Nucor (NUE) 10-Q 11 May 10 2010 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information
	3 Months Ended Apr. 03, 2010	Apr. 03, 2010
Document Type	10-Q
Amendment Flag	false
Document Period End Date	2010-04-03
Document Fiscal Year Focus	2,010
Document Fiscal Period Focus	Q1
Trading Symbol	NUE
Entity Registrant Name	NUCOR CORP
Entity Central Index Key	0000073309
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		315,125,260

Condensed Consolidated Statemen

Condensed Consolidated Statements of Earnings (USD $)
In Thousands, except Per Share data	3 Months Ended Apr. 03, 2010	3 Months Ended Apr. 04, 2009
Net sales	$3,654,842	$2,654,319
Costs, expenses and other:
Cost of products sold	3,442,047	2,778,324
Marketing, administrative and other expenses	92,594	87,379
Equity in losses of unconsolidated affiliates	18,377	37,997
Interest expense, net	37,788	32,365
Costs and expenses, Operating and Nonoperating, Total	3,590,806	2,936,065
Earnings (loss) before income taxes and noncontrolling interests	64,036	(281,746)
Provision for (benefit from) income taxes	22,842	(91,221)
Net earnings (loss)	41,194	(190,525)
Earnings (loss) attributable to noncontrolling interests	10,230	(880)
Net earnings (loss) attributable to Nucor stockholders	$30,964	($189,645)
Net earnings (loss) per share:
Basic	0.1	-0.6
Diluted	0.1	-0.6
Average shares outstanding:
Basic	315,461	314,319
Diluted	316,228	314,319
Dividends declared per share	0.36	0.35

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (USD $)
In Thousands	Apr. 03, 2010	Dec. 31, 2009
Current assets:
Cash and cash equivalents	$1,659,589	$2,016,981
Short-term investments	340,495	225,000
Accounts receivable, net	1,302,316	1,116,035
Inventories, net	1,624,971	1,312,903
Other current assets	534,415	511,329
Total current assets	5,461,786	5,182,248
Property, plant and equipment, net	3,963,467	4,013,836
Goodwill	1,831,294	1,803,021
Other intangible assets, net	905,143	902,922
Other assets	641,012	669,877
Total assets	12,802,702	12,571,904
Current liabilities:
Short-term debt	9,075	1,748
Long-term debt due within one year	6,000	6,000
Accounts payable	941,458	707,038
Salaries, wages and related accruals	186,885	154,997
Accrued expenses and other current liabilities	397,738	357,274
Total current liabilities	1,541,156	1,227,057
Long-term debt due after one year	3,080,200	3,080,200
Deferred credits and other liabilities	672,004	680,358
Total liabilities	5,293,360	4,987,615
Nucor stockholders' equity:
Common stock	149,930	149,877
Additional paid-in capital	1,688,263	1,675,777
Retained earnings	7,036,907	7,120,218
Accumulated other comprehensive loss, net of income taxes	(58,608)	(41,056)
Treasury stock	(1,510,856)	(1,514,290)
Total Nucor stockholders' equity	7,305,636	7,390,526
Noncontrolling interests	203,706	193,763
Total equity	7,509,342	7,584,289
Total liabilities and equity	$12,802,702	$12,571,904

