Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended |
Apr. 05, 2014 | |
Document And Entity Information [Abstract] | ' |
Document Type | '10-Q |
Amendment Flag | 'false |
Document Period End Date | 5-Apr-14 |
Document Fiscal Year Focus | '2014 |
Document Fiscal Period Focus | 'Q1 |
Entity Registrant Name | 'NUCOR CORP |
Entity Central Index Key | '0000073309 |
Current Fiscal Year End Date | '--12-31 |
Entity Filer Category | 'Large Accelerated Filer |
Entity Common Stock, Shares Outstanding | 318,465,350 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Earnings (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Apr. 05, 2014 | Mar. 30, 2013 |
Income Statement [Abstract] | ' | ' |
Net sales | $5,108,444 | $4,550,772 |
Costs, expenses and other: | ' | ' |
Cost of products sold | 4,731,242 | 4,247,556 |
Marketing, administrative and other expenses | 133,434 | 116,225 |
Equity in (earnings) losses of unconsolidated affiliates | -4,474 | 1,172 |
Interest expense, net | 40,741 | 32,491 |
Costs, expenses and other, total | 4,900,943 | 4,397,444 |
Earnings before income taxes and noncontrolling interests | 207,501 | 153,328 |
Provision for income taxes | 77,805 | 42,600 |
Net earnings | 129,696 | 110,728 |
Earnings attributable to noncontrolling interests | 18,665 | 25,939 |
Net earnings attributable to Nucor stockholders | $111,031 | $84,789 |
Net earnings per share: | ' | ' |
Basic | $0.35 | $0.26 |
Diluted | $0.35 | $0.26 |
Average shares outstanding: | ' | ' |
Basic | 319,505 | 318,686 |
Diluted | 319,768 | 318,842 |
Dividends declared per share | $0.37 | $0.37 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Comprehensive Income (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Apr. 05, 2014 | Mar. 30, 2013 |
Statement Of Comprehensive Income [Abstract] | ' | ' |
Net earnings | $129,696 | $110,728 |
Other comprehensive loss: | ' | ' |
Net unrealized loss on hedging derivatives, net of income taxes of ($1,100) and $0 for the first quarter of 2014 and 2013, respectively | -1,871 | ' |
Reclassification adjustment for loss on settlement of hedging derivatives included in net income, net of income taxes of $200 and $0 for the first quarter of 2014 and 2013, respectively | 471 | ' |
Foreign currency translation loss, net of income taxes of ($400) and $0 for the first quarter of 2014 and 2013, respectively | -43,477 | -50,513 |
Other comprehensive income (loss) | -44,877 | -50,513 |
Comprehensive income | 84,819 | 60,215 |
Comprehensive income attributable to noncontrolling interests | -18,665 | -25,939 |
Comprehensive income attributable to Nucor stockholders | $66,154 | $34,276 |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statements of Comprehensive Income (Parenthetical) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Apr. 05, 2014 | Mar. 30, 2013 |
Statement Of Comprehensive Income [Abstract] | ' | ' |
Net unrealized loss on hedging derivatives, tax effect | ($1,100) | $0 |
Reclassification adjustment for loss on settlement of hedging derivatives included in net earnings, tax effect | 200 | 0 |
Foreign currency translation loss, tax effect | ($400) | $0 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (USD $) | Apr. 05, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $1,152,542 | $1,483,252 |
Short-term investments | 100,000 | 28,191 |
Accounts receivable, net | 1,900,293 | 1,810,987 |
Inventories, net | 2,724,194 | 2,605,609 |
Other current assets | 432,844 | 482,007 |
Total current assets | 6,309,873 | 6,410,046 |
Property, plant and equipment, net | 4,960,948 | 4,917,024 |
Goodwill | 1,958,967 | 1,973,608 |
Other intangible assets, net | 851,013 | 874,154 |
Other assets | 1,037,210 | 1,028,451 |
Total assets | 15,118,011 | 15,203,283 |
Current liabilities: | ' | ' |
Short-term debt | 27,072 | 29,202 |
Long-term debt due within one year | 3,300 | 3,300 |
Accounts payable | 1,062,572 | 1,117,078 |
Federal income taxes payable | 29,582 | ' |
Salaries, wages and related accruals | 218,916 | 282,860 |
Accrued expenses and other current liabilities | 554,526 | 527,776 |
Total current liabilities | 1,895,968 | 1,960,216 |
Long-term debt due after one year | 4,376,900 | 4,376,900 |
Deferred credits and other liabilities | 984,608 | 955,889 |
Total liabilities | 7,257,476 | 7,293,005 |
Nucor stockholders' equity: | ' | ' |
Common stock | 151,025 | 151,010 |
Additional paid-in capital | 1,849,737 | 1,843,353 |
Retained earnings | 7,132,776 | 7,140,440 |
Accumulated other comprehensive (loss) income, net of income taxes | -35,797 | 9,080 |
Treasury stock | -1,495,586 | -1,498,114 |
Total Nucor stockholders' equity | 7,602,155 | 7,645,769 |
Noncontrolling interests | 258,380 | 264,509 |
Total equity | 7,860,535 | 7,910,278 |
Total liabilities and equity | $15,118,011 | $15,203,283 |
Condensed_Consolidated_Stateme3
Condensed Consolidated Statements of Cash Flows (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Apr. 05, 2014 | Mar. 30, 2013 |
Operating activities: | ' | ' |
Net earnings | $129,696 | $110,728 |
Adjustments: | ' | ' |
Depreciation | 161,480 | 130,425 |
Amortization | 18,432 | 19,048 |
Stock-based compensation | 6,088 | 6,035 |
Deferred income taxes | 8,312 | 11,183 |
Distributions from affiliates | ' | 6,708 |
Equity in (earnings) losses of unconsolidated affiliates | -4,474 | 1,172 |
Loss on assets | 9,046 | ' |
Changes in assets and liabilities (exclusive of acquisitions and dispositions): | ' | ' |
Accounts receivable | -97,183 | -90,688 |
Inventories | -123,145 | -63,222 |
Accounts payable | 7,489 | -175 |
Federal income taxes | 56,526 | 11,654 |
Salaries, wages and related accruals | -59,147 | -74,206 |
Other operating activities | 36,094 | 60,149 |
Cash provided by operating activities | 149,214 | 128,811 |
Investing activities: | ' | ' |
Capital expenditures | -258,058 | -330,585 |
Investment in and advances to affiliates | -7,105 | -20,678 |
Repayment of advances to affiliates | 3,000 | 7,500 |
Disposition of plant and equipment | 4,540 | 2,958 |
Acquisitions (net of cash acquired) | -1,408 | ' |
Purchases of investments | -100,000 | ' |
Proceeds from the sale of investments | 27,529 | 73,428 |
Proceeds from the sale of restricted investments | ' | 148,725 |
Changes in restricted cash | ' | -20,135 |
Cash used in investing activities | -331,502 | -138,787 |
Financing activities: | ' | ' |
Net change in short-term debt | -2,130 | 12,512 |
Excess tax benefits from stock-based compensation | 300 | 500 |
Distributions to noncontrolling interests | -24,794 | -34,594 |
Cash dividends | -118,680 | -117,618 |
Other financing activities | -601 | 109 |
Cash used in financing activities | -145,905 | -139,091 |
Effect of exchange rate changes on cash | -2,517 | -1,095 |
Decrease in cash and cash equivalents | -330,710 | -150,162 |
Cash and cash equivalents-beginning of year | 1,483,252 | 1,052,862 |
Cash and cash equivalents-end of three months | 1,152,542 | 902,700 |
Non-cash investing activity: | ' | ' |
Change in accrued plant and equipment purchases | ($60,864) | ($24,590) |
Basis_of_Interim_Presentation
Basis of Interim Presentation | 3 Months Ended | |
Apr. 05, 2014 | ||
Basis of Interim Presentation [Abstract] | ' | |
Basis of Interim Presentation | ' | |
1 | BASIS OF INTERIM PRESENTATION: The information furnished in Item I reflects all adjustments which are, in the opinion of management, necessary to a fair statement of the results for the interim periods and are of a normal and recurring nature unless otherwise noted. The information furnished has not been audited; however, the December 31, 2013 condensed consolidated balance sheet data was derived from audited financial statements but does not include all disclosures required by accounting principles generally accepted in the United States of America. The unaudited condensed consolidated financial statements in this Item I should be read in conjunction with the consolidated financial statements and the notes thereto included in Nucor’s Annual Report on Form 10-K for the fiscal year ended December 31, 2013. | |
Recently Adopted Accounting Pronouncements — In the first quarter of 2014, Nucor adopted 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. Adoption of the guidance did not impact Nucor’s consolidated financial position, results of operations or cash flows. | ||
In March 2013, new accounting guidance was issued on foreign currency matters that clarifies the guidance of a parent company’s accounting for the cumulative translation adjustment upon derecognition of certain subsidiaries or groups of assets within a foreign entity or of an investment in a foreign entity. Under this new standard, a parent company that ceases to have a controlling financial interest in a foreign subsidiary or group of assets within a foreign entity shall release any related cumulative translation adjustment into net income only if a sale or transfer results in complete or substantially complete liquidation of the foreign entity. This standard is applied prospectively for the Company beginning January 1, 2014. The adoption of this standard does not have a material effect on the consolidated financial statements. | ||
In February 2013, new accounting guidance was issued on joint and several liability arrangements for which the total amount of the obligation is fixed at the reporting date. Under this new standard, obligations resulting from joint and several liability arrangements are to be measured as the sum of: (a) the amount the reporting entity agreed with its co-obligors that it will pay and (b) any additional amount the reporting entity expects to pay on behalf of its co-obligors. This standard is applied prospectively for the Company beginning January 1, 2014. The adoption of this standard does not have a material effect on the consolidated financial statements. | ||
Recently Issued Accounting Pronouncements — In April 2014, new accounting guidance was issued which changes the criteria for determining which disposals can be presented as discontinued operations and modifies related disclosure requirements. The new guidance is effective for annual and interim periods beginning after December 15, 2014. The impact on the Company of adopting the new guidance will depend on the nature, terms and size of business disposals completed after the effective date. |
Inventories
Inventories | 3 Months Ended | |
Apr. 05, 2014 | ||
Inventory Disclosure [Abstract] | ' | |
Inventories | ' | |
