Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
In Billions, except Share data, unless otherwise specified | Dec. 31, 2014 | Feb. 20, 2015 | Jul. 05, 2014 |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | FALSE | ||
Document Period End Date | 31-Dec-14 | ||
Document Fiscal Year Focus | 2014 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | NUE | ||
Entity Registrant Name | NUCOR CORP | ||
Entity Central Index Key | 73309 | ||
Current Fiscal Year End Date | -19 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 319,046,902 | ||
Entity Public Float | $16.04 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Current assets: | ||
Cash and cash equivalents (Note 15) | $1,024,144 | $1,483,252 |
Short-term investments (Notes 4 and 15) | 100,000 | 28,191 |
Accounts receivable, net (Note 5) | 2,068,298 | 1,810,987 |
Inventories, net (Note 6) | 2,745,032 | 2,605,609 |
Other current assets (Notes 10, 14 and 20) | 504,414 | 482,007 |
Total current assets | 6,441,888 | 6,410,046 |
Property, plant and equipment, net (Note 7) | 5,287,639 | 4,917,024 |
Goodwill (Note 9) | 2,068,664 | 1,973,608 |
Other intangible assets, net (Note 9) | 862,093 | 874,154 |
Other assets (Note 10) | 955,643 | 1,028,451 |
Total assets | 15,615,927 | 15,203,283 |
Current liabilities: | ||
Short-term debt (Notes 12 and 15) | 207,476 | 29,202 |
Long-term debt due within one year (Notes 12 and 15) | 16,335 | 3,300 |
Accounts payable (Note 11) | 993,872 | 1,117,078 |
Salaries, wages and related accruals (Note 18) | 352,488 | 282,860 |
Accrued expenses and other current liabilities (Notes 11, 14, 16 and 20) | 527,605 | 527,776 |
Total current liabilities | 2,097,776 | 1,960,216 |
Long-term debt due after one year (Notes 12 and 15) | 4,360,600 | 4,376,900 |
Deferred credits and other liabilities (Notes 14, 16, 18 and 20) | 1,082,433 | 955,889 |
Total liabilities | 7,540,809 | 7,293,005 |
Commitments and contingencies (Notes 14 and 16) | ||
Nucor stockholders' equity (Notes 13 and 17): | ||
Common stock (800,000 shares authorized; 378,092 and 377,525 shares issued, respectively) | 151,237 | 151,010 |
Additional paid-in capital | 1,883,356 | 1,843,353 |
Retained earnings | 7,378,214 | 7,140,440 |
Accumulated other comprehensive (loss) income, net of income taxes (Notes 2, 14 and 21) | -145,708 | 9,080 |
Treasury stock (59,059 and 59,197 shares, respectively) | -1,494,629 | -1,498,114 |
Total Nucor stockholders' equity | 7,772,470 | 7,645,769 |
Noncontrolling interests | 302,648 | 264,509 |
Total equity | 8,075,118 | 7,910,278 |
Total liabilities and equity | $15,615,927 | $15,203,283 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) | Dec. 31, 2014 | Dec. 31, 2013 |
Statement of Financial Position [Abstract] | ||
Common stock shares authorized | 800,000,000 | 800,000,000 |
Common stock shares issued | 378,092,000 | 377,525,000 |
Treasury stock | 59,059,000 | 59,197,000 |
Consolidated_Statements_of_Ear
Consolidated Statements of Earnings (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income Statement [Abstract] | |||
Net sales | $21,105,141 | $19,052,046 | $19,429,273 |
Costs, expenses and other: | |||
Cost of products sold (Notes 6, 14 and 18) | 19,198,615 | 17,641,421 | 17,915,735 |
Marketing, administrative and other expenses (Notes 3 and 7) | 546,198 | 481,904 | 454,900 |
Equity in (earnings) losses of unconsolidated affiliates (Note 10) | -13,505 | -9,297 | 13,323 |
Impairment of non-current assets (Note 10) | 30,000 | ||
Interest expense, net (Notes 7, 19 and 20) | 169,256 | 146,895 | 162,375 |
Costs, expenses and other, total | 19,900,564 | 18,260,923 | 18,576,333 |
Earnings before income taxes and noncontrolling interests | 1,204,577 | 791,123 | 852,940 |
Provision for income taxes (Note 20) | 388,787 | 205,594 | 259,814 |
Net earnings | 815,790 | 585,529 | 593,126 |
Earnings attributable to noncontrolling interests | 101,844 | 97,504 | 88,507 |
Net earnings attributable to Nucor stockholders | $713,946 | $488,025 | $504,619 |
Net earnings per share (Note 22): | |||
Basic | $2.22 | $1.52 | $1.58 |
Diluted | $2.22 | $1.52 | $1.58 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Statement Of Comprehensive Income [Abstract] | |||
Net earnings | $815,790 | $585,529 | $593,126 |
Other comprehensive (loss) income: | |||
Net unrealized loss on hedging derivatives, net of income taxes of ($4,900), $0 and ($1,100) for 2014, 2013 and 2012, respectively | -8,542 | -2,264 | |
Reclassification adjustment for loss on settlement of hedging derivatives included in net earnings, net of income taxes of $200, $0 and $25,000 for 2014, 2013 and 2012, respectively | 542 | 42,515 | |
Foreign currency translation (loss) gain, net of income taxes of $400, ($600) and $0 for 2014, 2013 and 2012, respectively | -141,530 | -53,619 | 58,626 |
Adjustment to early retiree medical plan, net of income taxes of ($1,921), $2,547 and ($1,528) for 2014, 2013 and 2012, respectively | -4,228 | 5,938 | -3,646 |
Reclassification adjustment for gain on early retiree medical plan included in net earnings, net of income taxes of ($557), $0 and $0 for 2014, 2013 and 2012, respectively | -1,030 | ||
Net current-period other comprehensive (loss) income | -154,788 | -47,681 | 95,231 |
Comprehensive income | 661,002 | 537,848 | 688,357 |
Comprehensive income attributable to noncontrolling interests | -101,844 | -97,504 | -88,512 |
Comprehensive income attributable to Nucor stockholders | $559,158 | $440,344 | $599,845 |
Consolidated_Statements_of_Com1
Consolidated Statements of Comprehensive Income (Parenthetical) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Statement Of Comprehensive Income [Abstract] | |||
Net unrealized gain (loss) on hedging derivatives, tax effect | ($4,900) | $0 | ($1,100) |
Reclassification adjustment for loss on settlement of hedging derivatives included in net earnings, net of income taxes | 200 | 0 | 25,000 |
Foreign currency translation (loss) gain, tax effect | 400 | -600 | 0 |
Adjustment to early retiree medical plan, income taxes | -1,921 | 2,547 | -1,528 |
Reclassification adjustment for gain on early retiree medical plan included in net earnings, tax effect | ($557) | $0 | $0 |
Consolidated_Statements_Of_Sto
Consolidated Statements Of Stockholders' Equity (USD $) | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Treasury Stock (at cost) [Member] | Total Nucor Stockholders' Equity [Member] | Noncontrolling Interests [Member] |
In Thousands | ||||||||
BALANCES, beginning of period at Dec. 31, 2011 | $7,706,580 | $150,496 | $1,756,534 | $7,111,566 | ($38,177) | ($1,505,534) | $7,474,885 | $231,695 |
BALANCES, shares at beginning of period at Dec. 31, 2011 | 376,239 | 59,490 | ||||||
Net earnings | 593,126 | 504,619 | 504,619 | 88,507 | ||||
Other comprehensive income (loss) | 95,231 | 95,226 | 95,226 | 5 | ||||
Stock options exercised | 10,515 | 142 | 10,373 | 10,515 | ||||
Stock options exercised (in shares) | 354 | 354 | ||||||
Stock option expense | 9,850 | 9,850 | 9,850 | |||||
Issuance of stock under award plans, net of forfeitures | 36,119 | 167 | 32,395 | 3,557 | 36,119 | |||
Issuance of stock under award plans, net of forfeitures, shares | 420 | -140 | ||||||
Amortization of unearned compensation | 800 | 800 | 800 | |||||
Cash dividends | -467,662 | -467,662 | -467,662 | |||||
Distributions to noncontrolling interests | -74,848 | -74,848 | ||||||
Other | -24,337 | 1,507 | -24,000 | -288 | -22,781 | -1,556 | ||
BALANCES, end of period at Dec. 31, 2012 | 7,885,374 | 150,805 | 1,811,459 | 7,124,523 | 56,761 | -1,501,977 | 7,641,571 | 243,803 |
BALANCES, shares at end of period at Dec. 31, 2012 | 377,013 | 59,350 | ||||||
Net earnings | 585,529 | 488,025 | 488,025 | 97,504 | ||||
Other comprehensive income (loss) | -47,681 | -47,681 | -47,681 | |||||
Stock option expense | 8,576 | 8,576 | 8,576 | |||||
Issuance of stock under award plans, net of forfeitures | 26,565 | 205 | 22,497 | 3,863 | 26,565 | |||
Issuance of stock under award plans, net of forfeitures, shares | 512 | -153 | ||||||
Amortization of unearned compensation | 821 | 821 | 821 | |||||
Cash dividends | -472,108 | -472,108 | -472,108 | |||||
Distributions to noncontrolling interests | -76,798 | -76,798 | ||||||
BALANCES, end of period at Dec. 31, 2013 | 7,910,278 | 151,010 | 1,843,353 | 7,140,440 | 9,080 | -1,498,114 | 7,645,769 | 264,509 |
BALANCES, shares at end of period at Dec. 31, 2013 | 377,525 | 59,197 | ||||||
Net earnings | 815,790 | 713,946 | 713,946 | 101,844 | ||||
Other comprehensive income (loss) | -154,788 | -154,788 | -154,788 | |||||
Stock options exercised | 5,614 | 54 | 5,560 | 5,614 | ||||
Stock options exercised (in shares) | 136 | 136 | ||||||
Stock option expense | 7,716 | 7,716 | 7,716 | |||||
Issuance of stock under award plans, net of forfeitures | 29,667 | 173 | 26,009 | 3,485 | 29,667 | |||
Issuance of stock under award plans, net of forfeitures, shares | 431 | -138 | ||||||
Amortization of unearned compensation | 718 | 718 | 718 | |||||
Cash dividends | -476,172 | -476,172 | -476,172 | |||||
Distributions to noncontrolling interests | -63,705 | -63,705 | ||||||
BALANCES, end of period at Dec. 31, 2014 | $8,075,118 | $151,237 | $1,883,356 | $7,378,214 | ($145,708) | ($1,494,629) | $7,772,470 | $302,648 |
BALANCES, shares at end of period at Dec. 31, 2014 | 378,092 | 59,059 |
Consolidated_Statements_Of_Sto1
Consolidated Statements Of Stockholders' Equity (Parenthetical) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Statement of Stockholders' Equity [Abstract] | |||
Cash dividends per share | $1.48 | $1.47 | $1.46 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Operating activities: | |||
Net earnings | $815,790 | $585,529 | $593,126 |
Adjustments: | |||
Depreciation | 652,000 | 535,852 | 534,010 |
Amortization | 72,423 | 74,356 | 73,011 |
Stock-based compensation | 46,384 | 47,450 | 50,733 |
Deferred income taxes | 90,864 | 56,564 | -25,274 |
Distributions from affiliates | 53,738 | 8,708 | |
Equity in (earnings) losses of unconsolidated affiliates | -13,505 | -9,297 | 13,323 |
Impairment of non-current assets | 30,000 | ||
Loss on assets | 25,393 | 14,000 | 17,563 |
Changes in assets and liabilities (exclusive of acquisitions and dispositions): | |||
Accounts receivable | -179,181 | -103,649 | 148,113 |
Inventories | -45,963 | -298,074 | -65,655 |
Accounts payable | -111,859 | 39,489 | -111,496 |
Federal income taxes | -111,687 | 77,950 | -28,022 |
Salaries, wages and related accruals | 67,973 | 7,155 | -60,363 |
Other operating activities | -19,472 | 41,916 | 31,316 |
Cash provided by operating activities | 1,342,898 | 1,077,949 | 1,200,385 |
Investing activities: | |||
Capital expenditures | -667,982 | -1,196,952 | -947,608 |
Investment in and advances to affiliates | -97,841 | -85,053 | -180,472 |
Repayment of advances to affiliates | 122,000 | 54,500 | 65,446 |
Disposition of plant and equipment | 36,563 | 34,097 | 51,063 |
Acquisitions (net of cash acquired) | -768,581 | -760,833 | |
Purchases of investments | -100,000 | -19,349 | -409,403 |
Proceeds from the sale of investments | 27,529 | 92,761 | 1,667,142 |
Proceeds from the sale of restricted investments | 148,725 | 359,295 | |
Changes in restricted cash | 126,438 | -48,625 | |
Other investing activities | 10,250 | 4,863 | |
Cash used in investing activities | -1,438,062 | -839,970 | -203,995 |
Financing activities: | |||
Net change in short-term debt | 178,308 | -671 | 27,945 |
Repayment of long-term debt | -5,358 | -250,000 | -650,000 |
Proceeds from issuance of long-term debt, net of discount | 999,100 | ||
Bond issuance costs | -7,625 | ||
Issuance of common stock | 5,614 | 10,515 | |
Excess tax benefits from stock-based compensation | 3,400 | 2,955 | 4,700 |
Distributions to noncontrolling interests | -63,705 | -76,798 | -74,848 |
Cash dividends | -475,123 | -471,028 | -466,361 |
Other financing activities | -2,183 | 111 | 1,172 |
Cash (used in) provided by financing activities | -359,047 | 196,044 | -1,146,877 |
Effect of exchange rate changes on cash | -4,897 | -3,633 | 2,704 |
(Decrease) increase in cash and cash equivalents | -459,108 | 430,390 | -147,783 |
Cash and cash equivalents-beginning of year | 1,483,252 | 1,052,862 | 1,200,645 |
Cash and cash equivalents-end of year | 1,024,144 | 1,483,252 | 1,052,862 |
Non-cash investing activity: | |||
Change in accrued plant and equipment purchases | ($99,115) | $33,467 | $71,726 |
Nature_of_Operations_and_Basis
Nature of Operations and Basis of Presentation | 12 Months Ended | |
Dec. 31, 2014 | ||
Basis Of Presentation [Abstract] | ||
Nature of Operations and Basis of Presentation | 1 | Nature of Operations and Basis of Presentation |
Nature of Operations | ||
Nucor is principally a manufacturer of steel and steel products, as well as a scrap broker and processor, with operating facilities and customers primarily located in North America. | ||
Principles of Consolidation | ||
The consolidated financial statements include Nucor and its controlled subsidiaries, including Nucor-Yamato Steel Company, a limited partnership of which Nucor owns 51%. All significant intercompany transactions are eliminated. | ||
Distributions are made to noncontrolling interest partners in Nucor-Yamato Steel Company in accordance with the limited partnership agreement by mutual agreement of the general partners. At a minimum, sufficient cash is distributed so that each partner may pay their U.S. federal and state income taxes. | ||
Use of Estimates | ||
The preparation of financial statements in conformity with generally accepted accounting principles in the United States of America requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from these estimates. | ||
Reclassifications | ||
In the first quarter of 2013, we began reporting the results of Nucor’s steel trading businesses and rebar distribution businesses in the steel mills segment. Previously, these businesses were reported in an “All other” category. These businesses were reclassified to the steel mills segment as part of a realignment of Nucor’s reportable segments to better reflect the way in which they are managed. The segment data for the comparable periods has also been reclassified into the steel mills segment in order to conform to the current year presentation. The steel mills, steel products and raw materials segments are consistent with the way Nucor manages its business, which is based primarily upon the similarity of the types of products produced and sold by each segment. Additionally, the composition of assets by segment at December 31, 2012, was reclassified to conform with the current presentation. This reclassification between segments did not have any impact on the consolidated asset balances. |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 12 Months Ended | |
Dec. 31, 2014 | ||
Accounting Policies [Abstract] | ||
Summary of Significant Accounting Policies | 2 | Summary of Significant Accounting Policies |
Cash and Cash Equivalents | ||
Cash equivalents are recorded at cost plus accrued interest, which approximates fair value, and have original maturities of three months or less at the date of purchase. Cash and cash equivalents are maintained primarily with a few high-credit quality financial institutions. | ||
Short-term Investments | ||
Short-term investments are recorded at cost plus accrued interest, which approximates fair value. Unrealized gains and losses on investments classified as available-for-sale are recorded as a component of accumulated other comprehensive income (loss). Management determines the appropriate classification of its investments at the time of purchase and re-evaluates such determination at each balance sheet date. | ||
Inventories Valuation | ||
Inventories are stated at the lower of cost or market. Inventories valued using the last-in, first-out (LIFO) method of accounting represent approximately 43% of total inventories as of December 31, 2014 (45% as of December 31, 2013). All inventories held by the parent company and Nucor-Yamato Steel Company are valued using the LIFO method of accounting except for supplies that are consumed indirectly in the production process, which are valued using the first-in, first-out (FIFO) method of accounting. All inventories held by other subsidiaries of the parent company are valued using the FIFO method of accounting. The Company records any amount required to reduce the carrying value of inventory to net realizable value as a charge to cost of products sold. | ||
Property, Plant and Equipment | ||
Property, plant and equipment are stated at cost, except for property, plant and equipment acquired through acquisitions which are recorded at acquisition date fair value. With the exception of our natural gas wells, depreciation is provided on a straight-line basis over the estimated useful lives of the assets. Depletion of all capitalized costs associated with our natural gas producing properties is expensed on a unit-of-production basis by individual field as the gas from the proved developed reserves is produced. The costs of planned major maintenance activities are capitalized as part of other current assets and amortized over the period until the next scheduled major maintenance activity. All other repairs and maintenance activities are expensed when incurred. | ||
Goodwill and Other Intangibles | ||
Goodwill is the excess of cost over the fair value of net assets of businesses acquired. Goodwill is not amortized but is tested annually for impairment and whenever events or circumstances change that would make it more likely than not that an impairment may have occurred. We perform our annual impairment analysis as of the first day of the fourth quarter each year. The evaluation of impairment involves comparing the current estimated fair value of each reporting unit, which is a level below the reportable segment, to the recorded value, including goodwill. When appropriate, Nucor performs a qualitative assessment to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount. For certain reporting units it is necessary to perform a quantitative analysis. In these instances, a discounted cash flow model is used to determine the current estimated fair value of these reporting units. A number of significant assumptions and estimates are involved in the application of the discounted cash flow model to forecast operating cash flows, including market growth and market share, sales volumes and prices, costs to produce, discount rate and estimated capital needs. Management considers historical experience and all available information at the time the fair values of its reporting units are estimated. Assumptions in estimating future cash flows are subject to a high degree of judgment and complexity. Changes in assumptions and estimates may affect the fair value of goodwill and could result in impairment charges in future periods. | ||
Finite-lived intangible assets are amortized over their estimated useful lives. | ||
Long-Lived Asset Impairments | ||
We evaluate our property, plant and equipment and finite-lived intangible assets for potential impairment on an individual asset basis or at the lowest level asset grouping for which cash flows can be separately identified. Asset impairments are assessed whenever circumstances indicate that the carrying amounts of those productive assets could exceed their projected undiscounted cash flows. When it is determined that impairment exists, the related assets are written down to estimated fair market value. | ||
Equity Method Investments | ||
Investments in joint ventures in which Nucor shares control over the financial and operating decisions but in which Nucor is not the primary beneficiary are accounted for under the equity method. Each of the Company’s equity method investments is subject to a review for impairment if, and when, circumstances indicate that a decline in value below its carrying amount may have occurred. Examples of such circumstances include, but are not limited to, a significant deterioration in the earnings performance or business prospects of the investee; a significant adverse change in the regulatory, economic or technological environment of the investee; a significant adverse change in the general market condition of either the geographic area or the industry in which the investee operates; and recurring negative cash flows from operations. If management considers the decline to be other than temporary, the Company would write down the investment to its estimated fair market value. | ||
Derivative Financial Instruments | ||
Nucor uses derivative financial instruments from time to time primarily to partially manage its exposure to price risk related to natural gas purchases used in the production process and to changes in interest rates on outstanding debt instruments. Nucor also uses derivatives to hedge a portion of our scrap, copper and aluminum purchases and sales. In addition, Nucor uses forward foreign exchange contracts to hedge cash flows associated with certain assets and liabilities, firm commitments and anticipated transactions. | ||
Nucor recognizes all material derivative instruments in the consolidated balance sheets at fair value. Amounts included in accumulated other comprehensive income (loss) related to cash flow hedges are reclassified into earnings when the underlying transaction is recognized in net earnings. Changes in fair value hedges are reported in earnings along with changes in the fair value of the hedged items. When cash flow and fair value hedges affect net earnings, they are included on the same financial statement line as the underlying transaction (cost of products sold or interest expense). If these instruments do not meet hedge accounting criteria or contain ineffectiveness, the change in fair value (or a portion thereof) is recognized immediately in earnings in the same financial statement line as the underlying transaction. | ||
Revenue Recognition | ||
Nucor recognizes revenue when persuasive evidence of a contractual arrangement exists, delivery has occurred, the sales price is fixed or determinable and collection is reasonably assured. Product is considered delivered to the customer once it has been shipped and title and risk of loss has been transferred. | ||
Income Taxes | ||
Nucor utilizes the liability method of accounting for income taxes. Under the liability method, deferred taxes are determined based on the temporary differences between the financial statement and tax basis of assets and liabilities using tax rates expected to be in effect during the years in which the basis differences reverse. A valuation allowance is recorded when it is more likely than not that some of the deferred tax assets will not be realized. | ||
Nucor recognizes the effect of income tax positions only if those positions are more likely than not of being sustained. Potential accrued interest and penalties related to unrecognized tax benefits are recognized as a component of interest expense. | ||
Nucor’s intention is to permanently reinvest the earnings of certain foreign investments. Accordingly, no provisions have been made for taxes that may be payable upon remittance of such earnings. | ||
Stock-Based Compensation | ||
The Company recognizes the cost of stock-based compensation as an expense using fair value measurement methods. The assumptions used to calculate the fair value of stock-based compensation granted are evaluated and revised, as necessary, to reflect market conditions and experience. | ||
Foreign Currency Translation | ||
For Nucor’s operations where the functional currency is other than the U.S. dollar, assets and liabilities have been translated at year-end exchange rates, and income and expenses translated using average exchange rates for the respective periods. Adjustments resulting from the process of translating an entity’s financial statements into the U.S. dollar have been recorded in accumulated other comprehensive income (loss) and are included in net earnings only upon sale or liquidation of the underlying investments. Foreign currency transaction gains and losses are included in net earnings in the period they occur. | ||
Recently Adopted Accounting Pronouncements | ||
