Document and Entity Information
Document and Entity Information - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Feb. 18, 2016 | Jul. 04, 2015 | |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2015 | ||
Document Fiscal Year Focus | 2,015 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | NUE | ||
Entity Registrant Name | NUCOR CORP | ||
Entity Central Index Key | 73,309 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 317,941,228 | ||
Entity Public Float | $ 14,080 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Current assets: | ||
Cash and cash equivalents (Note 15) | $ 1,939,469 | $ 1,024,144 |
Short-term investments (Notes 4 and 15) | 100,000 | 100,000 |
Accounts receivable, net (Note 5) | 1,383,823 | 2,068,298 |
Inventories, net (Note 6) | 2,145,444 | 2,745,032 |
Other current assets (Notes 14 and 20) | 185,644 | 504,414 |
Total current assets | 5,754,380 | 6,441,888 |
Property, plant and equipment, net (Note 7) | 4,891,153 | 5,287,639 |
Goodwill (Note 9) | 2,011,278 | 2,068,664 |
Other intangible assets, net (Note 9) | 770,672 | 862,093 |
Other assets (Note 10) | 822,916 | 955,643 |
Total assets | 14,250,399 | 15,615,927 |
Current liabilities: | ||
Short-term debt (Notes 12 and 15) | 51,315 | 207,476 |
Long-term debt due within one year (Notes 12 and 15) | 16,335 | |
Accounts payable (Note 11) | 566,527 | 993,872 |
Salaries, wages and related accruals (Notes 11 and 18) | 289,004 | 352,488 |
Accrued expenses and other current liabilities (Notes 7, 11, 14, 16 and 20) | 478,327 | 527,605 |
Total current liabilities | 1,385,173 | 2,097,776 |
Long-term debt due after one year (Notes 12 and 15) | 4,360,600 | 4,360,600 |
Deferred credits and other liabilities (Notes 7, 14, 16, 18 and 20) | 718,613 | 1,082,433 |
Total liabilities | $ 6,464,386 | $ 7,540,809 |
Commitments and contingencies (Notes 14 and 16) | ||
Nucor stockholders' equity (Notes 13 and 17): | ||
Common stock (800,000 shares authorized; 378,566 and 378,092 shares issued, respectively) | $ 151,426 | $ 151,237 |
Additional paid-in capital | 1,918,970 | 1,883,356 |
Retained earnings | 7,255,972 | 7,378,214 |
Accumulated other comprehensive loss, net of income taxes (Notes 2, 14 and 21) | (351,362) | (145,708) |
Treasury stock (60,604 and 59,059 shares, respectively) | (1,558,128) | (1,494,629) |
Total Nucor stockholders' equity | 7,416,878 | 7,772,470 |
Noncontrolling interests | 369,135 | 302,648 |
Total equity | 7,786,013 | 8,075,118 |
Total liabilities and equity | $ 14,250,399 | $ 15,615,927 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - shares | Dec. 31, 2015 | Dec. 31, 2014 |
Statement of Financial Position [Abstract] | ||
Common stock shares authorized | 800,000,000 | 800,000,000 |
Common stock shares issued | 378,566,000 | 378,092,000 |
Treasury stock | 60,604,000 | 59,059,000 |
Consolidated Statements of Earn
Consolidated Statements of Earnings - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Statement [Abstract] | |||
Net sales | $ 16,439,276 | $ 21,105,141 | $ 19,052,046 |
Costs, expenses and other: | |||
Cost of products sold (Notes 6, 14 and 18) | 14,858,014 | 19,198,615 | 17,641,421 |
Marketing, administrative and other expenses (Note 21) | 458,989 | 520,805 | 467,904 |
Equity in earnings of unconsolidated affiliates (Note 10) | (5,329) | (13,505) | (9,297) |
Impairments and losses on assets (Notes 7, 10 and 24) | 244,833 | 25,393 | 14,000 |
Interest expense, net (Notes 7, 19 and 20) | 173,531 | 169,256 | 146,895 |
Costs, expenses and other, total | 15,730,038 | 19,900,564 | 18,260,923 |
Earnings before income taxes and noncontrolling interests | 709,238 | 1,204,577 | 791,123 |
Provision for income taxes (Note 20) | 213,154 | 388,787 | 205,594 |
Net earnings | 496,084 | 815,790 | 585,529 |
Earnings attributable to noncontrolling interests | 138,425 | 101,844 | 97,504 |
Net earnings attributable to Nucor stockholders | $ 357,659 | $ 713,946 | $ 488,025 |
Net earnings per share (Note 22): | |||
Basic | $ 1.11 | $ 2.22 | $ 1.52 |
Diluted | $ 1.11 | $ 2.22 | $ 1.52 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Statement Of Comprehensive Income [Abstract] | |||
Net earnings | $ 496,084 | $ 815,790 | $ 585,529 |
Other comprehensive (loss) income: | |||
Net unrealized loss on hedging derivatives, net of income taxes of ($5,600), ($4,900) and $0 for 2015, 2014 and 2013, respectively | (9,498) | (8,542) | |
Reclassification adjustment for loss on settlement of hedging derivatives included in net earnings, net of income taxes of $3,500, $200 and $0 for 2015, 2014 and 2013, respectively | 5,798 | 542 | |
Foreign currency translation loss, net of income taxes of $0, $400 and ($600) for 2015, 2014 and 2013, respectively | (205,397) | (141,530) | (53,619) |
Adjustment to early retiree medical plan, net of income taxes of $127, ($1,921) and $2,547 for 2015, 2014 and 2013, respectively | 1,485 | (4,228) | 5,938 |
Reclassification adjustment for gain on early retiree medical plan included in net earnings, net of income taxes of ($414), ($557) and $0 for 2015, 2014 and 2013, respectively | (742) | (1,030) | |
Other, net of income taxes of $1,500, $0 and $0 for 2015, 2014 and 2013, respectively | 2,700 | ||
Net current-period other comprehensive (loss) income | (205,654) | (154,788) | (47,681) |
Comprehensive income | 290,430 | 661,002 | 537,848 |
Comprehensive income attributable to noncontrolling interests | (138,425) | (101,844) | (97,504) |
Comprehensive income attributable to Nucor stockholders | $ 152,005 | $ 559,158 | $ 440,344 |
Consolidated Statements of Com6
Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Statement Of Comprehensive Income [Abstract] | |||
Net unrealized gain (loss) on hedging derivatives, tax effect | $ (5,600) | $ (4,900) | $ 0 |
Reclassification adjustment for loss on settlement of hedging derivatives included in net earnings, tax effect | 3,500 | 200 | 0 |
Foreign currency translation loss, tax effect | 0 | 400 | (600) |
Adjustment to early retiree medical plan, tax effect | 127 | (1,921) | 2,547 |
Reclassification adjustment for gain on early retiree medical plan included in net earnings, tax effect | (414) | (557) | 0 |
Other, tax effect | $ 1,500 | $ 0 | $ 0 |
Consolidated Statements Of Stoc
Consolidated Statements Of Stockholders' Equity - USD ($) shares in Thousands, $ in Thousands | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Treasury Stock (at cost) [Member] | Total Nucor Stockholders' Equity [Member] | Noncontrolling Interests [Member] |
BALANCES, beginning of period at Dec. 31, 2012 | $ 7,885,374 | $ 150,805 | $ 1,811,459 | $ 7,124,523 | $ 56,761 | $ (1,501,977) | $ 7,641,571 | $ 243,803 |
BALANCES, shares at beginning of period at Dec. 31, 2012 | 377,013 | 59,350 | ||||||
Net earnings | 585,529 | 488,025 | 488,025 | 97,504 | ||||
Other comprehensive income (loss) | (47,681) | (47,681) | (47,681) | |||||
Stock option expense | 8,576 | 8,576 | 8,576 | |||||
Issuance of stock under award plans, net of forfeitures | 26,565 | $ 205 | 22,497 | $ 3,863 | 26,565 | |||
Issuance of stock under award plans, net of forfeitures, shares | 512 | (153) | ||||||
Amortization of unearned compensation | 821 | 821 | 821 | |||||
Cash dividends | (472,108) | (472,108) | (472,108) | |||||
Distributions to noncontrolling interests | (76,798) | (76,798) | ||||||
BALANCES, end of period at Dec. 31, 2013 | 7,910,278 | $ 151,010 | 1,843,353 | 7,140,440 | 9,080 | $ (1,498,114) | 7,645,769 | 264,509 |
BALANCES, shares at end of period at Dec. 31, 2013 | 377,525 | 59,197 | ||||||
Net earnings | 815,790 | 713,946 | 713,946 | 101,844 | ||||
Other comprehensive income (loss) | (154,788) | (154,788) | (154,788) | |||||
Stock options exercised | $ 5,614 | $ 54 | 5,560 | 5,614 | ||||
Stock options exercised (in shares) | 136 | 136 | ||||||
Stock option expense | $ 7,716 | 7,716 | 7,716 | |||||
Issuance of stock under award plans, net of forfeitures | 29,667 | $ 173 | 26,009 | $ 3,485 | 29,667 | |||
Issuance of stock under award plans, net of forfeitures, shares | 431 | (138) | ||||||
Amortization of unearned compensation | 718 | 718 | 718 | |||||
Cash dividends | (476,172) | (476,172) | (476,172) | |||||
Distributions to noncontrolling interests | (63,705) | (63,705) | ||||||
BALANCES, end of period at Dec. 31, 2014 | 8,075,118 | $ 151,237 | 1,883,356 | 7,378,214 | (145,708) | $ (1,494,629) | 7,772,470 | 302,648 |
BALANCES, shares at end of period at Dec. 31, 2014 | 378,092 | 59,059 | ||||||
Net earnings | 496,084 | $ 0 | 0 | 357,659 | 0 | $ 0 | 357,659 | 138,425 |
Other comprehensive income (loss) | (205,654) | 0 | 0 | 0 | (205,654) | 0 | (205,654) | 0 |
Stock options exercised | $ 424 | $ 4 | 420 | 0 | 0 | $ 0 | 424 | 0 |
Stock options exercised (in shares) | 10 | 10 | 0 | |||||
Stock option expense | $ 7,433 | $ 0 | 7,433 | 0 | 0 | $ 0 | 7,433 | 0 |
Issuance of stock under award plans, net of forfeitures | 30,120 | $ 185 | 26,929 | 0 | 0 | $ 3,006 | 30,120 | 0 |
Issuance of stock under award plans, net of forfeitures, shares | 464 | (119) | ||||||
Amortization of unearned compensation | 832 | $ 0 | 832 | 0 | 0 | $ 0 | 832 | 0 |
Treasury stock value acquired | (66,505) | $ 0 | 0 | 0 | 0 | $ (66,505) | (66,505) | 0 |
Treasury stock shares acquired | 0 | 1,664 | ||||||
Cash dividends | (479,901) | $ 0 | 0 | (479,901) | 0 | $ 0 | (479,901) | 0 |
Distributions to noncontrolling interests | (71,938) | 0 | 0 | 0 | 0 | 0 | 0 | (71,938) |
BALANCES, end of period at Dec. 31, 2015 | $ 7,786,013 | $ 151,426 | $ 1,918,970 | $ 7,255,972 | $ (351,362) | $ (1,558,128) | $ 7,416,878 | $ 369,135 |
BALANCES, shares at end of period at Dec. 31, 2015 | 378,566 | 60,604 |
Consolidated Statements Of Sto8
Consolidated Statements Of Stockholders' Equity (Parenthetical) - $ / shares | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Statement of Stockholders' Equity [Abstract] | |||
Cash dividends per share | $ 1.4925 | $ 1.4825 | $ 1.4725 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Operating activities: | |||
Net earnings | $ 496,084 | $ 815,790 | $ 585,529 |
Adjustments: | |||
Depreciation | 625,757 | 652,000 | 535,852 |
Amortization | 74,260 | 72,423 | 74,356 |
Stock-based compensation | 45,794 | 46,384 | 47,450 |
Deferred income taxes | (82,518) | 90,864 | 56,564 |
Distributions from affiliates | 15,132 | 53,738 | 8,708 |
Equity in earnings of unconsolidated affiliates | (5,329) | (13,505) | (9,297) |
Impairments and losses on assets | 244,833 | 25,393 | 14,000 |
Changes in assets and liabilities (exclusive of acquisitions and dispositions): | |||
Accounts receivable | 655,489 | (179,181) | (103,649) |
Inventories | 593,830 | (45,963) | (298,074) |
Accounts payable | (438,788) | (111,859) | 39,489 |
Federal income taxes | 62,656 | (111,687) | 77,950 |
Salaries, wages and related accruals | (56,267) | 67,973 | 7,155 |
Other operating activities | (73,890) | (19,472) | 41,916 |
Cash provided by operating activities | 2,157,043 | 1,342,898 | 1,077,949 |
Investing activities: | |||
Capital expenditures | (374,123) | (667,982) | (1,196,952) |
Investment in and advances to affiliates | (80,409) | (97,841) | (85,053) |
Repayment of advances to affiliates | 122,000 | 54,500 | |
Disposition of plant and equipment | 29,390 | 36,563 | 34,097 |
Acquisitions (net of cash acquired) | (19,089) | (768,581) | |
Purchases of investments | (111,927) | (100,000) | (19,349) |
Proceeds from the sale of investments | 111,452 | 27,529 | 92,761 |
Proceeds from the sale of restricted investments | 148,725 | ||
Changes in restricted cash | 126,438 | ||
Other investing activities | 3,010 | 10,250 | 4,863 |
Cash used in investing activities | (441,696) | (1,438,062) | (839,970) |
Financing activities: | |||
Net change in short-term debt | (155,816) | 178,308 | (671) |
Repayment of long-term debt | (16,300) | (5,358) | (250,000) |
Proceeds from issuance of long-term debt, net of discount | 999,100 | ||
Bond issuance costs | (7,625) | ||
Issuance of common stock | 424 | 5,614 | |
Excess tax benefits from stock-based compensation | 2,000 | 3,400 | 2,955 |
Distributions to noncontrolling interests | (71,938) | (63,705) | (76,798) |
Cash dividends | (479,432) | (475,123) | (471,028) |
Acquisition of treasury stock | (66,505) | 0 | 0 |
Other financing activities | (2,184) | (2,183) | 111 |
Cash (used in) provided by financing activities | (789,751) | (359,047) | 196,044 |
Effect of exchange rate changes on cash | (10,271) | (4,897) | (3,633) |
Increase (decrease) in cash and cash equivalents | 915,325 | (459,108) | 430,390 |
Cash and cash equivalents-beginning of year | 1,024,144 | 1,483,252 | 1,052,862 |
Cash and cash equivalents-end of year | 1,939,469 | 1,024,144 | 1,483,252 |
Non-cash investing activity: | |||
Change in accrued plant and equipment purchases | $ (9,355) | $ (99,115) | $ 33,467 |
Nature of Operations and Basis
Nature of Operations and Basis of Presentation | 12 Months Ended |
Dec. 31, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Nature of Operations and Basis of Presentation | 1. Nature of Operations and Basis of Presentation Nature of Operations Nucor is principally a manufacturer of steel and steel products, as well as a scrap broker and processor, with operating facilities and customers primarily located in North America. Principles of Consolidation The consolidated financial statements include Nucor and its controlled subsidiaries, including Nucor-Yamato Steel Company, a limited partnership of which Nucor owns 51%. All intercompany transactions are eliminated. Distributions are made to noncontrolling interest partners in Nucor-Yamato Steel Company in accordance with the limited partnership agreement by mutual agreement of the general partners. At a minimum, sufficient cash is distributed so that each partner may pay their U.S. federal and state income taxes. Use of Estimates The preparation of financial statements in conformity with generally accepted accounting principles in the United States of America requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from these estimates. Reclassifications During the first six months of 2015, the Company performed certain internal reorganization activities. 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 the segment footnote 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. The steel mills, steel products and raw materials segments are consistent with the way Nucor manages its business, which is based primarily upon the similarity of the types of products produced and sold by each segment (see Note 23). |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 2. Summary of Significant Accounting Policies Cash and Cash Equivalents Cash equivalents are recorded at cost plus accrued interest, which approximates fair value, and have original maturities of three months or less at the date of purchase. Cash and cash equivalents are maintained primarily with a few high-credit quality financial institutions. Short-term Investments Short-term investments are recorded at cost plus accrued interest, which approximates fair value. Unrealized gains and losses on investments classified as available-for-sale are recorded as a component of accumulated other comprehensive income (loss). Management determines the appropriate classification of its investments at the time of purchase and re-evaluates such determination at each balance sheet date. Inventories Valuation Inventories are stated at the lower of cost or market. Inventories valued using the last-in, first-out (LIFO) method of accounting represent approximately 48% of total inventories as of December 31, 2015 (43% as of December 31, 2014). All inventories held by the parent company and Nucor-Yamato Steel Company are valued using the LIFO method of accounting except for supplies that are consumed indirectly in the production process, which are valued using the first-in, first-out (FIFO) method of accounting. All inventories held by other subsidiaries of the parent company are valued using the FIFO method of accounting. The Company records any amount required to reduce the carrying value of inventory to net realizable value as a charge to cost of products sold. Property, Plant and Equipment Property, plant and equipment are stated at cost, except for property, plant and equipment acquired through acquisitions which are recorded at acquisition date fair value. With the exception of our natural gas wells, depreciation is provided on a straight-line basis over the estimated useful lives of the assets. Depletion of all capitalized costs associated with our natural gas producing properties is expensed on a unit-of-production basis by individual field as the gas from the proved developed reserves is produced. The costs of planned major maintenance activities are capitalized as part of other current assets and amortized over the period until the next scheduled major maintenance activity. All other repairs and maintenance activities are expensed when incurred. Goodwill and Other Intangibles Goodwill is the excess of cost over the fair value of net assets of businesses acquired. Goodwill is not amortized but is tested annually for impairment and whenever events or circumstances change that would make it more likely than not that an impairment may have occurred. We perform our annual impairment analysis as of the first day of the fourth quarter each year. The evaluation of impairment involves comparing the current estimated fair value of each reporting unit, which is a level below the reportable segment, to the recorded value, including goodwill. When appropriate, Nucor performs a qualitative assessment to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount. For certain reporting units, it is necessary to perform a quantitative analysis. In these instances, a discounted cash flow model is used to determine the current estimated fair value of these reporting units. A number of significant assumptions and estimates are involved in the application of the discounted cash flow model to forecast operating cash flows, including market growth and market share, sales volumes and prices, costs to produce, discount rate and estimated capital needs. Management considers historical experience and all available information at the time the fair values of its reporting units are estimated. Assumptions in estimating future cash flows are subject to a high degree of judgment and complexity. Changes in assumptions and estimates may affect the fair value of goodwill and could result in impairment charges in future periods. Finite-lived intangible assets are amortized over their estimated useful lives. Long-Lived Asset Impairments We evaluate our property, plant and equipment and finite-lived intangible assets for potential impairment on an individual asset basis or at the lowest level asset grouping for which independent cash flows can be separately identified. Asset impairments are assessed whenever circumstances indicate that the carrying amounts of those productive assets could exceed their projected undiscounted cash flows. When it is determined that impairment exists, the related assets are written down to their estimated fair market value. Equity Method Investments Investments in joint ventures in which Nucor shares control over the financial and operating decisions but in which Nucor is not the primary beneficiary are accounted for under the equity method. Each of the Company’s equity method investments is subject to a review for impairment if, and when, circumstances indicate that a decline in value below its carrying amount may have occurred. Examples of such circumstances include, but are not limited to, a significant deterioration in the earnings performance or business prospects of the investee; missed financial projections; a significant adverse change in the regulatory, economic or technological environment of the investee; a significant adverse change in the general market condition of either the geographic area or the industry in which the investee operates; and recurring negative cash flows from operations. If management considers the decline to be other than temporary, the Company would write down the investment to its estimated fair market value. Derivative Financial Instruments Nucor uses derivative financial instruments from time to time primarily to partially manage its exposure to price risk related to natural gas purchases used in the production process and to changes in interest rates on outstanding debt instruments. Nucor also uses derivatives to hedge a portion of our scrap, copper and aluminum purchases and sales. In addition, Nucor periodically 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 consolidated balance sheets at fair value. Amounts included in accumulated other comprehensive income (loss) related to cash flow hedges are reclassified into earnings when the underlying transaction is recognized in net earnings. Changes in fair value hedges are reported in earnings along with changes in the fair value of the hedged items. When cash flow and fair value hedges affect net earnings, they are included on the same financial