Document and Entity Information
Document and Entity Information - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Feb. 22, 2019 | Jun. 30, 2018 | |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2018 | ||
Document Fiscal Year Focus | 2,018 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | NUE | ||
Entity Registrant Name | NUCOR CORP | ||
Entity Central Index Key | 73,309 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Entity Common Stock, Shares Outstanding | 305,381,583 | ||
Entity Public Float | $ 19,670 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Current assets: | ||
Cash and cash equivalents (Note 14) | $ 1,398,886 | $ 949,104 |
Short-term investments (Notes 4 and 14) | 0 | 50,000 |
Accounts receivable, net (Note 5) | 2,505,568 | 2,028,545 |
Inventories, net (Note 6) | 4,553,500 | 3,461,686 |
Other current assets (Notes 13 and 19) | 178,311 | 335,085 |
Total current assets | 8,636,265 | 6,824,420 |
Property, plant and equipment, net (Note 7) | 5,334,748 | 5,093,147 |
Goodwill (Notes 3 and 8) | 2,184,336 | 2,196,058 |
Other intangible assets, net (Notes 3 and 8) | 828,504 | 914,646 |
Other assets (Note 9) | 936,735 | 812,987 |
Total assets | 17,920,588 | 15,841,258 |
Current liabilities: | ||
Short-term debt (Notes 11 and 14) | 57,870 | 52,833 |
Long-term debt due within one year (Notes 11 and 14) | 500,000 | |
Accounts payable (Note 10) | 1,428,191 | 1,181,346 |
Salaries, wages and related accruals (Note 17) | 709,397 | 516,660 |
Accrued expenses and other current liabilities (Notes 10, 13 and 15) | 610,842 | 573,925 |
Total current liabilities | 2,806,300 | 2,824,764 |
Long-term debt due after one year (Notes 11 and 14) | 4,233,276 | 3,242,242 |
Deferred credits and other liabilities (Notes 13, 15, 17 and 19) | 679,044 | 689,464 |
Total liabilities | 7,718,620 | 6,756,470 |
Commitments and contingencies (Notes 13 and 15) | ||
Nucor stockholders' equity (Notes 12 and 16): | ||
Common stock (800,000 shares authorized; 380,154 and 379,900 shares issued, respectively) | 152,061 | 151,960 |
Additional paid-in capital | 2,073,715 | 2,021,339 |
Retained earnings | 10,337,445 | 8,463,709 |
Accumulated other comprehensive loss, net of income taxes (Notes 13 and 20) | (304,133) | (254,681) |
Treasury stock (74,562 and 61,931 shares, respectively) | (2,467,010) | (1,643,291) |
Total Nucor stockholders' equity | 9,792,078 | 8,739,036 |
Noncontrolling interests | 409,890 | 345,752 |
Total equity | 10,201,968 | 9,084,788 |
Total liabilities and equity | $ 17,920,588 | $ 15,841,258 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - shares | Dec. 31, 2018 | Dec. 31, 2017 |
Statement of Financial Position [Abstract] | ||
Common stock shares authorized | 800,000,000 | 800,000,000 |
Common stock shares issued | 380,154,000 | 379,900,000 |
Treasury stock | 74,562,000 | 61,931,000 |
Consolidated Statements of Earn
Consolidated Statements of Earnings - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Income Statement [Abstract] | |||
Net sales (Notes 23 and 24) | $ 25,067,279 | $ 20,252,393 | $ 16,208,122 |
Costs, expenses and other: | |||
Cost of products sold (Notes 13 and 20) | 20,771,871 | 17,682,986 | 14,182,215 |
Marketing, administrative and other expenses | 860,722 | 687,531 | 596,761 |
Equity in earnings of unconsolidated subsidiaries | (40,240) | (41,661) | (38,757) |
Impairment of assets (Notes 7 and 24) | 110,000 | ||
Interest expense, net (Notes 18 and 19) | 135,535 | 173,580 | 169,244 |
Costs, expenses and other, total | 21,837,888 | 18,502,436 | 14,909,463 |
Earnings before income taxes and noncontrolling interests | 3,229,391 | 1,749,957 | 1,298,659 |
Provision for income taxes (Notes 19 and 24) | 748,307 | 369,386 | 398,243 |
Net earnings | 2,481,084 | 1,380,571 | 900,416 |
Earnings attributable to noncontrolling interests | 120,317 | 61,883 | 104,145 |
Net earnings attributable to Nucor stockholders | $ 2,360,767 | $ 1,318,688 | $ 796,271 |
Net earnings per share (Note 21): | |||
Basic | $ 7.44 | $ 4.11 | $ 2.48 |
Diluted | $ 7.42 | $ 4.10 | $ 2.48 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Statement Of Comprehensive Income [Abstract] | |||
Net earnings | $ 2,481,084 | $ 1,380,571 | $ 900,416 |
Other comprehensive income (loss): | |||
Net unrealized (loss) income on hedging derivatives, net of income taxes of ($300), ($2,600) and $1,500 for 2018, 2017 and 2016, respectively | (3,568) | (4,523) | 2,570 |
Reclassification adjustment for (gain) loss on settlement of hedging derivatives included in net earnings, net of income taxes of $0, $400 and $5,800 for 2018, 2017 and 2016, respectively | (132) | 973 | 9,880 |
Foreign currency translation (loss) gain, net of income taxes of $0 for 2018, 2017 and 2016 | (47,133) | 68,657 | 25,495 |
Adjustment to early retiree medical plan, net of income taxes of $514, ($767) and ($1,291) for 2018, 2017 and 2016, respectively | 1,731 | (1,530) | (3,589) |
Reclassification adjustment for gain on early retiree medical plan included in net earnings, net of income taxes of ($108), ($279) and ($309) for 2018, 2017 and 2016, respectively | (350) | (415) | (837) |
Net current-period other comprehensive income (loss) | (49,452) | 63,162 | 33,519 |
Comprehensive income | 2,431,632 | 1,443,733 | 933,935 |
Comprehensive income attributable to noncontrolling interests | (120,317) | (61,883) | (104,145) |
Comprehensive income attributable to Nucor stockholders | $ 2,311,315 | $ 1,381,850 | $ 829,790 |
Consolidated Statements of Co_2
Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Statement Of Comprehensive Income [Abstract] | |||
Net unrealized (loss) income on hedging derivatives, tax | $ (300) | $ (2,600) | $ 1,500 |
Reclassification adjustment for (gain) loss on settlement of hedging derivatives included in net earnings, tax effect | 0 | 400 | 5,800 |
Foreign currency translation (loss) gain tax | 0 | 0 | 0 |
Adjustment to early retiree medical plan, tax effect | 514 | (767) | (1,291) |
Reclassification adjustment for gain on early retiree medical plan included in net earnings, tax effect | $ (108) | $ (279) | $ (309) |
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, 2015 | $ 7,849,877 | $ 151,426 | $ 1,918,970 | $ 7,316,910 | $ (351,362) | $ (1,558,128) | $ 7,477,816 | $ 372,061 |
BALANCES, shares at beginning of period at Dec. 31, 2015 | 378,566 | 60,604 | ||||||
Net earnings | 900,416 | 796,271 | 796,271 | 104,145 | ||||
Other comprehensive income (loss) | 33,519 | 33,519 | 33,519 | |||||
Stock options exercised | $ 15,670 | $ 160 | 15,510 | 15,670 | ||||
Stock options exercised (in shares) | 400 | 400 | ||||||
Stock option expense | $ 7,833 | 7,833 | 7,833 | |||||
Issuance of stock under award plans, net of forfeitures | 35,953 | $ 148 | 32,118 | $ 3,687 | 35,953 | |||
Issuance of stock under award plans, net of forfeitures, shares | 368 | (143) | ||||||
Amortization of unearned compensation | 843 | 843 | 843 | |||||
Treasury stock value acquired | (5,173) | $ (5,173) | (5,173) | |||||
Treasury stock shares acquired | 136 | |||||||
Cash dividends declared | (482,265) | (482,265) | (482,265) | |||||
Distributions to noncontrolling interests | (99,588) | (99,588) | ||||||
Other | (2,377) | (602) | (602) | (1,775) | ||||
BALANCES, end of period at Dec. 31, 2016 | 8,254,708 | $ 151,734 | 1,974,672 | 7,630,916 | (317,843) | $ (1,559,614) | 7,879,865 | 374,843 |
BALANCES, shares at end of period at Dec. 31, 2016 | 379,334 | 60,597 | ||||||
Net earnings | 1,380,571 | 1,318,688 | 1,318,688 | 61,883 | ||||
Other comprehensive income (loss) | 63,162 | 63,162 | 63,162 | |||||
Stock options exercised | $ 7,069 | $ 73 | 6,996 | 7,069 | ||||
Stock options exercised (in shares) | 183 | 183 | ||||||
Stock option expense | $ 8,233 | 8,233 | 8,233 | |||||
Issuance of stock under award plans, net of forfeitures | 37,018 | $ 153 | 30,238 | $ 6,627 | 37,018 | |||
Issuance of stock under award plans, net of forfeitures, shares | 383 | (257) | ||||||
Amortization of unearned compensation | 1,200 | 1,200 | 1,200 | |||||
Treasury stock value acquired | (90,304) | $ (90,304) | (90,304) | |||||
Treasury stock shares acquired | 1,591 | |||||||
Cash dividends declared | (485,895) | (485,895) | (485,895) | |||||
Distributions to noncontrolling interests | (90,974) | (90,974) | ||||||
BALANCES, end of period at Dec. 31, 2017 | 9,084,788 | $ 151,960 | 2,021,339 | 8,463,709 | (254,681) | $ (1,643,291) | 8,739,036 | 345,752 |
BALANCES, shares at end of period at Dec. 31, 2017 | 379,900 | 61,931 | ||||||
Net earnings | 2,481,084 | 2,360,767 | 2,360,767 | 120,317 | ||||
Other comprehensive income (loss) | (49,452) | (49,452) | (49,452) | |||||
Stock options exercised | $ 24,102 | $ 84 | 14,675 | $ 9,343 | 24,102 | |||
Stock options exercised (in shares) | 543 | 210 | (333) | |||||
Stock option expense | $ 4,563 | 4,563 | 4,563 | |||||
Issuance of stock under award plans, net of forfeitures | 52,313 | $ 17 | 31,361 | $ 20,935 | 52,313 | |||
Issuance of stock under award plans, net of forfeitures, shares | 44 | (762) | ||||||
Amortization of unearned compensation | 1,777 | 1,777 | 1,777 | |||||
Treasury stock value acquired | (853,997) | $ (853,997) | (853,997) | |||||
Treasury stock shares acquired | 13,726 | |||||||
Cash dividends declared | (487,031) | (487,031) | (487,031) | |||||
Distributions to noncontrolling interests | (56,179) | (56,179) | ||||||
BALANCES, end of period at Dec. 31, 2018 | $ 10,201,968 | $ 152,061 | $ 2,073,715 | $ 10,337,445 | $ (304,133) | $ (2,467,010) | $ 9,792,078 | $ 409,890 |
BALANCES, shares at end of period at Dec. 31, 2018 | 380,154 | 74,562 |
Consolidated Statements of St_2
Consolidated Statements of Stockholders' Equity (Parenthetical) - $ / shares | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Statement of Stockholders' Equity [Abstract] | |||
Cash dividends declared per share | $ 1.5400 | $ 1.5125 | $ 1.5025 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Operating activities: | |||
Net earnings | $ 2,481,084 | $ 1,380,571 | $ 900,416 |
Adjustments: | |||
Depreciation | 630,879 | 635,833 | 613,192 |
Amortization | 88,758 | 91,228 | 73,862 |
Stock-based compensation | 73,422 | 64,176 | 56,511 |
Deferred income taxes | 3,017 | (221,173) | 71,455 |
Distributions from affiliates | 30,196 | 49,295 | 40,602 |
Equity in earnings of unconsolidated affiliates | (40,240) | (41,661) | (38,757) |
Impairment of assets | 110,000 | ||
Changes in assets and liabilities (exclusive of acquisitions and dispositions): | |||
Accounts receivable | (485,433) | (329,501) | (217,736) |
Inventories | (1,092,101) | (900,946) | (132,639) |
Accounts payable | 235,572 | 314,817 | 236,788 |
Federal income taxes | 163,743 | (107,577) | 3,555 |
Salaries, wages and related accruals | 204,796 | 87,700 | 133,625 |
Other operating activities | (9,741) | 32,576 | 9,127 |
Cash provided by operating activities | 2,393,952 | 1,055,338 | 1,750,001 |
Investing activities: | |||
Capital expenditures | (982,531) | (448,555) | (604,840) |
Investment in and advances to affiliates | (121,412) | (59,000) | (63,167) |
Divestiture of affiliates | 135,000 | ||
Disposition of plant and equipment | 31,589 | 25,315 | 18,571 |
Acquisitions (net of cash acquired) | (33,063) | (544,041) | (474,788) |
Purchases of investments | (50,000) | (650,000) | |
Proceeds from the sale of investments | 50,000 | 150,000 | 600,000 |
Other investing activities | 25,348 | 7,389 | 14,106 |
Cash used in investing activities | (1,030,069) | (918,892) | (1,025,118) |
Financing activities: | |||
Net change in short-term debt | 5,037 | 34,872 | (33,360) |
Proceeds from long-term debt, net of discount | 995,710 | ||
Repayment of long-term debt | (500,000) | (600,000) | |
Bond issuance related costs | (7,625) | ||
Issuance of common stock | 24,101 | 7,070 | 15,670 |
Payment of tax withholdings on certain stock-based compensation | (22,123) | (14,408) | (12,387) |
Excess tax benefits from stock-based compensation | 2,784 | ||
Distributions to noncontrolling interests | (56,179) | (90,974) | (99,588) |
Cash dividends | (485,376) | (485,321) | (481,083) |
Acquisition of treasury stock | (853,997) | (90,304) | (5,173) |
Other financing activities | (7,725) | (3,241) | (13,297) |
Cash used in financing activities | (908,177) | (1,242,306) | (626,434) |
Effect of exchange rate changes on cash | (5,924) | 9,003 | 8,043 |
Increase (decrease) in cash and cash equivalents | 449,782 | (1,096,857) | 106,492 |
Cash and cash equivalents - beginning of year | 949,104 | 2,045,961 | 1,939,469 |
Cash and cash equivalents - end of year | 1,398,886 | 949,104 | 2,045,961 |
Non-cash investing activity: | |||
Change in accrued plant and equipment purchases and assets recorded under capital lease arrangements | $ 14,725 | $ 58,519 | $ 12,837 |
Nature of Operations and Basis
Nature of Operations and Basis of Presentation | 12 Months Ended |
Dec. 31, 2018 | |
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, a limited partnership of which Nucor owns 51%. All intercompany transactions are eliminated. Distributions are made to noncontrolling interest partners in Nucor-Yamato Steel Company 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. 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. Reclassifications In the first quarter of 2018, the Company began reporting its tubular products and piling products businesses as part of the steel products segment. These businesses were previously included in the steel mills segment and were reclassified to the steel products segment as part of a realignment of Nucor’s reportable segments to reflect the way in which they are now viewed by management and how segment performance assessments began to be made by the chief operating decision maker beginning in such period. As a result, certain prior period amounts have been reclassified to conform to the current year presentation. These reclassifications did not have an impact on the consolidated financial statements of the Company for the prior periods presented. See Note 22 for more information related to this segment realignment. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2018 | |
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 re-evaluates Inventories Inventories are stated at the lower of cost or market. 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 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 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 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, 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 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, 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. When management considers the decline to be other than temporary, the related investment is written down to its estimated fair market value. Derivative Financial Instruments Nucor periodically uses derivative financial instruments primarily to partially manage its exposure to price risk related to natural gas purchases used in the production process as well as its exposure to scrap, copper and aluminum purchased for resale to its customers. In addition, Nucor periodically uses derivatives to partially manage its exposure to changes in interest rates on outstanding debt instruments and uses forward foreign exchange contracts to hedge cash flows associated with certain assets and liabilities, firm commitments and anticipated transactions. Nucor recognizes all derivative instruments in the consolidated balance sheets at fair value. Amounts included in accumulated other comprehensive income (loss) related to cash flow hedges are reclassified into earnings when the underlying transaction is recognized in net earnings. Changes in fair value hedges are reported in earnings along with changes in the fair value of the hedged items. When cash flow and fair value hedges affect net earnings, they are included on the same financial statement line as the underlying transaction (cost of products sold or interest expense). If these instruments do not meet hedge accounting criteria, the change in fair value (or a portion thereof) is recognized immediately in earnings in the same financial statement line as the underlying transaction. Revenue Recognition Nucor recognizes revenue when obligations under the terms of contracts with our customers are satisfied; generally, this occurs 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. The staff of the U.S. Securities and Exchange Commission issued Staff Accounting Bulletin No. 118 (“SAB 118”) to address the application of Accounting Standards Codification 740, Income Taxes, in situations when a registrant does not have the necessary information available, prepared or analyzed (including computations) in reasonable detail to complete the accounting for certain income tax effects of the Tax Reform Act. Reflected in our 2017 financial results, and in accordance with SAB 118, were certain provisional income tax effects of the Tax Reform Act. Adjustments, as allowed for under SAB 118, to these provisional amounts were made in 2018. The accounting for the Tax Reform Act was completed in the fourth quarter of 2018. Further information on the tax impacts of the Tax Reform Act is included in Note 19 of the Company’s consolidated financial statements. 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 Recently Adopted Accounting Pronouncements In the first quarter of 2018, Nucor adopted new accounting guidance related to revenue recognition for all contracts using the modified retrospective method. The modified retrospective method requires that the cumulative effect of initially applying this new guidance be recorded as an adjustment to the opening balance of retained earnings in the consolidated balance sheet. The adoption of this new accounting guidance did not have an impact on any prior period earnings attributable to Nucor stockholders, and no adjustment was recorded to the opening retained earnings balance as of January 1, 2018. Retrospective adjustment of comparative prior period information is not required when using the modified retrospective adoption method, and no comparative prior periods have been adjusted for the new guidance. The adoption of the new revenue accounting guidance did not significantly change the way we recognize revenue. To illustrate this, if we had continued using the previous accounting guidance in effect before the adoption of the new revenue accounting guidance, our consolidated net sales for 2018 would have increased approximately $81.4 million, or 0.3%, and cost of products sold would have increased by the same amount. There would have been no impact on any other financial statement line items in the consolidated financial statements for 2018. See Note 23 for disclosures required by the new revenue accounting guidance. In the first quarter of 2018, Nucor adopted new accounting guidance regarding the recognition and measurement of financial assets and financial liabilities. Changes to the current accounting guidance primarily affect the accounting for equity investments, financial liabilities under the fair value option, and the presentation and disclosure requirements for financial instruments. In addition, the Financial Accounting Standards Board clarified guidance related to the valuation allowance assessment when recognizing deferred tax assets resulting from unrealized losses on available-for-sale In the first quarter of 2018, Nucor adopted new accounting guidance regarding the presentation and classification of certain cash receipts and cash payments in the statement of cash flows. The new guidance addresses specific cash flow presentation issues in order to reduce diversity in existing practice. The adoption of this new guidance did not have a material impact on the Company’s consolidated financial statements. In the first quarter of 2018, Nucor adopted new accounting guidance regarding intra-entity transfers of assets other than inventory. The new guidance requires that an entity should recognize the income tax consequences of an intra-entity transfer of an asset other than inventory when the transfer occurs. The adoption of this new guidance did not have a material impact on the Company’s consolidated financial statements. Recently Issued Accounting Pronouncements In February 2016, new accounting guidance was issued regarding the accounting for leases. The new guidance requires all lessees to recognize on the balance sheet right to use assets and lease liabilities for the rights and obligations created by lease arrangements with terms greater than 12 months. The new guidance is effective for the Company for annual and interim reporting periods beginning after December 15, 2018. In July 2018, this accounting guidance was amended to permit companies to recognize a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption and to continue reporting comparative periods prior to adoption in accordance with current lease guidance. The Company will adopt this new guidance in the first quarter of 2019 and will record a cumulative adjustment to the January 1, 2019 retained earnings balance. While the adoption of this new guidance is expected to increase assets and liabilities due to the recognition of lease rights and obligations on the Company’s consolidated balance sheet effective January 1, 2019, the Company does not expect the adoption of this new guidance to have a significant impact on its consolidated financial statements. In February 2018, new accounting guidance was issued regarding the tax effects of the Tax Reform Act. The new guidance allows for a reclassification from accumulated other comprehensive income to retained earnings for stranded tax effects resulting from the Tax Reform Act to improve the usefulness of information reported to financial statement users. The new guidance is effective for the Company for annual and interim reporting periods beginning after December 15, 2018. The Company does not expect the adoption of this new guidance to have a material impact on its consolidated financial statements. |
