Document and Entity Information
Document and Entity Information - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Feb. 18, 2022 | Jul. 03, 2021 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2021 | ||
Document Fiscal Year Focus | 2021 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | NUE | ||
Entity Registrant Name | NUCOR CORPORATION | ||
Entity Central Index Key | 0000073309 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Emerging Growth Company | false | ||
Entity Small Business | false | ||
ICFR Auditor Attestation Flag | true | ||
Entity Current Reporting Status | Yes | ||
Entity Shell Company | false | ||
Entity Interactive Data Current | Yes | ||
Entity Voluntary Filers | No | ||
Entity Well-known Seasoned Issuer | Yes | ||
Title of 12(b) Security | Common Stock, par value $0.40 per share | ||
Security Exchange Name | NYSE | ||
Entity Incorporation, State or Country Code | DE | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Entity File Number | 1-4119 | ||
Entity Tax Identification Number | 13-1860817 | ||
Entity Address, Address Line One | 1915 Rexford Road | ||
Entity Address, City or Town | Charlotte | ||
Entity Address, State or Province | NC | ||
Entity Address, Postal Zip Code | 28211 | ||
City Area Code | 704 | ||
Local Phone Number | 366-7000 | ||
Entity Common Stock, Shares Outstanding | 269,124,863 | ||
Entity Public Float | $ 28,210 | ||
Documents Incorporated by Reference | DOCUMENTS INCORPORATED BY REFERENCEPortions of the registrant’s definitive proxy statement to be filed with the Securities and Exchange Commission in connection with the registrant’s 2022 Annual Meeting of Stockholders are incorporated by reference in Part III of this report to the extent described herein. | ||
Auditor Name | PricewaterhouseCoopers LLP | ||
Auditor Location | Charlotte, North Carolina | ||
Auditor Firm ID | 238 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Current assets: | ||
Cash and cash equivalents (Note 14) | $ 2,364,858 | $ 2,639,671 |
Short-term investments (Notes 3 and 14) | 253,005 | 408,004 |
Accounts receivable, net (Note 4) | 3,853,972 | 2,298,850 |
Inventories, net (Note 5) | 6,011,182 | 3,569,089 |
Other current assets (Notes 13, 14 and 19) | 316,540 | 573,048 |
Total current assets | 12,799,557 | 9,488,662 |
Property, plant and equipment, net (Notes 6 and 7) | 8,114,818 | 6,899,110 |
Restricted cash and cash equivalents (Notes 14 and 24) | 143,800 | 115,258 |
Goodwill (Note 8) | 2,827,344 | 2,229,672 |
Other intangible assets, net (Note 8) | 1,103,759 | 668,021 |
Other assets (Notes 6 and 9) | 833,794 | 724,671 |
Total assets | 25,823,072 | 20,125,394 |
Current liabilities: | ||
Short-term debt (Notes 11 and 14) | 107,723 | 57,906 |
Current portion of long-term debt and finance lease obligations (Notes 6, 11 and 14) | 615,678 | 10,885 |
Accounts payable (Note 10) | 1,974,041 | 1,432,159 |
Salaries, wages and related accruals (Note 17) | 1,495,166 | 462,727 |
Accrued expenses and other current liabilities (Notes 6, 10, 13, 15, 16 and 23) | 964,805 | 664,183 |
Total current liabilities | 5,157,413 | 2,627,860 |
Long-term debt and finance lease obligations due after one year (Notes 6, 11 and 14) | 4,961,410 | 5,271,789 |
Deferred credits and other liabilities (Notes 6, 13, 15, 17 and 19) | 1,100,455 | 993,884 |
Total liabilities | 11,219,278 | 8,893,533 |
Commitments and contingencies (Notes 13, 15 and 16) | ||
Nucor stockholders’ equity (Notes 12, 16 and 20): | ||
Common stock (800,000 shares authorized; 380,154 and 380,154 shares issued, respectively) | 152,061 | 152,061 |
Additional paid-in capital | 2,140,608 | 2,121,288 |
Retained earnings | 17,674,100 | 11,343,852 |
Accumulated other comprehensive loss, net of income taxes (Notes 13 and 20) | (115,282) | (118,861) |
Treasury stock (107,742 and 77,909 shares, respectively) | (5,835,098) | (2,709,675) |
Total Nucor stockholders’ equity | 14,016,389 | 10,788,665 |
Noncontrolling interests | 587,405 | 443,196 |
Total equity | 14,603,794 | 11,231,861 |
Total liabilities and equity | $ 25,823,072 | $ 20,125,394 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - shares | Dec. 31, 2021 | Dec. 31, 2020 |
Statement Of Financial Position [Abstract] | ||
Common stock shares authorized | 800,000,000 | 800,000,000 |
Common stock shares issued | 380,154,000 | 380,154,000 |
Treasury stock | 107,742,000 | 77,909,000 |
Consolidated Statements of Earn
Consolidated Statements of Earnings - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Statement [Abstract] | |||
Net sales (Note 23) | $ 36,483,939 | $ 20,139,658 | $ 22,588,858 |
Costs, expenses and other: | |||
Cost of products sold (Notes 6, 13 and 20) | 25,458,525 | 17,911,708 | 19,909,773 |
Marketing, administrative and other expenses (Note 6) | 1,706,609 | 615,041 | 711,248 |
Equity in (earnings) losses of unconsolidated subsidiaries | (103,068) | 10,533 | (3,311) |
Losses and impairments of assets (Notes 7, 8, 9, 14, 19, 20 and 27) | 62,161 | 613,640 | 66,916 |
Interest expense, net (Notes 6, 18 and 19) | 158,854 | 153,198 | 121,425 |
Costs, expenses and other, total | 27,283,081 | 19,304,120 | 20,806,051 |
Earnings before income taxes and noncontrolling interests | 9,200,858 | 835,538 | 1,782,807 |
Provision for income taxes (Notes 19 and 27) | 2,078,488 | (490) | 411,897 |
Net earnings | 7,122,370 | 836,028 | 1,370,910 |
Earnings attributable to noncontrolling interests | 294,909 | 114,558 | 99,767 |
Net earnings attributable to Nucor stockholders | $ 6,827,461 | $ 721,470 | $ 1,271,143 |
Net earnings per share (Note 21): | |||
Basic | $ 23.23 | $ 2.37 | $ 4.14 |
Diluted | $ 23.16 | $ 2.36 | $ 4.14 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | ||||
Statement Of Comprehensive Income [Abstract] | ||||||
Net earnings | $ 7,122,370 | $ 836,028 | $ 1,370,910 | |||
Other comprehensive income (loss): | ||||||
Net unrealized income (loss) on hedging derivatives, net of income taxes of $5,000, $400 and ($3,100) for 2021, 2020 and 2019, respectively | 15,112 | 2,084 | (9,833) | |||
Reclassification adjustment for (gain) loss on settlement of hedging derivatives included in net earnings, net of income taxes of ($3,100), $2,500 and $700 for 2021, 2020 and 2019, respectively | (9,300) | [1] | 7,216 | [2] | 2,333 | |
Foreign currency translation (loss) gain, net of income taxes of $0 for 2021, 2020 and 2019 | (4,041) | 17,306 | 7,873 | |||
Adjustment to early retiree medical plan, net of income taxes of $659, ($339) and ($485) for 2021, 2020 and 2019, respectively | 1,875 | (1,213) | (1,148) | |||
Reclassification adjustment for (gain) loss on early retiree medical plan included in net earnings, net of income taxes of ($10), $17 and $49 for 2021, 2020 and 2019, respectively | (67) | [1] | 72 | [2] | 57 | |
Liquidation of equity method investment in foreign joint venture, net of income taxes of $0 in 2020 | [2] | 158,640 | ||||
Net current-period other comprehensive income (loss) | 3,579 | 184,105 | (718) | |||
Comprehensive income | 7,125,949 | 1,020,133 | 1,370,192 | |||
Comprehensive income attributable to noncontrolling interests | (294,909) | (114,558) | (99,767) | |||
Comprehensive income attributable to Nucor stockholders | $ 6,831,040 | $ 905,575 | $ 1,270,425 | |||
[1] | Includes $(9,300) and $(67) net-of-tax impact of accumulated other comprehensive income (loss) reclassifications into cost of products sold for net gains on commodity contracts and adjustment to early retiree medical plan, respectively. The tax impacts of these reclassifications were $(3,100) and $(10) respectively. | |||||
[2] | Includes $7,216 and $72 net-of-tax impact of accumulated other comprehensive income (loss) reclassifications into cost of products sold for net losses on commodity contracts and adjustment to early retiree medical plan, respectively. The tax impacts of these reclassifications were $2,500 and $17, respectively. Also includes a $158.6 million reclassification of cumulative foreign currency translation losses into losses and impairments of assets, of which there was no tax impact. |
Consolidated Statements of Co_2
Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Statement Of Comprehensive Income [Abstract] | |||
Net unrealized (loss) income on hedging derivatives, tax | $ 5,000 | $ 400 | $ (3,100) |
Reclassification adjustment for (gain) loss on settlement of hedging derivatives included in net earnings, tax effect | (3,100) | 2,500 | 700 |
Foreign currency translation (loss) gain tax | 0 | 0 | 0 |
Adjustment to early retiree medical plan, tax effect | 659 | (339) | (485) |
Reclassification adjustment for (gain) loss on early retiree medical plan included in net earnings, tax effect | $ (10) | 17 | $ 49 |
Liquidation of equity method investment in foreign joint venture, tax | $ 0 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) shares in Thousands, $ in Thousands | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive (Loss) [Member] | Treasury Stock (at cost) [Member] | Total Nucor Stockholders' Equity [Member] | Noncontrolling Interests [Member] |
BALANCES, beginning of period at Dec. 31, 2018 | $ 10,201,968 | $ 152,061 | $ 2,073,715 | $ 10,337,445 | $ (304,133) | $ (2,467,010) | $ 9,792,078 | $ 409,890 |
BALANCES, shares at beginning of period at Dec. 31, 2018 | 380,154 | 74,562 | ||||||
Net earnings | 1,370,910 | 1,271,143 | 1,271,143 | 99,767 | ||||
Other comprehensive income (loss) | (718) | (718) | (718) | |||||
Stock options exercised | $ 16,146 | 1,624 | $ 14,522 | 16,146 | ||||
Stock options exercised (in shares) | 425 | (425) | ||||||
Stock option expense | $ 4,662 | 4,662 | 4,662 | |||||
Issuance of stock under award plans, net of forfeitures | 62,735 | 25,637 | $ 37,098 | 62,735 | ||||
Issuance of stock under award plans, net of forfeitures, shares | (1,095) | |||||||
Amortization of unearned compensation | 2,008 | 2,008 | 2,008 | |||||
Treasury stock value acquired | (298,541) | $ (298,541) | (298,541) | |||||
Treasury stock value acquired ,shares | 5,300 | |||||||
Cash dividends declared | (491,647) | (491,647) | (491,647) | |||||
Distributions to noncontrolling interests | (76,347) | (76,347) | ||||||
Other | (1,885) | 1,885 | ||||||
BALANCES, end of period at Dec. 31, 2019 | 10,791,176 | $ 152,061 | 2,107,646 | 11,115,056 | (302,966) | $ (2,713,931) | 10,357,866 | 433,310 |
BALANCES, shares at end of period at Dec. 31, 2019 | 380,154 | 78,342 | ||||||
Net earnings | 836,028 | 721,470 | 721,470 | 114,558 | ||||
Other comprehensive income (loss) | 184,105 | 184,105 | 184,105 | |||||
Stock options exercised | $ 11,846 | 2,590 | $ 9,256 | 11,846 | ||||
Stock options exercised (in shares) | 266 | (266) | ||||||
Stock option expense | $ 2,736 | 2,736 | 2,736 | |||||
Issuance of stock under award plans, net of forfeitures | 51,898 | 17,399 | $ 34,499 | 51,898 | ||||
Issuance of stock under award plans, net of forfeitures, shares | (992) | |||||||
Amortization of unearned compensation | 1,753 | 1,753 | 1,753 | |||||
Treasury stock value acquired | (39,499) | $ (39,499) | (39,499) | |||||
Treasury stock value acquired ,shares | 825 | |||||||
Cash dividends declared | (492,674) | (492,674) | (492,674) | |||||
Distributions to noncontrolling interests | (115,508) | (115,508) | ||||||
Other | (10,836) | (10,836) | 10,836 | |||||
BALANCES, end of period at Dec. 31, 2020 | 11,231,861 | $ 152,061 | 2,121,288 | 11,343,852 | (118,861) | $ (2,709,675) | 10,788,665 | 443,196 |
BALANCES, shares at end of period at Dec. 31, 2020 | 380,154 | 77,909 | ||||||
Net earnings | 7,122,370 | 6,827,461 | 6,827,461 | 294,909 | ||||
Other comprehensive income (loss) | 3,579 | 3,579 | 3,579 | |||||
Stock options exercised | $ 145,255 | 38,434 | $ 106,821 | 145,255 | ||||
Stock options exercised (in shares) | 2,868 | (2,868) | ||||||
Stock option expense | $ 3,825 | 3,825 | 3,825 | |||||
Issuance of stock under award plans, net of forfeitures | 19,305 | (24,539) | $ 43,844 | 19,305 | ||||
Issuance of stock under award plans, net of forfeitures, shares | (1,101) | |||||||
Amortization of unearned compensation | 1,600 | 1,600 | 1,600 | |||||
Treasury stock value acquired | (3,276,088) | $ (3,276,088) | (3,276,088) | |||||
Treasury stock value acquired ,shares | 33,802 | |||||||
Cash dividends declared | (497,213) | (497,213) | (497,213) | |||||
Distributions to noncontrolling interests | (150,700) | (150,700) | ||||||
BALANCES, end of period at Dec. 31, 2021 | $ 14,603,794 | $ 152,061 | $ 2,140,608 | $ 17,674,100 | $ (115,282) | $ (5,835,098) | $ 14,016,389 | $ 587,405 |
BALANCES, shares at end of period at Dec. 31, 2021 | 380,154 | 107,742 |
Consolidated Statements of St_2
Consolidated Statements of Stockholders' Equity (Parenthetical) - $ / shares | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Statement Of Stockholders Equity [Abstract] | |||
Cash dividends declared per share | $ 1.715 | $ 1.6125 | $ 1.6025 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Operating activities: | |||
Net earnings | $ 7,122,370 | $ 836,028 | $ 1,370,910 |
Adjustments: | |||
Depreciation | 735,406 | 702,110 | 648,911 |
Amortization | 129,157 | 83,356 | 85,742 |
Stock-based compensation | 135,775 | 73,853 | 90,359 |
Deferred income taxes | 11,665 | 162,836 | 99,157 |
Distributions from affiliates | 200 | 10,521 | 37,459 |
Equity in (earnings) losses of unconsolidated subsidiaries | (103,068) | 10,533 | (3,311) |
Losses and impairments of assets | 62,161 | 613,640 | 66,916 |
Changes in assets and liabilities (exclusive of acquisitions and dispositions): | |||
Accounts receivable | (1,392,084) | (129,290) | 361,340 |
Inventories | (2,307,336) | 284,081 | 712,645 |
Accounts payable | 383,428 | 250,561 | (253,457) |
Federal income taxes | 313,679 | (197,275) | (180,325) |
Salaries, wages and related accruals | 997,034 | (41,169) | (186,755) |
Other operating activities | 142,389 | 37,092 | (40,178) |
Cash provided by operating activities | 6,230,776 | 2,696,877 | 2,809,413 |
Investing activities: | |||
Capital expenditures | (1,621,989) | (1,543,219) | (1,477,293) |
Investment in and advances to affiliates | (237) | (44,427) | (45,834) |
Divestiture of affiliates | 67,591 | ||
Disposition of plant and equipment | 19,401 | 40,933 | 41,618 |
Acquisitions (net of cash acquired) | (1,426,424) | (88,071) | (83,106) |
Purchases of investments | (493,889) | (488,517) | (367,741) |
Proceeds from the sale of investments | 648,887 | 392,178 | 67,701 |
Other investing activities | 399 | (33,171) | 2,873 |
Cash used in investing activities | (2,873,852) | (1,764,294) | (1,794,191) |
Financing activities: | |||
Net change in short-term debt | 49,817 | (4,538) | 4,574 |
Proceeds from issuance of long-term debt, net of discount | 196,990 | 1,237,635 | |
Repayment of long-term debt | (97,150) | ||
Premium on debt exchange | (180,383) | ||
Bond issuance costs | (6,250) | ||
Proceeds from exercise of stock options | 145,255 | 11,846 | 16,145 |
Payment of tax withholdings on certain stock-based compensation | (73,260) | (19,102) | (25,047) |
Distributions to noncontrolling interests | (150,700) | (115,508) | (76,347) |
Cash dividends | (483,469) | (491,655) | (492,062) |
Acquisition of treasury stock | (3,276,088) | (39,499) | (298,541) |
Other financing activities | (11,424) | (9,542) | (9,132) |
Cash (used in) provided by financing activities | (3,602,879) | 285,854 | (880,410) |
Effect of exchange rate changes on cash | (316) | 1,887 | 907 |
(Decrease) increase in cash and cash equivalents and restricted cash and cash equivalents | (246,271) | 1,220,324 | 135,719 |
Cash and cash equivalents and restricted cash and cash equivalents - beginning of year | 2,754,929 | 1,534,605 | 1,398,886 |
Cash and cash equivalents and restricted cash and cash equivalents - end of year | 2,508,658 | 2,754,929 | 1,534,605 |
Non-cash investing activity: | |||
Change in accrued plant and equipment purchases | $ 78,375 | $ (16,103) | $ 34,777 |
Nature of Operations and Basis
Nature of Operations and Basis of Presentation | 12 Months Ended |
Dec. 31, 2021 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Nature of Operations and Basis of Presentation | 1. Nature of Operations and Basis of Presentation Nature of Operations Nucor is principally a manufacturer of steel and steel products, as well as a scrap broker and processor, with operating facilities and customers primarily located in North America. Principles of Consolidation The consolidated financial statements include Nucor and its controlled subsidiaries, including Nucor-Yamato Steel Company (Limited Partnership) (“Nucor-Yamato”), of which Nucor owns 51%. All intercompany transactions are eliminated. Distributions are made to noncontrolling interest partners in Nucor-Yamato Steel Company (Limited Partnership) in accordance with the limited partnership agreement by mutual agreement of the general partners. At a minimum, sufficient cash is distributed so that each partner may pay its U.S. federal and state income taxes. Use of Estimates The preparation of financial statements in conformity with generally accepted accounting principles in the United States of America requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from these estimates. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 2. Summary of Significant Accounting Policies Cash and Cash Equivalents Cash equivalents are recorded at cost plus accrued interest, which approximates fair value, and have original maturities of three months or less at the date of purchase. Cash and cash equivalents are maintained primarily with a few high-credit quality financial institutions. Short-term Investments Short-term investments are recorded at cost plus accrued interest, which approximates fair value. Unrealized gains and losses on investments classified as available-for-sale are recorded as a component of accumulated other comprehensive income (loss). Management determines the appropriate classification of its investments at the time of purchase and re-evaluates such determination at each balance sheet date. Inventories Inventories are stated at the lower of cost or net realizable value. The Company records any amount required to reduce the carrying value of inventory to net realizable value as a charge to cost of products sold. Scrap and scrap substitute costs are a very significant component of the raw material, semi-finished and finished product inventory balances. The vast majority of the Company’s inventory is recorded on the first-in, first-out method. Production costs are applied to semi-finished and finished product inventory from the approximate period in which they are produced. Property, Plant and Equipment Property, plant and equipment is stated at cost, except for property, plant and equipment acquired through acquisitions which is recorded at acquisition date fair value. With the exception of our natural gas wells, depreciation primarily is provided on a straight-line basis over the estimated useful lives of the assets. Depletion of all capitalized costs associated with our natural gas producing properties is expensed on a unit-of-production basis by individual field as the gas from the proved developed reserves is produced. The costs of acquiring unproved natural gas leasehold acreage are capitalized. When proved reserves are found on unproved properties, the associated leasehold cost is transferred to proved properties. Unproved leases are reviewed periodically for any impairment triggering event, and a valuation allowance is provided for any estimated decline in value. The costs of planned major maintenance activities are capitalized as part of other current assets and amortized over the period until the next scheduled major maintenance activity. All other repairs and maintenance activities are expensed when incurred. Goodwill and Other Intangibles Goodwill is the excess of cost over the fair value of net assets of businesses acquired. Goodwill is not amortized but is tested annually for impairment and whenever events or circumstances change that would make it more likely than not that an impairment may have occurred. We perform our annual impairment analysis as of the first day of the fourth quarter each year. The evaluation of impairment involves comparing the current estimated fair value of each reporting unit, which is a level below the reportable segment, to the recorded value, including goodwill. When appropriate, Nucor performs a qualitative assessment to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount. For certain reporting units, it is necessary to perform a quantitative analysis. In these instances, a discounted cash flow model is used to determine the current estimated fair value of these reporting units. A number of significant assumptions and estimates are involved in the application of the discounted cash flow model to forecast operating cash flows, which could include market growth and market share, sales volumes and prices, raw materials and other costs to produce, discount rate and estimated capital needs. Management considers historical experience and all available information at the time the fair values of its reporting units are estimated. Assumptions in estimating future cash flows are subject to a high degree of judgment and complexity. Changes in assumptions and estimates may affect the fair value of goodwill and could result in impairment charges in future periods. Finite-lived intangible assets are amortized over their estimated useful lives on a straight-line or accelerated basis. Long-Lived Asset Impairments We evaluate our property, plant and equipment and finite-lived intangible assets for potential impairment on an individual asset basis or at the lowest level asset grouping for which independent cash flows can be separately identified. Asset impairments are assessed whenever circumstances indicate that the carrying amounts of those productive assets could exceed their projected undiscounted cash flows. When it is determined that impairment exists, the related assets are written down to their estimated fair market value. Equity Method Investments Investments in joint ventures in which Nucor shares control over the financial and operating decisions but in which Nucor is not the primary beneficiary are accounted for under the equity method. Each of the Company’s equity method investments is subject to a review for impairment if, and when, circumstances indicate that a decline in fair value below its carrying amount may have occurred. Examples of such circumstances include, but are not limited to, a significant deterioration in the earnings performance or business prospects of the investee; missed financial projections; a significant adverse change in the regulatory, tax, economic or technological environment of the investee; a significant adverse change in the general market condition of either the geographic area or the industry in which the investee operates; and recurring negative cash flows from operations. When management considers the decline to be other than temporary, the Company would write down the related investment to its estimated fair market value. Revenue Recognition Nucor recognizes revenue when obligations under the terms of contracts with our customers are satisfied and collection is reasonably assured; generally, obligations under the terms of contracts are satisfied upon shipment or when control is transferred. Revenue is measured as the amount of consideration expected to be received in exchange for transferring the goods. In addition, revenue is deferred when cash payments are received or due in advance of performance. See Note 23 for further information. Income Taxes Nucor utilizes the liability method of accounting for income taxes. Under the liability method, deferred taxes are determined based on the temporary differences between the financial statement and tax basis of assets and liabilities using tax rates expected to be in effect during the years in which the basis differences reverse. A valuation allowance is recorded when it is more likely than not that some of the deferred tax assets will not be realized. Nucor recognizes the effect of income tax positions only if those positions are more likely than not of being sustained. Potential accrued interest and penalties related to unrecognized tax benefits are recognized as a component of interest expense and other expenses. Stock-Based Compensation The Company recognizes the cost of stock-based compensation as an expense using fair value measurement methods. The assumptions used to calculate the fair value of stock-based compensation granted are evaluated and revised for new grants, as necessary, to reflect market conditions and experience. Foreign Currency Translation For Nucor’s operations where the functional currency is other than the U.S. dollar, assets and liabilities have been translated at year-end exchange rates, and income and expenses have been translated using average exchange rates for the respective periods. Adjustments resulting from the process of translating an entity’s financial statements into the U.S. dollar have been recorded in accumulated other comprehensive income (loss) and are included in net earnings only upon sale or liquidation of the underlying investments. Foreign currency transaction gains and losses are included in net earnings in the period they occur. |
Short-term Investments
Short-term Investments | 12 Months Ended |
Dec. 31, 2021 | |
Text Block [Abstract] | |
Short-term Investments | 3. Short-term Investments Nucor held $253.0 million of short-term investments as of December 31, 2021 ($408.0 million as of December 31, 2020). The investments held as of December 31, 2021 and December 31, 2020 consisted mainly of several certificates of deposit (“CD’s”), commercial paper and corporate bonds, which were classified as available-for-sale. Interest income on the CD’s and corporate bonds was recorded as earned. No realized or unrealized gains or losses were incurred in 2021, 2020 or 2019. |
Accounts Receivable
Accounts Receivable | 12 Months Ended |
Dec. 31, 2021 | |
Receivables [Abstract] | |
Accounts Receivable | 4. Accounts Receivable An allowance for doubtful accounts is maintained for estimated losses resulting from the inability of our customers to make required payments. Accounts receivable are stated net of the allowance for doubtful accounts of $95.4 million at December 31, 2021 ($51.3 million at December 31, 2020 and $59.9 million at December 31, 2019). |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2021 | |
