loss) Recognized in Earnings on Derivatives | $ (856) | $ 11,641 | $ 8,114 |
Derivative Financial Instrume_5
Derivative Financial Instruments - Additional Information (Detail) MMBTU in Millions | Dec. 31, 2023 MMBTU |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |
Notional amount of commodity derivatives | 44 |
Fair Value Measurements - Sched
Fair Value Measurements - Schedule of Financial Assets and Liabilities Measured at Fair Value (Detail) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Short-term investments | $ 747,479 | $ 576,946 | |
Derivative Asset, Statement of Financial Position [Extensible Enumeration] | Other Assets Current, Other Assets Noncurrent | ||
Total assets | 35,340,499 | $ 32,479,210 | $ 25,823,072 |
Derivative contracts, liabilities | $ (23,211) | $ (1,370) | |
Derivative Liability, Statement of Financial Position [Extensible Enumeration] | Accrued Liabilities Current | Accrued Liabilities Current | |
Reported Value Measurement [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Cash equivalents | $ 5,724,549 | $ 3,182,631 | |
Short-term investments | 747,479 | 576,946 | |
Derivative contracts, assets | 34,400 | ||
Restricted cash and cash equivalents | 3,494 | 80,368 | |
Other assets | 47,020 | ||
Total assets | 6,522,542 | 3,874,345 | |
Derivative contracts, liabilities | (23,211) | (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 | 5,724,549 | 3,182,631 | |
Short-term investments | 747,479 | 576,946 | |
Restricted cash and cash equivalents | 3,494 | 80,368 | |
Other assets | 4,245 | ||
Total assets | 6,479,767 | 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 | 34,400 | ||
Total assets | 34,400 | ||
Derivative contracts, liabilities | (23,211) | $ (1,370) | |
Significant Unobservable Inputs (Level 3) [Member] | Fair Value, Measurements, Recurring [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Other assets | 42,775 | ||
Total assets | $ 42,775 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Detail) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Fair Value Disclosures [Abstract] | ||
Fair value of short-term and long-term debt, including current maturities | $ 6,220 | $ 5,930 |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | May 14, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock options exercise prices as percentage of the market value on the date of the grant | 100% | |||
Total intrinsic value of stock options exercised | $ 24.5 | $ 32.2 | $ 67.8 | |
Total aggregate intrinsic value of stock options | 68.7 | |||
Total aggregate intrinsic value of stock option exercisable | $ 54.5 | |||
Grant date fair value of stock options granted | $ 49.62 | $ 45.27 | $ 32.3 | |
Compensation expenses for stock options | $ 4.7 | $ 5.4 | $ 3.8 | |
Stock Options [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock options vesting period | 3 years | |||
Stock options term, years | 10 years | |||
Unrecognized compensation expense related to stock | $ 2 | |||
Weighted-average recognition period for unrecognized compensation expense related to stock (years) | 1 year 10 months 24 days | |||
Restricted Stock Units [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Unrecognized compensation expense related to stock | $ 83.9 | |||
Weighted-average recognition period for unrecognized compensation expense related to stock (years) | 1 year 3 months 18 days | |||
Compensation expense | $ 88.1 | 80.4 | 52.1 | |
Total fair value of shares, vested | $ 120.7 | 120 | 109.5 | |
Omnibus Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock based compensation, common stock available for grant | 4,300,000 | |||
Omnibus Plan [Member] | Maximum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock based compensation, common stock available for grant | 19,000,000 | |||
LTIP [Member] | Restricted Stock Units [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Eligible age of officer for restricted stock award | 55 years | |||
AIP [Member] | Restricted Stock Units [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Eligible age of officer for restricted stock award | 55 years | |||
Additional common stock units for election of deferred annual incentive award, percentage | 25% | |||
AIP and LTIP [Member] | Restricted Stock Awards and Units [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Unrecognized compensation expense related to stock | $ 7.5 | |||
Weighted-average recognition period for unrecognized compensation expense related to stock (years) | 1 year 7 months 6 days | |||
Compensation expense | $ 37.8 | 51 | 79.9 | |
Total fair value of shares, vested | $ 68.8 | $ 45.9 | $ 19.6 | |
Inactive Plans [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Shares reserved for future issuance | 100,000 |
Stock-Based Compensation - Sche
Stock-Based Compensation - Schedule of Stock Option Plans Activity (Detail) - $ / shares shares in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |||
Outstanding at beginning of year, Shares | 837 | 1,186 | 3,916 |
Granted, Shares | 91 | 98 | 138 |
Exercised, Shares | (210) | (447) | (2,868) |
Outstanding at end of year, Shares | 718 | 837 | 1,186 |
Stock options exercisable at end of year, Shares | 433 | 313 | 523 |
Outstanding at beginning of year, Weighted - Average Exercise Price | $ 66.76 | $ 55.58 | $ 50.03 |
Granted, Weighted - Average Exercise Price | 133.03 | 130.71 | 110.74 |
Exercised, Weighted - Average Exercise Price | 55.85 | 51.14 | 50.65 |
Outstanding at end of period, Weighted - Average Exercise Price | 78.33 | 66.76 | 55.58 |
Stock options exercisable at end of year, Weighted - Average Exercise Price | $ 48.33 | $ 59.6 | $ 54.71 |
Stock-Based Compensation - Summ
