Document and Entity Information
Document and Entity Information - Jul. 04, 2015 - shares | Total |
Document And Entity Information [Abstract] | |
Document Type | 10-Q |
Amendment Flag | false |
Document Period End Date | Jul. 4, 2015 |
Document Fiscal Year Focus | 2,015 |
Document Fiscal Period Focus | Q2 |
Trading Symbol | NUE |
Entity Registrant Name | NUCOR CORP |
Entity Central Index Key | 73,309 |
Current Fiscal Year End Date | --12-31 |
Entity Filer Category | Large Accelerated Filer |
Entity Common Stock, Shares Outstanding | 319,599,749 |
Consolidated Statements of Earn
Consolidated Statements of Earnings - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jul. 04, 2015 | Jul. 05, 2014 | Jul. 04, 2015 | Jul. 05, 2014 | |
Income Statement [Abstract] | ||||
Net sales | $ 4,357,609 | $ 5,291,075 | $ 8,757,049 | $ 10,399,519 |
Costs, expenses and other: | ||||
Cost of products sold | 3,971,303 | 4,875,208 | 8,082,461 | 9,606,450 |
Marketing, administrative and other expenses | 128,592 | 132,813 | 253,153 | 266,247 |
Equity in earnings of unconsolidated affiliates | (694) | (3,202) | (435) | (7,676) |
Interest expense, net | 42,186 | 44,391 | 86,603 | 85,132 |
Costs, expenses and other, total | 4,141,387 | 5,049,210 | 8,421,782 | 9,950,153 |
Earnings before income taxes and noncontrolling interests | 216,222 | 241,865 | 335,267 | 449,366 |
Provision for income taxes | 56,878 | 74,930 | 91,631 | 152,735 |
Net earnings | 159,344 | 166,935 | 243,636 | 296,631 |
Earnings attributable to noncontrolling interests | 34,589 | 19,894 | 51,081 | 38,559 |
Net earnings attributable to Nucor stockholders | $ 124,755 | $ 147,041 | $ 192,555 | $ 258,072 |
Net earnings per share: | ||||
Basic | $ 0.39 | $ 0.46 | $ 0.60 | $ 0.80 |
Diluted | $ 0.39 | $ 0.46 | $ 0.60 | $ 0.80 |
Average shares outstanding: | ||||
Basic | 320,506 | 319,693 | 320,409 | 319,597 |
Diluted | 320,708 | 319,981 | 320,594 | 319,872 |
Dividends declared per share | $ 0.3725 | $ 0.3700 | $ 0.7450 | $ 0.7400 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jul. 04, 2015 | Jul. 05, 2014 | Jul. 04, 2015 | Jul. 05, 2014 | |
Statement Of Comprehensive Income [Abstract] | ||||
Net earnings | $ 159,344 | $ 166,935 | $ 243,636 | $ 296,631 |
Other comprehensive income (loss): | ||||
Net unrealized (loss) income on hedging derivatives, net of income taxes of ($300) and $100 for the second quarter of 2015 and 2014, respectively, and ($1,600) and ($1,000) for the first six months of 2015 and 2014, respectively | (464) | 238 | (2,732) | (1,633) |
Reclassification adjustment for loss (income) on settlement of hedging derivatives included in net income, net of income taxes of $700 and ($100) for the second quarter of 2015 and 2014, respectively, and $800 and $100 for the first six months of 2015 and 2014, respectively | 1,164 | (238) | 1,332 | 233 |
Foreign currency translation gain (loss), net of income taxes of $0 for the second quarter of 2015 and 2014, and $0 and ($400) for the first six months of 2015 and 2014, respectively | 24,395 | 31,845 | (92,300) | (11,632) |
Other, net of income taxes of $1,500 and $0 for the second quarter of 2015 and 2014, respectively, and $1,500 and $0 for the first six months of 2015 and 2014, respectively | 2,700 | 2,700 | ||
Net current-period other comprehensive income (loss) | 27,795 | 31,845 | (91,000) | (13,032) |
Comprehensive income | 187,139 | 198,780 | 152,636 | 283,599 |
Comprehensive income attributable to noncontrolling interests | (34,589) | (19,894) | (51,081) | (38,559) |
Comprehensive income attributable to Nucor stockholders | $ 152,550 | $ 178,886 | $ 101,555 | $ 245,040 |
Consolidated Statements of Com4
Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jul. 04, 2015 | Jul. 05, 2014 | Jul. 04, 2015 | Jul. 05, 2014 | |
Statement Of Comprehensive Income [Abstract] | ||||
Net unrealized (loss) income on hedging derivatives, tax effect | $ (300) | $ 100 | $ (1,600) | $ (1,000) |
Reclassification adjustment for loss (income) on settlement of hedging derivatives included in net earnings, tax effect | 700 | (100) | 800 | 100 |
Foreign currency translation gain (loss), tax effect | 0 | 0 | 0 | (400) |
Other, tax effect | $ 1,500 | $ 0 | $ 1,500 | $ 0 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Jul. 04, 2015 | Dec. 31, 2014 |
Current assets: | ||
Cash and cash equivalents | $ 1,576,496 | $ 1,024,144 |
Short-term investments | 112,236 | 100,000 |
Accounts receivable, net | 1,791,523 | 2,068,298 |
Inventories, net | 2,267,394 | 2,745,032 |
Other current assets | 407,088 | 504,414 |
Total current assets | 6,154,737 | 6,441,888 |
Property, plant and equipment, net | 5,120,870 | 5,287,639 |
Goodwill | 2,046,098 | 2,068,664 |
Other intangible assets, net | 819,050 | 862,093 |
Other assets | 927,422 | 955,643 |
Total assets | 15,068,177 | 15,615,927 |
Current liabilities: | ||
Short-term debt | 42,664 | 207,476 |
Long-term debt due within one year | 8,300 | 16,335 |
Accounts payable | 820,557 | 993,872 |
Salaries, wages and related accruals | 270,506 | 352,488 |
Accrued expenses and other current liabilities | 548,050 | 527,605 |
Total current liabilities | 1,690,077 | 2,097,776 |
Long-term debt due after one year | 4,360,600 | 4,360,600 |
Deferred credits and other liabilities | 1,042,415 | 1,082,433 |
Total liabilities | 7,093,092 | 7,540,809 |
Nucor stockholders' equity: | ||
Common stock | 151,423 | 151,237 |
Additional paid-in capital | 1,907,049 | 1,883,356 |
Retained earnings | 7,331,006 | 7,378,214 |
Accumulated other comprehensive loss, net of income taxes | (236,708) | (145,708) |
Treasury stock | (1,492,067) | (1,494,629) |
Total Nucor stockholders' equity | 7,660,703 | 7,772,470 |
Noncontrolling interests | 314,382 | 302,648 |
Total equity | 7,975,085 | 8,075,118 |
Total liabilities and equity | $ 15,068,177 | $ 15,615,927 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | |
Jul. 04, 2015 | Jul. 05, 2014 | |
Operating activities: | ||
Net earnings | $ 243,636 | $ 296,631 |
Adjustments: | ||
Depreciation | 314,521 | 326,429 |
Amortization | 36,895 | 36,265 |
Stock-based compensation | 33,947 | 33,752 |
Deferred income taxes | (35,383) | (5,121) |
Distributions from affiliates | 12,142 | 11,504 |
Equity in earnings of unconsolidated affiliates | (435) | (7,676) |
Loss on assets | 9,046 | |
Changes in assets and liabilities (exclusive of acquisitions and dispositions): | ||
Accounts receivable | 254,343 | (249,196) |
Inventories | 472,104 | (130,463) |
Accounts payable | (159,872) | 90,460 |
Federal income taxes | 128,391 | 14,100 |
Salaries, wages and related accruals | (77,214) | (1,672) |
Other operating activities | (28,371) | 19,270 |
Cash provided by operating activities | 1,194,704 | 443,329 |
Investing activities: | ||
Capital expenditures | (175,253) | (446,798) |
Investment in and advances to affiliates | (23,750) | (68,491) |
Repayment of advances to affiliates | 15,000 | |
Disposition of plant and equipment | 17,932 | 12,858 |
Acquisitions (net of cash acquired) | (253) | (38,466) |
Purchases of investments | (111,927) | (100,000) |
Proceeds from the sale of investments | 100,000 | 27,529 |
Other investing activities | 1,870 | |
Cash used in investing activities | (191,381) | (598,368) |
Financing activities: | ||
Net change in short-term debt | (164,466) | 13,212 |
Repayment of long-term debt | (8,000) | |
Issuance of common stock | 423 | |
Excess tax benefits from stock-based compensation | 1,200 | 2,700 |
Distributions to noncontrolling interests | (39,347) | (37,877) |
Cash dividends | (239,476) | (237,369) |
Other financing activities | (1,081) | (1,123) |
Cash used in financing activities | (450,747) | (260,457) |
Effect of exchange rate changes on cash | (224) | (195) |
Increase (decrease) in cash and cash equivalents | 552,352 | (415,691) |
Cash and cash equivalents - beginning of year | 1,024,144 | 1,483,252 |
Cash and cash equivalents - end of six months | 1,576,496 | 1,067,561 |
Non-cash investing activity: | ||
Change in accrued plant and equipment purchases | $ (12,644) | $ (96,023) |
Basis of Interim Presentation
Basis of Interim Presentation | 6 Months Ended |
Jul. 04, 2015 | |
Accounting Policies [Abstract] | |
Basis of Interim Presentation | 1. BASIS OF INTERIM PRESENTATION: The information furnished in Item 1 reflects all adjustments which are, in the opinion of management, necessary to a fair statement of the results for the interim periods presented and are of a normal and recurring nature unless otherwise noted. The information furnished has not been audited; however, the December 31, 2014 condensed consolidated balance sheet data was derived from audited financial statements but does not include all disclosures required by accounting principles generally accepted in the United States of America. The unaudited condensed consolidated financial statements in this Item 1 should be read in conjunction with the consolidated financial statements and the notes thereto included in Nucor’s Annual Report on Form 10-K for the fiscal year ended December 31, 2014. Recently Adopted Accounting Pronouncements – In the first quarter of 2015, Nucor adopted new accounting guidance which changes the criteria for determining which disposals can be presented as discontinued operations and modifies related disclosure requirements. This standard is applied prospectively for the Company beginning January 1, 2015. The adoption of this standard did not have a material effect on the consolidated financial statements. Recently Issued Accounting Pronouncements – 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. In July 2015, the Financial Accounting Standards Board decided to defer the effective date of this new accounting guidance by one year. As a result, the amendments are effective for the Company for all annual and interim reporting periods beginning after December 15, 2017. 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 annual and interim periods beginning after December 15, 2016, and is not expected to have an effect on the Company’s consolidated financial statements. In April 2015, new accounting guidance was issued that requires debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. This new guidance is effective for the Company for all annual and interim periods beginning after December 15, 2015, and is not expected to have a material effect on the Company’s consolidated financial statements. |
Accounts Receivable
Accounts Receivable | 6 Months Ended |
Jul. 04, 2015 | |
Accounts Receivable, Net [Abstract] | |
Accounts Receivable | 2. 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 an allowance for doubtful accounts of $49.8 million at July 4, 2015 ($65.4 million at December 31, 2014). |
Inventories
Inventories | 6 Months Ended |
Jul. 04, 2015 | |
Inventory Disclosure [Abstract] | |