In the first quarter of 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 has been applied prospectively for the Company beginning January 1, 2014. The adoption of this standard did 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 has been applied prospectively for the Company beginning January 1, 2014. The adoption of this standard did not have a material effect on the consolidated financial statements. | ||
Recently Issued Accounting Pronouncements | ||
In April 2014, new accounting guidance was issued that 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. | ||
In May 2014, new accounting guidance was issued that will supersede nearly all existing accounting guidance related to revenue recognition. The new guidance provides that an entity recognizes revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. This update also requires additional disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments, and assets recognized from costs incurred to obtain or fulfill a contract. The amendments are effective for the Company for all annual and interim reporting periods beginning after December 15, 2016. The Company is evaluating adoption methods and the impact it will have on the consolidated financial statements. | ||
In August 2014, new accounting guidance was issued that specifies the responsibility that an entity’s management has to evaluate whether there is substantial doubt about the entity’s ability to continue as a going concern. The standard is effective for interim and annual periods beginning after December 15, 2016, and is not expected to have an effect on the Company’s financial statements. |
Acquisitions_and_Dispositions
Acquisitions and Dispositions | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Business Combinations [Abstract] | |||||||||
Acquisitions and Dispositions | 3 | Acquisitions and Dispositions | |||||||
On October 8, 2014, Nucor acquired the entire equity interest in Gallatin Steel Company (Gallatin) for a cash purchase price of $779.1 million, including working capital adjustments. The acquisition was partially funded by the issuance of approximately $300 million of commercial paper with the remaining funds coming from cash on hand. Located on the Ohio River in Ghent, Kentucky, Gallatin has an annual sheet steel production capacity of approximately 1,800,000 tons. This acquisition is strategically important as it expands Nucor’s footprint in the Midwestern United States market, and it will broaden Nucor’s product offerings. Gallatin’s financial results are included as part of the steel mills segment (see Note 23). | |||||||||
We have allocated the purchase price for Gallatin to its individual assets acquired and liabilities assumed. | |||||||||
The following table summarizes the estimated fair values of the assets acquired and liabilities assumed of Gallatin as of the date of acquisition (in thousands): | |||||||||
Cash | $ | 48,957 | |||||||
Accounts receivable | 82,291 | ||||||||
Inventory | 101,692 | ||||||||
Other current assets | 5,117 | ||||||||
Property, plant and equipment | 483,007 | ||||||||
Goodwill | 98,505 | ||||||||
Other intangible assets | 67,150 | ||||||||
Other assets | 2,762 | ||||||||
Total assets acquired | 889,481 | ||||||||
Current liabilities | 105,816 | ||||||||
Long-term debt | 2,093 | ||||||||
Deferred credits and other liabilities | 2,500 | ||||||||
Total liabilities assumed | 110,409 | ||||||||
Net assets acquired | $ | 779,072 | |||||||
The purchase price allocation to the identifiable intangible assets is as follows (in thousands, except years): | |||||||||
As of the date of acquisition | Weighted- | ||||||||
Average Life | |||||||||
Customer relationships | $ | 58,250 | 20 years | ||||||
Trademarks and trade names | 8,900 | 5 years | |||||||
$ | 67,150 | ||||||||
The goodwill of $98.5 million is primarily attributed to the synergies expected to arise after the acquisition and has been allocated to the steel mills segment (see Note 9). Approximately $87.6 million of the goodwill recognized is expected to be deductible for tax purposes. | |||||||||
On June 20, 2012, Nucor completed the acquisition of the entire equity interest in Skyline Steel LLC (Skyline) and its subsidiaries for the cash purchase price of $675.4 million. No cash was received nor was any debt assumed as a result of the acquisition. Skyline’s financial results are included as part of the steel mills segment (see Note 23). | |||||||||
Skyline is a steel foundation manufacturer and distributor serving the U.S., Canada, Mexico and the Caribbean. Skyline’s steel products are used in marine construction, bridge and highway construction, heavy civil construction, storm protection, underground commercial parking and environmental containment projects in the infrastructure and construction industries. Skyline is a significant consumer of H-piling and sheet piling from Nucor-Yamato Steel Company. | |||||||||
We allocated the purchase price for Skyline to its individual assets acquired and liabilities assumed. | |||||||||
The following table summarizes the estimated fair values of the assets acquired and liabilities assumed of Skyline as of the date of acquisition (in thousands): | |||||||||
Accounts receivable | $ | 128,004 | |||||||
Inventory | 260,473 | ||||||||
Other current assets | 4,410 | ||||||||
Property, plant and equipment | 70,100 | ||||||||
Goodwill | 138,579 | ||||||||
Other intangible assets | 215,600 | ||||||||
Total assets acquired | 817,166 | ||||||||
Current liabilities | 137,654 | ||||||||
Deferred credits and other liabilities | 4,078 | ||||||||
Total liabilities assumed | 141,732 | ||||||||
Net assets acquired | $ | 675,434 | |||||||
The purchase price allocation to the identifiable intangible assets is as follows (in thousands, except years): | |||||||||
As of the date of acquisition | Weighted- | ||||||||
Average Life | |||||||||
Customer relationships | $ | 184,500 | 17 years | ||||||
Trademarks and trade names | 28,500 | 20 years | |||||||
Other | 2,600 | 3 years | |||||||
$ | 215,600 | ||||||||
The goodwill of $138.6 million is primarily attributed to the synergies expected to arise after the acquisition and was allocated to the steel mills segment. Approximately $128.2 million of the goodwill recognized is expected to be deductible for tax purposes. | |||||||||
In August 2012, Nucor sold the assets of Nucor Wire Products Pennsylvania, Inc., resulting in a loss of $17.6 million. This charge is included in marketing, administrative and other expenses in the consolidated statement of earnings. | |||||||||
In November 2012, Nucor acquired a 50% economic and voting interest in Hunter Ridge Energy Services LLC (Hunter Ridge). Hunter Ridge provides services for the gathering, separation and compression of energy products including natural gas produced by Nucor’s working interest drilling program. Nucor accounts for the investment (on a one-month lag basis) under the equity method (see Note 10). As of December 31, 2014, Nucor’s investment in Hunter Ridge was $138.6 million ($134.5 million at December 31, 2013). | |||||||||
Other minor acquisitions, exclusive of purchase price adjustments of acquisitions made, totaled $38.5 million in 2014, none in 2013, and $85.4 million in 2012. |
Shortterm_Investments
Short-term Investments | 12 Months Ended | |
Dec. 31, 2014 | ||
Short-term Investments [Abstract] | ||
Short-term Investments | 4 | Short-term Investments |
Nucor’s short-term investments held as of December 31, 2014, and December 31, 2013, were $100.0 million and $28.2 million, respectively. These investments consisted of fixed term deposits and certificates of deposit (CDs) at December 31, 2014, and December 31, 2013, respectively, and are classified as available-for-sale. The interest rates on the fixed term deposits and CDs are fixed at inception and interest income is recorded as earned. | ||
No realized or unrealized gains or losses were incurred in 2014, 2013 or 2012. | ||
The contractual maturities of all of the fixed term deposits outstanding at December 31, 2014, are before December 31, 2015. |
Accounts_Receivable
Accounts Receivable | 12 Months Ended | |
Dec. 31, 2014 | ||
Receivables [Abstract] | ||
Accounts Receivable | 5 | Accounts Receivable |
An allowance for doubtful accounts is maintained for estimated losses resulting from the inability of our customers to make required payments. Accounts receivable are stated net of the allowance for doubtful accounts of $65.4 million at December 31, 2014 ($58.3 million at December 31, 2013, and $57.4 million at December 31, 2012). |
Inventories
Inventories | 12 Months Ended | |
Dec. 31, 2014 | ||
Inventory Disclosure [Abstract] | ||
Inventories | 6 | Inventories |
Inventories consist of approximately 40% raw materials and supplies and 60% finished and semi-finished products at December 31, 2014 and 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. | ||
If the FIFO method of accounting had been used, inventories would have been $567.4 million higher at December 31, 2014 ($624.7 million higher at December 31, 2013). Use of the lower of cost or market method reduced inventories by $2.7 million at December 31, 2014 ($2.1 million at December 31, 2013). |
Property_Plant_and_Equipment
Property, Plant and Equipment | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Property, Plant and Equipment [Abstract] | |||||||||
Property, Plant and Equipment | 7 | Property, Plant and Equipment | |||||||
(in thousands) | |||||||||
December 31, | |||||||||
2014 | 2013 | ||||||||
Land and improvements | $ | 576,511 | $ | 555,309 | |||||
Buildings and improvements | 1,018,342 | 941,379 | |||||||
Machinery and equipment | 10,080,640 | 9,159,151 | |||||||
Proved oil and gas properties | 584,466 | 487,033 | |||||||
Construction in process and equipment deposits | 193,594 | 400,373 | |||||||
12,453,553 | 11,543,245 | ||||||||
Less accumulated depreciation | (7,165,914 | ) | (6,626,221 | ) | |||||
$ | 5,287,639 | $ | 4,917,024 | ||||||
The estimated useful lives primarily range from 5 to 25 years for land improvements, 4 to 40 years for buildings and improvements and 2 to 15 years for machinery and equipment. The useful life for proved oil and gas properties is based on the unit-of-production method and varies by well. | |||||||||
Included within property, plant and equipment, net at December 31, 2014, is $22.8 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 $23.2 million at December 31, 2014 (none at December 31, 2013), of which $2.2 million was classified in accrued expenses and other current liabilities and $21.0 million was classified in deferred credits and other liabilities in the consolidated balance sheets. | |||||||||
In the third quarter of 2013, one of three iron ore storage domes collapsed at Nucor Steel Louisiana in St. James Parish. As a result, Nucor recorded a partial write-down of assets at the facility, including $21.0 million of property, plant and equipment and $7.0 million of inventory, offset by a $14.0 million insurance receivable that was based on management’s best estimate of probable insurance recoveries. The associated net charge of $14.0 million was included in marketing, administrative and other expenses in the consolidated statement of earnings in 2013. As of December 31, 2014, Nucor has received initial payments of $10.3 million related to the insurance receivable. The two remaining storage domes have a carrying value of approximately $20 million. Nucor continues to assess these two domes and the assets associated with them. As a result of the ongoing assessment, it is possible that Nucor will make operational decisions that could impact the carrying value of the domes and associated assets and the amount of insurance proceeds claimed by and payable to us. | |||||||||
In the fourth quarter of 2014, an equipment failure occurred at Nucor Steel Louisiana related to the process gas heater. There were no injuries, no environmental impact and no damage to any other part of the direct reduced iron (DRI) facility as a result of this incident. Production operations were suspended after the failure and have not restarted. Nucor is in the process of making the necessary repairs and adjustments to the process gas heater. Nucor Steel Louisiana is estimated to resume operations late in the first quarter of 2015. | |||||||||
Included in property plant and equipment within the steel mills segment at December 31, 2014, and December 31, 2013, is approximately $84.1 million related to the anticipated further development activities at the St. James Parish site, the majority of which are engineering designs. Changes to the anticipated development activities at this site could result in full or partial impairment of these capitalized assets. | |||||||||
Nucor capitalized $2.9 million of interest expense in 2014 ($10.9 million in 2013 and $4.7 million in 2012) related to the borrowing costs associated with various construction projects. |
Restricted_Cash_and_Investment
Restricted Cash and Investments | 12 Months Ended | |
Dec. 31, 2014 | ||
Restricted Cash and Investments [Abstract] | ||
Restricted Cash and Investments | 8 | Restricted Cash and Investments |
There were no restricted cash or investments as of December 31, 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 DRI facility in St. James Parish, Louisiana. Funds were disbursed as qualified expenditures for the construction of the facility were made ($275.3 million in 2013 and $311.8 million in 2012). |
Goodwill_and_Other_Intangible_
Goodwill and Other Intangible Assets | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||
Goodwill and Other Intangible Assets | 9 | Goodwill and Other Intangible Assets | |||||||||||||||||||
The change in the net carrying amount of goodwill for the years ended December 31, 2014 and 2013 by segment is as follows (in thousands): | |||||||||||||||||||||
Steel | Steel | Raw | All | Total | |||||||||||||||||
Mills | Products | Materials | Other | ||||||||||||||||||
Balance, December 31, 2012 | $ | 407,045 | $ | 805,416 | $ | 703,225 | $ | 88,852 | $ | 2,004,538 | |||||||||||
Reclassifications | 88,852 | — | — | (88,852 | ) | — | |||||||||||||||
Translation | — | (26,067 | ) | — | — | (26,067 | ) | ||||||||||||||
Other | — | (4,863 | ) | — | — | (4,863 | ) | ||||||||||||||
Balance, December 31, 2013 | 495,897 | 774,486 | 703,225 | — | 1,973,608 | ||||||||||||||||
Acquisitions | 98,505 | — | — | — | 98,505 | ||||||||||||||||
Translation | — | (30,112 | ) | — | — | (30,112 | ) | ||||||||||||||
Other | — | 311 | 26,352 | — | 26,663 | ||||||||||||||||
Balance, December 31, 2014 | $ | 594,402 | $ | 744,685 | $ | 729,577 | $ | — | $ | 2,068,664 | |||||||||||
The majority of goodwill is not tax deductible. | |||||||||||||||||||||
Previously, Nucor’s steel trading businesses and rebar distribution businesses were reported in the “All Other” category. Beginning in the first quarter of 2013, these businesses were reclassified to the steel mills segment as part of a realignment of Nucor’s reportable segments to better reflect the way in which they are managed (see Note 1). | |||||||||||||||||||||
Goodwill increased by $26.4 million in the third quarter of 2014 due to a correction of deferred taxes related to purchase accounting for the acquisition of The David J. Joseph Company in 2008. This correction did not have an impact on the condensed consolidated statements of earnings, condensed consolidated statements of comprehensive income and the condensed consolidated statements of cash flows in the periods presented and in prior years. Also, this correction had no impact on the results of the goodwill impairment assessments performed in prior periods and is not material to the current or any prior period. | |||||||||||||||||||||
Intangible assets with estimated lives of 5 to 22 years are amortized on a straight-line or accelerated basis and are comprised of the following (in thousands): | |||||||||||||||||||||
31-Dec-14 | 31-Dec-13 | ||||||||||||||||||||
Gross | Accumulated | Gross | Accumulated | ||||||||||||||||||
Amount | Amortization | Amount | Amortization | ||||||||||||||||||
Customer relationships | $ | 1,199,942 | $ | 454,353 | $ | 1,147,786 | $ | 391,254 | |||||||||||||
Trademarks and trade names | 158,584 | 48,356 | 151,332 | 40,397 | |||||||||||||||||
Other | 22,823 | 16,547 | 21,869 | 15,182 | |||||||||||||||||
$ | 1,381,349 | $ | 519,256 | $ | 1,320,987 | $ | 446,833 | ||||||||||||||
Intangible asset amortization expense was $72.4 million in 2014 ($74.4 million in 2013 and $73.0 million in 2012). Annual amortization expense is estimated to be $73.2 million in 2015; $71.5 million in 2016; $69.8 million in 2017; $66.1 million in 2018 and $63.3 million in 2019. | |||||||||||||||||||||
The Company completed its annual goodwill impairment testing as of the first days of the fourth quarters of 2014, 2013 and 2012 and concluded that as of such dates there was no impairment of goodwill for any of its reporting units. We do not believe there are any reporting units at significant risk of goodwill impairment in the near term. However, assumptions in estimating reporting unit fair values are subject to a high degree of judgment and complexity. Changes in assumptions and estimates may affect the estimated reporting unit fair values and could result in impairment charges in future periods. | |||||||||||||||||||||
There are no significant historical accumulated impairment charges, by segment or in the aggregate, related to goodwill. |
Equity_Investments
Equity Investments | 12 Months Ended | |
Dec. 31, 2014 | ||
Equity Method Investments and Joint Ventures [Abstract] | ||
Equity Investments | 10 | Equity Investments |
The carrying value of our equity investments in domestic and foreign companies was $872.5 million at December 31, 2014 ($936.0 million at December 31, 2013), and is recorded in other assets in the consolidated balance sheets. | ||
DUFERDOFIN NUCOR | ||
Nucor owns a 50% economic and voting interest in Duferdofin Nucor S.r.l. (Duferdofin Nucor), an Italian steel manufacturer, and accounts for the investment (on a one-month lag basis) under the equity method, as control and risk of loss are shared equally between the members. | ||
Nucor’s investment in Duferdofin Nucor at December 31, 2014, was $412.9 million ($465.4 million at December 31, 2013). Nucor’s 50% share of the total net assets of Duferdofin Nucor was $57.4 million at December 31, 2014, resulting in a basis difference of $355.5 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 ($293.2 million) and finite-lived intangible assets. This basis difference, excluding the portion attributable to goodwill, is being amortized based on the remaining estimated useful lives of the various underlying net assets, as appropriate. Amortization expense and other purchase accounting adjustments associated with the fair value step-up were $10.5 million in 2014 ($11.2 million in 2013 and $11.1 million in 2012). | ||
As of December 31, 2014, Nucor had outstanding notes receivable of €35.0 million ($42.5 million) from Duferdofin Nucor (€35.0 million, or $48.2 million, as of December 31, 2013). The notes receivable bear interest at 1.34% and will reset annually on September 30 to the twelve-month Euro Interbank Offered Rate (Euribor) plus 1% per year. The principal amounts are due on January 31, 2016. As of December 31, 2014, and December 31, 2013, the note receivable was classified in other assets in the consolidated balance sheets. | ||
Nucor has issued guarantees, the fair value of which is immaterial, for its ownership percentage (50%) of Duferdofin Nucor’s borrowings under Facility A of a Structured Trade Finance Facilities Agreement as well as the Standby Medium Long Term Loan Credit Facility, which mature on April 26, 2016, and April 22, 2016, respectively. After amending the loan agreement in the second quarter of 2013, the maximum amount Duferdofin Nucor can borrow under Facility A is €122.5 million ($148.7 million as of December 31, 2014). As of December 31, 2014, there was €107.0 million ($129.9 million) outstanding under that facility (€112.0 million, or $154.4 million, at December 31, 2013). The guarantee under the Standby Medium Long Term Credit Facility was issued in the second quarter of 2014, and as of December 31, 2014, Duferdofin Nucor had the maximum borrowing amount of €60.0 million ($72.8 million) outstanding under the facility. If Duferdofin Nucor fails to pay when due any amounts for which it is obligated under Facility A or the Standby Medium Long Term Credit Facility, Nucor could be required to pay 50% of such amounts pursuant to and in accordance with the terms of its guarantees. Any indebtedness of Duferdofin Nucor to Nucor is effectively subordinated to the indebtedness of Duferdofin Nucor under both financing agreements. Nucor has not recorded any liability associated with these guarantees. | ||
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 25 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 December 31, 2014, was $301.5 million ($318.4 million as of December 31, 2013). At December 31, 2013, Nucor had a $40.0 million note receivable and a receivable of $17.0 million on a $100.0 million line of credit that Nucor extended to Steel Technologies, both of which were included in other current assets in the consolidated balance sheets. Steel Technologies secured its own external financing in 2014 and, as a result, both the note receivable and the amounts Steel Technologies had outstanding on the line of credit with Nucor were repaid in 2014. Nucor no longer has a line of credit extended to Steel Technologies. Nucor received distributions of $52.7 million and $6.7 million from NuMit during 2014 and 2013, respectively. | ||
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 December 31, 2014, was $138.6 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 second quarter of 2012, Nucor concluded that a triggering event occurred requiring assessment for impairment of its equity investment in Duferdofin Nucor due to the continued declines in the global demand for steel, the escalated economic and political turmoil in Europe and continued operating performance well below budgeted levels through the first half of 2012. Another contributing factor was that Duferdofin Nucor had a recently updated unfavorable forecast of future operating performance. The diminished demand combined with the continued lower than budgeted levels of operating performance significantly impacted the financial results of Duferdofin Nucor through the first half of 2012. After completing its assessment, Nucor determined that the carrying amount exceeded its estimated fair value and recorded a $30.0 million impairment charge against the Company’s investment in Duferdofin Nucor. This charge is included in impairment of non-current assets in the consolidated statements of earnings. | ||
Although the operating results of Duferdofin Nucor have improved since 2012 and there have been no significant deteriorations in near-term financial projections or other key assumptions since the last impairment test performed in the fourth quarter of 2013, Nucor concluded that it was appropriate to reassess its equity investment in Duferdofin Nucor for impairment during the fourth quarter of 2014 due to the protracted challenging steel market conditions in Europe. After completing its assessment, the Company determined that the estimated fair value exceeded its carrying amount by a sufficient amount and that there was no need for additional impairment charges. The assumptions that most significantly affect the fair value determination include projected revenues and the discount rate. It is reasonably possible that material deviation of future performance from the estimates used in our most recent valuation could result in further impairment of our investment in Duferdofin Nucor. | ||
Current_Liabilities
Current Liabilities | 12 Months Ended | |
Dec. 31, 2014 | ||
Liabilities, Current [Abstract] | ||
Current Liabilities | 11 | Current Liabilities |
Book overdrafts, included in accounts payable in the consolidated balance sheets, were $107.9 million at December 31, 2014 ($81.6 million at December 31, 2013). Dividends payable, included in accrued expenses and other current liabilities in the consolidated balance sheets, were $119.7 million at December 31, 2014 ($118.7 million at December 31, 2013). |
