Document and Entity Information
Document and Entity Information | 6 Months Ended |
Jul. 02, 2022 shares | |
Cover [Abstract] | |
Document Type | 10-Q |
Amendment Flag | false |
Document Period End Date | Jul. 02, 2022 |
Document Fiscal Year Focus | 2022 |
Document Fiscal Period Focus | Q2 |
Trading Symbol | NUE |
Entity Registrant Name | NUCOR CORPORATION |
Entity Central Index Key | 0000073309 |
Current Fiscal Year End Date | --12-31 |
Entity Filer Category | Large Accelerated Filer |
Entity Emerging Growth Company | false |
Entity Small Business | false |
Entity Current Reporting Status | Yes |
Entity Shell Company | false |
Entity Interactive Data Current | Yes |
Title of 12(b) Security | Common Stock, par value $0.40 per share |
Security Exchange Name | NYSE |
Entity Incorporation, State or Country Code | DE |
Document Quarterly Report | true |
Document Transition Report | false |
Entity File Number | 1-4119 |
Entity Tax Identification Number | 13-1860817 |
Entity Address, Address Line One | 1915 Rexford Road |
Entity Address, City or Town | Charlotte |
Entity Address, State or Province | NC |
Entity Address, Postal Zip Code | 28211 |
City Area Code | 704 |
Local Phone Number | 366-7000 |
Entity Common Stock, Shares Outstanding | 261,785,429 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Earnings - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jul. 02, 2022 | Jul. 03, 2021 | Jul. 02, 2022 | Jul. 03, 2021 | |
Income Statement [Abstract] | ||||
Net sales | $ 11,794,474 | $ 8,789,164 | $ 22,287,756 | $ 15,806,304 |
Costs, expenses and other: | ||||
Cost of products sold | 7,690,211 | 6,315,661 | 14,725,354 | 11,710,364 |
Marketing, administrative and other expenses | 563,211 | 387,070 | 1,087,795 | 678,194 |
Equity in earnings of unconsolidated affiliates | (7,113) | (19,403) | (14,808) | (32,642) |
Losses on assets | 44,308 | 0 | 50,970 | |
Interest expense, net | 57,763 | 35,780 | 100,898 | 75,424 |
Costs, expenses and other, total | 8,304,072 | 6,763,416 | 15,899,239 | 12,482,310 |
Earnings before income taxes and noncontrolling interests | 3,490,402 | 2,025,748 | 6,388,517 | 3,323,994 |
Provision for income taxes | 763,165 | 454,289 | 1,434,165 | 765,021 |
Net earnings | 2,727,237 | 1,571,459 | 4,954,352 | 2,558,973 |
Earnings attributable to noncontrolling interests | 166,004 | 64,591 | 297,496 | 109,673 |
Net earnings attributable to Nucor stockholders | $ 2,561,233 | $ 1,506,868 | $ 4,656,856 | $ 2,449,300 |
Net earnings per share: | ||||
Basic | $ 9.69 | $ 5.05 | $ 17.34 | $ 8.14 |
Diluted | $ 9.67 | $ 5.04 | $ 17.30 | $ 8.13 |
Average shares outstanding: | ||||
Basic | 263,221 | 296,817 | 267,416 | 299,359 |
Diluted | 263,719 | 297,529 | 268,066 | 299,738 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||||
Jul. 02, 2022 | Jul. 03, 2021 | Jul. 02, 2022 | Jul. 03, 2021 | |||||
Statement Of Comprehensive Income [Abstract] | ||||||||
Net earnings | $ 2,727,237 | $ 1,571,459 | $ 4,954,352 | $ 2,558,973 | ||||
Other comprehensive income (loss): | ||||||||
Net unrealized income on hedging derivatives, net of income taxes of $5,100 and $2,600 for the second quarter of 2022 and 2021, respectively, and $21,900 and $3,000 for the first six months of 2022 and 2021, respectively | 16,138 | 8,204 | 69,614 | 9,203 | ||||
Reclassification adjustment for settlement of hedging derivatives included in net earnings, net of income taxes of ($4,800) and $0 for the second quarter of 2022 and 2021, respectively, and ($6,500) and $100 for the first six months of 2022 and 2021, respectively | (15,136) | [1] | 196 | [2] | (20,526) | [1] | 697 | [2] |
Foreign currency translation (loss) gain, net of income taxes of $0 for the second quarter and first six months of 2022 and 2021 | (27,308) | 21,431 | (4,616) | 35,232 | ||||
Net current-period other comprehensive income (loss) | (26,306) | 29,831 | 44,472 | 45,132 | ||||
Comprehensive income | 2,700,931 | 1,601,290 | 4,998,824 | 2,604,105 | ||||
Comprehensive income attributable to noncontrolling interests | 166,004 | 64,591 | 297,496 | 109,673 | ||||
Comprehensive income attributable to Nucor stockholders | $ 2,534,927 | $ 1,536,699 | $ 4,701,328 | $ 2,494,432 | ||||
[1] Includes |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jul. 02, 2022 | Jul. 03, 2021 | Jul. 02, 2022 | Jul. 03, 2021 | |
Statement Of Comprehensive Income [Abstract] | ||||
Net unrealized income on hedging derivatives, tax | $ 5,100 | $ 2,600 | $ 21,900 | $ 3,000 |
Reclassification adjustment for settlement of hedging derivatives included in net income, tax effect | (4,800) | 0 | (6,500) | 100 |
Foreign currency translation (loss) gain, tax | $ 0 | $ 0 | $ 0 | $ 0 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Jul. 02, 2022 | Dec. 31, 2021 |
Current assets: | ||
Cash and cash equivalents | $ 2,002,708 | $ 2,364,858 |
Short-term investments | 363,287 | 253,005 |
Accounts receivable, net | 4,749,600 | 3,853,972 |
Inventories, net | 6,579,142 | 6,011,182 |
Other current assets | 339,074 | 316,540 |
Total current assets | 14,033,811 | 12,799,557 |
Property, plant and equipment, net | 9,213,600 | 8,114,818 |
Restricted cash and cash equivalents | 88,262 | 143,800 |
Goodwill | 3,929,503 | 2,827,344 |
Other intangible assets, net | 3,429,149 | 1,103,759 |
Other assets | 974,132 | 833,794 |
Total assets | 31,668,457 | 25,823,072 |
Current liabilities: | ||
Short-term debt | 100,509 | 107,723 |
Current portion of long-term debt and finance lease obligations | 629,171 | 615,678 |
Accounts payable | 2,315,796 | 1,974,041 |
Salaries, wages and related accruals | 1,239,617 | 1,495,166 |
Accrued expenses and other current liabilities | 1,074,108 | 964,805 |
Total current liabilities | 5,359,201 | 5,157,413 |
Long-term debt and finance lease obligations due after one year | 6,621,685 | 4,961,410 |
Deferred credits and other liabilities | 1,834,763 | 1,100,455 |
Total liabilities | 13,815,649 | 11,219,278 |
Commitments and contingencies | ||
Nucor stockholders' equity: | ||
Common stock | 152,061 | 152,061 |
Additional paid-in capital | 2,115,178 | 2,140,608 |
Retained earnings | 22,064,383 | 17,674,100 |
Accumulated other comprehensive loss, net of income taxes | (70,810) | (115,282) |
Treasury stock | (7,452,168) | (5,835,098) |
Total Nucor stockholders' equity | 16,808,644 | 14,016,389 |
Noncontrolling interests | 1,044,164 | 587,405 |
Total equity | 17,852,808 | 14,603,794 |
Total liabilities and equity | $ 31,668,457 | $ 25,823,072 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | |
Jul. 02, 2022 | Jul. 03, 2021 | |
Operating activities: | ||
Net earnings | $ 4,954,352 | $ 2,558,973 |
Adjustments: | ||
Depreciation | 397,270 | 362,492 |
Amortization | 87,267 | 41,858 |
Stock-based compensation | 74,219 | 66,729 |
Deferred income taxes | (36,220) | 102,367 |
Distributions from affiliates | 2,287 | 180 |
Equity in earnings of unconsolidated affiliates | (14,808) | (32,642) |
Losses on assets | 0 | 50,970 |
Changes in assets and liabilities (exclusive of acquisitions and dispositions): | ||
Accounts receivable | (648,569) | (1,093,021) |
Inventories | (157,976) | (1,673,962) |
Accounts payable | 198,062 | 726,649 |
Federal income taxes | 33,441 | 290,287 |
Salaries, wages and related accruals | (252,758) | 385,265 |
Other operating activities | 97,174 | 97,041 |
Cash provided by operating activities | 4,733,741 | 1,883,186 |
Investing activities: | ||
Capital expenditures | (968,795) | (702,378) |
Investment in and advances to affiliates | (227) | (169) |
Disposition of plant and equipment | 15,996 | 10,665 |
Acquisitions (net of cash acquired) | (3,465,866) | 300 |
Purchases of investments | (330,278) | (357,917) |
Proceeds from the sale of investments | 219,996 | 367,512 |
Other investing activities | (7,096) | 587 |
Cash used in investing activities | (4,536,270) | (681,400) |
Financing activities: | ||
Net change in short-term debt | (7,214) | 42,780 |
Proceeds from issuance of long-term debt, net of discount | 2,091,934 | 0 |
Repayment of long-term debt | (506,000) | 0 |
Bond issuance costs | (13,138) | 0 |
Proceeds from exercise of stock options | 18,819 | 128,800 |
Payment of tax withholdings on certain stock-based compensation | (58,218) | (64,416) |
Distributions to noncontrolling interests | (268,535) | (97,196) |
Cash dividends | (272,038) | (246,539) |
Acquisition of treasury stock | (1,707,893) | (916,145) |
Proceeds from government incentives | 125,000 | 0 |
Other financing activities | (17,059) | (5,072) |
Cash used in financing activities | (614,342) | (1,157,788) |
Effect of exchange rate changes on cash | (817) | 8,079 |
(Decrease) increase in cash and cash equivalents and restricted cash and cash equivalents | (417,688) | 52,077 |
Cash and cash equivalents and restricted cash and cash equivalents - beginning of year | 2,508,658 | 2,754,929 |
Cash and cash equivalents and restricted cash and cash equivalents - end of six months | 2,090,970 | 2,807,006 |
Non-cash investing activity: | ||
Change in accrued plant and equipment purchases | $ (23,583) | $ 44,754 |
Basis of Interim Presentation
Basis of Interim Presentation | 6 Months Ended |
Jul. 02, 2022 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Basis of Interim Presentation | 1. Basis of Interim Presentation The information furnished in this Item 1 reflects all adjustments which are, in the opinion of management, necessary to a fair statement of the results for the interim periods presented and are of a normal and recurring nature unless otherwise noted. The information furnished has not been audited; however, the December 31, 2021 condensed consolidated balance sheet data was derived from audited financial statements but does not include all disclosures required by accounting principles generally accepted in the United States of America. The unaudited condensed consolidated financial statements included in this Item 1 should be read in conjunction with the audited consolidated financial statements and the notes thereto included in Nucor’s Annual Report on Form 10-K for the year ended December 31, 2021. |
Inventories
Inventories | 6 Months Ended |
Jul. 02, 2022 | |
Inventory Disclosure [Abstract] | |
Inventories | 2. Inventories Inventories consisted of approximately 37% raw materials and supplies and 63% finished and semi-finished products at July 2, 2022 (43% and 57%, respectively, at December 31, 2021). Nucor’s manufacturing process consists of a continuous, vertically integrated process from which products are sold to customers at various stages throughout the process. Since most steel products can be classified as either finished or semi-finished products, these two categories of inventory are combined. |
Property, Plant and Equipment
Property, Plant and Equipment | 6 Months Ended |
Jul. 02, 2022 | |
Property Plant And Equipment [Abstract] | |
Property, Plant and Equipment | 3. Property, Plant and Equipment Property, plant and equipment is recorded net of accumulated depreciation of $10.72 billion at July 2, 2022 ($10.39 billion at December 31, 2021). |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 6 Months Ended |
Jul. 02, 2022 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | 4. Goodwill and Other Intangible Assets The change in the net carrying amount of goodwill for the six months ended July 2, 2022 by segment was as follows (in thousands): Steel Mills Steel Products Raw Materials Total Balance at December 31, 2021 $ 613,175 $ 1,439,874 $ 774,295 $ 2,827,344 Acquisitions 62,011 1,062,176 - 1,124,187 Other - - (19,983 ) (19,983 ) Translation - (2,045 ) - (2,045 ) Balance at July 2, 2022 $ 675,186 $ 2,500,005 $ 754,312 $ 3,929,503 Nucor completed its most recent annual goodwill impairment testing as of the first day of the fourth quarter of 2021 and concluded that as of such date there was no impairment of goodwill for any of its reporting units. The annual assessment performed in 2021 for one of the Company’s reporting units, Rebar Fabrication, used forward-looking projections in future cash flows. The fair value of this reporting unit exceeded its carrying value by approximately 54% in the most recent assessment. If our assessment of the relevant facts and circumstances changes, including if the expected future performance of this reporting unit declines from the most recent assessment, non-cash impairment charges may be required. Total goodwill associated with the Rebar Fabrication reporting unit was $361.3 million as of July 2, 2022 ($363.0 million as of December 31, 2021). An impairment of goodwill may also lead us to record an impairment of other intangible assets. Total finite-lived intangible assets associated with the Rebar Fabrication reporting unit were $40.9 million as of July 2, 2022 ($45.0 million as of December 31, 2021). There have been no triggering events requiring an interim assessment for impairment of the Rebar Fabrication reporting unit since the most recent annual goodwill impairment testing date. Intangible assets with estimated useful lives of five to 25 years are amortized on a straight-line or accelerated basis and were comprised of the following as of July 2, 2022 and December 31, 2021 (in thousands): July 2, 2022 December 31, 2021 Gross Amount Accumulated Amortization Gross Amount Accumulated Amortization Customer relationships $ 4,134,981 $ 982,186 $ 1,872,348 $ 924,506 Trademarks and trade names 364,355 110,946 217,255 99,906 Other 108,446 85,501 105,522 66,954 $ 4,607,782 $ 1,178,633 $ 2,195,125 $ 1,091,366 Intangible asset amortization expense in the second quarter of 2022 and 2021 was $45.9 million and $20.8 million, respectively, and $87.3 million and $41.9 million in the first six months of 2022 and 2021, respectively |
