Exhibit 12
Nucor Corporation
2015 Form 10-Q
Computation of Ratio of Earnings to Fixed Charges | ||||||||||||||||||||||||||||
Year-ended December 31, | Three Months Ended | Three Months Ended | ||||||||||||||||||||||||||
April 4, | April 5, | |||||||||||||||||||||||||||
2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2014 | ||||||||||||||||||||||
(In thousands, except ratios) | ||||||||||||||||||||||||||||
Earnings | ||||||||||||||||||||||||||||
Earnings/(loss) before income taxes and noncontrolling interests | $ | 267,115 | $ | 1,251,812 | $ | 852,940 | $ | 791,123 | $ | 1,204,577 | $ | 119,045 | $ | 207,501 | ||||||||||||||
Plus: (earnings)/losses from equity investments | 32,082 | 10,043 | 13,323 | (9,297 | ) | (13,505 | ) | 259 | (4,474 | ) | ||||||||||||||||||
Plus: fixed charges (includes interest expense and amortization of bond issuance costs and settled swaps and estimated interest on rent expense) | 163,626 | 183,541 | 179,169 | 164,128 | 178,240 | 45,444 | 43,806 | |||||||||||||||||||||
Plus: amortization of capitalized interest | 2,332 | 2,724 | 2,550 | 3,064 | 4,166 | 1,003 | 1,180 | |||||||||||||||||||||
Plus: distributed income of equity investees | 4,923 | 3,883 | 9,946 | 8,708 | 53,738 | — | — | |||||||||||||||||||||
Less: interest capitalized | (940 | ) | (3,509 | ) | (4,715 | ) | (10,913 | ) | (2,946 | ) | (91 | ) | (1,602 | ) | ||||||||||||||
Less: pre-tax earnings in noncontrolling interests in subsidiaries that have not incurred fixed charges | (73,110 | ) | (83,591 | ) | (88,507 | ) | (97,504 | ) | (101,844 | ) | (16,492 | ) | (18,665 | ) | ||||||||||||||
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Total earnings/(loss) before fixed charges | $ | 396,028 | $ | 1,364,903 | $ | 964,706 | $ | 849,309 | $ | 1,322,426 | $ | 149,168 | $ | 227,746 | ||||||||||||||
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Fixed charges | ||||||||||||||||||||||||||||
Interest cost and amortization of bond issuance and settled swaps | $ | 162,213 | $ | 182,321 | $ | 178,218 | $ | 162,899 | $ | 177,088 | $ | 45,160 | $ | 43,496 | ||||||||||||||
Estimated interest on rent expense | 1,413 | 1,220 | 951 | 1,229 | 1,152 | 284 | 310 | |||||||||||||||||||||
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Total fixed charges | $ | 163,626 | $ | 183,541 | $ | 179,169 | $ | 164,128 | $ | 178,240 | $ | 45,444 | $ | 43,806 | ||||||||||||||
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Ratio of earnings to fixed charges | 2.42 | 7.44 | 5.38 | 5.17 | 7.42 | 3.28 | 5.20 |