Document and Entity Information
Document and Entity Information | 3 Months Ended |
Mar. 30, 2019shares | |
Document and Entity Information [Abstract] | |
Document Type | 10-Q |
Amendment Flag | false |
Document Period End Date | Mar. 30, 2019 |
Document Fiscal Year Focus | 2019 |
Document Fiscal Period Focus | Q1 |
Trading Symbol | NUE |
Entity Registrant Name | NUCOR CORP |
Entity Central Index Key | 0000073309 |
Current Fiscal Year End Date | --12-31 |
Entity Filer Category | Large Accelerated Filer |
Entity Emerging Growth Company | false |
Entity Small Business | false |
Entity Common Stock, Shares Outstanding | 304,785,686 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Earnings - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 30, 2019 | Mar. 31, 2018 | |
Income Statement [Abstract] | ||
Net sales | $ 6,096,624 | $ 5,568,419 |
Costs, expenses and other: | ||
Cost of products sold | 5,200,732 | 4,842,013 |
Marketing, administrative and other expenses | 180,739 | 182,960 |
Equity in earnings of unconsolidated affiliates | (2,906) | (9,580) |
Interest expense, net | 28,443 | 37,114 |
Costs, expenses and other, total | 5,407,008 | 5,052,507 |
Earnings before income taxes and noncontrolling interests | 689,616 | 515,912 |
Provision for income taxes | 158,823 | 135,800 |
Net earnings | 530,793 | 380,112 |
Earnings attributable to noncontrolling interests | 28,987 | 25,933 |
Net earnings attributable to Nucor stockholders | $ 501,806 | $ 354,179 |
Net earnings per share: | ||
Basic | $ 1.63 | $ 1.11 |
Diluted | $ 1.63 | $ 1.10 |
Average shares outstanding: | ||
Basic | 306,585 | 319,421 |
Diluted | 307,180 | 320,474 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 30, 2019 | Mar. 31, 2018 | ||
Statement Of Comprehensive Income [Abstract] | |||
Net earnings | $ 530,793 | $ 380,112 | |
Other comprehensive income: | |||
Net unrealized income (loss) on hedging derivatives, net of income taxes of $200 and $500 for the first quarter of 2019 and 2018, respectively | 731 | (752) | |
Reclassification adjustment for settlement of hedging derivatives included in net income, net of income taxes of ($200) and $0 for the first quarter of 2019 and 2018, respectively | [1] | (631) | (48) |
Foreign currency translation gain (loss), net of income taxes of $0 for both the first quarter of 2019 and 2018 | (6,640) | 6,115 | |
Net current-period other comprehensive income (loss) | (6,540) | 5,315 | |
Comprehensive income | 524,253 | 385,427 | |
Comprehensive income attributable to noncontrolling interests | (28,987) | (25,933) | |
Comprehensive income attributable to Nucor stockholders | $ 495,266 | $ 359,494 | |
[1] | Includes $(631) and $(48) of accumulated other comprehensive income (loss) reclassifications into cost of products sold for net losses on commodity contracts in the first quarter of 2019 and 2018, respectively. The tax impacts of those reclassifications were $(200) and $0 in the first quarter of 2019 and 2018, respectively. |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 30, 2019 | Mar. 31, 2018 | |
Statement Of Comprehensive Income [Abstract] | ||
Net unrealized (loss) income on hedging derivatives, tax | $ 200 | $ 500 |
Reclassification adjustment for (gain) loss on settlement of hedging derivatives included in net earnings, tax effect | (200) | 0 |
Foreign currency translation (loss) gain tax | $ 0 | $ 0 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 30, 2019 | Dec. 31, 2018 |
Current assets: | ||
Cash and cash equivalents | $ 1,550,807 | $ 1,398,886 |
Short-term investments | 50,000 | |
Accounts receivable, net | 2,483,138 | 2,505,568 |
Inventories, net | 4,445,228 | 4,553,500 |
Other current assets | 121,170 | 178,311 |
Total current assets | 8,650,343 | 8,636,265 |
Property, plant and equipment, net | 5,573,237 | 5,334,748 |
Goodwill | 2,183,677 | 2,184,336 |
Other intangible assets, net | 806,888 | 828,504 |
Other assets | 872,553 | 936,735 |
Total assets | 18,086,698 | 17,920,588 |
Current liabilities: | ||
Short-term debt | 71,438 | 57,870 |
Accounts payable | 1,429,776 | 1,428,191 |
Salaries, wages and related accruals | 371,913 | 709,397 |
Accrued expenses and other current liabilities | 694,888 | 610,842 |
Total current liabilities | 2,568,015 | 2,806,300 |
Long-term debt due after one year | 4,233,792 | 4,233,276 |
Deferred credits and other liabilities | 782,225 | 679,044 |
Total liabilities | 7,584,032 | 7,718,620 |
Nucor stockholders' equity: | ||
Common stock | 152,061 | 152,061 |
Additional paid-in capital | 2,083,339 | 2,073,715 |
Retained earnings | 10,714,279 | 10,337,445 |
Accumulated other comprehensive loss, net of income taxes | (308,787) | (304,133) |
Treasury stock | (2,526,701) | (2,467,010) |
Total Nucor stockholders' equity | 10,114,191 | 9,792,078 |
Noncontrolling interests | 388,475 | 409,890 |
Total equity | 10,502,666 | 10,201,968 |
Total liabilities and equity | $ 18,086,698 | $ 17,920,588 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 30, 2019 | Mar. 31, 2018 | |
Operating activities: | ||
Net earnings | $ 530,793 | $ 380,112 |
Adjustments: | ||
Depreciation | 158,171 | 158,665 |
Amortization | 21,500 | 22,453 |
Stock-based compensation | 12,492 | 10,463 |
Deferred income taxes | 19,948 | 29,988 |
Distributions from affiliates | 26,034 | 25,150 |
Equity in earnings of unconsolidated affiliates | (2,906) | (9,580) |
Changes in assets and liabilities (exclusive of acquisitions and dispositions): | ||
Accounts receivable | 21,958 | (343,982) |
Inventories | 107,907 | (246,933) |
Accounts payable | (11,397) | 157,836 |
Federal income taxes | 105,573 | 86,746 |
Salaries, wages and related accruals | (325,866) | (171,626) |
Other operating activities | (13,499) | 28,629 |
Cash provided by operating activities | 650,708 | 127,921 |
Investing activities: | ||
Capital expenditures | (288,786) | (172,203) |
Investment in and advances to affiliates | (29) | (55,901) |
Divestiture of affiliates | 67,591 | |
Disposition of plant and equipment | 12,910 | 5,967 |
Acquisitions (net of cash acquired) | (9,495) | |
Purchases of investments | (50,000) | |
Proceeds from the sale of investments | 50,000 | |
Other investing activities | 2,176 | 975 |
Cash used in investing activities | (265,633) | (171,162) |
Financing activities: | ||
Net change in short-term debt | 13,568 | 21,203 |
Issuance of common stock | 3,137 | 15,312 |
Payment of tax withholdings on certain stock-based compensation | (1,364) | (4,430) |
Distributions to noncontrolling interests | (50,402) | (24,793) |
Cash dividends | (123,400) | (121,787) |
Acquisition of treasury stock | (72,830) | (29,193) |
Other financing activities | (1,947) | (1,844) |
Cash used in financing activities | (233,238) | (145,532) |
Effect of exchange rate changes on cash | 84 | (77) |
Increase (decrease) in cash and cash equivalents | 151,921 | (188,850) |
Cash and cash equivalents - beginning of year | 1,398,886 | 949,104 |
Cash and cash equivalents - end of year | 1,550,807 | 760,254 |
Non-cash investing activity: | ||
Change in accrued plant and equipment purchases and assets recorded under finance lease arrangements | $ 12,925 | $ (9,396) |
Basis of Interim Presentation
Basis of Interim Presentation | 3 Months Ended |
Mar. 30, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Interim Presentation | 1. BASIS OF INTERIM PRESENTATION: The information furnished in this Item 1 reflects all adjustments which are, in the opinion of management, necessary to a fair statement of the results for the interim periods presented and are of a normal and recurring nature unless otherwise noted. The information furnished has not been audited; however, the December 31, 2018 condensed consolidated balance sheet data was derived from audited financial statements but does not include all disclosures required by accounting principles generally accepted in the United States of America. The unaudited condensed consolidated financial statements in this Item 1 should be read in conjunction with the audited consolidated financial statements and the notes thereto included in Nucor’s Annual Report on Form 10-K for the year ended December 31, 2018. Recently Adopted Accounting Pronouncements – In the first quarter of 2019, Nucor adopted new guidance related to lease accounting using the modified retrospective approach, which permits companies to recognize a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption without adjusting the comparative periods prior to adoption. The new lease guidance requires all lessees to recognize on the balance sheet right-of-use assets and lease liabilities for the rights and obligations created by lease arrangements with terms greater than 12 months, including operating leases. Expenses are recognized in the statement of earnings in a manner similar to previous accounting guidance. In addition, we elected the package of practical expedients permitted under the transition guidance within the new lease standard, which among other things, allowed us to carry forward the historical lease classification. We also elected the practical expedient related to land easements, allowing us to carry forward our accounting treatment for land easements on existing agreements, and the short-term lease exemption policy such that the new lease guidance was applied to leases greater than one year in duration. The adoption of the new lease standard did not have a material impact on our consolidated financial statements as it resulted in an increase of 0.5% and 1.2% to our total assets and total liabilities, respectively, on our consolidated balance sheet at January 1, 2019. The new lease standard did not materially impact our consolidated net earnings and had no impact on our cash flows. See Note 4 for further information. In the first quarter of 2019, we also adopted new accounting guidance related to tax effects of the Tax Cuts and Jobs Act of 2017. As a result of the adoption of the new guidance, we elected to reclassify stranded tax effects from accumulated other comprehensive income to retained earnings, effective January 1, 2019. The adoption of this new guidance did not have a material impact on the Company’s consolidated financial statements. |
Inventories
Inventories | 3 Months Ended |
Mar. 30, 2019 | |
Inventory Disclosure [Abstract] | |
Inventories | 2. INVENTORIES: Inventories consisted of approximately 40% raw materials and supplies and 60% finished and semi-finished products at March 30, 2019 ( 43 |
Property, Plant and Equipment
Property, Plant and Equipment | 3 Months Ended |
Mar. 30, 2019 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | 3. PROPERTY, PLANT AND EQUIPMENT: Property, plant and equipment is recorded net of accumulated depreciation of $9.32 billion at March 30, 2019 ($9.19 billion at December 31, 2018). Nucor performed an impairment assessment of its proved producing natural gas well assets in September 2018. One of the main assumptions that most significantly affects the undiscounted cash flows determination is management’s estimate of future pricing of natural gas and natural gas liquids. The pricing used in the 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. Management also makes key estimates on the expected reserve levels and on the expected drilling production costs. The impairment assessment was performed on each of Nucor’s three groups (“fields”) of wells, with each field defined by common geographic location. As a result of the impairment assessment, Nucor recorded an impairment charge of $110.0 million relating to two fields of wells in the third quarter of 2018. The post-impairment combined carrying value of these two fields was $69.6 million at March 30, 2019 ($71.0 million at December 31, 2018). The third field was not impaired and had a carrying value of $50.7 million at March 30, 2019 ($51.8 million at December 31, 2018). Changes in the natural gas industry or a prolonged low price environment beyond what had already been assumed in the assessment could cause management to revise the natural gas and natural gas liquids price assumptions, the estimated reserves or the estimated drilling production costs. Unfavorable revisions to these assumptions or estimates could possibly result in an impairment of some or all of the fields of proved well assets. |