Stock-Based Compensation - Summary of Stock Options Outstanding (Detail) shares in Thousands | 12 Months Ended |
Dec. 31, 2023 $ / shares shares | |
Schedule Of Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding By Exercise Price [Line Items] | |
Options Outstanding, Number Outstanding | shares | 718 |
Options Outstanding, Weighted-Average Remaining Contractual Life | 7 years 1 month 6 days |
Options Outstanding, Weighted-Average Exercise Price | $ 78.33 |
Options Exercisable, Number Exercisable | shares | 433 |
Options Exercisable, Weighted-Average Exercise Price | $ 48.33 |
Minimum [Member] | |
Schedule Of Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding By Exercise Price [Line Items] | |
Exercise Price | 40 |
Maximum [Member] | |
Schedule Of Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding By Exercise Price [Line Items] | |
Exercise Price | $ 133.03 |
$40.00 - $60.00 [Member] | |
Schedule Of Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding By Exercise Price [Line Items] | |
Options Outstanding, Number Outstanding | shares | 379 |
Options Outstanding, Weighted-Average Remaining Contractual Life | 6 years 3 months 18 days |
Options Outstanding, Weighted-Average Exercise Price | $ 43.06 |
Options Exercisable, Number Exercisable | shares | 379 |
Options Exercisable, Weighted-Average Exercise Price | $ 43.06 |
$40.00 - $60.00 [Member] | Minimum [Member] | |
Schedule Of Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding By Exercise Price [Line Items] | |
Exercise Price | 40 |
$40.00 - $60.00 [Member] | Maximum [Member] | |
Schedule Of Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding By Exercise Price [Line Items] | |
Exercise Price | $ 60 |
$60.01 - $75.00 [Member] | |
Schedule Of Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding By Exercise Price [Line Items] | |
Options Outstanding, Number Outstanding | shares | 33 |
Options Outstanding, Weighted-Average Remaining Contractual Life | 4 years 4 months 24 days |
Options Outstanding, Weighted-Average Exercise Price | $ 65.8 |
Options Exercisable, Number Exercisable | shares | 33 |
Options Exercisable, Weighted-Average Exercise Price | $ 65.8 |
$60.01 - $75.00 [Member] | Minimum [Member] | |
Schedule Of Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding By Exercise Price [Line Items] | |
Exercise Price | 60.01 |
$60.01 - $75.00 [Member] | Maximum [Member] | |
Schedule Of Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding By Exercise Price [Line Items] | |
Exercise Price | $ 75 |
$75.01 - $100.00 [Member] | |
Schedule Of Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding By Exercise Price [Line Items] | |
Options Outstanding, Weighted-Average Remaining Contractual Life | 0 years |
$75.01 - $100.00 [Member] | Minimum [Member] | |
Schedule Of Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding By Exercise Price [Line Items] | |
Exercise Price | $ 75.01 |
$75.01 - $100.00 [Member] | Maximum [Member] | |
Schedule Of Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding By Exercise Price [Line Items] | |
Exercise Price | $ 100 |
$100.01 - $120.00 [Member] | |
Schedule Of Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding By Exercise Price [Line Items] | |
Options Outstanding, Number Outstanding | shares | 122 |
Options Outstanding, Weighted-Average Remaining Contractual Life | 7 years 4 months 24 days |
Options Outstanding, Weighted-Average Exercise Price | $ 110.74 |
Options Exercisable, Number Exercisable | shares | 15 |
Options Exercisable, Weighted-Average Exercise Price | $ 110.74 |
$100.01 - $120.00 [Member] | Minimum [Member] | |
Schedule Of Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding By Exercise Price [Line Items] | |
Exercise Price | 100.01 |
$100.01 - $120.00 [Member] | Maximum [Member] | |
Schedule Of Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding By Exercise Price [Line Items] | |
Exercise Price | $ 120 |
$120.01 - $133.03 [Member] | |
Schedule Of Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding By Exercise Price [Line Items] | |
Options Outstanding, Number Outstanding | shares | 184 |
Options Outstanding, Weighted-Average Remaining Contractual Life | 8 years 10 months 24 days |
Options Outstanding, Weighted-Average Exercise Price | $ 131.86 |
Options Exercisable, Number Exercisable | shares | 6 |
Options Exercisable, Weighted-Average Exercise Price | $ 130.71 |
$120.01 - $133.03 [Member] | Minimum [Member] | |
Schedule Of Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding By Exercise Price [Line Items] | |
Exercise Price | 120.01 |
$120.01 - $133.03 [Member] | Maximum [Member] | |
Schedule Of Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding By Exercise Price [Line Items] | |
Exercise Price | $ 133.03 |
Stock-Based Compensation - Sc_2
Stock-Based Compensation - Schedule of Grant Date Fair Value Black-Scholes Option-Pricing Model Assumptions (Detail) - $ / shares | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |||
Exercise price | $ 133.03 | $ 130.71 | $ 110.74 |
Expected dividend yield | 1.53% | 1.53% | 1.46% |
Expected stock price volatility | 37.55% | 35.77% | 32.86% |
Risk-free interest rate | 3.66% | 2.98% | 1.28% |
Expected life (years) | 6 years 6 months | 6 years 6 months | 6 years 6 months |
Stock-Based Compensation - Su_2
Stock-Based Compensation - Summary of Nucor's RSU Activity (Detail) - Restricted Stock Units [Member] - $ / shares shares in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Unvested at beginning of year, Shares | 1,003 | 1,167 | 1,830 |
Granted, Shares | 831 | 774 | 397 |
Vested, Shares | (873) | (916) | (997) |
Canceled, Shares | (14) | (22) | (63) |
Unvested at end of year, Shares | 947 | 1,003 | 1,167 |