2 | INVENTORIES: Inventories consisted of approximately 36% raw materials and supplies and 64% finished and semi-finished products at April 5, 2014 (40% and 60%, respectively at December 31, 2013). Nucor’s manufacturing process consists of a continuous, vertically integrated process from which products are sold to customers at various stages throughout the process. Since most steel products can be classified as either finished or semi-finished products, these two categories of inventory are combined. | |
Inventories valued using the last-in, first-out (LIFO) method of accounting represented approximately 46% of total inventories as of April 5, 2014 (45% as of December 31, 2013). If the first-in, first-out (FIFO) method of accounting had been used, inventories would have been $639.2 million higher at April 5, 2014 ($624.7 million higher at December 31, 2013). Use of the lower of cost or market methodology reduced inventories by $1.9 million at April 5, 2014 ($2.1 million at December 31, 2013). |
Property_Plant_and_Equipment
Property, Plant and Equipment | 3 Months Ended | |
Apr. 05, 2014 | ||
Property Plant And Equipment [Abstract] | ' | |
Property, Plant and Equipment | ' | |
3 | PROPERTY, PLANT AND EQUIPMENT: Property, plant and equipment is recorded net of accumulated depreciation of $6.78 billion at April 5, 2014 ($6.63 billion at December 31, 2013). | |
Included within property, plant and equipment, net at April 5, 2014 is $24.7 million of assets, net of accumulated depreciation, under a capital lease agreement (none at December 31, 2013). The gross amount of property, plant and equipment acquired under the capital lease was $25.4 million, which is not included in capital expenditures on the condensed consolidated statement of cash flows. Total obligations associated with this capital lease agreement were $24.8 million at April 5, 2014 (none at December 31, 2013), of which $2.1 million was classified in accrued expenses and other current liabilities and $22.7 million was classified in deferred credits and other liabilities. |
Restricted_Cash_and_Investment
Restricted Cash and Investments | 3 Months Ended |
Apr. 05, 2014 | |
Restricted Cash and Investments [Abstract] | ' |
Restricted Cash and Investments | ' |
4 | |
RESTRICTED CASH AND INVESTMENTS: There were no restricted cash or investments as of April 5, 2014 or December 31, 2013. In November 2010, Nucor issued $600.0 million in 30-year Gulf Opportunity Zone bonds, the net proceeds of which were accounted for as restricted cash and investments. 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, with $128.7 million being disbursed in the first quarter of 2013. The remaining funds were disbursed over the remainder of 2013. |
Goodwill_and_Other_Intangible_
Goodwill and Other Intangible Assets | 3 Months Ended | ||||||||||||||||
Apr. 05, 2014 | |||||||||||||||||
Goodwill And Intangible Assets Disclosure [Abstract] | ' | ||||||||||||||||
Goodwill and Other Intangible Assets | ' | ||||||||||||||||
5 | GOODWILL AND OTHER INTANGIBLE ASSETS: The change in the net carrying amount of goodwill for the three months ended April 5, 2014 by segment is as follows (in thousands): | ||||||||||||||||
Steel Mills | Steel Products | Raw Materials | Total | ||||||||||||||
Balance at December 31, 2013 | $ | 495,897 | $ | 774,486 | $ | 703,225 | $ | 1,973,608 | |||||||||
Translation | — | (14,641 | ) | — | (14,641 | ) | |||||||||||
Balance at April 5, 2014 | $ | 495,897 | $ | 759,845 | $ | 703,225 | $ | 1,958,967 | |||||||||
Nucor completed its most recent annual goodwill impairment testing during the fourth quarter of 2013 and concluded that there was no impairment of goodwill for any of its reporting units. There have been no triggering events requiring an interim assessment for impairment since the most recent annual impairment testing date. | |||||||||||||||||
Intangible assets with estimated useful lives of 5 to 22 years are amortized on a straight-line or accelerated basis and are comprised of the following (in thousands): | |||||||||||||||||
5-Apr-14 | 31-Dec-13 | ||||||||||||||||
Gross | Accumulated | Gross | Accumulated | ||||||||||||||
Amount | Amortization | Amount | Amortization | ||||||||||||||
Customer relationships | $ | 1,142,958 | $ | 407,400 | $ | 1,147,786 | $ | 391,254 | |||||||||
Trademarks and trade names | 150,497 | 42,339 | 151,332 | 40,397 | |||||||||||||
Other | 22,823 | 15,526 | 21,869 | 15,182 | |||||||||||||
$ | 1,316,278 | $ | 465,265 | $ | 1,320,987 | $ | 446,833 | ||||||||||
Intangible asset amortization expense for the first quarter of 2014 and 2013 was $18.4 million and $19.0 million, respectively. Annual amortization expense is estimated to be $71.3 million in 2014; $68.4 million in 2015; $66.7 million in 2016; $65.0 million in 2017; and $61.3 million in 2018. |
Equity_Investments
Equity Investments | 3 Months Ended | |
Apr. 05, 2014 | ||
Equity Method Investments And Joint Ventures [Abstract] | ' | |
Equity Investments | ' | |
6 | EQUITY INVESTMENTS: The carrying value of our equity investments in domestic and foreign companies was $944.9 million at April 5, 2014 ($936.0 million at December 31, 2013) and is recorded in other assets in the condensed consolidated balance sheets. | |
DUFERDOFIN NUCOR | ||
Nucor owns a 50% economic and voting interest in Duferdofin Nucor S.r.l. (Duferdofin Nucor), an Italian steel manufacturer, and accounts for the investment (on a one-month lag basis) under the equity method, as control and risk of loss are shared equally between the members. | ||
Nucor’s investment in Duferdofin Nucor at April 5, 2014 was $463.6 million ($465.4 million at December 31, 2013). Nucor’s 50% share of the total net assets of Duferdofin Nucor was $55.0 million at April 5, 2014, resulting in a basis difference of $408.6 million due to the step-up to fair value of certain assets and liabilities attributable to Duferdofin Nucor as well as the identification of goodwill ($331.0 million) and finite-lived intangible assets. This basis difference, excluding the portion attributable to goodwill, is being amortized based on the remaining estimated useful lives of the various underlying net assets, as appropriate. Amortization expense and other purchase accounting adjustments associated with the fair value step-up were $2.7 million and $2.9 million in the first quarter of 2014 and 2013, respectively. | ||
As of April 5, 2014, Nucor had outstanding notes receivable of €35.0 million ($48.0 million) from Duferdofin Nucor (€35.0 million, or $48.2 million, at December 31, 2013). 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. Accordingly, the notes receivable were classified in other assets in the condensed consolidated balance sheets as of April 5, 2014. | ||
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. The maximum amount that Duferdofin Nucor can borrow under Facility A is €122.5 million, and as of April 5, 2014, Duferdofin Nucor had €119.5 million ($163.8 million) outstanding under that facility (€112.0 million, or $154.4 million, at December 31, 2013). If Duferdofin Nucor fails to pay when due any amounts for which it is obligated under Facility A, Nucor could be required to pay 50% of such amounts pursuant to and in accordance with the terms of its guarantee. Any indebtedness of Duferdofin Nucor to Nucor is effectively subordinated to the indebtedness of Duferdofin Nucor under the Structured Trade Finance Facilities Agreement. Nucor has not recorded any liability associated with the guarantee. | ||
NUMIT | ||
Nucor has a 50% economic and voting interest in NuMit LLC (NuMit). NuMit owns 100% of the equity interest in Steel Technologies LLC, an operator of 24 sheet processing facilities located throughout the U.S., Canada and Mexico. Nucor accounts for the investment in NuMit (on a one-month lag basis) under the equity method as control and risk of loss are shared equally between the members. | ||
Nucor’s investment in NuMit at April 5, 2014 was $326.9 million ($318.4 million as of December 31, 2013). Nucor also has recorded a $40.0 million note receivable from Steel Technologies LLC that bears interest at 1.13% as of April 5, 2014 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 line of credit to Steel Technologies. In the first quarter of 2014 the line of credit was amended to extend the maturity date to April 1, 2015 and decrease the line of credit from $100.0 million to $60.0 million (of which $14.0 million was outstanding at April 5, 2014 and bears interest at 1.36%). As of April 5, 2014, both the note receivable and the amounts outstanding on the line of credit are classified in other current assets in the condensed consolidated balance sheets. | ||
HUNTER RIDGE | ||
Nucor has a 50% economic and voting interest in Hunter Ridge Energy Services LLC (Hunter Ridge). Hunter Ridge provides services for the gathering, separation and compression of energy products including natural gas produced by Nucor’s working interest drilling program. Nucor accounts for the investment (on a one-month lag basis) under the equity method, as control and risk of loss are shared equally between the members. Nucor’s investment in Hunter Ridge at April 5, 2014 was $135.4 million ($134.5 million at December 31, 2013). | ||
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 fourth quarter of 2013, Nucor assessed its equity investment in Duferdofin Nucor for impairment 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 and that there was no need for impairment. The assumptions that most significantly affect the fair value determination include projected revenues and the discount rate. Steel market conditions in Europe have continued to be challenging through the first quarter of 2014, and, therefore, it is reasonably possible that material deviation of future performance from the estimates used in our most recent valuation could result in further impairment of our investment in Duferdofin Nucor. Nucor recorded a $30.0 million impairment charge against its investment in Duferdofin Nucor in the second quarter of 2012. |
Current_Liabilities
Current Liabilities | 3 Months Ended |
Apr. 05, 2014 | |
Liabilities Current [Abstract] | ' |
Current Liabilities | ' |
7 | |
CURRENT LIABILITIES: Book overdrafts, included in accounts payable in the condensed consolidated balance sheets, were $74.4 million at April 5, 2014 ($81.6 million at December 31, 2013). Dividends payable, included in accrued expenses and other current liabilities in the condensed consolidated balance sheets, were $118.7 million at both April 5, 2014 and December 31, 2013. |