Inventories | 3. INVENTORIES: Inventories consisted of approximately 37% raw materials and supplies and 63% finished and semi-finished products at July 4, 2015 (40% and 60%, respectively, at December 31, 2014). Nucor’s manufacturing process consists of a continuous, vertically integrated process from which products are sold to customers at various stages throughout the process. Since most steel products can be classified as either finished or semi-finished products, these two categories of inventory are combined. Inventories valued using the last-in, first-out (LIFO) method of accounting represented approximately 45% of total inventories as of July 4, 2015 (43% as of December 31, 2014). If the first-in, first-out (FIFO) method of accounting had been used, inventories would have been $455.4 million higher at July 4, 2015 ($567.4 million higher at December 31, 2014). Use of the lower of cost or market methodology reduced inventories by $4.3 million at July 4, 2015 ($2.7 million at December 31, 2014). |
Property, Plant and Equipment
Property, Plant and Equipment | 6 Months Ended |
Jul. 04, 2015 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | 4. PROPERTY, PLANT AND EQUIPMENT: Property, plant and equipment is recorded net of accumulated depreciation of $7.47 billion at July 4, 2015 ($7.17 billion at December 31, 2014). Included within property, plant and equipment, net at July 4, 2015, is $21.6 million of assets, net of accumulated depreciation, under a capital lease agreement ($22.8 million at December 31, 2014). The gross amount of property, plant and equipment acquired under the capital lease was $25.4 million, which was not included in capital expenditures on the condensed consolidated statement of cash flows in 2014. Total obligations associated with this capital lease agreement were $22.1 million at July 4, 2015 ($23.2 million at December 31, 2014), of which $2.2 million was classified in accrued expenses and other current liabilities ($2.2 million at December 31, 2014) and $19.9 million was classified in deferred credits and other liabilities ($21.0 million at December 31, 2014). In 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. As of July 4, 2015, 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 $19.8 million. Nucor continues to assess the advantages of these two domes and the assets associated with them versus other alternatives. 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. The Company expects to finalize its assessment process related to the domes by the end of the year. Included in property plant and equipment within the steel mills segment at July 4, 2015, and December 31, 2014, 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. |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 6 Months Ended |
Jul. 04, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | 5. GOODWILL AND OTHER INTANGIBLE ASSETS: The change in the net carrying amount of goodwill for the six months ended July 4, 2015, by segment is as follows (in thousands): Steel Mills Steel Products Raw Materials Total Balance at December 31, 2014 $ 594,402 $ 744,685 $ 729,577 $ 2,068,664 Translation — (18,566 ) — (18,566 ) Other (4,000 ) — — (4,000 ) Balance at July 4, 2015 $ 590,402 $ 726,119 $ 729,577 $ 2,046,098 Nucor completed its most recent annual goodwill impairment testing during the fourth quarter of 2014 and concluded that there was no impairment of goodwill for any of its reporting units. There have been no triggering events requiring an interim assessment for impairment since the most recent annual impairment testing date. Intangible assets with estimated useful lives of 5 to 22 years are amortized on a straight-line or accelerated basis and are comprised of the following (in thousands): July 4, 2015 December 31, 2014 Gross Accumulated Gross Accumulated Customer relationships $ 1,194,549 $ 485,849 $ 1,199,942 $ 454,353 Trademarks and trade names 157,604 53,077 158,584 48,356 Other 23,047 17,224 22,823 16,547 $ 1,375,200 $ 556,150 $ 1,381,349 $ 519,256 Intangible asset amortization expense for the second quarter of 2015 and 2014 was $18.2 million and $17.8 million, respectively, and was $36.9 million and $36.3 million in the first six months of 2015 and 2014, respectively. Annual amortization expense is estimated to be $73.4 million in 2015; $72.1 million in 2016; $70.2 million in 2017; $65.6 million in 2018; and $63.0 million in 2019. |
Equity Investments
Equity Investments | 6 Months Ended |
Jul. 04, 2015 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Equity Investments | 6. EQUITY INVESTMENTS: The carrying value of our equity investments in domestic and foreign companies was $849.0 million at July 4, 2015 ($872.5 million at December 31, 2014) and is recorded in other assets in the condensed consolidated balance sheets. DUFERDOFIN NUCOR Nucor owns a 50% economic and voting interest in Duferdofin Nucor S.r.l. (Duferdofin Nucor), an Italian steel manufacturer, and accounts for the investment (on a one-month lag basis) under the equity method, as control and risk of loss are shared equally between the members. Nucor’s investment in Duferdofin Nucor at July 4, 2015, was $371.4 million ($412.9 million at December 31, 2014). Nucor’s 50% share of the total net assets of Duferdofin Nucor was $49.6 million at July 4, 2015, resulting in a basis difference of $321.8 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 ($268.0 million) and finite-lived intangible assets. This basis difference, excluding the portion attributable to goodwill, is being amortized based on the remaining estimated useful lives of the various underlying net assets, as appropriate. Amortization expense associated with the fair value step-up were $2.2 million and $2.7 million in the second quarter of 2015 and 2014, respectively, and were $4.4 million and $5.4 million in the first six months of 2015 and 2014, respectively. As of July 4, 2015, Nucor had outstanding notes receivable of €35.0 million ($38.8 million) from Duferdofin Nucor (€35.0 million, or $42.5 million, as of December 31, 2014). The notes receivable bear interest at 1.34% and reset annually on September 30 to the twelve-month Euro Interbank Offered Rate (Euribor) plus 1% per year. The principal amounts are due on January 31, 2019. As of July 4, 2015, and December 31, 2014, the note receivable was classified in other assets in the condensed consolidated balance sheets. Nucor has issued guarantees, the fair values of which are 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. The maximum amount Duferdofin Nucor can borrow under Facility A is €122.5 million ($135.9 million at July 4, 2015). As of July 4, 2015, there was €120.0 million ($133.1 million) outstanding under that facility (€107.0 million, or $129.9 million, at December 31, 2014). The guarantee under the Standby Medium Long Term Credit Facility was issued in the second quarter of 2014, and, as of July 4, 2015, Duferdofin Nucor had the maximum borrowing amount of €60 million ($66.6 million) outstanding under the facility (€60.0 million, or $72.8 million, at December 31, 2014). 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 July 4, 2015, was $302.3 million ($301.5 million as of December 31, 2014). 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 programs. 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 was $136.9 million at July 4, 2015 ($138.6 million at December 31, 2014). ALL EQUITY INVESTMENTS Nucor reviews its equity investments for impairment if and when circumstances indicate that a decline in value below their carrying amounts may have occurred. In the fourth quarter of 2014, Nucor assessed its equity investment in Duferdofin Nucor for impairment due to the protracted challenging steel market conditions in Europe. After completing its assessment, the Company determined that the estimated fair value exceeded its carrying amount and that there was no need for impairment. The assumptions that most significantly affect the fair value determination include projected revenues and the discount rate. Steel market conditions in Europe have continued to be challenging through the second quarter of 2015, and, therefore, it is reasonably possible that material deviation of future performance from the estimates used in our most recent valuation could result in impairment of our investment in Duferdofin Nucor. We will continue to monitor for potential triggering events that could affect the carrying value of our investment in Duferdofin Nucor as a result of future market conditions and changes in business strategy which continues to evolve. It is possible that the future performance of Duferdofin Nucor could affect the recorded value of the note receivable the Company has with Duferdofin Nucor and any potential liability associated with the Company’s guarantees of the indebtedness of Duferdofin Nucor as discussed above. |
Current Liabilities
Current Liabilities | 6 Months Ended |
Jul. 04, 2015 | |
Liabilities, Current [Abstract] | |
Current Liabilities | 7. CURRENT LIABILITIES: Book overdrafts, included in accounts payable in the condensed consolidated balance sheets, were $19.2 million at July 4, 2015 ($107.9 million at December 31, 2014). Dividends payable, included in accrued expenses and other current liabilities in the condensed consolidated balance sheets, were $120.0 million at July 4, 2015 ($119.7 million at December 31, 2014). |
Derivatives
Derivatives | 6 Months Ended |
Jul. 04, 2015 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivatives | 8. DERIVATIVES: Nucor periodically uses derivative financial instruments primarily to partially manage its exposure to price risk related to natural gas purchases used in the production process as well as to scrap, copper and aluminum purchased for resale to its customers. In addition, Nucor periodically uses derivatives to partially manage its exposure to changes in interest rates on outstanding debt instruments and uses forward foreign exchange contracts to hedge cash flows associated with certain assets and liabilities, firm commitments and anticipated transactions. Nucor recognizes all derivative instruments in the condensed consolidated balance sheets at fair value. Any resulting changes in fair value are recorded as adjustments to other comprehensive income (loss), net of tax, or recognized in net earnings, as appropriate. At July 4, 2015, natural gas swaps covering approximately 14.2 million MMBTUs (extending through February 2017) were outstanding. The following tables summarize information regarding Nucor’s derivative instruments (in thousands): Fair Value of Derivative Instruments Fair Value at Balance Sheet Location July 4, 2015 Dec. 31, 2014 Asset derivatives not designated as hedging instruments: Commodity contracts Other current assets $ 614 $ 1,856 Foreign exchange contracts Other current assets 112 372 Total asset derivatives not designated as hedging instruments $ 726 $ 2,228 Liability derivatives designated as hedging instruments: Commodity contracts Accrued expenses and other current liabilities $ (10,100 ) $ (6,400 ) Commodity contracts Deferred credits and other liabilities (4,800 ) (6,300 ) Total liability derivatives designated as hedging instruments $ (14,900 ) $ (12,700 ) The Effect of Derivative Instruments on the Condensed Consolidated Statements of Earnings Derivatives Designated as Hedging Instruments Derivatives in Cash Flow Hedging Relationships Statement of Earnings Location Amount of Gain or net of tax, Amount of Gain net of tax, Earnings on Derivatives (Effective Portion) Amount of Gain or (Loss), net of tax, Recognized in Earnings on Derivatives Three Months (13 weeks) Ended Three Months Three Months July 4, July July 4, 2015 July 2014 July 4, 2015 July 5, 2014 Commodity contracts Cost of products sold $ (464) $ 238 $ (1,164 ) $ 238 $ — $ — Derivatives in Cash Flow Hedging Relationships Statement of Earnings Location Amount of Gain or (Loss), net of tax, Recognized in OCI on Derivatives (Effective Portion) Amount of Gain net of tax, Earnings on Derivatives (Effective Portion) Amount of Gain or (Loss), net of tax, Recognized in Earnings on Derivatives Six Months Six Months Six Months (26 weeks) Ended July 4, July 5, 2014 July 4, July 5, 2014 July 4, 2015 July 5, 2014 Commodity contracts Cost of products sold $ (2,732) $ (1,633 ) $ (1,332 ) $ (233 ) $ — $ — Derivatives Not Designated as Hedging Instruments Amount of Gain or (Loss) Recognized in Earnings on Derivatives Three Months (13 weeks) Six Months (26 weeks) Derivatives Not Designated as Hedging Instruments Statement of Earnings Location July 4, July 5, July 4, July 5, Commodity contracts Cost of products sold $ 1,352 $ (795 ) $ 1,656 $ 438 Foreign exchange contracts Cost of products sold 4 (201 ) 762 (48 ) Total $ 1,356 $ (996 ) $ 2,418 $ 390 |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Jul. 04, 2015 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 9. FAIR VALUE MEASUREMENTS: The following table summarizes information regarding Nucor’s financial assets and financial liabilities that are measured at fair value as of July 4, 2015, and December 31, 2014 (in thousands). Nucor does not currently have any non-financial assets or liabilities that are measured at fair value on a recurring basis. Fair Value Measurements at Reporting Date Using Description Carrying Amount in Condensed Consolidated Balance Sheets Quoted Prices (Level 1) Significant (Level 2) Significant (Level 3) As of July 4, 2015 Assets: Cash equivalents $ 1,157,640 $ 1,157,640 $ — Short-term investments 112,236 112,236 — Foreign exchange and commodity contracts 726 — 726 Total assets $ 1,270,602 $ 1,269,876 $ 726 $ — Liabilities: Commodity contracts $ (14,900 ) $ — $ (14,900 ) $ — 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 ) $ — Fair value measurements for Nucor’s cash equivalents and short-term investments are classified under Level 1 because such measurements are based on quoted market prices in active markets for identical assets. Our short-term investments are held in similar short-term investment instruments as described in Note 4 to Nucor’s Annual Report on Form 10-K for the year ended December 31, 2014. Fair value measurements for Nucor’s derivatives are classified under Level 2 because such measurements are based on published market prices for similar assets or are estimated based on observable inputs such as interest rates, yield curves, credit risks, spot and future commodity prices, and spot and future exchange rates. The fair value of short-term and long-term debt, including current maturities, was approximately $4.65 billion at July 4, 2015 ($4.97 billion at December 31, 2014). The debt fair value estimates are classified under Level 2 because such estimates are based on readily available market prices of our debt at July 4, 2015, and December 31, 2014, or similar debt with the same maturities, ratings and interest rates. |
Contingencies
Contingencies | 6 Months Ended |
Jul. 04, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contingencies | 10. CONTINGENCIES: Nucor is subject to environmental laws and regulations established by federal, state and local authorities and, accordingly, makes provision for the estimated costs of compliance. Of the undiscounted total of $22.0 million of accrued environmental costs at July 4, 2015 ($27.2 million at December 31, 2014), $10.6 million was classified in accrued expenses and other current liabilities ($11.3 million at December 31, 2014) and $11.4 million was classified in deferred credits and other liabilities ($15.9 million at December 31, 2014). 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 on behalf of themselves and a putative class of all purchasers of steel products from the defendants in the U.S. between April 1, 2005, and December 31, 2007. Five of the eight defendants have reached court approved settlements with the plaintiffs. 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. As a result of developments since the verdict, including settlements reached by various other parties, the Company believes that its practical estimable exposure has been reduced to approximately $40.0 million. 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. |
Stock-Based Compensation
Stock-Based Compensation | 6 Months Ended |
Jul. 04, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock-Based Compensation | 11. STOCK-BASED COMPENSATION: Stock Options – Stock options may be granted to Nucor’s key employees, officers and non-employee directors with exercise prices at 100% of the market value on the date of the grant. The stock options granted are generally exercisable at the end of three years and have a term of 10 years. New shares are issued upon exercise of stock options. A summary of activity under Nucor’s stock option plans for the first six months of 2015 is as follows (in thousands, except year and per share amounts): Shares Weighted - Weighted - Aggregate Number of shares under option: Outstanding at beginning of year 2,422 $ 42.39 Granted 700 $ 47.59 Exercised (10 ) $ 42.34 $ 66 Canceled — — Outstanding at July 4, 2015 3,112 $ 43.56 7.7 years $ 7,526 Options exercisable at July 4, 2015 1,551 $ 39.49 6.2 years $ 7,526 For the 2015 stock option grant, the grant date fair value of $11.71 per share was calculated using the Black-Scholes option-pricing model with the following assumptions: Exercise price $ 47.59 Expected dividend yield 3.13 % Expected stock price volatility 33.32 % Risk-free interest rate 1.86 % Expected life (years) 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 $7.0 million and $7.6 million in the second quarter of 2015 and 2014, respectively, and $7.1 million and $7.6 million in the first six months of 2015 and 2014, respectively. As of July 4, 2015, unrecognized compensation expense related to options was $1.5 million, which is expected to be recognized over a weighted-average period of 2.7 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 senior officers vest upon the officer’s retirement. Retirement, for purposes of vesting in these units only, means termination of employment with approval of the Compensation and Executive Development Committee of the Board of Directors after satisfying age and years of service requirements. RSUs granted to non-employee directors are fully vested on the grant date and are payable to the non-employee director in the form of common stock after the termination of the director’s service on the Board of Directors. RSUs granted to employees who are eligible for retirement on the date of grant are expensed immediately, and RSUs granted to employees who will become retirement-eligible prior to the end of the vesting term are expensed over the period through which the employee will become retirement-eligible since these awards vest upon retirement from the Company. Compensation expense for RSUs granted to employees who are not retirement-eligible is recognized on a straight-line basis over the vesting period. Cash dividend equivalents are paid to participants each quarter. Dividend equivalents paid on RSUs expected to vest are recognized as a reduction in retained earnings. The fair value of an RSU is determined based on the closing stock price of Nucor’s common stock on the date of the grant A summary of Nucor’s RSU activity for the first six months of 2015 is as follows (shares in thousands): Shares Grant Date Restricted stock units: Unvested at beginning of year 1,012 $ 45.98 Granted 790 $ 47.59 Vested (731 ) $ 44.92 Canceled (9 ) $ 46.01 Unvested at July 4, 2015 1,062 $ 47.91 Shares reserved for future grants (stock options and RSUs) 10,343 Compensation expense for RSUs was $19.1 million and $17.6 million in the second quarter of 2015 and 2014, respectively, and $24.4 million and $22.5 million in the first six months of 2015 and 2014, respectively. As of July 4, 2015, unrecognized compensation expense related to unvested RSUs was $41.5 million, which is expected to be recognized over a weighted-average period of 2.5 years. Restricted Stock Awards Nucor’s Senior Officers Long-Term Incentive Plan (LTIP) and Annual Incentive Plan (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 the LTIP for the first six months of 2015 is as follows (shares in thousands): Shares Grant Date Restricted stock awards and units: Unvested at beginning of year 65 $ 48.20 Granted 136 $ 47.07 Vested (134 ) $ 47.11 Canceled — — Unvested at July 4, 2015 67 $ 48.08 Shares reserved for future grants 975 Compensation expense for common stock and common stock units awarded under the AIP and LTIP is recorded over the performance measurement and vesting periods based on the anticipated number and market value of shares of common stock and common stock units to be awarded. Compensation expense for anticipated awards based upon Nucor’s financial performance, exclusive of amounts payable in cash, was $1.2 million and $1.9 million in the second quarter of 2015 and 2014, respectively, and $2.3 million and $3.1 million in the first six months of 2015 and 2014 respectively. As of July 4, 2015, unrecognized compensation expense related to unvested restricted stock awards was $1.1 million, which is expected to be recognized over a weighted-average period of 1.9 years. |
Employee Benefit Plans
Employee Benefit Plans | 6 Months Ended |
Jul. 04, 2015 | |
Employee Benefit Plan [Abstract] | |
Employee Benefit Plans | 12. EMPLOYEE BENEFIT PLAN: Nucor makes contributions to a Profit Sharing and Retirement Savings Plan for qualified employees based on the profitability of the Company. Nucor’s expense for these benefits totaled $21.2 million and $22.0 million in the second quarter of 2015 and 2014, respectively, and was $32.3 million and $40.2 million in the first six months of 2015 and 2014, respectively. The related liability for these benefits is included in salaries, wages and related accruals. |
Interest Expense (Income)
Interest Expense (Income) | 6 Months Ended |
Jul. 04, 2015 | |
Interest Revenue (Expense), Net [Abstract] | |
