Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
In Billions, except Share data, unless otherwise specified | Dec. 31, 2013 | Feb. 21, 2014 | Jun. 29, 2013 |
Entity Information [Line Items] | ' | ' | ' |
Document Type | '10-K | ' | ' |
Amendment Flag | 'false | ' | ' |
Document Period End Date | 31-Dec-13 | ' | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Entity Registrant Name | 'NUCOR CORP | ' | ' |
Entity Central Index Key | '0000073309 | ' | ' |
Current Fiscal Year End Date | '--12-31 | ' | ' |
Entity Well-known Seasoned Issuer | 'Yes | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Filer Category | 'Large Accelerated Filer | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 318,366,149 | ' |
Entity Public Float | ' | ' | $13.69 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents (Note 15) | $1,483,252 | $1,052,862 |
Short-term investments (Notes 4 and 15) | 28,191 | 104,167 |
Accounts receivable, net (Note 5) | 1,810,987 | 1,707,317 |
Inventories, net (Note 6) | 2,605,609 | 2,323,641 |
Other current assets (Notes 10 and 20) | 482,007 | 473,377 |
Total current assets | 6,410,046 | 5,661,364 |
Property, plant and equipment, net (Note 7) | 4,917,024 | 4,283,056 |
Restricted cash and investments (Notes 8 and 15) | 0 | 275,163 |
Goodwill (Note 9) | 1,973,608 | 2,004,538 |
Other intangible assets, net (Note 9) | 874,154 | 959,240 |
Other assets (Note 10) | 1,028,451 | 968,698 |
Total assets | 15,203,283 | 14,152,059 |
Current liabilities: | ' | ' |
Short-term debt (Notes 12 and 15) | 29,202 | 29,912 |
Long-term debt due within one year (Notes 12 and 15) | 3,300 | 250,000 |
Accounts payable (Note 11) | 1,117,078 | 1,046,713 |
Salaries, wages and related accruals (Note 18) | 282,860 | 279,898 |
Accrued expenses and other current liabilities (Notes 11, 14, 16 and 20) | 527,776 | 423,045 |
Total current liabilities | 1,960,216 | 2,029,568 |
Long-term debt due after one year (Notes 12 and 15) | 4,376,900 | 3,380,200 |
Deferred credits and other liabilities (Notes 16, 18 and 20) | 955,889 | 856,917 |
Total liabilities | 7,293,005 | 6,266,685 |
Commitments and contingencies (Note 16) | ' | ' |
Nucor stockholders' equity (Notes 13 and 17): | ' | ' |
Common stock (800,000 shares authorized; 377,525 and 377,013 shares issued, respectively) | 151,010 | 150,805 |
Additional paid-in capital | 1,843,353 | 1,811,459 |
Retained earnings | 7,140,440 | 7,124,523 |
Accumulated other comprehensive income, net of income taxes (Notes 2, 14 and 21) | 9,080 | 56,761 |
Treasury stock (59,197 and 59,350 shares, respectively) | -1,498,114 | -1,501,977 |
Total Nucor stockholders' equity | 7,645,769 | 7,641,571 |
Noncontrolling interests | 264,509 | 243,803 |
Total equity | 7,910,278 | 7,885,374 |
Total liabilities and equity | $15,203,283 | $14,152,059 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Common stock shares authorized | 800,000 | 800,000 |
Common stock shares issued | 377,525 | 377,013 |
Treasury stock | 59,197 | 59,350 |
Consolidated_Statements_of_Ear
Consolidated Statements of Earnings (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Net sales | $19,052,046 | $19,429,273 | $20,023,564 |
Costs, expenses and other: | ' | ' | ' |
Cost of products sold (Notes 1, 6, 14 and 18) | 17,641,421 | 17,915,735 | 18,142,144 |
Marketing, administrative and other expenses (Notes 1, 3 and 7) | 481,904 | 454,900 | 439,528 |
Equity in (earnings) losses of unconsolidated affiliates (Note 10) | -9,297 | 13,323 | 10,043 |
Impairment of non-current assets (Note 10) | ' | 30,000 | 13,943 |
Interest expense, net (Notes 19 and 20) | 146,895 | 162,375 | 166,094 |
Costs, expenses and other, total | 18,260,923 | 18,576,333 | 18,771,752 |
Earnings before income taxes and noncontrolling interests | 791,123 | 852,940 | 1,251,812 |
Provision for income taxes (Note 20) | 205,594 | 259,814 | 390,828 |
Net earnings | 585,529 | 593,126 | 860,984 |
Earnings attributable to noncontrolling interests | 97,504 | 88,507 | 82,796 |
Net earnings attributable to Nucor stockholders | $488,025 | $504,619 | $778,188 |
Net earnings per share (Note 22): | ' | ' | ' |
Basic | $1.52 | $1.58 | $2.45 |
Diluted | $1.52 | $1.58 | $2.45 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Comprehensive Income (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Net earnings | $585,529 | $593,126 | $860,984 |
Other comprehensive income (loss): | ' | ' | ' |
Net unrealized loss on hedging derivatives, net of income taxes of $0, ($1,100) and ($4,700) for 2013, 2012 and 2011, respectively | ' | -2,264 | -8,454 |
Reclassification adjustment for loss on settlement of hedging derivatives included in net earnings, net of income taxes of $0, $25,000 and $21,800 for 2013, 2012 and 2011, respectively | ' | 42,515 | 37,093 |
Foreign currency translation gain (loss), net of income taxes of ($600), $0 and $100 for 2013, 2012 and 2011, respectively | -53,619 | 58,626 | -40,210 |
Adjustment to early retiree medical plan, net of income taxes of $2,547, ($1,528) and $952 for 2013, 2012 and 2011, respectively | 5,938 | -3,646 | 1,165 |
Other comprehensive income (loss) | -47,681 | 95,231 | -10,406 |
Comprehensive income | 537,848 | 688,357 | 850,578 |
Comprehensive income attributable to noncontrolling interests | -97,504 | -88,512 | -82,791 |
Comprehensive income attributable to Nucor stockholders | $440,344 | $599,845 | $767,787 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Comprehensive Income (Parenthetical) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Net unrealized loss on hedging derivatives, tax effect | $0 | ($1,100) | ($4,700) |
Reclassification adjustment for loss on settlement of hedging derivatives included in net earnings, tax effect | 0 | 25,000 | 21,800 |
Foreign currency translation gain (loss), tax effect | -600 | 0 | 100 |
Adjustment to early retiree medical plan, tax effect | $2,547 | ($1,528) | $952 |
Consolidated_Statements_of_Sto
Consolidated Statements of Stockholders' Equity (USD $) | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Treasury Stock (at cost) [Member] | Total Nucor Stockholders' Equity [Member] | Noncontrolling Interests [Member] |
In Thousands | ||||||||
BALANCES, beginning of period at Dec. 31, 2010 | $7,330,694 | $150,181 | $1,711,518 | $6,795,988 | ($27,776) | ($1,509,841) | $7,120,070 | $210,624 |
BALANCES, shares at beginning of period at Dec. 31, 2010 | ' | 375,451 | ' | ' | ' | 59,660 | ' | ' |
Net earnings | 860,984 | ' | ' | 778,188 | ' | ' | 778,188 | 82,796 |
Other comprehensive income | -10,406 | ' | ' | ' | -10,401 | ' | -10,401 | -5 |
Stock options exercised | 8,097 | 155 | 7,942 | ' | ' | ' | 8,097 | ' |
Stock options exercised (in shares) | 387 | 387 | ' | ' | ' | ' | ' | ' |
Stock option expense | 9,850 | ' | 9,850 | ' | ' | ' | 9,850 | ' |
Issuance of stock under award plans, net of forfeitures | 30,091 | 160 | 25,624 | ' | ' | 4,307 | 30,091 | ' |
Issuance of stock under award plans, net of forfeitures, shares | ' | 401 | ' | ' | ' | -170 | ' | ' |
Amortization of unearned compensation | 1,600 | ' | 1,600 | ' | ' | ' | 1,600 | ' |
Cash dividends | -462,610 | ' | ' | -462,610 | ' | ' | -462,610 | ' |
Distributions to noncontrolling interests | -61,720 | ' | ' | ' | ' | ' | ' | -61,720 |
BALANCES, end of period at Dec. 31, 2011 | 7,706,580 | 150,496 | 1,756,534 | 7,111,566 | -38,177 | -1,505,534 | 7,474,885 | 231,695 |
BALANCES, shares at end of period at Dec. 31, 2011 | ' | 376,239 | ' | ' | ' | 59,490 | ' | ' |
Net earnings | 593,126 | ' | ' | 504,619 | ' | ' | 504,619 | 88,507 |
Other comprehensive income | 95,231 | ' | ' | ' | 95,226 | ' | 95,226 | 5 |
Stock options exercised | 10,515 | 142 | 10,373 | ' | ' | ' | 10,515 | ' |
Stock options exercised (in shares) | 354 | 354 | ' | ' | ' | ' | ' | ' |
Stock option expense | 9,850 | ' | 9,850 | ' | ' | ' | 9,850 | ' |
Issuance of stock under award plans, net of forfeitures | 36,119 | 167 | 32,395 | ' | ' | 3,557 | 36,119 | ' |
Issuance of stock under award plans, net of forfeitures, shares | ' | 420 | ' | ' | ' | -140 | ' | ' |
Amortization of unearned compensation | 800 | ' | 800 | ' | ' | ' | 800 | ' |
Cash dividends | -467,662 | ' | ' | -467,662 | ' | ' | -467,662 | ' |
Distributions to noncontrolling interests | -74,848 | ' | ' | ' | ' | ' | ' | -74,848 |
Other | -24,337 | ' | 1,507 | -24,000 | -288 | ' | -22,781 | -1,556 |
BALANCES, end of period at Dec. 31, 2012 | 7,885,374 | 150,805 | 1,811,459 | 7,124,523 | 56,761 | -1,501,977 | 7,641,571 | 243,803 |
BALANCES, shares at end of period at Dec. 31, 2012 | ' | 377,013 | ' | ' | ' | 59,350 | ' | ' |
Net earnings | 585,529 | ' | ' | 488,025 | ' | ' | 488,025 | 97,504 |
Other comprehensive income | -47,681 | ' | ' | ' | -47,681 | ' | -47,681 | ' |
Stock option expense | 8,576 | ' | 8,576 | ' | ' | ' | 8,576 | ' |
Issuance of stock under award plans, net of forfeitures | 26,565 | 205 | 22,497 | ' | ' | 3,863 | 26,565 | ' |
Issuance of stock under award plans, net of forfeitures, shares | ' | 512 | ' | ' | ' | -153 | ' | ' |
Amortization of unearned compensation | 821 | ' | 821 | ' | ' | ' | 821 | ' |
Cash dividends | -472,108 | ' | ' | -472,108 | ' | ' | -472,108 | ' |
Distributions to noncontrolling interests | -76,798 | ' | ' | ' | ' | ' | ' | -76,798 |
BALANCES, end of period at Dec. 31, 2013 | $7,910,278 | $151,010 | $1,843,353 | $7,140,440 | $9,080 | ($1,498,114) | $7,645,769 | $264,509 |
BALANCES, shares at end of period at Dec. 31, 2013 | ' | 377,525 | ' | ' | ' | 59,197 | ' | ' |
Consolidated_Statements_of_Sto1
Consolidated Statements of Stockholders' Equity (Parenthetical) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Cash dividends per share | $1.47 | $1.46 | $1.45 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Operating activities: | ' | ' | ' |
Net earnings | $585,529 | $593,126 | $860,984 |
Adjustments: | ' | ' | ' |
Depreciation | 535,852 | 534,010 | 522,571 |
Amortization | 74,356 | 73,011 | 67,829 |
Stock-based compensation | 47,450 | 50,733 | 49,003 |
Deferred income taxes | 56,564 | -25,274 | 58,051 |
Distributions from affiliates | 8,708 | ' | ' |
Equity in (earnings) losses of unconsolidated affiliates | -9,297 | 13,323 | 10,043 |
Impairment of non-current assets | ' | 30,000 | 13,943 |
Loss on assets | 14,000 | 17,563 | ' |
Changes in assets and liabilities (exclusive of acquisitions and dispositions): | ' | ' | ' |
Accounts receivable | -103,649 | 148,113 | -274,920 |
Inventories | -298,074 | -65,655 | -433,696 |
Accounts payable | 39,489 | -111,496 | 62,012 |
Federal income taxes | 77,950 | -28,022 | 930 |
Salaries, wages and related accruals | 7,155 | -60,363 | 129,340 |
Other operating activities | 41,916 | 31,316 | -35,037 |
Cash provided by operating activities | 1,077,949 | 1,200,385 | 1,031,053 |
Investing activities: | ' | ' | ' |
Capital expenditures | -1,196,952 | -947,608 | -438,943 |
Investment in and advances to affiliates | -85,053 | -180,472 | -95,950 |
Repayment of advances to affiliates | 54,500 | 65,446 | 50,000 |
Disposition of plant and equipment | 34,097 | 51,063 | 25,333 |
Acquisitions (net of cash acquired) | ' | -760,833 | -3,959 |
Purchases of investments | -19,349 | -409,403 | -1,494,782 |
Proceeds from the sale of investments | 92,761 | 1,667,142 | 1,285,763 |
Purchases of restricted investments | ' | ' | -564,994 |
Proceeds from the sale of restricted investments | 148,725 | 359,295 | 47,479 |
Changes in restricted cash | 126,438 | -48,625 | 530,165 |
Other investing activities | 4,863 | ' | ' |
Cash used in investing activities | -839,970 | -203,995 | -659,888 |
Financing activities: | ' | ' | ' |
Net change in short-term debt | -671 | 27,945 | -11,450 |
Repayment of long-term debt | -250,000 | -650,000 | ' |
Proceeds from issuance of long-term debt, net of discount | 999,100 | ' | ' |
Bond issuance costs | -7,625 | ' | ' |
Issuance of common stock | ' | 10,515 | 8,097 |
Excess tax benefits from stock-based compensation | 2,955 | 4,700 | 1,000 |
Distributions to noncontrolling interests | -76,798 | -74,848 | -61,720 |
Cash dividends | -471,028 | -466,361 | -461,518 |
Other financing activities | 111 | 1,172 | 30,569 |
Cash provided by (used in) financing activities | 196,044 | -1,146,877 | -495,022 |
Effect of exchange rate changes on cash | -3,633 | 2,704 | -904 |
Increase (decrease) in cash and cash equivalents | 430,390 | -147,783 | -124,761 |
Cash and cash equivalents-beginning of year | 1,052,862 | 1,200,645 | 1,325,406 |
Cash and cash equivalents-end of year | 1,483,252 | 1,052,862 | 1,200,645 |
Non-cash investing activity: | ' | ' | ' |
Change in accrued plant and equipment purchases | $33,467 | $71,726 | $1,559 |
Nature_of_Operations_and_Basis
Nature of Operations and Basis of Presentation | 12 Months Ended | |
Dec. 31, 2013 | ||
Nature of Operations and Basis of Presentation | ' | |
1 | Nature of Operations and Basis of Presentation | |
Nature of Operations | ||
Nucor is principally a manufacturer of steel and steel products, as well as a scrap broker and processor, with operating facilities and customers primarily located in North America. | ||
Principles of Consolidation | ||
The consolidated financial statements include Nucor and its controlled subsidiaries, including Nucor-Yamato Steel Company, a limited partnership of which Nucor owns 51%. All significant intercompany transactions are eliminated. | ||
Distributions are made to noncontrolling interest partners in Nucor-Yamato Steel Company in accordance with the limited partnership agreement by mutual agreement of the general partners. At a minimum, sufficient cash is distributed so that each partner may pay their U.S. federal and state income taxes. | ||
Use of Estimates | ||
The preparation of financial statements in conformity with generally accepted accounting principles in the United States of America requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from these estimates. | ||
Reclassifications | ||
In the first quarter of 2013, we began reporting the results of Nucor’s steel trading businesses and rebar distribution businesses in the steel mills segment. Previously, these businesses were reported in an “All other” category. 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 periods 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 based primarily 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 and December 31, 2011 was reclassified to conform with the current presentation. This reclassification between segments did not have any impact on the consolidated asset balances. | ||
In 2012, we began classifying internal fleet and some common carrier costs in cost of products sold in the consolidated statements of earnings. We made this change so that all freight costs will be recorded within the same financial statement line item to allow users of our financial statements to better understand our expense structure. This change resulted in the reclassification of $67.2 million of these costs from marketing, administrative and other expenses to cost of products sold for the year ended December 31, 2011 in order to conform to the 2012 presentation. | ||
Additionally, certain other prior period amounts have been reclassified to conform to current period presentation. These reclassifications did not have an impact on net earnings for the current or any prior periods. |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 12 Months Ended | |
Dec. 31, 2013 | ||
Summary of Significant Accounting Policies | ' | |
2 | Summary of Significant Accounting Policies | |
Cash and Cash Equivalents | ||
Cash equivalents are recorded at cost plus accrued interest, which approximates market, and have original maturities of three months or less at the date of purchase. Cash and cash equivalents are maintained primarily with a few high-credit quality financial institutions. | ||
Short-term Investments | ||
Short-term investments are recorded at cost plus accrued interest, which approximates market. Unrealized gains and losses on investments classified as available-for-sale are recorded as a component of accumulated other comprehensive income (loss). Management determines the appropriate classification of its investments at the time of purchase and re-evaluates such determination at each balance sheet date. | ||
Inventories Valuation | ||
Inventories are stated at the lower of cost or market. Inventories valued using the last-in, first-out (LIFO) method of accounting represent approximately 45% of total inventories as of December 31, 2013 (45% as of December 31, 2012). All inventories held by the parent company and Nucor-Yamato Steel Company are valued using the LIFO method of accounting except for supplies that are consumed indirectly in the production process, which are valued using the first-in, first-out (FIFO) method of accounting. All inventories held by other subsidiaries of the parent company are valued using the FIFO method of accounting. The Company records any amount required to reduce the carrying value of inventory to net realizable value as a charge to cost of products sold. | ||
Property, Plant and Equipment | ||
Property, plant and equipment are stated at cost, except for property, plant and equipment acquired through acquisitions which are recorded at acquisition date fair value. With the exception of our natural gas wells, depreciation is provided on a straight-line basis over the estimated useful lives of the assets. Depletion of all capitalized costs associated with our natural gas producing properties is expensed on a unit-of-production basis by individual field as the gas from the proved developed reserves is produced. The costs of planned major maintenance activities are capitalized as part of other current assets and amortized over the period until the next scheduled major maintenance activity. All other repairs and maintenance activities are expensed when incurred. | ||
Goodwill and Other Intangibles | ||
Goodwill is the excess of cost over the fair value of net assets of businesses acquired. Goodwill is not amortized but is tested annually for impairment and whenever events or circumstances change that would make it more likely than not that an impairment may have occurred. We perform our annual impairment analysis as of the first day of the fourth quarter each year. The evaluation of impairment involves comparing the current estimated fair value of each reporting unit, which is a level below the reportable segment, to the recorded value, including goodwill. When appropriate, Nucor performs a qualitative assessment to determine whether it is more likely than not that the fair value of a reporting | ||
unit is less than its carrying amount. For certain reporting units it is necessary to perform a quantitative analysis. In these instances, a discounted cash flow model is used to determine the current estimated fair value of these reporting units. A number of significant assumptions and estimates are involved in the application of the discounted cash flow model to forecast operating cash flows, including market growth and market share, sales volumes and prices, costs to produce, discount rate and estimated capital needs. Management considers historical experience and all available information at the time the fair values of its reporting units are estimated. Assumptions in estimating future cash flows are subject to a high degree of judgment and complexity. Changes in assumptions and estimates may affect the fair value of goodwill and could result in impairment charges in future periods. | ||
Finite-lived intangible assets are amortized over their estimated useful lives. | ||
Long-Lived Asset Impairments | ||
We evaluate our property, plant and equipment and finite-lived intangible assets for potential impairment on an individual asset basis or at the lowest level asset grouping for which cash flows can be separately identified. Asset impairments are assessed whenever circumstances indicate that the carrying amounts of those productive assets could exceed their projected undiscounted cash flows. When it is determined that impairment exists, the related assets are written down to estimated fair market value. | ||
Equity Method Investments | ||
Investments in joint ventures in which Nucor shares control over the financial and operating decisions but in which Nucor is not the primary beneficiary are accounted for under the equity method. Each of the Company’s equity method investments is subject to a review for impairment if, and when, circumstances indicate that a decline in value below its carrying amount may have occurred. Examples of such circumstances include, but are not limited to, a significant deterioration in the earnings performance or business prospects of the investee; a significant adverse change in the regulatory, economic or technological environment of the investee; a significant adverse change in the general market condition of either the geographic area or the industry in which the investee operates; and recurring negative cash flows from operations. If management considers the decline to be other than temporary, the Company would write down the investment to its estimated fair market value. | ||
