Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended |
Sep. 28, 2013 | |
Entity Information [Line Items] | ' |
Document Type | '10-Q |
Amendment Flag | 'false |
Document Period End Date | 28-Sep-13 |
Document Fiscal Year Focus | '2013 |
Document Fiscal Period Focus | 'Q3 |
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 | 318,211,045 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Earnings (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 28, 2013 | Sep. 29, 2012 | Sep. 28, 2013 | Sep. 29, 2012 |
Net sales | $4,940,936 | $4,801,206 | $14,157,296 | $14,977,999 |
Costs, expenses and other: | ' | ' | ' | ' |
Cost of products sold | 4,532,393 | 4,452,473 | 13,132,412 | 13,848,809 |
Marketing, administrative and other expenses | 125,126 | 114,392 | 364,501 | 334,039 |
Equity in (earnings) losses of unconsolidated affiliates | -2,252 | 2,261 | -2,665 | 9,093 |
Impairment of non-current assets | ' | ' | ' | 30,000 |
Interest expense, net | 37,467 | 40,305 | 109,186 | 123,028 |
Costs, expenses and other, total | 4,692,734 | 4,609,431 | 13,603,434 | 14,344,969 |
Earnings before income taxes and noncontrolling interests | 248,202 | 191,775 | 553,862 | 633,030 |
Provision for income taxes | 70,087 | 61,883 | 158,749 | 200,159 |
Net earnings | 178,115 | 129,892 | 395,113 | 432,871 |
Earnings attributable to noncontrolling interests | 30,518 | 19,584 | 77,582 | 65,160 |
Net earnings attributable to Nucor stockholders | $147,597 | $110,308 | $317,531 | $367,711 |
Net earnings per share: | ' | ' | ' | ' |
Basic | $0.46 | $0.35 | $0.99 | $1.15 |
Diluted | $0.46 | $0.35 | $0.99 | $1.15 |
Average shares outstanding: | ' | ' | ' | ' |
Basic | 319,341 | 318,463 | 318,979 | 318,042 |
Diluted | 319,526 | 318,520 | 319,132 | 318,113 |
Dividends declared per share | $0.37 | $0.37 | $1.10 | $1.09 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Comprehensive Income (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 28, 2013 | Sep. 29, 2012 | Sep. 28, 2013 | Sep. 29, 2012 |
Net earnings | $178,115 | $129,892 | $395,113 | $432,871 |
Other comprehensive income (loss): | ' | ' | ' | ' |
Net unrealized loss on hedging derivatives, net of income taxes of $0 and $0 for the third quarter of 2013 and 2012, respectively, and $0 and $1,100 for the first nine months of 2013 and 2012, respectively | ' | ' | ' | -2,264 |
Reclassification adjustment for loss on settlement of hedging derivatives included in net income, net of income taxes of $0 and $6,200 for the third quarter of 2013 and 2012, respectively, and $0 and $18,800 for the first nine months of 2013 and 2012, respectively | ' | 10,554 | ' | 31,961 |
Foreign currency translation gain (loss), net of income taxes of $500 and $0 for the third quarter of 2013 and 2012, respectively, and $300 and $0 for the first nine months of 2013 and 2012, respectively | 31,879 | 61,111 | -34,216 | 59,730 |
Other comprehensive income (loss) | 31,879 | 71,665 | -34,216 | 89,427 |
Comprehensive income | 209,994 | 201,557 | 360,897 | 522,298 |
Comprehensive income attributable to noncontrolling interests | -30,518 | -19,585 | -77,582 | -65,097 |
Comprehensive income attributable to Nucor stockholders | $179,476 | $181,972 | $283,315 | $457,201 |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statements of Comprehensive Income (Parenthetical) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 28, 2013 | Sep. 29, 2012 | Sep. 28, 2013 | Sep. 29, 2012 |
Net unrealized loss on hedging derivatives, net of income taxes | $0 | $0 | $0 | $1,100 |
Reclassification adjustment for loss on settlement of hedging derivatives included in net income, net of income taxes | 0 | 6,200 | 0 | 18,800 |
Foreign currency translation gain (loss), net of income taxes | $500 | $0 | $300 | $0 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (USD $) | Sep. 28, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $1,722,909 | $1,052,862 |
Short-term investments | 48,476 | 104,167 |
Accounts receivable, net | 1,918,165 | 1,707,317 |
Inventories, net | 2,439,847 | 2,323,641 |
Other current assets | 339,480 | 473,377 |
Total current assets | 6,468,877 | 5,661,364 |
Property, plant and equipment, net | 4,697,339 | 4,283,056 |
Restricted cash and investments | 393 | 275,163 |
Goodwill | 1,983,617 | 2,004,538 |
Other intangible assets, net | 896,407 | 959,240 |
Other assets | 1,045,143 | 968,698 |
Total assets | 15,091,776 | 14,152,059 |
Current liabilities: | ' | ' |
Short-term debt | 38,203 | 29,912 |
Long-term debt due within one year | ' | 250,000 |
Accounts payable | 1,137,352 | 1,046,713 |
Salaries, wages and related accruals | 288,730 | 279,898 |
Accrued expenses and other current liabilities | 529,204 | 423,045 |
Total current liabilities | 1,993,489 | 2,029,568 |
Long-term debt due after one year | 4,380,200 | 3,380,200 |
Deferred credits and other liabilities | 854,814 | 856,917 |
Total liabilities | 7,228,503 | 6,266,685 |
Nucor stockholders' equity: | ' | ' |
Common stock | 150,968 | 150,805 |
Additional paid-in capital | 1,841,499 | 1,811,459 |
Retained earnings | 7,088,630 | 7,124,523 |
Accumulated other comprehensive income, net of income taxes | 22,545 | 56,761 |
Treasury stock | -1,498,436 | -1,501,977 |
Total Nucor stockholders' equity | 7,605,206 | 7,641,571 |
Noncontrolling interests | 258,067 | 243,803 |
Total equity | 7,863,273 | 7,885,374 |
Total liabilities and equity | $15,091,776 | $14,152,059 |
Condensed_Consolidated_Stateme3
Condensed Consolidated Statements of Cash Flows (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 28, 2013 | Sep. 29, 2012 |
Operating activities: | ' | ' |
Net earnings | $395,113 | $432,871 |
Adjustments: | ' | ' |
Depreciation | 390,495 | 394,690 |
Amortization | 56,051 | 53,518 |
Stock-based compensation | 40,551 | 42,858 |
Deferred income taxes | 10,881 | -42,548 |
Distribution from affiliates | 7,708 | ' |
Equity in (earnings) losses of unconsolidated affiliates | -2,665 | 9,093 |
Impairment of non-current assets | ' | 30,000 |
Loss on assets | 14,000 | 17,563 |
Changes in assets and liabilities (exclusive of acquisitions and dispositions): | ' | ' |
Accounts receivable | -204,540 | 62,787 |
Inventories | -129,280 | 41,662 |
Accounts payable | 122,520 | 21,668 |
Federal income taxes | 70,210 | 11,248 |
Salaries, wages and related accruals | 12,796 | -52,561 |
Other | 99,800 | 101,835 |
Cash provided by operating activities | 883,640 | 1,124,684 |
Investing activities: | ' | ' |
Capital expenditures | -887,929 | -613,777 |
Investment in and advances to affiliates | -64,762 | -66,423 |
Repayment of advances to affiliates | 42,000 | 32,500 |
Disposition of plant and equipment | 29,328 | 42,574 |
Acquisitions (net of cash acquired) | ' | -763,657 |
Purchases of investments | -19,349 | -409,403 |
Proceeds from the sale of investments | 73,428 | 1,341,913 |
Proceeds from the sale of restricted investments | 148,725 | 209,930 |
Changes in restricted cash | 126,045 | -38,301 |
Other investing | 4,862 | ' |
Cash used in investing activities | -547,652 | -264,644 |
Financing activities: | ' | ' |
Net change in short-term debt | 8,331 | 28,983 |
Proceeds from long-term debt, net of discount | 999,100 | ' |
Repayment of long-term debt | -250,000 | ' |
Bond issuance costs | -7,625 | ' |
Issuance of common stock | ' | 10,515 |
Excess tax benefits from stock-based compensation | 2,100 | 4,377 |
Distributions to noncontrolling interests | -63,318 | -66,562 |
Cash dividends | -353,155 | -349,538 |
Other financing activities | 110 | 962 |
Cash provided by (used in) financing activities | 335,543 | -371,263 |
Effect of exchange rate changes on cash | -1,484 | 3,775 |
Increase in cash and cash equivalents | 670,047 | 492,552 |
Cash and cash equivalents-beginning of year | 1,052,862 | 1,200,645 |
Cash and cash equivalents-end of nine months | 1,722,909 | 1,693,197 |
Non-cash investing activity: | ' | ' |
Change in accrued plant and equipment purchases | ($30,416) | $77,764 |
Basis_of_Interim_Presentation
Basis of Interim Presentation | 9 Months Ended | |
Sep. 28, 2013 | ||
Basis of Interim Presentation | ' | |
1 | BASIS OF INTERIM PRESENTATION: The information furnished in Item 1 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 December 31, 2012 condensed consolidated balance sheet data was derived from audited financial statements but does not include all disclosures required by accounting principles generally accepted in the United States of America. The unaudited condensed consolidated financial statements in this Item 1 should be read in conjunction with the consolidated financial statements and the notes thereto included in Nucor’s Annual Report on Form 10-K for the fiscal year ended December 31, 2012. | |
Recently Adopted Accounting Pronouncements — In the first quarter of 2013, Nucor adopted new accounting guidance requiring additional disclosures on reclassifications from accumulated other comprehensive income into net income. The new accounting guidance requires entities to report either parenthetically on the face of the financial statements or in the notes to the financial statements these reclassifications for each financial statement line item. Nucor elected to report this information within the notes to the financial statements. This new guidance only impacts disclosures and has no impact on Nucor’s consolidated financial position, results of operations or cash flows. | ||
In the first quarter of 2014, Nucor will adopt new accounting guidance which requires unrecognized tax benefits to be presented as a decrease in net operating loss, similar tax loss or tax credit carryforward if certain criteria are met. The new guidance may affect balance sheet classification of certain unrecognized tax benefits and will have no impact on Nucor’s consolidated results of operations or cash flows. |
Inventories
Inventories | 9 Months Ended | |
Sep. 28, 2013 | ||
Inventories | ' | |
2 | INVENTORIES: Inventories consisted of approximately 40% raw materials and supplies and 60% finished and semi-finished products at September 28, 2013 (37% and 63%, respectively, at December 31, 2012). 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 represented approximately 44% of total inventories as of September 28, 2013 (45% as of December 31, 2012). If the first-in, first-out (FIFO) method of accounting had been used, inventories would have been $607.2 million higher at both September 28, 2013 and December 31, 2012. Use of the lower of cost or market methodology reduced inventories by $2.7 million at September 28, 2013 ($3.5 million at December 31, 2012). |
Property_Plant_and_Equipment
Property, Plant and Equipment | 9 Months Ended | |
Sep. 28, 2013 | ||
Property, Plant and Equipment | ' | |
3 | PROPERTY, PLANT AND EQUIPMENT: Property, plant and equipment was recorded net of accumulated depreciation of $6.52 billion at September 28, 2013 ($6.16 billion at December 31, 2012). | |
In the third quarter of 2013, a storage dome collapsed at Nucor Steel Louisiana in St. James Parish. As a result, Nucor recorded a partial write down of assets at the facility, including $21.0 million of property, plant and equipment and $7.0 million of inventory, offset by a $14.0 million insurance receivable that was based on management’s estimate of probable insurance recoveries. The associated net charge of $14.0 million is included in marketing, administrative and other expenses in the condensed consolidated statement of earnings. |
Restricted_Cash_and_Investment
Restricted Cash and Investments | 9 Months Ended |
Sep. 28, 2013 | |
Restricted Cash and Investments | ' |
4 | |
RESTRICTED CASH AND INVESTMENTS: As of September 28, 2013, restricted cash consisted of net proceeds from $600.0 million 30-year variable rate Gulf Opportunity Zone bonds issued in November 2010. The restricted cash is held in a trust account and is to be used to fund part of the capital costs associated with the construction of Nucor’s direct reduced iron making facility in St. James Parish, Louisiana. Funds are disbursed as qualified expenditures for the construction of the facility are made ($274.9 million and $172.6 million in the first nine months of 2013 and 2012, respectively). There were no restricted investments held as of September 28, 2013 ($149.8 million at December 31, 2012). Since the restricted cash must be used for the construction of the facility, the entire balance has been classified as a non-current asset. |
Goodwill_and_Other_Intangible_
Goodwill and Other Intangible Assets | 9 Months Ended | ||||||||||||||||||||
Sep. 28, 2013 | |||||||||||||||||||||
Goodwill and Other Intangible Assets | ' | ||||||||||||||||||||
5 | GOODWILL AND OTHER INTANGIBLE ASSETS: The change in the net carrying amount of goodwill for the nine months ended September 28, 2013 by segment is as follows (in thousands): | ||||||||||||||||||||
Steel Mills | Steel Products | Raw Materials | All Other | Total | |||||||||||||||||
Balance at December 31, 2012 | $ | 407,045 | $ | 805,416 | $ | 703,225 | $ | 88,852 | $ | 2,004,538 | |||||||||||
