Document and Entity Information
Document and Entity Information - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Feb. 21, 2017 | Jul. 02, 2016 | |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2016 | ||
Document Fiscal Year Focus | 2,016 | ||
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 | 318,848,316 | ||
Entity Public Float | $ 15,830 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Current assets: | ||
Cash and cash equivalents (Note 14) | $ 2,045,961 | $ 1,939,469 |
Short-term investments (Notes 4 and 14) | 150,000 | 100,000 |
Accounts receivable, net (Note 5) | 1,631,676 | 1,383,823 |
Inventories, net (Notes 2 and 6) | 2,479,958 | 2,245,469 |
Other current assets (Note 13) | 198,798 | 185,644 |
Total current assets | 6,506,393 | 5,854,405 |
Property, plant and equipment, net (Note 7) | 5,078,650 | 4,891,153 |
Goodwill (Note 3 and 8) | 2,052,728 | 2,011,278 |
Other intangible assets, net (Note 3 and 8) | 866,835 | 770,672 |
Other assets (Note 9) | 718,912 | 799,461 |
Total assets | 15,223,518 | 14,326,969 |
Current liabilities: | ||
Short-term debt (Notes 11 and 14) | 17,959 | 51,315 |
Long-term debt due within one year (Notes 11 and 14) | 600,000 | |
Accounts payable (Note 10) | 838,109 | 566,527 |
Salaries, wages and related accruals (Note 17) | 428,829 | 289,004 |
Accrued expenses and other current liabilities (Notes 10, 13 and 15) | 505,069 | 478,327 |
Total current liabilities | 2,389,966 | 1,385,173 |
Long-term debt due after one year (Notes 2, 11 and 14) | 3,739,141 | 4,337,145 |
Deferred credits and other liabilities (Notes 2, 13, 15, 17 and 19) | 839,703 | 754,774 |
Total liabilities | 6,968,810 | 6,477,092 |
Commitments and contingencies (Notes 13 and 15) | ||
Nucor stockholders' equity (Notes 12 and 16): | ||
Common stock (800,000 shares authorized; 379,334 and 378,566 shares issued, respectively) | 151,734 | 151,426 |
Additional paid-in capital | 1,974,672 | 1,918,970 |
Retained earnings (Note 2) | 7,630,916 | 7,316,910 |
Accumulated other comprehensive loss, net of income taxes (Notes 2, 13 and 20) | (317,843) | (351,362) |
Treasury stock (60,597 and 60,604 shares, respectively) | (1,559,614) | (1,558,128) |
Total Nucor stockholders' equity | 7,879,865 | 7,477,816 |
Noncontrolling interests | 374,843 | 372,061 |
Total equity | 8,254,708 | 7,849,877 |
Total liabilities and equity | $ 15,223,518 | $ 14,326,969 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - shares | Dec. 31, 2016 | Dec. 31, 2015 |
Statement of Financial Position [Abstract] | ||
Common stock shares authorized | 800,000,000 | 800,000,000 |
Common stock shares issued | 379,334,000 | 378,566,000 |
Treasury stock | 60,597,000 | 60,604,000 |
Consolidated Statements of Earn
Consolidated Statements of Earnings - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income Statement [Abstract] | |||
Net sales | $ 16,208,122 | $ 16,439,276 | $ 21,105,141 |
Costs, expenses and other: | |||
Cost of products sold (Notes 2, 6 and 20) | 14,182,215 | 15,325,386 | 19,255,904 |
Marketing, administrative and other expenses (Note 20) | 596,761 | 458,989 | 520,805 |
Equity in earnings of unconsolidated affiliates | (38,757) | (5,329) | (13,505) |
Impairments and losses on assets (Notes 7, 9 and 24) | 244,833 | 25,393 | |
Interest expense, net (Notes 7, 18 and 19) | 169,244 | 173,531 | 169,256 |
Costs, expenses and other, total | 14,909,463 | 16,197,410 | 19,957,853 |
Earnings before income taxes and noncontrolling interests | 1,298,659 | 241,866 | 1,147,288 |
Provision for income taxes (Notes 2, 19 and 24) | 398,243 | 48,836 | 368,724 |
Net earnings (Note 2) | 900,416 | 193,030 | 778,564 |
Earnings attributable to noncontrolling interests (Notes 2 and 6) | 104,145 | 112,306 | 99,227 |
Net earnings attributable to Nucor stockholders (Note 2) | $ 796,271 | $ 80,724 | $ 679,337 |
Net earnings per share (Note 2 and 21): | |||
Basic | $ 2.48 | $ 0.25 | $ 2.12 |
Diluted | $ 2.48 | $ 0.25 | $ 2.11 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Statement Of Comprehensive Income [Abstract] | |||
Net earnings | $ 900,416 | $ 193,030 | $ 778,564 |
Other comprehensive income (loss): | |||
Net unrealized income (loss) on hedging derivatives, net of income taxes of $1,500, ($5,600) and ($4,900) for 2016, 2015 and 2014, respectively | 2,570 | (9,498) | (8,542) |
Reclassification adjustment for loss on settlement of hedging derivatives included in net earnings, net of income taxes of $5,800, $3,500 and $200 for 2016, 2015 and 2014, respectively | 9,880 | 5,798 | 542 |
Foreign currency translation gain (loss), net of income taxes of $0, $0 and $400 for 2016, 2015 and 2014, respectively | 25,495 | (205,397) | (141,530) |
Adjustment to early retiree medical plan, net of income taxes of ($1,291), $127 and ($1,921) for 2016, 2015 and 2014, respectively | (3,589) | 1,485 | (4,228) |
Reclassification adjustment for gain on early retiree medical plan included in net earnings, net of income taxes of ($309), ($414) and ($557) for 2016, 2015 and 2014, respectively | (837) | (742) | (1,030) |
Other, net of income taxes of $0, $1,500 and $0 for 2016, 2015 and 2014, respectively | 2,700 | ||
Net current-period other comprehensive (loss) income | 33,519 | (205,654) | (154,788) |
Comprehensive income (loss) | 933,935 | (12,624) | 623,776 |
Comprehensive income attributable to noncontrolling interests | (104,145) | (112,306) | (99,227) |
Comprehensive income (loss) attributable to Nucor stockholders | $ 829,790 | $ (124,930) | $ 524,549 |
Consolidated Statements of Com6
Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Statement Of Comprehensive Income [Abstract] | |||
Net unrealized income (loss) on hedging derivatives, tax | $ 1,500 | $ (5,600) | $ (4,900) |
Reclassification adjustment for loss on settlement of hedging derivatives included in net earnings, tax effect | 5,800 | 3,500 | 200 |
Foreign currency translation gain (loss), tax | 0 | 0 | 400 |
Adjustment to early retiree medical plan, tax effect | (1,291) | 127 | (1,921) |
Reclassification adjustment for gain on early retiree medical plan included in net earnings, tax effect | (309) | (414) | (557) |
Other, tax | $ 0 | $ 1,500 | $ 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, 2013 | $ 8,314,422 | $ 151,010 | $ 1,843,353 | $ 7,512,922 | $ 9,080 | $ (1,498,114) | $ 8,018,251 | $ 296,171 |
BALANCES, shares at beginning of period at Dec. 31, 2013 | 377,525 | 59,197 | ||||||
Net earnings | 778,564 | 679,337 | 679,337 | 99,227 | ||||
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 | 8,442,036 | $ 151,237 | 1,883,356 | 7,716,087 | (145,708) | $ (1,494,629) | 8,110,343 | 331,693 |
BALANCES, shares at end of period at Dec. 31, 2014 | 378,092 | 59,059 | ||||||
Net earnings | 193,030 | 80,724 | 80,724 | 112,306 | ||||
Other comprehensive income (loss) | (205,654) | (205,654) | (205,654) | |||||
Stock options exercised | $ 424 | $ 4 | 420 | 424 | ||||
Stock options exercised (in shares) | 10 | 10 | ||||||
Stock option expense | $ 7,433 | 7,433 | 7,433 | |||||
Issuance of stock under award plans, net of forfeitures | 30,120 | $ 185 | 26,929 | $ 3,006 | 30,120 | |||
Issuance of stock under award plans, net of forfeitures, shares | 464 | (119) | ||||||
Amortization of unearned compensation | 832 | 832 | 832 | |||||
Treasury stock value acquired | (66,505) | $ (66,505) | (66,505) | |||||
Treasury stock shares acquired | 1,664 | |||||||
Cash dividends | (479,901) | (479,901) | (479,901) | |||||
Distributions to noncontrolling interests | (71,938) | (71,938) | ||||||
BALANCES, end of period at Dec. 31, 2015 | 7,849,877 | $ 151,426 | 1,918,970 | 7,316,910 | (351,362) | $ (1,558,128) | 7,477,816 | 372,061 |
BALANCES, shares at end of period at Dec. 31, 2015 | 378,566 | 60,604 | ||||||
Net earnings | 900,416 | 796,271 | 796,271 | 104,145 | ||||
Other comprehensive income (loss) | 33,519 | 33,519 | 33,519 | |||||
Stock options exercised | $ 15,670 | $ 160 | 15,510 | 15,670 | ||||
Stock options exercised (in shares) | 400 | 400 | ||||||
Stock option expense | $ 7,833 | 7,833 | 7,833 | |||||
Issuance of stock under award plans, net of forfeitures | 35,953 | $ 148 | 32,118 | $ 3,687 | 35,953 | |||
Issuance of stock under award plans, net of forfeitures, shares | 368 | (143) | ||||||
Amortization of unearned compensation | 843 | 843 | 843 | |||||
Treasury stock value acquired | (5,173) | $ (5,173) | (5,173) | |||||
Treasury stock shares acquired | 136 | |||||||
Cash dividends | (482,265) | (482,265) | (482,265) | |||||
Distributions to noncontrolling interests | (99,588) | (99,588) | ||||||
Other | (2,377) | (602) | (602) | (1,775) | ||||
BALANCES, end of period at Dec. 31, 2016 | $ 8,254,708 | $ 151,734 | $ 1,974,672 | $ 7,630,916 | $ (317,843) | $ (1,559,614) | $ 7,879,865 | $ 374,843 |
BALANCES, shares at end of period at Dec. 31, 2016 | 379,334 | 60,597 |
Consolidated Statements of Sto8
Consolidated Statements of Stockholders' Equity (Parenthetical) - $ / shares | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Statement of Stockholders' Equity [Abstract] | |||
Cash dividends per share | $ 1.5025 | $ 1.4925 | $ 1.4825 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Operating activities: | |||
Net earnings | $ 900,416,000 | $ 193,030,000 | $ 778,564,000 |
Adjustments: | |||
Depreciation | 613,192,000 | 625,757,000 | 652,000,000 |
Amortization | 73,862,000 | 74,260,000 | 72,423,000 |
Stock-based compensation | 56,511,000 | 45,794,000 | 46,384,000 |
Deferred income taxes | 71,455,000 | (246,836,000) | 70,801,000 |
Distributions from affiliates | 40,602,000 | 15,132,000 | 53,738,000 |
Equity in earnings of unconsolidated affiliates | (38,757,000) | (5,329,000) | (13,505,000) |
Impairments and losses on assets | 244,833,000 | 25,393,000 | |
Changes in assets and liabilities (exclusive of acquisitions and dispositions): | |||
Accounts receivable | (217,736,000) | 655,489,000 | (179,181,000) |
Inventories | (132,639,000) | 1,061,202,000 | 11,326,000 |
Accounts payable | 236,788,000 | (438,788,000) | (111,859,000) |
Federal income taxes | 3,555,000 | 62,656,000 | (111,687,000) |
Salaries, wages and related accruals | 133,544,000 | (56,267,000) | 67,973,000 |
Other operating activities | (3,260,000) | (73,890,000) | (19,472,000) |
Cash provided by operating activities | 1,737,533,000 | 2,157,043,000 | 1,342,898,000 |
Investing activities: | |||
Capital expenditures | (604,840,000) | (374,123,000) | (667,982,000) |
Investment in and advances to affiliates | (63,167,000) | (80,409,000) | (97,841,000) |
Divestiture of affiliates | 135,000,000 | ||
Repayment of advances to affiliates | 122,000,000 | ||
Disposition of plant and equipment | 18,571,000 | 29,390,000 | 36,563,000 |
Acquisitions (net of cash acquired) | (474,788,000) | (19,089,000) | (768,581,000) |
Purchases of investments | (650,000,000) | (111,927,000) | (100,000,000) |
Proceeds from the sale of investments | 600,000,000 | 111,452,000 | 27,529,000 |
Other investing activities | 14,106,000 | 3,010,000 | 10,250,000 |
Cash used in investing activities | (1,025,118,000) | (441,696,000) | (1,438,062,000) |
Financing activities: | |||
Net change in short-term debt | (33,360,000) | (155,816,000) | 178,308,000 |
Repayment of long-term debt | (16,300,000) | (5,358,000) | |
Issuance of common stock | 15,751,000 | 424,000 | 5,614,000 |
Excess tax benefits from stock-based compensation | 2,784,000 | 2,000,000 | 3,400,000 |
Distributions to noncontrolling interests | (99,588,000) | (71,938,000) | (63,705,000) |
Cash dividends | (481,083,000) | (479,432,000) | (475,123,000) |
Acquisition of treasury stock | (5,173,000) | (66,505,000) | 0 |
Other financing activities | (13,297,000) | (2,184,000) | (2,183,000) |
Cash used in financing activities | (613,966,000) | (789,751,000) | (359,047,000) |
Effect of exchange rate changes on cash | 8,043,000 | (10,271,000) | (4,897,000) |
Increase (decrease) in cash and cash equivalents | 106,492,000 | 915,325,000 | (459,108,000) |
Cash and cash equivalents-beginning of year | 1,939,469,000 | 1,024,144,000 | 1,483,252,000 |
Cash and cash equivalents-end of year | 2,045,961,000 | 1,939,469,000 | 1,024,144,000 |
Non-cash investing activity: | |||
Change in accrued plant and equipment purchases | $ 12,837,000 | $ (9,355,000) | $ (99,115,000) |
Nature of Operations and Basis
Nature of Operations and Basis of Presentation | 12 Months Ended |
Dec. 31, 2016 | |
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 Certain reclassifications of prior years’ data have been made to conform to current year presentation. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2016 | |
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 re-evaluates Inventories At December 31, 2016, inventories were stated at the lower of cost or market. In the fourth quarter of 2016, the Company changed its accounting method for valuing its inventories held by the parent company and Nucor-Yamato Steel Company to the first-in, first-out last-in, first-out The effects of the change in accounting principle from LIFO to FIFO have been retrospectively applied to all periods presented. As a result of the retrospective application of the change in accounting principle, certain financial statement line items in the Company’s consolidated balance sheet as of December 31, 2015 and its consolidated statements of earnings and consolidated statements of cash flows for 2015 and 2014 were adjusted as follows. (in thousands, except per share data) As Originally Reported Effect of Change As Adjusted Consolidated Statement of Earnings for the year ended December 31, 2015: Cost of products sold $ 14,858,014 $ 467,372 $ 15,325,386 Provision for income taxes 213,154 (164,318 ) 48,836 Net earnings 496,084 (303,054 ) 193,030 Earnings attributable to noncontrolling interests 138,425 (26,119 ) 112,306 Net earnings attributable to Nucor stockholders 357,659 (276,935 ) 80,724 Net earnings per share: Basic $ 1.11 $ (0.86 ) $ 0.25 Diluted $ 1.11 $ (0.86 ) $ 0.25 Consolidated Statement of Earnings for the year ended December 31, 2014: Cost of products sold $ 19,198,615 $ 57,289 $ 19,255,904 Provision for income taxes 388,787 (20,063 ) 368,724 Net earnings 815,790 (37,226 ) 778,564 Earnings attributable to noncontrolling interests 101,844 (2,617 ) 99,227 Net earnings attributable to Nucor stockholders 713,946 (34,609 ) 679,337 Net earnings per share: Basic $ 2.22 $ (0.10 ) $ 2.12 Diluted $ 2.22 $ (0.11 ) $ 2.11 Consolidated Balance Sheet as of December 31, 2015: Inventories, net $ 2,145,444 $ 100,025 $ 2,245,469 Deferred credits and other liabilities 718,613 36,161 754,774 Retained earnings 7,255,972 60,938 7,316,910 Consolidated Statement of Cash Flows for the year ended December 31, 2015: Net earnings $ 496,084 $ (303,054 ) $ 193,030 Changes in inventories 593,830 467,372 1,061,202 Changes in deferred income taxes (82,518 ) (164,318 ) (246,836 ) Consolidated Statement of Cash Flows for the year ended December 31, 2014: Net earnings $ 815,790 $ (37,226 ) $ 778,564 Changes in inventories (45,963 ) 57,289 11,326 Changes in deferred income taxes 90,864 (20,063 ) 70,801 The effects of the change in accounting principle from LIFO to FIFO have been retrospectively applied to all periods presented in Notes 6, 19, 21, 22 and 24 of the consolidated financial statements. The following table shows the effect of the change in accounting principle from LIFO to FIFO on net earnings, earnings attributable to noncontrolling interests, net earnings attributable to Nucor stockholders and the related basic and diluted earnings per share for the year ended December 31, 2016. (in thousands, except per share data) As Computed under LIFO As Computed Under Effect of Change Consolidated Statement of Earnings for the year ended December 31, 2016: Net earnings $ 810,304 $ 900,416 $ 90,112 Earnings attributable to noncontrolling interests 99,500 104,145 4,645 Net earnings attributable to Nucor stockholders 710,804 796,271 85,467 Net earnings per share: Basic $ 2.22 $ 2.48 $ 0.26 Diluted $ 2.22 $ 2.48 $ 0.26 Property, Plant and Equipment Property, plant and equipment is stated at cost, except for property, plant and equipment acquired through acquisitions which is 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 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 periodically uses derivative financial instruments primarily to partially manage its exposure to price risk related to natural gas purchases used in the production process as well as to scrap, copper and aluminum purchased for resale to its customers. In addition, Nucor periodically uses derivatives to partially manage its exposure to changes in interest rates on outstanding debt instruments and uses forward foreign exchange contracts to hedge cash flows associated with certain assets and liabilities, firm commitments and anticipated transactions. Nucor recognizes all derivative instruments in the 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 Recently Adopted Accounting Pronouncements In the first quarter of 2016, Nucor adopted new accounting guidance 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 applied retrospectively for the Company for all periods presented. As of December 31, 2015, the Company reclassified $23.5 million of deferred long-term debt issuance costs from other assets to long-term debt due after one year in the consolidated balance sheets. In the first quarter of 2016, Nucor adopted new accounting guidance 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. This standard is applied prospectively for the Company beginning January 1, 2016. The adoption of this standard did not have a material effect on the Company’s consolidated financial statements. In the fourth quarter of 2016, Nucor adopted new accounting guidance 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. This standard is applied prospectively for the Company beginning with the annual and interim reporting periods ending December 31, 2016. The adoption of this standard did not have an effect on the Company’s consolidated financial statements. Recently Issued Accounting Pronouncements In May 2014, new accounting guidance was issued that will supersede nearly all existing accounting guidance related to revenue recognition. The new guidance provides that an entity recognizes revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. This update also requires additional disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments, and assets recognized from costs incurred to obtain or fulfill a contract. The Financial Accounting Standards Board has also issued a number of updates to this new accounting guidance. The standard is effective for the Company for annual and interim reporting periods beginning after December 15, 2017 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 accounting guidance 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 In February 2016, new accounting guidance was issued regarding the accounting for leases. The new guidance requires all lessees to recognize on the balance sheet right to use assets and lease liabilities for the rights and obligations created by lease arrangements with terms greater than 12 months. The standard is effective for the Company for annual and interim reporting periods beginning after December 15, 2018. The Company is evaluating the impact that the adoption of this new guidance will have on its consolidated financial statements. In March 2016, new accounting guidance was issued regarding employee share-based payment accounting. The new guidance simplifies certain aspects of the accounting for share-based payment transactions, including income tax requirements, forfeitures and presentation on the balance sheet and statement of cash flows. The new guidance is effective for the Company for annual and interim reporting periods beginning after December 15, 2016 and is not expected to have a material effect on the Company’s consolidated financial statements. In August 2016, new accounting guidance was issued regarding the presentation and classification of certain cash receipts and cash payments in the statement of cash flows. The new guidance addresses specific cash flow presentation issues in order to reduce diversity in existing practice. The new guidance is effective for the Company for annual and interim reporting periods beginning after December 15, 2017. The Company is evaluating the impact that the adoption of this new guidance will have on its consolidated financial statements. In October 2016, new accounting guidance was issued regarding intra-entity transfers of assets other than inventory. The new guidance requires that an entity should recognize the income tax consequences of an intra-entity transfer of an asset other than inventory when the transfer occurs. The new guidance is effective for the Company for annual and interim reporting periods beginning after December 15, 2017. The Company is evaluating the impact that the adoption of this new guidance will have on its consolidated financial statements. |