Leases
Leases | 3 Months Ended |
Mar. 30, 2019 | |
Disclosure of Leases [Abstract] | |
Leases | 4. LEASES: We lease certain equipment, office space and land. Leases with an initial term of 12 months or less are not recorded on the consolidated balance sheet. Most leases include one or more options to renew, with renewal terms that can extend the lease term from one to five years or more. The exercise of lease renewal options is at our sole discretion and we consider these options in determining the lease term used to establish our right-of-use assets and lease liabilities. Certain leases also include options to purchase the leased property. The depreciable life of assets and leasehold improvements are limited by the expected lease term, unless there is a transfer of title or a purchase option reasonably certain of exercise. We determine that a contract contains a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. In evaluating whether we have the right to control an identified asset, we assess whether or not we have the right to direct the use of the identified asset and obtain substantially all of the economic benefit from the use of the identified asset. As most of our leases do not provide an implicit rate, we use our incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. Certain of our lease agreements include payments that adjust periodically for consumption of goods provided by the right-of-use asset in excess of contractually determined minimum amounts and for inflation. These variable lease payments are not significant. Our lease agreements do not contain any material residual value guarantees or material restrictive covenants. Total lease costs were $11.0 million in the first quarter of 2019. Finance lease costs were $5.2 million in the first quarter of 2019, with $2.3 million being included in costs of products sold related to amortization of leased assets and $2.9 million being included in interest expense, net related to interest on lease liabilities in the condensed consolidated statement of earnings. Operating lease costs were $5.8 million in the first quarter of 2019 and were included in cost of products sold in the condensed consolidated statement of earnings. Supplemental cash flow information and non-cash activity related to our leases are as follows (in thousands): Three Months (13 Weeks) Ended March 30, 2019 Other information Cash paid for amounts included in measurement of lease liabilities: Operating cash flows from operating leases $ 5,707 Operating cash flows from finance leases $ 2,856 Financing cash flows from finance leases $ 1,947 Supplemental balance sheet information related to our leases is as follows (in thousands): March 30, 2019 Assets Operating lease Property, plant and equipment, net $ 94,578 Finance lease Property, plant and equipment, net 67,123 Total leased $ 161,701 Liabilities Current operating Accrued expenses and other current liabilities $ 17,793 Current finance Accrued expenses and other current liabilities 8,267 Non-current operating Deferred credits and other liabilities 76,652 Non-current finance Deferred credits and other liabilities 72,617 Total leased $ 175,329 Weighted-average remaining lease term and discount rate for our leases are as follows: March 30, 2019 Weighted-average remaining lease term - operating leases 9.6 years Weighted-average remaining lease term - finance leases 10.8 years Weighted-average discount rate - operating leases 3.8 % Weighted-average discount rate - finance leases 31.8 % The reason for the substantial weighted-average discount rate – finance leases, of 31.8%, is due to Nucor’s past accounting for the respective finance leases following the former accounting guidance for capital leases. Pursuant to the former lease accounting guidance, the recognition of a capital lease asset and associated capital lease liability could not exceed the fair market value of the leased asset at lease commencement. Accordingly, the incremental borrowing rate was adjusted upward so that the present value of the minimum lease payments would equal the fair value of the asset. Maturities of lease liabilities by fiscal year for our leases are as follows as of March 30, 2019 (in thousands): Operating Leases Finance Leases Maturities of lease liabilities, year ending December 31, 2019 $ 16,232 $ 14,430 2020 17,613 18,231 2021 15,249 17,755 2022 13,663 16,959 2023 10,764 15,112 Thereafter 41,800 78,568 Total lease payments $ 115,321 $ 161,055 Less imputed interest (20,876 ) (80,171 ) Present value of lease liabilities $ 94,445 $ 80,884 Prior Period Disclosures As a result of adopting the new lease accounting guidance on January 1, 2019 under the modified retrospective approach, the Company is required to present future minimum lease commitments for capital leases and operating leases having initial or noncancellable lease terms in excess of one year that were previously disclosed in our 2018 Annual Report on Form 10-K and accounted for under previous lease guidance. Total future minimum lease payments related to capital leases at December 31, 2018 were $154.8 million, with the timing of those payments estimated at that date to be made as follows: $17.7 million in 2019; a total of $33.6 million to be paid between 2020 and 2021; a total of $30.0 million to be paid between 2022 and 2023; and $73.4 million to be paid thereafter. Total future minimum lease payments related to operating leases having initial or noncancellable lease terms in excess of one year were $128.6 million, with the timing of those payments estimated at that date to be made as follows: $31.8 million in 2019; a total of $45.0 million to be paid between 2020 and 2021; a total of $28.4 million to be paid between 2022 and 2023; and $23.5 million to be paid thereafter. The gross amount of assets recorded under capital leases was $89.4 million as of December 31, 2018, and were primarily buildings and improvements or machinery and equipment. |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 3 Months Ended |
Mar. 30, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | 5. GOODWILL AND OTHER INTANGIBLE ASSETS: The change in the net carrying amount of goodwill for the three months ended March 30, 2019 by segment was as follows (in thousands): Steel Mills Steel Products Raw Materials Total Balance at December 31, 2018 $ 591,986 $ 862,773 $ 729,577 $ 2,184,336 Translation — (659 ) — (659 ) Balance at March 30, 2019 $ 591,986 $ 862,114 $ 729,577 $ 2,183,677 Nucor completed its most recent annual goodwill impairment testing during the fourth quarter of 2018 and concluded that as of such time there was no impairment of goodwill for any of its reporting units. The 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. The fair value of this reporting unit exceeded its carrying value by approximately 8% in the most recent evaluation. The operating results of this reporting unit declined significantly and remained depressed throughout 2018. 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. If our assessment of the relevant facts and circumstances changes, or the actual performance of this reporting unit falls short of expected results, noncash impairment charges may be required. Total goodwill associated with the Rebar Fabrication reporting unit was $352.5 million as of March 30, 2019 $353.0 million as of December 31, 2018). An impairment of goodwill may also lead us to record an impairment of other intangible assets. Total finite-lived intangible assets associated with the Rebar Fabrication reporting unit were $74.0 million as of March 30, 2019 $76.7 million as of December 31, 2018). There have been no triggering events requiring an interim assessment for impairment since the most recent annual goodwill impairment testing date. During the first quarter of 2019, the operating results and updated future projections of one of the Company’s reporting units, Grating, decreased from the assumptions used in our most recent impairment assessment. The fair value of this reporting unit exceeded its carrying value by approximately 19% in that assessment. The short-term three-month decline in operating results was determined not to be indicative of a long-term decline representing a triggering event given the amount the fair value of the reporting unit exceeded its carrying amount in the most recent assessment. As of March 30, 2019, total goodwill and finite-lived intangible assets associated with the Grating reporting unit were $36.6 million and $3.6 million, respectively. Management will continue to monitor the Grating reporting unit for potential triggering events that would require an interim assessment for impairment. Intangible assets with estimated useful lives of five to 22 years are amortized on a straight-line or accelerated basis and were comprised of the following as of March 30, 2019 and December 31, 2018 (in thousands): March 30, 2019 December 31, 2018 Gross Amount Accumulated Amortization Gross Amount Accumulated Amortization Customer relationships $ 1,420,668 $ 731,454 $ 1,418,250 $ 713,656 Trademarks and trade names 177,525 90,234 176,046 87,680 Other 63,807 33,424 67,820 32,276 $ 1,662,000 $ 855,112 $ 1,662,116 $ 833,612 Intangible asset amortization expense for the first quarter of 2019 and 2018 was $21.5 million and $22.5 million, respectively. 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. |
Equity Investments
Equity Investments | 3 Months Ended |
Mar. 30, 2019 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Equity Investments | 6. EQUITY INVESTMENTS: The carrying value of our equity investments in domestic and foreign companies was $806.8 million at March 30, 2019 ($869.9 million at December 31, 2018) and is recorded in other assets in the condensed 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 lag basis) under the equity method, as control and risk of loss are shared equally between the members. Nucor’s investment in NuMit was $316.6 million at March 30, 2019 ($337.2 million at December 31, 2018). Nucor received distributions of $26.0 million and $25.2 million from NuMit during the first quarter of 2019 and 2018, respectively. 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 lag basis) under the equity method, as control and risk of loss are shared equally between the members. Nucor’s investment in Duferdofin Nucor was $260.8 million at March 30, 2019 ($269.1 million at December 31, 2018). Nucor’s 50% share of the total net assets of Duferdofin Nucor was $110.4 million at March 30, 2019, resulting in a basis difference of $150.4 million due to the step-up to fair value of certain assets and liabilities attributable to Duferdofin Nucor as well as the identification of goodwill ($86.5 million) and finite-lived intangible assets. This basis difference, excluding the portion attributable to goodwill, is being amortized based on the remaining estimated useful lives of the various underlying net assets, as appropriate. Amortization expense associated with the fair value step-up was $2.2 million and $2.4 million during the first quarter of 2019 and 2018, respectively. As of March 30, 2019, Nucor had outstanding notes receivable of €35.0 million ($39.3 million) from Duferdofin Nucor (€35.0 million, or $40.2 million, as of December 31, 2018). The notes receivable bear interest at 0.84% and reset annually on September 30 to the 12-month Euro Interbank Offered Rate plus 1% per year. The maturity date of the principal amounts was extended to January 31, 2022 during the first quarter of 2018. As of March 30, 2019 and December 31, 2018, the notes receivable were classified in other assets in the condensed consolidated balance sheets. 