Current Liabilities
Current Liabilities | 6 Months Ended |
Jul. 02, 2022 | |
Payables And Accruals [Abstract] | |
Current Liabilities | 5. Current Liabilities Book overdrafts, included in accounts payable in the condensed consolidated balance sheets, were $185.6 million at July 2, 2022 ($143.8 million at December 31, 2021). Dividends payable, included in accrued expenses and other current liabilities in the condensed consolidated balance sheets, were $132.1 million at July 2, 2022 ($137.6 million at December 31, 2021). |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Jul. 02, 2022 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 6. Fair Value Measurements The following table summarizes information regarding Nucor’s financial assets and financial liabilities that were measured at fair value as of July 2, 2022 and December 31, 2021 (in thousands). Nucor does not have any non-financial assets or non-financial liabilities that are measured at fair value on a recurring basis. Fair Value Measurements at Reporting Date Using Description Carrying Amount in Condensed Consolidated Balance Sheets Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) As of July 2, 2022 Assets: Cash equivalents $ 1,230,885 $ 1,230,885 $ - $ - Short-term investments 363,287 363,287 - - Restricted cash and cash equivalents 88,262 88,262 - - Derivative contracts 77,860 - 77,860 - Total assets $ 1,760,294 $ 1,682,434 $ 77,860 $ - As of December 31, 2021 Assets: Cash equivalents $ 1,776,477 $ 1,776,477 $ - $ - Short-term investments 253,005 253,005 - - Restricted cash and cash equivalents 143,800 143,800 - - Derivative contracts 6,633 - 6,633 - Total assets $ 2,179,915 $ 2,173,282 $ 6,633 $ - Liabilities: Derivative contracts $ (2,666 ) $ - $ (2,666 ) $ - Fair value measurements for Nucor’s cash equivalents, short-term investments and restricted cash and cash equivalents are classified under Level 1 because such measurements are based on quoted market prices in active markets for identical assets. Our short-term investments at July 2, 2022 consisted of certificates of deposit, commercial paper and corporate notes. Fair value measurements for Nucor’s derivatives, which are typically commodity or foreign exchange contracts, The fair value of short-term and long-term debt, including current maturities, was approximately $6.77 billion at July 2, 2022 (approximately $6.06 billion at December 31, 2021). The debt fair value estimates are classified under Level 2 because such estimates are based on readily available market prices of our debt at July 2, 2022 and December 31, 2021, or similar debt with the same maturities, ratings and interest rates. |
Contingencies
Contingencies | 6 Months Ended |
Jul. 02, 2022 | |
Commitments And Contingencies Disclosure [Abstract] | |
Contingencies | 7. Contingencies We are from time to time a party to various lawsuits, claims and other legal proceedings that arise in the ordinary course of business. With respect to all such lawsuits, claims and proceedings, we record reserves when it is probable a liability has been incurred and the amount of loss can be reasonably estimated. We do not believe that any of these proceedings, individually or in the aggregate, would be expected to have a material adverse effect on our results of operations, financial position or cash flows. Nucor maintains liability insurance with self-insurance limits for certain risks. |
Stock-Based Compensation
Stock-Based Compensation | 6 Months Ended |
Jul. 02, 2022 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Stock-Based Compensation | 8. Stock-Based Compensation Stock Options A summary of activity under Nucor’s stock option plans for the first six months of 2022 is as follows (shares and aggregate intrinsic value in thousands): Weighted- Weighted- Average Average Aggregate Exercise Remaining Intrinsic Shares Price Contractual Life Value Number of shares under stock options: Outstanding at beginning of year 1,186 $ 55.58 Granted 98 $ 130.71 Exercised (359 ) $ 52.45 $ 24,547 Canceled - $ - Outstanding at July 2, 2022 925 $ 64.77 7.6 years $ 40,947 Stock options exercisable at July 2, 2022 401 $ 56.57 6.4 years $ 20,055 For the 2022 stock option grant, the grant date fair value of $45.27 per share was calculated using the Black-Scholes options pricing model with the following assumptions: Exercise price $ 130.71 Expected dividend yield 1.53 % Expected stock price volatility 35.77 % Risk-free interest rate 2.98 % Expected life (in years) 6.5 Compensation expense for stock options was $3.9 million and $2.6 million in the second quarter of 2022 and 2021, respectively, and $4.4 million and $2.9 million in the first six months of 2022 and 2021, respectively Restricted Stock Units A summary of Nucor’s restricted stock unit (“RSU”) activity for the first six months of 2022 is as follows (shares in thousands): Shares Grant Date Fair Value Restricted stock units: Unvested at beginning of year 1,167 $ 60.45 Granted 774 $ 130.71 Vested (849 ) $ 75.80 Canceled (6 ) $ 60.71 Unvested at July 2, 2022 1,086 $ 98.55 Compensation expense for RSUs was $41.9 million and $22.7 million in the second quarter of 2022 and 2021, respectively, and $50.9 million and $32.0 million in the first six months of 2022 and 2021, respectively Restricted Stock Awards A summary of Nucor’s restricted stock activity under the Nucor Corporation Senior Officers Annual Incentive Plan (a supplement to the Nucor Corporation 2014 Omnibus Incentive Compensation Plan, the “AIP”) and the Nucor Corporation Senior Officers Long-Term Incentive Plan (a supplement to the Nucor Corporation 2014 Omnibus Incentive Compensation Plan, the “LTIP”) for the first six months of 2022 is as follows (shares in thousands): Grant Date Shares Fair Value Restricted stock units and restricted stock awards: Unvested at beginning of year 107 $ 57.17 Granted 465 $ 128.62 Vested (341 ) $ 119.52 Canceled - $ - Unvested at July 2, 2022 231 $ 109.02 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 $1.8 million and $21.6 million in the second quarter of 2022 and 2021, respectively, and $18.8 million and $31.8 million in the first six months of 2022 and 2021, respectively |
Employee Benefit Plan
Employee Benefit Plan | 6 Months Ended |
Jul. 02, 2022 | |
Compensation And Retirement Disclosure [Abstract] | |
Employee Benefit Plan | 9. Employee Benefit Plan Nucor makes contributions to a Profit Sharing and Retirement Savings Plan for qualified employees based on the profitability of the Company. Nucor’s expense for these benefits totaled $333.0 million and $192.4 million in the second quarter of 2022 and 2021, respectively , and $619.9 million and $321.3 million in the first six months of 2022 and 2021, respectively |
Interest Expense (Income)
Interest Expense (Income) | 6 Months Ended |
Jul. 02, 2022 | |
Banking And Thrift Interest [Abstract] | |
Interest Expense (Income) | 10. Interest Expense (Income) The components of net interest expense for the second quarter and first six months of 2022 and 2021 are as follows (in thousands): Three Months (13 Weeks) Ended Six Months (26 Weeks) Ended July 2, 2022 July 3, 2021 July 2, 2022 July 3, 2021 Interest expense $ 63,514 $ 37,661 $ 107,590 $ 78,631 Interest income (5,751 ) (1,881 ) (6,692 ) (3,207 ) Interest expense, net $ 57,763 $ 35,780 $ 100,898 $ 75,424 |
Income Taxes
Income Taxes | 6 Months Ended |
Jul. 02, 2022 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 11. Income Taxes The effective tax rate for the second quarter of 2022 was 21.9% compared to 22.4% for the second quarter of 2021. The Internal Revenue Service (the “IRS”) is currently examining Nucor’s 2015, 2019 and 2020 federal income tax returns. Nucor has concluded U.S. federal income tax matters for tax years through 2014 and for tax year 2016. The tax years 2017 and 2018 remain open to examination by the IRS. The 2015 and 2018 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). Non-current deferred tax liabilities included in deferred credits and other liabilities in the condensed consolidated balance sheets were $1.30 billion at July 2, 2022 ($610.3 million at December 31, 2021). The increase in non-current deferred tax liabilities in the first six months of 2022 was primarily due to deferred tax liabilities related to the acquisition of C.H.I. Overhead Doors, LLC (“C.H.I.”) on June 24, 2022. See Note 18 for more information regarding the acquisition. |
Stockholders' Equity
Stockholders' Equity | 6 Months Ended |
Jul. 02, 2022 | |
Equity [Abstract] | |
Stockholders' Equity | 12. Stockholders’ Equity The following tables reflect the changes in stockholders’ equity attributable to Nucor and the noncontrolling interests of Nucor’s joint ventures, Nucor-Yamato Steel Company (Limited Partnership) (“NYS”) and California Steel Industries, Inc. (“CSI”), in both of which Nucor owns 51%, for the three months and six months ended July 2, 2022 and July 3, 2021 (in thousands): Three Months (13 Weeks) Ended July 2, 2022 Accumulated Total Additional Other Treasury Stock Nucor Common Stock Paid-in Retained Comprehensive (at cost) Stockholders' Noncontrolling Total Shares Amount Capital Earnings Income (Loss) Shares Amount Equity Interests BALANCES, April 2, 2022 $ 16,143,120 380,154 $ 152,061 $ 2,163,129 $ 19,635,277 $ (44,504 ) 114,092 $ (6,701,401 ) $ 15,204,562 $ 938,558 Net earnings 2,727,237 - - - 2,561,233 - - - 2,561,233 166,004 Other comprehensive income (loss) (26,306 ) - - - - (26,306 ) - - (26,306 ) - Stock options exercised 2,233 - - (802 ) - - (49 ) 3,035 2,233 - Stock option expense 3,964 - - 3,964 - - - - 3,964 - Issuance of stock under award plans, net of forfeitures (3,546 ) - - (52,313 ) - - (775 ) 48,767 (3,546 ) - Amortization of unearned compensation 1,200 - - 1,200 - - - - 1,200 - Treasury stock acquired (802,569 ) - - - - - 5,100 (802,569 ) (802,569 ) - Cash dividends declared (132,127 ) - - - (132,127 ) - - - (132,127 ) - Distributions to noncontrolling interests (56,977 ) - - - - - - - - (56,977 ) Acquisition of noncontrolling interest in CSI (3,421 ) - - - - - - - - (3,421 ) BALANCES, July 2, 2022 $ 17,852,808 380,154 $ 152,061 $ 2,115,178 $ 22,064,383 $ (70,810 ) 118,368 $ (7,452,168 ) $ 16,808,644 $ 1,044,164 Six Months (26 Weeks) Ended July 2, 2022 Accumulated Total Additional Other Treasury Stock Nucor Common Stock Paid-in Retained Comprehensive (at cost) Stockholders' Noncontrolling Total Shares Amount Capital Earnings Income (Loss) Shares Amount Equity Interests BALANCES, December 31, 2021 $ 14,603,794 380,154 $ 152,061 $ 2,140,608 $ 17,674,100 $ (115,282 ) 107,742 $ (5,835,098 ) $ 14,016,389 $ 587,405 Net earnings 4,954,352 - - - 4,656,856 - - - 4,656,856 297,496 Other comprehensive income (loss) 44,472 - - - - 44,472 - - 44,472 - Stock options exercised 18,819 - - (1,309 ) - - (359 ) 20,128 18,819 - Stock option expense 4,422 - - 4,422 - - - - 4,422 - Issuance of stock under award plans, net of forfeitures 39,552 - - (31,143 ) - - (1,163 ) 70,695 39,552 - Amortization of unearned compensation 2,600 - - 2,600 - - - - 2,600 - Treasury stock acquired (1,707,893 ) - - - - - 12,148 (1,707,893 ) (1,707,893 ) - Cash dividends declared (266,573 ) - - - (266,573 ) - - - (266,573 ) - Distributions to