Derivatives
Derivatives | 3 Months Ended | ||||||||||||||||||||||||||||
Apr. 05, 2014 | |||||||||||||||||||||||||||||
Derivative Instruments And Hedging Activities Disclosure [Abstract] | ' | ||||||||||||||||||||||||||||
Derivatives | ' | ||||||||||||||||||||||||||||
8 | DERIVATIVES: Nucor periodically uses derivative financial instruments primarily to partially manage its exposure to price risk related to natural gas purchases used in the production process as well as to scrap, copper and aluminum purchased for resale to its customers. In addition, Nucor periodically uses derivatives to partially manage its exposure to changes in interest rates on outstanding debt instruments and uses forward foreign exchange contracts to hedge cash flows associated with certain assets and liabilities, firm commitments and anticipated transactions. | ||||||||||||||||||||||||||||
Nucor recognizes all derivative instruments in the condensed consolidated balance sheets at fair value. Any resulting changes in fair value are recorded as adjustments to other comprehensive income (loss), net of tax, or recognized in net earnings, as appropriate. | |||||||||||||||||||||||||||||
The following tables summarize information regarding Nucor’s derivative instruments (in thousands): | |||||||||||||||||||||||||||||
Fair Value of Derivative Instruments | |||||||||||||||||||||||||||||
Fair Value at | |||||||||||||||||||||||||||||
Balance Sheet Location | April 5, | Dec. 31, | |||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||
Liability derivatives designated as hedging instruments: | |||||||||||||||||||||||||||||
Commodity contracts | Accrued expenses and other current liabilities | $ | (1,400 | ) | $ | — | |||||||||||||||||||||||
Commodity contracts | Deferred credits and other liabilities | (900 | ) | — | |||||||||||||||||||||||||
Total liability derivatives designated as hedging instruments | (2,300 | ) | — | ||||||||||||||||||||||||||
Liability derivatives not designated as hedging instruments: | |||||||||||||||||||||||||||||
Commodity contracts | Accrued expenses and other current liabilities | (430 | ) | (553 | ) | ||||||||||||||||||||||||
Foreign exchange contracts | Accrued expenses and other current liabilities | (19 | ) | (2 | ) | ||||||||||||||||||||||||
Total liability derivatives not designated as hedging instruments | (449 | ) | (555 | ) | |||||||||||||||||||||||||
Total liability derivatives | $ | (2,749 | ) | $ | (555 | ) | |||||||||||||||||||||||
The Effect of Derivative Instruments on the Condensed Consolidated Statements of Earnings | |||||||||||||||||||||||||||||
Derivatives Designated as Hedging Instruments | |||||||||||||||||||||||||||||
Amount of Gain | Amount of Gain | Amount of Gain | |||||||||||||||||||||||||||
or (Loss), | or (Loss), | or (Loss) | |||||||||||||||||||||||||||
net of tax, | net of tax, | Recognized in | |||||||||||||||||||||||||||
Recognized in OCI | Reclassified from | Earnings on | |||||||||||||||||||||||||||
on Derivatives | Accumulated OCI into | Derivatives | |||||||||||||||||||||||||||
Derivatives in Cash Flow Hedging | (Effective Portion) | Earnings | (Ineffective Portion) | ||||||||||||||||||||||||||
Relationships | (Effective Portion) | ||||||||||||||||||||||||||||
Three Months | Three Months | Three Months | |||||||||||||||||||||||||||
(13 weeks) Ended | (13 weeks) Ended | (13 weeks) Ended | |||||||||||||||||||||||||||
Statement of Earnings | April 5, | March 30, | April 5, | March 30, | April 5, | March 30, | |||||||||||||||||||||||
Location | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||
Commodity contracts | Cost of products sold | $ | (1,871 | ) | $ | — | $ | (471 | ) | $ | — | $ | — | $ | — | ||||||||||||||
Derivatives Not Designated as Hedging Instruments | |||||||||||||||||||||||||||||
Amount of Gain or (Loss) Recognized in Earnings on Derivatives | |||||||||||||||||||||||||||||
Three Months (13 weeks) Ended | |||||||||||||||||||||||||||||
Derivatives Not Designated as | Statement of | April 5, | March 30, | ||||||||||||||||||||||||||
Hedging Instruments | Earnings Location | 2014 | 2013 | ||||||||||||||||||||||||||
Commodity contracts | Cost of products sold | $ | 1,233 | $ | 2,509 | ||||||||||||||||||||||||
Foreign exchange contracts | Cost of products sold | 153 | 116 | ||||||||||||||||||||||||||
Total | $ | 1,386 | $ | 2,625 | |||||||||||||||||||||||||
Fair_Value_Measurements
Fair Value Measurements | 3 Months Ended | ||||||||||||||||
Apr. 05, 2014 | |||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||
Fair Value Measurements | ' | ||||||||||||||||
9 | FAIR VALUE MEASUREMENTS: The following table summarizes information regarding Nucor’s financial assets and financial liabilities that are measured at fair value as of April 5, 2014 and December 31, 2013 (in thousands). Nucor does not currently have any non-financial assets or liabilities that are measured at fair value on a recurring basis. | ||||||||||||||||
Fair Value Measurements at Reporting Date Using | |||||||||||||||||
Description | Carrying | Quoted Prices | Significant | Significant | |||||||||||||
Amount in | in Active | Other | Unobservable | ||||||||||||||
Condensed | Markets for | Observable | Inputs | ||||||||||||||
Consolidated | Identical | Inputs | (Level 3) | ||||||||||||||
Balance Sheets | Assets | (Level 2) | |||||||||||||||
(Level 1) | |||||||||||||||||
As of April 5, 2014 | |||||||||||||||||
Assets: | |||||||||||||||||
Cash equivalents | $ | 981,719 | $ | 981,719 | $ | — | $ | — | |||||||||
Short-term investments | 100,000 | 100,000 | — | — | |||||||||||||
Total assets | $ | 1,081,719 | $ | 1,081,719 | $ | — | $ | — | |||||||||
Liabilities: | |||||||||||||||||
Foreign exchange and commodity contracts | $ | (2,749 | ) | $ | — | $ | (2,749 | ) | $ | — | |||||||
As of 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 | ) | $ | — | |||||||
Fair value measurements for Nucor’s cash equivalents and short-term investments are classified under Level 1 because such measurements are based on quoted market prices in active markets for identical assets. Our short-term investments are held in similar short-term investment instruments as described in Note 4 to Nucor’s annual report for the year ended December 31, 2013. Fair value measurements for Nucor’s derivatives are classified under Level 2 because such measurements are based on published market prices for similar assets or are estimated based on observable inputs such as interest rates, yield curves, credit risks, spot and future commodity prices, and spot and future exchange rates. | |||||||||||||||||
The fair value of short-term and long-term debt, including current maturities, was approximately $4.69 billion at April 5, 2014 ($4.61 billion at December 31, 2013). The debt fair value estimates are classified under Level 2 because such estimates are based on readily available market prices of our debt at April 5, 2014 and December 31, 2013, or similar debt with the same maturities, rating and interest rates. |
Contingencies
Contingencies | 3 Months Ended | |
Apr. 05, 2014 | ||
Commitments And Contingencies Disclosure [Abstract] | ' | |
Contingencies | ' | |
10 | CONTINGENCIES: Nucor is subject to environmental laws and regulations established by federal, state and local authorities, and, accordingly, makes provision for the estimated costs of compliance. Of the undiscounted total of $21.7 million of accrued environmental costs at April 5, 2014 ($22.9 million at December 31, 2013), $6.2 million was classified in accrued expenses and other current liabilities ($6.9 million at December 31, 2013) and $15.5 million was classified in deferred credits and other liabilities ($16.0 million at December 31, 2013). 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. | ||
On March 25, 2014, a jury in the U.S. District Court for the Southern District of Texas returned a verdict against Nucor and five other co-defendants in an antitrust litigation brought by plaintiff MM Steel, LP, a steel plate service center located in Houston. The jury returned a verdict of $52.0 million in damages against all defendants jointly and severally, which amount was trebled under the federal antitrust laws in a judgment entered by the court on April 29, 2014. The Company intends to vigorously pursue all available processes to have the judgment vacated or reversed, including appeal to the U.S. Court of Appeals for the Fifth Circuit, and it believes that it has valid grounds for either outcome. The Company believes that the evidence against Nucor was insufficient to support any finding that Nucor was involved in a horizontal conspiracy. The Company believes that the trial court wrongly excluded relevant testimony of Nucor’s expert witness. The Company believes that the trial court erred in admitting hearsay evidence. Finally, the Company believes that the trial court did not sufficiently instruct the jury on applicable legal principles. As a result, the Company believes that the likelihood that the judgment will be affirmed is not probable, and, accordingly, it has not recorded any reserves or contingencies related to this legal matter. Although we are defending this lawsuit vigorously, its ultimate resolution is uncertain. | ||
We are from time to time a party to various other lawsuits, claims and 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 | 3 Months Ended | ||||||||||||||||
Apr. 05, 2014 | |||||||||||||||||
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' | ||||||||||||||||
Stock-Based Compensation | ' | ||||||||||||||||
11 | 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 are generally exercisable at the end of three years and have a term of 10 years. New shares are issued upon exercise of stock options. | ||||||||||||||||
A summary of activity under Nucor’s stock option plans for the first quarter of 2014 is as follows (in thousands, except year and per share amounts): | |||||||||||||||||
Weighted - | Weighted - | ||||||||||||||||
Average | Average | Aggregate | |||||||||||||||
Exercise | Remaining | Intrinsic | |||||||||||||||
Shares | Price | Contractual Life | Value | ||||||||||||||
Number of shares under option: | |||||||||||||||||
Outstanding at beginning of year | 2,089 | $ | 40.47 | ||||||||||||||
Granted | — | — | |||||||||||||||
Exercised | — | — | |||||||||||||||
Canceled | — | — | |||||||||||||||