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 ($179.5 million) at March 30, 2019. As of March 30, 2019, there was €153.0 million ($171.7 million) outstanding under that facility (€155.0 million, or $178.0 million, as of December 31, 2018). 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 Steel Mexico, S. de R.L. de C.V. (“Nucor-JFE”), a 50-50 joint venture with JFE Steel Corporation of Japan, to build and operate a galvanized sheet steel plant in central Mexico. Nucor-JFE plant construction has commenced and operations are expected to begin in the second half of 2019. Nucor accounts for the investment in Nucor-JFE (on a one-month lag basis) under the equity method, as control and risk of loss are shared equally between the members. Nucor’s investment in Nucor-JFE was $134.6 million at March 30, 2019 ($135.7 million at December 31, 2018). On January 16, 2019, Nucor entered into an agreement to guarantee a percentage, equal to its ownership percentage (50%), of Nucor-JFE’s borrowings under the General Financing Agreement and Promissory Note (the “Facility”). The fair value of the guarantee is immaterial. Nucor’s guarantee expires on April 30, 2020. Under the Facility, the maximum amount Nucor-JFE could borrow was $65.0 million as of March 30, 2019. The Facility is uncommitted. As of March 30, 2019, there was $40.0 million outstanding under the Facility. If Nucor-JFE fails to pay when due any amounts for which it is obligated under the Facility, Nucor could be required to pay 50% of such amounts pursuant to and in accordance with the terms of its guarantee. Nucor has not recorded any liability associated with this guarantee. ALL EQUITY INVESTMENTS Nucor reviews its equity investments for impairment if and when circumstances indicate that a decline in fair value below their carrying amounts may have occurred. 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 | 3 Months Ended |
Mar. 30, 2019 | |
Payables and Accruals [Abstract] | |
Current Liabilities | 7. CURRENT LIABILITIES: Book overdrafts, included in accounts payable in the condensed consolidated balance sheets, were $161.0 million at March 30, 2019 ($89.8 million at December 31, 2018). Dividends payable, included in accrued expenses and other current liabilities in the condensed consolidated balance sheets, were $123.1 million at March 30, 2019 ($123.4 million at December 31, 2018). |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 30, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 8. FAIR VALUE MEASUREMENTS: The following table summarizes information regarding Nucor’s financial assets and financial liabilities that were measured at fair value as of March 30, 2019 and December 31, 2018 (in thousands). Nucor does not have any non-financial assets or non-financial liabilities that are measured at fair value on a recurring basis. Fair Value Measurements at Reporting Date Using Description Carrying Amount in Condensed Consolidated Balance Sheets Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) As of March 30, 2019 Assets: Cash equivalents $ 1,213,175 $ 1,213,175 $ — $ — Short-term investments 50,000 50,000 — — Derivative contracts 785 — 785 — Total assets $ 1,263,960 $ 1,263,175 $ 785 $ — Liabilities: Derivative contracts $ (9,366 ) $ — $ (9,366 ) $ — 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 ) $ — 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. Our short-term investments are held in similar short-term investment instruments as described in Note 4 to the consolidated financial statements included in Nucor’s Annual Report on Form 10-K for the year ended December 31, 2018. Fair value measurements for Nucor’s derivatives are classified under Level 2 because such measurements are based on published market prices for similar assets or are estimated based on observable inputs such as interest rates, yield curves, credit risks, spot and future commodity prices, and spot and future exchange rates. The fair value of short-term and long-term debt, including current maturities, was approximately $4.62 billion at March 30, 2019 ($4.45 billion at December 31, 2018). The debt fair value estimates are classified under Level 2 because such estimates are based on readily available market prices of our debt at March 30, 2019 and December 31, 2018, or similar debt with the same maturities, ratings and interest rates. |
Contingencies
Contingencies | 3 Months Ended |
Mar. 30, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contingencies | 9. 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 $17.7 million of accrued environmental costs at March 30, 2019 ($18.4 million at December 31, 2018), $5.4 million was classified in accrued expenses and other current liabilities ($7.0 million at December 31, 2018) and $12.3 million was classified in deferred credits and other liabilities ($11.4 million at December 31, 2018). 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 other legal proceedings that arise in the ordinary course of business. With respect to all such lawsuits, claims and proceedings, we record reserves when it is probable a liability has been incurred and the amount of loss can be reasonably estimated. We do not believe that any of these proceedings, individually or in the aggregate, would be expected to have a material adverse effect on our results of operations, financial position or cash flows. Nucor maintains liability insurance with self-insurance limits for certain risks. |
Stock-Based Compensation
Stock-Based Compensation | 3 Months Ended |
Mar. 30, 2019 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock-Based Compensation | 10. STOCK-BASED COMPENSATION: Overview – The Company maintains the Nucor Corporation 2014 Omnibus Incentive Compensation Plan (the “Omnibus Plan”) under which the Company may award stock-based compensation to key employees, officers and non-employee directors. The Company’s stockholders approved the Omnibus Plan on May 8, 2014. The Omnibus Plan permits the award of stock options, restricted stock units, restricted shares and other stock-based awards for up to 13.0 million shares of the Company’s common stock. As of March 30, 2019, 5.9 million shares remained available for award under the Omnibus Plan. The Company also maintains a number of inactive plans under which stock-based awards remain outstanding but no further awards may be made. As of March 30, 2019, 1.6 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 directors with exercise prices at 100% of the market value on the date of the grant. The stock options granted are generally exercisable at the end of three years and have a term of 10 years. A summary of activity under Nucor’s stock option plans for the first quarter of 2019 is as follows (in thousands, except years and per share amounts): Weighted - Weighted - Average Average Aggregate Exercise Remaining Intrinsic Shares Price Contractual Life Value Number of shares under stock options: Outstanding at beginning of year 3,828 $ 49.71 Granted — $ — Exercised (88 ) $ 35.76 $ 2,157 Canceled — $ — Outstanding at March 30, 2019 3,740 $ 50.04 6.3 years $ 33,576 Stock options exercisable at March 30, 2019 2,024 $ 45.83 4.9 years $ 25,618 Stock options granted to employees who are eligible for retirement on the date of the grant are expensed immediately since these awards vest upon retirement from the Company. Retirement, for purposes of vesting in these stock options, means termination of employment after satisfying age and years of service requirements. Similarly, stock options granted to employees who will become retirement-eligible prior to the end of the vesting term are expensed over the period through which the employee will become retirement-eligible. Compensation expense for stock options granted to employees who will not become retirement-eligible prior to the end of the vesting term is recognized on a straight-line basis over the vesting period. Compensation expense for stock options was $0.3 million in the first quarter of 2019 ($0.4 million in the first quarter of 2018). As of March 30, 2019, unrecognized compensation expense related to stock options was $1.3 million, which is expected to be recognized over a weighted-average period of 1.5 years. Restricted Stock Units – Nucor annually grants restricted stock units (“RSUs”) to key employees, officers and non-employee directors. The RSUs granted to key employees and officers vest and are converted to common stock in three equal installments on each of the first three anniversaries of the grant date, provided that a portion of the RSUs awarded to officers prior to 2018 vests only upon the officer’s retirement. Retirement, for purposes of vesting in these RSUs only, means termination of employment with approval of the Compensation and Executive Development Committee of the Board of Directors after satisfying age and years of service requirements. RSUs granted to a non-employee director are fully vested on the grant date and are payable to the non-employee director in the form of common stock after the termination of the director’s service on the Board of Directors. RSUs granted to employees who are eligible for retirement on the date of the grant are expensed immediately, and RSUs granted to employees who will become retirement-eligible prior to the end of the vesting term are expensed over the period through which the employee will become retirement-eligible since these awards vest upon retirement from the Company. Compensation expense for RSUs granted to employees who will not become retirement-eligible prior to the end of the vesting term is recognized on a straight-line basis over the vesting period. Cash dividend equivalents are paid to holders of RSUs each quarter. Dividend equivalents paid on RSUs expected to vest are recognized as a reduction in retained earnings. The fair value of an RSU is determined based on the closing price of Nucor’s common stock on the date of the grant A summary of Nucor’s RSU activity for the first quarter of 2019 is as follows (shares in thousands): Grant Date Shares Fair Value Restricted stock units: Unvested at beginning of year 1,246 $ 59.09 Granted — $ — Vested (40 ) $ 54.46 Canceled (10 ) $ 62.98 Unvested at March 30, 2019 1,196 $ 59.21 Compensation expense for RSUs was $6.8 million in the first quarter of 2019 ($5.7 million in the first quarter of 2018). As of March 30, 2019, unrecognized compensation expense related to unvested RSUs was $39.6 million, which is expected to be recognized over a weighted-average period of 1.6 years. Restricted Stock Awards – Prior to their expiration effective December 31, 2017, the Nucor Corporation Senior Officers Long-Term Incentive Plan and the Nucor Corporation Senior Officers Annual Incentive Plan authorized the award of shares of common stock to officers subject to certain conditions and restrictions. Effective January 1, 2018, the Company adopted supplements to the Omnibus Plan with terms that permit the award of shares of common stock to officers subject to the conditions and restrictions described below, which are substantially similar to those of the expired Senior Officers Long-Term Incentive Plan and Senior Officers Annual Incentive Plan. The expired Senior Officers Long-Term Incentive Plan, together with the applicable supplement, is referred to below as the “LTIP,” and the expired Senior Officers Annual Incentive Plan, together with the applicable supplement, is referred to below as the “AIP.” The LTIP provides for the award of shares of restricted common stock at the end of each LTIP performance measurement period