1_Condensed Consolidated Statem

Condensed Consolidated Statements of Cash Flows (USD $)
In Thousands	3 Months Ended Apr. 03, 2010	3 Months Ended Apr. 04, 2009
Operating activities:
Net earnings (loss)	$41,194	($190,525)
Adjustments:
Depreciation	127,883	119,699
Amortization	18,221	18,142
Stock-based compensation	10,396	10,225
Deferred income taxes	2,443	(51,693)
Equity in losses of unconsolidated affiliates	18,377	37,997
Changes in assets and liabilities (exclusive of acquisitions):
Accounts receivable	(179,297)	292,398
Inventories	(303,001)	522,744
Accounts payable	232,877	(127,657)
Federal income taxes	17,566	(204,553)
Salaries, wages and related accruals	35,747	(404,173)
Other	(25,443)	(8,462)
Cash provided by (used in) operating activities	(3,037)	14,142
Investing activities:
Capital expenditures	(54,216)	(125,966)
Investment in and advances to affiliates	(80,461)	(8,468)
Repayment of advances to affiliates	48,884
Disposition of plant and equipment	3,046	2,234
Acquisitions (net of cash acquired)	(55,694)
Purchases of investments	(240,495)
Proceeds from the sale of investments	125,000
Cash used in investing activities	(253,936)	(132,200)
Financing activities:
Net change in short-term debt (exclusive of aquisitions)	7,312	(2,320)
Repayment of long-term debt		(175,000)
Issuance of common stock	1,462	1,028
Excess tax benefits from stock-based compensation	500	(700)
Distributions to noncontrolling interests	(294)	(49,339)
Cash dividends	(114,193)	(110,514)
Cash used in financing activities	(105,213)	(336,845)
Effect of exchange rate changes on cash	4,794	(148)
Decrease in cash and cash equivalents	(357,392)	(455,051)
Cash and cash equivalents - beginning of year	2,016,981	2,355,130
Cash and cash equivalents - end of three months	$1,659,589	$1,900,079

BASIS OF INTERIM PRESENTATION

BASIS OF INTERIM PRESENTATION
	3 Months Ended Apr. 03, 2010
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, 2009 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 Nucor's annual report for the fiscal year ended December31, 2009. Certain amounts for the prior year have been reclassified to conform to the 2010 presentation. Recently Adopted Accounting Pronouncements - In January 2010, Nucor adopted accounting guidance regarding the consolidation of variable interest entities ("VIEs"). The new guidance requires a qualitative approach to identifying a controlling financial interest in a VIE, and requires ongoing reassessments of whether an entity is a VIE and whether an entity is the primary beneficiary of a VIE. Adoption of this accounting standard had no impact on Nucor's consolidated financial statements during the three months ended April 3, 2010. In January 2010, Nucor adopted accounting guidance that requires an entity to disclose separately the amounts of significant transfers in and out of Level 1 and Level 2 fair value measurements and describe the reasons for the transfers. Adoption of this accounting standard did not have a material impact on Nucor's consolidated financial statements. Recently Issued Accounting Pronouncements - In January 2010, the Financial Accounting Standards Board issued changes to disclosure requirements for fair value measurements. For fair value measurements using significant unobservable inputs (Level 3), the changes require a reporting entity to present separate information about gross purchases, sales, issuances and settlements. These changes are effective for Nucor beginning January 2011. The adoption of this guidance is not expected to have an impact on the consolidated financial statements.

INVENTORIES

INVENTORIES
	3 Months Ended Apr. 03, 2010
INVENTORIES	2. INVENTORIES: Inventories consist of approximately 47% raw materials and supplies and 53% finished and semi-finished products at April3, 2010 (48% and 52%, respectively, at December31, 2009). 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. Inventories valued using the last-in, first-out (LIFO) method of accounting represent approximately 47% of total inventories as of April 3, 2010 (48% as of December 31, 2009). If the first-in, first-out (FIFO) method of accounting had been used, inventories would have been $480.4 million higher at April 3, 2010 ($456.4 million higher at December 31, 2009). Use of the lower of cost or market methodology reduced inventories by $4.6 million at April 3, 2010 ($9.2 million at December 31, 2009).

PROPERTY, PLANT AND EQUIPMENT

PROPERTY, PLANT AND EQUIPMENT
	3 Months Ended Apr. 03, 2010
PROPERTY, PLANT AND EQUIPMENT	3. PROPERTY, PLANT AND EQUIPMENT: Property, plant and equipment is recorded net of accumulated depreciation of $4.91 billion at April3, 2010 ($4.78 billion at December31, 2009).