Inventory Disclosure [Abstract] | |
Inventories | 5. Inventories Inventories consisted of approximately 43% raw materials and supplies and 57% finished and semi-finished products at December 31, 2021 (42% and 58%, respectively, at December 31, 2020). Nucor’s manufacturing process consists of a continuous, vertically integrated process from which products are sold to customers at various stages throughout the process. Since most steel products can be classified as either finished or semi-finished products, these two categories of inventory are combined. |
Leases
Leases | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure Of Leases [Abstract] | |
Leases | 6. Leases We lease certain equipment, office space and land. Leases with an initial term of 12 months or less are not recorded on the consolidated balance sheet. Most leases include one or more options to renew, with renewal terms that can extend the lease term from one to five years or more. The exercise of lease renewal options is at our sole discretion and we consider these options in determining the lease term used to establish our right-of-use assets and lease liabilities. Certain leases also include options to purchase the leased property. The depreciable life of assets and leasehold improvements is limited by the expected lease term, unless there is a transfer of title or a purchase option reasonably certain of exercise. We determine that a contract contains a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. In evaluating whether we have the right to control the use of an identified asset, we assess whether or not we have the right to control the use of the identified asset and to obtain substantially all of the economic benefit from the use of the identified asset. As most of our leases do not provide an implicit rate, we use our incremental borrowing rate based on the information available at the commencement date in determining the present value of lease payments. Certain of our lease agreements include payments that adjust periodically for consumption of goods provided by the right-of-use asset in excess of contractually determined minimum amounts and for inflation. These variable lease payments are not significant. Our lease agreements do not contain any material residual value guarantees or material restrictive covenants. Supplemental statement of earnings information related to our leases is as follows (in thousands): Year Ended December 31, Statement of Earnings Classification 2021 2020 2019 Operating lease cost Cost of products sold $ 21,503 $ 20,959 $ 21,275 Operating lease cost Marketing, administrative and other expenses 2,989 3,060 2,196 Total operating lease cost $ 24,492 $ 24,019 $ 23,471 Finance lease cost: Amortization of leased assets Cost of products sold $ 13,513 $ 9,735 $ 9,810 Interest on lease liabilities Interest expense, net 10,670 10,551 11,335 Total finance lease cost $ 24,183 $ 20,286 $ 21,145 Total lease cost $ 48,675 $ 44,305 $ 44,616 Supplemental cash flow information related to our leases is as follows (in thousands): Year Ended December 31, 2021 2020 2019 Cash paid for amounts included in measurement of lease liabilities: Operating cash flows from operating leases $ 27,310 $ 23,836 $ 23,155 Operating cash flows from finance leases $ 10,670 $ 10,551 $ 11,335 Financing cash flows from finance leases $ 11,425 $ 9,541 $ 9,134 Non-cash investing and financing activities: Additions to right-of-use assets obtained from Operating lease liabilities $ 19,711 $ 21,539 $ 11,941 Finance lease liabilities $ 99,535 $ 14,373 $ 11,406 Supplemental balance sheet information related to our leases is as follows (in thousands): December 31, Balance Sheet Classification 2021 2020 Assets: Operating lease Other assets $ 92,318 $ 93,888 Finance lease Property, plant and equipment, net 162,427 76,231 Total leased $ 254,745 $ 170,119 Liabilities: Current operating Accrued expenses and other current liabilities $ 20,598 $ 19,986 Current finance Current portion of long-term debt and finance lease obligations 14,678 10,885 Non-current operating Deferred credits and other liabilities 74,161 75,736 Non-current finance Long-term debt and finance lease obligations due after one year 164,375 79,453 Total leased $ 273,812 $ 186,060 Weighted-average remaining lease term and discount rate for our leases are as follows: December 31, 2021 Weighted-average remaining lease term - operating leases 8.5 Years Weighted-average remaining lease term - finance leases 14.0 Years Weighted-average discount rate - operating leases 3.0% Weighted-average discount rate - finance leases 14.9% The reason for the substantial weighted-average discount rate – finance leases, of 14.9%, is due to Nucor’s past accounting for the respective finance leases under the former accounting guidance for capital leases. Pursuant to the former lease accounting guidance, the recognition of a capital lease asset and associated capital lease liability could not exceed the fair market value of the leased asset at the lease commencement. Accordingly, the incremental borrowing rate was adjusted upward so that the present value of the minimum lease payments would equal the fair value of the asset. Maturities of lease liabilities by year for our leases were as follows as of December 31, 2021 (in thousands): Operating Leases Finance Leases Maturities of lease liabilities, year ending December 31, 2022 $ 22,802 $ 26,256 2023 19,003 24,591 2024 15,994 19,762 2025 11,769 17,992 2026 8,938 16,404 Thereafter 32,057 159,649 Total lease payments $ 110,563 $ 264,654 Less imputed interest (15,804 ) (85,601 ) Present value of lease liabilities $ 94,759 $ 179,053 |
Property, Plant and Equipment
Property, Plant and Equipment | 12 Months Ended |
Dec. 31, 2021 | |
Property Plant And Equipment [Abstract] | |
Property, Plant and Equipment | 7. Property, Plant and Equipment (in thousands) December 31, 2021 2020 Land and improvements, net $ 845,772 $ 744,305 Buildings and improvements 1,845,937 1,505,913 Machinery and equipment 13,119,177 12,204,738 Proved oil and gas properties 558,336 558,231 Leasehold interest in unproved oil and gas properties 96,000 138,000 Construction in process and equipment deposits 2,039,245 1,603,416 18,504,467 16,754,603 Less accumulated depreciation (10,389,649 ) (9,855,493 ) $ 8,114,818 $ 6,899,110 The estimated useful lives primarily range from five to 25 years for land improvements, four to 40 years for buildings and improvements and two to 15 years for machinery and equipment. The useful life for proved oil and gas properties is based on the unit-of-production method and varies by well. St eel Mills Segment Asset Impairments In 2019, Nucor recorded a non-cash impairment charge of $20.0 million related to certain property, plant and equipment at our plate mill in Texas. This charge is included in losses and impairments of assets in the consolidated statement of earnings for the year ended December 31, 2019. In 2020, Nucor recorded non-cash impairment charges totaling $103.2 million related to certain inventory and long-lived assets, which primarily related to our Castrip sheet mill operations. Due to the advancements in the capabilities at our new cold mill and galvanizing line at Nucor Steel Arkansas, we believe the value of the technology and process has diminished for Nucor. As such, the existing Castrip assets are not expected to be materially utilized going forward. These charges are included in losses and impairments of assets in the consolidated statement of earnings for the year ended December 31, 2020. Raw Materials Segment Asset Impairments In the fourth quarter of 2019, due to the deteriorating natural gas pricing environment at our sales point in the Piceance Basin as well as the decreased performance of its natural gas well assets, Nucor determined a triggering event had occurred and performed an impairment analysis on all three groups (“fields”) of wells. As a result of the fourth quarter of 2019 analysis, a $35.0 million non-cash impairment charge was recorded on one field of wells. An increase in the estimated lease operating cost projections was the primary factor in causing this field of wells to be impaired. The non-cash impairment charge is included in losses and impairments of assets in the consolidated statement of earnings for the year ended December 31, 2019. One of the primary assumptions that 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 assessments 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 estimates on the expected reserve levels and on the expected lease operating costs. The impairment assessments were performed on each of Nucor’s three fields of wells, with each field defined by common geographic location. The combined carrying value of the three fields of wells was $65.2 million at December 31, 2021 ($71.7 million at December 31, 2020). Changes in the natural gas industry or a prolonged low-price environment beyond what had already been assumed in the assessments could cause management to revise the natural gas and natural gas liquids price assumptions, the estimated reserves or the estimated lease operating costs. Unfavorable revisions to these assumptions or estimates could possibly result in further impairment of some or all of the fields of proved well assets. In 2020, regulatory authorities in Colorado adopted new rules that became effective January 2021. One of these rules increased drilling setback distances. In the fourth quarter of 2020, Nucor determined a triggering event had occurred, as we do not expect to be able to access the full extent of the resources in the ground, and performed an impairment analysis. As a result, Nucor recorded a $27.0 million non-cash impairment charge related to the write-down of our leasehold interest in unproved oil and gas properties. This charge is included in losses and impairments of assets in the consolidated statement of earnings for the year ended December 31, 2020. In the second quarter of 2021, Nucor decided that it would not develop a portion of its unproved oil and natural gas properties (“Portion A”) within the contractually specified time period related to Portion A. As a result of this decision, the Company will forfeit its leasehold rights for Portion A. The Company recorded a charge of $42.0 million to write off the value of Portion A that is included in losses and impairments of assets in the consolidated statement of earnings for the year ended December 31, 2021. The decision not to develop Portion A was heavily influenced by the approaching deadline to commence development combined with Portion A’s expected near-term profitability not achieving management’s desired returns relative to the cost of development. A significant portion of the Company’s remaining leasehold interest in unproved oil and natural gas properties are held by production. Accordingly, management does not believe the value assigned to those portions needs to be evaluated at this time. The carrying value of the remaining portions of unproved oil and natural gas properties was $96.0 million at December 31, 2021 |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 12 Months Ended |
Dec. 31, 2021 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | 8. Goodwill and Other Intangible Assets The change in the net carrying amount of goodwill for the years ended December 31, 2021 and 2020 by segment is as follows: (in thousands) Steel Steel Raw Mills Products Materials Total Balance, December 31, 2019 $ 591,986 $ 879,500 $ 729,577 $ 2,201,063 Acquisitions 20,484 (821 ) — 19,663 Translation — 8,946 — 8,946 Balance, December 31, 2020 612,470 887,625 729,577 2,229,672 Acquisitions 705 553,704 44,718 599,127 Translation — (1,455 ) — (1,455 ) Balance, December 31, 2021 $ 613,175 $ 1,439,874 $ 774,295 $ 2,827,344 The majority of goodwill is not tax deductible. Intangible assets with estimated useful lives of five to 22 years are amortized on a straight-line or accelerated basis and are comprised of the following: (in thousands) December 31, 2021 December 31, 2020 Gross Accumulated Gross Accumulated Amount Amortization Amount Amortization Customer relationships $ 1,872,348 $ 924,506 $ 1,421,962 $ 838,443 Trademarks and trade names 217,255 99,906 162,365 100,000 Other 105,522 66,954 63,822 41,685 $ 2,195,125 $ 1,091,366 $ 1,648,149 $ 980,128 Intangible asset amortization expense was $129.2 million in 2021 ($83.4 million in 2020 and $85.7 million in 2019). Annual amortization expense is estimated to be $154.6 million in 2022, $132.9 million in 2023, $132.1 million in 2024, $131.2 million in 2025 and $128.2 million in 2026. The Company completed its annual goodwill impairment testing as of the first day of the fourth quarter for each of 2021, 2020 and 2019 and concluded that as of each such date there was no impairment of goodwill for any of its reporting units. The annual assessment performed in 202 1 for one of the Company’s reporting units, Rebar Fabrication, used forward-looking projections and included continued positive future cash flows. The fair value of this reporting unit exceeded its carrying value by approximately 54 % in the most recent assessment. Although profitability flu c tuates year-to-year, we currently expect the reporting unit to be profitable in 2022. If our assessment of the relevant facts and circumstances changes, or the actual performance of this reporting unit falls short of expected results, non - cash impairment charges may be required. Total goodwill associated with the Rebar Fabrication reporting unit as of December 31, 202 1 was $ million. An impairment of goodwill may also lead us to record an impairment of other intangible assets. Total finite-lived intangible assets associated with the Rebar Fabrication reporting unit as of December 31, 202 1 was $ million. There are no significant historical accumulated impairment charges, by segment or in the aggregate, related to goodwill. |
Equity Investments
Equity Investments | 12 Months Ended |
Dec. 31, 2021 | |
Equity Method Investments And Joint Ventures [Abstract] | |
Equity Investments | 9. Equity Investments The carrying value of our equity investments in domestic and foreign companies was $624.6 million at December 31, 2021 ($520.0 million at December 31, 2020), and is recorded in other assets in the consolidated balance sheets. NuMit Nucor owns a 50% economic and voting interest in NuMit LLC (“NuMit”). NuMit owns 100% of the equity interest in Steel Technologies LLC, an operator of 30 sheet processing facilities located throughout the United States, Canada and Mexico. Nucor accounts for its investment in NuMit (on a one-month 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 (“JFE”) of Japan, to build and operate a galvanized sheet steel plant in central Mexico. After delays caused by the COVID-19 pandemic, Nucor- JFE resumed hot commissioning in early December 2020. Nucor accounts for its investment in Nucor-JFE (on a one-month 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 “JFE Facility”). The fair value of the guarantee is immaterial. Nucor’s guarantee expires on April 30, 2022. The maximum amount Nucor-JFE could borrow under the JFE Facility was amended on November 30, 2021 to $100.0 million. The JFE Facility is uncommitted. As of December 31, 2021, there was $90.0 million outstanding under the JFE Facility ($50.0 million as of December 31, 2020). If Nucor-JFE fails to pay when due any amounts for which it is obligated under the JFE 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. Nucor-JFE has other credit facilities that Nucor has agreed to guarantee. The principal amount subject to guarantee by Nucor for these other credit facilities was $50.0 million as of December 31, 2021 ($25.0 million as of December 31, 2020). The fair value of the guarantees is immaterial. If Nucor-JFE fails to pay when due any amounts for which it is obligated under the other credit facilities, Nucor could be required to pay such amounts pursuant to and in accordance with the terms of its guarantees. Nucor has not recorded any liability associated with these guarantees. Duferdofin Nucor Nucor previously owned a 50% interest in Duferdofin Nucor S.r.l. (“Duferdofin Nucor”), an Italian steel manufacturer, and accounted for its investment (on a one-month In conjunction with the consummation of the Duferdofin Agreement, Nucor forgave the previously fully reserved, outstanding note receivable of €35.0 million ($37.8 million) from Duferdofin Nucor, and Nucor was released from the guarantee it previously provided with respect to 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 determined that a triggering event occurred in the first quarter of 2020 with respect to its equity method investment in Duferdofin Nucor due to adverse developments in the joint venture’s commercial outlook, which were exacerbated by the COVID-19 pandemic, all of which negatively impacted the joint venture’s strategic direction. After completing its impairment assessment, Nucor determined that the carrying amount exceeded its estimated fair value and the impairment condition was considered to be other than temporary. Therefore, Nucor recorded a $250.0 million impairment charge in the first quarter of 2020. The assumptions that most significantly affected the fair value determination included projected cash flows and the discount rate. The Company-specific inputs for measuring fair value are considered “Level 3” or unobservable inputs that are not corroborated by market data under applicable fair value authoritative guidance, as quoted market prices are not available. Throughout 2020, additional capital contributions were made by the Company to Duferdofin Nucor that were immediately impaired. These additional capital contributions resulted in $5.0 million, $6.6 million and $25.4 million impairment charges against our investment in Duferdofin Nucor in the second, third and fourth quarters of 2020, respectively. Also, in the fourth quarter of 2020, Nucor reclassified into earnings, $158.6 million of cumulative foreign currency translation losses on our investment in Duferdofin Nucor. In 2020, total impairment charges, including the aforementioned note receivable, related to our investment in Duferdofin Nucor were approximately $483.5 million. These non-cash impairment charges are included in the steel mills segment and in losses and impairments of assets in the consolidated statement of earnings for the year ended December 31, 2020. |
Current Liabilities
Current Liabilities | 12 Months Ended |
Dec. 31, 2021 | |
Payables And Accruals [Abstract] | |
Current Liabilities | 10. Current Liabilities Book overdrafts, included in accounts payable in the consolidated balance sheets, were $143.8 million at December 31, 2021 ($210.5 million at December 31, 2020). Dividends payable, included in accrued expenses and other current liabilities in the consolidated balance sheets, were $137.6 million at December 31, 2021 ($123.9 million at December 31, 2020). |
Debt and Other Financing Arrang
Debt and Other Financing Arrangements | 12 Months Ended |
Dec. 31, 2021 | |
Debt Disclosure [Abstract] | |
Debt and Other Financing Arrangements | 11. Debt and Other Financing Arrangements (in thousands) December 31, 2021 2020 Industrial revenue bonds due from 2022 to 2061* $ 1,350,230 $ 1,153,240 Notes, 4.125%, due 2022 600,000 600,000 Notes, 4.000%, due 2023 500,000 500,000 Notes, 2.000%, due 2025 500,000 500,000 Notes, 3.950%, due 2028 500,000 500,000 Notes, 2.700%, due 2030 500,000 500,000 Notes, 6.400%, due 2037 543,331 543,331 Notes, 5.200%, due 2043 338,133 338,133 Notes, 4.400%, due 2048 329,219 329,219 Notes, 2.979%, due 2055 439,312 439,312 Finance lease obligations 179,053 90,338 Total long-term debt and finance lease obligations 5,779,278 5,493,573 Less premium on debt exchange 174,891 180,045 Less debt issuance costs 27,299 30,854 Total amounts outstanding 5,577,088 5,282,674 Less current maturities of long-term debt 601,000 — Less current portion of finance lease obligations 14,678 10,885 Total long-term debt and finance lease obligations due after one year $ 4,961,410 $ 5,271,789 * The industrial revenue bonds had variable rates ranging from 0.14% to 0.18% at December 31, 2021 and 0.16% to 0.19% at December 31, 2020. Annual aggregate long-term debt maturities are: $601.0 million in 2022, $500.0 million in 2023, none in 2024, $500.0 million in 2025, $21.5 million in 2026 and $3.98 billion thereafter. In May 2020, Nucor issued $500.0 million of 2.000% Notes due 2025 and $500.0 million of 2.700% Notes due 2030. Net proceeds of the issuances were $989.4 million. Costs of $8.4 million associated with the issuances have been capitalized and will be amortized over the life of the notes. In July 2020, Nucor became an obligor with respect to $162.6 million in 40-year variable-rate Green Bonds to partially fund the capital costs, in particular the expenditures associated with pollution prevention and control (including waste recycling and waste reduction), of the construction of Nucor’s plate mill located in Brandenburg, Kentucky. In August 2021, Nucor became an obligor with respect to an additional $197.0 million in 40-year variable-rate Green Bonds. The net proceeds from the debt issuances are being held in a trust account pending disbursement for the construction of the facility and have been accounted for as restricted cash. Funds are disbursed from the trust account as qualified expenditures for the construction of the Brandenburg facility are made. In December 2020, Nucor exchanged $439.3 million of its 2.979% Notes due 2055 (the “2055 Notes”) and a cash component of $180.3 million for $106.7 million of its 6.400% Notes due 2037, $161.9 million of its 5.200% Notes due 2043 and $170.8 million of its 4.400% Notes due 2048 with holders of such existing notes. The December 2020 exchange offer and the 2055 notes offered thereby were not registered under the Securities Act of 1933, as amended (the “Securities Act”). This exchange transaction was accounted for as a modification and, as such, the cash component of $180.3 million was capitalized as a reduction of long-term debt and is being amortized into interest expense over the life of the new notes. In November 2021, Nucor completed an offer to exchange the 2055 Notes that were not registered under the Securities Act for a like principal amount of notes having terms substantially identical as the 2055 Notes and that are registered under the Securities Act. On November 5, 2021, Nucor amended and restated its revolving credit facility to increase the borrowing capacity from $1.50 billion to $1.75 billion and to extend its maturity date to November 5, 2026. This facility remains undrawn. Costs associated with the amendment were immaterial. The unsecured revolving credit facility provides up to $1.75 billion in revolving loans and allows up to $500.0 million in additional commitments at Nucor’s election in accordance with the terms set forth in the credit agreement. Up to $100.0 million of the credit facility is available for the issuance of letters of credit and up to $500.0 million is available for the issuance of revolving loans for Nucor subsidiaries in accordance with the terms set forth in the credit agreement. The credit facility provides for a pricing grid based upon the credit rating of Nucor’s senior unsecured long-term debt and, alternatively, interest rates quoted by lenders in connection with competitive bidding. The credit facility includes customary financial and other covenants, including a limit on the ratio of funded debt to total capital of 60%, a limit on Nucor’s ability to pledge the Company’s assets and a limit on consolidations, mergers and sales of assets. As of December 31, 2021, Nucor’s funded debt to total capital ratio was 28%, and Nucor was in compliance with all covenants under the credit facility. No borrowings were outstanding under the credit facility as of December 31, 2021 and 2020. Harris Steel has credit facilities totaling approximately $18.4 million, with no outstanding borrowings at December 31, 2021 and 2020. In addition, the business of Nucor Trading S.A. is financed by uncommitted trade credit arrangements with a number of European banking institutions. As of December 31, 2021, Nucor Trading S.A. had outstanding borrowings of $107.7 million, which are presented in short-term debt in the consolidated balance sheet ($57.9 million as of December 31, 2020). Letters of credit totaling $98.7 million were outstanding as of December 31, 2021 ($63.3 million as of December 31, 2020), related to certain obligations, including workers’ compensation, utilities deposits and credit arrangements by Nucor Trading S.A. for commitments to purchase inventories. |
Capital Stock
Capital Stock | 12 Months Ended |
Dec. 31, 2021 | |
Text Block [Abstract] | |
Capital Stock | 12. Capital Stock The par value of Nucor’s common stock is $0.40 per share and there are 800 million shares authorized. In addition, 250,000 shares of preferred stock, par value $4.00 per share, are authorized, with preferences, rights and restrictions as may be fixed by the Board of Directors. There are no shares of preferred stock issued or outstanding. Dividends declared per share were $1.715 in 2021 ($1.6125 in 2020 and $1.6025 per share in 2019). The Company repurchased approximately $3.28 billion of its common stock in 2021 (approximately $39.5 million in 2020 and $298.5 million in 2019). On December 2, 2021, the Company announced that the Board of Directors had approved a new share repurchase program under which the Company is authorized to repurchase up to $4.00 billion of the Company’s common stock and terminated all previously authorized share repurchase programs. Share repurchases will be made from time to time in the open market at prevailing market prices or through private transactions or block trades. The timing and amount of repurchases will depend on market conditions, share price, applicable legal requirements and other factors. The share repurchase authorization is discretionary and has no expiration date. At December 31, 2021, the Company had approximately $3.85 billion available for share repurchases under the program authorized by the Company’s Board of Directors. |