Acquisitions | — | — | — | — | — | ||||||||||||||||
Reclassifications | 88,852 | — | — | (88,852 | ) | — | |||||||||||||||
Translation | — | (16,059 | ) | — | — | (16,059 | ) | ||||||||||||||
Other | — | (4,862 | ) | — | — | (4,862 | ) | ||||||||||||||
Balance at September 28, 2013 | $ | 495,897 | $ | 784,495 | $ | 703,225 | $ | — | $ | 1,983,617 | |||||||||||
Previously Nucor’s steel trading businesses and rebar distribution businesses were reported in the “All other” category. Beginning in the first quarter of 2013, these businesses were reclassified to the steel mills segment as part of a realignment of Nucor’s reportable segments to better reflect the way in which they are managed. | |||||||||||||||||||||
Nucor completed its most recent annual goodwill impairment testing during the fourth quarter of 2012 and concluded that there was no impairment of goodwill for any of its reporting units. There have been no triggering events requiring an interim assessment for impairment since the most recent annual impairment testing date. | |||||||||||||||||||||
Intangible assets with estimated useful lives of three to 22 years are amortized on a straight-line or accelerated basis and were comprised of the following (in thousands): | |||||||||||||||||||||
Sept. 28, 2013 | Dec. 31, 2012 | ||||||||||||||||||||
Gross | Accumulated | Gross | Accumulated | ||||||||||||||||||
Amount | Amortization | Amount | Amortization | ||||||||||||||||||
Customer relationships | $ | 1,151,156 | $ | 375,128 | $ | 1,156,979 | $ | 325,819 | |||||||||||||
Trademarks and trade names | 151,909 | 38,513 | 152,869 | 32,653 | |||||||||||||||||
Other | 21,869 | 14,886 | 28,610 | 20,746 | |||||||||||||||||
$ | 1,324,934 | $ | 428,527 | $ | 1,338,458 | $ | 379,218 | ||||||||||||||
Intangible asset amortization expense in the third quarter of 2013 and 2012 was $18.5 million and $20.4 million, respectively, and was $56.1 million and $53.5 million in the first nine months of 2013 and 2012, respectively. Annual amortization expense is estimated to be $73.9 million in 2013; $70.0 million in 2014; $68.2 million in 2015; $66.5 million in 2016; and $64.8 million in 2017. |
Equity_Investments
Equity Investments | 9 Months Ended | |
Sep. 28, 2013 | ||
Equity Investments | ' | |
6 | EQUITY INVESTMENTS: The carrying value of our equity investments in domestic and foreign companies was $913.7 million at September 28, 2013 ($855.9 million at December 31, 2012) and is recorded in other assets in the condensed consolidated balance sheets. | |
DUFERDOFIN NUCOR | ||
Nucor owns a 50% economic and voting interest in Duferdofin Nucor S.r.l. (Duferdofin Nucor), an Italian steel manufacturer, and accounts for the investment (on a one-month lag basis) under the equity method, as control and risk of loss are shared equally between the members. | ||
Nucor’s investment in Duferdofin Nucor at September 28, 2013 was $454.6 million ($454.1 million at December 31, 2012). Nucor’s 50% share of the total net assets of Duferdofin Nucor was $50.7 million at September 28, 2013, resulting in a basis difference of $403.9 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 ($326.2 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 were $2.8 million and $2.7 million in the third quarter of 2013 and 2012, respectively, and were $8.5 million and $8.3 million in the first nine months of 2013 and 2012, respectively. | ||
As of September 28, 2013, Nucor had outstanding notes receivable of €35.0 million ($47.3 million) from Duferdofin Nucor (€35.0 million at December 31, 2012). The notes receivable bear interest at 1.69% and reset annually on September 30 to the twelve-month Euro Interbank Offered Rate (Euribor) plus 1% per year. The principal amounts are due on January 31, 2016. Accordingly, the notes receivable were classified in other assets on the condensed consolidated balance sheets as of September 28, 2013. | ||
Nucor has issued a guarantee for its ownership percentage (50%) of Duferdofin Nucor’s borrowings under Facility A of a Structured Trade Finance Facilities Agreement that matures on April 26, 2016. In the second quarter of 2013, Duferdofin Nucor amended the loan agreement, increasing the maximum amount that it can borrow under Facility A to €122.5 million (or $164.8 million as of September 28, 2013). As of September 28, 2013, it had €106.0 million ($143.2 million) outstanding under that facility (€102.0 million, or $134.8 million, at December 31, 2012). If Duferdofin Nucor fails to pay when due any amounts for which it is obligated under Facility A, Nucor could be required to pay 50% of such amounts pursuant to and in accordance with the terms of its guarantee. Any indebtedness of Duferdofin Nucor to Nucor is effectively subordinated to the indebtedness of Duferdofin Nucor under the Structured Trade Finance Facilities Agreement. Nucor has not recorded any liability associated with the guarantee. | ||
NUMIT | ||
Nucor has a 50% economic and voting interest in NuMit LLC (NuMit). NuMit owns 100% of the equity interest in Steel Technologies LLC, an operator of 24 sheet processing facilities located throughout the U.S., Canada and Mexico. Nucor accounts for the investment in NuMit (on a one-month lag basis) under the equity method as control and risk of loss are shared equally between the members. | ||
Nucor’s investment in NuMit at September 28, 2013 was $308.4 million ($288.4 million as of December 31, 2012). The value of the investment is comprised of the purchase price of approximately $221.3 million plus subsequent additional capital contributions and equity method earnings less distributions since acquisition. Nucor also has recorded a $40.0 million note receivable from Steel Technologies LLC that bears interest at 1.17% as of September 28, 2013 and resets quarterly to the three-month London Interbank Offered Rate (LIBOR) plus 90 basis points. The principal amount is due on October 21, 2014. In addition, Nucor has extended a $100.0 million line of credit (of which $16.5 million was outstanding at September 28, 2013) to Steel Technologies LLC. As of September 28, 2013, the amounts outstanding on the line of credit bear interest at 1.20% to 1.21% and mature on April 1, 2014. The note receivable was classified in other assets and the amount outstanding on the line of credit was classified in other current assets in the condensed consolidated balance sheets. | ||
HUNTER RIDGE | ||
In November 2012, Nucor acquired a 50% economic and voting interest in Hunter Ridge Energy Services LLC (Hunter Ridge). Hunter Ridge provides services for the gathering, separation and compression of energy products including natural gas produced by Nucor’s working interest drilling program. Nucor accounts for the investment (on a one-month lag basis) under the equity method, as control and risk of loss are shared equally between the members. Nucor’s investment in Hunter Ridge at September 28, 2013 was $132.9 million ($95.4 million at December 31, 2012). The acquisition did not result in a significant amount of goodwill or intangible assets. | ||
ALL EQUITY INVESTMENTS | ||
Nucor reviews its equity investments for impairment if and when circumstances indicate that a decline in value below their carrying amounts may have occurred. In the second quarter of 2012, Nucor concluded that a triggering event occurred, requiring assessment for impairment of the equity investment in Duferdofin Nucor due to the continued declines in the global demand for steel, the escalated economic and political turmoil in Europe and continued operating performance well below budgeted levels through the first half of 2012. Duferdofin Nucor had a recently updated unfavorable forecast of future operating performance that was also a contributing factor. The diminished demand combined with the continued lower than budgeted levels of operating performance significantly impacted the financial results of Duferdofin Nucor through the first half of 2012. After completing its assessment, Nucor determined that the carrying amount exceeded its estimated fair value and recorded a $30.0 million impairment charge against the Company’s investment in Duferdofin Nucor. | ||
In the fourth quarter of 2012, Nucor assessed its equity investment in Duferdofin Nucor for impairment. After completing its assessment, the Company determined that the estimated fair value exceeded its carrying amount and that there was no need for additional impairment charges. There has been no significant deterioration in near-term financial projections or any other key assumptions since the most recent impairment analysis was performed. The assumptions that most significantly affect the fair value determination include projected revenues and the discount rate. Steel market conditions in Europe have continued to be challenging through the third quarter of 2013, and, therefore, it is reasonably possible that material deviation of future performance from the estimates used in our most recent valuation could result in further impairment of our investment in Duferdofin Nucor. |
Current_Liabilities
Current Liabilities | 9 Months Ended |
Sep. 28, 2013 | |
Current Liabilities | ' |
7 | |
CURRENT LIABILITIES: Book overdrafts, included in accounts payable in the condensed consolidated balance sheets, were $103.2 million at September 28, 2013 ($53.8 million at December 31, 2012). Dividends payable, included in accrued expenses and other current liabilities in the condensed consolidated balance sheets, were $117.8 million at September 28, 2013 ($117.6 million at December 31, 2012). |
Derivatives
Derivatives | 9 Months Ended | ||||||||||||||||||||||||||||
Sep. 28, 2013 | |||||||||||||||||||||||||||||
Derivatives | ' | ||||||||||||||||||||||||||||
8 | DERIVATIVES: Nucor periodically uses derivative financial instruments primarily to partially manage its exposure to price risk related to natural gas purchases used in the production process as well as to scrap, copper and aluminum purchased for resale to its customers. In addition, Nucor periodically uses derivatives 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. | |||||||||||||||||||||||||||||
The following tables summarize information regarding Nucor’s derivative instruments (in thousands): | |||||||||||||||||||||||||||||
Fair Value of Derivative Instruments | |||||||||||||||||||||||||||||
Fair Value at | |||||||||||||||||||||||||||||
Balance Sheet Location | Sept. 28, | Dec. 31, | |||||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||||||
Liability derivatives not designated as hedging instruments: | |||||||||||||||||||||||||||||
Commodity contracts | Accrued expenses and other current liabilities | $ | (453 | ) | $ | (303 | ) | ||||||||||||||||||||||
Foreign exchange contracts | Accrued expenses and other current liabilities | (34 | ) | (15 | ) | ||||||||||||||||||||||||
Total liability derivatives | $ | (487 | ) | $ | (318 | ) | |||||||||||||||||||||||
The Effect of Derivative Instruments on the Condensed Consolidated Statements of Earnings | |||||||||||||||||||||||||||||
Derivatives Designated as Hedging Instruments | |||||||||||||||||||||||||||||
Amount of Gain | Amount of Gain | Amount of Gain | |||||||||||||||||||||||||||
or (Loss) | or (Loss) | or (Loss) | |||||||||||||||||||||||||||
Recognized in OCI | Reclassified from | Recognized in | |||||||||||||||||||||||||||
on Derivatives | Accumulated OCI into | Earnings on | |||||||||||||||||||||||||||
Derivatives in Cash Flow Hedging | (Effective Portion) | Earnings | Derivatives | ||||||||||||||||||||||||||
Relationships | (Effective Portion) | (Ineffective Portion) | |||||||||||||||||||||||||||
Statement of Earnings | Three Months | Three Months | Three Months | ||||||||||||||||||||||||||
Location | (13 weeks) Ended | (13 weeks) Ended | (13 weeks) Ended | ||||||||||||||||||||||||||
Sept. 28, | Sept. 29, | Sept. 28, | Sept. 29, | Sept. 28, | Sept. 29, | ||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||||
Commodity contracts | Cost of products sold | $ | — | $ | — | $ | — | $ | (10,554 | ) | $ | — | $ | — | |||||||||||||||
Amount of Gain | Amount of Gain | Amount of Gain | |||||||||||||||||||||||||||
or (Loss) | or (Loss) | or (Loss) | |||||||||||||||||||||||||||
Recognized in OCI | Reclassified from | Recognized in | |||||||||||||||||||||||||||
on Derivatives | Accumulated OCI into | Earnings on | |||||||||||||||||||||||||||
Derivatives in Cash Flow Hedging | (Effective Portion) | Earnings | Derivatives | ||||||||||||||||||||||||||
Relationships | (Effective Portion) | (Ineffective Portion) | |||||||||||||||||||||||||||
Statement of Earnings | Nine Months | Nine Months | Nine Months | ||||||||||||||||||||||||||
Location | (39 weeks) Ended | (39 weeks) Ended | (39 weeks) Ended | ||||||||||||||||||||||||||
Sept. 28, | Sept. 29, | Sept. 28, | Sept. 29, | Sept. 28, | Sept. 29, | ||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||||
Commodity contracts | Cost of products sold | $ | — | $ | (2,264 | ) | $ | — | $ | (31,961 | ) | $ | — | $ | 500 | ||||||||||||||