noncontrolling interests (268,535 ) - - - - - - - - (268,535 ) Acquisition of noncontrolling interest in CSI 427,798 - - - - - - - - 427,798 BALANCES, July 2, 2022 $ 17,852,808 380,154 $ 152,061 $ 2,115,178 $ 22,064,383 $ (70,810 ) 118,368 $ (7,452,168 ) $ 16,808,644 $ 1,044,164 Three Months (13 Weeks) Ended July 3, 2021 Accumulated Total Additional Other Treasury Stock Nucor Common Stock Paid-in Retained Comprehensive (at cost) Stockholders' Noncontrolling Total Shares Amount Capital Earnings Income (Loss) Shares Amount Equity Interests BALANCES, April 3, 2021 $ 11,861,723 380,154 $ 152,061 $ 2,160,909 $ 12,163,626 $ (103,560 ) 80,912 $ (2,925,796 ) $ 11,447,240 $ 414,483 Net earnings 1,571,459 - - - 1,506,868 - - - 1,506,868 64,591 Other comprehensive income (loss) 29,831 - - - - 29,831 - - 29,831 - Stock options exercised 21,276 - - 5,337 - - (419 ) 15,939 21,276 - Stock option expense 2,575 - - 2,575 - - - - 2,575 - Issuance of stock under award plans, net of forfeitures (18,338 ) - - (50,566 ) - - (799 ) 32,228 (18,338 ) - Amortization of unearned compensation (1,100 ) - - (1,100 ) - - - - (1,100 ) - Treasury stock acquired (614,286 ) - - - - - 6,765 (614,286 ) (614,286 ) - Cash dividends declared (120,088 ) - - - (120,088 ) - - - (120,088 ) - Distributions to noncontrolling interests (23,401 ) - - - - - - - - (23,401 ) BALANCES, July 3, 2021 $ 12,709,651 380,154 $ 152,061 $ 2,117,155 $ 13,550,406 $ (73,729 ) 86,459 $ (3,491,915 ) $ 12,253,978 $ 455,673 Six Months (26 Weeks) Ended July 3, 2021 Accumulated Total Additional Other Treasury Stock Nucor Common Stock Paid-in Retained Comprehensive (at cost) Stockholders' Noncontrolling Total Shares Amount Capital Earnings Income (Loss) Shares Amount Equity Interests BALANCES, December 31, 2020 $ 11,231,861 380,154 $ 152,061 $ 2,121,288 $ 11,343,852 $ (118,861 ) 77,909 $ (2,709,675 ) $ 10,788,665 $ 443,196 Net earnings 2,558,973 - - - 2,449,300 - - - 2,449,300 109,673 Other comprehensive income (loss) 45,132 - - - - 45,132 - - 45,132 - Stock options exercised 128,800 - - 35,825 - - (2,554 ) 92,975 128,800 - Stock option expense 2,908 - - 2,908 - - - - 2,908 - Issuance of stock under award plans, net of forfeitures (2,736 ) - - (43,666 ) - - (1,041 ) 40,930 (2,736 ) - Amortization of unearned compensation 800 - - 800 - - - - 800 - Treasury stock acquired (916,145 ) - - - - - 12,145 (916,145 ) (916,145 ) - Cash dividends declared (242,746 ) - - - (242,746 ) - - - (242,746 ) - Distributions to noncontrolling interests (97,196 ) - - - - - - - - (97,196 ) BALANCES, July 3, 2021 $ 12,709,651 380,154 $ 152,061 $ 2,117,155 $ 13,550,406 $ (73,729 ) 86,459 $ (3,491,915 ) $ 12,253,978 $ 455,673 Dividends declared per share were $0.50 per share in the second quarter of 2022 ($0.405 per share in the second quarter of 2021) and $1.00 per share in the first six months of 2022 ($0.81 per share in the first six months of 2021) 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. As of July 2, 2022, the Company had approximately $2.14 billion available for share repurchases under the program authorized by the Company’s Board of Directors. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) | 6 Months Ended |
Jul. 02, 2022 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Income (Loss) | 13. Accumulated Other Comprehensive Income (Loss) The following tables reflect the changes in accumulated other comprehensive income (loss) by component for the three months and six months ended July 2, 2022 and July 3, 2021 (in thousands): Three-Month (13-Week) Period Ended July 2, 2022 Gains and (Losses) on Foreign Currency Adjustment to Early Hedging Derivatives Gains (Losses) Retiree Medical Plan Total Accumulated other comprehensive income (loss) at April 2, 2022 $ 49,198 $ (102,176 ) $ 8,474 $ (44,504 ) Other comprehensive income (loss) before reclassifications 16,138 (27,308 ) - (11,170 ) Amounts reclassified from accumulated other comprehensive income (loss) into earnings (1) (15,136 ) - - (15,136 ) Net current-period other comprehensive income (loss) 1,002 (27,308 ) - (26,306 ) Accumulated other comprehensive income (loss) at July 2, 2022 $ 50,200 $ (129,484 ) $ 8,474 $ (70,810 ) Six-Month (26-Week) Period Ended July 2, 2022 Gains and (Losses) on Foreign Currency Adjustment to Early Hedging Derivatives Gains (Losses) Retiree Medical Plan Total Accumulated other comprehensive income (loss) at December 31, 2021 $ 1,112 $ (124,868 ) $ 8,474 $ (115,282 ) Other comprehensive income (loss) before reclassifications 69,614 (4,616 ) - 64,998 Amounts reclassified from accumulated other comprehensive income (loss) into earnings (1) (20,526 ) - - (20,526 ) Net current-period other comprehensive income (loss) 49,088 (4,616 ) - 44,472 Accumulated other comprehensive income (loss) at July 2, 2022 $ 50,200 $ (129,484 ) $ 8,474 $ (70,810 ) (1) Includes Three-Month (13-Week) Period Ended July 3, 2021 Gains and (Losses) on Foreign Currency Adjustment to Early Hedging Derivatives Gains (Losses) Retiree Medical Plan Total Accumulated other comprehensive income (loss) at April 3, 2021 $ (3,200 ) $ (107,026 ) $ 6,666 $ (103,560 ) Other comprehensive income (loss) before reclassifications 8,204 21,431 - 29,635 Amounts reclassified from accumulated other comprehensive income (loss) into earnings (2) 196 - - 196 Net current-period other comprehensive income (loss) 8,400 21,431 - 29,831 Accumulated other comprehensive income (loss) at July 3, 2021 $ 5,200 $ (85,595 ) $ 6,666 $ (73,729 ) Six-Month (26-Week) Period Ended July 3, 2021 Gains and (Losses) on Foreign Currency Adjustment to Early Hedging Derivatives Gains (Losses) Retiree Medical Plan Total Accumulated other comprehensive income (loss) at December 31, 2020 $ (4,700 ) $ (120,827 ) $ 6,666 $ (118,861 ) Other comprehensive income (loss) before reclassifications 9,203 35,232 - 44,435 Amounts reclassified from accumulated other comprehensive income (loss) into earnings (2) 697 - - 697 Net current-period other comprehensive income (loss) 9,900 35,232 - 45,132 Accumulated other comprehensive income (loss) at July 3, 2021 $ 5,200 $ (85,595 ) $ 6,666 $ (73,729 ) (2) Includes $196 and $697 net of tax impact of accumulated other comprehensive income (loss) reclassifications into cost of products sold for net losses on commodity contracts in the second quarter and first six months of 2021, respectively. The tax impact of those reclassifications was $0 and $100 in the second quarter and first six months of 2021, respectively. |
Segments
Segments | 6 Months Ended |
Jul. 02, 2022 | |
Segment Reporting [Abstract] | |
Segments | 14. Segments Nucor reports its results in the following segments: steel mills, steel products and raw materials. The steel mills segment includes carbon and alloy steel in sheet, bars, structural and plate; steel trading businesses; rebar distribution businesses; and Nucor’s equity method investments in NuMit LLC (“NuMit”) and Nucor-JFE Steel Mexico, S. de R.L. de C.V. (“ Corporate/eliminations include items such as net interest expense on long-term debt, charges and credits associated with changes in allowances to eliminate intercompany profit in inventory, profit sharing expense and stock-based compensation. Corporate assets primarily include cash and cash equivalents, short-term investments, restricted cash and cash equivalents, allowances to eliminate intercompany profit in inventory, deferred income tax assets, federal and state income taxes receivable and investments in and advances to affiliates. Nucor’s results by segment for the second quarter and first six months of 2022 and 2021 were as follows (in thousands): Three Months (13 Weeks) Ended Six Months (26 Weeks) Ended July 2, 2022 July 3, 2021 July 2, 2022 July 3, 2021 Net sales to external customers: Steel mills $ 7,256,067 $ 5,909,909 $ 13,774,676 $ 10,518,686 Steel products 3,842,948 2,241,107 7,166,036 4,051,162 Raw materials 695,459 638,148 1,347,044 1,236,456 $ 11,794,474 $ 8,789,164 $ 22,287,756 $ 15,806,304 Intercompany sales: Steel mills $ 1,763,563 $ 1,496,298 $ 3,356,821 $ 2,721,411 Steel products 117,289 80,394 251,995 151,613 Raw materials 4,145,690 4,009,808 7,692,209 7,656,003 Corporate/eliminations (6,026,542 ) (5,586,500 ) (11,301,025 ) (10,529,027 ) $ - $ - $ - $ - Earnings before income taxes and noncontrolling interests: Steel mills $ 2,815,723 $ 2,174,807 $ 5,394,577 $ 3,489,781 Steel products 1,129,932 259,330 1,814,799 471,142 Raw materials 263,598 120,143 359,451 343,378 Corporate/eliminations (718,851 ) (528,532 ) (1,180,310 ) (980,307 ) $ 3,490,402 $ 2,025,748 $ 6,388,517 $ 3,323,994 July 2, 2022 Dec. 31, 2021 Segment assets: Steel mills $ 15,255,411 $ 13,235,463 Steel products 12,464,340 7,845,010 Raw materials 3,678,516 3,870,806 Corporate/eliminations 270,190 871,793 $ 31,668,457 $ 25,823,072 |
Revenue
Revenue | 6 Months Ended |
Jul. 02, 2022 | |
Revenue From Contract With Customer [Abstract] | |
Revenue | The following tables disaggregate our revenue by major source for the second quarter and first six months of 2022 and 2021 (in thousands): Three Months (13 Weeks) Ended July 2, 2022 Six Months (26 Weeks) Ended July 2, 2022 Steel Mills Steel Products Raw Materials Total Steel Mills Steel Products Raw Materials Total Sheet $ 3,616,333 $ - $ - $ 3,616,333 $ 6,799,396 $ - $ - $ 6,799,396 Bar 1,992,463 - - 1,992,463 3,820,194 - - 3,820,194 Structural 783,121 - - 783,121 1,566,392 - - 1,566,392 Plate 864,150 - - 864,150 1,588,694 - - 1,588,694 Tubular Products - 613,238 - 613,238 - 1,124,391 - 1,124,391 Rebar Fabrication - 579,000 - 579,000 - 1,024,232 - 1,024,232 Joist - 687,882 - 687,882 - 1,300,117 - 1,300,117 Deck - 582,414 - 582,414 - 1,133,323 - 1,133,323 Other Steel Products - 1,380,414 - 1,380,414 - 2,583,973 - 2,583,973 Raw Materials - - 695,459 695,459 - - 1,347,044 1,347,044 $ 7,256,067 $ 3,842,948 $ 695,459 $ 11,794,474 $ 13,774,676 $ 7,166,036 $ 1,347,044 $ 22,287,756 Three Months (13 Weeks) Ended July 3, 2021 Six Months (26 Weeks) Ended July 3, 2021 Steel Mills Steel Products Raw Materials Total Steel Mills Steel Products Raw Materials Total Sheet $ 3,104,304 $ - $ - $ 3,104,304 $ 5,455,759 $ - $ - $ 5,455,759 Bar 1,515,115 - - 1,515,115 2,776,157 - - 2,776,157 Structural 619,541 - - 619,541 1,096,736 - - 1,096,736 Plate 670,949 - - 670,949 1,190,034 - - 1,190,034 Tubular Products - 512,503 - 512,503 - 887,156 - 887,156 Rebar Fabrication - 480,727 - 480,727 - 867,284 - 867,284 Joist - 257,202 - 257,202 - 486,331 - 486,331 Deck - 227,748 - 227,748 - 421,161 - 421,161 Other Steel Products - 762,927 - 762,927 - 1,389,230 - 1,389,230 Raw Materials - - 638,148 638,148 - - 1,236,456 1,236,456 $ 5,909,909 $ 2,241,107 $ 638,148 $ 8,789,164 $ 10,518,686 $ 4,051,162 $ 1,236,456 $ 15,806,304 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 $295.1 million as of July 2, 2022 ($251.9 million as of December 31, 2021) and are included in accrued expenses and other current liabilities in the condensed consolidated balance sheets. |
Earnings Per Share
Earnings Per Share | 6 Months Ended |
Jul. 02, 2022 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | 16. Earnings Per Share The computations of basic and diluted net earnings per share for the second quarter and first six months of 2022 and 2021 are as follows (in thousands, except per share amounts): Three Months (13 Weeks) Ended Six Months (26 Weeks) Ended July 2, 2022 July 3, 2021 July 2, 2022 July 3, 2021 Basic net earnings per share: Basic net earnings $ 2,561,233 $ 1,506,868 $ 4,656,856 $ 2,449,300 Earnings allocated to participating securities (11,041 ) (6,676 ) (19,380 ) (12,426 ) Net earnings available to common stockholders $ 2,550,192 $ 1,500,192 $ 4,637,476 $ 2,436,874 Basic average shares outstanding 263,221 296,817 267,416 299,359 Basic net earnings per share $ 9.69 $ 5.05 $ 17.34 $ 8.14 Diluted net earnings per share: Diluted net earnings $ 2,561,233 $ 1,506,868 $ 4,656,856 $ 2,449,300 Earnings allocated to participating securities (10,997 ) (6,649 ) (19,302 ) (12,385 ) Net earnings available to common stockholders $ 2,550,236 $ 1,500,219 $ 4,637,554 $ 2,436,915 Diluted average shares outstanding: Basic average shares outstanding 263,221 296,817 267,416 299,359 Dilutive effect of stock options and other 498 712 650 379 263,719 297,529 268,066 299,738 Diluted net earnings per share $ 9.67 $ 5.04 $ 17.30 $ 8.13 The following stock options were excluded from the computation of diluted net earnings per share for the second quarter and first six months of 2022 and 2021 because their effect would have been anti-dilutive (shares in thousands): Three Months (13 Weeks) Ended Six Months (26 Weeks) Ended July 2, 2022 July 3, 2021 July 2, 2022 July 3, 2021 Anti-dilutive stock options: Weighted-average shares - 52 - 152 Weighted-average exercise price $ - $ 110.74 $ - $ 73.47 |