Debt_and_Other_Financing_Arran
Debt and Other Financing Arrangements | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Debt Disclosure [Abstract] | |||||||||
Debt and Other Financing Arrangements | 12 | Debt and Other Financing Arrangements | |||||||
(in thousands) | |||||||||
December 31, | |||||||||
2014 | 2013 | ||||||||
Industrial revenue bonds: | |||||||||
0.17% to 0.24%, variable, due from 2015 to 2040 | $ | 1,026,935 | $ | 1,030,200 | |||||
Notes, 5.75%, due 2017 | 600,000 | 600,000 | |||||||
Notes, 5.85%, due 2018 | 500,000 | 500,000 | |||||||
Notes, 4.125%, due 2022 | 600,000 | 600,000 | |||||||
Notes, 4.0%, due 2023 | 500,000 | 500,000 | |||||||
Notes, 6.40%, due 2037 | 650,000 | 650,000 | |||||||
Notes, 5.20%, due 2043 | 500,000 | 500,000 | |||||||
4,376,935 | 4,380,200 | ||||||||
Less current maturities | (16,335 | ) | (3,300 | ) | |||||
$ | 4,360,600 | $ | 4,376,900 | ||||||
Annual aggregate long-term debt maturities are: $16.3 million in 2015; none in 2016; $600.0 million in 2017; $500.0 million in 2018; none in 2019 and $3.261 billion thereafter. | |||||||||
In October 2014, Nucor issued approximately $300 million of commercial paper to partially fund the acquisition of Gallatin. As of December 31, 2014, $151.4 million was outstanding under the commercial paper program with a weighted average interest rate of 0.30% (none at December 31, 2013). All outstanding commercial paper instruments mature within 90 days, the balance of which is presented in short-term debt in the consolidated balance sheet. | |||||||||
In 2013, Nucor issued $500.0 million of 4.00% notes due in 2023 and $500.0 million of 5.20% notes due in 2043. Net proceeds of the issuances were $991.5 million. Costs of $8.5 million associated with the issuances were capitalized and are being amortized over the life of the notes. | |||||||||
Nucor amended its $1.50 billion unsecured revolving credit facility in 2013 to extend the maturity date from December 2016 to August 2018. The unsecured revolving credit facility provides up to $1.50 billion in revolving loans and allows up to $500.0 million in additional commitments at Nucor’s election in accordance with the terms set forth in the credit agreement. Up to the equivalent of $850.0 million of the credit facility is available for foreign currency loans, up to $500.0 million is available for the issuance of letters of credit and up to $500.0 million is available for the issuance of revolving loans for Nucor subsidiaries in accordance with terms set forth in the credit agreement. The credit facility provides for a pricing grid based upon the credit rating of Nucor’s senior unsecured long-term debt and, alternatively, interest rates quoted by lenders in connection with competitive bidding. The credit facility includes customary financial and other covenants, including a limit on the ratio of funded debt to capital of 60%, a limit on Nucor’s ability to pledge the Company’s assets and a limit on consolidations, mergers and sales of assets. As of December 31, 2014, Nucor’s funded debt to total capital ratio was 36%, and Nucor was in compliance with all covenants under the credit facility. No borrowings were outstanding under the credit facility as of December 31, 2014 and 2013. | |||||||||
Harris Steel has credit facilities totaling approximately $30.2 million, with $1.5 million outstanding at December 31, 2014 (none at December 31, 2013). In addition, the business of Nucor Trading S.A. is financed by uncommitted trade credit arrangements with a number of European banking institutions. As of December 31, 2014, Nucor Trading S.A. had outstanding borrowings of $54.6 million, which is presented in short-term debt in the consolidated balance sheets ($29.2 million at December 31, 2013). In addition, $38.5 million of the amount outstanding at December 31, 2014 ($29.1 million at December 31, 2013) was guaranteed by Nucor, the fair value of such guarantee is immaterial. If Nucor Trading S.A. fails to pay when due any amounts for which it is obligated, Nucor could be required to pay such amounts pursuant to and in accordance with the terms of the guarantee. Nucor has not recorded any liability associated with the guarantee. | |||||||||
Letters of credit totaling $42.2 million were outstanding as of December 31, 2014, related to certain obligations, including workers’ compensation, utilities deposits and credit arrangements by Nucor Trading S.A. for commitments to purchase inventories. | |||||||||
Capital_Stock
Capital Stock | 12 Months Ended | |
Dec. 31, 2014 | ||
Equity [Abstract] | ||
Capital Stock | 13 | Capital Stock |
The par value of Nucor’s common stock is $0.40 per share and there are 800 million shares authorized. In addition, 250,000 shares of preferred stock, par value of $4.00 per share, are authorized, with preferences, rights and restrictions as may be fixed by Nucor’s Board of Directors. There are no shares of preferred stock issued or outstanding. |
Derivative_Financial_Instrumen
Derivative Financial Instruments | 12 Months Ended | ||||||||||||||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||
Derivative Financial Instruments | 14 | Derivative Financial Instruments | |||||||||||||||||||||||||||||||||||||
The following tables summarize information regarding Nucor’s derivative instruments (in thousands): | |||||||||||||||||||||||||||||||||||||||
Fair Value of Derivative Instruments | |||||||||||||||||||||||||||||||||||||||
Fair Value at December 31, | |||||||||||||||||||||||||||||||||||||||
Consolidated Balance Sheet Location | 2014 | 2013 | |||||||||||||||||||||||||||||||||||||
Asset derivatives not designated as hedging instruments: | |||||||||||||||||||||||||||||||||||||||
Commodity contracts | Other current assets | $ | 1,856 | $ | — | ||||||||||||||||||||||||||||||||||
Foreign exchange contracts | Other current assets | 372 | — | ||||||||||||||||||||||||||||||||||||
Total asset derivatives | $ | 2,228 | $ | — | |||||||||||||||||||||||||||||||||||
Liability derivatives designated as hedging instruments: | |||||||||||||||||||||||||||||||||||||||
Commodity contracts | Accrued expenses and | (6,400 | ) | — | |||||||||||||||||||||||||||||||||||
other current liabilities | |||||||||||||||||||||||||||||||||||||||
Commodity contracts | Deferred credits and other liabilities | (6,300 | ) | — | |||||||||||||||||||||||||||||||||||
Total liability derivatives designated as hedging instruments | (12,700 | ) | — | ||||||||||||||||||||||||||||||||||||
Liability derivatives not designated as hedging instruments: | |||||||||||||||||||||||||||||||||||||||
Commodity contracts | Accrued expenses and | — | (553 | ) | |||||||||||||||||||||||||||||||||||
other current liabilities | |||||||||||||||||||||||||||||||||||||||
Foreign exchange contracts | Accrued expenses and | — | (2 | ) | |||||||||||||||||||||||||||||||||||
other current liabilities | |||||||||||||||||||||||||||||||||||||||
Total liability derivatives not designated as hedging instruments | — | (555 | ) | ||||||||||||||||||||||||||||||||||||
Total liability derivatives | $ | (12,700 | ) | $ | (555 | ) | |||||||||||||||||||||||||||||||||
The Effect of Derivative Instruments on the Consolidated Statements of Earnings | |||||||||||||||||||||||||||||||||||||||
Derivatives Designated as Hedging Instruments (in thousands) | |||||||||||||||||||||||||||||||||||||||
Derivatives in Cash Flow | Statement of | Amount of Gain or (Loss), | Amount of Gain or (Loss), | Amount of Gain or (Loss), | |||||||||||||||||||||||||||||||||||
Hedging Relationships | Earnings | net of tax, | net of tax, | net of tax, | |||||||||||||||||||||||||||||||||||
Location | Recognized in OCI on Derivatives | Reclassified from | Recognized in Earnings on | ||||||||||||||||||||||||||||||||||||
(Effective Portion) | Accumulated OCI into | Derivatives (Ineffective Portion) | |||||||||||||||||||||||||||||||||||||
Earnings on Derivatives | |||||||||||||||||||||||||||||||||||||||
(Effective Portion) | |||||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | 2014 | 2013 | 2012 | 2014 | 2013 | 2012 | |||||||||||||||||||||||||||||||
Commodity contracts | Cost of products | $ | (8,542 | ) | $ | — | $ | (2,264 | ) | $ | (542 | ) | $ | — | $ | (42,515 | ) | $ | — | $ | — | $ | 500 | ||||||||||||||||
sold | |||||||||||||||||||||||||||||||||||||||
Derivatives Not Designated as Hedging Instruments (in thousands) | |||||||||||||||||||||||||||||||||||||||
Derivatives Not Designated | Statement of Earnings | Amount of Gain or (Loss) | |||||||||||||||||||||||||||||||||||||
as Hedging Instruments | Location | Recognized in Earnings on | |||||||||||||||||||||||||||||||||||||
Derivatives | |||||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||||||||||||||||
Commodity contracts | Cost of products sold | $ | 1,890 | $ | 4,622 | $ | 1,321 | ||||||||||||||||||||||||||||||||
Foreign exchange contracts | Cost of products sold | 748 | 112 | 198 | |||||||||||||||||||||||||||||||||||
Total | $ | 2,638 | $ | 4,734 | $ | 1,519 | |||||||||||||||||||||||||||||||||
At December 31, 2014, natural gas swaps covering approximately 15.6 million MMBTUs (extending through February 2017) were outstanding. |
Fair_Value_Measurements
Fair Value Measurements | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||
Fair Value Measurements | 15 | Fair Value Measurements | |||||||||||||||
The following table summarizes information regarding Nucor’s financial assets and financial liabilities that are measured at fair value as of December 31, 2014 and 2013 (in thousands). Nucor does not 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 | ||||||||||||||
Consolidated | Markets for | Observable | Inputs | ||||||||||||||
Balance Sheets | Identical Assets | Inputs | (Level 3) | ||||||||||||||
(Level 1) | (Level 2) | ||||||||||||||||
As of December 31, 2014 | |||||||||||||||||
Assets: | |||||||||||||||||
Cash equivalents | $ | 861,656 | $ | 861,656 | $ | — | |||||||||||
Short-term investments | 100,000 | 100,000 | — | ||||||||||||||
Foreign exchange and commodity contracts | 2,228 | — | 2,228 | ||||||||||||||
Total assets | $ | 963,884 | $ | 961,656 | $ | 2,228 | $ | — | |||||||||
Liabilities: | |||||||||||||||||
Commodity contracts | $ | (12,700 | ) | $ | — | $ | (12,700 | ) | $ | — | |||||||
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. Fair value measurements for Nucor’s derivatives are classified under Level 2 because such measurements are based on published market prices for similar assets or are estimated based on published market prices for similar assets or are estimated based on observable inputs such as interest rates, yield curves, credit risks, spot and future commodity prices and spot and future exchange rates. | |||||||||||||||||
The fair value of short-term and long-term debt, including current maturities, was approximately $4.97 billion at December 31, 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 December 31, 2014 and 2013, or similar debt with the same maturities, ratings and interest rates. |
Contingencies
Contingencies | 12 Months Ended | |
Dec. 31, 2014 | ||
Commitments and Contingencies Disclosure [Abstract] | ||
Contingencies | 16 | Contingencies |
Nucor is subject to environmental laws and regulations established by federal, state and local authorities and, accordingly, makes provision for the estimated costs of compliance. Of the undiscounted total of $27.2 million of accrued environmental costs at December 31, 2014 ($22.9 million at December 31, 2013), $11.3 million was classified in accrued expenses and other current liabilities ($6.9 million at December 31, 2013) and $15.9 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. Five of the eight defendants have reached court approved settlements with the plaintiffs. Although we believe the plaintiffs’ claims are without merit, we will continue to vigorously defend against them, but we cannot at this time predict the outcome of this litigation or estimate the range of Nucor’s potential exposure and, consequently, have not recorded any reserves or contingencies related to this lawsuit. | ||
On March 25, 2014, a jury in the U.S. District Court for the Southern District of Texas returned a verdict against Nucor and its co-defendants in an antitrust lawsuit 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. On June 1, 2014, pursuant to antitrust laws providing for treble damages, the court awarded a judgment to MM Steel jointly and severally against the defendants in an amount totaling $160.8 million after including costs and attorneys’ fees. The Company has appealed the judgment to the U.S. Court of Appeals for the Fifth Circuit, and believes that it has valid grounds to have the judgment vacated or reversed. 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 | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||||||||||
Stock-Based Compensation | 17 | Stock-Based Compensation | |||||||||||||||||||||||
Stock Options | |||||||||||||||||||||||||
Stock options may be granted to Nucor’s key employees, officers and non-employee directors with exercise prices at 100% of the market value on the date of the grant. The stock options granted 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 is as follows: | |||||||||||||||||||||||||
(shares in thousands) | |||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||
Shares | Weighted- | Shares | Weighted- | Shares | Weighted- | ||||||||||||||||||||
Average | Average | Average | |||||||||||||||||||||||
Exercise | Exercise | Exercise | |||||||||||||||||||||||
Price | Price | Price | |||||||||||||||||||||||
Number of shares under option: | |||||||||||||||||||||||||
Outstanding at beginning of year | 2,089 | $ | 40.47 | 1,543 | $ | 39.03 | 1,156 | $ | 38.26 | ||||||||||||||||
Granted | 469 | $ | 50.63 | 546 | $ | 44.51 | 741 | $ | 35.76 | ||||||||||||||||
Exercised | (136 | ) | $ | 41.3 | — | — | (354 | ) | $ | 29.67 | |||||||||||||||
Canceled | — | — | — | — | — | — | |||||||||||||||||||
Outstanding at end of year | 2,422 | $ | 42.39 | 2,089 | $ | 40.47 | 1,543 | $ | 39.03 | ||||||||||||||||
Options exercisable at end of year | 1,263 | $ | 40.4 | 1,012 | $ | 39.75 | — | — | |||||||||||||||||
The shares reserved for future grants as of December 31, 2014, 2013 and 2012 are reflected in the restricted stock units table below. The total intrinsic value of options (the amount by which the stock price exceeded the exercise price of the option on the date of exercise) that were exercised during 2014 was $2.0 million (none in 2013 and $4.3 million in 2012). | |||||||||||||||||||||||||
The following table summarizes information about stock options outstanding at December 31, 2014: | |||||||||||||||||||||||||
(shares in thousands) | |||||||||||||||||||||||||
Exercise Price | Options | Options | Weighted- | ||||||||||||||||||||||
Outstanding | Exercisable | Average | |||||||||||||||||||||||
Remaining | |||||||||||||||||||||||||
Contractual Life | |||||||||||||||||||||||||
$35.76 | 689 | 391 | 7.4 years | ||||||||||||||||||||||
$41.43 | 242 | 242 | 5.4 years | ||||||||||||||||||||||
$42.34 | 530 | 530 | 6.3 years | ||||||||||||||||||||||
$44.51 | 506 | 80 | 8.4 years | ||||||||||||||||||||||
$50.63 | 455 | 20 | 9.0 years | ||||||||||||||||||||||
$35.76 - $50.63 | 2,422 | 1,263 | 7.5 years | ||||||||||||||||||||||
As of December 31, 2014, the total aggregate intrinsic value of options outstanding and options exercisable was $16.9 million and $11.0 million, respectively. | |||||||||||||||||||||||||
The grant date fair value of options granted was $17.48 per share in 2014 ($15.03 per share in 2013 and $11.40 per share in 2012). The fair value was estimated using the Black-Scholes option-pricing model with the following assumptions: | |||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||
Exercise price | $ | 50.63 | $ | 44.51 | $ | 35.76 | |||||||||||||||||||
Expected dividend yield | 2.92 | % | 3.3 | % | 4.08 | % | |||||||||||||||||||
Expected stock price volatility | 45 | % | 46.94 | % | 48.99 | % | |||||||||||||||||||
Risk-free interest rate | 2.03 | % | 1.51 | % | 1.06 | % | |||||||||||||||||||
Expected life (in years) | 6.5 | 6.5 | 6.5 | ||||||||||||||||||||||
Stock options granted to employees who are eligible for retirement on the date of grant are expensed immediately since these awards vest upon retirement from the Company. Retirement, for purposes of vesting in these stock options, means termination of employment after satisfying age and years of service requirements. Similarly, 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. 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 $7.7 million in 2014 ($8.6 million in 2013 and $9.9 million in 2012). As of December 31, 2014, unrecognized compensation expense related to options was $0.5 million, which is expected to be recognized over 2.4 years. | |||||||||||||||||||||||||
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 officers vest upon the officer’s retirement. Retirement, for purposes of vesting in these units only, means termination of employment with approval of the Compensation and Executive Development Committee of the Board of Directors after satisfying age and years of service requirements. RSUs granted to non-employee directors are fully vested on the grant date and are payable to the non-employee director in the form of common stock after the termination of the director’s service on the Board of Directors. | |||||||||||||||||||||||||
RSUs granted to employees who are eligible for retirement on the date of grant are expensed immediately, and RSUs granted to employees who will become retirement-eligible prior to the end of the vesting term are expensed over the period through which the employee will become retirement-eligible since these awards vest upon retirement from the Company. Compensation expense for RSUs granted to employees who are not retirement-eligible is recognized on a straight-line basis over the vesting period. | |||||||||||||||||||||||||
Cash dividend equivalents are paid to participants each quarter. Dividend equivalents paid on units expected to vest are recognized as a reduction in retained earnings. | |||||||||||||||||||||||||
The fair value of the RSUs is determined based on the closing stock price of Nucor’s common stock on the day before the grant. A summary of Nucor’s restricted stock unit activity is as follows: | |||||||||||||||||||||||||
(shares in thousands) | |||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||
Shares | Grant Date | Shares | Grant Date | Shares | Grant Date | ||||||||||||||||||||
Fair Value | Fair Value | Fair Value | |||||||||||||||||||||||
Restricted stock units: | |||||||||||||||||||||||||
Unvested at beginning of year | 1,122 | $ | 42.51 | 1,106 | $ | 40.8 | 962 | $ | 46.09 | ||||||||||||||||
Granted | 655 | $ | 50.63 | 789 | $ | 44.51 | 1,101 | $ | 35.76 | ||||||||||||||||
Vested | (752 | ) | $ | 44.9 | (762 | ) | $ | 42.15 | (915 | ) | $ | 40.36 | |||||||||||||
Canceled | (13 | ) | $ | 42.66 | (11 | ) | $ | 39.08 | (42 | ) | $ | 39.41 | |||||||||||||
Unvested at end of year | 1,012 | $ | 45.98 | 1,122 | $ | 42.51 | 1,106 | $ | 40.8 | ||||||||||||||||
Shares reserved for future grants | 11,851 | 10,486 | 11,839 | ||||||||||||||||||||||
(stock options and RSUs) | |||||||||||||||||||||||||
Compensation expense for RSUs was $32.6 million in 2014 ($32.6 million in 2013 and $34.2 million in 2012). The total fair value of shares vested during 2014 was $38.1 million ($34.1 million in 2013 and $33.1 million in 2012). As of December 31, 2014, unrecognized compensation expense related to unvested RSUs was $29.3 million, which is expected to be recognized over a weighted-average period of two years. | |||||||||||||||||||||||||
Restricted Stock Awards | |||||||||||||||||||||||||
Nucor’s Senior Officers Long-Term Incentive Plan (the LTIP) and Annual Incentive Plan (the AIP) authorize the award of shares of common stock to officers subject to certain conditions and restrictions. | |||||||||||||||||||||||||
The LTIP provides for the award of shares of restricted common stock at the end of each LTIP performance measurement period at no cost to officers if certain financial performance goals are met during the period. One-third of the LTIP restricted stock award vests upon each of the first three anniversaries of the award date or, if earlier, upon the officer’s attainment of age 55 while employed by Nucor. Although participants are entitled to cash dividends and may vote such awarded shares, the sale or transfer of such shares is limited during the restricted period. | |||||||||||||||||||||||||
The AIP provides for the payment of annual cash incentive awards. An AIP participant may elect, however, to defer payment of up to one-half of an annual incentive award. In such event, the deferred AIP award is converted into common stock units and credited with a deferral incentive, in the form of additional common stock units, equal to 25% of the number of common stock units attributable to the deferred AIP award. Common stock units attributable to deferred AIP awards are fully vested. Common stock units credited as a deferral incentive vest upon the AIP participant’s attainment of age 55 while employed by Nucor. Vested common stock units are paid to AIP participants in the form of shares of common stock following their termination of employment with Nucor. | |||||||||||||||||||||||||
A summary of Nucor’s restricted stock activity under the AIP and LTIP is as follows: | |||||||||||||||||||||||||
(shares in thousands) | |||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||
Shares | Grant Date | Shares | Grant Date | Shares | Grant Date | ||||||||||||||||||||
Fair Value | Fair Value | Fair Value | |||||||||||||||||||||||
Restricted stock awards and units: | |||||||||||||||||||||||||
Unvested at beginning of year | 73 | $ | 45.49 | 72 | $ | 43.72 | 94 | $ | 42.46 | ||||||||||||||||
Granted | 127 | $ | 50.35 | 122 | $ | 47.36 | 122 | $ | 42.2 | ||||||||||||||||
Vested | (135 | ) | $ | 48.76 | (121 | ) | $ | 46.32 | (144 | ) | $ | 41.62 | |||||||||||||
Canceled | — | — | — | — | — | — | |||||||||||||||||||
Unvested at end of year | 65 | $ | 48.2 | 73 | $ | 45.49 | 72 | $ | 43.72 | ||||||||||||||||
Shares reserved for future grants | 1,111 | 1,238 | 1,360 | ||||||||||||||||||||||
Compensation expense for common stock and common stock units awarded under the AIP and LTIP is recorded over the performance measurement and vesting periods based on the anticipated number and market value of shares of common stock and common stock units to be awarded. Compensation expense for anticipated awards based upon Nucor’s financial performance, exclusive of amounts payable in cash, was $6.1 million in 2014 ($6.3 million in 2013 and $6.6 million in 2012). The total fair value of shares vested during 2014 was $6.8 million ($5.7 million in 2013 and $6.0 million in 2012). As of December 31, 2014, unrecognized compensation expense related to unvested restricted stock awards was $0.8 million, which is expected to be recognized over a weighted-average period of 1.7 years. |
Employee_Benefit_Plans
Employee Benefit Plans | 12 Months Ended | |
Dec. 31, 2014 | ||
Employee Benefit Plan [Abstract] | ||
Employee Benefit Plans | 18 | Employee Benefit Plans |
Nucor makes contributions to a Profit Sharing and Retirement Savings Plan for qualified employees based on the profitability of the Company. Nucor’s expense for these benefits totaled $110.1 million in 2014 ($71.7 million in 2013 and $77.7 million in 2012). The related liability for these benefits is included in salaries, wages and related accruals. | ||
Nucor also has a medical plan covering certain eligible early retirees. The unfunded obligation, included in deferred credits and other liabilities in the consolidated balance sheets, totaled $14.1 million at December 31, 2014 ($9.9 million at December 31, 2013). The benefit associated with this early retiree medical plan totaled $0.6 million in 2014 (benefits of $0.6 million and $1.9 million in 2013 and 2012, respectively). | ||
The discount rate used was 3.8% in 2014 (4.6% in 2013 and 3.7% in 2012). The health care cost increase trend rate used was 6.5% in 2014 (6.6% in both 2013 and 2012). The health care cost increase in the trend rate is projected to decline gradually to 4.5% by 2027. |