Interest Expense (Income) | 13. INTEREST EXPENSE (INCOME): The components of net interest expense are as follows (in thousands): Three Months (13 Weeks) Ended Six Months (26 Weeks) Ended July 4, 2015 July 5, 2014 July 4, 2015 July 5, 2014 Interest expense $ 43,150 $ 45,878 $ 88,218 $ 87,771 Interest income (964 ) (1,487 ) (1,615 ) (2,639 ) Interest expense, net $ 42,186 $ 44,391 $ 86,603 $ 85,132 |
Income Taxes
Income Taxes | 6 Months Ended |
Jul. 04, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 14. INCOME TAXES: The effective tax rate for the second quarter of 2015 was 26.3% compared to 31.0% for the second quarter of 2014. The decrease in the effective tax rate for the second quarter of 2015 as compared to the second quarter of 2014 is primarily due to a $9.3 million benefit related to state tax credits during the second quarter of 2015. The decrease in effective tax rate is also due to the change in relative proportions of net earnings attributable to noncontrolling interests to total pre-tax earnings between the periods. The Internal Revenue Service (IRS) is currently 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. Nucor has concluded U.S. federal income tax matters for years through 2010. The 2011 and 2013 tax years are also open to examination by the IRS. The Canada Revenue Agency is examining the 2012 Canadian returns for Harris Steel Group Inc. and certain related affiliates. The tax years 2009 through 2013 remain open to examination by other major taxing jurisdictions to which Nucor is subject (primarily Canada and other state and local jurisdictions). Current deferred tax assets included in other current assets were $266.3 million at July 4, 2015 ($253.4 million at December 31, 2014). Current deferred tax liabilities included in accrued expenses and other current liabilities were $10.2 million at July 4, 2015 ($13.1 million at December 31, 2014). Non-current deferred tax liabilities included in deferred credits and other liabilities were $758.3 million at July 4, 2015 ($779.3 million at December 31, 2014). |
Stockholders' Equity
Stockholders' Equity | 6 Months Ended |
Jul. 04, 2015 | |
Equity [Abstract] | |
Stockholders' Equity | 15. STOCKHOLDERS’ EQUITY: The following tables reflect the changes in stockholders’ equity attributable to both Nucor and the noncontrolling interests of Nucor’s joint ventures, primarily Nucor-Yamato Steel Company, of which Nucor owns 51% (in thousands): Attributable to Attributable to Total Stockholders’ equity at December 31, 2014 $ 7,772,470 $ 302,648 $ 8,075,118 Total comprehensive income 101,555 51,081 152,636 Stock options 7,557 — 7,557 Issuance of stock under award plans, net of forfeitures 18,384 — 18,384 Amortization of unearned compensation 500 — 500 Dividends declared (239,763 ) — (239,763 ) Distributions to noncontrolling interests — (39,347 ) (39,347 ) Stockholders’ equity at July 4, 2015 $ 7,660,703 $ 314,382 $ 7,975,085 Attributable to Attributable to Total Stockholders’ equity at December 31, 2013 $ 7,645,769 $ 264,509 $ 7,910,278 Total comprehensive income 245,040 38,559 283,599 Stock options 7,617 — 7,617 Issuance of stock under award plans, net of forfeitures 19,556 — 19,556 Amortization of unearned compensation 400 — 400 Dividends declared (237,560 ) — (237,560 ) Distributions to noncontrolling interests — (37,877 ) (37,877 ) Stockholders’ equity at July 5, 2014 $ 7,680,822 $ 265,191 $ 7,946,013 |
Accumulated Other Comprehensive
Accumulated Other Comprehensive (Loss) Income | 6 Months Ended |
Jul. 04, 2015 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Accumulated Other Comprehensive (Loss) Income | 16. ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME: The following tables reflect the changes in accumulated other comprehensive (loss) income by component (in thousands): Three Month (13 week) Period Ended Gains and Losses on Foreign Currency Adjustment to Early Total April 4, 2015 $ (10,100 ) $ (265,663 ) $ 11,260 $ (264,503 ) Other comprehensive income (loss) before reclassifications (464 ) 24,395 — 23,931 Amounts reclassified from accumulated other comprehensive income (loss) into earnings (1) 1,164 2,700 — 3,864 Net current-period other comprehensive income (loss) 700 27,095 — 27,795 July 4, 2015 $ (9,400 ) $ (238,568 ) $ 11,260 $ (236,708 ) Six Month (26 week) Period Ended July 4, 2015 Gains and Losses on Foreign Currency Adjustment to Early Total December 31, 2014 $ (8,000 ) $ (148,968 ) $ 11,260 $ (145,708 ) Other comprehensive income (loss) before reclassifications (2,732 ) (92,300 ) — (95,032 ) Amounts reclassified from accumulated other comprehensive income (loss) into earnings (1) 1,332 2,700 — 4,032 Net current-period other comprehensive income (loss) (1,400 ) (89,600 ) — (91,000 ) July 4, 2015 $ (9,400 ) $ (238,568 ) $ 11,260 $ (236,708 ) (1) Includes $1,164 and $1,332 of accumulated other comprehensive income reclassifications into cost of products sold for net losses on commodity contracts in the second quarter and first six months of 2015, respectively. The tax impacts of those reclassifications were $700 and $800, respectively. Also includes $2,700 of accumulated other comprehensive income reclassifications into marketing, administrative, and other expenses for net losses on translation in the second quarter and first six months of 2015. The tax impacts of those reclassifications were $1,500 in the second quarter and first six months of 2015. Three Month (13 week) Period Ended July 5, 2014 Gains and Losses on Foreign Currency Adjustment to Early Total April 5, 2014 $ (1,400 ) $ (50,915 ) $ 16,518 $ (35,797 ) Other comprehensive income (loss) before reclassifications 238 31,845 — 32,083 Amounts reclassified from accumulated other comprehensive income (loss) into earnings (2) (238 ) — — (238 ) Net current-period other comprehensive income (loss) — 31,845 — 31,845 July 5, 2014 $ (1,400 ) $ (19,070 ) $ 16,518 $ (3,952 ) Six Month (26 week) Period Ended July 5, 2014 Gains and Losses on Foreign Currency Adjustment to Early Total December 31, 2013 $ — $ (7,438 ) $ 16,518 $ 9,080 Other comprehensive income (loss) before reclassifications (1,633 ) (11,632 ) — (13,265 ) Amounts reclassified from accumulated other comprehensive income (loss) into earnings (2) 233 — — 233 Net current-period other comprehensive income (loss) (1,400 ) (11,632 ) — (13,032 ) July 5, 2014 $ (1,400 ) $ (19,070 ) $ 16,518 $ (3,952 ) (2) Includes $(238) and $233 of accumulated other comprehensive income reclassifications into cost of products sold for net losses on commodity contracts in the second quarter and first six months of 2014, respectively. The tax impacts of those reclassifications were ($100) and $100, respectively. |
Segments
Segments | 6 Months Ended |
Jul. 04, 2015 | |
Segment Reporting [Abstract] | |
Segments | 17. SEGMENTS: Nucor reports its results in the following segments: steel mills, steel products and raw materials. The steel mills segment includes carbon and alloy steel in sheet, bars, structural and plate; steel foundation distributors; steel trading businesses; rebar distribution businesses; and Nucor’s equity method investments in Duferdofin Nucor and NuMit. The steel products segment includes steel joists and joist girders, steel deck, fabricated concrete reinforcing steel, cold finished steel, steel fasteners, metal building systems, steel grating and expanded metal, and wire and wire mesh. The raw materials segment includes DJJ, 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. 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. During the second quarter of 2015, the Company continued to perform certain internal reorganization activities that began in the first quarter of 2015. In connection with this process, the financial information utilized by the Chief Operating Decision Maker when assessing segment performance and making resource allocations was adjusted in a way that affected how certain assets are grouped. This resulted in certain assets being reclassified between the steel mills segment, steel products segment, raw materials segment and corporate/eliminations in order to align with the approach management uses to assess the performance of those segments. The segment data for the comparable periods has also been reclassified in order to conform to the current period presentation. These reclassifications did not have any impact on the consolidated asset balances nor did they impact any segment income statement amounts. Net interest expense, other income, profit sharing expense, stock-based compensation and changes in the LIFO reserve are shown under Corporate/eliminations. Corporate assets primarily include cash and cash equivalents, short-term investments, allowances to eliminate intercompany profit in inventory, deferred income tax assets, federal and state income taxes receivable, the LIFO reserve and investments in and advances to affiliates. Nucor’s results by segment were as follows (in thousands): Three Months (13 Weeks) Ended Six Months (26 Weeks) Ended July 4, 2015 July 5, 2014 July 4, 2015 July 5, 2014 Net sales to external customers: Steel mills $ 2,968,644 $ 3,674,140 $ 6,021,983 $ 7,281,904 Steel products 1,015,646 1,035,923 1,937,030 1,910,092 Raw materials 373,319 581,012 798,036 1,207,523 $ 4,357,609 $ 5,291,075 $ 8,757,049 $ 10,399,519 Intercompany sales: Steel mills $ 577,271 $ 742,200 $ 1,152,254 $ 1,451,066 Steel products 21,020 26,542 40,517 48,042 Raw materials 1,687,941 2,443,492 3,520,859 4,971,498 Corporate/eliminations (2,286,232 ) (3,212,234 ) (4,713,630 ) (6,470,606 ) $ — $ — $ — $ — Earnings (loss) before income taxes and noncontrolling interests: Steel mills $ 198,500 $ 368,138 $ 415,628 $ 685,935 Steel products 70,636 42,612 103,094 44,332 Raw materials (38,104 ) (9,635 ) (79,601 ) (1,276 ) Corporate/eliminations (14,810 ) (159,250 ) (103,854 ) (279,625 ) $ 216,222 $ 241,865 $ 335,267 $ 449,366 July 4, 2015 Dec. 31, 2014 Segment assets: Steel mills $ 7,900,573 $ 8,528,623 Steel products 2,708,522 2,731,320 Raw materials 3,590,917 3,858,254 Corporate/eliminations 868,165 497,730 $ 15,068,177 $ 15,615,927 |
Earnings Per Share
Earnings Per Share | 6 Months Ended |
Jul. 04, 2015 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | 18. EARNINGS PER SHARE: The computations of basic and diluted net earnings per share are as follows (in thousands, except per share amounts): Three Months (13 Weeks) Ended Six Months (26 Weeks) Ended July 4, 2015 July 5, 2014 July 4, 2015 July 5, 2014 Basic net earnings per share: Basic net earnings $ 124,755 $ 147,041 $ 192,555 $ 258,072 Earnings allocated to participating securities (411 ) (487 ) (762 ) (878 ) Net earnings available to common stockholders $ 124,344 $ 146,554 $ 191,793 $ 257,194 Average shares outstanding 320,506 319,693 320,409 319,597 Basic net earnings per share $ 0.39 $ 0.46 $ 0.60 $ 0.80 Diluted net earnings per share: Diluted net earnings $ 124,755 $ 147,041 $ 192,555 $ 258,072 Earnings allocated to participating securities (411 ) (487 ) (762 ) (878 ) Net earnings available to common stockholders $ 124,344 $ 146,554 $ 191,793 $ 257,194 Diluted average shares outstanding: Basic shares outstanding 320,506 319,693 320,409 319,597 Dilutive effect of stock options and other 202 288 185 275 320,708 319,981 320,594 319,872 Diluted net earnings per share $ 0.39 $ 0.46 $ 0.60 $ 0.80 The following stock options were excluded from the computation of diluted net earnings per share because their effect would have been anti-dilutive (in thousands, except per share amounts): Three Months (13 Weeks) Ended Six Months (26 Weeks) Ended July 4, 2015 July 5, 2014 July 4, 2015 July 5, 2014 Anti-dilutive stock options: Weighted average shares 455 — 455 — Weighted average exercise price $ 50.63 $ — $ 50.63 $ — |