Debt and Other Financing Arrang
Debt and Other Financing Arrangements | 6 Months Ended |
Jul. 02, 2022 | |
Debt Disclosure [Abstract] | |
Debt and Other Financing Arrangements | 17. Debt and Other Financing Arrangements On March 11, 2022, Nucor completed the issuance and sale of $550.0 million aggregate principal amount of its 3.125% Notes due 2032 (the “2032 Notes”) and $550.0 million aggregate principal amount of its 3.850% Notes due 2052 (the “2052 Notes” and, together with the 2032 Notes, the “March 2022 Notes”). The net proceeds from the issuance and sale of the March 2022 Notes were used, or, as applicable, will be used, along with cash on hand to redeem, all of the outstanding $600.0 million aggregate principal amount of our 4.125% Notes due 2022 (the “2022 Notes”) and $500.0 million aggregate principal amount of our 4.000% Notes due 2023 (the “2023 Notes”) pursuant to the terms of the indenture governing the 2022 Notes and the 2023 Notes. The net proceeds from the issuance and sale of the March 2022 Notes were $1.09 billion, after expenses and the underwriting discount. Costs of $15.3 million associated with the issuance and sale of the March 2022 Notes have been capitalized and will be amortized over the life of the March 2022 Notes. On April 25, 2022, Nucor redeemed all $500.0 million aggregate principal amount outstanding of the 2023 Notes. The 2023 Notes were redeemed using a portion of the net proceeds from the issuance and sale of the March 2022 Notes. On July 15, 2022, Nucor provided the required 30-day notice of redemption to holders of the 2022 Notes that we intend to redeem the 2022 Notes in-full on August 15, 2022. On May 23, 2022, Nucor completed the issuance and sale of $500.0 million aggregate principal amount of its 3.950% Notes due 2025 (the “2025 Notes”) and $500.0 million aggregate principal amount of its 4.300% Notes due 2027 (the “2027 Notes” and, together with the 2025 Notes, the “May 2022 Notes”). The net proceeds from the issuance and sale of the May 2022 Notes were used for general corporate purposes and to pay a portion of the purchase price for the acquisition of C.H.I. The n et proceeds from the issuance and sale of the May 2022 Notes were $991.9 million, after expenses and the underwriting discount. Costs of $5.9 million associated with the issuance and sale of the May 2022 Notes have been capitalized and will be amortized over the life of the May 2022 Notes. |
Acquisitions
Acquisitions | 6 Months Ended |
Jul. 02, 2022 | |
Business Combinations [Abstract] | |
Acquisitions | 18. Acquisitions Acquisition of C.H.I. On June 24, 2022, Nucor used cash on hand to acquire the assets of C.H.I. for a purchase price, net of cash acquired, of approximately $3.00 billion. C.H.I. is a leading manufacturer of overhead doors for residential and commercial markets in the United States and Canada. Commercial overhead doors are used in warehousing and retail, areas that Nucor has focused its attention on recently through other value-added products such as insulated metal panels (CENTRIA, Metl-Span and TrueCore brands) and steel racking solutions (Hannibal Industries and Elite Storage Solutions). It is expected that the C.H.I. acquisition also will benefit from Nucor’s recent paint line investments at its Hickman, Arkansas and Crawfordsville, Indiana sheet mills. The C.H.I. business financial results are included as part of the steel products segment (see Note 14). We allocated the purchase price for C.H.I. to its individual assets acquired and liabilities assumed. While the purchase price allocation is substantially complete, it is still preliminary and subject to change, including for the final working capital settlement. The following table summarizes the fair values of the assets acquired and liabilities assumed of C.H.I. as of June 24, 2022, the date of acquisition (in thousands): Cash $ 159,066 Accounts receivable 73,549 Inventory 52,515 Other current assets 19,493 Property, plant and equipment 117,392 Goodwill 1,036,332 Other intangible assets 2,389,180 Other assets 9,559 Total assets acquired 3,857,086 Current liabilities 75,146 Deferred income taxes 579,559 Other liabilities 7,509 Total liabilities assumed 662,214 Net assets acquired $ 3,194,872 The following table summarizes the purchase price allocation to the identifiable intangible assets of C.H.I. as of June 24, 2022, the date of acquisition (in thousands, except years): Weighted- Average Life Customer relationships $ 2,242,000 25 years Trade name 147,000 13 years $ 2,389,000 The goodwill of $1.04 billion is calculated as the excess of the purchase price over the fair values of the assets acquired and liabilities assumed and has been allocated to the steel products segment (see Note 4). The goodwill is attributable to expected synergies within the steel products segment. Goodwill recognized for tax purposes was $5.6 million, all of which is deductible for tax purposes. Acquisition of CSI On February 1, 2022, Nucor used cash on hand to acquire a 51% controlling ownership position in CSI by purchasing a 50% equity interest from a subsidiary of Vale S.A. for a cash purchase price of approximately $400.0 million, adjusted for net debt and working capital at closing, as well as a 1% equity interest from JFE Steel Corporation. CSI is a flat-rolled steel converter with the capability to produce more than two million tons of finished steel and steel products annually. The company has five product lines, including hot rolled, pickled and oiled, cold rolled, galvanized and electric resistance welded (“ERW”) pipe. Key end-use markets served by CSI include customers in the construction, service center and energy industries. We believe this acquisition helps give Nucor a strong presence in the Western region of the United States and grows our ability to produce an even wider range of value-added sheet products. The CSI business financial results were included as part of the steel mills segment (see Note 14) beginning on February 1, 2022, the date Nucor acquired its 51% controlling ownership position. We allocated the purchase price for CSI to its individual assets acquired and liabilities assumed. While the purchase price allocation is substantially complete, it is still preliminary and subject to change. The following table summarizes the fair values of 100% of the assets and liabilities of CSI, as well as the fair value of the 49% noncontrolling interest not acquired by Nucor, as of February 1, 2022, the date Nucor acquired its (in thousands): Cash $ 98,537 Accounts receivable 159,257 Inventory 354,614 Other current assets 5,298 Property, plant and equipment 566,714 Goodwill 62,011 Other intangible assets — Other assets 7,071 Total assets acquired 1,253,502 Current portion of long-term debt 9,826 Other current liabilities 162,808 Long-term debt due after one year 67,866 Other liabilities 139,947 Total liabilities assumed 380,447 Net assets acquired at 100% 873,055 Less: Fair value of noncontrolling interest 427,797 Net assets acquired at 51% $ 445,258 The determination of the fair value of the noncontrolling interest was calculated using the implied value of 100% of the enterprise value of the business using the purchase price as the purchase price did not include a control premium on a per-share basis and the noncontrolling interest shareholder will participate equally in the economic benefits of CSI after the acquisition. The goodwill of $62.0 million is calculated as the excess of the purchase price over the fair values of the assets acquired and liabilities assumed and has been allocated to the steel mills segment (see Note 4). The goodwill is attributable to the assembled workforce acquired, expanding our Western United States presence and CSI’s value-added product capabilities. None of the goodwill is deductible for tax purposes. The results of operations for CSI upon the effective date of the acquisition have been included in the accompanying financial statements. Pro-forma results of operations for the Company would not be materially different as a result of the acquisition of CSI and, therefore, this information is not presented. Other Acquisitions Other smaller acquisitions in the first six months of 2022, exclusive of purchase price adjustments made and net of cash acquired, totaled approximately $76.2 million. Pro-forma results of operations for the Company would not be materially different if the aggregate acquisitions made during the year were included and, therefore, this information is not presented. |
Goodwill and Other Intangible_2
Goodwill and Other Intangible Assets (Tables) | 6 Months Ended |
Jul. 02, 2022 | |
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 six months ended July 2, 2022 by segment was as follows (in thousands): Steel Mills Steel Products Raw Materials Total Balance at December 31, 2021 $ 613,175 $ 1,439,874 $ 774,295 $ 2,827,344 Acquisitions 62,011 1,062,176 - 1,124,187 Other - - (19,983 ) (19,983 ) Translation - (2,045 ) - (2,045 ) Balance at July 2, 2022 $ 675,186 $ 2,500,005 $ 754,312 $ 3,929,503 |
Schedule of Intangible Assets | Intangible assets with estimated useful lives of five to 25 years are amortized on a straight-line or accelerated basis and were comprised of the following as of July 2, 2022 and December 31, 2021 (in thousands): July 2, 2022 December 31, 2021 Gross Amount Accumulated Amortization Gross Amount Accumulated Amortization Customer relationships $ 4,134,981 $ 982,186 $ 1,872,348 $ 924,506 Trademarks and trade names 364,355 110,946 217,255 99,906 Other 108,446 85,501 105,522 66,954 $ 4,607,782 $ 1,178,633 $ 2,195,125 $ 1,091,366 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Jul. 02, 2022 | |
Fair Value Disclosures [Abstract] | |
Schedule of Financial Assets and Liabilities Measured at Fair Value | The following table summarizes information regarding Nucor’s financial assets and financial liabilities that were measured at fair value as of July 2, 2022 and December 31, 2021 (in thousands). Nucor does not have any non-financial assets or non-financial liabilities that are measured at fair value on a recurring basis. Fair Value Measurements at Reporting Date Using Description Carrying Amount in Condensed Consolidated Balance Sheets Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) As of July 2, 2022 Assets: Cash equivalents $ 1,230,885 $ 1,230,885 $ - $ - Short-term investments 363,287 363,287 - - Restricted cash and cash equivalents 88,262 88,262 - - Derivative contracts 77,860 - 77,860 - Total assets $ 1,760,294 $ 1,682,434 $ 77,860 $ - As of December 31, 2021 Assets: Cash equivalents $ 1,776,477 $ 1,776,477 $ - $ - Short-term investments 253,005 253,005 - - Restricted cash and cash equivalents 143,800 143,800 - - Derivative contracts 6,633 - 6,633 - Total assets $ 2,179,915 $ 2,173,282 $ 6,633 $ - Liabilities: Derivative contracts $ (2,666 ) $ - $ (2,666 ) $ - |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 6 Months Ended |
Jul. 02, 2022 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Summary of Stock Option Plans Activity | A summary of activity under Nucor’s stock option plans for the first six months of 2022 is as follows (shares and aggregate intrinsic value in thousands): Weighted- Weighted- Average Average Aggregate Exercise Remaining Intrinsic Shares Price Contractual Life Value Number of shares under stock options: Outstanding at beginning of year 1,186 $ 55.58 Granted 98 $ 130.71 Exercised (359 ) $ 52.45 $ 24,547 Canceled - $ - Outstanding at July 2, 2022 925 $ 64.77 7.6 years $ 40,947 Stock options exercisable at July 2, 2022 401 $ 56.57 6.4 years $ 20,055 |
Schedule of Grant Date Fair Value Black-Scholes Options-Pricing Model Assumptions | For the 2022 stock option grant, the grant date fair value of $45.27 per share was calculated using the Black-Scholes options pricing model with the following assumptions: Exercise price $ 130.71 Expected dividend yield 1.53 % Expected stock price volatility 35.77 % Risk-free interest rate 2.98 % Expected life (in years) 6.5 |