Interest_Expense_Income
Interest Expense (Income) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Interest Revenue (Expense), Net [Abstract] | |||||||||||||
Interest Expense (Income) | 19 | Interest Expense (Income) | |||||||||||
The components of net interest expense are as follows (in thousands): | |||||||||||||
Year Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Interest expense | $ | 174,142 | $ | 151,986 | $ | 173,503 | |||||||
Interest income | (4,886 | ) | (5,091 | ) | (11,128 | ) | |||||||
Interest expense, net | $ | 169,256 | $ | 146,895 | $ | 162,375 | |||||||
Interest paid was $180.5 million in 2014 ($141.2 million in 2013 and $178.0 million in 2012). |
Income_Taxes
Income Taxes | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||
Income Taxes | 20 | Income Taxes | |||||||||||
Components of earnings from continuing operations before income taxes and noncontrolling interests are as follows (in thousands): | |||||||||||||
Year Ended December 31, | 2014 | 2013 | 2012 | ||||||||||
United States | $ | 1,161,953 | $ | 755,921 | $ | 854,705 | |||||||
Foreign | 42,624 | 35,202 | (1,765 | ) | |||||||||
$ | 1,204,577 | $ | 791,123 | $ | 852,940 | ||||||||
The provision for income taxes consists of the following (in thousands): | |||||||||||||
Year Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Current: | |||||||||||||
Federal | $ | 247,898 | $ | 138,343 | $ | 261,552 | |||||||
State | 30,790 | 223 | 20,337 | ||||||||||
Foreign | 19,235 | 10,464 | 3,199 | ||||||||||
Total current | 297,923 | 149,030 | 285,088 | ||||||||||
Deferred: | |||||||||||||
Federal | 94,991 | 36,157 | (23,052 | ) | |||||||||
State | 3,958 | (39 | ) | (10,440 | ) | ||||||||
Foreign | (8,085 | ) | 20,446 | 8,218 | |||||||||
Total deferred | 90,864 | 56,564 | (25,274 | ) | |||||||||
Total provision for income taxes | $ | 388,787 | $ | 205,594 | $ | 259,814 | |||||||
A reconciliation of the federal statutory tax rate (35%) to the total provision is as follows: | |||||||||||||
Year Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Taxes computed at statutory rate | 35 | % | 35 | % | 35 | % | |||||||
State income taxes, net of federal income tax benefit | 3.32 | 0.02 | 0.75 | ||||||||||
Federal research credit | (0.27 | ) | (0.79 | ) | — | ||||||||
Domestic manufacturing deduction | (2.27 | ) | (1.74 | ) | (3.25 | ) | |||||||
Equity in losses of foreign joint ventures | 0.85 | 1.36 | 1.43 | ||||||||||
Foreign rate differential | (0.93 | ) | (2.35 | ) | 0.6 | ||||||||
Noncontrolling interests | (2.96 | ) | (4.32 | ) | (3.64 | ) | |||||||
Out-of-period correction | (1.10 | ) | (2.57 | ) | — | ||||||||
Other, net | 0.64 | 1.38 | (0.43 | ) | |||||||||
Provision for income taxes | 32.28 | % | 25.99 | % | 30.46 | % | |||||||
The 2014 provision included a $13.2 million out-of-period non-cash gain related to a correction to tax balances.The 2013 provision included a $21.3 million out-of-period non-cash gain related to a correction to the deferred tax balances. The out-of-period adjustments did not have a material impact in any previously reported periods. | |||||||||||||
Deferred tax assets and liabilities resulted from the following (in thousands): | |||||||||||||
December 31, | |||||||||||||
2014 | 2013 | ||||||||||||
Deferred tax assets: | |||||||||||||
Accrued liabilities and reserves | $ | 154,381 | $ | 102,933 | |||||||||
Allowance for doubtful accounts | 24,741 | 19,756 | |||||||||||
Inventory | 189,120 | 206,826 | |||||||||||
Post-retirement benefits | 898 | 6,268 | |||||||||||
Commodity hedges | 4,773 | — | |||||||||||
Net operating loss carryforward | 9,880 | 12,859 | |||||||||||
Tax credit carryforwards | 29,142 | 56,185 | |||||||||||
Total deferred tax assets | 412,935 | 404,827 | |||||||||||
Deferred tax liabilities: | |||||||||||||
Holdbacks and amounts not due under contracts | (14,945 | ) | (16,582 | ) | |||||||||
Cumulative translation adjustments | (1,819 | ) | (1,403 | ) | |||||||||
Commodity hedges | — | (805 | ) | ||||||||||
Intangibles | (236,618 | ) | (210,791 | ) | |||||||||
Property, plant and equipment | (698,567 | ) | (610,451 | ) | |||||||||
Total deferred tax liabilities | (951,949 | ) | (840,032 | ) | |||||||||
Total net deferred tax liabilities | $ | (539,014 | ) | $ | (435,205 | ) | |||||||
Current deferred tax assets included in other current assets were $253.4 million at December 31, 2014 ($255.5 million at December 31, 2013). Current deferred tax liabilities included in other current liabilities were $13.1 million at December 31, 2014 ($14.6 million at December 31, 2013). Non-current deferred tax liabilities included in deferred credits and other liabilities were $779.3 million at December 31, 2014 ($676.2 million at December 31, 2013). Nucor paid $398.7 million in net federal, state and foreign income taxes in 2014 ($64.8 million and $313.5 million in 2013 and 2012, respectively). | |||||||||||||
Cumulative undistributed foreign earnings for which U.S. taxes have not been provided are included in consolidated retained earnings in the amount of $194.0 million at December 31, 2014 ($222.4 million at December 31, 2013). These earnings are considered to be indefinitely reinvested and, accordingly, no provisions for U.S. federal and state income taxes are required. It is not practicable to determine the amount of unrecognized deferred tax liability related to the unremitted earnings. | |||||||||||||
State net operating loss carryforwards were $462.8 million at December 31, 2014 ($824.0 million at December 31, 2013). If unused, they will expire between 2015 and 2034. The majority of this change is due to a modification in a state filing method. Foreign net operating loss carryforwards were $44.9 million at December 31, 2014 ($50.5 million at December 31, 2013). If unused, they will expire between 2027 and 2033. | |||||||||||||
At December 31, 2014, Nucor had approximately $63.0 million of unrecognized tax benefits, of which $62.9 million would affect Nucor’s effective tax rate, if recognized. At December 31, 2013, Nucor had approximately $66.0 million of unrecognized tax benefits, of which $66.3 million would affect Nucor’s effective tax rate, if recognized. | |||||||||||||
A reconciliation of the beginning and ending amounts of unrecognized tax benefits recorded in deferred credits and other liabilities is as follows (in thousands): | |||||||||||||
December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Balance at beginning of year | $ | 65,975 | $ | 80,862 | $ | 80,897 | |||||||
Additions based on tax positions related to current year | 6,295 | 4,849 | 9,456 | ||||||||||
Reductions based on tax positions related to current year | — | (55 | ) | (132 | ) | ||||||||
Additions based on tax positions related to prior years | 5,673 | 2,307 | 5,821 | ||||||||||
Reductions based on tax positions related to prior years | (7,449 | ) | (6,248 | ) | (3,296 | ) | |||||||
Reductions due to settlements with taxing authorities | — | — | (764 | ) | |||||||||
Reductions due to statute of limitations lapse | (7,493 | ) | (15,740 | ) | (11,120 | ) | |||||||
Balance at end of year | $ | 63,001 | $ | 65,975 | $ | 80,862 | |||||||
We estimate that in the next twelve months, our gross uncertain tax positions, exclusive of interest, could decrease by as much as $11.8 million, as a result of the expiration of the statute of limitations. | |||||||||||||
During 2014, Nucor recognized $9.0 million of benefit in interest and penalties ($0.9 million of expense in 2013 and $2.1 million of expense in 2012). The interest and penalty expense is included in interest expense in the consolidated statements of earnings. As of December 31, 2014, Nucor had approximately $28.2 million of accrued interest and penalties related to uncertain tax positions ($37.2 million at December 31, 2013). | |||||||||||||
The Internal Revenue Service (IRS) is examining Nucor’s 2012 federal income tax return. Management believes that the Company has adequately provided for any adjustments that may arise from this audit. The 2011 and 2013 tax years are also open to examination by the IRS. U.S. federal income tax matters have been concluded for years through 2010. The Canada Revenue Agency is examining the 2012 Canadian returns for Harris Steel Group Inc. and certain related affiliates. Tax years 2009 through 2013 remain open to examination by other major taxing jurisdictions to which Nucor is subject (primarily Canada and other state and local jurisdictions). | |||||||||||||
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive (Loss) Income | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |||||||||||||||||
Accumulated Other Comprehensive (Loss) Income | 21 | Accumulated Other Comprehensive (Loss) Income | |||||||||||||||
The following tables reflect the changes in accumulated other comprehensive (loss) income by component (in thousands): | |||||||||||||||||
Gains and Losses on | Foreign Currency | Adjustment to Early | Total | ||||||||||||||
Hedging Derivatives | Gain (Loss) | Retiree Medical Plan | |||||||||||||||
31-Dec-13 | $ | — | $ | (7,438 | ) | $ | 16,518 | $ | 9,080 | ||||||||
Other comprehensive income (loss) before reclassifications | (8,542 | ) | (141,530 | ) | (4,228 | ) | (154,300 | ) | |||||||||
Amounts reclassified from accumulated other comprehensive (loss) income into earnings (1) | 542 | — | (1,030 | ) | (488 | ) | |||||||||||
Net current-period other comprehensive (loss) income | (8,000 | ) | (141,530 | ) | (5,258 | ) | (154,788 | ) | |||||||||
31-Dec-14 | $ | (8,000 | ) | $ | (148,968 | ) | $ | 11,260 | $ | (145,708 | ) | ||||||
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 income (loss) before reclassifications | — | (53,619 | ) | 5,938 | (47,681 | ) | |||||||||||
Amounts reclassified from accumulated other comprehensive (loss) income into earnings | — | — | — | — | |||||||||||||
Net current-period other comprehensive (loss) income | — | (53,619 | ) | 5,938 | (47,681 | ) | |||||||||||
31-Dec-13 | $ | — | $ | (7,438 | ) | $ | 16,518 | $ | 9,080 | ||||||||
-1 | Includes $542 and ($1,030) net-of-tax impact of accumulated other comprehensive income reclassifications into cost of products sold for net losses on commodity contracts and adjustment to early retiree medical plan, respectively. The tax impacts of these reclassifications were $200 and ($557), respectively. |
Earnings_Per_Share
Earnings Per Share | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Earnings Per Share [Abstract] | |||||||||||||
Earnings Per Share | 22 | Earnings Per Share | |||||||||||
The computations of basic and diluted net earnings per share are as follows: | |||||||||||||
(in thousands, except per share data) | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Basic net earnings per share: | |||||||||||||
Basic net earnings | $ | 713,946 | $ | 488,025 | $ | 504,619 | |||||||
Earnings allocated to participating securities | (2,321 | ) | (1,919 | ) | (1,713 | ) | |||||||
Net earnings available to common stockholders | $ | 711,625 | $ | 486,106 | $ | 502,906 | |||||||
Average shares outstanding | 319,838 | 319,077 | 318,172 | ||||||||||
Basic net earnings per share | $ | 2.22 | $ | 1.52 | $ | 1.58 | |||||||
Diluted net earnings per share: | |||||||||||||
Diluted net earnings | $ | 713,946 | $ | 488,025 | $ | 504,619 | |||||||
Earnings allocated to participating securities | (2,321 | ) | (1,919 | ) | (1,714 | ) | |||||||
Net earnings available to common stockholders | $ | 711,625 | $ | 486,106 | $ | 502,905 | |||||||
Diluted average shares outstanding: | |||||||||||||
Basic shares outstanding | 319,838 | 319,077 | 318,172 | ||||||||||
Dilutive effect of stock options and other | 289 | 189 | 68 | ||||||||||
320,127 | 319,266 | 318,240 | |||||||||||
Diluted net earnings per share | $ | 2.22 | $ | 1.52 | $ | 1.58 | |||||||
The following stock options were excluded from the computation of diluted net earnings per share because their effect would have been anti-dilutive (shares in thousands): | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Anti-dilutive stock options: | |||||||||||||
Weighted-average shares | — | 137 | 801 | ||||||||||
Weighted-average exercise price | $ | — | $ | 44.51 | $ | 42.07 | |||||||
Segments
Segments | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Segment Reporting [Abstract] | |||||||||||||
Segments | 23 | Segments | |||||||||||
Nucor reports its results in the following segments: steel mills, steel products and raw materials. The steel mills segment includes carbon and alloy steel in sheet, bars, structural and plate; steel foundation distributors; steel trading businesses; rebar distribution businesses; and Nucor’s equity method investments in Duferdofin Nucor and NuMit. The steel products segment includes steel joists and joist girders, steel deck, fabricated concrete reinforcing steel, cold finished steel, steel fasteners, metal building systems, steel grating and expanded metal, and wire and wire mesh. The raw materials segment includes DJJ, primarily a scrap broker and processor; Nu-Iron Unlimited and Nucor Steel Louisiana, two facilities that produce DRI used by the steel mills; our natural gas working interests; and Nucor’s equity method investment in Hunter Ridge. Previously, Nucor’s steel trading businesses and rebar distribution businesses were reported in an “All other” category. Beginning in the first quarter of 2013, these businesses were reclassified to the steel mills segment as part of a realignment of Nucor’s reportable segments to better reflect the way in which they are managed. The segment data for the comparable periods has also been reclassified into the steel mills segment in order to conform to the current year presentation. The steel mills, steel products and raw materials segments are consistent with the way Nucor manages its business, which is primarily based upon the similarity of the types of products produced and sold by each segment. Additionally, the composition of assets by segment at December 31, 2012, was reclassified to conform with the current year presentation. This reclassification between segments did not have any impact on the consolidated asset balances. | |||||||||||||
Net interest expense, other income, profit sharing expense, stock-based compensation and changes in the LIFO reserve are shown under Corporate/eliminations. Corporate assets primarily include cash and cash equivalents, short-term investments, restricted cash and investments, allowances to eliminate intercompany profit in inventory, deferred income tax assets, federal and state income taxes receivable, the LIFO reserve and investments in and advances to affiliates. | |||||||||||||
Nucor’s results by segment are as follows (in thousands): | |||||||||||||
Year Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Net sales to external customers: | |||||||||||||
Steel mills | $ | 14,723,642 | $ | 13,311,948 | $ | 13,781,797 | |||||||
Steel products | 4,032,385 | 3,607,333 | 3,738,381 | ||||||||||
Raw materials | 2,349,114 | 2,132,765 | 1,909,095 | ||||||||||
$ | 21,105,141 | $ | 19,052,046 | $ | 19,429,273 | ||||||||
Intercompany sales: | |||||||||||||
Steel mills | $ | 2,904,317 | $ | 2,563,554 | $ | 2,609,411 | |||||||
Steel products | 105,383 | 97,090 | 71,277 | ||||||||||
Raw materials | 9,618,145 | 9,116,860 | 9,514,163 | ||||||||||
Corporate/eliminations | (12,627,845 | ) | (11,777,504 | ) | (12,194,851 | ) | |||||||
$ | — | $ | — | $ | — | ||||||||
Depreciation expense: | |||||||||||||
Steel mills | $ | 366,568 | $ | 332,258 | $ | 366,182 | |||||||
Steel products | 42,777 | 42,737 | 47,948 | ||||||||||
Raw materials | 235,443 | 154,065 | 112,939 | ||||||||||
Corporate | 7,212 | 6,792 | 6,941 | ||||||||||
$ | 652,000 | $ | 535,852 | $ | 534,010 | ||||||||
Amortization expense: | |||||||||||||
Steel mills | $ | 15,269 | $ | 13,911 | $ | 8,750 | |||||||
Steel products | 27,644 | 31,082 | 35,152 | ||||||||||
Raw materials | 29,510 | 29,363 | 29,109 | ||||||||||
$ | 72,423 | $ | 74,356 | $ | 73,011 | ||||||||
Earnings (loss) before income taxes and noncontrolling interests: | |||||||||||||
Steel mills | $ | 1,594,352 | $ | 1,156,715 | $ | 1,162,270 | |||||||
Steel products | 166,323 | 82,129 | (17,140 | ) | |||||||||
Raw materials | (29,053 | ) | 13,686 | 55,264 | |||||||||
Corporate/eliminations | (527,045 | ) | (461,407 | ) | (347,454 | ) | |||||||
$ | 1,204,577 | $ | 791,123 | $ | 852,940 | ||||||||
Segment assets: | |||||||||||||
Steel mills | $ | 9,097,576 | $ | 8,365,023 | $ | 7,894,974 | |||||||
Steel products | 2,885,209 | 2,861,403 | 2,935,146 | ||||||||||
Raw materials | 3,927,159 | 3,956,913 | 3,400,690 | ||||||||||
Corporate/eliminations | (294,017 | ) | 19,944 | (78,751 | ) | ||||||||
$ | 15,615,927 | $ | 15,203,283 | $ | 14,152,059 | ||||||||
Capital expenditures: | |||||||||||||
Steel mills | $ | 343,767 | $ | 589,621 | $ | 369,463 | |||||||
Steel products | 27,262 | 22,472 | 31,698 | ||||||||||
Raw materials | 197,252 | 610,745 | 604,312 | ||||||||||
Corporate | 586 | 7,580 | 13,861 | ||||||||||
$ | 568,867 | $ | 1,230,418 | $ | 1,019,334 | ||||||||
Net sales by product were as follows (in thousands). Further product group breakdown is impracticable. | |||||||||||||
Year Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Net sales to external customers: | |||||||||||||
Sheet | $ | 5,988,303 | $ | 5,219,464 | $ | 5,540,868 | |||||||
Bar | 4,051,171 | 3,730,328 | 3,999,911 | ||||||||||
Structural | 2,617,196 | 2,558,538 | 2,301,778 | ||||||||||
Plate | 2,066,972 | 1,803,618 | 1,939,240 | ||||||||||
Steel products | 4,032,385 | 3,607,333 | 3,738,381 | ||||||||||
Raw materials | 2,349,114 | 2,132,765 | 1,909,095 | ||||||||||
$ | 21,105,141 | $ | 19,052,046 | $ | 19,429,273 | ||||||||
Quarterly_Information_Unaudite
Quarterly Information (Unaudited) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||
Quarterly Information (Unaudited) | 24 | Quarterly Information (Unaudited) | |||||||||||||||
(in thousands, except per share data) | |||||||||||||||||
Year Ended December 31, 2014 | |||||||||||||||||
First Quarter | Second Quarter | Third Quarter | Fourth Quarter | ||||||||||||||
Net sales | $ | 5,108,444 | $ | 5,291,075 | $ | 5,701,869 | $ | 5,003,753 | |||||||||
Gross margin (1) | 377,202 | 415,867 | 599,586 | 513,871 | |||||||||||||
Net earnings (2) | 129,696 | 166,935 | 274,201 | 244,958 | |||||||||||||
Net earnings attributable to Nucor stockholders (2) | 111,031 | 147,041 | 245,447 | 210,427 | |||||||||||||
Net earnings per share: | |||||||||||||||||
Basic | 0.35 | 0.46 | 0.76 | 0.66 | |||||||||||||
Diluted | 0.35 | 0.46 | 0.76 | 0.65 | |||||||||||||
(in thousands, except per share data) | |||||||||||||||||
Year Ended December 31, 2013 | |||||||||||||||||
First Quarter | Second Quarter | Third Quarter | Fourth Quarter | ||||||||||||||
Net sales | $ | 4,550,772 | $ | 4,665,588 | $ | 4,940,936 | $ | 4,894,750 | |||||||||
Gross margin (3) | 303,216 | 313,125 | 408,543 | 385,741 | |||||||||||||
Net earnings (4) | 110,728 | 106,270 | 178,115 | 190,416 | |||||||||||||
Net earnings attributable to Nucor stockholders (4) | 84,789 | 85,145 | 147,597 | 170,494 | |||||||||||||
Net earnings per share: | |||||||||||||||||
Basic | 0.26 | 0.27 | 0.46 | 0.53 | |||||||||||||
Diluted | 0.26 | 0.27 | 0.46 | 0.53 | |||||||||||||
-1 | Nucor incurred a LIFO charge of $14.5 million in the first quarter, no charge or credit recorded in the second quarter, a LIFO credit of $14.5 million in the third quarter and a LIFO credit of $57.3 million in the fourth quarter. Nucor incurred $8.9 million in inventory-related purchase accounting adjustments in the fourth quarter associated with the acquisition of Nucor Steel Gallatin. Also included in the fourth quarter results was Nucor Steel Louisiana’s operating loss of approximately $35 million that was classified as start-up costs, as that facility experienced an equipment failure that suspended production for almost the entire fourth quarter. | ||||||||||||||||
-2 | First quarter results include a $12.8 million charge related to tax legislation changes in the state of New York and a $9.0 million pre-tax charge related to the disposal of assets within the steel mills segment. Third quarter results include a $12.5 million pre-tax charge related to the partial write down of assets within the steel mills segment. Fourth quarter results include a $13.2 million out-of-period non-cash gain related to a correction to tax balances. | ||||||||||||||||
-3 | Nucor incurred a LIFO charge of $18.0 million in the first quarter, no charge or credit recorded in the second quarter, a LIFO credit of $18.0 million in the third quarter and a LIFO charge of $17.4 million in the fourth quarter. | ||||||||||||||||
-4 | Third quarter results included a net $14.0 million pre-tax charge related to a partial write down of inventory and fixed asset balances associated with the collapse of a storage dome at Nucor Steel Louisiana in St. James Parish. The fourth quarter was impacted by an out-of-period non-cash gain of $21.3 million related to a correction to deferred tax balances. |
Valuation_and_Qualifying_Accou
Valuation and Qualifying Accounts | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Valuation and Qualifying Accounts [Abstract] | |||||||||||||||||
Valuation and Qualifying Accounts | NUCOR CORPORATION | ||||||||||||||||
Financial Statement Schedule | |||||||||||||||||
SCHEDULE II – VALUATION AND QUALIFYING ACCOUNTS (in thousands) | |||||||||||||||||
Description | Balance at | Additions | Deductions | Balance at | |||||||||||||
beginning of | charged to | end of year | |||||||||||||||
year | costs and | ||||||||||||||||
expenses | |||||||||||||||||
Year ended December 31, 2014 | |||||||||||||||||
LIFO Reserve | $ | 624,685 | $ | — | $ | (57,289 | ) | $ | 567,396 | ||||||||
Year ended December 31, 2013 | |||||||||||||||||
LIFO Reserve | $ | 607,240 | $ | 17,445 | $ | — | $ | 624,685 | |||||||||
Year ended December 31, 2012 | |||||||||||||||||
LIFO Reserve | $ | 763,176 | $ | — | $ | (155,936 | ) | $ | 607,240 |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2014 | |
Accounting Policies [Abstract] | |
Cash and Cash Equivalents | Cash and Cash Equivalents |
Cash equivalents are recorded at cost plus accrued interest, which approximates fair value, and have original maturities of three months or less at the date of purchase. Cash and cash equivalents are maintained primarily with a few high-credit quality financial institutions. | |
Short-term Investments | Short-term Investments |
Short-term investments are recorded at cost plus accrued interest, which approximates fair value. Unrealized gains and losses on investments classified as available-for-sale are recorded as a component of accumulated other comprehensive income (loss). Management determines the appropriate classification of its investments at the time of purchase and re-evaluates such determination at each balance sheet date. | |
Inventories Valuation | Inventories Valuation |
Inventories are stated at the lower of cost or market. Inventories valued using the last-in, first-out (LIFO) method of accounting represent approximately 43% of total inventories as of December 31, 2014 (45% as of December 31, 2013). All inventories held by the parent company and Nucor-Yamato Steel Company are valued using the LIFO method of accounting except for supplies that are consumed indirectly in the production process, which are valued using the first-in, first-out (FIFO) method of accounting. All inventories held by other subsidiaries of the parent company are valued using the FIFO method of accounting. The Company records any amount required to reduce the carrying value of inventory to net realizable value as a charge to cost of products sold. | |
Property, Plant and Equipment | Property, Plant and Equipment |
Property, plant and equipment are stated at cost, except for property, plant and equipment acquired through acquisitions which are recorded at acquisition date fair value. With the exception of our natural gas wells, depreciation is provided on a straight-line basis over the estimated useful lives of the assets. Depletion of all capitalized costs associated with our natural gas producing properties is expensed on a unit-of-production basis by individual field as the gas from the proved developed reserves is produced. The costs of planned major maintenance activities are capitalized as part of other current assets and amortized over the period until the next scheduled major maintenance activity. All other repairs and maintenance activities are expensed when incurred. | |