Derivative Financial Instrument
Derivative Financial Instruments | 12 Months Ended |
Dec. 31, 2021 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |
Derivative Financial Instruments | 13. Derivative Financial Instruments The following tables summarize information regarding Nucor’s derivative financial instruments (in thousands): Fair Value at December 31, Fair Value of Derivative Financial Instruments Consolidated Balance Sheet Location 2021 2020 Asset derivatives designated as hedging instruments: Commodity contracts Other current assets $ 1,650 $ — Asset derivatives not designated as hedging instruments: Foreign exchange contracts Other current assets 4,983 — Total asset derivatives $ 6,633 $ — Liability derivatives designated as hedging instruments: Commodity contracts Accrued expenses and other current liabilities $ — $ (2,400 ) Commodity contracts Deferred credits and other liabilities (138 ) (3,800 ) Total liability derivatives designated as hedging instruments (138 ) (6,200 ) Liability derivatives not designated as hedging instruments: Commodity contracts Accrued expenses and other current liabilities (2,528 ) (5,685 ) Foreign exchange contracts Accrued expenses and other current liabilities — (2,476 ) Total liability derivatives not designated as hedging instruments (2,528 ) (8,161 ) Total liability derivatives $ (2,666 ) $ (14,361 ) The Effect of Derivative Financial Instruments on the Consolidated Statements of Earnings Derivatives Designated as Hedging Instruments for the Year Ended December 31, (in thousands) Amount of Gain or (Loss), Net of Tax, Amount of Gain or (Loss), Reclassified from Amount of Gain or (Loss), Statement of Net of Tax, Recognized Accumulated OCI into Net of Tax, Recognized Derivatives in Cash Flow Earnings in OCI on Derivatives Earnings on Derivatives in Earnings on Derivatives Hedging Relationships Location (Effective Portion) (Effective Portion) (Ineffective Portion) 2021 2020 2019 2021 2020 2019 2021 2020 2019 Commodity contracts Cost of products sold $ 15,112 $ 2,084 $ (9,833 ) $ 9,300 $ (7,216 ) $ (2,333 ) $ — $ — $ — Derivatives Not Designated as Hedging Instruments for the Year Ended December 31, (in thousands) Amount of Gain or (Loss) Derivatives Not Designated Statement of Earnings Recognized in Earnings on as Hedging Instruments Location Derivatives 2021 2020 2019 Commodity contracts Cost of products sold $ (27,777 ) $ (8,829 ) $ 2,269 Foreign exchange contracts Cost of products sold 8,114 (3,035 ) (59 ) Total $ (19,663 ) $ (11,864 ) $ 2,210 At December 31, 2021, natural gas swaps covering approximately 57.3 million MMBTUs (extending through December 2024) were outstanding. |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 14. Fair Value Measurements The following table summarizes information regarding Nucor’s financial assets and liabilities that are measured at fair value. Nucor does not have any non-financial assets or liabilities that are measured at fair value on a recurring basis. (in thousands) Fair Value Measurements at Reporting Date Using Quoted Prices in Active Significant Carrying Markets for Other Significant Amount in Identical Observable Unobservable Consolidated Assets Inputs Inputs Description Balance Sheets (Level 1) (Level 2) (Level 3) As of December 31, 2021 Assets: Cash equivalents $ 1,776,477 $ 1,776,477 $ — $ — Short-term investments 253,005 253,005 — — Derivative contracts 6,633 — 6,633 — Restricted cash and cash equivalents 143,800 143,800 — — Total assets $ 2,179,915 $ 2,173,282 $ 6,633 $ — Liabilities: Derivative contracts $ (2,666 ) $ — $ (2,666 ) $ — As of December 31, 2020 Assets: Cash equivalents $ 2,186,820 $ 2,186,820 $ — $ — Short-term investments 408,004 408,004 — — Restricted cash and cash equivalents 115,258 115,258 — — Total assets $ 2,710,082 $ 2,710,082 $ — $ — Liabilities: Derivative contracts $ (14,361 ) $ — $ (14,361 ) $ — Fair value measurements for Nucor’s cash equivalents, short-term investments and restricted cash and cash equivalents are classified under Level 1 because such measurements are based on quoted market prices in active markets for identical assets. Fair value measurements for Nucor’s derivatives, which are typically commodity or foreign exchange contracts, are classified under Level 2 because such measurements are based on published market prices for similar assets or are estimated based on observable inputs such as interest rates, yield curves, credit risks, spot and future commodity prices, and spot and future exchange rates. There were no transfers between levels in the fair value hierarchy for the periods presented. The fair value of short-term and long-term debt, including current maturities, was approximately $6.06 billion at December 31, 2021 (approximately $6.05 billion at December 31, 2020). The debt fair value estimates are classified under Level 2 because such estimates are based on readily available market prices of our debt at December 31, 2021 and 2020, or similar debt with the same maturities, ratings and interest rates. Disclosures are required for certain assets and liabilities that are measured at fair value, but are recognized and disclosed on a nonrecurring basis in periods subsequent to initial recognition. For Nucor, our previously owned equity investment in Duferdofin Nucor was measured at fair value as a result of the impairment charges recorded in 2020 (see Note 9 ). |
Contingencies
Contingencies | 12 Months Ended |
Dec. 31, 2021 | |
Commitments And Contingencies Disclosure [Abstract] | |
Contingencies | 15. Contingencies Nucor is subject to environmental laws and regulations established by federal, state and local authorities and, accordingly, makes provisions for the estimated costs of compliance. Of the undiscounted total of $13.6 million of accrued environmental costs at December 31, 2021 ($16.0 million at December 31, 2020), $2.3 million was classified in accrued expenses and other current liabilities ($5.6 million at December 31, 2020) and $11.3 million was classified in deferred credits and other liabilities ($10.4 million at December 31, 2020). Inherent uncertainties exist in these estimates primarily due to unknown conditions, evolving remediation technology and changing governmental regulations, legal standards and enforcement priorities. We are from time to time a party to various lawsuits, claims and other legal proceedings that arise in the ordinary course of business. With respect to all such lawsuits, claims and proceedings, we record reserves when it is probable a liability has been incurred and the amount of loss can be reasonably estimated. We do not believe that any of these proceedings, individually or in the aggregate, would be expected to have a material adverse effect on our results of operations, financial position or cash flows. Nucor maintains liability insurance with self-insurance limits for certain risks. |
Stock-Based Compensation
Stock-Based Compensation | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Stock-Based Compensation | 16. Stock-Based Compensation Overview The Company maintains the Nucor Corporation 2014 Omnibus Incentive Compensation Plan (the “Omnibus Plan”) under which the Company may award stock-based compensation to key employees, officers and non-employee directors. The Company’s stockholders approved an amendment and restatement of the Omnibus Plan on May 14, 2020. The Omnibus Plan, as amended and restated, permits the award of stock options, restricted stock units, restricted shares and other stock-based awards for up to 19.0 million shares of the Company’s common stock. As of December 31, 2021, 7.0 million shares remained available for award under the Omnibus Plan. The Company also maintains a number of inactive plans under which stock-based awards remain outstanding but no further awards may be made. As of December 31, 2021, 0.4 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 is as follows (shares in thousands): 2021 2020 2019 Weighted- Weighted- Weighted- Average Average Average Exercise Exercise Exercise Year Ended December 31, Shares Price Shares Price Shares Price Number of shares under stock options: Outstanding at beginning of year 3,916 $ 50.03 3,892 $ 50.78 3,828 $ 49.71 Granted 138 $ 110.74 529 $ 42.46 489 $ 48.00 Exercised (2,868 ) $ 50.65 (266 ) $ 44.51 (425 ) $ 37.97 Canceled — $ — (239 ) $ 51.58 — $ — Outstanding at end of year 1,186 $ 55.58 3,916 $ 50.03 3,892 $ 50.78 Stock options exercisable at end of year 523 $ 54.71 3,168 $ 50.85 3,276 $ 49.79 The total intrinsic value of stock options (the amount by which the stock price exceeded the exercise price of the stock option on the date of exercise) that were exercised during 2021 was $67.8 million ($3.3 million in 2020 and $7.7 million in 2019). The following table summarizes information about stock options outstanding at December 31, 2021 (shares in thousands): Options Outstanding Options Exercisable Weighted- Average Weighted- Weighted- Range of Number Remaining Contractual Average Exercise Number Average Exercise Exercise Prices Outstanding Life Price Exercisable Price $35.00 - $45.00 570 6.5 years $ 41.43 173 $ 39.06 $45.01 - $55.00 232 6.5 years $ 48.07 88 $ 48.18 $55.01 - $65.00 47 5.4 years $ 59.07 47 $ 59.07 $65.01 - $75.00 199 6.4 years $ 65.80 199 $ 65.80 $75.01 - $110.74 138 8.9 years $ 110.74 16 $ 110.74 $35.00 - $110.74 1,186 6.7 years $ 55.58 523 $ 54.71 As of December 31, 2021, the total aggregate intrinsic value of stock options outstanding and stock options exercisable was $69.5 million and $31.1 million, respectively. The grant date fair value of stock options granted was $32.30 per share in 2021 ($7.56 per share in 2020 and $8.69 per share in 2019). The fair value was estimated using the Black-Scholes options pricing model with the following assumptions: 2021 2020 2019 Exercise price $110.74 $42.46 $48.00 Expected dividend yield 1.46% 3.79% 3.33% Expected stock price volatility 32.86% 30.12% 25.57% Risk-free interest rate 1.28% 0.50% 2.03% Expected life (years) 6.5 6.5 6.5 Stock options granted to employees who are eligible for retirement on the date of the grant are expensed immediately since these awards vest upon retirement from the Company. Retirement, for purposes of vesting in these stock options, means termination of employment after satisfying age and years of service requirements. Similarly, stock options granted to employees who will become retirement-eligible prior to the end of the vesting term are expensed over the period through which the employee will become retirement-eligible. Compensation expense for stock options granted to employees who will not become retirement-eligible prior to the end of the vesting term is recognized on a straight-line basis over the vesting period. Compensation expense for stock options was $3.8 million in 2021 ($2.7 million in 2020 and $4.7 million in 2019). As of December 31, 2021, unrecognized compensation expense related to stock options was $3.1 million, which is expected to be recognized over a weighted-average period of 2.0 years. Restricted Stock Units Nucor annually grants restricted stock units (“RSUs”) to key employees, officers and non-employee directors. The RSUs granted to key employees and officers vest and are converted to common stock in three equal installments on each of the first three anniversaries of the grant date, provided that a portion of the RSUs awarded to an officer prior to 2018 vest only upon the officer’s retirement. Retirement, for purposes of vesting in these RSUs only, means termination of employment with approval of the Compensation and Executive Development Committee of the Board of Directors after satisfying age and years of service requirements. RSUs granted to a non-employee director are fully vested on the grant date and are payable to the non-employee director in the form of common stock after the termination of the director’s service on the Board of Directors. RSUs granted to employees who are eligible for retirement on the date of the grant are expensed immediately, and RSUs granted to employees who will become retirement-eligible prior to the end of the vesting term are expensed over the period through which the employee will become retirement-eligible since these awards vest upon retirement from the Company. Compensation expense for RSUs granted to employees who will not become retirement-eligible prior to the end of the vesting term is recognized on a straight-line basis over the vesting period. Cash dividend equivalents are paid to holders of RSUs each quarter. Dividend equivalents paid on RSUs expected to vest are recognized as a reduction in retained earnings. The fair value of an RSU is determined based on the closing price of Nucor’s common stock on the date of the grant. A summary of Nucor’s RSU activity is as follows (shares in thousands): 2021 2020 2019 Grant Date Grant Date Grant Date Year Ended December 31, Shares Fair Value Shares Fair Value Shares Fair Value Restricted stock units: Unvested at beginning of year 1,830 $47.33 1,776 $52.60 1,246 $59.09 Granted 397 $110.74 1,246 $42.46 1,770 $48.00 Vested (997) $57.09 (1,166) $50.10 (1,207) $52.43 Canceled (63) $49.54 (26) $49.75 (33) $57.09 Unvested at end of year 1,167 $60.45 1,830 $47.33 1,776 $52.60 Compensation expense for RSUs was $52.1 million in 2021 ($58.6 million in 2020 and $69.1 million in 2019). The total fair value of shares vested during 2021 was $109.5 million ($49.8 million in 2020 and $58.8 million in 2019). As of December 31, 2021, unrecognized compensation expense related to unvested RSUs was $43.5 million, which is expected to be recognized over a weighted-average period of 1.1 years. Restricted Stock Awards Prior to their expiration effective December 31, 2017, the Nucor Corporation Senior Officers Long-Term Incentive Plan and the Nucor Corporation Senior Officers Annual Incentive Plan authorized the award of shares of common stock to officers subject to certain conditions and restrictions. Effective January 1, 2018, the Company adopted supplements to the Omnibus Plan with terms that permit the award of shares of common stock to officers subject to the conditions and restrictions described below, which are substantially similar to those of the expired Senior Officers Long-Term Incentive Plan and Senior Officers Annual Incentive Plan. The expired Senior Officers Long-Term Incentive Plan, together with the applicable supplement, is referred to below as the “LTIP,” and the expired Senior Officers Annual Incentive Plan, together with the applicable supplement, is referred to below as the “AIP.” The LTIP provides for the award of shares of restricted common stock at the end of each LTIP performance measurement period at no cost to officers if certain financial performance goals are met during the period. One-third of the LTIP restricted stock award vests upon each of the first three anniversaries of the award date or, if earlier, upon the officer’s attainment of age 55 while employed by Nucor. Although participants are entitled to cash dividends and may vote such awarded shares, the sale or transfer of such shares is limited during the restricted period. The AIP provides for the payment of annual cash incentive awards. An AIP participant may elect, however, to defer payment of up to one-half of an AIP award. In such event, the deferred AIP award is converted into common stock units and credited with a deferral incentive, in the form of additional common stock units, equal to 25% of the number of common stock units attributable to the deferred AIP award. Common stock units attributable to deferred AIP awards are fully vested. Common stock units credited as a deferral incentive vest upon the AIP participant’s attainment of age 55 while employed by Nucor. Vested common stock units are paid to AIP participants in the form of shares of common stock following their termination of employment with Nucor. A summary of Nucor’s restricted stock activity under the AIP and the LTIP is as follows (shares in thousands): 2021 2020 2019 Grant Date Grant Date Grant Date Year Ended December 31, Shares Fair Value Shares Fair Value Shares Fair Value Restricted stock units and restricted stock awards: Unvested at beginning of year 127 $ 49.94 147 $ 60.81 130 $ 62.97 Granted 262 $ 65.61 348 $ 36.15 316 $ 58.04 Vested (273 ) $ 62.17 (368 ) $ 41.22 (299 ) $ 58.82 Canceled (9 ) $ 48.75 — $ — — $ — Unvested at end of year 107 $ 57.17 127 $ 49.94 147 $ 60.81 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 $79.9 million in 2021 ($12.5 million in 2020 and $16.6 million in 2019). The total fair value of shares vested during 2021 was $19.6 million ($13.5 million in 2020 and $17.3 million in 2019). As of December 31, 2021, unrecognized compensation expense related to unvested restricted stock awards was $1.3 million, which is expected to be recognized over a weighted-average period of 1.6 years. |
Employee Benefit Plans
Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2021 | |
Compensation And Retirement Disclosure [Abstract] | |
Employee Benefit Plans | 17. Employee Benefit Plans Nucor makes contributions to a Profit Sharing and Retirement Savings Plan for qualified employees based on the profitability of the Company. Nucor’s expense for these benefits totaled $869.9 million in 2021 ($86.6 million in 2020 and $181.4 million in 2019). The related liability for these benefits is included in salaries, wages and related accruals in the consolidated balance sheets. Nucor also has a medical plan covering certain eligible early retirees. The unfunded obligation, included in deferred credits and other liabilities in the consolidated balance sheets, totaled $29.3 million at December 31, 2021 ($28.2 million at December 31, 2020). The expense associated with this early retiree medical plan totaled $1.8 million in 2021 ($2.5 million in 2020 and $2.0 million in 2019). The discount rate used by Nucor in determining its benefit obligation was 2.81% in 2021 (2.40% in 2020 and 3.23% in 2019). The health care cost increase trend rate used was 5.3% in 2021 (5.7% in 2020 and 6.0% in 2019). The health care cost increase trend rate is projected to decline gradually to 4.0% by 2047. |
Interest Expense (Income)
Interest Expense (Income) | 12 Months Ended |
Dec. 31, 2021 | |
Banking And Thrift Interest [Abstract] | |
Interest Expense (Income) | 18. Interest Expense (Income) The components of net interest expense are as follows (in thousands): Year Ended December 31, 2021 2020 2019 Interest expense $ 163,121 $ 166,613 $ 157,358 Interest income (4,267 ) (13,415 ) (35,933 ) Interest expense, net $ 158,854 $ 153,198 $ 121,425 Interest paid was $170.7 million in 2021 ($181.2 million in 2020 and $172.6 million in 2019). |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 19. Income Taxes Components of earnings before income taxes and noncontrolling interests are as follows (in thousands): Year Ended December 31, 2021 2020 2019 United States $ 9,076,921 $ 1,215,909 $ 1,806,704 Foreign 123,937 (380,371 ) (23,897 ) $ 9,200,858 $ 835,538 $ 1,782,807 The provision for income taxes consists of the following (in thousands): Year Ended December 31, 2021 2020 2019 Current: Federal $ 1,753,376 $ (177,159 ) $ 241,074 State 293,752 (4,298 ) 62,685 Foreign 19,695 18,131 8,981 Total current 2,066,823 (163,326 ) 312,740 Deferred: Federal 10,916 177,035 101,946 State (3,042 ) (25,500 ) 8,013 Foreign 3,791 11,301 (10,802 ) Total deferred 11,665 162,836 99,157 Total provision for income taxes $ 2,078,488 $ (490 ) $ 411,897 A reconciliation of the federal statutory tax rate (21%) to the total provision is as follows: Year Ended December 31, 2021 2020 2019 Taxes computed at statutory rate 21.00% 21.00% 21.00% State income taxes, net of federal income tax benefit 2.49% -3.37% 3.16% Federal research credit -0.07% -0.79% -0.34% Equity in losses of foreign joint venture — 0.64% 0.19% Impairment on investment in foreign joint venture — 11.20% — Tax loss on investment in foreign joint venture — -22.73% — Foreign rate differential -0.03% 1.15% — Noncontrolling interests -0.67% -2.88% -1.18% CARES Act NOL carryback — -5.77% — Other, net -0.13% 1.49% 0.27% Provision for income taxes 22.59% -0.06% 23.10% For the year ended December 31, 2021, the effective tax rate on continuing operations was 22.59% compared to -0.06% for the year ended December 31, 2020. The 2020 effective tax rate included a net tax benefit of $201.9 million (-24.16%, -22.73% included in the tax loss on investment in foreign joint venture line and -1.43% included in the state income taxes, net of federal income tax benefit line) for a tax loss on our investment in a foreign joint venture, a net tax benefit of $45.2 million (-5.41%, included in the state income taxes, net of federal income tax benefit line) for state tax credits, and a federal tax benefit of $48.2 million (-5.77%, included in the CARES Act NOL carryback line) for the carryback of a federal tax net operating loss (an “NOL”) under the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”). These benefits were all recognized in 2020 and were partially offset by the rate impact (11.20%) of financial statement impairments of $445.6 million which did not affect the provision for income taxes. The CARES Act allows for an NOL generated in 2020 to be carried back to taxable years where the federal income tax rate was 35%. The difference in the tax rate in 2020 and tax years before the enactment of the Tax Cuts and Jobs Act of 2017 is the main driver of the federal tax NOL benefit in 2020, but this was partially offset by the partial loss of the domestic manufacturing deduction in the carryback year. Deferred tax assets and liabilities resulted from the following (in thousands): December 31, 2021 2020 Deferred tax assets: Accrued liabilities and reserves $ 232,898 $ 171,998 Allowance for doubtful accounts 34,124 16,434 Inventory 81,437 62,755 Post-retirement benefits 10,763 12,714 Commodity hedges 243 4,033 Net operating loss carryforward 38,290 63,952 Tax credit carryforwards 172,629 187,267 Other deferred tax assets 11,336 10,674 Valuation allowance (183,759 ) (207,653 ) Total deferred tax assets 397,961 322,174 Deferred tax liabilities: Holdbacks and amounts not due under contracts (13,956 ) (14,051 ) Intangibles (178,304 ) (177,061 ) Property, plant and equipment (770,791 ) (680,688 ) Book/Tax differences on debt modifications (45,173 ) (46,813 ) Total deferred tax liabilities (1,008,224 ) (918,613 ) Total net deferred tax liabilities $ (610,263 ) $ (596,439 ) Non-current deferred tax liabilities included in deferred credits and other liabilities in the consolidated balance sheets were $610.3 million at December 31, 2021 ($596.4 million at December 31, 2020). Current federal and state income taxes receivable included in other current assets in the consolidated balance sheets were $115.2 million at December 31, 2021 ($456.1 million at December 31, 2020). Nucor paid $1.68 billion in net federal, state and foreign income taxes in 2021 ($50.3 million and $525.2 million in 2020 and 2019, respectively). Nucor has not recognized deferred tax liabilities on its investment in foreign subsidiaries with undistributed earnings that satisfy the permanent reinvestment requirements (the deferred tax liabilities on the investments not permanently reinvested are immaterial). While Nucor considers future earnings to be permanently reinvested, it is expected that potential future distributions will likely be of a nontaxable manner. If this assertion of permanent reinvestment were to change, there may be deferred tax liabilities related to the withholding tax impacts on the actual distribution of certain cumulative undistributed foreign earnings, but the Company believes this amount to be immaterial. State NOL carryforwards were $380.1 million at December 31, 2021 ($1.41 billion at December 31, 2020). If unused, they will expire between 2022 and 2041. Foreign NOL carryforwards were $113.6 million at December 31, 2021 ($142.3 million at December 31, 2020). If unused, the foreign NOL carryforwards will expire between 2025 and 2041. At December 31, 2021, Nucor had approximately $95.1 million of unrecognized tax benefits, of which $94.4 million would affect Nucor's effective tax rate, if recognized. At December 31, 2020, Nucor had approximately $48.0 million of unrecognized tax benefits, of which $47.3 million would affect Nucor's effective tax rate, if recognized. A reconciliation of the beginning and ending amounts of unrecognized tax benefits recorded in deferred credits and other liabilities in the consolidated balance sheets is as follows (in thousands): December 31, 2021 2020 2019 Balance at beginning of year $ 47,965 $ 50,920 $ 48,605 Additions based on tax positions related to current year 52,853 4,138 9,272 Reductions based on tax positions related to current year — — — Additions based on tax positions related to prior years 2,405 223 2,106 Reductions based on tax positions related to prior years (3,060 ) — (2,863 ) Reductions due to settlements with taxing authorities — — (1,514 ) Reductions due to statute of limitations lapse (5,027 ) (7,316 ) (4,686 ) Balance at end of year $ 95,136 $ 47,965 $ 50,920 We estimate that in the next 12 months, our gross uncertain tax positions, exclusive of interest, could decrease by as much as $10.4 million, as a result of the expiration of the applicable statute of limitations. During 2021, Nucor recognized $5.5 million of expense in interest and penalties ($0.1 million of expense in 2020 and $0.7 million of expense in 2019). The interest and penalties are included in interest expense, net and marketing, administrative and other expenses, respectively, in the consolidated statements of earnings. As of December 31, 2021, Nucor had approximately $17.5 million of accrued interest and penalties related to uncertain tax positions (approximately $12.0 million as of December 31, 2020). The accrued interest and penalties are included in accrued expenses and other current liabilities and deferred credits and other liabilities, respectively, in the consolidated balance sheets. Nucor has concluded U.S. federal income tax matters for tax years through 2014 and for tax year 2016. The tax years 2015 and 2017 through 2020 remain open to examination by the Internal Revenue Service. The 2015 Canadian income tax returns for Harris Steel Group Inc. and certain related affiliates are currently under examination by the Canada Revenue Agency. The tax years 2015 through 2020 remain open to examination by other major taxing jurisdictions to which Nucor is subject (primarily Canada and other state and local jurisdictions). |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) | 12 Months Ended |