Outstanding at April 5, 2014 | 2,089 | $ | 40.47 | 7.9 years | $ | 22,213 | |||||||||||
Options exercisable at April 5, 2014 | 1,012 | $ | 39.75 | 7.5 years | $ | 11,482 | |||||||||||
Stock options granted to employees who are eligible for retirement on the date of grant are expensed immediately. Retirement, for purposes of vesting in these stock options, means termination of employment after satisfying age and years of service requirements. Stock options 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 stock options granted to employees who are not retirement-eligible is recognized on a straight-line basis over the vesting period. Compensation expense for stock options was $0.2 million in the first quarter of 2013 (none in the first quarter of 2014). | |||||||||||||||||
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 RSU activity for the first quarter of 2014 is as follows (shares in thousands): | |||||||||||||||||
Shares | Grant Date | ||||||||||||||||
Fair Value | |||||||||||||||||
Restricted stock units: | |||||||||||||||||
Unvested at beginning of year | 1,122 | $ | 42.51 | ||||||||||||||
Granted | — | — | |||||||||||||||
Vested | (16 | ) | $ | 42.61 | |||||||||||||
Canceled | (6 | ) | $ | 40.32 | |||||||||||||
Unvested at April 5, 2014 | 1,100 | $ | 42.52 | ||||||||||||||
Shares reserved for future grants (stock options and RSUs) | 10,484 | ||||||||||||||||
Compensation expense for RSUs was $4.9 million in the first quarter of 2014 ($4.1 million in the first quarter of 2013). As of April 5, 2014, unrecognized compensation expense related to unvested RSUs was $24.4 million, which is expected to be recognized over a weighted-average period of 1.8 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 for the first quarter of 2014 is as follows (shares in thousands): | |||||||||||||||||
Shares | Grant Date | ||||||||||||||||
Fair Value | |||||||||||||||||
Restricted stock awards and units: | |||||||||||||||||
Unvested at beginning of year | 73 | $ | 45.49 | ||||||||||||||
Granted | 127 | $ | 50.35 | ||||||||||||||
Vested | (122 | ) | $ | 48.99 | |||||||||||||
Canceled | — | — | |||||||||||||||
Unvested at April 5, 2014 | 78 | $ | 47.93 | ||||||||||||||
Shares reserved for future grants | 1,111 | ||||||||||||||||
Compensation expense for common stock and common stock units awarded under the AIP and LTIP is recorded over the performance measurement and vesting periods based on the anticipated number and market value of shares of common stock and common stock units to be awarded. Compensation expense for anticipated awards based upon Nucor’s financial performance, exclusive of amounts payable in cash, was $1.2 million in the first quarter of 2014 ($1.8 million in the first quarter of 2013). As of April 5, 2014, unrecognized compensation expense related to unvested restricted stock awards was $1.3 million, which is expected to be recognized over a weighted-average period of 2.2 years. |
Employee_Benefit_Plan
Employee Benefit Plan | 3 Months Ended | |
Apr. 05, 2014 | ||
Employee Benefit Plan [Abstract] | ' | |
Employee Benefit Plan | ' | |
12 | EMPLOYEE BENEFIT PLAN: Nucor makes contributions to a Profit Sharing and Retirement Savings Plan for qualified employees based on the profitability of the Company. Nucor’s expense for these benefits totaled $18.2 million and $13.6 million in the first quarter of 2014 and 2013, respectively. The related liability for these benefits is included in salaries, wages and related accruals. |
Interest_Expense_Income
Interest Expense (Income) | 3 Months Ended | ||||||||
Apr. 05, 2014 | |||||||||
Interest Revenue Or Expense Net [Abstract] | ' | ||||||||
Interest Expense (Income) | ' | ||||||||
13 | INTEREST EXPENSE (INCOME): The components of net interest expense are as follows (in thousands): | ||||||||
Three Months (13 Weeks) Ended | |||||||||
April 5, 2014 | March 30, 2013 | ||||||||
Interest expense | $ | 41,893 | $ | 33,680 | |||||
Interest income | (1,152 | ) | (1,189 | ) | |||||
Interest expense, net | $ | 40,741 | $ | 32,491 | |||||
Income_Taxes
Income Taxes | 3 Months Ended | |
Apr. 05, 2014 | ||
Income Tax Disclosure [Abstract] | ' | |
Income Taxes | ' | |
14 | INCOME TAXES: The effective tax rate for the first quarter of 2014 was 37.5% compared to 27.8% for the first quarter of 2013. The increase in the effective tax rate for the first quarter of 2014 as compared to the first quarter of 2013 is due to a charge of $12.8 million which is primarily related to tax legislation changes in the state of New York during the first quarter of 2014. The increase in effective tax rate is also due to the change in relative proportions of net earnings attributable to noncontrolling interests to total pre-tax earnings between the periods, and the 2013 first quarter rate being lower because of the recognition of credits for the year 2012 retroactively extended by the American Taxpayer Relief Act of 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. 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). | |
Current deferred tax assets included in other current assets were $253.6 million at April 5, 2014 ($255.5 million at December 31, 2013). Current deferred tax liabilities included in accrued expenses and other current liabilities were $12.7 million at April 5, 2014 ($14.6 million at December 31, 2013). Non-current deferred tax liabilities included in deferred credits and other liabilities were $682.0 million at April 5, 2014 ($676.2 million at December 31, 2013). |
Stockholders_Equity
Stockholders' Equity | 3 Months Ended | ||||||||||||
Apr. 05, 2014 | |||||||||||||
Equity [Abstract] | ' | ||||||||||||
Stockholders' Equity | ' | ||||||||||||
15 | STOCKHOLDERS’ EQUITY: The following tables reflect the changes in stockholders’ equity attributable to both Nucor and the noncontrolling interests of Nucor’s joint ventures, primarily Nucor-Yamato Steel Company, of which Nucor owns 51% (in thousands): | ||||||||||||
Attributable to | Attributable to | Total | |||||||||||
Nucor Corporation | Noncontrolling Interests | ||||||||||||
Stockholders’ equity at December 31, 2013 | $ | 7,645,769 | $ | 264,509 | $ | 7,910,278 | |||||||
Total comprehensive income | 66,154 | 18,665 | 84,819 | ||||||||||
Issuance of stock under award plans, net of forfeitures | 8,727 | — | 8,727 | ||||||||||
Amortization of unearned compensation | 200 | — | 200 | ||||||||||
Dividends declared | (118,695 | ) | — | (118,695 | ) | ||||||||
Distributions to noncontrolling interests | — | (24,794 | ) | (24,794 | ) | ||||||||
Stockholders’ equity at April 5, 2014 | $ | 7,602,155 | $ | 258,380 | $ | 7,860,535 | |||||||
Stockholders’ equity at December 31, 2012 | $ | 7,641,571 | $ | 243,803 | $ | 7,885,374 | |||||||
Total comprehensive income | 34,276 | 25,939 | 60,215 | ||||||||||
Stock options | 168 | — | 168 | ||||||||||
Issuance of stock under award plans, net of forfeitures | 8,547 | — | 8,547 | ||||||||||
Amortization of unearned compensation | 201 | — | 201 | ||||||||||
Dividends declared | (117,667 | ) | — | (117,667 | ) | ||||||||
Distributions to noncontrolling interests | — | (34,595 | ) | (34,595 | ) | ||||||||
Stockholders’ equity at March 30, 2013 | $ | 7,567,096 | $ | 235,147 | $ | 7,802,243 | |||||||
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Income | 3 Months Ended | ||||||||||||||||
Apr. 05, 2014 | |||||||||||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ' | ||||||||||||||||
Accumulated Other Comprehensive Income | ' | ||||||||||||||||
16 | ACCUMULATED OTHER COMPREHENSIVE INCOME: The following tables reflect the changes in other accumulated comprehensive (loss) income by component (in thousands): | ||||||||||||||||
Three Month Period Ended | |||||||||||||||||
5-Apr-14 | |||||||||||||||||
Gains and Losses on | Foreign Currency | Adjustment to Early | Total | ||||||||||||||
Hedging Derivatives | Loss | Retiree Medical Plan | |||||||||||||||
31-Dec-13 | $ | — | $ | (7,438 | ) | $ | 16,518 | $ | 9,080 | ||||||||
Other comprehensive loss before reclassifications | (1,871 | ) | (43,477 | ) | — | (45,348 | ) | ||||||||||
Amounts reclassified from accumulated other comprehensive (loss) income into earnings | 471 | — | — | 471 | |||||||||||||
Net current-period other comprehensive loss | (1,400 | ) | (43,477 | ) | — | (44,877 | ) | ||||||||||
5-Apr-14 | $ | (1,400 | ) | $ | (50,915 | ) | $ | 16,518 | $ | (35,797 | ) | ||||||
Three Month Period Ended | |||||||||||||||||
30-Mar-13 | |||||||||||||||||
Gains and Losses on | Foreign Currency | Adjustment to Early | Total | ||||||||||||||
Hedging Derivatives | Gain (Loss) | Retiree Medical Plan | |||||||||||||||
31-Dec-12 | $ | — | $ | 46,181 | $ | 10,580 | $ | 56,761 | |||||||||
Other comprehensive loss before reclassifications | — | (50,513 | ) | — | (50,513 | ) | |||||||||||
Amounts reclassified from accumulated other comprehensive income into earnings | — | — | — | — | |||||||||||||
Net current-period other comprehensive loss | — | (50,513 | ) | — | (50,513 | ) | |||||||||||
30-Mar-13 | $ | — | $ | (4,332 | ) | $ | 10,580 | $ | 6,248 |
Segments
Segments | 3 Months Ended | ||||||||
Apr. 05, 2014 | |||||||||
Segment Reporting [Abstract] | ' | ||||||||
Segments | ' | ||||||||
17 | 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. 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. | ||||||||
Net interest expense, other income, profit sharing expense, stock-based compensation and changes in the LIFO reserve are shown under Corporate/eliminations. Corporate assets primarily include cash and cash equivalents, short-term investments, allowances to eliminate intercompany profit in inventory, fair value of natural gas hedges, deferred income tax assets, federal and state income taxes receivable, the LIFO reserve and investments in and advances to affiliates. | |||||||||
Nucor’s results by segment were as follows (in thousands): | |||||||||
Three Months (13 Weeks) Ended | |||||||||
April 5, 2014 | March 30, 2013 | ||||||||
Net sales to external customers: | |||||||||
Steel mills | $ | 3,607,764 | $ | 3,268,154 | |||||
Steel products | 874,169 | 789,347 | |||||||
Raw materials | 626,511 | 493,271 | |||||||
$ | 5,108,444 | $ | 4,550,772 | ||||||
Intercompany sales: | |||||||||
Steel mills | $ | 708,866 | $ | 632,720 | |||||
Steel products | 21,500 | 19,272 | |||||||
Raw materials | 2,528,006 | 2,163,488 | |||||||
Corporate/eliminations | (3,258,372 | ) | (2,815,480 | ) | |||||
$ | — | $ | — | ||||||