Derivatives Not Designated as Hedging Instruments | |||||||||||||||||||||||||||||
Amount of Gain or (Loss) Recognized in Earnings on Derivatives | |||||||||||||||||||||||||||||
Three Months (13 weeks) Ended | Nine Months (39 weeks) Ended | ||||||||||||||||||||||||||||
Derivatives Not Designated as | Statement of | Sept. 28, | Sept. 29, | Sept. 28, | Sept. 29, | ||||||||||||||||||||||||
Hedging Instruments | Earnings Location | 2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||||
Commodity contracts | Cost of products sold | $ | (789 | ) | $ | (1,454 | ) | $ | 4,193 | $ | (231 | ) | |||||||||||||||||
Foreign exchange contracts | Cost of products sold | 134 | (25 | ) | 253 | 146 | |||||||||||||||||||||||
Total | $ | (655 | ) | $ | (1,479 | ) | $ | 4,446 | $ | (85 | ) | ||||||||||||||||||
During the first quarter of 2012, Nucor settled all of its open natural gas forward purchase contracts that were previously in place. These settlements affected earnings over the periods specified in the original agreements throughout the remainder of 2012. |
Fair_Value_Measurements
Fair Value Measurements | 9 Months Ended | ||||||||||||||||
Sep. 28, 2013 | |||||||||||||||||
Fair Value Measurements | ' | ||||||||||||||||
9 | FAIR VALUE MEASUREMENTS: The following table summarizes information regarding Nucor’s financial assets and financial liabilities that were measured at fair value as of September 28, 2013 and December 31, 2012 (in thousands). Nucor does not currently have any non-financial assets or liabilities that are measured at fair value on a recurring basis. | ||||||||||||||||
Fair Value Measurements at Reporting Date Using | |||||||||||||||||
Description | Carrying | Quoted Prices | Significant | Significant | |||||||||||||
Amount in | in Active | Other | Unobservable | ||||||||||||||
Condensed | Markets for | Observable | Inputs | ||||||||||||||
Consolidated | Identical | Inputs | (Level 3) | ||||||||||||||
Balance Sheets | Assets | (Level 2) | |||||||||||||||
(Level 1) | |||||||||||||||||
As of September 28, 2013 | |||||||||||||||||
Assets: | |||||||||||||||||
Cash equivalents | $ | 1,590,572 | $ | 1,590,572 | $ | — | $ | — | |||||||||
Short-term investments | 48,476 | 48,476 | — | — | |||||||||||||
Restricted cash | 393 | 393 | — | — | |||||||||||||
Total assets | $ | 1,639,441 | $ | 1,639,441 | $ | — | $ | — | |||||||||
Liabilities: | |||||||||||||||||
Foreign exchange and commodity contracts | $ | (487 | ) | $ | — | $ | (487 | ) | $ | — | |||||||
As of December 31, 2012 | |||||||||||||||||
Assets: | |||||||||||||||||
Cash equivalents | $ | 830,011 | $ | 830,011 | $ | — | $ | — | |||||||||
Short-term investments | 104,167 | 104,167 | — | — | |||||||||||||
Restricted cash and investments | 275,163 | 275,163 | — | — | |||||||||||||
Total assets | $ | 1,209,341 | $ | 1,209,341 | $ | — | $ | — | |||||||||
Liabilities: | |||||||||||||||||
Foreign exchange and commodity contracts | $ | (318 | ) | $ | — | $ | (318 | ) | $ | — | |||||||
Fair value measurements for Nucor’s cash equivalents, short-term investments and restricted cash and investments are classified under Level 1 because such measurements are based on quoted market prices in active markets for identical assets. Our short-term investments are held in similar short-term investment instruments as described in Note 4 to Nucor’s annual report for the year ended December 31, 2012. Fair value measurements for Nucor’s derivatives are classified under Level 2 because such measurements are based on published market prices for similar assets or are estimated based on observable inputs such as interest rates, yield curves, credit risks, spot and future commodity prices, and spot and future exchange rates. | |||||||||||||||||
The fair value of short-term and long-term debt, including current maturities, was approximately $4.62 billion at September 28, 2013 ($4.24 billion at December 31, 2012). The debt fair value estimates are classified under Level 2 because such estimates are based on readily available market prices of our debt at September 28, 2013 and December 31, 2012, or similar debt with the same maturities, rating and interest rates. |
Contingencies
Contingencies | 9 Months Ended | |
Sep. 28, 2013 | ||
Contingencies | ' | |
10 | 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 $23.7 million of accrued environmental costs at September 28, 2013 ($26.5 million at December 31, 2012), $7.7 million was classified in accrued expenses and other current liabilities ($9.5 million at December 31, 2012) and $16.0 million was classified in deferred credits and other liabilities ($17.0 million at December 31, 2012). Inherent uncertainties exist in these estimates primarily due to unknown conditions, evolving remediation technology, and changing governmental regulations and legal standards. | |
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 majority of these complaints were filed in September and October of 2008, with two additional complaints being filed in July and December of 2010. Two of these complaints have been voluntarily dismissed and are no longer pending. The plaintiffs allege that from April 1, 2005 through December 31, 2007, 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 estimate the range of Nucor’s potential exposure. | ||
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 for certain risks that is subject to certain self-insurance limits. |
Debt
Debt | 9 Months Ended | |
Sep. 28, 2013 | ||
Debt | ' | |
11 | DEBT – On July 29, 2013, Nucor issued $500.0 million of 4.00% notes due in 2023 and $500.0 million of 5.20% notes due in 2043. Net proceeds of the issuances were $991.5 million. Costs of $8.5 million associated with the issuances have been capitalized and are amortized over the life of the notes. | |
During the third quarter of 2013, Nucor amended its $1.50 billion unsecured revolving credit facility. The maturity date was extended from December 2016 to August 2018. Costs of $0.6 million associated with the amendment have been capitalized and are amortized over the life of the extension. |
StockBased_Compensation
Stock-Based Compensation | 9 Months Ended | ||||||||||||||||
Sep. 28, 2013 | |||||||||||||||||
Stock-Based Compensation | ' | ||||||||||||||||
12 | STOCK-BASED COMPENSATION: Stock Options – Stock options may be granted to Nucor’s key employees, officers and non-employee directors with exercise prices at 100% of the market value on the date of the grant. The stock options granted from 2010 through 2013 are exercisable at the end of three years and have a term of 10 years. All stock options granted prior to 2010 were fully exercised as of September 28, 2013. New shares are issued upon exercise of stock options. | ||||||||||||||||
A summary of activity under Nucor’s stock option plans for the first nine months of 2013 is as follows (in thousands, except year and per share amounts): | |||||||||||||||||
Shares | Weighted - | Weighted - | Aggregate | ||||||||||||||
Average | Average | Intrinsic | |||||||||||||||
Exercise | Remaining | Value | |||||||||||||||
Price | Contractual Life | ||||||||||||||||
Number of shares under option: | |||||||||||||||||
Outstanding at beginning of year | 1,543 | $ | 39.03 | ||||||||||||||
Granted | 546 | $ | 44.51 | ||||||||||||||
Exercised | — | — | |||||||||||||||
Canceled | — | — | |||||||||||||||
Outstanding at September 28, 2013 | 2,089 | $ | 40.47 | 8.4 years | $ | 17,409 | |||||||||||
Options exercisable at September 28, 2013 | 242 | $ | 41.43 | 6.7 years | $ | 1,783 | |||||||||||
All expense related to options had been recognized as of the end of the second quarter of 2013. Compensation expense for stock options was $0.3 million in the third quarter of 2012, and $8.6 million and $9.5 million in the first nine months of 2013 and 2012, respectively. | |||||||||||||||||
Restricted Stock Units – Nucor annually grants restricted stock units (“RSUs”) to key employees, officers and non-employee directors. The RSUs typically vest and are converted to common stock in three equal installments on each of the first three anniversaries of the grant date. A portion of the RSUs awarded to senior officers vest upon the officer’s retirement. Retirement, for purposes of vesting in these RSUs only, means termination of employment with approval of the Compensation and Executive Development Committee of the Board of Directors after satisfying age and years of service requirements. RSUs granted to non-employee directors are fully vested on the grant date and are payable to the non-employee director in the form of common stock after the termination of the director’s service on the board of directors. | |||||||||||||||||
RSUs granted to employees who are eligible for retirement on the date of grant are expensed immediately, and RSUs granted to employees who will become retirement-eligible prior to the end of the vesting term are expensed over the period through which the employee will become retirement-eligible since these awards vest upon retirement from the Company. Compensation expense for RSUs granted to employees who are not retirement-eligible is recognized on a straight-line basis over the vesting period. | |||||||||||||||||
Cash dividend equivalents are paid to participants each quarter. Dividend equivalents paid on units expected to vest are recognized as a reduction in retained earnings. | |||||||||||||||||
The fair value of the RSUs is determined based on the closing stock price of Nucor’s common stock on the day before the grant. A summary of Nucor’s RSU activity for the first nine months of 2013 is as follows (shares in thousands): | |||||||||||||||||
Shares | Grant Date | ||||||||||||||||
Fair Value | |||||||||||||||||
Restricted stock units: | |||||||||||||||||
Unvested at beginning of year | 1,106 | $ | 40.8 | ||||||||||||||
Granted | 789 | $ | 44.51 | ||||||||||||||
Vested | (753 | ) | $ | 42.17 | |||||||||||||
Canceled | (11 | ) | $ | 39.08 | |||||||||||||
Unvested at September 28, 2013 | 1,131 | $ | 42.49 | ||||||||||||||
Shares reserved for future grants (stock options and RSUs) | 10,499 | ||||||||||||||||
Compensation expense for RSUs was $5.3 million and $4.7 million in the third quarter of 2013 and 2012, respectively, and $27.5 million and $29.6 million in the first nine months of 2013 and 2012, respectively. As of September 28, 2013, unrecognized compensation expense related to unvested RSUs was $34.2 million, which is expected to be recognized over a weighted-average period of 2.3 years. | |||||||||||||||||
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 nine months of 2013 is as follows (shares in thousands): | |||||||||||||||||
Shares | Grant Date | ||||||||||||||||
Fair Value | |||||||||||||||||
Restricted stock awards and units: | |||||||||||||||||
Unvested at beginning of year | 72 | $ | 43.72 | ||||||||||||||
Granted | 122 | $ | 47.36 | ||||||||||||||
Vested | (121 | ) | $ | 46.32 | |||||||||||||
Canceled | — | — | |||||||||||||||
Unvested at September 28, 2013 | 73 | $ | 45.49 | ||||||||||||||
Shares reserved for future grants | 1,238 | ||||||||||||||||
Compensation expense for common stock and common stock units awarded under the AIP and 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 $1.2 million and $0.5 million in the third quarter of 2013 and 2012, respectively, and $4.5 million and $3.6 million in the first nine months of 2013 and 2012, respectively. At September 28, 2013, unrecognized compensation expense related to unvested restricted stock awards was $0.9 million, which is expected to be recognized over a weighted-average period of 1.8 years. |
Employee_Benefit_Plan
Employee Benefit Plan | 9 Months Ended |
Sep. 28, 2013 | |
Employee Benefit Plan | ' |
13 | |
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 was $22.5 million and $17.5 million in the third quarter of 2013 and 2012, respectively, and was $49.2 million and $58.1 million in the first nine months of 2013 and 2012, respectively. The related liability for these benefits is included in salaries, wages and related accruals. |
Interest_Expense_Income
Interest Expense (Income) | 9 Months Ended | ||||||||||||||||
Sep. 28, 2013 | |||||||||||||||||
Interest Expense (Income) | ' | ||||||||||||||||
14 | INTEREST EXPENSE (INCOME): The components of net interest expense are as follows (in thousands): | ||||||||||||||||
Three Months (13 Weeks) Ended | Nine Months (39 Weeks) Ended | ||||||||||||||||
Sept. 28, 2013 | Sept. 29, 2012 | Sept. 28, 2013 | Sept. 29, 2012 | ||||||||||||||
Interest expense | $ | 38,621 | $ | 42,954 | $ | 112,978 | $ | 132,254 | |||||||||
Interest income | (1,154 | ) | (2,649 | ) | (3,792 | ) | (9,226 | ) | |||||||||
Interest expense, net | $ | 37,467 | $ | 40,305 | $ | 109,186 | $ | 123,028 | |||||||||
Income_Taxes
Income Taxes | 9 Months Ended | |
Sep. 28, 2013 | ||
Income Taxes | ' | |