Summary of Nucor's Restricted Stock Unit ("RSU") Activity | A summary of Nucor’s restricted stock unit (“RSU”) activity for the first six months of 2022 is as follows (shares in thousands): Shares Grant Date Fair Value Restricted stock units: Unvested at beginning of year 1,167 $ 60.45 Granted 774 $ 130.71 Vested (849 ) $ 75.80 Canceled (6 ) $ 60.71 Unvested at July 2, 2022 1,086 $ 98.55 |
Summary of Nucor's Restricted Stock Activity under AIP and LTIP | A summary of Nucor’s restricted stock activity under the Nucor Corporation Senior Officers Annual Incentive Plan (a supplement to the Nucor Corporation 2014 Omnibus Incentive Compensation Plan, the “AIP”) and the Nucor Corporation Senior Officers Long-Term Incentive Plan (a supplement to the Nucor Corporation 2014 Omnibus Incentive Compensation Plan, the “LTIP”) for the first six months of 2022 is as follows (shares in thousands): Grant Date Shares Fair Value Restricted stock units and restricted stock awards: Unvested at beginning of year 107 $ 57.17 Granted 465 $ 128.62 Vested (341 ) $ 119.52 Canceled - $ - Unvested at July 2, 2022 231 $ 109.02 |
Interest Expense (Income) (Tabl
Interest Expense (Income) (Tables) | 6 Months Ended |
Jul. 02, 2022 | |
Banking And Thrift Interest [Abstract] | |
Schedule of Components of Net Interest Expense | The components of net interest expense for the second quarter and first six months of 2022 and 2021 are as follows (in thousands): Three Months (13 Weeks) Ended Six Months (26 Weeks) Ended July 2, 2022 July 3, 2021 July 2, 2022 July 3, 2021 Interest expense $ 63,514 $ 37,661 $ 107,590 $ 78,631 Interest income (5,751 ) (1,881 ) (6,692 ) (3,207 ) Interest expense, net $ 57,763 $ 35,780 $ 100,898 $ 75,424 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 6 Months Ended |
Jul. 02, 2022 | |
Equity [Abstract] | |
Schedule of Changes in Stockholders' Equity | The following tables reflect the changes in stockholders’ equity attributable to Nucor and the noncontrolling interests of Nucor’s joint ventures, Nucor-Yamato Steel Company (Limited Partnership) (“NYS”) and California Steel Industries, Inc. (“CSI”), in both of which Nucor owns 51%, for the three months and six months ended July 2, 2022 and July 3, 2021 (in thousands): Three Months (13 Weeks) Ended July 2, 2022 Accumulated Total Additional Other Treasury Stock Nucor Common Stock Paid-in Retained Comprehensive (at cost) Stockholders' Noncontrolling Total Shares Amount Capital Earnings Income (Loss) Shares Amount Equity Interests BALANCES, April 2, 2022 $ 16,143,120 380,154 $ 152,061 $ 2,163,129 $ 19,635,277 $ (44,504 ) 114,092 $ (6,701,401 ) $ 15,204,562 $ 938,558 Net earnings 2,727,237 - - - 2,561,233 - - - 2,561,233 166,004 Other comprehensive income (loss) (26,306 ) - - - - (26,306 ) - - (26,306 ) - Stock options exercised 2,233 - - (802 ) - - (49 ) 3,035 2,233 - Stock option expense 3,964 - - 3,964 - - - - 3,964 - Issuance of stock under award plans, net of forfeitures (3,546 ) - - (52,313 ) - - (775 ) 48,767 (3,546 ) - Amortization of unearned compensation 1,200 - - 1,200 - - - - 1,200 - Treasury stock acquired (802,569 ) - - - - - 5,100 (802,569 ) (802,569 ) - Cash dividends declared (132,127 ) - - - (132,127 ) - - - (132,127 ) - Distributions to noncontrolling interests (56,977 ) - - - - - - - - (56,977 ) Acquisition of noncontrolling interest in CSI (3,421 ) - - - - - - - - (3,421 ) BALANCES, July 2, 2022 $ 17,852,808 380,154 $ 152,061 $ 2,115,178 $ 22,064,383 $ (70,810 ) 118,368 $ (7,452,168 ) $ 16,808,644 $ 1,044,164 Six Months (26 Weeks) Ended July 2, 2022 Accumulated Total Additional Other Treasury Stock Nucor Common Stock Paid-in Retained Comprehensive (at cost) Stockholders' Noncontrolling Total Shares Amount Capital Earnings Income (Loss) Shares Amount Equity Interests BALANCES, December 31, 2021 $ 14,603,794 380,154 $ 152,061 $ 2,140,608 $ 17,674,100 $ (115,282 ) 107,742 $ (5,835,098 ) $ 14,016,389 $ 587,405 Net earnings 4,954,352 - - - 4,656,856 - - - 4,656,856 297,496 Other comprehensive income (loss) 44,472 - - - - 44,472 - - 44,472 - Stock options exercised 18,819 - - (1,309 ) - - (359 ) 20,128 18,819 - Stock option expense 4,422 - - 4,422 - - - - 4,422 - Issuance of stock under award plans, net of forfeitures 39,552 - - (31,143 ) - - (1,163 ) 70,695 39,552 - Amortization of unearned compensation 2,600 - - 2,600 - - - - 2,600 - Treasury stock acquired (1,707,893 ) - - - - - 12,148 (1,707,893 ) (1,707,893 ) - Cash dividends declared (266,573 ) - - - (266,573 ) - - - (266,573 ) - Distributions to noncontrolling interests (268,535 ) - - - - - - - - (268,535 ) Acquisition of noncontrolling interest in CSI 427,798 - - - - - - - - 427,798 BALANCES, July 2, 2022 $ 17,852,808 380,154 $ 152,061 $ 2,115,178 $ 22,064,383 $ (70,810 ) 118,368 $ (7,452,168 ) $ 16,808,644 $ 1,044,164 Three Months (13 Weeks) Ended July 3, 2021 Accumulated Total Additional Other Treasury Stock Nucor Common Stock Paid-in Retained Comprehensive (at cost) Stockholders' Noncontrolling Total Shares Amount Capital Earnings Income (Loss) Shares Amount Equity Interests BALANCES, April 3, 2021 $ 11,861,723 380,154 $ 152,061 $ 2,160,909 $ 12,163,626 $ (103,560 ) 80,912 $ (2,925,796 ) $ 11,447,240 $ 414,483 Net earnings 1,571,459 - - - 1,506,868 - - - 1,506,868 64,591 Other comprehensive income (loss) 29,831 - - - - 29,831 - - 29,831 - Stock options exercised 21,276 - - 5,337 - - (419 ) 15,939 21,276 - Stock option expense 2,575 - - 2,575 - - - - 2,575 - Issuance of stock under award plans, net of forfeitures (18,338 ) - - (50,566 ) - - (799 ) 32,228 (18,338 ) - Amortization of unearned compensation (1,100 ) - - (1,100 ) - - - - (1,100 ) - Treasury stock acquired (614,286 ) - - - - - 6,765 (614,286 ) (614,286 ) - Cash dividends declared (120,088 ) - - - (120,088 ) - - - (120,088 ) - Distributions to noncontrolling interests (23,401 ) - - - - - - - - (23,401 ) BALANCES, July 3, 2021 $ 12,709,651 380,154 $ 152,061 $ 2,117,155 $ 13,550,406 $ (73,729 ) 86,459 $ (3,491,915 ) $ 12,253,978 $ 455,673 Six Months (26 Weeks) Ended July 3, 2021 Accumulated Total Additional Other Treasury Stock Nucor Common Stock Paid-in Retained Comprehensive (at cost) Stockholders' Noncontrolling Total Shares Amount Capital Earnings Income (Loss) Shares Amount Equity Interests BALANCES, December 31, 2020 $ 11,231,861 380,154 $ 152,061 $ 2,121,288 $ 11,343,852 $ (118,861 ) 77,909 $ (2,709,675 ) $ 10,788,665 $ 443,196 Net earnings 2,558,973 - - - 2,449,300 - - - 2,449,300 109,673 Other comprehensive income (loss) 45,132 - - - - 45,132 - - 45,132 - Stock options exercised 128,800 - - 35,825 - - (2,554 ) 92,975 128,800 - Stock option expense 2,908 - - 2,908 - - - - 2,908 - Issuance of stock under award plans, net of forfeitures (2,736 ) - - (43,666 ) - - (1,041 ) 40,930 (2,736 ) - Amortization of unearned compensation 800 - - 800 - - - - 800 - Treasury stock acquired (916,145 ) - - - - - 12,145 (916,145 ) (916,145 ) - Cash dividends declared (242,746 ) - - - (242,746 ) - - - (242,746 ) - Distributions to noncontrolling interests (97,196 ) - - - - - - - - (97,196 ) BALANCES, July 3, 2021 $ 12,709,651 380,154 $ 152,061 $ 2,117,155 $ 13,550,406 $ (73,729 ) 86,459 $ (3,491,915 ) $ 12,253,978 $ 455,673 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Loss) (Tables) | 6 Months Ended |
Jul. 02, 2022 | |
Equity [Abstract] | |
Components of Accumulated Other Comprehensive Income (Loss) | The following tables reflect the changes in accumulated other comprehensive income (loss) by component for the three months and six months ended July 2, 2022 and July 3, 2021 (in thousands): Three-Month (13-Week) Period Ended July 2, 2022 Gains and (Losses) on Foreign Currency Adjustment to Early Hedging Derivatives Gains (Losses) Retiree Medical Plan Total Accumulated other comprehensive income (loss) at April 2, 2022 $ 49,198 $ (102,176 ) $ 8,474 $ (44,504 ) Other comprehensive income (loss) before reclassifications 16,138 (27,308 ) - (11,170 ) Amounts reclassified from accumulated other comprehensive income (loss) into earnings (1) (15,136 ) - - (15,136 ) Net current-period other comprehensive income (loss) 1,002 (27,308 ) - (26,306 ) Accumulated other comprehensive income (loss) at July 2, 2022 $ 50,200 $ (129,484 ) $ 8,474 $ (70,810 ) Six-Month (26-Week) Period Ended July 2, 2022 Gains and (Losses) on Foreign Currency Adjustment to Early Hedging Derivatives Gains (Losses) Retiree Medical Plan Total Accumulated other comprehensive income (loss) at December 31, 2021 $ 1,112 $ (124,868 ) $ 8,474 $ (115,282 ) Other comprehensive income (loss) before reclassifications 69,614 (4,616 ) - 64,998 Amounts reclassified from accumulated other comprehensive income (loss) into earnings (1) (20,526 ) - - (20,526 ) Net current-period other comprehensive income (loss) 49,088 (4,616 ) - 44,472 Accumulated other comprehensive income (loss) at July 2, 2022 $ 50,200 $ (129,484 ) $ 8,474 $ (70,810 ) (1) Includes Three-Month (13-Week) Period Ended July 3, 2021 Gains and (Losses) on Foreign Currency Adjustment to Early Hedging Derivatives Gains (Losses) Retiree Medical Plan Total Accumulated other comprehensive income (loss) at April 3, 2021 $ (3,200 ) $ (107,026 ) $ 6,666 $ (103,560 ) Other comprehensive income (loss) before reclassifications 8,204 21,431 - 29,635 Amounts reclassified from accumulated other comprehensive income (loss) into earnings (2) 196 - - 196 Net current-period other comprehensive income (loss) 8,400 21,431 - 29,831 Accumulated other comprehensive income (loss) at July 3, 2021 $ 5,200 $ (85,595 ) $ 6,666 $ (73,729 ) Six-Month (26-Week) Period Ended July 3, 2021 Gains and (Losses) on Foreign Currency Adjustment to Early Hedging Derivatives Gains (Losses) Retiree Medical Plan Total Accumulated other comprehensive income (loss) at December 31, 2020 $ (4,700 ) $ (120,827 ) $ 6,666 $ (118,861 ) Other comprehensive income (loss) before reclassifications 9,203 35,232 - 44,435 Amounts reclassified from accumulated other comprehensive income (loss) into earnings (2) 697 - - 697 Net current-period other comprehensive income (loss) 9,900 35,232 - 45,132 Accumulated other comprehensive income (loss) at July 3, 2021 $ 5,200 $ (85,595 ) $ 6,666 $ (73,729 ) (2) Includes $196 and $697 net of tax impact of accumulated other comprehensive income (loss) reclassifications into cost of products sold for net losses on commodity contracts in the second quarter and first six months of 2021, respectively. The tax impact of those reclassifications was $0 and $100 in the second quarter and first six months of 2021, respectively. |
Segments (Tables)
Segments (Tables) | 6 Months Ended |
Jul. 02, 2022 | |
Segment Reporting [Abstract] | |
Segments | Nucor’s results by segment for the second quarter and first six months of 2022 and 2021 were as follows (in thousands): Three Months (13 Weeks) Ended Six Months (26 Weeks) Ended July 2, 2022 July 3, 2021 July 2, 2022 July 3, 2021 Net sales to external customers: Steel mills $ 7,256,067 $ 5,909,909 $ 13,774,676 $ 10,518,686 Steel products 3,842,948 2,241,107 7,166,036 4,051,162 Raw materials 695,459 638,148 1,347,044 1,236,456 $ 11,794,474 $ 8,789,164 $ 22,287,756 $ 15,806,304 Intercompany sales: Steel mills $ 1,763,563 $ 1,496,298 $ 3,356,821 $ 2,721,411 Steel products 117,289 80,394 251,995 151,613 Raw materials 4,145,690 4,009,808 7,692,209 7,656,003 Corporate/eliminations (6,026,542 ) (5,586,500 ) (11,301,025 ) (10,529,027 ) $ - $ - $ - $ - Earnings before income taxes and noncontrolling interests: Steel mills $ 2,815,723 $ 2,174,807 $ 5,394,577 $ 3,489,781 Steel products 1,129,932 259,330 1,814,799 471,142 Raw materials 263,598 120,143 359,451 343,378 Corporate/eliminations (718,851 ) (528,532 ) (1,180,310 ) (980,307 ) $ 3,490,402 $ 2,025,748 $ 6,388,517 $ 3,323,994 July 2, 2022 Dec. 31, 2021 Segment assets: Steel mills $ 15,255,411 $ 13,235,463 Steel products 12,464,340 7,845,010 Raw materials 3,678,516 3,870,806 Corporate/eliminations 270,190 871,793 $ 31,668,457 $ 25,823,072 |
Revenue (Tables)
Revenue (Tables) | 6 Months Ended |
Jul. 02, 2022 | |
Revenue From Contract With Customer [Abstract] | |