Goodwill and Other Intangibles | Goodwill and Other Intangibles |
Goodwill is the excess of cost over the fair value of net assets of businesses acquired. Goodwill is not amortized but is tested annually for impairment and whenever events or circumstances change that would make it more likely than not that an impairment may have occurred. We perform our annual impairment analysis as of the first day of the fourth quarter each year. The evaluation of impairment involves comparing the current estimated fair value of each reporting unit, which is a level below the reportable segment, to the recorded value, including goodwill. When appropriate, Nucor performs a qualitative assessment to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount. For certain reporting units it is necessary to perform a quantitative analysis. In these instances, a discounted cash flow model is used to determine the current estimated fair value of these reporting units. A number of significant assumptions and estimates are involved in the application of the discounted cash flow model to forecast operating cash flows, including market growth and market share, sales volumes and prices, costs to produce, discount rate and estimated capital needs. Management considers historical experience and all available information at the time the fair values of its reporting units are estimated. Assumptions in estimating future cash flows are subject to a high degree of judgment and complexity. Changes in assumptions and estimates may affect the fair value of goodwill and could result in impairment charges in future periods. | |
Finite-lived intangible assets are amortized over their estimated useful lives. | |
Long-Lived Asset Impairments | Long-Lived Asset Impairments |
We evaluate our property, plant and equipment and finite-lived intangible assets for potential impairment on an individual asset basis or at the lowest level asset grouping for which cash flows can be separately identified. Asset impairments are assessed whenever circumstances indicate that the carrying amounts of those productive assets could exceed their projected undiscounted cash flows. When it is determined that impairment exists, the related assets are written down to estimated fair market value. | |
Equity Method Investments | Equity Method Investments |
Investments in joint ventures in which Nucor shares control over the financial and operating decisions but in which Nucor is not the primary beneficiary are accounted for under the equity method. Each of the Company’s equity method investments is subject to a review for impairment if, and when, circumstances indicate that a decline in value below its carrying amount may have occurred. Examples of such circumstances include, but are not limited to, a significant deterioration in the earnings performance or business prospects of the investee; a significant adverse change in the regulatory, economic or technological environment of the investee; a significant adverse change in the general market condition of either the geographic area or the industry in which the investee operates; and recurring negative cash flows from operations. If management considers the decline to be other than temporary, the Company would write down the investment to its estimated fair market value. | |
Derivative Financial Instruments | Derivative Financial Instruments |
Nucor uses derivative financial instruments from time to time primarily to partially manage its exposure to price risk related to natural gas purchases used in the production process and to changes in interest rates on outstanding debt instruments. Nucor also uses derivatives to hedge a portion of our scrap, copper and aluminum purchases and sales. In addition, Nucor uses forward foreign exchange contracts to hedge cash flows associated with certain assets and liabilities, firm commitments and anticipated transactions. | |
Nucor recognizes all material derivative instruments in the consolidated balance sheets at fair value. Amounts included in accumulated other comprehensive income (loss) related to cash flow hedges are reclassified into earnings when the underlying transaction is recognized in net earnings. Changes in fair value hedges are reported in earnings along with changes in the fair value of the hedged items. When cash flow and fair value hedges affect net earnings, they are included on the same financial statement line as the underlying transaction (cost of products sold or interest expense). If these instruments do not meet hedge accounting criteria or contain ineffectiveness, the change in fair value (or a portion thereof) is recognized immediately in earnings in the same financial statement line as the underlying transaction. | |
Revenue Recognition | Revenue Recognition |
Nucor recognizes revenue when persuasive evidence of a contractual arrangement exists, delivery has occurred, the sales price is fixed or determinable and collection is reasonably assured. Product is considered delivered to the customer once it has been shipped and title and risk of loss has been transferred. | |
Income Taxes | Income Taxes |
Nucor utilizes the liability method of accounting for income taxes. Under the liability method, deferred taxes are determined based on the temporary differences between the financial statement and tax basis of assets and liabilities using tax rates expected to be in effect during the years in which the basis differences reverse. A valuation allowance is recorded when it is more likely than not that some of the deferred tax assets will not be realized. | |
Nucor recognizes the effect of income tax positions only if those positions are more likely than not of being sustained. Potential accrued interest and penalties related to unrecognized tax benefits are recognized as a component of interest expense. | |
Nucor’s intention is to permanently reinvest the earnings of certain foreign investments. Accordingly, no provisions have been made for taxes that may be payable upon remittance of such earnings. | |
Stock-Based Compensation | Stock-Based Compensation |
The Company recognizes the cost of stock-based compensation as an expense using fair value measurement methods. The assumptions used to calculate the fair value of stock-based compensation granted are evaluated and revised, as necessary, to reflect market conditions and experience. | |
Foreign Currency Translation | Foreign Currency Translation |
For Nucor’s operations where the functional currency is other than the U.S. dollar, assets and liabilities have been translated at year-end exchange rates, and income and expenses translated using average exchange rates for the respective periods. Adjustments resulting from the process of translating an entity’s financial statements into the U.S. dollar have been recorded in accumulated other comprehensive income (loss) and are included in net earnings only upon sale or liquidation of the underlying investments. Foreign currency transaction gains and losses are included in net earnings in the period they occur. | |
Recently Adopted Accounting Pronouncements | Recently Adopted Accounting Pronouncements |
In the first quarter of 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 has been applied prospectively for the Company beginning January 1, 2014. The adoption of this standard did 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 has been applied prospectively for the Company beginning January 1, 2014. The adoption of this standard did not have a material effect on the consolidated financial statements. | |
Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements |
In April 2014, new accounting guidance was issued that 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. | |
In May 2014, new accounting guidance was issued that will supersede nearly all existing accounting guidance related to revenue recognition. The new guidance provides that an entity recognizes revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. This update also requires additional disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments, and assets recognized from costs incurred to obtain or fulfill a contract. The amendments are effective for the Company for all annual and interim reporting periods beginning after December 15, 2016. The Company is evaluating adoption methods and the impact it will have on the consolidated financial statements. | |
In August 2014, new accounting guidance was issued that specifies the responsibility that an entity’s management has to evaluate whether there is substantial doubt about the entity’s ability to continue as a going concern. The standard is effective for interim and annual periods beginning after December 15, 2016, and is not expected to have an effect on the Company’s financial statements. |
Acquisitions_and_Dispositions_
Acquisitions and Dispositions (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Estimated Fair Values of Assets Acquired and Liabilities | The following table summarizes the estimated fair values of the assets acquired and liabilities assumed of Gallatin as of the date of acquisition (in thousands): | ||||||||
Cash | $ | 48,957 | |||||||
Accounts receivable | 82,291 | ||||||||
Inventory | 101,692 | ||||||||
Other current assets | 5,117 | ||||||||
Property, plant and equipment | 483,007 | ||||||||
Goodwill | 98,505 | ||||||||
Other intangible assets | 67,150 | ||||||||
Other assets | 2,762 | ||||||||
Total assets acquired | 889,481 | ||||||||
Current liabilities | 105,816 | ||||||||
Long-term debt | 2,093 | ||||||||
Deferred credits and other liabilities | 2,500 | ||||||||
Total liabilities assumed | 110,409 | ||||||||
Net assets acquired | $ | 779,072 | |||||||
The following table summarizes the estimated fair values of the assets acquired and liabilities assumed of Skyline as of the date of acquisition (in thousands): | |||||||||
Accounts receivable | $ | 128,004 | |||||||
Inventory | 260,473 | ||||||||
Other current assets | 4,410 | ||||||||
Property, plant and equipment | 70,100 | ||||||||
Goodwill | 138,579 | ||||||||
Other intangible assets | 215,600 | ||||||||
Total assets acquired | 817,166 | ||||||||
Current liabilities | 137,654 | ||||||||
Deferred credits and other liabilities | 4,078 | ||||||||
Total liabilities assumed | 141,732 | ||||||||
Net assets acquired | $ | 675,434 | |||||||
Gallatin Steel Company [Member] | |||||||||
Preliminary Purchase Price Allocation to Identifiable Intangible Assets | The purchase price allocation to the identifiable intangible assets is as follows (in thousands, except years): | ||||||||
As of the date of acquisition | Weighted- | ||||||||
Average Life | |||||||||
Customer relationships | $ | 58,250 | 20 years | ||||||
Trademarks and trade names | 8,900 | 5 years | |||||||
$ | 67,150 | ||||||||
Skyline Steel LLC [Member] | |||||||||
Preliminary Purchase Price Allocation to Identifiable Intangible Assets | The purchase price allocation to the identifiable intangible assets is as follows (in thousands, except years): | ||||||||
As of the date of acquisition | Weighted- | ||||||||
Average Life | |||||||||
Customer relationships | $ | 184,500 | 17 years | ||||||
Trademarks and trade names | 28,500 | 20 years | |||||||
Other | 2,600 | 3 years | |||||||
$ | 215,600 | ||||||||
Property_Plant_and_Equipment_T
Property, Plant and Equipment (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Property, Plant and Equipment [Abstract] | |||||||||
Schedule of Property, Plant and Equipment | (in thousands) | ||||||||
December 31, | |||||||||
2014 | 2013 | ||||||||
Land and improvements | $ | 576,511 | $ | 555,309 | |||||
Buildings and improvements | 1,018,342 | 941,379 | |||||||
Machinery and equipment | 10,080,640 | 9,159,151 | |||||||
Proved oil and gas properties | 584,466 | 487,033 | |||||||
Construction in process and equipment deposits | 193,594 | 400,373 | |||||||
12,453,553 | 11,543,245 | ||||||||
Less accumulated depreciation | (7,165,914 | ) | (6,626,221 | ) | |||||
$ | 5,287,639 | $ | 4,917,024 | ||||||
Goodwill_and_Other_Intangible_1
Goodwill and Other Intangible Assets (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 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 years ended December 31, 2014 and 2013 by segment is as follows (in thousands): | ||||||||||||||||||||
Steel | Steel | Raw | All | Total | |||||||||||||||||
Mills | Products | Materials | Other | ||||||||||||||||||
Balance, December 31, 2012 | $ | 407,045 | $ | 805,416 | $ | 703,225 | $ | 88,852 | $ | 2,004,538 | |||||||||||
Reclassifications | 88,852 | — | — | (88,852 | ) | — | |||||||||||||||
Translation | — | (26,067 | ) | — | — | (26,067 | ) | ||||||||||||||
Other | — | (4,863 | ) | — | — | (4,863 | ) | ||||||||||||||
Balance, December 31, 2013 | 495,897 | 774,486 | 703,225 | — | 1,973,608 | ||||||||||||||||
Acquisitions | 98,505 | — | — | — | 98,505 | ||||||||||||||||
Translation | — | (30,112 | ) | — | — | (30,112 | ) | ||||||||||||||
Other | — | 311 | 26,352 | — | 26,663 | ||||||||||||||||
Balance, December 31, 2014 | $ | 594,402 | $ | 744,685 | $ | 729,577 | $ | — | $ | 2,068,664 | |||||||||||
Schedule of Intangible Assets | Intangible assets with estimated lives of 5 to 22 years are amortized on a straight-line or accelerated basis and are comprised of the following (in thousands): | ||||||||||||||||||||
31-Dec-14 | 31-Dec-13 | ||||||||||||||||||||
Gross | Accumulated | Gross | Accumulated | ||||||||||||||||||
Amount | Amortization | Amount | Amortization | ||||||||||||||||||
Customer relationships | $ | 1,199,942 | $ | 454,353 | $ | 1,147,786 | $ | 391,254 | |||||||||||||
Trademarks and trade names | 158,584 | 48,356 | 151,332 | 40,397 | |||||||||||||||||
Other | 22,823 | 16,547 | 21,869 | 15,182 | |||||||||||||||||
$ | 1,381,349 | $ | 519,256 | $ | 1,320,987 | $ | 446,833 | ||||||||||||||
Debt_and_Other_Financing_Arran1
Debt and Other Financing Arrangements (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Debt Disclosure [Abstract] | |||||||||
Schedule of Debt and Other Financing Arrangements | |||||||||
(in thousands) | |||||||||
December 31, | |||||||||
2014 | 2013 | ||||||||
Industrial revenue bonds: | |||||||||
0.17% to 0.24%, variable, due from 2015 to 2040 | $ | 1,026,935 | $ | 1,030,200 | |||||
Notes, 5.75%, due 2017 | 600,000 | 600,000 | |||||||
Notes, 5.85%, due 2018 | 500,000 | 500,000 | |||||||
Notes, 4.125%, due 2022 | 600,000 | 600,000 | |||||||
Notes, 4.0%, due 2023 | 500,000 | 500,000 | |||||||
Notes, 6.40%, due 2037 | 650,000 | 650,000 | |||||||
Notes, 5.20%, due 2043 | 500,000 | 500,000 | |||||||
4,376,935 | 4,380,200 | ||||||||
Less current maturities | (16,335 | ) | (3,300 | ) | |||||
$ | 4,360,600 | $ | 4,376,900 | ||||||
Derivative_Financial_Instrumen1
Derivative Financial Instruments (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||||||||||||
Dec. 31, 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 December 31, | |||||||||||||||||||||||||||||||||||||||
Consolidated Balance Sheet Location | 2014 | 2013 | |||||||||||||||||||||||||||||||||||||
Asset derivatives not designated as hedging instruments: | |||||||||||||||||||||||||||||||||||||||
Commodity contracts | Other current assets | $ | 1,856 | $ | — | ||||||||||||||||||||||||||||||||||
Foreign exchange contracts | Other current assets | 372 | — | ||||||||||||||||||||||||||||||||||||
Total asset derivatives | $ | 2,228 | $ | — | |||||||||||||||||||||||||||||||||||
Liability derivatives designated as hedging instruments: | |||||||||||||||||||||||||||||||||||||||
Commodity contracts | Accrued expenses and | (6,400 | ) | — | |||||||||||||||||||||||||||||||||||
other current liabilities | |||||||||||||||||||||||||||||||||||||||
Commodity contracts | Deferred credits and other liabilities | (6,300 | ) | — | |||||||||||||||||||||||||||||||||||
Total liability derivatives designated as hedging instruments | (12,700 | ) | — | ||||||||||||||||||||||||||||||||||||
Liability derivatives not designated as hedging instruments: | |||||||||||||||||||||||||||||||||||||||
Commodity contracts | Accrued expenses and | — | (553 | ) | |||||||||||||||||||||||||||||||||||
other current liabilities | |||||||||||||||||||||||||||||||||||||||
Foreign exchange contracts | Accrued expenses and | — | (2 | ) | |||||||||||||||||||||||||||||||||||
other current liabilities | |||||||||||||||||||||||||||||||||||||||
Total liability derivatives not designated as hedging instruments | — | (555 | ) | ||||||||||||||||||||||||||||||||||||
Total liability derivatives | $ | (12,700 | ) | $ | (555 | ) | |||||||||||||||||||||||||||||||||
Derivatives Designated as Hedging Instrument [Member] | |||||||||||||||||||||||||||||||||||||||
Effect of Derivative Instruments on Consolidated Statements of Earnings | The Effect of Derivative Instruments on the Consolidated Statements of Earnings | ||||||||||||||||||||||||||||||||||||||
Derivatives Designated as Hedging Instruments (in thousands) | |||||||||||||||||||||||||||||||||||||||
Derivatives in Cash Flow | Statement of | Amount of Gain or (Loss), | Amount of Gain or (Loss), | Amount of Gain or (Loss), | |||||||||||||||||||||||||||||||||||
Hedging Relationships | Earnings | net of tax, | net of tax, | net of tax, | |||||||||||||||||||||||||||||||||||
Location | Recognized in OCI on Derivatives | Reclassified from | Recognized in Earnings on | ||||||||||||||||||||||||||||||||||||
(Effective Portion) | Accumulated OCI into | Derivatives (Ineffective Portion) | |||||||||||||||||||||||||||||||||||||
Earnings on Derivatives | |||||||||||||||||||||||||||||||||||||||
(Effective Portion) | |||||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | 2014 | 2013 | 2012 | 2014 | 2013 | 2012 | |||||||||||||||||||||||||||||||
Commodity contracts | Cost of products | $ | (8,542 | ) | $ | — | $ | (2,264 | ) | $ | (542 | ) | $ | — | $ | (42,515 | ) | $ | — | $ | — | $ | 500 | ||||||||||||||||
sold | |||||||||||||||||||||||||||||||||||||||
Derivatives Not Designated as Hedging Instrument [Member] | |||||||||||||||||||||||||||||||||||||||
Effect of Derivative Instruments on Consolidated Statements of Earnings | |||||||||||||||||||||||||||||||||||||||
Derivatives Not Designated as Hedging Instruments (in thousands) | |||||||||||||||||||||||||||||||||||||||
Derivatives Not Designated | Statement of Earnings | Amount of Gain or (Loss) | |||||||||||||||||||||||||||||||||||||
as Hedging Instruments | Location | Recognized in Earnings on | |||||||||||||||||||||||||||||||||||||
Derivatives | |||||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||||||||||||||||
Commodity contracts | Cost of products sold | $ | 1,890 | $ | 4,622 | $ | 1,321 | ||||||||||||||||||||||||||||||||
Foreign exchange contracts | Cost of products sold | 748 | 112 | 198 | |||||||||||||||||||||||||||||||||||
Total | $ | 2,638 | $ | 4,734 | $ | 1,519 | |||||||||||||||||||||||||||||||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 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 December 31, 2014 and 2013 (in thousands). Nucor does not 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 | ||||||||||||||
Consolidated | Markets for | Observable | Inputs | ||||||||||||||
Balance Sheets | Identical Assets | Inputs | (Level 3) | ||||||||||||||
(Level 1) | (Level 2) | ||||||||||||||||
As of December 31, 2014 | |||||||||||||||||
Assets: | |||||||||||||||||
Cash equivalents | $ | 861,656 | $ | 861,656 | $ | — | |||||||||||
Short-term investments | 100,000 | 100,000 | — | ||||||||||||||
Foreign exchange and commodity contracts | 2,228 | — | 2,228 | ||||||||||||||
Total assets | $ | 963,884 | $ | 961,656 | $ | 2,228 | $ | — | |||||||||
Liabilities: | |||||||||||||||||
Commodity contracts | $ | (12,700 | ) | $ | — | $ | (12,700 | ) | $ | — | |||||||
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) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||||||||||
Summary of Stock Option Plans Activity | A summary of activity under Nucor’s stock option plans is as follows: | ||||||||||||||||||||||||
(shares in thousands) | |||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||
Shares | Weighted- | Shares | Weighted- | Shares | Weighted- | ||||||||||||||||||||
Average | Average | Average | |||||||||||||||||||||||
Exercise | Exercise | Exercise | |||||||||||||||||||||||
Price | Price | Price | |||||||||||||||||||||||
Number of shares under option: | |||||||||||||||||||||||||
Outstanding at beginning of year | 2,089 | $ | 40.47 | 1,543 | $ | 39.03 | 1,156 | $ | 38.26 | ||||||||||||||||
Granted | 469 | $ | 50.63 | 546 | $ | 44.51 | 741 | $ | 35.76 | ||||||||||||||||
Exercised | (136 | ) | $ | 41.3 | — | — | (354 | ) | $ | 29.67 | |||||||||||||||
Canceled | — | — | — | — | — | — | |||||||||||||||||||
Outstanding at end of year | 2,422 | $ | 42.39 | 2,089 | $ | 40.47 | 1,543 | $ | 39.03 | ||||||||||||||||
Options exercisable at end of year | 1,263 | $ | 40.4 | 1,012 | $ | 39.75 | — | — | |||||||||||||||||
Summary of Stock Options Outstanding | The following table summarizes information about stock options outstanding at December 31, 2014: | ||||||||||||||||||||||||
(shares in thousands) | |||||||||||||||||||||||||
Exercise Price | Options | Options | Weighted- | ||||||||||||||||||||||
Outstanding | Exercisable | Average | |||||||||||||||||||||||
Remaining | |||||||||||||||||||||||||
Contractual Life | |||||||||||||||||||||||||
$35.76 | 689 | 391 | 7.4 years | ||||||||||||||||||||||
$41.43 | 242 | 242 | 5.4 years | ||||||||||||||||||||||
$42.34 | 530 | 530 | 6.3 years | ||||||||||||||||||||||
$44.51 | 506 | 80 | 8.4 years | ||||||||||||||||||||||
$50.63 | 455 | 20 | 9.0 years | ||||||||||||||||||||||
$35.76 - $50.63 | 2,422 | 1,263 | 7.5 years | ||||||||||||||||||||||
Schedule of Grant Date Fair Value Black-Scholes Option-Pricing Model Assumptions | The fair value was estimated using the Black-Scholes option-pricing model with the following assumptions: | ||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||
Exercise price | $ | 50.63 | $ | 44.51 | $ | 35.76 | |||||||||||||||||||
Expected dividend yield | 2.92 | % | 3.3 | % | 4.08 | % | |||||||||||||||||||
Expected stock price volatility | 45 | % | 46.94 | % | 48.99 | % | |||||||||||||||||||
Risk-free interest rate | 2.03 | % | 1.51 | % | 1.06 | % | |||||||||||||||||||
Expected life (in years) | 6.5 | 6.5 | 6.5 | ||||||||||||||||||||||
Summary of Nucor's Restricted Stock Unit Activity | A summary of Nucor’s restricted stock unit activity is as follows: | ||||||||||||||||||||||||
(shares in thousands) | |||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||
Shares | Grant Date | Shares | Grant Date | Shares | Grant Date | ||||||||||||||||||||
Fair Value | Fair Value | Fair Value | |||||||||||||||||||||||
Restricted stock units: | |||||||||||||||||||||||||
Unvested at beginning of year | 1,122 | $ | 42.51 | 1,106 | $ | 40.8 | 962 | $ | 46.09 | ||||||||||||||||
Granted | 655 | $ | 50.63 | 789 | $ | 44.51 | 1,101 | $ | 35.76 | ||||||||||||||||
Vested | (752 | ) | $ | 44.9 | (762 | ) | $ | 42.15 | (915 | ) | $ | 40.36 | |||||||||||||
Canceled | (13 | ) | $ | 42.66 | (11 | ) | $ | 39.08 | (42 | ) | $ | 39.41 | |||||||||||||
Unvested at end of year | 1,012 | $ | 45.98 | 1,122 | $ | 42.51 | 1,106 | $ | 40.8 | ||||||||||||||||
Shares reserved for future grants | 11,851 | 10,486 | 11,839 | ||||||||||||||||||||||
(stock options and RSUs) | |||||||||||||||||||||||||
Summary of Nucor's Restricted Stock Activity under AIP and LTIP | A summary of Nucor’s restricted stock activity under the AIP and LTIP is as follows: | ||||||||||||||||||||||||
(shares in thousands) | |||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||
Shares | Grant Date | Shares | Grant Date | Shares | Grant Date | ||||||||||||||||||||
Fair Value | Fair Value | Fair Value | |||||||||||||||||||||||
Restricted stock awards and units: | |||||||||||||||||||||||||
Unvested at beginning of year | 73 | $ | 45.49 | 72 | $ | 43.72 | 94 | $ | 42.46 | ||||||||||||||||