statement line as the underlying transaction (cost of products sold or interest expense). If these instruments do not meet hedge accounting criteria or contain ineffectiveness, the change in fair value (or a portion thereof) is recognized immediately in earnings in the same financial statement line as the underlying transaction. Revenue Recognition Nucor recognizes revenue when persuasive evidence of a contractual arrangement exists, delivery has occurred, the sales price is fixed or determinable and collection is reasonably assured. Product is considered delivered to the customer once it has been shipped and title and risk of loss has been transferred. Income Taxes Nucor utilizes the liability method of accounting for income taxes. Under the liability method, deferred taxes are determined based on the temporary differences between the financial statement and tax basis of assets and liabilities using tax rates expected to be in effect during the years in which the basis differences reverse. A valuation allowance is recorded when it is more likely than not that some of the deferred tax assets will not be realized. Nucor recognizes the effect of income tax positions only if those positions are more likely than not of being sustained. Potential accrued interest and penalties related to unrecognized tax benefits are recognized as a component of interest expense. Nucor’s intention is to permanently reinvest the earnings of certain foreign investments. Accordingly, no provisions have been made for taxes that may be payable upon remittance of such earnings. Stock-Based Compensation The Company recognizes the cost of stock-based compensation as an expense using fair value measurement methods. The assumptions used to calculate the fair value of stock-based compensation granted are evaluated and revised, as necessary, to reflect market conditions and experience. Foreign Currency Translation For Nucor’s operations where the functional currency is other than the U.S. dollar, assets and liabilities have been translated at year-end exchange rates, and income and expenses translated using average exchange rates for the respective periods. Adjustments resulting from the process of translating an entity’s financial statements into the U.S. dollar have been recorded in accumulated other comprehensive income (loss) and are included in net earnings only upon sale or liquidation of the underlying investments. Foreign currency transaction gains and losses are included in net earnings in the period they occur. Recently Adopted Accounting Pronouncements In the first quarter of 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 Company’s consolidated financial statements. In November 2015, new accounting guidance was issued that requires entities to present deferred tax assets and deferred tax liabilities, along with any related valuation allowance, as noncurrent in a balance sheet. The standard is effective for annual and interim periods beginning after December 15, 2016, with early adoption permitted. We have early adopted this new guidance prospectively beginning with the consolidated balance sheet at December 31, 2015. Prior periods were not retrospectively adjusted. 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 August 2015, additional accounting guidance was issued that deferred the effective date of this new accounting guidance by one year. As a result, the amendments are effective for the Company for annual and interim reporting periods beginning after December 15, 2017. The Company is evaluating adoption methods and the impact the amendments will have on its 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 the Company 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 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. In September 2015, new accounting guidance was issued that requires an acquirer in a business combination to recognize adjustments to provisional amounts that are identified during the measurement period in the reporting period in which the adjustment amounts are determined. The standard is effective for the Company for 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. In January 2016, new accounting guidance was issued regarding the recognition and measurement of financial assets and financial liabilities. Changes to the current GAAP model primarily affect the accounting for equity investments, financial liabilities under the fair value option, and the presentation and disclosure requirements for financial instruments. In addition, the Financial Accounting Standards Board- clarified guidance related to the valuation allowance assessment when recognizing deferred tax assets resulting from unrealized losses on available-for-sale debt securities. The accounting for other financial instruments, such as loans, investments in debt securities, and financial liabilities is largely unchanged. The standard is effective for the Company for annual and interim periods beginning after December 15, 2017, and is not expected to have a material effect on the Company’s consolidated financial statements. |
Acquisitions and Dispositions
Acquisitions and Dispositions | 12 Months Ended |
Dec. 31, 2015 | |
Business Combinations [Abstract] | |
Acquisitions and Dispositions | 3. Acquisitions and Dispositions On October 8, 2014, Nucor acquired the entire equity interest in Gallatin Steel Company (Gallatin) for a cash purchase price of $779.1 million, including working capital adjustments. The acquisition was partially funded by the issuance of approximately $300 million of commercial paper with the remaining funds coming from cash on hand. Located on the Ohio River in Ghent, Kentucky, Gallatin has an annual sheet steel production capacity of approximately 1,800,000 tons. This acquisition is strategically important as it expands Nucor’s footprint in the Midwestern United States market, and it will broaden Nucor’s product offerings. Gallatin’s financial results are included as part of the steel mills segment (see Note 23). We have allocated the purchase price for Gallatin to its individual assets acquired and liabilities assumed. The following table summarizes the fair values of the assets acquired and liabilities assumed of Gallatin as of the date of acquisition (in thousands): Cash $ 48,957 Accounts receivable 82,291 Inventory 101,692 Other current assets 5,117 Property, plant and equipment 483,007 Goodwill 94,737 Other intangible assets 67,150 Other assets 2,529 Total assets acquired 885,480 Current liabilities 104,315 Long-term debt 2,093 Total liabilities assumed 106,408 Net assets acquired $ 779,072 The following table summarizes the purchase price allocation to the identifiable intangible assets of Gallatin as of the date of acquisition (in thousands, except years): Weighted - Average Life Customer relationships $ 58,250 20 years Trademarks and trade names 8,900 5 years $ 67,150 The goodwill of $94.7 million is primarily attributed to the synergies expected to arise after the acquisition and has been allocated to the steel mills segment (see Note 9). Goodwill recognized for tax purposes was $98.1 million, all of which is deductible for tax purposes. Other minor acquisitions, exclusive of purchase price adjustments of acquisitions made and net of cash acquired, totaled $19.1 million in 2015, $38.5 million in 2014, and none in 2013. |
Short-term Investments
Short-term Investments | 12 Months Ended |
Dec. 31, 2015 | |
Short-term Investments [Abstract] | |
Short-term Investments | 4. Short-term Investments Nucor held $100.0 million of short-term investments, which consisted of fixed term deposits and certificates of deposit (CDs), as of December 31, 2015, and December 31, 2014. These investments are classified as available-for-sale. The interest rates on the fixed term deposits and CDs are fixed at inception and interest income is recorded as earned. No realized or unrealized gains or losses were incurred in 2015, 2014 or 2013. The contractual maturities of all of the fixed term deposits and CDs outstanding at December 31, 2015 are before December 31, 2016. |
Accounts Receivable
Accounts Receivable | 12 Months Ended |
Dec. 31, 2015 | |
Receivables [Abstract] | |
Accounts Receivable | 5. Accounts Receivable An allowance for doubtful accounts is maintained for estimated losses resulting from the inability of our customers to make required payments. Accounts receivable are stated net of the allowance for doubtful accounts of $43.2 million at December 31, 2015 ($65.4 million at December 31, 2014 and $58.3 million at December 31, 2013). |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2015 | |
Inventory Disclosure [Abstract] | |
Inventories | 6. Inventories Inventories consist of approximately 38% raw materials and supplies and 62% finished and semi-finished products at December 31, 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. If the FIFO method of accounting had been used, inventories would have been $100.6 million higher at December 31, 2015 ($567.4 million higher at December 31, 2014). Use of the lower of cost or market method reduced inventories by $5.1 million at December 31, 2015 ($2.7 million at December 31, 2014). |
Property, Plant and Equipment
Property, Plant and Equipment | 12 Months Ended |
Dec. 31, 2015 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | 7. Property, Plant and Equipment (in thousands) December 31, 2015 2014 Land and improvements $ 585,057 $ 576,511 Buildings and improvements 1,033,610 1,018,342 Machinery and equipment 10,229,602 10,080,640 Proved oil and gas properties 586,362 584,466 Construction in process and equipment deposits 197,278 193,594 12,631,909 12,453,553 Less accumulated depreciation (7,740,756 ) (7,165,914 ) $ 4,891,153 $ 5,287,639 The estimated useful lives primarily range from 5 to 25 years for land improvements, 4 to 40 years for buildings and improvements and 2 to 15 years for machinery and equipment. The useful life for proved oil and gas properties is based on the unit-of-production method and varies by well. Included within property, plant and equipment, net at December 31, 2015, is $20.3 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 in 2014 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 $21.0 million at December 31, 2015 ($23.2 million at December 31, 2014), of which $2.3 million was classified in accrued expenses and other current liabilities ($2.2 million at December 31, 2014) and $18.7 million was classified in deferred credits and other liabilities ($21.0 million at December 31, 2014) in the consolidated balance sheets. In 2013, one of three iron ore storage domes collapsed at Nucor Steel Louisiana in St. James Parish. At that time, Nucor initially 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 December 31, 2015, Nucor has received initial payments of $10.3 million related to the insurance receivable. Nucor finalized its assessment process related to the two remaining storage domes during the third quarter of 2015 and determined that those domes would no longer be utilized. The Company recorded an associated write-down of property, plant and equipment of $19.4 million, offset by an $11.7 million insurance receivable that was based on management’s best estimate of probable insurance recoveries. As of December 31, 2015, the insurance receivable related to the three iron ore storage domes totaled $15.4 million. The net charge of $7.7 million associated with the write-down of the two remaining domes in 2015 and the net charge of $14.0 million related to the write-down of the first dome and inventory in 2013 are included in impairments and losses on assets in the consolidated statements of earnings. In the fourth quarter of 2015, we determined that certain assets, the majority of which are engineering and equipment related to the current blast furnace project at our St. James Parish, Louisiana site, will not be utilized. As a result of this determination, Nucor recorded an $84.1 million impairment charge for the entire balance of those assets, which are included in the raw materials segment. The impairment charge is included in impairments and losses on assets in the consolidated statements of earnings. The assets that were impaired, the majority of which were acquired in 2008, were a viable option that were anticipated to be utilized up until the decision was made that such assets would not be utilized. The decision about whether or not to move forward with construction of the blast furnace utilizing these assets was delayed to focus on the construction of the DRI plant at the site. The decision was further delayed because of challenging conditions in domestic and global steel industries, particularly increased excess capacity, both domestically and globally. In the meantime, technology advances and supply and demand in the raw materials market led management to reconsider its plans for the previously proposed blast furnace. If we decide to proceed with a blast furnace at the site in the future, the project design will be evaluated at that time utilizing new equipment and engineering. Due to the current natural gas pricing environment, Nucor performed an impairment assessment of its producing natural gas well assets in December 2015. One of the main assumptions that most significantly affects the undiscounted cash flows determination is management’s estimate of future natural gas prices. The pricing used in this impairment assessment was developed by management based on natural gas market supply and demand dynamics, in conjunction with a review of projections by numerous sources of market data. This analysis was performed on each of Nucor’s three groups of wells, with each group defined by common geographic location. Each of Nucor’s three groups of wells passed the impairment test. One of the groups of wells had estimated undiscounted cash flows that were noticeably closer to its carrying value of $87.2 million as of December 31, 2015. Changes in the natural gas industry or a prolonged low price environment beyond what had already been assumed in the analysis could cause management to revise the natural gas price assumption, which could possibly result in an impairment of a portion or all of the groups of wells assets. Nucor capitalized $0.3 million of interest expense in 2015 ($2.9 million in 2014 and $10.9 million in 2013) related to the borrowing costs associated with various construction projects. |
Restricted Cash and Investments
Restricted Cash and Investments | 12 Months Ended |
Dec. 31, 2015 | |
Restricted Cash and Investments [Abstract] | |
Restricted Cash and Investments | 8. Restricted Cash and Investments There were no restricted cash or investments as of December 31, 2015 or December 31, 2014. In November 2010, Nucor issued $600.0 million in 30-year Gulf Opportunity Zone bonds, the net proceeds of which were accounted for as restricted cash and investments. The restricted cash and investments were held in a trust account and were used to partially fund the capital costs associated with the construction of Nucor’s DRI facility in St. James Parish, Louisiana. Funds were disbursed as qualified expenditures for the construction of the facility were made ($275.3 million in 2013). |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 12 Months Ended |
Dec. 31, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | 9. Goodwill and Other Intangible Assets The change in the net carrying amount of goodwill for the years ended December 31, 2015 and 2014 by segment is as follows (in thousands): Steel Mills Steel Raw Total Balance, December 31, 2013 $ 495,897 $ 774,486 $ 703,225 $ 1,973,608 Acquisitions 98,505 — — 98,505 Translation — (30,112 ) — (30,112 ) Other — 311 26,352 26,663 Balance, December 31, 2014 594,402 744,685 729,577 2,068,664 Translation — (53,618 ) — (53,618 ) Other (3,768 ) — — (3,768 ) Balance, December 31, 2015 $ 590,634 $ 691,067 $ 729,577 $ 2,011,278 The majority of goodwill is not tax deductible. Goodwill increased by $26.4 million in the third quarter of 2014 due to a correction of deferred taxes related to purchase accounting for the acquisition of The David J. Joseph Company in 2008. This correction did not have an impact on the consolidated statements of earnings, consolidated statements of comprehensive income or the consolidated statements of cash flows in the year of correction or any prior period. Also, this correction had no impact on the results of the goodwill impairment assessments performed in prior periods and is not material to the year of correction or any prior period. 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): December 31, 2015 December 31, 2014 Gross Amount Accumulated Gross Accumulated Customer relationships $ 1,185,299 $ 517,817 $ 1,199,942 $ 454,353 Trademarks and trade names 155,864 57,756 158,584 48,356 Other 23,025 17,943 22,823 16,547 $ 1,364,188 $ 593,516 $ 1,381,349 $ 519,256 Intangible asset amortization expense was $74.3 million in 2015 ($72.4 million in 2014 and $74.4 million in 2013). Annual amortization expense is estimated to be $70.9 million in 2016, $68.7 million in 2017, $65.9 million in 2018, $63.4 million in 2019 and $61.0 million in 2020. The Company completed its annual goodwill impairment testing as of the first day of the fourth quarters of 2015, 2014 and 2013 and concluded that as of such dates there was no impairment of goodwill for any of its reporting units. We do not believe there are any reporting units at significant risk of goodwill impairment in the next twelve months. However, assumptions in estimating reporting unit fair values are subject to a high degree of judgment and complexity. Changes in assumptions and estimates may affect the estimated reporting unit fair values and could result in impairment charges in future periods. There are no significant historical accumulated impairment charges, by segment or in the aggregate, related to goodwill. |
Equity Investments
Equity Investments | 12 Months Ended |