Unvested at beginning of year, Grant Date Fair Value | $ 98.66 | $ 60.45 | $ 47.33 |
Granted, Grant Date Fair Value | 133.03 | 130.71 | 110.74 |
Vested, Grant Date Fair Value | 102.79 | 77.21 | 57.09 |
Canceled, Grant Date Fair Value | 106.76 | 93.73 | 49.54 |
Unvested at end of year, Grant Date Fair Value | $ 124.89 | $ 98.66 | $ 60.45 |
Stock-Based Compensation - Su_3
Stock-Based Compensation - Summary of Nucor's Restricted Stock Activity under AIP and LTIP (Detail) - Restricted Stock Units and Restricted Stock Awards [Member] - $ / shares shares in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Unvested at beginning of year, Shares | 209 | 107 | 127 |
Granted, Shares | 414 | 465 | 262 |
Vested, Shares | (406) | (356) | (273) |
Canceled, Shares | (7) | (7) | (9) |
Unvested at end of year, Shares | 210 | 209 | 107 |
Unvested at beginning of year, Grant Date Fair Value | $ 108.55 | $ 57.17 | $ 49.94 |
Granted, Grant Date Fair Value | 171.38 | 128.62 | 65.61 |
Vested, Grant Date Fair Value | 152.68 | 119.29 | 62.17 |
Canceled, Grant Date Fair Value | 154.05 | 113.86 | 48.75 |
Unvested at end of year, Grant Date Fair Value | $ 145.55 | $ 108.55 | $ 57.17 |
Employee Benefit Plans - Additi
Employee Benefit Plans - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Employee Benefit Plan [Abstract] | |||
Profit Sharing and Retirement Savings Plan, plan expense | $ 611.1 | $ 994.2 | $ 869.9 |
Unfunded obligation | 33.2 | 25.6 | |
Expense associated with early retiree medical plan | $ 0.3 | $ 2.3 | $ 1.8 |
Discount rate used to calculate benefit obligation | 5.01% | 5.24% | 2.81% |
Health care cost trend rate | 6.80% | 6.30% | 5.30% |
Projected ultimate future health care cost trend rate | 4% | ||
Year that trend rate is projected to reach ultimate rate | 2049 |
Interest (Income) Expense - Sch
Interest (Income) Expense - Schedule of Components of Net Interest (Income) Expense (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Interest Revenue Or Expense Net [Abstract] | |||
Interest expense | $ 245,954 | $ 218,911 | $ 163,121 |
Interest income | (275,586) | (48,695) | (4,267) |
Interest expense, net | $ (29,632) | $ 170,216 | $ 158,854 |
Interest (Income) Expense - Add
Interest (Income) Expense - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Interest Revenue Or Expense Net [Abstract] | |||
Interest paid | $ 257.1 | $ 229.5 | $ 170.7 |
Income Taxes - Components of Ea
Income Taxes - Components of Earnings Before Income Taxes and Noncontrolling Interests (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |||
United States | $ 6,203,409 | $ 10,212,850 | $ 9,076,921 |
Foreign | 69,348 | 31,994 | 123,937 |
Earnings before income taxes and noncontrolling interests | $ 6,272,757 | $ 10,244,844 | $ 9,200,858 |
Income Taxes - Provision for In
Income Taxes - Provision for Income Taxes (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Components Of Income Tax Expense Benefit Continuing Operations [Abstract] | |||
Federal, current | $ 1,127,369 | $ 1,894,848 | $ 1,753,376 |
State, current | 194,186 | 304,323 | 293,752 |
Foreign, current | 16,992 | 12,882 | 19,695 |
Total current | 1,338,547 | 2,212,053 | 2,066,823 |
Federal, deferred | 20,621 | 77,961 | 10,916 |
State, deferred | (18,738) | (120,440) | (3,042) |
Foreign, deferred | 19,536 | (4,370) | 3,791 |
Total deferred | 21,419 | (46,849) | 11,665 |
Total provision for income taxes | $ 1,359,966 | $ 2,165,204 | $ 2,078,488 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Income Tax Disclosure [Line Items] | ||||
Federal statutory tax rate | 21% | 21% | 21% | |
Effective income tax rate | 21.68% | 21.13% | 22.59% | |
Effective income tax rate | 2.14% | 1.41% | 2.49% | |
Non-current deferred tax assets included in other assets | $ 40,700 | $ 19,300 | ||
Non-current deferred tax liabilities included in deferred credits and other liabilities | 1,292,052 | 1,284,696 | ||
Current federal and state income taxes receivable | 346,100 | 564,700 | ||
Net federal, state and foreign income taxes paid (refund received) | 1,060,000 | 2,630,000 | $ 1,680,000 | |
Unrecognized tax benefits | 188,254 | 141,692 | 95,136 | $ 47,965 |
Amount of unrecognized tax benefits affects effective tax rate | 187,600 | 141,100 | ||
Estimate of possible decrease in gross uncertain tax positions, exclusive of interest, as a result of the expiration of the statute of limitations | 5,600 | |||
Expense (benefit) for interest and penalties | 10,400 | 9,400 | $ 5,500 | |
Accrued interest and penalties related to uncertain tax positions | 37,400 | 26,900 | ||
Deferred Credits and Other Liabilities [Member] | ||||
Income Tax Disclosure [Line Items] | ||||
Non-current deferred tax liabilities included in deferred credits and other liabilities | 1,330,000 | 1,300,000 | ||
State Tax Credits [Member] | ||||
Income Tax Disclosure [Line Items] | ||||
Net tax benefit | $ 76,400 | |||
Effective income tax rate | (0.75%) | |||
State and Local Jurisdiction [Member] | ||||
Income Tax Disclosure [Line Items] | ||||
State NOL carryforwards | $ 185,100 | $ 285,400 | ||
State and Local Jurisdiction [Member] | Maximum [Member] | ||||
Income Tax Disclosure [Line Items] | ||||
Unused NOL carryforward expiration year | 2043 | |||
State and Local Jurisdiction [Member] | Minimum [Member] | ||||
Income Tax Disclosure [Line Items] | ||||
Unused NOL carryforward expiration year | 2024 | |||
Foreign Country [Member] | ||||
Income Tax Disclosure [Line Items] | ||||
Foreign NOL carryforwards | $ 325,600 | 79,400 | ||
Foreign Country [Member] | Maximum [Member] | ||||
Income Tax Disclosure [Line Items] | ||||
Unused NOL carryforward expiration year | 2042 | |||
Foreign Country [Member] | Minimum [Member] | ||||