Schedule of Net Sales Disaggregates by Major Source | The following tables disaggregate our revenue by major source for the second quarter and first six months of 2022 and 2021 (in thousands): Three Months (13 Weeks) Ended July 2, 2022 Six Months (26 Weeks) Ended July 2, 2022 Steel Mills Steel Products Raw Materials Total Steel Mills Steel Products Raw Materials Total Sheet $ 3,616,333 $ - $ - $ 3,616,333 $ 6,799,396 $ - $ - $ 6,799,396 Bar 1,992,463 - - 1,992,463 3,820,194 - - 3,820,194 Structural 783,121 - - 783,121 1,566,392 - - 1,566,392 Plate 864,150 - - 864,150 1,588,694 - - 1,588,694 Tubular Products - 613,238 - 613,238 - 1,124,391 - 1,124,391 Rebar Fabrication - 579,000 - 579,000 - 1,024,232 - 1,024,232 Joist - 687,882 - 687,882 - 1,300,117 - 1,300,117 Deck - 582,414 - 582,414 - 1,133,323 - 1,133,323 Other Steel Products - 1,380,414 - 1,380,414 - 2,583,973 - 2,583,973 Raw Materials - - 695,459 695,459 - - 1,347,044 1,347,044 $ 7,256,067 $ 3,842,948 $ 695,459 $ 11,794,474 $ 13,774,676 $ 7,166,036 $ 1,347,044 $ 22,287,756 Three Months (13 Weeks) Ended July 3, 2021 Six Months (26 Weeks) Ended July 3, 2021 Steel Mills Steel Products Raw Materials Total Steel Mills Steel Products Raw Materials Total Sheet $ 3,104,304 $ - $ - $ 3,104,304 $ 5,455,759 $ - $ - $ 5,455,759 Bar 1,515,115 - - 1,515,115 2,776,157 - - 2,776,157 Structural 619,541 - - 619,541 1,096,736 - - 1,096,736 Plate 670,949 - - 670,949 1,190,034 - - 1,190,034 Tubular Products - 512,503 - 512,503 - 887,156 - 887,156 Rebar Fabrication - 480,727 - 480,727 - 867,284 - 867,284 Joist - 257,202 - 257,202 - 486,331 - 486,331 Deck - 227,748 - 227,748 - 421,161 - 421,161 Other Steel Products - 762,927 - 762,927 - 1,389,230 - 1,389,230 Raw Materials - - 638,148 638,148 - - 1,236,456 1,236,456 $ 5,909,909 $ 2,241,107 $ 638,148 $ 8,789,164 $ 10,518,686 $ 4,051,162 $ 1,236,456 $ 15,806,304 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 6 Months Ended |
Jul. 02, 2022 | |
Earnings Per Share [Abstract] | |
Computations of Basic and Diluted Net Earnings Per Share | The computations of basic and diluted net earnings per share for the second quarter and first six months of 2022 and 2021 are as follows (in thousands, except per share amounts): Three Months (13 Weeks) Ended Six Months (26 Weeks) Ended July 2, 2022 July 3, 2021 July 2, 2022 July 3, 2021 Basic net earnings per share: Basic net earnings $ 2,561,233 $ 1,506,868 $ 4,656,856 $ 2,449,300 Earnings allocated to participating securities (11,041 ) (6,676 ) (19,380 ) (12,426 ) Net earnings available to common stockholders $ 2,550,192 $ 1,500,192 $ 4,637,476 $ 2,436,874 Basic average shares outstanding 263,221 296,817 267,416 299,359 Basic net earnings per share $ 9.69 $ 5.05 $ 17.34 $ 8.14 Diluted net earnings per share: Diluted net earnings $ 2,561,233 $ 1,506,868 $ 4,656,856 $ 2,449,300 Earnings allocated to participating securities (10,997 ) (6,649 ) (19,302 ) (12,385 ) Net earnings available to common stockholders $ 2,550,236 $ 1,500,219 $ 4,637,554 $ 2,436,915 Diluted average shares outstanding: Basic average shares outstanding 263,221 296,817 267,416 299,359 Dilutive effect of stock options and other 498 712 650 379 263,719 297,529 268,066 299,738 Diluted net earnings per share $ 9.67 $ 5.04 $ 17.30 $ 8.13 |
Anti-dilutive Stock Options | The following stock options were excluded from the computation of diluted net earnings per share for the second quarter and first six months of 2022 and 2021 because their effect would have been anti-dilutive (shares in thousands): Three Months (13 Weeks) Ended Six Months (26 Weeks) Ended July 2, 2022 July 3, 2021 July 2, 2022 July 3, 2021 Anti-dilutive stock options: Weighted-average shares - 52 - 152 Weighted-average exercise price $ - $ 110.74 $ - $ 73.47 |
Acquisitions (Tables)
Acquisitions (Tables) | 6 Months Ended |
Jul. 02, 2022 | |
C.H.I. Overhead Doors | |
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 C.H.I. as of June 24, 2022, the date of acquisition (in thousands): Cash $ 159,066 Accounts receivable 73,549 Inventory 52,515 Other current assets 19,493 Property, plant and equipment 117,392 Goodwill 1,036,332 Other intangible assets 2,389,180 Other assets 9,559 Total assets acquired 3,857,086 Current liabilities 75,146 Deferred income taxes 579,559 Other liabilities 7,509 Total liabilities assumed 662,214 Net assets acquired $ 3,194,872 |
Summary of Purchase Price Allocation to Identifiable Intangible Assets | The following table summarizes the purchase price allocation to the identifiable intangible assets of C.H.I. as of June 24, 2022, the date of acquisition (in thousands, except years): Weighted- Average Life Customer relationships $ 2,242,000 25 years Trade name 147,000 13 years $ 2,389,000 |
CSI [Member] | |
Business Acquisition [Line Items] | |
Summary of Fair Values of Assets Acquired and Liabilities Assumed | The following table summarizes the fair values of 100% of the assets and liabilities of CSI, as well as the fair value of the 49% noncontrolling interest not acquired by Nucor, as of February 1, 2022, the date Nucor acquired its (in thousands): Cash $ 98,537 Accounts receivable 159,257 Inventory 354,614 Other current assets 5,298 Property, plant and equipment 566,714 Goodwill 62,011 Other intangible assets — Other assets 7,071 Total assets acquired 1,253,502 Current portion of long-term debt 9,826 Other current liabilities 162,808 Long-term debt due after one year 67,866 Other liabilities 139,947 Total liabilities assumed 380,447 Net assets acquired at 100% 873,055 Less: Fair value of noncontrolling interest 427,797 Net assets acquired at 51% $ 445,258 |
Inventories - Additional Inform
Inventories - Additional Information (Detail) | Jul. 02, 2022 | Dec. 31, 2021 |
Inventory Disclosure [Abstract] | ||
Raw materials and supplies in inventory, percentage | 37% | 43% |
Finished and semi-finished products in inventory, percentage | 63% | 57% |
Property, Plant and Equipment -
Property, Plant and Equipment - Additional Information (Detail) - USD ($) $ in Millions | Jul. 02, 2022 | Dec. 31, 2021 |
Property Plant And Equipment [Abstract] | ||
Accumulated depreciation | $ 10,720 | $ 10,390 |
Goodwill and Other Intangible_3
Goodwill and Other Intangible Assets - Schedule of Change in Net Carrying Amount of Goodwill by Segment (Detail) $ in Thousands | 6 Months Ended |
Jul. 02, 2022 USD ($) | |
Goodwill [Line Items] | |
Balance, beginning of period | $ 2,827,344 |
Acquisitions | 1,124,187 |
Other | (19,983) |
Translation | (2,045) |
Balance, end of period | 3,929,503 |
Steel Mills [Member] | |
Goodwill [Line Items] | |
Balance, beginning of period | 613,175 |
Acquisitions | 62,011 |
Balance, end of period | 675,186 |
Steel Products [Member] | |
Goodwill [Line Items] | |
Balance, beginning of period | 1,439,874 |
Acquisitions | 1,062,176 |
Translation | (2,045) |
Balance, end of period | 2,500,005 |
Raw Materials [Member] | |
Goodwill [Line Items] | |
Balance, beginning of period | 774,295 |
Other | (19,983) |
Balance, end of period | $ 754,312 |
Goodwill and Other Intangible_4
Goodwill and Other Intangible Assets - Additional Information (Detail) - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Jul. 02, 2022 | Dec. 31, 2021 | Jul. 03, 2021 | Jul. 02, 2022 | Jul. 03, 2021 | Dec. 31, 2021 | |
Finite And Indefinite Lived Intangible Assets [Line Items] | ||||||
Impairment of goodwill | $ 0 | |||||
Goodwill | $ 3,929,503,000 | 2,827,344,000 | $ 3,929,503,000 | $ 2,827,344,000 | ||
Finite-lived intangible assets | 3,429,149,000 | 1,103,759,000 | 3,429,149,000 | $ 1,103,759,000 | ||
Intangible asset amortization expense | 45,900,000 | $ 20,800,000 | 87,300,000 | $ 41,900,000 | ||
Future amortization expense, in 2022 | 233,200,000 | 233,200,000 | ||||
Future amortization expense, in 2023 | 232,700,000 | 232,700,000 | ||||
Future amortization expense, in 2024 | 232,000,000 | 232,000,000 | ||||
Future amortization expense, in 2025 | 231,000,000 | 231,000,000 | ||||
Future amortization expense, in 2026 | 228,000,000 | $ 228,000,000 | ||||
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 | 25 years | |||||
Rebar Fabrication [Member] | ||||||
Finite And Indefinite Lived Intangible Assets [Line Items] | ||||||
Percentage of fair value exceeded carrying value | 54% | |||||
Goodwill | 361,300,000 | 363,000,000 | $ 361,300,000 | $ 363,000,000 | ||
Finite-lived intangible assets | $ 40,900,000 | $ 45,000,000 | $ 40,900,000 | $ 45,000,000 |
Goodwill and Other Intangible_5
Goodwill and Other Intangible Assets - Schedule of Intangible Assets (Detail) - USD ($) $ in Thousands | Jul. 02, 2022 | Dec. 31, 2021 |
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets, Gross Amount | $ 4,607,782 | $ 2,195,125 |
Intangible assets, Accumulated Amortization | 1,178,633 | 1,091,366 |
Customer Relationships [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets, Gross Amount | 4,134,981 | 1,872,348 |
Intangible assets, Accumulated Amortization | 982,186 | 924,506 |
Trademarks and Trade Names [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets, Gross Amount | 364,355 | 217,255 |
Intangible assets, Accumulated Amortization | 110,946 | 99,906 |
Other [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets, Gross Amount | 108,446 | 105,522 |
Intangible assets, Accumulated Amortization | $ 85,501 | $ 66,954 |
Current Liabilities - Additiona
Current Liabilities - Additional Information (Detail) - USD ($) $ in Millions | Jul. 02, 2022 | Dec. 31, 2021 |
Liabilities Current [Abstract] | ||
Book overdrafts | $ 185.6 | $ 143.8 |
Dividends payable, current | $ 132.1 | $ 137.6 |
Fair Value Measurements - Sched
Fair Value Measurements - Schedule of Financial Assets and Liabilities Measured at Fair Value (Detail) - USD ($) $ in Thousands | Jul. 02, 2022 | Dec. 31, 2021 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Short-term investments | $ 363,287 | $ 253,005 |
Total assets | 31,668,457 | 25,823,072 |
Reported Value Measurement [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash equivalents | 1,230,885 | 1,776,477 |
Short-term investments | 363,287 | 253,005 |
Restricted cash and cash equivalents | 88,262 | 143,800 |
Derivative contracts, assets | 77,860 | 6,633 |
Total assets | 1,760,294 | 2,179,915 |
Derivative contracts, liabilities | (2,666) | |
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 | 1,230,885 | 1,776,477 |
Short-term investments | 363,287 | 253,005 |
Restricted cash and cash equivalents | 88,262 | 143,800 |
Total assets | 1,682,434 | 2,173,282 |
Significant Other Observable Inputs (Level 2) [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative contracts, assets | 77,860 | 6,633 |
Total assets | $ 77,860 | 6,633 |
Derivative contracts, liabilities | $ (2,666) |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Detail) - USD ($) $ in Millions | Jul. 02, 2022 | Dec. 31, 2021 |
Fair Value Disclosures [Abstract] | ||
Fair value of short-term and long-term debt, including current maturities | $ 6,770 | $ 6,060 |
Stock-Based Compensation - Sche
Stock-Based Compensation - Schedule of Stock Option Plans Activity (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 6 Months Ended |
Jul. 02, 2022 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Outstanding at beginning of year, Shares | 1,186 |
Granted, Shares | 98 |
Exercised, Shares | (359) |
Outstanding at July 2, 2022, Shares | 925 |
Stock options exercisable at July 2, 2022, Shares | 401 |
Outstanding at beginning of year, Weighted - Average Exercise Price | $ 55.58 |
Granted, Weighted - Average Exercise Price | 130.71 |
Exercised, Weighted - Average Exercise Price | 52.45 |
Outstanding at July 2, 2022, Weighted - Average Exercise Price | 64.77 |
Stock options exercisable at July 2, 2022, Weighted - Average Exercise Price | $ 56.57 |
Outstanding, Weighted - Average Remaining Contractual Life | 7 years 7 months 6 days |
Stock options exercisable, Weighted - Average Remaining Contractual Life | 6 years 4 months 24 days |
Exercised, Aggregate Intrinsic Value | $ 24,547 |
Outstanding at July 2, 2022, Aggregate Intrinsic Value | 40,947 |
Stock options exercisable, Aggregate Intrinsic Value | $ 20,055 |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jul. 02, 2022 | Jul. 03, 2021 | Jul. 02, 2022 | Jul. 03, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Grant date fair value of stock options granted | $ 45.27 | |||
Compensation expenses for stock options | $ 3.9 | $ 2.6 | $ 4.4 | $ 2.9 |
Stock Options [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Unrecognized compensation expense related to stock | 3.1 | $ 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 | 93.7 | $ 93.7 | ||
Weighted-average recognition period for unrecognized compensation expense related to stock (years) | 1 year 6 months | |||
Compensation expense | 41.9 | 22.7 | $ 50.9 | 32 |
Restricted Stock Awards and Units [Member] | AIP and LTIP [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Unrecognized compensation expense related to stock | 7.5 | $ 7.5 | ||