Earnings (loss) before income taxes and noncontrolling interests: | |||||||||
Steel mills | $ | 317,797 | $ | 272,258 | |||||
Steel products | 1,720 | (11,924 | ) | ||||||
Raw materials | 8,359 | 1,536 | |||||||
Corporate/eliminations | (120,375 | ) | (108,542 | ) | |||||
$ | 207,501 | $ | 153,328 | ||||||
5-Apr-14 | December 31, 2013 | ||||||||
Segment assets: | |||||||||
Steel mills | $ | 8,526,568 | $ | 8,365,023 | |||||
Steel products | 2,827,821 | 2,861,403 | |||||||
Raw materials | 3,982,480 | 3,956,913 | |||||||
Corporate/eliminations | (218,858 | ) | 19,944 | ||||||
$ | 15,118,011 | $ | 15,203,283 | ||||||
Earnings_Per_Share
Earnings Per Share | 3 Months Ended | ||||||||
Apr. 05, 2014 | |||||||||
Earnings Per Share [Abstract] | ' | ||||||||
Earnings Per Share | ' | ||||||||
18 | EARNINGS PER SHARE: The computations of basic and diluted net earnings per share are as follows (in thousands, except per share amounts): | ||||||||
Three Months (13 Weeks) Ended | |||||||||
April 5, 2014 | March 30, 2013 | ||||||||
Basic net earnings per share: | |||||||||
Basic net earnings | $ | 111,031 | $ | 84,789 | |||||
Earnings allocated to participating securities | (391 | ) | (386 | ) | |||||
Net earnings available to common stockholders | $ | 110,640 | $ | 84,403 | |||||
Average shares outstanding | 319,505 | 318,686 | |||||||
Basic net earnings per share | $ | 0.35 | $ | 0.26 | |||||
Diluted net earnings per share: | |||||||||
Diluted net earnings | $ | 111,031 | $ | 84,789 | |||||
Earnings allocated to participating securities | (391 | ) | (386 | ) | |||||
Net earnings available to common stockholders | $ | 110,640 | $ | 84,403 | |||||
Diluted average shares outstanding: | |||||||||
Basic shares outstanding | 319,505 | 318,686 | |||||||
Dilutive effect of stock options and other | 263 | 156 | |||||||
319,768 | 318,842 | ||||||||
Diluted net earnings per share | $ | 0.35 | $ | 0.26 | |||||
There were no shares excluded from the computation of diluted earnings per common share because their effect would have been antidilutive in either the first quarter of 2014 or the first quarter of 2013. |
Goodwill_and_Other_Intangible_1
Goodwill and Other Intangible Assets (Tables) | 3 Months Ended | ||||||||||||||||
Apr. 05, 2014 | |||||||||||||||||
Goodwill And Intangible Assets Disclosure [Abstract] | ' | ||||||||||||||||
Schedule of Change in Net Carrying Amount of Goodwill by Segment | ' | ||||||||||||||||
The change in the net carrying amount of goodwill for the three months ended April 5, 2014 by segment is as follows (in thousands): | |||||||||||||||||
Steel Mills | Steel Products | Raw Materials | Total | ||||||||||||||
Balance at December 31, 2013 | $ | 495,897 | $ | 774,486 | $ | 703,225 | $ | 1,973,608 | |||||||||
Translation | — | (14,641 | ) | — | (14,641 | ) | |||||||||||
Balance at April 5, 2014 | $ | 495,897 | $ | 759,845 | $ | 703,225 | $ | 1,958,967 | |||||||||
Schedule of Intangible Assets | ' | ||||||||||||||||
Intangible assets with estimated useful lives of 5 to 22 years are amortized on a straight-line or accelerated basis and are comprised of the following (in thousands): | |||||||||||||||||
5-Apr-14 | 31-Dec-13 | ||||||||||||||||
Gross | Accumulated | Gross | Accumulated | ||||||||||||||
Amount | Amortization | Amount | Amortization | ||||||||||||||
Customer relationships | $ | 1,142,958 | $ | 407,400 | $ | 1,147,786 | $ | 391,254 | |||||||||
Trademarks and trade names | 150,497 | 42,339 | 151,332 | 40,397 | |||||||||||||
Other | 22,823 | 15,526 | 21,869 | 15,182 | |||||||||||||
$ | 1,316,278 | $ | 465,265 | $ | 1,320,987 | $ | 446,833 | ||||||||||
Derivatives_Tables
Derivatives (Tables) | 3 Months Ended | ||||||||||||||||||||||||||||
Apr. 05, 2014 | |||||||||||||||||||||||||||||
Fair Values of Derivative Instruments | ' | ||||||||||||||||||||||||||||
The following tables summarize information regarding Nucor’s derivative instruments (in thousands): | |||||||||||||||||||||||||||||
Fair Value of Derivative Instruments | |||||||||||||||||||||||||||||
Fair Value at | |||||||||||||||||||||||||||||
Balance Sheet Location | April 5, | Dec. 31, | |||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||
Liability derivatives designated as hedging instruments: | |||||||||||||||||||||||||||||
Commodity contracts | Accrued expenses and other current liabilities | $ | (1,400 | ) | $ | — | |||||||||||||||||||||||
Commodity contracts | Deferred credits and other liabilities | (900 | ) | — | |||||||||||||||||||||||||
Total liability derivatives designated as hedging instruments | (2,300 | ) | — | ||||||||||||||||||||||||||
Liability derivatives not designated as hedging instruments: | |||||||||||||||||||||||||||||
Commodity contracts | Accrued expenses and other current liabilities | (430 | ) | (553 | ) | ||||||||||||||||||||||||
Foreign exchange contracts | Accrued expenses and other current liabilities | (19 | ) | (2 | ) | ||||||||||||||||||||||||
Total liability derivatives not designated as hedging instruments | (449 | ) | (555 | ) | |||||||||||||||||||||||||
Total liability derivatives | $ | (2,749 | ) | $ | (555 | ) | |||||||||||||||||||||||
Designated as Hedging Instrument [Member] | ' | ||||||||||||||||||||||||||||
Effect of Derivative Instruments on Condensed Consolidated Statements of Earnings | ' | ||||||||||||||||||||||||||||
The Effect of Derivative Instruments on the Condensed Consolidated Statements of Earnings | |||||||||||||||||||||||||||||
Derivatives Designated as Hedging Instruments | |||||||||||||||||||||||||||||
Amount of Gain | Amount of Gain | Amount of Gain | |||||||||||||||||||||||||||
or (Loss), | or (Loss), | or (Loss) | |||||||||||||||||||||||||||
net of tax, | net of tax, | Recognized in | |||||||||||||||||||||||||||
Recognized in OCI | Reclassified from | Earnings on | |||||||||||||||||||||||||||
on Derivatives | Accumulated OCI into | Derivatives | |||||||||||||||||||||||||||
Derivatives in Cash Flow Hedging | (Effective Portion) | Earnings | (Ineffective Portion) | ||||||||||||||||||||||||||
Relationships | (Effective Portion) | ||||||||||||||||||||||||||||
Three Months | Three Months | Three Months | |||||||||||||||||||||||||||
(13 weeks) Ended | (13 weeks) Ended | (13 weeks) Ended | |||||||||||||||||||||||||||
Statement of Earnings | April 5, | March 30, | April 5, | March 30, | April 5, | March 30, | |||||||||||||||||||||||
Location | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||
Commodity contracts | Cost of products sold | $ | (1,871 | ) | $ | — | $ | (471 | ) | $ | — | $ | — | $ | — | ||||||||||||||
Not Designated as Hedging Instrument [Member] | ' | ||||||||||||||||||||||||||||
Effect of Derivative Instruments on Condensed Consolidated Statements of Earnings | ' | ||||||||||||||||||||||||||||
Derivatives Not Designated as Hedging Instruments | |||||||||||||||||||||||||||||
Amount of Gain or (Loss) Recognized in Earnings on Derivatives | |||||||||||||||||||||||||||||
Three Months (13 weeks) Ended | |||||||||||||||||||||||||||||
Derivatives Not Designated as | Statement of | April 5, | March 30, | ||||||||||||||||||||||||||
Hedging Instruments | Earnings Location | 2014 | 2013 | ||||||||||||||||||||||||||
Commodity contracts | Cost of products sold | $ | 1,233 | $ | 2,509 | ||||||||||||||||||||||||
Foreign exchange contracts | Cost of products sold | 153 | 116 | ||||||||||||||||||||||||||
Total | $ | 1,386 | $ | 2,625 | |||||||||||||||||||||||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 3 Months Ended | ||||||||||||||||
Apr. 05, 2014 | |||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||
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 April 5, 2014 and December 31, 2013 (in thousands). | |||||||||||||||||
Fair Value Measurements at Reporting Date Using | |||||||||||||||||
Description | Carrying | Quoted Prices | Significant | Significant | |||||||||||||
Amount in | in Active | Other | Unobservable | ||||||||||||||
Condensed | Markets for | Observable | Inputs | ||||||||||||||
Consolidated | Identical | Inputs | (Level 3) | ||||||||||||||
Balance Sheets | Assets | (Level 2) | |||||||||||||||
(Level 1) | |||||||||||||||||
As of April 5, 2014 | |||||||||||||||||
Assets: | |||||||||||||||||
Cash equivalents | $ | 981,719 | $ | 981,719 | $ | — | $ | — | |||||||||
Short-term investments | 100,000 | 100,000 | — | — | |||||||||||||
Total assets | $ | 1,081,719 | $ | 1,081,719 | $ | — | $ | — | |||||||||
Liabilities: | |||||||||||||||||
Foreign exchange and commodity contracts | $ | (2,749 | ) | $ | — | $ | (2,749 | ) | $ | — | |||||||
As of 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 | ) | $ | — | |||||||
StockBased_Compensation_Tables
Stock-Based Compensation (Tables) | 3 Months Ended | ||||||||||||||||
Apr. 05, 2014 | |||||||||||||||||
Summary of Stock Option Plans Activity | ' | ||||||||||||||||
A summary of activity under Nucor’s stock option plans for the first quarter of 2014 is as follows (in thousands, except year and per share amounts): | |||||||||||||||||
Weighted - | Weighted - | ||||||||||||||||
Average | Average | Aggregate | |||||||||||||||
Exercise | Remaining | Intrinsic | |||||||||||||||
Shares | Price | Contractual Life | Value | ||||||||||||||
Number of shares under option: | |||||||||||||||||
Outstanding at beginning of year | 2,089 | $ | 40.47 | ||||||||||||||
Granted | — | — | |||||||||||||||
Exercised | — | — | |||||||||||||||
Canceled | — | — | |||||||||||||||
Outstanding at April 5, 2014 | 2,089 | $ | 40.47 | 7.9 years | $ | 22,213 | |||||||||||
Options exercisable at April 5, 2014 | 1,012 | $ | 39.75 | 7.5 years | $ | 11,482 | |||||||||||
Summary of Nucor's Restricted Stock Unit Activity | ' | ||||||||||||||||
A summary of Nucor’s RSU activity for the first quarter of 2014 is as follows (shares in thousands): | |||||||||||||||||
Shares | Grant Date | ||||||||||||||||
Fair Value | |||||||||||||||||
Restricted stock units: | |||||||||||||||||
Unvested at beginning of year | 1,122 | $ | 42.51 | ||||||||||||||
Granted | — | — | |||||||||||||||
Vested | (16 | ) | $ | 42.61 | |||||||||||||
Canceled | (6 | ) | $ | 40.32 | |||||||||||||
Unvested at April 5, 2014 | 1,100 | $ | 42.52 | ||||||||||||||
Shares reserved for future grants (stock options and RSUs) | 10,484 | ||||||||||||||||
AIP and LTIP [Member] | ' | ||||||||||||||||
Summary of Nucor's Restricted Stock Activity under AIP and LTIP | ' | ||||||||||||||||
A summary of Nucor’s restricted stock activity under the AIP and LTIP for the first quarter of 2014 is as follows (shares in thousands): | |||||||||||||||||