Dec. 31, 2021 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Income (Loss) | 20. Accumulated Other Comprehensive Income (Loss) The following tables reflect the changes in accumulated other comprehensive income (loss) by component (in thousands): Gains and (Losses) on Foreign Currency Adjustment to Early Hedging Derivatives Gains (Losses) Retiree Medical Plan Total December 31, 2020 $ (4,700 ) $ (120,827 ) $ 6,666 $ (118,861 ) Other comprehensive income (loss) before reclassifications 15,112 (4,041 ) 1,875 12,946 Amounts reclassified from accumulated other comprehensive income (loss) into earnings (1) (9,300 ) — (67 ) (9,367 ) Net current-period other comprehensive income (loss) 5,812 (4,041 ) 1,808 3,579 December 31, 2021 $ 1,112 $ (124,868 ) $ 8,474 $ (115,282 ) (1) Includes $(9,300) and $(67) net-of-tax impact of accumulated other comprehensive income (loss) reclassifications into cost of products sold for net gains on commodity contracts and adjustment to early retiree medical plan, respectively. The tax impacts of these reclassifications were $(3,100) and $(10) respectively. Gains and (Losses) on Foreign Currency Adjustment to Early Hedging Derivatives Gains (Losses) Retiree Medical Plan Total December 31, 2019 $ (14,000 ) $ (296,773 ) $ 7,807 $ (302,966 ) Other comprehensive income (loss) before reclassifications 2,084 17,306 (1,213 ) 18,177 Amounts reclassified from accumulated other comprehensive income (loss) into earnings (2) 7,216 158,640 72 165,928 Net current-period other comprehensive income (loss) 9,300 175,946 (1,141 ) 184,105 December 31, 2020 $ (4,700 ) $ (120,827 ) $ 6,666 $ (118,861 ) (2) Includes $7,216 and $72 net-of-tax impact of accumulated other comprehensive income (loss) reclassifications into cost of products sold for net losses on commodity contracts and adjustment to early retiree medical plan, respectively. The tax impacts of these reclassifications were $2,500 and $17, respectively. Also includes a $158.6 million reclassification of cumulative foreign currency translation losses into losses and impairments of assets, of which there was no tax impact. In December 2020, Nucor closed on an agreement to transfer its 50% interest in Duferdofin Nucor to the owner of the remaining 50% interest. As a result, $158.6 million of cumulative foreign currency translation losses related to our investment was reclassified into earnings in the fourth quarter of 2020. The non-cash charge is included in the steel mills segment and in losses and impairments of assets in the consolidated statement of earnings for the year ended December 31, 2020. |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 31, 2021 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | 21. Earnings Per Share The computations of basic and diluted net earnings per share are as follows (in thousands, except per share data): Year Ended December 31, 2021 2020 2019 Basic net earnings per share: Basic net earnings $ 6,827,461 $ 721,470 $ 1,271,143 Earnings allocated to participating securities (32,311 ) (4,356 ) (7,035 ) Net earnings available to common stockholders $ 6,795,150 $ 717,114 $ 1,264,108 Basic average shares outstanding 292,491 303,168 305,040 Basic net earnings per share $ 23.23 $ 2.37 $ 4.14 Diluted net earnings per share: Diluted net earnings $ 6,827,461 $ 721,470 $ 1,271,143 Earnings allocated to participating securities (32,190 ) (4,359 ) (7,034 ) Net earnings available to common stockholders $ 6,795,271 $ 717,111 $ 1,264,109 Diluted average shares outstanding: Basic average shares outstanding 292,491 303,168 305,040 Dilutive effect of stock options and other 899 103 463 293,390 303,271 305,503 Diluted net earnings per share $ 23.16 $ 2.36 $ 4.14 The following stock options were excluded from the computation of diluted net earnings per share because their effect would have been anti-dilutive (shares in thousands): Year Ended December 31, 2021 2020 2019 Anti-dilutive stock options: Weighted-average shares 144,767 2,972 963 Weighted-average exercise price $ 91.06 $ 51.87 $ 60.92 |
Segments
Segments | 12 Months Ended |
Dec. 31, 2021 | |
Segment Reporting [Abstract] | |
Segments | 22. Segments Nucor reports its results in the following segments: steel mills, steel products and raw materials. The steel mills segment includes carbon and alloy steel in sheet, bars, structural and plate; steel trading businesses; rebar distribution businesses; and Nucor’s equity method investments in NuMit and 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, insulated metal panels, steel grating, tubular products businesses, steel racking, piling products business, and wire and wire mesh. The raw materials segment includes The David J. Joseph Company and its affiliates (“DJJ”), primarily a scrap broker and processor; Nu-Iron Unlimited and Nucor Steel Louisiana LLC, two facilities that produce direct reduced iron used by the steel mills; and our natural gas production operations. Corporate/eliminations include items such as net interest expense on long-term debt, charges and credits associated with changes in allowances to eliminate intercompany profit in inventory, profit sharing expense and stock-based compensation. Corporate assets primarily include cash and cash equivalents, short-term investments, restricted cash and cash equivalents, allowances to eliminate intercompany profit in inventory, deferred income tax assets, federal and state income taxes receivable and investments in and advances to affiliates. Nucor’s results by segment were as follows (in thousands): Year Ended December 31, 2021 2020 2019 Net sales to external customers: Steel mills $ 24,145,396 $ 12,109,307 $ 13,933,950 Steel products 9,727,943 6,623,068 6,990,064 Raw materials 2,610,600 1,407,283 1,664,844 $ 36,483,939 $ 20,139,658 $ 22,588,858 Intercompany sales: Steel mills $ 6,297,688 $ 3,036,790 $ 3,304,437 Steel products 360,063 248,477 233,728 Raw materials 15,762,685 8,153,841 8,784,397 Corporate/eliminations (22,420,436 ) (11,439,108 ) (12,322,562 ) $ — $ — $ — Depreciation expense: Steel mills $ 465,733 $ 449,289 $ 401,609 Steel products 99,248 93,184 85,276 Raw materials 159,886 150,474 151,124 Corporate 10,539 9,163 10,902 $ 735,406 $ 702,110 $ 648,911 Amortization expense: Steel mills $ 7,829 $ 7,334 $ 8,624 Steel products 93,160 47,773 49,914 Raw materials 28,168 28,249 27,204 $ 129,157 $ 83,356 $ 85,742 Earnings before income taxes and noncontrolling interests: Steel mills $ 9,735,020 $ 720,151 $ 1,790,694 Steel products 1,291,450 690,547 511,145 Raw materials 549,956 23,621 (28,244 ) Corporate/eliminations (2,375,568 ) (598,781 ) (490,788 ) $ 9,200,858 $ 835,538 $ 1,782,807 Segment assets: Steel mills $ 13,235,463 $ 9,708,260 $ 9,283,216 Steel products 7,845,010 4,461,042 4,610,628 Raw materials 3,870,806 3,324,489 3,316,479 Corporate/eliminations 871,793 2,631,603 1,134,343 $ 25,823,072 $ 20,125,394 $ 18,344,666 Capital expenditures: Steel mills $ 1,336,276 $ 1,238,132 $ 1,133,089 Steel products 187,152 135,512 93,848 Raw materials 128,765 125,213 244,818 Corporate 48,171 28,259 40,315 $ 1,700,364 $ 1,527,116 $ 1,512,070 Net sales by product were as follows (in thousands). Further product group breakdown is impracticable. Year Ended December 31, 2021 2020 2019 Net sales to external customers: Sheet $ 12,675,679 $ 5,450,507 $ 6,450,506 Bar 6,039,187 3,821,158 4,106,640 Structural 2,597,768 1,526,283 1,573,248 Plate 2,832,762 1,311,360 1,803,556 Tubular Products 2,194,732 1,113,581 1,207,398 Rebar Fabrication 1,794,658 1,708,441 1,666,445 Other Steel Products 5,738,552 3,801,045 4,116,221 Raw Materials 2,610,601 1,407,283 1,664,844 $ 36,483,939 $ 20,139,658 $ 22,588,858 |
Revenue
Revenue | 12 Months Ended |
Dec. 31, 2021 | |
Revenue From Contract With Customer [Abstract] | |
Revenue | 23. Revenue Nucor recognizes revenue when obligations under the terms of contracts with our customers are satisfied and collection is reasonably assured; generally, obligations under the terms of contracts are satisfied upon shipment or when control is transferred. Revenue is measured as the amount of consideration expected to be received in exchange for transferring the goods. In addition, revenue is deferred when cash payments are received or due in advance of performance. The durations of Nucor’s contracts with customers are generally one year or less. Customer payment terms are generally 30 days. Contract liabilities are primarily related to deferred revenue resulting from cash payments received in advance from customers to protect against credit risk. Contract liabilities totaled $251.9 million as of December 31, 2021 ($120.2 million as of December 31, 2020), and are included in accrued expenses and other current liabilities in the consolidated balance sheets. The amount of revenue reclassified from the December 31, 2020 contract liabilities balance during 2021 was approximately $83.9 million. Nucor disaggregates its revenues by major source in the same manner as presented in the net sales by product table in the segment footnote (see Note 22). Steel Mills Segment Sheet – For the majority of sheet products, we transfer control and recognize a sale when we ship the product from the sheet mill to our customer. The amount of consideration we receive and revenue we recognize for spot market sales are based upon prevailing prices at the time of sale. The amount of consideration we receive and revenue we recognize for contract customers are based primarily on pricing formulas that incorporate monthly or quarterly price adjustments which reflect changes in the current market-based indices and/or raw material costs near the time of shipment. The amount of tons sold to contract customers at any given time depends on a variety of factors, including our consideration of current and future market conditions, our strategy to appropriately balance spot and contract tons in a manner to meet our customers’ requirements while considering the expected profitability, our desire to sustain a diversified customer base and our end-use customers’ perceptions about future market conditions. These contracts are typically one year or less. Contract sales within the steel mills segment are most notable in our sheet operations, as it is common for contract sales to account for the majority of sheet sales in a given year. Bar, Structural and Plate – For the majority of bar, structural and plate products, we transfer control and recognize a sale when we ship the product from the mill to our customer. The significant majority of bar, structural and plate product sales are spot market sales, and the amount of consideration we receive and revenue we recognize for those sales are based upon prevailing prices at the time of sale. Steel Products Segment Tubular Products – The tubular products businesses transfer control and recognize a sale when the products are shipped from our operating locations to our customers. The majority of tubular product sales are spot market sales, and the amount of consideration we receive and revenue we recognize for those sales are based upon prevailing prices at the time of sale. Included in the tubular products businesses is Hannibal Industries, Inc. (“Hannibal”), Rebar Fabrication – The majority of revenue relates to revenue from contracts with customers for the supply of fabricated rebar. As the majority of contracts with customers are fixed price contracts to complete a job, control transfers over time and revenue is recognized (if collection is reasonably assured) over time using an input method, based on the amount of rebar shipped from the Company’s operating locations relative to the total expected amount of rebar required to complete the job. For contracts to supply fabricated rebar and install it at the customer’s job site, there are two performance obligations: (1) the supply of the fabricated rebar and (2) the installation of the supplied rebar at the customer’s job site. For the supply of fabricated rebar performance obligation, the transaction price allocated to this performance obligation is determined at the start of the contract, based on the awarded contract price for the supplied fabricated rebar and revenue is recognized over time based on the amount of rebar shipped from the Company’s operating locations relative to the total expected amount of rebar required to complete the job. For the installation of supplied rebar performance obligation, the transaction price allocated to this performance obligation is determined at the start of the contract, based on the awarded contract price for the installation of fabricated rebar and revenue is recognized over time based on the amount of rebar installed relative to the total expected amount of rebar required to be installed to complete the job. While a majority of the contracts with customers are fixed price contracts to complete a job, variable consideration can occur from contract modifications relating to change orders and price escalations caused by changes in underlying material costs. In these situations, the additional variable consideration is recognized cumulatively in the period in which the contract modification is approved and collection is reasonably assured unless the change order relates to additional distinct goods or services at standalone selling prices in which case they are accounted for prospectively. Management reviews these situations on a case-by-case basis and considers a variety of factors, including relevant experience with similar types of performance obligations, the Company’s experience with the customer and collectability considerations. Other Steel Products – Other steel products include our joist, deck, cold finish, metal building systems, insulated metal panels, piling and the other remaining businesses that comprise the steel products segment. Generally, for these businesses, we transfer control and recognize a sale when we ship the product from our operating locations to our customers. The amount of consideration we receive and revenue we recognize for those sales are agreed upon with the customers before the product is shipped. Raw Materials Segment The majority of the raw materials segment revenue from outside customers is generated by DJJ. We transfer control and recognize a sale based on the terms of the agreement with the customer, which is generally when the product has met the delivery requirements. The amount of consideration we receive and revenue we recognize for those sales is based on the contract with the customer, which generally reflects current market prices at the time the contract is entered into. |
Restricted Cash and Cash Equiva
Restricted Cash and Cash Equivalents | 12 Months Ended |
Dec. 31, 2021 | |
Restricted Cash And Cash Equivalents [Abstract] | |
Restricted Cash and Cash Equivalents | 24. Restricted Cash and Cash Equivalents As of December 31, 2021, restricted cash and cash equivalents totaled $143.8 million ($115.3 million as of December 31, 2020), and primarily consisted of net proceeds from the issuance of $197.0 million in August 2021 40-year |
Acquisitions
Acquisitions | 12 Months Ended |
Dec. 31, 2021 | |
Business Combinations [Abstract] | |
Acquisitions | 25. Acquisitions Acquisition of IMP Business of Cornerstone On August 9, 2021, Nucor used cash on hand to acquire the assets of the IMP business of Cornerstone Building Brands, Inc. (“Cornerstone”) for a purchase price of $1.00 billion. The Company believes this acquisition will broaden the value-added solutions that Nucor Buildings group provides to targeted end markets such as warehousing, distribution and data centers. We expect these end-use markets to continue to grow in the coming years and that the use of IMP products within them will also increase. IMPs facilitate cost-effective climate control in the built environment and reduce energy usage and overall operations-related GHG emissions for owners and lessees. The acquired IMP business is comprised of two industry leading brands, CENTRIA and Metl-Span, and has seven manufacturing facilities located throughout North America, complementing Nucor’s existing IMP business, TrueCore, LLC. The IMP business financial results are included as part of the steel products segment (see Note 22). We have allocated the purchase price for the IMP business to its individual assets acquired and liabilities assumed. While the purchase price allocation is substantially complete, it is still preliminary and subject to change. The following table summarizes the fair values of the assets acquired and liabilities assumed of the IMP business as of August 9, 2021, the date of acquisition (in thousands): Cash $ — Accounts receivable 49,869 Inventory 73,000 Other current assets 4,478 Property, plant and equipment 102,966 Goodwill 468,849 Other intangible assets 364,000 Other assets 13,515 Total assets acquired $ 1,076,677 Current liabilities 45,320 Other liabilities 12,855 Total liabilities assumed $ 58,175 Net assets acquired $ 1,018,502 The following table summarizes the purchase price allocation to the identifiable intangible assets of the IMP business as of August 9, 2021, the date of acquisition (in thousands, except years): Weighted- Average Life Customer relationships $ 309,000 10 years Trademarks and trade names 45,000 10 years Backlog 10,000 1 year $ 364,000 The goodwill of $468.8 million is calculated as the excess of the purchase price over the fair values of the assets acquired and liabilities assumed and has been allocated to the steel products segment (see Note 8). The goodwill is attributable to expected synergies within the steel products segment. Goodwill recognized for tax purposes was $468.8 million, all of which is deductible for tax purposes. Acquisition of Hannibal On August 20, 2021, Nucor used cash on hand to acquire Hannibal for a purchase price of $370.0 million. Nucor purchased 100% of Hannibal's outstanding shares from its Employee Stock Ownership Plan. Hannibal is a leading national provider of steel racking solutions to warehouses. We expect that Hannibal’s business, serving customers in the e-commerce, industrial, food storage and retail segments, will also continue to grow in the coming years. Hannibal has manufacturing facilities in Los Angeles and Houston, as well as three distribution centers. We have allocated the purchase price for Hannibal to its individual assets acquired and liabilities assumed. While the purchase price allocation is substantially complete, it is still preliminary and subject to change. The following table summarizes the fair values of the assets acquired and liabilities assumed of Hannibal as of August 20, 2021, the date of acquisition (in thousands): Cash $ 124,655 Accounts receivable 115,728 Inventory 65,005 Other current assets 2,113 Property, plant and equipment 116,955 Goodwill 84,922 Other intangible assets 201,700 Other assets 8,776 Total assets acquired $ 719,854 Current liabilities 228,750 Finance lease obligations 80,124 Other liabilities 13,155 Total liabilities assumed $ 322,029 Net assets acquired $ 397,825 The following table summarizes the purchase price allocation to the identifiable intangible assets of Hannibal as of August 20, 2021, the date of acquisition (in thousands, except years): Weighted- Average Life Customer relationships $ 144,000 10 years Trademarks and trade names 26,000 7 years Backlog 31,700 1 year $ 201,700 The goodwill of $84.9 million is calculated as the excess of the purchase price over the fair values of the assets acquired and liabilities assumed and has been allocated to the steel products segment (see Note 8). The goodwill is attributable to expected synergies within the steel products segment. Goodwill recognized for tax purposes was $84.9 million, all of which is deductible for tax purposes. Hannibal’s financial results are included as part of the steel products segment (see Note 22). Together, the acquisitions of the IMP business and Hannibal reflect the Company’s strategy to target the fastest growing segments of steel intensive construction markets. The results of operations for the IMP business of Cornerstone and Hannibal, upon the respective effective dates of the transactions, have been included in the accompanying consolidated financial statements. Pro-forma results of operations of the Company would not be materially different as a result of the acquisitions of the IMP business of Cornerstone and Hannibal and, therefore, this information is not presented. Other Acquisitions Other smaller acquisitions, exclusive of purchase price adjustments of acquisitions made and net of cash acquired, totaled $134.8 million in 2021, $88.1 million in 2020 and $83.1 million in 2019. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2021 | |
Subsequent Events [Abstract] | |
Subsequent Events | 26. Subsequent Event |
Quarterly Information (Unaudite
Quarterly Information (Unaudited) | 12 Months Ended |
Dec. 31, 2021 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Information (Unaudited) | 27. Quarterly Information (Unaudited) (in thousands, except per share data) Year Ended December 31, 2021 First Quarter Second Quarter Third Quarter Fourth Quarter Net sales $ 7,017,140 $ 8,789,164 $ 10,313,223 $ 10,364,412 Gross margin 1,622,437 2,473,503 3,406,273 3,523,201 Net earnings (1) 987,514 1,571,459 2,223,265 2,340,132 Net earnings attributable to Nucor stockholders (1) 942,432 1,506,868 2,127,743 2,250,418 Net earnings per share: Basic $ 3.10 $ 5.05 $ 7.29 $ 7.99 Diluted $ 3.10 $ 5.04 $ 7.28 $ 7.97 (in thousands, except per share data) Year Ended December 31, 2020 First Quarter Second Quarter Third Quarter Fourth Quarter Net sales $ 5,624,337 $ 4,327,306 $ 4,927,960 $ 5,260,055 Gross margin 629,268 377,959 502,195 718,528 Net earnings (2) 54,379 133,153 222,630 425,866 Net earnings attributable to Nucor stockholders (2) 20,331 108,881 193,415 398,843 Net earnings per share: Basic $ 0.07 $ 0.36 $ 0.63 $ 1.31 Diluted $ 0.07 $ 0.36 $ 0.63 $ 1.30 (1) Second quarter 2021 results include a $42.0 million non-cash impairment charge related to the write-off of a portion of our leasehold interest in unproved oil and natural gas properties. This charge is included in the raw materials segment. ( 2 ) First quarter 2020 results include losses on assets of $287.8 million related to our investment in Duferdofin Nucor. Third quarter 2020 results include a restructuring charge of $16.4 million related to the realignment of Nucor’s metal buildings business. Fourth quarter 2020 results include non-cash impairment charges totaling $130.2 million related to impairments of certain inventory and long-lived assets in the steel mills segment ($103.2 million) and the write-down of our unproved natural gas well assets in the raw materials segment ($27.0 million). Also included in fourth quarter 2020 results were losses on assets of $184.0 million related to the Duferdofin Agreement, a $201.9 million tax benefit related to our investment in Duferdofin Nucor, a $39.7 million net benefit related to state tax credits and a net benefit of $48.2 million for the CARES Act NOL carryback provision. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Cash and Cash Equivalents | Cash and Cash Equivalents Cash equivalents are recorded at cost plus accrued interest, which approximates fair value, and have original maturities of three months or less at the date of purchase. Cash and cash equivalents are maintained primarily with a few high-credit quality financial institutions. |
Short-term Investments | Short-term Investments Short-term investments are recorded at cost plus accrued interest, which approximates fair value. Unrealized gains and losses on investments classified as available-for-sale are recorded as a component of accumulated other comprehensive income (loss). Management determines the appropriate classification of its investments at the time of purchase and re-evaluates such determination at each balance sheet date. |
Inventories | Inventories Inventories are stated at the lower of cost or net realizable value. The Company records any amount required to reduce the carrying value of inventory to net realizable value as a charge to cost of products sold. Scrap and scrap substitute costs are a very significant component of the raw material, semi-finished and finished product inventory balances. The vast majority of the Company’s inventory is recorded on the first-in, first-out method. Production costs are applied to semi-finished and finished product inventory from the approximate period in which they are produced. |
Property, Plant and Equipment | Property, Plant and Equipment Property, plant and equipment is stated at cost, except for property, plant and equipment acquired through acquisitions which is recorded at acquisition date fair value. With the exception of our natural gas wells, depreciation primarily is provided on a straight-line basis over the estimated useful lives of the assets. Depletion of all capitalized costs associated with our natural gas producing properties is expensed on a unit-of-production basis by individual field as the gas from the proved developed reserves is produced. The costs of acquiring unproved natural gas leasehold acreage are capitalized. When proved reserves are found on unproved properties, the associated leasehold cost is transferred to proved properties. Unproved leases are reviewed periodically for any impairment triggering event, and a valuation allowance is provided for any estimated decline in value. The costs of planned major maintenance activities are capitalized as part of other current assets and amortized over the period until the next scheduled major maintenance activity. All other repairs and maintenance activities are expensed when incurred. |