Income Tax Disclosure [Line Items] | ||||
Unused NOL carryforward expiration year | 2026 | |||
Valuation Allowance of a State Deferred Tax Asset [Member]" | ||||
Income Tax Disclosure [Line Items] | ||||
Net tax benefit | $ 88,000 | |||
Effective income tax rate | (0.86%) |
Income Taxes - Reconciliation o
Income Taxes - Reconciliation of the Federal Statutory Tax Rate to Total Provisions (Detail) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |||
Taxes computed at statutory rate | 21% | 21% | 21% |
State income taxes, net of federal income tax benefit | 2.14% | 1.41% | 2.49% |
Federal research credit | (0.51%) | (0.10%) | (0.07%) |
Equity in losses of foreign joint venture | 0.17% | 0.11% | |
Foreign rate differential | 0.10% | (0.03%) | |
Noncontrolling interests | (1.27%) | (0.85%) | (0.67%) |
Other, net | 0.05% | (0.44%) | (0.13%) |
Provision for income taxes | 21.68% | 21.13% | 22.59% |
Income Taxes - Deferred Tax Ass
Income Taxes - Deferred Tax Assets and Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Components Of Deferred Tax Assets And Liabilities [Abstract] | ||
Accrued liabilities and reserves | $ 252,794 | $ 236,132 |
Allowance for doubtful accounts | 39,102 | 55,160 |
Inventory | 141,460 | 143,384 |
Research and development expenditures | 133,935 | 42,109 |
Post-retirement benefits | 8,571 | 7,997 |
Hedges | 5,146 | |
Net operating loss carryforward | 93,794 | 30,295 |
Tax credit carryforwards | 215,630 | 162,498 |
Other deferred tax assets | 12,016 | 10,894 |
Valuation allowance | (210,084) | (77,510) |
Total deferred tax assets | 692,364 | 610,959 |
Holdbacks and amounts not due under contracts | (15,714) | (16,016) |
Hedges | (7,426) | |
Intangibles | (706,174) | (724,450) |
Property, plant and equipment | (1,170,080) | (1,050,579) |
Other deferred tax liabilities | (48,579) | (51,726) |
Book/Tax differences on debt modifications | (43,869) | (45,458) |
Total deferred tax liabilities | (1,984,416) | (1,895,655) |
Total net deferred tax liabilities | $ (1,292,052) | $ (1,284,696) |
Income Taxes - Reconciliation_2
Income Taxes - Reconciliation of the Beginning and Ending Amounts of Unrecognized Tax Benefits (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Reconciliation Of Unrecognized Tax Benefits Excluding Amounts Pertaining To Examined Tax Returns Roll Forward | |||
Balance at beginning of year | $ 141,692 | $ 95,136 | $ 47,965 |
Additions based on tax positions related to current year | 44,113 | 54,438 | 52,853 |
Additions based on tax positions related to prior years | 9,886 | 13,473 | 2,405 |
Reductions based on tax positions related to prior years | (496) | (9,275) | (3,060) |
Reductions due to statute of limitations lapse | (6,941) | (12,080) | (5,027) |
Balance at end of year | $ 188,254 | $ 141,692 | $ 95,136 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income (Loss) - Components of Accumulated Other Comprehensive Income (Loss) (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |||
Accumulated Other Comprehensive Income Loss Net Of Tax [Abstract] | |||||
Beginning Balance, Gains and (Losses) on Hedging Derivatives | $ 26,100 | $ 1,112 | |||
Other Comprehensive Income Loss Cash Flow Hedge Gain Loss Before Reclassification After Tax | (52,077) | 76,542 | $ 15,112 | ||
Amounts reclassified from accumulated other comprehensive income (loss) into earnings, Gains and (Losses) on Hedging Derivatives | 12,077 | [1] | (51,554) | [2] | (9,300) |
Net current-period other comprehensive income (loss), Gains and (Losses) on Hedging Derivatives | (40,000) | 24,988 | |||
Ending Balance, Gains and (Losses) on Hedging Derivatives | (13,900) | 26,100 | 1,112 | ||
Beginning Balance, Foreign Currency Gains (Losses) | (180,216) | (124,868) | |||
Other comprehensive income (loss) before reclassifications, Foreign Currency Gains (Losses) | 21,041 | (55,348) | (4,041) | ||
Net current-period other comprehensive income (loss), Foreign Currency Gains (Losses) | 21,041 | (55,348) | |||
Ending Balance, Foreign Currency Gains (Losses) | (159,175) | (180,216) | (124,868) | ||
Beginning Balance, Adjustment to Early Retiree Medical Plan | 16,599 | 8,474 | |||
Other comprehensive income (loss) before reclassifications, Adjustment to Early Retiree Medical Plan | (4,787) | 6,328 | 1,875 | ||
Amounts reclassified from accumulated other comprehensive income (loss) into earnings, Adjustment to Early Retiree Medical Plan | (809) | [1] | 1,797 | [2] | (67) |
Net current-period other comprehensive income (loss), Adjustment to Early Retiree Medical Plan | (5,596) | 8,125 | |||
Ending Balance, Adjustment to Early Retiree Medical Plan | 11,003 | 16,599 | 8,474 | ||
Beginning Balance | (137,517) | (115,282) | |||
Other comprehensive income (loss) before reclassifications | (35,823) | 27,522 | |||
Amounts reclassified from accumulated other comprehensive income (loss) into earnings | 11,268 | [1] | (49,757) | [2] | |
Net current-period other comprehensive income (loss) | (24,555) | (22,235) | 3,579 | ||
Ending Balance | $ (162,072) | $ (137,517) | $ (115,282) | ||
[1] Includes $ 12,077 and $( 809 ) net-of-tax impact of accumulated other comprehensive income (loss) reclassifications into cost of products sold for net gains on commodity contracts and adjustment to early retiree medical plan, respectively. The tax impacts of these reclassifications were $ 3,800 and $( 255 ), respectively. Includes $( 51,554 ) and $ 1,797 net-of-tax impact of accumulated other comprehensive income (loss) reclassifications into cost of products sold for net gains on commodity contracts and adjustment to early retiree medical plan, respectively. The tax impacts of these reclassifications were $( 16,400 ) and $ 671 , respectively. |