15 | INCOME TAXES: The effective tax rate for the third quarter of 2013 was 28.2% compared to 32.3% for the third quarter of 2012. The decrease in the effective tax rate for the third quarter of 2013 as compared to the third quarter of 2012 is primarily due to the change in relative proportions of net earnings attributable to noncontrolling interests to total pre-tax earnings between the periods and the impact of the reversal of tax reserves due to closing of the statute of limitations in the third quarter of 2013. Nucor has concluded U.S. federal income tax matters for years through 2009. The 2010 to 2012 tax years are open to examination by the Internal Revenue Service. The tax years 2010 through 2012 remain open to examination by other major taxing jurisdictions to which Nucor is subject (primarily Canada and other state and local jurisdictions). | |
Current deferred tax assets included in other current assets were $181.4 million at September 28, 2013 ($190.4 million at December 31, 2012). Current deferred tax liabilities included in accrued expenses and other current liabilities were $13.6 million at September 28, 2013 (none at December 31, 2012). Non-current deferred tax liabilities included in deferred credits and other liabilities were $556.8 million at September 28, 2013 ($566.1 million at December 31, 2012). |
Stockholders_Equity
Stockholders' Equity | 9 Months Ended | ||||||||||||
Sep. 28, 2013 | |||||||||||||
Stockholders' Equity | ' | ||||||||||||
16 | STOCKHOLDERS’ EQUITY: The following tables reflect the changes in stockholders’ equity attributable to both Nucor and the noncontrolling interests of Nucor’s joint ventures, primarily Nucor-Yamato Steel Company, of which Nucor owns 51% (in thousands): | ||||||||||||
Attributable to | Attributable to | Total | |||||||||||
Nucor Corporation | Noncontrolling Interests | ||||||||||||
Stockholders’ equity at December 31, 2012 | $ | 7,641,571 | $ | 243,803 | $ | 7,885,374 | |||||||
Total comprehensive income | 283,315 | 77,582 | 360,897 | ||||||||||
Stock options | 8,575 | — | 8,575 | ||||||||||
Issuance of stock under award plans, net of forfeitures | 24,568 | — | 24,568 | ||||||||||
Amortization of unearned compensation | 601 | — | 601 | ||||||||||
Dividends declared | (353,424 | ) | — | (353,424 | ) | ||||||||
Distributions to noncontrolling interests | — | (63,318 | ) | (63,318 | ) | ||||||||
Stockholders’ equity at September 28, 2013 | $ | 7,605,206 | $ | 258,067 | $ | 7,863,273 | |||||||
Attributable to | Attributable to | Total | |||||||||||
Nucor Corporation | Noncontrolling Interests | ||||||||||||
Stockholders’ equity at December 31, 2011 | $ | 7,474,885 | $ | 231,695 | $ | 7,706,580 | |||||||
Total comprehensive income | 457,201 | 65,097 | 522,298 | ||||||||||
Stock options | 20,052 | — | 20,052 | ||||||||||
Issuance of stock under award plans, net of forfeitures | 31,292 | — | 31,292 | ||||||||||
Amortization of unearned compensation | 600 | — | 600 | ||||||||||
Dividends declared | (350,041 | ) | — | (350,041 | ) | ||||||||
Distributions to noncontrolling interests | — | (66,562 | ) | (66,562 | ) | ||||||||
Other | (645 | ) | (645 | ) | |||||||||
Stockholders’ equity at September 29, 2012 | $ | 7,633,344 | $ | 230,230 | $ | 7,863,574 | |||||||
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive (Loss) Income | 9 Months Ended | ||||||||||||||||
Sep. 28, 2013 | |||||||||||||||||
Accumulated Other Comprehensive (Loss) Income | ' | ||||||||||||||||
17 | ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME: The following tables reflect the changes in accumulated other comprehensive (loss) income by component (in thousands): | ||||||||||||||||
Three Month (13 week) Period Ended | |||||||||||||||||
September 28, 2013 | |||||||||||||||||
Gains and Losses on | Foreign Currency | Adjustment to Early | Total | ||||||||||||||
Hedging Derivatives | Gain (Loss) | Retiree Medical Plan | |||||||||||||||
June 29, 2013 | $ | — | $ | (19,914 | ) | $ | 10,580 | $ | (9,334 | ) | |||||||
Other comprehensive (loss) income before reclassifications | — | 31,879 | — | 31,879 | |||||||||||||
Amounts reclassified from accumulated other comprehensive (loss) income into earnings | — | — | — | — | |||||||||||||
Net current-period other comprehensive (loss) income | — | 31,879 | — | 31,879 | |||||||||||||
September 28, 2013 | $ | — | $ | 11,965 | $ | 10,580 | $ | 22,545 | |||||||||
Nine Month (39 week) Period Ended | |||||||||||||||||
September 28, 2013 | |||||||||||||||||
Gains and Losses on | Foreign Currency | Adjustment to Early | Total | ||||||||||||||
Hedging Derivatives | Gain (Loss) | Retiree Medical Plan | |||||||||||||||
December 31, 2012 | $ | — | $ | 46,181 | $ | 10,580 | $ | 56,761 | |||||||||
Other comprehensive (loss) income before reclassifications | — | (34,216 | ) | — | (34,216 | ) | |||||||||||
Amounts reclassified from accumulated other comprehensive (loss) income into earnings | — | — | — | — | |||||||||||||
Net current-period other comprehensive (loss) income | — | (34,216 | ) | — | (34,216 | ) | |||||||||||
September 28, 2013 | $ | — | $ | 11,965 | $ | 10,580 | $ | 22,545 | |||||||||
Three Month (13 week) Period Ended | |||||||||||||||||
September 29, 2012 | |||||||||||||||||
Gains and Losses on | Foreign Currency | Adjustment to Early | Total | ||||||||||||||
Hedging Derivatives | Gain (Loss) | Retiree Medical Plan | |||||||||||||||
June 30, 2012 | $ | (21,107 | ) | $ | (13,628 | ) | $ | 14,384 | $ | (20,351 | ) | ||||||
Other comprehensive (loss) income before reclassifications | — | 61,111 | — | 61,111 | |||||||||||||
Amounts reclassified from accumulated other comprehensive (loss) income into earnings (1) | 10,554 | — | — | 10,554 | |||||||||||||
Net current-period other comprehensive (loss) income | 10,554 | 61,111 | — | 71,665 | |||||||||||||
Other | (1 | ) | (1 | ) | |||||||||||||
September 29, 2012 | $ | (10,553 | ) | $ | 47,482 | $ | 14,384 | $ | 51,313 | ||||||||
1 - Includes $10,554 net-of-tax impact of accumulated other comprehensive income reclassifications into Cost of Products Sold for net losses on commodity contracts. The tax impact of this reclassification was $6,200. | |||||||||||||||||
Nine Month (39 week) Period Ended | |||||||||||||||||
September 29, 2012 | |||||||||||||||||
Gains and Losses on | Foreign Currency | Adjustment to Early | Total | ||||||||||||||
Hedging Derivatives | Gain (Loss) | Retiree Medical Plan | |||||||||||||||
December 31, 2011 | $ | (40,250 | ) | $ | (12,311 | ) | $ | 14,384 | $ | (38,177 | ) | ||||||
Other comprehensive (loss) income before reclassifications | (2,264 | ) | 59,730 | — | 57,466 | ||||||||||||
Amounts reclassified from accumulated other comprehensive (loss) income into earnings (1) | 31,961 | — | — | 31,961 | |||||||||||||
Net current-period other comprehensive (loss) income | 29,697 | 59,730 | — | 89,427 | |||||||||||||
Other | — | 63 | — | 63 | |||||||||||||
September 29, 2012 | $ | (10,553 | ) | $ | 47,482 | $ | 14,384 | $ | 51,313 | ||||||||
1 - Includes $31,961 net-of-tax impact of accumulated other comprehensive income reclassifications into Cost of Products Sold for net losses on commodity contracts. The tax impact of this reclassification was $18,800. |
Segments
Segments | 9 Months Ended | ||||||||||||||||
Sep. 28, 2013 | |||||||||||||||||
Segments | ' | ||||||||||||||||
18 | SEGMENTS: Nucor reports its results in the following segments: steel mills, steel products and raw materials. The steel mills segment includes carbon and alloy steel in sheet, bars, structural and plate; steel trading businesses; rebar distribution businesses; and Nucor’s equity method investments in Duferdofin Nucor and NuMit. The steel products segment includes steel joists and joist girders, steel deck, fabricated concrete reinforcing steel, cold finished steel, steel fasteners, metal building systems, steel grating and expanded metal, and wire and wire mesh. The raw materials segment includes DJJ, a scrap broker and processor; Nu-Iron Unlimited, a facility that produces DRI used by the steel mills; a DRI facility under construction in Louisiana; our natural gas working interests; and Nucor’s equity method investment in Hunter Ridge. Previously Nucor’s steel trading businesses and rebar distribution businesses were reported in an “All other” category. Beginning in the first quarter of 2013, these businesses were reclassified to the steel mills segment as part of a realignment of Nucor’s reportable segments to better reflect the way in which they are managed. The segment data for the comparable period has also been reclassified into the steel mills segment in order to conform to the current year presentation. The steel mills, steel products and raw materials 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. Additionally, the composition of assets by segment at December 31, 2012 was reclassified during the third quarter of 2013 to conform with the current quarter presentation. This reclassification between segments did not have any impact on the consolidated asset balances. | ||||||||||||||||
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, restricted cash and investments, allowances to eliminate intercompany profit in inventory, fair value of natural gas hedges, deferred income tax assets, federal and state income taxes receivable, the LIFO reserve and investments in and advances to affiliates. | |||||||||||||||||
Nucor’s results by segment were as follows (in thousands): | |||||||||||||||||
Three Months (13 Weeks) Ended | Nine Months (39 Weeks) Ended | ||||||||||||||||
Sept. 28, 2013 | Sept. 29, 2012 | Sept. 28, 2013 | Sept. 29, 2012 | ||||||||||||||
Net sales to external customers: | |||||||||||||||||
Steel mills | $ | 3,435,884 | $ | 3,319,518 | $ | 9,901,471 | $ | 10,682,810 | |||||||||
Steel products | 964,153 | 1,006,366 | 2,690,604 | 2,840,055 | |||||||||||||
Raw materials | 540,899 | 475,322 | 1,565,221 | 1,455,134 | |||||||||||||
$ | 4,940,936 | $ | 4,801,206 | $ | 14,157,296 | $ | 14,977,999 | ||||||||||
Intercompany sales: | |||||||||||||||||
Steel mills | $ | 652,077 | $ | 670,876 | $ | 1,924,222 | $ | 1,997,879 | |||||||||
Steel products | 24,909 | 17,179 | 75,036 | 52,958 | |||||||||||||
Raw materials | 2,391,502 | 2,080,150 | 6,738,485 | 7,441,529 | |||||||||||||
Corporate/eliminations | (3,068,488 | ) | (2,768,205 | ) | (8,737,743 | ) | (9,492,366 | ) | |||||||||
$ | — | $ | — | $ | — | $ | — | ||||||||||
Earnings (loss) before income taxes and noncontrolling interests: | |||||||||||||||||
Steel mills | $ | 310,591 | $ | 218,367 | $ | 819,951 | $ | 944,598 | |||||||||
Steel products | 31,018 | (10,252 | ) | 51,167 | (34,094 | ) | |||||||||||
Raw materials | (493 | ) | 14,535 | 13,261 | 44,223 | ||||||||||||
Corporate/eliminations | (92,914 | ) | (30,875 | ) | (330,517 | ) | (321,697 | ) | |||||||||
$ | 248,202 | $ | 191,775 | $ | 553,862 | $ | 633,030 | ||||||||||
Sept. 28, 2013 | Dec. 31, 2012 | ||||||||||||||||
Segment assets: | |||||||||||||||||
Steel mills | $ | 8,137,612 | $ | 7,894,974 | |||||||||||||
Steel products | 2,986,752 | 2,935,146 | |||||||||||||||
Raw materials | 3,746,813 | 3,400,690 | |||||||||||||||
Corporate/eliminations | 220,599 | (78,751 | ) | ||||||||||||||
$ | 15,091,776 | $ | 14,152,059 | ||||||||||||||
Earnings_Per_Share
Earnings Per Share | 9 Months Ended | ||||||||||||||||
Sep. 28, 2013 | |||||||||||||||||
Earnings Per Share | ' | ||||||||||||||||
19 | EARNINGS PER SHARE: The computations of basic and diluted net earnings per share are as follows (in thousands, except per share amounts): | ||||||||||||||||
Three Months (13 Weeks) Ended | Nine Months (39 Weeks) Ended | ||||||||||||||||
Sept. 28, 2013 | Sept. 29, 2012 | Sept. 28, 2013 | Sept. 29, 2012 | ||||||||||||||
Basic net earnings per share: | |||||||||||||||||
Basic net earnings | $ | 147,597 | $ | 110,308 | $ | 317,531 | $ | 367,711 | |||||||||
Earnings allocated to participating securities | (518 | ) | (412 | ) | (1,324 | ) | (1,242 | ) | |||||||||
Net earnings available to common stockholders | $ | 147,079 | $ | 109,896 | $ | 316,207 | $ | 366,469 | |||||||||
Average shares outstanding | 319,341 | 318,463 | 318,979 | 318,042 | |||||||||||||
Basic net earnings per share | $ | 0.46 | $ | 0.35 | $ | 0.99 | $ | 1.15 | |||||||||
Diluted net earnings per share: | |||||||||||||||||
Diluted net earnings | $ | 147,597 | $ | 110,308 | $ | 317,531 | $ | 367,711 | |||||||||
Earnings allocated to participating securities | (518 | ) | (412 | ) | (1,324 | ) | (1,242 | ) | |||||||||
Net earnings available to common stockholders | $ | 147,079 | $ | 109,896 | $ | 316,207 | $ | 366,469 | |||||||||
Diluted average shares outstanding: | |||||||||||||||||
Basic shares outstanding | 319,341 | 318,463 | 318,979 | 318,042 | |||||||||||||
Dilutive effect of stock options and other | 185 | 57 | 153 | 71 | |||||||||||||
319,526 | 318,520 | 319,132 | 318,113 | ||||||||||||||
Diluted net earnings per share | $ | 0.46 | $ | 0.35 | $ | 0.99 | $ | 1.15 | |||||||||
The following stock options were excluded from the computation of diluted net earnings per share because their effect would have been anti-dilutive: | |||||||||||||||||