Goodwill and Other Intangibles | Goodwill and Other Intangibles Goodwill is the excess of cost over the fair value of net assets of businesses acquired. Goodwill is not amortized but is tested annually for impairment and whenever events or circumstances change that would make it more likely than not that an impairment may have occurred. We perform our annual impairment analysis as of the first day of the fourth quarter each year. The evaluation of impairment involves comparing the current estimated fair value of each reporting unit, which is a level below the reportable segment, to the recorded value, including goodwill. When appropriate, Nucor performs a qualitative assessment to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount. For certain reporting units, it is necessary to perform a quantitative analysis. In these instances, a discounted cash flow model is used to determine the current estimated fair value of these reporting units. A number of significant assumptions and estimates are involved in the application of the discounted cash flow model to forecast operating cash flows, which could include market growth and market share, sales volumes and prices, raw materials and other costs to produce, discount rate and estimated capital needs. Management considers historical experience and all available information at the time the fair values of its reporting units are estimated. Assumptions in estimating future cash flows are subject to a high degree of judgment and complexity. Changes in assumptions and estimates may affect the fair value of goodwill and could result in impairment charges in future periods. Finite-lived intangible assets are amortized over their estimated useful lives on a straight-line or accelerated basis. |
Long-Lived Asset Impairments | Long-Lived Asset Impairments We evaluate our property, plant and equipment and finite-lived intangible assets for potential impairment on an individual asset basis or at the lowest level asset grouping for which independent cash flows can be separately identified. Asset impairments are assessed whenever circumstances indicate that the carrying amounts of those productive assets could exceed their projected undiscounted cash flows. When it is determined that impairment exists, the related assets are written down to their estimated fair market value. |
Equity Method Investments | Equity Method Investments Investments in joint ventures in which Nucor shares control over the financial and operating decisions but in which Nucor is not the primary beneficiary are accounted for under the equity method. Each of the Company’s equity method investments is subject to a review for impairment if, and when, circumstances indicate that a decline in fair value below its carrying amount may have occurred. Examples of such circumstances include, but are not limited to, a significant deterioration in the earnings performance or business prospects of the investee; missed financial projections; a significant adverse change in the regulatory, tax, economic or technological environment of the investee; a significant adverse change in the general market condition of either the geographic area or the industry in which the investee operates; and recurring negative cash flows from operations. When management considers the decline to be other than temporary, the Company would write down the related investment to its estimated fair market value. |
Revenue Recognition | Revenue Recognition Nucor recognizes revenue when obligations under the terms of contracts with our customers are satisfied and collection is reasonably assured; generally, obligations under the terms of contracts are satisfied upon shipment or when control is transferred. Revenue is measured as the amount of consideration expected to be received in exchange for transferring the goods. In addition, revenue is deferred when cash payments are received or due in advance of performance. See Note 23 for further information. |
Income Taxes | Income Taxes Nucor utilizes the liability method of accounting for income taxes. Under the liability method, deferred taxes are determined based on the temporary differences between the financial statement and tax basis of assets and liabilities using tax rates expected to be in effect during the years in which the basis differences reverse. A valuation allowance is recorded when it is more likely than not that some of the deferred tax assets will not be realized. Nucor recognizes the effect of income tax positions only if those positions are more likely than not of being sustained. Potential accrued interest and penalties related to unrecognized tax benefits are recognized as a component of interest expense and other expenses. |
Stock-Based Compensation | Stock-Based Compensation The Company recognizes the cost of stock-based compensation as an expense using fair value measurement methods. The assumptions used to calculate the fair value of stock-based compensation granted are evaluated and revised for new grants, as necessary, to reflect market conditions and experience. |
Foreign Currency Translation | Foreign Currency Translation For Nucor’s operations where the functional currency is other than the U.S. dollar, assets and liabilities have been translated at year-end exchange rates, and income and expenses have been translated using average exchange rates for the respective periods. Adjustments resulting from the process of translating an entity’s financial statements into the U.S. dollar have been recorded in accumulated other comprehensive income (loss) and are included in net earnings only upon sale or liquidation of the underlying investments. Foreign currency transaction gains and losses are included in net earnings in the period they occur. |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure Of Leases [Abstract] | |
Supplemental statement of earnings information leases operating finance | Supplemental statement of earnings information related to our leases is as follows (in thousands): Year Ended December 31, Statement of Earnings Classification 2021 2020 2019 Operating lease cost Cost of products sold $ 21,503 $ 20,959 $ 21,275 Operating lease cost Marketing, administrative and other expenses 2,989 3,060 2,196 Total operating lease cost $ 24,492 $ 24,019 $ 23,471 Finance lease cost: Amortization of leased assets Cost of products sold $ 13,513 $ 9,735 $ 9,810 Interest on lease liabilities Interest expense, net 10,670 10,551 11,335 Total finance lease cost $ 24,183 $ 20,286 $ 21,145 Total lease cost $ 48,675 $ 44,305 $ 44,616 |
Supplemental cash flow information leases operating finance | Supplemental cash flow information related to our leases is as follows (in thousands): Year Ended December 31, 2021 2020 2019 Cash paid for amounts included in measurement of lease liabilities: Operating cash flows from operating leases $ 27,310 $ 23,836 $ 23,155 Operating cash flows from finance leases $ 10,670 $ 10,551 $ 11,335 Financing cash flows from finance leases $ 11,425 $ 9,541 $ 9,134 Non-cash investing and financing activities: Additions to right-of-use assets obtained from Operating lease liabilities $ 19,711 $ 21,539 $ 11,941 Finance lease liabilities $ 99,535 $ 14,373 $ 11,406 |
Lessee balance sheet information | Supplemental balance sheet information related to our leases is as follows (in thousands): December 31, Balance Sheet Classification 2021 2020 Assets: Operating lease Other assets $ 92,318 $ 93,888 Finance lease Property, plant and equipment, net 162,427 76,231 Total leased $ 254,745 $ 170,119 Liabilities: Current operating Accrued expenses and other current liabilities $ 20,598 $ 19,986 Current finance Current portion of long-term debt and finance lease obligations 14,678 10,885 Non-current operating Deferred credits and other liabilities 74,161 75,736 Non-current finance Long-term debt and finance lease obligations due after one year 164,375 79,453 Total leased $ 273,812 $ 186,060 |
Weighted average lease term discount rate finance operating | Weighted-average remaining lease term and discount rate for our leases are as follows: December 31, 2021 Weighted-average remaining lease term - operating leases 8.5 Years Weighted-average remaining lease term - finance leases 14.0 Years Weighted-average discount rate - operating leases 3.0% Weighted-average discount rate - finance leases 14.9% |
Lessee operating finance lease liability maturity | Maturities of lease liabilities by year for our leases were as follows as of December 31, 2021 (in thousands): Operating Leases Finance Leases Maturities of lease liabilities, year ending December 31, 2022 $ 22,802 $ 26,256 2023 19,003 24,591 2024 15,994 19,762 2025 11,769 17,992 2026 8,938 16,404 Thereafter 32,057 159,649 Total lease payments $ 110,563 $ 264,654 Less imputed interest (15,804 ) (85,601 ) Present value of lease liabilities $ 94,759 $ 179,053 |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Property Plant And Equipment [Abstract] | |
Schedule of Property, Plant and Equipment | (in thousands) December 31, 2021 2020 Land and improvements, net $ 845,772 $ 744,305 Buildings and improvements 1,845,937 1,505,913 Machinery and equipment 13,119,177 12,204,738 Proved oil and gas properties 558,336 558,231 Leasehold interest in unproved oil and gas properties 96,000 138,000 Construction in process and equipment deposits 2,039,245 1,603,416 18,504,467 16,754,603 Less accumulated depreciation (10,389,649 ) (9,855,493 ) $ 8,114,818 $ 6,899,110 |
Goodwill and Other Intangible_2
Goodwill and Other Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Schedule of Change in Net Carrying Amount of Goodwill by Segment | The change in the net carrying amount of goodwill for the years ended December 31, 2021 and 2020 by segment is as follows: (in thousands) Steel Steel Raw Mills Products Materials Total Balance, December 31, 2019 $ 591,986 $ 879,500 $ 729,577 $ 2,201,063 Acquisitions 20,484 (821 ) — 19,663 Translation — 8,946 — 8,946 Balance, December 31, 2020 612,470 887,625 729,577 2,229,672 Acquisitions 705 553,704 44,718 599,127 Translation — (1,455 ) — (1,455 ) Balance, December 31, 2021 $ 613,175 $ 1,439,874 $ 774,295 $ 2,827,344 |
Schedule of Intangible Assets | (in thousands) December 31, 2021 December 31, 2020 Gross Accumulated Gross Accumulated Amount Amortization Amount Amortization Customer relationships $ 1,872,348 $ 924,506 $ 1,421,962 $ 838,443 Trademarks and trade names 217,255 99,906 162,365 100,000 Other 105,522 66,954 63,822 41,685 $ 2,195,125 $ 1,091,366 $ 1,648,149 $ 980,128 |
Debt and Other Financing Arra_2
Debt and Other Financing Arrangements (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Debt Disclosure [Abstract] | |
Schedule of Debt and Other Financing Arrangements | (in thousands) December 31, 2021 2020 Industrial revenue bonds due from 2022 to 2061* $ 1,350,230 $ 1,153,240 Notes, 4.125%, due 2022 600,000 600,000 Notes, 4.000%, due 2023 500,000 500,000 Notes, 2.000%, due 2025 500,000 500,000 Notes, 3.950%, due 2028 500,000 500,000 Notes, 2.700%, due 2030 500,000 500,000 Notes, 6.400%, due 2037 543,331 543,331 Notes, 5.200%, due 2043 338,133 338,133 Notes, 4.400%, due 2048 329,219 329,219 Notes, 2.979%, due 2055 439,312 439,312 Finance lease obligations 179,053 90,338 Total long-term debt and finance lease obligations 5,779,278 5,493,573 Less premium on debt exchange 174,891 180,045 Less debt issuance costs 27,299 30,854 Total amounts outstanding 5,577,088 5,282,674 Less current maturities of long-term debt 601,000 — Less current portion of finance lease obligations 14,678 10,885 Total long-term debt and finance lease obligations due after one year $ 4,961,410 $ 5,271,789 * The industrial revenue bonds had variable rates ranging from 0.14% to 0.18% at December 31, 2021 and 0.16% to 0.19% at December 31, 2020. |
Derivative Financial Instrume_2
Derivative Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Fair Values of Derivative Financial Instruments | The following tables summarize information regarding Nucor’s derivative financial instruments (in thousands): Fair Value at December 31, Fair Value of Derivative Financial Instruments Consolidated Balance Sheet Location 2021 2020 Asset derivatives designated as hedging instruments: Commodity contracts Other current assets $ 1,650 $ — Asset derivatives not designated as hedging instruments: Foreign exchange contracts Other current assets 4,983 — Total asset derivatives $ 6,633 $ — Liability derivatives designated as hedging instruments: Commodity contracts Accrued expenses and other current liabilities $ — $ (2,400 ) Commodity contracts Deferred credits and other liabilities (138 ) (3,800 ) Total liability derivatives designated as hedging instruments (138 ) (6,200 ) Liability derivatives not designated as hedging instruments: Commodity contracts Accrued expenses and other current liabilities (2,528 ) (5,685 ) Foreign exchange contracts Accrued expenses and other current liabilities — (2,476 ) Total liability derivatives not designated as hedging instruments (2,528 ) (8,161 ) Total liability derivatives $ (2,666 ) $ (14,361 ) |
Derivatives Designated as Hedging Instrument [Member] | |
Effect of Derivatives Financial Instruments on Consolidated Statements of Earnings | The Effect of Derivative Financial Instruments on the Consolidated Statements of Earnings Derivatives Designated as Hedging Instruments for the Year Ended December 31, (in thousands) Amount of Gain or (Loss), Net of Tax, Amount of Gain or (Loss), Reclassified from Amount of Gain or (Loss), Statement of Net of Tax, Recognized Accumulated OCI into Net of Tax, Recognized Derivatives in Cash Flow Earnings in OCI on Derivatives Earnings on Derivatives in Earnings on Derivatives Hedging Relationships Location (Effective Portion) (Effective Portion) (Ineffective Portion) 2021 2020 2019 2021 2020 2019 2021 2020 2019 Commodity contracts Cost of products sold $ 15,112 $ 2,084 $ (9,833 ) $ 9,300 $ (7,216 ) $ (2,333 ) $ — $ — $ — |
Derivatives Not Designated as Hedging Instrument [Member] | |
Effect of Derivatives Financial Instruments on Consolidated Statements of Earnings | Derivatives Not Designated as Hedging Instruments for the Year Ended December 31, (in thousands) Amount of Gain or (Loss) Derivatives Not Designated Statement of Earnings Recognized in Earnings on as Hedging Instruments Location Derivatives 2021 2020 2019 Commodity contracts Cost of products sold $ (27,777 ) $ (8,829 ) $ 2,269 Foreign exchange contracts Cost of products sold 8,114 (3,035 ) (59 ) Total $ (19,663 ) $ (11,864 ) $ 2,210 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
Schedule of Financial Assets and Liabilities Measured at Fair Value | The following table summarizes information regarding Nucor’s financial assets and liabilities that are measured at fair value. Nucor does not have any non-financial assets or liabilities that are measured at fair value on a recurring basis. (in thousands) Fair Value Measurements at Reporting Date Using Quoted Prices in Active Significant Carrying Markets for Other Significant Amount in Identical Observable Unobservable Consolidated Assets Inputs Inputs Description Balance Sheets (Level 1) (Level 2) (Level 3) As of December 31, 2021 Assets: Cash equivalents $ 1,776,477 $ 1,776,477 $ — $ — Short-term investments 253,005 253,005 — — Derivative contracts 6,633 — 6,633 — Restricted cash and cash equivalents 143,800 143,800 — — Total assets $ 2,179,915 $ 2,173,282 $ 6,633 $ — Liabilities: Derivative contracts $ (2,666 ) $ — $ (2,666 ) $ — As of December 31, 2020 Assets: Cash equivalents $ 2,186,820 $ 2,186,820 $ — $ — Short-term investments 408,004 408,004 — — Restricted cash and cash equivalents 115,258 115,258 — — Total assets $ 2,710,082 $ 2,710,082 $ — $ — Liabilities: Derivative contracts $ (14,361 ) $ — $ (14,361 ) $ — |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Summary of Stock Option Plans Activity | A summary of activity under Nucor’s stock option plans is as follows (shares in thousands): 2021 2020 2019 Weighted- Weighted- Weighted- Average Average Average Exercise Exercise Exercise Year Ended December 31, Shares Price Shares Price Shares Price Number of shares under stock options: Outstanding at beginning of year 3,916 $ 50.03 3,892 $ 50.78 3,828 $ 49.71 Granted 138 $ 110.74 529 $ 42.46 489 $ 48.00 Exercised (2,868 ) $ 50.65 (266 ) $ 44.51 (425 ) $ 37.97 Canceled — $ — (239 ) $ 51.58 — $ — Outstanding at end of year 1,186 $ 55.58 3,916 $ 50.03 3,892 $ 50.78 Stock options exercisable at end of year 523 $ 54.71 3,168 $ 50.85 3,276 $ 49.79 |
Summary of Stock Options Outstanding | The following table summarizes information about stock options outstanding at December 31, 2021 (shares in thousands): Options Outstanding Options Exercisable Weighted- Average Weighted- Weighted- Range of Number Remaining Contractual Average Exercise Number Average Exercise Exercise Prices Outstanding Life Price Exercisable Price $35.00 - $45.00 570 6.5 years $ 41.43 173 $ 39.06 $45.01 - $55.00 232 6.5 years $ 48.07 88 $ 48.18 $55.01 - $65.00 47 5.4 years $ 59.07 47 $ 59.07 $65.01 - $75.00 199 6.4 years $ 65.80 199 $ 65.80 $75.01 - $110.74 138 8.9 years $ 110.74 16 $ 110.74 $35.00 - $110.74 1,186 6.7 years $ 55.58 523 $ 54.71 |
Schedule of Grant Date Fair Value Black-Scholes Options-Pricing Model Assumptions | The fair value was estimated using the Black-Scholes options pricing model with the following assumptions: 2021 2020 2019 Exercise price $110.74 $42.46 $48.00 Expected dividend yield 1.46% 3.79% 3.33% Expected stock price volatility 32.86% 30.12% 25.57% Risk-free interest rate 1.28% 0.50% 2.03% Expected life (years) 6.5 6.5 6.5 |
Summary of Nucor's RSU Activity | A summary of Nucor’s RSU activity is as follows (shares in thousands): 2021 2020 2019 Grant Date Grant Date Grant Date Year Ended December 31, Shares Fair Value Shares Fair Value Shares Fair Value Restricted stock units: Unvested at beginning of year 1,830 $47.33 1,776 $52.60 1,246 $59.09 Granted 397 $110.74 1,246 $42.46 1,770 $48.00 Vested (997) $57.09 (1,166) $50.10 (1,207) $52.43 Canceled (63) $49.54 (26) $49.75 (33) $57.09 Unvested at end of year 1,167 $60.45 1,830 $47.33 1,776 $52.60 |
Summary of Nucor's Restricted Stock Activity under AIP and LTIP | A summary of Nucor’s restricted stock activity under the AIP and the LTIP is as follows (shares in thousands): 2021 2020 2019 Grant Date Grant Date Grant Date Year Ended December 31, Shares Fair Value Shares Fair Value Shares Fair Value Restricted stock units and restricted stock awards: Unvested at beginning of year 127 $ 49.94 147 $ 60.81 130 $ 62.97 Granted 262 $ 65.61 348 $ 36.15 316 $ 58.04 Vested (273 ) $ 62.17 (368 ) $ 41.22 (299 ) $ 58.82 Canceled (9 ) $ 48.75 — $ — — $ — Unvested at end of year 107 $ 57.17 127 $ 49.94 147 $ 60.81 |
Interest Expense (Income) (Tabl
Interest Expense (Income) (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Banking And Thrift Interest [Abstract] | |
Schedule of Components of Net Interest Expense | The components of net interest expense are as follows (in thousands): Year Ended December 31, 2021 2020 2019 Interest expense $ 163,121 $ 166,613 $ 157,358 Interest income (4,267 ) (13,415 ) (35,933 ) Interest expense, net $ 158,854 $ 153,198 $ 121,425 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Components of Earnings Before Income Taxes and Noncontrolling Interests | Components of earnings before income taxes and noncontrolling interests are as follows (in thousands): Year Ended December 31, 2021 2020 2019 United States $ 9,076,921 $ 1,215,909 $ 1,806,704 Foreign 123,937 (380,371 ) (23,897 ) $ 9,200,858 $ 835,538 $ 1,782,807 |
Provision for Income Taxes | The provision for income taxes consists of the following (in thousands): Year Ended December 31, 2021 2020 2019 Current: Federal $ 1,753,376 $ (177,159 ) $ 241,074 State 293,752 (4,298 ) 62,685 Foreign 19,695 18,131 8,981 Total current 2,066,823 (163,326 ) 312,740 Deferred: Federal 10,916 177,035 101,946 State (3,042 ) (25,500 ) 8,013 Foreign 3,791 11,301 (10,802 ) Total deferred 11,665 162,836 99,157 Total provision for income taxes $ 2,078,488 $ (490 ) $ 411,897 |
Reconciliation of the Federal Statutory Tax Rate to Total Provisions | A reconciliation of the federal statutory tax rate (21%) to the total provision is as follows: Year Ended December 31, 2021 2020 2019 Taxes computed at statutory rate 21.00% 21.00% 21.00% State income taxes, net of federal income tax benefit 2.49% -3.37% 3.16% Federal research credit -0.07% -0.79% -0.34% Equity in losses of foreign joint venture — 0.64% 0.19% Impairment on investment in foreign joint venture — 11.20% — Tax loss on investment in foreign joint venture — -22.73% — Foreign rate differential -0.03% 1.15% — Noncontrolling interests -0.67% -2.88% -1.18% CARES Act NOL carryback — -5.77% — Other, net -0.13% 1.49% 0.27% Provision for income taxes 22.59% -0.06% 23.10% |
Deferred Tax Assets and Liabilities | Deferred tax assets and liabilities resulted from the following (in thousands): December 31, 2021 2020 Deferred tax assets: Accrued liabilities and reserves $ 232,898 $ 171,998 Allowance for doubtful accounts 34,124 16,434 Inventory 81,437 62,755 Post-retirement benefits 10,763 12,714 Commodity hedges 243 4,033 Net operating loss carryforward 38,290 63,952 Tax credit carryforwards 172,629 187,267 Other deferred tax assets 11,336 10,674 Valuation allowance (183,759 ) (207,653 ) Total deferred tax assets 397,961 322,174 Deferred tax liabilities: Holdbacks and amounts not due under contracts (13,956 ) (14,051 ) Intangibles (178,304 ) (177,061 ) Property, plant and equipment (770,791 ) (680,688 ) Book/Tax differences on debt modifications (45,173 ) (46,813 ) Total deferred tax liabilities (1,008,224 ) (918,613 ) Total net deferred tax liabilities $ (610,263 ) $ (596,439 ) |
Reconciliation of the Beginning and Ending Amounts of Unrecognized Tax Benefits | A reconciliation of the beginning and ending amounts of unrecognized tax benefits recorded in deferred credits and other liabilities in the consolidated balance sheets is as follows (in thousands): December 31, 2021 2020 2019 Balance at beginning of year $ 47,965 $ 50,920 $ 48,605 Additions based on tax positions related to current year 52,853 4,138 9,272 Reductions based on tax positions related to current year — — — Additions based on tax positions related to prior years 2,405 223 2,106 Reductions based on tax positions related to prior years (3,060 ) — (2,863 ) Reductions due to settlements with taxing authorities — — (1,514 ) Reductions due to statute of limitations lapse (5,027 ) (7,316 ) (4,686 ) Balance at end of year $ 95,136 $ 47,965 $ 50,920 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Loss) (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Equity [Abstract] | |
Components of Accumulated Other Comprehensive Income (Loss) | The following tables reflect the changes in accumulated other comprehensive income (loss) by component (in thousands): Gains and (Losses) on Foreign Currency Adjustment to Early Hedging Derivatives Gains (Losses) Retiree Medical Plan Total December 31, 2020 $ (4,700 ) $ (120,827 ) $ 6,666 $ (118,861 ) Other comprehensive income (loss) before reclassifications 15,112 (4,041 ) 1,875 12,946 Amounts reclassified from accumulated other comprehensive income (loss) into earnings (1) (9,300 ) — (67 ) (9,367 ) Net current-period other comprehensive income (loss) 5,812 (4,041 ) 1,808 3,579 December 31, 2021 $ 1,112 $ (124,868 ) $ 8,474 $ (115,282 ) (1) Includes $(9,300) and $(67) net-of-tax impact of accumulated other comprehensive income (loss) reclassifications into cost of products sold for net gains on commodity contracts and adjustment to early retiree medical plan, respectively. The tax impacts of these reclassifications were $(3,100) and $(10) respectively. Gains and (Losses) on Foreign Currency Adjustment to Early Hedging Derivatives Gains (Losses) Retiree Medical Plan Total December 31, 2019 $ (14,000 ) $ (296,773 ) $ 7,807 $ (302,966 ) Other comprehensive income (loss) before reclassifications 2,084 17,306 (1,213 ) 18,177 Amounts reclassified from accumulated other comprehensive income (loss) into earnings (2) 7,216 158,640 72 165,928 Net current-period other comprehensive income (loss) 9,300 175,946 (1,141 ) 184,105 December 31, 2020 $ (4,700 ) $ (120,827 ) $ 6,666 $ (118,861 ) (2) Includes $7,216 and $72 net-of-tax impact of accumulated other comprehensive income (loss) reclassifications into cost of products sold for net losses on commodity contracts and adjustment to early retiree medical plan, respectively. The tax impacts of these reclassifications were $2,500 and $17, respectively. Also includes a $158.6 million reclassification of cumulative foreign currency translation losses into losses and impairments of assets, of which there was no tax impact. |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Earnings Per Share [Abstract] | |
Computations of Basic and Diluted Net Earnings Per Share | The computations of basic and diluted net earnings per share are as follows (in thousands, except per share data): Year Ended December 31, 2021 2020 2019 Basic net earnings per share: Basic net earnings $ 6,827,461 $ 721,470 $ 1,271,143 Earnings allocated to participating securities (32,311 ) (4,356 ) (7,035 ) Net earnings available to common stockholders $ 6,795,150 $ 717,114 $ 1,264,108 Basic average shares outstanding 292,491 303,168 305,040 Basic net earnings per share $ 23.23 $ 2.37 $ 4.14 Diluted net earnings per share: Diluted net earnings $ 6,827,461 $ 721,470 $ 1,271,143 Earnings allocated to participating securities (32,190 ) (4,359 ) (7,034 ) Net earnings available to common stockholders $ 6,795,271 $ 717,111 $ 1,264,109 Diluted average shares outstanding: Basic average shares outstanding 292,491 303,168 305,040 Dilutive effect of stock options and other 899 103 463 293,390 303,271 305,503 Diluted net earnings per share $ 23.16 $ 2.36 $ 4.14 |
Anti-dilutive Stock Options | The following stock options were excluded from the computation of diluted net earnings per share because their effect would have been anti-dilutive (shares in thousands): Year Ended December 31, 2021 2020 2019 Anti-dilutive stock options: Weighted-average shares 144,767 2,972 963 Weighted-average exercise price $ 91.06 $ 51.87 $ 60.92 |
Segments (Tables)