Shares | Grant Date | ||||||||||||||||
Fair Value | |||||||||||||||||
Restricted stock awards and units: | |||||||||||||||||
Unvested at beginning of year | 73 | $ | 45.49 | ||||||||||||||
Granted | 127 | $ | 50.35 | ||||||||||||||
Vested | (122 | ) | $ | 48.99 | |||||||||||||
Canceled | — | — | |||||||||||||||
Unvested at April 5, 2014 | 78 | $ | 47.93 | ||||||||||||||
Shares reserved for future grants | 1,111 | ||||||||||||||||
Interest_Expense_Income_Tables
Interest Expense (Income) (Tables) | 3 Months Ended | ||||||||
Apr. 05, 2014 | |||||||||
Interest Revenue Or Expense Net [Abstract] | ' | ||||||||
Schedule of Components of Interest Expense, Net | ' | ||||||||
The components of net interest expense are as follows (in thousands): | |||||||||
Three Months (13 Weeks) Ended | |||||||||
April 5, 2014 | March 30, 2013 | ||||||||
Interest expense | $ | 41,893 | $ | 33,680 | |||||
Interest income | (1,152 | ) | (1,189 | ) | |||||
Interest expense, net | $ | 40,741 | $ | 32,491 | |||||
Stockholders_Equity_Tables
Stockholders' Equity (Tables) | 3 Months Ended | ||||||||||||
Apr. 05, 2014 | |||||||||||||
Equity [Abstract] | ' | ||||||||||||
Schedule of Changes in Stockholders' Equity | ' | ||||||||||||
The following tables reflect the changes in stockholders’ equity attributable to both Nucor and the noncontrolling interests of Nucor’s joint ventures, primarily Nucor-Yamato Steel Company, of which Nucor owns 51% (in thousands): | |||||||||||||
Attributable to | Attributable to | Total | |||||||||||
Nucor Corporation | Noncontrolling Interests | ||||||||||||
Stockholders’ equity at December 31, 2013 | $ | 7,645,769 | $ | 264,509 | $ | 7,910,278 | |||||||
Total comprehensive income | 66,154 | 18,665 | 84,819 | ||||||||||
Issuance of stock under award plans, net of forfeitures | 8,727 | — | 8,727 | ||||||||||
Amortization of unearned compensation | 200 | — | 200 | ||||||||||
Dividends declared | (118,695 | ) | — | (118,695 | ) | ||||||||
Distributions to noncontrolling interests | — | (24,794 | ) | (24,794 | ) | ||||||||
Stockholders’ equity at April 5, 2014 | $ | 7,602,155 | $ | 258,380 | $ | 7,860,535 | |||||||
Stockholders’ equity at December 31, 2012 | $ | 7,641,571 | $ | 243,803 | $ | 7,885,374 | |||||||
Total comprehensive income | 34,276 | 25,939 | 60,215 | ||||||||||
Stock options | 168 | — | 168 | ||||||||||
Issuance of stock under award plans, net of forfeitures | 8,547 | — | 8,547 | ||||||||||
Amortization of unearned compensation | 201 | — | 201 | ||||||||||
Dividends declared | (117,667 | ) | — | (117,667 | ) | ||||||||
Distributions to noncontrolling interests | — | (34,595 | ) | (34,595 | ) | ||||||||
Stockholders’ equity at March 30, 2013 | $ | 7,567,096 | $ | 235,147 | $ | 7,802,243 | |||||||
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Income (Tables) | 3 Months Ended | ||||||||||||||||
Apr. 05, 2014 | |||||||||||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ' | ||||||||||||||||
Components of Accumulated Other Comprehensive (Loss) Income | ' | ||||||||||||||||
The following tables reflect the changes in other accumulated comprehensive (loss) income by component (in thousands): | |||||||||||||||||
Three Month Period Ended | |||||||||||||||||
5-Apr-14 | |||||||||||||||||
Gains and Losses on | Foreign Currency | Adjustment to Early | Total | ||||||||||||||
Hedging Derivatives | Loss | Retiree Medical Plan | |||||||||||||||
31-Dec-13 | $ | — | $ | (7,438 | ) | $ | 16,518 | $ | 9,080 | ||||||||
Other comprehensive loss before reclassifications | (1,871 | ) | (43,477 | ) | — | (45,348 | ) | ||||||||||
Amounts reclassified from accumulated other comprehensive (loss) income into earnings | 471 | — | — | 471 | |||||||||||||
Net current-period other comprehensive loss | (1,400 | ) | (43,477 | ) | — | (44,877 | ) | ||||||||||
5-Apr-14 | $ | (1,400 | ) | $ | (50,915 | ) | $ | 16,518 | $ | (35,797 | ) | ||||||
Three Month Period Ended | |||||||||||||||||
30-Mar-13 | |||||||||||||||||
Gains and Losses on | Foreign Currency | Adjustment to Early | Total | ||||||||||||||
Hedging Derivatives | Gain (Loss) | Retiree Medical Plan | |||||||||||||||
31-Dec-12 | $ | — | $ | 46,181 | $ | 10,580 | $ | 56,761 | |||||||||
Other comprehensive loss before reclassifications | — | (50,513 | ) | — | (50,513 | ) | |||||||||||
Amounts reclassified from accumulated other comprehensive income into earnings | — | — | — | — | |||||||||||||
Net current-period other comprehensive loss | — | (50,513 | ) | — | (50,513 | ) | |||||||||||
30-Mar-13 | $ | — | $ | (4,332 | ) | $ | 10,580 | $ | 6,248 |
Segments_Tables
Segments (Tables) | 3 Months Ended | ||||||||
Apr. 05, 2014 | |||||||||
Segment Reporting [Abstract] | ' | ||||||||
Segments | ' | ||||||||
Nucor’s results by segment were as follows (in thousands): | |||||||||
Three Months (13 Weeks) Ended | |||||||||
April 5, 2014 | March 30, 2013 | ||||||||
Net sales to external customers: | |||||||||
Steel mills | $ | 3,607,764 | $ | 3,268,154 | |||||
Steel products | 874,169 | 789,347 | |||||||
Raw materials | 626,511 | 493,271 | |||||||
$ | 5,108,444 | $ | 4,550,772 | ||||||
Intercompany sales: | |||||||||
Steel mills | $ | 708,866 | $ | 632,720 | |||||
Steel products | 21,500 | 19,272 | |||||||
Raw materials | 2,528,006 | 2,163,488 | |||||||
Corporate/eliminations | (3,258,372 | ) | (2,815,480 | ) | |||||
$ | — | $ | — | ||||||
Earnings (loss) before income taxes and noncontrolling interests: | |||||||||
Steel mills | $ | 317,797 | $ | 272,258 | |||||
Steel products | 1,720 | (11,924 | ) | ||||||
Raw materials | 8,359 | 1,536 | |||||||
Corporate/eliminations | (120,375 | ) | (108,542 | ) | |||||
$ | 207,501 | $ | 153,328 | ||||||
5-Apr-14 | December 31, 2013 | ||||||||
Segment assets: | |||||||||
Steel mills | $ | 8,526,568 | $ | 8,365,023 | |||||
Steel products | 2,827,821 | 2,861,403 | |||||||
Raw materials | 3,982,480 | 3,956,913 | |||||||
Corporate/eliminations | (218,858 | ) | 19,944 | ||||||
$ | 15,118,011 | $ | 15,203,283 | ||||||
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 3 Months Ended | ||||||||
Apr. 05, 2014 | |||||||||
Earnings Per Share [Abstract] | ' | ||||||||
Computations of Basic and Diluted Net Earnings Per Share | ' | ||||||||
The computations of basic and diluted net earnings per share are as follows (in thousands, except per share amounts): | |||||||||
Three Months (13 Weeks) Ended | |||||||||
April 5, 2014 | March 30, 2013 | ||||||||
Basic net earnings per share: | |||||||||
Basic net earnings | $ | 111,031 | $ | 84,789 | |||||
Earnings allocated to participating securities | (391 | ) | (386 | ) | |||||
Net earnings available to common stockholders | $ | 110,640 | $ | 84,403 | |||||
Average shares outstanding | 319,505 | 318,686 | |||||||
Basic net earnings per share | $ | 0.35 | $ | 0.26 | |||||
Diluted net earnings per share: | |||||||||
Diluted net earnings | $ | 111,031 | $ | 84,789 | |||||
Earnings allocated to participating securities | (391 | ) | (386 | ) | |||||
Net earnings available to common stockholders | $ | 110,640 | $ | 84,403 | |||||
Diluted average shares outstanding: | |||||||||
Basic shares outstanding | 319,505 | 318,686 | |||||||
Dilutive effect of stock options and other | 263 | 156 | |||||||
319,768 | 318,842 | ||||||||
Diluted net earnings per share | $ | 0.35 | $ | 0.26 | |||||
Inventories_Additional_Informa
Inventories - Additional Information (Detail) (USD $) | Apr. 05, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Inventory Disclosure [Abstract] | ' | ' |
Raw materials and supplies in inventory, percentage | 36.00% | 40.00% |
Finished and semi-finished products in inventory, percentage | 64.00% | 60.00% |
Inventories valued using the last-in, first-out | 46.00% | 45.00% |
Increased value of inventory if FIFO method had been used | $639.20 | $624.70 |
Lower of cost or market adjustments | $1.90 | $2.10 |
Property_Plant_and_Equipment_A
Property, Plant and Equipment - Additional information (Detail) (USD $) | Apr. 05, 2014 | Dec. 31, 2013 |
Property Plant And Equipment [Abstract] | ' | ' |
Accumulated depreciation | $6,780,000,000 | $6,630,000,000 |
Property, plant and equipment net of accumulated depreciation, under a capital lease agreement | 24,700,000 | 0 |
Gross property, plant and equipment acquired under capital lease | 25,400,000 | ' |
Total obligations associated with capital lease agreement | 24,800,000 | 0 |
Capital lease obligations classified in accrued expenses and other current liabilities | 2,100,000 | ' |
Capital lease obligations classified in deferred credits and other liabilities | $22,700,000 | ' |
Restricted_Cash_and_Investment1
Restricted Cash and Investments - Additional Information (Detail) (USD $) | 3 Months Ended | |||
Mar. 30, 2013 | Apr. 05, 2014 | Dec. 31, 2013 | 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 | 128,700,000 | ' | ' | ' |
Restricted cash or investment | ' | $0 | $0 | ' |
Goodwill_and_Other_Intangible_2
Goodwill and Other Intangible Assets - Schedule of Change in Net Carrying Amount of Goodwill by Segment (Detail) (USD $) | 3 Months Ended | 3 Months Ended | ||||
In Thousands, unless otherwise specified | Apr. 05, 2014 | Apr. 05, 2014 | Dec. 31, 2013 | Apr. 05, 2014 | Apr. 05, 2014 | Dec. 31, 2013 |
Steel Mills [Member] | Steel Mills [Member] | Steel Products [Member] | Raw Materials [Member] | Raw Materials [Member] | ||
Goodwill [Line Items] | ' | ' | ' | ' | ' | ' |
Balance, beginning of period | $1,973,608 | $495,897 | $495,897 | $774,486 | $703,225 | $703,225 |
Translation | -14,641 | ' | ' | -14,641 | ' | ' |
Balance, end of period | $1,958,967 | $495,897 | $495,897 | $759,845 | $703,225 | $703,225 |
Goodwill_and_Other_Intangible_3
Goodwill and Other Intangible Assets - Additional Information (Detail) (USD $) | 3 Months Ended | ||
In Millions, unless otherwise specified | Apr. 05, 2014 | Dec. 31, 2013 | Mar. 30, 2013 |
Finite And Indefinite Lived Intangible Assets [Line Items] | ' | ' | ' |
Impairment of goodwill | ' | $0 | ' |
Intangible asset amortization expense | 18.4 | ' | 19 |
Future amortization expense, in 2014 | 71.3 | ' | ' |
Future amortization expense, in 2015 | 68.4 | ' | ' |
Future amortization expense, in 2016 | 66.7 | ' | ' |
Future amortization expense, in 2017 | 65 | ' | ' |
Future amortization expense, in 2018 | $61.30 | ' | ' |
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 $) | Apr. 05, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Intangible assets, Gross Amount | $1,316,278 | $1,320,987 |