Accumulated Other Comprehensi_4
Accumulated Other Comprehensive Income (Loss) - Components of Accumulated Other Comprehensive Income (Loss) (Parenthetical) (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Amounts reclassified from accumulated other comprehensive income (loss) into earnings, Gains and (Losses) on Hedging Derivatives | $ 12,077 | [1] | $ (51,554) | [2] | $ (9,300) |
Reclassification adjustment for (gain) loss on early retiree medical plan included in net earnings, net of income taxes of ($255), $671 and ($10) for 2023, 2022 and 2021, respectively | (809) | [1] | 1,797 | [2] | (67) |
Reclassification adjustment for gain (loss) on settlement of hedging derivatives included in net earnings, tax effect | 3,800 | (16,400) | (3,100) | ||
AOCI reclassification impact on tax | (255) | 671 | $ (10) | ||
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 | 12,077 | (51,554) | |||
Reclassification adjustment for (gain) loss on early retiree medical plan included in net earnings, net of income taxes of ($255), $671 and ($10) for 2023, 2022 and 2021, respectively | (809) | 1,797 | |||
Reclassification adjustment for gain (loss) on settlement of hedging derivatives included in net earnings, tax effect | 3,800 | (16,400) | |||
AOCI reclassification impact on tax | $ (255) | $ 671 | |||
[1] Includes $ 12,077 and $( 809 ) net-of-tax impact of accumulated other comprehensive income (loss) reclassifications into cost of products sold for net gains on commodity contracts and adjustment to early retiree medical plan, respectively. The tax impacts of these reclassifications were $ 3,800 and $( 255 ), respectively. Includes $( 51,554 ) and $ 1,797 net-of-tax impact of accumulated other comprehensive income (loss) reclassifications into cost of products sold for net gains on commodity contracts and adjustment to early retiree medical plan, respectively. The tax impacts of these reclassifications were $( 16,400 ) and $ 671 , respectively. |
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 | 12 Months Ended | |||||||||
Dec. 31, 2023 | Sep. 30, 2023 | Jul. 01, 2023 | Apr. 01, 2023 | Dec. 31, 2022 | Oct. 01, 2022 | Jul. 02, 2022 | Apr. 02, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Earnings Per Share [Abstract] | |||||||||||
Net Income (Loss) | $ 785,399 | $ 1,141,506 | $ 1,461,354 | $ 1,136,542 | $ 1,255,733 | $ 1,694,748 | $ 2,561,233 | $ 2,095,623 | $ 4,524,801 | $ 7,607,337 | $ 6,827,461 |
Earnings allocated to participating securities, Basic | (16,946) | (31,172) | (32,311) | ||||||||
Net earnings available to common stockholders, Basic | $ 4,507,855 | $ 7,576,165 | $ 6,795,150 | ||||||||
Basic average shares outstanding | 249,773 | 262,348 | 292,491 | ||||||||
Basic net earnings per share | $ 3.17 | $ 4.58 | $ 5.82 | $ 4.47 | $ 4.9 | $ 6.51 | $ 9.69 | $ 7.69 | $ 18.05 | $ 28.88 | $ 23.23 |
Diluted net earnings | $ 785,399 | $ 1,141,506 | $ 1,461,354 | $ 1,136,542 | $ 1,255,733 | $ 1,694,748 | $ 2,561,233 | $ 2,095,623 | $ 4,524,801 | $ 7,607,337 | $ 6,827,461 |
Earnings allocated to participating securities, Diluted | (16,897) | (31,057) | (32,190) | ||||||||
Net earnings available to common stockholders, Diluted | $ 4,507,904 | $ 7,576,280 | $ 6,795,271 | ||||||||
Dilutive effect of stock options and other | 639 | 828 | 899 | ||||||||
Diluted average shares outstanding | 250,412 | 263,176 | 293,390 | ||||||||
Diluted net earnings per share | $ 3.16 | $ 4.57 | $ 5.81 | $ 4.45 | $ 4.89 | $ 6.5 | $ 9.67 | $ 7.67 | $ 18 | $ 28.79 | $ 23.16 |
Earnings Per Share - Anti-dilut
Earnings Per Share - Anti-dilutive Stock Options (Detail) - $ / shares shares in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Earnings Per Share [Abstract] | ||
Weighted-average shares | 25 | 145 |
Weighted-average exercise price | $ 130.71 | $ 91.06 |
Segments - Additional Informati
Segments - Additional Information (Details) - NJSM [Member] | Dec. 31, 2023 | Oct. 27, 2023 | Oct. 26, 2023 |
Segment Reporting Information [Line Items] | |||
Additional equity investment interest percent acquired | 1% | 1% | |
Noncontrolling interest, ownership percentage by parent | 51% | 51% | 50% |
Segments - Segments (Detail)
Segments - Segments (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2023 | Sep. 30, 2023 | Jul. 01, 2023 | Apr. 01, 2023 | Dec. 31, 2022 | Oct. 01, 2022 | Jul. 02, 2022 | Apr. 02, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Segment Reporting Information [Line Items] | |||||||||||
Net sales | $ 7,704,531 | $ 8,775,734 | $ 9,523,256 | $ 8,709,980 | $ 8,723,956 | $ 10,500,755 | $ 11,794,474 | $ 10,493,282 | $ 34,713,501 | $ 41,512,467 | $ 36,483,939 |
Depreciation expense | 930,585 | 826,692 | 735,406 | ||||||||
Amortization expense | 237,730 | 234,942 | 129,157 | ||||||||
Earnings (loss) before income taxes and noncontrolling interests | 6,272,757 | 10,244,844 | 9,200,858 | ||||||||
Total assets | 35,340,499 | 32,479,210 | 35,340,499 | 32,479,210 | 25,823,072 | ||||||
Capital expenditures | 2,215,210 | 1,952,465 | 1,700,364 | ||||||||
Operating Segments [Member] | Steel Mills [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 20,092,662 | 24,189,858 | 24,145,396 | ||||||||
Depreciation expense | 610,510 | 529,005 | 465,733 | ||||||||
Amortization expense | 7,829 | 7,829 | 7,829 | ||||||||
Earnings (loss) before income taxes and noncontrolling interests | 3,712,470 | 7,199,087 | 9,735,020 | ||||||||
Total assets | 15,407,266 | 14,157,229 | 15,407,266 | 14,157,229 | 13,235,463 | ||||||
Capital expenditures | 1,440,478 | 1,453,277 | 1,336,276 | ||||||||
Operating Segments [Member] | Steel Products [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 12,758,939 | 15,060,328 | 9,727,943 | ||||||||
