Nucor (NUE) 10-Q 10 Nov 09 2009 Q3 Quarterly report Financial data

Statement Of Income Alternative

Statement Of Income Alternative (USD $)
In Thousands, except Per Share data	3 Months Ended Oct. 03, 2009	3 Months Ended Sep. 27, 2008	9 Months Ended Oct. 03, 2009	9 Months Ended Sep. 27, 2008
Net sales	$3,120,005	$7,447,520	$8,252,352	$19,512,388
Costs, expenses and other:
Cost of products sold	3,000,851	5,990,407	8,319,079	15,941,654
Marketing, administrative and other expenses	105,913	215,755	338,214	605,641
Interest expense, net	34,725	23,030	99,047	68,109
Costs and expenses, Operating and Nonoperating, Total	3,141,489	6,229,192	8,756,340	16,615,404
Earnings (loss) before income taxes and noncontrolling interests	(21,484)	1,218,328	(503,988)	2,896,984
Provision for (benefit from) income taxes	(16,173)	407,525	(180,383)	915,966
Net earnings (loss)	(5,311)	810,803	(323,605)	1,981,018
Earnings attributable to noncontrolling interests	24,227	76,213	28,915	255,920
Net earnings (loss) attributable to Nucor stockholders	($29,538)	$734,590	($352,520)	$1,725,098
Net earnings (loss) per share:
Basic	-0.1	2.31	-1.12	5.71
Diluted	-0.1	2.31	-1.12	5.7
Average shares outstanding:
Basic	315,173	316,713	314,743	301,156
Diluted	315,173	317,013	314,743	301,764
Dividends declared per share	0.35	0.52	1.05	1.56

Statement Of Financial Position

Statement Of Financial Position Classified (USD $)
In Thousands	Oct. 03, 2009	Dec. 31, 2008
Current assets:
Cash and cash equivalents	$1,957,671	$2,355,130
Short-term investments	263,472	0
Accounts receivable, net	1,156,510	1,228,807
Inventories	1,310,114	2,408,157
Other current assets	514,785	405,392
Total current assets	5,202,552	6,397,486
Property, plant and equipment, net	4,071,229	4,131,861
Goodwill	1,794,761	1,732,045
Other intangible assets, net	915,993	946,545
Other assets	685,477	666,506
Total assets	12,670,012	13,874,443
Current liabilities:
Short-term debt	3,428	8,622
Long-term debt due within one year	0	180,400
Accounts payable	749,246	534,161
Federal income taxes payable	0	199,044
Salaries, wages and related accruals	207,912	580,090
Accrued expenses and other current liabilities	351,965	351,875
Total current liabilities	1,312,551	1,854,192
Long-term debt due after one year	3,086,200	3,086,200
Deferred credits and other liabilities	687,341	677,370
Total liabilities	5,086,092	5,617,762
Nucor stockholders' equity:
Common stock	149,863	149,628
Additional paid-in capital	1,665,862	1,629,981
Retained earnings	7,175,488	7,860,629
Accumulated other comprehensive loss, net of income taxes	(63,295)	(190,262)
Treasury stock	(1,514,465)	(1,520,772)
Stockholders' Equity Attributable to Parent, Total	7,413,453	7,929,204
Noncontrolling interests	170,467	327,477
Total equity	7,583,920	8,256,681
Total liabilities and equity	$12,670,012	$13,874,443