Derivative Financial Instruments | ||
Nucor uses derivative financial instruments from time to time primarily to partially manage its exposure to price risk related to natural gas purchases used in the production process and to changes in interest rates on outstanding debt instruments. Nucor also uses derivatives to hedge a portion of our scrap, copper and aluminum purchases and sales. In addition, Nucor uses forward foreign exchange contracts to hedge cash flows associated with certain assets and liabilities, firm commitments and anticipated transactions. | ||
Nucor recognizes all material derivative instruments in the consolidated balance sheets at fair value. Amounts included in accumulated other comprehensive income (loss) related to cash flow hedges are reclassified into earnings when the underlying transaction is recognized in net earnings. Changes in fair value hedges are reported currently in earnings along with changes in the fair value of the hedged items. When cash flow and fair value hedges affect net earnings, they are included on the same financial statement line as the underlying transaction (cost of products sold or interest expense). If these instruments do not meet hedge accounting criteria or contain ineffectiveness, the change in fair value (or a portion thereof) is recognized immediately in earnings in the same financial statement line as the underlying transaction. | ||
Revenue Recognition | ||
Nucor recognizes revenue when persuasive evidence of a contractual arrangement exists, delivery has occurred, the sales price is fixed or determinable and collection is reasonably assured. Product is considered delivered to the customer once it has been shipped and title and risk of loss has been transferred. | ||
Income Taxes | ||
Nucor utilizes the liability method of accounting for income taxes. Under the liability method, deferred taxes are determined based on the temporary differences between the financial statement and tax basis of assets and liabilities using tax rates expected to be in effect during the years in which the basis differences reverse. A valuation allowance is recorded when it is more likely than not that some of the deferred tax assets will not be realized. | ||
Nucor recognizes the effect of income tax positions only if those positions are more likely than not of being sustained. Potential accrued interest and penalties related to unrecognized tax benefits are recognized as a component of interest expense. | ||
Nucor’s intention is to permanently reinvest the earnings of certain foreign investments. Accordingly, no provisions have been made for taxes that may be payable upon remittance of such earnings. | ||
Stock-Based Compensation | ||
The Company recognizes the cost of stock-based compensation as an expense using fair value measurement methods. The assumptions used to calculate the fair value of stock-based compensation granted are evaluated and revised, as necessary, to reflect market conditions and experience. | ||
Foreign Currency Translation | ||
For Nucor’s operations where the functional currency is other than the U.S. dollar, assets and liabilities have been translated at year-end exchange rates, and income and expenses translated using average exchange rates for the respective periods. Adjustments resulting from the process of translating an entity’s financial statements into the U.S. dollar have been recorded in accumulated other comprehensive income (loss) and are included in net earnings only upon sale or liquidation of the underlying investments. Foreign currency transaction gains and losses are included in net earnings in the period they occur. | ||
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 (see Note 21). 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. |
Acquisitions_and_Dispositions
Acquisitions and Dispositions | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Acquisitions and Dispositions | ' | ||||||||
3 | Acquisitions and Dispositions | ||||||||
On June 20, 2012, Nucor completed the acquisition of the entire equity interest in Skyline Steel LLC (Skyline) and its subsidiaries for the cash purchase price of approximately $675.4 million. No cash was received nor was any debt assumed as a result of the acquisition. Skyline’s financial results are included as part of the steel mills segment (see Note 23). | |||||||||
Skyline is a steel foundation manufacturer and distributor serving the U.S., Canada, Mexico and the Caribbean. Skyline’s steel products are used in marine construction, bridge and highway construction, heavy civil construction, storm protection, underground commercial parking and environmental containment projects in the infrastructure and construction industries. Skyline is a significant consumer of H-piling and sheet piling from Nucor-Yamato Steel Company. | |||||||||
We have allocated the purchase price for Skyline to its individual assets acquired and liabilities assumed. | |||||||||
The following table summarizes the estimated fair values of the assets acquired and liabilities assumed of Skyline as of the date of acquisition (in thousands): | |||||||||
Accounts receivable | $ | 128,004 | |||||||
Inventory | 260,473 | ||||||||
Other current assets | 4,410 | ||||||||
Property, plant and equipment | 70,100 | ||||||||
Goodwill | 138,579 | ||||||||
Other intangible assets | 215,600 | ||||||||
Total assets acquired | 817,166 | ||||||||
Current liabilities | 137,654 | ||||||||
Deferred credits and other liabilities | 4,078 | ||||||||
Total liabilities assumed | 141,732 | ||||||||
Net assets acquired | $ | 675,434 | |||||||
The purchase price allocation to the identifiable intangible assets is as follows (in thousands, except years): | |||||||||
As of the date of acquisition | Weighted - | ||||||||
Average Life | |||||||||
Customer relationships | $ | 184,500 | 17 years | ||||||
Trademarks and trade names | 28,500 | 20 years | |||||||
Other | 2,600 | 3 years | |||||||
$ | 215,600 | ||||||||
The goodwill of $138.6 million is primarily attributed to the synergies expected to arise after the acquisition and has been allocated to the steel mills segment (see Note 9). Approximately $128.2 million of the goodwill recognized is expected to be deductible for tax purposes. | |||||||||
In August 2012, Nucor sold the assets of Nucor Wire Products Pennsylvania, Inc., resulting in a loss of $17.6 million. This charge is included in marketing, administrative and other expenses in the consolidated statement of earnings. | |||||||||
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 (see Note 10). As of December 31, 2013, Nucor’s investment in Hunter Ridge was $134.5 million ($95.4 million at December 31, 2012). | |||||||||
Other minor acquisitions, exclusive of purchase price adjustments of acquisitions made in prior years, totaled $85.4 million in 2012 and $4.0 million in 2011 (none in 2013). |
Shortterm_Investments
Short-term Investments | 12 Months Ended | |
Dec. 31, 2013 | ||
Short-term Investments | ' | |
4 | Short-term Investments | |
Nucor’s short-term investments held as of December 31, 2013 and December 31, 2012 were $28.2 million and $104.2 million, respectively. These investments consisted of certificates of deposit (CDs) and are classified as available-for-sale. The interest rates on the CDs are fixed at inception and interest income is recorded as earned. | ||
No realized or unrealized gains or losses were incurred in 2013, 2012 or 2011. | ||
The contractual maturities of all of the CDs outstanding at December 31, 2013 are in 2014. |
Accounts_Receivable
Accounts Receivable | 12 Months Ended | |
Dec. 31, 2013 | ||
Accounts Receivable | ' | |
5 | Accounts Receivable | |
An allowance for doubtful accounts is maintained for estimated losses resulting from the inability of our customers to make required payments. Accounts receivable are stated net of the allowance for doubtful accounts of $58.3 million at December 31, 2013 ($57.4 million at December 31, 2012 and $54.3 million at December 31, 2011). |
Inventories
Inventories | 12 Months Ended | |
Dec. 31, 2013 | ||
Inventories | ' | |
6 | Inventories | |
Inventories consist of approximately 40% raw materials and supplies and 60% finished and semi-finished products at December 31, 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. | ||
If the FIFO method of accounting had been used, inventories would have been $624.7 million higher at December 31, 2013 ($607.2 million higher at December 31, 2012). There was no liquidation of LIFO inventory layers in 2013, 2012 or 2011. Use of the lower of cost or market method reduced inventories by $2.1 million at December 31, 2013 ($3.5 million at December 31, 2012). |
Property_Plant_and_Equipment
Property, Plant and Equipment | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Property, Plant and Equipment | ' | ||||||||
7 | Property, Plant and Equipment | ||||||||
(In thousands) | |||||||||
December 31, | |||||||||
2013 | 2012 | ||||||||
Land and improvements | $ | 555,309 | $ | 546,234 | |||||
Buildings and improvements | 941,379 | 899,944 | |||||||
Machinery and equipment | 9,159,151 | 8,136,206 | |||||||
Proved oil and gas properties | 487,033 | 203,959 | |||||||
Construction in process and equipment deposits | 400,373 | 652,230 | |||||||
11,543,245 | 10,438,573 | ||||||||
Less accumulated depreciation | (6,626,221 | ) | (6,155,517 | ) | |||||
$ | 4,917,024 | $ | 4,283,056 | ||||||
The estimated useful lives primarily range from 5 to 25 years for land improvements, 4 to 40 years for buildings and improvements and 2 to 15 years for machinery and equipment. The useful life for proved oil and gas properties is based on the unit-of-production method and varies by well. | |||||||||
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 current estimate of probable insurance recoveries. The associated net charge of $14.0 million is included in marketing, administrative and other expenses in the consolidated statement of earnings. Nucor may receive additional insurance proceeds as it continues to investigate the cause or causes of the dome collapse. | |||||||||
Nucor capitalized $10.9 million of interest expense in 2013 ($4.7 million in 2012 and $3.5 million in 2011) related to the borrowing costs associated with various construction projects. |
Restricted_Cash_and_Investment
Restricted Cash and Investments | 12 Months Ended | |
Dec. 31, 2013 | ||
Restricted Cash and Investments | ' | |
8 | Restricted Cash and Investments | |
There were no restricted cash or investments as of December 31, 2013 ($275.2 million at December 31, 2012). As of December 31, 2012, restricted cash and investments consisted of net proceeds from $600.0 million 30-year variable rate Gulf Opportunity Zone bonds issued in November 2010. The restricted cash and investments were held in a trust account and were used to partially fund the capital costs associated with the construction of Nucor’s direct reduced ironmaking facility in St. James Parish, Louisiana. Funds were disbursed as qualified expenditures for the construction of the facility were made ($275.3 million in 2013 and $311.8 million in 2012). Included in the December 31, 2012 restricted cash and investments balance was $149.8 million of restricted investments. The investments held at December 31, 2012 were in Federal Home Loan Bank (FHLB) obligations, which carried high credit ratings from both Moody’s and Standard & Poor’s. The interest rates on the FHLBs | ||
were fixed at inception and interest earned on the investments was subject to the same usage requirements as the bond proceeds. Since the restricted cash, investments and interest on investments must be used for the construction of the facility, the entire balance was classified as a non-current asset. |
Goodwill_and_Other_Intangible_
Goodwill and Other Intangible Assets | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Goodwill and Other Intangible Assets | ' | ||||||||||||||||||||
9 | Goodwill and Other Intangible Assets | ||||||||||||||||||||
The change in the net carrying amount of goodwill for the years ended December 31, 2013 and 2012 by segment is as follows (in thousands): | |||||||||||||||||||||
Steel | Steel | Raw | All | Total | |||||||||||||||||
Mills | Products | Materials | Other | ||||||||||||||||||
Balance, December 31, 2011 | $ | 268,466 | $ | 790,441 | $ | 682,902 | $ | 88,852 | $ | 1,830,661 | |||||||||||
Acquisitions and dispositions | 138,579 | (3,489 | ) | 20,323 | — | 155,413 | |||||||||||||||
Translation | — | 18,464 | — | — | 18,464 | ||||||||||||||||
Balance, December 31, 2012 | 407,045 | 805,416 | 703,225 | 88,852 | 2,004,538 | ||||||||||||||||
Reclassifications | 88,852 | — | — | (88,852 | ) | — | |||||||||||||||
Translation | — | (26,067 | ) | — | — | (26,067 | ) | ||||||||||||||
Other | — | (4,863 | ) | — | — | (4,863 | ) | ||||||||||||||
Balance, December 31, 2013 | $ | 495,897 | $ | 774,486 | $ | 703,225 | $ | — | $ | 1,973,608 | |||||||||||
The majority of goodwill is not tax deductible. | |||||||||||||||||||||
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 (see Note 1). | |||||||||||||||||||||
Intangible assets with estimated lives of 5 to 22 years are amortized on a straight-line or accelerated basis and are comprised of the following (in thousands): | |||||||||||||||||||||
31-Dec-13 | 31-Dec-12 | ||||||||||||||||||||
Gross | Accumulated | Gross | Accumulated | ||||||||||||||||||
Amount | Amortization | Amount | Amortization | ||||||||||||||||||
Customer relationships | $ | 1,147,786 | $ | 391,254 | $ | 1,156,979 | $ | 325,819 | |||||||||||||
Trademarks and trade names | 151,332 | 40,397 | 152,869 | 32,653 | |||||||||||||||||
Other | 21,869 | 15,182 | 28,610 | 20,746 | |||||||||||||||||
$ | 1,320,987 | $ | 446,833 | $ | 1,338,458 | $ | 379,218 | ||||||||||||||
Intangible asset amortization expense was $74.4 million in 2013 ($73.0 million in 2012 and $67.8 million in 2011). Annual amortization expense is estimated to be $70.0 million in 2014; $68.2 million in 2015; $66.5 million in 2016; $64.8 million in 2017; and $61.1 million in 2018. | |||||||||||||||||||||
The Company completed its annual goodwill impairment testing as of the first days of the fourth quarters of 2013, 2012 and 2011 and concluded that as of such dates there was no impairment of goodwill for any of its reporting units. We do not believe there are currently any reporting units at risk of goodwill impairment in the near term. However, | |||||||||||||||||||||
assumptions in estimating reporting unit fair values are subject to a high degree of judgment and complexity. Changes in assumptions and estimates may affect the estimated reporting unit fair values and could result in impairment charges in future periods. |
Equity_Investments
Equity Investments | 12 Months Ended | |
Dec. 31, 2013 | ||
Equity Investments | ' | |
10 | Equity Investments | |
The carrying value of our equity investments in domestic and foreign companies was $936.0 million at December 31, 2013 ($855.9 million at December 31, 2012) and is recorded in other assets in the 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 December 31, 2013 was $465.4 million ($454.1 million at December 31, 2012). Nucor’s 50% share of the total net assets of Duferdofin Nucor was $55.4 million at December 31, 2013, resulting in a basis difference of $410.0 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 ($332.9 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 $11.2 million in 2013 ($11.1 million in 2012 and $11.5 million in 2011). | ||
As of December 31, 2013, Nucor had outstanding notes receivable of €35.0 million ($48.2 million) from Duferdofin Nucor (€35.0 million as of December 31, 2012). The notes receivable bear interest at 1.539% and will 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. As of December 31, 2013 and December 31, 2012, the note receivable was classified in other assets. | ||
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 ($168.9 million) as of December 31, 2013. As of December 31, 2013, it had €112.0 million ($154.4 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 NuMit’s members. | ||
Nucor’s investment in NuMit at December 31, 2013 was $318.4 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 1.15% 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 $17.0 million was outstanding at December 31, 2013) to Steel Technologies LLC. As of December 31, 2013, the amounts outstanding on the line of credit bear interest at 1.37% and mature on April 1, 2014. As of December 31, 2013 and December 31, 2012, the amount outstanding on the line of credit was classified in other current assets in the consolidated balance sheet. The note receivable was classified in other current assets as of December 31, 2013, but it was classified in other assets as of December 31, 2012. | ||
HUNTER RIDGE | ||
In November 2012, Nucor acquired a 50% economic and voting interest in 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 Hunter Ridge’s members. Nucor’s investment in Hunter Ridge at December 31, 2013 was $134.5 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 its 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. Another contributing factor was that Duferdofin Nucor had a recently updated unfavorable forecast of future operating performance. 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. This charge is included in impairment of non-current assets in the consolidated statements of earnings. | ||
Although the operating results of Duferdofin Nucor have improved since 2012 and there have been no significant deteriorations in near-term financial projections or other key assumptions since the last impairment test performed in the fourth quarter of 2012, Nucor concluded that it was appropriate to reassess its equity investment in Duferdofin Nucor for impairment during the fourth quarter of 2013 due to the protracted challenging steel market conditions in Europe. After completing its assessment, the Company determined that the estimated fair value exceeded its carrying amount by a sufficient amount and that there was no indication of impairment. The assumptions that most significantly affect the fair value determination include projected revenues and the discount rate. 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. | ||
In the third quarter of 2011, the Company concluded that an equity investment in a dust recycling project had been impaired, resulting in an impairment charge of $13.9 million. This charge is included in impairment of non-current assets in the consolidated statements of earnings. |
Current_Liabilities
Current Liabilities | 12 Months Ended | |
Dec. 31, 2013 | ||
Current Liabilities | ' | |
11 | Current Liabilities | |
Book overdrafts, included in accounts payable in the consolidated balance sheets, were $81.6 million at December 31, 2013 ($53.8 million at December 31, 2012). Dividends payable, included in accrued expenses and other current liabilities in the consolidated balance sheets, were $118.7 million at December 31, 2013 ($117.6 million at December 31, 2012). |
Debt_and_Other_Financing_Arran
Debt and Other Financing Arrangements | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Debt and Other Financing Arrangements | ' | ||||||||
12 | Debt and Other Financing Arrangements | ||||||||
(In thousands) | |||||||||
December 31, | |||||||||
2013 | 2012 | ||||||||
Industrial revenue bonds: | |||||||||
0.20% to 1.5%, variable, due from 2014 to 2040 | $ | 1,030,200 | $ | 1,030,200 | |||||
Notes, 5.0%, due 2013 | — | 250,000 | |||||||
Notes, 5.75%, due 2017 | 600,000 | 600,000 | |||||||
Notes, 5.85%, due 2018 | 500,000 | 500,000 | |||||||
Notes, 4.125%, due 2022 | 600,000 | 600,000 | |||||||
Notes, 4.0%, due 2023 | 500,000 | — | |||||||
Notes, 6.40%, due 2037 | 650,000 | 650,000 | |||||||
Notes, 5.20%, due 2043 | 500,000 | — | |||||||
4,380,200 | 3,630,200 | ||||||||
Less current maturities | (3,300 | ) | (250,000 | ) | |||||
$ | 4,376,900 | $ | 3,380,200 | ||||||
Annual aggregate long-term debt maturities are: $3.3 million in 2014; $16.3 million in 2015; none in 2016; $600.0 million in 2017; $500.0 million in 2018; and $3.261 billion thereafter. | |||||||||