Weighted-average recognition period for unrecognized compensation expense related to stock (years) | 2 years 2 months 12 days | |||
Compensation expense | $ 1.8 | $ 21.6 | $ 18.8 | $ 31.8 |
Stock-Based Compensation - Sc_2
Stock-Based Compensation - Schedule of Grant Date Fair Value Black-Scholes Option-Pricing Model Assumptions (Detail) | 6 Months Ended |
Jul. 02, 2022 $ / shares | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Granted, Weighted - Average Exercise Price | $ 130.71 |
Expected dividend yield | 1.53% |
Expected stock price volatility | 35.77% |
Risk-free interest rate | 2.98% |
Expected life (in years) | 6 years 6 months |
Stock-Based Compensation - Summ
Stock-Based Compensation - Summary of Nucor's Restricted Stock Unit ("RSU") Activity (Detail) - Restricted Stock Units [Member] shares in Thousands | 6 Months Ended |
Jul. 02, 2022 $ / shares shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unvested at beginning of year, Shares | shares | 1,167 |
Granted, Shares | shares | 774 |
Vested, Shares | shares | (849) |
Canceled, Shares | shares | (6) |
Unvested at July 2, 2022, Shares | shares | 1,086 |
Unvested at beginning of year, Grant Date Fair Value | $ / shares | $ 60.45 |
Granted, Grant Date Fair Value | $ / shares | 130.71 |
Vested, Grant Date Fair Value | $ / shares | 75.80 |
Canceled, Grant Date Fair Value | $ / shares | 60.71 |
Unvested at July 2, 2022, Grant Date Fair Value | $ / shares | $ 98.55 |
Stock-Based Compensation - Su_2
Stock-Based Compensation - Summary of Nucor's Restricted Stock Activity under AIP and LTIP (Detail) - Restricted Stock Units and Restricted Stock Awards [Member] shares in Thousands | 6 Months Ended |
Jul. 02, 2022 $ / shares shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unvested at beginning of year, Shares | shares | 107 |
Granted, Shares | shares | 465 |
Vested, Shares | shares | (341) |
Unvested at July 2, 2022, Shares | shares | 231 |
Unvested at beginning of year, Grant Date Fair Value | $ / shares | $ 57.17 |
Granted, Grant Date Fair Value | $ / shares | 128.62 |
Vested, Grant Date Fair Value | $ / shares | 119.52 |
Unvested at July 2, 2022, Grant Date Fair Value | $ / shares | $ 109.02 |
Employee Benefit Plan - Additio
Employee Benefit Plan - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jul. 02, 2022 | Jul. 03, 2021 | Jul. 02, 2022 | Jul. 03, 2021 | |
Employee Benefit Plan [Abstract] | ||||
Profit Sharing and Retirement Savings Plan, plan expense | $ 333 | $ 192.4 | $ 619.9 | $ 321.3 |
Interest Expense (Income) - Sch
Interest Expense (Income) - Schedule of Components of Net Interest Expense (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jul. 02, 2022 | Jul. 03, 2021 | Jul. 02, 2022 | Jul. 03, 2021 | |
Interest Revenue Or Expense Net [Abstract] | ||||
Interest expense | $ 63,514 | $ 37,661 | $ 107,590 | $ 78,631 |
Interest income | (5,751) | (1,881) | (6,692) | (3,207) |
Interest expense, net | $ 57,763 | $ 35,780 | $ 100,898 | $ 75,424 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | ||
Jul. 02, 2022 | Jul. 03, 2021 | Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |||
Effective income tax rate | 21.90% | 22.40% | |
Non-current deferred tax liabilities included in deferred credits and other liabilities | $ 1,300 | $ 610.3 |
Stockholders' Equity - Addition
Stockholders' Equity - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jul. 02, 2022 | Jul. 03, 2021 | Jul. 02, 2022 | Jul. 03, 2021 | Dec. 02, 2021 | |
Dividends declared per share | $ 0.50 | $ 0.405 | $ 1 | $ 0.81 | |
Common Stock [Member] | |||||
Share repurchase program, available repurchase amount | $ 2,140 | $ 2,140 | |||
Common Stock [Member] | Maximum [Member] | |||||
Stock Repurchase Program, Authorized Amount | $ 4,000 | ||||
Nucor-Yamato Steel Company and California Steel Industries [Member] | |||||
Noncontrolling interest, ownership percentage by parent | 51% | 51% | 51% | 51% |
Stockholders' Equity - Schedule
Stockholders' Equity - Schedule of Change in Stockholder's Equity (Detail) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jul. 02, 2022 | Jul. 03, 2021 | Jul. 02, 2022 | Jul. 03, 2021 | |
BALANCES, beginning of period | $ 16,143,120 | $ 11,861,723 | $ 14,603,794 | $ 11,231,861 |
Net earnings | 2,727,237 | 1,571,459 | 4,954,352 | 2,558,973 |
Other comprehensive income (loss) | (26,306) | 29,831 | 44,472 | 45,132 |
Stock options exercised | 2,233 | 21,276 | $ 18,819 | 128,800 |
Stock options exercised (in shares) | 359 | |||
Stock option expense | 3,964 | 2,575 | $ 4,422 | 2,908 |
Issuance of stock under award plans, net of forfeitures | (3,546) | (18,338) | 39,552 | (2,736) |
Amortization of unearned compensation | 1,200 | (1,100) | 2,600 | 800 |
Treasury stock value acquired | (802,569) | (614,286) | (1,707,893) | (916,145) |
Cash dividends declared | (132,127) | (120,088) | (266,573) | (242,746) |
Distributions to noncontrolling interests | (56,977) | (23,401) | (268,535) | (97,196) |
Acquisition of noncontrolling interest in CSI | (3,421) | 427,798 | ||
BALANCES, end of period | 17,852,808 | 12,709,651 | 17,852,808 | 12,709,651 |
Common Stock [Member] | ||||
BALANCES, beginning of period | $ 152,061 | $ 152,061 | $ 152,061 | $ 152,061 |
BALANCES, shares at beginning of period | 380,154 | 380,154 | 380,154 | 380,154 |
BALANCES, end of period | $ 152,061 | $ 152,061 | $ 152,061 | $ 152,061 |
BALANCES, shares at end of period | 380,154 | 380,154 | 380,154 | 380,154 |
Additional Paid-in Capital [Member] | ||||
BALANCES, beginning of period | $ 2,163,129 | $ 2,160,909 | $ 2,140,608 | $ 2,121,288 |
Stock options exercised | (802) | 5,337 | (1,309) | 35,825 |
Stock option expense | 3,964 | 2,575 | 4,422 | 2,908 |
Issuance of stock under award plans, net of forfeitures | (52,313) | (50,566) | (31,143) | (43,666) |
Amortization of unearned compensation | 1,200 | (1,100) | 2,600 | 800 |
BALANCES, end of period | 2,115,178 | 2,117,155 | 2,115,178 | 2,117,155 |
Retained Earnings [Member] | ||||
BALANCES, beginning of period | 19,635,277 | 12,163,626 | 17,674,100 | 11,343,852 |
Net earnings | 2,561,233 | 1,506,868 | 4,656,856 | 2,449,300 |
Cash dividends declared | (132,127) | (120,088) | (266,573) | (242,746) |
BALANCES, end of period | 22,064,383 | 13,550,406 | 22,064,383 | 13,550,406 |
Accumulated Other Comprehensive Income (Loss) [Member] | ||||
BALANCES, beginning of period | (44,504) | (103,560) | (115,282) | (118,861) |
Other comprehensive income (loss) | (26,306) | 29,831 | 44,472 | 45,132 |
BALANCES, end of period | (70,810) | (73,729) | (70,810) | (73,729) |
Treasury Stock (at cost) [Member] | ||||
BALANCES, beginning of period | $ (6,701,401) | $ (2,925,796) | $ (5,835,098) | $ (2,709,675) |
BALANCES, shares at beginning of period | 114,092 | 80,912 | 107,742 | 77,909 |
Stock options exercised | $ 3,035 | $ 15,939 | $ 20,128 | $ 92,975 |
Stock options exercised (in shares) | (49) | (419) | (359) | (2,554) |
Issuance of stock under award plans, net of forfeitures | $ 48,767 | $ 32,228 | $ 70,695 | $ 40,930 |
Issuance of stock under award plans, net of forfeitures, shares | (775) | (799) | (1,163) | (1,041) |
Treasury stock value acquired | $ (802,569) | $ (614,286) | $ (1,707,893) | $ (916,145) |
Treasury stock acquired (in shares) | 5,100 | 6,765 | 12,148 | 12,145 |
BALANCES, end of period | $ (7,452,168) | $ (3,491,915) | $ (7,452,168) | $ (3,491,915) |
BALANCES, shares at end of period | 118,368 | 86,459 | 118,368 | 86,459 |
Total Nucor Stockholders' Equity [Member] | ||||
BALANCES, beginning of period | $ 15,204,562 | $ 11,447,240 | $ 14,016,389 | $ 10,788,665 |
Net earnings | 2,561,233 | 1,506,868 | 4,656,856 | 2,449,300 |
Other comprehensive income (loss) | (26,306) | 29,831 | 44,472 | 45,132 |
Stock options exercised | 2,233 | 21,276 | 18,819 | 128,800 |
Stock option expense | 3,964 | 2,575 | 4,422 | 2,908 |
Issuance of stock under award plans, net of forfeitures | (3,546) | (18,338) | 39,552 | (2,736) |
Amortization of unearned compensation | 1,200 | (1,100) | 2,600 | 800 |
Treasury stock value acquired | (802,569) | (614,286) | (1,707,893) | (916,145) |
Cash dividends declared | (132,127) | (120,088) | (266,573) | (242,746) |
BALANCES, end of period | 16,808,644 | 12,253,978 | 16,808,644 | 12,253,978 |
Noncontrolling Interests [Member] | ||||
BALANCES, beginning of period | 938,558 | 414,483 | 587,405 | 443,196 |
Net earnings | 166,004 | 64,591 | 297,496 | 109,673 |
Distributions to noncontrolling interests | (56,977) | (23,401) | (268,535) | (97,196) |
Acquisition of noncontrolling interest in CSI | (3,421) | 427,798 | ||
BALANCES, end of period | $ 1,044,164 | $ 455,673 | $ 1,044,164 | $ 455,673 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income (Loss) - Components of Accumulated Other Comprehensive Income (Loss) (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||||
Jul. 02, 2022 | Jul. 03, 2021 | Jul. 02, 2022 | Jul. 03, 2021 | |||||
Accumulated Other Comprehensive Income Loss Net Of Tax [Abstract] | ||||||||
Beginning Balance, Gains and (Losses) on Hedging Derivatives | $ 49,198 | $ (3,200) | $ 1,112 | $ (4,700) | ||||
Other comprehensive income (loss) before reclassifications, Gains and (Losses) on Hedging Derivatives | 16,138 | 8,204 | 69,614 | 9,203 | ||||
Amounts reclassified from accumulated other comprehensive income (loss) into earnings, Gains and (Losses) on Hedging Derivatives | (15,136) | [1] | 196 | [2] | (20,526) | [1] | 697 | [2] |
Net current-period other comprehensive income (loss), Gains and (Losses) on Hedging Derivatives | 1,002 | 8,400 | 49,088 | 9,900 | ||||
Ending Balance, Gains and (Losses) on Hedging Derivatives | 50,200 | 5,200 | 50,200 | 5,200 | ||||
Beginning Balance, Foreign Currency Gains (Losses) | (102,176) | (107,026) | (124,868) | (120,827) | ||||
Other comprehensive income (loss) before reclassifications, Foreign Currency Gains (Losses) | (27,308) | 21,431 | (4,616) | 35,232 | ||||
Net current-period other comprehensive income (loss), Foreign Currency Gains (Losses) | (27,308) | 21,431 | (4,616) | 35,232 | ||||
Ending Balance, Foreign Currency Gains (Losses) | (129,484) | (85,595) | (129,484) | (85,595) | ||||
Beginning Balance, Adjustment to Early Retiree Medical Plan | 8,474 | 6,666 | 8,474 | 6,666 | ||||
Ending Balance, Adjustment to Early Retiree Medical Plan | 8,474 | 6,666 | 8,474 | 6,666 | ||||
Beginning Balance | (44,504) | (103,560) | (115,282) | (118,861) | ||||
Other comprehensive income (loss) before reclassifications | (11,170) | 29,635 | 64,998 | 44,435 | ||||
Amounts reclassified from accumulated other comprehensive income (loss) into earnings | (15,136) | [1] | 196 | [2] | (20,526) | [1] | 697 | [2] |
Net current-period other comprehensive income (loss) | (26,306) | 29,831 | 44,472 | 45,132 | ||||
Ending Balance | $ (70,810) | $ (73,729) | $ (70,810) | $ (73,729) | ||||
[1] Includes |
Accumulated Other Comprehensi_4
Accumulated Other Comprehensive Income (Loss) - Components of Accumulated Other Comprehensive Income (Loss) (Parenthetical) (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||||
Jul. 02, 2022 | Jul. 03, 2021 | Jul. 02, 2022 | Jul. 03, 2021 | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||
Amounts reclassified from accumulated other comprehensive income (loss) into earnings, Gains and (Losses) on Hedging Derivatives | $ (15,136) | [1] | $ 196 | [2] | $ (20,526) | [1] | $ 697 | [2] |
Reclassification adjustment for (gain) loss on settlement of hedging derivatives included in net earnings, tax effect | (4,800) | 0 | (6,500) | 100 | ||||
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 | (15,136) | 196 | (20,526) | 697 | ||||
Reclassification adjustment for (gain) loss on settlement of hedging derivatives included in net earnings, tax effect | $ (4,800) | $ 0 | $ (6,500) | $ 100 | ||||
[1] Includes |
Segments - Segments (Detail)
Segments - Segments (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jul. 02, 2022 | Jul. 03, 2021 | Jul. 02, 2022 | Jul. 03, 2021 | Dec. 31, 2021 | |
Segment Reporting Information [Line Items] | |||||
Net sales | $ 11,794,474 | $ 8,789,164 | $ 22,287,756 | $ 15,806,304 | |
Earnings (losses) before income taxes and noncontrolling interests | 3,490,402 | 2,025,748 | 6,388,517 | 3,323,994 | |
Total assets | 31,668,457 | 31,668,457 | $ 25,823,072 | ||
Operating Segments [Member] | Steel Mills [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Net sales | 7,256,067 | 5,909,909 | 13,774,676 | 10,518,686 | |