Granted | 127 | $ | 50.35 | 122 | $ | 47.36 | 122 | $ | 42.2 | ||||||||||||||||
Vested | (135 | ) | $ | 48.76 | (121 | ) | $ | 46.32 | (144 | ) | $ | 41.62 | |||||||||||||
Canceled | — | — | — | — | — | — | |||||||||||||||||||
Unvested at end of year | 65 | $ | 48.2 | 73 | $ | 45.49 | 72 | $ | 43.72 | ||||||||||||||||
Shares reserved for future grants | 1,111 | 1,238 | 1,360 | ||||||||||||||||||||||
Interest_Expense_Income_Tables
Interest Expense (Income) (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Interest Revenue (Expense), Net [Abstract] | |||||||||||||
Schedule of Components of Interest Expense, Net | The components of net interest expense are as follows (in thousands): | ||||||||||||
Year Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Interest expense | $ | 174,142 | $ | 151,986 | $ | 173,503 | |||||||
Interest income | (4,886 | ) | (5,091 | ) | (11,128 | ) | |||||||
Interest expense, net | $ | 169,256 | $ | 146,895 | $ | 162,375 | |||||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||
Components of Earnings from Continuing Operations Before Income Taxes and Noncontrolling Interests | Components of earnings from continuing operations before income taxes and noncontrolling interests are as follows (in thousands): | ||||||||||||
Year Ended December 31, | 2014 | 2013 | 2012 | ||||||||||
United States | $ | 1,161,953 | $ | 755,921 | $ | 854,705 | |||||||
Foreign | 42,624 | 35,202 | (1,765 | ) | |||||||||
$ | 1,204,577 | $ | 791,123 | $ | 852,940 | ||||||||
Provision for Income Taxes | The provision for income taxes consists of the following (in thousands): | ||||||||||||
Year Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Current: | |||||||||||||
Federal | $ | 247,898 | $ | 138,343 | $ | 261,552 | |||||||
State | 30,790 | 223 | 20,337 | ||||||||||
Foreign | 19,235 | 10,464 | 3,199 | ||||||||||
Total current | 297,923 | 149,030 | 285,088 | ||||||||||
Deferred: | |||||||||||||
Federal | 94,991 | 36,157 | (23,052 | ) | |||||||||
State | 3,958 | (39 | ) | (10,440 | ) | ||||||||
Foreign | (8,085 | ) | 20,446 | 8,218 | |||||||||
Total deferred | 90,864 | 56,564 | (25,274 | ) | |||||||||
Total provision for income taxes | $ | 388,787 | $ | 205,594 | $ | 259,814 | |||||||
Reconciliation of the Federal Statutory Tax Rate to Total Provisions | A reconciliation of the federal statutory tax rate (35%) to the total provision is as follows: | ||||||||||||
Year Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Taxes computed at statutory rate | 35 | % | 35 | % | 35 | % | |||||||
State income taxes, net of federal income tax benefit | 3.32 | 0.02 | 0.75 | ||||||||||
Federal research credit | (0.27 | ) | (0.79 | ) | — | ||||||||
Domestic manufacturing deduction | (2.27 | ) | (1.74 | ) | (3.25 | ) | |||||||
Equity in losses of foreign joint ventures | 0.85 | 1.36 | 1.43 | ||||||||||
Foreign rate differential | (0.93 | ) | (2.35 | ) | 0.6 | ||||||||
Noncontrolling interests | (2.96 | ) | (4.32 | ) | (3.64 | ) | |||||||
Out-of-period correction | (1.10 | ) | (2.57 | ) | — | ||||||||
Other, net | 0.64 | 1.38 | (0.43 | ) | |||||||||
Provision for income taxes | 32.28 | % | 25.99 | % | 30.46 | % | |||||||
Deferred Tax Assets and Liabilities | Deferred tax assets and liabilities resulted from the following (in thousands): | ||||||||||||
December 31, | |||||||||||||
2014 | 2013 | ||||||||||||
Deferred tax assets: | |||||||||||||
Accrued liabilities and reserves | $ | 154,381 | $ | 102,933 | |||||||||
Allowance for doubtful accounts | 24,741 | 19,756 | |||||||||||
Inventory | 189,120 | 206,826 | |||||||||||
Post-retirement benefits | 898 | 6,268 | |||||||||||
Commodity hedges | 4,773 | — | |||||||||||
Net operating loss carryforward | 9,880 | 12,859 | |||||||||||
Tax credit carryforwards | 29,142 | 56,185 | |||||||||||
Total deferred tax assets | 412,935 | 404,827 | |||||||||||
Deferred tax liabilities: | |||||||||||||
Holdbacks and amounts not due under contracts | (14,945 | ) | (16,582 | ) | |||||||||
Cumulative translation adjustments | (1,819 | ) | (1,403 | ) | |||||||||
Commodity hedges | — | (805 | ) | ||||||||||
Intangibles | (236,618 | ) | (210,791 | ) | |||||||||
Property, plant and equipment | (698,567 | ) | (610,451 | ) | |||||||||
Total deferred tax liabilities | (951,949 | ) | (840,032 | ) | |||||||||
Total net deferred tax liabilities | $ | (539,014 | ) | $ | (435,205 | ) | |||||||
Reconciliation of the Beginning and Ending Amounts of Unrecognized Tax Benefits | A reconciliation of the beginning and ending amounts of unrecognized tax benefits recorded in deferred credits and other liabilities is as follows (in thousands): | ||||||||||||
December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Balance at beginning of year | $ | 65,975 | $ | 80,862 | $ | 80,897 | |||||||
Additions based on tax positions related to current year | 6,295 | 4,849 | 9,456 | ||||||||||
Reductions based on tax positions related to current year | — | (55 | ) | (132 | ) | ||||||||
Additions based on tax positions related to prior years | 5,673 | 2,307 | 5,821 | ||||||||||
Reductions based on tax positions related to prior years | (7,449 | ) | (6,248 | ) | (3,296 | ) | |||||||
Reductions due to settlements with taxing authorities | — | — | (764 | ) | |||||||||
Reductions due to statute of limitations lapse | (7,493 | ) | (15,740 | ) | (11,120 | ) | |||||||
Balance at end of year | $ | 63,001 | $ | 65,975 | $ | 80,862 | |||||||
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive (Loss) Income (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |||||||||||||||||
Components of Accumulated Other Comprehensive (Loss) Income | The following tables reflect the changes in accumulated other comprehensive (loss) income by component (in thousands): | ||||||||||||||||
Gains and Losses on | Foreign Currency | Adjustment to Early | Total | ||||||||||||||
Hedging Derivatives | Gain (Loss) | Retiree Medical Plan | |||||||||||||||
31-Dec-13 | $ | — | $ | (7,438 | ) | $ | 16,518 | $ | 9,080 | ||||||||
Other comprehensive income (loss) before reclassifications | (8,542 | ) | (141,530 | ) | (4,228 | ) | (154,300 | ) | |||||||||
Amounts reclassified from accumulated other comprehensive (loss) income into earnings (1) | 542 | — | (1,030 | ) | (488 | ) | |||||||||||
Net current-period other comprehensive (loss) income | (8,000 | ) | (141,530 | ) | (5,258 | ) | (154,788 | ) | |||||||||
31-Dec-14 | $ | (8,000 | ) | $ | (148,968 | ) | $ | 11,260 | $ | (145,708 | ) | ||||||
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 income (loss) before reclassifications | — | (53,619 | ) | 5,938 | (47,681 | ) | |||||||||||
Amounts reclassified from accumulated other comprehensive (loss) income into earnings | — | — | — | — | |||||||||||||
Net current-period other comprehensive (loss) income | — | (53,619 | ) | 5,938 | (47,681 | ) | |||||||||||
31-Dec-13 | $ | — | $ | (7,438 | ) | $ | 16,518 | $ | 9,080 | ||||||||
-1 | Includes $542 and ($1,030) net-of-tax impact of accumulated other comprehensive income reclassifications into cost of products sold for net losses on commodity contracts and adjustment to early retiree medical plan, respectively. The tax impacts of these reclassifications were $200 and ($557), respectively. |
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 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 data) | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Basic net earnings per share: | |||||||||||||
Basic net earnings | $ | 713,946 | $ | 488,025 | $ | 504,619 | |||||||
Earnings allocated to participating securities | (2,321 | ) | (1,919 | ) | (1,713 | ) | |||||||
Net earnings available to common stockholders | $ | 711,625 | $ | 486,106 | $ | 502,906 | |||||||
Average shares outstanding | 319,838 | 319,077 | 318,172 | ||||||||||
Basic net earnings per share | $ | 2.22 | $ | 1.52 | $ | 1.58 | |||||||
Diluted net earnings per share: | |||||||||||||
Diluted net earnings | $ | 713,946 | $ | 488,025 | $ | 504,619 | |||||||
Earnings allocated to participating securities | (2,321 | ) | (1,919 | ) | (1,714 | ) | |||||||
Net earnings available to common stockholders | $ | 711,625 | $ | 486,106 | $ | 502,905 | |||||||
Diluted average shares outstanding: | |||||||||||||
Basic shares outstanding | 319,838 | 319,077 | 318,172 | ||||||||||
Dilutive effect of stock options and other | 289 | 189 | 68 | ||||||||||
320,127 | 319,266 | 318,240 | |||||||||||
Diluted net earnings per share | $ | 2.22 | $ | 1.52 | $ | 1.58 | |||||||
Anti-Dilutive Stock Options | The following stock options were excluded from the computation of diluted net earnings per share because their effect would have been anti-dilutive (shares in thousands): | ||||||||||||
2014 | 2013 | 2012 | |||||||||||
Anti-dilutive stock options: | |||||||||||||
Weighted-average shares | — | 137 | 801 | ||||||||||
Weighted-average exercise price | $ | — | $ | 44.51 | $ | 42.07 | |||||||
Segments_Tables
Segments (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Segment Reporting [Abstract] | |||||||||||||
Segments | Nucor’s results by segment are as follows (in thousands): | ||||||||||||
Year Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Net sales to external customers: | |||||||||||||
Steel mills | $ | 14,723,642 | $ | 13,311,948 | $ | 13,781,797 | |||||||
Steel products | 4,032,385 | 3,607,333 | 3,738,381 | ||||||||||
Raw materials | 2,349,114 | 2,132,765 | 1,909,095 | ||||||||||
$ | 21,105,141 | $ | 19,052,046 | $ | 19,429,273 | ||||||||
Intercompany sales: | |||||||||||||
Steel mills | $ | 2,904,317 | $ | 2,563,554 | $ | 2,609,411 | |||||||
Steel products | 105,383 | 97,090 | 71,277 | ||||||||||
Raw materials | 9,618,145 | 9,116,860 | 9,514,163 | ||||||||||
Corporate/eliminations | (12,627,845 | ) | (11,777,504 | ) | (12,194,851 | ) | |||||||
$ | — | $ | — | $ | — | ||||||||
Depreciation expense: | |||||||||||||
Steel mills | $ | 366,568 | $ | 332,258 | $ | 366,182 | |||||||
Steel products | 42,777 | 42,737 | 47,948 | ||||||||||
Raw materials | 235,443 | 154,065 | 112,939 | ||||||||||
Corporate | 7,212 | 6,792 | 6,941 | ||||||||||
$ | 652,000 | $ | 535,852 | $ | 534,010 | ||||||||
Amortization expense: | |||||||||||||
Steel mills | $ | 15,269 | $ | 13,911 | $ | 8,750 | |||||||
Steel products | 27,644 | 31,082 | 35,152 | ||||||||||
Raw materials | 29,510 | 29,363 | 29,109 | ||||||||||
$ | 72,423 | $ | 74,356 | $ | 73,011 | ||||||||
Earnings (loss) before income taxes and noncontrolling interests: | |||||||||||||
Steel mills | $ | 1,594,352 | $ | 1,156,715 | $ | 1,162,270 | |||||||
Steel products | 166,323 | 82,129 | (17,140 | ) | |||||||||
Raw materials | (29,053 | ) | 13,686 | 55,264 | |||||||||
Corporate/eliminations | (527,045 | ) | (461,407 | ) | (347,454 | ) | |||||||
$ | 1,204,577 | $ | 791,123 | $ | 852,940 | ||||||||
Segment assets: | |||||||||||||
Steel mills | $ | 9,097,576 | $ | 8,365,023 | $ | 7,894,974 | |||||||
Steel products | 2,885,209 | 2,861,403 | 2,935,146 | ||||||||||
Raw materials | 3,927,159 | 3,956,913 | 3,400,690 | ||||||||||
Corporate/eliminations | (294,017 | ) | 19,944 | (78,751 | ) | ||||||||
$ | 15,615,927 | $ | 15,203,283 | $ | 14,152,059 | ||||||||
Capital expenditures: | |||||||||||||
Steel mills | $ | 343,767 | $ | 589,621 | $ | 369,463 | |||||||
Steel products | 27,262 | 22,472 | 31,698 | ||||||||||
Raw materials | 197,252 | 610,745 | 604,312 | ||||||||||
Corporate | 586 | 7,580 | 13,861 | ||||||||||
$ | 568,867 | $ | 1,230,418 | $ | 1,019,334 | ||||||||
Schedule of Net Sale by Product to External Customers | Net sales by product were as follows (in thousands). Further product group breakdown is impracticable. | ||||||||||||
Year Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Net sales to external customers: | |||||||||||||
Sheet | $ | 5,988,303 | $ | 5,219,464 | $ | 5,540,868 | |||||||
Bar | 4,051,171 | 3,730,328 | 3,999,911 | ||||||||||
Structural | 2,617,196 | 2,558,538 | 2,301,778 | ||||||||||
Plate | 2,066,972 | 1,803,618 | 1,939,240 | ||||||||||
Steel products | 4,032,385 | 3,607,333 | 3,738,381 | ||||||||||
Raw materials | 2,349,114 | 2,132,765 | 1,909,095 | ||||||||||
$ | 21,105,141 | $ | 19,052,046 | $ | 19,429,273 | ||||||||
Quarterly_Information_Unaudite1
Quarterly Information (Unaudited) (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||
Schedule of Quarterly Information | (in thousands, except per share data) | ||||||||||||||||
Year Ended December 31, 2014 | |||||||||||||||||
First Quarter | Second Quarter | Third Quarter | Fourth Quarter | ||||||||||||||
Net sales | $ | 5,108,444 | $ | 5,291,075 | $ | 5,701,869 | $ | 5,003,753 | |||||||||
Gross margin (1) | 377,202 | 415,867 | 599,586 | 513,871 | |||||||||||||
Net earnings (2) | 129,696 | 166,935 | 274,201 | 244,958 | |||||||||||||
Net earnings attributable to Nucor stockholders (2) | 111,031 | 147,041 | 245,447 | 210,427 | |||||||||||||
Net earnings per share: | |||||||||||||||||
Basic | 0.35 | 0.46 | 0.76 | 0.66 | |||||||||||||
Diluted | 0.35 | 0.46 | 0.76 | 0.65 | |||||||||||||
(in thousands, except per share data) | |||||||||||||||||
Year Ended December 31, 2013 | |||||||||||||||||
First Quarter | Second Quarter | Third Quarter | Fourth Quarter | ||||||||||||||
Net sales | $ | 4,550,772 | $ | 4,665,588 | $ | 4,940,936 | $ | 4,894,750 | |||||||||
Gross margin (3) | 303,216 | 313,125 | 408,543 | 385,741 | |||||||||||||
Net earnings (4) | 110,728 | 106,270 | 178,115 | 190,416 | |||||||||||||
Net earnings attributable to Nucor stockholders (4) | 84,789 | 85,145 | 147,597 | 170,494 | |||||||||||||
Net earnings per share: | |||||||||||||||||
Basic | 0.26 | 0.27 | 0.46 | 0.53 | |||||||||||||
Diluted | 0.26 | 0.27 | 0.46 | 0.53 | |||||||||||||
-1 | Nucor incurred a LIFO charge of $14.5 million in the first quarter, no charge or credit recorded in the second quarter, a LIFO credit of $14.5 million in the third quarter and a LIFO credit of $57.3 million in the fourth quarter. Nucor incurred $8.9 million in inventory-related purchase accounting adjustments in the fourth quarter associated with the acquisition of Nucor Steel Gallatin. Also included in the fourth quarter results was Nucor Steel Louisiana’s operating loss of approximately $35 million that was classified as start-up costs, as that facility experienced an equipment failure that suspended production for almost the entire fourth quarter. | ||||||||||||||||
-2 | First quarter results include a $12.8 million charge related to tax legislation changes in the state of New York and a $9.0 million pre-tax charge related to the disposal of assets within the steel mills segment. Third quarter results include a $12.5 million pre-tax charge related to the partial write down of assets within the steel mills segment. Fourth quarter results include a $13.2 million out-of-period non-cash gain related to a correction to tax balances. | ||||||||||||||||
-3 | Nucor incurred a LIFO charge of $18.0 million in the first quarter, no charge or credit recorded in the second quarter, a LIFO credit of $18.0 million in the third quarter and a LIFO charge of $17.4 million in the fourth quarter. | ||||||||||||||||
-4 | Third quarter results included a net $14.0 million pre-tax charge related to a partial write down of inventory and fixed asset balances associated with the collapse of a storage dome at Nucor Steel Louisiana in St. James Parish. The fourth quarter was impacted by an out-of-period non-cash gain of $21.3 million related to a correction to deferred tax balances. |
Nature_of_Operations_and_Basis1
Nature of Operations and Basis of Presentation - Additional Information (Detail) (Nucor-Yamato Steel Company [Member]) | Dec. 31, 2014 |
Nucor-Yamato Steel Company [Member] | |
Summary Of Organization And Operations [Line Items] | |
Majority ownership percentage | 51.00% |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies - Additional Information (Detail) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Accounting Policies [Abstract] | ||
Cash equivalents original maturity period | Three months or less | |
Percentage of inventories valued using the last-in, first-out (LIFO) | 43.00% | 45.00% |
Acquisitions_and_Dispositions_1
Acquisitions and Dispositions - Additional Information (Detail) (USD $) | 1 Months Ended | 12 Months Ended | 0 Months Ended | 1 Months Ended | ||||
Aug. 31, 2012 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Oct. 08, 2014 | Jun. 20, 2012 | Dec. 31, 2014 | Nov. 30, 2012 | |
T | ||||||||
Business Acquisition [Line Items] | ||||||||
Goodwill attributed to the expected synergies | $2,068,664,000 | $1,973,608,000 | $2,004,538,000 | $2,068,664,000 | ||||
Loss on assets | 17,600,000 | 25,393,000 | 14,000,000 | 17,563,000 | ||||
Equity method investment, carrying amount | 872,500,000 | 936,000,000 | 872,500,000 | |||||
Business acquisition purchase price | 768,581,000 | 760,833,000 | ||||||
Gallatin Steel Company [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Business acquisition purchase price | 779,100,000 | |||||||
Annual production capacity | 1,800,000 | |||||||
Goodwill attributed to the expected synergies | 98,505,000 | |||||||
Skyline Steel LLC [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Business acquisition purchase price | 675,400,000 | |||||||
Goodwill attributed to the expected synergies | 138,579,000 | |||||||
Cash received as a result of acquisition | 0 | |||||||
Hunter Ridge Energy Services LLC [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Equity method investment, ownership percentage | 50.00% | 50.00% | 50.00% | |||||
Equity method investment, carrying amount | 138,600,000 | 134,500,000 | 138,600,000 | |||||
Period used for lag basis, in months | 1 month | 1 month | ||||||
Other Minor Acquisitions [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Business acquisition purchase price | 38,500,000 | 0 | 85,400,000 | |||||
Steel Mills [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Goodwill attributed to the expected synergies | 594,402,000 | 495,897,000 | 407,045,000 | 594,402,000 | ||||
Steel Mills [Member] | Gallatin Steel Company [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Goodwill attributed to the expected synergies | 98,500,000 | |||||||
Goodwill expected to be deductible for tax purposes | 87,600,000 | |||||||
Steel Mills [Member] | Skyline Steel LLC [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Goodwill attributed to the expected synergies | 138,600,000 | |||||||
Goodwill expected to be deductible for tax purposes | 128,200,000 | |||||||
Commercial Paper [Member] | Gallatin Steel Company [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Approximate amount of commercial paper issued | $300,000,000 |
Acquisitions_and_Dispositions_2
Acquisitions and Dispositions - Estimated Fair Values of Assets Acquired and Liabilities (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Oct. 08, 2014 | Jun. 20, 2012 |
In Thousands, unless otherwise specified | |||||
Business Acquisition [Line Items] | |||||
Goodwill | $2,068,664 | $1,973,608 | $2,004,538 | ||
Gallatin Steel Company [Member] | |||||
Business Acquisition [Line Items] | |||||
Cash | 48,957 | ||||
Accounts receivable | 82,291 | ||||
Inventory | 101,692 | ||||
Other current assets | 5,117 | ||||
Property, plant and equipment | 483,007 | ||||
Goodwill | 98,505 | ||||
Other intangible assets | 67,150 | ||||
Other assets | 2,762 | ||||
Total assets acquired | 889,481 | ||||
Current liabilities | 105,816 | ||||
Long-term debt | 2,093 | ||||
Deferred credits and other liabilities | 2,500 | ||||
Total liabilities assumed | 110,409 | ||||
Net assets acquired | 779,072 | ||||
Skyline Steel LLC [Member] | |||||
Business Acquisition [Line Items] | |||||
Accounts receivable | 128,004 | ||||
Inventory | 260,473 | ||||
Other current assets | 4,410 | ||||
Property, plant and equipment | 70,100 | ||||
Goodwill | 138,579 | ||||
Other intangible assets | 215,600 | ||||
Total assets acquired | 817,166 | ||||
Current liabilities | 137,654 | ||||
Deferred credits and other liabilities | 4,078 | ||||
Total liabilities assumed | 141,732 | ||||
Net assets acquired | $675,434 |
Acquisitions_and_Dispositions_3
Acquisitions and Dispositions - Preliminary Purchase Price Allocation to Identifiable Intangible Assets (Detail) (USD $) | 0 Months Ended | |
In Thousands, unless otherwise specified | Oct. 08, 2014 | Jun. 20, 2012 |
Gallatin Steel Company [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets | $67,150 | |
Gallatin Steel Company [Member] | Customer Relationships [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets | 58,250 | |
Weighted - Average Life | 20 years | |
Gallatin Steel Company [Member] | Trademarks and Trade Names [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets | 8,900 | |
Weighted - Average Life | 5 years | |
Skyline Steel LLC [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets | 215,600 | |
Skyline Steel LLC [Member] | Customer Relationships [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets | 184,500 | |
Weighted - Average Life | 17 years | |
Skyline Steel LLC [Member] | Trademarks and Trade Names [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets | 28,500 | |
Weighted - Average Life | 20 years | |
Skyline Steel LLC [Member] | Other [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets | $2,600 | |
Weighted - Average Life | 3 years |
Shortterm_Investments_Addition
Short-term Investments - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Short-term Investments [Abstract] | |||
Short-term investments held | $100,000,000 | $28,191,000 | |
Realized or unrealized gains or losses | $0 | $0 | $0 |
Contractual maturities year of all outstanding fixed term deposits | 2015 |
Accounts_Receivable_Additional
Accounts Receivable - Additional Information (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | |||
Accounts Receivable, Net [Abstract] | |||
Allowance for doubtful accounts receivable | $65.40 | $58.30 | $57.40 |
Inventory_Additional_Informati
Inventory - Additional Information (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Inventory Disclosure [Abstract] | ||
Raw materials and supplies in inventory, percentage | 40.00% | 40.00% |
Finished and semi-finished products in inventory, percentage | 60.00% | 60.00% |
Increased value of inventory if FIFO method had been used | $567.40 | $624.70 |
Lower of cost or market adjustments | $2.70 | $2.10 |
Property_Plant_and_Equipment_S
Property, Plant and Equipment - Schedule of Property, Plant and Equipment (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $12,453,553 | $11,543,245 |
Less accumulated depreciation | -7,165,914 | -6,626,221 |
Property, plant and equipment, net, total | 5,287,639 | 4,917,024 |
Land and Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 576,511 | 555,309 |
Buildings and Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 1,018,342 | 941,379 |
Machinery and Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 10,080,640 | 9,159,151 |
Proved Oil and Gas Properties [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 584,466 | 487,033 |
Construction in Process and Equipment Deposits [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $193,594 | $400,373 |
Property_Plant_and_Equipment_A
Property, Plant and Equipment - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment net of accumulated depreciation, under a capital lease agreement | $22,800,000 | $0 | |
Gross property, plant and equipment acquired under capital lease | 25,400,000 | ||
Total obligations associated with capital lease agreement | 23,200,000 | 0 | |
Capital lease obligations classified in accrued expenses and other current liabilities | 2,200,000 | ||
Capital lease obligations classified in deferred credits and other liabilities | 21,000,000 | ||
Property plant and equipment written down | 21,000,000 | ||
Inventory written down | 7,000,000 | ||
Insurance receivable | 14,000,000 | ||
Associated net charges included in marketing, administrative and other expenses | 14,000,000 | ||
Initial payments from insurance receivables | 10,300,000 | ||
Property, plant and equipment, net | 5,287,639,000 | 4,917,024,000 | |
Interest expenses capitalized | 2,900,000 | 10,900,000 | 4,700,000 |
Two remaining storage domes [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, net | 20,000,000 | ||