Acquisitions and Dispositions
Acquisitions and Dispositions | 12 Months Ended |
Dec. 31, 2018 | |
Business Combinations [Abstract] | |
Acquisitions and Dispositions | 3. Acquisitions and Dispositions On January 20, 2017, Nucor used cash on hand to acquire Republic Conduit (“Republic”) for a purchase price of $331.6 million. Republic produces steel electrical conduit primarily used to protect and route electrical wiring in various nonresidential structures such as hospitals, office buildings and stadiums. With its two facilities located in Kentucky and Georgia, Republic had shipments of approximately 140,000 tons in 2017. This acquisition not only further expands Nucor’s product portfolio to include steel electrical conduit and it is an important, value-added channel to market for Nucor’s sheet mills. Republic’s financial results are included as part of the steel products segment (see Note 22). We have allocated the purchase price for Republic to its individual assets acquired and liabilities assumed. The following table summarizes the fair values of the assets acquired and liabilities assumed of Republic as of the date of acquisition (in thousands): Cash $ 206 Accounts receivable 39,177 Inventory 33,561 Other current assets 1,101 Property, plant and equipment 67,412 Goodwill 115,562 Other intangible assets 89,200 Other assets 3,118 Total assets acquired 349,337 Current liabilities 17,743 Total liabilities assumed 17,743 Net assets acquired $ 331,594 The following table summarizes the purchase price allocation to the identifiable intangible assets of Republic as of the date of acquisition (in thousands, except years): Weighted - Customer relationships $ 80,800 12 years Trademarks and trade names 8,400 13 years $ 89,200 The goodwill of approximately $115.6 million is primarily attributed to the synergies expected to arise after the acquisition. The goodwill 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). Goodwill recognized for tax purposes was $118.6 million, all of which is deductible for such purposes. On October 31, 2016, Nucor used cash on hand to acquire Independence Tube Corporation (“ITC”) for a purchase price of $430.1 million. ITC is a leading manufacturer of hollow structural section (“HSS”) steel tubing, which is primarily used in nonresidential construction markets. ITC has the ability to produce approximately 860,000 tons of HSS steel tubing annually at its four facilities, two of which are in Illinois and the other two are in Alabama. This acquisition not only further expands Nucor’s product portfolio to include the HSS steel tubing market but the Company also believes it is an important, value-added channel to market for Nucor’s hot-rolled We have allocated the purchase price for ITC to its individual assets acquired and liabilities assumed. The following table summarizes the fair values of the assets acquired and liabilities assumed of ITC as of the date of acquisition (in thousands): Cash $ 1,058 Accounts receivable 33,173 Inventory 94,400 Other current assets 1,743 Property, plant and equipment 177,668 Goodwill 29,522 Other intangible assets 130,900 Other assets 1,287 Total assets acquired 469,751 Current liabilities 39,633 Total liabilities assumed 39,633 Net assets acquired $ 430,118 The following table summarizes the purchase price allocation to the identifiable intangible assets of ITC as of the date of acquisition (in thousands, except years): Weighted - Customer relationships $ 119,000 15 years Trademarks and trade names 7,100 15 years Other 4,800 5 years $ 130,900 The goodwill of approximately $29.5 million is primarily attributed to the synergies expected to arise after the acquisition. The goodwill 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). Goodwill recognized for tax purposes was $30.5 million, all of which is deductible for such purposes. Other acquisitions, exclusive of purchase price adjustments of acquisitions made and net of cash acquired, totaled $33.1 million in 2018, $212.7 million in 2017 and $50.1 million in 2016. Included in the 2017 amount is the January 9, 2017 acquisition of Southland Tube, Inc. (“Southland”) and the September 1, 2017 acquisition of St. Louis Cold Drawn, Inc. (“St. Louis Cold Drawn”). Nucor used cash on hand to acquire Southland and St. Louis Cold Drawn for purchase prices of approximately $130 million and $60 million, respectively. Southland is a manufacturer of HSS steel tubing, which is primarily used in nonresidential construction markets. Southland had shipments to external customers of approximately 290,000 tons in 2018 and has one manufacturing facility in Birmingham, Alabama. St. Louis Cold Drawn is a manufacturer of cold drawn rounds, hexagons, squares and special sections that mainly serves the U.S. and Mexican automotive and industrial markets. St. Louis Cold Drawn has two manufacturing locations, one in St. Louis, Missouri and the other in Monterrey, Mexico, that have a combined annual capacity of approximately 200,000 tons. The financial results of Southland and St. Louis Cold Drawn are included as part of the steel products segment (see Note 22). |
Short-term Investments
Short-term Investments | 12 Months Ended |
Dec. 31, 2018 | |
Text Block [Abstract] | |
Short-term Investments | 4. Short-term Investments Nucor held $50.0 million of short-term investments as of December 31, 2017 (none at December 31, 2018). The investments held as of December 31, 2017 consisted of a certificate of deposit (“CD”) and were classified as available-for-sale. No realized or unrealized gains or losses were incurred in 2018, 2017 or 2016. |
Accounts Receivable
Accounts Receivable | 12 Months Ended |
Dec. 31, 2018 | |
Receivables [Abstract] | |
Accounts Receivable | 5. 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 $62.1 million at December 31, 2018 ($49.0 million at December 31, 2017 and $45.9 million at December 31, 2016). |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2018 | |
Inventory Disclosure [Abstract] | |
Inventories | 6. Inventories Inventories consisted of approximately 43% raw materials and supplies and 57% finished and semi-finished products at December 31, 2018 (42% and 58%, respectively, at December 31, 2017). Nucor’s manufacturing process consists of a continuous, vertically integrated process from which products are sold to customers at various stages throughout the process. Since most steel products can be classified as either finished or semi-finished products, these two categories of inventory are combined. |
Property, Plant and Equipment
Property, Plant and Equipment | 12 Months Ended |
Dec. 31, 2018 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | 7. Property, Plant and Equipment (in thousands) December 31, 2018 2017 Land and improvements $ 654,786 $ 639,878 Buildings and improvements 1,283,182 1,249,350 Machinery and equipment 11,101,840 10,937,416 Proved oil and gas properties 557,383 556,507 Leasehold interest in unproved oil and gas properties 165,000 165,000 Construction in process and equipment deposits 762,884 241,820 14,525,075 13,789,971 Less accumulated depreciation (9,190,327 ) (8,696,824 ) $ 5,334,748 $ 5,093,147 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 In September 2018, Nucor performed an impairment analysis of its proved producing natural gas well assets due to the current and projected natural gas pricing environment at our sales point in the Piceance Basin, which continued to deteriorate during 2018. Management was monitoring these assets since the prior impairment analysis that was performed in the fourth quarter of 2017. The projected natural gas pricing at our sales point in the Piceance Basin reached such a level in the third quarter of 2018 that management determined that a triggering event had occurred. One of the main assumptions that most significantly affects the cash flow determination is management’s estimate of future pricing of natural gas and natural gas liquids. The pricing used in this impairment assessment was developed by management based on projected natural gas market supply and demand dynamics, in conjunction with a review of projections by market analysts. The impairment analysis was performed on each of Nucor’s three groups (“fields”) of wells, with each field defined by common geographic location. Two of Nucor’s three fields of wells did not pass the undiscounted cash flow impairment analysis. An after-tax |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 12 Months Ended |
Dec. 31, 2018 | |
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, 2018 and 2017 by segment is as follows: (in thousands) Steel Mills Steel Raw Total Balance, December 31, 2016 $ 620,156 $ 702,995 $ 729,577 $ 2,052,728 Acquisitions 125,328 7,004 — 132,332 Translation — 10,998 — 10,998 Balance, December 31, 2017 745,484 720,997 729,577 2,196,058 Reclassifications (153,498 ) 153,498 — — Translation — (11,722 ) — (11,722 ) Balance, December 31, 2018 $ 591,986 $ 862,773 $ 729,577 $ 2,184,336 The majority of goodwill is not tax deductible. Intangible assets with estimated useful lives of five to 22 years are amortized on a straight-line or accelerated basis and are comprised of the following: (in thousands) December 31, 2018 December 31, 2017 Gross Accumulated Gross Accumulated Customer relationships $ 1,418,250 $ 713,656 $ 1,420,224 $ 641,089 Trademarks and trade names 176,046 87,680 176,471 77,208 Other 67,820 32,276 62,805 26,557 $ 1,662,116 $ 833,612 $ 1,659,500 $ 744,854 Intangible asset amortization expense was $88.8 million in 2018 ($91.2 million in 2017 and $73.9 million in 2016). Annual amortization expense is estimated to be $87.1 million in 2019, $84.7 million in 2020, $83.5 million in 2021, $81.2 million in 2022 and $80.0 million in 2023. The Company completed its annual goodwill impairment testing as of the first day of the fourth quarters of 2018, 2017 and 2016 and concluded that as of such dates there was no impairment of goodwill for any of its reporting units. The annual evaluation performed in 2018 used forward-looking projections and included significant expected improvements in the future cash flows of one of the Company’s reporting units, Rebar Fabrication. As a result of the rapid and significant increase in the price of steel in 2018, the operating results of this reporting unit declined significantly and remained depressed throughout the remainder of the year. Nucor expects the operating results of this reporting unit to improve when the price of steel in relation to the reporting unit’s backlog pricing stabilizes. The fair value of this reporting unit exceeded its carrying value by approximately 8% in the most recent evaluation. If our assessment of the relevant facts and circumstances changes, or the actual performance in this reporting unit falls short of expected results, noncash impairment charges may be required. Total goodwill associated with the Rebar Fabrication reporting unit as of December 31, 2018 was $353.0 million. An impairment of goodwill may also lead us to record an impairment of other intangible assets. Total finite-lived intangible assets associated with the Rebar Fabrication reporting unit as of December 31, 2018 was $76.7 million. 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, 2018 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Equity Investments | 9. Equity Investments The carrying value of our equity investments in domestic and foreign companies was $869.9 million at December 31, 2018 ($750.1 million at December 31, 2017), 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 26 sheet processing facilities located throughout the United States, Canada and Mexico. Nucor accounts for the investment in NuMit (on a one-month DUFERDOFIN NUCOR Nucor owns a 50% economic and voting interest in Duferdofin Nucor S.r.l. (“Duferdofin Nucor”), an Italian steel manufacturer, and accounts for the investment (on a one-month Nucor’s investment in Duferdofin Nucor at December 31, 2018 was $269.1 million ($285.9 million at December 31, 2017). Nucor’s 50% share of the total net assets of Duferdofin Nucor was $113.5 million at December 31, 2018, resulting in a basis difference of $155.6 million due to the step-up step-up As of December 31, 2018, Nucor had outstanding notes receivable of €35.0 million ($40.2 million) from Duferdofin Nucor (€35.0 million, or $41.9 million, as of December 31, 2017). The notes receivable bear interest at 0.84% and reset annually on September 30 to the 12-month Nucor has issued a guarantee for its ownership percentage (50%) of Duferdofin Nucor’s borrowings under Facility A of a Structured Trade Finance Facilities Agreement (“Facility A”). The fair value of the guarantee is immaterial. In April 2018, Duferdofin Nucor amended and extended Facility A to mature on April 16, 2021.The maximum amount Duferdofin Nucor could borrow under Facility A was €160.0 million ($183.7 million) at December 31, 2018. As of December 31, 2018, there was €155.0 million ($178.0 million) outstanding under that facility (€122.5 million, or $146.7 million, as of December 31, 2017). If Duferdofin Nucor fails to pay when due any amounts for which it is obligated under Facility A, Nucor could be required to pay 50% of such amounts pursuant to and in accordance with the terms of its guarantee. Any indebtedness of Duferdofin Nucor to Nucor is effectively subordinated to the indebtedness of Duferdofin Nucor under Facility A. Nucor has not recorded any liability associated with this guarantee. NUCOR-JFE Nucor owns a 50% economic and voting interest in Nucor-JFE (“Nucor-JFE”), 50-50 Nucor-JFE Nucor-JFE one-month Nucor-JFE ALL EQUITY INVESTMENTS Nucor reviews its equity investments for impairment if and when circumstances indicate that a decline in value below their carrying amounts may have occurred. Nucor last assessed its equity investment in Duferdofin Nucor for impairment during the fourth quarter of 2017 due to the protracted challenging steel market conditions in Europe. After completing its assessment, the Company determined that the estimated fair value exceeded its carrying amount by a sufficient amount and that there was no need to record an impairment charge. The assumptions that most significantly affect the fair value determination include projected cash flows and the discount rate. It is reasonably possible that material deviation of future performance from the estimates used in our most recent valuation could result in impairment of our investment in Duferdofin Nucor. We will continue to monitor for potential triggering events that could affect the carrying value of our investment in Duferdofin Nucor as a result of future market conditions and any changes in our business strategy. |
Current Liabilities
Current Liabilities | 12 Months Ended |
Dec. 31, 2018 | |
Payables and Accruals [Abstract] | |
Current Liabilities | 10. Current Liabilities Book overdrafts, included in accounts payable in the consolidated balance sheets, were $89.8 million at December 31, 2018 ($139.2 million at December 31, 2017). Dividends payable, included in accrued expenses and other current liabilities in the consolidated balance sheets, were $123.4 million at December 31, 2018 ($121.8 million at December 31, 2017). |
Debt and Other Financing Arrang
Debt and Other Financing Arrangements | 12 Months Ended |
Dec. 31, 2018 | |
Debt Disclosure [Abstract] | |
Debt and Other Financing Arrangements | 11. Debt and Other Financing Arrangements (in thousands) December 31, 2018 2017 Industrial revenue bonds due from 2020 to 2040* $ 1,010,600 $ 1,010,600 Notes, 5.85%, due 2018 — 500,000 Notes, 4.125%, due 2022 600,000 600,000 Notes, 4.0%, due 2023 500,000 500,000 Notes, 3.95%, due 2028 500,000 — Notes, 6.40%, due 2037 650,000 650,000 Notes, 5.20%, due 2043 500,000 500,000 Notes, 4.40%, due 2048 500,000 — Total long-term debt 4,260,600 3,760,600 Less debt issuance costs 27,324 18,358 Total amounts outstanding 4,233,276 3,742,242 Less current maturities — 500,000 Total long-term debt due after one year $ 4,233,276 $ 3,242,242 * The industrial revenue bonds had variable rates ranging from 1.88% to 2.03% at December 31, 2018 and 1.65% to 1.92% at December 31, 2017, respectively. Annual aggregate long-term debt maturities are: none in 2019, $20.0 million in 2020, none in 2021, $601.0 million in 2022, $500.0 million in 2023 and $3.14 billion thereafter. In April 2018, Nucor issued $500.0 million of 3.95% notes due 2028 and $500.0 million of 4.40% notes due 2048. Net proceeds of the issuances were $986.1 million, of which $500.0 million was used to repay the $500.0 million of 5.85% notes that matured June 1, 2018. Costs of $11.9 million associated with the issuances have been capitalized and will be amortized over the lives of the notes. During the second quarter of 2018, Nucor amended its $1.50 billion unsecured revolving credit facility to extend the maturity date from April 2021 to April 2023. Costs associated with the amendment were immaterial. The unsecured revolving credit facility provides up to $1.50 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 the equivalent of $850.0 million of the credit facility is available for foreign currency loans, up to $100.0 million 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 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 consolidations, mergers and sales of assets. As of December 31, 2018, Nucor’s funded debt to total capital ratio was 30%, and Nucor was in compliance with all covenants under the credit facility. No borrowings were outstanding under the credit facility as of December 31, 2018 and 2017. Harris Steel has credit facilities totaling approximately $7.5 million, with no outstanding borrowings at December 31, 2018 ($7.8 million at December 31, 2017). In addition, 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, 2018, Nucor Trading S.A. had outstanding borrowings of $57.9 million, which is presented in short-term debt in the consolidated balance sheets ($52.8 million at December 31, 2017). Letters of credit totaling $56.2 million were outstanding as of December 31, 2018 ($40.0 million as of December 31, 2017), 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, 2018 | |