Goodwill and Other Intangible25
Goodwill and Other Intangible Assets (Tables) | 6 Months Ended |
Jul. 04, 2015 | |
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 six months ended July 4, 2015, by segment is as follows (in thousands): Steel Mills Steel Products Raw Materials Total Balance at December 31, 2014 $ 594,402 $ 744,685 $ 729,577 $ 2,068,664 Translation — (18,566 ) — (18,566 ) Other (4,000 ) — — (4,000 ) Balance at July 4, 2015 $ 590,402 $ 726,119 $ 729,577 $ 2,046,098 |
Schedule of Intangible Assets | Intangible assets with estimated useful lives of 5 to 22 years are amortized on a straight-line or accelerated basis and are comprised of the following (in thousands): July 4, 2015 December 31, 2014 Gross Accumulated Gross Accumulated Customer relationships $ 1,194,549 $ 485,849 $ 1,199,942 $ 454,353 Trademarks and trade names 157,604 53,077 158,584 48,356 Other 23,047 17,224 22,823 16,547 $ 1,375,200 $ 556,150 $ 1,381,349 $ 519,256 |
Derivatives (Tables)
Derivatives (Tables) | 6 Months Ended |
Jul. 04, 2015 | |
Fair Values of Derivative Instruments | The following tables summarize information regarding Nucor’s derivative instruments (in thousands): Fair Value of Derivative Instruments Fair Value at Balance Sheet Location July 4, 2015 Dec. 31, 2014 Asset derivatives not designated as hedging instruments: Commodity contracts Other current assets $ 614 $ 1,856 Foreign exchange contracts Other current assets 112 372 Total asset derivatives not designated as hedging instruments $ 726 $ 2,228 Liability derivatives designated as hedging instruments: Commodity contracts Accrued expenses and other current liabilities $ (10,100 ) $ (6,400 ) Commodity contracts Deferred credits and other liabilities (4,800 ) (6,300 ) Total liability derivatives designated as hedging instruments $ (14,900 ) $ (12,700 ) |
Derivatives Designated as Hedging Instrument [Member] | |
Effect of Derivative Instruments on Condensed Consolidated Statements of Earnings | The Effect of Derivative Instruments on the Condensed Consolidated Statements of Earnings Derivatives Designated as Hedging Instruments Derivatives in Cash Flow Hedging Relationships Statement of Earnings Location Amount of Gain or net of tax, Amount of Gain net of tax, Earnings on Derivatives (Effective Portion) Amount of Gain or (Loss), net of tax, Recognized in Earnings on Derivatives Three Months (13 weeks) Ended Three Months Three Months July 4, July July 4, 2015 July 2014 July 4, 2015 July 5, 2014 Commodity contracts Cost of products sold $ (464) $ 238 $ (1,164 ) $ 238 $ — $ — Derivatives in Cash Flow Hedging Relationships Statement of Earnings Location Amount of Gain or (Loss), net of tax, Recognized in OCI on Derivatives (Effective Portion) Amount of Gain net of tax, Earnings on Derivatives (Effective Portion) Amount of Gain or (Loss), net of tax, Recognized in Earnings on Derivatives Six Months Six Months Six Months (26 weeks) Ended July 4, July 5, 2014 July 4, July 5, 2014 July 4, 2015 July 5, 2014 Commodity contracts Cost of products sold $ (2,732) $ (1,633 ) $ (1,332 ) $ (233 ) $ — $ — |
Derivatives Not Designated as Hedging Instrument [Member] | |
Effect of Derivative Instruments on Condensed Consolidated Statements of Earnings | Derivatives Not Designated as Hedging Instruments Amount of Gain or (Loss) Recognized in Earnings on Derivatives Three Months (13 weeks) Six Months (26 weeks) Derivatives Not Designated as Hedging Instruments Statement of Earnings Location July 4, July 5, July 4, July 5, Commodity contracts Cost of products sold $ 1,352 $ (795 ) $ 1,656 $ 438 Foreign exchange contracts Cost of products sold 4 (201 ) 762 (48 ) Total $ 1,356 $ (996 ) $ 2,418 $ 390 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Jul. 04, 2015 | |
Fair Value Disclosures [Abstract] | |
Schedule of Financial Assets and Financial Liabilities Measured at Fair Value | 9. FAIR VALUE MEASUREMENTS: The following table summarizes information regarding Nucor’s financial assets and financial liabilities that are measured at fair value as of July 4, 2015, and December 31, 2014 (in thousands). Nucor does not currently have any non-financial assets or liabilities that are measured at fair value on a recurring basis. Fair Value Measurements at Reporting Date Using Description Carrying Amount in Condensed Consolidated Balance Sheets Quoted Prices (Level 1) Significant (Level 2) Significant (Level 3) As of July 4, 2015 Assets: Cash equivalents $ 1,157,640 $ 1,157,640 $ — Short-term investments 112,236 112,236 — Foreign exchange and commodity contracts 726 — 726 Total assets $ 1,270,602 $ 1,269,876 $ 726 $ — Liabilities: Commodity contracts $ (14,900 ) $ — $ (14,900 ) $ — 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 ) $ — |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 6 Months Ended |
Jul. 04, 2015 | |
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 for the first six months of 2015 is as follows (in thousands, except year and per share amounts): Shares Weighted - Weighted - Aggregate Number of shares under option: Outstanding at beginning of year 2,422 $ 42.39 Granted 700 $ 47.59 Exercised (10 ) $ 42.34 $ 66 Canceled — — Outstanding at July 4, 2015 3,112 $ 43.56 7.7 years $ 7,526 Options exercisable at July 4, 2015 1,551 $ 39.49 6.2 years $ 7,526 |
Schedule of Grant Date Fair Value Black-Scholes Option-Pricing Model Assumptions | For the 2015 stock option grant, the grant date fair value of $11.71 per share was calculated using the Black-Scholes option-pricing model with the following assumptions: Exercise price $ 47.59 Expected dividend yield 3.13 % Expected stock price volatility 33.32 % Risk-free interest rate 1.86 % Expected life (years) 6.5 |
Summary of Nucor's Restricted Stock Unit Activity | A summary of Nucor’s RSU activity for the first six months of 2015 is as follows (shares in thousands): Shares Grant Date Restricted stock units: Unvested at beginning of year 1,012 $ 45.98 Granted 790 $ 47.59 Vested (731 ) $ 44.92 Canceled (9 ) $ 46.01 Unvested at July 4, 2015 1,062 $ 47.91 Shares reserved for future grants (stock options and RSUs) 10,343 |
Summary of Nucor's Restricted Stock Activity under AIP and LTIP | A summary of Nucor’s restricted stock activity under the AIP and the LTIP for the first six months of 2015 is as follows (shares in thousands): Shares Grant Date Restricted stock awards and units: Unvested at beginning of year 65 $ 48.20 Granted 136 $ 47.07 Vested (134 ) $ 47.11 Canceled — — Unvested at July 4, 2015 67 $ 48.08 Shares reserved for future grants 975 |
Interest Expense (Income) (Tabl
Interest Expense (Income) (Tables) | 6 Months Ended |
Jul. 04, 2015 | |
Interest Revenue (Expense), Net [Abstract] | |
Schedule of Components of Interest Expense, Net | 13. INTEREST EXPENSE (INCOME): The components of net interest expense are as follows (in thousands): Three Months (13 Weeks) Ended Six Months (26 Weeks) Ended July 4, 2015 July 5, 2014 July 4, 2015 July 5, 2014 Interest expense $ 43,150 $ 45,878 $ 88,218 $ 87,771 Interest income (964 ) (1,487 ) (1,615 ) (2,639 ) Interest expense, net $ 42,186 $ 44,391 $ 86,603 $ 85,132 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 6 Months Ended |
Jul. 04, 2015 | |
Equity [Abstract] | |
Schedule of Changes in Stockholders' Equity | The following tables reflect the changes in stockholders’ equity attributable to both Nucor and the noncontrolling interests of Nucor’s joint ventures, primarily Nucor-Yamato Steel Company, of which Nucor owns 51% (in thousands): Attributable to Attributable to Total Stockholders’ equity at December 31, 2014 $ 7,772,470 $ 302,648 $ 8,075,118 Total comprehensive income 101,555 51,081 152,636 Stock options 7,557 — 7,557 Issuance of stock under award plans, net of forfeitures 18,384 — 18,384 Amortization of unearned compensation 500 — 500 Dividends declared (239,763 ) — (239,763 ) Distributions to noncontrolling interests — (39,347 ) (39,347 ) Stockholders’ equity at July 4, 2015 $ 7,660,703 $ 314,382 $ 7,975,085 Attributable to Attributable to Total Stockholders’ equity at December 31, 2013 $ 7,645,769 $ 264,509 $ 7,910,278 Total comprehensive income 245,040 38,559 283,599 Stock options 7,617 — 7,617 Issuance of stock under award plans, net of forfeitures 19,556 — 19,556 Amortization of unearned compensation 400 — 400 Dividends declared (237,560 ) — (237,560 ) Distributions to noncontrolling interests — (37,877 ) (37,877 ) Stockholders’ equity at July 5, 2014 $ 7,680,822 $ 265,191 $ 7,946,013 |
Accumulated Other Comprehensi31
Accumulated Other Comprehensive (Loss) Income (Tables) | 6 Months Ended |
Jul. 04, 2015 | |
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): Three Month (13 week) Period Ended Gains and Losses on Foreign Currency Adjustment to Early Total April 4, 2015 $ (10,100 ) $ (265,663 ) $ 11,260 $ (264,503 ) Other comprehensive income (loss) before reclassifications (464 ) 24,395 — 23,931 Amounts reclassified from accumulated other comprehensive income (loss) into earnings (1) 1,164 2,700 — 3,864 Net current-period other comprehensive income (loss) 700 27,095 — 27,795 July 4, 2015 $ (9,400 ) $ (238,568 ) $ 11,260 $ (236,708 ) Six Month (26 week) Period Ended July 4, 2015 Gains and Losses on Foreign Currency Adjustment to Early Total December 31, 2014 $ (8,000 ) $ (148,968 ) $ 11,260 $ (145,708 ) Other comprehensive income (loss) before reclassifications (2,732 ) (92,300 ) — (95,032 ) Amounts reclassified from accumulated other comprehensive income (loss) into earnings (1) 1,332 2,700 — 4,032 Net current-period other comprehensive income (loss) (1,400 ) (89,600 ) — (91,000 ) July 4, 2015 $ (9,400 ) $ (238,568 ) $ 11,260 $ (236,708 ) (1) Includes $1,164 and $1,332 of accumulated other comprehensive income reclassifications into cost of products sold for net losses on commodity contracts in the second quarter and first six months of 2015, respectively. The tax impacts of those reclassifications were $700 and $800, respectively. Also includes $2,700 of accumulated other comprehensive income reclassifications into marketing, administrative, and other expenses for net losses on translation in the second quarter and first six months of 2015. The tax impacts of those reclassifications were $1,500 in the second quarter and first six months of 2015. Three Month (13 week) Period Ended July 5, 2014 Gains and Losses on Foreign Currency Adjustment to Early Total April 5, 2014 $ (1,400 ) $ (50,915 ) $ 16,518 $ (35,797 ) Other comprehensive income (loss) before reclassifications 238 31,845 — 32,083 Amounts reclassified from accumulated other comprehensive income (loss) into earnings (2) (238 ) — — (238 ) Net current-period other comprehensive income (loss) — 31,845 — 31,845 July 5, 2014 $ (1,400 ) $ (19,070 ) $ 16,518 $ (3,952 ) Six Month (26 week) Period Ended July 5, 2014 Gains and Losses on Foreign Currency Adjustment to Early Total December 31, 2013 $ — $ (7,438 ) $ 16,518 $ 9,080 Other comprehensive income (loss) before reclassifications (1,633 ) (11,632 ) — (13,265 ) Amounts reclassified from accumulated other comprehensive income (loss) into earnings (2) 233 — — 233 Net current-period other comprehensive income (loss) (1,400 ) (11,632 ) — (13,032 ) July 5, 2014 $ (1,400 ) $ (19,070 ) $ 16,518 $ (3,952 ) (2) Includes $(238) and $233 of accumulated other comprehensive income reclassifications into cost of products sold for net losses on commodity contracts in the second quarter and first six months of 2014, respectively. The tax impacts of those reclassifications were ($100) and $100, respectively. |