Acquisitions and Dispositions
Acquisitions and Dispositions | 12 Months Ended |
Dec. 31, 2016 | |
Business Combinations [Abstract] | |
Acquisitions and Dispositions | 3. Acquisitions and Dispositions On October 31, 2016, Nucor used cash on hand to acquire Independence Tube Corporation (ITC) for a purchase price of $430.1 million. ITC is a leading manufacturer of hollow structural section (HSS) tubing, which is primarily used in nonresidential construction markets. ITC has the ability to produce approximately 650,000 tons of HSS tubing annually at its four facilities, two of which are in Illinois and the other two are in Alabama. This acquisition not only further expands Nucor’s product portfolio to include the HSS tubing market but the Company also believes it will be an important, value-added channel to market for Nucor’s hot-rolled We have allocated the purchase price for ITC to its individual assets acquired and liabilities assumed. The following table summarizes the fair values of the assets acquired and liabilities assumed of ITC as of the date of acquisition (in thousands): Cash $ 1,058 Accounts receivable 33,173 Inventory 94,400 Other current assets 1,743 Property, plant and equipment 177,668 Goodwill 29,522 Other intangible assets 130,900 Other assets 1,287 Total assets acquired 469,751 Current liabilities 39,633 Total liabilities assumed 39,633 Net assets acquired $ 430,118 The following table summarizes the purchase price allocation to the identifiable intangible assets of ITC as of the date of acquisition (in thousands, except years): Weighted - Customer relationships $ 119,000 15 years Trademarks and trade names 7,100 15 years Other 4,800 5 years $ 130,900 The goodwill of $29.5 million is calculated as the excess of the purchase price over the fair values of the assets and liabilities acquired and has been allocated to the steel mills segment (see Note 8). Goodwill recognized for tax purposes was $30.5 million, all of which is deductible for tax purposes. 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 1,600,000 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 22). 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 - Customer relationships $ 58,250 20 years Trademarks and trade names 8,900 5 years $ 67,150 The goodwill of $94.7 million is calculated as the excess of the purchase price over the fair values of the assets and liabilities acquired and has been allocated to the steel mills segment (see Note 8). 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 $50.1 million in 2016, $19.1 million in 2015 and $38.5 million in 2014. |
Short-term Investments
Short-term Investments | 12 Months Ended |
Dec. 31, 2016 | |
Short-term Investments [Abstract] | |
Short-term Investments | 4. Short-term Investments Nucor held $150.0 million and $100.0 million of short-term investments as of December 31, 2016 and 2015, respectively. The investments held as of December 31, 2016 consisted of certificates of deposit (CDs). The investments held as of December 31, 2015 consisted of CDs and fixed term deposits. These investments are classified as available-for-sale. No realized or unrealized gains or losses were incurred in 2016, 2015 or 2014. The contractual maturities of all of the fixed term deposits and CDs outstanding at December 31, 2016 are before December 31, 2017. |
Accounts Receivable
Accounts Receivable | 12 Months Ended |
Dec. 31, 2016 | |
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 $45.9 million at December 31, 2016 ($43.2 million at December 31, 2015 and $65.4 million at December 31, 2014). |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2016 | |
Inventory Disclosure [Abstract] | |
Inventories | 6. Inventories Inventories consist of approximately 37% raw materials and supplies and 63% finished and semi-finished products at December 31, 2016 (38% and 62%, respectively, at December 31, 2015). 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. Use of the lower of cost or market methodology reduced inventories by $2.2 million at December 31, 2016 ($5.7 million at December 31, 2015). Previously, the Company utilized the LIFO method to account for a portion of its inventory, while the rest of the business was on the FIFO method. As described in Note 2, in the fourth quarter of 2016 the Company elected to change the method of accounting for all remaining inventory from LIFO to FIFO. The effects of this change in accounting principle have been retrospectively applied to all periods presented. In the fourth quarter of 2016, the Company changed its estimates of FIFO inventory cost based on the updated normal capacity determination and related full absorption costing. As a result of this change in estimate, unabsorbed production costs decreased and the FIFO value of inventory on hand at year-end |
Property, Plant and Equipment
Property, Plant and Equipment | 12 Months Ended |
Dec. 31, 2016 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | 7. Property, Plant and Equipment (in thousands) December 31, 2016 2015 Land and improvements $ 602,218 $ 585,057 Buildings and improvements 1,169,064 1,033,610 Machinery and equipment 10,524,030 10,229,602 Proved oil and gas properties 551,019 586,362 Leasehold interest in unproved oil and gas properties 165,000 — Construction in process and equipment deposits 224,677 197,278 13,236,008 12,631,909 Less accumulated depreciation (8,157,358 ) (7,740,756 ) $ 5,078,650 $ 4,891,153 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 Due to the current natural gas pricing environment, Nucor performed an impairment assessment of its proved producing natural gas well assets in December 2016. 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 projected 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 $80.8 million as of December 31, 2016. 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 assumptions, which could possibly result in an impairment of a portion or all of the groups of proved well assets. On October 1, 2016, Nucor purchased 49% of Encana Oil & Gas (USA) Inc.’s leasehold interest in unproved oil and gas properties covering approximately 54,000 acres in the South Piceance Basin for $165.0 million. In the fourth quarter of 2015, we determined that certain assets, the majority of which were engineering and equipment related to a blast furnace project at our St. James Parish, Louisiana site, will not be utilized in the future. As a result of this determination, Nucor recorded an $84.1 million impairment charge for the entire balance of those assets, which is included in the raw materials segment. The impairment charge is included in impairments and losses on assets in the consolidated statement of earnings in 2015. 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. Nucor capitalized $3.9 million of interest expense in 2016 ($0.3 million in 2015 and $2.9 million in 2014) related to the borrowing costs associated with various construction projects. |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 12 Months Ended |
Dec. 31, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | 8. Goodwill and Other Intangible Assets The change in the net carrying amount of goodwill for the years ended December 31, 2016 and 2015 by segment is as follows (in thousands): Steel Mills Steel Raw Total 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 Acquisitions 29,522 — — 29,522 Translation — 11,928 — 11,928 Balance, December 31, 2016 $ 620,156 $ 702,995 $ 729,577 $ 2,052,728 The majority of goodwill is not tax deductible. 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, 2016 December 31, 2015 Gross Amount Accumulated Gross Accumulated Customer relationships $ 1,295,803 $ 566,884 $ 1,185,299 $ 517,817 Trademarks and trade names 161,851 66,494 155,864 57,756 Other 62,807 20,248 23,025 17,943 $ 1,520,461 $ 653,626 $ 1,364,188 $ 593,516 During the third quarter of 2016, Nucor acquired the remaining ownership interest in a former joint venture entity that Nucor previously accounted for as an equity method investment. As a result of the transaction, Nucor obtained control and began to consolidate that entity. That entity’s intangible assets, the majority of which are patents, are included in other intangible assets, net in the consolidated balance sheet at December 31, 2016. The gross amount and related accumulated amortization of these assets were $36.3 million and $2.1 million, respectively, at December 31, 2016. Intangible asset amortization expense was $73.9 million in 2016 ($74.3 million in 2015 and $72.4 million in 2014). Annual amortization expense is estimated to be $82.2 million in 2017, $79.0 million in 2018, $76.1 million in 2019, $73.7 million in 2020 and $72.5 million in 2021. The Company completed its annual goodwill impairment testing as of the first day of the fourth quarters of 2016, 2015 and 2014 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, 2016 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Equity Investments | 9. Equity Investments The carrying value of our equity investments in domestic and foreign companies was $663.4 million at December 31, 2016 ($746.6 million at December 31, 2015), 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 Nucor’s investment in Duferdofin Nucor at December 31, 2016, was $256.6 million ($258.2 million at December 31, 2015). Nucor’s 50% share of the total net assets of Duferdofin Nucor was $102.0 million at December 31, 2016, resulting in a basis difference of $154.6 million due to the step-up step-up As of December 31, 2016, Nucor had outstanding notes receivable of €35.0 million ($36.9 million) from Duferdofin Nucor (€35.0 million, or $38.2 million, as of December 31, 2015). The notes receivable bear interest at 0.94% 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, 2016 and December 31, 2015, the notes receivable were 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 (Facility A). The maximum amount Duferdofin Nucor could borrow under Facility A was €122.5 million ($129.1 million) at December 31, 2016. As of December 31, 2016, there was €107.0 million ($112.7 million) outstanding under that facility (€119.0 million, or $129.8 million, at December 31, 2015). Facility A was amended in 2015 to extend the maturity date to October 12, 2018. 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 HUNTER RIDGE In the third quarter of 2016, Nucor sold its 50% economic and voting interest in Hunter Ridge Energy Services LLC (Hunter Ridge) for $135.0 million. Hunter Ridge provides services for the gathering, separation and compression of energy products, including natural gas produced by some of Nucor’s natural gas wells. Nucor accounted for the investment in Hunter Ridge (on a one-month 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. After completing its assessment, the Company determined that the carrying amount exceeded its estimated fair value. The impairment condition was considered to be other than temporary and, as a result, the Company recorded a $153.0 million impairment charge against the Company’s investment in Duferdofin Nucor in the fourth quarter of 2015. While the operating performance of Duferdofin Nucor showed meaningful improvement in 2016, steel market conditions in Europe have continued to be challenging. 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 our business strategy. |
Current Liabilities
Current Liabilities | 12 Months Ended |
Dec. 31, 2016 | |
Liabilities, Current [Abstract] | |
Current Liabilities | 10. Current Liabilities Book overdrafts, included in accounts payable in the consolidated balance sheets, were $61.3 million at December 31, 2016 ($62.8 million at December 31, 2015). Dividends payable, included in accrued expenses and other current liabilities in the consolidated balance sheets, were $121.3 million at December 31, 2016 ($120.2 million at December 31, 2015). |
Debt and Other Financing Arrang
Debt and Other Financing Arrangements | 12 Months Ended |
Dec. 31, 2016 | |
Debt Disclosure [Abstract] | |
Debt and Other Financing Arrangements | 11. Debt and Other Financing Arrangements (in thousands) December 31, 2016 2015 Industrial revenue bonds: 0.30% to 1.00%, variable, due from 2020 to 2040 $ 1,010,600 $ 1,010,600 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 Total long-term debt 4,360,600 4,360,600 Less debt issuance costs 21,459 23,455 Total amounts outstanding 4,339,141 4,337,145 Less current maturities 600,000 — Total long-term debt due after one year $ 3,739,141 $ 4,337,145 Annual aggregate long-term debt maturities are: $600.0 million in 2017, $500.0 million in 2018, none in 2019, $20.0 million in 2020, none in 2021 and $3.241 billion thereafter. Nucor has a $1.50 billion unsecured revolving credit facility that matures in April 2021. 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 $100.0 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, 2016, Nucor’s funded debt to total capital ratio was 35%, and Nucor was in compliance with all covenants under the credit facility. No borrowings were outstanding under the credit facility as of December 31, 2016 and 2015. Harris Steel has credit facilities totaling approximately $26.2 million, with no outstanding borrowings at December 31, 2016 ($25.1 million at December 31, 2015). 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, 2016, Nucor Trading S.A. had outstanding borrowings of $18.0 million, which is presented in short-term debt in the consolidated balance sheets ($51.3 million at December 31, 2015). Letters of credit totaling $41.2 million were outstanding as of December 31, 2016 ($58.0 million as of December 31, 2015), 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, 2016 | |
Equity [Abstract] | |
Capital Stock | 12. 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 $5.2 million of its common stock in 2016 ($66.5 million in 2015 and none in 2014). |
Derivative Financial Instrument
Derivative Financial Instruments | 12 Months Ended |
Dec. 31, 2016 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Financial Instruments | 13. 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 2016 2015 Asset derivatives designated as hedging instruments: Commodity contracts Other current assets $ 1,250 $ — Asset derivatives not designated as hedging instruments: Foreign exchange contracts Other current assets 779 909 Total asset derivatives $ 2,029 $ 909 Liability derivatives designated as hedging instruments: Commodity contracts Accrued expenses and other current liabilities $ — $ (15,700 ) Commodity contracts Deferred credits and other liabilities — (2,800 ) Total liability derivatives designated as hedging instruments — (18,500 ) Liability derivatives not designated as hedging instruments: Commodity contracts Accrued expenses and other current liabilities (605 ) (353 ) Total liability derivatives $ (605 ) $ (18,853 ) 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 Year ended December 31, Amount of Gain or (Loss), Amount of Gain or (Loss), Amount of Gain or (Loss), net of tax, Recognized in Earnings on Derivatives (Ineffective Portion) Hedging Relationships Location 2016 2015 2014 2016 2015 2014 2016 2015 2014 Commodity contracts Cost of products sold $ 2,570 $ (9,498 ) $ (8,542 ) $ (9,880 ) $ (5,798 ) $ (542 ) $ 0 $ — $ — Derivatives Not Designated as Hedging Instruments (in thousands) Derivatives Not Designated Statement of Earnings Year ended December 31, Amount of Gain or (Loss) as Hedging Instruments Location 2016 2015 2014 Commodity contracts Cost of products sold $ (3,251 ) $ 2,894 $ 1,890 Foreign exchange contracts Cost of products sold 238 2,392 748 Total $ (3,013 ) $ 5,286 $ 2,638 At December 31, 2016, natural gas swaps covering approximately 19.2 million MMBTUs (extending through December 2019) were outstanding. |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2016 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 14. 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, 2016 and 2015 (in thousands). Nucor does not have any non-financial Fair Value Measurements at Reporting Date Using Description Carrying Amount in Consolidated Balance Sheets Quoted Prices (Level 1) Significant (Level 2) Significant (Level 3) As of December 31, 2016 Assets: Cash equivalents $ 1,609,523 $ 1,609,523 $ — Short-term investments 150,000 150,000 — Commodity and foreign exchange contracts 2,029 — 2,029 Total assets $ 1,761,552 $ 1,759,523 $ 2,029 $ — Liabilities: Commodity contracts $ (605 ) $ — $ (605 ) $ — 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 ) $ — 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 $4.70 billion at December 31, 2016 ($4.44 billion at December 31, 2015). 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, 2016 and 2015, 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 9). |
Contingencies
Contingencies | 12 Months Ended |