Three Months (13 Weeks) Ended | Nine Months (39 Weeks) Ended | ||||||||||||||||
Sept. 28, 2013 | Sept. 29, 2012 | Sept. 28, 2013 | Sept. 29, 2012 | ||||||||||||||
Anti-dilutive stock options: | |||||||||||||||||
Weighted average shares | — | 801 | 183 | 534 | |||||||||||||
Weighted average exercise price | $ | — | $ | 42.07 | $ | 44.51 | $ | 42.07 | |||||||||
Goodwill_and_Other_Intangible_1
Goodwill and Other Intangible Assets (Tables) | 9 Months Ended | ||||||||||||||||||||
Sep. 28, 2013 | |||||||||||||||||||||
Schedule of Change in Net Carrying Amount of Goodwill by Segment | ' | ||||||||||||||||||||
The change in the net carrying amount of goodwill for the nine months ended September 28, 2013 by segment is as follows (in thousands): | |||||||||||||||||||||
Steel Mills | Steel Products | Raw Materials | All Other | Total | |||||||||||||||||
Balance at December 31, 2012 | $ | 407,045 | $ | 805,416 | $ | 703,225 | $ | 88,852 | $ | 2,004,538 | |||||||||||
Acquisitions | — | — | — | — | — | ||||||||||||||||
Reclassifications | 88,852 | — | — | (88,852 | ) | — | |||||||||||||||
Translation | — | (16,059 | ) | — | — | (16,059 | ) | ||||||||||||||
Other | — | (4,862 | ) | — | — | (4,862 | ) | ||||||||||||||
Balance at September 28, 2013 | $ | 495,897 | $ | 784,495 | $ | 703,225 | $ | — | $ | 1,983,617 | |||||||||||
Schedule of Intangible Assets | ' | ||||||||||||||||||||
Intangible assets with estimated useful lives of three to 22 years are amortized on a straight-line or accelerated basis and were comprised of the following (in thousands): | |||||||||||||||||||||
Sept. 28, 2013 | Dec. 31, 2012 | ||||||||||||||||||||
Gross | Accumulated | Gross | Accumulated | ||||||||||||||||||
Amount | Amortization | Amount | Amortization | ||||||||||||||||||
Customer relationships | $ | 1,151,156 | $ | 375,128 | $ | 1,156,979 | $ | 325,819 | |||||||||||||
Trademarks and trade names | 151,909 | 38,513 | 152,869 | 32,653 | |||||||||||||||||
Other | 21,869 | 14,886 | 28,610 | 20,746 | |||||||||||||||||
$ | 1,324,934 | $ | 428,527 | $ | 1,338,458 | $ | 379,218 | ||||||||||||||
Derivatives_Tables
Derivatives (Tables) | 9 Months Ended | ||||||||||||||||||||||||||||
Sep. 28, 2013 | |||||||||||||||||||||||||||||
Fair Values of Derivative Instruments | ' | ||||||||||||||||||||||||||||
The following tables summarize information regarding Nucor’s derivative instruments (in thousands): | |||||||||||||||||||||||||||||
Fair Value of Derivative Instruments | |||||||||||||||||||||||||||||
Fair Value at | |||||||||||||||||||||||||||||
Balance Sheet Location | Sept. 28, | Dec. 31, | |||||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||||||
Liability derivatives not designated as hedging instruments: | |||||||||||||||||||||||||||||
Commodity contracts | Accrued expenses and other current liabilities | $ | (453 | ) | $ | (303 | ) | ||||||||||||||||||||||
Foreign exchange contracts | Accrued expenses and other current liabilities | (34 | ) | (15 | ) | ||||||||||||||||||||||||
Total liability derivatives | $ | (487 | ) | $ | (318 | ) | |||||||||||||||||||||||
Designated as Hedging Instrument [Member] | ' | ||||||||||||||||||||||||||||
Effect of Derivative Instruments on Condensed Consolidated Statements of Earnings | ' | ||||||||||||||||||||||||||||
The Effect of Derivative Instruments on the Condensed Consolidated Statements of Earnings | |||||||||||||||||||||||||||||
Derivatives Designated as Hedging Instruments | |||||||||||||||||||||||||||||
Amount of Gain | Amount of Gain | Amount of Gain | |||||||||||||||||||||||||||
or (Loss) | or (Loss) | or (Loss) | |||||||||||||||||||||||||||
Recognized in OCI | Reclassified from | Recognized in | |||||||||||||||||||||||||||
on Derivatives | Accumulated OCI into | Earnings on | |||||||||||||||||||||||||||
Derivatives in Cash Flow Hedging | (Effective Portion) | Earnings | Derivatives | ||||||||||||||||||||||||||
Relationships | (Effective Portion) | (Ineffective Portion) | |||||||||||||||||||||||||||
Statement of Earnings | Three Months | Three Months | Three Months | ||||||||||||||||||||||||||
Location | (13 weeks) Ended | (13 weeks) Ended | (13 weeks) Ended | ||||||||||||||||||||||||||
Sept. 28, | Sept. 29, | Sept. 28, | Sept. 29, | Sept. 28, | Sept. 29, | ||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||||
Commodity contracts | Cost of products sold | $ | — | $ | — | $ | — | $ | (10,554 | ) | $ | — | $ | — | |||||||||||||||
Amount of Gain | Amount of Gain | Amount of Gain | |||||||||||||||||||||||||||
or (Loss) | or (Loss) | or (Loss) | |||||||||||||||||||||||||||
Recognized in OCI | Reclassified from | Recognized in | |||||||||||||||||||||||||||
on Derivatives | Accumulated OCI into | Earnings on | |||||||||||||||||||||||||||
Derivatives in Cash Flow Hedging | (Effective Portion) | Earnings | Derivatives | ||||||||||||||||||||||||||
Relationships | (Effective Portion) | (Ineffective Portion) | |||||||||||||||||||||||||||
Statement of Earnings | Nine Months | Nine Months | Nine Months | ||||||||||||||||||||||||||
Location | (39 weeks) Ended | (39 weeks) Ended | (39 weeks) Ended | ||||||||||||||||||||||||||
Sept. 28, | Sept. 29, | Sept. 28, | Sept. 29, | Sept. 28, | Sept. 29, | ||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||||
Commodity contracts | Cost of products sold | $ | — | $ | (2,264 | ) | $ | — | $ | (31,961 | ) | $ | — | $ | 500 | ||||||||||||||
Not Designated as Hedging Instrument [Member] | ' | ||||||||||||||||||||||||||||
Effect of Derivative Instruments on Condensed Consolidated Statements of Earnings | ' | ||||||||||||||||||||||||||||
Derivatives Not Designated as Hedging Instruments | |||||||||||||||||||||||||||||
Amount of Gain or (Loss) Recognized in Earnings on Derivatives | |||||||||||||||||||||||||||||
Three Months (13 weeks) Ended | Nine Months (39 weeks) Ended | ||||||||||||||||||||||||||||
Derivatives Not Designated as | Statement of | Sept. 28, | Sept. 29, | Sept. 28, | Sept. 29, | ||||||||||||||||||||||||
Hedging Instruments | Earnings Location | 2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||||
Commodity contracts | Cost of products sold | $ | (789 | ) | $ | (1,454 | ) | $ | 4,193 | $ | (231 | ) | |||||||||||||||||
Foreign exchange contracts | Cost of products sold | 134 | (25 | ) | 253 | 146 | |||||||||||||||||||||||
Total | $ | (655 | ) | $ | (1,479 | ) | $ | 4,446 | $ | (85 | ) | ||||||||||||||||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 28, 2013 | |||||||||||||||||
Schedule of Financial Assets and Financial 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 September 28, 2013 and December 31, 2012 (in thousands). Nucor does not currently have any non-financial assets or liabilities that are measured at fair value on a recurring basis. | |||||||||||||||||
Fair Value Measurements at Reporting Date Using | |||||||||||||||||
Description | Carrying | Quoted Prices | Significant | Significant | |||||||||||||
Amount in | in Active | Other | Unobservable | ||||||||||||||
Condensed | Markets for | Observable | Inputs | ||||||||||||||
Consolidated | Identical | Inputs | (Level 3) | ||||||||||||||
Balance Sheets | Assets | (Level 2) | |||||||||||||||
(Level 1) | |||||||||||||||||
As of September 28, 2013 | |||||||||||||||||
Assets: | |||||||||||||||||
Cash equivalents | $ | 1,590,572 | $ | 1,590,572 | $ | — | $ | — | |||||||||
Short-term investments | 48,476 | 48,476 | — | — | |||||||||||||
Restricted cash | 393 | 393 | — | — | |||||||||||||
Total assets | $ | 1,639,441 | $ | 1,639,441 | $ | — | $ | — | |||||||||
Liabilities: | |||||||||||||||||
Foreign exchange and commodity contracts | $ | (487 | ) | $ | — | $ | (487 | ) | $ | — | |||||||
As of December 31, 2012 | |||||||||||||||||
Assets: | |||||||||||||||||
Cash equivalents | $ | 830,011 | $ | 830,011 | $ | — | $ | — | |||||||||
Short-term investments | 104,167 | 104,167 | — | — | |||||||||||||
Restricted cash and investments | 275,163 | 275,163 | — | — | |||||||||||||
Total assets | $ | 1,209,341 | $ | 1,209,341 | $ | — | $ | — | |||||||||
Liabilities: | |||||||||||||||||
Foreign exchange and commodity contracts | $ | (318 | ) | $ | — | $ | (318 | ) | $ | — | |||||||
StockBased_Compensation_Tables
Stock-Based Compensation (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 28, 2013 | |||||||||||||||||
Summary of Stock Option Plans Activity | ' | ||||||||||||||||
A summary of activity under Nucor’s stock option plans for the first nine months of 2013 is as follows (in thousands, except year and per share amounts): | |||||||||||||||||
Shares | Weighted - | Weighted - | Aggregate | ||||||||||||||
Average | Average | Intrinsic | |||||||||||||||
Exercise | Remaining | Value | |||||||||||||||
Price | Contractual Life | ||||||||||||||||
Number of shares under option: | |||||||||||||||||
Outstanding at beginning of year | 1,543 | $ | 39.03 | ||||||||||||||
Granted | 546 | $ | 44.51 | ||||||||||||||
Exercised | — | — | |||||||||||||||
Canceled | — | — | |||||||||||||||
Outstanding at September 28, 2013 | 2,089 | $ | 40.47 | 8.4 years | $ | 17,409 | |||||||||||
Options exercisable at September 28, 2013 | 242 | $ | 41.43 | 6.7 years | $ | 1,783 | |||||||||||
Summary of Nucor's Restricted Stock Unit Activity | ' | ||||||||||||||||
A summary of Nucor’s RSU activity for the first nine months of 2013 is as follows (shares in thousands): | |||||||||||||||||
Shares | Grant Date | ||||||||||||||||
Fair Value | |||||||||||||||||
Restricted stock units: | |||||||||||||||||
Unvested at beginning of year | 1,106 | $ | 40.8 | ||||||||||||||
Granted | 789 | $ | 44.51 | ||||||||||||||
Vested | (753 | ) | $ | 42.17 | |||||||||||||
Canceled | (11 | ) | $ | 39.08 | |||||||||||||
Unvested at September 28, 2013 | 1,131 | $ | 42.49 | ||||||||||||||
Shares reserved for future grants (stock options and RSUs) | 10,499 | ||||||||||||||||
Summary of Nucor's Restricted Stock Awards and Units Under AIP and LTIP | ' | ||||||||||||||||
A summary of Nucor’s restricted stock activity under the AIP and LTIP for the first nine months of 2013 is as follows (shares in thousands): | |||||||||||||||||
Shares | Grant Date | ||||||||||||||||
Fair Value | |||||||||||||||||
Restricted stock awards and units: | |||||||||||||||||
Unvested at beginning of year | 72 | $ | 43.72 | ||||||||||||||
Granted | 122 | $ | 47.36 | ||||||||||||||
Vested | (121 | ) | $ | 46.32 | |||||||||||||
Canceled | — | — | |||||||||||||||
Unvested at September 28, 2013 | 73 | $ | 45.49 | ||||||||||||||
Shares reserved for future grants | 1,238 | ||||||||||||||||
Interest_Expense_Income_Tables
Interest Expense (Income) (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 28, 2013 | |||||||||||||||||
Schedule of Components of Interest Expense | ' | ||||||||||||||||
14 | INTEREST EXPENSE (INCOME): The components of net interest expense are as follows (in thousands): | ||||||||||||||||
Three Months (13 Weeks) Ended | Nine Months (39 Weeks) Ended | ||||||||||||||||
Sept. 28, 2013 | Sept. 29, 2012 | Sept. 28, 2013 | Sept. 29, 2012 | ||||||||||||||
Interest expense | $ | 38,621 | $ | 42,954 | $ | 112,978 | $ | 132,254 | |||||||||
Interest income | (1,154 | ) | (2,649 | ) | (3,792 | ) | (9,226 | ) | |||||||||
Interest expense, net | $ | 37,467 | $ | 40,305 | $ | 109,186 | $ | 123,028 | |||||||||
Stockholders_Equity_Tables
Stockholders' Equity (Tables) | 9 Months Ended | ||||||||||||
Sep. 28, 2013 | |||||||||||||
Schedule of Changes in Stockholders' Equity | ' | ||||||||||||
The following tables reflect the changes in stockholders’ equity attributable to both Nucor and the noncontrolling interests of Nucor’s joint ventures, primarily Nucor-Yamato Steel Company, of which Nucor owns 51% (in thousands): | |||||||||||||
Attributable to | Attributable to | Total | |||||||||||
Nucor Corporation | Noncontrolling Interests | ||||||||||||
Stockholders’ equity at December 31, 2012 | $ | 7,641,571 | $ | 243,803 | $ | 7,885,374 | |||||||
Total comprehensive income | 283,315 | 77,582 | 360,897 | ||||||||||
Stock options | 8,575 | — | 8,575 | ||||||||||
Issuance of stock under award plans, net of forfeitures | 24,568 | — | 24,568 | ||||||||||
Amortization of unearned compensation | 601 | — | 601 | ||||||||||
Dividends declared | (353,424 | ) | — | (353,424 | ) | ||||||||
Distributions to noncontrolling interests | — | (63,318 | ) | (63,318 | ) | ||||||||
Stockholders’ equity at September 28, 2013 | $ | 7,605,206 | $ | 258,067 | $ | 7,863,273 | |||||||
Attributable to | Attributable to | Total | |||||||||||
Nucor Corporation | Noncontrolling Interests | ||||||||||||
Stockholders’ equity at December 31, 2011 | $ | 7,474,885 | $ | 231,695 | $ | 7,706,580 | |||||||
Total comprehensive income | 457,201 | 65,097 | 522,298 | ||||||||||
Stock options | 20,052 | — | 20,052 | ||||||||||
Issuance of stock under award plans, net of forfeitures | 31,292 | — | 31,292 | ||||||||||
Amortization of unearned compensation | 600 | — | 600 | ||||||||||
Dividends declared | (350,041 | ) | — | (350,041 | ) | ||||||||
Distributions to noncontrolling interests | — | (66,562 | ) | (66,562 | ) | ||||||||