Depreciation expense | 131,189 | 115,501 | 99,248 | ||||||||
Amortization expense | 202,129 | 199,379 | 93,160 | ||||||||
Earnings (loss) before income taxes and noncontrolling interests | 3,443,950 | 4,093,105 | 1,291,450 | ||||||||
Total assets | 10,914,870 | 12,087,145 | 10,914,870 | 12,087,145 | 7,845,010 | ||||||
Capital expenditures | 367,170 | 267,128 | 187,152 | ||||||||
Operating Segments [Member] | Raw Materials [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 1,861,900 | 2,262,281 | 2,610,600 | ||||||||
Depreciation expense | 173,657 | 171,060 | 159,886 | ||||||||
Amortization expense | 27,772 | 27,734 | 28,168 | ||||||||
Earnings (loss) before income taxes and noncontrolling interests | 253,506 | 496,823 | 549,956 | ||||||||
Total assets | 3,546,759 | 3,383,114 | 3,546,759 | 3,383,114 | 3,870,806 | ||||||
Capital expenditures | 352,642 | 181,680 | 128,765 | ||||||||
Intercompany Eliminations [Member] | Steel Mills [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 4,812,479 | 5,859,367 | 6,297,688 | ||||||||
Intercompany Eliminations [Member] | Steel Products [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 455,816 | 547,219 | 360,063 | ||||||||
Intercompany Eliminations [Member] | Raw Materials [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 12,363,577 | 13,715,176 | 15,762,685 | ||||||||
Corporate and Eliminations Items [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | (17,631,872) | (20,121,762) | (22,420,436) | ||||||||
Earnings (loss) before income taxes and noncontrolling interests | (1,137,169) | (1,544,171) | (2,375,568) | ||||||||
Corporate [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Depreciation expense | 15,229 | 11,126 | 10,539 | ||||||||
Total assets | $ 5,471,604 | $ 2,851,722 | 5,471,604 | 2,851,722 | 871,793 | ||||||
Capital expenditures | $ 54,920 | $ 50,380 | $ 48,171 |
Segments - Schedule of Net Sale
Segments - Schedule of Net Sale by Product to External Customers (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2023 | Sep. 30, 2023 | Jul. 01, 2023 | Apr. 01, 2023 | Dec. 31, 2022 | Oct. 01, 2022 | Jul. 02, 2022 | Apr. 02, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Segment Reporting Information [Line Items] | |||||||||||
Revenue From Contract With Customer Excluding Assessed Tax | $ 7,704,531 | $ 8,775,734 | $ 9,523,256 | $ 8,709,980 | $ 8,723,956 | $ 10,500,755 | $ 11,794,474 | $ 10,493,282 | $ 34,713,501 | $ 41,512,467 | $ 36,483,939 |
Sheet [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue From Contract With Customer Excluding Assessed Tax | 9,146,676 | 11,437,799 | 12,675,679 | ||||||||
Bar [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue From Contract With Customer Excluding Assessed Tax | 5,993,751 | 7,031,798 | 6,039,187 | ||||||||
Structural [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue From Contract With Customer Excluding Assessed Tax | 2,429,211 | 2,928,072 | 2,597,768 | ||||||||
Plate [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue From Contract With Customer Excluding Assessed Tax | 2,523,024 | 2,792,188 | 2,832,762 | ||||||||
Tubular Products [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue From Contract With Customer Excluding Assessed Tax | 1,588,211 | 1,944,532 | 2,194,732 | ||||||||
Rebar Fabrication [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue From Contract With Customer Excluding Assessed Tax | 2,181,929 | 2,205,960 | 1,794,658 | ||||||||
Joist [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue From Contract With Customer Excluding Assessed Tax | 2,211,965 | 2,958,235 | 1,351,235 | ||||||||
Deck [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue From Contract With Customer Excluding Assessed Tax | 1,712,474 | 2,392,438 | 1,167,162 | ||||||||
Other Steel Products [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue From Contract With Customer Excluding Assessed Tax | 5,064,360 | 5,559,164 | 3,220,155 | ||||||||
Raw Materials [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue From Contract With Customer Excluding Assessed Tax | $ 1,861,900 | $ 2,262,281 | $ 2,610,601 |
Revenue - Additional Informatio
Revenue - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Revenue From Contract With Customers [Line Items] | ||
Contract with customer, timing of satisfaction of performance obligation and payment | The durations of Nucor’s contracts with customers are generally one year or less. Customer payment terms are generally 30 days. | |
Contract liabilities | $ 313.8 | $ 285 |
Revenue reclassified from contract liabilities | $ 191.8 | |
Nucor Warehouse Systems [Member] | ||
Revenue From Contract With Customers [Line Items] | ||
Contract with customer, timing of satisfaction of performance obligation and payment | three and six months | |
Steel Mills [Member] | ||
Revenue From Contract With Customers [Line Items] | ||
Contract with customer, timing of satisfaction of performance obligation and payment | one year or less |
Restricted Cash and Cash Equi_2
Restricted Cash and Cash Equivalents - Additional Information (Details) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | ||
Aug. 31, 2021 | Jul. 31, 2020 | Dec. 31, 2023 | Dec. 31, 2022 | |
Restricted Cash And Cash Equivalents Items [Line Items] | ||||
Qualified expenditures for construction of facility | $ 78,900 | $ 64,200 | ||
Restricted cash and cash equivalents | $ 3,494 | $ 80,368 | ||
Variable Rate Green Bonds [Member] | ||||
Restricted Cash And Cash Equivalents Items [Line Items] | ||||
Debt instrument, issuance date | Aug. 31, 2021 | Jul. 27, 2020 | ||
Issuance of bonds | $ 197,000 | $ 162,600 | ||