Dec. 31, 2015 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Equity Investments | 10. Equity Investments The carrying value of our equity investments in domestic and foreign companies was $746.6 million at December 31, 2015 ($872.5 million at December 31, 2014), and is recorded in other assets in the consolidated balance sheets. DUFERDOFIN NUCOR Nucor owns a 50% economic and voting interest in Duferdofin Nucor S.r.l. (Duferdofin Nucor), an Italian steel manufacturer, and accounts for the investment (on a one-month lag basis) under the equity method, as control and risk of loss are shared equally between the members. Nucor’s investment in Duferdofin Nucor at December 31, 2015, was $258.2 million ($412.9 million at December 31, 2014). Nucor’s 50% share of the total net assets of Duferdofin Nucor was $93.0 million at December 31, 2015, resulting in a basis difference of $165.2 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 ($84.1 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 was $8.8 million in 2015 ($10.5 million in 2014 and $11.2 million in 2013). As of December 31, 2015, Nucor had outstanding notes receivable of €35.0 million ($38.2 million) from Duferdofin Nucor (€35.0 million, or $42.5 million, as of December 31, 2014). The notes receivable bear interest at 1.14% and will reset annually on September 30 to the twelve-month Euro Interbank Offered Rate (Euribor) plus 1% per year. The principal amounts are due on January 31, 2019. As of December 31, 2015, and December 31, 2014, the note receivable was classified in other assets in the consolidated balance sheets. Nucor has issued a guarantee, the fair value of which is immaterial, for its ownership percentage (50%) of Duferdofin Nucor’s borrowings under Facility A of a Structured Trade Finance Facilities Agreement. The maximum amount Duferdofin Nucor could borrow under Facility A was €122.5 million ($133.6 million) at December 31, 2015. As of December 31, 2015, there was €119.0 million ($129.8 million) outstanding under that facility (€107.0 million, or $129.9 million, at December 31, 2014). Facility A was recently amended to extend the maturity date to October 12, 2018. Nucor previously had also issued a guarantee for its ownership percentage (50%) of Duferdofin Nucor’s borrowing under the Standby Medium Long Term Loan Credit Facility. During the fourth quarter of 2015, Nucor and its joint-venture partner provided capital contributions to Duferdofin Nucor that were used to pay the outstanding balance of the Standby Medium Long Term Loan Credit Facility, which was terminated. Duferdofin Nucor had the maximum borrowing amount outstanding under the facility of €60.0 million ($72.8 million) at December 31, 2014. The fair value of the guarantee related to the Standby Medium Long Term Loan Credit Facility was immaterial at December 31, 2014. If Duferdofin Nucor fails to pay when due any amounts for which it is obligated under Facility A, Nucor could be required to pay 50% of such amounts pursuant to and in accordance with the terms of its guarantee. Any indebtedness of Duferdofin Nucor to Nucor is effectively subordinated to the indebtedness of Duferdofin Nucor under Facility A. Nucor has not recorded any liability associated with this guarantee. NUMIT Nucor has a 50% economic and voting interest in NuMit LLC (NuMit). NuMit owns 100% of the equity interest in Steel Technologies LLC, an operator of 25 sheet processing facilities located throughout the United States, Canada and Mexico. Nucor accounts for the investment in NuMit (on a one-month lag basis) under the equity method, as control and risk of loss are shared equally between the members. Nucor’s investment in NuMit at December 31, 2015, was $314.5 million ($301.5 million as of December 31, 2014). Nucor received distributions of $13.1 million, $52.7 million, and $6.7 million from NuMit during 2015, 2014, and 2013, respectively. HUNTER RIDGE Nucor has a 50% economic and voting interest in Hunter Ridge Energy Services LLC (Hunter Ridge). Hunter Ridge provides services for the gathering, separation and compression of energy products including natural gas produced by Nucor’s working interest drilling 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 at December 31, 2015, was $135.9 million ($138.6 million at December 31, 2014). Recent declines in natural gas pricing have led to reduced natural gas drilling activity. Sustained or further reductions in natural gas production activity could lead to reduced utilization of the Hunter Ridge assets. We will continue to monitor for potential triggering events that could affect the carrying value of our investment in Hunter Ridge as a result of future market conditions and any changes in business strategy. 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 2015, Nucor assessed its equity investment in Duferdofin Nucor for impairment due to the protracted challenging steel market conditions caused by excess global overcapacity, which increased in 2015, and the difficult economic environment in Europe. Our assessment was negatively impacted by unfavorable operating performance and deterioration in financial projections due to the increased global oversupply in 2015. After completing its assessment, Nucor determined that the carrying amount exceeded its estimated fair value. The impairment condition was considered to be other than temporary and therefore the Company recorded a $153.0 million impairment charge against the Company’s investment in Duferdofin Nucor in the fourth quarter of 2015. This charge is included in impairments and losses on assets in the consolidated statements of earnings. The assumptions that most significantly affect the fair value determination include projected revenues, metal margins and the discount rate. The Company-specific inputs for measuring fair value are considered “Level 3” or unobservable inputs that are not corroborated by market data under applicable fair value authoritative guidance, as quoted market prices are not available. Steel market conditions in Europe have continued to be challenging through the fourth 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 further 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 any changes in business strategy. 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 | 12 Months Ended |
Dec. 31, 2015 | |
Liabilities, Current [Abstract] | |
Current Liabilities | 11. Current Liabilities Book overdrafts, included in accounts payable in the consolidated balance sheets, were $62.8 million at December 31, 2015 ($107.9 million at December 31, 2014). Accrued vacation and holiday pay, included in salaries, wages and related accruals in the consolidated balance sheets, was $80.4 million at December 31, 2015 ($75.3 million at December 31, 2014). Dividends payable, included in accrued expenses and other current liabilities in the consolidated balance sheets, were $120.2 million at December 31, 2015 ($119.7 million at December 31, 2014). |
Debt and Other Financing Arrang
Debt and Other Financing Arrangements | 12 Months Ended |
Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |
Debt and Other Financing Arrangements | 12. Debt and Other Financing Arrangements (in thousands) December 31, 2015 2014 Industrial revenue bonds: 0.17% to 0.42%, variable, due from 2015 to 2040 $ 1,010,600 $ 1,026,935 Notes, 5.75%, due 2017 600,000 600,000 Notes, 5.85%, due 2018 500,000 500,000 Notes, 4.125%, due 2022 600,000 600,000 Notes, 4.0%, due 2023 500,000 500,000 Notes, 6.40%, due 2037 650,000 650,000 Notes, 5.20%, due 2043 500,000 500,000 4,360,600 4,376,935 Less current maturities — (16,335 ) Total long-term debt due after one year $ 4,360,600 $ 4,360,600 Annual aggregate long-term debt maturities are: none in 2016, $600.0 million in 2017, $500.0 million in 2018, none in 2019, $20.0 million in 2020 and $3.241 billion thereafter. In October 2014, Nucor issued approximately $300 million of commercial paper to partially fund the acquisition of Gallatin. All commercial paper instruments matured within 90 days. The balance outstanding and presented in short-term debt in the consolidated balance sheet at December 31, 2014, was $151.4 million. As of December 31, 2015, no commercial paper was outstanding. Nucor has a $1.50 billion unsecured revolving credit facility that matures in August 2018. The unsecured revolving credit facility provides up to $1.50 billion in revolving loans and allows up to $500.0 million in additional commitments at Nucor’s election in accordance with the terms set forth in the credit agreement. Up to the equivalent of $850.0 million of the credit facility is available for foreign currency loans, up to $500.0 million is available for the issuance of letters of credit and up to $500.0 million is available for the issuance of revolving loans for Nucor subsidiaries in accordance with terms set forth in the credit agreement. The credit facility provides for a pricing grid based upon the credit rating of Nucor’s senior unsecured long-term debt and, alternatively, interest rates quoted by lenders in connection with competitive bidding. The credit facility includes customary financial and other covenants, including a limit on the ratio of funded debt to capital of 60%, a limit on Nucor’s ability to pledge the Company’s assets and a limit on consolidations, mergers and sales of assets. As of December 31, 2015, Nucor’s funded debt to total capital ratio was 36%, and Nucor was in compliance with all covenants under the credit facility. No borrowings were outstanding under the credit facility as of December 31, 2015 and 2014. Harris Steel has credit facilities totaling approximately $25.1 million, with no outstanding borrowings at December 31, 2015 ($1.5 million at December 31, 2014). In addition, the business of Nucor Trading S.A. is financed by uncommitted trade credit arrangements with a number of European banking institutions. As of December 31, 2015, Nucor Trading S.A. had outstanding borrowings of $51.3 million, which is presented in short-term debt in the consolidated balance sheets ($54.6 million at December 31, 2014). Letters of credit totaling $58.0 million were outstanding as of December 31, 2015 ($42.2 million as of December 31, 2014), related to certain obligations, including workers’ compensation, utilities deposits and credit arrangements by Nucor Trading S.A. for commitments to purchase inventories. |
Capital Stock
Capital Stock | 12 Months Ended |
Dec. 31, 2015 | |
Equity [Abstract] | |
Capital Stock | 13. Capital Stock The par value of Nucor’s common stock is $0.40 per share and there are 800 million shares authorized. In addition, 250,000 shares of preferred stock, par value of $4.00 per share, are authorized, with preferences, rights and restrictions as may be fixed by Nucor’s Board of Directors. There are no shares of preferred stock issued or outstanding. In September 2015, Nucor’s Board of Directors approved the repurchase of up to $900 million of the Company’s common stock. The Board of Directors also terminated any previously authorized repurchase programs. The Company repurchased $66.5 million of common stock in 2015 (no repurchases in 2014 or 2013). |
Derivative Financial Instrument
Derivative Financial Instruments | 12 Months Ended |
Dec. 31, 2015 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Financial Instruments | 14. Derivative Financial Instruments The following tables summarize information regarding Nucor’s derivative instruments (in thousands): Fair Value of Derivative Instruments Fair Value at Consolidated Balance Sheet Location 2015 2014 Asset derivatives not designated as hedging instruments: Commodity contracts Other current assets $ — $ 1,856 Foreign exchange contracts Other current assets 909 372 Total asset derivatives $ 909 $ 2,228 Liability derivatives designated as hedging instruments: Commodity contracts Accrued expenses and other current liabilities $ (15,700 ) $ (6,400 ) Commodity contracts Deferred credits and other liabilities (2,800 ) (6,300 ) Total liability derivatives designated as hedging instruments (18,500 ) (12,700 ) Liability derivatives not designated as hedging instruments: Commodity contracts Accrued expenses and other current liabilities (353 ) — Total liability derivatives not designated as hedging instruments (353 ) — Total liability derivatives $ (18,853 ) $ (12,700 ) The Effect of Derivative Instruments on the Consolidated Statements of Earnings Derivatives Designated as Hedging Instruments (in thousands) Derivatives in Cash Flow Statement of Earnings Amount of Gain or (Loss), net of tax, on Derivatives (Effective Portion) Amount of Gain or (Loss), net of tax, Reclassified from Accumulated on Derivatives (Effective Portion) Amount of Gain or (Loss), net of tax, Recognized in Earnings on Derivatives (Ineffective Portion) Hedging Relationships Location 2015 2014 2013 2015 2014 2013 2015 2014 2013 Commodity contracts Cost of products sold $ (9,498 ) $ (8,542 ) $ — $ (5,798 ) $ (542 ) $ — $ — $ — $ — Derivatives Not Designated as Hedging Instruments (in thousands) Derivatives Not Designated Statement of Earnings Amount of Gain or (Loss) as Hedging Instruments Location 2015 2014 2013 Commodity contracts Cost of products sold $ 2,894 $ 1,890 $ 4,622 Foreign exchange contracts Cost of products sold 2,392 748 112 Total $ 5,286 $ 2,638 $ 4,734 At December 31, 2015, natural gas swaps covering approximately 13.8 million MMBTUs (extending through June 2017) were outstanding. |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2015 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 15. Fair Value Measurements The following table summarizes information regarding Nucor’s financial assets and liabilities that are measured at fair value as of December 31, 2015 and 2014 (in thousands). Nucor does not have any non-financial assets or liabilities that are measured at fair value on a recurring basis. Fair Value Measurements at Reporting Date Using Description Carrying Quoted Prices Significant Significant As of December 31, 2015 Assets: Cash equivalents $ 1,668,567 $ 1,668,567 $ — — Short-term investments 100,000 100,000 — — Foreign exchange contracts 909 — 909 — Total assets $ 1,769,476 $ 1,768,567 $ 909 $ — Liabilities: Commodity contracts $ (18,853 ) $ — $ (18,853 ) $ — 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. Fair value measurements for Nucor’s derivatives are classified under Level 2 because such measurements are based on published market prices for similar assets or are estimated based on published market prices for similar assets or are estimated based on observable inputs such as interest rates, yield curves, credit risks, spot and future commodity prices and spot and future exchange rates. There were no transfers between levels in the fair value hierarchy for the periods presented. The fair value of short-term and long-term debt, including current maturities, was approximately $4.47 billion at December 31, 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 December 31, 2015 and 2014, or similar debt with the same maturities, ratings and interest rates. Disclosures are required for certain assets and liabilities that are measured at fair value, but are recognized and disclosed on a nonrecurring basis in periods subsequent to initial recognition. For Nucor, our equity investment in Duferdofin Nucor was measured at fair value as a result of the impairment recorded in 2015 (see Note 10). |
Contingencies
Contingencies | 12 Months Ended |
Dec. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contingencies | 16. Contingencies Nucor is subject to environmental laws and regulations established by federal, state and local authorities and, accordingly, makes provision for the estimated costs of compliance. Of the undiscounted total of $21.1 million of accrued environmental costs at December 31, 2015 ($27.2 million at December 31, 2014), $9.7 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. On September 9, 2015, the District Court entered an order ruling on issues of class certification. The Court granted in part, and denied in part, the plaintiffs’ motion, certifying a class solely on the issue of whether defendants engaged in a conspiracy in violation of the antitrust laws, and declining to certify a class on the issues of antitrust impact and damages. We continue to believe the plaintiffs’ claims are without merit and 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 post-verdict developments, including settlements reached by various other parties, the Company’s practical estimable exposure was reduced to approximately $40.0 million. The Company appealed the judgment to the U.S. Court of Appeals for the Fifth Circuit, and on November 25, 2015, the Fifth Circuit reversed the verdict against Nucor finding that there was not sufficient evidence to support liability against the Company, thereby reducing our current practical estimable exposure to zero. 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 | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock-Based Compensation | 17. Stock-Based Compensation Stock Options Stock options may be granted to Nucor’s key employees, officers and non-employee directors with exercise prices at 100% of the market value on the date of the grant. The stock options granted are generally exercisable at the end of three years and have a term of 10 years. New shares are issued upon exercise of stock options. A summary of activity under Nucor’s stock option plans is as follows: 2015 2014 (shares in thousands) 2013 Shares Weighted - Shares Weighted - Shares Weighted - Number of shares under option: Outstanding at beginning of year 2,422 $ 42.39 2,089 $ 40.47 1,543 $ 39.03 Granted 700 $ 47.59 469 $ 50.63 546 $ 44.51 Exercised (10 ) $ 42.34 (136 ) $ 41.30 — — Canceled (20 ) $ 50.63 — — — — Outstanding at end of year 3,092 $ 43.51 2,422 $ 42.39 2,089 $ 40.47 Options exercisable at end of year 1,531 $ 39.35 1,263 $ 40.40 1,012 $ 39.75 The shares reserved for future grants as of December 31, 2015, 2014 and 2013 are reflected in the restricted stock units table below. The total intrinsic value of options (the amount by which the stock price exceeded the exercise price of the option on the date of exercise) that were exercised during 2015 was $0.1 million ($2.0 million in 2014 and none in 2013). The following table summarizes information about stock options outstanding at December 31, 2015: (shares in thousands) Options Outstanding Exercise Price Options Options Weighted- Average Remaining $35.76 689 689 6.4 years $41.43 242 242 4.4 years $42.34 520 520 5.4 years $44.51 506 80 7.4 years $47.59 700 — 9.4 years $50.63 435 — 8.4 years $35.76 - $50.63 3,092 1,531 7.2 years As of December 31, 2015, the total aggregate intrinsic value of both options outstanding and options exercisable was $3.1 million. Options for which the exercise price exceeded the closing market price of a share of the Company’s common stock at December 31, 2015 were excluded from the calculation of aggregate intrinsic value. The grant date fair value of options granted was $11.71 per share in 2015 ($17.48 per share in 2014 and $15.03 per share in 2013). The fair value was estimated using the Black-Scholes option-pricing model with the following assumptions: 2015 2014 2013 Exercise price $ 47.59 $ 50.63 $ 44.51 Expected dividend yield 3.13 % 2.92 % 3.30 % Expected stock price volatility 33.32 % 45.00 % 46.94 % Risk-free interest rate 1.86 % 2.03 % 1.51 % Expected life (in years) 6.5 6.5 6.5 Stock options granted to employees who are eligible for retirement on the date of grant are expensed immediately since these awards vest upon retirement from the Company. Retirement, for purposes of vesting in these stock options, means termination of employment after satisfying age and years of service requirements. Similarly, stock options granted to employees who will become retirement-eligible prior to the end of the vesting term are expensed over the period through which the employee will become retirement-eligible. Compensation expense for stock options granted to employees who are not retirement-eligible is recognized on a straight-line basis over the vesting period. Compensation expense for stock options was $7.4 million in 2015 ($7.7 million in 2014 and $8.6 million in 2013). As of December 31, 2015, unrecognized compensation expense related to stock options was $1.3 million, which is expected to be recognized over 2.2 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 an officer 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 holders of RSUs each quarter. Dividend equivalents paid on units expected to vest are recognized as a reduction in retained earnings. The fair value of the RSUs is determined based on the closing stock price of Nucor’s common stock on the date of grant. A summary of Nucor’s restricted stock unit activity is as follows: 2015 2014 (shares in thousands) 2013 Shares Grant Date Shares Grant Date Shares Grant Date Restricted stock units: Unvested at beginning of year 1,012 $ 45.98 1,122 $ 42.51 1,106 $ 40.80 Granted 790 $ 47.59 655 $ 50.63 789 $ 44.51 Vested (756 ) $ 44.99 (752 ) $ 44.90 (762 ) $ 42.15 Canceled (15 ) $ 46.61 (13 ) $ 42.66 (11 ) $ 39.08 Unvested at end of year 1,031 $ 47.93 1,012 $ 45.98 1,122 $ 42.51 Shares reserved for future grants (stock options and RSUs) 10,349 11,851 10,486 Compensation expense for RSUs was $34.8 million in 2015 ($32.6 million in 2014 and 2013). The total fair value of shares vested during 2015 was $35.8 million ($38.1 million in 2014 and $34.1 million in 2013). As of December 31, 2015, unrecognized compensation expense related to unvested RSUs was $31.3 million, which is expected to be recognized over a weighted-average period of 2.1 years. Restricted Stock Awards Nucor’s Senior Officers Long-Term Incentive Plan (the LTIP) and Annual Incentive Plan (the AIP) authorize the award of shares of common stock to officers subject to certain conditions and restrictions. The LTIP provides for the award of shares of restricted common stock at the end of each LTIP performance measurement period at no cost to officers if certain financial performance goals are met during the period. One-third of the LTIP restricted stock award vests upon each of the first three anniversaries of the award date or, if earlier, upon the officer’s attainment of age 55 while employed by Nucor. Although participants are entitled to cash dividends and may vote such awarded shares, the sale or transfer of such shares is limited during the restricted period. The AIP provides for the payment of annual cash incentive awards. An AIP participant may elect, however, to defer payment of up to one-half of an annual incentive award. In such event, the deferred AIP award is converted into common stock units and credited with a deferral incentive, in the form of additional common stock units, equal to 25% of the number of common stock units attributable to the deferred AIP award. Common stock units attributable to deferred AIP awards are fully vested. Common stock units credited as a deferral incentive vest upon the AIP participant’s attainment of age 55 while employed by Nucor. Vested common stock units are paid to AIP participants in the form of shares of common stock following their termination of employment with Nucor. A summary of Nucor’s restricted stock activity under the AIP and the LTIP is as follows: 2015 2014 (shares in thousands) 2013 Shares Grant Date Shares Grant Date Shares Grant Date Restricted stock awards and units: Unvested at beginning of year 65 $ 48.20 73 $ 45.49 72 $ 43.72 Granted 136 $ 47.07 127 $ 50.35 122 $ 47.36 Vested (138 ) $ 47.15 (135 ) $ 48.76 (121 ) $ 46.32 Canceled — — — — — — Unvested at end of year 63 $ 48.07 65 $ 48.20 73 $ 45.49 Shares reserved for future grants 975 1,111 1,238 Compensation expense for common stock and common stock units awarded under the AIP and the 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 $3.4 million in 2015 ($6.1 million in 2014 and $6.3 million in 2013). The total fair value of shares vested during 2015 was $6.5 million ($6.8 million in 2014 and $5.7 million in 2013). As of December 31, 2015, unrecognized compensation expense related to unvested restricted stock awards was $0.8 million, which is expected to be recognized over a weighted-average period of 1.6 years. |