Other | (645 | ) | (645 | ) | |||||||||
Stockholders’ equity at September 29, 2012 | $ | 7,633,344 | $ | 230,230 | $ | 7,863,574 | |||||||
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive (Loss) Income (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 28, 2013 | |||||||||||||||||
Components of Accumulated Other Comprehensive (Loss) Income | ' | ||||||||||||||||
The following tables reflect the changes in accumulated other comprehensive (loss) income by component (in thousands): | |||||||||||||||||
Three Month (13 week) Period Ended | |||||||||||||||||
September 28, 2013 | |||||||||||||||||
Gains and Losses on | Foreign Currency | Adjustment to Early | Total | ||||||||||||||
Hedging Derivatives | Gain (Loss) | Retiree Medical Plan | |||||||||||||||
June 29, 2013 | $ | — | $ | (19,914 | ) | $ | 10,580 | $ | (9,334 | ) | |||||||
Other comprehensive (loss) income before reclassifications | — | 31,879 | — | 31,879 | |||||||||||||
Amounts reclassified from accumulated other comprehensive (loss) income into earnings | — | — | — | — | |||||||||||||
Net current-period other comprehensive (loss) income | — | 31,879 | — | 31,879 | |||||||||||||
September 28, 2013 | $ | — | $ | 11,965 | $ | 10,580 | $ | 22,545 | |||||||||
Nine Month (39 week) Period Ended | |||||||||||||||||
September 28, 2013 | |||||||||||||||||
Gains and Losses on | Foreign Currency | Adjustment to Early | Total | ||||||||||||||
Hedging Derivatives | Gain (Loss) | Retiree Medical Plan | |||||||||||||||
December 31, 2012 | $ | — | $ | 46,181 | $ | 10,580 | $ | 56,761 | |||||||||
Other comprehensive (loss) income before reclassifications | — | (34,216 | ) | — | (34,216 | ) | |||||||||||
Amounts reclassified from accumulated other comprehensive (loss) income into earnings | — | — | — | — | |||||||||||||
Net current-period other comprehensive (loss) income | — | (34,216 | ) | — | (34,216 | ) | |||||||||||
September 28, 2013 | $ | — | $ | 11,965 | $ | 10,580 | $ | 22,545 | |||||||||
Three Month (13 week) Period Ended | |||||||||||||||||
September 29, 2012 | |||||||||||||||||
Gains and Losses on | Foreign Currency | Adjustment to Early | Total | ||||||||||||||
Hedging Derivatives | Gain (Loss) | Retiree Medical Plan | |||||||||||||||
June 30, 2012 | $ | (21,107 | ) | $ | (13,628 | ) | $ | 14,384 | $ | (20,351 | ) | ||||||
Other comprehensive (loss) income before reclassifications | — | 61,111 | — | 61,111 | |||||||||||||
Amounts reclassified from accumulated other comprehensive (loss) income into earnings (1) | 10,554 | — | — | 10,554 | |||||||||||||
Net current-period other comprehensive (loss) income | 10,554 | 61,111 | — | 71,665 | |||||||||||||
Other | (1 | ) | (1 | ) | |||||||||||||
September 29, 2012 | $ | (10,553 | ) | $ | 47,482 | $ | 14,384 | $ | 51,313 | ||||||||
1 - Includes $10,554 net-of-tax impact of accumulated other comprehensive income reclassifications into Cost of Products Sold for net losses on commodity contracts. The tax impact of this reclassification was $6,200. | |||||||||||||||||
Nine Month (39 week) Period Ended | |||||||||||||||||
September 29, 2012 | |||||||||||||||||
Gains and Losses on | Foreign Currency | Adjustment to Early | Total | ||||||||||||||
Hedging Derivatives | Gain (Loss) | Retiree Medical Plan | |||||||||||||||
December 31, 2011 | $ | (40,250 | ) | $ | (12,311 | ) | $ | 14,384 | $ | (38,177 | ) | ||||||
Other comprehensive (loss) income before reclassifications | (2,264 | ) | 59,730 | — | 57,466 | ||||||||||||
Amounts reclassified from accumulated other comprehensive (loss) income into earnings (1) | 31,961 | — | — | 31,961 | |||||||||||||
Net current-period other comprehensive (loss) income | 29,697 | 59,730 | — | 89,427 | |||||||||||||
Other | — | 63 | — | 63 | |||||||||||||
September 29, 2012 | $ | (10,553 | ) | $ | 47,482 | $ | 14,384 | $ | 51,313 | ||||||||
1 - Includes $31,961 net-of-tax impact of accumulated other comprehensive income reclassifications into Cost of Products Sold for net losses on commodity contracts. The tax impact of this reclassification was $18,800. |
Segments_Tables
Segments (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 28, 2013 | |||||||||||||||||
Segments | ' | ||||||||||||||||
Nucor’s results by segment were as follows (in thousands): | |||||||||||||||||
Three Months (13 Weeks) Ended | Nine Months (39 Weeks) Ended | ||||||||||||||||
Sept. 28, 2013 | Sept. 29, 2012 | Sept. 28, 2013 | Sept. 29, 2012 | ||||||||||||||
Net sales to external customers: | |||||||||||||||||
Steel mills | $ | 3,435,884 | $ | 3,319,518 | $ | 9,901,471 | $ | 10,682,810 | |||||||||
Steel products | 964,153 | 1,006,366 | 2,690,604 | 2,840,055 | |||||||||||||
Raw materials | 540,899 | 475,322 | 1,565,221 | 1,455,134 | |||||||||||||
$ | 4,940,936 | $ | 4,801,206 | $ | 14,157,296 | $ | 14,977,999 | ||||||||||
Intercompany sales: | |||||||||||||||||
Steel mills | $ | 652,077 | $ | 670,876 | $ | 1,924,222 | $ | 1,997,879 | |||||||||
Steel products | 24,909 | 17,179 | 75,036 | 52,958 | |||||||||||||
Raw materials | 2,391,502 | 2,080,150 | 6,738,485 | 7,441,529 | |||||||||||||
Corporate/eliminations | (3,068,488 | ) | (2,768,205 | ) | (8,737,743 | ) | (9,492,366 | ) | |||||||||
$ | — | $ | — | $ | — | $ | — | ||||||||||
Earnings (loss) before income taxes and noncontrolling interests: | |||||||||||||||||
Steel mills | $ | 310,591 | $ | 218,367 | $ | 819,951 | $ | 944,598 | |||||||||
Steel products | 31,018 | (10,252 | ) | 51,167 | (34,094 | ) | |||||||||||
Raw materials | (493 | ) | 14,535 | 13,261 | 44,223 | ||||||||||||
Corporate/eliminations | (92,914 | ) | (30,875 | ) | (330,517 | ) | (321,697 | ) | |||||||||
$ | 248,202 | $ | 191,775 | $ | 553,862 | $ | 633,030 | ||||||||||
Sept. 28, 2013 | Dec. 31, 2012 | ||||||||||||||||
Segment assets: | |||||||||||||||||
Steel mills | $ | 8,137,612 | $ | 7,894,974 | |||||||||||||
Steel products | 2,986,752 | 2,935,146 | |||||||||||||||
Raw materials | 3,746,813 | 3,400,690 | |||||||||||||||
Corporate/eliminations | 220,599 | (78,751 | ) | ||||||||||||||
$ | 15,091,776 | $ | 14,152,059 | ||||||||||||||
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 28, 2013 | |||||||||||||||||
Computations of Basic and Diluted Net Earnings Per Share | ' | ||||||||||||||||
The computations of basic and diluted net earnings per share are as follows (in thousands, except per share amounts): | |||||||||||||||||
Three Months (13 Weeks) Ended | Nine Months (39 Weeks) Ended | ||||||||||||||||
Sept. 28, 2013 | Sept. 29, 2012 | Sept. 28, 2013 | Sept. 29, 2012 | ||||||||||||||
Basic net earnings per share: | |||||||||||||||||
Basic net earnings | $ | 147,597 | $ | 110,308 | $ | 317,531 | $ | 367,711 | |||||||||
Earnings allocated to participating securities | (518 | ) | (412 | ) | (1,324 | ) | (1,242 | ) | |||||||||
Net earnings available to common stockholders | $ | 147,079 | $ | 109,896 | $ | 316,207 | $ | 366,469 | |||||||||
Average shares outstanding | 319,341 | 318,463 | 318,979 | 318,042 | |||||||||||||
Basic net earnings per share | $ | 0.46 | $ | 0.35 | $ | 0.99 | $ | 1.15 | |||||||||
Diluted net earnings per share: | |||||||||||||||||
Diluted net earnings | $ | 147,597 | $ | 110,308 | $ | 317,531 | $ | 367,711 | |||||||||
Earnings allocated to participating securities | (518 | ) | (412 | ) | (1,324 | ) | (1,242 | ) | |||||||||
Net earnings available to common stockholders | $ | 147,079 | $ | 109,896 | $ | 316,207 | $ | 366,469 | |||||||||
Diluted average shares outstanding: | |||||||||||||||||
Basic shares outstanding | 319,341 | 318,463 | 318,979 | 318,042 | |||||||||||||
Dilutive effect of stock options and other | 185 | 57 | 153 | 71 | |||||||||||||
319,526 | 318,520 | 319,132 | 318,113 | ||||||||||||||
Diluted net earnings per share | $ | 0.46 | $ | 0.35 | $ | 0.99 | $ | 1.15 | |||||||||
Anti-Dilutive Stock Options | ' | ||||||||||||||||
The following stock options were excluded from the computation of diluted net earnings per share because their effect would have been anti-dilutive: | |||||||||||||||||
Three Months (13 Weeks) Ended | Nine Months (39 Weeks) Ended | ||||||||||||||||
Sept. 28, 2013 | Sept. 29, 2012 | Sept. 28, 2013 | Sept. 29, 2012 | ||||||||||||||
Anti-dilutive stock options: | |||||||||||||||||
Weighted average shares | — | 801 | 183 | 534 | |||||||||||||
Weighted average exercise price | $ | — | $ | 42.07 | $ | 44.51 | $ | 42.07 | |||||||||
Inventories_Additional_Informa
Inventories - Additional Information (Detail) (USD $) | Sep. 28, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Components Of Inventory [Line Items] | ' | ' |
Raw materials and supplies in inventory, percentage | 40.00% | 37.00% |
Finished and semi-finished products in inventory, percentage | 60.00% | 63.00% |
Inventories valued using the last-in, first-out | 44.00% | 45.00% |
Increased value of inventory if FIFO method had been used | $607.20 | $607.20 |
Lower of cost or market adjustments | $2.70 | $3.50 |
Property_Plant_and_Equipment_A
Property, Plant and Equipment - Additional information (Detail) (USD $) | 9 Months Ended | |
Sep. 28, 2013 | Dec. 31, 2012 | |
Property, Plant and Equipment [Line Items] | ' | ' |
Accumulated depreciation | $6,520,000,000 | $6,160,000,000 |
Written down value of property, plant & equipment | 21,000,000 | ' |
Written down value of inventory | 7,000,000 | ' |
Insurance receivable | 14,000,000 | ' |
Associated net charges including marketing, administrative and other expenses | $14,000,000 | ' |
Restricted_Cash_and_Investment1
Restricted Cash and Investments - Additional Information (Detail) (USD $) | 9 Months Ended | |||
In Millions, unless otherwise specified | Sep. 28, 2013 | Sep. 29, 2012 | Dec. 31, 2012 | Nov. 30, 2010 |
30-Year Variable Rate Gulf Opportunity Zone Bonds [Member] | ||||
Restricted Cash and Investments [Line Items] | ' | ' | ' | ' |
Debt instrument face amount | ' | ' | ' | $600 |
Term of variable rate bonds, years | ' | ' | ' | '30 years |
Qualified expenditure for construction of facility | 274.9 | 172.6 | ' | ' |
Restricted Investments | $0 | ' | $149.80 | ' |
Goodwill_and_Other_Intangible_2
Goodwill and Other Intangible Assets - Schedule of Change in Net Carrying Amount of Goodwill by Segment (Detail) (USD $) | 9 Months Ended |
In Thousands, unless otherwise specified | Sep. 28, 2013 |
Goodwill [Line Items] | ' |
Balance, beginning of period | $2,004,538 |
Acquisitions | ' |
Translation | -16,059 |
Other | -4,862 |
Balance, end of period | 1,983,617 |
Steel Mills [Member] | ' |
Goodwill [Line Items] | ' |
Balance, beginning of period | 407,045 |
Acquisitions | ' |
Reclassifications | 88,852 |
Balance, end of period | 495,897 |
Steel Products [Member] | ' |
Goodwill [Line Items] | ' |
Balance, beginning of period | 805,416 |
Acquisitions | ' |
Translation | -16,059 |
Other | -4,862 |
Balance, end of period | 784,495 |
Raw Materials [Member] | ' |
Goodwill [Line Items] | ' |
Balance, beginning of period | 703,225 |
Acquisitions | ' |
Balance, end of period | 703,225 |
All Other [Member] | ' |
Goodwill [Line Items] | ' |
Balance, beginning of period | 88,852 |
Acquisitions | ' |
Reclassifications | ($88,852) |
Goodwill_and_Other_Intangible_3
Goodwill and Other Intangible Assets - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 28, 2013 | Sep. 29, 2012 | Sep. 28, 2013 | Sep. 29, 2012 |
Finite And Indefinite Lived Intangible Assets [Line Items] | ' | ' | ' | ' |
Intangible asset amortization expense | $18.50 | $20.40 | $56.10 | $53.50 |
Future amortization expense, in 2013 | 73.9 | ' | 73.9 | ' |
Future amortization expense, in 2014 | 70 | ' | 70 | ' |
Future amortization expense, in 2015 | 68.2 | ' | 68.2 | ' |
Future amortization expense, in 2016 | 66.5 | ' | 66.5 | ' |
Future amortization expense, in 2017 | $64.80 | ' | $64.80 | ' |
Minimum [Member] | ' | ' | ' | ' |
Finite And Indefinite Lived Intangible Assets [Line Items] | ' | ' | ' | ' |
Intangible assets, useful life | ' | ' | '3 years | ' |
Maximum [Member] | ' | ' | ' | ' |
Finite And Indefinite Lived Intangible Assets [Line Items] | ' | ' | ' | ' |
Intangible assets, useful life | ' | ' | '22 years | ' |
Goodwill_and_Other_Intangible_4
Goodwill and Other Intangible Assets - Schedule of Intangible Assets (Detail) (USD $) | Sep. 28, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Intangible assets, Gross Amount | $1,324,934 | $1,338,458 |
Intangible assets, Accumulated Amortization | 428,527 | 379,218 |
Customer Relationships [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Intangible assets, Gross Amount | 1,151,156 | 1,156,979 |
Intangible assets, Accumulated Amortization | 375,128 | 325,819 |
Trademarks and Trade Names [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Intangible assets, Gross Amount | 151,909 | 152,869 |
Intangible assets, Accumulated Amortization | 38,513 | 32,653 |
Other [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Intangible assets, Gross Amount | 21,869 | 28,610 |
Intangible assets, Accumulated Amortization | $14,886 | $20,746 |
Equity_Investments_Additional_