In July 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 will be 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. The unsecured revolving credit facility provides up to $1.50 billion in revolving loans and allows up to $500.0 million in additional commitments at Nucor’s election in accordance with the terms set forth in the credit agreement. Up to the equivalent of $850.0 million of the credit facility is available for foreign currency loans, up to $500.0 million is available for the issuance of letters of credit, and up to $500.0 million is available for the issuance of revolving loans for Nucor subsidiaries in accordance with | |||||||||
terms set forth in the credit agreement. The credit facility provides for a pricing grid based upon the credit rating of Nucor’s senior unsecured long-term debt and, alternatively, interest rates quoted by lenders in connection with competitive bidding. The credit facility includes customary financial and other covenants, including a limit on the ratio of funded debt to capital of 60%, a limit on Nucor’s ability to pledge the Company’s assets and a limit on consolidations, mergers and sales of assets. As of December 31, 2013, Nucor’s funded debt to total capital ratio was 36%, and Nucor was in compliance with all covenants under the credit facility. No borrowings were outstanding under the credit facility as of December 31, 2013 and 2012. | |||||||||
Harris Steel has credit facilities totaling approximately $33.0 million, with no borrowings outstanding at December 31, 2013. In addition, the business of Nucor Trading S.A. is financed by uncommitted trade credit arrangements with a number of European banking institutions. As of December 31, 2013, Nucor Trading S.A. had outstanding borrowings of $29.2 million ($27.1 million at December 31, 2012) and outstanding guarantees of $0.1 million. In addition, $29.1 million of the amount outstanding at December 31, 2013 ($21.5 million at December 31, 2012) was guaranteed by Nucor. If Nucor Trading S.A. fails to pay when due any amounts for which it is obligated, Nucor could be required to pay such amounts pursuant to and in accordance with the terms of the guarantee. | |||||||||
Letters of credit totaling $31.8 million were outstanding as of December 31, 2013 related to certain obligations, including workers’ compensation, utilities deposits and credit arrangements by Nucor Trading S.A. for commitments to purchase inventories. |
Capital_Stock
Capital Stock | 12 Months Ended | |
Dec. 31, 2013 | ||
Capital Stock | ' | |
13 | Capital Stock | |
The par value of Nucor’s common stock is $0.40 per share and there are 800 million shares authorized. In addition, 250,000 shares of preferred stock, par value of $4.00 per share, are authorized, with preferences, rights and restrictions as may be fixed by Nucor’s board of directors. There are no shares of preferred stock issued or outstanding. |
Derivative_Financial_Instrumen
Derivative Financial Instruments | 12 Months Ended | ||||||||||||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||||||||||||
Derivative Financial Instruments | ' | ||||||||||||||||||||||||||||||||||||||
14 | Derivative Financial Instruments | ||||||||||||||||||||||||||||||||||||||
The following tables summarize information regarding Nucor’s derivative instruments: | |||||||||||||||||||||||||||||||||||||||
Fair Value of Derivative Instruments (in thousands) | |||||||||||||||||||||||||||||||||||||||
Fair Value at December 31, | |||||||||||||||||||||||||||||||||||||||
Consolidated Balance Sheet Location | 2013 | 2012 | |||||||||||||||||||||||||||||||||||||
Liability derivatives not designated as hedging instruments: | |||||||||||||||||||||||||||||||||||||||
Commodity contracts | Accrued expenses and | $ | (553 | ) | $ | (303 | ) | ||||||||||||||||||||||||||||||||
other current liabilities | |||||||||||||||||||||||||||||||||||||||
Foreign exchange contracts | Accrued expenses and | (2 | ) | (15 | ) | ||||||||||||||||||||||||||||||||||
other current liabilities | |||||||||||||||||||||||||||||||||||||||
Total liability derivatives not designated as hedging instruments | $ | (555 | ) | $ | (318 | ) | |||||||||||||||||||||||||||||||||
The Effect of Derivative Instruments on the Consolidated Statements of Earnings | |||||||||||||||||||||||||||||||||||||||
Derivatives Designated as Hedging Instruments (in thousands) | |||||||||||||||||||||||||||||||||||||||
Derivatives in Cash Flow | Statement of Earnings | Amount of Gain or (Loss) | Amount of Gain or (Loss) | Amount of Gain or (Loss) | |||||||||||||||||||||||||||||||||||
Hedging Relationships | Location | Recognized in OCI on Derivatives | Reclassified from | Recognized in Earnings on | |||||||||||||||||||||||||||||||||||
(Effective Portion) | Accumulated OCI into | Derivatives (Ineffective Portion) | |||||||||||||||||||||||||||||||||||||
Earnings | |||||||||||||||||||||||||||||||||||||||
(Effective Portion) | |||||||||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | 2013 | 2012 | 2011 | 2013 | 2012 | 2011 | |||||||||||||||||||||||||||||||
Commodity contracts | Cost of products | $ | — | $ | (2,264 | ) | $ | (8,454 | ) | $ | — | $ | (42,515 | ) | $ | (37,093 | ) | $ | — | $ | 500 | $ | 600 | ||||||||||||||||
sold | |||||||||||||||||||||||||||||||||||||||
Derivatives Not Designated as Hedging Instruments (in thousands) | |||||||||||||||||||||||||||||||||||||||
Derivatives Not Designated | Statement of Earnings | Amount of Gain or (Loss) | |||||||||||||||||||||||||||||||||||||
as Hedging Instruments | Location | Recognized in Earnings on | |||||||||||||||||||||||||||||||||||||
Derivatives | |||||||||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||||||||||||||||
Commodity contracts | Cost of products sold | $ | 4,622 | $ | 1,321 | $ | 11,757 | ||||||||||||||||||||||||||||||||
Foreign exchange contracts | Cost of products sold | 112 | 198 | (665 | ) | ||||||||||||||||||||||||||||||||||
Total | $ | 4,734 | $ | 1,519 | $ | 11,092 | |||||||||||||||||||||||||||||||||
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 | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Fair Value Measurements | ' | ||||||||||||||||
15 | Fair Value Measurements | ||||||||||||||||
The following table summarizes information regarding Nucor’s financial assets and financial liabilities that are measured at fair value as of December 31, 2013 and 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 | |||||||||||||||||
Carrying | Quoted Prices | Significant | Significant | ||||||||||||||
Amount in | in Active | Other | Unobservable | ||||||||||||||
Consolidated | Markets for | Observable | Inputs | ||||||||||||||
Balance Sheets | Identical Assets | Inputs (Level | (Level 3) | ||||||||||||||
(Level 1) | 2) | ||||||||||||||||
December 31, 2013 | |||||||||||||||||
Assets: | |||||||||||||||||
Cash equivalents | $ | 1,269,465 | $ | 1,269,465 | $ | — | $ | — | |||||||||
Short-term investments | 28,191 | 28,191 | — | — | |||||||||||||
Total assets | $ | 1,297,656 | $ | 1,297,656 | $ | — | $ | — | |||||||||
Liabilities: | |||||||||||||||||
Foreign exchange and commodity contracts | $ | (555 | ) | $ | — | $ | (555 | ) | $ | — | |||||||
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. 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 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 $4.61 billion at December 31, 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 December 31, 2013 and 2012, or similar debt with the same maturities, rating and interest rates. |
Contingencies
Contingencies | 12 Months Ended | |
Dec. 31, 2013 | ||
Contingencies | ' | |
16 | 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 $22.9 million of accrued environmental costs at December 31, 2013 ($26.5 million at December 31, 2012), $6.9 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. |
StockBased_Compensation
Stock-Based Compensation | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Stock-Based Compensation | ' | ||||||||||||||||||||||||
17 | 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 since 2010 are generally exercisable at the end of three years and have a term of 10 years. All stock options granted prior to the beginning of 2010 were fully exercised as of December 31, 2013. New shares are issued upon exercise of stock options. | |||||||||||||||||||||||||
A summary of activity under Nucor’s stock option plans is as follows: | |||||||||||||||||||||||||
(shares in thousands) | |||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||
Shares | Weighted - | Shares | Weighted - | Shares | Weighted - | ||||||||||||||||||||
Average | Average | Average | |||||||||||||||||||||||
Exercise | Exercise | Exercise | |||||||||||||||||||||||
Price | Price | Price | |||||||||||||||||||||||
Number of shares under option: | |||||||||||||||||||||||||
Outstanding at beginning of year | 1,543 | $ | 39.03 | 1,156 | $ | 38.26 | 983 | $ | 29.14 | ||||||||||||||||
Granted | 546 | $ | 44.51 | 741 | $ | 35.76 | 560 | $ | 42.34 | ||||||||||||||||
Exercised | — | — | (354 | ) | $ | 29.67 | (387 | ) | $ | 20.96 | |||||||||||||||
Canceled | — | — | — | — | — | — | |||||||||||||||||||
Outstanding at end of year | 2,089 | $ | 40.47 | 1,543 | $ | 39.03 | 1,156 | $ | 38.26 | ||||||||||||||||
Options exercisable at end of year | 1,012 | $ | 39.75 | — | — | 354 | $ | 29.67 | |||||||||||||||||
The shares reserved for future grants as of December 31, 2013, 2012, and 2011 are reflected in the restricted stock units table below. The total intrinsic value of options (the amount by which the stock price exceeded the exercise price of the option on the date of exercise) that were exercised during 2012 and 2011 was $4.3 million and $7.6 million, respectively. | |||||||||||||||||||||||||
The following table summarizes information about stock options outstanding at December 31, 2013: | |||||||||||||||||||||||||
(shares in thousands) | |||||||||||||||||||||||||
Exercise Price | Options Outstanding | Options Exercisable | Weighted- | ||||||||||||||||||||||
Average | |||||||||||||||||||||||||
Remaining | |||||||||||||||||||||||||
Contractual Life | |||||||||||||||||||||||||
$35.76 | 741 | 391 | 8.4 years | ||||||||||||||||||||||
$41.43 | 242 | 242 | 6.4 years | ||||||||||||||||||||||
$42.34 | 560 | 299 | 7.4 years | ||||||||||||||||||||||
$44.51 | 546 | 80 | 9.4 years | ||||||||||||||||||||||
$35.76 - $44.51 | 2,089 | 1,012 | 8.2 years | ||||||||||||||||||||||
As of December 31, 2013, the total aggregate intrinsic value of options outstanding and options exercisable was $27.0 million and $13.8 million, respectively. | |||||||||||||||||||||||||
The grant date fair value of options granted was $15.03 in 2013 ($11.40 in 2012 and $15.37 in 2011). The fair value was estimated using the Black-Scholes option-pricing model with the following assumptions: | |||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||
Exercise price | $ | 44.51 | $ | 35.76 | $ | 42.34 | |||||||||||||||||||
Expected dividend yield | 3.3 | % | 4.08 | % | 3.42 | % | |||||||||||||||||||
Expected stock price volatility | 46.94 | % | 48.99 | % | 49.4 | % | |||||||||||||||||||
Risk-free interest rate | 1.51 | % | 1.06 | % | 2.39 | % | |||||||||||||||||||
Expected life (in years) | 6.5 | 6.5 | 6.5 | ||||||||||||||||||||||
Compensation expense for stock options was $8.6 million in 2013 ($9.9 million in 2012 and $9.9 million in 2011). As of December 31, 2013, all expense related to options had been recognized as all options had vested as of December 31, 2013. | |||||||||||||||||||||||||
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 units 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 restricted stock unit activity is as follows: | |||||||||||||||||||||||||
(shares in thousands) | |||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||
Shares | Grant Date | Shares | Grant Date | Shares | Grant Date | ||||||||||||||||||||
Fair Value | Fair Value | Fair Value | |||||||||||||||||||||||
Restricted stock units: | |||||||||||||||||||||||||
Unvested at beginning of year | 1,106 | $ | 40.8 | 962 | $ | 46.09 | 1,203 | $ | 49.96 | ||||||||||||||||
Granted | 789 | $ | 44.51 | 1,101 | $ | 35.76 | 490 | $ | 42.34 | ||||||||||||||||
Vested | (762 | ) | $ | 42.15 | (915 | ) | $ | 40.36 | (713 | ) | $ | 50.04 | |||||||||||||
Canceled | (11 | ) | $ | 39.08 | (42 | ) | $ | 39.41 | (18 | ) | $ | 46.06 | |||||||||||||
Unvested at end of year | 1,122 | $ | 42.51 | 1,106 | $ | 40.8 | 962 | $ | 46.09 | ||||||||||||||||
Shares reserved for future grants | 10,486 | 11,839 | 13,695 | ||||||||||||||||||||||
(stock options and RSUs) | |||||||||||||||||||||||||
Compensation expense for RSUs was $32.6 million in 2013 ($34.2 million in 2012 and $31.6 million in 2011). The total fair value of shares vested during 2013 was $34.1 million ($33.1 million in 2012 and $29.3 million in 2011). As of December 31, 2013, unrecognized compensation expense related to unvested RSUs was $29.4 million, which is expected to be recognized over a weighted-average period of two 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 55 while employed by Nucor. Although participants are entitled to cash dividends and may vote such awarded shares, the sale or transfer of such shares is limited during the restricted period. | |||||||||||||||||||||||||
The AIP provides for the payment of annual cash incentive awards. An AIP participant may elect, however, to defer payment of up to one-half of an 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 55 while employed by Nucor. Vested common stock units are paid to AIP participants in the form of shares of common stock following their termination of employment with Nucor. | |||||||||||||||||||||||||
A summary of Nucor’s restricted stock activity under the AIP and LTIP is as follows: | |||||||||||||||||||||||||
(shares in thousands) | |||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||
Shares | Grant Date | Shares | Grant Date | Shares | Grant Date | ||||||||||||||||||||
Fair Value | Fair Value | Fair Value | |||||||||||||||||||||||
Restricted stock awards and units: | |||||||||||||||||||||||||
Unvested at beginning of year | 72 | $ | 43.72 | 94 | $ | 42.46 | 141 | $ | 44.62 | ||||||||||||||||
Granted | 122 | $ | 47.36 | 122 | $ | 42.2 | 118 | $ | 46.41 | ||||||||||||||||
Vested | (121 | ) | $ | 46.32 | (144 | ) | $ | 41.62 | (165 | ) | $ | 47.13 | |||||||||||||
Canceled | — | — | — | — | — | — | |||||||||||||||||||
Unvested at end of year | 73 | $ | 45.49 | 72 | $ | 43.72 | 94 | $ | 42.46 | ||||||||||||||||
Shares reserved for future grants | 1,238 | 1,360 | 1,482 | ||||||||||||||||||||||
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 $6.3 million in 2013 ($6.6 million in 2012 and $7.4 million in 2011). The total fair value of shares vested during 2013 was $5.7 million ($6.0 million in 2012 and $7.3 million in 2011). As of December 31, 2013, unrecognized compensation expense related to unvested restricted stock awards was $0.6 million, which is expected to be recognized over a weighted-average period of 1.7 years. |
Employee_Benefit_Plans
Employee Benefit Plans | 12 Months Ended | |
Dec. 31, 2013 | ||
Employee Benefit Plans | ' | |
18 | Employee Benefit Plans | |
Nucor makes contributions to a Profit Sharing and Retirement Savings Plan for qualified employees based on the profitability of the Company. Nucor’s expense for these benefits totaled $71.7 million in 2013 ($77.7 million in 2012 and $117.7 million in 2011). The related liability for these benefits is included in salaries, wages and related accruals. | ||
Nucor also has a medical plan covering certain eligible early retirees. The unfunded obligation, included in deferred credits and other liabilities in the consolidated balance sheets, totaled $9.9 million at December 31, 2013 ($13.5 million at December 31, 2012). The benefit associated with this early retiree medical plan totaled $0.6 million in 2013 (benefit of $1.9 million in 2012 and expense of $3.5 million in 2011). We also recorded a non-cash gain of $29.0 million in cost of products sold in 2011 as a result of a correction of an error in the actuarial calculation for the plan. The error also resulted in a $7.6 million reduction of other comprehensive income. This error did not have a material impact on that period or any previously reported periods. | ||
The discount rate used was 4.6% in 2013 (3.7% in 2012 and 4.5% in 2011). The health care cost increase trend rate used was 6.6% in 2013 (6.6% in 2012 and 6.7% in 2011). The health care cost increase in the trend rate is projected to decline gradually to 4.5% by 2027. |
Interest_Expense_Income
Interest Expense (Income) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Interest Expense (Income) | ' | ||||||||||||
19 | Interest Expense (Income) | ||||||||||||
The components of net interest expense are as follows (in thousands): | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Interest expense | $ | 151,986 | $ | 173,503 | $ | 178,812 | |||||||
Interest income | (5,091 | ) | (11,128 | ) | (12,718 | ) | |||||||
Interest expense, net | $ | 146,895 | $ | 162,375 | $ | 166,094 | |||||||
Interest paid was $141.2 million in 2013 ($178.0 million in 2012 and $177.6 million in 2011). |
Income_Taxes
Income Taxes | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Income Taxes | ' | ||||||||||||
20 | Income Taxes | ||||||||||||
Components of earnings from continuing operations before income taxes and noncontrolling interests are as follows (in thousands): | |||||||||||||
Year Ended December 31, | 2013 | 2012 | 2011 | ||||||||||
United States | $ | 755,921 | $ | 854,705 | $ | 1,241,465 | |||||||
Foreign | 35,202 | (1,765 | ) | 10,347 | |||||||||
$ | 791,123 | $ | 852,940 | $ | 1,251,812 | ||||||||
The provision for income taxes consists of the following (in thousands): | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Current: | |||||||||||||
Federal | $ | 138,343 | $ | 261,552 | $ | 329,076 | |||||||
State | 223 | 20,337 | 1,685 | ||||||||||
Foreign | 10,464 | 3,199 | 2,016 | ||||||||||
Total current | 149,030 | 285,088 | 332,777 | ||||||||||
Deferred: | |||||||||||||
Federal | 36,157 | (23,052 | ) | 55,124 | |||||||||
State | (39 | ) | (10,440 | ) | 10,400 | ||||||||
Foreign | 20,446 | 8,218 | (7,473 | ) | |||||||||
Total deferred | 56,564 | (25,274 | ) | 58,051 | |||||||||
Total provision for income taxes | $ | 205,594 | $ | 259,814 | $ | 390,828 | |||||||
A reconciliation of the federal statutory tax rate (35%) to the total provision is as follows: | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Taxes computed at statutory rate | 35 | % | 35 | % | 35 | % | |||||||
State income taxes, net of federal income tax benefit | 0.02 | 0.75 | 0.63 | ||||||||||
Federal research credit | (0.79 | ) | — | (0.28 | ) | ||||||||
Domestic manufacturing deduction | (1.74 | ) | (3.25 | ) | (2.21 | ) | |||||||
Equity in losses of foreign joint ventures | 1.36 | 1.43 | 0.64 | ||||||||||
Foreign rate differential | (2.35 | ) | 0.6 | (0.92 | ) | ||||||||
Noncontrolling interests | (4.32 | ) | (3.64 | ) | (2.32 | ) | |||||||
Out of period correction to deferred taxes | (2.57 | ) | — | — | |||||||||
Other, net | 1.38 | (0.43 | ) | 0.68 | |||||||||
Provision for income taxes | 25.99 | % | 30.46 | % | 31.22 | % | |||||||
The 2013 provision included a $21.3 million out-of-period non-cash gain related to a correction to the deferred tax balances. The out-of-period adjustment did not have a material impact in the current or any previously reported periods. | |||||||||||||
Deferred tax assets and liabilities resulted from the following (in thousands): | |||||||||||||
December 31, | |||||||||||||
2013 | 2012 | ||||||||||||
Deferred tax assets: | |||||||||||||
Accrued liabilities and reserves | $ | 102,933 | $ | 108,287 | |||||||||
Allowance for doubtful accounts | 19,756 | 14,212 | |||||||||||
Inventory | 206,826 | 174,499 | |||||||||||
Post-retirement benefits | 6,268 | 11,119 | |||||||||||
Natural gas hedges | — | 221 | |||||||||||
Net operating loss carryforward | 12,859 | 15,033 | |||||||||||
Tax credit carryforwards | 56,185 | 28,600 | |||||||||||
Total deferred tax assets | 404,827 | 351,971 | |||||||||||
Deferred tax liabilities: | |||||||||||||
Holdbacks and amounts not due under contracts | (16,582 | ) | (17,523 | ) | |||||||||
Cumulative translation adjustments | (1,403 | ) | (1,600 | ) | |||||||||
Commodity hedges | (805 | ) | — | ||||||||||
Intangibles | (210,791 | ) | (233,413 | ) | |||||||||
Property, plant and equipment | (610,451 | ) | (475,176 | ) | |||||||||
Total deferred tax liabilities | (840,032 | ) | (727,712 | ) | |||||||||
Total net deferred tax liabilities | $ | (435,205 | ) | $ | (375,741 | ) | |||||||
Current deferred tax assets included in other current assets were $255.5 million at December 31, 2013 ($190.4 million at December 31, 2012). Current deferred tax liabilities included in other current liabilities were $14.6 million at December 31, 2013 (none at December 31, 2012). Non-current deferred tax liabilities included in deferred credits and other liabilities were $676.2 million at December 31, 2013 ($566.1 million at December 31, 2012). Nucor paid $64.8 million in net federal, state and foreign income taxes in 2013 ($313.5 million and $322.4 million in 2012 and 2011, respectively). | |||||||||||||