Employee Benefit Plans
Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2015 | |
Employee Benefit Plan [Abstract] | |
Employee Benefit Plans | 18. Employee Benefit Plans Nucor makes contributions to a Profit Sharing and Retirement Savings Plan for qualified employees based on the profitability of the Company. Nucor’s expense for these benefits totaled $60.5 million in 2015 ($110.1 million in 2014 and $71.7 million in 2013). The related liability for these benefits is included in salaries, wages and related accruals. Nucor also has a medical plan covering certain eligible early retirees. The unfunded obligation, included in deferred credits and other liabilities in the consolidated balance sheets, totaled $15.6 million at December 31, 2015 ($14.1 million at December 31, 2014). The expense associated with this early retiree medical plan totaled $1.1 million in 2015 (benefits of $0.6 million in 2014 and 2013.) The discount rate used was 4.4% in 2015 (3.8% in 2014 and 4.6% in 2013). The health care cost increase trend rate used was 7.1% in 2015 (6.5% in 2014 and 6.6% in 2013). The health care cost increase in the trend rate is projected to decline gradually to 4.5% by 2037. |
Interest Expense (Income)
Interest Expense (Income) | 12 Months Ended |
Dec. 31, 2015 | |
Interest Revenue (Expense), Net [Abstract] | |
Interest Expense (Income) | 19. Interest Expense (Income) The components of net interest expense are as follows (in thousands): Year Ended December 31, 2015 2014 2013 Interest expense $ 177,543 $ 174,142 $ 151,986 Interest income (4,012 ) (4,886 ) (5,091 ) Interest expense, net $ 173,531 $ 169,256 $ 146,895 Interest paid was $180.0 million in 2015 ($180.5 million in 2014 and $141.2 million in 2013). |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 20. Income Taxes Components of earnings (losses) from continuing operations before income taxes and noncontrolling interests are as follows (in thousands): Year Ended December 31 2015 2014 2013 United States $ 875,038 $ 1,161,953 $ 755,921 Foreign (165,800 ) 42,624 35,202 $ 709,238 $ 1,204,577 $ 791,123 The provision for income taxes consists of the following (in thousands): Year Ended December 31, 2015 2014 2013 Current: Federal $ 285,856 $ 247,898 $ 138,343 State 4,618 30,790 223 Foreign 5,198 19,235 10,464 Total current 295,672 297,923 149,030 Deferred: Federal (64,482 ) 94,991 36,157 State (6,041 ) 3,958 (39 ) Foreign (11,995 ) (8,085 ) 20,446 Total deferred (82,518 ) 90,864 56,564 Total provision for income taxes $ 213,154 $ 388,787 $ 205,594 A reconciliation of the federal statutory tax rate (35%) to the total provision is as follows: Year Ended December 31, 2015 2014 2013 Taxes computed at statutory rate 35.00 % 35.00 % 35.00 % State income taxes, net of federal income tax benefit -0.32 % 3.32 % 0.02 % Federal research credit -0.50 % -0.27 % -0.79 % Domestic manufacturing deduction -3.40 % -2.27 % -1.74 % Equity in losses of foreign joint venture 0.98 % 0.85 % 1.36 % Impairment on investment in foreign joint venture 7.55 % — — Foreign rate differential -1.72 % -0.93 % -2.35 % Noncontrolling interests -6.84 % -2.96 % -4.32 % Out-of-period correction -1.37 % -1.10 % -2.57 % Other, net 0.67 % 0.64 % 1.38 % Provision for income taxes 30.05 % 32.28 % 25.99 % The 2015 provision included a $9.7 million out-of-period non-cash gain related to a correction to tax balances. The 2014 and 2013 provisions included out-of-period non-cash gains related to corrections to tax balances of $13.2 million and $21.3 million, respectively. These out-of-period adjustments were not material to the period of correction or any previously reported periods. Deferred tax assets and liabilities resulted from the following (in thousands): December 31, 2015 2014 Deferred tax assets: Accrued liabilities and reserves $ 209,854 $ 154,381 Allowance for doubtful accounts 12,912 24,741 Inventory 208,799 189,120 Post-retirement benefits 9,773 898 Commodity hedges 7,149 4,773 Net operating loss carryforward 14,690 9,880 Tax credit carryforwards 19,601 29,142 Total deferred tax assets 482,778 412,935 Deferred tax liabilities: Holdbacks and amounts not due under contracts (10,479 ) (14,945 ) Cumulative translation adjustments (3,325 ) (1,819 ) Intangibles (244,496 ) (236,618 ) Property, plant and equipment (673,676 ) (698,567 ) Total deferred tax liabilities (931,976 ) (951,949 ) Total net deferred tax liabilities $ (449,198 ) $ (539,014 ) In November 2015, new accounting guidance was issued that requires deferred tax liabilities and assets to be classified as noncurrent in a classified statement of financial position. The standard is effective for annual and interim periods beginning after December 15, 2016, with early adoption permitted. We have early adopted this new guidance prospectively beginning with the consolidated balance sheet at December 31, 2015. Prior periods were not retrospectively adjusted. As a result of the prospective adoption of the new accounting guidance, there were no current deferred tax assets at December 31, 2015. Current deferred tax assets included in other current assets were $253.4 million at December 31, 2014. Also as a result of the prospective adoption of the new accounting guidance, there were no current deferred tax liabilities at December 31, 2015. Current deferred tax liabilities included in other current liabilities were $13.1 million at December 31, 2014. Non-current deferred tax liabilities included in deferred credits and other liabilities were $449.2 million at December 31, 2015 ($779.3 million at December 31, 2014). Nucor paid $260.3 million in net federal, state and foreign income taxes in 2015 ($398.7 million and $64.8 million in 2014 and 2013, respectively). Cumulative undistributed foreign earnings for which U.S. taxes have not been provided are included in consolidated retained earnings in the amount of $169.6 million at December 31, 2015 ($194.0 million at December 31, 2014). These earnings are considered to be indefinitely reinvested and, accordingly, no provisions for U.S. federal and state income taxes are required. It is not practicable to determine the amount of unrecognized deferred tax liability related to the unremitted earnings. State net operating loss carryforwards were $487.9 million at December 31, 2015 ($462.8 million at December 31, 2014). If unused, they will expire between 2016 and 2035. Foreign net operating loss carryforwards were $22.3 million at December 31, 2015 ($44.9 million at December 31, 2014). If unused, they will expire between 2027 and 2035. At December 31, 2015, Nucor had approximately $50.5 million of unrecognized tax benefits, of which $49.8 million would affect Nucor’s effective tax rate, if recognized. At December 31, 2014, Nucor had approximately $63.0 million of unrecognized tax benefits, of which $62.9 million would affect Nucor’s effective tax rate, if recognized. A reconciliation of the beginning and ending amounts of unrecognized tax benefits recorded in deferred credits and other liabilities is as follows (in thousands): December 31, 2015 2014 2013 Balance at beginning of year $ 63,001 $ 65,975 $ 80,862 Additions based on tax positions related to current year 6,508 6,295 4,849 Reductions based on tax positions related to current year — — (55 ) Additions based on tax positions related to prior years 241 5,673 2,307 Reductions based on tax positions related to prior years (13,294 ) (7,449 ) (6,248 ) Additions due to settlements with taxing authorities 930 — — Reductions due to statute of limitations lapse (6,876 ) (7,493 ) (15,740 ) Balance at end of year $ 50,510 $ 63,001 $ 65,975 We estimate that in the next twelve months, our gross uncertain tax positions, exclusive of interest, could decrease by as much as $10.6 million, as a result of the expiration of the statute of limitations. During 2015, Nucor recognized $7.0 million of benefit in interest and penalties ($9.0 million of benefit in 2014 and $0.9 million of expense in 2013). The interest and penalties are included in interest expense and other expenses, respectively, in the consolidated statements of earnings. As of December 31, 2015, Nucor has approximately $21.2 million of accrued interest and penalties related to uncertain tax positions on the consolidated balance sheet (approximately $28.2 million at December 31, 2014). Nucor has substantially concluded U.S. federal income tax matters for years through 2012. The 2013 and 2014 tax years remain open to examination by the Internal Revenue Service. The Canada Revenue Agency is examining the 2012 Canadian returns for Harris Steel Group Inc. and certain related affiliates. The tax years 2009 through 2014 remain open to examination by other major taxing jurisdictions to which Nucor is subject (primarily Canada and other state and local jurisdictions). |
Accumulated Other Comprehensive
Accumulated Other Comprehensive (Loss) Income | 12 Months Ended |
Dec. 31, 2015 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Accumulated Other Comprehensive (Loss) Income | 21. Accumulated Other Comprehensive (Loss) Income The following tables reflect the changes in accumulated other comprehensive (loss) income by component (in thousands): Gains and Losses on Foreign Currency Adjustment to Early Total December 31, 2014 $ (8,000 ) $ (148,968 ) $ 11,260 $ (145,708 ) Other comprehensive income (loss) before reclassifications (9,498 ) (205,397 ) 1,485 (213,410 ) Amounts reclassified from accumulated other comprehensive (loss) income into earnings (1) 5,798 2,700 (742 ) 7,756 Net current-period other comprehensive (loss) income (3,700 ) (202,697 ) 743 (205,654 ) December 31, 2015 $ (11,700 ) $ (351,665 ) $ 12,003 $ (351,362 ) (1) Includes $5,798 and ($742) net-of-tax impact of accumulated other comprehensive income reclassifications into cost of products sold for net losses on commodity contracts and adjustment to early retiree medical plan, respectively. The tax impacts of these reclassifications were $3,500 and ($414), respectively. Also includes $2,700 of accumulated other comprehensive income reclassification into marketing, administrative and other expenses for net losses on translation. The tax impact of the reclassification was $1,500. 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 (8,542 ) (141,530 ) (4,228 ) (154,300 ) Amounts reclassified from accumulated other comprehensive (loss) income into earnings (2) 542 — (1,030 ) (488 ) Net current-period other comprehensive (loss) income (8,000 ) (141,530 ) (5,258 ) (154,788 ) December 31, 2014 $ (8,000 ) $ (148,968 ) $ 11,260 $ (145,708 ) (2) Includes $542 and ($1,030) net-of-tax impact of accumulated other comprehensive income reclassifications into cost of products sold for net losses on commodity contracts and adjustment to early retiree medical plan, respectively. The tax impacts of these reclassifications were $200 and ($557), respectively. |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 31, 2015 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | 22. Earnings Per Share The computations of basic and diluted net earnings per share are as follows: (in thousands, except per share data) 2015 2014 2013 Basic net earnings per share: Basic net earnings $ 357,659 $ 713,946 $ 488,025 Earnings allocated to participating securities (1,514 ) (2,321 ) (1,919 ) Net earnings available to common stockholders $ 356,145 $ 711,625 $ 486,106 Average shares outstanding 320,565 319,838 319,077 Basic net earnings per share $ 1.11 $ 2.22 $ 1.52 Diluted net earnings per share: Diluted net earnings $ 357,659 $ 713,946 $ 488,025 Earnings allocated to participating securities (1,514 ) (2,321 ) (1,919 ) Net earnings available to common stockholders $ 356,145 $ 711,625 $ 486,106 Diluted average shares outstanding: Basic shares outstanding 320,565 319,838 319,077 Dilutive effect of stock options and other 128 289 189 320,693 320,127 319,266 Diluted net earnings per share $ 1.11 $ 2.22 $ 1.52 The following stock options were excluded from the computation of diluted net earnings per share because their effect would have been anti-dilutive (shares in thousands): 2015 2014 2013 Anti-dilutive stock options: Weighted average shares 1,226 — 137 Weighted average exercise price $ 47.20 $ — $ 44.51 |
Segments
Segments | 12 Months Ended |
Dec. 31, 2015 | |
Segment Reporting [Abstract] | |
Segments | 23. Segments Nucor reports its results in the following segments: steel mills, steel products and raw materials. The steel mills segment includes carbon and alloy steel in sheet, bars, structural and plate; steel foundation distributors; steel trading businesses; rebar distribution businesses; and Nucor’s equity method investments in Duferdofin Nucor and NuMit. The steel products segment includes steel joists and joist girders, steel deck, fabricated concrete reinforcing steel, cold finished steel, steel fasteners, metal building systems, steel grating, and 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 first six months of 2015, the Company performed certain internal reorganization activities. 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 are as follows (in thousands): Year Ended December 31, 2015 2014 2013 Net sales to external customers: Steel mills $ 11,084,331 $ 14,723,642 $ 13,311,948 Steel products 3,966,895 4,032,385 3,607,333 Raw materials 1,388,050 2,349,114 2,132,765 $ 16,439,276 $ 21,105,141 $ 19,052,046 Intercompany sales: Steel mills $ 2,152,157 $ 2,904,317 $ 2,563,554 Steel products 90,969 105,383 97,090 Raw materials 6,279,316 9,618,145 9,116,860 Corporate/eliminations (8,522,442 ) (12,627,845 ) (11,777,504 ) $ — $ — $ — Depreciation expense: Steel mills $ 381,352 $ 366,568 $ 332,258 Steel products 39,512 42,777 42,737 Raw materials 198,705 235,443 154,065 Corporate 6,188 7,212 6,792 $ 625,757 $ 652,000 $ 535,852 Amortization expense: Steel mills $ 18,789 $ 15,269 $ 13,911 Steel products 23,932 27,644 31,082 Raw materials 31,539 29,510 29,363 $ 74,260 $ 72,423 $ 74,356 Earnings (loss) before income taxes and noncontrolling interests: Steel mills $ 629,793 $ 1,594,352 $ 1,156,715 Steel products 276,048 166,323 82,129 Raw materials (283,938 ) (29,053 ) 13,686 Corporate/eliminations 87,335 (527,045 ) (461,407 ) $ 709,238 $ 1,204,577 $ 791,123 Segment assets: Steel mills $ 7,318,706 $ 8,528,623 $ 7,787,464 Steel products 2,485,122 2,731,320 2,710,597 Raw materials 3,123,190 3,858,254 3,896,331 Corporate/eliminations 1,323,381 497,730 808,891 $ 14,250,399 $ 15,615,927 $ 15,203,283 Capital expenditures: Steel mills $ 248,532 $ 343,767 $ 589,621 Steel products 41,291 27,262 22,472 Raw materials 74,607 197,252 610,745 Corporate 338 586 7,580 $ 364,768 $ 568,867 $ 1,230,418 Net sales by product were as follows (in thousands). Further product group breakdown is impracticable. Year Ended December 31, 2015 2014 2013 Net sales to external customers: Sheet $ 4,628,805 $ 5,988,303 $ 5,219,464 Bar 3,005,450 4,051,171 3,730,328 Structural 2,137,413 2,617,196 2,558,538 Plate 1,312,663 2,066,972 1,803,618 Steel products 3,966,895 4,032,385 3,607,333 Raw materials 1,388,050 2,349,114 2,132,765 $ 16,439,276 $ 21,105,141 $ 19,052,046 |
Quarterly Information (Unaudite
Quarterly Information (Unaudited) | 12 Months Ended |
Dec. 31, 2015 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Information (Unaudited) | 24. Quarterly Information (Unaudited) (in thousands, except per share data) Year Ended December 31, 2015 First Quarter Second Quarter Third Quarter Fourth Quarter Net sales $ 4,399,440 $ 4,357,609 $ 4,225,514 $ 3,456,713 Gross margin (1) 288,282 386,306 523,836 382,838 Net earnings (loss) (2) 84,292 159,344 267,736 (15,288 ) Net earnings (loss) attributable to Nucor stockholders (2) 67,800 124,755 227,126 (62,022 ) Net earnings (loss) per share: Basic 0.21 0.39 0.71 (0.19 ) Diluted 0.21 0.39 0.71 (0.19 ) (in thousands, except per share data) Year Ended December 31, 2014 First Quarter Second Quarter Third Quarter Fourth Quarter Net sales $ 5,108,444 $ 5,291,075 $ 5,701,869 $ 5,003,753 Gross margin (3) 377,202 415,867 599,586 513,871 Net earnings (4) 129,696 166,935 274,201 244,958 Net earnings attributable to Nucor stockholders (4) 111,031 147,041 245,447 210,427 Net earnings per share: Basic 0.35 0.46 0.76 0.66 Diluted 0.35 0.46 0.76 0.65 (1) Nucor incurred a LIFO credit of $16.5 million in the first quarter, a LIFO credit of $95.5 million in the second quarter, a LIFO credit of $137.0 million in the third quarter and a LIFO credit of $217.8 million in the fourth quarter. (2) Second quarter results include a $9.3 million benefit related to state tax credits. Third quarter results were impacted by an out-of-period non-cash gain of $10.2 million related to a correction of deferred tax balances. Fourth quarter results were impacted by a $153.0 million impairment charge related to our Duferdofin Nucor S.r.l. joint venture and an $84.1 million pre-tax impairment charge on assets related to the blast furnace project at the St. James Parish site. (3) Nucor incurred a LIFO charge of $14.5 million in the first quarter, no charge or credit recorded in the second quarter, a LIFO credit of $14.5 million in the third quarter and a LIFO credit of $57.3 million in the fourth quarter. Nucor incurred $8.9 million in inventory-related purchase accounting adjustments in the fourth quarter associated with the acquisition of Gallatin. (4) First quarter results include a $12.8 million charge related to tax legislation changes in the state of New York and a $9.0 million pre-tax charge related to the disposal of assets within the steel mills segment. Third quarter results include a $12.5 million pre-tax charge related to the partial write down of assets within the steel mills segment. Fourth quarter results include a $9.2 million out-of-period non-cash gain related to a correction to tax balances. |
Valuation and Qualifying Accoun
Valuation and Qualifying Accounts | 12 Months Ended |
Dec. 31, 2015 | |
Valuation and Qualifying Accounts [Abstract] | |
Valuation and Qualifying Accounts | NUCOR CORPORATION Financial Statement Schedule SCHEDULE II – VALUATION AND QUALIFYING ACCOUNTS (in thousands) Description Balance at Additions Deductions Balance at Year ended December 31, 2015 LIFO Reserve $ 567,396 $ 0 $ (466,834 ) $ 100,562 Year ended December 31, 2014 LIFO Reserve $ 624,685 $ — $ (57,289 ) $ 567,396 Year ended December 31, 2013 LIFO Reserve $ 607,240 $ 17,445 $ — $ 624,685 |
Summary of Significant Accoun35
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Cash and Cash Equivalents | Cash and Cash Equivalents Cash equivalents are recorded at cost plus accrued interest, which approximates fair value, and have original maturities of three months or less at the date of purchase. Cash and cash equivalents are maintained primarily with a few high-credit quality financial institutions. |
Short-term Investments | Short-term Investments Short-term investments are recorded at cost plus accrued interest, which approximates fair value. Unrealized gains and losses on investments classified as available-for-sale are recorded as a component of accumulated other comprehensive income (loss). Management determines the appropriate classification of its investments at the time of purchase and re-evaluates such determination at each balance sheet date. |
Inventories Valuation | Inventories Valuation Inventories are stated at the lower of cost or market. Inventories valued using the last-in, first-out (LIFO) method of accounting represent approximately 48% of total inventories as of December 31, 2015 (43% as of December 31, 2014). All inventories held by the parent company and Nucor-Yamato Steel Company are valued using the LIFO method of accounting except for supplies that are consumed indirectly in the production process, which are valued using the first-in, first-out (FIFO) method of accounting. All inventories held by other subsidiaries of the parent company are valued using the FIFO method of accounting. The Company records any amount required to reduce the carrying value of inventory to net realizable value as a charge to cost of products sold. |
Property, Plant and Equipment | Property, Plant and Equipment Property, plant and equipment are stated at cost, except for property, plant and equipment acquired through acquisitions which are recorded at acquisition date fair value. With the exception of our natural gas wells, depreciation is provided on a straight-line basis over the estimated useful lives of the assets. Depletion of all capitalized costs associated with our natural gas producing properties is expensed on a unit-of-production basis by individual field as the gas from the proved developed reserves is produced. The costs of planned major maintenance activities are capitalized as part of other current assets and amortized over the period until the next scheduled major maintenance activity. All other repairs and maintenance activities are expensed when incurred. |