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 of $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 $1.5400 in 2018 ($1.5125 per share in 2017 and $1.5025 per share in 2016). The Company repurchased $854.0 million of its common stock in 2018 ($90.3 million in 2017 and $5.2 million in 2016). On September 6, 2018, the Company announced that the Board of Directors had approved a share repurchase program under which the Company is authorized to repurchase up to $2.0 billion of the Company’s common stock. Share repurchases will be made from time to time in the open market at prevailing market prices, 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. The Board of Directors also terminated any previously authorized repurchase programs. At December 31, 2018, the Company had approximately $1.5 billion available for share repurchases under the program. |
Derivative Financial Instrument
Derivative Financial Instruments | 12 Months Ended |
Dec. 31, 2018 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Financial Instruments | 13. Derivative Financial Instruments The following tables summarize information regarding Nucor’s derivative instruments (in thousands): Fair Value at Fair Value of Derivative Instruments December 31, Consolidated Balance Sheet Location 2018 2017 Asset derivatives designated as hedging instruments: Commodity contracts Other current assets $ 100 $ — Asset derivatives not designated as hedging instruments: Commodity contracts Other current assets 2,617 — Foreign exchange contracts Other current assets 2,055 479 Total asset derivatives not designated as hedging instruments 4,672 479 Total asset derivatives $ 4,772 $ 479 Liability derivatives designated as hedging instruments: Commodity contracts Accrued expenses and other current liabilities $ — $ (2,100 ) Commodity contracts Deferred credits and other liabilities (8,600 ) (2,400 ) Total liability derivatives designated as hedging instruments (8,600 ) (4,500 ) Liability derivatives not designated as hedging instruments: Commodity contracts Accrued expenses and other current liabilities — (4,031 ) Total liability derivatives $ (8,600 ) $ (8,531 ) The Effect of Derivatives Instruments on the Consolidated Statements of Earnings Derivatives Designated as Hedging Instruments for the Year Ended December 31, (in thousands) Derivatives in Cash Flow Statement of Amount of Gain or (Loss), Amount of Gain or Amount of Gain or (Loss), 2018 2017 2016 2018 2017 2016 2018 2017 2016 Commodity contracts Cost of $ (3,568 ) $ (4,523 ) $ 2,570 $ 132 $ (973 ) $ (9,880 ) $ — $ — $ — Derivatives Not Designated as Hedging Instruments for the Year Ended December 31, (in thousands) Derivatives Not Designated as Hedging Instruments Statement of Earnings Amount of Gain or (Loss) 2018 2017 2016 Commodity contracts Cost of products sold $ 14,572 $ (11,973 ) $ (3,251 ) Foreign exchange contracts Cost of products sold 3,609 (3,344 ) 238 Total $ 18,181 $ (15,317 ) $ (3,013 ) At December 31, 2018, natural gas swaps covering approximately 47.0 million MMBTUs (extending through December 2022) were outstanding. |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2018 | |
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 as of December 31, 2018 and 2017. Nucor does not have any non-financial (in thousands) Description Carrying Quoted Prices Significant Significant As of December 31, 2018 Assets: Cash equivalents $ 1,084,319 $ 1,084,319 $ — $ — Derivative contracts 4,772 — 4,772 — Total assets $ 1,089,091 $ 1,084,319 $ 4,772 $ — Liabilities: Derivative contracts $ (8,600 ) $ — $ (8,600 ) $ — As of December 31, 2017 Assets: Cash equivalents $ 594,946 $ 594,946 $ — $ — Short-term investments 50,000 50,000 — — Derivative contracts 479 — 479 — Total assets $ 645,425 $ 644,946 $ 479 $ — Liabilities: Derivative contracts $ (8,531 ) $ — $ (8,531 ) $ — Fair value measurements for Nucor’s cash equivalents and short-term investments 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 published market prices for similar assets or are estimated based on observable inputs such as interest rates, yield curves, credit risks, spot and future commodity prices and spot and future exchange rates. There were no transfers between 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 $4.45 billion at December 31, 2018 (approximately $4.19 billion at December 31, 2017). 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, 2018 and 2017, or similar debt with the same maturities, ratings and interest rates. |
Contingencies
Contingencies | 12 Months Ended |
Dec. 31, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contingencies | 15. Contingencies Nucor is subject to environmental laws and regulations established by federal, state and local authorities and, accordingly, makes provisions for the estimated costs of compliance. Of the undiscounted total of $18.4 million of accrued environmental costs at December 31, 2018 ($17.1 million at December 31, 2017), $7.0 million was classified in accrued expenses and other current liabilities ($3.8 million at December 31, 2017) and $11.4 million was classified in deferred credits and other liabilities ($13.3 million at December 31, 2017). Inherent uncertainties exist in these estimates primarily due to unknown conditions, evolving remediation technology and changing governmental regulations and legal standards. We are from time to time a party to various lawsuits, claims and 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, 2018 | |
Disclosure of Compensation Related Costs, Share-based 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 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, 2018, 1.9 million shares 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 A summary of activity under Nucor’s stock option plans is as follows (shares in thousands): 2018 2017 2016 Year Ended December 31, Shares Weighted - Shares Weighted - Shares Weighted - Number of shares under option: Outstanding at beginning of year 4,106 $ 47.96 3,591 $ 45.32 3,092 $ 43.51 Granted 265 $ 65.80 698 $ 59.07 899 $ 48.80 Exercised (543 ) $ 44.33 (183 ) $ 38.56 (400 ) $ 39.19 Canceled — — — — — — Outstanding at end of year 3,828 $ 49.71 4,106 $ 47.96 3,591 $ 45.32 Options exercisable at end of year 2,112 $ 45.41 1,809 $ 43.39 1,557 $ 40.80 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 2018 was $12.6 million ($4.5 million in 2017 and $6.8 million in 2016). The following table summarizes information about stock options outstanding at December 31, 2018 (shares in thousands): Options Outstanding Options Exercisable Range of Exercise Prices Number Weighted- Weighted- Number Weighted- $35.00 - $45.00 967 3.7 years $ 40.31 967 $ 40.31 45.01 - 55.00 1,897 6.7 years $ 48.81 1,064 $ 48.81 55.01 - 65.00 698 8.4 years $ 59.07 48 $ 59.07 65.01 - 75.00 266 9.4 years $ 65.80 33 $ 65.80 $35.00 - $75.00 3,828 6.4 years $ 49.71 2,112 $ 45.41 As of December 31, 2018, the total aggregate intrinsic value of stock options outstanding and stock options exercisable was $16.8 million and $14.3 million, respectively. The grant date fair value of stock options granted was $15.07 per share in 2018 ($12.61 per share in 2017 and $9.12 per share in 2016). The fair value was estimated using the Black-Scholes option-pricing model with the following assumptions: 2018 2017 2016 Exercise price $ 65.80 $ 59.07 $ 48.80 Expected dividend yield 2.31 % 2.56 % 3.07 % Expected stock price volatility 25.28 % 26.53 % 26.14 % Risk-free interest rate 2.85 % 2.02 % 1.67 % Expected life (in years) 6.5 6.5 6.5 Stock options granted to employees who are eligible for retirement on the date of 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 $4.6 million in 2018 ($8.2 million in 2017 and $7.8 million in 2016). As of December 31, 2018, unrecognized compensation expense related to stock options was $1.6 million, which is expected to be recognized over a weighted-average period of 1.7 years. Restricted Stock Units Nucor annually grants restricted stock units (“RSUs”) to key employees, officers and non-employee non-employee non-employee RSUs granted to employees who are eligible for retirement on the date of 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): 2018 2017 2016 Grant Date Grant Date Grant Date Year Ended December 31, Shares Fair Value Shares Fair Value Shares Fair Value Restricted stock units: Unvested at beginning of year 1,071 $ 52.62 1,040 $ 48.47 1,031 $ 47.93 Granted 1,013 $ 65.80 721 $ 59.07 723 $ 48.80 Vested (827 ) $ 58.98 (677 ) $ 53.17 (681 ) $ 48.09 Canceled (11 ) $ 55.02 (13 ) $ 50.21 (33 ) $ 46.44 Unvested at end of year 1,246 $ 59.09 1,071 $ 52.62 1,040 $ 48.47 Compensation expense for RSUs was $54.3 million in 2018 ($38.0 million in 2017 and $33.9 million in 2016). The total fair value of shares vested during 2018 was $54.4 million ($39.9 million in 2017 and $33.4 million in 2016). As of December 31, 2018, unrecognized compensation expense related to unvested RSUs was $46.7 million, which is expected to be recognized over a weighted-average period of 1.7 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 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 A summary of Nucor’s restricted stock activity under the AIP and the LTIP is as follows (shares in thousands): 2018 2017 2016 Grant Date Grant Date Grant Date Year Ended December 31, Shares Fair Value Shares Fair Value Shares Fair Value Restricted stock awards and units: Unvested at beginning of year 91 $ 54.50 67 $ 45.77 63 $ 48.07 Granted 256 $ 67.68 172 $ 60.62 123 $ 44.03 Vested (217 ) $ 64.95 (148 ) $ 51.72 (116 ) $ 45.16 Canceled — — — — (3 ) $ 45.75 Unvested at end of year 130 $ 62.97 91 $ 54.50 67 $ 45.77 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 $14.6 million in 2018 ($17.9 million in 2017 and $14.8 million in 2016). The total fair value of shares vested during 2018 was $14.7 million ($9.0 million in 2017 and $5.2 million in 2016). As of December 31, 2018, unrecognized compensation expense related to unvested restricted stock awards was $1.6 million, which is expected to be recognized over a weighted-average period of 1.7 years. |
Employee Benefit Plans
Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2018 | |
Retirement Benefits [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 $307.9 million in 2018 ($169.4 million in 2017 and $129.0 million in 2016). 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 $25.5 million at December 31, 2018 ($25.1 million at December 31, 2017). The expense associated with this early retiree medical plan totaled $2.1 million in 2018 ($2.2 million in 2017 and $0.6 million in 2016). The discount rate is used by Nucor in determining its benefit obligation and was 4.24% in 2018 (3.6% in 2017 and 4.2% in 2016). The health care cost increase trend rate used was 6.3% in 2018 (6.6% in 2017 and 6.8% in 2016). The health care cost increase in the trend rate is projected to decline gradually to 4.5% by 2037. |
Interest Expense (Income)
Interest Expense (Income) | 12 Months Ended |
Dec. 31, 2018 | |
Banking and Thrift, Interest [Abstract] | |
Interest Expense (Income) | 18. Interest Expense (Income) The components of net interest expense are as follows (in thousands): Year Ended December 31, 2018 2017 2016 Interest expense $ 161,256 $ 187,282 $ 181,179 Interest income (25,721 ) (13,702 ) (11,935 ) Interest expense, net $ 135,535 $ 173,580 $ 169,244 Interest paid was $165.7 million in 2018 ($186.8 million in 2017 and $183.4 million in 2016). Interest expense for 2018 decreased compared to 2017 in part due to a benefit received from entering into and settling a treasury lock instrument in anticipation of the Company’s debt issuance in the second quarter of 2018. The Company did not elect hedge accounting for this instrument. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 19. Income Taxes The Tax Reform Act made significant changes to U.S. tax law that impacted the Company, including permanently lowering the U.S. corporate federal income tax rate from 35% to 21% and the elimination of the domestic manufacturing deduction effective for tax years beginning after December 31, 2017. The Tax Reform Act also included a one-time low-taxed The staff of the U.S. Securities and Exchange Commission issued Staff Accounting Bulletin No. 118 (“SAB 118”) to address the application of Accounting Standards Codification 740, Income Taxes, in situations when a registrant does not have the necessary information available, prepared, or analyzed (including computations) in reasonable detail to complete the accounting for certain income tax effects of the Tax Reform Act. Reflected in our 2017 financial results, and in accordance with SAB 118, were certain provisional income tax effects of the 2017 Tax Reform Act, including a net $175.2 million of tax benefit recorded primarily due to the revaluation of our U.S. net deferred tax liabilities from 35% to 21%. The Company, provisionally, did not include any tax impact related to the transition tax in its consolidated financial statements for the year ended December 31, 2017. In 2018, upon completion of its 2017 federal tax return, Nucor finalized the analysis of the previously estimated one-time Components of earnings (losses) from continuing operations before income taxes and noncontrolling interests are as follows (in thousands): Year Ended December 31, 2018 2017 2016 United States $ 3,160,111 $ 1,610,652 $ 1,241,117 Foreign 69,280 139,305 57,542 $ 3,229,391 $ 1,749,957 $ 1,298,659 The provision for income taxes consists of the following (in thousands): Year Ended December 31, 2018 2017 2016 Current: Federal $ 633,868 $ 504,865 $ 286,224 State 96,622 37,308 27,353 Foreign 14,800 48,386 13,211 Total current 745,290 590,559 326,788 Deferred: Federal 4,953 (207,006 ) 71,777 State 6,847 (4,533 ) 5,193 Foreign (8,783 ) (9,634 ) (5,515 ) Total deferred 3,017 (221,173 ) 71,455 Total provision for income taxes $ 748,307 $ 369,386 $ 398,243 A reconciliation of the federal statutory tax rate (21% in 2018 and 35% in 2017 and 2016) to the total provision is as follows: Year Ended December 31, 2018 2017 2016 Taxes computed at statutory rate 21.00 % 35.00 % 35.00 % State income taxes, net of federal income tax benefit 2.52 % 1.22 % 1.67 % Federal research credit -0.14 % -0.24 % -0.28 % Domestic manufacturing deduction 0.00 % -2.58 % -2.11 % Equity in losses of foreign joint venture 0.08 % 0.13 % 0.27 % Foreign rate differential -0.07 % -0.62 % -1.05 % Noncontrolling interests -0.78 % -1.24 % -2.81 % Tax Reform Act 0.18 % -10.01 % 0.00 % Out-of-period correction 0.00 % 0.00 % -0.22 % Other, net 0.38 % -0.55 % 0.20 % Provision for income taxes 23.17 % 21.11 % 30.67 % For the year ended December 31, 2018 the effective tax rate on continuing operations increased 2.06% versus the prior year period to 23.17%. The increase in rate between 2017 and 2018 is primarily due to the increase in the effective rate for state income taxes and the write-off (-2.58% (-10.01%) Deferred tax assets and liabilities resulted from the following (in thousands): December 31, 2018 2017 Deferred tax assets: Accrued liabilities and reserves $ 128,553 $ 127,955 Allowance for doubtful accounts 20,134 15,136 Inventory 63,950 61,522 Post-retirement benefits 8,746 9,167 Commodity hedges 1,393 2,056 Net operating loss carryforward 27,131 19,895 Tax credit carryforwards 16,792 92,380 Other deferred tax assets 779 — Valuation allowance (30,104 ) (96,107 ) Total deferred tax assets 237,374 232,004 Deferred tax liabilities: Holdbacks and amounts not due under contracts $ (10,731 ) $ (10,214 ) Intangibles (167,374 ) (164,716 ) Property, plant and equipment (390,575 ) (385,815 ) Total deferred tax liabilities (568,680 ) (560,745 ) Total net deferred tax liabilities $ (331,306 ) $ (328,741 ) On August 9, 2018, the Treasury Department issued regulations on the one-time Non-current Non-current The Tax Reform Act provided for a one-time State net operating loss carryforwards were $483.0 million at December 31, 2018 ($605.9 million at December 31, 2017). If unused, they will expire between 2019 and 2038. Foreign net operating loss carryforwards were $58.6 million at December 31, 2018 ($28.3 million at December 31, 2017). If unused, they will expire between 2029 and 2037. At December 31, 2018, Nucor had approximately $48.6 million of unrecognized tax benefits, of which $48.0 million would affect Nucor’s effective tax rate, if recognized. At December 31, 2017, Nucor had approximately $48.8 million of unrecognized tax benefits, of which $48.2 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 is as follows (in thousands): December 31, 2018 2017 2016 Balance at beginning of year $ 48,845 $ 44,088 $ 50,510 Additions based on tax positions related to current year 16,424 11,154 6,157 Reductions based on tax positions related to current year — — — Additions based on tax positions related to prior years 199 2,556 147 Reductions based on tax positions related to prior years (8,198 ) (5,461 ) (8,201 ) Reductions due to settlements with taxing authorities (2,160 ) — (258 ) Reductions due to statute of limitations lapse (6,505 ) (3,492 ) (4,267 ) Balance at end of year $ 48,605 $ 48,845 $ 44,088 We estimate that in the next twelve months, our gross uncertain tax positions, exclusive of interest, could decrease by as much as $7.4 million, as a result of the expiration of the statute of limitations. During 2018, Nucor recognized $4.0 million of benefit in interest and penalties ($2.2 million of benefit in 2017 and $2.8 million of benefit in 2016). The interest and penalties are included in interest expense and other expenses, respectively, in the consolidated statements of earnings. As of December 31, 2018, Nucor had approximately $11.2 million of accrued interest and penalties related to uncertain tax positions on the consolidated balance sheet (approximately $16.1 million at December 31, 2017). Nucor has concluded U.S. federal income tax matters for years through 2014. The tax years 2015 through 2017 remain open to examination by the Internal Revenue Service. The Canada Revenue Agency has concluded its examination of the 2012 and 2013 Canadian returns for Harris Steel Group Inc. and certain related affiliates. The 2015 tax year is currently under examination by the Canadian Revenue Agency. In January 2019, the Trinidad and Tobago Inland Revenue Division initiated an audit of the Nu-Iron |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) | 12 Months Ended |
Dec. 31, 2018 | |