Equity Investments - Additional Information (Detail) | 9 Months Ended | 1 Months Ended | 3 Months Ended | 9 Months Ended | 9 Months Ended | 9 Months Ended | |||||||||||||||
Sep. 28, 2013 | Sep. 29, 2012 | Dec. 31, 2012 | Nov. 30, 2012 | Sep. 28, 2013 | Dec. 31, 2012 | Sep. 28, 2013 | Sep. 29, 2012 | Jun. 30, 2012 | Sep. 28, 2013 | Sep. 29, 2012 | Sep. 28, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Sep. 28, 2013 | Dec. 31, 2012 | Sep. 28, 2013 | Dec. 31, 2012 | Sep. 28, 2013 | Sep. 28, 2013 | Sep. 28, 2013 | |
USD ($) | USD ($) | USD ($) | Hunter Ridge Energy Services LLC [Member] | Hunter Ridge Energy Services LLC [Member] | Hunter Ridge Energy Services LLC [Member] | Duferdofin Nucor S.R.L. [Member] | Duferdofin Nucor S.R.L. [Member] | Duferdofin Nucor S.R.L. [Member] | Duferdofin Nucor S.R.L. [Member] | Duferdofin Nucor S.R.L. [Member] | Duferdofin Nucor S.R.L. [Member] | Duferdofin Nucor S.R.L. [Member] | Duferdofin Nucor S.R.L. [Member] | Duferdofin Nucor S.R.L. [Member] | Duferdofin Nucor S.R.L. [Member] | NuMit [Member] | NuMit [Member] | Steel Technologies LLC [Member] | Steel Technologies LLC [Member] | Steel Technologies LLC [Member] | |
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | EUR (€) | USD ($) | EUR (€) | EURO [Member] | EURO [Member] | USD ($) | USD ($) | USD ($) | Maximum [Member] | Minimum [Member] | |||||
EUR (€) | EUR (€) | Sheet | |||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Equity method investment | $913,700,000 | ' | $855,900,000 | ' | $132,900,000 | $95,400,000 | $454,600,000 | ' | ' | $454,600,000 | ' | ' | $454,100,000 | ' | ' | ' | $308,400,000 | $288,400,000 | ' | ' | ' |
Period used for lag basis, in months | ' | ' | ' | '1 month | ' | ' | ' | ' | ' | '1 month | ' | ' | ' | ' | ' | ' | '1 month | ' | ' | ' | ' |
Equity method investment, ownership percentage | ' | ' | ' | 50.00% | ' | ' | 50.00% | ' | ' | 50.00% | ' | ' | ' | ' | ' | ' | 50.00% | ' | 100.00% | ' | ' |
Equity method investments, share of net assets | ' | ' | ' | ' | ' | ' | 50,700,000 | ' | ' | 50,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Step-up to fair value of certain assets and liabilities | ' | ' | ' | ' | ' | ' | 403,900,000 | ' | ' | 403,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Step-up to fair value of equity method investment, portion related to identification of goodwill | ' | ' | ' | ' | ' | ' | 326,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amortization expense and other purchase accounting adjustments due to fair value step-up | 56,051,000 | 53,518,000 | ' | ' | ' | ' | 2,800,000 | 2,700,000 | ' | 8,500,000 | 8,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Due from related parties, noncurrent | ' | ' | ' | ' | ' | ' | 47,300,000 | ' | ' | 47,300,000 | ' | 35,000,000 | ' | 35,000,000 | ' | ' | ' | ' | ' | ' | ' |
Notes receivable, related parties, interest rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.69% | ' | ' | ' | ' | ' | ' | ' | ' | 1.17% | ' | ' |
Interest rate per year in excess of Euribor as of date of the notes | 1.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Equity method investment's credit facilities with parent company, maturity date | ' | ' | ' | ' | ' | ' | ' | ' | ' | 31-Jan-16 | ' | ' | ' | ' | ' | ' | 21-Oct-14 | ' | ' | ' | ' |
Equity method investment's credit facilities, amount | ' | ' | ' | ' | ' | ' | 164,800,000 | ' | ' | 164,800,000 | ' | ' | ' | ' | 122,500,000 | ' | ' | ' | ' | ' | ' |
Total amount outstanding under equity method investment's credit facilities | ' | ' | ' | ' | ' | ' | 143,200,000 | ' | ' | 143,200,000 | ' | ' | 134,800,000 | ' | 106,000,000 | 102,000,000 | ' | ' | ' | ' | ' |
Line of credit facility, maturity period | ' | ' | ' | ' | ' | ' | ' | ' | ' | 26-Apr-16 | ' | ' | ' | ' | ' | ' | ' | ' | 1-Apr-14 | ' | ' |
Guarantor obligation percentage of exposure in case of default | ' | ' | ' | ' | ' | ' | 50.00% | ' | ' | 50.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of sheet processing facilities operated by Steel Technologies | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 24 | ' | ' | ' | ' |
Investment in joint venture | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 221,300,000 | ' | ' | ' | ' |
Notes receivable, related parties | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 40,000,000 | ' | ' |
Basis points in excess of LIBOR on note receivable from related party | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.90% | ' | ' |
Line of credit extended to joint venture, amount outstanding | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 16,500,000 | ' | ' |
Line of credit extended to joint venture | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100,000,000 | ' | ' |
Line of credit facility extended to joint venture, interest rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.21% | 1.20% |
Impairment charge against investment in Duferdofin Nucor | ' | ' | ' | ' | ' | ' | ' | ' | $30,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Current_Liabilities_Additional
Current Liabilities - Additional Information (Detail) (USD $) | Sep. 28, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Accounts Payable And Accrued Liabilities Current [Line Items] | ' | ' |
Book overdrafts | $103.20 | $53.80 |
Dividends Payable, current | $117.80 | $117.60 |
Derivatives_Fair_Values_of_Der
Derivatives - Fair Values of Derivative Instruments (Detail) (USD $) | Sep. 28, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative Liabilities, Fair Value | ($487) | ($318) |
Not Designated as Hedging Instrument [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative Liabilities, Fair Value | -487 | -318 |
Commodity Contract [Member] | Accrued Expenses and Other Current Liabilities [Member] | Not Designated as Hedging Instrument [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative Liabilities, Fair Value | -453 | -303 |
Foreign Exchange Contract [Member] | Accrued Expenses and Other Current Liabilities [Member] | Not Designated as Hedging Instrument [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative Liabilities, Fair Value | ($34) | ($15) |
Derivatives_Effect_of_Derivati
Derivatives - Effect of Derivative Instruments on Condensed Consolidated Statements of Earnings (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 28, 2013 | Sep. 29, 2012 | Sep. 28, 2013 | Sep. 29, 2012 |
Not Designated as Hedging Instrument [Member] | ' | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' | ' |
Amount of Gain or (Loss) Recognized in Earnings on Derivatives | ($655) | ($1,479) | $4,446 | ($85) |
Cost of Products Sold [Member] | Commodity Contract [Member] | Designated as Hedging Instrument [Member] | ' | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' | ' |
Amount of Gain or (Loss) Recognized in OCI on Derivatives (Effective Portion) | ' | ' | ' | -2,264 |
Amount of Gain or (Loss) Reclassified from Accumulated OCI into Earnings (Effective Portion) | ' | -10,554 | ' | -31,961 |
Amount of Gain or (Loss) Recognized in Earnings on Derivatives (Ineffective Portion) | ' | ' | ' | 500 |
Cost of Products Sold [Member] | Commodity Contract [Member] | Not Designated as Hedging Instrument [Member] | ' | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' | ' |
Amount of Gain or (Loss) Recognized in Earnings on Derivatives | -789 | -1,454 | 4,193 | -231 |
Cost of Products Sold [Member] | Foreign Exchange Contract [Member] | Not Designated as Hedging Instrument [Member] | ' | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' | ' |
Amount of Gain or (Loss) Recognized in Earnings on Derivatives | $134 | ($25) | $253 | $146 |
Fair_Value_Measurements_Schedu
Fair Value Measurements - Schedule of Financial Assets and Financial Liabilities Measured at Fair Value (Detail) (USD $) | Sep. 28, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Cash equivalents | $1,590,572 | $830,011 |
Short-term investments | 48,476 | 104,167 |
Restricted cash and investments | 393 | 275,163 |
Total assets | 1,639,441 | 1,209,341 |
Foreign exchange and commodity contracts | -487 | -318 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Cash equivalents | 1,590,572 | 830,011 |
Short-term investments | 48,476 | 104,167 |
Restricted cash and investments | 393 | 275,163 |
Total assets | 1,639,441 | 1,209,341 |
Foreign exchange and commodity contracts | ' | ' |
Significant Other Observable Inputs (Level 2) [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Cash equivalents | ' | ' |
Short-term investments | ' | ' |
Restricted cash and investments | ' | ' |
Total assets | ' | ' |
Foreign exchange and commodity contracts | -487 | -318 |
Significant Unobservable Inputs (Level 3) [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Cash equivalents | ' | ' |
Short-term investments | ' | ' |
Restricted cash and investments | ' | ' |
Total assets | ' | ' |
Foreign exchange and commodity contracts | ' | ' |
Fair_Value_Measurements_Additi
Fair Value Measurements - Additional Information (Detail) (USD $) | Sep. 28, 2013 | Dec. 31, 2012 |
In Billions, unless otherwise specified | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Fair value of short-term and long-term debt, including current maturities | $4.62 | $4.24 |
Contingencies_Additional_Infor
Contingencies - Additional Information (Detail) (USD $) | 9 Months Ended | |
In Millions, unless otherwise specified | Sep. 28, 2013 | Dec. 31, 2012 |
Complaints | ||
Manufacturers_Distributors | ||
Loss Contingencies [Line Items] | ' | ' |
Accrual for environmental loss contingencies, gross | $23.70 | $26.50 |
Accrued environmental loss contingencies, current | 7.7 | 9.5 |
Accrued environmental loss contingencies, noncurrent | $16 | $17 |
Steel manufacturers, number of manufacturers | 8 | ' |
Additional complaints being filed in July and December of 2010 | 2 | ' |
Complaints that are dismissed | 2 | ' |
Debt_Additional_Information_De
Debt - Additional Information (Detail) (USD $) | 0 Months Ended | 3 Months Ended | 9 Months Ended | 9 Months Ended | ||||
Jul. 29, 2013 | Sep. 28, 2013 | Sep. 28, 2013 | Sep. 28, 2013 | Sep. 28, 2013 | Jul. 29, 2013 | Sep. 28, 2013 | Jul. 29, 2013 | |
Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | 4.00% Notes Due in 2023 [Member] | 4.00% Notes Due in 2023 [Member] | 5.20% Notes Due in 2043 [Member] | 5.20% Notes Due in 2043 [Member] | ||
Scenario, Previously Reported [Member] | ||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Notes issued | ' | ' | ' | ' | ' | $500,000,000 | ' | $500,000,000 |
Notes interest rate | ' | ' | ' | ' | ' | 4.00% | ' | 5.20% |
Net proceeds of issuance of notes | 991,500,000 | ' | ' | ' | ' | ' | ' | ' |
Notes issuance cost | 8,500,000 | ' | ' | ' | ' | ' | ' | ' |
Unsecured revolving credit facility | ' | 1,500,000,000 | 1,500,000,000 | ' | ' | ' | ' | ' |
Cost in amendment of Revolving Credit Facility | ' | $600,000 | ' | ' | ' | ' | ' | ' |
Notes Maturity Date | ' | ' | ' | ' | '2023 | ' | '2043 | ' |
Unsecured revolving credit facility, Expiration date | ' | ' | '2018-08 | '2016-12 | ' | ' | ' | ' |
StockBased_Compensation_Additi
Stock-Based Compensation - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 28, 2013 | Sep. 29, 2012 | Sep. 28, 2013 | Sep. 29, 2012 |
Installment | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Stock options exercise prices as percentage of the market value on the date of the grant | ' | ' | 100.00% | ' |
Compensation expenses for stock options | ' | $0.30 | $8.60 | $9.50 |
Number of anniversaries of grant date upon which restricted stock units vest | ' | ' | 3 | ' |
Eligible age of officer for LTIP restricted stock award | ' | ' | 55 | ' |
LTIP [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Portion of restricted stock award vesting on anniversary | ' | ' | 0.333 | ' |
AIP [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Amount of annual incentive award payment participant can elect to defer | ' | ' | 50.00% | ' |
Additional common stock units for election of deferred annual incentive award, percentage | ' | ' | 25.00% | ' |
RSU [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Installments in which restricted stock units vest and are converted to common stock | ' | ' | 3 | ' |
Compensation expense | 5.3 | 4.7 | 27.5 | 29.6 |
Unrecognized compensation expense related to unvested restricted stock | 34.2 | ' | 34.2 | ' |
Weighted-average recognition period for unrecognized compensation expense related to unvested restricted stock (years) | ' | ' | '2 years 3 months 18 days | ' |
AIP and LTIP [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Compensation expense | 1.2 | 0.5 | 4.5 | 3.6 |
Unrecognized compensation expense related to unvested restricted stock | $0.90 | ' | $0.90 | ' |
Weighted-average recognition period for unrecognized compensation expense related to unvested restricted stock (years) | ' | ' | '1 year 9 months 18 days | ' |
Stock Option Granted From 2010 Through 2013 [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Stock options vesting period | ' | ' | '3 years | ' |