Goodwill and Other Intangibles | Goodwill and Other Intangibles Goodwill is the excess of cost over the fair value of net assets of businesses acquired. Goodwill is not amortized but is tested annually for impairment and whenever events or circumstances change that would make it more likely than not that an impairment may have occurred. We perform our annual impairment analysis as of the first day of the fourth quarter each year. The evaluation of impairment involves comparing the current estimated fair value of each reporting unit, which is a level below the reportable segment, to the recorded value, including goodwill. When appropriate, Nucor performs a qualitative assessment to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount. For certain reporting units, it is necessary to perform a quantitative analysis. In these instances, a discounted cash flow model is used to determine the current estimated fair value of these reporting units. A number of significant assumptions and estimates are involved in the application of the discounted cash flow model to forecast operating cash flows, including market growth and market share, sales volumes and prices, costs to produce, discount rate and estimated capital needs. Management considers historical experience and all available information at the time the fair values of its reporting units are estimated. Assumptions in estimating future cash flows are subject to a high degree of judgment and complexity. Changes in assumptions and estimates may affect the fair value of goodwill and could result in impairment charges in future periods. Finite-lived intangible assets are amortized over their estimated useful lives. |
Long-Lived Asset Impairments | Long-Lived Asset Impairments We evaluate our property, plant and equipment and finite-lived intangible assets for potential impairment on an individual asset basis or at the lowest level asset grouping for which independent cash flows can be separately identified. Asset impairments are assessed whenever circumstances indicate that the carrying amounts of those productive assets could exceed their projected undiscounted cash flows. When it is determined that impairment exists, the related assets are written down to their estimated fair market value. |
Equity Method Investments | Equity Method Investments Investments in joint ventures in which Nucor shares control over the financial and operating decisions but in which Nucor is not the primary beneficiary are accounted for under the equity method. Each of the Company’s equity method investments is subject to a review for impairment if, and when, circumstances indicate that a decline in value below its carrying amount may have occurred. Examples of such circumstances include, but are not limited to, a significant deterioration in the earnings performance or business prospects of the investee; missed financial projections; a significant adverse change in the regulatory, economic or technological environment of the investee; a significant adverse change in the general market condition of either the geographic area or the industry in which the investee operates; and recurring negative cash flows from operations. If management considers the decline to be other than temporary, the Company would write down the investment to its estimated fair market value. |
Derivative Financial Instruments | Derivative Financial Instruments Nucor uses derivative financial instruments from time to time primarily to partially manage its exposure to price risk related to natural gas purchases used in the production process and to changes in interest rates on outstanding debt instruments. Nucor also uses derivatives to hedge a portion of our scrap, copper and aluminum purchases and sales. In addition, Nucor periodically 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 consolidated balance sheets at fair value. Amounts included in accumulated other comprehensive income (loss) related to cash flow hedges are reclassified into earnings when the underlying transaction is recognized in net earnings. Changes in fair value hedges are reported in earnings along with changes in the fair value of the hedged items. When cash flow and fair value hedges affect net earnings, they are included on the same financial statement line as the underlying transaction (cost of products sold or interest expense). If these instruments do not meet hedge accounting criteria or contain ineffectiveness, the change in fair value (or a portion thereof) is recognized immediately in earnings in the same financial statement line as the underlying transaction. |
Revenue Recognition | Revenue Recognition Nucor recognizes revenue when persuasive evidence of a contractual arrangement exists, delivery has occurred, the sales price is fixed or determinable and collection is reasonably assured. Product is considered delivered to the customer once it has been shipped and title and risk of loss has been transferred. |
Income Taxes | Income Taxes Nucor utilizes the liability method of accounting for income taxes. Under the liability method, deferred taxes are determined based on the temporary differences between the financial statement and tax basis of assets and liabilities using tax rates expected to be in effect during the years in which the basis differences reverse. A valuation allowance is recorded when it is more likely than not that some of the deferred tax assets will not be realized. Nucor recognizes the effect of income tax positions only if those positions are more likely than not of being sustained. Potential accrued interest and penalties related to unrecognized tax benefits are recognized as a component of interest expense. Nucor’s intention is to permanently reinvest the earnings of certain foreign investments. Accordingly, no provisions have been made for taxes that may be payable upon remittance of such earnings. |
Stock-Based Compensation | Stock-Based Compensation The Company recognizes the cost of stock-based compensation as an expense using fair value measurement methods. The assumptions used to calculate the fair value of stock-based compensation granted are evaluated and revised, as necessary, to reflect market conditions and experience. |
Foreign Currency Translation | Foreign Currency Translation For Nucor’s operations where the functional currency is other than the U.S. dollar, assets and liabilities have been translated at year-end exchange rates, and income and expenses translated using average exchange rates for the respective periods. Adjustments resulting from the process of translating an entity’s financial statements into the U.S. dollar have been recorded in accumulated other comprehensive income (loss) and are included in net earnings only upon sale or liquidation of the underlying investments. Foreign currency transaction gains and losses are included in net earnings in the period they occur. |
Recently Adopted Accounting Pronouncements | Recently Adopted Accounting Pronouncements In the first quarter of 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 Company’s consolidated financial statements. In November 2015, new accounting guidance was issued that requires entities to present deferred tax assets and deferred tax liabilities, along with any related valuation allowance, as noncurrent in a balance sheet. The standard is effective for annual and interim periods beginning after December 15, 2016, with early adoption permitted. We have early adopted this new guidance prospectively beginning with the consolidated balance sheet at December 31, 2015. Prior periods were not retrospectively adjusted. |
Recently Issued Accounting Pronouncements | 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 August 2015, additional accounting guidance was issued that deferred the effective date of this new accounting guidance by one year. As a result, the amendments are effective for the Company for annual and interim reporting periods beginning after December 15, 2017. The Company is evaluating adoption methods and the impact the amendments will have on its 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 the Company 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 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. In September 2015, new accounting guidance was issued that requires an acquirer in a business combination to recognize adjustments to provisional amounts that are identified during the measurement period in the reporting period in which the adjustment amounts are determined. The standard is effective for the Company for 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. In January 2016, new accounting guidance was issued regarding the recognition and measurement of financial assets and financial liabilities. Changes to the current GAAP model primarily affect the accounting for equity investments, financial liabilities under the fair value option, and the presentation and disclosure requirements for financial instruments. In addition, the Financial Accounting Standards Board- clarified guidance related to the valuation allowance assessment when recognizing deferred tax assets resulting from unrealized losses on available-for-sale debt securities. The accounting for other financial instruments, such as loans, investments in debt securities, and financial liabilities is largely unchanged. The standard is effective for the Company for annual and interim periods beginning after December 15, 2017, and is not expected to have a material effect on the Company’s consolidated financial statements. |
Acquisitions and Dispositions (
Acquisitions and Dispositions (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Fair Values of Assets Acquired and Liabilities Assumed | The following table summarizes the fair values of the assets acquired and liabilities assumed of Gallatin as of the date of acquisition (in thousands): Cash $ 48,957 Accounts receivable 82,291 Inventory 101,692 Other current assets 5,117 Property, plant and equipment 483,007 Goodwill 94,737 Other intangible assets 67,150 Other assets 2,529 Total assets acquired 885,480 Current liabilities 104,315 Long-term debt 2,093 Total liabilities assumed 106,408 Net assets acquired $ 779,072 |
Gallatin Steel Company [Member] | |
Purchase Price Allocation of Identifiable Intangible Assets | The following table summarizes the purchase price allocation to the identifiable intangible assets of Gallatin as of the date of acquisition (in thousands, except years): Weighted - Average Life Customer relationships $ 58,250 20 years Trademarks and trade names 8,900 5 years $ 67,150 |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property, Plant and Equipment | (in thousands) December 31, 2015 2014 Land and improvements $ 585,057 $ 576,511 Buildings and improvements 1,033,610 1,018,342 Machinery and equipment 10,229,602 10,080,640 Proved oil and gas properties 586,362 584,466 Construction in process and equipment deposits 197,278 193,594 12,631,909 12,453,553 Less accumulated depreciation (7,740,756 ) (7,165,914 ) $ 4,891,153 $ 5,287,639 |
Goodwill and Other Intangible38
Goodwill and Other Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 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 years ended December 31, 2015 and 2014 by segment is as follows (in thousands): Steel Mills Steel Raw Total Balance, December 31, 2013 $ 495,897 $ 774,486 $ 703,225 $ 1,973,608 Acquisitions 98,505 — — 98,505 Translation — (30,112 ) — (30,112 ) Other — 311 26,352 26,663 Balance, December 31, 2014 594,402 744,685 729,577 2,068,664 Translation — (53,618 ) — (53,618 ) Other (3,768 ) — — (3,768 ) Balance, December 31, 2015 $ 590,634 $ 691,067 $ 729,577 $ 2,011,278 |
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): December 31, 2015 December 31, 2014 Gross Amount Accumulated Gross Accumulated Customer relationships $ 1,185,299 $ 517,817 $ 1,199,942 $ 454,353 Trademarks and trade names 155,864 57,756 158,584 48,356 Other 23,025 17,943 22,823 16,547 $ 1,364,188 $ 593,516 $ 1,381,349 $ 519,256 |
Debt and Other Financing Arra39
Debt and Other Financing Arrangements (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |
Schedule of Debt and Other Financing Arrangements | (in thousands) December 31, 2015 2014 Industrial revenue bonds: 0.17% to 0.42%, variable, due from 2015 to 2040 $ 1,010,600 $ 1,026,935 Notes, 5.75%, due 2017 600,000 600,000 Notes, 5.85%, due 2018 500,000 500,000 Notes, 4.125%, due 2022 600,000 600,000 Notes, 4.0%, due 2023 500,000 500,000 Notes, 6.40%, due 2037 650,000 650,000 Notes, 5.20%, due 2043 500,000 500,000 4,360,600 4,376,935 Less current maturities — (16,335 ) Total long-term debt due after one year $ 4,360,600 $ 4,360,600 |
Derivative Financial Instrume40
Derivative Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 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 Consolidated Balance Sheet Location 2015 2014 Asset derivatives not designated as hedging instruments: Commodity contracts Other current assets $ — $ 1,856 Foreign exchange contracts Other current assets 909 372 Total asset derivatives $ 909 $ 2,228 Liability derivatives designated as hedging instruments: Commodity contracts Accrued expenses and other current liabilities $ (15,700 ) $ (6,400 ) Commodity contracts Deferred credits and other liabilities (2,800 ) (6,300 ) Total liability derivatives designated as hedging instruments (18,500 ) (12,700 ) Liability derivatives not designated as hedging instruments: Commodity contracts Accrued expenses and other current liabilities (353 ) — Total liability derivatives not designated as hedging instruments (353 ) — Total liability derivatives $ (18,853 ) $ (12,700 ) |
Derivatives Designated as Hedging Instrument [Member] | |
Effect of Derivative Instruments on Consolidated Statements of Earnings | The Effect of Derivative Instruments on the Consolidated Statements of Earnings Derivatives Designated as Hedging Instruments (in thousands) Derivatives in Cash Flow Statement of Earnings Amount of Gain or (Loss), net of tax, on Derivatives (Effective Portion) Amount of Gain or (Loss), net of tax, Reclassified from Accumulated on Derivatives (Effective Portion) Amount of Gain or (Loss), net of tax, Recognized in Earnings on Derivatives (Ineffective Portion) Hedging Relationships Location 2015 2014 2013 2015 2014 2013 2015 2014 2013 Commodity contracts Cost of products sold $ (9,498 ) $ (8,542 ) $ — $ (5,798 ) $ (542 ) $ — $ — $ — $ — |
Derivatives Not Designated as Hedging Instrument [Member] | |
Effect of Derivative Instruments on Consolidated Statements of Earnings | Derivatives Not Designated as Hedging Instruments (in thousands) Derivatives Not Designated Statement of Earnings Amount of Gain or (Loss) as Hedging Instruments Location 2015 2014 2013 Commodity contracts Cost of products sold $ 2,894 $ 1,890 $ 4,622 Foreign exchange contracts Cost of products sold 2,392 748 112 Total $ 5,286 $ 2,638 $ 4,734 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Fair Value Disclosures [Abstract] | |
Schedule of Financial Assets and Liabilities Measured at Fair Value | The following table summarizes information regarding Nucor’s financial assets and liabilities that are measured at fair value as of December 31, 2015 and 2014 (in thousands). Nucor does not have any non-financial assets or liabilities that are measured at fair value on a recurring basis. Fair Value Measurements at Reporting Date Using Description Carrying Quoted Prices Significant Significant As of December 31, 2015 Assets: Cash equivalents $ 1,668,567 $ 1,668,567 $ — — Short-term investments 100,000 100,000 — — Foreign exchange contracts 909 — 909 — Total assets $ 1,769,476 $ 1,768,567 $ 909 $ — Liabilities: Commodity contracts $ (18,853 ) $ — $ (18,853 ) $ — 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) | 12 Months Ended |
Dec. 31, 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 is as follows: 2015 2014 (shares in thousands) 2013 Shares Weighted - Shares Weighted - Shares Weighted - Number of shares under option: Outstanding at beginning of year 2,422 $ 42.39 2,089 $ 40.47 1,543 $ 39.03 Granted 700 $ 47.59 469 $ 50.63 546 $ 44.51 Exercised (10 ) $ 42.34 (136 ) $ 41.30 — — Canceled (20 ) $ 50.63 — — — — Outstanding at end of year 3,092 $ 43.51 2,422 $ 42.39 2,089 $ 40.47 Options exercisable at end of year 1,531 $ 39.35 1,263 $ 40.40 1,012 $ 39.75 |
Summary of Stock Options Outstanding | The following table summarizes information about stock options outstanding at December 31, 2015: (shares in thousands) Options Outstanding Exercise Price Options Options Weighted- Average Remaining $35.76 689 689 6.4 years $41.43 242 242 4.4 years $42.34 520 520 5.4 years $44.51 506 80 7.4 years $47.59 700 — 9.4 years $50.63 435 — 8.4 years $35.76 - $50.63 3,092 1,531 7.2 years |
Schedule of Grant Date Fair Value Black-Scholes Option-Pricing Model Assumptions | The fair value was estimated using the Black-Scholes option-pricing model with the following assumptions: 2015 2014 2013 Exercise price $ 47.59 $ 50.63 $ 44.51 Expected dividend yield 3.13 % 2.92 % 3.30 % Expected stock price volatility 33.32 % 45.00 % 46.94 % Risk-free interest rate 1.86 % 2.03 % 1.51 % Expected life (in years) 6.5 6.5 6.5 |
Summary of Nucor's Restricted Stock Unit Activity | A summary of Nucor’s restricted stock unit activity is as follows: 2015 2014 (shares in thousands) 2013 Shares Grant Date Shares Grant Date Shares Grant Date Restricted stock units: Unvested at beginning of year 1,012 $ 45.98 1,122 $ 42.51 1,106 $ 40.80 Granted 790 $ 47.59 655 $ 50.63 789 $ 44.51 Vested (756 ) $ 44.99 (752 ) $ 44.90 (762 ) $ 42.15 Canceled (15 ) $ 46.61 (13 ) $ 42.66 (11 ) $ 39.08 Unvested at end of year 1,031 $ 47.93 1,012 $ 45.98 1,122 $ 42.51 Shares reserved for future grants (stock options and RSUs) 10,349 11,851 10,486 |
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 is as follows: 2015 2014 (shares in thousands) 2013 Shares Grant Date Shares Grant Date Shares Grant Date Restricted stock awards and units: Unvested at beginning of year 65 $ 48.20 73 $ 45.49 72 $ 43.72 Granted 136 $ 47.07 127 $ 50.35 122 $ 47.36 Vested (138 ) $ 47.15 (135 ) $ 48.76 (121 ) $ 46.32 Canceled — — — — — — Unvested at end of year 63 $ 48.07 65 $ 48.20 73 $ 45.49 Shares reserved for future grants 975 1,111 1,238 |
Interest Expense (Income) (Tabl
Interest Expense (Income) (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Interest Revenue (Expense), Net [Abstract] | |
Schedule of Components of Interest Expense, Net | The components of net interest expense are as follows (in thousands): Year Ended December 31, 2015 2014 2013 Interest expense $ 177,543 $ 174,142 $ 151,986 Interest income (4,012 ) (4,886 ) (5,091 ) Interest expense, net $ 173,531 $ 169,256 $ 146,895 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Components of Earnings (Losses) from Continuing Operations Before Income Taxes and Noncontrolling Interests | Components of earnings (losses) from continuing operations before income taxes and noncontrolling interests are as follows (in thousands): Year Ended December 31 2015 2014 2013 United States $ 875,038 $ 1,161,953 $ 755,921 Foreign (165,800 ) 42,624 35,202 $ 709,238 $ 1,204,577 $ 791,123 |
Provision for Income Taxes | The provision for income taxes consists of the following (in thousands): Year Ended December 31, 2015 2014 2013 Current: Federal $ 285,856 $ 247,898 $ 138,343 State 4,618 30,790 223 Foreign 5,198 19,235 10,464 Total current 295,672 297,923 149,030 Deferred: Federal (64,482 ) 94,991 36,157 State (6,041 ) 3,958 (39 ) Foreign (11,995 ) (8,085 ) 20,446 Total deferred (82,518 ) 90,864 56,564 Total provision for income taxes $ 213,154 $ 388,787 $ 205,594 |
Reconciliation of the Federal Statutory Tax Rate to Total Provisions | A reconciliation of the federal statutory tax rate (35%) to the total provision is as follows: Year Ended December 31, 2015 2014 2013 Taxes computed at statutory rate 35.00 % 35.00 % 35.00 % State income taxes, net of federal income tax benefit -0.32 % 3.32 % 0.02 % Federal research credit -0.50 % -0.27 % -0.79 % Domestic manufacturing deduction -3.40 % -2.27 % -1.74 % Equity in losses of foreign joint venture 0.98 % 0.85 % 1.36 % Impairment on investment in foreign joint venture 7.55 % — — Foreign rate differential -1.72 % -0.93 % -2.35 % Noncontrolling interests -6.84 % -2.96 % -4.32 % Out-of-period correction -1.37 % -1.10 % -2.57 % Other, net 0.67 % 0.64 % 1.38 % Provision for income taxes 30.05 % 32.28 % 25.99 % |
Deferred Tax Assets and Liabilities | Deferred tax assets and liabilities resulted from the following (in thousands): December 31, 2015 2014 Deferred tax assets: Accrued liabilities and reserves $ 209,854 $ 154,381 Allowance for doubtful accounts 12,912 24,741 Inventory 208,799 189,120 Post-retirement benefits 9,773 898 Commodity hedges 7,149 4,773 Net operating loss carryforward 14,690 9,880 Tax credit carryforwards 19,601 29,142 Total deferred tax assets 482,778 412,935 Deferred tax liabilities: Holdbacks and amounts not due under contracts (10,479 ) (14,945 ) Cumulative translation adjustments (3,325 ) (1,819 ) Intangibles (244,496 ) (236,618 ) Property, plant and equipment (673,676 ) (698,567 ) Total deferred tax liabilities (931,976 ) (951,949 ) Total net deferred tax liabilities $ (449,198 ) $ (539,014 ) |