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 (Losses) on Foreign Currency Adjustment to Early Hedging Derivatives Gains (Losses) Retiree Medical Plan Total December 31, 2017 $ (2,800 ) $ (257,513 ) $ $ (254,681 ) Other comprehensive income (loss) before reclassifications (3,568 ) (47,133 ) 1,731 (48,970 ) Amounts reclassified from accumulated other comprehensive income (loss) into earnings (1) (132 ) — (350 ) (482 ) Net current-period other comprehensive income (loss) (3,700 ) (47,133 ) 1,381 (49,452 ) December 31, 2018 $ (6,500 ) $ (304,646 ) $ $ (304,133 ) (1) Includes ($132) and ($350) net-of-tax Gains and Losses on Foreign Currency Adjustment to Early Hedging Derivatives Gains (Losses) Retiree Medical Plan Total December 31, 2016 $ 750 $ (326,170 ) $ 7,577 $ (317,843 ) Other comprehensive income (loss) before reclassifications (4,523 ) 68,657 (1,530 ) 62,604 Amounts reclassified from accumulated other comprehensive income (loss) into earnings (2) 973 — (415 ) 558 Net current-period other comprehensive income (loss) (3,550 ) 68,657 (1,945 ) 63,162 December 31, 2017 $ (2,800 ) $ (257,513 ) $ 5,632 $ (254,681 ) (2) Includes $973 and ($415) net-of-tax |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 31, 2018 | |
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, 2018 2017 2016 Basic net earnings per share: Basic net earnings $ 2,360,767 $ 1,318,688 $ 796,271 Earnings allocated to participating securities (9,344 ) (4,549 ) (2,632 ) Net earnings available to common stockholders $ 2,351,423 $ 1,314,139 $ 793,639 Average shares outstanding 315,858 319,990 319,563 Basic net earnings per share $ 7.44 $ 4.11 $ 2.48 Diluted net earnings per share: Diluted net earnings $ 2,360,767 $ 1,318,688 $ 796,271 Earnings allocated to participating securities (9,317 ) (4,539 ) (2,631 ) Net earnings available to common stockholders $ 2,351,450 $ 1,314,149 $ 793,640 Diluted average shares outstanding: Basic shares outstanding 315,858 319,990 319,563 Dilutive effect of stock options and other 875 783 259 316,733 320,773 319,822 Diluted net earnings per share $ 7.42 $ 4.10 $ 2.48 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, 2018 2017 2016 Anti-dilutive stock options: Weighted-average shares 156 407 942 Weighted-average exercise price $ 65.80 $ 59.07 $ 47.04 |
Segments
Segments | 12 Months Ended |
Dec. 31, 2018 | |
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 Duferdofin Nucor, NuMit and Nucor-JFE. Nu-Iron Previously, Nucor’s tubular products and piling products businesses were reported in the steel mills segment. In the first quarter of 2018, these businesses were reclassified to the steel products segment as part of a realignment of Nucor’s reportable segments to reflect the way in which they are now viewed by management and how segment performance assessments will be made by the chief operating decision maker beginning in such period. The segment data for the comparable periods has also been reclassified into the steel products segment in order to conform to the current year presentation. Additionally, the composition of assets by segment for the comparable periods was reclassified to conform to the current year presentation. This reclassification between segments did not have any impact on the consolidated asset balances. Net interest expense, other income, profit sharing expense and stock-based compensation are shown under Corporate/eliminations. Corporate assets primarily include cash and cash equivalents, short-term investments, 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 are as follows (in thousands): Year Ended December 31, 2018 2017 2016 Net sales to external customers: Steel mills $ 16,245,218 $ 12,929,709 $ 10,546,847 Steel products 6,796,501 5,579,744 4,452,649 Raw materials 2,025,560 1,742,940 1,208,626 $ 25,067,279 $ 20,252,393 $ 16,208,122 Intercompany sales: Steel mills $ 3,924,160 $ 2,916,017 $ 2,066,547 Steel products 207,003 118,249 110,368 Raw materials 11,460,645 9,191,081 5,997,498 Corporate/eliminations (15,591,808 ) (12,225,347 ) (8,174,413 ) $ — $ — $ — Depreciation expense: Steel mills $ 378,146 $ 377,210 $ 368,859 Steel products 80,681 76,992 45,674 Raw materials 161,666 172,699 191,466 Corporate 10,386 8,932 7,193 $ 630,879 $ 635,833 $ 613,192 Amortization expense: Steel mills $ 9,400 $ 9,706 $ 7,632 Steel products 51,997 52,597 36,845 Raw materials 27,361 28,925 29,385 $ 88,758 $ 91,228 $ 73,862 Earnings (loss) before income taxes and noncontrolling interests: Steel mills $ 3,500,085 $ 1,953,075 $ 1,680,156 Steel products 467,105 337,978 294,039 Raw materials 236,241 129,296 (95,121 ) Corporate/eliminations (974,040 ) (670,392 ) (580,415 ) $ 3,229,391 $ 1,749,957 $ 1,298,659 Segment assets: Steel mills $ 9,244,086 $ 7,671,217 $ 6,980,979 Steel products 4,734,636 4,323,907 3,651,118 Raw materials 3,492,126 3,396,110 3,235,237 Corporate/eliminations 449,740 450,024 1,356,184 $ 17,920,588 $ 15,841,258 $ 15,223,518 Capital expenditures: Steel mills $ 720,310 $ 336,760 $ 357,545 Steel products 88,585 90,952 49,149 Raw materials 169,926 59,036 194,112 Corporate 18,435 20,326 16,871 $ 997,256 $ 507,074 $ 617,677 Net sales by product were as follows (in thousands). Further product group breakdown is impracticable. Year Ended December 31, 2018 2017 2016 Net sales to external customers: Sheet $ 7,571,765 $ 6,407,974 $ 5,178,467 Bar 4,709,292 3,558,806 2,886,648 Structural 1,830,476 1,317,995 1,277,547 Plate 2,133,685 1,644,934 1,204,185 Tubular Products 1,347,577 917,235 60,106 Rebar Fabrication 1,496,194 1,306,418 1,272,338 Other Steel Products 3,952,730 3,356,091 3,120,205 Raw Materials 2,025,560 1,742,940 1,208,626 $ 25,067,279 $ 20,252,393 $ 16,208,122 |
Revenue
Revenue | 12 Months Ended |
Dec. 31, 2018 | |
Revenue from Contract with Customer [Abstract] | |
Revenue | 23. Revenue Revenue is recognized when obligations under the terms of contracts with our customers are satisfied; generally, this occurs 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 $91.2 million as of December 31, 2018 ($72.3 million as of December 31, 2017), and are included in accrued expenses and other current liabilities in the consolidated balance sheets. The amount of revenue reclassified from the December 31, 2017 contract liabilities balance during 2018 was approximately $61.3 million. The following table disaggregates our net sales by major source for 2018 (in thousands): Year Ended December 31, 2018 Steel Mills Steel Products Raw Materials Total Sheet $ 7,571,765 $ — $ — $ 7,571,765 Bar 4,709,292 — — 4,709,292 Structural 1,830,476 — — 1,830,476 Plate 2,133,685 — — 2,133,685 Tubular Products — 1,347,577 — 1,347,577 Rebar Fabrication — 1,496,194 — 1,496,194 Other Steel Products — 3,952,730 — 3,952,730 Raw Materials — — 2,025,560 2,025,560 $ 16,245,218 $ 6,796,501 $ 2,025,560 $ 25,067,279 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 formulae that permit price adjustments to 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 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 product is shipped from our operating locations to our customers. The significant 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 for our rebar fabrication businesses relates to revenue from contracts with customers for the supply of fabricated rebar. For the majority of these transactions, we transfer control and recognize a sale when the products are shipped from our operating locations and collection is reasonably assured. Provisions for losses on incomplete contracts are made in the period in which such losses are determined. Our rebar fabrication businesses also generate a significant amount of revenue from contracts with customers in which they supply fabricated rebar and install it at the customer’s job site. There are two performance obligations for these types of contracts: the supply of the fabricated rebar and the installation of the supplied rebar at the customer’s job site. For the supply of fabricated rebar performance obligation, we transfer control and recognize a sale when the product is delivered to our customer’s job site. The transaction price allocated to this performance obligation is determined at the start of the contract, based on the then current market price for supplied fabricated rebar. For the installation of supplied rebar performance obligation, we transfer control and recognize a sale when the delivered material is installed. The transaction price allocated to this performance obligation is determined at the start of the contract, based on the then current market price for the installation of fabricated rebar. Variable consideration occurring from change orders and price escalations caused by changes in underlying material costs for previously satisfied performance obligations are recognized cumulatively in the period in which management believes that the amount of consideration is changed and collection is reasonably assured. Management reviews these situations on a case-by-case Other Steel Products – Other steel products include our joist, deck, cold finish, metal building systems, piling 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. RAW MATERIALS SEGMENT The majority of the raw materials segment revenue from outside customers is generated by The David J. Joseph Company and its affiliates. 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. |
Quarterly Information (Unaudite
Quarterly Information (Unaudited) | 12 Months Ended |
Dec. 31, 2018 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Information (Unaudited) | 24. Quarterly Information (Unaudited) (in thousands, except per share data) Year Ended December 31, 2018 First Quarter Second Quarter Third Quarter Fourth Quarter Net sales $ 5,568,419 $ 6,460,774 $ 6,742,202 $ 6,295,884 Gross margin (1) 726,406 1,166,590 1,290,150 1,112,262 Net earnings (2) 380,112 713,615 706,287 681,070 Net earnings attributable to Nucor stockholders (2) 354,179 683,153 676,656 646,779 Net earnings per share: Basic $ 1.11 $ 2.14 $ 2.13 $ 2.08 Diluted $ 1.10 $ 2.13 $ 2.13 $ 2.07 (in thousands, except per share data) Year Ended December 31, 2017 First Quarter Second Quarter Third Quarter Fourth Quarter Net sales $ 4,815,179 $ 5,174,769 $ 5,170,117 $ 5,092,328 Gross margin (3) 760,250 709,625 578,964 520,568 Net earnings (4) 377,648 341,724 266,105 395,094 Net earnings attributable to Nucor stockholders (4) 356,899 323,048 254,850 383,891 Net earnings per share: Basic $ 1.11 $ 1.00 $ 0.79 $ 1.20 Diluted $ 1.11 $ 1.00 $ 0.79 $ 1.20 (1) Second quarter results include a benefit of $9.6 million related to insurance recoveries. Third quarter results include a benefit of $18.0 million related to insurance recoveries. (2) First quarter results include the write off of deferred tax assets of $21.8 million due to the change in the tax status of a subsidiary. Second quarter results include a benefit of $23.3 million (which includes the amount in gross margin) related to insurance recoveries. Third quarter results include a non-cash (3) First quarter results include inventory-related purchase accounting charges of $9.8 million related to the acquisition of Southland and Republic. (4) Third quarter results include a net benefit of $13.2 million related to tax return true-ups |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2018 | |
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 re-evaluates |
Inventories | Inventories Inventories are stated at the lower of cost or market. 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 |
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 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 |
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, 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 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, 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. When management considers the decline to be other than temporary, the related investment is written down to its estimated fair market value. |
Derivative Financial Instruments | Derivative Financial Instruments Nucor periodically uses derivative financial instruments primarily to partially manage its exposure to price risk related to natural gas purchases used in the production process as well as its exposure to scrap, copper and aluminum purchased for resale to its customers. In addition, Nucor periodically uses derivatives to partially manage its exposure to changes in interest rates on outstanding debt instruments and uses forward foreign exchange contracts to hedge cash flows associated with certain assets and liabilities, firm commitments and anticipated transactions. Nucor recognizes all derivative instruments in the consolidated balance sheets at fair value. Amounts included in accumulated other comprehensive income (loss) related to cash flow hedges are reclassified into earnings when the underlying transaction is recognized in net earnings. Changes in fair value hedges are reported in earnings along with changes in the fair value of the hedged items. When cash flow and fair value hedges affect net earnings, they are included on the same financial statement line as the underlying transaction (cost of products sold or interest expense). If these instruments do not meet hedge accounting criteria, the change in fair value (or a portion thereof) is recognized immediately in earnings in the same financial statement line as the underlying transaction. |
Revenue Recognition | Revenue Recognition Nucor recognizes revenue when obligations under the terms of contracts with our customers are satisfied; generally, this occurs 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. The staff of the U.S. Securities and Exchange Commission issued Staff Accounting Bulletin No. 118 (“SAB 118”) to address the application of Accounting Standards Codification 740, Income Taxes, in situations when a registrant does not have the necessary information available, prepared or analyzed (including computations) in reasonable detail to complete the accounting for certain income tax effects of the Tax Reform Act. Reflected in our 2017 financial results, and in accordance with SAB 118, were certain provisional income tax effects of the Tax Reform Act. Adjustments, as allowed for under SAB 118, to these provisional amounts were made in 2018. The accounting for the Tax Reform Act was completed in the fourth quarter of 2018. Further information on the tax impacts of the Tax Reform Act is included in Note 19 of the Company’s consolidated financial statements. |
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 |
Recently Adopted Accounting Pronouncements | Recently Adopted Accounting Pronouncements In the first quarter of 2018, Nucor adopted new accounting guidance related to revenue recognition for all contracts using the modified retrospective method. The modified retrospective method requires that the cumulative effect of initially applying this new guidance be recorded as an adjustment to the opening balance of retained earnings in the consolidated balance sheet. The adoption of this new accounting guidance did not have an impact on any prior period earnings attributable to Nucor stockholders, and no adjustment was recorded to the opening retained earnings balance as of January 1, 2018. Retrospective adjustment of comparative prior period information is not required when using the modified retrospective adoption method, and no comparative prior periods have been adjusted for the new guidance. The adoption of the new revenue accounting guidance did not significantly change the way we recognize revenue. To illustrate this, if we had continued using the previous accounting guidance in effect before the adoption of the new revenue accounting guidance, our consolidated net sales for 2018 would have increased approximately $81.4 million, or 0.3%, and cost of products sold would have increased by the same amount. There would have been no impact on any other financial statement line items in the consolidated financial statements for 2018. See Note 23 for disclosures required by the new revenue accounting guidance. In the first quarter of 2018, Nucor adopted new accounting guidance regarding the recognition and measurement of financial assets and financial liabilities. Changes to the current accounting guidance primarily affect the accounting for equity investments, financial liabilities under the fair value option, and the presentation and disclosure requirements for financial instruments. In addition, the Financial Accounting Standards Board clarified guidance related to the valuation allowance assessment when recognizing deferred tax assets resulting from unrealized losses on available-for-sale In the first quarter of 2018, Nucor adopted new accounting guidance regarding the presentation and classification of certain cash receipts and cash payments in the statement of cash flows. The new guidance addresses specific cash flow presentation issues in order to reduce diversity in existing practice. The adoption of this new guidance did not have a material impact on the Company’s consolidated financial statements. In the first quarter of 2018, Nucor adopted new accounting guidance regarding intra-entity transfers of assets other than inventory. The new guidance requires that an entity should recognize the income tax consequences of an intra-entity transfer of an asset other than inventory when the transfer occurs. The adoption of this new guidance did not have a material impact on the Company’s consolidated financial statements. |
Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements In February 2016, new accounting guidance was issued regarding the accounting for leases. The new guidance requires all lessees to recognize on the balance sheet right to use assets and lease liabilities for the rights and obligations created by lease arrangements with terms greater than 12 months. The new guidance is effective for the Company for annual and interim reporting periods beginning after December 15, 2018. In July 2018, this accounting guidance was amended to permit companies to recognize a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption and to continue reporting comparative periods prior to adoption in accordance with current lease guidance. The Company will adopt this new guidance in the first quarter of 2019 and will record a cumulative adjustment to the January 1, 2019 retained earnings balance. While the adoption of this new guidance is expected to increase assets and liabilities due to the recognition of lease rights and obligations on the Company’s consolidated balance sheet effective January 1, 2019, the Company does not expect the adoption of this new guidance to have a significant impact on its consolidated financial statements. In February 2018, new accounting guidance was issued regarding the tax effects of the Tax Reform Act. The new guidance allows for a reclassification from accumulated other comprehensive income to retained earnings for stranded tax effects resulting from the Tax Reform Act to improve the usefulness of information reported to financial statement users. The new guidance is effective for the Company for annual and interim reporting periods beginning after December 15, 2018. The Company does not expect the adoption of this new guidance to have a material impact on its consolidated financial statements. |
Acquisitions and Dispositions (
Acquisitions and Dispositions (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Republic [Member] | |
Fair Values of Assets Acquired and Liabilities Assumed | The following table summarizes the fair values of the assets acquired and liabilities assumed of Republic as of the date of acquisition (in thousands): Cash $ 206 Accounts receivable 39,177 Inventory 33,561 Other current assets 1,101 Property, plant and equipment 67,412 Goodwill 115,562 Other intangible assets 89,200 Other assets 3,118 Total assets acquired 349,337 Current liabilities 17,743 Total liabilities assumed 17,743 Net assets acquired $ 331,594 |
Purchase Price Allocation of Identifiable Intangible Assets | The following table summarizes the purchase price allocation to the identifiable intangible assets of Republic as of the date of acquisition (in thousands, except years): Weighted - Customer relationships $ 80,800 12 years Trademarks and trade names 8,400 13 years $ 89,200 |