Dec. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contingencies | 15. Contingencies Nucor is subject to environmental laws and regulations established by federal, state and local authorities and, accordingly, makes provisions for the estimated costs of compliance. Of the undiscounted total of $21.9 million of accrued environmental costs at December 31, 2016 ($21.1 million at December 31, 2015), $9.5 million was classified in accrued expenses and other current liabilities ($9.7 million at December 31, 2015) and $12.4 million was classified in deferred credits and other liabilities ($11.4 million at December 31, 2015). Inherent uncertainties exist in these estimates primarily due to unknown conditions, evolving remediation technology and changing governmental regulations and legal standards. Since 2008, Nucor has been a defendant, along with other major steel producers, in several related antitrust class-action proceedings 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 were 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. Nucor denies those allegations. The plaintiffs sought monetary and other relief on behalf of themselves and classes of direct and indirect purchasers of steel products from the defendants in the U.S. between April 1, 2005 and December 31, 2007. On September 30, 2016, Nucor entered into an agreement to settle the claims of the class of direct purchasers of steel products for the amount of $23.4 million, which was paid during the fourth quarter of 2016. Nucor believes the plaintiffs’ claims are without merit and did not admit liability or the validity of the plaintiffs’ claims as part of the settlement, but entered into the settlement in order to avoid the burden, expense and distraction of further litigation. The settlement was subject to court approval. On November 3, 2016, the court granted preliminary approval of the settlement. Direct purchasers of steel products were given notice of the settlement and the opportunity to object to the settlement or to opt out as class members. No purchasers timely objected to the settlement, and only two purchasers filed notices of intent to opt out. On February 16, 2017, the Court granted final approval of the settlement. The settlement does not resolve claims asserted by a separate putative class of indirect purchasers of steel products. Nucor and other Defendants have moved to dismiss those indirect purchaser claims. We will continue to vigorously defend against the indirect purchasers’ claims and any other claims relating to these allegations. We cannot at this time predict the outcome of the remaining litigation or estimate the range of Nucor’s potential exposure (if any) and, consequently, have not recorded any reserves or contingencies related to the class of indirect purchasers. 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, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock-Based Compensation | 16. Stock-Based Compensation Stock Options Stock options may be granted to Nucor’s key employees, officers and non-employee A summary of activity under Nucor’s stock option plans is as follows (shares in thousands): Year Ended December 31, 2016 2015 2014 Shares Weighted - Shares Weighted - Shares Weighted - Number of shares under option: Outstanding at beginning of year 3,092 $ 43.51 2,422 $ 42.39 2,089 $ 40.47 Granted 899 $ 48.80 700 $ 47.59 469 $ 50.63 Exercised (400 ) $ 39.19 (10 ) $ 42.34 (136 ) $ 41.30 Canceled — — (20 ) $ 50.63 — — Outstanding at end of year 3,591 $ 45.32 3,092 $ 43.51 2,422 $ 42.39 Options exercisable at end of year 1,557 $ 40.80 1,531 $ 39.35 1,263 $ 40.40 The shares reserved for future grants as of December 31, 2016, 2015 and 2014 are reflected in the restricted stock units table below. The total intrinsic value of stock options (the amount by which the stock price exceeded the exercise price of the stock option on the date of exercise) that were exercised during 2016 was $6.8 million ($0.1 million in 2015 and $2.0 million in 2014). The following table summarizes information about stock options outstanding at December 31, 2016 (shares in thousands): Options Outstanding Exercise Price Options Options Weighted- $35.76 531 531 5.4 years $42.34 520 520 4.4 years $44.51 506 506 6.4 years $47.59 700 — 8.4 years $48.80 899 — 9.4 years $50.63 435 — 7.4 years $35.76 - $50.63 3,591 1,557 7.2 years As of December 31, 2016, the total aggregate intrinsic value of stock options outstanding and stock options exercisable was $51.0 million and $29.2 million, respectively. The grant date fair value of stock options granted was $9.12 per share in 2016 ($11.71 per share in 2015 and $17.48 per share in 2014). The fair value was estimated using the Black-Scholes option-pricing model with the following assumptions: 2016 2015 2014 Exercise price $ 48.80 $ 47.59 $ 50.63 Expected dividend yield 3.07 % 3.13 % 2.92 % Expected stock price volatility 26.14 % 33.32 % 45.00 % Risk-free interest rate 1.67 % 1.86 % 2.03 % 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 $7.8 million in 2016 ($7.4 million in 2015 and $7.7 million in 2014). As of December 31, 2016, unrecognized compensation expense related to stock options was $1.6 million, which is expected to be recognized over a weighted-average period of 2 years. Restricted Stock Units Nucor annually grants restricted stock units (RSUs) to key employees, officers and non-employee non-employee non-employee 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 RSUs 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 the grant. A summary of Nucor’s RSU activity is as follows (shares in thousands): Year Ended December 31, 2016 2015 2014 Shares Grant Date Shares Grant Date Shares Grant Date Restricted stock units: Unvested at beginning of year 1,031 $ 47.93 1,012 $ 45.98 1,122 $ 42.51 Granted 723 $ 48.80 790 $ 47.59 655 $ 50.63 Vested (681 ) $ 48.09 (756 ) $ 44.99 (752 ) $ 44.90 Canceled (33 ) $ 46.44 (15 ) $ 46.61 (13 ) $ 42.66 Unvested at end of year 1,040 $ 48.47 1,031 $ 47.93 1,012 $ 45.98 Shares reserved for future grants (stock options and RSUs) 8,706 10,349 11,851 Compensation expense for RSUs was $33.9 million in 2016 ($34.8 million in 2015 and $32.6 million in 2014). The total fair value of shares vested during 2016 was $33.4 million ($35.8 million in 2015 and $38.1 million in 2014). As of December 31, 2016, unrecognized compensation expense related to unvested RSUs was $31.1 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 (LTIP) and Annual Incentive Plan (AIP) authorize the award of shares of common stock to officers subject to certain conditions and restrictions. The LTIP provides for the award of shares of restricted common stock at the end of each LTIP performance measurement period at no cost to officers if certain financial performance goals are met during the period. One-third 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 A summary of Nucor’s restricted stock activity under the AIP and the LTIP is as follows (shares in thousands): Year Ended December 31, 2016 2015 2014 Shares Grant Date Shares Grant Date Shares Grant Date Restricted stock awards and units: Unvested at beginning of year 63 $ 48.07 65 $ 48.20 73 $ 45.49 Granted 123 $ 44.03 136 $ 47.07 127 $ 50.35 Vested (116 ) $ 45.16 (138 ) $ 47.15 (135 ) $ 48.76 Canceled (3 ) $ 45.75 — — — — Unvested at end of year 67 $ 45.77 63 $ 48.07 65 $ 48.20 Shares reserved for future grants 855 975 1,111 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 $14.8 million in 2016 ($3.4 million in 2015 and $6.1 million in 2014). The total fair value of shares vested during 2016 was $5.2 million ($6.5 million in 2015 and $6.8 million in 2014). As of December 31, 2016, unrecognized compensation expense related to unvested restricted stock awards was $0.7 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, 2016 | |
Employee Benefit Plan [Abstract] | |
Employee Benefit Plans | 17. 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 $129.0 million in 2016 ($60.5 million in 2015 and $110.1 million in 2014). The related liability for these benefits is included in salaries, wages and related accruals in the consolidated balance sheets. 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 $20.4 million at December 31, 2016 ($15.6 million at December 31, 2015). The expense associated with this early retiree medical plan totaled $0.6 million in 2016 (expense of $1.1 million in 2015 and benefit of $0.6 million in 2014). The discount rate used was 4.2% in 2016 (4.4% in 2015 and 3.8% in 2014). The health care cost increase trend rate used was 6.8% in 2016 (7.1% in 2015 and 6.5% in 2014). 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, 2016 | |
Interest Revenue (Expense), Net [Abstract] | |
Interest Expense (Income) | 18. Interest Expense (Income) The components of net interest expense are as follows (in thousands): Year Ended December 31, 2016 2015 2014 Interest expense $ 181,179 $ 177,543 $ 174,142 Interest income (11,935 ) (4,012 ) (4,886 ) Interest expense, net $ 169,244 $ 173,531 $ 169,256 Interest paid was $183.4 million in 2016 ($180.0 million in 2015 and $180.5 million in 2014). |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 19. Income Taxes Components of earnings (losses) from continuing operations before income taxes and noncontrolling interests are as follows (in thousands): Year Ended December 31, 2016 2015 2014 United States $ 1,241,117 $ 407,666 $ 1,104,664 Foreign 57,542 (165,800 ) 42,624 $ 1,298,659 $ 241,866 $ 1,147,288 The provision for income taxes consists of the following (in thousands): Year Ended December 31, 2016 2015 2014 Current: Federal $ 286,224 $ 285,856 $ 247,898 State 27,353 4,618 30,790 Foreign 13,211 5,198 19,235 Total current 326,788 295,672 297,923 Deferred: Federal 71,777 (213,601 ) 76,356 State 5,193 (21,240 ) 2,530 Foreign (5,515 ) (11,995 ) (8,085 ) Total deferred 71,455 (246,836 ) 70,801 Total provision for income taxes $ 398,243 $ 48,836 $ 368,724 A reconciliation of the federal statutory tax rate (35%) to the total provision is as follows: Year Ended December 31, 2016 2015 2014 Taxes computed at statutory rate 35.00 % 35.00 % 35.00 % State income taxes, net of federal income tax benefit 1.67 % -5.02 % 3.40 % Federal research credit -0.28 % -1.47 % -0.28 % Domestic manufacturing deduction -2.11 % -9.98 % -2.39 % Equity in losses of foreign joint venture 0.27 % 2.88 % 0.89 % Impairment on investment in foreign joint venture — 22.14 % — Foreign rate differential -1.05 % -5.04 % -0.97 % Noncontrolling interests -2.81 % -16.27 % -3.03 % Out-of-period -0.22 % -4.02 % -1.15 % Other, net 0.20 % 1.97 % 0.67 % Provision for income taxes 30.67 % 20.19 % 32.14 % The 2015 and 2014 provisions included out-of-period non-cash out-of-period Deferred tax assets and liabilities resulted from the following (in thousands): December 31, 2016 2015 Deferred tax assets: Accrued liabilities and reserves $ 195,787 $ 209,854 Allowance for doubtful accounts 15,511 12,912 Inventory 75,550 172,638 Post-retirement benefits 12,163 9,773 Commodity hedges — 7,149 Net operating loss carryforward 11,544 14,690 Tax credit carryforwards 18,358 19,601 Total deferred tax assets 328,913 446,617 Deferred tax liabilities: Holdbacks and amounts not due under contracts (9,999 ) (10,479 ) Commodity hedges (316 ) — Cumulative translation adjustments — (3,325 ) Intangibles (246,697 ) (244,496 ) Property, plant and equipment (630,500 ) (673,676 ) Total deferred tax liabilities (887,512 ) (931,976 ) Total net deferred tax liabilities $ (558,599 ) $ (485,359 ) Non-current Cumulative undistributed foreign earnings for which U.S. taxes have not been provided are included in consolidated retained earnings in the amount of $190.1 million at December 31, 2016 ($169.6 million at December 31, 2015). 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 $573.4 million at December 31, 2016 ($487.9 million at December 31, 2015). If unused, they will expire between 2017 and 2036. Foreign net operating loss carryforwards were $18.5 million at December 31, 2016 ($22.3 million at December 31, 2015). If unused, they will expire between 2028 and 2036. At December 31, 2016, Nucor had approximately $44.1 million of unrecognized tax benefits, of which $43.4 million would affect Nucor’s effective tax rate, if recognized. 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. 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, 2016 2015 2014 Balance at beginning of year $ 50,510 $ 63,001 $ 65,975 Additions based on tax positions related to current year 6,157 6,508 6,295 Reductions based on tax positions related to current year — — — Additions based on tax positions related to prior years 147 241 5,673 Reductions based on tax positions related to prior years (8,201 ) (13,294 ) (7,449 ) (Reductions) additions due to settlements with taxing authorities (258 ) 930 — Reductions due to statute of limitations lapse (4,267 ) (6,876 ) (7,493 ) Balance at end of year $ 44,088 $ 50,510 $ 63,001 We estimate that in the next twelve months, our gross uncertain tax positions, exclusive of interest, could decrease by as much as $8.6 million, as a result of the expiration of the statute of limitations. During 2016, Nucor recognized $2.8 million of benefit in interest and penalties ($7.0 million of benefit in 2015 and $9.0 million of benefit in 2014). The interest and penalties are included in interest expense and other expenses, respectively, in the consolidated statements of earnings. As of December 31, 2016, Nucor had approximately $18.4 million of accrued interest and penalties related to uncertain tax positions on the consolidated balance sheet (approximately $21.2 million at December 31, 2015). Nucor has concluded U.S. federal income tax matters for years through 2012. The tax years 2013 through 2015 remain open to examination by the Internal Revenue Service. The Canada Revenue Agency has substantially concluded its examination of the 2012 Canadian returns for Harris Steel Group Inc. and certain related affiliates and is now examining the 2013 Canadian returns. The tax years 2009 through 2015 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 Income (Loss) | 12 Months Ended |
Dec. 31, 2016 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Accumulated Other Comprehensive Income (Loss) | 20. Accumulated Other Comprehensive Income (Loss) The following tables reflect the changes in accumulated other comprehensive income (loss) by component (in thousands): Gains and Losses on Foreign Currency Adjustment to Early Total December 31, 2015 $ (11,700 ) $ (351,665 ) $ 12,003 $ (351,362 ) Other comprehensive income (loss) before reclassifications 2,570 25,495 (3,589 ) 24,476 Amounts reclassified from accumulated other comprehensive (loss) income into earnings (1) 9,880 — (837 ) 9,043 Net current-period other comprehensive (loss) income 12,450 25,495 (4,426 ) 33,519 December 31, 2016 $ 750 $ (326,170 ) $ 7,577 $ (317,843 ) (1) Includes $9,880 and ($837) net-of-tax 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 (2) 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 ) (2) Includes $5,798 and ($742) net-of-tax |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 31, 2016 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | 21. Earnings Per Share The computations of basic and diluted net earnings per share are as follows (in thousands, except per share data): Year Ended December 31, 2016 2015 2014 Basic net earnings per share: Basic net earnings $ 796,271 $ 80,724 $ 679,337 Earnings allocated to participating securities (2,632 ) (1,514 ) (2,321 ) Net earnings available to common stockholders $ 793,639 $ 79,210 $ 677,016 Average shares outstanding 319,563 320,565 319,838 Basic net earnings per share $ 2.48 $ 0.25 $ 2.12 Diluted net earnings per share: Diluted net earnings $ 796,271 $ 80,724 $ 679,337 Earnings allocated to participating securities (2,631 ) (1,514 ) (2,321 ) Net earnings available to common stockholders $ 793,640 $ 79,210 $ 677,016 Diluted average shares outstanding: Basic shares outstanding 319,563 320,565 319,838 Dilutive effect of stock options and other 259 114 289 319,822 320,679 320,127 Diluted net earnings per share $ 2.48 $ 0.25 $ 2.11 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): Year Ended December 31, 2016 2015 2014 Anti-dilutive stock options: Weighted-average shares 942 1,226 — Weighted-average exercise price $ 47.04 $ 47.20 $ — |
Segments
Segments | 12 Months Ended |
Dec. 31, 2016 | |
Segment Reporting [Abstract] | |
Segments | 22. 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; tubular products businesses; 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 The David J. Joseph Company and its affiliates (DJJ), primarily a scrap broker and processor; Nu-Iron Net interest expense, other income, profit sharing expense and stock-based compensation 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 and investments in and advances to affiliates. The balance of Corporate assets at December 31, 2015 and 2014 was adjusted due to the adoption of new accounting guidance requiring the reclassification of debt issuance costs into liabilities in the first quarter of 2016 (see Note 2). The balance of Corporate assets and earnings (loss) before income taxes and noncontrolling interests as of and for the periods ending December 31, 2015 and 2014 was adjusted due to the change in accounting principle from LIFO to FIFO for certain inventories (see Note 2), as previously the impact of LIFO was recognized in Corporate/eliminations consistent with our internal reporting. Nucor’s results by segment are as follows (in thousands): Year Ended December 31, 2016 2015 2014 Net sales to external customers: Steel mills $ 11,312,048 $ 11,084,331 $ 14,723,642 Steel products 3,687,448 3,966,895 4,032,385 Raw materials 1,208,626 1,388,050 2,349,114 $ 16,208,122 $ 16,439,276 $ 21,105,141 Intercompany sales: Steel mills $ 2,070,077 $ 2,152,157 $ 2,904,317 Steel products 106,838 90,969 105,383 Raw materials 5,997,498 6,279,316 9,618,145 Corporate/eliminations (8,174,413 ) (8,522,442 ) (12,627,845 ) $ — $ — $ — Depreciation expense: Steel mills $ 377,627 $ 381,352 $ 366,568 Steel products 36,906 39,512 42,777 Raw materials 191,466 198,705 235,443 Corporate 7,193 6,188 7,212 $ 613,192 $ 625,757 $ 652,000 Amortization expense: Steel mills $ 22,479 $ 18,789 $ 15,269 Steel products 21,998 23,932 27,644 Raw materials 29,385 31,539 29,510 $ 73,862 $ 74,260 $ 72,423 Earnings (loss) before income taxes and noncontrolling interests: Steel mills $ 1,724,168 $ 629,256 $ 1,594,352 Steel products 249,970 276,048 166,323 Raw materials (95,121 ) (283,938 ) (29,053 ) Corporate/eliminations (580,358 ) (379,500 ) (584,334 ) $ 1,298,659 $ 241,866 $ 1,147,288 Segment assets: Steel mills $ 8,084,773 $ 7,318,169 $ 8,528,623 Steel products 2,544,344 2,485,122 2,731,320 Raw materials 3,235,237 3,123,190 3,858,254 Corporate/eliminations 1,359,164 1,400,488 838,270 $ 15,223,518 $ 14,326,969 $ 15,956,467 Capital expenditures: Steel mills $ 375,996 $ 248,532 $ 343,767 Steel products 30,698 41,291 27,262 Raw materials 194,112 74,607 197,252 Corporate 16,871 338 586 $ 617,677 $ 364,768 $ 568,867 Net sales by product were as follows (in thousands). Further product group breakdown is impracticable. Year Ended December 31, 2016 2015 2014 Net sales to external customers: Sheet $ 5,178,467 $ 4,628,805 $ 5,988,303 Bar 2,886,648 3,005,450 4,051,171 Structural 1,982,642 2,137,413 2,617,196 Plate 1,204,185 1,312,663 2,066,972 Tubular products 60,106 — — Steel products 3,687,448 3,966,895 4,032,385 Raw materials 1,208,626 1,388,050 2,349,114 $ 16,208,122 $ 16,439,276 $ 21,105,141 |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2016 | |
Subsequent Events [Abstract] | |
Subsequent Events | 23. Subsequent Events On January 9, 2017, Nucor used cash on hand to acquire Southland Tube for a purchase price of approximately $130 million. Southland Tube is a manufacturer of HSS tubing, which is primarily used in nonresidential construction markets. Southland Tube had shipments of approximately 240,000 tons in 2016 and has one manufacturing facility in Birmingham, Alabama. Nucor further expanded its value-added product offerings to its customers within the pipe and tube market through the January 20, 2017 acquisition of Republic Conduit for a purchase price of approximately $335 million. Republic Conduit produces steel electrical conduit primarily used to protect and route electrical wiring in various nonresidential structures such as hospitals, office buildings and stadiums. With its two facilities located in Kentucky and Georgia, Republic Conduit’s annual shipment volume has averaged 146,000 tons during the past two years. |
Quarterly Information (Unaudite
Quarterly Information (Unaudited) | 12 Months Ended |