Debt instrument, term | 40 years | 40 years |
Acquisitions - Additional Infor
Acquisitions - Additional Information (Details) $ in Thousands | 12 Months Ended | ||||||||
Oct. 27, 2023 | Oct. 26, 2023 USD ($) | Jun. 24, 2022 USD ($) | Feb. 01, 2022 USD ($) | Aug. 20, 2021 USD ($) Distributioncenter | Aug. 09, 2021 USD ($) Facility Brand | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Business Acquisition [Line Items] | |||||||||
Goodwill | $ 3,968,847 | $ 3,920,060 | $ 2,827,344 | ||||||
Acquisitions net of cash acquired | $ 70,824 | 3,553,191 | 1,426,424 | ||||||
Nucor JFE Steel Mexico [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Business combination noncontrolling interest fair value percentage not acquired by Nucor | 49% | ||||||||
Implied percentage to determine fair value of noncontrolling interest | 100% | ||||||||
Additional equity investment interest percent acquired | 1% | 1% | |||||||
Noncontrolling interest, ownership percentage by parent | 51% | 50% | 51% | ||||||
Nucor JFE Steel Mexico [Member] | Marketing, Administrative and Other Expenses [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Acquisition remeasured loss | $ 21,000 | ||||||||
Steel Products [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Goodwill | $ 2,514,172 | 2,510,045 | 1,439,874 | ||||||
C.H.I. Overhead Doors [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Business acquisition, purchase price | $ 3,000,000 | ||||||||
Goodwill | 1,033,192 | ||||||||
Goodwill recognized for tax purposes | 5,600 | ||||||||
C.H.I. Overhead Doors [Member] | Steel Products [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Goodwill | $ 1,040,000 | ||||||||
CSI [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Business acquisition, purchase price | $ 400,000 | ||||||||
Goodwill | $ 62,011 | ||||||||
Acquired controlling ownership percentage | 51% | ||||||||
Percentage of assets and liabilities | 100% | ||||||||
Business combination noncontrolling interest fair value percentage not acquired by Nucor | 49% | ||||||||
Implied percentage to determine fair value of noncontrolling interest | 100% | ||||||||
CSI [Member] | Vale S.A [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Acquired controlling ownership percentage | 50% | ||||||||
CSI [Member] | JFE Steel Corporation [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Acquired controlling ownership percentage | 1% | ||||||||
Cornerstone Building Brands, Inc., Insulated Metal Panels ("IMP") [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Business acquisition, purchase price | $ 1,000,000 | ||||||||
Goodwill | $ 480,167 | ||||||||
Business acquisition number of leading brands | Brand | 2 | ||||||||
Cornerstone Building Brands, Inc., Insulated Metal Panels ("IMP") [Member] | North America [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Business acquisition, Number of facilities | Facility | 7 | ||||||||
Hannibal Industries Inc [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Business acquisition, purchase price | $ 370,000 | ||||||||
Goodwill | $ 84,922 | ||||||||
Number of distribution centers | Distributioncenter | 3 | ||||||||
Hannibal Industries Inc [Member] | Employee Stock Ownership Plan [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Acquired controlling ownership percentage | 100% | ||||||||
Other Acquisitions [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Acquisitions net of cash acquired | $ 70,800 | $ 169,600 | $ 134,800 |
Acquisitions - Summary of Fair
Acquisitions - Summary of Fair Values of Assets Acquired and Liabilities Assumed (Detail) - USD ($) $ in Thousands | Dec. 31, 2023 | Oct. 27, 2023 | Dec. 31, 2022 | Jun. 24, 2022 | Feb. 01, 2022 | Dec. 31, 2021 | Aug. 20, 2021 | Aug. 09, 2021 |
Business Acquisition [Line Items] | ||||||||
Goodwill | $ 3,968,847 | $ 3,920,060 | $ 2,827,344 | |||||
C.H.I. Overhead Doors [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Cash | $ 159,066 | |||||||
Accounts receivable | 77,530 | |||||||
Inventory | 52,515 | |||||||
Other current assets | 18,177 | |||||||
Property, plant and equipment | 117,392 | |||||||
Goodwill | 1,033,192 | |||||||
Other intangible assets | 2,389,180 | |||||||
Other assets | 9,559 | |||||||
Total assets acquired | 3,856,611 | |||||||
Current liabilities | 75,146 | |||||||
Deferred income taxes | 578,019 | |||||||
Other liabilities | 7,509 | |||||||
Total liabilities assumed | 660,674 | |||||||
Net assets acquired | $ 3,195,937 | |||||||
CSI [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Cash | $ 98,537 | |||||||
Accounts receivable | 159,257 | |||||||
Inventory | 354,614 | |||||||
Other current assets | 5,298 | |||||||
Property, plant and equipment | 566,714 | |||||||
Goodwill | 62,011 | |||||||
Other assets | 7,071 | |||||||
Total assets acquired | 1,253,502 | |||||||
Current portion of long-term debt | 9,826 | |||||||
Other current liabilities | 162,808 | |||||||
Other liabilities | 139,947 | |||||||
Total liabilities assumed | 380,447 | |||||||
Net assets acquired | 873,055 | |||||||
Long-term debt due after one year | 67,866 | |||||||
Less: Fair value of noncontrolling interest | 427,797 | |||||||
Net assets acquired at 51% | $ 445,258 | |||||||
Cornerstone Building Brands, Inc., Insulated Metal Panels ("IMP") [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Accounts receivable | $ 47,037 | |||||||
Inventory | 73,000 | |||||||
Other current assets | 4,478 | |||||||
Property, plant and equipment | 102,966 | |||||||
Goodwill | 480,167 | |||||||
Other intangible assets | 364,000 | |||||||
Other assets | 13,515 | |||||||
Total assets acquired | 1,085,163 | |||||||
Current liabilities | 46,620 | |||||||
Other liabilities | 12,855 | |||||||