ITC [Member] | |
Fair Values of Assets Acquired and Liabilities Assumed | The following table summarizes the fair values of the assets acquired and liabilities assumed of ITC as of the date of acquisition (in thousands): Cash $ 1,058 Accounts receivable 33,173 Inventory 94,400 Other current assets 1,743 Property, plant and equipment 177,668 Goodwill 29,522 Other intangible assets 130,900 Other assets 1,287 Total assets acquired 469,751 Current liabilities 39,633 Total liabilities assumed 39,633 Net assets acquired $ 430,118 |
Purchase Price Allocation of Identifiable Intangible Assets | The following table summarizes the purchase price allocation to the identifiable intangible assets of ITC as of the date of acquisition (in thousands, except years): Weighted - Customer relationships $ 119,000 15 years Trademarks and trade names 7,100 15 years Other 4,800 5 years $ 130,900 |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property, Plant and Equipment | (in thousands) December 31, 2018 2017 Land and improvements $ 654,786 $ 639,878 Buildings and improvements 1,283,182 1,249,350 Machinery and equipment 11,101,840 10,937,416 Proved oil and gas properties 557,383 556,507 Leasehold interest in unproved oil and gas properties 165,000 165,000 Construction in process and equipment deposits 762,884 241,820 14,525,075 13,789,971 Less accumulated depreciation (9,190,327 ) (8,696,824 ) $ 5,334,748 $ 5,093,147 |
Goodwill and Other Intangible_2
Goodwill and Other Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
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, 2018 and 2017 by segment is as follows: (in thousands) Steel Mills Steel Raw Total Balance, December 31, 2016 $ 620,156 $ 702,995 $ 729,577 $ 2,052,728 Acquisitions 125,328 7,004 — 132,332 Translation — 10,998 — 10,998 Balance, December 31, 2017 745,484 720,997 729,577 2,196,058 Reclassifications (153,498 ) 153,498 — — Translation — (11,722 ) — (11,722 ) Balance, December 31, 2018 $ 591,986 $ 862,773 $ 729,577 $ 2,184,336 |
Schedule of Intangible Assets | Intangible assets with estimated useful lives of five to 22 years are amortized on a straight-line or accelerated basis and are comprised of the following: (in thousands) December 31, 2018 December 31, 2017 Gross Accumulated Gross Accumulated Customer relationships $ 1,418,250 $ 713,656 $ 1,420,224 $ 641,089 Trademarks and trade names 176,046 87,680 176,471 77,208 Other 67,820 32,276 62,805 26,557 $ 1,662,116 $ 833,612 $ 1,659,500 $ 744,854 |
Debt and Other Financing Arra_2
Debt and Other Financing Arrangements (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Debt Disclosure [Abstract] | |
Schedule of Debt and Other Financing Arrangements | (in thousands) December 31, 2018 2017 Industrial revenue bonds due from 2020 to 2040* $ 1,010,600 $ 1,010,600 Notes, 5.85%, due 2018 — 500,000 Notes, 4.125%, due 2022 600,000 600,000 Notes, 4.0%, due 2023 500,000 500,000 Notes, 3.95%, due 2028 500,000 — Notes, 6.40%, due 2037 650,000 650,000 Notes, 5.20%, due 2043 500,000 500,000 Notes, 4.40%, due 2048 500,000 — Total long-term debt 4,260,600 3,760,600 Less debt issuance costs 27,324 18,358 Total amounts outstanding 4,233,276 3,742,242 Less current maturities — 500,000 Total long-term debt due after one year $ 4,233,276 $ 3,242,242 * The industrial revenue bonds had variable rates ranging from 1.88% to 2.03% at December 31, 2018 and 1.65% to 1.92% at December 31, 2017, respectively. |
Derivative Financial Instrume_2
Derivative Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Fair Values of Derivative Instruments | The following tables summarize information regarding Nucor’s derivative instruments (in thousands): Fair Value at Fair Value of Derivative Instruments December 31, Consolidated Balance Sheet Location 2018 2017 Asset derivatives designated as hedging instruments: Commodity contracts Other current assets $ 100 $ — Asset derivatives not designated as hedging instruments: Commodity contracts Other current assets 2,617 — Foreign exchange contracts Other current assets 2,055 479 Total asset derivatives not designated as hedging instruments 4,672 479 Total asset derivatives $ 4,772 $ 479 Liability derivatives designated as hedging instruments: Commodity contracts Accrued expenses and other current liabilities $ — $ (2,100 ) Commodity contracts Deferred credits and other liabilities (8,600 ) (2,400 ) Total liability derivatives designated as hedging instruments (8,600 ) (4,500 ) Liability derivatives not designated as hedging instruments: Commodity contracts Accrued expenses and other current liabilities — (4,031 ) Total liability derivatives $ (8,600 ) $ (8,531 ) |
Derivatives Designated as Hedging Instrument [Member] | |
Effect of Derivatives Instruments on Consolidated Statements of Earnings | The Effect of Derivatives Instruments on the Consolidated Statements of Earnings Derivatives Designated as Hedging Instruments for the Year Ended December 31, (in thousands) Derivatives in Cash Flow Statement of Amount of Gain or (Loss), Amount of Gain or Amount of Gain or (Loss), 2018 2017 2016 2018 2017 2016 2018 2017 2016 Commodity contracts Cost of $ (3,568 ) $ (4,523 ) $ 2,570 $ 132 $ (973 ) $ (9,880 ) $ — $ — $ — |
Derivatives Not Designated as Hedging Instrument [Member] | |
Effect of Derivatives Instruments on Consolidated Statements of Earnings | Derivatives Not Designated as Hedging Instruments for the Year Ended December 31, (in thousands) Derivatives Not Designated as Hedging Instruments Statement of Earnings Amount of Gain or (Loss) 2018 2017 2016 Commodity contracts Cost of products sold $ 14,572 $ (11,973 ) $ (3,251 ) Foreign exchange contracts Cost of products sold 3,609 (3,344 ) 238 Total $ 18,181 $ (15,317 ) $ (3,013 ) |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
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 as of December 31, 2018 and 2017. Nucor does not have any non-financial (in thousands) Description Carrying Quoted Prices Significant Significant As of December 31, 2018 Assets: Cash equivalents $ 1,084,319 $ 1,084,319 $ — $ — Derivative contracts 4,772 — 4,772 — Total assets $ 1,089,091 $ 1,084,319 $ 4,772 $ — Liabilities: Derivative contracts $ (8,600 ) $ — $ (8,600 ) $ — As of December 31, 2017 Assets: Cash equivalents $ 594,946 $ 594,946 $ — $ — Short-term investments 50,000 50,000 — — Derivative contracts 479 — 479 — Total assets $ 645,425 $ 644,946 $ 479 $ — Liabilities: Derivative contracts $ (8,531 ) $ — $ (8,531 ) $ — |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Summary of Stock Option Plans Activity | A summary of activity under Nucor’s stock option plans is as follows (shares in thousands): 2018 2017 2016 Year Ended December 31, Shares Weighted - Shares Weighted - Shares Weighted - Number of shares under option: Outstanding at beginning of year 4,106 $ 47.96 3,591 $ 45.32 3,092 $ 43.51 Granted 265 $ 65.80 698 $ 59.07 899 $ 48.80 Exercised (543 ) $ 44.33 (183 ) $ 38.56 (400 ) $ 39.19 Canceled — — — — — — Outstanding at end of year 3,828 $ 49.71 4,106 $ 47.96 3,591 $ 45.32 Options exercisable at end of year 2,112 $ 45.41 1,809 $ 43.39 1,557 $ 40.80 |
Summary of Stock Options Outstanding | The following table summarizes information about stock options outstanding at December 31, 2018 (shares in thousands): Options Outstanding Options Exercisable Range of Exercise Prices Number Weighted- Weighted- Number Weighted- $35.00 - $45.00 967 3.7 years $ 40.31 967 $ 40.31 45.01 - 55.00 1,897 6.7 years $ 48.81 1,064 $ 48.81 55.01 - 65.00 698 8.4 years $ 59.07 48 $ 59.07 65.01 - 75.00 266 9.4 years $ 65.80 33 $ 65.80 $35.00 - $75.00 3,828 6.4 years $ 49.71 2,112 $ 45.41 |
Schedule of Grant Date Fair Value Black-Scholes Option-Pricing Model Assumptions | The fair value was estimated using the Black-Scholes option-pricing model with the following assumptions: 2018 2017 2016 Exercise price $ 65.80 $ 59.07 $ 48.80 Expected dividend yield 2.31 % 2.56 % 3.07 % Expected stock price volatility 25.28 % 26.53 % 26.14 % Risk-free interest rate 2.85 % 2.02 % 1.67 % Expected life (in 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): 2018 2017 2016 Grant Date Grant Date Grant Date Year Ended December 31, Shares Fair Value Shares Fair Value Shares Fair Value Restricted stock units: Unvested at beginning of year 1,071 $ 52.62 1,040 $ 48.47 1,031 $ 47.93 Granted 1,013 $ 65.80 721 $ 59.07 723 $ 48.80 Vested (827 ) $ 58.98 (677 ) $ 53.17 (681 ) $ 48.09 Canceled (11 ) $ 55.02 (13 ) $ 50.21 (33 ) $ 46.44 Unvested at end of year 1,246 $ 59.09 1,071 $ 52.62 1,040 $ 48.47 |
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): 2018 2017 2016 Grant Date Grant Date Grant Date Year Ended December 31, Shares Fair Value Shares Fair Value Shares Fair Value Restricted stock awards and units: Unvested at beginning of year 91 $ 54.50 67 $ 45.77 63 $ 48.07 Granted 256 $ 67.68 172 $ 60.62 123 $ 44.03 Vested (217 ) $ 64.95 (148 ) $ 51.72 (116 ) $ 45.16 Canceled — — — — (3 ) $ 45.75 Unvested at end of year 130 $ 62.97 91 $ 54.50 67 $ 45.77 |
Interest Expense (Income) (Tabl
Interest Expense (Income) (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Banking and Thrift, Interest [Abstract] | |
Schedule of Components of Net Interest Expense | The components of net interest expense are as follows (in thousands): Year Ended December 31, 2018 2017 2016 Interest expense $ 161,256 $ 187,282 $ 181,179 Interest income (25,721 ) (13,702 ) (11,935 ) Interest expense, net $ 135,535 $ 173,580 $ 169,244 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |
Components of Earnings (Losses) from Continuing Operations Before Income Taxes and Noncontrolling Interests | Components of earnings (losses) from continuing operations before income taxes and noncontrolling interests are as follows (in thousands): Year Ended December 31, 2018 2017 2016 United States $ 3,160,111 $ 1,610,652 $ 1,241,117 Foreign 69,280 139,305 57,542 $ 3,229,391 $ 1,749,957 $ 1,298,659 |
Provision for Income Taxes | The provision for income taxes consists of the following (in thousands): Year Ended December 31, 2018 2017 2016 Current: Federal $ 633,868 $ 504,865 $ 286,224 State 96,622 37,308 27,353 Foreign 14,800 48,386 13,211 Total current 745,290 590,559 326,788 Deferred: Federal 4,953 (207,006 ) 71,777 State 6,847 (4,533 ) 5,193 Foreign (8,783 ) (9,634 ) (5,515 ) Total deferred 3,017 (221,173 ) 71,455 Total provision for income taxes $ 748,307 $ 369,386 $ 398,243 |
Reconciliation of the Federal Statutory Tax Rate to Total Provisions | A reconciliation of the federal statutory tax rate (21% in 2018 and 35% in 2017 and 2016) to the total provision is as follows: Year Ended December 31, 2018 2017 2016 Taxes computed at statutory rate 21.00 % 35.00 % 35.00 % State income taxes, net of federal income tax benefit 2.52 % 1.22 % 1.67 % Federal research credit -0.14 % -0.24 % -0.28 % Domestic manufacturing deduction 0.00 % -2.58 % -2.11 % Equity in losses of foreign joint venture 0.08 % 0.13 % 0.27 % Foreign rate differential -0.07 % -0.62 % -1.05 % Noncontrolling interests -0.78 % -1.24 % -2.81 % Tax Reform Act 0.18 % -10.01 % 0.00 % Out-of-period correction 0.00 % 0.00 % -0.22 % Other, net 0.38 % -0.55 % 0.20 % Provision for income taxes 23.17 % 21.11 % 30.67 % |
Deferred Tax Assets and Liabilities | Deferred tax assets and liabilities resulted from the following (in thousands): December 31, 2018 2017 Deferred tax assets: Accrued liabilities and reserves $ 128,553 $ 127,955 Allowance for doubtful accounts 20,134 15,136 Inventory 63,950 61,522 Post-retirement benefits 8,746 9,167 Commodity hedges 1,393 2,056 Net operating loss carryforward 27,131 19,895 Tax credit carryforwards 16,792 92,380 Other deferred tax assets 779 — Valuation allowance (30,104 ) (96,107 ) Total deferred tax assets 237,374 232,004 Deferred tax liabilities: Holdbacks and amounts not due under contracts $ (10,731 ) $ (10,214 ) Intangibles (167,374 ) (164,716 ) Property, plant and equipment (390,575 ) (385,815 ) Total deferred tax liabilities (568,680 ) (560,745 ) Total net deferred tax liabilities $ (331,306 ) $ (328,741 ) |
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 is as follows (in thousands): December 31, 2018 2017 2016 Balance at beginning of year $ 48,845 $ 44,088 $ 50,510 Additions based on tax positions related to current year 16,424 11,154 6,157 Reductions based on tax positions related to current year — — — Additions based on tax positions related to prior years 199 2,556 147 Reductions based on tax positions related to prior years (8,198 ) (5,461 ) (8,201 ) Reductions due to settlements with taxing authorities (2,160 ) — (258 ) Reductions due to statute of limitations lapse (6,505 ) (3,492 ) (4,267 ) Balance at end of year $ 48,605 $ 48,845 $ 44,088 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Loss) (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
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 (Losses) on Foreign Currency Adjustment to Early Hedging Derivatives Gains (Losses) Retiree Medical Plan Total December 31, 2017 $ (2,800 ) $ (257,513 ) $ $ (254,681 ) Other comprehensive income (loss) before reclassifications (3,568 ) (47,133 ) 1,731 (48,970 ) Amounts reclassified from accumulated other comprehensive income (loss) into earnings (1) (132 ) — (350 ) (482 ) Net current-period other comprehensive income (loss) (3,700 ) (47,133 ) 1,381 (49,452 ) December 31, 2018 $ (6,500 ) $ (304,646 ) $ $ (304,133 ) (1) Includes ($132) and ($350) net-of-tax Gains and Losses on Foreign Currency Adjustment to Early Hedging Derivatives Gains (Losses) Retiree Medical Plan Total December 31, 2016 $ 750 $ (326,170 ) $ 7,577 $ (317,843 ) Other comprehensive income (loss) before reclassifications (4,523 ) 68,657 (1,530 ) 62,604 Amounts reclassified from accumulated other comprehensive income (loss) into earnings (2) 973 — (415 ) 558 Net current-period other comprehensive income (loss) (3,550 ) 68,657 (1,945 ) 63,162 December 31, 2017 $ (2,800 ) $ (257,513 ) $ 5,632 $ (254,681 ) (2) Includes $973 and ($415) net-of-tax |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
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, 2018 2017 2016 Basic net earnings per share: Basic net earnings $ 2,360,767 $ 1,318,688 $ 796,271 Earnings allocated to participating securities (9,344 ) (4,549 ) (2,632 ) Net earnings available to common stockholders $ 2,351,423 $ 1,314,139 $ 793,639 Average shares outstanding 315,858 319,990 319,563 Basic net earnings per share $ 7.44 $ 4.11 $ 2.48 Diluted net earnings per share: Diluted net earnings $ 2,360,767 $ 1,318,688 $ 796,271 Earnings allocated to participating securities (9,317 ) (4,539 ) (2,631 ) Net earnings available to common stockholders $ 2,351,450 $ 1,314,149 $ 793,640 Diluted average shares outstanding: Basic shares outstanding 315,858 319,990 319,563 Dilutive effect of stock options and other 875 783 259 316,733 320,773 319,822 Diluted net earnings per share $ 7.42 $ 4.10 $ 2.48 |
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, 2018 2017 2016 Anti-dilutive stock options: Weighted-average shares 156 407 942 Weighted-average exercise price $ 65.80 $ 59.07 $ 47.04 |
Segments (Tables)
Segments (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Segment Reporting [Abstract] | |
Segments | Nucor’s results by segment are as follows (in thousands): Year Ended December 31, 2018 2017 2016 Net sales to external customers: Steel mills $ 16,245,218 $ 12,929,709 $ 10,546,847 Steel products 6,796,501 5,579,744 4,452,649 Raw materials 2,025,560 1,742,940 1,208,626 $ 25,067,279 $ 20,252,393 $ 16,208,122 Intercompany sales: Steel mills $ 3,924,160 $ 2,916,017 $ 2,066,547 Steel products 207,003 118,249 110,368 Raw materials 11,460,645 9,191,081 5,997,498 Corporate/eliminations (15,591,808 ) (12,225,347 ) (8,174,413 ) $ — $ — $ — Depreciation expense: Steel mills $ 378,146 $ 377,210 $ 368,859 Steel products 80,681 76,992 45,674 Raw materials 161,666 172,699 191,466 Corporate 10,386 8,932 7,193 $ 630,879 $ 635,833 $ 613,192 Amortization expense: Steel mills $ 9,400 $ 9,706 $ 7,632 Steel products 51,997 52,597 36,845 Raw materials 27,361 28,925 29,385 $ 88,758 $ 91,228 $ 73,862 Earnings (loss) before income taxes and noncontrolling interests: Steel mills $ 3,500,085 $ 1,953,075 $ 1,680,156 Steel products 467,105 337,978 294,039 Raw materials 236,241 129,296 (95,121 ) Corporate/eliminations (974,040 ) (670,392 ) (580,415 ) $ 3,229,391 $ 1,749,957 $ 1,298,659 Segment assets: Steel mills $ 9,244,086 $ 7,671,217 $ 6,980,979 Steel products 4,734,636 4,323,907 3,651,118 Raw materials 3,492,126 3,396,110 3,235,237 Corporate/eliminations 449,740 450,024 1,356,184 $ 17,920,588 $ 15,841,258 $ 15,223,518 Capital expenditures: Steel mills $ 720,310 $ 336,760 $ 357,545 Steel products 88,585 90,952 49,149 Raw materials 169,926 59,036 194,112 Corporate 18,435 20,326 16,871 $ 997,256 $ 507,074 $ 617,677 |
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, 2018 2017 2016 Net sales to external customers: Sheet $ 7,571,765 $ 6,407,974 $ 5,178,467 Bar 4,709,292 3,558,806 2,886,648 Structural 1,830,476 1,317,995 1,277,547 Plate 2,133,685 1,644,934 1,204,185 Tubular Products 1,347,577 917,235 60,106 Rebar Fabrication 1,496,194 1,306,418 1,272,338 Other Steel Products 3,952,730 3,356,091 3,120,205 Raw Materials 2,025,560 1,742,940 1,208,626 $ 25,067,279 $ 20,252,393 $ 16,208,122 |
Revenue (Tables)
Revenue (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Revenue from Contract with Customer [Abstract] | |
Schedule of Net Sales Disaggregates by Major Source | The following table disaggregates our net sales by major source for 2018 (in thousands): Year Ended December 31, 2018 Steel Mills Steel Products Raw Materials Total Sheet $ 7,571,765 $ — $ — $ 7,571,765 Bar 4,709,292 — — 4,709,292 Structural 1,830,476 — — 1,830,476 Plate 2,133,685 — — 2,133,685 Tubular Products — 1,347,577 — 1,347,577 Rebar Fabrication — 1,496,194 — 1,496,194 Other Steel Products — 3,952,730 — 3,952,730 Raw Materials — — 2,025,560 2,025,560 $ 16,245,218 $ 6,796,501 $ 2,025,560 $ 25,067,279 |
Quarterly Information (Unaudi_2
Quarterly Information (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of Quarterly Information | (in thousands, except per share data) Year Ended December 31, 2018 First Quarter Second Quarter Third Quarter Fourth Quarter Net sales $ 5,568,419 $ 6,460,774 $ 6,742,202 $ 6,295,884 Gross margin (1) 726,406 1,166,590 1,290,150 1,112,262 Net earnings (2) 380,112 713,615 706,287 681,070 Net earnings attributable to Nucor stockholders (2) 354,179 683,153 676,656 646,779 Net earnings per share: Basic $ 1.11 $ 2.14 $ 2.13 $ 2.08 Diluted $ 1.10 $ 2.13 $ 2.13 $ 2.07 (in thousands, except per share data) Year Ended December 31, 2017 First Quarter Second Quarter Third Quarter Fourth Quarter Net sales $ 4,815,179 $ 5,174,769 $ 5,170,117 $ 5,092,328 Gross margin (3) 760,250 709,625 578,964 520,568 Net earnings (4) 377,648 341,724 266,105 395,094 Net earnings attributable to Nucor stockholders (4) 356,899 323,048 254,850 383,891 Net earnings per share: Basic $ 1.11 $ 1.00 $ 0.79 $ 1.20 Diluted $ 1.11 $ 1.00 $ 0.79 $ 1.20 (1) Second quarter results include a benefit of $9.6 million related to insurance recoveries. Third quarter results include a benefit of $18.0 million related to insurance recoveries. (2) First quarter results include the write off of deferred tax assets of $21.8 million due to the change in the tax status of a subsidiary. Second quarter results include a benefit of $23.3 million (which includes the amount in gross margin) related to insurance recoveries. Third quarter results include a non-cash (3) First quarter results include inventory-related purchase accounting charges of $9.8 million related to the acquisition of Southland and Republic. (4) Third quarter results include a net benefit of $13.2 million related to tax return true-ups |