Statement Of Cash Flows Indirec

Statement Of Cash Flows Indirect (USD $)
In Thousands	9 Months Ended Oct. 03, 2009	9 Months Ended Sep. 27, 2008
Operating activities:
Net earnings (loss)	($323,605)	$1,981,018
Adjustments:
Depreciation	367,966	354,291
Amortization	54,138	51,056
Stock-based compensation	43,460	38,428
Deferred income taxes	51,104	(111,536)
Changes in assets and liabilities (exclusive of acquisitions):
Accounts receivable	92,210	(437,792)
Inventories	1,113,104	(1,083,823)
Accounts payable	212,291	199,364
Federal income taxes	(381,153)	163,514
Salaries, wages and related accruals	(366,261)	165,016
Other	94,689	2,714
Cash provided by operating activities	957,943	1,322,250
Investing activities:
Capital expenditures	(316,024)	(806,152)
Investment in and advances to affiliates	(60,295)	(704,945)
Disposition of plant and equipment	10,486	8,676
Acquisitions (net of cash acquired)	(24,714)	(1,827,165)
Purchases of investments	(261,389)	(234,461)
Proceeds from the sale of investments	0	392,055
Proceeds from currency derivative contracts	0	1,441,863
Settlement of currency derivative contracts	0	(1,424,291)
Cash used in investing activities	(651,936)	(3,154,420)
Financing activities:
Net change in short-term debt	(5,222)	(143,480)
Proceeds from the issuance of long-term debt	0	989,715
Repayment of long-term debt	(180,400)	0
Bond issuance costs	0	(6,938)
Issuance of common stock	3,556	1,995,921
Excess tax benefits from stock-based compensation	(3,200)	10,600
Distributions to noncontrolling interests	(186,104)	(252,569)
Cash dividends	(332,096)	(493,002)
Acquisition of treasury stock	0	(7,684)
Cash provided by (used in) financing activities	(703,466)	2,092,563
Increase (decrease) in cash and cash equivalents	(397,459)	260,393
Cash and cash equivalents - beginning of year	2,355,130	1,393,943
Cash and cash equivalents - end of nine months	$1,957,671	$1,654,336

1.BASIS OF INTERIM PRESENTATION

1.BASIS OF INTERIM PRESENTATION
	9 Months Ended Oct. 03, 2009 USD / shares
Notes to Financial Statements [Abstract]
1.BASIS OF INTERIM PRESENTATION	1. BASIS OF INTERIM PRESENTATION: The information furnished in Item I reflects all adjustments which are, in the opinion of management, necessary to a fair statement of the results for the interim periods and are of a normal and recurring nature unless otherwise noted. The information furnished has not been audited; however, the December31, 2008 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 condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and the notes thereto included in Nucors annual report for the fiscal year ended December31, 2008. Certain amounts for the prior year have been reclassified to conform to the 2009 presentation. The Company has evaluated subsequent events through November10, 2009, the date these financial statements were issued. Recently Adopted Accounting Pronouncements - In January 2009, Nucor adopted accounting guidance that amends current accounting and reporting for a noncontrolling interest in a subsidiary and the deconsolidation of a subsidiary. Upon adoption of this guidance, noncontrolling interest of $327.5 million was reclassified to equity as of December31, 2008 and the corresponding earnings attributable to noncontrolling interests for the periods ended September27, 2008 have been presented as reconciling items in the condensed consolidated statements of earnings. In January 2009, Nucor adopted accounting guidance that provides that unvested share-based payment awards that contain nonforfeitable rights to dividends or dividend equivalents, whether paid or unpaid, are participating securities and shall be included in the computation of both basic and diluted earnings per share. The impact to diluted and basic earnings per share for the prior year periods due to adoption of this guidance was not significant. In the second quarter of 2009, Nucor adopted accounting guidance that requires disclosures about the fair value of financial instruments for publicly traded companies for both interim and annual periods. This provision did not have a material impact on Nucors consolidated financial statements. See Note 8, Fair Value Measurements, for the relevant disclosures. Also in the second quarter of 2009, Nucor adopted a new accounting standard that establishes the accounting for and disclosure of events that occur after the balance sheet date but before financial statements are issued or are available to be issued. This accounting standard requires the disclosure of the date through which an entity has evaluated subsequent events. See Note 1, Basis of Interim Presentation, for the relevant disclosures. The adoption of this accounting standard did not have a material impact on Nucors consolidated financial statements. In June 2009, the Financial Accounting Standards Board (FASB) issued guidance codifying generally accepted accounting principles in the United States (GAAP). While the guidance was not intended to change GAAP, it did change the way the Company references au

2.INVENTORIES

2.INVENTORIES
	9 Months Ended Oct. 03, 2009 USD / shares
Notes to Financial Statements [Abstract]
2.INVENTORIES	2. INVENTORIES: Inventories consist of approximately 46% raw materials and supplies and 54% finished and semi-finished products at October3, 2009 (47% and 53% respectively, at December31, 2008). Nucors manufacturing process consists of a continuous, vertically integrated process from which products are sold to customers at various stages. Since most steel products can be classified as either finished or semi-finished products, these two categories of inventory are combined. Inventories valued using the last-in, first-out (LIFO) method of accounting represent approximately 49% of total inventories as of October3, 2009 (65% as of December31, 2008). If the first-in, first-out (FIFO) method of accounting had been used, inventories would have been $573.4 million higher at October3, 2009 ($923.4 million higher at December31, 2008). Use of the lower of cost or market method reduced inventories by $11.8 million at October3, 2009 ($51.3 million at December31, 2008).