GOODWILL AND OTHER INTANGIBLE A

GOODWILL AND OTHER INTANGIBLE ASSETS
	3 Months Ended Apr. 03, 2010
GOODWILL AND OTHER INTANGIBLE ASSETS	4. GOODWILL AND OTHER INTANGIBLE ASSETS: The change in the net carrying amount of goodwill for the quarter ended April3, 2010 by segment is as follows (in thousands): SteelMills SteelProducts RawMaterials AllOther Total Balance at December31, 2009 $ 268,466 $ 780,628 $ 665,075 $ 88,852 $ 1,803,021 Acquisitions 14,841 14,841 Translation 13,432 13,432 Balance at April3, 2010 $ 268,466 $ 794,060 $ 679,916 $ 88,852 $ 1,831,294 Nucor completed its annual goodwill impairment testing during the fourth quarter of 2009 and concluded that there was no impairment of goodwill for any of our reporting units. The annual evaluation performed in 2009 used forward-looking projections and included significant expected improvements in the future cash flows of two of Nucor's reporting units, Buildings Group and Steel Trading. As a result of the global economic recession, operating results of each of these reporting units declined significantly in the fourth quarter of 2008 and remained depressed throughout 2009. Nucor expects operating results of these two units to improve when general economic conditions improve. If Nucor's 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 expected results, noncash impairment charges may be required. Total goodwill associated with the Buildings Group and Steel Trading reporting units as of April 3, 2010 were $165.3 million and $88.9 million, respectively. An impairment of goodwill may also lead Nucor to record an impairment of other intangible assets. Total finite-lived intangible assets associated with the Buildings Group and Steel Trading reporting units as of April 3, 2010 were $90.8 million and $13.4 million, respectively. Intangible assets with estimated useful lives of five to 22 years are amortized on a straight-line or accelerated basis and are comprised of the following (in thousands): April3, 2010 December31, 2009 GrossAmount AccumulatedAmortization GrossAmount AccumulatedAmortization Customer relationships $ 942,301 $ 158,697 $ 922,839 $ 142,886 Trademarks and trade names 123,117 14,737 122,136 13,159 Other 27,869 14,710 27,869 13,877 $ 1,093,287 $ 188,144 $ 1,072,844 $ 169,922 Intangible asset amortization expense for the first quarter of 2010 and 2009 was $18.2 million and $18.1 million, respectively. Annual amortization expense is estimated to be $68.6 million in 2010; $64.3 million in 2011; $61.3 million in 2012; $57.8 million in 2013; and $55.7 million in 2014.

EQUITY INVESTMENTS

EQUITY INVESTMENTS
	3 Months Ended Apr. 03, 2010
EQUITY INVESTMENTS	5. EQUITY INVESTMENTS: The carrying value of our equity investments in domestic and foreign companies was $591.4 million at April3, 2010 ($582.5 million at December31, 2009) and is recorded in other assets in the condensed consolidated balance sheets. In 2008, Nucor acquired a 50% economic and voting interest in Duferdofin Nucor S.r.l., an Italian steel manufacturer. 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 members. Nucor's investment in Duferdofin Nucor at April 3, 2010 was $546.6 million ($534.0 million at December 31, 2009). Nucor's 50% share of the total net assets of Duferdofin Nucor was $83.3 million at April 3, 2010, resulting in a basis difference of $463.3 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 ($325.2 million) and finite-lived intangible assets. This basis difference, excluding the portion attributable to goodwill, is being amortized based on the remaining estimated useful lives of the various underlying net assets, as appropriate. Amortization expense and other purchase accounting adjustments associated with the fair value step-up was $5.9 million and $12.3 million in the first quarter of 2010 and 2009, respectively. During the first quarter of 2010, Duferdofin Nucor repaid 35 million ($48.9 million as of the payment date) of notes receivable that were outstanding with Nucor as of December 31, 2009. Nucor then contributed additional capital in the form of equity of 45 million ($63.7 million as of the contribution date) to the joint venture. Also, Nucor issued an additional note receivable to Duferdofin Nucor with a notional value of 10 million ($13.5 million as of April 3, 2010). The note receivable bears interest at the twelve-month Euro Interbank Offered Rate (Euribor) as of the date of the note plus 1% per year. The interest rate will reset on September 30, 2010 to the Euribor twelve month rate as of that date plus 1% per year. The principal amount is due on January 31, 2016. Accordingly, the note receivable was classified in other assets in the condensed consolidated balance sheets as of April 3, 2010. Nucor reviews its equity investments for impairment if and when circumstances indicate a potential loss in value of an investment which is other than a temporary decline. In the fourth quarter of 2009, the Company concluded it had a triggering event requiring assessment for impairment of its equity investment in Duferdofin Nucor due to the significant decline in the global demand for steel, which has significantly impacted the financial results of the equity investment. Based on the results of the impairment analysis, the Company determined that the estimated fair value of our investment in Duferdofin Nucor approximated the carrying value as of December 31, 2009. Nucor determines the estimated fair value of our investment in Duferdofin Nucor using a discounted cash flow model, based on a weighted-average of multiple discounted cash flow scenarios. The assumptions that most significa