Nature of Operations and Basi_2
Nature of Operations and Basis of Presentation - Additional Information (Detail) | Dec. 31, 2018 |
Nucor-Yamato Steel Company [Member] | |
Summary Of Organization And Operations [Line Items] | |
Noncontrolling interest, ownership percentage by parent | 51.00% |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies - Additional Information (Detail) $ in Millions | 12 Months Ended |
Dec. 31, 2018USD ($) | |
Accounting Policies [Abstract] | |
Cash equivalents original maturity period | Three months or less |
Amount of increase in consolidated net sales if previous accounting guidance had continued to be used | $ 81.4 |
Amount of increase in revenue had previous accounting method been used as a percentage of sales | 0.30% |
Amount of increase in consolidated cost of products sold if previous accounting guidance had continued to be used | $ 81.4 |
Acquisitions and Dispositions -
Acquisitions and Dispositions - Additional Information (Detail) $ in Thousands | Sep. 01, 2017USD ($)FacilityT | Jan. 20, 2017USD ($)FacilityT | Jan. 09, 2017USD ($)Facility | Oct. 31, 2016USD ($)FacilityT | Dec. 31, 2018USD ($)T | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) |
Business Acquisition [Line Items] | |||||||
Goodwill | $ 2,184,336 | $ 2,196,058 | $ 2,052,728 | ||||
Republic [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Business acquisition approximate purchase price | $ 331,600 | ||||||
Approximate annual shipment tons | T | 140,000 | ||||||
Number of manufacturing facilities | Facility | 2 | ||||||
Goodwill | $ 115,562 | ||||||
ITC [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Business acquisition approximate purchase price | $ 430,100 | ||||||
Number of manufacturing facilities | Facility | 4 | ||||||
Goodwill | $ 29,522 | ||||||
Annual production capacity | T | 860,000 | ||||||
ITC [Member] | Alabama [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Number of manufacturing facilities | Facility | 2 | ||||||
ITC [Member] | Illinois [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Number of manufacturing facilities | Facility | 2 | ||||||
Other Acquisitions [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Business acquisition approximate purchase price | $ 33,100 | 212,700 | 50,100 | ||||
Southland [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Business acquisition approximate purchase price | $ 130,000 | ||||||
Southland [Member] | External Customers [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Approximate annual shipment tons | T | 290,000 | ||||||
Southland [Member] | Alabama [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Number of manufacturing facilities | Facility | 1 | ||||||
St. Louis Cold Drawn, Inc. [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Business acquisition approximate purchase price | $ 60,000 | ||||||
Approximate annual shipment tons | T | 200,000 | ||||||
Number of manufacturing facilities | Facility | 2 | ||||||
St. Louis Cold Drawn, Inc. [Member] | St Louis Missouri [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Number of manufacturing facilities | Facility | 1 | ||||||
St. Louis Cold Drawn, Inc. [Member] | Monterrey, Mexico [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Number of manufacturing facilities | Facility | 1 | ||||||
Steel Products [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Goodwill | $ 862,773 | $ 720,997 | $ 702,995 | ||||
Steel Products [Member] | Republic [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Goodwill | 115,600 | ||||||
Goodwill expected to be deductible for tax purposes | $ 118,600 | ||||||
Steel Products [Member] | ITC [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Goodwill | $ 29,500 | ||||||
Goodwill expected to be deductible for tax purposes | $ 30,500 |
Acquisitions and Dispositions_2
Acquisitions and Dispositions - Fair Values of Assets Acquired and Liabilities Assumed (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | Jan. 20, 2017 | Dec. 31, 2016 | Oct. 31, 2016 |
Business Acquisition [Line Items] | |||||
Goodwill | $ 2,184,336 | $ 2,196,058 | $ 2,052,728 | ||
Republic [Member] | |||||
Business Acquisition [Line Items] | |||||
Cash | $ 206 | ||||
Accounts receivable | 39,177 | ||||
Inventory | 33,561 | ||||
Other current assets | 1,101 | ||||
Property, plant and equipment | 67,412 | ||||
Goodwill | 115,562 | ||||
Other intangible assets | 89,200 | ||||
Other assets | 3,118 | ||||
Total assets acquired | 349,337 | ||||
Current liabilities | 17,743 | ||||
Total liabilities assumed | 17,743 | ||||
Net assets acquired | $ 331,594 | ||||
ITC [Member] | |||||
Business Acquisition [Line Items] | |||||
Cash | $ 1,058 | ||||
Accounts receivable | 33,173 | ||||
Inventory | 94,400 | ||||
Other current assets | 1,743 | ||||
Property, plant and equipment | 177,668 | ||||
Goodwill | 29,522 | ||||
Other intangible assets | 130,900 | ||||
Other assets | 1,287 | ||||
Total assets acquired | 469,751 | ||||
Current liabilities | 39,633 | ||||
Total liabilities assumed | 39,633 | ||||
Net assets acquired | $ 430,118 |
Acquisitions and Dispositions_3
Acquisitions and Dispositions - Purchase Price Allocation of Identifiable Intangible Assets (Detail) - USD ($) $ in Thousands | Jan. 20, 2017 | Oct. 31, 2016 |
Republic [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets | $ 89,200 | |
Republic [Member] | Customer Relationships [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets | $ 80,800 | |
Weighted - Average Life | 12 years | |
Republic [Member] | Trademarks and Trade Names [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets | $ 8,400 | |
Weighted - Average Life | 13 years | |
ITC [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets | $ 130,900 | |
ITC [Member] | Customer Relationships [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets | $ 119,000 | |
Weighted - Average Life | 15 years | |
ITC [Member] | Trademarks and Trade Names [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets | $ 7,100 | |
Weighted - Average Life | 15 years | |
ITC [Member] | Other [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets | $ 4,800 | |
Weighted - Average Life | 5 years |
Short-term Investments - Additi
Short-term Investments - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Short-term Investments [Abstract] | |||
Short-term investments held | $ 0 | $ 50,000,000 | |
Realized or unrealized gains or losses | $ 0 | $ 0 | $ 0 |
Accounts Receivable - Additiona
Accounts Receivable - Additional Information (Detail) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Accounts Receivable, Net [Abstract] | |||
Allowance for doubtful accounts receivable | $ 62.1 | $ 49 | $ 45.9 |
Inventories - Additional Inform
Inventories - Additional Information (Detail) | Dec. 31, 2018 | Dec. 31, 2017 |
Inventory Disclosure [Abstract] | ||
Raw materials and supplies in inventory, percentage | 43.00% | 42.00% |
Finished and semi-finished products in inventory, percentage | 57.00% | 58.00% |
Property, Plant and Equipment -
Property, Plant and Equipment - Schedule of Property, Plant and Equipment (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 14,525,075 | $ 13,789,971 |
Less accumulated depreciation | (9,190,327) | (8,696,824) |
Property, plant and equipment, net, total | 5,334,748 | 5,093,147 |
Land and Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 654,786 | 639,878 |
Buildings and Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 1,283,182 | 1,249,350 |
Machinery and Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 11,101,840 | 10,937,416 |
Proved Oil and Gas Properties [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 557,383 | 556,507 |
Leasehold Interest in Unproved Oil and Gas Properties [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 165,000 | 165,000 |
Construction in Process and Equipment Deposits [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 762,884 | $ 241,820 |
Property, Plant and Equipment_2
Property, Plant and Equipment - Additional Information (Detail) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended | |
Sep. 29, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | |
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, net | $ 5,334,748 | $ 5,093,147 | |
Impairment of assets | $ 110,000 | ||
Carrying Value of Two Field of Wells [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, net | $ 71,000 | ||
Impairment of assets | 110,000 | ||
Carrying Value of Third Field of Wells [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, net | $ 51,800 | ||
Land and Improvements [Member] | Minimum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Estimated useful lives range | 5 years | ||
Land and Improvements [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 |
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, 2018 | Dec. 31, 2017 | |
Goodwill [Line Items] | ||
Balance, beginning of period | $ 2,196,058 | $ 2,052,728 |
Acquisitions | 132,332 | |
Translation | (11,722) | 10,998 |
Balance, end of period | 2,184,336 | 2,196,058 |
Steel Mills [Member] | ||
Goodwill [Line Items] | ||
Balance, beginning of period | 745,484 | 620,156 |
Reclassifications | (153,498) | |
Acquisitions | 125,328 | |
Balance, end of period | 591,986 | 745,484 |
Steel Products [Member] | ||
Goodwill [Line Items] | ||
Balance, beginning of period | 720,997 | 702,995 |
Reclassifications | 153,498 | |
Acquisitions | 7,004 | |
Translation | (11,722) | 10,998 |
Balance, end of period | 862,773 | 720,997 |
Raw Materials [Member] | ||
Goodwill [Line Items] | ||
Balance, beginning of period | 729,577 | 729,577 |
Balance, end of period | $ 729,577 | $ 729,577 |
Goodwill and Other Intangible_4
Goodwill and Other Intangible Assets - Additional Information (Detail) - USD ($) | 3 Months Ended | 12 Months Ended | ||||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Finite And Indefinite Lived Intangible Assets [Line Items] | ||||||
Intangible asset amortization expense | $ 88,800,000 | $ 91,200,000 | $ 73,900,000 | |||
Future amortization expense, in 2019 | $ 87,100,000 | 87,100,000 | ||||
Future amortization expense, in 2020 | 84,700,000 | 84,700,000 | ||||
Future amortization expense, in 2021 | 83,500,000 | 83,500,000 | ||||
Future amortization expense, in 2022 | 81,200,000 | 81,200,000 | ||||
Future amortization expense, in 2023 | 80,000,000 | 80,000,000 | ||||
Impairment of goodwill | 0 | $ 0 | $ 0 | |||
Goodwill | 2,184,336,000 | 2,196,058,000 | $ 2,052,728,000 | 2,184,336,000 | 2,196,058,000 | $ 2,052,728,000 |
Finite-lived intangible assets | 828,504,000 | $ 914,646,000 | $ 828,504,000 | $ 914,646,000 | ||
Rebar Fabrication [Member] | ||||||
Finite And Indefinite Lived Intangible Assets [Line Items] | ||||||
Percentage of fair value exceeded carrying value | 8.00% | |||||
Goodwill | 353,000,000 | $ 353,000,000 | ||||
Finite-lived intangible assets | $ 76,700,000 | $ 76,700,000 | ||||
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 | 22 years |
Goodwill and Other Intangible_5
Goodwill and Other Intangible Assets - Schedule of Intangible Assets (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets, Gross Amount | $ 1,662,116 | $ 1,659,500 |
Intangible assets, Accumulated Amortization | 833,612 | 744,854 |
Customer Relationships [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets, Gross Amount | 1,418,250 | 1,420,224 |
Intangible assets, Accumulated Amortization | 713,656 | 641,089 |
Trademarks and Trade Names [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets, Gross Amount | 176,046 | 176,471 |
Intangible assets, Accumulated Amortization | 87,680 | 77,208 |
Other [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets, Gross Amount | 67,820 | 62,805 |
Intangible assets, Accumulated Amortization | $ 32,276 | $ 26,557 |
Equity Investments - Additional
Equity Investments - Additional Information (Detail) $ in Thousands, € in Millions | 12 Months Ended | ||||
Dec. 31, 2018USD ($)Sheet | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2018EUR (€) | Dec. 31, 2017EUR (€) | |
Schedule of Equity Method Investments [Line Items] | |||||
Equity method investment | $ 869,900 | $ 750,100 | |||
Distributions from affiliates | 30,196 | 49,295 | $ 40,602 | ||
Amortization expense due to fair value step-up | 88,758 | 91,228 | 73,862 | ||
NuMit LLC [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Equity method investment | $ 337,200 | 321,400 | |||
Equity method investment, ownership percentage | 50.00% | 50.00% | |||
Period used for lag basis, in months | 1 month | ||||
Distributions from affiliates | $ 29,200 | 48,300 | 38,600 | ||
Steel Technologies LLC [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Equity method investment, ownership percentage | 100.00% | 100.00% | |||
Number of sheet processing facilities operated by Steel Technologies | Sheet | 26 | ||||
Duferdofin Nucor S.r.l. [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Equity method investment | $ 269,100 | 285,900 | |||
Equity method investment, ownership percentage | 50.00% | 50.00% | |||
Period used for lag basis, in months | 1 month | ||||
Equity method investments, share of net assets | $ 113,500 | ||||
Basis difference due to the step-up to fair value of certain assets and liabilities | 155,600 | ||||
Step-up to fair value of equity method investment, portion related to identification of goodwill | 88,500 | ||||
Amortization expense due to fair value step-up | 9,300 | 8,900 | $ 8,800 | ||
Due from related parties, noncurrent | $ 40,200 | 41,900 | € 35 | € 35 | |
Notes receivable, related parties, interest rate | 0.84% | ||||
Interest rate per year in excess of Euribor as of date of the notes | 1.00% | ||||
Equity method investments notes payable with parent company, maturity date | Jan. 31, 2022 | ||||
Nucor JFE [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Equity method investment | $ 135,700 | 71,100 | |||
Equity method investment, ownership percentage | 50.00% | 50.00% | |||
Period used for lag basis, in months | 1 month | ||||
Facility A [Member] | Duferdofin Nucor S.r.l. [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Equity method investments credit facilities, amount | $ 183,700 | € 160 | |||
Total amount outstanding under equity method investments credit facilities | $ 178,000 | $ 146,700 | € 155 | € 122.5 | |
Guarantor obligation percentage of exposure in case of default | 50.00% | 50.00% | |||
Line of credit facility, maturity period | Apr. 16, 2021 |
Current Liabilities - Additiona
Current Liabilities - Additional Information (Detail) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Liabilities, Current [Abstract] | ||
Book overdrafts | $ 89.8 | $ 139.2 |
Dividends payable, current | $ 123.4 | $ 121.8 |
Debt and Other Financing Arra_3
Debt and Other Financing Arrangements - Schedule of Debt and Other Financing Arrangements (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Apr. 30, 2018 | Dec. 31, 2017 |
Debt Instrument [Line Items] | |||
Total long-term debt | $ 4,260,600 | $ 3,760,600 | |
Less debt issuance costs | 27,324 | $ 11,900 | 18,358 |
Total amounts outstanding | 4,233,276 | 3,742,242 | |
Less current maturities | 500,000 | ||
Total long-term debt due after one year | 4,233,276 | 3,242,242 | |
Notes, 5.85%, due June 1st, 2018 [Member] | |||
Debt Instrument [Line Items] | |||
Debt instrument face amount | 500,000 | ||
Notes, 4.125%, due 2022 [Member] | |||
Debt Instrument [Line Items] | |||
Debt instrument face amount | 600,000 | 600,000 | |
Notes, 4.0%, due 2023 [Member] | |||
Debt Instrument [Line Items] | |||
Debt instrument face amount | 500,000 | 500,000 | |
Notes, 3.95%, due 2028 [Member] | |||
Debt Instrument [Line Items] | |||
Debt instrument face amount | 500,000 | 500,000 | |
Notes, 6.40%, due 2037 [Member] | |||
Debt Instrument [Line Items] | |||
Debt instrument face amount | 650,000 | 650,000 | |
Notes, 5.20%, due 2043 [Member] | |||
Debt Instrument [Line Items] | |||
Debt instrument face amount | 500,000 | 500,000 | |
Notes, 4.40%, due 2048 [Member] | |||
Debt Instrument [Line Items] | |||
Debt instrument face amount | 500,000 | $ 500,000 | |
Industrial Revenue Bonds [Member] | Due from 2020 to 2040 [Member] | |||
Debt Instrument [Line Items] | |||
Debt instrument face amount | $ 1,010,600 | $ 1,010,600 |
Debt and Other Financing Arra_4
Debt and Other Financing Arrangements - Schedule of Debt and Other Financing Arrangements (Parenthetical) (Detail) | Apr. 30, 2018 | Dec. 31, 2018 | Dec. 31, 2017 |
Due from 2020 to 2040 [Member] | Industrial Revenue Bonds [Member] | |||
Debt Instrument [Line Items] | |||
Debt instrument - maturity year - start | 2,020 | ||
Debt instrument - maturity year - end | 2,040 | ||
Due from 2020 to 2040 [Member] | Industrial Revenue Bonds [Member] | Minimum [Member] | |||
Debt Instrument [Line Items] | |||
Debt instrument interest rate | 1.88% | 1.65% | |
Due from 2020 to 2040 [Member] | Industrial Revenue Bonds [Member] | Maximum [Member] | |||
Debt Instrument [Line Items] | |||
Debt instrument interest rate | 2.03% | 1.92% | |
Notes, 5.85%, due June 1st, 2018 [Member] | |||
Debt Instrument [Line Items] | |||
Debt instrument interest rate | 5.85% | ||
Debt instrument - maturity year | 2,018 | ||
Notes, 4.125%, due 2022 [Member] | |||
Debt Instrument [Line Items] | |||
Debt instrument interest rate | 4.125% | ||
Debt instrument - maturity year | 2,022 | ||
Notes, 4.0%, due 2023 [Member] | |||
Debt Instrument [Line Items] | |||
Debt instrument interest rate | 4.00% | ||
Debt instrument - maturity year | 2,023 | ||
Notes, 3.95%, due 2028 [Member] | |||
Debt Instrument [Line Items] | |||
Debt instrument interest rate | 3.95% | 3.95% | |
Debt instrument - maturity year | 2,028 | 2,028 | |
Notes, 6.40%, due 2037 [Member] | |||
Debt Instrument [Line Items] | |||
Debt instrument interest rate | 6.40% | ||
Debt instrument - maturity year | 2,037 | ||
Notes, 5.20%, due 2043 [Member] | |||
Debt Instrument [Line Items] | |||
Debt instrument interest rate | 5.20% | ||
Debt instrument - maturity year | 2,043 | ||
Notes, 4.40%, due 2048 [Member] | |||
Debt Instrument [Line Items] | |||
Debt instrument interest rate | 4.40% | 4.40% | |
Debt instrument - maturity year | 2,048 | 2,048 |
Debt and Other Financing Arra_5
Debt and Other Financing Arrangements - Additional Information (Detail) - USD ($) | Apr. 30, 2018 | Jun. 30, 2018 | Dec. 31, 2018 | Dec. 31, 2017 |
Debt Instrument [Line Items] | ||||
Annual aggregate long-term debt maturities - 2019 | $ 0 | |||
Annual aggregate long-term debt maturities - 2020 | 20,000,000 | |||
Annual aggregate long-term debt maturities - 2021 | 0 | |||
Annual aggregate long-term debt maturities - 2022 | 601,000,000 | |||
Annual aggregate long-term debt maturities - 2023 | 500,000,000 | |||
Annual aggregate long-term debt maturities - thereafter | 3,140,000,000 | |||
Net proceeds of debt issuances | $ 986,100,000 | |||
Debt issuance costs | 11,900,000 | $ 27,324,000 | $ 18,358,000 | |
Ratio funded debt to total capital | 30.00% | |||
Credit facilities, amount outstanding | $ 57,870,000 | 52,833,000 | ||
Notes, 3.95%, due 2028 [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt instrument face amount | $ 500,000,000 | $ 500,000,000 | ||
Debt instrument interest rate | 3.95% | 3.95% | ||
Debt instrument - maturity year | 2,028 | 2,028 | ||
Notes, 4.40%, due 2048 [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt instrument face amount | $ 500,000,000 | $ 500,000,000 | ||
Debt instrument interest rate | 4.40% | 4.40% | ||
Debt instrument - maturity year | 2,048 | 2,048 | ||
Notes, 5.85%, due June 1st, 2018 [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt instrument face amount | $ 500,000,000 | |||
Debt instrument interest rate | 5.85% | |||