Cumulative undistributed foreign earnings for which U.S. taxes have not been provided are included in consolidated retained earnings in the amount of $222.4 million at December 31, 2013 ($176.5 million at December 31, 2012). These earnings are considered to be indefinitely reinvested and, accordingly, no provisions for U.S. federal and state income taxes are required. It is not practicable to determine the amount of unrecognized deferred tax liability related to the unremitted earnings. | |||||||||||||
State net operating loss carryforwards were $824.0 million at December 31, 2013 ($606.4 million at December 31, 2012). If unused, they will expire between 2014 and 2033. Foreign net operating loss carryforwards were $50.5 million at December 31, 2013 ($59.2 million at December 31, 2012). If unused, they will expire between 2027 and 2033. | |||||||||||||
At December 31, 2013, Nucor had approximately $66.0 million of unrecognized tax benefits, of which $66.3 million would affect Nucor’s effective tax rate, if recognized. At December 31, 2012, Nucor had approximately $80.9 million of unrecognized tax benefits, of which $76.4 million would affect Nucor’s effective tax rate, if recognized. | |||||||||||||
A reconciliation of the beginning and ending amounts of unrecognized tax benefits recorded in deferred credits and other liabilities is as follows (in thousands): | |||||||||||||
December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Balance at beginning of year | $ | 80,862 | $ | 80,897 | $ | 92,752 | |||||||
Additions based on tax positions related to current year | 4,849 | 9,456 | 6,733 | ||||||||||
Reductions based on tax positions related to current year | (55 | ) | (132 | ) | (3,160 | ) | |||||||
Additions based on tax positions related to prior years | 2,307 | 5,821 | 937 | ||||||||||
Reductions based on tax positions related to prior years | (6,248 | ) | (3,296 | ) | (2,169 | ) | |||||||
Reductions due to settlements with taxing authorities | — | (764 | ) | (958 | ) | ||||||||
Reductions due to statute of limitations lapse | (15,740 | ) | (11,120 | ) | (13,238 | ) | |||||||
Balance at end of year | $ | 65,975 | $ | 80,862 | $ | 80,897 | |||||||
We estimate that in the next twelve months, our gross uncertain tax positions, exclusive of interest, could decrease by as much as $13.7 million, as a result of the expiration of the statute of limitations. | |||||||||||||
During 2013, Nucor recognized $0.9 million of expense in interest and penalties ($2.1 million of expense in 2012 and $3.6 million of expense in 2011). The interest and penalty expense is included in interest expense in the consolidated statements of earnings. As of December 31, 2013, Nucor had approximately $37.2 million of accrued interest and penalties related to uncertain tax positions ($36.4 million at December 31, 2012). | |||||||||||||
Nucor has concluded U.S. federal income tax matters for years through 2009. The 2010 to 2013 tax years are open to examination by the Internal Revenue Service. In 2011, the Canada Revenue Agency completed an audit examination for the periods 2006 to 2008 for Harris Steel Group Inc. and subsidiaries with immaterial adjustments to the income tax returns. The tax years 2009 through 2013 remain open to examination by other major taxing jurisdictions to which Nucor is subject (primarily Canada and other state and local jurisdictions). |
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Income (Loss) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Accumulated Other Comprehensive Income (Loss) | ' | ||||||||||||||||
21 | Accumulated Other Comprehensive Income (Loss) | ||||||||||||||||
The following tables reflect the changes in accumulated other comprehensive (loss) income by component (in thousands): | |||||||||||||||||
Year Ended | |||||||||||||||||
December 31, 2013 | |||||||||||||||||
Gains and Losses on | Foreign Currency | Adjustment to Early | Total | ||||||||||||||
Hedging Derivatives | Gain (Loss) | Retiree Medical Plan | |||||||||||||||
Balance, December 31, 2012 | $ | — | $ | 46,181 | $ | 10,580 | $ | 56,761 | |||||||||
Other comprehensive (loss) income before reclassifications | — | (53,619 | ) | 5,938 | (47,681 | ) | |||||||||||
Amounts reclassified from accumulated other comprehensive (loss) income into earnings | — | — | — | — | |||||||||||||
Net current-period other comprehensive (loss) income | — | (53,619 | ) | 5,938 | (47,681 | ) | |||||||||||
Balance, December 31, 2013 | $ | — | $ | (7,438 | ) | $ | 16,518 | $ | 9,080 | ||||||||
Year Ended | |||||||||||||||||
December 31, 2012 | |||||||||||||||||
Gains and Losses on | Foreign Currency | Adjustment to Early | Total | ||||||||||||||
Hedging Derivatives | Gain (Loss) | Retiree Medical Plan | |||||||||||||||
Balance, December 31, 2011 | $ | (40,250 | ) | $ | (12,311 | ) | $ | 14,384 | $ | (38,177 | ) | ||||||
Other comprehensive (loss) income before reclassifications | — | 58,785 | (3,804 | ) | 54,981 | ||||||||||||
Amounts reclassified from accumulated other comprehensive (loss) income into earnings (1) | 40,250 | — | — | 40,250 | |||||||||||||
Net current-period other comprehensive (loss) income | 40,250 | 58,785 | (3,804 | ) | 95,231 | ||||||||||||
Other | — | (293 | ) | — | (293 | ) | |||||||||||
Balance, December 31, 2012 | $ | — | $ | 46,181 | $ | 10,580 | $ | 56,761 | |||||||||
1– | Includes $40,250 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 $23,900. |
Earnings_Per_Share
Earnings Per Share | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Earnings Per Share | ' | ||||||||||||
22 | Earnings Per Share | ||||||||||||
The computations of basic and diluted net earnings per share are as follows (in thousands, except per share data): | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Basic net earnings per share: | |||||||||||||
Basic net earnings | $ | 488,025 | $ | 504,619 | $ | 778,188 | |||||||
Earnings allocated to participating securities | (1,919 | ) | (1,713 | ) | (2,653 | ) | |||||||
Net earnings available to common stockholders | $ | 486,106 | $ | 502,906 | $ | 775,535 | |||||||
Average shares outstanding | 319,077 | 318,172 | 316,997 | ||||||||||
Basic net earnings per share | $ | 1.52 | $ | 1.58 | $ | 2.45 | |||||||
Diluted net earnings per share: | |||||||||||||
Diluted net earnings | $ | 488,025 | $ | 504,619 | $ | 778,188 | |||||||
Earnings allocated to participating securities | (1,919 | ) | (1,714 | ) | (2,654 | ) | |||||||
Net earnings available to common stockholders | $ | 486,106 | $ | 502,905 | $ | 775,534 | |||||||
Diluted average shares outstanding: | |||||||||||||
Basic shares outstanding | 319,077 | 318,172 | 316,997 | ||||||||||
Dilutive effect of stock options and other | 189 | 68 | 164 | ||||||||||
319,266 | 318,240 | 317,161 | |||||||||||
Diluted net earnings per share | $ | 1.52 | $ | 1.58 | $ | 2.45 | |||||||
The following stock options were excluded from the computation of diluted net earnings per share because their effect would have been anti-dilutive (shares in thousands): | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Anti-dilutive stock options: | |||||||||||||
Weighted average shares | 137 | 801 | 801 | ||||||||||
Weighted average exercise price | $ | 44.51 | $ | 42.07 | $ | 42.07 | |||||||
Segments
Segments | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Segments | ' | ||||||||||||
23 | 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 foundation distributors; 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 and Nucor Steel Louisiana, two facilities that produce DRI used by the steel mills; 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 periods 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 and December 31, 2011 was reclassified to conform with the current year 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 are as follows (in thousands): | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Net sales to external customers: | |||||||||||||
Steel mills | $ | 13,311,948 | $ | 13,781,797 | $ | 14,463,683 | |||||||
Steel products | 3,607,333 | 3,738,381 | 3,431,490 | ||||||||||
Raw materials | 2,132,765 | 1,909,095 | 2,128,391 | ||||||||||
$ | 19,052,046 | $ | 19,429,273 | $ | 20,023,564 | ||||||||
Intercompany sales: | |||||||||||||
Steel mills | $ | 2,563,554 | $ | 2,609,411 | $ | 2,430,459 | |||||||
Steel products | 97,090 | 71,277 | 55,646 | ||||||||||
Raw materials | 9,116,860 | 9,514,163 | 10,436,379 | ||||||||||
Corporate/eliminations | (11,777,504 | ) | (12,194,851 | ) | (12,922,484 | ) | |||||||
$ | — | $ | — | $ | — | ||||||||
Depreciation expense: | |||||||||||||
Steel mills | $ | 332,258 | $ | 366,182 | $ | 372,040 | |||||||
Steel products | 42,737 | 47,948 | 53,272 | ||||||||||
Raw materials | 154,065 | 112,939 | 92,250 | ||||||||||
Corporate | 6,792 | 6,941 | 5,009 | ||||||||||
$ | 535,852 | $ | 534,010 | $ | 522,571 | ||||||||
Amortization expense: | |||||||||||||
Steel mills | $ | 13,911 | $ | 8,750 | $ | 871 | |||||||
Steel products | 31,082 | 35,152 | 38,743 | ||||||||||
Raw materials | 29,363 | 29,109 | 28,215 | ||||||||||
Corporate | — | — | — | ||||||||||
$ | 74,356 | $ | 73,011 | $ | 67,829 | ||||||||
Earnings (loss) before income taxes and | |||||||||||||
noncontrolling interests: | |||||||||||||
Steel mills | $ | 1,156,715 | $ | 1,162,270 | $ | 1,813,155 | |||||||
Steel products | 82,129 | (17,140 | ) | (60,282 | ) | ||||||||
Raw materials | 13,686 | 55,264 | 156,180 | ||||||||||
Corporate/eliminations | (461,407 | ) | (347,454 | ) | (657,241 | ) | |||||||
$ | 791,123 | $ | 852,940 | $ | 1,251,812 | ||||||||
Segment assets: | |||||||||||||
Steel mills | $ | 8,365,023 | $ | 7,894,974 | $ | 6,634,268 | |||||||
Steel products | 2,861,403 | 2,935,146 | 2,972,004 | ||||||||||
Raw materials | 3,956,913 | 3,400,690 | 2,946,549 | ||||||||||
Corporate/eliminations | 19,944 | (78,751 | ) | 2,017,529 | |||||||||
$ | 15,203,283 | $ | 14,152,059 | $ | 14,570,350 | ||||||||
Capital expenditures: | |||||||||||||
Steel mills | $ | 589,621 | $ | 369,463 | $ | 181,193 | |||||||
Steel products | 22,472 | 31,698 | 20,918 | ||||||||||
Raw materials | 610,745 | 604,312 | 245,337 | ||||||||||
Corporate | 7,580 | 13,861 | 3,179 | ||||||||||
$ | 1,230,418 | $ | 1,019,334 | $ | 450,627 | ||||||||
Net sales by product were as follows (in thousands). Further product group breakdown is impracticable. | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Net sales to external customers: | |||||||||||||
Sheet | $ | 5,219,464 | $ | 5,540,868 | $ | 5,967,756 | |||||||
Bar | 3,730,328 | 3,999,911 | 4,237,154 | ||||||||||
Structural | 2,558,538 | 2,301,778 | 2,049,907 | ||||||||||
Plate | 1,803,618 | 1,939,240 | 2,208,866 | ||||||||||
Steel products | 3,607,333 | 3,738,381 | 3,431,490 | ||||||||||
Raw materials | 2,132,765 | 1,909,095 | 2,128,391 | ||||||||||
$ | 19,052,046 | $ | 19,429,273 | $ | 20,023,564 | ||||||||
Quarterly_Information_Unaudite
Quarterly Information (Unaudited) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Quarterly Information (Unaudited) | ' | ||||||||||||||||
24 | Quarterly Information (Unaudited) | ||||||||||||||||
(In thousands, except per share data) | |||||||||||||||||
Year Ended December 31, 2013 | |||||||||||||||||
First Quarter | Second Quarter | Third Quarter | Fourth Quarter | ||||||||||||||
Net sales | $ | 4,550,772 | $ | 4,665,588 | $ | 4,940,936 | $ | 4,894,750 | |||||||||
Gross margin (1) | 303,216 | 313,125 | 408,543 | 385,741 | |||||||||||||
Net earnings (2) | 110,728 | 106,270 | 178,115 | 190,416 | |||||||||||||
Net earnings attributable to Nucor stockholders (2) | 84,789 | 85,145 | 147,597 | 170,494 | |||||||||||||
Net earnings per share: | |||||||||||||||||
Basic | 0.26 | 0.27 | 0.46 | 0.53 | |||||||||||||
Diluted | 0.26 | 0.27 | 0.46 | 0.53 | |||||||||||||
(In thousands, except per share data) | |||||||||||||||||
Year Ended December 31, 2012 | |||||||||||||||||
First Quarter | Second Quarter | Third Quarter | Fourth Quarter | ||||||||||||||
Net sales | $ | 5,072,594 | $ | 5,104,199 | $ | 4,801,206 | $ | 4,451,274 | |||||||||
Gross margin (3) | 380,527 | 399,930 | 348,733 | 384,348 | |||||||||||||
Net earnings (4) | 163,412 | 139,567 | 129,892 | 160,255 | |||||||||||||
Net earnings attributable to Nucor stockholders (4) | 145,104 | 112,299 | 110,308 | 136,908 | |||||||||||||
Net earnings per share: | |||||||||||||||||
Basic | 0.46 | 0.35 | 0.35 | 0.43 | |||||||||||||
Diluted | 0.46 | 0.35 | 0.35 | 0.43 | |||||||||||||
-1 | Nucor incurred a LIFO charge of $18.0 million in the first quarter, no charge or credit recorded in the second quarter, a LIFO credit of $18.0 million in the third quarter and a LIFO charge of $17.4 million in the fourth quarter. | ||||||||||||||||
-2 | Third quarter results included a net $14.0 million pre-tax charge related to a partial write-down of inventory and fixed asset balances associated with the collapse of a storage dome at Nucor Steel Louisiana in St. James Parish. The fourth quarter was impacted by an out-of-period non-cash gain of $21.3 million related to a correction to deferred tax balances. | ||||||||||||||||
-3 | Nucor incurred a LIFO charge of $14.5 million in the first quarter and recorded LIFO credits of $14.5 million, $84.0 million and $71.9 million in the second, third and fourth quarters, respectively. Inventory-related purchase accounting adjustments, associated with the acquisition of Skyline, of $8.6 million, $28.2 million, and $12.0 million were recorded in the second, third and fourth quarters, respectively. | ||||||||||||||||
-4 | The second quarter includes a pre-tax charge of $30.0 million for impairment of Nucor’s equity investment in Nucor Duferdofin S.r.l. The third quarter includes a pre-tax charge of $17.6 million related to the loss on the sale of the assets of Nucor Wire Products Pennsylvania, Inc. |
Valuation_and_Qualifying_Accou
Valuation and Qualifying Accounts | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Valuation and Qualifying Accounts | ' | ||||||||||||||||
NUCOR CORPORATION | |||||||||||||||||
Financial Statement Schedule | |||||||||||||||||
SCHEDULE II – VALUATION AND QUALIFYING ACCOUNTS (in thousands) | |||||||||||||||||
Description | Balance at | Additions | Deductions | Balance at | |||||||||||||
beginning of | charged to | end of year | |||||||||||||||
Year | costs and | ||||||||||||||||
expenses | |||||||||||||||||
Year ended December 31, 2013 | |||||||||||||||||
LIFO Reserve | $ | 607,240 | $ | 17,445 | $ | — | $ | 624,685 | |||||||||
Year ended December 31, 2012 | |||||||||||||||||
LIFO Reserve | $ | 763,176 | $ | — | $ | (155,936 | ) | $ | 607,240 | ||||||||
Year ended December 31, 2011 | |||||||||||||||||
LIFO Reserve | $ | 620,414 | $ | 142,762 | $ | — | $ | 763,176 |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2013 | |
Cash and Cash Equivalents | ' |
Cash and Cash Equivalents | |
Cash equivalents are recorded at cost plus accrued interest, which approximates market, and have original maturities of three months or less at the date of purchase. Cash and cash equivalents are maintained primarily with a few high-credit quality financial institutions. | |
Short-term Investments | ' |
Short-term Investments | |
Short-term investments are recorded at cost plus accrued interest, which approximates market. Unrealized gains and losses on investments classified as available-for-sale are recorded as a component of accumulated other comprehensive income (loss). Management determines the appropriate classification of its investments at the time of purchase and re-evaluates such determination at each balance sheet date. | |
Inventories Valuation | ' |
Inventories Valuation | |
Inventories are stated at the lower of cost or market. Inventories valued using the last-in, first-out (LIFO) method of accounting represent approximately 45% of total inventories as of December 31, 2013 (45% as of December 31, 2012). All inventories held by the parent company and Nucor-Yamato Steel Company are valued using the LIFO method of accounting except for supplies that are consumed indirectly in the production process, which are valued using the first-in, first-out (FIFO) method of accounting. All inventories held by other subsidiaries of the parent company are valued using the FIFO method of accounting. The Company records any amount required to reduce the carrying value of inventory to net realizable value as a charge to cost of products sold. | |
Property, Plant and Equipment | ' |
Property, Plant and Equipment | |
Property, plant and equipment are stated at cost, except for property, plant and equipment acquired through acquisitions which are recorded at acquisition date fair value. With the exception of our natural gas wells, depreciation is provided on a straight-line basis over the estimated useful lives of the assets. Depletion of all capitalized costs associated with our natural gas producing properties is expensed on a unit-of-production basis by individual field as the gas from the proved developed reserves is produced. The costs of planned major maintenance activities are capitalized as part of other current assets and amortized over the period until the next scheduled major maintenance activity. All other repairs and maintenance activities are expensed when incurred. | |
Goodwill and Other Intangibles | ' |
Goodwill and Other Intangibles | |
Goodwill is the excess of cost over the fair value of net assets of businesses acquired. Goodwill is not amortized but is tested annually for impairment and whenever events or circumstances change that would make it more likely than not that an impairment may have occurred. We perform our annual impairment analysis as of the first day of the fourth quarter each year. The evaluation of impairment involves comparing the current estimated fair value of each reporting unit, which is a level below the reportable segment, to the recorded value, including goodwill. When appropriate, Nucor performs a qualitative assessment to determine whether it is more likely than not that the fair value of a reporting | |
unit is less than its carrying amount. For certain reporting units it is necessary to perform a quantitative analysis. In these instances, a discounted cash flow model is used to determine the current estimated fair value of these reporting units. A number of significant assumptions and estimates are involved in the application of the discounted cash flow model to forecast operating cash flows, including market growth and market share, sales volumes and prices, costs to produce, discount rate and estimated capital needs. Management considers historical experience and all available information at the time the fair values of its reporting units are estimated. Assumptions in estimating future cash flows are subject to a high degree of judgment and complexity. Changes in assumptions and estimates may affect the fair value of goodwill and could result in impairment charges in future periods. | |
Finite-lived intangible assets are amortized over their estimated useful lives. | |
Long-Lived Asset Impairments | ' |
Long-Lived Asset Impairments | |
We evaluate our property, plant and equipment and finite-lived intangible assets for potential impairment on an individual asset basis or at the lowest level asset grouping for which cash flows can be separately identified. Asset impairments are assessed whenever circumstances indicate that the carrying amounts of those productive assets could exceed their projected undiscounted cash flows. When it is determined that impairment exists, the related assets are written down to estimated fair market value. | |
Equity Method Investments | ' |
Equity Method Investments | |
Investments in joint ventures in which Nucor shares control over the financial and operating decisions but in which Nucor is not the primary beneficiary are accounted for under the equity method. Each of the Company’s equity method investments is subject to a review for impairment if, and when, circumstances indicate that a decline in value below its carrying amount may have occurred. Examples of such circumstances include, but are not limited to, a significant deterioration in the earnings performance or business prospects of the investee; a significant adverse change in the regulatory, economic or technological environment of the investee; a significant adverse change in the general market condition of either the geographic area or the industry in which the investee operates; and recurring negative cash flows from operations. If management considers the decline to be other than temporary, the Company would write down the investment to its estimated fair market value. | |
Derivative Financial Instruments | ' |