CURRENT LIABILITIES

CURRENT LIABILITIES
	3 Months Ended Apr. 03, 2010
CURRENT LIABILITIES	6. CURRENT LIABILITIES: Book overdrafts, included in accounts payable in the condensed consolidated balance sheets, were $53.1 million at April3, 2010 ($73.7 million at December31, 2009). Dividends payable, included in accrued expenses and other current liabilities in the condensed consolidated balance sheets, were $114.3 million at April3, 2010 ($114.2 million at December31, 2009).

DERIVATIVES

DERIVATIVES
	3 Months Ended Apr. 03, 2010
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 condensed 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 April 3, 2010, natural gas swaps covering 28.5 million MMBTUs (extending through December 2012) and foreign currency contracts with a notional value of $4.9 million (extending through May 2010) were outstanding. The following tables summarize information regarding Nucor's derivative instruments (in thousands): Fair Values of Derivative Instruments BalanceSheetLocation Fair Value at April3,2010 Dec.31,2009 Asset derivatives not designated as hedging instruments: Foreign exchange contracts Other current assets $ 19 $ 445 Liability derivatives designated as hedging instruments: Commodity contracts Accrued expenses and other current liabilities $ (18,100 ) $ (23,000 ) Commodity contracts Deferred credits and other liabilities (71,500 ) (72,900 ) Total liability derivatives designated as hedging instruments (89,600 ) (95,900 ) Liability derivatives not designated as hedging instruments: Commodity contracts Accrued expenses and other current liabilities (1,701 ) (3,665 ) Total liability derivatives $ (91,301 ) $ (99,565 ) The Effect of Derivative Instruments on the Condensed Consolidated Statements of Earnings Statementof Earnings Location AmountofGainor(Loss) Recognizedin OCI onDerivative(Effective Portion) Amount of Gain or(Loss)Reclassifiedfrom AccumulatedOCI into Earnings(Effective Portion) Amount of Gain or(Loss) Recognized in Earnings onDerivative(IneffectivePortion) Derivatives in Cash ThreeMonths(13weeks)Ended ThreeMonths(13weeks)Ended ThreeMonths(13weeks)Ended FlowHedgingRelationships April3,2010 April4,2009 April3,2010 April4,2009 April3,2010 April4,2009 Commoditycontracts Costofproductssold $ (22,648 ) $ (36,130 ) $ (6,791 ) $ (9,139 ) $ 100 $ (2,700 ) Derivatives Not Designated as Hedging Instruments Derivatives Not Designated as Hedging Instruments StatementofEarnings Location AmountofGainor(Loss) RecognizedinEarningsonDer