Debt instrument - maturity year | 2,018 | |||
Repayments of debt | $ 500,000,000 | |||
Debt instrument - maturity date | Jun. 1, 2018 | |||
Harris Steel [Member] | ||||
Debt Instrument [Line Items] | ||||
Credit facility availability | $ 7,500,000 | $ 7,800,000 | ||
Credit facilities, amount outstanding | 0 | |||
Amended and Restated Revolving Credit Facility [Member] | ||||
Debt Instrument [Line Items] | ||||
Credit facility availability | $ 1,500,000,000 | |||
Line of revolving credit facility expiration date | 2023-04 | |||
Ratio on the limit of funded debt to capital on credit facility | 60.00% | |||
Credit facilities, amount outstanding | 0 | 0 | ||
Letter of Credit [Member] | ||||
Debt Instrument [Line Items] | ||||
Credit facility availability | $ 100,000,000 | |||
Credit facilities, amount outstanding | 56,200,000 | 40,000,000 | ||
Letter of Credit [Member] | Nucor Trading S.A. [Member] | ||||
Debt Instrument [Line Items] | ||||
Credit facilities, amount outstanding | $ 57,900,000 | $ 52,800,000 | ||
Foreign Currency Loans [Member] | Amended and Restated Revolving Credit Facility [Member] | ||||
Debt Instrument [Line Items] | ||||
Credit facility availability | 850,000,000 | |||
Revolving Loans For Nucor Subsidiaries [Member] | Amended and Restated Revolving Credit Facility [Member] | ||||
Debt Instrument [Line Items] | ||||
Credit facility availability | 500,000,000 | |||
Additional Commitments at Nucor's Election in Accordance with Terms of Credit Agreement [Member] | Amended and Restated Revolving Credit Facility [Member] | ||||
Debt Instrument [Line Items] | ||||
Credit facility availability | $ 500,000,000 |
Capital Stock - Additional Info
Capital Stock - Additional Information (Detail) - USD ($) | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Sep. 06, 2018 | |
Capital Stock [Line Items] | ||||
The par value of common stock | $ 0.40 | |||
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 | $ 1.5400 | $ 1.5125 | $ 1.5025 | |
Repurchase of common stock | $ 853,997,000 | $ 90,304,000 | $ 5,173,000 | |
Common Stock [Member] | ||||
Capital Stock [Line Items] | ||||
Share repurchase program available repurchase amount | $ 1,500,000,000 | |||
Common Stock [Member] | Maximum [Member] | ||||
Capital Stock [Line Items] | ||||
Share repurchase program authorized amount | $ 2,000,000,000 |
Derivative Financial Instrume_3
Derivative Financial Instruments - Fair Values of Derivative Instruments (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Derivatives, Fair Value [Line Items] | ||
Derivative Assets, Fair Value | $ 4,772 | $ 479 |
Derivative Liabilities, Fair Value | (8,600) | (8,531) |
Derivatives Designated as Hedging Instrument [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liabilities, Fair Value | (8,600) | (4,500) |
Derivatives Not Designated as Hedging Instrument [Member] | Other Current Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Assets, Fair Value | 4,672 | 479 |
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 | (2,100) | |
Commodity Contracts [Member] | Derivatives Designated as Hedging Instrument [Member] | Deferred Credits and Other Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liabilities, Fair Value | (8,600) | (2,400) |
Commodity Contracts [Member] | Derivatives Designated as Hedging Instrument [Member] | Other Current Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Assets, Fair Value | 100 | |
Commodity Contracts [Member] | Derivatives Not Designated as Hedging Instrument [Member] | Accrued Expenses and Other Current Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liabilities, Fair Value | (4,031) | |
Commodity Contracts [Member] | Derivatives Not Designated as Hedging Instrument [Member] | Other Current Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Assets, Fair Value | 2,617 | |
Foreign Exchange Contracts [Member] | Derivatives Not Designated as Hedging Instrument [Member] | Other Current Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Assets, Fair Value | $ 2,055 | $ 479 |
Derivative Financial Instrume_4
Derivative Financial Instruments - Effect of Derivatives Instruments on Consolidated Statements of Earnings (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of Gain or (Loss), net of tax, Recognized in OCI on Derivatives (Effective Portion) | $ (3,568) | $ (4,523) | $ 2,570 |
Amount of Gain or (Loss), net of tax, Reclassified from Accumulated OCI into Earnings on Derivatives (Effective Portion) | 132 | (973) | (9,880) |
Derivatives Not Designated as Hedging Instrument [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of Gain or (Loss) Recognized in Earnings on Derivatives | 18,181 | (15,317) | (3,013) |
Cost of Products Sold [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of Gain or (Loss), net of tax, Reclassified from Accumulated OCI into Earnings on Derivatives (Effective Portion) | 132 | (973) | |
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 | 14,572 | (11,973) | (3,251) |
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) | (3,568) | (4,523) | 2,570 |
Amount of Gain or (Loss), net of tax, Reclassified from Accumulated OCI into Earnings on Derivatives (Effective Portion) | 132 | (973) | (9,880) |
Amount of Gain or (Loss) net of tax, Recognized in Earnings on Derivatives (Ineffective Portion) | 0 | 0 | 0 |
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 | $ 3,609 | $ (3,344) | $ 238 |
Derivative Financial Instrume_5
Derivative Financial Instruments - Additional Information (Detail) MMBTU in Millions | Dec. 31, 2018MMBTU |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Notional amount of commodity derivatives | 47 |
Fair Value Measurements - Sched
Fair Value Measurements - Schedule of Financial Assets and Liabilities Measured at Fair Value (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Short-term investments | $ 0 | $ 50,000 | |
Derivative contracts | 4,772 | 479 | |
Total assets | 17,920,588 | 15,841,258 | $ 15,223,518 |
Derivative contracts | (8,600) | (8,531) | |
Reported Value Measurement [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Cash equivalents | 1,084,319 | 594,946 | |
Short-term investments | 50,000 | ||
Derivative contracts | 4,772 | 479 | |
Total assets | 1,089,091 | 645,425 | |
Derivative contracts | (8,600) | (8,531) | |
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 | 1,084,319 | 594,946 | |
Short-term investments | 50,000 | ||
Total assets | 1,084,319 | 644,946 | |
Significant Other Observable Inputs (Level 2) [Member] | Fair Value, Measurements, Recurring [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Derivative contracts | 4,772 | 479 | |
Total assets | 4,772 | 479 | |
Derivative contracts | $ (8,600) | $ (8,531) |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Detail) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Fair Value Disclosures [Abstract] | ||
Fair value of short-term and long-term debt, including current maturities | $ 4,450 | $ 4,190 |
Contingencies - Additional Info
Contingencies - Additional Information (Detail) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Commitments and Contingencies Disclosure [Abstract] | ||
Accrual for environmental loss contingencies, gross | $ 18.4 | $ 17.1 |
Accrued environmental loss contingencies, current | 7 | 3.8 |
Accrued environmental loss contingencies, noncurrent | $ 11.4 | $ 13.3 |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Detail) $ / shares in Units, $ in Millions | 12 Months Ended | |||
Dec. 31, 2018USD ($)$ / sharesAnniversariesInstallmentshares | Dec. 31, 2017USD ($)$ / shares | Dec. 31, 2016USD ($)$ / shares | May 08, 2014shares | |
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 | 100.00% | |||
Total intrinsic value of stock options exercised | $ 12.6 | $ 4.5 | $ 6.8 | |
Total aggregate intrinsic value of stock options | 16.8 | |||
Total aggregate intrinsic value of stock option exercisable | $ 14.3 | |||
Grant date fair value of stock options granted | $ / shares | $ 15.07 | $ 12.61 | $ 9.12 | |
Compensation expenses for stock options | $ 4.6 | $ 8.2 | $ 7.8 | |
Omnibus Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock based compensation, common stock available for grant | shares | 5,900,000 | |||
Omnibus Plan [Member] | Maximum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock based compensation, common stock available for grant | shares | 13,000,000 | |||
Inactive Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Shares reserved for future issuance | shares | 1,900,000 | |||
Restricted Stock [Member] | LTIP [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Portion of restricted stock award vesting on anniversary | 0.333% | |||
Eligible age of officer for restricted stock award | 55 years | |||
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 | $ 1.6 | |||
Weighted-average recognition period for unrecognized compensation expense related to stock (years) | 1 year 8 months 12 days | |||
Restricted Stock Units [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Unrecognized compensation expense related to stock | $ 46.7 | |||
Weighted-average recognition period for unrecognized compensation expense related to stock (years) | 1 year 8 months 12 days | |||
Number of anniversaries of grant date upon which restricted stock units vest | Anniversaries | 3 | |||
Installments in which restricted stock units vest and are converted to common stock | Installment | 3 | |||
Compensation expense | $ 54.3 | 38 | 33.9 | |
Total fair value of shares, vested | $ 54.4 | 39.9 | 33.4 | |
Restricted Stock Units [Member] | AIP [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Eligible age of officer for restricted stock award | 55 years | |||
Amount of annual incentive award payment participant can elect to defer | 50.00% | |||
Additional common stock units for election of deferred annual incentive award, percentage | 25.00% | |||
Restricted Stock Awards and Units [Member] | AIP and LTIP [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Unrecognized compensation expense related to stock | $ 1.6 | |||
Weighted-average recognition period for unrecognized compensation expense related to stock (years) | 1 year 8 months 12 days | |||
Compensation expense | $ 14.6 | 17.9 | 14.8 | |
Total fair value of shares, vested | $ 14.7 | $ 9 | $ 5.2 |
Stock-Based Compensation - Sche
Stock-Based Compensation - Schedule of Stock Option Plans Activity (Detail) - $ / shares shares in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||
Outstanding at beginning of year, Shares | 4,106 | 3,591 | 3,092 |
Granted, Shares | 265 | 698 | 899 |
Exercised, Shares | (543) | (183) | (400) |
Canceled, Shares | 0 | 0 | 0 |
Outstanding at end of year, Shares | 3,828 | 4,106 | 3,591 |
Options exercisable at end of year, Shares | 2,112 | 1,809 | 1,557 |
Outstanding at beginning of year, Weighted - Average Exercise Price | $ 47.96 | $ 45.32 | $ 43.51 |
Granted, Weighted - Average Exercise Price | 65.80 | 59.07 | 48.80 |
Exercised, Weighted - Average Exercise Price | 44.33 | 38.56 | 39.19 |
Canceled, Weighted - Average Exercise Price | 0 | 0 | 0 |
Outstanding at end of period, Weighted - Average Exercise Price | 49.71 | 47.96 | 45.32 |
Options exercisable at end of year, Weighted - Average Exercise Price | $ 45.41 | $ 43.39 | $ 40.80 |
Stock-Based Compensation - Summ
Stock-Based Compensation - Summary of Stock Options Outstanding (Detail) shares in Thousands | 12 Months Ended |
Dec. 31, 2018$ / sharesshares | |
$35.00 - $45.00 [Member] | |
Schedule Of Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding By Exercise Price [Line Items] | |
Options Outstanding, Number Outstanding | shares | 967 |
Options Outstanding, Weighted-Average Remaining Contractual Life | 3 years 8 months 12 days |
Options Outstanding, Weighted-Average Exercise Price | $ 40.31 |
Options Exercisable, Number Exercisable | shares | 967 |
Options Exercisable, Weighted-Average Exercise Price | $ 40.31 |
$35.00 - $45.00 [Member] | Minimum [Member] | |
Schedule Of Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding By Exercise Price [Line Items] | |
Exercise Price | 35 |
$35.00 - $45.00 [Member] | Maximum [Member] | |
Schedule Of Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding By Exercise Price [Line Items] | |
Exercise Price | $ 45 |
$45.01 - $55.00 [Member] | |
Schedule Of Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding By Exercise Price [Line Items] | |
Options Outstanding, Number Outstanding | shares | 1,897 |
Options Outstanding, Weighted-Average Remaining Contractual Life | 6 years 8 months 12 days |
Options Outstanding, Weighted-Average Exercise Price | $ 48.81 |
Options Exercisable, Number Exercisable | shares | 1,064 |
Options Exercisable, Weighted-Average Exercise Price | $ 48.81 |
$45.01 - $55.00 [Member] | Minimum [Member] | |
Schedule Of Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding By Exercise Price [Line Items] | |
Exercise Price | 45.01 |
$45.01 - $55.00 [Member] | Maximum [Member] | |
Schedule Of Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding By Exercise Price [Line Items] | |
Exercise Price | $ 55 |
$55.01 - $65.00 [Member] | |
Schedule Of Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding By Exercise Price [Line Items] | |
Options Outstanding, Number Outstanding | shares | 698 |
Options Outstanding, Weighted-Average Remaining Contractual Life | 8 years 4 months 24 days |
Options Outstanding, Weighted-Average Exercise Price | $ 59.07 |
Options Exercisable, Number Exercisable | shares | 48 |
Options Exercisable, Weighted-Average Exercise Price | $ 59.07 |
$55.01 - $65.00 [Member] | Minimum [Member] | |
Schedule Of Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding By Exercise Price [Line Items] | |
Exercise Price | 55.01 |
$55.01 - $65.00 [Member] | Maximum [Member] | |
Schedule Of Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding By Exercise Price [Line Items] | |
Exercise Price | $ 65 |
$65.01 - $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 | 266 |
Options Outstanding, Weighted-Average Remaining Contractual Life | 9 years 4 months 24 days |
Options Outstanding, Weighted-Average Exercise Price | $ 65.80 |
Options Exercisable, Number Exercisable | shares | 33 |
Options Exercisable, Weighted-Average Exercise Price | $ 65.80 |
$65.01 - $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 | 65.01 |
$65.01 - $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 |
$35.00 - $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 | 3,828 |
Options Outstanding, Weighted-Average Remaining Contractual Life | 6 years 4 months 24 days |
Options Outstanding, Weighted-Average Exercise Price | $ 49.71 |
Options Exercisable, Number Exercisable | shares | 2,112 |
Options Exercisable, Weighted-Average Exercise Price | $ 45.41 |
$35.00 - $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 | 35 |
$35.00 - $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 |
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, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||
Exercise price | $ 65.80 | $ 59.07 | $ 48.80 |
Expected dividend yield | 2.31% | 2.56% | 3.07% |
Expected stock price volatility | 25.28% | 26.53% | 26.14% |
Risk-free interest rate | 2.85% | 2.02% | 1.67% |
Expected life (in 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, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Unvested at beginning of year, Shares | 1,071 | 1,040 | 1,031 |
Granted, Shares | 1,013 | 721 | 723 |
Vested, Shares | (827) | (677) | (681) |
Canceled, Shares | (11) | (13) | (33) |
Unvested at end of year, Shares | 1,246 | 1,071 | 1,040 |
Unvested at beginning of year, Grant Date Fair Value | $ 52.62 | $ 48.47 | $ 47.93 |
Granted, Grant Date Fair Value | 65.80 | 59.07 | 48.80 |
Vested, Grant Date Fair Value | 58.98 | 53.17 | 48.09 |
Canceled, Grant Date Fair Value | 55.02 | 50.21 | 46.44 |
Unvested at end of year, Grant Date Fair Value | $ 59.09 | $ 52.62 | $ 48.47 |
Stock-Based Compensation - Su_3
Stock-Based Compensation - Summary of Nucor's Restricted Stock Activity under AIP and LTIP (Detail) - Restricted Stock Awards and Units [Member] - AIP and LTIP [Member] - $ / shares shares in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Unvested at beginning of year, Shares | 91 | 67 | 63 |
Granted, Shares | 256 | 172 | 123 |
Vested, Shares | (217) | (148) | (116) |
Canceled, Shares | (3) | ||
Unvested at end of year, Shares | 130 | 91 | 67 |
Unvested at beginning of year, Grant Date Fair Value | $ 54.50 | $ 45.77 | $ 48.07 |
Granted, Grant Date Fair Value | 67.68 | 60.62 | 44.03 |
Vested, Grant Date Fair Value | 64.95 | 51.72 | 45.16 |
Canceled, Grant Date Fair Value | 45.75 | ||
Unvested at end of year, Grant Date Fair Value | $ 62.97 | $ 54.50 | $ 45.77 |
Employee Benefit Plans - Additi
Employee Benefit Plans - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Employee Benefit Plan [Abstract] | |||
Profit Sharing and Retirement Savings Plan, plan expense | $ 307.9 | $ 169.4 | $ 129 |
Unfunded obligation | 25.5 | 25.1 | |
Benefit (expense) associated with early retiree medical plan | $ 2.1 | $ 2.2 | $ 0.6 |
Discount rate used to calculate benefit obligation | 4.24% | 3.60% | 4.20% |
Health care cost trend rate | 6.30% | 6.60% | 6.80% |
Projected ultimate future health care cost trend rate | 4.50% | ||
Year that trend rate is projected to reach ultimate rate | 2,037 |
Interest Expense (Income) - Sch
Interest Expense (Income) - Schedule of Components of Net Interest Expense (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Interest Revenue (Expense), Net [Abstract] | |||
Interest expense | $ 161,256 | $ 187,282 | $ 181,179 |
Interest income | (25,721) | (13,702) | (11,935) |
Interest expense, net | $ 135,535 | $ 173,580 | $ 169,244 |
Interest Expense (Income) - Add
Interest Expense (Income) - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Interest Revenue (Expense), Net [Abstract] | |||
Interest paid | $ 165.7 | $ 186.8 | $ 183.4 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||
Sep. 29, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Income Tax Disclosure [Line Items] | |||||||
U.S. corporate federal income tax rate | 21.00% | 35.00% | 35.00% | ||||
Net tax benefit related to Tax Reform Act | $ 175,200 | $ 175,200 | |||||
Transition tax expense | $ 2,400 | ||||||
Tax expense from revaluation of temporary return to provision adjustment | $ 3,400 | ||||||
Increase in effective tax rate on continuing operations | 2.06% | ||||||
Effective income tax rate | 23.17% | 21.11% | 30.67% | ||||
Deferred tax assets write-off | $ 21,800 | $ 21,300 | |||||
Percentage of deferred tax assets write-off, other | 0.66% | ||||||
Domestic manufacturing deduction | (0.00%) | (2.58%) | (2.11%) | ||||
Tax Reform Act | 0.18% | (10.01%) | 0.00% | ||||
Non-current deferred tax liabilities included in deferred credits and other liabilities | 329,300 | $ 332,000 | $ 329,300 | ||||
Non-current deferred tax assets included in other assets | 600 | 700 | 600 | ||||
Net federal, state and foreign income taxes paid (refund received) | 561,100 | 699,800 | $ 329,300 | ||||
Current federal and state income taxes receivable | 212,500 | 26,200 | 212,500 | ||||
Unrecognized tax benefits | 48,845 | 48,605 | 48,845 | 44,088 | $ 50,510 | ||
Amount of unrecognized tax benefits affects effective tax rate | 48,200 | 48,000 | 48,200 | ||||
Estimate of possible decrease in gross uncertain tax positions, exclusive of interest, as a result of the expiration of the statute of limitations | 7,400 | ||||||
Expense (benefit) for interest and penalties | (4,000) | (2,200) | $ (2,800) | ||||
Accrued interest and penalties related to uncertain tax positions | 16,100 | 11,200 | 16,100 | ||||
Foreign Tax Credit Carryforwards [Member] | |||||||
Income Tax Disclosure [Line Items] | |||||||