3.PROPERTY, PLANT AND EQUIPMENT

3.PROPERTY, PLANT AND EQUIPMENT
	9 Months Ended Oct. 03, 2009 USD / shares
Notes to Financial Statements [Abstract]
3.PROPERTY, PLANT AND EQUIPMENT	3. PROPERTY, PLANT AND EQUIPMENT: Property, plant and equipment is recorded net of accumulated depreciation of $4.69 billion at October3, 2009 ($4.35 billion at December31, 2008). During the third quarter, $12.3 million of costs related to an ongoing project that were capitalized in the first quarter were expensed. Based upon managements evaluation of this out-of-period adjustment, it was not considered material to either period.

4.GOODWILL AND OTHER INTANGIBLE

4.GOODWILL AND OTHER INTANGIBLE ASSETS
	9 Months Ended Oct. 03, 2009 USD / shares
Notes to Financial Statements [Abstract]
4.GOODWILL AND OTHER INTANGIBLE ASSETS	4. GOODWILL AND OTHER INTANGIBLE ASSETS: The change in the net carrying amount of goodwill for the nine months ended October3, 2009 by segment is as follows (in thousands): SteelMills SteelProducts RawMaterials AllOther Total Balance at December31, 2008 $ 208,466 $ 755,562 $ 665,075 $ 102,942 $ 1,732,045 Purchase price adjustments of previous acquisitions 60,000 (19,979 ) (14,090 ) 25,931 Translation 36,785 36,785 Balance at October3, 2009 $ 268,466 $ 772,368 $ 665,075 $ 88,852 $ 1,794,761 During the second quarter of 2009, $35.3 million of the goodwill originally allocated to the steel products segment and $24.7 million of the goodwill originally allocated to the steel trading businesses included in the all other category for the 2008 acquisition of Ambassador Steel Corporation was reallocated to the steel mills segment, for a total of $60.0 million. The reallocation was made on the basis that expected cost synergies will benefit the steel mills. Nucor completed its annual goodwill impairment testing during the fourth quarter of 2008. Based on the results of that evaluation, the Company concluded that there was no impairment of goodwill for any of its reporting units. The annual evaluation performed in 2008 used forward-looking projections and included significant expected improvements in the future cash flows of the Companys reporting units. Based on an ongoing evaluation of relevant facts and circumstances, including recent performance below projected results, the Company reevaluated the Buildings Group and Cold Finish reporting units during the second quarter of 2009 and determined that there was no goodwill impairment at that time. Further interim testing for goodwill impairment was not deemed necessary during the third quarter. However, all reporting units will be subject to the required annual impairment test during the fourth quarter. If our assessment of the relevant facts and circumstances changes, economic conditions fail to improve, or actual performance in any of these reporting units falls short of projected results, noncash impairment charges may be required. Total goodwill amounts associated with the Buildings Group and Cold Finish reporting units as of October3, 2009 were $165.3 million and $43.1 million, respectively. Intangible assets with estimated lives of five to 22 years are amortized on a straight-line or accelerated basis and are comprised of the following (in thousands): October3, 2009 December31, 2008 Gross Amount Accumulated Amortization Gross Amount Accumulated Amortization Customer relationships $ 918,279 $ 126,991 $ 897,477 $ 80,235 Trademarks and trade names 121,518 11,679 118,734 7,150 Other 27,869 13,003 27,869 10,150 $ 1,067,666 $ 151,673 $ 1,044,080 $ 97,535 Intangible asset amortization expense was $18.1 million and $