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS
	3 Months Ended Apr. 03, 2010
FAIR VALUE MEASUREMENTS	8. FAIR VALUE MEASUREMENTS: The following table summarizes information regarding Nucor's financial assets and financial liabilities that are measured at fair value as of April3, 2010 and December31, 2009 (in thousands). Nucor does not currently have any non-financial assets or liabilities that are measured at fair value on a recurring basis. Description FairValueMeasurementsatReportingDateUsing CarryingAmount inCondensedConsolidatedBalanceSheets QuotedPricesinActive MarketsforIdentical Assets(Level 1) SignificantOtherObservableInputs(Level 2) SignificantUnobservableInputs(Level 3) As of April3, 2010 Assets: Cash equivalents $ 1,559,830 $ 1,559,830 $ Short-term investments 340,495 340,495 Foreign exchange contracts 19 19 Total assets $ 1,900,344 $ 1,900,325 $ 19 Liabilities: Commodity contracts $ (91,301 ) $ (91,301 ) As of December31, 2009 Assets: Cash equivalents $ 1,907,066 $ 1,907,066 $ Short-term investments 225,000 225,000 Foreign exchange contracts 445 445 Total assets $ 2,132,511 $ 2,132,066 $ 445 Liabilities: Commodity contracts $ (99,565 ) $ (99,565 ) Fair value measurements for Nucor's cash equivalents and short-term investments are classified under Level 1 because such measurements are based on quoted market prices in active markets for identical assets. Fair value measurements for Nucor's derivatives 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 $3.27 billion at April 3, 2010 ($3.30 billion at December 31, 2009). The fair value estimates were based on readily available market prices of our debt at April 3, 2010 and December 31, 2009, or similar debt with the same maturities, rating and interest rates.

CONTINGENCIES

CONTINGENCIES
	3 Months Ended Apr. 03, 2010
CONTINGENCIES	9. CONTINGENCIES: Nucor is subject to environmental laws and regulations established by federal, state and local authorities and, accordingly, makes provision for the estimated costs of compliance. Of the undiscounted total of $37.2 million of accrued environmental costs at April3, 2010 ($37.4 million at December31, 2009), $10.7 million was classified in accrued expenses and other current liabilities ($15.9 million at December31, 2009) and $26.5 million was classified in deferred credits and other liabilities ($21.5 million at December31, 2009). 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 Nucor's potential exposure. Other contingent liabilities with respect to product warranties, legal proceedings and other matters arise in the normal course of business. In the opinion of management, no such matters exist which, in the event of an unfavorable outcome, would have a material effect on the consolidated financial statements.

STOCK-BASED COMPENSATION

STOCK-BASED COMPENSATION
	3 Months Ended Apr. 03, 2010
STOCK-BASED COMPENSATION	10. STOCK-BASED COMPENSATION: Stock Options A summary of activity under Nucor's stock option plans for the quarter ended April3, 2010 is as follows (in thousands, except year and per share amounts): Shares Weighted-AverageExercisePrice Weighted-AverageRemainingContractualLife AggregateIntrinsicValue Number of shares under option: Outstanding at beginning of year 1,060 $ 21.95 Exercised (113 ) $ 12.69 $ 3,490 Canceled Outstanding at April3, 2010 947 $ 23.06 1.6years $ 21,673 Options exercisable at April3, 2010 947 $ 23.06 1.6 years $ 21,673 As of March 1, 2006, all outstanding options were vested; therefore, no compensation expense related to stock options was recorded in the first quarters of 2010 or 2009. The amount of cash received for the exercise of stock options totaled $1.5 million and $1.0 million in the first quarter of 2010 and 2009, respectively. Restricted Stock Awards Nucor's Senior Officers Long-Term Incentive Plan (the "LTIP") and Annual Incentive Plan (the "AIP") 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 officer's 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 participant's 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 Nucor's restricted stock activity under the AIP and LTIP for the first quarter of 2010 is as follows (shares in thousands): Shares GrantDateFair Value Restricted stock awards and units: Unvested at beginning of year 240 $ 50.75 Granted 131 $ 44.82 Vested (213 ) $ 51.79 Canceled Unvested at April3, 2010 158 $ 44.46 Shares reserved for future grants 1,600 Compensation expe

EMPLOYEE BENEFIT PLAN

EMPLOYEE BENEFIT PLAN
	3 Months Ended Apr. 03, 2010
EMPLOYEE BENEFIT PLAN	11. EMPLOYEE BENEFIT PLAN: Nucor has a Profit Sharing and Retirement Savings Plan for qualified employees. Nucor's expense for these benefits was $6.4 million and $3.7 million in the first quarter of 2010 and 2009, respectively.