Derivative Financial Instruments | |
Nucor uses derivative financial instruments from time to time primarily to partially manage its exposure to price risk related to natural gas purchases used in the production process and to changes in interest rates on outstanding debt instruments. Nucor also uses derivatives to hedge a portion of our scrap, copper and aluminum purchases and sales. In addition, Nucor uses forward foreign exchange contracts to hedge cash flows associated with certain assets and liabilities, firm commitments and anticipated transactions. | |
Nucor recognizes all material derivative instruments in the consolidated balance sheets at fair value. Amounts included in accumulated other comprehensive income (loss) related to cash flow hedges are reclassified into earnings when the underlying transaction is recognized in net earnings. Changes in fair value hedges are reported currently in earnings along with changes in the fair value of the hedged items. When cash flow and fair value hedges affect net earnings, they are included on the same financial statement line as the underlying transaction (cost of products sold or interest expense). If these instruments do not meet hedge accounting criteria or contain ineffectiveness, the change in fair value (or a portion thereof) is recognized immediately in earnings in the same financial statement line as the underlying transaction. | |
Revenue Recognition | ' |
Revenue Recognition | |
Nucor recognizes revenue when persuasive evidence of a contractual arrangement exists, delivery has occurred, the sales price is fixed or determinable and collection is reasonably assured. Product is considered delivered to the customer once it has been shipped and title and risk of loss has been transferred. | |
Income Taxes | ' |
Income Taxes | |
Nucor utilizes the liability method of accounting for income taxes. Under the liability method, deferred taxes are determined based on the temporary differences between the financial statement and tax basis of assets and liabilities using tax rates expected to be in effect during the years in which the basis differences reverse. A valuation allowance is recorded when it is more likely than not that some of the deferred tax assets will not be realized. | |
Nucor recognizes the effect of income tax positions only if those positions are more likely than not of being sustained. Potential accrued interest and penalties related to unrecognized tax benefits are recognized as a component of interest expense. | |
Nucor’s intention is to permanently reinvest the earnings of certain foreign investments. Accordingly, no provisions have been made for taxes that may be payable upon remittance of such earnings. | |
Stock-Based Compensation | ' |
Stock-Based Compensation | |
The Company recognizes the cost of stock-based compensation as an expense using fair value measurement methods. The assumptions used to calculate the fair value of stock-based compensation granted are evaluated and revised, as necessary, to reflect market conditions and experience. | |
Foreign Currency Translation | ' |
Foreign Currency Translation | |
For Nucor’s operations where the functional currency is other than the U.S. dollar, assets and liabilities have been translated at year-end exchange rates, and income and expenses translated using average exchange rates for the respective periods. Adjustments resulting from the process of translating an entity’s financial statements into the U.S. dollar have been recorded in accumulated other comprehensive income (loss) and are included in net earnings only upon sale or liquidation of the underlying investments. Foreign currency transaction gains and losses are included in net earnings in the period they occur. | |
Recently Adopted Accounting Pronouncements | ' |
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 (see Note 21). 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. |
Acquisitions_and_Dispositions_
Acquisitions and Dispositions (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Estimated Fair Values of Assets Acquired and Liabilities | ' | ||||||||
The following table summarizes the estimated fair values of the assets acquired and liabilities assumed of Skyline as of the date of acquisition (in thousands): | |||||||||
Accounts receivable | $ | 128,004 | |||||||
Inventory | 260,473 | ||||||||
Other current assets | 4,410 | ||||||||
Property, plant and equipment | 70,100 | ||||||||
Goodwill | 138,579 | ||||||||
Other intangible assets | 215,600 | ||||||||
Total assets acquired | 817,166 | ||||||||
Current liabilities | 137,654 | ||||||||
Deferred credits and other liabilities | 4,078 | ||||||||
Total liabilities assumed | 141,732 | ||||||||
Net assets acquired | $ | 675,434 | |||||||
Preliminary Purchase Price Allocation to Identifiable Intangible Assets | ' | ||||||||
The purchase price allocation to the identifiable intangible assets is as follows (in thousands, except years): | |||||||||
As of the date of acquisition | Weighted - | ||||||||
Average Life | |||||||||
Customer relationships | $ | 184,500 | 17 years | ||||||
Trademarks and trade names | 28,500 | 20 years | |||||||
Other | 2,600 | 3 years | |||||||
$ | 215,600 | ||||||||
Property_Plant_and_Equipment_T
Property, Plant and Equipment (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Schedule of Property, Plant and Equipment | ' | ||||||||
(In thousands) | |||||||||
December 31, | |||||||||
2013 | 2012 | ||||||||
Land and improvements | $ | 555,309 | $ | 546,234 | |||||
Buildings and improvements | 941,379 | 899,944 | |||||||
Machinery and equipment | 9,159,151 | 8,136,206 | |||||||
Proved oil and gas properties | 487,033 | 203,959 | |||||||
Construction in process and equipment deposits | 400,373 | 652,230 | |||||||
11,543,245 | 10,438,573 | ||||||||
Less accumulated depreciation | (6,626,221 | ) | (6,155,517 | ) | |||||
$ | 4,917,024 | $ | 4,283,056 | ||||||
Goodwill_and_Other_Intangible_1
Goodwill and Other Intangible Assets (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Schedule of Change in Net Carrying Amount of Goodwill by Segment | ' | ||||||||||||||||||||
The change in the net carrying amount of goodwill for the years ended December 31, 2013 and 2012 by segment is as follows (in thousands): | |||||||||||||||||||||
Steel | Steel | Raw | All | Total | |||||||||||||||||
Mills | Products | Materials | Other | ||||||||||||||||||
Balance, December 31, 2011 | $ | 268,466 | $ | 790,441 | $ | 682,902 | $ | 88,852 | $ | 1,830,661 | |||||||||||
Acquisitions and dispositions | 138,579 | (3,489 | ) | 20,323 | — | 155,413 | |||||||||||||||
Translation | — | 18,464 | — | — | 18,464 | ||||||||||||||||
Balance, December 31, 2012 | 407,045 | 805,416 | 703,225 | 88,852 | 2,004,538 | ||||||||||||||||
Reclassifications | 88,852 | — | — | (88,852 | ) | — | |||||||||||||||
Translation | — | (26,067 | ) | — | — | (26,067 | ) | ||||||||||||||
Other | — | (4,863 | ) | — | — | (4,863 | ) | ||||||||||||||
Balance, December 31, 2013 | $ | 495,897 | $ | 774,486 | $ | 703,225 | $ | — | $ | 1,973,608 | |||||||||||
Schedule of Intangible Assets | ' | ||||||||||||||||||||
Intangible assets with estimated lives of 5 to 22 years are amortized on a straight-line or accelerated basis and are comprised of the following (in thousands): | |||||||||||||||||||||
31-Dec-13 | 31-Dec-12 | ||||||||||||||||||||
Gross | Accumulated | Gross | Accumulated | ||||||||||||||||||
Amount | Amortization | Amount | Amortization | ||||||||||||||||||
Customer relationships | $ | 1,147,786 | $ | 391,254 | $ | 1,156,979 | $ | 325,819 | |||||||||||||
Trademarks and trade names | 151,332 | 40,397 | 152,869 | 32,653 | |||||||||||||||||
Other | 21,869 | 15,182 | 28,610 | 20,746 | |||||||||||||||||
$ | 1,320,987 | $ | 446,833 | $ | 1,338,458 | $ | 379,218 | ||||||||||||||
Debt_and_Other_Financing_Arran1
Debt and Other Financing Arrangements (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Schedule of Debt and Other Financing Arrangements | ' | ||||||||
(In thousands) | |||||||||
December 31, | |||||||||
2013 | 2012 | ||||||||
Industrial revenue bonds: | |||||||||
0.20% to 1.5%, variable, due from 2014 to 2040 | $ | 1,030,200 | $ | 1,030,200 | |||||
Notes, 5.0%, due 2013 | — | 250,000 | |||||||
Notes, 5.75%, due 2017 | 600,000 | 600,000 | |||||||
Notes, 5.85%, due 2018 | 500,000 | 500,000 | |||||||
Notes, 4.125%, due 2022 | 600,000 | 600,000 | |||||||
Notes, 4.0%, due 2023 | 500,000 | — | |||||||
Notes, 6.40%, due 2037 | 650,000 | 650,000 | |||||||
Notes, 5.20%, due 2043 | 500,000 | — | |||||||
4,380,200 | 3,630,200 | ||||||||
Less current maturities | (3,300 | ) | (250,000 | ) | |||||
$ | 4,376,900 | $ | 3,380,200 | ||||||
Derivative_Financial_Instrumen1
Derivative Financial Instruments (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||||||||||||
Fair Values of Derivative Instruments | ' | ||||||||||||||||||||||||||||||||||||||
The following tables summarize information regarding Nucor’s derivative instruments: | |||||||||||||||||||||||||||||||||||||||
Fair Value of Derivative Instruments (in thousands) | |||||||||||||||||||||||||||||||||||||||
Fair Value at December 31, | |||||||||||||||||||||||||||||||||||||||
Consolidated Balance Sheet Location | 2013 | 2012 | |||||||||||||||||||||||||||||||||||||
Liability derivatives not designated as hedging instruments: | |||||||||||||||||||||||||||||||||||||||
Commodity contracts | Accrued expenses and | $ | (553 | ) | $ | (303 | ) | ||||||||||||||||||||||||||||||||
other current liabilities | |||||||||||||||||||||||||||||||||||||||
Foreign exchange contracts | Accrued expenses and | (2 | ) | (15 | ) | ||||||||||||||||||||||||||||||||||
other current liabilities | |||||||||||||||||||||||||||||||||||||||
Total liability derivatives not designated as hedging instruments | $ | (555 | ) | $ | (318 | ) | |||||||||||||||||||||||||||||||||
Designated as Hedging Instrument [Member] | ' | ||||||||||||||||||||||||||||||||||||||
Effect of Derivative Instruments on Condensed Consolidated Statements of Earnings | ' | ||||||||||||||||||||||||||||||||||||||
The Effect of Derivative Instruments on the Consolidated Statements of Earnings | |||||||||||||||||||||||||||||||||||||||
Derivatives Designated as Hedging Instruments (in thousands) | |||||||||||||||||||||||||||||||||||||||
Derivatives in Cash Flow | Statement of Earnings | Amount of Gain or (Loss) | Amount of Gain or (Loss) | Amount of Gain or (Loss) | |||||||||||||||||||||||||||||||||||
Hedging Relationships | Location | Recognized in OCI on Derivatives | Reclassified from | Recognized in Earnings on | |||||||||||||||||||||||||||||||||||
(Effective Portion) | Accumulated OCI into | Derivatives (Ineffective Portion) | |||||||||||||||||||||||||||||||||||||
Earnings | |||||||||||||||||||||||||||||||||||||||
(Effective Portion) | |||||||||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | 2013 | 2012 | 2011 | 2013 | 2012 | 2011 | |||||||||||||||||||||||||||||||
Commodity contracts | Cost of products | $ | — | $ | (2,264 | ) | $ | (8,454 | ) | $ | — | $ | (42,515 | ) | $ | (37,093 | ) | $ | — | $ | 500 | $ | 600 | ||||||||||||||||
sold | |||||||||||||||||||||||||||||||||||||||
Not Designated as Hedging Instrument [Member] | ' | ||||||||||||||||||||||||||||||||||||||
Effect of Derivative Instruments on Condensed Consolidated Statements of Earnings | ' | ||||||||||||||||||||||||||||||||||||||
Derivatives Not Designated as Hedging Instruments (in thousands) | |||||||||||||||||||||||||||||||||||||||
Derivatives Not Designated | Statement of Earnings | Amount of Gain or (Loss) | |||||||||||||||||||||||||||||||||||||
as Hedging Instruments | Location | Recognized in Earnings on | |||||||||||||||||||||||||||||||||||||
Derivatives | |||||||||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||||||||||||||||
Commodity contracts | Cost of products sold | $ | 4,622 | $ | 1,321 | $ | 11,757 | ||||||||||||||||||||||||||||||||
Foreign exchange contracts | Cost of products sold | 112 | 198 | (665 | ) | ||||||||||||||||||||||||||||||||||
Total | $ | 4,734 | $ | 1,519 | $ | 11,092 | |||||||||||||||||||||||||||||||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 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 are measured at fair value as of December 31, 2013 and 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 | |||||||||||||||||
Carrying | Quoted Prices | Significant | Significant | ||||||||||||||
Amount in | in Active | Other | Unobservable | ||||||||||||||
Consolidated | Markets for | Observable | Inputs | ||||||||||||||
Balance Sheets | Identical Assets | Inputs (Level | (Level 3) | ||||||||||||||
(Level 1) | 2) | ||||||||||||||||
December 31, 2013 | |||||||||||||||||
Assets: | |||||||||||||||||
Cash equivalents | $ | 1,269,465 | $ | 1,269,465 | $ | — | $ | — | |||||||||
Short-term investments | 28,191 | 28,191 | — | — | |||||||||||||
Total assets | $ | 1,297,656 | $ | 1,297,656 | $ | — | $ | — | |||||||||
Liabilities: | |||||||||||||||||
Foreign exchange and commodity contracts | $ | (555 | ) | $ | — | $ | (555 | ) | $ | — | |||||||
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) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Summary of Stock Option Plans Activity | ' | ||||||||||||||||||||||||
A summary of activity under Nucor’s stock option plans is as follows: | |||||||||||||||||||||||||
(shares in thousands) | |||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||
Shares | Weighted - | Shares | Weighted - | Shares | Weighted - | ||||||||||||||||||||
Average | Average | Average | |||||||||||||||||||||||
Exercise | Exercise | Exercise | |||||||||||||||||||||||
Price | Price | Price | |||||||||||||||||||||||
Number of shares under option: | |||||||||||||||||||||||||
Outstanding at beginning of year | 1,543 | $ | 39.03 | 1,156 | $ | 38.26 | 983 | $ | 29.14 | ||||||||||||||||
Granted | 546 | $ | 44.51 | 741 | $ | 35.76 | 560 | $ | 42.34 | ||||||||||||||||
Exercised | — | — | (354 | ) | $ | 29.67 | (387 | ) | $ | 20.96 | |||||||||||||||
Canceled | — | — | — | — | — | — | |||||||||||||||||||
Outstanding at end of year | 2,089 | $ | 40.47 | 1,543 | $ | 39.03 | 1,156 | $ | 38.26 | ||||||||||||||||
Options exercisable at end of year | 1,012 | $ | 39.75 | — | — | 354 | $ | 29.67 | |||||||||||||||||
Summary of Stock Options Outstanding | ' | ||||||||||||||||||||||||
The following table summarizes information about stock options outstanding at December 31, 2013: | |||||||||||||||||||||||||
(shares in thousands) | |||||||||||||||||||||||||
Exercise Price | Options Outstanding | Options Exercisable | Weighted- | ||||||||||||||||||||||
Average | |||||||||||||||||||||||||
Remaining | |||||||||||||||||||||||||
Contractual Life | |||||||||||||||||||||||||
$35.76 | 741 | 391 | 8.4 years | ||||||||||||||||||||||
$41.43 | 242 | 242 | 6.4 years | ||||||||||||||||||||||
$42.34 | 560 | 299 | 7.4 years | ||||||||||||||||||||||
$44.51 | 546 | 80 | 9.4 years | ||||||||||||||||||||||
$35.76 - $44.51 | 2,089 | 1,012 | 8.2 years | ||||||||||||||||||||||
Schedule of Grant Date Fair Value Black-Scholes Option-Pricing Model Assumptions | ' | ||||||||||||||||||||||||
The fair value was estimated using the Black-Scholes option-pricing model with the following assumptions: | |||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||
Exercise price | $ | 44.51 | $ | 35.76 | $ | 42.34 | |||||||||||||||||||
Expected dividend yield | 3.3 | % | 4.08 | % | 3.42 | % | |||||||||||||||||||
Expected stock price volatility | 46.94 | % | 48.99 | % | 49.4 | % | |||||||||||||||||||
Risk-free interest rate | 1.51 | % | 1.06 | % | 2.39 | % | |||||||||||||||||||
Expected life (in years) | 6.5 | 6.5 | 6.5 | ||||||||||||||||||||||
Summary of Nucor's Restricted Stock Unit Activity | ' | ||||||||||||||||||||||||
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 restricted stock unit activity is as follows: | |||||||||||||||||||||||||
(shares in thousands) | |||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||
Shares | Grant Date | Shares | Grant Date | Shares | Grant Date | ||||||||||||||||||||
Fair Value | Fair Value | Fair Value | |||||||||||||||||||||||
Restricted stock units: | |||||||||||||||||||||||||
Unvested at beginning of year | 1,106 | $ | 40.8 | 962 | $ | 46.09 | 1,203 | $ | 49.96 | ||||||||||||||||
Granted | 789 | $ | 44.51 | 1,101 | $ | 35.76 | 490 | $ | 42.34 | ||||||||||||||||
Vested | (762 | ) | $ | 42.15 | (915 | ) | $ | 40.36 | (713 | ) | $ | 50.04 | |||||||||||||
Canceled | (11 | ) | $ | 39.08 | (42 | ) | $ | 39.41 | (18 | ) | $ | 46.06 | |||||||||||||
Unvested at end of year | 1,122 | $ | 42.51 | 1,106 | $ | 40.8 | 962 | $ | 46.09 | ||||||||||||||||
Shares reserved for future grants | 10,486 | 11,839 | 13,695 | ||||||||||||||||||||||
(stock options and RSUs) | |||||||||||||||||||||||||
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 is as follows: | |||||||||||||||||||||||||
(shares in thousands) | |||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||
Shares | Grant Date | Shares | Grant Date | Shares | Grant Date | ||||||||||||||||||||
Fair Value | Fair Value | Fair Value | |||||||||||||||||||||||
Restricted stock awards and units: | |||||||||||||||||||||||||
Unvested at beginning of year | 72 | $ | 43.72 | 94 | $ | 42.46 | 141 | $ | 44.62 | ||||||||||||||||
Granted | 122 | $ | 47.36 | 122 | $ | 42.2 | 118 | $ | 46.41 | ||||||||||||||||
Vested | (121 | ) | $ | 46.32 | (144 | ) | $ | 41.62 | (165 | ) | $ | 47.13 | |||||||||||||
Canceled | — | — | — | — | — | — | |||||||||||||||||||
Unvested at end of year | 73 | $ | 45.49 | 72 | $ | 43.72 | 94 | $ | 42.46 | ||||||||||||||||
Shares reserved for future grants | 1,238 | 1,360 | 1,482 | ||||||||||||||||||||||
Interest_Expense_Income_Tables
Interest Expense (Income) (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Schedule of Components of Interest Expense | ' | ||||||||||||
The components of net interest expense are as follows (in thousands): | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Interest expense | $ | 151,986 | $ | 173,503 | $ | 178,812 | |||||||
Interest income | (5,091 | ) | (11,128 | ) | (12,718 | ) | |||||||
Interest expense, net | $ | 146,895 | $ | 162,375 | $ | 166,094 | |||||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Components of Earnings from Continuing Operations Before Income Taxes and Noncontrolling Interests | ' | ||||||||||||
Components of earnings from continuing operations before income taxes and noncontrolling interests are as follows (in thousands): | |||||||||||||
Year Ended December 31, | 2013 | 2012 | 2011 | ||||||||||
United States | $ | 755,921 | $ | 854,705 | $ | 1,241,465 | |||||||
Foreign | 35,202 | (1,765 | ) | 10,347 | |||||||||
$ | 791,123 | $ | 852,940 | $ | 1,251,812 | ||||||||
Provision for Income Taxes | ' | ||||||||||||
The provision for income taxes consists of the following (in thousands): | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Current: | |||||||||||||
Federal | $ | 138,343 | $ | 261,552 | $ | 329,076 | |||||||
State | 223 | 20,337 | 1,685 | ||||||||||
Foreign | 10,464 | 3,199 | 2,016 | ||||||||||
Total current | 149,030 | 285,088 | 332,777 | ||||||||||
Deferred: | |||||||||||||
Federal | 36,157 | (23,052 | ) | 55,124 | |||||||||
State | (39 | ) | (10,440 | ) | 10,400 | ||||||||
Foreign | 20,446 | 8,218 | (7,473 | ) | |||||||||
Total deferred | 56,564 | (25,274 | ) | 58,051 | |||||||||
Total provision for income taxes | $ | 205,594 | $ | 259,814 | $ | 390,828 | |||||||
Reconciliation of the Federal Statutory Tax Rate to Total Provisions | ' | ||||||||||||
A reconciliation of the federal statutory tax rate (35%) to the total provision is as follows: | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Taxes computed at statutory rate | 35 | % | 35 | % | 35 | % | |||||||
State income taxes, net of federal income tax benefit | 0.02 | 0.75 | 0.63 | ||||||||||
Federal research credit | (0.79 | ) | — | (0.28 | ) | ||||||||
Domestic manufacturing deduction | (1.74 | ) | (3.25 | ) | (2.21 | ) | |||||||
Equity in losses of foreign joint ventures | 1.36 | 1.43 | 0.64 | ||||||||||
Foreign rate differential | (2.35 | ) | 0.6 | (0.92 | ) | ||||||||
Noncontrolling interests | (4.32 | ) | (3.64 | ) | (2.32 | ) | |||||||
Out of period correction to deferred taxes | (2.57 | ) | — | — | |||||||||
Other, net | 1.38 | (0.43 | ) | 0.68 | |||||||||
Provision for income taxes | 25.99 | % | 30.46 | % | 31.22 | % | |||||||
Deferred Tax Assets and Liabilities | ' | ||||||||||||
Deferred tax assets and liabilities resulted from the following (in thousands): | |||||||||||||
December 31, | |||||||||||||
2013 | 2012 | ||||||||||||
Deferred tax assets: | |||||||||||||
Accrued liabilities and reserves | $ | 102,933 | $ | 108,287 | |||||||||
Allowance for doubtful accounts | 19,756 | 14,212 | |||||||||||
Inventory | 206,826 | 174,499 | |||||||||||