5.EQUITY INVESTMENTS

5.EQUITY INVESTMENTS
	9 Months Ended Oct. 03, 2009 USD / shares
Notes to Financial Statements [Abstract]
5.EQUITY INVESTMENTS	5. EQUITY INVESTMENTS: The carrying value of our equity investments in domestic and foreign companies was $596.6 million at October3, 2009 ($626.4 million at December31, 2008) and is recorded in other assets in the consolidated balance sheets. Nucor incurred equity method investment losses of $9.6 million in the third quarter of 2009 and earnings of $2.1 million in the third quarter of 2008. Nucor incurred equity method investment losses of $69.4 million and $16.3 million in the first nine months of 2009 and 2008, respectively. The results of our equity investments are included in marketing, administrative, and other expenses in the condensed consolidated statements of earnings. Nucors most significant equity method investment includes a 50% economic and voting interest in Duferdofin-Nucor S.r.l., a steel manufacturer with three structural mills located in Italy. Nucor accounts for the investment in Duferdofin-Nucor (on a one-month lag basis) under the equity method, as control and risk of loss are shared equally between the partners. Duferdofin-Nucor losses attributable to Nucor included a pre-tax charge to write down inventories to the lower of cost or market of $45.8 million in the first nine months of 2009. Nucors investment in Duferdofin-Nucor at October3, 2009 was $547.8 million ($581.9 million at December31, 2008). Nucors 50% share of the total net assets of Duferdofin-Nucor on a historical basis was $42.2 million at October3, 2009, resulting in a basis difference of $505.6 million due to the step-up to fair value of certain assets and liabilities attributable to Duferdofin-Nucor as well as the identification of goodwill ($231.6 million) and definite-lived intangible assets. This basis difference, excluding the portion attributable to goodwill, is being amortized based on the remaining estimated useful lives of the various underlying net assets, as appropriate. As of October3, 2009, Nucor held notes receivable from Duferdofin-Nucor with a notional value of 35million Euro ($50.9 million). The notes receivable bear interest at the twelve-month Euro Interbank Offered Rate (Euribor) as of the date of the notes plus 1%per year. The interest rates were reset on September30, 2009 to the Euribor twelve month rate as of that date plus 1%per year. The principal amount of 9million Euros ($13.1 million) is due on April30, 2011. The remaining principal amount of 26million Euros ($37.8 million) is due on May31, 2011. Accordingly, the notes receivable have been classified in other assets in the condensed consolidated balance sheet.

6.CURRENT LIABILITIES

6.CURRENT LIABILITIES
	9 Months Ended Oct. 03, 2009 USD / shares
Notes to Financial Statements [Abstract]
6.CURRENT LIABILITIES	6. CURRENT LIABILITIES: Book overdrafts, included in accounts payable in the consolidated balance sheets, were $82.2 million at October3, 2009 ($62.1 million at December31, 2008). Accrued vacation, included in salaries, wages and related accruals in the consolidated balance sheet, was $75.8 million at October3, 2009 ($73.1 million at December31, 2008). Dividends payable, included in accrued expenses and other current liabilities in the condensed consolidated balance sheets, were $111.0 million at October3, 2009 ($110.5 million at December31, 2008).