Net Fixed Assets Associated with Anticipated Further Development Activities at the St. James Parish Site [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, net | $84,100,000 | $84,100,000 | |
Minimum [Member] | Land and Improvements [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Estimated useful lives range | 5 years | ||
Minimum [Member] | Buildings and Improvements [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Estimated useful lives range | 4 years | ||
Minimum [Member] | Machinery and Equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Estimated useful lives range | 2 years | ||
Maximum [Member] | Land and Improvements [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Estimated useful lives range | 25 years | ||
Maximum [Member] | Buildings and Improvements [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Estimated useful lives range | 40 years | ||
Maximum [Member] | Machinery and Equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Estimated useful lives range | 15 years |
Restricted_Cash_and_Investment1
Restricted Cash and Investments - Additional Information (Detail) (USD $) | 12 Months Ended | 0 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Nov. 30, 2010 | Dec. 31, 2014 | |
Restricted Cash and Investments [Line Items] | ||||
Qualified expenditure for construction of facility | $275,300,000 | $311,800,000 | ||
Restricted cash or investment | 0 | 0 | ||
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 |
Goodwill_and_Other_Intangible_2
Goodwill and Other Intangible Assets - Schedule of Change in Net Carrying Amount of Goodwill by Segment (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Goodwill [Line Items] | ||
Balance, beginning of period | $1,973,608 | $2,004,538 |
Acquisitions | 98,505 | |
Reclassifications | ||
Translation | -30,112 | -26,067 |
Other | 26,663 | -4,863 |
Balance, end of period | 2,068,664 | 1,973,608 |
Steel Mills [Member] | ||
Goodwill [Line Items] | ||
Balance, beginning of period | 495,897 | 407,045 |
Acquisitions | 98,505 | |
Reclassifications | 88,852 | |
Translation | ||
Other | ||
Balance, end of period | 594,402 | 495,897 |
Steel Products [Member] | ||
Goodwill [Line Items] | ||
Balance, beginning of period | 774,486 | 805,416 |
Translation | -30,112 | -26,067 |
Other | 311 | -4,863 |
Balance, end of period | 744,685 | 774,486 |
Raw Materials [Member] | ||
Goodwill [Line Items] | ||
Balance, beginning of period | 703,225 | 703,225 |
Reclassifications | ||
Translation | ||
Other | 26,352 | |
Balance, end of period | 729,577 | 703,225 |
Other Segments [Member] | ||
Goodwill [Line Items] | ||
Balance, beginning of period | 88,852 | |
Reclassifications | ($88,852) |
Goodwill_and_Other_Intangible_3
Goodwill and Other Intangible Assets - Additional Information (Detail) (USD $) | 12 Months Ended | 3 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2014 | |
Finite And Indefinite Lived Intangible Assets [Line Items] | ||||
Other changes | $26,663,000 | ($4,863,000) | ||
Intangible asset amortization expense | 72,400,000 | 74,400,000 | 73,000,000 | |
Future amortization expense, in 2015 | 73,200,000 | 73,200,000 | ||
Future amortization expense, in 2016 | 71,500,000 | 71,500,000 | ||
Future amortization expense, in 2017 | 69,800,000 | 69,800,000 | ||
Future amortization expense, in 2018 | 66,100,000 | 66,100,000 | ||
Future amortization expense, in 2019 | 63,300,000 | 63,300,000 | ||
Impairment of goodwill | 0 | 0 | 0 | |
Increase in Goodwill Due to Correction of Deferred Tax [Member] | ||||
Finite And Indefinite Lived Intangible Assets [Line Items] | ||||
Other changes | $26,400,000 | |||
Minimum [Member] | ||||
Finite And Indefinite Lived Intangible Assets [Line Items] | ||||
Intangible assets, useful life | 5 years | |||
Maximum [Member] | ||||
Finite And Indefinite Lived Intangible Assets [Line Items] | ||||
Intangible assets, useful life | 22 years |
Goodwill_and_Other_Intangible_4
Goodwill and Other Intangible Assets - Schedule of Intangible Assets (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets, Gross Amount | $1,381,349 | $1,320,987 |
Intangible assets, Accumulated Amortization | 519,256 | 446,833 |
Customer Relationships [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets, Gross Amount | 1,199,942 | 1,147,786 |
Intangible assets, Accumulated Amortization | 454,353 | 391,254 |
Trademarks and Trade Names [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets, Gross Amount | 158,584 | 151,332 |
Intangible assets, Accumulated Amortization | 48,356 | 40,397 |
Other [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets, Gross Amount | 22,823 | 21,869 |
Intangible assets, Accumulated Amortization | $16,547 | $15,182 |
Equity_Investments_Additional_
Equity Investments - Additional Information (Detail) | 12 Months Ended | 1 Months Ended | 6 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2014 | Nov. 30, 2012 | Dec. 31, 2013 | Jun. 30, 2012 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | |
USD ($) | USD ($) | USD ($) | Hunter Ridge Energy Services LLC [Member] | Hunter Ridge Energy Services LLC [Member] | Hunter Ridge Energy Services LLC [Member] | Duferdofin Nucor S.r.l. [Member] | Duferdofin Nucor S.r.l. [Member] | Duferdofin Nucor S.r.l. [Member] | Duferdofin Nucor S.r.l. [Member] | Duferdofin Nucor S.r.l. [Member] | Duferdofin Nucor S.r.l. [Member] | Duferdofin Nucor S.r.l. [Member] | Duferdofin Nucor S.r.l. [Member] | Duferdofin Nucor S.r.l. [Member] | Duferdofin Nucor S.r.l. [Member] | Duferdofin Nucor S.r.l. [Member] | Duferdofin Nucor S.r.l. [Member] | NuMit LLC [Member] | NuMit LLC [Member] | Steel Technologies LLC [Member] | Steel Technologies LLC [Member] | |
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | EUR (€) | EUR (€) | Standby Medium Long Term Credit Facility [Member] | Standby Medium Long Term Credit Facility [Member] | Facility A [Member] | Facility A [Member] | Facility A [Member] | Facility A [Member] | USD ($) | USD ($) | USD ($) | USD ($) | |||||
USD ($) | EUR (€) | USD ($) | EUR (€) | USD ($) | EUR (€) | Sheet | ||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||||||
Equity method investment | $872,500,000 | $936,000,000 | $138,600,000 | $134,500,000 | $412,900,000 | $465,400,000 | $301,500,000 | $318,400,000 | ||||||||||||||
Period used for lag basis, in months | 1 month | 1 month | 1 month | 1 month | ||||||||||||||||||
Equity method investment, ownership percentage | 50.00% | 50.00% | 50.00% | 50.00% | ||||||||||||||||||
Equity method investments, share of net assets | 57,400,000 | |||||||||||||||||||||
Basis difference due to the step-up to fair value of certain assets and liabilities | 355,500,000 | |||||||||||||||||||||
Step-up to fair value of equity method investment, portion related to identification of goodwill | 293,200,000 | |||||||||||||||||||||
Amortization expense and other purchase accounting adjustments due to fair value step-up | 72,423,000 | 74,356,000 | 73,011,000 | 10,500,000 | 11,200,000 | 11,100,000 | ||||||||||||||||
Due from related parties, noncurrent | 42,500,000 | 48,200,000 | 35,000,000 | 35,000,000 | ||||||||||||||||||
Notes receivable, related parties, interest rate | 1.34% | |||||||||||||||||||||
Interest rate per year in excess of Euribor as of date of the notes | 1.00% | |||||||||||||||||||||
Equity method investments note payable with parent company, maturity date | 31-Jan-16 | |||||||||||||||||||||
Equity method investments credit facilities, amount | 148,700,000 | 122,500,000 | ||||||||||||||||||||
Total amount outstanding under equity method investments credit facilities | 72,800,000 | 60,000,000 | 129,900,000 | 107,000,000 | 154,400,000 | 112,000,000 | ||||||||||||||||
Line of credit facility, maturity period | 22-Apr-16 | 22-Apr-16 | 26-Apr-16 | 26-Apr-16 | ||||||||||||||||||
Guarantor obligation percentage of exposure in case of default | 50.00% | 50.00% | 50.00% | 50.00% | ||||||||||||||||||
Equity method investment, ownership percentage | 100.00% | |||||||||||||||||||||
Number of sheet processing facilities operated by Steel Technologies | 25 | |||||||||||||||||||||
Notes receivable, related parties | 40,000,000 | |||||||||||||||||||||
Line of credit extended to joint venture, amount outstanding | 17,000,000 | |||||||||||||||||||||
Line of credit extended to joint venture | 100,000,000 | |||||||||||||||||||||
Distributions from affiliates | 53,738,000 | 8,708,000 | 52,700,000 | 6,700,000 | ||||||||||||||||||
Impairment of equity method investments | $30,000,000 |
Current_Liabilities_Additional
Current Liabilities - Additional Information (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Liabilities, Current [Abstract] | ||
Book overdrafts | $107.90 | $81.60 |
Dividends payable, current | $119.70 | $118.70 |
Debt_and_Other_Financing_Arran2
Debt and Other Financing Arrangements - Schedule of Debt and Other Financing Arrangements (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Debt Instrument [Line Items] | ||
Long-term Debt | $4,376,935 | $4,380,200 |
Long-term Debt | 4,376,935 | 4,380,200 |
Less current maturities | -16,335 | -3,300 |
Long-term Debt due after one year | 4,360,600 | 4,376,900 |
Notes, 5.75%, Due 2017 [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument face amount | 600,000 | 600,000 |
Notes, 5.85%, Due 2018 [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument face amount | 500,000 | 500,000 |
Notes, 4.125%, Due 2022 [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument face amount | 600,000 | 600,000 |
Notes, 4.0%, Due 2023 [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument face amount | 500,000 | 500,000 |
Notes, 6.40%, Due 2037 [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument face amount | 650,000 | 650,000 |
Notes, 5.20%, Due 2043 [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument face amount | 500,000 | 500,000 |
Industrial Revenue Bonds [Member] | 0.17% to 0.24%, variable, due from 2015 to 2040 [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument face amount | $1,026,935 | $1,030,200 |
Debt_and_Other_Financing_Arran3
Debt and Other Financing Arrangements - Schedule of Debt and Other Financing Arrangements (Parenthetical) (Detail) | 12 Months Ended |
Dec. 31, 2014 | |
0.17% to 0.24%, variable, due from 2015 to 2040 [Member] | Industrial Revenue Bonds [Member] | |
Debt Instrument [Line Items] | |
Debt instrument interest rate - minimum | 0.17% |
Debt instrument interest rate - maximum | 0.24% |
Debt instrument - maturity year - start | 2015 |
Debt instrument - maturity year - end | 2040 |
Notes, 5.75%, Due 2017 [Member] | |
Debt Instrument [Line Items] | |
Debt instrument interest rate | 5.75% |
Debt instrument - maturity year | 2017 |
Notes, 5.85%, Due 2018 [Member] | |
Debt Instrument [Line Items] | |
Debt instrument interest rate | 5.85% |
Debt instrument - maturity year | 2018 |
Notes, 4.125%, Due 2022 [Member] | |
Debt Instrument [Line Items] | |
Debt instrument interest rate | 4.13% |
Debt instrument - maturity year | 2022 |
Notes, 4.0%, Due 2023 [Member] | |
Debt Instrument [Line Items] | |
Debt instrument interest rate | 4.00% |
Debt instrument - maturity year | 2023 |
Notes, 6.40%, Due 2037 [Member] | |
Debt Instrument [Line Items] | |
Debt instrument interest rate | 6.40% |
Debt instrument - maturity year | 2037 |
Notes, 5.20%, Due 2043 [Member] | |
Debt Instrument [Line Items] | |
Debt instrument interest rate | 5.20% |
Debt instrument - maturity year | 2043 |
Debt_and_Other_Financing_Arran4
Debt and Other Financing Arrangements - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Oct. 31, 2014 | |
Debt Instrument [Line Items] | |||
Annual aggregate long-term debt maturities - 2015 | $16,300,000 | ||
Annual aggregate long-term debt maturities - 2016 | 0 | ||
Annual aggregate long-term debt maturities - 2017 | 600,000,000 | ||
Annual aggregate long-term debt maturities - 2018 | 500,000,000 | ||
Annual aggregate long-term debt maturities - 2019 | 0 | ||
Annual aggregate long-term debt maturities - thereafter | 3,261,000,000 | ||
Issuance of Commercial Papers | 151,400,000 | ||
Net proceeds of issuance of notes | 991,500,000 | ||
Notes issuance cost | 8,500,000 | ||
Ratio funded debt to total capital | 36.00% | ||
Harris Steel [Member] | |||
Debt Instrument [Line Items] | |||
Credit facility availability | 30,200,000 | ||
Credit facilities, amount outstanding | 1,500,000 | 0 | |
Nucor Trading S.A. [Member] | |||
Debt Instrument [Line Items] | |||
Credit facilities, amount outstanding | 54,600,000 | 29,200,000 | |
Additional line of credit facility guaranteed | 38,500,000 | 29,100,000 | |
Revolving Credit Facility [Member] | |||
Debt Instrument [Line Items] | |||
Credit facility availability | 1,500,000,000 | 1,500,000,000 | |
Unsecured revolving credit facility, Expiration date | 2018-08 | ||
Credit facility availability | 500,000,000 | ||
Ratio on the limit of funded debt to capital on credit facility | 60.00% | ||
Credit facilities, amount outstanding | 0 | 0 | |
Letter of Credit [Member] | Nucor Trading S.A. [Member] | |||
Debt Instrument [Line Items] | |||
Credit facilities, amount outstanding | 42,200,000 | ||
Scenario, Previously Reported [Member] | Revolving Credit Facility [Member] | |||
Debt Instrument [Line Items] | |||
Unsecured revolving credit facility, Expiration date | 2016-12 | ||
Commercial Paper [Member] | |||
Debt Instrument [Line Items] | |||
Weighted average interest rate | 0.30% | ||
Foreign Currency Loans [Member] | Revolving Credit Facility [Member] | |||
Debt Instrument [Line Items] | |||
Credit facility availability | 850,000,000 | ||
Letter of Credit [Member] | Revolving Credit Facility [Member] | |||
Debt Instrument [Line Items] | |||
Credit facility availability | 500,000,000 | ||
Revolving Loans For Nucor Subsidiaries [Member] | Revolving Credit Facility [Member] | |||
Debt Instrument [Line Items] | |||
Credit facility availability | 500,000,000 | ||
Four Percent Notes Due Two Thousand Twenty Three [Member] | |||
Debt Instrument [Line Items] | |||
Notes issued | 500,000,000 | ||
Notes interest rate | 4.00% | ||
Notes Maturity Date | 2023 | ||
Five Point Two Zero Percent Notes Due Two Thousand Forty Three [Member] | |||
Debt Instrument [Line Items] | |||
Notes issued | 500,000,000 | ||
Notes interest rate | 5.20% | ||
Notes Maturity Date | 2043 | ||
Maximum [Member] | Commercial Paper [Member] | |||
Debt Instrument [Line Items] | |||
Debt instrument maturity | 90 days | ||
Gallatin [Member] | |||
Debt Instrument [Line Items] | |||
Issuance of Commercial Papers | $300,000,000 |
Capital_Stock_Additional_Infor
Capital Stock - Additional Information (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Equity [Abstract] | ||
The par value of common stock | $0.40 | |
Common stock shares authorized | 800,000,000 | 800,000,000 |
Preferred stock shares authorized | 250,000 | |
Preferred stock par value per share | $4 | |
Preferred stock shares issued | 0 | |
Preferred stock shares outstanding | 0 |
Derivative_Financial_Instrumen2
Derivative Financial Instruments - Fair Values of Derivative Instruments (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liabilities, Fair Value | ($12,700) | ($555) |
Derivatives Designated as Hedging Instrument [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liabilities, Fair Value | -12,700 | |
Derivatives Not Designated as Hedging Instrument [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Assets, Fair Value | 2,228 | |
Derivative Liabilities, Fair Value | -555 | |
Commodity Contracts [Member] | Derivatives Designated as Hedging Instrument [Member] | Accrued Expenses and Other Current Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liabilities, Fair Value | -6,400 | |
Commodity Contracts [Member] | Derivatives Designated as Hedging Instrument [Member] | Deferred Credits and Other Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liabilities, Fair Value | -6,300 | |
Commodity Contracts [Member] | Derivatives Not Designated as Hedging Instrument [Member] | Other Current Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Assets, Fair Value | 1,856 | |
Commodity Contracts [Member] | Derivatives Not Designated as Hedging Instrument [Member] | Accrued Expenses and Other Current Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liabilities, Fair Value | -553 | |
Foreign Exchange Contracts [Member] | Derivatives Not Designated as Hedging Instrument [Member] | Other Current Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Assets, Fair Value | 372 | |
Foreign Exchange Contracts [Member] | Derivatives Not Designated as Hedging Instrument [Member] | Accrued Expenses and Other Current Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liabilities, Fair Value | ($2) |
Derivative_Financial_Instrumen3
Derivative Financial Instruments - Effect of Derivative Instruments on Consolidated Statements of Earnings (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Derivatives Not Designated as Hedging Instrument [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of Gain or (Loss) Recognized in Earnings on Derivatives | $2,638 | $4,734 | $1,519 |
Cost of Products Sold [Member] | Commodity Contracts [Member] | Derivatives Not Designated as Hedging Instrument [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of Gain or (Loss) Recognized in Earnings on Derivatives | 1,890 | 4,622 | 1,321 |
Cost of Products Sold [Member] | Commodity Contracts [Member] | Derivatives Designated as Hedging Instrument [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of Gain or (Loss), net of tax, Recognized in OCI on Derivatives (Effective Portion) | -8,542 | -2,264 | |
Amount of Gain or (Loss), net of tax, Reclassified from Accumulated OCI into Earnings on Derivatives (Effective Portion) | -542 | -42,515 | |
Amount of Gain or (Loss), net of tax, Recognized in Earnings on Derivatives (Ineffective Portion) | 500 | ||
Cost of Products Sold [Member] | Foreign Exchange Contracts [Member] | Derivatives Not Designated as Hedging Instrument [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of Gain or (Loss) Recognized in Earnings on Derivatives | $748 | $112 | $198 |
Derivative_Financial_Instrumen4
Derivative Financial Instruments - Additional Information (Detail) | Dec. 31, 2014 |
MMBTU | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Notional amount of commodity derivatives | 15,600,000 |
Fair_Value_Measurements_Schedu
Fair Value Measurements - Schedule of Financial Assets and Financial Liabilities Measured at Fair Value (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Short-term investments | $100,000 | $28,191 | |
Total assets | 15,615,927 | 15,203,283 | 14,152,059 |
Foreign exchange and commodity contracts | -12,700 | -555 | |
Reported Value Measurement [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Cash equivalents | 861,656 | 1,269,465 | |
Short-term investments | 100,000 | 28,191 | |
Foreign exchange and commodity contracts | 2,228 | ||
Total assets | 963,884 | 1,297,656 | |
Foreign exchange and commodity contracts | -12,700 | -555 | |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Cash equivalents | 1,269,465 | ||
Short-term investments | 28,191 | ||
Total assets | 1,297,656 | ||
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Fair Value, Measurements, Recurring [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Cash equivalents | 861,656 | ||
Short-term investments | 100,000 | ||
Total assets | 961,656 | ||
Significant Other Observable Inputs (Level 2) [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Foreign exchange and commodity contracts | -555 | ||
Significant Other Observable Inputs (Level 2) [Member] | Fair Value, Measurements, Recurring [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Foreign exchange and commodity contracts | 2,228 | ||
Total assets | 2,228 | ||
Foreign exchange and commodity contracts | ($12,700) |
Fair_Value_Measurements_Additi
Fair Value Measurements - Additional Information (Detail) (USD $) | Dec. 31, 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 | $4.97 | $4.61 |
Contingencies_Additional_Infor
Contingencies - Additional Information (Detail) (USD $) | 0 Months Ended | 12 Months Ended | ||
In Millions, unless otherwise specified | Jun. 01, 2014 | Mar. 25, 2014 | Dec. 31, 2014 | Dec. 31, 2013 |
Defendant | Defendant | |||
Complaints | ||||
Manufacturers_Distributors | ||||
Commitments and Contingencies Disclosure [Abstract] | ||||
Accrual for environmental loss contingencies, gross | $27.20 | $22.90 | ||
Accrued environmental loss contingencies, current | 11.3 | 6.9 | ||
Accrued environmental loss contingencies, noncurrent | 15.9 | 16 | ||
Steel manufacturers, number of manufacturers | 8 | |||
Additional complaints being filed in July and December of 2010 | 2 | |||
Complaints that are dismissed | 2 | |||
Defendants that have entered into settlement agreements that are in the process of court approval | 5 | |||
Number of co-defendants | 5 | |||
Damages against all defendants jointly and severally | $160.80 | $52 |
StockBased_Compensation_Additi
Stock-Based Compensation - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Millions, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock options exercise prices as percentage of the market value on the date of the grant | 100.00% | ||
Total intrinsic value of options exercised | $2 | $0 | $4.30 |
Total aggregate intrinsic value of options | 16.9 | ||
Total aggregate intrinsic value of option exercisable | 11 | ||
Grant date fair value of options granted | $17.48 | $15.03 | $11.40 |
Compensation expenses for stock options | 7.7 | 8.6 | 9.9 |
Restricted Stock [Member] | 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 | ||
Restricted Stock Units [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Unrecognized compensation expense related to stock | 29.3 | ||
Weighted-average recognition period for unrecognized compensation expense related to stock (years) | 2 years | ||
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 | 32.6 | 32.6 | 34.2 |
Total fair value of shares, vested | 38.1 | 34.1 | 33.1 |
Restricted Stock Units [Member] | 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 | ||
Unrecognized compensation expense related to stock | 0.5 | ||
Weighted-average recognition period for unrecognized compensation expense related to stock (years) | 2 years 4 months 24 days | ||
Restricted Stock Units and Stock Options [Member] | AIP and LTIP [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Unrecognized compensation expense related to stock | 0.8 | ||
Weighted-average recognition period for unrecognized compensation expense related to stock (years) | 1 year 8 months 12 days | ||
Compensation expense | 6.1 | 6.3 | 6.6 |
Total fair value of shares, vested | $6.80 | $5.70 | $6 |
StockBased_Compensation_Schedu
Stock-Based Compensation - Schedule of Stock Option Plans Activity (Detail) (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||
Outstanding at beginning of year, Shares | 2,089 | 1,543 | 1,156 |
Granted, Shares | 469 | 546 | 741 |
Exercised, Shares | -136 | -354 | |
Canceled, Shares | 0 | 0 | 0 |
Outstanding at end of year, Shares | 2,422 | 2,089 | 1,543 |
Options exercisable at end of year, Shares | 1,263 | 1,012 | |
Outstanding at beginning of year, Weighted - Average Exercise Price | $40.47 | $39.03 | $38.26 |
Granted, Weighted - Average Exercise Price | $50.63 | $44.51 | $35.76 |
Exercised, Weighted - Average Exercise Price | $41.30 | $29.67 | |
Canceled, Weighted - Average Exercise Price | $0 | $0 | $0 |
Outstanding at end of period, Weighted - Average Exercise Price | $42.39 | $40.47 | $39.03 |
Options exercisable at end of year, Weighted - Average Exercise Price | $40.40 | $39.75 |
StockBased_Compensation_Summar
Stock-Based Compensation - Summary of Stock Options Outstanding (Detail) (USD $) | 12 Months Ended |
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 |
$35.76 [Member] | |
Schedule Of Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding By Exercise Price [Line Items] | |
Exercise Price | $35.76 |
Options Outstanding | 689 |
Options Exercisable | 391 |
Weighted-Average Remaining Contractual Life | 7 years 4 months 24 days |
$41.43 [Member] | |
Schedule Of Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding By Exercise Price [Line Items] | |
Exercise Price | $41.43 |
Options Outstanding | 242 |
Options Exercisable | 242 |