Post-retirement benefits | 6,268 | 11,119 | |||||||||||
Natural gas hedges | — | 221 | |||||||||||
Net operating loss carryforward | 12,859 | 15,033 | |||||||||||
Tax credit carryforwards | 56,185 | 28,600 | |||||||||||
Total deferred tax assets | 404,827 | 351,971 | |||||||||||
Deferred tax liabilities: | |||||||||||||
Holdbacks and amounts not due under contracts | (16,582 | ) | (17,523 | ) | |||||||||
Cumulative translation adjustments | (1,403 | ) | (1,600 | ) | |||||||||
Commodity hedges | (805 | ) | — | ||||||||||
Intangibles | (210,791 | ) | (233,413 | ) | |||||||||
Property, plant and equipment | (610,451 | ) | (475,176 | ) | |||||||||
Total deferred tax liabilities | (840,032 | ) | (727,712 | ) | |||||||||
Total net deferred tax liabilities | $ | (435,205 | ) | $ | (375,741 | ) | |||||||
Reconciliation of the Beginning and Ending Amounts of Unrecognized Tax Benefits | ' | ||||||||||||
A reconciliation of the beginning and ending amounts of unrecognized tax benefits recorded in deferred credits and other liabilities is as follows (in thousands): | |||||||||||||
December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Balance at beginning of year | $ | 80,862 | $ | 80,897 | $ | 92,752 | |||||||
Additions based on tax positions related to current year | 4,849 | 9,456 | 6,733 | ||||||||||
Reductions based on tax positions related to current year | (55 | ) | (132 | ) | (3,160 | ) | |||||||
Additions based on tax positions related to prior years | 2,307 | 5,821 | 937 | ||||||||||
Reductions based on tax positions related to prior years | (6,248 | ) | (3,296 | ) | (2,169 | ) | |||||||
Reductions due to settlements with taxing authorities | — | (764 | ) | (958 | ) | ||||||||
Reductions due to statute of limitations lapse | (15,740 | ) | (11,120 | ) | (13,238 | ) | |||||||
Balance at end of year | $ | 65,975 | $ | 80,862 | $ | 80,897 | |||||||
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Income (Loss) (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Components of Accumulated Other Comprehensive (Loss) Income | ' | ||||||||||||||||
The following tables reflect the changes in accumulated other comprehensive (loss) income by component (in thousands): | |||||||||||||||||
Year Ended | |||||||||||||||||
December 31, 2013 | |||||||||||||||||
Gains and Losses on | Foreign Currency | Adjustment to Early | Total | ||||||||||||||
Hedging Derivatives | Gain (Loss) | Retiree Medical Plan | |||||||||||||||
Balance, December 31, 2012 | $ | — | $ | 46,181 | $ | 10,580 | $ | 56,761 | |||||||||
Other comprehensive (loss) income before reclassifications | — | (53,619 | ) | 5,938 | (47,681 | ) | |||||||||||
Amounts reclassified from accumulated other comprehensive (loss) income into earnings | — | — | — | — | |||||||||||||
Net current-period other comprehensive (loss) income | — | (53,619 | ) | 5,938 | (47,681 | ) | |||||||||||
Balance, December 31, 2013 | $ | — | $ | (7,438 | ) | $ | 16,518 | $ | 9,080 | ||||||||
Year Ended | |||||||||||||||||
December 31, 2012 | |||||||||||||||||
Gains and Losses on | Foreign Currency | Adjustment to Early | Total | ||||||||||||||
Hedging Derivatives | Gain (Loss) | Retiree Medical Plan | |||||||||||||||
Balance, December 31, 2011 | $ | (40,250 | ) | $ | (12,311 | ) | $ | 14,384 | $ | (38,177 | ) | ||||||
Other comprehensive (loss) income before reclassifications | — | 58,785 | (3,804 | ) | 54,981 | ||||||||||||
Amounts reclassified from accumulated other comprehensive (loss) income into earnings (1) | 40,250 | — | — | 40,250 | |||||||||||||
Net current-period other comprehensive (loss) income | 40,250 | 58,785 | (3,804 | ) | 95,231 | ||||||||||||
Other | — | (293 | ) | — | (293 | ) | |||||||||||
Balance, December 31, 2012 | $ | — | $ | 46,181 | $ | 10,580 | $ | 56,761 | |||||||||
1– | Includes $40,250 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 $23,900. |
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 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 data): | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Basic net earnings per share: | |||||||||||||
Basic net earnings | $ | 488,025 | $ | 504,619 | $ | 778,188 | |||||||
Earnings allocated to participating securities | (1,919 | ) | (1,713 | ) | (2,653 | ) | |||||||
Net earnings available to common stockholders | $ | 486,106 | $ | 502,906 | $ | 775,535 | |||||||
Average shares outstanding | 319,077 | 318,172 | 316,997 | ||||||||||
Basic net earnings per share | $ | 1.52 | $ | 1.58 | $ | 2.45 | |||||||
Diluted net earnings per share: | |||||||||||||
Diluted net earnings | $ | 488,025 | $ | 504,619 | $ | 778,188 | |||||||
Earnings allocated to participating securities | (1,919 | ) | (1,714 | ) | (2,654 | ) | |||||||
Net earnings available to common stockholders | $ | 486,106 | $ | 502,905 | $ | 775,534 | |||||||
Diluted average shares outstanding: | |||||||||||||
Basic shares outstanding | 319,077 | 318,172 | 316,997 | ||||||||||
Dilutive effect of stock options and other | 189 | 68 | 164 | ||||||||||
319,266 | 318,240 | 317,161 | |||||||||||
Diluted net earnings per share | $ | 1.52 | $ | 1.58 | $ | 2.45 | |||||||
Anti-Dilutive Stock Options | ' | ||||||||||||
The following stock options were excluded from the computation of diluted net earnings per share because their effect would have been anti-dilutive (shares in thousands): | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Anti-dilutive stock options: | |||||||||||||
Weighted average shares | 137 | 801 | 801 | ||||||||||
Weighted average exercise price | $ | 44.51 | $ | 42.07 | $ | 42.07 | |||||||
Segments_Tables
Segments (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Segments | ' | ||||||||||||
Nucor’s results by segment are as follows (in thousands): | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Net sales to external customers: | |||||||||||||
Steel mills | $ | 13,311,948 | $ | 13,781,797 | $ | 14,463,683 | |||||||
Steel products | 3,607,333 | 3,738,381 | 3,431,490 | ||||||||||
Raw materials | 2,132,765 | 1,909,095 | 2,128,391 | ||||||||||
$ | 19,052,046 | $ | 19,429,273 | $ | 20,023,564 | ||||||||
Intercompany sales: | |||||||||||||
Steel mills | $ | 2,563,554 | $ | 2,609,411 | $ | 2,430,459 | |||||||
Steel products | 97,090 | 71,277 | 55,646 | ||||||||||
Raw materials | 9,116,860 | 9,514,163 | 10,436,379 | ||||||||||
Corporate/eliminations | (11,777,504 | ) | (12,194,851 | ) | (12,922,484 | ) | |||||||
$ | — | $ | — | $ | — | ||||||||
Depreciation expense: | |||||||||||||
Steel mills | $ | 332,258 | $ | 366,182 | $ | 372,040 | |||||||
Steel products | 42,737 | 47,948 | 53,272 | ||||||||||
Raw materials | 154,065 | 112,939 | 92,250 | ||||||||||
Corporate | 6,792 | 6,941 | 5,009 | ||||||||||
$ | 535,852 | $ | 534,010 | $ | 522,571 | ||||||||
Amortization expense: | |||||||||||||
Steel mills | $ | 13,911 | $ | 8,750 | $ | 871 | |||||||
Steel products | 31,082 | 35,152 | 38,743 | ||||||||||
Raw materials | 29,363 | 29,109 | 28,215 | ||||||||||
Corporate | — | — | — | ||||||||||
$ | 74,356 | $ | 73,011 | $ | 67,829 | ||||||||
Earnings (loss) before income taxes and | |||||||||||||
noncontrolling interests: | |||||||||||||
Steel mills | $ | 1,156,715 | $ | 1,162,270 | $ | 1,813,155 | |||||||
Steel products | 82,129 | (17,140 | ) | (60,282 | ) | ||||||||
Raw materials | 13,686 | 55,264 | 156,180 | ||||||||||
Corporate/eliminations | (461,407 | ) | (347,454 | ) | (657,241 | ) | |||||||
$ | 791,123 | $ | 852,940 | $ | 1,251,812 | ||||||||
Segment assets: | |||||||||||||
Steel mills | $ | 8,365,023 | $ | 7,894,974 | $ | 6,634,268 | |||||||
Steel products | 2,861,403 | 2,935,146 | 2,972,004 | ||||||||||
Raw materials | 3,956,913 | 3,400,690 | 2,946,549 | ||||||||||
Corporate/eliminations | 19,944 | (78,751 | ) | 2,017,529 | |||||||||
$ | 15,203,283 | $ | 14,152,059 | $ | 14,570,350 | ||||||||
Capital expenditures: | |||||||||||||
Steel mills | $ | 589,621 | $ | 369,463 | $ | 181,193 | |||||||
Steel products | 22,472 | 31,698 | 20,918 | ||||||||||
Raw materials | 610,745 | 604,312 | 245,337 | ||||||||||
Corporate | 7,580 | 13,861 | 3,179 | ||||||||||
$ | 1,230,418 | $ | 1,019,334 | $ | 450,627 | ||||||||
Schedule of Net Sale by Product to External Customers | ' | ||||||||||||
Net sales by product were as follows (in thousands). Further product group breakdown is impracticable. | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Net sales to external customers: | |||||||||||||
Sheet | $ | 5,219,464 | $ | 5,540,868 | $ | 5,967,756 | |||||||
Bar | 3,730,328 | 3,999,911 | 4,237,154 | ||||||||||
Structural | 2,558,538 | 2,301,778 | 2,049,907 | ||||||||||
Plate | 1,803,618 | 1,939,240 | 2,208,866 | ||||||||||
Steel products | 3,607,333 | 3,738,381 | 3,431,490 | ||||||||||
Raw materials | 2,132,765 | 1,909,095 | 2,128,391 | ||||||||||
$ | 19,052,046 | $ | 19,429,273 | $ | 20,023,564 | ||||||||
Quarterly_Information_Unaudite1
Quarterly Information (Unaudited) (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Schedule of Quarterly Information | ' | ||||||||||||||||
(In thousands, except per share data) | |||||||||||||||||
Year Ended December 31, 2013 | |||||||||||||||||
First Quarter | Second Quarter | Third Quarter | Fourth Quarter | ||||||||||||||
Net sales | $ | 4,550,772 | $ | 4,665,588 | $ | 4,940,936 | $ | 4,894,750 | |||||||||
Gross margin (1) | 303,216 | 313,125 | 408,543 | 385,741 | |||||||||||||
Net earnings (2) | 110,728 | 106,270 | 178,115 | 190,416 | |||||||||||||
Net earnings attributable to Nucor stockholders (2) | 84,789 | 85,145 | 147,597 | 170,494 | |||||||||||||
Net earnings per share: | |||||||||||||||||
Basic | 0.26 | 0.27 | 0.46 | 0.53 | |||||||||||||
Diluted | 0.26 | 0.27 | 0.46 | 0.53 | |||||||||||||
(In thousands, except per share data) | |||||||||||||||||
Year Ended December 31, 2012 | |||||||||||||||||
First Quarter | Second Quarter | Third Quarter | Fourth Quarter | ||||||||||||||
Net sales | $ | 5,072,594 | $ | 5,104,199 | $ | 4,801,206 | $ | 4,451,274 | |||||||||
Gross margin (3) | 380,527 | 399,930 | 348,733 | 384,348 | |||||||||||||
Net earnings (4) | 163,412 | 139,567 | 129,892 | 160,255 | |||||||||||||
Net earnings attributable to Nucor stockholders (4) | 145,104 | 112,299 | 110,308 | 136,908 | |||||||||||||
Net earnings per share: | |||||||||||||||||
Basic | 0.46 | 0.35 | 0.35 | 0.43 | |||||||||||||
Diluted | 0.46 | 0.35 | 0.35 | 0.43 | |||||||||||||
-1 | Nucor incurred a LIFO charge of $18.0 million in the first quarter, no charge or credit recorded in the second quarter, a LIFO credit of $18.0 million in the third quarter and a LIFO charge of $17.4 million in the fourth quarter. | ||||||||||||||||
-2 | Third quarter results included a net $14.0 million pre-tax charge related to a partial write down of inventory and fixed asset balances associated with the collapse of a storage dome at Nucor Steel Louisiana in St. James Parish. The fourth quarter was impacted by an out-of-period non-cash gain of $21.3 million related to a correction to deferred tax balances. | ||||||||||||||||
-3 | Nucor incurred a LIFO charge of $14.5 million in the first quarter and recorded LIFO credits of $14.5 million, $84.0 million and $71.9 million in the second, third and fourth quarters, respectively. Inventory related purchase accounting adjustments, associated with the acquisition of Skyline, of $8.6 million, $28.2 million, and $12.0 million were recorded in the second, third and fourth quarters, respectively. | ||||||||||||||||
-4 | The second quarter includes a pre-tax charge of $30.0 million for impairment of Nucor’s equity investment in Nucor Duferdofin S.r.l. The third quarter includes a pre-tax charge of $17.6 million related to the loss on the sale of the assets of Nucor Wire Products Pennsylvania, Inc. |
Nature_of_Operations_and_Basis1
Nature of Operations and Basis of Presentation - Additional Information (Detail) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2011 | Dec. 31, 2013 |
Nucor-Yamato Steel Company [Member] | ||
Summary Of Organization And Operations [Line Items] | ' | ' |
Majority ownership percentage | ' | 51.00% |
Reclassification of marketing, administrative and other expenses to cost of products sold | $67.20 | ' |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies - Additional Information (Detail) | Dec. 31, 2013 | Dec. 31, 2012 |
Summary Of Significant Accounting Policies [Line Items] | ' | ' |
Percentage of inventories valued using the last-in, first-out (LIFO) | 45.00% | 45.00% |
Acquisitions_and_Dispositions_1
Acquisitions and Dispositions - Additional Information (Detail) (USD $) | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | |||||||||
Aug. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Jun. 20, 2012 | Jun. 20, 2012 | Jun. 20, 2012 | Nov. 30, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Steel Mills [Member] | Skyline Steel LLC [Member] | Hunter Ridge Energy Services LLC [Member] | Hunter Ridge Energy Services LLC [Member] | Hunter Ridge Energy Services LLC [Member] | Other Minor Acquisitions [Member] | Other Minor Acquisitions [Member] | Other Minor Acquisitions [Member] | ||||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business acquisition purchase price for Skyline LLC | ' | ' | ' | ' | ' | ' | $675,400,000 | ' | ' | ' | ' | ' | ' |
Goodwill attributed to the expected synergies | ' | ' | ' | ' | 138,579,000 | 138,600,000 | ' | ' | ' | ' | ' | ' | ' |
Goodwill expected to be deductible for tax purposes | ' | ' | ' | ' | ' | 128,200,000 | ' | ' | ' | ' | ' | ' | ' |
Loss on assets | 17,600,000 | 14,000,000 | 17,563,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Equity method investment, ownership percentage | ' | ' | ' | ' | ' | ' | ' | 50.00% | ' | ' | ' | ' | ' |
Equity method investment, carrying amount | ' | 936,000,000 | 855,900,000 | ' | ' | ' | ' | ' | 134,500,000 | 95,400,000 | ' | ' | ' |
Period used for lag basis, in months | ' | ' | ' | ' | ' | ' | ' | '1 month | ' | ' | ' | ' | ' |
Business acquisition purchase price | ' | ' | $760,833,000 | $3,959,000 | ' | ' | ' | ' | ' | ' | $0 | $85,400,000 | $4,000,000 |
Acquisitions_and_Dispositions_2
Acquisitions and Dispositions - Estimated Fair Values of Assets Acquired and Liabilities (Detail) (USD $) | Jun. 20, 2012 |
In Thousands, unless otherwise specified | |
Business Acquisition [Line Items] | ' |
Accounts receivable | $128,004 |
Inventory | 260,473 |
Other current assets | 4,410 |
Property, plant and equipment | 70,100 |
Goodwill | 138,579 |
Other intangible assets | 215,600 |
Total assets acquired | 817,166 |
Current liabilities | 137,654 |
Deferred credits and other liabilities | 4,078 |
Total liabilities assumed | 141,732 |
Net assets acquired | $675,434 |
Acquisitions_and_Dispositions_3
Acquisitions and Dispositions - Preliminary Purchase Price Allocation to Identifiable Intangible Assets (Detail) (USD $) | 0 Months Ended |
In Thousands, unless otherwise specified | Jun. 20, 2012 |
Business Acquisition [Line Items] | ' |
Intangible assets | $215,600 |
Customer Relationships [Member] | ' |
Business Acquisition [Line Items] | ' |
Intangible assets | 184,500 |
Weighted - Average Life | '17 years |
Trademarks and Trade Names [Member] | ' |
Business Acquisition [Line Items] | ' |
Intangible assets | 28,500 |
Weighted - Average Life | '20 years |
Other [Member] | ' |
Business Acquisition [Line Items] | ' |
Intangible assets | $2,600 |
Weighted - Average Life | '3 years |
Shortterm_Investments_Addition
Short-term Investments - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Schedule of Fair Value of Separate Accounts by Major Category of Investment [Line Items] | ' | ' | ' |
Short-term investments held | $28,191,000 | $104,167,000 | ' |
Realized or unrealized gains or losses | $0 | $0 | $0 |
Contractual maturities year of all outstanding CDs | '2014 | ' | ' |
Accounts_Receivable_Additional
Accounts Receivable - Additional Information (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Millions, unless otherwise specified | |||
Accounts Receivables [Line Items] | ' | ' | ' |
Allowance for doubtful accounts receivable | $58.30 | $57.40 | $54.30 |
Inventories_Additional_Informa
Inventories - Additional Information (Detail) (USD $) | Dec. 31, 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% |
Increased value of inventory if FIFO method had been used | $624.70 | $607.20 |
Lower of cost or market adjustments | $2.10 | $3.50 |
Property_Plant_and_Equipment_S
Property, Plant and Equipment - Schedule of Property, Plant and Equipment (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Property, Plant and Equipment [Line Items] | ' | ' |
Property, plant and equipment, gross | $11,543,245 | $10,438,573 |
Less accumulated depreciation | -6,626,221 | -6,155,517 |
Property, plant and equipment, net, total | 4,917,024 | 4,283,056 |
Land and Improvements [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, plant and equipment, gross | 555,309 | 546,234 |
Buildings and Improvements [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, plant and equipment, gross | 941,379 | 899,944 |
Machinery and Equipment [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, plant and equipment, gross | 9,159,151 | 8,136,206 |
Proved Oil and Gas Properties [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, plant and equipment, gross | 487,033 | 203,959 |
Construction In Process And Equipment Deposits [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, plant and equipment, gross | $400,373 | $652,230 |
Property_Plant_and_Equipment_A
Property, Plant and Equipment - Additional information (Detail) (USD $) | 3 Months Ended | 12 Months Ended | ||
In Millions, unless otherwise specified | Sep. 28, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' |
Written down value of property, plant & equipment | $21 | ' | ' | ' |
Written down value of inventory | 7 | ' | ' | ' |
Insurance receivable | 14 | ' | ' | ' |
Associated net charges including marketing, administrative and other expenses | 14 | ' | ' | ' |
Interest expenses capitalized | ' | $10.90 | $4.70 | $3.50 |
Minimum [Member] | Land and Improvements [Member] | ' | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' |
Estimated useful lives range | ' | '5 years | ' | ' |
Minimum [Member] | Buildings and Improvements [Member] | ' | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' |
Estimated useful lives range | ' | '4 years | ' | ' |
Minimum [Member] | Machinery and Equipment [Member] | ' | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' |
Estimated useful lives range | ' | '2 years | ' | ' |
Maximum [Member] | Land and Improvements [Member] | ' | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' |
Estimated useful lives range | ' | '25 years | ' | ' |
Maximum [Member] | Buildings and Improvements [Member] | ' | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' |
Estimated useful lives range | ' | '40 years | ' | ' |
Maximum [Member] | Machinery and Equipment [Member] | ' | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' |
Estimated useful lives range | ' | '15 years | ' | ' |
Restricted_Cash_and_Investment1
Restricted Cash and Investments - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | 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 | ' | ' | $600,000,000 |
Term of variable rate bonds, years | ' | ' | '30 years |
Qualified expenditure for construction of facility | 275,300,000 | 311,800,000 | ' |
Restricted Investments | ' | 149,800,000 | ' |
Restricted cash or investment | $0 | $275,163,000 | ' |
Goodwill_and_Other_Intangible_2
Goodwill and Other Intangible Assets - Schedule of Change in Net Carrying Amount of Goodwill by Segment (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Goodwill [Line Items] | ' | ' |
Balance, beginning of period | $2,004,538 | $1,830,661 |
Reclassifications | ' | ' |
Acquisitions and dispositions | ' | 155,413 |
Translation | -26,067 | 18,464 |
Other | -4,863 | ' |
Balance, end of period | 1,973,608 | 2,004,538 |
Steel Mills [Member] | ' | ' |
Goodwill [Line Items] | ' | ' |
Balance, beginning of period | 407,045 | 268,466 |
Reclassifications | 88,852 | ' |
Acquisitions and dispositions | ' | 138,579 |
Translation | ' | ' |
Other | ' | ' |
Balance, end of period | 495,897 | 407,045 |
Steel Products [Member] | ' | ' |
Goodwill [Line Items] | ' | ' |
Balance, beginning of period | 805,416 | 790,441 |
Reclassifications | ' | ' |
Acquisitions and dispositions | ' | -3,489 |
Translation | -26,067 | 18,464 |
Other | -4,863 | ' |
Balance, end of period | 774,486 | 805,416 |
Raw Materials [Member] | ' | ' |
Goodwill [Line Items] | ' | ' |
Balance, beginning of period | 703,225 | 682,902 |
Reclassifications | ' | ' |
Acquisitions and dispositions | ' | 20,323 |
Translation | ' | ' |
Other | ' | ' |
Balance, end of period | 703,225 | 703,225 |
All Other [Member] | ' | ' |
Goodwill [Line Items] | ' | ' |
Balance, beginning of period | 88,852 | 88,852 |