Dec. 31, 2016 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Information (Unaudited) | 24. Quarterly Information (Unaudited) (in thousands, except per share data) Year Ended December 31, 2016 First Quarter Second Quarter Third Quarter Fourth Quarter Net sales $ 3,715,576 $ 4,245,772 $ 4,290,236 $ 3,956,538 Gross margin (1) 314,985 585,260 682,236 443,426 Net earnings (loss) (2) 122,497 271,369 331,365 175,185 Net earnings (loss) attributable to Nucor stockholders (2) 87,565 243,620 305,447 159,639 Net earnings (loss) per share: Basic $ 0.27 $ 0.76 $ 0.95 $ 0.50 Diluted $ 0.27 $ 0.76 $ 0.95 $ 0.50 (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 271,036 291,552 383,207 168,095 Net earnings (loss) (3) 72,764 98,282 177,090 (155,106 ) Net earnings (loss) attributable to Nucor stockholders (3) 58,232 67,613 142,360 (187,481 ) Net earnings (loss) per share: Basic $ 0.18 $ 0.21 $ 0.44 $ (0.59 ) Diluted $ 0.18 $ 0.21 $ 0.44 $ (0.59 ) (1) Fourth quarter results include a benefit of $83.0 million related to the effects of a change in estimate related to the cost of certain inventories. (2) First quarter results include out-of-period non-cash (3) 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 pre-tax The following tables show quarterly information reflecting the effect of the change in inventory valuation method from LIFO to FIFO. Refer to Note 2 for more information related to the change in accounting principle the Company made in the fourth quarter of 2016. Year Ended December 31, 2016 (in thousands, except per share data) First Quarter Second Quarter Third Quarter Fourth Quarter Gross margin using previous inventory valuation method (LIFO) $ 286,948 $ 566,260 $ 624,336 $ 407,028 Effect of change 28,037 19,000 57,900 36,398 Gross margin using current inventory valuation method (FIFO) $ 314,985 $ 585,260 $ 682,236 $ 443,426 Net earnings using previous inventory valuation method (LIFO) $ 104,461 $ 258,336 $ 294,484 $ 153,023 Effect of change 18,036 13,033 36,881 22,162 Net earnings using current inventory valuation method (FIFO) $ 122,497 $ 271,369 $ 331,365 $ 175,185 Net earnings attributable to Nucor stockholders using previous inventory valuation method (LIFO) $ 70,754 $ 233,772 $ 270,036 $ 136,242 Effect of change 16,811 9,848 35,411 23,397 Net earnings attributable to Nucor stockholders using current inventory valuation method (FIFO) $ 87,565 $ 243,620 $ 305,447 $ 159,639 Basic net earnings per share using previous inventory valuation method (LIFO) $ 0.22 $ 0.73 $ 0.84 $ 0.42 Effect of change $ 0.05 $ 0.03 $ 0.11 $ 0.08 Basic net earnings per share using current inventory valuation method (FIFO) $ 0.27 $ 0.76 $ 0.95 $ 0.50 Diluted net earnings per share using previous inventory valuation method (LIFO) $ 0.22 $ 0.73 $ 0.84 $ 0.42 Effect of change $ 0.05 $ 0.03 $ 0.11 $ 0.08 Diluted net earnings per share using current inventory valuation method (FIFO) $ 0.27 $ 0.76 $ 0.95 $ 0.50 Year Ended December 31, 2015 (in thousands, except per share data) First Quarter Second Quarter Third Quarter Fourth Quarter Gross margin using previous inventory valuation method (LIFO) $ 288,282 $ 386,306 $ 523,836 $ 382,838 Effect of change (17,246 ) (94,754 ) (140,629 ) (214,743 ) Gross margin using current inventory valuation method (FIFO) $ 271,036 $ 291,552 $ 383,207 $ 168,095 Net earnings (loss) using previous inventory valuation method (LIFO) $ 84,292 $ 159,344 $ 267,736 $ (15,288 ) Effect of change (11,528 ) (61,062 ) (90,646 ) (139,818 ) Net earnings (loss) using current inventory valuation method (FIFO) $ 72,764 $ 98,282 $ 177,090 $ (155,106 ) Net earnings (loss) attributable to Nucor stockholders using previous inventory valuation method (LIFO) $ 67,800 $ 124,755 $ 227,126 $ (62,022 ) Effect of change (9,568 ) (57,142 ) (84,766 ) (125,459 ) Net earnings (loss) attributable to Nucor stockholders using current inventory valuation method (FIFO) $ 58,232 $ 67,613 $ 142,360 $ (187,481 ) Basic net earnings (loss) per share using previous inventory valuation method (LIFO) $ 0.21 $ 0.39 $ 0.71 $ (0.19 ) Effect of change $ (0.03 ) $ (0.18 ) $ (0.27 ) $ (0.40 ) Basic net earnings (loss) per share using current inventory valuation method (FIFO) $ 0.18 $ 0.21 $ 0.44 $ (0.59 ) Diluted net earnings (loss) per share using previous inventory valuation method (LIFO) $ 0.21 $ 0.39 $ 0.71 $ (0.19 ) Effect of change $ (0.03 ) $ (0.18 ) $ (0.27 ) $ (0.40 ) Diluted net earnings (loss) per share using current inventory valuation method (FIFO) $ 0.18 $ 0.21 $ 0.44 $ (0.59 ) |
Summary of Significant Accoun34
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2016 | |
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 re-evaluates |
Inventories | Inventories At December 31, 2016, inventories were stated at the lower of cost or market. In the fourth quarter of 2016, the Company changed its accounting method for valuing its inventories held by the parent company and Nucor-Yamato Steel Company to the first-in, first-out last-in, first-out The effects of the change in accounting principle from LIFO to FIFO have been retrospectively applied to all periods presented. As a result of the retrospective application of the change in accounting principle, certain financial statement line items in the Company’s consolidated balance sheet as of December 31, 2015 and its consolidated statements of earnings and consolidated statements of cash flows for 2015 and 2014 were adjusted as follows. (in thousands, except per share data) As Originally Reported Effect of Change As Adjusted Consolidated Statement of Earnings for the year ended December 31, 2015: Cost of products sold $ 14,858,014 $ 467,372 $ 15,325,386 Provision for income taxes 213,154 (164,318 ) 48,836 Net earnings 496,084 (303,054 ) 193,030 Earnings attributable to noncontrolling interests 138,425 (26,119 ) 112,306 Net earnings attributable to Nucor stockholders 357,659 (276,935 ) 80,724 Net earnings per share: Basic $ 1.11 $ (0.86 ) $ 0.25 Diluted $ 1.11 $ (0.86 ) $ 0.25 Consolidated Statement of Earnings for the year ended December 31, 2014: Cost of products sold $ 19,198,615 $ 57,289 $ 19,255,904 Provision for income taxes 388,787 (20,063 ) 368,724 Net earnings 815,790 (37,226 ) 778,564 Earnings attributable to noncontrolling interests 101,844 (2,617 ) 99,227 Net earnings attributable to Nucor stockholders 713,946 (34,609 ) 679,337 Net earnings per share: Basic $ 2.22 $ (0.10 ) $ 2.12 Diluted $ 2.22 $ (0.11 ) $ 2.11 Consolidated Balance Sheet as of December 31, 2015: Inventories, net $ 2,145,444 $ 100,025 $ 2,245,469 Deferred credits and other liabilities 718,613 36,161 754,774 Retained earnings 7,255,972 60,938 7,316,910 Consolidated Statement of Cash Flows for the year ended December 31, 2015: Net earnings $ 496,084 $ (303,054 ) $ 193,030 Changes in inventories 593,830 467,372 1,061,202 Changes in deferred income taxes (82,518 ) (164,318 ) (246,836 ) Consolidated Statement of Cash Flows for the year ended December 31, 2014: Net earnings $ 815,790 $ (37,226 ) $ 778,564 Changes in inventories (45,963 ) 57,289 11,326 Changes in deferred income taxes 90,864 (20,063 ) 70,801 The effects of the change in accounting principle from LIFO to FIFO have been retrospectively applied to all periods presented in Notes 6, 19, 21, 22 and 24 of the consolidated financial statements. The following table shows the effect of the change in accounting principle from LIFO to FIFO on net earnings, earnings attributable to noncontrolling interests, net earnings attributable to Nucor stockholders and the related basic and diluted earnings per share for the year ended December 31, 2016. (in thousands, except per share data) As Computed under LIFO As Computed Under Effect of Change Consolidated Statement of Earnings for the year ended December 31, 2016: Net earnings $ 810,304 $ 900,416 $ 90,112 Earnings attributable to noncontrolling interests 99,500 104,145 4,645 Net earnings attributable to Nucor stockholders 710,804 796,271 85,467 Net earnings per share: Basic $ 2.22 $ 2.48 $ 0.26 Diluted $ 2.22 $ 2.48 $ 0.26 |
Property, Plant and Equipment | Property, Plant and Equipment Property, plant and equipment is stated at cost, except for property, plant and equipment acquired through acquisitions which is 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 |
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 periodically uses derivative financial instruments primarily to partially manage its exposure to price risk related to natural gas purchases used in the production process as well as to scrap, copper and aluminum purchased for resale to its customers. In addition, Nucor periodically uses derivatives to partially manage its exposure to changes in interest rates on outstanding debt instruments and uses forward foreign exchange contracts to hedge cash flows associated with certain assets and liabilities, firm commitments and anticipated transactions. Nucor recognizes all derivative instruments in the 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 |
Recently Adopted Accounting Pronouncements | Recently Adopted Accounting Pronouncements In the first quarter of 2016, Nucor adopted new accounting guidance 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 applied retrospectively for the Company for all periods presented. As of December 31, 2015, the Company reclassified $23.5 million of deferred long-term debt issuance costs from other assets to long-term debt due after one year in the consolidated balance sheets. In the first quarter of 2016, Nucor adopted new accounting guidance 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. This standard is applied prospectively for the Company beginning January 1, 2016. The adoption of this standard did not have a material effect on the Company’s consolidated financial statements. In the fourth quarter of 2016, Nucor adopted new accounting guidance 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. This standard is applied prospectively for the Company beginning with the annual and interim reporting periods ending December 31, 2016. The adoption of this standard did not have an effect on the Company’s consolidated financial statements. |
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. The Financial Accounting Standards Board has also issued a number of updates to this new accounting guidance. The standard is effective for the Company for annual and interim reporting periods beginning after December 15, 2017 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 accounting guidance 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 In February 2016, new accounting guidance was issued regarding the accounting for leases. The new guidance requires all lessees to recognize on the balance sheet right to use assets and lease liabilities for the rights and obligations created by lease arrangements with terms greater than 12 months. The standard is effective for the Company for annual and interim reporting periods beginning after December 15, 2018. The Company is evaluating the impact that the adoption of this new guidance will have on its consolidated financial statements. In March 2016, new accounting guidance was issued regarding employee share-based payment accounting. The new guidance simplifies certain aspects of the accounting for share-based payment transactions, including income tax requirements, forfeitures and presentation on the balance sheet and statement of cash flows. The new guidance is effective for the Company for annual and interim reporting periods beginning after December 15, 2016 and is not expected to have a material effect on the Company’s consolidated financial statements. In August 2016, new accounting guidance was issued regarding the presentation and classification of certain cash receipts and cash payments in the statement of cash flows. The new guidance addresses specific cash flow presentation issues in order to reduce diversity in existing practice. The new guidance is effective for the Company for annual and interim reporting periods beginning after December 15, 2017. The Company is evaluating the impact that the adoption of this new guidance will have on its consolidated financial statements. In October 2016, new accounting guidance was issued regarding intra-entity transfers of assets other than inventory. The new guidance requires that an entity should recognize the income tax consequences of an intra-entity transfer of an asset other than inventory when the transfer occurs. The new guidance is effective for the Company for annual and interim reporting periods beginning after December 15, 2017. The Company is evaluating the impact that the adoption of this new guidance will have on its consolidated financial statements. |
Summary of Significant Accoun35
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Accounting Policies [Abstract] | |
Schedule of Adjustments to Consolidated Financial Statements and Effect of Change in Accounting Principle from LIFO to FIFO on Net Earnings | As a result of the retrospective application of the change in accounting principle, certain financial statement line items in the Company’s consolidated balance sheet as of December 31, 2015 and its consolidated statements of earnings and consolidated statements of cash flows for 2015 and 2014 were adjusted as follows. (in thousands, except per share data) As Originally Reported Effect of Change As Adjusted Consolidated Statement of Earnings for the year ended December 31, 2015: Cost of products sold $ 14,858,014 $ 467,372 $ 15,325,386 Provision for income taxes 213,154 (164,318 ) 48,836 Net earnings 496,084 (303,054 ) 193,030 Earnings attributable to noncontrolling interests 138,425 (26,119 ) 112,306 Net earnings attributable to Nucor stockholders 357,659 (276,935 ) 80,724 Net earnings per share: Basic $ 1.11 $ (0.86 ) $ 0.25 Diluted $ 1.11 $ (0.86 ) $ 0.25 Consolidated Statement of Earnings for the year ended December 31, 2014: Cost of products sold $ 19,198,615 $ 57,289 $ 19,255,904 Provision for income taxes 388,787 (20,063 ) 368,724 Net earnings 815,790 (37,226 ) 778,564 Earnings attributable to noncontrolling interests 101,844 (2,617 ) 99,227 Net earnings attributable to Nucor stockholders 713,946 (34,609 ) 679,337 Net earnings per share: Basic $ 2.22 $ (0.10 ) $ 2.12 Diluted $ 2.22 $ (0.11 ) $ 2.11 Consolidated Balance Sheet as of December 31, 2015: Inventories, net $ 2,145,444 $ 100,025 $ 2,245,469 Deferred credits and other liabilities 718,613 36,161 754,774 Retained earnings 7,255,972 60,938 7,316,910 Consolidated Statement of Cash Flows for the year ended December 31, 2015: Net earnings $ 496,084 $ (303,054 ) $ 193,030 Changes in inventories 593,830 467,372 1,061,202 Changes in deferred income taxes (82,518 ) (164,318 ) (246,836 ) Consolidated Statement of Cash Flows for the year ended December 31, 2014: Net earnings $ 815,790 $ (37,226 ) $ 778,564 Changes in inventories (45,963 ) 57,289 11,326 Changes in deferred income taxes 90,864 (20,063 ) 70,801 The following table shows the effect of the change in accounting principle from LIFO to FIFO on net earnings, earnings attributable to noncontrolling interests, net earnings attributable to Nucor stockholders and the related basic and diluted earnings per share for the year ended December 31, 2016. (in thousands, except per share data) As Computed under LIFO As Computed Under Effect of Change Consolidated Statement of Earnings for the year ended December 31, 2016: Net earnings $ 810,304 $ 900,416 $ 90,112 Earnings attributable to noncontrolling interests 99,500 104,145 4,645 Net earnings attributable to Nucor stockholders 710,804 796,271 85,467 Net earnings per share: Basic $ 2.22 $ 2.48 $ 0.26 Diluted $ 2.22 $ 2.48 $ 0.26 |
Acquisitions and Dispositions (
Acquisitions and Dispositions (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
ITC [Member] | |
Fair Values of Assets Acquired and Liabilities Assumed | The following table summarizes the fair values of the assets acquired and liabilities assumed of ITC as of the date of acquisition (in thousands): Cash $ 1,058 Accounts receivable 33,173 Inventory 94,400 Other current assets 1,743 Property, plant and equipment 177,668 Goodwill 29,522 Other intangible assets 130,900 Other assets 1,287 Total assets acquired 469,751 Current liabilities 39,633 Total liabilities assumed 39,633 Net assets acquired $ 430,118 |
Purchase Price Allocation of Identifiable Intangible Assets | The following table summarizes the purchase price allocation to the identifiable intangible assets of ITC as of the date of acquisition (in thousands, except years): Weighted - Customer relationships $ 119,000 15 years Trademarks and trade names 7,100 15 years Other 4,800 5 years $ 130,900 |
Gallatin Steel Company [Member] | |
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 |
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 - 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, 2016 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property, Plant and Equipment | (in thousands) December 31, 2016 2015 Land and improvements $ 602,218 $ 585,057 Buildings and improvements 1,169,064 1,033,610 Machinery and equipment 10,524,030 10,229,602 Proved oil and gas properties 551,019 586,362 Leasehold interest in unproved oil and gas properties 165,000 — Construction in process and equipment deposits 224,677 197,278 13,236,008 12,631,909 Less accumulated depreciation (8,157,358 ) (7,740,756 ) $ 5,078,650 $ 4,891,153 |
Goodwill and Other Intangible38
Goodwill and Other Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
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, 2016 and 2015 by segment is as follows (in thousands): Steel Mills Steel Raw Total 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 Acquisitions 29,522 — — 29,522 Translation — 11,928 — 11,928 Balance, December 31, 2016 $ 620,156 $ 702,995 $ 729,577 $ 2,052,728 |
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, 2016 December 31, 2015 Gross Amount Accumulated Gross Accumulated Customer relationships $ 1,295,803 $ 566,884 $ 1,185,299 $ 517,817 Trademarks and trade names 161,851 66,494 155,864 57,756 Other 62,807 20,248 23,025 17,943 $ 1,520,461 $ 653,626 $ 1,364,188 $ 593,516 |
Debt and Other Financing Arra39
Debt and Other Financing Arrangements (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Debt Disclosure [Abstract] | |
Schedule of Debt and Other Financing Arrangements | (in thousands) December 31, 2016 2015 Industrial revenue bonds: 0.30% to 1.00%, variable, due from 2020 to 2040 $ 1,010,600 $ 1,010,600 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 Total long-term debt 4,360,600 4,360,600 Less debt issuance costs 21,459 23,455 Total amounts outstanding 4,339,141 4,337,145 Less current maturities 600,000 — Total long-term debt due after one year $ 3,739,141 $ 4,337,145 |
Derivative Financial Instrume40
Derivative Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
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 2016 2015 Asset derivatives designated as hedging instruments: Commodity contracts Other current assets $ 1,250 $ — Asset derivatives not designated as hedging instruments: Foreign exchange contracts Other current assets 779 909 Total asset derivatives $ 2,029 $ 909 Liability derivatives designated as hedging instruments: Commodity contracts Accrued expenses and other current liabilities $ — $ (15,700 ) Commodity contracts Deferred credits and other liabilities — (2,800 ) Total liability derivatives designated as hedging instruments — (18,500 ) Liability derivatives not designated as hedging instruments: Commodity contracts Accrued expenses and other current liabilities (605 ) (353 ) Total liability derivatives $ (605 ) $ (18,853 ) |
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 Year ended December 31, Amount of Gain or (Loss), Amount of Gain or (Loss), Amount of Gain or (Loss), net of tax, Recognized in Earnings on Derivatives (Ineffective Portion) Hedging Relationships Location 2016 2015 2014 2016 2015 2014 2016 2015 2014 Commodity contracts Cost of products sold $ 2,570 $ (9,498 ) $ (8,542 ) $ (9,880 ) $ (5,798 ) $ (542 ) $ 0 $ — $ — |