Segments (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Segment Reporting [Abstract] | |
Segments | Nucor’s results by segment were as follows (in thousands): Year Ended December 31, 2021 2020 2019 Net sales to external customers: Steel mills $ 24,145,396 $ 12,109,307 $ 13,933,950 Steel products 9,727,943 6,623,068 6,990,064 Raw materials 2,610,600 1,407,283 1,664,844 $ 36,483,939 $ 20,139,658 $ 22,588,858 Intercompany sales: Steel mills $ 6,297,688 $ 3,036,790 $ 3,304,437 Steel products 360,063 248,477 233,728 Raw materials 15,762,685 8,153,841 8,784,397 Corporate/eliminations (22,420,436 ) (11,439,108 ) (12,322,562 ) $ — $ — $ — Depreciation expense: Steel mills $ 465,733 $ 449,289 $ 401,609 Steel products 99,248 93,184 85,276 Raw materials 159,886 150,474 151,124 Corporate 10,539 9,163 10,902 $ 735,406 $ 702,110 $ 648,911 Amortization expense: Steel mills $ 7,829 $ 7,334 $ 8,624 Steel products 93,160 47,773 49,914 Raw materials 28,168 28,249 27,204 $ 129,157 $ 83,356 $ 85,742 Earnings before income taxes and noncontrolling interests: Steel mills $ 9,735,020 $ 720,151 $ 1,790,694 Steel products 1,291,450 690,547 511,145 Raw materials 549,956 23,621 (28,244 ) Corporate/eliminations (2,375,568 ) (598,781 ) (490,788 ) $ 9,200,858 $ 835,538 $ 1,782,807 Segment assets: Steel mills $ 13,235,463 $ 9,708,260 $ 9,283,216 Steel products 7,845,010 4,461,042 4,610,628 Raw materials 3,870,806 3,324,489 3,316,479 Corporate/eliminations 871,793 2,631,603 1,134,343 $ 25,823,072 $ 20,125,394 $ 18,344,666 Capital expenditures: Steel mills $ 1,336,276 $ 1,238,132 $ 1,133,089 Steel products 187,152 135,512 93,848 Raw materials 128,765 125,213 244,818 Corporate 48,171 28,259 40,315 $ 1,700,364 $ 1,527,116 $ 1,512,070 |
Schedule of Net Sale by Product to External Customers | Net sales by product were as follows (in thousands). Further product group breakdown is impracticable. Year Ended December 31, 2021 2020 2019 Net sales to external customers: Sheet $ 12,675,679 $ 5,450,507 $ 6,450,506 Bar 6,039,187 3,821,158 4,106,640 Structural 2,597,768 1,526,283 1,573,248 Plate 2,832,762 1,311,360 1,803,556 Tubular Products 2,194,732 1,113,581 1,207,398 Rebar Fabrication 1,794,658 1,708,441 1,666,445 Other Steel Products 5,738,552 3,801,045 4,116,221 Raw Materials 2,610,601 1,407,283 1,664,844 $ 36,483,939 $ 20,139,658 $ 22,588,858 |
Acquisitions (Tables)
Acquisitions (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Cornerstone Building Brands, Inc., Insulated Metal Panels ("IMP") [Member] | |
Business Acquisition [Line Items] | |
Summary of Fair Values of Assets Acquired and Liabilities Assumed | The following table summarizes the fair values of the assets acquired and liabilities assumed of the IMP business as of August 9, 2021, the date of acquisition (in thousands): Cash $ — Accounts receivable 49,869 Inventory 73,000 Other current assets 4,478 Property, plant and equipment 102,966 Goodwill 468,849 Other intangible assets 364,000 Other assets 13,515 Total assets acquired $ 1,076,677 Current liabilities 45,320 Other liabilities 12,855 Total liabilities assumed $ 58,175 Net assets acquired $ 1,018,502 |
Summary of Purchase Price Allocation to Identifiable Intangible Assets | The following table summarizes the purchase price allocation to the identifiable intangible assets of the IMP business as of August 9, 2021, the date of acquisition (in thousands, except years): Weighted- Average Life Customer relationships $ 309,000 10 years Trademarks and trade names 45,000 10 years Backlog 10,000 1 year $ 364,000 |
Hannibal Industries Inc [Member] | |
Business Acquisition [Line Items] | |
Summary of Fair Values of Assets Acquired and Liabilities Assumed | The following table summarizes the fair values of the assets acquired and liabilities assumed of Hannibal as of August 20, 2021, the date of acquisition (in thousands): Cash $ 124,655 Accounts receivable 115,728 Inventory 65,005 Other current assets 2,113 Property, plant and equipment 116,955 Goodwill 84,922 Other intangible assets 201,700 Other assets 8,776 Total assets acquired $ 719,854 Current liabilities 228,750 Finance lease obligations 80,124 Other liabilities 13,155 Total liabilities assumed $ 322,029 Net assets acquired $ 397,825 |
Summary of Purchase Price Allocation to Identifiable Intangible Assets | The following table summarizes the purchase price allocation to the identifiable intangible assets of Hannibal as of August 20, 2021, the date of acquisition (in thousands, except years): Weighted- Average Life Customer relationships $ 144,000 10 years Trademarks and trade names 26,000 7 years Backlog 31,700 1 year $ 201,700 |
Quarterly Information (Unaudi_2
Quarterly Information (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of Quarterly Information | (in thousands, except per share data) Year Ended December 31, 2021 First Quarter Second Quarter Third Quarter Fourth Quarter Net sales $ 7,017,140 $ 8,789,164 $ 10,313,223 $ 10,364,412 Gross margin 1,622,437 2,473,503 3,406,273 3,523,201 Net earnings (1) 987,514 1,571,459 2,223,265 2,340,132 Net earnings attributable to Nucor stockholders (1) 942,432 1,506,868 2,127,743 2,250,418 Net earnings per share: Basic $ 3.10 $ 5.05 $ 7.29 $ 7.99 Diluted $ 3.10 $ 5.04 $ 7.28 $ 7.97 (in thousands, except per share data) Year Ended December 31, 2020 First Quarter Second Quarter Third Quarter Fourth Quarter Net sales $ 5,624,337 $ 4,327,306 $ 4,927,960 $ 5,260,055 Gross margin 629,268 377,959 502,195 718,528 Net earnings (2) 54,379 133,153 222,630 425,866 Net earnings attributable to Nucor stockholders (2) 20,331 108,881 193,415 398,843 Net earnings per share: Basic $ 0.07 $ 0.36 $ 0.63 $ 1.31 Diluted $ 0.07 $ 0.36 $ 0.63 $ 1.30 (1) Second quarter 2021 results include a $42.0 million non-cash impairment charge related to the write-off of a portion of our leasehold interest in unproved oil and natural gas properties. This charge is included in the raw materials segment. ( 2 ) First quarter 2020 results include losses on assets of $287.8 million related to our investment in Duferdofin Nucor. Third quarter 2020 results include a restructuring charge of $16.4 million related to the realignment of Nucor’s metal buildings business. Fourth quarter 2020 results include non-cash impairment charges totaling $130.2 million related to impairments of certain inventory and long-lived assets in the steel mills segment ($103.2 million) and the write-down of our unproved natural gas well assets in the raw materials segment ($27.0 million). Also included in fourth quarter 2020 results were losses on assets of $184.0 million related to the Duferdofin Agreement, a $201.9 million tax benefit related to our investment in Duferdofin Nucor, a $39.7 million net benefit related to state tax credits and a net benefit of $48.2 million for the CARES Act NOL carryback provision. |
Nature of Operations and Basi_2
Nature of Operations and Basis of Presentation - Additional Information (Detail) | Dec. 31, 2021 |
Nucor-Yamato Steel Company [Member] | |
Summary Of Organization And Operations [Line Items] | |
Noncontrolling interest, ownership percentage by parent | 51.00% |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Cash equivalents original maturity period | three months or less |
Short-term Investments - Additi
Short-term Investments - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Short Term Investments [Abstract] | |||
Short-term investments held | $ 253,005,000 | $ 408,004,000 | |
Realized or unrealized gains or losses | $ 0 | $ 0 | $ 0 |
Accounts Receivable - Additiona
Accounts Receivable - Additional Information (Detail) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Accounts Receivable Net [Abstract] | |||
Allowance for doubtful accounts receivable | $ 95.4 | $ 51.3 | $ 59.9 |
Inventories - Additional Inform
Inventories - Additional Information (Detail) | Dec. 31, 2021 | Dec. 31, 2020 |
Inventory Disclosure [Abstract] | ||
Raw materials and supplies in inventory, percentage | 43.00% | 42.00% |
Finished and semi-finished products in inventory, percentage | 57.00% | 58.00% |
Leases - Additional Information
Leases - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of Leases [Line Items] | |
Operating lease, renewal term | can extend the lease term from one to five years or more. |
Weighted-average discount rate - finance leases | 14.90% |
Minimum [Member] | |
Disclosure of Leases [Line Items] | |
Operating lease, renewal period | 1 year |
Maximum [Member] | |
Disclosure of Leases [Line Items] | |
Operating lease, renewal period | 5 years |
Leases - Quantitative data rela
Leases - Quantitative data related to our leases (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of Leases [Line Items] | |||
Operating lease cost | $ 24,492 | $ 24,019 | $ 23,471 |
Finance lease cost: | |||
Total finance lease cost | 24,183 | 20,286 | 21,145 |
Total lease cost | 48,675 | 44,305 | 44,616 |
Cash paid for amounts included in measurement of lease liabilities: | |||
Operating cash flows from operating leases | 27,310 | 23,836 | 23,155 |
Operating cash flows from finance leases | 10,670 | 10,551 | 11,335 |
Financing cash flows from finance leases | 11,425 | 9,541 | 9,134 |
Additions to right-of-use assets obtained from | |||
Operating lease liabilities | 19,711 | 21,539 | 11,941 |
Finance lease liabilities | 99,535 | 14,373 | 11,406 |
Assets: | |||
Operating lease assets | $ 92,318 | $ 93,888 | |
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] | us-gaap:OtherAssets | us-gaap:OtherAssets | |
Finance lease assets | $ 162,427 | $ 76,231 | |
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] | Property, plant and equipment, net (Notes 6 and 7) | Property, plant and equipment, net (Notes 6 and 7) | |
Total leased assets | $ 254,745 | $ 170,119 | |
Liabilities | |||
Current operating | $ 20,598 | $ 19,986 | |
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] | Accrued expenses and other current liabilities (Notes 6, 10, 13, 15, 16 and 23) | Accrued expenses and other current liabilities (Notes 6, 10, 13, 15, 16 and 23) | |
Current finance | $ 14,678 | $ 10,885 | |
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] | Current portion of long-term debt and finance lease obligations (Notes 6, 11 and 14) | Current portion of long-term debt and finance lease obligations (Notes 6, 11 and 14) | |
Non-current operating | $ 74,161 | $ 75,736 | |
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration] | Deferred credits and other liabilities (Notes 6, 13, 15, 17 and 19) | Deferred credits and other liabilities (Notes 6, 13, 15, 17 and 19) | |
Non-current finance | $ 164,375 | $ 79,453 | |
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration] | Long-term debt and finance lease obligations due after one year (Notes 6, 11 and 14) | Long-term debt and finance lease obligations due after one year (Notes 6, 11 and 14) | |
Total leased liabilities | $ 273,812 | $ 186,060 | |
Weighted-average remaining lease term - operating leases | 8 years 6 months | ||
Weighted-average remaining lease term - finance leases | 14 years | ||
Weighted-average discount rate - operating leases | 3.00% | ||
Weighted-average discount rate - finance leases | 14.90% | ||
Maturity Of Lease Liabilities [Abstract] | |||
2022 | $ 22,802 | ||
2023 | 19,003 | ||
2024 | 15,994 | ||
2025 | 11,769 | ||
2026 | 8,938 | ||
Thereafter | 32,057 | ||
Total lease payments | 110,563 | ||
Less imputed interest | (15,804) | ||
Present value of lease liabilities | 94,759 | ||
2022 | 26,256 | ||
2023 | 24,591 | ||
2024 | 19,762 | ||
2025 | 17,992 | ||
2026 | 16,404 | ||
Thereafter | 159,649 | ||
Total lease payments | 264,654 | ||
Less imputed interest | (85,601) | ||
Present value of lease liabilities | 179,053 | 90,338 | |
Cost of Products Sold | |||
Disclosure of Leases [Line Items] | |||
Operating lease cost | 21,503 | 20,959 | 21,275 |
Finance lease cost: | |||
Amortization of leased assets | 13,513 | 9,735 | 9,810 |
Marketing, Administrative and Other Expenses | |||
Disclosure of Leases [Line Items] | |||
Operating lease cost | 2,989 | 3,060 | 2,196 |
Interest Expense, Net | |||
Finance lease cost: | |||
Interest on lease liabilities | $ 10,670 | $ 10,551 | $ 11,335 |
Property, Plant and Equipment -
Property, Plant and Equipment - Schedule of Property, Plant and Equipment (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 18,504,467 | $ 16,754,603 |
Less accumulated depreciation | (10,389,649) | (9,855,493) |
Property, plant and equipment, net, total | 8,114,818 | 6,899,110 |
Land and Improvements, Net [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 845,772 | 744,305 |
Buildings and Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 1,845,937 | 1,505,913 |
Machinery and Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 13,119,177 | 12,204,738 |
Proved Oil and Gas Properties [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 558,336 | 558,231 |
Leasehold Interest in Unproved Oil and Gas Properties [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 96,000 | 138,000 |
Property, plant and equipment, net, total | 96,000 | |
Construction in Process and Equipment Deposits [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 2,039,245 | $ 1,603,416 |
Property, Plant and Equipment_2
Property, Plant and Equipment - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Property, Plant and Equipment [Line Items] | |||||
Non-cash impairment charge | $ 62,161 | $ 613,640 | $ 66,916 | ||
Property, plant and equipment, net | $ 6,899,110 | $ 8,114,818 | 6,899,110 | ||
Steel Mills [Member] | |||||
Property, Plant and Equipment [Line Items] | |||||
Non-cash impairment charge | 103,200 | 20,000 | |||
Land and Improvements, Net [Member] | Minimum [Member] | |||||
Property, Plant and Equipment [Line Items] | |||||
Estimated useful lives range | 5 years | ||||
Land and Improvements, Net [Member] | Maximum [Member] | |||||
Property, Plant and Equipment [Line Items] | |||||
Estimated useful lives range | 25 years | ||||
Buildings and Improvements [Member] | Minimum [Member] | |||||
Property, Plant and Equipment [Line Items] | |||||
Estimated useful lives range | 4 years | ||||
Buildings and Improvements [Member] | Maximum [Member] | |||||
Property, Plant and Equipment [Line Items] | |||||
Estimated useful lives range | 40 years | ||||
Machinery and Equipment [Member] | Minimum [Member] | |||||
Property, Plant and Equipment [Line Items] | |||||
Estimated useful lives range | 2 years | ||||
Machinery and Equipment [Member] | Maximum [Member] | |||||
Property, Plant and Equipment [Line Items] | |||||
Estimated useful lives range | 15 years | ||||
Carrying Value of Third Field of Wells [Member] | |||||
Property, Plant and Equipment [Line Items] | |||||
Non-cash impairment charge | $ 35,000 | $ 35,000 | |||
Carrying Value of Three Field of Wells [Member] | |||||
Property, Plant and Equipment [Line Items] | |||||
Property, plant and equipment, net | 71,700 | $ 65,200 | 71,700 | ||
Leasehold Interest in Unproved Oil and Gas Properties [Member] | |||||
Property, Plant and Equipment [Line Items] | |||||
Non-cash impairment charge | $ 27,000 | $ 27,000 | |||
Property, plant and equipment, net | 96,000 | ||||
Leasehold Interest in Unproved Oil and Gas Properties [Member] | Losses on Assets [Member] | |||||
Property, Plant and Equipment [Line Items] | |||||
Losses on assets | $ 42,000 |
Goodwill and Other Intangible_3
Goodwill and Other Intangible Assets - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Finite And Indefinite Lived Intangible Assets [Line Items] | |||
Goodwill | $ 2,827,344,000 | $ 2,229,672,000 | $ 2,201,063,000 |
Intangible asset amortization expense | 129,200,000 | 83,400,000 | 85,700,000 |
Future amortization expense, in 2022 | 154,600,000 | ||
Future amortization expense, in 2023 | 132,900,000 | ||
Future amortization expense, in 2024 | 132,100,000 | ||
Future amortization expense, in 2025 | 131,200,000 | ||
Future amortization expense, in 2026 | 128,200,000 | ||
Impairment of goodwill | 0 | 0 | $ 0 |
Finite-lived intangible assets | $ 1,103,759,000 | $ 668,021,000 | |
Rebar Fabrication [Member] | |||
Finite And Indefinite Lived Intangible Assets [Line Items] | |||
Percentage of fair value exceeded carrying value | 54.00% | ||
Goodwill | $ 363,000,000 | ||
Finite-lived intangible assets | $ 45,000,000 | ||
Minimum [Member] | |||
Finite And Indefinite Lived Intangible Assets [Line Items] | |||
Intangible assets, useful life | 5 years | ||
Maximum [Member] | |||
Finite And Indefinite Lived Intangible Assets [Line Items] | |||
Intangible assets, useful life | 22 years |
Goodwill and Other Intangible_4
Goodwill and Other Intangible Assets - Schedule of Change in Net Carrying Amount of Goodwill by Segment (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Goodwill [Line Items] | ||
Balance, beginning of period | $ 2,229,672 | $ 2,201,063 |
Acquisitions | 599,127 | 19,663 |
Translation | (1,455) | 8,946 |
Balance, end of period | 2,827,344 | 2,229,672 |
Steel Mills [Member] | ||
Goodwill [Line Items] | ||
Balance, beginning of period | 612,470 | 591,986 |
Acquisitions | 705 | 20,484 |
Balance, end of period | 613,175 | 612,470 |
Steel Products [Member] | ||
Goodwill [Line Items] | ||
Balance, beginning of period | 887,625 | 879,500 |
Acquisitions | 553,704 | (821) |
Translation | (1,455) | 8,946 |
Balance, end of period | 1,439,874 | 887,625 |
Raw Materials [Member] | ||
Goodwill [Line Items] | ||
Balance, beginning of period | 729,577 | 729,577 |
Acquisitions | 44,718 | |
Balance, end of period | $ 774,295 | $ 729,577 |
Goodwill and Other Intangible_5
Goodwill and Other Intangible Assets - Schedule of Intangible Assets (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets, Gross Amount | $ 2,195,125 | $ 1,648,149 |
Intangible assets, Accumulated Amortization | 1,091,366 | 980,128 |
Customer Relationships [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets, Gross Amount | 1,872,348 | 1,421,962 |
Intangible assets, Accumulated Amortization | 924,506 | 838,443 |
Trademarks and Trade Names [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets, Gross Amount | 217,255 | 162,365 |
Intangible assets, Accumulated Amortization | 99,906 | 100,000 |
Other [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets, Gross Amount | 105,522 | 63,822 |
Intangible assets, Accumulated Amortization | $ 66,954 | $ 41,685 |
Equity Investments - Additional
Equity Investments - Additional Information (Detail) $ in Thousands, € in Millions | 3 Months Ended | 12 Months Ended | ||||||||
Dec. 31, 2020USD ($) | Oct. 03, 2020USD ($) | Jul. 04, 2020USD ($) | Apr. 04, 2020USD ($) | Dec. 31, 2021USD ($)Sheet | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Nov. 30, 2021USD ($) | Dec. 31, 2020EUR (€) | Jan. 16, 2019 | |
Schedule Of Equity Method Investments [Line Items] | ||||||||||
Equity method investments | $ 520,000 | $ 624,600 | $ 520,000 | |||||||
Equity method investments impairment charges | $ 62,161 | 613,640 | $ 66,916 | |||||||
Nucor-JFE [Member] | ||||||||||
Schedule Of Equity Method Investments [Line Items] | ||||||||||
Equity method investment, ownership percentage | 50.00% | 50.00% | ||||||||
Equity method investments | 147,100 | $ 147,000 | 147,100 | |||||||
Period used for lag basis, in months | 1 month | |||||||||
Principal amount subject to guarantee for other credit facilities | 25,000 | $ 50,000 | 25,000 | |||||||
Nucor-JFE [Member] | General Financing Agreement and Promissory Note [Member] | ||||||||||
Schedule Of Equity Method Investments [Line Items] | ||||||||||
Equity method investments credit facilities subject to guarantee, amount | $ 100,000 | |||||||||
Total amount outstanding under equity method investments credit facilities | 50,000 | $ 90,000 | 50,000 | |||||||
Guarantor obligation percentage of exposure in case of default | 50.00% | |||||||||
NuMit LLC [Member] | ||||||||||
Schedule Of Equity Method Investments [Line Items] | ||||||||||
Equity method investment, ownership percentage | 50.00% | |||||||||
Equity method investments | $ 323,600 | $ 418,700 | 323,600 | |||||||
Period used for lag basis, in months | 1 month | |||||||||
Distributions from affiliates | $ 200 | $ 9,500 | $ 36,500 | |||||||
Steel Technologies LLC [Member] | ||||||||||
Schedule Of Equity Method Investments [Line Items] | ||||||||||
Equity method investment, ownership percentage | 100.00% | |||||||||
Number of sheet processing facilities operated by Steel Technologies | Sheet | 30 | |||||||||
Duferdofin Nucor S.r.l. [Member] | ||||||||||
Schedule Of Equity Method Investments [Line Items] | ||||||||||
Equity method investment, ownership percentage | 50.00% | 50.00% | 50.00% | 50.00% | ||||||
Equity method investments | $ 0 | $ 0 | ||||||||
Period used for lag basis, in months | 1 month | |||||||||
Percentage of interest held by other party in other entity | 50.00% | |||||||||
Due from related parties, noncurrent | 37,800 | 37,800 | € 35 | |||||||
Equity method investments impairment charges | 25,400 | $ 6,600 | $ 5,000 | $ 250,000 | ||||||
Cumulative foreign currency translation losses reclassified into earnings | 158,600 | |||||||||
Equity method investments impairment charges | $ 184,000 | $ 287,800 | $ 483,500 |
Current Liabilities - Additiona
Current Liabilities - Additional Information (Detail) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Liabilities Current [Abstract] | ||
Book overdrafts | $ 143.8 | $ 210.5 |
Dividends payable, current | $ 137.6 | $ 123.9 |
Debt and Other Financing Arra_3
Debt and Other Financing Arrangements - Schedule of Debt and Other Financing Arrangements (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | May 31, 2020 |
Debt Instrument [Line Items] | |||
Finance lease obligations | $ 179,053 | $ 90,338 | |
Total long-term debt and finance lease obligations | 5,779,278 | 5,493,573 | |
Less premium on debt exchange | 174,891 | 180,045 | |
Less debt issuance costs | 27,299 | 30,854 | $ 8,400 |
Total amounts outstanding | 5,577,088 | 5,282,674 | |
Less current maturities of long-term debt | 601,000 | ||
Less current portion of finance lease obligations | 14,678 | 10,885 | |
Total long-term debt and finance lease obligations due after one year | 4,961,410 | 5,271,789 | |
Notes, 4.125%, due 2022 [Member] | |||
Debt Instrument [Line Items] | |||
Debt instrument face amount | 600,000 | 600,000 | |
Notes, 4.000%, due 2023 [Member] | |||
Debt Instrument [Line Items] | |||
Debt instrument face amount | 500,000 | 500,000 | |
Notes, 2.000%, due 2025 [Member] | |||
Debt Instrument [Line Items] | |||
Debt instrument face amount | 500,000 | 500,000 | |
Notes, 3.950%, due 2028 [Member] | |||
Debt Instrument [Line Items] | |||
Debt instrument face amount | 500,000 | 500,000 | |
Notes, 2.700%, due 2030 [Member] | |||
Debt Instrument [Line Items] | |||
Debt instrument face amount | 500,000 | 500,000 | |
Notes, 6.400%, due 2037 [Member] | |||
Debt Instrument [Line Items] | |||
Debt instrument face amount | 543,331 | 543,331 | |
Notes, 5.200%, due 2043 [Member] | |||
Debt Instrument [Line Items] | |||
Debt instrument face amount | 338,133 | 338,133 | |
Notes, 4.400%, due 2048 [Member] | |||
Debt Instrument [Line Items] | |||
Debt instrument face amount | 329,219 | 329,219 | |
Notes, 2.979%, due 2055 [Member] | |||
Debt Instrument [Line Items] | |||
Debt instrument face amount | 439,312 | 439,312 | |
Industrial Revenue Bonds [Member] | Due from 2022 to 2061 [Member] | |||
Debt Instrument [Line Items] | |||
Debt instrument face amount | $ 1,350,230 | $ 1,153,240 |
Debt and Other Financing Arra_4
Debt and Other Financing Arrangements - Schedule of Debt and Other Financing Arrangements (Parenthetical) (Detail) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Due from 2022 to 2061 [Member] | Industrial Revenue Bonds [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument - maturity year - start | 2022 | |
Debt instrument - maturity year - end | 2061 | |
Due from 2022 to 2061 [Member] | Industrial Revenue Bonds [Member] | Minimum [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument interest rate | 0.14% | 0.16% |
Due from 2022 to 2061 [Member] | Industrial Revenue Bonds [Member] | Maximum [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument interest rate | 0.18% | 0.19% |
Notes, 4.125%, due 2022 [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument interest rate | 4.125% | |
Debt instrument - maturity year | 2022 | |
Notes, 4.000%, due 2023 [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument interest rate | 4.00% | |
Debt instrument - maturity year | 2023 | |
Notes, 2.000%, due 2025 [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument interest rate | 2.00% | |
Debt instrument - maturity year | 2025 | |
Notes, 3.950%, due 2028 [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument interest rate | 3.95% | |
Debt instrument - maturity year | 2028 | |
Notes, 2.700%, due 2030 [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument interest rate | 2.70% | |
Debt instrument - maturity year | 2030 | |
Notes, 6.400%, due 2037 [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument interest rate | 6.40% | |
Debt instrument - maturity year | 2037 | |
Notes, 5.200%, due 2043 [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument interest rate | 5.20% | |
Debt instrument - maturity year | 2043 | |
Notes, 4.400%, due 2048 [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument interest rate | 4.40% | |
Debt instrument - maturity year | 2048 | |
Notes, 2.979%, due 2055 [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument interest rate | 2.979% | |
Debt instrument - maturity year | 2055 |
Debt and Other Financing Arra_5
Debt and Other Financing Arrangements - Additional Information (Detail) - USD ($) | Nov. 05, 2021 | Aug. 31, 2021 | Dec. 31, 2020 | Jul. 31, 2020 | May 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Debt Instrument [Line Items] | ||||||||
Annual aggregate long-term debt maturities - 2022 | $ 601,000,000 | |||||||
Annual aggregate long-term debt maturities - 2023 | 500,000,000 | |||||||
Annual aggregate long-term debt maturities - 2024 | 0 | |||||||
Annual aggregate long-term debt maturities - 2025 | 500,000,000 | |||||||
Annual aggregate long-term debt maturities - 2026 | 21,500,000 | |||||||
Annual aggregate long-term debt maturities - thereafter | 3,980,000,000 | |||||||
Net proceeds of debt issuances | $ 989,400,000 | |||||||