7.DERIVATIVES

7.DERIVATIVES
	9 Months Ended Oct. 03, 2009 USD / shares
Notes to Financial Statements [Abstract]
7.DERIVATIVES	7. DERIVATIVES: Nucor uses derivative financial instruments from time-to-time primarily to partially manage its exposure to price risk related to natural gas purchases used in the production process as well as copper and aluminum purchased for resale to its customers. In addition, Nucor uses derivatives from time-to-time to partially manage its exposure to changes in interest rates on outstanding debt instruments and uses forward foreign exchange contracts to hedge cash flows associated with certain assets and liabilities, firm commitments and anticipated transactions. Nucor recognizes all derivative instruments in the consolidated balance sheets at fair value. Any resulting changes in fair value are recorded as adjustments to other comprehensive income (loss), net of tax, or recognized in net earnings, as appropriate. At October3, 2009, natural gas swaps covering 40.5million MMBTUs and foreign currency contracts with a notional value of $25.7 million were outstanding. The following tables summarize information regarding Nucors derivative instruments (in thousands): Fair Value of Derivative Instruments October3, 2009 Balance Sheet Location FairValue Asset derivatives not designated as hedging instruments: Commodity contracts Other current assets $ 599 Foreign exchange contracts Other current assets 46 Total asset derivatives not designated as hedging instruments $ 645 Liability derivatives designated as hedging instruments: Commodity contracts Accrued expenses and other current liabilities $ 13,500 Commodity contracts Deferred credits and other liabilities 66,200 Total liability derivatives designated as hedging instruments 79,700 Liability derivatives not designated as hedging instruments: Foreign exchange contracts Accrued expenses and other current liabilities 1,104 Total liability derivatives $ 80,804 The Effect of Derivative Instruments on the Condensed Consolidated Statements of Earnings Derivatives in Cash FlowHedgingRelationships AmountofGainor (Loss)Recognized inOCIon Derivative (EffectivePortion) ThreeMonths (13 Weeks) EndedOctober3,2009 LocationofGainor (Loss)Reclassified fromAccumulated OCIintoIncome (EffectivePortion) AmountofGainor (Loss)Reclassified fromAccumulated OCIintoIncome (EffectivePortion) ThreeMonths (13Weeks) EndedOctober3,2009 LocationofGainor (Loss)Recognized inIncomeon Derivative (IneffectivePortion) AmountofGainor (Loss)Recognized inIncomeon Derivative (IneffectivePortion) ThreeMonths (13Weeks) EndedOctober3,2009 Commoditycontracts $ (604 ) Costofproductssold $ (10,754 ) Costofproductssold $ 300 Derivatives in Cash FlowHedgingRelationships AmountofGainor (Loss)Recognized inOCIon Derivative (EffectivePortion) ThreeMonths (13 Weeks) EndedOctober3,2009 LocationofGainor (Loss)Reclassified fromAccumulated OCIintoIncome (EffectivePortion) AmountofGainor (

8.FAIR VALUE MEASUREMENTS

8.FAIR VALUE MEASUREMENTS
	9 Months Ended Oct. 03, 2009 USD / shares
Notes to Financial Statements [Abstract]
8.FAIR VALUE MEASUREMENTS	8. FAIR VALUE MEASUREMENTS: The following table summarizes information regarding Nucors financial assets and financial liabilities that are measured at fair value as of October3, 2009 (in thousands). Nucor does not currently have any non-financial assets or liabilities that are measured at fair value on a recurring basis. FairValueMeasurementsatReportingDateUsing Description Carrying Amountin Consolidated BalanceSheets QuotedPricesin ActiveMarketsfor IdenticalAssets (Level1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level3) Assets: Cash equivalents $ 1,860,159 $ 1,860,159 $ $ Short-term investments 263,472 263,472 Derivatives 645 645 Total assets $ 2,124,276 $ 2,123,631 $ 645 $ Liabilities: Derivatives $ (80,804 ) $ $ (80,804 ) $ Fair value measurements for Nucors cash equivalents and short-term investments are classified under Level 1 because such measurements are based on quoted market prices in active markets for identical assets. Fair value measurements for Nucors derivatives are classified under Level 2 because such measurements are based on published market prices for similar assets or are estimated based on observable inputs such as interest rates, yield curves, credit risks, spot and future commodity prices and spot and future exchange rates. The fair value of long-term debt, including current maturities, was approximately $3.36 billion at October3, 2009 ($3.13 billion at December31, 2008). The fair value estimates were based on readily available market prices of our debt at October3, 2009 and December31, 2008, or similar debt with the same maturities, rating and interest rates.

9.CONTINGENCIES

9.CONTINGENCIES
	9 Months Ended Oct. 03, 2009 USD / shares
Notes to Financial Statements [Abstract]
9.CONTINGENCIES	9. CONTINGENCIES: Nucor has been named, along with other major steel producers, as a co-defendant in several related antitrust class-action complaints filed by Standard Iron Works and other steel purchasers in the United States District Court for the Northern District of Illinois. The cases are filed as class actions. The plaintiffs allege that from January 2005 to the present, eight steel manufacturers, including Nucor, engaged in anticompetitive activities with respect to the production and sale of steel. The plaintiffs seek monetary and other relief. Although we believe the plaintiffs claims are without merit and will vigorously defend against them, we cannot at this time predict the outcome of this litigation or determine Nucors potential exposure. Nucor is subject to environmental laws and regulations established by federal, state and local authorities and makes provision for the estimated costs related to compliance. Of the undiscounted total of $38.3 million of accrued environmental costs at October3, 2009 ($27.1 million at December31, 2008), $19.3 million was classified in accrued expenses and other current liabilities ($16.1 million at December31, 2008) and $19.0 million was classified in deferred credits and other liabilities ($11.0 million at December31, 2008). Other contingent liabilities with respect to product warranties and other matters arise in the normal course of business. In the opinion of management, no such matters exist that, individually or in the aggregate, would have a material effect on the consolidated financial statements.