INTEREST EXPENSE

INTEREST EXPENSE
	3 Months Ended Apr. 03, 2010
INTEREST EXPENSE	12. INTEREST EXPENSE: The components of net interest expense are as follows (in thousands): ThreeMonths(13Weeks)Ended April3,2010 April4,2009 Interest expense $ 39,335 $ 39,682 Interest income (1,547 ) (7,317 ) Interest expense, net $ 37,788 $ 32,365

INCOME TAXES

INCOME TAXES
	3 Months Ended Apr. 03, 2010
INCOME TAXES	13. INCOME TAXES: The Internal Revenue Service ("IRS") is currently examining Nucor's 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 substantially concluded U.S. federal income tax matters for years through 2004.The 2007, 2008 and 2009 tax years are open to examination by the IRS.The tax years 2005 through 2009 remain open to examination by other major taxing jurisdictions to which Nucor is subject (primarily Canada and other state and local jurisdictions).

STOCKHOLDERS' EQUITY AND COMPRE

STOCKHOLDERS' EQUITY AND COMPREHENSIVE INCOME
	3 Months Ended Apr. 03, 2010
STOCKHOLDERS' EQUITY AND COMPREHENSIVE INCOME	14. STOCKHOLDERS' EQUITY AND COMPREHENSIVE INCOME: The following tables reflect the changes in stockholders' equity attributable to both Nucor and the noncontrolling interests of Nucor's joint ventures, primarily Nucor-Yamato Steel Company, Nucor Trading S.A. and Barker Steel Company, Inc., of which Nucor owns 51%, 75% and 90%, respectively (in thousands): AttributabletoNucorCorporation AttributabletoNoncontrollingInterests Total Stockholders' equity at December31, 2009 $ 7,390,526 $ 193,763 $ 7,584,289 Comprehensive income (loss): Net earnings 30,964 10,230 41,194 Net unrealized loss on hedging derivatives, net of income taxes (22,648 ) (22,648 ) Reclassification adjustment for loss on settlement of hedging derivatives included in net income, net of income taxes 6,791 6,791 Foreign currency translation gain (loss) (1,694 ) 7 (1,687 ) Total comprehensive income 13,413 10,237 23,650 Stock options exercised 1,436 1,436 Issuance of stock under award plans, net of forfeitures 13,936 13,936 Amortization of unearned compensation 600 600 Dividends declared (114,275 ) (114,275 ) Distributions to noncontrolling interests (294 ) (294 ) Stockholders' equity at April3, 2010 $ 7,305,636 $ 203,706 $ 7,509,342 Stockholders' equity at December31, 2008 $ 7,929,204 $ 327,477 $ 8,256,681 Comprehensive income (loss): Net loss (189,645 ) (880 ) (190,525 ) Net unrealized loss on hedging derivatives, net of income taxes (36,130 ) (36,130 ) Reclassification adjustment for loss on settlement of hedging derivatives included in net income, net of income taxes 9,139 9,139 Foreign currency translation loss (31,802 ) (20 ) (31,822 ) Total comprehensive loss (248,438 ) (900 ) (249,338 ) Stock options exercised 1,053 1,053 Issuance of stock under award plans, net of forfeitures 15,455 15,455 Amortization of unearned compensation 600 600 Dividends declared (110,624 ) (110,624 ) Distributions to noncontrolling interests (49,339 ) (49,339 ) Stockholders' equity at April4, 2009 $ 7,587,250 $ 277,238 $ 7,864,488 The components of total comprehensive income are as follows (in thousands): ThreeMonths(13Weeks)Ended April3,2010 April4,2009 Net earnings (loss) $ 41,194 $ (190,525 ) Net unrealized loss on hedging derivatives, net of income taxes (22,648 ) (36,130 ) Reclassification adjustment for loss on settlement of hedging derivatives included in net income, net of income taxes 6,791 9,139 Foreign curren