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 Year ended December 31, Amount of Gain or (Loss) as Hedging Instruments Location 2016 2015 2014 Commodity contracts Cost of products sold $ (3,251 ) $ 2,894 $ 1,890 Foreign exchange contracts Cost of products sold 238 2,392 748 Total $ (3,013 ) $ 5,286 $ 2,638 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
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, 2016 and 2015 (in thousands). Nucor does not have any non-financial Fair Value Measurements at Reporting Date Using Description Carrying Amount in Consolidated Balance Sheets Quoted Prices (Level 1) Significant (Level 2) Significant (Level 3) As of December 31, 2016 Assets: Cash equivalents $ 1,609,523 $ 1,609,523 $ — Short-term investments 150,000 150,000 — Commodity and foreign exchange contracts 2,029 — 2,029 Total assets $ 1,761,552 $ 1,759,523 $ 2,029 $ — Liabilities: Commodity contracts $ (605 ) $ — $ (605 ) $ — 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 ) $ — |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Summary of Stock Option Plans Activity | A summary of activity under Nucor’s stock option plans is as follows (shares in thousands): Year Ended December 31, 2016 2015 2014 Shares Weighted - Shares Weighted - Shares Weighted - Number of shares under option: Outstanding at beginning of year 3,092 $ 43.51 2,422 $ 42.39 2,089 $ 40.47 Granted 899 $ 48.80 700 $ 47.59 469 $ 50.63 Exercised (400 ) $ 39.19 (10 ) $ 42.34 (136 ) $ 41.30 Canceled — — (20 ) $ 50.63 — — Outstanding at end of year 3,591 $ 45.32 3,092 $ 43.51 2,422 $ 42.39 Options exercisable at end of year 1,557 $ 40.80 1,531 $ 39.35 1,263 $ 40.40 |
Summary of Stock Options Outstanding | The following table summarizes information about stock options outstanding at December 31, 2016 (shares in thousands): Options Outstanding Exercise Price Options Options Weighted- $35.76 531 531 5.4 years $42.34 520 520 4.4 years $44.51 506 506 6.4 years $47.59 700 — 8.4 years $48.80 899 — 9.4 years $50.63 435 — 7.4 years $35.76 - $50.63 3,591 1,557 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: 2016 2015 2014 Exercise price $ 48.80 $ 47.59 $ 50.63 Expected dividend yield 3.07 % 3.13 % 2.92 % Expected stock price volatility 26.14 % 33.32 % 45.00 % Risk-free interest rate 1.67 % 1.86 % 2.03 % Expected life (in years) 6.5 6.5 6.5 |
Summary of Nucor's RSU Activity | A summary of Nucor’s RSU activity is as follows (shares in thousands): Year Ended December 31, 2016 2015 2014 Shares Grant Date Shares Grant Date Shares Grant Date Restricted stock units: Unvested at beginning of year 1,031 $ 47.93 1,012 $ 45.98 1,122 $ 42.51 Granted 723 $ 48.80 790 $ 47.59 655 $ 50.63 Vested (681 ) $ 48.09 (756 ) $ 44.99 (752 ) $ 44.90 Canceled (33 ) $ 46.44 (15 ) $ 46.61 (13 ) $ 42.66 Unvested at end of year 1,040 $ 48.47 1,031 $ 47.93 1,012 $ 45.98 Shares reserved for future grants (stock options and RSUs) 8,706 10,349 11,851 |
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 (shares in thousands): Year Ended December 31, 2016 2015 2014 Shares Grant Date Shares Grant Date Shares Grant Date Restricted stock awards and units: Unvested at beginning of year 63 $ 48.07 65 $ 48.20 73 $ 45.49 Granted 123 $ 44.03 136 $ 47.07 127 $ 50.35 Vested (116 ) $ 45.16 (138 ) $ 47.15 (135 ) $ 48.76 Canceled (3 ) $ 45.75 — — — — Unvested at end of year 67 $ 45.77 63 $ 48.07 65 $ 48.20 Shares reserved for future grants 855 975 1,111 |
Interest Expense (Income) (Tabl
Interest Expense (Income) (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Interest Revenue (Expense), Net [Abstract] | |
Schedule of Components of Net Interest Expense | The components of net interest expense are as follows (in thousands): Year Ended December 31, 2016 2015 2014 Interest expense $ 181,179 $ 177,543 $ 174,142 Interest income (11,935 ) (4,012 ) (4,886 ) Interest expense, net $ 169,244 $ 173,531 $ 169,256 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
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, 2016 2015 2014 United States $ 1,241,117 $ 407,666 $ 1,104,664 Foreign 57,542 (165,800 ) 42,624 $ 1,298,659 $ 241,866 $ 1,147,288 |
Provision for Income Taxes | The provision for income taxes consists of the following (in thousands): Year Ended December 31, 2016 2015 2014 Current: Federal $ 286,224 $ 285,856 $ 247,898 State 27,353 4,618 30,790 Foreign 13,211 5,198 19,235 Total current 326,788 295,672 297,923 Deferred: Federal 71,777 (213,601 ) 76,356 State 5,193 (21,240 ) 2,530 Foreign (5,515 ) (11,995 ) (8,085 ) Total deferred 71,455 (246,836 ) 70,801 Total provision for income taxes $ 398,243 $ 48,836 $ 368,724 |
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, 2016 2015 2014 Taxes computed at statutory rate 35.00 % 35.00 % 35.00 % State income taxes, net of federal income tax benefit 1.67 % -5.02 % 3.40 % Federal research credit -0.28 % -1.47 % -0.28 % Domestic manufacturing deduction -2.11 % -9.98 % -2.39 % Equity in losses of foreign joint venture 0.27 % 2.88 % 0.89 % Impairment on investment in foreign joint venture — 22.14 % — Foreign rate differential -1.05 % -5.04 % -0.97 % Noncontrolling interests -2.81 % -16.27 % -3.03 % Out-of-period -0.22 % -4.02 % -1.15 % Other, net 0.20 % 1.97 % 0.67 % Provision for income taxes 30.67 % 20.19 % 32.14 % |
Deferred Tax Assets and Liabilities | Deferred tax assets and liabilities resulted from the following (in thousands): December 31, 2016 2015 Deferred tax assets: Accrued liabilities and reserves $ 195,787 $ 209,854 Allowance for doubtful accounts 15,511 12,912 Inventory 75,550 172,638 Post-retirement benefits 12,163 9,773 Commodity hedges — 7,149 Net operating loss carryforward 11,544 14,690 Tax credit carryforwards 18,358 19,601 Total deferred tax assets 328,913 446,617 Deferred tax liabilities: Holdbacks and amounts not due under contracts (9,999 ) (10,479 ) Commodity hedges (316 ) — Cumulative translation adjustments — (3,325 ) Intangibles (246,697 ) (244,496 ) Property, plant and equipment (630,500 ) (673,676 ) Total deferred tax liabilities (887,512 ) (931,976 ) Total net deferred tax liabilities $ (558,599 ) $ (485,359 ) |
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, 2016 2015 2014 Balance at beginning of year $ 50,510 $ 63,001 $ 65,975 Additions based on tax positions related to current year 6,157 6,508 6,295 Reductions based on tax positions related to current year — — — Additions based on tax positions related to prior years 147 241 5,673 Reductions based on tax positions related to prior years (8,201 ) (13,294 ) (7,449 ) (Reductions) additions due to settlements with taxing authorities (258 ) 930 — Reductions due to statute of limitations lapse (4,267 ) (6,876 ) (7,493 ) Balance at end of year $ 44,088 $ 50,510 $ 63,001 |
Accumulated Other Comprehensi45
Accumulated Other Comprehensive Income (Loss) (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Components of Accumulated Other Comprehensive Income (Loss) | The following tables reflect the changes in accumulated other comprehensive income (loss) by component (in thousands): Gains and Losses on Foreign Currency Adjustment to Early Total December 31, 2015 $ (11,700 ) $ (351,665 ) $ 12,003 $ (351,362 ) Other comprehensive income (loss) before reclassifications 2,570 25,495 (3,589 ) 24,476 Amounts reclassified from accumulated other comprehensive (loss) income into earnings (1) 9,880 — (837 ) 9,043 Net current-period other comprehensive (loss) income 12,450 25,495 (4,426 ) 33,519 December 31, 2016 $ 750 $ (326,170 ) $ 7,577 $ (317,843 ) (1) Includes $9,880 and ($837) net-of-tax 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 (2) 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 ) (2) Includes $5,798 and ($742) net-of-tax |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
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): Year Ended December 31, 2016 2015 2014 Basic net earnings per share: Basic net earnings $ 796,271 $ 80,724 $ 679,337 Earnings allocated to participating securities (2,632 ) (1,514 ) (2,321 ) Net earnings available to common stockholders $ 793,639 $ 79,210 $ 677,016 Average shares outstanding 319,563 320,565 319,838 Basic net earnings per share $ 2.48 $ 0.25 $ 2.12 Diluted net earnings per share: Diluted net earnings $ 796,271 $ 80,724 $ 679,337 Earnings allocated to participating securities (2,631 ) (1,514 ) (2,321 ) Net earnings available to common stockholders $ 793,640 $ 79,210 $ 677,016 Diluted average shares outstanding: Basic shares outstanding 319,563 320,565 319,838 Dilutive effect of stock options and other 259 114 289 319,822 320,679 320,127 Diluted net earnings per share $ 2.48 $ 0.25 $ 2.11 |
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): Year Ended December 31, 2016 2015 2014 Anti-dilutive stock options: Weighted-average shares 942 1,226 — Weighted-average exercise price $ 47.04 $ 47.20 $ — |
Segments (Tables)
Segments (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Segment Reporting [Abstract] | |
Segments | Nucor’s results by segment are as follows (in thousands): Year Ended December 31, 2016 2015 2014 Net sales to external customers: Steel mills $ 11,312,048 $ 11,084,331 $ 14,723,642 Steel products 3,687,448 3,966,895 4,032,385 Raw materials 1,208,626 1,388,050 2,349,114 $ 16,208,122 $ 16,439,276 $ 21,105,141 Intercompany sales: Steel mills $ 2,070,077 $ 2,152,157 $ 2,904,317 Steel products 106,838 90,969 105,383 Raw materials 5,997,498 6,279,316 9,618,145 Corporate/eliminations (8,174,413 ) (8,522,442 ) (12,627,845 ) $ — $ — $ — Depreciation expense: Steel mills $ 377,627 $ 381,352 $ 366,568 Steel products 36,906 39,512 42,777 Raw materials 191,466 198,705 235,443 Corporate 7,193 6,188 7,212 $ 613,192 $ 625,757 $ 652,000 Amortization expense: Steel mills $ 22,479 $ 18,789 $ 15,269 Steel products 21,998 23,932 27,644 Raw materials 29,385 31,539 29,510 $ 73,862 $ 74,260 $ 72,423 Earnings (loss) before income taxes and noncontrolling interests: Steel mills $ 1,724,168 $ 629,256 $ 1,594,352 Steel products 249,970 276,048 166,323 Raw materials (95,121 ) (283,938 ) (29,053 ) Corporate/eliminations (580,358 ) (379,500 ) (584,334 ) $ 1,298,659 $ 241,866 $ 1,147,288 Segment assets: Steel mills $ 8,084,773 $ 7,318,169 $ 8,528,623 Steel products 2,544,344 2,485,122 2,731,320 Raw materials 3,235,237 3,123,190 3,858,254 Corporate/eliminations 1,359,164 1,400,488 838,270 $ 15,223,518 $ 14,326,969 $ 15,956,467 Capital expenditures: Steel mills $ 375,996 $ 248,532 $ 343,767 Steel products 30,698 41,291 27,262 Raw materials 194,112 74,607 197,252 Corporate 16,871 338 586 $ 617,677 $ 364,768 $ 568,867 |
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, 2016 2015 2014 Net sales to external customers: Sheet $ 5,178,467 $ 4,628,805 $ 5,988,303 Bar 2,886,648 3,005,450 4,051,171 Structural 1,982,642 2,137,413 2,617,196 Plate 1,204,185 1,312,663 2,066,972 Tubular products 60,106 — — Steel products 3,687,448 3,966,895 4,032,385 Raw materials 1,208,626 1,388,050 2,349,114 $ 16,208,122 $ 16,439,276 $ 21,105,141 |
Quarterly Information (Unaudi48
Quarterly Information (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of Quarterly Information | (in thousands, except per share data) Year Ended December 31, 2016 First Quarter Second Quarter Third Quarter Fourth Quarter Net sales $ 3,715,576 $ 4,245,772 $ 4,290,236 $ 3,956,538 Gross margin (1) 314,985 585,260 682,236 443,426 Net earnings (loss) (2) 122,497 271,369 331,365 175,185 Net earnings (loss) attributable to Nucor stockholders (2) 87,565 243,620 305,447 159,639 Net earnings (loss) per share: Basic $ 0.27 $ 0.76 $ 0.95 $ 0.50 Diluted $ 0.27 $ 0.76 $ 0.95 $ 0.50 (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 271,036 291,552 383,207 168,095 Net earnings (loss) (3) 72,764 98,282 177,090 (155,106 ) Net earnings (loss) attributable to Nucor stockholders (3) 58,232 67,613 142,360 (187,481 ) Net earnings (loss) per share: Basic $ 0.18 $ 0.21 $ 0.44 $ (0.59 ) Diluted $ 0.18 $ 0.21 $ 0.44 $ (0.59 ) (1) Fourth quarter results include a benefit of $83.0 million related to the effects of a change in estimate related to the cost of certain inventories. (2) First quarter results include out-of-period non-cash (3) 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 pre-tax |
Schedule of Quarterly Information Reflecting Effect of Change in Inventory Valuation Method from LIFO to FIFO | The following tables show quarterly information reflecting the effect of the change in inventory valuation method from LIFO to FIFO. Refer to Note 2 for more information related to the change in accounting principle the Company made in the fourth quarter of 2016. Year Ended December 31, 2016 (in thousands, except per share data) First Quarter Second Quarter Third Quarter Fourth Quarter Gross margin using previous inventory valuation method (LIFO) $ 286,948 $ 566,260 $ 624,336 $ 407,028 Effect of change 28,037 19,000 57,900 36,398 Gross margin using current inventory valuation method (FIFO) $ 314,985 $ 585,260 $ 682,236 $ 443,426 Net earnings using previous inventory valuation method (LIFO) $ 104,461 $ 258,336 $ 294,484 $ 153,023 Effect of change 18,036 13,033 36,881 22,162 Net earnings using current inventory valuation method (FIFO) $ 122,497 $ 271,369 $ 331,365 $ 175,185 Net earnings attributable to Nucor stockholders using previous inventory valuation method (LIFO) $ 70,754 $ 233,772 $ 270,036 $ 136,242 Effect of change 16,811 9,848 35,411 23,397 Net earnings attributable to Nucor stockholders using current inventory valuation method (FIFO) $ 87,565 $ 243,620 $ 305,447 $ 159,639 Basic net earnings per share using previous inventory valuation method (LIFO) $ 0.22 $ 0.73 $ 0.84 $ 0.42 Effect of change $ 0.05 $ 0.03 $ 0.11 $ 0.08 Basic net earnings per share using current inventory valuation method (FIFO) $ 0.27 $ 0.76 $ 0.95 $ 0.50 Diluted net earnings per share using previous inventory valuation method (LIFO) $ 0.22 $ 0.73 $ 0.84 $ 0.42 Effect of change $ 0.05 $ 0.03 $ 0.11 $ 0.08 Diluted net earnings per share using current inventory valuation method (FIFO) $ 0.27 $ 0.76 $ 0.95 $ 0.50 Year Ended December 31, 2015 (in thousands, except per share data) First Quarter Second Quarter Third Quarter Fourth Quarter Gross margin using previous inventory valuation method (LIFO) $ 288,282 $ 386,306 $ 523,836 $ 382,838 Effect of change (17,246 ) (94,754 ) (140,629 ) (214,743 ) Gross margin using current inventory valuation method (FIFO) $ 271,036 $ 291,552 $ 383,207 $ 168,095 Net earnings (loss) using previous inventory valuation method (LIFO) $ 84,292 $ 159,344 $ 267,736 $ (15,288 ) Effect of change (11,528 ) (61,062 ) (90,646 ) (139,818 ) Net earnings (loss) using current inventory valuation method (FIFO) $ 72,764 $ 98,282 $ 177,090 $ (155,106 ) Net earnings (loss) attributable to Nucor stockholders using previous inventory valuation method (LIFO) $ 67,800 $ 124,755 $ 227,126 $ (62,022 ) Effect of change (9,568 ) (57,142 ) (84,766 ) (125,459 ) Net earnings (loss) attributable to Nucor stockholders using current inventory valuation method (FIFO) $ 58,232 $ 67,613 $ 142,360 $ (187,481 ) Basic net earnings (loss) per share using previous inventory valuation method (LIFO) $ 0.21 $ 0.39 $ 0.71 $ (0.19 ) Effect of change $ (0.03 ) $ (0.18 ) $ (0.27 ) $ (0.40 ) Basic net earnings (loss) per share using current inventory valuation method (FIFO) $ 0.18 $ 0.21 $ 0.44 $ (0.59 ) Diluted net earnings (loss) per share using previous inventory valuation method (LIFO) $ 0.21 $ 0.39 $ 0.71 $ (0.19 ) Effect of change $ (0.03 ) $ (0.18 ) $ (0.27 ) $ (0.40 ) Diluted net earnings (loss) per share using current inventory valuation method (FIFO) $ 0.18 $ 0.21 $ 0.44 $ (0.59 ) |
Nature of Operations and Basi49
Nature of Operations and Basis of Presentation - Additional Information (Detail) | Dec. 31, 2016 |
Nucor-Yamato Steel Company [Member] | |
Summary Of Organization And Operations [Line Items] | |
Noncontrolling interest, ownership percentage by parent | 51.00% |
Summary of Significant Accoun50
Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2016 |
Summary Of Significant Accounting Policies [Line Items] | ||
Cash equivalents original maturity period | Three months or less | |
Reclassification of Debt Issuance Costs [Member] | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Reclassification of debt issuance costs from other assets to long-term debt due after one year under the new accounting pronouncement | $ 23.5 |
Summary of Significant Accoun51
Summary of Significant Accounting Policies - Schedule of Adjustments to Consolidated Statement of Earnings (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Oct. 01, 2016 | Jul. 02, 2016 | Apr. 02, 2016 | Dec. 31, 2015 | Oct. 03, 2015 | Jul. 04, 2015 | Apr. 04, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||||
Cost of products sold | $ 14,182,215 | $ 15,325,386 | $ 19,255,904 | ||||||||
Provision for income taxes | 398,243 | 48,836 | 368,724 | ||||||||
Net earnings | $ 175,185 | $ 331,365 | $ 271,369 | $ 122,497 | $ (155,106) | $ 177,090 | $ 98,282 | $ 72,764 | 900,416 | 193,030 | 778,564 |
Earnings attributable to noncontrolling interests | 104,145 | 112,306 | 99,227 | ||||||||
Net earnings attributable to Nucor stockholders | $ 159,639 | $ 305,447 | $ 243,620 | $ 87,565 | $ (187,481) | $ 142,360 | $ 67,613 | $ 58,232 | $ 796,271 | $ 80,724 | $ 679,337 |
Net earnings per share: | |||||||||||
Basic | $ 0.50 | $ 0.95 | $ 0.76 | $ 0.27 | $ (0.59) | $ 0.44 | $ 0.21 | $ 0.18 | $ 2.48 | $ 0.25 | $ 2.12 |
Diluted | $ 0.50 | $ 0.95 | $ 0.76 | $ 0.27 | $ (0.59) | $ 0.44 | $ 0.21 | $ 0.18 | $ 2.48 | $ 0.25 | $ 2.11 |
As Originally Reported [Member] | |||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||||
Cost of products sold | $ 14,858,014 | $ 19,198,615 | |||||||||
Provision for income taxes | 213,154 | 388,787 | |||||||||
Net earnings | 496,084 | 815,790 | |||||||||
Earnings attributable to noncontrolling interests | 138,425 | 101,844 | |||||||||
Net earnings attributable to Nucor stockholders | $ 357,659 | $ 713,946 | |||||||||
Net earnings per share: | |||||||||||
Basic | $ 1.11 | $ 2.22 | |||||||||
Diluted | $ 1.11 | $ 2.22 | |||||||||
Effect of Change [Member] | |||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||||
Cost of products sold | $ 467,372 | $ 57,289 | |||||||||
Provision for income taxes | (164,318) | (20,063) | |||||||||
Net earnings | $ 22,162 | $ 36,881 | $ 13,033 | $ 18,036 | $ (139,818) | $ (90,646) | $ (61,062) | $ (11,528) | $ 90,112 | (303,054) | (37,226) |
Earnings attributable to noncontrolling interests | 4,645 | (26,119) | (2,617) | ||||||||
Net earnings attributable to Nucor stockholders | $ 23,397 | $ 35,411 | $ 9,848 | $ 16,811 | $ (125,459) | $ (84,766) | $ (57,142) | $ (9,568) | $ 85,467 | $ (276,935) | $ (34,609) |
Net earnings per share: | |||||||||||
Basic | $ 0.08 | $ 0.11 | $ 0.03 | $ 0.05 | $ (0.40) | $ (0.27) | $ (0.18) | $ (0.03) | $ 0.26 | $ (0.86) | $ (0.10) |
Diluted | $ 0.08 | $ 0.11 | $ 0.03 | $ 0.05 | $ (0.40) | $ (0.27) | $ (0.18) | $ (0.03) | $ 0.26 | $ (0.86) | $ (0.11) |
Summary of Significant Accoun52
Summary of Significant Accounting Policies - Schedule of Adjustments to Consolidated Balance Sheet (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Inventories, net | $ 2,479,958 | $ 2,245,469 |
Deferred credits and other liabilities | 839,703 | 754,774 |
Retained earnings | $ 7,630,916 | 7,316,910 |
As Originally Reported [Member] | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Inventories, net | 2,145,444 | |
Deferred credits and other liabilities | 718,613 | |