Reclassifications | -88,852 | ' |
Acquisitions and dispositions | ' | ' |
Translation | ' | ' |
Other | ' | ' |
Balance, end of period | ' | $88,852 |
Goodwill_and_Other_Intangible_3
Goodwill and Other Intangible Assets - Additional Information (Detail) (USD $) | 0 Months Ended | 12 Months Ended | ||||
In Millions, unless otherwise specified | Sep. 30, 2013 | Oct. 01, 2012 | Oct. 03, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Finite And Indefinite Lived Intangible Assets [Line Items] | ' | ' | ' | ' | ' | ' |
Intangible asset amortization expense | ' | ' | ' | $74.40 | $73 | $67.80 |
Future amortization expense, in 2014 | ' | ' | ' | 70 | ' | ' |
Future amortization expense, in 2015 | ' | ' | ' | 68.2 | ' | ' |
Future amortization expense, in 2016 | ' | ' | ' | 66.5 | ' | ' |
Future amortization expense, in 2017 | ' | ' | ' | 64.8 | ' | ' |
Future amortization expense, in 2018 | ' | ' | ' | 61.1 | ' | ' |
Impairment of goodwill | ' | ' | ' | ' | ' | ' |
Minimum [Member] | ' | ' | ' | ' | ' | ' |
Finite And Indefinite Lived Intangible Assets [Line Items] | ' | ' | ' | ' | ' | ' |
Intangible assets, useful life | ' | ' | ' | '5 years | ' | ' |
Maximum [Member] | ' | ' | ' | ' | ' | ' |
Finite And Indefinite Lived Intangible Assets [Line Items] | ' | ' | ' | ' | ' | ' |
Intangible assets, useful life | ' | ' | ' | '22 years | ' | ' |
Goodwill_and_Other_Intangible_4
Goodwill and Other Intangible Assets - Schedule of Intangible Assets (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Intangible assets, Gross Amount | $1,320,987 | $1,338,458 |
Intangible assets, Accumulated Amortization | 446,833 | 379,218 |
Customer Relationships [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Intangible assets, Gross Amount | 1,147,786 | 1,156,979 |
Intangible assets, Accumulated Amortization | 391,254 | 325,819 |
Trademarks and Trade Names [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Intangible assets, Gross Amount | 151,332 | 152,869 |
Intangible assets, Accumulated Amortization | 40,397 | 32,653 |
Other [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Intangible assets, Gross Amount | 21,869 | 28,610 |
Intangible assets, Accumulated Amortization | $15,182 | $20,746 |
Equity_Investments_Additional_
Equity Investments - Additional Information (Detail) | 3 Months Ended | 12 Months Ended | 1 Months Ended | 3 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | ||||||||||||
Jun. 30, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Nov. 30, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Oct. 01, 2011 | Jun. 30, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | |
USD ($) | USD ($) | USD ($) | USD ($) | Hunter Ridge Energy Services LLC [Member] | Hunter Ridge Energy Services LLC [Member] | Hunter Ridge Energy Services LLC [Member] | Dust Recycling Project [Member] | Duferdofin Nucor S.R.L. [Member] | Duferdofin Nucor S.R.L. [Member] | Duferdofin Nucor S.R.L. [Member] | Duferdofin Nucor S.R.L. [Member] | Duferdofin Nucor S.R.L. [Member] | Duferdofin Nucor S.R.L. [Member] | Duferdofin Nucor S.R.L. [Member] | Duferdofin Nucor S.R.L. [Member] | NuMit [Member] | NuMit [Member] | Steel Technologies LLC [Member] | |
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | EUR (€) | EUR (€) | EURO [Member] | EURO [Member] | USD ($) | USD ($) | USD ($) | ||||||
EUR (€) | EUR (€) | Sheet | |||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Equity method investment | ' | $936,000,000 | $855,900,000 | ' | ' | $134,500,000 | $95,400,000 | ' | ' | $465,400,000 | $454,100,000 | ' | ' | ' | ' | ' | $318,400,000 | $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% | ' | 100.00% |
Equity method investments, share of net assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | 55,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Step-up to fair value of certain assets and liabilities | ' | ' | ' | ' | ' | ' | ' | ' | ' | 410,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Step-up to fair value of equity method investment, portion related to identification of goodwill | ' | ' | ' | ' | ' | ' | ' | ' | ' | 332,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amortization expense and other purchase accounting adjustments due to fair value step-up | ' | 74,356,000 | 73,011,000 | 67,829,000 | ' | ' | ' | ' | ' | 11,200,000 | 11,100,000 | 11,500,000 | ' | ' | ' | ' | ' | ' | ' |
Due from related parties, noncurrent | ' | ' | ' | ' | ' | ' | ' | ' | ' | 48,200,000 | ' | ' | 35,000,000 | 35,000,000 | ' | ' | ' | ' | ' |
Notes receivable, related parties, interest rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.54% | ' | ' | ' | ' | ' | ' | ' | ' | 1.15% |
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 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 168,900,000 | ' | ' | ' | ' | 122,500,000 | ' | ' | ' | ' |
Total amount outstanding under equity method investment's credit facilities | ' | ' | ' | ' | ' | ' | ' | ' | ' | 154,400,000 | 134,800,000 | ' | ' | ' | 112,000,000 | 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% | ' | ' | ' | ' | ' | ' | ' | ' | ' |
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 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 17,000,000 |
Line of credit extended to joint venture | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100,000,000 |
Line of credit facility extended to joint venture, interest rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.37% |
Impairment of equity method investments | $30,000,000 | ' | ' | ' | ' | ' | ' | $13,900,000 | $30,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Current_Liabilities_Additional
Current Liabilities - Additional Information (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Accounts Payable And Accrued Liabilities Current [Line Items] | ' | ' |
Book overdrafts | $81.60 | $53.80 |
Dividends Payable, current | $118.70 | $117.60 |
Debt_and_Other_Financing_Arran2
Debt and Other Financing Arrangements - Schedule of Debt and Other Financing Arrangements (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Debt Instrument [Line Items] | ' | ' |
Long-term Debt | $4,380,200 | $3,630,200 |
Less current maturities | -3,300 | -250,000 |
Long-term Debt due after one year | 4,376,900 | 3,380,200 |
Notes, 5.0%, due 2013 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt instrument face amount | ' | 250,000 |
Notes, 5.75%, due 2017 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt instrument face amount | 600,000 | 600,000 |
Notes, 5.85%, due 2018 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt instrument face amount | 500,000 | 500,000 |
Notes, 4.125%, due 2022 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt instrument face amount | 600,000 | 600,000 |
Notes, 4.0%, due 2023 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt instrument face amount | 500,000 | ' |
Notes, 6.40%, due 2037 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt instrument face amount | 650,000 | 650,000 |
Notes, 5.20%, due 2043 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt instrument face amount | 500,000 | ' |
Industrial Revenue Bonds [Member] | 0.20% to 1.5%, variable, due from 2014 to 2040 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt instrument face amount | $1,030,200 | $1,030,200 |
Debt_and_Other_Financing_Arran3
Debt and Other Financing Arrangements - Schedule of Debt and Other Financing Arrangements (Parenthetical) (Detail) | 12 Months Ended |
Dec. 31, 2013 | |
Notes, 5.0%, due 2013 [Member] | ' |
Debt Instrument [Line Items] | ' |
Debt instrument interest rate | 5.00% |
Debt instrument - maturity date | '2013 |
Notes, 5.75%, due 2017 [Member] | ' |
Debt Instrument [Line Items] | ' |
Debt instrument interest rate | 5.75% |
Debt instrument - maturity date | '2017 |
Notes, 5.85%, due 2018 [Member] | ' |
Debt Instrument [Line Items] | ' |
Debt instrument interest rate | 5.85% |
Debt instrument - maturity date | '2018 |
Notes, 4.125%, due 2022 [Member] | ' |
Debt Instrument [Line Items] | ' |
Debt instrument interest rate | 4.13% |
Debt instrument - maturity date | '2022 |
Notes, 4.0%, due 2023 [Member] | ' |
Debt Instrument [Line Items] | ' |
Debt instrument interest rate | 4.00% |
Debt instrument - maturity date | '2023 |
Notes, 6.40%, due 2037 [Member] | ' |
Debt Instrument [Line Items] | ' |
Debt instrument interest rate | 6.40% |
Debt instrument - maturity date | '2037 |
Notes, 5.20%, due 2043 [Member] | ' |
Debt Instrument [Line Items] | ' |
Debt instrument interest rate | 5.20% |
Debt instrument - maturity date | '2043 |
Industrial Revenue Bonds [Member] | 0.20% to 1.5%, variable, due from 2014 to 2040 [Member] | ' |
Debt Instrument [Line Items] | ' |
Debt instrument interest rate - minimum | 0.20% |
Debt instrument interest rate - maximum | 1.50% |
Debt instrument - maturity rate - start | '2014 |
Debt instrument - maturity rate - end | '2040 |
Debt_and_Other_Financing_Arran4
Debt and Other Financing Arrangements - Additional Information (Detail) (USD $) | 0 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | ||||||||||
Jul. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Sep. 28, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Jul. 31, 2013 | Dec. 31, 2013 | Jul. 31, 2013 | |
Revolving Loans for Nucor Subsidiaries [Member] | Harris Steel [Member] | Nucor Trading S.A. [Member] | Nucor Trading S.A. [Member] | Revolving Credit Agreement [Member] | Revolving Credit Agreement [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Letter of Credit [Member] | Letter of Credit [Member] | Foreign Currency Loans [Member] | Scenario, Previously Reported [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] | |||
Nucor Trading S.A. [Member] | Revolving Credit Agreement [Member] | Revolving Credit Agreement [Member] | Revolving Credit Facility [Member] | |||||||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Annual aggregate long-term debt maturities - 2014 | ' | $3,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Annual aggregate long-term debt maturities - 2015 | ' | 16,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Annual aggregate long-term debt maturities - 2016 | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Annual aggregate long-term debt maturities - 2017 | ' | 600,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Annual aggregate long-term debt maturities - 2018 | ' | 500,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Annual aggregate long-term debt maturities - thereafter | ' | 3,261,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
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 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Credit facility availability | ' | 1,500,000,000 | 500,000,000 | 33,000,000 | ' | ' | 500,000,000 | ' | 1,500,000,000 | ' | ' | 500,000,000 | 850,000,000 | ' | ' | ' | ' | ' |
Cost in amendment of Revolving Credit Facility | ' | ' | ' | ' | ' | ' | ' | ' | 600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Notes Maturity Date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '2023 | ' | '2043 | ' |
Unsecured revolving credit facility, Expiration date | ' | ' | ' | ' | ' | ' | ' | ' | ' | '2018-08 | ' | ' | ' | '2016-12 | ' | ' | ' | ' |
Ratio on the limit of funded debt to capital on credit facility | ' | ' | ' | ' | ' | ' | 60.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Ratio funded debt to total capital | ' | 36.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Credit facilities, amount outstanding | ' | ' | ' | 0 | 29,200,000 | 27,100,000 | 0 | 0 | ' | ' | 31,800,000 | ' | ' | ' | ' | ' | ' | ' |
Outstanding guarantees | ' | ' | ' | ' | 100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Additional line of credit facility guaranteed | ' | ' | ' | ' | $29,100,000 | $21,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Capital_Stock_Additional_Infor
Capital Stock - Additional Information (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Capital Stock [Line Items] | ' | ' |
The par value of common stock | $0.40 | ' |
Common stock shares authorized | 800,000,000 | 800,000,000 |
Preferred stock shares authorized | 250,000 | ' |
Preferred stock par value per share | $4 | ' |
Preferred stock shares outstanding | 0 | ' |
Preferred stock shares issued | 0 | ' |
Derivative_Financial_Instrumen2
Derivative Financial Instruments - Fair Values of Derivative Instruments (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative Liabilities, Fair Value | ($555) | ($318) |
Not Designated as Hedging Instrument [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative Liabilities, Fair Value | -555 | -318 |
Commodity Contracts [Member] | Accrued Expenses and Other Current Liabilities [Member] | Not Designated as Hedging Instrument [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative Liabilities, Fair Value | -553 | -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 | ($2) | ($15) |
Derivative_Financial_Instrumen3
Derivative Financial Instruments - Effect of Derivative Instruments on Condensed Consolidated Statements of Earnings (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Not Designated as Hedging Instrument [Member] | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' |
Amount of Gain or (Loss) Recognized in Earnings on Derivatives | $4,734 | $1,519 | $11,092 |
Cost of Products Sold [Member] | Commodity Contracts [Member] | Designated as Hedging Instrument [Member] | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' |
Amount of Gain or (Loss) Recognized in OCI on Derivatives (Effective Portion) | ' | -2,264 | -8,454 |
Amount of Gain or (Loss) Reclassified from Accumulated OCI into Earnings (Effective Portion) | ' | -42,515 | -37,093 |
Amount of Gain or (Loss) Recognized in Earnings on Derivatives (Ineffective Portion) | ' | 500 | 600 |
Cost of Products Sold [Member] | Commodity Contracts [Member] | Not Designated as Hedging Instrument [Member] | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' |
Amount of Gain or (Loss) Recognized in Earnings on Derivatives | 4,622 | 1,321 | 11,757 |
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 | $112 | $198 | ($665) |
Fair_Value_Measurements_Schedu
Fair Value Measurements - Schedule of Financial Assets and Financial Liabilities Measured at Fair Value (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Cash equivalents | $1,269,465 | $830,011 |
Short-term investments | 28,191 | 104,167 |
Restricted cash and investments | 0 | 275,163 |
Total assets | 1,297,656 | 1,209,341 |
Foreign exchange and commodity contracts | -555 | -318 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Cash equivalents | 1,269,465 | 830,011 |
Short-term investments | 28,191 | 104,167 |
Restricted cash and investments | ' | 275,163 |
Total assets | 1,297,656 | 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 | -555 | -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 $) | Dec. 31, 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 | $4.61 | $4.24 |
Contingencies_Additional_Infor
Contingencies - Additional Information (Detail) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Complaints | ||
Manufacturers_Distributors | ||
Loss Contingencies [Line Items] | ' | ' |
Accrual for environmental loss contingencies, gross | $22.90 | $26.50 |
Accrued environmental loss contingencies, current | 6.9 | 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 | ' |
StockBased_Compensation_Additi
Stock-Based Compensation - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Millions, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Anniversaries | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Stock options exercise prices as percentage of the market value on the date of the grant | 100.00% | ' | ' |
Total intrinsic value of options exercised | ' | $4.30 | $7.60 |
Total aggregate intrinsic value of options | 27 | ' | ' |
Total aggregate intrinsic value of option exercisable | 13.8 | ' | ' |
Grant date fair value of options granted | $15.03 | $11.40 | $15.37 |
Compensation expenses for stock options | 8.6 | 9.9 | 9.9 |
Number of anniversaries of grant date upon which restricted stock units vest | 3 | ' | ' |
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% | ' | ' |
LTIP [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Portion of restricted stock award vesting on anniversary | 0.333 | ' | ' |
Eligible age of officer for LTIP restricted stock award | 55 | ' | ' |
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 | 32.6 | 34.2 | 31.6 |
Total fair value of shares, vested | 34.1 | 33.1 | 29.3 |
Unrecognized compensation expense related to stock | 29.4 | ' | ' |
Weighted-average recognition period for unrecognized compensation expense related to stock (years) | '2 years | ' | ' |
AIP and LTIP [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Compensation expense | 6.3 | 6.6 | 7.4 |
Total fair value of shares, vested | 5.7 | 6 | 7.3 |
Unrecognized compensation expense related to stock | $0.60 | ' | ' |
Weighted-average recognition period for unrecognized compensation expense related to stock (years) | '1 year 8 months 12 days | ' | ' |
Stock Options [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Stock options vesting period | '3 years | ' | ' |
Stock options term, years | '10 years | ' | ' |
StockBased_Compensation_Schedu
Stock-Based Compensation - Schedule of Stock Option Plans Activity (Detail) (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Outstanding at beginning of year, Shares | 1,543 | 1,156 | 983 |
Granted, Shares | 546 | 741 | 560 |
Exercised, Shares | ' | -354 | -387 |
Canceled, Shares | ' | ' | ' |
Outstanding at end of year, Shares | 2,089 | 1,543 | 1,156 |
Options exercisable at end of year, Shares | 1,012 | ' | 354 |
Outstanding at beginning of year, Weighted - Average Exercise Price | $39.03 | $38.26 | $29.14 |
Granted, Weighted - Average Exercise Price | $44.51 | $35.76 | $42.34 |
Exercised, Weighted - Average Exercise Price | ' | $29.67 | $20.96 |
Canceled, Weighted - Average Exercise Price | ' | ' | ' |
Outstanding at end of period, Weighted - Average Exercise Price | $40.47 | $39.03 | $38.26 |
Options exercisable at end of year, Weighted - Average Exercise Price | $39.75 | ' | $29.67 |
StockBased_Compensation_Summar
Stock-Based Compensation - Summary of Stock Options Outstanding (Detail) (USD $) | 12 Months Ended |
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 |
$35.76 [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Exercise Price | $35.76 |
Options Outstanding | 741 |
Options Exercisable | 391 |
Weighted-Average Remaining Contractual Life | '8 years 4 months 24 days |
$41.43 [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Exercise Price | $41.43 |
Options Outstanding | 242 |
Options Exercisable | 242 |
Weighted-Average Remaining Contractual Life | '6 years 4 months 24 days |
$42.34 [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Exercise Price | $42.34 |
Options Outstanding | 560 |
Options Exercisable | 299 |
Weighted-Average Remaining Contractual Life | '7 years 4 months 24 days |
$44.51 [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Exercise Price | $44.51 |
Options Outstanding | 546 |
Options Exercisable | 80 |
Weighted-Average Remaining Contractual Life | '9 years 4 months 24 days |
$35.76 - $44.51 [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Options Outstanding | 2,089 |
Options Exercisable | 1,012 |
Weighted-Average Remaining Contractual Life | '8 years 2 months 12 days |
$35.76 - $44.51 [Member] | Minimum [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Exercise Price | $35.76 |
$35.76 - $44.51 [Member] | Maximum [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Exercise Price | $44.51 |
StockBased_Compensation_Schedu1
Stock-Based Compensation - Schedule of Grant Date Fair Value Black-Scholes Option-Pricing Model Assumptions (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Black Scholes Method Used [Line Items] | ' | ' | ' |
Exercise price | $44.51 | $35.76 | $42.34 |
Expected dividend yield | 3.30% | 4.08% | 3.42% |
Expected stock price volatility | 46.94% | 48.99% | 49.40% |
Risk-free interest rate | 1.51% | 1.06% | 2.39% |
Expected life (in years) | '6 years 6 months | '6 years 6 months | '6 years 6 months |
StockBased_Compensation_Summar1
Stock-Based Compensation - Summary of Nucor's Restricted Stock Unit Activity (Detail) (RSU [Member], USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
RSU [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Unvested at beginning of year, Shares | 1,106 | 962 | 1,203 |
Granted, Shares | 789 | 1,101 | 490 |
Vested, Shares | -762 | -915 | -713 |
Canceled, Shares | -11 | -42 | -18 |
Unvested at end of year, Shares | 1,122 | 1,106 | 962 |
Shares reserved for future grants | 10,486 | 11,839 | 13,695 |
Unvested at beginning of year, Grant Date Fair Value | $40.80 | $46.09 | $49.96 |