at no cost to officers if certain financial performance goals are met during the period. One-third of the LTIP restricted stock award vests upon each of the first three anniversaries of the award date or, if earlier, upon the officer’s attainment of age 55 while employed by Nucor. Although LTIP participants are entitled to cash dividends and may vote such awarded shares, the sale or transfer of such shares is limited during the restricted period. The AIP provides for the payment of annual cash incentive awards. An AIP participant may elect, however, to defer payment of up to one-half of an AIP award. In such event, the deferred AIP award is converted into common stock units and credited with a deferral incentive, in the form of additional common stock units, equal to 25% of the number of common stock units attributable to the deferred AIP award. Common stock units attributable to deferred AIP awards are fully vested. Common stock units credited as a deferral incentive vest upon the AIP participant’s attainment of age 55 while employed by Nucor. Vested common stock units are paid to AIP participants in the form of shares of common stock following their termination of employment with Nucor. A summary of Nucor’s restricted stock activity under the AIP and the LTIP for the first quarter of 2019 is as follows (shares in thousands): Grant Date Shares Fair Value Restricted stock awards and units: Unvested at beginning of year 130 $ 62.97 Granted 316 $ 58.04 Vested (280 ) $ 58.65 Canceled — $ — Unvested at March 30, 2019 166 $ 60.87 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 $5.4 million in the first quarter of 2019 ($4.4 million in the first quarter of 2018). As of March 30, 2019, unrecognized compensation expense related to unvested restricted stock awards was $3.0 million, which is expected to be recognized over a weighted-average period of 2.1 years. |
Employee Benefit Plans
Employee Benefit Plans | 3 Months Ended |
Mar. 30, 2019 | |
Retirement Benefits [Abstract] | |
Employee Benefit Plans | 11. EMPLOYEE BENEFIT PLAN: Nucor makes contributions to a Profit Sharing and Retirement Savings Plan for qualified employees based on the profitability of the Company. Nucor’s expense for these benefits totaled $71.2 million and $51.7 million in the first quarter of 2019 and 2018, respectively. The related liability for these benefits is included in salaries, wages and related accruals in the condensed consolidated balance sheets. |
Interest Expense (Income)
Interest Expense (Income) | 3 Months Ended |
Mar. 30, 2019 | |
Banking and Thrift, Interest [Abstract] | |
Interest Expense (Income) | 12. INTEREST EXPENSE (INCOME): The components of net interest expense for the first quarter of 2019 and 2018 are as follows (in thousands): Three Months (13 Weeks) Ended March 30, 2019 March 31, 2018 Interest expense $ 37,062 $ 40,178 Interest income (8,619 ) (3,064 ) Interest expense, net $ 28,443 $ 37,114 |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 30, 2019 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 13. INCOME TAXES: The effective tax rate for the first quarter of 2019 was 23.0% as compared to 26.3% for the first quarter of 2018. The decrease in the effective tax rate for the first quarter of 2019 as compared to the first quarter of 2018 was primarily due to the write-off of $21.8 million of deferred tax assets due to the change in the tax status of a subsidiary in the first quarter of 2018. 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 Canada Revenue Agency. The Trinidad and Tobago Inland Revenue Division is examining the Nu-Iron Unlimited 2013 corporate income tax return. The tax years 2011 through 2017 remain open to examination by other major taxing jurisdictions to which Nucor is subject (primarily Canada and other state and local jurisdictions). Non-current deferred tax assets included in other assets in the condensed consolidated balance sheets were $0.9 million at March 30, 2019 ($0.7 million at December 31, 2018). Non-current deferred tax liabilities included in deferred credits and other liabilities in the condensed consolidated balance sheets were $352.1 million at March 30, 2019 ($332.0 million at December 31, 2018). |
Stockholders' Equity
Stockholders' Equity | 3 Months Ended |
Mar. 30, 2019 | |
Federal Home Loan Banks [Abstract] | |
Stockholders' Equity | 14. STOCKHOLDERS’ EQUITY: The following tables reflect the changes in stockholders’ equity attributable to both Nucor and the noncontrolling interests of Nucor’s joint ventures, primarily Nucor-Yamato Steel Company (Limited Partnership), of which Nucor owns 51%, for the three months ended March 30, 2019 and March 31, 2018 (in thousands): Nucor Stockholders Common Stock Additional Accumulated Treasury Stock Total Nucor Total Shares Amount Paid-in Capital Retained Earnings Comprehensive Income (loss) Shares Amount Stockholders’ Equity Noncontrolling Interests BALANCES, December 31, 2018 $ 10,201,968 380,154 $ 152,061 $ 2,073,715 $ 10,337,445 $ (304,133 ) 74,562 $ (2,467,010 ) $ 9,792,078 $ 409,890 Net earnings 530,793 501,806 501,806 28,987 Other comprehensive income (loss) (6,540 ) (6,540 ) (6,540 ) Stock options exercised 3,136 233 (88 ) 2,903 3,136 Stock option expense 312 312 312 Issuance of stock under award plans, net of forfeitures 18,715 8,479 (306 ) 10,236 18,715 Amortization of unearned compensation 600 600 600 Treasury stock acquired (72,830 ) 1,200 (72,830 ) (72,830 ) Cash dividends declared (123,086 ) (123,086 ) (123,086 ) Distributions to noncontrolling interests (50,402 ) (50,402 ) Other — (1,886 ) 1,886 — BALANCES, March 30, 2019 $ 10,502,666 380,154 $ 152,061 $ 2,083,339 $ 10,714,279 $ (308,787 ) 75,368 $ (2,526,701 ) $ 10,114,191 $ 388,475 Nucor Stockholders Common Stock Additional Accumulated Treasury Stock Total Nucor Total Shares Amount Paid-in Capital Retained Earnings Comprehensive Income (loss) Shares Amount Stockholders’ Equity Noncontrolling Interests BALANCES, December 31, 2017 $ 9,084,788 379,900 $ 151,960 $ 2,021,339 $ 8,463,709 $ (254,681 ) 61,931 $ (1,643,291 ) $ 8,739,036 $ 345,752 Net earnings 380,112 354,179 354,179 25,933 Other comprehensive income (loss) 5,315 5,315 5,315 Stock options exercised 12,280 210 84 10,103 (78 ) 2,093 12,280 Stock option expense 350 350 350 Issuance of stock under award plans, net of forfeitures 15,241 43 17 8,805 (240 ) 6,419 15,241 Amortization of unearned compensation 700 700 700 Treasury stock acquired (29,193 ) 443 (29,193 ) (29,193 ) Cash dividends declared (121,881 ) (121,881 ) (121,881 ) Distributions to noncontrolling interests (24,793 ) (24,793 ) BALANCES, March 31, 2018 $ 9,322,919 380,153 $ 152,061 $ 2,041,297 $ 8,696,007 $ (249,366 ) 62,056 $ (1,663,972 ) $ 8,976,027 $ 346,892 Dividends declared per share were $0.40 per share in the first quarter of 2019 ($0.38 per share in the first quarter of 2018). In September 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 share repurchase programs. As of March 30, 2019, the Company had approximately $1.4 billion remaining available for share repurchases under the program. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) | 3 Months Ended |
Mar. 30, 2019 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Income (Loss) | 15. ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS): The following tables reflect the changes in other accumulated comprehensive income (loss) by component for the three-month periods ended March 30, 2019 and March 31, 2018 (in thousands): Three-Month (13 -Week) Period Ended March 30, 2019 Gains and Losses on Foreign Currency Adjustment to Early Hedging Derivatives Gains and Losses Retiree Medical Plan Total Accumulated other comprehensive income (loss) at December 31, 2018 $ (6,500 ) $ (304,646 ) $ 7,013 $ (304,133 ) Other comprehensive income (loss) before reclassifications 731 (6,640 ) — (5,909 ) Amounts reclassified from accumulated other comprehensive income (loss) into earnings (1) (631 ) — — (631 ) Net current-period other comprehensive income (loss) 100 (6,640 ) — (6,540 ) Other — — 1,886 1,886 Accumulated other comprehensive income (loss) at March 30, 2019 $ (6,400 ) $ (311,286 ) $ 8,899 $ (308,787 ) Three-Month (13 -Week) Period Ended March 31, 2018 Gains and Losses on Foreign Currency Adjustment to Early Hedging Derivatives Gains and Losses Retiree Medical Plan Total Accumulated other comprehensive income (loss) at December 31, 2017 $ (2,800 ) $ (257,513 ) $ 5,632 $ (254,681 ) Other comprehensive income (loss) before reclassifications (752 ) 6,115 — 5,363 Amounts reclassified from accumulated other comprehensive income (loss) into earnings (1) (48 ) — — (48 ) Net current-period other comprehensive income (loss) (800 ) 6,115 — 5,315 Accumulated other comprehensive income (loss) at March 31, 2018 $ (3,600 ) $ (251,398 ) $ 5,632 $ (249,366 ) (1) Includes $(631) and $(48) of accumulated other comprehensive income (loss) reclassifications into cost of products sold for net losses on commodity contracts in the first quarter of 2019 and 2018, respectively. The tax impacts of those reclassifications were $(200) and $0 in the first quarter of 2019 and 2018, respectively. |
Segments
Segments | 3 Months Ended |
Mar. 30, 2019 | |
Segment Reporting [Abstract] | |
Segments | 16. 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. The steel products segment includes steel joists and joist girders, steel deck, fabricated concrete reinforcing steel, cold finished steel, precision castings, steel fasteners, metal building systems, steel grating, tubular products businesses, piling products business, and wire and wire mesh. The raw materials segment includes The David J. Joseph Company and its affiliates, primarily a scrap broker and processor; Nu-Iron Unlimited and Nucor Steel Louisiana, two facilities that produce direct reduced iron used by the steel mills; and our natural gas production operations. Net interest expense on long-term debt, charges and credits associated with changes in allowances to eliminate intercompany profit in inventory, profit sharing expense and stock-based compensation 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 for the first quarter of 2019 and 2018 were as follows (in thousands): Three Months (13 Weeks) Ended March 30, 2019 March 31, 2018 Net sales to external customers: Steel mills $ 3,949,402 $ 3,580,694 Steel products 1,654,522 1,468,711 Raw materials 492,700 519,014 $ 6,096,624 $ 5,568,419 Intercompany sales: Steel mills $ 902,224 $ 898,326 Steel products 62,805 35,770 Raw materials 2,423,869 2,608,944 Corporate/eliminations (3,388,898 ) (3,543,040 ) $ — $ — Earnings (loss) before income taxes and noncontrolling interests: Steel mills $ 689,398 $ 560,503 Steel products 77,433 85,814 Raw materials 53,223 74,547 Corporate/eliminations (130,438 ) (204,952 ) $ 689,616 $ 515,912 March 30, 2019 Dec. 31, 2018 Segment assets: Steel mills $ 9,135,256 $ 9,244,086 Steel products 4,774,332 4,734,636 Raw materials 3,405,968 3,492,126 Corporate/eliminations 771,142 449,740 $ 18,086,698 $ 17,920,588 |
Revenue
Revenue | 3 Months Ended |
Mar. 30, 2019 | |
Revenue from Contract with Customer [Abstract] | |
Revenue | 17. REVENUE: The following tables disaggregate our revenue by major source for the first quarter of 2019 and 2018 (in thousands): Three Months (13 Weeks) Ended March 30, 2019 Steel Mills Steel Products Raw Materials Total Sheet $ 1,807,303 $ — $ — $ 1,807,303 Bar 1,115,130 — — 1,115,130 Structural 433,929 — — 433,929 Plate 593,040 — — 593,040 Tubular Products — 329,871 — 329,871 Rebar Fabrication — 342,055 — 342,055 Other Steel Products — 982,596 — 982,596 Raw Materials — — 492,700 492,700 $ 3,949,402 $ 1,654,522 $ 492,700 $ 6,096,624 Three Months (13 Weeks) Ended March 31, 2018 Steel Mills Steel Products Raw Materials Total Sheet $ 1,666,220 $ — $ — $ 1,666,220 Bar 1,090,147 — — 1,090,147 Structural 396,697 — — 396,697 Plate 427,630 — — 427,630 Tubular Products — 311,228 — 311,228 Rebar Fabrication — 329,219 — 329,219 Other Steel Products — 828,264 — 828,264 Raw Materials — — 519,014 519,014 $ 3,580,694 $ 1,468,711 $ 519,014 $ 5,568,419 |