10.STOCK-BASED COMPENSATION

10.STOCK-BASED COMPENSATION
	9 Months Ended Oct. 03, 2009 USD / shares
Notes to Financial Statements [Abstract]
10.STOCK-BASED COMPENSATION	10. STOCK-BASED COMPENSATION: Stock Options A summary of activity under Nucors stock option plans for the nine months ended October3, 2009 is as follows (in thousands, except year and per share amounts): Shares Weighted- Average Exercise Price Weighted- Average Remaining ContractualLife Aggregate Intrinsic Value Number of shares under option: Outstanding at beginning of year 1,299 $ 20.80 Exercised (225 ) $ 15.85 $ 6,575 Canceled Outstanding at October3, 2009 1,074 $ 21.84 1.9Years $ 24,197 Options exercisable at October3, 2009 1,074 $ 21.84 1.9Years $ 24,197 As of March1, 2006 all outstanding options were vested; therefore, no compensation expense related to stock options was recorded in the first nine months of 2009 or 2008. The amount of cash received from the exercise of stock options totaled $2.1 million and $3.6 million in the third quarter and first nine months of 2009, respectively. Restricted Stock Awards Nucors Senior Officers Annual Incentive Plan (the AIP) and Long-Term Incentive Plan (the LTIP) authorize the award of shares of common stock to officers subject to certain conditions and restrictions. The LTIP provides for the award of shares of restricted common stock at the end of each LTIP performance measurement period at no cost to officers if certain financial performance goals are met during the period. One-third of the LTIP restricted stock award vests upon each of the first three anniversaries of the award date or, if earlier, upon the officers attainment of age fifty-five while employed by Nucor. Although participants are entitled to cash dividends and may vote such awarded shares, the sale or transfer of such shares is limited during the restricted period. The AIP provides for the payment of annual cash incentive awards. An AIP participant may elect, however, to defer payment of up to one-half of an annual incentive award. In such event, the deferred AIP award is converted into common stock units and credited with a deferral incentive, in the form of additional common stock units, equal to 25% of the number of common stock units attributable to the deferred AIP award. Common stock units attributable to deferred AIP awards are fully vested. Common stock units credited as a deferral incentive vest upon the AIP participants attainment of age fifty-five while employed by Nucor. Vested common stock units are paid to AIP participants in the form of shares of common stock following their termination of employment with Nucor. A summary of Nucors restricted stock activity under the AIP and LTIP for the first nine months of 2009 is as follows (shares in thousands): Shares GrantDate FairValue Restricted stock awards and units: Unvested at beginning of year 375 $ 61.57 Granted 256 $ 32.16 Vested (366 ) $ 48.70 Canceled Unvested at October3, 2009 265 $ 50.95 Shares reserved for future grants 1,731

11.EMPLOYEE BENEFIT PLAN

11.EMPLOYEE BENEFIT PLAN
	9 Months Ended Oct. 03, 2009 USD / shares
Notes to Financial Statements [Abstract]
11.EMPLOYEE BENEFIT PLAN	11. EMPLOYEE BENEFIT PLAN: Nucor has a Profit Sharing and Retirement Savings Plan for qualified employees. Nucors expense for these benefits was $2.0 million and $112.4 million in the third quarter of 2009 and 2008, respectively, and was $7.5 million and $268.5 million in the first nine months of 2009 and 2008, respectively.