Debt issuance costs | $ 30,854,000 | 8,400,000 | $ 27,299,000 | $ 30,854,000 | ||||
Payment of premium component of debt exchange | 180,300,000 | 180,383,000 | ||||||
Ratio funded debt to total capital | 28.00% | |||||||
Short-term borrowings | 57,906,000 | $ 107,723,000 | 57,906,000 | |||||
Harris Steel [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Line of credit facility maximum borrowing capacity | 18,400,000 | |||||||
Line of credit | 0 | 0 | 0 | |||||
Nucor Trading S.A. [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Short-term borrowings | 57,900,000 | 107,700,000 | 57,900,000 | |||||
Amended and Restated Revolving Credit Facility [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Line of credit facility maximum borrowing capacity | 1,500,000,000 | 1,750,000,000 | 1,500,000,000 | |||||
Line of revolving credit facility expiration date | Nov. 5, 2026 | |||||||
Ratio on the limit of funded debt to capital on credit facility | 60.00% | |||||||
Line of credit | 0 | $ 0 | ||||||
Letter of Credit [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Line of credit facility maximum borrowing capacity | $ 100,000,000 | |||||||
Line of credit | 63,300,000 | 98,700,000 | 63,300,000 | |||||
Additional Commitments at Nucor's Election in Accordance with Terms of Credit Agreement [Member] | Amended and Restated Revolving Credit Facility [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Credit facility availability | $ 500,000,000 | |||||||
Revolving Loans For Nucor Subsidiaries [Member] | Amended and Restated Revolving Credit Facility [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Line of credit facility maximum borrowing capacity | 500,000,000 | |||||||
Variable Rate Green Bonds [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Issuance of bonds | $ 197,000,000 | $ 162,600,000 | ||||||
Debt instrument, term | 40 years | 40 years | ||||||
Notes, 2.000%, due 2025 [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt instrument face amount | $ 500,000,000 | |||||||
Debt instrument interest rate | 2.00% | |||||||
Debt instrument - maturity year | 2025 | |||||||
Notes, 2.700%, due 2030 [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt instrument face amount | $ 500,000,000 | |||||||
Debt instrument interest rate | 2.70% | |||||||
Debt instrument - maturity year | 2030 | |||||||
Notes, 2.979%, due 2055 [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt instrument face amount | 439,312,000 | $ 439,312,000 | 439,312,000 | |||||
Debt instrument interest rate | 2.979% | |||||||
Debt instrument - maturity year | 2055 | |||||||
Notes, 2.979%, due 2055 [Member] | Exchanged Debt [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt instrument face amount | $ 439,300,000 | $ 439,300,000 | ||||||
Debt instrument interest rate | 2.979% | 2.979% | ||||||
Debt instrument - maturity year | 2055 | |||||||
Notes, 6.400%, due 2037 [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt instrument face amount | $ 543,331,000 | $ 543,331,000 | $ 543,331,000 | |||||
Debt instrument interest rate | 6.40% | |||||||
Debt instrument - maturity year | 2037 | |||||||
Notes, 6.400%, due 2037 [Member] | Exchanged Debt [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt instrument face amount | $ 106,700,000 | $ 106,700,000 | ||||||
Debt instrument interest rate | 6.40% | 6.40% | ||||||
Debt instrument - maturity year | 2037 | |||||||
Notes, 5.200%, due 2043 [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt instrument face amount | $ 338,133,000 | $ 338,133,000 | $ 338,133,000 | |||||
Debt instrument interest rate | 5.20% | |||||||
Debt instrument - maturity year | 2043 | |||||||
Notes, 5.200%, due 2043 [Member] | Exchanged Debt [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt instrument face amount | $ 161,900,000 | $ 161,900,000 | ||||||
Debt instrument interest rate | 5.20% | 5.20% | ||||||
Debt instrument - maturity year | 2043 | |||||||
Notes, 4.400%, due 2048 [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt instrument face amount | $ 329,219,000 | $ 329,219,000 | $ 329,219,000 | |||||
Debt instrument interest rate | 4.40% | |||||||
Debt instrument - maturity year | 2048 | |||||||
Notes, 4.400%, due 2048 [Member] | Exchanged Debt [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt instrument face amount | $ 170,800,000 | $ 170,800,000 | ||||||
Debt instrument interest rate | 4.40% | 4.40% | ||||||
Debt instrument - maturity year | 2048 |
Capital Stock - Additional Info
Capital Stock - Additional Information (Detail) - USD ($) | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 02, 2021 | |
Capital Stock [Line Items] | ||||
The par value of common stock | $ 0.40 | |||
Common stock shares authorized | 800,000,000 | 800,000,000 | ||
Preferred stock shares authorized | 250,000 | |||
Preferred stock par value per share | $ 4 | |||
Preferred stock shares issued | 0 | |||
Preferred stock shares outstanding | 0 | |||
Dividends declared per share | $ 1.715 | $ 1.6125 | $ 1.6025 | |
Repurchase of common stock | $ 3,276,088,000 | $ 39,499,000 | $ 298,541,000 | |
Common Stock [Member] | ||||
Capital Stock [Line Items] | ||||
Share repurchase program, available repurchase amount | $ 3,850,000,000 | |||
Common Stock [Member] | Maximum [Member] | ||||
Capital Stock [Line Items] | ||||
Stock Repurchase Program, Authorized Amount | $ 4,000,000,000 |
Derivative Financial Instrume_3
Derivative Financial Instruments - Fair Values of Derivative Financial Instruments (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Derivatives, Fair Value [Line Items] | ||
Derivative Assets, Fair Value | $ 6,633 | |
Derivative Liabilities, Fair Value | (2,666) | $ (14,361) |
Derivatives Designated as Hedging Instrument [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liabilities, Fair Value | (138) | (6,200) |
Derivatives Not Designated as Hedging Instrument [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liabilities, Fair Value | (2,528) | (8,161) |
Commodity Contracts [Member] | Derivatives Designated as Hedging Instrument [Member] | Other Current Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Assets, Fair Value | 1,650 | |
Commodity Contracts [Member] | Derivatives Designated as Hedging Instrument [Member] | Accrued Expenses and Other Current Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liabilities, Fair Value | (2,400) | |
Commodity Contracts [Member] | Derivatives Designated as Hedging Instrument [Member] | Deferred Credits and Other Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liabilities, Fair Value | (138) | (3,800) |
Commodity Contracts [Member] | Derivatives Not Designated as Hedging Instrument [Member] | Accrued Expenses and Other Current Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liabilities, Fair Value | (2,528) | (5,685) |
Foreign Exchange Contracts [Member] | Derivatives Not Designated as Hedging Instrument [Member] | Other Current Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Assets, Fair Value | $ 4,983 | |
Foreign Exchange Contracts [Member] | Derivatives Not Designated as Hedging Instrument [Member] | Accrued Expenses and Other Current Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liabilities, Fair Value | $ (2,476) |
Derivative Financial Instrume_4
Derivative Financial Instruments - Effect of Derivatives Financial Instruments on Consolidated Statements of Earnings (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Amount of Gain or (Loss), Net of Tax, Recognized in OCI on Derivatives (Effective Portion) | $ 15,112 | $ 2,084 | $ (9,833) | ||
Amount of Gain or (Loss), Net of Tax, Reclassified from Accumulated OCI into Earnings on Derivatives (Effective Portion) | 9,300 | [1] | (7,216) | [2] | (2,333) |
Derivatives Not Designated as Hedging Instrument [Member] | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Amount of Gain or (Loss) Recognized in Earnings on Derivatives | (19,663) | (11,864) | 2,210 | ||
Cost of Products Sold [Member] | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Amount of Gain or (Loss), Net of Tax, Reclassified from Accumulated OCI into Earnings on Derivatives (Effective Portion) | 9,300 | (7,216) | |||
Cost of Products Sold [Member] | Commodity Contracts [Member] | Derivatives Designated as Hedging Instrument [Member] | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Amount of Gain or (Loss), Net of Tax, Recognized in OCI on Derivatives (Effective Portion) | 15,112 | 2,084 | (9,833) | ||
Amount of Gain or (Loss), Net of Tax, Reclassified from Accumulated OCI into Earnings on Derivatives (Effective Portion) | 9,300 | (7,216) | (2,333) | ||
Cost of Products Sold [Member] | Commodity Contracts [Member] | Derivatives Not Designated as Hedging Instrument [Member] | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Amount of Gain or (Loss) Recognized in Earnings on Derivatives | (27,777) | (8,829) | 2,269 | ||
Cost of Products Sold [Member] | Foreign Exchange Contracts [Member] | Derivatives Not Designated as Hedging Instrument [Member] | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Amount of Gain or (Loss) Recognized in Earnings on Derivatives | $ 8,114 | $ (3,035) | $ (59) | ||
[1] | Includes $(9,300) and $(67) net-of-tax impact of accumulated other comprehensive income (loss) reclassifications into cost of products sold for net gains on commodity contracts and adjustment to early retiree medical plan, respectively. The tax impacts of these reclassifications were $(3,100) and $(10) respectively. | ||||
[2] | Includes $7,216 and $72 net-of-tax impact of accumulated other comprehensive income (loss) reclassifications into cost of products sold for net losses on commodity contracts and adjustment to early retiree medical plan, respectively. The tax impacts of these reclassifications were $2,500 and $17, respectively. Also includes a $158.6 million reclassification of cumulative foreign currency translation losses into losses and impairments of assets, of which there was no tax impact. |
Derivative Financial Instrume_5
Derivative Financial Instruments - Additional Information (Detail) MMBTU in Millions | Dec. 31, 2021MMBTU |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |
Notional amount of commodity derivatives | 57.3 |
Fair Value Measurements - Sched
Fair Value Measurements - Schedule of Financial Assets and Liabilities Measured at Fair Value (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Short-term investments | $ 253,005 | $ 408,004 | |
Derivative Assets, Fair Value | 6,633 | ||
Total assets | 25,823,072 | 20,125,394 | $ 18,344,666 |
Derivative contracts, liabilities | (2,666) | (14,361) | |
Reported Value Measurement [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Cash equivalents | 1,776,477 | 2,186,820 | |
Short-term investments | 253,005 | 408,004 | |
Derivative Assets, Fair Value | 6,633 | ||
Restricted cash and cash equivalents | 143,800 | 115,258 | |
Total assets | 2,179,915 | 2,710,082 | |
Derivative contracts, liabilities | (2,666) | (14,361) | |
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 | 1,776,477 | 2,186,820 | |
Short-term investments | 253,005 | 408,004 | |
Restricted cash and cash equivalents | 143,800 | 115,258 | |
Total assets | 2,173,282 | 2,710,082 | |
Significant Other Observable Inputs (Level 2) [Member] | Fair Value, Measurements, Recurring [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Derivative Assets, Fair Value | 6,633 | ||
Total assets | 6,633 | ||
Derivative contracts, liabilities | $ (2,666) | $ (14,361) |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Detail) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Fair Value Disclosures [Abstract] | ||
Fair value of short-term and long-term debt, including current maturities | $ 6,060 | $ 6,050 |
Contingencies - Additional Info
Contingencies - Additional Information (Detail) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Commitments And Contingencies Disclosure [Abstract] | ||
Accrual for environmental loss contingencies, gross | $ 13.6 | $ 16 |
Accrued environmental loss contingencies, current | 2.3 | 5.6 |
Accrued environmental loss contingencies, noncurrent | $ 11.3 | $ 10.4 |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | May 14, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock options exercise prices as percentage of the market value on the date of the grant | 100.00% | |||
Total intrinsic value of stock options exercised | $ 67.8 | $ 3.3 | $ 7.7 | |
Total aggregate intrinsic value of stock options | 69.5 | |||
Total aggregate intrinsic value of stock option exercisable | $ 31.1 | |||
Grant date fair value of stock options granted | $ 32.30 | $ 7.56 | $ 8.69 | |
Compensation expenses for stock options | $ 3.8 | $ 2.7 | $ 4.7 | |
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 | $ 3.1 | |||
Weighted-average recognition period for unrecognized compensation expense related to stock (years) | 2 years | |||
Restricted Stock Units [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Unrecognized compensation expense related to stock | $ 43.5 | |||
Weighted-average recognition period for unrecognized compensation expense related to stock (years) | 1 year 1 month 6 days | |||
Compensation expense | $ 52.1 | 58.6 | 69.1 | |
Total fair value of shares, vested | $ 109.5 | 49.8 | 58.8 | |
Omnibus Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock based compensation, common stock available for grant | 7,000,000 | |||
Omnibus Plan [Member] | Maximum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock based compensation, common stock available for grant | 19,000,000 | |||
LTIP [Member] | Restricted Stock Units [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Eligible age of officer for restricted stock award | 55 years | |||
AIP [Member] | Restricted Stock Units [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Eligible age of officer for restricted stock award | 55 years | |||
Additional common stock units for election of deferred annual incentive award, percentage | 25.00% | |||
AIP and LTIP [Member] | Restricted Stock Awards and Units [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Unrecognized compensation expense related to stock | $ 1.3 | |||
Weighted-average recognition period for unrecognized compensation expense related to stock (years) | 1 year 7 months 6 days | |||
Compensation expense | $ 79.9 | 12.5 | 16.6 | |
Total fair value of shares, vested | $ 19.6 | $ 13.5 | $ 17.3 | |
Inactive Plans [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Shares reserved for future issuance | 400,000 |
Stock-Based Compensation - Sche
Stock-Based Compensation - Schedule of Stock Option Plans Activity (Detail) - $ / shares shares in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |||
Outstanding at beginning of year, Shares | 3,916 | 3,892 | 3,828 |
Granted, Shares | 138 | 529 | 489 |
Exercised, Shares | (2,868) | (266) | (425) |
Canceled, Shares | (239) | ||
Outstanding at end of year, Shares | 1,186 | 3,916 | 3,892 |
Stock options exercisable at end of year, Shares | 523 | 3,168 | 3,276 |
Outstanding at beginning of year, Weighted - Average Exercise Price | $ 50.03 | $ 50.78 | $ 49.71 |
Granted, Weighted - Average Exercise Price | 110.74 | 42.46 | 48 |
Exercised, Weighted - Average Exercise Price | 50.65 | 44.51 | 37.97 |
Canceled, Weighted - Average Exercise Price | 51.58 | ||
Outstanding at end of period, Weighted - Average Exercise Price | 55.58 | 50.03 | 50.78 |
Stock options exercisable at end of year, Weighted - Average Exercise Price | $ 54.71 | $ 50.85 | $ 49.79 |
Stock-Based Compensation - Summ
Stock-Based Compensation - Summary of Stock Options Outstanding (Detail) shares in Thousands | 12 Months Ended |
Dec. 31, 2021$ / sharesshares | |
Schedule Of Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding By Exercise Price [Line Items] | |
Options Outstanding, Number Outstanding | shares | 1,186 |
Options Outstanding, Weighted-Average Remaining Contractual Life | 6 years 8 months 12 days |
Options Outstanding, Weighted-Average Exercise Price | $ 55.58 |
Options Exercisable, Number Exercisable | shares | 523 |
Options Exercisable, Weighted-Average Exercise Price | $ 54.71 |
Minimum [Member] | |
Schedule Of Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding By Exercise Price [Line Items] | |
Exercise Price | 35 |
Maximum [Member] | |
Schedule Of Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding By Exercise Price [Line Items] | |
Exercise Price | $ 110.74 |
$35.00 - $45.00 [Member] | |
Schedule Of Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding By Exercise Price [Line Items] | |
Options Outstanding, Number Outstanding | shares | 570 |
Options Outstanding, Weighted-Average Remaining Contractual Life | 6 years 6 months |
Options Outstanding, Weighted-Average Exercise Price | $ 41.43 |
Options Exercisable, Number Exercisable | shares | 173 |
Options Exercisable, Weighted-Average Exercise Price | $ 39.06 |
$35.00 - $45.00 [Member] | Minimum [Member] | |
Schedule Of Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding By Exercise Price [Line Items] | |
Exercise Price | 35 |
$35.00 - $45.00 [Member] | Maximum [Member] | |
Schedule Of Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding By Exercise Price [Line Items] | |
Exercise Price | $ 45 |
$45.01 - $55.00 [Member] | |
Schedule Of Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding By Exercise Price [Line Items] | |
Options Outstanding, Number Outstanding | shares | 232 |
Options Outstanding, Weighted-Average Remaining Contractual Life | 6 years 6 months |
Options Outstanding, Weighted-Average Exercise Price | $ 48.07 |
Options Exercisable, Number Exercisable | shares | 88 |
Options Exercisable, Weighted-Average Exercise Price | $ 48.18 |
$45.01 - $55.00 [Member] | Minimum [Member] | |
Schedule Of Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding By Exercise Price [Line Items] | |
Exercise Price | 45.01 |
$45.01 - $55.00 [Member] | Maximum [Member] | |
Schedule Of Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding By Exercise Price [Line Items] | |
Exercise Price | $ 55 |
$55.01 - $65.00 [Member] | |
Schedule Of Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding By Exercise Price [Line Items] | |
Options Outstanding, Number Outstanding | shares | 47 |
Options Outstanding, Weighted-Average Remaining Contractual Life | 5 years 4 months 24 days |
Options Outstanding, Weighted-Average Exercise Price | $ 59.07 |
Options Exercisable, Number Exercisable | shares | 47 |
Options Exercisable, Weighted-Average Exercise Price | $ 59.07 |
$55.01 - $65.00 [Member] | Minimum [Member] | |
Schedule Of Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding By Exercise Price [Line Items] | |
Exercise Price | 55.01 |
$55.01 - $65.00 [Member] | Maximum [Member] | |
Schedule Of Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding By Exercise Price [Line Items] | |
Exercise Price | $ 65 |
$65.01 - $75.00 [Member] | |
Schedule Of Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding By Exercise Price [Line Items] | |
Options Outstanding, Number Outstanding | shares | 199 |
Options Outstanding, Weighted-Average Remaining Contractual Life | 6 years 4 months 24 days |
Options Outstanding, Weighted-Average Exercise Price | $ 65.80 |
Options Exercisable, Number Exercisable | shares | 199 |
Options Exercisable, Weighted-Average Exercise Price | $ 65.80 |
$65.01 - $75.00 [Member] | Minimum [Member] | |
Schedule Of Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding By Exercise Price [Line Items] | |
Exercise Price | 65.01 |
$65.01 - $75.00 [Member] | Maximum [Member] | |
Schedule Of Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding By Exercise Price [Line Items] | |
Exercise Price | $ 75 |
$75.01 - $110.74 [Member] | |
Schedule Of Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding By Exercise Price [Line Items] | |
Options Outstanding, Number Outstanding | shares | 138 |
Options Outstanding, Weighted-Average Remaining Contractual Life | 8 years 10 months 24 days |
Options Outstanding, Weighted-Average Exercise Price | $ 110.74 |
Options Exercisable, Number Exercisable | shares | 16 |
Options Exercisable, Weighted-Average Exercise Price | $ 110.74 |
$75.01 - $110.74 [Member] | Minimum [Member] | |
Schedule Of Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding By Exercise Price [Line Items] | |
Exercise Price | 75.01 |
$75.01 - $110.74 [Member] | Maximum [Member] | |
Schedule Of Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding By Exercise Price [Line Items] | |
Exercise Price | $ 110.74 |
Stock-Based Compensation - Sc_2
Stock-Based Compensation - Schedule of Grant Date Fair Value Black-Scholes Option-Pricing Model Assumptions (Detail) - $ / shares | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |||
Exercise price | $ 110.74 | $ 42.46 | $ 48 |
Expected dividend yield | 1.46% | 3.79% | 3.33% |
Expected stock price volatility | 32.86% | 30.12% | 25.57% |
Risk-free interest rate | 1.28% | 0.50% | 2.03% |
Expected life (years) | 6 years 6 months | 6 years 6 months | 6 years 6 months |
Stock-Based Compensation - Su_2
Stock-Based Compensation - Summary of Nucor's RSU Activity (Detail) - Restricted Stock Units [Member] - $ / shares shares in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Unvested at beginning of year, Shares | 1,830 | 1,776 | 1,246 |
Granted, Shares | 397 | 1,246 | 1,770 |
Vested, Shares | (997) | (1,166) | (1,207) |
Canceled, Shares | (63) | (26) | (33) |
Unvested at end of year, Shares | 1,167 | 1,830 | 1,776 |
Unvested at beginning of year, Grant Date Fair Value | $ 47.33 | $ 52.60 | $ 59.09 |
Granted, Grant Date Fair Value | 110.74 | 42.46 | 48 |
Vested, Grant Date Fair Value | 57.09 | 50.10 | 52.43 |
Canceled, Grant Date Fair Value | 49.54 | 49.75 | 57.09 |
Unvested at end of year, Grant Date Fair Value | $ 60.45 | $ 47.33 | $ 52.60 |
Stock-Based Compensation - Su_3
Stock-Based Compensation - Summary of Nucor's Restricted Stock Activity under AIP and LTIP (Detail) - Restricted Stock Units and Restricted Stock Awards [Member] - $ / shares shares in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Unvested at beginning of year, Shares | 127 | 147 | 130 |
Granted, Shares | 262 | 348 | 316 |
Vested, Shares | (273) | (368) | (299) |
Canceled, Shares | (9) | ||
Unvested at end of year, Shares | 107 | 127 | 147 |
Unvested at beginning of year, Grant Date Fair Value | $ 49.94 | $ 60.81 | $ 62.97 |
Granted, Grant Date Fair Value | 65.61 | 36.15 | 58.04 |
Vested, Grant Date Fair Value | 62.17 | 41.22 | 58.82 |
Canceled, Grant Date Fair Value | 48.75 | ||
Unvested at end of year, Grant Date Fair Value | $ 57.17 | $ 49.94 | $ 60.81 |
Employee Benefit Plans - Additi
Employee Benefit Plans - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Employee Benefit Plan [Abstract] | |||
Profit Sharing and Retirement Savings Plan, plan expense | $ 869.9 | $ 86.6 | $ 181.4 |
Unfunded obligation | 29.3 | 28.2 | |
Expense associated with early retiree medical plan | $ 1.8 | $ 2.5 | $ 2 |
Discount rate used to calculate benefit obligation | 2.81% | 2.40% | 3.23% |
Health care cost trend rate | 5.30% | 5.70% | 6.00% |
Projected ultimate future health care cost trend rate | 4.00% | ||
Year that trend rate is projected to reach ultimate rate | 2047 |
Interest Expense (Income) - Sch
Interest Expense (Income) - Schedule of Components of Net Interest Expense (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Interest Revenue Or Expense Net [Abstract] | |||
Interest expense | $ 163,121 | $ 166,613 | $ 157,358 |
Interest income | (4,267) | (13,415) | (35,933) |
Interest expense, net | $ 158,854 | $ 153,198 | $ 121,425 |
Interest Expense (Income) - Add
Interest Expense (Income) - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Interest Revenue Or Expense Net [Abstract] | |||
Interest paid | $ 170.7 | $ 181.2 | $ 172.6 |
Income Taxes - Components of Ea
Income Taxes - Components of Earnings Before Income Taxes and Noncontrolling Interests (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |||
United States | $ 9,076,921 | $ 1,215,909 | $ 1,806,704 |
Foreign | 123,937 | (380,371) | (23,897) |
Earnings before income taxes and noncontrolling interests | $ 9,200,858 | $ 835,538 | $ 1,782,807 |
Income Taxes - Provision for In
Income Taxes - Provision for Income Taxes (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Components Of Income Tax Expense Benefit Continuing Operations [Abstract] | |||
Federal, current | $ 1,753,376 | $ (177,159) | $ 241,074 |
State, current | 293,752 | (4,298) | 62,685 |
Foreign, current | 19,695 | 18,131 | 8,981 |
Total current | 2,066,823 | (163,326) | 312,740 |
Federal, deferred | 10,916 | 177,035 | 101,946 |
State, deferred | (3,042) | (25,500) | 8,013 |
Foreign, deferred | 3,791 | 11,301 | (10,802) |
Total deferred | 11,665 | 162,836 | 99,157 |
Total provision for income taxes | $ 2,078,488 | $ (490) | $ 411,897 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income Tax Disclosure [Line Items] | ||||
Federal statutory tax rate | 21.00% | 21.00% | 21.00% | |
Effective income tax rate | 22.59% | (0.06%) | 23.10% | |
Net tax benefit | $ (2,078,488) | $ 490 | $ (411,897) | |
Tax loss on investment in foreign joint venture | (22.73%) | |||
State income taxes, net of federal income tax benefit | 2.49% | (3.37%) | 3.16% | |
CARES Act NOL carryback | (5.77%) | |||
Non-current deferred tax liabilities included in deferred credits and other liabilities | $ 610,263 | $ 596,439 | ||
Current federal and state income taxes receivable | 115,200 | 456,100 | ||
Net federal, state and foreign income taxes paid (refund received) | 1,680,000 | 50,300 | $ 525,200 | |
Unrecognized tax benefits | 95,136 | 47,965 | 50,920 | $ 48,605 |
Amount of unrecognized tax benefits affects effective tax rate | 94,400 | 47,300 | ||
Estimate of possible decrease in gross uncertain tax positions, exclusive of interest, as a result of the expiration of the statute of limitations | 10,400 | |||
Expense (benefit) for interest and penalties | 5,500 | 100 | $ 700 | |
Accrued interest and penalties related to uncertain tax positions | 17,500 | $ 12,000 | ||
State Tax Credits [Member] | ||||
Income Tax Disclosure [Line Items] | ||||
Effective income tax rate | (5.41%) | |||
Net tax benefit | $ 45,200 | |||
State and Local Jurisdiction [Member] | ||||
Income Tax Disclosure [Line Items] | ||||