Earnings Per Share
Earnings Per Share | 3 Months Ended |
Dec. 31, 2018 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | 18. EARNINGS PER SHARE: The computations of basic and diluted net earnings per share for the first quarter of 2019 and 2018 are as follows (in thousands, except per share amounts): Three Months (13 Weeks) Ended March 30, 2019 March 31, 2018 Basic net earnings per share: Basic net earnings $ 501,806 $ 354,179 Earnings allocated to participating securities (1,968 ) (1,181 ) Net earnings available to common stockholders $ 499,838 $ 352,998 Average shares outstanding 306,585 319,421 Basic net earnings per share $ 1.63 $ 1.11 Diluted net earnings per share: Diluted net earnings $ 501,806 $ 354,179 Earnings allocated to participating securities (1,964 ) (1,177 ) Net earnings available to common stockholders $ 499,842 $ 353,002 Diluted average shares outstanding: Basic shares outstanding 306,585 319,421 Dilutive effect of stock options and other 595 1,053 307,180 320,474 Diluted net earnings per share $ 1.63 $ 1.10 The following stock options were excluded from the computation of diluted net earnings per share for the first quarter of 2019 because their effect would have been anti-dilutive (shares in thousands): Three Months (13 Weeks) Ended March 30, 2019 March 31, 2018 Anti-dilutive stock options: Weighted-average shares 963 — Weighted-average exercise price $ 60.92 $ — |
Basis of Interim Presentation (
Basis of Interim Presentation (Policies) | 3 Months Ended |
Mar. 30, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Recently Adopted Accounting Pronouncements | Recently Adopted Accounting Pronouncements – In the first quarter of 2019, Nucor adopted new guidance related to lease accounting using the modified retrospective approach, which permits companies to recognize a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption without adjusting the comparative periods prior to adoption. The new lease guidance requires all lessees to recognize on the balance sheet right-of-use assets and lease liabilities for the rights and obligations created by lease arrangements with terms greater than 12 months, including operating leases. Expenses are recognized in the statement of earnings in a manner similar to previous accounting guidance. In addition, we elected the package of practical expedients permitted under the transition guidance within the new lease standard, which among other things, allowed us to carry forward the historical lease classification. We also elected the practical expedient related to land easements, allowing us to carry forward our accounting treatment for land easements on existing agreements, and the short-term lease exemption policy such that the new lease guidance was applied to leases greater than one year in duration. The adoption of the new lease standard did not have a material impact on our consolidated financial statements as it resulted in an increase of 0.5% and 1.2% to our total assets and total liabilities, respectively, on our consolidated balance sheet at January 1, 2019. The new lease standard did not materially impact our consolidated net earnings and had no impact on our cash flows. See Note 4 for further information. In the first quarter of 2019, we also adopted new accounting guidance related to tax effects of the Tax Cuts and Jobs Act of 2017. As a result of the adoption of the new guidance, we elected to reclassify stranded tax effects from accumulated other comprehensive income to retained earnings, effective January 1, 2019. The adoption of this new guidance did not have a material impact on the Company’s consolidated financial statements. |
Leases (Tables)
Leases (Tables) | 3 Months Ended |
Mar. 30, 2019 | |
Disclosure of Leases [Abstract] | |
Supplemental cash flow information leases operating finance | Supplemental cash flow information and non-cash activity related to our leases are as follows (in thousands): Three Months (13 Weeks) Ended March 30, 2019 Other information Cash paid for amounts included in measurement of lease liabilities: Operating cash flows from operating leases $ 5,707 Operating cash flows from finance leases $ 2,856 Financing cash flows from finance leases $ 1,947 |
Lessee balance sheet information | Supplemental balance sheet information related to our leases is as follows (in thousands): March 30, 2019 Assets Operating lease Property, plant and equipment, net $ 94,578 Finance lease Property, plant and equipment, net 67,123 Total leased $ 161,701 Liabilities Current operating Accrued expenses and other current liabilities $ 17,793 Current finance Accrued expenses and other current liabilities 8,267 Non-current operating Deferred credits and other liabilities 76,652 Non-current finance Deferred credits and other liabilities 72,617 Total leased $ 175,329 |
Weighted average lease term discount rate finance operating | Weighted-average remaining lease term and discount rate for our leases are as follows: March 30, 2019 Weighted-average remaining lease term - operating leases 9.6 years Weighted-average remaining lease term - finance leases 10.8 years Weighted-average discount rate - operating leases 3.8 % Weighted-average discount rate - finance leases 31.8 % |
Lessee operating finance lease liability maturity | Maturities of lease liabilities by fiscal year for our leases are as follows as of March 30, 2019 (in thousands): Operating Leases Finance Leases Maturities of lease liabilities, year ending December 31, 2019 $ 16,232 $ 14,430 2020 17,613 18,231 2021 15,249 17,755 2022 13,663 16,959 2023 10,764 15,112 Thereafter 41,800 78,568 Total lease payments $ 115,321 $ 161,055 Less imputed interest (20,876 ) (80,171 ) Present value of lease liabilities $ 94,445 $ 80,884 |
Goodwill and Other Intangible_2
Goodwill and Other Intangible Assets (Tables) | 3 Months Ended |
Mar. 30, 2019 | |
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 three months ended March 30, 2019 by segment was as follows (in thousands): Steel Mills Steel Products Raw Materials Total Balance at December 31, 2018 $ 591,986 $ 862,773 $ 729,577 $ 2,184,336 Translation — (659 ) — (659 ) Balance at March 30, 2019 $ 591,986 $ 862,114 $ 729,577 $ 2,183,677 |
Schedule of Intangible Assets | March 30, 2019 December 31, 2018 Gross Amount Accumulated Amortization Gross Amount Accumulated Amortization Customer relationships $ 1,420,668 $ 731,454 $ 1,418,250 $ 713,656 Trademarks and trade names 177,525 90,234 176,046 87,680 Other 63,807 33,424 67,820 32,276 $ 1,662,000 $ 855,112 $ 1,662,116 $ 833,612 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 30, 2019 | |
Fair Value Disclosures [Abstract] | |
Schedule of Financial Assets and Liabilities Measured at Fair Value | The following table summarizes information regarding Nucor’s financial assets and financial liabilities that were measured at fair value as of March 30, 2019 and December 31, 2018 (in thousands). Nucor does not have any non-financial assets or non-financial liabilities that are measured at fair value on a recurring basis. Fair Value Measurements at Reporting Date Using Description Carrying Amount in Condensed Consolidated Balance Sheets Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) As of March 30, 2019 Assets: Cash equivalents $ 1,213,175 $ 1,213,175 $ — $ — Short-term investments 50,000 50,000 — — Derivative contracts 785 — 785 — Total assets $ 1,263,960 $ 1,263,175 $ 785 $ — Liabilities: Derivative contracts $ (9,366 ) $ — $ (9,366 ) $ — 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 ) $ — |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 3 Months Ended |
Mar. 30, 2019 | |
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 for the first quarter of 2019 is as follows (in thousands, except years and per share amounts): Weighted - Weighted - Average Average Aggregate Exercise Remaining Intrinsic Shares Price Contractual Life Value Number of shares under stock options: Outstanding at beginning of year 3,828 $ 49.71 Granted — $ — Exercised (88 ) $ 35.76 $ 2,157 Canceled — $ — Outstanding at March 30, 2019 3,740 $ 50.04 6.3 years $ 33,576 Stock options exercisable at March 30, 2019 2,024 $ 45.83 4.9 years $ 25,618 |
Summary of Nucor's RSU Activity | 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 for the first quarter of 2019 is as follows (shares in thousands): Grant Date Shares Fair Value Restricted stock units: Unvested at beginning of year 1,246 $ 59.09 Granted — $ — Vested (40 ) $ 54.46 Canceled (10 ) $ 62.98 Unvested at March 30, 2019 1,196 $ 59.21 |
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 for the first quarter of 2019 is as follows (shares in thousands): Grant Date Shares Fair Value Restricted stock awards and units: Unvested at beginning of year 130 $ 62.97 Granted 316 $ 58.04 Vested (280 ) $ 58.65 Canceled — $ — Unvested at March 30, 2019 166 $ 60.87 |
Interest Expense (Income) (Tabl
Interest Expense (Income) (Tables) | 3 Months Ended |
Mar. 30, 2019 | |
Banking and Thrift, Interest [Abstract] | |
Schedule of Components of Net Interest Expense | The components of net interest expense for the first quarter of 2018 and 2017 are as follows (in thousands): Three Months (13 Weeks) Ended March 30, 2019 March 31, 2018 Interest expense $ 37,062 $ 40,178 Interest income (8,619 ) (3,064 ) Interest expense, net $ 28,443 $ 37,114 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 3 Months Ended |
Mar. 30, 2019 | |
Federal Home Loan Banks [Abstract] | |
Schedule Of Changes In Stock Holders Equity [Table Text Block] | The following tables reflect the changes in stockholders’ equity attributable to both Nucor and the noncontrolling interests of Nucor’s joint ventures, primarily Nucor-Yamato Steel Company (Limited Partnership), of which Nucor owns 51%, for the three months ended March 30, 2019 and March 31, 2018 (in thousands): Nucor Stockholders Common Stock Additional Capital Retained Earnings Accumulated Income (loss) Treasury Stock Total Nucor Equity Noncontrolling Interests Total Shares Amount Shares Amount BALANCES, December 31, 2018 $ 10,201,968 380,154 $ 152,061 $ 2,073,715 $ 10,337,445 $ (304,133 ) 74,562 $ (2,467,010 ) $ 9,792,078 $ 409,890 Net earnings 530,793 501,806 501,806 28,987 Other comprehensive income (loss) (6,540 ) (6,540 ) (6,540 ) Stock options exercised 3,136 233 (88 ) 2,903 3,136 Stock option expense 312 312 312 Issuance of stock under award plans, net of forfeitures 18,715 8,479 (306 ) 10,236 18,715 Amortization of unearned compensation 600 600 600 Treasury stock acquired (72,830 ) 1,200 (72,830 ) (72,830 ) Cash dividends declared (123,086 ) (123,086 ) (123,086 ) Distributions to noncontrolling interests (50,402 ) (50,402 ) Other — (1,886 ) 1,886 — BALANCES, March 30, 2019 $ 10,502,666 380,154 $ 152,061 $ 2,083,339 $ 10,714,279 $ (308,787 ) 75,368 $ (2,526,701 ) $ 10,114,191 $ 388,475 Nucor Stockholders Common Stock Additional Capital Retained Earnings Accumulated Income (loss) Treasury Stock Total Nucor Equity Noncontrolling Interests Total Shares Amount Shares Amount BALANCES, December 31, 2017 $ 9,084,788 379,900 $ 151,960 $ 2,021,339 $ 8,463,709 $ (254,681 ) 61,931 $ (1,643,291 ) $ 8,739,036 $ 345,752 Net earnings 380,112 354,179 354,179 25,933 Other comprehensive income (loss) 5,315 5,315 5,315 Stock options exercised 12,280 210 84 10,103 (78 ) 2,093 12,280 Stock option expense 350 350 350 Issuance of stock under award plans, net of forfeitures 15,241 43 17 8,805 (240 ) 6,419 15,241 Amortization of unearned compensation 700 700 700 Treasury stock acquired (29,193 ) 443 (29,193 ) (29,193 ) Cash dividends declared (121,881 ) (121,881 ) (121,881 ) Distributions to noncontrolling interests (24,793 ) (24,793 ) BALANCES, March 31, 2018 $ 9,322,919 380,153 $ 152,061 $ 2,041,297 $ 8,696,007 $ (249,366 ) 62,056 $ (1,663,972 ) $ 8,976,027 $ 346,892 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Loss) (Tables) | 3 Months Ended |