Weighted-Average Remaining Contractual Life | 5 years 4 months 24 days |
$42.34 [Member] | |
Schedule Of Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding By Exercise Price [Line Items] | |
Exercise Price | $42.34 |
Options Outstanding | 530 |
Options Exercisable | 530 |
Weighted-Average Remaining Contractual Life | 6 years 3 months 18 days |
$44.51 [Member] | |
Schedule Of Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding By Exercise Price [Line Items] | |
Exercise Price | $44.51 |
Options Outstanding | 506 |
Options Exercisable | 80 |
Weighted-Average Remaining Contractual Life | 8 years 4 months 24 days |
$50.63 [Member] | |
Schedule Of Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding By Exercise Price [Line Items] | |
Exercise Price | $50.63 |
Options Outstanding | 455 |
Options Exercisable | 20 |
Weighted-Average Remaining Contractual Life | 9 years |
$35.76 - $50.63 [Member] | |
Schedule Of Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding By Exercise Price [Line Items] | |
Options Outstanding | 2,422 |
Options Exercisable | 1,263 |
Weighted-Average Remaining Contractual Life | 7 years 6 months |
$35.76 - $50.63 [Member] | Minimum [Member] | |
Schedule Of Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding By Exercise Price [Line Items] | |
Exercise Price | $35.76 |
$35.76 - $50.63 [Member] | Maximum [Member] | |
Schedule Of Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding By Exercise Price [Line Items] | |
Exercise Price | $50.63 |
StockBased_Compensation_Schedu1
Stock-Based Compensation - Schedule of Grant Date Fair Value Black-Scholes Option-Pricing Model Assumptions (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||
Exercise price | $50.63 | $44.51 | $35.76 |
Expected dividend yield | 2.92% | 3.30% | 4.08% |
Expected stock price volatility | 45.00% | 46.94% | 48.99% |
Risk-free interest rate | 2.03% | 1.51% | 1.06% |
Expected life (in years) | 6 years 6 months | 6 years 6 months | 6 years 6 months |
StockBased_Compensation_Summar1
Stock-Based Compensation - Summary of Nucor's Restricted Stock Unit Activity (Detail) (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Restricted Stock Units [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Unvested at beginning of year, Shares | 1,122 | 1,106 | 962 |
Granted, Shares | 655 | 789 | 1,101 |
Vested, Shares | -752 | -762 | -915 |
Canceled, Shares | -13 | -11 | -42 |
Unvested at end of year, Shares | 1,012 | 1,122 | 1,106 |
Unvested at beginning of year, Grant Date Fair Value | $42.51 | $40.80 | $46.09 |
Granted, Grant Date Fair Value | $50.63 | $44.51 | $35.76 |
Vested, Grant Date Fair Value | $44.90 | $42.15 | $40.36 |
Canceled, Grant Date Fair Value | $42.66 | $39.08 | $39.41 |
Unvested at end of year, Grant Date Fair Value | $45.98 | $42.51 | $40.80 |
Restricted Stock Units and Stock Options [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares reserved for future grants | 11,851 | 10,486 | 11,839 |
StockBased_Compensation_Summar2
Stock-Based Compensation - Summary of Nucor's Restricted Stock Activity under AIP and LTIP (Detail) (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
AIP and LTIP [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Unvested at beginning of year, Shares | 73 | 72 | 94 |
Granted, Shares | 127 | 122 | 122 |
Vested, Shares | -135 | -121 | -144 |
Canceled, Shares | 0 | 0 | 0 |
Unvested at end of year, Shares | 65 | 73 | 72 |
Shares reserved for future grants | 1,111 | 1,238 | 1,360 |
Restricted Stock Units and Stock Options [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares reserved for future grants | 11,851 | 10,486 | 11,839 |
Restricted Stock Units and Stock Options [Member] | AIP and LTIP [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Unvested at beginning of year, Grant Date Fair Value | 45.49 | 43.72 | 42.46 |
Granted, Grant Date Fair Value | 50.35 | 47.36 | 42.2 |
Vested, Grant Date Fair Value | 48.76 | 46.32 | 41.62 |
Canceled, Grant Date Fair Value | 0 | 0 | 0 |
Unvested at end of year, Grant Date Fair Value | 48.2 | 45.49 | 43.72 |
Employee_Benefit_Plans_Additio
Employee Benefit Plans - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Employee Benefit Plans [Line Items] | |||
Profit Sharing and Retirement Savings Plan, plan expense | $110.10 | $71.70 | $77.70 |
Unfunded obligation | 14.1 | 9.9 | |
Benefit (expense) associated with early retiree medical plan | $0.60 | $0.60 | $1.90 |
Discount rate used to calculate expenses | 3.80% | 4.60% | 3.70% |
Health care cost trend rate | 6.50% | 6.60% | 6.60% |
Year that trend rate is projected to reach ultimate rate | 2027 | ||
December 31, 2027 [Member] | |||
Employee Benefit Plans [Line Items] | |||
Health care cost trend rate | 4.50% |
Interest_Expense_Income_Schedu
Interest Expense (Income) - Schedule of Components of Net Interest Expense (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Interest Revenue (Expense), Net [Abstract] | |||
Interest expense | $174,142 | $151,986 | $173,503 |
Interest income | -4,886 | -5,091 | -11,128 |
Interest expense, net | $169,256 | $146,895 | $162,375 |
Interest_Expense_Income_Additi
Interest Expense (Income) - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Interest Revenue (Expense), Net [Abstract] | |||
Interest paid | $180.50 | $141.20 | $178 |
Income_Taxes_Components_of_Ear
Income Taxes - Components of Earnings from Continuing Operations Before Income Taxes and Noncontrolling Interests (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income Tax Disclosure [Abstract] | |||
United States | $1,161,953 | $755,921 | $854,705 |
Foreign | 42,624 | 35,202 | -1,765 |
Earnings before income taxes and noncontrolling interests | $1,204,577 | $791,123 | $852,940 |
Income_Taxes_Provision_for_Inc
Income Taxes - Provision for Income Taxes (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Components of Income Tax Expense (Benefit), Continuing Operations [Abstract] | |||
Federal, current | $247,898 | $138,343 | $261,552 |
State, current | 30,790 | 223 | 20,337 |
Foreign, current | 19,235 | 10,464 | 3,199 |
Total current | 297,923 | 149,030 | 285,088 |
Federal, deferred | 94,991 | 36,157 | -23,052 |
State, deferred | 3,958 | -39 | -10,440 |
Foreign, deferred | -8,085 | 20,446 | 8,218 |
Total deferred | 90,864 | 56,564 | -25,274 |
Total provision for income taxes | $388,787 | $205,594 | $259,814 |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended | ||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Income Tax Disclosure [Line Items] | ||||||
Taxes computed at statutory rate | 35.00% | 35.00% | 35.00% | |||
Non-cash gain related to correction of tax balances | $13,200,000 | $13,200,000 | ||||
Non-cash gain related to correction of deferred tax balances | 21,300,000 | 21,300,000 | ||||
Current deferred tax assets | 253,400,000 | 255,500,000 | 253,400,000 | 255,500,000 | ||
Current deferred tax Liabilities | 13,100,000 | 14,600,000 | 13,100,000 | 14,600,000 | ||
Non-current deferred tax liabilities | 779,300,000 | 676,200,000 | 779,300,000 | 676,200,000 | ||
Net federal, state and foreign income taxes paid (refund received) | 398,700,000 | 64,800,000 | 313,500,000 | |||
Cumulative undistributed foreign earnings | 194,000,000 | 222,400,000 | 194,000,000 | 222,400,000 | ||
Unrecognized tax benefits | 63,001,000 | 65,975,000 | 63,001,000 | 65,975,000 | 80,862,000 | 80,897,000 |
Amount of unrecognized tax benefits affects effective tax rate | 62,900,000 | 66,300,000 | 62,900,000 | 66,300,000 | ||
Estimate of possible decrease in gross uncertain tax positions, exclusive of interest, as a result of the expiration of the statute of limitations | 11,800,000 | 11,800,000 | ||||
Expense (benefit) for interest and penalties | 9,000,000 | 900,000 | 2,100,000 | |||
Accrued interest and penalties related to uncertain tax positions | 28,200,000 | 37,200,000 | 28,200,000 | 37,200,000 | ||
State and Local Jurisdiction [Member] | ||||||
Income Tax Disclosure [Line Items] | ||||||
State net operating loss carryforwards | 462,800,000 | 824,000,000 | 462,800,000 | 824,000,000 | ||
Foreign Country [Member] | ||||||
Income Tax Disclosure [Line Items] | ||||||
Foreign net operating loss carryforwards | $44,900,000 | $50,500,000 | $44,900,000 | $50,500,000 | ||
Maximum [Member] | State and Local Jurisdiction [Member] | ||||||
Income Tax Disclosure [Line Items] | ||||||
Unused net operating loss carryforward expiration year | 2034 | |||||
Maximum [Member] | Foreign Country [Member] | ||||||
Income Tax Disclosure [Line Items] | ||||||
Unused net operating loss carryforward expiration year | 2033 | |||||
Minimum [Member] | State and Local Jurisdiction [Member] | ||||||
Income Tax Disclosure [Line Items] | ||||||
Unused net operating loss carryforward expiration year | 2015 | |||||
Minimum [Member] | Foreign Country [Member] | ||||||
Income Tax Disclosure [Line Items] | ||||||
Unused net operating loss carryforward expiration year | 2027 |
Income_Taxes_Reconciliation_of
Income Taxes - Reconciliation of the Federal Statutory Tax Rate to Total Provisions (Detail) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Income Tax Disclosure [Abstract] | |||
Taxes computed at statutory rate | 35.00% | 35.00% | 35.00% |
State income taxes, net of federal income tax benefit | 3.32% | 0.02% | 0.75% |
Federal research credit | -0.27% | -0.79% | |
Domestic manufacturing deduction | -2.27% | -1.74% | -3.25% |
Equity in losses of foreign joint ventures | 0.85% | 1.36% | 1.43% |
Foreign rate differential | -0.93% | -2.35% | 0.60% |
Noncontrolling interests | -2.96% | -4.32% | -3.64% |
Out-of-period correction | -1.10% | -2.57% | |
Other, net | 0.64% | 1.38% | -0.43% |
Provision for income taxes | 32.28% | 25.99% | 30.46% |
Income_Taxes_Deferred_Tax_Asse
Income Taxes - Deferred Tax Assets and Liabilities (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Components of Deferred Tax Assets and Liabilities [Abstract] | ||
Accrued liabilities and reserves | $154,381 | $102,933 |
Allowance for doubtful accounts | 24,741 | 19,756 |
Inventory | 189,120 | 206,826 |
Post-retirement benefits | 898 | 6,268 |
Commodity hedges | 4,773 | |
Net operating loss carryforward | 9,880 | 12,859 |
Tax credit carryforwards | 29,142 | 56,185 |
Total deferred tax assets | 412,935 | 404,827 |
Holdbacks and amounts not due under contracts | -14,945 | -16,582 |
Cumulative translation adjustments | -1,819 | -1,403 |
Commodity hedges | -805 | |
Intangibles | -236,618 | -210,791 |
Property, plant and equipment | -698,567 | -610,451 |
Total deferred tax liabilities | -951,949 | -840,032 |
Total net deferred tax liabilities | ($539,014) | ($435,205) |
Income_Taxes_Reconciliation_of1
Income Taxes - Reconciliation of the Beginning and Ending Amounts of Unrecognized Tax Benefits (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Balance at beginning of year | $65,975 | $80,862 | $80,897 |
Additions based on tax positions related to current year | 6,295 | 4,849 | 9,456 |
Reductions based on tax positions related to current year | -55 | -132 | |
Additions based on tax positions related to prior years | 5,673 | 2,307 | 5,821 |
Reductions based on tax positions related to prior years | -7,449 | -6,248 | -3,296 |
Reductions due to settlements with taxing authorities | -764 | ||
Reductions due to statute of limitations lapse | -7,493 | -15,740 | -11,120 |
Balance at end of year | $63,001 | $65,975 | $80,862 |
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive (loss) Income - Components of Accumulated Other Comprehensive (Loss) Income (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |||
Beginning Balance, Gains and Losses on Hedging Derivatives | |||
Other comprehensive income (loss) before reclassifications, Gains and Losses on Hedging Derivatives | -8,542 | -2,264 | |
Amounts reclassified from accumulated other comprehensive (loss) income into earnings, Gains and Losses on Hedging Derivatives | 542 | 42,515 | |
Net current-period other comprehensive (loss) income, Gains and Losses on Hedging Derivatives | -8,000 | ||
Ending Balance, Gains and Losses on Hedging Derivatives | -8,000 | ||
Beginning Balance, Foreign Currency Gain (Loss) | -7,438 | 46,181 | |
Other comprehensive income (loss) before reclassifications, Foreign Currency Gain (Loss) | -141,530 | -53,619 | |
Amounts reclassified from accumulated other comprehensive (loss) income into earnings, Foreign Currency Gain (Loss) | 0 | 0 | |
Net current-period other comprehensive (loss) income, Foreign Currency Gain (Loss) | -141,530 | -53,619 | 58,626 |
Ending Balance, Foreign Currency Gain (Loss) | -148,968 | -7,438 | 46,181 |
Beginning Balance, Adjustment to Early Retiree Medical Plan | 16,518 | 10,580 | |
Other comprehensive income (loss) before reclassifications, Adjustment to Early Retiree Medical Plan | -4,228 | 5,938 | -3,646 |
Amounts reclassified from accumulated other comprehensive (loss) income into earnings, Adjustment to Early Retiree Medical Plan | -1,030 | ||
Net current-period other comprehensive (loss) income, Adjustment to Early Retiree Medical Plan | -5,258 | 5,938 | |
Ending Balance, Adjustment to Early Retiree Medical Plan | 11,260 | 16,518 | 10,580 |
Beginning Balance | 9,080 | 56,761 | |
Other comprehensive income (loss) before reclassifications | -154,300 | -47,681 | |
Amounts reclassified from accumulated other comprehensive (loss) income into earnings | -488 | ||
Net current-period other comprehensive (loss) income | -154,788 | -47,681 | 95,231 |
Ending Balance | ($145,708) | $9,080 | $56,761 |
Accumulated_Other_Comprehensiv3
Accumulated Other Comprehensive (loss) Income - Components of Accumulated Other Comprehensive (Loss) Income (Parenthetical) (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Amounts reclassified from accumulated other comprehensive (loss) income into earnings, Gains and Losses on Hedging Derivatives | $542 | $42,515 | |
Amounts reclassified from accumulated other comprehensive (loss) income into earnings, Adjustment to Early Retiree Medical Plan | -1,030 | ||
AOCI reclassification impact on tax | -557 | 0 | 0 |
AOCI reclassification impact on tax | 200 | 0 | 25,000 |
Cost of Products Sold [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Amounts reclassified from accumulated other comprehensive (loss) income into earnings, Gains and Losses on Hedging Derivatives | 542 | ||
Amounts reclassified from accumulated other comprehensive (loss) income into earnings, Adjustment to Early Retiree Medical Plan | -1,030 | ||
AOCI reclassification impact on tax | ($557) |
Earnings_Per_Share_Computation
Earnings Per Share - Computations of Basic and Diluted Net Earnings Per Share (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Oct. 04, 2014 | Jul. 05, 2014 | Apr. 05, 2014 | Dec. 31, 2013 | Sep. 28, 2013 | Jun. 29, 2013 | Mar. 30, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Earnings Per Share [Abstract] | |||||||||||
Basic net earnings | $210,427 | $245,447 | $147,041 | $111,031 | $170,494 | $147,597 | $85,145 | $84,789 | $713,946 | $488,025 | $504,619 |
Earnings allocated to participating securities, Basic | -2,321 | -1,919 | -1,713 | ||||||||
Net earnings available to common stockholders | 711,625 | 486,106 | 502,906 | ||||||||
Average shares outstanding | 319,838 | 319,077 | 318,172 | ||||||||
Basic net earnings per share | $0.66 | $0.76 | $0.46 | $0.35 | $0.53 | $0.46 | $0.27 | $0.26 | $2.22 | $1.52 | $1.58 |
Diluted net earnings | 210,427 | 245,447 | 147,041 | 111,031 | 170,494 | 147,597 | 85,145 | 84,789 | 713,946 | 488,025 | 504,619 |
Earnings allocated to participating securities, Diluted | -2,321 | -1,919 | -1,714 | ||||||||
Net earnings available to common stockholders | $711,625 | $486,106 | $502,905 | ||||||||
Basic shares outstanding | 319,838 | 319,077 | 318,172 | ||||||||
Dilutive effect of stock options and other | 289 | 189 | 68 | ||||||||
Diluted average shares outstanding | 320,127 | 319,266 | 318,240 | ||||||||
Diluted net earnings per share | $0.65 | $0.76 | $0.46 | $0.35 | $0.53 | $0.46 | $0.27 | $0.26 | $2.22 | $1.52 | $1.58 |
Earning_Per_Share_AntiDilutive
Earning Per Share - Anti-Dilutive Stock Options (Detail) (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Earnings Per Share [Abstract] | |||
Weighted-average shares | 137 | 801 | |
Weighted-average exercise price | $44.51 | $42.07 |
Segments_Segments_Detail
Segments - Segments (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Oct. 04, 2014 | Jul. 05, 2014 | Apr. 05, 2014 | Dec. 31, 2013 | Sep. 28, 2013 | Jun. 29, 2013 | Mar. 30, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Segment Reporting Information [Line Items] | |||||||||||
Net sales | $5,003,753 | $5,701,869 | $5,291,075 | $5,108,444 | $4,894,750 | $4,940,936 | $4,665,588 | $4,550,772 | $21,105,141 | $19,052,046 | $19,429,273 |
Earnings before income taxes and noncontrolling interests | 1,204,577 | 791,123 | 852,940 | ||||||||
Depreciation expense | 652,000 | 535,852 | 534,010 | ||||||||
Total assets | 15,615,927 | 15,203,283 | 15,615,927 | 15,203,283 | 14,152,059 | ||||||
Amortization expense | 72,423 | 74,356 | 73,011 | ||||||||
Capital expenditures | 568,867 | 1,230,418 | 1,019,334 | ||||||||
Steel Mills [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Earnings before income taxes and noncontrolling interests | 1,594,352 | 1,156,715 | 1,162,270 | ||||||||
Depreciation expense | 366,568 | 332,258 | 366,182 | ||||||||
Total assets | 9,097,576 | 8,365,023 | 9,097,576 | 8,365,023 | 7,894,974 | ||||||
Amortization expense | 15,269 | 13,911 | 8,750 | ||||||||
Capital expenditures | 343,767 | 589,621 | 369,463 | ||||||||
Steel Products [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Earnings before income taxes and noncontrolling interests | 166,323 | 82,129 | -17,140 | ||||||||
Depreciation expense | 42,777 | 42,737 | 47,948 | ||||||||
Total assets | 2,885,209 | 2,861,403 | 2,885,209 | 2,861,403 | 2,935,146 | ||||||
Amortization expense | 27,644 | 31,082 | 35,152 | ||||||||
Capital expenditures | 27,262 | 22,472 | 31,698 | ||||||||
Raw Materials [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Earnings before income taxes and noncontrolling interests | -29,053 | 13,686 | 55,264 | ||||||||
Depreciation expense | 235,443 | 154,065 | 112,939 | ||||||||
Total assets | 3,927,159 | 3,956,913 | 3,927,159 | 3,956,913 | 3,400,690 | ||||||
Amortization expense | 29,510 | 29,363 | 29,109 | ||||||||
Capital expenditures | 197,252 | 610,745 | 604,312 | ||||||||
Net Sales to External Customers [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 21,105,141 | 19,052,046 | 19,429,273 | ||||||||
Net Sales to External Customers [Member] | Steel Mills [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 14,723,642 | 13,311,948 | 13,781,797 | ||||||||
Net Sales to External Customers [Member] | Steel Products [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 4,032,385 | 3,607,333 | 3,738,381 | ||||||||
Net Sales to External Customers [Member] | Raw Materials [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 2,349,114 | 2,132,765 | 1,909,095 | ||||||||
Intercompany Eliminations [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | |||||||||||
Intercompany Eliminations [Member] | Steel Mills [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 2,904,317 | 2,563,554 | 2,609,411 | ||||||||
Intercompany Eliminations [Member] | Steel Products [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 105,383 | 97,090 | 71,277 | ||||||||
Intercompany Eliminations [Member] | Raw Materials [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 9,618,145 | 9,116,860 | 9,514,163 | ||||||||
Intercompany Eliminations [Member] | Corporate/Eliminations [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | -12,627,845 | -11,777,504 | -12,194,851 | ||||||||
Earnings before income taxes and noncontrolling interests | -527,045 | -461,407 | -347,454 | ||||||||
Total assets | -294,017 | 19,944 | -294,017 | 19,944 | -78,751 | ||||||
Corporate [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Depreciation expense | 7,212 | 6,792 | 6,941 | ||||||||
Capital expenditures | $586 | $7,580 | $13,861 |
Segments_Schedule_of_Net_Sale_
Segments - Schedule of Net Sale by Product to External Customers (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Oct. 04, 2014 | Jul. 05, 2014 | Apr. 05, 2014 | Dec. 31, 2013 | Sep. 28, 2013 | Jun. 29, 2013 | Mar. 30, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Segment Reporting Information [Line Items] | |||||||||||
Net sales to external customers | $5,003,753 | $5,701,869 | $5,291,075 | $5,108,444 | $4,894,750 | $4,940,936 | $4,665,588 | $4,550,772 | $21,105,141 | $19,052,046 | $19,429,273 |
Sheet [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales to external customers | 5,988,303 | 5,219,464 | 5,540,868 | ||||||||
Bar [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales to external customers | 4,051,171 | 3,730,328 | 3,999,911 | ||||||||
Structural [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales to external customers | 2,617,196 | 2,558,538 | 2,301,778 | ||||||||
Plate [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales to external customers | 2,066,972 | 1,803,618 | 1,939,240 | ||||||||
Steel Products [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales to external customers | 4,032,385 | 3,607,333 | 3,738,381 | ||||||||
Raw Materials [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales to external customers | $2,349,114 | $2,132,765 | $1,909,095 |
Quarterly_Information_Schedule
Quarterly Information - Schedule of Quarterly Information (Unaudited) (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Oct. 04, 2014 | Jul. 05, 2014 | Apr. 05, 2014 | Dec. 31, 2013 | Sep. 28, 2013 | Jun. 29, 2013 | Mar. 30, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Net sales | $5,003,753 | $5,701,869 | $5,291,075 | $5,108,444 | $4,894,750 | $4,940,936 | $4,665,588 | $4,550,772 | $21,105,141 | $19,052,046 | $19,429,273 |
Gross margin | 513,871 | 599,586 | 415,867 | 377,202 | 385,741 | 408,543 | 313,125 | 303,216 | |||
Net earnings | 244,958 | 274,201 | 166,935 | 129,696 | 190,416 | 178,115 | 106,270 | 110,728 | 815,790 | 585,529 | 593,126 |
Net earnings attributable to Nucor stockholders | $210,427 | $245,447 | $147,041 | $111,031 | $170,494 | $147,597 | $85,145 | $84,789 | $713,946 | $488,025 | $504,619 |
Basic | $0.66 | $0.76 | $0.46 | $0.35 | $0.53 | $0.46 | $0.27 | $0.26 | $2.22 | $1.52 | $1.58 |
Diluted | $0.65 | $0.76 | $0.46 | $0.35 | $0.53 | $0.46 | $0.27 | $0.26 | $2.22 | $1.52 | $1.58 |
Quarterly_Information_Schedule1
Quarterly Information - Schedule of Quarterly Information (Unaudited) (Parenthetical) (Detail) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||
In Millions, unless otherwise specified | Dec. 31, 2014 | Oct. 04, 2014 | Jul. 05, 2014 | Apr. 05, 2014 | Dec. 31, 2013 | Sep. 28, 2013 | Jun. 29, 2013 | Mar. 30, 2013 | Dec. 31, 2014 | Dec. 31, 2013 |
Quarterly Financial Information [Line Items] | ||||||||||
LIFO charges | ($57.30) | ($14.50) | $0 | $14.50 | $17.40 | ($18) | $0 | $18 | ||
Charge related to tax legislation changes in New York | 12.8 | |||||||||
Non-cash gain related to correction of tax balances | 13.2 | 13.2 | ||||||||
Net pre-tax charge related to partial write down of inventory and fixed asset | 14 | |||||||||
Non-cash gain related to correction of deferred tax balances | 21.3 | 21.3 | ||||||||
Gallatin Steel Company [Member] | ||||||||||
Quarterly Financial Information [Line Items] | ||||||||||
Inventory related purchase accounting charges | 8.9 | |||||||||
Nucor Steel Louisiana [Member] | ||||||||||
Quarterly Financial Information [Line Items] | ||||||||||
Approximate operating loss | 35 | |||||||||
Steel Mills [Member] | ||||||||||
Quarterly Financial Information [Line Items] | ||||||||||
Charge related to the disposal of assets | 9 | |||||||||
Charge related to the partial write-down of assets | $12.50 |
Schedule_II_Valuation_and_Qual
Schedule II - Valuation and Qualifying Accounts (Detail) (LIFO Reserve [Member], USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
LIFO Reserve [Member] | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Balance at beginning of Year | $624,685 | $607,240 | $763,176 |
Additions charged to costs and expenses | 17,445 | ||
Deductions | -57,289 | -155,936 | |
Balance at end of year | $567,396 | $624,685 | $607,240 |