Segments (Tables)
Segments (Tables) | 6 Months Ended |
Jul. 04, 2015 | |
Segment Reporting [Abstract] | |
Segments | Nucor’s results by segment were as follows (in thousands): Three Months (13 Weeks) Ended Six Months (26 Weeks) Ended July 4, 2015 July 5, 2014 July 4, 2015 July 5, 2014 Net sales to external customers: Steel mills $ 2,968,644 $ 3,674,140 $ 6,021,983 $ 7,281,904 Steel products 1,015,646 1,035,923 1,937,030 1,910,092 Raw materials 373,319 581,012 798,036 1,207,523 $ 4,357,609 $ 5,291,075 $ 8,757,049 $ 10,399,519 Intercompany sales: Steel mills $ 577,271 $ 742,200 $ 1,152,254 $ 1,451,066 Steel products 21,020 26,542 40,517 48,042 Raw materials 1,687,941 2,443,492 3,520,859 4,971,498 Corporate/eliminations (2,286,232 ) (3,212,234 ) (4,713,630 ) (6,470,606 ) $ — $ — $ — $ — Earnings (loss) before income taxes and noncontrolling interests: Steel mills $ 198,500 $ 368,138 $ 415,628 $ 685,935 Steel products 70,636 42,612 103,094 44,332 Raw materials (38,104 ) (9,635 ) (79,601 ) (1,276 ) Corporate/eliminations (14,810 ) (159,250 ) (103,854 ) (279,625 ) $ 216,222 $ 241,865 $ 335,267 $ 449,366 July 4, 2015 Dec. 31, 2014 Segment assets: Steel mills $ 7,900,573 $ 8,528,623 Steel products 2,708,522 2,731,320 Raw materials 3,590,917 3,858,254 Corporate/eliminations 868,165 497,730 $ 15,068,177 $ 15,615,927 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 6 Months Ended |
Jul. 04, 2015 | |
Earnings Per Share [Abstract] | |
Computations of Basic and Diluted Net Earnings Per Share | The computations of basic and diluted net earnings per share are as follows (in thousands, except per share amounts): Three Months (13 Weeks) Ended Six Months (26 Weeks) Ended July 4, 2015 July 5, 2014 July 4, 2015 July 5, 2014 Basic net earnings per share: Basic net earnings $ 124,755 $ 147,041 $ 192,555 $ 258,072 Earnings allocated to participating securities (411 ) (487 ) (762 ) (878 ) Net earnings available to common stockholders $ 124,344 $ 146,554 $ 191,793 $ 257,194 Average shares outstanding 320,506 319,693 320,409 319,597 Basic net earnings per share $ 0.39 $ 0.46 $ 0.60 $ 0.80 Diluted net earnings per share: Diluted net earnings $ 124,755 $ 147,041 $ 192,555 $ 258,072 Earnings allocated to participating securities (411 ) (487 ) (762 ) (878 ) Net earnings available to common stockholders $ 124,344 $ 146,554 $ 191,793 $ 257,194 Diluted average shares outstanding: Basic shares outstanding 320,506 319,693 320,409 319,597 Dilutive effect of stock options and other 202 288 185 275 320,708 319,981 320,594 319,872 Diluted net earnings per share $ 0.39 $ 0.46 $ 0.60 $ 0.80 |
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 (in thousands, except per share amounts): Three Months (13 Weeks) Ended Six Months (26 Weeks) Ended July 4, 2015 July 5, 2014 July 4, 2015 July 5, 2014 Anti-dilutive stock options: Weighted average shares 455 — 455 — Weighted average exercise price $ 50.63 $ — $ 50.63 $ — |
Accounts Receivable - Additiona
Accounts Receivable - Additional Information (Detail) - USD ($) $ in Millions | Jul. 04, 2015 | Dec. 31, 2014 |
Accounts Receivable, Net [Abstract] | ||
Allowance for doubtful accounts receivable | $ 49.8 | $ 65.4 |
Inventories - Additional Inform
Inventories - Additional Information (Detail) - USD ($) $ in Millions | Jul. 04, 2015 | Dec. 31, 2014 |
Inventory Disclosure [Abstract] | ||
Raw materials and supplies in inventory, percentage | 37.00% | 40.00% |
Finished and semi-finished products in inventory, percentage | 63.00% | 60.00% |
Inventories valued using the last-in, first-out | 45.00% | 43.00% |
Increased value of inventory if FIFO method had been used | $ 455.4 | $ 567.4 |
Lower of cost or market adjustments | $ 4.3 | $ 2.7 |
Property, Plant and Equipment -
Property, Plant and Equipment - Additional information (Detail) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended | |
Jul. 04, 2015 | Dec. 31, 2013 | Dec. 31, 2014 | |
Property, Plant and Equipment [Line Items] | |||
Accumulated depreciation | $ 7,470,000 | $ 7,170,000 | |
Property, plant and equipment net of accumulated depreciation, under a capital lease agreement | 21,600 | 22,800 | |
Gross property, plant and equipment acquired under capital lease | 25,400 | ||
Total obligations associated with capital lease agreement | 22,100 | 23,200 | |
Capital lease obligations classified in accrued expenses and other current liabilities | 2,200 | 2,200 | |
Capital lease obligations classified in deferred credits and other liabilities | 19,900 | 21,000 | |
Property plant and equipment written down | $ 21,000 | ||
Inventory written down | 7,000 | ||
Insurance receivable | $ 14,000 | ||
Initial payments from insurance receivables | 10,300 | ||
Property, plant and equipment, net | 5,120,870 | 5,287,639 | |
Two remaining storage domes [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, net | 19,800 | ||
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 | $ 84,100 |
Goodwill and Other Intangible37
Goodwill and Other Intangible Assets - Schedule of Change in Net Carrying Amount of Goodwill by Segment (Detail) $ in Thousands | 6 Months Ended |
Jul. 04, 2015USD ($) | |
Goodwill [Line Items] | |
Balance, beginning of period | $ 2,068,664 |
Translation | (18,566) |
Other | (4,000) |
Balance, end of period | 2,046,098 |
Steel Mills [Member] | |
Goodwill [Line Items] | |
Balance, beginning of period | 594,402 |
Other | (4,000) |
Balance, end of period | 590,402 |
Steel Products [Member] | |
Goodwill [Line Items] | |
Balance, beginning of period | 744,685 |
Translation | (18,566) |
Balance, end of period | 726,119 |
Raw Materials [Member] | |
Goodwill [Line Items] | |
Balance, beginning of period | 729,577 |
Balance, end of period | $ 729,577 |
Goodwill and Other Intangible38
Goodwill and Other Intangible Assets - Additional Information (Detail) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jul. 04, 2015 | Dec. 31, 2014 | Jul. 05, 2014 | Jul. 04, 2015 | Jul. 05, 2014 | |
Finite And Indefinite Lived Intangible Assets [Line Items] | |||||
Impairment of goodwill | $ 0 | ||||
Intangible asset amortization expense | $ 18,200,000 | $ 17,800,000 | $ 36,900,000 | $ 36,300,000 | |
Future amortization expense, in 2015 | 73,400,000 | 73,400,000 | |||
Future amortization expense, in 2016 | 72,100,000 | 72,100,000 | |||
Future amortization expense, in 2017 | 70,200,000 | 70,200,000 | |||
Future amortization expense, in 2018 | 65,600,000 | 65,600,000 | |||
Future amortization expense, in 2019 | $ 63,000,000 | $ 63,000,000 | |||
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 Intangible39
Goodwill and Other Intangible Assets - Schedule of Intangible Assets (Detail) - USD ($) $ in Thousands | Jul. 04, 2015 | Dec. 31, 2014 |
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets, Gross Amount | $ 1,375,200 | $ 1,381,349 |
Intangible assets, Accumulated Amortization | 556,150 | 519,256 |
Customer Relationships [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets, Gross Amount | 1,194,549 | 1,199,942 |
Intangible assets, Accumulated Amortization | 485,849 | 454,353 |
Trademarks and Trade Names [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets, Gross Amount | 157,604 | 158,584 |
Intangible assets, Accumulated Amortization | 53,077 | 48,356 |
Other [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets, Gross Amount | 23,047 | 22,823 |
Intangible assets, Accumulated Amortization | $ 17,224 | $ 16,547 |
Equity Investments - Additional
Equity Investments - Additional Information (Detail) $ in Thousands, € in Millions | Jul. 04, 2015USD ($) | Jul. 04, 2015USD ($) | Jul. 05, 2014USD ($) | Jul. 04, 2015USD ($)Sheet | Jul. 05, 2014USD ($) | Jul. 04, 2015EUR (€) | Dec. 31, 2014USD ($) | Dec. 31, 2014EUR (€) |
Schedule of Equity Method Investments [Line Items] | ||||||||
Equity method investment | $ 849,000 | $ 849,000 | $ 849,000 | $ 872,500 | ||||
Amortization expense due to fair value step-up | 36,895 | $ 36,265 | ||||||
Hunter Ridge Energy Services LLC [Member] | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Equity method investment | $ 136,900 | $ 136,900 | $ 136,900 | 138,600 | ||||
Period used for lag basis, in months | 1 month | |||||||
Equity method investment, ownership percentage | 50.00% | 50.00% | 50.00% | 50.00% | ||||
Duferdofin Nucor S.r.l. [Member] | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Equity method investment | $ 371,400 | $ 371,400 | $ 371,400 | 412,900 | ||||
Period used for lag basis, in months | 1 month | |||||||
Equity method investment, ownership percentage | 50.00% | 50.00% | 50.00% | 50.00% | ||||
Equity method investments, share of net assets | $ 49,600 | $ 49,600 | $ 49,600 | |||||
Basis difference due to the step-up to fair value of certain assets and liabilities | 321,800 | 321,800 | 321,800 | |||||
Step-up to fair value of equity method investment, portion related to identification of goodwill | 268,000 | |||||||
Amortization expense due to fair value step-up | 2,200 | $ 2,700 | 4,400 | $ 5,400 | ||||
Due from related parties, noncurrent | 38,800 | 38,800 | $ 38,800 | € 35 | 42,500 | € 35 | ||
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 | Jan. 31, 2019 | |||||||
Line of credit facility, maturity period | Apr. 26, 2016 | |||||||
Duferdofin Nucor S.r.l. [Member] | Standby Medium Long Term Credit Facility [Member] | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Total amount outstanding under equity method investments credit facilities | $ 66,600 | $ 66,600 | $ 66,600 | € 60 | 72,800 | 60 | ||
Line of credit facility, maturity period | Apr. 22, 2016 | |||||||
Guarantor obligation percentage of exposure in case of default | 50.00% | 50.00% | 50.00% | 50.00% | ||||
Duferdofin Nucor S.r.l. [Member] | Facility A [Member] | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Equity method investments credit facilities, amount | $ 135,900 | $ 135,900 | $ 135,900 | € 122.5 | ||||