State NOL carryforwards | $ 380,100 | 1,410,000 | ||
State and Local Jurisdiction [Member] | Maximum [Member] | ||||
Income Tax Disclosure [Line Items] | ||||
Unused NOL carryforward expiration year | 2041 | |||
State and Local Jurisdiction [Member] | Minimum [Member] | ||||
Income Tax Disclosure [Line Items] | ||||
Unused NOL carryforward expiration year | 2022 | |||
Foreign Country [Member] | ||||
Income Tax Disclosure [Line Items] | ||||
Foreign NOL carryforwards | $ 113,600 | $ 142,300 | ||
Foreign Country [Member] | Maximum [Member] | ||||
Income Tax Disclosure [Line Items] | ||||
Unused NOL carryforward expiration year | 2041 | |||
Foreign Country [Member] | Minimum [Member] | ||||
Income Tax Disclosure [Line Items] | ||||
Unused NOL carryforward expiration year | 2025 | |||
Loss on Foreign Joint Venture [Member] | ||||
Income Tax Disclosure [Line Items] | ||||
Effective income tax rate | (24.16%) | |||
Net tax benefit | $ 201,900 | |||
Tax loss on investment in foreign joint venture | (22.73%) | |||
State income taxes, net of federal income tax benefit | (1.43%) | |||
CARES Act [Member] | ||||
Income Tax Disclosure [Line Items] | ||||
Federal statutory tax rate | 35.00% | |||
Tax credits | $ (48,200) | |||
CARES Act NOL carryback | (5.77%) | |||
Percentage of impairment | 11.20% | |||
Impairments | $ 445,600 |
Income Taxes - Reconciliation o
Income Taxes - Reconciliation of the Federal Statutory Tax Rate to Total Provisions (Detail) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |||
Taxes computed at statutory rate | 21.00% | 21.00% | 21.00% |
State income taxes, net of federal income tax benefit | 2.49% | (3.37%) | 3.16% |
Federal research credit | (0.07%) | (0.79%) | (0.34%) |
Equity in losses of foreign joint venture | 0.64% | 0.19% | |
Impairment on investment in foreign joint venture | 11.20% | ||
Tax loss on investment in foreign joint venture | (22.73%) | ||
Foreign rate differential | (0.03%) | 1.15% | |
Noncontrolling interests | (0.67%) | (2.88%) | (1.18%) |
CARES Act NOL carryback | (5.77%) | ||
Other, net | (0.13%) | 1.49% | 0.27% |
Provision for income taxes | 22.59% | (0.06%) | 23.10% |
Income Taxes - Deferred Tax Ass
Income Taxes - Deferred Tax Assets and Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Components Of Deferred Tax Assets And Liabilities [Abstract] | ||
Accrued liabilities and reserves | $ 232,898 | $ 171,998 |
Allowance for doubtful accounts | 34,124 | 16,434 |
Inventory | 81,437 | 62,755 |
Post-retirement benefits | 10,763 | 12,714 |
Commodity hedges | 243 | 4,033 |
Net operating loss carryforward | 38,290 | 63,952 |
Tax credit carryforwards | 172,629 | 187,267 |
Other deferred tax assets | 11,336 | 10,674 |
Valuation allowance | (183,759) | (207,653) |
Total deferred tax assets | 397,961 | 322,174 |
Holdbacks and amounts not due under contracts | (13,956) | (14,051) |
Intangibles | (178,304) | (177,061) |
Property, plant and equipment | (770,791) | (680,688) |
Book/Tax differences on debt modifications | (45,173) | (46,813) |
Total deferred tax liabilities | (1,008,224) | (918,613) |
Total net deferred tax liabilities | $ (610,263) | $ (596,439) |
Income Taxes - Reconciliation_2
Income Taxes - Reconciliation of the Beginning and Ending Amounts of Unrecognized Tax Benefits (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Reconciliation Of Unrecognized Tax Benefits Excluding Amounts Pertaining To Examined Tax Returns Roll Forward | |||
Balance at beginning of year | $ 47,965 | $ 50,920 | $ 48,605 |
Additions based on tax positions related to current year | 52,853 | 4,138 | 9,272 |
Reductions based on tax positions related to current year | 0 | 0 | 0 |
Additions based on tax positions related to prior years | 2,405 | 223 | 2,106 |
Reductions based on tax positions related to prior years | (3,060) | (2,863) | |
Reductions due to settlements with taxing authorities | (1,514) | ||
Reductions due to statute of limitations lapse | (5,027) | (7,316) | (4,686) |
Balance at end of year | $ 95,136 | $ 47,965 | $ 50,920 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income (Loss) - Components of Accumulated Other Comprehensive Income (Loss) (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | ||||
Accumulated Other Comprehensive Income Loss Net Of Tax [Abstract] | ||||||
Beginning Balance, Gains and (Losses) on Hedging Derivatives | $ (4,700) | $ (14,000) | ||||
Amount of Gain or (Loss), Net of Tax, Recognized in OCI on Derivatives (Effective Portion) | 15,112 | 2,084 | $ (9,833) | |||
Amounts reclassified from accumulated other comprehensive income (loss) into earnings, Gains and (Losses) on Hedging Derivatives | (9,300) | [1] | 7,216 | [2] | 2,333 | |
Net current-period other comprehensive income (loss), Gains and (Losses) on Hedging Derivatives | 5,812 | 9,300 | ||||
Ending Balance, Gains and (Losses) on Hedging Derivatives | 1,112 | (4,700) | (14,000) | |||
Beginning Balance, Foreign Currency Gains (Losses) | (120,827) | (296,773) | ||||
Other comprehensive income (loss) before reclassifications, Foreign Currency Gains (Losses) | (4,041) | 17,306 | 7,873 | |||
Liquidation of equity method investment in foreign joint venture, net of income taxes of $0 in 2020 | [2] | 158,640 | ||||
Net current-period other comprehensive income (loss), Foreign Currency Gains (Losses) | (4,041) | 175,946 | ||||
Ending Balance, Foreign Currency Gains (Losses) | (124,868) | (120,827) | (296,773) | |||
Beginning Balance, Adjustment to Early Retiree Medical Plan | 6,666 | 7,807 | ||||
Other comprehensive income (loss) before reclassifications, Adjustment to Early Retiree Medical Plan | 1,875 | (1,213) | (1,148) | |||
Amounts reclassified from accumulated other comprehensive income (loss) into earnings, Adjustment to Early Retiree Medical Plan | (67) | [1] | 72 | [2] | 57 | |
Net current-period other comprehensive income (loss), Adjustment to Early Retiree Medical Plan | 1,808 | (1,141) | ||||
Ending Balance, Adjustment to Early Retiree Medical Plan | 8,474 | 6,666 | 7,807 | |||
Beginning Balance | (118,861) | (302,966) | ||||
Other comprehensive income (loss) before reclassifications | 12,946 | 18,177 | ||||
Amounts reclassified from accumulated other comprehensive income (loss) into earnings | (9,367) | [1] | 165,928 | [2] | ||
Net current-period other comprehensive income (loss) | 3,579 | 184,105 | (718) | |||
Ending Balance | $ (115,282) | $ (118,861) | $ (302,966) | |||
[1] | Includes $(9,300) and $(67) net-of-tax impact of accumulated other comprehensive income (loss) reclassifications into cost of products sold for net gains on commodity contracts and adjustment to early retiree medical plan, respectively. The tax impacts of these reclassifications were $(3,100) and $(10) respectively. | |||||
[2] | Includes $7,216 and $72 net-of-tax impact of accumulated other comprehensive income (loss) reclassifications into cost of products sold for net losses on commodity contracts and adjustment to early retiree medical plan, respectively. The tax impacts of these reclassifications were $2,500 and $17, respectively. Also includes a $158.6 million reclassification of cumulative foreign currency translation losses into losses and impairments of assets, of which there was no tax impact. |
Accumulated Other Comprehensi_4
Accumulated Other Comprehensive Income (Loss) - Components of Accumulated Other Comprehensive Income (Loss) (Parenthetical) (Detail) - USD ($) | 12 Months Ended | ||||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Amounts reclassified from accumulated other comprehensive income (loss) into earnings, Gains and (Losses) on Hedging Derivatives | $ (9,300,000) | [1] | $ 7,216,000 | [2] | $ 2,333,000 |
Reclassification adjustment for (gain) loss on early retiree medical plan included in net earnings, net of income taxes of ($10), $17 and $49 for 2021, 2020 and 2019, respectively | (67,000) | [1] | 72,000 | [2] | 57,000 |
Reclassification adjustment for (gain) loss on settlement of hedging derivatives included in net earnings, tax effect | (3,100,000) | 2,500,000 | 700,000 | ||
AOCI reclassification impact on tax | (10,000) | 17,000 | $ 49,000 | ||
Cumulative foreign currency translation loss | 158,600 | ||||
Cost of Products Sold [Member] | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Amounts reclassified from accumulated other comprehensive income (loss) into earnings, Gains and (Losses) on Hedging Derivatives | (9,300,000) | 7,216,000 | |||
Reclassification adjustment for (gain) loss on early retiree medical plan included in net earnings, net of income taxes of ($10), $17 and $49 for 2021, 2020 and 2019, respectively | (67,000) | 72,000 | |||
Reclassification adjustment for (gain) loss on settlement of hedging derivatives included in net earnings, tax effect | (3,100,000) | 2,500,000 | |||
AOCI reclassification impact on tax | $ (10,000) | $ 17,000 | |||
[1] | Includes $(9,300) and $(67) net-of-tax impact of accumulated other comprehensive income (loss) reclassifications into cost of products sold for net gains on commodity contracts and adjustment to early retiree medical plan, respectively. The tax impacts of these reclassifications were $(3,100) and $(10) respectively. | ||||
[2] | Includes $7,216 and $72 net-of-tax impact of accumulated other comprehensive income (loss) reclassifications into cost of products sold for net losses on commodity contracts and adjustment to early retiree medical plan, respectively. The tax impacts of these reclassifications were $2,500 and $17, respectively. Also includes a $158.6 million reclassification of cumulative foreign currency translation losses into losses and impairments of assets, of which there was no tax impact. |
Accumulated Other Comprehensi_5
Accumulated Other Comprehensive Income (Loss) - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2021 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Cumulative foreign currency translation losses reclassified into earnings | $ 158.6 | |
Duferdofin Nucor S.r.l. [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Equity method investment, ownership percentage | 50.00% | 50.00% |
Earnings Per Share - Computatio
Earnings Per Share - Computations of Basic and Diluted Net Earnings Per Share (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2021 | Oct. 02, 2021 | Jul. 03, 2021 | Apr. 03, 2021 | Dec. 31, 2020 | Oct. 03, 2020 | Jul. 04, 2020 | Apr. 04, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Earnings Per Share [Abstract] | |||||||||||
Basic net earnings | $ 2,250,418 | $ 2,127,743 | $ 1,506,868 | $ 942,432 | $ 398,843 | $ 193,415 | $ 108,881 | $ 20,331 | $ 6,827,461 | $ 721,470 | $ 1,271,143 |
Earnings allocated to participating securities, Basic | (32,311) | (4,356) | (7,035) | ||||||||
Net earnings available to common stockholders, Basic | $ 6,795,150 | $ 717,114 | $ 1,264,108 | ||||||||
Basic average shares outstanding | 292,491 | 303,168 | 305,040 | ||||||||
Basic net earnings per share | $ 7.99 | $ 7.29 | $ 5.05 | $ 3.10 | $ 1.31 | $ 0.63 | $ 0.36 | $ 0.07 | $ 23.23 | $ 2.37 | $ 4.14 |
Diluted net earnings | $ 2,250,418 | $ 2,127,743 | $ 1,506,868 | $ 942,432 | $ 398,843 | $ 193,415 | $ 108,881 | $ 20,331 | $ 6,827,461 | $ 721,470 | $ 1,271,143 |
Earnings allocated to participating securities, Diluted | (32,190) | (4,359) | (7,034) | ||||||||
Net earnings available to common stockholders, Diluted | $ 6,795,271 | $ 717,111 | $ 1,264,109 | ||||||||
Dilutive effect of stock options and other | 899 | 103 | 463 | ||||||||
Diluted average shares outstanding | 293,390 | 303,271 | 305,503 | ||||||||
Diluted net earnings per share | $ 7.97 | $ 7.28 | $ 5.04 | $ 3.10 | $ 1.30 | $ 0.63 | $ 0.36 | $ 0.07 | $ 23.16 | $ 2.36 | $ 4.14 |
Earnings Per Share - Anti-dilut
Earnings Per Share - Anti-dilutive Stock Options (Detail) - $ / shares shares in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Earnings Per Share [Abstract] | |||
Weighted-average shares | 144,767 | 2,972 | 963 |
Weighted-average exercise price | $ 91.06 | $ 51.87 | $ 60.92 |
Segments - Segments (Detail)
Segments - Segments (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2021 | Oct. 02, 2021 | Jul. 03, 2021 | Apr. 03, 2021 | Dec. 31, 2020 | Oct. 03, 2020 | Jul. 04, 2020 | Apr. 04, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Segment Reporting Information [Line Items] | |||||||||||
Net sales | $ 10,364,412 | $ 10,313,223 | $ 8,789,164 | $ 7,017,140 | $ 5,260,055 | $ 4,927,960 | $ 4,327,306 | $ 5,624,337 | $ 36,483,939 | $ 20,139,658 | $ 22,588,858 |
Depreciation expense | 735,406 | 702,110 | 648,911 | ||||||||
Amortization expense | 129,157 | 83,356 | 85,742 | ||||||||
Earnings (loss) before income taxes and noncontrolling interests | 9,200,858 | 835,538 | 1,782,807 | ||||||||
Total assets | 25,823,072 | 20,125,394 | 25,823,072 | 20,125,394 | 18,344,666 | ||||||
Capital expenditures | 1,700,364 | 1,527,116 | 1,512,070 | ||||||||
Operating Segments [Member] | Steel Mills [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 24,145,396 | 12,109,307 | 13,933,950 | ||||||||
Depreciation expense | 465,733 | 449,289 | 401,609 | ||||||||
Amortization expense | 7,829 | 7,334 | 8,624 | ||||||||
Earnings (loss) before income taxes and noncontrolling interests | 9,735,020 | 720,151 | 1,790,694 | ||||||||
Total assets | 13,235,463 | 9,708,260 | 13,235,463 | 9,708,260 | 9,283,216 | ||||||
Capital expenditures | 1,336,276 | 1,238,132 | 1,133,089 | ||||||||
Operating Segments [Member] | Steel Products [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 9,727,943 | 6,623,068 | 6,990,064 | ||||||||
Depreciation expense | 99,248 | 93,184 | 85,276 | ||||||||
Amortization expense | 93,160 | 47,773 | 49,914 | ||||||||
Earnings (loss) before income taxes and noncontrolling interests | 1,291,450 | 690,547 | 511,145 | ||||||||
Total assets | 7,845,010 | 4,461,042 | 7,845,010 | 4,461,042 | 4,610,628 | ||||||
Capital expenditures | 187,152 | 135,512 | 93,848 | ||||||||
Operating Segments [Member] | Raw Materials [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 2,610,600 | 1,407,283 | 1,664,844 | ||||||||
Depreciation expense | 159,886 | 150,474 | 151,124 | ||||||||
Amortization expense | 28,168 | 28,249 | 27,204 | ||||||||
Earnings (loss) before income taxes and noncontrolling interests | 549,956 | 23,621 | (28,244) | ||||||||
Total assets | 3,870,806 | 3,324,489 | 3,870,806 | 3,324,489 | 3,316,479 | ||||||
Capital expenditures | 128,765 | 125,213 | 244,818 | ||||||||
Intercompany Eliminations [Member] | Steel Mills [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 6,297,688 | 3,036,790 | 3,304,437 | ||||||||
Intercompany Eliminations [Member] | Steel Products [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 360,063 | 248,477 | 233,728 | ||||||||
Intercompany Eliminations [Member] | Raw Materials [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 15,762,685 | 8,153,841 | 8,784,397 | ||||||||
Corporate and Eliminations Items [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | (22,420,436) | (11,439,108) | (12,322,562) | ||||||||
Earnings (loss) before income taxes and noncontrolling interests | (2,375,568) | (598,781) | (490,788) | ||||||||
Total assets | $ 871,793 | $ 2,631,603 | 871,793 | 2,631,603 | 1,134,343 | ||||||
Corporate [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Depreciation expense | 10,539 | 9,163 | 10,902 | ||||||||
Capital expenditures | $ 48,171 | $ 28,259 | $ 40,315 |
Segments - Schedule of Net Sale
Segments - Schedule of Net Sale by Product to External Customers (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2021 | Oct. 02, 2021 | Jul. 03, 2021 | Apr. 03, 2021 | Dec. 31, 2020 | Oct. 03, 2020 | Jul. 04, 2020 | Apr. 04, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Segment Reporting Information [Line Items] | |||||||||||
Net sales to external customers | $ 10,364,412 | $ 10,313,223 | $ 8,789,164 | $ 7,017,140 | $ 5,260,055 | $ 4,927,960 | $ 4,327,306 | $ 5,624,337 | $ 36,483,939 | $ 20,139,658 | $ 22,588,858 |
Sheet [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales to external customers | 12,675,679 | 5,450,507 | 6,450,506 | ||||||||
Bar [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales to external customers | 6,039,187 | 3,821,158 | 4,106,640 | ||||||||
Structural [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales to external customers | 2,597,768 | 1,526,283 | 1,573,248 | ||||||||
Plate [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales to external customers | 2,832,762 | 1,311,360 | 1,803,556 | ||||||||
Tubular Products [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales to external customers | 2,194,732 | 1,113,581 | 1,207,398 | ||||||||
Rebar Fabrication [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales to external customers | 1,794,658 | 1,708,441 | 1,666,445 | ||||||||
Other Steel Products [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales to external customers | 5,738,552 | 3,801,045 | 4,116,221 | ||||||||
Raw Materials [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales to external customers | $ 2,610,601 | $ 1,407,283 | $ 1,664,844 |
Revenue - Additional Informatio
Revenue - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Revenue From Contract With Customers [Line Items] | ||
Contract with customer, timing of satisfaction of performance obligation and payment | The durations of Nucor’s contracts with customers are generally one year or less. Customer payment terms are generally 30 days. | |
Contract liabilities | $ 251.9 | $ 120.2 |
Revenue reclassified from contract liabilities | $ 83.9 | |
Hannibal Industries Inc [Member] | ||
Revenue From Contract With Customers [Line Items] | ||
Contract with customer, timing of satisfaction of performance obligation and payment | six months and two years | |
Steel Mills [Member] | ||
Revenue From Contract With Customers [Line Items] | ||
Contract with customer, timing of satisfaction of performance obligation and payment | one year or less |
Restricted Cash and Cash Equi_2
Restricted Cash and Cash Equivalents - Additional Information (Details) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | ||
Aug. 31, 2021 | Jul. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | |
Restricted Cash And Cash Equivalents Items [Line Items] | ||||
Qualified expenditures for construction of facility | $ 168,500 | $ 47,300 | ||
Restricted cash and cash equivalents | $ 143,800 | $ 115,258 | ||
Variable Rate Green Bonds [Member] | ||||
Restricted Cash And Cash Equivalents Items [Line Items] | ||||
Debt instrument, issuance date | Aug. 31, 2021 | Jul. 27, 2020 | ||
Issuance of bonds | $ 197,000 | $ 162,600 | ||
Debt instrument, term | 40 years | 40 years |
Acquisitions - Additional Infor
Acquisitions - Additional Information (Details) $ in Thousands | Aug. 20, 2021USD ($)DistributionCenter | Aug. 09, 2021USD ($)BrandFacility | Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) |
Business Acquisition [Line Items] | |||||
Goodwill | $ 2,827,344 | $ 2,229,672 | $ 2,201,063 | ||
Acquisitions, net of cash acquired | 1,426,424 | 88,071 | 83,106 | ||
Cornerstone Building Brands, Inc., Insulated Metal Panels ("IMP") [Member] | |||||
Business Acquisition [Line Items] | |||||
Business acquisition, purchase price | $ 1,000,000 | ||||
Business acquisition number of leading brands | Brand | 2 | ||||
Goodwill | $ 468,849 | ||||
Cornerstone Building Brands, Inc., Insulated Metal Panels ("IMP") [Member] | North America [Member] | |||||
Business Acquisition [Line Items] | |||||
Business acquisition, Number of facilities | Facility | 7 | ||||
Hannibal Industries Inc [Member] | |||||
Business Acquisition [Line Items] | |||||
Business acquisition, purchase price | $ 370,000 | ||||
Goodwill | $ 84,922 | ||||
Number of distribution centers | DistributionCenter | 3 | ||||
Hannibal Industries Inc [Member] | Employee Stock Ownership Plan [Member] | |||||
Business Acquisition [Line Items] | |||||
Percent of outstanding shares acquired | 100.00% | ||||
Other Acquisitions [Member] | |||||
Business Acquisition [Line Items] | |||||
Acquisitions, net of cash acquired | $ 134,800 | $ 88,100 | $ 83,100 |
Acquisitions - Summary of Fair
Acquisitions - Summary of Fair Values of Assets Acquired and Liabilities Assumed (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Aug. 20, 2021 | Aug. 09, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Business Acquisition [Line Items] | |||||
Goodwill | $ 2,827,344 | $ 2,229,672 | $ 2,201,063 | ||
Cornerstone Building Brands, Inc., Insulated Metal Panels ("IMP") [Member] | |||||
Business Acquisition [Line Items] | |||||
Accounts receivable | $ 49,869 | ||||
Inventory | 73,000 | ||||
Other current assets | 4,478 | ||||
Property, plant and equipment | 102,966 | ||||
Goodwill | 468,849 | ||||
Other intangible assets | 364,000 | ||||
Other assets | 13,515 | ||||
Total assets acquired | 1,076,677 | ||||
Current liabilities | 45,320 | ||||
Other liabilities | 12,855 | ||||
Total liabilities assumed | 58,175 | ||||
Net assets acquired | $ 1,018,502 | ||||
Hannibal Industries Inc [Member] | |||||
Business Acquisition [Line Items] | |||||
Cash | $ 124,655 | ||||
Accounts receivable | 115,728 | ||||
Inventory | 65,005 | ||||
Other current assets | 2,113 | ||||
Property, plant and equipment | 116,955 | ||||
Goodwill | 84,922 | ||||
Other intangible assets | 201,700 | ||||
Other assets | 8,776 | ||||
Total assets acquired | 719,854 | ||||
Current liabilities | 228,750 | ||||
Finance lease obligations | 80,124 | ||||
Other liabilities | 13,155 | ||||
Total liabilities assumed | 322,029 | ||||
Net assets acquired | $ 397,825 |
Acquisitions - Summary of Purch
Acquisitions - Summary of Purchase Price Allocation to Identifiable Intangible Assets (Detail) - USD ($) $ in Thousands | Aug. 20, 2021 | Aug. 09, 2021 |
Cornerstone Building Brands, Inc., Insulated Metal Panels ("IMP") [Member] | ||
Business Acquisition [Line Items] | ||
Other intangible assets | $ 364,000 | |
Cornerstone Building Brands, Inc., Insulated Metal Panels ("IMP") [Member] | Customer Relationships [Member] | ||
Business Acquisition [Line Items] | ||
Other intangible assets | $ 309,000 | |
Weighted-Average Life | 10 years | |
Cornerstone Building Brands, Inc., Insulated Metal Panels ("IMP") [Member] | Trademarks and Trade Names [Member] | ||
Business Acquisition [Line Items] | ||
Other intangible assets | $ 45,000 | |
Weighted-Average Life | 10 years | |
Cornerstone Building Brands, Inc., Insulated Metal Panels ("IMP") [Member] | Backlog [Member] | ||
Business Acquisition [Line Items] | ||
Other intangible assets | $ 10,000 | |
Weighted-Average Life | 1 year | |
Hannibal Industries Inc [Member] | ||
Business Acquisition [Line Items] | ||
Other intangible assets | $ 201,700 | |
Hannibal Industries Inc [Member] | Customer Relationships [Member] | ||
Business Acquisition [Line Items] | ||
Other intangible assets | $ 144,000 | |
Weighted-Average Life | 10 years | |
Hannibal Industries Inc [Member] | Trademarks and Trade Names [Member] | ||
Business Acquisition [Line Items] | ||
Other intangible assets | $ 26,000 | |
Weighted-Average Life | 7 years | |
Hannibal Industries Inc [Member] | Backlog [Member] | ||
Business Acquisition [Line Items] | ||
Other intangible assets | $ 31,700 | |
Weighted-Average Life | 1 year |
Subsequent Events - Additional
Subsequent Events - Additional Information (Details) - Subsequent Event [Member] $ in Millions | Feb. 01, 2022USD ($) |
California Steel Industries Inc. | |
Subsequent Event [Line Items] | |
Equity method investment, ownership percentage | 50.00% |
Business acquisition, purchase price | $ 400 |
JFE CSI | |
Subsequent Event [Line Items] | |
Equity method investment, ownership percentage | 1.00% |
Quarterly Information - Schedul
Quarterly Information - Schedule of Quarterly Information (Unaudited) (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2021 | Oct. 02, 2021 | Jul. 03, 2021 | Apr. 03, 2021 | Dec. 31, 2020 | Oct. 03, 2020 | Jul. 04, 2020 | Apr. 04, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Net sales | $ 10,364,412 | $ 10,313,223 | $ 8,789,164 | $ 7,017,140 | $ 5,260,055 | $ 4,927,960 | $ 4,327,306 | $ 5,624,337 | $ 36,483,939 | $ 20,139,658 | $ 22,588,858 |
Gross margin | 3,523,201 | 3,406,273 | 2,473,503 | 1,622,437 | 718,528 | 502,195 | 377,959 | 629,268 | |||
Net earnings | 2,340,132 | 2,223,265 | 1,571,459 | 987,514 | 425,866 | 222,630 | 133,153 | 54,379 | 7,122,370 | 836,028 | 1,370,910 |
Basic net earnings | $ 2,250,418 | $ 2,127,743 | $ 1,506,868 | $ 942,432 | $ 398,843 | $ 193,415 | $ 108,881 | $ 20,331 | $ 6,827,461 | $ 721,470 | $ 1,271,143 |
Basic | $ 7.99 | $ 7.29 | $ 5.05 | $ 3.10 | $ 1.31 | $ 0.63 | $ 0.36 | $ 0.07 | $ 23.23 | $ 2.37 | $ 4.14 |
Diluted | $ 7.97 | $ 7.28 | $ 5.04 | $ 3.10 | $ 1.30 | $ 0.63 | $ 0.36 | $ 0.07 | $ 23.16 | $ 2.36 | $ 4.14 |
Quarterly Information - Sched_2
Quarterly Information - Schedule of Quarterly Information (Unaudited) (Parenthetical) (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||
Jul. 03, 2021 | Dec. 31, 2020 | Oct. 03, 2020 | Apr. 04, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Quarterly Financial Information [Line Items] | |||||||
Losses and impairments of assets | $ 62,161 | $ 613,640 | $ 66,916 | ||||
Net benefit related to state tax credits | $ 39,700 | ||||||
Net benefit related to CARES Act carryback provision | 48,200 | ||||||
Duferdofin Nucor S.r.l. [Member] | |||||||
Quarterly Financial Information [Line Items] | |||||||
Losses and impairments of assets | 184,000 | $ 287,800 | 483,500 | ||||
Tax benefit related to investment | 201,900 | ||||||
Aggregate Assets Impaired [Member] | |||||||
Quarterly Financial Information [Line Items] | |||||||
Impairment of assets | 130,200 | ||||||
Raw Materials [Member] | Unproved Natural Gas Well Assets [Member] | |||||||
Quarterly Financial Information [Line Items] | |||||||
Losses and impairments of assets | $ 42,000 | ||||||
Impairment of assets | 27,000 | ||||||
Steel Products [Member] | |||||||
Quarterly Financial Information [Line Items] | |||||||
Restructuring charge | $ 16,400 | ||||||
Steel Mills [Member] | |||||||
Quarterly Financial Information [Line Items] | |||||||
Losses and impairments of assets | $ 103,200 | $ 20,000 | |||||
Steel Mills [Member] | Inventory and Long-lived Assets [Member] | |||||||
Quarterly Financial Information [Line Items] | |||||||
Impairment of assets | $ 103,200 |