Mar. 30, 2019 | |
Equity [Abstract] | |
Components of Accumulated Other Comprehensive Income (Loss) | The following tables reflect the changes in other accumulated comprehensive income (loss) by component for the three-month periods ended March 30, 2019 and March 31, 2018 (in thousands): Three-Month (13 -Week) Period Ended March 30, 2019 Gains and Losses on Foreign Currency Adjustment to Early Hedging Derivatives Gains and Losses Retiree Medical Plan Total Accumulated other comprehensive income (loss) at December 31, 2018 $ (6,500 ) $ (304,646 ) $ 7,013 $ (304,133 ) Other comprehensive income (loss) before reclassifications 731 (6,640 ) — (5,909 ) Amounts reclassified from accumulated other comprehensive income (loss) into earnings (1) (631 ) — — (631 ) Net current-period other comprehensive income (loss) 100 (6,640 ) — (6,540 ) Other — — 1,886 1,886 Accumulated other comprehensive income (loss) at March 30, 2019 $ (6,400 ) $ (311,286 ) $ 8,899 $ (308,787 ) Three-Month (13 -Week) Period Ended March 31, 2018 Gains and Losses on Foreign Currency Adjustment to Early Hedging Derivatives Gains and Losses Retiree Medical Plan Total Accumulated other comprehensive income (loss) at December 31, 2017 $ (2,800 ) $ (257,513 ) $ 5,632 $ (254,681 ) Other comprehensive income (loss) before reclassifications (752 ) 6,115 — 5,363 Amounts reclassified from accumulated other comprehensive income (loss) into earnings (1) (48 ) — — (48 ) Net current-period other comprehensive income (loss) (800 ) 6,115 — 5,315 Accumulated other comprehensive income (loss) at March 31, 2018 $ (3,600 ) $ (251,398 ) $ 5,632 $ (249,366 ) (1) Includes $(631) and $(48) of accumulated other comprehensive income (loss) reclassifications into cost of products sold for net losses on commodity contracts in the first quarter of 2019 and 2018, respectively. The tax impacts of those reclassifications were $(200) and $0 in the first quarter of 2019 and 2018, respectively. |
Segments (Tables)
Segments (Tables) | 3 Months Ended |
Mar. 30, 2019 | |
Segment Reporting [Abstract] | |
Segments | Three Months (13 Weeks) Ended March 30, 2019 March 31, 2018 Net sales to external customers: Steel mills $ 3,949,402 $ 3,580,694 Steel products 1,654,522 1,468,711 Raw materials 492,700 519,014 $ 6,096,624 $ 5,568,419 Intercompany sales: Steel mills $ 902,224 $ 898,326 Steel products 62,805 35,770 Raw materials 2,423,869 2,608,944 Corporate/eliminations (3,388,898 ) (3,543,040 ) $ — $ — Earnings (loss) before income taxes and noncontrolling interests: Steel mills $ 689,398 $ 560,503 Steel products 77,433 85,814 Raw materials 53,223 74,547 Corporate/eliminations (130,438 ) (204,952 ) $ 689,616 $ 515,912 March 30, 2019 Dec. 31, 2018 Segment assets: Steel mills $ 9,135,256 $ 9,244,086 Steel products 4,774,332 4,734,636 Raw materials 3,405,968 3,492,126 Corporate/eliminations 771,142 449,740 $ 18,086,698 $ 17,920,588 |
Revenue (Tables)
Revenue (Tables) | 3 Months Ended |
Mar. 30, 2019 | |
Revenue from Contract with Customer [Abstract] | |
Schedule of Net Sales Disaggregates by Major Source | The following tables disaggregate our revenue by major source for the first quarter of 2019 and 2018 (in thousands): Three Months (13 Weeks) Ended March 30, 2019 Steel Mills Steel Products Raw Materials Total Sheet $ 1,807,303 $ — $ — $ 1,807,303 Bar 1,115,130 — — 1,115,130 Structural 433,929 — — 433,929 Plate 593,040 — — 593,040 Tubular Products — 329,871 — 329,871 Rebar Fabrication — 342,055 — 342,055 Other Steel Products — 982,596 — 982,596 Raw Materials — — 492,700 492,700 $ 3,949,402 $ 1,654,522 $ 492,700 $ 6,096,624 Three Months (13 Weeks) Ended March 31, 2018 Steel Mills Steel Products Raw Materials Total Sheet $ 1,666,220 $ — $ — $ 1,666,220 Bar 1,090,147 — — 1,090,147 Structural 396,697 — — 396,697 Plate 427,630 — — 427,630 Tubular Products — 311,228 — 311,228 Rebar Fabrication — 329,219 — 329,219 Other Steel Products — 828,264 — 828,264 Raw Materials — — 519,014 519,014 $ 3,580,694 $ 1,468,711 $ 519,014 $ 5,568,419 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 3 Months Ended |
Mar. 30, 2019 | |
Earnings Per Share [Abstract] | |
Computations of Basic and Diluted Net Earnings Per Share | The computations of basic and diluted net earnings per share for the first quarter of 2019 and 2018 are as follows (in thousands, except per share amounts): Three Months (13 Weeks) Ended March 30, 2019 March 31, 2018 Basic net earnings per share: Basic net earnings $ 501,806 $ 354,179 Earnings allocated to participating securities (1,968 ) (1,181 ) Net earnings available to common stockholders $ 499,838 $ 352,998 Average shares outstanding 306,585 319,421 Basic net earnings per share $ 1.63 $ 1.11 Diluted net earnings per share: Diluted net earnings $ 501,806 $ 354,179 Earnings allocated to participating securities (1,964 ) (1,177 ) Net earnings available to common stockholders $ 499,842 $ 353,002 Diluted average shares outstanding: Basic shares outstanding 306,585 319,421 Dilutive effect of stock options and other 595 1,053 307,180 320,474 Diluted net earnings per share $ 1.63 $ 1.10 |
Anti-dilutive Stock Options | The following stock options were excluded from the computation of diluted net earnings per share for the first quarter of 2019 because their effect would have been anti-dilutive (shares in thousands): Three Months (13 Weeks) Ended March 30, 2019 March 31, 2018 Anti-dilutive stock options: Weighted-average shares 963 — Weighted-average exercise price $ 60.92 $ — |
Basis of Interim Presentation -
Basis of Interim Presentation - Additional Information (Detail) | Jan. 01, 2019 |
Disclosure of Basis of Interim Presentation [Line Items] | |
Adoption Of New Accounting Standard Increase Decrease In Total Assets | 0.50% |
Adoption Of New Accounting Standard Increase Decrease In Total Liabilities | 1.20% |
Inventories - Additional Inform
Inventories - Additional Information (Detail) | Mar. 30, 2019 | Dec. 31, 2018 |
Inventory Disclosure [Abstract] | ||
Raw materials and supplies in inventory, percentage | 40.00% | 43.00% |
Finished and semi-finished products in inventory, percentage | 60.00% | 57.00% |
Property, Plant and Equipment -
Property, Plant and Equipment - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | ||
Sep. 29, 2018 | Mar. 30, 2019 | Dec. 31, 2018 | |
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, net | $ 5,573,237 | $ 5,334,748 | |
Accumulated depreciation | 9,320,000 | 9,190,000 | |
Carrying Value of Two Field of Wells [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, net | 69,600 | 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 | $ 50,700 | $ 51,800 |
Leases - Additional Information
Leases - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 30, 2019 | Dec. 31, 2018 | |
Disclosure of Leases [Line Items] | ||
Lease, Cost | $ 11 | |
Total Finance Lease Cost | 5.2 | |
Operating Lease, Cost | $ 5.8 | |
Finance Lease, Weighted Average Discount Rate, Percent | 31.80% | |
Capital Leases, Future Minimum Payments Due | $ 154.8 | |
Capital Leases, Future Minimum Payments Due, Next Twelve Months | 17.7 | |
Capital Leases Future Minimum Payments Due In Second Third Years | 33.6 | |
Capital Leases Future Minimum Payments Due In Fourth Fifth Years | 30 | |
Capital Leases, Future Minimum Payments Due Thereafter | 73.4 | |
Operating Leases, Future Minimum Payments Due | 128.6 | |
Operating Leases, Future Minimum Payments Due, Next Twelve Months | 31.8 | |
Operating Leases Future Minimum Payments Due In Second Third Years | 45 | |
Operating Leases Future Minimum Payments Due In Fourth Fifth Years | 28.4 | |
Operating Leases, Future Minimum Payments, Due Thereafter | 23.5 | |
Capital Leased Assets, Gross | $ 89.4 | |
Minimum [Member] | ||
Disclosure of Leases [Line Items] | ||
Operating Lease, Renewal Term | 1 years | |
Maximum [Member] | ||
Disclosure of Leases [Line Items] | ||
Operating Lease, Renewal Term | 5 year | |
Cost of Sales [Member] | ||
Disclosure of Leases [Line Items] | ||
Finance Lease, Right-of-Use Asset, Amortization | $ 2.3 | |
Interest Expense [Member] | ||
Disclosure of Leases [Line Items] | ||
Finance Lease, Interest Expense | $ 2.9 |
Leases - Quantitative data rela
Leases - Quantitative data related to our leases (Detail) $ in Thousands | 3 Months Ended |
Mar. 30, 2019USD ($) | |
Liabilites | |
Total leased liabilities | $ 175,329 |
Cash paid for amounts included in measurement of lease liabilities: | |
Operating cash flows from operating leases | 5,707 |
Operating cash flows from finance leases | 2,856 |
Financing cash flows from finance leases | $ 1,947 |
Weighted-average remaining lease term - operating leases | 9 years 7 months 6 days |
Weighted-average remaining lease term - finance leases | 10 years 9 months 18 days |
Weighted-average discount rate - operating leases | 3.80% |
Weighted-average discount rate - finance leases | 31.80% |
Maturity Of Lease Liabilities [Abstract] | |
2019 | $ 16,232 |
2020 | 17,613 |
2021 | 15,249 |
2022 | 13,663 |
2023 | 10,764 |
Thereafter | 41,800 |
Total lease payments | 115,321 |
Less imputed interest | (20,876) |
Present value of lease liabilities | 94,445 |
2019 | 14,430 |
2020 | 18,231 |
2021 | 17,755 |
2022 | 16,959 |
2023 | 15,112 |
Thereafter | 78,568 |
Total lease payments | 161,055 |
Less imputed interest | (80,171) |
Present value of lease liabilities | 80,884 |
Accrued expenses and other current liabilities | |
Liabilites | |
Current operating | 17,793 |
Current finance | 8,267 |
Deferred credits and other liabilities | |
Liabilites | |
Non-Current operating | 76,652 |
Non-Current finance | 72,617 |
Property, plant and equipment, net | |
Assets | |
Operating lease assets | 94,578 |
Finance lease assets | 67,123 |
Total leased assets | $ 161,701 |
Goodwill and Other Intangible_3
Goodwill and Other Intangible Assets - Schedule of Change in Net Carrying Amount of Goodwill by Segment (Detail) $ in Thousands | 3 Months Ended |
Mar. 30, 2019USD ($) | |
Goodwill [Line Items] | |
Balance, beginning of period | $ 2,184,336 |
Translation | (659) |
Balance, end of period | 2,183,677 |
Steel Mills [Member] | |
Goodwill [Line Items] | |
Balance, beginning of period | 591,986 |
Translation | 0 |
Balance, end of period | 591,986 |
Steel Products [Member] | |
Goodwill [Line Items] | |
Balance, beginning of period | 862,773 |
Translation | (659) |
Balance, end of period | 862,114 |
Raw Materials [Member] | |
Goodwill [Line Items] | |
Balance, beginning of period | 729,577 |
Translation | 0 |
Balance, end of period | $ 729,577 |
Goodwill and Other Intangible_4
Goodwill and Other Intangible Assets - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 30, 2019 | Mar. 31, 2018 | Dec. 31, 2018 | |
Finite And Indefinite Lived Intangible Assets [Line Items] | |||
Intangible asset amortization expense | $ 21,500 | $ 22,500 | |
Future amortization expense, in 2019 | 87,100 | ||
Future amortization expense, in 2020 | 84,700 | ||
Future amortization expense, in 2021 | 83,500 | ||
Future amortization expense, in 2022 | 81,200 | ||
Future amortization expense, in 2023 | 80,000 | ||
Impairment of goodwill | 0 | ||
Goodwill | 2,183,677 | $ 2,184,336 | |
Finite-lived intangible assets | $ 806,888 | 828,504 | |
Grating unit [Member] | |||
Finite And Indefinite Lived Intangible Assets [Line Items] | |||
Percentage of fair value exceeded carrying value | 19.00% | ||
Goodwill | $ 36,600 | ||
Finite-lived intangible assets | $ 3,600 | ||
Rebar Fabrication [Member] | |||
Finite And Indefinite Lived Intangible Assets [Line Items] | |||
Percentage of fair value exceeded carrying value | 8.00% | ||