SEGMENTS

SEGMENTS
	3 Months Ended Apr. 03, 2010
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 Nucor's equity investment in Duferdofin Nucor. The steel products segment includes steel joists and joist girders, steel deck, fabricated concrete reinforcing steel, cold finished 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"), a scrap broker and processor; Nu-Iron Unlimited, a facility that produces direct reduced iron used by the steel mills; and certain equity method investments. The "All other" category primarily includes Nucor's steel trading businesses. 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 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 taxes receivable, the LIFO reserve, capitalized interest, bond issuance costs and investments in and advances to affiliates. The company's results by segment were as follows (in thousands): ThreeMonths(13Weeks)Ended April3, 2010 April4, 2009 Net sales to external customers: Steel mills $ 2,612,016 $ 1,656,240 Steel products 561,035 713,827 Raw materials 396,745 236,931 All other 85,046 47,321 $ 3,654,842 $ 2,654,319 Intercompany sales: Steel mills $ 366,751 $ 220,548 Steel products 9,076 6,020 Raw materials 1,925,983 567,964 All other 1,927 2,555 Corporate/eliminations (2,303,737 ) (797,087 ) $ $ Earnings (loss) before income taxes and noncontrolling interests: Steel mills $ 158,500 $ (226,875 ) Steel products (67,696 ) (33,576 ) Raw materials 32,784 (31,537 ) All other 2,738 (10,119 ) Corporate/eliminations (62,290 ) 20,361 $ 64,036 $ (281,746 ) April3, 2010 Dec. 31, 2009 Segment assets: Steel mills $ 5,868,818 $ 5,446,028 Steel products 2,767,063 2,707,678 Raw materials 2,655,828 2,417,649 All other 165,409 138,286 Corporate/eliminations 1,345,584 1,862,263 $ 12,802,702 $ 12,571,904

EARNINGS PER SHARE

EARNINGS PER SHARE
	3 Months Ended Apr. 03, 2010
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 April3,2010 April4, 2009 Basic net earnings (loss) per share: Basic net earnings (loss) $ 30,964 $ (189,645 ) Earnings allocated to participating securities (507 ) (369 ) Net earnings (loss) available to common stockholders $ 30,457 $ (190,014 ) Average shares outstanding 315,461 314,319 Basic net earnings (loss) per share $ 0.10 ($ 0.60 ) Diluted net earnings (loss) per share: Diluted net earnings (loss) $ 30,964 $ (189,645 ) Earnings allocated to participating securities (507 ) (369 ) Net earnings (loss) available to common stockholders $ 30,457 $ (190,014 ) Diluted average shares outstanding: Basic shares outstanding 315,461 314,319 Dilutive effect of stock options and other 767 316,228 314,319 Diluted net earnings (loss) per share $ 0.10 ($ 0.60 ) 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.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS
	3 Months Ended Apr. 03, 2010
SUBSEQUENT EVENTS	17. SUBSEQUENT EVENTS: On April6, 2010, a wholly owned subsidiary of Nucor acquired a 50% interest in a newly created company, NuMit LLC, for a purchase price of approximately $225.5 million. Our partner in this joint venture is Mitsui Co. (U.S.A.), Inc. ("Mitsui"), which is a wholly owned subsidiary of Mitsui Co., Ltd. NuMit will invest in various steel and steel related activities, both in North America and globally. Coinciding with the formation of NuMit was its first investment, Steel Technologies LLC, which owns all of the assets, operations, and business that were held by Mitsui in Steel Technologies, Inc. prior to the joint venture formation. Steel Technologies LLC operates 23 sheet processing facilities throughout the U.S., Canada, and Mexico. At closing, Nucor extended a $40.0 million loan and a $60.0 million line of credit (of which $54.0 million was drawn down immediately) to Steel Technologies. The note receivable bears interest at the three month London Interbank Offered Rate (LIBOR) plus 90 basis points, and it matures on October 21, 2014. The line of credit bears interest at the one month LIBOR rate plus 70 basis points, and it matures on March 31, 2011. Steel Technologies primarily used the proceeds of the loan and the line of credit to reduce its outstanding indebtedness with Mitsui. Nucor will account for this investment using the equity method. The transaction is not expected to result in a significant amount of goodwill.