Total amount outstanding under equity method investments credit facilities | $ 133,100 | $ 133,100 | $ 133,100 | € 120 | 129,900 | € 107 | ||
Guarantor obligation percentage of exposure in case of default | 50.00% | 50.00% | 50.00% | 50.00% | ||||
NuMit LLC [Member] | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Equity method investment | $ 302,300 | $ 302,300 | $ 302,300 | $ 301,500 | ||||
Period used for lag basis, in months | 1 month | |||||||
Equity method investment, ownership percentage | 50.00% | 50.00% | 50.00% | 50.00% | ||||
Steel Technologies LLC [Member] | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Equity method investment, ownership percentage | 100.00% | 100.00% | 100.00% | 100.00% | ||||
Number of sheet processing facilities operated by Steel Technologies | Sheet | 25 |
Current Liabilities - Additiona
Current Liabilities - Additional Information (Detail) - USD ($) $ in Millions | Jul. 04, 2015 | Dec. 31, 2014 |
Liabilities, Current [Abstract] | ||
Book overdrafts | $ 19.2 | $ 107.9 |
Dividends payable, current | $ 120 | $ 119.7 |
Derivatives - Additional Inform
Derivatives - Additional Information (Detail) MMBTU in Millions | Jul. 04, 2015MMBTU |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Notional amount of commodity derivatives | 14.2 |
Derivatives - Fair Values of De
Derivatives - Fair Values of Derivative Instruments (Detail) - USD ($) $ in Thousands | Jul. 04, 2015 | Dec. 31, 2014 |
Derivatives Designated as Hedging Instrument [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liabilities, Fair Value | $ (14,900) | $ (12,700) |
Derivatives Not Designated as Hedging Instrument [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Assets, Fair Value | 726 | 2,228 |
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 | (10,100) | (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 | (4,800) | (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 | 614 | 1,856 |
Foreign Exchange Contracts [Member] | Derivatives Not Designated as Hedging Instrument [Member] | Other Current Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Assets, Fair Value | $ 112 | $ 372 |
Derivatives - Effect of Derivat
Derivatives - Effect of Derivative Instruments on Condensed Consolidated Statements of Earnings (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jul. 04, 2015 | Jul. 05, 2014 | Jul. 04, 2015 | Jul. 05, 2014 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of Gain or (Loss), net of tax, Recognized in OCI on Derivatives (Effective Portion) | $ (464) | $ 238 | $ (2,732) | $ (1,633) |
Amount of Gain or (Loss), net of tax, Reclassified from Accumulated OCI into Earnings on Derivatives (Effective Portion) | (1,164) | 238 | (1,332) | (233) |
Derivatives Not Designated as Hedging Instrument [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of Gain or (Loss) Recognized in Earnings on Derivatives | 1,356 | (996) | 2,418 | 390 |
Cost of Products Sold [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of Gain or (Loss), net of tax, Reclassified from Accumulated OCI into Earnings on Derivatives (Effective Portion) | (1,164) | 238 | (1,332) | (233) |
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 | 1,352 | (795) | 1,656 | 438 |
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) | (464) | 238 | (2,732) | (1,633) |
Amount of Gain or (Loss), net of tax, Reclassified from Accumulated OCI into Earnings on Derivatives (Effective Portion) | (1,164) | 238 | (1,332) | (233) |
Amount of Gain or (Loss) Recognized in Earnings on Derivatives (Ineffective Portion) | 0 | 0 | 0 | 0 |
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 | $ 4 | $ (201) | $ 762 | $ (48) |
Fair Value Measurements - Sched
Fair Value Measurements - Schedule of Financial Assets and Financial Liabilities Measured at Fair Value (Detail) - USD ($) $ in Thousands | Jul. 04, 2015 | Dec. 31, 2014 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Short-term investments | $ 112,236 | $ 100,000 |
Total assets | 15,068,177 | 15,615,927 |
Reported Value Measurement [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash equivalents | 1,157,640 | 861,656 |
Short-term investments | 112,236 | 100,000 |
Foreign exchange and commodity contracts | 726 | 2,228 |
Total assets | 1,270,602 | 963,884 |
Commodity contracts | (14,900) | (12,700) |
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 | 1,157,640 | 861,656 |
Short-term investments | 112,236 | 100,000 |
Total assets | 1,269,876 | 961,656 |
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 | 726 | 2,228 |
Total assets | 726 | 2,228 |
Commodity contracts | $ (14,900) | $ (12,700) |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Detail) - USD ($) $ in Millions | Jul. 04, 2015 | Dec. 31, 2014 |
Fair Value Disclosures [Abstract] | ||
Fair value of short-term and long-term debt, including current maturities | $ 4,650 | $ 4,970 |
Contingencies - Additional Info
Contingencies - Additional Information (Detail) $ in Millions | Jun. 01, 2014USD ($) | Mar. 25, 2014USD ($) | Jul. 04, 2015USD ($)Manufacturers_DistributorsComplaintsDefendant | Dec. 31, 2014USD ($) |
Commitments and Contingencies Disclosure [Abstract] | ||||
Accrual for environmental loss contingencies, gross | $ 22 | $ 27.2 | ||
Accrued environmental loss contingencies, current | 10.6 | 11.3 | ||
Accrued environmental loss contingencies, noncurrent | $ 11.4 | $ 15.9 | ||
Steel manufacturers, number of manufacturers | Manufacturers_Distributors | 8 | |||
Additional complaints being filed in July and December of 2010 | Complaints | 2 | |||
Complaints that are dismissed | Complaints | 2 | |||
Defendants that have reached court approved settlements with the plaintiffs | Defendant | 5 | |||
Damages against all defendants jointly and severally | $ 160.8 | $ 52 | ||
Practical estimable exposure | $ 40 |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Detail) $ / shares in Units, $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jul. 04, 2015USD ($) | Jul. 05, 2014USD ($) | Jul. 04, 2015USD ($)$ / sharesAnniversariesInstallment | Jul. 05, 2014USD ($) | |
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% | |||
Grant date fair value of options granted | $ / shares | $ 11.71 | |||
Compensation expenses for stock options | $ 7 | $ 7.6 | $ 7.1 | $ 7.6 |
Restricted Stock [Member] | LTIP [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Portion of restricted stock award vesting on anniversary | 33.30% | |||
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 | 41.5 | $ 41.5 | ||
Weighted-average recognition period for unrecognized compensation expense related to stock (years) | 2 years 6 months | |||
Number of anniversaries of grant date upon which restricted stock units vest | Anniversaries | 3 | |||
Installments in which restricted stock units vest and are converted to common stock | Installment | 3 | |||
Compensation expense | 19.1 | 17.6 | $ 24.4 | 22.5 |
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 | 1.5 | $ 1.5 | ||
Weighted-average recognition period for unrecognized compensation expense related to stock (years) | 2 years 8 months 12 days | |||
Restricted Stock And Restricted Stock Units [Member] | AIP and LTIP [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Unrecognized compensation expense related to stock | 1.1 | $ 1.1 | ||
Weighted-average recognition period for unrecognized compensation expense related to stock (years) | 1 year 10 months 24 days | |||
Compensation expense | $ 1.2 | $ 1.9 | $ 2.3 | $ 3.1 |
Stock-Based Compensation - Sche
Stock-Based Compensation - Schedule of Stock Option Plans Activity (Detail) - Jul. 04, 2015 - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | Total |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Outstanding at beginning of year, Shares | 2,422 |
Granted, Shares | 700 |
Exercised, Shares | (10) |
Canceled, Shares | 0 |
Outstanding at end of year, Shares | 3,112 |
Options exercisable at end of year, Shares | 1,551 |
Outstanding at beginning of year, Weighted - Average Exercise Price | $ 42.39 |
Granted, Weighted - Average Exercise Price | 47.59 |
Exercised, Weighted - Average Exercise Price | 42.34 |
Canceled, Weighted - Average Exercise Price | 0 |
Outstanding at end of period, Weighted - Average Exercise Price | 43.56 |
Options exercisable at end of year, Weighted - Average Exercise Price | $ 39.49 |
Outstanding at end of period, Weighted - Average Remaining Contractual Life | 7 years 8 months 12 days |
Options exercisable at end of period, Weighted - Average Remaining Contractual Life | 6 years 2 months 12 days |
Exercised, Aggregate Intrinsic Value | $ 66 |
Outstanding at end of period, Aggregate Intrinsic Value | 7,526 |
Options exercisable at end of period, Aggregate Intrinsic Value | $ 7,526 |
Stock-Based Compensation - Sc50
Stock-Based Compensation - Schedule of Grant Date Fair Value Black-Scholes Option-Pricing Model Assumptions (Detail) - 6 months ended Jul. 04, 2015 - $ / shares | Total |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Exercise price | $ 47.59 |
Expected dividend yield | 3.13% |
Expected stock price volatility | 33.32% |
Risk-free interest rate | 1.86% |
Expected life (years) | 6 years 6 months |
Stock-Based Compensation - Summ
Stock-Based Compensation - Summary of Nucor's Restricted Stock Unit Activity (Detail) - Jul. 04, 2015 - $ / shares shares in Thousands | Total |
Restricted Stock Units [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unvested at beginning of year, Shares | 1,012 |
Granted, Shares | 790 |
Vested, Shares | (731) |
Canceled, Shares | (9) |
Unvested at end of period, Shares | 1,062 |
Unvested at beginning of year, Grant Date Fair Value | $ 45.98 |
Granted, Grant Date Fair Value | 47.59 |
Vested, Grant Date Fair Value | 44.92 |
Canceled, Grant Date Fair Value | 46.01 |
Unvested at end of period, Grant Date Fair Value | $ 47.91 |
Restricted Stock Units and Stock Options [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Shares reserved for future grants | 10,343 |
Stock-Based Compensation - Su52
Stock-Based Compensation - Summary of Nucor's Restricted Stock Activity under AIP and LTIP (Detail) - Jul. 04, 2015 - Restricted Stock And Restricted Stock Units [Member] - AIP and LTIP [Member] - $ / shares shares in Thousands | Total |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unvested at beginning of year, Shares | 65 |
Granted, Shares | 136 |
Vested, Shares | (134) |
Canceled, Shares | 0 |
Unvested at end of period, Shares | 67 |
Shares reserved for future grants | 975 |
Unvested at beginning of year, Grant Date Fair Value | $ 48.20 |
Granted, Grant Date Fair Value | 47.07 |
Vested, Grant Date Fair Value | 47.11 |
Canceled, Grant Date Fair Value | 0 |
Unvested at end of period, Grant Date Fair Value | $ 48.08 |
Employee Benefit Plan - Additio
Employee Benefit Plan - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jul. 04, 2015 | Jul. 05, 2014 | Jul. 04, 2015 | Jul. 05, 2014 | |