Reconciliation of the Beginning and Ending Amounts of Unrecognized Tax Benefits | A reconciliation of the beginning and ending amounts of unrecognized tax benefits recorded in deferred credits and other liabilities is as follows (in thousands): December 31, 2015 2014 2013 Balance at beginning of year $ 63,001 $ 65,975 $ 80,862 Additions based on tax positions related to current year 6,508 6,295 4,849 Reductions based on tax positions related to current year — — (55 ) Additions based on tax positions related to prior years 241 5,673 2,307 Reductions based on tax positions related to prior years (13,294 ) (7,449 ) (6,248 ) Additions due to settlements with taxing authorities 930 — — Reductions due to statute of limitations lapse (6,876 ) (7,493 ) (15,740 ) Balance at end of year $ 50,510 $ 63,001 $ 65,975 |
Accumulated Other Comprehensi45
Accumulated Other Comprehensive (Loss) Income (Tables) | 12 Months Ended |
Dec. 31, 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): 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 (9,498 ) (205,397 ) 1,485 (213,410 ) Amounts reclassified from accumulated other comprehensive (loss) income into earnings (1) 5,798 2,700 (742 ) 7,756 Net current-period other comprehensive (loss) income (3,700 ) (202,697 ) 743 (205,654 ) December 31, 2015 $ (11,700 ) $ (351,665 ) $ 12,003 $ (351,362 ) (1) Includes $5,798 and ($742) net-of-tax impact of accumulated other comprehensive income reclassifications into cost of products sold for net losses on commodity contracts and adjustment to early retiree medical plan, respectively. The tax impacts of these reclassifications were $3,500 and ($414), respectively. Also includes $2,700 of accumulated other comprehensive income reclassification into marketing, administrative and other expenses for net losses on translation. The tax impact of the reclassification was $1,500. 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 (8,542 ) (141,530 ) (4,228 ) (154,300 ) Amounts reclassified from accumulated other comprehensive (loss) income into earnings (2) 542 — (1,030 ) (488 ) Net current-period other comprehensive (loss) income (8,000 ) (141,530 ) (5,258 ) (154,788 ) December 31, 2014 $ (8,000 ) $ (148,968 ) $ 11,260 $ (145,708 ) (2) Includes $542 and ($1,030) net-of-tax impact of accumulated other comprehensive income reclassifications into cost of products sold for net losses on commodity contracts and adjustment to early retiree medical plan, respectively. The tax impacts of these reclassifications were $200 and ($557), respectively. |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 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 data) 2015 2014 2013 Basic net earnings per share: Basic net earnings $ 357,659 $ 713,946 $ 488,025 Earnings allocated to participating securities (1,514 ) (2,321 ) (1,919 ) Net earnings available to common stockholders $ 356,145 $ 711,625 $ 486,106 Average shares outstanding 320,565 319,838 319,077 Basic net earnings per share $ 1.11 $ 2.22 $ 1.52 Diluted net earnings per share: Diluted net earnings $ 357,659 $ 713,946 $ 488,025 Earnings allocated to participating securities (1,514 ) (2,321 ) (1,919 ) Net earnings available to common stockholders $ 356,145 $ 711,625 $ 486,106 Diluted average shares outstanding: Basic shares outstanding 320,565 319,838 319,077 Dilutive effect of stock options and other 128 289 189 320,693 320,127 319,266 Diluted net earnings per share $ 1.11 $ 2.22 $ 1.52 |
Anti-Dilutive Stock Options | The following stock options were excluded from the computation of diluted net earnings per share because their effect would have been anti-dilutive (shares in thousands): 2015 2014 2013 Anti-dilutive stock options: Weighted average shares 1,226 — 137 Weighted average exercise price $ 47.20 $ — $ 44.51 |
Segments (Tables)
Segments (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Segment Reporting [Abstract] | |
Segments | Nucor’s results by segment are as follows (in thousands): Year Ended December 31, 2015 2014 2013 Net sales to external customers: Steel mills $ 11,084,331 $ 14,723,642 $ 13,311,948 Steel products 3,966,895 4,032,385 3,607,333 Raw materials 1,388,050 2,349,114 2,132,765 $ 16,439,276 $ 21,105,141 $ 19,052,046 Intercompany sales: Steel mills $ 2,152,157 $ 2,904,317 $ 2,563,554 Steel products 90,969 105,383 97,090 Raw materials 6,279,316 9,618,145 9,116,860 Corporate/eliminations (8,522,442 ) (12,627,845 ) (11,777,504 ) $ — $ — $ — Depreciation expense: Steel mills $ 381,352 $ 366,568 $ 332,258 Steel products 39,512 42,777 42,737 Raw materials 198,705 235,443 154,065 Corporate 6,188 7,212 6,792 $ 625,757 $ 652,000 $ 535,852 Amortization expense: Steel mills $ 18,789 $ 15,269 $ 13,911 Steel products 23,932 27,644 31,082 Raw materials 31,539 29,510 29,363 $ 74,260 $ 72,423 $ 74,356 Earnings (loss) before income taxes and noncontrolling interests: Steel mills $ 629,793 $ 1,594,352 $ 1,156,715 Steel products 276,048 166,323 82,129 Raw materials (283,938 ) (29,053 ) 13,686 Corporate/eliminations 87,335 (527,045 ) (461,407 ) $ 709,238 $ 1,204,577 $ 791,123 Segment assets: Steel mills $ 7,318,706 $ 8,528,623 $ 7,787,464 Steel products 2,485,122 2,731,320 2,710,597 Raw materials 3,123,190 3,858,254 3,896,331 Corporate/eliminations 1,323,381 497,730 808,891 $ 14,250,399 $ 15,615,927 $ 15,203,283 Capital expenditures: Steel mills $ 248,532 $ 343,767 $ 589,621 Steel products 41,291 27,262 22,472 Raw materials 74,607 197,252 610,745 Corporate 338 586 7,580 $ 364,768 $ 568,867 $ 1,230,418 |
Schedule of Net Sale by Product to External Customers | Net sales by product were as follows (in thousands). Further product group breakdown is impracticable. Year Ended December 31, 2015 2014 2013 Net sales to external customers: Sheet $ 4,628,805 $ 5,988,303 $ 5,219,464 Bar 3,005,450 4,051,171 3,730,328 Structural 2,137,413 2,617,196 2,558,538 Plate 1,312,663 2,066,972 1,803,618 Steel products 3,966,895 4,032,385 3,607,333 Raw materials 1,388,050 2,349,114 2,132,765 $ 16,439,276 $ 21,105,141 $ 19,052,046 |
Quarterly Information (Unaudi48
Quarterly Information (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of Quarterly Information | (in thousands, except per share data) Year Ended December 31, 2015 First Quarter Second Quarter Third Quarter Fourth Quarter Net sales $ 4,399,440 $ 4,357,609 $ 4,225,514 $ 3,456,713 Gross margin (1) 288,282 386,306 523,836 382,838 Net earnings (loss) (2) 84,292 159,344 267,736 (15,288 ) Net earnings (loss) attributable to Nucor stockholders (2) 67,800 124,755 227,126 (62,022 ) Net earnings (loss) per share: Basic 0.21 0.39 0.71 (0.19 ) Diluted 0.21 0.39 0.71 (0.19 ) (in thousands, except per share data) Year Ended December 31, 2014 First Quarter Second Quarter Third Quarter Fourth Quarter Net sales $ 5,108,444 $ 5,291,075 $ 5,701,869 $ 5,003,753 Gross margin (3) 377,202 415,867 599,586 513,871 Net earnings (4) 129,696 166,935 274,201 244,958 Net earnings attributable to Nucor stockholders (4) 111,031 147,041 245,447 210,427 Net earnings per share: Basic 0.35 0.46 0.76 0.66 Diluted 0.35 0.46 0.76 0.65 (1) Nucor incurred a LIFO credit of $16.5 million in the first quarter, a LIFO credit of $95.5 million in the second quarter, a LIFO credit of $137.0 million in the third quarter and a LIFO credit of $217.8 million in the fourth quarter. (2) Second quarter results include a $9.3 million benefit related to state tax credits. Third quarter results were impacted by an out-of-period non-cash gain of $10.2 million related to a correction of deferred tax balances. Fourth quarter results were impacted by a $153.0 million impairment charge related to our Duferdofin Nucor S.r.l. joint venture and an $84.1 million pre-tax impairment charge on assets related to the blast furnace project at the St. James Parish site. (3) Nucor incurred a LIFO charge of $14.5 million in the first quarter, no charge or credit recorded in the second quarter, a LIFO credit of $14.5 million in the third quarter and a LIFO credit of $57.3 million in the fourth quarter. Nucor incurred $8.9 million in inventory-related purchase accounting adjustments in the fourth quarter associated with the acquisition of Gallatin. (4) First quarter results include a $12.8 million charge related to tax legislation changes in the state of New York and a $9.0 million pre-tax charge related to the disposal of assets within the steel mills segment. Third quarter results include a $12.5 million pre-tax charge related to the partial write down of assets within the steel mills segment. Fourth quarter results include a $9.2 million out-of-period non-cash gain related to a correction to tax balances. |
Nature of Operations and Basi49
Nature of Operations and Basis of Presentation - Additional Information (Detail) | Dec. 31, 2015 |
Nucor-Yamato Steel Company [Member] | |
Summary Of Organization And Operations [Line Items] | |
Majority ownership percentage | 51.00% |
Summary of Significant Accoun50
Summary of Significant Accounting Policies - Additional Information (Detail) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Accounting Policies [Abstract] | ||
Cash equivalents original maturity period | Three months or less | |
Inventories valued using the last-in, first-out | 48.00% | 43.00% |
Acquisitions and Dispositions -
Acquisitions and Dispositions - Additional Information (Detail) $ in Thousands | Oct. 08, 2014USD ($)T | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) |
Business Acquisition [Line Items] | ||||
Goodwill attributed to the expected synergies | $ 2,011,278 | $ 2,068,664 | $ 1,973,608 | |
Business acquisition purchase price | 19,089 | 768,581 | ||
Gallatin Steel Company [Member] | ||||
Business Acquisition [Line Items] | ||||
Business acquisition purchase price | $ 779,100 | |||
Approximate amount of commercial paper issued | $ 300,000 | |||
Annual production capacity | T | 1,800,000 | |||
Goodwill attributed to the expected synergies | $ 94,737 | |||
Other Minor Acquisitions [Member] | ||||
Business Acquisition [Line Items] | ||||
Business acquisition purchase price | 19,100 | 38,500 | 0 | |
Steel Mills [Member] | ||||
Business Acquisition [Line Items] | ||||
Goodwill attributed to the expected synergies | $ 590,634 | $ 594,402 | $ 495,897 | |
Steel Mills [Member] | Gallatin Steel Company [Member] | ||||
Business Acquisition [Line Items] | ||||
Goodwill attributed to the expected synergies | 94,700 | |||
Goodwill expected to be deductible for tax purposes | $ 98,100 |
Acquisitions and Dispositions52
Acquisitions and Dispositions - Fair Values of Assets Acquired and Liabilities Assumed (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Oct. 08, 2014 | Dec. 31, 2013 |
Business Acquisition [Line Items] | ||||
Goodwill | $ 2,011,278 | $ 2,068,664 | $ 1,973,608 | |
Gallatin Steel Company [Member] | ||||
Business Acquisition [Line Items] | ||||
Cash | $ 48,957 | |||
Accounts receivable | 82,291 | |||
Inventory | 101,692 | |||
Other current assets | 5,117 | |||
Property, plant and equipment | 483,007 | |||
Goodwill | 94,737 | |||
Other intangible assets | 67,150 | |||
Other assets | 2,529 | |||
Total assets acquired | 885,480 | |||
Current liabilities | 104,315 | |||
Long-term debt | 2,093 | |||
Total liabilities assumed | 106,408 | |||
Net assets acquired | $ 779,072 |
Acquisitions and Dispositions53
Acquisitions and Dispositions - Purchase Price Allocation of Identifiable Intangible Assets (Detail) - Gallatin Steel Company [Member] $ in Thousands | Oct. 08, 2014USD ($) |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Intangible assets | $ 67,150 |
Gallatin [Member] | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Intangible assets | 67,150 |
Gallatin [Member] | Customer Relationships [Member] | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Intangible assets | $ 58,250 |
Weighted - Average Life | 20 years |
Gallatin [Member] | Trademarks and Trade Names [Member] | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Intangible assets | $ 8,900 |
Weighted - Average Life | 5 years |
Short-term Investments - Additi
Short-term Investments - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Short-term Investments [Abstract] | |||
Short-term investments held | $ 100,000,000 | $ 100,000,000 | |
Realized or unrealized gains or losses | $ 0 | $ 0 | $ 0 |
Contractual maturities year of all outstanding fixed term deposits and certificates of deposit | 2,016 |
Accounts Receivable - Additiona
Accounts Receivable - Additional Information (Detail) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Accounts Receivable, Net [Abstract] | |||
Allowance for doubtful accounts receivable | $ 43.2 | $ 65.4 | $ 58.3 |
Inventories - Additional Inform
Inventories - Additional Information (Detail) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Inventory Disclosure [Abstract] | ||
Raw materials and supplies in inventory, percentage | 38.00% | 40.00% |
Finished and semi-finished products in inventory, percentage | 62.00% | 60.00% |
Increased value of inventory if FIFO method had been used | $ 100.6 | $ 567.4 |
Lower of cost or market adjustments | $ 5.1 | $ 2.7 |
Property, Plant and Equipment -
Property, Plant and Equipment - Schedule of Property, Plant and Equipment (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 12,631,909 | $ 12,453,553 |
Less accumulated depreciation | (7,740,756) | (7,165,914) |
Property, plant and equipment, net, total | 4,891,153 | 5,287,639 |
Land and Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 585,057 | 576,511 |
Buildings and Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 1,033,610 | 1,018,342 |
Machinery and Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 10,229,602 | 10,080,640 |
Proved Oil and Gas Properties [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 586,362 | 584,466 |
Construction in Process and Equipment Deposits [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 197,278 | $ 193,594 |
Property, Plant and Equipment58
Property, Plant and Equipment - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Property, Plant and Equipment [Line Items] | ||||
Property, plant and equipment net of accumulated depreciation, under a capital lease agreement | $ 20,300 | $ 20,300 | $ 22,800 | |
Gross property, plant and equipment acquired under capital lease | 25,400 | 25,400 | ||
Total obligations associated with capital lease agreement | 21,000 | 21,000 | 23,200 | |
Capital lease obligations classified in accrued expenses and other current liabilities | 2,300 | 2,300 | 2,200 | |
Capital lease obligations classified in deferred credits and other liabilities | 18,700 | 18,700 | 21,000 | |
Initial payments from insurance receivables | 10,300 | |||
Property, plant and equipment, net | 4,891,153 | 4,891,153 | 5,287,639 | |
Interest expenses capitalized | 300 | $ 2,900 | $ 10,900 | |
First of Three Storage Domes [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Property plant and equipment written down | 21,000 | |||
Inventory written down | 7,000 | |||
Insurance receivable | 14,000 | |||
First of Three Storage Domes [Member] | Impairments And Losses On Assets [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Property plant and equipment written down | $ 14,000 | |||
Three Iron Ore Storage Domes [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Insurance receivable | 15,400 | 15,400 | ||
Two Remaining Storage Domes [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Property plant and equipment written down | 19,400 | |||
Insurance receivable | 11,700 | 11,700 | ||
Two Remaining Storage Domes [Member] | Impairments And Losses On Assets [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Property plant and equipment written down | $ 7,700 | |||
Land and Improvements [Member] | Minimum [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Estimated useful lives range | 5 years | |||
Land and Improvements [Member] | Maximum [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Estimated useful lives range | 25 years | |||
Buildings and Improvements [Member] | Minimum [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Estimated useful lives range | 4 years | |||
Buildings and Improvements [Member] | Maximum [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Estimated useful lives range | 40 years | |||
Machinery and Equipment [Member] | Minimum [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Estimated useful lives range | 2 years | |||
Machinery and Equipment [Member] | Maximum [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Estimated useful lives range | 15 years | |||
Group Of Wells Assets With Carrying Value Closest To Its Undiscounted Cash Flows [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Property, plant and equipment, net | 87,200 | $ 87,200 | ||
Raw Materials Segment [Member] | Assets Related to Blast Furnace Project at St. James Parish site [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Property plant and equipment written down | $ 84,100 |
Restricted Cash and Investmen59
Restricted Cash and Investments - Additional Information (Detail) - USD ($) | Nov. 30, 2010 | Dec. 31, 2013 | Dec. 31, 2015 | Dec. 31, 2014 |
Restricted Cash and Investments [Line Items] | ||||
Qualified expenditure for construction of facility | $ 275,300,000 | |||
Restricted cash or investment | $ 0 | $ 0 | ||
30-Year Variable Rate Gulf Opportunity Zone Bonds [Member] | ||||
Restricted Cash and Investments [Line Items] | ||||
Debt instrument face amount | $ 600,000,000 | |||
Term of variable rate bonds, years | 30 years |
Goodwill and Other Intangible60
Goodwill and Other Intangible Assets - Schedule of Change in Net Carrying Amount of Goodwill by Segment (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Goodwill [Line Items] | ||
Balance, beginning of period | $ 2,068,664 | $ 1,973,608 |
Acquisitions | 98,505 | |
Translation | (53,618) | (30,112) |
Other | (3,768) | 26,663 |
Balance, end of period | 2,011,278 | 2,068,664 |
Steel Mills [Member] | ||
Goodwill [Line Items] | ||
Balance, beginning of period | 594,402 | 495,897 |
Acquisitions | 98,505 | |
Other | (3,768) | |
Balance, end of period | 590,634 | 594,402 |
Steel Products [Member] | ||
Goodwill [Line Items] | ||
Balance, beginning of period | 744,685 | 774,486 |
Translation | (53,618) | (30,112) |
Other | 311 | |
Balance, end of period | 691,067 | 744,685 |
Raw Materials [Member] | ||
Goodwill [Line Items] | ||
Balance, beginning of period | 729,577 | 703,225 |
Translation | 0 | |
Other | 0 | 26,352 |
Balance, end of period | $ 729,577 | $ 729,577 |
Goodwill and Other Intangible61
Goodwill and Other Intangible Assets - Additional Information (Detail) - USD ($) | 3 Months Ended | 12 Months Ended | ||||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Finite And Indefinite Lived Intangible Assets [Line Items] | ||||||
Other changes | $ (3,768,000) | $ 26,663,000 | ||||
Intangible asset amortization expense | 74,300,000 | $ 72,400,000 | $ 74,400,000 | |||
Future amortization expense, in 2016 | $ 70,900,000 | 70,900,000 | ||||
Future amortization expense, in 2017 | 68,700,000 | 68,700,000 | ||||
Future amortization expense, in 2018 | 65,900,000 | 65,900,000 | ||||
Future amortization expense, in 2019 | 63,400,000 | 63,400,000 | ||||
Future amortization expense, in 2020 | 61,000,000 | $ 61,000,000 | ||||
Impairment of goodwill | $ 0 | $ 0 | $ 0 | |||
Increase in Goodwill Due to Correction of Deferred Tax [Member] | ||||||
Finite And Indefinite Lived Intangible Assets [Line Items] | ||||||
Other changes | $ 26,400,000 | |||||
Minimum [Member] | ||||||
Finite And Indefinite Lived Intangible Assets [Line Items] | ||||||
Intangible assets, useful life | 5 years | |||||
Maximum [Member] | ||||||
Finite And Indefinite Lived Intangible Assets [Line Items] | ||||||
Intangible assets, useful life | 22 years |
Goodwill and Other Intangible62
Goodwill and Other Intangible Assets - Schedule of Intangible Assets (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets, Gross Amount | $ 1,364,188 | $ 1,381,349 |
Intangible assets, Accumulated Amortization | 593,516 | 519,256 |
Customer Relationships [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets, Gross Amount | 1,185,299 | 1,199,942 |
Intangible assets, Accumulated Amortization | 517,817 | 454,353 |
Trademarks and Trade Names [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets, Gross Amount | 155,864 | 158,584 |
Intangible assets, Accumulated Amortization | 57,756 | 48,356 |
Other [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets, Gross Amount | 23,025 | 22,823 |
Intangible assets, Accumulated Amortization | $ 17,943 | $ 16,547 |
Equity Investments - Additional
Equity Investments - Additional Information (Detail) $ in Thousands, € in Millions | 3 Months Ended | 12 Months Ended | ||||