Goodwill | $ 352,500 | 353,000 | |
Finite-lived intangible assets | $ 74,000 | $ 76,700 | |
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 | Mar. 30, 2019 | Dec. 31, 2018 |
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets, Gross Amount | $ 1,662,000 | $ 1,662,116 |
Intangible assets, Accumulated Amortization | 855,112 | 833,612 |
Customer Relationships [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets, Gross Amount | 1,420,668 | 1,418,250 |
Intangible assets, Accumulated Amortization | 731,454 | 713,656 |
Trademarks and Trade Names [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets, Gross Amount | 177,525 | 176,046 |
Intangible assets, Accumulated Amortization | 90,234 | 87,680 |
Other [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets, Gross Amount | 63,807 | 67,820 |
Intangible assets, Accumulated Amortization | $ 33,424 | $ 32,276 |
Equity Investments - Additional
Equity Investments - Additional Information (Detail) $ in Thousands, € in Millions | 3 Months Ended | |||||
Mar. 30, 2019USD ($)Sheet | Mar. 31, 2018USD ($) | Mar. 30, 2019EUR (€) | Jan. 16, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2018EUR (€) | |
Schedule of Equity Method Investments [Line Items] | ||||||
Equity method investment | $ 806,800 | $ 869,900 | ||||
Distributions from affiliates | 26,034 | $ 25,150 | ||||
Amortization expense due to fair value step-up | $ 21,500 | 22,453 | ||||
Line of credit facility, maturity period | Apr. 16, 2021 | |||||
NuMit LLC [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Equity method investment | $ 316,600 | 337,200 | ||||
Equity method investment, ownership percentage | 50.00% | 50.00% | ||||
Period used for lag basis, in months | 1 month | |||||
Distributions from affiliates | $ 26,000 | 25,200 | ||||
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 | $ 260,800 | 269,100 | ||||
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 | $ 110,400 | |||||
Basis difference due to the step-up to fair value of certain assets and liabilities | 150,400 | |||||
Step-up to fair value of equity method investment, portion related to identification of goodwill | 86,500 | |||||
Amortization expense due to fair value step-up | 2,200 | $ 2,400 | ||||
Due from related parties, noncurrent | $ 39,300 | € 35 | 40,200 | € 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 | $ 134,600 | 135,700 | ||||
Equity method investment, ownership percentage | 50.00% | 50.00% | ||||
Equity method investments credit facilities, amount | $ 65,000 | |||||
Total amount outstanding under equity method investments credit facilities | $ 40,000 | |||||
Guarantor obligation percentage of exposure in case of default | 50.00% | |||||
Facility A [Member] | Duferdofin Nucor S.r.l. [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Equity method investments credit facilities, amount | 179,500 | € 160 | ||||
Total amount outstanding under equity method investments credit facilities | $ 171,700 | € 153 | $ 178,000 | € 155 | ||
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 | Mar. 30, 2019 | Dec. 31, 2018 |
Liabilities, Current [Abstract] | ||
Book overdrafts | $ 161 | $ 89.8 |
Dividends payable, current | $ 123.1 | $ 123.4 |
Fair Value Measurements - Sched
Fair Value Measurements - Schedule of Financial Assets and Liabilities Measured at Fair Value (Detail) - USD ($) $ in Thousands | Mar. 30, 2019 | Dec. 31, 2018 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Short-term Investments | $ 50,000 | |
Total assets | 18,086,698 | $ 17,920,588 |
Reported Value Measurement [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash equivalents | 1,213,175 | 1,084,319 |
Short-term Investments | 50,000 | |
Derivative contracts | 785 | 4,772 |
Total assets | 1,263,960 | 1,089,091 |
Derivative contracts | (9,366) | (8,600) |
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 | 1,213,175 | 1,084,319 |
Short-term Investments | 50,000 | |
Derivative contracts | 0 | 0 |
Total assets | 1,263,175 | 1,084,319 |
Derivative contracts | 0 | 0 |
Significant Other Observable Inputs (Level 2) [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash equivalents | 0 | 0 |
Short-term Investments | 0 | |
Derivative contracts | 785 | 4,772 |
Total assets | 785 | 4,772 |
Derivative contracts | (9,366) | (8,600) |
Significant Unobservable Inputs (Level 3) | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash equivalents | 0 | 0 |
Short-term Investments | 0 | |
Derivative contracts | 0 | 0 |
Total assets | 0 | 0 |
Derivative contracts | $ 0 | $ 0 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Detail) - USD ($) $ in Millions | Mar. 30, 2019 | Dec. 31, 2018 |
Fair Value Disclosures [Abstract] | ||
Fair value of short-term and long-term debt, including current maturities | $ 4,620 | $ 4,450 |
Contingencies - Additional Info
Contingencies - Additional Information (Detail) - USD ($) $ in Millions | Mar. 30, 2019 | Dec. 31, 2018 |
Commitments and Contingencies Disclosure [Abstract] | ||
Accrual for environmental loss contingencies, gross | $ 17.7 | $ 18.4 |
Accrued environmental loss contingencies, current | 5.4 | 7 |
Accrued environmental loss contingencies, noncurrent | $ 12.3 | $ 11.4 |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Detail) - USD ($) shares in Millions, $ in Millions | 3 Months Ended | ||
Mar. 30, 2019 | Mar. 31, 2018 | May 08, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares reserved for future issuance | 1.6 | ||
Stock options exercise prices as percentage of the market value on the date of the grant | 100.00% | ||
Compensation expenses for stock options | $ 0.3 | $ 0.4 | |
Omnibus Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock based compensation, common stock available for grant | 5.9 | ||
Omnibus Plan [Member] | Maximum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock based compensation, common stock available for grant | 13 | ||
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 | $ 1.3 | ||
Weighted-average recognition period for unrecognized compensation expense related to stock (years) | 1 year 6 months | ||
Restricted Stock Units [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Unrecognized compensation expense related to stock | $ 39.6 | ||
Weighted-average recognition period for unrecognized compensation expense related to stock (years) | 1 year 7 months 6 days | ||
Compensation expense | $ 6.8 | 5.7 | |
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 | ||
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 | $ 3 | ||
Weighted-average recognition period for unrecognized compensation expense related to stock (years) | 2 years 1 month 6 days | ||
Compensation expense | $ 5.4 | $ 4.4 |
Stock-Based Compensation - Sche
Stock-Based Compensation - Schedule of Stock Option Plans Activity (Detail) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended |
Mar. 30, 2019USD ($)$ / sharesshares | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Outstanding at beginning of year, Shares | shares | 3,828 |
Exercised, Shares | shares | (88) |
Outstanding at end of year, Shares | shares | 3,740 |
Options exercisable at end of year, Shares | shares | 2,024 |
Outstanding at beginning of year, Weighted - Average Exercise Price | $ / shares | $ 49.71 |
Exercised, Weighted - Average Exercise Price | $ / shares | 35.76 |
Outstanding at end of period, Weighted - Average Exercise Price | $ / shares | 50.04 |
Options exercisable at end of year, Weighted - Average Exercise Price | $ / shares | $ 45.83 |
Outstanding, Weighted - Average Remaining Contractual Life | 6 years 3 months 18 days |
Stock options exercisable, Weighted - Average Remaining Contractual Life | 4 years 10 months 24 days |
Exercised, Aggregate Intrinsic Value | $ | $ 2,157 |
Outstanding at end of year, Aggregate Intrinsic Value | $ | 33,576 |
Stock options exercisable, Aggregate Intrinsic Value | $ | $ 25,618 |
Stock-Based Compensation - Summ
Stock-Based Compensation - Summary of Nucor's RSU Activity (Detail) - Restricted Stock Units [Member] shares in Thousands | 3 Months Ended |
Mar. 30, 2019$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unvested at beginning of year, Shares | shares | 1,246 |
Vested, Shares | shares | (40) |
Canceled, Shares | shares | (10) |
Unvested at end of year, Shares | shares | 1,196 |
Unvested at beginning of year, Grant Date Fair Value | $ / shares | $ 59.09 |
Vested, Grant Date Fair Value | $ / shares | 54.46 |
Canceled, Grant Date Fair Value | $ / shares | 62.98 |
Unvested at end of year, Grant Date Fair Value | $ / shares | $ 59.21 |
Stock-Based Compensation - Su_2
Stock-Based Compensation - Summary of Nucor's Restricted Stock Activity under AIP and LTIP (Detail) - Restricted Stock Awards and Units [Member] shares in Thousands | 3 Months Ended |
Mar. 30, 2019$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unvested at beginning of year, Shares | shares | 130 |
Granted, Shares | shares | 316 |
Vested, Shares | shares | (280) |
Unvested at end of year, Shares | shares | 166 |
Unvested at beginning of year, Grant Date Fair Value | $ / shares | $ 62.97 |
Granted, Grant Date Fair Value | $ / shares | 58.04 |
Vested, Grant Date Fair Value | $ / shares | 58.65 |
Unvested at end of year, Grant Date Fair Value | $ / shares | $ 60.87 |
Employee Benefit Plans - Additi
Employee Benefit Plans - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 30, 2019 | Mar. 31, 2018 | |
Employee Benefit Plan [Abstract] | ||
Profit Sharing and Retirement Savings Plan, plan expense | $ 71.2 | $ 51.7 |
Interest Expense (Income) - Sch
Interest Expense (Income) - Schedule of Components of Net Interest Expense (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 30, 2019 | Mar. 31, 2018 | |
Interest Revenue (Expense), Net [Abstract] | ||
Interest expense | $ 37,062 | $ 40,178 |
Interest income | (8,619) | (3,064) |
Interest expense, net | $ 28,443 | $ 37,114 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 30, 2019 | Mar. 31, 2018 | Dec. 31, 2018 | |
Income Tax Disclosure [Line Items] | |||
Effective income tax rate | 23.00% | 26.30% | |
Deferred tax assets write-off | $ 21.8 | ||
Non-current deferred tax liabilities included in deferred credits and other liabilities | $ 352.1 | $ 332 | |
Non-current deferred tax assets included in other assets | $ 0.9 | $ 0.7 |
Stockholders' Equity - Addition
Stockholders' Equity - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Billions | 3 Months Ended | |
Mar. 30, 2019 | Mar. 31, 2018 | |
Common Stock, Dividends, Per Share, Declared | $ 0.40 | $ 0.38 |
Common Stock [Member] | ||
Stock Repurchase Program, Authorized Amount | $ 2 | |
Share repurchase program, available repurchase amount | $ 1.4 | |
Nucor Yamato Steel Company [Member] | ||
Noncontrolling Interest, Ownership Percentage by Parent | 51.00% | 51.00% |
Stockholders' Equity - Schedule
Stockholders' Equity - Schedule of Change in Stockholder's Equity (Detail) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 30, 2019 | Mar. 31, 2018 | |
BALANCES, beginning of period | $ 10,201,968 | $ 9,084,788 |
Net earnings | 530,793 | 380,112 |
Other comprehensive income (loss) | (6,540) | 5,315 |
Stock options exercised | $ 3,136 | 12,280 |
Stock options exercised (in shares) | (88) | |
Stock option expense | $ 312 | 350 |
Issuance of stock under award plans, net of forfeitures | 18,715 | 15,241 |
Amortization of unearned compensation | 600 | 700 |
Treasury stock value acquired | (72,830) | (29,193) |
Cash dividends declared | (123,086) | (121,881) |
Distributions to noncontrolling interests | (50,402) | (24,793) |
BALANCES, end of period | 10,502,666 | 9,322,919 |
Common Stock [Member] | ||
BALANCES, beginning of period | $ 152,061 | $ 151,960 |
BALANCES, shares at beginning of period | 380,154 | 379,900 |
Stock options exercised | $ 84 | |
Stock options exercised (in shares) | 210 | |