Employee Benefit Plan [Abstract] | ||||
Profit Sharing and Retirement Savings Plan, plan expense | $ 21.2 | $ 22 | $ 32.3 | $ 40.2 |
Interest Expense (Income) - Sch
Interest Expense (Income) - Schedule of Components of Net Interest Expense (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jul. 04, 2015 | Jul. 05, 2014 | Jul. 04, 2015 | Jul. 05, 2014 | |
Interest Revenue (Expense), Net [Abstract] | ||||
Interest expense | $ 43,150 | $ 45,878 | $ 88,218 | $ 87,771 |
Interest income | (964) | (1,487) | (1,615) | (2,639) |
Interest expense, net | $ 42,186 | $ 44,391 | $ 86,603 | $ 85,132 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | ||
Jul. 04, 2015 | Jul. 05, 2014 | Dec. 31, 2014 | |
Income Tax Disclosure [Abstract] | |||
Effective income tax rate | 26.30% | 31.00% | |
Benefit related to state tax credits | $ 9.3 | ||
Current deferred tax assets | 266.3 | $ 253.4 | |
Current deferred tax Liabilities | 10.2 | 13.1 | |
Non-current deferred tax liabilities | $ 758.3 | $ 779.3 |
Stockholders' Equity - Addition
Stockholders' Equity - Additional Information (Detail) | Jul. 04, 2015 |
Nucor-Yamato Steel Company [Member] | |
Stockholders' Equity [Line Items] | |
Noncontrolling interest, ownership percentage by parent | 51.00% |
Stockholders' Equity - Schedule
Stockholders' Equity - Schedule of Changes in Stockholders' Equity (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jul. 04, 2015 | Jul. 05, 2014 | Jul. 04, 2015 | Jul. 05, 2014 | |
Stockholders' Equity [Line Items] | ||||
Stockholders' equity, beginning of period | $ 8,075,118 | $ 7,910,278 | ||
Total comprehensive income | $ 187,139 | $ 198,780 | 152,636 | 283,599 |
Stock options | 7,557 | 7,617 | ||
Issuance of stock under award plans, net of forfeitures | 18,384 | 19,556 | ||
Amortization of unearned compensation | 500 | 400 | ||
Dividends declared | (239,763) | (237,560) | ||
Distributions to noncontrolling interests | (39,347) | (37,877) | ||
Stockholders' equity, end of period | 7,975,085 | 7,946,013 | 7,975,085 | 7,946,013 |
Attributable to Nucor Corporation [Member] | ||||
Stockholders' Equity [Line Items] | ||||
Stockholders' equity, beginning of period | 7,772,470 | 7,645,769 | ||
Total comprehensive income | 101,555 | 245,040 | ||
Stock options | 7,557 | 7,617 | ||
Issuance of stock under award plans, net of forfeitures | 18,384 | 19,556 | ||
Amortization of unearned compensation | 500 | 400 | ||
Dividends declared | (239,763) | (237,560) | ||
Stockholders' equity, end of period | 7,660,703 | 7,680,822 | 7,660,703 | 7,680,822 |
Attributable to Noncontrolling Interests [Member] | ||||
Stockholders' Equity [Line Items] | ||||
Stockholders' equity, beginning of period | 302,648 | 264,509 | ||
Total comprehensive income | 51,081 | 38,559 | ||
Distributions to noncontrolling interests | (39,347) | (37,877) | ||
Stockholders' equity, end of period | $ 314,382 | $ 265,191 | $ 314,382 | $ 265,191 |
Accumulated Other Comprehensi58
Accumulated Other Comprehensive (Loss) Income - Components of Accumulated Other Comprehensive (Loss) Income (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jul. 04, 2015 | Jul. 05, 2014 | Jul. 04, 2015 | Jul. 05, 2014 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ||||
Beginning Balance, Gains and Losses on Hedging Derivatives | $ (10,100) | $ (1,400) | $ (8,000) | |
Other comprehensive income (loss) before reclassifications, Gains and Losses on Hedging Derivatives | (464) | 238 | (2,732) | $ (1,633) |
Amounts reclassified from accumulated other comprehensive income (loss) into earnings, Gains and Losses on Hedging Derivatives | 1,164 | (238) | 1,332 | 233 |
Net current-period other comprehensive income (loss), Gains and Losses on Hedging Derivatives | 700 | (1,400) | (1,400) | |
Ending Balance, Gains and Losses on Hedging Derivatives | (9,400) | (1,400) | (9,400) | (1,400) |
Beginning Balance, Foreign Currency Gain (Loss) | (265,663) | (50,915) | (148,968) | (7,438) |
Other comprehensive income (loss) before reclassifications, Foreign Currency Gain (Loss) | 24,395 | 31,845 | (92,300) | (11,632) |
Amounts reclassified from accumulated other comprehensive income (loss) into earnings, Foreign Currency Gain (Loss) | 2,700 | 2,700 | ||
Net current-period other comprehensive income (loss), Foreign Currency Gain (Loss) | 27,095 | 31,845 | (89,600) | (11,632) |
Ending Balance, Foreign Currency Gain (Loss) | (238,568) | (19,070) | (238,568) | (19,070) |
Beginning Balance, Adjustment to Early Retiree Medical Plan | 11,260 | 16,518 | 11,260 | 16,518 |
Other comprehensive income (loss) before reclassifications, Adjustment to Early Retiree Medical Plan | 0 | 0 | 0 | 0 |
Amounts reclassified from accumulated other comprehensive income (loss) into earnings, Adjustment to Early Retiree Medical Plan | 0 | 0 | 0 | 0 |
Net current-period other comprehensive income (loss), Adjustment to Early Retiree Medical Plan | 0 | 0 | 0 | 0 |
Ending Balance, Adjustment to Early Retiree Medical Plan | 11,260 | 16,518 | 11,260 | 16,518 |
Beginning Balance | (264,503) | (35,797) | (145,708) | 9,080 |
Other comprehensive income (loss) before reclassifications | 23,931 | 32,083 | (95,032) | (13,265) |
Amounts reclassified from accumulated other comprehensive income (loss) into earnings | 3,864 | (238) | 4,032 | 233 |
Net current-period other comprehensive income (loss) | 27,795 | 31,845 | (91,000) | (13,032) |
Ending Balance | $ (236,708) | $ (3,952) | $ (236,708) | $ (3,952) |
Accumulated Other Comprehensi59
Accumulated Other Comprehensive (Loss) Income - Components of Accumulated Other Comprehensive (Loss) Income (Parenthetical) (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jul. 04, 2015 | Jul. 05, 2014 | Jul. 04, 2015 | Jul. 05, 2014 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Amounts reclassified from accumulated other comprehensive income (loss) into earnings, Gains and Losses on Hedging Derivatives | $ 1,164 | $ (238) | $ 1,332 | $ 233 |
AOCI reclassification impact on tax | 700 | (100) | 800 | 100 |
Amounts reclassified from accumulated other comprehensive income (loss) into earnings, foreign currency gain (loss) | 2,700 | 2,700 | ||
Cost of Products Sold [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Amounts reclassified from accumulated other comprehensive income (loss) into earnings, Gains and Losses on Hedging Derivatives | 1,164 | (238) | 1,332 | 233 |
AOCI reclassification impact on tax | 700 | $ (100) | 800 | $ 100 |
Marketing Administrative and Other Expenses [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Amounts reclassified from accumulated other comprehensive income (loss) into earnings, foreign currency gain (loss) | 2,700 | 2,700 | ||
Amounts reclassified from accumulated other comprehensive income (loss) into earnings, foreign currency gain (loss), tax | $ 1,500 | $ 1,500 |
Segments - Segments (Detail)
Segments - Segments (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jul. 04, 2015 | Jul. 05, 2014 | Jul. 04, 2015 | Jul. 05, 2014 | Dec. 31, 2014 | |
Segment Reporting Information [Line Items] | |||||
Net sales | $ 4,357,609 | $ 5,291,075 | $ 8,757,049 | $ 10,399,519 | |
Earnings (loss) before income taxes and noncontrolling interests | 216,222 | 241,865 | 335,267 | 449,366 | |
Total assets | 15,068,177 | 15,068,177 | $ 15,615,927 | ||
Steel Mills [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Earnings (loss) before income taxes and noncontrolling interests | 198,500 | 368,138 | 415,628 | 685,935 | |
Total assets | 7,900,573 | 7,900,573 | 8,528,623 | ||
Steel Products [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Earnings (loss) before income taxes and noncontrolling interests | 70,636 | 42,612 | 103,094 | 44,332 | |
Total assets | 2,708,522 | 2,708,522 | 2,731,320 | ||
Raw Materials [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Earnings (loss) before income taxes and noncontrolling interests | (38,104) | (9,635) | (79,601) | (1,276) | |
Total assets | 3,590,917 | 3,590,917 | 3,858,254 | ||
Net Sales to External Customers [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Net sales | 4,357,609 | 5,291,075 | 8,757,049 | 10,399,519 | |
Net Sales to External Customers [Member] | Steel Mills [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Net sales | 2,968,644 | 3,674,140 | 6,021,983 | 7,281,904 | |
Net Sales to External Customers [Member] | Steel Products [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Net sales | 1,015,646 | 1,035,923 | 1,937,030 | 1,910,092 | |
Net Sales to External Customers [Member] | Raw Materials [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Net sales | 373,319 | 581,012 | 798,036 | 1,207,523 | |
Intercompany Eliminations [Member] | Steel Mills [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Net sales | 577,271 | 742,200 | 1,152,254 | 1,451,066 | |
Intercompany Eliminations [Member] | Steel Products [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Net sales | 21,020 | 26,542 | 40,517 | 48,042 | |
Intercompany Eliminations [Member] | Raw Materials [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Net sales | 1,687,941 | 2,443,492 | 3,520,859 | 4,971,498 | |
Intercompany Eliminations [Member] | Corporate/Eliminations [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Net sales | (2,286,232) | (3,212,234) | (4,713,630) | (6,470,606) | |
Earnings (loss) before income taxes and noncontrolling interests | (14,810) | $ (159,250) | (103,854) | $ (279,625) | |
Total assets | $ 868,165 | $ 868,165 | $ 497,730 |
Earnings Per Share - Computatio
Earnings Per Share - Computations of Basic and Diluted Net Earnings Per Share (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jul. 04, 2015 | Jul. 05, 2014 | Jul. 04, 2015 | Jul. 05, 2014 | |
Earnings Per Share [Abstract] | ||||
Basic net earnings | $ 124,755 | $ 147,041 | $ 192,555 | $ 258,072 |
Earnings allocated to participating securities, Basic | (411) | (487) | (762) | (878) |
Net earnings available to common stockholders, Basic | $ 124,344 | $ 146,554 | $ 191,793 | $ 257,194 |
Average shares outstanding | 320,506 | 319,693 | 320,409 | 319,597 |
Basic net earnings per share | $ 0.39 | $ 0.46 | $ 0.60 | $ 0.80 |
Diluted net earnings | $ 124,755 | $ 147,041 | $ 192,555 | $ 258,072 |
Earnings allocated to participating securities, Diluted | (411) | (487) | (762) | (878) |
Net earnings available to common stockholders, Diluted | $ 124,344 | $ 146,554 | $ 191,793 | $ 257,194 |
Basic shares outstanding | 320,506 | 319,693 | 320,409 | 319,597 |
Dilutive effect of stock options and other | 202 | 288 | 185 | 275 |
Diluted average shares outstanding | 320,708 | 319,981 | 320,594 | 319,872 |
Diluted net earnings per share | $ 0.39 | $ 0.46 | $ 0.60 | $ 0.80 |
Earning Per Share - Anti-Diluti
Earning Per Share - Anti-Dilutive Stock Options (Detail) - Jul. 04, 2015 - $ / shares shares in Thousands | Total | Total |
Earnings Per Share [Abstract] | ||
Weighted-average shares | 455 | 455 |
Weighted-average exercise price | $ 50.63 | $ 50.63 |