Total liabilities assumed | 59,475 | |||||||
Net assets acquired | $ 1,025,688 | |||||||
Hannibal Industries Inc [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Cash | $ 124,655 | |||||||
Accounts receivable | 115,728 | |||||||
Inventory | 65,005 | |||||||
Other current assets | 2,113 | |||||||
Property, plant and equipment | 116,955 | |||||||
Goodwill | 84,922 | |||||||
Other intangible assets | 201,700 | |||||||
Other assets | 8,776 | |||||||
Total assets acquired | 719,854 | |||||||
Current liabilities | 228,750 | |||||||
Finance lease obligations | 80,124 | |||||||
Other liabilities | 13,155 | |||||||
Total liabilities assumed | 322,029 | |||||||
Net assets acquired | $ 397,825 | |||||||
NJSM [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Cash | $ 11,050 | |||||||
Accounts receivable | 10,968 | |||||||
Inventory | 44,661 | |||||||
Other current assets | 18,053 | |||||||
Property, plant and equipment | 257,537 | |||||||
Other assets | 612 | |||||||
Total assets acquired | 342,881 | |||||||
Short-term debt | 95,000 | |||||||
Current portion of long-term debt | 50,000 | |||||||
Other current liabilities | 13,502 | |||||||
Other liabilities | 1,379 | |||||||
Total liabilities assumed | 189,881 | |||||||
Net assets acquired | 153,000 | |||||||
Long-term debt due after one year | 30,000 | |||||||
Less: Fair value of noncontrolling interest | 74,970 | |||||||
Net assets acquired at 51% | $ 78,030 |
Acquisitions - Summary of Purch
Acquisitions - Summary of Purchase Price Allocation to Identifiable Intangible Assets (Detail) - USD ($) $ in Thousands | Jun. 24, 2022 | Aug. 20, 2021 | Aug. 09, 2021 |
C.H.I. Overhead Doors [Member] | |||
Business Acquisition [Line Items] | |||
Identifiable intangible assets | $ 2,389,180 | ||
C.H.I. Overhead Doors [Member] | Customer Relationships [Member] | |||
Business Acquisition [Line Items] | |||
Identifiable intangible assets | $ 2,242,000 | ||
Weighted-Average Life | 25 years | ||
C.H.I. Overhead Doors [Member] | Trademarks and Trade Names [Member] | |||
Business Acquisition [Line Items] | |||
Identifiable intangible assets | $ 147,000 | ||
Weighted-Average Life | 13 years | ||
C.H.I. Overhead Doors [Member] | Backlog [Member] | |||
Business Acquisition [Line Items] | |||
Identifiable intangible assets | $ 180 | ||
Weighted-Average Life | 1 year | ||
Cornerstone Building Brands, Inc., Insulated Metal Panels ("IMP") [Member] | |||
Business Acquisition [Line Items] | |||
Identifiable intangible assets | $ 364,000 | ||
Cornerstone Building Brands, Inc., Insulated Metal Panels ("IMP") [Member] | Customer Relationships [Member] | |||
Business Acquisition [Line Items] | |||
Identifiable intangible assets | $ 309,000 | ||
Weighted-Average Life | 10 years | ||
Cornerstone Building Brands, Inc., Insulated Metal Panels ("IMP") [Member] | Trademarks and Trade Names [Member] | |||
Business Acquisition [Line Items] | |||
Identifiable intangible assets | $ 45,000 | ||
Weighted-Average Life | 10 years | ||
Cornerstone Building Brands, Inc., Insulated Metal Panels ("IMP") [Member] | Backlog [Member] | |||
Business Acquisition [Line Items] | |||
Identifiable intangible assets | $ 10,000 | ||
Weighted-Average Life | 1 year | ||
Hannibal Industries Inc [Member] | |||
Business Acquisition [Line Items] | |||
Identifiable intangible assets | $ 201,700 | ||
Hannibal Industries Inc [Member] | Customer Relationships [Member] | |||
Business Acquisition [Line Items] | |||
Identifiable intangible assets | $ 144,000 | ||
Weighted-Average Life | 10 years | ||
Hannibal Industries Inc [Member] | Trademarks and Trade Names [Member] | |||
Business Acquisition [Line Items] | |||
Identifiable intangible assets | $ 26,000 | ||
Weighted-Average Life | 7 years | ||
Hannibal Industries Inc [Member] | Backlog [Member] | |||
Business Acquisition [Line Items] | |||
Identifiable intangible assets | $ 31,700 | ||
Weighted-Average Life | 1 year |
Quarterly Information - Schedul
Quarterly Information - Schedule of Quarterly Information (Unaudited) (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2023 | Sep. 30, 2023 | Jul. 01, 2023 | Apr. 01, 2023 | Dec. 31, 2022 | Oct. 01, 2022 | Jul. 02, 2022 | Apr. 02, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Net sales | $ 7,704,531 | $ 8,775,734 | $ 9,523,256 | $ 8,709,980 | $ 8,723,956 | $ 10,500,755 | $ 11,794,474 | $ 10,493,282 | $ 34,713,501 | $ 41,512,467 | $ 36,483,939 |
Gross margin | 1,393,718 | 1,920,800 | 2,501,674 | 1,998,202 | 2,097,487 | 2,843,391 | 4,104,263 | 3,458,139 | |||
Net earnings before noncontrolling interests | 872,832 | 1,221,255 | 1,587,075 | 1,231,629 | 1,326,245 | 1,799,043 | 2,727,237 | 2,227,115 | 4,912,791 | 8,079,640 | 7,122,370 |
Net Income (Loss) | $ 785,399 | $ 1,141,506 | $ 1,461,354 | $ 1,136,542 | $ 1,255,733 | $ 1,694,748 | $ 2,561,233 | $ 2,095,623 | $ 4,524,801 | $ 7,607,337 | $ 6,827,461 |
Basic | $ 3.17 | $ 4.58 | $ 5.82 | $ 4.47 | $ 4.9 | $ 6.51 | $ 9.69 | $ 7.69 | $ 18.05 | $ 28.88 | $ 23.23 |
Diluted | $ 3.16 | $ 4.57 | $ 5.81 | $ 4.45 | $ 4.89 | $ 6.5 | $ 9.67 | $ 7.67 | $ 18 | $ 28.79 | $ 23.16 |
Quarterly Information - Sched_2
Quarterly Information - Schedule of Quarterly Information (Unaudited) (Parenthetical) (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | |
Quarterly Financial Information [Line Items] | |||
Losses and impairments of assets | $ 101,756 | $ 62,161 | |
Change in the valuation allowance of a state deferred tax asset | $ 88,000 | ||
Net benefit related to state tax credits | 60,400 | ||
Raw Materials [Member] | Unproved Natural Gas Well Assets [Member] | |||
Quarterly Financial Information [Line Items] | |||
Losses and impairments of assets | $ 96,000 |