Write off of foreign tax credit carryforward and related valuation allowance due to treasury dept regulations | $ 59,900 | ||||||
Write off of foreign tax credit carryforward and related valuation allowance due to change in tax status of subsidiary | $ 14,500 | ||||||
State and Local Jurisdiction [Member] | |||||||
Income Tax Disclosure [Line Items] | |||||||
State net operating loss carryforwards | 605,900 | 483,000 | 605,900 | ||||
Foreign Country [Member] | |||||||
Income Tax Disclosure [Line Items] | |||||||
Foreign net operating loss carryforwards | $ 28,300 | $ 58,600 | $ 28,300 | ||||
Maximum [Member] | State and Local Jurisdiction [Member] | |||||||
Income Tax Disclosure [Line Items] | |||||||
Unused net operating loss carryforward expiration year | 2,038 | ||||||
Maximum [Member] | Foreign Country [Member] | |||||||
Income Tax Disclosure [Line Items] | |||||||
Unused net operating loss carryforward expiration year | 2,037 | ||||||
Minimum [Member] | State and Local Jurisdiction [Member] | |||||||
Income Tax Disclosure [Line Items] | |||||||
Unused net operating loss carryforward expiration year | 2,019 | ||||||
Minimum [Member] | Foreign Country [Member] | |||||||
Income Tax Disclosure [Line Items] | |||||||
Unused net operating loss carryforward expiration year | 2,029 |
Income Taxes - Components of Ea
Income Taxes - Components of Earnings (Losses) from Continuing Operations Before Income Taxes and Noncontrolling Interests (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |||
United States | $ 3,160,111 | $ 1,610,652 | $ 1,241,117 |
Foreign | 69,280 | 139,305 | 57,542 |
Earnings before income taxes and noncontrolling interests | $ 3,229,391 | $ 1,749,957 | $ 1,298,659 |
Income Taxes - Provision for In
Income Taxes - Provision for Income Taxes (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Components of Income Tax Expense (Benefit), Continuing Operations [Abstract] | |||
Federal, current | $ 633,868 | $ 504,865 | $ 286,224 |
State, current | 96,622 | 37,308 | 27,353 |
Foreign, current | 14,800 | 48,386 | 13,211 |
Total current | 745,290 | 590,559 | 326,788 |
Federal, deferred | 4,953 | (207,006) | 71,777 |
State, deferred | 6,847 | (4,533) | 5,193 |
Foreign, deferred | (8,783) | (9,634) | (5,515) |
Total deferred | 3,017 | (221,173) | 71,455 |
Total provision for income taxes | $ 748,307 | $ 369,386 | $ 398,243 |
Income Taxes - Reconciliation o
Income Taxes - Reconciliation of the Federal Statutory Tax Rate to Total Provisions (Detail) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |||
Taxes computed at statutory rate | 21.00% | 35.00% | 35.00% |
State income taxes, net of federal income tax benefit | 2.52% | 1.22% | 1.67% |
Federal research credit | (0.14%) | (0.24%) | (0.28%) |
Domestic manufacturing deduction | (0.00%) | (2.58%) | (2.11%) |
Equity in losses of foreign joint venture | 0.08% | 0.13% | 0.27% |
Foreign rate differential | (0.07%) | (0.62%) | (1.05%) |
Noncontrolling interests | (0.78%) | (1.24%) | (2.81%) |
Tax Reform Act | 0.18% | (10.01%) | 0.00% |
Out-of-period correction | (0.00%) | (0.00%) | (0.22%) |
Other, net | 0.38% | (0.55%) | 0.20% |
Provision for income taxes | 23.17% | 21.11% | 30.67% |
Income Taxes - Deferred Tax Ass
Income Taxes - Deferred Tax Assets and Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Components of Deferred Tax Assets and Liabilities [Abstract] | ||
Accrued liabilities and reserves | $ 128,553 | $ 127,955 |
Allowance for doubtful accounts | 20,134 | 15,136 |
Inventory | 63,950 | 61,522 |
Post-retirement benefits | 8,746 | 9,167 |
Commodity hedges | 1,393 | 2,056 |
Net operating loss carryforward | 27,131 | 19,895 |
Tax credit carryforwards | 16,792 | 92,380 |
Other deferred tax assets | 779 | |
Valuation allowance | (30,104) | (96,107) |
Total deferred tax assets | 237,374 | 232,004 |
Holdbacks and amounts not due under contracts | (10,731) | (10,214) |
Intangibles | (167,374) | (164,716) |
Property, plant and equipment | (390,575) | (385,815) |
Total deferred tax liabilities | (568,680) | (560,745) |
Total net deferred tax liabilities | $ (331,306) | $ (328,741) |
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, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Balance at beginning of year | $ 48,845 | $ 44,088 | $ 50,510 |
Additions based on tax positions related to current year | 16,424 | 11,154 | 6,157 |
Reductions based on tax positions related to current year | 0 | 0 | 0 |
Additions based on tax positions related to prior years | 199 | 2,556 | 147 |
Reductions based on tax positions related to prior years | (8,198) | (5,461) | (8,201) |
Reductions due to settlements with taxing authorities | (2,160) | (258) | |
Reductions due to statute of limitations lapse | (6,505) | (3,492) | (4,267) |
Balance at end of year | $ 48,605 | $ 48,845 | $ 44,088 |
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, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |||
Beginning Balance, Gains and Losses on Hedging Derivatives | $ (2,800) | $ 750 | |
Other comprehensive income (loss) before reclassifications, Gains and Losses on Hedging Derivatives | (3,568) | (4,523) | $ 2,570 |
Amounts reclassified from accumulated other comprehensive (loss) income into earnings, Gains and Losses on Hedging Derivatives | (132) | 973 | 9,880 |
Net current-period other comprehensive income (loss), Gains and Losses on Hedging Derivatives | (3,700) | (3,550) | |
Ending Balance, Gains and Losses on Hedging Derivatives | (6,500) | (2,800) | 750 |
Beginning Balance, Foreign Currency Gains (Losses) | (257,513) | (326,170) | |
Other comprehensive income (loss) before reclassifications, Foreign Currency Gains (Losses) | (47,133) | 68,657 | 25,495 |
Amounts reclassified from accumulated other comprehensive income (loss) into earnings, Foreign Currency Gains (Losses) | 0 | 0 | |
Net current-period other comprehensive income (loss), Foreign Currency Gains (Losses) | (47,133) | 68,657 | |
Ending Balance, Foreign Currency Gains (Losses) | (304,646) | (257,513) | (326,170) |
Beginning Balance, Adjustment to Early Retiree Medical Plan | 5,632 | 7,577 | |
Other comprehensive income (loss) before reclassifications, Adjustment to Early Retiree Medical Plan | 1,731 | (1,530) | (3,589) |
Amounts reclassified from accumulated other comprehensive (loss) income into earnings, Adjustment to Early Retiree Medical Plan | (350) | (415) | (837) |
Net current-period other comprehensive income (loss), Adjustment to Early Retiree Medical Plan | 1,381 | (1,945) | |
Ending Balance, Adjustment to Early Retiree Medical Plan | 7,013 | 5,632 | 7,577 |
Beginning Balance | (254,681) | (317,843) | |
Other comprehensive income (loss) before reclassifications | (48,970) | 62,604 | |
Amounts reclassified from accumulated other comprehensive income (loss) into earnings | (482) | 558 | |
Net current-period other comprehensive income (loss) | (49,452) | 63,162 | 33,519 |
Ending Balance | $ (304,133) | $ (254,681) | $ (317,843) |
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, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Amounts reclassified from accumulated other comprehensive (loss) income into earnings, Gains and Losses on Hedging Derivatives | $ (132) | $ 973 | $ 9,880 |
Amounts reclassified from accumulated other comprehensive (loss) income into earnings, Adjustment to Early Retiree Medical Plan | (350) | (415) | (837) |
AOCI reclassification impact on tax | 0 | 400 | 5,800 |
AOCI reclassification impact on tax | (108) | (279) | $ (309) |
Cost of Products Sold [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Amounts reclassified from accumulated other comprehensive (loss) income into earnings, Gains and Losses on Hedging Derivatives | (132) | 973 | |
Amounts reclassified from accumulated other comprehensive (loss) income into earnings, Adjustment to Early Retiree Medical Plan | (350) | (415) | |
AOCI reclassification impact on tax | 0 | 400 | |
AOCI reclassification impact on tax | $ (108) | $ (279) |
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, 2018 | Sep. 29, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jul. 01, 2017 | Apr. 01, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Earnings Per Share [Abstract] | |||||||||||
Basic net earnings | $ 646,779 | $ 676,656 | $ 683,153 | $ 354,179 | $ 383,891 | $ 254,850 | $ 323,048 | $ 356,899 | $ 2,360,767 | $ 1,318,688 | $ 796,271 |
Earnings allocated to participating securities, Basic | (9,344) | (4,549) | (2,632) | ||||||||
Net earnings available to common stockholders, Basic | $ 2,351,423 | $ 1,314,139 | $ 793,639 | ||||||||
Average shares outstanding | 315,858 | 319,990 | 319,563 | ||||||||
Basic net earnings per share | $ 2.08 | $ 2.13 | $ 2.14 | $ 1.11 | $ 1.20 | $ 0.79 | $ 1 | $ 1.11 | $ 7.44 | $ 4.11 | $ 2.48 |
Diluted net earnings | $ 646,779 | $ 676,656 | $ 683,153 | $ 354,179 | $ 383,891 | $ 254,850 | $ 323,048 | $ 356,899 | $ 2,360,767 | $ 1,318,688 | $ 796,271 |
Earnings allocated to participating securities, Diluted | (9,317) | (4,539) | (2,631) | ||||||||
Net earnings available to common stockholders, Diluted | $ 2,351,450 | $ 1,314,149 | $ 793,640 | ||||||||
Basic shares outstanding | 315,858 | 319,990 | 319,563 | ||||||||
Dilutive effect of stock options and other | 875 | 783 | 259 | ||||||||
Diluted average shares outstanding | 316,733 | 320,773 | 319,822 | ||||||||
Diluted net earnings per share | $ 2.07 | $ 2.13 | $ 2.13 | $ 1.10 | $ 1.20 | $ 0.79 | $ 1 | $ 1.11 | $ 7.42 | $ 4.10 | $ 2.48 |
Earnings Per Share - Anti-dilut
Earnings Per Share - Anti-dilutive Stock Options (Detail) - $ / shares shares in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Earnings Per Share [Abstract] | |||
Weighted-average shares | 156 | 407 | 942 |
Weighted-average exercise price | $ 65.80 | $ 59.07 | $ 47.04 |
Segments - Additional Informati
Segments - Additional Information (Detail) | 3 Months Ended |
Oct. 01, 2016 | |
Hunter Ridge Energy Services LLC [Member] | |
Segment Reporting Information [Line Items] | |
Equity method investment ownership percentage, percentage of investee's ownership interest sold | 50.00% |
Segments - Segments (Detail)
Segments - Segments (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 29, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jul. 01, 2017 | Apr. 01, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Segment Reporting Information [Line Items] | |||||||||||
Net sales | $ 6,295,884 | $ 6,742,202 | $ 6,460,774 | $ 5,568,419 | $ 5,092,328 | $ 5,170,117 | $ 5,174,769 | $ 4,815,179 | $ 25,067,279 | $ 20,252,393 | $ 16,208,122 |
Depreciation expense | 630,879 | 635,833 | 613,192 | ||||||||
Amortization expense | 88,758 | 91,228 | 73,862 | ||||||||
Earnings (loss) before income taxes and noncontrolling interests | 3,229,391 | 1,749,957 | 1,298,659 | ||||||||
Total assets | 17,920,588 | 15,841,258 | 17,920,588 | 15,841,258 | 15,223,518 | ||||||
Capital expenditures | 997,256 | 507,074 | 617,677 | ||||||||
Operating Segments [Member] | Steel Mills [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 16,245,218 | 12,929,709 | 10,546,847 | ||||||||
Depreciation expense | 378,146 | 377,210 | 368,859 | ||||||||
Amortization expense | 9,400 | 9,706 | 7,632 | ||||||||
Earnings (loss) before income taxes and noncontrolling interests | 3,500,085 | 1,953,075 | 1,680,156 | ||||||||
Total assets | 9,244,086 | 7,671,217 | 9,244,086 | 7,671,217 | 6,980,979 | ||||||
Capital expenditures | 720,310 | 336,760 | 357,545 | ||||||||
Operating Segments [Member] | Steel Products [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 6,796,501 | 5,579,744 | 4,452,649 | ||||||||
Depreciation expense | 80,681 | 76,992 | 45,674 | ||||||||
Amortization expense | 51,997 | 52,597 | 36,845 | ||||||||
Earnings (loss) before income taxes and noncontrolling interests | 467,105 | 337,978 | 294,039 | ||||||||
Total assets | 4,734,636 | 4,323,907 | 4,734,636 | 4,323,907 | 3,651,118 | ||||||
Capital expenditures | 88,585 | 90,952 | 49,149 | ||||||||
Operating Segments [Member] | Raw Materials [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 2,025,560 | 1,742,940 | 1,208,626 | ||||||||
Depreciation expense | 161,666 | 172,699 | 191,466 | ||||||||
Amortization expense | 27,361 | 28,925 | 29,385 | ||||||||
Earnings (loss) before income taxes and noncontrolling interests | 236,241 | 129,296 | (95,121) | ||||||||
Total assets | 3,492,126 | 3,396,110 | 3,492,126 | 3,396,110 | 3,235,237 | ||||||
Capital expenditures | 169,926 | 59,036 | 194,112 | ||||||||
Intercompany Eliminations [Member] | Steel Mills [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 3,924,160 | 2,916,017 | 2,066,547 | ||||||||
Intercompany Eliminations [Member] | Steel Products [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 207,003 | 118,249 | 110,368 | ||||||||
Intercompany Eliminations [Member] | Raw Materials [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 11,460,645 | 9,191,081 | 5,997,498 | ||||||||
Corporate and Eliminations Items [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | (15,591,808) | (12,225,347) | (8,174,413) | ||||||||
Earnings (loss) before income taxes and noncontrolling interests | (974,040) | (670,392) | (580,415) | ||||||||
Total assets | $ 449,740 | $ 450,024 | 449,740 | 450,024 | 1,356,184 | ||||||
Corporate [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Depreciation expense | 10,386 | 8,932 | 7,193 | ||||||||
Capital expenditures | $ 18,435 | $ 20,326 | $ 16,871 |
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, 2018 | Sep. 29, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jul. 01, 2017 | Apr. 01, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Segment Reporting Information [Line Items] | |||||||||||
Net sales to external customers | $ 6,295,884 | $ 6,742,202 | $ 6,460,774 | $ 5,568,419 | $ 5,092,328 | $ 5,170,117 | $ 5,174,769 | $ 4,815,179 | $ 25,067,279 | $ 20,252,393 | $ 16,208,122 |
Sheet [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales to external customers | 7,571,765 | 6,407,974 | 5,178,467 | ||||||||
Bar [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales to external customers | 4,709,292 | 3,558,806 | 2,886,648 | ||||||||
Structural [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales to external customers | 1,830,476 | 1,317,995 | 1,277,547 | ||||||||
Plate [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales to external customers | 2,133,685 | 1,644,934 | 1,204,185 | ||||||||
Tubular Products [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales to external customers | 1,347,577 | 917,235 | 60,106 | ||||||||
Rebar Fabrication [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales to external customers | 1,496,194 | 1,306,418 | 1,272,338 | ||||||||
Other Steel Products [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales to external customers | 3,952,730 | 3,356,091 | 3,120,205 | ||||||||
Raw Materials [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales to external customers | $ 2,025,560 | $ 1,742,940 | $ 1,208,626 |
Revenue - Additional Informatio
Revenue - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
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 | $ 91.2 | $ 72.3 |
Revenue reclassified from contract liabilities | $ 61.3 | |
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 |
Revenue - Schedule of Net Sales
Revenue - Schedule of Net Sales Disaggregates by Major Source (Detail) $ in Thousands | 12 Months Ended |
Dec. 31, 2018USD ($) | |
Revenue from Contract with Customers [Line Items] | |
Revenues | $ 25,067,279 |
Sheet [Member] | |
Revenue from Contract with Customers [Line Items] | |
Revenues | 7,571,765 |
Bar [Member] | |
Revenue from Contract with Customers [Line Items] | |
Revenues | 4,709,292 |
Structural [Member] | |
Revenue from Contract with Customers [Line Items] | |
Revenues | 1,830,476 |
Plate [Member] | |
Revenue from Contract with Customers [Line Items] | |
Revenues | 2,133,685 |
Tubular Products [Member] | |
Revenue from Contract with Customers [Line Items] | |
Revenues | 1,347,577 |
Rebar Fabrication [Member] | |
Revenue from Contract with Customers [Line Items] | |
Revenues | 1,496,194 |
Other Steel Products [Member] | |
Revenue from Contract with Customers [Line Items] | |
Revenues | 3,952,730 |
Raw Materials [Member] | |
Revenue from Contract with Customers [Line Items] | |
Revenues | 2,025,560 |
Steel Mills [Member] | |
Revenue from Contract with Customers [Line Items] | |
Revenues | 16,245,218 |
Steel Mills [Member] | Sheet [Member] | |
Revenue from Contract with Customers [Line Items] | |
Revenues | 7,571,765 |
Steel Mills [Member] | Bar [Member] | |
Revenue from Contract with Customers [Line Items] | |
Revenues | 4,709,292 |
Steel Mills [Member] | Structural [Member] | |
Revenue from Contract with Customers [Line Items] | |
Revenues | 1,830,476 |
Steel Mills [Member] | Plate [Member] | |
Revenue from Contract with Customers [Line Items] | |
Revenues | 2,133,685 |
Steel Products [Member] | |
Revenue from Contract with Customers [Line Items] | |
Revenues | 6,796,501 |
Steel Products [Member] | Tubular Products [Member] | |
Revenue from Contract with Customers [Line Items] | |
Revenues | 1,347,577 |
Steel Products [Member] | Rebar Fabrication [Member] | |
Revenue from Contract with Customers [Line Items] | |
Revenues | 1,496,194 |
Steel Products [Member] | Other Steel Products [Member] | |
Revenue from Contract with Customers [Line Items] | |
Revenues | 3,952,730 |
Raw Materials [Member] | |
Revenue from Contract with Customers [Line Items] | |
Revenues | 2,025,560 |
Raw Materials [Member] | Raw Materials [Member] | |
Revenue from Contract with Customers [Line Items] | |
Revenues | $ 2,025,560 |
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, 2018 | Sep. 29, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jul. 01, 2017 | Apr. 01, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Net sales | $ 6,295,884 | $ 6,742,202 | $ 6,460,774 | $ 5,568,419 | $ 5,092,328 | $ 5,170,117 | $ 5,174,769 | $ 4,815,179 | $ 25,067,279 | $ 20,252,393 | $ 16,208,122 |
Gross margin | 1,112,262 | 1,290,150 | 1,166,590 | 726,406 | 520,568 | 578,964 | 709,625 | 760,250 | |||
Net earnings | 681,070 | 706,287 | 713,615 | 380,112 | 395,094 | 266,105 | 341,724 | 377,648 | 2,481,084 | 1,380,571 | 900,416 |
Net earnings attributable to Nucor stockholders | $ 646,779 | $ 676,656 | $ 683,153 | $ 354,179 | $ 383,891 | $ 254,850 | $ 323,048 | $ 356,899 | $ 2,360,767 | $ 1,318,688 | $ 796,271 |
Basic | $ 2.08 | $ 2.13 | $ 2.14 | $ 1.11 | $ 1.20 | $ 0.79 | $ 1 | $ 1.11 | $ 7.44 | $ 4.11 | $ 2.48 |
Diluted | $ 2.07 | $ 2.13 | $ 2.13 | $ 1.10 | $ 1.20 | $ 0.79 | $ 1 | $ 1.11 | $ 7.42 | $ 4.10 | $ 2.48 |
Quarterly Information - Sched_2
Quarterly Information - Schedule of Quarterly Information (Unaudited) (Parenthetical) (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||
Sep. 29, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Apr. 01, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | |
Quarterly Financial Information [Line Items] | ||||||||
Tax benefit related to insurance recoveries | $ 18,000 | $ 9,600 | ||||||
Deferred tax assets write-off | $ 21,800 | $ 21,300 | ||||||
Tax benefit included in gross margin related to insurance recoveries | 24,800 | $ 23,300 | ||||||
Impairment of assets | $ 110,000 | |||||||
Net benefit related to tax return true-ups and state tax credits | $ 13,200 | |||||||
Expense related to certain legal matters | $ 22,500 | |||||||
Net tax benefit related to Tax Reform Act | $ 175,200 | $ 175,200 | ||||||
Proved Producing Natural Gas Well Assets [Member] | ||||||||
Quarterly Financial Information [Line Items] | ||||||||
Impairment of assets | $ 110,000 | |||||||
Southland & Republic [Member] | ||||||||
Quarterly Financial Information [Line Items] | ||||||||
Inventory-related purchase accounting charges | $ 9,800 |