Retained earnings | 7,255,972 | |
Effect of Change [Member] | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Inventories, net | 100,025 | |
Deferred credits and other liabilities | 36,161 | |
Retained earnings | $ 60,938 |
Summary of Significant Accoun53
Summary of Significant Accounting Policies - Schedule of Adjustments to Consolidated Statement of Cash Flows (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Oct. 01, 2016 | Jul. 02, 2016 | Apr. 02, 2016 | Dec. 31, 2015 | Oct. 03, 2015 | Jul. 04, 2015 | Apr. 04, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||||
Net earnings | $ 175,185 | $ 331,365 | $ 271,369 | $ 122,497 | $ (155,106) | $ 177,090 | $ 98,282 | $ 72,764 | $ 900,416 | $ 193,030 | $ 778,564 |
Changes in inventories | (132,639) | 1,061,202 | 11,326 | ||||||||
Changes in deferred income taxes | 71,455 | (246,836) | 70,801 | ||||||||
As Originally Reported [Member] | |||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||||
Net earnings | 496,084 | 815,790 | |||||||||
Changes in inventories | 593,830 | (45,963) | |||||||||
Changes in deferred income taxes | (82,518) | 90,864 | |||||||||
Effect of Change [Member] | |||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||||
Net earnings | $ 22,162 | $ 36,881 | $ 13,033 | $ 18,036 | $ (139,818) | $ (90,646) | $ (61,062) | $ (11,528) | $ 90,112 | (303,054) | (37,226) |
Changes in inventories | 467,372 | 57,289 | |||||||||
Changes in deferred income taxes | $ (164,318) | $ (20,063) |
Summary of Significant Accoun54
Summary of Significant Accounting Policies - Summary of Effect of Change in Accounting Principle from LIFO to FIFO on Net Earnings (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Oct. 01, 2016 | Jul. 02, 2016 | Apr. 02, 2016 | Dec. 31, 2015 | Oct. 03, 2015 | Jul. 04, 2015 | Apr. 04, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||||
Net earnings | $ 175,185 | $ 331,365 | $ 271,369 | $ 122,497 | $ (155,106) | $ 177,090 | $ 98,282 | $ 72,764 | $ 900,416 | $ 193,030 | $ 778,564 |
Earnings attributable to noncontrolling interests | 104,145 | 112,306 | 99,227 | ||||||||
Net earnings attributable to Nucor stockholders | $ 159,639 | $ 305,447 | $ 243,620 | $ 87,565 | $ (187,481) | $ 142,360 | $ 67,613 | $ 58,232 | $ 796,271 | $ 80,724 | $ 679,337 |
Net earnings per share: | |||||||||||
Basic | $ 0.50 | $ 0.95 | $ 0.76 | $ 0.27 | $ (0.59) | $ 0.44 | $ 0.21 | $ 0.18 | $ 2.48 | $ 0.25 | $ 2.12 |
Diluted | $ 0.50 | $ 0.95 | $ 0.76 | $ 0.27 | $ (0.59) | $ 0.44 | $ 0.21 | $ 0.18 | $ 2.48 | $ 0.25 | $ 2.11 |
As Computed Under LIFO [Member] | |||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||||
Net earnings | $ 810,304 | ||||||||||
Earnings attributable to noncontrolling interests | 99,500 | ||||||||||
Net earnings attributable to Nucor stockholders | $ 710,804 | ||||||||||
Net earnings per share: | |||||||||||
Basic | $ 2.22 | ||||||||||
Diluted | $ 2.22 | ||||||||||
As Computed Under FIFO [Member] | |||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||||
Net earnings | $ 900,416 | ||||||||||
Earnings attributable to noncontrolling interests | 104,145 | ||||||||||
Net earnings attributable to Nucor stockholders | $ 796,271 | ||||||||||
Net earnings per share: | |||||||||||
Basic | $ 2.48 | ||||||||||
Diluted | $ 2.48 | ||||||||||
Effect of Change [Member] | |||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||||
Net earnings | $ 22,162 | $ 36,881 | $ 13,033 | $ 18,036 | $ (139,818) | $ (90,646) | $ (61,062) | $ (11,528) | $ 90,112 | $ (303,054) | $ (37,226) |
Earnings attributable to noncontrolling interests | 4,645 | (26,119) | (2,617) | ||||||||
Net earnings attributable to Nucor stockholders | $ 23,397 | $ 35,411 | $ 9,848 | $ 16,811 | $ (125,459) | $ (84,766) | $ (57,142) | $ (9,568) | $ 85,467 | $ (276,935) | $ (34,609) |
Net earnings per share: | |||||||||||
Basic | $ 0.08 | $ 0.11 | $ 0.03 | $ 0.05 | $ (0.40) | $ (0.27) | $ (0.18) | $ (0.03) | $ 0.26 | $ (0.86) | $ (0.10) |
Diluted | $ 0.08 | $ 0.11 | $ 0.03 | $ 0.05 | $ (0.40) | $ (0.27) | $ (0.18) | $ (0.03) | $ 0.26 | $ (0.86) | $ (0.11) |
Acquisitions and Dispositions -
Acquisitions and Dispositions - Additional Information (Detail) $ in Thousands | Oct. 31, 2016USD ($)FacilityT | Oct. 08, 2014USD ($)T | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) |
Business Acquisition [Line Items] | |||||
Business acquisition approximate purchase price | $ 474,788 | $ 19,089 | $ 768,581 | ||
Number of facilities manufacturing hollow structural section (HSS) tubing | Facility | 4 | ||||
Goodwill | 2,052,728 | 2,011,278 | 2,068,664 | ||
Illinois [Member] | |||||
Business Acquisition [Line Items] | |||||
Number of facilities manufacturing hollow structural section (HSS) tubing | Facility | 2 | ||||
Alabama [Member] | |||||
Business Acquisition [Line Items] | |||||
Number of facilities manufacturing hollow structural section (HSS) tubing | Facility | 2 | ||||
ITC [Member] | |||||
Business Acquisition [Line Items] | |||||
Business acquisition approximate purchase price | $ 430,100 | ||||
Annual production capacity | T | 650,000 | ||||
Goodwill | $ 29,522 | ||||
Other Minor Acquisitions [Member] | |||||
Business Acquisition [Line Items] | |||||
Business acquisition approximate purchase price | 50,100 | 19,100 | 38,500 | ||
Gallatin Steel Company [Member] | |||||
Business Acquisition [Line Items] | |||||
Business acquisition approximate purchase price | $ 779,100 | ||||
Annual production capacity | T | 1,600,000 | ||||
Goodwill | $ 94,737 | ||||
Gallatin Steel Company [Member] | Commercial Paper [Member] | |||||
Business Acquisition [Line Items] | |||||
Approximate amount of commercial paper issued | 300,000 | ||||
Steel Mills [Member] | |||||
Business Acquisition [Line Items] | |||||
Goodwill | $ 620,156 | $ 590,634 | $ 594,402 | ||
Steel Mills [Member] | ITC [Member] | |||||
Business Acquisition [Line Items] | |||||
Goodwill | 29,500 | ||||
Goodwill expected to be deductible for tax purposes | $ 30,500 | ||||
Steel Mills [Member] | Gallatin Steel Company [Member] | |||||
Business Acquisition [Line Items] | |||||
Goodwill | 94,700 | ||||
Goodwill expected to be deductible for tax purposes | $ 98,100 |
Acquisitions and Dispositions56
Acquisitions and Dispositions - Fair Values of Assets Acquired and Liabilities Assumed (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Oct. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Oct. 08, 2014 |
Business Acquisition [Line Items] | |||||
Goodwill | $ 2,052,728 | $ 2,011,278 | $ 2,068,664 | ||
ITC [Member] | |||||
Business Acquisition [Line Items] | |||||
Cash | $ 1,058 | ||||
Accounts receivable | 33,173 | ||||
Inventory | 94,400 | ||||
Other current assets | 1,743 | ||||
Property, plant and equipment | 177,668 | ||||
Goodwill | 29,522 | ||||
Other intangible assets | 130,900 | ||||
Other assets | 1,287 | ||||
Total assets acquired | 469,751 | ||||
Current liabilities | 39,633 | ||||
Total liabilities assumed | 39,633 | ||||
Net assets acquired | $ 430,118 | ||||
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 Dispositions57
Acquisitions and Dispositions - Purchase Price Allocation of Identifiable Intangible Assets (Detail) - USD ($) $ in Thousands | Oct. 31, 2016 | Oct. 08, 2014 |
ITC [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets | $ 130,900 | |
ITC [Member] | Customer Relationships [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets | $ 119,000 | |
Weighted - Average Life | 15 years | |
ITC [Member] | Trademarks and Trade Names [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets | $ 7,100 | |
Weighted - Average Life | 15 years | |
ITC [Member] | Other [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets | $ 4,800 | |
Weighted - Average Life | 5 years | |
Gallatin Steel Company [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets | $ 67,150 | |
Gallatin Steel Company [Member] | Customer Relationships [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets | $ 58,250 | |
Weighted - Average Life | 20 years | |
Gallatin Steel Company [Member] | Trademarks and Trade Names [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets | $ 8,900 | |
Weighted - Average Life | 5 years |
Short-term Investments - Additi
Short-term Investments - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Short-term Investments [Abstract] | |||
Short-term investments held | $ 150,000,000 | $ 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 | 2,017 |
Accounts Receivable - Additiona
Accounts Receivable - Additional Information (Detail) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Accounts Receivable, Net [Abstract] | |||
Allowance for doubtful accounts receivable | $ 45.9 | $ 43.2 | $ 65.4 |
Inventories - Additional Inform
Inventories - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Oct. 01, 2016 | Jul. 02, 2016 | Apr. 02, 2016 | Dec. 31, 2015 | Oct. 03, 2015 | Jul. 04, 2015 | Apr. 04, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Inventory [Line Items] | |||||||||||
Raw materials and supplies in inventory, percentage | 37.00% | 38.00% | 37.00% | 38.00% | |||||||
Finished and semi-finished products in inventory, percentage | 63.00% | 62.00% | 63.00% | 62.00% | |||||||
Lower of cost or market adjustments | $ 2,200 | $ 5,700 | $ 2,200 | $ 5,700 | |||||||
Change in accounting estimate, increase in value of inventory | $ 2,479,958 | $ 2,245,469 | $ 2,479,958 | $ 2,245,469 | |||||||
Change in accounting estimate, increase in diluted EPS | $ 0.50 | $ 0.95 | $ 0.76 | $ 0.27 | $ (0.59) | $ 0.44 | $ 0.21 | $ 0.18 | $ 2.48 | $ 0.25 | $ 2.11 |
Change in accounting estimate, reduction of costs of goods sold | $ (14,182,215) | $ (15,325,386) | $ (19,255,904) | ||||||||
Change in accounting estimate, amount included in earnings attributable in noncontrolling interests | 104,145 | $ 112,306 | $ 99,227 | ||||||||
Change in Accounting Estimate [Member] | |||||||||||
Inventory [Line Items] | |||||||||||
Change in accounting estimate, increase in value of inventory | $ 77,600 | $ 77,600 | |||||||||
Change in accounting estimate, increase in diluted EPS | $ 0.16 | ||||||||||
Change in accounting estimate, reduction of costs of goods sold | $ 83,000 | ||||||||||
Change in accounting estimate, amount included in earnings attributable in noncontrolling interests | $ 5,400 |
Property, Plant and Equipment -
Property, Plant and Equipment - Schedule of Property, Plant and Equipment (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 13,236,008 | $ 12,631,909 |
Less accumulated depreciation | (8,157,358) | (7,740,756) |
Property, plant and equipment, net, total | 5,078,650 | 4,891,153 |
Land and Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 602,218 | 585,057 |
Buildings and Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 1,169,064 | 1,033,610 |
Machinery and Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 10,524,030 | 10,229,602 |
Proved Oil and Gas Properties [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 551,019 | 586,362 |
Leasehold Interest in Unproved Oil and Gas Properties [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 165,000 | |
Construction in Process and Equipment Deposits [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 224,677 | $ 197,278 |
Property, Plant and Equipment62
Property, Plant and Equipment - Additional Information (Detail) $ in Thousands | Oct. 01, 2016USD ($)a | Dec. 31, 2015USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) |
Property, Plant and Equipment [Line Items] | |||||
Property, plant and equipment, net | $ 4,891,153 | $ 5,078,650 | $ 4,891,153 | ||
Interest expenses capitalized | 3,900 | $ 300 | $ 2,900 | ||
South Piceance Basin [Member] | |||||
Property, Plant and Equipment [Line Items] | |||||
Percentage of leasehold interest in unproved oil and gas properties | 49.00% | ||||
Area of leasehold interest in unproved oil and gas properties | a | 54,000 | ||||
Cost of leasehold interest in unproved oil and gas properties | $ 165,000 | ||||
Raw Materials [Member] | |||||
Property, Plant and Equipment [Line Items] | |||||
Property plant and equipment written down | 84,100 | ||||
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 | $ 80,800 | ||||
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 | ||||
Assets Related to Blast Furnace Project at St. James Parish Site [Member] | Raw Materials [Member] | |||||
Property, Plant and Equipment [Line Items] | |||||
Property plant and equipment written down | $ 84,100 |
Goodwill and Other Intangible63
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, 2016 | Dec. 31, 2015 | |
Goodwill [Line Items] | ||
Balance, beginning of period | $ 2,011,278 | $ 2,068,664 |
Acquisitions | 29,522 | |
Translation | 11,928 | (53,618) |
Other | (3,768) | |
Balance, end of period | 2,052,728 | 2,011,278 |
Steel Mills [Member] | ||
Goodwill [Line Items] | ||
Balance, beginning of period | 590,634 | 594,402 |
Acquisitions | 29,522 | |
Other | (3,768) | |
Balance, end of period | 620,156 | 590,634 |
Steel Products [Member] | ||
Goodwill [Line Items] | ||
Balance, beginning of period | 691,067 | 744,685 |
Translation | 11,928 | (53,618) |
Balance, end of period | 702,995 | 691,067 |
Raw Materials [Member] | ||
Goodwill [Line Items] | ||
Balance, beginning of period | 729,577 | 729,577 |
Balance, end of period | $ 729,577 | $ 729,577 |
Goodwill and Other Intangible64
Goodwill and Other Intangible Assets - Additional Information (Detail) - USD ($) | 3 Months Ended | 12 Months Ended | ||||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Finite And Indefinite Lived Intangible Assets [Line Items] | ||||||
Intangible assets, Gross Amount | $ 1,520,461,000 | $ 1,364,188,000 | $ 1,520,461,000 | $ 1,364,188,000 | ||
Intangible assets, Accumulated Amortization | 653,626,000 | 593,516,000 | 653,626,000 | 593,516,000 | ||
Intangible asset amortization expense | 73,900,000 | 74,300,000 | $ 72,400,000 | |||
Future amortization expense, in 2017 | 82,200,000 | 82,200,000 | ||||
Future amortization expense, in 2018 | 79,000,000 | 79,000,000 | ||||
Future amortization expense, in 2019 | 76,100,000 | 76,100,000 | ||||
Future amortization expense, in 2020 | 73,700,000 | 73,700,000 | ||||
Future amortization expense, in 2021 | 72,500,000 | 72,500,000 | ||||
Impairment of goodwill | 0 | 0 | $ 0 | |||
Other [Member] | ||||||
Finite And Indefinite Lived Intangible Assets [Line Items] | ||||||
Intangible assets, Gross Amount | 62,807,000 | 23,025,000 | 62,807,000 | 23,025,000 | ||
Intangible assets, Accumulated Amortization | 20,248,000 | $ 17,943,000 | 20,248,000 | $ 17,943,000 | ||
Other [Member] | Entity Nucor Obtained Control Of [Member] | ||||||
Finite And Indefinite Lived Intangible Assets [Line Items] | ||||||
Intangible assets, Gross Amount | 36,300,000 | 36,300,000 | ||||
Intangible assets, Accumulated Amortization | $ 2,100,000 | $ 2,100,000 | ||||
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 Intangible65
Goodwill and Other Intangible Assets - Schedule of Intangible Assets (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets, Gross Amount | $ 1,520,461 | $ 1,364,188 |
Intangible assets, Accumulated Amortization | 653,626 | 593,516 |
Customer Relationships [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets, Gross Amount | 1,295,803 | 1,185,299 |
Intangible assets, Accumulated Amortization | 566,884 | 517,817 |
Trademarks and Trade Names [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets, Gross Amount | 161,851 | 155,864 |
Intangible assets, Accumulated Amortization | 66,494 | 57,756 |
Other [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets, Gross Amount | 62,807 | 23,025 |
Intangible assets, Accumulated Amortization | $ 20,248 | $ 17,943 |
Equity Investments - Additional
Equity Investments - Additional Information (Detail) $ in Thousands, € in Millions | 3 Months Ended | 12 Months Ended | |||||
Oct. 01, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2016USD ($)Sheet | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2016EUR (€) | Dec. 31, 2015EUR (€) | |
Schedule of Equity Method Investments [Line Items] | |||||||
Equity method investment | $ 746,600 | $ 663,400 | $ 746,600 | ||||
Amortization expense due to fair value step-up | 73,862 | 74,260 | $ 72,423 | ||||
Distributions from affiliates | 40,602 | 15,132 | 53,738 | ||||
Duferdofin Nucor S.r.l. [Member] | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Equity method investment | 258,200 | $ 256,600 | 258,200 | ||||
Period used for lag basis, in months | 1 month | ||||||
Equity method investment, ownership percentage | 50.00% | 50.00% | |||||
Equity method investments, share of net assets | $ 102,000 | ||||||
Basis difference due to the step-up to fair value of certain assets and liabilities | 154,600 | ||||||
Step-up to fair value of equity method investment, portion related to identification of goodwill | 81,200 | ||||||
Amortization expense due to fair value step-up | 8,800 | 8,800 | 10,500 | ||||
Due from related parties, noncurrent | 38,200 | $ 36,900 | 38,200 | € 35 | € 35 | ||
Notes receivable, related parties, interest rate | 0.94% | ||||||
Interest rate per year in excess of Euribor as of date of the notes | 1.00% | ||||||
Equity method investments notes 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 | $ 325,100 | 314,500 | ||||
Period used for lag basis, in months | 1 month | ||||||
Equity method investment, ownership percentage | 50.00% | 50.00% | |||||
Distributions from affiliates | $ 38,600 | 13,100 | $ 52,700 | ||||
Steel Technologies LLC [Member] | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Equity method investment, ownership percentage | 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] | |||||||
Period used for lag basis, in months | 1 month | ||||||
Equity method investment sold, carrying amount | $ 133,300 | 135,900 | |||||
Equity Method Investment Sales Price | $ 135,000 | ||||||
Equity method investment ownership percentage, percentage of investee's ownership interest sold | 50.00% | ||||||
Facility A [Member] | Duferdofin Nucor S.r.l. [Member] | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Equity method investments credit facilities, amount | 129,100 | € 122.5 | |||||
Total amount outstanding under equity method investments credit facilities | $ 129,800 | $ 112,700 | $ 129,800 | € 107 | € 119 | ||
Guarantor obligation percentage of exposure in case of default | 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, 2016 | Dec. 31, 2015 |
Liabilities, Current [Abstract] | ||
Book overdrafts | $ 61.3 | $ 62.8 |
Dividends payable, current | $ 121.3 | $ 120.2 |
Debt and Other Financing Arra68
Debt and Other Financing Arrangements - Schedule of Debt and Other Financing Arrangements (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Debt Instrument [Line Items] | ||
Total long-term debt | $ 4,360,600 | $ 4,360,600 |
Less debt issuance costs | 21,459 | 23,455 |
Total amounts outstanding | 4,339,141 | 4,337,145 |
Total amounts outstanding | 4,339,141 | 4,337,145 |
Less current maturities | 600,000 | |
Total long-term debt due after one year | 3,739,141 | 4,337,145 |
Notes, 5.75%, Due 2017 [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument face amount | 600,000 | 600,000 |
Notes, 5.85%, Due 2018 [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument face amount | 500,000 | 500,000 |
Notes, 4.125%, Due 2022 [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument face amount | 600,000 | 600,000 |
Notes, 4.0%, Due 2023 [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument face amount | 500,000 | 500,000 |
Notes, 6.40%, Due 2037 [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument face amount | 650,000 | 650,000 |