Granted, Grant Date Fair Value | $44.51 | $35.76 | $42.34 |
Vested, Grant Date Fair Value | $42.15 | $40.36 | $50.04 |
Canceled, Grant Date Fair Value | $39.08 | $39.41 | $46.06 |
Unvested at end of year, Grant Date Fair Value | $42.51 | $40.80 | $46.09 |
StockBased_Compensation_Summar2
Stock-Based Compensation - Summary of Nucor's Restricted Stock Awards and Units Under AIP and LTIP (Detail) (AIP and LTIP [Member], USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
AIP and LTIP [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Unvested at beginning of year, Shares | 72 | 94 | 141 |
Granted, Shares | 122 | 122 | 118 |
Vested, Shares | -121 | -144 | -165 |
Canceled, Shares | ' | ' | ' |
Unvested at end of year, Shares | 73 | 72 | 94 |
Shares reserved for future grants | 1,238 | 1,360 | 1,482 |
Unvested at beginning of year, Grant Date Fair Value | $43.72 | $42.46 | $44.62 |
Granted, Grant Date Fair Value | $47.36 | $42.20 | $46.41 |
Vested, Grant Date Fair Value | $46.32 | $41.62 | $47.13 |
Canceled, Grant Date Fair Value | ' | ' | ' |
Unvested at end of year, Grant Date Fair Value | $45.49 | $43.72 | $42.46 |
Employee_Benefit_Plans_Additio
Employee Benefit Plans - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Employee Benefit Plans [Line Items] | ' | ' | ' |
Profit Sharing and Retirement Savings Plan, plan expense | $71.70 | $77.70 | $117.70 |
Unfunded obligation | 9.9 | 13.5 | ' |
Benefit (expense) associated with early retiree medical plan | 0.6 | 1.9 | -3.5 |
Gain related to correction of error in the actuarial calculation | ' | ' | 29 |
Reduction of other comprehensive income | $7.60 | ' | ' |
Discount rate used to calculate expenses | 4.60% | 3.70% | 4.50% |
Health care cost trend rate | 6.60% | 6.60% | 6.70% |
Year that trend rate is projected to reach ultimate rate | '2027 | ' | ' |
December 31, 2027 [Member] | ' | ' | ' |
Employee Benefit Plans [Line Items] | ' | ' | ' |
Health care cost trend rate | 4.50% | ' | ' |
Interest_Expense_Income_Schedu
Interest Expense (Income) - Schedule of Components of Net Interest Expense (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Interest Expense [Line Items] | ' | ' | ' |
Interest expense | $151,986 | $173,503 | $178,812 |
Interest income | -5,091 | -11,128 | -12,718 |
Interest expense, net | $146,895 | $162,375 | $166,094 |
Interest_Expense_Income_Additi
Interest Expense (Income) - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Interest Expense [Line Items] | ' | ' | ' |
Interest paid | $141.20 | $178 | $177.60 |
Income_Taxes_Components_of_Ear
Income Taxes - Components of Earnings from Continuing Operations Before Income Taxes and Noncontrolling Interests (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments [Line Items] | ' | ' | ' |
United States | $755,921 | $854,705 | $1,241,465 |
Foreign | 35,202 | -1,765 | 10,347 |
Earnings before income taxes and noncontrolling interests | $791,123 | $852,940 | $1,251,812 |
Income_Taxes_Provision_for_Inc
Income Taxes - Provision for Income Taxes (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income Tax Expense Benefit [Line Items] | ' | ' | ' |
Federal, current | $138,343 | $261,552 | $329,076 |
State, current | 223 | 20,337 | 1,685 |
Foreign, current | 10,464 | 3,199 | 2,016 |
Total current | 149,030 | 285,088 | 332,777 |
Federal, deferred | 36,157 | -23,052 | 55,124 |
State, deferred | -39 | -10,440 | 10,400 |
Foreign, deferred | 20,446 | 8,218 | -7,473 |
Total deferred | 56,564 | -25,274 | 58,051 |
Total provision for income taxes | $205,594 | $259,814 | $390,828 |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||
Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | |
Operating Loss Carryforwards [Line Items] | ' | ' | ' | ' | ' |
Taxes computed at statutory rate | ' | 35.00% | 35.00% | 35.00% | ' |
Non cash gain related to correction of deferred tax balances | $21,300,000 | $21,300,000 | ' | ' | ' |
Current deferred tax assets | 255,500,000 | 255,500,000 | 190,400,000 | ' | ' |
Current deferred tax Liabilities | 14,600,000 | 14,600,000 | 0 | ' | ' |
Non-current deferred tax liabilities | 676,200,000 | 676,200,000 | 566,100,000 | ' | ' |
Net federal, state and foreign income taxes paid (refund received) | ' | 64,800,000 | 313,500,000 | 322,400,000 | ' |
Cumulative undistributed foreign earnings | 222,400,000 | 222,400,000 | 176,500,000 | ' | ' |
Unrecognized tax benefits | 65,975,000 | 65,975,000 | 80,862,000 | 80,897,000 | 92,752,000 |
Amount of unrecognized tax benefits affects effective tax rate | 66,300,000 | 66,300,000 | 76,400,000 | ' | ' |
Estimate of possible decrease in gross uncertain tax positions, exclusive of interest, as a result of the expiration of the statute of limitations | 13,700,000 | 13,700,000 | ' | ' | ' |
Expense (benefit) for interest and penalties | ' | 900,000 | 2,100,000 | 3,600,000 | ' |
Accrued interest and penalties related to uncertain tax positions | 37,200,000 | 37,200,000 | 36,400,000 | ' | ' |
State and Local Jurisdiction [Member] | ' | ' | ' | ' | ' |
Operating Loss Carryforwards [Line Items] | ' | ' | ' | ' | ' |
State net operating loss carryforwards | 824,000,000 | 824,000,000 | 606,400,000 | ' | ' |
Foreign Country [Member] | ' | ' | ' | ' | ' |
Operating Loss Carryforwards [Line Items] | ' | ' | ' | ' | ' |
Foreign net operating loss carryforwards | $50,500,000 | $50,500,000 | $59,200,000 | ' | ' |
Maximum [Member] | State and Local Jurisdiction [Member] | ' | ' | ' | ' | ' |
Operating Loss Carryforwards [Line Items] | ' | ' | ' | ' | ' |
Unused net operating loss carryforward expiration year | ' | '2033 | ' | ' | ' |
Maximum [Member] | Foreign Country [Member] | ' | ' | ' | ' | ' |
Operating Loss Carryforwards [Line Items] | ' | ' | ' | ' | ' |
Unused net operating loss carryforward expiration year | ' | '2033 | ' | ' | ' |
Minimum [Member] | State and Local Jurisdiction [Member] | ' | ' | ' | ' | ' |
Operating Loss Carryforwards [Line Items] | ' | ' | ' | ' | ' |
Unused net operating loss carryforward expiration year | ' | '2014 | ' | ' | ' |
Minimum [Member] | Foreign Country [Member] | ' | ' | ' | ' | ' |
Operating Loss Carryforwards [Line Items] | ' | ' | ' | ' | ' |
Unused net operating loss carryforward expiration year | ' | '2027 | ' | ' | ' |
Income_Taxes_Reconciliation_of
Income Taxes - Reconciliation of the Federal Statutory Tax Rate to Total Provisions (Detail) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Reconciliation Of Provision Of Income Taxes [Line Items] | ' | ' | ' |
Taxes computed at statutory rate | 35.00% | 35.00% | 35.00% |
State income taxes, net of federal income tax benefit | 0.02% | 0.75% | 0.63% |
Federal research credit | -0.79% | ' | -0.28% |
Domestic manufacturing deduction | -1.74% | -3.25% | -2.21% |
Equity in losses of foreign joint ventures | 1.36% | 1.43% | 0.64% |
Foreign rate differential | -2.35% | 0.60% | -0.92% |
Noncontrolling interests | -4.32% | -3.64% | -2.32% |
Out of period correction to deferred taxes | -2.57% | ' | ' |
Other, net | 1.38% | -0.43% | 0.68% |
Provision for income taxes | 25.99% | 30.46% | 31.22% |
Income_Taxes_Deferred_Tax_Asse
Income Taxes - Deferred Tax Assets and Liabilities (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Deferred Income Tax Assets And Liabilities [Line Items] | ' | ' |
Accrued liabilities and reserves | $102,933 | $108,287 |
Allowance for doubtful accounts | 19,756 | 14,212 |
Inventory | 206,826 | 174,499 |
Post-retirement benefits | 6,268 | 11,119 |
Natural gas hedges | ' | 221 |
Net operating loss carryforward | 12,859 | 15,033 |
Tax credit carryforwards | 56,185 | 28,600 |
Total deferred tax assets | 404,827 | 351,971 |
Holdbacks and amounts not due under contracts | -16,582 | -17,523 |
Cumulative translation adjustments | -1,403 | -1,600 |
Commodity hedges | -805 | ' |
Intangibles | -210,791 | -233,413 |
Property, plant and equipment | -610,451 | -475,176 |
Total deferred tax liabilities | -840,032 | -727,712 |
Total net deferred tax liabilities | ($435,205) | ($375,741) |
Income_Taxes_Reconciliation_of1
Income Taxes - Reconciliation of the Beginning and Ending Amounts of Unrecognized Tax Benefits (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Unrecognized Tax Benefits [Line Items] | ' | ' | ' |
Balance at beginning of year | $80,862 | $80,897 | $92,752 |
Additions based on tax positions related to current year | 4,849 | 9,456 | 6,733 |
Reductions based on tax positions related to current year | -55 | -132 | -3,160 |
Additions based on tax positions related to prior years | 2,307 | 5,821 | 937 |
Reductions based on tax positions related to prior years | -6,248 | -3,296 | -2,169 |
Reductions due to settlements with taxing authorities | ' | -764 | -958 |
Reductions due to statute of limitations lapse | -15,740 | -11,120 | -13,238 |
Balance at end of year | $65,975 | $80,862 | $80,897 |
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive (Loss) Income - Components of Accumulated Other Comprehensive (Loss) Income (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Accumulated Other Comprehensive Income Loss [Line Items] | ' | ' | ' |
Beginning Balance | ' | ($40,250) | ' |
Other comprehensive (loss) income before reclassifications, Gain and Losses on Hedging Derivatives | ' | ' | ' |
Amounts reclassified from accumulated other comprehensive (loss) income into earnings, Gain and Losses on Hedging Derivatives | ' | 40,250 | ' |
Net current-period other comprehensive (loss) income, Gain and Losses on Hedging Derivatives | ' | 40,250 | ' |
Ending Balance | ' | ' | -40,250 |
Other | ' | ' | ' |
Beginning Balance | 46,181 | -12,311 | ' |
Other comprehensive (loss) income before reclassifications, Foreign Currency Translation | -53,619 | 58,785 | ' |
Amounts reclassified from accumulated other comprehensive (loss) income into earnings, Foreign Currency Translation | ' | ' | ' |
Net current-period other comprehensive (loss) income, Foreign Currency Translation | -53,619 | 58,785 | ' |
Ending Balance | -7,438 | 46,181 | -12,311 |
Other | ' | -293 | ' |
Beginning Balance | 10,580 | 14,384 | ' |
Other comprehensive (loss) income before reclassifications, Adjustment to Early Retiree Medical Plan | 5,938 | -3,804 | ' |
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 | 5,938 | -3,804 | ' |
Ending Balance | 16,518 | 10,580 | 14,384 |
Other | ' | ' | ' |
Beginning Balance | 56,761 | -38,177 | ' |
Other comprehensive (loss) income before reclassifications | -47,681 | 54,981 | ' |
Other comprehensive income (loss) | -47,681 | 95,231 | -10,406 |
Ending Balance | 9,080 | 56,761 | -38,177 |
Other | ' | ($293) | ' |
Accumulated_Other_Comprehensiv3
Accumulated Other Comprehensive (Loss) Income - Components of Accumulated Other Comprehensive (Loss) Income (Parenthetical) (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Accumulated Other Comprehensive Income Loss [Line Items] | ' | ' | ' |
Amounts reclassified from accumulated other comprehensive income into earnings | ' | $42,515 | $37,093 |
AOCI reclassification impact on tax | ' | 23,900 | ' |
Cost of Products Sold [Member] | ' | ' | ' |
Accumulated Other Comprehensive Income Loss [Line Items] | ' | ' | ' |
Amounts reclassified from accumulated other comprehensive income into earnings | ' | $40,250 | ' |
Earnings_Per_Share_Computation
Earnings Per Share - Computations of Basic and Diluted Net Earnings Per Share (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 28, 2013 | Jun. 29, 2013 | Mar. 30, 2013 | Dec. 31, 2012 | Sep. 29, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Earnings Per Share [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Basic net earnings | $170,494 | $147,597 | $85,145 | $84,789 | $136,908 | $110,308 | $112,299 | $145,104 | $488,025 | $504,619 | $778,188 |
Earnings allocated to participating securities | ' | ' | ' | ' | ' | ' | ' | ' | -1,919 | -1,713 | -2,653 |
Net earnings available to common stockholders | ' | ' | ' | ' | ' | ' | ' | ' | 486,106 | 502,906 | 775,535 |
Average shares outstanding | ' | ' | ' | ' | ' | ' | ' | ' | 319,077 | 318,172 | 316,997 |
Basic net earnings per share | $0.53 | $0.46 | $0.27 | $0.26 | $0.43 | $0.35 | $0.35 | $0.46 | $1.52 | $1.58 | $2.45 |
Diluted net earnings | 170,494 | 147,597 | 85,145 | 84,789 | 136,908 | 110,308 | 112,299 | 145,104 | 488,025 | 504,619 | 778,188 |
Earnings allocated to participating securities | ' | ' | ' | ' | ' | ' | ' | ' | -1,919 | -1,714 | -2,654 |
Net earnings available to common stockholders | ' | ' | ' | ' | ' | ' | ' | ' | $486,106 | $502,905 | $775,534 |
Basic shares outstanding | ' | ' | ' | ' | ' | ' | ' | ' | 319,077 | 318,172 | 316,997 |
Dilutive effect of stock options and other | ' | ' | ' | ' | ' | ' | ' | ' | 189 | 68 | 164 |
Diluted average shares outstanding | ' | ' | ' | ' | ' | ' | ' | ' | 319,266 | 318,240 | 317,161 |
Diluted net earnings per share | $0.53 | $0.46 | $0.27 | $0.26 | $0.43 | $0.35 | $0.35 | $0.46 | $1.52 | $1.58 | $2.45 |
Earning_Per_Share_AntiDilutive
Earning Per Share - Anti-Dilutive Stock Options (Detail) (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Earnings Per Share [Line Items] | ' | ' | ' |
Weighted average shares | 137 | 801 | 801 |
Weighted average exercise price | $44.51 | $42.07 | $42.07 |
Segments_Segments_Detail
Segments - Segments (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 28, 2013 | Jun. 29, 2013 | Mar. 30, 2013 | Dec. 31, 2012 | Sep. 29, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales to external customers | $4,894,750 | $4,940,936 | $4,665,588 | $4,550,772 | $4,451,274 | $4,801,206 | $5,104,199 | $5,072,594 | $19,052,046 | $19,429,273 | $20,023,564 |
Intercompany sales | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Depreciation expense | ' | ' | ' | ' | ' | ' | ' | ' | 535,852 | 534,010 | 522,571 |
Amortization expense | ' | ' | ' | ' | ' | ' | ' | ' | 74,356 | 73,011 | 67,829 |
Earnings before income taxes and noncontrolling interests | ' | ' | ' | ' | ' | ' | ' | ' | 791,123 | 852,940 | 1,251,812 |
Segment assets | 15,203,283 | ' | ' | ' | 14,152,059 | ' | ' | ' | 15,203,283 | 14,152,059 | 14,570,350 |
Capital expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 1,230,418 | 1,019,334 | 450,627 |
Steel Mills [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales to external customers | ' | ' | ' | ' | ' | ' | ' | ' | 13,311,948 | 13,781,797 | 14,463,683 |
Intercompany sales | ' | ' | ' | ' | ' | ' | ' | ' | 2,563,554 | 2,609,411 | 2,430,459 |
Depreciation expense | ' | ' | ' | ' | ' | ' | ' | ' | 332,258 | 366,182 | 372,040 |
Amortization expense | ' | ' | ' | ' | ' | ' | ' | ' | 13,911 | 8,750 | 871 |
Earnings before income taxes and noncontrolling interests | ' | ' | ' | ' | ' | ' | ' | ' | 1,156,715 | 1,162,270 | 1,813,155 |
Segment assets | 8,365,023 | ' | ' | ' | 7,894,974 | ' | ' | ' | 8,365,023 | 7,894,974 | 6,634,268 |
Capital expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 589,621 | 369,463 | 181,193 |
Steel Products [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales to external customers | ' | ' | ' | ' | ' | ' | ' | ' | 3,607,333 | 3,738,381 | 3,431,490 |
Intercompany sales | ' | ' | ' | ' | ' | ' | ' | ' | 97,090 | 71,277 | 55,646 |
Depreciation expense | ' | ' | ' | ' | ' | ' | ' | ' | 42,737 | 47,948 | 53,272 |
Amortization expense | ' | ' | ' | ' | ' | ' | ' | ' | 31,082 | 35,152 | 38,743 |
Earnings before income taxes and noncontrolling interests | ' | ' | ' | ' | ' | ' | ' | ' | 82,129 | -17,140 | -60,282 |
Segment assets | 2,861,403 | ' | ' | ' | 2,935,146 | ' | ' | ' | 2,861,403 | 2,935,146 | 2,972,004 |
Capital expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 22,472 | 31,698 | 20,918 |
Raw Materials [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales to external customers | ' | ' | ' | ' | ' | ' | ' | ' | 2,132,765 | 1,909,095 | 2,128,391 |
Intercompany sales | ' | ' | ' | ' | ' | ' | ' | ' | 9,116,860 | 9,514,163 | 10,436,379 |
Depreciation expense | ' | ' | ' | ' | ' | ' | ' | ' | 154,065 | 112,939 | 92,250 |
Amortization expense | ' | ' | ' | ' | ' | ' | ' | ' | 29,363 | 29,109 | 28,215 |
Earnings before income taxes and noncontrolling interests | ' | ' | ' | ' | ' | ' | ' | ' | 13,686 | 55,264 | 156,180 |
Segment assets | 3,956,913 | ' | ' | ' | 3,400,690 | ' | ' | ' | 3,956,913 | 3,400,690 | 2,946,549 |
Capital expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 610,745 | 604,312 | 245,337 |
Corporate/Eliminations [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Intercompany sales | ' | ' | ' | ' | ' | ' | ' | ' | -11,777,504 | -12,194,851 | -12,922,484 |
Depreciation expense | ' | ' | ' | ' | ' | ' | ' | ' | 6,792 | 6,941 | 5,009 |
Amortization expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Earnings before income taxes and noncontrolling interests | ' | ' | ' | ' | ' | ' | ' | ' | -461,407 | -347,454 | -657,241 |
Segment assets | 19,944 | ' | ' | ' | -78,751 | ' | ' | ' | 19,944 | -78,751 | 2,017,529 |
Capital expenditures | ' | ' | ' | ' | ' | ' | ' | ' | $7,580 | $13,861 | $3,179 |
Segments_Schedule_of_Net_Sale_
Segments - Schedule of Net Sale by Product to External Customers (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 28, 2013 | Jun. 29, 2013 | Mar. 30, 2013 | Dec. 31, 2012 | Sep. 29, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales to external customers | $4,894,750 | $4,940,936 | $4,665,588 | $4,550,772 | $4,451,274 | $4,801,206 | $5,104,199 | $5,072,594 | $19,052,046 | $19,429,273 | $20,023,564 |
Sheet [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales to external customers | ' | ' | ' | ' | ' | ' | ' | ' | 5,219,464 | 5,540,868 | 5,967,756 |
Bar [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales to external customers | ' | ' | ' | ' | ' | ' | ' | ' | 3,730,328 | 3,999,911 | 4,237,154 |
Structural [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales to external customers | ' | ' | ' | ' | ' | ' | ' | ' | 2,558,538 | 2,301,778 | 2,049,907 |
Plate [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales to external customers | ' | ' | ' | ' | ' | ' | ' | ' | 1,803,618 | 1,939,240 | 2,208,866 |
Steel Products [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales to external customers | ' | ' | ' | ' | ' | ' | ' | ' | 3,607,333 | 3,738,381 | 3,431,490 |
Raw Materials [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales to external customers | ' | ' | ' | ' | ' | ' | ' | ' | $2,132,765 | $1,909,095 | $2,128,391 |
Quarterly_Information_Schedule
Quarterly Information - Schedule of Quarterly Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 28, 2013 | Jun. 29, 2013 | Mar. 30, 2013 | Dec. 31, 2012 | Sep. 29, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Quarterly Financial Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | $4,894,750 | $4,940,936 | $4,665,588 | $4,550,772 | $4,451,274 | $4,801,206 | $5,104,199 | $5,072,594 | $19,052,046 | $19,429,273 | $20,023,564 |
Gross margin | 385,741 | 408,543 | 313,125 | 303,216 | 384,348 | 348,733 | 399,930 | 380,527 | ' | ' | ' |
Net earnings | 190,416 | 178,115 | 106,270 | 110,728 | 160,255 | 129,892 | 139,567 | 163,412 | 585,529 | 593,126 | 860,984 |
Net earnings attributable to Nucor stockholders | $170,494 | $147,597 | $85,145 | $84,789 | $136,908 | $110,308 | $112,299 | $145,104 | $488,025 | $504,619 | $778,188 |
Basic | $0.53 | $0.46 | $0.27 | $0.26 | $0.43 | $0.35 | $0.35 | $0.46 | $1.52 | $1.58 | $2.45 |
Diluted | $0.53 | $0.46 | $0.27 | $0.26 | $0.43 | $0.35 | $0.35 | $0.46 | $1.52 | $1.58 | $2.45 |
Quarterly_Information_Schedule1
Quarterly Information - Schedule of Quarterly Information (Parenthetical) (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Sep. 28, 2013 | Jun. 29, 2013 | Mar. 30, 2013 | Dec. 31, 2012 | Sep. 29, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 |
Quarterly Financial Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
LIFO charges | $17.40 | ($18) | $0 | $18 | ($71.90) | ($84) | ($14.50) | $14.50 | ' |
Net pre-tax charge related to partial write down of inventory and fixed asset | ' | 14 | ' | ' | ' | ' | ' | ' | ' |
Non-cash gain related to correction of deferred tax balances | 21.3 | ' | ' | ' | ' | ' | ' | ' | 21.3 |
Purchase Accounting Adjustments | ' | ' | ' | ' | 12 | 28.2 | 8.6 | ' | ' |
Impairment of equity method investments | ' | ' | ' | ' | ' | ' | 30 | ' | ' |
Loss on sale of Assets | ' | ' | ' | ' | ' | $17.60 | ' | ' | ' |
Schedule_II_Valuation_and_Qual
Schedule II - Valuation and Qualifying Accounts (Detail) (LIFO Reserve [Member], USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
LIFO Reserve [Member] | ' | ' | ' |
Valuation and Qualifying Accounts Disclosure [Line Items] | ' | ' | ' |
Balance at beginning of Year | $607,240 | $763,176 | $620,414 |
Additions charged to costs and expenses | 17,445 | ' | 142,762 |
Deductions | ' | -155,936 | ' |
Balance at end of year | $624,685 | $607,240 | $763,176 |