Intangible assets, Accumulated Amortization | 465,265 | 446,833 |
Customer Relationships [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Intangible assets, Gross Amount | 1,142,958 | 1,147,786 |
Intangible assets, Accumulated Amortization | 407,400 | 391,254 |
Trademarks and Trade Names [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Intangible assets, Gross Amount | 150,497 | 151,332 |
Intangible assets, Accumulated Amortization | 42,339 | 40,397 |
Other [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Intangible assets, Gross Amount | 22,823 | 21,869 |
Intangible assets, Accumulated Amortization | $15,526 | $15,182 |
Equity_Investments_Additional_
Equity Investments - Additional Information (Detail) | 3 Months Ended | 1 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 3 Months Ended | ||||||||
Apr. 05, 2014 | Mar. 30, 2013 | Dec. 31, 2013 | Apr. 05, 2014 | Dec. 31, 2013 | Apr. 05, 2014 | Mar. 30, 2013 | Jun. 30, 2012 | Apr. 05, 2014 | Dec. 31, 2013 | Dec. 31, 2013 | Apr. 05, 2014 | Dec. 31, 2013 | Apr. 05, 2014 | |
USD ($) | USD ($) | USD ($) | Hunter Ridge Energy Services LLC [Member] | Hunter Ridge Energy Services LLC [Member] | Duferdofin Nucor S.R.L. [Member] | Duferdofin Nucor S.R.L. [Member] | Duferdofin Nucor S.R.L. [Member] | Duferdofin Nucor S.R.L. [Member] | Duferdofin Nucor S.R.L. [Member] | Duferdofin Nucor S.R.L. [Member] | NuMit [Member] | NuMit [Member] | Steel Technologies LLC [Member] | |
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | EUR (€) | USD ($) | EUR (€) | USD ($) | USD ($) | USD ($) | ||||
Sheet | ||||||||||||||
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Equity method investment | $944,900,000 | ' | $936,000,000 | $135,400,000 | $134,500,000 | $463,600,000 | ' | ' | ' | $465,400,000 | ' | $326,900,000 | $318,400,000 | ' |
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 | ' | ' | ' | ' | ' | 55,000,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Step-up to fair value of certain assets and liabilities | ' | ' | ' | ' | ' | 408,600,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Step-up to fair value of equity method investment, portion related to identification of goodwill | ' | ' | ' | ' | ' | 331,000,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Amortization expense and other purchase accounting adjustments due to fair value step-up | 18,432,000 | 19,048,000 | ' | ' | ' | 2,700,000 | 2,900,000 | ' | ' | ' | ' | ' | ' | ' |
Due from related parties, noncurrent | ' | ' | ' | ' | ' | 48,000,000 | ' | ' | 35,000,000 | 48,200,000 | 35,000,000 | ' | ' | ' |
Notes receivable, related parties, interest rate | ' | ' | ' | ' | ' | 1.54% | ' | ' | ' | ' | ' | ' | ' | 1.13% |
Interest rate per year in excess of Euribor as of date of the notes | ' | ' | ' | ' | ' | 1.00% | ' | ' | ' | ' | ' | ' | ' | ' |
Equity method investment's note payable with parent company, maturity date | ' | ' | ' | ' | ' | 31-Jan-16 | ' | ' | ' | ' | ' | ' | ' | 21-Oct-14 |
Equity method investment's credit facilities, amount | ' | ' | ' | ' | ' | ' | ' | ' | 122,500,000 | ' | ' | ' | ' | ' |
Total amount outstanding under equity method investment's credit facilities | ' | ' | ' | ' | ' | 163,800,000 | ' | ' | 119,500,000 | 154,400,000 | 112,000,000 | ' | ' | ' |
Line of credit facility, maturity period | ' | ' | ' | ' | ' | 26-Apr-16 | ' | ' | ' | ' | ' | ' | ' | 1-Apr-15 |
Guarantor obligation percentage of exposure in case of default | ' | ' | ' | ' | ' | 50.00% | ' | ' | ' | ' | ' | ' | ' | ' |
Number of sheet processing facilities operated by Steel Technologies | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 24 |
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 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 14,000,000 |
Line of credit extended to joint venture | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100,000,000 |
Amended line of credit extended to joint venture | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 60,000,000 |
Line of credit extended to joint venture, interest rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.36% |
Impairment of equity method investments | ' | ' | ' | ' | ' | ' | ' | $30,000,000 | ' | ' | ' | ' | ' | ' |
Current_Liabilities_Additional
Current Liabilities - Additional Information (Detail) (USD $) | Apr. 05, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Liabilities Current [Abstract] | ' | ' |
Book overdrafts | $74.40 | $81.60 |
Dividends Payable, current | $118.70 | $118.70 |
Derivatives_Fair_Values_of_Der
Derivatives - Fair Values of Derivative Instruments (Detail) (USD $) | Apr. 05, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative Liabilities, Fair Value | ($2,749) | ($555) |
Designated as Hedging Instrument [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative Liabilities, Fair Value | -2,300 | ' |
Not Designated as Hedging Instrument [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative Liabilities, Fair Value | -449 | -555 |
Commodity Contracts [Member] | Accrued Expenses and Other Current Liabilities [Member] | Designated as Hedging Instrument [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative Liabilities, Fair Value | -1,400 | ' |
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 | -430 | -553 |
Commodity Contracts [Member] | Deferred Credits and Other Liabilities [Member] | Designated as Hedging Instrument [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative Liabilities, Fair Value | -900 | ' |
Foreign Exchange Contracts [Member] | Accrued Expenses and Other Current Liabilities [Member] | Not Designated as Hedging Instrument [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative Liabilities, Fair Value | ($19) | ($2) |
Derivatives_Effect_of_Derivati
Derivatives - Effect of Derivative Instruments on Condensed Consolidated Statements of Earnings (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Apr. 05, 2014 | Mar. 30, 2013 |
Not Designated as Hedging Instrument [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Amount of Gain or (Loss) Recognized in Earnings on Derivatives | $1,386 | $2,625 |
Cost of Products Sold [Member] | Commodity Contracts [Member] | Designated as Hedging Instrument [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Amount of Gain or (Loss), net of tax, Recognized in OCI on Derivatives (Effective Portion) | -1,871 | ' |
Amount of Gain or (Loss), net of tax, Reclassified from Accumulated OCI into Earnings (Effective Portion) | -471 | ' |
Amount of Gain or (Loss) Recognized in Earnings on Derivatives (Ineffective Portion) | ' | ' |
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 | 1,233 | 2,509 |
Cost of Products Sold [Member] | Foreign Exchange Contracts [Member] | Not Designated as Hedging Instrument [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Amount of Gain or (Loss) Recognized in Earnings on Derivatives | $153 | $116 |
Fair_Value_Measurements_Schedu
Fair Value Measurements - Schedule of Financial Assets and Financial Liabilities Measured at Fair Value (Detail) (USD $) | Apr. 05, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Cash equivalents | $981,719 | $1,269,465 |
Short-term investments | 100,000 | 28,191 |
Total assets | 1,081,719 | 1,297,656 |
Foreign exchange and commodity contracts | -2,749 | -555 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Cash equivalents | 981,719 | 1,269,465 |
Short-term investments | 100,000 | 28,191 |
Total assets | 1,081,719 | 1,297,656 |
Foreign exchange and commodity contracts | ' | ' |
Significant Other Observable Inputs (Level 2) [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Short-term investments | ' | ' |
Total assets | ' | ' |
Foreign exchange and commodity contracts | -2,749 | -555 |
Significant Unobservable Inputs (Level 3) [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Short-term investments | ' | ' |
Total assets | ' | ' |
Foreign exchange and commodity contracts | ' | ' |
Fair_Value_Measurements_Additi
Fair Value Measurements - Additional Information (Detail) (USD $) | Apr. 05, 2014 | Dec. 31, 2013 |
In Billions, unless otherwise specified | ||
Fair Value Disclosures [Abstract] | ' | ' |
Fair value of short-term and long-term debt, including current maturities | $4.69 | $4.61 |
Contingencies_Additional_Infor
Contingencies - Additional Information (Detail) (USD $) | 0 Months Ended | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 25, 2014 | Apr. 05, 2014 | Dec. 31, 2013 |
Defendant | Complaints | ||
Manufacturers_Distributors | |||
Commitments And Contingencies Disclosure [Abstract] | ' | ' | ' |
Accrual for environmental loss contingencies, gross | ' | $21.70 | $22.90 |
Accrued environmental loss contingencies, current | ' | 6.2 | 6.9 |
Accrued environmental loss contingencies, noncurrent | ' | 15.5 | 16 |
Steel manufacturers, number of manufacturers | ' | 8 | ' |
Additional complaints being filed in July and December of 2010 | ' | 2 | ' |
Complaints that are dismissed | ' | 2 | ' |
Number of co-defendants | 5 | ' | ' |
Damages against all defendants jointly and severally | $52 | ' | ' |
StockBased_Compensation_Additi
Stock-Based Compensation - Additional Information (Detail) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Apr. 05, 2014 | Mar. 30, 2013 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Stock options exercise prices as percentage of the market value on the date of the grant | 100.00% | ' |
Compensation expenses for stock options | $0 | $0.20 |
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 years | ' |
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% | ' |
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 | ' |
RSU [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Number of anniversaries of grant date upon which restricted stock units vest | 3 | ' |
Installments in which restricted stock units vest and are converted to common stock | 3 | ' |
Compensation expense | 4.9 | 4.1 |
Unrecognized compensation expense related to stock | 24.4 | ' |
Weighted-average recognition period for unrecognized compensation expense related to stock (years) | '1 year 9 months 18 days | ' |
AIP and LTIP [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Compensation expense | 1.2 | 1.8 |
Unrecognized compensation expense related to stock | $1.30 | ' |
Weighted-average recognition period for unrecognized compensation expense related to stock (years) | '2 years 2 months 12 days | ' |
StockBased_Compensation_Schedu