Notes, 5.20%, Due 2043 [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument face amount | 500,000 | 500,000 |
Industrial Revenue Bonds [Member] | 0.30% to 1.00% Variable, Due from 2020 to 2040 [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument face amount | $ 1,010,600 | $ 1,010,600 |
Debt and Other Financing Arra69
Debt and Other Financing Arrangements - Schedule of Debt and Other Financing Arrangements (Parenthetical) (Detail) | 12 Months Ended |
Dec. 31, 2016 | |
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 |
0.30% to 1.00% Variable, Due from 2020 to 2040 [Member] | Industrial Revenue Bonds [Member] | |
Debt Instrument [Line Items] | |
Debt instrument - maturity year - start | 2,020 |
Debt instrument - maturity year - end | 2,040 |
0.30% to 1.00% Variable, Due from 2020 to 2040 [Member] | Minimum [Member] | Industrial Revenue Bonds [Member] | |
Debt Instrument [Line Items] | |
Debt instrument interest rate | 0.30% |
0.30% to 1.00% Variable, Due from 2020 to 2040 [Member] | Maximum [Member] | Industrial Revenue Bonds [Member] | |
Debt Instrument [Line Items] | |
Debt instrument interest rate | 1.00% |
Debt and Other Financing Arra70
Debt and Other Financing Arrangements - Additional Information (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Debt Instrument [Line Items] | ||
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 - 2021 | 0 | |
Annual aggregate long-term debt maturities - thereafter | $ 3,241,000,000 | |
Ratio funded debt to total capital | 35.00% | |
Harris Steel [Member] | ||
Debt Instrument [Line Items] | ||
Credit facility availability | $ 26,200,000 | |
Credit facilities, amount outstanding | 0 | $ 25,100,000 |
Nucor Trading S.A. [Member] | ||
Debt Instrument [Line Items] | ||
Credit facilities, amount outstanding | 18,000,000 | 51,300,000 |
Revolving Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Credit facility availability | $ 1,500,000,000 | |
Unsecured revolving credit facility, Expiration date | 2021-04 | |
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 | 100,000,000 | |
Letter of Credit [Member] | Nucor Trading S.A. [Member] | ||
Debt Instrument [Line Items] | ||
Credit facilities, amount outstanding | 41,200,000 | $ 58,000,000 |
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 |
Capital Stock - Additional Info
Capital Stock - Additional Information (Detail) - USD ($) | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | 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 | $ 5,173,000 | $ 66,505,000 | $ 0 | |
Stock repurchase program,amount authorized | $ 900,000,000 |
Derivative Financial Instrume72
Derivative Financial Instruments - Fair Values of Derivative Instruments (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Derivatives, Fair Value [Line Items] | ||
Derivative Assets, Fair Value | $ 2,029 | $ 909 |
Derivative Liabilities, Fair Value | (605) | (18,853) |
Derivatives Designated as Hedging Instrument [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liabilities, Fair Value | (18,500) | |
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) | |
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) | |
Commodity Contracts [Member] | Derivatives Designated as Hedging Instrument [Member] | Other Current Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Assets, Fair Value | 1,250 | |
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 | (605) | (353) |
Foreign Exchange Contracts [Member] | Derivatives Not Designated as Hedging Instrument [Member] | Other Current Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Assets, Fair Value | $ 779 | $ 909 |
Derivative Financial Instrume73
Derivative Financial Instruments - Effect of Derivative Instruments on Consolidated Statements of Earnings (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of Gain or (Loss), net of tax, Recognized in OCI on Derivatives (Effective Portion) | $ 2,570 | $ (9,498) | $ (8,542) |
Amount of Gain or (Loss), net of tax, Reclassified from Accumulated OCI into Earnings on Derivatives (Effective Portion) | (9,880) | (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 | (3,013) | 5,286 | 2,638 |
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) | (9,880) | (5,798) | |
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 | (3,251) | 2,894 | 1,890 |
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) | 2,570 | (9,498) | (8,542) |
Amount of Gain or (Loss), net of tax, Reclassified from Accumulated OCI into Earnings on Derivatives (Effective Portion) | (9,880) | (5,798) | (542) |
Amount of Gain or (Loss) net of tax, Recognized in Earnings on Derivatives (Ineffective Portion) | 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 | $ 238 | $ 2,392 | $ 748 |
Derivative Financial Instrume74
Derivative Financial Instruments - Additional Information (Detail) MMBTU in Millions | Dec. 31, 2016MMBTU |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Notional amount of commodity derivatives | 19.2 |
Fair Value Measurements - Sched
Fair Value Measurements - Schedule of Financial Assets and Liabilities Measured at Fair Value (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Short-term investments | $ 150,000 | $ 100,000 | |
Commodity and foreign exchange contracts | 2,029 | 909 | |
Total assets | 15,223,518 | 14,326,969 | $ 15,956,467 |
Commodity contracts | (605) | (18,853) | |
Reported Value Measurement [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Cash equivalents | 1,609,523 | 1,668,567 | |
Short-term investments | 150,000 | 100,000 | |
Commodity and foreign exchange contracts | 2,029 | 909 | |
Total assets | 1,761,552 | 1,769,476 | |
Commodity contracts | (605) | (18,853) | |
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 | 1,609,523 | 1,668,567 | |
Short-term investments | 150,000 | 100,000 | |
Total assets | 1,759,523 | 1,768,567 | |
Significant Other Observable Inputs (Level 2) [Member] | Fair Value, Measurements, Recurring [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Commodity and foreign exchange contracts | 2,029 | 909 | |
Total assets | 2,029 | 909 | |
Commodity contracts | $ (605) | $ (18,853) |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Detail) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Fair Value Disclosures [Abstract] | ||
Fair value of short-term and long-term debt, including current maturities | $ 4,700 | $ 4,440 |
Contingencies - Additional Info
Contingencies - Additional Information (Detail) $ in Millions | 12 Months Ended | |
Dec. 31, 2016USD ($)PurchaserManufacturers_DistributorsComplaints | Dec. 31, 2015USD ($) | |
Loss Contingencies [Line Items] | ||
Accrual for environmental loss contingencies, gross | $ 21.9 | $ 21.1 |
Accrued environmental loss contingencies, current | 9.5 | 9.7 |
Accrued environmental loss contingencies, noncurrent | 12.4 | $ 11.4 |
Accrual related to agreement to settle the claims of the class of direct purchasers | $ 23.4 | |
Number of purchasers objected to settlement | Purchaser | 0 | |
Number of purchasers filed notices of intent to opt out | Purchaser | 2 | |
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 |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Detail) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Dec. 31, 2016USD ($)$ / sharesAnniversariesInstallment | Dec. 31, 2015USD ($)$ / shares | Dec. 31, 2014USD ($)$ / 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 stock options exercised | $ 6.8 | $ 0.1 | $ 2 |
Total aggregate intrinsic value of stock options | 51 | ||
Total aggregate intrinsic value of stock option exercisable | $ 29.2 | ||
Grant date fair value of stock options granted | $ / shares | $ 9.12 | $ 11.71 | $ 17.48 |
Compensation expenses for stock options | $ 7.8 | $ 7.4 | $ 7.7 |
Restricted Stock [Member] | LTIP [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Portion of restricted stock award vesting on anniversary | 0.333% | ||
Eligible age of officer for 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 | $ 31.1 | ||
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 | $ 33.9 | 34.8 | 32.6 |
Total fair value of shares, vested | $ 33.4 | 35.8 | 38.1 |
Restricted Stock Units [Member] | AIP [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Eligible age of officer for restricted stock award | 55 years | ||
Amount of annual incentive award payment participant can elect to defer | 50.00% | ||
Additional common stock units for election of deferred annual incentive award, percentage | 25.00% | ||
Stock Options [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock options vesting period | 3 years | ||
Stock options term, years | 10 years | ||
Unrecognized compensation expense related to stock | $ 1.6 | ||
Weighted-average recognition period for unrecognized compensation expense related to stock (years) | 2 years | ||
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 | $ 0.7 | ||
Weighted-average recognition period for unrecognized compensation expense related to stock (years) | 1 year 7 months 6 days | ||
Compensation expense | $ 14.8 | 3.4 | 6.1 |
Total fair value of shares, vested | $ 5.2 | $ 6.5 | $ 6.8 |
Stock-Based Compensation - Sche
Stock-Based Compensation - Schedule of Stock Option Plans Activity (Detail) - $ / shares shares in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||
Outstanding at beginning of year, Shares | 3,092 | 2,422 | 2,089 |
Granted, Shares | 899 | 700 | 469 |
Exercised, Shares | (400) | (10) | (136) |
Canceled, Shares | (20) | ||
Outstanding at end of year, Shares | 3,591 | 3,092 | 2,422 |
Options exercisable at end of year, Shares | 1,557 | 1,531 | 1,263 |
Outstanding at beginning of year, Weighted - Average Exercise Price | $ 43.51 | $ 42.39 | $ 40.47 |
Granted, Weighted - Average Exercise Price | 48.80 | 47.59 | 50.63 |
Exercised, Weighted - Average Exercise Price | 39.19 | 42.34 | 41.30 |
Canceled, Weighted - Average Exercise Price | 50.63 | ||
Outstanding at end of period, Weighted - Average Exercise Price | 45.32 | 43.51 | 42.39 |
Options exercisable at end of year, Weighted - Average Exercise Price | $ 40.80 | $ 39.35 | $ 40.40 |
Stock-Based Compensation - Summ
Stock-Based Compensation - Summary of Stock Options Outstanding (Detail) shares in Thousands | 12 Months Ended |
Dec. 31, 2016$ / 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 | 531 |
Options Exercisable | 531 |
Weighted-Average Remaining Contractual Life | 5 years 4 months 24 days |
$42.34 [Member] | |
Schedule Of Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding By Exercise Price [Line Items] | |
Exercise Price | $ / shares | $ 42.34 |
Options Outstanding | 520 |
Options Exercisable | 520 |
Weighted-Average Remaining Contractual Life | 4 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 | 506 |
Weighted-Average Remaining Contractual Life | 6 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 | 8 years 4 months 24 days |
$48.80 [Member] | |
Schedule Of Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding By Exercise Price [Line Items] | |
Exercise Price | $ / shares | $ 48.80 |
Options Outstanding | 899 |
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 | 7 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 | 3,591 |
Options Exercisable | 1,557 |
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 - Sc81
Stock-Based Compensation - Schedule of Grant Date Fair Value Black-Scholes Option-Pricing Model Assumptions (Detail) - $ / shares | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||
Exercise price | $ 48.80 | $ 47.59 | $ 50.63 |
Expected dividend yield | 3.07% | 3.13% | 2.92% |
Expected stock price volatility | 26.14% | 33.32% | 45.00% |
Risk-free interest rate | 1.67% | 1.86% | 2.03% |
Expected life (in years) | 6 years 6 months | 6 years 6 months | 6 years 6 months |
Stock-Based Compensation - Su82
Stock-Based Compensation - Summary of Nucor's RSU Activity (Detail) - $ / shares shares in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Restricted Stock Units [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Unvested at beginning of year, Shares | 1,031 | 1,012 | 1,122 |
Granted, Shares | 723 | 790 | 655 |
Vested, Shares | (681) | (756) | (752) |
Canceled, Shares | (33) | (15) | (13) |
Unvested at end of year, Shares | 1,040 | 1,031 | 1,012 |
Unvested at beginning of year, Grant Date Fair Value | $ 47.93 | $ 45.98 | $ 42.51 |
Granted, Grant Date Fair Value | 48.80 | 47.59 | 50.63 |
Vested, Grant Date Fair Value | 48.09 | 44.99 | 44.90 |
Canceled, Grant Date Fair Value | 46.44 | 46.61 | 42.66 |
Unvested at end of year, Grant Date Fair Value | $ 48.47 | $ 47.93 | $ 45.98 |
Restricted Stock Units and Stock Options [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares reserved for future grants | 8,706 | 10,349 | 11,851 |
Stock-Based Compensation - Su83
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, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Unvested at beginning of year, Shares | 63 | 65 | 73 |
Granted, Shares | 123 | 136 | 127 |
Vested, Shares | (116) | (138) | (135) |
Canceled, Shares | (3) | ||
Unvested at end of year, Shares | 67 | 63 | 65 |
Shares reserved for future grants | 855 | 975 | 1,111 |
Unvested at beginning of year, Grant Date Fair Value | $ 48.07 | $ 48.20 | $ 45.49 |
Granted, Grant Date Fair Value | 44.03 | 47.07 | 50.35 |
Vested, Grant Date Fair Value | 45.16 | 47.15 | 48.76 |
Canceled, Grant Date Fair Value | 45.75 | ||
Unvested at end of year, Grant Date Fair Value | $ 45.77 | $ 48.07 | $ 48.20 |
Employee Benefit Plans - Additi
Employee Benefit Plans - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Employee Benefit Plan [Abstract] | |||
Profit Sharing and Retirement Savings Plan, plan expense | $ 129 | $ 60.5 | $ 110.1 |
Unfunded obligation | 20.4 | 15.6 | |
Benefit (expense) associated with early retiree medical plan | $ (0.6) | $ (1.1) | $ 0.6 |
Discount rate used to calculate expenses | 4.20% | 4.40% | 3.80% |
Health care cost trend rate | 6.80% | 7.10% | 6.50% |
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, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Interest Revenue (Expense), Net [Abstract] | |||
Interest expense | $ 181,179 | $ 177,543 | $ 174,142 |
Interest income | (11,935) | (4,012) | (4,886) |
Interest expense, net | $ 169,244 | $ 173,531 | $ 169,256 |
Interest Expense (Income) - Add
Interest Expense (Income) - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Interest Revenue (Expense), Net [Abstract] | |||
Interest paid | $ 183.4 | $ 180 | $ 180.5 |
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, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income Tax Disclosure [Abstract] | |||
United States | $ 1,241,117 | $ 407,666 | $ 1,104,664 |
Foreign | 57,542 | (165,800) | 42,624 |
Earnings before income taxes and noncontrolling interests | $ 1,298,659 | $ 241,866 | $ 1,147,288 |
Income Taxes - Provision for In
Income Taxes - Provision for Income Taxes (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Components of Income Tax Expense (Benefit), Continuing Operations [Abstract] | |||
Federal, current | $ 286,224 | $ 285,856 | $ 247,898 |
State, current | 27,353 | 4,618 | 30,790 |
Foreign, current | 13,211 | 5,198 | 19,235 |
Total current | 326,788 | 295,672 | 297,923 |
Federal, deferred | 71,777 | (213,601) | 76,356 |
State, deferred | 5,193 | (21,240) | 2,530 |
Foreign, deferred | (5,515) | (11,995) | (8,085) |
Total deferred | 71,455 | (246,836) | 70,801 |
Total provision for income taxes | $ 398,243 | $ 48,836 | $ 368,724 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Oct. 03, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
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 | $ 9,700 | $ 13,200 | ||
Non-current deferred tax liabilities included in deferred credits and other liabilities | $ 558,600 | 485,400 | |||
Net federal, state and foreign income taxes paid (refund received) | 329,300 | 260,300 | 398,700 | ||
Cumulative undistributed foreign earnings | 190,100 | 169,600 | |||
Unrecognized tax benefits | 44,088 | 50,510 | 63,001 | $ 65,975 | |
Amount of unrecognized tax benefits affects effective tax rate | 43,400 | 49,800 | |||
Estimate of possible decrease in gross uncertain tax positions, exclusive of interest, as a result of the expiration of the statute of limitations | 8,600 | ||||
Expense (benefit) for interest and penalties | (2,800) | (7,000) | $ (9,000) | ||
Accrued interest and penalties related to uncertain tax positions | 18,400 | 21,200 | |||
State and Local Jurisdiction [Member] | |||||
Income Tax Disclosure [Line Items] | |||||
State net operating loss carryforwards | 573,400 | 487,900 | |||
Foreign Country [Member] | |||||
Income Tax Disclosure [Line Items] | |||||
Foreign net operating loss carryforwards | $ 18,500 | $ 22,300 | |||
Maximum [Member] | State and Local Jurisdiction [Member] | |||||
Income Tax Disclosure [Line Items] | |||||
Unused net operating loss carryforward expiration year | 2,036 | ||||
Maximum [Member] | Foreign Country [Member] | |||||
Income Tax Disclosure [Line Items] | |||||
Unused net operating loss carryforward expiration year | 2,036 | ||||
Minimum [Member] | State and Local Jurisdiction [Member] | |||||
Income Tax Disclosure [Line Items] | |||||
Unused net operating loss carryforward expiration year | 2,017 | ||||
Minimum [Member] | Foreign Country [Member] | |||||
Income Tax Disclosure [Line Items] | |||||
Unused net operating loss carryforward expiration year | 2,028 |
Income Taxes - Reconciliation o
Income Taxes - Reconciliation of the Federal Statutory Tax Rate to Total Provisions (Detail) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income Tax Disclosure [Abstract] | |||
Taxes computed at statutory rate | 35.00% | 35.00% | 35.00% |
State income taxes, net of federal income tax benefit | 1.67% | (5.02%) | 3.40% |
Federal research credit | (0.28%) | (1.47%) | (0.28%) |
Domestic manufacturing deduction | (2.11%) | (9.98%) | (2.39%) |
Equity in losses of foreign joint venture | 0.27% | 2.88% | 0.89% |
Impairment on investment in foreign joint venture | 22.14% | ||
Foreign rate differential | (1.05%) | (5.04%) | (0.97%) |
Noncontrolling interests | (2.81%) | (16.27%) | (3.03%) |
Out-of-period correction | (0.22%) | (4.02%) | (1.15%) |
Other, net | 0.20% | 1.97% | 0.67% |
Provision for income taxes | 30.67% | 20.19% | 32.14% |
Income Taxes - Deferred Tax Ass
Income Taxes - Deferred Tax Assets and Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Components of Deferred Tax Assets and Liabilities [Abstract] | ||
Accrued liabilities and reserves | $ 195,787 | $ 209,854 |
Allowance for doubtful accounts | 15,511 | 12,912 |
Inventory | 75,550 | 172,638 |
Post-retirement benefits | 12,163 | 9,773 |
Commodity hedges | 7,149 | |
Net operating loss carryforward | 11,544 | 14,690 |
Tax credit carryforwards | 18,358 | 19,601 |
Total deferred tax assets | 328,913 | 446,617 |
Holdbacks and amounts not due under contracts | (9,999) | (10,479) |
Commodity hedges | (316) | |
Cumulative translation adjustments | (3,325) | |
Intangibles | (246,697) | (244,496) |
Property, plant and equipment | (630,500) | (673,676) |
Total deferred tax liabilities | (887,512) | (931,976) |
Total net deferred tax liabilities | $ (558,599) | $ (485,359) |
Income Taxes - Reconciliation92
Income Taxes - Reconciliation of the Beginning and Ending Amounts of Unrecognized Tax Benefits (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Balance at beginning of year | $ 50,510 | $ 63,001 | $ 65,975 |
Additions based on tax positions related to current year | 6,157 | 6,508 | 6,295 |
Reductions based on tax positions related to current year | 0 | 0 | 0 |
Additions based on tax positions related to prior years | 147 | 241 | 5,673 |