Earnings (losses) before income taxes and noncontrolling interests | 2,815,723 | 2,174,807 | 5,394,577 | 3,489,781 | |
Total assets | 15,255,411 | 15,255,411 | 13,235,463 | ||
Operating Segments [Member] | Steel Products [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Net sales | 3,842,948 | 2,241,107 | 7,166,036 | 4,051,162 | |
Earnings (losses) before income taxes and noncontrolling interests | 1,129,932 | 259,330 | 1,814,799 | 471,142 | |
Total assets | 12,464,340 | 12,464,340 | 7,845,010 | ||
Operating Segments [Member] | Raw Materials [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Net sales | 695,459 | 638,148 | 1,347,044 | 1,236,456 | |
Earnings (losses) before income taxes and noncontrolling interests | 263,598 | 120,143 | 359,451 | 343,378 | |
Total assets | 3,678,516 | 3,678,516 | 3,870,806 | ||
Intercompany Eliminations [Member] | Steel Mills [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Net sales | 1,763,563 | 1,496,298 | 3,356,821 | 2,721,411 | |
Intercompany Eliminations [Member] | Steel Products [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Net sales | 117,289 | 80,394 | 251,995 | 151,613 | |
Intercompany Eliminations [Member] | Raw Materials [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Net sales | 4,145,690 | 4,009,808 | 7,692,209 | 7,656,003 | |
Corporate and Eliminations Items [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Net sales | (6,026,542) | (5,586,500) | (11,301,025) | (10,529,027) | |
Earnings (losses) before income taxes and noncontrolling interests | (718,851) | $ (528,532) | (1,180,310) | $ (980,307) | |
Total assets | $ 270,190 | $ 270,190 | $ 871,793 |
Revenue - Schedule of Net Sales
Revenue - Schedule of Net Sales Disaggregates by Major Source (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jul. 02, 2022 | Jul. 03, 2021 | Jul. 02, 2022 | Jul. 03, 2021 | |
Revenue from Contract with Customers [Line Items] | ||||
Revenues | $ 11,794,474 | $ 8,789,164 | $ 22,287,756 | $ 15,806,304 |
Sheet [Member] | ||||
Revenue from Contract with Customers [Line Items] | ||||
Revenues | 3,616,333 | 3,104,304 | 6,799,396 | 5,455,759 |
Bar [Member] | ||||
Revenue from Contract with Customers [Line Items] | ||||
Revenues | 1,992,463 | 1,515,115 | 3,820,194 | 2,776,157 |
Structural [Member] | ||||
Revenue from Contract with Customers [Line Items] | ||||
Revenues | 783,121 | 619,541 | 1,566,392 | 1,096,736 |
Plate [Member] | ||||
Revenue from Contract with Customers [Line Items] | ||||
Revenues | 864,150 | 670,949 | 1,588,694 | 1,190,034 |
Tubular Products [Member] | ||||
Revenue from Contract with Customers [Line Items] | ||||
Revenues | 613,238 | 512,503 | 1,124,391 | 887,156 |
Rebar Fabrication [Member] | ||||
Revenue from Contract with Customers [Line Items] | ||||
Revenues | 579,000 | 480,727 | 1,024,232 | 867,284 |
Joist [Member] | ||||
Revenue from Contract with Customers [Line Items] | ||||
Revenues | 687,882 | 257,202 | 1,300,117 | 486,331 |
Deck [Member] | ||||
Revenue from Contract with Customers [Line Items] | ||||
Revenues | 582,414 | 227,748 | 1,133,323 | 421,161 |
Other Steel Products [Member] | ||||
Revenue from Contract with Customers [Line Items] | ||||
Revenues | 1,380,414 | 762,927 | 2,583,973 | 1,389,230 |
Raw Materials [Member] | ||||
Revenue from Contract with Customers [Line Items] | ||||
Revenues | 695,459 | 638,148 | 1,347,044 | 1,236,456 |
Steel Mills [Member] | ||||
Revenue from Contract with Customers [Line Items] | ||||
Revenues | 7,256,067 | 5,909,909 | 13,774,676 | 10,518,686 |
Steel Mills [Member] | Sheet [Member] | ||||
Revenue from Contract with Customers [Line Items] | ||||
Revenues | 3,616,333 | 3,104,304 | 6,799,396 | 5,455,759 |
Steel Mills [Member] | Bar [Member] | ||||
Revenue from Contract with Customers [Line Items] | ||||
Revenues | 1,992,463 | 1,515,115 | 3,820,194 | 2,776,157 |
Steel Mills [Member] | Structural [Member] | ||||
Revenue from Contract with Customers [Line Items] | ||||
Revenues | 783,121 | 619,541 | 1,566,392 | 1,096,736 |
Steel Mills [Member] | Plate [Member] | ||||
Revenue from Contract with Customers [Line Items] | ||||
Revenues | 864,150 | 670,949 | 1,588,694 | 1,190,034 |
Steel Products [Member] | ||||
Revenue from Contract with Customers [Line Items] | ||||
Revenues | 3,842,948 | 2,241,107 | 7,166,036 | 4,051,162 |
Steel Products [Member] | Tubular Products [Member] | ||||
Revenue from Contract with Customers [Line Items] | ||||
Revenues | 613,238 | 512,503 | 1,124,391 | 887,156 |
Steel Products [Member] | Rebar Fabrication [Member] | ||||
Revenue from Contract with Customers [Line Items] | ||||
Revenues | 579,000 | 480,727 | 1,024,232 | 867,284 |
Steel Products [Member] | Joist [Member] | ||||
Revenue from Contract with Customers [Line Items] | ||||
Revenues | 687,882 | 257,202 | 1,300,117 | 486,331 |
Steel Products [Member] | Deck [Member] | ||||
Revenue from Contract with Customers [Line Items] | ||||
Revenues | 582,414 | 227,748 | 1,133,323 | 421,161 |
Steel Products [Member] | Other Steel Products [Member] | ||||
Revenue from Contract with Customers [Line Items] | ||||
Revenues | 1,380,414 | 762,927 | 2,583,973 | 1,389,230 |
Raw Materials [Member] | ||||
Revenue from Contract with Customers [Line Items] | ||||
Revenues | 695,459 | 638,148 | 1,347,044 | 1,236,456 |
Raw Materials [Member] | Raw Materials [Member] | ||||
Revenue from Contract with Customers [Line Items] | ||||
Revenues | $ 695,459 | $ 638,148 | $ 1,347,044 | $ 1,236,456 |
Revenue - Additional Informatio
Revenue - Additional Information (Detail) - USD ($) $ in Millions | Jul. 02, 2022 | Dec. 31, 2021 |
Revenue From Contract With Customer [Abstract] | ||
Contract liabilities | $ 295.1 | $ 251.9 |
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 | 6 Months Ended | ||
Jul. 02, 2022 | Jul. 03, 2021 | Jul. 02, 2022 | Jul. 03, 2021 | |
Earnings Per Share [Abstract] | ||||
Basic net earnings | $ 2,561,233 | $ 1,506,868 | $ 4,656,856 | $ 2,449,300 |
Earnings allocated to participating securities, Basic | (11,041) | (6,676) | (19,380) | (12,426) |
Net earnings available to common stockholders, Basic | $ 2,550,192 | $ 1,500,192 | $ 4,637,476 | $ 2,436,874 |
Basic average shares outstanding | 263,221 | 296,817 | 267,416 | 299,359 |
Basic net earnings per share | $ 9.69 | $ 5.05 | $ 17.34 | $ 8.14 |
Diluted net earnings | $ 2,561,233 | $ 1,506,868 | $ 4,656,856 | $ 2,449,300 |
Earnings allocated to participating securities, Diluted | (10,997) | (6,649) | (19,302) | (12,385) |
Net earnings available to common stockholders, Diluted | $ 2,550,236 | $ 1,500,219 | $ 4,637,554 | $ 2,436,915 |
Dilutive effect of stock options and other | 498 | 712 | 650 | 379 |
Diluted average shares outstanding | 263,719 | 297,529 | 268,066 | 299,738 |
Diluted net earnings per share | $ 9.67 | $ 5.04 | $ 17.30 | $ 8.13 |
Earnings Per Share - Anti-dilut
Earnings Per Share - Anti-dilutive Stock Options (Detail) - $ / shares shares in Thousands | 3 Months Ended | 6 Months Ended |
Jul. 03, 2021 | Jul. 03, 2021 | |
Earnings Per Share [Abstract] | ||
Weighted-average shares | 52 | 152 |
Weighted-average exercise price | $ 110.74 | $ 73.47 |
Debt and Other Financing Arra_2
Debt and Other Financing Arrangements - Additional Information (Detail) - USD ($) $ in Thousands | 6 Months Ended | ||||
May 23, 2022 | Apr. 25, 2022 | Mar. 11, 2022 | Jul. 02, 2022 | Jul. 03, 2021 | |
Debt Instrument [Line Items] | |||||
Net proceeds of debt issuance and sale of notes after expenses and the underwriting discount | $ 991,900 | $ 1,090,000 | |||
Debt issuance and sale costs of Notes | 5,900 | 15,300 | |||
Redemption amount | $ 506,000 | $ 0 | |||
Notes, 3.125%, due 2032 [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt instrument face amount | $ 550,000 | ||||
Debt instrument interest rate | 3.125% | ||||
Debt instrument - maturity year | 2032 | ||||
Notes, 3.850%, due 2052 [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt instrument face amount | $ 550,000 | ||||
Debt instrument interest rate | 3.85% | ||||
Debt instrument - maturity year | 2052 | ||||
Notes, 4.125%, due 2022 [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt instrument face amount | $ 600,000 | ||||
Debt instrument interest rate | 4.125% | ||||
Debt instrument - maturity year | 2022 | ||||
Notes, 4.000%, due 2023 [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt instrument face amount | $ 500,000 | ||||
Debt instrument interest rate | 4% | ||||
Debt instrument - maturity year | 2023 | ||||
Redemption amount | $ 500,000 | ||||
Notes, 3.950%, due 2025 [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt instrument face amount | $ 500,000 | ||||
Debt instrument interest rate | 3.95% | ||||
Debt instrument - maturity year | 2025 | ||||
Notes, 4.300%, due 2027 [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt instrument face amount | $ 500,000 | ||||
Debt instrument interest rate | 4.30% | ||||
Debt instrument - maturity year | 2027 |
Acquisitions - Additional Infor
Acquisitions - Additional Information (Details) - USD ($) $ in Thousands | 6 Months Ended | ||||
Jun. 24, 2022 | Feb. 01, 2022 | Jul. 02, 2022 | Jul. 03, 2021 | Dec. 31, 2021 | |
Business Acquisition [Line Items] | |||||
Goodwill | $ 3,929,503 | $ 2,827,344 | |||
Acquisitions net of cash acquired | 3,465,866 | $ (300) | |||
C.H.I. Overhead Doors | |||||
Business Acquisition [Line Items] | |||||
Business acquisition, purchase price | $ 3,000,000 | ||||
Goodwill | 1,036,332 | ||||
Goodwill recognized for tax purposes | $ 5,600 | ||||
CSI [Member] | |||||
Business Acquisition [Line Items] | |||||
Business acquisition, purchase price | $ 400,000 | ||||
Goodwill | $ 62,011 | ||||
Acquired controlling ownership percentage | 51% | ||||
Percentage of assets and liabilities | 100% | ||||
Business combination noncontrolling interest fair value percentage not acquired by Nucor | 49% | ||||
Implied percentage to determine fair value of noncontrolling interest | 100% | ||||
CSI [Member] | Vale S.A [Member] | |||||
Business Acquisition [Line Items] | |||||
Acquired controlling ownership percentage | 50% | ||||
CSI [Member] | JFE Steel Corporation [Member] | |||||
Business Acquisition [Line Items] | |||||
Acquired controlling ownership percentage | 1% | ||||
Other Acquisitions [Member] | |||||
Business Acquisition [Line Items] | |||||
Acquisitions net of cash acquired | $ 76,200 |
Acquisitions - Summary of Fair
Acquisitions - Summary of Fair Values of Assets Acquired and Liabilities Assumed (Detail) - USD ($) $ in Thousands | Jul. 02, 2022 | Jun. 24, 2022 | Feb. 01, 2022 | Dec. 31, 2021 |
Business Acquisition [Line Items] | ||||
Goodwill | $ 3,929,503 | $ 2,827,344 | ||
C.H.I. Overhead Doors | ||||
Business Acquisition [Line Items] | ||||
Cash | $ 159,066 | |||
Accounts receivable | 73,549 | |||
Inventory | 52,515 | |||
Other current assets | 19,493 | |||
Property, plant and equipment | 117,392 | |||
Goodwill | 1,036,332 | |||
Other intangible assets | 2,389,180 | |||
Other assets | 9,559 | |||
Total assets acquired | 3,857,086 | |||
Current liabilities | 75,146 | |||
Deferred income taxes | 579,559 | |||
Other liabilities | 7,509 | |||
Total liabilities assumed | 662,214 | |||
Net assets acquired | $ 3,194,872 | |||
CSI [Member] | ||||
Business Acquisition [Line Items] | ||||
Cash | $ 98,537 | |||
Accounts receivable | 159,257 | |||
Inventory | 354,614 | |||
Other current assets | 5,298 | |||
Property, plant and equipment | 566,714 | |||
Goodwill | 62,011 | |||
Other assets | 7,071 | |||
Total assets acquired | 1,253,502 | |||
Other liabilities | 139,947 | |||
Total liabilities assumed | 380,447 | |||
Net assets acquired | 873,055 | |||
Current portion of long-term debt | 9,826 | |||
Other current liabilities | 162,808 | |||
Long-term debt due after one year | 67,866 | |||
Less: Fair value of noncontrolling interest | 427,797 | |||
Net assets acquired at 51% | $ 445,258 |
Acquisitions - Summary of Purch
Acquisitions - Summary of Purchase Price Allocation to Identifiable Intangible Assets (Detail) - C.H.I. Overhead Doors $ in Thousands | Jun. 24, 2022 USD ($) |
Business Acquisition [Line Items] | |
Identifiable intangible assets | $ 2,389,000 |
Customer Relationships [Member] | |
Business Acquisition [Line Items] | |
Identifiable intangible assets | $ 2,242,000 |
Weighted-Average Life | 25 years |
Trademarks and Trade Names [Member] | |
Business Acquisition [Line Items] | |
Identifiable intangible assets | $ 147,000 |
Weighted-Average Life | 13 years |