Dec. 31, 2015USD ($) | Dec. 31, 2015USD ($)Sheet | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | Dec. 31, 2015EUR (€) | Dec. 31, 2014EUR (€) | |
Schedule of Equity Method Investments [Line Items] | ||||||
Equity method investment | $ 746,600 | $ 746,600 | $ 872,500 | |||
Amortization expense due to fair value step-up | 74,260 | 72,423 | $ 74,356 | |||
Distributions from affiliates | 15,132 | 53,738 | 8,708 | |||
Duferdofin Nucor S.r.l. [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Equity method investment | $ 258,200 | $ 258,200 | 412,900 | |||
Period used for lag basis, in months | 1 month | |||||
Equity method investment, ownership percentage | 50.00% | 50.00% | 50.00% | |||
Equity method investments, share of net assets | $ 93,000 | $ 93,000 | ||||
Basis difference due to the step-up to fair value of certain assets and liabilities | 165,200 | 165,200 | ||||
Step-up to fair value of equity method investment, portion related to identification of goodwill | 84,100 | |||||
Amortization expense due to fair value step-up | 8,800 | 10,500 | 11,200 | |||
Due from related parties, noncurrent | 38,200 | $ 38,200 | 42,500 | € 35 | € 35 | |
Notes receivable, related parties, interest rate | 1.14% | |||||
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 | |||||
Impairment charge against investment | 153,000 | |||||
NuMit LLC [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Equity method investment | $ 314,500 | $ 314,500 | 301,500 | |||
Period used for lag basis, in months | 1 month | |||||
Equity method investment, ownership percentage | 50.00% | 50.00% | 50.00% | |||
Distributions from affiliates | $ 13,100 | 52,700 | $ 6,700 | |||
Steel Technologies LLC [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Equity method investment, ownership percentage | 100.00% | 100.00% | 100.00% | |||
Number of sheet processing facilities operated by Steel Technologies | Sheet | 25 | |||||
Hunter Ridge Energy Services LLC [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Equity method investment | $ 135,900 | $ 135,900 | 138,600 | |||
Period used for lag basis, in months | 1 month | |||||
Equity method investment, ownership percentage | 50.00% | 50.00% | 50.00% | |||
Facility A [Member] | Duferdofin Nucor S.r.l. [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Equity method investments credit facilities, amount | $ 133,600 | $ 133,600 | € 122.5 | |||
Total amount outstanding under equity method investments credit facilities | $ 129,800 | $ 129,800 | 129,900 | € 119 | 107 | |
Standby Medium Long Term Credit Facility [Member] | Duferdofin Nucor S.r.l. [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Total amount outstanding under equity method investments credit facilities | $ 72,800 | € 60 | ||||
Guarantor obligation percentage of exposure in case of default | 50.00% | 50.00% | 50.00% | |||
Structured Trade Finance Facilities [Member] | Facility A [Member] | Duferdofin Nucor S.r.l. [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Guarantor obligation percentage of exposure in case of default | 50.00% | 50.00% | 50.00% | |||
Line of credit facility, maturity period | Oct. 12, 2018 |
Current Liabilities - Additiona
Current Liabilities - Additional Information (Detail) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Liabilities, Current [Abstract] | ||
Book overdrafts | $ 62.8 | $ 107.9 |
Dividends payable, current | 120.2 | 119.7 |
Accrued vacation and holiday pay | $ 80.4 | $ 75.3 |
Debt and Other Financing Arra65
Debt and Other Financing Arrangements - Schedule of Debt and Other Financing Arrangements (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Debt Instrument [Line Items] | ||
Long-term Debt | $ 4,360,600 | $ 4,376,935 |
Less current maturities | (16,335) | |
Total long-term debt due after one year | 4,360,600 | 4,360,600 |
Notes, 5.75%, Due 2017 [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument face amount | 600,000 | 600,000 |
Notes, 5.85%, Due 2018 [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument face amount | 500,000 | 500,000 |
Notes, 4.125%, Due 2022 [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument face amount | 600,000 | 600,000 |
Notes, 4.0%, Due 2023 [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument face amount | 500,000 | 500,000 |
Notes, 6.40%, Due 2037 [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument face amount | 650,000 | 650,000 |
Notes, 5.20%, Due 2043 [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument face amount | 500,000 | 500,000 |
Industrial Revenue Bonds [Member] | Zero Point One Seven Percent To Zero Point Four Two Percent Variable Due From Two Thousand Fifteen To Two Thousand Forty [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument face amount | $ 1,010,600 | $ 1,026,935 |
Debt and Other Financing Arra66
Debt and Other Financing Arrangements - Schedule of Debt and Other Financing Arrangements (Parenthetical) (Detail) | 12 Months Ended |
Dec. 31, 2015 | |
Notes, 5.75%, Due 2017 [Member] | |
Debt Instrument [Line Items] | |
Debt instrument interest rate | 5.75% |
Debt instrument - maturity year | 2,017 |
Notes, 5.85%, Due 2018 [Member] | |
Debt Instrument [Line Items] | |
Debt instrument interest rate | 5.85% |
Debt instrument - maturity year | 2,018 |
Notes, 4.125%, Due 2022 [Member] | |
Debt Instrument [Line Items] | |
Debt instrument interest rate | 4.125% |
Debt instrument - maturity year | 2,022 |
Notes, 4.0%, Due 2023 [Member] | |
Debt Instrument [Line Items] | |
Debt instrument interest rate | 4.00% |
Debt instrument - maturity year | 2,023 |
Notes, 6.40%, Due 2037 [Member] | |
Debt Instrument [Line Items] | |
Debt instrument interest rate | 6.40% |
Debt instrument - maturity year | 2,037 |
Notes, 5.20%, Due 2043 [Member] | |
Debt Instrument [Line Items] | |
Debt instrument interest rate | 5.20% |
Debt instrument - maturity year | 2,043 |
Zero Point One Seven Percent To Zero Point Four Two Percent Variable Due From Two Thousand Fifteen To Two Thousand Forty [Member] | Industrial Revenue Bonds [Member] | |
Debt Instrument [Line Items] | |
Debt instrument interest rate - minimum | 0.17% |
Debt instrument interest rate - maximum | 0.42% |
Debt instrument - maturity year - start | 2,015 |
Debt instrument - maturity year - end | 2,040 |
Debt and Other Financing Arra67
Debt and Other Financing Arrangements - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Oct. 31, 2014 | |
Debt Instrument [Line Items] | |||
Annual aggregate long-term debt maturities - 2016 | $ 0 | ||
Annual aggregate long-term debt maturities - 2017 | 600,000,000 | ||
Annual aggregate long-term debt maturities - 2018 | 500,000,000 | ||
Annual aggregate long-term debt maturities - 2019 | 0 | ||
Annual aggregate long-term debt maturities - 2020 | 20,000,000 | ||
Annual aggregate long-term debt maturities - thereafter | 3,241,000,000 | ||
Issuance of Commercial Papers | $ 0 | $ 151,400,000 | |
Ratio funded debt to total capital | 36.00% | ||
Harris Steel [Member] | |||
Debt Instrument [Line Items] | |||
Credit facility availability | $ 25,100,000 | ||
Credit facilities, amount outstanding | 0 | 1,500,000 | |
Nucor Trading S.A. [Member] | |||
Debt Instrument [Line Items] | |||
Credit facilities, amount outstanding | 51,300,000 | 54,600,000 | |
Revolving Credit Facility [Member] | |||
Debt Instrument [Line Items] | |||
Credit facility availability | $ 1,500,000,000 | ||
Unsecured revolving credit facility, Expiration date | 2018-08 | ||
Credit facility availability | $ 500,000,000 | ||
Ratio on the limit of funded debt to capital on credit facility | 60.00% | ||
Credit facilities, amount outstanding | $ 0 | 0 | |
Letter of Credit [Member] | |||
Debt Instrument [Line Items] | |||
Credit facility availability | 500,000,000 | ||
Letter of Credit [Member] | Nucor Trading S.A. [Member] | |||
Debt Instrument [Line Items] | |||
Credit facilities, amount outstanding | 58,000,000 | $ 42,200,000 | |
Foreign Currency Loans [Member] | Revolving Credit Facility [Member] | |||
Debt Instrument [Line Items] | |||
Credit facility availability | 850,000,000 | ||
Revolving Loans For Nucor Subsidiaries [Member] | Revolving Credit Facility [Member] | |||
Debt Instrument [Line Items] | |||
Credit facility availability | $ 500,000,000 | ||
Maximum [Member] | Commercial Paper [Member] | |||
Debt Instrument [Line Items] | |||
Debt instrument maturity | 90 days | ||
Gallatin [Member] | |||
Debt Instrument [Line Items] | |||
Issuance of Commercial Papers | $ 300,000,000 |
Capital Stock - Additional Info
Capital Stock - Additional Information (Detail) - USD ($) | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2015 | |
Equity [Abstract] | ||||
The par value of common stock | $ 0.40 | |||
Common stock shares authorized | 800,000,000 | 800,000,000 | ||
Preferred stock shares authorized | 250,000 | |||
Preferred stock par value per share | $ 4 | |||
Preferred stock shares issued | 0 | |||
Preferred stock shares outstanding | 0 | |||
Repurchase of common stock | $ 66,505,000 | $ 0 | $ 0 | |
Stock repurchase program,amount authorized | $ 900,000,000 |
Derivative Financial Instrume69
Derivative Financial Instruments - Fair Values of Derivative Instruments (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Derivatives, Fair Value [Line Items] | ||
Derivative Liabilities, Fair Value | $ (18,853) | $ (12,700) |
Derivatives Designated as Hedging Instrument [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liabilities, Fair Value | (18,500) | (12,700) |
Derivatives Not Designated as Hedging Instrument [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Assets, Fair Value | 909 | 2,228 |
Derivative Liabilities, Fair Value | (353) | |
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 | (15,700) | (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 | (2,800) | (6,300) |
Commodity Contracts [Member] | Derivatives Not Designated as Hedging Instrument [Member] | Accrued Expenses and Other Current Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liabilities, Fair Value | (353) | |
Commodity Contracts [Member] | Derivatives Not Designated as Hedging Instrument [Member] | Other Current Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Assets, Fair Value | 1,856 | |
Foreign Exchange Contracts [Member] | Derivatives Not Designated as Hedging Instrument [Member] | Other Current Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Assets, Fair Value | $ 909 | $ 372 |
Derivative Financial Instrume70
Derivative Financial Instruments - Effect of Derivative Instruments on Consolidated Statements of Earnings (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of Gain or (Loss), net of tax, Recognized in OCI on Derivatives (Effective Portion) | $ (9,498) | $ (8,542) | |
Amount of Gain or (Loss), net of tax, Reclassified from Accumulated OCI into Earnings on Derivatives (Effective Portion) | (5,798) | (542) | |
Derivatives Not Designated as Hedging Instrument [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of Gain or (Loss) Recognized in Earnings on Derivatives | 5,286 | 2,638 | $ 4,734 |
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) | (5,798) | (542) | |
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 | 2,894 | 1,890 | 4,622 |
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) | (9,498) | (8,542) | |
Amount of Gain or (Loss), net of tax, Reclassified from Accumulated OCI into Earnings on Derivatives (Effective Portion) | (5,798) | (542) | |
Amount of Gain or (Loss) net of tax, Recognized in Earnings on Derivatives (Ineffective Portion) | 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 | $ 2,392 | $ 748 | $ 112 |
Derivative Financial Instrume71
Derivative Financial Instruments - Additional Information (Detail) MMBTU in Millions | Dec. 31, 2015MMBTU |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Notional amount of commodity derivatives | 13.8 |
Fair Value Measurements - Sched
Fair Value Measurements - Schedule of Financial Assets and Liabilities Measured at Fair Value (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Short-term investments | $ 100,000 | $ 100,000 | |
Total assets | 14,250,399 | 15,615,927 | $ 15,203,283 |
Commodity contracts | (18,853) | (12,700) | |
Reported Value Measurement [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Cash equivalents | 1,668,567 | 861,656 | |
Short-term investments | 100,000 | 100,000 | |
Foreign exchange and commodity contracts | 909 | 2,228 | |
Total assets | 1,769,476 | 963,884 | |
Commodity contracts | (18,853) | (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 | 1,668,567 | 861,656 | |
Short-term investments | 100,000 | 100,000 | |
Total assets | 1,768,567 | 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 | 909 | 2,228 | |
Total assets | 909 | 2,228 | |
Commodity contracts | $ (18,853) | $ (12,700) |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Detail) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Fair Value Disclosures [Abstract] | ||
Fair value of short-term and long-term debt, including current maturities | $ 4,470 | $ 4,970 |
Contingencies - Additional Info
Contingencies - Additional Information (Detail) $ in Millions | Jun. 01, 2014USD ($) | Mar. 25, 2014USD ($) | Dec. 31, 2015USD ($)Manufacturers_DistributorsComplaintsDefendant | Nov. 24, 2015USD ($) | Dec. 31, 2014USD ($) |
Loss Contingencies [Line Items] | |||||
Accrual for environmental loss contingencies, gross | $ 21.1 | $ 27.2 | |||
Accrued environmental loss contingencies, current | 9.7 | 11.3 | |||
Accrued environmental loss contingencies, noncurrent | $ 11.4 | $ 15.9 | |||
Northern District of Illinois [Member] | |||||
Loss Contingencies [Line Items] | |||||
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 | ||||
Southern District of Texas [Member] | |||||
Loss Contingencies [Line Items] | |||||
Damages against all defendants jointly and severally | $ 160.8 | $ 52 | |||
Practical estimable exposure | $ 0 | $ 40 |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Detail) | 12 Months Ended | ||
Dec. 31, 2015USD ($)$ / sharesInstallmentAnniversaries | Dec. 31, 2014USD ($)$ / shares | Dec. 31, 2013USD ($)$ / shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock options exercise prices as percentage of the market value on the date of the grant | 100.00% | ||
Total intrinsic value of options exercised | $ 100,000 | $ 2,000,000 | $ 0 |
Total aggregate intrinsic value of options | 3,100,000 | ||
Total aggregate intrinsic value of option exercisable | $ 3,100,000 | ||
Grant date fair value of options granted | $ / shares | $ 11.71 | $ 17.48 | $ 15.03 |
Compensation expenses for stock options | $ 7,400,000 | $ 7,700,000 | $ 8,600,000 |
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 | $ 1,300,000 | ||
Weighted-average recognition period for unrecognized compensation expense related to stock (years) | 2 years 2 months 12 days | ||
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 | $ 31,300,000 | ||
Weighted-average recognition period for unrecognized compensation expense related to stock (years) | 2 years 1 month 6 days | ||
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 | $ 34,800,000 | 32,600,000 | 32,600,000 |
Total fair value of shares, vested | $ 35,800,000 | 38,100,000 | 34,100,000 |
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% | ||
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 | $ 800,000 | ||
Weighted-average recognition period for unrecognized compensation expense related to stock (years) | 1 year 7 months 6 days | ||
Compensation expense | $ 3,400,000 | 6,100,000 | 6,300,000 |
Total fair value of shares, vested | $ 6,500,000 | $ 6,800,000 | $ 5,700,000 |
Stock-Based Compensation - Sche
Stock-Based Compensation - Schedule of Stock Option Plans Activity (Detail) - $ / shares shares in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||
Outstanding at beginning of year, Shares | 2,422 | 2,089 | 1,543 |
Granted, Shares | 700 | 469 | 546 |
Exercised, Shares | (10) | (136) | |
Canceled, Shares | (20) | ||
Outstanding at end of year, Shares | 3,092 | 2,422 | 2,089 |
Options exercisable at end of year, Shares | 1,531 | 1,263 | 1,012 |
Outstanding at beginning of year, Weighted - Average Exercise Price | $ 42.39 | $ 40.47 | $ 39.03 |
Granted, Weighted - Average Exercise Price | 47.59 | 50.63 | 44.51 |
Exercised, Weighted - Average Exercise Price | 42.34 | 41.30 | |
Canceled, Weighted - Average Exercise Price | 50.63 | ||
Outstanding at end of period, Weighted - Average Exercise Price | 43.51 | 42.39 | 40.47 |
Options exercisable at end of year, Weighted - Average Exercise Price | $ 39.35 | $ 40.40 | $ 39.75 |
Stock-Based Compensation - Summ
Stock-Based Compensation - Summary of Stock Options Outstanding (Detail) shares in Thousands | 12 Months Ended |
Dec. 31, 2015$ / sharesshares | |
$35.76 [Member] | |
Schedule Of Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding By Exercise Price [Line Items] | |
Exercise Price | $ / shares | $ 35.76 |
Options Outstanding | 689 |
Options Exercisable | 689 |
Weighted-Average Remaining Contractual Life | 6 years 4 months 24 days |
$41.43 [Member] | |
Schedule Of Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding By Exercise Price [Line Items] | |
Exercise Price | $ / shares | $ 41.43 |
Options Outstanding | 242 |
Options Exercisable | 242 |
Weighted-Average Remaining Contractual Life | 4 years 4 months 24 days |
$42.34 [Member] | |
Schedule Of Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding By Exercise Price [Line Items] | |
Exercise Price | $ / shares | $ 42.34 |
Options Outstanding | 520 |
Options Exercisable | 520 |
Weighted-Average Remaining Contractual Life | 5 years 4 months 24 days |
$44.51 [Member] | |
Schedule Of Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding By Exercise Price [Line Items] | |
Exercise Price | $ / shares | $ 44.51 |
Options Outstanding | 506 |
Options Exercisable | 80 |
Weighted-Average Remaining Contractual Life | 7 years 4 months 24 days |
$47.59 [Member] | |
Schedule Of Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding By Exercise Price [Line Items] | |
Exercise Price | $ / shares | $ 47.59 |
Options Outstanding | 700 |
Weighted-Average Remaining Contractual Life | 9 years 4 months 24 days |
$50.63 [Member] | |
Schedule Of Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding By Exercise Price [Line Items] | |
Exercise Price | $ / shares | $ 50.63 |
Options Outstanding | 435 |
Weighted-Average Remaining Contractual Life | 8 years 4 months 24 days |
$35.76 - $50.63 [Member] | |
Schedule Of Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding By Exercise Price [Line Items] | |
Options Outstanding | 3,092 |
Options Exercisable | 1,531 |
Weighted-Average Remaining Contractual Life | 7 years 2 months 12 days |
$35.76 - $50.63 [Member] | Minimum [Member] | |
Schedule Of Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding By Exercise Price [Line Items] | |
Exercise Price | $ / shares | $ 35.76 |
$35.76 - $50.63 [Member] | Maximum [Member] | |
Schedule Of Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding By Exercise Price [Line Items] | |
Exercise Price | $ / shares | $ 50.63 |
Stock-Based Compensation - Sc78
Stock-Based Compensation - Schedule of Grant Date Fair Value Black-Scholes Option-Pricing Model Assumptions (Detail) - $ / shares | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||
Exercise price | $ 47.59 | $ 50.63 | $ 44.51 |
Expected dividend yield | 3.13% | 2.92% | 3.30% |
Expected stock price volatility | 33.32% | 45.00% | 46.94% |
Risk-free interest rate | 1.86% | 2.03% | 1.51% |
Expected life (in years) | 6 years 6 months | 6 years 6 months | 6 years 6 months |
Stock-Based Compensation - Su79
Stock-Based Compensation - Summary of Nucor's Restricted Stock Unit Activity (Detail) - $ / shares shares in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Restricted Stock Units [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Unvested at beginning of year, Shares | 1,012 | 1,122 | 1,106 |
Granted, Shares | 790 | 655 | 789 |
Vested, Shares | (756) | (752) | (762) |
Canceled, Shares | (15) | (13) | (11) |
Unvested at end of year, Shares | 1,031 | 1,012 | 1,122 |
Unvested at beginning of year, Grant Date Fair Value | $ 45.98 | $ 42.51 | $ 40.80 |
Granted, Grant Date Fair Value | 47.59 | 50.63 | 44.51 |
Vested, Grant Date Fair Value | 44.99 | 44.90 | 42.15 |
Canceled, Grant Date Fair Value | 46.61 | 42.66 | 39.08 |
Unvested at end of year, Grant Date Fair Value | $ 47.93 | $ 45.98 | $ 42.51 |
Restricted Stock Units and Stock Options [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares reserved for future grants | 10,349 | 11,851 | 10,486 |
Stock-Based Compensation - Su80
Stock-Based Compensation - Summary of Nucor's Restricted Stock Activity under AIP and LTIP (Detail) - Restricted Stock And Restricted Stock Units [Member] - AIP and LTIP [Member] - $ / shares shares in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Unvested at beginning of year, Shares | 65 | 73 | 72 |
Granted, Shares | 136 | 127 | 122 |
Vested, Shares | (138) | (135) | (121) |
Canceled, Shares | 0 | 0 | 0 |
Unvested at end of year, Shares | 63 | 65 | 73 |
Shares reserved for future grants | 975 | 1,111 | 1,238 |