12.INTEREST EXPENSE

12.INTEREST EXPENSE
	9 Months Ended Oct. 03, 2009 USD / shares
Notes to Financial Statements [Abstract]
12.INTEREST EXPENSE	12. INTEREST EXPENSE: The components of net interest expense are as follows (in thousands): ThreeMonths(13Weeks)Ended NineMonths(39Weeks)Ended Oct.3,2009 Sept.27,2008 Oct.3,2009 Sept.27,2008 Interest expense $ 37,168 $ 36,996 $ 112,327 $ 101,068 Interest income (2,443 ) (13,966 ) (13,280 ) (32,959 ) Interest expense, net $ 34,725 $ 23,030 $ 99,047 $ 68,109

13.INCOME TAXES

13.INCOME TAXES
	9 Months Ended Oct. 03, 2009 USD / shares
Notes to Financial Statements [Abstract]
13.INCOME TAXES	13. INCOME TAXES: The effective tax rate of the third quarter of 2009 is not meaningful for comparative purposes due to the low level of pre-tax loss for the period. The Internal Revenue Service (IRS) is currently examining Nucors 2005 and 2006 federal income tax returns.Management believes that the Company has adequately provided for any adjustments that may arise from this audit.Nucor has concluded U.S. federal income tax matters for years through 2004.The 2007 and 2008 tax years are open to examination by the IRS.The tax years 2003 through 2008 remain open to examination by other major taxing jurisdictions to which Nucor is subject.

14.STOCKHOLDERS' EQUITY AND COM

14.STOCKHOLDERS' EQUITY AND COMPREHENSIVE INCOME
	1/1/2009 - 10/3/2009 USD / shares
Notes to Financial Statements [Abstract]
14.STOCKHOLDERS' EQUITY AND COMPREHENSIVE INCOME	14. STOCKHOLDERS EQUITY AND COMPREHENSIVE INCOME: The following table reflects the changes in stockholders equity attributable to both Nucor Corporation and the noncontrolling interests of Nucors joint ventures: Nucor-Yamato Steel Company, Nucor Trading S.A. and Barker Steel Company, Inc., of which Nucor owns 51%, 75% and 90%, respectively (in thousands): Attributableto NucorCorporation Attributableto NoncontrollingInterests Total Stockholders equity at December31, 2008 $ 7,929,204 $ 327,477 $ 8,256,681 Comprehensive income (loss): Net earnings (loss) (352,520 ) 28,915 (323,605 ) Net unrealized loss on hedging derivatives, net of income taxes (35,896 ) (35,896 ) Reclassification adjustment for loss on settlement of hedging derivatives included in net income, net of income taxes 30,582 30,582 Foreign currency translation gain, net of income taxes 132,279 179 132,458 Total comprehensive income (loss) (225,555 ) 29,094 (196,461 ) Stock options exercised 3,556 3,556 Issuance of stock under award plans, net of forfeitures 36,069 36,069 Amortization of unearned compensation 2,800 2,800 Cash dividends (332,621 ) (332,621 ) Distributions to noncontrolling interests 186,104 ) (186,104 ) Stockholders equity at October3, 2009 $ 7,413,453 $ 170,467 $ 7,583,920 The components of total comprehensive income are as follows (in thousands): ThreeMonths(13Weeks)Ended NineMonths(39Weeks)Ended October3,2009 September27,2008 October3,2009 September27,2008 Net earnings (loss) $ (5,311 ) $ 810,803 $ (323,605 ) $ 1,981,018 Net unrealized loss on hedging derivatives, net of income taxes (604 ) (106,629 ) (35,896 ) (3,833 ) Reclassification adjustment for (gain) loss on settlement of hedging derivatives included in net income, net of income taxes 10,754 (6,000 ) 30,582 (13,066 ) Foreign currency translation gain (loss), net of income taxes 77,851 (84,409 ) 132,458 (83,274 ) Comprehensive income (loss) 82,690 613,765 (196,461 ) 1,880,845 Comprehensive income attributable to noncontrolling interests (24,322 ) (76,157 ) (29,094 ) (255,829 ) Comprehensive income (loss) attributable to Nucor stockholders $ 58,368 $ 537,608 $ (225,555 ) $ 1,625,016