Stock options term, years | ' | ' | '10 years | ' |
StockBased_Compensation_Schedu
Stock-Based Compensation - Schedule of Stock Option Plans Activity (Detail) (USD $) | 9 Months Ended |
In Thousands, except Per Share data, unless otherwise specified | Sep. 28, 2013 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Outstanding at beginning of year, Shares | 1,543 |
Granted, Shares | 546 |
Exercised, Shares | ' |
Canceled, Shares | ' |
Outstanding at end of period, Shares | 2,089 |
Options exercisable at end of period, Shares | 242 |
Outstanding at beginning of year, Weighted - Average Exercise Price | $39.03 |
Granted, Weighted - Average Exercise Price | $44.51 |
Exercised, Weighted - Average Exercise Price | ' |
Canceled, Weighted - Average Exercise Price | ' |
Outstanding at end of period, Weighted - Average Exercise Price | $40.47 |
Options exercisable at end of period, Weighted - Average Exercise Price | $41.43 |
Outstanding at end of period, Weighted - Average Remaining Contractual Life | '8 years 4 months 24 days |
Options exercisable at end of period, Weighted - Average Remaining Contractual Life | '6 years 8 months 12 days |
Outstanding at beginning of year, Aggregate Intrinsic Value | ' |
Exercised, Aggregate Intrinsic Value | ' |
Outstanding at end of period, Aggregate Intrinsic Value | 17,409 |
Options exercisable at September 28, 2013 | $1,783 |
StockBased_Compensation_Summar
Stock-Based Compensation - Summary of Nucor's Restricted Stock Unit Activity (Detail) (RSU [Member], USD $) | 9 Months Ended |
In Thousands, except Per Share data, unless otherwise specified | Sep. 28, 2013 |
RSU [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Unvested at beginning of year, Shares | 1,106 |
Granted, Shares | 789 |
Vested, Shares | -753 |
Canceled, Shares | -11 |
Unvested at end of period, Shares | 1,131 |
Shares reserved for future grants | 10,499 |
Unvested at beginning of year, Grant Date Fair Value | $40.80 |
Granted, Grant Date Fair Value | $44.51 |
Vested, Grant Date Fair Value | $42.17 |
Canceled, Grant Date Fair Value | $39.08 |
Unvested at end of period, Grant Date Fair Value | $42.49 |
StockBased_Compensation_Summar1
Stock-Based Compensation - Summary of Nucor's Restricted Stock Awards and Units Under AIP And LTIP (Detail) (AIP and LTIP [Member], USD $) | 9 Months Ended |
In Thousands, except Per Share data, unless otherwise specified | Sep. 28, 2013 |
AIP and LTIP [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Unvested at beginning of year, Shares | 72 |
Granted, Shares | 122 |
Vested, Shares | -121 |
Canceled, Shares | ' |
Unvested at end of period, Shares | 73 |
Shares reserved for future grants | 1,238 |
Unvested at beginning of year, Grant Date Fair Value | $43.72 |
Granted, Grant Date Fair Value | $47.36 |
Vested, Grant Date Fair Value | $46.32 |
Canceled, Grant Date Fair Value | ' |
Unvested at end of period, Grant Date Fair Value | $45.49 |
Employee_Benefit_Plan_Addition
Employee Benefit Plan - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 28, 2013 | Sep. 29, 2012 | Sep. 28, 2013 | Sep. 29, 2012 |
Employee Benefit Plans [Line Items] | ' | ' | ' | ' |
Profit Sharing and Retirement Savings Plan, plan expense | $22.50 | $17.50 | $49.20 | $58.10 |
Interest_Expense_Income_Schedu
Interest Expense (Income) - Schedule of Components of Net Interest Expense (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 28, 2013 | Sep. 29, 2012 | Sep. 28, 2013 | Sep. 29, 2012 |
Interest Expense [Line Items] | ' | ' | ' | ' |
Interest expense | $38,621 | $42,954 | $112,978 | $132,254 |
Interest income | -1,154 | -2,649 | -3,792 | -9,226 |
Interest expense, net | $37,467 | $40,305 | $109,186 | $123,028 |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) (USD $) | 3 Months Ended | ||
In Millions, unless otherwise specified | Sep. 28, 2013 | Sep. 29, 2012 | Dec. 31, 2012 |
Income Tax Disclosure [Line Items] | ' | ' | ' |
Effective income tax rate | 28.20% | 32.30% | ' |
Current deferred tax assets | $181.40 | ' | $190.40 |
Current deferred tax liabilities | 13.6 | ' | 0 |
Non-current deferred tax liabilities | $556.80 | ' | $566.10 |
Stockholders_Equity_Additional
Stockholders' Equity - Additional Information (Detail) (Nucor-Yamato Steel Company [Member]) | Sep. 28, 2013 | Sep. 29, 2012 |
Nucor-Yamato Steel Company [Member] | ' | ' |
Stockholders' Equity [Line Items] | ' | ' |
Noncontrolling interest, ownership percentage by parent | 51.00% | 51.00% |
Stockholders_Equity_Schedule_o
Stockholders' Equity - Schedule of Changes in Stockholders' Equity (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 28, 2013 | Sep. 29, 2012 | Sep. 28, 2013 | Sep. 29, 2012 |
Stockholders' Equity [Line Items] | ' | ' | ' | ' |
Stockholders' equity, beginning of period | ' | ' | $7,885,374 | $7,706,580 |
Total comprehensive income | 209,994 | 201,557 | 360,897 | 522,298 |
Stock options | ' | ' | 8,575 | 20,052 |
Issuance of stock under award plans, net of forfeitures | ' | ' | 24,568 | 31,292 |
Amortization of unearned compensation | ' | ' | 601 | 600 |
Dividends declared | ' | ' | -353,424 | -350,041 |
Distributions to noncontrolling interests | ' | ' | -63,318 | -66,562 |
Other | ' | ' | ' | -645 |
Stockholders' equity, end of period | 7,863,273 | 7,863,574 | 7,863,273 | 7,863,574 |
Attributable to Nucor Corporation [Member] | ' | ' | ' | ' |
Stockholders' Equity [Line Items] | ' | ' | ' | ' |
Stockholders' equity, beginning of period | ' | ' | 7,641,571 | 7,474,885 |
Total comprehensive income | ' | ' | 283,315 | 457,201 |
Stock options | ' | ' | 8,575 | 20,052 |
Issuance of stock under award plans, net of forfeitures | ' | ' | 24,568 | 31,292 |
Amortization of unearned compensation | ' | ' | 601 | 600 |
Dividends declared | ' | ' | -353,424 | -350,041 |
Distributions to noncontrolling interests | ' | ' | ' | ' |
Other | ' | ' | ' | -645 |
Stockholders' equity, end of period | 7,605,206 | 7,633,344 | 7,605,206 | 7,633,344 |
Attributable to Noncontrolling Interests [Member] | ' | ' | ' | ' |
Stockholders' Equity [Line Items] | ' | ' | ' | ' |
Stockholders' equity, beginning of period | ' | ' | 243,803 | 231,695 |
Total comprehensive income | ' | ' | 77,582 | 65,097 |
Stock options | ' | ' | ' | ' |
Issuance of stock under award plans, net of forfeitures | ' | ' | ' | ' |
Amortization of unearned compensation | ' | ' | ' | ' |
Dividends declared | ' | ' | ' | ' |
Distributions to noncontrolling interests | ' | ' | -63,318 | -66,562 |
Other | ' | ' | ' | ' |
Stockholders' equity, end of period | $258,067 | $230,230 | $258,067 | $230,230 |
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive (Loss) Income - Components of Accumulated Other Comprehensive (Loss) Income (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 28, 2013 | Sep. 29, 2012 | Sep. 28, 2013 | Sep. 29, 2012 |
Accumulated Other Comprehensive Income Loss [Line Items] | ' | ' | ' | ' |
Beginning Balance | ' | ($21,107) | ' | ($40,250) |
Other comprehensive (loss) income before reclassifications, Gain and Losses on Hedging Derivatives | ' | ' | ' | -2,264 |
Amounts reclassified from accumulated other comprehensive (loss) income into earnings, Gain and Losses on Hedging Derivatives | ' | 10,554 | ' | 31,961 |
Net current-period other comprehensive (loss) income, Gain and Losses on Hedging Derivatives | ' | 10,554 | ' | 29,697 |
Ending Balance | ' | -10,553 | ' | -10,553 |
Other | ' | ' | ' | ' |
Beginning Balance | -19,914 | -13,628 | 46,181 | -12,311 |
Other comprehensive (loss) income before reclassifications, Foreign Currency Translation | 31,879 | 61,111 | -34,216 | 59,730 |
Amounts reclassified from accumulated other comprehensive (loss) income into earnings, Foreign Currency Translation | ' | ' | ' | ' |
Net current-period other comprehensive (loss) income, Foreign Currency Translation | 31,879 | 61,111 | -34,216 | 59,730 |
Ending Balance | 11,965 | 47,482 | 11,965 | 47,482 |
Other | ' | -1 | ' | 63 |
Beginning Balance | 10,580 | 14,384 | 10,580 | 14,384 |
Other comprehensive (loss) income before reclassifications, Adjustment to Early Retiree Medical Plan | ' | ' | ' | ' |
Amounts reclassified from accumulated other comprehensive (loss) income into earnings, Adjustment to Early Retiree Medical Plan | ' | ' | ' | ' |
Net current-period other comprehensive (loss) income, Adjustment to Early Retiree Medical Plan | ' | ' | ' | ' |
Ending Balance | 10,580 | 14,384 | 10,580 | 14,384 |
Other | ' | ' | ' | ' |
Beginning Balance | -9,334 | -20,351 | 56,761 | -38,177 |
Other comprehensive (loss) income before reclassifications | 31,879 | 61,111 | -34,216 | 57,466 |
Other comprehensive income (loss) | 31,879 | 71,665 | -34,216 | 89,427 |
Ending Balance | 22,545 | 51,313 | 22,545 | 51,313 |
Other | ' | ($1) | ' | $63 |
Accumulated_Other_Comprehensiv3
Accumulated Other Comprehensive (Loss) Income - Components of Accumulated Other Comprehensive (Loss) Income (Parenthetical) (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 28, 2013 | Sep. 29, 2012 | Sep. 28, 2013 | Sep. 29, 2012 |
Accumulated Other Comprehensive Income Loss [Line Items] | ' | ' | ' | ' |
Amounts reclassified from accumulated other comprehensive income into earnings | ' | $10,554 | ' | $31,961 |
AOCI reclassification impact on tax | 0 | 6,200 | 0 | 18,800 |
Cost of Products Sold [Member] | ' | ' | ' | ' |
Accumulated Other Comprehensive Income Loss [Line Items] | ' | ' | ' | ' |
Amounts reclassified from accumulated other comprehensive income into earnings | ' | $10,554 | ' | $31,961 |
Segments_Segments_Detail
Segments - Segments (Detail) (USD $) | 3 Months Ended | 9 Months Ended | |||
In Thousands, unless otherwise specified | Sep. 28, 2013 | Sep. 29, 2012 | Sep. 28, 2013 | Sep. 29, 2012 | Dec. 31, 2012 |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Net sales to external customers | $4,940,936 | $4,801,206 | $14,157,296 | $14,977,999 | ' |
Intercompany sales | ' | ' | ' | ' | ' |
Earnings before income taxes and noncontrolling interests | 248,202 | 191,775 | 553,862 | 633,030 | ' |
Segment assets | 15,091,776 | ' | 15,091,776 | ' | 14,152,059 |
Steel Mills [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Net sales to external customers | 3,435,884 | 3,319,518 | 9,901,471 | 10,682,810 | ' |
Intercompany sales | 652,077 | 670,876 | 1,924,222 | 1,997,879 | ' |
Earnings before income taxes and noncontrolling interests | 310,591 | 218,367 | 819,951 | 944,598 | ' |
Segment assets | 8,137,612 | ' | 8,137,612 | ' | 7,894,974 |
Steel Products [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Net sales to external customers | 964,153 | 1,006,366 | 2,690,604 | 2,840,055 | ' |
Intercompany sales | 24,909 | 17,179 | 75,036 | 52,958 | ' |
Earnings before income taxes and noncontrolling interests | 31,018 | -10,252 | 51,167 | -34,094 | ' |
Segment assets | 2,986,752 | ' | 2,986,752 | ' | 2,935,146 |
Raw Materials [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Net sales to external customers | 540,899 | 475,322 | 1,565,221 | 1,455,134 | ' |
Intercompany sales | 2,391,502 | 2,080,150 | 6,738,485 | 7,441,529 | ' |
Earnings before income taxes and noncontrolling interests | -493 | 14,535 | 13,261 | 44,223 | ' |
Segment assets | 3,746,813 | ' | 3,746,813 | ' | 3,400,690 |
Corporate/Eliminations [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Intercompany sales | -3,068,488 | -2,768,205 | -8,737,743 | -9,492,366 | ' |
Earnings before income taxes and noncontrolling interests | -92,914 | -30,875 | -330,517 | -321,697 | ' |
Segment assets | $220,599 | ' | $220,599 | ' | ($78,751) |
Earnings_Per_Share_Computation
Earnings Per Share - Computations of Basic and Diluted Net Earnings Per Share (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 28, 2013 | Sep. 29, 2012 | Sep. 28, 2013 | Sep. 29, 2012 |
Earnings Per Share [Line Items] | ' | ' | ' | ' |
Basic net earnings | $147,597 | $110,308 | $317,531 | $367,711 |
Earnings allocated to participating securities | -518 | -412 | -1,324 | -1,242 |
Net earnings available to common stockholders | 147,079 | 109,896 | 316,207 | 366,469 |
Average shares outstanding | 319,341 | 318,463 | 318,979 | 318,042 |
Basic net earnings per share | $0.46 | $0.35 | $0.99 | $1.15 |
Diluted net earnings | 147,597 | 110,308 | 317,531 | 367,711 |
Earnings allocated to participating securities | -518 | -412 | -1,324 | -1,242 |
Net earnings available to common stockholders | $147,079 | $109,896 | $316,207 | $366,469 |
Basic shares outstanding | 319,341 | 318,463 | 318,979 | 318,042 |
Dilutive effect of stock options and other | 185 | 57 | 153 | 71 |
Diluted average shares outstanding | 319,526 | 318,520 | 319,132 | 318,113 |
Diluted net earnings per share | $0.46 | $0.35 | $0.99 | $1.15 |
Earnings_Per_Share_AntiDilutiv
Earnings Per Share - Anti-Dilutive Stock Options (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 28, 2013 | Sep. 29, 2012 | Sep. 28, 2013 | Sep. 29, 2012 |
Earnings Per Share [Line Items] | ' | ' | ' | ' |
Weighted average shares | ' | 801 | 183 | 534 |
Weighted average exercise price | ' | $42.07 | $44.51 | $42.07 |