Unvested at beginning of year, Grant Date Fair Value | $ 48.20 | $ 45.49 | $ 43.72 |
Granted, Grant Date Fair Value | 47.07 | 50.35 | 47.36 |
Vested, Grant Date Fair Value | 47.15 | 48.76 | 46.32 |
Canceled, Grant Date Fair Value | 0 | 0 | 0 |
Unvested at end of year, Grant Date Fair Value | $ 48.07 | $ 48.20 | $ 45.49 |
Employee Benefit Plans - Additi
Employee Benefit Plans - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Employee Benefit Plan [Abstract] | |||
Profit Sharing and Retirement Savings Plan, plan expense | $ 60.5 | $ 110.1 | $ 71.7 |
Unfunded obligation | 15.6 | 14.1 | |
Benefit (expense) associated with early retiree medical plan | $ (1.1) | $ 0.6 | $ 0.6 |
Discount rate used to calculate expenses | 4.40% | 3.80% | 4.60% |
Health care cost trend rate | 7.10% | 6.50% | 6.60% |
Health care cost trend rate | 4.50% | ||
Year that trend rate is projected to reach ultimate rate | 2,037 |
Interest Expense (Income) - Sch
Interest Expense (Income) - Schedule of Components of Net Interest Expense (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Interest Revenue (Expense), Net [Abstract] | |||
Interest expense | $ 177,543 | $ 174,142 | $ 151,986 |
Interest income | (4,012) | (4,886) | (5,091) |
Interest expense, net | $ 173,531 | $ 169,256 | $ 146,895 |
Interest Expense (Income) - Add
Interest Expense (Income) - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Interest Revenue (Expense), Net [Abstract] | |||
Interest paid | $ 180 | $ 180.5 | $ 141.2 |
Income Taxes - Components of Ea
Income Taxes - Components of Earnings (Losses) from Continuing Operations Before Income Taxes and Noncontrolling Interests (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Tax Disclosure [Abstract] | |||
United States | $ 875,038 | $ 1,161,953 | $ 755,921 |
Foreign | (165,800) | 42,624 | 35,202 |
Earnings before income taxes and noncontrolling interests | $ 709,238 | $ 1,204,577 | $ 791,123 |
Income Taxes - Provision for In
Income Taxes - Provision for Income Taxes (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Components of Income Tax Expense (Benefit), Continuing Operations [Abstract] | |||
Federal, current | $ 285,856 | $ 247,898 | $ 138,343 |
State, current | 4,618 | 30,790 | 223 |
Foreign, current | 5,198 | 19,235 | 10,464 |
Total current | 295,672 | 297,923 | 149,030 |
Federal, deferred | (64,482) | 94,991 | 36,157 |
State, deferred | (6,041) | 3,958 | (39) |
Foreign, deferred | (11,995) | (8,085) | 20,446 |
Total deferred | (82,518) | 90,864 | 56,564 |
Total provision for income taxes | $ 213,154 | $ 388,787 | $ 205,594 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) | 3 Months Ended | 12 Months Ended | ||||
Oct. 03, 2015 | Dec. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Income Tax Disclosure [Line Items] | ||||||
Taxes computed at statutory rate | 35.00% | 35.00% | 35.00% | |||
Non-cash gain related to correction of tax balances | $ 10,200,000 | $ 9,200,000 | $ 9,700,000 | $ 13,200,000 | $ 21,300,000 | |
Current deferred tax assets | 253,400,000 | 0 | 253,400,000 | |||
Current deferred tax Liabilities | 13,100,000 | 0 | 13,100,000 | |||
Non-current deferred tax liabilities | 779,300,000 | 449,200,000 | 779,300,000 | |||
Net federal, state and foreign income taxes paid (refund received) | 260,300,000 | 398,700,000 | 64,800,000 | |||
Cumulative undistributed foreign earnings | 194,000,000 | 169,600,000 | 194,000,000 | |||
Unrecognized tax benefits | 63,001,000 | 50,510,000 | 63,001,000 | 65,975,000 | $ 80,862,000 | |
Amount of unrecognized tax benefits affects effective tax rate | 62,900,000 | 49,800,000 | 62,900,000 | |||
Estimate of possible decrease in gross uncertain tax positions, exclusive of interest, as a result of the expiration of the statute of limitations | 10,600,000 | |||||
Expense (benefit) for interest and penalties | (7,000,000) | (9,000,000) | $ 900,000 | |||
Accrued interest and penalties related to uncertain tax positions | 28,200,000 | 21,200,000 | 28,200,000 | |||
State and Local Jurisdiction [Member] | ||||||
Income Tax Disclosure [Line Items] | ||||||
State net operating loss carryforwards | 462,800,000 | 487,900,000 | 462,800,000 | |||
Foreign Country [Member] | ||||||
Income Tax Disclosure [Line Items] | ||||||
Foreign net operating loss carryforwards | $ 44,900,000 | $ 22,300,000 | $ 44,900,000 | |||
Maximum [Member] | State and Local Jurisdiction [Member] | ||||||
Income Tax Disclosure [Line Items] | ||||||
Unused net operating loss carryforward expiration year | 2,035 | |||||
Maximum [Member] | Foreign Country [Member] | ||||||
Income Tax Disclosure [Line Items] | ||||||
Unused net operating loss carryforward expiration year | 2,035 | |||||
Minimum [Member] | State and Local Jurisdiction [Member] | ||||||
Income Tax Disclosure [Line Items] | ||||||
Unused net operating loss carryforward expiration year | 2,016 | |||||
Minimum [Member] | Foreign Country [Member] | ||||||
Income Tax Disclosure [Line Items] | ||||||
Unused net operating loss carryforward expiration year | 2,027 |
Income Taxes - Reconciliation o
Income Taxes - Reconciliation of the Federal Statutory Tax Rate to Total Provisions (Detail) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Tax Disclosure [Abstract] | |||
Taxes computed at statutory rate | 35.00% | 35.00% | 35.00% |
State income taxes, net of federal income tax benefit | (0.32%) | 3.32% | 0.02% |
Federal research credit | (0.50%) | (0.27%) | (0.79%) |
Domestic manufacturing deduction | (3.40%) | (2.27%) | (1.74%) |
Equity in losses of foreign joint venture | 0.98% | 0.85% | 1.36% |
Impairment on investment in foreign joint venture | 7.55% | ||
Foreign rate differential | (1.72%) | (0.93%) | (2.35%) |
Noncontrolling interests | (6.84%) | (2.96%) | (4.32%) |
Out-of-period correction | (1.37%) | (1.10%) | (2.57%) |
Other, net | 0.67% | 0.64% | 1.38% |
Provision for income taxes | 30.05% | 32.28% | 25.99% |
Income Taxes - Deferred Tax Ass
Income Taxes - Deferred Tax Assets and Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Components of Deferred Tax Assets and Liabilities [Abstract] | ||
Accrued liabilities and reserves | $ 209,854 | $ 154,381 |
Allowance for doubtful accounts | 12,912 | 24,741 |
Inventory | 208,799 | 189,120 |
Post-retirement benefits | 9,773 | 898 |
Commodity hedges | 7,149 | 4,773 |
Net operating loss carryforward | 14,690 | 9,880 |
Tax credit carryforwards | 19,601 | 29,142 |
Total deferred tax assets | 482,778 | 412,935 |
Holdbacks and amounts not due under contracts | (10,479) | (14,945) |
Cumulative translation adjustments | (3,325) | (1,819) |
Intangibles | (244,496) | (236,618) |
Property, plant and equipment | (673,676) | (698,567) |
Total deferred tax liabilities | (931,976) | (951,949) |
Total net deferred tax liabilities | $ (449,198) | $ (539,014) |
Income Taxes - Reconciliation89
Income Taxes - Reconciliation of the Beginning and Ending Amounts of Unrecognized Tax Benefits (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Balance at beginning of year | $ 63,001 | $ 65,975 | $ 80,862 |
Additions based on tax positions related to current year | 6,508 | 6,295 | 4,849 |
Reductions based on tax positions related to current year | (55) | ||
Additions based on tax positions related to prior years | 241 | 5,673 | 2,307 |
Reductions based on tax positions related to prior years | (13,294) | (7,449) | (6,248) |
Additions due to settlements with taxing authorities | 930 | ||
Reductions due to statute of limitations lapse | (6,876) | (7,493) | (15,740) |
Balance at end of year | $ 50,510 | $ 63,001 | $ 65,975 |
Accumulated Other Comprehensi90
Accumulated Other Comprehensive (Loss) Income - Components of Accumulated Other Comprehensive (Loss) Income (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |||
Beginning Balance, Gains and Losses on Hedging Derivatives | $ (8,000) | ||
Other comprehensive income (loss) before reclassifications, Gains and Losses on Hedging Derivatives | (9,498) | $ (8,542) | |
Amounts reclassified from accumulated other comprehensive (loss) income into earnings, Gains and Losses on Hedging Derivatives | 5,798 | 542 | |
Net current-period other comprehensive (loss) income, Gains and Losses on Hedging Derivatives | (3,700) | (8,000) | |
Ending Balance, Gains and Losses on Hedging Derivatives | (11,700) | (8,000) | |
Beginning Balance, Foreign Currency Gain (Loss) | (148,968) | (7,438) | |
Other comprehensive income (loss) before reclassifications, Foreign Currency Gain (Loss) | (205,397) | (141,530) | $ (53,619) |
Amounts reclassified from accumulated other comprehensive (loss) income into earnings, Foreign Currency Gain (Loss) | 2,700 | ||
Net current-period other comprehensive (loss) income, Foreign Currency Gain (Loss) | (202,697) | (141,530) | |
Ending Balance, Foreign Currency Gain (Loss) | (351,665) | (148,968) | (7,438) |
Beginning Balance, Adjustment to Early Retiree Medical Plan | 11,260 | 16,518 | |
Other comprehensive income (loss) before reclassifications, Adjustment to Early Retiree Medical Plan | 1,485 | (4,228) | 5,938 |
Amounts reclassified from accumulated other comprehensive (loss) income into earnings, Adjustment to Early Retiree Medical Plan | (742) | (1,030) | |
Net current-period other comprehensive (loss) income, Adjustment to Early Retiree Medical Plan | 743 | (5,258) | |
Ending Balance, Adjustment to Early Retiree Medical Plan | 12,003 | 11,260 | 16,518 |
Beginning Balance | (145,708) | 9,080 | |
Other comprehensive income (loss) before reclassifications | (213,410) | (154,300) | |
Amounts reclassified from accumulated other comprehensive (loss) income into earnings | 7,756 | (488) | |
Net current-period other comprehensive (loss) income | (205,654) | (154,788) | (47,681) |
Ending Balance | $ (351,362) | $ (145,708) | $ 9,080 |
Accumulated Other Comprehensi91
Accumulated Other Comprehensive (Loss) Income - Components of Accumulated Other Comprehensive (Loss) Income (Parenthetical) (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Amounts reclassified from accumulated other comprehensive (loss) income into earnings, Gains and Losses on Hedging Derivatives | $ 5,798 | $ 542 | |
Amounts reclassified from accumulated other comprehensive (loss) income into earnings, Adjustment to Early Retiree Medical Plan | (742) | (1,030) | |
AOCI reclassification impact on tax | (414) | (557) | $ 0 |
AOCI reclassification impact on tax | 3,500 | 200 | $ 0 |
Amounts reclassified from accumulated other comprehensive income (loss) into earnings, foreign currency gain (loss) | 2,700 | ||
Cost of Products Sold [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Amounts reclassified from accumulated other comprehensive (loss) income into earnings, Gains and Losses on Hedging Derivatives | 5,798 | 542 | |
Amounts reclassified from accumulated other comprehensive (loss) income into earnings, Adjustment to Early Retiree Medical Plan | (742) | (1,030) | |
AOCI reclassification impact on tax | (414) | (557) | |
AOCI reclassification impact on tax | 3,500 | $ 200 | |
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 | ||
Amounts reclassified from accumulated other comprehensive income (loss) into earnings, foreign currency gain (loss), tax | $ 1,500 |
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 | 12 Months Ended | |||||||||
Dec. 31, 2015 | Oct. 03, 2015 | Jul. 04, 2015 | Apr. 04, 2015 | Dec. 31, 2014 | Oct. 04, 2014 | Jul. 05, 2014 | Apr. 05, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Earnings Per Share [Abstract] | |||||||||||
Basic net earnings | $ (62,022) | $ 227,126 | $ 124,755 | $ 67,800 | $ 210,427 | $ 245,447 | $ 147,041 | $ 111,031 | $ 357,659 | $ 713,946 | $ 488,025 |
Earnings allocated to participating securities, Basic | (1,514) | (2,321) | (1,919) | ||||||||
Net earnings available to common stockholders, Basic | $ 356,145 | $ 711,625 | $ 486,106 | ||||||||
Average shares outstanding | 320,565 | 319,838 | 319,077 | ||||||||
Basic net earnings per share | $ (0.19) | $ 0.71 | $ 0.39 | $ 0.21 | $ 0.66 | $ 0.76 | $ 0.46 | $ 0.35 | $ 1.11 | $ 2.22 | $ 1.52 |
Diluted net earnings | $ (62,022) | $ 227,126 | $ 124,755 | $ 67,800 | $ 210,427 | $ 245,447 | $ 147,041 | $ 111,031 | $ 357,659 | $ 713,946 | $ 488,025 |
Earnings allocated to participating securities, Diluted | (1,514) | (2,321) | (1,919) | ||||||||
Net earnings available to common stockholders, Diluted | $ 356,145 | $ 711,625 | $ 486,106 | ||||||||
Basic shares outstanding | 320,565 | 319,838 | 319,077 | ||||||||
Dilutive effect of stock options and other | 128 | 289 | 189 | ||||||||
Diluted average shares outstanding | 320,693 | 320,127 | 319,266 | ||||||||
Diluted net earnings per share | $ (0.19) | $ 0.71 | $ 0.39 | $ 0.21 | $ 0.65 | $ 0.76 | $ 0.46 | $ 0.35 | $ 1.11 | $ 2.22 | $ 1.52 |
Earning Per Share - Anti-Diluti
Earning Per Share - Anti-Dilutive Stock Options (Detail) - $ / shares shares in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2013 | |
Earnings Per Share [Abstract] | ||
Weighted-average shares | 1,226 | 137 |
Weighted-average exercise price | $ 47.20 | $ 44.51 |
Segments - Segments (Detail)
Segments - Segments (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Oct. 03, 2015 | Jul. 04, 2015 | Apr. 04, 2015 | Dec. 31, 2014 | Oct. 04, 2014 | Jul. 05, 2014 | Apr. 05, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Segment Reporting Information [Line Items] | |||||||||||
Net sales | $ 3,456,713 | $ 4,225,514 | $ 4,357,609 | $ 4,399,440 | $ 5,003,753 | $ 5,701,869 | $ 5,291,075 | $ 5,108,444 | $ 16,439,276 | $ 21,105,141 | $ 19,052,046 |
Earnings (loss) before income taxes and noncontrolling interests | 709,238 | 1,204,577 | 791,123 | ||||||||
Depreciation expense | 625,757 | 652,000 | 535,852 | ||||||||
Total assets | 14,250,399 | 15,615,927 | 14,250,399 | 15,615,927 | 15,203,283 | ||||||
Amortization expense | 74,260 | 72,423 | 74,356 | ||||||||
Capital expenditures | 364,768 | 568,867 | 1,230,418 | ||||||||
Steel Mills [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Earnings (loss) before income taxes and noncontrolling interests | 629,793 | 1,594,352 | 1,156,715 | ||||||||
Depreciation expense | 381,352 | 366,568 | 332,258 | ||||||||
Total assets | 7,318,706 | 8,528,623 | 7,318,706 | 8,528,623 | 7,787,464 | ||||||
Amortization expense | 18,789 | 15,269 | 13,911 | ||||||||
Capital expenditures | 248,532 | 343,767 | 589,621 | ||||||||
Steel Products [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Earnings (loss) before income taxes and noncontrolling interests | 276,048 | 166,323 | 82,129 | ||||||||
Depreciation expense | 39,512 | 42,777 | 42,737 | ||||||||
Total assets | 2,485,122 | 2,731,320 | 2,485,122 | 2,731,320 | 2,710,597 | ||||||
Amortization expense | 23,932 | 27,644 | 31,082 | ||||||||
Capital expenditures | 41,291 | 27,262 | 22,472 | ||||||||
Raw Materials [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Earnings (loss) before income taxes and noncontrolling interests | (283,938) | (29,053) | 13,686 | ||||||||
Depreciation expense | 198,705 | 235,443 | 154,065 | ||||||||
Total assets | 3,123,190 | 3,858,254 | 3,123,190 | 3,858,254 | 3,896,331 | ||||||
Amortization expense | 31,539 | 29,510 | 29,363 | ||||||||
Capital expenditures | 74,607 | 197,252 | 610,745 | ||||||||
Net Sales to External Customers [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 16,439,276 | 21,105,141 | 19,052,046 | ||||||||
Net Sales to External Customers [Member] | Steel Mills [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 11,084,331 | 14,723,642 | 13,311,948 | ||||||||
Net Sales to External Customers [Member] | Steel Products [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 3,966,895 | 4,032,385 | 3,607,333 | ||||||||
Net Sales to External Customers [Member] | Raw Materials [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 1,388,050 | 2,349,114 | 2,132,765 | ||||||||
Intercompany Eliminations [Member] | Steel Mills [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 2,152,157 | 2,904,317 | 2,563,554 | ||||||||
Intercompany Eliminations [Member] | Steel Products [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 90,969 | 105,383 | 97,090 | ||||||||
Intercompany Eliminations [Member] | Raw Materials [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 6,279,316 | 9,618,145 | 9,116,860 | ||||||||
Intercompany Eliminations [Member] | Corporate/Eliminations [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | (8,522,442) | (12,627,845) | (11,777,504) | ||||||||
Earnings (loss) before income taxes and noncontrolling interests | 87,335 | (527,045) | (461,407) | ||||||||
Total assets | $ 1,323,381 | $ 497,730 | 1,323,381 | 497,730 | 808,891 | ||||||
Corporate [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Depreciation expense | 6,188 | 7,212 | 6,792 | ||||||||
Capital expenditures | $ 338 | $ 586 | $ 7,580 |
Segments - Schedule of Net Sale
Segments - Schedule of Net Sale by Product to External Customers (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Oct. 03, 2015 | Jul. 04, 2015 | Apr. 04, 2015 | Dec. 31, 2014 | Oct. 04, 2014 | Jul. 05, 2014 | Apr. 05, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Segment Reporting Information [Line Items] | |||||||||||
Net sales to external customers | $ 3,456,713 | $ 4,225,514 | $ 4,357,609 | $ 4,399,440 | $ 5,003,753 | $ 5,701,869 | $ 5,291,075 | $ 5,108,444 | $ 16,439,276 | $ 21,105,141 | $ 19,052,046 |
Sheet [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales to external customers | 4,628,805 | 5,988,303 | 5,219,464 | ||||||||
Bar [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales to external customers | 3,005,450 | 4,051,171 | 3,730,328 | ||||||||
Structural [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales to external customers | 2,137,413 | 2,617,196 | 2,558,538 | ||||||||
Plate [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales to external customers | 1,312,663 | 2,066,972 | 1,803,618 | ||||||||
Steel Products [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales to external customers | 3,966,895 | 4,032,385 | 3,607,333 | ||||||||
Raw Materials [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales to external customers | $ 1,388,050 | $ 2,349,114 | $ 2,132,765 |
Quarterly Information - Schedul
Quarterly Information - Schedule of Quarterly Information (Unaudited) (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Oct. 03, 2015 | Jul. 04, 2015 | Apr. 04, 2015 | Dec. 31, 2014 | Oct. 04, 2014 | Jul. 05, 2014 | Apr. 05, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Net sales | $ 3,456,713 | $ 4,225,514 | $ 4,357,609 | $ 4,399,440 | $ 5,003,753 | $ 5,701,869 | $ 5,291,075 | $ 5,108,444 | $ 16,439,276 | $ 21,105,141 | $ 19,052,046 |
Gross margin | 382,838 | 523,836 | 386,306 | 288,282 | 513,871 | 599,586 | 415,867 | 377,202 | |||
Net earnings (loss) | (15,288) | 267,736 | 159,344 | 84,292 | 244,958 | 274,201 | 166,935 | 129,696 | 496,084 | 815,790 | 585,529 |
Net earnings (loss) attributable to Nucor stockholders | $ (62,022) | $ 227,126 | $ 124,755 | $ 67,800 | $ 210,427 | $ 245,447 | $ 147,041 | $ 111,031 | $ 357,659 | $ 713,946 | $ 488,025 |
Basic | $ (0.19) | $ 0.71 | $ 0.39 | $ 0.21 | $ 0.66 | $ 0.76 | $ 0.46 | $ 0.35 | $ 1.11 | $ 2.22 | $ 1.52 |
Diluted | $ (0.19) | $ 0.71 | $ 0.39 | $ 0.21 | $ 0.65 | $ 0.76 | $ 0.46 | $ 0.35 | $ 1.11 | $ 2.22 | $ 1.52 |
Quarterly Information - Sched97
Quarterly Information - Schedule of Quarterly Information (Unaudited) (Parenthetical) (Detail) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Oct. 03, 2015 | Jul. 04, 2015 | Apr. 04, 2015 | Dec. 31, 2014 | Oct. 04, 2014 | Jul. 05, 2014 | Apr. 05, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Quarterly Financial Information [Line Items] | |||||||||||
LIFO (credits) charges | $ (217.8) | $ (137) | $ (95.5) | $ (16.5) | $ (57.3) | $ (14.5) | $ 0 | $ 14.5 | |||
Deferred state tax credit, Benefit | $ 9.3 | ||||||||||
Non-cash gain related to correction of tax balances | $ 10.2 | 9.2 | $ 9.7 | $ 13.2 | $ 21.3 | ||||||
Charge related to tax legislation changes in New York | 12.8 | ||||||||||
Gallatin Steel Company [Member] | |||||||||||
Quarterly Financial Information [Line Items] | |||||||||||
Inventory related purchase accounting charges | $ 8.9 | ||||||||||
Steel Mills [Member] | |||||||||||
Quarterly Financial Information [Line Items] | |||||||||||
Charge related to the disposal of assets | $ 9 | ||||||||||
Charge related to the partial write-down of assets | $ 12.5 | ||||||||||
Raw Materials [Member] | |||||||||||
Quarterly Financial Information [Line Items] | |||||||||||
Property plant and equipment written down | 84.1 | ||||||||||
Duferdofin Nucor S.r.l. [Member] | |||||||||||
Quarterly Financial Information [Line Items] | |||||||||||
Impairment charge against investment | $ 153 |
Schedule II - Valuation and Qua
Schedule II - Valuation and Qualifying Accounts (Detail) - LIFO Reserve [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Balance at beginning of Year | $ 567,396 | $ 624,685 | $ 607,240 |
Additions charged to costs and expenses | 17,445 | ||
Deductions | (466,834) | (57,289) | |
Balance at end of year | $ 100,562 | $ 567,396 | $ 624,685 |