15.SEGMENTS

15.SEGMENTS
	9 Months Ended Oct. 03, 2009 USD / shares
Notes to Financial Statements [Abstract]
15.SEGMENTS	15. 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, and Nucors equity investment in Duferdofin-Nucor. The steel products segment includes steel joists and joist girders, steel deck, fabricated concrete reinforcing steel, cold finish steel, steel fasteners, metal building systems, light gauge steel framing, steel grating and expanded metal, and wire and wire mesh. The raw materials segment includes The David J. Joseph Company (DJJ), the scrap broker and processor that Nucor acquired on February29, 2008; Nu-Iron Unlimited, a facility that produces direct reduced iron used by the steel mills; a proposed iron-making facility; and certain equity method investments. The All other category primarily includes Nucor Trading S.A., a steel trading business. The segments are consistent with the way Nucor manages its business, which is primarily based upon the similarity of the types of products produced and sold by each segment. Net interest expense, other income, profit sharing expense, stock-based compensation, gains on foreign currency exchange contracts and changes in the LIFO reserve are shown under Corporate/eliminations. Corporate assets primarily include cash and cash equivalents, short-term investments, allowances to eliminate intercompany profit in inventory, fair value of natural gas hedges, deferred income tax assets, federal income tax receivable, LIFO reserve and investments in and advances to affiliates. ThreeMonths(13Weeks)Ended NineMonths(39 Weeks) Ended Oct. 3, 2009 Sept. 27, 2008 Oct. 3, 2009 Sept. 27, 2008 Net sales to external customers: Steel mills $ 2,070,202 $ 5,192,082 $ 5,155,726 $ 13,844,672 Steel products 681,331 1,238,642 2,089,093 3,243,420 Raw materials 289,072 897,539 803,871 2,059,797 All other 79,400 119,257 203,662 364,499 $ 3,120,005 $ 7,447,520 $ 8,252,352 $ 19,512,388 Intercompany sales: Steel mills $ 307,098 $ 689,301 $ 734,859 $ 1,752,045 Steel products 7,239 12,275 20,580 33,246 Raw materials 1,316,800 3,034,055 2,276,663 6,704,621 All other 2,015 2,267 7,357 4,458 Corporate/eliminations (1,633,152 ) (3,737,898 ) (3,039,459 ) (8,494,370 ) $ $ $ $ Earnings (loss) before income taxes and noncontrolling interests: Steel mills $ (55,914 ) $ 1,223,035 $ (488,215 ) $ 3,062,901 Steel products (19,723 ) 100,034 (70,948 ) 250,483 Raw materials 2,885 135,505 (60,273 ) 267,705 All other 1,619 9,052 (11,782 ) 29,268 Corporate/eliminations 49,649 (249,29

16.EARNINGS PER SHARE

16.EARNINGS PER SHARE
	9 Months Ended Oct. 03, 2009 USD / shares
Notes to Financial Statements [Abstract]
16.EARNINGS PER SHARE	16. EARNINGS PER SHARE: The computations of basic and diluted net earnings per share are as follows (in thousands, except per share amounts): ThreeMonths(13Weeks)Ended NineMonths(39Weeks)Ended October3,2009 September27,2008 October3,2009 September27,2008 Basic net earnings (loss) per share: Basic net earnings (loss) $ (29,538 ) $ 734,590 $ (352,520 ) $ 1,725,098 Earnings (loss) allocated to participating securities (524 ) (2,660 ) (1,436 ) (6,207 ) Net earnings (loss) available to common stockholders $ (30,062 ) $ 731,930 $ (353,956 ) $ 1,718,891 Average shares outstanding 315,173 316,713 314,743 301,156 Basic net earnings (loss) per share ($ 0.10 ) $ 2.31 ($ 1.12 ) $ 5.71 Diluted net earnings (loss) per share: Diluted net earnings (loss) $ (29,538 ) $ 734,590 $ (352,520 ) $ 1,725,098 Earnings (loss) allocated to participating securities (524 ) (2,658 ) (1,436 ) (6,200 ) Net earnings (loss) available to common stockholders $ (30,062 ) $ 731,932 $ (353,956 ) $ 1,718,898 Diluted average shares outstanding: Basic shares outstanding 315,173 316,713 314,743 301,156 Dilutive effect of stock options and other 300 608 315,173 317,013 314,743 301,764 Diluted net earnings (loss) per share ($ 0.10 ) $ 2.31 ($ 1.12 ) $ 5.70 The number of shares that were not included in the diluted net earnings per share calculation because to do so would have been antidilutive was immaterial for all periods presented.

Document Information

Document Information
	9 Months Ended Oct. 03, 2009 USD / shares
Document Information [Text Block]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	2009-10-03

Entity Information

Entity Information (USD $)
	9 Months Ended Oct. 03, 2009
Entity [Text Block]
Trading Symbol	NUE
Entity Registrant Name	NUCOR CORP
Entity Central Index Key	0000073309
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding	314,813,390