Reductions based on tax positions related to prior years | (8,201) | (13,294) | (7,449) |
(Reductions) additions due to settlements with taxing authorities | (258) | 930 | |
Reductions due to statute of limitations lapse | (4,267) | (6,876) | (7,493) |
Balance at end of year | $ 44,088 | $ 50,510 | $ 63,001 |
Accumulated Other Comprehensi93
Accumulated Other Comprehensive Income (Loss) - Components of Accumulated Other Comprehensive Income (Loss) (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |||
Beginning Balance, Gains and Losses on Hedging Derivatives | $ (11,700) | $ (8,000) | |
Other comprehensive income (loss) before reclassifications, Gains and Losses on Hedging Derivatives | 2,570 | (9,498) | $ (8,542) |
Amounts reclassified from accumulated other comprehensive (loss) income into earnings, Gains and Losses on Hedging Derivatives | 9,880 | 5,798 | 542 |
Net current-period other comprehensive (loss) income , Gains and Losses on Hedging Derivatives | 12,450 | (3,700) | |
Ending Balance, Gains and Losses on Hedging Derivatives | 750 | (11,700) | (8,000) |
Beginning Balance, Foreign Currency Gain (Loss) | (351,665) | (148,968) | |
Other comprehensive income (loss) before reclassifications, Foreign Currency Gain (Loss) | 25,495 | (205,397) | (141,530) |
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) | 25,495 | (202,697) | |
Ending Balance, Foreign Currency Gain (Loss) | (326,170) | (351,665) | (148,968) |
Beginning Balance, Adjustment to Early Retiree Medical Plan | 12,003 | 11,260 | |
Other comprehensive income (loss) before reclassifications, Adjustment to Early Retiree Medical Plan | (3,589) | 1,485 | (4,228) |
Amounts reclassified from accumulated other comprehensive (loss) income into earnings, Adjustment to Early Retiree Medical Plan | (837) | (742) | (1,030) |
Net current-period other comprehensive (loss) income , Adjustment to Early Retiree Medical Plan | (4,426) | 743 | |
Ending Balance, Adjustment to Early Retiree Medical Plan | 7,577 | 12,003 | 11,260 |
Beginning Balance | (351,362) | (145,708) | |
Other comprehensive income (loss) before reclassifications | 24,476 | (213,410) | |
Amounts reclassified from accumulated other comprehensive (loss) income into earnings | 9,043 | 7,756 | |
Net current-period other comprehensive (loss) income | 33,519 | (205,654) | (154,788) |
Ending Balance | $ (317,843) | $ (351,362) | $ (145,708) |
Accumulated Other Comprehensi94
Accumulated Other Comprehensive Income (Loss) - Components of Accumulated Other Comprehensive Income (Loss) (Parenthetical) (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Amounts reclassified from accumulated other comprehensive (loss) income into earnings, Gains and Losses on Hedging Derivatives | $ 9,880 | $ 5,798 | $ 542 |
Amounts reclassified from accumulated other comprehensive (loss) income into earnings, Adjustment to Early Retiree Medical Plan | (837) | (742) | (1,030) |
AOCI reclassification impact on tax | (309) | (414) | (557) |
AOCI reclassification impact on tax | 5,800 | 3,500 | $ 200 |
Amounts reclassified from accumulated other comprehensive (loss) income 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 | 9,880 | 5,798 | |
Amounts reclassified from accumulated other comprehensive (loss) income into earnings, Adjustment to Early Retiree Medical Plan | (837) | (742) | |
AOCI reclassification impact on tax | (309) | (414) | |
AOCI reclassification impact on tax | $ 5,800 | 3,500 | |
Marketing Administrative and Other Expenses [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Amounts reclassified from accumulated other comprehensive (loss) income into earnings, foreign currency gain (loss) | 2,700 | ||
Amounts reclassified from accumulated other comprehensive (loss) income 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, 2016 | Oct. 01, 2016 | Jul. 02, 2016 | Apr. 02, 2016 | Dec. 31, 2015 | Oct. 03, 2015 | Jul. 04, 2015 | Apr. 04, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Earnings Per Share [Abstract] | |||||||||||
Basic net earnings | $ 159,639 | $ 305,447 | $ 243,620 | $ 87,565 | $ (187,481) | $ 142,360 | $ 67,613 | $ 58,232 | $ 796,271 | $ 80,724 | $ 679,337 |
Earnings allocated to participating securities, Basic | (2,632) | (1,514) | (2,321) | ||||||||
Net earnings available to common stockholders, Basic | $ 793,639 | $ 79,210 | $ 677,016 | ||||||||
Average shares outstanding | 319,563 | 320,565 | 319,838 | ||||||||
Basic net earnings per share | $ 0.50 | $ 0.95 | $ 0.76 | $ 0.27 | $ (0.59) | $ 0.44 | $ 0.21 | $ 0.18 | $ 2.48 | $ 0.25 | $ 2.12 |
Diluted net earnings | $ 159,639 | $ 305,447 | $ 243,620 | $ 87,565 | $ (187,481) | $ 142,360 | $ 67,613 | $ 58,232 | $ 796,271 | $ 80,724 | $ 679,337 |
Earnings allocated to participating securities, Diluted | (2,631) | (1,514) | (2,321) | ||||||||
Net earnings available to common stockholders, Diluted | $ 793,640 | $ 79,210 | $ 677,016 | ||||||||
Basic shares outstanding | 319,563 | 320,565 | 319,838 | ||||||||
Dilutive effect of stock options and other | 259 | 114 | 289 | ||||||||
Diluted average shares outstanding | 319,822 | 320,679 | 320,127 | ||||||||
Diluted net earnings per share | $ 0.50 | $ 0.95 | $ 0.76 | $ 0.27 | $ (0.59) | $ 0.44 | $ 0.21 | $ 0.18 | $ 2.48 | $ 0.25 | $ 2.11 |
Earning Per Share - Anti-diluti
Earning Per Share - Anti-dilutive Stock Options (Detail) - $ / shares shares in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Earnings Per Share [Abstract] | ||
Weighted-average shares | 942 | 1,226 |
Weighted-average exercise price | $ 47.04 | $ 47.20 |
Segments - Additional Informati
Segments - Additional Information (Detail) | 3 Months Ended |
Oct. 01, 2016 | |
Hunter Ridge Energy Services LLC [Member] | |
Segment Reporting Information [Line Items] | |
Equity method investment ownership percentage, percentage of investee's ownership interest sold | 50.00% |
Segments - Segments (Detail)
Segments - Segments (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Oct. 01, 2016 | Jul. 02, 2016 | Apr. 02, 2016 | Dec. 31, 2015 | Oct. 03, 2015 | Jul. 04, 2015 | Apr. 04, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Segment Reporting Information [Line Items] | |||||||||||
Net sales | $ 3,956,538 | $ 4,290,236 | $ 4,245,772 | $ 3,715,576 | $ 3,456,713 | $ 4,225,514 | $ 4,357,609 | $ 4,399,440 | $ 16,208,122 | $ 16,439,276 | $ 21,105,141 |
Earnings (loss) before income taxes and noncontrolling interests | 1,298,659 | 241,866 | 1,147,288 | ||||||||
Depreciation expense | 613,192 | 625,757 | 652,000 | ||||||||
Total assets | 15,223,518 | 14,326,969 | 15,223,518 | 14,326,969 | 15,956,467 | ||||||
Amortization expense | 73,862 | 74,260 | 72,423 | ||||||||
Capital expenditures | 617,677 | 364,768 | 568,867 | ||||||||
Steel Mills [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Depreciation expense | 377,627 | 381,352 | 366,568 | ||||||||
Amortization expense | 22,479 | 18,789 | 15,269 | ||||||||
Capital expenditures | 375,996 | 248,532 | 343,767 | ||||||||
Steel Products [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Depreciation expense | 36,906 | 39,512 | 42,777 | ||||||||
Amortization expense | 21,998 | 23,932 | 27,644 | ||||||||
Capital expenditures | 30,698 | 41,291 | 27,262 | ||||||||
Raw Materials [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Depreciation expense | 191,466 | 198,705 | 235,443 | ||||||||
Amortization expense | 29,385 | 31,539 | 29,510 | ||||||||
Capital expenditures | 194,112 | 74,607 | 197,252 | ||||||||
Operating Segments [Member] | Steel Mills [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 11,312,048 | 11,084,331 | 14,723,642 | ||||||||
Earnings (loss) before income taxes and noncontrolling interests | 1,724,168 | 629,256 | 1,594,352 | ||||||||
Total assets | 8,084,773 | 7,318,169 | 8,084,773 | 7,318,169 | 8,528,623 | ||||||
Operating Segments [Member] | Steel Products [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 3,687,448 | 3,966,895 | 4,032,385 | ||||||||
Earnings (loss) before income taxes and noncontrolling interests | 249,970 | 276,048 | 166,323 | ||||||||
Total assets | 2,544,344 | 2,485,122 | 2,544,344 | 2,485,122 | 2,731,320 | ||||||
Operating Segments [Member] | Raw Materials [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 1,208,626 | 1,388,050 | 2,349,114 | ||||||||
Earnings (loss) before income taxes and noncontrolling interests | (95,121) | (283,938) | (29,053) | ||||||||
Total assets | 3,235,237 | 3,123,190 | 3,235,237 | 3,123,190 | 3,858,254 | ||||||
Corporate and Eliminations Items [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | (8,174,413) | (8,522,442) | (12,627,845) | ||||||||
Earnings (loss) before income taxes and noncontrolling interests | (580,358) | (379,500) | (584,334) | ||||||||
Total assets | $ 1,359,164 | $ 1,400,488 | 1,359,164 | 1,400,488 | 838,270 | ||||||
Intercompany Eliminations [Member] | Steel Mills [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 2,070,077 | 2,152,157 | 2,904,317 | ||||||||
Intercompany Eliminations [Member] | Steel Products [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 106,838 | 90,969 | 105,383 | ||||||||
Intercompany Eliminations [Member] | Raw Materials [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 5,997,498 | 6,279,316 | 9,618,145 | ||||||||
Corporate [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Depreciation expense | 7,193 | 6,188 | 7,212 | ||||||||
Capital expenditures | $ 16,871 | $ 338 | $ 586 |
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, 2016 | Oct. 01, 2016 | Jul. 02, 2016 | Apr. 02, 2016 | Dec. 31, 2015 | Oct. 03, 2015 | Jul. 04, 2015 | Apr. 04, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Segment Reporting Information [Line Items] | |||||||||||
Net sales to external customers | $ 3,956,538 | $ 4,290,236 | $ 4,245,772 | $ 3,715,576 | $ 3,456,713 | $ 4,225,514 | $ 4,357,609 | $ 4,399,440 | $ 16,208,122 | $ 16,439,276 | $ 21,105,141 |
Sheet [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales to external customers | 5,178,467 | 4,628,805 | 5,988,303 | ||||||||
Bar [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales to external customers | 2,886,648 | 3,005,450 | 4,051,171 | ||||||||
Structural [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales to external customers | 1,982,642 | 2,137,413 | 2,617,196 | ||||||||
Plate [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales to external customers | 1,204,185 | 1,312,663 | 2,066,972 | ||||||||
Tubular Products [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales to external customers | 60,106 | ||||||||||
Steel Products [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales to external customers | 3,687,448 | 3,966,895 | 4,032,385 | ||||||||
Raw Materials [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales to external customers | $ 1,208,626 | $ 1,388,050 | $ 2,349,114 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Detail) $ in Thousands | Jan. 20, 2017USD ($)FacilityT | Jan. 09, 2017USD ($)FacilityT | Oct. 31, 2016Facility | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) |
Subsequent Event [Line Items] | ||||||
Business acquisition approximate purchase price | $ | $ 474,788 | $ 19,089 | $ 768,581 | |||
Number of manufacturing facilities | 4 | |||||
Alabama [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Number of manufacturing facilities | 2 | |||||
Southland Tube [Member] | Subsequent Event [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Business acquisition approximate purchase price | $ | $ 130,000 | |||||
Southland Tube [Member] | Alabama [Member] | Subsequent Event [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Annual shipment capacity | T | 240,000 | |||||
Number of manufacturing facilities | 1 | |||||
Republic Conduit [Member] | Subsequent Event [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Business acquisition approximate purchase price | $ | $ 335,000 | |||||
Annual shipment capacity | T | 146,000 | |||||
Republic Conduit [Member] | Kentucky [Member] | Subsequent Event [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Number of manufacturing facilities | 1 | |||||
Republic Conduit [Member] | Georgia [Member] | Subsequent Event [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Number of manufacturing facilities | 1 |
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, 2016 | Oct. 01, 2016 | Jul. 02, 2016 | Apr. 02, 2016 | Dec. 31, 2015 | Oct. 03, 2015 | Jul. 04, 2015 | Apr. 04, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Net sales | $ 3,956,538 | $ 4,290,236 | $ 4,245,772 | $ 3,715,576 | $ 3,456,713 | $ 4,225,514 | $ 4,357,609 | $ 4,399,440 | $ 16,208,122 | $ 16,439,276 | $ 21,105,141 |
Gross margin | 443,426 | 682,236 | 585,260 | 314,985 | 168,095 | 383,207 | 291,552 | 271,036 | |||
Net earnings (loss) | 175,185 | 331,365 | 271,369 | 122,497 | (155,106) | 177,090 | 98,282 | 72,764 | 900,416 | 193,030 | 778,564 |
Net earnings (loss) attributable to Nucor stockholders | $ 159,639 | $ 305,447 | $ 243,620 | $ 87,565 | $ (187,481) | $ 142,360 | $ 67,613 | $ 58,232 | $ 796,271 | $ 80,724 | $ 679,337 |
Basic | $ 0.50 | $ 0.95 | $ 0.76 | $ 0.27 | $ (0.59) | $ 0.44 | $ 0.21 | $ 0.18 | $ 2.48 | $ 0.25 | $ 2.12 |
Diluted | $ 0.50 | $ 0.95 | $ 0.76 | $ 0.27 | $ (0.59) | $ 0.44 | $ 0.21 | $ 0.18 | $ 2.48 | $ 0.25 | $ 2.11 |
Quarterly Information - Sche102
Quarterly Information - Schedule of Quarterly Information (Unaudited) (Parenthetical) (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||
Dec. 31, 2016 | Oct. 01, 2016 | Apr. 02, 2016 | Dec. 31, 2015 | Oct. 03, 2015 | Jul. 04, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Quarterly Financial Information [Line Items] | |||||||||
Reduction in cost of goods sold | $ (14,182,215) | $ (15,325,386) | $ (19,255,904) | ||||||
Non-cash gain related to noncontrolling interest adjustment and tax adjustments | $ 13,400 | ||||||||
Charges related to legal settlements | $ 33,700 | ||||||||
Net benefit related to fair value adjustments of segment assets | $ 11,100 | ||||||||
Deferred state tax credit, Benefit | $ 9,300 | ||||||||
Non-cash gain related to correction of tax balances | $ 10,200 | $ 9,700 | $ 13,200 | ||||||
Duferdofin Nucor S.r.l. [Member] | |||||||||
Quarterly Financial Information [Line Items] | |||||||||
Impairment charge against investment | $ 153,000 | ||||||||
Raw Materials [Member] | |||||||||
Quarterly Financial Information [Line Items] | |||||||||
Property plant and equipment written down | $ 84,100 | ||||||||
Change in Accounting Estimate [Member] | |||||||||
Quarterly Financial Information [Line Items] | |||||||||
Reduction in cost of goods sold | $ 83,000 |
Quarterly Information (Unaud103
Quarterly Information (Unaudited) - Schedule of Quarterly Information Reflecting Effect of Change in Inventory Valuation Method from LIFO to FIFO (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Oct. 01, 2016 | Jul. 02, 2016 | Apr. 02, 2016 | Dec. 31, 2015 | Oct. 03, 2015 | Jul. 04, 2015 | Apr. 04, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Inventory [Line Items] | |||||||||||
Gross margin using inventory valuation method | $ 443,426 | $ 682,236 | $ 585,260 | $ 314,985 | $ 168,095 | $ 383,207 | $ 291,552 | $ 271,036 | |||
Net earnings (loss) using inventory valuation method | 175,185 | 331,365 | 271,369 | 122,497 | (155,106) | 177,090 | 98,282 | 72,764 | $ 900,416 | $ 193,030 | $ 778,564 |
Net earnings (loss) attributable to Nucor stockholders using inventory valuation method | $ 159,639 | $ 305,447 | $ 243,620 | $ 87,565 | $ (187,481) | $ 142,360 | $ 67,613 | $ 58,232 | $ 796,271 | $ 80,724 | $ 679,337 |
Basic net earnings (loss) per share using inventory valuation method | $ 0.50 | $ 0.95 | $ 0.76 | $ 0.27 | $ (0.59) | $ 0.44 | $ 0.21 | $ 0.18 | $ 2.48 | $ 0.25 | $ 2.12 |
Diluted net earnings (loss) per share using inventory valuation method | $ 0.50 | $ 0.95 | $ 0.76 | $ 0.27 | $ (0.59) | $ 0.44 | $ 0.21 | $ 0.18 | $ 2.48 | $ 0.25 | $ 2.11 |
As Computed Under LIFO [Member] | |||||||||||
Inventory [Line Items] | |||||||||||
Net earnings (loss) using inventory valuation method | $ 810,304 | ||||||||||
Net earnings (loss) attributable to Nucor stockholders using inventory valuation method | $ 710,804 | ||||||||||
Basic net earnings (loss) per share using inventory valuation method | $ 2.22 | ||||||||||
Diluted net earnings (loss) per share using inventory valuation method | $ 2.22 | ||||||||||
Effect of Change [Member] | |||||||||||
Inventory [Line Items] | |||||||||||
Gross margin using inventory valuation method | $ 36,398 | $ 57,900 | $ 19,000 | $ 28,037 | $ (214,743) | $ (140,629) | $ (94,754) | $ (17,246) | |||
Net earnings (loss) using inventory valuation method | 22,162 | 36,881 | 13,033 | 18,036 | (139,818) | (90,646) | (61,062) | (11,528) | $ 90,112 | $ (303,054) | $ (37,226) |
Net earnings (loss) attributable to Nucor stockholders using inventory valuation method | $ 23,397 | $ 35,411 | $ 9,848 | $ 16,811 | $ (125,459) | $ (84,766) | $ (57,142) | $ (9,568) | $ 85,467 | $ (276,935) | $ (34,609) |
Basic net earnings (loss) per share using inventory valuation method | $ 0.08 | $ 0.11 | $ 0.03 | $ 0.05 | $ (0.40) | $ (0.27) | $ (0.18) | $ (0.03) | $ 0.26 | $ (0.86) | $ (0.10) |
Diluted net earnings (loss) per share using inventory valuation method | $ 0.08 | $ 0.11 | $ 0.03 | $ 0.05 | $ (0.40) | $ (0.27) | $ (0.18) | $ (0.03) | $ 0.26 | $ (0.86) | $ (0.11) |
As Computed Under FIFO [Member] | |||||||||||
Inventory [Line Items] | |||||||||||
Net earnings (loss) using inventory valuation method | $ 900,416 | ||||||||||
Net earnings (loss) attributable to Nucor stockholders using inventory valuation method | $ 796,271 | ||||||||||
Basic net earnings (loss) per share using inventory valuation method | $ 2.48 | ||||||||||
Diluted net earnings (loss) per share using inventory valuation method | $ 2.48 | ||||||||||
Proforma Financial Measure as if Previous Accounting Method had been Used [Member] | As Computed Under LIFO [Member] | |||||||||||
Inventory [Line Items] | |||||||||||
Gross margin using inventory valuation method | $ 407,028 | $ 624,336 | $ 566,260 | $ 286,948 | $ 382,838 | $ 523,836 | $ 386,306 | $ 288,282 | |||
Net earnings (loss) using inventory valuation method | 153,023 | 294,484 | 258,336 | 104,461 | (15,288) | 267,736 | 159,344 | 84,292 | |||
Net earnings (loss) attributable to Nucor stockholders using inventory valuation method | $ 136,242 | $ 270,036 | $ 233,772 | $ 70,754 | $ (62,022) | $ 227,126 | $ 124,755 | $ 67,800 | |||
Basic net earnings (loss) per share using inventory valuation method | $ 0.42 | $ 0.84 | $ 0.73 | $ 0.22 | $ (0.19) | $ 0.71 | $ 0.39 | $ 0.21 | |||
Diluted net earnings (loss) per share using inventory valuation method | $ 0.42 | $ 0.84 | $ 0.73 | $ 0.22 | $ (0.19) | $ 0.71 | $ 0.39 | $ 0.21 | |||
Financial Measures Under Current Accounting Method [Member] | As Computed Under FIFO [Member] | |||||||||||
Inventory [Line Items] | |||||||||||
Gross margin using inventory valuation method | $ 443,426 | $ 682,236 | $ 585,260 | $ 314,985 | $ 168,095 | $ 383,207 | $ 291,552 | $ 271,036 | |||
Net earnings (loss) using inventory valuation method | 175,185 | 331,365 | 271,369 | 122,497 | (155,106) | 177,090 | 98,282 | 72,764 | |||
Net earnings (loss) attributable to Nucor stockholders using inventory valuation method | $ 159,639 | $ 305,447 | $ 243,620 | $ 87,565 | $ (187,481) | $ 142,360 | $ 67,613 | $ 58,232 | |||
Basic net earnings (loss) per share using inventory valuation method | $ 0.50 | $ 0.95 | $ 0.76 | $ 0.27 | $ (0.59) | $ 0.44 | $ 0.21 | $ 0.18 | |||
Diluted net earnings (loss) per share using inventory valuation method | $ 0.50 | $ 0.95 | $ 0.76 | $ 0.27 | $ (0.59) | $ 0.44 | $ 0.21 | $ 0.18 |