Issuance of stock under award plans, net of forfeitures | $ 17 | |
Issuance of stock under award plans, net of forfeitures, shares | 43 | |
BALANCES, end of period | $ 152,061 | $ 152,061 |
BALANCES, shares at end of period | 380,154 | 380,153 |
Additional Paid-in Capital [Member] | ||
BALANCES, beginning of period | $ 2,073,715 | $ 2,021,339 |
Stock options exercised | 233 | 10,103 |
Stock option expense | 312 | 350 |
Issuance of stock under award plans, net of forfeitures | 8,479 | 8,805 |
Amortization of unearned compensation | 600 | 700 |
BALANCES, end of period | 2,083,339 | 2,041,297 |
Retained Earnings [Member] | ||
BALANCES, beginning of period | 10,337,445 | 8,463,709 |
Net earnings | 501,806 | 354,179 |
Cash dividends declared | (123,086) | (121,881) |
Other | (1,886) | |
BALANCES, end of period | 10,714,279 | 8,696,007 |
Accumulated Other Comprehensive Loss [Member] | ||
BALANCES, beginning of period | (304,133) | (254,681) |
Other comprehensive income (loss) | (6,540) | 5,315 |
Other | 1,886 | |
BALANCES, end of period | (308,787) | (249,366) |
Treasury Stock [Member] | ||
BALANCES, beginning of period | $ (2,467,010) | $ (1,643,291) |
BALANCES, shares at beginning of period | 74,562 | 61,931 |
Stock options exercised | $ 2,903 | $ 2,093 |
Stock options exercised (in shares) | (88) | (78) |
Issuance of stock under award plans, net of forfeitures | $ 10,236 | $ 6,419 |
Issuance of stock under award plans, net of forfeitures, shares | (306) | (240) |
Treasury stock value acquired | $ (72,830) | $ (29,193) |
Treasury stock acquired (in shares) | 1,200 | 443 |
BALANCES, end of period | $ (2,526,701) | $ (1,663,972) |
BALANCES, shares at end of period | 75,368 | 62,056 |
Total Nucor Stockholders' Equity [Member] | ||
BALANCES, beginning of period | $ 9,792,078 | $ 8,739,036 |
Net earnings | 501,806 | 354,179 |
Other comprehensive income (loss) | (6,540) | 5,315 |
Stock options exercised | 3,136 | 12,280 |
Stock option expense | 312 | 350 |
Issuance of stock under award plans, net of forfeitures | 18,715 | 15,241 |
Amortization of unearned compensation | 600 | 700 |
Treasury stock value acquired | (72,830) | (29,193) |
Cash dividends declared | (123,086) | (121,881) |
BALANCES, end of period | 10,114,191 | 8,976,027 |
Noncontrolling Interest [Member] | ||
BALANCES, beginning of period | 409,890 | 345,752 |
Net earnings | 28,987 | 25,933 |
Distributions to noncontrolling interests | (50,402) | (24,793) |
BALANCES, end of period | $ 388,475 | $ 346,892 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income (Loss) - Components of Accumulated Other Comprehensive Income (Loss) (Detail) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 30, 2019 | Mar. 31, 2018 | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |||
Beginning Balance, Gains and Losses on Hedging Derivatives | $ (6,500) | $ (2,800) | |
Other comprehensive income (loss) before reclassifications, Gains and Losses on Hedging Derivatives | 731 | (752) | |
Amounts reclassified from accumulated other comprehensive (loss) income into earnings, Gains and Losses on Hedging Derivatives | [1] | (631) | (48) |
Net current-period other comprehensive income (loss), Gains and Losses on Hedging Derivatives | 100 | (800) | |
Ending Balance, Gains and Losses on Hedging Derivatives | (6,400) | (3,600) | |
Beginning Balance, Foreign Currency Gains (Losses) | (304,646) | (257,513) | |
Other comprehensive income (loss) before reclassifications, Foreign Currency Gains (Losses) | (6,640) | 6,115 | |
Amounts reclassified from accumulated other comprehensive income (loss) into earnings, Foreign Currency Gains (Losses) | [1] | 0 | 0 |
Net current-period other comprehensive income (loss), Foreign Currency Gains (Losses) | (6,640) | 6,115 | |
Ending Balance, Foreign Currency Gains (Losses) | (311,286) | (251,398) | |
Beginning Balance, Adjustment to Early Retiree Medical Plan | 7,013 | 5,632 | |
Accumulated other comprehensive income loss defined benefit pension and other postretirement plans other net of tax | 1,886 | ||
Accumulated other comprehensive income loss other net of tax | 1,886 | ||
Other comprehensive income (loss) before reclassifications, Adjustment to Early Retiree Medical Plan | 0 | 0 | |
Amounts reclassified from accumulated other comprehensive (loss) income into earnings, Adjustment to Early Retiree Medical Plan | [1] | 0 | 0 |
Net current-period other comprehensive income (loss), Adjustment to Early Retiree Medical Plan | 0 | 0 | |
Ending Balance, Adjustment to Early Retiree Medical Plan | 8,899 | 5,632 | |
Beginning Balance | (304,133) | (254,681) | |
Other comprehensive income (loss) before reclassifications | (5,909) | 5,363 | |
Amounts reclassified from accumulated other comprehensive income (loss) into earnings | [1] | (631) | (48) |
Net current-period other comprehensive income (loss) | (6,540) | 5,315 | |
Ending Balance | $ (308,787) | $ (249,366) | |
[1] | Includes $(631) and $(48) of accumulated other comprehensive income (loss) reclassifications into cost of products sold for net losses on commodity contracts in the first quarter of 2019 and 2018, respectively. The tax impacts of those reclassifications were $(200) and $0 in the first quarter of 2019 and 2018, respectively. |
Accumulated Other Comprehensi_4
Accumulated Other Comprehensive Income (Loss) - Components of Accumulated Other Comprehensive Income (Loss) (Parenthetical) (Detail) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 30, 2019 | Mar. 31, 2018 | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Amounts reclassified from accumulated other comprehensive (loss) income into earnings, Gains and Losses on Hedging Derivatives | [1] | $ (631) | $ (48) |
AOCI reclassification impact on tax | (200) | 0 | |
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 | (631) | (48) | |
AOCI reclassification impact on tax | $ (200) | $ 0 | |
[1] | Includes $(631) and $(48) of accumulated other comprehensive income (loss) reclassifications into cost of products sold for net losses on commodity contracts in the first quarter of 2019 and 2018, respectively. The tax impacts of those reclassifications were $(200) and $0 in the first quarter of 2019 and 2018, respectively. |
Segments - Segments (Detail)
Segments - Segments (Detail) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 30, 2019 | Mar. 31, 2018 | Dec. 31, 2018 | |
Segment Reporting Information [Line Items] | |||
Net sales | $ 6,096,624 | $ 5,568,419 | |
Earnings (loss) before income taxes and noncontrolling interests | 689,616 | 515,912 | |
Total assets | 18,086,698 | $ 17,920,588 | |
Operating Segments [Member] | Steel Mills [Member] | |||
Segment Reporting Information [Line Items] | |||
Net sales | 3,949,402 | 3,580,694 | |
Earnings (loss) before income taxes and noncontrolling interests | 689,398 | 560,503 | |
Total assets | 9,135,256 | 9,244,086 | |
Operating Segments [Member] | Steel Products [Member] | |||
Segment Reporting Information [Line Items] | |||
Net sales | 1,654,522 | 1,468,711 | |
Earnings (loss) before income taxes and noncontrolling interests | 77,433 | 85,814 | |
Total assets | 4,774,332 | 4,734,636 | |
Operating Segments [Member] | Raw Materials [Member] | |||
Segment Reporting Information [Line Items] | |||
Net sales | 492,700 | 519,014 | |
Earnings (loss) before income taxes and noncontrolling interests | 53,223 | 74,547 | |
Total assets | 3,405,968 | 3,492,126 | |
Intercompany Eliminations [Member] | Steel Mills [Member] | |||
Segment Reporting Information [Line Items] | |||
Net sales | 902,224 | 898,326 | |
Intercompany Eliminations [Member] | Steel Products [Member] | |||
Segment Reporting Information [Line Items] | |||
Net sales | 62,805 | 35,770 | |
Intercompany Eliminations [Member] | Raw Materials [Member] | |||
Segment Reporting Information [Line Items] | |||
Net sales | 2,423,869 | 2,608,944 | |
Corporate and Eliminations Items [Member] | |||
Segment Reporting Information [Line Items] | |||
Net sales | (3,388,898) | (3,543,040) | |
Earnings (loss) before income taxes and noncontrolling interests | (130,438) | $ (204,952) | |
Total assets | $ 771,142 | $ 449,740 |
Revenue - Schedule of Net Sales
Revenue - Schedule of Net Sales Disaggregates by Major Source (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 30, 2019 | Mar. 31, 2018 | |
Revenue from Contract with Customers [Line Items] | ||
Revenues | $ 6,096,624 | $ 5,568,419 |
Sheet [Member] | ||
Revenue from Contract with Customers [Line Items] | ||
Revenues | 1,807,303 | 1,666,220 |
Bar [Member] | ||
Revenue from Contract with Customers [Line Items] | ||
Revenues | 1,115,130 | 1,090,147 |
Structural [Member] | ||
Revenue from Contract with Customers [Line Items] | ||
Revenues | 433,929 | 396,697 |
Plate [Member] | ||
Revenue from Contract with Customers [Line Items] | ||
Revenues | 593,040 | 427,630 |
Tubular Products [Member] | ||
Revenue from Contract with Customers [Line Items] | ||
Revenues | 329,871 | 311,228 |
Rebar Fabrication [Member] | ||
Revenue from Contract with Customers [Line Items] | ||
Revenues | 342,055 | 329,219 |
Other Steel Products [Member] | ||
Revenue from Contract with Customers [Line Items] | ||
Revenues | 982,596 | 828,264 |
Raw Materials [Member] | ||
Revenue from Contract with Customers [Line Items] | ||
Revenues | 492,700 | 519,014 |
Steel Mills [Member] | ||
Revenue from Contract with Customers [Line Items] | ||
Revenues | 3,949,402 | 3,580,694 |
Steel Mills [Member] | Sheet [Member] | ||
Revenue from Contract with Customers [Line Items] | ||
Revenues | 1,807,303 | 1,666,220 |
Steel Mills [Member] | Bar [Member] | ||
Revenue from Contract with Customers [Line Items] | ||
Revenues | 1,115,130 | 1,090,147 |
Steel Mills [Member] | Structural [Member] | ||
Revenue from Contract with Customers [Line Items] | ||
Revenues | 433,929 | 396,697 |
Steel Mills [Member] | Plate [Member] | ||
Revenue from Contract with Customers [Line Items] | ||
Revenues | 593,040 | 427,630 |
Steel Products [Member] | ||
Revenue from Contract with Customers [Line Items] | ||
Revenues | 1,654,522 | 1,468,711 |
Steel Products [Member] | Tubular Products [Member] | ||
Revenue from Contract with Customers [Line Items] | ||
Revenues | 329,871 | 311,228 |
Steel Products [Member] | Rebar Fabrication [Member] | ||
Revenue from Contract with Customers [Line Items] | ||
Revenues | 342,055 | 329,219 |
Steel Products [Member] | Other Steel Products [Member] | ||
Revenue from Contract with Customers [Line Items] | ||
Revenues | 982,596 | 828,264 |
Raw Materials [Member] | ||
Revenue from Contract with Customers [Line Items] | ||
Revenues | 492,700 | 519,014 |
Raw Materials [Member] | Raw Materials [Member] | ||
Revenue from Contract with Customers [Line Items] | ||
Revenues | $ 492,700 | $ 519,014 |
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 | |
Mar. 30, 2019 | Mar. 31, 2018 | |
Earnings Per Share [Abstract] | ||
Basic net earnings | $ 501,806 | $ 354,179 |
Earnings allocated to participating securities, Basic | (1,968) | (1,181) |
Net earnings available to common stockholders, Basic | $ 499,838 | $ 352,998 |
Average shares outstanding | 306,585 | 319,421 |
Basic net earnings per share | $ 1.63 | $ 1.11 |
Diluted net earnings | $ 501,806 | $ 354,179 |
Earnings allocated to participating securities, Diluted | (1,964) | (1,177) |
Net earnings available to common stockholders, Diluted | $ 499,842 | $ 353,002 |
Basic shares outstanding | 306,585 | 319,421 |
Dilutive effect of stock options and other | 595 | 1,053 |
Diluted average shares outstanding | 307,180 | 320,474 |
Diluted net earnings per share | $ 1.63 | $ 1.10 |
Earnings Per Share - Anti-dilut
Earnings Per Share - Anti-dilutive Stock Options (Detail) | 3 Months Ended |
Mar. 30, 2019$ / sharesshares | |
Earnings Per Share [Abstract] | |
Weighted-average shares | shares | 963,000 |
Weighted-average exercise price | $ / shares | $ 60.92 |