Stock-Based Compensation - Schedule of Stock Option Plans Activity (Detail) (USD $) | 3 Months Ended |
In Thousands, except Per Share data, unless otherwise specified | Apr. 05, 2014 |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' |
Outstanding at beginning of year, Shares | 2,089 |
Granted, Shares | ' |
Exercised, Shares | ' |
Canceled, Shares | ' |
Outstanding at end of period, Shares | 2,089 |
Options exercisable at end of period, Shares | 1,012 |
Outstanding at beginning of year, Weighted - Average Exercise Price | $40.47 |
Granted, Weighted - Average Exercise Price | ' |
Exercised, Weighted - Average Exercise Price | ' |
Canceled, Weighted - Average Exercise Price | ' |
Outstanding at end of period, Weighted - Average Exercise Price | $40.47 |
Options exercisable at end of period, Weighted - Average Exercise Price | $39.75 |
Outstanding at end of period, Weighted - Average Remaining Contractual Life | '7 years 10 months 24 days |
Options exercisable at end of period, Weighted - Average Remaining Contractual Life | '7 years 6 months |
Outstanding at end of period, Aggregate Intrinsic Value | $22,213 |
Options exercisable at end of period, Aggregate Intrinsic Value | $11,482 |
StockBased_Compensation_Summar
Stock-Based Compensation - Summary of Nucor's Restricted Stock Unit Activity (Detail) (USD $) | 3 Months Ended |
In Thousands, except Per Share data, unless otherwise specified | Apr. 05, 2014 |
RSU [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Unvested at beginning of year, Shares | 1,122 |
Granted, Shares | ' |
Vested, Shares | -16 |
Canceled, Shares | -6 |
Unvested at end of period, Shares | 1,100 |
Unvested at beginning of year, Grant Date Fair Value | $42.51 |
Granted, Grant Date Fair Value | ' |
Vested, Grant Date Fair Value | $42.61 |
Canceled, Grant Date Fair Value | $40.32 |
Unvested at end of period, Grant Date Fair Value | $42.52 |
Restricted Stock Units and Stock Option [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Shares reserved for future grants | 10,484 |
StockBased_Compensation_Summar1
Stock-Based Compensation - Summary of Nucor's Restricted Stock Awards and Units Under AIP and LTIP (Detail) (AIP and LTIP [Member], USD $) | 3 Months Ended |
In Thousands, except Per Share data, unless otherwise specified | Apr. 05, 2014 |
AIP and LTIP [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Unvested at beginning of year, Shares | 73 |
Granted, Shares | 127 |
Vested, Shares | -122 |
Canceled, Shares | ' |
Unvested at end of period, Shares | 78 |
Shares reserved for future grants | 1,111 |
Unvested at beginning of year, Grant Date Fair Value | $45.49 |
Granted, Grant Date Fair Value | $50.35 |
Vested, Grant Date Fair Value | $48.99 |
Canceled, Grant Date Fair Value | ' |
Unvested at end of period, Grant Date Fair Value | $47.93 |
Employee_Benefit_Plan_Addition
Employee Benefit Plan - Additional Information (Detail) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Apr. 05, 2014 | Mar. 30, 2013 |
Employee Benefit Plan [Abstract] | ' | ' |
Profit sharing and retirement savings plan, plan expense | $18.20 | $13.60 |
Interest_Expense_Income_Schedu
Interest Expense (Income) - Schedule of Components of Net Interest Expense (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Apr. 05, 2014 | Mar. 30, 2013 |
Interest Revenue Or Expense Net [Abstract] | ' | ' |
Interest expense | $41,893 | $33,680 |
Interest income | -1,152 | -1,189 |
Interest expense, net | $40,741 | $32,491 |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) (USD $) | 3 Months Ended | ||
In Millions, unless otherwise specified | Apr. 05, 2014 | Mar. 30, 2013 | Dec. 31, 2013 |
Income Tax Disclosure [Abstract] | ' | ' | ' |
Effective income tax rate | 37.50% | 27.80% | ' |
Charge related to tax legislation changes | $12.80 | ' | ' |
Current deferred tax assets | 253.6 | ' | 255.5 |
Current deferred tax Liabilities | 12.7 | ' | 14.6 |
Non-current deferred tax liabilities | $682 | ' | $676.20 |
Stockholders_Equity_Additional
Stockholders' Equity - Additional Information (Detail) (Nucor-Yamato Steel Company [Member]) | Apr. 05, 2014 |
Nucor-Yamato Steel Company [Member] | ' |
Stockholders' Equity [Line Items] | ' |
Noncontrolling interest, ownership percentage by parent | 51.00% |
Stockholders_Equity_Schedule_o
Stockholders' Equity - Schedule of Changes in Stockholders' Equity (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Apr. 05, 2014 | Mar. 30, 2013 |
Stockholders' Equity [Line Items] | ' | ' |
Stockholders' equity, beginning of period | $7,910,278 | $7,885,374 |
Total comprehensive income | 84,819 | 60,215 |
Stock options | ' | 168 |
Issuance of stock under award plans, net of forfeitures | 8,727 | 8,547 |
Amortization of unearned compensation | 200 | 201 |
Dividends declared | -118,695 | -117,667 |
Distributions to noncontrolling interests | -24,794 | -34,595 |
Stockholders' equity, end of period | 7,860,535 | 7,802,243 |
Attributable to Nucor Corporation [Member] | ' | ' |
Stockholders' Equity [Line Items] | ' | ' |
Stockholders' equity, beginning of period | 7,645,769 | 7,641,571 |
Total comprehensive income | 66,154 | 34,276 |
Stock options | ' | 168 |
Issuance of stock under award plans, net of forfeitures | 8,727 | 8,547 |
Amortization of unearned compensation | 200 | 201 |
Dividends declared | -118,695 | -117,667 |
Stockholders' equity, end of period | 7,602,155 | 7,567,096 |
Attributable to Noncontrolling Interests [Member] | ' | ' |
Stockholders' Equity [Line Items] | ' | ' |
Stockholders' equity, beginning of period | 264,509 | 243,803 |
Total comprehensive income | 18,665 | 25,939 |
Distributions to noncontrolling interests | -24,794 | -34,595 |
Stockholders' equity, end of period | $258,380 | $235,147 |
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive Income - Components of Accumulated Other Comprehensive (Loss) Income (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Apr. 05, 2014 | Mar. 30, 2013 |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ' | ' |
Beginning Balance, Gains and Losses on Hedging Derivatives | ' | ' |
Other comprehensive loss before reclassifications, Gains and Losses on Hedging Derivatives | -1,871 | ' |
Amounts reclassified from accumulated other comprehensive (loss) income into earnings, Gains and Losses on Hedging Derivatives | 471 | ' |
Net current-period other comprehensive loss, Gains and Losses on Hedging Derivatives | -1,400 | ' |
Ending Balance, Gains and Losses on Hedging Derivatives | -1,400 | ' |
Beginning Balance, Foreign Currency Loss | -7,438 | 46,181 |
Other comprehensive loss before reclassifications, Foreign Currency Loss | -43,477 | -50,513 |
Amounts reclassified from accumulated other comprehensive (loss) income into earnings, Foreign Currency Loss | ' | ' |
Net current-period other comprehensive loss, Foreign Currency Loss | -43,477 | -50,513 |
Ending Balance, Foreign Currency Loss | -50,915 | -4,332 |
Beginning Balance, Adjustment to Early Retiree Medical Plan | 16,518 | 10,580 |
Other comprehensive loss before reclassifications, Adjustment to Early Retiree Medical Plan | ' | ' |
Amounts reclassified from accumulated other comprehensive (loss) income into earnings, Adjustment to Early Retiree Medical Plan | ' | ' |
Net current-period other comprehensive loss, Adjustment to Early Retiree Medical Plan | ' | ' |
Ending Balance, Adjustment to Early Retiree Medical Plan | 16,518 | 10,580 |
Beginning Balance | 9,080 | 56,761 |
Other comprehensive loss before reclassifications | -45,348 | -50,513 |
Amounts reclassified from accumulated other comprehensive (loss) income into earnings | 471 | ' |
Other comprehensive income (loss) | -44,877 | -50,513 |
Ending Balance | ($35,797) | $6,248 |
Segments_Segments_Detail
Segments - Segments (Detail) (USD $) | 3 Months Ended | ||
In Thousands, unless otherwise specified | Apr. 05, 2014 | Mar. 30, 2013 | Dec. 31, 2013 |
Segment Reporting Information [Line Items] | ' | ' | ' |
Net sales to external customers | $5,108,444 | $4,550,772 | ' |
Intercompany sales | ' | ' | ' |
Earnings before income taxes and noncontrolling interests | 207,501 | 153,328 | ' |
Segment assets | 15,118,011 | ' | 15,203,283 |
Steel Mills [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Net sales to external customers | 3,607,764 | 3,268,154 | ' |
Intercompany sales | 708,866 | 632,720 | ' |
Earnings before income taxes and noncontrolling interests | 317,797 | 272,258 | ' |
Segment assets | 8,526,568 | ' | 8,365,023 |
Steel Products [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Net sales to external customers | 874,169 | 789,347 | ' |
Intercompany sales | 21,500 | 19,272 | ' |
Earnings before income taxes and noncontrolling interests | 1,720 | -11,924 | ' |
Segment assets | 2,827,821 | ' | 2,861,403 |
Raw Materials [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Net sales to external customers | 626,511 | 493,271 | ' |
Intercompany sales | 2,528,006 | 2,163,488 | ' |
Earnings before income taxes and noncontrolling interests | 8,359 | 1,536 | ' |
Segment assets | 3,982,480 | ' | 3,956,913 |
Corporate/Eliminations [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Intercompany sales | -3,258,372 | -2,815,480 | ' |
Earnings before income taxes and noncontrolling interests | -120,375 | -108,542 | ' |
Segment assets | ($218,858) | ' | $19,944 |
Earnings_Per_Share_Computation
Earnings Per Share - Computations of Basic and Diluted Net Earnings Per Share (Detail) (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Apr. 05, 2014 | Mar. 30, 2013 |
Earnings Per Share [Abstract] | ' | ' |
Basic net earnings | $111,031 | $84,789 |
Earnings allocated to participating securities | -391 | -386 |
Net earnings available to common stockholders | 110,640 | 84,403 |
Average shares outstanding | 319,505 | 318,686 |
Basic net earnings per share | $0.35 | $0.26 |
Diluted net earnings | 111,031 | 84,789 |
Earnings allocated to participating securities | -391 | -386 |
Net earnings available to common stockholders | $110,640 | $84,403 |
Basic shares outstanding | 319,505 | 318,686 |
Dilutive effect of stock options and other | 263 | 156 |
Diluted average shares outstanding | 319,768 | 318,842 |
Diluted net earnings per share | $0.35 | $0.26 |
Earnings_Per_Share_Additional_
Earnings Per Share - Additional Information (Detail) | 3 Months Ended | |
Apr. 05, 2014 | Mar. 30, 2013 | |
Earnings Per Share [Abstract] | ' | ' |
Shares excluded from computation of diluted earnings per share | 0 | 0 |